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BIRMINGHAM • CAROIPP ■ EDINBURGH • 
GLASGOW 'LONDON ■ STOCKTON-ON-TEES 
. SWANSEA - WIGAN- . • • - 



RTS 

GROUP 


! B OOLING TRANSPORT 
systems up 

1 ROUJYG TRANSPORT 
SYSTEMS HWE3SEAS) UP I 
MAPI fUK) LTD 

Twit HJW'*. PaiwciU Court, 
GuMIOnj, iui'ir. 


'■No. 27,640 


Friday August 18 1978 




*.15p 


1975 



TEL GUH9FORD 10483) 7661 5 


TELEXB59-137 



CONTINENTAL SELLING ' PEtCESt AUSTRIA jlii BEUSIUM tr M| DENNARK Kr 3.S t FRANCE Fr 3.0. 


NEWS SUMMARY 


GERMANY PH Z.Oi ITALY t 5 g»rti£THERlANP 3 fl NORWAY Kf 8.5. PORTUGAL Em Mi 3 FAIN fta 40; SWEDEN Kt JJSj SWITZERLAND Fr 2.0: EIRE iSp 


GENERAL 


BUSINESS 


Gunmen Gold falls 

storm 
consul 
offices 


$6£ in 
nervous 



• GOLD fell sharply-1>y . S€»S to 
9208} in nervous ..trading in 
London and in NesY.Fork the 
Two Croatian* clutching guns Comes August settlement price 
and. explosives stormed the 55.10 to $296/' ‘K"" 

Chicago West German consu- 
late and threatened to kill six 
hostages, unless the Bonn 
Government* . freed a Croatian 
Nationalist wanted for murder 
in Yugoslavia. . ' 

One of the gunmen said, that 
the hostages would be tossed out 
of the building's lOth-floor 
window if Croatian exile Stjepan 
Bilandzic was dot released from 
the Cologne jail, where he Is 
awaiting the outcome of an 
appeal against an "extradition 
order. 

In Bonn. West German Govern- 
ment officials held a crisis meet- 
ing over the raid. But the 
Government said that there was 
no question of West Germany 
taking action- to rescue the 
hostages. 

• An Iraq diplomat was shot 
dead outside the Iraqi embassy 
in Tripoli by -a lone' gunman, 
who was later arrested. 



• EQUITIES drifted lower 

after initial firmstaC: and the 
FT Ordinary indqx^cfcsed 9.7 
down at 509.3. :*./ ^. ' 

• GILTS were dull i fea shorts 
falling 2 and lqngsfy ~ The 
Government Sectwfi^s index 
closed 0/20 down : at /#.$&. 


• STEELING fell accents to 
SI JMOO. and its tradegwightod 
index fell to 6i2 .(&&. The 


Plutonium probe 

The Defence ministry an- 
nounced that there is to be an 
independent inquiry into acti- 
vities at the Atomic Weapons 

Research Establishment, Alder- dollar’s depreelattaa&tn line 
maston. after 12 workers were with the currency’s' improve- 
ment _ on foreign: \J8etianscs. 
narrowed sharply to^i percent 

Balloon record against Iiu percent ■•■ 

Three U.S. balloonists in Double • WALL STREET r r> above 
Eagle 11 landed near Evreux, the 900 level In heat trading. 
Normandy, after completing the when the Dbw June* dex put 
firalMr TMiMsffamtli. flmht on 5.54 tO 900.12. if 


round to have plutonium 
Lamination. Back Page 


con- 


Rrsi-cver Transatlantic flight, 
and the longest, by free-floating 
balloon. 


COOL RECEPTION FOR CARTER DOLLAR STATEMENT 


Prospect of U.S. 
action to 




Sharp 

fall 

after 

rally 


BY JOHN WYLES, NEW YORK, August 17 ;; 

The U.S. authorities tonight held out the prospect of a series of policy actions 
over the next few weeks designed to halt the fall of tif dollar and calm the 
turbulence in foreign exchange markets " 

This emerged immediately Much 

after a statement by President persuaded v 

Carter on the dollar which was the ITS. authorities are prepared tharfjSkely to be 


By Peter Ridded, Economics 
Correspondent 

THE DOLLAR fell sharply last 
night in late New York trading 
on disappointment at the out- 
come of President Carter's Press 
conference. This followed an 
earlier strong rally in European 
marekts against all other major 


followed by a wave of sharp 
selling in the New York foreign 
exchange market.. . 

Dealers said the Federal 
Reserve board intervened briefly 
in support of the currency 


may also depend on how deficit is too high for this stage rfo ._. rrencv droDoed to 

*d foreign opinion is that i n .thfe business cycle, and more D mi or frouHte London EES of 
authorities are prepared tharfikely to be inflationary. gg i is ?h h reSraeSS a 
to warmer action on the prob- With the -S. inflation rate SL q-TE P revious 

lems underlying the dollar’s like***? be about 8 per cent by div?E,f2n B JS dSL P 
weakness, namely the U.S. infla- the Tefcd of this year, the Presi- d I* cS?;/* f Pan( . the 


. Against the Swiss franc the 
serious poUtical don | r feJI bac k to SwFr 1.6200 
home and abroad 


and it is possible that the 
prompt issue of a statement by 
Mr. Michael - Bhimonthal 
Treasury Secretary, was intended 
to counter the- disappointment. 
Mr. William Miller, the Federal 
Reserve Board chairman, were 
giving urgent attention" to a 
number of proposals on the 
dollar and “we would expect a 
scries of continuing actions to 
bo announced as decisions are 
reached over the next few 
weeks," ; A Treasury spokesman 
refused to elaborate op the 
statement, although he did add 
that it had been made at the 
President’s request 


tion rate, its trade deficit and the dentis^' most 

lack of an energy policy. prohl&n at nome and abroad ~ fter a London finish of SwFrl.65 

President Carter gave do clues coneBflnns Uic dollar is the lack — which was* up 4 per cent on 
his televised Press conference of £j. credible policy for pay t f, e day Similarly, the dollar 
this afternoon. anq^pHces. fel l hack aga i n6 t the yen to 

He repeated - that he was Thg Administration has been Y1S5.30 after a close in Europe 
“ deeply concerned about the reviewing its options for the last 0 f YJ88.15, an increase of nearly 
dollar" but then implied that fewsjeeks and none of them is 2 per cent during the day. 


but bad little Impact because as at his televised Press conference of ^credible 

one said “the President said — - >- ■* 

nothing and he said it badly.’’ 

Market reaction would be 
closely monitored by the Fed 


there were -a number of liXetjf- to produce immediate Sterling also regained some of 
encouraging factors in the U.S- resuite its earlier losses during the day 

economy of which foreign Organised labour is so far it closed in New York at S1.9650 
opinion ought to be taking note- tote® unwilling to co-operate after a London close of S1.9400 
His list of developments which fomwly in reducing the level of which was a fall of 3.60 cents on 
should help the dollar in the paySsettlements. the day. 

long run included recent Ajfftfrat-inay emerge from the These sharp and rapid move- 
monthly trade figures which sus- revfera is a series of joint com- menls in the late afternoon led 
gested that the U.S. deficit was nuttees for various industrial to immediate intervention from 

of 


going down, and faster economic 
growth ■ abroad which would 
encourage the purchase of U.S. 
goods. 

It also included a steady 
decrease in the U.S. budget 
deficit which, be pointed out. 
was in the ** 60 billions of 



•which would aim at pro- the Federal Reserve Bank 
a series of understandings New York to steady the rate, 
itopriatp pay settlements. Earlier, the recovery had con- 
is Press conference, the tinned the modest rally of Tues- 
Pre&^ent again stressed he day and "Wednesday. But even 
woufil not rule out using an those sharp rises had been 
exectf&ve order to impose either sufficient only to offset part of 

an bil import quota or import the recent falls. Closing rates 

dollars" when he was running feesvto oil if Congress failed to for the dollar yesterday, even in 
How well the foreign exchange (°. r office and which he was deter- produce an acceptable energy Europe, were generally below the 
markets will react to beincr kept mined to reduce to “the 30 BilL,': levels at the beginning of last 

waiting for U.S. Government billions of dollars by fiscal 1080. He-iaid part of the biame for week. 

action remains to be seen but the The problem for the currency the jSollar s woes at the door of The extent of the fluctuations 
authorities may hope that know- markets is that traders have Confess. is shown by the fact that while 

ledge that something is going to heard ail this before. They TBs most important contribu- last night’s closing rate in Europe 

happen coupled with uncertainty argue that the President is not tlonl* could make to strengthen- of SwFr 1.6500 is more than 64 per 

as to precisely whai might at listening to the meesace which ing.3fee trade balance and the cent below the level of early last 
least curb some of the more lies behind the weak dollar, that dojiarwould be to pass an energy week. 


speculative selling of the dollar, the U.S. Government Budget 


said. 


Officer fcrffecf 


• DfcCD report' on 
many warns that con 
certaiot. on the .for 
change market* partfifnli 
further rise, in. tec^-De 
naerm 


A Royal Marine officer was killed 
and a soldier injured when a mark; roultf 
or hvmb exploded. m Fork!) ill. 

South Armagh. Earlier, au Ulster pects- BackPas 
policeman and a part-time 
soldier escaped serious injury-in ♦* STOCK 
two separate gun attacks near, replace its 
Cooksi own, Co. Tyrone, and service with 



he- 

underfill ncr*' Ger- 


many’s ccqnqmi c/^’ow i b* pros- 


Cualisiand. 


Death jump 



NGE is to 
price display 
televised infer* 
m capable of 
data. The new 
come into operation 
end of next year. 



mation 

- : handling 

* . service writ 

. towards 

A 3 9-y car-old Loudon soldier Rase 6 T 

Sf«p Sl’H "Wcy Comffi »*»£ 

’**■■■. bright future has been forecast 

^ for the factory. 9t thr same slam 

ELI G Ctl On DOOSl the r implications lor the eom- 

Tbe election funds of the Scottish fa ® l ories of the pr^ 

Nationalists were boosted h y a '^»i ,J^- Be0t " Cl I U,e , n fak ™^ 
1200.900 bequest in the will of an 

hrmpr between shop stewards and top 

w management. Rack Page 

Air peaCC hopes. . NUR officials arc mccunq the 
French air iraffic controners, London Transport Executive to- 
w-how; weekend industrial action day to seek- a solution io the 
has crippled European flights, dispute which is disrupting the 
y could meet French Guvemmenl I^> n «ion Underground service, 
(i Hi ciate today lu seek a peace 
settlement, according, to 
sources. 


Students protest 


Fourteen Iranian tudems. pro- 
testing at the Shah’s suppression 
of anti-Governincnt riots, invaded 
the Iranian embassy in Brussels 


Pape 8. 

•' FUNDING of pensions in the - ' 
public, sector should be 
thoroughly examined. the 
Commons Public Accounts Cdff- 
mitlcc has urged. Back Page 


i 


* [*■ and smashed portraits 

t rDfl*' being arrested. 


• PRUDENTIAL 
„ is considering entering ihe 
^j orc Japanese insurance market 
- , 7**go 22 


tion will be throughout the next 
year. The Bank of England said 
yesterday that the limits, which 
Will allow slightly, more growth in 
interest-bearing liabilities from 
y*SU RANCgfUm autumn onwards than at 
present, had been fixed ** to leave 
room for adequate lending to 


COMPANIES 

• ROYAL DUTCH / SHELL 
reports a decline in group incomej 
which were liil by adverse fifi- 

dicri in the Natal province while S* ™ 'SoSm 

awaiting sentence after pleading n-rf. p,J« i« an d w 


Murder charge 

Three South African policemeo 
have been chacged with the 
tuurdcr of a black detainee, who 


<£723m). Back, Page IS and Lex 

rn USX SERVICE Group reports 
first half pre-tax; prolii up from 1 
£5.33a> lo-f8.37m. and is deeft 
Ing"® onc-fw-five rights issue j 
77p. Page IS 


guilty to theft. 

Briefly... 

.M least 45 people vfm feared 
drowned aftoT their boats cap- 
<t?cd in floods in the Indian state 
nl Bihar. 

Russian set himself on fire In 
Mom-iiw's Red Square in protest 

nt the sentencing of Yuri Orlov., 

Dritish squad w-on the team title . jocorae fro the first h-jlfof, 
at the World SbotvjumphJR ^ JW . advancing 
Championships in Aachen,, West P^ts by R.S per cent to ni.fim. 
Germany. .. . P*se^l> a»d Lex. 

family from the Midlands • BERNARD SUNXEY Invest 
escaped with minor iujurt«s.ment Trust has sold an office 
when a rimer less lorry crashed biock in Bruascte for rs.25m. 
their car on the M2 In Kent. Bach Fage 


# ROYAL INSURANCE turnad 
in a better than expected under- 
writing profit of £9.4m and',-* 
10.5 per .cent increase in invest 


CHIEF PRICE CHARGES YESTERDAY 


f Triers in pence unless otherwise 
Indicated} 


RISES 

.thercom — 120 


PP 

Guthrie 

Haomu Gold 


STB 

3t» 

6S 


+ » 
+ r 
+ 6-. 


aoa -r 

.388 + 

487 4- 


A K?. 

Bank of NSW 
Rruwn fJ.t 
(,‘nslain (R l 

D.ite'cty 

n.immcrMiii A 
nummfi ,te*iCd. 

Urn:; <J.) A 
Li xc r pod I pally 

Norton and Wright ISO 

Nnrdin ami Peacock 91 


SIR 

303 

630 

304 

213 

Post H7 


8 

13 

2ft 

7 

ft 

ft 

15 

II 


■h 0 


15 






Pitfeingrqn 

Kac.il Ek'rirnnws 

|B i 

Taylor Woodrow- 
Town Centre Secs. 
I'm red Carriers 


+ 

+ 

+ 9 ■ 
'+ fl 

3fi R 4* to 
440 > JO 
73 4- 4 
87 4- It 


nn» 

.714 


Yarrow 


.............aw-**. 


uiiuiim vjviu t " 

- IhiesR Hldgs. ^ +■'« 

Western Mining I4D + fl 


.. FALLS 

Harrow Hepburn . 2S 
Bourne HoiUngsworth 383 “ 5 

Evade ; K “ 2 

Lex Sorke SS. 

Peerage. • Birmingham K 

Itea Brea *» 

Royal Insurance Jsn 

BuffcLs , . ... 

DC Beers DM. 

East Drie . .... 

firootvlci 

Banebresi ... 

Jdnress 

Messina 

Union Crpn. • 

Wc#t Drie ...... 


.. Wt 

445 

.. sir 

.. 109 
. £H i 
.. 4QK 
. 95 
.. 310 
.JOoi 


3 

4 
3 

5. ' 

S ft 
11 
58 
9 

5 . 
IS 
5. 
ia 
2J-. 






corset exte 
to curb money grouth 


PETER RIDDELL. ECONOMICS CORRESPONDENT 


THE I GOVERNMENT has 
extended its credit squeeze on 
the banks into the middle of 
next yfear to ensure that the 
growth of the money supply 
remains within official 'limils. 

The so-balled corse! . or supple- 
mentary special deposits scheme, the target range, 
was reimposed in early June and* Sterling MS. 


priority borrowers." b . stron? demand for sterling In 

The extension was announced the period This mky not be 
yesterday, shortly before publics- as significant in the\ August 
tion of figures showing that the banking figures, 
rale of monetary growth last a worrying feature, however, 
month was the highest since is the continued buoyancy of 
April, tbouqb still well within bank leading in sterling tg the 

private sector This amounted 
the broadly io £56Sm in the month to mid 


Similarly, the gold price, which 
fell by S6J an ounce in London 
yesterday to X 208 L is still 3$ per 
cent higher than in early August 
In New York gold closed at S207. 

Foreign exchange market 
dealers said that the rally might 
be only shortlived unless the U.S. 
Administration produced specific 
measures, raihcr than mere state- 
ments, to answer the market’s 
concern about domestic monetary 
and inflation developments. 

The rally reflected a large 
amount of covering of short-term 
speculative positions against the 
dollar and profit-taking after the 
recent sharp movements. 

Trading was described as 
Continued on Back Page 


£ in New York 


has now been extended from this defined money supply, including July, 
autumn until mid-June J9«9. cash and bank current and slightly 


The scheme limits the growth seven-day deposits, rose by. 1.1 
of ihc banks in te rest-bearing pg r cent _ seasonally adjusted, in 


seasonally adjusted, 
more than in the pre- 
vious month. 

More .than a third of the 
increase, reflected substantial 
purchase* of commercial bills by 
the Bank of England to assisi 
the liquidity of the banks. This 
>tilf represented a rise in under- 


Aiu. 17 


ihc 

liabilities and. therefore, effec- lhe monlh to niidJuly. This 
tmdy restricts lending. compares with increases of 0.9 

^The clearmq banks m particu- and 0 3 cent iD ^ pTevi0iiS 

L'SS’AXfS br"d,y a?,he O^expecS. l;..n= Snanca for industry. 
sear ^ p sufficient to boost the annual The rate of growth of lending 

jfsss.*'.?: TiS s e 2« B Ta* , jss?*jr’£ si 1 w&is 

This is slightly above- the industry’s demand for funds, and 
bottom end of the official target hence the further recovery of the 
range of S to 12 per cent for ccooomy, may become actual b, 
1978-79 as a whole. the autumn, creating possible 

Monetary growth was boosted for relaxation of the 

last month by substantial inflows ca L * 
from abroad, associated with the Editorial Comment Page 16 


! in.-nlh 
- m-viih" 
1- mr-nibi 


0-6 u.sO -i- 
I. 3 I.-2 -I.* 
,3b -IK 


M.*u0.flfeu 

O.tO-O.Tl -I i, 
1. 4X1^1 rfl* 


£100m mine 
deal with 
China near 


may take upwards of 


BY JOHN LLOYD' 

BRITISH MINING equipment ve.vnrs, 
manufacturers are reaching the SlOm. 
fin-al stages of negotiations with All three companies are strnnrlv 
the Chinese Government for lhe geared towards exports. Cullick 
sale of machinery worth more Dobson, a direct competiror nf 
than £100m. " Dowty in lhe manufacture nf roof 

At the same time, British in- supports, recently announced a 
duslrialiste wlm accompanied XI9m investment programme over 
Mr. Edmund Dell, Trade Secre- the next two years, and has 
tary, on his recent visit to China, employed 250 more workers to 
forecast that the industrial ex- cope with extra demand, 
partition laid nut in the Eight- The cninpatnes arc familiar 
Year plan could mean a market with the Chinese market, having 
worth up TO £ibn — and possibly won about f 20m -worth of orders 
more — for UK manufacturers among them four years ago. 
in the near future. They believe that tin* per- 

Already. Davy Powergas. the formance of their muebiner has 
process plant enniractor. has won been highly regarded. On wln- 
a contract worth about £40m for ning the present round of enn- 
bnilding two petrochemical in- tracts, they intend to collaborate 
termed late plants. to ensure that their machinery 

Earlier this year, the com- is fully compatible ivith each 
pany’s German subsidiary won a other's. 

contract aNo fnr a petrochemical Other leading industrialists 
plant, worth about £10m. who have recently returned from 

Northern Engineering Indus- the trip expressed optimism 
tries, the power plant raanufac- over prospects In the Chinese 
turers. has tendered for a £75m markets, stressing that the mis- 
fertlliser plant order in coUahnr* sion was undertaken at an 
atlon with Humphreys and Glas- opportune time, when the 
gow. the contracting engineers. Chinese had taken a decision to 
Sir John Buckley, chairman nf liberalise their trade policy. 

Sir Arthur Knight, chairman 
of Cnurtaulds. said he expected 
a large expansion in sales of 
fihres and paints — especially 
marine paint— to China, as well 
as fibre processing plant. 

The company's exports to 


Davy, and Sir .Tames Woorienon, 
chairman of NEI. accompanied 
Mr. Dell. 

Prospects 

Sir John said that the 


Sir John said that the “pros- LU 

pects for Davy and for Br/ti&b Ch i n f^ foa about £ 10m a year. 
- and lfl years asn it built a fibre 

plant at Langchow, 


industry are excellent if we can 
work bard at the market" 

Davy hopes in collaboration 
with the British Steel Corpora- 
tion lo win a £lbn order for nne 
of lhe 10 major integrated steel 
plant? which the Chinese plan to 
build. 

Sir James said that lhe power 
plant market was enormous, 
especially in the 500 megawatt, 
50 cycle sets in which UK manu- 
facturers had a great deal of 
experience. 

The three UK mining 
machinery manufacturers wbo 
are nearing the end of lengthy 
and complex negotiations 
Anderson Ma-i'or. Dowty, 
Gullick Dobson: 

They hope to .supply powered 
roof supports^ conveyors and 
power loading;; equipment re- 
quired by thp Chinese to exploit 
their extensive coal reserves The 
plan calls for ]thc construction 
of IO laree mines 

Sir Derek Ezra, chairman of the 
National Coal Board, ^a'rt that the 
Chinese were attracted hv British 
consultants and manufacturers 
because the long'vall mining 
methods used m China were 


Mr. Robert Aldred. chairman 
of Taylor Woodrow, said that he 
had identified a numher of areas 
in which UK construction com- 
panies could be competitive. 


Excellent 


He had been able te have 
preliminary discussions on pro- 
jects in which Taylor Woodrow 
might become involved. 

Mr. Graham Strachan, manag- 
ing director of John Brown 
ar c Engineering. 6,aid excellent 
and n PPortunilies existed for the 
John Brown Group as a whole, 
especially in the fields of off- 
shore equipment and gas tur- 
bines. 

John Brown is already the 
main supplier of gas turbines 
to China, having sold nine of 
the 15 now in u%e there. 

Mr. Strachan thought the 
Chinese might decide to use gas 
turbines of between 20 and 100 
megawatt capacity to bring 
power io rural areas. 

Mr. David Chapman, of PE 
similar te those used in the UK. Consultants, said the Chinese 


The three machinery manufac- 
turers would not specify the 
respective sizes of their likely 
contracts, but it is thought that 
Dowty will »ake the biggest order. 
Tor conveyors and roof supports, 
worth about num. 

Anderson Mavor. uhich manu- 
factures power loaders and con- 


were interested in investing in 
high technology for use on a 
large scale. 

These developments would call 
for a consortium approach, in 
which the role of consultants was 
a vital one. British consultants 
would return to China for a 
more detailed presentation soon. 


Take 

the Rolls 


Humber bridge problems mount 


BY IAN HARGREAVES, TRANSPORT CORRESPONDENT 


BRITISH Bridge builders, tbe 


f company constructing the Hum- 
ther Bridge, is cunsiderinc going 
ifllo liquidation and abandoning 
'the -project as a result of the 
row with the bridge authority 
Over progress payments. 

This possibility emerged yes- 
terday as a report from the 
Commons Public Accounts Com- 
mittee said the decision to build 
the bridge bad been taken on 
^substantially inaccurate" traf- 
fic projections. 

ITiese two developments are 


the latest twists in the bridge's between the contractor and ihe 
tangled five-year history, during bridsc authority over progress 
which its costs had increased payments of about £600,000 
from £l9m to £67m. The bridge which the authority has refused 
is expected to open lale next to hand over on the grounds 
year, almost three years lav. that wore either substandard 

The possibility of British « 

Bridge builders — a consortium in- . s .u- 

volving British Steel, Clarke- “ e ^?L h ® nty ,ts 

Chapman and Cleveland Bridge 


and Engineering— abandoning 
the job was discussed at the 
last meeting of the bridge 

authority. 

It arose following the row 


suttuni. Freeman Fox and 
Partners, in .the High Cnurt for 
Continued on Back Page 
Editorial Comment Page 16 
Customs derision on duly free 
whisky Page 6 


European news 

American news 

Overseas news 

World trade news 

Home news— general ... 

— labour ... 


CONTENTS OF TODAY’S ISSUE 

... 2 Technical news Jl international companies.. .22, 25 

... 4 Management 11 Larumariiets 22 

...2,3 Ails page 35 Money & -exchanges ......... 25 

... 4 Leader page Ifi World markets 2fi 

... 6 UK companies 28,20,21 Farming* raw materials ” 27 

... 8 Muring 20 UK stock market " 28 


food 


for 

UK 


Trouble hi Hie 

processing Industry 
Seeking a future 

Concorde 

Ladder on Chrysler 

future 8 

Merchant seamen: Plans to 
Improve their lot 10 


FEATURES 

The strange world of fool- 

ball finance 1 J 

Around Britain: The Edin- 
burgh Festival 14 

The VS. oil companies’ year 

or mixed fortunes 22 

Energy review: The con- 
troversy at Brent 33 


A I^sal caich of state 

trading 24 

Moscow In August; Muzak 
and tourists ... 2 

Es, p a na-Pengeot deal ing 

valves Job security 2 

The Nepal Opposition: Dis- 
content in on* land 3 


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Ractnfl 

Sit #ro W a j u M uion . 
Todays E-ntts ..._ 

TV art Radi* 

Unit Tnati 


93 vrcuher 13 

1< J UTERI M STATEMENTS 

JS Mfe-isM mi wnsaa ZS 

D-U Cara* U 

Id Find Sew. Am. TM. 

SO-ti Royal lamrancc . » 

17 Royal Pates Shell 5° 

M ANNUAL STATeMCNTS 

34 DMks Cowman - •* 


ntse n ter, omww 
nwiw ... 
UtC. IfdcniMional. 
MajUvi A SWUHfflU 

■damn 

£k- Cl Vtfero. hi*. 

n**t Leading nams 


H 

22 

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28 

a 

15 


For latest Shore Index ‘phone OZ-246 9326 



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

Additional 747 services 
depart each Friday, Saturday 
and Sunday. 

We also offer you 
the only direct service to' 1 
Dar es Salaam and the fastest 
route to Ethiopia. 



We’ll take more care of you 





2 


’’ Fiaanci^l Times Friday ‘August 18 1978 


EUROPEAN NEWS 



Moscow 
in August: 
muzak 
and 

tourists 

By Anthony Robinson, 

' East Europe Correspondent 

LENIN’S SLOGAN “Communism 
is Soviet power plus the electri- 
fication of the whole country" 
shines in white neon across the 
Moscow river in front of Moscow's 
largest hotel 

But in August most of the men 
who wield that Soviet power are 
on holiday in the Crimea. The 
sleek black Zil cars with cur- 
tained windows which carry them 
around are few and far between 
and Moscow is left to the 
Muscovites and the borde of 
tourists from abroad— or from 
the furthest reaches of this vast 
multi-racial land itself. 

Red {Square, which only last 
month was taken aver for 
the state funeral of Politburo 
member Fyodor Kulakov, is 
thronged with sightseers peering 
at Lenin’s Mausoleum or await- 
ing the mechanical, wlde-arm. 
swinging goose-step of the 
soldiers changing guard. 

Language is a major deterrent 
against straying far from the 
beaten track for most visitors. 
There are virtually no multi- 
lingual signs in Moscow to guide 
those unfamiliar with the cyrillic 
script. The visitor steps into the 
Muscovite's Moscow almost as 
soon as he leave the hotel. 
Although Stalin dotted the 

city with seven extraordinary 

skyscrapers in Socialist Gothic 
style, and his successors trans- 
formed Kalinin Prospect into nn 
avenue of tower blocks like 
London Wall, most of the rest 
of inner Moscow is still sur- 
prisingly low-key and human. 

Squat ladies 

The trees aad gardens which 
opee lined the inner ring road 
. have long been torn down to 
provide a fomMane race track 
for the buses, trucks and cars. 
But inside the ring much of the 
ritv still consists of houses pre- 
dating the RevoUttion. These 
pastel-painted houses line wide, 
residential streets with tree- 
lined boulevards running down 
the middle, down which mothers 

f lush their prams, children play, 
overs hold hands and drunks 
nurse hangovers. 

A scroll up Gorki Street is re- 
warding. To walk past the cen- 
tral post office, the Moscow 
Soviet and the pre-revolutionary 
stores to Pushkin Square is a 
must. It is one of the main 
shopping streets and comparing 
what, people wear with what one 
sees on sale in the shops, is a 
perplexing exercise. For although 
much of the crowd consists of 
large squat ladies with a deter- 
mined air and heavy peasant 
look there are also plenty of 
younger people quite elegantly 
attired. 

Where do they get their 
clothes? Some, of course, from 
. the thriving black market m 
jeans and Western clothes 
bought unofficially from foreign 
tourists. But in a big store near 
the Bolshoi Theatre, 1 also 
noticed a long queue for a selec- 
tion of smart looking summer 
shirts. On the same morning a 
consignment of oranges arrived 
at my hotel Everybody in front 
of me in the line bought as 
many of them as he or she could 
carry. By the time l got to the 
head of the queue there were 
none left. It was exactly the 
same with the shirts. 

My conclusion Erom this is that 
the shoddy, rotting fish, badly 
packed foodstuffs and mouldy 
vegetables one notices in the 
shops are a sort of reverse loss- 
leader. They advertise nothing 
but the fact that the best goods 
have either not arrived or have 
long been sold out 
Features or the Moscow land- 
scape. as Indeed throughout the 
Soviet Union, are the propaganda 
“ lozenges." slogans saluting the 
party, proclaiming peace and 
glorifying the Soviel armed 
forces Urequemly m the same 
stylised breath). 

For all the exhortation, how- 
ever, it is difficult to spot any 
evidence of a Slakbanovite atti- 
tude towards work. A large num- 
ber of people appear to be 
employed in a sitting down and 
counter-information function. 

The first tune visitor to Mos- 
cow soon becomes aware that 
even in summer this is a tightly 
controlled society. The most 
obvious sign of this is ihe num- 
ber of uniformed police at streel 
intersections. ouiside public 
buildings and the "helloes where 
foreigners live, keeping an eye 
on tbe lcnethv queues of patient 
shoppers inside tbe big stores 
or on duty at tbe Metro stations. 

Bed arm-bands 

It is also impossible to gain 
entrv past the pensioners with 
red arm-bands and tbe campaign 
medals on their shirt* who guard 
hotel entrance without documen- 
tation. Once inside, large ladles 
called Korridomaya sit al strate- 
gic points on every for to guard 
the keys, tend the samovar and 
keep an eage eye on who goes into 
whose room. 

This security was stepped up 
after a couple of disastrous fires 
in Moscow hotels. 

All this Inevitably throws a 
cloak of uniformity over life in 
general at least in external 
appearances. But Rsslans know 
how to enjoy themselves ail the 
same. Ob weekends the wealthier 
Muscovites leave for their dachas 
in the country while the others 
head for tpe wood? and lakes 
around the city or along the 
batiks of the Moscow River. 

Is tbe evenings restaurants are 
crowded and people dance entbu- 
siastirally although usually in- 
elegantly to the blandest Western 
papToece or twice I thought l 
heard the opening few bars of a 
-•Rolling Stones song as a band 
warmed up but all that ever came 
out in the end was pure muzak. 


CHRYSLER ESPANA-PEUGEOT DEAL 

Communists demand job security 

MADRID, August 17. 

BY ROBERT GRAHAM I 

THE SPANISH Communist Patty If rationalisation is envisaged ^ C ^ S oS holkiL^tbe* main 1 roneeml 

has called on The Government to then Sf Midrib ^ aSpeS to be toa? the new 1 
take a firm stand over the pro- SSJ^f^^Vhirllv^toe Com- This relatively low key management will undertake a 
posed purchase of Chrysler Jjunist party urges the Govern- approach indicates that the Com- ^ or 

Espana by Peugot-Citroen In ment toobtain guarantees onthe nmnists are, for the moment at * 0U Jd d s Ju^emphasis P to 

order to ensure that jobs axe position of existing supplier* east, ttoS Sri “ veScS. its most 

5^ pSfe »S~r. SffiffiSffia 

Chrysler. Finally It says that only knew of the deal on the to engage 550 more to cope with 
deal that «'«pnni)^HK>J3n r Chrysler'9 present distribution day of its public announcement increased industrial vehicle pro- 

Its com** and the majority of the adminis- duc tion. This move w*> the 

t sionaires should be maintained, tration was then od holiday, the result of strong union pressure. 

The statement hoMdflrt CTosiuonot the Communist absorption of Chrysler Espana th e unions refusing 
to condemn the acquisition of The position oi uie v.omuiuu»i r qtprnfip-mcc to time because thev believed this 

Chryslerie Spanish subsidiary by Party is potentially significant. » not a management device to avoid 

Peugot-Citroen. But It insists jbe main trades union through- the moto * i n dustrv. The extra employment. The manage-! 
that the Government' examine out the motor industry in Spain J or0UD y^m he t h c seventh me nT for its part was reluctant, 
the deal bearing m mind four , s the Confederotior . of Workers ™ ^ jn p usUla , emp b £ yer ivi ,h to increase its workforce so long i 
main criteria. Commissions (CCOO) which is workforce of over 22JP1 and □« Spain's labour lows remained | 

The statement says that the dominated by the Communist „anv mSI direSy and in* fa force that impose toushl 
Governmen* must be satisfied party and has so far closely dependent* up DO the restrictions nn dismissals.! 
that there are adequate guaran- lowed party policy. CCOO , * activity P Citrenn has experienced similar i 

tees of job security to maintain obtained 53 per cent of the vote group s acuyiiy. zEJJJL ^ 

thTexisting level of employment in the recently held works At the Chrysler plant sun trouoies. 


Parliament 
recalled 
in Portugal 

LISBON, August 17. 
PORTUGAL’S Parliament will Be 
recalled from summer recess 
next Tuesday to debate new elec- 
toral and census laws, the 
assembly's standing committee 
decided tonight. 

It was taken virtually for 
granted that Prime Minister- 
designate, Sr. Alfredo Nobre da 
Costa, technocrat and former 
Industry Minister, would form 
a transitional Cabinet of 
independents and technicians to 
arrange elections by next spring. 
They are not normally due until 
1980. 

Reuter 

j imm y Burns adds: Finance 
Minister Dr. Vitor Constancio 
went out of his way here tonight 
to reassure the International 
banking community that his 
country remained firmly on the 
way towards economic recovery. 

Speaking at the signing of a 
S300m loan from a group of 
French. W. German, U.S. and 
Japanese banks. Dr. Constancio 
stressed that the economic 
policies pursued during the first 
six months of this year had 
succeeded in meeting a prime 
objective: a limitation of the 
balance of payments deficit to an 
amount capable of being financed 
without recourse to Portugal's 
unpledged gold reserves. 

According to Dr. Cortstanelo 
the central bank bad its hfghest 
level in cash of foreign reserves 
for many' years: $62m in July 
and S67m so far in August 
excluding loans. The proportion 
of Portugal's gold reserves which 
were free and uncommitted as 
collateral had now risen to 
62.4 per dent an Increase in 
volume of 50 tonnes) from its 
level of 51.4 per cent at the begin 
ning of the year. 

Portugal’s balance of payments 
position had been improved as 
a result of a 28 per cent and 
24 per cent increase in tourist 
receipts and immigrant 
remittances respectively. Infla- 
tion. which averaged 27 per cent 
in 1977, had during the first 
seven months of this year been 
brought down to 20.8 per cent as 
a result of the Government's 
stabilisation programme. Dr 
Constancio added. 

He admitted that Portugal's 
trade deficit for tbe first half of 
this year increased in dollar 
terms by 9 per cent compared 
with tbe same period last year. 


THE DOLLAR CRISIS 

Bonn confident over U.S. moves 

BY JONATHAN CARR. ' BONN, August 17. 

THE BONN Government today compietolyfaUed to reject Jig g^So^b^tbe^SndSbank 

SS o. p M*S , S “BE, TSfrA SJ£ SeiarKTSSS 

sss, &as «« ssfa 

tinue to seek to counter d s- new intergovernmental effort Dr. r . Slnldn a 

orderly conditions on the might be Si the offing, aimed prudent of the 'German Banking 
exchange markets. For its part, specifically at support of the Federation said such toto**®** 
Sj Government planned no dollar. Soim ^1 sees the key ^ would not manycaso 
additional measnres in the to the strength of the U.S. able to hold toe rate a^jnst me 
currency field. currency in the medium term as market At present the only 

Herr Hans Matthoefer, the lying in steps by Washington to reasonable w****® 

Finance ■linlster, said he was c' the U.S. inflation rate (now German viewpoint was t0 *® av ® 
confident that the measures con- running at four times the West th e field to market JJ'SJ' 

tern plated by the Americans German one) and to reduce oil earned tiie dollar an the Fra^ 
(which have not yet been imports— in accordance with Mr. fim exchange today to DM1.9773 

specified) would be taken Carter's pledge at the Western —strongly up on the DM 1.9484 
sneedily and would help restore economic summit a month ago. yesterday and five pfennigs more 
confidence He repeated his view Despite the pledge to counter than Tuesday's record low. 
that the dollar rate at present “disorderly conditions.* 1 there *•« the recovery was 


Swiss to assist exporters 


BY JOHN WICKS 


ZURICH. August 17. 


Dealers felt the recovery was 
due partly to yesterday’s White 
House announcement, -partly to 
a technical recovery which had 
set in even before Mr. Carters 
statement was made known. 

While there have been some 
to statements of concern from 


twf SWISS Government will ted -to examine measures — — — — . 

take steps to improve the work- improve the functioning of the politicians and *>«sinessmeD 

!£ e 5 the foreign exchange foreign exchange market. As about the. Impact of the dollars 

sh.M'.sLrr: agx *- 

swr-wag- 

generally 'taken S'" M, .ha? Sfof this year-eventhou £ h 
tag Federal Counci f consultations restrictions such as the partial relate to “ make 

on the monetarv situation. ban on new portfolio investments latest dollar weajuiess maa 

As one immediate move to by non-residents or the strict somewhat wninstoS roa« 
munter the upswing in the limitations on forward trans- They show German export* up 
national exchange rate, the Swiss actions in Swiss francs might be ^PerCOT t agamst toe 
National Bank has been instruo- eased. period of toe previous year 


$100m Turkey lean agreement 

BY MET1N MUNIR „ ANKARA, August 17. 

THE TURKISH Central Bank Turkey is hopirnj to nMj lo }S*' HAl _ in Ante™ have 

and the Libyan Arab Foreign 8500m Euroloan ijfefore the edd Officials in ApKara 

Bank as guarantor today signed of this year through the ""*—**■ 
a BlOOrn loan from an Interna- ment of eight tote: 
t tonal banking syndicate in batiks, including Barela: 

tSSsSSS 

Turkey has been able to proe re °' Qrt lerm ,j ebt wh ,- ch Turkey is causing worries among OECD 
tkk y( __ in . unable to ' pay owing to the exporters whose Turkish markets 
To be paid 10 foreign exchange crisis. have been contracting since the 

sS-ksh 

TzX. RnnL- Gulf discussions. They will include tional stand-by facility by the 

S iraAF and discussions with the IMF for the Bank of International Settle- 

luternati ooal Ba ok UB AF a d Qf a gg^ aQcnnd tranche roents and the ear!y activation of 

Citicorp ln iernatk>nal. Stxtee reiea ^ , oan T^e first tranche export guarantee schemes by toe 
banks participated oF 5150m was disbursed last member countries. 

The Central Bank s guarmitee OECD countries were also 

^ Ppl S? n h nte ForeiSi al Bank! Mr Muezzinogln will also bold asked to encourage their banks 

jp w .n b . ssaa ast a-ar" fM a 


OECD REPORT ON W. GERMANY 

Alla ying fears about the effects of inflation 




BY DAVID HABAKKUK 

THE FORECAST in the Organisi- 
tion for Economic Co-operation 
and Development’s (OECD) 
annual Survey of West Germany, 
published yesterday, thal toe 
German gross national product 
will grow b>' 3 per cent in 1973 
is. in fact, at the higher end of 
BnnnV current nrnjections. 

While tbe official target far 
growth this year was 3.5 per 
ceni. al the time of the release 
of the Government's plan for a 
DM l2.5bn stimulatory package 
earlier this month. Dr. Otto 
Schlecht. State Secretary at the 
Economics Ministry, estimated 
that growth fould he 2-3 per cent. 

This package has gone some 
way to meet thc OECD Secre- 
tariat's call for a strong eWst 

German fiscal <dimulus. This 
call reflects the Secretariat's 
pessimism about the contribu- 
tions to growth to he expected in 
particular from exports and busi- 
ness investment, and concern 
about West German’s continuing 
high unemployment and trade 
surplus. 

Thus, exports are expected to 

rise hv volnme — by some S per 

cent. However, though imports 
are expected to rise, in volume 
terms, hy about fi.5 per. import 
prices are likely to fall, because 
Of falling dollar Drices and the 
appreciation of the Deutsche- 
raark. 

The consequent gain in terms 
of trade is likely to mean that 
the current external surplus will 
increase to some DM 115bn In 
1978. against DM S.7bn in 1977. 
to pnite of the small deterioration 
in the real balance, according to 
the survey. 

The survey expects profit- 
ability this year to be substan- 
tially better than last, with net 
income from property and 
entrepreneurship forecast to inr 
crease by 12 per cent, partly 
also because of a fall |n taxes 
on such Income. 

However, the grwtb in 
machinery and equipment invest- 
ment is not likely to exceed 2.5 
per cent.-and- as in recent years, 
most of this is likely to be for 


rationalisation purposes, accord- 
ing to the survey. 

Meanwhile, net wages and 
salaries are forecast to rise by- 
gome 6.25 per cent, and total 
personal disposable income by 


working age. 

Concerned as it is to see West 
Germany reduce both its unem- 
ployment rate and Its current 
account surplus by substantial 
fiscal stimulus to the economy, 


Demand and output prospects 


Private consumption 
Government consumption 
Gross fixed investment 
Construction 

Machinery and equipment 
•INAL DOMESTIC 
DEMAND 
Stpckbuilding* 

TOTAL DOMESTIC 

DEMAND 
Foregin balance* 

Exports of goods 
and services 

Imports of goods 
and services 
GNP AT MARKET 
PRICES 

Memorandum items: 

GNP deflator 
Consumer prices 


Percent 

share 

«fGNp_ 

i 1976 L. 

553 

20.2 

203 

12A 

8.1 

963 

12 

97.5 

2.5 

273 

25.1 

100 


Constant 

1970 prices; seasonally 
adjusted; percentage 1979 

chan ges a t annual rates (Rrst_ 

"1976 1977' 1978 6 moths.) 


3L6 

2.9 

3.1 

L9 

2.4 

03 

3.0 

M 

5.0 

■ 23 

Z1 

5A 

17 

U> 

2.0 

4j0 

7J 

4j4 

L3 

3 A 

17 

23 

2.8 

14 

U 

-0.1 

OJQ 

“4L0 

5.4 

23 

2.9 

33 

0.4 

0.1 

—0.4 

-rOJ 

11.1 

43 

3.1 

33 

10A 

43 

5.1 

53 

5.7 

2.4 

2j4 

2-7 

3 2 

3J 

3.9 

33 

43 

3.9 

3.1 

3J0 


* Changes in stockbuilding and the foreign balance are expected as 
percentages of GNP in the previous period. 


some 8 per cent. However, due 
to an anticipated rise In savings, 
private consumption is only 
expeeted to grow by some 3 per 
cent. 

The expected rtal GNP growth 
of 3 per cent Is likely, according 
to toe survey to be below toe 
growth in labour productivity, 
causing a continued fall in toe 
number of jobs available. 

The survey declines to commit 
itself on whether this will mean 
an actual increase in unemploy- 
ment. This, k says, will depend 
on whether there la a continued 
fall In toe proportion of toe 
papulation wanting jobs to offset 
the Increase lit toe population of 


the Survey argues strongly 
against certain objections raised 
against such a stimulus is that 
country. 

In particular, tt argues that 
West German anxieties about 
the size of toe country's fiscal 
deficit are excessive, and that 
there should be a less rapid re- 
duction in the deficit than has 
been officially envisaged. 

Given the fact that the finan- 
cial surplus of toe private sec- 
tor is still high by historical 
standards, and business invest- 
ment in particular is depressed, 
continued deficit financing on a 
substantial scale is, the Survey 
argues, necessary to maintain 


the level of economic activity. 

Further, ft argues, with pri- 
vate investment low. there 
should be no serious problems 
financing tbe deficit: and. even if 
the Germans are anxious about 
the level that the deficit has 
reached, the level of their 
Government debt is low by 
OECD standards. 

In the medium terms, the Sur- 
vey argues, to the extent that 
a less rapid reduction in the 
deficit encouraged business in- 
vestment and thus economic re- 
covery, it might well lead to a 
lower increase in tbe public debt 
level than would a protracted 
recession. 

The OECD Secretariat regards 
German fears about the impact 
of deficit financing on the infla- 
tion rate as exaggerated. Tbe 
coincidence of historically high 
budget deficits and the sharp fall 
In Inflation since 1975 support 
its case, it argues. 

The Survey also argues 
Strongly against the view that 
unemployment in West Germany 
is to large- extent a structural 
problem, and thus not one that 
can be dealt with by a genera- 
lised economic stimulus. 

It quotes statistics from the 
Federal Labour Office to show 
that the concentration of unem- 
ployment in specific areas and 
industries hns actually fallen 
compared with earlier period of 
cyclical slack. Further, the 
Survey says, toe proportion of 
the unemployed who have been 
without a Job for a substantial 
period is now lower than in such 
earlier periods. 

The Survey accepts that the 
proportion of certain " problem 
groups" such as school-leavers. 
Women, and the unskilled in the 
total of unemployed' has in- 
creased since the trouah of the 
current recession to 1975. 

But, it points out as the 
economy continues to operate 
with some lm people unem- 
ployed. it is not surprisinn that 
through continuous turnover 
between the employed and the 
unemployed, the weaker elements 
of the labour force gradually 
join the unemployment. 


Chairman 
Huagets ; 
red carpet 
treatment 

By Paul Lendvai 

BUCHAREST, August 17: . 
A BEAMING Chairman Bua 
today toured one of the largest 
Romanian heavy engineering 
plants tit Bucharest and. con- 
ducted -toe second round of 
talks with his Romanian- host. 

An official communique 
merely stated that too nego- 
tiations were proceeding In. an 
atmosphere of ** cordlalit; and 
friendship, of .mutual under- 
standing, characteristic .ot toe 
good . relations that exist’ be- 
tween Ihe two parties,.- coun- 
tries and peoples." ■ 

Tfcc Chinese leadership re- 
gards Chairman’s Hua’s visit 
to toe Balkans as a kind or 
debut— his first appearance on. 
toe international stage as a 
world leader. U has therefore 
also decided to take what a 
Chinese official privately de- 
scribed as a “diplomatic” line 
In public statement It is 
tuiderstoc ' that Chinese offi- 
cials resented the implications 
In some wester"- press reports 
that Chairman Hua. at a ban- 
quet hero last night, attacked 
the S 'it Union. w ' 
Neither Chairman Hua Ku^ 
fene nor Romanian president 
Nicolae Ceausescu mentioned 
the Soviet Union by name to 
their toast at last night s statu 
dinner given hy the Romanian 
president in honour of Chair- 
man Hua. . . _ . 

The Chinese leader predict- 
ably praised Romania for 
defending national to depen- 
dence and state sovereftnty, 
for opposing kinds pi . toter- 
ference in the Internal jdtalre 
of other countries and extolled 
whr! he called the “ very good 
relations” between the two 
countries. Chairman Hna 
issued a warning against the 
infiltration, aggression ana 
expansion of what he called 
imperialism and begem onisin 
(tbe usual code word used by 
China for Soviet foreign 
policy in Asia. Africa, Latin 
America ana Europe). 

But his speech uns by- 
Chinese standards, notably low 
key. A comparison of the 
speeches delivered here last 
night with the text of the 
toasts made al a similar ban- 
quet In Peking three months 
ago shows if anything an even 
m.re moderate language used 
by both speakers. 

Romanian President Ceau- 
sesco referred to the forth- 
coming anniversary on August 
23 of the national anti fascist 
armed insurrection to 
Romania, without even altadj 
Ing to the role of the Red 
Army which In 1344 liberated 
large parts of Romania. He 
also praised China's “outstand 
ing contribution to advancmg 
the prestige of Socialism In the 
world ” as weU as toe successes 
of China. ^ ■ 

Danish balance 
of payments 
deficit smaller 

By Hilary Barnes 
COPENHAGEN, August 17. 
THE DANISH balance of pay- 
ments deficit to the second 
quarter fell to DKr 500m 
(£46J51m), the smallest 
■ quarterly deficit since the third 
quarter of 1975, according to 

the Bureau of Statistics. 

The second-quarter deficit 
last year was DKr 23bn. The 
first-half deficit this year was 
DKr 3.4 bn, compared with 
DKr 5J5bn last year. Tbe 
Deficit for all of 1977 was 
DKr 10 bn. 

There was other encouraging 
economic news. The consumer 
price index, which regulates 
pay rises and Is net of indirect 
taxes, rose by 7-6 PW «»* ln 
tbe 12 months to July, bur at 
an annual rate of only 4.1 per 
cent in tbe three months to 
July. 

Reuter adds from Esbjerg: 
Danish seamen tonight called 
off their blockade of container 
ships which sail between 
Esbjerg and Britain, a union 
spokesman said the decision to 
end the two-day action came 
after talks between the strikers 
and tbe seamen’s union. 

The seamen, who sought pay 
increases of up to 75 per cent. 
Initially halted passenger and 
cargo services, but yesterday 
permitted car-ferry services to 
sail again. ' 


THE ZAIRE~ANGOLA TAL-Kft 





a 


crucial meeting 

*Y OUR OWN CORRESPONDENT IN LUSAKA 
PRESIDENT Agostini NetO of NM. 

Angola and Mobutu Sese Seko of jj^hing diplomatic relations with 
Zaire are to meet in Kinshasa on washuigton, this does not mean 

Saturday The talks are prompLed be w m either abandon his 
hv an arrav of internal' and ex- Marxist aspirations or reduce 
ternal pressures on both men and the number of ^ 

tensions between two of Aincas hnth nred a stahlo common hor- 
mbst bitter foes. dcr— in Zaire's case to stave off 

Any optimism seneraed by tne furt |, er FNLC attacks and Induce 
prospects of nieetioa. however is ?onie 0 f fiOQ-TOfi foreign teeb- 
temperad by the deep mistrust n j c j a ns who " ran tbe Kohveri 
felt by two ideologically bosti e inines to re tum, and in Angola's 
1 neighbours who have persistently iq stabilise tbe north of the 

f supported attempts, at msurrec* country and the oil-rich" Cabinda 
'tfwrby tbe other's internal roes. enc j a v e sq that Cuban- and 
:* President Mobutu is under Government forces can conren- 
strodg western pressitre, follow- tra t e their attentions on Unita 
ing last Ma/s rebellion m in ^ agriculturally rich central 
inmeral-rtch Shaba provlncejto he | t an{ j remo t e southern area, 
efffect detente with Angola, mis Ne i t he r country has enough 
Would he in return tor a trained personnel both to pro* 
Western^ -backed l economic ^ rescue mo j e a simmering border dis- 
ope ration aimed at offsetting tne. p Ute and eng j neer the economic 
dire results of tbe Shaba insurr rev j va j g] e y need to fully exploit 
geney. which hit productionor resonrees of coffee, diamonds and 
feoth copper and cobaalt. rTesn m j„ era i5. 

western^sponspred taUm on ^ certain, however, that 

The autocratic and pro- 
Western Zairean leader, is 
adparentlv anxious to come up 1 
with proof that be is complying 
with western conditions — whicb 
include demands tbar be start 
trying to rectify his crisis- 
stricken economy — thus he is 
keen to put into effect an agree- 
ment In principle with Angola to 
reopen the British-owned Ren- 
gheia Railway runnine from 
Shaba tD the Angolan Atlantic 
port of Lobito. . 

Reopeninc the line would sig- 
nificantly improve 'he copper 
exporting capability of both 
Zaire and Zambia, whose presi- 
dent Dr. Kennetb Kaunda. has 
hedn instrumental fa persuading 
the two men to meet. Benguela 
Railway officials have been 
[advising Zambian mining 
authorities that they anticipate 
limited shipments along the line 
in about three months. Before 

clOKuroin August 1975 because 
of tbe Angolan civil war both 
countries used the tine for over 
50 per cenr of their copper ex- 
£ports. Zambia is now com- 
mitted to the congested Chinese- 
built Tazara line to Dar es 

Salaam, while Zaire uses the no j enough to bring real 
fengthv southern route to South ability to either country. Angola 
Africa, via Zambia and Rhodesia, has supported the Western imtia- 
aqd Its own laborious (vote tive on Namibia since its main 
rationale) rail-river route to hope 0 f defeating Unita lies in. a 
tatadi. .. Swapo-dnminated settlement in 

-Reopening the line is very Windhoek that will rob Dr. 

toe measure by which Savimbi-of.bi*pripie supply base. 
^POla^totoroai stabthty can The U.S. is reported to have 
be judged, sfnpe it has frequently assured President Neto that it 
been, put -out \ 0 f action by the ^ not provide fresh covert 
Tfait* guenllas of Dr. Jonas support t0 Unila desp ite plans 
.SarimbT Unita was defeated by ^0 so at the time of toe Shaba 
Dr Neto s Co ban-supported cri Bis. Until South Africa is pre- 
c, ^l war which vented from supporting Unita in 

ended ln 1976 but hks since been Namibia, however, there seems 
waging aL dogged guerilla cam- ij t Ue prospect of domestic peace 
paign in ihe centre and south of j n Angola that would lessen 
Angola in the face of frequent Luanda’s dependence on the 
and thus- far unsuccessful soviet Union and Cuba and 
Government attempts to 'quash guarantee the viability of the 
** \ „ Benguela line. 

President Neto has said bq is President Mobutu faces diffaf- 
prepared for the line f o reopen ent pr0 biems. even if Dr. Neto 
provided Zaire wRhdwte delivers up the FNLC. The 
support /. or h .. disaffection of the Lunda tribe 

eue H)i“^LS22Ji nnn Si to Shaba from which Colonel 
f-T? 1 ? »r^ISSS Lwpn M'bumba draws his main support 

SeCrttK* ^ranSH^SSnd^NLA! i5 ' flUch ^ the area ^ ll remaia 

pSSnt Neta^to ' inforaed a ’ POtonUal flashpoint until 
Pr-oISoSt 111 Mahiitu* 8 indirectly President Mobutu reverses his 

SSfhS h o"S n g the disarm^ ESg3g u f fc ? p , r !!S!!!f 
ment of Col. Nathaniel Lunda a degree of 

M’Butaba’s FNLC which with- autonomy and a far greater share 
drew tn its Angolan bases after °jL *S e '*> P™^ 15 ® fi copper and 
the bloody masacres fa the c0 . bal t revenues. The K °Jw«i 
Shabn raining centre of Kolwezi mines are running at anything 
last May. Zaire and Angola have between 50 and 30 per cent of 
already agreed on repatriating pre-cnsl s levels, and Zambian 
®arh other’s refugee'*— of whicb. pyjjj; 11 ® sources estimate that 
there at least .500.000— and this IpT 9 8 cobalt production from 
wpms to ibcTude agreement In “S're. the ■ Western world s 
principle for both sides to ditch biggest cobalt producer, will be 
the surrogates they have thus h®« of its record 16.000 tonnes. 
fr> r used aenfact each other: the Mining experts* say that unless a 
FNTA and FNLC. substantial number of foreigners 

President Neto's trip to Kin- can be coaxed into returning to 
riiasa could have wide-ranging a stable Shaba, the Kolwezi 
repercussions In Africa and the mines that account for over a 
West. For one thing it is the first third of Zaire’s net foreign ex* 
sign for a long time of a readi- change can only slide further 
ness to talk across the East-West toto Inefficiency, 
ideological gulf that is increas- Underlying the chances for 
ingly-dividfag- the Organisation real detente between Zaire and 
of African- Unity fOAU). It also Angola, however, is the deep 
cninddea with Luanda's gradual mistrust between Zaire and 
•■padiness to co-operate with the Angola that will make any initial 
West to offset its continuing steps towards reapproaehmerit 
dependence on the Soviet Union fragile and prone to fresh flare- 
and. Cuba — although President ups of tension. 



ME 

hi** 

President Agostinho Neto: 
under pressure 


Notice to holders of 
American Medical International, N.V. 
SVk% Subordinated Guaranteed 
Convertible Bonds, due 1992 
and 7% Subordinated Guaranteed 
Convertible Bonds, due 1990 

On June 15, 1978, the Board of Directors of American Medical 
Irrtemationaljnc., declared a10% stock dividend to shareholders 

of record on July 18, 1978, payable on August 15, 1978. Accord- 
ingly, the conversion price of the bonds will be adjusted on 
August 15,1978, as follows:" 


Original Conversion Price 
Adjusted Price, August 15. 1978 


Bonds, 
due 1992 
47.00 
42.73 


7 % Bonds, 
due 1990 
37.00 
33.64 




Thelnlematicrrf 
HaafthCare 
Services Company 



V 




4 


1 


ljj& : 

sPffe 1 " * 




Financial Times - Friday August 18 1978 



India’s feuding Cabinet 
close to a compromise 


BY K. K. SHARMA 


UNEASY compromise for making use of his father's the cards that factional ■ rt r- T* " \JM. I^IAV £#£&£? 

appeared today to have been office for Ms-WTO imrsost*. qu a rrelf!vill breakout Iszil By 0ur 0wn CorrKpondent ~ 

reached between the feuding Mr- pesai is thought to be Mr. Desai is thought to have SALISBURY, August 17. BY A SPECIAL CORRESPONDENT, RECENTLY IN KATHMANDU 

factions of the ruling Janata . j“ su ncHy UQ b a BP y °T er the accepted the compromise to SENATOR Chief Jeremiah ^ , 

Party and its principal leaders, ^mproniise since^it Slvos Mr. avoid bringing further charges Chirau. a member of ^ crown in the osten- quickly flew back to the U.S. for spread of democracy m the 
■nf- Jteil Charan Singh a JSey party Pos t against his son into the onen Rhodesia's ruling four-man s,fa ly tranquil land of Sherpas, a second crucial operation. region, 

two months ago when Mr be can iwe toenticiac the He has said frequently that be executive council, 10 night came Everest, hippies and exotic Then J^o weeks ago, word of Nepal plays a careful balanc- 
es ran Singh and Mr. Rai 'vill not deal with Mr. Charan om in open support of new aik- temples rests uneasily these trouble broughl hoira a rush mg jog same w,ih its two huge 

Naram resigned as- Homp dn September 3i he nil] be Singh unless the latter withdrew party peace talks with days* - A threat of more violent to New Delhi, but not to hath- neighbours. Relations with China 

Minister Salih Mtnt«or ***** president Shortly before charges he baa levelled against externally-based guerrilla opposition to King Birendra mandu since the Government’s are strong with a large aid pro- 

resDStively after cririSSSc elections are to be held r or Mr. Kanti IW. NO chaS hS leaders. 8 has ' emerged as disillusioned appeal against its own tribunal’s gramme, though observers see 

Mr Mwarii' Desai the Prime 55* first . til ? e t b^^ t0 1 ber and been withdrawn and. in fart, the Chief Chirau, the most con- students and frustrated members acquital guarantees bis fourth this feudal monarchy and its 
Minister “''thus gains important -leverage. Janata’s General Secretary, Mr. servatjvc of the three moderate of the outlawed Nepali Congress arrest The King is said to be massive Communist neighbour as 

After prolonged mediation “** now likely tint his Bharatiya Madbu Limaye, has resigned Mack leaders joined with ln Ihe southern horder considering M. P. Koirala, B.P.’s very strange bed fellows. Some 

effort; by a number of Janata k-°^ P®* (BLD) faction in com- because Mr. Desai has not Prime Minister tan Smith In tU1 ^ 10 the radical com- half-brother, previously prime speculate that China might 

leaders it w as agreed at an b, ^tion^tb tiWJana Sanrt acceded to the demand that his Rhodesia’s transitional Govern- mnnist Naxalites from India, minister i* .1951 and oPMlythe b «b the N^'aii^ vich 

emergency cabinet meeting this 8 r ®“P dominate the Janata son should not live in the Prime meat, declared that the ^ ep ^i s „ outw ardly placid yil- K^gs ™ an ’ ^ p_ n £^, ? r r .:il c !oca . 1 Communist 

morning that Mr. Cbarao Singh . - a - ... . Minister’s house- -■ majority of the country's Mm lagers are also unhappy, refusing minister. Several prominent Party if eirher gained any sub- 

should be asked to become _,. Thl 3 tas caused -considerable The issue of the charges blacks and 260,000 whites to pay heavy government taxes party members are makmg moves sfantial strencth or following. 
President of the Janata Party in d5 * m A s ' among other groups, against Mr. Desai’s son is. how- wanted the Administration to and [becoming involved in clashes c ou Id seriously hesi- 

place of the present incumbent, p°tably people formerly belong- every, far from over. Mr. Desai attend all-parly talks. w i 1Jj P° !, ce and officials. India the 


NEW DELHI, August 17. 


Rhodesian 
call for 
all-party 
conference 

By Our Own Correspondent 
SALISBURY, August 17. 


I THE NEPALESE OPPOSITION 


Murmurs of discontent in 
the land of the Sherpas 

BY A SPECIAL CORRESPONDENT, RECENTLY IN KATHMANDU 


Naram resigned as Home 11 ^ j 1! » De Sin eh unless the latter withdrew party peace 

Minister and Health Minister. „ arg . es be ha * levelled against externally-based 


with police and officials. 
Precariously located between 


Mr. Chandra Shekhar. Mr. ! n § l j° last week suffered a major defeat Britain and the U.S. have Precariously located between 

Charan Singh is expected to be »■ when the upper house of parHa- been making intensive diplo- India and China, with a 500-mile 

installed in the post on defence Minister, jar, a. jv. me nt. the Rajya Sabah, adopted a matic efforts for the past two border along the eastern 

September 3. Bahuguna Petroleum motion asking the Government months to get the tranlsitional Himalayas this once-forbidden 

In return, Mr. Charan Singh Minister, and Mr.^i/esai mm self, either to appoint a commission of Government round the con- Hindu kingdom has onlv been 

and Mr. Raj Naram have agreed «r. Chandra Shekhar, wno is to inquiry to investigate the charges ference table with Patriotic open to the outside world for 



— - - ■ . ,. — — - — -- — open to the outside world for 

not to make statements to step down as the Janata presi- or allow a parliamentary com- Pront guerrilla leaders Mr. 26 years, 
parliament on their resignation dent is also a former member of mittee to do so. The matter was Joshua Nkomo a nd Mr. Robert ei... 

from ihc Cabinet Thfy bad the Congress In .vie» of the raised in the House again today iloShe. ^ e j* 

threatened to make further unhappiness Of these important and a government spokesman Chief Chiran’s statement Is crrJ.*I! e 7 „„i anny ., ee ~ 

charges against Mr. Desai's son, members over the 7 settlement, it told the chairman that he would the first positive indication raai J"^. n ? °w E ai !« d “j 1 as 

Kanti. who is already under a Is thought that the- compromise let him know the Cabinet ded- that the Salisburv leaders win an J H i, n f iu 

cloud for alleged comiptioo and will be- teraporaiy and it is on si on oo the motion soon. dron their resistance to new • * «» .«! A 3 P ower en ? bodl ; 

*„iYT meat or the union of church and 

* se 2^c™ .I a l L»„, h .«. stalB fQC most Nepalese. He is 

Mr. Smith is known to have _^+, ro r v n 

■m-r • 'V.T - - w • • h— '«ci™^ . han actively pressing for further 



a month to the prospect of 
attending the Western -spoil- 


ing numerous international links 


sored talks In 'SrErS 

mounting military and econ- W<JI ««* * modern Nepal, 

omic pressure ’But while the King has 


CANTON. August 17. 


omic pressure wi wane rnc King nas 

The transitional Government's allowed some liberalisation over 
firm agreement to new talks liter past year, his Government 
has reportedly been held up by frJadopting new tactics to deal 
the reluctance of the other two .with the activities oE the banned 
black leaders. Bishop Abel opposition Nepali Congress 


tate before giving India the 
vaguest justification to storm Into 
Nepal’s defence and gain closer 
access to China's Tibetan border. 

A measure of communist 
strength revealed itself after the 
July 2 death in India of Pushpa 
Lai Shrestha. the exiled Com- 
munist Party leader. His ashes 

were greeted on arrival in Kath- : v ' 

mandu by a huge, illegal rally. 9 

Meanwhile, whatever the fale iM B ft w 

nf the various opposition parties. aBSSn ® 

villagers are beginning to voice 

their protests. -Daring spring King Birendra of Nepal 
elections, when three-qaurters or 

the voles were declared “ invalid an annual rate of 2.4 per cent. 
«!P«“ Se ^ 0f , V0 . ters 1 P. no ^ an ® e but this year's rood grain prn- 
10 raa {| J i? a !? otSi . duction has dropped bv J.5 per 
e fL v J i a ? ers who believed eenL Over 90 per cent of the 
“f"\f“ nd,dal ® wa f ? kidnapped i 3 . 3m population grubs a bare 
hL ^l niid a ? ^ 1 lce . n i e n w,th existanco from subsistence farm- 

in S though only 22 per cent of 


1\Taw imQOP nf ViiPnclstvia ic TZgTiFXZft F ™ 1 ' asys 

r\ew image or Jugoslavia is SHw m - - 

Being promoteajn coma- jrssssffws w» yft tzr* sS2 ® 

BY DAYS) HOUSEGO ^ &V- CANTON. August 17. Sf nCwS Se^Ser^J _ 3l£ KitiCuL“5 U the baiS out?Ssn /support Tit 0 a a H^ di^ppeann? 'sh^fages 

A WIDESPREAD campaign has been impressed br-the successes to be the first foreigner to enter Mozorew? de, and ^uS* Rev* pS^^Now. Stead o^beiiS Svacelv fi 088 ” - a™ w * r ^ sDbseqtcnTIrasion" 10 ” 0n ^ 

beep under way In China m of the Yugoslav wnomy- Self- Chairman Mao's mausoleum. $dS£gi Sithtlc. ^ a^ted. its leaders are bJ- Mr. B P. Koirala, leader of the womln^aped when ttief rein Of the £16Sm 1978/79 budget 

rehabilitate the image of.Yu E o- Sincc J delegations have • The S? feel considerably rased and intimidated by gangs Nepali Congress Party forrements arrived P revealed in July. - over 54 per cent 


j , — . — 7 , r |U » iiiougfi only -- ptri cent ui 

?K d - ^ Bn £ w ^ nd ? d - th? country is arablV land and 

vHIaaers ralli^ri m'Sii*' ,hal s P ari *e quantity is rapidly 

Villagers rallied round a police diKannPTrinn fupl shnna'-pc 

ffi£g* D 22- f two alleged SSTSJwl ^dcleniraS and 

savacely tSSTind^JSS subsequent erosiom _ ^ 


The two feel considerably rased and intimidated by gangs Nepali Congress Party 


the image of. Yugo- Sincc . t ^ en ; de^gations have • ^he "feel considerably rased and intimidated by gangs 

slavia. one -of the three East a,ft n n^^fnr^^nd1ridu^ Efn^ d m baC f ^ an 1 a , ndl “o™ confident of popular of hired hooligans, which for the 

Fiirnnnan muntriM Phnirman a ? to p Dn, y fo * .i? 1 ? ost ^Portaut oF all, the two SU pport and appear anxious to government conveniently re- 

Europoan countries Chairman p i a nt and participation by the Communist parties have estab- aticrant universlal suffrage Seed the poasibiltv of embarras- 

Hua Kno-Feag -will visit on his workers in key /.fieeisions on Ushed strong fraternal kinks. S' sriiedSed for carlv - ' ‘ 

present trip,. and once considered Prices. productiopb?pd invest- Some foreign observers 5c«iIKr in terms of fie 
a renegade socialist state. P 1 * 11 ! i *v Wh e u \^^£I e -K n *- ,n ‘ beHe y e - however, that the com- Salisbury agreement. 

“We are going to Improve our ^hrtjibution bination_ of party directives Chief 'chirau's statement Is 


forcemp ms a iTived. P ' D ‘ revealed in July over 54 per cent 
'!» Co,e™me«. eorniTv* 


support and appear anxious to government conveniently re- toward leadership or attempting tion and bureaucratic ineptitude 11° "ri , d *; l - 1 [L° ra 1 ' aR i l 2*.!f, , S! 

attempt universlal suffrage tfneed the possibilty of embarras- i 0 establish themselves as are rife - Though a dedicated Productivity, .mtle industrial 

elections scheduled for early Iflg international protests. Koirala's heir apparenL elite Df highly competent and in- P«' enU3, ‘ tmnute natural 

December in terms of the . -B. P. Koirala, its leader, has Anart from its loss of sunnort telli S ent young men. hand-picked res< J ur . ce i w , ly un ' 

Salisbury agreement. already suffered eight yearn lo A Se violent N^aHte mSvS b >’ their 31-yeai-old King. ls exploued hydro-power). a 

Chief Chirau's statement Is imprisonment and eight years rn en t an H ih e Neoali Communist str oefi , ] n s w ‘Ui the mammoth dramatically adverse bjlance of 

seen as reflecting Salisbury's EelMmposed exile in India. In ^>any the NeoaJi^on^rpfis Partv tasfc deveJopment. civil ser- trat ^ e snd ^ e •oorrosing depend- 
enrrent harsh realities— that 1999, he became the country's hoLrP uraLbTjoX vaots beneath them fear to make ance ° n . a,d - al1 P alnt a Siooniy 


“We are going to Improve our mmbm of party directives chief Chirau's statement is imprisonment and eight years menHnd the Nenali Communist stra J& «*« ** the mammoth f^rnat.caUy a dv, 

management and we think that P . 4 n p Ab; __ p ®k)ng about the Yugoslav seen ^ reflecting Salisbury's EelMmposed exile in India. In ^ arrv the NeoaJi'canerpfis Partv tasfc development, civil ser- trac ^ e flnd 1 , l ? c 

some of. the ideas of Yugoslavia ®^£ v ^ i 1 flL,nei nf S ^ ^ th D e , Tls 5 of Chair- ^rrent harsh realities— that 1999, he became the country’s 2 T«Im heen •reaSvwSkened ^ants beneath them fear to make ance on aid. all 

may be suitable/* said Wuh ^sagree on the- tfemficancc of man Hua to Beterade point ta universal suffrage elections will first democratically - elected b? th? dlrislon of i lS decisions and are often simply economic picture 
Ssieh-yien. a senior official at the _ learning^ ®pm rugo- the lype of socialism in which h » rirtwoiiv imn^cihip with Prime Minister hut two iimk ? ecis on_ 0 3o once- q^| competenL Much whisoe. 


iU .e»der, h as Ap. tl K i-ppo,. "SRS 

fd eight years «n The violent N»xalit» mnvp- b - v their 31-year-old Kina, is P x P lD, 'ea nyaro Power), a 

ind .eight ycars men? and the Nepali Communist gSHf’di-Si? J*** raar ? 1 l mo,h nK a «nd l itae a im»v^iT? 1 d"pend- 
ile in India. In Varrv rhe Npnsli rmWoce Partw tas,c of development, civil ser- iraae pna I ‘ ,e '“weasinp nepenn 
le the country’s h2f^tJ2^i5k?i2i beneath them fear to make ance on . a,d - al1 P* im a Sloomy 


Ssteh-yien. a sSaior official at the 8» :*{**». 5? ^ of socUlism in which S^SSSTSSSTVS State BSE? bB'^TSS “i2“ te *L2 “ffi not competent J Much whispered bitterness 

Kwangmng silk fMtary. before the new Ghtoese leadership is 7<000 guerrillas operating l^r Birendra's father suddenly life-tiance^m ” the^onareh . The Government is most e/fi- Reuses on the Royal Family 

showing me reund.' The Want is by othffltXommunist interKtad, Specifically, they fhron ghout the countrv and se&ed total power and threw fhmfih nnt ^npJflrallv ^n tho ci ^ 1 ln collection of taxes )t -h, ch owns the lion s share of 

about 15 utiles from Canton, gJJJJSJi 0 ^ ** ill *1® Chmesa toadea. worried thousands more ready to B. P. and numerous politicians i ave quadrupled since Kathmands hotels. travel 

weaves silk mostly for export and ThSSSf mJ ?£ ab °L l to their Infiiltrate to smash any and student leaders into prison. ci Epv ■■ P ff ,l S£SJ‘ 1073 ' But the national infras- agencies single casino and many 

si a showpiece project workers to work, turning to aMemDt to get blacks to the When released Koirala fled to s . e ^ ere iy ‘ tructure is too weak and too m aJ»r industries. But the Royal 

The . Yugoslavian ideas to lingered ta the of many Jugoslavia's pattern of self- po , ]s P judia until 1976. On return? he c n Q .^ . ed .village dtatnct and rudlmentarj. to return real family's imperious business deal- 


The Yugoslavian ideas to itngereQ to tne mvw 
which Miss Wuh was referring Lninese party oincl* 
were the encouragement of The present camffl 
profits for reinvestment and in'- tare,, may be notiug 
centive bonuses to achieve an attempt by -I 
higher output although Miss leadership to erase! 
Wuh did not phrase it quite as won at a time 
bluntly as this. looking to Yugos» 

In recent months there has Romania — as a 1 ! 
been increasing evidence that In -Its high profl 
senior party cadres throughout policy of count cni 
the country have been briefed considers Russiaa^p 
on Yugoslavia's methods of The Chinese h 
"self-management*’ for running gesture of allowial 
Mare enterprises and that the Tito of Yugoslavia.^ 
Chinese party leadership has state visit here lasts, 


management as tire model on Michael Holman v.Tires fn was instantly arrested and tried 


national representation. 


benefits of any size or quality in 3 s arc beyond open criticism. 


ign, there- which to base the running of Lusaka: Mr. Robert Mugabe for the violence or the tate 1960's . On top of this. Koirala’s health to ihe ^taxpayer. Over the last w ^en a British newspaper 

-more than their own state enterprises. tonight called on Britain to when Party members tried to if stlJ L fral1 . ap<* the two opera- month, two entire villaae recently mentioned the Royal cut 

t Chinese This still seems a far-fetched convene the proposed all-party a^ossinate the Kina and govern- 7 D - ns ba . ve lef t his charismatic councils resigned in a pretest of 40 per cent from the casino, its 


to Impress interpretation. It took Yugo- conference even if members meat officials, hijacked a plane V(Wc * whisper at ihe very against taxes. The whole Korean manager was. given 4* 

Quna is slavia almost 15 years to make „r Rhodesia'c interim Admin- add currency shipment and tart the party needs a Chitwan district has refused to hour* to leave the country, as 

a— as io self-management work. The iJtrrtilm 'refused to attend. Silently raided across lh ° ^P as P a y one official was punishment for confiding in the 

*■ element Chinese are only just switching border from India. The Govern- ‘bternational support from the arrested under the Treason Act press. 

! foreign away from an unsuccessful mgnt replied to each assault ? nc,ahs ! International mealing for collecting 1,100 signatures Nepal's aristocracy is unlikely 

what it system Of revolutionary com- Tlyf! L! J aith equal violence- and - m , PB ^ S ,n Septemh€r could on a petition protesting Chilean’s to sacrifice its fuedal privileges 

perialiara. mittees managing an enterprise VIlflG2St Dlfl brijtalitv. m iK e h J.‘ i ret “ rn ®* s, ® r - . tax burden. Nevertheless, in its to Birendra's reforms willingly, 

ade: tberto placing full responsibility on 4 T “t* C *r®** ^ ' Koirala's initial trial ? ® , t ren , dra himself is thought new 1978/79 budget, the Govern- The economic battles will not be 

President the shoulders of a director whose R interruDted bv emmeenev ."i 0 ,ee J Pereonany antagoms- raent again increased and taxes easily or quickly conquered nr.r 

liriig his -task it will be to secure.higher 51 fllPH TISK the ®IIR 8 S ,,c to wards r BP. but tough con- by 40 to 60 per eenL the currents of protest quelled. 

efficiency and' output U lU S U 1 A3J * a blocked nick arlSl ® e ™ ,vc ^ m K hers ^ tfc Royal Nepal is one of -the poorert Neither Birendra or bis Govern- 

-\ ' ■ ‘ i» ' *ri m -J h!^fcSL 0l L. a Family and cabinet fear him and of* the 25. Least Developed ment can please all the power- 

^tamandu he was his young, well^dueated suppor- Countries (XDCs) on the UN's fuJ factions involved, it may he 

JwJSi '? rs a, J d especially bis strong list. The annual national per easier to meet the Nepali Con- 

ta ^ ■^? a F" man tribunal ties with rndia and J. P. Narayan. capita income is S110. but in gress Party pleas for reconcilia- 

fiV j . or s,s tP e tather of India's Janata remote hill areas it is less than Cion and multi-party democracy 

. charges of serrmon and treason. Parly. Janata has made no secret S30 and droppina. Th<» economy than eventually face far more 

any of which could have carried of Its support of the Nepalese is growing at 2.2 percent a year, potent opposition from the com- 

the death sentence, and he Congress Party and the further the population is increasing at munist front. 


Freiimo ousts Palestinian chiefs to meet By pzWd Buchan 

party chiefs .r H.IAZ. T BEIRUT. am««i7. 

By Our Foreign Staff PALESTIMAN guernlla leaders In a note to Fatah, they com- acknowledged thai he was run- 

M07AMRinnp*d PtirrM4 ai- to how an important meeting planed of what they called ning “a high risk" pofitiallv 
* E JL Viii 1 r wi f fT *o Damascus next Tuesday to Fatahs dominance. In calling the Camp David 

nmo Party has expelled a Cabinet discussjproposals for Palestinian irU a h i P -„wc v, aup summit between Prime Him- 

Ministcr and three central com- unity,/. .... contaeiwtih^he ‘?efectiom K ts” «*» Menahem Begfn of Israel 

mu tee members. Maputo radio , Tbj talks will be within the t0 f ,ecO0n,sts and President Anwar Sadat of 

— monitored in London— fntmtwork or the Palestine t H k Egypt next month, and If it 

mmiuorea in w,naon ^ ceotral Council (PCC). the 65 . Fat ®b had also been in touch »« share 

r P a _ k i??^y n . r pan of the blame." 

The central , committee had die Palestine Liberation Organi- ^'Deration Front (PLF). Toe Bm he said jj, e stj^ej wcrc 

noted serious cases of deviation. last sEr 7 iiah? 1 whlS° S J^ high, «4th one result of failure 

indiscipline and corruption which the main "rSBinra- * . nine- Jorev ^buiidinp bei " s a P ossib,e nev/ “nfltat 

violated Frdimo’s revolutionary has tmmpleted a unity trogd j nine^orev budding - n ^ judde East. The U.S. 

idrahwy ite radia said ‘Jgf* i? *23 W nialnlained offices. M llZ Z 

li said Agriculture Minuter announced. Five other croups. Guerrilla leaders have dis- SniJr" in the dispute 

Joaqiiim Carvalho bad been forming the “Rejection Front” counted speculation that the th! Pr^ndMM aiH hP had 

expelled because his view of nvo months ago called for the incident was pari of the feud H a i uo aSu frem ^either 

dcvelooment went against the j establishment or a new leader- between Palestinian factions „f tb^ ra^MIddta 

advam-e tuivards socialism as laid ship of the heads of all the guer- The PLO has blamed U.S. aod ^a fu^damentai rtinw ln 

dr,,n by , ho party, !■ feddns. , _ Israeli intsllieence sgems. ■' ^ lr Son" Bm 


BY IHSAjf HIjAZi 
PALESTIhRAN guernlla leaders 


BEIRUT, August 17. 
n a note to Fatah, they com- 


Mideast bid 
‘a high risk’ 
for Carter 

By David Buchan 
WASHINGTON, August 17. 
PRESIDENT CARTER, today 
acknowledged that be was con- 
ning “a high risk" politically 
In calling the Camp David 
summit between Prime Mini- 
ster Menahem Begin of Israel 


August 1978 



This announcement appears 

as a matter of record only. 


I— it— 


‘Hits announcement appeals as a matter of mend only. 
August,! 97S 




Korea Development Finance Corporation 

. Seoul 

U.S,$ 30,000,000 
Credit Facility', / 

Provided by t • 

. Compagnie FFnanciere de la Deufi^i*Bank AG 
Aaten-Pazrfik-Bank ; i<3 - 


TTw Bank of Tokyo, ltd. 

- DG Capital Company liff. 

whcfly^3vrefldsub5kiiary of DGBanfc 


The Industrial Bank of Japan {Luxembourg} SJL 
Union Bank of Switzerland 


Compagnte Frnancidre do ia Doutsch® Bank AG 


{sfration. which would be a 
full partner in the Camp David 
talks, would help both parties 
explore their differences and 
ways of bridging them. 

The Camp David meeting 
comes at a crucial time for Mr. 
Carter’s domestic political for- 
tunes — on the eve of (he 
autumn Congressional election 
campaign, 

L. Daniel writes in Tel 
Aviv: Letters of proiest have 
been sent by ihe ** Peace Now" 
movement to Israeli Govern- 
ment leaders following the di**- 
elosure that wires and child- 
ren of settlers in two military 
camps in the West Bank are 
abnut to join the menfolk. 

While the camns are nol_ new 
settlement*. 44 Peace Now ~ 
feels that the transfer of 
families there amounts to an 
infringement of the spirit or 
the agreement to suspend all 
settlement activity before the 
Camp David meeting 

Coup attempt 
thwarted in 
Afghanistan 

RAWALPINDI, August IT. 
AFGHANISTAN'S nilers have 
smashed a plot to overthrow 1 
the new left-wing Government 
and arrested the Defence Mini- 
ster and chief of Army staff, 

I Kabul radio said tonight. 

Defence Minister Abdul 
; Khadir, a former Air Force 
’ officer, spearheaded a bloody 
coup on April 27 which ousted 
President Mohammad Dasud 
and brought in the new 
Government. 

Kabul radio, monitored in 
Rawalpindi, said the plot was 
foiled when the Government 
of President Now Mohammad 
Tara ft kS cheeked the subrersit c 
activities of “some dishonest 
persons.” 

The chief of Army staff. 
Major General Shahpor, and 
the bead of -a Kabul hospital. 
Dr. Mir AH.Akbar, were also 
arrested, the radio said. 

Kabul radio did not say how 
many people had been arrested 
following the discovery of the 
plot to overthrow the Govern- 
ment. But it said President 
Tarakkf had assumed the 
Defence Ministry. 


ENAGAS 

EMPRESA NACIONAL DEL GAS,S.A, 

Madrid, Spain 

US $ 75 , 000,000 

Ten Year Loan 

guaranteed by 

INST1TUTO NACIONAL DEINDUSTRIA 

- INI - 


WESTDEUTSCHE LANDESBANK 

G1ROZENTRALE 


BANCO DE VIZCAYA 


TORONTO DOMINION BANK 


BANK FUR GEMBNWIRTSCHAFT 

AKTIENGESELLSCHAFT 


BANQUE NORDEUROFES.A- 


MITSUBISHI BANK (EUROPE] S. A 


THE NIPPON CREDIT BANK, LTD. 


BANQUE iUROPEENNE DE CREDIT (EEC) 


CONTINENTAL ILUNOIS NATIONAL BANK 
AND TRUST COMPANY OF CHICAGO 


THE MITSUI BANK, LIMITED 


SUMITOMO FINANCE INTERNATIONAL 


BANCO DE VIZCAYA 








Fmaxicial Times Fridaty August 18 197& 


AMERICAN NEWS 


WORLD 


Firestone 
negotiates 
over radial 
tyre recall 


Carter protects spendin; 
on NATO, vetoes Bill 


w'-.cermany Japanese car exports 

rpfliiCPriS i 

Arab oa I will be ‘substantially di 

purchases 


by DAVTD BUCHAN 


WASHINGTON, August ll« 


By John Wyles 

NEW YORK, August 17 




BY ft OB BIT WOOD 


TOKYO, August 17: 


PRESIDENT BARTER today to improve military rtadiness. nuclear-powered n&vy when he a 7 Carr 


| vetoed the 336.9bn Bill to This last programme he des- served in a nuclear’ submarine. 


[JAPANESE car exports will be compact that has achieved such 

"down substantially" in August spectacular succms In the B0 £ {£ * ™ et for the car is 


; aown substantially in August spectacular succea3 Vh,. Sales target for the car is 
2K?& A “RiiSi J and SeP^er'due to the higher over the last "“‘V^Enmulitfve 10XW0 a month, «!«* an expected 


THE U-S. National Highway authorise the procurement of cribed as “ unglamorous. but said today that the navy was w£ST GERMANY markedly iS iJ.iL* , company says W* cumulative 10.000 a ruontn, wiui 

Traffic Safety Administration weapons next year, because necessary.” It is a part of the big moving towards being a fo rct reduced its dependence on im-|^ en ' Mr l Tl jf ash3 ^ Ishibara, presi- JJ8? total of 500.000 has “no sales rtsStiS} 1 ? 

is expected to decide “within Congress made heavy cuts in his u.S. commitment to its NATO with a disturbingly small number J5SJ2? 0 fJSL, 6 i-a h m r® nl Nissan Motors. . .said ■ MuJi.tnthn snorts car field, about ^ lOjicr ccnt nse in U.S. 


is espenea io bwhw ' wuum v-oii§re» cub m ms u.j>. commitment iq its wun a aisiuToingiy small numoet DQned s[ales |n «»»•. v* equal- in the sports car neiu. - -r r-- -r- - - - d 0ll bRne 

a month" whether Firestone high-priority programme for allies, made at the summit In of ships which were increasingly fi,* first half of this rear thanks today. — vThe new model of the Z car Bnd no S 

Tire and Rubber should be NATO order to pay for a fifth, Washington in May of alliance costly. paJtN V hfeber AS miS Cars and video tape recorders is the car's first complete r* of “ft JJJ 

forced )o recall all the 13ra nuclear-powered aircraft-carrier leaders, to reduce the time in The administration, some £ -.jL d '\orwav have been the major Japanese desiuning since it was introduced U.S. fore^n marKcre. 

“500" steel- belted, radial which the administration does which U.S. reinforcements can be members of Congress, -and even eJ ner»es from figures products whose sales have, eon- lb styling changes are nptt 

tyres thought still to be in use. not want. deployed In Europe. As such, the a ; to. -senior navy officers, argue J™, “JJ* - Snued to increase rapidly \o<h e rifely minor bu^the new gr to EnApe ffi 

However, the Issue of an Mr, Carter, who had only until president’s veto today is likely to that big nuclear camera present E „ o i -Minisirv They also face of the higher yen over the yerSm is about to 1X11 45^.^ “ 

order may be forestalled by a the end of today to act before be welcomed by NATO .allies. ■ too expensive a. -target to the show Germni- achievine an last year- Recently the Govern, wider than the previous model. UA as a i marRet. 

negotiated settlement between the Bill would automatically The Carter administration has increasing numbers of Soviet ’JJJL.. JJrfSJ™*. nMlShnwith m*m has been “ guiding- the in addition to .meeting ; new Mr. tohihara said am 

Firestone and the U.S. govern- have become law, said that he provided the main push behind anti-shipping missiles. lh _ Al ._ h tU-M in U- j fln i«irv car makers to limit their exports safety and emission standards, not expect a serious threat trom 

ment. Firestone has hired Mr. would co-operate with Congress NATO's recent pledges to 1m- Mr. Carter rejected reporter VJL neriofi in trade markedl v but Mx-lshihar a said the Govern- it^is- said to have better aero- Magda RX-7. recently intro- 

Clark Clifford, a leading to prepare a better Bill which prove its roadines for combat and suggestions that he Bad made . . . , . • ment guidance has become super* qyniwnica. to obtoM the pa&>au- duce( j with spectacular success 

Washington lawyer, and the would not waste our national capability to reinforce along with the fifth veto In hi* presidency Deri ^ d 1977 tmmrfe! fluona - as Japanese ear sales gore better from noise, and to . Kogyo, a smaller 

agency confirmed today that defence dollars, a 3 per cent annual increase in tn show that he meant to 5®* i pnm Al . a h &.•»» JjlJ^fhave begun to decrease of -their* gw greater comfort in. wng- jH Danese car manufacturer. The 

Mr. Clifford had met Safety The President, announcing defence spending. The president tough with Congress. He also b nM *sk n ,own accord due to ihe price in- distance driving- 11 will he is seV eral thousand dollars 

Administration lawyers “on a 1 what is his third veto this year evidently felt that Congress was saw no reason why the veto » * *L d a J h » 5 7 nereent creases forced by the higher yen. Introduced in tne via. in »» -heaDer than the Nissan Z car. 

couple of occasions.” !to a news conference, said, “it undermining this. should complicate further the *01(77^ By *■* *** ceDt The price oE a typical Japanese September or ^ early October as S? r ea iTm ha ra said the RX-7 was 

The agency would not con- ‘ is not a question of money, but Mr. Carter also attacked the In- chances for progress of other ■ • ' iwi _ rtr ,„!duction of a new model of the the Datsun 2S0ZX and in fcurope tt • . altOKether different’ 1 

firm that negotiations on a j of how that money is spent/’ He elusion in the authorisation Bill, legislation, such as that on ta ited In /h^firKf'coinpacr car bos risen by at leasr at about the same tune. fmm rheZcar in equlpmenr and 

lUKcthl. ...J.. -I.; I ; _ noMim.l. - urhlnh rinn, nnt nnvkp nnnlanr P.npfCV lOMlieU ‘MdDl lunnes in UIW n r5t ■ ^ • lk . lie mm. l-_. ■ T, ....inoc nn the new iroill [UU Mbi 


ices on the new 


from the Zcar in equlpmenr and 


way. out sold that a final ;*aoom cuts in proposed spend- weapons, or some s^dd tor a min. m ssiu inai ue. issue 01 me -7 .^ t”. ' ™ t T,_ 1 ZJSf year. model are up iw-wu iu **■-«*'" — saifI v issaR expects to 

decision on the recall issue | ing on army weapons and equip- nuclear-powered aircraft-carrier, fifth nuclear carrier (three are sure T o r Janua^^unt Mr. Isblbura spoke at the intnv <87.700 j. over the price of the JJ® sa f° ^.rget of 2.4m car 

should be made In the next iment. much of them affecting He said this would be “the most already in service ahd a foutrh SSlSiS^riductlon ofa new model of the old model. The prices of the new achmve its targ 

month. iU.S. forces in Europe; to the expensive ship ever built.” Also. Is under construction), which io 0 ? 1 nl? L‘ o «in^ UCtl0D °' company's “2 car,” the sporty version in overseas inarkeis were sales tms jea . 

Firestone admitted for the 1 9200m cut in air force weaponry; aircraft to put on It and ships to would not be completed until agamsr a year 

first time two weeks ago that • reductions in funds for weapon protect it would cost billions 19S7 had no relevance to enersy ? 5:11® „ t J7„ ^ AA , 

controversy over alleged safety : research and development, and more in years to come. The presl- legislation. which-' was an roau - s • A a _ 1 1 i lUZ. 

js, ^ ; ,ofte ^ Mnc " tsinpre ^ Mes ^ wbo ™ ipreponemof * immeto,eproble ^ r™M.n* mni. . ™ * m_ shimnents tn Soviets nSG lu/o 

of it. These look likely to be : This means that Arab coqn- waaa|mavi**u w ^ 

lower this fiscal year than last. I ^11 R j j tries this year are supplying 5R MOSCOW. August 17. 

Its renufation was noi hclncd II I niim AmItm n I OAAI70 fnv nimnAv*T per cent of West Germany s ml BY DAVID SATTER 


effecting earnings from sales 
Of it. These look likely to be 
lower this fiscal year than last. 

its reputation was not helped 
by NETS A hearings in pnblic 
on the recall question the week 
before last, when victims or 
crashes aUegedl ycaused by the 
failure of the Firestone tyre 


Blumenthal seeks tax support 


BY DAVID SATTER 


MOSCOW. August 17. 


import needs against 05-1 per 


cent last year. Other states are 


JAPANESE EXPORTS to the by the Japanese indicates that Lawmodestly over 

irninn in n<»r p®nt last uoar'c rioi-iinc in exports was trade to increase aionesiiy o>er 


BY OUR OWN CORRESPONDENT 


WASHINGTON. August II 


ra5^J^P -Wert,enMo a ! THE U.S. Treasury Secretary, tee. The Administration has in from 24 per cent to 10-15 per penencing the biggest cuts in oil « nur ^ released bv the Japanese That drop in Japanese exports tion in s p viet . r P,yf, Lb ^ !, , H f J oin 
Although the company said Mr Michael Blumenjhal today any case scaled down its request cent exports (by quantity) to Wesr ® lbas>sy ' eame asainsl a background of .iodunst rial capitalist countnes 

J* m * 5 10 * took the fight for the Carter for a tax cut from S25bn to The Treasury secretary cited Germany Include Libya rdown j apa n is t j, e soviet Union’s successive 30 per cent increases m the first half of this year. 

reMonablc anil appropriate Administrai ion's tax cut pro- $20bn. while at the same time an opinion poll of lost month by Sap per cent to 7 6m tonnes). ee coad largest trading partner in Japanese exports to the UbSR Japanese exports had totalled 
Mm viiiL.. posals to the Senate, and urged asking Congress to trim a fur- showing that Americans con- Saudi Arabia (by 2flJ5 per cent a ^ er eWjJt Germany and a par- in Lhe years through 19*0. si.isbn In value, an increase oyer 

the Finance Committee there to rher $5bn off public spending sidered tax reform the country’s to ^m tonnes) and the Unite- ^ breakdown of the figures The outlook for ibis year Js the Sl.OSbn in exports for the 

5 na [provide more tax concessions next year to bring the 1979 de- third most pressing problem— Arab Emirates (by 15.4 per cent comparable penod last year. The 

S a .». a g ?.LT tfn " c .r " s . ” c due for middle and lower income Belt down to 842. 5b n. behind inflation and crime-and to 3.3m tonnes). increase was attributable io 


that ^ J,Tf n -,Lnc V» provide more tax concessions next year to bring the 1979 de- third most pressing problem— ^rao tmi rates (Dy 15.4 per cent 

d f° r raidtlle aad lower income flclt to 843.5b n. behind inflation and crime-and to 3.3m tonnes). 

earners. He also said the House Bill’s that tax “reform" was more. Among the non-Arab states. ^ . l a A— ^ *4. significant rises in machinery 

TS jasfA- ftas sS*sts tss se Polyester plant contract * ssbr^ — 

widely its eariicr Slfere io relief Bill which is strongly tax reductions is ” acceptable ” to T be secretary warned that any many in the first hair than It The value of Japanese Imports 

make free safety checks for opposed by the Administration the Administration. ** But we do cut substrotially larger th^n did m tne same ^rioq nF^i977 

customers. The “500" tyre because too much of tbe benefit not like the distribution of the that passed by the House would ■ o ctnel !ess- It 

was man of actu red by Firestone would go to individuals earning cuts among tax pavers," he said. cre ate serious inflation presr as country s htgsesi 

between 1972 and early this more than *50.000 a year and c Dec , flPH „v he said thp Bhare u .. In, P orted ol, ‘ 

year. , to holders of capital gains. bpeclfically. ne said tbe snare “Whatever temporary beneiitb displacina Libya. 

The Safety Administration ! Mr. Mlumenthal said he had of total individual tax cuts going might be obtained through lower ™ big gainers__ amonc the 


increase was attributable 10 


BY OUR MOSCOW CORRESPONDENT 


*“5 .■mh-ij Huiuuinuauvii ; air. imumeiii.iai saiu ue uau . — . , -- - „ — ■—■»**» "■ B .- ■- , . - , . TOT h noivestef fibre uitfiil »ku < . i»u ui uiv ■ — • — - -- ;r' - r . 'i.-'... U1A ., mlB 

having determined that the no quarrel with the overall size io those earning below £20.000 tax burdens would be quickli nnn-Arab Oil suppliers Include ca uaciiy of 5,000 luones of yarn produce 120.000 tonens a year the Soviet Union are i^ooa. raw 

“580 s has a safety defect; it of the House tax cut “It is a year should be Increased from negated by the resulting rise in Britain which exported 2.Rm p e r vear. and will be located tn Kazakh- cotton, non-ferrous metals ana 

would now be surprising if It within a reasonable range of tax 25 per cent (as in the House Bill) prices and interest' rates. In tonnes oF oil to West Germany v p j anl w m ^ built' at a stan. The contract was signed in coal. 

did not order a recall. EstI- cuts tht will maintain growth to 40 per cent while the share addition, tax incentives for buai- tn the first half. against l am a polveMer complex— Mogliev— December and the deal arrsnfied Total trade tuntoycr uunnsrne 
mates of the cost to Firestone without Increasing inflation, be for those earning more than nes investment and lob creation 'ear earlier— an increase of an{ j 1S scheduled tn be in opera- by Nissho-lwai Company a firet bait of i»<a was aijcwon- a 

of supplying alternative*, to the tol dlhe Senate iFnance Commit- S50.000 a year should be reduced would be undermined. nearly 87 per cent. lion by the end of 19S0. Produc- Japanese trading house.. ' 5.9 P er cent increase over ine 


tyres range from Blathn to 
S200m. ilV'th the public con- 
troversy hitting its earnings 
and its share price, the com- 
pany’s apparent desire for a 
negotiated settlement is nnder- 
standablc. 


NY newspaper talks collapse 


BY OUR OWN CORRESPONDENT 


NEW YORK. August 17. 


. ~ ' *“*-*»—~ — ana is scneuuieu ui ue m upera- uj Hwanu-n—, - --------- . th 

nearly 87 per cent. Hon by tb e end of 1980. Produc- Japanese trading house.. 5.5 per cent increase aver tne 

This means Britain accounts tion will range from the high Mitsui Enqmeertng and S>hiP- turnover In the first naif of is n 

For B4 per cent of German «il speed manuFacture oi polyester btutdhiR and several other which was Sl.rubn. - 

imports by volume against 3.1 filament to the making of drawn Japanese niachine builders will According to Japanese figures 
per cent before. Norway exactly textured yarns, using tech- snpply macinery and equipment, trade for the whole year or isir 
doubled its oil exports to West niquea developed by Toray. Asabi Engineering, a subsidiary fell - per cent troui the level 

Germany to 122ro tonnes in the Meanwhile, shipments are of Asahi Chemical, will carry out reached in 1976 to 5>J. John from 

■same period Of comparison. expected to begin in October on the engineering work. 3.-L.bn in tne preceamg year. 


Argentina and TALKS AIMED at ending the terday by Govern of Hugh Carey is at the heart of the dispute 

Krnolr strike, now in Its ninth day. of New York, who urged the New printing methods have re 

Vs liUC Wltaiv Ull which hajj closed down the main Pressmen’s Union to consider, dueed the newspapers’ manning 

4 - m 4 - A- 11 New York City newspapers, the effect of the strike on “ basic requirements by about 50 per 


territory talks 


BUENOS AIRES, August 17. 


ended in confusion last night business.” cent, and the publishers are 

without progress having been The publishers say that union seeking to achieve reduction in 

made over the last three days, negotiators have as yet shown a -new three-year contract} to sue- 

* ' VIA 'kahJ In n AArtlW 4 Fin Ikmn Aaa #1 >v*i ink iflft* Awn! * n+* 'I hil 


ARGENTINA and' Chile have j The Pressmen’s Union, whose expired aMhe 

unexpectedly broken off talks i members have struck at the three ci?le of reduced manning vi hich ad of ularch. 


Hitch for 
Ericsson 
in Brazil 


Record for UK wool textiles 


BY RHYS DAVID 


on their disputes oter terrl- I newspapers over a manning - ■ ! ' \ 

tory near the southern tip of I issue, appareptly halted tbe ' 

Sooth America. negotiations last nisfat when a X.f i'f in *nnnf rlntifTOT* 

The latest round of talks (management proposal failed to X N lllllCJS 111 UlvC&L udll&Li 
ended here yesterday, two days materialise. The union had been O 

ahead of schedule, when the fed to expect an initiative from by OUR OWN CORRESPONDENT WASHINGTON, August 17. 

Chilean delegation left sud- the publishers by a Federal 

dnly for home. Argentine mediator who. according to one THE U-S. Agriculture Depart- showed that nitrites in large 

gni 'eminent sources said (hat source later admitted that he had ment and the Food and Drug doses cause cancer in animafeu 

the departure was not a walk- mfsunderstood. Administration have drawn up a Un ® dilemma connected with 

« u| Although the publishers expect ni a n to ban the use oF nitrites as a baa , on nitrites .if that the coni- 

The Argentinians said tiie talks to resume ncM week, no- ? II P°“ n cU. a« widely; used: to 


JSotlators have as yet shown anew three-year con\racqto sue* . (] BRITAIN’S WOOL • textile than woolien. Sales of worsted Production of woolleityarn f el! 

lieTrlVed^L^iScb * “*• in Brazil ^ 

pie of reduced manning «nicn ua of idqrcn. mJM. HEjMA in June, more than £5m up on-half rose frohj 1.6m square months compared with the same 

— / \ By Sue Branford tbe figure For May of this yea Gaieties to 3.7m square metres and period -last year and total 

.. . _ •’ 7 c pain n ancn.«r t7 and for June 1377, according to in the Far East there was a rise deliveries of woven ftibrics by 

IXlli-ff'Bfnc? m maai- Honfror SAO pauuj, Amiw u. figures published by the. ^ from Lam square nitres to 2Jiai the UK industry at home and 

111 UlCdl Udll^Cl a LAST-MINUTE hitch is in Bradford. square metres 'V - abroad was also down by around 

° endanuerine L. M. Ericsson’s The increase means that after In Western Europe sales of 4 percent Total fibre consump- 

BY OUR OWN CORRESPONDENT WASHINGTON, August 17. „? winning a £40m a relatively sIdw start in txpurt woollen cloth declined from 6.7m tion by the industry was down 

.... " . . _ _ . . eoniract to sunolv 50 000 lines for markets this year the Industry square metres to 5.7m squat e by around 7 per cent 

HE TI S Aptumi turp flenart- shnWMl that nitrites in large mimraci io supply au.uuv uu«« ,w |. * v- nutp,. nn«i in umrctaA ninth .. . • . * 


in the same period last year. Australia and New Zealand a hm auppUers concentratin, 


Both sides, however, are 


accounting f.or 0.78m kilos out 


to acne conuicung icrruonai : dally newS p a pers. Of those 
claims u hi ch were not resoh ed i affected in the present dispute, 
hr arbitration lasf year which ; jbe New York TtiniPB and the 
nilcit tnat- three islands in ihr | Daily News are profitable, hut 
Beagle Channel near tape ; the arternonn paper, the New 
Horn shnuld belong in Chile. York Post is not. A spokesman 
‘.'J 1 ' disputed area is polcnti- ; f or tire Post whi**h is owned by 
ail> rich in oil and fish. Mr. Rupert Murdoch's News 


Canadian spending cuts 


»■> IU5 cr 'HI vtda fiuuuu m pci vwi "-wi iuc i»uv. v u «" kiwmuwi iuh i « _ 

turns controls Atlantica Cia. Middle East and the Far Ea^.1 was continuing to decline as a an mcre « e °* P er cent. 
Nac/onal de Seguroa, Ericsson's showing tbe main gains, and nmu It of the general slack condi- However the rausr persistent 
Bni7.il ian partner. worsted doth performing belter tions in textile markets. problem sh far as the industry 

These complex financial ] is cuncarnM, however, ts tbe 


OTTAWA. August 17. 


arrangements appear to have i 
overlooked legislation passed in? 
1966 which regulates the acUvi-1 


' iniernational. said today that the THE CANADIAN Treasury CSlbn" will be annuunced In ftes of insurance companies in 

•paper was probably losing less Board President. Mr. Robert coming weeks. Brazil. 

. while it was not p*ih fishing. Andras. said that the federal Mr Andras said that the A report is being prepared by 


T - ^1* • 1 betng exerted nn tbe woollen 

Israeli clothing sales s ,rt 7u , ir r U h . e taSwTS 

MLD * Nia - TEL AVIV, -August 17. Sres" were" 1% rfpe^ut, 3 


while it was not publishing. Andras. said that the federal M r Andras said that the A report is being prepared by ayiv..«ususi i/. metres were up-, 71 per cent, of 

l .S. COMPANY NEWS . Although strenuous efforts are 'juvernment will trim C32J>bn government is coing hevond a ?? *sency which supervises DESPITE THE adverse condi- (Spring/Summer 1979) fashion wh lch Ji tal y accounted for 8.7m 

GULF OIL to divert uranium 1 being made to reach potential from its current and planned commitment given by the Prime C , iTriIi ,, “iIS2I 1 ' “h. 1 ? ir Uuns 00 world markets. Israeli week for the first time this year. ^ ™ etres a ° increase of 82 per 

nroduction Fron» c anadn-^JigMii* i customers, owners of cinemas, spending over the next two V ears. Minister. Mr. Pierfe Trudeau, in of fashion wear, tncliid- The week wiU take place at ce " t ' , \ 

proiiuciinnFrnni Canada, • theatres and department stores He told a news conference that a speech on August 1 when be ^ , n ®.? P re .^* ent : log furs and lea the rw a re. rose by the Jerusalem Hilton from . A delegation from the. industry 

worth earnings up sharply” Pru- 1 arP worrying about the Impact the cabinet has already decided said that CS2bn would becut tiiCDiw' 11 decide against Ericsson 13^ per-cent in the first half of August 21-24. The French buyers ^ as recently visited minis tens , in 

dcntial 1.5. eyeing Japanese 1 nf the strike on their businesses, on CS1.5bn of spending cuts and from spending. j on this issue. i this year, to SK15m. will be part of 300 overseas Whitehall to see if further action 

market — Page 22 ‘Their concern was echoed yes- additional reductions - of at least Reuter 7 ,rics 5 c,D l *. s ?°? e ® man ,, i” o nt * er percent of the buyers who have registered for can be taken through the EEGv 

Stockholm admitted that a slight total sales went to the European the event. ' to persuade the Italians to abide- 

... — Wtch had arisen but said the cnn. Community, and 18.3 per cent to ft is expected that Israel’s total by undertakings th restrain tb ex- 
tract was expected to he signed the U.S. Exports to Europe are sales of fashion wear which also growth in their exports The^ 
PHILPAM Ff’GNftMY 1?°°' lf nece ® 5ar y- J 16 ® "S™- expected to Increase further as includes some men’s clothing, industry has yet to receive 4’-' 

LniLcAiM tLUnUlYil Ericsson would find another buyers representins large French will reach S1«5m this year com- replv. however to its «nr*»n.V 

partner. stores are coming to Israeli pared with SlBSm in 1977. tations. ’ w 


I partner. 


Copper-bottomed optimism 


BY ROBERT L1NDLEY, RECENTLY IN SANTIAGO 


Push on mining 
equipment 


China transhipment deal 


TOKYO. August 17. 


CHILE. WHICH during the 40 
years before the 1973 Pinochet 
coup d’etat had one of the highest 
inflation rates in the world, has 
been bringing it down steadily. 

Every year for the last three, 
the Chilean economic team, 
applying precepts of Manchester 
liberal economy— as brought up 
to date by Professor Milton 

Friedman and other Chicago eco- 
nomist*— has halved the rate of 
inflation, ft is expected to be 
about 30 per cent this year. 

Hopes of attaining zero infla- 
tion rest largely on Chile's 
copper reserves. They amount 
to a quarter of the world's known 
reserves. Of ail the copper 
exporting countries. Chile is the 
only one to be doing so profitably 
today. 

This Is so in spite of tbe 
current slump m Lhe world 
copper market, which now, how- 
ever, seems to be ending. Last 
month, the world price rose from 
$0,58 a pound to 80.63. “ lr the 
price of copper were to rise in 
1979 to around S0.74" says Sr. 
Sergio de Castro, who is Treasury 
Minister and. ss such, head of 
the economic team. ‘‘1 would 
pay that inflation in Chile would 
drop to very near zero ” 

Yet Chile is relying less and 
less on traditional exports, nf 
which copper is lhe principal 
one. Last year, exports of forest 
products increased by 400 . per 


cent and exports of fruit by 250 
per cent 

This is happening largely 
thanks to low production costs 
in Chile— although the fact that 
many types of trees grow twice 
as fast in Chile as they do in 
Sweden, for example, has 
helped. The low production 
easts are attracting criticism of 
Government economic policy 
from the Roman Catholic 


democracy within five years, 
which provoked President 
Pinochet to depose him as air 
farce Commander-in-Chief and 
member of the the military junta 
last month. 

But leaving aside the social 
question, ail is not well with the 
Chilean economy, and tbe 
members of tbe economic team 
admit iL 

The debt-export ratio of 


Tbe most serious economic problem is unemploy- 
ment. The Central Bank puts it at 13.2 per ceut. 


Church «hd the labour unions. 
“ The economic policy." Cardinal 
Silva Henriquez said in Santiago 
recently, ” is a lean tiling, 
because the social problem is 
Siren only secondary importance 
... it is bad in every way.” The 
Cardinal said the Church does 
not agree that suci-ess. egoism, 
self-interest and the race for 
profits should he the only 
stimulants to production. 

Labour leaders have declared 
the 10 per cent readjustment. 
Even the Pro-Government 
leader of tb p m.'nc workers, 
Sr. Guillermo Medina, says It is 
not enough to offset the increase 
in the cost of living. 


It was -Gen. Kustova Leigh's 
declaration about tlic “socia'l 
cost” of the revolution, as well 
as his' call for a return to 


between 55 and 57 per cent is 
probably the highest in the world 
and is not expected to drop 
substantially before the early 
1980s. although Chile Is import- 
ing only half a» much as it did 
last year and total investment, 
foreign and domestic, is perform- 
ing weakly. 

Chile has the most liberal 
foreign investment law In Latin 
America, and possibly Jn the 
world. Yet the only substantial 
single foreign investment this 
year was - the purchase last 
month, by Diamond Shamrock, 
one of the largest U.S. petro- 
chemical companies, of the perm- 
quimica Chilena caustic soda 
plant from the Chilean Govern- 
ment for SlOJfm. 

Continuing doubts about the 
stability of the Pinochet regime 


seem to be to blame. Very high 
domestic iateresi rates — more 
than 30 per cent in the peso 
market and about 15 per cent 
In the dollar market— mean that 
there is no long-term market id 
Chile at all. 

The most serious economic 
problem, according to Sr. Miguel 
Hast assistant director of tbe 
Office of National. Planning, a 
Chicago graduate, is high unem-l 
ploymeuL The Central Bank: 
puts it at 13.2 -per ceni. . | 

Sf. Kast says; “Wo have, 
brought down unemployment .by : 
one-third in the last two veat&' 
but it is not enough. Unemploy- 
ment still is a very serious 

problem." 

The Government is training 
workers, 50.000 of them last year, 
and 300 JWQ In 1079. Companies 
are allowed to deduet the tuition 
cosl$ from their taxes - for 
training their own workers. 
Social expenditures now oiake up 
53 per cent of the budget This 
was made possible by the reduc- 
tion of Government ‘expenditure 
in tbe “ productive ” area: : the 
498 companies owned by the state 
ai the time of the fall of the 
Government or President 
Salvador Allende in 1973. were 
losing about 3500m annually- 
"We have sold most or those 
companies." said Sr. Kast 
“ Those which remain lost $l8m 
last year. This year - we hope 
they make. a profit,of SlS.in.” 


By John Lloyd 


! BRITISH mining equipment 
manufacturers, whose exports 
have been rising steadily, are to 
combine forces in a new organi- 
sation aimed at further boosting 
their export share. 


The two existing organisation s, 
the Association of British Min- 
ing Equipment Exporters aod 
the Council or Underground 
Mining Machinery Manufac- 
turers. which deals with domestic 
trade, have been merged to 
form the Association of British 
Mining Equipment Companies. 

The new association is in part 
th result of pressure from Sir 
Derek Ezra, the chairman of tbe 
National Coal Board, who has 
consistenly argued the virtues of 
a more aggressive export drive. 
He said yesterday that the new 
organisation would stemgtben 
the UK’s chances of Increasing 
the “export earnings of Its min- 
ing expertise and equipment, 
belli of which ate among the .best 
in the world." 

The chairman ' of the new 
association. Mr. Dennis Morgan 
of Dowty Melo. said that the 
opportunities exist for effective 
leadership in mining develop-! 
mems lo the UK coal industry 
and for promoting an increasing) 
British share of the growing j 
world market for mining equip-- 
menu 


Kawasaki steel corpora- 
tion said it was agreed to per- 
mit two Brazilian iron ore 
mining companies to use its 
cargo handling and storage 
facilities in the Philippines and 
Japan as transhipment bases for 
exports to China. 

Officials at Kawasaki said 
Braril'a Cia Vale do Rio Dnce 
(CYKD) has contracted with 
China National Metals and 
Minerals Import-Export Corpora- 
tion tn supply 250.000 tons of 
equal parti of’liunp ore and fine 
iron ore for October- Decern her 

shlnmf-rrt. 

CYRD will use the loading, 
unloading and storage facilities 
on Mindanao of the Philipnine 
Sinter Cnrnnratinn. a whnllv 
owner) subsidiary of Kawasaki, 
in shinoinc the ore to China. 

Another Brnrilian mining com- 
nany. Mineracoes Brasileria 
Reunidas (MUR), has also con- 


tracted to: 150.000 tons of 

lump ore to China in November. 
MBR will Use Kawasaki facilities 
in Miziuhima* western Japan for 
transhipments by smaller ore 
carriers td China. 

Officiate said .China Is attempt- 
ing to import iron ore and other 
materials -to develop its own steel 
industry; f™ 0 many different 
sources or. a trial basis. 

Meanwhile,' Nippon Steel offi- 
cials said they are co-operating 
in formally -with Broken. HIM Pro- 
prietary, -the • only integrated 
Australian steelmaker with a 
mining division, in efforts to sell 
Iron ore to . China. 

Nippon Steel itself is the major 
contractor foi a major new steel 
cnmplex tohe;built in China near 
Shanghai- ' China has plans io 
more than double its sleelmaldng 
capacity to 6um tonnes a year by 
■the year ltfSRT. 

AP-DJ 


India to buy. 
more fertiliser 


By K. K. Shamna 


NEW DELHI. August 'JfSV,^ 


BY RAM! G. KHOURI 


SUMITOMO SHOG1 KAISHA of 
Japan has won a S7m contract to 
provide and install a cold store 
for the free rone at the suuthern 
port city of Aqaba. The store will 
have a capacity of 6.000 tuns and 
construction i.s expected to he 
completed by Ihe end or October 
next year, according to Free 


■ AMMAN, August 17. 


Znnps Corporation chairman. Mr. 
Mohammad Dobbas. j 

The awarding oF the euntract j 
is seen locally as a firm mdica-j 
tinn of Jordan’s drive to use its 
central geographical location in 
the Middle East to promote intself 
as a centre for transit trade and 
transport 

l 


THE INDIAN Government ita^V' 
formulated plans to import lJhsC'-’ 
tonnes of fertiliser nutrients ' 
this year to flu the gap created-.-, 
by heavy demand and inadequate.', 
production. Demand has risen; , 
because an unusually • good -, 
monsoon makes crop prospects ^ 
extremely bright and heavy iin- 
ports have become necessary 1 , 
despite higher utilisation -«f ! 
indigenous capacity. 

though substantial new 
S??« C K l « fop fe *‘ liJ l lse r production 
created, the Government 
jus decided also to maintain a 

£ 0 ^ol 15m tonnes of 
nitrogenous fertiliser. 

fl i™ vie w of fertiliser con- 
wimption in the country shows 

increase * ll - ,ere was a Q ™rgtnal 
,mp ° rls of nitrogen 
lmii57* Y8 * OV i r Uie previous year, 
,? hosphales increased 
?2L,r e " 1Im es while potassie 
gMbaer fnapons doubled there- 

in feS ln * a , n overa " ^crease 

cent U WW iraporls of 45 Per 


• Italy’s state-controlled chemi- 

ntJ nu K An *- ,s 10 supply 
ESS. w,th S16m worth of 
fertilisers and synthetic rubber 
h T - end tbiw year, the 
Milan M Sr ° Up announced lQ 




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Financial Times Friday' August IS *1978 


HOME NEWS 



mMu 1 


Consumer 
spending 
at £9bn 
record 


BY DAVID FREUD 


CONSUMER spending was at an 
in-time high in the second 
quarter of this year. 

The peak was confirmed in 
figures yesterday by the Central 
Statistical Office, although there 
was a slight reduction on the 
initial estimate last month. 

The revised figures put the 
totat of consumer spending in 
the second quarter at £9.08hn (at 
1970 prices and seasonally 
adjusted). This is flam less 
than the first estimate and 


Public sector pensions 


inquiry urged 


BY DAVID FREUD 


A THOROUGH inquiry into the it was the Gorermnent's inten- Mr. du Cann said the commit- 
funding of public sector pensions tion that a trust should set itself tee intended to see that the cost 
was called for yesterday by the up as a competitor ot the Arts and implictaions of all . the 
Commons’ Public Accounts Com- CounsiL options were properly examined, 

mittee. The public sector funded The Wilson' committee on 

The present haphazard mix- schemes are mainly operated in financial institutions is now 
tore of approaches coujd repre- the nationalised industries, while investigating pension funds and 
sent a large area for economies civil servants’ pensions are received evidence from me 
in public expenditure Mr usually met through a pay-as- Treasury on Wednesday warning 
Edward du Cann, chairman of you-S<> system with no advance against a switch towards pay-as- 
the committee, said yesterday. provision to meet liabilities. you-go, 

He said fuliy^fixnded pension 
schemes in the public sector 
were very expensive. The British 
Rail scheme, which the com- 
mittee had specifically investi- 
gated. would require public 

funds of more than £lbn between the Customs and Excise De- when the sample was not wholly 

actuarial deficiency. partment is tafciDg steps to end consumed in the tests >* 

While the funded schemes— an arrangement which allows sometimes resold with duty-paid 


Duty-free whisky curb 


only £& .^*£S**« «»**» is W-f %"lJP Cti0n ° f SP ^ 


th*> first quarter. 

The growth reflects the sham 
rise in disposable income, which 
has Increased by about 7 per 
cent in the 12 months to mid- 
year. 

In the first half of the year 
consumer spend in 9 was 2.6 per 
cent above the level of the pre- 
vious half, and about 4.5 per cenf 
above the same pertnd last year. 

ExDenrliiiio on food, alcoholic 
dTink and tnhacm fell hack from 
the high i^vpi of th*» first quarter, 
down €37m from El.flbn. Th*>re 
was also a slivht dmn in spend- 
ing nr un and motorcycles. 

Expenditure on most other 
services and retail conds in- 
cre’s°ri over the two quarters 

The increase in retail sales in 
Jitlv. combined with tax rehates 
paid in that mnnth. make it 
lively that exnenditure is rising 
af*“r the second quarter pause. 

This interpretation is 
supported hy firrures today in 
tbp official magazine Trade anti 
Tp/tucjrr which show rhaf .stocks 
held b yrctailers in June were at 
record levels. 

In June the ratio of stocks to 
sale* ( seasonally adjusted) stood 
at 109 un from 103 in February 
and sigriifirxTitlv hicher than the 
averase of 107.4 in the peak 
year of 1973. 


built up to cover pension require- their whisky duty-free. The committee was told by Mr. 

merits — were necessary for According to the Commons Douglas Lovelock, chairman of 
private companies, this was not public Accounts Committee the Customs and Excise, that fte 
the case for public, concerns. report, the trade practice, which samples totalled about 250.000 
“Normal actuarial considera- ha3 been ui operation for 120 gallons a year, on which Full 
tions do not apply where the VDaPC i s cos ting the Exchequer duty would amount to £7m, 

although the lost revenue was 


State stands behind a concern.** P7m a vear 

M t Huch Jenkins. Uhour WP up U( £ arises out of the significantly below this figure, 

for Putney nj a member of the ™ ° for te8t The Scotch Whisky Associate 

ESihlS « unm.LlSe ^mplinE up to one lentb of a denied tfcn tbe prac to an 

a „d there w« no eontml ovnr in Smith report frop.Htc Com - 

mittee of Public . Accounts. . v >es- 
1977-78., Stationery OJftce. 


them hy the Government. . . . - 

Refering to the British Rail bonded warehouses, 
fund's policy of buying works of The committee report said the stem 
art, he said he doubted whether system was being abused because Price £3. 


Euro-loan guarantee scheme 
to offset redundancies 


BY MICHAEL CASSELL 


DETAILS OF a loan scheme to When the exchange guarantee loans are ^j^to^inimum 
create new employment for scheme for loans from the ?)** 'I®* 1 of ah° ut £750.000 and 


CONSUMER EXPENDITURE 
1970 prices, seasonally adjusted 



£m. 

1975 

35269 

T976 

35.406 

1977 

35,116 

1st 

8.758 

2nd 

8^39 

3rd 

8.819 

4th 

8^90 

1978 1st 

94184 

2nd 

9.100 


Second preliminary estimate 


Successful 
quarter 
for life 


companies 

By Eric Short 


LIFE COMPANIES are having a 
success ui year in attracting new 
savings, according to figures re- 
leased yesterday by The Lie 
Offices' Association, the Asso- 
ciated Scottish Lie Offices and 
the Industrial Lie Offices Asso 
ciation. 

The figures, for the second 
quatrer of the year, showed 
that total new annua] premiums 
on individual assurances and 
annuities rose by 17 per cent nn 
the quarter from E99m to Ellfim 
—a level 27 per cent higher than 
in the corresponding period last 
year. 

Personal pension business also 
rose, with new annual premiums 
42 per cent hihger on the quarter, 
at £27ni. 

Singh* premium business was 
also strong over the period, 
totalling £147m in ihc second 
quarter compared with flfiPm In 
tbp first quarter and £]20m for 
tb** second quarter of last year 

The net result over the first 
first half of this year showed 
lota] new annual premiums of 
£261 m. compared £214m last year, 
while single premium business 
totalled £277m against £229m. 

Linked life assurance bond 
business has maintained the 
strength shown in the first 
quarter and is now back at the 
level of sales in the boom years 
of the early 1970s. 

Single premiums in the second 
quarter rose to £75.5m from 
£72.5m in the first quarter, bring, 
ing sales in the first six months 
to £148m — 49 per cent up on the 
first half of last year. 

However, sales of personal 
pensions contracts for the selN 

emplnyed on a unit-linked basis 
showed a decline in the period 
on both annual and single 
premiums. 

This was in complete contrast 
to sales of traditional with-profits 
persona) pensions policies which 
moved ahead strongly. 



[new INDIVIDUAL LIFE 
[ASSURANCE BUSINESS J 


EMRe’lftlfiifhMT 


BJm MM DEM MM 

1977 1978 


redundant workers in the coal European Investment Bank was Mrp^dl^fowftfn'cur 

and steel industries were announced in December, it was 

released yesterday by the made clear that loans from the will 

Department of Industry. Community for employment- P- i ,''2 e (l(1 1 J e 

The scheme will enable com- creating projects in . areas 7 LSf r Jm f?r thi 
panies investing in projects in affected by the decline of coal 2JL.JJ2 if.JJijSl fo thP 

development and special and steel could in principle also «tcba n ge "sk gu a™ r **- ... . 

development areas to take full be considered for exchange risk J h ® “Jeme * 

advantage of foreign currency cover. I° r ri ™ n n 

uqtk avaiiahlA from Hi#* Euro- . fcnei of tins ywr -blit, all loans 

rJIi and St55 cSmSSS Yesterday’s announcement re- U ken ap dunn g this time will 
P Loans for such projects are fleets agreement with the Cora- be covered for their dura turn, 
available at favourable fixed mission on the detailed operation Loans up to £500.000 will con- 
rates of interest and the effect of a scheme to provide exchange tinue to be available through 
of the new scheme is to provide cover on such loans. the ‘Industrial and Commercial 

companies with a guarantee The Community lends up to 40 Finance Corporation under its 
against the risk of exchange per cent of the fixed capital existing loan arrangement with 

losses cost of qualifying projects and the Community. 


Mortgages average £10,000 


Grown 

contests 

SUITs 

verdict 


By Ray Perman, Scottish 
Correspondent 


THE CROWN is to appeal 
against the verdicts reacbel last 
mouth on Sir Hugh Fraser, 
deputy chairman of Scottis h and 
Universal Investments (SUITS) 
and other present and former 
directors of the company. 

Sir Hugh Mr. William Forgle 
and Mr. Angus Grossart were 
found guilty of failing to give a 
true and fair view of the affairs 
of- SUIT on a charge under the 
Companies Aer which arose nut 

o the miscl ossification of a £4.2m 
loan in -.the 1975 report -and 
accounts. They were all fined. 

The Sheriff at Glasgow rejected 
the Crown’s assertion that the 
offence was committed wilfully, 
and it is on this point that Mr. 
John Skeen, the Procurator 
Fiscal, is appealing. 

Under the. 1948 Act the penalty 
for wilful commission can be im- 
prisonment 


Acquittal 


The Crown is also appealing 
against the acquittal of Mr. 
Nicholas Redmayhe and Mr. 
Edward Gamble, and against the 
Not Proven verdict in the case 
against Mr. Jarose Gossman. 
who. with Sir Hugh, is still' a 
director of SUIT. 

Mr. Grosvart’s acquittal nn a 
separate charge of failing to 
notify share dealings to the com- 
pany within the reauired period 
is also being contested by the 
pro^cution. 

The appeals will he. heard at 
rhe Hieh Court in Edinburch at 
the same time as anneals Indeed 
on behalf oF Sir Hueh and Mr 
Forgie. Hearings are unlikely 
for some months. 


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North Sea 

modules 

contracts 


By Kevin Done 


FINANCIAL TIMtS REPORTER 


THE AVERAGE building society pared with a figure of only £8.500 year. ■ 

S2 ■“ the Department, the 213.00 loa^^SpletedVur- 

quarter of. this year stood at just ^ avera g e house price on which ing the second quarter, the aver- 
over ‘ £10.000, according to | Qans were arranged during the age percentage /advance against 
figures published yesterday by second quarter was £14,878 purchase price was just over 67 

the Department of the Environ- against £14.252 in the previous percent, a repeat of the previous 

me nL three months and £13,332 a year three months hut 3J per cent 

sample orb^dfng a so 5 cie P ty r home -Between April and June 47 “V “^efnd" 'quarter, borj 

SSrs?8 , 3s , s- A i2 s ss-sarsfisMs 

th, ;«r.'S mSrt, a( - e o? “Sit 0«r P« cent in. the preceding recorded inco me ■ » nd obu ned 
£10.000 was £400 higher than in quarter and just under 50 per advances on aveage of IS times 

the first quarter of 1978 and com- cent in the same period of last their income. 


TV will aid Stock Exchange 


BY CHRISTINE MOIR 


THE STOCK EXCHANGE is to with the growth of the new information directly through the 
replace Its Market Price Display traded option market. ^TOPIC is expected to build up 

Service .with a more sophisti- At present option prices are t0 a total o? P ?200 or so te£ 
cated televised information sys- squeezed in only by deleting _ in _, enmnared with rhe 2 000 
iem capable of handling sub- s S me company news and alter- C ^ nt S eriice ThS 

.stantiaily mom data. nalme othe rpages at intervala. thrae iie% m.n“ 

The new service, named News coverage will also he computers at a cost of £380.000 
TOPIC (teletext output of price more extensive on TOPIC. lm- apiece. 

information hy computer) will proving instead one of the pre- The two systems will [operate 
come into operation towards the sent maximum of four pages of [ n tandem for at least four 
end of next year. news — which usually means that years. 

-rnpir will he caoahle of early news is squeezed out by II is expecte dthat the basic 
iverine up-lt^date ? market the afternoon— TOPIC will he TOPIC hire charge for an initial 
i son securities com- ahle t0 carr y a whole da - v 5 news - terminal will be 50 per cenl 
pared i"th ‘the loo covered by One entirely new feature wiU higher than the £1.000 eharged 
i P hc present service, ltwillalsn.be a facilipi enabling sub- for the first Market Prtee Dis- 
have sufficient capacity to cope scribers to circulate their own play Service terminal. 


Unauthorised telex’ curb 


BY COLLEEN TOOMEY 


THE POST OFFICE is 


being bureaux have sprung up to serve bulk of messages are gent by 
the market or smaller companies private network. The Post Office 

-v < 1 usiH iract’prrisv 11 Vt ic nr vi. 


forced to curb unauthorised use m said y^tordsy*: •• It is their prlvi, 


of its telex business after com- reIav cer ,i re _ lege to send as much as they 

plaints from telex authorities in post ‘Office has sent re- want that way.* 

other countries. corded delivery letters to all The Post Office has beera aware 

Rrittah telex rates are among telex forwarding bureaux advi^ of several companies operaUng 
Brttisnwiex rates are arnoag ^ them Qf ^ re|rulatltmB and telex . forwarding services 

the chea^t in the world, toere w *j 1|il| g them that lf they con- “illegally'* for more than a 
having been no increase since t j nw t0 fl 0l2t t h e . mieg — year. Early this year, it 
October 1970. wittingly or unwittingly — they amended its Telecommunications 

Authorities abroad claim that risk being cut off. Scheme to cover the widespread 

companies are using London ^ second letter was sent three problem of re-routing telexes, 
communication centres as stag- days later to bureaux suspected Last year, the Post Office made 
ing posts for international calls, 0 f breaching the regulations, profits of £17.5m on its telegraph 
since it is cheaper to send tong asking them to sign a declare- services, on turnover of £l66£m 
and expensive messages via tion of compliance with Post —and while overseas telegrams 
London rather *han direct. Office rules. made a loss, international 

In the past few years more Multi-nationals have escaped telexes made a considerable 
than 100 telex forwarding warning, largely because the profit 


CONOCO, the operator of the 
North Sea Murchison Field, has 
awarded fabrication contracts 
worth £7.75m to Wiiilam Press 
Production Systems of Tyneside. 

The contract covers five 
modules for • the .. ; Murchison 
platform, • which, 4s to .be 
floated oof to the fieltMo. May 
1979. The £49m steel platform 
jacket is already;, being built 'by 
McDermott at its Ardersier yard 
On the east coast of Scotland. 

The units to be built by 
Wiiilam Press include modules 
for pipeline metering, (weighing 
1,100 tonnes), for oil and gas 
separation {1,200 tonnes), com- 
pression (1,200 tonnes), gas sales 
(840 tonnes) and a workshop 
(800 tonnes). 

Two of the modules will be 
floated out from the William 
Press yard at Walsend in March 
next year, and the three others 
will follow in May. 

The company now baa orders 
for fabricating a further SL800 
tonnes of offshore platform 
modules. 


MRS: ANDREA Muilaney, -23, 
(above) has . been . voted . 
Britain’s top secretary by. tfie 
Louden Chamber of Commerce 
and Industry. She won the- 
£100 prize first place in the 
Chamber’s diploma examina- 
tion for private secretaries. - -/ 
Mrs. Muilaney, aged 23,- of 
Ripley, Derbyshire, has . been, 
a private secretary for .only -a 
year. She has shorthand and 
typing speeds of 120 and ; 75. 
words a minute and speaks 


French, German and Italian. 
She hopes to go nn to work in 
personnel management. 

Her boss, Mr. Chris Stevens, 
- works manager of wire manu- 
facturers Johnson and Nephew, 
says she is the best secretary 
be has ever mei. 

"I am terrified now that, 
after winning this title, she 
will be lured away from me,” 
he said yesterday. 

u I have nightmares about it. 
* Good secretaries are difficult 
' to find and she is perfect.” 


Sheffield -cutlery 



rift over imports 


BY RHYS DAVID 


THE Federation of British 90 per cent of al Ithe stainless 
Cutlery Manufacturers yesterday steel cutlery sold in Britain. - 
rejected proposals from the rival .This leaces the UK industry 
Cutlery and Silverware Associa- largely dependent on more 
tion for a meeting involving expensive up-market products, 
chief executives of the top ten Mr. price, whose federation 
compames. • has more than 40 members, has 

The recently-established feae-^ claimed that the association has 
ration-which is headed by Mr. been too soft in tackling the 
Frice of Arthur Price, ..a problem of imports, partly 
Sheffield and Birmingham cutler -because among 'its members are 
—has been campaigning step ngly i number of companies exten- 
for a phased introduction. j»f gively engegad in importing. 
import, controls, - eventually Another point of conflict is the 


bringing the toa iimtridpwh ^to practice by some •companies of 
25 percent. -.&,•* ~V-‘ silverplating .blanks, made In 

However, this is regard«jT4is the Far East and. marking them 


- _ „ East and. marking 

unrealistic by the . assoaaftfcn “Sheffield. V*, 
which favours the introduction The industry has managed to 
of a 50 per cent quota for a five- come together with other in- 
year period. terested . bodies. including 

The federation in rejecting the Sheffield City Council, to lobby 
cutlery aod silverware assod- the Governmeni for aid and for 
ation’s approach, which was action through the EEC to limit 
aimed at working out a common imports. But moves 'are likely 
policy, is claiming that. such a to be delayed until 'a report 
meeting , would not propertly commissioned from the 'Cutlery 

cover the industry. ■ . and Allied Trades Research 

instead, Mr: Price repeated his Association has been completed, 
call yesterday for a direct meet- 
ing between the two trade bodies. 


Plastics 

manpower 

shortage 


Such a meeting- would tiring lohc loct 

together 90 per cent of the IUSI 

industry ,he said. MORE . THAN 100 of the 

At the beatr of the dispute is workers' at the container-making 
the industry’s rapid contratcion firm Crane Fruehauf at North 
aver recent years in the face of Waishara. Norfolk, are to be 
strong pressure from imports made redundant because of a 
which np waccount for more than shortage . of orders. 


By Sue Cameron 

A SEVERE shortage of skilled 
manpower in ail sectors of the 
plastics industry Is forecast by 
the British Plastics Federation. 

A survey of 45 plastics com- 
panies, published yesterday, sug- 
gests that the shortage of skilled 
workers is Increasing steadily, 
it was found that 62 per cent 
of the companies taking pan In 
the survey expected to suffer 
from a shortage of skilled man- 
power within the next six 
months. 

Yet an earlier survey by the 
federation 18 months ago found 
that only 47 per cent expected 
a skilled labour shortage. 

A federation survey oo busi- 
ness trends in which more than 
100 plastics companies Look part 
found that a significant number 
of plastics processors were 
already citing the shortage of 
labour as a brake on output. 

The business trends survey 
suggests that plastics materials 
companies are having consider- 
able difficulties with their pric- 
ing policies. More than 60 per 
cent of the concerns that took 
part said they were finding price 
rises insufficient to cover costs. 

Almost 40 per cent also said 
price nses envisaged over the 
next year would not be great 
enough to cover expeoted in- 
creases in overheads. 


Industry ‘needs new motivating spirit’ 


BY MICHAEL CASSELL 


Avis sells 


AVIS Rent a Car has opened a 
centre at Dudley Road. Wolver- 
hampton- to sell to the public 
low-mileage., vetted cars retired 
from its seir-drive and leasing 
operations after less than a year’s 
service* 


RESTORATION Of a “ motivat- 
ing splril ” In British Industry 
Is betas ui*ed by the Institu- 
tion of Mechanical Engineers 
in a supplementary submission 
to the flnniston Committee of 
Inquiry into- (he -engineering 
profession. 

The Institution, which last 
November was the first body to 
submit evidence to the com- 
mittee, said yesterday that Us 
subsequent representation did 
not Imply any second thoughts 
but provided an opportunity 
to concentrate on specific pro- 
posals concerning “key issues.” 


The new submission contains 
two main proposals. The first 
represents a plan for develop- 
ing leadership ability In young 
engineers, with the objective 
of restoring the motivating 
spirit. 

“ UJK. - industry has - an- 
argent need for the engineer- 
manager who -not only under- 
stands (he engineering aspects 
o f bis company's product and 
the requirements for commer- 
cial success but who, above all. 
Is able to motivate his col- 
leagues and I he workforce by 
his own leadership qualities.” 

The Institution intended to 


study the methods of leader- 
ship training used by com- 
panies with a reputation In this 
field and to publicise the find- 
ings among chart ered 
engineers. 

The second proposal tails 
for a comprehensive pattern 
of education and training to 
** restore the balance between 
chartered engineers and tech- 
nician engineers. 

Neither industry nor the pro- 
fession Had yet succeeded in 
finding an acceptable process 
for restoring the supply of 
good technician engineers. 

Industry tended to employ 


graduates to fill technician 
vacancies, "a solution which 
cannot be satisfactory to the 
employer and which is , 
demoralising to the graduate.” 

On relations with industry, 
the Institution says that many 
engineering employers display 
“ a deplorable Ignorance of ibe 
standards required for a good 
professional engineer. 


“ li (s saddening to tbink 
infill 


that it may indicate that the 
managements of some engi- 
neering companies may be as 
unaware a* the general public 
of their dependence on engi- 
neers. 


Telford go-ahead 
for £6m plan 


Exports 
up but 
foreign 
car sales 
still rise 


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BY MICHAEL CASSELL 


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THE DECLINE In the inter- 
national performance of British 
industry during 1»76 was not 
repeated last year, according to 
Government - figures published 
yesterday. 

Altouqh import penetration of 
manufactured goods rose to a 
peak of 25 per cent, the propor- 
tion Of UK-produccd manufac- 
tured goods exported also 
increased to the same record 
level. 

The latest issue of the official 
Trade and Industry- magazine 
suggests that the situation did 
not change significantly in the 
first quarter of this year, a likely 
trend at a time when world-wide 
recession and low demand make 
expansion into export markets 
verv difficult. 

The figures show that motor 
vehicle impart penetration 
continued to rise last year, with 
the ratio of imports to home 
demand rising from 31 per cent 
to December 1976 ro 36 per cent 
by tbe end of last year. The 
figure compares with 2S per cent 
in March 1976. 

Trade performance in metal 
manufacturing generally im- 
proved last year, with Iron, steel 
aluminium and copper all 
achieving larger export shares 
with little increase in import 
penetration. 


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Stability 


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Miliar 

S, } VC 

-into 


Within mechanical engineer- 
ing. textile machinery’s declln- 
ing export performance has 
continued, while construction 
equipment and office machinery 
have joined industrial plant and 
steelwork in displaying strong 
export growth. At the same time 
import penetration has declined. 

Electrical engineering indus- 
tries have also had a period of 
relative stability recently, 
though export shares for electri- 
cal machinery appear to be ris- 
ing again. 

The textile Industry has again 
displayed little overall change, 
though impart penetration of 
items such as rope and twine 
continues to rise steeply. Import 
penetration of man-made fibres 
has also grown while the propor- 
tion of exports has started to 
fall. 

Meanwhile, the Improvement 
in the export share of the cloth- 
ing and footwear industries has 
continued, and a small decline 
in import penetration — in an 
area' which has given rise to con- 
siderable Government concern— 
is apparent 


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;i CO 

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v [ f y | j 

.•..111 i 


Y,‘-u i 


33 MPs 

awarded 

fellowships 


in 

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BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


GOVERNMENT APPROVAL has more than 200 inquiries had been 
heen given for an early start to made about the letting of the 
he'made on the Efim second phase shops In the new phase, in addi- 
of Telford. Salop, town centre. tion to' those already earmarked 
Contractors should be on site by key tenants, 
at the beginning of September Discussions are now taking 
‘and the aim Is to have the new place with major retailers about 
shops trading by Christmas. 1980. large space units there. 

More than 250.000 sq ft will Approval for expenditure on 
he added tothe town's main shop- the second phase was actually 
ping thoroughfare, doubling the gireu Jn ' October, 1975, bur a 
size of the highly successful first start was delayed by several fac- 
slage. More than 1,000 jobs tors, including tbe Government’s 
should be created. comprehensive review of new 

Announcing the go-ahead. Tel- towns. This enabled tbe corpora- 
fnrd Development Corporation tion to examine the whole design 
also disclsoed yesterday that of the central area In new detail. 


By Richard Evans. Lobby Editor 
THIRTY-THREE MPs from five 
parties have become Fellows of 
k the Industry and Parliament 
st by completing studies of 
lecffic aspects of industry, the 
\ist said yesterday. 

The latest companies to join, 
making 16 in all. are the British 
Petroleum group, British Rail, 
and Guest,. Keen add Nettlefold. 

TheVTrust was established a 
year ag^ to improve communica- 
tion and mutual understanding 
between industry and Parliamen- 
tarians. MPs must spend 25 days 
In a yea r\ studying industry in 
depth witta x one of the member 
companies. \ 

Those who have completed 
courses so far include 15 Con- 
servative MPs'; 14 Labour, two 
Scottish Nationalists, one Liberal 
and one Ulster Unionist 


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A. I MI ' ? 1 A' t 

Ul - *» i V I 6 V \ 

It an 

tou n 


A0\l 


Aznar cruises ‘^P- 


THE Spanish Aznar Line said 
yesterday that It was to resume 
its cruise season between the 
Mersey and the Canary Isles this 
winter. It has reached agree- 
ment to operate 10 cruises in 
conjunction with GMTC and 
Yeoward. 


r r 


K) SU 




Fewer overseas visitors 


4lct. 


MNANC1AL TIMES REPORTER 
FEWER overseas visitors came visitors to the. UK in the first than 


in the same quarter last 
to Britain in the first quarter of quarter, a decrease of nearly 1 year, but 8 per cent lower than 

this year than last They spent per cent on the same quarter of “ * e krt three months of last 

more than Britons who went last year. Visits abroad by UK ye f r ’ 

abroad in the same period, but residents increased by 9 per cent -iS2 ,2* 5, 

the spending gap is narrowin 8 . to L90m. fiS? iu££25? &££&}&£!£ 

officiaf fibres published jester- Visitors to Uw UK spent, in S in the firs? qSrteJ^lut 
day, showed. real terms, £528m. - vear and 21 m»r iLnt «« «« 

There were 1^5m overseas This was- 4 per cent higher fourt^uarter of last * 


GROWTH OF MONETARY AGGREGATES (£m) 


Mtn«y 'Stock Ml 


SaunSkr 
Unadlttrted adjuitrt 


% 


Money Stock M3 
Storilnj 

Senonally 
UmdltsHd idjumd 


Sank lending* Domestic credit 


Svncuuify 

Utwlkmed MlioHMi 


expansion 
UnodltHtod ad|urt«l 


1977 
June IS 
July 20 
August 17 
Sept 21 
Oct. 19 
Nov. 14 
Dec. 14 
1973 
Jan. 18 
Feb. 15 
March 15 
April 19 

May 17 
Juno 21 
July 19 


440 

181 

276 

523 

748 

481 

663 


-256 

113 

345 

813 

201 

“309 

•769 


295 

13 

.461 

309 - 

03 

124 

439 

426 

13. 

■ - 658 

358 

05 

1,341 

182 

59 

03 

55 

— 1 

— 

“107 

385 

817 

4.1 

:.810 

730 

15 

174 

398 

594 

IX 

669 

595 

1.4 

580 

469 

325 

1 s - 

- 438 

296 

0J 

110 

239 

233 

1.1 • 

799 

413- 

1-0 

28 

292 

617 

23 

' 60 • 

1,036 

2 A 

737 

182 

475 

2.7 

378. 

14139 

13 

328 

273 

142 

0.7 

350 

283 

0.6 

312 

563 

369 . 

1.6 

1.754 

1.151 

IS 

393 

261 

213 

0.9 

416 

403 

0.9 

550 

761 

“94 

“0.4 

" 204 

* 144 

03 

656 

550 

415 

1J 

941 

520 

U 

800 

353 


820 
239 
“257 
- 72 

227 

388 

S04 


“93 

182 

355 

161 


. . l»\V 

ll °Ur;iv,>j: 

VI 1 ^ l ! 

\\ * » ! 

Ui 

Mir-,.! 

1 "•■■i U SS 

l:. . 

■ iillt; 

‘n i!i 


L 

r 4;. 


*To private sector in sterling. 


“349 

.206 

533 

2J338 

962 

524 

648 


254 

952 

585 

1,426 

1,128 

315 

114 


s nt 


^ ^llv 


V 



Source; Sank of England 


! %s ‘ 

mill 


7 


Financial -Crimes -Friday August IS 1978 


\ 



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r 


G. 


II 


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f|, 




The 1979 Financial Times diary shows 

a number of improvements over the 1978 Financial 
Times diary. 

Firstly design. 

We commissioned James Shurmer, 
who has produced work for the National Gallery to 
completely revise the interior styling. 

' ■ He provided us with a nicely understated 


a matching design for the information sections. 
Secondly it 

occurred to us that there 
were insufficient months 
in the year. 

Hence the 1979 FT 
diary starts on November 
27th, 1978, and finishes 
on February 3rd, 1980. 

So you can 

slip into 1979 whenever 
it suits you. ;-§ : 

WbVealso 

extended the business 
information section. ^ 

It gives a comprehensive 
list of useful information 
sources in thirty 
countries of the work 

You can trace, 
anything from a Belgian 
consumers’ association 
to a Polish transition 
agency. 


Finally we decided that no-one wants 
a marker-ribbon that falls to bits, so we’ve attached 
a non-fraying marker ribbon. 

In addition to the desk diary there’s a 
slim pocket diary and wallet, in black leather, with 
strengthened comers and real gold lettering. 

It contains a colour map of the City 
of London, tube and inter-city maps, a list of recom- 
mended hotels and restaurants, information on 
road, rail and air travel in Europe, calendars, world 


On the. -subject of translation, the diary also 
contains a French and German business 
vocabulary covering eveiything from ‘cash’ to 
‘collateral’. 

It could help make letters from abroad a lot 
easier to understand. 

Next, we thought we’d put an end to writer’s 
cramp. 

To save you having to copy out hundreds of 
addresses and telephone numbers at the end of 
each year; we’ve incorporated a detachable address 
booklet 

Now, on the assumption that you do a fair 
bit of travelling, we’ve listed the passport, visa 
and vaccination requirements of all major countries, 
along with world time-zones and 
air-travel distances. There is also a superb 48-page 
colour atlas. 

Statistics, we thought, were vital. 

In the 1979 FT diary you’ll find an 18 
page section containing analysis charts,, monthly 
expense sheets, weights and measures, 
metric conversion tables, both metric and imperial 
graphs, and international, clothing sizes. 


time zones and metric conversion tables. 

We’Ve also designed an attractive matching 
address book. 

If required, the desk diary, pocket 
diary and address book can all be gold-blocked with 
either your initials or company name and logo. 

So you can give either yourself, your staff or 
your best clients a personalised gift. 

Which will add a very nice perspective to any 
desk top. 


To: Geoffrey Phillips, The Diary Manager 

Business Publishing Division, Financial Times Limited 

Minster House, Arthur St, London EC4R 9AX. Teh 01-623 1211. 

Please send me your brochure and order form. 

NAME . 

PosmoN 

COMPANY 

ADDRESS 


TELEPHONE DATE 

FINANCIAL TIMES DIARY 






PPOINTIWEWTS 


INDUSTRIAL 


FEW PEOPLE in^SjaVould Surtoeam ' fctcfatack. 'saloon to. personal experience. -.of the' -that the ^sllty of, 
sav that Chryslet'V'U'R "motor Europe this- aiitinw£ -J' Front- ! -in?3 ttw tfa^timit^Ainines is- 



Entrepreneurially-minded, high calibre expert in industrial sales, 
as well as in industrial distribution, to accept responsibilities as 

VICE-PRESIDENT 
SALES . . . UNITED KINGDOM 

with opportunity to become, in approximately 18 months, through 
excellent sales results. General Manager-President of the United 
Kingdom operation. Realistic possibilities for the right candidate 
to acquire at that time up to 5rt'7i ownership of the equity of the 
regional corporation. Income can be approximately $70,000.00- 
$05,000.00+ (exclusive on the basis of profit sharing) in the first 
year, to increase to $130,000,00-5150,000.00 a' year upon 
incorporation. Dividends and generous incentives, such as yearly 
company trips to overseas (Hong Kong 1979) will be additional, 
benefits. 

Responsibilities will include, in the first 18 months, selling 
directly to industrial distributors, as well as industry, throughout 
the country and successfully developing, as well as managing, a 
professional distributor or company sales force. After the 
foundation of the local company is established, to become P/L 
responsible, as well as to manage every function of the operation. 
AVe are an independent manufacturer of highest quality 
replacement pump components for leading pumps, such as 
Worthington. Goulds, Ingersoll-Rand, Allis-Charmers, and 
Bingham, with efficient foundry and excellent machining 
facilities. We manufacture patented mechanical seals with very 
sophisticated technology, as well as mechanical packing and 
hydraulic seals of superior quality. Our organisation is dedicated 
to service industry, with the best engineering advice and expertise 
in product and "application knowledge. To establish sincere, 
profitable, dynamic and long-lasting relationship with our 
distributors and industrial plants is one of our major objectives. 
Because of the key character of this position, please apply only 
if vou have minimum three years of highly successful sales 
hist or}'. M.B.A. degree a definite advantage. Knowledge of 
industrial or domestic pumps preferred. Highly qualified 
applicants only, please send all relevant data to Box A.6445, 
Financial Times, 10, Cannon Street. EC4P 4BY. 


u i. . French factories • mm disrupting both the LiB.wood.and f£®m-.45;per cent qx 

a worthwhile investment.;*,- ■. ' Rer 

hid cedi ever -since- the. pro- summer Cwwdrafl bom, •" h£ -made per 

posed - PeuReot-Citro^p take-over Lander yesterday % teile reputation a* x tough, /thnd^J JwgLj a 

9? ■ ,<3ftySler\ Eurdpwji- opera- charming and Idfi'MMMM*' .1?*-*- » *** 


■per eent tfiis;iS?xch. 
x;r cerit^n JSphf . The .. 
as ; /wdresiets a- 
Sfflke ra;Jh|y. v;;.; . 


gam*, 

;re- has De'qn wmsldMWe dis- k,, - riaAp 1 European • ' 'operations' before. : 

lief tftat the FrtncbT company t41 - "ite- " ^ east going on f -ro- the US. to ■- 

i irt -all tpriflMunp^K-heJntfind- . .G to efftinetrt*ChrtsIer.#-t IntartiarinnaE- 'Itfhiph lift (tDOo^JS; .lb© inStfllfttlOn 


trons was aRnmincea! 
there- has ’be'qn wmsk 
belief tftat the Frtnc 
can., in all seriousness! 
ins lb Keep; the "Lint 
open: . " 





Yet there is at lewt'jjpe ma n .. taking'-bvet Uabilb* -forfoivpra- slat ’ e m *hp Japanese Mttsubtslu m riiii ^i^ h as^-heba vt-holrig Hopeful abtm&IJK iprpsperts 

in London this week, fftfa Govecn- car company a*- well as - thiSST* pert^hot.- - enfy 4 -^rawri '• as to* Srasler 

ness visit from- ^ U.S. w? Eurocwair htisine^es ^ expansion but of$» iloU-ef; fim+v4Corporation nrtgfitfie ietopted- 

headquarters, who his^that.he f*?fiS^'u£5£ V ° S '* ISLlltt he •«* <talni « 'toiShS SSfiji. 

believes just that. . rfuT 0 -™ In spite of. a- recent toojmaKersr management stake ^ Eu™riA'-“ V • 

He is Mr. Don Laiideq^3, vice- strUter* Rytptt.m..: Lander pla nt>s 


believes just that. .' V ■ ■ - ' 

He is Mr. Don Laiid^i3, vice- 
president in:' ctigrse.$of all 
Chrysler’s ; jntematipnau opera- 
tions' who said yeiteraay : “I 
think . -we'- hive an ' excellent 
facility at Lmwddd wjuch^an be 
a valuable . asset tensadTproiterly. 

. “ I*. will not -acknowledge -that- 


ELLIOTT, discusses with'* 1 
*Mr. Don Lander^ ‘Oirysler’s international 
Operations chief, the. implications of the 


MS- "7 involves;. Cbiysl^ abirihsVthe. 

V Was nor the oecasibrt management,- .of*, the - European 

fw a llnSSS «rapany .\tiU .late, to -MS0, 

‘ ' ■ “■ • PITOS PC 1 . . _ " 1 * - . Pr^nicah) hiiuf thic m •> nnnnmiint . 


... ■■ . „ fnr - j n VoikswaeoQ and Sortie. 'Japanese- .The French* VflJ want to send 

Tus haor f - ...proposed Peugeot and Citroen takeover. concenu tfl see Aww ^operatioos .people to 'th^ApK soon to see 

cm^sier 'o tne^.jtsoflena ® .^ew carried out,'-^. - their new faettfe to operation. 

challenge J? *?‘ c *^ e , ve b . e ?2 *TT 1 ' ■ ■ . V ■ ■ - ■ . -v^tich. visits had nevertheless Th e future of ibout six North 

making prdgtessv though. ipav^e . . ^ - ‘"'^■'-iteoioDted ' specolafibn That American executives now in- 1 tbe 

that progress -has-, trot been -made It jnay emerge, however, when s istj -ih^t the Co ven?i^' plan ts-rivSfiu7^er has be«t; ; *in effect, UK factories— Ificl udine Mr." 

as quickly as we would -like. the Government's talks get down plus'an engine factory . -at StokO'-nuttiag Linwood upv f or sale. George Lacy th^UK manaeine 

Mr. - Lander, h^. been m to detail with the French com- -hav& Sbed into good labou^^Llndfer-Tlenied tins. Sor-hS ^Lyet been ^l 

London since the; Peugeor take- pany, that it is .not as simple a s relations -ireas. He regards the? .. " Nathing has goneawrong with cussed with Peudeot. he said. - 
over was announced and he is that The 1976 agreement was planning -Agreement'. With the’ our European operaffw^- It's a pj r gt - Govttrunent has to 

w©| aware of *e scepticism that based do inUgration of rhe UK Government . gnd unlontf ‘foist^ff; question of the Chryster Corpora- ippr/ni. takeover ^ ^in line 

surrounds his company’s per- factories into Chrysler’s world- on The. : .company by . -Laboi^r [fan . looking at thfe/ European :?£ r j„hti under ’the 1976- 
formance ana. ft s motives for wide operations and model deve- Ministers 'as- useful In . whelping- automotive industry- as a major agreement Mr Lander naturaliv 
selling out. He also knows that lopment programmes. build np.'^nfployee co mm unica* :f U t ure market andTOCfdtog HJe beu eve 5 the aewemem hal- 

people suspect Peugeot may w Clearly the detail* of this now tions. vbest way^o brina^ut the 

want to close Linwood at least. h ^ T ® t0 b f re-examined, to see This, the^only planning agree-.- jmesrati on - needettj - \ ire rhe'rBriilsK: nn^>rnmi>nt ‘Jind 


George Lacy. tk&'UK managing 


people suspect Peugeot may Clearly the details of this now tions. best "■ way'', 

want to close Linwood at least- b l Te h t0 re-examined, to see This, the^only planning agree-.- jntegrati on 


the 'British. CoVerriment 'jind. 


which intends to spend some h«h» or wuemer u win meD t. Is quite separate rrom «i* a u the in^reaieu^xo-jpnmae^ ^ the JSst hvb to thtoe years things, 

time taking Peugeot's top man- *0 agree alternative main 1076 agreement. It expired increased Op port uffltfjesj... have hee n “improving, and 1 'da‘ 

a cement through the fine print ® ”? gen3ents Wltfa ^ Govern- at the end of last year and a it -washout ofjtafts about be I'reve that Linwood could come 
of the rescue deal that was “with*.* « v. .4. 11 ew agreement that should have general xjJ;OperatoH^on motor righL”- 

struck for Chrysler UK early in f Shhrh nilnff 8 b 1f, n a few components that rfieTeugeof bid Bl it the future now depends hi 

1978 and which does not exotre mtur ® „ of British plants, and stJH not been completed because had emerged. • -.Uhtil • then, what" Peuceot's too manacroment 

till the end of next vear. doubt. 3 ^ Luiwood ’ couId be in of uncertainties caused by recent ChrysterlSd intended- to. cam consider S afte^.- their talkT to 

t^th! nfti! ?ho k ? confident salesman who is pared to say yesterday that he Chrysler Corporation jorthe .U 5. tbe Tend of next vear when the 

convinced that ewn if his goods would definitely recommend would hold 15 per -cent -of . the agreement expire! “but unSi all 
h«« ( n ™ GmmmKa ?« “'fged 'ornpan, Kerned h„e b« n rpaid: 1989 


REQUIRED 

Arabic Biva[-jnc person, vrbe* is able 
to irjaslaie from Anblc io Enclish 
and vv. Also 10 >ci as Public Rela- 
tion! \rti*n Arab cusTOtnrrs visit UK. 
!opIj: Natracom Ltd.. 101. Hamilton 
Road. London SW1S 2JC. 


BOND DRAWINGS 


CLUBS 


.... ir .<■- : iv, 1 »«en aisappomiea, ouc ««« ouiupt. - , . .. oa me deoate in the coming 

surface as !f vt gjgrantees tiie discouraged from believing Uvity have been very good since maintaining a Chrysler firenciai . weeks will not just be about 

COMPANY NflTICPC survival or jiii ctnyslers UK that . good productivity could be the Government agreement, and a S7.5bn spending progfantme guarantees for the next 15 

tumrANT NUTICES | plants fracludmg Llmsbbdi and achieved in our British th ® Quality of the parrs they are that Chrysler had embarked .on. months or so (which should 

its model programme inctori- factories,” he said. “But to get turning nut is excellent* in the U.S. for the period- upde bridge the general election 

ing a new car at the mam that productivity has taken a Referring to the fact that the 1985 made the cash it rece tried'-- period.' when Linwood's impact 

Ryton factory outside Coventry little longer than we would have Alpine hatchback saloon is made from the deal specially -on the Scottish vole has special 

in a year or so and tbe export- Irked.” ' both at Ryton and in France, he important. * .. .significance for the Government), 

ing of the small Linwood -made Mr. Lander speaks from added: “Even the French Mr. Lander would not' be ;hiit also In tbe years that follow! 


SOCIETE DE DEVELOFPEMENT 
REGIONAL OU CENTRE-E5T 
-CENTREST- B 1 *-. J97«i1»S 
Lun Ot UA ID. 000.000 
Bonos lor an amount ot nominal 
UA 660.000 have Men drawn lor 
redemption in t"c presence ot a notary 
Dubiic on August 7. 1971. 

Foiiowino numbers hav« been 
draw n. 

17 2D to 3784 Inclusive. 3792 and 
3791 3798 to 3810 WCl.. 3824 tt> 

3855 incl.. 38S7 to 3908 .«l_ 3911 
u> 3914 Incl.. 3921 to 3938 IneL- 
39S6 to 3948 Incl.. 39S4 ana MSS. 
3959 and 1960. 3964 to 3995 1^'- 
3998 TO 40SB IIKl.. 4074 to 4096 
Incl.. 4127 to 4137 Incl- 4140 to 
4324 Incr.. 4327 to 4329 Incl-. 4331 
to 4336 incl.. 4352 to 44SS Incl.. 
4461 to 4500 Incl. 

The drawn debentures wlli be 
redeemed, coupon No 9 and lottowlne 
atiacn«i. as Imm November 20. 197 6. 

Bondholders are ad»»»ed that. In. 
accordance with tho forms and con- 
ditions ml thu loin, all debentures 
rrmiinimj in clrcnlation »ttjv the . 
nbe>c drawing f|.e. UA 4.720 OOB' 
will be rednemed m anticipation at t 02 
per coni, of par on November 20. 
1978. 

Oulstandlni drawn bonds 

1982 and 1953. 199 3,2025. 2371. 
2535 3166 and 3167. 3655 _ 3690 to 
J692 .net. S399. 8907 to B816 Incl.. 
3926. 3976. 8969 9992 ano 8993. 

9029 9088 to “094 inC. 

Luacmbouri. August 18. 1978 

Trustee 
FINIMTRUST S.A. 


COM15ION FEDERAL DE 
ELECTRICIDAD C.F.E. 

B':". 1969 1979 
UA 10.000. OOD loan 
On August a. t97». oonds for the 
arnoun: of UA 1.000.000 Hasp been 
,-irawn in tn,- nresence of a Notarv 
Pnhiii: ler redemnlion bn October 8. 
19~B 

Tn-f loliowlng Bonds win be re- 
imbursed Counon eue Aon" 8 1979 

.ina lotlawinq .it-ainen- 

J7S0 1" 4 779 me 

Amount unimertisen UA 1 .000.000 
On Island inn drawn Bones 
1 79 ;o 203 m.1. t '01 ana 1 302. 

2731 (a 2~J5 incl . 2738 to 2740 
1 £I . IS 52 inn 7Jii; 2S05 ar-i 18 J5 
25 fi. 3S26 28 -.0 23 32 to 28 36 mci.. 
2^4? to 2? a 7 'id . 2002 ana 2903 
294” 2“"6 29^5 :050 and 5051 

3127 3304 :e 3306 incl.. J32J. 3403 
I ■— 3409 34.13 15 3J37 Incl 34 70 

’""JO rn J-Jfl tnrl J748 to 3756 
I-U-I 76.3 1 S 1 SO 3 S 1 1 
UU'emlKjurg. August 13 1078 


EVE. 189. Regent Street. 734 0S57. A la 
Carte or All-In Menu. Three Spectacular 
Floor Showo 10 45 . 12.45 and 1.45 and 
music ot johnn, Hawtesworth & Friends. 


GARGOYLE. 63 Dean Street. London. W.l. 
NEW SlNlfitASfc rLUOASHOW 
THE GREAT BRITI5H STRIP 
Show at Midnight and 1 a.m. 
Mon.-Frl. Closed Saturdays. 01-437 6455 


UED PAPER GROUP LIMITED 
61a% 1968/1983 UA T2.BOO.OOO 
loan 

On August 4. 1978. Bonds for the 
amount of UA 900.000 have been 
prawn lor redemption in the presence 
of a Notary Public. 

The Bonds will be reimbursed coueon 
due October 15. 1979. ana lollow- 
■ no attached on and after October IS. 
1978. The drawn debentures 
are those NOT YET PREVIOUSLY 
REDEEMED inclcdeo In the range 
beginning at 328 up to 1736 Incl 
Amount nu renaied on the market. 
LlA 1 00.000 

Amount unamortued; UA 5.000.000 
Outstanding drawn Bond s 3438 
Luxembourg. August 18. 1978. 

The Trustee. 
KREDIET3ANK S.A-. 
.ueemoourqeoise. 


(iritAllHMANS NAIAL AND PKAC 
STATE HOLDING* LIMIlED 
(Incoiooiaiea id ,ne Kepuciic 
oi South Airicni - 
NOTICE IO «V SECOND 6-.S, 
AND IHIRU b-r, KKzHbRENCE 
iHAREnuLCltHi. 

DlVlDENLb ON 6 -Jo. SECOND 5% 
AND THIRD 6~» PRerEHtNCE 
SHARES. 

NOTICE 15 HcHfeUY GIVEN that 
the boarg ot Dueciors has declared 
uie loildwirig oiviMntti payable on 
the 30th septemoer. 197H, to 
S econo 69» ana Tnlra 6". Proles 
cnee 5narenalaers registered in- chc 
cooks oi (he company at the dost 
oi Dullness on Friday. 1st Septcmou. 
1978! — — 

A. o% REDEEMABLE CUMULATIVE 


f O i fa REDEEMABLE CUMULATIVE LI * B " RV *% jr\ 

DEND R No“39. ‘HARES-D.V,- M | || Jig 

Jk dlvlnrnn ji tho rate A i cb. II w 


ART GALLERIES 



PUBLIC NOTICES 


CITY OF BIRMINGHAM BONDS 
NOTICE IS HEREBY GIVEN that the 
/ Bonn Register wilt be closed from 1st 

I September to 30th September. I07R. hath 
dale* inclusive, lor the preparation of 

'interest due 1st Ortober. 1978. 

W 5. HAGfc 

I Principal cniei Orhcer 

j and Citv Treasurer. 

Clfv Treasurers- Department, 

Council House. 

Birmingham 63 3AD. 


DhND NO. 39. 

A dividend at the raw ot 6'a 
per annum lor the six manats 
ending 30th September, 1978 — 
_ «?8' r f'e»« *° 6 coots per share. 

B. SECOND 6% REDEEMABLE 

CUMULATIVE PREFERENCE 

5 HARES — DIVIDEND NO. 39. 

A divideno at the rate Ol 6% 
per annum tor the six months 
ending 30th September, 1978 — 

C. 

^InS*^^. 61 SHABes - 

A dlviaend at (lie rate ot 6% 
per annum tor the six months 
ending 30th September. 1978— 
eguirafeni to 6 tents per share. 
The dividend* are declared In South 

African currency and Dividends pay- 
able Iivm the London Once will oe 
0*ld Jn United Kingdom currency 
culculated. at the rale ol exchange 
ruling _oe tween Rand and Sterling on 
the ISui September. 1978. 

Dividend cheaues despatched tram 
the Lonoon On« to persons resident 
in Great Britain or Northern Irdana 
wl ". subject to a deduction ot 
united Kmgooin Income Ta* at rates 
to be arrmeu at alter allowing tor 
refiet (II any) in respect ol South 
Air icar> Tares. 

The COMPANY will where aephe- 
able. deduct the Non-Rcsldcnl Share- 
holders' Tax ol IS", from dividends 
payable. 

For the purpose or paying the 
above dividends the 6 n 0 . Second 6% 
and Third 6" 0 Prclcrence Share 
Registers will be closed tram the 2nd 
September to the 15th September. 
197B. both days- inclusive. 

Dividend cheoites In payment wilt 
pe posted on or about tho 30th 
September . 1978. 

By Order of Die Board. 

I. B. MEHL. Secretary. 
Registered and Tratcier Office: 

220. Commissioner Street. 
Johannesburg. 

London Ofhce: 

Granbv ReoKrraUon Services. 

Granbv House. 

95. Southwark Street. 

London 5EI OJA. 


WORLD WIDE GhOWtM FUND 

10a. Boulevard Royal. Luxembourg 


DIVIDEND NOTICi: 


NOTICE IS HEREBY GIVEN ttiaf. 
pursuant to a resolution oi me Boaro- 
PI Directors ol Worn wioc Manage- 
ment Co- S.A.. oaymenl oi US.O.SO 
oer ihare will be made on the 9th 
August. 1978. 

Coupons No. 4 of bearer shares 
have to be presented to the Paving 
Agent. 

Dividend cheques will be nulled to 
registered shareholders 

The Paving Agent 
Bsoqne cle Paris et des Payx-Bas 
pour le Grand-Docbe de Luxembourg 
Luxembourg 2nd August. 1978 



BL workers black 
Japanese trucks 


By Nick Garnett, Labour Staff 

OFFICIALS' of -the ' National 
Union of Railwaymen and 
London Transport Executive met 
today to try to solve a dispute 
whicb is disrupting London's 
Underground service. 

Some Tube stations have been 
closed at various times during 
this week, .including West 
Brampton— an the District Line 


BY OUR LABOUR STAFF 

WORKERS at BL’s five Lanca- 
shire bus and truck factories 
voted yesterday to black all 
Japanese trucks from- unload- 
ing' at their plants in the 
Leyland and Charley areas. 

They complain of unfair 
eomeU lion by Japanese com- 
panies. 

A mass meeting, attended by 
about 3.U0O of the 3,000 workers 
and staff, also backed Mr. 
George Rodgers, Labour MP 
for Chorley, who said be would 
try to introduce an early day 
motion in the next Parlia- 


and Watford— on tbe Metro- 1 roentery session and anadjmim- 


politan line — yesterday, because 
of industrial action by railraen. 
Services on the Aldwych 


ment debate in a hid to get the 
Government to take action. 

Mr. David Hewitt, works 


branch line of rhe Piccadilly line convenor. 


“ Japanese 


could not operate during part of, 
the peak periods yesterday. • 

Rail workers. particularly! 

tho.se involved with station. T& 1 • -1 - - . Pf,^- * ne * * ,JI “ aa 

: Micro-devices law sought 

London Transport Executive - ■ Inst their uninn jnefnhprshrp or 

The executive has hedn A LAW which would restrict; the redundant- because of micro- His arguments do not accord e ven bw?n "branched”— a disci- 
respondins to an instruction spread ^ micro-elec tronic eJectronics. closely with Government pHnary process which «f it occurs 

from the Greater London Council devices in industir is suggested Mr Webb is not altogether strategy, which is to promote the t hr e« tnws could lead to a nne 

to prune its train and bus npera- b - v a » n ‘®r official of the asa inst the spread of micro- «*e of micro-processors in indus- or low of membership 

tions by £8m. without reducing Associatioo of Scientific, Tech- electronic technology and says X W- Ad initial £15m fund has Four Thewemployeeshave been 
mileage. v nical and Managerial Staffs. ih e National Enterprise Board's already bwirt -Allocated for this warned by the executive of the 

Ticket collectors and other today. proposal to set up a new micro- Purpose, .and more money is Boiler makers Amalgamation for 

grades on the Underground have Mr. Tun Webb. ASTMS electronics production subsidiary ejr Pected to be made available disobeying an executive ruling 
begun a non-co-operation noliev national officer, says companies should be suDnorted. later. - : .. ana working lor mew. 


trucks are being Imported from 


assembly plants in Ireland at 
prices far below what they can 
be manufactured for. It is 
unfair competition. • 

“If the Government Is im-- 
potent we have got to take 
steps onrselves to make sure 
our Industry does not go in 
the same direction as Lhe 
motorcycle industry. 

Mr. Rodgers said: . “The, 
Japanese are indulging in un- : 
fair competition. .For a long 
time they protected their home 
market to order to launch an 
assault on overseas markets." 

Afterwards, Mr. Hewitt said 
that workers feared efforts 
were being made to establish 
a Japanese assembly plant in 
the north west, possibly 
Merseyside, after seeing news- 


paper advertisements for . A m 

assemblers^; C < 3llf 1, T'i Af1IC 

“ They are selling '-trucks at 59111110113 
£3,000 Jess than any British 

A PRIVATELY-OWNED sbip- 


Shipyard 
complains 
of union 
sanctions 


vaieut vebide, . No one can rpna i. 
stand competition like that" 

O BL’s radiator plants .at WO rtb 

lato nt nff Mfl U !?orU^*^PM ave f,ecaus * of sanctions Threatened 
urn ^ ,ocaJ tradc unfon officials 

nr *?, s iJf e h b L I(, ° fl SaJnst its employees, 
production men which began , 

on Wednesday. T hew Engineering, of South- 

The dispute could affect ‘’ n, P |on * said that iti; employees 
other Leyland works becanse £ ad ^ ^ fa Md possible 

as the Llanelli faetory Is a fi u nes “d of union member- 
major supplier of components f^P * f they worked on contracts 
to plants throughout the group. ° . “*« P ort °. f Southampton 

The company scald (hat falka SK* 
wprp heflnn held to r^snlvp tkA neatly b6lonp6d to tnc 5taTB- 

dlspul^ whlch lnvolvedTcljim «™4 „ V “S3„ 

Sim? Cffi* cn ‘ ,t ,u, ‘" ,,s "i^SS wd .toSSSSS 

within Leyland. that if , hey ]nje (beir uninn canis 

through working for rhe ^m- 

* pany, they .will find them 

mj-irfa ' alTernative work and • maintain 

their average earnings. 

^ No Thew employees -nave yet 

* — ' loxt their union mbrnbershto or 


repairing company claimed yes- 
terday that it had lost contracts 
worth more than £200.000 


p* “ ■¥ “S— SB. fiffispi s&STS&rS gSSS 

Son Tra^nnrt h« Wh /-u ^ VelC fa * ***** an adverse lnir ‘ al overaU tie U S fiermany » Japan “turnover of Its ship: 

obU°cd to stoit th?m H ■ ^ 1 T ea * ures Proses on the already unacceptable ^ y p f repairing turnover totalled £50.000.' 

JBaS stSf havc^u^'rhr* t Li m the baS4s of a TUC cam P ai « n level nf employment, as the Chnstonhef^ Freeman of the Union officials in Southamp- 

a series on*dav at f^lS to P revenl new technology creat- total number nf labour hours ucienco P DOlicy F rSearch unit ar ton are concerned that work is 

September ^ Itteh ^ could Sul ,n ?it!;; emP l2L?S nL ore- r^ri° ™ ^ bC Su«ex '/nlUreltj suggested that being taken away from the 

the whole Underereiinri „K l _ 0rher sugsestions are reduced.- unemnlovmeat in the UK could nationalised group in favour of 

aerground service. ® a basic 35-hour week from It is my view that otir pre- r ; se ^ j. 5ni by tbe en( j 0 f tbe companies whicb operate without 
! the end of 1979c scot structure of society and next d^cade^becau^e of increased Its overheads. 

0 A sstatory .minimum of five .industry does not have the, automation. , Vospers keeps workers, on a 

weeks 1 holiday and a ■ lowered proper social basis adequately However, he concluded that the fail-back pay rare of £62.75 if 
retiring age of 60; to deal with the coming changes, risk of -tint embracing the new there, is no dock work in the yard. 

• Sabbatical leave every seventh but the trade unions should technology was even greater At the time of the warnings given 

year for all workers; make the greatest efforts to pro- than the hazards which It pre- last year, about 4P0 Vosper wor- 

• Full pay for all workers made - tect our members’ job security.” senteU. - ’ kers were on stand-by. ■ 


Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe ? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest... 
Wherever you are... 

Ring London , Birmingham 
Liverpool or Manchester 

246 8026 

for the 

FT INDEX 

and 

Business News Summary 


STANLEY ELECTRIC CO.. LTD. 
Nolkw lo EDR Holden 

EDR holders are herettv informed 
that eodidS Ol the annual report lor 
the vcw to M«th 31. 1976. arc 
available at ine offic-s ot t fie 
Dfnosilarw. Woolcarc House Coleman 
Slices. London ECU' 2HD. and oi me 
Agent. Chase Manhattan Hank Luxem- 
DOurg S A.. 47. Boulevard Roval. 

Luxembourg. 

THE CHASE MANHATTAN BANK 
N.A. LONDON, as Depositary. 
August. 1978. 


NO I lit I LI INt lONUriOLUEK. OF 
ASIA NAVIGATION INTERNATIONAL 
LIMITED. BERMUDA 
Notice IS hereby given mat Hie 
Register 01 Members of Eastern Asia 

Navigation Company Limned. 2 1st Floor, r* . • • . 

Princes Building. Hong Kong. -Ill be I It fDTTI ICClnriO 1>* 
closed tram 2nd September to nth vvmUllJJHI IIfl & I 
Sepiembe'. 197B. both rtavs inclusive. * 

during wtlth FiriM IN Convertible g 

Guaranteed Bonds 1989 Hsuea by Asia mql'n TimTlf 
Navigation International Limited lllalktr Ultllll 

Bermuda, on 6th March. 1974 . wilt not F* 

be tonverilble into luilv paid registered -rUIT o cen v ™ 

Ordinary Snares ol Eastern Asia Naviga- * “JS O.DW-member Cornu 
lion Conuwnv Limited Pn mm icrico . 13 


I the end of 1979: 


. . 0 A sslatory .minimum of five . industry does not have the. aulnmation. , 

sng. «1U ne (- OTtlTYll^inriPimC weeks* holiday and a ■ lowered proper social basis adequately However, he concluded that the 

i'v's Wi? uuuiuil » , uadire5 retiring age of 60; to deal with the coming changes, risk nf qmt embracing the new 

£ m A. (P Sabbatical leave every seventh but the trade unions should technology was even greater 

make Droilt y ear ror all workers; make the greatest efforts to pro- than the hazards which it pre- 

• a f7..ii A ?i umrlrant mvlA ■ tort mir mpmhflrs inn «p^urlrv 11 i 


,n “rWrTdw Bojro. I Commissionaires, which 

WORLD-WIDE secretaries limited, hobs for ex -Servicemen made 
DiilCfl 101h Au<*u4t 1*178. sccreunes. j prClfils of £35 Q00 last year) mainly 

due lo investments, according to 
its annual report. " 

The value of investments ! ii- 
creascd by £170,000 during the 

I’liav* co ha rifti ^ « i? 


NOTICE OF MEETING 


Job laws no problem for small businesses 


NOTICE IS HEREBY GIVEN tn«l the 
cloni Annu4> Oraiiur-v Mealing oi iiigre- 
hOMcrl —ill be held at Reid House. Churcn 
Sli-erl Hjmrllon 5. B-rmuru on 22nrt 
Scplcmocr. 1976. #t 12 noon, lor rhe 
'allowing nu reuses. njm»lv- — 


creased bv f 170 om H? Cnts ONLY 2 per cent of a sample of employing fewer than 50 people employment, law provisions and ably more difficult" said 27 per 
vear, savs Col Gp!fiffro« n n - small employers named the in the clnthing, electrical equip- SS per ' cent had found none cent while 9 per cent said 
Commandant of thp Cornu ijS Government's employment legis- ment many factore. garage, travel of them .troublesome. “slightly more difficult." 

celebrates its 120th h : JTh!E! laUon as the. main difficulty in agency and removal trades. N ear tlie- end of lhe question- A secondary aspect of the 

n >vi uo-.,- i, ” ... . cirthnay , their hucinKsEL accord- Acira rim iHnntifu iha ei« n i. Tiaart- nrri hinrp-rs were asked Questionnaire tested ertiDlnvers’ 


Ihcir luKCSSor* #re Acoointm at a rare 
oi rnnuinpritlon to b« deeldM bv th* 
Directors 

3. Tei hx the number oi and to oicct 
Director*. 

4. To dereemlne the remuneration at the 
Directors 

5. To rroniaet in, orner business Ot an 
Annual Ordinary Meeting of uiare- 
Iwldcn. 

Bv order or me Board. 

J. □. Cam obeli. 

_ Secretary. 

«dt) House, Church Street. 

Hamilton 5. Bermuda. 

ISth August. 1978 


' yesleniay. the 2 per cent who named em- labodr- force- " Consider- factual question correctly. 

StriL'P halfr The survey, conducted by ployment legislation ranked — 

strike naits opinion “«<“*, ™ ra « i- » im by i. C k 

a ■ j. • after Similar Policy Studies In- money, lack of orders and prob- - 

Abattoir Smute investigation of larger of recruiting suitable staff. BBS*. B 

Turn uiiunnm companies which concluded in When asked specifically if any r m k . J A^l 

* .1 u . DBED work <?« at one June that the job protection laws Government measures had nfi WmW&mM 

nf the largest abattoirs in had nor generally stopped caused difficulties, unfair dis- n 
SS/'tI 011 un °ffi c »al Strike businesses taking on new labour, missal claims were mentioned 


15th Auamt 1978 rru »U«“ uusinwora v« : , - . - ; -w 

note: 2 mentor eeutied m xHend ?nd The men and women, Tho Em *ii eTiidv Is iikelv bjr only 4 P er C® 11 * anf f rtdun 

vfltr ji rhr Ann-.al Or-Mnjn. M— 'Irfj 13 all mCItlbera Of the SmBil firiTIS SlUOy « IlhBiy f l anC y naVmentS bv 3 npr nan I 

-I'rtM 19 * proxy to attend and „ nA r.-n-J ,i i ran sport to be bv the Government as .r__ y _ ."3™,,..: per . ce . n| 

vole on nit wfyn. 


and General Worked » b fJ*? n » the S compared wi topper c7nt 32 

walked oui at Barretts and Sd furtheri'evidence that^iuch of VAT _ 

«n West Bromwich, Wesiffi- Aecripcira ofemploymenipro- H Hea | tb and safety j e g ls , ation 
lands. tectiorf legislation Is unjostifled. was tbe mos j commonly ex- 

Thc dispute is over what thev Yest . er ? a y s evidence, however, is per i en ced area of the new laws 
claim is victimisation 0 f union pr®Iin ,,nar >' an ° based on a small followed by unfair dismissal. 
r.w.5. galleries. i»>. Lonbuii >i . w.i. offi c|a ls by the company which sam P' P- ^ therefore requires However, 54 per cent of 

*ffi8,hi a &VW. l ^£“^i"£S5 ihP ? - s *y has Wed to Stop union S0Die cautJon ,n ,nfer P re,aHon employers interviewed had D0 

unui Auguii 29. activity. ij be study covered 301 firms direct experience of a range of 


EXHIBITIONS 


.•f*. 

Roval 

• 

Insurance 

half year results 

1 

are on page 25 




is o® 

















Think of vast furnaces Kerosines 

spewing out white hot metal, Another vmatfle fuel 

or steam heldunder immense used for both heating and for 
pressure in huge boilers, or the transport is the paraffin-type 
heat source for hundreds of fuel known in the oil industry 

kinds of process work, and you - as kerosine. Home heating 

have the bi^est part of Esso’s needs a light, highly refined oil 

production -fuel oil for portable heaters and 

. Fuel oil is rire fuel that domestic boilers. And kerosine 

keeps industry going. is the answer ; ; 

It is also the fuel that Other fonns of kerosine, 

produces some of Britain’s . refined in diffident ways, are 

electricity. In feet the biggest turbo-jet fuel foraircraft and 

singleuserpfjfodoa is a - the kerosine used to drive the 

power station convening gas turbines of ships.' The 

2 million tons of fuel oil a year Hovercraft aod.nany of the 

into electrical power ' - Royal Navy’s fastpursuit 

Fud cd is used to drive vessels are typical examples, 

ships such as the QE2 and Througbour under- 

„ 500,000 tonSupercankers, and ground pipeline from Fawley 

i\\x y ' to heat large buildings like refinery near Southampton to 

4 1 hospitals and museums. Heathrow, we caa pump up to 

Fuel 03 is efficient, ver- \ half a million gallons of 

satile and accounts for neatly “ aviation jet fud a day. We 

double the volume of petroL currently supply a quarter of 




the total volume of fuel used 
by airlines in Britain. 

Fuel consumption in 
aircraft is heavy. A Boeing 747 
Jumbo jet uses 24,000 gallons 
on a single Adamic crossing. 
Diesel fuels 
Trains and trucks by 
comparison are economical in 
their use of fuel. For example, 
the 325 mph High Speed Train 
running between Kings Cross 
and Newcastle, uses only 
1-3 gallons per mile. 

If diesels are the work- 
horses which cany passengers 
or freight by tram, mid^ taxi or 
bus, diesel fuel is the work- 
horse fueL 

Last year Esso supplied 
London Transport buses with 
a quarter of their diesel fuel, 
and half the engine fuel used 
by British Rail 

Unlike some European 



countries, Britain has never been 
very interested in diesel cars. 
Sven in Germany where 
ciesd fuel is cheaper than petrol 
diesel cars only represent 
4-8% of the car population. 

However diesel fuel has 
a large off-road volume. 
Tractors and other agricultural 
vehicles, and contractors 5 plant' 
such as excavators and 
dumpers are big users. Off- 
road diesel represents about 
two thirds the volume of diesel 
for normal road use. 

The biggest diesel 
engines of all are in ships. One 
such diesel, with, cylinders a 

man can stand upright in, 

produces as much power as 
600 Maxis. 

Lubricants 
Without exception 
where you use fuel you also 

use lubricants. 


This is where real 
expertise is needed, for it not 
only requires skill to produce 
the lubricant, it requires skill 
in using the right oil and in 
using it economically. 

How easy it would be for 
everybody if there was just one 
lubricant that could do every 
job. 

The fact is different 
applications require different 
properties in the oil 

A jet flying at 40,000 feet 
has an engine o3 temperature 
of 250°C, while the elevators, 
ailerons, and rudder require 
lubricating at -40 °C. 

To meet the wide range 
of uses Esso make more 
than 600 kinds of oil to do 
everything from lubricating 
the backs of pigs to 
lubricating the rollers 
on which bridges pivot 


Speciality products 

In this category are 
bitumen, used for surfacing 
roads, airport runways, and 
race tracks (Silverstone was | 
recently resurfaced with Esso j 
bitumen); chemical feedstocks J 
from which polythene, nylon, • 
antifreeze, synthetic rubber j 
and a host of other products ' 
are made; and LPG (Liquefied ; 
Petroleum Gas), used in 
lighters and camping stoves, 
and among many other i 

industrial uses for processing 
aluminium and for heating tile ' 
and pottery kilns. ; 

That is how our tiger is 
sliced. We would like to talk to •! 
you, so if you are interested in I 
learning more about any part 1 
of our business, please call our J 
Marketing Bureau on 01-834 
6677, Extension 3207. 


* 

iflU* 

li 



The world’s leading oil company 








10 


. Financial Times Friday . August -181^8 


A f INANCIAJ TIMES SURVEY 


VENDING 


November 9 1978 


The Financial Times proposes to publish a Survey on Vending. 
The provisional synopsis is set out below. 

INTRODUCTION One of the big growth industries of the 1960s, vending 
in this country failed to maintain the momentum which had seemed to.be 
setting the UK on the same route as the U.S. But something of- a quiet 
revival appears to have been taking place. 

CATERING Britons bought more than 3bn drinks from machines last 
year. What have been the main developments in this important sector 
of the business ? 

GENERAL RETAILING American fishermen bought 3.5m worms from 
slot machines in 1977. The fully automatic shop is already a reality. 
Where does automated retailing go from here? 

TECHNICAL DEVELOPMENTS Electronic coin counters, hot can 
vending machines, and small machines dispensing drinks for the office 
with only a handful of people have been among some of the more 
interesting innovations of recent years. 

THE COMPANIES American influence remains strong, not surprisingly 
in view of the U.S.’s pre-eminent place in the vending market Who are 
the machine manufacturers and operators ? 

THE PRODUCTS Making products for sale in machines is an industry 
in itself, especially in the food business. 

For details of advertising rates in this Survey 
please contact: Peter Highland 
Financial Times, Bracken House 
10 Cannon Street. London EC4P 4BY 
Tel: 01-248 8000 Ext. 572 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 

The content and publication dates of Surveys in the Financial Times 
are subject to change at the discretion of the Editor. 


improve life on the 



BY NICK GARNETT 


A NEW report, “ suggesting 
major changes in the way the 
UK shipping industry organises 
its manpower is due to be issued 
to shipping companies and the 
unions within the next few 
weeks. 

The report is the work of the 
Sealife Programme, a j°* nt 
union-management' 1 investiga- 
tion into manpower, planning, 
set up amidst . severe staffing 
difficulties confr onting the ship- 
ping companies. \ •’ 

Shipowners, in the 1980 ‘s and 
early 70’s were, faced with a 
major problem-r-how- to retain 
seamen and ship's officers. 

There was no ’ recruiting diffi- 
culty but too many- seafarers, 
particularly senior officers were 
quitting, not- only to go to 
higher paid shipping jobs 
abroad but also -.to other 
industries. 

Given that it . costs about 
£12,000 simply to train a ship’s 
master or senior en gin eer, the 
drain on manpower was having 
an adverse ftnarwaa^ effect 
Beyond -that it was preventing 

the compasses making the most techno- 

efflcaent use of their employees. traditions 

It was a mark of the serinus- j^g at.n.j deeply Tooted in the 
ness with the -industry ^ ^ 

wewed the pretotem tiwt a smaU ^ between owners 

group of shipping companies, ^ ae un j 0inS( and on some 
normal jealous of their «>wn ^ shipboard life 

independence, came together m between .different ' unions or 
1974 to seek a solution. between grades of seamen. 

The result was the setting up Nevertheless the programme 
of SeaMe in March 1973 as a has been trying to steer the 
joint venture between the industry towards some targets 
shipping companies, the five sea it believes should be met if 
unions, and the Department of shipping is to improve efficiency 
Trade. The General Council of and job satisfaction. It is now 
British Shipping, by means of a on the point of proposing firmer 
cash levy on its member com- proposals to the General Council 
panies, has been almost the and the unions on how they 
sole source of funds, providing should go about it 



A navigating cadet receiving Instruction in using sextants from the second officer aboard 

-a giant tanker.’ ■- .i.-i-' V 


about £3m. up to the end of 
next year. 

The 'programme, under an 
executive committee and a 


The team has focused much 
of its work on three features 
of the industry which it 
believes are hampering attempts 


>,e t0 sort out manning difficulties, 
general council . wtuch has m These ire tic ^ 


have the support of the repre- 


ence of the “pool" system of 


H id ? lab " ur - * e tradition of viewing 
before, ratifying pohey de y 1 ' s hip complements as temporary 
sions. could do little about the wmmmtieS' and the some- 
outflow of officers who were times ^ppy relationship be- 
simply seeking extra money b^eeu officers and shore man- 
witm foreign flag companies. It a2 . C mcnL In addition there is a 
was empowered, however, to j ar ger category of difficulties 
study ways in which the liife of elated to ’ training, career de- 
rati^s and officers in UK velopment for ratings and 
shipping could be made more officers, and thp peculiar nature 
attractive. It was on the basis of shipboard life, 
of this that the companies British shipping, in line with 
hoped better man management, [fiat of most other countries, 
produotmtv and profits could operates a labour pool system, 
be developed. - Only a third of able seamen 

The programme's team recog- (qualified trained deck ratines) 
raised the difficulties facing «. are on regular contracts with 


particular shipping companies. 
A third have long-term though 
informal arrangements. The 
remaioing-30 to 40 per cent are 
in the labour pooL 

A much higher proportion -of ^ 
officers are regular employees of 
individual companies— about 85 
per cent— but that still leaves 
about one in six drawn from the- 
pooL ..... 

Although the pool system is 
dying, its continued .existence 
is recognised by most shipping 
lines and many seafarers as a 
stumbling block to impxpving 
the general standard of officers 
and seamen and promoting a 
closer relationship between the 
individual company and its sea- 
men on which better produc- 
tivity can be based. 

For one thing, the pool 
system tends to dry up during 
the summer and Christmas 
periods although the number of 
men needed by the companies 
remains fairly constant. Com- 
panies are forced to take what 
is available, and this has meant 
trawling fnr seamen from 
southern Europe and elsewhere, 
where standards are generally 
lower. • 

- The operation of the system 
also militates against attempts 
to improve commitment from 
officers and ratings to the 
particular companies they work 
for. 

Some of the Sealife team 
believe the quality of pool rat- 
ings and some of the 15 per 


.cent non-contract officers Is 
lower now than it used to be. 

Associated with this is the 
industry’s own relatively 
; entrenched attitude that, apart 
from most senior ships'” officers. 
Ship crews are simply a collec- 
tion of individuals brought 
together for a relatively short 
'period to work on one or two 
-voyages before being disbanded. 

A lot of seamen however 
appreciate the flexibility, in not 
■filing tied to particular com- 
panies, that the pool affords 
them.. Shipowners. for 
their part have been worried 
about the cost of operating a 
la&Our system without the pool. 
In’ straight employment terras, 
it is more costly to man ships 
with crew members on stable 
contract because companies pay 
but far more for idle time and 
seafarers’ travelling costs. 

" ‘ A growing tendency for ship- 
owners to nverrnanage ships 
from the shore is a develop 
ineftt 1 which the Sealife pro- 
gramme sees as a real problem 
for companies* manning policies. 

Partly because of improved 
world wide communications and 
tighter financial control from 
management, some of the jobs 
normally carried out by officers 
have been whittled away. 

Sealife has also been looking 
at the deficiencies in training, 
career structure and seaboard 
life.. A central problem has 
been a nnnr career structure for 


ing geared to shore employ- 
ment, particularly for officers. 
At the same time, the pro- 
gramme has been studying spme 
of the basics of ship life, 
including ways of improving 
accommodation and . • working 

space. ; • r , 

The programme s. main. theme 
has been t° fry to show -ship- 
ping companies that in the long 
term, stable crewing, through 
better productivity ’ based on 
improved -commitment ; from 
ratings and officers* should be 
a prime goal for companies and 
unions. 

It has been proposing that 
companies institute' shore" and 
ship training geared to produc- 
ing career ladders. For -deck 
ratings it has been trying to 
sell the idea of a wider entry 
range, with men streamed 
towards particular kinds of 
duties from the outset to 
improve job enjoyment 

Beyond that Sealife members 
are known to support the basic 
principle of single entry for 
officers and ratings as a- way 
of boosting career prospects 
and breaking down- some of the 
tightening demarcation between 
the two- Thirty years ago about 
a fifth, of merchant navy, officers 
came from the lower- ratings 
but today it is -down to about 
2 per cent. >• 

Some new group training 
schemes, involving a number- of 
small companies, have ' been 
initiated with the help of Sea- 
life. There are two. project 
ships where crew participation 
in a ship’s day-to-day running 
is being studied, and a group 
of five companies haver-, been 
meeting to analyse ways of 
changing working . ■ methods 
ashore and aboard ship. 

Sealife is pressing for ship- 
ping and ship design companies 
to extend consultations to the 
unions on ship design and has 
organised a number of “ design 
workshops ” where all sides of 
the industry have been trying 
to reach agreement on guide- 
lines for future ship develop- 
ment. 

Despite the present shipping 
slump, the industry still faces 
a general shortage of able- 
seamen and some companies a 
shortage of good, experienced 
officers. If the industry begins 
expanding ’ again as it is 
expected to do in the next 
decade, the Sealife team hopes 
it will have learnt some lessons 
on the way its 100,000 
pmnlovpes can best meet the 






i 


» »t ■ 

VVv.. 

: y 


\ 



At the present rate csfptoduction, Britain 
has proved coal reserves which will last at least 
300 years. 

This puts Bribdn’s Coal Industry in a 
strong position alongside strictly limited cal 
and gas supplies, and die continuing develop- 
ment of nuclear power With this assured 
energy supply, based on coal, British Industry 
can plan ahead with confidence. 

The benefits of being the EECV 
biggest oral producer. 

Britain already has the biggest mining 
industry in the Community, producing as 
much ooalas the rest of die EEC put together 
To replace Britain's present coal output with 
imported oil would worsen Britain's balance of 
payments by £5, 000m a year This makes coal 
good for Britan as a whole. 

Vast modernisation programme. 

To ensure that these huge reserves axe 
available when needed the NCB, under its 
‘iTan for Coal” is already investing heavily in 
developing new collieries and in expanding 
existing pits. 

We are still proving coal reserves in 
Britain lour times as fast as we are using them- 
Selby, die biggest new coal project, will pro- 
duce 10 million tons of coal a year Ibis and 
other new mines are keeping British coal- 
mining in the forefront of mining technology. 

Everheaidofafluidisedbed? 

Britain is also taking a lead in the tech- 
nology of using coal. Ruidfeedbed combustion 
is a hew method of burning coal in industrial 
plant These boilers should cost less than 
conventional plant and need less , space. This 
method, in which coal is burnt in a bed of ash 


or sand and which is "fluidised' by pacing air 
through k; offers substantial advantages to 
those amsidermgnew-mdustrialb^ 

New wa# s?to keep coal on the move. 

- There ha ve also been spectacular aid- 
Vance? in coal and ash handling techniques. 
For example, compressed air is now being 
used to. push coal through a pipeline from 
bunker to boiler and ash from boiler to storage 
silo. The system is completely enclosed and 
dust fr^ sflent running, needs little mainten- 
ance and is cheap and simple to install 

Problem‘So3vmgisourbusm^ 

Cbal benefits all sorts of customers. With 
District Heating, coal fired plant supplies 
h eating and hot water to whole communities. 
Individual users, from the biggest power 
station to quite small industrial planty gjjJ 
individual homes, can benefit from the new 
hnowtedgeand equipment on coal burning. 

'• There’s an enormous amount of know- 
how-concentrated in the NCB Technical 
Service; covering all aspects of the effidentuse 
of steam and hot water heating. If you need 
advice oamaking the best use of your existing 
plant, information on new equipment and 
techniques, how much new equipment costs 
and what. sayings it can give, ask the NCB 
or your Industrial Fuel Distributee Expert 
help is available. 

jheNCB has a new brochure which teIJs 
what ccwd has to offer you now and in die 

fature-’ Them are also new tediiucal booldets 

dealing in more detail with all designs of 
industrial coaTfiredboder houses. 

l£yai would like copies, or would Ifitea 
t echnical expert to talk over your hea ting 
needs, write to National Coal Board, Market- 
ing Dejit, Hobart House, Grosvenor Place, 
London SW1X 7AE, or ring 01-235 2020. 


Doing Britain and British Industry apdwetof good 









l. 





4 


an ^ 
an M, 

"'ay* 





1 




ISinancaal T&es Friday r August $8" 197S 


a 



EDITED BY CHRISTOPHER LORENZ 



soccer’s finances on 


a more 



"THE ATTITUDE to finance in 
the world of professional foot- 
ball hits many. )n(^ming .direc- 
tors like a . shock-wave. The 
Soccer, world, is;- interested 
almost-exclusfrely to success on 
the pitch, .- The lack of cost- 
consciousness icaines as a sur- 
prise— ta say the very least.” 

.Hie .. .words are Richard 
Moore’s, and he should know. 
A chartered accountant, and at 
48 managing director of his 
successful £5m family knitwear 
business, Cox Moore, he has 
also held the- uncomfortable job 
of finance director at Derby 
County Football Club for 'the 
past four years. 

Few other soccer clubs may 
>oast a chartered accountant on 
their board, -but in other re- 
spects Mr. Moore represents a 
new breed, of young men who 
are trying to instil - financial 
management in football with 
some of the techniques now 
: used in commerce and industry. 

1 “When the first board meeting 
7 ever attended at Derby came 
to discuss finances, the chair- 
man called. for a financial report 
-end the 'secretary simply read 
out the current bank balance," 
be says. "We then passed, on to 
the next item bn the L agenda. 
Cash flow was unheard of".. 


a field he piorweted-in British 
football. He jjasLalso tightened 
the reins on Jty intro- 
ducing a form^ budgetary 
planning and control— in spite 
of the scepticism -'bf ' many ot 
the club’s staff; i " But . he has 
been disappointed -." at the 
inability to introduce a 
sophisticated system of the son 
now common in industry. 

“Gash flow fanning, in 
particular, is. damped difficult.'* 
he says. It is oot a nm of bad 
weather, nor aib 'unexpectedly 
rapid elimination .toom. a cup 
competition (bcilt-bf which cut 
revenue below '^.expectations) 
which “ always mtoSes-up ” cash 


The danger of buying a few 
expensive players, rather than 
spreading the risk across a 
greater number of less obvious 
••stars" — an alternative 
policy generally followed by 
last seasons' . cup-winners, 
Ipswich Town, for example — 
is underlined by Derby’s balance 
sheet 

Having won the League 
Championship in 1972, and 
again in 1975, Derby's finances 
were in an apparently healthy 
condition. But the bubble burst 
with frightening suddenness. 

Within two . years, the club 
had slumped .to 15th place in 
the First Division, though last 


As Derby. County’s shareholders gather for 
today’s AGM, its finance director talks to 
s . Christopher Lorenz. 


Dividends 


It is not only most Board 
members who are overridingly 
preoccupied with success on the 
field. Derby has- many share- 
holders, but- they receive no 
dividends. Mr. Moore - recalls 
one AGM “where the share- 
holders were more concerned 
that we were displaying the 
League Championship. Trophy 
than criticising the accounts, 
which were not as healthy as 
some of us would have -liked.” 

"It is this sort of attitude 
which has led to the situation 
where the 92 Football League 
clubs arc a staggering £W.5min 
the red,” says Mr. Moore. 

Since his arrival on the Derby 
Board, Mr. Moore has en- 
couraged the generation of 
new sources of revenue, 
especially through sponsorship. 


flow, but the buyftig and selling 
of players. .,ThlSv cab. occur 
almost without warping for all 
sorts of reasons: \ar player is 
injured and need? jeeplacing, or 
the club manager-, suddenly 
hears of an opportunity to buy 
a star player, and- has to move 
fast to get him before another 
club;- 

Like any pruiteht ^business- 
man, Mr. Moore -would never 
allow his factory 'manager to 
go out and buy flQfcOOO of new 
machinery at the.dirbp, of a hat 
“We would have-^ato® 1 * advice 
in front of us, and : twuld know 
the return w awidiget from 
such an outlay. W^could esti- 
mate what the m^me would 
produce and giro wL back dur- 
ing its woridnff" fiifc assuming 
we could sell its ptoduction- 
’ There Is no: ssd&guarantee 
oh a £250,000 -foofl&ller! He 
-could break a leg Jn his first 
game, or prove ^-expensive 
flop” •- ---V 


Mr. Moore too 
lems from bitter J 
“Two expensive 
Derby who did 
for us before 
manager arrived 
sequently been 
with a resultant 
over £300,000 wi 
he says. 



.the prob- 
rience. 
at 

work out 
present 
ive snb- 
to go. 
loss of 
years," 


season ended in slightly better 
shape, in 12th position. After 
five years of dramatic growth, 
match receipts stagnated, and 
an overdraft of £150,000 was 
accumulated in just one year. 

Though this had been more 
than halved by the next account- 
ing date, just two-and-a-half 
months -ago, the dub’s high 
spending in the transfer market 
over the past two seasons more 
than doubled the amounts owing 
to creditors in the last financial 
year, to £435.500. All in afl, 
Derby’s current . liabilities 
soared by almost 112 per cent, 
to £834,000, between the end of 
May 1977 and a year later. 
" Such is football’s finely 
balanced margin between suc- 
cess and relative failure," is 
Mr. Moore’s comment on the 
shifts in the clubs overall 
finances over the past two years. 

In spite of the financial prob- 
lems, and Mr. Moore’s awareness 
that “ the risk in buying really 
expensive players is very high." 
Derby has continued to follow 
football convention and go for 
stars, in an attempt to buy its 
way nut of trouble and back into 
a run of snecess on the field. 
Only four months ago. after a 
long board wrangle, the mana- 
ger. Tommy Docberty, was 
allowed to pay £275.000 for one 


player. Although payment was 
on an instalment system, special 
dispensation had to he secured 
from the dub's bank. National 
Westminster. 

The logic behind the move 
was clearly expressed at the 
lime by Tommy Docherty him- 
self. “This is a lot of money 
for a club with only 20,000 gates 
(spectators . per game), but we 
would be getting a natural goal- 
scorer. an entertainer and a 
character — just the type to 
attract the Derby public.” 

The purchase completely 
threw out Mr. Moore's budget. 
But he still says "it would be 
wrong to' try to control mana- 
gers more. They are the 
experts of the only commodity 
a club has to sell--lts football. 
The manager’s task is to dedi- 
cate himself to achieving success 
nn the field. Inevitably that 
means he has to commit its 
financial resources to that end.” 

Underlining the dilemma of 
any club’s directors, he says that 
if the team is successful " then 
the crowds will arrive in their 
thousands to provide more cash 
with which to buy more players 
to preserve the success. Bat 
when things are going wrong, 
when attendances fall and suc- 
cess flies out of the window, 
spending can he the only hope 
in an attempt to get4t back.” 

In such circumstances, “the 
Board really has to back the 
manager — or sack him. Maybe 
this is why soccer managers 
have such a high casualty rate.” 

Capping all these uncertain- 
ties is the way most managers 
are appointed. Again, the con- 
trast with industry is complete. 
"If we appoint a senior execu- 
tive at Cox Moore, we can care- 
fully collect his career data, 
make discreet trade inquiries, 
and examine his record.” says 
Richard Moore. “It is much 
more tricky in football, because 
each job is different, and it Is 
very difficult to make discreet 
inquiries because of the pubii- 
city problems. Yet what guaran- 
tee do the directors have that 
an appointment will be success- 
ful?” 

Not every, outsider to the 
emotional world of football 
would agree with Mr. Moore 
that " it would be wrong to try 
and control managers more.” Is 
there any essential difference 



Ttrrrv Krrk 


Richard Moore: bringing hard-nosed commercial expertise 
into the emotional world of football. 


between their job and that of 
a. general manager in a firm 
of, wy- architects or computer 
programmers? 

• Be also has to keep a team 
of ihiEhly-skiUed, often tempera- 
mental 'professionals at peak 
performance for years on end. 
Y«£ he is usually subject to 
dose control by bis board. At 
least he will have regular and 
formal meetings with them, a 
situation rare in football, where 

board’s only real contact 
with the manager on substan- 
tive issues tends to be via the 
chairman's one-to-one relation- 
ship with him. 

• Ta such a situation; the 
finance director of a soccer club 
can do little more on the expen- 
diture side than Mr. Moore has 
dime at Derby. But there is 
suite scope as far as revenue' 
isi'concerred. 

- Since match attendances 
throughout the Football League 
are not increasing, most of the 
extra revenue-raising has to 
tome from indirect sources, 
unless a club can dramatically 
improve its League position 
from year to year. 

jQne of Mr. Moore's innova- 
tions— since taken up by many 
other clubs, notably Evertnn — 
fe^match sponsorship. Starting 
with a European Cup match in 
1972. when his firm put np 
£L000 jointly with the Inter- 
national Wool Secretariat, 
Darby has gradually developed 
ah annual £10.000 revenue from 
match sponsorship by business 
organisations — ranging from 
bjewers to car distributors, the 
Coop to British Road Services, 
ijjterby's best-known example 

o£ Sponsorship was a deal with 


Saab, the Swedish motor group, 
under .which the players’ shirts 
would have borne the Saab 
name and insignia. But the 
TV companies “killed-off” the 
deal — a§ Mr. Moore ■ puts, it— 
through their ban * on shirt 
advertising when matches are 
televised. 

The most lucrative short-term 
prospect is provided by the 
club’s two lotteries, which began 
operations earlier this, year 
under the new Lotteries Act 
Estimates of what they could 
raise have increased dramatic- 
ally in the past few months, 
and Mr. Moore is now looking 
to £250,000 a year by. next 
season. 


Lotteries 


“The new laws on lotteries 
have been a boon to us ” he 
says. But he is naturally un- 
happy about Lord Rothschild's 
recent proposals for restricting 
private lotteries. 

Mr. Moore is under no illu- 
sions about the fact that banks 
are far readier to risk their 
funds in football clubs than in 
other sorts of small business — 
presumably for reasons of 
public goodwill. “Let me con- 
fess." he says. “ If I go to the 
bank on behalf of Cox Moore. 
I know I am there with a 
legitimate proposition, the end 
product of which can be quite 
accurately estimated. 

"When I visit them on foot- 
ball business, more often than 
not I have to ask almost tongue 
in cheek — as the bank well 
knows! ” 


How Hammersmith 
is attracting 
new industry 


NO LAND, no powers, and no 
moneys Such were ' the prob- 
lems facing Jack '’Stopforth. 
Industrial Development Officer 
for the London Borough of 
Hammersmith, when his unit 
was created. 

Less than two years later, his 
team has identified 60 acres for 
industrial development in the 
□car future, with an employ- 
ment potential of up to 3,000 
people; he is confident there 
will be no difficulty in Jetting 
the space. 

Soon he will be leaving to face 
the even greater challenge of a 
similar job on Merseyside. 

Much of the land has been 
found by persuading British 
Rail and British Gas to release 
unused or under-utilised sites, 
while new powers and finance 
have become available with 
Hammersmith's enhanced 
status, first as a “programme 
area and roost recently as a 
beneficiary of the Inner Urban 
Areas Act. 

The borough’s problems, of 
job loss, social deprivation.- 
housing shortage and industrial 
decay are common symptoms of 
Britain's declining inneT city 
areas. 

In spite of the council’s 
readiness to create Mr. 
Stopforth's post,.bl» first main 
task, was to .re-educate its 
councillors, as well as some of 
its officers. . .. ; 

There was a widespread fear 
that emphasis on industrial 
development’ would mean- 
sacrificing housing and 
environmental " objectives, and 
that industrial decline in inner 
cities was in some way an 
inevitable result, of regional 
policy. Mr. Stopforth set about 
changing these attitudes by 
argument and demonstration. 

The results of a survey of 
local firms showed, among other 
things, that many of the smaller 
industrial units were • built 
before the First World War, 
that council policies — and in 
particular a strategic plan for 
the Fulham Reach area on the 
Thames, designating it a housing 
area — had deterred investment, 
and that because of the 
borough's excellent transport 
facilities there was a real and 
unsatisfied demand for 
small factory and warehouse 
units. 


In council the " housing 
lobby " was overcome, Mr. Stop- 
furlh considering his first 
victory the redesignation of 
Fulham Reach as an industrial 
area. This, he claims, had the 
immediate result of saving over 
100 jobs in a Duckhams factory 
which had previously been 
threatened with closure. 

Having proved the demand for 
new industrial units Hammer- 
smith could at this stage have 
opted for a highly interven- 
tionist policy, building new 
nursery units. Instead, while 
not opposing such methods in 
principle, the council decided 
on the less risky, and it is 
claimed, more efficient policy of 
encouraging private investment. 


Liabilities 


British Rail and subsequently 
British Gas were approached at 
Board level and undertook .to 
release packages of land, some- 
times lacking arcess. for re- 
development. In this way 
Hammersmith saw itself as turn- 
ing liabilities into assets. 

The Hythe Road area, near 
Wormwood Scrubs, is un- 
doubtedly the Hammersmith/ 
British Rail showpiece. Using 
Government finance, the council 
authorised the - clearing and 
levelling of this near-five-acre 
site. By the eiid of 1979 it is 
hoped there will be a range of 
small factory units and ware- 
housing there. • 

In other areas Hammersmith 
has acted as a catalyst. For 
example. Marks and Spencer is 
at present undertaking a major 
250.0(H) square feet warehouse 
construction in the centre of the 
borough which will provide 2i30 
jobs and supply the company's 
Marble Arch store. Hammer- 
smith's role was simply to intro- 
duce developer to land owner, 
and speed through the planning 
application. 

By virtue of its existing policy 
and achievements, Hammer- 
smith must be well placed to 
take advantage of the new Inner 
Urban Areas Act, which will 
give some boroughs new powers 
to give loans and grants for 
expansion, and to designate in- 
dustrial development areas. 

Paul Taylor 


T 


PROCESSING 


\ 


• DATA PROCESSING 


• INSTRUMENTS / 

Measurement of colour 


ig kiln will cook the chromate Sainsbury’s progress 



AIDING W the achievement of tat in i Irastt and wagh WOO he glVSta?' alert" | 

what is described as a great tons. It will be fabricated amf .beejiyJ&rijcuJarly successful in system installed at SavaCentre's tions of each item purchased, 
advance in the production and transported to site ip five sec- competing, for work" onVhis type Hypermarket in Washington The system does not at oresent 
f - processing ot sodium dichromale, p° ns . d and jjjj rollS^nmrt New Town. The store, jointly use scanning techniques to cap-j 

ABLE to operate as a stand-alone' rewrite unit the equipmem-iritiB al | Ca!5 t so far as European SJJonL f U Snpport ' EariVr this by _ Salisbury and ture sales data, but is capable 

unit or as a remote problem- otf.a DEC 11/08 with a Decwriter industrv con cerned. ihe Rotational drive is h* tw.-» SSHi 25 Slores * °P e “ efl *■# of being up-graded if required, 

solving terminal, a speetrophoto- communication . unit. The pro- PniimmDn , £»«*»„« ni *2?5SS pSU- L,d it JriU ro^MW^wab^fs^c p&jert - ° Wemher probably the when enough products carry the] 


KACEL® INVERTER 
FED DISC MACHINES 

TELEXKGa LIMITED 
CHAM CON/ LONDON 888941 


TSSSTsSsr 9 t^i^tssrss^ Eq . u,pme " 1 “ 


first to operate the most article numbering codes. 


POWER 


Few spikes 
on the grid 


Systems of Princeton, New naent data reduction and compitt- of Head Wrightson Teesdalc, is ^rolled by toyristor-based for^rat^y driev > advanced in-stoTe hypermarket saiosbury is studying the 

£» ratRVSMfe sssssr s&zsss. 

ans* “w wssssr* * i 

SurcSt *SS tal, r£ • 32S? 2?SStits a wiU»^ertc^S aJJ*. SPSSSRt about 3$ B^pSSSlratx^'us ^ “I * SET ’ d T ^ ^ ^ of 

textile, ink and plastics in- plus or minus 0.2 FMCU colour £1,5m * “ e a ° out ^ t ^ rre> Fennsylvama ’ u ' 5 » - -pec 8224L Several thousand lines are approaches with different manu- AMERICA’S power supply net- 

duMrics. “ - ' difference unit repeatahiJity^nd . '.;V entered rnto the ■ check-out factorers. As part of the works have won an unenviable 

The equipment ii: built around selectable data output. t.-.-’ - terminals-. by code rather than by development and evaluation pro- reputation for their power 

the ACS Spectro -Sensor photo High accuracy is by ’.• >’ • price, permitting stock, profit, gress a team ba^ recently been “brownouts.” as well as for too 

meu-r (alsn avaifaWe from BOC) taking 100 discrete measure- VMinAVAlri : ‘ and reorder control at store to the United States to study more spectacular total break- 

and includes processing power meots across the visible spec- | III 1 1 1 1 1 v.ii * ^’el. A comprehensive finan- systems in operation there. downs along the industrial belt of 

enmieh to allow it to operate as trura. . ^ V* auuavx. • . ~ b»al packagp is also operated, in- J. Sainsbury. Stamford House, the eastern seaboard during the 

a unit, or it can be connected • The sensor has scanning ' ■ -• . eluding the payment of aH sup- Stamford Street. London, SE1 last two vears. 

to a main computer, combining speeds of 2- to fi second»—4 .'HORTON'-HARTY Colliery already been built by toe tion -of topper, lead and zinc, pliers' invoices. The customer 9LL. 01-^1 6268. A great deal has been done 

with existing ACS-500 or ACS-80O seconds average — and has -.Turoto Engineering is to undertake the University of Leeds with soppon These ores are.already subjected . . already to remedy the problems 

ms. In this war, perform- cell monitoring of dBVe i 0Dment 0 f an improved * r 9, m and tested success- to several; separate stages of . which stem largely from a quite 


systems. 


arvet* is maintained whether the intensity for 
work is done at a centre or over adjustment, 
a terminal. BOG . Automation 

When it is operating as gDaventry (03272 5026). 


Two-purpose tester 


is ' an 


deveopment of an improveo “ 7;" .. . “ v\ • j ■ 

r fl n , a «j n „ W f "I ,y for coal deaDra 5 at the. notation. Wb^a; could,. in future, 

system 0 J froth National Coal Beard’s farfthouse he . replaced ijy this, single J n 4 n 

cleaning fine coal. The National Colliery. However, before-major flotation SSstefa, with savings in |v|OT0 (1/11/1 Oil L1I6 

l^MParrh T^vplntiment GonOTSh hoieAH-iii'M m«i c3 PidI A r ^ 'WvJV 


Research Development Corpora- penetration can be made into the 
■ . - tion (NRDCV vfHl be providing UK and overseas markets, a fuB- 
a major share of the cost during 
the first part of this £100,000 
project It is proposed that 
'1 full-size unit will be installed in Harty to develop 


riramng costs. 


■r-Tracfc-totrack access time 


MEASURlSGjpB 1 wiws bpft rem iMwata .gggJj*. " man'» 'iamlui. lie company iMiftiniale mil 

0 .rod 14 ph. 6000 senes tempera- for forcible insertion i i™ manufacture and sell com- 4 . _ :! ""SSlZP _V.“~ operation giving an .«o-„ ^ -r -—v. ^ 

i urn pnmnenutifln IS automatic XCSlStaOt fflatClials C.J»- ^^“fpfamstorcwl treat^i JSSeYto ^ * SU capacity of SOOK^Tfi acH^tof ^ 




inadequate degree of inter- 
_ connection. 

Now. American Electric Power 
has ordered some unique equip- 


.-ollage. 

The unit is called a static com- 


■ • -- „ ..nuniwi j ra the UK and overseas. The 

The instnunent _js *>ouerfd.^y.^ 6rk has extensive poienUal 


turc compensation Vs automatic replant 
and there is. .the acWitionai meat carcases. 

facility of direct temperature The insmur , „ M4a , „„ «««-!.■ 

measure twot over the raupc internal MN 1500 unang^iese 2T,nlications in Drocessinc of 
ol mums 30 to 150 degrees a alkaline) cells giving & ^ Soortant mmiic nSne^. 

The Model 6060 has a rcsolu- 0 £ continuous or 60 hours iffier* unportant nietanc m * 

tioa of 0.1 pH and its tempera- jnlttent use. Battery ltte • is f!**! 1 * flotation is widely 
lure compensation range is 0 to greatly extended by the Siposk- “Plied to toe Mriebment of 

: .. j . ~ -r^ kK.i..n.. 57 7r._j.-_i_ • ninmiiaiim minpRi <i thrnuchout the W 


loos help kill bacteria 




vrtiT al r v£* of botb single and double^toity 35 ipsee' and-tirack settling time £ f DUl ln u _- in Th «- 

^650^' compatible with CBM snd-to^a^^c puUey^^e m^i^es^rges^rippte^ro 
diskettes 2 and 2D (or eqnjva- shaft of- a fodr-phase permanent .S?L,wJrWS2i niTnn* iinS 
lent) and its electrical intSftce Wet stepjfe/niotor. each step d S 0 S* “Vem 

is compatible with the current, of ; toe mtoor causing toe head oSt S 

proposed ANSI standard to move one track. 225 J 'ilfeiKSi.tSK' 

toe enrrent de Judo industry"^ I%rtoc.' l 10. Portman Road, is d° e without addmg fur- 


ASEA 


(UK), Villiers House, 
* London WC2N 5JX 


similar Model 60S0 'thefigum faiiltiv 0 w'hteh meana -tint and enables gangue or waste to xms oanena c wa W per cent . : . • . "Keafitog,. Beaks. (0734) 5S2I15."’ ^.wer and^also^wito 6 ve^°low 

be be removed from the more and ^ expected to have a revolu- buuidiry, thereby reducing power loss, 

are O.Ol pH aud- 0 to 50 degrees ton YiSuSt a valuable fractions. A suspension tlonary effect on food preserve excessive weight loss in meat The ASEA design requires. less 

Both models are supplied wp-$vt b^iwraired Tvpe AA^ of the fine solids, mixed with a Uon requirements, has been and eliminating discolouration. ~ ' v J maintenance than other types of 

nHc^wito a ^chok? of iwo c^noabV cells' are ofrexwf-as frothing agent is aerated so that introduced b a Bectas of Switzer- The equipment can be in- «Tp¥r fn at MPT P owe 1 r smoothing equipment and 

standard probe setsT Set A a anBfal and « ®«A the bubbles carry the valuable ***&- stalled m a few hours and works 1VCY IU UClYVUlA Al IX JT XJ « alro easier to modify or 

MHtehto for nK -meaasremett chaSd for use on 240 V -« mineral into the froto. while the It takes into account ihe elec- automatically by creating eiqjand. The company has been 

In liquids, while Set B is for zuatoTis then provided. gangue or other mineral speeie$ trosfatic and biological content in^nse iowsttion in the indrawn COMPUTING SERVICES UNIT NPL.has developed an interface desisn,n B afld . building static 

pH measurement In wnMldi^M Jnsttoments. and , so at the National Physical Labora- toBS442l **!£%$} plug directly ^ r 

.such as soilXi and solid- food- 20 Portanoulh Road, V-est fields, ■ The process is mainly used in hamiditj. Applications in reaJoes toe count that operation |ory in Teddingtou has taken into a standard G EC ^000 digital 

Muffs such as W. cheese, etc. Horatean, - Hants. Herwtean the UK for ihe removal or days f ” JT''””” — . - 

lu addition an extra - rugged 5S0020. Trpm fine coal fractions in coal cc=sia 

vriberies. The fine coal rising an £ fo °l; sto ^!: e rh 

•> - ifl the froth must be filtered - cooi rooms, the _ ... 

■ : before blending w»lh ihe larger . reduces the bacteria ilpuse, Edgware Road, Colindale, data. work termina te . 

^ J, coal fractions, but the residual connt by 50 ceQt when Lootioa jfws. j t w yj data from ter- The GEC 4070 installation . • *1 

W Ol KS -ITI 3 nliai mlP ' Ir- day content from the conven- minals and computers on NPL's includes 12§ kilobytes Df store, V/ITl/iniP 

T T vta-amj AU U uwsat a ■■■& tional flotation cell hinders the data communication network, 9.6 Mbytes of cartridge disc store 'HUttUIV 

* and efficiency of this' 4) CONFERENCES which incorporates 200 terminals and a cassette program - * 

and processors of six different Supplied software is " 

makes. To make the connection. Coral and Fortran IV. ,.. WCT . wlKH _ . . - 

LATEST publi catiop. to. be pro- 
duc ed by the Tnternatiooal 
Elertroteehhical Commission is 
a guide to -the use 'of. variable 
capacitors in electronic equip- 
ment- 

The variable capacitor; says 
Lear Siegler-th® Commission: is a component 
added far .a which, because -of. its. robtot con- 
struciion. is probably .. -more 
includes assembler, misused and iH-tremed' thnn.-any 
edjior. Ao jirtatoigue.’.oiher electronic 'reimpqnent. 
available. ' a-. vCftpies /of the Oroide .can he 

nn, m one wnien re uesicneu- ooiauivu *««« ; .. — •'-’EL-.W^wna! wui- aue weeror umunic, luauues apeinai. earn to enable data to be. abtajoed from _thc' CnmmreKfon 

firiSS" S/ ■■*£5 StaSST » p . rocess ” r : “ew " •*> «.*,<**-* «» 





CONFERENCES 

Combustion of coal 


Norton-Harty 

lerroua aim uwiciiuib wsw ue uses in uumkvi««-~ xtjtip .'law^iit rfpwiur! 

and also to sort metals has been high:, and low tensile strength and NRDC uses a layout , 
produced by Hocking Elec- materials and between hardened by Mr. C- G. Dell ot. the, umver- 
irumvs. 

The instrument has 

the Halec and. iselaLuvu .m uv «««* »« 11191 * iumw.* -r---. ,, n it thprphv “ L -“ 6 “ V1 **““««» oie __. rr£ ~ _vrr- r* ■ 

suitable for most- aon-rfestriictiye on areas » Tnw topics to he discussed at the SJ? L* 


otsu aiure . ♦ 

Babbage, capacitors 


diameter* 


55424): 


10 eiwunr 

«J727 - A pOnt unit with an output inhibition, ignition, flame /output card, monitor card < ■’Rtiafi, Gend^L ~S«RtzertaM>Vprito 

■ .'W'OUC to two tons per hour has. turc,.' fire and explosion, on a. ■■ •* . ‘ and a .'single 143K capacity disc, Reading;: - 0734 854H. St^FrTA: - ..7 4 ' ... 






'Einandal-Times Friday: '^gpst 



BY JOHN BRENNAN 


State scheme boosts funds 


NO DETAILED figures are avail- 
able on the amount of additional 
institutional investment that will 
be- available following the intro- 
duction of the' new state pension 
scheme in April. But as Britain's 
85:000 pension funds have had to 
upgrade benefits and increase 
contributions to come into line 
with' the state scheme, last year’s 
net investable funds of £3.2bn 
within the pensions sector look 
certain to rise significantly more 
rapidly than the general rate oE 
wage and salary increases. 

Legal and General Assurance 
(Pensions Management) which 
this week reported a £143ra 
increase in funds under manage- 


ment to £S93m in the first half of 
the year, confirms this point by 
commenting that, "some of the 
substantial growth is accounted 
for by the stimulus of the new 
state scheme." . 

L and G's fund is now taking 
in £12 1m a year. £21m more than 
in 1977: The fund estimates that 
around three-quarters of that 
increase can be accounted for by 
pension managers trying to keep 
pace with the state scheme. And 
it feels that a further surge of 
new funds is in the pipeline as 
the manv pension schemes that 
waited until the last minute 
before upgrading their benefits 
cast around for a management 


Knight Prank and Rutley will 
be reluctant to take down one of 
the most visible “For Sale” 
boards in London. But account- 
ants Prince Waterhouse arc 
relieved to have carried through 
the critical first stage of the 
sale of the King’s Reach hotel 
development after a 15 month 
receivership. 

As reported In the Financial 
Times on Tuesday, a subsidiary 
of Sea Container Inc. of New 
York, the U.S. marine freight 
group, has agreed to pay £9n> 
cash for the uncompleted build- 
ing. Sea Containers has already 
paid a 10 per cent deposit, and 
will pay the balance of the 
money on completion, early in 
October. 

Price Waterhouse's pleasure 
at the deal follows a number of 
abortive offers for the block 
which stands, ghost-like and 


vehicle for their additional 
money. 

One obvious result of this 
additional institutional invest- 
ment is the increased 
strength it gives to the 
“weight of money” argument 
within the property sector. 
L and G itself, commenting on 
the performance of Its £355m 
property fund, makes the 
circular argument that despite 
the .possibility of. “an uneasy 
economic passage" ahead the 
outlook for the property sector 
is, “for current values to be 
sustained influenced by escalat- 
ing building costs, rising rental 
values . ■ . and Increasing cash 
flows available for property in- 
vestment" , 

It may not be the most elegant 
argument to justify property 




shrouded in plastic near Black- 
r liars Bridge on the Thames. 
Only one other firm, but lower 
offer was received by the 
accountants, whoso partner 
Mark Homan was appointed 
Receiver and Manager of the 
developer, Mella Buckley 


Frabhe Mansfield 

Apartotels In 1976, 

M-B, jointly owned by Melia 
Hotels and Buckley Construc- 
tion and financed to the tune of 
more than £15m by a con- 
sortium of mainly U.S. banks, 
went info receivership three 
years after work on Its 736-room 


investment on the grounds that, 
as everyone else Is investing jn 
it Its price is bound to hold up- 
But it Is a convincing argument. 

L and G has taken -its first 
steps into the development 
market this year, .with a, number 
of industrial schemes and the 
shopping centre schemes at 
Eastbourne and Warrington add- 
ing up to a current development 
programme valued at just under 
£Sm. Further developments are 
under consideration. But the 
fund expects to keep its total 
annual development expenditure 
to under 10 per cent of any one 
year’s investments. 

Department of Trade and 
Central Statistical Office figures 
earlier this week showing that 
retail sales now match' the peak 
levels of 1973, but that industrial 
growth' is still very sluggish, pro- 
vide timely iutifleation of the 
unusually high retail content of 
L and G's property fund. Offices 
account for 52.3 per cent- of the 
fund by value, industrials just 
12.3 per cent and shops 33.2 per 
cent Farmland makes up the 
remai ning 2.2 per cent 

luxury hotel started. Now that 
the accountants have found a 
buyer for the block, through 
r/f and R. they hope to further 
reduce the fin an dug banks' loss 
by selling M-B for its only 
remaining impressive quality* 
Its accumulated , tax-losses. 

Montague Evans, who' advised 
the U.S. buyer, has gathered 
consents from the Greater 
London Connell and. Southwark 
to convert the Southern wing of 
the building, a wing that would 
have held around 240 bedrooms 
In the initial M-B design; to 
office use. Sea Containers will 
move its British subsidiaries 
into the converted offices, and 
will complete the remainder or 
tbe black as a five-star hotel on 
a Joint venture basis, possibly 
with the U.S.-based hotel chain. 
Marriott Corporation. 


IN BRIEF 


BERNARD 'SUNLEY Investment 
Trust has exchanged contracts 
for the sale of its Smiley House 
offices in Rue Belli ard, Brussels 
for a net £8.25®. The sales pro- 
ceeds. w hich will be received in 
December, will be used to repay 
currency borrowings. The 
resultant interest saving is 
expected to boost the group pre- 
tax income by £700,000 in a full 
year. Sunley recently reported 
pre-tax profits of £2-04m in the 
year to the end of March. 




LAING DEVELOPMENT, soon 
to be floated as a separate 
property company from its con- 
struction group parent, has 
acquired Ralph Hilton's former 
6.23 acre industrial site in Lom- 
bard Wall. Charlton. South, 
London. 

Laing bought the site from the 
receiver of Roadships. the group 
that succeeded the ill-fated Ralph 
Hilton Transport. And the acqui- 
sition gives it one of - the 
largest vacant warehouse 'build- 
ings in London, with a 120,000 
sq ft unit now being offered for 
a two month short let through 
Russell, Cash and Donaldson and 
Son. After the two months Laing 
plans to sub-divide the existing 
building into units of between 
10.000 and 40,000 sq ft and to 
build a further four IOjOOO sq ft 
warehouses that will be ready for 
occupation late in 1979. The in- 
dustrial estate, which will have 
an eventual capital value of 
around £3m, acquired - a tem- 
porary fame before the Hilton 
collapse as the location for out- 
side scenes oF the Television soap 
opera * The Brothers.’ 


i £*$ '•£ *5- ‘'‘Vs- 

■ m p ’ ** S '"’ 


— Jfc' iijrjp • - 


-2± ■ .V ■ 

•V t* 


Tbe I93fc MocK CQQbtfng-sehie. 
of- the largest central Wqst End r 
flat* • to snrvlv*- ** ^privately 
rented residential space. And, 
as three of the fcuflre. Ante 
facing Grosvenor Square are 

- immediately vacant, or empty 

■«¥i- - by October, It is understood Hurt: 

. Savins' original rule-of-thumb 

tender reserve price ofJnstovw 
fjn, - has been comfortably 

exceeded-. .. ... •• „ 

Hamptons, who advised 
Trafalgar the purchase and 
who remain as selling agents, 
are talking in terms of £60 9^ 
apiece for the three uamodera: 
bed flats fallhig varent ttte 
year. ‘ Tbe agent will be asdaafc 
considerably mere onejjroriefe 
completed bn modernldiW^wp 
- common part of 
and updating, the 4,037; 8 ®ik 

feet, four bedroom flats - rR. ■ 

Leases on tbe remaining:®* 
furnished flats falHn by Man* 
198L But as tenants can claim 
security of tenure, Trafalgar Is 

Trafalgar House, Nigel Broaches \foi* jeara-«uid by otthe property. 

and Victor Matthews’ shipping, verydow profile. hu,,. eronp has acquired the 

property, civU engineering, and sales programme ©f individual sub-leaseboWers of 

publishing group, abandoned flats. of Friends Provident which holds 

the flat ** break-up * business on : A, , family trust client or lease— less three days 

a large scale back tn the early has helped ^ malntMU _J^ : JJ aX thc freeholder. . Gros- 

1970V But Trafalgar has main- .%vjne venT Estate. Friends* lease 

tained a discreet interest In the ^ U S, n „ eS io^ 1C as T S? »nS «*>•«* >” A^ust « 


' tP-* H..S 




talned a discreet interest In **%£*&% e^es in August 2034^^ 
residential dealing ^«^K^te?derfr .forthe 57-year Its 

Tnaktn** thp nccastonaL ton class li. nnhmken block Of to. just £2,800 a ye . 


residential oeapig J tenderer -for the w-yv* TwffaJjrar 

making the occasional, top d^ieariShan unbroken block of to Just ^800 a ye . Mgar 
flat block purchase — -Just toe. STSSSt U. Grosvenor Square, has vwteno move* buy out 

block* in Mayfair in the. vest' Wf' .' me insurer^ _ — 

Liud'Eilanacrr""* ‘ tTU * Develap- 

with the M6 Motorway. up. bridging fina . nc ® 1?5 C riKiv- ment to set up the new post the 

Blatch to to build a 28,000 sq ft scheme. -But long-term. pMSibly ment w SP J^£ ertv Federation 
(am) ctnro and n SO MH sb ft non- Ittmima*-. funding IS- being _U1S- » In Devi-lmv 


Blatch to to bmw a as,uuo sq n scheme. -But British Property Feneration 

food store and a 20.OT0 sq ft nunO-mreftsar. flindmg is- ** Visiting FeUowship in Develop- 

food store — both of which are cussed by the developer, wtuen 

under negotiaUbn^-along with^bais- beea ac f |V f i ,n «2St‘ ’veara The BPF baa been looking for 

showrooms and eight standard property market in recent years. encourage an understaod- 

shop units. A 600 space ear parity- . • ’ iae of g Qj C property development 

will b, built OP M tbfe. and it the (oHowship. 

which will bet under way early 'i^lnl the estabUsh- which vdll come into being on 

next year and which should be Oeuiba ■ 1, as an ideal way to 

open for trading in 1981. fellowship at Reading University, increase the a5 ? de °™! r 

A 125-year lease on the land T^^eration « t0 Provide a ability of ^'^ lo t ^i 2UefoDers 
fmm the council has enabled n t ctnoo a year for an spread the word that developers 


\V. H. BLATCH INVESTMENTS, 
the private, Scottish - based 
property group, has won the con- 
tract to carry out a £3m, 

120,000 sq ft development in 
Nuneaton. Nuneaton Borough 
Council has accepted Blatch’s 
plans for the redevelopment of 
the town's old Gas Works site 
next to a proposed ring road that 
will eventually connect the site 


from the council has enabled of £3.000 a year for an spreadlhe word thajaeveiof^rs 

Blatch. advised. hy King’s Lynn initial period nf three years to rarely live down to their cartoon 
agents Cruso and Wilkin, to line the University's Department 


INDUSTRIAL AND BUSINESS PROPERTY 


MATTHEWS GOODMAN 


8c POSTLETHWAITE 


01-248 3200 Tl UPPER THAMES ST LOtroOH£C4F: 3UA 


Selection of Offices 


H0LS0RN 

VIADUCT EC1 


3,425 sq.ft. Modern. space. 
Good natural light. 


OLD STREET EC1 ^ 

Self-contained. £4.50 per sq.i 


TffOWfM CITY EC1 Fr ° orns from 120-800 sq.ft 

. Only £3.75 persq.ft 


WINCHESTER 
HOUSE ECS 


i;000 sq.ft. Air conditioned^ 
Perfect fot Representative 
Bank. . 

1 car parking space. 


COLEMAN 
STREET ECS 


2,495 sq.ft. 
Modernised Suite. 
Offices & Storage. 


bishopsgate 

ecs 


2.350 sq.ft. 
Modernised Floor. 
I itchen included. 


OFF 

BISHOPSGATE 

ECS 


19.8-iO sq.ft. Entire Modern 
Building. 

lo Lei or For Sale. 

Car spaces available. 


Chestertons 

„ City 



F 





Offices 

9 Wood Street, Cheapside, EC2 V 7AR 01-606 3055 


To Let 


Air-conditioned 
Office Building 


£4.88 per Sq.Ft 


City Fringe - Near 
Liverpool Street 


13,525 Sq.Ft 

Chestertons ^ 


Chartered Surveyors 


(IMfepiif©% 


K) for Industry 


MATTHEWS GOODMAN 

& POSTLETHWAITE 

01-248 3200 72 UPPER THAMES ST LONDON EC4P. 3UA 


FENCHURCH 
STREET EC3 


4,140 4q.L. Modern 
Only £4.50 pei sq.lt. 
Short Leu 


CLOSE BALTIC 
EXCHANGE 


Short Lea-?. 

3 Ori-.-ss, and a ri 2 cec'ti':.i .tn?a. 


MINORIES EC3 


Fj, 100 • q. f i . Rerurbi ji sod 
MVjifuU'.- Autumn 


SERJEANTS 
FLEET STRi 
EC4 

ALDWYCH WCS 


1 ,4*;0 sq.ft. 

Ground Floor Suite 
Divided into private of Ikes. 


3.280 sq.ft. Open Plan. 
Refurbished to a high 
standard. 


BOROUGH 


14,365 sq.ft. Entire Euilding 


HIGH STREET SBI Lease to be assigned. 


AYRES STREET 4 -*37o sq.ft. 

New air conditioned building 
“ A For Sale or To Let. 


FINAL REMINDER 
PRIME BANKING/BUILDLNG 
SOCIETY PREMISES 

119/123 

BAKER STREET, W.l 

LEASE FOR SALE 

Closing Date for Offers 
Noon 22nd AUGUST 1978 


Ref: MJ5/BB 


W Berry Templeton 


Property Consultants 


47 Great Russell Street, W.C.l. 01-637 4577. 


BRIGHTON 

New Warehouse Units 

9.000-43,500 sq ft 

TO LET— available January, 1979 

CITY BORDERS, E.C.2 

Freehold Wanehouse/Factory 
8,000 sq ft plus large yard 

FOR SALE 


ENFIELD 

Excellent single storey Factory 
8 ,500 sq ft 

FREEHOLD FOR SALE 


HEMEL HEMPSTEAD 


12,550 sq ft 

New Warehouse/ Factory Unit 
TO LET 


READING (M4) 


New Warehouse 
15.DO0 sq ft 

TO LET — NOW READY 


Factor ies, Warehouses & Sites 

NORTH HERTS 

sq.ft. TO LET 


HEMEL 

HEMPSTEAD 


New Warehouse 
12.550 sq.ft. TO LET 


RADLETT 


New Warehouse. . 
50,000 .sq,tt. TO LEJ 


LIVERPOOL 


Factory TQ LET • 
T0.000 sq.ft plus Yard 


LONDON GOLNEY New Warehouse 

w - T5 i000 sq.ft. TO LET 


SWINDON 


Factory premise* 
9 J20 sq ft 
FOR SALE 


POTTERS HAP 4 New Warehouses 

XVAACIAU . 4 515 _ 10f140 sq.ft. 


TAUNTON 


Factory /Wa re house 
4JS0-8.700 sq ft 

TO LET— IMMEDIATE OCCUPATION 


S.CHESHIBE 


'^TO-LET . 

Transport Depot & Wharf 
50,000 sq.ft. Site 7 acres 
Freehold For Sale. 


WOLVERHAMPTON 


New Warehouse Unit 
17.000 sq ft 
TO LET /FOR SALE 


SALFORD- 


New F a\l or i es/Wareho uses 


MANCHESTER ®"f E -¥ 000s£ '- 1t 


King&Co 

Chartered Surveyors 
1 Snow Hill; London, EC1 , 

01-236 3000 Telex 885485 

Manchester, Leeds and Brussels 


CHELMSF0ED 

ST.HELENS 


New Warehoi'ws 

6,000 - 13,OC)9 sq.ft. TO-LfcT 


Factory /'Warehouse >’ 
0.200 sq.ft. TO L^T . 


LONDON E16 


Factory /Warehciuse^TO L^T’ 
6,300 sq.ft. 

ON LY bOp per sq.ft. 


CHADWELL 

HEATH 


Factory /Warehouse 
22,000 sq.ft. TO LET - 


SOUTHWARK 
STREET SE1 


3,050 — 10,250 sq.ft. 
New Air conditioned. 
3,000 sq.ft., storage 
also available. 


STRATFORD E15 2 ' 3 9 5 

Self contained floor. 


Ample car parking. 


CRICKLEW00D 

NWS 


7,300 sq.ft. Entire Floo'r. 
Close to station. 


PARTRIDGE 4 GREEN 

Midway Crawley/Brighton 
Modern Single Storey 

* FACTORY 

with offices 

15,160 sq.ft. 

EDWARDSYMMONS TeLOl-834 8454 


CROYDON 


7,050 - 20,500 sq.ft, 
dear space 
in modem building. 


56/52 Wilton Road. London SW 1 V ’ OH 


TEDDINGT0N 

MIDDLESEX 


7.850 sq.ft. Modern 
Self Contained Floor. 



C-‘ ~:7. 


FACTORY SITES 1& S 100 


On the instructions of 
Watford Borough Council ■ 


WATFORD 


DEVELOPMENT 

SITE 


FOR A 

SUPERSTORE 

UP TO 

75,000 SQ. FT. 

WITH CAR PARKING 


Interested. 'Retailers/Developers 
should apply for further 
particulars quoting 

Kef- L.A-C./A.E-C. 


WREXHAM 


‘Factory 

. 3,200 sq.ft. TO LET 


LUTON 


New Factories 

10,000 - 40.000 sq.ft. . ; 

TO LET OR FOR SALE . 


KIBKH7 


Factory M'arehouse TO LET 
3,200 - 20.000 sq.ft - 


LONDON E14 


New Warehouse 25,250 stjift, 

TO LET ’• v 


STOK! 

OHTRENT 


New Warehouse 
36,250 sq.ft. TO LET 


GLASGOW 


Industrial Complex 
500,000 sq.ft, on 40 acres 
Fraehttld FOR SALE- ■ 


Corwultcnto and Sole Agents 


MATTHEWS GOODMAN ||^| 

& POSTLETHWAITE 

01“248 3200 72 UPPCRTHA-'dLS ST LCMDOS TC4R ^UA 


RingJohnCase 



Hiilier Parker 


Industrial Sites 

For Sale 

RUNCORN 3.6 

WIDNES i^ ; 

N.WALES 68 a 

BIAIDSTONE .1.7 i 


3.6 acres- Freehold 


1-3 acres * Freehold 


68 acres 


Freehold 


.1 .7 aqres 


Freehold 


Mnv X: Roudi-n 


073368931 


77 Grosvenor Street. London WLA 2JST 
Telephone: 01-629 706G 

Hint Ci!j of I.omlon, Edinhursfi. Paris Amsipnjam. Australia 


MATTHEWS GOODMAN 
& POSTLETHWAITE 


U«t 


01-24S 3200 72 UPPER THAJiES ST LONDON EC4R 3UA 




K fp 


- 1 ‘ n h 






r„r lease 

1 







STATIC 

diuic 

















Ftoandal .Times ' Friday August 1ST 9 78 


Manchester City Centre 


Adjacent to the Arndale Centre and 
Victoria Station. . : A 

Eminently suitable for a Hotel or f ; 
mixed commercial development;. ; 
Subject to planning "*££ 


For details contact Joint Agents 



CANADA 

Distress sale offering, complex of five high rise buflifirigs. 542 
apartments on 10 acres in resort Ontario city pear Toronto, 
recreation centre, indoor pool* tennis courts, ail knfanitlcs. ideal 
retirement centre. SM.5QD.OQ0. — flexible term.' -Tax* advantages 
on government non refundable loans. 

, ROYAL TRUST. Realtor, Mrs. Kerbei or -.-M#- Davis, 

(Tel.) 1-416-635-1170. 4430 Bathurst Street, Downsvrawrr. Ontario, 
M3H 3S1. 


BUILDING LAND 
AND SITES 


j ST. ALBANS 

! *'* c&J centre ami station. 

! "i* deuuoa ewwm for a.Mo an. ft. 

j offices. Scone tar cueuton. ‘passible 
i Jwrrl consent US rooms), 
j Offers in (he region of £26,903. 

I . Financial Twiw, 

I 10. Cannon Streei. EC«P 4BV. 


INDUSTRIAL 

and 

BUSINESS 

PROPERTY 

appears every 
FRIDAY 

Rate £14 
per single-column 
centimetre 


For lease or sale in Argentina 

Buenos Aires manuf acturing plant 





SHOPS AND 
OFFICES 

BANKING AREA 
LONDON EC2 

! 2 LUXURY OFFICE 
SUITES 
850 sq. ft. 

{ All services and fully 

j furnished to the highest 
standard 

Immediate Occupation 
Details Telephone 
01-606 6564 

KINGSTON 
Modern Prestige 
Offices 

Fronting River Thames 

6,000 sq. ft. 
an two floors — will divide 

COTTON COMMERCIAL 
01 -543 1231 


SHORT TERM OFFICES IN LONDON 
John Carpenter House. E.C.4. 

Why bx tied to a Ions lease, when 
you can rent a hilly wrelcMi once or 
ultr in tlie heart at Umnon on a 
ihort-term renewable basis? These 
modem i&ad centrally heated often* are 
Ideal lor comnamos look l no lor tem- 
porary westiQa offices In London. 
Facilities available Include conlerenc* 
mom. mu it i- lingual secretarial, telex, 
messenger. phnUKLonyirm and 24-hour 
answerinp service. For further details, 
telephone 01-353 6791. 


[APPOINTMENTS 


Tozer Kemsley executive posts 


2 L 0 .OCX 3 sq.-ft ( 19 : 500 m a ) • Contact^ Salvaggio nrnc 
Heavymanufacturing space Otis Eteyafor Company n ctfA-mD 
Upto 30 ( 9 . 1 m) ceiling • ~ . VfestPs&Beach. HH 2585 
immediate occupancy '■ FlorkJa'j 3402 U.S.A. COMPANY 

W 867 


rthu 
i G. 
. re«. 
M 27891 ) 2 . 

8.8.1. NEWLY COMPLETED building. 
9 j 10 sq. It, of offices, basement to 
fourth Hear. Can be divided. Economic 
rental. TeL 606 3851 . 


FACTORIES AND 
WAREHOUSES 

i — 

NEWBURGH. FIFE. Factory. 7.000 sq. ft., 
with office block, for sale or rent. 
Contact Mr. Watt, 03374 530. 


ADVERTISEMENT 


Aatteay Ukh ft Co- Office, Industrial Cavan ash william H. Brown. Property 
sod fnvestmenr Surveyors, 3t Cur am sc. Acents. K Frur Lane. Xmiuubain. 
W.L 61-481 2J». Tel: i»WK. 4»T«7. . 


ESTATE AGEKTS I 


Brilf Diner & Co. .(Office and Cammerdal ciibeoiit 

Property Spodalistsi. 179 Now Bond ~,nv ^ cnuimni CA<rr 

Street. W1V 9PD. WHSl 313*. BURY ST. EDMUNDS EAST ANGLIA 


Ian Scott ft ci- Estate Asent* and L* 1 ?, 1 *»**• Commercial. Agricultural end 

Surveyors, Berkeley Boost. SO Berkeley “{* Auctiwiecr *« 

■ — — — 3 tuner ‘u»v» cjul 


AVON LANCASHIRE . 

BRISTOL PRESTON > * 

Aider (Stanley) ft Price. 7 St. Stephens Derrick. Wade amt Vnm 
Street SSI l£G. Tel: Bristol (623j Lords Walk, Preston, 
2W15L IDH. Telephone:- Sfia.vl 

BEDFORDSHIRE LINCOLNSHIRE ;V. 1 '3 

Connells Commercial. Estate Agents. Srogdefl ft Ca- Chari. S 
Valuers and Surveyors. S Upper George Agents, Silver Street,' 
Street. Uiion lOSCi -1261. lONnQM ’ 

Kilroy. EMaio Age ms. 3d St, LW«t, “KE" uw ™ • 

Bedford. Telephone: 58832- . „,21 

BERKSHIRE KSkte.ES. ei«| 

Chancellor* and Co., Commercial cbcMcnons. chartered a 
Property Offi ce. K GrejUnars Road, EMaie Agents. Uty.;5 
Reading. KT4 SaESSl'4. Decearraltsed Office? 

CAMBRIDGESHIRE ekv tar. ei-rotsoss.-t 

CAMBRIDGE .ft SURROUNDING C«y Agent*, Office Snrcfl 

AREAS Coart, EC4. -Tel: S4S 3751. 


Street. London, wj. n-ffiS B5U. S, JSSJJ JSSSr W.SSIJ 

Smite Me lack. Surveyors, Valuers and * SURROUNDING 

I Egg. AW-, £££ ^ ^ 

lT ' cnurJ^L-. High Street, KetvaurteL Tel: «IW38) 

■Hu— mh— Try?- JSI_ - — „ , 3731. Estate Asenu, Surveyors. Valuers. 

Bt>- tJUKl Asems an) Aamonem of an 

I EKr?S£ aa/JMutstj-- 

fft On! centre. London. S.W-L TeL 01-483 SSZ. SURREY 

ttctr-alre PBS south EAST GUILDFORD * 

Tl' David Bax tar. CmuBRud Dept- IN- 6 WbL Counnereul Surveyors, 

if- 170 High Street, Pen®* SE20 TQB. TeL « CWkiford 

Ki r a.. Estate 01-«38 1S3S. MS3 77?. < or 6036a. IS offices id Surrey, 

m. #322 31321. NORTH wmh?* a *“ !rah3re - 

i urn'CSiintb 1 bS.“pJ! SLS?*! p ssr^"™SJ 

If issLrsjr- Ni •*" eu - ?rsssi ^ 

P- «0*»32f ? , ^- 5T _ . _ Mann ft Co., Chartered Surveyors, 

Sfctfrtore ar.d Bennett ft te. iffi CridOewood Broad- wotong, Guildlord. Camhertey, Fam- 

S yStton: and way. -NHi. <U-4C Ufa. SoeoalMis tn ham. KingnoD-upon-Ttiaines. Walton- 
ood Si., commercial and realdi-jitlal properties. npon-Tbames. n> Assoaared Offices 
■ Philip *‘ 5 om,> f ny ' fhronghoot Surrey. Hants. ’ JL-rk*., 

, a Wet! House. 37Sb Hendon • War. London Middx.. Sussex aari Dorset. Heod tiffin: 

I KW =W- Tel: Dl-snr 6*i imwporated - Commercul Vay. Woking. «WI 1HB. 

. Sutfcyort Valuera. Auctioneers and Surreycrs Tel: U'okias (94M2) *8071 08 Laes:. 


- WamsoB lias been 

a £SSlyli chai nnan of TOZER 
KEMSLEY AND M1UB0URN 
LIMITED, the UK export- II nance 
subsidiary of Tozer Kemsley and 
MlUhourn iHoldin-s). Other 

members Q f the Board of that 
subsidiary a re Mr. Christian 
WflHaas, manasin? director. Mr. 
Clive Baroajtc, Mr. John M3tcbelL 
and' Mr. Ted M'ar ring ton. Mr. 
Ken Cob fex, has heconie secretary 
of TKAl Internaiional TYade 
Frnancc an denniinues as secre- 
tary o* ' o^er Kemsley and aiill- 

bourn Limited. 

★ 

Mr- A. o. Coliioson has been 
a P<ffi£ d « fo the Board or 
BRH3SH CELLOPH.OIE as mar- 
keting director or the films divi- 
sion. Mr. P. I. Pcdrfek, formerly 
joint general sales manager, has 
becom egcneral sales manager or 
that, division. 

★ 

The Secretary for Prices has 

appointed Mrs. Mary Clarke. Mrs. 
HiAeth Stanton, the Reverend 
David Jennings and Mr. Ramlndar 
Singh as members of the 
NATIONAL CONSUMER COUN- 
CIL until July 31. 1981. 

+ 

■ Mr : Peter Rowley has been 
appointed deputy managing 
director, and Mr. Gerrv Goodwin, 
sales, manager, of HARD ALL, a 
subsidiary of Percy Lane Group. 

Mr. David M. Garner, partner 
of Bauiriay Simpson and Co- has 
joined the Board or HABIT PRE- 
OSrON ENGINEERING as a 
noihcxecmive director. 

' . ★ 

Ufr. Brian Marsh has been 
appointed production director by 
ALCAN WINDOWS. He joins the 
company from Alcan Metal 
Centres at Hayes, 
r * 

L jfflr. Fernando U. Fajardo has 
been appointed business manager, 
polymers in the New York-based 
chemicals department of BP 
N0RTH . AMERICA TRADING. 
Mr:- Fajardo was previously 
polymers consultant to the 

company. 

+ 

. JBRss Aon TonJmin has been 

anointed secretary 0 f the 

WOMEN'S NATIONAL COMMIS- 
SION. succeeding Dr. Grace 
Hhmominn, who has retired. 
Mjss Tnulmin's career in Govern- 
ment sen-ice includes the British 
Hfeh Commission. Ottawa, the 
Treasury, and since 1971 the 

Cabinet Office. 

ANZ BANKING GROUP. 
London, has appointed Air. Jt 
Axon senior manager (corporate 
banking ) and Mr. A. E. Archer 
manager (corporate banhingL 
Mr- B. A. PLaice-Leaiy has been 
made manager (technical 
services!. 

* 

• Mr. Geoffrey C. Godber. Mr. 
Edmond S. J. Stand er? and ATr. 
Frank Welsh have been 
■rerflppointed part-time members 
of - the BRITISH WATERWAYS 
BOARD for a further three-year 
' term. 

! -1 * 

Mr. Stanley W. Wyatt a 
chartered surveyor and auctioneer, 
has been re-elected a director of 
the LONDON GOLDHAWK 
E®ILDL\G SOCIETY. 

glr. David R. Neil has been 
atfcomied a dtreclor of UNION* 


AMERICA INSURANCE COM- 
PANY. Mr. Neil has been treaty 
underwriter of the company since 
September, 1977. 

* 

Mr. Edward Hatchett formerly 
joint secretary and investment 
manager of the PRUDENTIAL 
ASSURANCE COMPANY, has 
been appointed a director. 

* 

Mr. Conrad M. Black has been 
appointed chairman of MASSEY. 
FERGUSON LIMITED, replacing 
Mr. A. Bruce Matthews who 
remains a director. Mr. Black is 
president of Arcus Corporation. 
* 

Mr. John FarnhiU has been 
appointed managing director Of 
Alan Cobh am Engineering, a 
member of the Flight Refuelling 
Group. 

Mr. Ian Trethowan, Director- 
General of the BBS. Sir Leslie 
Murphy, chairman of the National 
Enterprise Board, and Sir Henry 
Plumb, president of the National 
Farmers' Union, are among 46 
new Fellows of the BRITISH 
INSTITUTE OF MANAGEMENT. 
Also Included are eight officials 
from the National Coal Board: 
Mr. J. R. Cowan, Mr. Donald 


Davies, Dr. P. W. Glover. Mr. L. J. 
Mills, Mr. G. C. Shephard. Mr, 
£L M. Spanton, Mr. P- G. Weeks 
and Mr. j, E. Wood. 

it 

The fnJlowing changes have 
been made in the management of 

the dow banking corpora- 

THOM and DOW CHEMICAL 
EUROPE Treasury. Mr, J- David 
McCJung, Dow Europe treasurer, 
has been appointed chief manager 
of the Dow Bank in London and 
joins the hank's management 
committee. Mr. Leslie Mersaef 
takes over management of the 
treasury and retains overall 
responsibility for Dow Banking 
Corporation. Mr. Arthur Bolliger, 
at present chier manager of the 
Dow Bank in London, will assist 
Mr. Merszei j n banking and 
treasury. Mr. Bolliger will move 
to Switzerland. 

* 

The Secretary for Energy has 
appointed jg members of the new 
SEVER N BARRAGE COM- 
MITTEE. They are Mr. Brian 
Bade;'. Mr. Geoffrey Binnle, Mr. 
Walter Bor. Mr, 'VV. P. Davey, 
Professor Ronald E7d wards, pro- 
fessor Sir Hugh Foard, Captain 
R. A. Gibbons Mr. J. C. Heywood, 
Mr. Don Jones, Mr. John Jukes. 


Sir Alee Merrison* Mr. Rhodrt 
Morgan. Mr. Arthur Palmer, .UP. 
Mr. J. G. QuickC. Mr. T. M. Haydn 
Rees, Mr. Graham Saunders, Mr. 
Gervas Walker and Sir John 

wnis. 

Chairman nf the committee is 
Sir Hermann Bondi, chief 
scientist, Department of Energy. 

UNITED BRANDS COMPANY 
in New York states that Mr. 
David A. Phflp has been appointed 
director of banana sourcing. 
EEC/acp. He is a main Board 
director of the Fyffes Group, 
London, and will continue to be 
responsible for the banada 
importations for that group baaed 
at iLs London office. 

■k 

Dr. John Maxwell is to set ut> 
his own medical advisory con- 
sultancy service for the legal and 
insurance professions in the field 
of personal injury claims and has 
resigned from the Board] of 
ALLIED INVESTMENTS. 

* 

The BANK OF ENGLAND 
states that Mr. J. M. Saunders, 
an assistant chief cashier, will 
become agent at the Leeds branch 
from January 29. 1979. on the ■ 
retirement of Mr. J. G. Shelley. 


CORAH 

Results of Corah Limited for the half year to 
30th June, 1978 (Unaudited) 


1978 
Half Year 
£000’$ 

A 

1977 

Half Year 
£000’s 

1977 

Year 

£000’s 

17,845 

f 

15,875 

33,135 

1,709 


1,430 

3,315 

889 


745 

1,166 

.820 


685 

2,149 


Sales 

Profit before Taxation 

Provision for 
Corporation-Tax 

Profit after Taxation 

Interim Dividend 
Pence per Share Net 


Highlights from Interim Results: 

* Sales increased by 12%. 

* Profit before tax Increased by 19% 
from £1 ,430,000 to £1 ,709,000. 

* Export sales increased by 21% 
from £1,942,000 to £2,353,000. 

* Interim Dividend increased 
from O^p to 0.9p per share net. 

Corah Limited, Burleys Way, Leicester 


1.85138 


Obimim U January ft fanners, 73 Caliier ft Marine. Ciunerld^Sucifyorf Valuers. Auctioneer* and Surro>ors. fri: U'okias 78071 08 ba-s:. 

Dounins Srrm, Camftnd&e. TA: iSSSSi and Prwrrty ConFtiltarist $ Jtnd* ■ Salter Ron. industrial shro. ConrniLTrisJ „., cey 

tiVM Knate ■. Aficats. Surveyors. Sircvt. London ECU Iflcv 01-S3J 81*1‘.\* He*ldenOal Speciaiwis. 2«5 Kentlsb ^ 

Valors. Laud Asians and Aumoneert Ceorari RUblat ft Jfa. .- Consultant Y«reu Road. S.WA Di^!67 207L affiFrri Dam Camnwrlat. Clwwerfd 

of all ii.'pi’s of RiMdriiiial. industrial. Sunvj-ors and .Vuiiu^tf^mtanoii House, MERSEYSIDE sin^-rrm-s. .VJWorSousi!. L.«wn i«7Pl6> 

Commercial anrf ABnrtflriir«tl proocrtlro. KcUchurcb StrYd-EI^ SUB. UVEttfOOL if* J 00 * 1 .. ' 

hrati.hps at Rprsron. Newmarket and B» Cjffi .CoWte. ew jwft Vffiww 0 \ M Hwatorreq ft Cn, ttarwred 

S™™*.** MwK * ate - 1X2X1 Sum eyors, 84 OW HaP Street. L3 9PP. 


and Professional Department*. 


Commercial and Asniiflrurdl propertlro. KcUchurcb strcct.Jtl?. ai-rifS SUB. lAVEKPOOL offices. • _ 

Praii.hps at Horaron. Newmarket and B» Ciyffi .CoWte. ewwift Vffiww 0 \ M hwb lerrea ft C*, Chartered 

Saffron tvaMen. and Surreyors. Moor* ate. EC2M sulfteyor* 44 OM Hail Street. L3 9PP ^ . lJ ""S? 1 

CAMBRIDGE . SXB. 91^38 4T1M/ 1el\ tt31C38 4iM „ Pro ' e s sa °"^. DeMrtmtnt*. SrtM. 

Bklnt. Ollier and Hamllcy, Charieted «•«»« ft ^Winrerj IfaJLll Dow- MirtS* ft Ptocre. CommenHal 

Surveyor*. Centenary Homy. Huntingdon p ^V r,5r awJ Inveatmcra Valuers. «S Mces ihfouah^yitSMtt*' 

PFM SPO >ana ai SillwVsvrede. Cam- W ?Sr!H_ G astV Sr., Liverpool L2 tLO. 03LS3& 144S. - 

ariris*. Ely. Peter UroUKfi. Si... Itcs. awt.Suneyore.-y'Ropeml.cr SireeL EX4.. R . ^soarV ft Co.. Chart. red Surveyors, 

Tc,: HuMlW,fln S6,;U a K«m, Survesors. VMlBt & "fejS* « ! «» 

CHESHIRE 

WIDMES 3eV , ... .. Surveyors and Estate Aaenrs. 3 CUuuth- tncati. stun ssop: Erubm. 

Dlrai Nmriemn ft C«- Cbirtcrwl 'iT^L^nok'n'i”^^ SI.l!!? 1RR_ Sl ' Hele,ni 54417 ' >6 local offices-* 

Surveyor*. .12 WMm Rd- iNli 4S3 1237 cm ^ MIDDLESEX CRAWLEY 

ESSEX Joh^D. Waart. Surveyors Auritdneere. HEATHROW . *££? ^ Hi*b Sl.. 

ALL ESSEX Valters and Efitaii! Ascffis. WafalVd »"»nrnattoMt Indurtrial Cnnuaer- »8283f ill*. 

8 aim aw eve*. TS Blah Strew. Brent- Cafirt; Thramonan Sl. EC2X Sat. aML 5“ rv « a r i ■“? Prupeny Consul:- j»hB, stickler ft Co™ CSamred Fur- 

wood i«KTi 22KS5, . St 81-KS 8537. «!!?■ Tke ^rp. Harmondsuonli, V.MI reyors. 14 Bnahloc Road. TeL- 3SC3. 

BARKING WEST CENTRAL - fiSSS"' JW 31 Wofi - HAYWARD'S HEATH 

Gif-tujv (a.> ft Sen, Chartered SnrveyorB, : Richard Carer ft Partner*. Ctuutentd HO U Ms LOW Geering ft Colyer. a*7!eml Surveyor*. 

■71 East Street. 81-SM ni«7. .* Sarreiur*. li'lf Bnrinnsham Street, Swre - Cbarierea South Road. Baru-ard* Heasn. 

CHELMSFORD Strand. London WCSN SDU. 81-180 SS8B. ISl RieJi Sirwt. Tel: 81 -j 70 3M4. Tel: tOiMi S731L 

Glenmr (A.> ft Son. Chanrred Snrnumn. De Great Com*. Bs-tatr ACi'nis. Vatertg 5TAIHE5 HORSHAM 

173 WVr London Road <K4S) SSV4.- - and Snrvevore. 309 "It HuJt So born. Richard Brampion ft C*.. Surveyor*. King and Chwemoro >Cammrrria:>, 

Taylor ft Co.. . Cliaric-rsd Smverere. WC1V 7LN. n-sffi hUl. •. - Asents and l alwre. 3a 1' indwr Road. Carfax. Hortbazn. Tel: iWMi (ML 

I'nTTim-n-ial and Induxmol Arc ms and Lander: RurtleU. Clun< red Rupujorn. Wwawgf -.T Pl: w rayatHi ry s&s- WALES 
V.tw-r* i7 Duke Sl. Tffit («U» .355SL Harpor House. 36 * Lamb'- Coadok Unnmerilal'lndiismnl Onum* 

HARlOW Street WC1V 31 L Tel- PT-W1 *521. • sh* 1 ResMeniial Surveyors. Valuers and Rowell and rowan, Oiartered SurTryore. 

Derrick, Wade ft Wa-era. Tcnwim ifad £ fc" -Sat. &•*«• >= ^enre Sum. a 2* .*?«» 

House. The Huh.. Uartw. Ban .\«-pts and Vjlucrv «l Carey Qtmu Stator*. Teh Staines 8831. . 2SB ’ 

r.-fv« 1LT. TrL- 3191 Tfka; 817318. CTG. W445 44W. 7^- NORFOLK BRIDCEBD^ G'WWSer 3*4U- 

SAFFRON WALDEN ft WEST LON&OH ' Turnbull ft Co., Chart-red Suneym. DsYWELim. Fh.-,. rh„» 

SUPKPUNDjlfC AREAS . AflHiofly Bvrimoii 9t Co., Surveyor? A Rank Sir^eL Norwich. Tel: tWWl. Block- ^ ca rtf! ::?*.■ s*. S'atc; Sffcn ' 

Opus lot L. Jmaarv A Pwinttr*. 7 JMnR propeny Coirmiram.<. S?-ndhnmk Hung, friar* S» . Kma^ Tel: fi3814. £ Aritwrigbc, Chontri nr« 

' 2 5OUB0ndSttrrLWI.T..):«^M»L Hriv. Tri- Stt itvd W«« SSmSS ftffiSJS! jSQfiSnl 

* ,, 1 78 Aston Hoop«T. Charti red snrvejpja and Street. Cromer. Tel. jii> 4. Sperjal»u. Offi.vs a: Card ff 4ics 

\^lure«. Land _ Ag Btlate Anedle. S«S Rma W**BRR: NORTH EAST HrViK-nd 36331. S-aansra 3|*:j Harer- 

rnr^il Srj^lreral mmS-rei i?* 5 and BirminKham. .. 5. O. Elllaon ft Pmtners, 74 TCorthmnber- lordtmt 4?*. Baasov 1414. Hereford 

Swiioa Acricpltwa: I wsoeruea. -charterM*, Cham-r«i sunvu ns - and land Road. Aeneakile-upon-Tync. Tel: irr?n and London ai-3e 0 4S«. 

5h*I. 5 v!*lta T>itai 4 WM(. ^ tntue - ASrtin. U\-« End CWcfs. it*ai-:4K4. also at Ertinburfih. TVWYN GWYNEDD 

^ ™ * -j J. ' factories. warehouse.'. eic^- 73 Storey Sou ft Parker. Cbanrred Fsher AbOtt ft Co^ Awiionem, Hich 

5 -S5’4^ U *’ A c * MrjlCT Sl ' Erwcveaor Srrm. Wl\ PJB. Ol-l»:6(0t Sunryurs. Neucasiic nsx Stan. strr e LL3S pad. •0634« t:bsM. 

' , JlvSw-JSJiaaiM ' C«*mH* Commercial. Estate Aaenu. Mnjdlcsbroiuth 6648 - 4S301. Slokealey WHT MIDLANDS 

GLOUCESTERSHIRE . • \atucrs and Surveyor*, n? Grosveoar WC rteSS. ki rm ih cham'” W 3 

PoMCff »d powelf. Chartered Rurreypre. Street. WiS 8D A: 0I-4W (Si. ■ Northampton Iim Hmer. Oaa* r-d 

rnromem-I atut tndurtriaT SnctuaUjts. Conrad Mthlac ft Co.. Corptflual ArrroW Barnett. FRICK. 78 Sheep St- m- 643 teMVw 

S7 41 rtarewr Srrm, CtouretfwJSU |urtc*onjmd Vatut-rs. ?liln»*r Bwr,m Sorthampiou. TeL iunmi 53317. SJlC & SonTE^lSe-jK. -8.-* 

IP\. T.-’r ^444 aKP at CantUT 5T6«L Manctuatcr So,. W1M *AA. 01-033 A08. R,ch BaSi. si-KPreS! 

CHELTENHAM ft DISTRICT Dnk ft CA. C Bemrr, Sl.. W.L.S, NOTTINGHAMSHIRE Sf, Snxe!l BI. 8..F. BUS 

Lawson ft Lawton, Chartered Valuation Aecms, Value « ft Surveyors. 61-8371881. ho Tn ere ham * 

surveyor* A- Ratal* Apeat*. s - Recrm Do Groat Cribs, Eslai.’ .Vicnts. Valuers Beardsley Theobald*. Chartered Snr- YORKSHIRE 

Slim Cheltenham GL38 I ITT. 0243 and Surveyors. 8 Ctflord ScreoL WUC vertm, Chanared Auctioneers and SHEFFIELD ' 

21*77 it. SAG. flI-754 1584. , Esuie Asruts, Cummerciri and Resi- r. Saxun ft Co, Chv-ncd Sorrenr-* 

GREATER MANCHESTER. ‘ mSfiSSfr' f”" 1 ? 1, Uartiet SU¥t “ «« «“ Fjnate .-teems and A'tiueis. 53 


V 

As l^ew Yxk’s oldest bank, 
we financed the trade 
of ouryoung naticai. 


5. D. ElUren ft Partners, 74 TCorttamiber- lord west 47«. Bausor 2414. 3“ reford 


Now; almost 200 years later,' 
we are financiers to 
the wide werid. 


Mills anil imdey.lWdne in Xwrtissailw, 5d Brmoa jtree i W^Mh. V»nwrs Ot Uwnten^dManiie^eT Eason Lockwood ft XWflr. Char-iwl 

rimerrniu m YtefcsUrc. Tel. ol^s Cffi. If** 1 ” rf ., Sureryora Propcry CoKsnSar.r'. sat-s 


SEVE NOAHS • • • 

-ffadUtte A Son. FMC5. nmtte AcrtU. 
twa*fe Kdnsrei -SnwmjaK*. T?l: 5S3L 
TUNBRIDGE WELLS. • 

CmtIh* Cofcw, Chaflcvca -Sarrerert ; 
t:< 3*- nu*"-.SimL . TUBhnfltr- Vitu*. 
Tel- «aS3- a«3ft - 


TO; OI-KS OH. nHifT* m Mimjnrsn iwaies nr MRiwm, tnancr.'o surerrora Property fnpsoSar.f* sat-s 
HAMPSHIRE ... . jod. A J4tc. Office In Duhbn. Malta- Surveyors. 3* BridlesmlCl: Cate. OCft; arid Adnre m re-omeeiwi » :h cora- 

S0UTMW4PT0N. PORTSMOUTH Chtol * 01 . f". - ^ 

f AREHiiH TOaiQ. Pmumy Miyot r nicm In fyra^af. 

Ifol) ft Ffotqr, Chorterefl Rnnrr’-oM. n’ ■« > * T *" T,!1, 

iKSssJ^STM 1 ^.^: PLANT ^MACHINERY A*""“ 

1 Airily Ewwtafe. jftSI Raffotv. diarl-red Fur- Ertw '".tePms.^Aortr^Jrwr.d 

»tpc- mm Manchcriin ;\\i TAt). T-l: Wywr. AtHatoncere and vrinere of svnerors. s 7 BrSuesina-..\oA‘ To* 

Moult ft Ca- RJ.C.S.. com, and md, Bafmaw Ewes, Valuer* awLAae. Plant. Mirinm-ry and Faetory iM8t. ->jui 

$2? SSStSnSb ^? unt5 ’ Nunrere or nam A H**ptE* PremteM throoffiiooi L’toied Kias- c __. " akit. 

Sallshnry ho.. flaiV M. Tot W*7fl. Trade- Slocks :brourii«u fhe tLx;. dom: ro B« l. a Htoh Siren, ■ SCOTLAND 

HEMEL HEMPSTEAD _ AMentUB* Walk. KC2M dULTMBST Web Wycombe, Bncfeji. Tel: c04Mi B*» Ingram. Chartered Scrreynrs. 

*. J. AltcMsan. ranriered Saneygn. . isSL. ' 5US4. AHerdeen. Edmbnraft. G^reou-. Lontton 

g Hcmri pctawrari srie. Frank C. Bawen Uriud Kina ft Cn- Chartered Surveyors, ^» b - Walker E-J^Sursh. KISS 

» iK3?*d‘ ^ i t* iSKT^ SSSSaUBESSn ? %£■ aLm » * = ^h 

teTCMWORTH. HITCHIN AND ^r^STSid O^reca. VMS SOT- 

M " IM « £&2J?£5J?JSS SMBmJS E™ ^ ,? ’• ««« »«-™n 

wdsrsp 3 ‘‘ ^ ssfl&sf fait ’ 0 ** ss- ss?s " u ***** 

ROYSTQH ft SURR0UHOI WC ARE AS k V Auetmiiw. 8. c rhw «" Ud.. 

Owurisdt L Jnnaary ft Partners, . Valuers. 39 B2 Hifih Hol&ern. LandSn ^•WAtO Nusmqn, 5fr» ft Keiryett, Lm»q A»rrtlt-». \B: ;a.\. 

T'O Ifiu. Rosriwt. TVl! lOTfill 4«t wIvivTeg. TeV ul-«j »£«. WE.. Autnunccrt. LQSS t-i- 4s;, 

rM4f<- Aerniv Surveyors, vainer, ljwi ■ «t Birmutclumi ami Lrnlx- .. * '■him, » CMte F-af*- WrMer ft Co., nsarfered s>ihwr> 

Aanjs 2IKI AucNaorvn it# ail fMh* pf CrieWtakTEvkus ft McKmrel^. i££nsvcnw |f!^ UuflftOtilY'iHA. go ii nwn *>-■•«. ab: IBS -FCl- 3T5«?5. 
n.-sHteiK3L todourutl C«wnfr6»4l add OuSUv " r.mr-. ChMuivrt Su«. ??}' W-W 6i»T and at Firminffiuin. EDINBURGH 

Arrirtilmral wwiKn«*s. Lwmliln wcja JHp 1W ni-S«.«c. giffihn. Mancbmer. Sydney * s. o. EiiMtm. *-. \-nr*ii car-i,. g, t*!: 

watporo . . , gperUKt ValiK-rr and vuefuruat* it r&oume. rnil ’S'* SWT aKo *• Veu-rjurio 

Gwriwt ltodren.li CC 147 Farole. ' tn the PrikiaiA laju-us- '.V 'S anriq iw Tawnend ft Gltbert. Lawere, Cmm Str«t. art- 
Wulfnrd SBitl 08 Jutes i. . . ,■ Rriffinin, CftartorTri SnrxHore,' MJridtShrousb PM1 S4I1M • TW 4791 

KENT tadtORUl BulIdllUtf- Planr cairtle 1K3Z OSkSl. Darlmauin 0iI3 Ruden. Ketoielh aud Partners. Char-mj 

ASHFORD ■- WidtinfJY. AffcBriH-v-r* * v atoe». «ac. ^■nvt Slijpmr S«v«. l £5. 

Barrow* ft Day, Chartered -KwreTar* -PnuutK Rtnr-e. fi. p. stoolefon ft c*^ AOKWcer*. Jf. 

and Euair AsriiW, 38'41 Bank Street- Lereto LSI -5RE. Tel: Sflreeynre and Valuers nf PUurt “J^***, 

Ti-1: Ashford <82931 2«EL ... .' Aire- « Huddersfield. Bradford RSl lJachtoery and Factory Premia-*, «i otmirrIiIm ftCo M CptsigT. Son:, xri 

Georinu ft Crirer. Churtrred FnrreyorX Halffu . Lloyds Bank Baddlnnv. 33 Kins SL. SS- 3 RoMl c ”*- C- JSL. 0C-L2 

Bank Slre.T. Atfffnrd Tel: (BS331 34381. . Edwards, BIpRwod Manchester ». «t-SSa S27L “2- __ .. . ‘ _ 

BROMLEY ft DTSTRICT Cofaw Row. BirmiBShiUii BS 3fiCL Edward SyomoiK ft Partners. BeMJth and Partners, CtBrered 

Baxter. Pane ft tapw-r. Chaffered . Tri: Cl«S S477. ^ ' .AtWtaRers * Valnors, 3BB2 WTffua surre- re as. m GVrt Genre? Syu si. 

Survvvor*. i« Eai SawL 01-4M UH, Jrim Foard, chartered Snrwaatt.: Rood. Londoo swrv idh. Tel: Eg?* - p* J 05 - Ter. mvsji s33T. 

DARTFORD • •* flL Quean'i Garden*. W-- C8L 01494 S434. nod at Manchester and S c 5- ^^/rd Sj^?reT». 

Praff Chamhlui _ft. Prall. Qurtercd Velum itf lntfu*irlal Proaero.. ffott togtuin . n WW Mle sl, Oi «PJ. sn:. 

KanvMn, Awdonovrs 8»S iSanth Warn- and ffiadmiMy. ta toe u^R.rtmfc»<, WaVtan ft Hubs, Qiancrrd IRELAND 

.Xarnto. “u Sottal Street, Tel: 2F89L am} Abnud for fjd FCSM; ,-r. SurveyiRS. Valuers and Anciloneers. BELFAST 

MAIDSTONE . Fttjiar. Hsrsetr. &i« * of . PtoW ft Machurery and trade t-toer ft s«i. J9T5 Da-iejaH 5inzar», 

Cnrioo ft triycr, Ownerwi snmron, Dow Lane, London ECttt 0ET. T*h_ «ochB threutdumi the United Kina- San Beirasi 3- mczn SiSU.' 

t Chilian Bfaw. Kiin Street. Bald- tR-S4S 7*34. - , . dom. Kontoahaiu-Byanl Lane. TeL CMK 

«IW. T.-l* ifttflljSHM. =2.-4.. nith Friter^ ^Prisw, <8M=> 5C7L Mansflrid-CSrocIre^ * Emy S Grand Parade. Cnrfc. 

B'repl. TtnrtWtdsc ’ Vdl*. Tel: fP»;i 8 LcOBQll Mpy. Fh-.-ffi 1 *.? ^ .!??- Ckte. TDanrfieW. Tel: i«Wi SaC!R Jel: *ara. 

73TT5. 3am StmL 'AsMimL Tei - ffctii' ''TeL- tms\ ns*I. Telex: *UWft «dlan Mov< hniy- a Marker Flare, DUBLIN 

wait. • - • - ■ Mrad UMr* LiindM- . . . _ . Writ on Sfoubray. Til- <8«Mi S7SV3.. Lj W* Wmtttoq, FS ?= D^v-r/n, », 

ROMNEY MARSH AND Of STB ICC .. . -Gaddatd «dd Smhh- » ?**}&-- Wcaih»rett Green ft Smith, tturten-d lWblin= T«; -895it rf|»L Trice: V.:*. 

Tinalcx 'ft' tlfnch. Valrirv *oO. Friale -.Rl.. Junes'*. Eopdon SWl^ ■ Ka-^rreywi / Esmic .UCDlx. ~ Leaiiar*. Ji Daw«*i Sarrcr. Dahha. TeJ 
ACeuto New RMantlr. Trlr- iftTte.SIBf. • ..T8fc B«n r«l. VjftmK of rilMate Oamcrf LAffle, uwdm. wj:.i Td: 1 ~p?- 

SEVE HOARS ’ - • -. pud ■ Machinery ^ Frnrs. Lenri»n S’ *&**■*’* Gr_. 

ftoftkto* ft Swt. FWC5. ■'Hmtte Aura. -preiinfa* -tftrouBMwif «**■ Cfftltd Ete ., tM 08 8811. Pi. Tcl; ~‘ Mr - Teiai 

TMyft HAm«i.Sr.«wakk. Tel: 3S3L KHtodom and «7«w«w»i. . . »**»« * Gale. Chartered CHANNEL ISLANDS 

■rUNORfOce WELLS. • *. . icon w uwo i-. 3 .??- AHWa- ^ww g^BMi Au ;f ns CMV Guernsey 

Cwrla* ft Caftftoj ClwMcred -S»rvnw% ; Manetteriisr MM ***'• ” - S,rte '-* k«lls. Tel: Lr Face Ecuue ASency. Cle-er-.y 

-!:■» nitth‘Sir«L Tuahnte- \«HI. . 4ip- - rhamtor-. Gia-.i'arp^SV.ad- s- 

M«*rerewtoaN> llMIIIHainM ^i*nreMre*reMaaH*iNHP*<MS' Pcfra- Pen Goe-nre.-, Tei «£I JJSW9. 


Our international im nlvement bes^an early. 
Soon after our nation's indepen- * 

dence, The Bank nf \eiv Wirk was | 

. founded to encourage the jtfouih of | 
"iynerica’s fledj»liti^commodities trade. I 

That was only Sl 

the beginning. 

Through the cnMiinK years, we -/ 

June i^rown from siren^h to ' J? 

str-enjrdi . Today, we ha\ e an im- k ^5 • / A 

portant global reputation Tor .'3 

both the tjualii y and scope of out" ; * -fl| 

Senices In our <.01 ixjrate ^ flH 

customers. 

• We can boast a uniquely com- -V- - / A.- i^ 
paiibie relationship u ith scores of ■•' - ■ ' 

• wrrespondem banks, botli at -y--^ 

■home and overseas. ^ 

1 And we serve the diverse ‘ • t 

financial needs of American .*■ h 

corpoi'Aie clienis and their over- 
sea* subsidiaries, as well as local ^ ‘ ' .• 

businesses all over the world. ; . 

London Pride. j- 

Out London Branch at v “^1 :•(« 




147 Leadenhall Street provides the full range of com- 

■SgI ! merrial banking services. 

It is actively involved in corpo- 
rate lending, export-import 
financing, Euro-currency parti- 
cipations, leasing, cash man- 
\ ajtement, corporate trust and 
i investment management 

^ services. 

-. y Aj London is complemented 

r<V by the International Divi- 

l V ■; sif m in New York . the Bank's 

: VW>. M9 branch offices throughout 
$ fPK d ,e entire .State of New York 
and a complete branch in 

_ Merely the Very Best 

: "The Bank of New ^brk has 

::: never sought to become the Very 
Ifffe Biggest. Ou r aim is merely to 

? i be t he Very Best. 

* tjjfc I n ^ acl - we take pride in our 

§||fc.: : rank as America’s twentieth larg- 
est bank. Not its Mass Money 
Mover. But its Finest Financier. 


m 


There is only one bank this old. And this new 

THE BANK OF NEW YORK™™?™ 


London Office: 147 Leadenhall Street, London EC3V4PN 

Main Office: 48 Wall Street, New. York, NAM 0015 

Incoiporaied with limited liability ui the State of New York, US.A. 





7 


Financial Times Friday August IS 1978 


LOMBARD 


Skirmishes on 
inflation 



Airs on a 


BY RAY PERMAN 


EDINBURGH 

I VI I IJV I If III ctrCTlVAL '• But it i* also looked upon as number of other less formal Arts Council, profits from the 

r CO 1 l V ML. an event to be enjoyed. entertainments. Three years ago military tattoo and private 

" ■ " ; ■ " Edinburgh people buy around the city's licensed trade per- donors. 

. 30 per cent of the Festival suaded the magistrates to allow The Salzburg Festival, which 

BY PETER RIDDELL . rr IS an old Fallacy that Ediu- tickets every year and a similar late opening in more than 300 soils around the same number 

burgh people do not particu- proportion is taken "by Scots pubs, restaurants and hotels of tickets (although tt usually 
larly care for their Festival; from elsewhere. Visitors from and the experiment was a huge has fewer performances and 
THE FIRST skirmishes of the There is plenty of evidence that every year at this time south of the border and from success. Now the Continental lasts five weeks rather than 

election campaign have already about what the underlying race dour Presbyterians skulk in abroad occupy only a minority luxury of unhurried drinking three), cad a budget of ±5. 4m 

started; the cliches have been ° f f nce . '? ,e their houses of sombre stone of the seats. after a show is part of the in 19 »6. Its deficit Is spread 

.u. best current cuiae is the index ^ . ... «n»ne_ Even rh* noli™, harp much widen 40 per cent Is met 


BY PETER RIDDELL 



shadow spokesmen have pro. 


annual raw. u« risen since ueo to one composer, like S>aiz- ouk- . FdinWph’e ticket*', 

the early, spring from 6.8 to 8 9 - this year's opens on Sunday burg * large]y to Mozart or port the Festival does attract JJf “1 g” 1 * “1^. 


All for. Love »t the Assembly Halt 


— — - — . ■ . - . time is saveo ai me urn cour . , . in concert nans, a survey oy wamoums io wuxb. uui mai, as v llt arc vuu iw r-j — 

of a spokesman for every Looking ahead, neither the ^ ever vone knew it would be. "• «*“». a f°r? economists from Philadelphia Edinburgh consistently attracts by the festival direcmr. out wards the ^ts o£ Zurich 

occasion. steadiness of the Price Conns- Kor Edinburgh now without the of lfa ® Fe5tjvaj *' h '? in 197$ estimated that the Fes- International names— this year artists have a lot or inxaxm m n a nd the honour of seeing 

22? t2 P mnderatA Festival is unthinkable, as much S** w f f om ° ne , or *"? j** 0 ™’ tival brings around £15m a year Daniel Barenboim, Claudio what they perform. There are ftcir }ocal performers appearing 
ClAfTntiiciim "ilT wholesale ^ Oulnut^ for the citizens as for the city a “ ces ,' n sc . h °? ls hal,s °° into the city and achieves world- Abbado. Teresa Berganza. Isaac always, well-known %orks. hut at the Edinburgh Festival.” 

Mogamsmg "SAS? £mu£&£?5 &«»». ... “ wide publicity worth, further Stern. Pinchw Zutamu, Di* to pie«. ttat w 11 N ^ew to Sponsorship or the arts has 


So far. a. standard of rha this ywir. 01 A bigger resplinie the mm' “da was fuU-tiore administrator and in- due t0 « »me lor tiere I. > W- *«* ST Mr. tariM Ire M -re 

statements lias not slipped too might actually have been ex- mooted by a small group led by clud^ 140 different. programme » Fdinburph ha* something else than money. ■' ■ , and. works by Baermana, Duto- notable successes. Last years 

far; it is. of course, possible for peeled in view of tbe accelera- Rudolf Biog. then general mana- of ertraordinaiy range Though * estival ti nat taimwgn nas Festival Society slawskl and Mass,aeiL Carmen", for example, acclaimed 

reasonable me n to disagree. But tlon in the rate .of increase of ger of the Glyndcbourne Opera, basically one is highbrow and become *" S.t ™ l!rl j£L «,* financial stringency by the critics, was made possible 


Carmen, for example, acclaimed 


_ , nuiG Liu Lv iu iiiG uvuaiiiia* VPfl fC I LlTJ a 6 

placed on the figures. It requires S ion of cost increases. But it ye gh 5t survived the rationins music 
no great leap of the imagination is possible that companies may a n Hr h J Hnuh^a ndn22 now f< 
to put exactly the same words be reluctant to push up prices and the doubtere and now ranks now f 
into the mouths of the other Side ™ spite of higher consumer among the largest and most Fnngi 
HE ? "! “ sme demand because of the intense prestigious in rhe world, rival- tival f 

if the roles were reversed. , and apparenI | y successful com- ling Salzburg and Bayreuth. It he 
The real test or the politicians’ petition from Imported goods, is of immense value to the city, spawn 
resistance to the temptations of Consequently. Mr. Roy Hal- both in terms of hard cash, and Festiv 
slogan ising will come today with lersley. the Prices Secretary. j n the status it bestows. intern 

ihe publication at noon of the may well beproved right in his 
retail price index for mid July, prediction that the Ill-month 

It looks almost certain — or else rale fo retail price inflation will /’’"ii j 1 • 

there will be a session of almost fluctuate around 8 per cent for nlCff 

Maoist self-criticism in Bracken the rest of this year, but this iLl U1)JU 

House — that the figures will will only be achieved at the cost 

show an increase in the 12-month of a squeeze in industry's profit _ 

rate of retail price inflation for margins. rj _ 9 ^ ^ I* 

the first time in a year 031311118 1101 

r The likely increase in the 12- T * c n « m f nr f; nn 

month rate is not of itself of any JUcSS COulIOriinS _. TAm .,_ . .. 

real underlying importance what- ® SAL AMIS, who would almost o“€jit 

ever today's statements may say. it ia much more difficult to certainly have w °n before now advant 




We try to ensure that our 


international stature, and a the City Council, the Scottish Scottish National, and opera: -dUctions. 


get in return. 


Shorter distance should give 
Salamis her first win 


ENTERTAINMENT GUIDE 


THEATRES 


real un der iyi n * i m no rt a nc e w hat- — SALAMIS, who would almost ought to be seen to far better 

Th*e ^ZTlTe\ m ll£in ” " " UCh "J M SUTsSSB Te SSt'IS 

to" have “ th is" week? .Nation a! iMltuto dSs sfab^raK Cist!S. taStaS 'Ttake^he^rastiy to increase 

reached a low point, for tbe Lime pointed out. there is no firm to gain a deserved first success he paddock value with a win over 

being, in mid-June when the rise basis for making a central fore- in htc Athford Stakes at Kemp- the one-time live Guineas hope 


was 7.4 per cent, less than a cast for average earnings. But ^., a f L ! r /? 100 n 
third of the rate three years the recent rise in sterling and T "e Dick Hern 
ago. likely fiat trend in commodity " 

However, any rise in tbe rate prices suggest that pay rises will - _ 

in mid July will almost solelv hav e to be more than 12 per K AGING 

reflect the fact that comparison cent in the new round in order 

will be with a month in 1977 to push the 12-month rate of BY DOMINIC WIGAN 
when the index only rose by 0.1 retail price inflation much above 
per cent, because of sharp "fails above a range of 9 to 11 per - — ■ — - — - — — 


n this afternoon. Lily Marlene, an inmate of the 4J0 — Tintem Heights 

The Dick Hern filly, a respect- in-form Newmarket stable of HAMILTON 

Luca Cumani,- • who has just 3 1S Gregorian* - 

returned to headquarter* after a . 3]^ Con-Man 

spending spree at Saratoga. 4A5— -Two BeUs“ 

rtMVHvU Even if he fails to take the ■ ■■■■ 

BY DOMINIC WIGAN opener through Salamis' Willie More Light, another Hem filly, 

Carson— ^bout to widen his field need only reproduce her 
■ 111 1 • of earnings through TV com- encouraging homework to take 


KEMPTON 

2.00— Salamis* *• 

2.30 — Ravensbourne 

3.00— Banco 

3 JO— Capetown Lion 

4.00— More Light 
430— Tintem Heights 

HAMILTON 

3.15 — Gregorian** 

3.45 — Con-Man 

4.15— Two Bells* 


CC. TMs« theatres Meat certain credit THEATRES THEATRES 

carts by telephone or « the BOX Office. • 1 

• kAYMAKXCT 930 9832. Ert* 8.00. sADLSH-S WELLS T1X CATRE ; Rtnebcry 

OMRA * BALLET . , W*.30 and -.oo. 2 ‘ 


COUSEUM. Credit card* 01-240 8258.-; 
Reservations 01-338 3161 
. ENGLISH NATIONAL OPERA 
- TaNobt A Wed. next at TJO - new 
pSSuSkMl OC THE CONSUL tthjl 


Tut next at 7.00: Sevee Deadly 
CBarad Schlcehl. 104 balcony 
avail, tram 10.Q0 on day erf Pest. 


ROYAL FESTIVAL Hi 
Last Three Pert*. ' 
Termor at 3- 0 7-JO. 
WORLD BALLET. . _ 


*rn. f-'-'S'. IM — croFIELD EvffS." T.30. Mats. 5ats.-S.S0. 

HARRY ANDREWS . MARCEL MARCSAU ■ ‘ 

HZAHOR BRON. TREVOR peacocR ■ -mis Great Artwt should not be 
IRENE HANDL In mttseff." Obseaver^.. ■ 

•- >dcw plav by RONALD HARWOOD SAVOY THEATRE. 01-838 B8M. 

■ • Otraeied by CASPER WREDE CrSm cards 73A 4772. Toja C«*ln in 

'*-Afl admirable Play, honest., well con; WHOSE LI EE IS IT ANYWAY? 

ctBmL pr operly worked out. frosilly IHd wlKfi JAWE ASHER 

•SSSlf^wri Sen. rtehlv MlsSyUy, JMW MOMENTOUS* PLAY. I URCC YOU 

SraftSd At hts best. " B. Levin. S. Times. TO see Tf," CumiAu. .... 

Sg HBJ tCTV-t CC. 01-930 6806. Ev9*. at 8,0. Frt. A SeL 54S.h0fl_l_.4S. 

Prwi from AuB- 22 8 O-Sats. M Md 8.0 _ MAFT «- fcIlll -. rr. 01-838 6398. 


“ rl *. - . U «T.^ JtSreSbYMtNT.- O.T. 




um. ePVMOUR and JEFFERIES^ tun ua irervL CC 01-930 6*06. port. Sat. Mon.-Thor. B . T^Vrl . »Pd Sat. 

5.30 and 8 JO. Trans, to Data at York’s 


CORPS OE BALLET. 


I MAJESTY’S. CC 01-930 6606. 
•venires &0. M*t>nees *»*. S.O. 
JAMES EARL JONES, as 


per cent, because of sharp falls above a range of 9 to 11 per - — . " — T m ~T m 1" " of e ? r ? ,,n 8S through TV com- encouraging homework to take 8 > . - ^ "S^-siNitwndino chaw, oi-saa 1394. Nettotai vomR 

in the price of seasonal food. The cent. Th ereal lesson is not the aW* sixth of eight behind Sera- mercials and other promotions— ajj the beating in the Cbertsey ^■^^SSrtw^tt’Srrtii JSjF"* 'SSSo^d. it * mem. - ^gtra m KS***’*,*' VS 

increase in the month to mid- one 0 r disaster or relative com- pbima in the Nell Gwynn Stakes should have at least one winner Lo Ck stakes, from vfhich Golden iger* ^ ».-:std. Laa ***. *»<**2*. Jg 7” ^- 

July this year is likely to have piracy which may appear in at Newmarket s Craven meeting, for both Ravensbourne and More River is a surprising absentee. £&- 7 £°sw5fif- Sfe. 5 * sSKVJf “ ^SSSiyfTs’S'l Ka 

been higher on the basis of the to-day's statement's but the less returns to hve furlongs after six Light are strongly fancied. A year ago Michael Stoute Mtxod bul Tukcuti to z&sa. -. tocky horror aw no sex 

recent trend of monthly rises of comforting one that all the abortive attempts at distances Ravensbourne, whom Carson saddled the heavily backed — — — . ■* - ■■-- pot U. P * EAM j the'worli^s g^ltow 

at least 0.5 per cent So any sacrifices recent years have varying between seven furlongs partners for Gold Rod's handler, Dscreet to land Hamilton’s 10 THEATRES ' ' w*®! .MWb'SwK^RMw" 5 combat! 

increase today in the 12-monUi acnieved is to ensure that prices and one-and-a-quarter miles. f* eR Akhursti will strip a good runner Halleth Stakes in the 2 ™e a ™o N romwr5 R • v 


increase today in the 12-month acnieved is to ensure that prices and one-and-a-quarter miles. Reg Akhurst, will strip a good runner Halleth Stakes in the __ wSf 

rate does not automatically double every seven or eight By that top-class miler Sun deal fresher than most of his hands of Edward Hide, and it 1 he we exs. must end oct 14' ~ 

portend a sudden reacceleration years, rather than just within Prince out of the Matador mare opponents in the Thames Selling looks more than likely that he trg*. 7.30 mm. ■ tjw*. 5 -o- ir 5«| 4 *°- 
in inflation. the life of'a single government. Bandarilla t already responsible Handicap after just one previous will repeat the success through the bestmikical., 


LONDON VALLAOIUM. CC^1)1-437 205S 
LAST 2 DAYS: ENDS TOMORROW 
. r* IRE TWO RONNIES 

la a Spectacular CwiMi new* _ __ 


THE WORLO'S GREATEST 

laughter maker 
GOOD SEATS £4-S0-£l .50. 


for Sallust and Strabo), Salamis run this term. 



5.55 Nationwide. 

6J0 The Blonde Bombshell) 
7.10 Hoe Down. 

7.40 Young Dan’l Boone. 

8.30 The Fall and Rise of 
Reginald Perrin. 

9.00 News. 

9—5 Petrocelli. 

10.15 Face the Music (London 


0 Weblai i DrefesgoL 10.15 Music 9.00 The Foundation, 
in Wales, tll-13 The Late Film: 10.00 News. 

“ Red Headed Woman.” 12JI0 am lOJO M*Lords, Ladi 
News and Weather for Wales. Gentlemen. 

Scollantf — 5.55-6-20 pm Report- 11.30 Police 5 


ious will repeat the success through ,rew the LOfl ?St«^ 1 4^ l F^ M one £2* : St*y 7 . Sr3 ‘ woRn^lowsKT-E^en 

Gregorian this afternoon. .. 

“ LON CXIhrS^B EST^lGKT OUT. ^ JOEYKtTHERTON TALKWTHt TOWN._ CC. : 

CronraslL 6.00 Re pen West. U5 Repon CREDIT CARD BOOKINGS 838 78T1. |W iBfiM hmudiuM. 01-457 7373. C °* I<, ftIS? d SUPER REVUE 

. WalM. fcjp -But SporHnc Land. LOO The • 6 - r n±~ ^S^inbw 25- Far «»he wwefc ’ontV- RAZZLX DA2ZXA 

Ineredlble Hulk. ID 35 Letter hr Letter. *LBSRY._ *5® . W*- £?SL . • ■ LENA MAKTEU. . _ At 11: 

“A. nSjrurth.Wl- and. Grtj^nen. , ^ LYM CT»^ATRE. 01^ 3688. Ev^ KS LAS REALM PEL FA RAC 


ular Com Mv Revv* ST. MARTIN S. CC. 01-836 1*4*. Evj. 

Totnorov. «t 6.10 & 8 JO «-00. Mi t mw Tuei 2. 4g - 1U 

— AGATHA CHRISTO'S 

OfUM. 01-437 7373. THE MOU5CTRAP 

For one week only. WORLD S LONGEST- EVER RUN 

BYGRAVES 26th YEAR 


W«im. k3p TfeU SporHnc Land. UO The 


“ LLOS LTLonJ*. Ladles and Gentlemen. 


MTV CYMRU/WALES— AS HTV General I Thurs. and Sat. 4 JO and BjOO 


‘Senlce except: UMJ an Peoawdtn I 
Newyddloa Y Drdd. L15A45 Caoun I 


A THOUSAND TIMES WELCOME » 
LIONEL BART5 

“MIRACULOUS MUSICAL.” PS - 
- CONSIDER YOURSELF LUCKY TO BE 


(l lira Ifish Frequency only)'. 9.55 lfl4 - iSiSSi^el? ° nl> l 
Paddington. 10.00 Jackanory. iu.15 + „ Thn Tak* i.'iim- 


Canaletto and music by HTV west— AS HTV General Service ABLE to see IT again." Dally Mirror. -TO1A1. THIIWPH." I». 'iTT'-MAY v tfT?B t .W "ffl' a M §■& 
Vivaldi. except: 1JO-XJO pin Report West Head- junwrcH. 836 6404. ML 836 5332. ^™Y^^OR D A M HUND««D SHERIDAN. DaKUe 0 gSXy* 0 - 

1BA Regions as London lines. L154JI Report West. 'fdIW jiK*n(jitio«d years."’ Siwdw Tima. _ «iJSlV*^5S5. ^h^duwced _ _ 


7.10 Hoe Down. “Red Headed Woman.” 12310 am 10350 M "Lords, Ladies and uSsff LortALadles and Gendemett. H* ,0 tJ£ ms 

7.-I0 Young Dan’l Boone. New* and Weather for Wales. Gentlemen. / \ MTV cymru/wales-as htv General -n, u ^. >mj &«. uo 

8.30 The Fall and Rise of Scollanrf— 5.55-6.20 pm Report- 11350 Police 5 a thousand [Timk welcome » 

Tlndlcntes programme Reginald Perrin. ing Scotland. 10.15 The Beechgrov e 11.40 Law Centre. , &22 Sl Bv£il£na2£ i OL K« rw. 

in black and white 9.00 News. Garden. 10.45-10^6 News for 1ZAQ am Close— A painting by o!SS5fc “ro^iDER^YomtslL^ujcKY to1?e 

R Rr I 9355 Petrocelli. Scotland. Canaletto and music by ^ si-mra ab^ to see^ZsIjn. - Mirrar. 

Rjn-cc n^n f Tnii-n,- lO.ISFace the Music (London Northern Ireland— 4.18450 pm Vivaldi. except: lJMJO pra Report West Head- AIBWY ch ais 8404. into. 836 ssul 

..fiTL®-' ^Jil'i 01 ®-- and South-East onlyl. Northern Ireland News. 545-620 All 1BA Regions as London lines. 6.I54JE Report West. 

DaHRhi^'ri 1 in - 43 Regional News. Scene Around Sis. 10.15 Foyje except at the following times: SCOTTISH mol [l! J 'r^^^ £ T^ua^^io rr 

u » MV n " i ho ^ aC nt a r r, R , m Ah’ 1 10.46 The Late Film: “Red- Festival 78. 10.45-10.46 News for ANGI I A U.20 am Dnumott Tta Dog Wonder. Tom %, J-fflA mli®"**' - • 

in -s' Th*» h wS^ B 1"O ni Headed Woman." starring Northern Ireland. iojq am Droomutt.Tta Dop wonder. Tell Me Whs. noo Magic Cmie. ■■ Mi k* w D ^H-onwh ; 

Tmmnln 6 1 1- Jean Harlow. England — 5J5-6 ^0 pm Look East is.w Toll Mo Whj. UE Mj*ic circle. pl ^” e ?L l *S d imm 1 ) 

Trumpton. 1.4.i News. S.4a DccnrdU fVnndphV Lonk North f Leeds n a parser Lads 12 p m An alia Neva. ^ Report- U6 Housepirty. 2.00 Sammor Tttt TTme^Wi thrcon tnAMUS ; 

Canu Dechrau Canmol (Hymn Alt Regions «s BBC-1 except at EJKSJJl Newcastlei- Midland s tii FrW« Rto M«taS:"Tha Qoaa iJ^tapmartaii wortd. La stere * ™' N a w 

singing). 4. IS Regional ,\W for U.e folk. wing times: Pitau wffi - toSSK- suira on («. *M 23TS? 

Pn^lnml fovoon I ! nnrlnn \ f ->a uMac i on 1 .IS nm rinw V 1 l Birin Hl^iULu] /, rui His khAHt \ milia fl_Bl The InCTOdlbN' Httlk. CrumpiOlHIllp. >.15 CaitOOlL 5-2B CTOSS- mg. Oooni Sent- 5. , RSC lISO at Tnt 

England foxcepl London). 4„0 \Valcs— 1^0-Ma ^ pm O Dan ^ (Bristol); South Today (South- ^tday ute Scoiipod Tc*aj. Km Lamm w&rehouse w ondor wi. 

Play School. 4.4a Agaton Sax. a.10 Mor. 5.10 Crystal Tipps and gtnutonl* Spotlight South West Film- ** Sweet Smell of Socccai." UJDam Shirley. LH The Inaudible Hulk. cc m .u 1171 

Play Away. Alistair- 5.15-3.40 Teliffaiit. 5.55 ^ ^ f P ° 1 1 Ealt ChSuam to 1S5S. T «j» Golf mghUgbi«. IL18 Late Call. UJH *fl5gag*5°Bh.. SfefaJfiS. Vat 

5 AO News (London and South- Wales Today. 6.15-G-20 Newydd. Shlbn £££ ^IldlSds TTV “ Horrara: “ Tha Corse of Pranked- j ^ 8^_ ' 


TALK OP THE TOWN. CC 734 5051. 

Air Condjtlorred From 8 Dim no. Danana 
. 6J& SUPER REVUE 

fUU^LE^DAZZU 

LAS REA US DEL PARAGUAY 


“‘boS'iT- 3i ^ Sat 5 - 00 frank BJ 0 - thkat « ° a ^«- -Td l'na 730 ” 5 

PLOWRMiW FINLAY j THE GUISE by DAvfo" MO WAT 

br 8d«vd0 RIIWO I Ton * * Tomor oniv at 7J0 PH 

mracted trr FRANCO 1EFF1RBAJ 
OTAL TRIUMPH." Ev. News...". 


rally iir-ctuMjroor. 
ROYAL SHAKESPEARE C 
In rcoortolrff. Tonlpo 
Tomor. 2.00 * 7 JO. Sir 


MAYFAIR. 629 3036. Air cafld- 6v». 8.0. 


■file iMFWir modmut hr Aperfta CfirftUA 
Re-enrer Agattw Chmtir wKh anottwr 


Jean Harlow. England — 5J5-8 JO pm Look East 10.40 Tell Mo Whj. um Mj*ic circle! “--J 5 ** K T ^Emerae* 

\lt It p tin n< n RRC-l extent at fNorwich); Look North (Leeds. lUa Paper Lads. IJS pm Anglia Neva. ni2?S^arSii 2 wortS B l3 »me^ r c^c^^rirt*WOMSl?PiRA ! ^ 

All Reginas «S Bt-L 1 except at VoukkiIh I ' xtiHlanHe ti2S Friday Film Matinee: "The Croaa * ,, .? n, ® on - .^5. D^sappearma World. 3JS inNN>y and mary read 


THE DANCE OF DEATH I 

•’ Modi to enlOT. D. TMepita*!: 1 
" Emeraes as • wonderful olaca of *WL 


Sat. 5 JO and B JO. Weo. . Mat. 3.00. 1 whodunnit IUL Agatha Christie Is stalk- 


WELSH NATIONAL THEATRE CO. 
DYLAN THOMASS 
UNDER MILK WOOD 


East only). 


F.T. CROSSWORD PUZZLE No. 3,748 


-iOTjn rm,vdrn cV,KHd (NoWh> On Camera; Midlands A TV mS." 

..10-/.40 Crwydro Llawda offa <-> . Birmingham) The Chrysler Take- jqjt an, Friends nr Mas. o#.« The SOUTHERN 

lover: North (Leeds) BBC Paocr L*d«. no# Conjueai or the Sea. x*j| am Adyennirej In Ralohow Country. 

PT177I F ^748 j North Young Music Makers: North ^ «.* Tell Me why. UJS Maslc Circle- 



East (Newcastle) Friday North; shS’iff lL <rf 2 ^aomxd i y o PtBer Lads - 1 -** im Spothern Nejw. £^ 0 , 55d*^!*o! v 'D(r5S c, wil 

WS ^ r Mi£pn - atv Tod^Gta KL^°Sd, Wo,,d SSi JS-JTSuiS - 


PATRICK CARG1U. ardTONY ANHALT 
in SLOTTH _ 

The Wot 1 0- F imoM Thrille r 
bv ANTHONY SHAFFER 
Sedng the play again b In tac t an 
utter and total loy,” pgnrtr. Se at prig« NATIONAL THEATRE. 928 22S2. 

£2.00 and £4.40. g!"?** toe-prtoe OLIVIER (oewn tfaael: Ton’t 7J0. Tomor. 


2.45 & 7 JO MACBETH. 


Ing the West End vet agam with another 
of her Benplshlv Ingenious murder 
mysteries.-; Felix Barker. Evening N*wi. 

AIR-CONDITIONED THEATRE 
°ct- 3 — An Evening with Para Allen. 

VICTORIA PALACE. 

01-828 4735-8. 01-034 T5I7. 

\ STRATFORD JOHNS 

\ SHEILA HANCOCK 

2. _ ANNIE 

Elys. 7.30. Mats. Wed, and Sat. 2.43. 

WAREHOUSE. Domnar Theatre. Covert 
Garten. (536 BOOB. Royal Shakespeare 

?57. I 9ST.I < !7 1 8-0°. PmM Edgars the 

JA'L'BIARY of ALB IE SACHS. “THrlU- 
ot theatre. •• Guardian. All stab 
Adv. bkus. Aldwvch St Went 
«andoyi£i. 


r of the year." Evening ss 
- IS SUPERB." N-O-W. 
SHUT YOUR eres and 
THINK OF ENGLAND 
"Wickedly tunny." Time*. 


2033. Credit card takas 928 S052. 


west of Westminster: South The incredible fluft. 1U» Danger » "SKrta^’raSTcSw M. ui amuclOMit i» Swninm M. 7.45! r^r 3 a 7^5 plenty 
(Southampton) Hoy Look . , . Paradis*. Weekend. UICnuraadE lm Dv » MaB - and 8.00. Mar by Darid Hare. 

That’s Me; South West (Plymouth) BORDER dSTm# s«ne souSebl fcJOThe •• Actor ot S standani. S2?^4s ^ wiK sS b F thb 

Peninsula: West t Bristol) It's In UJO ton Drnomun— ' The Dee wonder. Cuckoo Walts. LM The incredible Hoik. "is SUPERB^VN^i.W. passion. 

Thn Rlnori 5 lSAI Tell Me Why. n « The Mjcle aide. 1#J0 Southern News Extra. MJS Friday FHaiiin D Many ncctilent cheap rata an 3 theatres 

BBC 2 SS . JJQ SSmS* ftS r era. Cn * Pl “* FhSh *" ^Wckedty Mnny^T.mre. 20»»? Credit art takas jgasig 

IWII am Open OMk SSS S&-B TjfNE.TjBE S. 2 ’“ “ Bfc-r* ™i 

1100 sj Schml BBC -‘ 4a » sarassflttf, 

4.53 Open Vnivereity. IS U SS. [> “'"- “• ,m a " tto ■*" ffll S'ffilJ'iSfe. JELTZUES *»«* S5- HHH 

7.00 News on 2 Headlines. rHANNFf Fariir^iMI^AJTlSn IS&l* tiS ^Ol^S^Ssi^ . hfeaa-mS£ B 8 C p!5 Pen'son. Luu«e IWgL John Savldmt 

if, ChHd«n-. o Wardrobe. „ pni New g snd ^ ^ 7 jo. 

*2 hiSs Towns. 9ftStf b s^^ig* 2 i ssb ras MWf^v'p^k 

8.10 Wolf Pack. Fraciured Jaw." US Friends of Man. ?. B £!f5SL The FUm: fif on H^SSir araS: Y J^ri^T E Af?K N EN CTS , ta lb ot 

S3S0 Master Class: Woody Erausonw. OJS areEmlogue. nie sgjo.^ion^urs. and Fri. HS!en MA weir. 5av?6 whitwoISJ: 

Herman (clarinet) and five SuT£ Kg ULSTER best mSsTca’lV^e year T * - N, ^ s 

members of his band. sSSma^rffiS? iS ^ ««!*. ,_IM9 Trii evening standard award ^cncou 7 ^ 5 ' 


LYTTELTON toroscenlum stage): Tout WHITEHAti. 01-930' 8692-7785. 

7 45. Tamer 3 & 7^5 PLENTY new Evgs. 8.367 Frl. and SR. 6Aa and 9^5! 
nlay bv Dsrid Hare. Paul Raymond wnenti eta SsMaDoMU 

COTTESLOE {small audit ortomt: Pram Sea Bevuo of the cSmttinrT^^^ 

season £ygs 8 luntu Sent 23 THE a EE* throat 

PASSION. . „ , 6th'. GREAT MONTH 

Many nxcellBflt champ rata aH 3 theatres i. 

dav of pert-. Car perk- RetDmrant 92s WINDMILL THEATRE. CC 01-407 6312. 


TY1MP TFHFC ARTS THEATRE Ot-838 2132. OLD VIC. 928 761 s. 

1 I ly t 1 Cto TO M STO W»ARD'S PROSFCCT. AT THE OLD VIC 

5JS am The Good Word followed by . DIR TY line n Derek l" 

North East Nows Headlines. UJff Tartan. I. HlNrlcre . . . see it. Songj Time*. IVANOV 

iu» M?lc. Tta ££ Mon,, *kM n ,r?ro0 8 5S.- I™ — Chexn^comsdy 

Lives Of Waldo Kitty. UO PM North Bast ; — __ ' ' ■ _ “ rih* ArrtftdelL Branfi Bruce. Michael 

News and Lookanrend. UO Father Dear ASTOR! A -nfltATR*. CCL OarinB C^» PornHL John Savldent 

Father. 2JM .Vtcrnoon in Action. U2S fo’o '>?d «3s raoiw w ^S rV - ^ 

Friday Flbn Miuoee: •' Sleepln* Car to Fr, ‘ ■ nd ) C "r* wteiit today 7.30. sat. 7 JO. 

Trieste. '• 5J5 Gambit. 6.00 Northern ELVIS . op*m *ia. Pare, t.i ut vav. 


8 ft.v«ia Bt?SS jgss 

9.00 .lna From Montreux with McCloud. UJB am News and tve altar In Cambridge, cc 636 60S6. Mon. to M, ~ Sar Msmlc MaU «**■ 

Earl Hin, S . John L,wis M r,«d, Srtt^JTlISrSSfc SS. jSS* 1 « 6 „. 

Joo Fass. GRAM.P1AIV 235 Friday Film Matinee: •‘Shah the EaeWng Blade African Mortal. M^ C Thar». k nErt and SwVwaBo 

9315 Horizon. ff.H are First ThUiA UJ* The Beach- Btsnurt:." 4J3 mater News Headlines. “ P^ed wi* variow.” Dauy Miror. JESUS CKRtsf sufISstar 0 

0 -»q Don’t Force! to Write! combers. IMS TcD Me Why. U.I6 MSjac SOS The Flintstone. LM Ularer Television tLiBobbSt yfar ' by Tim Bfce. and Andrew Lioy a- Webber. 


Twice hHgiiuy a.OO and 104)0. 
_6unday*6.0Q and a. DO. 
riAUL RATMONQ omenta 

TNE EROTIC EXPERIENCE OF THE. 

. MODERN BRA 

-Take s ro Miorecoaented limits what Is 
penttlswbl# on oertsuge.” Evng. Nm. 
3rd GREAT VEAR. . 

VrirNDHAM-i 01.836 3028. Credit Car# 
tSK" J 071 from 8.30 pm, Mon-- 

Thor. 8-0. Frl. and Sat 5.19 and 8.30. 

' enormously, rich. 

VERYfUNNY." Evening News. 
Mary O’Ma l!ey * smash-hit comedy 

Snprenie comedy on sex and ratio! on/* 

-■eafiStfsa WITH . 
laughter." Guardian, 


Earl Hines. John Lewis and Ftench- 
Joo Fass. 

9J5 Horizon. l.s a 

10310 Don’t Forget to Write! S?* 11 ?* 1 ? 

11.10 Late News on 2. SSfa 

1 1—0 Closedown (Reading). jJtirnot 

LONDON WStai 


Fr«,p*. Laos, ua pm tiwumne. LJO me atory v rvi rw enw *cu. s s.so aun. o-ow- 

rTenca. or wire. LSS The Electric Theatre Show. T * ,Brs - a ’ oa ’ , pt tS J iV ^ PALACE. " ^cc 01^37 Base — * * 11 1 ~ 

CjKAlVLri Af\ 245 Friday Film Matinee: •'Sink the Evethno Btadc African Mnsfcal. -Thu™, k oPrt and «?aL B Kui ' 

ff.H are First TtaUiA UJ* The Beach- Btsmart:.” 4J3 inner Newy Headlines. " eackrt wt* variow." Dauy Miror. iSus wist sufeS»t m 8-40 . CINEMAS 

combers. IMS TcD Me Why. U.18 Mhgic 505 The Flintslcrae. to# Ularer TeJcvislOT ^i.RS^ofrr vrSn ' by Tim Rice, and Andrew Lloyd-Webber. ABC 1 » a. «um«rav >m- 

Circle. 1U5 Paper Lads. L» pm Grampian News. A05 Crossroads. *je Reports. AM D|nn#r stati£S.7B lnd. TSZ T T ?■«. Sep. PertsTAlA seats bkbl*. 

Neva Headlines. L38 SurvivaL 2.M Summer Police Six. 1.80 The Incredible Hntt. lUO 0,rta,r ■ — TSB^fefiSPSS’.MnpV 5d V «o A 

AfterDOOO. Prfdaj Matlim; "The BodUrae. CHICHESTIVL CttCS 81S12. •* TIM BROOKE TAYLOR. GRAEME * how 

Purple Plain.” A80 Grampian Today. UO WFCTWART) TooIbM. Aug. 22 6 23 at 7 . 00 . Garden make us Ljjwh.- Daily Mali. iTife ONE 'tfim.v eat wv 


ACROSS 

.2 Good French about right for 

this south-coast resort (S> 

.*5 Dismounted and escaped 
punishment. (3. 3i 
10 Artefact found in barrel I 
collected (5) 


ii_io cioseaown ( tieaamgi. Afternooo. 2.2S Friday Matuiw; “The BedUrae. CHICHebybr. 02as nisi 2. 

LONDON SiS westward 7 '“°’ 

„ «».?"> ^ ““Sg 1 £S dSS' SS till Zi/ E g 

Be a Sport with Brondon Foster rD*M*m Paper Lads. 1227 pm Gas Honeybun's rr-~; ; _ ___ ___ 

10 ”0 Oscar. Hk30 Animated OtvAINAUA Birthdays. 12* Westward New* Headlines. m a 00. Sat- 

Classics. I1JJ0 Stationary Ark. 0SJ25 am Sesatne street- 1L2# CastaW- 1J0 Beryl’s Lot. 2J0 Sommer Afternoon^ tTW - mA. 7ta«- s .00 

II « Foliv thta Par i*» no Thp A Handful el Son ss. Ua pm This 2js Tbe Friday Matinee: “The Sheriff EDWARD WOODWARD 

1 1.4a .Felix TO UL 1-.00 Tne ^ Yonr R^u UO The Amazing World of Fractured Jaw." 5JS Prtends of Man. ba J5E^&5»4F£252 e 

Learning Tree. 12.10 pm stepping of Kreskln. iOO Afternoon in Acuon. T2-& MM Westward Diary and Sports Desk. 

Stones. 12D0 Look Who's Talking. Friday Matinee; •• Carnival" a.to carwoo. TJO Miss Westward. LN The Incredible Excellent anyone 

1.00 News plus, FT index. 1^0 SJ8 The Undersea Adventure of Captain Rnlk. U.S Westward Late Neva. 18J0 The or any age b likel y to enjoy," 5. Tel. 


ZZrr ™ y ou R ^? , r «Sul D s a - ,s - ^ M - M 

DEUGiff.^Even^SMndjry*^ G lOrVquS Sfi 1 ** rvm 

CONTINUOUS LAUGHTER." Times, g 




The Hit .Comedy by_ Royce Ryton 
"LAUGH WHY 1 THOUGHT I WOt 


PICCAOHiT from 8JO am, 437 45DG. ^77n^ , — 

Credit cards 836 1071-3. Men.-Tbur. B. *• *• A. Oxford Smm <Mta 

PH- and _S«t. S.and. 8.15. FULL Blown ?.*?- Tube* 636 0310. 

COMEDY of SYLVIA MILES — Hn. Tunes "U 1 , 1 *. Entertaiwnam for 

«d SHEHJ^GBH land AJjg'mi D« .rke 30ta 

“•••'I2SSEJJKF %ASMC r gn. Times. SJrrre^^i N ,^|. HUNTWS Olfc- th* 


general business expenses and pound. 5.15 Cuckoo Waltx. 


receiver is put in (-4, 4, 3, 4) | 
7 Carnivore would be warmer | 
if supplied witii gas at first: 
(5) | 


II Feel hurt about having to g ^fnve swiftly and turn like 


work steadily outside before S0 !diers— tt should counteract “ acKS - 

long (9> the driving force (Si 8 00 Hauaii 

1ft Planner possibly or a singer 9 Animal with paws round vicar RADIO t 
• (3) (<5j (SI stm 

13 Rough monarch in a mess (5) lij Disease common to painters * » 


5.45 News. 

6.00 After Noon In Action, 
625 Cartoon Time: 

6.35 Crossroads. 

7.00 The Krypton Factor. 
7.10 Backs to the Land. 

8.00 Hawaii Five-O 


Deadly Tide.” UA »m A Little Night Music. M29 am Tartan. 1LU Tbe- While Stone. 

uxt/ JUS Tbe Adventures of Muhammad AIL criterion. «so 3216. CC. U8 1071-3. 

HIV UO pm calendar. UB Houwarty. ZJH »**■ 3 0 E«i” 

IS JO am Hirers of Delltat. If .00 Ten Summer Afternoon. 1225 Friday Film NDW PHiuTIra ”LAR NOTE 

Me Why. 3L8S Magic circle, IU0 Paper Matinee: “ Sleopmn Car To Trieste." 4.tD In Six OF ON a From * 

Lads. US pm Report West Hhb itinu. Cartoon Tune. 525 Calendar Sport. LOO A HALF-A-DOZEN HILARIOUS YEARS . __ 
U5 Report Wales Headlines. L30 Those Calendar (Eraiey Moor and Belmont "Very funny" Sun. Tel. oy rln ] 

Wonderful TV Tinea, 2JC Women Oob'> editions i. TJO Bless This House. LH dmiry lank, fll-836 bids Man te — 

1225 -The Sun Never Seri." 5-15 The The Incredible Hulk. 1128 International LOtu%ltaTwe«r «nd' siS. 3.aS P?'HCs 

Undersea AdTcnrum of Captain Nemo, 520 Speedway. A CHORUS line e<r«nlni 


TENNESSEE WILLIAMS’ 

DIVINE INSPIRATION 
AUDACITY OF KIS HUMOUR 
HYPNOTIC EFFECT — Ply. Mall 

PRINCE EDWARD. CC. (Formerly Casino; 


« PJS- Children hau pric. 

MONTY 1 rSv*!? WWI6 GOB TO 

5*9l**g carlo mi. pm, i.so, iao. 

fio il 8 i£5- lM * Show EMM ANUELLE 8 


A CHORUS LINE 

•’ A rare, devastating, iavous. astsnlshlne 
stunner.” Sun Times 3rd GREAT YEAR. 


(S) St ere* phonic broadcast. 
2 Medium Wave. 


247m Rachmaninov ts>. 9AQ Youiu! ArUKS News. 385 Afternoon Theatre. LH News, stunner,” Sun Times 3rd GREAT 
Penial fS». U.8J Ofldren's Concert is>- *85 Llule Welsh Beauties. 425 Stoiy nae. duchess, ass 8243. Mon » 
1185 Dowland and Dndsson Clavichord 5 06 PM Repons. 5 M Enquire Within. 5JS Evenings 8.00: FrU Sat. 6.15 am 


14 -Finked - 
: side ! (6) 


Yes and fled oul- 


1" tiift of iron hoop (S) 


ia To walk like a duck after 19 Go to bed with Pole in Italian Barry 
trnno leader could be non- c ‘ f >' L> 


.. THE HILARIOUS 
BROADWAY COMEDY MUSICAL 
1 LOVE MY WIFE 

parting RO»)N ASKWItTf 
01 reeled by GENE SAKS 
CREDIT CARD BOOKINGS 930 0346, 

U SEN’S, CC_ . _ 01*734 1161 


CURZON. curam 

S^a. ,u, fc” 

xf&MSSk 

News. FIlS 2?or 



troop leader could be non 
sense (7) 


20 Very attractive 
render one uncot 


Pan) Bnnu’i!. 2.60 Tony Btodibura. U1 maslclau Uy Boos Werner Froze part 1 UM The world Tonight. lSJO a Little 

. . Kid JL-n&n. 7Jo Sports Desk tlolns Radio «s>. 2^ Interval Readlna jig ” El Night Exposure <*■. ujs Nlabtcap. li-Oo 

icme irl could ;i. XCJ2 John peel >st. 1 Q.S 6 - 22 Z «n AS Cimarron." part i. 3J5 Music Uakine frflW A Root; at Bednme. 1U5 The Financial 

unconscious (7) Radio 2. Birmingham isl. 4.S5 The You n « idea World Tonlsbt- 1L30 News. 


eg i.-mpn 1 , PpepmoniTl InhUtP *BHWI wi* (uhviih-iuu N W) tainnuitivaiu ■»«. me lOUnu Idea 'S'- hoikih. uj» I'twj. 

• » 21 N"U“ 1 «; «» in 8 >» u-e ea=t radio 2 1W" »"1 vHr fiWTM&SS.'as SS BBC Radi0 London 

j — . v. .. 1 v. s_ LlUc ID' 5 jh am Vmi Summary. 5_02 Tons lines: Leisure and Recreation, fas Prams 206 IT! a Q f 


Limited Season. Must end August 26. 
JOHN GIELGUD 
in Julia MiKhal'i 
HALF-LIFE 

..^ l SA T, 9 NAL ta THEATRE PRODUCTION 
Brlllunclr yrlcty • - • no ant ohouia 


: 7*0? aJ0: SS^JSgjfM I«EATRi. «30 5252) 

. GEORGE CHAKIRIS H«7ri» d SSSS"’ Moor*. R Sharif 

. ROY DOTRiOE ’ .. ^ Su 1 )*™! Kruger m THE WILD 

. JAMES VILLI EftS B in *>“■ 

RICHARD VERNON m 10 ,.iL n - 5-. 3 Q- 7.45. Lain ttkowa Prla. 


RICHARD VERNON in 

THE F ASSIGN OF DRaCULA 


bBHHta 1 ' 45 pm- Sens may be 
Frl *rw n Aif , JJS. ,0 e 8 - 10 *» Mon.- 
tale ntaa. Ar L"L , W*' tat. and Sun. Ext. 


Briiiunthr Yrictv • ■ . no ont fihouic Raymond kEVuEtAR. CC. oi >7^4 idqi f-n ind / 


M tinv pnin" fo Ihp snuLh-oaqt ie tor ^iue io' . UB in News Summary. 5.02 Tony toe* 2 Leisure and Recreation. 7JB proms 206m and 94J YHF Tata-price seatg E7 .bq. 

pox EOlUr, ID iue . OULii-vdit lb 23 \isilor takes in Oriental in Brandoa isi including 625 Pause tor 7$. part I: Debussy. Berkeley fs». 5,00 vn As Radio 2. 8JB Rush Hour. 9.80 aumuir «k c«t bq Tlmn r 
in Short supply (6l „ j rev Thoushi. 7J2 Terry Wocao fa* including SHsuniterstaBdliig Juns. a JO Pnmri W. London Live. 1223 pm Call In. ISO 286 srcnrcUylToo^ and juso™ 1 ”' 3 

22 Keen to sound like > bore (51 Q _ . S-Zt nadns BuBeilo and 6^ Pause for Pan 2: Beethoven fa), bad Andrew Uartell Showcase. <L03 Borne Ron. E20 London M ■*, jffl* MARPLE In 

A. t, ||„* 1ft iihi^r „1J Solution to Puzzle N T 0. 3.747 Thoogfal. 10J(Z Jmuny Youns iSl. 1225 PI" '’rendlna Wom his poems j. 1*^5 Mltsuhd Sports Desk. t3S Good Fishing. 7J» 

24 Ballet COldE lo Chief old * *' WaaBraere' Walk. 12JS Harry Rowell's Sblral. sms redial (ai. U-lp jinSdaus Rocks Offl! TJB Black Lana oners, uo FOURTH GREAT YEAR 

□sen House <s> including L85 sports Desk- TaDcing. has News. mMisg xonlsHt' 8 Track Record. 18J» Laic Night London, garwck. thbatrk. cc. gi-es6 4 sot 

2JD David HamUron un lndudirw 2.6 and Schubert Sons. UAMHom: Aa Radio 2. 5.30. g jp' 

5.L5 Sports DetfL 430 WafiSOHdrt’ Walk- Rtal* 3 YHF orly-4J0-7.ee re erf r TIMOTHY W^T. C*MMA > JONES, 

46 Sports Desk. 0J8 John Dunn nl 5A5-7J0 pm Open Ualvershy. LOUQOn. BrOaflCaSUtlg ,“{•>‘*51. kitoien 

l Deluding 5A5 Sports Desk and M2 Crass* n * rilfl A 261mRltd97J VHF THE homecoming 

Channel lloioring infonnailon. 56 Sports wm'IU H cm am Morning Music. 6.00 AJL: with rjRjLL'AMx. A_TAUT_ AMD EXCEL. 

De^ T.02 5eqB«re Threat *e Radio 2 434m, 339ra, 285tri and VHF Sob Hohwsi. So Brian Hayes Show! “aiJ^Tnlxh AU^iDLY UC Rr u 1 ’ 

Ballroom fsi. I ad ud tog TJO Sports Desk, eon am News Rrinflne tm 1 m _ t.nri Ti.m**. sob 


credit card reservattons. Dinner ano 
Top-price seats E7.0Q. 


2.1 le f5) 

Solution to Puzzle Mo. 3.747 


in short supply (61 
tt Keen to sound like a bore (51 
il Bullet going lo chief old 
' soldier (9) 

25 Repeating it with eastern food 
supply (9) 

26 Sufficient for a politician with 
‘ the French following (5) 

27 Collect sun going to female 
- (6) 

28 Soft substitute in a jam (8) 

c DOWN 

■J Carrier for a vicar in Bow (6) 
:% Sick for example with friend 
•' in an unlawful manner (fll 
'3 Bearing ■' fr nm London 

Borough vehicle 17-S) 


GGQnasn bcsqdee 

3 ,n a E Q D.-B E 
QBOEi H QGDEBHnHB 
QBE BDQ H □ 

EEsaasnaa qeqoq 
H h H e b 
EE nSPI - 0E0B!3HnHH 
d n n 0 • h ez 
EnaanBona aaoEB 
3 b. ^_n- q e 
B 3Enn 0E0anHHH0 

s n b s n E a a 

EQEQCQBaH QQEDa 

□ 00 0 • 0 Q E 0 

saaaHBBg ~aaagBrara 


In HAROLD WINTER’S 
, THE HOMECOMING 


PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
Folly alr-eeedttoe&d 
2ia wnssUonaf year. 

REGENT tCbdorrf ClreusJ. 637 9862-3. 

“5ra»rt P. . sSrrtff. j 

Sta ture tor CVlTA 
masK more, but _ 

than that for ANNIE- _ 5. TWograta. 


tSSSSw??” 20 °- 

0^-7 SpfeJfMBL'jft-ai 

SS? Offfef ST’ t.? 1 - SMM OfcW* M* 
L?N-6. q *** ■ hy .. p b« Thors. 


I im-ioz ore Xmu-s sumaury. BKpmg of An'r*w M ' silkta 1 2M D«p Cish -si. 3.M pm P rftf Young ,"SiT%«i )0 vSirraeninB. T ' , i u n5. , l ROYALTY^ credit Cprty. .8004. 

I 12 A nm 7 464 or Sferwi'Jt TTTF 12 -* B *"* Yon a)M) Yours. 3i» Moilc w. 7-D® London Today <81. 7J8 Adrian ■■—■ — ■■■ ■ . — ■ — ; Mono#* -m ursfl«T ^ ® _ f T 

KAUlU 3 IMra, stereo* ,,, weather. nnmnrnZ hIL/lm Love's Open Line ■»> 9-K> Nicky Horne'v Greenwich theatre? "oi-isa 775V ?L 3 ®; n |! n t.,? 1 d s 'J^Siu^ iDAiSp&s 8 '?^ 

14-55 Xenv 7.M Ole; 1 . The World -it One ljg The Ardw*' L« Your Mother Wouldn’t Like It william douglas homes 7 ’ L w,D £ u S»t»NG^n"F» SUGAR - ■ 

Iran? "i*- Wrire/MS Morning Creicrn Womans Hmir frfnm Bnwol lnriodiaE Tony Slaatts Late Show is». ZM Un . JE=E S£f _ b« Musical oj »977 

■ SI. 9J8 News. 943 This Week s Composer: iOW.tt! Sews. 2.0 LUtm with 34B DaridsM's London Link i m ema tt ona l ia». Aveniras b.il* x. I d - taota5.jNMpwd.Maiw erwltt carts. 


paul ^Ta^w-wAVt^^ psr tw-s fh,nci 

This must be die happiest lumn. M. BBHiWW- Guard lan. SS» .Stal ML 1 11. 

amaata lS ■aaas.a^ gfc-avBi *-~ 

VZSs&SS&g&f" ‘""“afr^SLPm’^s 


' Listen with Mother. 3j» Davidson's London Link International 


Nw.ct &l*y --“WMUNG 6*mrH »GAR . - 

□ITOB Knsrn I _ . _ ,*«t Mwm JJ- 1 AN UNMARRIED Haul 


• THE EDITOR REGRETS 
Evenings 8.0. Sab. 5 and S, 


▼el. Dootai^CMPwd- Maiw credit carte.] Progs* ^^MARRI^Vriy^ANrXl 
RretJSSit^RoimvaMn. 01-405 2418. * tahitiaC Si40, * JHSl * M - ^to 1 




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* 


Fiaa Times Friday August ^ C 1978 
Cinema ■•■>■■■ 


GEOFF BROWN 


ifl'i t 

?V-4 ; 

JF. a 


Backroads/The Lov#* Letters n< 5 J?*! l i * 5a T^. a happy " or ^ a slap-happy life of crime: this and the history books. The coun- from someone frantically seeking 

fror^T^ha RmS sp-S 1 g schedule. , . is what Gary does, in the com- try also looks anything but en- friendship with a person excet£ 

Bein«rn thn ri£r!%.Ar W '' .The film wtiidt'.WiJpst made it pany of a raucous whtte driflCT joyable, for Russell Boyd's tionaUy endowed with body 
on the Hin - u / ■ -all worth whifyftvns. Bocferoatit. called .Jack King. Together they photography emphasises its dusty fiat?. 'Particularly on the arms. 

Bcautv and thu Rmc* /tl\ riassir 411 hour-lorigAuStt&lian produe- Tr,b cars, clothing stores, petrol wastes and scrub, as the car But it is the characters who 

Oxford K ' t»on showing afcw'Scala wiln stations and. once equipped, era- speed* along mindlessly. N'oyce. stick : in one's gullet and make 

.. ' another 'Austrian;-: lldtu. The bark on an aimless odyssey whose earlier film. A’euw/roni. has the Blin as a whole impossible to 

.. , c f.ore Letters from Teralba Road, across the country. Others join received much favourable com- swallow. Both writer and 

i\o-one seems to have been Films like Peter WeirVThe La.-st them: a P’reneh hitch-hiker Jean- meat, keeps his style as direct director, like doting parents 

H'ope have prom^ed meianchoiy Claude, a lonely girl from a and piercing as the material; plainly think the world of them, 

Olstunutors . are enjoying toe. nAanHnnr ' U tha une thn A,... nstrnl cfatinn onri Cowi'e rincla Inart Fmin mini nui<lae:!v r.nan' niair. thp onn«:«....l.. 


0Ql >' to lose its- vigour and shotgun. After much boazmg, taneous conversations. ' the.Tmoods of contemporarv 

t0 imagination.*' ' Biflfthe' directors bickering and foul language. The companion film. 77ie Lore society accepted for publication, 

or immoaest^lees, encouraged on 0 f these examples — Phillip lh ey reach the sea. The girl Letters from Teralbo Road. Yet from my seat in the stalls 

ill] r tifMif her ail Itnllatidllif 1 1 erio . - * #■« .•« _ * iL_.b * 4 a - — * *-* - j -*- — - - ■ « a. . . .. ■ _ *• .. « ■ _ i 


. r ii a ■ l v yin s themselves. Like. wave. The film s' focus on the Abo- turDins piece of work. The frig s blind eye made them more 
, i'™.j«, 0 S enm -^ rcel '>f s Aborigines are -a. key -.-factor in rigines’ problem is refreshingly love letters (selections from irritating than ever, chattering 

"- r . on $ , Prowled wub a wide the drama of ‘ Backfeeds. But clear. Gary is played by black which are read out on the sound- away glihlv to each other and 

. n »' . ns ‘ Qrinins L peo5 J ,e where Peter Weir used them as activist Gary Foley, and the track) describe the passionate perfomms' bits of business 

lens w Bun Cra ^f V th When th ? a fa shionnble centre-piece in a character of Jack King is a walk- feelings of Len Moran, currently desiriv designed to ingratiate 


another screening the projec- apathy/ bitterness -and' isolation*, country, wiil you? ” says "Gary to Sydney ~o talk things over : Sbafipw' th» 'characters ^eiune^ 
tlOmst caved into Ihe orevailms iu<inn ^ 5 nii riunv t»rm « -tKo CVnv>„h the wife i* he«itnni fnrihA ™-n> '.w , atte . jejune. 


country 


theory 





Nothing is resolved in . this sad 
state of affairs, and the film is 


Tbe week's crowning indignity . 



left slightly stunted as a result, is provided by Beauty and the 
Yet the director's meandering Beast, a remake of Jean 


manner usefully enables the Cohoeau’s wonderful film of 1945. 
camera to take in much telling wHh. all its magic, humour and Shaw 
detail about sordid, claustro- visual panache removed and 


Harold Cambridge, Mark V/ingett and Paul Grant 


Leonard Burt 


phobic living conditions which weA-kneed whimsy inserted in I ■*— i •* ■# -» jr 

™i t ,tio" S MV ,ressuie “ “* && ."ss 'S *2 England, My Own by michael coveney 


English locations (including 


n , „ ... . . KOBbworth and Sudeley Castle) Seventy lads in white shirts spring-heeled performance— case and the actual doruinenia- 

oeit^en Hie idiws is toe new by the American director Fielder and black ties bellowing “.Jerus a. whose open-eyed acceptance of ti„ii 0 f caU se and effect It is 


■ instance. 

is more 
examining 
I of the 
jecific ceo- 


is still communities and the c Scon hi!^ strong cacophony with his tale of a kitting up Adama and two of his ?£ ap ||!v ! QC km°" « r ' n 

S?2 fSSes clearly 0 poking 5 through dream of fair Anglo-Saxon Borstal chums in brown shirts. *e **°ie business. 


F«»tl, Up ool 0 ho < iir a . nd £ p J fae thrf 'make-up*'' men's** bristlinc i Protestants once more pounding black boots and hidden pockets In 
Eastern seaboard to Boston. „ nd beard tortuous \kin B i‘ t ^ e green and pleasant He is with the hilarious suggestion that sound 


?^. eTe i- ? srtmp of young l bo '* h ' ,our S^de and commentator he runs an organisation “whose warning? as Adam is killed in a 

journalists are struggling to keep Sp disguised, he acts- on th ? absorption of one Adam whole purpose is to protect carnival rush he has intrepidly 


the end. he settles for 
ng a hollow note of liberal 


tbeir newspaper the Back —^ly w ;»k his%vf»B which frp- Sutler into the cloud cuckoo- grandmothers.” This. after entered under a . huge banner. 

Bay Mamlne, along with their flacnt ’lv assume a fetching woe^ ^ an( * Df the National Front. He Adam’s fragile grandma has teen Once more the serried ranks 

own crusading spirit, in the face jj?r __ ■ j. L indiratp the uni resembles Martin Webster and mugged, offstage, by a gang of emerge to chanf "Land of Hope 

of a take-over from a commer- ^Sri “ A. n talk s with the sing-song black thugs. and Glory ” their noise sub- 

cial conglomerate. The serrat is vjjj nd ^ p i»- a , lfv i« a Tv^ persuasiveness of Enoch Powell. Although the production, by merged by a steel hand and 
written by Fred Barron, a y^- ■n evpf «* beautiful inriped ! A ^ ain “ presented as the arcbe- Michael Croft and Graham Chinn, blured by flashing lights. For 
reporter with Boston experience A(ra „ h h ‘ A p victim of pink school- marshals the action with impres- the rest, there is a succession of 

who obviously made ample use teachers, devious workmates on sive fluency and typical Youth domestic scecnst n highlight I>.n« 

of it in the film. There is ce»v gtoj factor)- floor and Borstal Theatre panache, there is a can’s battle with a son in adver- 
tainly nothing wrong with the bu,lies - He is a ni « lad— very yawning dramatic gulf between Using and a pregnant daugh\er 

way the Vmnfine offices look (as f Bernard Lee. Virginia. pers o n able in Mark Wingetfs the bald statements of Adam’s won over to the extreme Left, 

any visitor to the old kingdom of McKenna). Ana once she' 


* • « V« KMutiFiii inrinaA • -Huaiii is preienico as me arcuc- micnaei L«roii ana urauain LQinn. 

reporter _with Boston experience JS„.h hi?* “iSfi'typal victim of pink school- marshals the action with impres- 


Thne Chit magazine at King's becomes charmed by the courtly 
Cross could testify). The rooms ways of the Beast graciously 
are fairly humming with candy keeping her prisoner in his 
decor, malfunctioning coffee Gwtte until she releases him 
machines, peculiar pictures stuck his disfiguring spell with 
up on filing cabinets, people th& power of lave, she is asked 
sleeping under pinball machines, ttierform an inordinate amount 


And the personal advertisement of a winsome smiling, guaranteed 


that eager greenhorn David t« 
(Bruno Kirby) takes down over w 
the Phone has exactly the right hi 
bizarre note — an advertisement B 


tet anvone's tp«»th on edse for 
^ral hours. The film should 
taken off and replaced by ba i 
\eetla Btte immediately. ; 


The Second Great 
Northern Investment 
Trust Limited 


31st May 


American television 


I Elizabeth Half 


Equity Shareholders' interest 
Asset value per share 


1978 
£21,773.870 
1 1 6.9p 


£1 9,233,053 : 
103.3p 


Fresh aiplaetJast 


More Schubert 


Revenue attributable to ordinary 
shareholders 


£371,108 


£315,056 


Ordinary dividend per share 


Interim , 
Final 


FRANS' LIPSI-U 


A R T H U R 


JACOBS 


0.70p 

1.30p 


0.60p 
1.1 6p 


Capitalisation issue in 
B ordinary shares 


1.79741% 


t’nril two years aso, the most extremely 
predictable aspect of American testing out 
iclevtsinn was not so much the CBS in p 
plots of the situation comedies used its ej 
t predictable as they were) as past to hap 
the dominance of the ratings by millions Jw 
ORS. foHtiwcd in turn by NBC procraqiiie 
and ABC. When a former CJBS f/f® 
employee, Fred Silverman, put uian ittsL s 
ABC nn top by capturing the CBS doei 
Imaginations— Hand the evening in jNew Y'o 


yensive game of mihg department or sold his; The 
fw programmes and stoVfc by morning. , stars 

lirular has wisely f\ed Silverman seems to have . Bank’s 


The absence of its best-known ftein. of the FatHasy in F minor 
stars did not har the South for piano duet. \ "did not suc- 


1.80219% 


“ mainly Schubert ’* ceed quite as we^J. There are 


.» ewfbitant profils in The doriUpd on a dramatic volte face festival from reaching a very places where a TMre aihletic 
1 hep it now. u .Is sinking at NBC. He informed production ! high level of distinction lau stride and more excitement are 
isJof dollars in testing companies that he dues not wantioight. Indeed, for a subtle, per- needed in order to Yealise the 
allies it hopes win- ‘be - B nv emphasis on sex and he! fcc ^' f^U and entirely coarm:- <-ontrasts and interconfie'.-lioDS in 
gre fatuous and popular ha.s already cancelled shows i"S performance of a little-known ibis long and masiefly work. 

with Uiat orientation (most of '*' or k. the approach of Shlomo Nevertheless, this was Always a 
does its market research them imitations of his work at Mintz and Yefim Bronfman to musically alert performance — 


In his Chairman's statement Mr. J. A. Lumsden brings out the following 
points: — 


ew York City, handing om ABC). These moves have been -Schuberts 


ways a 
lance — 


piano and deserved a better \ piano 


hours— of the American counter- fnte tickets in front of i-orpbritte such a surprise that there is (sonata in A minor fD.515) could (especially in the top register) 


part to football match hooligans, headquarters (seemingly much speculation he will lake the net- i hardly have been bettered. than the hall provided. \ 
a new ratings war developed less scientific- a procedure than work in a new direction! Performing it more slowly and Finally, in Schubert's well- 
that was more interesting than- rating agencies claim to" pro- altogether. Baiher than compete ; ’ffitk ™o re 861156 relaxation known- Piano Trio in B flat, Jflr. 

ihe programmes. vide). Supposedly a show goes head-on. i* is thought he may i roan I had expected, they were Mintz and Mr. Bronfman were 

i'-inprc -*nrt mi-aTin'M aecused 600 to a thousand partiei. tty to put some quality into his (able to give musical value to joined by Yo Yo Ma. Of Chinese 

t'KK^mviSSSSuMtS pants, hut the day I went, only programming and make a res- 1 little phrases and to individual origin but born and educated in 

people were willing to.iit portable inenroe from shows with 'motes within what might -have France, he is a cellist of the 


The dividend for the year has been 
increased from 1.76p to 2.0p. A further 
increase in dividend is expected in the 
current year. The net asset value per share 
increased by 1 3.2 per cent during the year. 

STRATEGY 

The Board's investment strategy is to main- 
tain a well-balanced portfolio based 


p->ru»tv wiiwt before 600 to a thousand partiei. try lo put some q 

riisSf heragtou cSuSSceoiSd P?nts. but the day I wen L only programming and 
rium.nati 8 ^ will. n S Jp . Ait pectable income fr 


ll«r founder- — «• yeuy , ur wvrt- iwimie w pccuuje incnmc irom snows wua rumt, ue n a ceuui ur uic 

instinrtc.' around a cunfercnre Table lo. smaller audiences but more (otherwise passed merely as a highest artistic gifts. His instru- 

10 SC Utsuncib, v. rt V... J U. » n n..u ■ ' dnr.rmir “mn " At (no von, anri T • - l:. 


it'.i i.,.m Palau whnen incUnrts. « lumruiitt 'iw iv siujner aUlueilCCS UUl raDre iwiw,-iM " uibuoi arusuc guu. n» iiisiiu- 

'V -L' , inuna r watch ^ You and Me,” a situation prestige. Rich conglomerates I vigorous run. At tne very end. ment^fegs even in pizzicato, his 

^ f n r °i; °r s t- r - J comedy about a young coupfe, already support public broad- [where the composer's marking is pbradng is expressive to the 

n art- Chronically unemployed, '^tbe casting and no doubt realise U : noi too definite, their hashed point-of risk-taking. His and the 

•• ««< young man - wears a chicken is a cheap way 10 reach the more CDda ma! * e a touching farewell, violinist's dovetailing of the 

p rr a *uic » it costume to advertise a fast-fuod -discerning cusiomers. : Throughont. the sense of part- music was one of the joys of this 

-S of iisultine lSe JowSl wstauranL His wife notice#; an An indication of NBC’s new: ners *»P rt ^ ? e I, f . onnajl «- 

ini-fii^te the paper Tor a joke winter direction comes from a recent P^ns. are SovieMsraeh) was un- Discounting a few small errors 
'“J ^^ on , n de ?S 1 ^ Corji local evening xiewscasqfRe pre-season premier, one that • Passive. Exacl.y as 1 once heard of rhythm, I relished iheir whole 

lito SLi hSd' ^ toe job with inane . W as planned before Silverman’s 1 -" 3 ^ s , tcrn u . r - 6 sludentF. lament of the Trio. (The 

ra nines tike ««ppy otu on fa bncaied. mane^s arrival but was allowed to appear «>rh t player had entered the nddiy banal passages which 

UtfcorRi Buc^ hott^ wlebrate g^gg fan , tem about a fttam on schedule. It is a dailv lunch- ;*>to« rs world — Mr. Minu s Schubert allows in his finale must 

me benign side oi -engine that presses a nttm's ume network show going 10 1S5 violin matching the percussive ju?t be put up with, for the sake 

oh.nreperoiwiess; Ljiartie x dothex as he drives is the fljaly stations around the country m aflack of the piano. Mr. or ihe rest.) Afterwards, if 
Angela ^ets as close AO: prints one I recall). romwte with CBS’s domination Bronfman’s piano “singing " like chamber-music audiences were 

lime pornography as battered Ea Ch of us was given. .-$* of the rating wi'ih soap operas. | a stringed ! instrument when their *iwn to storming, stamping and 

standards allow, tu »Is heyday, buttons to reaifiter approval.MKl Catted -\menca Alive" j* two melodies nwertwined. yc.lmg Jike opera audiences, this 

C 4 BS ,w aS 60 f« d6r « I tof TUTuy ^disapproval^ dunng the molves around Jack Linkietier Something of the same relaxed would have been one of those 

nf the networks, imxinR. Ux grammc . Afterwards we were a New York studio that looks a0 P n,a6h *° Schubert entered w tm ions. The same Tour young 

anodyrae situation .comeaws L with .given a questionnaire we fiiied- iiu a cnar-mus snlit-level house the inlerore-ation. by Mr. musicians may be assured of a 
.1 top-Hight news bureau, as some- ow anonymoustv hu» with itor.- perched aznon" the surroundin" * Bronfman and Joseph Kaitirh- we home return next Tuesday. 
i kids Of a «eslw« of noWes&e ages and education indi«n*d.- skyscraper towers. Co-hosts in ; 

As so aflWI ' ft4ppiiOs» \Vc . marked our dcsffifiu jOf California and around the 1 ii il A¥ 4 u^vi >* - o 

when the despot wasovenhrown, sympathy for «-iH chararter Ma. cpu n Tn c0 me in on hw re moil , Albert HalJ/Radf O 3 v : 

the celebration lasted until thfr quv preference between, this W»r:pick-up. At a preview run for 

new despot iho^-ed his pearly gramme and the Press, the show’s producer. Th O 1 

ceth ’ ©per nrtwprfcs. ^%J!&tWoody. FXa*er. emphasised the; U Kl M/111T^nAriA7 

Dunns the summer, the losing 2S®j45 l .h!J2”2, , d StS5n! show ’V , ! rsuit of toplrailitj— m» O V lIlL/xlUlly 

networks; ' which huw tnehifle discims the show, and their yesterday’s star or the day AT J 

CBS. !u;k their wounds and plot before yesterday’s. John TTt> n * v 

the strategy that will jiiA them T ravol i a } s P' dsse: l » da > by D AMD MURRAY 

back on top. In June, Silverman dismissed It az-rutibisiu a Jfer. n jj as to be Warren Beatty. And 


\indMrttnf wk annlautled its J““ U S man wears u is a ciicaii way w rwtu ut 

row fi ’whOe P teSfi di ^SusUy vostame to "advert 1« a fast-food discerning customers. 

... a rcstauranL His wife noiicer.-an An indication of NBC’i 


accused of insulting ^km-SffSS^nS 


time we think it right to have some two- 
thirds of our equity investments in 
overseas areas. 

Our objective is to achieve maximum 
growth in net asset value per share com- 
bined with a steady increase in dividends. 

INVESTMENT TRUST COMPANY 
SHARES 

1 am glad to say that discounts have 
narrowed considerably, partly on account 
of a greater interest on the part of investors 
in overseas stock markets (in which many 


Investment Trust Companies, like this' 
company, have substantia! holdings) and; 
partly as a result of one or two bids for 
companies by pension funds and others, i . 
still consider however that current, 
discounts are excessive, particularly when- 
one considers two changes which have ' 
benefited these companies in the past 
year. The first change was the abolition of 
the surrender of 25 per cent of the invest- 
ment currency premium on the sale of a 
premium security. The second was the 
reduction in the rate of capital gains tax 
applicable to Investment Trusts and Unit 
Trusts from 17 per cent to 10 per cent:“ 
While 1 welcome this reduction. I regret, 
that the Chancellor did not feel able to< 
grant a total exemption from capital gains 
tax. 


ANNUAL GENERAL MEETING 
The annual general meeting will be held at 
10.30 am on Monday, 71th September 
1978 at 175 West George Street, 
Glasgow G2 2LD. 


MANAGED BY MURRAY JOHNSTONE LIMITED 


BBC Symphony 


-irf ' " " 


tin? strategy 'that wii) jiut them Sism sstd^-is bbMi° ^ 
back on Wp,;jrn June, ftyennan JSSfS** ;5£SSSS tm Jl 


DAVID MURRAY 


tackling hisowfl aiccesi ^ he-pr^Wy would Here Addition “ihP show will pro - j 5S5a3^T VerioT- a . nd 

All the networks - play the ordered, a whole new proggufi- V JJ Aguiar features, induing mance of the six JfonofaSv set “r 1 tniJi ’ « e cffecl 

W a a nfi » hiJtSltobv Frank Mania from HofMannv “f ^totol-dtrecUiess was eonsis- 


incoberent parentheses around a phrase, an 
n |3bL with astute contrast of levels between 
is. Tao3i3j self-connnmirag and resolute \ 


a media critic and a bi-weekly | by Frank Manta from Hofmann.- . ■. g-j c °k 

segment by Ihe sexologists, j tbal’s famous Salzburg piay. WiS held 

Masiers and Johnson t talking on Jedennonn The Austrian “Every- ae ena - 

subjects like infertility!. The [man" is not so famous that she This fln^ am j SP berinc work! 


ave 


media critic. David Sheehan wa? ' audience would not have conducted "by °WafiVr 

willing to call Juurs 5 about as coined a sketch of the linking su.^kind, vrho maintained a 
interesting a> watching your sun- ; action between ibe lnonoiogues. ^eady radiance in the orchestral 
tram peel. David Horowitz as the j thouah ihe genera: dramatic plan ^ ecu in pa him cm. Earlier he 

regular consumer, ‘critic came ] ran be cvcsscd: the programme pre.«vnted Mozart’s 39tb 


rey 


Ca}fHmdb<i gs jmm LJQ 


Jbncfants iafO upwonk/s 


Afp^i 


' amutno. jdenl voice beyond the words— n o touch of wit Shostakovich’^ 

»no orchestra! peroration, no precociously assured First 

” ? ‘ ; added commentary. The scansion sym pony had a comparabh- one- 

1 ” Ancfralian I observed, wslh no more sided performance, its jokes tin- 

L- ■ .JTIlUoLX ajiait play, {liberties tnan a classical actor pointed and the tempo-changes 
*: : - tj T- j a of. lb? Finale struck with some 

' : ; at Kiversiae f sedulous fixing or nmm grinding ©f gears . The ?ears 

'was entirety characteristic or ground painfullv In .4 Might <m 

- The one-man Australian play ‘ Martin, and a performer of Bare Mountain, ton— Mussorg- 



Miliar i 


7 ^*. .. . T/'r, ’ •• y- . . 


at Riverside 



P r SI 

>.4>>t!MlUU . 


Mm* 


Group Highlights for the year ended 
31 March 1978 

Jurnover £S3-2m up 6-8% 

UK Sales £46 -2m up 9 -0% 

’Exports from : , 

the UK £17 -9m up 4-1% 

Sales from ' 

overseas £32-8mup4-1% 

operations 

Pre-Tax P rofit £6-7m down 7-5% 
Dividends T228p up 30-4%' 

To those shareholders who look up the Rights issue shares. 
"Includes £3-7 million to overseas subsidiaries. 



£32-8m up 4-1% 




.V r«> » jrxl C.i,«<|*.u>y Ihiiitid. 

1 1 , • . : M-i \, •». j ir| Miw<U . g-' 

I ,!«•!. -isttt 1 ‘‘Mt _ 


four performances at Riverside j for his baritone, which earrie-j on Themra.-from Mussorgsky " j. 
Studios, HammersnUih. on Sep - 1 splendidly through the ha!!, and bu> Mr, Suss kind should not be 

timber 10, J7, 24 and October at ;he supplied sense aad shape to blamed:, rudely pungent though 

. $..&»’* : .to^ cycle w »to unwavering con- the score is., its fitful continuiu 

• The-Basfimi From The Bash. {fiction. To great a variety of sets severe problems. It still 
, features Robin Ramsay's pur- histrionic colour would have exudes something wilder and 

ti*y:U lor the writer Henry Law- » been misplaced: and instead stranger than Rimsky’s refined 

■«m. It. was. first performed in | Hemslcy drew upon his declarna- no^c could tolerate, or perhaps 
September, 1977- at Melbourne's ; tory resources: the exact olacinc even detect; ail praise, lo Mr. 
Russell Street Theatre. Jof a word, a suggestion of ironic Susskind for xevivino it. 





Copies of the Annual Report & Accounts and the 
Chairman’s Statement can be obtained from the 
Registered Officsr.IVtortKCircular Road, London 648QA. 
The Annual General Meeting will be held in the Pepys 
Sjj'to' London Press Centre. Nev.' Street Square London, 
EC4A 3JB on Friday. 15 lh September. 1978 at 12 nooa 

LRCWTERN4 riOMAL LTD. NORTH CIPCULA8 ROAD. LONDON £4 BOA. 


Pif|I#l| 












f 


FINANCIAL TIMES 

KRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Ftoanttaio. London PS4. Telex: M834I/2, $%M97 
Telephone: fll-248 80M 

V Frid ay August IS 1978 

The straggle 
for control 


Food 


Financial Times Friday August 18 1978 


m a 


BY DAVID CHURCHILL and CHRISTOPHER PARSES 


■ If I fulfil 1 I If 1 A-ing money the food manufac- <*“**<* » substantial . real cut- price rises; and they have had 

* w -"* turi industry would not be back of capital, expenditure, a psychological effect in re- 

_ __ . J • . < n statp ft is fndav with a There has been little new fixed reducing confidence among 

2**J!£ ***'«***. rw»«Si* «*i iD '^f ffleD A_ «** . w™-’"* m ™? ers J a ** ir *£?? 5 


xCash Flew 


growth of the broadly-defined distortions within the bank 
money supply in June — the system to start unwinding them- 


f ailing profit margins. 


machinery has not always been operate effectively. There is 


money supply w June — the system to start unwinding them- " ' . ” . . . replaced, and there -is little little doubt (and on this there 

nise of £520m was almost as selves. The June figures, show- j*"®** in many companies for is some sympathy within , the 

much as in the previous two ing the clearing banks enjoying out for the Food Manufactinrers new more efficient machinery Price Commission) that the 
months together — despite con- — or rather embarrassed by — Federation, many husbancte do tQ . reduce ^ improve food industry has suffered from 
tinned Government success in the entire growth oi private not ■ P*“ on the cost of living profitabUity _ The . financial the controls. More than any 

funding its own borrowing, and sector loan business, and element in their po nses to c || mate has ted to a curtailment other factor, a Government's 

the threat of penalties on the reserve asset ratios near their eMb . J , “ p.!!! J..! of innovation; stocks are economic success tends to be 

banks under -the corset regula- historic low pomt. pnMjr affS educed to a bare- minimum, judged by the bulk of the 

tsona, must be read as a warn- represent the of the dis- at presen ns 8 tince art ^ consequent risk of population on its ability to keep 
mg signal, though not at this torlions. The extension of the P ^ i nth and enn interruption to supply; and con- food prices down. 

■ 0r T C v may ha?e been of haS This is borne out by the i ow P«|5t mar^n _items and iniUative the food mamifac- 

S? W /,«Sr! y IU ““"*. weU ah f ad on to an increased market latest Government statistics on own-label business is turers’ ability tn set profitable 
tho 8 ♦ eXpecUUons wben share and paving the appro- retail spending which show that scrapped. prices has been restrained. The 

" er . e priate penalty on supple- although expenditure in food The food manufacturers are present safeguard provisions, 
se-cuea m April, and unless it 4 ann c;te f nr a shoos has risen sliehtlv it was in no doubt as to the pause of intended to ease the burden on 






Cumulative Cash Dotflow?" **"**•*, 

CASH FLOW POSITION OFUI! 

FOOD MANUFACTURING COMPANIES 


f* A 1 rF HUSBANDS played fair The cumulative effect of years controls have blunted profit- 11 1 - ‘ - V . ■ '• Ll fiSato to 

TA1* PAHTI^A I I with their wives’ housekeep- ef reduced profitability has ability by limiting necessary 50 ^—^ ■ 'V rtTh2,iS£? atthous “thert is 

1UF FUllLrUl Jling money the food manufac- » aibstantial . real cut- price rises; and thghave had SSiifththe aSS 

VVllil turing industry would not be Jack of capita], expenditure a psychological effect in re- of time and managemem energy 

THE ACCELEKA-noN of the* pr«su:e, f nd eUow the ZmZt SS ZVS 

growth of the broadly-defined distortions within the bank r ^jj pro g t margins machinery has not alwavs been operate effectively. There is 0 ' ' • • . m - — the 0e5 ?I' a i !i 0 ^ t' . A anv 0 f the 

money supply in June — the system to start unwinding them- faU g pTO 1 ^ * replaced, and there is little littie doubt (and on this there 0 Ik I I i/^ih I n ° assurance that any of the 

nise of £520m was almost as selves. The June figures, show- Arardme m rerowreh carrad in many Jmpaiitt £or i s some sympathy within the ~ ' ' - chanxcs can be considered pc^ 

much as in the previous two ing the clearing banks enjoying out for the Food Manufacturers nfiW more efficient machinery Price Commission) that the V ‘.- J: ■ ' vylKv 1 " “JL 5?.“* Hffoier*? 

mMrths together — despite con- -or rather embarrassed by- Federauon, many husban^ do to . reduce rasts aod improve food industry has suffered from '■ ^ ama^onStic 

tinued Government success in the enure growth oi private n 1 ot _P^ s , on ^ h _f_ °i JiJ 1 ”? profitability. The . financial the controls. More than any __ l ^ : ;■ . . •• ' ■ :l prQdded Jjy^ 

funding its own borrowiog, and sector loan business, and element in their pay J® climate has led to a curtailment other factor, a Government’s 50 ~ ' " -r - ' ..:*?■ lobby from hs h 

the threat ot penalties ee the «*tve asset ratios near their - n ‘ b !f *“ r * ™ 2 Sf tanwion; « econnmL™ ieess tend^To he W*; '• ' ■ ■ m »‘Jg? ” ".A,! "S!!; 

banks under the corset reguia- historic low point, probably match price rises. Earnings are reduced t0 a bare- minimum, judged by the bulk of the ■ ***■- • ^ oyer what ar f.. R ® n "“, y 

tiooa, must be read as a warn- represent the peak of the dis- at present rising twice as fast .j, 0 f population on its ability to keen sidered to constitute breaches of 

Mg signal, though not at this torlions. The extension of the \ u * SL e^Sd^con interruption to supply; and^on- food prices down. Cumtilltive Cash -Community preference, 

stage as an alarm bell Private TOrset regulauons will banish being spent on clothes and con- i* riaced as verv rRT „. 10 0 - ^ But the manufacturers! real 

rSff»5.*V oT t HHI h S E r c€£r e sS^5 an ^ ja sssn SUERtfjLa £SSS 5S 

the ^onetST C S 1 o°JIs share and p3ylug the appr0 ‘ ret ^ il spending ^ k ' h show pnees has been retrained. The FOOD MANUFACTURING C0US1ES % {J^ e hi Tesco^Mt yea? 

rt £5-, * , ■! priate penalty on supple- although expenditure tn food The food manufacturers are present safeguard provisions, ^ ■ , l v i - , i 1 I w hJfJ 1 joined by all the major 

a " d uriless if mentarv special deposits for a shops has risen sUghtly it was in no doubt as to the cause uf intended to ease the burden on ^ ! 73 “74 : . ' ’75 76 77 SsSna. This keen- 

S L^ lh0r:t H S w S We " time. ‘The relief now avail- still a long way behind the rise their problems. They argue company under investigation L J211 'J. J* ST kin prires down to 

a* tne banks will have a abl on!v . start tbe process in spending on consumer that increased raw material by the Price Commission, are ^hare* a nnlicv 

,trU3Slt “ U ‘ eir h “ dS - "f S-ttinS the clearing banks durables. priees due - ttjrtJjjwj. ™“art"re'« JS These between 25 and 30 per cent By ... &ii,ar tattles have been Sfi appears tn be working mV 

Clear sig „at iS.'Sn,.^ JfJfSS T%U£ S Z SJ" ^.“STp^ ^ ££*£ tt ZZo"S2S £ ra 

The Bank of England dearly that is its intention food in the last quarter, com- pressure on margins because ™ ® to P * Britain is now £1.495 a tonne. SiSr key ingredient in baked increases to the retailers, 

sicnallpri its pnnnnm u,. Of course, another counter- pared with a 4 oeT cent increase of the power of the large super- going bankrupt, but with the Tf . „in<;Arf it wnnW) J , ■ . 

announcement ihai^ttie Dorset P art of a rwuItied foreign in- f or consumer durables. On a market chains intent on fighting volatile nature of food com- Je ^bout^SoO a tonne. Other * ‘ - ot her victories Sth 

regulations themselves which flow is a re,artve modest figure 1971 base of 100. the index * Hifih Street price war for modity prices— such as tea and ^mmodities would be affected ri£?f? g hv the Food Manufafr mar J et ^?^r^.h B ^ t h«n a mft r 
have up to nZ been ^regarded domestic credit expansion: flgure for the quantity of food market share. Without doubt enffee-they may no be enough £52 ^the dro^ ? arker shares-have been put- 

as a short-term meas^f wtll «cess Government funding has being sold is 9S.6. while that for the food manufacturers’ anger to prevent a financial collapse. **«“” ^ ... nf f r * oe? mtdu» ^ SS5£ 

be extended for a full vear ThJ offset mo't of the continued ri«e consumer durables is 129. is directed first and foremost In any ease, the manufacturers The food industry views tilia pmgof a 1. 1 P . hirers to increMe discounts 

limit. * a , , iLit ar ‘*I he in bank lending, and it is the - , . at government price controls, argue that price control hardly situation with some trepidaDon on imports or dates for process- f 0r bigger orders. The suppliers, 

mni? ” thC n foreign inflow which has added J hl f s ?-!, man , ufactur ”u which they' beUeve are a arts as an inducement to extra and is at present calculating ing--mainly into brown sauce. eager ta increase their own 

i 1 1 « S ° to the monev supply. It mav be vho traditionally rely on sub- ou t investment in the industry- how it is likely to be affected if A 7- per cent duty on v0 [ ume as the only w*ay of 

Hons iSmSIi thou«dit that if DCE is well 3laBtial volume growth to . . ^ expense of tiie What Is more the effort on food the current talk of applying the salmon for making into fish improving profitability on low 

were intended^ 5K S 5BS? its limits and sterling times ° W rnarS,nS ‘ “ d tataSy^SB llS of restraining the manu- European unit of account to W> 1 margins, have given in to -this 

unending of elentiall? reraains stron - «**» *• Siis Sers has been economic justification. -The facturers’ margins, has been farm pnees ever gets off the M«l Pressure in most cases;—. - 

. •was about “» *o“uii Suis ss .... raw sr «sa ^ bi-sys. CL,,t 

mndity prices has. however, retied on to keep the gap open: Most difficulties arise ® ve r Kello^s cornflakes the easier 

been effective indeed. But the uncertain approach of Hlediterranean zone products. it is (° T ma nufaclurers' to resist 

In its latest review of agri- the Conservatives to agricul- Fck ■ example the campaign demands for bigger discounts 
cultural policy in the developed tural policy suggests that there is contirtuins for cutuns dunes whlIe at the Sanie tinie ma j n . 
world the Organisation for might be a rapid move to close oh citrus for the manufacturing tainjn ^ volume Hence 

Economic Ckniperation and it in the event of a Tory elec- industry. "There is no way in t ^ e £100^ p i us S pent on adver- 
Development (OECD) said last tion win. . >hlch France and Italy can food manufacturers’ 

week that the last ripples of The f 0od industiy’s- cop- S2? Um,ys branded goods last year, 

the 19iJ-73 economic crias had ga U }pg campaign against Com- cla m . week the twn bis 

subsided and that 1977 was the mun jty barriers which obstruct And there is now a major: ^ y companies left afte* 
Ust year in which its effects Applies from beyond the drive to win a reduction in gjgL - fenkS 

*5“!^ b * felt by pnraar y f°° d EECs frontiers is closely Jwles- on imported rice and tT av i s McDougall and Associated 

producers. linked to the relatively simple dehydrated vegetables— notably British Foods— both showed 

P® . sw * 31 -.{J®* 11 Bntains i ssue 0 f basic commodity Egyptian onions. their increase market power by 

r5tino th» S priceSl • “■••• cutting the discounts given to 

imJustrVs boat The impact of For example, it is argued in ■ T . * supermarkets. The effect was a 

JEE£on raw food mrteri J the UK that Canadian hard ■ ImpOftS Of price rlse of * bout lp a Ioaf - 

costs has been chronicled to the »*»t u f d r in . 016 ^ndard . ' Not ’ surprisingly, the battle 

point of tedium, but at least the British loaf is a different rinp over discounts has prompted the 

dancers from that quarter have product entirely from European v attention of the Monopolies Com- 


be extended fwafiTn Tear The offset moVt^ of ihe ^^ntinued r!«e SSBteTa isd^rtedfi^aTdfore^ m any case, the manufacturers The food industry views tilia ping ^of a J teen to incre^e discounts 

iioit ar *K in bank lending, and it is the ^ . at government once controls, argue that price control hardly situation with some trepidaDon on imports or dates for process- f 0r bigger orders. The suppliers, 

” thC » foreign inflow which has added J hl f s ?-!, ,00 S manufactur?r ®' whi | h ^ey' teu eve a acts as an inducement to extra and is at present calculating mg-j-nnainly into brown sauce. eager ta increase their own 

iiliuTmf^ 5SlT *l S *J n to the monev supply. It mav be who traditionally rely on sub- device carried out investment in the industry, bow it is likely to be affected if A 7 : per cent duty on canned volume ag t b e only way of 

tions <!Pt Vnr rest ^ K thought that if DCE is well slaBtial volume growth to . . ^ expense of tiie What Is more the effect on food the current talk of applying the salmon for making into fish jnj prQv jng profitability bh low 

were intended^ 5K S S' its limits, aod sterling u £« rnarS,nS ‘ “ ood SiS^KSt tittle orices of restraining the manu- European unit of account to p ^ sl ^ matins, have given in to -this 

unwinding of essentially reraains stron =- ftere ** C ytr Sers has been economic justification. “The facturers’ margins, has been farm prices ever gets off the preSSUre in m ° St caSeR : ' ' 

zix * about ”* noney <«“ if? ? >?S aar&.’X tstss ess ^ nd h : CL,,t 0 ..is.. ^-5^2^- 

b> the banks: but in the longer sup P‘ y industry, with the loss of 8,000 

haul the growth of liabilities jobs, and J. Lynns, which had 

can only be restricted by a care- 2 w sell off some of its hotel, 

fol eye on the growth of lend- ® *^‘ ,1 “f! catering, and overseas interests, 

mg. The authorities have had earlier th is year, is the object 

to sacrifice one of their central 22J!J fiy ' ®"“ 5? i * ' of a takeover bid from Allied 

long-term objectives, competi- ****** s ? m 4 e m loan Breweries 

tion between ihe hnntc m demand; instead, it continued 

impose on each hank an indi at a rate which suKSests an Other companies and sectors 

EES # -SLruT ^linik We are In annual total of perhaps £7bn arc 1,50 in very reaI danser ’ 
a sen>« half wav hark in n nan causes may be temporary Sir Hector Laing, chairman of 
a sense half way back to quan- K „„ rh® Fnnd and nrinkc Tndiisfri^t' 


titattve rnntrok q bu t vigilance cannot relax until the Food and Drinks Industries’ 

tiiis is shown to be so- To ask Council and of United Biscuits, 

This extension of the regula- Government funding to continue said this month. He argued that 
nons, coupled with the official to offset lending at this rate manufacturers’ profit margins 
refusal to make a cut in mini- wuo ld overburden the markets, had been squeezed so badly 
mum lending rate which the _ that, for the industry to survive, 

market was half expecting, is Confusion food prices would have to rise 

the true indication of the official nWru() , _ a .. by at ieast 3 per cent and 

mind. The seemingly contradic- sti ^ confused by talk of folk P r ®bably by much more. Profita. 

tory action to relieve shortages ^ ** f®™ us ® dby ““*i bilit>’, he added, was “on a 

in the money markets and the JJJ* : ?S!!?,L fc IJ!S5L a } ro a tr ?iSo ^'ppery slope which is on the 
recent release of special ' vben 1116 *»« tho ra-ues are trying p Q | nt 0 f becoming a dangerous 
deposits art* not a sign of any tn squeeze tending. Past expen- 5 n de « Sir Hector backed up his 
policy relaxation, but simply ® nce would biggest a sharp rise comments about Britain's third vA 
necessary moves to relieve lech- m rates. Ihe explanation lies i argcs t industry (sales of over 
nicaj pressures which were * n ihe weakness of the dollar £i0b n * year and employing 

becoming virtually unmanage- -A rise in rates would simply more than 700.000 people) with 9 

able, especially for the clearing attract bigger inflows, it is the latest profitability survey of 
banks. thought. That is why the corsei 31 food companies carried out o=_ „ 


rice 


P® . SW *J 1 -.{J®* 11 ® nta * n ji issue of basic commodity Egyptian onions. their increase market power by 

£12? yii inS * rtc **' ■ -■••• cutting the discounts given tn 

industrVs boat The impact of For example, it is argued in - T ■ ^ supermarkets. The effect was a 

acS on raw food m^teri J the UK that Canadian hard ■ ImpOilS Of P rice rtsc of about lp a Ioaf ’ 
costs has been chronicled to the J-heat used in the standard . ' Nat surprisingly, the battle 

point of tedium, but at least the British loaf is a different ripp over discounts has prompted the 

dangers from that quarter have product entirely from European attention of the Monopolies Com- 

afways been reasonably predict- grain and therefore should not gri ta , n iso.000 tonnes of mission which is carryin,? out 

able and the easier to handle ? e discriminated against win rice a vear. Half is round grain a study into the whole issue. In 

for that. SS2 ®sed for puddings, baby U.S. discounts for bulk 

Now the Commission m ° foods and dessert “ ,5tes - The orders unrelated to cost savins 

\ Brussels is making some attempt backers m Europe - - .Test is' long grain used as a are already -prohibited by law. 

^u^ aV tn prevent the upwards spiral However, there have been vegetable. At 'present imports Manufacturers, however, are 


banks. thought. That is why the corsei 31 f 00 d companies carried ‘out o- T - ; , . of common price levels for farm some notable victories. One of from outside the Community aware that the airing of their 

It ceems tn he a result of verv *»’*»». tor all its distortion* by the Food and Drinks Indus- , f ,r ,“ e r°J produce. The concentration of the earliest fights, won with the attract a leyy ot £142 a tonne— problems may not be popular, 

tight condition! which have nut aTld suppression of competition, tries' Council. al leaht 3 JJf ” nt oa ^ influential Britons in senior a j d 0 f the Ministry. of Agrjcul- 7p a pound at the consumers’ “If it is felt that these claims 

the clearing banks into such a ** thought to be the appropriate It showed that profit margins P *?sts in Brussels-^or at least ture, was against the EEC im- end-on their way into Britain, are the exaggerated bleatings of 

difficuft* posi.irui^The'resuU 1 of «e a p„ n in the cffiel.1 of SS ... 2" S2 f, *J£LM ???. «“?.?« '^L 


the soft textured Italian rice-, says Sir Hector. He points out 
does not meet the demands of\hat these industries were 
the UK housewife or the UK ateiumed to be in unassailable 


a resu 
funds, 
market 
Bank 


For whom the 
bridge tolls 


a third to a half. 


tion is on two levels: price and sterling proper Is wavering costs and retail prices, 


be justified. 


history, 


MEN AND MAHERS 


Light of the 
silvery moon 


IT IS proper, hut rather beside that was estimated in 1975. , . . , „ 

the point, for the Public According to Ministiy {-JSJfSS cljTl 
Accounts Committee in criti- officials, the bridge should still Reverend bun Syun? Moon are 
rise the Depart mem nr Trans- be financially viable, despite the causm S heartsearehing among 
pert for having Id itself he much smaller expected traffic some ofBntai n s top academics. 
mHueni-ed by ■■ subsianiially flow and despite Us greatly in- Those who regularly attend oon- 
inaixurate " traffic forecasts creased capital cost. This haw- ferences funded by Moons Uni- 
when it authorised the building ever is on the assumption that neat ion Church ll 
of the Humber suspension the latest traffic projections are Prizewinners went along to the 
bridge nine years ago, a pro- realised at the level of tolls pro- l ast one -have now been asked 
ject which was expected to be posed by the Humber Bridge by Moon lieutenants to write 
both costly and self-financing. Board for the project's expected testimonials for consideration by 
If cold economic calculation opening next year. At SOp a Bie Home Office, 
had been the sofe criterion, the crossing for cars X?.30 for fight in May. after bizarre allega- 
bridge would not have gone trucks, and £4.5U to £0.50 far tlons about Moon's relationship 
ahead. As the committee mem- heavy lorries, the tolls should with the Korean Central Intel- 
hers well know, the dominant be substantially below the sav- ijgence Agency, and his church's 
consideration for the then >ngs users are likely to make in majority shareholding in the 
Labour Government in 1969 petrol costs afone. But they will arms-manufacturing Tong H 
was the contribution it believed be many times higher than the industries Corporation, a U.S. 
ihe bridge would make to levels currently charged else- congressional committee an- 
Humberside's future industrial where. nounccd plans to subpoena him. 

development, together with the one is not altogether sur- He promptly flew to London 
fact that a personal commit- prised therefore that the where he still is. 


churghes in tije Far East Moon « l rn A-irn 
j. baa been * n Scotland recently tn ** 

I! •' * i '\u - escape publicity In London, and When the Queen visits the 

| v ■ ( ^V.| ' Jones had long discussions with United Arab Emirates next year 

1 '. i 'tiKV'l b ’ m ' ^ non proposed giving she may well find it a Irttle 

•' Li* 3 money to the divinity faculties curious to see so many orna- 

■» l ■ ' (%) 1 at O^fo” 1 and Cambridge “hav- mental Victorian plant pots 

‘‘■rfX' ^r.'Y — \ in^ heard they were .short of adorning the scene. There arc, 

•. L J ••• • ••.i f j money.” for example, a dozen large re- 

;•/' ■S/Pz > . •• ' ' The Unification Church re- P ri wfoction jardineres in the 

'• ; ‘‘4V 5 - YvV--' .0/ minds Jones of the Buchrninltes Bahreini sports centre, which 

v'w ^ who launched Moral Re-Arma- she > s du * inspect. 

‘-'^^vSr ment. ‘'Moon is also very anti- The source of these mock- 

• v K cowraunist," he says. This may antique curiosities is a small 

lot' ' ' v ' fl ( J be an understatement. Mnon village in Northamptonshire, 
'uvti. : '• Vx funded "Project Watergate" where' a company called Had- 

K f>i : J f which defended Richard Nixon donstone has geared itself up 
f\ up t0 and * nc, uding the day of to satisfy Arab fondness for 

IA kxfl *^Sr. bis resignation. such objects. The company has 

J ■ just received an order from the 

vtJkrn' — Sultan of Oman for 45 large 

YjWv uros, an Elizabethan jardiniere 

NO Valentin card and an Italian jardiniere and a 
. . _ _ French urn. Haddonstone’s man- 

turns up next ^ ng director< Robert Barrow, 

— Monday evening at the Soviet S ays Arab companies frequently 

embassy m Bonn. » the hope ask to buy his moulds. "But we 
regard the conferences simply °„ rf [t ce !^n g . a . gen , ,al Slass of always refuse." 






4.} % 


No Valentin card 


B ? e the Humber board should have Moon's two-week visitor’s as a device to enhance the J!? dka ’ W,1 J. be ! n for * aho ?- H 

bridge b: Mrs Barbara Lastle joined the Mersey, Tyne, and porra i t has long since expired prestige of Moon's church. P®. ambassador, Valentin _ ^ 

as Minister of Transport in the Dartford tunnel authorities in ‘ ri he is n0 , v awaitins a deci- tn ^ hn,u Fahn - was rtnartmg yesterday ’ ! ■■■' W 

Sl bc?ore r m5 ^ s= i^'sssrs. shk? Mixed brew 1 ^ 

Q :;:: Pt!ons sssss — s ! • 

The PAC hu e valid point, five shouM have beei sinsled have made™™ e "d 5r.he’rmnMcaon aS w U i™ W to ^Sh”" ann^ ?" th* Vj 

rast, r z vs ix.whe T «f ssrbe^i r s n ^ ~ ^ 

i± c SSl" i . 1, Sl*U h 2! ™ ,ln s h ™ »™«1 *"■«» * u» «**. adwv share the same writing paper. : **& 


THE 





: X :' v :• .v*-.v :•« 


figures subsequently submitted be administratively feasible) . . . av , hp u as a i wavs hlft vii caru. wua tne onviei najonmer 

by the consultants in the have not The procedure for Amnnj « giP; br^Sie •i®"® >t the wp.' On® 

Humber Bridge Board. It was adjusting toil levels, which was n^rted the conferences JsP™- rec f pient was Josf) Moskau, the 

on this basis that Parliament designed -in an age of much J???L^Sf n ¥S™5S >I TP™r2Snr gathering h lld Bonn representative of the Good Question 

was assured of the project's lower inflation rates, may also °J d ^obel Umte [ PwJjm flaUierings. ■ Canadian Broadcasting Corpora- M ! 

financial viability io the sense be cumbersome. of Pb>sics at Carabndge Ainii| Jones tbinte it would be “a tion. He told me on the tele- Here , 13 another apocryphal 

that toll revenue was expected But these arguments are not wtii 40 scientists philosophers pTO blem if the ICUS connee- phone: “It certainly, looked example. of bow a good City 

to be sufficient to allow the by themselves sufficiently com- a " d economists from all over dons were being used to authentic. When I rane up the man aIwfi ys manages to look 

loan financing to b e repaid pelting to justify a change in *be world he is quoted in a enhance the standing of the embassy they were far from omniscient 

over a 25-year period. The sub- what is now well-established 52£J?* ,lUBg .^^b- “If there amused.” Stockbroker: “ I can offer you 

sequent five-fold rise in oil policy- ^ <b e level of tolls ICUS and. Moon himself. has been misrepresentation, we Moskau say s there Is specula- 100 000 XYZ at 120p. They 

prices and the slowdown in required to achieve financial Josephsnn told me he cnald *bould withdraw, said Jones, t ,- an game quarters in Bonn look good to me." 

population growth could not of viability at the Humber see nothing wrong with support- a one-time i ntellige nee chief that the invitation was a dumsv .*v« 

course have then been foreseen, and other estuarial crossing ing conferences that happened ' Jy 10 wrote the recent bestselfor attempt by an under-cover rrmitinie^ n P t is tne P/E 

But it is certainly not these places are in fact below the to be oraanised by Moon: “I'm “* ost Secret War. However, he soviet organisation tn find out P 

factors alone that have brought money savings that can be made not convinced by the publicity 0 as responded to the appeal to who are the Kremlin's true Stockbroker: “If I told you> 

the traffic estimates tumbling by those who make the crossing, in the newspapers against him.' 1 . ta a m^orandum support- fiends — the ones ready to cele- tbat * y° u ’d warn 200,000" j 

down from the 24,000 vehicles there seems no reason to depart Other academics, notably the mg Moon. brate ^ suppression "of 

a day originally foreseen to the from the principle of letting the Begius Professor of Divinity at Last year Jones and his wife Dubcek’s “Sorialism with a /!#*«.« *•**-* 

13,000 to 18.000 vehicles a day user pay. Cambridge, Geoffrey Lampc, were taken on a tour of Moon human face.’* \ZQS6tV0JT 


ing in London, in 1974. Jones 


on card, with the Soviet hammer 


jflNEST SCOTCHWfflSSf 

U&SCCEH WHISKIES BUNDED fcKSTtiJIB 
cMatthe w Gloag &Son Udy 
Perth.Scotland 

IN HJOO AT THE SAME ABB* 55 


i?SC0nAND 


70*PROOf-: 







lM*i| 





4 


■\ 






1 




Financial TiniGs; Friday August 18-187$ 



a future for Concorde 




By MICHAEL DONNE, Aerospace Correspondent 


\'TTH BRITISH AJnwj-B hiving Lockheid TrigUr., Evert BA's both BA and Air Fra net Jt 
earned its 100,000th Concorde turbo-prop HS-748* ffcins 1.868 intends to fly the axrcSft from 
passenger, since it began super- hours, fly more than Concorde, this autumn subsonicaHy be- 
sonic services (with flights to This Jow BA Concorde use tween Washington and Dallas/ 
Bahrain) in January 1976, and *te ms from the limited number Fort Worth in Texas, providing 
Air Franco about to expand its of routes on which it flies— one-stop through-aircraft ser- 
nehvork with direct flights be- gf New York, Washington and Ji» between the latter city 
tween Puri* * n A and it accounts for and Europe, on six days a week, 

[ween Paris and Mexico City, the fact that British Airways with three flights to London and 
uie supersonic aircraft appears last year lost £l7m -bn Concorde three to Paris. The Washington- 
have settled down well in the operations, bringing- to £25m Dallas/Fort Worth sectors will 
world's air transport system, the cumulative losses. since the use Braniff crews, with the 
There are regular transatlantic went into, service in transatlantic sectors being flown 

services between London and 197B - But « * lw > be by J* A “ d 4* Prance crews - 

Paris ar one end and Wnihiiw Messed that In 1977-78, £15m . Braniff crews are now 
fn?iw vi",: 8 ' of the loss was accounted for being trained by- British Aero- 

Vork V tbe. other. b y depreciation, which BA is s P a <>* and Aerospatiale, and it 
{SjJjjL A * r ^*ys aIs ° flies to now setting a t £l5m a year for ls Possible that Braniff may also 
Si. ? ra 5* e 2° the entire fleet over a period eventually fly the Concorde 
SSJ Da * ar » a " d d * of ten years, to cover the £155tn supersonically on from Dalis/ 

jaataro. original cost of buying five Fort Worth to other points on 

operationally, the aircraft aircraft with spares and otlip- its network in Central and South 
has settled in well. The support, such is » flight America, 
punctuality is good. Delays or simulator. - in aditien. last December BA 

cancellations are rare, and the ^ hi ' rt , iWeinher to said wa ^ interested in possible 

L”!! e extend services from Bahrain to d jseussions with other airlines 



the convenience the 
speed provides, even 


_ rALCKU 3Li |r Jt,C& 1IVUI _ . 

SSVs Singapore, in conjunction with *° r *** supersonic services on 
if some of chnr» a basis similar to that agreed 


agreed What British Airways now there- is a natural desire on the lined for airline service (the 


y*wYiu«, ovtuc ui gj n£a pore Airlines, was short- similar to mat asreeo woai 

them are not quite so content V o-jy scheduled with Sin fl»Pore Airlines. Ideas appears anxious to achieve is part of the Governments and of other two being used for flight 

vith the cabin service, or with hr WPn t ihraueh each wav then mooted included possible some restructuring of its the manufacturers to see the development). Of those, nine 

the cramped seating. . before the Malaysia*! Govern- t h§hts to Iran. Saudi Arabia, and overall Concorde finances. A aircraft succeed. Although not have been delivered. BA took 

ment stooned Concorde opera- Nlger,a - So far . little has possibility that seems to be direefly incurring any financial five and Air France four. Of 

(inns -thmnph its sirenac* M en *®n*8 from these ideas, emerging is for the Government losses, themselves on the pro- the remaining five, three have 

tn ^ineanorc Apan from Braniff, the only to buy back the five aircraft gramme, in which they were been built: two are on the 


But it appears that super 
sonic civil aviation is here to 
slay. The big problem is turn- 


....... w.o 19 iu.u- t t SinsaRorc "*'*“*■ iIV,u me umy iu uuj ualk . me nve aircrau graawue. m wnicn iney were oeen but it: two are on the 

IJ JS .tt, 1 * t0 ' 8 Profitable sector 5 ■"J rJJJrJ* * other currently serious Con- from BA. thereby relieving the sub-contr actors to the Govern- ground at Toulouse, and one at 

of cjvU air transport as a whole. “J SSfilfnSim \ nrob le m«T corde interest seems to he a airline of the depreciation meflft-lhe two manufacturers, Filton. The two production air- 

which in effect also means how caus . ea ermronmenta p e s. re-examination by Pan American charge, and then lease them to British Aero space and Aerospat- craft left in final assembly, one 

to expand more widely the A resumption of services or Concorde costs and operating the airline for an indefinite iale,’none the less feel that to each .in Toulouse and Filton, 

existing limited routes. Coupled there, however, could do much data, but with no commitment period. On this basis. BA would some extent their reputations as will be completed within a few 

with this there is the problem to improve flagging utilisation yet by that airline either to be reli ’ " ' ' ' ‘ " ' 


_ relieved of the burden of aircraft makers are at stake months. 

of what to do about the five figures. In adition to the direct buying or leasing the aircraft, depreciation, and could show with Concorde. They tend to j t j s th e future of those re- 
aircraft remaining unsold ol the improvement stemming from It dees seem that it is only by Concorde results in its balance feelthat the Governments and ma min» five production aircraft 

original 16 production aircraft, the flights to and from.Singa- a persistent exploration of these sheet over the years in a con- the airlines involved should do that the two Governments have 

So far as British Airways pore itself, there would be enn- possibilities that any extensive siderably more favourable ail tb&y can to make the aircraft Vo sett i e It i s still possible that 

itself is concerned, the key to siderablc aditional :■ benefits, improvements to the Concorde light. There is little doubt that a success, even if that does sotn * buyers may emerge At 

the Concorde problem is utillsa- because once regularly serving route network will be achieved, a constant succession of annual require a reconsideration of the one t i mei b^ j ran Jj r ' ud 
tion— the number of hours Singapore. Concorde could fan although utilisation on the reports announcing heavy overall financing arrangements China were interested Their 

flown erery year by each of out across the South-East Asian North Atlantic will probably losses on Concorde, even though for the programme. The UK enthusiasm appears to have 

the five aricraft in Us fleet. In and Far Eastern regions, with rise steadily as BA increases much of the loss will be due to and French Governments' cooled in the past year or so 

1R77-7S the average annual possible services to.Hohg Konp. frequencies to New York to depreciation charges, will da response to such an idea is not an d there are no indications of 

utilisation per aircraft Manila, Jakarta, T akan. and meet growing demand. aircraft's image no good in known. an j ntent t0 b uy f rom e j£h er 

amounted to only 782 hours, perhaps also eventually Tokyo Even if all these possibilities worid markets, and positively addition to British Air- but the manufacturers have not 
which is the lowest of all the and Korea. come to fruition, however.it is airlines from ways’ financial problem, there is given up hope and are main- 

aircraft ty pes flown by British In the meantime itrsfeems as difficult to see how utilisation buying and flying it. thfc'question or what to do about taining sales contacts. Some in- 

Airways, the highest being the though it will be.Braianf Inter- can be raised sufficiently In the With an overall investment by the remaining production air- terest has been expressed in 
4.437 hours a year flown by each national of the U.S. that will he near future to improve the two Governments of over craft coming off the assembly the Middle East, where various 

of its Boeing 747 Jumbo jets, the next to fly ConcolWe. Under Concorde's overall financial role £l.lbn in research, development lines with no buyers in sight Arab airlines, including both 

and nearly 2.500 hours by each an interchange agreraeat with with British Airways. and production of Concorde. Of the original 16’. 14 were des- Middle East Airlines Alia of 


Jordan and Saudia ef Saudi 
Arabia, have been discussing a 
Pan Arab airline operation link- 
ing the Middle East directly 
with New York, One possi- 
bility mentioned has been a 
“ cannonball ** type service with 
Concorde, supersonic from 
Beirut or Cairo or both along 
the Mediterranean to the 
French coast, tben subsonic to 
either Toulouse or Paris for 
refuelling, and on non-stop 
again supersonically to New 
York. If these ideas materialise, 
there could be a market for one 
or two Concordes, but a leasing 
deal might stand more chance 
of success than attempts at an 
outright sale. Similarly, if 
Braniff's ideas of Concorde ser- 
vices onwards from Dallas/Fort 
Worth to Central and Sourh 
America, come to fruition, and 
if Fan American does decide to 
join the Concorde Club." 
leases seem more likely than 
purchases. 

The suggestion is being 
mooted around the aerospace 
industries of both the UK and 
France that a joint Anglo- 
French Government-sponsored 
Concorde leasing organisation 
is worth considering. It would 
not only be responsible for the 
five aircraft as yet unsold, but 
also for the five aircraft sold 
to British Airways if a trade- 
back deal was negotiated with 
the U.K. Government It might 
also eventually include the four 
aircraft owned and run by Air 
France, if that airline wanted 
to join. Such an organisation 
could sub-contract the overall 
maintenance and product sup- 
port for all the Concordes dur- 
ing the next 15 years or so of 
airline service to the two manu- 
facturers, British Aerospace 
and Aerospatiale, while it could 
also sub-contract to British 
Airways and Air France the 
rights in train Concorde crews 
and provide operational data 
and support for interested air- 
lines. 


The Wea of a “ Concorde 
Corporation** is not new. It 
was first raised some years ago, 
when Concorde was still being 
developed, and before there 
were any airline commitments 
for it, as a means of stimulating 
salts throughout the world. But 
the idea faded when both 
British Airways and Air France, 
under the urging of their 
Governments, bought the air- 
craft outright. At that time it 
was hoped that there would be 
further sales of the aircraft so 
that the idea of leasing was not 
encouraged. Over the past two 
years, however, a more realistic 
assessment has shown that sales 
are mere remote than ever, at 
a price per aircraft of about 
£30m, so that leasing by a 
Government - established and 
owned organisation now appears 
to many in British and French 
aviation to be tbe most sensible- 
way of settling the problem. 

Such a body couid overcome 
much more than a Government- 
sponsored institution to look 
after a handful of first-genera- 
tion Concordes. It could 
eventually provide the vehicle 
through which continued re- 
search into supersonic civil 
aviation could be conducted, 
and any eventual second- 
generation airliner developed. 

It would provide a convenient 
method of tidying up the loose 
ends of what is clearly an un- 
tidy situation, and take the 
problem of what to do with the 
remaining aircraft off the 
Government's backs. It has 
clear support in the the aero- 
space industries on both sides 
of tbe Channel, and appears to 
be regarded favourably by 
British Airways, although that 
airline is more immediately 
concerned with settling its own 
financial problems with the air- 
craft. It is now up to one or 
other of the two Governments 
to take a lead. 


y t 


Letters to the Editor 


Japanese 

markets 

From the Chairman, 
Seurnan Industrie is 


- . 

ever prejudicial to and was sponsored by the pharma- from the Post Office monopoly. Whfijrthe separate legal entities 

living standrads ir may be, and ceurical industry) and later still They are of course related, are ^appreciated, the owner/ 
that Western economies will in the journal Research Policy. Implementation of the latter will opej$tors of such companies must 
simply resign themselves to sys- At all times it was emphasised, result in the call for better noweffectively pay total amounts 
tematic overmanning rlfte the however, that there is not and methods of financing smaller of ^icorae Tax and National 
Chinese. probably never can be a ‘’recipe" companies. Insurance contributions on their 

Otherwise there may; just be Tnr successful industrial innora* te far as the Post Office owrtineomes at quite astonishing 
no jobs for, say, a coapfcof mil* tion. Out nf our research (under monopoly is concerned there can ra%.For example, on £4,000 per 



point raised by Mr. • Mijoshi wilJ alone require. . conditions for success but not prelect many jobs and generally fS.«fe~45 per cent. Tbe equiva 

( August 14) - as to Japan s Edgar Palamounta in. V:V sufficient conditions, because encourage increased use of leatlfcheduie D earn tags would 

■national economic strategy. Three Quays. Toioer Hityt, innovation is both complex and modern communications. There atti^ft roughlv 27J per cent and 


It is quite true that Japan's London, P.C3. 


GENERAL 

Retail prices index (July). 
Further meeting of strikers at 
Perkins* diesel engine plant. 
Peterborough. 

Chairman Hua Kuo Feng. 
Chinese head of state, continues 
visit to Romania. 

Chinese iron and steel buying 
| mission . continues visit to 
Australia. 

Edinburgh Military Tattoo con- 
tinues Edinburgh Castle luntil 
September 9). 

| OFFICIAL STATISTICS 

Construction new orders (June). 
Preliminary estimate of gross 
domestic product based on out- 
put data (2nd quarter). 


strategy is no longer operating to 
promote exports in the accepted 
sense. The strategy is based on 
economic erowth which is cur- 
rently being achieved by the 
manufacturing and exporting of 
Japanese-designed prndurta from 


Industrial 


/ 


mnovai 

a number of countries other than From Mr. A 



■ dynamic and jux set of circtim-.** no need to preclude the Post *J8g.$br cent respectively, inelurl- 
'■ vi antes will ever be reproduced Office from participating m the ing Class 4 contributions. While 
i of plica l!y. I should add that market. It could compete, with appreciating that the Schedule D 
oifr cases were drawn from inter- the private sector provided that ejrnrings benefits are less, there 
national sources, and that it competes fairly, without is still a large discrepancy, 
national characteristics did not advantage and at visible, account- Surely the abVve is a major 
appear to discriminate successes able arms length. Indeed with disitu.-en.tive to Establish anv 
from! failures. th? skills and resources. I would smaller limited liaotiity compao'v 

p!ae? it as a formidable coni- u/hpre thp pmnlnvA-'c 


Today’s Events 

COMPANY RESULTS 
Final dividends:. Gold Fields of 
South Africa; Stirling Knitting 
Group. Interim dividends; pye 
Holdings: W ard Ho ldings. 
COMPANY MEETINGS 
Ariel Industries, Allen House, 
Leicester. 12. English Card Cloth- 
ing. George Hotel. Huddersfield, 

2.30. May and Hassell. Grand 
Hotel. Bristol, 12. R. Paterson, 
77, Charlotte Street, Glasgow, 

11.30. 

OPERA 

English National Opera in new 
production of The Consul, 
Coliseum Theatre. WC2, 7.30 pm. 


BALLET 

Gala Season, with stars of world 
ballet. Royal Festival Hall, $E7, 
7.30 pra. 

As ami Maki Classical Ballet of 
Tokyo. Wimbledon Theatre, 8 pra. 
MUSIC 

London Fire Brigade hand 
concert. Tower Place, ECS, neon 
to 2 pm. 

Nicholas King (oraan), SL 
Stephen, Walbrook, EC*, 13.30 
pm. 

Landscape, a modern jam, -’rock 
band gives concert in the court- 
yard of W. H. Smith buildinj* 
New Fetter Lane, EC4, 1 pm-lJ§ 
pm. 


. _. ^ IV A were unable to conclude P |a «* u as a lormmaoie com- H -here the employee's' National 

Japan. Stri—WlthAll due respect to anything about creativity, as it PeUtor. The Post Office etaduld. Insurance contribution is hard- 

An example of this was Dr. Utarle# Parker (Executive was not the object oF our « *?\e. lay down the technical earned and where fin surplus 

recently published in a trade World, August 9) technological research to study the genesis 0 f specifications and standards to profits, are available tb cushion 

journal in Japan wherein it cited lnnovabo/ ts not just the. pro- the innovation. Incidentally. complied with, and should set the 
a leading ceramics manufacturer vtnue of engineer*, it u^-a your readers might like to know “P, a Mnfmltalive raecnanism with With the latest increa 
in ibat country who had pcnerair management problem, that what Dr. Parker used at industry <o r this purpose, 
developed manufacturing opera- demanding as it does the skilful Ferodo (not Turner and Newell * n ! e 5rowth in the computing 
tion-; in Sri Lanka, the Philip- synchronisation of ioveolion, as a whole) was " syne cries." 5orv iee* maricer for data com- 

pines and Ireland to the extent design, production and market- _the brainstorming technique m«nicatian« is already strong -- feraD i y mrcharee exeinptio^for 
that .the capacity of *m-h units ing. .... ' developed by J. J. Gordon, and over «.n per cent per annum. The limited liability companies Ait b 

pruvideda very- substantial part -.As for developing "guide- not "synthetics." demand for device connection armua j turnover of less than 

of the overseas business of tiwi lines* fur innovation managers, Andrew Robertson. vmmu from private sector sales £250.000 or a lesser amouni to 

particular concern. In .short- an attempt to do this was made Reader and Head of Research. eive ^ *5*5 “ 5«S 

iJu-refore. the sports from a the^bcience Policy Researeh School 0 f Management Studies, «ry. This would undouhtedlv 

.1 a pan have not risen because the Unit University of Sussex, be- The Polytechnic of , £ Se °* ll,e PH b,iC sw,tc bed = v encouraflempnt tn Petahlich 

Japanese businessman baa tween 1968 and 1974 under tbe Central London telephrme ^tem eased circuits f” e b cSmpsIS and belp tS 

created alternative resources in auspices of the Science Research 35 Marylehoni" Rood NWI Eventually data networking reC tify the present imbalance, 

both developing -and developed Council. In the first and second ’ \ w ° u d **** the «SSn»K5^S?ii. comnSlK 

countries in order to expand his phases Of Project SAPPHO . . - - result, for both Mr Stanley sand are ^ b^encouTazecL c0 “ paD,es 

marketing atrenalh. : (Scientific’. Activity Predictbi 1 - ' All] ffir <STH5lllPr Mr - papule s members would be „ g 

Japanese strategy, helped by from Patterns with Heuristic • £ * 1U JfUaiiCI employment and eamracs pros- £. J. bmith. 

recent American policy* is now Origins) over SO case histories • perts which are greatly enhanced, reari Assaronce Hou.se, 

clmnst roraplele. In' addition to we ve used In matched " comparii C0H1DE&16S Eenatiy impertant however is 0“«cn Square. Bristol. 

supplemontinfi their oyerseas^ ^ son pairs," one success agaiasr-a r yet another apparent move to 

trade by use of satellite manu- parellel failure or relative From the Director General, find finance for smaller com- 
faptitring operations supported failure, using well over £0Q Computer Services A ssociat ion 


. t , . . utTiu _ _ panies Evidence to the "Wilson 

by external finance, they are variables which we considered sir — Two matters appeared is that 

the one M«l Vb«^ly °be “l?S. 

earnings from such inTestThents 


Businessmen 
on TV 


-j relating to the National Enter- y, as not' inoch to dn with ohtain- 
po* prise Board/clearing bank aid Sn^hen! An ‘nVaaniA F ™" Mounter 



American polity « 

the cost to. the consumer of. . 

Japanese, imports is much, too - « 

ii« « « a SSSdML*aSMSb The losses of direct labour 

joint venTure/licenslng oppor-.^ 


where ■ high 
involved. 


technology 


Sir. — That John Swinfleld 
(Management Page. August 14) 
ha? managed to persuade a few 
eminent .businessmen to air theiri 
is view.- to the predominantly rural 
audience of Anglia, is no proof! 


The real shortaae is of venture 


that the 


mild management | 

capital for new ventures- Pre- . w £ ic * Nicholas! 

vinti«!v the main «n;iree For This . lUl COmptajned (August 7) 


wm&sm. 


‘ ngures rnr losses sj p.uoiciu. It srouio ne u 15 very difficult for lenders to I"*: Z 

a grievance. . . . . . . . building draw In its current «oted that they represent a small finance new ventures — specula- L° - bis . B . oard a " d 

In short. lbfjro*uro«/J*i**.''roicli orfticums of council direct rost in the total of building tion is for one's ova monev, not rj* 5 • 00 ®^? ti* highly qualified 

is stated is correcluTbatwnich labour building depart men is.T-Tr. activity. They are the price or rundfi belonging to others.' bus! ness journalists working for 

is omitted is far more algxmcant. fab Bean. MP. 'confuses the;.progrea; in moving resourers Th . ■_ „ . . a programme with an audience 

Alan Fv Bartlett. • Sue. * from the less efficient to the „ 3 r #h v " t * P^niial of several million. 

Newman Industrie*. th. i«« M #,r i a hn«.r : &' n,ore effici ent — - except in the Tne problem is not to persuade 

Clifton Hcifthis, , The losses of direct labaurtte Qf direet labour, where f> ste ™ particular reference busmesssaeuto show their faces 

Triangle West. Bristol. the excess of final cost over fijW subsidy succours the less efficient 1° , 3 ^’2 wances snvesjnenw —anyone can do that— it is to 

.valuation, not simply over the ^ expense or ercater -® s lr There most be motivation «how their faces, warts and all. 

S2K21 Ss-Sf ®a?»S «.*3!SS S»sSi .h™ ffil y 

(whiih the bankS 

system can then gear up) so that fnriuencTUoJie. wl have liule 



Revolutionised 
society 


not available to Iw. SSTJ-»S. »• ■"» 

work. . . .. -,v builders’ bankruptcies. On the nn flourish More inbs Mill be P r0 P‘?i n ,^ rsilad,n s trade unions 

From Mri B.;FOTamo»nfaK ' The losses of building con- other hand if a direct labour one outenme. That is she tarscl L- jnri^h^ 55 to their raeet- 
Sir, - It. is not only ibc factors (le ihe excess of final department is able to take over mT ri™ T negotiations: they 

Grganhtaloh .for Economic Cb-- **! ter receipt 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


io give us access to their meet- 

te excess of final department Is able to take over which lJ *Mr * & r^ver and"" others negotiations: they 

ooota.,00 aob -Wo™. jibyoirnts 'duel M 

? a sskajw assess* ( °~ ams ' - 

SSSSSkSf-aS w: ,0 ^ 10 ,skc UP t S^SL“-fiS Poverty trap M 

cconomle*.fa«s. Eventually the loss-makera the level of losses by the direct J r . the subjects that involve business 

and concern tte public: in return 
we offered a chance to business- 
men to explain themselves fi* an 
increasingly eriticaj audience — 


may 


Approaches to this problem may go bankrupt pirect labour labour department. There is a fnr firmc 
ay he influenced to an alantb. departmenta do not go bankrupt.' frequent tendency id direct JVI 11a 1113 


ing degree hy the labeis and; Their losses continue and are labour departments to say that Frf>7T ^ A \ianaainn Director 
categories which are used. Thus, met from public subsidy. Thus losses will disappear when u—bJf Director. 


. of ‘'investment which we then moneyir not aval’lable to provWfc auditor has said that experience Ortdber 2) bring home the Tact powerful friend! * U This Tutumn 

■■ describe as insufficient or «cg'. othdr houses, schools, etc- over many years indicated that “ at the total employer and under the dew title ‘Inside Busi’ 


maximise employment’, in other wit provided for In ■ l ffireet lalSiu? departmente in habiU,y com P an 5’ “ t 

words, that the proper objective gather that the Council made. mnWmtr departments m ^ ^ ^ 

of ecuaomtc policy is nut to ibew because it .was docjoeo twt where one or h 

create wealth but to create jobs. it. was in the Council s interest Maicotm Hoppe, 

li is far from possible that to do so in otder that uork could Jim, 

political leaders will feel obliged be porapleled. The Wac i!)^' 

to accept such 3 conclusion, how- maed the special circumstances. Fetter Lone, EC4. 


early years bring rewards, 
riro owner/ Julian Mounter, 
operators,, paying Schedule E tax. 1 Ediuw/Producer, "Inside 
are taking salaries with minimum Business'), 
slock plough back and, hooefuily. Themes TV, 
breaking even at the year end? 303J1B, Euston Boad, SWL 


In India the recent economic upswing makes this enormous market 
mucli more attractive to British companies. That’s why our ICO years* experience 
and 24 established branches in India will be so important toy on. 

Come an d talk to us about trade fin an ce or undertaking a m arket survey; 
we can adviseyou quickly, and help you meet the rightpeople.AskKeith Skinner 
tod^y on 01-623 7500 howwe can assistyou in India. 

i^a®ap ,artered 4. 

helps you throughout the world 

Used Office 10 Qemenls Lane, London EC4N7AB A««»co*«d £6,400 milium 







COMPANY NEWS 


Lex up £3m so far and sees 
£17m total— rights issue 


AN INCREASE in first half tax- 
able profit from £5, 33m to £S.37m 
is announced by Lex Service 
Group, motor vehicle distributor 
and hotelier, as well as a one-for- 
five rights issue at 77p designed 
to raise some £8ra. Directors 
expect full years profil to be at 
last £17m compared with last 
year's £ 12.48m. 

The" proceeds of the issue will 
be used to reduce group indebted- 
ness. and Mr. T. E. Chinn, the 
chairman, says it will fulfil the 
company's equity funding require- 
ments for the foreseeable future. 

The company is paying a 1-Sp 
not per 23p share interim divi- 
dend il.:p>t>p) and has Treasury 
permission for a 2.7p (2.07flp) 
final. 


Mr., Chinn says The trading per- 
formance and profit expectations 
fnr the current year combined 
with the issue afford the oppor- 
tunity to consolidate and com- 
plete the process of strengthening 
me balance sheet which was the 
motive for its laat rights issue in 
April. 1877. 

As at August K the group's 
debts comprised £5.36m of S.5 per 
cent unsecured loan stock; other 
long and medium term loans 
totalling £34.2 lm; resolx ing credit 
loans of £9.35m: short term loans 
and overdrafts fn £173.167 and 
credit balances of £4. 92m; and 
third party indemnities of 
I54S.S91. At the July 2 halfway 
balance dale shareholders' funds 
totalled £66.5m. The group has 
reached conditional agreement to 
replace an existing £Llni mort- 
gage loan with a £5m loan at 12.5 
per cent, maturing in 2002. 

The half year's profit came on 
turnover well ahead from £141. 6rn 
in £i8S.96m. and is subject to tax 
of £3 .38m <£0jS7mL Mr. Chinn 
points out that following a change 
in trading practice the 1977 half 
year profit was some £0.S3m lower 
than it would ba\e been under 
the previous arrangements. 

i\. M. Rothschild has under- 


written the issue. Phillips and 
Drew are the brokers. 

Mr. Chinn says that as antici- 
pated in the 1977 report, the in- 
crease in consumer spending in 
the first half of 197S bad a major 
impact on the passenger car mar- 
ket and its subsidiary. Volvo Con- 
cessionaries. achieved record 
market share of L3S .per. cent 
tl.14 per cent) for the Volvo 200 
series. 

Ley land Cars suffered a fall In 
market share for the six months 
and this was reflected in Lex 
Motor Company's sales volume. 

However, the benefits derived 
from Leyland's superdeal promn- 
tvm. together with increased sales 
of both new and used Rolls-Royce 
cars and increase contributions 
from both service and parts de- 
partments. enabled tbe group to 
show a 30 per w.\ profit increase 
over the first half of 3977. 

Although the increased level of 
consumer spending did not 
benefit the company's transporta- 
tion business until the latter part 
of the period, an overall increase 
of 13 per cent in traffic volume 
was achieved in the first half year. 
The continuing buoyancy in con- 
sumer spending should be of 
further benefit m the second half. 


progressed well and a new i depot 
at Luton is now operational. 

With hotels in central London 
in the first quarter of 1978, over- 
all room occupancy fell by 13 per 
cent but tbe second quarter indi- 
cates a return to tbe traditional 
seasonal level of high demand. 
H»lh the Carlton Tower and the 
Heathrow Hole! showed profit 
improvements over the first half 
of 1977. The Gatwick Park HoLel 
was opened as planned in mid- 
June and made a successful start, 
in the U.S. its hotel company 
achieved an increase in profit per-. 

forma nee. - ■ 

The group w continuing its 
strategy of improving service in 
all operations. 


comment 


Half year 


Turnover 

Operating profit .. 

[Merest 

Profit before ux ... 

Tux 

Net profit . . . . 
Extraordinary luss 

Dividends 

Retained 


The commercial vehicle and 
fork lift truck hire businesses 
showed miproved results over the 
first half of 1977. Unit sales 
through ils Leyland truck distri- 
butorships were slightly down in 
line with the manufacturer's 
reduced market share while its 
ERF and Sedon Atkinson busi- 
nesses achieved good results. 

The integration of the Lipton 
fork lift truck depots into Harvey 


With “T" car registrations boom- 
ing and the F.T. Industrial Index 
back above the 500 level. Lex 
Service Group has decided to 
seize the opportunity to get its 
balance sheet finally straight. Its 
one- for- four rights issue 16 months 
ago raised only just over £4m. 
but with the share price perform- 
ing strongly in the intervening 
period the current one-for-five 
issue is producing twice as much. 
This will take tangible share- 
holders’ funds up to £61 m and 
ease net borrowings down to 
£34nt, thus finally taking the 
group out of the highly geared 
category'- Meantime the results 
are in line with expectations, and 
the second half should see the 
transportation side improving in 
reflection of consumer spending, 
while the passenger car market 
continues to be very active. Look- 
ing further ahead, car sales may 
Batten out nest year but there is 
scope for improvement in the 
commercial vehicle and fork lift 
hire interests If industrial activity 
turns up. At 8SJp. down 3p on 
the rights issue news, the shares 
are soundly backed by a prospec- 
tive ex riuhts yield of 7.9 per cent, 
with a fully taxed prospective p/e 
of a little over 6. 



R. Dutch 


, Financial Times Friday- August IS 1978 

Shell underlying 


trend sill unexciting 


NET INCOME of the Royal 1 

Dutch /Shell group of companies * ihqf 

for the second quarter.- of ■ 197& ,l 

amounted to B90m against £30Tm ■ Cbmoanr 

in the corresponding period-:' of 

1977, giving a first half, total: of- Atriftc ' 

J396m compared with £723 bl Albrieht & Wilson 

As was stated in the first cruar- . - — 7T~„ 

ter of 197 S, currency transtathm ' Aaoc. T oolmjL 

effects based on the U.S. account- . Reran D. F. 

Ing standard resulted ip -net ' 

income of only £6oi ' lor" .that •^ ttopcr — T~ 

quarter (after £280m currency- Corah ] 

losses) and bears heavily on the 1 SwwTGowerton 

first half result, the directors wy.P*” 

The second quarter produced, net Distille r 
currency gains of UOBm. . -TfewriTHIdM. 

The fall in first -half 

income, apart from the currency- Rttt Scot. Am cngn 
translation effect was due also- Geifer (A. & I-) 

to the FIFO method, of, stock 

valuation, particularly affected (wm. > 

following the OPEC erode • off fohn Michael 

price rise in January 1877 and the ; =—2 — 

decline in sales volumes of gas.- V* 3 * Serv|Ce G up 
Sales proceeds, less sales taxes, 


INDEX TO COMPANY HIGHLIGHTS 

Page Co*. ^Compan y _ 


Naim ( S.)__ 18 

Nwflcr s _ 

New Equipmen t W 

Norton & Wright 1 8 

Rea Bros. ; 1® 

Re ed St enhouse 20 

Royal' Dutch Shell 18 

Royal In*. ^0 

Scot ^ Ne wcastle 18 

srV u.~S«^ ree_ » 

Transpor t Oevelopmetit ~2 1 
Unigate ^ 

Witan Inv. 18 

Wood ho use it Rixson 18 


Page Col. 

~18j " S 

11 _^_-5 

1 8 3 ' 

> y 

J8 f 

20 2 ~ 

IS f 

'20 4’ 

"is r 

~18 4' 

31 J 

21 6 

"l8 8' 

18 4' 


■ . , • 

> * • .?■ t i 


1® 8 ( .e*t"|{ 


excise duties and similar levies ' • f _ ' . „„ . 

were £6.04bn l£5.9Bhn) In the 54in (S3 o m ); natural gas sales. As at JunP « »«■ Kj™5 

second quarter giving JEU.79bn ■«. v 705ml cubic feet daily and debt was 
against £l2.06bo at halfway. . SSicVi sales proceeds. IL26m short-term securities. £2, 614m. 
First half net income Per 25p Mnti ... Set hex 


Mr. C. C Pocock, chairman of Shell Transport 


against £l2.G6bu at halfway. . ic .,i s3 i es proceeds. £1.26111 

First half net income per 2Sp :#« 04m 1 
and there was a surplus of EM3m\ The contribution of Shell Oil 
<49.87pl and NF1 20 Royal Dutch Comuanv in the U.S. and Shell 
share NFI 7.51 (14.34). ' cISda 10 sroup sterling net 

Capital expenditure came to income for the second quarter 

£1.03bn against £1.06bn with I97S was lower by £Bm, or 9 .per 
£4 17m (£36Sm) m Europe- and rent than in tiie corresponding 

1383m (£46 5m) in the U.S. -ouarter in 1977, mainly due to the 

New borrowings (less repay- fall in the value of toe U.S. ana 
menis) stood at £343m (£40Tm) Canadian dollars. _ 
and there was a surplus of £i43m Excluding Shell Oil Company 
on currency translation effects -and Shell Canada, sales 
against a £2fira deficit in the first of oil products increased by 4 per 

half last year. ™ rent . over second quarter 19 m 


Norton & 

Wright 

advances 


DIVIDENDS ANNOUNCED 


Current 

payment 

Asscd. Tooling- 1.46 

Bougainville ....int. 5? 

Cooper Industries 0.48 

N. Corah inL 0-9 

Danks Gowerton 1.94 

Evode int. 0-36 

First Scot. American int. 1 

A. and J. Geifer 1.65 

Wm. Jacks .sec. int. 0.33$ 

Lex Service int. 1.8 

.New Equipment int. 0.34 

Norton and Wright 2.92 

Rea Bros .....inL 0.73 

RoyaTl Insurance ......inL 7.27 

Transport Develop. ...int. 1-5 
Wood house & Rixson inL 1.16 


Dale Cdrre- 
of s pond mg 
payment div. 
Sept. 22 1.13 
Nov. 3 4 


0.48 

OcL 4 

0.39 

0.S3 

0.79 

0.9 

OcL 10 

0£ 

— 

1.85 

1.94 

— 

1.66 

2.64 

236 

0.36 

SepL 28. 

0.36* 

— 

LI4* 

1 

OcL- 2 

1 

— 

2JS5 

1.65 

OcL 9 

1.44 

2. So 

2,56 

0.33$ 

Oct. 9 

nil 

— 

nil 

1.8 

SepL 22 

1.39 

-II 

3.47 

ft.34 

Sept. 22 

04)3 


0.98 

2.02 

OcL 20 

2.61 ' 

4.22 

3.79 

0 73 

OcL 10 

0.73 

— 

1.65 

7.U7 

Jan. 2 

fiil 

— 

16.45 

1—5 

Nov. 7 

1.13 

— 

3.19 

1.16 

OcL 2 

L16 

— 

2.32 


Revenues 

Sale proceeds 

SaJ>A. taxes, duties, etc. 

U-avtiw ' 

Other revenues - 

Share assoczares 

Inn? rest Income 

helmv the levels needea to sustain irom o.iaoop »«/ « 

Porcbases & operating ’S.3S2 ' s.287 long-term business. Chemicals final of -.91 Spp- Tlw director* > 

Seutng. general, admin. 1,363 lu> market 1 were somewhat berier have waived the final , , 

Bxpkimtiou ws ... compared with the deterioration a mo untms to £4J.6 j9 (£37.ip0). a> 

Bcscareh and dev m n S2!. P throu-hou t 1977. 1-for-l scrip issue is proposed. 

S«SSS2 B !S» : ’.j:n; m ‘‘ ' iS^Worli-wlde capital expenditure Tunuivei- for the year;.. 

Tax on ire^le sit Lin was £3S4m for the quarter and aniounted_ to £3.S6m compared 

TO minority ». . - S5_£io27m for the half year, reflect- with £2.nm. Tju. net profit is 

wataiw - aMo^ continuing high levels of £459-303 a cam vt £208.9 il after lax 

fesSncniin oil pToduction and of S4S1.5SU (I348.0|K)>. 

Crude oil supply was chemicals manufacturing facill- - The Leeds-bascci croup pr«- 

r4.S8m) barrels daily: crude oil 1 - lies in Europe and North duces ana distributes 1 uua- 
processed 4.13m (4:29m): oil sales, America. raising cards and schemes. 


™«nt oveV secob d quarter 1977 FOLLOWTNG p>jT THE rise from 
FiWtair while sales volumes of £273^87 to ^1^6 a^n ^he first 
i»rs is?? decUned. principally due to a sis months, prohis berpre laxol, ,. 
Art ", .m i ower i e vel of exports from the the Norton and 'Vrl^ht Group ..»■ 
" iSpthorianri< increased to £941,053 for the year 

”956 "The oi! trading conditions in ended March 31, 1978. compared 

1L2M ivw most of the main markets for with £ooi).9il a ea £? ,e J: ^ ' 

Ml Tat group companies improved during Earnings per share are 


, hi. «i STiast s«s months: although in ai 16-37p O0.36p) fully diluted 
11 m ™ Sme countries earnings were still and Uie total dividend Is 4if ted 
H-!*t i ~.«9 . j „ v levels needed to sustain from 3-*SBSp to Lj-flop with a 


business. Chemicals final of 2.91S3P- The directors 


. . t 

V.|VPA V 


Stronger demand at Distillers 
but margins under pressure 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allou ing for scrip issue, t On capital 
increased by rights arid/or acquisition issues. 7 For 18 mouths. $ Papua 
New Guinea toea throughout. * 2.7p final forecast ;! Additional 
O.lolp to be paid following reduction in ACT. 


WORLD DEMAND for Distillers 
Company's brands continues to be 
relatively strong and an improv- 
ing trend in the U25. is encourag- 
ing. Sir. J. R. Cater, the chairman, 
says in his annual statement. 

However, he says net margins 
have come under pressure, and 
therefore prospects can only be 
viewed with guarded conlidence. 

There are inevitably many 
problems ahead, he says. But the 
effects of its actions in the home 
market — the withdrawal of Red 
Label and Dimple whiskies and 
the increase in prices of other 
brands— and of the disruption to 
its distributors from parallel 
exports from the UK cannot be 
measured accurately. 

“An intensely competitive situa- 
tion prevails, not only within the 
industry but within the wider 
field or alcoholic beverages, and 
the recent price rises in export 
markets have had to reflect our 
judgement of \ihflt would be 
commercially sustainable in the 
context of a tronger pound as well 
as our desire to recover cost 
increases in full." . 

As previously reported taxable 
profit of Distillers increased from 
£133.<Sm to £162.5m in the March 
31, 197S, year on the back of 
healthy whisky sales. A current 
cost statements shows the profit 
at I94.9m. 

Mr. Cater points out that all 
distilleries remained in production 
during the year and some increase 
in both mail and grain whisky was 
initiated in January. 197S. 
Directors believe the group has 
adequate cover to ensure full and 
free supply of all brands in the 
years ahead. 

The improvement in barley 
quality will be mainly reflected in 
distillery operations in the current 
year, while the new blending plant 
at Glasgow for John Walker and 
Sons has proved an efficient and 


economic unit The new bottling 
plant should be operating by the 
autumn. 

As already known. Distillers is 
appealing in the European Court 
of Justice against the EEC Com- 
mission decision which brought to 
an end the group's dual pricing 
scheme which operated to protect 
its European sole distributors 
from ftorailel exports from UK 
wholesalers. 

The reliant withdrawal of 
two brands Tram the UK and 
price tnctijases on five other 
brands reduced- the group's 
volume of trade and for the year 
its market share declined at a 
time when Industry clearances 
fell by some 9 per cent 

Mr. Cater says that the year 
began with the trade overstocked, 
although some improvement was 
achieved in the pre-Christmas 
period and continued into 
January when the brands were 
removed. 

During the year a new low- 
priced whisky. The Claymore, was 
introduced and has already made 
satisfactory profits. Two other 
brands have since been intro- 
duced and be says the group is 
placing considerable marketing 
efforts and resources behind the 
new brands. 

On the Continent, direct ship- 
ments to EEC markets declined 
slightly and its accredited distri- 
butors faced disruption as sub- 
stantial quantities or Distillers* 
brands were shipped by UK 
wholesalers. 

In the U.S, industry shipments 
were less than l per cent higher 
than the previous year although 
brands shipped in bottles per- 
formed substantially better than 
bulk shipped whisky. 

Distillers business was however 
considerably stronger than the 
industry trend and since 
Christinas there has been some 


indication that sales generally 
may be expanding. 

Price increases in aJJ export 
markets of some ID to 12 per 
cent appear to have been 
absorbed , by world markets with- 
out any immediate effect on the 
group's volume of business. 

On the gin side. UK sales were 
depressed early in the year but 
picked up later with Distillers 
doing belter than the industry 
as a whole. The EEC decision on 
pricing has also been affecting 
distributors of Distillers' products 
in the EEC. 

Capital spending for -all last 
year was £ 19.4m and accounts 
show capital commitments at 
balance date of £9.4m. 

At balance date, net current 
assets were up from £533.3m to 
£6T3.1m. with the liquid funds 
and cash element of current 
assets ahead from £57&m to 
£ 103.6m. Fixed assets were FI24m 
(fllTjJm). although properties 
with a book value of £67.4m are 
estimated to have a current cost 
value of some £10 12m. 


First half upturn by 
Woodhouse & Rixson 


Improvement at William Jacks 
marred by exchange loss 


ELIMINATION OF losses overseas 
enabled Woodhouse and Rixson 
(Holdings) to improve taxable 
earnings for the half year to the 
end of Juihe. 1978. from £151.000 
to £320.000. Last time the Trading 
loss at La Bride Beige was £172,000 
and by full-time had reached 
£323.000 cutting the 12-month 
profit to £196.000. - 


First haJf sales amounted to 
5.71m (£6-2Im) and/trading profit 


Midway rise 
for New 
Equipment 


For the six months ended April 
30, 197S. profits of New Equip- 
ment rose from £45.649 to £86^835. 
on turnover maintained at 
£384442. 

After tax £47.346 (£22.755). net 
profit came out at £39.289 
(£22.804). The Interim dividend is 
0.33op (0.33p) net-total for the 
year ended October 31, 19x. was 
0.9S01p per lOp share paid from 
taxable profits of £115.000. 

The company makes tubular 
steel furniture. 


by the UK companies showed- a 
modest increase. There seems to 
have been no further deteriora- 
tion in demand for the group's 
products overall, .but there are, 
as yet, no real signs of any sus- 
tained increase in activity. How- 
ever, demand in two divisions 
appears to be better than. average 
for their markets and the rest are 
keeping pare, the directors state. 

Tax for the six months 
amounted to 1121,000 mil) leav- 
ing earnings per 12Jp share ahead 
0 4p at l.Op. The net interim divi- 
dend is held at l.lfiSOSp costing 
£119.000— last year’s final was' also 
l.MWBp. 

An extraordinary debit this time 
of £76,000 reflects the cost of con- 
tinued ' rationalisation of the 
group's unprofitable flange manu- 
facturing where it became neces- 
sary to reduce the scale of 
machining operations. Trading 
losses of £78.000 from the. flange 
activity have been taken into 
account and no further such 
lasses are expected the directors 
say. 


confidence, says Mr. Derek 
Coombs, the chairman. 

During the year to January 31, 
1978. the group changed its prin- 
cipal activity 10 retail credit and 
finished the period showing a re- 
covery from a pre-tax loss of 
£146.413 to a profit of £331.927 on 
turnover of £16.42m . f£9.4Sm) — 
as reported July 181 No. dividend 
is to be paid. 

Overdrafts at year end were 
down to £3J3Sm (£4J28m) and pro- 
perties are stated in (he balance 
sheet ar £3.72m (£L25m> afrer 
sales, at cost, of £538^65 
(£134,761). 


Stewart Naim 
expands to 
£50,000 


ESf A buoyant new car market earnings for the 12 months per 
during the 12 months to June 30, 25p share were lower at 3.1 lp 
1978, William Jacks made pro- (S.71p) and the second interim 
gross towards the peak perform- dividend is OJISp bringing the 
ance seen three years ago. -total so far to 0.99p: No dividend 
Taxable profit for .the .year to has been paid since 1972-73. 
^\ e - 30- . 1978. was up. from -fhe Board is actively continu- 
^289,562 to E3 1 4,5 1 ft. compared fog its efforts to obtain additional 
with £458,000 for l?74-7o. . gearing far tbe finance division. 

However devaluation of the relurn on this investment im- 
Zambian Kwacha, earlier this prov ed during the year but this 

SiH not be' satisfactory until the 
abie to * cura ad<i1 - 

Sk JSfKM 

a A> vi dphd will eventually be 
remitted. toi the UK. Exchange 
ISS 1 control in Zambia has not as yet 

a ehuim? 1 ' «If released .the funds for remittance 

SMS to the- UK of the dividend 
tne current accounting period rfprinroH far ittr-TT 
will be for IS months. declared for Urt-u. 

The directors expect the level ___. 
of profits currently being earned REA BROS. DOWN 
to be maintained at the end of 

1978. For the first half of 1978. profits 

After tax of £204,242 (£94,406) of Rea Brothers, merchant banker. 


were at a lower level than tho<e 
for the same period last year, the 
directors report. 

The interim dividend is held at 
0. 723 p— last year's total was 
l.652Sp when profit amounted to 
£501,000 after tax, expenses and 
transfer to inner reserves. 


Strong start 
by Witan Inv. 


After tax. of £4tfi£S5; againrt 
£285,847, Witan Investment lifted 
net Income for the three months 
to July 31, 1978. from £493,S43. 
to £676.26S. 

Gross income reached £l.73m ' 
(11.35m) and net asset value, at 
the end of the first quarter was 
up 23.7p at 132 Bp per 23p share. . 
Ear nines jumped from O.aSp to 
O.sp. For 1977-178 revenue before 
tax was a record £2. 6m. 


BIDS AND DEALS 


Confidence at 
S & U Stores 


Magnet Southerns 

Onefortwo 
scrip issue proposed 

Results for year to 31st March,1978 


A great deal has bceo achieved 
at S and-U Stores in restoring 
the company to full health and 
the directors face Lhe future with 


For the year to March SL 1978, 
taxable profits of Stewart Malm 
Group, the hosiery and knitwear 
concern, expanded from £20,773 to 
£50,001, on turnover of £L77m 
against £L4m. 

At half-time, when announcing 
profit of £22j9S8 (£2,469 loss), the 
directors said they had been con- 
sidering making an application for 
the relisting of the company’s 
shares — suspended in 1973 — but 
bad been advised t oawait the full 
year results. 

Following a capital reduction 
scheme, yearly earnings per 5p 
share are 0.45p, compared with 0.2p 
per 2Up share. Again no dividend 
is to be paid — the last was in 1964. 

The result included interest 
received of £2,503 (£5.244) and was 
after lower bank interest of £3,161 
(£13,607). Tax took £12.500 (£4J564) 
and there was a £2.000 (£16.891) 
transfer to fixed asset replacement 
reserve. 


Imps sells Bunzl holding 


Imperial Group has sold its 13.5 
per cent stake in Bunzl Pulp 
Paper, the cigarette filter manu- 
facturers, for £3. 6m. 

The stake held . by Imperial's 
British Tobacco investment hold- 
ing subsidiary was acquired in 
1962 for just under £2rn. The 
shares have been placed through 
the market with institutional 
investors. ' Bunzi's share price last 
night stood at 106p. 

A spokesman for Imps said that 
British Tobacco had felt that Its 
significant, holding in Bunzl had 
made its investment portfolio 
“lop-sided.'’ It had decided that 
now was the best time to dispose 
of the holding. 


Second half pick-up at 
Cooper Industries 


BARTON & SONS 


Salient figures 

Year to 

Year to 


31.3.78 

31.3.77 


E’OOOs 

£’000s 

Sales 

£105,630 

£97,882 

Profit before taxation 

£14,220 

£14,461 

Profit after taxation 

£9,034 

£9,567 

Earnings per 25p ordinary share 

27.9p 

30.0p 

Dividend per25p share (Net) 

8.932p 

8.000p 


A capitalisation issue of one new ordinary share of 25p fully paid for every twer 
existing shares registered in the names oi members on Friday,-25th August, 1978 
is proposed. 

Chairman Mr, S. Oxford comments: 


"The dutlookfor the current year is better. Sales to the home improvements 
market have maintained their upward movement and are expected to continue at a 
good level. The Group is particularly well equipped for dealing with the growing 
home improvements market— our factories are working at a high level of efficiency 
and are well able to supply our large nationwide chain of selling outlels. 

The modest increase in new housing activity expected during the second half 
of the year under review didn’t happen. 1 feel that this is still to come and that we 
■will see a small but welcome improvement during this financial year. Raw material 
prices have started to move upwards and I believe by the end of this year will have 
recovered much of the lost ground: stock losses are not. therefore, likely to occur 
in this year provided there are no violent changes in the value of the E sterling." 


AFTER REPORTING a £0J25m 
drop to £6S5,000 in midway pre- 
tax profits. Cooper luftuxtrics 
picked up in the second 1 half to 
end the April 30. 1978 year mar- 
ginally ahead from £L78m to 
£l£3m, on higher turnover of 
£24.72m against £20.3m. 

The directors say that the cur- 
rent year has started well and 
they expect a better half-year and 
another full year of increased 
profits. 

At the interim stage, they said 
that the company was still . run- 
ning considerably below capacity, 
but was well equipped to take 
advantage of any upturn is trade. 
The substantial capita] expendi- 
ture programme to improve its 
competitive position was continu- 
ing. 

The company’s interests are in 
steel re-roilmq, precision engi- 
neering. building and metai 
spraying. 

The full-year result included an 
increased share of asoociateK' 
profit amounting to £606.000 
(£297,000). Tux for the group 
took £379900 (£133.000) and for 
associates' £264.000 (£101,000 

credit). 

After extraordinary credits of 
£212.000 (£189.000 debits), avail- 
able profits fell from ELSSm to 
£L37m. 

Earnings per share are lower at 
3.7 p (5.5p). while a final dividend 
of 0.485 p raises the total for the 
year from 0.792p to the maxi- 
mum permitted 0£S5p. costing 
£274,000 (£245.000). 

Net assets at the year end are 
shown as 22.9p (20.4p) per lOp 
share. 


slight improvement in margins. 
The more than doubled contribu- 
tion from associates is primarily 
due to better trading at Lloyd 
Cooper (50 per cent owned) and 
is more impressive given Novem- 
ber’s repurchase of the 60 per 
cent stake in Jevons Cooper. The 
company maintain that because 
of financing carts, this acquisition 
made little impression on the 
group's final results. Jevons, how- 
ever, whose profits .have more 
than trebled since it was last a 
subsidiary, should Have more 
impact in the current year. Else- 
where, the steel recession con- 
tinues to bite but demand for 
Brom ford's rolled fiats and strips 
has shown some uplift Mean- 
while, the group's land and build- 
ing activities made a small profit 
this time (£260.000 loss) but 
overall the future depends largely 
on an end to the steel gloom. At 
22p cite shares are on a p/e of o.S 
and yield 6.2 per cenL 


Barton and Sons has acquired 
the whole of the issued capital 
of Chemipetro Engineering and 
High Pressure Forgings. 

Chemipetro is a stockholder and 
manufacturers of flanges, fittings 
and fasteners, and HPF a stock- 
holder of high pressure fittings 
and forgings. The business of 
both companies is predominantly 
the supply of specialised compo- 
nents to the oil and petro-chemical 
industries and to contractors 
based in the UK engaged in the 


construction of specialised plants 
for those industries on an inter- 
national basis. Both operate from 
promises at Upton. West Midlands. 

The initial . cash consideration 
is £200,000 together with a sum 
equivalent- to the net tangible 
assets of the two companies which 
are . estimated to total about 
£3134)00. 7 

In addition, a further deferred 
consideration will be payable in 
cash not later than April 30. 1980, 
1981 and 1982. being in each case 
a sum equivalent to 45 per cent 
of the amount by which the profits 
before- taxation of the two com- 
panies for the preceding calendar 
year exceed £125,000. According 
to management accounts the profit 
before tax of Chemipetro for the 
year to June 30, 1978 amounted to 
some £215,000 and the profit of 
HPF for the la months to June 30 
was £1384)00. 

Directors of Barton intend to 
seek . farther acquisitions in 
similar fields rather than in the 
area .-.of . heavy manufacturing. 


re-inrestment they say. 

Chemipetro was ■ formerly a 
wholly-bwned subsidiary of Mid* 
steel Stockholders. 


glynwed sale 

RAISES £K26M 

£l-2Bm has been raised by 
Glynwed through the sale of its . 
8.3 per cent stake In Armiiage 
Shanks. The L7m shares, acquired 
acquired during the abortive bid 
for Arm stage in 1973 which lapsed 
when it was referred to the 
Monopolies Commission, have 
been placed with institutions 
through Rowe and Pitman, Hurst- 
Brown. 

The sale price of 72Jp compares 
wilh a market price on Wed ns day 
or 77p. A spokesman for Glynwed 
said ^yesterday that the money 
would be used to reduce the com-' 
pany's overdraft. 


The^ acquisition of Chemipetro 
and HPF was contemplated before 
serious ' negotiations commenced 
for -the sale of Barton’s South 
African ' interests and accord- 
ingly. Barton still has very sub- 
stantial, monies available for 


SHARE STAKES 


DIVIDEND 

AMENDMENTS 


Copies of Annual Report and Accownfs available from the 
Joint Secretary, Sacco House. Bold, Widnes, Cheshire WAS0UJ 




• comment 

Pre-tax profits or Cooper In- 
duKtrie* are only 3 per cent ahead 
but this conceals a 37 per cent 
advance in the *ocnnd half, mainly 
thanks to increased volume and a 


As a result of the extension of 
dividend restraint the following 
companies have amended their 
payments: — 

Daily Mall and General Trust: 
Second interim win be pafd on 
August 30; as recommended, but 
L162p final now cancelled. 

Greene. King' and Sons: Third 
interim for year to April 30, 
1978 cancelled. 

Hampton Gold Mining Areas: 
Dividend for year to March 31, 
1973 now reduced to L62l4p. 

Granada Group: Following ACT 
reductions, interim, payable 
October 2, will be 1.189p. not 
I.l7i3p. 

Barren quill a investments:' Fol- 
lowing ACT reduction, interim, 
payable October 2, will be 
13.4324p, not 13-2319p. 


Herman Smith— Mrs. F. J. E. 
Henman -Smith has purchased 
17.500 ordinary shares. 

Dartmouth Investments — Mr. 
D. C. Hathaway now holds 875.243 
(.5.2 per cent) shares beneficially. 

Levex — Nenin Properties and 
Associates are now interested in 
1,222,300 ordinary shares and Mr. 
K. Maharajh has become 
interested in further 14.000 
shares. 

Ayrshire Metal Products — 
Imperial Group has informed the 
company that ITC Pension Trust 
jointly with ITC Pension Invest- 
ments holds 300,000 shares. 

Barrow Hepburn Group— Mr. 
G. R. Odey, director, has pur- 
chased 124)00 ordinary shares. 

Home Charm — H. E. Fogel, 
director, has sold 25,000 ordinary 
shares. 

Mills and Allen International — 
Britannia Arrow Holdings has-. 
acquired 10,000 ordinary shares 
on August 8, and 15.000 on 
August 11 Increasing holding to 
777,447 (9.3 per cent). 

Higsons Brewery— Mr, G. I* 
Corlett. director, has sold 50,000 
ordinary shares registered in 
name or Westminster (Liverpool) 
Trust Company. Mr. D. B. Corlett, 
director, has sold 30,000 shares 
registered in name of West- 
minster (Liverpool) Trust Com- 
pany. 

Crosby Spring Interiors-— Mr 
I. H. Campbell (and family) has 
sold 13210 £3! preference shares. 

London and Provincial Shop 


Centra ■ ^ (Holdings) — Mr. B. 
Gerard, joint chairman and 
managing -director, has sold 
20.000 shares. 

Crosby Spring Interiors— A. 3.- 
Webster (and family) has sold 
533fr21 preference shares, \V. O. 
W’arburton sold 4157 £1 prefer- 
ence shares, D. R. Baxendell (and 
family) sold 30*345 £1 preference 
shares. 1 

C E- Heath and Co. — Mr. J. J, 
Burton, director, has sold 74)00 

Lin food _ Holdings — Between 
June 28-and August 10 Guinnes*> 
Peat Group acquired 300.000 
ordinary shares and . now holds 
total of 5^fi24J46. 

Willis Faber— Mr. J. O. Prentice 
has notified, company that ..hi8 
beneficial interest in ordinary 
shares has decreased by 6,666 ahd 

his nbn-beneflc ial by l2j5S4_ 

Francis industries — West . City 
Securities 1 has sold 140, 000 
ordinary .snares reducing holding 

a. flfA HD 77U naw • 


CHARTERHOUSE 

JA.PHET 

Merchant bankers Charterhouse 
Japhet has acquired the remainr. 
mg 49 per cent of E. D. Sassoon 
Bank and Trust taterttalionaL the 
Bahamas based international 
banking and financial concern. 

Last year Charterhouse bought 
a 31 per cent stake in the bank 
and has now purchased the out- 
standing holding from Steriinfl 
Credit Group. The bank, which 

** -renamed Charterhouse 

Japhet Bank and Trust Interi 
national, showed share capital and 
reserves in excess- of S2m In iu 
last accounts. 


bank r eturn 

. 1 a** lay",' I 1 

“■ ! Ana. 16 ■ ■ tie*. *■*-' 

• ; ior nee'* 

BANKING DEPARTMENT 


M ABILITIES ' £ r 

rvyv _. 

HnhlwtWnil,.,.. h2i>7 

Oeposiu..; 2S4.7S3.0GO - 301.ri7.OCn 

Aj,a giO.aa.IOj fo A2,'J1I.00S* 

:lj»3,fl37.64ej- iowaMtf 


to 530,418 *7.56 per cent). 

Lee Cooper Group—Mr. M. A. 
Cooper hiUi dispoaed of 37,000 
ordinary shares. 

GoughCoopcr—ML K. C. Gough, 
director. Has disposed of 19.000 
shares. - . „ 

Lee Cooper Group— Mr. H. C. 


' ASSETS \ 

m— HS d "'“-“W- re/moM 

* Wther Sow- J 8flB.707.CTS + J6S.S* 

— fc.11fi.02Sj- lJ5.17S.tia . 

1 MUM 1 —. RSSU 


1 LMSsjl.ftiS ~W.CK.',4Sa‘ . - 


-rnsnmgSS^™!” 


Cooper has disposed of -iOO.OOO 
ordinary shares. 


ordinary scares. 

Property Security Investment 
Trust— FftUowtng his appointment 
as trustee, iMr. P. H. Dunn, direc- 
tor, now-' has non-bcneflcla) 
interest as trustee in respect of 
27 ,300. ordinary shares. 


-'rtwL.JwuBrt 84Ka.ooo.ooir- 7a,ocv.LW 

l" S^» -l jl«k>n..S,olBJBis4.S78- - 
a " uk C tiepi ISJtlMB- 12,170*116 

_ AStfKTS ! ■ 

: n.oi&.u\> .. 

nl i k " r L4Tfi.Efl3.lfn - S2.6«».r < ' 

rQiU« bevut|ttn.;LQg?.CBl,7ofl - lM.fififl.** 




4 . 







lln( ler|i 


FSli anciat titoes Friday August IS - 1978 


i*4 k 




Extracts from the statementby the Chairman, 

Mr. J* R. Cater, circulated with the Report and Accounts 
for the year ended 31stMarch, 1978 . 


open to us in the changed areugstenceg. Haig Dimple was also reluctantly withdrawn 
for die same reasons. 


General observations on results 

Turnover and profits 


Ve sought andobfcamed protective price increases for certain other brands and, 
while that action, designed solely to protect the export viability of the brands, must 

. . - .1 1 r . . . r . ... < i ' 


Total Group turnover, including duty increased by only 34%. There was a 
considerable reduction, in. the amount.of duty paid in the UK during the year partly 
because of lower sales but also because a higher proportion of sales were made 
• under-band. Total turnover exclusive of duty increased by 14.3%. The profit from 
trading operations amounted to £160.6 million compared with £139.9 million- Increases 
in the volume of export sales of Scorch whisky and gin were partly offset by reduced 
sales in the home market which proved to have been' very folly stocked at the beginning 
of the financial year* The improvement in profits resulted principally from maintained 


> rH„ 

* * •‘■ii 


virtually price them out of the home market, it is important to stress that there 
remained available large numbers of Group brands at unchanged prices. The consumer 
in this market therefore continued to have a wide choice at his command. 

Your Board continues to believe that the Company is entitled to the benefit 
of Article S5(3) for a dual price structure. It has therefore appealed to the European 
Court of Justice against the derision of the Co mmis sion. 


Home sales 


Government imposed, no further increases upon a level of duty which is already 
extremely high, at £3.16 per bottle, plus VAT. The Government did not, however, 
grant any period of credit in respect of payment of duty, in spite of the industry’s 
strong representations. Other alcoholic beverage .industries enjoy a period of credit in 
financing their lower rates of duty. 

In spite of the unpalatable actions we have found it necessary to take, we still 
have in Haig Gold Label and White Horse two of the leading brands in the market; 
and in Johnnie Walker Black Label the market leader in the de luxe brand sector. 
Additionally, we launched a lower-priced whisky —The Claymore— and have recently 
introduced two new brands, John Barr and The "Buchanan Blend. The policy of the 
Company is to maintain a substantial presence in the home market ana to earn a 
satisfactory level of profit there, so long as these objectives can be attained without 
long-term damage to the Group’s strong export performance. 

Continental EEC sales 

Direct shipments to EEC markets declined slightly and our accredited distributor* 
faced a particularly disruptive period as substantial quantities of our brands were 
shipped into their markets by UK wholesalers. Cheap whiskies are a growing feature 
but Johnnie Walker Red Label continued to be the leader in the standard brand 
segment and the success of Haig Dimple in West Germany is very en co uraging. 

Exports of Scotch, whisky 

Industry exports of blended Scotch whisky showed a small Increase of 13%, 
However, in spite of the depressed state of many national economies and the 
proliferation of tariff and non-tariff barriers against Scotch whisky, increased selling 


i average percent 


excludi 


ink duty. 71 
jed profits i 


increased profits in more difficult trading conditions. 


in the Scotch whisky-sector on the higher turnover 
ip and Carbon Dioxide Company contributed slightly 


Dividends 

The directors recommend a final dividend of 4-5642p per share. An interim -of 


2.6950p per share has already been paid making the total distribution 7.2592p per share. 
Together with the associated tax credit the total distribution is equivalent to 10.89557p 
per share compared with 9.90507p per share last year. 




illiamJ: 


Scotch whisky 

Production 

Increased levels of distillation were introduce? to maintain adequate stocks of 
maturing whiskies and to provide the balanced inventory necessary to meet our projected 
sales. We continue to believe that we have adequate cover to ensure foil and free supply 
of all our brands. 

The blending section of the new plant at SHeldhall, Glasgow, was commissioned 
by John Walker & Sons and proved an. p-ffi rignt and economic unit. The bottling plant 
should be in operation in the autumn. \v 

A major new warehouse site is being developed at Bonnybridge, Stirlingshire, to 
permit a progressive building programme in line wish our stock requirements. 


prices contributed materially to the growth of foreign exchange earnings. 
The US market was particularly weak. Industrv shipments were les 


loss 


EEC 

My statement last year referred briefly to the EEC Commission’s formal objections 
to the Group’s Home Trade Conditions of Sale aadFtice Terms and indicated that, 
if these objections were sustained, problems of some magnitude would have to be 
faced. I believe it is now appropriate to outline the background of events leading to the 


Commission’s eventual ruling and the reasoning that led the Company to the 
commercial judgments which, in our view, meritalffy’itad to be taken in response to \ • ■ 

that ruling. 

From the earliest days in the development ofthe sale of Scotch whisky in export 
markets of the world, each brand-owning company-las appointed a sole distributor 
in individual markets. That distributor is given an exclusive right to purchase the 
company’s brand, and in return undertakes the oblation to promote, by his own 

efforts and at his own expense, the long term success of die brand in his territory. . ns 

Scotch whisky Is exported to some 180 countries, in\J§xi«h the problems of competition! > 

distribution, discriminatory legislation and taxation^yatyenorraously, and no braid 
owner could compete effectively in all of these diverse markets Wier than by coming to - // 

an agreement with a local distributor which offdgtf that distributor the necessary ]\ jit ’ 

incentives to fulfil his obligations. The sole distributor system hak from the outset, ' •jJISJ 

played a vital and totally essential part in theAicccss of the export endeavours of the ~ 

Scotch whisky industry. Disband it, or allowit to become so unattractive to the . 

distributor that he no longer wishes to contmue to represent a brand, and it is inevitable 

that the brand will disappear from importjmt segments of the markets, to the ultimate 

and serious detriment of Scotch whisky jforld sales. If (ft 

Thus, prior to the date on which ^hc UK joined he Common Market, Group “lj— if# 

Home Trade Conditions of Sale and Bfice Terms expressly prohibited customers from 1\ 

reselling to any export market in theworld. Subsequent to the 1975 Referendum on ^ V& v 

British membership of the Community, we advised all UK customers that if they ' ' 

wished to export into other EEC markets they were free to do so, but we reminded them 

that only purchases intended for resale in the UK would continue to attract normal 

home trade discounts. This was, in effect, a dual price structure to the same customer— \ 

one price for resales into the UK market and a different price for resales into other • u ilt- '■ ' V* 

EEC countries. The aim was to ensure that a wholesaler in the UK would not be able JL-Xir' • ' 

to purchase at the same net price as a sole distributor and, with no obligation either to » u % , \ Y. 

promote or to ensure wide distribution of the brand in an export marker, resell J 

selectively to the sole distributor’s customers at a price theisole distributor could not wJSSfcjjp** *6 

possibly match whilst continuing to fulfil his promotional obligations. The longer term 

effect of such a trade would, in our commercial judgment, inevitably have been that the 

distributors in the EEC markets would have found it of no interest to continue to >& 

represent our brands with the result that these brands would, without promotional 
support and sales endeavour, have suffered an unacceptable diminution in sales. v 

Wc do not question that in the short span of perhaps a year or two the flow or 
cheap parallel exports into supermarkets abroad might nor greatly diminish total sales, ycr* \ 

since brands would survive for a time ort the past promotional services of their / 

disrributors, but we equally are not to be deflected from, our strongly held belief that 

the ultimate consequences would be very damaging to the sales of our products, w ere '‘\Jy 

such not the case it must surely be apparent that our Group companies would themselves fl i 

have sought to open up trade with Continental supcr mar ket chains direct. _ \ 

Finally, and perhaps most importantly, the problem of parallel exports flowing from. J ^ ' 

the UK could not be contained within the EEC. If a wholesaler in the UK is not in a k~-s)\ 

position to purchase for export at net prices which are substantially below distributors 
resale prices, the incentives for entering the parallel trade are m i nima l 
and that trade would have an insignificantly disruptive effect on, 

export markets. If, however, a UK wholesaler is encouraged by ^ 

comparatively lower net prices to sell to a third r jrr Y who orders SUMMARY OF RESULTS 

large consignments ostensibly for any other EEC market, he will do . . 

so. That third party then has control of the goods and will seek out for year ended 31st March 

the most profitable market which may, or may not. be within the 

EEC. Parallel exports may therefore find their way into markets of the- Turnover 

world generally, to the serious additional detriment of our exports. Group profit before tax 

Market conditions in the UK are very different from.those in Profit aftertax & minority 

the Continental EEC and the rest of the world. In the UK Scotch Extraordinary items 

whisky is. a traditional drink and commands 50% of die to^al spirit Surplus for they ear 

sales. The market is dominated by large retail chains and buying Dividends 

croups, and price competition is a major factor. In export markets, __ r 

brands of Scotch whisky. compete against the traditional local drinks 

fin Germany for instance Scotch whisky represents only some 3% of Dividends per snare 

the spirits consumed) and must do so, particulAvty in. a nu mber of — — ■ 

EEC countries, in the face of blatant tax discrimination in favour 
of local products. In such conditions substantial expenditure on 

; promotion^, activity is indispensable. This expenditure has to be reflected in the selling price. It is therefore 
impossible for a brand of Scotch whisky- to compere successfully at the same price both in the United Kingdom 
ana in export markets. The dual price structure wa* designed to take account of this inescapable tact. It was also 
designed to allow Group brands to compete in dm UK ana to be exported to the Continental EEC by UK 

. wholesalers as Community law requires, but at a price which would not destroy the ability of sole distributors 
to maintain their essential promotional activities- , 

The Company contended char, even if its dual price structure were regarded as falling within the provision 
of Article 85.(1) of the Treaty of Rome, that structure was, because of the distortions of trade and competition 
in the EECmarkefs, entitled to -approval under Article 85$).. 

In the event the Company was advised by the EEC Commission on 21st December 2977 mat Group brand 
must not continue to be priced: at two' different levels to a' customer in the UK. The ruling called for imme diate 
implementation and on mat same day we changed our teems to comply folly with the instructio n . 

Because Johnnie "Walker Red Label is the leading braaw ip. worid export markets and the prime target for 
parallel exporters, who were so easily able to capitalise on the wide consumer demand built up by the 
promotional efforts of its sole di s t ri b utor s, we judged that Walker would have been flooded with uaaer-hond 
orders on the day following the announcement. ^ e could not Juc&eflse the price overnight because of UK prices 




dim: 


The US market was particularly weak. Industry shipments were less than 1% 
ahead. Brands shipped in bottle performed substantially better than those shipped in 
bulk and Dewar’s White Label and Johnnie Walker Red Label continued to strengthen 
their positions among the top four brands in that category. Johnnie Walker Black 
Label and Haig Pinch enjoyed good increases in rales. Severe price competition amongst 
brands bottled in the USA continued but our share of total bulk shipments was 
maintained. 

Your Company’s Scotch whisky business with the USA was considerably 
stranger than the industry trend. Moreover, since Christmas, industry tax payments 
have improved to give some indication that sales generally may be expanding. 

Across wodd markets, Johmile Walker further enhanced its success as 
outstandingly the largest-selling Scotch whisky. In Central and South America 
Buchanan’s De Luxe, Old Parr, Johnnie Walker Black Label, Haig Dimple and 
Chequers did valuable business. In Africa Johnnie Walker and White Horse remained 
as market leaders. Through many Asian markets and in Australia and New Zealand 
our brands met particularly strong price competition but continued to occupy a solid 
position. In Japan sales of Scotch whisky, including your Company’s brands, experienced 
a quiet year. Nevertheless, our leading brands increased their share of business. 

Export prices of our standard and de luxe brands were increased by 10 % and’ 

12% respectively in February 1978 and increases were introduced a little later for our 
secondary brands. 


Gin 


Work commenced at Wandsworth Distillery on the construction of a new 
£4.7 million distillation complex to meet the increasing demand for grain spirit for 
Group brands of gin. Li the UK market Booth's Finest Dry Gin. suffered a disappointing 
reduction in market share, Gordon’s maintained its premier position and High &l Dry 
continued to make progress. Further progress was made in export markets, notably in 
respect of shipments of Tanqueray Gin to the USA and to Ganp da, However, 
profitability in these two areas was adversely affected by exchange rates. 

Since the EEC Commission’s derision last December on dual pricing, the growth of 
parallel exports of Gordon’s in the home trade bottle to Continental EEC markets has 
been creating an increasingly serious problem for our distributors. 

In the USA the gin industry recorded a welcome increase in volume with locally 
produced Gordon’s and Booth’s High 6 c Dry participating in this improvement. 




Vodka 

Sales of Cossack Vodka were somewhat depressed in the UK. The growth of the 
vodka market in the USA appeared to be slowing down. Nevertheless, Gordon’s Vodka 


increased its sales. 


Australia 


The economic situation in Australia remained difficult. Continuing extremely heavy 
discounting again made trading conditions confused. 




United Distillers Proprietary had to face the severest competition from cheap 
rted spirits. Nevertheless a small profit was achieved. 


imported spirits. Nevertheless a small profit was achieved. 

Tolley, Scott &. Tolley experienced a substantial setback in profitability, largely 
because of temporary production problems. 




SUMMARY OF RESULTS 

for year ended 31 st March 

1978 

1977 

£ milfion 

£ million 

Turnover 

876.1 

847.2 

Group profit before tax 

162.5 

133.6 

Profit aftertax & minority interests 

79.8 

63.3 

Extraordinary items 

(0-6) 

1.0 

Surplus for ttieyear 

79:2 

64.3 

Dividends 

26.4 

23.6 

Earnings per share 

2lJ97p 

17.44p 

Dividends per share 

72&p 

6.51 p 


Food group 

The Yeast and Food Division, made further progress with increased sales and an. 
improvement in profits. Sales from the food factories continued at a high level. 
Production at the two yeast factories was the highest ever achieved. 

A steep rise In the cost of raw materials in the early part of 
the year, followed by a rapid fall with consequent stock losses, 

I resulted in a small reduction in margins for The Peerless Refining 
Company (Liverpool) Limited. 


Carbon dioxide 

The Distillers Company (Carbon Dioxide) Limited had another 
successful year, with profits somewhat ahead or last year’s very 
satisfactory level. 

The results largely reflect trading in which the level of activity 
in £he main sector of C0 2 sales was very similar to 1976-77. A useful 
increase in profit was derived from the sale of associated engineering 
equipment where sales volume, particularly in exports, showed a 
substantial advance. 


. °' 3IP United Glass 

Sales were strong in the first half of the year. In the second six 
months, demand rased and the company was able to rebuild its 
stocks. Capital expenditure of £9.2 million reflected the continuation of the planned investment programme of 
recent years. 


Personnel 

The Board’s sincere appreciation is extended to the Group’s employees at all levels without whose efforts 
and hard work a satisfactory' outcome to the year’s trading could not lave been achieved. 


marxera, ennuea to approval unaer nni*-**- 

event the Company was advised by the EEC Commission on 21st December 2977 that Group brands 
tntinue to be priced at two' different levels to a' customer in the UK. The ruling called for imme diate 


Future prospects 

j "World demand for our brands continues to be relatively strong and the improving trend noted in the 
United States is encouraging. 

There are inevitably xnanv problems ahead. The effects of our ftrfiopq in the home market and of the 
disruption to our distributors from parallel exports cannot at this time he measured accurately. An intensely 
competitive s it u a tion prevails, not only within the industry but in the wider field of alcoholic beverages, and the 
secent price rises in. export markets have had to reflect our judgment of what would be commercially sustainable 
in the context of a stronger pound as well as our desire to recover cost increases in foil. 

_ " With net margins consequently under some pressure, I believe J should go no further than to say that 
there are grounds for viewing prospects for the current year with guarded confidence. 


■ the One Hundred and First Annual Qenenz ! Meeting of The DisttQsrs Company Umiied will be held at the North British Hotel, Edinburgh, oil Thursday, the 14th day of September, 1978 , at 12.15 pm. 






20 


S & N will'diversify only 
into proven companies 


Royal up 8.8% 
so far 


financial Times Friday Angnst : IS I9TS 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


FUTURE DIVERSIFICATION by 
Scottish and Newcastle Breweries 
will be only into companies with 
proven record and sound manage- 
ment, Mr. Peter Balfour, the 
chairman, told the annual meeting 
in Edinburgh yesterday. 

He was answering a share- 
holder who criticised the losses 
made on Dei Monte Kitchens 
(nnw soldi, and the French com- 
party. Coif St. Cyprien, which is 
to be disposed of on October l. 

Mr. Balfour said that thp St. 
Cypien leisure and real estate 
venture was “a mistake for which 
he and the board accepted res- 
ponsibility." 

“Nothing more would be herd 
of Del Monte because this was 
now finished and done with." 

But the company must diver- 
sify. Beer, which provided most 
of the group’s profits, was a 
mature market in which there 
were a number of companies com- 
peting for the available growth. 

In the first quarter of this year 
beer sales had been disappointing, 
largely because of the weather. 
Rut sales of wines and spirits, 
and trading in managed public 
houses and hotels, had been 
satisfactory. 

He would not now expert much 
Improvement in rhe first-half 
results, but provided there was 
some reasonable weather and a 
satisfactory outcome to wage and 
salary negotiations, he would 
expect an improvement to the 
year as a whole." 


board meetings 


Owing to an agency error, the 
latter figure was show n ps 400,000 
shares in yesterday's report. 


Ttie faUAwne companies have notiffed 
dales of Bowl- meetings to the Stock 
Exchange. Such nuttings are usually 
held for the purposes or considering 
dividends- UffictaJ indicaUons are nor 
available whether dtadfcads confenwd are 
Inli-runs w hnals and the aub-direinn* 
shonn be lu« are baaed mainly no last 
year's timetable. . 

TODAY 

Interims: B*nfi)rd Confrere Machinery, 
Py*» Holdings. Ward Holdings. 

Finals: Cold Helds of South Africa. 
Investment Company, Pifco. Stirling Knit- 

ring. 

FUTURE DATES 

interims— 

Elbar industrial 

Lonrtjo 

Oxley PnnUns ' — 

Turner rw. and B.> Aug. 22 

Union corporation Aug. 29 

Finals— 

Aeronautical a Gen. instruments Aug. 2* 

Austin (F.i iLeytont Aug- '13 

British Vending t achate ts ......... s*pi. H 

McKay SccuriTies Aug. 22 

Thames Plywood Manufacturers Aug. 24 


Midterm 
downturn 
for Evode 


Sept. 13 
Atig. ZO 
Sept. 14 


ALTHOUGH TURNOVER rose 
from £11.28m to £l2.62m, pre-tax 
profits or Evode Holding maker 
ofadheshes and jointing com- 
pounds. dropped to £310.835 for 
the 26 weeks to April 1, 1978, 
compared with JE6SKL531 for the 
corresponding 27 weeks of 1976- 
1977. For all that year, a peak 
£1.48m was achieved. 


£0.3m slip 
by Reed 
Stenhouse 


Record by 
A. & J. 


Gelfer 


FOLLOWING A small rise from 
£233.860 to £2BU>325 at midway, 
taxable profits of A. and J. Gelfer. 
maker of lies, men's headtvare 
and scarves, ended the Marcb 31. 
1978. year at a peak £074.S64 
asainsr the previous year's 
£62T.SS1. 

Turnover improved from £3.13m 
tn £3.34m and net profits were 
better at £326.666 against £302,287, 
after tax or £348.198 (£323,8141. 

Earoinss per 20p share are 
5.23 p i4.S4n>. while The dividend 
total is stepped up from 2.555f»p 
to 2.854p net, with a final of 
1.654 p. 


IN THE nine months to June 30. 
1978 Reed Stenhouse earned com- 
mission and fees of £53.24m com- 
pared with £52. 58m and pre-tax 
profits of £11.2311) against £1 1.53m 
in the .same period last year. 

The profits -is after interest, 
dividends ci* of £2_29m i£2J16mj 
and subject to tax of £5.5Sm 
i £5. 64 ml. Attributable profit 
came out at £3. 52 m (£5.68m » 
after amortisation of now com- 
plete covenants of £93.000 
(£160,000) and minority interests. 

Earninzs per share of the com- 
pany, which is 54.04 per cent 
owned by Stenhouse Holdings, 
are shown at 36.96p (38-lfip). 


A. WORTHINGTON 


A. J. Worthington (Holdings) 
has received waivers in respect 
of 0.47Sp per 5p share of the 
recommended final dividend on 
300.000 ordinary shares. 


First half turnover and profits 
were psb't as to: UK, £10.63ra 
r.‘.9.43ra) and £387227 (£701,795) 
and overseas. £ 1.39m i£t.S3m) and 
£78.392 loss l £8,264 loss) respect- 
ively. 

In the last annual report, the 
company indicated that business 
for the first quarter was difficult 
and that this was expected to 
continue into the second quarter. 

Although, the company’s UK 
business have achieved a marked 
recovery in the third quarter, 
which to date is being maintained 
in rhe last quarter, its losses in 
France continue. 

The direciors report that they 
are intensifying efforts to deal 
wiih this problem as soon as pos- 
sible. but meanwhile, have made 
a provision of 250,000 for diminu- 
tion of value of the investment 
in its French subsidiary. This 
amount has been written off 
reserves. 

After UK tax of £192,812 
(£278,793) and foreign tax of 
£6-350 (£6.490). net profits dived 
from £410246 to £111,673 for the 
period. 

The net interim dividend is 
0.3629p (adjusted 0.357ap) per 20p 
share and the directors say they 
wcGid expect to pay a final of 
not less than the previous year's 
0.74ap. adjusted for a one-for-one 
scrip issue. 

Dividend absorbs £32279 
(£51579), after waivers of £5,487 
(£5.325). leaving retained profits 
for the period at £59.394 (£358887). 


A BETTER than expected under- 
writing profit of £9.4m combined 
wit ha 1QJ per cent rise in invest- 
ment income to £5&8m. enabled 
pre-tax profits of Royal Insurance 
Company to advance by SS per 
cen tover the- first half of Uiis 
year to £7LSm. 

After a disastrous first quarter 
when severe weather conditions 
led to an underwriting loss 
worldwide of £1.1 m, Royal experi- 
enced its highest- ever quarterly 
underwriting profit- of £10. 5m 
resulting in a shortfall of only 
XO-Sm on the underwriting profit 
of £I02m for the first half of 
1977. 

This year's record was achieved 
despite the adverse movements 
in exchange rates which cut the 
underwriting profit by £l.3m over 
the half year. Investment income 
growth was also adversely 
affected by exchange rate move- 
ments being £4Ant- lower. 

‘ : JOTS 1977 

. ... £m Dn 

Nrw life, annuity urem tarns 2n.fi 1S.S 

Periodical ... l#.« "9 

Single a.r II. 0 

New sum* assired 3«i fi 4DS.7 

New aimnnin -5.7 14.3 

However, the tax charse Tor the 
period was over £4m higher at 
£29m, leaving net profits Tor the 
first half 4 per cent higher at 
£42.4m. 

Premiums written world-wide 
by the group were 3.1 per cent 
higher, but the underlying real 
growth rate was 10.5 per cent. The 
group has now become more 
expensive in outlook -now that the 
business is back on a profitable 
basis. - . 

Underwriting results in the GA. 
the croup’s major operating 
country, showed a profit of £0.9m 
compared with- a loss of £6.8m in 
the first half of 1977. Mr. Daniei 
Meinertzbagen, chairman of Royal, 
reports that the . underwriting 
recovery has continued in the 
U.S. despite the unusually heavy 
weather losses in the first quarter. 
There was an increase in profits 
from property business arising 
from a lower incidence of claims. 

Losses were, reduced in auto- 
mobile, liability and workers’ 
compensation business. The 
benefit of the corrective action 
taken a few years ago on auto- 
mobile business was now coming 
through in the accounts. The 
li.S. operating ratio was 98.2 per 
cent in the period compared with 
102.1 per cent in the first half 
of last year and 99.2 per cent 
overall for 1977. 

The good second quarter 


results restored underwriting in 
the UK to profitability over the 
first half, although, it is still very 
much below the level of Jan year. 
Private motor business showed a 
marginal loss on the -first half and 
the company announced a- 7* per 
cent average increase in motor 
premium rates starting' in Sep- 
tember — 12 months after the pre- 
vious increase. But the majority 
of the 500.000 motorists insured 
with Royal .will only pay 6 per 
cent more on their premium — a 
much lower rise than that being 
made by other insurers. 

A profit on all other classes of 
business inthe UK was recorded 
except for householder business 
which still remains the weak sec- 
tion. However, the situation 
looked much brighter in the 
second quarter, but the account 
still is in loss. 

There was a reduction in the 
underwriting loss in Europe, the 
improvement coming mainly from 
better experience In the Nether 
lands with the benefit of motor 
rate increases. Underwriting 
profits continued to be made in 
Canada. but m Australia 
deteriorating market conditions 
resulted in a small underwriting 
loss. The company is holding tight 
in this country until conditions 
improve. 

In other overseas areas under- 
writing results overall were profit- 
able. 

The interim dividend is stepped 
up from 6-5l2p net per 25p share 
to 7.2 72p and supplementary pay- 
ment of O.iolp Is to be made fol- 
lowing thp reduction hr ACT. Last 
year a 9A36p final was -paid on 


profits totalling £133-8 m. - - 
ism 

]VT7 

Premium* nutria 

- Era. 
651 " 

Em. 

rn.7 

CntlcncTlttaB profit 

94 

162 

US. 

o.» 

♦fijl 

Elsewhere . .. _ 

S.i 

17.0 

Lana -terra tear, profits .. 

5.2 

1.0 

Tnresonent income . . — 

58 a 

KL2 

Associates proEr 

Pratt before tax 


1.4 

71.6 

a* 

Tax - — 

29.0 

24 Jf 

To minorities 

0 - 

0:i 

Net profit 

45.4 

40.5 

Dividends . 

11.1 

ta.a 

Retained .. — 

51.5 

SLS 

* Loss. 




See Lex 


Improvement 
for Asscd. 
Tooling 


MINING NEWS 



gains on 


*r-: 

M 01 


BY KENNETH MARSTON^WNMG eWTOR 


INCREASED -net earnings of 
K24m if 17.8m) for the past half-, 
year compared with KlS.flm in 
the same period df 1977 when 
the year's total reached K28.5ra. 
are reported . by Bougainville 1 
Copper, the Bio Tinto-SOnc group’s - 
major copper-gold tome in Papua 
New Guinea. The 1978 interim 
dividend ia raised to 3 toea <3.7p)-: 
from 4 toea; the 1977 total wax 
8 toea. 

The major factor lit the past 
half-year’s higher ’ earnings has < 
been the revaluation of the 
Papuan kina against the U& ; 
dollar which provided exchange 
gains of KS.6m realised .. ah. 
the repayment of overseas loads. 
One (he other hand the new rate, 
of exchange adversely affected- 
sales revenue, which is received 
in dollars. 



* AUGUST 1978 


levels achieved in the put-ste 
month because of the anttapajed 
marginal increase tn the hardness 
of the ore milled. But ihts should 
£. more than offset by the shandy 
increased said price and the 
™c!ihood or a better return on 
silver nad copper, Bougainville 
S' *Se 2p to »7p yesterday. 


ROUND-UP 


v 

After its recent swift dimb to 

Furthermore, the mine received record le L vcls— * n 
lower prices for its copper, ait dollars — the price of, gold 
thanks to increased production a *harp reversal yesterday, dosing 
coupled with a higher 'price' for' down at 5208 { per ounce fol- 

the Important gold by-product towing President Carter’s decision 
and slightly lower costs. Bougaib: .-$» Me k a remedy for the atlmg 
vitie's sales revenue still showed. doJtar. The retreat which had 
a. marginal Increase. !■ ; begun previously in London prices 

Loan repayments of KfioAm'^i South African gold shares 
were made duringe the past half-' accelerated under persistent selling 
year and they included the Com- t ] ie U5„ the Continent and 
monwealth Trading Bank, long i C--. w j t | 1 the result that the 
loan of ,367.4m (K50.5UJ) which g ,, Mine* index dropped &3 to 
was part of the original financing : 60 '* M,ne * i^ro 
for the big operation. A loan 
facility for up to $60m to be pro- 


vided 'jointly by Bank of America cult to forecast a return to satis- 
adn Commonwealth Trading Rank factory copper pirces in the near 
was finalised but so far there have future. . . 

been no drawings upon it A' . Bougainville ranks as tne_ big- 
KlOm loan from Papua New, gest gold mine outside boutn 
Guinea Banking Corporation was Africa — possibly the worlds I2tli 
finalised to be drawn in early largest producer of tlte metah- 
july: ■; and the average price received in 

Although Bougainville & one of the past six months for its bullion 
the few mines to be stiD making was S174.4S per ounce compared 
profits from copper the company with s 142.39 in the seme period 
regards the low level of metal of last year, 
prices as remaining “a source of As far as the current half-year 
major concern.” Despite tlte' is' concerned production might be 
recent improvement, “it is diffi- a little lower than the record 


-Copper production at the KtfU 
weal m irH1 in southern Zaire is r 
reported to be back to 9® P£r cent 
of normal, at a rate of 10,800 tons 
a month. The Sozacora company 
It now again able to . fulfill its 
contracts. The Invasion of the 
Kaiwczi area by rebels In May, 
HITS, brought copper production 
there to a standstill. 

* * * 

Half-year net earrings of 

CS7°ra (£>.2ra) compared with 
C310.7m a year ago are announced 
by Canada's Asbestos Corporation. 
A regular quarterly dividend of- 
•60 cents has been declared. 

* * * 

- Canada's Prism Resources baa 
begun drilling- on- iho central zone 
of its stiver-1 ead-rinc ‘Property at 
Kathleen Lnkc. 75 miles east of 
Mayo in the Yukon. _ Part iopanls 
in the venture are Prism with a 
25 per cent interest, SIrbens Oil 
and Gas 25 i*er ccnL Chieftain 
Development 25 per cent, E and B 
Explorations 12.5 per cent and 
Asamcra OH 12,5 per cent. 


MINING BRIEFS 


ELECTROLYTIC ZINC— 

PRODUCTION STATEMENT- • 

Ponrwecte 


RlttlM 

2iuc 

West Coast Mines 

Ore mined - 

Lead concentrate ... 
Zinc concentrate . . ■ 
Cooper coneentraie 


rafedi 
July m 

iws .-an 1 

ia*s. latoooMi . 
liJfB ... tysso’ 


47.BO* 

;.m 

II .258 

i.3u u 


as.M 

018 

10.227 

3.003 


Confidence at D. F. Bevan 


John Michael 
back in profit 


Airfix order books healthy 


The directors of John Slicbael 
(Sari lie Row) consider that the 
company is returning to a period 
of steady growth and profit- 
ability. 

For the year ended January 2S, 
1973. they report a profit of 
£72Jh)L against a loss of £77,250 
the year before. 

After tax £1.112 (credit £20.907 >, 
and extraordinary credits, the 
net profit comes out at £99,557. 
compared with £594.299. 

'rhe group designs, manufac- 
tures and retails me ns wear, 
primarily in the UK. 


Current trading conditions at 
Airfix Industries have improved 
and the group’s order books are 
in a healthy state, Mr. R. R. 
Ehrmann, the chairman, tells 
shareholders. 

During the past year, a further 
£3.5m was invested in machinery 
and tooling for new products 
which a tangible indication of 
commitment to a prosperous 
future, the chairman says. 

It is expected that this invest- 
ment, will consolidate and 
strengthen the group's position 
in the -market and provide profit- 
able occupation for the factories. 


Profits amounted to £2-69m In 
the year to March 31. 1978. com- 
pared with £4D3m. but a con- 
siderable recovery is expected in 
the current year. The dividend is 
3.22210 (2.S852p). 

Commenting on the work done 
in developing the toy ranges and 
marketing policies, Mr. Ehrmann 
says this was rewarded at the. 1978 
Toy Rairs by an encouraging level 
of orders, and at Meccano orders 
received so far this year are 
around twice those obtained 
daring the same period last year. 

Due to the retirement of one 
of the founders of Ava Inter- 


national Incorporated, the U.S. 
distributor for Airfix and Meccano 
products, Airfix has increased its 
shareholding in that company to 
57 per cent 

The industrial division 
improved its contribution to the 
group and was able io expand 
both its turnover and profits. 
The development of the Crayanne 
range of household accessories 
was again a very strong feature. 
The group has now acquired the 
outstanding 20 per cent of the 
capital of Crayonne, U.S. 

Meeting. 17. Old Cour Place. W. 
September 19 at 11 am. 


In line with interim anticipa- 
tions and reflecting an improve- 
ment in trade over the previous 
year, pre-tax profits of Associated 
Tooling Industries rose from 
£72,665 to £309.356 for the year 
ended February 28. 2978. Turn- 
over was marginally better at 
£L45m against £I.41m..._ 

In January, the directors fore- 
cast that second-half profit should 
be similar to the figure of £51.662 
(£61.373) reported for the first 
six months. 

After tax Of £99,991 (£22.630) 
and a transfer from tax equalisa- 
tion account of £38244 (£22.900 
to), profits advanced from £27.135 
to I47.G03 for the year. 

Earnings per 25p share grew by 
Lip to 2.7p and a final dividend 
of 1.45S321p wt lifts the total 
payout from 22S904p to the maxi- 
mum permitted 2^>oS32Ip. 


Expressing confidence that D. Fj- 
Bevan (Holdings) will make a 
further- step forward - in - the 
current year Mr. John Wardle 
hopes that th eaccounts next, time 
will give members “a pleasant 
surprise." 

Including two months contribu- 
tion from Leon Berner Group 
acquired in February, group tax- 
able profit for the year to March 
31, 1978. was ahead to £3QL1&4 
(£211,732) on sales of £7.6Sm 
(I6.7om) and the net dividend is 
stepped up to 1.35117p (121p) per 
ap share— as reported August 1. 

Borrowings associated with the 
cash portion of the bid helped 
push the bank overdraft by year 
end up £508.654 to £632416. Fixed 
assets were higher at £989,019 
t £562.140). 

The deferred element of the 


£143,063 (£107,612) Lax. charge for 
the year was £102,400 (£111,613) 
but Mr. Bevan comments that 
-whether or not the comfortable 
-low actual tax charge position 
continues to obtain in future years 
ts. less certain as the substantial 
tax losses which arose in the eariy 
1970s have now been, largely 
eliminated. 


First Scottish 
American shows 
further growth 


UPPER CLYDE 
SHIP BUILDERS 


Mr. Robert C Smith, Official 
Liquidator for Upper Clyde Ship- 
builders, has revealed that funds 
in the hands of the liquidator at 
the year ended June 14. 1978. 
were just avqr £l£ra. A meeting 
of creditors^fs due to take place 
bn the 2lUb of this month. 


Further Growth was achieved by 
First Scottish American Trust in 
the half-year to August 1. 1978, 
with net revenue up from 
£445.695 to 1467.586 after tax of 
£255,761, against £261.907. 

Net asset value per 25p share 
at half time was 135.Sp (H2J)p) 
or 133.5p (112.6) fully diluted, and 
the net interim dividend is main* 
tained at lp. Last time a final 
of l£>5p was paid from record 
total pre-tax profit of £0.&3m. 


Again the cost of the interim 
payment is £290,044 and the 
preference dividend £14.700. 



Royal Dutch/Shell Group of Companies 

/ 

Results for First Half 1978 


An interim report by Royaf Dutch Petroleum Company 
and The "Sheir Transport and Trading Company, Limited 
on the resufts of the Royal Dutch / Shelf Group of Companies, 
in which their interests are 60 % and 40% respectively. 


The results of the Royal Dutch/Shell Group of Companies for the second 
quarter 1978 and the first half year 1978, compared with the corresponding 
periods in 1 977, are as follows: 

Second Quarter First Half 


1 978 interim report, this standard resulted in a published net income of only 
£6 million for that quarter, whichbears heavily on the half year's results. 


Net income before currency translation effects 
Net currency translation gains (losses) 
on stocks sold and on monetary items 

Net income for the period 


1978 

1977 1978 

£ mi/lion 

1977 

282 

350 

568 

819 

108 

(43) 

(172) 

(96) 

390 

307 

396 

723 


The contribution of Shell Oil Company in the United States and Shell Canada 
to Group sterling net income for the second quarter 1 978 was lower by £9 
million, or 9%, than in the corresponding quarter in 1977, mainly due to the 
fall in the value of the United States and Canadian dollars. 


The fall in net income in 1978 as against 1977, before taking into account 
currency translation effects, was primarily due to two factors — the conse- 
quences of the first-in first-out method of stock valuation used by most Shell 
companies, which were particularly marked following the OPEC crude oil 
price increase in January 1977, and, secondly^the decline in sales, volumes 
of gas. 


It will be seen from the above tabulation, that the results are considerably 
influenced by the application of the United States accounting standard on 
the translation of foreign currencies (FAS 8). As was slated in the first quarter 


Excluding Shell Oil Company and Shell Canada, sales volumes of oil products 
increased by 4% over second quarter 1977 while sales volumes of gas 
declined, principally due to a lower level of exports from the Netherlands. The 
oil trading conditions in most of the main markets for Group companies 
improved during the last six months, although in some countries earnings were 
still below the levels needed to sustain long-term business. Chemicals markets 
were somewhat better compared with the deterioration seen throughout 1 977. 


World-wide capital expenditure was £584 million tor the quarter and £1,027 
million for the half year; reflecting continuing high Revels of investment in oil 
production and chemicals manufacturing facilities in Europe and North 
America. * \ 


Long-term debt was ;£3,467. million, and cash and "short-term securities 
£2,61 4 million, as at June 30, 1 978. 

August 17. 1978 






Statement of Income 


SECOND QUARTER FIRST HALF 
1978 1977 1978 1977 


£ million 


Revenues 

Sales proceeds. 


less Sales taxes, excise duties and similar levies..^... 


Other revenues.. 


Share of earnings of associated companies. 
Interest income — — — 


Costs and expenses 

Purchases and operafing expenses - 


Selling, general and administrative expenses.. 

Exploration (including dry holes) - 

Research and development 


Depreciation, depletion and amortization. 
Interest expense... 


Taxation on income... 


Income applicable to minority interests. 


Net income for the period. 


7.281 

7,145 

14,182 

14.221 

1,573 

1,460 

2,956 

2.784 

5,708 

5,685 

11.226 

11,437 

182 

154 

321 

294 

89 

86 

140 

211 

56 

61 

106 

121 

6,035 

5,986 

11,793 

12,063 

4.167 

4.105 

8.382 

S.287 

646 

609 

1,365 

1.157 

97 

102 

188 

195 

43 

41 

86 

79 

168 

142 

333 

283 

82 

76 

161 

145 

403 

561 

819 

1,109 

39 

43 

63 

85 

6,645 

5.679 

11.397 

11,340 

390 

307 

396 

723 


Accounting policies for first half 1978 are unchanged from those set out 
in the Royal Dutch and Shell Transport 1977 Annual Reports (page 37). 


•Parent company share therein: 


per Ordinary Share 


Royal Dutch — 

N.fl. 

7-39 

6-06 

7-51 

14-34 

llOrinlbrsijulualontc 


330 

2-71 

3-36 

6-41 

(based on 134.01 8J522 shares ofN fL2Q 




outstanding at June 30, 1378) 






Shell Transport 

_pence 

26-53 

. 20-99 

27-02 

49-37 

(based on 55241 7)207 shares of 25p 






outstanding at June 30. 1378) 






New York Share -equivalents J- 

S 

1*98 

1*56 

2-01 

3-67 


(one New York Share a four25p Shares) 


1 For illustraiwo purposes, to establish the division of income between Royal Dutch and Shell 
Transport , the percentage of net income applicable to the parent companies in 1977 has been used: 
Royal Dutch 62-3%; Shell Transport 37-7% (see 1977 Annual Reports, page 41 - Note 2 to the 
Financial Statements of the Royal Dutch f Shell Group of Companies). 1977 has been restated an 
the seme basis. 


Revel Dutch guilders are translations from the underlying sterling at average rates for the quarter: In 
question: Roval Dutch and Shell Transport dollars are shown for convenience as translations of the 
respective underlying guilders or starting at the end -June 1978 rates ($ 1 =NJI. 2-237: £1 * $1-86). 


Financial Data 

SECOND QUARTER 
1978 1977 

FIRST HALF 
1978 1977 

Changes in financial position 

Funds provided 

- 

£ million 


429 

350 

459 

803 

Depreciation, depletion and amortization 

Other funds from operations 

168 

84 

142 

73 

333 

267 

• 283 

no 


681 

565 

1,059 

1,201 

* Long-term debt: new borrowings ( less repayments) 

currency translation affects 

Other funds provided 

(3) 

(5) 

25 

182 

17 

38 

343 

143 

47 

401 

(26) 

62 


698 

802 

1,592 

1.638 

Funds applied 

584 

621 

1.027 

1.061 

Increase in investments in associated companies 

Increase in current assets less current liabilities— 

12 

70 

16 

16 . 
148 

2 

48 

445 

46 

18 

521 

8 

Dividends: to parent companies . 





to minority interests .... 

16 

15 

26 

30 


. 698 

802 

1.592 

1.633 






Capital expenditure 

by functions 

Oil rights and concessions 

23 

93 

45 

99 

Production - - 

.. 238 

228 

431 

396 


60 

44 

99 

83 

Tinkers , _ - 

7 

16 

14 

22 


66 

53 

111 

83 

Onal .. . 

15 

5 

22 

7 


159 

169 

274 

314 


5 

4 

14 

8 

Research 

7 

5 

10 

8 

- 

4 

4 

7- 

- 36 


584 

621 

1,027 

1.061 

by geographical areas 

255 

214 

417 

368 

84 

Rest of Eastern Hemisphere,,., 

65 

49 

123 

IJ«4 

215 

■230 

383 

46 6 
70 
51 
22 


34 

41 

74 

16 

14 


8 

11 

Tanker*— -L- 

7 

16 


584 

621 

1.027 

1,061 


Other financial data 


Cash and short-term securities, June 30. 
* Long-term debt, June 30 


2.614 

3,467 


2,653 

3.119 


^including capitalized lease obligations and amounts dira within one year 


Operational Data 


SECOND QUARTER ' FIRST HALF 
1978 1977 . 1978 1977 


Crude oil supply 

Europe 

Africa ; 


thousand barrels daily 


Middle East. 


Far East and Australasia.. 
USA 


Canada. 


Rest of Western Hemisphere. 
Local purchases 


176 

‘496 

1.708 

129 

571 

61 

234 

1,193 


166 

636 

1,963 

122 

588 

70 

225 

1,200 


179 

499 

1.711 

725 

567 

65 

231 

1,119 


144 
616 
2,002 
110 
584 
72 
205 
1,14 8 


4.568 4.376 4,496 4.881 


Crude oil processed 


3.999 4.155 4.134 4,296 


Oil sales 

Gasolines 

Kero sines 


Gas/ Diesel oils. 
Fuel oil 


Other products. 


1,606 

415 

1,170 

1,070 

412 


Total oil products*.. 

Crude oil ~~ , 


1.535 

415 

1.090 

1.065 

401 


1.545 
436 
1,315 
1,1 8U 
375 


1.497 

440 

1.242 

7.165 

384 


4.673 

566 


Total oil sales. 


4,506 

713 


4.851 

549 


4,728 

659 


5-239 5,21 3 5.400 


^comprising: 
Europe. 


5,387 


Rest of Eastern Hemisphere^ 
U S A - 


Canada. 


Rest of Western Hemisphere^ 


1.694 

1.025 

1,204 

326 

424 


1,637 

1.003 

1,145 

322 

339 


1.786 

1.046 

1,256 

.359 

404 


Natural gas sales 

Europe - - 

Rest of Eastern Hemispheres- 

USA. 


1.763 

1.018 

1,213 

352 

582 


Canada. 


_ million c ubic feet dally 

2,907 3.279 3,704 

559 - 544 • 556 

1.973 . 2,052 . 2.005 

564 ' 610 ' -622 


3,911 

561 

1,945 

635 


6,003 6.485 6.887 


7,052 


Chemicals sales proceeds 

Europe. 


£ million 


Rest of Eastern Hemisphere— 
USA 


Canada.. 


Rest of Western Hemtsphere- 


288 

59 

285 

19 

32 


279 

53 

258 

13. 

29 


546 660 

110 . 39 

518 494 

29 31 

57 53 


683 


637 1.260 1,237 


Note: The figures sho wn in these tables represent the totals reported by dmsoftfewrf 
(those companies in which there is? majority interest) phis, lor crude od processed 

! fSBxZtoO) GmUP Sh " B * reSpeCt * SSS ° USted cowpan! * s (nwiniiain which (he £!£% 

















feancial Times ’Friday August lS^^T^ 





at 


MAINLY, reflecting Increased 
contributions from the - road 
haulage companies and cold sent 
storage operations, profits before 
tax of a Transport Development be less than mm. 

C ™JF increased from £8J)6m to However this- ^tear a new 
£lQ.3om m the first half of 2978. standard accounting practice rc- 
J“ c tot « profit last year was quires that buildings shall be do- 
ais.osm. predated. If effect is given to 

the new requirement,- then, on 
the basis of the revaluation, the 
annual depreciation 'of buildings 
and the increased amortisation of 
leaseholds will amount to approxi- 
mately £1.2m. 


Corah advances 
to £1.7m midway 


" 21 ' 


£10.4m for first half 

pwrMK not ye^fin^eibu^pr? for CMt ° f tl,e amount app3iad A3 fi 9 P® CENJ rise 3?, re ‘ tas y*®. “Hi*!',., lestile companies, DESPITE the doubling in price, to this country have gained a intercompany 
sent indications- are that the f J?fS* i t0 -.f l j 71, P,i a start benefit- from 6p to 12 Ip a pint over three foothold in the UK markets which charges for t 


Unigate sales still steady 
despite milk price rise 


management 
the year ended June 


After tax of £ism fH52m) nef 
earnings per share are shown at 
S.89p against 3.37p. The interim 
dividend is lifted from 1.1 25p to 
1.25— the previous r final was 
2. 06225 p. 


. 

■' First half 


- OTS 

1977 


am 

CTOO 

Tnrtwrr 

197.443 

85.302 

Depreciation 

. W3» 

4.TS9 

Loon IniennR ..T- 

■ UBS 

SB4 

Road baalajM Unkfit ..: 

4.9® 

4,321 

Sloraxe 

*M7 

3032 

Wani hire, euc. 

782 

753 

(exhibitions 


521 

Praia barora tax 

lOJSO 

1.959 

. Australia 

m 


Mainland Europe 

1.123 

MS 

UK and o liters 

PJ31 

8.810 

Corporation lax 

2.477 

1-572 

OvcrapBs tax 

702 

842 

DefemU ux 

1.739 

1^02 

tfd nrollt 

5,432 

4.T4S 

VlnorlUcs 

235 

223 

Attributable 

3J07 

4.320 


Albright & 
Wilson 
upsurge 


Progress 
by Danks 
& Gowerton 


* . . V _ _ . . " . * ‘■r " v “ft' wfvi uu db iMutm/iu mi Vf\ TjIBf KCUi nufvu roi laiu j cat. ciiucm 

increase over book Values will not B. Pokera to the issue were K ^£ 0 ,^ r ?£, C<>rah ' billed c, °^ - un V r ° a - fibrc Arrange- years/ mJJk sales of Unigate have they are naturally reluctant to 30, 1978, amounted to £91326; 

v .f^r.r no1 Nlviron and Go. mg and fabnes group whose pnn- mem, which will restrict cheap suffered less than the national lose” says Mr. dement. 

aple customer is Marks and imports into the UK, Meanwhile, average, Mr. J. Clement, the Good progress has been made 
Spencer, for the June 30. 1078 the company is increasing pro- chairman, says in his annual in reducin" stock levels and as a 
hair year. Turnover advanced 12 duction capacity to meet current report result of lower stock and reduced 

per cent to tu.^m orders ami ^ f j^ Q farouml £4m ^ Clement says the Common interest rates, fl nan ring costs 

Mr. G. N. Corah, the chairman, should be possible for the year Market decision to use some of have fallen, 
says that although the first three 5* At this, funds to supply free school The over-supply position in both 

months did not measure up to ro® sna es at 40jp are on a milk to children up to the age of the butter and cheese markets 
expectations, progress Since has p C e , JvjJ^railr 1®?®“* 3L is likely to boost sales. remains and continues to be 

been encouraging, resulting in wrnie ^ assuming a m p*-r “We are naturally disappointed aggravated by the duration and 
the maintenance of the group's SHU* ^i«r?nL ” crease \ .If '■£ P e *| that many local authorities are size of the Common Market butter 
growth trend. ft JSem . 8,8 and ^fusing to take advantage of the subsidy and the uncertain position 

For the future he says that in P®J\. respectively on a EEC scheme, but we are con- regarding New Zealand supplies FOLLOWING a fail i n first half 
ON SALES ahead from £lfi3.14nJ b° lh Canada tand the UK, order comparo»ie ta^ charge for fident tf, a t in lhe long-term of cheese this year earnings from £146,867 to £347,854, 

to £l77.2ra pre-tax profit of bo °ks for the second half are Nottingham Manufacturing. interests of the health of the The directing, he adds, have Danks Gowerton recovered in the 

■* **■ ~ children, hey will change their continued to consolidate Interests second six months of the March 

minds,” the chairman says. In Ireland where there is an 31 - lfl78 < y pa r to post a record 

Milk and milk products “excellent" relationship with the J*“Me profit of £i against 0H96m 

Accounted for 83 per cent of the dairy Industry last ume. 

group's record £3i.4Sm pre-tax director's are recommending , T yJJ 1 2i er w “ “ p frora £1 " 0m 

prefit for the year to March 2u. a n increase in the authorised £20JGm. .and there is no tax 
1078. a rise of 38 per cent on the ghare capital oF3(hr> new ordinarv c . har S e o«“g to stock apprecia- 

previous year's £22.79m. The total * ha £ s to nre ide ™ter K Xl0n compared with £43.973 

dividend is raised from S.OSp to 45. and SlSMl , ha r 

3.43p. iu nut to the annual mpprlnp Earnings per Sop share of the 

_ ... On dairy products. Mr. Clement -ral- innreasp"^ Processor, and boiler and 

Tax took £8.19m and Mr. Corah says the group con- WTT1T TURNOVER up slichtly says the market remains th(> * „wL ,*,1, P lant maker are shown ahead 

— — out at tinues to develop exports, with from S221m io £2.59m, NeedJers, depressed with continuing high m av h" fro m23.65Sp to 26.496p, and the 


• comment 

last year's pattern at Transport „ . 1Mi v . 

Development Group has continued Albright Wilson climbed from stro, Jg, end the prime task will 
into the first six months. Pre-tax £l6.34m to ns.8lm in the first half continue to be development of 
profits are 15.5 per cent ahead of 197S production to meet this growing 

led by an Increased ooMribution rhtx - .. . at . _ demand. Directors therefore ex- 

of more than a fifth from storage „f ifnlS a period of sustained growth 
activities and a 14,3 per cent rise rJSltS for Die remainder of the year, 

tn road haulage profits.: All the ^ fl^m anri ^soSS In 6x51 baJ , fl th S Canadian 
improvement comes from the U.K. comMnv ^ 3 MIDM0 °W, l ? tJon experienced difficult 

where the pace of economic acti- USi P T«rJ^L,* tradmg conditions hut the outlook 

vtiy over the neat 18 months will totercat cost £Z65m for the second half has improved 

be vital. TDG Is the second Jargest ‘“ oara '- - considerably, 

road haulage group in the coun- Tax took £8.19m (£7.61 
try, and with much of the com- attributable profit came 

petition ~ 

sector' 
starting 
At 7.8 
ere 

industry, 


Needlers at 

£ 168,700 

midway 



The plant hire companies per- 
formed well, the directors say. 

Profits of the group would have 
been much greater bad it not been 
for lighterage on the Thames 
which produced sizeable losses. 

The overseas companies marked 10 per cent as a more- realistic Canada ^ where the* Lone Harbour ®-*Sr_ Hill absorb £205,000 establisnea from Easter, 1977, has and £29.77B (£770,000 and £32^86): uai S“ 1B rr ,1 i OU J > ' * ases - combined with a substan- 
tiate. hut there was a welcome leveL By contrast, some; surplus phosphorus plant performed well .f*k*000). Last year a 1^5138p continued, ami they expect the U.S. £43.000 and £2^03 (£39,000 „. f h ap, i2j = « pe " d I!! R Unigate tjal order intake in the second 

increase in the profits of the capacity on the storage, side has and produced better results than t0 „ ta * JJi 35 ou record profits level to be maintained for the and JBJ577I: Australia and New 5 aa compared with a half or the year, resulted in .a 

French companies. clipped margins, though' a small in tbe first half of 1077 when of £332m- rest of the year. For all last year Zealand £38.000 and £1,581 (£30,000 depreciation charge of £L2.8m. relatively high volume of work 

Activity in the second half of upturn would make a >fg impact only one furnace Was in opera- - pi 5^- p j? fit .L otaJ,ed ^LOlo 2" d £WWp): ° t n her « 4 C0U * ,trie ? 

thn year has. so far, been much on profits. With the poor'Austra- Uon The pulp and paper efiemi- • Comment They say the groups capital £39.000 and £3.169 (£24,000 and 

n. Jine with that of the first six llan results, offset by the boost cals sector produced good results aiihmi^h n r «t Arlorfo _ spending programme is con- £L9I1). 

months and it looks as though from France, there seems no with mar kets being strong. Else- ?S? b *hf wiVrAat'in'Mtnn.m.f tinuiiW; ^»th the new office site An analysis of turnover and 

these conditions are likely to con- reason why the second half will where over^s/jwo fits were 3mE ^nSfr^^Vf?Pr 0CCU JJ£$ 0T 1 sdiedl,,e - S® 016 b >' activity shows (£1)001: __ 

tlnue until the year-end at least, not see continued growth. At S2p lar to those for the first half of Sv intpr m nmfin hv = nrih ™S ements 1 ar * e , ul,der For ^5^-364 cosh Hoveringham record production levels. This has 

the directors state. the shares, assuming profits of 1977. UK profits were ad- way ™? ,or ne . w plant lnvest ‘ and £30.640 (£727,000 and £22.4871: Group has acquired the capitri been made possible by the addi- 

The propeny revaluation re- £21>n aland on a fully Mad P-E versely affected by poor deraiSd, mm< ^ onder " view - « ae- m f ft 1 - 1 ®" " f CB C <RI«.bl?> Se^d. which wa.a li“" "f Uie Oldbury works. 

ana u,ow (Oj,ikhj ana w^wel. formed to operate an airreeinent the steel division a reason- 

transport and engineering and valid until December 31. 1RR5. able start to rhe current year 

°p^fn#5* ctlv, Ji ,e £»«V 0M and ,E2 * j04 with the Preston Borough Coun- has been achieved whh an 

(■>1.000 and £2.S8I). C il f or the removal of sand increase in volume over the com- 

Tn the IT\ the situation was dredged from the River Kibble, pnrative period last year and 

t . aggravated by impons from other Book value of the. net tangible improved margins, parllv as a 

Shareholders of Negretti and member states of the Common assets of GBC at June 30 1D7S. result of the Da vis non plan 

.pi ... , ... . — -«unlrat have overwhelmingly Market In anticipation of higher was £110.105 before deferred Liquidity has improved consider- 

Lists for the issu«T-of £25m gr^e^omlnu^t^SeSro vm** tWTO a P pn ^ !J e company's nropoaed prices caused by devaluations of taxation of X152.H29 in respect or abily and there is optimism of a 

simtbciyde iwm:, vmg* fflSQ SFSJSSi&t: ■ ? “" d 


HOVERINGHAlVf 

PURCHASE 


in progress at the year end. 

For the future ho says lhe 
engineering divisinn has entered 
the new year with a substantial 
order book and is operating at 


III 


NA.V. at 31.7.78 
S22J0 (D.FIs.49.17). 
VHUNG RESOURCES 
INTERNATIONAL 
N.V. 


INFO Heron, Hcktrinj & Picnea RV. 
HeraifncM 214. Amsterdam 


STRATHCLYDE 
ALLOTMENTS :: 


ev-e d r 

ever, the fertiliser business corah has no tufted carper 
°n^ interest5 to hold it back and that 

h2f?S f ioElnH Marks and Spencer, which has 

naif of 1077 and the flavour see- been making encouraging noises 

or pro uce n crease pro ts. ^bout^tex^le^ sales, accounts for Zambne have overw-helmingly Market in anticipation of higher was £110.105 


Negretti & 
Zambra 


the internal, the excess of capital allowances higher demand in the latter hair 
currency, and the over the cumulative depreciation of the year. 

Whh greater utilisation of the 
does not include any value group's facilities at Oldburv and 
attributable to the operating careful control of costs, he is 

«— — -** sHf""*" sssTsra* s5S“!&* , ks rr IS" ■“ - 


INVESTMENT- TRUST COMPANIES 

The Information In the columns below is suppliedby the companies named, which are members of The Association of Investment Trust Companies. The figures, which are in pence except where otherwise stated, are unaudited. 







Net Asset Value 


l 

- 




after deducting prior 

Investment 

Total Assets 


*• ‘ • ' 



charges 

Currency 

less current 


■ * • 

Date of 

Annual 

at mrmmal 

at market 

Premium 

Imbtlilies 

Company 

S barer «r stock 

Valuation 

Dividend 

value 

value 

(see note g) 

(1) 

(2) - J 


(4) 

(5) 

(B> 

17) 

(8) 

fmiUion 


• • ' * 







161.8 

iilJ 

VALUATION MONTHLY 

Alliance Trust 

Anglo-American Securities Corpn. - 

. 4'^' ■ 

; - • x : ■. 

Ordinary 2Sp 
Ordinaxy.25» 

3I/7/T8 

31 *7/78 

Pence 

7.1 

3.0 

except where 

SOI .7 
137.3 

£ stated (se 

310.1 

143.1 

: note d) 

38.8 

192 

135.3 

T 

British Investment Trust 

Capital Sc National Trust 

Ordinary 46p 

Ord. ft -B^Drd. 23p 

31/7/78 

31/7/78 

4.S5 

t 

204.3 

t 

207.5 

T 

27.S 

t 

10.9 

Claverhouse Investment Trust 

Ordin.tnr 50p 
OrdmarthZSp 

32/7/78 

3.8 

309.5 

109.5 

02 

11.2 

Ccossfriars Trust 

31/7/76 

2.7 

111.8 

111.8 


16.9 

Dundee & London Investment Trust 

Ordinao‘<^P - 

31/7/78 

2.3 

92.0 

932 

7.4 

95.1 

fEdinburgh Investment Trust 

£1 Deferr^ -. 
Ordinary 25p 

31/7/78 

6.75 

296 3 

311.7 

25.7 

47.9 

First Scottish American Trust 

l/S/TS 

2.85 

133^ 

-335.5 

20.0--- 

12.6 

[Grange Trust - 

Ord. Storif 25p 

31/7/78 

2J 

1101 ' - 

114JS- 

7.4 ■ 

7.7.5 

Great Northern Investment Trust ... 

Ordinary i5p- 

^ Sl/7/78 

3S7 

14S.9 

146.7 

112 ' 

66.4 

Guardian Investment Trust 

Ordinary 25p. 

\ 3I/7/7S 

2.9 

113.0 

117.6 

92 

Sfi.3 

Investors Capital Trust 

OrdMnry 23p 

\ 31/7.78 

1.75 

3095 

115.1 

182 

24.S 

Jardlne Japan Investment Trust 

Oiyniary 25p 

\ 31/7.-7S 

0.83 

2152 

2152 

612 

3R.0 ■ 

London * Holyrqod Trust 

Ojwinary 25p 

13 1/7/78 

3.8 

165.1 

168B 

212 

26.9 

London & Montrose Invest. Trust ... 

Ordinary 25p -. 

! *1/7/78 

5.25 

2712 

2ia2 

37.Q 




31 / 7/78 



159.9 

62.4 - 

112.1 

Mercantile Investment Trust .......y 

Ordinary 25p 

31:7/78 

1.25* 

X5S.1 

■ 42 


• Do. Do. . 

North Atlantic Securities Corpn: /. 

Conv. Debs. 1BS3 . . 

317/78 

£4.50 

£88.10 

. £83.50 

. £620 

2R.1 

Ordinary 25p 

31/7.78 

2.7 

327 9 

1S0.S 

16-0 

5fi,l 

Northern American Trust ./... 

Ordinary 23p . 

3I.7/78 

2.83 

141-2 

144.5 

212 

S2 

Save & Prosper tanked Invest- ’^Tist 

Capital Shares 

31/7/78 


372.4 

172.4 


132.7 

Scottish Investment Trust, 

Ord. Slock 25p. - - 

31/7/78 

2 56 

138.6 

142.5 

1S2 

58.9 

Scottish Northern InvestmenyTrust 

Ordinary 25p 

31-7.78 

3.38 

3SS.3 

146 5 

13.4 

J 1 1 7.0 

Scottish United In vesture .../. 

Ordinary 2.>p 

31. 7/78 

3.6 

104.9 

107.n 

182 

53.1 

iSccond Alienee Trust 

Ordinao' 25p 

31 7/78 

5 Go 

257.4 

2K5 S 

33.6 

4.1 

1 Shires Investment Co. ....: 

Ordinary SOp 

31 -7-’7S 

S.404 

1B0.S 

Ifi0.3 


44.5 

Sterling Trust 

Ordinary 1 Saji 

31 7. 78 

5 3 

247.0 

253 6 

30.5 

2!i.| 

[Technology Investment . Trust • 

Ordinary 23p 

31*7 7S 

2.6 

1431 

14(5 4 

1S.B 

7T2 

j United British Securities, Trust 

Ordinary 2.»p 

31/7/78 

4 44 

I7fi? 

17fi 0 

212 

•H 7 

.United States & General Trust 

Ordinary 25p • 

31 *7 78 

5 94 

260J2 

275.8 

M-7 

91.0 

United States Debenture Corporation 

Ord. Stock 23p 

31. -7 TS 

3.52 

123.0 

129.2 

35.9 


Do. DO :. 

Conv. Luan 1993 

31/7 78 

£5.00 

£137.50 

£142 20 

£17.50 

* i ;t 1 4 

iBaillic Gifford, ft Co. 

Scottish 1- Mortgage ft Trust 

Ordinary 2.1 p ■ 

31 7. 78 

:i/t 

156.4 

3W.7 

10.0 

62 fi 

Monks Investment Trust 

Ordinary 23p , 


1.6 

7(3.7 

71 Ji 

so 

its 

Win ter bo Mom Trust 

Ordinary 2.1p 

31 7 78 

4.6 

279.4 

291.9 

5SA 

Baring Bros. & Co. Ltd. 





TfiA 

64 

2fi 2 

Tribune Investment Trust 

Ordinary 23p 

31/7,78 

acl.4 

97 .8 

98.0 

15.7 

462 

Bast of Scotland tn vest.. Managers 
Aberdeen Trust — 

Ord- Stock 2 .Ip -r- •' 

31-7-78 

5.05 

192.4 

203.9 

1S.5 

67.1 

Edinburgh Fund Managers Ltd. 
American Trust 

Ord. ft " B " Ori 23n 

31 7-7K 

*1.35 

61.4 

63.5 

. 

62 

22.0 

Crescent Japan Investment TrusL.. 

Ordinary 50p 

31/7.7S 

_ 

249.1 

249.1 

' 

53.9 

J76.S 

Elect ra Group Services Ltd. 

Electra Invest Trott ... ; 

Ordinary 23p 

* 

31/7.78 

5.(1 

149.4 

149.4 

10.2 

j-'SK.l 

Globe Inveatroent Trust 

Ordinary* 25|» 

31/778 

5.(1 

105.9 

166 Ji 

11.0 


Do. Do 

Conv. Loan 1987.^91 

31.7.7R 

£5.50 

£144.20 

£144.40 

£920 


Do. Da ; 

Conv. I.nan 1985/00 

31 7/78 

£fiJZ5 

■£1finjMI 

£101 JO 

£12.60 

38.0 

Temple Bar investment Trust 

Ordinary 2.1 p '*> * 

31/7*78 

4.75 

125.3 

127.6 

3.1 




£L42£0 

£145.40 

£3.50 


Do. Do 

Conv. Loan 1057/81 

31/7/ 78 

£6 00 

£307.70 

£109.70 

£2.60 

19.4 

2T 2 

F. * C. Group 

Alliance .investment 

Ordinary 25p . 

3! 7.-7S 

3.0 

1562 

160.4 

23.7 

Cardinal Investment Trust 

Deferred 2op - - 

31,7/78 

3.9 

3622 

167.6 

17.4 

Do. Do 

Conv. Loan 1033/87 

31/7/78 

£6 00 

£131.40 

£135.80 

£14.10 

t 

F. ft C Euro trust 

Ordinary 25p .. v 

31-778 

t 

t 

* 


199.9 

Foreign ft Colonial Invest. Trust... 

Ordinary 2ap 

31 -7/78 

3.77 

245-3 

254.1 

39.0 

32.0 

General Investors , ft Trustees 

Ordinary 25p 

31/7/78 

4.0 

154.3 

158.9 

142 

t 

James Finlay Invest. Mgmt. Ltd. 
Provincial Cities TVum 

Ordinary 25p 

31/7/78 

t 

t 

T 

i 

7.4 

Gartmore Investment Ltd. 

Income 50p 

31,7/73 

&3 

JDLS 

301-8 

72 

Do. Do. ra 

Capital 50p 

31/7/78 

0.415 

310^ 

3102 

72 

26.5 

’ Angfa-soottfeh Investment Trust.. 

Ordinary 23p . , 

31,7/78 

1.6875 

64.7 

66.9 

G2 

28.4 

English ft Scottish Investors 

Ord. ft 11 B " Oni-25D 

31/7/78 

*2.45 

lOfi.G 

1122 

9.0 

8.0 

Group Investors ; 

Ordinary 25p 

31/7/78 

U> 

90.8 

94.4 

10.6 

75-5 

London' .ft Gartmore Invest. Trust 

Ordinary "Op 

31/7/78 

0.5 

98.5 

103.4 

irj 

12.1 

London ft Lennox Invest. "Trust ... 

Ord ft " B: OriLsep 

31/7/78 

"eel .667 

ac?5-l 

ac77.5 

3c10.fi 

24.5 

London ft Lomond Invest. Trust ... 

Ordinary 2ap ; 

31/7/78 

2.7 

210.0 

112.4 

10.1 

11.1 

London ft Strathclyde Trust 

Ordinary 2op 

31/7/78 

1.375 

58.9 

B2.fi 

62 

12.5 

Moldnjm Investment Trust ......... 

New York & Gartmore -Investment 

Ordinary 2»p • : ‘ • - 

31/7/78 

1B5 

61B 

61.S 

0.4 - 

6.4 

Ordinary 23p - 

31/7/78 

0.4 

41 3 

41^ 

5.6 

75.5 

Gartmore Investment (Scotland) Ltd. 
Scottish National' Trust 

Ordinary S5p 

Ordinary 25p 

Sl/7/78 

3.45 

212.6 

2162 

29.9 

19.0 

Glasgow Stockholders Trust 

31/7/78 

2.4 

147.6 

3SL7 

21.5 


John Gomt ft Co. Ltd. 

Border & Southern Stockholders... 

Ordinary top 

31/7/78 

1.5 

S7.1 , 

88.6 

10.5 

37.8 

Debenture Corporation 

Ordinary 25p v-.-*- 

' 31/7/78 

2.4 

01 2 

93J 

as 

13.1 

General StocWh'oldeis Invest. Trust 

Ordinary Kip 

31/7/73 

5L8 

ms 

171.7 

272 

21.0 

Govett European Tnm 

Ordinary 2op 

31/7/78 

1JB 

■ 90.4 

90.4 

122 

65.7 

Lake View Investment Trust 

Ordinary 25p 

31/7/78 

2.4 

135.9 

1392 

16.4 


DO. DO ra.. 

Conv. Loan 1973/98- . 

31/7/78 

£4.00 ' 

£18L20 

£186.40 

£21-90 

67.S 

Stockholders Investment Trust ... 

Ordinary 3op 

31/7/7S 

2-35 

14d£ 

145.6 

2D.1 

$20.3 

G.T.. Management Ltd. 

Berry Trufit ra.ra...U.. M ;,.. 

Ordinary Zap _ ' • . 

31/7/78 

OSTo 

97.7 

97J 

9.1 

Do. Do. 

Ctonv. Loan 1983 

31/7/78 

£425 

£141 70 

£141.70 

£1330 

423.0 

G.T- Japan Investment Trust' 

Ordinary 2ap ._-■■■ 

31/7,78 

1.0 

229.1 

mi 

61.fi 

DO. Do. 

Jonv. Loan 1987 

31/7 78 

£8.5 0 

£142.00 

£142,00 ; 

£3820 

7^ 

Northern Securities Trust 

Ordinary 25p 

31.7/78 

3.0 

176.9 

1S1A 

232 

26.4 

Sambros Group 

-Bishopsgate Trust 

City of Oxford Investment Trust.,. 

Ordinary 23p 

31/7.78 

625 . 

27L5 

2512 ! 

222 

4.3 

Ordinaiy Zap 

31/7,78 

52 

92.3 

95.6 . ! 

— 

J5J.0 

Hambros • Investment Trust (Ordinary 2ap i 

- 3U7/.78 

3.73 

3435 ; 

. 154 JO 

15.7 


Rosed Imond Investment Trust ’ 

‘nnital 2aP .. 

‘ 3U7.*78 


' 131.6 

I3i.fi 

4.7 


Total Assets 
lessritrrenf 

ies 

) 


Company 

(2) 


Shares or Stock 
(3) 


«;.s 


;.'5.i 
^4.1 7 

12.0 

211. 5 

27.5 

011.0 

■V.l 4 

74.4 
In. I 

7.3 

K.» 

27.0 

2" 2 

7.7 

32.4 

twu 

32.7 
14 4 


>0.4 

135. 

Ill 9 

■h<2 

33.5 

42.7 
32.0 
Pi A 

IBS 8 

42.6 
562 
RS2 

57.8 

;j4.i 

31 

735 


i.t 

295 

r.s 

21* 

12.1 


v’.l 

50.5 


I 

Henderson Administration Lid. 

Witan Investment 

Electric & General Investment ... 

Greenfriar Investment 

Lowland Investment 

English National Investment 

Do. Do 

Philip Hill (Management) Ltd. 

City & International Trust 

General & Commercial Inv. Trust 
General Cons. Investment Trust ... 

Philip Hill Investment Trust 

Moorgate Investment Co. 

Nineteen Twenty-Eight Inv. Trust 
Industrial & Co mini. Finance Cpn. 
London Atlantic Investment Trust 
North British Canadian Investment 
Ivory & Sftne Ltd. 

Atlantic Assets Trust 

British Aksets Trust 

Ed in burghX American Assets Trust 

Viking Resources Trust 

Kcyser UHmann Ltd. 

Throgmorton -Secured Growth Tst. 

Throgmorton Trust 

Kle Inwort Bensob Ltd. 

British Americab & General Trust 

Brunner Investment Trust 

Charter Trust & Agency 

English & New York Trust 

Family Investment Trust 

. Jos Holdings 

j London Prudential Invest. Trust ... 

Merchant Trust 

Lazar d Bros. & Co. Ltd- 

Raeburn Investment Trust 

Romney Trust 

Martin Currie & Co.. CA. 

Canadian & Foreign Invest. Trust 

St. Andrew Tni«i 

Scottish Easrern Investment Trust 
Scottish Ontario Investment Co. ... 

Securities Trust of Scotland 

j Murray Johnstone Ltd. 

Caledonian Trust 

Clydesdale Investment Trust 

Glenderon Investment Trust 

Glenmurray Investment Trust 

.Scottish Western Investment 

Second Great Northern Invest. TsL 
Schroder Wagg Group 

Ashdown Investment Trust 

Do. Do 

Australian & International Trust ... 

Brnad5tone Investment Trust 

Do. Do 

Continental & Industrial Trust ... 

Trans-Oceanic Trust 

Do. Do .... 

tYeslpool Investment Trust 

Do. Do ... 

Stmvart Fund Managers Ltd. 
Scottish American Investment Co. 
Scottish European Investment Co. 
Touche Remnant & Co. 

Atlas Electric & General Trust ... 

Bankers’ Investment Trust 

Cedar Investment Trust 

City of London Brewery 

Continental. Union Trust 

CJL.R.P. Investment Trust 

Industrial & General Trust 

Internationa! Investment Trust ... 

Sohere Investment Trust 

Trustees Corporation 

Trust Union 

Wiliams & Glyn's Bank Ltd. 

SEzewell European invest. Trust ... 

Atlanta Baltimore & Chicago 

West Coast &' Texas Regional 

VALUATION THREE-MONTHLY 

Cumulus Investment Trust 

Hume Holdings 

Oil * Associated Investment Trust .. 

Do. Do 

Safeguard Industrial Investments .. 
Carliol/TVneside Group 

Carliol Investment Trust 

Do. Do 

Tyneside Investment Trust 

Do. Do.» 

East of Scotland Invest Managers .. 

Dominion t General Trust 

P&mland Investment Trust 


Ord. & “B " Ord. Z5p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 
Prefd. Ord. 25p 
Defd. Ord. 23p 

Ordinary 25p 
Ordinaiy 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 23p 
Ordinary 25p 

Ordinary 25 p 
| Ordinary 25p 

(Ordinary 25 p 
Ordinaiy 2Sp 

Ordinary 25p 
Ordinary 25p 

£1 Capital Loan Stock 
j Ordinary 23 p 

Ordinary 25p 

Ordinary 25p 

Ordinary 23 p 
Ordinary 23p 

J Ordinary 25p 

Ordinary lap 
Ordinary 25 p 
Ordinary 25p 

Ordinary 25 p 

Ordinary 2-ip 

Ordinary 23p 
! Ordinary 23p 
| Ordinary 23p 
Ordinary 25 p 
I Ordinary 25p 

■Ord. ft "R" Ord. 25p 
Ord. & “ B " Ord. 25p 
.Ord. & “ B '• Ord. 23p 
!Ord. & " B " Ord. S3p 
■Ord. & " Ord. 25p 
Ord. Sc “ B “ Ord. 25p 

Ordinary 25p 
Conv. Loan 198S/93 
Ordinary 50p 
Ordinary 20p 
Conv. Loan 1088/93 
Ordinary 25p 
Ordinary 25p 
Conv. Loan 1988/93 
Ordinary 23p 
Conv. Loan 19B9/S4 

Ordinary 50p 

Ordinary 25p 

Ordinary 25p 
Ordinary 23p 
Ordinary 23p 
Deferred 25 n 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 
Ordinary 25p 
Ordinary 25p 
Ordinary 2ap 

Ordinary lOp 
Ordinaiy inp 
Ordinary lOp 


Ordinary 25p 
“ A '* St “ B *’ Ord 25p 
Ordinary 25p 
Conv. Loan Stock 
Ordinaiy 25p 

Ordinary 25p 
Conv. Loan 1994/99 
Ordinary 25p 
Conv. Loan ]094.'O9 

Ordinary 2op 
Ordinary 25 p 


Date of 
Valuation 
(4) 

Annual 

Dividend 

13) 


Pence e> 

31/7/73 

•22 

31,7/78 

125 

31/7/78 

1.45 

31/7/7S 

22 

31/7/78 

.. 123 

3I7'7S 

2.42 

,31/7/78 

4.07 

31/7/78 ' 

1 ~522 

31/7/78 

3.75 

31/7/78 

7.9 

31/7/78 

3.32 

31/7/78 

ac2.92 

31/7/78 

.t.n ! 

31/7/78 

2.7 j 

31*7/78 

0 4 

31/7/75 

2.H 

31/7/78 

1.1 

31,7/73 

1.1 

31/7/78 


31/7/78 

4-375 

31/7/78 

1.725 

• 31.7*78 

3.S 

31/7/78 

22 

31/7/7S 

3.0 

31/7.78 

t 1 

31-7-78 


31/7,78 

2.M 

31 7/78 


33 7,-78 


31.7 78 

•j ■;.> 

31,7 78 

:;.ii 

31 7 , 78 . 

4.15 

31 7,78 

42 

31/7/78 • 

2 Wo 

31,7/78 

rt.l i 

31/7,78 

- I SA 

31/778. 

■'1.675 

31/7.78 

-1 fib 

3I,7-7S 

1 7 

31*7/78 

re’Tj O 

31/7/78 

'•2.0 

31/7/78 

4.05 

31.7/78 

£4.73 

31/7/78 

2.7 i 

31/7/78 

5.15 

31*7/78 

14.50 

31/7/78 

Ci.4 

31/7/78 

.5.0 

31/7/78 

14.50 

3I/7/T8 


31/7/78 

£5.00 

31- '7/78 

2.fi 

31/7/78 

3.5 

31/7/78 

1.9 

31/7/78 

2 55 

31/7/78 

2.5 

31 /7/T8 

2 76 

31/7/78 

35 

31/7/78 

1.9 

31/7/78 

1.75 

31/7/78 

2K2 

3T/7/78 

3.3 

31/7/78 

4 So 

31/7/78 

3.4 

31/7/7 8 

1.5 

31/7/78 

0.5 

3L7/78 

0.75 

31/7/78 

0.R 

SO/fi/78 

*6.875 

30/6^78 

2.0955 

30 .'6/78 

1625 

30/6/78 

3.6 

31/7/78 


31/7/78 

£4.50 

31/7/78 

3,85 

31/7.78 

£4.50 

31/578 


31/5/78 

4.03 


Net Asset Value 
after deducting prior 
charges 


at nrrminai 
value 


at market 
value 
(7> 


Investment 
Currency 
Premium 
l see note g) 
- ts; 


Pence except where £ stated (see note d) 


132.G 

108.4 

136.fi 

71.9 

34.4 
62^ 

133 .6 
1S4J1' 
112.8 
244.3 
lUtfJ* 

ac»2.5 

8fU 

56.4 

142.6 

98.4 

358.7 

125.7 


96-S 

56.5 

I39£» 

TS.o 

HH.3 


107.6 


178.3 
1286 

1 60. 5 

165.8 

94.1 
24SJS 

112.6 

107.8 

140.4 

105.8 
-134.1 

122.4 

199.1 
£139.40 

120 0 

215.1 
£143-40 

266.7 

252.1 
£157.60 

151.1 
£136.00 

116.4 
5S.3 

88-2 

7R.7 

94.0 

51. 8 

169.5 

07.9 
76.8 

1C17A 

165.7 
204A 

152.8 

108.1 
71.7 

91.0 


45.7 

293.3 

73.0 

£164.30 

95,4 

' 174.6 
£150.20 

164.4 
£141.40 

263.0 

162.5 


337.6 

100.6 

136.6 

71.9 
35.3 

66.9 

J15.8 

245.3 

109.4 

95.5 

90.7 

Sfi.4 

149.0 

104.0 
1UL7 

125.7 

172.3 

98.6 

57.6 
142.6 

80.7 

106.3 


310-3 


154.5 

131.0 

164.5 

370.7 

95.5 

2iiS.fi 

1 16.1 
II 0.5 

143.7 

108.8 
WHJ 
123.9 

205JS 
£1 43.00 

129.0 
224 3 

£149.60 

2775 

258.6 
£161.60 
154 A 
£138.90 

117.B 

5SJ 

91.1 
83.4 
06. n 

86.1 

175.0 
302 3 

70.1 
tl2£t 
J 7(1.4 

210.1 

157.0 

108.1 
71.7 
91.0 


47.6 

*98.0 

74.0 
£166.50 

97.0 

179.9 

FM.70 

168.4 

£144.80 

?T?.7 

267.0 


19.0 

18J2 

17.7 

3.0 


. 10.4 
12 3, 
7.4 

9.0 

2.0 

9.8 

4.3 

0.8 

31.0 

16.6 

3SJ2 

15.8 


4.0 

IJ.fi 

7.4 

9.5 

t 

83 


23.9 

17.1 

19.7 

19.6 
7 

14.7 

35.3 

20.3 
W 7 

27.7 

18.5 
23 J! 

22.5 

23.8 
£18.10 

24.2 

27.5 
£18210 

19.1 

35.0 
£ 21:00 

20.0 
£15.00 

JO. 3 
5.7 

6.2 

fi.2 

7.fi 

1.4 

37.5 

5.1 

6.9 
7.6 
15.7 
13 0 

9.9 

10.9 
72 

11.0 


4.4. 

0-7 

8.6 

£19.40 


23.0 

£21.50 

23.3 

£20.20 

30.7 

2U 


AofUw w onOnary/".V’‘e(iUn»rs ooft 1 - UnchKttc spectil atadwui. ('f .VtiratNl T» iMm.tsMr arAdMMtst tor nun's issue. • Unman* 1 asauafice setf-ecs or 

nii-ri'fi r, wills iJUorni. iSw to? Jki. below. «.Sa* directly nHiiiwrubte »«n tra.vwti figure. BDaceodeui on -B" sauv conversions. •. Chance tn ike 

anor rii.irsis since Ih. 1 orri'hws puBBshcU Gaunt. '* ->.• • 

•toiem— - 

la> col*. S. 4. 7 QMttd louestmeim are vxn*ca i orket; mooh^II tfrecton* moaUeo; 4oin Include Ufl ptr amt. of any immimeni currency areniosi 

aTttr 'ukikt. low account ike omnium *» any *ureiu* or Bn aw Martfuii of lareifn currency assets as^hist forefan currency loam. 

tut CnK. i. fc. t An reveoun SUMM bona are aucMwl. 

IO C»k. 1. 4. 7 Mb Recount (mi. boon talrtn « nay DnbHIir In re«PC el •* uxaWf *4™* arta m future #«**"*> at Iwesuiuna. 

id) Col*. M . ArnS-mu are jrer Oiiire vtorv nil nr nr OOB Convertible Uoan Stocks -Coitmo 5 urKireiy staled: ctimn M io nearest. onfriOWh «l 4 nnmr per share 
ana up por’cnK Cwvmibk Lom Suck. 

Ip) Cel f Dividend t» lhe Unt declared suuu) dlvldnU or dm* forecut. ncctMtog ireauuaoo credlu icUereu an loan stocks Is staled wow sf Imre tax. 

Iff CoK. 4-7 Prior charm are dfet-amd la.toctode aretareneo shore cau«ai. •" • 

t»l Co*- 1 ..Thu hmornw aw shorc/siork uah rea resumed by IW ° cf teni ' * »«. ‘■•eytmcni currency aromlwn wlied Incalnrtaiina th* valaatfon tor Cals. x. 

till cots. V8 COavdriibk-laan^drelertBici MU) are treniad l» mo way w hich prw fayos rte tower njtv. par share. CanwprilWo slacks are treated as My converted at 
lh« KMC tar U* BOW cmrersUn data, or where a r»an k «»W* X • ay ortor CharyM: warrants or sabocriedaa rtyhis are trrafari as anexertbed. 




THE INVESTMENT TRUST YEAR BOOK 1978. which is the first edition of the 
official Year Book of. the Association, was published recently by Fundex Limited, and 
costs £7.85 (inc. p. and p. in the U.fC.) 

Please send your remittance to : 

The Association of Investment Trust Companies. Park House (Sixth Floor)', 
16 Finsbury Circus. London EC2M 7JJ. 






22 


y ^"-TinaSclalrfF&nes 3 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 





Strong showing outside 
Germany lifts Hoechst 


BY GUY HAWTIN 


FRANKFURT. August 17. 


HOECHST, one of West running ahead of. last year. ' outside Germany. Group domes- 
Gennany’s “big three” chemical Group flret half sales this year ^ sales rose 1.7 per cenj—both 
groups, reports an upturn in totalled UM m3bn fS8bn) compared with first half 1H77 


?E£* £® r the sec ond quarter of against DM.ll.73bn. This was 3 DM^Sn "uxw 3^b7 


1978 and expects the improve- ^ j 0cr easc of 3.4 per cent on - - --- .. . 

ment to continue through the half 1977 and 4.1 per cent Sales ab ™ ad ’ oa the ° t J ier 
rest oF this year. Earlier this on a half yearly average of were up 4>2 P er „ cent „t , £F l 
week the Dutch nhemlnal malnr inn;-. MrlnFmonm h« half 1977’S DM 7.S7bn to 


week the Dutch chemical major 1977-3 performance. Profits be- . ,, , Pn „ on 

Akzo also reported a substantial fore tax totalled DM 550m Qn a 


second quarter recovery. 


This Is good news for Hoechst 
shareholders who were giveu a 
disappointing report on the first 
three mouths' progress at the 
annual meeting in June. While 


More International Company 
News, Page 25 


The group commented that 
first-half 1978 bad brought with 
it no upward trend in the West 
European economy, nor. despite 
increased activity in the U.S- a 
stabilisation of the economic 


the statement on the fi rst hSf if (&™.5mjd 0 wn 12.7 per cent on this, said the report, group sales 
the statement on the first half of lhe DM the opening six rose in the second quarter of 

1978 both in comparison with 

Today's figures show that the first three nvontiis of the 

average " show that during *tlie growth* in the domestic market current year and the second 
six months pre-tax earnings were is lagging behind performance quarter of 1977. 


1978 still shows a decline in --- • in77 
overall profit, figures calculated months of 1W7. 
on the basis of a “ half-yearly fimm* 


First half sales rise at BMW 


BY OUR OWN CORRESPONDENT 


FRANKFURT. August 17. 


GROUP TURNOVER of BMW turnover during the first half full year will see a further in- 
(Bayerische Motoren Werke) for rose bv 13.6 per cent from crease in sales and satisfactory 
the first half of 1978 rose by DM 2.51 bn to DM 2.9Sbn profits. This is in spite of the 
15.7 per cent to DM 3J6bn <S1.51b[i>. The main impetus of fact that labour troubles in the 
fS1.6Sbn). Volume sales in- the -mansion came from the metal Industry at the beginning 
creased by 9.6 per cent to 164.561 f „ P i^ market ^ \vhere sates in- of the year n,eant ** t BMW’s 
units, of which domestic cus- fnre,SQ . “ arK 2 : « _ saJe ? " motorcycle manufacturiog opera- 


““•W, Vi TUIIVU UU1IICBUG WU»- , . MO vpv » «- 

tomer took 78.59S— 5.5 per cent creased b > P er cenl tions failed to fcqual the produc- 

more than in last year's first half. DM 1.45bn. tion and^ volume sales levels of 

The BMW parent concern's The interim report says the last year's first half. 


SKF operating income up 


BY JOHN WALKER 


STOCKHOLM. August 17. 


SALES FOR the Swedish SKF Operating incoem was after with the same period in the pre- 
bearings. steel and machine tool depreciation of Skr 226m. A ceding year, due to the reorgan- 
group increased by 21 per cent “favourable profit development” isation at SKF Steel and in- 
to SKr 4.7bn during the first six during the second quarter was creased marketing and other 
months of this year. Operating influenced by a marked upturn measures, 
income after depreciation rose in sales. Measres taken to re- 
by 9 per cent to SKr 244m. duce inventory levels caused fur- 


Parent company turnover 


* pci nin tu iji\i — -rriii. uuce iijveiiiuij' icvtria Lduhuu iu i- aL. Liin" l _ nw i_ 

Volume sales increased in all ther weakening of an already fn^tha Wilii 1 «* r «K> inh? 

product sectors, particularly in low capacity utilisation in the gj*? Swlden”s weak^us£ 

special steel and cutting tools, roller bearing sector. Profits Despite Sweden s weak business 


climate, home sales rose from 


tools, roller bearing 

together with certain price in- were consequently restricted in cvv ‘oar ♦«“ c 
creases which contributed to the this field, which nonetheless con- aiVT 10 aivr 
greater turnover. Roller bear- tinues to generate the greater 
ing sales rose by 18 per cent, part of group income. 

steel sales by 26 per cent, and Steel sector losses were re- improved sales 'levels are' con- 
cutting tools by 33 per cent duced considerably compared sidered good. 


Prospects for the second half 
of this year for maintaining the 


Second tier Dutch banks well ahead 


BY CHARLES BATCHELOR 


AMSTERDAM. August 17. 


THE second tier of Dutch banks Amro. ABN and NMB. rose 27 per cent to FI 2S.7m 

traded very profitably in the first Credietbank reported a 28 per (S13.6m) in the first half of 1978 
half of 1978. Increases in net cent' .rise in net profits over the compared with the same period 
5t of nearly one-third are H*-3f r LP f . JA. *:??} of 1977. Operating profit was 


rswuKjrs 

bank, the medium-sized commer- Q f 1977 Vt Fl 8.55bn <S4.05bn) Net profit in the second -quarter 
cial bank, and by Westland- Gross profits were 29 per cent F! 15.5m compared with the same 
Utrecht, the country s largest higher at FJ 26. 6m. period of 1977. This was after 

independent mortgage bank. Fl 81.5m. Revenue was 20 per several provisions charged 
Profits rose more rapidly than cent higher at Fl 108.1m. Crediet- directly against the operating 
business volume, and the in- bank transferred Fl lO.im to its result. The bank’s mortgage port- 
creases were also greater than reserves folio rose 13 per cent net to 

those recently announced by Westland-Utrecht's net profit Fl 9.06bn. 


Dutch hopes on Fokker deal 


BY OUR OWN CORRESPONDENT AMSTERDAM. August 17. 


Itoh, slips 
ifi&Moss 


Bjr-flSii Jhert Wood 


craft industry. 


share in the new company 




GROUPE THOMSON 


France's leading group in the fields of professional 
electronics, household appliances find grneml consumer 
products, radiologij and medical electronics 


The English version of the Reports and Accounts, 
of the Thomson-Brandt Group and of Thmnson-CSF 
for 1977 are now available. Copies can be obtained 
from: — 


Derek Dale and Associates Ltd. 
12a Charterhouse Square . 
London ECIM 6AX 
Tel: 01-253 1323 


1976. 

The result comes - 6 n topJd^Bat-. 


backs reported earlier tht?'weefe4£aod. giants like Gulf 


by two otherr . trad ing houses. 
Mitsubishi and ' Marubeni. The 
former, Japan's largest trading 
house, saw profits dip by a third 
last year, while Marubeni 
emerged with a more than 
doubled net loss. 

Hob's sales last year were 
Y6.75bn compared with Y6.5bn. 
The company blames its 363 sub- 
sidiaries for the bulk of the set- 
back. notably. Toa Oil which is 
.39 per 'cent ‘owned by ltoh and 
which- 'dipped into the red on a 
consolidated basis to the tune of 
Y6bn ($31ml. 

Trading companies are com- 
mission merchants, trade finan- 
ciers. and organisers of con- 
sortia. The y have considerable 

discretion in deciding when to 
write off bad debts, and their 
year-to-year profit trends are 
not necessarily reliable indica- 
tors of their underlying success. 


Woolworth 

earnings 

increase 

sharply 


NORTH AMERICAN NEWS 



Recovery 
atSCM 
in final 
quarter 


/ 


A 


By Our financial staff 


BY OAYfD LA5CELLES 


By .Our' financial .Staff - 

NEW YORK,- August 17. NET income.. of SCW Owpore 
lion, the dcVersiMd indutfna 


SSm'kw ’wSiiirtb.’r!* GULf OH-, which is in.ol.e4 in to. .1980. CMtf Oil contract, hjd omted l* " P°‘e£ 

groups, r.w. wooiwortn. a complex-arid costly— legal utilities will- get tins at prfce*r,tial near-term shortfall in office ropiers ana ami^ uirom 

wrangle over uranium supplies, “significantly below market?, General Atomic b We . 

has announced that it will divert because olprevious contracts, tion which could necessitate the June 30 was w 

production from its' Canadian and will result in a -loss To the purchase of uranium at current share, -on sales up from filJSbi 


duced massive gainst in second 
quarter and first half earnings, wrangle 
but warned that the rapid rate 
of improvement would not con- 
tinue for the -whole year. 

At the hatfway stage, earn- 
ings were up by more than 150 
per cent to S2G.2ia; per share, 
they amounted to 83 cents com- 
pared with 29 cents Sales 


$15.9 m from $3L35in, a gain 
almost 375 per cent. 

During the second quarter, 
the UJS. group’s 52.7 per cent 

equity in the net income of 
Woolworth of the UK brongbt 
a loss of 81.77m, against a 
8410,000 profit previously. 


production »UW xmwouwu — ivw iv UK uuicnaou v “ ■ , .*,» _i„ — 

mines to meet the needs of its company of some SU2m. Thld market pnccs U» fulfiH -. to 81 . 5 liin. . _ 

subsidiary General Atomic, represents : the ; additional commitments at prices signifl- This- is . 

which makes nuclear ■ power amount that could have been>eantly below market. . . ' forecast at tms half year ai^p. 

stations and supplies the fuef to obtained on the open market*; Todav.’s announcement said After a . poor i n rst nnn wucb 

run them. , where prices have shot m>, extra uranium would earnings fall below l»TT levels ' 

This company, which Gulf recent years from $7 a pound to ‘’come from Rabbit Lake, Sas-SCM forecast that the ^onttun 
iihmnf f'i f ri „. L w t n... ♦„ opera I k as a joint venture with S44. '• ' - katchewan. where Gulf owns 51 for tt\o -year would sail equa . 

Royal Dutch Shell, is contracted However Gulf said it did xrafw ceDt of a mine-mill complex, last year s record, of S3?.4lin. o. 

K - te ^SiS! to supply uranium to three expect tius^ Atoefskm. of its CmuB-Sg; 7-ear, this mine contnbuted $4.01 a share - -. - • . 

S™ /J2SS rtP 1 " 1 ‘^ErS Utilities, but is unable TO- meet Can uranium away - from the^-cm pounds to Gulfs total The 1978^ figures include i 

of its commitments in full because open market to result 1 in of uranium. gain of or 30 centa_ i.- 

§15 Jm from St35m- a eain of QWa United Nuclear significant loss to the. compare rf%,lf said its decision had been share arising mainly, from, to 

corporation, has halted" deliveries as a whole because the ^t, the agreement of benefits on the disposal .of Xkt 

while a court investigates its cost of production woufd not ; T? ova i Dutch Shell. However, European copter Operations, anc - 

charges that Gulf Oil was exceed the $10 a .plni . added that the European a gain of about 5W® or 11 ■ 

operating a uraium cartel. escalation” that General Atomic '■'eronn had made it clear that It cents a share on tap sale o. 

According to au announcement will receive from the utilities,".-.. Ejects Gulf to be “fully res- premises ana the Favouarbli 

in GalFg second quarter report. Gulfs announcement was fore- ponsiblc for any economic im- settlement of migatiqn. 

_ .. . - General Atomic's expected shadowed in Its last • quarterly'.' Set of the uraniura litigation For the fourtli quarter.- SCJ*. ’ 

For the naif year, there w-us a shortage while the court bearing report which said, that the iw.^on General Atomic which might had net income of S15-21m of 

profit or $2^1m compared with goes on is expected to be about fusal of various uranium, "Sup-^fesu It from anti-trust allegations $1.63 a share ■ compared witt 

sim lact vpap 3.5m pounds of uranium oxide up pliers to honour - their supply g ains t Gulf.” S11.39tn or 31.^ a "share, Safe 

K were higher at $41&6m agains-- 

‘ — 8365m. ---.. 


Sim last year. 

This por return is explained 
by the weak dollar rate and 
required a ccoutojB#, principles 
regarding valuations of Inven- 
tories and liabilities. 

Air. Edward . F. Gibbons, 
chairman and.ehief executive, 
said that the comp apy expected 
continued sales and profit gains 
in the third quarter, caution- 
ing, however, that the second 
quarter rate should not Iff pro- 
jected for the foil 12 months. 

Another store concern. 
Carter Hawley- Hale, announced 
a more modest gain for Its 
fourth quarter to $7.7ra from 


Prudential eyeing Ja^an market 


BY OUR OWN CORRESPONDENT 


Strikes hit 
International 
Harvester 

CHICAGO. August 17. 


PRUDENTIAL, THE biggest UB. business with them. fV- gather the information the Pru- 

life insurance company, is con- . Prudential said It " • was dential needs for a decision, 

sidering entering the Japanese attracted by the size .of the It is understood that he will 

insurance market, it disclosed Japanese market, and -the speed call on some eight insurance WEAKNESS OF the dollar am 

today. with which it was growing: .--.companies there, out- 1118 gtrikCsat Louisvilleatfilitstiac 

A senior executive would visit “We need more information- schedule does not include a tor pia|Jt ln Britain — hoth-hov 

the. country later this month to before we can determine what, meeting at Sony. . settled have lowered results o 

$6.7m on sales up io S424m explore the potential. if any, role might east there • The Prudential, based in international Harvester ' - 

from $325m. On a per share The company denied a report for the Prudential, and to deter- Newark, New Jersey, is a mutual Net earnings for the thlrc 

' ' from Tokyo that it planned to mine whether we should seek company with assets of some* quartcr s ii pe d from 3432km- oi 

set up a joint, venture with Sony, official approval for entry into ,$46.5bn. - • 31 51 a share last year to'$35^ir 

the electronics concern. But it the Japanese market” -. - Most of its operations are con- ■ , s share ■ on 
said it had dealt with the com- Mr. John Kittredge, the com- ,-nected with life insurance. ; ncrt , as 'pj f rQtn SI .49b n . 

pany for a number of years and parly’s executive vice-president though it covers property and 1. ggjj 
had discussed life insurance will travel to Japan soon toVcasualty insurance too. 


basis, earnings were 34 rents 
against 30 rents. Carter 
Hawley’s net income for the 
full year rose, to S52m from 
343m — 8245 a share after 
$2.01 — with sales advancing 
to S1^4bn from $1.41 hn. The 
latest periods indnde the 
operations of John Wanamaker 
from May. 

May Department Stores 
showed a small' second quartcr 
improvement, net earnings of 
$13^m or 61 cents a share, 
comparing with 512.4m or 54 
cents a share in 1977. 

Earnings for the half-year 
were $2tK9m or 93 cents a 
share, against S20-2m or 89 
cents a share previously, on 
sales of $954m, 

SlJMbn. 

For the full year, net earn- 


RESULTS IN BRIEF 

Dayton-Hudson boosts half-year profits 


Total net earnings Tor thi 
nine months to July 31. were 
S122.1u or $123.6m or H32 a 
share in 1977. Sales totalled 
$4.58bn against S£26bn pre- 
viously. 

Net earnings Include -losses on 
foreign currency translations 


NEW YORK. August 17 . 

DAYTON-HUDSON. the depart- demolition of Hudson’s rente?* produced a S 1.41 a share profit 

store group, raised its Detroit store. Sates^ for tte /or the period against a 20 cents ^ 


ment store group, raised its Detroit 

second quarter earnings to quarter were $656m against loss a year ago. nine months Strikers cost the 

8156.14m, or S6.62 per share, 8559m. At the halfway stage, they Two groups in the food sector m witns bmKere cost the 
from £**■”— an — •- with v.,h ti.mori j n figures group -to cpms a snare in toe 

boosted 


an, or ao-ous per buaxu, waaiu. m iue udiiwo> eiasc, uicj iwo , ~ r-f-nnn 4K renl^ a share in tfcn 

S14.11m. or 60 cents, totalled S1.23bn compared with both turned in improved ffguies ^? up ™ "J ls j n i977 hSh 

d by a 86.40 gain from the SUWbn, whUe earnings moved for the past year. Dennys, which nuartcr.^ in iai . m>tn 

r nn Cl Tra fCMKm - nnopvtdc rfVJfn 1 ] ran rsiqprl its P^riOQs inc'Uaea _* proiu OI » 


against rate; of nm’e "shopping centres, up to 8168.7m from S24.5m. ; operates restaurants, raised its 

‘ — u - Another retail concern, Affled- per share earnings ta $2.82_^ From 


The three months' 
took in a 


montns results also .HDUUier reuui cuucciu, auiov per ou.u= «i.nu fi . ■*“*“ w«randn etccl Rivicinn 
12 cents charge for Stores, raised its first half earn- £L30. white Consolidated Foods. “ “Jgj. ^ u ! s of ‘ 

Ings totalled 584m or SUM a expenses on the Mervyns acquisi- ings per share to 82 cents from. a processor and distributor, e w 3355™ hu . 

share a gains t 869.7m or 53.28 tion and a provision of 32 cents 69 cents, while retail and mail' advanced from $2£7 to 83.21. T °^ c w CCTI 10 WWra n r 
a share previously. for the planned closure and order company Gambled kogmo Agencies ■' 


U.S. OIL COMPANIES 


A year of mixed fortunes 


agricultural equipment sates 
were down 4 per cent to $546m, 
although U.S. retail sales of farm 
equipment were lip 17 per cent 
from a year earlier. 

The company said It entered 

its fiscal fourth quarter on -with- 

an order backlog of $1.6Sbn— up 
43 per cent from a year earlier, 
Agencies * 


8Y DAVID LASCELLE5 IN NEW YORK 


THE GOOD NEWS from the its foreign energy operations by largest single investment in market, combined with higher Go-ahead for TXIA 
U.S. oil industry as it reached 365m to 8278m. Occidental's oil Alaska, commented recently that operating expenses, though there Y , -Ti 

mid-1978 was that the North Sea and gas operations nearly trebled “ the political disincentives to were improved returns on some The Civil Aeronautics Board has 


and Uie Alaskan North Slope to S381m on a quarter-to-quarter new investment in Alaska as a refined oil products. Including ruled. ttpu Texa^. international 
ing to make basis, mainly because of higher result of more and more state petrol and aviation fuel-/ Airlines <TXIA). raw increase its 

mthd IMntotli Cai t.Tdc Hid rdaii I si timlS • have '.f ' -it Etstra -in M-ittlmgl! Ai rlimv {mm 


a e dJfference to earnfngs. But production fro mthe North “Sea taxes and regulations.- have Significantly, none of. the oil stake in National;. Airlines from, 

the bad news was that the indus- and Peru. And Arco said that caused Sohio and other oil com- majoi4'*as prepared to make any the 9.2 per ceht it currently holds 

try was still beset by a host of the increased throughput on the panies to be less optimistic about predictions about future perform- 10 * maximum rth'25 per cent, 


uncertainties both political and trans-Alaska pipeline had helped future opportunities ■ there. ’ an ce;-: v Apart from the an- provided that jt' puts the stock 


economic which rendered its it to raise production from its Sohio had hardly uttered these certainty over OPEC’s intentions. a iiomvoting trust, our finan- 


THE DUTCH arm of the Fokker Talks now going on between 
aircraft group hopes that the MB8. the German Government 
planned merger between the and Fokker are expected tn lead 

West German side of the com- to the Dutch part of Fokker JAPANJJ. /third largest trading 
pany and Messerschinilt-Boelkow- being left with a minority stake eompany^'E.j iftOh. has returned 
Blohm (MBBi will be only the in the new German company. a het-idss. tif^i^bii (865m) for 

first step towards a fully The Dutch arm of Fokker will . 1 earnings in uie secoria anan«-, .»>«.«« ~ r t,tni<i;nht<wi Mu> «nn. c»iuansa- v - " 

integrated German-Dutch air- insist on at least a blocking Und attributed it largely to the decline in foreign crude I,f *- ‘rf <5,?- ttoq 4ax. : - "/ft is still for from A 

— r - • ^ with a prqa'.^r;Y330m*ib fiscaflgart^p tast year of its North ing" ™S* fiS?!? f ® . cldt^ruridec what conditions the ' 


lar 


oil concern reported a dominantly iq the Middle East less to say, the oil companies did W |j ere th e main -issues urdv,P^.l , ^ i . 0 S.- a . rt examination of the 
t rly 22 per rent in said its flret-half earolngs were no ^ S i n t rt °,^ D I $’ c ha]f- V earlv re . the ' deregulation ga« prices ^ a ; s K 3| rlinp ? contorted bid for 
earnings in the second quarter, •*- J — -*-■ ** ' * " * J 


Slope .^rations where it hffi several com-' V^RQ 


invested' -S3bn. On the other produced two examples of bow 

1 L . . .* ■ *> — . _ n,1 aammmtiiAii n mn/VCU m flCP infs 


Texaco, turned in sharply, lower 
earnings, partly blaming; these 
on weak demand for crude oiL 
Similar contrasts in perform- 
ance . ’.appeared when Mobil 
attributed its 21 per cent in- 
crease . in earnings almost 
entirely . to stronger foreign 
operations, while Continental Oil 
Company (Conoco), said that its 
32 per cent profits rfpe had 
mostly -come from better U.S. 


low un lue «««■ littln as a wear from now 

and oil companies propose to use the panies noted a decline 10 explore- 3^ the. feet that energy’s fate 


The oilmen are grappling with many common 
problems, but their mixed fortunes are best 
explained by the companies’ differing structures 
and areas of operation 


EUROBONDS; 

DM sector 
again weaker 

By Francis Child* 


is so ‘obviously ■ out of the oil 
companies’ bands has given them 
what must be a welcome public 
relations boost Despite the 
belated, charges of overpricing 

that the Department of Energy „ . , 

is now laying before them for FRJCES fN -the Deutsche Mark | 
their actions in the immediate fore, Sn bond market eased back 
aftermath of the Arab oil y«»etday by a quarter to half a 
embargo, the villians of the pomt * bul thjae were signs of «■., 
energy drama are no longer the recovery in the afternoon. Tufti-, 



®HAI 



This advtnisemcnr complies irttkikStii^ltiirriuintsoflhc Council of The Slock Exchange 
of the United Klhgoom-aml the Republic of Ireland. 


The Repullic of Panama 

u;S; |70,000, 000 

jotes due 1990 

f .... '' 

Issue Price 100 per cent 


The following hare agreed to subscribe or procure subscribers for the above Notes:- 


Dillon, Read Overseas Corporation 

Algemeue Bank Nederland N.V. 

Banqne Bruxelles Lambert S A. 

-Bauqne Nationaie de Paris 
Fuji International Finance limited . 
Kredietbank S.A. Laxembburgeoue .* 

National Bank of Abu Dhabi 


IBJ International Limited 


Bank of America -International limited 
. ’ . Banqae Internationale a Lnxembcnrg 5-A. 
Citicorp Internationa] Group . . - Credit Lyonnais 

International Medcan BankLixuited 
. , r ; i -TObhibisb'Barik (Europe) S^A.' 

*.'■ - .'T^Na^hteal Bank“of^waitSicAiK.V 


Sanwn Bank (Underwriters) 'limited * r^^mkb Barney, HaJrm^iidiam k Co. lncarporat^d' 

Sod^teGenefale ■ ^ntmfnmn FJniwir<».Tii!eriiational 


*' ■ ■S iwnito Bin Financglnfernatioiial 


w afcvc issue-have' beep id milled tfcrii|c*Officiiil Lbr of 

, Rq>ubiiqpC Ireland. Interest is. payable«sroi.-4nutiallyia 

arrears in August and February- In each year.' flfc-nfst such' pavftitnt bemsduc in Fcbruaty* l* >7 9^ 


The 7,000 Notes of L.S.S 10.000 each consV.„™ 
The Stock Exchange of the United Kincddm;dnw 


Paru'riilar^of the Notes arc available mthe ExU^^tistiCal Scryl’ceftfld copies may be obuineddhrins normal . - 
business hours on any weekday t Saturday* andjffublic boIidajVt^ceptcdV un. IO aao inotidins September l, • 

* j . '• I'.*'- • .-I’.' - —:- -.V 1 *. - 

■ ' •: - Cazenove. &Go., 12 Tok^house Vurd; London; jEG2R 7AN . : 

■i f 1 ■ 11 11 ”! 1 "T - t 


yi 


, ... higher cash flows resulting from tion and production costs In the oil moguls in- their New York ov SIJ[ e, ? a ,“ 1 ® fl mo ^ e> . L 

operations, the reason being the these „ew bonanzas. Occidental Middle Eaet, but emphasised that and Texas' skyscrapers but the r *“ **L P nc ^ was ' 

revival of the coal industry, has just bid some S750m for these were rising m other parts lawmakers in. Washington. Prompted oy the weaknera of 
where Conoco has large interests. Mead Corporation, a large- of the world, mainly due to the The oil industry has also “°” l f st, J ? b ? nd . market, where to*-. 

Although 1 the 
grappling with many 

problems, ' these mixed i«»» «*■*«* nuiuwu'u»«a gaa-iinjuukiun -j — — — — — - -- -- — - — *-—■* auac/, uiu j..,. 

arc best explained by the com- transmission company with an U.S. .' nearest ; it has ever set up its o— u - •„ * 

panies' different smictures and interest in thre North Sea oil- The price situation is even rigs to the centres of liberal - k ,w:eU - . 

areas of operation. For instance, fields, offered S460m for Olio- more complex. While the oil thinking on the U.S. east coast. J f c . ven year cony ertipic - > 

the restrictive policies currently kraft, another forest products glut of recent months has IronicaUy-^-Tor only a year ago c P e .Asian currency maricet:' - 

being applied bv OPEC favour concern. The uncanny similarity depressed prices worldwide, some public opposition to this pro- in cheated coupon is 3J pef-"' 

companies with interests in non- between these two bids is more companies, like Texaco, are also gramme was intense— this has £ nd pricing expected atpar-. -., 

OPEC areas, including U.S. than a coincidence. It is taken having to replace their reduced captured the public imagination bond wil be cxmvertible ea.- 

domestic oil and gas which have to reflect the oil industry's con- domestic supplies with costlier and given currency to the view November 1 Into shares of the., 
direct. access to markets from cem for diversification away crudes from abroad, which is that the oil industry is doing a Parent companv, «7 leading. 1 
which OPEC suppliers. 1 can be from wasting assets into indus- squeezing profit margins. On the “good thing” for the country Japan ese electronic caJciriaMf " 
squeezed such as North America tries where assets are self- other hand, the deregulation of after' alL- manufacturer. Terms, will ..be.... 

and Britain. As an illustration, reproducing. gas prices in some UE. states Thur view was reinforced when fixed mi August 30. . 

the Alaskan start-up has reduced Market analysts predict fur- has Increased revenues for com- Texaco.' announced on Monday ln the dollar .sector. selliMv 


TO some-^per cenL ;; nuiwuwipa . -, . gas -hsjw Auannc omiing rae expected rise the taiW 

Apart from Exxon, companies However, the oil Industry has One of the few common threads area. There is a view that these rate for Fed Funds 'PncMvtih 
.benefiting/:- from this include been keen to inject a note of in costs and prices can be seen “invIsiWe” profits will have a only off bv -Aouf a 

'nv_t.il * ntA. nittNAA b Kn*it fhaca nttur nw/iMnit- rn f*ho7ninule uihapa oil pnrrtnn nino Iihrmim m. i J uwiw. .a umHiv* y 


MoblV wbdse higher crude pro- caution about these new produc- in chemicals where all companies greater, impact on the industry the dav flavin rat 

dueflon ai-lhe Beryl Field in toe tion centres. Sohio. which with reaarted fiat eamlnes or. 1 osj»>« A,a nm™ n 4* Tt* -noncuig ./* fc 


**». r 


dueflon al^the Beryf Field in the tion centres. Sohio. which with reported flat earnings or losses than the uneven earnings it is notes wim> 

North Sea^was a factor In raising its partner BP has made the due to the weakness of the turning in at the moment. end oftte SrS? 




■r\ . 


STOMCBTS - r 
A Iran ijusfraUft Ripe 1B«B 
,4M£V Kpe.1^7 

Australia- Sine HHE — 
Anmalna^M'. a s. Mpc 

Baririiirs«£aiik Riuc 19B2... 
Fowdler «92 
Cart. N: RaUWv Sloe WS 
Croi/f S'. pc ISfUt .. 

IWWiarfc.Sit* IBM ... . 

BC5-‘)K 

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Sstfro. 1 wn "l\ 

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ISS'CaKKlBiVHic 1W6 

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97? Suedro ijrdom) Sine J387 
99 United Blscntts Apr MK9 
Volvo Spe 1BW March 


SELECTED EURODOLLAR BOND PRICES 

MID-DAY INDICATIONS " 


S&i 

97 

09i 

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99! 

99 

1011 


Bid 

ass 

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95 

Ki 

83* 


Offer 

99i 

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iiidlBnd 'Jot Jin. SSpc v? 
HaMpoat QjaT.Bd. Sue I9S7 
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Natt..wsnnastr; opc 'iw -b - 1014 
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Nordic in*, OWfc sjpc |0« 
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NOTES 

Australia 7?pc 1994 

BeG Canada 73 dc 1967 

Rr. Columbia Hrd. TJpc ’35 

Cau. Pat. Sloe USf 

Pnv ( nrmlcal Spc 1986 ... 

ECS 7J oc IMS > 

ECS Sine I9S9 

EEC 75 PC 1882 


EEC 7JPC 1884 — ....... 

emo Gutzea ginc tm . ..... 

GotarerXen 7*jw W® — 
Kortnans Spc tost! 

MlchcUrf SJpe 1983 

MtmtTval Urban apt wsi 
Xpw Brunswick Spe 19S4 ... 
New Bruns. Prov. Sloe ■8a 
New Zealand 8*pc 1986 
Nordic Ine. Bk. 7Jpc 1M4 

97* ‘Non* Hydro 7!pc UMI 

9j; Nonraj 7joc ID'Tl 

nmario Hydro flpc 1BS7 ... 

Slnwr Ripe 1892 ... 

S. of Scot. Etc. 81 pc 19*1 
Sweden cKMomi 7joc 19S2 
Swedish Slate Co. 7Jpe 'S2 
Tclran Bine 1984 
Tenneco 7ipc 1M7 May 
VoDcswafen Tlpc 19X7 ...... 


llWi 

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w* 

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Mi 

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M* 

9* 


83* 

954 

93* 

87! 

961 

94 

Mi 

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944 

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S3* 

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99* 

9M 

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93 

91* 

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861 

81* 

P3J 

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84 

98* 

341 
Bi 

97 

342 

95 

96 
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98 
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STERLING BONDS 

A [Led Breweries 10*pc *99 
cmronj Mpc i flw ... 1 

Courts u Ids 01 pc i860 

ECS 9 3 pc 1988 

EIB 8 toe 1888 

ElB Blue 1992 

Finance for Tnd.'Olpc 1987 
Finance for Ind, IOdc 1889 

Finns UUpc 1987 

Geste tner llpc 1588 

ISA lBpc 1988 

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f»W»' ?«««< 



ENERGY REVIEW: NORTH SEA OIL 


BY KEVIN DONE 


v: 


A spark of controversy holds 



Br 




THE JIG-SAW pieces of Shell- 
Esso's massive Brent Field 
development are finally begin- 
ning to fall into place. But as 
the picture takes shape offshore, 
the two companies, which 
together account , for nearly 30 
per cent fo the UK oil reserves 
now under development, are 
facing problems onshore, which 
to date have proved more in- 
tractible and frustrating than 
most of the difficulties they have 
encountered in the stormy 
waters of the North Sea. 

The Brent Field is the largest 
oil discovery yet made in the 
UK sector of the North Sea. It 
contains estimated recoverable 
reserves of some 2bn barrels of 
oil— including 600m barrels of 
condensate and natural gas 
liquids — and about 3 trillion 
cubic feet of gas. At peak pro- 
duction rates it could meet as 
much as 30 per cent of UK oil 
consumption and IS per cent of 
UK gas consumption. 

The field is large by any stan- 
dards, but the particular 
combination of hydrocarbons 
discovered in the Brent pro- 
vince, 100 miles to the north- 
east of the Shetland Islands, has 
necessitated an offshore develop- 
ment programme that in com- 
plexity rivals any in the world. 

It is ironic that Shell and 
Esso should have run into one 
of their most time-consuming 
problems in the whole project 
onshore in the two small com- 
munities living in Aberdour and 
Braefoat Bay on the shores of 
the Firth of Forth. 

These two communities live 
either side of Braefoot Bay, the 
location chosen by Shell for a 
marine terminal to service its 
planned natural gas liquids 
separation plant at Mossmorran, 
Fife. The NGL plant and 
terminal are the piece of the 
jig-saw located furthest away 
from the field, but they are a 
vital part of the overall plan 
and delays here have reper- 
cussions for the whole project 

A planning inquiry was held 
more than a year ago and Shell 
had hopes of moving in the first 
bull-dozers last spring. But il 
could hardly have counted on 
meeting quite such vehement 
and articulate opposition as has 
been offered by local protest 
groups. Neither could it have 
foreseen the scries of events, 
some tragic, some farcical, that 
have occurred since the inquiry' 
and have served to complicate 
further the decision facing 


-THISTLE 

IWU.1BUT/COHOCO 

shod ps) 
MURCHISON 

ICOMOCQ CROUP l 


DUNLIN 

(SHELL T5 56 
cohoen group) 


CORMORANT i 

•SHELL' £5501 [ 


•Ss 

n SPAR 




BRENT 

l5«tLi..’iSS0l 


Mr. Bruce Millan, the Secretary - - 

Of State for Scotland. 

A decision will certainly • 

not be forthcoming before s ^ Bp 

THE sheet system fields jj ||S« THISTLE | 

missions on one of The more /)( } ^ 

esoteric hazards that has ( ^ 5 / Mrwr_w«nN 

emerged in the last 12 months J J Jfe MURCHISON 

—the danger of sparks from 7 S I* kowcosroupi 

radio signals sent out by nearby / _ / if .-A/ 

radio masts. ‘ Ai BBS* M 

Shell received provisional /? VjA. mmcomoua^.'' 

planning permission at the end D 

of March for its NGL plant but p /)/ ) * cormorant a 

it was conditional, on the ' f U ishell'essoi jJW 

Scottish Secretary receiving J k p I£jf 

further evidence -on. these ‘niiiTTii^ n r ' n .. 

hazards. Mr. Millan has hardly -3 " . '***" ^ 

been allowed to forget where SHtrLwo^T y u B .fe 

his responsibilities lie and has £.a P\ spar — y* ^tbrent 

already been taken to court * i/Zr 4’^ is«tu..-Ksai 

once by the objectors in an . \ V \v-. A 

action to force him to release HUTTON L— F \. 

more information. . cl»ioco/cokom <: ~-^ > .*^0 /Cwr 

But the Fife plant -which will ““** ** B#r A . 

separate the natural gas a. 

liquids from Brent" into ethane, SCEV •f&r 

propane, butane "and natural 

gasoline, is only the final link fy* ' 

in a chain that wDl strercb *V V lamcrvmi. 

from the northern North Sea. 

d T h f P ia ^J“ s the re-dnjecting it back into the duct) on from the C platform plant in Fife. Here the ethane 

srent Field form the Mckhnne fleld _ • itself should begin towards the stream would cross a boundary 

that 3 wm >le «LS££rr ie to Sut in the past two yeare the end of next year. fenced a petrochemicals plant 

sSfnm vL Shetland ^cter line over the wasteful But lX « the gas side of Brent proposed by Esso Chemicals. 

Sandi and M to a recttJtion flarw *S of gas. *** SbeM has had Production that is presenting The - propane and butane 

islands and gas to a reception to shur rf<wnn immftrtant nant* of the problems rather than the streams, w hich should find 

SS^rSTS “f Peter- Se 5 “i”Sy ^ ?!>- ‘ , E ™‘ *» « - >” f *»•> -J 

lf-.H Vi j n0 JKL“ rCle wh-;,!- iT Pvn*Mi«ire h, S hest ratios of gas to oil m kets Of Western Europe and 

head in Aberdeenshire. conmr*»«aio,n nnii* tn Nort ^ Sea and for many North America, would be moved 

r ? noBtb. to come it is the ass l by a short pipeline to a marine 

T 7 - . „ r V, -2* ® cia ted gas that is going to de- terminal at Braefoot Bay. 

rirst well • Sral i/iSmW ^ cide the pace at which the oil But the residents living 
c*. h J ? W De ^ emi,er ,976 - ^ can be produced. around Braefoot Bay object 

s™ sn: arzazizLint sww»» h.™ . «- **■***. .. ««p, «« . 


ST. FERGUS 
extrochon plonT 1 "' 

ethane until £* 
Cracker is on-stream 


36 d»a. line 

from^Brent_ 

- -dry gas 
H^BGC 


PETER HEAD 
power station 


135 mite nGl 16 
dio. line 


HUTTON X 

UkHOCO ! CQHOCQ ~~ 
EROun 


26’OAr 


■ =,.■ jpilijwil -uiie gas. ornti d 

Fir«t WPI • platform which first eame on 

?TVU stream in December 1976. was 
Shell/Esso expects ' -to be shut dowm in June last year and 


? £ . JmC, m " A 5lart suppljins parural potentiallj' dangerous sub- 

T? Sil b Sih^ll/Bssn are spending £15m (methane) 10 the eas corpnra- stances such as liquid petro- 

JJ f f to £2am 00 085 tion's terminal at St. Fergus Ieum gases (butane and 

; ,*15 ♦ki n n5S I i«S.t«m w l ul «w n4 *«t for each of the four in October 19S0. Supplies are P«pane) and liquefied chemical 
lh Jii SfiavJSErti!!!* platforms, and the newts repre- supposed to level out at a mini- gas ; (ethylene) should be built 
r™ D lvI» ln is«J e of r*e world’s most mum of 500m cubic feet a day. withinlj miles of their homes. 

advanced in Mb But it is with this contract * 

rate' of about 9 000 barrels a area ‘ must take gas bring that Shell/Esso faces its most AWonfoWn 
dav but three more- wells will pnHl “ ced f,n>m fieI<J at immediate problem as it tries to ACCCptaDlC 

soon be on stream. ' a '™ t r’ 000 •» ^ ua ™ ^ ro "« ,he «»>PleUon of ^ reflJS6 h 

_ , _ , inch and re-mject it at as much widely differing projects each a»n l ip m .p h„ ch-n 

0" as 6.000 psi to counter the pres- involving in its own right an SSS^&SToSiiiS. the* 

which be^n in snre of the s lo / are d investment of several hundred ggfo ^ Safetv Everut ^ 

November 9/ i. the aSM|/E«n !0 .000-12.000 feet below the sea- million pounds. XSriJE? 


group marked anodher impor- 


~ . , • and various engineering consul- 

Shells gas terminal at St taats. that the plants and ler- 


tant poirtiHi the To date the Brent platforms Fergus is already under con- m inS will be built to the very 

ment e\acti> a week ago. uhen that have been producing oil struction. Costing at present highfest safety standards and 
it started tfw first re-Ktjpetmn h.nvo been loading into tankers inmates a little over £100m it wilf-^meet a^ll standards of 
of gas nun the Brent rosenmr. a! lhe fieId . Btll She u hope s to should be ready by the middle « acceptable risk.” AtceptabJe 
In the first rush to brifig Brrnf have at least the pump station °f 19 80. to whom n they ask. 

into production durins >he on Brent C in operation in the This plant is designed to take The local residents suffered 
frantic days after the QPEC nil first three months of nevt year out the natural gas stream for a defeat at the public inquiry 
embargo, little emphasis was to allow oil to begin flowing use by British Gas. allowing the held^in lulv, last year But 
placed on preserving the ga« for the find time directly from remaining gas liquids to be wb&beiaiedly the Secretary of 
for use at a later- date, by i he field into Sul lom Voe. Pro- piped south to a separation State: gave his verdict at the 


MOSSMORRAN 
ethane froctionatioo plant 
|c racker^ / product bees' 7 

2^-^^B^AEFOOT bay 

^EblNBURGH^ ^ 


end of March he granted only 
provisional outline planning 
permission. 

Since the inquiry new wor- 
ries had surfaced. An em- 
barrassed Government was told 
that its Sm Royal Navy trans- 
mission station newly built at 
Criniond with financial aid from 
its Nato allies, could be a poten- 
tial hazard to the nearby St 
Fergus gas treatment plants! 
Transmissions could cause 
sparks that might ignite any 
leaking gas. 

If this was the case at 
St. Fergus, why not in Fife? 
The objectors soon discovered 
a nearby transmitter operated 
by the local radio station. Radio 
Forth. Mr. Mill an was forced 
to call for a report from the 
Health and Safety Executive, 
and other reports were com- 
missioned by Shell. Mr. Millan 
was inclined to keep this last 
report to himself, but the 
objectors decided they should 
be allowed tc review all the 
evidence before stating their 
views. They look the Scottish 
Secretary to the Court of 
Session, the highest civil court 
in Scuiland, and won their case. 
They were awarded costs, and 
Mr. Millan was ordered to make 
the repnri available and tn allow 
the objectors reasonable time to 
consider it. 

They in fact 'received it two 


ABERDEEN 


/ F&R BOBTH 
f LIQUIDS & 
ASSOCIATED 
GAS SYSTEM 
(FLAGS) 


months later along with the 
HSE report on radio trans- 
missions and were set a dead- 
line of replying by September -1. 
Mr. Dick Mehta, co-chairman 
of the Aberdour and DaJg'-iy 
Bay Joint Action Group, said 
yesterday that such a deadline 
is unacceptable. The group had 
asked Mr. Millan for an exten- 
sion. But if it was not granted, 
he said, they would return to 
the courts to seek a further 
injunction. 

But apart from the diversion 
over radio sparks there have 
been other developments, whb-h 
must be deeply worrying tht 
oil companies, however in- 
directly they relate to the Fife 
project. In the early summer 
of 1977 a natural gas plant 
similar to tbe one planned for 
Mossmorran exploded in Qatar, 
in the Middle EasL 
. Designs for the Fife plant 
have been modified in the light 
of the accident 

Since then a series of road 
and rail disasters in the U.S.. 
Spain and Mexico have empha- 
sised to the public the dancers 
that can exist from the move- 
ment of liquefied petroleum 
gases. No road nr rail trans- 
port linkes are planned for FUe. 
but the disasters could help the 
protesters* case. 

But above all the action 
group has received a report 


from the U.S. this week which 
it is using as a basis to call for 
the re-opening of the public 
inquiry. 

The full 1.800 page report 
will be delivered to Mr. Millan 
next week, bui he has already 
received extracts. It was pre- 
pared by the General Account- 
ing Office, a U.S. Government 
agency, which investigates the 
Government’.; performance on 
behalf of Congress. 

The report concludes: 
*• Liquefied energy cas risk 
assessment studies have not 
reached a slage where they give 
confidence in iheir conclusions. 
Therefore safety decisions can- 
not logically be based on 
them. . . Regulators will have 
attempt to make timely, pru- 
dem sitin? and other critical 
judgments with the realisation 
thar many important safety 
questions cannot yet be an- 
swered with confidence." No 
new liquefied gas projects 
should be allowed except in re- 
mote areas, says the report, be- 
cause the U.S. Government 
does not yet have the know- 
ledge or compel ence on which 
to base a decision. 

Middle stages 

Meanwhile Shell /Esso can 
only wan. caught up in the 
middle stapes of a project vital 
in the U.K.'s future energy 
needs and involving an invest- 
ment at the last count of some 
£3bn. 

The delay at Mossmorran 
already means that Shell/Esso 
will n«»i get the early gas sales 
they had been banking on. 
Worse, however, it means that 
gas re-injection will have lo be 
increased at the field, which 
could have bad effects on the 
nil reservoir A certain amount 
of go.< can he re-injected with- 
out difficulty, but if the pro- 
cess is prrilnnged a vicious 
circle begins whereby more and 
more sas will be produced 
along with the oil. slowing oil 
production and calling for more 
and more gas to be reinjected. 

This process could have a 
severe effeci on production 
forecasts. How soon it would 
begin to bite is uncertain. But 
it is an important factor that 
the Bren i partners must be con- 
sidering a? they endure the 
growing delays and ponder 
“the unthinkable” that the 
planning permission could 
actually be refused. 






' -’v- .• 






1978 HALF YEAR FESULTS 


Profit before tax for the first sfx months of 1978 
was £18.808 million compared with £16.135 million in 
the corresponding period of 1977. The 1977 figure 
was arrived at after deducting £0.9 million arising on 
conversion into sterling of overseas net current assets; 
no such adjustment for this factor was required for the 
first six months of 1978. 

Substantially higher profits were reported from 
Canada where the Long Harbour phosphorus plant 
performed well and produced better results than in the 
first half of 1977 when only one furnace was in oper- 
ation. The Pulp and Paper Chemicals Sector produced 
good results with markets being strong. Elsewhere 
overseas, profits were similar to those for the first half 
Of 1977. 

U.K. profits were adversely affected by poor 
demand.particularly in export markets, and by labour 
difficulties. However, the fertiliser business showed 
improvement over the unsatisfactory result of the 


The unaueffted/esuffs of the Group for the first six months to 26th June 1978, 

together with comparative figures for the first and second halves of 1977, are shown beta w> 

1978 1977 

£000 ' £‘000 


first half of 1977 and the Flavours Sector produced 
increased profits. 

The capital expenditure programme continued to 
accelerate with £19 million being spent in the period 
compared with £9.5 million in the first six months of 1977. 

As already announced, Stockholders approved a 
Scheme of Arrangement at meetings held on 
7th August whereby Tenneco International Holdings 
limited will acquire the Ordinary and Preference Stock 
of the Company not already owned by Tenneco. 

Under the provisions of the Scheme the Ordinary 
Stock being acquired will not be entitled to any further 
dividends. In the circumstances no interim dividend 
has been declared. 


1977 

£*000 


3 

1st 6 months 

1st 6 months 

2nd 6 months K 

1 Sales 

177,195 

• 165.141 

172,866 • §f 

1 Profit before taxation 
j Taxation 

9 Minority interests 
| Preference stock: Dividend 

18,808 

8,186 

296 

62 

16,135 

7,610 

246 

62 

19,263 g 
8,767 N 
• 634 p 

61 gj 

3 Profit attributable to ordinary stockholders 

jfi before extraordinary items 

10,264 

8.217 

9.801 ' U 


NOTES 

1 Taxation for the first six months comprised: 
Group: U.K.:M.55Q.OOO (1977-. £4.679.0001 

Overseas: £3.298.000 (1977: £2.692,000) 
Associates: £338,000 (1977: £239,000). 


2 No extraordinary items arose in the first six months of 
’ 1978 (1977: -£1,070,0001. 

3 no interim dividend has been declared on the 
Ordinary Stockof the Company (1977 interim: 

■ZQp per Stock Unit: £2350.000). 



mi n H 


& WILSON 


Internationa! In chemicals 


Albright & Wilson Ud.,1 Knightsbridge Green, 
London SW1X 7QD.Tek 01-589 6393l 


i he oniv niennin-Aul c 

om plir 

nen: rAht 

mare 

con nnueV; so nicer suppor 

T aitlL; l 

''-n.rvriifJ.iie 

. in ti- 

t venr- we nave <-ivenojeu i 

annn.i 

i .\oof-ny 

er era 

a< comparer to 7 - achievcJ 

im n. 

■ s . . L 

-it r line in 

Justr 

A tour-told increase in 

pU">e: ■ 

CvTS • 


in 5 years on our network of 

‘ ^ ; 

'-o in 


-t continents. 


Pakistan inie'r^tioDal 

PI A is cT-u-cfiAi tor y our pi-troiv, peop-'c to t lv w’.Lh, 





24 


Financial Times V 


fr- A 


A legal catch for those dealing with the 




CYiV 


ow 


state 


countries 


••• i 


WHEN STANDARD forms «f 
rnntrnct developed . m trade 
berwfit-n free market economies 
arc used fur transactions with 
slate trading nrgwn satin ns. they 
may »ut rise to problems. 
Whether »hc organisations form 
part of the governments or are 
separate legal entities, there 
always exists a special relation- 
ship between them, and ii may 
rail fnr special provisions in 
contracts. 

One such problem formed the 
subject of an artfrtp in which 
the FINANCIAL TIMES Legal 
Correspondent, on July 13. 
discussed the apparent implica- 
tions of the recent decision in 
C. Czarnikoic r Roliwipw 
Briefly Ihe outline fact* and 
issues were a*, follows: In 1974 
Rnlimpex. a Polish stare trading 

organisation. concluded a 
number of important export 
contracts for th'* sale and ship- 
ment of Micar from Poland. All 
i he contrar-N imorporaled the 
Rule* nr rhe Refined Sugar 
Association vilm-h contain ton-e 
manure exception* including 
preveniinn hv "government 
ml erven turn ” Tliev al*n provide 
Thai the seller* are in l>e "re*- 
pnn*ili<e fnr i>hta.n:n; any 
necessary export licence." and 


that in the event of a fai)ure 
to do so they could not rely on 

iorre rrc.i^nre. 

Rolimpex duly ohiained the 
necessary export licences in the 
Usual way. However, tlierc was 
then a period of heavy rain and 
flooding in the sugar heel pro- 
ducing areas which destroyed 
much or the crop and left too 
little for domestic consumption. 
On November 5 the Council of 
Ministers thereupon promul- 
gated a decree signed by the 
Prime Minister which banned 
all imports of sugar with 
immediate effect and cancelled 
all existing export licences. The 

circumstances in which this 

decree was made are important 
and are mentioned below*. 

Rolimpex was unable to fulfil 
its commitments and claimed 
lore.? iiiajwre by government 
intervention. The losses to Ms 
customers* have been estimated 
at WOm to ifiOm. The Oarnikow 
contract was referred la arbitra- 
tion. more or less as a test case. 
to a panel of five trade arbi- 
trator* •‘rum Britain. 

Oarnikow maintained that 
i a » a* a *»ate tradins nruanisa- 
Mnii fhdijiipcx could mu rely 
mi " 2 <ivfrnmcm inierv'iitinn.** 
and i hi it had in any event 


failed " To nhtain l Ji- necessary 
export licences.' 1 The arbitrators 
rejected both contentions and 
awarded in favour of Rolimpex. 

Czarhikow then appealed 
under the “ Special t.lase ” 
procedure which cm powers the 
courts to overrule arbilralurs on 
puiiits of law. The case came 
before a High Court judge of 
the Commercial Court, then 
three members of the Court of 
Appeal, and finally five Law 
Lords. All nine of them agreed 
with the arbitrators un point 
(a): all but two — one in the 
Court of Appeal and on in ihe 
House of Lords — also agreed on 
point (b). 

The FINANCIAL TIMES Legal 
Correspondent expressed under- 
standable disquiet about the 
apparent implications of the 
rasp in relation to East-West 
trade, particularly in the context 
of point i a). The object of this 
article is to place the grounds 
of ihe decision in perspective 
and also to draw attention to 
certain other considerations 
which should be borne in mind 
for rhe future. 

I As the Local Correspandent 
forcefully pointed mil. Tor a 
*laie trading organisation within 
a Oomeeon state tn he able tn 


rely on government intervention 
as an excuse for non-fulfilment 

uf its contractual ubligathms 
appears at first sight t» he an 
obvious anomaly with danueruu* 
implications. ' For nbviuus 
reasons it cannot normally he a 
sufficient answer to say that, as 
in this case, the organisation is 


witnesses. Indeed, they were 
satisfied that Rnhmpex hail 
established the contrary. 

Tn preserve its reputation in 
the Oracle Rolimpex* had been 
anxious to perform the con- 
tracts. either by the delivery 
of home-grown sugar or by ihe 
tender of alternative supplies 
from the world market. The 


induce the Council of Ministers 
in authorise the ban and did not 
influence iu> continuance or 
effect-*' Hicy also found : thaj 
" Rolimpex ts not so closely 
connected with the Government 
of Poland that it is precluded 
from relying on tills ban as 
■government tolervenUun'.*' i bn 


BY A LEGAL CORRESPONDENT 


technically a . legal entity 
separate from the state. What 
matters is the reality. 

In the present case, however, 
the Tacts -found by the trade 
arbitrators were 'exceptional, 
and the courts Were i«f course 
bound by the • arbitrators' 
findings. In brief, the position 

was as follows, ftarnikn-v under- 
standably contended, in the 
words of Lord Wilhcifcrce. 
*• that there was some kind or 
collusion or conspiracy heiu-ecn 
Rolimpex and T the Government 
by which the Government wa* 
persuaded, in the ini>Te*t uf 
Rnlimpex. In impose the ban.” 
This was wholly reject ci 1 by the 
arbitrators after a full jir.—Mga- 
finn nf the i*on temporary •locu- 
ments and hearing, many 


Director and General Manager 
of Rolimpex protested against 
the proposed ' ban and sub- 
sequently expressed his formal 
regret to the customers. The 
Minister of Foreign Trade and 
Shipping, which supervised 
Rolimpex. supported his protest. 

But other ministers opposed 
him on the ground that it was 
unacceptable to put the people 
of Poland on short rations and 
that the expenditure of foreign 
currency was also unacceptable. 
The Council of Ministers was 
.split, but decided to impose the 
han without any further con- 
Miltatiim with Rniiiupex and 
against its will. 

fThr* . arbitrators f»»und 
expressly that •■.the" per.win* 
employed in Rolimpex did n*>t 


these exceptional facts it - was 
unanimously held ; by the 
arbilralurs and the courts that' 
the defence of “government 
intervention ” had been estab- 
lished. ■ • 

2. The issue raised ‘ by poTht 
(hi concerning the export 1 
licences is more arguable, bur 
really .subsumed by the main 

issue. The majority new was 
ilia (. since Rolimpex had in fact 
obtained the export licences' 
which were required under the 
existing licensing system, it had 
tin-charged it* obligation , v to : 

obtain the necessary* licences ,r 
notwithstanding thar the Decree 
of the I'nuncii «f Ministers - ivot 
only banned the exported bur' 
also Formally cancelled the pre- 


viously granted fccencK- 

It was held that much 
stron-rr wor.l> ™iM Have been 

rebutreri thin -obt.in the ne«w- 

«,-■ liene e* - In . produce effee 
nf an ibwlulr smraniw. that 
lr«*o uhl ...» be revoked V 
a total ban on shipment*- 
3 -lvu.a. or the furore, if 
similar exceptional cases arc to 
b“L vo.dV one obvious «l». 
lion appears ro be- In exclude 
“government intervention and 

■anything similar from the scope 
SfftUwmojeure defence In ill 
“contracts "’ ith slale tra ^ lnfl 

organisations. An ancillary 
tnlU would be to strengthen 
the obligation concerning 
export licences by a provision 
- to -the effect that their continu- 
ing validity is guaranteed up 
1 to the point or shipment. No 
doubt both those points are 
alreariv under cottsirieniriau. 

• However, it wtiald slid be 

Questionable whether ^ the> 
would u<> far cnmiuh. The law 
is that, if fulfilment 1,1 a,, _>‘ 
contract beninies illegal, and 
therefore unpusbibk*. by the law 
of ihe country in which any 
material a.*i of performance i> 
.required i" Ik* dune, then ihe 
party s n pre vented is 1 ‘xeused 
friini in r the r performance. 


■This issue did imt arise lj 
the Rolimpex c*se< bur it_Biigh 
well arise tn similar circum 
stances in the luhn'eV evenair. 
cuniraets with state traffirfj 
organisations are modified- . ft 
exclude express defences suet 
as ■• government miervehtwa.' 
The only possible answer woulc 
be the imposition of some ab*o 
lute* obligation In the.contrw? 
ei liter id perform it or to jug 
damages. In theory even surf 
a contract could subsequent]* 
be nullified by supervemm 
illegality, bui »» practice; tbi 
would be highly unlikely.. _ 

In the ordinary course 4 
commerce such 'contracts ari 
virtually unknown, hut a stab 


virtually unknown, hut a: stab *tllFTl 
trading agency might be pre fl j I*L * * * * 
pared to accept ttwra in * 


pared io accept - them in paf.jk 
.ticular cases. If H-did. then-th^ 
other contracting party wooli ., 
have nothing in fear from th* 
doctrine of sovereign immunit; 
ir n became necessary lu seel 
m enforce such a ■ contract ii 
Bntnin: the. CmnedWt staff . 
trading agcnrie.s bav>? uevrti 
rndanacrcd their reputation Jij 
attempts t» rrl>;. : iin ..tfai 
dortrmc. and under the Stall 
lintmmily Act 197S they wituh 
now m any event he unabli 
In do so m British i’nurt&. : 


ANNUAL REPORT 1978 



Possibility* 


proof 


■S'lany c 

lever peop-le 

in 1492 

antertni 

. eee the po?s 

ibility that 

the Wv’ii 

k i nug fit be i 

onnoL But 

■polui-il 

-•us took the 1 

IIS: 

...Tnicorfj 

mi steps to ■ ’ 

rove it. 

H ' An 

a on October 

10th, 1977, 

^EC yr 

o v i 7t e a ci ra : r\ 

a tic proof 

■before < 

' aoineers, sc 

ien tists and 

80 natio 

ns ot what thev ail knew 


the International ' , 
Company semng tne widest range or small offset lithographic 
printing and duplicating machines, reprographic e^uipment- 
and consumable supplies— announces its results ior the year 
ended Ut Ap ril 1978 


SALES— U.K. £8,256,000 

— Exports £4,6H»Q0(fc. 

GROUP PROFIT (after tax I* - 

credit £27,000) £340,000 

FINAL DIVIDEND 

(1977-1.6472) 1.8119 pence 

EARNINGS per ordinary share 6-S6 pence 



£340,000 


Hal 


communication specialists -rom o\ 
was possible. At INTELCOM 77 in Atlanta, U S A., NEC was the first 


* 


Columbus 



to actually send color TV hoaoes. voice, data and facsimiles across the 
ocean via a single phone cable and INTELSAT' s Pacific Ocean Satellite. 

The experts were impressed that NEC activated its Tokyo computer 

awndr’anta, had Atlanta inputs 
processed in Tokyo with the results 
printed out in Atlanta. And NEC made 
all its own hardware -computers, 
phone switching systems, facsimiles, 
and Telephone Video Systems. 

There's more. 

NEC even makes every .level of communication facilities, 
including vital parts of the world's earth stations and international 
satellite networks. Yes, on October 10th, 1977, suddenly it was 
, clear: no other company in the world today has proven 


such four-fold international communications 
capability, proven that the technology of 

_ -AV tomorrow can be 

' aE fv---- here much sooner 
than some people might think. 


Spreading the word to the world 

■ij 


Nippon Elecu nc Co, Ltd 

“or further infqrrw: write: 
P C. Sox 1. Tokanawa, T . . J-Jpa?- 
Te'.ex: NECTQK .•.•2536 


• \ 


Main Fields: 



United Kingdom Sales 

A turnover increase of 25 e i is considered s^Iistactory v»h*n 
judged a-ainst the low level of the economy Deliveries 
^of m.\chincj rose by ai/nost l0 c o . 

International Sales. 

Expo>c achievement reflected the economic difficulties 
experienced by a number of countries Recovery in the 
current year is anticipated, if the promised economic 
polices stimulate world trade 

New Products 

Two products — one in the new and srowins field at 

word prrfccssin,} and the other in the automatic production of 

offset printing plates — have been added to the product range. 

Word Processing 

“A .ncw_word orocessor fTEXXETTA). with soohisticatcd 
Feacurds jntroduced for users at the more advanced 
eud'of rhe markec. The first installations were made in 
the last quarter of 1977. 

Camera/ PI atemak i ng 

The exclusive selling rights in rhe U.K . Europe, the 
Middle East and Africa of a very advanced electronically *• 
controlled camera/ placemakar (the Electromaster AFll ha/# 
been acquired. If has considerable customer appeal and 
wiff add substanti.rfly co safes of consumable supplies. 

New Factory Operation 

The Washington fTyi.e S Wear) operation has 
continued co expand. 

The Future 


The emphasis fails very strongly on the need to control 
manufacturing costs at level? to meet foreign competition 
The issues are straightforward.. Inflation is the over-riding 
-factor and it is vitally important to arrive at wace 
settlements which allow the company to remain competni.-e, 
thus maintaining full production and full employment 
Given a fair wind. w« will hav« a successful 1979 
A.G.M. "l$tb August at:— . 

Rotaprint House. Honeypot Lane. London, NW9 9RE 


THE FIRST SCOTTISH AMERICAN 
TRUST COMPANY LIMITED 
lXTKRIill STATEMENT (linaadiled) 

Forth# six mo n l hs endefl Ancusi I Au-u 


Gross Revenue 
Deduct: 

Interest 

Expenses 

Taxation 


AreiisI 1 
miR 
£ 

1,U3(U6.) 


August r, 
IPT7 . 

t I 
9S6.105*: 


2«57.S20 

-Tfi.JJS 

I’W.Tfil 


■~G2.709 


ofl.lBT 
Itfl R07 


S.T9.41P 


4ti7AG6 


445.H95 : 


HWuSl'f.W Ip 7 n fb e Ordinary Shares ts*mi 
kiL » " en **=0 ahle- <m -.’nil i. duller. Vf79. \ 


ahsorhing. tneether v.th the halfiyear V p^^nr# diciiind * 
paid on 1st August. Iflib. a total of EffM.r-t-! I 


Valuation nf Nei Assets 
ineludinc 
dollar premium 


N'*t Asset Value 
pni* (lid ilia i-y 

25p Sharp 

( fully 


Aiigorf 1 1S7S 
February 1 l»rs 
August 1 1977 

BeLsizr House. 

West Ferry. Dundee 


£47,R84,WR 

X.TQ.-tRn.n.tp 

ni.35L\H5 


diluted) * 

Its.?, I (i;w.5p) ■ 

infiflp (in7ip): 

N5 M2.9p <ll2fipl ‘ 

Jninl Managers 

A* K- .Ail hen head. IV. I). Marc 




INVEST IK 50,000 BETTER TOMORROWS! 

5UJM0 pcuple in Ihe Um.rd K,n,.rt„ ra suffer r r „ m pn,e rei „ v d> 

wra,IS “ E MULTIf ’ , - fc si:i>;k"sis— ro.. „ u>c ann ,. urr 

which arc mil unRncwn-HtU* US HKlNc; THKM KM IKK 
anu hoi>e,. 

d " nal '™ •»!*•••«, Ip conlUHM.gift 
fpr Ihc CARL ami WEI.KAKK OK SlOuTlI-l.-K SCj.KKohis 
suRqrers and In c.nm,uc chr^ 'nmnulmmi.m Kfhrt.Mw.raBrf 

”*■?!** 5,L ' LT,1 ' LE XLmuO* thniuhh MKtULAL, 
UESEARLlI. . • 

|W||M -ST F h i rIP ^ St ' ,,a a rt0nwU w*. teiiay tu-Y 

JA M,ll,lplp ' Sr,eTnsiv Sw '^y I*r ii.»: and NX 
4 Taehhmirh sirrn, 

. Ixmilon SW1 1SJ 







-4 






Financial Times Friday August 18 1978 


1NTL. FINANCIAL AND COMPANY N EWS 


New owners for Greatermans 


BT RICHARD ftOLFE 

CONTROL 


JOHANNESBURG. August 17. 


iSp ss srrss ss sk 

*■ .Htaw^ffTSSE *wWc£ffi£Byn p« ^ , S5Jsa ft 'Ar ,, B 


tium aoninated by Sfrtiraaner cent owned subsidiary . of the Griffon is now apiiin* it* 5ft opr Greaterman* Thm Unn aeS 
.ntrests in a niOYe. foreshadowed listed Federal Voitofielesgings cent of Gr^a^VoMrNorm P fl n tooSi^* Khoidera S 
?&«*£» H We ?*' takes S«“P- the chief industrial hold. Berber, who in tacf 'bMuS mSSSL share&olders of 

itanfn? torfe flS “ a “ IStSSMI? of SjSS.i'Io Siam’s 32 per cent of the Greatermans' profit record has 

Mr NoSTa^wSr^fVhair 25X252 ** S r ?» ter “Hi voting shares to been patcby in recent years and 
" r * S « ¥* «£ ^ nKaner , business, Morale Griffon. shareholders will now be hoping 

, ( ® n J“ ha orf*?i! SS*231fS b -°c4 nnf„ e The new consortium has that the new controllers will be 

company. Griffon largest shareholder! <ut SA Drug- acquired control of Griffon and able to improve the group’s per- 
a consortium con- gists, a pharmaceuticals group is offering 90c per Share to out- form an ce. 

' U ® SrLJhJf*. AW-"iv^ aW " W ^ UC ^ 1 recently acfluirfid a rival side shareholders compared with Greatermans controls 10 

ence Herber, the Arfikaner company. Alumina, frim Messrs. a price bef ore the bid of 55 cents, department stores, about 35 

jroup Federate Chemlese and Kaye anti Miller, forging the The upshot of the deal is that family shops under the Acker- 

wo local mterpreneur^ Mr. first part of the alliance which Mr, Norman Herber retains mans banner and his interests in 

**** i ■ "• Miller, has now been pot together to GTesham as a listed vehicle, but toiletries and shipping. The 

Toe total involved in the traps- control Greatermans. without any interest in Greater- most profitable part of the group 

ei.E v 18 i u F £X er . RlOm* Befoire the deal. Gnffon held mans. The price struck for the is the Checkers supermarkets 
all.om; and for this the con- 50 per cent of another listed com- 12 per cent of the Greatermans chain, the largest in the Republic 
ortium has gamed control of pany, Gresham, and the two voting shares which are being with 153 stores. 


JVfarra returns to profits 


BY JAMES FORTH 


SYDNEY, Anghst 17. 


fARRA Developments the company, Scottish Australian 
asroral group has earned its Holdings. . Borrowings - to fund 
rst profit ip four yean anti has the takeover were behind the 
e turned to the dividend lists, group’s difficulties in the .follow- 
he company declared a net ing years. 

rofit of A 51 .7m (USSlffSm) for Dividends on the preference 
ip year to June compared with shares are A$3.64m in arrears, 
■ading loosses and provisions The directors have decided that 
italling almost A$28m over the the profit justified paying a half 
ast four years. yearly dividend of L75 cents a 

The company has been beset share on the preference shares 
a disputes between the direc- and they believe that future 
-«rs and a group of shareholders profits should enable the con- 
'bo disagree with the policy in tiouance of preference pay- 
.*cent years of selling many of mests. A dividend of 0.775 i cents 
ie group's pastoral properties, a share on the ordinary divi- 
The directors maintain that the demfa, .declared - jn --Smber 
lies are needed to place -Marra now P ai ^- ' - ‘ 

1 a position where It will be During the year s^ pastoral 
?le to redeem A$14.8m in coo- stations were sold and Jhe pro- 
?rtible preference shares ceeds were largely responsible 
sued in the takeover several fo ran extradorinary profit of; 
sars ago of another pastoral A8400.060. • 


Downturn at Hooker 


BY OUR OWN CORRESPONDENT 


SYDNEY, August 17. 


HOOKER Corporation the ASlfllm to ASlOOm. The direc- 

property group suffered a 3i per tors said that no overall loss was 

cent fail in earnings, from A$7m expected from these contingen- 

to ASfiJBm (U.SS7.94m) in the cies. 

year to June 30 after an increase r 

in costs resulting from a decision 

in March last year to write off 

some bolding charges, mainly 

potential land developments, *5* 

which were previously cap- rv5 

italised. The dividend is held at 7 ^j!HL 2 in 523.’ 

7.5 cents a share. ^ d^gs written off. 

•su'sSr’s s? js ■gLTaaa 

«« «*■«*«*■' ■ S8S5 d SnS , S??JS£S 

f22 rt.j£ with ASS. 99m a year earlier, 
achieved for the year, and there- Deferred profits ma j n j y relate to 

aiter- the sales of trading stock on 

Hooker’s contingent liabilities account as buyers discharge in 
for guarantees to joint venture terms with profits brought to 
partners and lenders were cash their contractual obliga- 
reduced during the year from tions. 


Currency, Money and Gold Markets 


Dollar reacts 
in New York 




- - : • V *. - • \ . r-'.. - - J 

i' V V < V . \ ■- • ’ • "■.'ill 


dovm tzoBT-FFr 



INTERIM DIVIDEND 

The directors have declared in Interim dividend 
of 7.272 p per 25p unit of crock which with the 
addition of stockholders’ tax credit is equivalent 
to a " gross ” dividend of 10ff53p. This compares 
with the interim dividend- of 6.5 12p (9.866p 
M gross *’) declared at the sir^r stage last year. 

Following the re troactivij'.^d action in the 
rate of Advance Corporation Tag.' the 'directors 

ESTIMATED HALF-YEAR &£SULTS \ 

As has been pointed out previously, half', year 
figures should not be^fken as giving a reliable 

f 

/ 

General Insurance/ 

■ Premiums wrijren 

Underwriting Result: 

USA L 

Elsewhere' P ^.... ...... 

Total Z 

Long-term Insurance Profits .....i 

Investment Income — 

Share of Associated Companies’ profit 

Total Profit before Taxation 

Taxation — 

Minority Interests 

Adiustmenc under Canadian 

Anti-Inflation Regulations 

Profit after Taxation (p. per unit) ...... — 

Cost of Dividends (p. per unit) 


Profit retained - 

The operating ratios for the USA on the UK basis are? 

Claims as % of earned premiums ; 

Expenses as % of written premiums 

.Operating ratio - 


have also declared a supplementary interim 
dividend of 0. 151 p per 25p unit of stock (0.225p 
“ gross ”). This dividend is in place of. the extra 
amount which would have been paid as part of/ 
the 1977 final dividend; had the reduction in the 
rate of ACT been known at that time. 

Both dividends will be payable on 2nd January * 
1979 to stockholders registered at the dose of 
business on 24th November 197B. 

indication of the outcome for the year. 


6 month* to 

6 months to 

Year 

30 June 1078 

30 June 1977 

1977 

£m 

£m 

Cm 

651 J 

6317 

12352 

0.9 

-6ff 

02 

8 S 

17jQ 

I5ff 

9.4 

107 

152 

22 

Iff 

43 

58 JO 

532 

I I2ff 

\2 

1.4 

23 

71A 

65.8 

1333 

19J0 

242 

563 

02 

02 

03 

— 

— 

25 

4 2A (HL2p) 

40ff (272p> 

747 

10.9 (7J72p) 

92 (6312p) 

247 

02 (0.151p) 

02 (0J37p) 

02 1 

313 

30 JB 

49 J8 

i are^- 



<9ff . . 

73ff 

70 X) 

292 

29.1 

292 

982 

100.1* ’ ' . 

992 


EXCHANGE RATES 

In the above figures foreign currency; lias been 
converted according to our normal practice at 


approximately the average rates of exchange 
ruling during the period. The prindpai rates were: 



6 months to 

6 months to 

Year 


3C June 1975 

30 June 1977 

1977 

USA. 


■ SI 72 

SI75 

Canada 

— si. S2.T0 

SIT 9 

S1.86 

Australia 

si as 

51S6 

SI 57 


.'ti 


The effect of the changes in exchange rates adversely affected by £1.3 m and investment 
on the comparison of results between. 1972 and income by £4.lm. 

1977 was significant. The u nderwriting profit was 

UNDERWRITING RESULTS because of -the exceptionally severe weather and 

In the United States, despite the unusually heavy large fire losses of the first quarter, 
weather losses in the first quarter, ti»re was a In Canada underwriting profits continued to 
much improved result compared with .the corres- be made. 

ponding period last year reflecting better In Australia’ deteriorating market conditions 

experience in all major lines. Increased profits resulted hi. a small underwriting loss, 
were achieved in property business whilst losses There *was a reduction in .the European 
Were reduced ?n automobile, liability and. workers’ underwriting loss- mainly accounted for by in 
compensation. ;V .“ improvement m the Netherlands. 

' hr the -United Kingdom underwriting was In the- Other Overseas territories tmder- 

pro Arable but at a .lower level than .last year writing remits overall were profitable. 
LONG-TERM INSURANCE /fy' • 

New .business written in the first SIX. months of the year with. corresponding figures was: 


New Ufo and Annuity Premiums: 

Periodic*! premiums 

Single Premiums 

. Total 

New Sums assured 

New Annuities per annum 


4 months to 

6 months to 

Year 

30 June 1978 

30 June 1937 

1977 

Cm 

£m ; 

Cm 

W 

73 

175 

97 

Mff 

, 2».Q 

205 

• 185 . 

"Ss 

585-6 

4087 • 

9023 

257 

143 

372 



NEW YORK— The dollar rose reflected in the very wide dealing 
sharply during somewhat ner- spreads quoted on most curren- 

SwbTR idSt^s S r- “■* TESTS 

quest for recommendations of depreciation, as a^ted by 
policies to help the U.S. cur- Guaranty of New York, 

rency. However, the dollar ran narrowed sharply to 9.6 per cent 
into late selling after the Prest from 1Q.7 per cent, 
dent’s Jjews conference which sterling opened at $UW10-UG3Q, 

jf srs «■ *- !»-„ " f -a « 

been hoping for. Closing price hutch. The lowest 

against the West German Mark point touched was *1.9300-1.9330 
was DM L96 ( 1.9850 on Wednes- in the afternoon, and it closed at 
day); against ftbe Swiss franc SL9390-1.8410, a fall of 3.60 cents 
SwFr L62 (1-6075 >; against the on the day. 

SterlinK The pound’s trade-wei 
„ index, as calculated by the Bank 

LONDON— The dollar rose 0 f England. feU to 62.2 from 62.6, 
sharply against all major cur- after standing at 62.4 at noon and 
rencies in the foreign exchange in early dealings. 

market yesterday. President _ 

Carter's concern over the do I- FRANKFURT— The dollar rose 

tar’s weakness was behind the to DM 1.9773 against the dollar at 
recovery, which was also helped the fixing, compared with 
by comments from tbe Swiss DM 19484 previously. The Bundes- 
bank did sot intervene. The 
dollar’s improvement followed the 
announcement by the Swiss 
Government that the central bank 
would be asked to examine 
measures to stop the inflow of 
foreign capita] into the country. 

MILAN — The dollar rose 
sharply against the lira at the 
fixing. on expectations of 
measures by the U-S. to support 
its currency. This ended a series 
of nine consecutive falls by the 
dollar, as it climbed to L83L55 
against the lira from Wednesday's 
29-month low of LS22JI5. The 
Swiss franc fell against the lira, 
following indications that the 
Swiss central bank is prepared 
to maintain hig hmarket liquidity 
to curb the appreciation of the 
franc. 

Government about looking PARIS— The Swiss franc and 
at improving measures to Japanese yen lost ground against 

bHS £ St&srSSP I 

■ - srainst t™ Ptenfi) currency, 

ier & 
tL with 



dwT" 


Aasoft 17 

spread 

Close 


, Cent* 



FORWARD STEW i 

taedi Prciffli.'fcarf 
quAUm 


-j 1 1 , 1 1 , 1 1 1 1 1 1 . , , , , , , t , , 

■ . 1977 1978 



again St 

...'.W teteivmtfijotot 

fixate on Wfednes- 

^ "S? re - ..closing, at di|y The- dollar-ipaintained its 
iwSfx -I-65PQ, oompared - -with overnight'.-; gain, ^standing at 
.previously. m 4 ,3lfeit tbf fixing^ front 

m terms? ■ or the gp r 4y79^fearlier iiCthe day. and: 


before clotingf- .at 

weakness^ of the, yen?| 



conipar«»; • ■with tbfr-weaku™^ 

1 ’-'most other ma j wrkinrencies, am- 
Y1S8.75 dgamst -43^- Tn-(»ed .ggamst the $fcipcfi ; ^rim c * 


p yen, before fimshin^. at- - TOKYO— The ^dbEttrJ^IoSfed ^ 
fe-eompared wrth Yl8tfe: ; .-‘.yiggftr} th^'5apan^p 

-ijer. was- fhfriy^ good*. but yen; , compared; ■ vritk' : -]fI83.37£. 
remained .very nervous, on Wednesday. ' -7;*. \"T: 

■ \ l > l liCiMi’ 


THE POUND SPOT 

IBoSfi" 


A»» 


D.S. g 
Quwrii m || 
StiIWm 
Balgian P. 
D^nUhTt 
D-AUit 
Port. A& 
Span. Pea. 

lira 

A'rwjpn. K- 
rreutbiPr. 
Swedish Kr^ 
X«n 
Aunrte Scfai 
bwhi Ft. 


l u 

1*a 

6 

5 
IB 
8 , 
m, 

9i a 

61fl 

U,' 

41* 

1 


o*r*. 

Spread 


1-9J0D-1.MM 

pL2am-2^SG& 

4.1MJ9 

10.EB-10.72 
tMHM 
B7- 68-88.60 
I4S.00-14B.00 
1.018,1,820 
lO.ta-TD-Sl 
»-»8iA444 

W460 
27.70- 27 JO 
8-10-S.SE 


Ckm 


1.9590-1^410 
SsjasMJCm 
4.17-4,19 
68.70-S8.86 
ll0.66M0.975 
8 JS-8.67 
87J0-88JB 
MS. 10-146.40 
f,KB*-7.6a84 
10.15-10. T6 
M1M-4SS 
BJ7*-8J94 
964-CGB 
27.76-2746 
5.18^-8.214 


BelflOas raw is for coovanBAe francs. 
Financial franc B8.004B.10. 


FORWARD AGAINST £ 


One month 


fl.K-0J2e.pn,, 
fl.62-0.42B.pitt 
2 * 2-118 c.pm 
26- 1C f.pir, 
i*4-53i orecU* 
8*-2i pS pm 
70-170 e-dU 

BOcpm-SOcdii 
5-6 Urn life 
liwpm-jodin 
2rl« e.pm 
ljorapniionti, 
5-B6-5.SS ppm! 

20-10 pn pm 

S6a-21« C-pm 


ZS6 
I— 6.M 


X fva. jTluveninTilbaj % pjs. 


LSI 

SJ6 


UM.27c.pm 

1.5?-U7i\pm 


5.74 n-3 c. pm 


4M0 c. pm 
6-9 orviiin 


8.16 pf pm 

I— IS J6ilB0-SOO c. din 
par 70c pm- Medial 
1-7 J5 12-16 lira dU 
0.H3 ] Jnra pm-i<U«l 
2.49 <i-5 J e. pm 
1.06 44-24 ore pm 
11.76 i.9D-9.45y pm] 

6.47 |40-60 (jrn pm 
lfl-75 nj-7jc.pm 


2.74 
2.41 
6.26 
2.47 
I— 2.S5 
8.02 
M4.S5 
OJA 
j-5-W 
1—0.50 
1.7B 
1.65 
9.45 
6.04 
10.42 


Six-tnoDtii forward dollar 2.37-2.47C sm: 
12-month 4.58-4. 40. 


THE DOLLAR SPOT 


GnlWer 
Belgian Fr 
Danish Kr 
D-Mark 
Port.Es 
Lira 

Nrwgn. Kr 
French Fr 
Swedish Kr 
Yen 

Austria Sch 
Swiss Fr 


FORWARD AGAINST $ 


Om month 


% 

p-a. Three naoths 


% 


UTTMarc 

0^780-0X783 

0.04442 

-153 

000047 


ZJ3CZUCI 

2J42M.MW 

B.58-OJ3 

341 

L46-L40 


3LM-3U5 

UVMINS 

XLfT-3U& 

5.408-44905 

par-0.03c dls 

-XJ2 

par 


i.971S^-WM 

X.W00-7.WU 

MJ84SJ0 

0.0446 

527 

2A4-249 

507 

8RL2S4B2A0 

5JBS6U17S 

8S2J»832A0 

53155-5.2X75 

4204.70 

-622 

32000225 

—549 

43WMJ2IS 

4-3aao4.aMs 

U3M432S 

4jC2S<«25 

025423 

—028 

0.95-300 

— 0.9T 

miun.» 

I*7^B-X*7.70 

342875-14^2175 


Ml 

325-345 

-6J9 

X-5B7D.1A5SS IAfl5-I460S 
cents per Canadian S- 

U4-UN 

-74T 

3240.19 

-7.75 


CURRENCY RATES 


AMUM 26 

Special 

Drawina 

RWUf 

European 

Unit at 
Account 

SrerUne 

045055 

8464914 

04. dollar 

121632 

129661 

Canadian dollar ..... 

1ASZ28 

148838 

Austrian BchWlns ... 

182290 

1*4980 

Belgian franc 

394403 

484737 

Danish krone 

fc. 98466 

702085 

Deutsche Mailt ...... 

22587 

206951 

Guilder 

2.74a7 

2.78724 

French franc 

508924 

5.60667 

Lira 

186126 

1079 42 

Yen 

237040 

24243 

Norwegian krone „. 

645729 

6.76818 

Peseta . — 

9SJ069 

96-7287 

Swedish krona 


5.71662 

Swiss (fane 

249512 

202661 


CURRENCY MOVEMENTS 


August IT 


Bank of Morsan 
England Guaranty 
Index changes** 


Sterling szja -o.b 

U J. dollar S4.D1 — m 

Canadian dollar 82.77 -14J 

Austrian schtlUnc 14L01 -FUA 

Belgian franc lie ,7b -M2J 

Danish krone -. 113 JS + 

Deutsche Mark 141.71 +36.2 

Swiss franc 199A4 -+9U 

Gmldn 120 JS +■!« 

French franc lflOJJT - 3.7 

Lira 55-56 -47.4 

Yen 155.05 +53J 

Based on trade weighted changes from 
Washington agreement December. 1071 
'Bank of England Indexslooi. 


OTHER MARKETS 


Aufc,J7 






0.«5VW>A5a5 


A rgen tijm-Feso . . „.i 

Ausmlia'liioUar.^..' 

FlnUuxJ V frtU.... | *7.057Oo7J?73Oj4.1O15-4.1OB8 
.Brazil Criwin.— , 
ftireece Drachma....’ 

LUonp Knag Uollar- 

.Irao KlsL.__ *L 

Kuwait hirer tKI»*t 0.523-0.530 
..ttv - sa^tFeorao 


1B.376-1B.892 
9.35^35.809-36.698 
.M30f4.79QO4.7250| 


j".' £ -R '' 

. ^yqtfe-RkWa 


Boll mm.. 
[Uenirwrfc ...| 

Prance: — 

iUennany | 

Italy^.- 

816-71.852 i. 


2740-98,30' 
8fllg-62is 
10-60-10.75 
: 835-8.45 
3.80-3.90 » 
1580161O< 
^.'362-372 


, .844 C 

daurii Arabia Rijalf f A4Mi6- 
bAlaK^t%AiQBOl4993S 

3onti A/nean Kol 1 3C 


0. 2 687-0-27301. NethedatKi .1 '<4.154.93 

30.6030.64 .Vnnfay 10:13-10.»S 

2.26502.27001 Furtncal J. j '82-89 

0.93680.9394 Spains, : 144'j-148 

3.29-3 J5 j.'-witzerlnnd ......J 3.103.20 

2*115^2 195V liadtr 1.98001^935 

0.869 6^)^B30tYogo«brrt*.‘. J 37.0040.00 


■v r 
6 . 


ehfai for Argentina Ik 'free rate. 


EXC^NGE CROSS-RATES 




v- ‘ 




s? 

ftrf-: 



Priuid Starling 

. D^., Dollar 

DentccbeMarfc 

1 

ft 

'■FYencb Frpiik 

SwWs^yranc ' 

’ Hatch 'fi.nildeij Italian 7 f ira |<Tanad» DoHar 

Belgian Franc 

ToandBtuiiag- ‘ 

• 0.610 

: 1.040 

'. -l*. 

aJb69 
•. 1-993 

■365 JO 
. . JL88.l v 

i . 7.8.423 
-.- 4.343. 


' -V4.I8O 

.V 9.155 

hi. “1628. - 
-838.9 : . 

r . 2.207 

Jt J3 8 . 

; >60.78 
31.33 


' 0.259 
a.lfiO 

‘ -0.503 ; 

; 5.315 ■ 

• .. L 

10.69 

9444 si 
1000.:.; 



?T-;».083V- 

itJiSlWff'. 

• - ' 421(1' 
4459.. 

P.671 

&047 

I5it2 1 
i ,166.5 .. 


-- ■ 1.187 : 

0^12 

2.503 • 

0.606 

4.988"' 

,3.206 

433.8.- 

113^ 

2.629 

-% 

■■;!( 4.*k- 

£si : 

” a*2o J 

0:689 v : 

0.12.14 
; l?' 96 

Zi/gSe* . 

• 00439 
0.634 

0.464 

1.192 

; o.u26 : -V 

2.375- - 

87.52 

224*3 

y\.2,016/:S 

6.177 ^ 

if 

‘if 1. 5 

fe 2.668' 

389.4 

1000. 

O.S2A/X- 
1.366 ■ 

j-.JL4.34 

37J4 

. '_r 

0.453 j 
LB45 1 

0.6(79 { ' 1.751“* 
3.192 j 6A60- : 

165.4 

600,6 

3.817-'-, 
r 13.86.'- . 

9 

; V 1.8B4'*' 
6.878. 

737.4 

2678. 

1. -23.64 

3.6^1 f'. 100. I 

EURO-CURRENpY INTEREST RATES^ / '■ --'V ' "%* 4 


Aog. IT . 

Sterling . • 

Canadian. 

Dollar 

r.S. Dollar 

Dnrch Guilder 

-SwissFraDe 

'w/cteitai^fv 

preneb -Frame .. 

-JOityin Urii 

.Asian 8 .. . 

-Japanese Ten 

fSfanrt ierni-..i 
7 days' notioe 

Meath 

Three mnntlte^, 
SIS ITinn I •!«_», 
One ,rear... M ; H . 

8 * 4 - 914 ' 

• 10 *i ll>< 

11 A HI* 

- 11 A ll*« 
ll* 1 1*8 

• 1158 lllf 

. a-9 

8-9 

" SA-Ofii 
.Ari ®rV 

'h-* J# 

8 14 . 

■ Bl| 8 lj 
bl 2 • J« 
bfe 9r* 

• 9-Ula . 

' 5it-5»« 
Si«-5i4 

6 J 4 61* • 

• 6 * 2 - 6 **. 

. BSs-STb 

i ’ ' ’ k'3# 

:: ’« ^ 

. Ati 
. . la «a • 

. Hi J* 
l-l'B . 

■■mas 

■ «t-e. .. 

8 * 8 - 6 **, 
9*8.968 
nia-iov 
. 614 .W*- A 

. 9-42 ' 

-fS-14' 

. ' 331t-h4.it 
14W.1614 
14i»;ln*d > 

■’Kft 

B9*-8J B 

* 8 - 2*8 

ItV 

iu-is# 

16a 2 

2 *fca*» 

3 Tk 


The /oDowlnc nominal rares were quoted for London dollar certificates' of deposit: One- jdqfliUi-'-ftflfliftn' per cent; three months sjoAx) per cent; six 'months S.50-8JO 
per rent; .on* year 6.70-&8D per cent. . ... . . 1 . .» 

Long-term- Eurodollar depostts: two years SUfe-Pic percent; three years 9‘u-A*i« per cent: J0tx^>aars per. cent; Bee rears per. cent nominal 

closing ratet- * . • . .’ ■ . »| . . . 

Shon-Kim rates are.caU for Sterling. I’.S. dollars and Canadian dollars; two days’ notice ' for -jrafldatvphd Swiss franc*. Asipn rates are cfoatng. rarcg in Singapore. 


INTERNATIONAL MONEY MARKET 

New York rates firmer 


.V'A-' 


••.■a* 


Federal funds .touched 8 per cent 
cent in early -trading, before PARIS — Short-term 

easing to 7f| per cent, compared market rates were 
FederaT 


. cent, and' 12-mobft to 7fc7} per 
money', cent fr om 7 >-7j j>er cent. 

... - ^ hn r . _■ i t> -r — generally: "'FRANKFURT^-taU money rose 

with a recent Federal Reserve firmer, with day-to-day funds to 35 per xenrfcan 3 per cent.- 
taiget rate of i} per cent This quoted at 7J per cent, compared bat period- rate* -were unchanged 
follows recent speculation that with 7| per cent previously. One- at 3.45 pet cent for one-month: 
the Fed may have raised its month money firmed -to 7&-7A 3 65 per centfor'three-nianth; and 
target rate, and that an increase per cent from 7$-7| per cent and 4. per cent forf^k^onth; 

In the discount rate from the three-month rose to 7J-78 per cent AMSTURDAJT— *OH money rose 

present it per-cent is possible, from 7j-7» per cent. Six-month to 5A-5A‘per .cedt^rom 4K5 per 
^ as f, a behind any firming was unchanged at 71-S per cent, eenf, whiTe ono^qomh was un- 
of U.S. rates- £ the recent weak- and one-year was unchanged at. changed at B-BJ pereenL Longer 
ness of tne dollar, and Indications 8|-8» per cent. term rates VfereSnner however, 

that tne Administration Is look- BRUSSELS — Deposit rates for with three-month at 63-7 per cent, 

ing for w ‘ a 75to help the ailing the Belgian franc (commercial) compared with 6f-6J per cent on 
currency. T re asmy bills were were firmer for the longer Wednesday and six-month at 7-7* 
firmer yesterday, with 13-week periods. One-raontb money was per cent compared with 61-71 per 
bills risin g to 7.24 per cent from unchanged at 6&-74 per cent, and cent 

7.22 per cent ime 'Wednesday, 26- three-month was quoted at 7J-7J HONG ...KONG-VThe money 
week bili3to: 7fi2 per cent from per cent, compared with 7}-7j per market was tight, with call money 
J' 44 _2S r l*-month bills cent previously. Six-month rose at 41 per cent, and overnight at 

to «-59 per cent from 7.78 per to 71-78 per - cent from 7 1-7} per 4} per cent . 


UK MONEY MARKET 


Exceptional assistance 


Bank of England Minimum small amount to one or two ties: a modest number of maturing 

Len .17f-?f ,e P** cent h<,use5 » overnight at Minimum local authority, bills held by the 

(smee June x97g) landing Rate of 10 per cent. authorities; and. a sizeihle excess 

was in very Banks brought forward surplus of revenue to^tim 

Short supply m the London balances, which were not as large Exchequer over Government diS- 
mongy market yesterday and the as may have been expected, and bursements. 
authorities gave an exceptionally the market was also helped by a ■D Q i n _- , _ 

large amount of asristanee by slight fall in the note circulation. ■ Kate f ' tetrly firm 

buying an extremely large num- These factors were very mudh out- • tt,rou S 6oa L.WHh .aSscDunt houses, 
ber of irewtuy bills from the weighed by a substantial net paying near t&i 10 per cent for 

discount and a small market take up of Treasury bills: Some day-to-d^y secured money, 

^ U n" tth biUs - t0 the of -biffs while/closinTraterw^ in the 

The Bank of England also lent a bought previously to the author!- region of iTper .c^d,. 


LONDON MONEY RATES 


Atur. n 
1S7B 


ofdflpo4t 


(Hemigbl ...•■■! 

2 itari aPht*--. 

7 duvi or ' 

T wtw- 

Quo BW* 1 "— j 
Ttfo raonrh«— ( 

Thr*!* 

■Stx-iwnibt— 4 ___ 

tneiwnttic--; 9 A-* 4* 
Oaa year . ® A-Sfi 

T*rfi yrar»— — 


th 


X 

?Sg 


lototenk 


8-eig 


91|-9U 

9>8-B ft 

O‘B-9* 

JjVvi* 

SM-BSi 


t«*I 'Local Aoth-i 
Authority J Mgotisbfe 1 
doporit* i botub 


87j-91j 

B7t-9l* 

W-9U 

9»8-9ie 

10u-l(Us 


1335 

9U»S* 

9<b-9S« 


Fiaazjce 

Homo 

Dsponta 


9i* 

9H 

Oh 

9f 8 

lulp 

tOU 


Company 

Deposit* 


BM 

9*8 

S«« 

95« 


Divxxmi 
■ market 
'.dopcMik 


. B*jji Fi op Trade 

B51U* 1 EvilPh. 



bouses seveo aw mmre, «wi flay* flxed.' • jjttsgor-ierm local anihnUrw mortcrae 

» dm - mr: ft tor raara. liUlf -oar mtt ftw ^Wnonn jnOTTfiJse 


* ** mnl V? wain flre_ reare m-HI per cent. 


fiU, per eon. - .rate, for fourth to 


Anprg^le^i^g.paes for one--&B&th. Treasory bmj sssa per «n£ aid- tao-menOi . 


cgj r lhrp ^ ^ !, g5 “_f* r - cgm - one-month trade bill, 9* oer earn; two-namfli « per ami anaoLp 

^ l by the Finance House f asoouiodi 101 oer cent frinn Areiiwi^STn^ 

am- uKrSy- ^ *™ dayB * »-7 er cent. OMriSii 1 Ha^fc 25:®*"*; 

Tvmwy u*"* 5 41am tender rates or m ac e ra t sjeas pur »w. ^ ror ««dina 30 per ca«- 


GOLD 



Gold fell sharply in the .Lon* 
dbo. bulUen marker . yesterday, 
reflecting the. improvement of the 
dollar. The metal opened at $2I0J-< 
211 J, ta highest lere^ -ot the day, 
and was fixed at $220.4 !» (£107.592). 
in .'the -morning; At the .after- 
noon fixing it fell .to $200.00 
(£107.400),. and -closed at' the 
weakest point of the day,-, at $208- 
208], a faD of .SB} ’from the pre- 
vious close.- Volume was described 
as good; bur trading, was 
generally very nervous. 

In Paris the 121 kilo gold bar 
was fixed at FFr 28.750: per kilo 
(£207.16 per ounce) in: the tfterv 
noon, compared .with .‘FFr 28,850 
(S20SJO).‘in the morning, and 
FFr 2R.950 (5212.57) ^Wednesday 
afternoon. 

In Frankfurt the 12* kilo bar 
was fixed- at DM 13,400 per kilo 
(5210.28 per ounce), compared 
with DM 13,500 .(SZ15.91) pre* 
viously. ■ 


I A-oa. IT ) Ang. IB 


IJniit HuItUXl (B'flilei ' t- - 

oonce) ‘.r • I 

Ulo«e SSro-21D8i ^3l«i 216* 

Opetiinc S21I8-21 1* S214*.216A 

Moraine Sxtoe-..-- 52 10.45' ] 8216. 70 - 

imSUbSO, ‘ £108.958) 
Alternoon flxtne... f#2fl3.0o S21S.76 


Gold Coiqj-- 

Home-tioiiir 

Knii>emti 


•(WM/WOj.jxClOS-Bttl 


!, < 8274*-21E*.iS22D-222 '. 
i(£l ID*-] Him' 1 1 li 112*) 

Sew dorertieui. .;57; &9i.. - 

.r4r28i-*j) U29i.BD}> 
UJd Sov«wkim__.;s&8J . 1 

. iiASaf-Slji !(t30*-S1*) 

GoldCdin- ...J : 

■nienutiotuiiy j . ■ ■ 
KrutKranrt_......_(S2l4i-21£^ 1520-222 

le-litt. 111*' i.in*-ll?i) 
Spw 5OT«eieiii.....|ss?j 69 1 . 

I rSli'j -4t£i ;lMi-60ij 

ohJ sowB>ru»— .-j:55-Mi*; fSflr-fiif 

■ — 


S2D Ke«ie. ...I-S86-4D8 

S10 hvrie* i.isiJW-lW 

V* Ewh- — :IvM4-lt3 


•i-m-SIU 
3316-512 
nB6-l70 
f l ia-i is 


mm rates 


NEW YORK - - 

Prune Bale 4 

Fed Funds TOTS 

Treasury Bills a Week j tM 

■TrearaiT Bills. 126-WB6ki.„ — 

GERMANY; - * 

tiisrtHmi aale .. — „ 3 

Ororntsbi , -... - XS 

Ou« . month- • ids 

Three mooiha 3*5 

Six months - .. 4 

Six rnooih* 0 

FRANCE 

Discount ’Hate 
OTWtUftht 
Oik- month 


Three months 
Six months 


95 
... 75 
T5B - 
„ 7A625 
— 7.9325 


APAN 

Discount Rate 

Call 1 Unconditional^ , 
Bills Discount Sate . 


35 

«31S 

4-H 




I 


- 4 - 


Financial Times ' Friday August -IS 1978 


WORLD STOCK MARKETS 


Wall St. oyer 


pending Carter’s $ plan 


Indices 

NEW YORK-oowjoiiss 


#■ , 

a in ' 4 '* 1 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to dCl — SSl?o (100%) 

Effective S1JM00- 4Sf% (52%) 
FURTHER GAINS were scored in 
heavy trading on Wall Street yes- 
terday, sending the Dow Jones 
Industrial A rerage above the 000 
level, on hopes that President Car- 
ter will take concrete steps to 
support the U.S. dollar. But the 
close was below the best 

Alter rising 10.83 to 005.41, the 
Industrial Average paritaUy 
reacted to 900.12, for a net gain 
of 5.54 — its highest level since it 
dosed at EHJS.1S July 26. 1977. The 
NYSE All Common Index added 
2S rents at 59.21, its highest level 
since October 29, 1973 when it 
finished at $59.77. Advances led 
declines by a two-to-one majority, 
wMe the trading volume spurted 
Ahead tU3m shares to 45.27m. 

Prices began to erode late in 
the session as investors grew 
cautious ahead of President 
Carter's News Conference and the 
weekly Federal Reserve Money 
Supply report. 

Analysis said some credit 
tightening by the Federal Reserve 
Wednesday was a positive first 
step but insufficient to remedy 
the dollar's massive problems. 

At the close or trading, the 
Fed said the Basic Money Supply 
rose S600m. about in line with 
expectations. 

Tiie Commerce Department 
reported U.S. Personal Income 
rose $24 .2 bn in July after a 
$12.9bn jump in June — the rise 
could sustain a higher rate of 
consumer spending and economic 


growth in the third . quarter. 

RCA, the most active issue, 
gained SI to $331. Minnesota 
Mining, in second place, rose $1} 
to $65. 

Champion International put on 
$1 to $251 on a raised dividend. 

A number of Blue Chips and 
“ Glamours " were hit with profit- 
taking. Eastman Kodak lost Si i 
to Polaroid $1| to S32f. CBM 
SU to $295 j and xerox $i; to 

American Telephon added $| at 
$61|— it will receive a $ 120 m re- 
fund from Commnnlcatioas Satel- 
lite, $1 to $45*. 

SCSI eased $| to $21 J, despite 
higher fiscal fourth quarter net 
earnings. F. W. Woolworth im- 
proved SI to $21— second quarter 
□ct earnings rose sharply. 

Royal Dutch Petroleum dipped 
$1 to $61;-^Royal Dutch Shell 
Group's first half net earnings 
dropped. 

International Harvester’s shed 
$i to $3SJ — third quarter profit 

declined but order backlog rose 

43 per cent. 

Digital Equipment gained $1} 
to $50 j, Allied Chemical Sli to 
$37t and Del Monte $1} to $361. 

Gold shares declined as the 
price of gold dropped in response 
to the dollar's rise. Dome Mines 
lost $1) to $S0k. ASA Si to *25S, 
Rosario Resources $1 to $21 and 
Homestake $1 to 37. 

THE AMERICAN SE Market 
Value Index at a record 164.09, 
was up 136. Volume of 6.65m 
(6.45m) shares was the highest 
since S.55m shares traded 
February 20. 1976. 


Canada 

Earlier gains were also trimmed 
in heavy trading yesterday, when 
the Toronto composite Index 
finished 1.4 up at 1236.0. 

The metals and minerals Index 
put on 3.6 to TQ40.2 and OU and 
Gas $.7 to 1608.0, but the Gold 
Share Index dropped 53.5 to 1516.3. 

Simpsons, the most active Indus- 
trial. rose 3$ to $71 on 218,34!} 
shares while Simpsons Sears fell 
31 to S7J— plan to merge on a 
share for share basis. 

B. C Forest declined $1+ to $32 
— the U.S. Justice Department is 
challenging its acquisition of 
Bland in Paper. 


rise on. Friday on its deal with 
Chrysler. 

Building shares were down on 
forecasts of slacker business in 
the third quarter after some pick- 
up in the first half this year. 

U.S. stocks, led by General 
Motors, ITT, Merck and Philip 
Morris, moved higher in fine with 
the dollar. - 

Gold Mines fell, as did German 
shares, although Coppers were 
slightly firmer. - 

Dutch stocks were resistant, 
with Philips and Unilever firmer. 


ahead Of an expected communique 
from the Swiss Cabinet on the 
monetary and economic situation. 

Swissair gained Fr S to S40, 
while Banks, Financials and 
Insurances rose with the Bearer 
stocks of Holderbank and 
Ocrlinkon-Bnehle actively higher. 

Leading Industrials met demand, 
including the Bearer- shares of 
Sanrer, Ctba-Gcigy. BBC, Aluissc 
and Snlzcr Participation Certifi- 
cates. 


Johannesburg 


Amsterdam 


Brussels 


Belgian shares were mixed in 
moderate trading. 

Steels and Electricities were 
irregular. Non-Ferrous Metal lost 

ground, with Astyrienne down 
BFr 10 to 624. Chemicals, Oils and 
Holdings gained ground, with 
UCB up BFr 6 to 920, and Sodete 
Generate up BFr 25 to 2,025. 

In Foreign stocks, UK and Ger- 
mans were little changed, Dutch 
were steady to firm, U.S. rose but 
French fell. Gold Mines were 
lower. 


Paris 


The market was narrowly mixed 
in thin trading as interest cur- 
rently centres on Exchange Mar- 
kets. 

Property shares. Foods and 
Motors were mainly lower, with 
Peugeot falling a further FFr.5 .3 
to 492.7 after its more than FFrs.20 


Germany 

Prices were mixed on lack °* 
orders. . 

In Steels, Kloeckncrwerke 
sained DM2.50 to 97.5 and. amons 
Engineerings, Demag rose DM2.60 
to 166.8. In Chemicals. Hocdist put 
on D3I1.90 to 130J*-it announced 
lower first half 1978 pre-tax profits 
but said ^ expects improved 
world group earnings in ^ 
second half. 

BMW shed DM1 to 223 o, des- 
pite higher first half parent turn- 
over. VW farther advanced uhu. 
to 247. 

Deutsche Bank rose DM2 to 302 
and Kaufhof DML5 to 245. 

On the Bond Market Public 
Sector Issues Ml 75 pfennigs, 
while the Regulating Authorities 
bought a nominal DM58.tim of 
Stock- 

Mark Foreign Loans were 
mixed. 


Share prices were mainly 
higher although AKZO, Hoo- 
govena and Philips each eased 
slightly in Dutch Internationals. 

Royal Dutch gained FI L60 to 
132J3 following its higher second 
quarter net income. Unilever 
rose another FI 1 to 122.7 and 
KLM FI 2 to 155 Ji. 

Banks were particularly - firm, 

and most other sectors showed 


Golds were weaker in Une with 
the bullion price and losses 
ranged to 135- cents among 
“ heavyweights." Trading was 
sporadic. 

Mining Financials declined in 1 
sympathy with Producers 
De Beers shed 15 cents to R760 
but Anamint gained 25 cents to 

RSI. 

In Coppers. Messina were down 
13 cents to R160. 

Industrials were mixed in 
moderate dealings. Dealers said 
there was a ' reasonably steady 
undertone on expectation ‘ a. 
cut in short-term interest rates 

is imminen t. 


— ] ISfa iSinee V-ompHai’n^ 

Yr 1?* *!?■ A m* A u- Htph 1*" j hhtb~ Iror 


IndnstrlaJ ... 588-1? 894 JS 8*7.13| 888.17 850.8^ (IW/73) 

(T„,BW »■"! BL*j MX. *-», ***\ ** - - 

’gj 1 SSi Sfli, 

RiiaW j )«-■>) 1W-"! l0G - 72 ; 1OtLa7 ; W3> 'a* IfflS) 


'raiaw i )»■" 1Di - 77 | 107 - ZT j '°- 4, j 'JJjf j 


■ rf IndeK changed ftm* Aqgnat^S 


lDd.dir.yleW « 


'Wll '■ Aug. 4 \ July 26 \ 

Q.26 1 B^S \ 6.47 t a -* 3 


Tokyo 


gains. 

State Loans were little changed. 


Australia 


Switzerland 

Prices rose in a fairly active 
turnover underpinned by the 
strong recovery of the dollar and 


NEW YORK 


Am*. | Ann. 
17 1« 


An*. | A ui;. 

16 ie 


Abbott Luba .......! 

A.ii !ro> a i^ra |.b ...! 
\ttm Lite A 
Air 

At.-an.Mumlniuini 

Altai ; 

■VI Liiiilum ... 
Allejlirnv rimer 
A.lii-i Chemical.' 

-*lnrp> ; 

Aiita Chalmers ...i 

A MAX 1 

Aniris.il Rru 

Anit-r. Airliun....- 
Anier. Brand*.... 
Amor. bnn>l>-a<-t.' 

Ainvr. Can 1 

Amrr. C.Vauiinii.t 1 
Amrr. rtliL 
Amrr. Klt'-t-Pon • 
Anu<r, Express... - 
A mor.Hi .me Proil 1 
An t r. Meiliral ... : 
Anlrr. Miitors ....’ 
Amer. N'at. Gaa..: 
A mer. e'fao* u n<., J 

A i hit. Smmi I 

Amor. 1VI. A: Tel.; 

Amtrtek 

A MF.„ • 


Cnrilinp G !&."■ | 

C f'CIm 'm'tumail 

Crane | 

Crocfcen Nat. | 

Cfi**wnZe.lert»th| 
Cummin- Kn^'nef 
Curttw Wright... 1 , 


1 3 601- 

■911- I 61*4 
53*: ! 5U4 
30 \ 89^ 

a7»i I 37J 4 
J81; 48s« 

17?a ! 17 i b 


LbiriR : 

Cart ln>lustrkn.. 

Uevrv 

i*ei Monte — ■ 

Pel tuna... i 

Uentapiv Inter...; 
Uetrolr EiUnmi...! 
U tamo ini .-thamrk! 
UU-tapbnoi- 

Ihipu Kquty I 

Uisuev (Walt). — J 

Dover Corpn I 

Dow Cbenit -ai— 
Urnni, 

Ureb*er„ _...! 

Dupont 

Ea«le t?l. her ' 

Airliner 1 

C&itnnui Ko.Lak.-l 
Kuuu 


Jubiu Uanrillr.. 
JuhnMiu Johuai'a 
JubctOD Control. 
Joy SI an uhrtur';* 

K. Mar Corji 

KalaerAlum Inf m 
Kaiser I a.lnstries 
Kaiser Steel. 

£*•>■ — 

henneroa ... 

Ken M -Gee. 

Kl-i.le Walter 

Kimberly Clerk.. 
Knp pen. „.... 

Krv 4 .fr La, 

Ceuesray Trans.. 

Levi SlnuH 

Libby Oor. FooO.-l 


Hevlon 

Heyndkfo Metals. 
UeynolHa K. J. ... 
tttch'sna Memil. 
Btvkmll Inter... 
Uohm A Haas..... 


AMP... 

Ani>« ' 

Au her 

AiiIil'uwi- Busi-h..: 
Ami. o Steel 1 

581a 

17la 

31 

271r 

321a 

25. a 

37!hi 

1618 

3UJ( 

367a 

52>a 




A*«teo 

ISift 

IBirf 

A.hiiiinl Dif 

-a 

57 

AU. Kielniet.1.. 

*3218 

6258 

Auto Data Pro... 

54 l S 

547 S 
12 In 

ft Vi*..., 

1214 

Avco ; 

33S( 

33ia 

- Avon Piertiiet*... 

60.g 

60>< 

Phit. (« a» KlM... 

26 vj 

27 

B*nk Ann+cTi. .. 

285a 

277a 

Baiiker» Tr. N.V. 

37 ti 

371, 

Barter Oil 

26S( 

26t« 

Bnwr Tikvvoot. 

49va 

49U 

IVat'we Foil!. 

Eols 

toss 

Ei.«.*Lonl)n!kenM>n 

39ti 

5as« 

Weil i Hon etl.....' 

Mn 

au. 

Beni u> 1 

42is 

41 i B 

Benguet Coos *B'| 

5 

5 

Bethlehem sir'*!.'. 

241, 

24 U 

Bim-i i Deckei..; 
Boeing- 

20 Sg 

206s 

71 

72ia 

Bwive OMaie...' 

Oil, 

5Ui 

H ■■nlmi ' 

2958 

29*4 

B..i»* M emer — .| 


531J 

Biaiiill Int 

ids 

16 

Bra-L-mi 'A'... 

15ti 

151g 

Hri-ti*: M.i * i-...„. 

3 &I 4 

5553 

Bnl. Pei. adk..; 

17 

167J 

U^.-kaav Ula»b.. 

54 ia 

34 


K. II. A ti 

K' Ca-o Nat. Ga 

Kltra 

Kiiictsiiu bltvirrr 
bmert.VirFr’min 

Kin-*n 



iinjteihani 

Komark 

Kth.VI 

txxou 

{■Birrhild Camera 
fed. Dept, atom* 
k i resume Tire.... 
fr'HU Nat. Boston. 

Tlexi Van 

Tlinlkuie ..... 

Kknda Cower-.. 
Kluor- 


Lumet Group.. — ; 

Lilly fKill ' 

Li r too Indu-L-i 
LsmltoeedAuur'ill 
Li in* nur Inrtir-.j 
Um- L-i»n>l Ltii.i 
Louisiana 

Lui.riHii ..... j 

Lucky stirrer. .1 

L'kc Y un^l'wn. 1 

HtrU man ; 

ilm-v It. H i 

Mu-. H« r*uver.... | 

Ma)«x. : 

JJanti nun tin i 

Mamie Mujmu.i. 1 
Mai- I tail Cic’il — h 


Hnni Dutch — 

MM 

Kuss Lop. — 

%-iei System — 
iuewty Sune»^. 
at. Joe Minerals. 
St. Keffis Cspei ... 
aunts Fe Intis.— . 

anul Invent— 

aasiH, ln-ls...— . 
atdnitr hrewrnc., 
rtHilumrei jter ... 
SCM 

■XKI I’aj-’r. 

JBiI ) Ul£....... 

avu dei Duu.C-an 


Woolworth——. 

WTriy 

Xmuc.— 

/Apsis 

Zenith Martin.— 
U Ji-Treaa «* I9W 
UHTreaa4j%7bl3b 
UJ6. M rtsv bills. 


6Z3ij i 63*3 


CANADA 


Aniiibi Caiei— ... 
A^m -u ttii>:e_.— 
A lean A rum inium 

Airtuma si w . 

Aslesuia 
bant oi SUmtitBi 
Usns Nvvt *3 v >t m 
Uni itiuniiret-B.. 

be 1 1 Telephone— 

Bow Valley Ini.. 


Minings tended easier, while 
Banks continued to firm on 
Tuesday’s Budget announcement 
of lower requirements for- their 
Public Securities and Liquid 
Asset Holdings. 

BN'S Wales rose 26 cents to 
SA6.66, ANZ 10 cents to 3A3.30, 
CBC 9 cents to SA1.95, National 
7 cents to SA2.52 and CBA S cents 
to 8A2.45. 

Resource stocks, however, eased 
hack with overseas investors 
taking to the sidelines. BHP 
reacted 12 cents to 8A&24, while 
Mount Isa eased 2 cents to 
$A2.48 

Uraniums were mixed, with 
EZ Industries rising 12 cents to 
JA3J2, but Peko lost 2 cents to 
9A6.12, Pan continental 20 cents to 
5A1620 and Queensland Mines 
2 cents to $A3.1S. 

Budget news of a lift in 
Domestic Crude Oil prices to 
world parity continued to attract 
support for Oils. Axopol Explora- 
tion firmed 2 cents to SAL 52, 
Bridge 3 cents, to SAL0I and 
Santos 23 cents to SA1.65. 

Motors made further gains on 
news of a cut in sales tax on new 
cars. AM rose 2 cents to SAL50, 
Dunlop 8 cents to SA1.43 and 
Olympic 2 cents to 63 cents. 

Breweries and Tobaccos were 
largely unaffected by the Budget 
ipmosWon of higher duties. 


Prices closed lower In slow 
trading as investors continued to 
be cautious about the yen’s 
persistent rise despite an advance 
in the dollar’s value during the 
day. Volume 200m (210m) 

shares. ‘ 

Export-related issues such, as 
Light Electricals moved higher, 
reacting favourably to UB. Press 
reports regarding President 
Carter’s concern for the dollar. 

Recently selected Pharma- 
ceuticals and Foods fell on profit- 
taking. more than ' offsetting 
gains in Electricals, Vehicles and 
Cameras. 

Fujisawa Pharmaceutical lost 
V40 to 1,090 on profit-taking, 

C Itofa shed Y10 to 247 follow- 
ing its 1977 consolidated results 
yesterday. 


subdam Aim POORS t ( , , im ptaiChmplw, 

a iT i ''iv' I a i 6 e ‘{ *»■ ! ^ ^ i g<«* 1 1 *» i ««>■ 

"5-»i » UI | i Raa j'H w!*iw;53,j ( aM9 


AuK. 

Aur. ! 

17 

16 | 

716-SB. 

115.82 

1B5JI8 

lD4.B5j 


lad dir. yield % 


1bkLP/BHMU> 


r ^ng G ot. BondymM 

jfY.8JS aT T - nft ™ oS 


Aug. B 

Aug a \ 

4.70 

4.76 | 

9.97 

9.78 | 


filsssand Fail* 

1 AU«. 17 lAng. 16|Aafi. ft 


A«w. Ao«. Aoe- Ay. 

„ 16 _16_ 14 High Low^ SI® 

»■«! 85 RT SSfSSSi:- -- 5 ^ 4 ”i 

lie* Un.—.- — — JI - — j 


IKONXBEAIi 


Hong Kong i 

Local speculative demand 
pushed the market higher again.! 
Dealers reported a shortage of 
stock which helped to fuel the 
rise. 

Interest again centred on Pro- 
perty shares on consideration' of 
recently -concluded deals on some 
Central Hong Kong sites. Cheong 
Kong were again a major feature, 
rising HK$1 to 14JH). 

ILK. Wharf also featured, rising 
HKS2.75 to 34.25. 

As Properties moved ahead 
market Blue Chips climbed In 
sympathy. Hong Kong Bank put 
on 50 cents to 21.90 and Hong 
Kong Land 15 cents to 7.15. 
Jardlne Matheson rose 30 cents 
to 1S.40. 

Utilities were firm. 


An?. Ang. due. ! Ana. 
17 16 I 16 I 14 


Induotriftl 

Ctnublaed 


ai.7B ws.® lda-aTTisaja ai .73 in#) 

209 .M 208.68 207.6a! M7.581 209. M |17« 


!6<uS0 (16,-a 
170.B2 (30 il) 


TORONTO Oompn-iuj RosTd'I 1234.g| 1224.B 522K6 T25S.0 <17.10 { a98-g W0.ll 


JOHAN NE&BBttG 

(iciki 

iDdDktXttl 


25 7.4 374 J 2ffi.fi 2fi7.fi 

2&L3 283.4 260A 268.1 i 26S.4<1*#) 


196JC (2CW) 
194.fi (U|J) 


Aim. . . fru- 
it I noun 


UlO i 1910 
High j Low 


Aug. i fw- j unu ; iwb 


ft m.iT- Hn.ifii>;K3.75 ;63L32^ e53.T5 ' Ml.M 
, ll7/:> , (USl 
Releium il » 97.62 97.40 ; 10 1. 16 90.43 

, i (0 i6i . (23 iM 

Oanmarki" 93^1 BSJ4 B8.9&. 94 

! ‘ (14/S) ; 16/2) 

franco 75.3 75.7 1 ISA 47^ 

■ ' l ti/« ! lifil 

Gennonritti E L5.4 ■ aw.i ‘ tsis.9 ; 7a».4 

: I i (27i?) | (17i5) 

Holland !»*'■ 8S.& j B6.1 [ 97.0 76.0 

• I ■ ! Nrtji 1 (4/4) 

Hone Koflg|i5W.«i S«^» SH3.42‘3fcJ.44 
^ rt*i i \»<» j 

Italy <tli: 64.60 ! 84 25 \ 64.M) 50.40 
1 .i'7; i tlOrl) 

Japan to- 419-23 417.50 , 425.81 : 304.04 

1 1 i • (4 ■ 10) 

iineapore 1 396.19 '390.68, 396.19 Z&J) 
Kt> * ' 1 17/ . , (Hill 

IlMIO— lllfl 'J4M lllUk III. I1K -4ilK'< 

|M I-4CCDI NYSp- AD Cranowa - m 
^taralMMi- -inrt I'nor* — 10 um romun 

Iim_i ,m»i. The lam nanvo i»M h* lOTai 
• E*cli*iin>» bmmh. t ew Industrials 
: 4M' iiKtiisrnala. 4b UTfHno. 4fl Vlnann 
4 TH 1 7" I'raiWMn • Srdn*» All Ordtnuv 
Holman SK S1M2/BS RnDMAanen F. 
1 i\rf ii u»n«i Hnni— » .1041 T? 


GemanriH* 215.4 1 fiW.l 


r.si.c 

Pont Motor- 

riieeniiM Mvk... 

Kushuro_.._ 

rnuJkiin Mini... 
r'ree/wM llmwn 

r’rueiianl 

P«Mue loil>_ ~-_J 


Mkv Lw.aioml 

ML A 

M.DwmiKi 

K-DumieN Dotw! 

VL Draw Hirt i 

tft/inurex ; 

Merck 

Vlwrii. Lym h-... 
Mew Petroleum; 

mum ; 

Uidu Aim- A Mti! 

MoOn Uirp- J 

MoiiMntMw -J 

Morjwi J. 
Ur<i4Tiia-...i_~.... 
Murpliy Ull.™ — 

Anl.i*.v 

-NaIim Chi-miealt. 
National Un..... 


Lunuiner....) 
?«a eram.. n . ....... 

)«r.c (UJJ.) 

>®r- Uoebue!i.^. 

>KM.:o 

obeli Uil _i 

She’ i Irau-puti... 

-i-naj 

■nsnurteOry 

nimptuMy I'M— 

*uu« — — .] 

ani th fv-iiie...—. 

^oolruu 

>10(11 

XiuiliecitLai.lui. 

auuilieni Cu. 

»hii. Nul. 1(* ... 
Mhiihera Hacilir. 

‘HnitberaKailway 


UPi^narta ......... 

ilintcui 

rinoui. 

t-tigaiy PLiwer... 
L»in:lo» Minn... 
v-iiuiln Lei nen i.. 
Lauait* NW Uil. 
Um.flDlbeklVim 

III- 1 ■ 1X1 ... 

LiO. P, ci lie 

i.'iui. Psuitk- Iiiv. 
•.cn. 'iiiei i Hi... 
Uitriuig O Keeie.- 
lilhimi- Aiiexloa. 


Balknit 1)41* 96,5 j B 6.1 ; 

Hong Koag|fiW.42j 643A«: 
twiy (Ii W.60 . 84 J>6 j 


NOTES: Overseas onesa shown Qetnw 
-■aiiun^ f Mvniinin ReUDan rmnn-unr- 
an* after wihihniaina 'as 
• DM vn fl-nnm anliw urtierwise sratefl. 
uielns hssert nn «w rtinnenni. pins ir. 
V i*a 5Ui: iMwim unipsn .hmww sraied 
i DKi uni rtetmni imleyo ratvrwise Marert. 
kStvKi Sm‘ trtiam aid Rearer diam? 
■inl>^» <jrfterivi»' i •• V5fl re/wm 

■tnless nrthrrww* sralert S Price ai I rue 
I cospenxuiti * Hiirliw SrWHIries. 
r r.enis d Ohrtrteort iH« aemtine rhnns 


and 'or scrip issue. «* Per Mar*. Prance 
n i.roa hi*. % i Assumed dividend after 
«rrm xhrt/or riant 1 issue k After knca<! 
laves. m% m free, n Prancs- inctmtinv J 
1'iiitar div ■- Nwt. q Share aohl. s Div ; 
and neb] mrclnn- ■wcia -wvmeni fsm 
enrert div -i UnulTli-ial >raHme "MlWini) 
nnhiers m>lp u Mercer ueiidina. * Asked 
■ Bin. i Trwleo I Seller * Asanmrd 
vr Kv nehts R* dlvirteod. irRi 
smn issue, vn R» all. * IMerim since i 
irirressert 


Mut-tnu Une j 

Diikun Wsb-h 

Hi i r mu: l-M NUm.t 

ftumiugh ! 

ATuriltbeli C* <ii(i..../ 
L'siuulian IMcihc.l 
(.'ansi ILnhl<rt|>h..[ 

Lnma(H<n j 

CHi-rin a lii-iiira l 
LarUT Hauiev.... 1 
LareriiiliarTra.-ii! 

I'Hrt I 

4.-Jniieu. , Curiiii-..| 
Loilral A S.W....I 

L 1 -rialiHn'il 

L t — iij Am-rail.. 

I iu-i'Maiiuannir 
liirniiml 18. M 
l Ih-4 LsiDi INuiii. 



( iiilaK 1 ’ Bn.lgv.. 

L l*r\ -ii-r 

< 

i me. Uilurri-n. • 

ClU-Tp 

i in.-, x-n i is*.... 

(in 1 II » i*.-1lll-.. 

riL'irlaa-I I'hu-.. 

( iv.i Lois.. — 

(■■•.lrU Pain 

linlin! Aiknian..- 

I#<lllml*l4(is- 

(..■Iiipii-n l*«*i. 

t* n'i.lii'1 *••.••! An. 
(. ..ml xi-l ■••ii huj. 
t -«iii .ii ii'*n l.-i 

I *111*9 'ill Ml'fll* 

« ii< '« *fii< •irN.-t. 

I ••min. fiflli till--. 

l.i.|<l|Xll «*l N'H ii,, 
•..Mill I .Mi* In-.. .. 
l. .-iirrii- 

(.••11. Ivllfil .V.V. 

I ■H-.jl l*i*>u .. .. 

(. I Ver. r,*i»... 

(■■i,.»iin*n I'-.nc* 

L»nnni-Mi**i tin-. 

I. .'lit KUM >1 HI (ill.. 
(■••Hlnwi'iHi Tele, 

t '..ill .*u lints... 
L'*.*|srr lodiw 


G.A.P 

IjrAUliett— 

Lien. A mer. Ini... 

U.A.L'.A. 

lien. Cable 

(Jell. Dynsmio... 

lien, biivt ncs 

lien. P-ji-U 

Lmnerai ill*':—- 
(iciiera. M.u*ir-,.. 
Uen. Pul*. UiL... 

lien. -ikiuiI - 

Cell, I el. Kltart.... 
lieu.Tve- 

biur-iv 

(i*,»t*ia Pni'itt. ... 
Lrfly Oil I 


«i MIMIC I 

(ioxlncli II. F.... ' 
I iixulyear 1 1 re_. . .- 

(J Oil Ml | 

UrneuW. K 

*in..Miaii Pueli-i* 
lirl. Nvnn lnui„ 
l.*tv\ bouinl..— ...'. 
■ ■uil A Uwteru...' 
i mil i. in.. 
till itnirt. 'ii ' 

Hanna Mining— 
ii* n ilrcii is;if 
rixrrm iVirtsi— . . 

Hruu H. 4 j 

lU-ui-irtn ; 


Nat. Di-lliler- 

Nnl.Mds-ii-o I mi; 
\bIh>d«j btcei...., 
Nati-ma- — 

M. .K 

N-lAiiue Lni|*_.... 
.New lirm-aim lii. 
New Lu**i*u.lTei' 
\iauhra Muliawk 
.Niiupiia Olune...^' 

N. L. luiluriiie J 

\*. rlol sAW (Klein 

•N.irtli Nat.Ua'..; 
Mtiu.ouum P*r. 
.Mlise-L Airuiiof 
NUiw«( bauwird 
Norto/i -'irana...: 
i.kvmeniai Pelml 
Ugtlvw Uatber...' 
Ohm KiIimiu.......! 

Oim_,„....M.. — I 


(mtliiaiHl— .... 
-Vi ban-hare*- . 
^petry HulcIi—.. 
■peny KalW 

-Si|uiLi. 

Land ant Bisurti 
lU.LhlL'aiiionna 
JM. Oil Indiana. 

nd. on ubw 

>iBufi Cucmicnl- 
bienlnj: Llrujc — . 
nuJeiakw . . 
sun Co.— ...... 

6 unilMran.t — . 
■dt-mes 

i'eefcnwcvor.- 

lektrooii 

teledyue. 

lees 

l'enera_ 


Hor.-ie Pnehan1...] 

Inn.*. 

Homcaiake • 

Il.niHi'a eil ..... 

H*>sct 

.(men 
H.'u-i.mi Mm .r.iii' | 
HnntiHi.Ai Clim: 
Unii.iti ifc'.K.>~— I 
l.< . I rultiat rlars .. .i 

INN • 

[ l uver - hi Karol., j 

I i 


Overaeaa obipr..; 
Oweo* Cnrnmj;.; 
Uweoa I lino in-... | 

fa lit. Gto ... 

Pai-iUi.' Ltphtinfi.; 
Pnu Pa r. A Lip... 
Pan Am WuntAtii 
tNirker tlannrfin. 

PealMly Inti i 

Pcu. Pit. A U. .. 
1‘enny J. t*_ 

I 

i l'enjxai Drug 

I'eophrtOa* 

Peir-Un I 


rentio PeCnuenui. 

Leseei'.- 

lexnr^all. 4 
U-.V1H Lasteru. ...i 

I CUb. lllkt'lll J 

(ex*) Ob A Him 
L ens L'Hlilies—.l 

limes Inn 1 

limes Mirror. —.j 

l Irtiken ■ 

I'm n<* j 

I'ramuneit 

1 ranurU— 1 

Iran* lialun j 

Inn nii- lnir'ii., 
i'ram TVnriil An.; 

Lravelem — 

I n Loannentaj J 


Cliveitnin- 

CillllllK-*' — 
fua. Ualhutol... 
Luu-umer (m--„ 
C*--«kH Itcu.iirciB 
i-vrain 

iiaiKi Dcvei . . .. 

L'eai-no ilmev„ 

u-jqi Mine*- 

Dome Petro.t-au. 
ImmiUHia Knrtae 

IJonitnr 

DupoaL 

Palcou’jte Nickel 
r’pni Motor Can.. | 

Gen*l«r 

OiBniVei’wbuife. 
(run (in CanBrta. 
Uankersm.Can. 

Uollln^cr.; 

Ui.un7l.il 
Uu iMm Bay Un*, 

Uu Iv-n Day- 

IlietoiuOi.A Bio-. 

I.A.L j 



Imieral Oi 

I nc*» 1 


| vioti^ y High ( 

Lon 

i ioe.46 1 no. /a 

6?.Sj 

i ! 

(17* 

1 40U6 1 ws.ee 

3&.W 

: 1 ww) 

(3/n 

; *6.7 !«+.*. 

iisn 

1 ! IiM« 

1 ai.4> 


bank UeC- i«» »2 Aiuatertlain (oausinsi 
1810 8k Harm Sen* Mma Slrt/in. filhanea- 
Cnmmirtiale Italian* U\/1t <a tasyg 
New AB 4/1 ran n smn, hmo . iww. 
r Owed, it Madrid AK WB/h. eSrmV- 
hnlih ladiwrral l/l/S* i iwis? km 

Pnrnnrshan ItnmlliM* 


(a 419-23 417 JU . 


THURSDAYS ACTIVE STOCKS 


iinssporB 1 598.19 . 590.68 ( 



Change 

Stocks ClOSlQK on 


traded 

price 

day 

RCA 


33* 


M-AI-M 

OT .4fiA 

63 

+1 

F.l Paso 


1 ^ 

+i 

Reatnee Food 



+1 

ITT 

XU.MI 


-1 

ill a tie! 


13 

+» 

Digital Equip. 


Mi 

+ 1 ! 

Cmntnental 0 ,i 

aM.sao 

SUB 

+i 

Rorer Group . 

. :an.:4o 

]*U 

+11 

Evans Products 

.... 301.SH9 

Ml 

411 


GERMANY * 


TOKYO 1 


Price •»- or Div. i 
Dm. — % 


AEU - ! 76 

.Liimiu VetMirfi.J 488 

UMH' SOiS. 

BA^F 138. 

Bajer— — 1»3' 

Hayer.Hytu 29o 

UatCT.Veroinsi'Is. 330, 
Cnn 1 iU.Ne.i.«rtrl 143 
Ci'f>inii!rd«ai..»..' 251 
Cc-ar 79. 


76.41-0-2! - I - 
488 1-1 'U 1.4 S.£ 
SWS. 6 !+l fiUJfc 6 .C 
132^4- 1.8 , 18.lt 7.1 
le3.6 + 1.3 18.7b 6.9 

29^ |a£8-1Z 4.9 

33O.0| 18 2.7 

■ -0*8 ! - - 
1 rt *1 . 1C CJL I V e 


Ven [ - % %_ 

518 r+l 14 

430 +5 12 1.4 

r.dtB I 11 n 1*1 


251 I+O.a 126.66 11 S 
79A-0.8i - - 


Du inner Bertn....- 3 l7.9 -0.4 28.12; 4.4 


CKW I 

| Ait Ii Century Kit 

C.A.L. I 

CAKc'O 

Ctrl 

Onhever 1 

Lmieter .(L.,,,.! 
Cokhi bunoirp.. ; 
Lnion I'andde....; 
t'nioo LMnmerci, 
L'nlunlh) Calii.. 
L'niuu PadBCu.. . 


Ii«*ial I 

luianu Nat. li*» 
int |.<. v l‘i(>e Lund 
Kai'rff Ke*uut\i!b 
laturi Fin. L'Oi p,. 
Ldlm Ct'ni. *b . 
.'l.mm'n fill's*! . 
Mh-km'V K^nro* , ■ 1,, ■ 

Mcliiiyie...^ 

■'I* **re Cnrvi j 

MuuntAiruitiiieK»l 
Nnrntvln Mine,... I 
Norcen Kneitcv...| 
Ni Im. Twee-m ...I 
Niutihc Uil £ Ca,l 
Uiksmi Pelt 1 m[ 
PtuiiDc Cuptei 31.' 


|Heau»*. i... .* 264 _-l 17.3.2 

■ K-Iiuft^ 1 lc 6 .& — |4-1 

De-n-eLie ttamh.... ,3tiZ.v« 4.2 28.12 4.7 

DrcvrineT Hank.— 24 J .6 -0.6 58.12J oJ9 
JJu-kertMiH 2eiiit.i 200 >5. _ 9.38: 2.4 
LiiilelirHIumt;— ...I £ 17.5 —0.5/ US. j M.8 

riHL-ee l.->nl 1.8.5-0.5|I4.04| 6.0 

Hariietier 4s4 — 2. iISJS h.0 

il eeiiM 130.5 r 1.9 »18.7o| 7.2 

ll*w«ii...- 48.3+0.2 4 . *.£ 

. - ' 136 —1 9.6313.0 


A -nn Lr law 518 [+1 

L'afltw 430 f+5 

Lark* 745 i-15 

Ctiluoo 466 .+44 

Hat Nippon Prtnr B42 -3 

F.o*44hi«v. 1 BIO +6 

Hitachi 828 ...... 

Hnodit Mraor*..— 616 +3 

House F-vxl—.—. i.KwO 

C. Huh 247 t—10 

itw-Ynkailn I.t60 +20 

4 SO.-V. 670 

4-V-L.._ -...2.740 -10 

Kaimii hirer Pu. 1.210 1+10 


AUSTRALIA / 


Ann. 1J 

1 + m 

A list-, 8 1 — 


BRAZIL 


Puce Y + nr Yidi 
Lru» 1 — lurv.l J 


Ann* AimUdliB 


AuMriia DP-,..-... a99 !+ aw J. 12 12.12 


Knnwuu..... J 524 i + 1 

hui«ii 8 .,_ —i 281 j +1 


1^. A VI .MILS/; 

2.2 -Vnipnl +*^ln«iHon-.....-.. 

1 7 Annul 

1.6 Aaeue,. — 

2.6 A*"*®. Pulp INper SI 

1.7 Aasno. Indntfrtea . 

I. 9 Au>i.Pban<(acVm Invest™ 

2.4 A.N.I 

U 9 AuiluruM™. 

J. O AustUIHtWs 

- UdinU-o Creek li Oil 

4.2 Blue Metal lod 

2.0 Utncmnvmel’-'tM'piT 

., UnimLlw tii'luxines. 


Hanco do Brazil-.. 1.81 :+a.bT. - 16 B>a . . . 

Banco I tan Pfil ...! 1.06 ,+0.U2: J.»*iU7.« — 

Meieo Mlnmratlp; LBS + 0.16 ..Ofc 6.34 

LoJ«« Amer. OP..; 3.48 -O.lia 1 .B6 3.79^Mf\D ; T V M J 
Petroi-ra. PP-....! 3.**5 ; +0.62 S.l^ 

P kr«. II. L^O J. in' n .05 

ouzaCtuz DI*.J. 2.66 '-O.02l .L.2 B.27 . ■' - \ 

Unt», PK — : 5.47 ' 10 . 264.57 ' ' " 

Vole HU. Ihw*e HIV 1 .26 ‘-Q. Mi .lt uSft.'* 

Tnniover CrJM^m. Volume TSJm. 

Source: Rio de Janeiro SE. 


Prtroi*raa PP-.... 

I'lrs.ll 

TiuzaCtnz DP... 


h.t ult-C e rail 1 m ... 3,6 10 
lIrf.LMii.Una I nil... >08 


ll.rf+cn...- 

■ l.iTlen 


Kill Mini -Ml, 148.0 |14.W. 4J9 


1 B.U ; 

llrtl.FlAVHir-i.... 

I mi. ilBTiert^i... 
lull. HlnAChem 
Inti. MulUtxrat*.. 

Iil'-.l 

lull. Paper. 

ipo ; 

I 111 . Uwl llli-r... . ; 
Ini. TpI. A Tvl.... j 

Im-PDi 

I"»*a lkrl I 

LI* InlpmiiLiiTTiiil| 
Jim Waller. I 


Perkin Kimer. ..• 
1 Pl4— 

J I'flrar. 

Plieipi Lk«tye. 

Pliiuulwtilita tie. 

I In 11(1 Mnrri* 1 

Phillips Petni’m. 

I'liBhury*. 

Piiuey B* *x« hi- .. . 

L'lUibnl 

Phnae.i Lui AUK, 


| I'nirorai 
1 Ciutert BrancU... 


1 LV+«iwrt * 

I PtJninee Klee 

; CPU Intlnstne*,. 

1 I'nelTi lianibiv... 
Pub cene H!c*+- 
Puiinian - ; 

PurO..., ; 

(Jnakci Data 
liepiti American.; 

Unv lIwjm 1 

KCA— 

Kcimlitic Steel... I 
Kewrta Inti — 


L - Bancorp. 

j C8(i\prum-.,-..| 

i U& ciioe. ... — , 

! L5 bluet — ; 

I l-.i* TertmiHoatR. 

| liV Inrtnslne^...., 
I V ife-uuii Sleet..... 

Watarwii 

W Rrner-Com ran..- 
IV'ani«r-lauiit«°T( .i 
Wasir-Mag'ioein! 

U'elit*-L'ar|{n_,... | 
Western Ban..i^.i 
Western N. Ameri 
Wc-tern L'oion...; 
Westlneh'ae fcin.*, 


Pauitic Peuv* eum; 
fan. Can. Pefni-j 

Pal mu. — j 

People ■ UepL 0..1 
Piace Can. A imJ 
Piaeeriiet c opmi : 
PoaerC-ort.mil u* 

Price -...., 

ij'+t+c shuijeoii 
h'alifter Oil™. — , 
Ueeit nlcnhou'-e-.. 

Ifw *Vi||iiffi ' 

Kvyai Uk. 01 Ian.. 
KL>ya. Xr ur i. ...... J 


KirsiM'll — 

hniili.irt — 

Kir kner DUIIVj 
kH Ii 

hrrfpi*— 

UmIT— _.... 

Ir-U'l-fll'tail lUU— 

LllflxaOtrf ......... 

MA.N 803.0: +O.B 12 I 2.9 

.Uaiine-uuun— . 174.1j+1.5 4S 

M.+aii^o 248-51+2.6 10 I 

MuiiciieuerKiK'k. 98v !, Id I 1.6 

Atx-kermann 159.1^—1.0 — ' — 

Pieu -Be Dll ICC. ln^O — 0.3 — , - 

liliem Wol.KIcc. 1B0.7; 26 8.9 

Kiieriiit— 2b3JJi -j2e.l2[ 3.3 

^ii-nifflu*.— _.™ 292.0, +0.5 le I 2A 

3u*iZuckL+_ 2i- 1 ... ) 26^t, fl_d 

1 1 n> ~«i A .G It 3.0 Il/.n 7.0 

Varta 186 —1 j 14 ! 3.8 

1 EBA- 133.2, +0.7 12 . 4.4 

Verem-AWeet Its I «4 j + 1 j 18 1 3.1 
V'.uh-uafteti„ 1 245 1 + 2.5 1 26 I a.l 


3a5 - 1 .44 3.6 

245.0 ^t.6 118.72 3.8 
97.5+2.5 - ; - 

178.7— u.3 ta.Jfc. 5J 
99.1 -0£ - I - 

ZS9JS +1.0 1 23 ! 4.9 
1.690 -5 26 , /.3 

108.3 -r-U.2 | 9.a6, 4.0 


MrfLM»Uua In’!... >08 i+4 

.tlit-Mii'ikiii Hank. 280 i+i 

11 ii«ulm,lii Heavyj 125 -l 
il'iMitmin Cnrr..* 452 j— 1 

HiLiiiiAUv. J fill 2. 

HuetikiMhi - 573 1+8 

.Mpisui Denjii.™ 1.400 . + 20 
Mppiw ahiniom.- 710 , 


tiinken Hill PtntiFietirv~..i 
li'ri Ninth 1 


! Krnnei — 


w7&ifn:a: 


Nunan U.itors .-J 740 .+8 

Puiucer J 1.580 +30 

rttuj/u 'Kiei-T rtc — 

nek 1 mu Pretab 891 

hiaeuiiA I,i80 +10 

Sony.. 1.640 +40 

LkibIki llanne — 833 +1 

lake la Chemical. 404 +1- 
lUK -2,090 | 

luijin [ 117 | — 1. 

lokyu lianne 473 I — 5 

mkyo hrfvlPowr '[1,140 +a0 

iofc.ro aauyu j 3&2 1 + 8 

1 may , 141 (+1 

irahiln corp 1 Jz3 +2 

iujum Multn.^^4 853 1 + 5 

Sratm* NikRo Vnindn. I 


BRUSSELS/LUXEMBOURG 


‘ Div.; 

+ or j Pr-. -V ,i. 


AMSTERDAM 


I Wcmacn ; 

*1 e.t erliacuBer ..... 
(VuirlpiioJ 
WhiteCVjn. IniL.J 

William Co | 

(VUrannn blurt .. 1 


^iVtreK'arop+r 

Seainitiiia^ 

Shell Canada 

Sherrill G.Mine, 
.'iel«ra» 1 . 1 . L. 

Blmpwin 

iteel ot Camuta ... 
ytrep tfit-lt Imv... 
Texaco Canaiin ...| 
rnroniolriin.lti,.; 
rrana Can P 11 +I ji' 
Tran* Uoum 0|a' 

iriun- .. 

I'D loo Lias 

l r W-Sl» ue JUite' 
Walker Hltam... 
West CoaMTran*, 
Weston Goo 


; trice ; -f. or , Dle.'JTrij. 
Pla. ! - I % I % 


AJiiXrt tPlJA) ■ 

AKm (Plifll 

AicwnBnkiPl.ICCi- 

A 11 IS V fFl.W, | 

Ainnunk (Fl^Clj 

nljcukort 

tk'kzll'erl miFMl' 
Uuhnn Teucrode 


KI*evierV(F/Ai| 
KnuiaN .V. DosTOi • 


t Bid. t Amend. (Traded. 
II New stoCki 


KnuiaN .V , Uen km { 
KurCnuiTMLFI.iOi 
ti Inal UroeadeaF 1 .1 
Ue'uebun (PL2P).I 

Uoojo*vena (t'i^O',1 

Hunter D.tFl.iOOV 
tv.LkM. (Pl.HXA.. ..] 
LnL Muller (U6J>J 
Naanten (Pl,lU)...{ 
.V*t.XedItis{Fi.ii;.-; 
AedUred Mk(Pl 
XalMU BklPijCii 


EUROPEAN OPTIONS EXCHANGE 


<M. Jan. i .'tir. i 

gerlp. Vn|, Las! Viil. j Ljim fault &<*• k 


BASE LENDING RATES 


F3.60 
F30 : 
T 32-50 : 
P75 > 
. 450 ; 

M»0 

S70 l 
S25 . 
K3S 1 
F37.S0 ; 
PdO , 
F240 , 
P360 1 
tJ!80 * 
<300 ; 


18 10*50 . 

4 1 3.80 : 


10 . 13 I 

10 : 3*90 
10 2.20 
9 8 

2 38 * 


FI 33.30 i 
F142.90 
FI50 I 
F 152.40 ; 

V160 : 
F 16 1.90 
F 17 1.40 ! 
F1B1 

Y 190.50 [ 


22 

9 ! 

31 

10 : 

2 

38 

3ij j 

17 

&J 4 

B 



3 

3>4 1 

1 — 




7 

5.40 | 

— 

7 

3 i 

5 

4.90 : 

— 

5 

i 1.40 1 

25 

3.80 1 

u 


' _ 1 

1 

62 ’ 

-■ 

4 

1 42 



- 


3 

24J, , 

11 

*V» ! 

— 

14 

11*4 \ 

10 

17 ; 

2 


- 1 

1 

28.60 I 

- 


20 ;F365.50 
4.70 F31 
3.10 j 

- F78.B0 

- ) 5677a 
1U? I 

7ia - 

- !S243fl 

— IF38.10 


4 j .. 
— i8299 


- I F155 


10 : ib 

1 : 18.50 


7 ! 8.80 
4 ; 5.50 
4 4.10 
7 2 


6 18.50 . — 
14 10.50 ! - 


F98.90 1 

_ 

1 1 

3 

11 1 

— I 



'FI 06.70 

F25 1 

43 

1 3 | 

35 

1 3.10 ; 

60 ! 

3.90 

'F26.40 

F27.50 1 

31 

■ 0.70 1 

68 

1 1-1° . 

16 

1.85 

1 .. 

fiho - 

6 

* 15 

9 

M-gg ? 

— 1 

— 

IF 132.00 

ri30 1 

14 

! 5.50 , 

5 

1 6.70 1 

1 

— 

1 

V140 



4 

! 2.50 


3.D0 

1 

mo ! 

_ 4 

,15.50 i 

— 

1 _ . 

1 1 

10 j 

— ■ 

1 

560 i 

3 

! 5i = | 

25 

] 634 I 


— 

I 864 

425 I 


1 - \ 



1 “ i 

5 I 

1 «a 

i S22 

890 ! 

2 

! im 1 

— 

1 ~ 1 

— 

1 Ha | 890 s# 


l.'D F120 ; 6 j 15 

KW F130 j J4 I 6.50 J 
RU V140 - - ! 

IM rilO ! 4 ,15.50 1 - 

XKX S60 ; 3 i 5I S 1 ; 

n\T K85 I - I - j - 

slb B90 ! a ! 113 I - 

TOTAL TOW'"3fK IX COSTKACTS 


A.B.Itf. Bank 10 % 

Allied Irish Banks Ltd. 10 ^ 
American Express Bk. 10 % 

Amro Bank 10 '5» 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit &Cmce. 10 

Rank of Cyprus 10 

Bank or N.S.W. 10 «& 

Bimque Beige Ltd. ... 10 % 

Baaque du Rhone 10i% 

Barclays Bank 10 S> 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
BriL Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm't. Trust 10 % 
Capitol C & C Fin. Lid. 10 % 

Cayzer Ltd 10 % 

Cedar Holdinss 101% 

■ Charterhouse Japbet... 10 % 

Choularions 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank '“10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popnlar Bk 10 ^ 

Duncan Lawrie 10 % 

Eagil Trust 10 

English Transcont ... 11 % 
First Nat. Fin. Corpn, 13 % 
First Nat Sees. Ltd. ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank .JI0 % 

■ Guinness Mahon — . 10 % 

■ Hamhros Bank — ..... 10 % 


mwn Samuel §10 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyscr UJlmaon 10 % 

Knowsley & Co. Ltd-;. 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Mansog & Co. llJ?o 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 

P R RpFenn X- 10 0* 



111.0+1.8 
31.0;— 0.2 
365.M + 3.9 
04.7+1.1 
78.8xd- + 1.0 
5.2.8 -0.3 

127.0,-0.3 
71.1*4.0.1 
288 -3 

16SJ0I + 1 

6 6 . Oaf 

38.51 + 1.1 
102J3I+U.5 
38.I--0JJ 
26.0. + c.3 
155.0* -1-2.0 
50.9-0.1 
34.41+0.4 
108.7 + 1J2 
59.21 + 2.6 
20Q.Oj+2.8 
164.6: +0.6 1 
32.6! -0.1 
147.S.I + 3.5 
37.5. +0.3 
86.4—0.1 
eo.aj+o .6 
176,?' + 1.2 
140.0' + 1-3 
123.21 + 0.2 
132^+1.6 
262 +Z 
129.0' 

143,0 
182.?: 


A2S6I 7.8 
, 40 I 5.9 
A23K 6.8 
46 a.7 

: 84I 6.4 
1 JS 6 [ 7.3 
[ 27 6 1.9 
5.6 

f B-3 
6.2 
5.7 

I 18 4.6 
I a 5.1 
( 19 7.6 
I 12.5 s.e 
I 40 4.6 
21 7.1 

I 22 5.5 


Artie!-. 1 2.400 

Uetten *‘B”. 2.225 

L*. U JU. Cunwm, _i 1 . 8+0 

Ooclterili ) 436 

BBfe 2^60 

Uiectrobell _.: 6 . (70 

Pslmque Nil— .. 2. IsO 
■ i.B. Iodo-Bri— .:2.3.5 

Dc vnert. 1 1 ,350 

UbL UlriK U ‘1,125 

HuMiza .2,405 

intcttuiii.... 1.750 

KreiKthBak -7,k3J 

La Uovmw lKda«^ 6.700 

1 ‘rfd Hu>*iidl> 2.845 

Hutndlu«..._^.... 3.770 
** Gra fimqiirJS.J 0 
5us Ovn bnn q.K^.025 

■ortmt 13, .65 

Xi.wv -2.455 

iraraJon Kio.-t__a.t35 

LCH J 920 

l/D Miu.tI.Uh_... *63 
ViaiUa M oatmne 1 1,589 


1+25 ! - | - 
1+25 lib ; 6.2 
j+6 1100 8.3 

— 6 ; - 1 - 

;i77 ; 7.9 

+ 20 |460 : 6.4 

;i70 I 0.2 

1+5 1 160 b.4 

! ; 86 6.2 

! .1641 10.8 

pw 'l iO 7.1 
,-b 142 ■ H.2 

*+.10 *48. . 4.1 
+ 20 .. , 

; + 5 'Ssi.ibJ &:t 
1-25 !17+ s *.t 
i + 45 |8uo I 6 7 
'+25 1 14- J 6.9 
j+10 {215 ..6 
-15 A4ii| b.h 
6 17-j 6.4 

+ B - 
1+18 60 1 6.5 

■ + 25 - I - 


Larlun Untied Bi*wery...4 

l = K (fill I 

j Cock hum Cement __.l 

rtf. 4.L • 

•-‘.utv UitfilfieM^ Au«r I 

iniiiiinei (Sit-.—.. I 

'. •ninnc Kim into ....... 

| ■■luill AiMlrtlt».,.,.._— _ 
Dunloj, KuOtwr (SI)...— 

1 KSL’OJt- 

Kliier* amnh.. .......... ...... _ 

K.4. I mliTMl rt prf — 

lien. Property Trust 

Uamersley 

j tLx-ker 

1DI Ainrtralirf _. 

InLer-Cop|«r 

-JprmiiqiB Inrtawrlea .... 

loneft (Dnrhl} 

Lennaid Utl 

lleLkls Kxpkiraiion 

9IM HnlrtlRK* 

Bmporinm.. 

.lew,, ...I 

■V HjhuiaB Interna Uonal 
Ancth Broken U’cUiuk tSOci' 

Dak brtrtee.._ I 

Dll oearoh.— 

DUdr Lxiihirarion I 

Picnwr CoocrrVe 

KwtrilT 8 DcHmau. I 

fcL U. olelah ' 

southland Mima* ( 

3|rfunua ExpSimlfon 

ro«ii(S) ! 

V> rfLloDB™.. — : 

W’BMmto Mlnfos iSOoema: 
Wool worths.... ! 


•fcifxoti Bank., 

diimaiaaiM 


99.0+0.5 9 

84.5; + 1.5 I - 
11D.U; i 11 


7. l N M. 4 4W.W,. I ii 

r'-'S 290.0-12.6, 20 63 

l+'L’fl KTT*iick*.'-«i. i*js# r u iq;j 

{-0.10 .W^kHy.ln.KpTi. 214 J + 4 I 12 4J 

.iIhr'ihwI 


214 |+4 I 12 
100.0)+ 1.26* 7 


JOHANNESBURG 

MINES 

Aonnst 17 


(iWLTicaii ujrpn, 
CSUUler Consolidated 

East Drielouteln 

Elsbnot 

H amwt iy 


Kioof 

Rusicnbunt Platlmini 

St Helena 

South vaul ..... 

UoW Fields SA 

Union Corporation 

D« Beere Di.-furred 

Blyvaoru 1 1 nau 

Kasi Rand 

Free Si ale QrduW 

Prv-ildent Sle>*n 

SiHfontoui .... 

Welkum " 

IVrtj Drlcfornrin 

Wesiem Holdiuu 

Western Deep 


Rand 

+or- - — . 


d-10 

-US . 


ftTJia 

-Ur • 


14.30 

—838 - -. 


Ui 

-8J3 


7 m 

-8J0 



“833 


10 jj 

-A33s^_ 


1.70 



lfi.70 



S.tiO 

TUItek 





fi.« 



7.80 

—8.13 


0.15 

-8J3 .. 


G.54 



C.;.is 

-139 ,i|' 

l\ 

HUB 

—USD * ' 

* V 

3 13 

-0J5 


6.10 


x 

43.00 

-8.7S.V-i- 

1 



5 

laJB 

^-033 

1 


^ +* or: inv.'Vui. 

■ Aug. 17 j Kra. — 1 Fr»,j % 


SWITZERLAND ® 





Aiumloluin ' 1.800 

UBL ‘A’ -.;1.B4j 

JlkiGda tr.lOO;l,v0Q 

Do. Put Lett. 780 

Da Ueg | Sa8 

L'rarflr dutm.....,834S 
BlectnMniU ... ‘1.870 

+ 15 
+ 2j 
+43 

” 

+ 36 
+ 10 

8 ! 3.4 
10 : 3.0 
20 i 2.1 
22 : 2.8 
22 3.9 
16 3_c 
LO . 2.7 


COPENHAGEN * 


P. S. Rcfson & Co. ... 10 % 

Rossminsier 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd- 11 % 

Sbenley Trust 11 % 

Standard chartered ... 10 % 
Trade Dev. Bank 10 % 
Trustee Saving Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whireaway Laidlaw ... 101% 
'Williams & Glyn’s ... 10 % 
Yorkshire Bank 10 % 


| Members of the Awfdill Hanses 
CoramWec. 


t - 7-day deposits 7 %, 7-nnjnth deposits 
715?. 


t 7-day deposits nr mm of EIB.MO 
and under fil%. up 10 it3.fiW lift, 
and »« OSMO S*'?. 


i Call deposits over Jl.Qflo 7%. 
E Dempnfl deposits n%. 



K«iiLe oA 742.4*. 

Afnque OceWfe.i 43a.O' 

\ii L«|aMo__. J 331 I 

Vgmrame....— 658 I 

■'ID— 4B1 

*krfrrETie»„ I 867 I 

rt.*<!N I (}tmla-_i 516 
'^uroKHir.-^^.^ 1,747 

'.\ttJS i J 377 

D.ttT.AicaltH J 1,067 

Die ttaraaJre | 392 ■ 

UhnbMertiter | 418 

Credit Doin. FFce) 121.6 
UrousK Ultra-.., 87.0 

Uiin}«T_~. 654 

Frjfeuvk» 138 

Oen_(Jooi>i«il«lei^ 210 
linrjuu 66 ■ 

■Jneqow Bare! j ISO.O 

Uthiseo 206J3 

L’UreaL — 1 725 

Iqgnnd. 1 1,772 

llaiioiis FhenLi-| 586 
UloteUa-'-'U" — 11.340 
.Uoet HeanHsey . 535 

JioLdfasx. — 264 

FsrllWL 183.0 

Fadilwy 90.0 

reualiBlBnL — 290 
FauKeolA.'tirQM.. 492.7 

I'Wstaln- 210.5 

Radio TechnJqoe. 450.0 

KalouW— 574 

Unone Pooleava — 105.S 

.LUoholD 165.8 

'tii boMurnol. _.il,70 1 

lues — .1 291.8 

i(fienwcnn)(]ne._.| 786 
t lUUtBMT flouslt. £39 
llrfON- ! 23.1 


1 1 4ie 0.6 
I '21.16* 4JJ 
ltt.6j 6.0 
j26.26 4.1 
Ifi.ib 28 
42 4.9 
40.6 7.8 
76 4.2 

31i 8.3 
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12 3.0 
11.25 2.7 
E( 12 S.8 


,35-/6 5.2 
1114.10,10^ 
-I 8.26| 3.9 
„! 5.7; 8.8 


INDUSTRIALS 

a *» «.- "• J B M 

Ancio-Am+r. industrial - -jHU* 

Barlow Rand 4 , 3 -"■'vifijr 

CNA lavra LUJemil lu 

Cumc I'inanre a nv : r‘ raiuw 

Becrs „ ^iwriai ■ 

Ednara QmsoHdatcd Iuy, 

EdEars hliHVx ... man- ■«! 

Evc*r Ready S .\ 

Fed i* rale VoUshelenmnits . 

Oreaienojutt SloreTTf!..: £70%“ 

C^n Assort , SA) 

!U^ *“"« 

Premier Milling ... 

5SS™“. 0rwo sHr? 

Same Hnldhtsc "" -JrS 


1116.171 8.1 
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7j» 2.6 
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30 aA 
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! 26.61 8.8 


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C. G. Smith Sues I* ”■ '“*" .. ni-'-'-'snwnN^ 
SA flrcwries 

Securities Rand 

(Discount of 34J5^| Vgg 


SPAIN » . 


August 17 
Asland 
Bancn Bilbao 


Per cent 


h‘- 

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sarria Papatoa 7 "" 

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28.61 S.£ 
16.16 6.4 


STOCKHOLM 

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Aim. 17 Krone j — I Kr. I » 


AG A AmKrJUl— 

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U'Vtohoi*- — — 
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6.6 2.6 
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3.5 
6-7d a.9 


10 4.4 
6J 4J 


9.6 H 5.4! 
4 5J9 


16 4.3 
8 6-3 


3.70 2.2 
4.0 8.9, 
6 4.«l 
5 6.7 

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r 




















Financial Times Friday . August 18^ 1978 


farming A.\i) 


MATERIALS 


27 


Qualify 
milk boost 
urged 

QUALITY MILK Producers, the 
representative body of Guernsey 
and Jersey milk producers In 
England and Wales, has given 

qualified approval to the strategy 

report for the UK daJty industry, 
published last week by the 
• Centro for Agricultural Strategy 
at Reading University. 

Although endorsing the main 
objectives of the report. Quality 
Milk expressed reservations 
about some of the more radical 
solutions proposed. 

"The report does not place 
enough emphasis on the changing 
patterns of- the dairy market in 
this country, nor indeed in the 
EEC as a whole," the group said 
yesterday. 

“ We are now faced with a milk 
market in which only 50 per cent 
' v. of production is used for liquid 
conaumotion and of the refit the 
strnneest demand? is for cream 
or hotter. 

“ Yer the nroducers wluw mlTk 
' is of relatively greater value to 
the cream or butter manufac- 
. ttirer. receives exartiv the same 
pavment as hi« neighbour, whose 
m<ik mav he that much lower in 
biriterfat content." 

It was vital that the industry 
reconsider the basis of payment 
for milk so that it provided an 
incentive for the farmer to 
increase bis income without 
..necessarily boasting his yield. 

The alternative was that the 
industry would continue on the 
present path of increasing pro- 
. duction, increasing the ever- 
grpwing surplus of skimmed milk 
powder. 

If the correct incentives were 
provided for both the dairy 
.fa rmer and dairy products manu- 
facturer, there would be no need 
to impose the radical breed con- 
straints or legislation to tinker 
with the liquid milk standards as 
suggested in the report 


Dull start for 
NZ wool sales 

By Oiir Commodities Staff 

THE NEW ZEALAND wool sales 
“for the 1 978-79 season opened on 
a dull note at Dunedin yesterday. 
Prices were little changed from 
those at the closing Auckland 
sales in June. 

Average selling price was 
calculated at 199.67 cents a kilo, 
meaning that a Government 
supplementary payment of 2.70 
cents is due on all wool sold at 
the sale and privately up to 
August 21. 

, In Australia - meanwhile, the 
firm lone at this week’s opening 
auctions was maintained at the 
Fremantle and Sydney sales, 
with relatively minor support 
buying by the Australian Wool 
Corporation. 



faces 28 % cut 


BY RICHARD MpONEY 

FURTHER. UNILATERAL 
measures are to bis taken, to pro- 
tect. U.K. herring stocks. Mr. 
John Silktn, the Fisheries Minis- 
ter, announced yesterday that a 
28 per cent cutback in the Irish 
Sea catch will be enforced from 
August 21. . 

This follows the decision in 
July to ban all direct fishing for 
herring off the West Coast of 
Scotland (with the exception of 
the Clyde stock) In ait attempt 
to save the fishery from commer- 
cial extinction. Britain’s North 
Sea herring fishery was closed 
in February 1977 for the same 
reason. 

The latest measures will aim 
to reduce the Irish Sea herring 
catch to 9.000- tonnes- a year from 
12.500 tonnes as recommended by 
the International Council for the 
Exploration of the Sea’s advisory 
committee on fisheries manage- 
ment in May.' 

Mr- Silkln said he had raised 
the problem of over-rfishiog of 
Irish Sea herring at the last 
meeting of the EEC’ fisheries 
council, but the other member- 
states would not agree to trike 
action. 

“ I am determined - that the 
Irish Sea herring fishery- should 
not go the way of the other her- 
ring fisheries round our coasts," 
he declared. 

The catch reduction will be en- 
forced through a vessel licensing 


system administered jointly by 

the U.K. and Manx Gover nm ents. 

U.K. and Manx fishermen, wbo 
traditionally take about 80 per 
cent of the area's herring catch, 
will be licensed to catch a maxi- 
mum of 8,100 tonnes in the cur- 
rent season, leaving only 900 
tonnes for other EEC countries. 

Apart from the Manx fisher- 
men. the area is mainly fished 
by Scottish vessels plus some 
English and Irish, and a few 
Dutch and French. 

The Government plans to dose 
the fishery no later than Septem- 
ber 24 and will not re-open it 
before the end of the year. 

The British Fishing Federation 
yesterday welcomed the move, 
which it saw as “ very neces- 
sary." But an official said he 
wondered whether the Irish 
Government would be able to 
control its fisherman, who have 
been blamed for much of last 
year’s overfishing. 

Better news for Scottish fisher- 
men was issued jointly by the 
UK and Scottish Fisheries Minis- 
ters yesterday. After consulta- 
tions with fishing organisations 
and marine scientists it has been 
decided to increase the daily 
mackerel catch limit off the West 
Coast of Scotland to five tonnes 
per crew-member from 3.5 
tonnes. This results from scien- 
tific advice that the stock can 
sustain a higher exploitation. 


Zaire iopper curbs 
to end in October 

BY JOHN EDWARDS, COMMODITIES EDITOR 


ZAIRE IS lifting Its 50 per cent 
cutback in copper deliveries 
from October onwards, Sozacom, 
the Zaire metals marketing com- 
pany, confirmed yesterday. - 

In a statement from Brussels, 
Sozacom said that in view of the 
present situation and the outlook 
for copper production . by 
Gecamines. the Zaire metals 
mining company would allow 
the force’ majeure imposed in 
July after the invasion ^<t£ the 
Shaba province— to be removed. 

On Wednesday it was rialmed 
that output at the Kolwegr mines 
had been restored to above ??? 
levels, prior to the invasion. 

This swift confirmation^ the 
intention to boost Zaire ship- 
ments again came at a time 
when, the market was already 
under pressure from a lower 
trend in New York overnight. 


the fall in golds and general 
curreny confusion. 

London silver, and platinum, 
prices were also lower following 
downtrend in gold. The spot 
quotation for silver on the 
bullion market was cut by 3p 
to 283.1p an ounce, and free 
market platinum lost £2.45 to 
£137.30 an ounce. It reached a 
record high of £140.10 on Mon- 
day. 

However, one market to rise 
yesterday was tin. The three 
months quotation reached a new 
peak for the year of- £6,800 a 
tonne at one stage before profit- 
taking sales brought It back to 
close £35 higher at £8,762 a 
tonne. 

The further rise reflected the 
strong tone inthe Penang market 
overnight where the Straits tin 
price climbed by $M25 to 
SM 1,810 a picul. 


Coffee frost 

damage 

reassessed 

By Our Commodities Staff 
THOUGH THE immediate frost 
danger to Brazil's coffee crop 
seems to have passed, new assess- 
ments of the damage done 
boosted prices ou the London 
futures market yesterday. 

November coffee climbed to 
£1,348 a tonne at one stage and 
ended £44 up on the day at 
£L337 a tonne. 

An estimate by Sr. Camillo 
Calazans, president of the 
Brazilian Coffee Institute, on 
Wednesday that 3m to 4m bags 
(60 kilos each) of coffee had 
been lost from next year's crop 
had originally been dismissed by 
most London traders as a gross 
exaggeration. They thought the 
frost had cost Brazil im to L5m 
bags. 

Yesterday, however. local 
reports indicating genuine 
damage in Sao Paulo and Hiuas 
Gerais, as well as Parana, led 
many dealers to concede that Sr. 
Calazans may have been right 
after alL 

Meanwhile the Brazilian 
Weather Office has kept its frost 
warning in force though admit- 
ting that the possibility is re- 
mote. Temperatures in the 
three coffee states are expected 
to remain stable over the next 
few days, sources said yesterday. 

From Mexico City Reuter 
reports: Mexico has raised Its 
minimum export pric for coffee 
to $140 per 100 kilo bag from 
$135. A Coffee Institute official 
was unable to say whether tsere 
might be further changes in the 
price this week. Earlier this 
week the price was raised from 
$130 per 100 kilos. 


Wheat crop 
also hit 

RIO DE JANEIRO. August 17. 
PROSPECTS FOR maintaining 
Parana's wheat crop at last 
year’s level of 121m tonnes have 
suffered significantly from the 
frost, according to State Agricul- 
ture Secretariat sources in 
Curitiba, reports Reuter. 

Most of the state’s wheat was 
already at a sufficiently advanced 
stage to be prone to frost 
damage, they said. 

The Rio Grande do Sul 
secretariat has not received any 
reports of frost damage to wheat, 
however. 

There has not been time yet 
to estimate percentage losses, 
but the initial survey shows the 
important Cascavel region in the 
south-west was worst hit, while 
seed farms in the north and west 
were also damaged. 

Rio Grande do Sul and Parana 
together normally account for 
about 90 per cent of Brazil's 
wheat crop. 


UK AGRICULTURE 


Small even more beautiful 


BY JOHN CHER RING TON, AGRICULTURE CORRESPONDENT 


ONE OF THE most successful 
young farmers I know told me 
the other day that he was looking 
to a thorough shake out of farm- 
ing, as a result of which he 
would be able to establish him- 
self on a much bigger acreage. 

H*.was saying in effect, that 
the cyclical nature of farming 
would reassert itself. There 
would be some sort of a slump 
which would give him, and others 
like him, their chance as has 
always . happened throughout 
history- : 

His analysis, of course, was 
entirely, correct. But he Jeft 
out of account Britain's member- 
ship of the European Common 
Market' which is effectively 
insulating UK farming from 
what is going o nio the world 
at large;. It is true that, thanks 
to the operations of the mone- 
tary payments, prices in Britain 
are not;, at the high levels of 
other member countries, such as 
Germany or France. 

But 'even so they are a long 
way above those which farmers 
in the -zest of the world have to 
aCcept 7 :- Were Britain on a world 
price basis the fanning slump 
could.be bere already. 

So I believe that my young 
friend will have to wait a long 
time beftre costs catch up with 
prices . [sufficiently for British 
farmers to abandon their hold- 
ings. however, there are already 
some signs of stress. At the 
recent -annual meeting of the 
Milk : Marketing Board, Mr. 
Anthony Rosen, managing direc- 
tor of Fountain Farming, which 
milks large numbers of cows, 
complained that dairy farmers 
are facing a serious cash flow 
shortage. He received little sun- 


port from the floor, but 1 believe 
be has a valid point. 

Most dairy farmers are on tend 
of low historic cost or are pay- 
ing rents which bear little rela- 
tion to present land costs. They 
also have no orthodox manage- 
ment structure. They do most 
of the work themselves, with at 
most one or two employees. 

The landlords of Fountain 
Farming, and a number of 
others, are probably extracting 
the highest rents they can. If 
rents can’t be agreed, the dispute 
goes to arbitration. The arbitra- 
tion take notice of rents 
tendered for the few farms 
which are - available for lettiDg. 
Tbese tendered rents are often 
pitched at what othodox farmers 
would say are unrealistically 
high levels. 

In some cases those involved 
have other holdings at lower 
costs with which the high rents 
can be averaged. But much 
more likely they are tendered 
by men desperate to get into 
farming, and prepared to scrimp, 
save and cut corners to survive. 

This is* a feature of fanning 
elsewhere. In New Zealand for 
instance a “share milker’’ will, 
if he provides the herd himself 
and does all the work, hand over 
to the farmer half the milk 
cheque. 

If the young, New Zealand 
farmer buys his farm, be will 
often make his profit between 
bis interest charges and his milk 
cheque. ■ This- leaves no more 
than a living wage, and a pos- 
sibility of being able to sell at 
some capital gain when he 
retires. It is much the same 
in Denmark. 

I can’t believe that the 


financial institutions which are 
buying an increasing acreage of 
land, some of it to let again, will 
for long resist the opportunity 
of exploiting their asset to the 
full by exacting the highest 
rents or partnership agreements. 

This is where the individual 
determined to farm and work 
will take his chance, even if it 
means bidding more than anyone 
else to get In- 
in a competitive situation this 
is bound to mean that farmers 
with high overheads and other 
costs, whether corporate or 
private, wiil not be able to com- 
pete with the individual 
prepared, as the New Zealanders 
sayy. to live on the smell of an 
oily rag. 

The implications of this should 
be studied by anyone wbo is 
responsible for investment in 
argriculture either as land- 
owners or farmers. This particu- 
larly applies to the livestock 
section. 

Pig and poultry 'products 
receive little support in the 
European Community except for 
a levy on imports, if production 
exceeds market demand prices 
slump. At the same time grain 
prices, the source of much of 
their feed, are maintained at a 
very high level. 

This situation has already 
greatly affected the longer- 
standing members of the EEC. 
There is no development on the 
Continent- of the massive 
poultry and pig fanning com- 
panies which are such a feature 
in Birtain. This form of 
husbandry in Europe Is almost 
entirely in the hands of the 
smaller- family farmer who can 


stand being squeezed, since they 
don't have to worry about over- 
heads. 

It is possible to see scope for 
the development of ** share ” 
farming in this field in Britain 
as a means of giving the workers 
aD incentive. It could perhaps 
bring a retreat from the virtual 
industrialisation of some sec- 
tions of this industry. 

The low cost production unit 
of the Milk Marketing Board has 
recently reported that as far as 
profitability per unit and effi- 
ciency goes the smaller producer 
is just as successful as the large 
one. 

In dairying the advantages of 
scale appear to be far more 
apparent than real. If ever there 
should be a squeeze on dairy 
farming there is no doubt that 
here again the smaller unit 
could su rvice. 

The main thrust of institu- 
tional investment has been in 
arable farming in the better 
areas. Profits here have been 
very good, particularly in the 
two potato boom years of 1975 
and 1976. But now that the situ- 
ation is returning to normal, and 
costs of all inputs are rising, the 
farming sense of investing up to 
£2,000 an acre in land is open to 
question. 

Apart from holding the land 
for capital gain, or as an infla- 
tion hedge, the only way in 
which such an investment can be 
justified . is exploiting the 
demand for land from people 
determined to get into farming 
whatever the difficulties and 
hardship. Such people never 
count the cost of the indepen- 
dence they hope to gain. 


Guayule ‘no threat to rubber’ 


BY WONG SULONG 

THE GUAYULE desert plant 
which is on trial in the U.S. as 
a possible alternative for rubber, 
does not appear to pose a threat 
to natural rubber. Tan Sri 
Sekhar. chairman of the Malay- 
sion Rubber Research and De- 
velopment Board, said here to- 
day. .- 

Tan Sri Sekhar, who recently 
visited the guayule experimental 
station during a tour of the U.S. 
and Canada, said research so 
far revealed that guayule shrubs 
are low in productivity, and 
rubber derived from them was 
inferior to natural rubber. 

Gnajttle rubber has many 
similar qualities as synthetic 
robber and should the plant 


prove to be economically viable. 
It could pose as a competitor to 
synthetic rather than natural 
rubber. 

He noted a genuine feeling of 
concern among U.S. rubber con- 
sumers about the ability of 
Southeast Asian countries to 
supply adequate rubber in the 
medium and long term, and the 
guayule experiment is partly the 
result of this insecurity. 

Be claimed the U.S. Adminis- 
tration was going ahead to build 
its rubber stockpile to 500.000 
tonnes, although it is still a 
major question when k would 
start buying. 

At the same time, the U.S. 
appeared to be giving positive 
support to the Unctad-spon sored 


KUALA LUMPUR, August 17. 

international rubber price 
stabilisation scheme, and would 
rather see a buffer stockpile of 
700,000 tonnes under the scheme, 
than 300.000 to 400.000 tonnes 
preferred by the European con- 
sumers, he added. 

This was one point of conten- 
tion which beld consuming 
nations back from agreeing on 
their draft of the rubber 
stabilisation scheme when they 
last met in Geneva in July. 

The U.S. also wants large 
quantities of this stockpile to be 
located in consuming countries, 
particularly the U.S., as opposed 
to the producers’ proposal that 
the stockpile be held in produc- 
ing countries. 


Stable output 
for world 
cotton forecast 

WASHINGTON, August 17. 
WORLD COTTON production In 
1978-79 is projected at C) to 64m 
bales (480 lb each)— about equal 
to the 63.7m bales produced in 
1977-78, the U.S. Agricultural De- 
partment stated, reports Reuter, 

Its summary of a foreign agri« 
culture service report to be 
issued later this month said 
world consumption is likely to 
increase by about Im bales to 
62m in 1978-79. 

World cotton stocks were esti- 
mated at 22.7m bales on August 
1, compared with 20.5m bales a 
year ago. 


COMMODITY MARKET REPORTS 

BASE METALS 


AND PRICES 


1 ' 

JUT t0 lhe ™°- rOFFFF *■» &•*>; Be w- s®- 75 * «a.ss>; ”■* w «.». loo-us n> n.o te c.o. m- 

to ..tmUT>|t trains. AJso ^Influencing ttoulhp otrength of the Penan* market- LUr V CL Oct. 59p f 56.75). 160 ft 37.0 to 41.0. Grins*: Toons best 

gS mfr * r JWMStsat soyabean meal *“ ” ” 

rr as tsars &ss fLtsJtSMK s sarwssrrwMs - 

m the U.S. overnight and uncertainty kerb amid v«3f rumours ’ ™ ,,cd 10 “ T80 'onowto* 

further snbsranna) Jan to 

Owr 


PRICE CHANGES 

Price per tonne union otherwise stated. 


The market opened unchanged m thin per 
■I volume. Prices remained in 


package except where otherwise 


r- hnTtn r * TTr'iil n rt *tr r~Tri«,rTi* > Tn7!^Tirt^'n York " c ” Contract gave additional volume. Prices remained in a narrow stated) Imported "produce: Oranges— 

( _ iuii«r .M Cretan. Sn rvrt aw S s - African : ValenriTiUte 4.O04JO; 

. *-m. ;+ nrf p.m. jt+mr stock* over the nft week. Turnover: a.755 on the late kerb. TurooverTi.BiS SIliiS 8 ,glllw{ ■ U ~ s - dol j*I Brazilian: Peri* 4.40-06; Uruguayan: 

Z, Thu. .... zrzrxj * ™ ~!S\ !sr*2Ssa*g sr ,ss% saris-iss 

wK. l + -1 0 £S^t‘ 


I C J £ 
Wlreb&r* . i 

"nah 7S*-.5 — B.»l 

I mnatha.. 75-0.5 *— B.S 
4*4il'nt‘ni 745.S 4L3i 
jnlbodra- 

>fh 727-8 — 7*76| 

• mi’iuh .. 744.5-5 -7.6 
M-tiJ'iti'nt. 728 —8 
Snit.' — !. 


Amalgamated ^bal Trading reported 
« | * . that in the rnondu* cash wfrebars traded 

■ « at nv. 5 , three fcotahs £748. 50. 51. SIX. 

751.8-2.8 —I* ^ 3, 54-5. CaUbdra: three months 170. 
748.5-9 i—9.6 44 j. Kerb: Wirebars. three month* 


TIN 


COrVKK 


; Ttaterriaj-'i 

Close ' + or \ Sorioem 

— — J Done 

!£pert«xn«- I 


Kata la 

Aluminium—. „ ..., 
Free markec 


728-J 

74S-.5 


65-66 


iDradn £ 1 £ £ I £ 

rrais so. ©«*. 49. 4JLS. Afternoon: Wire- C**n 6850-55 +J7.8! 6836-451+46 

bar*, three ’numtbs £746. 47. «. 4&.S. <T, * mouth*. 1 6770-80 i+55 j 6770-80 ,+623 8ep4emlwr - 1 1*62- 1486 -r 36^ 1476- U4£ 
ML26 4R. 47.5. 4»'48.5. 49. 4fL5. Cathodes, cash Settlon’i. 68a5 1+55 , — 

-tO £7»J, three, months 1742 5. 43. Kerb:- Standard i 

Wirebars: three months £743. 50. 3. Cash, : 6850-5 |+B7.6i 6635-45 

..— TUI— •SUffttb Firmer. alUtoagh bclmr a month*. 6765-70 1+48 1 6760-5 

BeCtlem'l.. 6855 J + 55 i. — 

Sftwl* E.. 1810 .+25 — 

Sew Ynrfc' I I - 


I.G. Index Limited 01-351 3466. Three month Stiver 287-2-289.6 
19 Lament Road. London SW10 0HS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


Sergeant J*n* k*n 
was hit on the head 



After S years m the last war, after keeping die peace in Kenya, after seeing 
through the evacuation of Aden, Sergeant J"n"k*n was hie on the head. \V nil 
a stone. 

He lost h» reason. . 

He has been with ns ewer since lie was invalided home. Sometimes m 
hospital, sometimes in our Convalescent Home —wherever he is, we look 
after him. We provide work in a sheltered indosny, so thar he can live 
without charity. One day, he’ll probably enter our Veterans’ Home for good* 
still thinking that the next man m the street is about to attack him. 

Every year brings in more and more deserving casta like Sergeant J*n*k*n- 
And c very year our costs go up. 

If we are to survive in *78 we must have more funds. We're doing 
everything we can. but in the end it depends upon what you can 
afford to give. 

“TheyVe given more then they could— 
please give as roach » you can*’. 


’titw 1 iitt- m 

iTKITTflL lB€LFflB€ SOCKTY 

37Thuf ioe Street, London SW72LL 01-584 86SS; 


+45 
+ S5 


November.- ! 1335-4339 -r 44.0 1349-1523 

Jaauajy ■ 1264-1266 -.Si-S 1270-1*55 

lUreb 12-3 1207 + 47.5 1210-1 M 

May i 117^1180 +50A 1180-1150 


ready Oucagn narkrrdrovc _ prices io Brazilian: * SJ/83 "aJMJO. ’ Lemra— -_f*— — i*g JEH 
Uie high* of lb* day . Profit-taking at the Italian: 100/120* otw crop 5.04: Span! a: y<*Ppnri»an waani 
dow tram— d met of the gain*. BV Trays 1JM.4I. lar»e bozos 4.23-5-50; ^ 

Urnguayan: 38/150 S.006J0; S. African: l*4t CWhndo„... 

B. 00-4.50- Grapefruit— S. African: 27/72 J,™' 1 **' 1?- . 

3.30-44SA Jaffa: 40s 4.00: Argentine: Ruby Bind-.— ..Tmr 

Red 4R/56 5.60-5.40, Marsh Seedless 48/50 f*" 1 c «* h 

S-80: Californian: Marsh Seedless 64 3_fi0. 4 month 


(£680 


Commodities reports. 


Morning: Standard, cash XSJ55, so, 
three months £8.750. 55. BO. 55. 57. 60. 79. 
Kerb: Standard, three months £6.770. 60, 
53, 60. 65. Afternoon: Standard, three 


Saif*: 3J50 f 4.201 > lots of 5 tonnes. 
ARA8ICA5 — AH imanoted- Sales: Nil 
(same) lots, of 17.250 kilns. 

ICO Indicator price* for Ang. IS tVS. 



zsnenlay 1 + or | Bu-nneoa 
tW ‘ — j Dona 


ftpericmne j 

Anjjuri 1 

raB.aj-io.fl — J - 

IK-bilier 

m.Bo.|0.3: + e.BO] 14.00-10.60 

Deceniner ..„j 

H&AO-ISlB + 2.45; 16.llM2.60 

Fri'niarr — -1 

116.70-17^—2.76, 17JNL16.10 

Apnl -~l 

115JW-MJI.— Ufi, — 

June. 

T18.fcO-2fl & + 2.00 — 

] 

• 


month* £8.770. 80." Yfl 'Ks. Kerb "Stand art, " n ‘‘ - . per ,S 1 S lS1: , Colmnbian Mild 
three months £6.753. 50. 40. 45. 50. £?££!? . Samei: 

.. _ . , _ Arabics* 140.00 (same i; other mild 

LEAD— Lower. Forward metal Opened Arab teas 136.67 flSLOOi; Robosus 1CA 
arou nd £337 and Initially moved op io 1575 m.g 1 130.00 >: Robuftas 
£338 but then fell away to clone at £S36, 135.00 cun g j. Daily average 
reflecting the sufactantiaJ downturn In {132.001. 
copper and some stop-loss selling. Tnrn- 

^ ^ ““““ GRAINS 


Sales: Si (08) lot* of 100 tonnes. 

SUGAR 

LONDON DAILY PRICE 


M 3.50. Ruby Red 40 5.00: Uruguayan: Nic**' ...... 

Marsh Seedless 48(64 3.30; Jamaican: 2T( Free 
M 3.00-100. Apples— Frenrtt; New crop 
Golden Delicious 20-lb 72 b 0 80: Spanish: 

New crop 0.18: Portuguese: MS; Italian: WaUnom troy ot. 
Per pound Rome Beauty 6.16. Golden Marker. 
Dellcloos 0.18: Tasmanian: Srunner Quick (ditrer (TOb-"i 
Pippins 9.60-10.00: S. African: Granny 3 r ' w ‘ x)| 

firatth 10.00. Pears— French; Guyot 38-n» 

box 3.00: Per poutHT Italian: Cuyot 0-15- is n 7v“.H 

n tc unniim, n m- Urm/*- tariiiism, «LtK * " '-*** 1 - — - 

a mnrilhl... 


Ang. 17 
14/- ‘ 


+ or 


Mouth 

ago 


£680 


sJ,H77/0< 18 I 46166 

£732 ID. Bit 696. 6 

+9.5 IZ71B.7S 

£743./-i[— 10.Di£7I4 

TU-Sa'r-63 )si09.I25 
1 303.5 
L312.2B 
£2.566 
,61.78 
1.90 


aua-s»r — iu ; 
i331-75!— 3.75| 
^336.751-2-75 


il.TI 

L9D 


£194.6 
£137.3 
-125.301 
283. V 
aaa 


0.16. wiQlams 0J0: French: William* 28-Ib 
4.00. Peaches — Ilaflan: 1} trays L20-2.50: 1Vln _, >u , — 

French: LM-B Grapes— Per potmd 
Cyprus: Cardinal 0.30, Soil 


IS \m SSnn TSTroLZ • 

« w». i SSr c 2.r^ UD w^ 1* ‘^-^SSS^perpSS — ; 


-I«AD 

a.n». * 
Offlctol 

i - 

Cb*h^w.._ 

£ 

332-.fi 

1 £ 

3 mnni ha . 

S36-.5 

-2.62 

SetTm’w: . 

3S2J5 

!— B.a 

Pj>. ft pat. 


1 


pm. f+ 
L'noffleWj - 


sblpsnem. WWte sugar daOy price was _ ... .... „ IK 

fixed at £104.80 f£ito.oo>. Caltfornlta: 28-lb . 

Cunreiwr factors coctumed to exclude J-. W: i taU * n: ,, p T r D SP d - , s . lB ~ ,ey Oils 

an other considers tfons. The market S* 5001 ! 1 

fluciuaied trregnlarty following Ihe Jamaican. Per potmd 0.16. Avb«h>*— Gnxindnot.... 


b-35p 

i.d,840 I+45.0IK6.C35 

16.762.5 t 36.0j£6.4B7.6 

3134.60 1 

alSB 40 1 + 1.0 

1320.5 J — 5-25; 

1:387.22 I — 6-0 

1660400 I 




5660* 

£326 
066 lr 


£ I £ 

33 1-5- Z —8-75 sad vahms eased to dose 46pGp lower 
536.5-7 1 * 2 . 7B oo the day. Barley eased on recent sell- 

— but in fairly good trading condjaoas to 

331.33 I ..... dose 45p-50p lower, Adi reports. 


Sugflr 



Pret. ) <-ietday’« 


Budnetw 

Comm. • Clem 
Conn. , 

Ckwe 

Done 


SpAtusb: I. 6 O- 3 JO. 

2.40; Jersey: 1.80. 
Vi-llow 614 2.60-290, 


Grains 


M anting: Cash £333. 32-5, three momhs WHEAT oulet 

»«•— SSSsTsS** »#*s ST^STcSSSS^, KTi*= *SZX£= 


numbs £337. 3&5. 36. 26.5. 37. Mi. 36. 
5+ IB. 345. Kerb: three mouths £337. 
65. SS A. 36. 


Tocnmoas— Guernsey: 

Meisss— BpaUHh: 

Wattf* Halvr# fU( M Phillln 

Spanish: 2.60: Creek: 3.00: Italian: S.00. S33hMitBte| 
Enutlsh Produce: Putatoep— Per 25 kilos 
1.90-1.40. Lettuce — Per 12 080. Cos 
Webbs 0.BO. Rhubarb — Per pound, out- 

HiKne Futmaa....! 


M-nth, ‘cm ■ — ; close ( — Dwr...., s-f-l^W-46. 95!/6-95.60 i.vn.70. ' Muthrooms-Per pound 0-26- 

Marrh. SsJ5.O0J0, 10fl.70.00.75 10 tJ0-58.40 pjo. Apples— Per pound Grenadier 0.03- 


So*. 


ZINC— Easter, and almost entirely luff*. , * I 

euced by the faUs to lead and copper. „ l 
Alter opening at 1325 forward ntnal 
ttaded smib and eased back to close 


Mar 


84.15 

86.55 

8U.45 

92.00 

94.60 


-0.55, 
— OJS 
^-aso 
— 0^0 
— 0^0 


78-ZJ 

80.90 

83.75 

86.16 

80.70 


r— oja 


juurn. 

i-60 llav — '10 1-4541 L50 102 . 

1-45 A us IM.aWMijjwfi. 

•45 Oct. 

lit r. !NU.IIin,i> 


Mu 


I HKL9O63JKI,lO2J0-0fl.75 0.04. Lord Derby 0.08. George Cave OJS- w ^T‘ jh N<x 6 Am| 

„ „ ijWfl. 10416 Jfil (fa. 00X4.00 0.14. Brain ley 0.11-0.14. Discovery 0.10- . , . ..u.,,, 

—0.45 Oct. 108^668^08660^85 09J54AJO fl.IO. Tomatwsn-Per 12-lb English J-M. * ■•f, 4P rt ^j £80 ' S I— 1-0 (£91.28 

—0.45 Uec.._ •IWJO.V2jtsjlJ6.75-l5.E5 - Cabbases-Per croie 0.80. Celery— Per a. <: Hard Winter! 

~ Sales: :.=■ «J83t lots of SO tonnes. - ^ ad O.O^OAi. CaulWowere-Per 12 


_ Kngiisn M min^t 
Bow— Per ^bipmeat 



£ 

f«h J 320-.S . r -4.12^ 

3nnan3a.. 337.5-8 —4 1 

530.8 .—4 \ 

VHtu.wret{ — 


! 29.31 


WOOL FUTURES 

slfar rtnK Three months £320, 28. Tt. 5. on. noe.7S. tnnsbujmem East Coast! LONDON— The price* were 
-*• 5. African White S-pl-Oct. 157. Glasstw. mainiained 00 figu trading. 

UfMlti 1 n t h rvill S *fl (riPua IIIINMII* ITHI d a • : re n _ 


IMPORTED— Wheat: CWRS No. 1. 151 nnc-7 te Ama iT^Dlb iS —Per pound 0 . 06 - 0 . 10 . Oshoi-Ptr Mt sugar (Ka»r) 

5H w BgsatMiSS^S 

£7BJ5, Oct. £<230. Not. B 0 .QO. tranship- 

ment East Coast. 

Matte: O-S-'FTench Aug.-Rept. iKJSB. _ 

barely 

»«: Cash £319 5. ^ three months EJ20. s. a mean - Ytiw" Srot-^OCT.*" e7.0o! BaebeT**~ peBOns 

.ttj, 2& SA6.. 17. 27JS. Kerb: Three Glaiamw. 
awnth*£336J, 2 T. 

fin VFR £76.70. Hams and V. Sussex £74 00 ! 

* A-Ax MCCA— Location ex -farm spot price*: k 

‘Saver was Seed 3p an ounce lower for Peed barley— Shropshire £73.78, Essex . 

•Pot delivery to the London bnlllou martwt £ 74 . 40 . . . Dfmmwr 

rewemay. at WS-lOn. U.K. ceta emdvslem* The UK monetary coefflaenr for the JJareu 

,ef the fixing levels were: spot 5SS.Bc, wceA. begmnuig August 21 1 * expected to “V 5?r5 71*5 

105c: three-month 6 C. 6 c, 4m incMise la las. ,£risH 

rix-mauth sale, dawn 13.«c: and EEC DAILY IMPORT levies and S el<4 * r SSftH 

H-momJi us ac. daws 13.6c The metal premiums effective for August 13 m order Deeemlwr ... -48JJ-62J1 


!t:i28 

— 2.46, L" 129.06 

126/50 

-3.0 i280p 

- 3.1 ae 6 .» 


UiflJJl 


-9.0 


5465* 


Bsts5 

£99.fly 


8130ISS 
£305 
LSI 5-76 
^650/800 


6690 

£668 

£342 

5681 


6450 

6262 


£82.1 

£102 


£1.840 t'ZT. 
f La W.2+ 11.76 


■ -gnioi- 


Buruteis 

Done 


r— 0-60I 

H 

zz\ 


Opened at 283-384? i5S3*-5S6c) and dosed current levy pl>». September. October and _ 


3»-n> 1.06. PI* 

Lartons 0.09. Rivers 8.08. 
Ottlams 0 .OB. 


LIVERPOOL COTTON— Boot and ship- 
ment sales amounted to 50 tu», bri&g'ng 
the total for the week ao far to 880 tons, 
reports P. w. TattersalL Only ocessmoal 
contracts were arranged, mostly to 
American-type varieties. African and 
Middle Eastern styles were in chief 
rooesL 


f 1.357 
73.65c 
38 
L92 
278o 1—5.0 


+ 44.0 
+ 0.16 
+0.76 


1 1.855 
f 1,776 A 

£1,238 

71.1c 

a3p 

£84.5 

283p 


• NrnnioaL t Mew crop, t Uaqaoted 
mJane-Aag. njuty-Bem. o Sept r OCT 
* Sept.-Oa. « AU£.-Sept- z Par too. 
zlndjcaxor price. 


INDICES 


Lat SUMESto 1544-648C). 


f - -■* 



SILVER 

Bullion -f or 

L.M.R. ^fnr 

- P« 

flriBC j — 

cloaq 

•.troy az. 

JwWnjf ■ 

1 


Mtrvembcr premiums, with previous jp 
brackets, all In nuts of account per 


'sain: Nil «Bll) ton. m UBD'kDin. 
SYDMEV GREASV— 4in order neyer, 


Spot ! 283. Ip L-1.0 280ap 

JranDLhi..| Z89.9n 
« rnoolhs.. 1 297.05 
w UMatJis: 512.4p 
tHe— Turnover 

too. Morning; Three month* J9«. #0.L 90. VPX OSJBt. nre ISM OS.m. 

89.0. Kerb: Three months SSS. S3 fi. 

*-7, Altrtnoon: Three roonihs 5ST.S. 75. 

«■ 57^, 7.1, 7.J. J* JA 7.4. 7X 87. 

Xoh: Three months 3S7A. 7A 7.6. 7.7. 
tA tt. 8A 


«**■ *■ aa.A»>: *n- 325J. lion* mu!js 2.0. as t-8- 

S451. rest an iStJl. rest <ui«: Bariev— SC.0. 4: May 3SL8S8SJ. 36511-383.0. 5: 


SIB*, reM oQ fSSJH, rest nffi: Oats- juir 363 .r- 370 . 4 , afl, nil: Ocl 372 j! 774.0 
^ 911 .171 ; :i. rest mil; M ato ag^SA Ui fiK W* 



Israel meat 
import to 
go private 


JERUSALEM, August 17, 


COCOA 


CROSSBREDS— Dee. 

March IS3 0- 

qiuief: Juir THE ISRAELI Gove nun (nit 

Dec. iKs.o-iss.o. Total sales: 9. intends to transfer the import 

RUBBER MEAT/VEGETABLES L£ Mt bJ ^ “ pri7 *“ 

higher opening ou the to m an physical MEAT ro w Mission — Average (attwek Until now, only the Ministry 
market. Earner throughout the day. prices al ™KCmuttre markets on - r rnmmprra anri Tnriuorrv has 

closing unrenofn. Lewis gad Pm Ahgtal lB >ap 6 *£Mi 7U0p per kg. I.w. Ot Lommeree Mfl IMl«Uy UaS 

reported a Malaysian godowu price at t+CJXfl. OK tbcen 14B.7p per kg. e«L been allowed to buy meat abroad, 

iU-w. <+o-i>. c* rie* s 2 Ao per kg. i.w. and this arrangement will remain 


Cocoa 


1US5SS? 

Close 


•j-t-m 


”SSoea 

lime 


S44I caa* (buyer. SrpD. 

Su. 1 ' anslueso TewcnterV Prevtoea 
B.S.S. ; Hone : CSue | Ctose 


Ko.SCoaSr't- 


Se« 

Dee. .. 

Mnretk.-.^, 

dept 

Dec. ... 


,'7838-0-55.0 ;+10-5 1358.0-22-8 
..UIBA17.0 1+11.5 1320.007.0 
.,1706-047.0 >+11.0 17SV0MJ 
. 17SJJE70J 1+10.3 7772.0-86.0 
.T7SLW6.0 '+19.0 1755.0-44.0 
.:i776A».0 
.177D.6-SO 


‘ eS» d enfc ro effect for * c time being for 

19.4 per ceis. Average pnee 70 .t 4 p Ruma n i a , Argentina and 
t+e i4i. sb««p dam u.6 per cem-irmse Uruguay, which between them. 

fis 9 , as 93 ver oart. account for 80 per cent of Israel's 
* K««d: Carte ip 321 per cent. meat ““P°rte Of 40,000 tQTffles % 
averese IS-MP H-»2tru Bleep dp 5-S year. 


FINANCIAL TIMES 


jftut. 17 1 

Ang- 16 jatootb »g«4 

teer mro 

246.7l| 

246.041 283J13 1 

238.17 


REUTER'S 

A he. 17 1 Ang. fciMSrtS aeot SSr ego 


1441.7(1443.5 1 1419.6 I 1478.0 
' . (Bam Rrvtxmtm~ IS, _ |SST=1«)~ 


DOW JONES 


Dow 

Aim. 

Auu. 


1 ’enr 

Jooea 

1 W 

16 

agn | 

me* 

jpM 

366.63,366^0 

j3e4.773S4.77 

Fn Corea 

ip 6.8 1 [ 368^, 7 

S38.554a7.50 


MOODY’S 


Moody's 

Aug. 

17 

*1?-| 

llontb, 

1 1 

'Year 

aso 

4pto UomiflCy 

029« 

o*6j> 

!ai4.7 ; 

825.1 


Stleii Z.U5 axn> 
iuiMlInnl Cbcm Orpwnlsstfsa 
wn» P« paundl— Daily price 
19282.(1550] i. tod lea tor prices 
im»F average 15228 (lOJl 
•venga 150.17 (WAS). 



U.S. IVlarkets 


NEW YORK, Animat 17. 
Cocoa— Sept. L5A90 C150JO), Dec. 1528# 
I154J0:.. March 1«.W. May 145.7b, July 
142.95, SepL 140.45. Dec. U7A0< Saiesa 
035. 

Coffee— “C" Contract: Sept. 144 JO, 

145.00 1X30.66). Dee. 132.50 bid ri28.50i| 
March 122.79 tod. May U8J0 Md. Inly 

117.00 bid, SepL 11225 bid, Dec. U3J8 
bid. Sales: S3S. 

Copper— Ang. 64.45 (61001. SepL 64.7S 
(64.08), OcL 65J5. Dec. 66.45. Jan. 60.00, 
March 67JS. May 68.70. July 60,66. SepL 
70.50, Dec. 71.56, Jan. 17.00, Mardi 33.SS, 
May 7235. Sales: 9.000. 

Cotton— No. 2: Oct. 83.30 fCJ8). Dec 
«S.lfr6SJS 164.731. March 67.20, May C8.0S, 
08-10. July 68.85, Ocl 66.00, Dec. 66.0S> 
Sales: 6.056. 

*GoM — Aug. 206.90 (212.00), SepL 307.40 
IJ12.M.I. OCT. 205.60, Dec. 2)1.70, Feb. 
Z14J0, April 210.00. June 231.30, Au&i 
224.70. OCL 228J0. Dec. 23L7B, Feb. 2S520* 
April 238.76, June Z42J0. Sales: 21J0O. 

tLard— Chicago loose 24.60 mot avail- 
able). NY prime steam 25-50 traded 

125.00 traded). 

Wata^-Sem- 22M-23S 421W> r Deu. 325*, 
226 (2241.), March Z34J-234s, May 2391-2301, 
July 342. SepL 24M. 

SPIaUnom— Oct C 54^0-266.00 (373J0)i 

Jan. 267.10-268.40 (276.30i. April . 270.50- 
sn.00, July Z 73 .20-273 .40. OCT. 276.16.276J0 < 
Jan- 270-96-288 J0, April 283.50-2883.70, 
Sales: 1^16. 

ISIlver— Aug. 541 JO (5S .00), 56PL- 542.50 
4S8.40). Oct. 545^6. Dec. 554.50. Jan, 
55808. March 566-50, May 574.89. July 
58340. Sept. 381^0. Dec. 60S.TO, Jatu 
810.30. March 610.60, Mar 628.M. Sales: 
22047. Handy and Harman spot 543.00 
I561.MM. 

Soyabeans— Ang. B564-6S2 '6381). Sent 
6434-844) (6321 1 . Nov. 636-636. Jan. 642- 
642. March 852-6514, May 655456, July 
656. Ann. 653. 

Soyabean OH-Aug. 25.70-25.73 C25i7) # 
Sept. 21. BO-24-85 124.401. OCL 24.10. Dec. 
2334-23-50. Jan. 23.40-23 Jo. March 23.20, 
May 23.19-53.15, July 22.00, Aag. 22A0. 

||Soyabe»n MaaJ— Ang. 168.00 1164.00>< 
SepL 168210-16850 085.10), Oct. 169.00, 
Dec. 170A0-171.D0. Jan. 171.00-172.06, 
March 175.00-174*50, May 177.00. July 
7.90-178.00. Aug. 17S.D0-I7S.50. 

5mar— No. 11: Sept 7.01-7.02 f7.«), 
OCT. 7,02-7 JM (7.03<. Jan. 705-7.43. March 
7.60-7.62, May 7,75-7.77. Jnly 7. B4- 7.56. SepL 
8.10-6.16, OCT. 82!0. Jan. 8115-B.45. Sales: 
4,850. 

Tin— 605.00-610 J» nom- I B10.Dfl-e3O.O0 
mm.i. 

“Wheat— SepL 32«-327 f324*i. Deo, 
3231-3234 (3MH. March 319-31W. May 2154- 
31G. Jtxly 3 OS-3074. SepL 310] nom. 

WINNIPEG. August 17. ttRye— Ort. 
93.90 bid <03.701. Nov. 95. SO nom. <95 -SO 
asked i. Dec. 92.80 hid. May 96X0 ted. 
Jnly 96X0 nom. 

ttOatt— OCT. 72.70 03.00 bM>, Dec. 73J0 
172.60 aakedi. March 7i.se asked. Mar 
71.80 asked. Jnly 71.50 nom. 

UBartey-OCT, 72.00 Md <7LSfl), Dec. 
72.00 bid 1 72.20 j. March 73J8 asked. May 
72.89 aske<L July 1239 nom. 

Si Flaxseed— O ct. 248.00 1245.80.). Nov, 
246.20 asked >244.10 bid). Dec- 247.80 
asked. May 252.10 asked. Jnly 252.00. 

flfWbnai — SCWRS 13S per cent protein 
foment ctf SL Lawrence 165.73 rifli.96]. 

All cents Per pound ex-ware bouse 
unless otherwise staled. * Ss per troy 
ounce— 10# ounce lots, t Chicago loose 
Ss per ioo lbs— Dent of as. prices pre- 
vious day. Prime steam iob. NY bulk 
tank care, i Cents per 56 lb bushel ex- 
warebonsc, 5.000 bnshel lots. ISs per 
troy ounce for 50 oz units of 99.9 per 
cent purity delivered NY. I Cento per 
troy ounce et-warr bouse. j| New “ a " 
contract In Ss a short ton for bnDc lots 
of 190 short (ode delivered f.o.b. care 
Chirago, Toledo. SL Louis and Alton. 

Cents per S9 lb bushel to sure, 
tf Cents per 24 lb busbeL tz Cent* per 
49 1b bttohel ex-warebonse. SS Cents per 
56 lb bushel ex-warehonse, 1,900 trashnl 
lots. IStC per inane. 


NEW U.S. SUGAR 
IMPORT BILL 

WASHINGTON. August 17. 
THEr U.S. House of Represeata- 
tives trade sub-cammltee has 
approved a new sugar import fee 
Bill designed to put a minimum 
15-cent a pound “floor” under 
the price of sugar by imposing 
import fees and. if necessary, 
qutas, reports Earner. 





**’ ' 


Financial Times Friday-August: lS-_ 197S : r 





Equity leaders fail to hold initial small imp 

Index down 0.7 at 509 . 3 — Fall in Golds gathers pace 


FINANCIAL times stock indices 

— XU*. I Alto' 1 *■ « 


Account Dealing Dates Quiet trading conditions again generally easier Store leaders, at 64*?, while Erode lost 3 to 37p hardened 15 to 630p in a limited 

Option pjre vailed in Traded Options and while F. W. Woohrorth softened in reaction to the disappointing market. Following -news of the 

•First Declare- Last Account only S44 contracts had been a penny to 71ip following cautious interim results. News that the contract exchange for the £8im 
Dealings tions Dealings Day completed by the dose compared comment on the interim results, group Ig bracing itself for possible sale of the group's office property 
AnTT Aug. 17 Ang.18 Aug. 30 wMl the previous day’s 437. It Elsewhere, profit-taking in the !«*«* of around £4m. at its to Brussels, Bernard Stanley 

AU&21 Ant 31 SkT 1 Sem 12 ™ confirmed yesterday that absence of fresh bid news left p^sgow subsidiary prompted a advanced 10 to 268p. Town Centre 

i 14 Sl 15 Sen! 2fi trade e°““neni» on Septem- Bourne and HoUtngsworth 3 lower fall of 2 to 28p m Barrow Hep- became a good market and put on 

&ep. « uep. it »ep. re aep. « her 18 in five new stocks. BOC, at 263n born- 4 to 73p, and Great Portland 

-ss jaarvfjss to SfSWp jMsarel 

Although at the higher end of .. _ favour fa Electricals, closing 8 which eased 3 to 881 d in active Chaddesley Investments added 3 

expectations, the money supply AUStTSUlSUK banks HD better at 314p, after 31Bp. trading on the £8m "fund-raising more to 55p on continued demand 

finirto snimrol tn Von * n j lu «in.j _l _ . . .1.“ *_n 


figure s^ ap peared to have bnn Amitrelfaii tesrm. . ♦*« Renewed bid speculation lifted plans which accompanied the following the recent major re- 
well discounted and had little . Australian issues came to the H nmnioHnn and mmremr with 


nwn vwuuubcu miu uou uuu& * ■ . i , . — — — ■ 

Impact on stock market sentiment f or ® J® th« wanking sector, rising 
yesterday. The extension of the £ . ® f ** .Federal 

supplementary deposits scheme budget. Bank ocNew South Wales 
for a farther eight months failed ^ rmet * T r^ o9ap and ANZ 13 to 
to benefit British Funds, but the J5? n ^L^? Si L, w ® re 
tone in this sector was no worse unmp . YE ° ,T t n disclosure that 
than quietly duH. Short-dated M E 8 ®*, J®?*?®?®* to be 
issues encountered some nervous e* teaded e^ht months 

setting ahead of the money supply heyonfl November, hut turned 
figures which were mainly easier . ,a . te T v 0 ^° S8 with falls of 
reflected in the day's losses iSS?®® ? **** 

extending to *. The reaction, with Union a 

however, was also attributed to 2?*^^ ■* *®P>. 

the absence of buyers foHowfag ??■ 3 - to 

the moves by President Carter to JL SSSST 1 ^SS- foUow S g ^ 
strengthen the dollar which led E£K® JSEft, b ? t 

to uncertainty about the Jerirt of ArbutL-not L“tlram added 8 to 
short-term interest rates. Longs „ p ‘ ~ __ - 

recorded losses of l and the Despite reporting first-half 

Government Securities index gave Pf®nts at the top end of market 
up 020 to 70.89. estimates, Royal* closed 5 cheaper 

Leading Industrials opened SL, Ho 2J er h < 5 >n,pos ? te 

firmly before drifting back to tt £? ad $ 

dose with small loss®. Up 2.8 S?* ^jTrRP* 1 2 off a l 

at its best of the day at 10 am JJJ*L apd * similar amount 
the FT 30-share index finished 0*7 JjSLjJ* ffSn rec ?S^ on 

ifnum nn habnM ->l- 500 ■* >iv>Ja Concern *bOUt the effCCtS 3 


llPaCIAGIIG 
ill AID PAPER 


•iilSAIDMPEI 

.■ ‘ • 

140 r^^^;y.-.i^F.T-ACrnjARES INDEX 


j”! * 


organisation and merger with 
Greycoat Estates. Others to pro- 
gress included Haslemere Estates, 
4 better at 258p. and City Offices, 
2 to the good at S2p.' 


dealings were resumed in Lets. 
The shares eased from an open- 
ing of 32lp and dosed at 32p com- . 
pared with the SOp price . at 
suspension. 

Dawson IatenwtjEeaal moved, 
higher as bid speculation revived, 
the ordinary and A both doting 
4 better at 14fip and I45p respec- 
tively. Corah, however, gave up a 
penny at 4Qft> fottowfag the 
interim results. 

Rubbers contributed a fairly 
lengthy list of gains following Far 
Eastern interest Guthrie -dosed 
7 up at 3fi0p, while KmUa Lumpur 
Kepong, S9p. and London Sumatra, ; 
l82p, put on 4 azid aTespectivtiy- 


OomunJ** 
.'riswt vn 

.iKtatrtal Ordta^ 

Uokl M towu. 

GnL XKt. r«W— 
.Bamlnpi.rWfgtful 
PjB 

hBUlnpi ««*ed-. 
Equity toiwsv* fi 
■BoaltytiMP an, “ 


70-80 SU» 11.13; 7L09l 7LW 

72J3 T2JS9 1SLBa| 7^801 72.88 

809.3 SiO-Oi. 81L* 513.0 514.1 
187,0 196.2 201.0J SOfeSj S05.C 

gj7 SJB BJti 6.2G 52* 

15.72 IS. 89 15.9B1 .16.Sffl 15^1 

8.45 636 5.34| B.S71 ** r . 

4)997 6-64* 3.027] B,06 ' i 

_ 7541 7L24| 60.1« 8571 

— l7.S74t21_547l 17^881 85,06< 


1 4 yw 
10 M»g> 

7LSSj wIt*;, 
12JBft 3041. 
014Cl| 487.6 
195.31 11 14 

ojii] ; L is*; 

1560} 14.93 . 

: 

S,7&3| -3.751 
188.43] 101 J8 
8ft,55ti 20.098 


'' lTam 512* 11 am 5U.4. No«SU.4* . . 

3 PV 510.7. 3pn 
i fiHfflC 1M® 502fc. 

• Baud on 51 *er cat C*L UW» Grid 

• null 108 Covt. Secs- lSrtftVM. »«■ • mo. wm. 

taJSiUm. BE ACUTW Jtiy-DBC. ms. .. . 


highs and lows s.e>. activity 


i CompfUttOof 


!>%; - ' V % r. 1, /V l LVinKU h^ca ; ^ . r#x^‘ /a’* • 

t&msm 


[197711878; 


Feb Kar Apr May 


BP firm 

87 Bp. Dealers registered slight 
disappointment with Shell’s half- 
year returns, but an initial mark- 
down to 565p met resistance and 
lh shares r Recovered to close 

568p. Investment premium in- 
fluences were responsible for the 
fall of a point to £&7{ in Royal 
Dutch. Stebens (UK) were 
initially supported to 374p on 
news of successful drilling tests 
in the Brae Field, but in the 
absence of follow-through drifted 
and dosed a couple of pence 
lower on balance at S68p. 

Among Overseas Traders, 
William Jacks eased a penny to 
29p following the preliminary 
figures. 


Golds sharply lower 


down on balance at 509.3. Trade dAnrwdatin ^ rfEnar InifcSSf J! Henry Wlgfall 12 to 2S2p in a thin substantially improved interim Investment Trusts fluctuated 
was at a fairly low ebb— official fh^r otereeas market, while interest was also figures. Lucas Industries ended narrowly before closing little 

markings of 4,997 compared with j!r n iar^ g ^ brolters shown in BSR, 4 better at 103p, 4 cheaper at 322p. Commercial changed on the previous day’s 

last week’s doily average of over ^ ,, and Fairoril Electronic*, 7 up at vehicles edged higher following close. Dalgety. which reported 

0.000 — but there was a consider-- . ??? , Newrastle were 3500. news that the recent buoyant preliminary figures on September 

.wu —r - « = dull late at 67D. dnwn 9.2n nn ri k. ^ _e r__ tT: , i a 10 


0.000 — but there was a consider-- . ^9 , n , Wewiastle were 3500. news that the recent buoyant preliminary figures on September 

able amount of small business *V'. m . 0^^., pattern of sales in the UK had 12 last year, featured in Finan- 

transacted, while some institu- J!p l _ tte chairmans -5*2 fl continued fa July. cials with an improvement of 8 


niXXIC OUUIC UlbUlU' »... _ — . . ____ u„_*l _ » ■ J LUULUIUCU Hi dUiV. '*“4* «« vi u 

ton^- toterea was also * BtoBrSnSS. ^SSSat™’?.?: B^^lSdV In Newspapers,' Unroot Dslly » ™ F&tal 

™ enc ®‘ rawly and dosed with Htttealtera- demand for the latter which Post firmed 7 to 147p on specular fpw tw, ij up at wp. jrouowmg 

Orerall, equity markets pre- SI touched a new peak of 497? tire country buying. ^Independent ? e M 

jaastfftrsaaa SUPPO? T 

there waH no t A P ut on 9 more to 215p on the 3? lbes ' 2 t J 1Sp ’ Jost 2 J , of «, Uie f-J Properties a gam demonstrated compared with fae pre-suspension 

^ DU P ,S intentions to hive off «am of 8 wfach the underiying firm tendency, and pricrofira^ 

tn i- T Actuaries Ail-Share index proper ty interests. Richard followed the good results and selected issues recorded reason- V Following details of the £14m 


reroverv Costain, 218p, and Taylor Wood- Vickers, which have men sharply able gains. British land improved compensation th^oSpa^y 

in tL^ollaT^^h row ’ «°P. added 8 knd 10 re- ^ ek 0 nho P“ of early com- U t0 4 lip, with the 12 per cent ctfvfag from the ^SreSmenT far 

breiSft Sm a faS of S ^ctiveiy Rcwlteon Construe Potion payment news, softened convertible up 6 points at a 197S STnftionalisation of the Ausrtfa 
SSTfa the riS ? SL«* « JSSW «».!!?.%• Hammerson “A” and Plckeregffi concern, share 


S20S3 fa the buttdon pric^ l f n ! En^in^rfak Danfe " Gowerton 

prompted a sharp reaction in correct- Buyers returned for hardened 2 to 69p in response to 
3 S?f2 a ?- Brown and Ja5»on which ^ firmed higher annual earnings and 


S?r?3S a L^ Hs "SS? - - 1 !! 4 t0 18 ®P> bnt end account fa- Northern ^ Engineering improved 


•jS?.toSJ Dd “ '* kk feU \efi »SSta iBSr * lj to_llTJ^with the help of the 


ACTIVE STOCKS 


easier at 10Op. 


Iran £4m contract. Supported up 


Institutional. and arbitrage sell- trarie - t . to 34p fa front of the results, 

mg and a further influx of invest- rJS S mo^of Woodhouse and RIxson reacted on 

merit currenpv nn ,,i« Jevei tor most of the session and „i„^i _ 


snares^ depressed the premium at 4 KSt 3 dearer on balance at 32p 01 

yesterday from an opening of disappointment with the un 

10H per cent to a day’s low of 09e : ot , changed dividend payment 

98} per cent for a net loss of 1* aSOIUTie easier Cooper Industries, 22p. and Asso 

on t P e o^^mght level. The con- Gussies “A," 314p. and British dated Tooling. 37p. boti 

version factor was 0,6066 (0.0 572). Home, 210p, lost 4 apiece among hardened a penny following 

■ -2i_ trading news. 


FOOD PRICE MOVEMENTS 


BACON 

Danish AJ per ton .... 


August 17 
£ 


Week ago 


Month ago 


British Aa per ton 1,085 

Irish Special per ton 1,005 

Ulster A4 per tonj ...... 1,085 


revived bid speculation left Lin- 
food 4 up at lB2p. Fitch Lovell 


Denomina- 

of 

Closing 

Orange 

1978 

1978 

Stock 

tion 

marks price (p) 

on day 

high 

low 

Shell Transport... 

25p 

14 

568 

- 2 

5S6 

484 

BP 

£1 

11 

87B 

+ 12 

8P6 

720 

De Beers DftL ... 

R0.05 

11 

445 

-11 

464 

285 

ICI 

£1 

11 

402 

+ 2 

402 

32S 

Lex Service ...... 

25p 

9 

SS£ 

- 3 

94} 

64* 

Burmah Oil 

£1 

S 

76 

+ 1 

77 

42 

GEC - 

25p 

S 

30S 



311 

233 

Marks & Spencer 

25 p 

S 

83 

— 

90 

67* 

BATS Dfd. 

25 p 

7 

295 

— 

302 

227 

Barclays Bank ... 

£1 

7 

353 

- 3 

S68 

296 

Glaxo 

50p 

7 

615 

+ 5 

622 

515 

Lucas Ind& 

H 

7 

322 

- 4 

329 

240 

Raca) Electronics 

25p 

7 

314 

+ 8 

315 

196 

Allied Breweries 

23p 

6 

84 

_ 

94 

7S 

Courtahlds 

25p 

6 

118 

- 1 

131 

109 


The sharp rally in the dollar 
and the resultant heavy fall fa 

the bullion price — finally $650' 

lower at S2Q&375 per tnmceHled 
to widespread and heavy losses 
fa South African Gold shares. The 
Gold Mines index dropped 83- 
more to 15 7 J for a three-day 
reaction of 18.7. 

After opening lower fa line 
with overnight UR. markets, share 
prices came . under pressure 
throughout the day owing to sett- 
ing from most international 
centres. Little or no support 
developed fa after hours dealings 
and prices closed at the dayV 
lowest . 7 ' 

The heavyweight high-quality' 
issues bore the brunt of the' sett- 
ing with West Driefbutefa - par- 
ticularly vulnerable and finally 
£21 lower at £2oi, while Western 
Holdings relinquished a point at 
£23 and Hartebeest I to £14$.; ."v 

Lower-priced issues fared" 
equally badly with Grootvlel 9' off 
at 109p, Ventcrspost 16 cheaper 
at 238p and Deelkraal 8 lower at 
94p. 

South African Financials were 
in retreat reflecting the .sharp 
falls in Golds. Lasses of 12 were 
commons to Anglo American and 
Union Corporation at 356p and 
310p respectively, while Dfr Beers 
closed 11 off at 445p. London- 
domiciled Financials were usually 
a shade easier although the heavy' 
'fall in the bullion price lowered 
Gold Fields 4 to 191p. 

Among Coppers, MTD Mangnla 
gave up a further 21 to 37p on 
con tinned nervous selling fallow- 
ing the recent civil unrest in- the 
vicinity of the mine. Messina 
were subject to Cape selling 
which lowered the shares, by 5 
at 85p. 

Australians did not fully reflect 
the continuing buoyancy of over- 
night Sydney and Melbourne fol- 
lowing Tuesday's Federal budget. 

After being marked up at the 
opening, prices tended to weaken 



Sl«h 

Ufa 

High j 

OortLifecg- 

78.68 

(5fl) 

68.79 
(5 & 

127c4 ! 
(9/1/36) 

49.18 1 

' ftatf fat- 

8 1417 
(9/ 1) 

70.73 

160.4 

(28/11/47) 

60.65 

(3)1/79 

ing. Ord 

516.8 

(9(8) 

453.4 

GW) 

649.3 

(14/8/77) 

49.4 

(28(6)4(9 

Gold Minos- 

. 1 

206.6 
(M at 

130.5 

(6/1) 

4423 43.6 | 

(82^75) (26)10,41)] 


—Dully . . 

(hlTftW* 148.1 WUJ 
lnaurtrtSilJ 184B 307.8 

ias=tiiS» i&»: 

Induco-taUa — j 308.5 217A 
UptcuMIfttH 5S.5 50.0 


OPTIONS 


DEALING DATES Reed Wflfrt, J P ™5X& 

Last Last For House, Wo Tfat^ine ^Grawff i ; 

D«S- DecSra- Settle Metn^t^ FJ^jer 
less tion men! dated OIL Selection Trost. Status? *• 

A^is Auff 29 Nov. 9 Nov. 21 IHscounL Audiommie, :fcy.. 
tSI-S U Nov.sS Dec- 5 Johnson Group, UDT, .On*! 
Aug. 30 Sep- Dec. 19 dated - -Fiantalions Warrant*,. , 

Sep. 12 Sep -5 Dec. 7 uec. w lat erttstlon*L Airfto^'.. 

For rate indications se e ewa oj st^^miines, J- Lyons, .Dawson:'. 

; ; Share Information Service international and Burmah 0|S£ < 
Monev was given for the call while doubles were arranged fa... 
in Westland, Swtui Hunter, Cons. BL, Norfolk Capital and Burmah -- 
Gold Fields, Ultramar, Lex OiL A short-dated call was «m»- ; / 
Service, Thomson Organisation, in Lex Service. 

LONDON TRADED OPTIONS i ' 


Ex’rviw Chxttnf 

Optiim priw> offpr ' ol. 


Ukniiv 
offer Vol. 


C'calou 

offer VoL 


Ihjitfry .»» 
eta#".!:' 


on modest London offerings, 
coupled with the fluctuation fa 
the investment premium. 

However, there were one or two 
firm features including Western. 
Mining, which rose 6 to 149p on 
consideration of the Yeelirie de- 
velopment deal with two- inter-. -, 
national companies and Haoma 
Gold, which attracted further - 
speculative support to close 6 
better at a 1878 high of 68p.' - I 


were supported at 65p, up 3. 
Among Hotels and Caterers, Trust j 


NEW HIGHS AND LOWS FOS 1978 


BUTTER 


i .J 1 * following oeeurttto «mowd In the 

; Honees Forte nxtisned 4 higher at I Share information Service »«r~rOay 


Norton and Wright gopd 


CHEESEf 

NZ per tonne 1J0L5O 

English Cheddar trade per 
tonne — 


L16L50 

1275:0 


1J6L50 

1,202.10 


EGGS* 

Home-produce: 

Size 4 

Size 2 


2.40/2.60 

3.00/3.70 


2.60/2JQ 

3.60/3JQ 


2.80/3J10 

4.00/420 


attained new Highs and Lows tor 1978. 

NEW HIGHS (114) 

AMERICANS <ZJ 
CANADIANS (31 
B ANKS (4) 

. Wednesday’s irregular trend beers a» shoes h i i 

was repeated in the miscellaneous buildings o> 

Industrial leaders. Renewed in- chemicals «> 

vestment support ahead of the M J52KM5Sia «» ^EEFJu 

100 per cent scripTissue on Sep- "SSmcSSSiS NEW LOWS (1) 

teraber 4 helped Pilkfagton put on eJToneering inn . . NEW WW V 

9 to 816p, while Glaxo firmed 5 foods m industrials ti» 

to 6 lop. Ro water cheapened 3 to hotels hi Wfbon waftan 

186p, after 193p; the interim 

results are due on September 11. DICEC Altffl FATTSJ 

In secondary issues, Norton and IVI3 Jl!iO. AliD r/iLLJ 

Wright did well with a rise of 15 VTrCTFlI.nA Y WFD AUGUST 16 

to I90p in response to the doubled Jt3ILJU)Al TTMUJ. 

annual profits and proposed 100 upDwwSaine m 4? ■ 

per cent scrip-issue, and Hunting gw* 55 1 ™ T 

Associated put on 11 to 304p on JJX 4 3 57 rISub B«ads * * » 

revived investment support In a mdmtrimb sm 2M «• industrials “ ® 

market none too well supplied Financial and Prop. ... in * 3W Financial and Prop. — „ 

with stock. Speculative baying on» 2 *1 S 2!^ s s 3 

fuelled by vague bid suggestions 22^* Uon n s LVi^ 1 ... 22 77 39 


INDUSTRIALS 1201 
MOTORS (11 
NEWSPAPERS (21 
PAPER Bt PRINTING (11 
PROPERTY (11) 
SHIPBUILDERS fl) 
SHIPPING (21 
SHOES (II 
TEXTILES (Z) 
TRUSTS (101 
RUBBERS (41 
MINES (41 

NEW LOWS (1) 

INDUSTRIALS (11 
wrfcon Walton ______ 


BP 7 BO 

BP 800 

BP 860 

BP 900 

Com. Union J40 
Com. I mm' *60 
Coni. Union. 100 
Um Goin J60 
CMJr.Ool'l 18U 
- Cnm.UoM 200 

CpurtnnHl* 100 

Conn HU III B 110 
. ConrtTUldi- Iji-' 
Ct-Hictiiuldi- 130 
GBC 2S0 

RKC 240 

GKO 260 

OKC 280 

GKO 800 

GKC 330 

Gr-uuf Mat. 100 
Oraoil Met. 110 
. Grand Met. ISO 
ICI 330 

ICt 360 

,CI 5SS 

ICI 420 

' tend Sat. 180 
Ufvl >#«. 800 

[and an. 220 
I>inif 24U 

MarLh .T Sp. 60 .j 
MarkniSp. TO- 
UarL» Jt "(l. 8® 

Mark* 4 SpJ SO 
5hel> ..600 

••hell 1/650 


101 - 

iia — 

78 — 

55 — 

20 — 

11 — 

4 = 

25 12 

131- - 

*3i* - 

16 1 

101* - 

6 — 


192p ' L 


191* — - 

14 — 

10 — 


97 — 

79 — 

61 - 

45 — 

30 - 

16 - 

221 * 6 

16 — 

9 — 

75 S 

45 15 

27 - 

17 3 

38 - 

41 - 

241* - 

1ZI* — 

30 — 

20 — 

111* 10 


-he*l 1 


83 — 

bfi — 

49 — 

39 — 

23 — 

24 - 

18 — 

13 — 

75 — 

50 14 

51 S 

iei| a 

63 — 

45 — 

39 — 

18 — 

301* — 

2d - 

14 - 

a « 

95 — 

60 — 

34 — 

51 


U6p iv 


- i *1 


. • -T. '• 

d-> '.: 


August 17 Week ago Month ago 


BEEF 

P 

P 

P 

Scottish killed sides ex- 
KKCF 

54.0/58.0 

53.0/58.0 

54.0/58.0 

Eire forequarters 

— 

— 

37.0/3 9.0 

LAMB 

English 

54.0/57.0 

56fi/60.0 

58.0/60.0 

NZ PLs-PMs 

53.0/54.0 

53fi/54.5 

53.0/54J 

PORE (all weights) 

S7.0/44.0 

35.0/44.0 

35.0/44.0 

POULTRY — Broiler chickens 

36.0/39.0 

36.0/41.3 

36.0/30.0 


Ft-ACTUAKl!ES SHAKE INDICES | 


These indices are the joint compilation of the Financial Tunes, the Institute of Actuaries 

and the Faculty of Actuaries : 


•' • e '.4»c. • 


RISES AND FAILS 

YESTERDAY WED. AUGUST 16 


EQUITY GROUPS Thurs., Aug. 17, 1978 


Tu«S. lion. 
Aug. Aug. 
IS 14 


Up Down Same 
1 16 T 


British Funds 

Corpus., Docn. and 
Foreign Sands 


Up DtwnSame 
10 4Q 2S 


GROUPS & SURJECTIONS I ; I em. I cn« I k*. I 

Earninss Wr. P,^ 

Figures 1 b parMUiesenifliow number of Chfi* wSuTSSr* 

. *«wks ^ % Corp. at XT*. I Corp. 

r«s« 


Index I Index 
No. | Na 


helped United Carriers improve 3 “ « 37 r« 

to 9"p, while improvements of 4 — 

and 0 respectively were seen fa Totals — an uu To 

Grippe rods, 51 p, and Western - 

Board Mills, SGp. The absence of 

news of the bid discussions left ___ 

Peerage of Birmingham 4 lower RECENT ISSUES 


4M 520 U6 Total* 


* London Egg Exchange price per 120 eggs, 
t Unavailable. Ti For delivery August 20-27. 


t Delivered. 


20 Plantation — 
38 Mines 


37 Recent Issues .... 


20. IBB 1.SM 


DanksGowerton 


EQUITIES 


LIMITED 


l«oe 

I"? ^ pl 3! 


HI«ti Ia)w 


« g | 5 1 »■§ 

i-SS+« ; §£ 


Record profits in excess of £1 million 
Sales in excess of £20 million 

reports Mar J. S. Roe, Esq* JJ* Chairman : 


65 F.P. SlfSl 81 71 lIuDv> CJuperioodi,_J 78 +1 MW1 3.1 

« r.P. - 12»* 4 Kmray 101* ~ “ 

1 00 VS. 6/7 182 142 BuroUUJrm. 182 42.64 3.0 

86 PS. 34* 94 83 Hontimi Petr, derriee* 92 4.66 d.a, 

115 YS. 8/9 1*8 138 Joaeo^B-l (Jew'lre)lOp 146 #5^ 2.1 



4,717.0 

2^17JS 

.7^T|6ufi 

6.&UL7 


FIXED INTEREST STOCKS 


Steel sales up 13.1% 

Engineering sales up 15.5% 

Completed export sales up 40.8% 


|| lfgii_=_ 

<[:5 P x HJ a h I Low 


is +" 

I -F — 
oa. 


Trading Results for the year ended 31st March-,1978 

£ 

Turnover 20.355,622 

Profit before tax 1.004,001 

Taxation Nil 

Profit aftertax 1,004.001 

Extraordinary item (4,000) 

Earnings pershare aftertax 2ff.496p 

Dividend per 25p share 

Interim paid 0.700p 

Recommended final 1J36p 


1977 j 

£ I 

17^99.705 I 
940/404 | 

43.973 j 
836,431 j 
23/200 | 


•* F.P. 
■ ■ K.P. 
t99.*» P.P. 

. • • r.r. 

£991* VS. 
£100 CIO 
** F.P. 
• * F J>. 
% PS. 
loop F.P. 
H PS. 


«4| Airtfow dtroununea 10% Prt 

al. A*neti Bewiisr- tli P*M. 

Lli'rnJ i URtm rn Vir Rite SvSi 

m oaffyn* W6 ewt— — 

atll. (>i.vHpii Vjr. Rate Red. 19W 

[Olo Do. UJJS K*d- — — 

3S Central 4 Sheenroori IDS Pref ~~ — — 
&8 Crornbv Sprint Inuadoni UK Prel — — 


H PS. 1 

• * y.p. 

• * F.P. 
(96 F.P. 


% Co»l>y Sprinjf Interior log Pref — ■ 
*3 &TInau*WM«- 1% Red.T?raf. 1384^--. 
101n UeokwutfCra ln».OfflcelOgEed2ndCaniPref. 
wig hMm K«t*. U.8o% Deb 


991*10, K. Holdings ^ W-- 

UJirJHenderaon Kenton lOfcOum. Pref 

aldJennera Princes 10* Cum. Pret — — ~~— 

*1 JlUniiwielKPrN------ r~E=T=“ 

86 liLooloyn 12*^ W 
*rlsr«wU'Pen»n 10S Ban Cam. Pre< 

16p,KogiBW ud Zambia fl£Cnv 

uy.-JKonhamMun Var. Hate lied. 1B&S~ 

Vfo Pettaw 10* PrBf.-__..._— : — - 

mi* pi Pitman ID* Cum. Pref 

95 I Rotor* 04* Onm Pref-—— u~T 


*K F.l*. 
*S1 P Y 


23.658p 


■ * F.P. 
loop mi 


Kluo ?S. 
• ■ PS. 


UlOOp F.P. 
" • vs. 


j making total far year 


2.636 p 


Z359p 


• • PS. 
£9914 VS. 
wau £46 
B99is F.P. 
k&dl* £26 

* ■ F.P. 


data ,<*hoby Parite BenW S4 Oran* Prof — 

ifciu 9eftoa vu. Kete U«l- 

43 {jtiuwenH-ffo-sit* US tel. 1887— — 

tfdfc Wendswortb VartibJe 1SNS — — — - 

24 Wert Krart W»t*r 122 Web- 1«* 

5Mp Yoons * Co. BrowenMft P«rf. 


94 p( 

9B P 

9-»4 

981b 

100 

m« — 

97 

98 

98 

UHp 

100 | 

99l 2 4-1 
105p+1 

B8J* p 

921* p 

86 

94t* P 

f2lp 

£».* ■— 

105 P 

99J*p 

95 

99 

991® 

441* „„„ 

997 b 

24tj . — 
9Bp — .. 


1 CAPITAL GOODS II 

2 Build ins Materials (27) — 

3 Coatrecting.Capstzuctioii(27) — . — 

4 Electricals (14V '. 

5 Engineering Contractors (14) — 

6 Mechanical Engfneering(72). — 

8 Metals and Metal ForminglS) 

CONSUMES GOODS 

11 (DURABLE) (521 

12 LL Electronics. Radio TV 0 5) 

13 Household Goods ( 12) 

14 Motors and Distributors (25) 

CONSUMER GOODS 

21 {N0N-DURABLEJG75). 

22 Breweries(14) ' ■ — 

23 Wines and Spirits (6) 

24 E^lertaLninent Catering U7) 

25 Food Manufacturing (ZD 

20 Food Retai ling r 15) — 

32 Newspapers, Publishing 02) — 

33 Packaging and Paper (15) — 

34 Stores (40) — 

35 Textiles (25) 

36 Tobaccos [3) 

37 T oys an d Games (6)..- 

-41 OTHER GROUPS (SB — 

42 Chemicals (lfl) - 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) — 

45 Shipping (10)— 

46 Miscellaneous 156) — 1 

49 INDUSTRIAL GROUP (485) 

51 Oils (5) 

58 5M SHARE INDEX 

61 FINANCIAL GROUP(l«J) 

62 Bantcsdh 

63 Discount Rouses qO) 

64 Hire Purchase (5) 

65 Insurance (Life) (10) 

66 Insurance (Composite) CO - 

67 Insurance Brofcere(UB-^» 

68 Merchant Banks (14)— 

89 Prope rt y (31 > ; - 1- 

70 Miscellaneous 17) 

71 Investment Trusts (50) 

fil Mining Finance K) 

M Overseas Traders (19)— 

99 ALLSHARE INDEXICT) 


•* * -- ' 

4 * •- h. 

■ i 

if - 1*. : 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS . 

Br. Govt. Av. Gross Hed. 


"PROSPECTS FOR 1978/79 

Engineering Division entered new year with substantial order book and is 
operating at record production levels. Activities concentrated on expanding 
overseas areas of representation from which future growth must be derived. 
Steel Division reports reasonable start to current year with an increase in 
volume over comparative period last year. Currently the steel industry remains 
intensely competitive. 

With greater utilisation of the Group’s facilities at Oldbury and careful control 
of costs. I am confident that the current twelve months cycle of trading will be 
a record for the Group." 


“ RIGHTS” OFFERS 


II 


q.’ -<6, 


latest 
Ren unc. 

Due 
• i 4 


Cloning U- oi 

■Ur r 


60 I Nil 
28 I F-P. 


36 F.P. 
70 F.P. 


35 PS. 
94 Xll. 


Mamfactunos ef Sleet She&SBl CoOtmd Pbto from Cod. Comigstots ant! Stowers of Steel Sheet. 
Designers end MarxtfiKtujan of BoSem Process Phuxiorthe OH. Chemical and Gas Industries. 
Fetklfft Txuda and Meehanksit Hanging Et/oipmanL 


30 FJ. 
110 F.P. 


100 .Nfl 
94 XU 


30(8)24(11! 21nml WmalBlMltinwd HMgeX 19am 

18/7 1B;B & Tool Rnjt. 48 

2/8 1/9 69 46 Readhun S im. £ Cocgtai 09 +1 

10/8 21/9 93 78 ffieech (Wm.) 93 

3/8 1(9 4& bfortrai (W. E.) ... 46 

21/8 4/19 17nm 10t>m|Pr<>p«ty PLrtnerahiM ... 17pm +2 

28/7 8/9 72 . 66 (Sutcliffe SprakMui 68 

14(8 8(9 169 134 tteratenrit 155 — 2 

25(8 22/9! 20pm J9pm|WU!t*msff J'm>F^.&2iCvCinK' , Pf 20pm +1 
18/81 IB/fll L3nm ftpa«iy>»drthlre Qiomicalo llprai— 1 


British Government 

Thare. 

Aup 

Day"* 

change 

•L 

xd.MJJ. 

To-day 

sd adj.- 
1378 
to due 

1 Under 5 years 

104 AS 

-0.18 

' — ■ 

■ 639 

2 5-15 years 

115.64 

-0.13 

. 

. 7.04 

3 Over 15 years — 

121.89 

-0.14 

. _ 

8i7 

4 Irredeemables 

128.48 

-0.42 


724 

5 All ^OCbmilHMIWUI 

113£2 

-016' 

— 

- 735 


1 ] Lon 


Wert, ■ Ye*-- "• " ’ 

Aug. , a#b 
IS (approM^ \ 


6.67 679'- f. 

00.77 


4 Medium 


1149 1 U7T.V -I 

nji t mCV 


11.59 U82-^ 

12.01 


_ 8 Coupons IS 

724 9| 3 

735 . 10 Iiradeemables. 


M lQJ4'y 
12.47 ■ 12.99 


12.70 I 33.11 
1151 ] . 1165 


Thuifc. Aag. t? Tu«. Man. n ^ j .Vv. 


Imtet I.TleJd 
So. % 



Registered Office: 

257 Halesowen Road, Netherton, Dudley, 
West Midlands DY2 9PG 


RaDUBCiaUori djrte usually last dW for dealing true of gtfunp duty, ft PieureA 
(mm « oa orawee rna «rutvm* agMimwd (Hnoentf ana field « KoracasJ dMw)- 
eovui Dated on previous year** eAnnnss- r DivWena end yield turned on nnaoectUL 
or ocher atHari estunates for W78- o Gross, t Figures assumed, f Cover allows 

Hit rairMHIMl at rh.. _ .u^. In- ^liAW am Cor IMnMMl 


16 20-SX. Red. Debit Loans (15) 87.83 67.38 1 67^3 5730 57.28 S 74!6 67.94 67.86 84.13 V 1 

16 Investment Trust Prefs.( 15) 6 1.73 ij*i 6L57 blot 51.57 31.37 bi.s? bi^g S16ft „„ u . X. 


17 ComL and fadl. Prefs. (30) 7 ojs 13.00] 70.58 j 70.49 70.47 kj.47 ‘to.io 70,19 as.aa 


■ u wii«vj m on men » w j ■■ ■ ■w-’— __ _ — 

MV way of caw tall so non. -» m ml mu m lender ofice. If Remtrntfneod. M tawi in 1 
conttecflOD wiU 1 moraaniwuirn merger or uUra-ever. . P1I Inuittmcdon : lmwct 1 
10 fnrmer preference fcolrfc-r*. ■ AJlotmem lenera cot (olly-oauD. • Provlsumal j 
ot partly -paid aflouneat letters. * With warrants. 


.85&.-.fcg dnssrt ^ 


•>vi 










4 



If 


FTnand al ' Times Friday August * 18 1978 


AUTHORISED UNIT TRUSTS 


LG*»!««»iw,A { rtSirJ^ wasastt M.UeuSSd sJin”? ^owttWTi Ftind Man « Pni Ud. Fiwlnclal Life lav. Co. Ltd.? Saw & TtfBt Tat. Mgrs. (Scotland) fa*M Alexander Fund 

*■ capital m2 arjj +Q.1I 4}7 American L55* '»ffl -- I UO wl^a!! » A fl? B £3*r !:ci .... 01-«SIWO 2&BiflhopJi»ie.E.r n 01-MT9SQ SctttWtS Secnnwea Lld.f IB. Athol Crewe nt. Hdln. Z. 03UBP8SS1/2 *'• nlt J Nll ? r Dam f- Liamihflwfc 

ty|i*come.---..Kl.V «3+01 *.$# CapUidTW..-., 135.8 j*».dUO« SJ* ffiJSSAma 17 515 ■•• S^a Prolific Units IW.a 914 . .1 ZU Sutbitx «w*l] 387 Ti:W Aiuer.EaeM30.7 330|+0 2i L5fi Alexander Fund I HS754 

™r£nT£; PU "fe Sn .....J 3.96 jKomeTa. — 1160 .itB-Jr-si}. *37 “e® 1 !” tali 31 ..._(97J 10lJ| _,...| ]J| Hfsh Income 221.4 130.ll J *87 acctyield.-.*.- — — .0 34S-D3 6 93 TarSI TMtUcZ.Z]43.D 4*jJ+0.j| 546 N« «.<m i»l ae Aunm. 

lyGanT* _ SUjg+oeJ 4.03 fuLGroutliFd.. — m.o 353 £<£ Frotiharw— - ^ 61.51 +03 *3* £jura Imobw F«L... |M J . 65.l2s-0.il 9.91 

r.r^ E«rr S -si* — - - - — S385PS « 

nwafflCT?, - J “* FYiuorisProv L'to...|*63 49JB-U] 3£ 1 PrudeoUal WSJ M4.0I+0.5) 4 07 TrttSt Mngre. UA f? > , r> lOO-Wwl Street. EC 2 01-638 W1 1 , 7fi ul dBl * Au P u -“ l M 

TE.™"* . Da.\wimv Sf Mi,ll JJ7 U * TUTTAUitl IM-0 55.41 [ 538 . ITC1 - 


OFFSHORE AND 
OVERSEAS FUNDS 


Cv«Ua 1 Jm — U5.I j«.J -g« JJ* SemniJulvaV 7 E? ,£5 •• }>| m di e Unite WZ.B 994 .. 2 0 Seatbtb gi “Jrf -a: 387 Twee* AnwriicW».7 330|+na 13* 

pKomeTH. — UtO .3233 -SJf *S “u®!” tall 31 fl7J 1BUI _....{ 3H Higfttacosie.— — 1221.4 130.11 ..... 4 6.87 Secri-leM....... — "•■ P'S 5*i -n J «n TarceiThltUe 1*3.0 4iij *0. J| 545 

ftcOn>«hF±^„ rn.0 I34j .-l.jl Jig _ Fcouhare*.—. *££, 6lfl +0J *J* Extra Income Fft...,60.5 . 65.14, +0.J 9.91 

DftArctun. — — 1300 ima-ifl 2.07 MLA Unit Tr-.!- _ . _ Scot ES. car* »?? 274*1 .1 2 no 


Tor Ret Tat. Mgrs. (ScotlaadJ frtflrt Alexander Fund 

is. Athol Crntirt. Edln. 3. 031-Z2PSS31/2 **• ™ e . N "°H e r *™- 

Target Aroer£aotc|30.7 33 0|-J12i U* ' 3ejwndc [;D lni ?._‘ *. ll S754 J — 

T areal ThitUc □*3.0 46JH *0.U 5*6 Nat VKt *«Jae Aum<4 9 


Keyaelex Mngt., Jersey Ltd. 

1-0 Bos « St, Helier. Jersey^iEnt; nUBPSTTW 

Fracelex — „|F»1.K6 IfM . J 279 

RondMlex .. .. n»Die 12W ... j 


Fracelex — „|F»1«6 

RondMlex .. .. mitt* 

Xeyselex Tm'L ..K7J7 


and ft a b 

•- dl«, 1711 

iTirJv Puntl *7 1 

line — fi.O 

:6 liHt. Dev US 

u?7 

broAM.m_{l3£JI 

*f Fund* 

>VMW ITU 

Incnme *,(7oj 

Eq. Inc. ..1*11 

wtium ai 

u 41 tonal — , — P** 

If Fund B6J! 

. ^ of Ajnenca (sr;3 

• ’ i. Exempc9._)9>J 


FfieadsPniv. L’ta...|*63 
Da Acrilm. [599 


• / HWV 


01-405 K22 H’rieea m Augu** *** mb. day Autrou 's Trades Unfon Unit Trt. ManagersT 1- 


Arbnthaat Swart (iea (C.I.j Umtted SBMKr' ^ WU>§ - 

n.i Box 3S4.SL .Seller Jenwr 0934321" Kersr lex lawn .. £15.92 17^1 . — 


r 0934321" Kcnrselcx Japan .. }£15.92 77JBI . 
123.0) 1 4» CiatA«rt*Up._..! £135 W ' 1-0C3 


w Mutual Unit Trust Managers? (aftR) 


7411. J 499 1 .' - unit n ;« na. 

343 *01 916 G-T. LbU Muiagers LtiV 15.Coprhill AW,&r2R7BU 

427 *m -4.92 lAFlnaUrwy areas EC2M TDD 4)1-0260131 Mutual Sea PIub lac 

3JJ +0J 4JS* C.T. Can lac * - 1 **» MiK«t*l i»- -r- BfX 

*3J +03 4J Z DaAec-~— . 

J20A .. .. 4.72 CT.lBCiFd Ua 

UMl+Ui ill G.T.U^. LC+T). 

. CT. Japan A &mi 


12 

Q <T. Four YtlaFd. 


c»- uu 

.... 57 31 Yi* TsW T6e SU. Frchnnipe. D3IN 1HP 0100042 77 Am. 

«(M 344 Mutual Inc. Trt p34 74*1 7 iA Cm«trentC«n. Fd 111*0 HIM I 4.77 E»v 

IS EMSSffi-Ki is la “ — 1 7n &S BSSiJfi: 

*2&1 ^ fSS N«ional and Commercial 

^3 a SSg^ .r j gj -' ar ra? aESeisnJi M=j ts 

hlf ,• G. & A- Trust (a\ IS ******* **— ** «3-4 537 

♦frS ARoyWlil Rd—BwmwoocJ (BaJtiafSOO (Amun. Uniai 17* < in!«-rUj] 3A5 sS2ES7^rt ,Ulr ^ 

:n C.I.A ps.1 srjt—j C42 ‘ ^ Ridgefield Management Ltd. 

+£u -1.44 Gartmore Fnnd Managers V (aXg) ' Naaonal Fntidnt Ibv. Ungn. Ltd.9 3»*o. Sennedy su. uuehcater onzaaasZi trjc.c«h.w*. 

— S* Marr A3ce. EC3A BB1*. OiadSSn **.rirMOEhBivhS«_ECaa»aHH 01-OS3«aoO a« - n l .. O.AT 1 

t a tt (MnwiHiiTa i*»« «m an rt.PJ. Gth.UnJTci^.14*.* suu j 3.io Rjntefltld IncOB*. 196.0 M3JS+2JI 9.13 J. Henry ScM* 


lerCo-.Fd._J _ 

'mlr. Co> Pd. , W 9 5*j§ -OaJ «js BrlttifaTsLCAcc.) 

*■” gwamodUj- Blurt.. 

San.AC'ite'-_j«« *7Ji +0i] 4. 42 Emj» Imran* TW_ 

y ganuamte7 *f« *071 C39 u; FW- E«t Trusi_ 

Smlr. Ci^i — *[Z( 2J 255Jj . 77) 410 Klih Ihot* Tfct,_ 

' croon Unit Trust Managers Lid. lu^tnrT 11 

«« V3t SfefelAca). 

K«.W tint* , ^ ®«W (Antony) Unit Tst Mga. lid. 




29.0 .031 
333a «o!d 
MJ -©jS 
33J -0 2| 

7 ^£5 ’-9-4j 3j» Sudmx.Auj.i7 B*.o 

- a-S -g-H i Arrum. Cmtsi 1041 

ra? < ' 11 Col*a»ApB«VlK WS 9 

u ,-®A|L+0.4l — „ fAccnci. Unite. J67.7 

*1 Jffl ■ -J UJJ CuwWAAURMtlO. 55.7 
S-2 *S-sf 1-? tAccouvUnlWi . — 6X4 

»J -03 123 Glen. Asnst 15 57 J 

23 S I 4 Jo f Arruw Units) 74J 

•JJ) 1 *-N Marlboro Aue. IS 563 

>35 • . CAecom. Units;-- -,*** 

9.13 J. Henry Schnuler Wagg & Co. LtiLn \ib.<mb. Awta. s* 7 

1<s '- &Ci m9 ® 

IS JSSiaSK*.: S! 


55.4) I 530 


7^ Transatlantic and Gen. .Sees. Co.9 


*38 imtacrlcanT* 


an R.PA GQj.Un Jst_ 


X90 lAcrnm. L’Bltxi- — I m* l3Jri 7.77JI 3« 120, OnsiMldS. 

*5 2 J3 Sathischild A” 0 * Ma n ag em e n t (g) [ t ^^ 0 * Ta * Ji - 

JB.U '■Friers M July 27. Next dealln* Aligua 31. 12-89. Gatehouse Rd, Ayleubw. 0S98SM1 intxmbAw * 
BA* "Pnco on Aa E oat a Next «<oaMn* AD£tm SO. N. C faulty FuoO_ 1141. 2 192.71 +08) 317 lAenmi. tfflfesi. 

537 y.C. ajay.Rcs.TM. 11AJ 1BJ -rOi 2U Ou>ers] Aug. IB 

230 National W+ctmiiMtriOIal N.C. Income roml.. UU If.* 2 *oi A. 72 lAccmn.rnIt*)- 

jS - ff.C. InU. Ftf. final 99. J 1053a +L< UM Emoal A«2|raB10-i 

B-95 N.C. Inti Fd. fAcc.1 1MJ 1063+13 139 (AecSaUntrsi 

*i f Accani >— TglO 5-S N.G Smllr Gejn Fd|l65.1 173.71 *0J 4.49 -PoaltCiis^dJyjB 

“ AngostL- 
AOf.1— 


3 H nidse&tU Income, f 


|3J National WestndnsteilKa) 


L__c_ r «**« iMwnyj unit itn. nga. jl# 

bdrtttUote MgniL C*. Ud. s, Freoerirk-s Plio,OW J emy.TOBlttp. 

He Sl_ EC2V 7JA 01-6236376. 01-068 4111 ‘ . 7\ 

loathly Fund |175B 18SM| I MS (■lA.G.Uteome* 1*5 2 483) —.1 J 

Rtlmot Securities Ltd. (aKe) {aiA^ F»Bm»77^3 ^3'!lEr 'l 

Men St_ UkkJoo EC4R 1BY 01-2863381 Dealing *TtKe. ttWed* 



“ov’lRwa.TBt _ : |1U ikj - ) u.BB ... _ , „ 

Nc*r draiinr due Autiui a A Snaxson Mgrs. 

Cut tInUTs.-Cl| Ijlfiao 1&0) -5 Of 2J4 I CfcanncCrou. Si. Hc:.«T..ier»ev. iP6.i*'T^74t 

.%e*t dealing date August 17. Valley Har. St Peter Port. Gmry. iMBK 247ft 

AnstreUan Selection Fund vc 


161. Cheapside. EC 

id. SCSKS r 

i Ftunnelii .. _.. 

Growth Inv.. 

«n lacoB* 

1*4 PwIPltolav.Fd— 
0j4 LohiersaJ FdXB) 


6EU. 01-406 «tf 

J 753 +0J 

I 39.72 +0J 


Le bom +53 4Ai KothscliUd ft Lowndes Mgrot. (a) 

■*■** umwc — rS-i wi ..rf (■" PorihllolBv'M — Hr'? to§ ’tn‘3 Hi St-SwilhlnslranaUrtn., ECA 0IJC843S6 A... _ . . (amotzl units 

is Safl is ■ssss-ffiistas' 5!Ssl2SSf.£S ss.j»s 

II aSSi u ST5 «=■*=« sa a? S?E1 W EE 

2M New **dns day An«S 1L . ^ __ W ""I HZ TOBoaaU.adttW.lto.KC3. oi.336S000 SaotaCso.AuR. 


JIB 6] 
1415 
209 6« 
111J 
945b 
UB.1 
351 
, 38.7 

7 174 lid 

272.7 
204 la 


<u f Accttm Unluj ... *86 

fi! Wd^AUE 17 68 6 

572 lAccnnj. Cnlui 776 

S'S WIckCT. .Vagnim. 72.2 
Do. AccutzL _..)B2.7 


57.6 .. 
704 . 
toj .. 
*9J ... 
51 2 .. 

6833-0 
82.1 -0 

73.7 ... 


456 N«* Asset Value adcusi io. 

SJ8 

sa Bank of America International S-A- 

S'5 33 Boulevard Royal. LuxeniNxitf! G.D 
405 Old mrca Income.. BL’fl I LU U;rt ....j 736 
a DC price* ai Aucusl JO. Next sub day Ansuat 1& 


Ban croe Bruxelles Lambert 
5 92 2- Rue De la Rest* re B 1000 Braseeli 


Udt Trust JMri . 12.M 
out Fnd. Gwrns^fe95» 45^ ,_...| I2J» 
Inti, Pott. Scat Tin. 

Fine Starline [0*2* »*«....[ — 

First inti. [aaua wz.ifl J - 

RJeimvort Bensnn . Limi ted 

20. Fmi church SV. EC3 01 -6238X10 

Enrim-cst Lw*. F. mi 3i« 

iiuenuvylsc. . ... . 64.4 6BJ 4J1 

Do.Accum 795 84.0 4.11 

KRFar&tttFd SrSU.OB ..... 13* 

KBlntl. Puad SLS12J9 <^87 Ltt 

SB Japan Fund .. . 5UK3G.4* 064 

KAORftrtli Fd_ IL'512J8 0.72 


3 lSr” ,aF “^ ILW - 5I •ia B M^--;U5 :KS ^3 0 |_oJ M7 


mins osceu oal). 


Barclay. Unicom InL (Ch. I*) Ltd. “ Lm>a0€l ■« 

756 1. rhari Its enw.M Heller. Jrsv 0534737-41 r l m .a_ B k irrirn-Vm 

LTrmeas Income . M7J f 12 00 *^8)05 "X- IC.I.I ls[T MgTS. 


r tax e*««npt fundi only 


; ;;;'] Jtj Tyndall Managers Lid.tf 
■■■□ 457 18. Oujynsc Road, Brislrl. 


Income Au*. IS .(106.4 

(AcetniLUnltsi 11945 


CC72 32241 

1 762 


JrenHi Income . . I47J 49.7*3) ..>.J 12H 

L’nidoIlarTi-usl — fa]4 L*i2 J 37B* 

irnl bond Trust.. . [ffJWLJ: HUM .....1 8.00 
■Snblcct to Ice and *ciihhoMint IN* 


7 0. Box IBS. St Heller. Jersey. 0934 TTSfll 
Uoi-dlTA.O'ije*a_|6Z.6 *5.91 . ... | ID 
Next dealing dale Sept. IS. 


Income Fd 

nnc. Fund .__. 

renc+Fund.. 

' iBL Unltai_ | 

*4 Fund.... __ 
. • • .imdlsj Piutd . 

' . un-Uniu' 

■ W-dnri.LV 

‘ d’napLpd. - 

. »Fau<J 

'an. UnUai, .. 

thFUnd 

tn. Unlta)__ 
LorCo-»Fd. 

rn&laU.Fd.. 

• • Pdrwi.Uts.! 

in FA — 

. MT- A In*. FA. 


1057 Gevett (Johs)v 

2-25 77. London Wall, ECU 


Next QMiltf day August tL . 

Griewttn Management Co. Ltd. 
30Gr*sh*mSt,EC2PZDS. . OL6O0493S 

“ «i±f-a 


^ 'BSSssk 

^5* Btna.HYri.Aug.1 
7 *4 (AcooiLUlilbi.. 
2*7 Ewloav, Aus. 15 
2.47 fAccum. Unua> 


NHL Trnot Managers Ltd.V (aHs) . income |6J| .... l 

luixon Court. Dorking, Surrey. • Rowan Unit Trust Mngt LULyia) Acctu °- Wad.j^Ty - "* 

Neleur M3 68.71 _ I 4J9 CSwGweHm- Finsbury Sq^CS. 014»C1«8 p^’auc ia - 

NclMar High Inc. .-1»5 3*j|+0j| Mi njl -i.5j o.97 Sebgff Unit Tit Managers LULV (a) 

Norwich Union lasnaace Group (hi SSScfiJS. 1 ^ Sj 759 jr.7i I’Accuxn.&oiu?! 

PO Box 4, Norwich. MUZNG. 060322200 Merlin Ang. 16 1 B5.7 9Ata "I.” 3§ Sr big Income FA - 1^-1 34.6| 7.83 SwUncAug. 18. 

Group 1st FA J37US 39UI+B71 454 (Accubl UEiosj 1055 ullj 3 AS «r.n *= 


BxeniU.Aae.lS- 
l.Vcnmi.Unitsi- 
rm. Earn. Aug. 16 
lAmun Unllsi 


i u ttmcfaatr. Au 
l !7 (Acctun. Dull 
1J17 LnABrsla, ABR. 16 
1_35 tAccnra. Unttn 


T56 Ffearl Tr&st Manager* Ud. WOKHz) Royal T*t Can. FA Mgw. Ltd. 

- yi “H'rtBdtam.WlVte# W-4BSM41 *4. Jonmm street. S.W.L 01-638 S2 

~T 2JB ES!?„i r ? w ff hFd — ES-? 2fS *5 Capital Fd _I7*.7 78* .... | 3J 

rZ 154 5^“™ UaU. — 695 451 n,«M»Fd ]7J5 77.3 . ... J 72 

-- teuSlTnZi;®* Si 3 4^ Prices at Aug. li Next deslln* Aug. 31. 

J lAccum. Ualtej—^—Ifi J 52j| +QT] 672 

TK taE£SU3- ,', lm VaIU Adndn . ut MV 

STtovS «.«, srsv «, M, rsT 

Henderson AdmlnstratlanV- <«»cMg» " Soto ft Prosper Securities UtL» 

, y 24 Premier UT Admin.. 3 Rayleigh RoaATftiBM^ Perpetual Unit Trast MngaxLV (a) ih«w — t* u n»I Fuad. 


days Unicom Ltd. (a)(g)pc) 
irn Ho. 2SS Romford RA £7. d1-shbh 
1 :> *4> vn America. .J371 39.9) +0.6) 1-16 

1 u»t- Ace -{79 J at-Jl +0.31 1A6 

fc.9 683+0.3 1*6 

»pllal._____m>5. 7*JLi .}-0.2f 4.1A 


Brentwood. Essex. 
wi,i UJC. Fund* 
r^V* Cap. Grou-th Inr__ I 
Cap. Growth Acc. 

+56 Timumv Jb 1 mm 


cerotTa — IU6.7 

ctralncomo ..1293 


H? Income & Asset*.... 

% mms3» -wia» ips; 

Bsa-^p^sr"® 7 

yssnsrffl*-® 5 a «e=E— ^ 

S fiSSr=W Sflmf'iS ^ na " “ gK-m 

453 . ; '_l: Si3+fl3 i£r Co. uav (yMc) FtaSMinsec* — (775 

. NJVza.Ots.Aogl8-.UMJ 232 44. Bloomsbuxy Sq.WClA2RA 81-638 BS88 BJgMDatensi Funds 

X> CabotArMpSaLCo-HCJ 641) +55} 1» Pmcdo*) Aag. 16.-U703 1B&4I J 3.90 Seicctlnemai. 1273.8 

3830 mu faimd I fort Tut. Mwr«.t fa\ . Aec,iai - Uniu 2S.l| — ] 3.98 Select Income [572 


rz74i7K» 48 Hart St_ Healey on Thames 048138868 Capital. 09 4 

no! 1*4 P'POOialGp.iah.-— |44a 47.71 +M| 350 ^assa— : gi 

IS Piccadilly Unit Tnwt CaHb) SvSd £73* 


::::■ iM m ■ m 

... | 3js ■•* Leaden H»H c 

Security Selection Ud. 

M l&-l»,l4ncoto'«IuB Fields. WCC 07-331 6KUMI EMr*Inc. <ZrmilL 

ftijtMam UovIGthTMAeel-KJ 27.0) i 219 Do. Accom. 

| 3JK? UoviGthTatlnc— &0 »J[ ... . { 219 noancial Prtxy 

Aiii i 3 " Stewart UnttW Managers Ltd. fa) ftgSSf' 1 * 

«, ChartottoS^MinburElj. 031-2203371 Special Sltsf. 
tsiemn Anottu Fend 

3EP Acnnfc^M^|X^| Bl3 -lil 1?* TSB Unit Trusl 

?3.- Wtihdrsnial Unity- P** 60 3| -0.9 — 21 CbxotryW*y Ad 

1 7X11 *S«rart Brio* PW<*I Fund «■ Mman y^y, ao 

LtAV SUndart-j-U; B&-® J«.« j 400 fblTSB General _!^| 

Accom.Unlta.__- fl6*a 1800) | 450 0)5 Do. Accna 

inn 9u Doritas TFn. "Bed- ,-bi TSBlncotae 1 


1m Do- J nd [nooj«- HI 41. J ""‘J *M 

*■” Cw. I nXManTW . _W5h 502id . ...J 880 M * G 
mm no. Mmm Mutual _g7J ml — j LOO ^ ^ 

5 06 Bis hops gate- Commodity Str. 1AA a«5leS.' 
*“ P.O.Box 42. DOUfilaf. l.o «. 06J42SSU ilnldExAi 


-0.*M 5 6* 
-Lfl 554 
-Oil 9 21 
-0J 451 


AR»AC-Jnif3 ^ r pr<a»n xm.-.j — 
CANBHO-Aoe 7 lu.047 1 Hi] . ..J _ 

~0L'.VT— Aug.7 ..<£2.452 2 5ul . i 1.1 

CrugutaUr laaued at *5lu and *~£L0Q. 


*JC0 

?5S M ft G Group 

Three Quays. Tower niU EC3R OBO 01-626 458S 

AtlanticAuAiS lt:«3I7 1M....1 — 

AtlfL Ex. AUC- 16 _ SUs2J6 ZW ... 1 — 

3011 iJoWEjcAccAucJA. 1T51U4 UH . .. | - 

_ Island... 139.5 1*83 -0 ri 43.19 

_ (Acmml-ntisi JI7.4 2j£o| -Ll] fJ 19 


J_gj Bridge Management Ltd. 


7.46 PU. Box *08, Grand Carman. Caj-oun la. 

U» N'bftahi July 31— .) VTS.934 1 / — 

552 u TO. Box 9M. Howe Knag 

\ipponFAAW-16-PCS9fl D1H ....J 078 


Samuel Montagu Ldn. ,%gts. 

114.Cld Brood 81. AC 5 01-3686464 

ApciUoFAAug.B_.|5FfU5 49 W ... 3 82 

j oni cs. joiy at Grama bc 3 _... o*s 

ll7CrpAup-» brSBS J 93 

UT Jersey July » .K5 11 js8 . . B75 

1 IT JcnjriD*d Aag. £ [QL91 1253)... — 


•2JJ +8.2J 259 

7i.il -o il 201 Sun Alliance Fnnd Mngt. Lid 

SunAmaocoRaa+ nprsh am. (HQ364141 

*16, +0.1, 6 71 fOSXMtfV i^|+0.6| 1% 


BCUUL— -[2*02 SoS+llSI 4.12. 

Ntat sob. day Augumn. 

opsgale Progressive Mgast. Cap 

bapaprtc.KC5. 01-9M 8280 

cPr.~Ang.13_ [1975 21051 359 

Da.~Aug.M_ ZJ«.9 25 o3 1.29 

tlttAuci — 1864 1RW 208 

m.)Aug8 1206.8 220J1 ..... 2JB 

ail anb. day 'August 22 . ~Audsc 30. 


TSB Unit Trusts <y) 

21. Ctaumy Way. Andmer. Hanro. rcf-4 B2I 
Doal Infix lo (£34 06*32-3 
fbfTSB Genera] 3X60 -01 XI 

lb) Do. Accum. 625 6*4 -0J! XI 

ibi TCBlncoise 1*32 67 J -01 41 

ib> Do Accum. 165 8 701 61 

TSB Seoul rh M.8 96.6 -0.4 22 

(biDo. Arc mn H7A 103.S -0.4 22 


Britannia Tst. Mngmt. fCH Ltd. 

10BaihiiL.Si.il oiler. Jersey. 003*7311* 


3J>7 5ui1hyt.D , a«ln»Bd Jita. 'Hope St. Fd 1 SUS40.B5 } 3131 - 

X67 Growth invest 136-f 3yri — J 3.00 -Murray Fund _ . SUS12JB |-0 7u] — 

*97 InuU-W ._._p§.6 JMll _...] 5 06 -NaV Auguat 13. 

697 lem-'Eusrf Dl.u<Z.1 153.6) | 1J0 

228 Calv9l.JTM.5lg._k2 «0 2 j2 _..J 3 00 . „ 

2jS HiCh lmStlfi Tsi — _|9fl.4 U oq ....J 1150 Negit S.A. ; 


Murray. Johnstone ilnv. Advioen 
165. Hope St. Glatgow. CC. (HI-221 5521 


I uncial 653 7D.U -4-fl 2 457 s+dor Fnnd* __ •* 

n sox «a 3T__ iS PiuocUitrrc__Bti «.« __J - 

amnl 343 SAM 557 OUI.Mat.lte* go5 3iMd _7.j 

rowthAcc. — 1X9 47^ +0J X9t letcraathsaf % - 

KOOKlbt : 9X7 fUrif+OJ 553 Cabot HEL7 9951 +851 . 

M.A'ns.Tff.. 1433 1595) 306, Jmoroxr .in] OT.7 41 «j +8J| . 

K alJhily 3L ftoxt aub. day JMfiUt 3L Wfaj.WideAng. H_:SL5 17^ j 1 

*cowt... m w 2 49 .1) XU otnwai y uiiO a 
nuleeFuBA.fiSd ISiS+B^ A 71 luSSst r™ wo 4x41 _*■ 

S5fr**-tQ Ini ait gao i 

ccnm.^rrrf^t £s+ 03 *53 M Amor. JILL! 4723+13 1 
M Bwllinr* ft Co. Ltd.? (»Xx) ^ ^ ! 

S?J^p Sh Tmw^f^H^SounndUiiHToLMgrt.tW 


Accum. Unit*... 


MU Mil _ 

4bJ 4.70 GJL Ptrwta 

302 4.40 UK Equity ]4&4 

SU ...... 2.46 nreneaa Fndricl 

40.0ai —83 420 Euron&— — ... ._ 9X5 

*f* -5.7 350 j,™*! {1071 

6*.6 -0J 310 DiZ |bX1 

^2*n +01 xJa 8oc * ar Food* 

2A7I+0.71 X30 commodity JM5 

Ltd-V (yMc) FtoMeiiuSe^~(775 
RA 81-6388808 BigMUalassm Fumto 

1885, J 3.90 Select Imernai. [273.0 

25il| ..._.[ 3.98 Select Income (572 


tSiZS loll 55 Tvvtt T*t ftagra LtAV law 

47.9*0+0.11 147 * 

581*0+02, 4.76 rSirfim 
S8.7|-0.9| 3.13 tES« 

mii S35 t&aofi 


irwi+aai 330 Ulster Bank? fa) 
td.V IBKgl Waring Streex Belfast. 

DeaUcg*- 0206 5041 tbATaiar Growth ,-1395 
•as 321 


KiSh lot. Stlg ‘Tu -198.4 

I’A Dollar DcfM^nalr 

L’niruL S i i<- . — JJITS5 

IniUJchloLTsl — (5a* 


10* Boulevard RoyoL Luxembourc 
NaV Au£tut4 | SOS 1153 1 j - 


42 7*1 “TW Value August 14. Next dealing Aueust 21. Negit LUL 

_ ... , __ _ ... Bank H Bermuda EMga.. Bamlltra. Bnnda. 

Brown Shipley Tst. Ca (Jersey} Ltd nav Aug 4 itU2 - | 4 — 


*2.'6| -oil 576 Unit Trust Account ft Mgmt LUL 


7?3 -idlJ 

83.4) +82| 


+fl3 115 

^ * l S 


2355 
3197 — 
1222 -0. 
h7mj *4 
31M+0. 
342 +8. 


It LUL P a Box 5(0. SL Holier. Jorsor 033474777. 

-— *84 Kin* William St. EC4K9AR 01 -6B3 4831 Sleriiog Bond Fd, -[082* 1DJ8| ) 1L2Q Phnentx International % 

3S Is ffiSSJf TS : :: 1 is ssr^ “■ nsLWr sr-, - 1 

1 1 sssasaa M . Jfciyi- gssMBtrTaaa. 

d«fesa=» Mrr) hm- 5 -e--**, SS^ d =_ 


5 Butterfield Management Co, LUL 
P.O. Box 103. Hamilton. Bermuda, 


PO Box 77. St. Pel or Port. Guernsey 

Imer-Dnl Ur Fund.. ftt.44. 253) J — 


• U . 43 Beoch St. EC3PSJUC 
• (USrttuhmw^ — 


7°j in Wleler Growth Fund 


412 Accum Units !_[ 



INSURANCE AND PROPERTY BONDS 


77 rue Nctre-Dame, Luxembnunr. 
Capital InL Food— | IF SI 928 j, 


Lint | • 

GuSiIritl BtL “J SUSS | ! „.'J - 

| J _ Price at An Bart 16. Next deal log Auguat 23. 

Richmond Life Ass. LUL 
*8- Athol Street. DonglaA. LOJf 082423814 

ixITha Sll-.-or TruM. [107.1 1981-1.71 - 

JS Richmond Bond 87.079.6 187.3 -fi.J 18A3 


«i .ohi dSFJugS* 2£^Snfim» 3a InteLf (aHg> : lf s ' ^ui-«Chureig-*rd 

Pm.* IXChririopherStreeCE-CA 0X84TSW3 pSHKlS r iH 

KllS BcSS^^iAsa 4*n 5^ ,!n ' “-.flS » 108 7[ AM f±.~ Sw 

ISSISr ®" ■ 289, «*y Fl “<l M«Mgert lALCoKg) ^- EsS^-r— 

(£P_i:S3 *x|Z: IS s MUkst,EC2vanL 

al toC-T gJ «xg 2.M Key Enen0rJn.Fd-.m5 87.W +M‘ »B wuonn Fund. mj 

cct 45J 2.n BbyS|iil5r*Gcii_Bo ,2-3^ ^ P0n.9.fto|)c«ty 176J 

fer=;gV “f:::: |S S IStlgS'fc 1 

S'-«£waw > %a-U& BraftftEb iMra® 5 

' &>wir Klein wort Benson Unit Monogtaop ©2 J 

mnla Trust Monsgement (a) (g) aaFeBeh«ndifii,E.c.a. oi-osaooc Jsquif yusmTo" ffir 

■ ?6.9rf ...J fla 9 Co!ii-!tA Ser.-L— U25 1 

122*3 --4 S5 9Mon?y Fd.S«r 4._pL* 1 

Prices at Aug- 15. Valuation no 


Abbey Life Assurance Ca Ltd. Crown Life Assurance Co. Ltd-f Lloyds Ufa Assurance 
1-3M. Paul's Churchyard, EF4. 01-2480111 Crown Life Hse, WoUnE, GKU 1XW 04362 303S 5M, Cllfloo St, EC2.V 4MX 


adon Wall Build Inca. London Wall. 
OOECCM0QL 01-6386478,0470 


Man E*d Fuad Acc— U07.6 
Mangd Fd. Incm.— 107.6 
kWaiu*dFd. I ail — 106.5 

Equfty Fd. Acc 102.5 

Equity Fainas 352_5 

Equity Fd. Intt. B0X9 

Propertj- Fd. Acc.. .197 3 


JaRBoirrai 

SEznK" 

SSi'iSfi W 

_nG«ji«ai — loti 

fWali. *75 

— X Growth JBJ 

Growth IBJ 

itntawa- 51^ 

irola — «X 

} Hlrblnc p 6 

. ... line M3 

hAraoricon _ 33.6 
tonenaj — -. MOl 
myfiharoa -U*S 

»chautiZ. '-'TEi 

Kwrsy |MA 

fcrttfcb life Office LUL? (a) 


»3 j ^ Albany Idle Assurance C*l Ltd. 
505 I Z3: --i • 31. Old BorUnfihm SL. W.L 01-437* 

675 ffll#mraA«_i 50.0 | -3 •— »Equlty Fd. Acc—J199.9 2X8.41+2.7 — 

J 5J L ft C Unit Tnut Munagement lift? igfl Jf Z 

42$ Ttc Stock Echmigo. EC3N 1HP. 01-888 JMO Wall JianSidAan! US. 7 3«S +L7 - 

to UkCIuc.Fd.-_ — R4X9 J48 4W . — f 27* *Pron.FttAcc J09.3 11SS ..... — 

3i* LnClntU.tienF6.liM9 - Jl3| ...-Wit Writ In*. Act. _ - 

•§ Lawson Secs. Ltd. Vf.KO ' ‘TV SSi Z 

■J 5 37.QacMl(«»Umdao-?C4RXRV.. Q1-2MM LMAfonJProuAcc.. liuy+82 — 

2.6* +Raw.Mweri»l*—.(4X0 44.21 . LW S-5 rtSfB'* 5 ' 1 — 

7,7u * Accum. Unto* — Kl 49.H -JfkOfc — S55 2Sfl 

426 -Growth Fond mb* ».« ..Jl 257 MrtaeliwJAaAec-PlXO 2144+20) — 

L75 lAccantUnSta)._K6J 72.ll V.l 257 . i 

JA ttflUtatidWarranLlfi.7 iJ.9j/-..} L75 AMEV Lite Assurance Ltd,? 

257 JAmnncon Fd 126.7 . UJf 1 050 Ii-.il- aim. DH a.ini. nuntaain! 


Inv. Tst Fd. lean. _mxx 
lnv.Tu.Fd.lnU.— SllOA 

Fixed Int. Fd. Acc..|9B6 
Fid. lot Fd Jncnx . 986 
Intei'LFd.Acc. _Jll9A 
Inina Fd.lucm-.m95 
Money Fd. Acc r%3 

Crown Brt. ln«-. , A , „ &55J 


ip| t“ 

U7.1 -m3} ... 

1073 +0jl 513 
1875 *02, - 
10X4 ! _ 

10l3 1 582 

in. 7] . . J _ 

117 1 +08 - 
11731+0.5 X47 
116^+0.0) — 


- BR.Gth.JnlF 81 f 1 36724 968) ._... — Equity Aag. 15- 

616 Opt5*ATniAuW0. 125 « U2 0 — Equity 2 Auc. 15 

- OpLS'A'EqCAUfilD. 140.9 1*8.4 - Equity 3 Aug. 15— 

OptJA-Era&).1588 1672 - F&eSliU. Au* 15 

513 OpCS-A'MaBAaglO. 155 0 1632 _ FIxEdluOAuclS 

- OpUfAVp^m. 122J 128 71 - tat lTtAng.13... 

102 London Xndeinnit.v ft GnL Inx Co. LUL K^^Aufits 11 


Schroder Life Group? 
EmerprlH House Portsmouth. 
EanllvAnt IS I 245.7 


m Charterhouse Japhet 

J ]. Paternoster Row, SC4. 

Adlropa lmnsjl 

■■■ - ' — '■■ ‘dKcrba lUTfltf 

Fon dak— UyJUfl 

Foudis— -■ — DIGITS 

070527733 Emperor Fund SV&3J7 

. . | — FD spann. [5CSUJJ 



» u niunmnaiwiHisi. in.a 

? O? Do. Platlodm Bd. 131-3 

SR Da Gold Bd.. 1132 

s ® # Do. Em. ST* Bd.... 1771 


1382 +05 — 
U92 -02 _ 
1865 .... 1113 


10X7 _ 18-20. The FttSmxy, Riuiding 583511. 

*5S MouerManagar — B60 SO 71 -021 — 

JJ7J +85 X47 }fXL Flexible [Sb 34 « -0.2 — 

S5 7 $ * - Fixed I nterefi-— 134 A 365} _ 

1032 io ! U.M 'Hie London A XIanchester Ass. Gp.? 
e, -0.3 _ TCnidade PnrLEmer. 038^52155 


125. tj -8J 
JOiS >.„J 


-03 - WhudedePiuLExeCcr. 
-9J 3 87 Can. Growth T)m(L.I 

^ h fess®y 


MngdRIX.AufiJS.. 137J 
MlaaBcd Aufi I5...|l5io 
Mone7 4ng. 15 
Money 3 Aup 
Property Aug. IS 
Properij'aAup 15 
BSPnCpB-Aus- IS. 
BSPnAccBAUiV 15 
MnPnCpB Aag 15 


_ Flexible Food 

01-4379882 Cnwader Inraronce Co. JUd. ^!^i£S££r'l 1 5 “ 

+2.7 — vincula House, Tower PL.EC3. 01-8308031 Gtd*DM<^5fczl 1002 I ..!_.( — 

iSi Z C5h -ftw4Ane-8— pii 8L8| — 4 — x ic o Group? 

+L7 — Eagle Star lanuftCdland Ass, Three Qm^ fejner mu sent esq n-o*4388 

— 1. Threads ecdtaSLEd. 01-5883=12 Pen. Penilofl*—, 2525 J J - 

tH - EegfoMid. Unto— [55.7 8751+04) 5 M amvjVjwilP-j^hlJO «*.? .. 3 - 

-J j - Equity ft Law Life Ass. Soc. lid.? PamiS ^ol Z 

— Amrrrbaia Road. Hicb Wycombe 04M 33377 .T,,!* 01 _ 

w = tSNte=zm M3 = fiN E 


f -B. 
+ 0 . 
+jL 

-0/ 


— MnPnArcB.VHj; 

- E?5 J . nL !^ a . Car 

_ F*dJnLpn-ici _ 


Clive Investments (Jersey) Lid. 

P.0. Box 320. St. Haller. Jersey 063*: 
(.'lire Gilt Fit <Ci' [954 * WJ . 

'Ure out Fd-Usy.. Iin 9.0*4 ! 

Cornhill Ins. fGaemsetT lid. 

P Oi Box 157. SL Peter Pori. Gummy 
InuU.Atan.Fd. fl»B 104.0) ...,.| 

Delta Group 

P.O. Bax 3013. Niusau, Bahamu. 

Delta XnvAogl&—|l£E215 INf+AOTI 


Rothschild Asset Management fC.I.) 
Lid. PO.BoxM.SL Julians CLGoern^ 0451 20331 

063437361. OCEq-PrJuly 31 .158.0 6LN . ...1 2*4 

111.08 O.CJncird.Anc.I..pL4 160« 7.W 


ITOO O.CJntLFd.4 5136 X.4« ._. 1 22 

O C.StnCoFdJItXI— 13*0 163A -... 3.M 

O.C.Commodirj* 1427 151* .... I 425 

OC.D1rr«ndry.+.. S2715 2855} ...I fl.M 

“Price* on Aug. 14. *-'Mt doaltafi Aufi. 31 
t Prices on August 7. Nat dealing AuguR 2L 

Royal Trust (Cl) Fd. Mgt lid. 

P (J. Box 194. BoyalTrt. Hue.. Jersey. 033427441 

-■ mgtSbmV* ¥9 ::::■] SB 

Prieft* at Aug. IS Next dealinfi Aug 22 


42* nPowUtPnofl 

275 tAcean. Units). — 

*2* ttOUt and Warrant 
237 OAmnricanFd. 


Prop. Pen. Cap B. 
Prop Pea- Acc B 


rop Pen- Acc B 

. Set 

verscaj. t— _ 




Deutscher imestmenGTrast r "“ B " 

Sa^ & Prosper Inleraatlcnnl 


Gill Bond'"— -- ^1B7.6 113 1 .... .[ — 
Internals! Bo3d'8UlA 1171 -05, — 
3Jan«udBd.— — Mil 1567 . . — 

Property Bd” H97 167.8*02 — 

E*. Yield Fd.Sd.*.B72 9X.7 . — 

Recovery FfLBl*. 683 71.9 ..._. _ 

American Fd. Sd.*. 173 603 — 

Japan Id. Bd.* »2 62J .... — 

Prices on “Aug. t'+Ang. 17. •+ , Awt 1L 

Merchant Investor* Assurance? 
LetmKMU=33HI|ifaSt.CrcK'dou. 01-688017 


Internal nl 0oad‘'.allA 


- tat Benieufonda— .[2UU7.M Mflj | - 

— Dreyfus Intmontiiienlnl Inv. Fd. 
J*.0. Box N3712 Xauau. Bahamas. 


— SceUish VF1dows a Group . Box N3712 Naasau. Ba ham as. 

“ PO Box Wtt, EdiubarEh RU18BBU. 031-6358000 ^AVA'JguslJ?^-. IliTSUS U15+8CJ - 


37 BrM^ St. PT- Heller. Jersey O534-29S01 

Kffl Eta#"** 1 7X7 


Ftrod tatowF-Z 1099 115.6 ^6 jj - 

Gtd. DepautFd. —[99.8 -103J ....7i - £“?S5sSi Mr 

MixcSiSr — I um u.9.9, _.. j — feJg}K;ii}:3 


KAccttm Uturm £ 

-HlKb VleW J 


2 At •riAccma. United ~|69J 7 

DeaL dtHM. Tnc*. n-Wodi 
' Legal ft General Tynjs. 


rnurx "HL 

Wj" 5W ^7*“"j ai f 9 6 7~ FB «S?3a*l| 

?; II KfcSVJSa v.d i ui 

■M AurnuX * N«t <Im11m Annul in Next *ut dp Sept li 


— Gresham Life Ass. Soc. Ltd. 


’<» Auxurt ft Next dentine Anfiuat 18L 

M Shipley ft Ca Ltd.? 


-FMndmCt .ECS 
its Aug. 19— |2S3A - 
M Aug 15)2906 
TC Tnasta (a) Uf , 
rial ^7 

b .vieuniZZ OT5 

h Income.— 092 


mance ISS 

ery- te-9 

. August IP — 1*1.9 


SM» -011*33 
*LS +0.1 S24 

.526 ...J 4.96 
413 .... 496 

3ft( +0.1 932 
*45 ...- S3* 
3*7* -03 4.10 
22.7 +pj 3*2 
*71 +0.4 All, 
243-01 432 

644 435 


Leonine Admin 
a Duke st. London 1 
Leo Diet . — ~ — Jt 


FUxtpln llfcs 102-01 .....'.'[ — 

Arrow Life Assurance 


wiuapui -ui- ov— uu. PrtlDer-r 

2 Prince nf Wataa S4. E analk. (B32 767853 P w pe t tj Pens. — 


tat-Fhr Series 1 — 
lav. Fir. !*erl«2.. 

Inv. Ca»h Aug 4 
ExL ; tA?e Aug 2 
Esl.linc.Vusi.. 

Mfid Pea. July 28 

Solar Life Assurance Limited 


internal. Gr.*? BOl 

FarEactcrort 11.6* 

NDrihAimricaa’i 4 05 
S^pro^t— 15 JJ 


Enwon ft Dudlc}- TsLMgUrsyJU4 6-pro^4 11551 

p.y Brat 73. Sl flollrr, Jerno "53420501 

ED1C.T 11300 13*2( ...l 300 

„ , . _ Commod.'rt 124.7 

Eurobond Holdings fc.V. TSuDepaalt 1091 

liautdelokade 34. WUlemsuKl Cun'tx U31 


Channel Capital*. Z57.0 265^+151 2 37 
Chajintd XstanitaO . 154 7 l!fld -0.9} 477 

Commnd.*~i 12*7 13E* .... _ 

TSLDepoalt .1003 j ...... 0.25. 

Sl-Facd— .. 1152 1214P +0.4| 11 45 . 

• Price* oa August 15. ''August 1ft '^■Auguic 


lOill Ely Place London E C.1N ftTT. OI342 28W im ' St * ^ 

UEMg&2i-pt Rk-a 7811 : T * 

y^-m* ?»61 - F. ft C. Mgnff. Ud. lav. Advisers 


aOufost. London TOC WP. Ol-40B38S>i 30.Dtbn(KCHo«I W.!“ 

w-woroo — ; — Mt/tz *p.a *7oi 4.w 

J" Leo Accum -Z[WA7 «2j+o3 438 S^CpSSCEmZrU 

n2 -^ ,J * Lloyds Bk. IMt 5fcu Mhgn. Ltd.? (a) gw^rd. Pd. Fn _ji255 

HUl ■ 435 BwdvlRrt DapU Gortng-h^Soa. PmtSfdFU—F .1. .. 1 115-! 

TS-il !■« Won tjtcc. Wed. Snaaex. 01-833 13TO . 

M3t +931 4.13 ®*rchry» Life Asm 

+0i *43 =SBReuJtari,Rfl.E. 


i|?*| z 


i^j Barclays Life Assar. Co. Ltd. 


4-rt I SJBRomtord Rd. E 


a 33 IK &&**»*«' 

+*.a 534 

+0 3) 5.5* 

+o3 734 
W. Mngrs. Ltd. 

is Lite Unit Tst Moxrs. Ltd.? SSjXST 7, TSff ^JsSpUaccTPo ^ 1 
Si., fown Bar. H«t-. P. Bar 97122 " " 1 *** -V=T 

•B Dial 1*03 ' 42.9id J 457 » * G WOBJjl? tPHcH*) ***■ " U2V 

a. Arcum »1 ffij +8-3 457 _T)«*e Ouaya, Tl»«r Hffl. EC9R CBO OifSW 658B 1” ;', 




-nDIft MIU ' 42.9*0 . J 457' 

a-Arcua »3 S5.a+0^ 457' ' 

.m«u >45 36 fl +05) 7A\ - 

.Accum W« . 474+ftJ] 7.81 


.01*1 g*a 36«+*a 7Aj 6«+ afo. jHwit 

, Accum—., W.* . *75( +0.2, 7.fl_ Autrilcan —...[5 

Oamns) Mngt. U4-? AtSfflJdm^. iizl 

“ Broad SU CCZN ibq 01-98800)0 gccna LUnlai S 

rzz“PI i & ri ^.zz| 

« Augw* 1ft Nwrt dealing Sept ft 
d Unit Fd. Mgrt. lid.? \BMc) 
n Bouse. rfewnatfoupbn-Tnje 21186 (Aceusu UnitaTZZS 

stsii.'JK ■ S3 rj IS fes?Saa-- 1 

h Yield. 1*48 ■ 4731 _....! 7.71 BMj* Yield. t 

■'TftWtaSu^tr 1 ln VSS££±=i 

. ties Official Invert. Fi* ^dStaSrstaZ S 
hm Wall. BC=N IDA 01588I8IS IMtom Unhm. — * 

SldK z (:■] tEggsczi 

ith- OoD eroflnbj* le Reg Chartttaa. ^^gbTii.Z- ll 

erhonse Jnpbet? Japenlhromc 11 

n+ater Sow. £C4 l 01-3IS9MB lA«jrt Wahii-—. X 

*SSS::;z:®| :.::;J IS SJa^zzi 

?m:- Mg wg “ 1 JS lAcriWl. LTmUiit.- — ' St 

? Hi? 5; ■■ 52 BnitH- m 

li - ■■■ |0 aMr= 

lAreuffl. Uqitu.. - 


in Deallru 

%S:£i 

63.0V, *0.4 


•••I “ GJ. Cast Fnnd [97.4 I02JI . ._ — Equity. 

I — G.LEnuitv Fuad— 1X47 120.D — • — EuBltj-Pesi*. 

G L Silt rtnd hj* J 12J.il ~ . Money . . .-. 

Gi. tall Fund [1309 136X — hjonej- 3Iic. Pens _ 

0I-T89M11 OLJT*y.Fund — W7J lftt*i — Depwl:. 

- - j - Growth ft Sec. life Ass. Sue. Ud.? K!! ^ ? 11 — ' 
.....4 — WnrBank.Sraj--hn-T!>ansei. Berta 0838G63H Stanwcd Pens. — ., 

. ...J _ Flrtible Finance- 1 O.BM )...)- ftft- 2 1 

Landbsak Sees. I 5431 ' .... — IrUl-Stanased. , 

d. }= a i t S^^^ cc -! 1JS2 -7«n 11,J ' “l “ NEL Pensions 

01-5343534 r +■ l7 J W ' "■■'■ ~ Milton Court. Dnrtt 

) _ Guardian Royal Exchange xeiexEq.ee?.-— 

- Royal Ejtchencc. E C3. 01-33 7107 5 B i eT S4-4 1 ««B*- 

r Property Bond* _.U805 1177, ...J _ 


01-5345534 

Wad z 
II: oi z 


Equliy 

Equity Pei*. — « 
Money Me-kel. . — 
Monej- Jlic. Pens -. 
Drporl:. — 


l ! ::.:} - luO-ManaseJ. 1 1095 

I19J| ... J - NEL Pensions Ltd. 
i ,i — MlSton Court, Do ridag Surrey. 


03-6880)71 Md*rF*-J.fnl ft... 117* 

_ Sol nr Curbs _ JM.6 

Z solar tall. S 1D33 

_ Solar Managed P 152.1 

Z Solar Propcri»'P... 112J 

__ Solar Equity 1743 

Z Solar KjSdJm P^ 217.Z 

' _ Solar Ca.'h V 100.4 

' _ Solar tall P 1833 


IBJ 61 -0 2 
UJ.|i -03 
io** .. 

icre.il +0 5 
mil -o.2 

11SJ0 +0.4 


5911 

1^:4 z 


Snn Alliance Fund Mangmt. Ud. H3Si?{i“d , 'F a d-.::| |. 6 «J Z Schroder Life Group 

Sun Alliance Hoj&o. lluraham. 0403W14I »ua4«r , »w EaienmseHnuro. Porismoulh. 

DSSfiji&.^-Pas Ii“ *1 :::.. ! z rw^lj^uwfUM iZLdr^ 

’ ’ ' w-atcrlooHae.. Don Sl.Sl Huber. Jt-say. £Equily 

San All ia n ce United Life In*- Ltd. seri«A?)nuii i | (ASP i t _ t^^interest— 

5u n.illiance Rouse, iioraham 04O2M161 Scries B (Pacific)..! 00.08 I .1 — SHxed Injerea. 

Equity Fnnd 030 6 1573, +03) - Series D lAmAu I, £2032 J...J - “tanajed 

Fixed) Btcro5iFd. .. h07* 1133 -ail - Sitanaged 

Property Fund ___luo.9 U6M . J — First Viking Commodity Trust# 


1 -p. 3 MI .ronce Poonmey HID, BC4R OBA. 
31-623 *880 

CenLFeL Aug 0— ., SI-S609 , .... I — 

Fidelity' .Hgnji. ft Reg (Bda.) Ltd. 
P.O. Bos 670. Hamilton. Benmub. 

Fidelity Am Ass. — l SUS24.7* 1 .... I — 
FldisMIrlnuFeml .1 SVS2S1J | I — 
Fidelity Vac Fd-.- St'556Xl .i - 
Fldeli t)' Wrld Fd .... | SUS1737 -iM - 


Tlnmal oBer. 2WecUy Deelings. 

Scblesioger InternafienaJ Mngt. LtA 
41, UMottoSt.SL Heller, Jeroey. 05347358ft 

l^voxZZZZZlSw o% 4S 

Gilt FA B33 23m 1L7B 

Tntl.Fd. Jersey — -050 iaj +1 292 

In'nl.Fd.Lxmbrc._51I.fiS liS+Offi - 
* Far East Fund 1BH.... 283 

•Nest auo. day August 53. 


120.W +03 — 1 

IIM.U ... - - 

051 IWM ' 

00.1 X35.fl .. - {. 

97 9 lOJll.. 

(94 9 99.W .. . - 

11013 1B&D _ 

ttai (97.7 1Q2M - 

•Current uml ‘alue Augmu 18 


— Hambro Life Assurance Lind led V N^mtGih jncr-op-t 
pw^rti^e.ixrrto. tt; awiom SSSrfJSl'aStf 

laedtaLDep. . 32*0 132 7; +0.7! — NclMxtLrd Acc Jl 


LS6 Beehive Ufe Aostir. Co. Ltd-? 
133 7I4aml»ri)SE,EC3. ps-« 


B&iHJ In ^fc^WAugl...! IBM I-...I ~ ^ 

J :§a] 3.45 Canada Ufe Assurance Ca 

-2-3 ili S»- PWlws Bar. »nu PBu 51121 Pen 

-M U? V.TOClhFdAaglrt *23 I — -I - 

SHB*H 734 ltatB31.Fed.Aug7.] UIB ] j - Pro 


" I _ Fixed Int Dep. . 376 0 

' 1 „ Equity — [1910 

J _ Property..- j}646 

•j _ MsnayvtC«» S*® 1 

_ Manured Acc — . — t!S3 7 

I in 1 0'cT*+a - - _-,_il295 

1,0 Gdt Edged .,15i.O 

i H Anwncen Acc _iia*.2 

*-▼ Fen F.LDcn-Cap- -il052 

PS-6U126A Pcn.FtDep.Acc.— UOTA 


Pcn.r I.MP.A.CC.— L 

Pro Prop Cap .CM3 

Pro. Prop Act .IM7 0 

Fro. Man. Cap 0169 

Feji.Mau.Ara. 

Pro GHtEufi Cap. . 323.0 
Pro GW Edg. Ats. .{13L1 

Pcn.B-S.Cap. jl«a 

Fen. B.5. Aeat 1423 

Pirn. D^VJ. Cap. — j 1 
Pro.D-Ajr.Acc I 3 


^Fta-zziSe »% :: I *S S’,* 

gWU-- ■ . sfl ■ i 121 SSOTrmscz Ko 

i^aii* («T 53 - • (m Setwtdfieo. — 1E8.6 

AuBuin denllnc AIWUA55. 1 5 BfcJ 1 

aJn .Trort Maangen Ltd.V(aJ<*) iAra«m.i;qi«"Z3a*B 

St-ECOMelV. U1-2RJ2B32 

an - SclM* SAX +0 1) LM 

BriPe.j. J44-J ■■ 47 Jj 0.77 

tumm’hdZWfl*.* 5ft M +0.ll *.93 
tome. T*t(7»5 90. M —1 ftoa 

lentlen Funds BSgfc. Lid.? (a) 

CriFUue.WCM.lHE OL56208S2 

Itind )0SJ 4M| 1 J.O StCcorse'aWay.Bevmuficu 

■pell tan Fund Managers. 


-13U -03 
*8.7 -&« 

ns -a) 
aw|y -a*J 
S| “o: 

1*3-9 —o'* 

185.1 -03 
24Md -03 

310.1 -0.’ 
1903 -Hi 
37ft* -0 1 


2.7p Xanadu Assurance Ltd.? 


2EL1J +0.1 
l«3j +01 

1563 +0.1 

ZLUi 

aH 

no.* -lc; 
1M& ... [ 

£lz-. 


Pen Man. Arc. 

Pea GIHEug Cap.. 


ag.Atn.ajp 13fttt . - . - 

op. -jl«g 13141 _ 

icc. 1«J 150 Jj - 

.Cap.™. 1025 j ...-. - 


Neat Sub. dqy AngunSS. 

>TI Pensions Management Ltd. 

*B Craccchu:< h SL. BCSP3HH. 01-KS42OO 

Manned fund -[1561 1626) | _ 

Pncc* Aufmt t Nest dealing Pwpl 1 
New Zealand Ina. Ca fU.KJ Ltd?' 
MmtiudHou'r. SamhMMiGSl 245 071Ue28iU 
KhriE+j- tar Plan. 0506 155J) . - 

Small Co's Fil - IQU U0.B| . — 

sIIt 0 . 3 r 

Antericanrd. - 1M5 IM5J+I1 — 

Far East Fd JX7.6 1233+15 — 

Gilt Edged Fd. — . fiwl 109.5) — 

Coo. Deposit Fd — p75 1023, _ 

Norwich Union Insurance Group? 


Sun Alliance Rouse. Horsham 

Equity Fund D30 6 1 

FlxulInlcroiFii.,. |01t 1 

Property Fund 110.9 1 

Intoni4;iaaalFd._ 1J3J 1 

Deposit Fund- — - 973 1 

Managed Fund — 114 5 1 


Sun Life of Canada fU.K.1 Lid. 
Z.a.ACockspurSL, SW1V5BH OJ-3 
MapJeU.Grth. — | 2U.8 . [-2 5 
Maple L!. Man Ed.. 13*3 ,. . 

.itapleLf Euty I 136 5 I.... 

Persnl Pn. r a. — . .1 7123 +13 


'_SI +03) — StrlM 1> (AmAULII £2032 (...) — + 

lL -oil — 5 

- 4 - First Tildng Commodity Trust* 

itH r hsw t 

w D - J Sftrail MalLLoatka tfmSB. ri.p3oi«57 c 

.... Fa Vik. rat Trt *-04.0 358rf -0.91 3.10 T 

J Ltd. Fu .VkDbl.Op.Tst .(74.0 JIlH i U» A 


£ Equity 
SEquib 
£ Fl* erf tatcrert— . 
S Fixed Interest. 
CMnnaficd 
SMowued 


l:S E 


J. Henry Schroder Wage ft Co- Ltd. ,' 
12ft Cheapside. E.C5. A1^884«n 

ChroSAuglS .1 JI.S1239 I+OJUI 233 

TrrAlaar SnSlSMil - 

.\rinFd.Au.8.-.Brf»» ttm iu 


Fleming Japan Fnnd S.A_ 

37. rue Notro-Dsme, Luxetnbtmn? 
FUkuIoh A ugust 19.1 5US6Q35 ) , 


Target Lite Assurance Ca Ltd. 
Target Hour. Gatehouse Pd., AyJcsbuiv. 
Bucti Aylesbury ftCWij 5 


Sentry Assurance International Ltd. 

FD. Box 328. Hamilton fi. Bermuda 

11 ft nag cd Fund — PCSW ISBj I — 


0F8OC8878 Beart* of Oak Benefit Society iro Box 4. Norwich xu 3^0. 

“““ " I — rtT- I S +wrunn UHMniriinH 


76J • 1M24 +01, 4.66 


4J5 03« 142 

438 BaL*tfi&BciCntl. EU.35 143 

is gaBBa.— ^ 

7.91 PrDpmy^goiDt ji? j ffa — 

aagjgS— -idM 

1.91 108.6 IKj 

l w jS3S t0 ‘ , * rt 5 105JE I 13 -' 

2™ S5»«U*X<s1 1003 tot 

? I? 173 103J 

5^52-Froi.iArf.;i3ia J 109. 

:s gwasu as ■ ss 

53 SfiffSSSfi* ? 

58 tiHa-.-'-g! a 


15-17. Tavlitock Place. WQ3 0S3I 012ZT SOX StaaagedFon d 

HrortsofOak -.[36.6 SMI... I - jteggSJa 

Hfll Sanrael Life Assur. Lt«L? nSdiut Fund 
XWT*T,AddiMomb«F.d,Crtir._ o:o««5a 5sroCW*5i/:5 


lOb.fl-05 - 
iosa . — . 

96.7} -13. l — 
109J -Ll — 


1893) -Ll - 
113,7] .... _ 

189-3 -02 — 

105.71 +0.2 - 

TJ« .. _ 

«J.q .... - 

303i_ — - 


486 jftS ”...1 - P^rStatcTp.Z^r mi : 

- Cun MU value AujfUit 1ft Pn».F*«* InLArc ' 

CaisnU Lifo Assurance? Pro*. Prop. Arc. — ,vtoi isle . . ' - 

1031 Ccamnmneaaa. Chapel Aahw-ton UR 28311 Imperial Ufe Ass. Ca of Canada 

733 IS2SSJIinsi'| ?St2 . I "I _ Imperial Itf-a'-e. Guflrflord. 71 

S29 FtaWaKttrtmr.rd..] UftM I — J — Git-Fid. Aimll E* 83.7? I - 

Pm* Fd- Aut 1 J _ |7ZS 


OPropeny C-nits il57.fi 
Prep+rtrSeriM a 

Managed Intrs UTbji 

Manafifld5cnnA.!ie3 7 
Manafed imC&C -1Z60 7 
Mirnfj Cnht. 

Monty Serien 
Fixed IsLSer A 
Pu. MaoifiedCap 
Pns Manacrd Vc.. 

P««. G . . 

Pns.G l«+d .\rc_ 1112 4 

Pro> Equltj Cap— |1B24 
Pro r Salty Ae?_U033 
Pi»F>5tlni.Cap._^S 7 

Pna.F**IInLAce ^6* 

Pro* Prop C np 
Pf* Prop. Arc. 


I I~3 z 
^5+o S i z 

1500 . ... - 
1593! - . _ 
11L6J . . ‘ - 
lift*- . — 

1073; .: - 



«*«*! 

?j = 
— 0.<1 ~ 


Man. Fund Inc _ 
XroFundAcc- 
Prnp. FA tac —■■... (109.7 ] 

Prop Fd. AK. 140.0 

Prop. Film- 1OT0 

Fixed luL Fd. Inc 1 181 7 
DepFU. Arolne 


Singer ft Friedlander Ldn. Agent* 

20.connpnSt.ECv 


1CP ro. Lid. Free World rmd 144 11 a nag cd Fund — pcaW L®8j f - 

M ArHhl BuUcrficW Bldx. Hamilton, Bermuda. 

A*-ievburv'iicwii5«i SAVjub'31 1 SDSMoJB j j — Singer ft Friedlander Ldn. Agents 

M:»= G.T. TTanageroenl Lift S^S^^pvuit wmSTS 

aa.o™ A z ^ 0 ?S« ^ ECa - wThe.jM*i-rlt-«BM«n ...^1 137 

In'l — AMhSr-B^fo^lsnao* m+Q.431 L95 Stronghold Management Limited 

1TOJ +8.. — itariwGlttF4fic_|m ■ 9.«l 0 D1 12fta P.a Box 313. St Heller.Jemfo-. 053V7146S 

- 1 - ->»chpr InL Fd .- r |Sgjl7 lM-5u| L?S CmumcdityTm*. _«8Ja 91321 I - 


i — Gilt Pro Ate 

»..#.gwAu» . — . 1 «04I I J — GUiProCap iUft5 

Fhoenix Assurance Ca Ltd. |Gt r .handVidrZJ| ifisss 

4^LKtafiWiU:*m5L.EC«>4BR. oi -CM 0978 Tran slnternotional Life left Co. Ud. ^ J-DoJUrrd. 1 *1:57 


107.X] -^.ll _ 
1TO.S +8.7 — 
85.H - . - 

-M - 

BsE^ = 


Anchor GIU Edge— £936 

-tachprlnt. Fd RJJ107 

Anchor Iu. Jay. Ttt . 10.0 
BmyPscFif sus 

SBBHa!!=Sa 

V,.T. AmaSUxUnp— tUH 


Wtafth AMS... ... --jltw iie.M "...I 2 Breat* Bldga- EC4LW OHOSfiia'll G TJ> * riilcFd 1 

L . M-5 .... 4 — Tulip Invert. Fd . 

Ebr Pb-EqJL -1763 805) .... , _ Tulip Maned. Fd. 

Prop. Equity * Life Ass. Ca? 5^1 SftCfai. 

UB.Crawfnrd8-n?et.WlHaAJi. 0I-Wtm7 ,\lan.P+n F-I Ac? 

RSItaPSwftBd •{ .Mi I..J - MmfnJ tar Fd Inti. 

Do. Eunity Bd ■ — I 252 .... 1 — MngrOnv.FAAcc_ 

Fl« Moacs Bd . 1 -Hft5 l ... -I - IN. (knmKnnH — [SVSRTO IMS 

Properly Growth Aosur. Co. LWL* Trident Life Assurance Ca Lid.? jtafl. Bond Fund— [l iaiw u*s 
Lcw»Houje.-rwtau,ClWHAJ OZ-8SOC0O3 Broslade House. GIou+cfl«r ^ 33 ^ 1 j pS t SSM r .nISSSj<SL Et ' U4 


— 12. St. Mary Axe. Lmdon. EC3. 


*0'4 L9S CommcdityTruK~|883S 9I32J . — J - 

CT o!oa Surimwt (Jersey) Ltd. (zi 

Jf3 HI Outfcus Uh. Don. Rd-SL Heller. Jw- 8514 PT34S 

HJql tn American lnd.Tst.- j£K46 ft63)-fl.01| — 

D£ 1 tt CuppwTruri (£2137 1 lH-8J* - 

0 J g-Sf Jaf. I nd ex Trt. |£12J4 125l|-0.U| — 


~ (Gartmore Invest. Lid, Ldn. Agtft TSB Unit Trust Managers (C.I.) Ltd. 


ai-JUt3 1531 Bafiatellc Rrf_ St. Sat iour. Jersey. 


suiBwt Fnud Mrna ifhr Find tjh. Jerw*j-Fund (SB.a 5SM ... .[ *48 

15«l Huichlwn HsftlO Harr emit Rd. H3'nnfi GuwnTroFunrt - ..158.8 533m . . I **S 

HK It Ps*. l\ TsL _ [Oiaas . .. I 2«T Price. 00 Aaausi lh Next rah day August 23. 

Japan «L-_ KSUMB u3S '.} 0.60 

tatLB^dF n u5d:zSM»i ^ S Tokyo Pacific Holdings N.V. 


Strwu- London SWtXflEJ. OZ-S358S3& U ^L atm 

oHtiWLFftpajI 303)— Ml *30 14/13 Gnsham St, &C2V7AL. 01-0088099 

meFft ...-{55 zn .....1 a«0 imfufint laa | J2; 

ml Unit Tst. Mgra. Ltd. UXg) StSSm SS&’zJ&i Bz| 3 m' 
ta C m*, E dinburgh s. 831-2364081 Mercury Fund Managers Ltd. 


CMMerhonee Magna Gp.? 
Jfttt9artnSu.t»brtd«cDBsiSB 
. 1^ 3.7# | Otl^gBHBy _MJ 41S ... 

4?.f 


L'cn Larked PnrHP'Jft 

3=181 ^fSLWzzWf m s 

— Secure Gap fYL _ -5** WL7 ._...) — Miiw 

” Ei„Uy rund IWflfi 3853' . ...J — ?«»? 

— Irish Lite Assurance Ca Ltd. 

— 11. Finsbury Square. EC2. OI- 

“ BhurCDA Aug Ifl ..)ft 1 tL6) .... 


71253 

Kzj = 


Property F unri 
PrmHlpRnid'4'. 
AcrirulraraL Fund. 
Afiric Jtand.A 1 -■• 
Abbey Nil Fnirf- 
AbbriiKaLFri. -A'- 
ImtuBmentFnwi 
InvaAcmil Fd.'Ai. 
E quity Facd. -•■ 

uS2S!!gS lA, '“ 

-vraq ruuu — — * 
Mro?* Fuad ■ A * — - 
Aeraartal Fond- • 
Gin -edged Frod- - 


— yanasert fix 8 

— GhLUsO. 

— Pronerj.—- 0503 

— EqiH-.V Amrrri rs n _ pi 8 


►O- Gla -edged FT nd -. - 

OI-emS353 GUI-Edged Fd -A' • 

. : 4.J0 #Essa* Amity — 

— I Otanueil. Ann ty — 


V.«L Equity Fund— 116.9 
nialiYiclS — . M26 

GOt Edged 1234 

Meaty , 123.8 

wmatl onal — — imo 

Growth CapL-- — 1288 

Growth Acc. U2J 

Fcs-T Mn£tl Cap.— 135.4 
Pcai Mncd Are.- 320.6 
p«M.Gt(0)ep.CBp- 132 9 
Fenfl.Gad.Dep Acc.. 1073 
Pena. J^ty. Cap.—.. 1147 


nw. Fd 293 

i email *86 

lh.DtxL_ «3 
wM»- — QB 
fcj-o ,743 


a* s;s 

-ojI 2 36 SK'tMSfEgJ 


«}•<> K+J e Aro.PU. AmsTlft-IfTai 

•Oanary Uutt Pkmd Managers «4jB-^*WS7.--.fejo 
rftaMSL.BMtAL 014S84J JS^g^g^ 

oM — — &*** M73I ---J 435 VniL Tmt Managem Lid.? fa) 

Wtachester Fond Mngt. Ud. Coomaondi Houje. Sifoar Street. Head 
ri.EC2 -01-6082167 ShriBeld, S) 3RD. Teh 074, 

tacM'Aer-.ari XftM ... | ftjl Commodity tGeq .Wj. girt . , 

b’rr WflrasBM 20.9! _._4 42* Da .tecum — ._g74 9*2 *0.11 


0149004230 

4.08 

..... * DO 

._... 2-7* 

. ... ft7* 
420 

4J8 


* 1 BlUffCDft AU«l Ifl -.iff 3 053)...-, *.» MSS,-*™"!; ig J )...-! - FTOfl.<££l.DePACC..IlB7J -... - 

pfo —» ti- -.I. ,. f r-_ - Managed Fund ..„i£I8l S 25L2, .... — Wanned. Ann ty — I •- MM | .... I — Pens. Fpty. Cap. -...11247 121X — 

cay oMFestraiiufter Assor. Ca Ltd. Ewmp Mfln.Fft_S5ft7 U4? . .. ] — Prop Growth Pct'ta’if 6 Aninritiei tad. Pros Pty. Ace--.,-. 111? 9 mg — 

WWffitd BiWfle. 6 Whliehorw Road. ProjiSlod..lOS 3. .^9 1®.4 . ' _ AllVihwr Ac iSsT*. *T - TrdLBond.— - — B7-2 - - - - 

Croydon CRO Hi OlOMOaOL Pcup.UDd.Gth... il9S 7 will-.! — WAII Weather cap- P2M m3 I _ -Trtt.Gl.Ejnd r -|»9J — I — 

S?* Fanil— l«.s_ ‘ ««...[— Kiafi ft Sbaxsoa Ltd. vtav.Fftuts... — { M3 n . .. j — -Cwli value far £100 mmuuo. 


Ipcberter. DTI Iftttf ... .[ ft21 Commodity t Gen 
h'rr tFarctnU Jo.l| J 43* Do. -trinun. — 

» ft Dudley T*L Mag&mL Ud. MferZZT 

■gum Si .AWL 01400TSSI Chpftnl- — 

JudltyTR. (69.9 7 Sj(I -.-I 380 TtaAraum 

il Secs. Ltd- ta) (g) Do. Aroum : 

^MOtaKCS 01-9803081 ' 

oro BIB W.4J+0J) sn S^h^SdZZZa 

• ft Law Un. Tr. M.? taK&KcMr) 

unRft High Wyceabe MMS»77 DftA««u?ZLZZ 

.Law [713 7531+04 33* *Fnct» « Juty al 


Ter.ctrtWC! 

5Jjio.ll 


+0 j +6J Fang mti e rth r 

+1.3 JM rcitanl'niu 


77.R - 

1273) - 

66 *| -. - 

TTliJ . — 

> 1 E 

m = 

la new intMtaienL 
®L0 | - 


King ft Sbaxson Lid. jSSSa ft «■ 

52.CuHlbUi.KTS. K4E554S3 c5£ Fro*, r -1 - 

Bend FCL ELumip . (152.33 MJite’ .. - Cw, Pbr Cm LL 

Kcxi dra!tag date AEfiaa 76. Man. Pen +. rJ. - f - 

I -a ngha m Ufe Assurance Ca Ltd. pUS .9* "■ 

UMijhamH». Ho:=rt-70okJ>7. NW4 07.3C3S211 Ffop PesaCap.1':* 
LmtghamA Ptan Ml Mf-' . j - Bdn.S« PTO.U 

OProu Bend ,1*33 Wt.5; ’ — Blrfft -let. Cap + * 

\V|»P SF-3L11 Fd,767 B0« _.. Pravlncfal Ll/e 


136.* ... - 

mi - 
1593 - . — 

97.2 +0 9 - 

123 1 — 

I5L0 . — - 

230.7 . . — 

1304 . .. _ 

116-6 +0.4 — 

137.1 - 

136a . -. — 

ICSJ . — - 

1223 . . — 

127.7 — 

3093 ... — 

113.1 -... — 


| Ganmorc, ML Ine. 
| GataM luU. Grth 


70^:::.' 




Iniimlu Management O. N.v. Caracro. 
NAV per "hare Aufi. 14 SUSTO0S 


>J> Tekyo Pacific Bldgs. (Seaboard) N.V. 


Illambro Pacific Fund Mgmt. Ltd. ,M “- ; UaaaBament Co. Jtv. Cunroa 

aua CaaoMSht Centra. Brog Scnr ;,A ' ** sttar ® AuB ' 14 SL ® J 03 

tapm" FYm .1“ ._J Z Tyndall Group 
***«* fGaentt ° 1 

Hambros Fd. JHgrs. iCJJ Ltd. S^Wr'Sai 
POSa^&arao MB-WSt 

t J, Fnml 11541 1C| al 1 ■*711 z ACW3I+W. HoUT, 

tataLBrod IVSlMil llSSS- • t» TGFbT.ArolT^-JttaJS 
rnlEquKy insfl236 UM " "J 15» 'AremaSharasa- 
tat S» 'A' StlilLM TW ” '] 850 


Tyndall Group 1 

F-O. Box 1236 UamDia 5, Bermuda. 2-2700 
Ofrr«j ABC. Ifl— (p sia, UU41i| 639 


iJS TGFSI.Aufi.17_ 
jJq 1 Accum. Shares) _ 


.- • I - 

-] = 


3 1«S Ini *S) CttTdf Wesbnlnrter Assur. Soc. Ltd. HP-'wgsj.-, 

' 01-3883081 tataroaltorml — S 1 ^oi Tt&ttett W -€8* B06* S?.SSSi^.'":"T|B7 

oro Do. ytyuny 57* +6 A 2M FttnCnlt* .Oajfc 1H.7J ..„..[ — FludlniOal .1187 

t mw 53377 S!5SSf5?!lzSi iaJ :.: : 18 2??*^ UnloD Groop 5mSS3f&asr''w 

7»3)*0fl 33* *PrKW«4BjyaL*lKtdei3i* Aufiaxiai. rirasL.T'flilertaiR.Ea. 01-283 T500 ZTS73 

3§2 W= fiHBSfcKiza& 


Lmgham'A' Plan Ml MF . 4 _ Bdzs.Socfts . mi "J - 

WPn>p Bond 1*33 mi; ......’ — Blrfi. -let. Cap + * * 1ZL2 J .. [ _ 

Wup sp, Met Fdi7*7 at, cj _.. .? - PnniDcfal Life Agsumee Ca Ltd. 
Legal ft General (Unit Asaur.) Ltd. ss.ifohoicfiK'.c r - r - 3 s:.»7G3; 

Kinewtuwl Hkk. Kiostueod. Tadwarih. Pruc. Hcaaacd Fd U23J5 1?7 91 1 _ 

Surrey KT20 OSf . BurtbHraih JK56 Proe.Cishrd . - Ijw3 MoS ,E.‘j — 
Ca»h iBllilii . .._!«* 180? J _ GihFundlG - -iHU 125*!. . 1 

iS,+aSw Bid = SaBWa?-^ BSIrl = 


Tyndall Assurance/PMisiaas? 
IftCwoynfieBoul Btuu>L re 

AWayAuB.IT. 1770 +fl 

Ertiib AuS t“ 1782 +1. 

EcndAufi.iT 1613 -0 

ProprrtyAus.1T.... 185 7 -P, 

DcrmrtlAut 17— . 1286 +0 

3-Waj- Pen. Julj-M . lean 

OAKS Inv. Allfi. IT . E6 7 +2. 


- H - int S^r-A- rofisr Toa • •] Bio ABWl»aABtn 

— "j — InL Sve£ S’ SL'SUC ijEa i fin lAccam shares) 

•j “ PrlraiouAnfiuaik Ncm djjj£ Xurori St 

Henderson Baring Fund Mfirs. Lid. 

? 6B. CMtam HoojftHong grog. r^HowMai 

0772 82241 J gK? . **3Bf i — 3tanoaedJuJr20 — j 

Ban nfi Hc»d. Bum, Fd Aut. liSrFJoJW- 
,iil Z •S.eiualveorwpreBrach t .-sc+ 


1 Acctun. Share+l - 
Victory HMUADUaidau £ 
Man 03 cd July 20 — iiftb-2 


«y . osm 3733i/a 

930uS+C2M a m 
isjg+ajs 6oo 
lmS+LS 2.00 
nara+is, 20a 

227.9+5.8 691 
,S?3*r3. 6*»i 

108.63-12) 110S 
144 Jj -02] 11.05 

(dearnu.06342«iLL 
* u 7-fl I — 


GihFundlG - |HVl 125 *1 1 _ 

Wt]e 


Hill’Samuel ft Ca (Gnenurv) Lid. 

B LcFclPTB Su. Pace Port GuemrZ- *‘j 
Guenivcy Tsl IJ62-1 .1743)+j’i JJ9 

HID Samuel Overseas Fund S.A. 

37. Rue Notre- Dune. I-meatbdtu,,- 

isEsaus a(5,-o;»i — 


Vtd. IniaL MngnmL (C.I.I lid. 

16 Mulcaster Sire+u St. Heller. Jew. 
L'.LB. Fund BEJMa Hlfti .... i IU 

United States Tst. IntL Adv. Ca 
14. Rue AldnDfitr, tauembounr. 

G.&. Tat. ui v . Fnrf.-I 511*2 1-iM Ott 

Net asset Aufiut* 1C. 


CLTVK TNVSSTSlIE'frS UNITED 
Royal Eschanee Avo, London EC3V 3LU. TeU 01-283 1101* 
Index Guide as *t August 15, 1978 (Base 149 at 101.77) 

Clive Fbced rnterert Capital 183.07 

Clive F)*ed I nigreet ip come — HA6S 

CORAL INDEX: Close 509-514 

insurance base rates 

■TYp perry Growth — — 10’*?* 

'Vanbrugh iJuamDreed — 887 ff + 

tAridrf <» shown under lunrrmro and Property Bead Table. 


Confederation Uh Insurance Co. 

1 9>,^aMtytaae.wC3AUI£. 01-342C3B 

ti&gs&xrm iSS Z 

375.* J - 


Wit z 

z 

■tasMlhL" “ 


Vanbrugh Life Assurance 

Prudential Lifted*' _ 

HciboraBarr- EC^NSVR: CI-4QJK3Z Era tty Ft! 248 0 7(21] +03 — 

EVil Fd.Au* T«-g7.18 2AtB\ . I _ IrtnlFund I08.0 110+0.9 _ 

FxdtaL Alii W«4 - FurtdlntarrtFft^ 16U I7a« j — 

Prop Fd. Aci IS— tfJttt 27jS . J — Property' Fd. MJJ 1S0.9 j - 

SeUance Mutual ^ 1 CfisTFund — [lllft lasfl ....| _ 

sssarE-tfr m , , ■? “ 

Rothschild ■ Asset Management 

SLSwit^LJaml^n.£CA BMBB4859 SjSS^Z "- .'IZBlS" 1159, +0*| - 

Rqvnl lawrtBMf Group „ , _*■... 

New Hall Mate. XJ'WoeL osiM74«a lnv ■»* *«** 

S9?*J Shield rd. - - P*55 . 153*.. j _ w<lh „ r* 1 ,a» 


MU' - 

W - 

,.® :-! = 


l+flal fir Gencnl Ktdt PCqytanM Lid. 

Exempt Csah ZnK. - WJ JBLg ' -+ 

Do-Aseuze. Ml 13*S .. ..J — 

Eiampi Eqty I ah— fe .2 Ullj __ 

no Mtsa - _ -M73 134 3j .... _ 

E»cnpl Fixed Ink 1233 1193; - 

Do Accum. __-.555* * 121^ * „ 

Exempt ansilartJMJ 133.0] ... ! — 

IH> .itturn .. . <2258 1325! s — 

)~-t cn pe Drop. Jnit- jvv.o :C2J] : _ 

PftAcnus JSfi.9 !0*£ J _ 


1 Cornhill insaraace Ca Ltd. 

| K.cwnwaE.cj. niresMio 

■" ■' ■ ! - Life Assur. Ca of Penaier taui* DeposrtFd» .- --g» 

-ALUFianx WO JW0. ... ; — FraaprowFd*.- -i™ 

Credit ft Commerce Insurance Lloyds Bk. Unit Tm. Mngrs. Lid. «« Fe^Kd - -jg4 
J~ > i,^4» , Kt.Ltodnr«rill5FE 02-4387081 rt I rosbudS: , LCS »l-4srzm De * mpaa, i£ i rciaa 

G6G3fafilFd.^.|22U 132S) i — Exrtpi- -jVSU ' 1B75,’ 732 TWeekJy- 


laternaliimal Pacific Inv, Mngt. Lid- S. G. Warburg & Ca Ud. 

fi Tdaty. Auti 31 Grasham Street. EC2. 

J*voUn EfioStyTrt. . |3A2JL7 2*8| . „ j _ Cw. Vd. Aag ML- 5TE9.81 

. Enfclol. Auftlfl — SLsmSf 

JJB.T. Managers (Jersey) Lid. i;r.StiFi± Jui*3i . sus fS 

FJ Bo, 1M. Rn)-al Trt. HraTjwxZcil ’TW1 »tr=EbdFd AvtS^iKOSa I 
Jersty Enrol. Tst -I3S&.1I 197ffi 1 — 

■ a* nt juty sj. Non mb. OtyAugad 3L Warburg Invert. Siogt 


01460 4SS5 

sa- 


MAiupnl— 900 8 

Equity 1103 

r btodlMricri — 93 1 
Property — .fiftl 


1063! +01 — 
1159, +44 — 

103 5 . — 

103 3) ... — 


Jardiae Fienung ft Ca Lid- 

SKrnas^ r?> 


Warburg Invert Mngt Jrsy. Ud. 

L Charlac Cross. SLR nller. Jar. O 03NV9TCI 


JHH z 

W 4S i - 


GJt Fd - . 

SJeposiird*-; - ■ 


Credit ft Commerce Insurance 


GfaGatnclfd.; 


UL« — [ - 


f . i»i] ^ja Z 


Welfare Insurance Ca Ltd.? 

a« euro*. WtastadoPwftCSwrtar 0393-5215 

MoaemahcrFd- i 1103 j - 
Vet other fund* io The Lcodoa t 

Manchester Group 

Windsor Life Assur. Ca Ltd. 

Ror«] Albert Kk. S heet WinStar 8524 

Lltalav.Flanf-- -.«l»2 72 » . ) - 

FatsreAoxdGiiuB! 71.00 j — 
FumreAudGUrb'.. «*3c . _ 

f-ri.Aftd p-mtj... .’ E2S.99 J - 

Ftar-Ui. Growth- ^ 


JardlDoS-E-V- J USSULCB 

JpniliwFlenLlnl.J HIBU.48 

IMLFntSecB^tti^v.l * RKS13.4S' 

ruo.(,6ccum.i 1 HKSUSq- 

j NAV Juh- 31. +Eq U h3S57 c 

Ren. tub. A'Bput jj. 


cvrud-JiihaT. 

-+ CNTLId-JotyST 

1 m Metals Tfl. Juty20- 
n So T>iTAtUiy4 11— 
T^T Lid. Aug, U 


World Wide Growth Mnugenxat^ 

If is Bhulevurtl Royal. Laxembouffi. 
Worldwide Gib Fd| 5US16G4 |-0tsJ — 


notes 



1 





SURVEYORS VALUERS ANO 
AUCr'OMEERS OF PEAL ESTATE 


FT SHARE INFORMATION SERVICE 


!ey & isfaksr 


^nandal Tiaieis M 1978 " , 

} FOOD, GROCERIES— Cont 

* 1 ' ■ + «rf m* I ivMi 

HlfEh Low I Stott PrW — I .Nfi |Cw|firi||vK 

% 27 ' lEotfaptU E Spl 2g ]« 3U-7 71 fci . 

78 66 ftAc — J# £f9M> 

14' 8J, - IftsJwr: A:-S{» 13 0.W I3 7 41145 

74 57. FIKfeLtertlSIp. 6M +5 yt' *3 2-3 * 


ECUttSfmf I890M London 
2* St-Georoe Street Hanover Square. 

London W1A 3BG 01-629 9292 

cm- Of LONDON li? OLD BROAD STREET 
LONDON EC:N 1AP 0K3J36! 


BONDS & RAILS— Conk 


BANKS & HP— Continued 


. ... _ 2fc 22 itasi'AavwijK ■ 25- ....« *125 M 7.« fct 

Continued CHEMICALS, PLASTICS-ConL ENGINEERING— Continued J ; J SftKrSj - 5] ii 

*-1 S |<vi™U Bi| S L»! M Pifal'-" 1 w cJSSiw “*’**" . *“* 8 <-nOrt KE &^jggJL_ £»'* fj fjgj 

?Jt5 |:jai= MpKSiw %k|3S ifllUj 4 |&- i «r (S t $ I &*£ VBS&. >25 w jj «,U 

~4 I I s ol 1*3 pnE I* 13 jfU^MO 2 W 2 SnS?-! & Lf 5.36 J.«8.| « 3l8 lint H! i i75 P 8 


BRITISH FUNDS 


1S78 

High fax 


II | It iH TleW 

Low I Stock I £ | - |M| Rei 

'‘Shorts" (lives op to Five Tears) 


11a | 

®sh faw ! Stark 

15 *2 Hun? TMAss 

77 65 Ireland Sjpc'awa 

I? KJi Ireland Tijjnc VU-83 

w » S=: 

Wp 75p S.GL5%pe I860—. 

vSai&tac; 


Price + w Kr. S RnL 
E — Gran YieM 


77% 56 Itoriewt 
252 165 Hillards 


1378 I 
High Lew ' 


tain Ik 10 Ass_ 410 +10 

IMMcBML 71 

cm As&3pc 140 ...... 

GX5%pclB8G-_ 75p 

unBSpelfiSI $04*» 


4% 5 06 74 

- 12.70 114 

7% 12.42 297 

9% 12.63 54 


•390 330 [UidUndE! [360* 


B.H.* 38 20 teBfiP.-.. ,36 ••■■■■ ~ 

34 4.7] 10.7 1 126 93 U»iWra.l20p— Ilf ■■-'tf.M 


u »™|UM»irrunn Sac 1084 — DM91 
97 I 94 1 Cm guar Pipe 97 | 


UA S & DM prices exclude inv. S premium 298 1250 


AMERICANS 


A3 

'96% 94-*, 

1034 

10211 971, 


asurylOawTMJ- 100' 

rtne3%pcTBG9 95 

MUTfipcMOB— 99 

isuy 9y»c8itt._ 98' 


stttl 


I 1 ? ?■§ ffii 131* ASA 

_i? In 975 IS* ffl* AKFSAiCOBf.W- 


m 

ffijth Lew 


81 66 Sal Cm Cro. _ 79 +267 46 50 63 106 72 Pl«ui0p 103 -1 dL40 

298 250 WtoLOLZ 277 x 1 If Juj* 42 63 5.7 240 140 RawwnJlraWp 2Md .._.. 334 

445 350 Sehn4ers£l — 420 1172 - 42 - 71 48 RratctollOp — 71 +2 tLU 

255 190 ScccMbeMCD. 220 nu — 92 — J1 55 Revenex 70 h339 

92 70 sSihSt-Aub™ M ^"509 - *| r B 225 190 S^ghip. ZTO .. - 32M 

433 378 Stand dCliartEi. 433 ...... 19.64 3« 6.8 5J 168 108 SwxnPteius- 167 +1 tjtt.85 


82110 12 | g 

ID f3 M 421, KSSif: :.H 

III S KJfc : S' 

aj 79 rn g n? 


53 :a sirs rs rassii. \ m m 11 s s ea» « 


iWnu20p_ Uffi JJ 76 fc 

li til 13 5.6162 145 72 tEMmiJ.l£l— 131 S i| ; 

ir-Bi +1 0 '1 02 52 tB8» 169 120 M^bewstBi — 167 . ■■■— |3 J. 

g?k" lit* 437 4.9 57 1.9 91 75 Meatier Sm.. 74 ' M7.37 12 139 ,?! 

1 79 3.6 7.* <411 63 Z2 Hflrj5mEds.tdp W - - ~ 

o5£kr S — h2J4 17 53 7.9 97 55 MMTti'm* I W « V MRS I| 

S 5y‘ . , S h2J6 3i 62 7,0 «J7 77 Nonhem Fnodj. 105ri -1 «|1 |5 |4 9 

' S H3J9 1.8 102 83 109 70 NwdinPt 10p>. V. +S dl|7 .52 M 4- 


99d -«b 9.09 9 75 

98 ^ -Ib 9.61 10 13 


22 .\nag$l 

214, American Expres. 


dl35 ♦ iwr 28 21 SiPtV- 3 2ft, 

,4 53 U 110 W 45 30 PW9lWJ.Uta_ 45 ..._. W0A7 

493 23 8.4 (61* 20 14 iunmOplI^ ^ 

%6B U 9.3M3 62 tf»z B.HH — «« 

fj 77 4.7 4.4 4.8 1S2 120 tostaw Finds 136 581 

146 3.2 73 43 *414 345 BaWRflWttMp. 409 - +3 U3TO 

rtLll 22 9.6 15. I> 20 161 StMmW-- 2Z7 *2 dMl 

162 3.5 58 36 83 54 Sertwrtts.-w -••• 

i?3 4 52 * 341? 25*2 Safe— = .... ?4i: +1 y7. 


Hire Purchase, etc. CINEMAS, 

ICsttle't 'Kdgsi lOpl 46 |+3 | d2.23 2-0 73103 91 I 69 
K>B'creFr.lOOn £74 1...JQ12S: -3*4— 40 32 

.84 - - 65 55 


99% 91V 


CWEIJ 

lpr-B2a 


eh. Apr 1981 86U(d .... . 3.48 826 S B™SfSrDJa 

sas. Variable 81«._ 95 Ji 9.83 1015 ^ gj SSng^ 0 ^ ** 

eh l^lSSlttL 103 vt -\ 1227 U25 

& -* ® 1 cSfcT= 


SS S& BESttCr « -V 3:S &S I $ 


96% 89% WlP.7*- 9l£-% 9.94 1144 ^ ‘JHP ^ I IS*- 

1W% 91% E*di.«ipc& - 93^3-? 9.90 1132 M* rai fflvSlS S3 * SLM - Win 

94% 9^ Errh. ^»pc 1982 A 994 3144 g ffiSi pItBSi" MS " ' S2 - 4.7 2% 

%?. m &eh.8V«1983._ -% 9.60 JXX ^ Jg C S^PH_ ^3 “ i: SLOT - 3J 56 | 37 

85% 74% Exca3pcV3 81%id 3.68 7 92 321, 70 rftHiwKSl 31%n +*< 52-10 — 3.4 111 92 

114% 100'j fteasMT l2prl8SJt;_ 102^3 1174 1L41 ^ cStlUi^tSo “ 24% $L32 - 28 86 ' ‘ 

100% 89V feiysSc-BL— *U -% M.07 U.45 ^ ^ ggg KlI 22^3 +%■ SL40 - 5l 124 

Five to Fifteen Years as 20% anmzcii.55 w«i slot - 3.3 51 


g6 a - H 46 311, 

- 16“ g 

lS%a) -ij SLOT - 2.7 43 30 

Ub ..... 40c - L7 M 

13d ..... 70c - 2.7 !14 S| 

65% +2% Sl-M - 0.8 |6 ", 

4B% +1 S2.40 — 2.6 ^ ® 

39b +% S250 - 32 48% 38 

A7 kt tt §| = « beers, wines AND SPIRITS 

961wd +5 SLOT - 5 2 94 ( 78 [Allied Bnr®*— 1 84 |-.J M.39 | 2-lj \ Ul?3 

26% +S SLQ6 - 2.6 46 30 UneLDiF.PrJOp-l 3W -Z 0J6 lfl 13SI 



52 * 34*, 2S*j 

5ATHES AND TV g ^ '3 “ Mil ^ 

W (-1 |«24| j.lj 721 6.8 4% ftSrtfS? ' ^ N12& °- 9 6.6 218 164 

38 ...... [223 23 88 63 104 13 Miafflsn M 609 32 10.6 3.4 ns 74 


40 32 

65 55 


1M r.: t4.01 14 5 330.8 32 !Bi 2 

41 gL9 30 6.9 62 m m 

13+1 — - — T 3 - 5 142 106 

lg 4.94 23 6.6 10.0 7^ w, 

33 -3 144 * 66 4 72 52 

47 [+1 hZ.09l 23 6.q S.O (£ s ^ 


27 [23b 



IWlHiiKJ#. 40 TL56 36 6 7l 

ksiltwrirtl 160 357 61 33 6.* 

Aljfca™ 182 .... T1334 M 1U 6.« 


31 

129 +1 
142 +2 

& :.::: 
57 +1 
68 +2 
27 +b 


way 


«Rrt»p 74 -2 «90 1511J74 

. 51 *b 166 32 4H 4j. 

1? 63x1 +r 3«9 qi« O 73 


95.1 93 Exrh. lOpc 1983* 

mk 80% Fundii«56pe'S^t 
96l 86% Tn:i!W?&&Wm. 
87% 77% Funding RwT&HTJt- 
89% 79% TreasmrTSp«'ffi-88tt. 
68% 60% Transport 3pr'7&88 


945, |-% {10.66 [ 11.581 W, 20% QAbr-Hanmer $5 . 


- 1-7 157 


75% 6U 4 
115*4 101% 


89% 77*2 rreasmyf%H79ftt: — 
106% 9Zt* TYrimiO' !l'*pr 1891 — 


WStpcRiiaf- 83% -1, 664 9 63 32% 72 Eaton Crp.5OS0__ 30hd ...... $225 - 3.7 173 

rrfftfir WKtt- 89 -i, 9.65 10.77 2 (4 17]« Esmait 2 j +% SL 84 — 4X 68 

lfilsSc'&sitL 80%-% 8.27 10.28 40 2B% Boon 3 37%xd +% $320 — 4.4 152 

10-888. ®L% -% 9J4 10.98 g% 670p HrestowUre B-- 981 d +14 5L10 - 5.7 201 

ort3pcTM8_ 6«% -% 4.67 8« 19% U% FirslCWmo 19% +% 

ji-SecHWS 68% -% 730 10.03 32% 20% Fluor Carp. S% — 30% +% H-ZO — 2.0 63 

iiySpel990B_ 106% -% 1238 1236 «S 26% RirdMntnrSL SPuA -% - 4.6 136 


,1027 1130 25% 16% CATS » 

98 -% 12.14 1225 44% 42% Gen-HertSElj— « 

67% -% 8.76 10.79 Wj 15% GifletteSl 23*, 


+% $250 - 52 302 

+5 K2fl - 26 191 

+% SLOT — 33 IS 


Over Fifteen Tears 


110% 96% rreawrriaijpcTGti- 181% -% 

72% 60% Funding 6pc uHOtt — 62%xd -% 

1»% 104% rreasurr 13Spc 18938 110% -% 

128% 110% Treasury I4%pc WJ? - 112%rf -% 

114!, 97% Ewh.U*2«liw 995 S -% 

89% 76% rreasurr V Wit 81% -% 

106% 93 rr+anur l§v' ’ H ’ 97% -% 

51% 43% Gastec'gOffi 46% -% 

95 82% £>h.in%pclW5 85% -% 

114% 98% rreasmy ISSpeWtt-. 105 -% 

90% 76% rreasunfipcvlOOtt— TPiA -% 

131% 314% Treasury iSipc 12112 -% 

117% 101% Ehchequer ITipe 06tt 108%-% 
50 42% Rrdentpiioci*riWWr 45 -% 

115% 100% Treasuiy 13%nc V7B „ 105% -% 


52% 34 ImersoU-RE 471^ -% 

ISO* 735p IntSstoBstOiniSl 19%+% 
if.c 998p 705p LU.intematiraaln 961p +& 
11-15 <j«r m ai tiZa .t 


iwS "u it u 1260 ^ 20 S2u»ftirJI W $208 - 33 129 

qq 3S v sn JfcwfiBn <JP1 USS15 39% +% $220 - 28 103 

tttM iim 12 JbrtraaDPBlK.Sl- IS 1 *™ +% 76c - 23 217 
81%-% 1135 I 1L89 tjtC 1,1. rwninm l7X.ni xu C11A I _ Iliac 


47% xd -% S3 00 - 32 520 
19% +% 25c - 0.6 70 

961p +2 95c - 5.0 72 
27rf +% SLOT - 3.0 131 


48% 85 

831, 74% rbeasuo MprTW7«- 75%*tf -% 

73% 60 Treasure "85-388 ■ 63% — % 

135% 118% Trer.lSl3)c"W 125% -% 

9°% 93% Exrh. I2pc 1996 99% -% 

90% 77% Treasury Pipe 1839U.. 81%-% 

96% 83% Treasure Utycim.- 88^-% 

15% 15. &krhI^c»E£lM».- 15% 

4?% 34% Fundi ng3%pc"flOM— 36% -% 

W"a 67% Treasury RpclfinStt . 70% J, 

58% 47 Treasury 5%pcT8-12tt. 47%ri -% 

76% 62% Trwsur , 'niPC 'I2-15#- 65!4 -% 

97% 93% j&itLl^pc'lL'lT 97%-% 

Undated 

37i, 30% JConsids4pc 32%-% 

37i, 29% ffarliwi^jK# 3D, -% 

34i, 33 Cmv. 3%pe el Ah. 36 -% 

28% 23% Trcasun 3pcG6Aft 25 -% 

24% 14% Consols 2toc 20% -% 

24 19% ]Treasuty 2> jpe 20% -% 


chequer iriljpc 1937.1 
SKUO-nprWrtf-f 


108% -% 
45 -% 
105% -% 
86%d -% 
75W -h 


11 no 1 ' 2 kium ouueH me. jju- 

“■S 13% 0wens-m.S3.lS- 

OA7 S?» 141 s Quaker Oats l. ; SS5. 

-Sn S& Reliance SOS 

Ilian Ml 16% Rep. N.Y.CcrjLli.. 

17% U FemortJsJ-- 
S-™ 2% 14% Richrt#iL-MrTll3l% 

M.IB «1n 7Cbi C.iilrD C.C1 


+% 5136 - 33 135 
+% SLM - 26 



84 j t4 39 211 7.M103 DRAPERT AND STORES 72 50 

Ifsl -Z 0J6 11 334L5 w « 53 ubm Retail iOpI S7 j |htKL94| 191 4J| 3.6 ® » 

£ - 1 as h HSi 5? a [S wl « 1-2 II § 


165 -1 +4.91 3 
288 — . b4.85 3. 

106 wT&s \ 


54 33 AxjusscuSm^I 52 -2 L55H Sfl M1U “ « 
51% 33 0oL-A'5p_Z_f 51 135 33 4^189 « ?6 


,» ~ - T 71 r B 51% 33 Da'.VSp— — 51 135 33 4510.9 « » 

106 ...... h265 23 3.7148 37 ^ js AndwtromclOp. 18d -2 d02 - 1.7 - 5 35 

-,§5 ~ l 3 #L ia * 1V * leer's StrvJOp 44 ...._ hd058 90 L9 87 » 

32 ...... t3J9S 14 49 133 UQ 31 i faaj«sSaBi(}p_ no +3 bl55 65 23 83 “ 61 

« -1 182 25 55H1J 134 34 ftenttif 130 -1 236 43 27 123 1J4 81 

334 -1 6.70 2C IS «8.1/ 39 35 BerUaUs’&p 39 1-20 25 4.6133 1*& IJS 


72 +l"' +L56 24 

fe I E-si H it 


« -1 IK’ 2.5 5.5 103 84 Z Me^A'_ UO 3 236 

^4 -1 6.70 20 7.5 (8.1/ 39 35 BecmUslOp 39 — . L20 liin _ _ 

173 .— 3.4a * f-S ? 191- 13 Btaa40m.3ln 28 ... . — — — — l^z ® 

.“d — 279 6 b3 * ^ 2 BoardmanKOSp' 15 +% 099 33 9.9 3.6 « » 

M4 .j.i.tMR 33 5.5 |4 ^ i0 BottmToLSp- 10% 0.63 13 8.315.2 41 «_ 

1« -1 737 q30 53 88 59* 47 59 388 L0 9^14.9 |3 12% 

E Tu r 7 on 228 173 BriUtoneSOs.. 210 -4 636 20 4317.0 “ J5 

"viSL i? in ill 38 30 Brawn (State— 37 -1 251 17 103 ( 62i 72 45 

m -1 +266 4.1 3.0 125 ^ ^3 Burton Gm»pZ 166* 152 - L4 - f* 


:::::: a 

| ^ f 1 

wtlFr+Mp.- 23 tl02 3.0 6.6 7.7 « » 

rTmlilOn j.1 HOT d> 6J ♦ j?? 


•5rt=ia |59jaa ;ii44 


- I — 1 — I 7;7l 28 [18 


300 ’ JIT 28 37146 ^ ^ TOWSC SS +T L52 = U = “ £ 

Tel ri W lina 38 28 Cantora'A’MpL 37 -1 +207 15 8301-0) % w 

tS i35 H illH 50 36 Casket (S.‘iOp_ 48 -1 e21S 4.4 6.8 ill 76 66 

is “i I" 5 So A 196 150 Churrh ...... 180 +2 73 28 7.3 1$ -| 

“7 +1 +L55 6 0.9 * 122 73 Crab. Eaf. E%p- 119 -2 129 3J 4.1 9A ^ 12 

3M 4£9 23 2-0252 „ & Lope snorts 5p- 48 -1 h0.18 9.< 06 282 ^ ^ 

520 12y4 26 3.6 15.7 ^ g. cwfSeoSp 34 - - - 24.6 34 18 

tS ■»■ Hf iS j? In 3W 84 Courts *A' — 121 -1 355 4J2 45 7.4 J8 6£ 

-§7 -ftlft 77 7.0 217 ifiz cum, 217 4.61 43 32115 « 32 

129 —1 3.05 26 35 16.0 jrt 14 rnd%Bi+ lfln 17 +— _ _ _ 1W 150 

iL Hfl® ?q 84 92d !.'!!- 5^ 17 8.7 18.^ ^ 

3 “b 490 29 6.0 6.6 n 40 i D^b^jop 74 -2 hL34 5.0 27 7.9 3| 30 

SI +f 35J 3 12 58?H 127* Dixms Photo lOp 145 +2 2-3 * 25 *. 


"iFr+Mp-- 23 +102 3.i 

rlndtlfip. 22 +1 0.89 * 

radiaop. ; *5 +14-21 j- 1 

s<Sni5u. 43 t246 2.' 

,H(wre— _ 57% 3 4 * 


+i +14J21 14 9J ll3 B7 166 
+2.46 24 85 19 .39 H 


163 H4.72 15 

20 +% NO-34 bL4 
015 -1 +431 35 

96 +QW. 10 

ISO .... 731 35 

20 .... 0 50 33 

245 -5 F67 45 

41 tD-61 3J 

23 WMA 35 

54 MBS 68 

39 ... d034 23 

Z65 +Z 636 II 
72 . . U.04 42 

35al +% 870 35 

18 ..... 4CL25 J1S 
Forte .-.1232 +4 +833 24 

I9J 39 [22 tartkTnJ M 130 * 

4 W15 225 Wheeler's lOp — [ 415x1 4 92 47 


SfeSfc *3 3 ?ST * 5.9 ♦ INDUSTRIALS (MiseeL) ’ 

eaasft' .^5.® !i 1 B . .*7*. ^ h Vi. 1* .«♦ 

y Si?! ylfftaasl’S M IfeJ U zl«* 


168 I IJJZ3 


i alien ■ i,u 4C.I uumorumu unii awj t* 

29fa.O 29% 17 EUxsA Gold flp„ 29% ..— 193 
186 136 EjBnireSwB- 183 4.89 


xf-B +»a »j-uh — cm m 136 EaraireSUnK 183 

17 BUILDING INDUSTRY,- TIMBER * % £ 


-■* >JLUU — J-l 

J5i 88c - 29 

22% 90c - 20 


Slip 255p Sa ul rR FiJ] 519p +21 - - 

1 2-5| 28% 18% Shell Oil $1 25%rf +% SI 80 - 

,H2 19% U% Singer i310' 15»j +% 80c - 


AND ROADS 


25% 15 FamteeT^-Sp ffi% 1.18 3v7j 6.« MUgf !£ 


7% DeltaMSCZI 76%+% 510 17 9.9 8.9 42 33 AhhcyLat 40 . . §3 54 4 

2 femuBjJl H)p_ . 42* +2-86 & M 57 43 AirfixInds-SOn.- S +* f, 

10 DeriteudSDp-— 760 +5 10-12 26 9.4 62 7^1, 36 Alpine Rldp.ap. 77 -1 252 it. 

.4 Deawttor L 14? 5 60 3J 5.9 7.4 345 2&8 .\naL UrtaliEll.. 343 -2 M05 2 

,30 DtntmeteaelOp. -32 d232 12 10.8 U2 b7 48 \ns..Vn..\S|*al!- 54x1+1 27 1 

ESI 3b I 3® 1 13% Drake* Scull— . 32 Z1.02 - r 5.4 71 34 Are asm 1 A) 10*.. 71 ... MM7 3, 

oH 12.4 134 110 Ductile steeto— 115 +5.16 3i 6.7 6.1 65i 2 44i 2 .isw.Lcts^reSp- . 63*2 +>2 307 2l 

40I145I 731, 1 61 Dupnt .72 4.56 26 9 5 4.9 27 AaSprapsrsllte.. » +1 - - 

11 — u ?6 EdfirolHIdfflL^ SXbd 635 36 4.6 6.4 130 98 .Vss« Tble.'.vL 129 6A5 X 


25 15 Dn.‘A5p. 


.60 Wj FmeAitDettSp 60 106 

Te 97 | 81 | Aberdeen Gmsl |. 97 | ]4.68 | 3« 7.2J 5 3 35 ,22i 2 FordWtiiuIPp. 35 «i2( 


:::::: us in m &7 ,2 s 


d'232 12 10.8 U2 b7 49 W.Va.MipiuUL 54x1+1 1J 731SJ 

23.02 — — 5.4 7i 34. AreajoniAJlOp.. 71 ... W197 37 4.1 ao 

+5.16 3J 6.7 6.1 651? 44% .Ism.lcu«re5p„ . 63*2 +% 307 27 7i kj 

4.56 2 6 9.5 4.9 54 s 27 .Aa Sprayers l£.. 54 +1 - - - &.S 

6.15 3S 4.6 6.4 130 98 Assoc' Tfete.'.vL 129 6A5 23 7^7.9 

5«1 ♦. 6.1] ♦_ 11% 91* ,teSiuF(lesllOp U ..... 10 56 2.6.7.6.77 

1 52 h£ 3 J 


]}% 38 £% S 

Hi |S }& j 
ilr ur ? 

1281 Q7Cn r 


tc Rand S05Q-| 
rlnc-51%.- 


+% $1.12 - 


SLOT - 23 


17 13 LAUied Plant 10p_ 16% _.... 0.72 

i-2 77 59 UnritaceShnta.. 77 4.37 


27% 18% Tecneco 2M +% J2OT _ 4.2 

S™ 161 131 D). HKiLuSdL91-9RJ 151 ...... 10^-16.7 


77** “** 

ja* 


975p 505j> reraraPLUSSLIfiZ;- 846p -6 - - - S Ij 

22 Teuco 8125 L 20wl -% 5200 - 5.1 S 

40 2& Tunelw , 38% +% SJ0 - 20 ^ ,25 


"Tto IIIUEUK. 

*f-2 14% 865p TraasamencaSl 14«d +% 80c — 2.9 

4l%" 21% UM.Tech.SUS5 39% +% S2TO — 26 

28-fi 24ij 1P 4 US. Steel SL a% +% SLOT _ 38 

17 U% Wool wort hisS3%— 15% 5140 - 4.6 

H-S 49% 283, XemcCorp.5lL_ 4Fs +1% 5200 - 20 

??-95 975p 385p Xoflioluc. 10c 780p -25 7%c — 0.5 

14 1, lD5»|ZapataCorp.Sc_. 1T 8 s30c — LI 


lAberftewC'iaiL... 1 155 [+i”lfc86 [ 39 66 5.7 165 120 Fennintferl(^_ 162 424 

1 ‘ 1 1 1 13 6.5 '62> 147 81 rosterBn* 144 ...... 289 

1.1 8.7 15 0 380 244 FreenninfLooi- 374 6.G3 

47 4J 5.9 42 32 Grtferi.AJ.i20p.. 41 -1 287 

1.4 10.4 10.4 76 62 Goldbei*A__ 74 4.17 

18 1 133 12 10 GmxtaianBr.Sp. 12 +% h076 

19 20 9.7 146 109 Grattan Ware!— . 336 +2f 5.64 

25 10 J 53 326 266 GLUuhersaL— 338 -4 837 


26 4.6126 107 |7 

3.4 9.0121 “ .55 
* 4. 0+132 116 

37 3.013.7 12 6 

46 24D.7 « 20 


{SSEt *fiB uafcjpa ssBB>. A mm 


S3 BPB Inds. 5UD— . 259 -1 7.74 4 7 4J 5.9 42 32 Grtferi.4J.i2Dp.. <1 -1 287 *. 10.9 + « 52 

31 Bansridee&t. 34 237 1.410.4 10.4 76 62 Goldbei*A__ 74 4.17 14 8.4 126 ^2 

10 fe^BeblOp- 13 tdO_55 1.8 i 133 12 10 G«SBr.5p. 12 +% M.76 3 3 9.4 « g » 

44 BaiubemersJL 61 ...._ 19 lO 9.7 146 109 Grattan Ware™ 136 +3 5.64 23 6.210.6 ” 65 

98 Barratt Dcr. lOp. 118 +1 t838 25103 53 326 266 GLUuhenal 318 -4 837 q31 48124 ® 

201, Beechwood lOpl 28 — . 1.83 14 9.7 112 322 256 DaWOrd 314 -4 837 q3J 4.0 122 “ 

15 Benin* 2Dp 20 10.76 - 5.7 - 52 31 Gre.MiU«teMp. 50 ..-.. +1-78 33 53 (68) Jf? ,^2 

47 Benfnrd it 10n__ S3 1.85 4.4 52 66 41 26 HanfcfFnnu-l 40x1 02 - 0.7 - ill 675 


5 bm: 

6 Tanner (S.W.5 — 
6 Flnader lire 500 

0 Firth nan lop 

2 Flnfdntcap i 

0 FnlkesHfomTSp 


102 4.B7 3.6j 7.U 4.6{ M 45 [BRAGroon_ „ [ 63 242 I 33 '.Sjt.U 

79 -1 374^ lJ T.WU.2 big 95 URT ftBL^.1 UN -1 + 551*3 t 9 |p 


-1 374 18 7.0 10.2 us 95 _ _ 

L_ 132 dS!3 35 5.8 76 79 63 BOCIntltL 71 +% t3!B 38} 69 4.9 

500 n - — r- — 340 188 RTR 328 +1 hR63 3.1 19 185 

. 32al 25 + 11.7 +^ U2 145 BairdtWiaitl- 180 . . . 9.42 3$ 71 U 

L. 86 ... ++3.37 27 5.8 9.1 3a 25 Barnet ill 32 -1 ■ — - - 

FSp 28 +% if 1.39 3 0 7.4 5.8 *260 180 Barter RAWOr. 253 -5 rtKgf 2J 66 5 5 

J. 74 3.42 4 0 f9 4.2 J34 Barr AW AT. "A" 334 +4 (0.78 66 42 46 

u. % , 4.21 3-1 52 27 Bamw Hepburn 28 -2 tl.5 4.4 86 46 

Dp. 87 * 5.79 28 9.9 14 83 ^ BatbAFniuaiuL 78 -X +335 43 6.4 44 

Mp 14 0J3 * 33 * £3B7f£32 Barterlrtnenol. £37% +% d%5c 8.0 .0.4 526 

^ 320 8.20 14 10.4 105 2D3 r 152 BeanmOart^ 193 524 63 4f 31 

_ £11 +% - — - - 720 5B3 Reecham 708 +3 18.76 22 4.0 at 

p_ 50 dhlZl 3.2 36 129 14 12% BdlairCw. Hto... 19 .... — - - -■ 

: -69 +1 430 22 93 7.3 jyju 23!, Bentam.._. 25 174 ' 25 10.4 "38 

— 283 +1 15.80 19 83 7 8 60 ...... +249 4.7 62 58 

32 .. .. dZ.03 13 9519.4 ^3 46 Berwick TUnpd- 63*d ...~ 364 | 3® 12 66 

r!I 320 +2 7.92 10 9| 16.2 BestobelU-l- 170 -1 9.66 18 85 tff 


S3t2 ~ 7Q 28% 201, Beecbw»dlOp_ 28 1.83 14 9.7 1U 322 256 Do.-.VOrd 314 -4 837 (flJ 

«nn “ 51 31 15 Benin* 20p__ 20 ". 10.76 - 5.7 _ 52 31 Gre.Millettelflp. 50 +178 3J 

” II 57 47 Benfntd M. 10p_ 53 1.85 4.4 52 66 41 26 Hardy (FunuJl 40x1.-... 02 - 

21% +% a&0 _ 38 M M Belt Bros. aip__ 64 +2 tdL73 h3J 4.010.0 38 24 Da ‘A’ .NT 38x1 02 - 


ror^Vilwnn “ 90 ® 64 piocklers2qp_ 81 388 4.0 71 5.4 24% 15 Helene Lon. 1 

flS5 + S “ n?K% 1220 [Elne Circle U— 294 -1 9.48 15 4.8 98 732 155 Dal2pcCnv. 

?S? _25 Jiff - ?■? 81 PS Blundell Penn-. 80 1+293 43 55 6.6 86 42 BenderaitS 


32% -% 1243 
31% -% 1139 
36 -% 10.10 
25 -% 1256 
20% -% 1223 
20% ~h 1253 


S.E. list Frrnrimn 49%«e Onsed on L>S$1B.4«8 per £1. 41 


108 75 Brwdon Lime- 106 


17| 7.H1L5 23 17 


- 16% lO^lBUbotroalS! 

INTERNATIONAL BANK «| f*" WS&Z 

88 | 82%|9pc Stock 77-82 | 84!, | (15.941 9J5 ^ 825p Brascann.-IZ 

CORPORATION LOANS *15$ «5pfci%nBf'E..—^ 

98% 93% |Birm"han 1 p%pc'7Ml 95,xf 969 11.04 zii 16% GuSSTcSoi- J 

-fe* ,“}* BnXrtTW^l— 94 $.61 1152 uoj 3 15p jfflsidSiuu 

^^*5* -is 2 !} }?'5S 31% 16^ HrtliwerC 

U2 1W% rtel2%DcHW___ 102%xl ..._. 122 llg 16% 11% Hadron's Ray n — 

90% maspro^pcW®.-. 92% 9.97 .12.45 33% 24% Hud.a«IG.Sl%..- 

94 90A, Pwu.5%pc78« 92 5.71 1029 14% u% Imperial DUD 

97 -b UrejwirApcT6-78-. 99% 5^ 13^ 15% 945p Into : 

« 90*2 Da|VpcB044 W, 1|« 1141 830p 585p IsLNaLGasSl 

m 4 1 j 39 - 10% 610p Massey- Fertll 

91 Un.C&p.P,pc WG - Wj -■ *18 IF* ai * raciDl " ppt -' 1 

97% 94% LCCflpcT6-7B 96»*« 623 9.90 fi(,n sop Place GaaSl—.. 

9 Vi 84 % D.-iSjjc 77-B1 86xJ 6.40 10.97 25 P 15 RteAlram.l.;:- 

76% DoApeVM. 80% .-... 657 10.04 2»«j 14 >i, Rnyal StCan. Sl_ 

70% 65% Drv^kpcTfWir 70lj 7.91 10.97 ZOJ; lji, Seagram I'aCSl — 

3, & -W — ■ ,?» U-75 mS 955p Ter. Don Bk.SU. 

§2% Doapc^Aftj. 231^ 32.76 — 121; S80prrrais Can. Pipe _ 

2 & 2k M* 1 * 1 5%pc 155*1----- 92-*xl 566 10.28 - R , p—nJ,,™ mli 


Coaverslon factor 0.6066 (0X57Z) 

CANADIANS 

[BklfadtroalS! | 16xl|+ft | $112; 

IB! Nova Scot U*d -ffl 96c' 


Drodgiuc— 30 1 — | — [ — — I — _Z? L 54 HepnathUJ 


n% 

. Wild 


«0% +% 54.2 
25 s , +% 12%c 
11% +% SLID 


196 24 Brown JksLSDp 186 +4 L02 id 0.816.0 201 100 Home Cham l6p 201 +1 d3.67 4.0 2713J"5 

66>2 481, Brownlee 65% -% 230 21^ 12135 171 120 House of Fraser. 167 -1 4.84 2.9 4J12J ^ HaUtfeMp^ 1£2 ...... 655 

58 36 Bryant Hides 52 -f +229 29 6.0 10.4 66 51 House of U*ro®_ 64 d3.98 21 93 7.6 ^ ts, 

204 153 BumettliH-— . 203 d229 11W 21 53 21 10 KnottSOlIlOp- 15 +% - - - 25.9 20 Mrlft., 2 -...183 

,, 190 170 Burt Bou Hon £I_ 1B0 dl(U5 8.4 67 63 35% Ladies PrideZOp 60d tbl% 4 A 4.9 7.0 2g 2NO -4 4.14 

ji 41 22 C. Robey '.VIOp. 41 —..167 6J 10.9 132 76t, Lee Cooper _1 130 +2 hi 89 9.1 22 46 « 32% P .6 Smith — - .7Bal -1 d222 

40 26 20 Chi otter iGMiWp- 23 134 2-ffl 67 62 172 119 Ubatyll 170 62.93 63 2.6 9.4 115 73 Ho^ws»P- 335 514 

2? 51 40 ("arrilohiu— — - 48 -1 MhO.92 71 2.9 74 167 119 P0.Nm.VU.1teL. 161 K2.93 63 27 69 £ g g°™d M»chy- 2B ... . *2.23 


53 63 % 79 Biddle Hite . ... 96 d677 

* } 7 S At KSfe r ~ M 

119 % BSkSsop: 113 4.47 

“Ml 165 125 MackfPlHlte- 162*d 646 


HSJi 

fi Si 


-IZmi 


48 -1 MhO.92 71 29 7.4 167 hl9 

66 tie 11 8.4 -1651 60 51 

300 h3.M 35 4.5 19.7* U9 54 

3S b207 17 8.9103 23 13 


SKfc *- = tj B fi 1 1 Wn l 

*8 - “a S, Is ^ +% Ji 71 2 

a® r; nils 241 3.6|S? s s 2 :! 2 .. VlS - 


« « 74 a ~ ::r 276 

HJtt 36 28 BopjdPfeL A Hla_ 36 .. . tl|2 

-Jl?* 296 127 Booker McC50p- 284 +2 7.43 

7-t 4>_ 717 1 Ki ItaMiawkH 17R 516 


5.9 nj 
M 4 
5^ t# 
7.6 67 " 

3.9 -64 


poucii Group-..] 69 +d278 

'ftmtfcwftobfii. 200 +5 Mhllfi 
D'wtWgh. 50 p| 245 ..... 1158 


zwc 25% lry.^jpcimm. 

°9% I 91 iLxn Cnrp-O'iP^WC- 


«7% 94% LCC flpc T6-7B 

22a 841, Dnlfidr' 77-81 

875, 76% DD.'Pjpc'BM 

70% 65% Do^BWr 

78 66 noPxprWQ 


S, — ■ 1-2 IS-S 14% U% Imperial Dim 13%-% 864c - 2.9 ^ 200 DmmigGJLSDp 2« ...... L 

99% ,5Jtt 13JH 15% 945p into : 1»2 +% 80c - 29 5?* S nnJiffcs - m. +i“ 5i 

g> 2 lft« 1141 830p 585p lnLNaUJ»Sl 7B0pd -10 80c - 4.8 g QllitEmard.. J +1 5J 

Jj, Jilf ,T"«« l 0Js 610p Masse>‘Fer&1l 78 to +5 — — — jf H ^ — tc "V" b 

«%.._. 1016 1108 2K a% raciCcPrt.il 26% +% 9L6c - 16 ^ ^ _1 Si 


25 65 .6.7 112 OT 
+ 68 * 26 20 
15 62 128 45 251 


rks&Speiieer as h2J5 23 3.6 17.7 £ 

rtinNm 246 +670 4J 4.1 6.9 fg 

ffiWSOJ 178 — B239 72 20 10.6 « 

fhaeUIilOp- 15 - - - + 87 

iEdacaLMp. 1M 4.73 + 72 * *£ 

, , , , IkacmlDpZ 1(A 296 35 27 363 % 

7 11 * 117 90% NSSHewxlOp^ 115 +215 55 21 9.9 ?} 


H i Firth, tt- W.76: 

SS£"iB .1 IS 

oup 94 -2 hi' 

ffiotZ -H +1 3.5< 
nsilfc. . 59 -1 339 

ggffi § *r.« 

Uoytl (FJii~-— 73^2 i*ir> SJS 
LockerfDfq)-^- 21 .1.^ DSC 

iJmtoufsMU S "!"! 46 

w a 

Martooair30p.._ 203 

McBsdmeSoi 97 51 

Megxfttap 22 +07 

ffiSararip 50 hi 

Midland Inds. 5p. a ._... fdl 
lfinlngScp. lOp. 85 id +1 12 
SffiehrtlSonilOp 60 -1 tl! 

M(4e(UJ20p 28 D.4. 

bWinT-Z 147 7 21 

HossEurt a +1 9X 


.12 ta Owen Omen— 111 +2 289 

26 20 ParadiseiBl Ute. 20 — 

45 25!, PawsOTfW-LLL 42# 025 


35 3 9 110 *5 48 Lane 

- - 337 24% Z1 Lee i 
_ 09 - 69 57 Ley's 
4.8 31 10 1 I®- " I*!?! 


"..[259 * 56 21(2 14J, Udir(T1S>-i- 

■< i„ h 5 3 a p ay s 5 Sii 


utUi«n,|nn«taffM-.| lrai.l Ii2.n|uj3 ? fsKiS; a f g 

COMMONWEALTH A AFRICAN LOANS BANKS AND HERE PURCHASE JJ & J} _ r J 1 ,] 

Mljii 95% lAwtSUpc -76-78 1 101 /,[ [ 554 J 9.83 IO | | {+ art Pir | |3H| ?6. 69 ilgh Gnper ffi -1 5.36 


J ^4 92 % dSSttS'I II " 94" 559 10i79 Hfch "Low Stock | Price -”| Net C\r|&% RE 41% 30 JBXT.W HjjC 41% 4% d2M 

eS>c 82% Da 5%pc 81-82 85 -% 663 n « ^ 41 21 Helical Bar 36 ...... ±203 

99% 967, Ni^pc 76-78 98% 4.09 1059 300 184 A.NZSAI 300 +13 lQ18c — 3.4 — 88 59 Rentran.-A"10p.. M 443 

96% 92 Do.6pc7680.___— . 93%ut.... 6.40 1052 293 210 .MeMndmD.El 26® -10 1455 — 8.4 — 66 41 HewrfenSLIOp- 66 .. — h!09 

87 £ Bl% Dci.7%prTOW 82% -% 9.20 1108 tl5>% £90!, Ai:emeueFl.]00 £129% -1 NKSjV 25 45 9J £312 £220 Da7pcCoire._ £312 g?*! 

95!, tr Nh WnSSeiSlL 95% 1022 1215 334 269 Allen Haney £1. 315 -15 hW.fc - 9.2 - 151 64 H*yxdW«n.50p- 145 -1 4.76 

70 50 sS.WwL2l|cT&7D. sF - - 215 150 ADied Irish 214 7.61 - 53 - 92 72 5%i6HilLl_ » 350 

96 78 Data-784fi__— 80 - - 165 150 Artwthnrt L£l_ 158 -2 1023 - 9.7 - 86 66 HmwinghM— 86 211 

^ £22% £13>, Bank.AnH.SliO. £21% +% OT4c - 25 - 84 55 Dafta.VU.__ 84 211 

LOANS 418 315 Bk. Ireland £1 — 410 E23 - 55 - 33 22 HwaidaraTlOp 30 dL74 


M Kt 

Nrt C 


102 +1 338 ♦ 4.9 4 Mg 88 

441, 161 3.0 64 9.3 ^1 ,2 

, ^ _ 101 290 42 43 66^3 134 

178 *3 68 69 20 13 lWlB<ID4S!l0p_ 18# *119 05 + (25.7) 

3.12 25 75 72 19 U RMMapJj- 17 ^ 

32 1.85 25 6b 7.0 171, 9 SfcUaoreslZdi 171, — » 30 

44 ._... +1.87 35 6.4 681 18 9 DaEtPf.lSijp 17!, - - _ _ 49 35 

60 -2 3.92 23 9.9 60 185 118% Sauted iH>W_ 1E3* +2 h5J8 29 41112 89 54 

-1 5.36 14 9.8113 28% 21 SdbwratSp— 28% +% 124 4.6 65 36 g g 

+% d254 21 75 7.6 141, 9 Sherman iSilte. 14 - - - - _g £3 

-.... *203 12 * 153 183 138 SoilhW.H.'A'^ 182 +2 223 62 18 13.0 ™ 

443 3.7 7.9 45 140 73 StanleyAG.5p_ 139 +1 +h3.94 25 43 9.9 g 

hi 09 76 25 5.4 182 121 SstusDiscUOpI 17B td412 26 35168 j” g 

._... 07% HU f22 - 39 13 Steinberg lOp — 18al dD.96 4 60 * f 4 

-1 4.76 31 69 <7.71 29 22 SumrieftSa 29 152 25 7.8 8.9 “ 

350 52 5.9 45 206 105 TimePwOpI 1W -2 171 1U 13 72 J4 

._... 211 41 3.7182 106 82 UDS Group 101 -1 518 15 7i mA ^ *29 

211 41 33 9.9 37 24 Upton (EFA 1 — 37 .-...228 08 92 216 ”6 . MB 

dl74 * 9.0 « 132 108 VantwB20p_ 13<hd t5.23 5.1 60 8.0 ^ “J 

d912 01113342 99 32 Wad«s“A-Sop_ 96 -3 f+204 3.0 32125 ^ » 

623 3J 5.0 7.0 104 64 R-aikera^j — 101 g23fi 45 35 8.0 * ^ 

715 23 76 8-BllOl 62 DaftV 97 +1 fi236 43 36 73 

hl08 118 25 51 {213 46 WaliJjlOp 210 -2 d486 55 29 78 

±151 19 i 9.0 129 74 WnineiCHIaw. 128x1 -1 3.59 ♦ 42 * Jg* 


LOANS 

Public Board and Ind 

nc.ML5pcTW8._l 61 j . ...| 827 1 1144 


£189 £137 Do. 10peConv._ 089 Q10—- - S.« - 120 104 L&caip 

21 15 36Leunn ttl_ 35 QU*i r J |-5 ,“1« 125 GMockAhasen. 

170 150 BJOeumliUm 150x1 7.47 15^ 7.«13.4 145 108 IntTiaiber 


mi to i^unw^un A 1 .07 yi aa 170 150 BJOeualiUm 150x1 7.47 15 7.4 13.4 145 108 InL Timber 144 — 715 23 76 8.8 101 

era 2 ^ Aplc ML5pcmW -_ 61 827 U-44 598 m BtN5.W.SA2_ 598 +20 tQ30c - 3.1 - 651, 41% 1.2 Holdings 10p- 64 hl08 118 25 51 23 

vu : ^ — SIS +, = S 315 255 Bank Scotland £1 285 1105 36 58 73 30 22 I££.G 26 ±151 19 * 9.0 129 

,1?* BgJBrfcSs *.1" ^Se 1139 £32% £21% Bankers NVJIO. £28%+% <3000 - 5.3 - 197 162 JarrislJ.) 173 ?61 ♦ 85 9 34 

^ *5 oil 1 inn* ifan 36B 2% BarelawEI 353d -3 032B 5.7 56 55 123 90 Jeranr,g?>Wi0- 104 K)20c - * - 24 

9>!| 87 Da without ft araiU. . 91% 10.06 1240 23, m 228 9.41 - 62 - 134 79 fohnsoihflJriiar*- 103 -...180 72.26 71 76 

Financial 273 232 CaerMertl- 270 -3 MJ.17 - 95 - 17 10 Jones EdwdlOp. 10 - — — - 73 

}m°\ JSPS23F — 1 1 jsLjS ssa“ifc- js ^ ssl 7 is r rS m a im 


120 d912 

186 623 

144 715 

64 hL06 


L8 13.0 2a 

SiiH «_ | 

H fc3P » 

iiws 176 .148 

Um UV 101 


i ?.T a 2ia^'E--3 s a 

A® 157 no Bramnerfaiaip . 157 426 

■BwVb Bfi£5* J a"« 
j | S 3 MB2S: £ :::::: & 
««« S KS- t = +5 
1 » & a R i at& € = u 

69 73 jqi, 7\ Rn rt jiits 5M, . . 153 


i a 212 163 ftw«fcHwkei_ 178 5.16 46 4j 72 

?■* 161 125 BnoClBmuirlSOp. 142 d9JZ H 9i MU 

” 231 184 Boots 222 H6.00 4.7 4 0137 

H £27 £17% Rgtp-W. US&50. £25% +1 0^80 - 15 ~ 

M 212 163 BowaterEl 196 -3 9.85 2.1 75 98 


109 +1 6a 16 8J 

37 1213 42 8J 

56 272 4 7J 

53 152 4 


7 c - 29^2 23 HWMMUn. . . 4toV-£ toi 

l « ll2»: 7 S :::::: «M 

« 281, BTOutaWatto.. 3? -1 Q32 2 


3.05 3i 
...... hl.81 11.2 

152 20 


3.0 4.0]H4 
26 7 J 7.4 


Hi j s i s 3 a? ss ittf: 

% n is il 8 

2 3 93 75 75 60 Camrexaj. 64 +2 4.02 36 9.« 5| 

“* H If 67 56' Canning iw.) 66x1 13.9+ 23 SM 6\ 

2? ? n 136 108 Caueludmiries. 136 833 34 vihiir 


« —■» K f1iS« 122 90 Dt»n..__. 120 - - 

X S +V" In 22 « 7? 7 * «> CamrexSDj. 64 +2 4.02 -41 

£5? xmL A -S» * IBS A 67 56 Caoniiwfw.) 66x1 13.9+ 2 

joi" "V" ?D 9 3 1, 136 108 Cape Ind aEtxies_ 136 833 3> 

fll II & » ^ -tH? 5: 

ZSSL ]£ rim 8 12 66 67 If? 107 ’ 


nLlOp. Ill 466 3.4 

toLUt 80 +4.69 43 

ids. 237 -1 555 3.7 


110 102 PiHpcTS™ 


103x1 1262 1152 84 67 ClireDis - itt20p_ 80 -3 4L85 - 9.4 - 45 31 EentfUJ.Ilto- 40 +209 

106 13 84 13.10 *230 171 wi AusiSAJL. 224 +6 Q16c 4 4.5 4 £39% 08% UfarreS-Cm £37 -% 00575*; 

109% 13.07 1213 *£19 ri2%k’«n':bkDMJf»_ £18% QJS”i - 2. 6-235 121 Lamgtfohm-.V. 215 +9 3.17 


85 4 34 16 WearweHap 32 -1 - - 

* — 24 19 Wharf Mill iOpf. 21 L44 - 

26 73 76 61 ftllknsd WsrfiDL. 76 U5.19 22 

- - 73 61 Won! worth 71% -1 424 U 

7310.8 


_ 101 -.... g236 « 35 8.0 * 7?. . 

- 97+1 £236 45 36 73 ^ 

- 210-2 d4l06 55 29 76 ** 

'• ^ _ * - J * IS 

" 21 ...... L44 _ UL2 - 1*5 ^ 

l 76 H5.19 23 102 64 ® g 

_ 7H, -1 424 1J 9.0 126 S » 


Sent s =hl « h B* » i*ttr a « *» , 

r = I s v r J a a# 

ffife » fir a [U » 1 1 § ± §)* |i | 

naeBjftlOp. 12i a ..... 068 1910.6 76 CtaabT aiFt iOp. 46^ . — U7 t 3.4 7^66 

„ 62 2 +1% 3.90 20 9.4 83 } 7 e 


491, .:... 260 21 

46», ..... 217 34 

24x3 tO.41 - I 


sra iH ™ lisfass & » ussespq S r 


1141; 102% tto Mpc a? 109% 13.07 1213 112% ComlbkDMHtt. __ . ... , , — . .... ■ il 

05 79>/ Ii-Fl'^nclwh WC. 80%nl 683 11.40 £20 £15 iTi=n.HNt.KrJ00 £19 ...... £12% - 61 -144 110 LahamiJi£l_ 144 +1 d7 73 22 8.0 8.4 ™ gc iRHertrooir 127 +1 515 

81% 73% PataxvnvUl-W— 79 0.O8 11.40 3D 18 L-xinthian Ute- 28 -1 OH 73 35 46 1P4 88 LBwenrorW.i_ 98 6OT LI 10.1 86 7? S „ 419 

99 891, itoH^rbiKlAtl. 93% .... 1133 J1.9C £2* £13» 4 Croi FranwlTa £22% (pm - 29 - '92 70 Leediiftn03Cp_ 92 H6 74 Ltt 105 (62 3 SrS 29 d21 

99% 90% Do IlncUlKLAftR 93% ... 1192 1230 7 Danes 1G.R.1 .... 13 - - - - 81 57 Lerfawi Paint 80 ..... 3.76 27.7.0 5.0 jfj f 2 iXwte? Z 104 fO 

101% 90i, PnilWil^lJi.^. %i 5...1235 1250 f_Li , .£89 TtefcctaKukMBO £119% 918-6- 20.- 79 61 GifoFJ.C-.-__ 77 254 «! 49 74 >im oq ^ Tt 3 VTA 

71% 621 j Di< 7%iK.\reb. TO-P!— A5l.i +% 1139 1290 81% 58 K r. Finance. ... 73 .—.203 26 4614.0 79 61 London Bricks. 76 .. . 3.28 3.7 6+ J6 m S xaST in^ la” and 

71% 62 Du ■n.re.4 Pt>. VI4M_ 62% J 1165 1290 3% 1% FtetNaLlOp— 2% - - - - 92 74 UnrtHY.J.L — 91x1 -1 3.95 3.^ 65(43iiii2 ^ I? 

841, 73 Dntec-VPIW 73% ut 12.24 33 00 l % Uoffnts.7383 H - - - - 59 37 McNeiUGroup_ 38 - - - - Jfty « BMttoMto" 67 +1 3OT 

81% 68 DuaVunep: 71%ul .. 1223 12.90 w, 9»a FraswAnslOp.- M% - - - - 212 170 MapMt&SUireL- 205 ut 9.07 4 66 * W, KwtoFMlte iA -1, 1U 

^ ^ 1% 15? Gerrard Natnl. _ 186 -5 8.29 - 6.7 - 57 421, Mafijraro-Deraty 55 283 26 7.7 7.0 1 ?? SSKEf 71 +1* 345 

FORF.IGN RONDS & RAILS * tfWwt-Vi 48 .223 -6. 9-105 84 Mandmiffldii. 98 2 53 3J 3.9124(45 g 20 153 

r\71U.lU19 WB1KJ « 2.35 195 Gilleapro- Q.. 227ai-3 1541 - 10.1 - 160 109% .toclwiel.._- 156 ...... t5.08 127 4.9 76 j S |S ShSteST" K% 33 

!S» Price + or IMv. *V| Bed. 29 19 GwrieDlMiy.ap 25 -..0.13 - 0.8 — 93 73 Marie? 86 d253 35 4.4 (73l Itfi rSnSSRXrf - 332 294 

Huh Urn iteric £ - Grew lirid 137 Pfi i}riwlfos 137 279 72 3.0 4.9 126 88 ManduiisGExL. 126 ..-..5.93 * U • ^ rSScm ' 3M +1 522 

. , 7 , w , . 260 1H5 Guuinris Peat — 246 HUS -62—81* 57 Mayiltassrti_ 77 ... . 311 fa 6.0 362 gj 99 T47 li *hd[ 

55 U AntrfapsnfUc — 24 - - 217 L55 Hambra- 184 9.76 - 7.9 - 31 13 Mean Bros 20 -% *1.78 B.< J '71J. ^ Jf touSito 26 +1 rtrtJ 

g ” * S H J22 81 RillSamnd 98 4.47 - 76 - 48 38 UelvilleDLAW.. « T74 21 « 8.0 g M - 

.?§ 'Tuleanjliscd--. 9g _J B10 M n 325 Da Warrants— 388 - - - - 94 73 Me*erfMnm.L>. 93 4.74 24 76 JJ g P Se25>tf™ S oi* 


99 891, Do lrtjpf Lns-lx. '8H.. 

99% 90% Do 1 1 pc Dn«.Ln. W ... 
101% 90% Dn. il’i|h:rn.« lx.9n . 
71% 62% DoTiapcAret.TO-PL- 


FORE3GN RONDS & RAILS 


UhamiJi£l_ 144 +1 cf7 73 
UwenrorW.t—I 98 ]6.60 


5 A I i\ ELECTRICAL AND B 

,§■? 5-5,130 | SS |AJB.Heetrooir_[ 127 [+1 |5J5 
76 57 I Allied Insulaorsl 70 4J9 


80 58 Hatdlffefods— 70 _L_ 4.78 

91 57 BatdK&(G6.L_ 85 t!93 

88 73 RecordRltev. 78 +1 t562 

60% 49% B'dran ffnan lOp 60% 1184 


isrie-’LWp— 


+1 «? 


ZpRS Wf Ja-Mw 


6S,j 49% 60%:‘.. tt.84 s| 4 6 H ™ ^ +2" ?19^ W 

O 138! 117 Renoldtt 137^ 933 15 10> lib ^ 103 ^ 1?L §3 '47 «•. 

w , 80 55 SjchantiofUric 80 367 44 72 46 Jd, CmpDiftchb20p. 45 -1 +1.90 26 63 -94 

65 S3 HchnsWetapl 65 Si" 460 17 106 86 ^ iSfLSt&.’Z- +1 3 * - ,4.4 - 


wRifxl 76 57 -Allied Insulators 70 419 24 8.9 iSj 41 53 62 

7T xn • 3^ Z5 Audio nddir> lOp. 29 d213 33110 46 68 44 

1-2 5'2 .110 42 AutoledSec lOp 104 +134 4.« 19fn« 68 60 

£2 7 -s; 12B 99 BJCCS0P 122 716 15 8.8 9.9 241, 17% 

Kifi!' 114 86 B5RHte- 103 +4 464 2i 76 6.7 grg n 

. ’•* 1175 135 BoWlL 163 -2 434 43 4.0 75 97S 7?% 

7 : 67 49 BestMaylOp- 67 +1 3.09 * 73 * 29 

§■» S ..66 4B% Bo*thorolOp_ (A -% 1.64 4.1 3.8 76 31% 27% 

«ia"4 74 65 Brocks 71 +1 3.45 13 73 18.4 & « 

4 9 7J- 29 20 B’Jnra'A Sp 28 133 18 73119 280 198 




7 s 3A3 3l« 6.2 73 « S 36 'ST 14 106M4 

rtlOp 60 k -2 dh!23 72 3.0 56 tS S “ ^ 60 36 HIT; 

HSonKayrer- 68 4.45 17 9.8 8.2 ” g J®?!.' 0 ?*- - ,33 •„••• ^7 14 lOi 1|2 

leG.n0p>r- 24 dl48 H 9.2 *7 ‘Si 22, *52 +} f 9 *6 . 

jrEna’glOp 27 +% 119 2J 6 6 86 ?P 2 Cnsait-. 79 +1 r 2.26 53 4i 45 

fe-— 1. 89 +663 L7 111 86 Z2 “ SSlErCf^fe™ m 4I5 Z 3J II l 3 

WTeJ.Sp. 32% .— L95 25 9.0 6.7 ,Zf SJSm- ■L 1 ^" -.IS 1 — * . . . 

Frauds ftp- 28 268 16143 6.7 ^ ^ JJeaitl.i50p.— 191 +868 3.7 67 63 

ptaitfce-L 72 -14M 17 8.9 9.7 ,22 Wp 88 13.41 13 19 -7.9 . 

— 268 -2 7.89 46j 4.^ 72 1 1 , £_ ^ Crtelg House U. 15? *9.41 “1 T| ^ 

B6»f ’ 
32 85 
71 * 


1SB Price 

Ifllth in Stock £ 

24 17 AntnfamsnOle — 24 

40 13 Fte r-puPrcf 40 

98 98 i-hilean Mixed— . «B 

415 350 GcrornYnc 4 *sjc. 411 

W *a weckTpc.V'i 54 

SI 46 DilO-afsuf- Av 51 

44 40 [*<4p>.-MuetJ.\u.. 43 


Price I+otIIHv. 1 
£ I - lore* 


■ 41^ § Sfc S ±m Pfl HM-sB iS 2S Ef »■ il S3 JJiB >8 £ :::::: | 

4 4f7?i 59*2 Cahlefonnop— 81^2 — — • fiJ J 99 69i 2 GCO&oap 9fi 4JM 2.9 63 83 Crosby Spr'clOp. 16 5, 

75 * ftmwy* - - iS t? V& ^ 15 B 2 SfeiT. 14 IT: 028 ♦ 33 # 129 T” 7. 

i n -ii j 130 94 ChlondeGrp. 128 +1 562 17 63120 J36 110 S peart Jackvm 127 d962 3 fi 112 (1291 ^3 230 Do La Rue 455 +5 1 

?? assHKSt- ^ 1} bps n ® S3BR % -188 san-tei J --1 i 


mm S 


Horae 10 p_. 26 +1 +gL 47 23 
in LOp 18 — — 


4% - 

3% (660 


360 (203 HomSImgJia. 359 +13 h059c - 19 - 56% 32% Mdbur>- 

6® 52 Uesacl Toynbee- M -2 h3J2 - 83 — 18 9 JOUerlS 


50 | h244 


i £ ™ m ijpsspi loynw-v— n -t — 

51 I f gM 215 160 UisephiLeoi£]_ 210 8 74 _ 

*■» 1 4 lAbs 52 37 |K» «er I'll natnl. 48 +1 067 - 


FINANCIAL TIMES 

BRACKEN HOUSE. 10. CANNON STREET. LONDON EC4P 4BY 


Trie*: Editorial 886341/2, 883887. Advertisemeiiis: 885033. Telegntnw: Piaantimo. London PS4. p69 ii6 RwOmd--™ ngd 


831 — 18 9 MUerlStaailOp. 16 . — ri0.76 12J 7JU17.0:£i| ^ 

t.3- 75 52 JBxcoucrae — 71 ...... 3.24 J ■GUIfe 

2ll — 39 35 Mod Engineers. 37 274 lihllS 8-0 LM, D^riw 

103 79 51telAL_. 92 +2 3 56 .5jT s| 4.6 1 $ ^5 SS5SS 

140 108 Mortem Ji 131 6.60 -MIIJJi m a £»S5 

185 13S Netcarthilin— 163 ..... rt4.« 7rt 43 4.8 f |g g 

108 79 Nuwes*H«M_ % -1 4.65 l^5l 72^ 5.9 » g in, 

306 Z10 Noit. Brick 50p ^ 306 +1 +117Z{ 53 *|U J !jto 2 iV EW Sti 

134 97 FvfcerTimber— 110 5.52 35f 73J 5.8 .m, j 18 gj^-i 

175 138 Phocnh Timber. 160 -3 4.33 illy}.' 37 17 0S! 

ill 1I7 HI eai 68 la a - ! *Si M3 106 Hec R 

145 107 KJLC 145 . 5 86 2.fl 6 0J 83 20U 101, Sum, ! 


7 1 »n a u c-icuon iuji AO — — 

it y-l 22 [b>, CpcCem.'iO-'O. 19 <312% IS 

7ii7fli 176 P 38 WeHeeUOp., 170 -2 275 * 
Ibi? 2 : 5J5 590 £»cc 8 490 +1036 3.1 


83 75 ia, 2 15 
- - 186 122 
- 94 48 

2.4 * 115 64 

3314-7 304 214 


r Gears 5p„ 19 -%'■ M35 
■Sarro — 178 h434 


TShaj 

3 «135 “ 


3 :::::: SJ 1 d 

29 7.41 0.9 

155 +5 10.05 44 
99rt -1 5A2 * 

M Q9%1£« 


SLitOp 23 


ipomerMsI~ 94 !Z1 +268 53 4^ 9.9 Llf^ , J lS5# leH !*l*“Lff* 


-- 115 1+333 

£l 301 +1 (934 


4.6 73 3. ^5 £5*'®“^ — 199 330 5.<T 2i*16 ; . 

4.5 62 ™ |7 Dcfeson Park Wp. 115«i -2 M.06 27 53 M 

4.4 53® 63 DwHWgsJtte- 84 +1 d4.71 * 8.4. *,' ■ 

4.9 8.4 “®* ^2 Itecw Cocp, 0351- £361. +% 05120 — 17 — 

7.4 43 In B™ 1 SVnsI 48% +2% 138 lrHO: 

7 4 5.9 « 7?a ftifo BiHua lDp 36 thl +3 19 A0 132 . 

53 83 “2 122 Dunbee rinai. top 158 5.66 12 £5 4 # 

i-SJ* 1? tente.anaip . 49 *.!6 j.! 66 iH* .; 

ivy f s ji ~ar u a«.- 

?i,f! a, s ss* g “ i" “ i* 

SJ ii 8 ?! ta y TO 1 II I 


4 .41 55 1*84 63 (Don Hide; 1 

4.91 8.4 *2®* £ ?* 1 i|?jc«C(«p.Oi 


Telephone: Oi-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 
Liverpool and Manchester, Teh 346 8026 
INTERNATIONAL AND BRITISH OFFICES 


■ ; 1C tl 7 mm t* 7-1 AS 7n< " 11 awiraiicMoi a* — 

1S7 ^ ns “ SI VA 68 22 f n IS 143 106 Hec.RenlaislOp 143 5.08 

iftli ale tfl t , ap * 10l 4 E««aSerulib. 20% .. .. 03 

M 1 £ rf jli- in li ,6*0, 350 186 Rmdl£3K.2Dp 350 +7 6.70 

SS 22 +1 FJ 7 a.H'tt.e « ?*£■***!?* +1 521 


2-5 53^f|^ 81 60 

2r 5-9^ 25 20% 


rift— 75 ...... 239 

acJltW.V.lOp 23 130 


H«ir- 


* m 


• u . g ff A^jia « °° Fidelity Rad lOp 80 +1 571 

M ^ oS li tfih! S' 145 97 fw^TechaOp. 140 l>630 

S SWatr IS_ SiSl- 'H la xt ‘311 233 GiLC 308>d J+.07 


104 94 ftobensAdlartL M4 4.39 2: 

112 80 Rohan Group — 86 2.54 31 

33 20 RwIIumu lOpf. 33s db0.62 6J 

41 29i z RijycoQxup — 35 ...... 152 21 

43 30- Ruberoid 43 229 V 

89 66 RughyP. Cement 08 -1 M3.96 2J 


ta** 2 2J miehiaiuiaate. 49 di.w 

HJ Sii.W 1 83 [Jones Stroud _.[ 88 ...... 4.74 | 

136 ...... 4.77 


3.6U914.6 m a ‘SK £ Z:.225 26 5.9 97 ^ 12 EXQmSiZ 15 - Z 

13 74 187 H ^2 b'to.^DGlte_. 30 Tl.47 3.3 73 63 |wera Prwl aOp. 99 IIIIII 4.«2 - 8.4} 6.7] 1+ 

HJZ'nJf j, M H IJiVffoGroup 68 4.76 22103 6.4??, 22° Hbarlmis.50p_ 255 8.12 5 2 44-5.9 

P-3 2.01X0 1« .160 VickmD 194 -1 9.% 27 7.7 7.0 ^ 12% Hbtefhn Jlri 151, . . 115 *Ti7nf L 

fti A 2? Victor Products. 194 +3.08 4.0 24 3&.0 ™ 3 P 2 geco 48 t»U.7i 


601 TV OJ UU16Q3U1 

S i {146 77 [knieliiL 


UEera ’* *3 98 Laurence Son _ 105ri -l“ 5!(0 4 I 73J « 155 |Sfl 

^ » 19 H ML® « jk W M 51 1-2 S * 


BU 


EDITORIAL OFFICES 

Amnterdani FO Box I2M AxwcrdaTnC. 

Tele* 1Z171 Tel: 24fl NU 
Flrminxiiain: 'teoraje Hou^e. i^orge Road. 

Telex 738630 Teh 0CM54 1WK 
Bonn. Fre<uhaire It 104 HousEallee 2-10. 

Telex 8JWB542 TeJ 21OT3S 
SniSMb. SP Rue Diirate 
Tclc> rest Tel: AIC WWT 
Caim po Bon 2040 
Tel 33RMH 

T«ihlin 8 Fnr-villiam Square. 

Te?e\ MM Tel. 72 VC.' I 
Edinbursh. 37 i^nrce Street 
Telex. 72484 Tel u81-iS» 4120 
Franldun lm Sachsenla^er 13. 

Telex: 41RW3 Tel: .13573) 

Johannes tui rc PO Box 7128 
Telex R.«a7 Tel B38-T543 
LifbTOr Praea da Alegria SG-1D, Lisbon 3. 

Telex 12333 Tel: 3G2 SOT 
Madrid Espronceda 32. Madnd 3. 

Tel: +41 fT72 

ADVERTISEMENT OFFICES 


'lanclifslcn Queen's House. Queen Street 
Telex IWB13 Tel: 061^34 0301 
Me«row; Sadovo-Samotr>chnaya 12-24, Apt- 15. 

Tele.'. TOOrt Tel. .34.3740 
Nr 1 *- Aork 75 Rockefeller piara. N.V 10019. 

Telex tarsu Tel- <2UH Ml AfiZS 
Pin, .is rj,„. d>, Sender T.WJ2. 

Tei.'s -jlwH Tel; 2M.57.ao 
R>-> dv .i.,ne,ro: A%enida Pres. Vargas 41B-10. 
Tel 25,3 w, 

Rom? Vn ilelta Merrede "«5. 

Telex rilOt: Tel- fi78 .-ai l 

Slftrbholm c o ■4\en«t.a rVchlnrieL ILaalambn 


39 31% Sabah llmbe 

45 30!, Sharpe A FI 

55 40 SaurtllilD 

9 6 SfflithfrnCc 

38 20 StreeiaTiO 

168 124 TEurauciilS) 


- 122 589 2!h 7.3 73 I 7 36 QecL falser .1 55%-%' 3 04 

. 128 _.... 195 3.7\ 6.3 4L8 S H gin® Ph'm. W^. 16 -1 0^ 

. 155 +5 7.68 1 6 I 7+3 a Qson £ RtAhiiu. 06 uii 


..... 8.12 5.4 5| . 

:::::: wfea t* *fe . ^ 

-% 3 04 21 aj 91 . 


Timber IDp.J 35% L65 

eAFIdier.| 45 hL9Z 


f-3 137 

K S-f 1*202 156 


ouAipcn r lauc* . ...... r, t w £D£ ±30 Hiiirt iAafl 1WZ t5QB 5>A 

47 td2.03 « M 5.6 [93 b7h Newman Inds „ V +1 5 08 32 

SwutemCw-Sp 71, - - - 7 *215 158 NewmarkLonij. 215 6.76 * 

Rtre0Q|ipp — 24 1.72 Aj lg.7 J-g | 50 39 NorunndEI.aOp. 48 +1 287 28 


1+1 5.9 4.6J J.OI 6.91 gi 55 [WartOLW: 


™riL 155 +J I7i8 f 7i * ™ ?? HsuniRnbhmi % +308. 4.: 

fC&ftj.. 127 ......|i09 j 4j) 7 2 S3 31. ^ n^ieklTperto 18>, tlOfl 32 

75 -1 1+4.14 1 21 8.2 8.9 a»s EmhartCocp itl 03^ +% S2Q 1 


mi s s ssskj 5? EJsr ana hj I 


168 995 


«0 330 Itelorftuotfrow 040x1 +10 7 72 
298 233 TitWncEl- 295 2034 

164 129 Travis 4 Arnold.. 148 -1 d3.87 

306 225 TteiBelRMp — 298 22.24 

77% 64 CBM Group. 75% -% 437 

,58 24 Vwi^SlPWWp 38 ...... T130 

196 155 VibroabBL 194 10.69 

41 32 VardHld^ lOp. 41 d268 

58 35 ft’amneton. 58 3.18 

125 95 Watts Blake 125 h2.M 


» S3 mitatyOcU- 295 .....2034 2»10^ ff l£M* GSZ&H>kifiBij£WE 041- i:."' «V6[ I. [nul - « “ P ‘ S 381ft 20U 23? -3 

i 3 S5S,VSsSi- i 8 : $5 ii 11 Hgi 15 BSi&Slr % :? 1? M ii # f A ± || V £ T ‘f 1 iS" .- 

71' 64 Grain!-— 75% -% 437 U 8.6 15.3 mw Sa Da-V3^ IM t2 74 13 41 76 21 v« S' ea3f ‘tr 72 +AA7 .3.8 9.7 4.1 f* « Fartwru Lrosan . 71 +j 

r 24 V^Sowlflp .38 +150 p 5.9 8.7 ^ „ Pleaiip .« -I" 5.49 1.3 851751 i» S iSSKSM' Sfi 1° 171 li SSSSfftr- 


Ta M « n f " _ I i'VlUMIIU U- lAIU. 90 

5-3,55: GKEi?, PerinvQracr^pc . 002 +1 Q4% 

mi^tbowRfolOp 125 hd438 


2| ?•* 105 87 HewysOp 99 

oa,ur lM Wi P»»eMp- 

JlgllM 85 PyeFQdesT — 97 
5-2 315 196 Item] Efictncs... 314 

3:2 97 86 Mifliisian- 93 


132 221, Ww 


til 8.:0 -Sffl7J :• 
tl.00 33t Rfl'Si . 
520 _1 Sm - - 

d02 — [ 23---. ■- 

Z036 — 

G.97 Zd 7.4jl03 , 
+5J6. 33 5i /I. 
iB4 sS Saw ■ 

hi 16 47 ! +J[ 68 
hl®7 hZ» 7*.M 
5 50 2 3 7^2*3 ' 

M5.08 z«iom* 
1.40 35 6Jfc74 


teykholm c o Fen'ka D^;b!adeL 7Ualamh»% a;en T. 571, 30 West bnck Prods. 57% +1 152 .3.7 IM 55 44 RntaflejCRlto 49 III!!. tL6 3.8 50 6B 

Tolxfciww Tel. $n M 83 116 56 Wetfvn, for* 85 15.29 9.3 82.2 ^ 253 Sdra)“of.._ 27B ..T. 16.90 13 9.1131 

e|, ra:i Po 1MCT 40 Whar!iiic‘Si _ 43 2.61 10 90 H 740 456 SumCoYflO 635 MlPi 4 0.9 4 

Tele\ 212US4 Tel *S£MW f5 28 Wnil'ch'm lSyu 37 101 43 6 9 50 3J s^nJKffai.^ 45 . — dl.24 43 4.1 5.8 

Tetoo 8M1 Floor N'lhon Keiaai Shimbun 5X JiffimsCoalOp 36 166..#, i-i 41 33 rrtcfuaon5p..~ 40 tl!9 3.6 4.4:6*) 

Ru.Mm" ^M'ftnSehk “ 4E3T ^ V, 141 d23« 1U f' || 39 33 DaA N.v5p_. 39 +119 3.6 4.5 r6 7, 

TclesJ jrjtMTel Z41»Ti 981, 63 Wim|»v- t G«'_ 981, 0-69 ISJI UH ** U4 lu Tele. Rentals— . 147 -1 5.93 20 6012.7 

Vwhnna,. .,- rf F! __ ,».T F c,^,, „ 396 30B mom Elect 388 1162 3.4 4.6 93 

ESH-lir CHEMICALS, PLASTICS £» II GS£5 >B ::::: ST H il V 


CO 32 1+1 [Z36 j o.mijiifafi c" *W«L. - 168 +2 li2 S9 96 23 i-«- 

FOOD, GROCEBIES, ETC. | | fefc- 151 ^ |] Ml 

M3 I IfainaCrefr Ta Ilk. I lex i.ro I jzmI 441 L*Av%i “SS . rTatuUIH MlOlL 710 xlR 1 ‘iVL . at 


134 111 Tele. Bernals — 147 -1 5.93 2.0 6.0 12.7 112 .Upue.SAbJOp.. Ibl 1+1 <**-70 11 6.2 111 78 +1 ° ^ ~ M T* 

396 308 rhoni Elect 388 1162 3.4 4.6 9J « g Ao.Biscuita>p._ 78 ...._ 3J24 ' 3.6 6.2 iSlt 107 « KSflJS?«. ,0p iS? I 284 ' *3 63 Sf 

76 52 niroeF.W.lOpf 76 TL49 5 3 2.9 9.7 77 J3 Ass. Brit. Fds.5p 76 +1 236 4.0 4.6 7.9 W S, JSL ' S ’ f 18 44 43 7.6 . 

158 83 UiutechlOp 133 ..._. 4.05 4 4.0 * .^ Dairies 244 -1 hfl.79 lt« 03 16.1 ^3 BT aSSSir ’ SJ* ’+* h4.75 53 5.6 4.9 

J51 260 ITd SettnaftC— 347 M6.09 80 Z6 34.1) 77 » Aa.Flsheri(a_ 4# ±3.0 33 * 4.4 91 53 rS*™”.-- 166 +4 01 7.7 36 45 

105 83 Ward fc Gold 92nl+l 4.54 « 7.4 # Wi Avana Group 5p_ 48%xd +l» U1 * 3.5 4. yw IM rabffi* “IS- 57 5 6 44 43 

•2Bt, 201, ffrtlcoHlds.5p_ 28 U15 8.1 6.1 6.4 78 Jf Banks (Sidney ti 78^ „ *. +1&66 13 73 2.0 im gO ~ l 3 - 3S 3 -3 M 

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BlrminEhnnv Genri;e Homse. G+orfiO Read. Manchester: Queen's House. Queen Street 

Telev raasao Tel: (ClAM 0822 Tote'S 6SES13 Ttel: 061-834 8361 

Edinburgh .TI rteorce Street New Y’ork: 76 Rockefeller Plaza. NT. 10018 

Telex 72484 Tel mi-EM 4138 Telex 238409 Tel: 12121 4® 8300 

Frankfurt- Im Saeksenlager 13. Parts 36 Rue du Sen tier. 75002. 

Telex 18263 Tel. 5544K7 Telex 220044 TeL 23636 01 

Lee rt«: Permanent House, The Hcadrow, Tnkjo: KaMtharu Buildinc. 1-O-10 T'chlTuinda. 

Tel. 0S32 454880 '-hyMa ku TcJm J 271W Tel; 2S3 4050 

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Central and South America. AMoe. the Middle East. Asia and the Far East. 

For further details, ptea** contact: 

Oversell* Advertisement Department. 

Financial Times. Bracken House. 10. Cannon Street. London EC4P 4BY 

SUBSCRIPTIONS 

I'opie* ohutnahte Trem newMBent6 and bookstall? worldwide w an reeular subMnpnm from 
Subfcrionon Eiepartment Firancai Times'. London 


Subscription JSspartment 


035s 600 |AKZ0 £11% “% - 

190 86 Albrl sit Wilson. 190 +468 

300 253 AfonatcIvU— 296 +1 dl417 

99 84 AlidaPadLlSi_ 98 6.42 

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79 60 AiidrarChtaa 74 +1 d4.22 

£57 £40% EJiyer AG. DttJIX £34 gQ].7% 

275 122 Bfotd3 Stakes. 270 -5 12.18 

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ENGINEERING 
MACHINE TOOLS 


mm 

♦ 1 6.71 *;• 


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Fifrancfcrt Times Friflay August 18' Jflra 
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31 



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INV. 'ntUSTS— Continued 


SHIPBUILDERS, REPAIRERS 


i Hunter £l.( 147 +4 

V«!W 206 nJ -2 

I'amwsSOp 295 +5 



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102 

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169 

109 
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353 

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355 

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15 

UJ 

10 
10 
12 
ID 

20 

11 
10 
UJ 

12 

& 

13 

UJ 

12 

15 

10 

12 

ft 


FINANCE, LAND— Continned 


m i 

ffilh Km; 


63 

230 

20 


< 6 ! 29 6, 

4 536. 

. 47 a . - 
U 5.0 28.0 125 
IS 45 26.H 38 
3.9 31 if 

5.0 245 

3.1 Ift 


% 

95 
23 
19*, 

30 
120 
135 
7ft 
74 

302(021*1926 
42 
14 
]200 
91. 


ft 5j 3001 71 
5^26.6 20 
94 *1400 
14 

50IZ7.4 33 
95(16.1 247 

- £77 
. — 13*? 

5425.0 131 
67(220 £51 
65|23JS 69 

— 12** 

2- 8(48.8 £54 
— £12 

471275 28 
45|315 5»j 
4^335 87' 

J30i 

681 ft 
4.W385 

**1 us 
— ’JO 96 
8.8(098 166 

- 896 
5.6 255 76*j 
4.8 26.8 77 

4 4 29.5 £62->< 

3- 2 42.6 £11*2 
4829.7 63 
95155 59 

— £26*5 
4 9 28.6 450 
15865 144 
4.2 348 26 

6.123.0 % 
Z7 46.9 190 
68 235 OEK; 
55 313 415 

4.4 343 2b 
8.1 183 _ s : 

5525.4 S9 

MB 1 * 

Z5 47.7 £49 
65 247 620 
40 358 586 
30 495 69 

5.9 13.0 444 
9i|l63 £64 

» 166 
284 
161 
190 
190 

du e 

53|283 

\£.6 
«5L9 310 

- Lr, U6 

30(495 162 

5.9I&3 S 
42 248 130 
3.9 34.4 
53 26.1 £68 
22 55.4 562 

at * 

45 312 
53280 
6.0 252 
7.9| ft 


25 

,147 

16 


3 

44 

18 

W 

73 

104 

38 

44 


Suck 

.Haw Par.S. SL— 
.IrtLfer.TttJvr. £l| 
inve&nemCo — ' 
Satuzi yv. 

Mfielloeh litp. — 
l*ftw.C'j3r.liH3— ] 
telchnTayltirlup 

iKunhu iOp 

LajwtKiM. l'Jpf. 
,iiSiV En».r,Tp._ 

Um.jlerchast__ 
H.ftG-HIdg».ap. 
Majrt*Jovtil)|U 
iWaran nu* soj 
Nil** Mr. 6 R'fiy 

tMixiJdya'Cli 

KuOlpr*, IZ- 


•s 

,90 

!£« 

S'. 

IS 

& 


[Park Piae^itrr— 
ftonmiSi&Scm., 
IProanVS.FTfSiO. 1 
LSLGK<rcelHp__ 
]gfotiMar.'A'_ 

(S£.£J*4PC.Aul_ 

SmitkBros. 

Sta.Pac.HKMr 
SoeiflaNFlOO. 
nraas. 5W.T£lpJ 
WstruSdecLaa' 
WpstdEn^and. 
VuleCaaohfc- 


+ wri 

Prive — 


63 

230 

IB 

125 

38 

11 

W 2 
28 
120 
132 
66 
48 

£U*a 

65 

17 

990 

12 

2« 

9 

106uf 

131 

69 

9 

58 
78 , 


huj - 

1Q4.0 
50.95 
swiaic 
h0.5 
h05 
1.02 
L67 
03 
0.51 
HZ! 
351 
0.6? 


~2 


+2 




-1 


ffiv 

Net 


rw 

Crr Gfi 


L45 


Sf 2 

MjWJ 

0.49 

3J7 

04-25 


OILS 


R 2 

**8 

l£51 

Tl 

21 

£12V 

350 

114 

a 

,13ft 

£21 

13 

1178 

112*2 

713 

Va 

,£3% 

1 

226 

B 

86 

86 

57 


(tf Ana Energy £L 
AttocViBp 



. Ppg:-Ln.9! «5- 

jnccrSa Sea£i_ 
(Century IOp . 

iChanerhaJr 5p „ 

ICcFt Pew>twB. 
pCluROMU — 
mCWe Petrol £1 
(Endeavour 2fc_ 

LAS1IO— — — 
lUAShlO 14<UlSB1-83j 
iJSDIferiQU 

SsSaiiMt.1 

Tayt»W5DlT!.lc. 
W. Dutch FL20- 

icentreRes. 

2«il Trans. Reg. 

Oo.T'iPLa.T., 

RSttbenerl-jCjEL 
Texaco 4i%Cnv. 

Hi central 

CUrwrar 

Do.7pcCav.fi- 
Week* PiaLUete, 
Do.PM.Ord.10cJ 
|Woodut)eA50e._ 


no 

94 

166 

876 

6fil> 

76 

£581. 

£U 

60 

26 

£26 

400 

126 

25 

» 

344 

UOO 

340 

23 

196 

17*2 

•si 

*• 

568 

61 

368 

£57*a 

172 

248 

145 

185 

1S5 

79 


hl2 

+1" 




— 1 
-35 
-2 


Tn 

tL40 

141 


6.84 

2Z43 


.4, 

zol 
. 2.1 
19.CH 1.71 

.. , zr, 
43 1A 


P,E 

ft 


171 


12.7] 


4.6| 

ft 3 

4.P 1 

55i 

4.. 

83 
U A 

55 

4 

,133 

3.6 

3.Q 


3 9: 
10 6 | 
711, 
10.6 1 
174 
96 
385 
73 


73 

103 

263 

205 

"ft 

55 


9.9 

113 

9.1 


56?y51&9UZ.3 


QSla'jJ- 


257 

QZllh. 

L02 

03. 

Q14%( 


214 


Qa»i| 

15.94, 

4.9% 


M 

QI54«c 


1*1 6J15.9 


42 


31 

68l 


Si 


3.0 


Z4l 


1U2I 


s 


.38 


ei5e 


el 4 ?) 


14 


5.6j 

4., 

1Z<H 

fSii 

iz 

zol 

43 


95 


SB' 

668 

113 

1Z0 

132 


273 


15.7 

33 


9B 

25)53.7 


13| 5.0 17.9 
, 61 23.9 
114 1Z2 




11 

10 

B 

11 

10 

u 

EE 

11 

11 

10 

11 
1.0 
16 
10 

s 


3.7 25.5 Ufa 


9.0 


OV ERSEAS TRADERS 


s 

78 

49 

275 

107 


i97 

73 

72 


.Afric3ulnkes_ 

[ta^CTd^&Vfrj 162 
59 


1224 
60 

% K _ . 

45 . RrinkintaJSSp 
25*2 BousteadUOpi— 
83*2 Finlay U saws) _ 
95 Gih&DDftiis 
GtNtaElO 

H’rj'iB.Crws.fl. 


Jacks 

Jamaica togar— 


68 

U70 

% 

a 

'J 

(£87 

41 

41 


t49 

J* 

% 

9 

55 

484, hCtehdl CWtu__ 
(220 (Nigerian EletEi 
(Ocean WTsns.20p, 
Pa'KBLZOCLBJpJ 

(Da'A’N^lOp-l 

(Sangerai* »p. 

lSenaSw?3r50D m 

ksu» Darby nip 

(Sled Brot. 

^Da8pcCnv. 

(lf.QryMde-1 

DalOpcLs-1 



RUBBERS AND SISALS 


1KI I 
fflgt Lev | 


108]13.6 101 
— 127 
65 * 17 

65 225 62 
0.6 3565 305 
4.2 35.9 49 
4.1359 48*? 
33352 12*, 
4.4 328 375 
3838.7 128 

4 J 37.4 135 
58 30 J 89 
4.4 34.9 59* z 

5 A 269 182 
241 83 
l&J - 


ft 


54 

81 

85 


75 

65 

r 2 


1 

236 

St 

65 

56*2 

S ,' 2 

69 

36 

37 


Stock 

Amdo-IndQDafc— 
BeTtamCrratlOp— 
BirdlAhiaJ- 
SradwdlJOp. 
CasUefieId% 
Chersonese Mrp_ 

Cons. Plants top 

Cirand Central 10p- 
GtJlhrieEl— — - 

Stain** *fi5. Eft Ba_ 

HigiibndslEOc— _ 
iCuala Repong MIL 
rtKuihn 1150c 

Lrin. Sumatra 

MaMmffMSI 

Miur River 10p._— 
Piantmofi Bides. lUp 
SuugeiKriAalvJp— 



+ «1 

Bn. i 

Price 


Net | 

% 


7.79 

133 


335 

36 



56 


1.71 

255 

45 

+5 


48*2 

10 

+1*2 

«* 

363 

+7 

1523 

1 a 

+3 

ftmfr 

333 

+1 

89 

+4 

Ql%c 

56** 

+t 

Jllir 

182 

+£ 

*4.06 

82 

— — 

hQ15c 

50 

+*a 

0.48 

73 

GO 


021 

E32 


IVH 


4.7J 

15 

LO 

UJ 

12 

L2| 

t 


19 


5223.4 
4.2(26.2 
4.8(310 
4.4(335 
ZZ)57.6 250 
rf- 335 
6 0(23.9 ^ 

' 1*2-3 ^ 
1765 350 
119 245 
_ 420 

- _??z 


TEAS 

India and Bangladesh 


15 

56 , 

4.0 351 

SJ6 

4.6315 

6.1 2Z8 
B8 . 
4J328 

3.9 348 

65 218 

5.9 C 
5.0 198 
5.019.2 


175 


245 


ifl650 

5.* 

2HU 


310 

„„ 

4.9 

104 

.Assam 1 in* fl - 

139 

T _ 

7JL1 

3.7 




-h 

♦Z1U 

I« 

345 

LjmtePlanisEI — 

345 


hli 


itW 

McLeod Russel LI. 

224 


113.1 U 

2.7 

365 

Moran £1 

365 


1531 

4ft 

22 

kri^nn; !'■;>* 

29* a 


♦KU5 

32 

181 

ftarrenPIanis. — 

216 

-1 

14.89 

4.f 

138 


175 


924 

4.7 


Sri 

jxnka 





5.9 

7.9 

8.9 
108 

65 

9.1 

6.3 

98 

108 

.8 



m 

fOgb Low 


230 

24 

80 

186 

90 

41 

17*2 


"B 

52 

122 

78 

32 

10 


15 
140 
125 
8 20 

68 

140 

40 

223 

39 

S’ 

178 

70 

9 

554 

300 

160 

70 


10 

64 

63 

,150 

H48 

45 

18 

81 

10 

125 

10 

79 

5* 4 

J 

ISO 

Pig 


MINES— Continued 
CENTRAL AFRICAN 

) J h «l Ur. 

I Stock I Price 

FjlconRhJVJc 

RtedhCorp i&'tp. 

Rojb Con* K4 

7ardanjiia:4Jp 

Do.Pref.Sto 

^antoeCol.RhJ_ 

£am.Cpr5BDft24_ 

AUSTRALIAN 



.\anexi5c 

Sou iainul le ,V| Toea . 

13 

137 

+2 

BH South SOC. 

115 

*1 

Central Pacific 

625 

+25 

Chunr Rucurtc.'A . 

306 


UAL Kalc«fi.Tin51- 
HaranGoldN L - 

68 

-2 

68 

+6 ■ 

Harapfn ArcA*5p„ 
MeirisEsaic.- _ 

334 


26 

xl 

ILl.Jt Hide* Wc 

223 

+1 

>bjun*L>eliC5c-. . 

31 


Nowmctil Inc. . 

5*4 


North B HillMc.-- 

130 

+1 


30 
420 

60 

305 

145 

10*2 

315 

210 

93 

31 
B3 

625 

470 

78 

65 

270 

63 

61 

245 

340 

240 

85 

100 

100 

270 


23 

240 

1 45 

m 

s 

130 

78 

9 

££ 

B 

40 

l. 50 

"8 

47 

B 

m 


wh. Rjleurli- . . 
:Nlh.®e»JMiiuB;- 
KttkfmdaeS.A; — 
iPaciSvc Copper — 
ParworjPtScT . . 

PanpcaMiExJp- 

feko-tfntlseDdSfe. 
iSmtheraPaciIw- 
tr«tn Mlmoc3Qc. 
Vrurp Creek 20r— 


jAmaL Nigeria 

Uyer HitamSMl — 

IBerallTin 

’BetjurSaiUn 
(Geevpr 


15*2 

44 
375 

62 

£141. 

26 

550 

230 

149 

45 


'-I 

-V? 

-5 

+6 


1Q3c 


QlOe 


t385 


Q8c 


ttjllc 


Q15c 

Q3c 


L4* 3.7 


22j 10 


2.d 


L9l 


4.0| 


JO 


L7| 25 


L5i 38 


39 


17 


(Gold dr Base l»jp_ 

iGnpengCno. 

Hbngroog 

IdmlOp 


1148 


(Jadarl2*2p 

iBanmutinsSMO 
KUUneteS 

Ofabg: Dredging SJri J 

PeuSnsSMl 

Snint Piran 

lb Crafty IOp _ 
South Junto »» SI 

Sthn Malifan SMI. 

Sunypi Besi SMI - 

Suprine Carp. SMI 

Tmvouclm 

length Hrbr.SMJ 
TwnohSMl— 



COPPER 

3D4 i 70 ptoTiraBOJP | 95 [-5 |&30c| L9J t 


MISCELLANEOUS 


61 

n 

300 
465 
248 
, w 

ISO 


35 

9 

(245 

1164 

30 

[750 

, *3 
120 


[Earyimn- 


Batina Mines lT*ip. 

Cwts.Murch.lOc 

Nonbgalel3l 

R.TZ 


SaMruIuds-CSl— 
TaraEntiLSl— 
rmdyJurKRlsiOp.i 
Ynlmn Cans. C$1— 


S 

255 

380- 

245 

62 

89# 

67 

ISO 


-10 

-T 

+2 

br 


tWfc! 

9J 


♦L35 

Q7c 


26l f 


2^ 


5.8 

i, 1 

18 


NOTES 


|3M|Z13 (123 (Lanoraa 1 213 { (588 ( 13} 3.9 

Africa 

(390 |Blantyrea — 

(130 (B pftfaraut 


UO 

185 


dSSIMSi 




CENTRAL RAND 


442 


3.9(35.6 1 
113 135 


, 37 
416 


4.9 24.0 
72 203 

52 30.7 

4.0 382 

liiil 

m 

■■mi 73*2 

l5Mz| 
msi 
163 


3.2 43.4 

4.4 345 
40 36.01 
17 55.0 
3 0 53Z 


13\ 


0.9la7l 


m 


1^113.4 

on 

4.0J36A 

■z|46.-8 


7.1 


78 


»R] — 
Hi 

l£29r*|Randfoaf n ESt RZ 
78*2 Jffest Band RI , 




EASTERN RAND 


57*2 Bracken SOc 
18 EastDa&aR 
£R.G.o!»5 

tenr^Rl 0 * 

Leslie fBc_— — 
Marieraleftttffi.— 
& African Ld 35c- 

MiWoateinWc 

tSinkdhaaSBO 

PQtNiadSc 


3 

52 

37 

31 

"8 


95 

21d 

392 

109 

408 

62*i 

69 

60 

A 

57 


-5 

-2 

-B 

-9 

-15 

:b 

% 



4J 363 
3.0 ft 

S“g« 

aaS 

aui 

ll £\ & 

B E# 

13.9 


FAR WEST RAND 


(Mesa niherwiM twOcaMd. prim and net dMdenfta n In 
(peace nd tmnntnulmn are Sp. EsHmated pdcehmtBVB 
rattoc nd oarer* are based on lateec *nnual report* and neeomto 
and, where ymto are npdatodea toU-.<nri]>ll|g>a. RGim 
edcatoied «n the Paris of off dlrii U mii an; Mickari tan 
Indotc ta pa nab «r mere dUhrorn tf caleabted an “all* 
■UMribotteo. Cams arc based h “amtan" dUritota. 
TWds are based on nriiMIr prices, are ftress. idlntol tm ACtot 
34 per cent and allow for nln of declared dfatrilmilans nd 
right Securities wilh deuomfantbns other than staftm ere 
quoted inclusive of the uud n m t dollar premlanL 

St erf Inp denomlnaud securities which inchris levoafnionr 
dollar premlDin. 

“Tap” Stock. 

Highs and Lows mnrted Unis have bean sdjtusad M allow 
for righto irsnes lor carii. 

Interin unco increased or resumed. 

Interim since reduced, pioxvt or deferred, 
it Tax-free to noa-rcsiifenia an application, 
a Figures or report awaued- 
n enlisted sraulty- 

Pnce at dm* of suspension, 
f Indicated dividend after pendhip frirlp and'*- Jasun: 
ewer relates to previous dividends or forecasts. 

Verger bid or reorganisation in progress. 

Not comparable. 

Same interim: reduced ft nut and'or reduced n nr irtaga 
indicated. 

Forecaw dividend: cover on earnings' updated by latest 
Inlenra statement. 

Corer allows lor conversion of shares not now ranking lap 
dividends or ranking only for rerirlded dividend, 
t Cover does noi allow for sharer which any also rank far 
dividend at a future date. No PH ratio usually provided. 

W Excluding a Anal dividend declaration. 

* Regional price. 1 

H No par value. ’ 

a T« free, b Figures baaed 03 prospectus or other offlcfal 
estimate, e Cents, d Dividend rale paid or payable on part 
of capital: eorer tubed on dividend on full capital, 
e Redemption yield, t Fiat fteM. C Assumed dividend and 
yield h A1WIM4 dividend and yield alter scrip issue. 

| Payttienl from rapiSal soarees. k Kenya, a ImerilU higher 
than previous total, n Rlgjus lx sue peanUng 1 Kacraings 
buri on pre Mail nary figures, v Dividend and yield ex etude a 
special payment, t Indicated dividend: cover relates to 
previous dividend. PE ratio baaed on latest annual 
earnings. ■ Forecast dividend, cover based on previous year's 
earnings, r Tag free up to 30p in the F w Yield allows tor 
currency clause- y Dividend and yield baaed on merger Lenar. 

1 Dividend and yield include a special payment: Cover does not 
apply to special payment. A Net dividend and yield. IS 
Preference dividend passed or deferred. C Canadian E lama 
price. P Dividend and yield based an prospectus or atber 
uffirial estUuares for l77fU)n. n Assumed dividend fad yield 
after pending scrip and 'or rights issue. H Dividend sad yield 
based on prospectus or other official estimates for 
lPTO-TO. K Figures based on pr os pect us or ocher official 
estimates for IflUL JT Dividend and yield based on prospectus 
nr other official estimates for 10T8, N Dividend and iidld 
bared on prospectus or other official estimates for UVB. P 
FI cures based on provpeetoa or other official estimate* far 
1B7B-79. q Gn»a. T Figures assumed Z Dividend fatal to 
date. « Yield based on assumption Treasury BUI Rale staya 
anebsmaed until maturity of (fuck. 

Abbreriatiooc ricx ditsdcndimex scrip issue: e-e* lights; an 
ell; ri ex capital distribution. 


“ Recent Issues ” and “ Bights'’ Page 28 


InS 

Si 1 

g9 

92 


P7%| 




(HyraorS 

bretoralWlM— 1 
iDoornftnUeinBl — 

RistDrieRI 
(He burs. Bl 


1419 

(d 

p| 


HartebcestRl 

iKhwf'jOidRl 

(libanon R1 

(SnutbvaaJSOc— 
[snihnaelTiSir- — 
Vari Beefy 50r_™ 
Veruermost RJ — 

KDrieRl 

Western Areas Rl- 
WpsiemDeepST _ 
toutpanBI— _ 



OSS. 


%V}g* 
J 2 »»S 

dt B2 r 

ii ” J |p 

"fei-,. 


14 4.7] 3L8 
XC.10.4lM3 

ij Haj 

' 43316 {*: 
<J0®7) * 

_ _!1 
ijJite!’! 

59. «l 41 

ijlft 2 

12i 7,WJ> 



Free Stold Dev. 50r 
iFACednJdSOc— . 

FS. Saaiplaas K) ~ 

Hamowaic 

LaraiwHl 

Prei Brand 50e — 
Pres. 5w*n 50c — 

Si. Mena !U 

L’niicl 

KelkomlOc. 


E [WJ{oiQtas5nc — 


fcl. 

96 

423 

961 

971 

223 

362 

£23 


-2 

-8 

-5 

% 

-29 

—4 

-11 

91 



FINANCE 


Ang.AteCofl]50c_ 
AndoAmfr. !0r— 
Aat AmGoUIU 
.Mtf-VaalsOc.— 

Charter Cons.. 

Com. Cold Fields - 
East Rand Coo. IOp 

Gen. Minim; 

, Md?WdelA.3c_| 

In^rgC^aS I 

Middle Wil Sc 

MmeorpUfo—^. 

XwWitSk 


jBdiwNVFlgj^ . 
(Rand London lit. 

im Trust — 
._ _ liMCc. 
SjHwnai**** 
m _ 

1T.C. Invest Rl_ . 
Il'nimCerpc-fiSc. 
(\‘ijgeli£>N 



This service is avuilablc ta every Company dealt fa mi 
Stock Exchanges throughout the Unhed Kingdom tor a 
fee of £480 per anntm for each security 


REGIONAL MARKETS 

The fellourinc Is a selection of London quotation* of shards 
previously listed only in regional manurta. Prime Of Irish 
issue*, iwt of which are not officially listed in London, 
are as Quoted on th* Irish exchange. 


Aa h Spinning - 

Bcm IP™ 

51ilirtr.Est.a0p 

Ooierfroft 

Crau.'iRose £1 
DwomR- A.i A 
Ellis* MvHdy. 

Evered— 

Fife Forge — 
FirrIayPKfi.5i 




Hiusonsl . . . , 

I o M. Slut. £) _| 
Holt iJos. 1 25p.. 
\ihn. Goldimuh 
Pe-irw/C. R 1 — 

fvd Mills 

Sheffield Brick 


2?^ 


as 


21 


310 


26 


5050 


33 

.. .. 

61 

„ 1M| 

17 


52 


22 


IS 


77 



155 


260 


67 

-l" 

ias 


20 


46 



Sheff. Rdrsbm. | 
Sindail 


62 

105 


!::::::( 


ntrsn 


Com - . 9% ’86183 
Allunco Gas-.. 

Arno it . 

Carroll iTJ.1_ 

Clomlaibn 

Conrrcte Prods.. 
Helton iHXdgsJ 

IfU. Corp 

Irifh Rcmes 

Jacob 

Sunbeam __ 

T.M.C 

Unidan*__ 


£92% 

■67 

360 

105 

95 

135 

43*1 

UO 

130 

§ 

215 

zi&i 




4-10 

+3 


OPTIONS 
3-month Call Bates 


Industrials 


A. Brest 
.VP.Ceroeat. 

B. SJR.-~ 

jjAWroe* — -- 
Bartrlai? Ban*. 

Beccham . — 
Boot* Drug 

Bovraierf... 
BAT.- 


DIAMOND AND PLATINUM 


ihbAa.lmrJ50r« 
..._»Ptl8cJ 

EetfiO.Sc 

. Dfc«peK.R3— 
5f LcdectWF’ff'y,- 
70 l&aa. Wat- Mr 



U 7i 

.(■H 

3!H 302 
1.1 *' 
1-4 1 


British treygen 
BiwniJ-j— ., 
Burton 'A' —| 
Cadbur^S. — ~ 
Courrarilt*" — ! 

Bebenbam—i 

Distiller? : 

Dunlop—— 

EaRlftSWi— 

EMJ 

Gen. .Arc idem 
Gen. Electnc- 

Glaan. 1 

Grand Met— - 
G.U.S ;a‘ — 
Guardian 

■O.KN — sos 1 


32 


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Friday August IS 1978 


SCOTCH WHISKY 

BELL'S 


Linwood 
pay deal 
agreed as 
Chrysler 
talks start 

By John. Elliott and Arthur Smith 


A BRIGHT future for 
Chrj'sler’s troubled Linwood 
factory was forecast yesterday 
by one of the company's senior 
North American executives, 
shortly before manual workers 
accepted a 10 per cent pay deal 
wiibout any lengthy negotia- 
tions or industrial action. 

Shop stewards now want the 
executive Mr. Don Lander, 
vice-president in charge of 
Chrysler's international opera- 
tions. lo spell out the prospects 
for the company's UK factories 
following the proposed 
Peugeo (-Citroen take-over. 

Shop stewards from all 
Chrysler's UK plants arc meet- 
ing in Coventry today to dis- 
cuss file takeover. They will 
consider approaching both Mr. 
Lander and Peugeot’s French 
management who are about to 
•start talks ahnnt Chrysler with 
the Department of Industry. 

Mr. Lander, who has been 
in London since the takeover 
was announced a week ago, 
said yesterday that Linwood 
was “an excellent facility" 
hich could be a “valuable 
asset if used properly.” 

Model changes 

He acknowledged that pro- 
ductvity had not improved as 
quickly as Chrysler had hoped, 
but said time was needed for 
the plant to absorb model and 
organiational changes. 

The Linwood factory has 
been disrupted by labour 
troubles recently bnt yesterday 
a 10 per cent pay deal was 
accepted for 7,000 hourly-paid 
workers for payment Trom July 
1. in line with phase three pay 
policy Just ended. 

The decision followed a 
recommendation from shop 
stewards and involves rises of 
£6 to £< a week. Negotiations 
had been delayed by the 
recent problems but have been 
completed more speedily than 
usual. 

Shop stewards at both Lin- 
wood and Chrysler's Rytun 
plant at Cuvcntry suspect that 
a Peugeot take-over may lead 
to their factories being run 
down. 

Suspicion 

Ai Rytun there has been 
suspicion for some lime that a 
new Chrysler car to have been 
produced there for distribution 
throughout Europe might also 
be made In France. 

Mr. Lander would neither 
conHrm nor deny that Chrysler 
had such plaus. lie acknow- 
ledged that originally Rytun 
was Li be the sole manufactur- 
ing plant but added that com- 
panies constantly had to study 
manufacturing, distribution 
and other questions. 

‘'Rumours arc now rife that 
the car is lo be produced else- 
where which would make It 
easy for management tu dose 
down operation* at Ryiou," Mr. 
Pat Fox, Transport and 
General Workers’ Union con- 
vener at the plant said last 
night. 

Rylon is producing around 
523 Alpine ears a week, only 
one-third of its capacity. 
“ There is no future for us on 
that basis," said Mr. Fox. It 
had been hoped that the new 
model would lead u> the intro- 
duction of a nigbt shift and 
increased employment. 

Communists demand security 
Page 2 

Lander on Chrysler future. 
Page 5 


Plutonium safety standards 
report sought in two months 


BY DAYID FlSHLOCK, SCIENCE EDITOR 


STB EDWARD POCHIN, the 
medical scientist who assisted 
Judge Parker - as an assessor 
during the Windscale public 
inquiry last year, is to head an 
independent inquiry into the dis- 
covery of plutonium traces in 12 
Industrial workers at the Atomic 
Weapons Research Establish- 
ment, Aldermaston. 

The Ministry of Defence, which 
announced the inquiry into the 
activities of its research, develop-, 
i meat and production uentre for 
nuclear explosives, said yesterday 
that it hoped Sir Edward would 
report within two months. 

Mr. Fred Mulley, Secretary for 
Defence, would receive his report 
with the aim “of making public 
the maximum amount of informa- 
tion relevant to health and safety 
issues at Aldermaston.*' 

The problem has arisen among 
industrial workers involved in 
handling the pure plutonium 
metal fashioned at Aldermaston 
into components for nuclear 
weapons. Such workers include 
those in Aldermaston ‘s laundry 
where the protective clothing 
worn by plutonium workers is 


cleaned. Extea si ve special test- 
ing of radiation workers at the 
centre is now expected to be 
undertaken as the monitoring 
capacity becomes available. 

The 12 found to have 
plutonium contamination were 
discovered during experiments 
with a different method of 
monitoring staff for radioactive 
contamination, called whoie-body 
monitoring, which has been 
under test by Aldermaston since 
January. 

The tests have indicated plu- 
tonium levels up to twice as high 
as the limits recommended by 
the Internationa] Commission on 
Radiological Protection, whose 
standards are accepted world- 
wide, and of which Sir Edward 
Pocbin is a former chairman. 

But the Ministry of Defence 
says that repeated cheeks on tbs. 
contaminated workers have given 
significantly different results. 
Its problem at present is that it 
lakes so long to detect the very 
weak gamma-ray signals emitted 
by the traces of plutonium 
against the background of 


natural ratioatlon that the new 
test can proceed only very 
slowly. 

According to the Health and 
Safety Commission, the amounts 
of plutonium detected — if con- 
firmed-— still do not represent an 
industrial Industry, and are most 
unlikely to be of medical or bio- 
logical significance. But they 
are above the level at which ihe 
employer is expected to take the 
contaminated Worker off radia- 
tion work at least temporarily. 

Philip Bassett, Labour Staff, 
writes: The Transport and 
General Workers’ Union yester- 
day called for a meeting with 
Mr. Muliey to discuss the 
“serious implications” of the 
incidents. 

The 12 workers affected have 
all been transferred to radiation- 
free Jobs. The first three were 
women who washed the protec- 
tive clothing of th other nine. 

The union, in a letter to Mr. 
Mulley signed by Mr. Mick 
Martin, public services' national 
secretary, says that it is con- 
cerned that the workers at 
Aldermaston “have apparently 


bad not protection whatsoever, 
particularly those female mem- 
bers handling contaminated 
clothing. 

Tbe letter calls for medical 
checks to be made and asks Mr. 
Mulley what bis iotentions are 
regarding a long-term medical 
survey of tbe wbole staff. 

“We are concerned for their 
The union, which has about 
1200 members at Aldermaston, 
has advised tbe Three laundry 
workers to start industrial com- 
pensation proceedings as an “ ex- 
treme precaution ” 

Richard Evans, Lobby Editor, 
writes: The Liberal* are to cam- 
paign in the next general election 
against a policy of dependence 
on nuclear power. Mr. John 
Pardoe. the party’s economic 
spokesman, said last night that 
tbe Conservative and Labour 
parties bad “sold out to the 
nnciear lobby.” 

He said the Liberals believed 
that dependence on nuclear 
power was highly dangerous, but 
was careful not to say that the 
party would oppose any Increase 
in nuclear power resources. 


Financial factors hit Shell 
despite improved sales 


BY KEYIN DONE, ENERGY CORRESPONDENT 


THE ROYAL DUTCH/SHELL 
Group reports a marked improve- 
ment in sales of oil products in 
most of its major markets during 
the first balf of the year. 

But there is still a slight under- 
lying decline in group profits, 
which have been sharply hit by 
adverse financial factors. Shell 
has been affected by stock losses 
because of the fall in oil prices 
in terms of most currencies 
except the U.S. dollar, ft has 
also made large provisions for 
losses on currency translation. 

Results for the first six months 
show net income of E396m. com- 
pared with £723m in the first half 
of 1977. 

Profits on currency translation 
in the second quarter failed to 


eliminate losses in the first quar- 
ter stemming from Shell’s use of 
tbe U.S. accounting standard un 
foreign currency translation. 
Net income for the second quar- 
ter was £390m compared with 
£307m in tbe same quarter last 
year. 

Excluding North America, the 
volume of Shell oil products 
sales increased by 4 per cent in 
the second quarter compared 
with the same quarter last year. 

The welcome improvement in 
oil trading conditions has been 
matched by a better performance 
in chemicals markets, which have 
recovered a little following tbe 
rapid deterioration in 1977. 

But volumes of gas sold 
declined, chiefly because of a 


fail in exports from The Nether- 
lands, and this was an important 
reason for the fall in net income 
so far this year. 

Sbeil said yesterday that oil 
trading conditions in moat of its 
main markets had improved, but 
profits in some countries were 
still below the level needed to 
sustain long-term business. 

Sales of products to the motor 
industry have continued to grow 
considerably faster than tbe 
average level of trade. 

In the light of generally low 
growth in the world economy, 
oil in abundant supply, and an 
excess of tanker and refining 
capacity. Shell appears reason- 
ably satisfied with its first-half 
performance. 


German growth prospect hit 
by strength of D-Mark 


BY DAVID WHITE 

CONTINUED UNCERTAINTY 
on the foreign exchange markets, 
an din particular the prospect of 
a further rise in the Deutsche- 
mark, threatens to undermine 
West Genua ny's prospects of 
achieving die stronger economic 
growth its Western partners are 
counting on. 

Thas is one conclusion to be 
drawn from the OECD report on 
West Germany published today. 

The report, which throws its 
weight behind reflation policies, 
has been partly overtaken by 
events, since it was prepared 
before the Bonn Western Summit 
last month and the DM 12-25bn 
<£I.lbn) package of tax cuts and 
public spending which followed. 

Tile OECD's forecast for this 
year or a 3 per cent rise in Gross 
National Product lies, however, 
nn the optimistc official West 
German expectations of 2 to 3 
per cent prowl h. 

If is based on similar increases 
expected in private consumption 
and in exports. 

The rcccntly.announced Bonn 
package is due to take effect from 


January once it has been passed 
by Parliament, and is expected 
to add an extra 1 percentage 
point to West Germany's GNP 
growth in 1979. to take it, accord- 
ing to Bonn forecasts, to 3-4 per 
cent. 

The OECD secretariat plays 
down the possible inflationary 
consequences of stimulating 
growth. There is, it says, a large 
enough margin oF unusued capi- 
tal and labour resources to leave 
only a small risk of building up 
inflation. 

A high degree of price 
stability was restored last year, 
it paints out 

It warns that growth this year 
might be at risk if. as in the 
past two years, the Government 
underspends on its Budget plans. 
The public sector is expected to 
provide more than half the GNP 
increase. 

The possibility of a further 
rise inthe value of the Deu (sche- 
ma rk cannot be excluded, the 
report point out. That would 
damage West German export 
performances, on which the full 


PARIS, August 17. 

effect of currency movements so 
far may have been under- 
estimated. 

Continued appreciation of the 
Deutscbemark could weaken 
still further the prospects for 
fixed business investment, by eat- 
ing Into profits. 

The OECD's recommended 
means of curbing wage cost 
pressures while stimulating 
domesic demand Is to cut wage 
taxes and to resrtain - : wage 
increases at tht same time. 

Tax cuts would temporarily 
increase the public sector ^deficit 
— which is now expected in Bonn 
to reach almost 5 per ‘cent uf 
GNP by the end of the year. 
But under present condtions this 
could easily be financed. -. 

The report is sceptical about 
German anxieties about the 
effect of the deficit on inflation. 

The OECD' says West Germany 
has a “ particular responsibility " 
in international efforts to achieve 
more growth and better balance- 
of-payments equilibrium. 

Details Page 2 


Sunley sells Brussels office 
to repay foreign currency debts 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


Continued from Page 1 

Dollar 

fairly good by recent standards 
though the continued nervous- 
ness of markets was reflected id 
the wide dealing spreads. 

The tentative nature of the 
market's view of Presideni 
Carter's statement was reflected 
in the cautious response of 
strong currency governments, 
suggesting nn international 
initiatives arc imminent. 

The West German admlnlstra 
lion welcomed the U-S. move 
though there were no signs of 
additional measures in the cur 
rency field or even of inter- 
vention by the Bundesbank, in 
Tokyo, the Bank of Japan wel- 
comed President Garter's action 
but said it was overdue. 

John Wyles adds from New 
York: 

Mr. Michael BUtmenthal, the 
U.S. Treasury Secretary, trode 
carefully around the dollar issue 
when speaking to ihe Senate 
Finance Committee. 

He reaffirmed that he and Mr. 
William Miller. Federal Reserve 
Board chairman, are preparing 
recommendation. 

He emphasised his view that 
the outlook for U.S. inflation, a 
major cause of the dollars .in- 
stability, was getting brighter. 


IN THE first step in its move to 
abandon commercial property 
development in continental 
Europe. Bernard Sunley Invest- 
ruenl Trust has sold its 145,000 
sq Foot Brussels office block to a 
local institution fnr a net £S.25m. 

The building. Sunley House, on 
the Rue Belliard. Brussels, was 


completed two years ago. But 
with only 15 per cent lot it has 
been costing the group £700.000 
a year before tax in uncovered 
interest charges. 

When Suolcy receives the sales 
proceeds in December the money 
will he used to repay foreign 
currency debts. And the prospect 


of eliminating this revenue drain 
helped the shares to rise 6p to 
264p yesterday. 

Sunley retains shop and office 
developments in Nice and 
Munich, both of which are only 
partially let. The group con- 
firmed yesterday that both deve- 
lopments are to be sold: 


Kinshasa 
talks vital 
to detente 
in Africa 

By Our Foreign Staff 
THE TRADITIONALLY hostile 
presidents of neighbouring 
Angola and Zaire are to meet in 
Kinshasa tomorrow for talks 
which could be a major step 
towards detente and stability in 
central and southern Africa. 

A two-day “friendship visit” 
to Zaire by Prfesident Agosrinho 
Xeto of Angola indicates a 
remarkable thaw in relations 
between the two states, which 
reached a new low at the time 
of tbe invasion of the capper 
rich Shaba province by Angolan- 
based Katangese rebels three 
months ago. 

Zaire's President Mobutu Sese 
Seko has been under consider- 
able Western pressure to effect 
a reconciliation which would 
ensure the security of Shaba. 

The key subjects for resolu- 
tion are tbe neutralisation of tbe 
border area, with the establish- 
ment of an independent “verifi- 
cation group” to prevent infil- 
tration in either direction; the 
repatriation of about 500,000 
refugees, already agreed in 
principle; and the re-opening of 
the Bengueia railway line from 
Lhe copper befct to the Atlantic 
port of Lotalto. 

Tbe most delicate matter to 
resolve is the possible disarma- 
ment of the respective reoel 
groups — the Katangese based 
in Angola and FNLA in Zaire. 

The UJ5. Government has 
agreed to release aid totalling 
326m which was held up at the 
time of the Shaba invasion. This 
is a gesture of recognition for 
tbe progress already achieved by 
President Mobutu, in reconciling 
the two countries, In releasing 
political detaines. and in accept- 
ing strict IMF supervision of the 
economy. 

Crucial talks Page 2 



Continued from Page 1 

Humber Bridge company row 


payment of this sum. A judg- 
ment on the case, which has 
been held in camera tliis week, 
is expected today. 

Technically, there is no doubt 
that the company can liquidate 
itself and relieve tbe members 
of the consortium or any respon- 
sibility. British Brldgebuidecs is 
a £300m capital company, which 
took the Humber contract on a 
cost plus Contract basis, meaning 
that it .is to be paid by the 
authority for costs as they are 
incurred. 

The company is arguing, 
therefore, that in spite nf its 
parent companies' huge assets, 
it would he unable to go on 
trading without the progress 
j payments, 

! The procedure whereby eom- 
I panics form a consortium for a 
{major contract on the basis cf 
<a small limited company in by 
I no means unusuil. in a similar 
arrangement the partners in 



British Bridge builders acted 
together, although under 
different names, to build the 
Severn and Forth bridges. 

Tbe Public Accounts Commit- 
tee’s criticisms centre on the 
failure of the bridge board nod 
the Department of Transport to 
assess traffic patterns accurately, 
and therefore the likely revenue 
from tolls. . . 

: In 1969. a capital cost of £19m 
was projected to be repaid within 
25 years by a 25p toll for cars 
and higher tolls for commercial 
vehicles. This forecast assumed 
use by 25,000 vehicles a day 
bv 19SI, rising lo at least 34,000 
a'day by 2001. 

In 1971, the Department of 
Transport reviewed and con- 
firmed the figures and ihe 
Government agreed to lend the 
authority 75 per cent of tbe cost, 
to be repaid from tolls. 

The Depannent reassessed 
the forecasts in 1975, taking 
into allowance the so-callod 


“ estuarial factor ’’ — the reluc- 
tance of traffic to use : a new 
bridge. This, it concluded, 
could reduce traffic by as much 
as 30 per cent at a time when 
economic changes called for a 
do w award revision of the IASI 
forecast to 18,800 vehicles. 

The department said its tests 
were “ as stringent as those 
applied to other major road 
schemes and the adequacy of the 
toll revenue was not the sole 
determining factor." 

The MPs' committee accepts 
that there was a significant 
regional development case For 
building the bridge, “but were 
disturbed at the substantial 
over-assessment of traffic flows.” 

Currently proposed tolls of 
SOp Cor cars, £2J0 for light 
commercial vehicles, and £4.50 
to £6.50 for lorries, will generate 
enough revenue to pay for the 
bridge within 25 years, ihe 
department has -told the com- 
mittee. 


MOSTLY dry and sunny. 

London, SE, E, CenL Southern 
and CenL Northern England, 
E. Anglia Midlands Channel Is: 

Dry sunny periods. Max: 22C 
(72F). 

SW England S. Wales: 

Dry sunny periods. Max: 19 to 
20C (66 to 6SF). 

N. Wales, NW England, Lakes, 

Cloudy, sunny intervals. 

NE England, Borders, Edin 
burgh. Dander Aberdeen Moray 
Firth: 

Dry sunny periods. Max: ISC 
(64F). 

Outlook: Dry and warm in east 
and southeast. Elsewhere 
changeable. 


BUSINESS CENTRES 


THE LEX COLUMN 



After last week's disappoint-: 
ink banking figures a 1.1 per- 
cent rise in sterling MS.duribg, 
the July banking month came as 
no great surprise to the finan- 
cial markets. Gilt-edged .prices, 
were easier oh the day bat this 
probably had more to do with, 
the weaker trend in sterling 
then anything else. 

Taken on its own domestic 
credit expansion of £114m looks 
modest enough, given that,-ia : ' 
the previous six months of this 
year it had amounted to £4.74bhi; 
Heavy sales of gilts and an 
exceptionally low public sector, 
borrowing requirement were- 
sufficient to nullify the expan-, 
sionary impact of bank- lending. 
In addition, sterling lending 
overseas, which has been aver-, 
aging £150m per month, this 
year, went into reverse. It was 
only tbe reappearance of .size- 
able inflows into sterling which 
spoiled the overall money sup-, 
ply picture. 

In tbe first three months of 
the financial year sterling M3 
ban grown at an annualised rote 
of 9} per cent which is just 
about in the middle of the 
target range and a DCE figure 
of £1.55bn is roughly consis- 
tent with the IMF target of 
£6bn for tbe fuU financial year. 
However, the latest figures are 
not as good as the gilt-edged 
market would have liked, since 
they cover what should have 
been a very favourable period!. 

In particular, the continued 
buoyancy of bank lending- is 
likely to cause some nervous- 
ness. While the extension of 
the corset for another eight 
months is mildly reassuring 
since it demonstrates that the 
authorities are not going- to let 
the banks escape, the l .per 

cen' permitted growth in 

interest bearing eligible labili- 
ties means that bank lending 
wiF be aAlowed to grow v at an 
annual rate of just over 12 per 
een* in tbe period up to June 
1979. This is supposed to be' 
consistent with the money 
supply targets but it does not 
leave much room for overshoot- 
ing. More important it means 
tha* tiie authorities Vcanhot 
afford to let Interest rates fall 
very far. 

Dividends 

Company dividends could rise 
by 15 per cent this year and 
□ext, even assuming continua- 
tion of the present system of 
dividend control. This is one 
conclusion of. a new study on 
the outlook for dividends by 
brokers -Phillips and Drew, 
which goes a long way to 
explain why the market greeted 


Index fell 0.7 to 509.3 



the new legislation with such 
enthusiasm last month. 

The one concession allows 
■companies to increase their pay- 
ments by more than the 
Statutory 10 per cent limit if 
itfielr dividend cover would 
Otherwise rise above the peak 
level of recent years. . It only 
applies to a minority of com- 
panies: the brokers reckon that 
a fifth of the companies they 
follow will be able to take 
advantage of the provision in 
respect of 197S. and that it will 
only add 2 per cent to overall 
dividend growth. Both these 
figures are lower than seemed 
possible initially. 

' However an important 
principle has been established, 
which is that profits growth 
should in some measure be 
reflected in dividends. And the 
.impact is progressive— ip a year 
or two, more than haif-the com- 
pany sector could bfe able to 
break through the iO per cent 
limit if the present legislation 
were to be extegfled. 

Of course th£ controls still 
exist— and th* v stock market 
will not always be so willing to 
look on the-" bright side. But 
there are / some major bene- 
ficiaries ti\ the short term: the 
brokers pick out Cnstain, 
Graaatfa, Marks & Spencer and 
Associated .Newspapers among 
the potential big gainers. 

Royal Dutch /Shell 

Signs of a very recent 
improvement in product prices, 
together, with the sudden surge 
in the spot tanker market and 
the speculation about an OPEC 
price rise, have brought a little 
interest back to a dnrraant nil 
sector. But the second quarter 
figures from the Royal Dutch/ 
Shell Group show that up to 
June, at least, the trends 
remained very unexciting. Out- 
side North America oil sales 
volume rose by'4 per cent, com- 


pared with the second quarter 
of 2977, rather, less thin half 
of this gain reflecting Shell's 
return to the Argentinian mar- 
ket. But price weakness -has led 
to significant stock losses. 

The bare figures, “.are, that 
second quarter net- income 
dropped from £350ra hi 3977 to 
£282m^ before FAS « currency 
translation items-r-on which 
count Shell has clawed: back 
only £1 08m of the huge EKOin 
provision required for January- 
March. The group is aripain*. 
however, that the income set- 
back is not quite what it- seems, 
for a swing from stock profits ! 
year ago to losses this, time 
could have knocked off some 
£75ra. On this basis the under- 
lying net Income performance 
is little changed— ?and' indeed 
reflects gains in most countries 
on oil trading and chemicals, 
offset by lower returns from 
North America (mainly because 
of dollar weakness} and a. set- 
back in natural gas. This last 
problem cannot -he shrugged 
off, however, for it reflects, a 
long term drop in. . -German 
demand for Dutch ' gas because 
of the build up of Ekoflsk 
deliveries. ' • - 

Whatever the detailed argu- 
ments, group net income far. {be 
full year is now likely tn fall 
several hundred £m short Of the 
£1.3Sbn (pre-FAS S) of 19J7. 
But a rise In the OPEC dollar 
price might send the figures 
whistling back up again. 

Royal Insurance 

Like the other insurance 
majors. Royal has recovered 
strongly from the' storm tossed 
first quarter. Underwriting pro- 
fits have hit an all-time peak 
of £l0.5m in the second quarter, 
and for the year as a whole. 
Royal is capable of a modest 
increase on 1977's underwriting 
profit of £15.2m, With invest, 
ment income rising strongly 
the underlying rate of increase 
is 18 per cent — pre-tax prdftts 
could rise from £l33.8m to 
around £150m. 1 

This is obviously having a 
very healthy impact on Royals 
capital base.. Retentions in the 
first half amount to £31m 
whereas the rise in premium 
income is only £20m partly 
because of the strength ,id 
sterling. Royal reckons "-is 
solvency margin is 44 per cent. 
Underwriting profits could slip, 
somewhat in 1979,/ but that 
should be no threat to dividend; 
growth, since this year's pay*’ 
merit is likely to be covered *t 
least three times ,/ Tbe prosper/ 
live yield at 399p is 7-3 per- 
cent. 


IN THE UNITED STATES DISTRICT COURT FOR THE 
SOUTHERN DISTRICT OF NEW YORK 


5KCBUXIB6 AND EXGHANC* COHMSfllON, 
PhZMff. 

—against— 

Roman L. Vesco, et *I_ 

' - Defendants. 


| 72 Civ. 


BflOl (CBS) 



Yday i 



Vday 1 

midday 


mrridav 


•r. 

■F 



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•F 

.unstffim. F 

17 

S3 

Madrid 

S 

27 

SI 

Athens S 

TH 

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Manctutr. 

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17 

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37 

MB 

Melbourne 

c 

10 

■■41 

Barcelona C 

23 

77 

Mexico C. 

s 

31 

in 

Beirut S 

7S 

82 

i Milan 

y 

li 

77 

Belfast C 

IS 

81 

Montreal 

c 

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74 

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Berlin F 

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18 

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C 

17 

83 

Budapest F 

58 

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Reykjavik 

r. 

13 

34 

Chicane S 

31 

74 

Rio de J'o S 

23 

76 

CoIoctk F 

IB 

66: 

Rome 

s 

25 

77 

Conn ha an. F 

IX 

64 1 

Slnaanore 

u 

30 

86 

Dublin C 

17 

S3 

Stockholm 

s 

31 

70 

fUlnhui-Bt] F 

17 

83 

Strashra. 

V 

21 

70 

Frankfurt K 

20 

88 

Sydney 

c 

14 

.17 

Geneva V 

19 

M 

Tehran 

s 

ffi 

an 

Glasgow C 

in 

81 

Trl Aviv 

s 

a 


Helsinki C 

IS 

61 

Tokyo 

R 

2S 


B. Kens S 

n 

S7 

Toronio 

C 

31 

ffl 

Lisbon S 

59 

78 

Vienna 

C 

31 

70 

London 6 

21 

tn 

Warsaw 

C 

21 

7ft 

Luscmbs. C 

18 

SI 1 

Zurich 

F 

n 

88 

HOLIDAY RESORTS 

Ajaccio S 

23 

77,Jerscy 

S 

17 

K1 

Algiers F 

T7 

81 

iIm Fima. 

s 

24 

IS 

Rlarrlir F 

S3 

72 

i Locarno 

V 

24 


Blackpool C 

IS 

59i Majorca 

r M 

28 

8? 

Bordeaux C 

21 

70 1 Malaga 

F 

2B 

19 

Bonin cne S 

IT 

63 1 Writs 

C 

28 

79 

, Casblnra. S 

24 

7a! Nairobi 

c 

19 


Cape Tn C 

14 

371 Naples 

s 

*y 

si 

Corfu R 

2* 

Ml Nice 

K 

24 

ts 

Dubrovnik S 

29 

SllNiepvw 

8 

an 

t* 

Faro S 

27 

SliOnorto 

S 

28 

ffi 

Fnnchai C 

22 

72 

■ Rhoden 

S 

2S 

82 

Gihraliar S 

27 

«1 |Sil7fturs 

R 

13 

r n 

Guernsey S 

IK 

MlTnnrter 

S 

28 

79 

Innsbruck c 

17 

ffi. Tenerife 

s 

Cl 

70 

Inverness S 

17 

finiTunis 

F 

.71 

88 

f o' Stan C 

M 

5” Valencia 

c 

2«i 

77 

Istanbul S 

W 

92 1 Venire i 

4 

W 1 

EC 


S — Sunny, c — □midp, ft— Rata.' r— Fair. 


NOTICE OP HEARING ON SETTLEMENT OF CLAIMS AGAINST r 
INTERNATIONAL CONTROLS CORP. BY LO.S., LTD. 

AND RELATED COMPANIES 

TO: Feksons i TVlrs Claims, Ivclotino CScss-Gl^uhc. CoDumcums. Third Pakty Cuuhm And Ant 
<3thb C laims -uveb Against IvmisntfAii Controls Cobp. Fbok Its Invqlveicbkt TOk 

IOA, Lo. 

" C<S,II ?7 2 C ) into a Settlement Agreement u of AjjriT 2t 

171 tfL Fond of Ponds.. Limited; F.OJ. Pro- 

prietary Fonda Ltd.; I QS Oro ryth FuaL J^unftod (also known as Tjnnsglaba] Growth Fond, Limited); 
HT, «n International Investment T rus t; Venture Fond ( International I N.V C eollrctivrlv JSiiSei u ' 
the ”IOS Group "); and the respective liquidators, administrators and trustees of the TOS Group Under 
the Settlement Agreement the Company tap agreed to pay the I OS Group 511.000 OOQ in utilmnL at •" 
claims arising «nt of the Company's inrolvement’.wfth the IQS Group and other persons •md” 
related to LO&. Ltd; The IOS Groop has ju return to pro** 

covenants not to. mie.^ It has also agreed : to provide the Company -with releases and covenants not to’ 
oue obtained from other entities related to LO.S.,. Ltd. as foil own. lUdsaaeg wOl he nrori<MHh«m ITT 
Management Company. SLA. and Overseas . Davriopmen t Bank 

ri°w 0 w^ 1 T 1 S“ CtBW “ on r 7*^“« Sank Xlrntted. Global Global \SStA 

Global Natural Resources Limited, International „ Bancorp 'Limited, Investment FropertiM 

Limited, Property Resources Limited and Venta Capital Limited. Parties International 

Th* c laims Wot settled arose In connection with the Company's involvement with TOR Tj*’ Awhip 
th* period from approximately June 1368 pirouffh approximately January 1973. They ret j»te ’ rvrfm. 
aUesunoo* that RoSart L. Vesco and th* Company controlled, aboeedthe ao^ts 

SS^S£3S , ,“c^:S , ° u> - s ' Lti K ■— 

affect the Company's fiaanezal position. ' ^ 

This notice b Intended to provide persons who have claims, including counterclaim. 
party claims and any other eUim.^TaS£ist the Company 

and/or object to the settlement. FaDdro to do so may be cited: by the Com^ny As 

otherwise In defense of any such assertiem or objection m the future. M y bar or 

A hoaring will be held in Room 6» of the United States Courthouse. Foley Souare. New v B ,v 
York at 4:99 P.M. on September 39; 1074 W determine hi 

approved. The hearing may be adjourned -'from time to time. At the hearittc^gy 

serin at the Company arisins from Iw involvement with I.p. 5 ,, Ltd. may prinLt nr eridpnce^hafc maybe • 
' reinvent to the issue* to be heard: protfded. however, that no sueh^eVson^fflE 
Settlement Agreement .shall be heard and no pawn or briefs TOtamlttedby any norLJis 
or wmddered by the Court nnlcss on or before September u, 1576. a notice of reSnrtten to ann^and 
copies of all such papers are Sled with the Cleric of the Court and served upon : unoan to appear «» >. 

David M. Butovsky, Esq. 


Gordon Httrwite Butovsky Baker WeBaa ft Slulov 
383 Park Avenue 
New York, N. Y. UNIT 
Marvin E. Jacob, Eoq. 

New York Hoszooal Office 
Securities arri Exchange Gommagioit- 

2E Federal Flua 

New York, N. Y. 10007 

Sheldon Ciunhy, Enq, r _ r 

Shea Could Cmnenko ft Gager 

£30 Madison Avenue ■■ ■ 

New Y«*.N.Y. 10017 . ■ ’ 


Euftene R. Anderson, Estr. 

Anderson Russell Kill ft OUei_ P.C. 
ISO Fifth Avenue ^ 

New York, N. Y. 10920 
Boon] Gcrston, Esq. • 

Decker Murray ft Hubbard 
51 West Slat Street 
New York, N. Y. 10010 

GtworyC. Glynn, Eaq- 

Drriamn of Enforcement 
aKtmtica and Exchange Qomnttasfai 
500 North. Capitol Street 
* J. D.C. 20549 


Washington, 

t -^fw*went and ofiiip.do«mwBtB rriattojr to the above-referenced hcarfnc « of- 


mere 

rouin.M worn wma M. Butuwaky. Esq.; Spetiri vouaaqi to International Controhf 

SlSrtMMlL? WdtS “ * ““k* m Y °*’ l®L*c TcgtaS 

By Order of the Court 

/s/ Charles E, Stewart. Jr. 

United States tiistrlet judge 

Dated: New York, New York r :. 

July 11, 1378 ... . .. 


RwistwriNj at the Poal Office* . Printed, hy «. Oemem-g 'Frau (or .and publfehetl ^ 
by the Financial Times Ltd-* SrttXao House. Canuorf Street • London, b&ip 4UY? 
v . ©Tbe Finandu Times Ltd.; IBS 1 







ch;*Hc n i? c 

.^soid 

^ drop Pecj