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EVER T O USE J. TREVOR... 

T for valuations, 
niiinnw rating." 

HW t»bi re Talaphon« far intormanon - 

London 623 8tSL fcLi«eh«lfr-3JS RS37 




& ' 


No. 27,643 


Tuesday August 22 1978 




l&SONS 


Timber, Buildma-Materiate '.tfa&ngwid' 
Plumbing Equipment for die Construction 
^nd-Alfied Trades.- Ncniharn^oW52533 


\ CONTINENTAL SELLING PRICES: AUSTRIA S^i BELGIUM Fr 25 ; DENMARK Kr 3.S; FRANCE Fr 3.®: GERMANY DM 2.0; ITALY L 590: NETHERLANDS FI 2 D; NORWAY Kr 34: PORTUGAL Esc 20; SP*IN . .N*. 40s! SWED^I- Kr 3J3; , SWi'iaC HLANP Fr ECTE .15p 


SUMMA 


U 


GENERAL 


BUSINESS 


© 


Israeli 

jets 

strike 

back 


As security around Israeli 
targets in Lonrinn was being 
tightened yesterday after Sun- 
day's attack on an El A! bus in 
Mayfair. Israeli warplanes 
pounded two Palestinian bases 
south or Beirut. 

Al least three people were 
if/Ued and 14 wounded in the 
dawn raids by Israeli jets, staged 
in retaliation for the Mayfair 
machine-gun attack in which two 
people died and nine were 
injured. 

Both Israel and El Al has 
criticised Britain's security 
arrangements, condemning re- 
strictions imposed on Israelis by 
Lhc police. A massive security 
operation was staged at Heath- 
row as yesterday's first El Al 
Right arrived from New York. 
Back and Page 4 

President dies 

South African President Nicolaas 
Diedcrichs died in Cape Town, 
artcr a scries of heart attacks. 
He was 74. 

Van in ambush 

A council workman died and 
seven oLhers were injured in a 
machine gun attack on their van , 
□ear the County Fermanagh , 
border, outside the village of 
Belcoo. Northern Ireland. 

Sub slips tow 


Equities 
up 6*3 ; 



ease 


BY JUREK MARTIN, U.S. EDITOR, Washington, August 21 


• EQUITY markets attracted 

some public haying interest, 
and the resulting rise in indus- 
trials pushed the FT Ordinary 
index up fi.3 to 519.2. 

In Frankfurt, the Commerz- 
bank index rose 3.3 to 823.4. 

S20i . .'| i 

F.T.InduslnalW_ 
Ordinary {_ 
500 Index /- 


The U.S. Central Bank and the Treasury are ready 
support the dollar if market conditions demand it, 
chairman of the Federal Reserve. 

It would be a mistake to allow The Treasury said today that 
'‘uncontrolled market forces" to staff were studying various 
drive down the dollar, he told policies. The Department was 
the New York Journal of Com- “ encouraged ” by the improve- 
merce newspaper in an interview mrnt in the dollar evident in the 
given last Friday and published markets today following its rally 
*' vj — in New York late on Friday. 


to “usealate” action to 
says Mr. William Miller, 


today. 

The currency was already 
undervalued “ on the basis of lhe 
fundamentals ” which were 
already beginning to show im- 
provement. 


Options 


Mr. Miller, in his interview, 
outlined several options. He 


Right arrived from New York. J 1978 [ | | { f| 

Back and Page 4 RUT JUH JUl jilW J 

President dies highest fur eight years, but 

South African Precedent Nicolaas j n Hong Kong, profit-taking 
Diedcrichs died in Cape Town, curbed the recent rises in the 
after a scries of heart attacks. Hang Seng j nd „ which dosed 
He was 74. 23.12 down at 657.00. 

Van in ambush • GILTS cased after coming 
A council workman died and under fairly aggressive selling 
seven oLhers were injured in a early in the day. and the Gov- 
machine gun attack on their van eminent Securities index fell . 
near the County Fermanagh 02s to 70.45. 
border, outside the village of 

Belcoo. Northern Ireland. © STERLING fell 1.15 rents to 

. .. . SI-9285, and its trade-weighted 

Sub SlipS tOW Index was unchanged at 62 J. 

The crippled Soviet submarine. The dollar's depreciation nar- 
which was being towed round the rowed to 8.9 per cent (9.i). 
north coast of Scotland with a . . 

Soviet escort, slipped her tow • GOLD fell -543 in London to 
and beaded for Russian naval $205!. 

headquarters at Murmansk under _ _ __ 

her own power. • WALL STREET was *.85 

_ . . _ .. down at 888.95 just before the 

Gun raid fails dose. 

Security men hid inside their # UK remaioed tb e world's 

rl^r-nmVnn second large sL earner of nei 

cast London until noodca gun- 107c u-fth a 

men abandoned an attempted * f S 6.4bo^.2 bn)The 

ram - U.S. surplus was SISJbn against 

Death toll rises Sl3 6bn PaRe 5 

The death toil in the cinema fire • INDUSTRY SECRETARY is 
caused by saboteurs in Abadan, to be asked to c ?® ab 

Iran, has risen to 430. Some sus- special steel imports from 
pects have been arrested. Europe fnllowmg an NED- 
Pancs 4 and 12 study which showed that the UK 

steel industry’s complaints were 
Search spreads justified, and that damage tn 

ocaiunap cttwo independent steelmakers could 

Frogmen and mounted police result unless action was taken, 
joined in the search for missing Back Page 

newspaper delivery- girl Jeanette . . 

Tate. 13. whose bicycle was found 9 CIVIL SERVANTS leader 
abandoned in a country lane on has criticised the Governments 
Saturday near Aylesbeare, Devon. Phase Four pay guidelines P? ,F'' 

as inadequate and unrealistic. 

Hua welcomed pa * e 7 

Chinese leader Hua Kuo-Feng • SPAIN'S consumer prices rose 
received an emotional welcome by 2 per cent in July, the biggest 
from President Tito when he monthly increase this year, 
arrived in Belgrade. Yugoslavia, according to Spanish Govprn- 
from Romania. Page 3 raent provisional figures. Page 2 

DfiiDi fiVGF plav • FARMERS in England and 

nOW over y Wales arc harvesting the biggest 

Miss Caryl Churchill, author of cereals acreage since the 
a play concerning JRA bomber Second World War. with 3.6 per < 
William Gallagher, said that an cent more land under grain than 
injunction may be taken out last year. Page 21 


« a . „ ouuiueu several upturns. 

straint - mentioned larger sales of U.S. 

traint on the domestic oqih reserves srIcs nf Special 

heir m S y trenS d en bC lh neCd H ed , I ? Drawing w 8 «“ «SDR'sL ex- 
E BB 2Sf B do T ' ponded swap lines with foreign 

“hinpr h iS«iSi' d P central banks, possible sale of 
An er ©Tr1v C annmmr.omffnf nf foreign currency-denominated 

=Ki5,tl 0 „“ rly ra or u re" Cr dTd nt not 

SSrm "" 

for the next two weeks, as are */ ' . 

the two senior men at the But these, he said, constituted 

Treasury. Mr. Michael Blu- “ nothing new under the sun.” 

racnlhah the Secretary, and Mr. The purpose was to find the right 
Anthony Solomon, whose respon- combination and timing of such 
sibility is international monetary actions to serve the purpose witb- 
affairs. out undesirable side effects. 


Mr- Miller acknowledged that 
if the U.S. did not act " there , 
will be tremendous pressure for 
the Organisation of Petroleum 
Exporting Countries (OPEC) to 
think of a solution, either through 
increased prices or through a 
shift to another form of pay- 
ment.” 

Ad indication of this pressure 
was reported today by Middle 
East Economic Survey, which 
quoted Sheikh Yamani. the Saudi 
Oil Miioster. as saying that the 
Kingdom might favour a secies 
of small and graduated oil price 
increases in coming months. 

Such steps, he is reported to 
have said, could be designed to 
minimise the impact on the 
western industrialised economies. 

On the domestic economy, the 
Fed chairman said that “ capital 
controls, credit controls and 
waec and price controls are not 
called tor and wouldn’t work.” 

But he would not rule out 
introduction of guidelines on 
wages and prices. 


Dollar 

well 

ahead 


EEC illegal immigrant 
directive under fire 


BY RICHARD EVANS. LOBBY EDITOR 


A EUROPEAN Community draft 
directive which proposes penal- 
ties on employers of illegal 
immigrants is severely criticised 
by a committee of MPs In a 
report published yesterday. 

The Commons Select Commit- 
tee on European Legislation, 
which sifts all legislation pro- 
posed from Brussels, says the 
directive raises questions of legal 
and political importance and 
should be considered by Parlia- 
ment before acceptance. 

The MPs add that the Com- 
mons might also wish to 
“ express its dissatisfaction ” that 
the proposals, which had been 
withdrawn for further considera- 
tion by the European Commis- 
sion. appear almost unaltered in 
the new draft sent to member 
nations. 


Tbe stage therefore appears to 
he set for a confrontation be- 
tween the Westminster Parlia- 
ment and the European Commis- 
sion headed by Mr. Roy Jenkins, 
former Labour deputy leader. 

The draft directive, which 
seeks to reduce illegal immigra- 
tion and illegal employment in 
the community, would impose 
penalties, including the possi- 
bility of imprisonment, on those 
who organise or participate in 
illegal immigration. 

Tn an earlier report, the Select 
Committee said that controls at 
the place of work were generally 
undesirable and MPs drew atten- 
tion to the fact that the require- 
ment for a member state to act 
against an employer knowingly 
employing an illegal immigrant 
would mean the creation in the 
UK of a new criminal offence. 


It was argued that a “ new and 
undesirable departure” would 
follow from the introduction of 
imprisonment as a penalty for 
serious cases as in the past 
mere r*?r countries had been free 
to determine the means used to 
enforce' EEC directives. 

In addition to the retention of 
the criticised provisions, the new 
draft removes the safeguard that 
those involved in illegal 
immigration and employment 
could be subject to penalty only 
if they took part in these 
activities knowingly. This aspect 
is also criticised by the MPs. * 

The draft directive is one of 
four which the Select Committee 
believes raises questions of legal 
and political importance which 
need further consideration by 
Parliament before acceptance. 


By Peter Riddell, Economics 

Correspondent 

THE DOLLAR yesterday rase 
to Its highest level against 
most other major currencies 
for more than a fortnight. In 
contrast to Us steep fall 
earlier In August. 

The rally began at the end 
of last week following Presi- 
dent Carter’s intervention 
and the subsequent rise in 
U.S. short-term interest rates. 

Trading conditions remained 
nervous yesterday. After 
sharp early gains in Europe 
in the morning, the dollar fell 
back slightly in late afternoon, 
when the New York market 
opened, but closed well np on 
the day. 

Trading was described as 
more active than at tbe end 
of last week but was still rela- 
tively thin. Earlier profits 
have now been taken. . and 
foreign exchange dealers 
appear reluctant to commit 
themselves to new positions In 
view of nncertainty bow long 
the recovery will last. 

Scepticism 

Although last week's moves 
by the U.S. administration 
have been welcomed, there is 
still scepticism ahead of any 
farther action to strengthen 
the currency. 

The dollar yesterday rose to 
DM 2-0200, its best level for 
oyer a fortnight, before com- 
ing back to close at DM 2.0950, 
compared wlth DM L9916oir 
•Friday. 

Similarly, the U.S. dirrency 
also finished somewhat below 
its best, though well np on the 
day, against tbe Swiss franc. 

at SWFr 1.6675, against 
Sw Fr 1-6375 before the week- 
’ end. and against the yen,, at 
Yl 92.90 against Y188^0 on 
Friday. 

. The recent rally has taken 

Continued on Back Page • 

£ in New York 


BY JOHN ELLJOTT, INDUSTRIAL EDITOR 

THE LAST' two surviving' by strengthening its management 
workers’ cooperatives set up by and tbs obvious dace: for it to 
Mr Anthony Wedgwood Benn turn for help would be to GEC 
Sen leva's Salary f or find; GKH T which helped it befOKL 
Industry three years ago are now The financial-, -probleinp at 
facing fresh financial problems- Kirkby. arc more immediate 
which could endanger their although the PA Management 
fL-h-— Consultants report prepared 

At the Meriden motorcycle earlier this year, mapped out a 
co-operative near Coventry there prosperous future for tbe ven- 
ts thought to be concern that, ture if certain changes were 
unless management and other ' introduced. 

SEaSL arTfatroduced. it will - As areadt, the production of 
be unable to meet interest repay- fruit diuks and. night- storage 
ments due to be . made to the beaters has been abandoned and 
Government next year. the cooperative b concentrating 

Meanwhile, tbe Klrkby Manu- on make central beating radla- 
facturing and Engineering Civ tors. 

operative on Merseyside has also. It has nearly ■ 10 per cent of 
failed to produce profits. the UK radiator market and also 

It is now urgently seeking new .produces air conditioning 
sources of funds to allow it to egulpment and does metal 
meet recommendations on presswbrk. 
developing Its engineering bus- 

nes« contained in a recent repo n f mnnc finn 
prepared by PA Management '-'FFUaiUUU 

Consultants. ' _ _ . . Some recommendations in the 

Neither cooperative »s in report such as strengthening 
immediate danger Because ge^Q^i commercial management 
Meriden has sufficient motor- expertb^ mg hiring a .marketing 
cycle orders while specialist, have not been imple- 

sign that Klrkby s hanker, the raen te^_ - There have also been 
National Westminster, is about reDDr ^ 0 f low productivity, 
to withdraw its credit arranger Th e financial arrangements 

ments. . v „ . proposed by tbe - consultants 

But Ministers who have been 0 n the co-operative's 

consulted about the proWeiws ixedais^ fresh equity because of 
recently have shown no interest j£ n j BK , r!i ' expressed reluctance. 
In providing new large sums of invest more Government 
State aid. money. 

’ The co-operative is understood 
to have had talks with financial 
HiAUtl IIM/ institutions and industrial com- 

T Tcirth* panies and is still. hoping that it 

In April last wjn W find-a backer, 
was given an There is considerable epposi- 

ment grant on top of nearly £frn t]on fa whitehail to both ven- 
it had turns because of the way they 

Va . rl ? y .'J?£^!Z ? *ere rescued by Mr. Benn 

cated that it was the last , tranche g^jn^ the advice of his senior 
the co-operative would need. indnstry Department civil 

launched IS months ago l rten B ut Meriden, which is the last 
the co-operative was motor cycle manufacturer In 

JW- . A temporary parivag e gn t , s regarded more sym- 

together by Xr. Harold Lmv pathetically than Klrkby which 
Chancellor of does not have a. -clear product 

Lancaster, led to GEC providing ia eTT tity 

* credit facility and mans- Supporters of the general 
gerial expertise. Earlier. -GKN devejop'roent of wr kers’ co- 
had provided expert managerial operatives also. -regard the two 
he i?' - • v-7: - v- .'J- enterprises, which rely more on 

Since then, progress has been state funds than .on worker in- 
made towards Tnaking the opera- vestments with sOme disfavour. 

tion viable. But it Isiquestionable . • ; • 

whether sufficient prafifewill he . 

generated in the comfng mbnths PflllOTllTim fllKl 
to start interest repayments to. A lUlUIUUUI UU91 

the Government on a £4^n loan » d j , 

next -Tune when repayment of - infllilTY StSFlS 

over £im deferred interest also •• 2L_„.JL ^ 

falls due. SIR EDWARD POCHIN, the 


Plutonium dust 
inquiry starts 


Thomson Organisation extends 
oil and gas activities to U.S. 


Spot I SUM2b-9476. S1.0BNM700 

1 mvirth 1 iFlu OI/SOM dli 

3 mcDlIu | L50-L24 rlii L38-L32 dU 

IE nhaitbi | ♦i'MJil dls • SJAAJA dl» 


falls due. SIR suWABD POCHIN, the 

radiologist; iff to visit the Atomic 
T j- •* Weapons -Research Centre at 

immediate AMermaston, Berkshire. to- 

. morrow, to begin his two-month 

The political . question. -_ oF Independent investigatioh Into; 
whether to waive the- payments the' plutonium dust -contamiha- 
or grant a further eatteqslou will tion of 12 workers there. Yester- 
therefore confront^ .wiiicbevBr day he stndisd papers relating 
Government is in power early to the inddeat His report will 
next year. . - be- submitted to. Mr. ' Fred 

. Meanwhile, the’ co-operative Mulley, Defence Secretary; who 
which has a 600-strong labour will decide, on sepurity grounds. 
Force, may. try to 'geffiffate'iiajfrcs Jithtfimanli can ■ m^mSde-pubiic. - 


Row over play 

Miss Caryl Churchill, author of 
a play concerning JRA bomber 
William Gallagher, said that an 
injunction may be taken out 
against the BBC. which proposes 
to screen the politically censored 
play tonight against her wishes. 

Student vigil 

Students staged a vigil round a 
statue or Ihcir patron saint 
Wcnccs1.iv in Prague to mark the 
tenth anniversary of the Soviet- 
led invasion into Czechoslovakia. 

Briefly - - - 

U.S. Air Force F-o aircraft 
crashed in the North Sea off the 
Danish coast. 

Entertainer in Quebec was 
strangled by one of his snakes 
during a cabaret performance. 
Some 60.000 supermarket workers 
in Southern California went on 
strike over pay. 

Strang tremor rocked western 
Argentinian provinces, but caused 
no casualties. 

Indian army has rescued more 
than 50,000 people marooned by 
floods. 

Prague workmen found three 
dead men at the bottom of a 
distillery vat. 

Communist guerrillas killed five 
policemen in Manila. 

Sussex police were trying to trace 

the parents of a baby girl found 

in a Haywards Heath telephone 
kiosk. 


BY SUE CAMERON 


Rent a K 1 ENILE 


Q BRITISH COAL INTER- 
NATIONAL. the consultancy 
winq of the NCB. is close in 
nnentiatinc a £50m contract for 
UK companies to expand the cnnl 
industry of a South American 
country. Bark Page 

• ALCAN ALUMINIUM (UK) 
has announced an average S per 
cent increase in some aluminium 
products. 

• BOCM-SILCOCK'S use of 
loyalty discounts to merchants 
dealing with compound animal 
feedstuff's is to he studied by ?hr 
Monopolies Commission. Back 
Pago 

• DOME PETROLEUM is 
believed ro be about to take over 
Sicbens Oil and Gas in a dejl 
worth nearly GS400m (IlSOmi. 
Back Page 

COMPANIES 

• GENERAL ENGINEERING 
expects a pre-tax loss of up to 
£0.7Sm for the first half of 197S. 
although turnover is expected_ tn 
increase from £2.Sm to 14.5m. 
Page 15 

• AMALGAMATED METAL 
Cnrporaiion taxable earnings for 
the second quarter rose from 
£1.4Rm to CU3m. lifting profit 
for the first six months to £5.79m 
(£. 4.19m j. Page 14 and Lex 


THE THOMSON Organisation is 
extending its oil and gas activi- 
ties to the U.S. by forming an 
onshore exploration and acquisi- 
tion partnership with Monteith 
Minerals. a privately-owned 
American company. 

Thomson said yesterday that 
the partnership marked the 
“ first step " towards putting its 
oil and gas operations on an 
international basis. The move 
comes less than a month after 
the company merged all its U.K. 
interests with tbe Thomson 
family's North Sea oil interests 
under a Canadian holding com- 
pany. 

Until now the Thomson 
Organisation has had no oil or 
gas Interests outside the North 
Sea although Thomson - family 
companies have a small drilling 
prospect in North Dakota. 

The new Thomson-Monteith 
concern will concentrate on on- 
shore oil and gas exploration In 
the U.S. and it will also seek 
opportunities to buy c-nshore pro- 
duction companies. 

It will be led by Mr. Edward 
Monteilh of Monteith Minerals, 
a new U.S. company which has 
nn production interests and 
which is essentially a vehicle 
for Mr. Monteilh’s activities. 
The expertise for Thomson- 


Monteith will come partly from 
Mr. Monteith himself, who has 
worked on the financing of oil 
and gas operations with both the 
International Energy Bank and 
the Republic National Bank of 
Dallas, and partly from the 
Thomson Organisation's own 
North Sea staff. 

Thomson said if had made 
only a small Initial investment 
in the new partnership, as had 
Monteith Minerals, hut more 
cash would hr injected as and 
when suitable opportunities 
arose. 

Mr. Tan Clubh. managing 


director of Thomson North Sea, 
sai df -Thomson felt that, oil and 
gas was an “ attractive area to be 
in.” •; He said the U.S. had con- 
siderable appeal because entry 
costs for oil and gas exploration 
and 'production were compara- 
tively-. cheap — certainly less 
costly than for the North Sea. 
Initial onshore casts were alxo 
cheaper than those for offshore 
work,’ 

Thomson Petroleum Holdings, 
a nearly farmed American com- 
pany, will hold the Thomson 
Organisation's interest in the 
partnership. 



More air delays likely 


BY DAVID WHITE 

ANOTHER WEEKEND of air 
traffic hoid-ups throughout 
Europe appeared a virtual cer- 
tainty tonight as French control- 
lers dug in for a further battle 
over pay and conditions. 

Air traffic controllers at the 
main centres of Athis-Mons. near 
Parts, responsible for ad flights 
through northern France, and 
Aix-en-Provence, responsible for 
the south-east, voted in favour 


PARIS, August 2L 

of resuming their work-Lo-rule 
over She coming weekend. 

Controllers at Brest. Brittany, 
have-. shown similar resolve and 
Those at Bordeaux, where indus- 
trial,' action has- been, going .on 
the longest, are unlikely to de- 
cide differently tomorrow. 

A national meeting of respre- 
seqtatives of tbe 2,500 control- 
lers* due tomorrow,; will decide 
whether to pursue the go-slow, 
Continued on Bade Page 


Sooner or later 
you wi/f decide 
to switch your 
accounting to a 
-computer. With staff 
costs the way they are, the 
the better! 


(»ivimp:Va it 


CONTENTS OF TODAY'S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise 
indicated 1 

RISES 

AGB Research 146 -f- 12 

Adwest 2SS 4- 12 

Areonautical General Si in 

Allebonc ; ® + J] 

Asscd. Dames -!.i8 t 11 

Bambcrs Stores iso +■ 13 

Eonsor Ergfnecrinc ^ 41 + » 
Bourne Hollingsworth 2S0 - IS 
Costain (Richard) .. 3SB + fi 
Distillers t f-, 

Electrocomponenis oSOxd + i.)j 

Cripperrods 60 + fi 

J£J 411) T O 

Marks "and Spencer-. « + 4 

Mersey Docks - «•*> T J* 

Morrison (\\JP.) 9fi + 4 


Norton and Wright 210xd + 

Pilkinzton 644 + 

Ricardo 30a + 

Stanley (A. G.) + 

Unigatc Jkj + 

Victor Products 202 J 

Walker (J.) 1JJ + 

iVbolesale Fittings ... -12 + 

BP 9« t 

Siebens (UK) + 

Guthrir *"!; 'T 

Barymin + 

F.ULS 

Treas. Si pc 'R2 I 

Trcas. 15! pc '98 _ 

Bly\-oor 

Buffcls 923 - 

Vaal Reefs 

West Drie “ 


European news 2-.1 

American news 4 

Overseas news 4 

World trade news ............ 5 

Home news-general 6 

—labour 7 


Lesson lor the Shah after 
the bomb outrage 12 

Energy from the grass roots 13 

Frelghtliners returns to 
British Rail's fold 9 


Technical page $ 

Management page 9 

Arts page jl 

Leader page 12 

UK Companies 14-16 

Mining IS 


FEATURES 

Film and video: lhc rights 
oF sponsors and producers 10 
American airlines have a 

boom year 18 

Pakistan crisis in the 
Punjab bread basket 21 


Lott, Companies .18*19 

Euromarkets 18-19 

Money & Exchanges 17 

World markets 20 

Farming, raw materials ... 21 
UK-^stock market 22 


■ CgmWMcn bolsters his 

"independence 3 

Searching for energy off 

ttS. East coast 4 

The high stakes, in trade 
"with China 5 













H a ssii« 


Appointments 

Appointments Adw. 
Base Rates 
EdsIiwss Oppts. 
CrfipnH 

Entertainment Gntife 


LeUers 13 Today's Events V 

Lea * TV and Radio W 

Lombard 10 Unit trusts SB 

Men and Hotter* ... » weather 

Ratl " 5 IB Werld vain ar E --;.0 

For latest Sliare Index 'phone 01.246 8026 . . . 


INTERIM STATEMENT 
HC Cars — » 

ANNUAL STA TEM ENTS 
Gen. Snans. Crrtm ja 

Nchanga * « 

Seban International IS 


KIENZLE 


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Fina^^^Bunes TueS^y August 22 19' 



J ROPE AN NEWS 



Spanish consumer p 
increase by 2 % in J 


:es 


BT ROBERT GRAHAM MAD 

| CONSUMER PRICES in Spain the year, inflation was held steady political parti 


August 


— — v iuu»uwu i«s bhh Heaoy p ouuu» *- — 

rose by two per cent in July, and on an annua l basis was run- sceptical os 
according to provisional ning at 14 per cent telow the sudden sp ,“ r 4 [ 
estimates from the Nntjnn-ii tawt r,t is ia ^ -r* as the result o 



-l- ,1 



target of IS to 16 per cent How- “ Sf 
Inrtitute of Statistics. This is ever, in April there was a sharp KiS w’f 
the biggest monthly increase acceleration but then in May and The Gover 
tius year and is a disturbing Jane the inflation rate felt hack uphill task ' 
sign that toe Government's well within Government guide- of holding 
j attempt to hold down prices is Lines. This enabled the Govern- 15-16- per ee 
being eroded. meat to complete the half year manufacturer: 

, Tbe^mam increase came from with an inflation rate, computed take advapta 
foodstuffs, which rose by 35 on an annual basis, of 15 per summer to - 
per cent agamst the previous cent. If the rate had been higher, importantly, 

I month- Traditionally foodstuffs wage agreements could have been committed t 


Thus -the more 
M see the 
prices in July 
, jlding up certain 
untH the- end of 
the year, 
snt now faces an 
meeting its target 
’□nation down to 
for 1978. Many 
and shopkeepers 
of the end of 
ise prices. More 
Government Is 
increasing the 


Aliens 
present 
toSwi 
Partial 


■££ 

* i^vf sc 

»’ .-*1 


increase during the summer revised under the terms of the prices of a number of key items, 

months but the increase appears Moncloa Pact,- the package of like industrial fuel, electricity 

to be unusually high. political and economic measures and steel before the end of thci 

For the first three months of agreed last October by the main year. j 


IS 


Westland Helicopters are about to start work on 
another exciting design and build project for a new 
large helicopter. 


Air traffic 
strikers vote 
on escalation 


For this and our other new technology projects.we 
need high-flying, high calibre designers and 
engineers, avionics and electronics talents with a 
taste for the spirit of innovation at both our Yeovil and 
Weston-super-Mare locations. 


These enormously exciting projects offer pioneer 
opportunities unavailable elsewhere in Britain. 


For further information and confidential application form write to the* 
Director of Advanced Engineering. 

Westland Helicopters Limited, Yeovil, Somerset. 




or, if you are at the Farnborough Air Show, why not cal! and see us 
at the Queens Hotel, Farnborough between 10.00 a.m. and 5.00 p m 
any day from Monday, 4th to Sunday, 10th September. 






IE 


PARIS. August 21. 
FRENCH air traffic controllers, 
otiose weekend, go-slows have 
disrupted the holidays of 
thousands of tourists, will decide 
tomorrow what action to take 
I following inconclusive talks with 
the Government on pay and 
j better working conditions. 

Controllers at 'one of France's 
I four traffic centres voted today 
I to take a bard line at tomorrow’s 
I meeting. They are proposing a 
l new go-slow, of the type which 
I has caused chaos across 
European air lanes several times 
this summer, -informed sources 
I said. 

The decision to propose a new 
work-to-rule was taken hy con- 
I trailers at Aix-en-Provence. It 
will be put before toeir 
colleagues from Paris. Brest and 
Bordeaux when delegates from 
the four centres meet here to- 
I morrow. 

Informed sources said a pew 
go-slow might be fixed for the 
end of the month when the 
number of flights bringing 
northern Europeans home from 
holiday will be particularly high. 

A similar .action took place at 
the start of the month when 
much air travel over West 
Eurone was virtually crippled. 

® Ramstein. West Germany. 
August 21 — A.U.S. Air Force F-5 
aircraft crashed in the North Sea 
off the northwest coast of Den- 
mark today, a spokesman for the 
European headquarters of the 
American Air Force here said. 

Search and rescue aircraft 
were sent to the scene of the 
crash but no information about 
the plane's crew was immediately 
available. 

I The plane, based at Alconbury. 
England, was taking part in a 
training exercise when it 
crashed. Renter. 


President Scheel will not 
return to party politics 


Br JONATHAN CARR 

BONN. August 21. 

WEST GERMANY’S President and Hamburg in April, there has 
Herr Walter Scheel, has made been growing private criticism 
clear publicly for the first time of the leadership of Hetr Hans- 
that he will not return to party Dietrich Genscher, Herr Scheel's 
politics. His statement squashes successor as party chairman, i 
mounting speculation that he Last week Herr Juergen Moelle* 
might eventually take up again mann, an FDP deputy, publicly 


a leading role with the Liberal stated that Herr Scheel was "so 


Free Democrat Pare? (FDP), impressive a personality” that 
which suffered severe setbacks in efforts should be made to win 
recent provincial elections. him back to party politics when 
In a television interview. Herr he stepped down as head of 
Scheel said since he berame state. 

President he had tried to be While Herr Scheel's presidency 
neutral in matters of party has been praised for energy and 
politics and he felt he could npt fairness right across party lines, 
torn partisan again when his the likelihood of his being 
period of office was over. He elected for a second term next 
was ready for farther tasks at year are held to be small, 
home and^ abroad as an “elder The President Is elected by « 
st ates man — out only on a non- federal convention which groups 
party basis. representatives from both the 

It was Herr Scheel who took Lower House of the Federal 
the FDP into coalition with the Parliament and the provincial 
Social Democrats (SPD) under state parliaments. Since the 
Herr Willy Brandt in 1969. 1974 election, the federal 
forging a government alliance opposition Christian Democrat- 
which — with other leaders — Christian Social Union Parlies 
exists to this day. He was have gained a theoretical 
elected President in May, 1974, majority in the convention 
shortly after the resignation of against the SPD-FDP. It is felt 
Herr Brandt as Chancellor. likely that they will vote In one 
Particularly since the FDP of their own number, unless 
was driven out of the state there is a major change in party 
legislatures in Lower Saxony alliances before then. 


Norwegian offshore oil output up 


OSLO, August 21. 
NORWAY’S OFFSHORE oil from the Ekofisk Field was 55m 
fields produced 9.7m tonnes .of tonnes of oil equivalents, and 
crude oil in the Hirst seven from the Frigg Field 1.7m 
month, of this year compared tonnes of oil equivalents. No 
wjui 75m tonnes in the same comparative figures far toe 
period last year, toe Directorate same period last year were 
fOrChi SaiiL. . available. 

Production ■* of natural eas Renter 


regions or 

sectors of t . t ; * , * * 

the Goverami i! I* 

the right to Ha- J, -’i 4 * " 


By John Wider 

ZURICH, ^ 

A NEW ALIENS lfo tfc Z 
of which has heen/pff- 
Parliament by ■ gwl 
governing Federal 
would provide that, after j 
years’ continuous * resident^ 
toe country, foreigners * 
have a right to extension 
their residence permits. 

.liter 10 years’ reddenc* 
less or more In certain eftse 
aliens will be entitled . 
domicile rights. \ 

However, foreign empfoft 
who have not been In Suita 
land for five years will h< 
their residence permits -. 
newrd only if no Swiss dfbt 
domiciled alien or alien w! 
five or more years' resident 
can be found to cany one t 
work in question under norn 
conditions of employment. 

Also, should there be 
major drop in employment, 
the country as a whole, 
individual regions or 
Indlridnal 
economy. 

would have __ _ 

the entitlement to aniomar- 1 
permit renewal of aliens rq 
dent In the country for fir 
years. 

The Bill, which is wfcfe 
criticised In Switzerland f 
not going far enough to b 
prove the situation of forth 
workers, provides for a ee 
tinuation of the season; 
worker category, while leri 
lating against misuses tf th 
category which have bet 
current. 

Seasonal permits will f 
nature. If tbc Bill becomes \tn 
be granted only for up to niii 
months in a given year and T 
the case of seasonal indmtrlt 
such as tourism or constra 

tlon. 

However, seasonal workn 
present in Switzerland for 3 
months In four consecutfc 
years will be entitled to 
residence permit, and thi 
period can be lowered by th 
Federal Council as long as th 
principle of stability of th 
foreign workforce does no 
suffer as a result. 

The law would Improve flu 
legal position tf aliens- Jr 
Switzerland and (heir situ 
tion with regard to hnnuri 
rights. This includes a rigb 
to political activity, which hm 
hitherto been considerably 
restricted. 


Tinwim. Tnm. nUUtd dafl* escox S* 
dan andjKrtld*?*. U.S. Sblwcrtm tr>m rwu 
Itair odahti swo.do main r*r urn 
clan pMiam said en N’t* Va*. «*y- 














E. ' West Gennan car Da Costa’s Warm welcome for Hlia in 

Woduction lin 5% fate may BY OUR OWN CORRESPONDENT 

‘ f \ii|. BT Jt ■ • „ *i.I CHAUtiVL^N HlIA KUO-FENG, regarded as possible for Yugoslavia’s unique internal 

v __ : • rP\f W1 C ll the Chinese Communist Party socialist development. system and non-aligned foreign 

’ ‘ \ '5»% <->-** i- lm j-i MAI, “ teader and Premier, arrived And finally, it in expected to policy. 

np|* ffflll 8117*8 SrVrll ■ here today on what the Tugo- give a new impulse to The Yugoslav papers and 

*1 t V-'RA JLU.V7 U I rsin mil Filler 6 Slav Foreign Ministry officially economic co-operation between television report daily abont 

1 flH aaa fiJLK. LI-UlaO viIj described' as “a very significant the two countries. the enormous Chinese interest 

W BY ,GUY HAWTHM . • FRANKFURT- August 21. »_ .. _ 'visit. 7 ’ . Regardless of recent attacks in the Yugoslav system ot 

"« ! 'i'Bw ttoimu . .. ny jimmy sum* The 86-year-old Marshal on the visit by the Soviet economic sell-management and 

r*£sr LEHMAN car production today that July's- '-. production LISBON Animst 21 -Tito, who last September paid Union and Bulgaria, the administrative decentralisation. 

Wse by 5 per cent during the totals were well be3ow ; those of “f * a highly successful visit to Yugoslavs stress ratter than Thus Polilika, the leading 

■ .. ‘Rst seven, months of- 1976.- ^ u . ne - This, however, is not sur- ** 11 H l Hi*, recall of Parliament Peking, warm I v embraced the downplay the unique back- Yugoslav daily, today carries 

£326,900 cars and estate vehicles P™™? *s foe holiday period is f rom summer recess tomorrow, Chinese leader who was ground to this palhbreaklng a lengtbv report From its 

'--tore produced in this period , *?". at a number of Sr. Alfredo da Costa, the Prime received with full military visit. . Peking correspondent on how 

Emnimvi with “> 9 on one piants in July., ' ! Minister designate will begin to honours. Everybody here knows that Yugoslavia is regarded as one 

iV' tL “^^isauge for the first time the level The Yugoslav Press has in the. 1960s, China was second of China’s closest friends and 

■ • . same Called 286:200 vefodes of ail : of sunp 0rt an , 0Dg the political made it clear In a series of to none in condemning Tugo- how Chinese television carries 

'■ Srnmi 251 . . types of which 263.300 were rar,_ . f the “ nresidcntiai commentaries In the past few slaria as a sym bol of daily reports from Yugoslavia 

ET 01 ^ 2 nd - wta ,* e vehicles. ; solution - to th- P country’s days that Chairman Hua’s visit “ treacherous modern revision- on events there. 

. jinn has continued to be during the . month — at 139.000 lution to the country s j, a< at least a threefold sie- ism** and tbat between 1938- As to economic relations, the 

. .eprMsed throughout the seven cars and estate vehicles and - government crisis. nificance. 1970 the two countries did not value of Sino-Yngoslav trade 

’nonths. At the end of this period 13.-70B commercial yehicles^-were ) And as Sr. da Costa's govern- it ^ seen here as a demon- even have ambassadors in eaeh this year is expected to reach 

v *P. er c® 11 * down from a Iso down on.the June figures. ment nears completion, stration against Soviet aspira- other’s capitals. $200 m, twice as much as last 

™its produced intte Exports in the seven : Portugal's leading parliamentary Hons to hegemony over the - Thus the normalisation of year. In the near future a 

v fSflivf™-. montlls of : 1977 to months of the yeari however. Socialists. will soon Conunnnist world. Further, the relations between the two long-term economic agreement 

...16£600 units rose- by an overall 3 per cent the Socaamts, wit] won ^ coaId countries and their Communist Is expected to be signed. 

The reason for the commercial as compared with the- same pe pressed into deciding whether mark far]her progress in esiab- parties is regarded here, and Summit talks between the 

, , vehicle builders’ plight is a period in 1977. Shipments it should turn ■ the virulent ushnur the dlversi ty of models justly so, as a recognition of -two leaders have already 

.. «gni Scant fall in -overseas abroad rose from 1,193,009 units [rhetoric of the past week into 

Jemand for their products. At in- 1977 to a Januaryto June ! concrete affinn nameiv ro back 

; :he end of the first five months total this year of L229.400 units. ! . H -, Pf1 at j THE FIVE-DAY visit of Mn Hua 1 

!' : >f the current year their ship- According to the VDA. domes- * *° ° Uo ° rej ^ C I?- DI1 d rC ‘ KvoJeng, the Chinese Com- .PSIllCpCPll B^O i 

Rents abroad were 22" per cent tic demand farmotorcaft-picked I Sr - 1,4 Costa and nts government m unist Partj' chairman and . ^-l/V’ , C4-Wv 3V')3%«' Wl tj 

oelow the 1977 totals and there up considerably in- July -after a ■ programme. Ironically, the fate ‘prune Minister, to Romania has 

.s ‘no real sign of any upturn.- quiet time in June. The improve- of Sr. da Costa’s government may | imposed fresh stresses on this * * 1 1 

A report nn the industry’s ment in the home market was ultimately rest less with the maverick Communist country’s infinttAtlffl AMAA- - - 

..'-.January to July performance, also felt by the. commercial Socialists than with the party difficult relations with the USSR. |H > B 8 UlCllClIliCl 

'lublished bv. the Verband Der vehicle makers. . In contrast h . — aiot ainprt n inw nrnfile ant * served 3180 as a P retext for A? 

’ - \utoraohUindustrie fVDA), the orders from foreign- markets re- ^at has mamtamed a low profile a S eries of barely veiled attacks - . ’ ,. liruiBCfT 

industry’s trs.de association* s«ud nu lntd quiet. rfaroughout tiie f 0 ur- week-J 0 ng on it’ by Moscow. Blit Kornd.nia.ri BY ^AUL LENDVAI, IN BUCHAREST 

- - . • ’ political crisis, the Communist officials are convinced that Prosi- . „ . , ... . _ 

; — l P arty derit Ceausescu’s latest gamble Balkans as in itself an affront, licised visit to a consumer goods 

The bail was bit squarely into has paid off. and that this first- If Mt & challenge in a tradi- exhibition which had actually 

E Th. 1 • * . ’.. i th. .1 a ever visit paid bv a Chinese tional sphere of influence of already been opened three weeks 

Rerlm UlVfStmPnf Clirb SocialS “Snd rSjy when leader to Bucharest has further theirs. After President Ceause sen earlier. The television newscast 

• MVl lill UlVC»HliCIil ; V«A leadfn- dedaJed that strengthened isolated Romania’s met tiie Soviet President . Mr. in the evemng contained 16 

, ; BY LESLIE COLLJT BERLIN/ August 21. SiSS 

• EAST Gffi^MANY has issued a a reduction in tte/ number of party had introduced. the motion theV’o countries, and their com- e at the* 1 vehemence %f ^I's^velsinih^coun^ySde 

decree designed to curb - nn- uncompleted investment projects of rejection. . . mon low level of development, it ^rpnsea at me vehemence of Huas travels m the countryside. 

- : planned investments " which are which tie up unproductive capital Neither the Christian Demo-! WOU [ d be unwise to ascribe Ino — 

" . rising at a faster Tate than because of construction delays or crats nor the Rigbt-wiim Social | much importance to the agree- Chairman Him imnrAsspH Rmnanian nhqorv^rc ac 

approved investments under the investment cut-offs. The new Democrats (PSD) are likely to men t s on trade and economic ro- Hlia imprPSSetl itOJHailian QD_ elvers as 

■ current Five-Year Plan. decree lays down detailed direc- introduce such a motion, whach opera Tion signed today or to the a distinctly Virile person Compared tO tbe 

• The investments’ directive has tions tp be followed tiyiiaetories would effectively represent a setting up of a mixed commission c nv j p + IpaHorchtn Av nnp hi*rh offirral nnf 

• been published in the official and planning agencies before direct challenge to President at deputy mime minister level: ageing aoviei leaaersmp. AS One lUgil omLiai put- 

gazette and is to become law ou investments can be approved. Antonio Ramalho Eanes, who After all Romania’s trade with it: M He may well be aTOUlld even 111 20 years. 
.-September ■ 1. - Future investments are to be selected Sr. da Costa. China was worth jn 197fi only just ■ 

• At a central committee meeting undertaken mainly foie ratio nali- Meanwhile, tbe Prime Minister about half the value of its trade 
- r . 7 May, President Erich sation and the. renewal nf exist- designate is reliably reported to with Oechoslovakisi. and a little the increasingly frequent direct And on Sunday Scinteia dis- 
Sonccker, who is also general ing equipment. Investment in be worried about the ease with more than a fifth of that with tbn and -veiled Soviet attacks. The played six photos of Mr. 

- -. secretary of the East German new construction and equipment which his appointment could Soviet Union. Estimates for 1977 Romanian and Russian leaders Ceausescu and his wife inspecting 


EUROPEAN-- NEWS 


German car 
ction np 5% 


Warm welcome for Hua in Belgrade Bo ™. at t ack 


BY OUR OWN CORRESPONDENT 


1 Hof 


BELGRADE, August 2L 


CHAIRMAN HUA KUO-FENG. 
the Chinese Communist Party 
leader and Premier, arrived 
here today on what the Yugo- 
slav Foreign Ministry officially 
described' as “a very significant 
'Visit. 7 ’ . 

The 86-year-old Marshal 
-Tito, who last September paid 
a highly successful visit to 
Peking, warmly embraced tbe 
Chinese leader who was 
received with full military 
honours. 

The Yugoslav Press has 
made it clear in a series of 
commentaries In the past few 
days that Chairman Hua’s visit 
has at least a threefold sig- 
nificance. 

It is seen here as a demon- 
stration against Soviet aspira- 
tions to hegemony over the 
Communist world. Further, the 
Yugoslavs hope that it could 
mark further progress In estab- 
lishing the diversity of models 


regan!** as possible for 
socialist development. 

And finally, it is expected to 
give a new impulse to 
rconomie co-operation between 

the two countries. 

Regardless of recent attacks 
on die visit by the Soviet 
Union and Bulgaria, the 
Yugoslavs stress ratter than 
downplay the unique back- 
ground to this palhbreaklng 

visit. . 

Everybody here knows that 
in the. 1960s, China was second 
to none in condemning Yugo- 
slavia as a symbol of 
u treacherous modern revision- 
ism** and tbat between 1938- 
1970 the two countries did not 
eves have ambassadors in eaeb 
other’s capitals. 

- Thus the normalisation of 
relations between the two 
countries and their Communist 
parties is regarded here, and 
Justly, so, as a recognition of 


Yugoslavia's unique internal 
system and non-aligned foreign 
policy. 

The Yugoslav papers and 
television repon daily abont 
the enormous Chinese interest 
in tbe Yugoslav system of 
economic self-management and 
administrative decentralisation. 

Thus Politika, tbe leading 
Yugoslav daily, today carries 
a lengthy report From its 
Peking correspondent on how 
Yugoslavia is regarded as one 
of China's closest friends and 
how Chinese television 'carries 
daily reports from Yugoslavia 
on evenls there. 

As to economic relations, tbe 
value of Sino-Yugosiav trade 
this year is expected to reach 
$24H)m, twice as much as last 
year. In the near future a 
long-term economic agreement 
Is expected to be signed 

Summit talks between the 
-two leaders have already 


on TV 
reporting 


begun this afternoon, in addl- rAflf|rr|fl|T 

tion to further negotiations x 

involving full-scale delegations , • ,m 

from each side. Chairman Hua |*ACi flf*! 
will also • pay " visits to the 1 Vijll XULiUll 
Republics of Macedonia and _ _ _ _ , . 

Croatia before spending the ° ur 0wn Correspondent 
weekend and Monday at BERLIN" •>! 

Marshal Tito’s Island retreat ^ 


on the Adriatir island of ! THE EAST C .EMIAM probibi- 
Brioni. ] tion on an accreditated West 

' Mr. Leonid Brezhnev, the German television eo«respondent 
Soviet President, and the | last week won a sharp rebuke 
Bulgarian Communist Party ifrom the government;, in Bonn 
leader Mr. Todor Zhivkov have j today. The correspondent- Herr 
jus! issued a joint statement jLutz Lehmann was told that he 

- <-r , “ “ 

Balkans, and attacking China in j writers as this was against the 
the next sentence. l* w - 

As Macedonia remains the A B ° n n government spokes- 
main hone of contention man. Dr. Arnun . Gruenewald. 
between Yugoslavia and today described tbe action as a 


Bulgaria, Chairman Hna's visit 


interference with 


Ceausescu bolsters 
Ms independence 

BY PAUL UENDVAI, IN BUCHAREST 


Chairman Hua impressed Romanian observers as 
a distinctly “virile” person compared to tbe 
ageing Soviet leadership. As one high official put 
it: “He may well be around even in 20 years.” 


amount to billions of marks. must be utilised by -a number of image of him created by thej Nor are the military ties very highly-placed Romanian source To the Romanians and to 

Herr Honecker said these were work shifts, and all- possibilities media here. • ■ significant. Despite frequent told me. foreign observers, all this was an 

a violation of the Plan, which has of rationalisation jntpr'be ex- His ministerial appointments i exchanges of military delega- Thus the Romanians did not unmistakable sign of changed 

the force of law in a Communist plotted. The workfince.for the so far show a tendency towards [ tions. Romania has only bought a take the Soviet warnings lightly, priorities. After ailj President 

''country, and be suggested that newly created facilities cannot be continuity rather than * con- ! dozen-odd patrol and gun boats When Chairman Hua arrived in Ceausescu two years ago accora- 
‘ : unapproved investments might hired away from elseuffiere in the troversy. Dr. Jose Silva Lopes, ,f r om China. Western observers Bucharest in tbe morning of panied Mr. Brezhnev on his tour 
" r be regarded as an economic' economy, but must hat^ieen set the new Finance Minister, worked have so far nn reason whatsoever August 16, Scinteia, the" Party of the country. Finally, Chair- 
* crime free by rationatisatian-'yiilthin the closely with his predecessor Dr. ; to assume that China is willing to newspaper, devoted three full man Hua obliged his hosts when 

During the first baif of this factory. . .. •' - V • Vitor Constancio in three key provide, let alone that it has pages and eight pictures to the at the banquet he gave on Sunday 

vear. East German investments Before the investment. for pro- areas: negotiations with the EEC, provided Romania with nuclear great events. By Friday, how- night in the huge new Chinese 
v increased- by 3.5 per cent com- duction of a certain item can be the agreement with the Inter- arms. Furthermore, neither the ever, the Romanians got worried embassy he refrained from using 

- pared with the 2.1 per cent made, “ uncomprorhfefcig com- national Monetary Fund, and the Romanians, nor the Jugoslavs and forced the Chinese to issue the expression “ hege monism.*' 

- annual- rate stipulated by tbe parisons must be made. with the consequent implementation of a have forgotten the late Premier a “Press communique” about This phrase the Soviets (and of 

Plan. most advanced- izdeynational strict monetary policy through Chou En-lai's warning a few n,e ending of the official talks, course not only they) regard as 

In July the East German party equivalent” of the ^cWuct in tbe Bank of Portugal. years ago that distant waters originally envisaged for Monday, a barely veiled attack on Soviet 

. and Government issued ins true- question. Approval foi-ia invest- Significantly Sr. da Costa is cannot extinguish fires. Ourirraan Hua was dispatched foreign policy. 

-tions to reduce the number of ment is to hinge onrvriptefber the leaving the naming of key Why then has the Chinese visit to Visit tractor plants, shipyards. However, the toasts proposed 
investment projects to be started "investment project land the Ministers in previously controver- caused so much Russian anger, tourist resorts and collective bv President Ceausescu and 

next year- Instead, more invest- follow-up investments Tfcao be siai ministries, such as agricul- [ which in. turn has worried farms. At the same time, how- Chairman Hua must still have 

ments are to be undertaken to included in the economjtindica- ture, health and labour, until I the Romanians themselves? ever, President Ceausescu and been interpreted by the Soviets 

rationalise 'production- - tors of the Five-Ye^r.-I^ jand the last moment, hoping to strike j Evidently, the Soviets regard the* entire Romanian Party as a provocation. The effusive 

The instructions also called for the annual plans. ‘ .. a political balance in afii three. .Chairman Hiia's tour of the leadership paid a much-pub- declarations of friendship and 


to Skopje, the capital of accord between Bonn -and East 
Macedonia, is availed with Berlin on free information and 
particular interest. reportinp. The West German 

representative in East Berlin 

' . . .. . ■ raised the matter with the 

mutua. admiration and c o-[ authorities there last'Fridav, and 
operation were made after all as Dr Gruenewald said .Bonn now 
all Soviet bloc papers were ‘reserved the righrtn rake further 
attacking China as a threat lo 5 t P p s } n next few days, 

peace both id the Balkans and though he declined to specify 
Asia. .. _ them nt this stage." 

Chairman Hua Kuo-feng Meanwhile. East Germany 
appeared more and more relaxed today |i raided the Soviet Union 
as the visit to Romania pro- and the other Warsaw Pact 
grossed. He impressed Romanian countries for sending ‘‘military 
and foreign observers as a; units” into Czechoslovakia on 
distinctly “virile” person com- j August 21. 19fiS. and thereby 
pared to the ageing Soviet leader- j helping the ** fraternal Czcchn- 
ship. As a Romanian high official Slovak people” to defend 
put it to me, “he may well be j socialist achievements, 
around even in 20 years." The i The East German Communist 
Chairman, after alii is only 57 ■ Party newspaper. Neues Deutsch- 
years old. land, said that 10 years ago 

What, of cnursc. added Insult Western “ imperialists ” had 
to injurv in Soviet eves was the linked with “ coUhter-revolu- 
revelalion in a recent Albanian liunary forces” inside Crecho- 
protest letter sent to China that Slovakia which were “operating 
the late ^Premier Chou En-lai on under the guise of "humane 
two occasions— in 1968 and 1975 socialism ” in order- fn M pry 
—suggested to Albanian leaders loose Czechoslovakia from tbe 
that they should conclude a mili- Warsaw Pact.” 
tary alliance with Romania and The ‘‘Imperialists/' according 
Yugoslavia. This, of course, to Neues Deutschland, counted 
poured oil on to the smouldering on success at this part of the 
Soviet suspicions that China has front in tbe international class 
embarked on a strategy of struggle because . “ difficulties 
“encircling ’■ the Soviet Union. had arisen in the development of 
According to informed sources, the socialist order in Czecbo- 
the Soviets were also angry i Slovakia.” 

because the Romanians have! In 1968, East Germany, under 
once- again, even- jf , oply fits late Communist’, leader, 
indirectly, raised the thorny ! Herr Walter Ulbrtdxt: felt its 
issues or Bessarabia ' and : own ' socialist order, directly 
Northern Bucovina* incorporated , threatened by Czechoslovakia's 
into Soviet Russia in the I reformed Communist leadership 
summer of 1940. _ . | under Mr. Alexander Dubcek. 

Be that as it may, the O In Prague today Czechoslovak 
Romanians are confident that I students staged a silent vigil 

they once again can get away [round a statue of their patron 

with their independent-minded ! Saint Wenceslas in a token pro- 
foreign policy. The Soviets have test on the 10th anniversary of 
in fact no levers, short of armed tb P Soviet-led invasion, 
intervention, of enforcing a The anniversary passed quietly 

radical policy change in i with no clashes reported. A 

Romania. This perhaps may well j bunch of purple and white 
be the main conclusion which flowers was placed' at the foot of 
emerges from the way in which St. Wenceslas’sr sla.roe, a focal 
the unprecedented Chinese visfrl point of clashes in 1969 on the 
was handled by the Romanians I first anniversary of the invasion, 
on the tenth aimiversiry of the But the flowers were quickly 
Soviet-led invasion of Czech o- 1 seized hy police and dumped in 
alovakia. 1 a rubbish bin. 


mus tbette r 


-•r "■>' 




m 


****** 












m- 




>• ■ 


m 






m 




/ 


X- 






.V 






■m 




V- 








■ V vv \ 














-v : , 


Birds' nests are not normally considered a . 


•are: And in vastnumbers." ' ^ 

Over recentyears, manyqjuarrieshav^been 
returned to the land; somehavebecomeleisurelakes, 
with yachting and water skiing; others have become 
wildlife sanctuaries, home forthousands of birds. 

Building-Materials is one of Britain's most 
efficient industries. On average, the 450,000 work- ; 
force, involved in producing our 360, 000 different 
products, each lost less than. threehourslastyear: 
through disputes. 

By steady and progressive investment in 
new plants, plus careful conservation of energy, the 
industry has kept costs firmly under control. ~ 

And, despite a fall. in demand of 23%, we have 
still achieved UK sales of £5, 500 million. - 

Furthermore', last year, we iso reached the 
£1,000 million mark for exports.This alone is a good 
example of private enterprise working for Britain. 

Each day, more and more of our innovations 
and improved products are appearing in homes all 
overthe country. . 

And we are not referrrng'tb homes forbirds." 


lG& 




A solid base for Britain’s economy; 







4 


OVERSEAS NEWS 


Protesters 


Sydney 

exchange 


SYDNEY. August 2L 
ANTI -BUDGET demonstrations 
in Sydney and Brisbane today 
erupted in violence with the 


Israeli jets raid Palestinian camps 


ST 1HSAN H1JAZI BEIRUT. August 21. 

ISRAELI WAR planes today Beirutis were jarred out of group led. by Dr. Haddad is con- Mr. Begin also defended his 
struck at Palestinian camps here bed as the Israeli jets struck at tinning operations, il may mean government's policy of establish 

killlnc three euerrillac and dsvhrpak and prlss-prnssed fho That the Intern a tinn.il terrorist inn cpTriomantc ak 


killing three guerrillas and daybreak and criss-crossed the that the international terrorist tog settlements on the West 
wounding 14 in retaliation for skies over the capital The raid network which he also used to Bank. “We openlv stand for our 
yesterday’s attack against an El lasted a few minutes but the air- head may too still be opera- right to build settlements and 
A1 crew in London in which two craft remained in Lebanese air tfonal. The network included 
people were killed. space longer. activists such as Ilich Ram ire I 

Two fighter jets made the 1116 terrorist attack in London Sarchez, known as ** Carlos," 


swoop over Bourj Brajneh camp was carrl^d out by the Popular and members of the Japanese 


near Beirut international airport F™® 1 for the Liberation of Red Army and the West German 
the Pales- Palestine, Foreign Operations Red Army Factions. 

" J ° * reports from 


qvdn*M7 S |?n5c VvrhZnv* 8t ^ ! tiolan-populated'town if Darnour Branch, which was founded two • Reuter ... 

Sydney block Exchange. about ei"bt miles smith of the ?**** ago by Dr. Wadie Haddad. York: Israeli Prime Minister 

A crowd of about 200 ebantmg abou* ei^nt miles south of the ^ hQ d ,| d Mjtrch 01j5eryers Menah(?m ^ Mjd faf . 


New EH 


marchers Vied to force their j ca £ lta1 ' ■ = . f said Sunday's attack showed the hopes President Carter will serve 

way into the Stock Exchanger Palestinian ground defences gjQQp U 'hich broke away from as an “honest broker" at nest 


where afternoon trading was 
underway. Trading was sus- 
pended for half an hour during 
the fracas. 

Operators and staff inside the 
exchange barricaded the en- 
trance with desks to prevent the 
crowd gaining access. Fights 
broke out in the street outside 
the exchange and police made 
several arrests. Four people, 
including one policeman, suffered 
injuries, mainly from broken 
glass. 

The Stock Exchange siege 
occurred after an anti-budget 
demonstration at the Sydney 
Town Hall organised by the 
Labor Party. 

About 5,000 people jammed 
into the hall to hear the 
speakers, who included tbe 
Labor opposition leader, Mr. Bill 
Hayden. After the meeting hun- 
dreds of protestors marched 
down the main street of Sydney 
chanting and carrying Discards 
with slogans such as “Make the 
Rich Pa;’ *• 

In Brisbane more than 100 
people were arrested after a 
protest meeting attended bv a 


J e.-ri-T, arrillor*. nn ...j ft™ wuivu urujvc «,w«u iiuiii « »** uviicai uiuiver ai ne 

^n d fhP fJ™ejfIir < SSt 0 h St the Original PFLP, has survived month s Camp David summit. 

■ S but d -‘? i ot its founder. Mr. Begin, in an interview in 

hit them eyewitnesses said the The statement issued about the current issue of Newsweek 
anu-aircraft fire was so intense ^ incident said the group magazine, said: “My personal 
that it cut down the effectiveness intends to continue its actions advice would be for the tinned 
of A, fil- . against the Israeli airline. States to fulfil tbe very useful 

All J® e . ria f 5f SD ®* tJe s were El A1 was the target of the function of honest broker, and 
Bourj erajnen. where a guerrilla first-ever attack staged by the bring the two parties together 
communique said a Palestinian pFLP outside Israel, when Its for face-to-face negotiations, 
club was strafed. There were no commandos hijacked an Israeli “. . . f do not expect the U.S. 
casualties at Damour. which airliner to Algiers ten years ago. to propose a so-called peace plan, 
houses Palestinians who were It is significant that th* first because that would be. unhelpful, 
driven out of Tal Zaatar camp operations since Dr. Haddad A peace plan should be the 
in east Beirut by Christian died was against El A1 as well result of free 
militia during the civil war two observers noted. between the two parties 

years ago. Informed sources said If the concerned. 



in them. The settlements 
not an obstacle to peace. 


negotiations not an oowacie to peace 
a parties T* 1 ®-* are part of our peace plan 
111 say so at Camp David.” he 
said. 


Begin considers Sinai pullback 


BY L. DANIEL 


TEL AVIV, August 21. 


MR. MEN AHEM BEGIN, Israel’s 
Prime Minister, is thinking in 
terms of a further Israeli with- 
drawal in Sinai if President 
Sadat agrees to what the Premier 
calls partial but permanent 
arrangements towards oeace. 

What Mr. Begin reportedly has 


ermrd of about 3.nnf) voted to ! in mind is a withdrawal towards 
hold street march whjch led! lines from El Arish in northern 

" Sinai to Ras Muhammed in the 


to clashes with a large force of 
police. 


Bid by Fraser 
to end 
controversy 


By Laurie Oakes 


CANBERRA. August 21. 
MR. MALCOLM FRASER, the 
Australian Prime Minister, today 
made a belated bid to end a con- 
troversy which has shaken the 
Government and seriously 
damaged bis credibility. 

He categorically denied an 
allegation made In “The 
Bulletin " news magazine a week 
ago that he had asked one of bis 
Ministers to write a letter cast- 
ing doubt on evidence that tbe 
Minister had given to a Royal 
Commission. 

In Parliament last week, Mr. 
Fraser and the Minister con- 


south. in exchange for an end to 
the state of war, a partial 
normalisation of relations, and 
the continuation of negotiations 
on the other outstanding pro- 
blems, notably the future of the 
West Bank and Gaza. 

This would clearly involve an 
undertaking by President Sadat 
that he can “deliver" on the 
West Bank and Gaza or that be 
succeeds in bringing King 
Hussein into tbe negotiating 
process. 

Normalisation of relations 
between Israel and Egypt would 
not include the exchange of 
official representatives but would 



previous 


Egyptian 

Premier 

‘resigns’ 


CAIRO, August 21. 

EGYPTIAN Premier Mamdooh 
Salem has submitted his 


concluded by the 
Labour Government ! 

Mr. Begin still regards such aj 
“partial oermanen : agreement"} 
as second best to an overall' 

peace treaty, but IS trying to. 

provide for the possibility that- resignation to President Anwar 
no progress can be made on this j Sadat hat will continue in 
as of now. Nobody here expects office until It Is accepted* the 
tbe Camp David meetings to pro- opposition weekly newspaper 
duce a peace treaty but it is: Al Ahrar reported today, 
hoped that it will give renewed 


no 

of 


immediate 
AI Ahrar 


There was 
confirmation 
report. 

AI Ahrar, organ of the 
centre right Liberal Socialist 
Party, said Salem has told the 


Mr. Menaher Begin 


life to the negotiating process 
Faced with Egyptian pressure 
for a declaration or principles,} 
the Begin administration is also 
reportedly working on a set of l . . „ 
guidelines for such further nego- political bureau of . the Arab 
tlations. This, despite the fact j Socialist Party of his decision 
that it has refused in the pasti "" 
to draw up a set of principles. I 
Only last Saturday Mr. Mosbej 
Dayan, the Foreign Minister.} 
who is close in this thinking to j 
Premier Begin, stressed that the j 
time had come, not for declare - 1 
tions but for spelling out quc*.- j 
tions and answers ro specific! .. 

problems, such as the continued • Al Ahrar said 24 


and that he would quit politics 
when bis resignation bad been 
accepted. 

Salem’s party last week 
decided to merge with Presi- 
dent Sadat’s National Demo- 
cratic Party fNDP) which the 
President derided to form last 


permit free movement of tourists, conclude a further interim agree- presence of Israeli troops in the I of Salem s party 
the passace of Israeli ships ment with Egypt, but an agree- West Bank and other security I 
through the Suez Canal, and ment which would form part of arrangements which would; 
commercial exchanges between the overall contractual peace, in enable Israel to make major con-j 
y, countries fact the withdrawal to the El cessions. But all this still leaves' 

. while the Begin administra- Arish/Ras Muhammed line the thorny problems of the 
tion has been at great pains to would be a logical continuation Palestinians and of Syria 
stress that it does not intend to Of the two interim agreements unresolved. 


Widespread condemnation in Iran 
as country mourns fire victims 


cerned. Finance Minister Mr. 

Eric Robinson, failed, despite 
persistent questioning by the 
Labor opposition, to give an un- 
qualified denial of tbe allegations. 

However, this created such 
adverse comment in the media 
and disunity within the Govern- 
ment that Mr. Fraser's advisers 
convinced him at the weekend 
that his “ tough it out" strategy j 

was a dangerous one. [THE DEATH TOLL in Iran's Iran, already tense after teurs had sprinkled high-octane 

The magazine reported that ■ disastrous cinema fire set by several days of anti-government petrol outside the locked exit 
Mr. Fraser had suggested that , saboteurs ha-* men to -.?u and rioting earlier this month and a doors and inside the cinema 
Mr. Robinson write a letter ; several suspects including three string of attacks on cinemas. Itself, and one newspaper quoted 


TEHERAN. August 21. 


members 
opposed 

merging with the NOP and 
suggested the Arab Socialist 
Party remain as an opposition 
group. Salem became premier 
in 1975 and remained in office 
when his party won a com- 
fortable majority in the 1976 
elections. 

Reuter 


Mobutu 
to go to 
Angola 


saying that evidence he gave to 
the Royal Commission was un- 
sound because it was based on 
uncertain memory. Mr. Robinson 
told the Royal Commission — 
inquiring into allegations about 
a redistribution of federal 
electorates in Queensland— that 
Mr. Fraser had been told on 
January 17 about the role played 
by Senator Reginald Withers in 
altering the name of a seat. Two 
weeks ago Mr. Fraser dismissed 
Sen. Withers from bis Ministry 


employees of the cinema have restaurants and other 


KINSHASA. August 21- 
ZAIRE'S President Mobutu 
Sese Scko today accepted an 
Invitation Erom President Ago- 
rtlnho Ncto of Angola to visit 
the Angolan capital of Luanda 
at the soonest opportunity, the 
public the cinema caretaker as saying; Zaire news agency Azap said. 


been held For questioning, news- places, appeared numbed by the that he locked the doors to keep 
papers reported today. disaster — one of the world's troublemakers out 

The newspaper Ettela’at worst fires in a place of enter- Abadan buried it* dead yeater- 
reported that 53 more people ta inmen t day and went into full mourning 

than the 377 officially confirmed The authorities, opposition today. Many people wore black 
bad died in the blaze on Satur- politicians, the press and a pro- and black flags hung from houses 
day night at the Rex cinema in minent member of the Shiite and shops. 


because the Royal Commission : pital. and Government officials 


the South-western oil port of Islamic clergy all strongly con- Many of the bodies were 
Abadan. 

It was not known whether In a message From his head 
more hodles had been dug out of quarters in the holy city of Qom, 

the debris or whether badly . — ■ - ■ 

burned victims bad died in hos- Iran after bombing. Page 12 


demned those who set the fire, burned beyond recognition and 

authorities had been able to 


The agency said the invita- 
tion was contained In a joint 
communique published here at 
the end of a three-day visit to 
Kinshasa hy President Neto. 

President Neto’s 72-hour visit 
to Zaire was aimed at sealing 
improved relations between tbe 
two countries following last 
Mart Shaba crisis. 

More than 850 people were 
killed in fierce fighting when 
rebels, said to have been 
trained in Angola, overran the 
mining town of Kolweri, in 
Shnha province, lari May. 
Reuter 


identify only about 200, news- 
papers said. 

Many victims, including women, 
children and whole families. 

found that the Senator had acted! had no confirmation of tbe higher Ayatollah Shariat Madhari da, were crushed In a stampede for 
improperly. Testimony that he; fatality count plored the killing of innocent the exits. An official report 

had been informed of the offence j Other newspaper reports said people and said the clergy bore yesterday said that only 10 

seven months a^o without taking . that a* many as 10 people, in- no responsibility. people had escaped. Other re- 1 

action was therefore embarrass- eluding three who worked at the He added that the clergy ports said 72S tickets had been j n r - *i* _ rmtnnf 

ing to the Prime Minister. 'cinema, had been detained for planned to make an inve^ti- sold for the Persian film “Rein-i - vtiuui 

Mr. Fraser today explained ; interrogation but this was not 'ration of their own and would deer." more than 100 people had 1 Industrial production in Breril rose 
away the Bulletin" report hy j officially confirmed. announce their finding® later. escaped unhurt and mure tban'b? *-4 P® r c*? 1 h* the first half 

say ins: “1 asked Mr. Robinson.! Police and other Government His statement condemning the 200 were injured. Df th« year, in comparison with 

against rrtWon and Cine™, in Tehran and "tt«!E£nS.h writ^fK 


if he was sure of his recollection, 
to wrile me a note. Mr. Robinson 
thereafter re-read the transcript , 
of bis evidence before the Royal i news agency yesterday 
Commission and concluded that! on saboteurs. 


Investigators launched a country- fire as 

wide search for those responsible humanity was significant because centres closed in protest against I 
for the fire, which the official of the official explanation lor tbe the sabotage and as a precaution!,*®'!?; o' 1 ! 1 ® - ™V e JfJ: 

- blamed disaster. against further attacks. News-i ffiSSS* Knliefil oUmiuS? 

Without explicitly saving so. papere urged people to stand up iftTKlciit fir toe IflSySrSd 


in his opinion a note would not! . Abadan’s police chief revealed the officials suggested that the and be counted its condemning 1 increase ^ between 6 and 7 per 

iat several riavs before tbe fire ('.nmmnni«t sjervtaforc and rrmser- null Viral violence. The Teheran u.. > i- 


«dd anything to it.” 

Largely because he waited so 
long in make it. Mr. Fraser’s 
explanation today has been 
treated wnh sonic scepticism by 
both the opposition and sections 
of the media. The opposition 
intends to move 3 censure motion 
on the issue in Parliament this 
week. 

(9 51 r. Fraser today warned 
striking telecommunication 
workers that the Government 
would not submit to industrial 
blackmail. He implied that the 
Strike, which has disrupted com- 
munications throughout Australia 
and almost isolated Canberra 
from state capitals, could be a 
long one. " I hope that, whatever 
comes, all Australians will under- 
stand that their longer-term 
interests will not be served by 
buying a way out of this matter 
at the expense of principle.” Mr. 
Fraser said. 


that several days hefore the fire. Communist agitators and couser- political violence. The Teheran cent. But, with little growth in 
people carrying explosives in a Talive religious fanatics blamed Journal said of the cinema fire: [ agricultural production. GDP 

nearby lane had heen arrested by the Shah for the earlier riot- “Like the Baader-Meinhof terror growth is not expected to exceed 

along with Id teachers who b3d ing were alsn responsible for tbe in West Germany, this is pure; 5 per cent this year. The largest 

been inciting students to cinema fire. . and simple anarchy" increase in production was in the 

sabotage. Some reports said the sabo- Reuter . • chemical industry ' 


AMERICAN NEWS 


Financial Times Tuesday Ailgnst 22 1978 



U.S. lays down guideline-#'' 1 
for fewer air fare curbs Jil ‘ 



. 'tK' 


BY DAVID BUCHAN 


WASHINGTON,- August 21. 


THE CARTER Administration 
has released a series of formal 
suidelines for future civil air 
service agreements, so that 
foreign countries cab he assured 
of “equal treatment," the U.S. 
Transportation Secretary, Mr. 
Brock Adams, said today. 


Stressing that administration 
policy was to ensure that “the 
middle • American tourist and 
family C3n travel at fares they 
can afford,” Mr. Adams said the 
poiicv statement would serve as 
a guide in bilateral agreements 
which the U.S. was now nego- 
tiating at the rale of 25 a ywtfr. 


Tbe statement calls for more 
price competition on fares, 
easier charter travel, fewer 
restrictions on the capacity and 
frequency nf scheduled flights, 
the initiation of more non-stop 
international services, and the 
elimination of unfair and 
discriminatory practices faced by 
U.S. airlines. 


Mr Adams said that these 
aims, informally espoused . by 
the administration for the past 
18 months had borne fruit in an 
agreement with the netherlands 
in March, in an agreement with 
I*rrael last week, and would be 
followed in negotiations with 
West Germany in the autumn. 

The secretary said he. hoped to 
meet British ministers in London 
early next month. He gave no 
indication that the administra- 
tion was creatly unhappy with 
the Bermuda II agreement which 
it rign’ed with the UK last year, 
although that agreement runs 
counter in many ways to the new 
guidelines. 

It is, for instance, considerably 
more restrictive than tbe U S.- 
Israeli agreement on capacity 
and tariffs. The agreement with 
Israel allows airlines to compete 
unrestrictedly on fares, which 
can only bo disallowed hy the 
agreement of both countries. 


British officials here regard \ 
as highly unlikely that, after tht 
considerable difficulties in teach 
ing tho Bermuda II agreement 
Ihc U.S. would wapf to renege 
tUte it, as long as it is 'PTOwfl 
to be working. • 

U.S. officials nole with satisfy 
tion that, over the past FML thl 
standard fare a flight frod 
New York m London faj 
decreased by H per eent, £?o^ 
Dallas/Fort Worth to Xonflon bi 
45 per cent, and from- Lrij 
Angeles to London by 2ft per 
cent. Also, there Iras been $ 
great expansion . of non-stop 
international services. - ± 

But they still rail at what they 
see as unfair practices 3t s&m 
foreign airport*, where for.; 
instance, U.S. utrlin®’ 4 . Ip 

leave the business of lending jurifl 
unloading their passengers'..^ 
local monopolies. This, says th** 
administration, restrict* 41*- 
abiiity of U S airlines to cpm. 
pete for business. " ,? 


Substitute papers appear in NY 


BY JOHN WYLES 


NEW YORK. August 21. < 


THREE DAILY newspapers were 
on sale in New York City this 
morn in*, trying ro fill tbe gap 
caused by the 12-day. shutdown 
of tbe New York Times, the 
Daily News and the New York. 
Post. 

All three substitute news- 
papers plan to publish every day 
except Saturday and are staffed 
hy journalists, photographers and 
classified advertising salespeople 
from the struck newspapers. Al- 
though impromptu, they are 
impressively professional tab- 
loids. appearing in issues of 
between 400.000 and 500.000 
copies a day. 

First off the mark was the City 
News, which started publication 
on Thursday and had mush- 
roomed into a 104-page newspaper 
by Sunday. The Managing 
Editor. Mr. Bill Federici. an 
assistant city editor ar the Daily 
News, said that he was asked to 
start the paper by Hagedorn 
Communications, a New York 
publishing company, and that the 
response from local advertisers 
had been extraordinarily strong. 


Hagedorn had sponsored - a news- 
paper during the big stoppage of 
New York newspapers in 1962-83. 
■when the daily newspapers did 
not appear for 114 days. Accord- 
ing to Mr. Federici. the 28-strong 
editorial team at City News is 
being paid S500 a week, and the 
publishers have indicated that 
they misht pay a bonus tf the 
newspaper proves profitable. - 

Appear in c today for ihe first 
time is the Daily Metro, the 
initial capital of which has been 
increased bv an agreement with 
the New York Post. Mr. Rupert 
Murdoch, the owner of the Post, 
who is president of the New York 
Publishers' Association, has paid 
in advance to sell 150.000 copies 
of the Metro through the Post's 
distribution system in Queen's 
and Lone Island. Mr. Murdoch 
is said to be anxious to keen the 
Post’s <iibsrrihers reading :i 
newspaper. His efforts this year 
to reduce the number of editorial 
employees at the Post mean that 
many of his actions are regarded 
with suspicion. 

But speculation that the Metro 
is a surrogate Post, or even a 


potential substitute for that 
loss-making afternoon paper, ... 
have been denied. 

Nevertheless, the agreement 
with Mr. Murdoch and a couple, 
of New York eity distribulorp 1 
bas enabled The Metro to afford . 
the Associated Press news scr-' 
vice. Ute foe for which is about . 
810.000 a week, payable twor 
weeks in advance. This has 
helped broaden the newspaper's 
coverage, in contrast to its two - 
rivals whose stories are rooted 
in the city. 

The third newspaper, the New 
York Daily Press, which also 
appeared today for the firet time., 
contained less advertising than 
the other iwo and relied n>uch ; . 
more heavily on pictures. 

The longevity of the thren- 
pu hi ica tions depends entirely oh - 
the course of the strike by the. 
pressmen at the three established 
dailies. 

The publishers are seeking a 
new, three-year contract on the . 
basis of a reduction in permanent 
staff, which the Pressmen?' 
Union has so far refused to 
countenance. 


I!!;! P 


ri (ill 


Alaskan oil pipeline progress 


BY DAVID IASCELLES NEW YORK. August 21 

SON 10, the big Alaskan oil- committed to removing nine Governor Jerry Brown of- Otii- 
producer 51 per cent owned by pouhds of pollutants from the fomia, so Sohio hopes lhat it will 
British Petroleum, has taken ah air for every one pound it emits result in the early issue of a 
important step towards, the build- from its' own operations. How- permit for its terminal from the 
mg of a pipeline to carry ever, the company greatly needs local environmental control 
Alaska b oil from California to the terminal as an extension of agencies. But the arrangement 
Texas and the eastern US— but Us Alaskan operations, which are is still conditional on Snhto 
at considerable cost. The absence now in full swing. receiving a favourable ruling 

of a proper terminal and pipe- The arrangement with Cali- from the Internal Revenue 
line in California is contributing fornia Edison has the support of Sendee on taxation aspects, 
to the oil gLut on the west coast 


-ym-i 


as Alaskan supplies arrive with 
nowhere further to go. 

Sohio announced on Friday 
that It had agreed to instal STSra 
worth of anti-pollution equip- 
ment at the California Edison 


Sea law talks restart 


BY OUR OWN CORRESPONDENT. 

UNITED NATIONS, August 21» 

*"* 0f THE UNITED Nations Con- enact a Bill to authorise U.S. .: 
rts proposed terminal. fere nee on the Law of the Sea companies to begin ocean floor . 

This Is being done under an began a further four-week mining for manganese, vnpp er. 

unusual arrangement, the first session - today, with delegates nickel and cobalt The Senate-^ 
of its kind, whereby companies from the more than 145 states Commerce Committee already : 

to build production expressing high hopes that the has approved a plan to issue 
facilities in the area are required progress achieved during meet- permits. This omits any provt- 
not only to see to tnetr own ings at Geneva in the spring sion for insuring companies 
pollution, but also to clean up would be maintained. ■ aeainst the effects of any inter- 

somebody else s. thus to leave jp SOt they said, two more national treaty 


“VK ^ase C tiie^a rrarfeem ent !2" ,on * wer - e . 1,kel - w be held Mr. Elliot Richardson, the 
iavol^i the^reest DolluSm hi 1 ye , ar ' aim,n " al ,h / « mc,u ; chief VS. delegate to the con- 
Lona B^acb the local electricitv a * lrea 5 ference. is reported to have per- 

SSSi. 8, CUUM. EA&T * S 0 . pt ^. 0, Ji«?* r .« as J n “»■ .«WW tta state Department, 
Sohio is not happy with ibis 


Richardson, the 

nafo to th» mn- 


arrangement, which not only 
represents a far bigger outlay 
than is feels is fair. By its 
calculations, the company is also 


U.S. COMPANY NEWS 


General Mills sees record 
earnings; Lear Siegler bid Cor 
Cross. Page 18 


The first session of the chc- which earlier opposed such legi^ 
Terence was held there in 1973. lation. that it was good politics 
Proposed regulations for ex- to impress upon other deleca- 
ploration and exploitation of the tions that the U.S. will mine the 
mineral wealth of the sea bed ocean floor, whether or not there 
in the ocean depths, and provi- is a treaty. Many governments 
sion for all countries to have of developing countries are 
access to this wealth through an indignant over the move. 

Thn2? we€ks - tiDns. concentrated mainlv in 

uTiS’S 3 ? 0 °m s “ VCn different barga.niDE 


■) r- 

' V- v_: 


Temple 
killings in 
Malaysia 


By Our Own Correspondent 

KUALA LUMPUR. August 21. 
FOUR MOSLEM Malays were 
killed and one seriously injured 1 
by Indian guards -for destroying 
statues of Hindu gods at a 
tempi? aver the weekend. 

It .s not known whether Hie 
Malay group were members of 
any extremist religious organi- 
sation or their motives for their 
act. but the killing followed a 
spate of incidents in recent 
months in which Hindu idols in 
more than 20 temples in; 
Malaysia were desecrated. 

The desecration has caused 
considerable auger among the 
lnt Indians in Malaysia. 

The police, to a statement to- 
night, confirming the slaying, 
described the dead as “ randals 



David Lasceiles, in New York, reviews progress in the search for energy off the U.S. East Coast 


Flicker of hope on an obscure horizon 


AS THE SUN set along the New growing public awareness that on -the foreign exchange markets rare. The most likely is Exxon, and gas. “The odds on a find 

Jersey coast a couple of week- something needs to be done about the dollar continued its preci- whose rig is about 10 miles on the domes have alwav S been 

ends ago, a sharp-eyed beach oil Imports > pitous slide. There was a similar south-west of Texaco’s, close to better than one- bur of ten ” he 

stroller might just have glimpsed Furthermore, the appearance reaction a few days later when the edge of the shelf. Exxon said. “Bat I- have b»en usm" 

an unusual flicker against the of the oil companies’ drilling Texaco announced kts well bad recently announced, that ti was a one out of . five, though the 

dark horizon. If he did, he was rigs only a few miles off the most proved more productive than ?oiog to drill deeper than origin- odds lengthened with the two 

sharing in a big moment: the populous coastline- in the U.S. first thought. ally planned, to 17,000 ft. but did dry wells." 


significant discovery 




the continental shelf this side died an early death. Leases in 1 J l f e hopes- .‘wiouier reason was sl >c 2 \led Baltimore Dome. 
Of the Atlantic. As it happened, the area were first auctioned in tllat e i cn industry ex- shell Oil, which Is on 


SJJfl Jion and* production costs would Texut ntariv S *> mm SE ,, ei ^ es i; ' 
the w.i- be reduced since one well would New York Citv * ,00 ° ^ cs from 





source* oEnatural «7.0 MddrH JW I &HL «,****. 13.000 ^ £3 

r- n ^*5??.^?!?' inn In ...In T.. . 1 ^ n Usappoiot- noS activities, so speculation hoih of Vl and ei^t tioued^JthS 'that ^oo^ 


drilling pro 
the first. More 
be auctioned ejrh 
I bidding is bound 
influenced by wh.u 

Aftm- rh a t env ' eUn now . an d »hen 
After that, a new drilling 


The seml-submCrsible drilling 
rig Ocean Victory, is 323 feet 
high. This picture shows only 
a part of iL as it operates for 
Texaco and other oil com- 


. _ _. ui . — uiaoitpouiir UR m nnt w acaviues, so specuiau 

OAtetaR. But it Is still Wg. In earl? 'June ^Conttneotal denSS: ignorant and informed is rife, months oTgas.' hein „ .> 

far from clear what riches, if Oil said it had drilled a drv well. aooi « me size or me deposit, g_j howarar u w ^ , Deing delayed by court icHnm. 

any, lie beneath the seabed, and and a few weeks later Shell came or tts seographical extent Nor at j^ ed a disc^mible tinge or disenv eV6r, i«f faet that the first For all these reasons° — 

reports from other drillers are up with similar news. Shortly ^as ^ere anytochcation whefttt- optimism which can be summed ifoniJ oil b i< 5!° x i m l ty » the Ws shortage an d 

eagerly awaited. afterwards, the mass circulation ^ reserve “mid be exploited, a remark f rom Mp 0, b s desire to tackle the count 

The find was made to an area New York Daily News spiked commercially. U Aimer TsUS? «£ VSlftS 5^ P^Wemfr-tho S?rr 

that has come to symbolise the a report across its front page that To put the find into perspec- vice-president for exploration b? hillS nr £? nyon has to assume° a 

U.S. quest for a way out of its Texaco had found oil in the tive. Texaco said it would need and production. •• Our well is \he disc/ 1 J Sb - W or ™ rtiier far greater importance in 

energy problems: the Baltimore Atlantic. The company Immedi- to establish the presence of at first indication that natural ms ° For ^ technical and environ m , inds than mort 

Canyon, named after a deep rift atei> Put ou r a denial, but In least 1 trillion (million million) can flow from a reservoir off the mpnn technical and environ- opujnistic forecasts of its oil and 

in the continental shelf exactly dams so revealed that ils well cubic feet of gas. capable of Sstere seaboard of Slo U.ST SL^ It wi« 

i of hydro- producing 200m cubic feet a he said. “Thai in itself Is radical 


half way between New York and had shown traces 


Washington. 

Not that the canyon is expected vvnen Texaco finally an- what it is producing now), before does house and "could" Yroduee olnffoi .u™-,*!, P?** before it makes -i 

to become the U.S.g North Sea nouuced jm August 14 that it it would consider the deposit hydrocarbons." oin!L ed than oilfields. Offshore noticeable contribution. Texaco 

or its nest Alaska^— rather the had found gas. ihe news was a viable. u ‘rr*.:. s ^ . __ Pfomg technology is now so estimates — I_ 0i .L 


carbons. 

When 


Texaco finally 


day fi.e_ more than 10 times tive that thfs is a 


^ Even Tft do« 


nrn^i D fo Ca ; but “ ^ oii. so fields. have a to be ?rodurtiie marS^Mr’ 
province that greatrr chance of - beioz ex** will- na&K hnrnwi 1 .niaiij jcai> 
ouid srnriiMto bef °re it makes a 


panies In the group which is 
hut did not disclose thdr racial seeking oil and *,as off the 
origin or religioui background. J coast of the north-eastern U.S. 


or its 

opposite. 


tile oilmen are still bit of an anti-climax. Wall Sm-et 


This view is shared 

Fnr rhiff reason all pvp« have niarioc Vsn»n „ 




-Prt hv p * pin S technology is now so estimates it will take' veven to 
nf ^ Mr : advanced that gas from the Balti- ten years to dcveloo a flew tLro 
°I ffl0re Canyon wuitf be landed (Other compSSes sSy in fo 
Sn r d an ^bere from North Careltoa five years) .bv ^b“h SSi who 
-prtSC?* \ *0 Maine, a sweep of nearly 1,000 know^s whit ft* fiem 

spemahst m oil miles which includes Washing- will be. ^ Picture 





f/*. 



•tte C(J |fapan may purchase 
Canadian reactors 


UK maintains position on T ” de 

widens 


Y DAVID RSHLOCK, SCIENCE EDITOR 

CANADIAN Government natural uranium reactor . at Hr DAVID FREUD 
Japan as its probable point Tttkal Mura. t™ ttt , , , 


earnings 


in Israel 


By L. Daniel BY K. K. SHARMA A'JSW DELHI, August 21. 

TEL AVIV, August 21. THE INDIAN Government’s where demand Tor the metal is 
ambitious scheme to make sub- high because illiterate villages 


NEW DELHI. August 21. 


Japan as us pronsoie pwm ioxaj inura. . .. Tt „ lw e iT , PaT>0 re France and SfiSAbn between 1974 and it™ TepAvi -c ,™™ oa mnnt hi« amoiuoui scneme to maKe sud- mgn Decause illiterate villages 

.‘-entry into the international Prospective purchaser of THE J 7 * remained the worlds Singapore, This was due to the recnvenf^n h stan tial value-added gains by prefer to keep savings in the 

ear reactor market. Candu is the quasi-government second largest earner of net <5£f' W world insurance ”, exporting ornaments and form of jewellers-. Although 

r. Jack Homer. Canadian- Electric Power Development invisibles in 1976, Increasing her ^L 91b Ge^Lmy took over f rapldiire^n earoings from wa?comDared wSi th& oiaUel Je Sf Uery f ™ m “ npopted smuggling is claimed to have- 
• ster of Industry, on a visit Company, whidi announced in surplus from $4.2bn in the pre- position in 1976 in terms building and engineering con- period of P 1977, to reach P $725m. s0 und^rth^• 1Dt r»hf. effeC ^>, t0 r ai, be >° redu . ced as a «sulL gold 

fok T o. claims that them is buy year to S6:4bn, according STES/SSEi receipts with tractors consulting en&neers Espt&s^rew bySS^er anT?o me n^ned ftZ*' r* P " C “ ,D Yll Temam *“**■ : 

a very goo d cbaoee that t0 tte Committee of legible KS Sbn, 9.2 per cent of world mid architerts. . a net Sllsbn. but eioce imports ..^1^ i^.^ce of gold m 

ada wall succeed in selling *** Exports total, compared with the UK’s In the UK Invisible payments 

m its Candu heavy water A l°°“ c Energy S23_6bn. However, West Ger- rose faster than receipts between 


in its Candu heavy water « w “ c " **«"*“« $23.6bn. Hi 
lor. .. . to carry out a $L5m engineerixig The U.S. retained first place mamr’sdefici 

r. Horner said that the p?.™, 0 *,, with a surplus of SlS^bn in 1976, account was 
adian system would relax 2JL s . sSb? The up from $l3.6bn while Switzer- in the world 

ehfd 8 atucty will be completed by next land was again third, with $3.7bn. Total lnvl 

cned uranium, since the - . . ™ _ • . creased from 


1 1 0Ro«>*t 


v-utsu vjvwniuu, siuLc me enrin? - mt. „ . creased from ozueon in lore to wwi scaur ui 

du reactor is fuetied by ThZ' «!*-, „ rnnnoo j iaese were prepared $225bn in 1975, up 7.7 per cent UK invisible receipts between — - putdosc out iup sLaie ±sanx r.„„ ... . 

iral uranium. -CnSu ??« for to® committee by the Econo- and S245ba in 1976, up&9 per 1975 and 1976 was travel, which of raw materials and mtermedi- l0 .. JJ such C . 0mn3 ,® rce Ministry- lor import 

rood* swpplios about 40 per S* tto“or^°S nd sts Adyi S ory Group, an lodo- cont^ “ ^"SS StaJSfE. ‘S’S’VS JSSff £ £ — t JLSK, SJHfc'SJSS.S 

• of Japan's nuclear fuel re- of Honshu, Japan's ' central pendent economic research body/ This was much less than the p ?F n Sier* Jam uar?Anril 1977 *and value-added gains will be made. J nol connecwd with the Resen-e 

'emews a* present, hut toe Island. Japanese Government and appear in the 1976 edition mcrewe of 303 percent recorded ^ thesSo^wWOie^I auS Sports of Capita" goids by 33 . O fflc “ b estimate the increase Bank’s auction and no monetary 
naum as enirched by atae VS. approval wouW be requited for of World Invisible Trade, cover- fj* 1 ? 74 : .Jbe committee states “LSSJ JJ J a raSS Per cent Those of constuner f ^ign exchange earnings to go]d is inV olved. 
emment before being ship- the project ing the invisible trading of the f f 1 1 ! nir *S h]e t**.? w “ M ^I ere - ly changriiXst. PW»ente e £^ re a Se(J se b , only 7 per be something like S250m a year The Ministry is ensuring that 

to Japan for its UA- Atomic Energy of Canada has *,7®. bit by the world recession in . , ____ y within a short period. imported gold is not sold in Lhe 

^bt . aaa ■ may.a Tn ™° zl -s,- ss; ^srsxsssttE t* ^ ^ w, re 33 Per ». - - p 

aKwSsS JIMUS SS3S£ .^^"SS'TT 1 ”S '7 5L*rstfZ~* I. 

118 ently made In the course of more t ^ an *2bn, though there receipts from “other services," sixth of the UK total surplus on 
MUrtlrtS ^exSort mtS for were six, Spain, the Netherlands, which went up- by 46 per cent to invisibles. • 

7f. “S-fS. Candu with Korea and Argentina. ! : — 


by U^. a«actor canMan Government sacked 
|I y~'.' ^ ’ Dr. John Foster, its chairman. 

“if 

China pyjamas project 


ASEA induction furnaces deals 


BY JOHN WALKER 


STOCKHOLM. August 21. 


S560m> Other 'industrial “**««“ ^ .puienuaiiy *k U tnrougn uusioms nouses in 
exports" rose by 35 per cent to s° urce o| To reign exchange earn- Delhi. Bombay, Calcutta and 
S740m and agricultural exports ' ngs - . Mu , ch ^ . P 1 ^ 6111 Madras. 

rose by 22 per cent, with the deman d for Indian jewellery For the present, registered ex- 
share of produce other than K™ thfi n Ml ? d1e , - P° rters af Sems and jewellery, 

citrus reaching 60 per cent of the The Reserve Bank of India is co-operative societies ot ccrti- 
total against 50 per cent a year separately implementing a Red goldsmiths and some other 
earlier. scheme of auctioning part of the exporters can claim the im- 


- m WnmauLlanJuriM: cars win be S old reserves to regis- ported gold which the Govern- _ 

ASEA. the Swedish heavy were responsible for induction Another order amounting to • “t-t*” T x-_ .t,, fl _. tered goldsmiths and already ment will buy from international 

electrical engineering group, has furnaces • being chosen -by Skr 100m is for two ro/ro ships aiah - e “'“ c h ‘"““ ‘ hi “ " J — ” •*-- 


TOKYO, August 21. 


received two orders, worth an Fagersta and BSC. with delivery expected to he 

Jy Robert Wood TOKYO, August 21. undisclosed sum, for large indue- 1 In terms of size ^ 35 tonnes/ completed in 1980. £1300di^>w l 

A HAS agreed with Japan's Chinas National Textile 1 Import and steel^SdiSry^The 1 orders wUl^ amone^e^iargest T ^ P '^ J ? om C ^ pe ? hageiI i Parted.. modcJs 
nto begin joint production and Export Corporation: Itoman are from the Swedish Fag erst as SStaJlSluoLev SSueSni Jotiand Ttlephone Aarhus of (Oars m Inile 


with delivery expected to be time in about foiu- 
completed in 1980. c^s wall be between £1.100 and 

£1,300 cheaper than similar im- 
*-** nI — , ' Tc - f-*— #'«— ported models now sold ■ here. 
_ . (Cars in -Israel cost exactly three 


JW 1 MI |fivuui.uvai OA 1 U AJU1MU14UUU. IWJUdU aTP TrOffl THA OWPfllSfl T aEerSLaB inifiiAtinii f. lfL — « w- ™ . w ~ 

pyjamas under a contract itself is a large-scale textile steel c»5» “SS^SLS-^! 4 .5.* “? »! 


eight sales have taken place this bullion markets and sell to lhe 
year. This is meant to check exporters at a slightly sub- . 
smuggling of gold into India sidisod price. 


ASEAN plan extended 


BY WONG SULONG 


KUALA- LUMPUR, August 21. 


vuiuu a puuuuu. iucu ia a uugirtuue iuuic oieci concern and me xtnnsn ■. . ■ .j ..j.. — — r---- w*—* umw-w* 

;ed on contracts used for tex- trader operating in both. foreign steel Corporation. ASEA claims JlJedfo? reradSmestMl ^scrao for 1^, 1 L ariis ^- £ u Mft IT T^ Romajuan vehicles are 

and domestic Japanese. markets, that these orders are a major £2* £i£ ^oSdSftS? t£ under Hcence by JT 

rto Meanwhile AP-DJ reports that breakthrough in iron and steel furnaces f„r the BSC are two- a . fuil y . B lectr0Dic and German firms which BY WONG SULONG KUALA- LUMPUR, August °I 

rje m „^l^ attractl0 3, M ^® Sumitomo Metal Indnstjies has melting techniques. induction S-onmeltina phone exch ^ e f . or * e Clty <* control their quality, according " 2 

J ^JS^SK sent a 14-member t teim of The common argument against ?Sd hare a taS Horsens This is the second ^ ^ Haitfa firm ^ich will act MEMBER COUNTRIES of the months of this year, exports 

uS r, iSLl?“n JiSSiflfiSS ePBiPee™ ^ China' jDr::4nal the use of induction furnaces has SSSS of toSes/hour * ^ prder ,'^ 1 ch Telephone ijnporteK for toe Romanian Association of South East Asian totalled SU.S. 483.6m while 

negotiations on a Chinese; plan been their relatively modest pro- of ** has placed with ITT for digital Nations (ASEAN) will launch the imports were worth SU.S. SOS-’m. 

'* t0 construct a seamiens , steel duction capacity compared with •.The state-owned Karlskrona exchmiges within the past 12 _ ^ second phase of their preferential Singapore remained Malaysia's 

S Pipe, mill at the Pao. Ch iron arc furnaces aid thdr limited shipyard in southern Sweden has mon ths. .d2B» coSS£d£w to *S lradiDg arran ” ement n «t month leading trading partner, import- 

«£SS works near Shanghai. ■? refining capacities. But the indue won orders for ships valued at ^ 5±ff?vf2K2!S5v JE by extending the scope of their ing SU.S. 415m worth P of 


md ’ "iZZr '"the p f =«rope. " ' ; 1 favourable process economics oU pollution at »*«. * 

jrkers of South East Agtan i --t 

■un tries like the Philippines . 

id Indonesia, where wages are SELLING TO' CHINA 

so lower than those of Taiwan, . _ _• ^ 

ong Kong, and South Korea. He a . dP j • * i I. B_ * **+A**~+. 9-v- ne aaaeo. me annual vaiue 01 -j .*«*- ^..vx ««»-*% jm, *u.»vw. .15 

irne on^e of the W worid’s major A game of D^tlCOCC Wltll IllSu StSKCSl Steel for Russia countries on these items " is disclosed that construction, . 

One problem* in dealing with ^ W ? Ptant E^eering pan s ^ 0 ^” 00ds Si? * 

hina. the official added, is that - BY JOHN LLOYD ■ !£i 2LS JSdSKmSto originating from the five ASEAN “ VWt*m rapidly and they 

MANY ,f the 13 Indtthill.t. trip an his rejurp. used Mr. problem. »d they are werWne M' taA “ J |»J <•«. ygjr J", “g ^ SSSSS^nSuSd “d’^e S“™rw c"op«a“5Sf 1 “ I 

“ r “ sffwstwatrt gaaBGsva T„r „„„ 


DCLLimu iv ynuiH 

A game of patience with high stakes 


white toe Mssraver car Md covered -only 71 items when it sugar. . 

pick-up haJf^ Romani an -buik was first implemented at the start O Canadian Minister of Indust^, . 
and w^r-boxes pf ^ year - £ raUe ^ L »ra™=rce idr. Jack H. 

‘ Under the second phase of the Horner and South Korean - 

scheme, another 775 items will Minister of Commerce and Indus-*, 
.be added. The annual vaiue of tr >' Mr. Choi Gak-Kyu, following 
GfAAl fnr PlBCciQ trade among the ASEAN* ? n annual trade ministers’ rneet- 
MlCCl ltPl JVUSdlO. countries on these items is “S* disclosed that construction. . 


Oi Ohjn 


— In fUa Aqrlv TQTnc jAhTi \ r . .. „„ 41. i:u 0 t w uiounui oudUidQ Vi v»ui*u munu . “* — ^ . — M amuutu iv tut * wui' . . 

IM-CHEM. a Cheriurfr-based Brown had teotttSl with the r^u^nients are not well sign- behaves that other factors may th 2l^ e r^^Lf eT l°’jf ’ h??n mol earI lr r tfais year for , the ^PP 1 ^ iT * tJustries - . ' restraints affecting major Korean 

imon Engineering company, has chfaesefor toeSe of gas tiir-nASdMrRobert A'd^chai?- V 0 X^J n 11,6 UK>S fav0 F'- British 3 of 2,000 J 8 "® 6 * of AP-DJ adds: Malaysia’s trade export items, including textiles, 

igned a contract in Moscow with bine^usS in ti^generltion of TavInrWoodrow’anda “T 116 “ain competition tens {JJJfJj iTlffa 5rL b h*t nftS^madP steel for ^ constnJcn . on of the other ASEAN nations rose footwear and handbags, and 

echmashimport for the upgrad- electricify^e initiations were SSrimev^itor to China com- obviously comes from the Far j£5 f_ us f f two methanol plants situated at substantially by SU.S. 99.1m to requested an early termination 

S55 SS«' 3 ® SffsanSSS^Btt SUS - 7826ra ia 11,6 &St Six o^eserestrieve measures, 

mnes a year titanium dioxide pressed to know how many tuiv more evident." and that three Chinese dSn? wanttop utall conversations wito his opposite 
... fh . bines were required. “Not less ministries would routinely he gj, P U A*“ numher, Mr. Li Chi'anfe, Minister 

tha “ ^ ? e T L nV i riable involved in .specifying and ggf J§®L : ' n . 0 if ihS wUt to of Forei S n Trade, were directed 

aiwver.-Tn the end, John Brown approving one purchase. Sy eSand 9 their Sad “ «t assuring him that theuntiation 

and rate ^ pow well down. «d 

oviets with a better gSide of S^axrand % nSmTof S m able to discover first, that Chinese know what they want: ^at British industry was fully 
le pigment which is used as a Chinese gas turbine market, car- there were in which “They are competent and intelii- competitive. . 

hkS to dS DlStelmd SfnthfStSSin? « 15 U ^ Taylor Woodrow might become gent and they understand what For Ws part, Li made it clear 
nucnei* in paints, piasncs ana renoy gancting at 15. e involved and second, that the UK they are asking for." said Mr. h ® ^ ?*™± 5 ***£ 

-IH!: Mr-.Pen. commenting on the con^ctjop jndustiy could bene- David Chapman of PE Consult- negotiations, and that the Bntkh 

— — — •■' . — 1 fit~lf it tried. “There are ants. “They had dwie a lot of- jnanufacurers w°nld not waste 

.•••_ opportunities for the construe- study before we came, and they , ir time Jn the talks arranged 

tion industry there — but they knew exactly what the role of “em with Chinese officials. 

'have to be excavated. They consultant was, and had ideas _ No-one cared, to put a precise 

\ jP^> • aren't lying around." about how they could use us.” on the size of the market 

•—* : .. _ :,fc. Aritar Knlflbt. dntau. J 2 &S^*Zg*'!BJt! 


S’ i- '.»*■’ 

; i K ^ t 


This advertisement is issued in compliance with the requirements of the Council of The Stock 
Exchange. It does not constitute an invitation to any person to subscribe for or purchase any 

shares. 


DAVID S. SMITH (HOLDINGS! LIMITED 

(Incorporated in England under the Companies Acts 1948:to 1976) 


Midland Bank limited 

U.S. $50,000,000 Floating Rate 
Capital Notes 1983 

Forthe six months . 

21 st August 1 97&to 2Tst February, 1 979 
the Notes will'carry an 
interest rate of 9^ per cent per annum. 

Listed on The London Stock' Exchange. 

Principal Paying Agent: 

European-American Bank &Trust Company. 

10 Hanover Square. Now York. NY 10005, USA 
Aocnt Bank: Morgan Guaranty Trust Company of New York. London 


of Courtaulds is an old China worthwhile for British conult- °r by sector. “Well over £lbn." 
hand? campanv now exports ants to mount their own demon- agreed two of the industrialists 
OJhn worth of Paint and fib^ to to the Chinese later this £, «» 

M^wurnmraiiUe fortoe^ coS ? Most of the deals which have that if Davy and British Steel 
rtXetim ofT fibre Slant He was beeD announced to the past ™ a contraet for the constnjc- 
KSd with toe complSeS weeks— either concluded (the tion of one of the 10 steel plants 
S P thfco^lerrion to ■aoES Davy £40m petrochemical plants) which figure in- the Plan, that one 
tradto! ^Sticy and toll or under final negotiation project would be worth over 
Kiration for the ambitious (™toing equipment worth around £lbn Other manufacturers con- 
tarecS set bv thecurrent St £100m Anderson Dowty tented themselves with describ- 

lin and Gullick Dobson) or tendered tog it as “vast," “massive " and 

f™ . ' _ . ^ for (a fertiliser plant worth incalculable.” 

Yet the country js so vast y7Sm, by Northern Engineering The manufacturers are 
and underdeveloped that you industries and Humphreys and optimisticr but possibly realistic, 
.■can t help thinking it will take Glasgow) — were initiated months Chinese two-way trade nearly 
a long time to realise the goals before Mr. Dell's trip. Concrete doubled between 1973 and 1975 
they have set themselves. And resets have still to show them- (admittedly from a low base), 
of course, every foreign trade selves. What do the industrialists it is thought that it wiH double 
deal must go through a number think of its effect ? again by lsso, and triple by 1983. 

of processes. “The trip. could not have been In a relatively depressed ’world. 

• “But the Japanese and the more timely” said Sir Derek China is indeed a start in the 
Germans have the same Ezra, chairman of the National east. 


SHARE CAPITAL 


Authorised 


£1,250,000 Ordinary shares of 20p each 


Issued and 
fully paid 

£1,082,368 


The Council of The Stock Exchange has admitted all the issued shares of the 
Company to the Official List. Particulars of the Company are available in the Extel 
Statistical Service and copies of such particulars may be obtained during business 
hours on any weekday (Saturdays and public holidays excepted) up to and 
including 11 September, 1978 from:— 


21st August, 1978 


Laing & Cruickshank, 
The Stock Exchange, 
London EC2N1HA. 


r. 






- At the intersection of Europe^ hyw^s,atthen^or 
junction of Europe's raB network with direct waterway 
connection to the United Kingdom, Belgium, Pranc*; 
The Netherlands md Switzerland, aid with an intemabonai ; / 
* Drive-in Airport* only a fifteen*mmute run from the townj . - Aj 

This geographical key position in Europe is offered _ h n| 



Industrial banking and insurance centra ffigM 
Europe's venue far international trade -tors and exhibitions. "ftgSt 
A market of four mflBon people, 

With a trained manpower for trade and industry. • jgg~3 

Cologne offers developed Industrial sites with. .pBBt 
immeefiate access to transport facilities . . 

' and In sires to suit everybody- 





f Piease send me further 


C^.of Trade for 2000 years- mate It yours! 




To : Stadt Koln 


AmtturWirtsdiaftst6rderung * Company 
D 5 K6ln 1, Am Hof 52 / 

Western Gexmany * 

Mr.J.ANayfer * 

Wemafional Trade Fair, Agencies Ltd M idea hom- 

C Old Bond Street. London W 1 X 3 DB 


Phone: 01 4090956 









6 




HOME NEWS 


Financial . Times Tuesday _ _ 


Property 
sales cut 


Motor trade sales 


British near record level 


Land debt 


BY MCHAS. CASsaL 


By John Brennan, 
Property Correspondent 


BRITISH LAND, the £210m 
property group. has sola the 


THE BRIGHTER sales picture 
established fa recent months 
by the motor trades was muter* 
lined by Government figures 
published yesterday. ' 

Statistics fro mthe Depart* 
ment of Industry show that not 
only have car sales continued 
to edge up towards record 


345.000 sq ft Liverpool Exchange , f 08 ? record 

Buildings to the Coal Board's . ? j " ot h®rfhess for asso- 
pension fund for £8.6m. cute ® lte f nSf as tyres, 

The sale forms part of British spares, and accessories has also 


pension fund for £8.6m. 

The sale forms part of British 
Land’s £29m property sales in 
the year to the end of March 
1978. In the gronp’s annual 
accounts, published yesterday, 
Mr. .Inhn Ritblar. the chairman, 
reported that a further £14m has 


been rising. 


while used vehicle sales in- 
creased by 32 -per cent over 
the second quarter of last year. 
In the first three months of 
this year, used vehicle sales 
had risen by 23 per cent over 
the same period last year. 

The Department also cal- 
culates that the sale of asso- 
ciated Items such as petrol, oil. 
servicing and repairs rose by 
14 per cent during the second 
quarter, a repeat of the first 
quarter increase. 


between dealers in addition to 
final sales; 

*nie figures do nevertheless 
tend to confirm that the motor 
sector as a whole is heading 
for its best year since 1973 and 
nrigjit possibly be on the way 
to a record. 

This month, car registrations 
could challenge the record 


Prices 
of fresh 
food rise 
by 1% 
in year 


Toll of the price war 


ifjvil s< 

a& eT 


THE CASUALTY rate in .the 
High Street price war, which was 
intensified just over a year ago 
by Tesco’s decision, to drop trad* 
ing stamps. Is. now beginning to 
take its toll in the retail grocery 
trade. 

The main casualties are the 
small supermarket chains and 
independent grocers unable to 
compete with the low prices and 
high turnover of the large 
multiple chains. 

Last week. Barker and Dobsdh 


advfgo- 


..... «... shop devetopmexrtsV : aduW 

NEWS ANALYSIS services: national advertising^ 

special regional promotions: i t 
m a range of own-brand predoo 

w for sale at lower prices, , 

U|au CTDFFT In addition, the; yoluoiaji 
niwil 3 ■ Rtfc a symbol groups hove each foray 

Mjtffiijii wife a dose alliance with a nun 

CASUALTIES wholesale supplier. Book* 

McConnell is the domlnsj 

BY DAVID CHURCHILL. «L 


HIGH STREET 
CASUALTIES 


c*U 


; aafu?# 


newly-merged Linfopd Hoi 
and Wheatsheaf are the 
suppliers of Spar and V.G, 


“ML "ttn. J. auu UUUWI1 ... ... . - t «_ T_ -*s — - — 


^ ITS atout a 35 pS dem grocera. however, Is tbJ 

Other trade sources estimate that ZS? Iy i, a « g ^ their stores are simply too’ ms 

financial TIMES REPORTER at least 19 grocery shops ■ are cent sbare * - to compete economically.' wfi 

shutting each week and the fate Thus, ' the multiple super* i arser supermarkets.. The fan 

ESH FOOD prices rose bv m % 7 be risto& .market chains are. in a much tute o£ Grocery Distributfij 


August l&73tnto! ot 2.14000 FRESH FOOD prices rose by De nslD& .market chains, are in a man tute 0 f. Grocery Distrilrat& 

001, on. per cLt & rj£LP5. « a!0nUn «L. t » -ft* *»»»« found that eight outfit) is* 


year to.J&e compared *w«hf ^*.5 ^52 PHS-MS- 


According to the Depart- quarter increase, 
meat, the total turnover of the 

motor sector and its associated Prjpp „},n naM 

trades was 26 per cent higher * Tlce CUSuIgeS 
fa the second quarter of this The turnover st 


vehicles. 


vious year, according to Price 


Sales estimates for the Commission figures published 
private sector this year now yesterday. 


been raised from property sales year compared with the same 


since the year-end. period last year. 

p _Jbese sales, after the group’s New vehicle sales rose by 
£50m refinancing package last 40 P*r cent between April and 
autumn, cut net debts to £125m June, following the 45 per cent 


against shareholders’ funds 
shown In the accounts at £49m, 
but rising to £62m on the basis 
of a nDst ypar-njd revaluation of 
group properties. 

The largest single Mem in tiris 
post year-end revaluation is tie 
™* f f am Ia5 * ****• £51 m to 
*™n “ the open market value 
of Plantation House, the 
345.000 sq. ft freehold City of 
London office complex acquired 
by British Land for £27m in 

1970. 


Increase In the first quarter. 


The turnover statistics are, 
however, at current prices 
and movements therefore 
include the effect of price 
changes made during the 
periods under review. They 
also reflect transactions made 


the commereial vehicle side, 
with sales fa the first seven 
months of this year running 


Of lies raid fav^fareF^ almost 20 cent fatoe tion ’ s ' *«* review the lteh both a trading image and £“fl in si*- ' t ” 

ot saics could involve foreign 1^ ye „^ cc £ L dj] £ own-brand products, and^ take Most multiples have dose 

advantage of their stronger stores of this size and arc seel 
. financial position to choose fan to develop stores of.lOjDO 
prime supermarket sites as well 20,000 sq ft, if not larger. 

as open larger stores. y.G. acknowledges that tb 

pushed" orices'do^‘' 1 “'~“‘ i “ w “ - Such a trading position is not very small shops are uneconomic 

The Commission’s fresh food - new „ bu ‘ ? e "“the Instead, it believes that stores a 

prices ind^coverfaf number of independents dropped - HSSSJ5*J"S“* S®? have abw,t «» ■*/» are suitable fo 

vegetables, fish, eggs and meat by 3,000, compared with under gnomic trading In off-Higft 


range between L5m and 1.7m Bumper vegetable crops were 


vehicles against L66m In 1973. Produced, but over-production 
The picture is also bright on pushed prices down. 


S PAR 


more than 14 per cent up on a [shows that fruit and vegetable 1,000 £or the multiples. 


year earlier. 


Electrical contractors press 
for State-backed registration 


These pressures include not street locations. £ 

ily rising costs— such as rent. But it is encouraging tfcj 
tea, and lighting — but the development - of larger stores- 


BY PAUL TAYLOR 


prices fbU 6 6 percent Although proportionately this rising rent. But it is encouraging tin 

mas^'cSST* Y V ™Var‘^u r n“er f «S e SmS SSe LSfidm^f’wdSt de '' el “' ,ment ° f lwser aBm - 

-srsSi^^sssffl slss 

auscsr* 5a^^ , 5«fS^wa !!t 

The one per cent increase stores w Increase tbeir selling ™ pnees. 

would have been even lower but apace - - Unfortunately, small grocers 

for a seasonal increase In veee- Tesco’s new superstore In unable to generate sufficient 
table prices due to short sun- Bastl do“i Essex, is the size of 20 turnover increases to justify 

plies, of the new crop The ind«i typical Tesco supermarkets or up cutting prices in line with stores 

rose 11.4 per cent in the thrw 10 100 independent grdeers. such as Tesco and J. Salisbury, 
months since March this year Yet the sqneeas on small _ Tbe solution, adopted In the .. . „ g v Q«_ t0 comDet * 

-JWS« slowly IE2E “5SS5LJS «* S.iiiSfJ'S CKL2 in the High sSret with % 


Jfr. Riaiat ^-t^rThe ^oci.Uon. hfvtt&TSZS Slovrin^ Sty -far thTSooo SdllS JSfi S ^° aaZ increase gf^uble stores and run them 

revaluations bad not all been .p* Ration, which has GovernmentMiSS to »rSp SeTeWloyedby^ asrada- ESSjf*. J 61 ? 1 P rice bidex r • 

incorporated into 4he accounts been lobbying support for the a reulstrv Board. Mr Brue« tion’s *i Rnn mnrnViam ..it +« for_seasonal food up from 179 0 - Yesterday, one of the large 

aw: MS e srrSit rsss5&' '' wS ^ s f^ ^t“^ percentinthef0!I0W ' 

restorati^of a ^mdondthis ° u . t U»t on SStroSi im.teur rtortK UndK^ 0 ^„. d ,?. t ‘i'i 2S"SS*™SPL ,0 J!" ^ 



Repairs 

start 

onF-llls 


W. 10 about £1 - 000 - Toe existing remained unemployed. 

Tn3li bSn C r nn Si ^L EleCtnCal scheme for larger contracts The scheme would be In 
Airtlnnllh i?SS? in I‘ ensures that work undertaken by addition to normal redundancy 

av^iSdi g th^«nHSn fiB kI?i S a D I ember w . m be completed at payments and would be financed 

• beUeve J contract P nce cven If the from the employer contribution 
some households Are. ha ving-work-m ember- -goes bankrupt scheme. 


shopping bag. 


By Lynton McLain 

THE first of 19 United States Air 
Force fighter bombers to be 
maintained in Britain arrived 


Festival seeks business backers! 


BY RAY PER MAN, SCOTTISH CORRESPONDENT 


Holbom 

offices 

go-ahead 

Financial Times Reporter 


present 100 by the end of the 
year. 

While the small unafE7iated In- 
dependent is undoubtedly being 
squeezed out by the present com- ■ 
petltlvc market conditions. V-G.|rtT*\'w 
-and the other groups hope that! j;] t ’ 
by concentrating on convenience .^ 3 » 

a long-term market position still 2 

shnnk'npr I*® 1 ? J^Pective Other retailing scenarios tuff-lffTPil 

f n^ P t^. P vf !? ,r 1 ^vantage of their joint bulk gest that shoppers are going TojlL* ** 
th ? iudimeilts of. buying power from wholesalers, continue to seek discount prices - “ 
st< £® . . . Of the toial estimate of 73,000 and bulk buys for most of their , , , > 

vr ™ “ e S } ^ ^ independent grocers, some 21.000 food purchases, while still happy ’ " 

th! V3J a l2^SP-!%P M LP art of a -to go to a local convenience 

the bulk buymg strength of the The main groups arc VG, with gtoTe for small items. 

group and its national brand 3$W stores and 2.1 per cent of In the U.S.. the "Mom and ' 

, * . the market. Spar and Mace with Pop " convenience store Belling ' 

5 ?5“, voluntary groupings about 4.000 each, and Wavy Line non-food Items as well as basic - 
probably stand the best chance with just under 2,000 stores. foodstuffs are on the Increase, 
or surviving the price war. In These four account for about Whether small supermarkets • 
numerical terms, the lndepend- 12 per cent of the grocery market in the UJv.. trying to compete 
ent grocer dominates the retail '-—the same share that Tesco has just on food alone with the 
t0 5nL , achieved on its own— with the larger multiples can survive a 

inere are some 73,000 inde- other symbol groups accounting prolonged price war remains 'to 
§^™ ent i atores * compared with for about 8 per cent of the be seen. 

agh S ‘S eet ““Jtipfes market Tesco and the other main . ' 

and 6,000 co-operative stores. By joining a voluntary group, multiples obviously feel that: - 
in terms of market share, the the independent grocer gets the size will be the crucial factor for 


ier 

bv 


wSre VST*"** fsywa.'-jss E 


pyrotechnic ejection Astern and '® Benue ’ “. r * Jobn Drummond, ship, as if the money was some- 
oSermaintMiancetasE directordesignate - of the Ed in- how tainted. 

British Aerospace has shed sSTunL t sponsorship was under- 
more than 3,700 of Its aircraft * -f- e _ sa > v little prospect of the taken by. pnvate companies not 

manufacturing workforce In the burahDtelSet h° r 11,6 ®?° d their i? ,b s bat 
last three years and concern £ b ! e because 11 made sound business 

about long-term prospects £ *25®?* . , 


o The Times." growing Interests by givine 

— Taylor Woodrow the contract to 

✓-11 •■■1 build a 125,000 sq ft ofllce 

Chilly. summer.. 

deters sharks have a ^itel^fae^fmore^San 


Liberals ‘party of the past’ 


manufacturing workforce in the 9^ E din- for the good of their souls, but j pflSceb lock of this size would W, J \JA. I'tlv 

last three years and concern P ?p*l5 Ct -SlS d i- b n ,ng ,fc b i e because il made Sound business flGteiS SASliS have a capital va toe of more than . \ 

about long-term prospects to In *5 ease substantially their sense. mTT ^. H5ra at current rents. BY 0UR SCOTTISH CORRESPONDENT ’ 

forced the company to seek supp0I 1 for tIw festival budget “Businessmen have to be THE BRmSH sainmer has been The 18-month contract is likely jjm T>f?r TOP , m ™ , . 

alternative work in coming years. shown a carrot and that is 80 bad -that even tire sharks are to be worth about £5m to the REG ’ PRENTICE - Sometimes at is obaimed that NE, is seeking nomination to 

The maintenance contract is roc Petroleum, which gave usually involvement with some away. None has been contractor. former Labour Cabinet Minister the Lab-Lab pact has been a the safe Conservative seat of 

likely to keep 100 skilled aircraft J 35 ,000 Awards last year’s pro- excellent event landed at Looe. Cornwall, to The group recently . acquired wbo ^ * member of the moderating influence. This is East Renfrewshire. Selection 

workers employed at the Filton ™P°° Carmen, is again the “Inevitably, a lot of monev is “ 0ire ,1iH »e weeks. Lobe another major London develop- Conservative Party, last night nonsense. The Government bad will be made at the be gin Ding of 

works, near Bristol, until Novera- f , v ., s , 8 fffn5 po r nso ^ 11 bas going to go to the blEEer arts J? (regarded as the centre to ™ ent S, te on the south bank of attacked the Liberals for keep- to slow down on socialism, next month, 

her. contrlbated £10.000 for the Royal organisations with most Drestiee Britain’s shark, fisfaears. Thames, near Vauxhall the Government in power, because it lost Its majority. The Last night’s speech and a 

'Th* n t Shakespeare Comoanv’? nrnHiw^. . " T* ,r p . u ®. _■ Tam] Bndae. Plane fm- a qnn nnn M _ T.ihAnk i../. „ ii, n oktin, a 


speech and 


exhaustive USAF survey of of the Arts, which represents there has to be a euarantee of London area. 
Filton and its workforce. ui^ 

Filton employees have been * “ 


Hotels for £1.65m. 


la Labour GovenunersL 


working at the USAF base at 
Lakenhcath. Suffolk, changing 
the windscreens of a further 45 
F-lll aircraft. 

British Aerospace said that it 
expected further work to follow 
the initial contract. This could 
involve conversion of ‘ nine 
British VC-10 aircraft into aerial 
refuelling tankers. 


Toiy victory will bring 
tax cuts, says Whitelaw 


FINANCIAL TIMES REPORTER 


tfirPfltPnC ai ^ ®*pitai transfer tax if they solve the problem of low mentary on southern disoem- 

*J*<*£*'Z Llllcdtcilb win the election, Mr. William Productivity. ment that when some time ago 

r*aKlck torminol Whitelaw, deputy Tory leader, ®y reining back public Peter Canipa sent a trial con- 

LdUlt lElISUildl says in todays issue of the spending and shifting to indirect signment of his Manx kippers 

DOZENS of firemen yesterday P ir erior, the magazine of the * axation -. a Conservative Govern- to London customers were 

put out a blaze at the Iran*- InstJ tiJte of Directors. meat will ease sume major initially reluctant to buy them 


THE CONSERVATIVES will force and constructive attitudes 

reduce income tax, capital gains from union leaders were needed IT IS SOMETHING of 


;elist who wears 
nonger’s coat 


®£rSf« aghts ma: 

Mr. Prentice. MP for Newham Northfl^® works at ‘y 





WO 


atlantlc cable terminal at Oban, In an article containing the I!!!? 1115 on tbe econon y ^ Pro- b »cauM they were not -red 
west of Scotland — a key linking views of spokesmen from the * t0 F®.^ 1166 e ^ en - en ™ u ^J* „ , 

point for telephone services three main parties, Mr. Whitelaw J“ aU > . e very rate of !ncome tax. To Mr. CanJ pa, manning drrec- 
between Britain and North) promises that there win also be “- 1 tax oand ^ t0 cut tor of Deveraus. one of the big 


America. an annual “ discussion " . by the gains tax and capital producers on the Island, kippers 

The Post Office said that tele- Government on pay- rises. transfer tax and to phase out the of that variety are Red Indians. 

Phone sen-ices were no, affected. Ten incentives for a. worfc . ™ , "“ , LSTiSJ ‘S? “0“’,“ 


wm 


smmm 

rmmm 


APPOINTMENTS 


Gold Fields group 
chief executive 


Mr. Rudolph L J. Aguew is to Mr. T. W. Harrington, formerly 
become a deputy chairman and chairman and managing director 
S^* U e£r^ £. f ^ xeciJtiTe of COsV of Goodyear— Great Britain, has 
SOLIDATED GOLD FIELDS from been appointed director inter- 
September 6. As previously national accounts, for the’GOOD- 
announccd, Mr. Gerald Mortimer YEAR INTERNATIONAL COR- 
is retiring from the position of P0RATTON. He wffi also be 
group chief executive but he will responsible for government and 
remain on the Board. Mr. Agnew ti-ade relations and policy and will • 
has held various appointments in continue to be based at present 
the group, both at home and over- company headquarters in Akron, 
seas. For the major part of the 
last ten years he has been chiefly * 

engaged in tiie development of Mr. J. H. Hllller has been 
Gold Fields' interests in the con- appointed finance director and 
struction materials industry in secretary of GEC-HENLEY He 
the UK and North America, was previously financial controller 
through Amey Road stone Corpora- of the engineering division of 
tion. Mr. Agnew was chief execu- Lamson Industries, 
tive of ARC from October. 1974 * 

until July this year, becoming _, Mr - William Albon, Glasgow’s 
chairman of that concern in 1978. Director of Libraries, has been i 



[appealing hue, and forced in an 
electrically-heated kiln roiind 
which smoke has been blown by 
fans. . .. 

On the Isle of Man he does it 
very differently. Two of his 
employees spend most of their 
time throughout the year collect- 
ing and storing wood shavings 
and sawdust from building sites 
and mills for the 10 fires which 


readily admits that 1 as well as 
eating the occasional kipper at 
work, as do manw employees, he 
would be willing to eat fish every 
night for dinner; 

He bought the company, which 
employs about : 30 people in 
summer and about a third of that 
number in winter, a few years 
bad? with a partner, at a time 
when toe industry was at best 
ticking over. 

“ Too many people were pre- 
pared to carry on for just a few 
pence profit per stone,” he says. 
Kippering reached a low point in 
the mid-1980s, and there were a 
number of closures in the 
industry which at one time 




■Mi. .. 


RHYS DAVID looks industry which at one tin* 
at the problems behind b S d * 1 « 


employees spend most « 7 T r Vr T UVU11IU Z “fjT* * ace 

time throughout the year collect- the humble but profltebfa ^ buSn^to/tto! 

1, sf-S-STag 

smoke hoi^ fn^eeutor^I^U tbere no doubt - a People has Increased again, though it is 

SJIrau^Un ?oln i believe ^PPer s ^, ^ below the levels 

60 or 70 bass should have no tail achieved in the early 1950s. 

a uay are neeaea. . ... Mnct nf th- . 




Jners stsi 





mf'i 




m 

mm. 

p 'f". 


a riffv srp w or 70 baR 3 should have no taiL achieved in the early 1950s. 

. . After a soaking in brine for Most of th® producers rely for 

Thp_ traditional smoking pro- just the right period— about' *20 Tf® 4 bulk . of tbelr trade on 

S^nd e isS « S he?rf«^ et * e S minutes— the herring are hung SKSlSt i* npi S b J g 
12 and 18 hours before the npht on tenterhooks and inserted row a °? 111 Particular the 

?°IS ur I s °biat&ed, upon row into the tall smoke- Sra? wbere tile taste for trsoaxhte herrinw t b > J '* ,rr '* a irk 

^ b? [?- W no bouses, their massed ranks of l tron ? est gating he * rfaga f 0r kippering at Deverau’s 

can be added to any kipper that beady eves just visible above the T J? ^ a Jf 8 * 1 ? whl <*b has been •. "• 

is going to be sold a s Manx. . cross-bars. h V *e long tradition of For u 

Mr. Canipa has been in the „ .. , . Wakes-Week visits by industrial the kin^^hsK^hprnma bo . wever i for re-export to Holla nw 

kipper business for 26 yeare and ?* ffSS? *!“ Lan«^ to even withnnt thp PYfrn h??®*®. a ProdiBious^^nnHii^ 


^kl w 


‘‘ trrt A irk 

au’s 


kipper business for 26 years and .. mid-morning the fires are workers from Lancashire tn even “ *»**«**/ o oasis a- DrortiwiA^V - "* 4,wu 

started with Deverau’s at the wd the kippers wiU begin to Douglas, and to Mr. Sm pa *£Lg! a £$ *PP*t\le for h??ri® 2 naUonal 

age of 12. For him as for toe be by h™® fte remains of considerable iipor- ^ increased Cnnt\^ , - 

island’s other kioMre.r.; thp smoker comes in. tance to maintain rhio „^“ du stoy v toe extent t° which terest in Uiri m- 



is land’s other kipperers, toe smofter comes In - • tance to maintain thisTtok wmcb ?**»« in lale'Vf m ’ 

labour of love starts each day It is his job— apart from present day visitors. of ortiS^poekats deoii argeI ? ** a result c? 

at Saun. at the p eel breakwater, stoking up— to thread his way t v^ / f er t . baym S Ws herring at facto™ SS^oubid? S or . ^^ion of 

where the previous nisht'.x p a *rh through the smoke, removing tor tile auction and castine an rvn ductn.'. —has sent brims ... Srounds 


Continental in- 


Mr. Rudolph Agnew 


_ previous night's catch through the smoke, removing the “J a “ction and casting an eye dustry s conttoL sea t prices up dramatu 

of hemng is auctioned. rows of kippers as they are Processing stage SunniJ fMf> „ la ' «®Uf. ' p aramatl * 

H Tbe hemng happens to be pai> ready and preparing them for ^ernoon he his taio ? 0 P L a contiiuSg nreble^ White landings on the island 

ticularly fond of the Isle of the packers who come in early ?£?*** S t0 fishmongers' white New "easies “to m i5S' ‘ iae ? >s * d ' W by ift 
Man. gathering off its west coast in the morning. W the isl “1 s « hOTtofisherte from'S ^'6- the’ iSt-handTaC 

S^ s J a i m 5 w ^ its -? .“rL.cp-H.fcW!* own JSTpiS t’Sl.'sa ftw-WeSl 


cnainuan oi concern m nas open r-p-t qpnHnoc iurrMrc-rt»v 1U1JU oc ine isle of me pacxere woi 

He was hPhOfnted an eseentiye SSVg, ”fSL»5J* h™"!™* : <f DEFENCE S25 J£ Kan - S^thering off its. west coast in the morning. 


director of Consolidated 
Fields in September, 19? 


SJuScEff fc- S-Sr.-a eray spring and making Its™^ Hr 

?hh t. 19 ? ! a td semor body of Britain s librarians. fijS, SJSPoSSS^l 2S amission 


Canipa is by his own 


deputy group chief executive at _ c *_ ^ AppTe^ who iTto re^T to in vm "SJk in S? HartiSto 

the beginning of June last year. Prices has ' * * auti-mo off Douglas. herrin^Wh^n he 


^ made the following appointments 

Mr. Federick P. W. Maynard J.® JP5EL G0NSWE ^ 

lias now retired from the board f °T t *J!L^* ars _ u,ltu 

of the_LAPtfD .SECURITIES IN- jgj Evans, 


herring. When 


a.JsC%i , 2FH-r« « 

last h«mhiB !I?”_? t ,/ th . e to» than. 


VESTMENT TRUST and from all T Xrvi 

Lbsidiarles. Mr. P. J. Hnn, has EgS’ "aJSS 


for the last humble nrirea^ ■ V “S, . ?*«« 
111. .year and, and will feteL'^- /etch ^- 


Jiuy iHii; u r. i*ianmret Evans, wr^r iXr .wbib Mug pmm- vwaeu. use mosi or will have receiver *7. X IE ,uec months or this .year and. and ..^ uw reicnes. 

Mrs. Anne March. Mrs. Ceinwui 2S C 2^™ AS ^ ) ^ A ' m v tbe sea hours toose on the island, by toe Manx several himHrarf 1 y P er hans. loncer : • Pr *s«i toe&v ^ if Its setreity hi- 

sa-^ajsiisafjt ss^LAistHH “n^eVh^S^^ 

seft Properties and Ravenseft * ciation where he wa? ^ red yards off the testing a few with his hand. by letter post e next da f strong. Onhr about 10 per cent Roval %hASf r -«S a , J*?? 

fadustrial^ates in the place of Brigadier S A. Mcnvema has battery arSritlw Sd^SSn of reraorafnf JoL ^ be . WD1 * h « The boW" for Deverau’s I* ? f ^ 8,000 or so tonnes landed momh^You’ hlv? V fe k ^f fc ' 3 ?S 

Mr. Maynard. been appointed Director Army Lead Power News. ^ of "SSTtJt ^left .*£ «*£ wii? convinced^ Sgl&j!2gBl 




The t^, are .eft -eta* RKlfflttaj ^ h S13R 

/, j j. ■ ™ost of the rest being barrelled cultural show. 1 811 a * I> 









financial Times Tuesday August 22 : 1978 


' ‘"our m:\vs 



- 

lire 



he oas; 


9 Civil servants’ 
leader attacks 
pay guidelines 

. *T ALAN PIKE LABOUR CORRESPONDENT 

- ‘ public sector pay. Slid that the 

" DQ ,. Bl . sn «S*«1 Uant of 5 per cent would 

re ®l ltie ® be "enshrined in eash limits and 
P 01 *** to two decimal points" 
.the past, according to Mr. m th e puMic sector, while 

Svof- ^th?«S®jlr en ? r ?i employees in private-ownpanies 

'££ue&£E?* and SSr ed **■*• 

Mr, fi il lm an says in his union 
journal that the White Paper is Differential* * ■ 

"so. disastrously inadequate and 

unrealistic " that even the "Once again they' iirfU he 
Govermnent could not seriously allowed to. use the philosopher’s 
regard it as a workable policy stone . of ' self -financing pro- 
for the neat 12 months. ductivity 'deals to transform the 

Tfie crucial test for the public 5 per cent limit into more 
■sector — “and for whichever glittering prizes. ■ 

. Government is in power ” — "Discrimination - against the 
would coine in November when public services would- be per-i 
: local authority manual workers petuated, and indeed -intensified, 

- ' were due to settle, and the Pay instead of being pitfrigh V 
Research report on Civil Service Technicians and technologists? 
pay comparisons would be have less and less incentive to 
delivered. undergo, lengthy training, TASS, 

The society must he prepared the staff section.: ■ of :the Amal- 
to meet the challenge and was, gamated . Union - of Engineering 

;*y: with other Civil Service onions. Workers, says , in Its- annual 

• preparing contingency plans for salary census, published thic 

„ action. . week: " . 

*' "We are also discussing with Differentials .'continued to 

- other public sector .unions nos-- decrease- with: parttcnlatiy bad 
sible. areas , 'of eo-operanon, effects on yonng- te chnician s, 
because the lesson of last year - Between January- 1375 and last 
is that the Government’s intras- January r earnings in mannfactur- 

. sigence towards its own ing rose by -51. per umrrt. The 
-. employees must be faced, with skilled tecluriciantjaaiesalary at 

• all the strength -and unity pos- 30 and. over rose. byfi.’f/per cent. 

. sible both within and between- Managers add ' tMraoloaiats 
unions." suffered an even lowet increase 

-Mr. GiHman, accusing, the and tins bi g hH g htgd'.^ft to 
. Government of a "depressing re-establish-- adequate -dlfferen- 

• poverty of imagination" over tials-. ' J . 

Chrysler Btifig^er 
urged by union nfei 

BY OUR USOUR CORRESPONDENT ’ ',t~r ; 

THE GOVERNMENT was urged factory in Birmingham. i 

yesterday to take over Chrysler Most of the menvjwbo are in i 
and merge it with BL as a means defiance of an instruction to i 
of halting any further erosion return to work, are being fined 
of the British motor industry. £9 each for falling ^tp^atten d a i 
Members of the Leyland trade meeting of the AUEW East i 
onion combine committee said Birmingham district . committee ; 
that Ghiyslerworkers must not and explain. .- '..'7. ■ • \ 

be left to the mercy of promises The . union is urgMg other j 
from any more multi-national wmlcers at the SU p&htto work | 
companies. normally in spite of the strike. { 

“Chrysler workers are not °* cla ] s to *b. e 

Just fi ghting for their own fixture f ae tory yesterday to/j$uyer this { 
but the future of Britain as an m ^® aEe - _ ifr'. . . a 

industrial nation, " said the- com- Disciplinary action jjgaj d Mr. \ 
mlttee. The conduct of Chrysler F ^ aser * J° s 

showed the contempt which acrimony and would mu Jielp x 
multi-national companies had .ter re l®"* *“* problem. _J| , . v 
trade unions and. workforces. ui.Slffin * 
The reaction ' of 

dominatedBL committee is -P*®- -2SS, C? 
die table. Since the Peugeot SE?L % ?2?S3S 

Citroen offer for Chrysler's Euro- iKX*JiA 

- pean operations there has been ^“t-SST plantB , ^ 

inevitable speculation about the Bumm£bam - J , - . . • \ 

possibility of Leyland making a • Mr- George Wright, General \ 


Trawler 
fleet 
feeling 
tested 
by vote 

Financial' Times Reporter 


VOTING BEGAN yesterday 
throughout the Aberdeen trawler 
fleet to find the strength of sup- 
port among the 1,000-- crewmen 
for taking industrial action to 
secure decasualisation of the 
industry. 

National talks between the 
British Flshfpg - Federation, 
representing UK trawler owners, 
and the Transport 'and General 
Workers* Union over the union's 
long-standing demand - to 
decasualise broke down , in July. 
The Department of Employment 
has asked the two aides to meet 
again under its auspices. No 
date has teen set. 

The Aberdeen trawl ennen's 
committee of the union decided 
to go ahead with the ballot, 
which will take three weeks to 
complete, although talks with 
local owners on the issue are 
scheduled for next Monday. 

Mr. Mel Keenan, the union’s 
fisheries officer in Aberdeen — 
where membership is 100 per 
cent aboard the 85-strong feet, 
making it the best organised in 
the UK, said yesterday: “The 
committee do not feel fixe 
Federation intend to have mean- 
ingful negotiations, and want to 
test the reaction of the 
members.” . 



Confident 

The question being asked of 
union members is whether they 
would be .prepared to take in- 
dustrial action if significant pro- 
gress is not made over decasuali- 
sation. All the indications were 
of overwhelming support to 
decasualise, Mr. Keenan said. 

“If we don’t secure it there 
will be a stoppage, but we are 
determined to exhaust all levels 
of negotiations, both locally and 
nationally, before it happens.” 

Mr. Bob Allan, chief executive 
of the Aberdeen Fishing Vessel 
Owners Association, said it had 
assured the union locally that it 
was prepared for meaningful 
negotiations. It would be best 
for the talks to go ahead without 
pressure from a ballot 

The basics of a decasualised 
scheme must be worked out on 
a local level, although there 
were ’ national considerations, 
such as a fisherman's right to 
unemployment benefit, which 
would have to be taken up by 
Government w> . 


possibility of Leyland making a • Mr. George Wright, General 
counter-bid for Chrysler UK- Secretary of- tfie Wales TOC, 
Such a course is most unlikely, yesterday -met representatives' of 
Mr. Roy Fraser, leader of the BL’s management at the Llanelli 
unofficial toolroom workers' radiator ' plant, where an" .un- 
committee in BL, yesterday official - strike has resulted ’ in 
deplored disciplinary measures more than 1*000 workers bfefiig 
by the Amalgamated Union of laid off. The. meeting, which 
Engineering Workers against 32 continued late into the night, 
toolmakers on strike at the was set un to try to find a peace 
company’s STJ Fuel Systems fonnnUu 


Flights may be disrupted 
by engineers’ strike 


BY NICK GARNETT, LABOUR STAFF 




Ml 

Sim 


TALKS YESTERDAY failed to 
solve the pay dispute; involving 
British Airways engineers who 
are due to start a 24-honr strike 
tomorrow. 

The .strike will disrupt flights, 
particularly from Heatfarotf, but 
tiie airline believes : it will be 
able to operate •; most' of its 
services.. 

There appears to.be cottsJder-, 
able resistance to the strike by. 


engineers . in British Airways 
European division, so that &ert- 
haol flights may be leas .severely 
affected- than intercontinental 
services. 

The airline's engineers :are 
seeking parity with British^Cale- 
dornian-. workers at Gatwick for 
work on , wide-bodied jets. . '-Hie 
claim largely relates to work^car. 
tied out in British Atriwys’ 
long-haul overseas divisions- j 


fe%S|l Miners stage walk-out jl; 

Sfe * MINERS AT CaidbwM Coltleiy, Scottish region of the NUB&i^d 

Stepps, near Glasgow, staged a 
jaPJJE-r*- walk-out -yesterday --In protest The 

&■■■. - ■v over retreflpective' -payments from the .start, he >uud. 

1 . , which form part of the industry’s union said that i t j 1 ® re o ^ 0 ^. ^ e : 

Sr, ' ' s# national productivity scheme. ' ..P»Jg2g« and there are. JMher 

E2S Bf, ''^ C *S^2pS l the men Jrohld 
WrT:- , . ■ .? . the \vA of progress in negotla- return lo woric sonn. " UndW%e 

■? . • J ' tions on the<r- navments. said t 


' r': v!' 








nons. on xne. --. payments, saia agreement witi 

Natidhal>UnJon of Mineworkers’ ‘National Goal Board there 
Scottish- executive - member Mr. no Be gotiations until the i 
Graham Steel. : . r 'haj*." 

He claimed that the. disruption' ' The. Coed Board said it 
was a predictable result of the. walk-out would result in a ■ 
productivity scheme, which the productivity loss. 


with,f.;the 

ierecn.be 


Social workers’ 


V. S 1. 




BY PAULINE CLARK, LABOUR STAR 1 


INDUSTRIAL ACTION by • 
social ^ workers was stepped up 
yesterday. The social services 
departments of the London 
boroughs of Tower - Hamlets 
and Ealing were hit by strikes. 

Abbot 220 soda! workers 
from Tower Hamlets Seined ’• 
colleagues from Newtastte- 
npon-Tyne and . the - London . 
Borough of Southwark .tea 
protest march through •'? the 
capital on the first day. of their 
Indefinite strike over pay 
gradings. 

About 90 social .workers, from 
Ealing who took action -yester- 
day were expected to be-badc . 
at work to-day- f . 

Welfare services In Tower . 
Bara lets where social needs ' 
are partscnlariy heavy, are., 
likely however to be at badly < 
hit as those In Newcastle' and. 
Southwark, where : sbdal< 
workers have already been on . 
official 'strike for more than a 
week. •; 

Most of the social WMkere; 
are members of the National 


■ and Locar Government Officers’ 
Afisodation which is ^JPPprt- 
tag demands by the strffiezx 
for -:thel abolition of national 
and- provincial, agreement ou 
grading, . . ^ V; 

Although NALGO has now 
set up -a special panel to over- 
see developments In the-dte- 
pute, the union held out. Big© . 
hope yesterday of an ®*dy . 
meeting with national - .'em- 
ployer^ representatives tb tey 
■to find- a solntion. 

Grievances 

In ihe ibee of what It. des- 
cribed as “other simmering 
areas Of trouble ” in the conn- 
try, the union said that it was 
up to the local authority :fm». 
ptoyers to talk to^thelr own 
social workers about their 
grievances. • 

", The onion favours the intro-- 
Auction ' of local bargabaing 
rights to, raise social worker^ 
baric" pay scales generally aud- 
io allow' those working;.^.- 
“problem*’ areas to /.rewaw. 


! Scottish 
^teachers 
in class 
struggle 

INDUSTRIAL ACTION by 
Scotland's biggest teaching union 
.could lead to - thousands of 
•primary schoolchildren being 
sent home this week at the start 
of the new term 

Members of the Educational 
Institute of Scotland are being 
urged to refuse to teach com- 
posite classes of more than 25 
chlldreo and a union official said 
that this could lead to 6,000 
children being sent home in 
Glasgow alone. 

Mr. John Pollock, the union's 
general secretary, said that 
members at individual schools 
throughout Scotland were being 
instructed to bold meetings to 
decide whether to cany out the 
action. 

Gass size 

If they voted in favour, they 
would have to give 48 hours' 
notice to' allow head teachers to 
amend timetables and class sizes 
' The union wants composite 
classes — those made up of 
children from more than one 
educational stage — phased out nf 
the Scottish primary schools 
system in urban areas. 

Mr. Pollock denied that his 
union, whose members make un 
more than 90 -per cent of 
teachers in Scottish primary 
schools, was seeking a con* 
front ati on. 

But one . looked inevitable 
yesterday when Strathclyde 
Regional Council, which Includes 
Glasgow, confirmed it would be 
recommending head teachers to 
suspend teachers who refused to 
take composite classes with more 
than 25 children. 


spreads 


extra reward for heavier work 
loads. 

Tower Hamlets was said by 
Its sodal workers yesterday to 
be one of the touhgest 
boroughs to work In through- 
out the UK with one of the 
highest rates of juvenile deHn- 
quency acd some of the most 
substandard housing stock. 

, They also complained of 
serious -under-staffing and have 

- lodged a claim for a net mint- 

- mum of £60 a week rising to 
£100 for qualified workers with 
seven years* experience com- 
pared with present rates of 
between £40 and £80. 

The union has previously 
rejected an offer by the em- 
ployers’ side of the Greater 
London Whitley Council of a" 
revised grading structure 
giving Its 5,000 social workers 
—indndlng those at Tower 
Hamlets— a rise of between 
' £99 and £400 a year. - 
; C This would be on tope of the 
recently .settled annual pay 
increase of just under Iff per 
rent ^ ■••••■. 


Information for Siemens shareholders 

eworc 
exceed £ 5.3 billion 


During the first nine months of the current financial year, 
i. e. from October 1, 1977 to June 30, 1978, Siemens recorded 
£ 5.361 bn in new orders received as against £ 5.023 bn for 
the first three quarters of the preceding year. In comparably 
adjusted terms, this is an increase of 3%. 


In thousands 




W$E- 


Domestic operations 
International operations 


30/9/77 30/6/78 Change 

221 219 -1% 

98 99 +1% 


30/6/77 


In£bn 

;'<fecte'gs^eceh^c 

Domestic business 
International business 


Domestic business 2.1 65 

International business 2.184 



Comparably adjusted 
change* 

Siemens' I excI-KWU 


2.451 

+6% - 

2.910 

•r 0%. 



The number of employees remained essentially unchanged: 
318,000 as compared with 319,000 at the start of the financial 
'year. There was a 1% seasonal decline to 219,000 employees 
in the Federal Republic of Germany, but this figure is expected 
to rise by the end of the Company's financial year to levels 
close to those at its beginning. 



\ Comparably adjusted 

i change* 

30/9/77 30/6/78 Siemens fexcl.KWU 


| In £ bn 

1 ^pjgyment cos^..^T\ 


1/10/76 1/10/77 Comparably 

to to adjusted 

30/6/77 30/6/78 change* 

L . '<U)74 j 2J224 : ' f $%. ’• J, 



After a mild revival in the first half of theyear, German 
domestic orders stood at £2.451 bn on June 30, 1978, 
a 6% rise above last year's £ 2.190 bn. As the result of a third- 
quarter improvement, orders received from abroad were again 
equal to those of the preceding year, attaining £ 2.910 bn 
as compared with £ 2.833 bn a year ago. Last year, several- 
major contracts were concluded overseas; this year, a larger 
number of medium-size orders were received, thus providing 
work for more plants. 

The total figure for orders received during 1977/78 is expected 
to improve further by the end of the current financial year, 
on September 30, 1978. 


— iwa& mmiiiih uiopciiuu ut iuer revievi 

to £ 5.162 bn v& £.4.349 bit during the first nine months 
of the preceding year. Comparably adjusted, however, safes 
did not quite match the volumes of a year ago, because 
Kraftwerk Union's billed sales were still down at third quartei 
Sales for the total financial year are expected to exceed last 
year's levels. • 



in % of sales 


During the period under review, Siemens invested roughly 
the same amount in fixed assets as a year ago. Total capital 
expenditure and investment, including acquisitions in the U.S. 
of approximately £26 m, amounted to £ 236 m as compared 
with £ 315 m last year. Comparably adjusted, this is an increase 
of 14%. As the result of an agreement concluded with 
General Electric to acquirethat company's 21.45% share of 
OSRAM GmbH, Siemens now holds a 100% interest in OSRAM. 

During the first nine months of the current financial year, 
net income after taxes was £ 111 m tvs. £ 97 m). Just as in the 
preceding year, this represents a 2.2% net margin of sales. 

• Rates of change have been comparably adjusted due to the consolidation 
of Kraftwerk Union and Transforms to ren Union effective 1st January 1977. 

All amounts translated at Frankfurt middle rate on 30th June 1978: 

£1= DM 3.865. 



: ; '.if 4 - ’■ vX ? ■ -r 


New centre for data systeriis engineering 
During the current financial year/Siemens has received nearly 30% 
more orders for data processing systems. The Company's new 
line of small computers and peripherals has contributed 
substantially to this encouraging success. The Data Systems . 
Group has been relocated in the new Research and 


Administration Centre in Perlach. a settlement on the outskirts 
of Munich. The new centre, which is just passing through 
the second stage of construction, represents a total investment 
of approximately £ 130 m. 


Siemens 



In Great Britain: Siemens Ltd. 




























s 


Financial THmes Tuesday August 22 1978 

:• • 


APPOINTMENTS 


Rk 


Jonathan Wren * Banking Appointments 

R l I lie personnel consultancy dc.llinn exclusively vv idi the B:ki k i ri** prolf-MOn 

! •• 


EUROBOND SETTLEMENTS to £8,000 

Senior Position 

Our client a leading investment bank, has a high reputation worldwide 
and is active in the Eurobond markets. Due to ‘the continuing growth 
of their London business, they wish to make this new appointment 
Senior Eurobond Settlement Clerk. Candidates should be aged late 20s 
to early 30s, with experience in Eurobond primary and secondary 
market transactions. 

The firm is located in modem offices easily accessible from St. Paul's 
and Moorgate tube stations. Salary and benefits will ' reflect the 
employers reputation and the calibre of the successful applicant 

CONTACT: Roy Webb 

PERSONNEL ADMINISTRATION c. £6,000 neg. 

Our client is an expanding international bank. Candidates for this 
position should have a very good grounding in personnel work; 
including recruitment, and in the administrative services of a medium 
size organization. It is anticipated that the successful candidate will be 
aged 35+. 

CONTACT: Norma Given (Director) 

DOCUMENTARY CREDITS to £6,000 

A merchant bank seeks an experienced person for its expanding 
Documentary Credits Department. The ideal applicant will be aged- 
23-26, with over three years experience of documentary credit work 
gained in the international banking field. He/she must be ambitious, 
prepared and able to work under pressure. 

CONTACT: Richard Meredith 


PUBLIC NOTICES 


APPOINTMENTS 


INTERVENTION BOARD FOR 
AGRICULTURAL PRODUCE 
INVITATION TO TENDER 

Tenders are Invited for the urgent supply and delivery cJ-f. 
from any EEC port of 10,000 tonnes of soft wheat destined 
as United Kingdom National Food Aid to the Government of 
Tanzania. The wheat is to be loaded into one ship and 
delivered without delay to the port of Dar-es-Salaam. 

The allowance for the supply and transportation costs of the 
grain will be determined on examination of the Tenders. 

Delivery terms embodied In a Notice of Invitation together 
with Tendering Forms may be obtained from: Branch B 
(Cereals), Internal Market Division, Intervention Board for 
Agricultural Produce, 2 West Mall, Reading. (Tel: Reading 
583626.) 

Tenders must be submitted by 12 noon, Tuesday, September 5, 
to: 

Home Grown Cereals Authority, 

Hamlyn House, Highgate trill, 

London N19 5PR. 


GREATER LONDON BILLS 


£35m Bills Issued 17.8.78. maturing 
16.11.78 at 8.96%. Total applications 
£150<n. Bills outstanding £6 Dm. 


PERSONAL 


SATH SERVICES 

Baths resurfaced in-situ 
in white and most standard 
colours at a fraction of the 
Typlafemgnt cost. For expert 
g uarante ed, service cnnftKt t- 
Baih Services, 

26 Ramil ly Street London WL 
Telephone Cfr437 8238/870 


Telephone Sheffield 661698 
^ Telephone Winchester 66587 J 


HELP SAVE OUR EX-SeRVICEMEN 
FROM FURTHER SUFFERING 
Ware right op mill] Northern Ireland 
lad ay mean lha! hundreds of thousands 
or war victims Mill exist. Ex-service- 
men. widows, orphans, desperately 
need homes. Jobs. food, foci and other 
essentials the annual Poppy Appeal 
alone cannot possibly pay for. Please 
Send donations to: 

The Royal British Legion 
MaJdstaM, Kent, MEM 7NX 


LEGAL NOTICES 


No. 003464 of 1918 
In the HIGH COURT- OK JUSTICE 
Quncery Division Companies Cou rt- I n 
the Matter of RAUTOBOURNE LIMITED 

and in the Mailer or The Companies 

Act. 1948. 

NOTICE IS HEREBY GIVEN that a 
Petition for the winding np of the above- 
named Company by The High Court 
of Justice was oo the 3rd day of 
A kxku st. 1958. presented to the said 
Co on by GULVERG RAPHICS LITHO 
LIMITED whose Registered Office Is 
situate at Finings Road. Lane End. 
Buckingham, and that the said Petition Is 
directed to be heard before the Cowl 
sitting at the Royal Courts of Justice. 

Strand, London. W.CJ. on the 16th day at 

October. 1978. and any creditor or con- 

tributory of the said Company desirous 
to support or oppose the making of an 

Order on the said Petition may appear at 

the time of hearing In person or by his 

Counsel for that purpose: and a copy of 

the Petition wiB be furnished by the 

undersigned to any creditor or con- 
tributory of the said Company t cq nl r lag 
such copy on payment of die regulated 

charge for the same. 

PARLETT, KENT ft CO. 

37. Craven Street, 

London, W.CJ. 

Solicitor for the Petitioner. 
NOTE.— Any person who intends to 
appear on the hearing of the said Petition 

most serve on or rend by post to the 

above-named, notice In writing of bis 
Intention so to do. The notice most state 
(be name and address of the person, or. 

If a firm, the name and address of die 

arm. and must be signed by the person 

or firm, or Ms or their solicitor (If any). 

and must be served or. if ousted, must 

be sent by post In sufficient time to 

roach 'die above-named not later than 

four o'clock In the afternoon of the 13th 
day of October, 1978. 


Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There’s no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
■in comfort for 50-h people. Full 16mm film 
projection facilities. National Panasonic W colour I 
video tape and Philips 15G1M video cassette 
viewing. Electrosonic 3601 slide presentation . 
system. And luxurious private dining rooms with 
extensive catering facilities. 


FENIANCIAL1IMES CINEMA 

All enquiriesto: E. J. Doner, Cinema Manager, 

The Financial Times, Bracken House, 10 Cannon Street 
London EC4P 4B£ Tel: 01-248 8000 (ext 67 0}. 


CLASSIFIED ADVERTISEMENT RATES 


Commercial -and Industrial Property 
Residential Property 
Appointments 

Business & Investment Opportunities, 

Corporation Loans, Production Capacity, 

Businesses for Sale/Wanted 
Education, Motors, Contracts & Tenders, 
personal, Gardening 
Hotels and Travel 
Book Publishers 

Premium positions availa ble 
(Minimum size 40 column c ms.) 

£L50 per single column cm. extra 
For further details write to: 

Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


per 

single 

column 

line 

cm. 

£ 

£ 

4.50 

14.00 

2.00 

8.00 

4.50 

14.00 

5.25 

16.00 

423 

13.00 

2.75 

10.00 

— 

7.00 



ACCOUNTANT 

To £8,080 + 3 Bese&ts 

Our Clkim are looking for a quali- 
fied Accountant experienced In dealing 
at management level, and who would 
eventually assume a Direcconhip. He/ 
■he should have good experience of 
systems development and Implementa- 
tion and be prepared to handle all 
the financial affairs of die company. 
Contact: James De Sian on 828 8055 
CHURCHILL PERSONNEL 
CONSULTANTS 


RETIRING MANAGING DIRECTOR 
chief executive desiring further active 
career Is Invited to enquire for Informa- 
tion re top vacancies In growing Inter- 
national charity- Salary and expenses 
London or U.SJV. based. Entre- 
- ore near lal ability) management men and 
a Hairs Indicated. Example: Overseas 
Prelect Director. London based, with 
three overseas vklts yearly. Telephone 
Founder's Otter. 01-493 3397. or 01 
499 6652. or write: Help The Aged 
and associated charities. 32. Dover 
Street. London W1A 2AP. Readers 
willing to help worthwhile cause please 
drew this advertise merit Id the atten- 
tion of recently retired or retiring top 
busl 


COMPANY 

NOTICES 


BANQUE NATIONALS 
DE PARIS 

Floating Tate note issue 
of US$75 million 
February 1978/84 
The rate of interest applic- 
able for the six-month period 
beginning August 21st 1978 
and set by the reference 
Agent Is 9.25% annually. 


ESSO PETROLEUM COMPANY LIMITED 


NOTICE IS HEREBY GIVEN that the 
TRANSFER BOOKS ol the S'j% First 
Debenture Stock 1974)78 of thb Comoany 
will CLOSE finally on 1 September. 1978 
end not re-ooen. 

E. S. KIRK. Secretary. 

Victoria Street. 

London. S.YY.1. 

IS August. 1976. 


RANSOM ES SIMS 6 JEFFERIES. 
LIMITED 


NOTICE IS HEREBY GIVEN that the 
TRANSFER REGISTER for the PREFER- 
ENCE SHARES will be CLOSED from the 
1st September. 1978. to the 15th 
September. 1978. both dates Inclusive, 
for the preparation of dividend warrants. 
By Order of the Board. 

L. W. BRYANT. Secretary- 
N acton Works. 

Ipswich. 


CLUBS 


EVE, 189. Regent Street. 734 0557. a la 
Carte or All-In Menu. Three Spectacular 
Floor Shows 1045. 12 AS and IAS and 
music of Johnny Hawfcesworth & Friends. 


ART GALLERIES 


FIELDBOURNE GALLERIES. 63. Queen'S 
Grave. St. John’s Wood. 586 3600. 
LANDSCAPES by Rural Academicians, 
MARBLE Carvings YOMA SAS BURGH. 


FINE ART SOCIETY, 148, New Bond SL. 
W.l. 01-629 3116. SUMMER EXHIBI- 
TION. 


MALL GALLERIES. The MalL S.W.1. 
UNITED SOCIETY OF ARTISTS ANNUAL 
EXHIBITION. Mon^Frl. 10-5. Sat. 10-1. 
Son. 10-S. Until Aufl. 31st. Aden, 2 OP- 


mall galleries. The Mail. S.w.i. a 

Special Exhibition of works by the mem- 
bers' of the ROYAL INSTITUTE OF 
PAINTERS IN WATERCOLOURS. Mon.- 
Frl. 10-5. Sals. 10-1. Until 31st A US. 
Closed 26th to 28th Aug. A dm. free. 


THE MARKET PLACE GALLERY. COLY- 
TON. DEVON. Telephone (0297) 52841. 
Until 31st August. Westcouptrv Land- 
scapes and Seascapes. Oil Paint! nos by 
Trbtam H Idler . R_A_. and Watercolours 
by Charles Knight. R.Wi. and 19 other 
artists — many works under £50. includ- 
ing etchings, etc.' Gallery croon n to 1 
and 2.30 to 5. Monday to Saturday. 
Closed Weds. arts. 


THE PARKER GALLERY. 2. Albaataria 
Street. Piccadilly. W.l. Exhibition of Old 
marine, military and sporting and topo- 
graphical prints and paintings and ship! 
models. 


OMFLL GALLERIES. Fine British and 
French MODERN DRAWINGS and 
Modern British MARITIME PICTURES. 
42. Albemarfo Street. Piccadilly. W.l. 


EXHIBITIONS 


R.WA GALLERIE5. 26. Conduit 5L. W.l. 
RWS Art Club and Society of Miniaturists 
Exhibition. Dally Im. Sits. 9JO-12J0 
until August 29. 



EDITED BY ARTHUR BENNETT AND TED SCH0ETERS 



A 


0 IN THE OFFICE 

Dictation 

system 

DICTATION equipment which 
offers the convenience of micro- 
cassettes and the flexibility of 
both desktop and portable 
recording units has been intro- 
duced by Dictaphone Corpora- 
tion. 

Micro Master Model 380 is 
designed for dictation and 
transcription on micro-cassettes, 
which duplicate the quality, per- 
formance and rapacity _ of 
standard cassettes on a medium 
one-third the size. 

A microprocessor-controlled 

light emitting diode (LED) dis- 
play panel has a flashing elec- 
tronic cursor which constantly 


indicates the location - on the 
cassette. This is true in all 
modes, including fast forward 
and fast rewind, for both the 
author and the secretary. 

The microprocessor also con- 
trols Dictaphone’s exclusive 
Q-Alert indexing system, which 
eliminates indexing slips by 
allowing the author to record 
signals on the tape to indicate 
the number, location and length 
of dictated documents' and make 
reference to any special instruc- 
tions for the transcriptionisL The 
transcriptionlst automatically 
generates an identical electronic 
display of this information when 
scanning the dictation. 

Another feature made possible 
by the microprocessor is 
Dictanalysis, & self-diagnostic 
capability that facilitates ser- 
vicing the unit 

Dictaphone, 120 Old Post Road, 
Rye, New York 10580, ITJ5. 




for tomorrow's 
BUILDING, CIVIL 
& INDUSTRIAL 
ENGINEERING 


A tortHKcharged threc-eeater 
helicopter at the final 
assembly stage In the Spooner 
Aviation hangar at Short ham 
Airport, Susse x. , The 
Amer ican manufacturer of 
Hie aircraft, Enstrem <*£ 
Menominee, Michigan*, has 
appointed Spooner Aviation 
<078 17 6166) as vole 4b* 
trfbator lir the UK and Eire. 
Apart from passengercaiTy- 
ing the aircraft can be used 
for the transport of light 
freight, crop sprayi ng^ a nd 
rescue operations. Maximum 
speed . Is 117 mph. 


• MATERIALS 

Puts marks 
on red hiot 
metal 

AMONG THE latest marking 
devices to be offered by Lawtons, 
otf Liverpool, is a crayon which 
can be used to apply identifica- 
tion marks on metal components 
whether they be ice-cold or red 
bat. 

It is stated that it will write 
smoothly on metal at 2.200 
degrees F and will retain its 
colour and clarity as the metal 
cools. No fumes are given off 
when the crayon is applied and 
it does not melt or drip. 

The crayons are supplied in 
white, green, al uminium or red 
and there is also available an 
aluminium holder with an exten- 
sion piece which enables the 
user to stand away from very 
hot material. The crayons are 
supplied by the company's 
Coding and Marking Division, 
60. Vauxhall Road, Liverpool 
L69 3AU (051-227 1212). 

Cured with 
ultra-violet 

FORMULATED to operate in an 
ultra-violet system a varnish has 
been produced by Edward 
Marsden, Hull, to complement 
its range of Diacure inks. It Is 
avaUable in gloss or matt finish 
to suit individual printer's 
requirements. 

The Diacure curing inks are 
being applied by printers using 
foil metals, paper and board as 
the basic substrates. Printers 
will be able to varnish using 
the same curing system. This- 
should enhance the attraction of 
tiie method for printers produc- 
ing such lines as labels, cigarette 
packets, butter wrappings, 
cartons with foil surfaces arid a 
variety of other products where 
scratch and rub-resistance are of 
prime importance. 

Overi-printing with the new 
Marsden varnish can be carried 
out immediately after, or as 
part of, the normal printing 
process, using the ultra-violet 
system. 

Edward Marsden, Rotterdam 
Road, Sutton Fields, HulL • 


CONSTRUCTION 


Many roles expected for new 
high strength material 


DEVELOPMENT of a process 
for the production of a new 
structural and cladding material 
called Fypol, and its subsequent 
successful use on a small scale, 
is to be followed by a major 
effort to establish it as a material 
in its own right and as an 
economic alternative to other 
similar products already well 
established in the bailding 
materials market 
Fypol is a patented process in 
which mineral aggregates are 
bonded with resins and cast into 
a variety of components ranging 
from permanent formwork to 


composite building : panels. 
Resins, glass fibre or steel can be 
incorporated to meet particular, 
requirements for strength and 
rigidity and a variety of finishes 
applied during manufacture. . . 

- The company promoting the 
material suggests that the first 
products (and they have already 
been used in the construction 
industry) might well be bridge 
panels and Simple cladding, for 
industrial buildings. The bridge 
panels can be used as permanent 
shuttering for concrete work, 
thus eliminating the need fair 
timber or steel formwork. 


The cladding is thought to be 
particularly suitable for use in 
place of corrugated asbestos 
sheeting. Longer spans are said 
to be possible, thus saving the 
cost of supporting structures. The 
panels can be made in the factory 
with whatever type of finish » 
required. 

- "The cladding panels can also 
be -bonded to a foam core to pro- 
ride' insulated roof and wall 
cladding. Panels of this compo- 
site type can be made and 
finished in one operation. 

These two types of panel, it 
is stated, could make the “bread 



A 31-ton robber covered steel roll from British 
Steel Corporation’s tin-plate strip mill entering 
an autoclave for vulcanising at the Hlrwaim, 
South Wales, plant of Harefield Rubber 
Company. The newly applied oncured rubber 


is bound with nylon to help exclude air and 
to mould the laminations before vulc anising 
under pressure at 315 degs F for several hours. 
Harefield’s South Wales plant re-covers rollers 
weighing np to four tons for the steel, metal 
decorating, printing and other industries. 


• ELECTRONICS 

Monitors of 
high quality 

HIGH QUALITY monochrome 
ert monitor units from Plessey 
will be useful to manufacturers 
of computer visual display units, 
in particular, for such applica- 
tions as word processing .and 
phototypesetting, which require 
high character density displays. 
It is capable of displaying alpha- 
numeric characters and basic 
graphics. 

The suggested format is 25 
rows of 80 characters each, 


giving a total of 2,000 characters. 
Plessey is one of the few monitor 
manufacturers providing its own 
deflection coil and flyback trans- 
former. This Facility enables 
makers to match the charac- 
teristics of these components to 
the ert and so to obtain econo- 
mically a very high quality dis- 
play. Corner focussing, in par- 
ticular, is greatly improved. Up 
to 90 per cent of the screen area 
can be used. 

Currently, Plessey Wound 
Products is manufacturing 12 
and 15 inch sets. All drive cir- 
cuitry is contained on a single, 
high quality printed circuit board 
ensuring easy servicing and 
reducing potentially unreliable 
interconnections. 


The monitor has been sub- 
mitted for approvaL to Under- 
writer’s Laboratories in America 
and will be exhibited at Elek- 
tronika in Munich later this year. 

Additional technical details 
from Plessey. TitchfieUL 03294 
43031. 

Gives crisp 
images 

HIGH RESOLUTION pictures 
can now be obtained with Hew- 
lett Packard’s model 1336S dis- 
play with the decision, to make it 
available with an electrostatic 
deflection cathode. ray tube. 


Its high resolution makes it 
particularly suitable for scanning 
auger microprobe applications: 
about as good as Polaroid 5x4 
film,. the resolution is also des- 
cribed as compatible with the 
resolving power of the human 
eye on a 5 x 4 inch photograph 
viewed at about 25 cms. 

Very low power consumption, 
inherent in electrostatic displays, 
contributes significantly to 
reliability and reduced mainte- 
nance: The inherent stability, 
lower component count and 
simpler circuits also mean fewer 
and less frequent adjustments. 

Hewlett?. Packard Is at King 
StreetLane, Wlnnersh, Wocking- 
ham. Berksh’ ‘ ~ 


784774). 


irkshire, RG11 5AR (0734 


• DATA PROCESSING 


Warning for 
the small 
business 

TURNING its attention to 
smaller companies with a turn- 
over of between £250,000 and 
£2m. Info tech International, 
Europe’s largest training, and 
conference group, has warned 
them that it Is no longer a. ques- 
tion of whether they will have 
a computer but when. 

The lufotech message is that 
an enormous range of small 
business computers .exists-. Far 
from demanding million-pound 
investments, one of these <*n 
cost as little as £11,000. It will 
require no special power sup- 
ply, air conditioning or false 
floors. 

The right choice of computer 
should reduce the firm’s adminis- 
trative costs, increase producti- 
vity and speed-up cash flow. But 
the wrong choice is likely to 
have percisely the opposite 
effect, possibly to the extent of 
bankruptcy. 

Info tech’s “Buyers’ Forums" 
are a feature of tbe computer 
scene. In September the com- 
pany will hold the first to be 
devoted entirely to the small 
business oemputer. Although it 
will he aimed primarily at 
executives of small businesses, 

dpJeeates are also expected from 
larger concerns that have local 
branches, subsidiaries or divi- 
sions that operate like 


autonomous firms. 

Previous technical knowledge 
of computer systems is not a 
necessity for delegates to the 
Forum, which will be at London’s 
Regent Centre Hotel from 
September 26-28. It will cover 
three full days of intensive study 
plus the opportunity to view and 
discuss up-to-date equipment and 
peripherals at the associated 
exhibition. 

Infotech, Nicholson House, 
Maidenhead, Berks, SL6 1LD. 
0628 35031. 


management aids supplied with 
the basic customer outgo!*? data 
capture system. 

Coupled witb extremely simple 
operational methods the RTC 
equipment is expected to make 
this new cash and carry centre, 

installed in an ex-Spillers bakery 

at a cost of more than £Jm a 
going concern from the start in 
October. 

RTC is at Kebbell House, Car- 
penders Park, Watford, Herts. 
01-42S 0088. 


Speeds the 

in-bulk 

shopper 

HEDDENS IS to Install auto- 
mated sales equipment at a new 
25,000 square foot warehouse cur- 
rently nearing completion in 
Wingate Road, Luton. 

With a minicomputer, 10 mega- 
bytes of disc storage for customer 
and product files, three checkout 
stations, four high-speed matrix 
printers for invoices, goods 
received notes and labels, and 
a manager’s control console, the 
real-time computer system will 
help make the new general 
grocery warehouse one of tbe 
most technically advanced in the 
country. 

Heddens (Keencost and Carry 
Group) selected Real Time Con- 
trol equipment for the job 
largely because of the variety of 


Free data 
row in 
prospect 

THOUGH industrially advanced 
countries including the U.S., 
Britain and West Germany are 
not members of the Unesco 
inter - government inf onnation 
processing agency knows as LEI, 
the latter's forthcoming con- 
ference in Torremolinos could 
place a strain on international 
relationships if anticipated 
moves on data access are made 
in time. 

At least 45 countries— and it 
could be as many as 80 or 100 
— are expected to be represented 
in the session whieh will stretch 
out over 10 days from August 28 
to September 6. 

In theory they will be there to 
discuss how governments can 
develop methods of using data 
processing to better effect, so as 
to improve Internal administra- 
uon, mobilise resources and keep 


better control of development 
plans. . This is why so many of 
the developing countries trill 
send staff. 

Technocrats will abound, but 
what Is worrying them, particu- 
larly <jn the French side, is the 
probability that America -win 
make available, free, tbe - data 
it bolds -in computer files that 
the UB. has derived concerning 
resources of countries around 
the world, through such pro- 
grammes as the Landsat, ERTS 
and other, satellite launches. In 
addition to this, other databases 
of relevance in many other areas 
may made.' available, together 
with the .communications 
resources that are essential to 
gain access 'to' them. 

The intention would be to open 
these -facilities at no charge. 
France is understood to be pre- 
paring a counter. 

One topic which is closely 
linked to the foregoing is that 
of the control of the flow of 
information across national 
frontlerl which it now beginning 
to look 7 llke one of the more 
thorny problems so far to have 
emerged from the convergence of 
comting and communications. 


and butter" tine for a company 
embarking on a manufacturing 
programme. Other application^ 
envisaged for the. material 
include prefabricated buildings, 
sewer, tunnel and shaft linings, 

and chemical-resistant wall 

linings in factories. • • 

The company widen rag 
developed the material. Fypol 
International Consultant*, San 

Marino Court, 6/10 Pembroke 
Terrace, Bridlington. North 
Humberside, Yorks (0282 72500) 
is now offering manufacturing 
licences, technical advice .and 
assistance in setting up factories. 
It says manufacture can be 
undertaken with unskilled labour 
and comparatively sknpte equip- 
ment for casting the material in 
sheet form. It is reckoned that a 
50,000 sq ft factory could produce 
lm sq ft of composite panels and 
about 250,000 sq ft of bridge and 
cladding panels a year. Standard 
size of the panel is three metres 
by one metre and thicknesses can 
be produced according to needs, 

• AUTOMATION 

Sees ob ject 
on the move 

LEDRAY/T is a self-contained 
photo-electric equipment which 
has its own programmable time 
delay. It will detect, moving 
objects np to three' metres away. 

Solid-state circuitry and resist- 
ance to vibration make it highly 
suitable For tough industrial 
environments and the equipment 
has long service life. 

Setting the time delay between 
0.2 and 48 seconds is by simple 
switches. Two small LED indica- 
tors show when the unit is 
aligned and when the output 
relay is energised. - 

Typical applications Include 
blockage detectors on conveyor 
belts and feed control bn all 
forms of automated processes. 

' Londex (GEC1, POB 7B, Oak- 
field Road. London SE20 SEW. 
01-659 2424. 

• SERVICES 

Fast action 
sealing 

FORMED TO provide a complete 
service Of metal impregnation 
capable of pressure-sealing cdfi* 
ponents such as dlecastings, 
sintered parts and laminated 
electrical components, R.' J. Metal 
Impregnations (PSM Fasteners 
Group) proposes to offer same 
day processing and dispatch 
where this is required. 

The company will apply the 
Loctite vacuum Impregnation 
process which combines an 
anaerobic sealant with vacuum - 
operation to give better com- 
ponent finish, chemical resistance 
and ability to withstand pressure 
of at least 2,000 psL 

Impregnation cycles take about 
20 minutes to complete and full 
cure of the sealant a further 20 ' 
minutes. There is no shrinkage 
and heat-treatment is not 
required. 

Treated components are 
dean, free from surface residues 
and ready' for immediate 
machining, painting or plating. 

R. J. Metal Impregnations, 
Anne Street, Wtilenhall, W. Mid- 
lands, WV13 1EZ. 

• METALWORKING 

High speed 
cutting off 

THREE high:' production rate, 
purpose-built abrasive cutting-off 
machines are available from the, 
Universal Grinding Wheel Com- 
pany of Stafford (Unicorn Iota* 
tries). 

The range is a step forward 
in mechanical and abrasive 
cutting-off in terms of floor to 
floor speed, accuracy and safety. 
They combine Universal's know- 
le £ge of abrasive -technology 
with the experience of grinding 
machine design accumulated 
by Sow and Go, Sheffield, which 
will make them.' 

The range consists of the Cl: 
a. semi-automatic abrasive eut* 
ting-off machine for foundry 
ana general engineering work- 
er a fully automatic machine 
wife integral racking and bar 
teed mechanism, suitable for 
general engineering applications 
wherehigh feed rate U of import- 
ance and .the G3: a heavy duty, 
or - eoW cutting- 
off machine primarily for in-line 
roUnig mill applications, 

. universal Grinding Wheel. 
Itorcey Road, Stafford, ST10 


electrical wire& cable? 


WHO MINIMUM 
ORDER 


HO MINIMUM . 
LENGTH 



. IKAIttfkR CALL CHARGES GLAD? ACCM-ti-n 
14 Hr- EMERGENCY NUMBER 01 637 


/ 


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*. 

• '"-I- r" 

r%p; ' : ’WM 

:»! \.>^b 

; i d-b- -. - • 

• ' 4 V 1 W. ' - ' fc . IS 


The Management Page 


EDITED BY CHRISTOPHED '&ff^NZ^': 

VV* ' f ^ _.v- ■ 

* - > -‘Sr*.A ■ ;► v> ■ •» c 



4 


*'* ->s 


to the fold 


■*£'•* • • 


In the wake of the Post Office dispute comes news 
of a way to make reverse charge international 
||®jpjp^ calls without going through the operator 

I2d How to dial Paris for the 




— “ * L '«wer concrete cnartges man 

a h^&h degree of autonomy, uses statements of intent, but the 


- IN THE private- sector of bud- tlon a wininFnms oivt to Prafi- T A VJL 

ness, it would 'he : unusual, to private sector attitudes on to ‘s&ibutsu " In the end. though, the • * ■ • ■ 

i say the least, for a company tD state industry as a arudfiine son ^“^ ness b ° use an « his character of the relationship a NEW YORK financier called k ^ 11 

= create a subsidiary, sell it and to the iSst iSter^ but f Md? *“ d bc ^ veen *2*W*tIin«* and its Allan Newmark noticed, a few 111^1 CG ftT 51 1 ft f*5S R I I 

.iheaten years Jaterbuy it back, genuinely to atteSfto apply -PH w,I1 t ‘? epend <* le *Y on years ago, that Europe had nn ^ ^ ** llfwtfll 

.. But this, in effect, is what has them in the highly competitive “ te °L . the ? ow ^ container company per- equivalent of the American toll 

!. ‘happened in the public sector, road transDortbusiness. business, such as tram catering, forms. If it does well. British f* e e telephone sen-ice Sn hr - .. , . 

1 under the influence of political Preiehtlinpr^ «>»«»#« ? e1 ^ OWx L boards bf directors. Rail may well be content to act moved fast. international body existed which number in Zurich attached in used for several davs before it* 

..currency rather than Ssh, to thSftkSLS? faC there ma * have ^en chiefly as the container com- 0r comoarafteelv fac r CBp 2 U ® of Setnng lhe the system. A caller in Zurich number appears on the SS of 

; Freightliners. W SJ IftSSS? ? ° 2 Wer Concrete ***** *«« IW» banker. ™ 'S fi; *5 lh v,r‘ T tem off the S™"* Te,t ** »‘“«ns to chock a flight time stolen cards 

■ Freighfliners was created in fts 3 f Sfis^h on 5f M » Teset *' ** financial £Sm O ffice* Iff “a notlLs^ down this delay. 

: M65 as Bntish Rail's answer to and can even tell you, through wire? 8 ‘ Mainly on the health of Freightliners is finely time- consuming business. Now. administratively sepvaleiL Most that *1 ™ b ?Jj JS" ld "°. n S Amen can Express is establish- 
. the container age. It aimed to rapid computer analyst Evph sn hnth >, a « a f 0 i* poised - Ir looks like improving four years and ?4m later Mr important of all nnst nfflm *L “onected in? a computer centre in 

exploit the ability of railways whether container No; -132 on it derirJSe^^dnfl^i’vM^ year 0,1 Iast year ' s Newmark is ready l0 introduce di£to?"he idol 'of coUectln™ oflSTi? Fra»irft.rt U, “ ajrhnc 5 Brighton, which will be in close 

X t0 trunk quickly and cheaply the Southampton-Glasgbw run is line^^riMPnoT^T £1Am ^drng P rofit fit lost £2m an important new telephone revenues from sub^criheii in r kf rt ’ c ° Dtact w*h a similar centre in 

over long distances, and the a profitable Item of business creaturp hv 'US, 'JUS? 18 m 1969) * but is s^ 11 far from service which he says can cut another country because o? th P ^ rou f 800 pays tbe ,ntcr ' u s * Mr. Newmark believes 
flexibility of the lorry to deliver and if so, how profitable. ’ S *5 fieneratin S the resources to costs for his customers and f?conveidence and Uie n/k tf national pan of the telephone this system would be ideal for 

•“n f T nS. F — sst-sjsl- - - — - - =£“ ■ „ ™ es 

wamra* 'taSa'S 1 ' JLVf ht poss ^S C0Ilcei1 ' 0,6 p^mise tSTpSightBiim requirements will be 1W1 free dialling was intro- inhibited public enterprise now charite'to lirnup aio If /l™^ i? thev^d 

J-STSS tated 0,1 tSe ^^ Slde - WiU be subject to “ no additional SSPMST. 5S? Z t^X 1‘ZoX^t XXXZZ g * 

5 h rw.»^«S c=S S S and ^ n£'L « SS 

a minimum of £5.5m a year in- reyeree charges without having has brought over equipment nf raaintaimiifi an s ‘ 

compared with the to go through the operator, from WeSern Electric, suhsi- office ln a f °reign capital. * free d, all n-> 

i3m NFC was able to provide A customer in. say. New diary of AT and T, adapted it, , national houndar es h„ t 51 " 

this year. York, can pick up a tele- and has now nearly completed IJS6 111 Group S00 can deal 'with inter- 
phone and dial a loll free the laborious process of gaining 111 U&l* 1 national calls In the hicthI 

r t ■- number preceded by the special approval from the European 4. £ J Post Offln. nnmi 1 i, Th 

Spending- ?£Z? 0 ,. “t „ wil ! b . e w ' eph0M against fraud _ XZZZllZwZ 


• AL’Toy*-- 

S u-s 

*-'M fhl'E 


later control of the company 
* was vested in the newly formed 
National Freight Corporation, 
which was founded partly to 
•pursue the vision of “inter- 
modalism which Freightliners 
bad started on tbe railway 
tracks. 

• Ten years later, that particu- 
lar experiment is over: Freight- 
liners has formally reverted to 
H)0 per cent British Rail owner- 
ship. The transfer' decision was 
designed chiefly to sweeten tbe 
rail unions at the end of a 
long and sometimes bitter 
debate between the road and 
rail transport lobbies. 

Sir Daniel Pettit, chairman 
of the National Freight Corpor- 
ation, invested his message on 
the eve of transfer earlier this 
week with some of the emotion 
the issue has aroused. “Freight- 
liners is a member of the NFC 
who has left home,” he said. 

Seen from BR’s point of view, 
however, ten years is a long 
period for a growing child to 
be away from its parents, and 
it may well take the railway 
time to adjust to the home- 
coming once the welcome home 
celebrations are complete. Fears 
about possible incompatibilities 
were behind the considerable 
volume of protest from Freight- 
liners’ customers about the 



Use in fight 
against fraud 


.Thousand 


CONTAINERS CARRIED 
BY FRETGHTLINERS * 


almost trebled its volume nf 
business during NFC ownership, 
it received a total of only fl5.8m 
during that decade for capital 
spending, compared with the 
£67m BR has already been able 
to promise for its new Speedlink 


Cheaper than 
branch office 


to s? M 
" "- 1 d 


. soowT. macwniwiB 


*76 '77 


ing block (complete; 


twum: -HI aiai a ton tree me jaoorious process of gaining M b*“ national calls In the Vtit , h ‘ 

C» J- number preceded by the special approval from the European 4. £ j Post Office nnenr^ l FrLi, Th 

Spending- “j* 800 - » »“■ a>«" ■» ^ baae against fraud 

I. is interest ins no.s ,hrt SKSJ .TSTK uZZTZXZ X? 1 'SKSS^SSSS,' 

SSvH-i 10 ,ons ±r=rit£.£ti^ 

almost trebled its volume of • Mr. Cliff Duncan, former head dearly, the enuinmenkcould be a ‘>t°matic system in the British 

business during NFC ownership. f U Qn of AT and Ts overseas services ada pted to lids p^Sose if th^ T^s. it seems ctear that Group 

it received a total of only £la.8m I/Uvap^r 111311 di^ vision, and consequently well telephone authorities' would w ' 11 enjoy a profitable 

SS S branch office & S&IS the top ^ big! possibililie , ^r^~ naI busi ‘ 

to promise for itfnew Speedlink The call charges are paid by * to/SSS? b ° f hL galne^pprovalTr 

concept, launched only about a the- company which subscribes of more than $4m to oet the credlt caf d com- . enuinmem r^rntm son 

^ agD ‘ ^felfinTir^ 1 ^- ^ “op^retioS Gro^ M gLf’Jf T^lT* 

peS. e M^Tn‘z,:rc 

mrs 'jssr ** « m& wokmson 

for whom the cash spent on Credit card companies use tions. ~ — — 

Freigbtliners represented well toll-free numbers to enable Group 800 obtains a telephone Tfc .• -» _ 

. over 10 per cent of the corpora- shopkeepers and hotels to call number m any European city ItCBI C l FI KftF>(JTfcl7'C < 

lion's total capital outlay in the up.* central computer office to that the customer requires. ‘The 
period. check the validity of cards. Air- group then sublets the use. of - 

There is no doubt, though, use system the number to 'its customer Management Decision Support new departure in. the teaching 

that Freightliners is potentially ^dely for bookings. And many though it retains responsibility Systems, by Andrew M. McCosh of university economics, reflect- 

a growth business and this for c ?^, nics n w 1 ! th or ser ' for Paying the bills to the and Michael Scott Morton. The in S ihe intensive development 

a railway which has seen total sel nave toU - f ree nura- telephone authority. Macmillan Press. Price: £10.00. , over the i ast decades of 

freight carrying slump by over cSthe® 110013 ” 66 customers to The Group attaches its own The authors set out to show how I,nea f economics and general 
U per cent in the last ten years, special, equipment to the line a manager without technical eq S2 1 “ Jn S!!2-«” T,ce £ tSF " - 

is a hlg encouragement in itself. 1# the US the system is run which will automatically re- computer training can use a * ine . „ 5 Bns,n e s s. by 

In the next decade, there will SJKL Stat *, 1 te,e 1 ? hone ro Yf e I t °« 1 !* Us an inter- simple typewriter or visual na rm Jlj® 

also be a number of special Si at *1-^ I hE ° atlonal destination specified by display terminal to solve basic XT « £1 f' 00 * re- 
factors working in Freightliners’ a °? T whlch makes ^“P 8 customer. Any management problems of pric- \ S *° ana,ys 5; 

favour. The biggest of these. JSSJ ? L , . ca “f r pays a local charge only, ing, investment or takeovers. U Ir deals with 

„i Bn »t .ttL, tho * Europe as a whole, no while the customer navs the. * „ . government-owned businesses 


Business books 


Different style sfrSfJGAS: ™ 3 S™ie 

style British Rafl and National se^ateltem^the/ccoimts. \ re ^Sned,su?h Ss toe ouesti™ bu t at which point no-one can ^ - “ — ‘ — 

Freight could hardly be more Cyril Bleasdale, M, who isV.r question 

different — -that is in xo far as staying on- as yreightliners’ 1 C L f a 611 con-, 

relationships with Whitehall managing-directoti^vas a station Jo,. _ se ^ K -^r eigbt . dows and More certain- improvements in 

permit the emergence of master at Hie age of 21 and S*2 ra w W*» d “!2? eU S vene<s “ ^ sh £ rt ! r 

V character in state-owned indus- knows his raflways. As a * _?E^ d hnk, and toe term will come from the effects 

ii^rwas \ notice of redejwption 

Sr , .“J^K,”ffiS3K?tfrs'S! , S! » «. — —j-f ffi-iSS” RELIANCE world trade comp ANY T.m 

radiates wi atmosphere which is way traditionally deals with. Its caused friction in the past and ment . s slat ad intention of m- /j» ; _ « T -VTT « -m nr* « xXLy| i 

somewhere between that of a offshoots. ... although tension in future is , tasa tion on toe (IOMHCFlV iLCHSCO World Tp&Hf* Pflttinanr T \ 

large business and a Govern- He does not doubt that there likely to be a more private, be ayest lorries. Freightliners J d WC LfUilipauV. lalUeJ 

merit department. will be clashes of style, hut internal affair, the aim will cer- rec * :ons long-distance hauliers \ 

The advent of Sir Peter believes the outcome could be tainly be to syntoesxc a “com- costs could increase by between . . , 

Parker from Rockware as chair- creative for both sides. “Weujareial” relationship between “ and H P*r cent m the next 
hian has done something, to are certainly going to be a test BB and Freightliners in deter- .5 ?" ear s simply under toe 

emphasise the prime business bed, because we are the first mining things like investment ,IJfluence of tnese changes. This Notice Contains Irnnnmtit ... „ , _ 

atmosphere, especially the rail- separate subsidiary’ company allocation, service levels and Freightliners* current five- Informa Aim ia czm. noiaers ot lie Dentures should be Bankers Trust Company 

way’s interest in marketing, but within British Rail to be in the allocation or overheads. .rear plan — the planning frame- ^ ror ah Holders ot 5% aware of the following : 9 Queen Victoria Street 

i he old *’ we are here tn run the business of directly sell ing rifl- This last area traditional tv work is now bein S increased to ^«aranrced Convertible Deben- (J) On August 21, 1978, the London FC4 DR TnnH™, 

railways sir” attitude is far ways. Other subsidiaries sell the railway accountant’s night- 15 - vp f ars ’ annTh I er ? ffect of thc 1988 of Reliance World reported closing sale price on the New AlsoCon’^rsionAp^T^ 

from gone ■ . ' things lflte ships and hotels, bat mare, is one where much recent transfer tn , ^-toows an II Trade Company Ltd. (formerly York Stock Exchange of Reliance Z conversion Agent 

National Freight has been led we are the core business and - effort has been concentrated fnl- Pcr.com volume growth in toe Lease© World Trade Company Group, Incorporated Common Stnrlr Internationale 

for most of its history by toe determined, to retain our lowing heavy public criticism penod - Most of this will come Ltd.) P y ™ c?e a Luxembourg S 

i-nthiisiacfip and nnntl.hmnniirorl inrilui^nniihr iimwi '< - .. »i . .. ... from Rri 1 ain*« inrrMsinp F.Ff ’ ■ 535.625 DCT shaiG. At S40.80 nw ■ lu » 


sudr' system has developed— for international charges on a Murray B £S!IlS CS, . b J that rals t capitaJ by issuinR 

several reasons. Perhaps the monthly baa's. and revenue bonds in tbe private 


( -«5 r . ...... 

>Rri g ^ r i! 

i: % , - 
, ;1 j ..u. 


v NOTICE OF REDEMPTION 
RELIANCE WORLD TRADE COMPANY LTD. 
(formerly Leasco World Trade Company Ltd.) 


enthusiastic and good-humoured individuality there.” 


.“"‘Ufa piimic irnuciam i t, - • - - 

that BR was unable either, to fro !, n Bn ! ai . n s m J creaslI ! s E. EC 


. 7 ... 

v t 

-rriPu iV ‘ 




ra > 


■ — r — ^ — •■mi wit pm uuduie eiuier. m , _ . , , , - ■ - 

Pettit, a former Unilever man. Sir Peter Parker certainly discover or disclose cost and 1rade and ,n trade Wlth Eire ' 
Its mistakes have been those of believes that BR is ready Tor profit information "about' manv both nf which Frei S htJin cr5 
over-emhusiasm, its contribu- the challenge. He has preached portions of its business. ’ expects to generate 5 per cent 

— — ■ - . — . ■ — — a year extra traffic volume. 

JL j a ■ V • “fl ' . ' TP This will give the company only 

T T ■ 1 t—. j 1 39 per cent of its business with- 

Tit me deimage xioteL u ™ 
weDutvounrsl. 

. ■ r “ ^ J M upon retaining the Freightliners 

~ network at its existing size, and 

Smne hotel's hnasf-nf / * A_r . they assume no technological 

theirsuneto old fiicbirmod i o , ^i-CxfbnJ Street Itself advances. The most useful item 

feshiDned ^*- >w / f - *\ tfVl Yet your air-conditioned in toe latter category would be 

? / A-., \ ^ ¥ H yl-room is as quiet and peaceful as the development of a low level 

iheSrifndge . i f fgi ffTTY / B ^fccan be ta*ite glaring takes care Frei?htliner rail wagon to 

riotcl promises you both. / I » •"‘J-ofthat) r ® 6 enable standard containers to 

: Giusavice isn't merely / I m£twL<~, ^ 9 S use the .railway lines through 

BriJsh Rail’s ‘SiSR'SSSh 

^^ ^^1-^aiKtinLandon.Oramog Ls on ti”proi 

wthemott f m&araal meal in our pretty Picmc lem now. Efficiency is also 

important posonm our lives, •f-' '-Badcet restaurant There’s 24-hour bound to increase from next 

whether youte m London on room service. Maivellous comfort . rear when Freightliners’ real- 

busmessorforpleasure.^ Eriendk ^relcoramg staff v^ose time computer facility comes on 

Wee m tbe voy heart j 1 business is to ma£* sum rverv- stream - giving more detailed 

oflxmdon, within walking C\ timm goes vour wav ^ m . nrro1 OT r r md,v,dual ron ' 

ffistance of all the places you : \ \\ ' ^ STS Crime back 

v^-anc to Visit and next door to 1.1. ourwavasainmdarain. Sn the signs in the market 

-i f v W|K' ana again. are good for Freight! me rs as. 

-^ | ry* b B todeed they are good for reil- 

v The question for British Rail 

' ' *. - in terms of manasemem and 

II c ^ organisation is whether it can 

/-*'§$■ use Freightliners to strengthen 

‘ .^1 the scope of its freight Market- 

‘ ing message, without cramping 

^ reasonable record of progress. 

. If BR can live with a genuinely 

autonomous Freightliners. the 

I ' : \ ■ » \ m chances of sucoks in ils other 

. 1 i % devolutionary ambitions will bo 


Some hotels boast of / / 
theirsi^)erb,oldfeshioned / 

service. Scone offer you every 
modem cdm f b rL The Selfridge i 

Hotel promises you both. / 

: Gursoviceisift merely / 

SPod, it's an art form. Horn the ? . 

moment you step inside our unpressh-e 
reoqjtian, youte treated as themost j 
important peiscm in our lives, -Atari 
whether you Ve in London on iff' 
business orforplrasure. 

Wfeie in the very heart 

of London, witliin wallong VS® 

distance of all the places vou . ' 1 
want to visit and next door to - f ^ 




S^Gxftjid StreetitselE 

Yet your air-conditioned 
[ v-j room is as quiet and peaceful as 
; TflJcan be (triple glazing takes care 
•J- of that). 

lf;~ Enjoy a gourmet meal 

L# ;rtrfletchcrs Resamant; one of 
. the finest in London. Or a more 
g informal meal in our pretty Picnic 
I Basket restaurant There’s 24-hour 
loom service. Marvellous comfort 
Aaadtjc 'vdcoraing staff whose 
business is to make sure cvery- 
tliiiig goes your way. 

1 1 So that you’ll come back 

'J^gjffway; again and again. 


Jr/ 


Tfas Notice Contains Important Holders of Debentures should be 

Information for All Holders of 5% aware of toe following : 

Guaranteed Convertible Deben- (1) On August 21, 1978, toe 

turoDue 1988 of Reliance World reported closing sale price on toe New 
rade Company Ltd. (formerly York Stock Exchange of Reliance 
Lease© World Trade Company Group, Incorporated Common Stock 

. was S35.625 per share. At $40.80 per 

NOTICE IS HEREBY GIVEN share, S 1,000 principal amount of 

that toe entire outstanding principal Debentures would be convened into 
amount of the above issue (hereinafter 24.5 shares of Reliance Group, : 

toe “Debentures”) will be redeemed Incorporated Common Stock having a 
on September 25, 1978 (the “Redemp- of $872.81. 

non Date”). The amount payable on ® Ir ^.suggested that holders 

redemption is S 1028.89 per S 1,000 consult with their tax advisers as to toe 

principal amount of each Debenture tax effect of the redemption and con- 

( SI015.00 plus interest accrued to toe version discussed above. 

Redemption Date). This action is Debentures, together with all 

bemg taken pursuant to the provisions coupons appertai n i ng thereto and 

of Section 3.02 of toe Indenture dated maturing after the Redemption Date, 
as of June 15, 1968 among Leasco should be presented and surrendered 

World Trade Company Ltd. (now for of die redemption 

Reliance World Trade Company amount or for conversion into 

Ltd.), Leasco Data Processing Equip- Common Stock, as follows: 
ment Corporation (now Reliance Paying and Conversion Agent 

Group, Incorporated), Guarantor, and Mail: 

Bantes Trust Company as Trustee Bankers Trust Company - 

Corporate Trust Division 

^ ne redemption payment will be p.O. Box 2579 

J^de at toe office of Bankers Trust Church Street Station 

P?S^ yand - tt f lcofficcsofthc New York, New York 10008 

Paying. Agents indicated below. From Tj an A rw,i 

and after the Redemption Date, the 

Debentures shall no longer be deemed < ? mp3 ?L. ■ 

outstanding and interest thereon will R^upt and Delivery Sccnon-Lt 
cease Coaccrue. 1 " an * crs Trust Plaza 

In accordance with die provisions of Be™™ Greenwich and Liberty 

the Indenture, the Debentures are t. x, 

amwrtibte into shares of Common Newark, New York 

Stock of Reliance Group, Incorpo- Additional Paying Agents 

raied T at a conversion price of $40.80 Banque Bruxelles Lambert SJL 

per date. This right of conversion, will 2 Rue de la Regence 

esprae attoe dose of business on 1000 Brussels, Bdginm ' 

i«^^S” b “ 25 ’ 1978 -? ere ' K'rson. Heldring & Pierson 


Bankers Trust Company 
9 Queen Victoria Street 
London, EC4 DB London 
Also Conversion Agent 

Banque Internationale: 
a Luxembourg S.A. 

2 Boulevard Royal 
Luxembourg, Luxembourg 
Also Conversion Agent 

If yon elect to convert your 
Debentures, the Debentures should be 
delivered to or sent'by registered mail 
or its equivalent to toe offices of 

Bankers Trust Company or the offices 
of toe Conversion Agents indicated 
above prior to the expiration of toe 
conversion right at toe close of busi- 
ness on Monday, September 25, 1978, 
indica tin g your election to convert on 
the reverse thereof with an endorse- 
ment dated and signed by you. If toe 
shares of Common Stock to be issued 
on conversion are to be registered in a 
name other than yours, so indicate and 
have your signature guaranteed by a 
banking institution. Fractional shares 
of Common Stock will not be issued 
on conversion. Reliance World Trade 
Company Ltd. or Reliance Group, 
Incorporated hereby elects, pursuant 
to toe In d enture, to pay a cash adjust- 
ment in respect of fractional interests 


* j • w- -.-nfuwuu uiluui^ 

Receipt and Delivery Section-Level A based on market price of toe fhrm^ nn 

1 Bankers Trust Plaza ° — * •— « 


•ij,' 

- r&* 



Selfndge fifctd 

^‘ iurJ Sm! «J?ndOT WITH: 01-408 20W. Telex 22361 

WT F13 f nrZF*'^ H«rl.TVrIVv.l 

_ aC 4£iy,Vf-' r ' J iWii hasriMri I 

Sj. ^ 1 ^*‘^lA wsua ifcid in tandon: RTTI 

The KM Ang»HMd m1frw>r E l> J w ' ‘ ""T T** 1 

Cenln] Rc-^,itk»as Office.! 70 Coon ■Radi HOTELS 

bmdttiWL Kfc 01-368 SOSS.leloK 24S16. WbpiltyOUfffSt 


CONTRACTS 

CONSULTANCY 

Firms needins skilled praesiraf 

assistance to make their com- 
mercial contracts rad as they 
want them to should calf 
HOOK <025 672) 2299 


payment or adjustment in respect of 
accrued interest shall be made on toe 

conversion of any 0 f £h e Debentures. 
I- toe entire outstanding principal 

amount of the Debentures were to be 

converted into Common Stock of 
} T~ mce Grou P> Incorporated at the 
above-stated conversion price, such 
conversion would involve the issuance 
ot ap^orimatdy 310,000 shares of 

suen Common Stock. 


206-214 Herengracht 
Amsterdam, The Netherlands 
Berliner Handels - Gesdlschaft 

Frankfurt Am Main 

BockenheimerLaadstcasse id 

6 Frankfurt, West Germany 
Credit Commercial de France 
103^ Avenue Champs-Elysees 
Paris, prance 

Bmea Commerriate Imliana 
Piazza della Scala 
Man, Italy 


Stock as of the last business day pre- 
ceding toe date on which a Debenture ' 
is surrendered for conversion. 

If you have any questions about the ' 

meaning of this Notice or the most- 
advantageous way for you to respond 
to it, it is recommmded that you 
consult your banker, broker or 
attorney. 

RELIANCE WORLD TRADE 
COMPANY LTD. 

RELIANCE GROUP, 
INCORPORATED, Guarantor 
919 Third Avenue' 

New York, New York 10022 . . 


By. SAUL P. STEINBERG 
* C h airman of the Board 



T 


LOMBARD 


Where juries are 
a hindrance 


The rights of sponsors and 


Financial Times Tuesday August 


BY DAVID LASCELLES IN NEW YORK 


thair Mnomoc nrrar fhn Q1 ,i c Vfl i cm.ii a ■ *■ 1 au uie juuyc icovts, gtuuuu icawra a uu iu uuumn 

meir licences over me next. nve Glared a mistrial and gave a Ancient Lights) • and it is the Acts of God and Murphy's Law. understandably, are excessively sponsor: 

eaan hminri *#* *.■» tha ^ ,. ah A;^ ■ r ^ . *- . n 1 : . »ru„ 1 


BY JOHN CHITTOCK - 


Exasperation 


over ^ ™ raying «* 1W» -.-SIMUfe 

. ispJetioh - — hut iiMwkaWyejc* . kn0l y i ,i e dn e nf the jMnduetx» 

^s-ctoAed will be . conspsrty as their best sate- 

**c- -rights in material that has been ^ZT ■ — ^ 

^'acquired from 'third parties. S« arrt ' . . 

• **> Music employed in a fiha After making prov3won. au 
— pSuaHv comes i*to this cate- the . key legal points, the. best 
gory, ‘and the contract should insurance for creative success 
specify Whether the’ rights in begins with the sponsor peovid- 
J -' • music have been acquired ing a clear and manageable 
•,-. f 0r non-theatrical use only tf.e. brief, an adequate budget, and 
; not cinema or television). plenty of time. Above all. time 
It B important, fw the cm- «» 


good film - makins< Such 
elctnenfs will help,- if not 


Britain: whether courts of law for its broader Implications, thr There, perhaps, the analogy mission a film-.. Some aspects ■ ■ ■■ — . — 1 y . . ■■ ■ ■: WuaHy comes. i*to this cat^ the kcy legal tt ^ . besJ 

particularly those with juries! judge explained his reasons for ends. The architect can prnduce of production are amenable to ^ imvrn gory, and the contract should insurance for cre *^'® 

are equipped to handle modern ignoring the jury’s inclination as drawings, models, even photo- legal definition, most are not FlLM AND VIDEO ■ 'specify whether the' rights- m begins wiih the sponsor provid- 

patent cases. follows: “The magnitude and composites, to show almost pre- and for the unwary sponsor it J - - theinmsie have been acquired ing a clear and manageable 

complexity of the present law- C j Be i y w h at the building will is Important to- know the dif- gy JOHN CHITTOCK - for niMi-liieatricai use only (i.e. brief, an adequate budget, and 

_ s.“it rentier it as a whole beyond look likc (evefl lh oiish many ference. .. .V ^ ciiwm a or television). plenty of time. Above all. tune 

Fiawratinn th0 a K y ri d im C H^t e Jn3 Cy a nrf Objectors will rightly Claim that The substance of what may — : ~T 'it * imoortant for the coo- is an essential ingredient m 

XLAdafJcI dllufl deride rational! “ d d “ d such impressions can be grossly be reasonable and practicable is for labour, materials and ser- much as accountancy to know +JL 1 0 sp ?dfy on wtoat lenns S°° d fl •- Soch 

The very fact that Xerox and lR , f . raI1 ^, we t comed this misleading). The film producer available man outline contract vices p i us changes to the film that the swings and the round- ihe film will be pro- ele menls 

IBM, both of them ardent liti- *?=' , thou „h‘its chairman Mr ^ only rely on the words of prepared jointly by the British requested bv the client outside abouts will get him home with a "?££!!?, r, pr * 1 = comDlelio©. The ensurc * Bu l is . a 

gants should have decided to ^^CuAadded Sly *£ * treatment script-* kind of Industrial and Scientific Film basic agreement. There may fair profit and a. satisfied sped- wmSFP medium. 2*'°* 

indication SfUat ^hnJp *1 ■?£ Ke Lid before'. Siere ought te essay that describes content. Association (which represents be . additionally, the iniquitous sor. In the process. previewed ; a 

thfck Of the f a?5oi th?nk IBM be a liinil to ^ oumber of JttJtude and intended effect, roost of Britain's leading film “bad weather clause" under ducer will make decisions that tothe recru,tment 

Si instance re^ids recourse to tim0s we must ' 80 10 lrial on But words are a poor substitute sponsors) and the Association which the producer may charge are costly to his own budget. W that era-which tt M 

Uw SaoureWbusS^deJSioL -^ese oId ^sues. Each seems for moving pictures and sound: of Specialised Film Producers, the extra costs incurred in wait- inessential to the '-terms ofSe. & 00 ?* Bloncd only a days ^Ote 

based ot? whether “”«S mm 5 *? be a repet ^ ous was * e „ of the producer's knowledge of This takes as its starting point fa* for "suitable" filming contact, but possibl/of benStL 10 ^ 0 ^ ^ ^ sbip y, * S8l » t 

worth the company's time, effort fijl®’ haveSved his whaT 15 possible ,s usual,y far normal practice of consider- weather. Courageous is the to the end result It is a -cel- aet “ a l l3 : ^ 11 was «m- 

and money. But though this hrl=rh for even ac ^ sooke greater than the sponsor^ wbo ing film production in three sponsor who insists on his film- cuiated creative '' ''-risk; ' to vbe commissm^ from plet ed m under five weeks m 
truce ends no less than 12 cases Memorex announced it was going an °? ly h °P e forthe best when approval stage$-*he script, tite ing being carried out under abandon the risk would be to Pnri ucer> ten ®iL b ordcr ■ t0 J ” eL ‘ t A 

outstanding between them, the , D a0 neal. a script refers to “a montage “ rough cut '* or “ cutting copy " specified weather conditions — accept mediocrity: but much of iin - a separate contract. It has screening date. A formula for 

, are slil1 er ?' Rnrh rhese cases Memorex in of the company’s quality testing fwfcich is an assembly of the thereby accepting the insertion the expenditure will in<^tably k^ wvn f or ^ u -? a ^ disaster, but the film won the 

533* lt ™i;L?” y H ,u t 1 fc a parucular have added t^the programme, cut to modem rushes with a rough recording of a "bad weather clause.” be wasted. Thus a complicated f»ious producer to load the Gold Award in its -otegiY at 
a n2trS C auS?r?SrwhTcS a^re fSSS S»TSnd pSK of the commentaiy) and the In practice, such protection shot that could take a ' whoie M ******** - a £e 1978 Bntwh Spoked Rte 

likely to last several years Two * ic aT5d tbe clary that juries The film-maker, if he is good, delivery of the “answer print” against price rises is rarely morning to organise may finish sUaiarion iin which the sponsor Festival, vvnat price good 
of them are cood examples of are a hinders nee rather than’ a will have a very clear idea of (the first, completed copv of necessary. Almost without up on the cutting room floor becomes helpless. Curiously, advice? 

the extremes to which modem- MP m complicated: patent suits. • • • • •• - ' 

d aw cr.mr.aTi.r — Three recent ■ 'cases nave ... 


outstanding between them, the 
two companies are still em- 
broiled in at least as many suils 


day- company litigation can go. Three recent - cages _ have 
and both have produced evidence resulted in the ^teiking of jury 
of mounting exasperation in the de ™ nds because the Issues were 
judiciary - judged to be beyond the prac- - 

it, iqto . tiCal abilities and- limitations of 

s ,i n hn W J 3 JjSZ ox wa s sued for a jury." There was even a recent 
mfnt n ar V 0ffice n equ iP' case in California invohring- a 

for aljegediy. ^ complex - Coca-C!oIa franchise 
3 ‘ n . ? |5 °T acceas ^ ts d J y where the judges overturned the 
?2Sf r ’K ,e £S5ff og . ! ![ - ba « k !?. ! be verdict on' the grounds 


Hawaiian Sound is Gold Cup 
choice, hut Cistus is danger 


ENTERTAINMENT GUIDE 


n’r ] ° 3 that its members had -failed to WITH THE ground now likely by a bead to Shirley Heights in to the chances of Seraphima and 

he Mm!".?. I„na«* i« S^P the facts of the case. to be on the fast side of good, the Derby, and again foiled in a Double Lock in the Nassau. 

uerameine longest jury trial in 1 shall not look beyond Hawaiian photograph finish to the Irish She is clearly ready to run the colihum. credit «*■. 01-240 isisa. 

U.S. lesal history. The SO.OOO _ Sound slid Cistus in today’s^ re- Sweeps Derby, to *hich his race of he^feTor Diot Heam oiS&riSVKdS 3 o'S»» 


CC — These theatres accept certain, credit, 
cards by telephone or at the Box Oftce- 


THEATRES 


THEATRES 


OPERA & BALLET 


MAYMARKET. 930 3032. Evfll- B.OO. j ROYALTY. Credit .Cards >1»*0S WO*. 


?o' ! “SpM™1rt“hl‘ m th? e ?ud« uratory GoTd aJ cud the Be ° son aDd Hedses »rv r d ’,™ v Hsr^sa-^S&ai :*K^5BjSiSj«sra* ""“""Mgr™" *'-” 

fSm of ?o less Siai S According to the U.S. constitu- This£70,0U Yorkrace, argu- HawaiianSourrd ^en finished andj ln tentatively going for SA'VS&rgSff 

ins each reoSirin- a tion. any suit involving more ably the most competitive event little more tean 1* lengths be- Hawaiian Sound, I see her as qa™ »S: 72SL- Sggj ■»* wat -" ± WMO *Iiu. 1 "anI £h*r! wat 

0 ? ^SSO.houMt.eWedby^ “ ““ K “ g ““ ^ ^ Vg J1 

Even so, the jury was an indication, lawyers say, of {J* h „ nrDt , u .J.. n , sh y ocka H is clc'.-is are there for all to ^ Roval^fsst.val hal^_ mb am. «.o. sou. a ub . to. s»b. a.o. Th ur . a rn. w s «. jbw b.w . 


Oratory 


Wadnesday 2.30 Satunuv 4.30 A 8.00. 
PAUL SCOFIELD 
HARRY ANDREWS 

- ELEANOR BRON. TREVOR PEACOCK 
and IRENE HANDL la 
A FAMILY 

. A n«w pIjv b» RONALD HARWOOO 
Directed bv CASPER WREDE 


■urao fnroaH t n fooH it J.', ~ tOry proved jllSt' tOO Strong, for year's 33-1 hero. Relkino Semcoil. Tomor. * T Fri. at 7.30 MW *• An admirable plav. honest, well COO- -niiATiur dViM UH 

h.thef5?mofM less Sia^S According to the U.S. constitu- This£70,0CJ Yorkrace, argu- HawaUanSourrd ^en finished andj in tentatively going for %£££ SS. 

ouestions each reouirinw a tion. any suit involving more ably the most competitive event little more two 1J lengths be- Hawaiian Sound, I see her as *?»”» JSii- ajaSi' ggj « at -" B - wmos ' uV^ane ZhuF"™ 


ntlPStinne airh ronilirinn _ UUII, duv auiL uivuiviUK mure ““‘J «*«- ,y-*^vuw.v , , 7 ,7 j ~ , “ ... ouuuu, a see 

stra^and'unanimo^Tel or than S20 should be tried by jury^ “ ««reniely live threaL 


La Bo bone. 104 tMiconv seats wwttoMe 


from IQ. 00 on day of pert. 


t S0 ' iff 3U 7 tK W - P inoicauon lawyers say, or that), has produced some shocks His ckm are there for all to afs „ c VhM some s^rt of a S 
unable to cope. Three of their how antiquated court procedures see and were it not for thp fact Ir^v e has some sort or a jinx 

answers ^re contradictory. bave become. But views differ that a particularly gruelling com- Sv-St 


HDt MAJESTY'S. CC 01-930 6606, 

Prers. From Tanight 8.0. Sjo. 3.0 & ! 


something of which they were not on . whether juries should be got 
aware until the judge pointed rid . of altogether. Defendants 
this out and directed them to tend to prefer trial by . judge 
reconsider, which they did. But because plaintiffs With marginal 
their new answers swung the cases are i ess akely to baffle the 
balance of their verdict away court with complicated language: 


RACING 


BY DOMINIC WIGAN 


paign mignt, imauy, nave iaKen ''7.77.7; r , " 

its toll. I would opt for him Hj* ** ht medlDm for m 
with confidence. each-way beL 

Cistus, such a disappointment Pyjama Hunt, who has been a 
in the Irish One Thousand t^wl®l of consistency since 


THEATRES 


frnm Xerox towards SCM, an trials are also quicker, and j n the past, but the Berkshire u ' arm favourite, has been going borne rn the Derby will be 
indication of the complexity of decisions are more clear-cut three-year-olds look capable of fr 001 strength to strength this ideally suited by this trip. . 

the issues being weighed. and • well-reasoned- because, justifying their market positions, summer and it is difficult to : 

A more outspoken interven- unlike a jury, a -judge is obliged There is no colt, with the dos- gauge just how good she is?. York 

tion was made by the judge in to explain bis verdict at length, sible exception of Jellaby, more The winner- of Newmarket's 2.00 — Schweppervescence 

a current case involving IBM. (This also makes a verdict more deserving of a victory here than Child Stakes, in which she pro- 2^0— Dust-Up 

The computer maker was sued sustainable on appeal). Plain- Hawaiian Sound to whom Lesier duced an outstanding turn cf 3.00— -Upper Deck*"* 

in 1973 for SI bn by Memorex. tiffs, on the other hand, prefeT Piggott switched a few days ago foot to catch Ridaness. the West 3.-40-— Hawaiian Sonnd 

an electronics firm, for allegedly jury trial because it puts extra in preference to the Irish filly Hsley filly then won even more 3.40— Pyjama Hunt e.w. 

trying to monopolise the elec- tactics like oratory at their dis- More So. Impressively at Goodwood later 4.15 — Red Rufus* 

tronic data processing industry, posal and leaves open broad Pegged back only 50 yards in July, finding another electri- 4.45 — Zelenko** 

The jury finally went out -on- avenues for- appeal. „■ .. from the tine when going under fying burst of speed to put paid . 5.15— -Roger Bacon 


Guineas for which she started a tiring a quarter of a mile from I last s weeks, must end oct. i*- king-s road theatre. 01-352 74*b. 

Z . JIlT uJT Z*- IX* hnm* In th- TWhv will h a I E*SL 7J0. _MatS,_Thurs. 3,0. S«- 4 - 0 . Mon. to Thurs. S.O. Fn.. Sat 7.30. 9 JO. 


York 

2.00— Schweppervescence 
2^0— Dust-Up 

3.00— Upper Deck*-* 
3-40— Hawaiian Sound 
3.40— Pyjama Hunt e.w. 

4.15— Red Rufus* 

4.45— Zelenko** 

5.15— Roger Bacon 


IRENE IRENE IRENE 

THE BEST MUSICAL 
Of 1976. 1977 and 1978 
IRENE IRENE IRENE 

LONDON'S BEST NIGHT OUT.** 


THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 


Sunday People. 
lRD BORINGS 


IRENE IRENE IRENE LONDON PALLADIUM. 01*437 7373 * ■ *""• 

-LONDON'S BEST NIGHT OUT.- ‘^"SStcnT^r 47 F 0 r one wWk only. 

Sunday PmoJe. MAX BYGRAVES SMAW 01-508 1394. National YOutfV 

CREDIT CARD BOKINGS B36 7611 w.|l.s5iciil SSSt SlM SMJa L5^if*eSlL Y& ¥,r » fc 

; : JOEY HETHERTON ENGLAND MY OWN. {<W. 7.M. 

ALBERY. B36 3B7B. Credit card Mss. — ■ ■ ■ I TT — — r~“ “ 

a 36 1071-3 from 8 JO am. Party rate* LONDON PALLADIUM. 01-437 7373. STRAND. 01-B36 2660. SveniM* B.OO, 
Mon-. Tucs., Wed. and Fri. 74S p.m. seniombcr as. For one Meek only. MM < ttiura^S.^^tiiiittvi S^SO A a.30. 


TXurL. and Sat. 4.30' and 0-00 
A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 
OLIVER! 


LENA MARTELL 


[LYRIC THEATRE. 01-437 3686. Ev». 8.0. 
i Mai. Thurs, , 3.0. Sat. 5.0 ami 8.30. 

WS^HT . 'flNLAY 


ALDWYCH. B36 65UJ4. Info. USB 5332. 
Fully air condlttened. ROYAL 5HAKE5- 



Fully air conditioned. ROYAL SHAKES- 
PEARE COMPANY in repertoire. Tonight 
7.30 Co RIOLAN US. "An evening of 
tme theatrical alary" S. Times. With: 
Strlndbeni% THE DANCE OF DEATH 


LOfttfifr *MNLAY 

• ’ FILUMENA 

. . • bv Eduardo ac i-iiipeo 
bitected UV FRANCO ZIFF IRELLI 
TO1 AL TRIUMPH." Ey. News. - AN 


NO SEX PLEASE— 
WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOp SEATS L4.SO-t1.SO. 


rffll 


WORLD'S LONGEST. EVER RUN 
Z6th YEAR. 


. NOW BOOKING for AS YOU LIRE IT 
«lro«n S Sept.). RSC also at THE WARE- 
HOUSE i see under Wi. 


t Indicates programmes in 
black and white 


BBC 1 


6.40 am Open University I Ultra 7.20 The Rockford Files 

High Frequency only). 9.55 Pad- Who Pays the Ferryman 

dington Hits Out. 10.00 .lackanorv q'm rirpVr Rriffin* Scene Around Six. 11.55 News 1U0 Swimming and Diving Ncwyddion r'Dnld. «JD Min Mawr. ojo- th- vimKi liSSiT Thhiim » U n CT ann ro aewemoer go, 

10.15 Help! It’s the Hair Bear 105 s Play for Today and Weather for Northern Championships ; MIWJS y Drdd. iwo- brJ^m'oNY^H^reR_ nations, theatre. ■ ua »» 

Bunch. 10^a The Islanders. 150 u _55 VVeather/Re^ional News Ireland. 12.00 The Andy Williams Show |fry WesI _]|,, General Serrice «mer and . seat price* Tomor. ^ao > - the"'.ch/r : w 

P«B?* 0 S 'to****' ™ 5 *?**- All Regions as BBC-L except at England-555 pm-Look East ^ “«««; iSSlS %■ Report Wbr bSS ^oa.nd£4.4 0 . Dinner -nd.too-nrlce ORCHApo ^ a«kn«» tr.™. by Michael 

3.50 Tybed. 4.1R Regional News .p 1 ' a » ®bl. i except ai. (Norwich); Look North (Leeds. Goya accompanied by the i, ne3 . tiwjo Report west. _ — Lyttelton. jta«w«niun. stages Ton-t. 

for England {except London). 4 we iouowin„ times. Manchester. Newcastle): Midlands music of Juan Martin cr/vmcn apollo. oi-ot ’2663. EvininVi a.oo. 7 as plund» hy Ben Tnvan. Tomor. 

Playschool. 4.45 .4s .As pel. 5.10 Wales— 5-35 pm Wales Today. Today (Birmingham): Points West All IBA Regions as London „ Ma * ""UWcAnSK " d 80 °- cott^oe' wn.ii ■uditori B nii-‘- Pr«m 

fRrkinll" .^nuth Tnrinv /Smith- ovmnf of tho Fnllowinw timne- 10^0 un Morfins Mjrsiery Movie: “Actor of the Evvnlno Standard- Season: £v gs. 8 (until Sept 2) THE 


The Story eBhind the Story. • 650 Nei 

5.40 News JI 55 I 

555 Nationwide (London and Wales. 

South-East only) Scotia 

655 Nairn's Journeys Scoliant 

655 Hobby Horse for Scol 

7.20 The Rockford Files . .. 

8.10 Who Pays the Ferryman? 

9.00 News Norther 

9JJ5 Great Britons b £* ne / 

IMS Play for Today ' 


650 Newydd. 6-55 Dewch I'r Ardd. 
11.55 News and Weather for 


welsh national theatre co. 

DYLAN THOMAS'S 
UNDER MILK WOOD 


RAZZLE DAZZLB 

-.At It!.. 

LAS REALES DU PARAGUAY 


Scotland — 5.55 pm Reporting 

g?r 0, a,lll J5 News “ d Weather »■»» JgJf- 
Northern Ireland— 4.18 pm jn»»o News 
Northern Ireland News. 5^5 10J30 Praise the 

Scene Around Six. UJ5 News juo Swimming 
and Weather for Northern Champions 

Ireland. 12.00 The Andy 


MERMAID 01-248 7656 Restaurant • THEATRE UPSTAIRS. 730 2554. 

01-336 2132. 348 3838. . B wning. 7.30 and 9.13. E»m. 7.30 IThur. at 7.00). 

? S ,«H>0 SOY PRAYER FOR MY DAUGHTER 

j , Tl __, . . DESERVES favour j bv Thom* Babe. 


R fin Tobo Civ - UTV nuu« iw me m. • I I . 

c« rrnc„n^ c HIV . MERMAID 01-248 7656 Restaurant • THEATRE UPSTAIRS. 730 2554. 

6.35 Crossroads 10JD am CM Id Lite In Ollier Lands. ARTS THCA I5 1 ^' 1 21 3Z ' 248 2MS. Evenings .7.30 and 9.13. Eva*. 7.30 (Thur. at 7.00). 

7.00 Survival lO* WN WotM Of Antals. DJB VfflSvfirSvSuR • PRAyERFORMY D *UGHTER 

7JS0 Spearhead Flower Stories. L2B fri Report West "Hilarious . . see It.” Sunday Times, a ofay for acmrs and * oS-stra by TOM ‘ I,0TT ' 1 * 

8 JO \Vhat’s On Next" Headline*. XJS Report Wales Headline*. Monday to Tnursday 8-30. Friday and Stoppard and ANDRE Previn Seats | VAUDEVILLE. 836 99B8 CC in. 

9 00 The Bass Plaver and the £ ros5roads - ■ RfM»n M. SOS Saturday at 7.D0 and 9.15. 44. tianda . L^rOI^WHO loves t «i 2.3s. s.o m BA 

Blonde *“"* ““ **'"■ ambassadors, cc. oi-bsb iiji. h^h§t°c^ic ^t^n wShbly 6 | P ^u S ^r°^-aSnoG^S Y 

mm 00 Dl - ,in,Uon - Nightly at B.QO. Matinees Tues. 2.45. MISS THIS PLAY." S. Time*. "At last! The newest whodunit bV ASmT?. „n_ 

if ev l s . „ , ... MTV Cymru/ Wales — .\s HTV Genera] Saturdays at 5 and B » mgnmBlu 1 and bniham pnd serious R^-enTw a^i « th a christi^wim 

in 7/1 D n W tha linn In. C tt no- , n.i « PATH Ifp raBRlrl and TnNV ANHALT DOlIt Oi-Blav.'' C w- Barrel MV ton 1 ...ffTf™? A**™ Lnnmie_ Wim. another 


Flower Stories. L2B pm Report West Hilarious . . .- see It." Sunday Times, a play for actor* and orchestra bv TOM ' uv rnoma s aaoe. 

Hcadlinrs. L2S Report Wales Headline*. Monday to Thursday 8.30. Friday and STOPPARD and ANDRE PREVIN Seats VAUDEVILLE. B36 Wri er r. •» 
‘“nn^-Ov Silnrday at 7.00_ and 9.15. _ 3% iO 5% 


AMBASSADORS. 


— ■ . THE ENGLISH LANGUAOE AND THE 

01-836 1171. HIGHEST COMIC ART CAN POSSIBLY 


plnah SHERIDAN. Oulcie GRAY 
A MURDER IS ANNOUNCED 


10^0 Praise the Dor for Sitting Service except.- L2IHL2S pm Petuwdaul PATRICK CARGILL andTONY ANHALT gHUlcal. ■ Ftar.' 1 Cliyc Barne y^ NY Post. 
- — ■ ... - - -- - — ------ — - -- * -in « elm, - i Him cvEanuea so September $□. 


• In SLEUTH . 

The World. Famous Thrtlh* 


by ANTHONY SHAFFER • . NATIONAL THEATRE. 928 2252. mwtenes.'' fSS- Bar*« rsSn« jE2T 

1 Seelna the (toy. aoalr .is. M toet.an OLIVIER -.(open stage); Toi»:l 7.30. m,W AIR-CONOITtONFO THifS5ftr Ww *' 
liter and total loy." punch. Stoat pmu Tomor. 2 A3- A 7.30 THE .CHERRY Oa 

12.00 and £4.40. Dinner and MD-nrlCC ORCHARD tar Chekhov tram, bv Mir Karl oc *' A 6cnn1B wlth Da** Ah«o 


Play School. 4.45 As Aspel. 5.10 Wales— 5.55 pm Wales Today. Today (Birmingham): Points West 


£AJ od &J So £i*; excepl at ** foIIOWin - times: - mJcSbl*^ ^ sSn^ESSU 


F.T. CROSSWORD PUZZLE No. 3,751 


ampton); Spotlight South West 
(Plymouth). 


THINK OF ENGLAND 
'* Wickedly runny." Time*. 


BBC 2 


640 Open University 
11.00 Play School las BBC-1 4.20 
pm) 

4.55 Open University 
7.00 News on 2 Headlines 
7.05 Dilemmas 
7J30 News on 2 
7.35 Best of Brass 
8.10 Eight Pairs of Eyes 


i\nr r A 130 CambiL 2JB The Andy William* shut your eyes and ""any *« 

AmuLIh Show. 5JS Cartoon: The Undenwa ..JHWIIC OF ENGLAND 2033 Cn 

UJE am ADlmaiud Classic flvanlrae). Adwcnturos of. Captain Nemo. 5J0 Wickedly runny. Time*. _ — _ 

11.05 Space 1399. US pm Anglia News. Crossroads. MO Scotland Today. 630 ASTORIA theatre CC Chartna Crass OLD Vic. 

L38 Police Saigeoa. 230 Hoiiscpiny. SttrvivaL 730 TblngumnvJI*. 12.00 Late Road. 01-734 429i'. Mon. -Thurs. B pm. PR® 

505 ThJ* Sporting Land. 63» Ahum Call. Fri. and Sat 6.00 and BAS. ■ Battel wrlor 

Anglia. 12JB Witness to Yesterday. food available). 

1 ZM am Anthology- SOUTHERN - Chekhovb 


seat £730. Frayn. __ virman — “ 

, LYTTELTON .toroscejjturri stage]:. Ton't. TIC o5.iim m a... 

APOLLO. 01-437 ’2663. Evenings B.OO. 7.45 PLUNDER bv Sen Travers. Tomor. 0,1 82 s»lTO?i n ,a l T « 

Mats. Thurs 3.00. SKk 5.00 and B.OO. 7.45PtanOr. '• 

DONALD SINDEN COTTESLOE (atnall awHtpricun)- Prom 5M * 

■■ Actor of the gear." Evening standard- 8 tanin Sept. 2) THE M A M " 1 ™ ' Jj . _ „ 

" IS 5UPEM.* 11 N.o.w. PASsroN., . .. _ evpmng* 7.50. Ma ta. Wed. A Sat. 24L 

SHUT YOUR EYES AND Many 'eatcellwtt cheap seat* all 3 theatres ^ 1 ■ ■ 


VICTORIA PALACE. 

qi-82 6 4 73S-B. 01-834 1317. 

S^ATTORD JOHNS 
SHEILA HANCOCK 
„ , A N N II 


Many cNcrilmt cheap wan all 3 theatres — — - 

day ol perf. Car nark. Restaurant 92B WAREHOUSE Donmar Theatre. Covert 
2033. -Credit card Mess. 928 3082. " Garden 836 6808. Roval Shakemue 


Fri. and Sat. 6.00 and BAS. tBnflet 
Mod available). 

. ELVIS 


VIC. ' . 928 7616. 

PROSPECT AT THE OLD VIC 
iprlor 60 tins Edinburgh FeoHvaU 
Derek Jacob) hi 
. ■ IVANOV 


Garden B36 6808. Roval Shakespeare 

™§T£s. | 


infecHou*. aobeaUng. foot stamping and ctynccy. yrth Clive Arrtnddl. 


10 JO am "Drum Beat” s tarring Alan I hoart-th am pin a."- Observer. Seat* E2J3Q- 5I55S 


A1V • LadrJ. i_ 2 fl pm Southern New*. LB £6.oa. Haif-haur before show best avail- Wv -* rk - 

^ Ctoommt -r^MB.jBta G^IL^ ui^HouSSw. saTsinES | bl * *~a “-S?- Mon '- Tho ~ « d Frl - Tod ”- TO gtV aSo-anWso ^ 7 - 30 - 

Silver” Etamns Robert Newinn. U-55 juniur. 5 JO Crossroads. 64B Day by 6 P hfctiUiiS fk rw tmf v-sar — - - ' w ' 

™ P?g AT y Day. 630 Survival. 7.00 The Cuckoo evening standard award 
LB How. L« The Electric wales. I2J» Sum hern New* Extra, 


WHITEHALL. 01-930 SGQ2.7T6S 

6th GREAT MONTH 


,?!2. w i 5 ^ 1 Ca i?£j L 4TV jiao am What About The Workers? 
Today. 12410 Something Different. 

RORnFR TYNE TEES 

.. , 93S am The Good Word followed hy 


b.iij £ii”nt Fairs 01 byes RHPDCD Uric X jcc-j 

9.00 George Hamilton IV Sings ,, __ „ 9J5 am The Good Word followed hy 

Country at SnaDe. Maltincs Ea « .»»««*. “»«■? _V** 


CAMBRIDGE. - CC. 830 8056.' Mon. to 
Thun. B.OO. Frl. and Sat. 5A5 and 8.30. 
IP1 TOMB I 

• Exciting Black African Musical 
" Packed with variety." Dally Mirror. 
Seat prices L2.00-L5.SD 


Country at Snane Maltincs - *r.Lr_7^JiIT c " oaucJ - worn) tsast News ueamuws. tmjd 

9-25 Nichols Nickleby '* * .Hansel aod Greren^iilJs'^Srf S? a 0 SSw k£m m 2“ Dinner and to p-price seats ^ . T S ind. “oTi.^Mo^-ThJr 50 !- 

OJO Beneath The Pennies cuancs <A Connecitaut Yankee la Kina East News, and Laokanmnd. 138 young Chichester. C2_«3 8i3t2. Fn. 5 A a. is. M ”D'am!matimi 


WINDMILL THEATRE. CC. 01-437 9312. 
T l Su^lil h A V oS- 0 ^. , * , 2 i a -°°' 

THE «°T5 0 g«PE N ».ENCE C THE 
J"a L ™ unt wee dented umits what H 

' jm" "*"• 


10-20 Beneath The Pennies C Lassies (A Connecileut Yankee la King East Mews, and Lookaround. 138 Young Chichester. C2«3 81312. 

10^0 The Price of Freedom: Bainsa ?- “ Tcl1 why- Toetght. a “=v” 2 ^m »t 7 . 00 . 

' interview . with , Karel £S5 Konhen ^ “ EpUoB “- • ^I^L^pSSs 00 ' 

Kynci, prominent Czechoslo- Tne ^a,. 12.00 Bonier New* Summary- ULSTER aspern papers 

vak dissident Am . nun am U«m.n« Mrml*- "F-.TE. T. Tha COMEDY.' 01-930 2578. 


11.05 Late News on 2 
11.15 Closedown, reading 


channel “Ind 18 Sd ««». s-D jJo , SdV.?8: * 

wSSf 4^SL N H , S^5 1 EDWAmWObmSiRO ' JM h "a& rt Wu£rE B 2 T 1 "? Se BEST 

wnars oTi Where. « Yamt BanmJ. 2J0 The Rolf Harris Show. OJB Ulster Barbara jefford In comic writing in London” os*. 

535 Those WoabTfnl TV Tttncs. JUO News Headlines. 535 Friends of Man. _ THE DARK HORSE “Smi runtima Hko^ an electric currwn- 

^ d! ^ T ^nSi“ Shaw* S38K= 

l"- News. 1230 visage* d“ Fra'ST' “ Ta,an,i ShaPe ‘ "thS.' - hypnotic effect, - p, Jfig 1 "- 


(n l t Mun.-Thur. 8. WYNDMAM’S 01-836 M28 C>«Uf 

rn A SlL 5 A 8. IS. ^Dominallna 8kos, 83fi 1071 Sm a m CW» 

Wllh ^ Thafm B Om FM ' ® r ^S^ 8 S?S 0 anfl f S!ML r 

BRDAIWJAY STARED, txp. VERv' ’ 

. ■' T 7^vasrasa D - Mi ’'- 

■Works' tike mao C Fin ■n.n— ^ 4 CATHOLIC 


LONDON 


930 am A Place in History. 9^5 
Skilful soccer with Jack Charlton. 


y > S? r S^ va TQ***.- RUBBiy. 2M The Rolf Hams Show. 4J2 Ulster 

535 Those woatoful I TV Ttmcs. JM News Headlines. 535 Friend* of Man. 
Cbaonel New^ 6 Jt) The Beachcombers. 543 uisjer Television News. 6.D5 Cross- 


Mat. Thor*. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORD In 
THE DARK MORSE 
by Rowniary Anne Sisson 


_ ONCE A CATHOLIC 

Supreme cMnedy on mm and religion. 1 




GRAMPIAN 

935 am First Tluns. 1038 Tandarra. 


WESTWARD 


“ America ns will lov« It" Gdn. "A laugh j PALACE."- 


a ml note/" D. Tel. " Opnortunltie* bril- Mon. -Thurs. 8.0. frl. and Sat. B~Md~8AO .... _ _ 


01-437 6834. 


QNEMAS 


»* *1 I • j r? rtl J HoHdlimsa. 133 Young Ramsay. 535 j 0 ju, Mine 1237 pm Gus Honeyban's criterion 930 3216 CC. 836 1071-3 

,MS Birtbdw- L20 Westward New* Bead- Evgs. m.' Sjt 530. ' 8. W. 8 TSuils? 7 3.oi 

Spies is atissinq.” 11.50 Cartoon Grampian Today. 6Jfl PersDectlre. J2LOO line*. 130 Younn Ramsay. 535 Those NOW in rrs second year 

Time. 12.00 Cborlton and the Sf 7 i» e 51 < Si»n n . 12J5 m Crwnw “ I * a2fl Wonderful Tv Times, uo westward S'oilP 

Wheelies. 12.10 pm Hickvry Hea(Utoes - a MALF-AJMZEN wiarFous years 

House. J2^0 Ho me-Mad e_f or the GRANADA . fSfraiS -- " v*v nuan." 8 bb. w- 


«, 1 STiT?" <u> 70mm 


c rJbc ( f M 4a5 L ad!fj £u?'o&! b LISSJ 


I I I 1 1 1 I I 1 1 I I 1 1 H°",e 1.00 News Plus FT index. M w G ^ory FoVbf™' ^ " ”” STiy ' u^ oi-^i^ Mm T ra TT -" - 

, rn n« , u - , . __ 130 Platform. 130 Young Ram- p-rV In --Thr Mining Pound Nole *' IL*5 irr\mrnmT»- B00 - Ma tlnana W ed, and Sat. 3.00. CONTINUOUS LAUGHTER.” Times, &ASSIC 1, 2. 3. 4 n^-., 

. ^ CB0 ? S , 4 Hit d |^f S ^ ln the dUty say - Raring from York plus A Handful of Sones. ub pm '*11118 la YORKSHIRE ■■ A rare s «ttnii*h!po prince EnwiRoTct: ffomionv c«i > *SSiji ,,, s 2«SS u S fu' 

1 Bird in the main bound to be J*st t‘) Swimming and Diving (World w I ^ u f trt - Hattutay. 538 W3» an* Tarrau. 1 x 30 5iar Maidens, stunner.” sun. Times, sm great year” 01-437 sarr. p*rformSS?^w* c tJJSk > ciindrcn Adu?t« P* iu J!p p 

confident (81 6 Go too far concerning open Chamaionshins) 4.20 Under the Ttw Undersea Adventures of Gapuln ulm England. Their England. 130 pm — — — — Erai s.o. Mat Thur. 3 . 0 . sn. 3.0 a*n' £3«i..Fri. 1 T „ ,wt« son 

■ sZh ehmilr! hive fire (9) c™ P c,, n P j je v„„ Yw5 nf Nemo. 535 Crossroads. 6.00 Granada Calendar Neva. UB Young Ramsay. DUCHESS. o 836 8243. Mon. to Thurs. note CHANGE OF Saturday pwS' ™E .Bfiinu of' billy 3 ffif. 

o French leader snouid nave M nre . . | a “* bUn l a J C ^ t 5. e News. M5 a uuie Summer Music. 535 -Those Wonderful TV Times. 638 Evenings a -°o^ F p-s«^.i3 and g.oo. fr ™ Sepnauber . 2r 3jjo urn 8.oo.‘ J7“ f 1 tW'GHTKits tui.^ * p ‘ u *- 

Struggled (6) * Pleased to point to clearing Serious. 5.1s The Brady Bunch. Branded. 1298 This Sunning Land. Calendar lEmley Moor and Behnonr - ru* nuditv 11 ?* bv rim - rkx- , “TS-fJ P^-Chnureo half mira 

9 Nonsense leltins private _ (5) S.45 News 1230 am A UBIe Ntuht Music. • editions.. ^ nud 9ts sin23 n n Sl[l B vJr ,y Man - y TO 

n.,ich fiLSi S Definite strokes of the . : __ 11 . mrrr . . . «s. b.ob. ,wi ' rroOT - ’■» iao. 


confident (8) 

5 French leader should have 
struggled (6) 

9 Nonsense letting private 
perish (5-3) 

10 Household troops grow old 

( 6 ) 


8 Definite strokes of the 
regiment (3, 5) 

11 Cast taken to ship (4) 


S.45 News 


1230 am A UBSe Nlaht Music. 


9th Senutionai Ynr. 


Directed oy Karotn Prince. 


_ ' ' , . 15 iTneuRv when rpfnoino tn w>p iModium Wave Branma. ueuges t&». in soon fUK>- 

12 Banger losing initial sex wnen retusing to see pAr|in - , 47 w concert, pan 5: Rubbra. Schubert. 

appeal with treatment (5) visitors (3. - 4) RADIO I “ 47m sdmmaun js». ua pm bbc wegi 

»■» r-Tri'c matching plntheu lj Confess to being lo and aware 5.00 am As Radio:. 7.D2 Dave Lee Symphony Ortibestra. part i- Handri. 

13 Girl S matcning Clothes f curreQt trends (3. 4 2) Travis. U 0 Simon Bales. lLOa Paul Bad! 1 S 1 . LM News. LB5 The Aria 

designed by t French 1S c n i nn « r Mick flrct . Bunu.it with ihu Radio t Roadshow from Worldwide. UB BBC Welsh SO. part j: 


(5) Stereophonic broadcast X8 j© Northern ITnlvereity Concert, part 1: Mr. PnUy »S). fl^O New*. 4JE PJdc of 

^Medium Wave Brahms. Hedges fSi. U4S In Sbort (Uft). the Bunch, 4J5 Siory Time. 5J0 pm 

T|A « «47m Concert, pan 2: Rubbra. Schubert. Repon&. £49 Serendipity. L55 Wcartwr: 

■•XKJ 1 “ ScbumadO (Si. 1220 pm BBC WeWl programme Dews. 4.09 News., fcJB I'm 

am Aa Radio :. 7.D2 Dave Lee Symphony Orchestra, part r Randrt. 5orry I Haven't A Clue 1 S 1 . 7M News. 


YORK'S ni.iie eij; PRINCE OF. WALES, CC. 0I-B30 B6B1 L BEAUTY ANB tub — 

a.oo. Mats. WM s«. Yool 7 _WEEK5: MUST .END OCT £ 5 §g' 8-55 HUGO THE hT?S ',n> 

WEEK. MUST END SAT. Ev<B ' B '°' S ' M >111 BAS i 25 - 7-25. . M,p PO iUi. 1 . 1 s. 

JOHN GIELGUD THE HILARIOUS . j. Last 2- dAvt 1 im. - 

In Julia Mltchetr*. ! BROADWAY COM EDV MUSICAL £*?* STM (A?. - rfs" v C .*JP*W> 


DUKE OF YORK’S 01-B3B 5122. 

evcnlnos a.oo. Mats. Wed„ s«. 3.00. 

LAST WEEK. MUST END SAT. 
JOHN GIELGUD 
In Julia Mitchell 1 *. 

HALF-LIFE 

™e a tre PRODUCTION 
Brilliantly witty ... no one mould 


CREDIT* 


7JB The Archers. 7-20 Time lor Verse!! H ? rgTd Hobson iDramai. instant j queen 


lawAT Luntgr MUSICAL “»KH STAR (Al j,c" » 

I LOVE MY WIPE k XARDOX ,xi. 3 40 7*05 ■ 5 ’ 3S ' 9 ' 00 ' 

rrMu ROBIN AS KWITH 4. Laif 2 dav«i ' tm i, ' , . 

CARO BOOKINGS 930.D84S '»»■ Frog. 1 .2 0 ? T ? AI ' TZ 


philosopher (9) " SV.fVs, 

11 Person making a noise during M May ;« k ho? , (4) 

16 DbV backstage swank “ "* staJrs 

(4, JJ frpsh 9 - (6) 

1? 2 ance ?nht Pi iSrSSLifVBl 24 formation given to you and 
21 Turn right, round gallery (6) mp in c , ass r5) 


IB Cninnnr Ni<*k c' - Bunh.it with the Radio 1 Roadshow from Worldwide. UB BBC Welsh SO. part !: MO Psoras 7S fS) 'as Radio Si. «jb ^ Too-wSTSSI?' Si n,Kr an ° Ewiew Tools 

18 Spinner NICK considers, first- Hjnehead. 12J0 pm xowsbeat. It w Schumann (S). LB Moran on records KaleWoscopc. 9J1 Weather, loo The op-price wars £7.oo Sub. cvbi. B.0 

rate (3-5 J Paler Powell. 2.B0 Tons Blackburn. 4L31 fSi- 2J0 Stockhausen at 50 »Si. 130 World Tomshu OJO The News Oixla is,, duke OF YORK’S, cc ni.S3A un Roy ddtrice 

20 May I ask to bo□ , . (4) Kid Jensen IncliidlnB 5.M Newabear. 7 JO Symphonies from the North is., 4J8 1L00 A Book At Brdtlme. 1135 The codspell 14 

?! ^out lening (T. sr^-riastfs! s i, ssl^ ss ''Wi.rsjsK-, s?nssv"ts sunarjrw 

Sfter 0 ays sas,s RADIO 2 i^oom and vhf eSS BBC Radio London =>■ “"FKT 

24 Information given to you and „ s “ 3m J* ews Summary. SJC Tony Be «L* 1 ' e pJ,mi 335 Thr Other 206m and 943) VHF marple In the U fe 

me inela« (51 S™" - " ' S L 6-« P>u« far J5?™. !«: p« J 5J» am Aa Rad.o J. (JO Etoafa Hour. MU 5S55ra T ^^ T ¥, 5*-. R *« FuU 


EN'S CC. - - 01-714 1168 CUKWN. CmniTtaM w, , ’ 

'lew Tootaht B. 0 . Ooens Tomor. 7.o" tAlr-CBndltlonodi last Tut. 3737 
. c»M. to. Wed-3.0. Sat. 5 0. aib. > UZALA tUJ DERSU 

GEORGE chavTdic a nlm il™ Tff.iS’WUM' suo-tlimt. 


'Transtereth irom the Skaftosburv Thoatre RICHARD VERNON In ■' 
for a turthcr Lid Season, opens Ana. 29. * nw pbjuion ar 


JAMES VILLIERS 


" MASTERPteCE."' flllL ^WRGSAWA 
WORK." Ob5££r. ..^Sl>^:.MAST6R. 


THE PASSION OF DWACULA 




RADIO « i«)W)n and v Hr XiifeUocs: Work aud ’riiinlm!. rjo Proms 
5.00 am Mews Summary. 5.02 Tatty Mn Beethoven (S). 0J5 The Otter 
Brandon iS) includiag 6-13 Pause for European*. , VB Prom* 78. pan 


FORTUNE. B36 22S8. EV*. 8. Thur 
. .*«“«<■» 5-OP and a .00 
M ,S5 MARPLE 

at THE VICARAGE 
FOURTH GREAT YEAR 


'WVSSSS.W^ 


Fully alrwcondltloned 
^1 at wnaatlMit year. 


?V»2- 8.10. te* ihSn Fn?"i too. 
11-4E sm. SS IrSv iw Sa! *- 

advtrneo Mr BJO B m5 av ^ h ® okod >" 


26 Public ar’/lrass system giving 
West-end trouble (6) 

27 Bit of meat for mule swim- 
ming pool attendant (4, 4) 

28 Does half a score have to 

rush? (6> . . . 

og Rc-enlist maybe in Ireland 
<S) 

DOWN 

1 Destined to be supplanted by 
rival (3, 3) 

* Tower built by father 

- between two rivers (9) ' 

3 Fllthv P ,ace Fre ^® h ha ^® 
in a manner of speaking Gi) 


'BEJHHaCI HREQnQ 

H □ B -• D US 

IQQQQDQ0 QSQDBDQ 

|3QSBQQq|qS @Q qd 

• ' B ‘ H JQ •' 0 Q 

qgdhB BnHBnEaan 

innBHnBQg qbbqb 
b c □ a a 
[nasa HEnaQaanna 
, □ □ c a □ no 
(□□□aoDa ODEccaE 
□ 0 □ B Q - 


Sports Desk. 2J0 David H ami Hon fSi News. UJ8-1U5 Toiuaht’s Schubert SWM 


Incloduus 2.45 and 3.45 Sports Desk and ,s ‘ 


London Broadcasting 


MICHAEL KITCHEN 
hi HAROLD PINTER'S 
, ™ E HOMProwiw 
BRILLIANT. A TAUT AND EXCEL- 


5-00 am Morning Music. 6.00 AM: non- WORK -" 

Stop news. InlormaUon. iravr). soon. mraan. qt TO be MISSED." Time* 


Racin& rrom York. 130 Wagoners' Walk. „ jR*?* 1 ® Xl? , ®5 ,7,DQ am 261m and 97J3 VHF i-Ently acted production,- b T ci 

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Evenings B DO. Saturday* S and B, 


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MARCEL MASCEAU 
"Thii Great Artist should not De 
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THE PRODUCTION of a span- the intention behind such a tine the film). Payment may be also exception, sponsored film com- amply because it Jiwt^toes mt P 

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Financial . .Times Tuesday August 22 1978 

Record Review 


11 



and storytellers 


by ANTHONY CURTIS 


: ^ar.T-= - 



■•IT 


The Mind of Emily pieklnson, 
' readings from her letters and 
poetry bv Glenda; Jackson; 
Argo ZSW 600/1. . . 

Glenda Jackson reads Stevie 
Smith: Argo ZSW 608. 

Laurie Lee reads from “ Oder 
with Rosie"; Argo. ZSW 593-5. 
Oscar Wilde Children's Stories, 
read by Robert Morley; Argo 
ZSW 547/a 

Angela Rippou reads Black 
Beauty; Argo, ZSW .611/2, 
Jules Verne; “Journey to the 
Centre of (he Earth," read bv 
Tom Baiter: Argo ZSW 565 /6. 

Anyone who saw the one- 
woman show some months ago by 
Julie Harris, The Belle of 
Amherst. In which she held the 
stage for a couple of hours in ‘a 
while dress as Emily Dickinson 
should try to get hold of the 
latest spoken , word album jfroin 
Argo. Here Glenda Javkson reads 
a full selection of Emily's poems 
• and letters in The Mind of Emily 
Dickinson. The voices of both 
actresses are well atthned to the 
quintessential, appallingly direct 
and naive manner of the poet 
who wrote;. 

T m Nobody ! Who are you? 
Are yqu^-Nobody — Too? ' 
Then there's a pair of us? 
Don't tell! they'd advertise 
— gou know! 

How dreani — to be — 
Somebody! 

How public - — like a Frog — 

To tell ones name — die 
. livelong June — 

To an admiring Bog ! 
Somehow both managed to get 
the sequence of- dashes, exclama- 
tion and question marks. of which 
the above is typical Into their 
intonation of -the' words. Miss 
Harris was performing 'a play 
and therefore she had to build 
up the personality of the eccen- 
tric spinster aunt in her domestic 
setting as the daughter of a 
successful authoritarian Conjfre- 
gationalisf Massachusetts lawyer, 
cake-making. cburchgoiag as well 
a< poetry-writing. And naturally 
she made nvurb of the dramatic 
possibilities in her one meeting 
with T. W. Hi ggin son, the editor 
to whom she had submitted her 
pneni« and corresponded with 
over the years, without him ever 
publishing them. In . fact Emily 
puhiished almost nothing during 
her lifetime. Nonetheless she 
wrote industriously In the inter- 
vals between family duties, writ- 
ing for its own sake 
It is this dedicated side of what 
Higginson called his “half- 
cracked poetess " that emerges 
mi strongly in Miss Jackson's 
calm, intelligent and moving 
utterance of her remarkable 
noems. They are dovetailed with 
extracts from Emily's letters to 
her “ Master" a BrontMike 
character who has never been 
identified satisfactorily— and to 
others ahnui such topical matters 
as the deaths caused in their 
circle by the Civil War. -There 
If. no linking narration or com- 
mentary nr indeed anything to 
suggest where one piece ends 


Fine Art 


Botticelli and the Florentine connection 


by DENYS SUTTON. Editor of Apollo 



Love for Sandro Botticelti has 
Siting been an English speciality. 
I In .1565 that admirable con- 
noisseur, Sir Henry Layard 
! reported from Florence to Lady 
Eastlake that Millais had been 
excited by Botticelli’s Primavera 
in the Uffizi and that he and 
Millais had gone with Baron 
{Humbert to see the Nastagio 
jdegli Qnesti panels then in 
| Palazzo Pucci. They were for 
sale and both Layard and Millais 
i were keen that East lake should 
secure them for the National 
Gallery of which he was then 
director. But this was not to 
occur. 

' A year earlier, Crowe and 
Cavalcaselle bad brought out A 
New Historp of Pointing in Italy 
in which for the first time a 
systematic attempt was made to 
list Botticelli’s works. This 
famous history was known to 
Walter Pater, who, in 1S70 pub- 
lished -his brilliant essay oo 
Botticelli. Pater was a friend of 
Herbert P- Home, who became 
the. .leading authority on the 
Florentine master. 

Home is an intriguing char- 
acter who could turn bis hand to 
many different things.- He was 
an - excellent, if' derivative, 
architect and designer (the first 
cover for the Burlington Maga- 
zine was due to him) and in his 
London days he mixed with poets 
such as Arthur Symons and 
W. B. Yeats. His most enduring 
contribution was as a connois- 
seur of Italian art, and he 


Tom Baker and Glenda Jackson 

and another begins beyond the Wilde is at bis most. sentimental, 
list of items in the sieevenotes. as when the poor nightingale is 
This is at first rathet puzzling giving her heart's blood to make 
put one soon adjusts- to. it and !?L r . 0S t red for J£f, , sn,deilt 10 
when one does the Mhcejitralion g e to biS ungrateful love, 
of the records on , Emily’s inner , Ag ? in s ightly pnm but 

life which AW mpponiura aTto be. 

un complacent is both-^atlsf > i n ^ most appropriate for the text of I 
and illuminating. As JUggmson Black Beauty _ lt ^ claimed that i 
put It after his encounter with this wu the first nove , t0 be ; 
her. 1 was never wtm. anyone written from within the con-J 
who drained my nerve power so sc io us ness of an animal and 
much - ••• o thus the precursor of Richard 

We do not get many authors Adams and the rest. Certainly 
of quite such uncompromising whoever reads it must blinker 
seriousness ou these -Argo speech themselves to a restricted out - 1 
records although therein Emily's look and this Miss Rippon doesi 
English counterpart Stevie admirably over two LPs Which a 
Smith whom. Miss .'Jackson has great many litle girls are going 
successfully impersonated on the to enjoy enormously, 
stage and whose yentf-she has Before the invented science fits 
also now recorded." But' for the tion Jules Verne tried to be a 
most part it is children^ classics, playwright like his friend ! 
or highly popular works like Alexandre Dumas fils which may ; 

Cider With Rosie- read in his be the reason why his stories’ 
inimitable way by the'author. in have such a firm- dramatic out- ! 
which the Argo team find their line. This comes out strongly in! 
material. "With these spoken Journey lo the Centre of the ! 
lollipops, they indulge iji a mod- Earth read by Tom Baker in a j 
crate, acceptable amount of jazz- Don Norman production from! 
ing up. music composed by the translation made by Robert ! 

Kenny Clayton to act as chapter- Baldick for Penguin books in I 
headings, and occasimul sound 1065. The relationship between; 
effects and echo-chambers parti- the mad old explorer Professor; 
cuiarly apt for Jules: Verne. Lidenbrock and his young j 
Above all they seem.fi have a nephew allows .Tom Baker to j 
knack of getting hold.of a per- change voices which he does 
former normally of star calibre most entertainingly; and their 
who is absolutely right ,for the hazardous journey below the 
work. You could ndt for in- earth’s crust still retains its i 
stance have a better interpreter magic even in our much more - Maw York art 
of the children's stories *y Oscar scientifically knowledgeable era.; 

Wilde than Robert MorJj$. Their The suspense is well sustained j 
fastidious humour in thif-nimjtirs over four sides. Here as else-i 
rarefied manner falls naturally -where the curtailment . of the 
from his lips but her’ manages original has been done more or 
also to sound sincere whA less invisibly. 


bequeathed his collect inn and 
his austere palace to Florence. 

His book on Botticelli, of which 
only the first volume appeared 
fl9QS). was a major study, but 
pot without faults. It contains 
many useful documents and 
valuable information, -but it is 
hard to read and it lacks an 
index. His researches have pro- 
vided the basis fur further study 
of the artist and it is fitting that 
another Englishman should 
follow in his footsteps. 

Ronald Lishthown has pro- 
duced in Sandro Hntiicelli (Paul 
Elek. 2 vols.. £65) a splendid 
monograph which may be fitted 
into the long and fruitful history 
of the cultural relations between 
England and Florence. That Mr. 
Lightbown. who is Keeper of the 
Library ' at the Victoria and 
Albert Museum, should have 
taken. this particular artist as his 
subject is also a reminder of the 
tradition of the cnnnoisscurship 
nf Italian art associated with this 
institution. 

The hook possesses in the best 
sense of the phrase an “old 
fashioned ” character; the author 
does .not obtrude himself, nor 
does he propose extravagant 
sexual or political interpreta- 
tions: He writes a good, plain 
English that would have appealed 
to Horne or Fry or Langton 
■Douglas, and there is even a 
Vittorian echo to be detected in 
his prose. ' W e know where we 
are with Mr. Lightbown: it is 
because be avoids gimmicks that 


his commentaries are convinc- 
ing. 

It Is nn easy matter to write 
about Botticelli and an author 
who does so requires to know 
about Florentine social and 
family history — that of the 
AJbizzi. the Bardi. the Pucci and 
the Tomabuoni as well as the 
Medici. Renaissance and classical 
poetry and religious and 
political matters. Mr. Lightbown 
has these subjects at his com- 
mand, and his delight in the 
Florentine world of the Renais- 
sance places him among a group 
that numbers Jacques Mesoil and 
Aby Warburg and, in more re- 
cent times. Andrfi Chastel and 
E. H. Gombrich. 

One of Mr. Ltehthown's 
achievements has been to keep a 
balance between iconography, 
the history of art. and art criti- 
cism. His accounts of his hero’s 
paintings are sensitive and — 
■welcome sign — he writes about 
the colours, thereby indicating 
that he has looked at pictures 
rather than photographs of 
them ! 

Mr. Lightbown is informative 
about Botticelli's early training 
under Filippo Lippi, his relations 
with the Medici, his concern 
with Dame's poetry, the influ- 
ence of Savonarola on him and 
about the function of the 
pictures. He has. for instance, 
been able to take advantage of 
the newly published inventories 


of Lorenzo and Giovamri de* 
Medici which show -that the 
Prionavera was painted for their 
town house in Florence and that 
it was placed in the chamber 
next to Lorenzo's bedroom. 

The author's analysis of 'this 
celebrated painting reveals much 
about the relations between 
patron and artist and of the 
Renaissance mind. Mr. Lighl- 
bown notes -that the motif of 
the . round dance of the graces 
was known to the Renaissance 
both from ancient works of art 
and from literary descriptions. 
It is not entirely fancifui to see 
an echo of these sources in cer- 
tain works of Munch and Matisse. 
Mr. Lightbown' s conclusions 
about Botticelli's secular paint- 
ings arp important; he feels 
that in his mythological works 
the artist “embodied an orna- 
mental quality oC myth.” 

One observation of Mr. Light- 
bown ‘s deserves study- He 
claims that from about 14S7 the 
“vivifying naturalism” oC Bot- 
ticelli's art dwindles at times in 
his larger pictures; he suggests 
that “ the languidness of pure 
effect that results captivated the 
aesthetes of the late nineteenth 
century, who admired in it an 
exquisite narcissism of style, an 
anticipation of their own reli- 
gion of beauty.” One aesthete, 
who adored Botticelli was 
Swann; Proust makes bun order 
Odette a scarf and a gown 


identical with those In the 
Magnificat and the Frimauera. 
Swann's passion for Odette. In 
fact. “ crystallises n when he 
finds that she looks like a woman 
in Botticelli's pictures. This 
should always be remembered 
when we try to put a face to a 
cb a racier in Proust's novel. 

Mr. Lightbown's hook will 
stimulate discussion about Botti- 
celli and the Florentine art of bis 
time, for instance, the extent of 
the influence exerted, by 
Northern painting on him and 
his approach to the Antique. 
This careful volume presents the 
portrait nf an artist whose aim. 
in accord with humanist aspira- 
tions. was in ’'recreate the 
vanished perfections of ancient 
paintings, and in rival great 
works nf poetry in significance 
and eloquence of representa- 
tion.” 

The catalogue is sensibly 
arranged; the author makes a 
clear distinction between auto- 
graph works and those done in 
the workshop, lt is also easy to 
use. ll so happens that for* my 
own purposes, I had been 
anxious to trace two paintings 
once owned by Langton Douglas. 
1 fouod them rapidly and. as a 
bonus, was rewarded with an- 
other — the portrait of Dante. 

It is a pleasure rn welcome 
Mr. Lightbown's bnok. which is 
excellently designed, and to see 
that elegance and erudition can 
still go hand in hand. 



Botticelli's ‘ Venus and Man ’ from the National Gallery collection 


- 


Wembley Arena 

Joan Baez 




, parody and photographs 


by FRANK LIPSIUS 


by /ANT ON Y 


For someone who, as she 
pointed out at the Wembley 
Arena an Sunday, Has been t un- 
inc her guitar for 22 years. Joan 
Baez is still a very tense per- 
former. ll is probably because 
she carries the conscience of the 
world on her bowed shoulders, 
as well as the hurden of an ex- 
hausting affair with Bob Dylan, 
that she finds it hard to relax. 

The rrmible is that her stiffness 
ra tiler frpezes an audience, lead- 
ing to an un com fori able concert 
—at least for the first hour. 

You can admire her commit- 
ment and. appreciate the senti- 
ments in her political homilies 
between songs, but they - do 
detract -from her magnificent 
voice. There is nn need to .read 
the newspapers with Joan Baez 
bringing us up to. date on. the 
latest Arab terrorist attack in 
London, ' as ■ she distinguishes 
between good . and bad Pales- 
tinians. And then there Is. a 
report on her visit to : the 
Sakharovs and other Russian 
dissidents m Moscow. It is quite 
a rrlicf *o get oq to her other 
hobby-horse. Dylan. She sings 
his more cynical .songs, like 
**. Love is Just a Four-Letter 
Word.” .aping his voice m some 
verses. She thch given a person- 
alised account .of the. relation- 
ship which would have heeu too 
i u disc reel for the News uf the 
World. 

Kut when Joan Baez un- 
affectedly sings Leonard Cohen's 
“ Suzanne,” much is forgiven; 

Her voice has grown even 

grander with the yearfr—riciv ». . 

warm, and expansive. ‘.Her her talent; only her capacjjy to 

choice of song is appropriately entertain. 

r moii nnal and universal.- There Joan Baez in the stark, oangar- 
is nu doubting her sincerity, and like, depression nf the Wembley 


The Whitney Museum in New 
York gives evidence in two 
current shows of having found 
another method to draw the 
-fTTAnxirn a -J masses to its galleries. Instead 
THORNCROFT of try ine to make art popular, it 

f makes the popular into art. What 
| alchemical process is involved, 
one may well ask. Well, ask all 
you want, but the imprimatur of 
a respected institution serves 
enough notice to the world that 
the sacred vessel of art has 
leaked a bit more and sunk 
further into the polluted sea uf 
visual information around it. 

Saul Steinberg has long been 
popular as a -Yeic Yorfeer cover 
artist. One cover. “View of the 
World from 9th Avenue.” has 
been turned into a poster being 
sold on practically every street 
corner in New York. The lower 
, half of the crayon and ink draw- 
ing covers one intersection in 
1 Manhattan before the Hudson 
; River. A narrow band represents 

! New Jersey. Then the United 
States with landmarks like 
I Chicago, Las Vegas and Los 
I Angeles .is squeezed between 
! Mexican and Canadian borders 
j on either side. The Pacific Ocean 
j intervenes and puts China. Japan 
and Siberia in the far horizon. 

! which is still less than two-third.? 

! to the lop of the painting. The 
■ rest is skyline. New Yorkers love 
j his interpretation of their 
: provinciality: 

Steinberg stopped being a car- 
toonist and became an artist 
. when the Whitney made its 
j retrospective show and the cats-. 
! lngue became a big, handsome 
book written by Harold Rosen- 
! berg — not surprisingly the Xem 
I Yorker art critic before his 
recent death. And no doubt 
[about it, Steinberg is clever. and 
; prolific. He draws landscapes 
with* rubber-stamps where a sun 
would be. He draws art deco 
structures like the Chrysler 
Building surrounded by various 
symbols of art and urbanity. He 
Arena, is a singer to admire, to! takes an art-catalogue-like photo- 
appreciate with the mind, rather! ffrapb of a piece of ornate furni- 
than the heart, to want to like,|ture and draws little streets and 
but scarcely to enjoy. I people around it as though it 



were a. monumental piece of 
architecture. He fakes documents 
as. apparently, he faked a pass- 
port stamp to get. out of his 
native Romania during the war. 
Pen-drawn knights tih at various 
symbolic windmills! A cat 
bicycles over the bridge separat- 
ing March aod April on a road 
signposted to summer. 

If art is to be popularised, 
Steinberg as just the person to 
Jet others enjoy the whimsy and 
accessibility of it. 

Another Whitney show goes 
beyond whimsy to let the 
audience laugh with artists at 
the very idea of art. Almost 20 
years before punk musicians 
started mocking the pretensions 
nf rock 'n* roll, pop artists were 
taking the mickey out uf art- 
The most represented artist in 
Hie show, Roy Lichtenstein, 
captures ihe . spirit of the place 
wuh his cartoon-character oil 
painting. “Masterpiece.” which 
c-jrries a caption in a bubble of 
“ Why. Brad darling, this paint- 
in? is a 'masterpiece! My, soon 
ynu'n have all of New York 
clamoring for your work.” 
Another Lichtenstein painting, 
called “Stretcher Frame with 
Cross Bars IT ” looks like the 
hack of a canvas. Yet another, 
“ Girl With Beach Ball II" 
takes .a. -shredded version of 
“Girl-.- : . l” and makes it end 
up looking like Picasso on 
Lichtenstein. 

The show has five categories 
of parody, covering ntd masters, 
modern.: masters, early and 
recent American art and the 
tools of the trade. Some jre care- 
fully executed, like Peter Saul’s 
oil paintings- which recreate 
paintings . . like Picasso s 

“Guernica” and Rembrandt’s 
“Night Watchmen” with slisht 
distortions and garish irridescuDt 
colours. Others are insulting and 
sloppy,- like- Robert Colescott o 
hlackface pastiche. “ U.S, History 
Text: George Washington Carver 
Crossing the Delaware.” Still 
others are included merely 
because they Include a reproduc- 


tion of an oldpr painting as part 
of a collage on the canvas. 

Isolated among an artist's 
oeuvre, such works can show 
reverence or perhaps a dash of 
healthy irreveraoce to one’s fore- 
bears. Together like this, 
though, they exhibit a lack of 
imagination, taking easy shots 
at undefended targets. The copy- 
right law protects the Rolling 
Stones from unauthorised parody 
of their work, but anyone can 
have a go at some poor dead 
artist who, unquestionably, spent 
a lot more time on the original 
than his ungrateful descendant 
spent on the parody. Where the 
parodies are recognisable, the 

original defends itself: it is one 

disadvantage of the show that 
the viewer needs ihe catalogue 
to know what, in some cases, is 
being parodied. 

I remember in a film about the 
pioneer French photographer. 
JacqueS Henri Lartigue, the little 
old man exuded a lifelong, child- 
like fascination with cameras and 
pictures. It was a marvellous 
evocation of an age long since 
disappeared when new tech- 
nology held its own interest and 
the world had not yet been 
inundated with its products. 

Such an age is on display at 
the .Asia House Gallery where 
130 vintage photographs re-create 
life in Imperial China in the 
years 1846 to 1912. Though few 
photographers ventured that far, 
three who did (and are featured 
in the exhibition) concentrated 
in complementary areas; to- 
gether they provide a comprehen- 
sive view of an ancient civiliza- 
tion hardly touched by modernity. 

M. Miller, who eventually dis- 
appeared, had a commercial 
studio in Hong Kong where wide- 
eyed prosperous Chinese stared 
at his camera with blank expres- 
sions. as though not knowing 
what to expect. Unlike Miller's 
one portrait of a westerner, 
taken from fob watch to head, 
the Chinese appear from font to 
head, displaying a demure 
reserve, feet together and hands 
either held in thetr laps or hold- 


ing a fan while an elbow rests 
on a small table adjoining the 
sitter's 'chair. 

Felix Beato, who travelled 
throughout Asia at the end of the 
past century and settled in 
Burma, was the official photo- 
grapher of the Anglo-French 
North China Expeditionary Force, 
documenting its movement in- 
land. He specialised in large 
murals of several photographs 
matched together; one of them 
shows the first boats landing on 
the marshy shores of an empty 
Kowloon, soon to become one of 
the most densely occupied places 
on earth. 

John Thomson arrived later 
than Beato and Miller and con- 
sciously filled in the middle 
ground — as it turned out lo be, 
quite literally — between his pre- 
decessors. HIb Illustrations oj 
China and its People, a four- 
volume photographic encyclo- 
pedia of Chinese landscape, life 
and culture, covers domestic 
scenes like Hong Kong shops and 
landscapes in Cantonese gardens, 
as well as. portraits of peasants, 
some of them grouped together 
to show a dozen Chinese hair- 
styles. He carried his chemicals 
with him and did the developing 
on the spot, as he himself 
described: “My impedimenta re- 
quired for its transport a retinue 
of from between eight lo 10 
bearers, frequently men of evil 
repute, and dancemus to man- 
age. . . . The practice of such a 
wet-collodion process in a coun- 
try where one had to prepare 
chemicals from raw material 
implied difficulties to the modern 
photographer. a nd in oo way was 
lessened by having io work among 
a people hostile to foreigners.” 

In those days a professional 
was a man with a camera who 
could develop his own film. The 
progress of technology, alas. 

threatens the unselfcnnseious 
artisan and turns him into jost 
another amateur, if he is not 
careful. 

Intending to set standards by 
which photography would hence- 


forth be judged, the Museum of 
Modern Art which has been 
collecting photographs for 40 
years, recently opened a show 
called Mirrors and Windows: 
A m crican Photograph g since 
I960. The title and the show 
document the turning inward of 
the photographic profession, a 
difference between “ self-expres- 
sion ” and “ exploration." as Ihe 
catalogue introduction notes in 
a long essay that falls danger- 
ously close at times to Pseuds 
Comer. No doubt, with the 
demise of magazines like Li/e 
and Look, American photography 
lost an essential function in 
bringing the world to people's 
living rooms mow of course pro- 
vided by television). 

So in .staking out a new course, 
photographers for a while 
doctored their film in such a way 
that, as in a Joel Mcyerowitz 
work, the star of Bethlehem 
seems to rise behind a Cadillac 
parked in a driveway. For some 
reason this mode is senerally 
disapproved of and upraettsed. 
Instead, critical faculties are 
focused on making what look 
like the most run of the mill 
snapshots sound special. Sol 
Le Wit's “Brick Wall’’ has nice 
shadows and textures which 
would have taken an artist a 
tone time and careful work to 
achieve. Garry Winngrad defies 
convention by photographing a 
Hollywood sirect facing the sun: 
that is art. nr as John Szarkow. 
ski. the curator of the museum's 
photography collection, says: 
“To this viewer he seems. In 
fact, the central photographer of 
his generation. No other work 
of the period has insisted so 
clearly and uncompromisingly on 
exploring the uniquely pre- 
judicial (intrinsic! qualities of 
photographic description . . . 
Winograd has assumed that the 
problem was not to make a hand- 
some picture, but t» find the 
way in- which the real world 
might be transposed into some- 
thing very different— a clear 
photograph.” 


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12 


Financial Tiroes Tuesday August 22 T97S . 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Flnaetlmo. London PS4. Telex: 886341/a, 883897 
Telephone: 61-248 8000 

Tuesday August 22 1978 


Reducing the 
tax burden 


AT A TIME when the campaign absolute poverty and hankering 
for our stiU undated election is For great-power status — on debt 
already underway, especially in interest and on housing. The size 
over-interpretations of every and the cost of the debt burden 
the economic field, with rival and of the public sector 
routine figure, the political housinc are the legacy of d d 

“ fa F l 15 near a . sta “ d - of British mismanagement For 
still. Like the woman m the whJch both parties 5hare ^ 

story, the parties have made up bi ame 

their minds. Voters who are still The taxes which pay for these 
trying to form their own judg- sometimes questionable benefits 
mentis will by contrast be more ^ not exceptionally burden- 
than usually ready to welcome some overaH> but their structure 
any genuinely non-partisan ^ ght have beeD defiigned tQ 
evidence, and a new OECD push TOlers to the barricades, 
study of what promises to be the Taxes on household incomes, 
central issue for several elec- especially at quite low as well as 
tions-— public expenditure and very h j sh levels> „„ far higher 
taxation is most welcome. even in percentage terms than in 
U other countries; taxes on ex pendi- 

rOOT country ture and 0D companies — taxes, in 

As might be expected, this short, which raise prices — are 
study deflates the- rhetoric on much lower. The averages here 
both sides. In percentage terms, argue the case we have 
Britain is neither unusually repeatedly urged for a large 

spendthrift nor unusually shift in the burden and a restore- 

heavily taxed- In real terms, we tion of incentives, 
are very far indeed from leading However, the more radical suc- 
the world in any aspect of gestions for slashing cuts in 

welfare- It is only when it is expenditure to finance personal 

remembered that we are a poor tax cuts do not appear' very 
country by OECD standards that plausible to the OECD analysts 
it becomes easy to understand in Paris. On the positive side, 
why we fuss so much and they -point out that the welfare 
achieve so little. It is harder for revolution is now largely eom- 
a poor man or country to spare pletg, so that the burden may 
a quarter or more of his income now grow more in line with 
than a rich one. yet that quarter national income than in the past, 
will buy much less. Our welfare But the caseload is also growing, 
services may well be in a new problems are appearing, and 
slummy state, as doctors, even this proportional standstill 
teachers and lobbyists complain, will be hard to achieve, 
and at the same time more 
lavish than we can well afford. Pensions 
The OECD first pointed out _ _ . ' , 

some six years ago that public To ra f*t t !l»5?P aaI,d for lower 
expenditure in all member taxes, the OECD suggests two 
countries was tending to outpace possible escape routes: a greater 
national income, and warned of readiness to charge for some 
the inflationary dangers. The public services . (people are 
present study suggests why this readier to pay for a personal 
warning was ignored, but may benefit than for a national one) 
be heeded now. and possibly a greater long-term 

The growth oF public spending reliance on borrowing. State 
throughout the developed world, pensions at least might be 
regardless of the political philo- appropriately financed nut of 
sophy of the ruling parties, has saving rather than income, as 
been a response to a strong and private pensions are. 
insistent public demand, and a The study also, however, 
creditable one. Decent standards suggests implicitly that the Uh 
of health care, education and must try harder than other 
housing, and the provision of a countries. It is not until our real 
reasonable minimum income for income approaches the average 
the old and the unemployed have for the OECD that we will be 
been among the objectives of able without undue suffering to 
ever* government that could afford the average percentage 
afford to meet these demands, spending on welfare; and in the 
as well as some in whom arabi- interim, something near a real 
tion ran ahead of means. British standstill in public burdens 
spending is abnormally high only could certainly help to bring that 
on defence — a measure of our day nearer, . 

Soviet aims in 
Eritrea 


THE WAR in the Horn of Africa conflict. To inflict a total defeat 
is building up to a new climax, on the guerrillas Ethiopia would 
Ethiopian forces have in the have to fight a sustained and 
past few weeks almost totally certainly very bitter counter- 
transformed the military situa- insurgency campaign, 
tion in the Red Sea province of Paradoxically the Eritreans 
Eritrea by recapturing all but defeats have put them in a 
one of the major towns held by stronger position tn fight a 
the guerrilla groups who have renewed guerrilla war. Freed 
been fighting for independence from the necessity- of defending 
for a year and a half. Now they towns they would be able to go 
are encountering heavy resist- an to the offensive with haras- 
ance as they approach the sin S operations and ambushes, as 
guerrilla held town of Karen they are already beginning to 
but if it falls the way be open do. helped by the nigged terrain 
for an Ethiopian attack on the °f the province with their dis- 
Eritrean guerrillas' remaining advantage in terms of numbers 
base areas and to securing the counting fnr Tess. This could 
hinterland of the strategic port E*ve the Ethiopian government 
of Massawa. a large part of The incentive to offer a scttle- 
which was held by guerrillas nje n t- by which Eritrea might 
until a few weeks ago. obtain a degree of autonomy 

while remalninc inside the 
CArnnfmr borders of Ethiopia. 

A settlement would almost 
That would be a long way certainly be preferable for the 
short of establishing full gov- Russians and Cubans, both for 
eminent control over Eritrea, strategic reasons and as a 
but it would probably be means of putting the best face 
enough to allow the Soviet possible on dflie recent switch 
Union to enjoy reasonably therir support from the 
secure naval facilities at Mas- Marxist Eritrean independence 
sawa, which it clearly wants, fighters to the Marxist Ethdo- 

'^ ,at n W0U i? J i C 0SP ***♦ piau government. But Ethiopia 
Red Sea shipping lanes and not overrode Guhan 

far from the c hast of Saudi n^hes in commencing the 
Arabia, the world s largest oil Eritrean campaign. and may be 
exporter. determined to assuage com- 

After some initial misgivings pletelv the defeats it suffered 
the Soviet Uninn helped a t Eritrean 'hands over the 
Ethiopia with advice on stra- years, 
tegy and logistical support in 
the use against the Eritreans of Anxiety 

the large amount of equipment _. _ . . , 

it supplied for the successful The Eritrean* will certainly 
campaign against Somali forces r riuctaih to accept peace 
in the Ogaden region earlier tcrm * * . l0li ®. and 

this year. Cuban forces may on a ie * struggle. Vi bile Soviet 
also be playing an unobtrusive l “ t “ uertce “ ' u f height in 
role and the sheer weight of Ethiopia were will be every 
numbers of regular troops and «teentiv* for the conservative 
militia, their superior equip- Arab states especially Saudi 
ment and the fact that Eritrean Arabia to tmawrain Weir sup- 
resources were stretched by the port for the Eritreans, whale 
need to defend a fair number Iraq and Syria. which see the 
of towns appear to have been Eritrean struggle as part oF a 
decisive so far. pan-Arab campaign, have itbeir 

The loss of the towns is an' ™ n fwsons for doing so. The 
even greater psychological blow Somali-populated Ogaden region 
W the Eritreans than their rap- » «U1I the scene oF coosider- 
ture last year from government guerrilla a envoy. The 
forces was a boost, and they can Soviet Union ca nr lot expert its 
no longer claim io have the involvement in Ethiopia lo be 
majority of the Eritrean people trouble-free. Hut that may be 
under their administration. But a l»nce worth Paying for the 
if Keren were to fall that would anxiety at s presence there in- 
only conclude one phase in the wtiabjy causes the west. 



for the Shah 
the Abadan cinema 




By ANTHONY McDERMOTT In Tehran 


A N ANONYMOUS man in from the rural areas first reach 
a brown suit abandoned the city. In May he was 
his job as cheerleader for arrested and sentenced tn two 
the Shah's cause in Isfaham at months’ internal exile to 
a parade last Saturday, held Hamadan. 
to celebrate tie Shah's return on his return he became in- 
from a brief exile in Rome 25 creasiugly unrest rai ned in his 
years ago. The episode occurred pronouncements calling for the 

only a few hours before the death of the Sbah, the over- 

firebomb attack on a cinema ■fl] ro r W 0 f .the Government, and 
in Abadan and helps one to ^ rgsjjmtiwi ©f . amend- 
understand the atmosphere m meilts t0 ^ e constitution of 
Iran that made the deadly ig06 under Wlhich a romnL ittee 

attack possible. oE five O Lara a (learned theolo- 

The man wasatand.nglKlow woula haTe ^ ri . ht t0 

the da.s on which major-general ^ m oE 

commander of Isfahan, was tak- ia " s . in ShI "’LS 

ing the salute. As groups of Hl f, 

workers, shopkeepers, scours /? uI > Erectly to the 

and others stepped past, carry- rioting whadi resulted hi the 
ing banners and pictures of the imposition of maa-tian law. 
Shah, the Empress, and of His mant i e of religious 
Crown Prince Reza, he ie ad ers b jp fell on Ayatollah 
would urge them to shout pro- jj osse j n Mosavi, who lives in a 
government slogans. In some nort hern part of the citv. off 
cases, notably the hard-hatted Mohammed Reza Shah Pahlavi 
workers, the rhythmical cries Street> and close t0 chahar 
and waving hands were already Bagh Taheri's followers tuok 
going strong well before the U p rpg/deneg around his house, 
stand was reached. But mostly even pitching tents on the roof, 
the man in the brown suit and mjugjj immediate area 
received a reluctant response armmd b j s house into a no-go 


to his urging.? for cries of 


zone 


for 


the - government 
Padeshah and for fists to be au jjiorities. There is strong 
raised in salute. 


isea m saiure. evidence that he attempted to 

And so. half way thrniijJi the restra i n bis followers from mov- 
parade, he left Meanwhile the . Qg jn but hjs were to 

paraders who. noticeably did nJJ avail. Eventually major 
not pass^down Chahar Bagh^- cJashes tQnk place both jn fhe 
Abbasi Street, where a week ma j n j^ggt j n -^e rahbit 
ago Isfahams clashed with the WUTen o£ alleys behind. As a 

were 
much 


security forces and many shops rtsuIt severa } lfi 

were damaged — rounded the 



r yy.r , 

Women weeping yesterday after mourning ceremonies held Is Abadan for the 377 victims of 

Saturday night's cinema fire; 

which 1 


what he says- Secondly, by 
undertaking this experiment th* 
Sba has inevitably ceded souk 
of his authority and entered * 
new game of which, perhaps, he 
does not know the rules and 
limitations. Thirdly, baring 
moved towards a more liberal 
image, he stands to be. the more 
heavily castigated if he takes 
any actions which, ranack. of 
returning to the old authori- 
tarian ways. 

The lesson of the sporadic 

violence and of the fire at the 
Abadan cinema is that the 
Shah's Government in the long 
pin can only stand a limited 
visible diminution .of its 
authority. One has only to 
observe that in Isfahan- it is 
crack troops who are In the 
streets, not jaded conscripts, to 
realise that the. Government 
means business. A senior 
• adviser to the Shah, .asked last 

> ' week whether there was a risk 

■ ‘ «'**. ’&>>»'' J&k that the outhursts of violence 

•#' Ipi could lead to an abandonment 
^ - of the elections and possibly 

even the liberalisation pro- 
gramme, made the point that 
“we have so far only used the 
velvet glove. ' The steel fist 
remains.” But this could very 
well be just the tactics on which 
the opposition is hanking— 
goad the Government iutn 
actions that suggest that K was 
neiTr sincere in the first place 
about making Iran more 
democratic. In reaction to the 
Abadan fire there were, two 


■k K * . 

V 






placed nearby. The 
watched impassively. 


Islamic virtues under the down, Iranians have looked bath-: 

The Shah and his senior impact of over-rapid industrial- for solace and for targets to successful 


not been difficult going painful and rapid change ‘Secondly, there was a feeling clear-cut chuices: one was tn 

experimented with crack down heavily and thereby 
" * • — the opinions of 

The other was 
restraint, as the 
fact has done by 

(indeed Rastakhiiz instituting a commission of 

It is not surprising that the ministers have blamed the isation, and of the material attack, and have found botit might well divide into three drf- mis rouw be 

general reaction dn Isfahan rioting in Isfahan on Com- progress that Iran has made in under the direction of Islam, ferent groups in the elections taken by the bhan^ opponents 

should have been patently luke- raunists and a paradoxical terms of per capita income; the Thus in Isfahan they, turned on P£W“«J , for nest ™. e 35 a slsn wcaKneaa. 

warm to a clearly organised mixture of “Islamic Marxists." number of students, of cars, and banks, drink shops, cinemas Shah felt it was worth expert- The enormity of the Abadan 

demonstration of support to the That refers to the exploitation of wheat production over the (and besides the one in Abadan, renting with a system which fi re has given rise to a wide 

Shah. For just at the time by the “ Red Revolution. -1 mean- last 25 years. But there are cinemas have also been attacked J 11 ** 11 tum int0 a P‘^a“St 

when the Shah was announcing “*6 Communists, and by the several factors to be taken into during the past week in Tehran, democracy. . 
that, as part of his liberalisa- conservative “Black Revolu- consideration in the clash Masha Mashhad, Shiraz.- 
■tiinn programme el ectiions would tion,” meaning the religious between the religious leaders .R ezay j e h aru j Kerman)/ and 

be held next July. Isfahan had groups, with their common aim and tte State-,. Firstly it is_ a on shops obviously connected 

with the west, such as Kentucky • 

Fried Chickens. Thirdly, for as 
long as freedom of expression 
had been suppressed, religion. 


Unorthodox 
branch 


range of rumours as tn 
who could have been behind 
it It led to immediate 
demonstrations of anger with 
the perpetators: Ayatollah 

Shariatmadhari has condemned 
it But the fact remains that a 
Thirdly, the Shah is thinking revulsion against violence does 


Alternative 

source 


become the first citF to he ultimately overthrowing the question of political influence, 
placed under martial law for a Shah. 

quarter of a century. But the fact is that the causes 

violence which has been sweep- deeper San maS tions hv Ki-nnnVi ' became a natural outlet through gf the succession of the Crown not necessanly imply support for 

° r ^ br ^ nch tJ h( s?» S STre^553; ft.' 

mrnrtte J»as ml been uiitfoim fano7 i/woL'mc. bfthiTb Mr" J.S* Amou"ew?, 'the rellgloue ludeits mijhm tried ; ! d ^^ ad ^vAK h 'hSd ’SSi i?™ tt" the" ’’“it"™ 

! Prime Minister, has net shewn « » earning for put ’““^mment vithin the Z vast mede“te. mlent 

pening in Isfahan has been region in the country. In the an y enthusiasm for making con- va J« es - . . . . government could not con- maioritv of Iranians took a hard 

deeply symplomatic of the pro- past five years its population tacts beyond the secondary- tV,p ° . TOUia 001 0011 ma J° ri t> of Iranians tonK a hard 


w ^ past nve years us popuianon tacts beyond the secondary- tinue. Thus he had to seek a look at where thev are head, 

blems of Iran as a whole. The has. doubled to more than lm. levels with the religious leaders. £ lnirauitlo^Sd means of institutions ins or, more appropriately 

immediate conclusion must he The main areas for employment This criticism reflects the to embark on liberaiisation and which wou]d boost the standing drifting ” and stood up to -he 

that the Shah and his Govern- are the Bell Helicopter Centre, realisation that because the risk the sort of disorders he is f parUanient and of Ministers, counted But this was the 

ment are not threatened, but a large a ironing base, a religious community of the f-cing tod^ So .fu a nd^liich wottid ultimate^ 

that .their authority as gradu- steel miU.-and -textile and oil Shi'ites— an unorthodox branch ^°_ n ride a foundation on which his brown suii was having on 


of Islam— makes up about 90 per 5>r newspapers, more public S0Q ^ au{hority s-ti,rd*v ~ Thn and 

ri ?he GovemmenVfbut^not'ti™ the B«t the ™.l dev e lopme_nt of Abadan &n coincided wlttTthe 


ally being weakened. The projects. 

trouble, in the short-term, <p be bulk of the new ... 

started in Isfahan with a tion has come from village tto p b * se .f . on Ay0 {? 1 ? ar,s shah" "himself ) L less L overt' 'sur- such an ^tentative source of anniversarv of the ~ birth of 
religious leader. Ayatollah WOI . kers . initially, they found veUlanw potential opposi- lt » Hassan Modjtaba the second 


skirts of the city to -the point caused disillusionment which Secondly, when the Shah in reasons for° relaxation are weakness; which and death of his fat h e r Ali 

where tupe recordings of bis was fuelled by the Government's talking to visitors describes the various. ' opposition greups have .been ^ first Iman> in ^ sevent h 

sermons were circulating freely, claims' earlier that growth and religious reactions -as those of President Jimmy trying t0 esp ‘ 0lt * century and the Government is 

He eventually was given charge progress towards what the Shah “ a lot of Mullahs pining for the Carter, although in agreement Firstly, after many years nf tensing itself for the possibility 

of a small Mosque- in the calls the Great Civilisation was seventh century,’ be is giving in economic and political terms suppression of speech and of more violence which could 

southern Hossemabad sector of a continuous process. As a a simplistic picture. Iran, like with Iran, disapproved of the liberties, people are reluctant test the extent to which its 

Isfahan where workers coming result discontent has grown up Saudi Arabia, is a society under- Shah’s dvti rights record, tn believe that the Sha means authority has been diminished. 


MEN AND MATTERS 



might be an appropriate activity down by 80 per cent, or so the 
for anyone buying 1, Billing head of the Bar and Restaurant 
Place. “ a quaint yet trendy Owners’ Association claimed, 
Georgian Mews house oozing adding “These measures are 
with ^character ” and a snip at making things difficult.” 

£73,950. The new penalties are stiff. 

_ I asked him If he had men- One of the three drivers caught 
turned this sales tactic_ to the in Alsace,, admittedly after 
talented Miss Hampshire, an seriously injuring the driver of 
actress who is secretive enough an oncoming car, received two 
to list her address as c/o the weeks’ imprisonment, a mini- 
Midland Bank. “ Well, no, I mum 18 months’ suspension and 
didn't approach them ... a £350 fine, 
because, well, what can frou say? The police say that there has 
^f a 2]L * 0 . use your name ' . . . been a sharp increase in the 
No. The irrepressible Abrahm- number . of women drivers— 
sohn was lost for words, but he which has led local male 
soon found them again and was chauvinists to question whether 
L, " “ 4 Months the roads are really any safer. 

hadsoldmrn-worthof Now the police have descended 
property If Miss Hampshire on Paris , They gave four days' 
is out Of sugar to lend to her notice but they need hardly have 
KL; n a !L g ^r H - 0 r ht bothered. In August there are 

SSI 6 " WUI obl,ge “ lf few people except for tourists in 
CB,y * the city, few cars in the streets 

and few open bars. 


Logging the jams 
on the lines. 

The Civil Service is playing coy 
about a fierce memo that has 
circulated to a number of my 
Mandarin friends on the subject 
of telephones. It begins: ** Com- 
puter print-outs are now avail- 
able . . ” repeats the standard 
warning about the rarely- 
observed rules on personal calls, 
and is calculated to strike terror 
into the heart of any humble 
Executive Officer calling his 
granny in Glasgow. 

The Civil Service Department 
was anxious to assure me first 
that the memo did not exist, 
then eventually that there is to 
be no witch-hunt. "It’s just 
good housekeeping," said a 
spokesman, who mentioned that 
the CS telephone bill was run- 
ning at £50m a year. 

Automatic Switching Ltd., the better-known Tiger, a com- Fr'fiUCh COUftGSy • 
who lease the CS their TNA2 puteriLinked system, tells me _ . ' , 

logging system, is proud of its that even -though personal calls ? an . on ^- v “ ow “ ie sense N0W CllGW 
effectiveness. Its Swis^born generally account for only 5 per jj fair P lay beI " g dls P la 3^<* by reDorted wee i- thp 

director Mrs. Delia Robson- cerrt of telephone costs,- the ^ F j®. n ® h , gendarmerie. Tough As we reponed 4ast week ’ the 

rr : j ■ » L . j i. ■ 4 __ _ nflu? drinkincT anrl drmnn 19,,-c 


Hager said it had caught out ** their system » 


new drinking and driving laws British are pioneering sales of 


^.ass£=s=!iii=«=rrf Karri a-arsAK ss 


V'an pc enn 1 ■* Up U/flTltpHI tllp HlUT l , « 7* ° , W OFQfr IO S0II6D IDG (DlDflCt 

“ fSSf '"-tZtoZZ * French ciiiiraumsipaUeni of livin; by 

threats on Fridays or in the peaK Imes ’ "_ 01 ^ know gendarmerie are announcing In one o f the mor e raucous 
moraine “ e ^ lhas odv a r>™ just where , a nd when aspects of the west Is being 

But she was reluctant to talk . n pe . r cen,t ” says they plan to stage a breath- arranged quietly— in . marked 

about ’ufe^Cs'^rontract"'"'!^^ Assist 615 sales ojyser blitz. contrast to the. flourish of 

veTy, very touchy.” manager, ian Guthrie. Alcohol is blamed for a large trumpets which accompanied 

The exercise was not to cut ■ - part of the heavy road toll in the deal to sell Coca-Cola at 

costs, she insisted, but to work . . the home of Bordeaux and the Moscow Olympics, 

out .the best utilisation of lines Asking DiCelv Burgundy but until now drivers More quietly, but also with 

by clients such as -the Home _ Tv . / hav .® only been tested after the seal of approval of the 

Office Any (information that ,T revor Abrahrasohn, 23-year- accidents. Now the police are Soviet foreign trade ministry, a 
ramp 'thp wav nf TN\ 9 rliPtu* . ™ a " a S ,n 8 Sector of one of bending over backwards to West German company, Loesch, 
wm Mt %he brines* of Aut“ Lond ° n * “o/e thrusting esUte make their random tests “pre- is setting up three chewing-gum 
marie Switching: "It is ud to Estates - is fond ^^tive rather than repressive.;; fcctories-ln Armenia, Estonia 

them 



1 Switching' "It is up to ®f enls . Glentreq Estates, is fond ventive rather than repressive." factories— in Armenia, Estonia 
whw the* do Sth it” f eC0Unt,ng the mete °ric rise The results have exceeded all and Moscow itself. So in the 
wevor that mav be tele- °/ h hl t cora h pa ^ an K d of hiraselL expectations. Instead of i an d of Lenin a new era is again 
nnw bi« bLi- fn hiS fluest for stopping - drinkers from driving dawning, of the age when the 

publicity, has overstepped even they seem to have achieved the raodc i member of thp VnZ 
f g ^ s iisual limits with his latest virtually impossible task of Communist Jn? 

oqimntion, .wmplzin at the Press release . EnUU , |d „ in » Frea( . h fronl "^nk Cn^ ehew " 

intrusion into privary. tte com. Ym Like To Bomw A c M dri ^ kin ^. ■ 

pames making the equipment Sugar From Neighbours Susan A week ago in Alsace the 1 10 ' 1C,0U! ** 

sa> _ they are slashing bills. Hampshire And Leonard Ros- potic® homed in on the famous 
Minster Automation, who make siter?”, it - suggests that .this - wine trail.” Drink sales went 


tum and 


Observer 



THE GENERAL 
ENGINEERING 

GROUP OF COMPANIES 


The 41 st Annual General Mooting of 
the Company will beheld at Radclfffe, 
Manchester on 13th September, 1978. 

Highlights from Chairman's Review:— 

• Decline i n world demand and late orders 

■ ° f Grauptrading loss 
. together with maintaining faff labour 

. complement ata cost of £680,000. 

^'i?5lL« Chn !! OSY ec ° nomic manufacturing 
prac^SproductewiH maintain the Groupin 
its traditional market position in the future. 

• Withaforecasttumoverof £12M the 

re ^ mto profit in the second 

^ ■ 5 f 5 Sa , SKiffi 2 S 2 S 2 SSi^^ 

Group Results in Brief; 1378 I877 

■ tww row 

TurnoyfiT 9,173 10,241 

Trailing (Loss) Profit != 5l5 “"TS' 

,trtfi rwt (2 9 8) ( 2 i 4 ) 

Taxation Credit (1977 

Charge).... 5B2 2G4 (163) (383)- 

. Profit after tax 50 *^40 

^rningsper share ........ tuajj 3 

Dividand per share ........ . 0J3p. ; omu 

Tangible assets per share 31p . ' 2 7p 

fuff/tepori 'and Accounts waitable from the Secretary. • 
Bury Road, Radclitfe, Manchester. ■ 


tr 









'-JL> “ ’ 





Financial Times Tuesday August 22 1978 


Energy from the grass roots 


By DAVID F1SHLOCK, Science Editor 


BLACK 


SMOKE and fierce well-established- Scandinavian • it ] 5 simple technology, non-toxic, with properties which grown By short-rotation forestry, 
name sweeping over the fields countries and Canada use forest readily adapted to developing compare favourably with those One idea is 
of stubble are a familiar scene bastes — in the form. of firewood nations and rural comm uni ties, of oil-based products. A pilot tions mig 
in the English countryside once 7“5 S . fuc * ?® r . their 1 untiie r • i t \ s essentially non-polluting P 5am »s already manufacturing bog land 
the cereals have been harvested. wblCh “* m " ch le . ss without sulphur emission or hand cleaners of various kinds, been stripped. 

It gives a hint of the energy SIJ Si rn ra *o-activ e wastes. a J«*er cleaner, and washing Economically successful 

. . . . . ^ wonting of metals. -Id Malaysia _ _ ...... , and dishwashing powders, pnerEV croDDino ic liirpiu tn hacp 

content of crops, which some the natural rubber producers • J *» B 1116 Possibility of using among other products . The concTmm t nt a S 

multinational groups are begin- have shown how a tree crop can ™2L ** C0nversl0n company is negotiaUng licences demand fn r highly automated 

rung to take very seriously as *» tailored " specifically for mrfLh,nes - for use of the technology over- methods of harSst?n R the crop 

something that can' he made tbe Production of hydroca chons. On the last point there are seas. This is an area which Britain- 

useful. “T anl b f s extended »ts sugar a Iso examples of motor car As one might expect, Pro- which has shown great innova- 

Interviewed in the Financial J*, ■fHf ar b * v " ®^ ines bejn § adapted by major fessor Vlitos is particularly live skills in the field of new 

Times last week, Mr, Harry Jx f* fSJm C rt2 WD1 ^!, SL 1 ?” ° n fuels enthusiastic about sugar and agriculture machinerv — mav 

Beckers, research coordinator f? C ° ho1 (eth “? 1 * S’™ unorthodox sources. cassava _« two of the most well find more profitable to 

for the Royal Dutch Shell Broun' t, -° n 35 f " eW ’ un ?, er «it?, 1 .il! tCSt ’ n !f rke , tm Jf xland efficif,nt machines for collecting exploit than diverting scarce 

and incidental lv a uhvsicis^ circunisfances . where the next >eara car developed to run and converting solar to chemical land resources from food to , 

Brooke nf 5,7 economlcs seem more favour- on turpentine from Finland s energy via photosynthesis.*’ He energr. arousing so much controversy terest. ICI, for example, has way of enhancing the yield of 

MsdMUties tor” enerlv crot ® fale than in ra0Sl ^ place5 ‘ f* 1 ? f ? rests - / Ue l co ? “f Sees plenty of scope for improv- m areas of expanding popula- S 5 - potenti ?l raean f of feeding research in land at its Corpor- sugar cane. Experiments under- 

p ssi Dailies tor enerev croo- , . to be lower than for diesel, and ing yie]ds of ^ cane ; for „ SirJohn^olS^s^vs J mproved P eople “d drugs, ate Laboratories at Runcorn on taken in Hawaii by the Sugar 

a-i j*xi turpentine offers better accelera- example by plant breeding and food Will alwavf win in a com- ? enous anslng improving the efficiency of Planters' Association are show- 

ComDetltlVe -5?“ In ltaly, selection, by chemical treat- Sion with energy crops for such I* ltht 5 a ? rops t0 convert sunlight. Uni- mg promise. Professor Vlitos 

* ■ Society ; Z b l BattCte ™ ^ ~ SZ 5 SSSTUSS SSZSl 

*«, sssz jjz Ba,, s a vszsrsz ‘sss - ral - .* *•» V •«? 



Winter wheat stubble-burning In Nottinghamsiii provides a bini of the energy content of crops. 


possibilities for “energy crop- 
ping." He has asked the Nobel 
laureate. Professor Sir John 
Cornforth. formerly with Shell 
but now a Royal Society 
research 
University 



him where Shell should invest 
in research and development. 

Another industrial enthusiast 
is Profesor A. J. Vlitos, chief 
executive of group research and 
development at Tate and Lyle. 

He talks of the possibilities 

may be a long one, energy sources in requiring a 
ears nr more before it very long lime to develop and 
’ commercial return, implement it on the scale re- 
a successful outcome quired to make any serious 
e side-effects: for energy contribution. Moreover 
.the solar conversion process instance, u may turn out that the outcome may be less benign 
Professor Melvin Calvin, who CO uld be improved just a little since nitrogen fixation Is in- than the idea leads one to 

wante to develop artificial forms by tinkering with genes, the trinrically an energy-hungry expect. 

i « greC u * eaf ’ 1 f ap . aI>Ie impact upon the cost of energy process, as industry already .\n ambitious Californian nro- 

Professor Vlitos sees plants the Dlamond-Sunsweet walnut n t *». bum- - , smumnng photosynthesis— with cropping, if the plant could be knows well, a crop equipped pc sal to grow huge rafts of kelp 

as machines evolved by nature factory is installing 8:130 tn Btu jj? 2£f : "S” 1 e *“ pSSjLII^Jhl *>? d ^ h iL bel,evesi S° uld be used as a renewable hydro- with this new capability' does i seaweed) in the ocean, fed by 

for the task of convertine and per -hour gasifier to provide all ^ food - ^ next Feb ^f ar > where scientists have been ex- ar as «o per cent carbon resource, could be not have enough energy to spare nutrient-rich deep-ocean water, 

storing sofar en^ orSL^s dT energr requirem^w from Tate aud Lyle * n R ft ! xpects t0 P^nuenting with a tropical tree Bnta n has embarked upon a enormous. to make any appreciably net as sources 

storing sniar energy, processes MO icquiieiucuw u commission a new 5.nOf) tons-ner- called leucaena which can reach national research nroprarntYiP tn — - — 



maturity, and even "genetic calorific value fuel gas from the gas is almost freedom saU 
engineering " to adapt plants almost any dry xgricultural pbur. 


more precisely to produce the waste has been operated so sue- At oresent most of the 100m lanH 

fuel or chemical required. cessfully on walnut shells that tons «2gar) 



methane and 
three 
wide 
com- 
aninums 
CaMfnr- 


alled 

territorial «•" " M^VeeTS. Reaea^h" CounciT /S*cT“5 w.T. STS? ^ paMb.^^fTp^’ Si 

by the ease with which plants territorial interest: petroleum feedstock. The sucro- eludes a project to investigate planning a £lm initial effort of genetic manipulation, its fused at a fundamental level Loum-like chemicals exudes an 

can be mass-produced cheaply. • It is a way of bvu« [.off energy glycerine products of Talres fast-growing coppicing hard- over the next three years, to application to agriculture. The to produce a hybrid. Tate and acrid sap which couid be a seri- 

energy Developments are claimed to be woods such as alder, willow, develop for plants the kinds of possibilities have already begun Lvle has taken a close interest nu* hazard during and after 

bio-degradable and completely poplar and eucalyptus, when techniques which have been to draw serious commercial in- in this technique as a potential harvesting 


The basic principles of income instead of 
energy cropping arc already capital.' *. 


Letters to the Editor 


Planning for 


energy 


i„ .h* io«*r reasonable opportunity to stale for the late 19S0s will be put that report appear these sen- 
.! ■ Mr ArI?J?oLr Lnii.-.t ,b£,ir but in L ' **“*“ defence back towards the end of the cen- tences: effective promotion 


with Nicholas Faiths comments been overcome there will be the influence of advertising on 
(August 7) and with the cense- more schemes than money. What- costs and retail prices which 
quent letters. ^ ■ ever happens, the road pro- rebut his claim that the Com- 

1 am a firm believer that Indus- sramme loses out. and compte- mission does not understand the 
trialists should 'miss no lion of tbe plans fondly promised subject. On Dages 2 and 37 of 


fr 3L?{i„2 n!*Ei,5S? throe points rausl b £ ,pade ,yheir tur > - - seems to lead to lower unit pro- 

V prtor,lies nre dlffeT? ht from The remedy— apart from the duclion and distribution costs 

15 th ” Se of pnlitlclansjund trade obvious one of shaking-up the and “advertising appears to 

C0D ' n 1 ni Inf un,on . leaders — rightly or DoT’s planning and admmistra- create a level of sales which 

^ t wroosfy ibey rate tboxc, manacc- Uve system— i s to bring back enables the manufacturer to 

be based on markets for toeir n \ent duties as their prime some budgetary flexibility into lower his unit production costs 


dominated by a few powerful the lead time for 


— , funds for roads not used one this evidence that the Commis- 
year could be reserved for use slon recognises that advertising 


suppliers. Ther evolve, in appearances is quite ?hort ^ the next. This is specifically works,' and works to the con" 

volume and structure, and the of the reasons for which thty allowed for in the 1976 cash Sumer's benefit, 

process of evolution is, in join employers erqanisatians iimite white Paner but 


process or evolution is, in join employers’ ercan&atiaifc Hmfijs W^ite Paper but so far h j'LeveFe 
principle andto some extent and fra deass oci a tip n^i s toha n evo r applied. Paintmakers ‘ AssociaUon 


short of total rontroi. capable of their views represented for them. \ it is to be hoped that which- Great Britain’ 
being influenced by people, some It is. of courfc. understand- Vver Government prepares next Alembic House, 


of 


of whom may be planner|. able that producers should prefer year’s public expenditure White so Albert Embankment SE1. 

Energy conversion— refineries, people “from»the sharp end. paper, this flexibilitv will be 1 ’ * 

ethylene crackers and their Unfortunately these are,. the built in. Without it the road 

downstream complexes — is, how- very people who travel most and programme approved by Govern- 

ever. so technically sophisticated whose base is orten some dis- m ent— and reflecting the needs 

and so capital intensive that tance from the nearest studio. 0 f society’ and industry— will be 

planning tends lo get pre- While I would nut deny that f ur ther delayed. As in the case 

occupied with questions of the too many mdust naiistssUir do of defence, the money has been Frnm Vr \\rynrn* 

availablity of technology and nirt appreciate the ^P^aneeof VQted for spec ific and necessary * ?. f' . _ 1If 

the mobilisation of investment, taking advantage of _lhe j °PP°r- purposes. The needs of defence .. c ,r l arU £* e fibou ^ 

OF parallel importance is the .tunities they are offered “^e a nd roads remain the same what- ._® e *hfe programme 


At sea and 
off duty 


the 

Sealife programme ” (August 

market the story. TWs ^/^dere^ ftta SStI «) initiated by «pmn»; 

structure. The lead-time for federation c . , . 0?,c, -;'. vv i^ l ^* absurd that tbe Government ^“ pp< J^ d nn b> ,u 0 ‘°r^ipm^ U ^ 
making (rather than merely ®nd with radio and seldom sb0U ] d he boxed into this mone- ^r 0 “ „ 

responding.to) changes in the fails Tn Produce the tary strait-jacket when Ibe *£2 c HfiL£5 , ^L?J k< s? 

market structure of existing pro- spokesmen hems sought We are CQUntr y [ S crjing out for by- a '_« 5 ® a j 
nucis of energy coo version pro- approached ni,ca>ion.iny py pass and trunk road links, 
cesses is probably at least as long TV and then, all too often, at the g H Lesliet 
as the lead-rime for planning, la ^ xno °>f, PT - . , u .. (Senior EconomisM. 

building ami commissioning an , Vsf P lillf.L.ri-.iiliB ari British Road Federation, 

energy conversion plant using J ard ' f fnJ d mi«in" onir ^ Mane/iester Square. Wl. 

known tcchoolosy. If «be -- ! T” 


duets nr the production rouies 
arc novel, (he lead-time for ”f* e Tf®: ; ■ v 
market change is likely lo be 
even longer. 


Rihncfirfip Hoiw. 

U follows that if we .want to Tothill Street. S\\ 1. 

influence these changes in a way 

which benefits industrial policy 
as a whole, we have lo start 
ihinkmg about how to do so no 
later than w hen we start .think- 
ina about technology and invest- • rtrt rrjofjc 
mem— and preferably rather * v*****-j 

earlier. 


Advertising 
works 


From the Director. 
Paintmakers Association. 
Sir.— Mr. Fletcher’s 


but keeping them in- 
terested and happy once they 
have started their career. 

II is unfortunate that any 
success, this programme may 
have, must by definition, be 
Jiraiied. Whereas anyone un 
connected with shipping might 
imagine that “Sealife" was con- 
nected with life at sea it is un- 
fortunately limited in its scope 
to working hours only and not 
to any time spent off duty. As 
tbe VatteT exceeds the former by 
attack a wide -margin there is a large 


T InHprCTlPnfliUP' (August 17» on the Price Com- gap which those at. present in- 
UUUCiapcuuuig. mission’s inabili 


inability to grasp (b| volved with the programme do 


From Mr. S. Leslie 


points about the’ economics of not. apparent, intend to ftlL 
advertising itself misses a point. R. Monroe. 

That body's report on decora- Harley Buildings, 


GENERAL 

August provisional figures for 
unemployment and unfilled 
vacancies. 

Euro Ter. the ''club" of Euro- 
pean steel companies, meets in 
Brussels in first of series of dis- 
cussions on ways for European 
steelmakers to act in concert to 
cut losses on steel sales, restore 
a greater measure of discipline in 
the EEC market, and salvage 
workable portions of the Davignon 
Plan. 

Palestinian guerrilla leaders 
meet In Damascus for unity talks 
within the framework of the 
Palestine Central Council |PCC). 

Portugal recalls Parliament 
from summer recess to debate 
nef» electoral and census laws. 

Second day of United Nations 


Today’s Events 


Economic and Social Commission 
for Asia and Pacific (ESCAP) 
meeting at New Delhi on trade 
between Asian and Pacific areas, 
attended by over 30 countries. 

Sir Peter Vanneck. Lord Mayor 
or London, continues official visit 
to Latin America lo ’promote 
British trade with the region. 
COMPANY RESULTS 

Final dividends: English and 
Overseas Investments. McKay 
Securities. Meat Trade Suppliers. 
Interim dividends: American 
Trust. Brocks Group of Com- 
panies. Ocean Transport and 
Trading. W. and E. Turner. 
Interim figures: Wedgwood (first 


quarter). Wolf Electric Tools 
Holdings. 

COMPANY MEETINGS 
Giltspur. Piccadilly Hotel. W. 12. 
Heywnod Williams. Grosvcnor 
Hotel. Chester. 12.15. Mercury 
Securities. 30. Gresham Street. 
EC. 12. Moorgale Investment, 8. 
Waterloo place, SW. 12.10. Oil 
and Associated Investment Trust, 
Winchester House, EC. 12. Ben- 
wick Croup. Renwick House, 
Brixham Baad. Pai union. 2JJ0. 
John Swan. New Mart Road, 
Edinburgh. 4. 

SPORT 

Cricket: Under IS) Test. England 
v West Indies. Arundel Golf: 


British Boys’ Championship, 
Seaton Carew. British Girls 1 
Championship. Largs. Carrolls 
Irish open pre-qualifying. Port- 
marnock. Bowls: English Men’s 
Championship. Worthing. Yacht- 
ing: Half Ton Cup, Poole. 
EXHIBITIONS 

Historical development of 
heraldry in Britain from its 12th 
century origins. British Museum* 

WC1 (until August 27). 

George Romney drawings, Ken-- 
wood House. Hampstead Lane, 
NW3 (until September 3). 

Sir Gilbert Scott centenary ex* 
hi bit ion, Print Room Galleries, 
Victoria and Albert Museum. 
South Kensington, SVY7 (until 
September 10 1. 


... . . _ , . . - - - - • tive paint, published last April, Jf. Old Hall Street, 

!n the case of petrochemicals. S ir,~The 2* per cent unde*. ta ? ns lv f statements about Liverpool, 
and particularly thermoplastics, spend in the Ministry of Defence. c * 


which are the most significant budget’ (Lombard August 17) 


derivatives of ..ethylene cracking, pj'ies "into" "hijignificance- coin- Exchange rates and trade 


tbe problem of how advantage- U ared with the Guvomeni ^ 4 ... ... ... 

ously to -.restructure the Euro- nianauement »if its road budget From Ole Treasurer, per cent h^her relative to those 

pean market in a situation of fins year’s public expenditure Campaijm for a Competitive of our competitors ‘ than m th. 
chrome ovcrsupply, is primarily Whim pipor revealed a IQ ger , Exchange Rate . j^r the present Go veriment took 

one of increasing the UK’s ceB , underspend no the motor- Sir. — When Samuel Brittain nrZ 

market . share This is a problem H;iv l and trunk road budget- in Panted out — m his article pnee of J5 J Jvp 

firstly or inarketine. secondly af ?ho DrcvioS two veur*. (August 17) on myths about had fallen by lo per cent relative 

technology and investment Even l hat is relative pepauts .exchange rates — that the price of *o the price of manufactured 

in the case of coal conversion, for the Department of Transport goods which do and do not enter exports, small wonder tnr 
the problem is more complicated which is predicated m a recent into international trade can move imports are increasing muc 
likely (hat coal JedO report to Underspend the very differently I thought we had faster than exports so that x 
„ « *■***/ w »v T.. «,»»■ raw that Mav nocciblv fnr the first tim 


because it seems 


might (a' replace some current trunk roads allocation by- a ma&e a convert to our view Hiat -May. possibly for the first time 

feedstocks, (b) provide, other magnificent 20 per cent in the exchange rates are determined in ever, we became 

feed St licks having novel proper- current and following financial alt but the short run by the of manufr 

ties, cc> allow the introduction vears Of course there-- ^re relative cost of producing Inter- view that 


the of manufactures. The Treasury 
we were still com 
traded goods and petitive in the fourth quarter 



In both cases it would seem Rodgers. tiie responsible comparison of wholesale non-food doubt on the whole of the Govern- 

that early aUentibn to Ihe po^i- Mlnhaer readilv nuotos.'- the manufacturing prices, nor from ment x economic strategy, 

hihtics of effecting ewnstructive reasons:" ** lime needed to^eoui-- quoting with apparent approval xour editorial made our poini 
clunges in market structure piete statulon - procedures an Organisation for Economic in referring lo the plight of a 

could only bp beneficial. There “market conditions"; "progress Co-operaiion and Development small aumoer of industries pro- 

is nclhins either in th%' C»al hv contract ors " and -, the study based on unit costs in during surii things as cunsumer 

Industry Tripartite Group favourite, ” bad weather." Judged manufacturing generally. durables. The hallmark of these 

Research and Development hv the increasing nud nder- The point is of crucial industries is the importance of 

Working Partv Report, or in spend Britain’s climate", is importance because informed economies of scale and the need 


what has been made public of deteriorating at a disconcerting opinion almost everywhere has to find markets overseas to get 

the Me Kinsey Report, in suggest rate. been led by the Treasury rid of surplus production. ■ It 

that marketing questions ’have The real reasons for the slip, economists into believing what a follows that a country with an 

been considered in this light, page in the program me. and the little commonsense would have undervalued currency can reduce 

which prompts me to ask if ihe consequent underspend include: shown was absurd. It is demon- costs in its export industries 
view of marketing taken by the failure to fulfil correctly the strablv not the case that our faster than its competitors and 
energy conversion industry as statutory procedures • e.g: -A12- manufactures were more com- vice-versa in the case of a country 
regards strategic planning is not A13 section of the M25 which petitive Internationally in 1976 like the UK which has long had 


tno passive, or too complacent neglected green, .belt land and 1S77 than they were in 1973 an overvalued currency. 


nr perhaps both. 

John Dingle. 

Suite 1. Hnrcoiirt Hmixi’, 

19a. Cavendish Square, VI. 


Businessmen 
on TV 

Front the Deputy Director. 


requirements;: sittiDS on in- by reason of the fact that our This means that differences i« 
specters’ reports for ni00tbs ’ and “ relative normal unit labour the purchasing power of a 
vears (e.g. Ipswich. 5142. Water costs" according to Internationa] currency can arise as a result of 
Orton faction): dilly-dallying Monetary Fund figures had fallen a change in the exchange rate 
with the’ standards of proposed relative to those of our com- and that this can feed on itself, 
schemes so much that design .peiiiors. thus .contradicting the theory or 

staff do twice the work for half . Your editorial of August 15 one price which is at the heart 
the ouipui (e g M54); a five expressed bewilderment about of the monetarist position. The 
month moral nn uni on new starts our recent trade performance, work we have done shows that 
(1975-7?) which continues to dis- but this could only have been there has been no tendency for 


rupi the balance of the pro- because, like your Bonn enr- the general level Of prices to 
External Affairs. Euainwrnw gramme. .- respondent reporting on page 2. converge, in the post-war world. 

Employers’ Federation - The effect is that there is now you had failed to look at the which of course accords with 


Sir.— Anvone who works in the more money than schemes avail- evidence. In the fourth quarter common observation, 
cross-fire between TV producers aMe hut once the circumstances of last year the export price of 5haua Stewart 
aOdfbU 5 ihesmes will: agree both- working against now Starts have, our manufactured goods was 13 73, Albert Street NV 


working 


SWL 



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The same goes for our people. 
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But nobody’s perfect And 
accidents do happen. 

Vtfe can't be too careful. 

Every Group 4 security plan — 


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Physically, we lake care of it with 
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The best way to judge a security ' 
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AMC over £3m in second quarter 


Blagden & Noakes 
ahead so far 


Financial Times Tuesday August 22 I 97 S 


Crown House sees ; 
continued progress ll “ 


A SECOND-QUARTER jump In - ■— 

taxable earninps from £I.46m To * r^nrmmTrvn 

£3.i3m by Amalgamated Metal UjL t JLUtp(f/S 

Corporation lifted profit for the 

six months to June 30. 1978. to ^ 

£5.79m, compared with f-i.x&m. ' Current 

The directors released the hair- payment 

year figures earlier than intended Amalgamated Metal jnt. 5.5 

so that they are available to Charles Baynes inL 0.3 

members when considering the Rlasden & Noakes ...int tn 
bid for the whole of the croup's Saint Piran 0.76 


DIVIDENDS ANNOUNCED 


gy w* FDR THE 25 weeks to June 25, 

Cl 1978, taxable profits of Blagden _ _ _ __ __________ 

and Noakes (Holdings) the steel BOARD MEETINGS 

drum. plastic product and 

expansionary plans with co n “ - chemical group, improved from Ftnati:— 

dence. £2,133,000 to £2,505.000 on turnover in* fotiwioE cqimuhvn tuv» notift 

On the wholesale side, Mr. up £3.731 a t £26 Jim. *utw vxnM rovtiass 10 u>c st& 


thp EXCELLENT progress every effort will be made to 

House during reduce the dtsiwnly . between 
achie'oa by vrown nous* . _ navtn^nu And ih» 


Date 

Corre- 

Total 

Total 

of 

sponding 

for 

last 

payment dtv. 

year 

year 

S 

*5 

— 

15.81 

Oct. 

2 *0.25 

— 

‘0.67 

Opu 

9 2, S3 

— 

12 

Oct. 

2 1.5 

2.01 

*1.81 


BOARD MEETINGS is exn«?ted to continue dividend payments and the cost 

BUAKU mttllNtiS ; ^-‘^ ^paSck EdKe-Partinjrton. of living as soon as cmnimsMMes 

Ftojii:— ‘ Despite signs that trading condj* permit. ; 

ni» fotiowios coimuhvn baw nnuiieii tions are becoming more compeli- At jwaf end net cash 
datw at Board rovting.* io me stock Uve both at home .and overseas, were down fi.ium tup £LQ2mi 
EsctuDc;. such ith'riincB arc awaoy evprv effort will be made in with cash in hand and at die 


Sales for the six months fell to 
£4.Yim (infilm) and after tax of 

£2. 71m i£l.K5m) earnings per £l 15 R4p dfl.Slp) and the dividend conies a proposal for thp iiquida- 

«hare came out at 31.6p f2s».Spi. total is effectively raised’ from tion of the company— which has 

The 19 n figures exclude an i.si25r> to the maximum nurminorf realisable assets of some £i6ni 

exceptional loss of Il.Sm due to 2.01 039 p net. and n claim against the Burmese 


rreding. rrom cash-and-carry- sceo nd-haIf results will ton those «^fS'«-hertwr dlndSinm'n share of its markets. . Turnover and urofit was Split 

The company*. encouraged by n p W reoorted and at] divisions inter. ms or snjis ann mo nMirniiiai The dominant aim will remain as t 0 electrical and • mechanical 
results in this sphere, has taken are expected to do better than *>•»" •»(»«• an > u««i mainly oa u» the expansion of its major engineering services fftstiq 

additional warehouse space, during the first six months. yoars ante,aW,: - interests in engineering, contract- (let.Mtm and II. Ann irt.ftni; 

particularly for storage and The newly acquired. W. VC. Today .. Jug. merchanting or electrical |,] ass warc £l7JMm (£I4.27m) anfi 

distribution of toys and Ball and Soils achieved a trading imerim*: — Ami'ncan Trust.- Brocks equipment and manufacture and £]ABm lfS4S,Wbu) . and - nUsccI- . 

stationery. The expanding profit of £612.000 for the .half- nmup. Di- Bwk consafuUKd Mlaw. d* distnbution of glassware. .In igneous £l.8fim tllJJJml and'- 

cigarcitc vending division will year and the 12-month contribu- of thls eopiraI 127,000 (£161.000). 

also he housed in the new ware- -jon is expected to be comfort- Transport anV Trading; wtSSi b'tuwt of some I4m has been Engineering coutracwng activity 

nouse. ably over £lm. pinair— Eosod-Pciewih. McKay Sccurk ' Contracting margins at nome | n ^ tJK has now levelled off 

Meeting. Upton, September 14 The chemicals division proved u«- • . ‘ • arc becoming more atmcuii to fau[ crown House Engineering 

at d.4o pm. the main problem area for the future date* - hold and the need for a neaitny jjn^bed the year with, an set- 

group during the half-year, and nwrims:- . •; overseas operation remains, nc - stanc t2nj£ order hook 7 per cent up 

-w— i * , , „ a manufacturing loss of £153,(100 ,5 I E!K J says. In South Africa conditions £B4iU. Overseas it was a quiet 


Tipton, September 14 


a fraud. 

The net interim dividend is 
raised to S.5p (5p) but the record T)] A ] r 
and payment dates will be fixed |j |n( K 
and announced when the outcome “ 

of the bid is known. The board a 
however expects payment to be f\ |*T , d"|\Ar 
made in October as usual. The Xkl I v TT 
final for 1977 was 10.ST.2p paid 
from profit of £6. 12m struck after r«AAg fy|. 
the exceptional fraud los*. JjVV-S 

During the first half tin smelt- pnp 

inc and industrial activities PpU-'PELTh FOR a 


and n claim against the Burmese 
government for soote £2J2m 

(which is being settled at the rale - - _____ _ __ _ r ,* m mhhc ««iw «r« mu 

of £37,500 a yearj in respect of wj a long-term development plan capwais 0«t. j merchanting activity will lw con- sorevsiful and hw bt-en 

the Burmese assets nationaJised TV „ for this division that could i»» pn, -u«wi tmued including purchases by P . #|ld assrls gold, t-'njj 

in I96a. f K2VHPS involve a new plant with an ^“d^TO ini^WnrTnm'.Z.'Su acquisition when dosure cosw have bvcii provided 

From tlic other fivo members IlViJ investment of some £lm is now Hoirmin- .s.. .... ..uutJS arise, and in glassvare in art-ounts Tor this and the 

of the board, Mr. Tom bcra.se and WITH TURNOVER higher at under consideration, say the Kiraununs Tin Dredmiw B^rhad An* r _23 grovviii is expected m the current . flsuiv a f .v. Scsrc, a 

remainder of the- — ^ *' The direetem have npw deeidrf ««U ^Ud« mafcu« awitebbeah, 

Z^ssz^’zssz sssaisCiXaM b^-s i jus/fcjssss. 

m bemg as an mvesuneni Lrust, months to June 3ff' 197S reduced with the division as a overall result is not -impressive.' out the esistme proiwMttons in sure a H3n J mersm irh for £175,000. 

and that the three opposing ^ ^ Tnnuil^ report, the whole ending back in profit Moreover only the partly owned hand over the next five* orjhrec depw m 

directors should be asked to r *K' the The group is still very much subsidiaries We managed to years. Sale of three properUes A jr^now i i ™ ™ 


First half 

m 

advance by 
C. Baynes 


TTie chemicals division proved . arc becoming more dimcuu to bu[ c rown jiouie En^meennit 

the main problem area for the future date* - hold and the need for a neaitny (i n j s fied the year with, an oat- 

group during the half-year, and interims:- . •. overseas operation remains, nc - stanc t2nj£ order hook 7 per cent op 

a manufacturing loss of £153,(100 i_ ro ^ op , J says. In South Africa conriinnris at Overseas it was a quiot 

wiped out the profit on trading H°riS MWlfSs^. 5^-“ difficult owme to TereRKion ta 0aian « bich contributed 
activities and left a deficit for o™ .' ££ I but- an improving . lower profit. 

the division as a whole of £1S.OOO Scottish Xorrtu-ni invesimeu Tsu. abb. » appears to lie aereioping ^ merchanting company that 


compared with a profit Jast time £sia;e& Western Australia. . . jj a< j b^n set up in South Africa 

just topping £200.000. Finals:- ' - ESpanaion ° r . . lhc . n el some three year* .asm* did. iNit 


profit of £6 12 m struck after CAPC 1110 TP of the cquity-comesl proposals S' hacbLu SS 

cceptional fraud los*. I11U1 C that the company should continue ?[-5 r « s b «£«>S‘ , Vi™ 

and ^ind'us trial acthTies PROSPECTS FOR all divisions of 1 " rl be, f n h S !lt as ,u" months to June 30;’ 197S. 


achieved excellent results and the Black Arrow Grn °P a PP ear cood ™ shoSld hT Di its last annual report, the whole ending back in profit Moreover only the partly owned hand ovw ■the ^ next _tvvo ot-inrec ^ J h(rfa t . linrract irTg depot m 

directors expect. continued ° at is- an d Mr. Arnold Edward, the chair- shou,d ^ asked 10 company said that while the The group w su» very much subsidiaries W e managed to pears. London w^i sold (or £320.080 dur- 

factory performance. Investment ^ f °^L rd .: t0 =_ furlb 5 r Theoutcome will dennd on the ******; jUmp talSeSl^rS SitS contribution to profit i«5 ***.?*»*. ^ 


income, by far Lhe greater part satisfactory progress in the 
of which arises in the first six current year, 
months, also showed useful lm- ' n h |s annual statement he says 
pmvement. (hat the budget for new leasing 

Profits arising from activities on business is currently considerably 
the London Metal Exchange were in excess or last year, 
marginally below the exceptional With office furniture distribu- 
resulls achieved last year hut tion. the two hranch»*s have been 
nevertheless satisfactory. The moved to new facilities which 

result of the physical trading provide more than double lhe 
division continues io reflect difli- capacity. The division has begun 
cult markets. the year with a strong order book 

Minorities for the. period and a satisfactory increase in 

amounted to 11.03m liBSl.oon'i profits is expected, 
and attributable profit improved Turnover and' margins are on 
to £2. 05m (£l.R3m>. -There was target in the electronic com- 
an extraordinary debit last time pnnents operations, and n major 
of £35.000. marketing effort is now under way 


the uie uim-uiiic ucjiuu un uic j stabilise the co« r»r raw llKei > target area is cnemicais jump m minoruy inieresis. me usetui cuninuuuun w 

atutude taken by holders of the a jJ R: artv eraclv affect- storage and distribuUon. At this major setback among the wholly On turnover of £93.94m to 

American depositary receipts. SS its com pet?5venes^ export stage, the directors say. they are owned operations was on' the f£7fii»fim> group taxable profit prerr 
ins who between them— -and there are mar ij e fe and the immodiate future looking for a “sizeable" acquisi- chemical manufacturing side Improved to £3.3m *^2.8'*"* I.,--, 


to ratiionuibe the cxislio? 
premises of Dcma Glass. For this 
a "-ite has been obtained (nr 


See Les 


A. Preedy 
plans 12 
new stores 


net profits for the half-year rose 
from £72,361 to £9&38S. The in- 


Tax took £L31m (£L13m) and in the year affected both chem real ■CCIIF’ NEWS 
innritic« V4QO Ollft rntTSfinni trartinnr and demond for steel vr *“ isi-www 


terhn divldendis effective I v if (ed mmoriUes £490.000 (£373.000). trading and demand for steel 

T n2S!y e Sl, leaving attributable profits ahead drums. Losses on chemicaJ manu- 


t a a. ''ST'Xf X ESTb SSTSIS 


lOp share — last year's final was 
0.42p, adjusted for a four-for-one 
scrip issue. 


facturing are expected to ease 


Sharp rise 
by Saint 
Piran 


marketing effort is now under way 14 yf 1 

to change. iLs image from that nF „ j _ \/| OfiOYlC 

a strong regional distributor to TjPW CfOri-^Q ITIvUvIIjJ 

that nf a national distributor, TT JlVlVO 

particularly to increase penetra- AT LEAST 12 new retail outlets TirnTlt 

1 “ s w ioU ,l i„ nne l d h e b « was ^ rui . 11 , j 

increased & S' SKS* . J' nMSI dOUbled 

Ed.-srd".™ .^ Sjree^p » SSraw."' hU annotate- TAXABLE p H0FTT « Mndens 
fidom of a modest profit this year. ment Trust instalment finance croup. 

Fixed assets at balance date i n the March 107R vear «'<»ht jumped 101 per cent from £230.177 
were £l.rtm (£1.42m). current new retai i nu t] e t.s were opened to a peak £463,396 In. the June 30, 
asiets £2 24m (£l.it>m) and ant i th ree rehoused Pre-tax nrofit 1978 J' ear - ^ et Profit came out at 

liabilities £1.84m C^l.29 m). fro ™ £1 07ra to a P |!Sk *227.022 compared with £10S.829 

£1.2im. previously. 

■ra ik *• ^ says he believes that pro- TO* directors say revenue re- 

Hlirma ^flinPS ' p-ess in the retail trade will be serves rose 22 per cent to £3:!3..1oD. 


» ...... • . C- T _ asieus (ti.ibm) 

To f ree'off a,o^n nMm w- 25 "’ 1 ' 

is reported by Saint Piran. the tin 

mining and property development n., rrnn TV/lSrarvc- 
group, for the year to March -A, DliribE IVIlDGS 


mining and property development 
group, for the year to March 31, 
1978. Turnover was up by over 
£3m to £1 5.30m. 

At midway, when announcing 
higher profits or fUm (£79S,OUO), 
the directors said lhal trading 
results in both main divisions 
showed improvement and it was 


Earnings per 23p share are 132p slightly in the second half', bat 
(14. Ip), while the interim divi- even so earlier outside estimates 
dend is raised from 2J325p to op of £51m pre-tax for the year are 
net to reduce disparitv — last vpar, now looking optimistic. Perhaps 
pavraents totalled 12 d from £4.36m £5-3m looks a more comfortable 
pre-tax profit estimate, which on a fully taxed 


£lm finance for County 
Commercial Cars 


comment 


* « 

A • » 


Take out a £600.000 profit looking beyond the company’s County Commercial *£p c l’ * shares - 
contribution from the Bail acquisi- immediate difficulties. . . manufacturer £? r ki-t 


Benjamin Priest has 
never been stronger 


export and (he domestic market. 

Night ingale, which conducts a 
market in a number of shares not 
quoted on the Stock Exchanee. 
has arranged a private placing of 
£lm of 10.7 per cent Cumulative 


KENSINGTON AND 
CHELSEA FLOATER 

Phillips and Drew announce, the 


dro 


£lm or in.* per cent >umu mine -lacin'* of £5m of The Royal 

ZT 7 ^UuX£r nC * SESta f of^ K«Lin R Si 

^rVare^nns to market OJJ« 

these shares on StchUngalcN so SloCK, l«w at £99j P<?r cent pa) 


-these shares on NighlingalCN so 
called “ over-the-coanter market." 
A traditional equity issue is 


able in full on utsue. 

Interest will be calculated at 


Board split . 

higher profits or £ Urn ( £798.000 )*t i*^ from comparatively [arse stores m turnover in the group's hire areas, and Mr. C. F. Ward le, the group' stood at £5.4m, compared ,‘ ose its‘^on trolling stake. oMSisiT* per cent on February 

the directors said lhat trading OH POlICV w ne ' vs a " d tobacco kiosks and p 4£F ha *,® i t , chairman, says the group can look with Jpim previously, and net and , ho runding is not viewed on 24. 1D79. The stock is redeemable 

results in both main divisions “ J news rounds shops. The dividend total for the un- forward to its 12ath year with the current assets were up from a permanent basis. on \u»ust “4 1983 

showed improvement and it was The many small shareholders “ We have also embarked on a quoted group is lifted from o.«25p confidence that it has never been £1.9 im to £3.01 m. The preference shares have rw7n>'s are pxnecteri to corn- 

anticipated that full year results in Burma Mines— which, despite programme taking us into to 0.92p per lOp. share, with a stronger. been taken up by seven insurance monr ' p „„ Thursdav 

would reflect the continuing trend its name, is an investment trust specialist card shops under the finaJ of O.aSp The strength is in terms of companies two merchant banks. \ i n m! nf ran ouu of stock will 

of increased profits. company— are being asked to name Occasions. Encouraging Mr. J. A. _K. Collins, the chair- financial liquidity and asM?t back- p«. ^ « four imeslmcnt trusts and n pen- vj -.".S-m • m-rtoi ftn 


gress in the retail trade will be serves rose 22 per cent to £533,330, inantimnriaie on two counts The 2 per cent above six months 

sustained and that this will be while total group balances ad- THE YEAR at Benjamin Priest warehouse projects. Mr. WahUo fa ^,^ Vlth 55' ^ u BOR in the usual way, and will 

supported by the group's policy danced from £Sm to Ilim. re- and Sons (Holdings) has begun says. ... cent of the equity could not put be nnlri on February 24 Mid 

of running a variety of outlets Reeling a o4 per cent increase satisfactorily in the majority of At yeaf-end toed assets of- the fj^. ard more money and did hot August 24 with a first payment 

f_ __ _ ___ in rtipn/ii'ilp in Ilia irPAitn n • pa apaao nna tip Xc -* ■— nrnnn I nnrl nf r • fm iwimnorari . • ■ . ■ 1 < 


r ' . -- — - — . r 1 . :rT ' . wain in Iliac 115 Cimn Uinim aiuivc, or per LTUl u 

chairman, says the group can look with £22m previously, and net __j funding is not viewed on °i 1D79 The stock is 
the un- forward to its I25th year with the current assets were up from a permanent basis on \u~ust lS 

it o.825p confidence that it has never been £I.97m to £3.01m. The preference shares have n'p-ihm's are exnccl 


The preference shares have Dealings are expected to com 
been taken up by seven insurance monce on Thursday. 


of increased profits. 


After lax of £821,299 (£774,981) attend an EGM in October to results 


adjusted for ED19, and extra- decide lhc 
ordinary debits of £72.366 company. 
(£129,083), attributable profits From thr 


increased our man, says the results reflect the tng, and in the spread of sound 


From three members of the 


their determination to open more of general improvement in the in- manufacturing interests. 

these.’' staiment credit industry. Interest However, he says that directors 

the He adds that the successful rates were lower than in the pre- cannot ignore the economic out- 


improved from £1.097.683 to existing board. Mr. D. S. Middle- rights isiue at the beginning of ceding year. "We look forward look which points to limited 

£1.752269. ditch (chairman). Mr. W. A. the year enables the Board to to further progress in the current expansion -in real terms for the 

Earnings per 23p share aro Arhucklc. anti Mr. D. A. H. Baer, embark on these ambitious year." he adds. next few years. It is therefore 


existing noaru. air. u 5*. middle- rights issue at tne beginning of ceding year. we look forward look wnicn points to limited 
ditch (chairman). Mr. W. a. the year enables the Board to to further progress in the current expansion -in real terms for the 


Elliott of 
Peterborough 


companies, two merchant banks. A total of r r>0 o,(HHl of stock will 
four iiwestmcnt trusts and a pen- ^ available in the market on 
„„,4 \iuiKn..r. n August 22 in accordance with the 

whiSf. U ltuScr ol ccf" SL "™™ 015 01 lhe Sloct 


which owns a quarter of CCCs 
equity “would hare been willing 


Exchange. 


This advertisement appears as a matter of record only 



look which points to limited to extend further lines of credix ** 

expansion -in real terms for the Recent board changes made at but Hie CCC directors wanted to 

next few years. It is therefore tbe EUiott Group of Peterborough increase lhe company’s capital VORKSHIRF 

extremely difficult to predict the received approval from share- ;base without relying an one single - * 

pattern of trading beyond the holders at yesterday's annual sou idee of finance. CHEMICALS 

immediate future. Bat the Board meeting. Mr. T. H. Ison, Mr. P. E. CCC is raising the i'lm to rep'ay 

will do ail it can to improve Smeeth, and Mr. P. N. Smith were short term debt, fund a general “ rkl, “„ Chemicals announces 

performance and will continue to confirmed in their appointments increase in working capital and utat . j." weptancos na vc o p <m 
seek opportunities for growth. to the board by a vot.e of the for a small amount of expenditure r £ ce,ve “ •’■>>3'- 9 4* ordinary 
.As reported on August 9. tax- shareholders present while Mr. on fixed assets. ** er - l ' e .1 . 

able profit of tbe group — A. W, Houston's election as chair- In the last accounts there w 3.842,936 shares offered by way of 

expanded by the acquisition of man of the group mot -.with no a medium term hank loan of rights to ordinary shareholders. 

Black heath Engineering and opposition. - Promissory notes of The shares not taken up have 

R. and A. G. Cross land — advanced Mr. Houston . became chairman £557,685 and a hank overdraft of been sold and the net premium 

from £Im to £12m in the March of Elliott In April fallowing the -4S8.000. Shareholders' funds over the offer price, amounting 

31. 1978. year. resignation of Mr. Edmund " ere shown at £3.9Hm. to approximately I2p. will be 


31. 1978. year. 


Mr. Wardle points out that the Smeeth. Mr. Houston's appoint- 
companies which -formed the ment as chairman, and. the other 


ALLIED IRISH 


group at the beginning of the board changes, followed a City Holdings totaling £5.646.131 of payments 


to approximately I2p. will be 

distributed to shareholders 
entitled thereto, except that no. 


year achieved a record level of row late last year over the non- Allied Irish Banks' ID per cent amounts of less than £1. 


, turnover. 

He says each of the sub-groups 


appearance of announced Middle 


fast contracts worth £54m and 


into which the subsidiaries have directors’ share dealings. 


been farmed made progress in the 
period. 


At yesterday’s meeting a share- 
holder representing the Scottish 


ALUMINIO ESPANOL, S. A. 

US $ 50,000,000 


On the industrial fastener side Life Assurance Company asked 
Benjamin Priest and Sons with- for confirmation that the total 


stood increasingly severe import figure for compensation for loss 
competition through efficient of office was £31,000, and thaf the 


customer service, strengthened amount had not been charged 
sales coverage at home and twice in the accounts. Mr. 


abroad and the . introduction of Houston confirmed that 
more products made to customers' amount was for only £31,000. 
specifications. . Another shareholder a: 


DUDLEY 

Metropolitan Borough Metropolitan Borough 


r) V»i'* 


G 


iematic 


medium term loan 


However, he says the future of whether the amount due from a 
lhe ‘ fasteners industry, is completed ■ contract in Saudi 


threatened in many quarters by Arabia was in contention or was it 


Floating Rate 
Stockl982 


FloatingRate 
Stock 1982 


with the several guarantees of 


the flow of imports. 


in the pipeline? Mr. Houston 


After an early surge of orders explained that there were no 
on the materials handling side immediate problems. The contract 


EMPRESA NACIONAL DEL ALUMINIO, S. A. 


demand was uneven and is likely was completed and only a final' 
to continue to be so until there is payment was awaited. - After the 


sufficient long-term confidence in meeting Mr. Houston added that 
the economy to underpin a revival the amount outstanding was 


capital spending on major £500.009 on an £11.5m contract. 


forthesixmonlhstrom 
22nd August, 1978 
to 22nd February, 1979 
the interest rate on the above stock 
- will be £10 - 59381 a per annum. 
Morgan GrenfeB & Co. Limited 


for the six morthsfrem 
22nd August, 1978 
to 22nd February, 1979 
the interest rate on the abovestock ■ 
will be £10 ■593Sb per annum. .• 

IMwewi Gnsifefl £ Ca limited 


ALUMINIO DE GALICIA, S. A. 


This announcement appears as a matter of record only. 


NEW IS5UE 


BANCO DE BILBAO, S. A. 


Managed by 

CITICORP INTERNATIONAL GROUP 


August 22 , 197S 


BANCO URQUIJO, S. A. 

THE ROYAL BANK OF CANADA 


BANQUE ROTHSCHILD 

UNITED INTERNATIONAL BANK LTD. 


Co -managed by 

BANCO ESPAfiOL DE CREDITO, S. A. BANCO EXTERIOR DE ESPAflA, S. A. 

BANCO HISPANO AMERICANO, S.A, BANCO PASTOR, S. A. 

BANKERS TRUST COMPANY WILLIAMS & GLYN'S BANK LIMITED 


$ 75 , 000,000 

Den Norske Industribank A/S 

(The Norwegian Industrial Bank) 


Provided by 

CITIBANK, N. A. • ROYCAN FINANZ AG • BANCO DE BILBAO, S. A. 

UNITED INTERNATIONAL BANK LIMITED • BANCO URQUIJO, S. A. • BANKERS TRUST COMPANT 
BANQUE ROTHSCHILD • WILLIAMS & GLYN'S BANK LIMITED 
BANCO COMERCIAL PARA AMERICA (AMERIBANK) 

BANCO ESPAfiOL DE CREDIT©, S. A. • BANCO EXTERIOR DE ESPAfiA, S. A. 

BANCO HISPANO AMERICANO, S. A. • BANCO PASTOR, S. A. • BANK MEES AND HOPE NV 
BANQUE BELGE POUR ^INDUSTRIE, S. A. • BANQUE CANADIENNE NATIONALE (EUROPE) 
BANQUE INTERNATIONALE POUR L’AFRIQUE OCCIDENTALS • BARCLAYS BANK, S.A. PARIS 
CREDIT CHIMIQUE • CREDIT LYONNAIS • IRVING TRUST COMPANY 
MERCK, FINCK AND COMPANY • MIDLAND AND INTERNATIONAL BANKS LIMITED 
THE NORTHERN TRUST COMPANY • PRIVATBANKEN INTERNATIONAL (DENMARK), S. A. 

THE SANWA BANK LIMITED • UNION MEDITERRANEENNE DE BANQUES. 


9Vz% Guaranteed Notes due July 1, 1998 

Payment of principal and interest unconditionally guaranteed by th< 

Kingdom of Norway 


The pr; vale placement of these securities 
has been arranged by the undersigneds 




Merrill Lynch White Weld Capital Markets Group 

Merrill Lynch. Pitre & Sourer & Smith frier rporj cud 


Agent Bank 


SalomonBrothers 


Hamfcros Bant Limited 



BANCO DE BILBAO 




Bergen Bank 




Christiania Bank og Kreditfeasse 


Den norske Creditbank 


LONDON 



4 














•• Financial Times Tuesday August 22, 1978 

General Eng. sees 
£0.75m midway loss 


15 


ALTHOUGH TURNOVER at the -West Bromwich, plant and 
General Engineering Co.' (Rad- other surplus properly. Extensive 
clUfe) Is expected to increase from reorganisation at Radcbffe is also 
£2JSm to £4.5m with the benefit of in hand. 

a hifih level of work in progress, Mr. Ogden says the speed and 
a pre-tax loss o£ up to £ti.7fim extent of recovery trill by no 
must be expected Tor the first half means be wholly dependent on 
of the current year, Mr. B, B. the state of world trade. Current 
Ogden, the chairman gays. trends in orders are demon 

Most of this loss will represent stroting the extent to whirh 
the cost of wages and redundancy adverse market conditions can be 
payments to employees surplus to mitigated by new technology and 
requirements. During the second selectivity in product range. This 
half the group should become continues to be given high 
Increasingly profitable, her says in priority. 

his annual statement . Mr. Ogden points -out that the 

As previously reported, in the increase in work in progress has 
March Si. 1978 year the group caused a temporary a urge in out- 
incurred a £512,000 loss against a «amlmg book debts, sndjbat i to 
£609.000 profit previously, and Mr. bankers, Williams and owns, has 
Ogden estimates the cost Of covered its foreseeable cash n feds. 

giirnliic unftpg lei tVip vfa r u-gc At Dm&DCC ufitS ^CCilTGu O&DK 

£680,000 (£305,000) net of subsi- ? TO £?E ar “ were up ? rom X086m 
dies to £3.7m. 

Explaining the downturn he says JSfiL JJ? ^SCSSfSSwlnS*? 

dcmsnd, with 0 coD&CQncnt sudden £2m surplus, and thia is reflecTed 
OTt r^i de J2 in the balance-sheets. Fixed assets 
are stated at £3.7*m {£2-5Sm) 
from tiie turn of the calendar year. net current assets are show 
Also com petition, already keen, down from £L14n to:f0.48m. 
intensified, with profit margins Qn a divisional basis. Mr- Ogden 
coming under increasing pressure. says the cable machineiy side is 
This still continues. The decline confident its development pro 
was only partially offset by gramme and new product intro- 
expanding sales of new products auction will enable .it to. maintain 
“ for which the prospects remain its’ market position despite the 
most encouraging." market being difficult.:' . 

Turnover was also restricted by The vacuum products division’', 
delays in the placing of orders order intake has -shown a satis- 
whlch frustrated their completion factory improvement, - but un- 
by the year-end and raised the fortunately orders have not yet 
value of stock and work in pro- been' taken for the 'continuous 
gress to £4.3ra (£3. 4m). casters for steel.- 

A reappraisal of production and Last year, exports -.'accounted 
overhead requirements has been for 67 per cent of turnover and 
made to adapt the company to overseas subsidiaries all did well 
the current year's turnover and contributed to profit, with the 
expectation of £i2m. Existing exception of the North American 
productive capacity was consider- company. This company, however, 
nbly higher than required, despite secured important orders for the 
the expected turnover rise of UK and further development ol 
4 . $ ,, (• some £3m. The target has been prospects in. the area. He says 

• * * - V. [m 1 Mi;, virtually attained in orders its small manufacturing unit i 
v -V received. nbt entirely suitable for futon 



Consolidated Copper Mines Limited 


Dncorpora t ec! in the Republic of Zambia) 


Statement by the Chairman the Hon. J.C. Mapoma, M.R, Minister of Mines. 


I 


A 


arv 


The reorganisation is now being needs and changes are necessary, 
carried out and some 200 The company is changing its 

employees have lost jobs. The balance date to December 8L 
Preston works is being closed Meeting, Raddiffe, September 13 

.md offered for sale, as is part of at noon. 


Ward & Goldstone moyes 
into electronics 


AN ENTRY into the electronics and with the co-operation Qf the 
industry is being 1 planned at Ward labour force the directors are 
and Goldstone and the group’s hopeful that with a more favour- 
research and development team able, outlook they couJd-expect an 
is being increased with the early growth in earning^ 
emphasis on these fields. - Currently the workload for the 

Reporting this, Mr. Sampson J*". ir ® s an . d division is at a 

Goldstone. the chairman, says higher level than m. : the peak 
that the directors' hopes for the penodajaf.ig months -jgQ.- J Bveti 
future of the company are 50 profitability is riveted by 
reflected in the heavy capital strong competition with; demand 
investment made during 1377/78, from the reemion in 

but warns that it win be the bmldtng industry Mid aggra- 
i in possible to maintain such ' ate d by increased di ffic ul ti es in 
spending if earnings are to be export markets. i V; . 

eroded by the effects of industrial Technological advances in pro- 
unrest. duction in the auto wiring divi- 

u:_ « n u nw a W ar in sion “« beftanlng to make their 

"KarhT'Xre! ^ ^ oxvtJ1 prospects are 

n”nr?SL favourable, and output in the 
52*niJin d wirin " accessories divtelOB is now 

« 

i?nnp Ce ^vq *fhP ° offer a *wa« ! 0 , i d n For *** e year to Wareh lu wo, 
JiS ?£* iJiSjitMi taxable profit fell from Lffm to 

and the. net div^eni-is 

maximum. Mhicn jf orokfn would- afYpptjitpiw roisipH to * 

ornnn\ S vahmbip Gowrnmcnt cm **-®**lP> P« 25p sha W. / Yf ar-en^ 
„rnups valuable Government con- ^ank overdrafts and Acceptance' 1 


lrat ls - credits were down At £4.11m 

While the rate of inflation has {£5,27m) and cash was higher at 
now abated the directors are cpn- £0.B4m t£0.2m). Future capital 
:erned at what follows after the spending amounted to £l25m 
•nd of phase three pay agree- (£(l.5fim) and there 'was a medium 
nent*' term loan this time of £2m (nil). 

He says the maximum utitfaa- greeting. Manchester, on Sep- 
ion of plant is highly necessary t ember 14 at noon. 


ktransporT system, iojs is important uccause i recognise me iact 
{that the Republic of Zambia will continue to rely, at least for th-j 
foreseeable future, on its mining industry for a very lar*,e 
pVcentage of its foreign currency earnings. Therefore. I urge the 



Y £P International Limited 


(Manufacturers of Furnishing and Dress Fabrics) 


Year ended March 31 

1978 

1977 


' £ 

t* 

Turnover 

6.421,000 

4.133.000 

Profit before tax 

316,242 

C30.647 . 

Deduct : Taxation 

90.639 

49.SB3-. 

Profit attributable to shareholders 

202.377 

171.249 ' 

Dividends 

. 85.885 

60.726 • 

Profit retained 

116,432 

110.523 ;. 

Earnings per ordinary share 

4.08p 

3.1 Bp 

Mr Gordon D J Hay, Chairman, 

reports:- 



t " : uhor level of activity, with continuing cost control, brought 
(miner significant increase in pre-tax profits of 37%. 


Through concentrated marketing programmes, turnover rose, 
by 30%, widening the Company's share of the market. 


■3F AH UK operations continued to achieve profits growth. The' 
manufacturing subsidiary Setters Fabrics increased its productivity.- 


s 


-$ D Landau & Son continued its excellent growth record. ; 

■5£ London Drapes I ntorn^tionat Improved Its profitability. /: 

Final dividend of 0.821 p per share recommended, making;:.. 
1.514p for year, against l.lp. 

Targets for further profit improvement set for current yoa r a 0 **. - ’ 
results for first quarter are In line. ^ 


Registered Office: 300 Regent Street London W1R 6BX. 


This Advertisement is issued in compliance with the 
tequiremenls of Hie Council of The Stock Exchange. 


THE ROYAL BOROUGH OF 
KENSINGTON AND CHELSEA 


Pacing of £5,000;000 
Variable Rato Redeemable Stock, 1983 
at 99^ per cent 

Application has bean made to the Council of The Slock . 
Exchange tor the above Stock to be-, admitted to the .... 
Official List. 

In accordance with the requirements of the Council of The 
Stock Exchange £500,000 of the Stock is available in Ihe . ' 
market on the date of pubHcption of this Advertisement and 
until 10 a-rn. on Wednesday. 23rd August, 1975- 
Particulars of the Stock; have been circulated in the Exlei 
Statistical Servicer. Ltd.,” and copies .may be obtained 
during usual business hours on any weekday (Saturdays- 
oxceptodi for. 14. days, from and including 22nd August. . 
1973. from 

Phillips & Drew, 

Lee House, London -Wen,- London EC2Y 5AP 
and Th« Stock Exchange 


The past year has witnessed a further decline in the fortunes to the rotary kiln. However, the benefits from this were less than that a large stockpile existed would tend to depress prices. It vs 
of the world copper mining industry. In spite of various economic expected because of handling difficulties at Cbingola. When the also clear that no ready and universal solution io the copper price 
forecasts to the contrary, the .world-wide trade recession continued rotary kiln was -taken out of operation for complete overhaul, it exists. However, like my predecessor. I remain hopeful that, 
almost unabated. As if this were not enough, the fear of inflation was necessary to ciose down the tailings leach plant completely despite the conflicting interests, it will tie possible lu work our 
by many developed economies made the Implementation of from 4th to 24tb February. 1978. internationally acceptable price stabilisation scheme*, 

meaningful reflationaiy measures most difficult. The Zambian Planning for the Stage III extension of the tailings leach plant 
uvinlng industry had. in addition, to contend with the worsening continued throughout the year. At the same time, cunstrui-uun of Sales 

transportation and production problems, loss of skills and some of the permanent structures was commenced. However. Companv sold a total of 3&f5fin iimnex during ’he 

experience and the shortage of essential supplies. It is against negotiations for raisin? the necessary finance for the project were financial v ear ,. n ded 31st March 197S compared m 423 w:tl lonnes 
this background that the Company undertook a detailed review of protracted and were not concluded during the year as expected, uunny the previous financial year The reduced ,sal.-« are a result 
its operations with a view to cutting down forecast expenditure. Due to certain government requirements, it became necessary lu nf | 0wer pru(i uciion and the poor transport facilities which 

In September. 197T the Compaq estimate* that tapin'* SSW „ 

tauon of the rationalisation measures which were being considered the international Finance Torporation (IFCi in late 1977 Follow- Lead and zinc sales, at -16 02# tonnes, were lower than the 
would reduce forecast expenditure by about K60 million during ing consideration of certain conditions put forward by the IFC. Previous financial year’s figure by 22 373 lonnes. In ihe previous 

ld7a - Flve main target the company has derided to defer implementation of the project > ear - ther r e *** a substantial reduction in finished stock which 
areas were, therefore, selectea for action. until more satisfactory financing arrangements can be made. accounts for the difference. On the other hand, in the unancial 

year under review, although production was higher, stocks of 



tonnes 
tonnes 

of which 1 934 tonnes were fur the Company’s acrount during ihe 

a position to submit its report and recommendations to His ..0^ e production continued steadily at Konkola Division. ^ rLcee ^® financial year. 

Excellency the President. In the course of its work, the Committee However, the lengthy delays encountered in completing capital In Ma - V - J9(R - toe price of cobalt was im-reas-.-J from L.S. 


TvtfillCtrV -ji atoiiiug ouu auui tugva. A, 

Committee devoted neniy Wo mootb, tb it. task before it we, te com “ tra,M «f the soelter were depicted. 



implement in order to effect the intended rationalisation of its expected. 


ways of increa.sing the uuiput uf thus metal. 


operations. It was gratifying to note that the Company’s, proposals : Konkola Division manages operations at the Kansanshi mine c'« a 

hich small ceila nmriiiMlnn enmmannBfl i« l«lv 1977 Irnm I I fl3 nC0 


were accepted by the Industry Committee. , at which small scale production commenced in July. 1977. Ore from 

However, the rationalisation can only result in maximum gain Kansanshi is roadhauled to Chingola division for treatment- An The average realisation for copper was K10U2 per tonne 
to both Roan Consolidated Mines Limited (RCM) and the Company average of 15 000 tonnes of ore per month were delivered. against K1072 per tonne for 1075/77. Coupled wiih nriiiq costs 

if action is taken by the two companies on an industry basis. It The last rains were heavier than for many years and the effect frum svneral inflationary trends and from ihe effects, iff the ttiTH 

is my sincere hope that this will be possible given the past record on work in the open pits was considerable However with the onset devaluation of the Kwacha, this caused the previous year’s profit 

of co-operation between the two sister-companies. of the dry weather, the situation has improved. * of K83.B million to deteriorate to a loss before tax or K33.6 million. 

Because in November, 1977, the Company estimated that, in ‘production of lead and zinc from Broken Hill Division was. Xo dividends, other than those due on preference shares, have 
order to maintain metal production at forecast levels and the once again, well below target although better than in the previous bo,en P aid - 

l0W cop P? r w0 , i £tSe ire ,„ r . iew additional y ear _ The collapse of the conditioning tower on the No. 1 Waelz Capital excpnditure has again heen strictly controlled, the rise 

SPSSBS million uurmg the kim that was mentioned last year brought production from this from K16.1 million in 1976/77 to K23J million in the year under 

complex to a staod-still until June. 1977. Further difficulties were review being accounted for principally by the K4.0 million incurred 

P*“ ures would only reduce the Company s need for external experienced thereafter with refractory linings, slag removal and ou the taitings leach Stage III projecL As long as the present 

loans ’ ' fume precipitation, but there was a steady improvement in the financial situation continues, only those projects of immediate 

During the six months 1 period ended 30th September, 1977. the metallurgical operations of the Waelz kilns. importimee tu the Company's operations will be sanctioned, 

average sales realisation price of copper was K1049 per tonne. ^ 23rd December. 1977. poor deliveries of coke from the stock- raPiTaT resTintj of short tprm t oa vc 

At this price, Chipgola Division was the only profitable division. p ,-] e a t Dar es Salaam resulted in the imperial smelting furnace. CAP,TALISATI0 « 0F SHORT-TERfti LOANS 

However, even Chingola was barely profitable at thg price of K960 wbJcli produces both lead and Sable 4 zinc, being closed down. One of the recommendations made by the Industry Committee 
?£L, ton ii?. w ^ j W ¥, ' ° re ? as i f ® r toe quarter ended SI st Decern her. The closure lasted for 54 days because it was not possible to to b‘s Excellency the President contained a proposal that the 

19<«. This inevitably raised the quepiion uf shutting down some this plant until sufficient stacks of coke had been Zambian Government should consider and. if possible, accept the 

of our uneconomic operations in order to reduce working costs, accumulated. conversion into capital of the sum of K65 991 000 in short-term 

Unfortunately, detailed studies have shown that it is difficult at loans raised by the Company through the Central P>ank. To 

present to alleviate the Company s current financial burden by . . facilitate the capitalisation, the Government, as the hr.ider of the 

rephasing its operations or by closing down any section from which Import and Export Routes “ A •' ordinary shares in the capital of Company, was asked to take 

subdual copper production currently tabs obtetaed. '.j baVE already refOTe(1 t0 donation problems which «« *»« ^on-.eno lose, from the Bank of Zambia. 

This is due to the fact that the Com panj s production from its plagued the Company aver the past year. We continued to rely The Zambian Government subsequently confirmed to the 
three copper Divisions os dependent °n the inter-relationship 0l j {j, e route to the East African port of Dar es Salaam especially Company that it had accepted the Industry Committee's recorn- 

be tween copper concentrate types, the available treatment plants as despatches to Nacala were minimal depite the plan to ship mendation and had, consequently, taken over the short-term loans 

and the byproducts produced For example, any production short- iq. 000 lonnes of metal per month through that port The route of K65 99100U. Accordingly, the accounts for the financial year 

fall from Rokana Division will result in a deficiency of sulphur t 0 Beira through Rhodesia remained closed. ended 31st March, 1978. have been prepared on the assumption 

for smelting and acid production, not to mention the potential low . rece ntiv un agreement between Angola and Zaire for ^ ^ sbort-terra loans would be capitalised and the K65 991 000 

of cobalt which is produced only from Rokana ores at present. ' verj recently, an agreement nerween Angola and 4aire tor , t upr r .f rirr , ^ nwn j n *he -immntc nc m^rtinm.iprni flninHnn 

In particular, because of the single smelter at Rokana. the closure toe reopening of the Benguela Railway was announced. It is not “• toerefore, shown in the accounts as medium term financing. 

of a major production section would result in the loss of possible to indicate a date for the actual resumption of railings ACCOUNTING TREATMENT OF EXPENDITURE OF FIXED 


substantial tonnages of revenue-earning copper as well as severely 
affecting metallurgical blending and efficiencies. In addition, the 
cost of maintenance of such a section. in a state that would allow 


a quiri^ re-start of operations at a later stage, has been shown to be ga^ent Statistics 


Consequently, the Company decked on implementing a v 
number of measures, including stopping minfnq in tb»- upper Copper production 

orebody in the underground mine at Chingola Division and the ^ ■ tonnes 

putting of north shaft at the Mindola section )f the Rokana 
Division on a care-and-maintenance basis Labour withdrawn from 
these areas will be redeployed in other sections. 

The success op failure of the Company's ciwt reduction ejcerei«e 
will depend, inter alia, on whether suitable corrective steps arc 


ASSETS 

The Directors, on the TeporL have mentioned the recom- 
mendation by toe auditors to the Company on the accounting 
treatment of expendimre on fixed assets. I would like to draw 
your attention to this section of their report. 

1078 TQ7R/77 1070/7B 107.1/7* idT^m While i! has been accepted by the auditors that this accounting 
1S7S 1975/77 19o/ ( B 1974/To 1973/74 principle re g. ird!n g depreciation and depletion rff assets should 
»ca .cwotn naKAiA ano oca Anc rsi _ _ .. ^ , , . 


Year ended 31st March 


377 15o 


to Zambia's economic development, in this connection, the 


matters mentioned below as being outside Its power? and therefore 
it had 16 look to the appropriate authorities for action: 


(i) 


TRANSPORT 

The lack of a reliable and efficient transport system is the 
most acute problem currently facing the Company. The transit 
time fur copper movement from mine to Dar es Salaam port 


in respect of road transport, and from 12 days to 22 days, for rail 
transport. Consequently, during July, 1978. the. copper stock ,«t 


stock of about 1 000 tonnes. 


delays have all seriously affected the movement of imports into 
Zambia from the port of Dar es Salaam - 


C.opfer sales — tonnes 

384 560 

425 931 

386 201 

396 160 

397 385 

' — revenue per tonne 

Kl 002 

Kl 072 

K768 

Kl 087 

Kl ruo 

- 

K 

Jv 

K 

K 

K 

\ > • 

million 

million 

million 

million 

million 

Total sales revenue 

— all meleals 

422 

506 

327 

479 

555 

Profit/(lossj before 
taxation 

(34) 

S4 

(49) 

137 

277 

Profit /(loss) .liter 

taxation 

6 

34 

5 

59 

113 

Pr.>fii/(lossl afier 
taxation including 

extraordinary items 

(10) 

2 

5 

59 

123 

Dividends 

— 

— 

— 

17 

67 

Capital expenditure 

at 31st March 

23 

16 

39 

59 

69 

Capital employed 
(including short-term 

loans) 

712 

725 

692 

571 

4S2 

Ordinary shareholders' 
funds 

442 

438 

440 

445 

412 

Number of employees 

34 741 

34540 

33600 

34 240 

33400 


Purina the ye-T. RCM and the Company, thrnijeh a jointly- 


lished French continuous cart md company. 

The Company's investment totalled Kl.fi million. This will 
strengthen the Company's market share of western Europe .md 
provide a sound base for future expansion into this growing 
product area. The remaining 50 per cent interest is held by 
Thomson Brandt of France. 


The Company's excellent industrial relations record, which 
was the subject of a proud comment last year, was even better 


1 am happy to report that the Works Councils' record during 
the year under review showed a marked improvement on the 


which empowers Works Councils to veto new management policy 


(iij SHIPMENTS- 



Zambianisation, Manpower Planning and Training 

The Management is constantly reviewing the staff establish- 
ment of the Company tn reduce this to mere economic levels under 

success has been 
financial year. Much 
for our programme of 
recruiting suilublv 


bJ r ™rv S tr- *r™sii bottlenecks. Because Ste”“nd, <nuMW sad experienced personnel front overseas. 'bu£ “K 

'.“'and Slf pr^rSi" of £ \on ircp°™4 Vure f °£ “«? hove suffered., foreign exchange" earnmgs by >»d opersuons. 

shipments art- likely to suffer as veil. ' of ^ ”a 0r ? h " “ 1 "ZLl" Directorate 


current conmiitinenLs. both the nation and the two mining DirectoratO 
(iii) FOREIGN EXCHANGE ALLOCATIONS companies have had to resort la external borrowing at great cost. j welcome Mr. D. C. Mulaisho’s" return to the Board of 

Due to inadequate foreisn exchange allocations, the Company “ 1 ).}P w^ore, essentia! 1 in my view, that the country exports all Directors of the Company. Members will recall that Mr. Mulaisho 

has not been able to order essential spares from certain external " 5 unisneo i metal production to obtain foreign exchange to meet h ad been an “A" director since 1970, and Chairman of the 

suppliers and. as a consequence, feme metal production has been our cui rent commitments. This is cheaper than borrowing. Company from February. 1971. until September, 1973. He has 

lost. IE the situation is not corrected soon, the position will The Botswana route, although it was not exempt from replaced Mr. L. M. Li shorn wa. Since the year-end, Mr. L. C. 
worsen. seasonal operating problems, faired better than the Dar es 5aUau] Sichilongo has been appointed as an “A" director in place of 

During the financial year, the Government of the Republic ? nd ^’“csla routes. Although the volume of traffic on this route is -Mr. F. M. Walusiku who was withdrawn, 

of Zambia reached an agreement with the International Monetary fts importance as an import route should not he under- Q n ju ne 1975, General the Hon. G. K. Chinkuli. MP. 

Fund (IMF) for a standby arrangement totalling Special Drawing rated. resigned as an u a " director and Chairman of the Company after 

Right (SDR) 315 million (K322.G million at post-devaluatjon a period of X-i months. General Chinkuli brought to the chairman- 

exchange rates). As part of this standby arrangement, the Govern- Metal Prices too Company tremendous energy, dedication and interest, 

mem of Zambia devalued the Kwacha by 10 per cent on 17th . I wish to thank him for bis wise leadership and contribution to the 

March. 197S,' and agreed, among other measures, to impose ^ .uy predecessor, last year expressed the- view that, in the near Company and wish him well in bis new appointment' as Minister 



company 

industry- 


Operating Results 

Copper production far the year ended 31st March. 1978, at 


. ..... _ as General .Manager of 

World War. The highest cash settlement price for copper during Chingola Division wi*h effect from 1st October. 1977. after 33 years' 
the year, was £888- (Kl 212} per tonne on 4th April. W77. The service with the Company, f thank him for his long and distin- 
1 0 west was £611 tKSSG) per tonne on 1st March, 1978. finished service. Mr. T. A. D. Moskwa. then General Manager Broken 

IJlLJSII* 0 ®? *® r Hoaxer! wS? a p S JS (V t L Jd e Gen eraP Manage r of Brokl^Hil^Dirision 


377.156 tonnes, was lower than had been anticipated, being 47.844 toe recession, there is .still substantia] excess production capacity w ith effect from rir iicinher 197?" 

of 425.000 tonnes. fo! lowing, the hiEb investment in the world’s copper Industry in toe „ - „ lsI 


tonnes below the forecast target — .. -■ — — „ „ _ , „ , . . . . . t _ 

Thic n-itnnr was dicaonnintine >n viev.* of the verv hich innna"ci; Iati*-19B0^ and early 1970's when prices for toe metal were . tL Mr . R. L, Bwslj'a was appointed Director of Administration 
This ojtpiir was disappointing .n view of the ven high tonnages aUrac Uve,. with effect from 1st January, 1978, in addition to his post as 

achieved in the previous financial year, but it is a measure of ... - Company Secretarv 

the effect on the Company of the problems which were outlined in |oe copper over-supply situation was reflected in the continu- „ . 

my predecessor's statement which covered the financial year to" fi'Sh level of world stocks which remained in excess of two In inclusion, 1 wish to thank ail ln_c employees of the 
ended 31st March, 1977- mi lima tonnes. Company for the improved industrial relations recard achieved 

„ . . „ .. . . . ... , . . . . ... during the past year and for their dedication to the affairs of the 

Dunng the last financial year, the Company continued to suffer . -A.-ainst this background, the search for copper price stabtiisa- company in verv difficult circumstances, 
from severe shortages of spares and essential supplies due to the " nn nteasures was intensified. At the ministerial meeting of the ” 

continuing scarcity of foreign exchange and from toe loss of lnter-i>ovenuneniaI Council of Copper Exporting Countries future Outlook 
skilled and experienced personnel. (ClPtC) held in Jakarta in December. 1977, the Republic of . . 

- k .. , .. . . - ... , ___ . Zambia argued slronsly in favour of copper production cut-backs The financial strains of the past year have forced world copper 

Cobalt production was Lil3 tonn^. of which 1.093 Tonnes by members of CIPEC. producers to reduce production and cancel expansion plans. The 

were for toe account 0/ toe Company. The balance was produced , v _ . _ _ . . . . .. 4 effect of these actions is already being fell in the reduction oF 

tevtataif Of RCM. 15 from leve .’ !!«*-“ 1 .- ad con 5 ,mers “ 


Last year, mention was made of the rone of high tirade aridtiion. ZaTnhi3“T*r n *.‘. , «*flH , . i ’ L uiai .^ese were more than anequate tor any foreseeable future 

mineralisation in. the Nchanga Open Pit tiiDP) at the Chingola sh?pment^SJSv?f?oS^ £m\1 Sou? productttoS reqi t r ? men !f* A* the progress towards a balance in the copper 
Division which had contributed substantial quantities of copper tr- nsportronstraiTir/ r ° m 1978, GUe 10 WBWtt p 00u 0n ^ market continues in the year ahead, as 1 believe it will, despite 

* 1 .- L.-.L r lUUJUUlLUj. the nnm> nrncnwt, cn nriM nt r<#,— 


that these were more than adequate for any foreseeable future 


. toe poor consumption prospects, so the price of your Company’s 

Discussions between copper producers and consumers under copper should assume a closer relationship to that renuired to 

However, on 


towards the high, production. This zone was not available for 

mining during the last financial year and much of the NOP 0IC iV ^ " . ^ ----- - - . r 

' id to be from lower grade sections of the .pi L In the underground tl3C auspices of the United Nations Conference on Trade and meet its commitments, including loan repayments. 

-#une, water continued to hamper operations in the eastern high (UNCTAD) continued throughout the past year, with any foreseeable price, it will be another difficult year, 

grade areas of the lower orebody. When production from tnese li 1 ,,!! Sf,S^.. b 5i ng , J in l . acle '. The ”j ain problem hinges on how Within Zambia also, the pattern for an economic recovery is 
areas was Stepped up in September, 1977, there was a marked STJi? ^ C if. r emer 8 in 8 ! Wider toe influence of Ihe IMF package and, aslhis ‘ 

improvement in grades of ores delivered to the xnilL unS whinh P ^r 0 ™nr Processes, albeit with a painful impact. I believe there will be 

The problems of spares and staffing that beset the Comnany have h?eS held^ a?”Sw ^Dto^NaiEnw Miiu^fti^oruuM established the basis of future growth and diversification of toe 
caused a deterioration to the capacity of the Chingola concentrator including toe north-soSto dialocue organisation forums, Zamb ian economy. However, u lot will depend on how successfully 

lo handle ore and. in the latter part of toe financial 3-ear. this There x m ^ . . . . , . we resol ve our transportation problems, 

had a substantial adverse effect on our copper production, I am <JC «, r itialk r 'h?Iij* ieei1 ^*8ir*« neiQ '-s- some of which have been 

happy to report that a programme of repair and rehabilitation has Sh BraSS. 0 " princ iP 1 *‘ P^sonal y believe that schemes 

resulted, in 5 return to normal operating levels. f/“ kp i es a "J„ r d elal ^ ?° ancm e« 

to® provision of production cuts, would merely encourage toe 

3*9 i e _ ve ?.S ““J _ of . P ore raining capacity than the markets require. Copies of this statement with the annual report and accounts 



office ol the United Kingdom Transfer 
Consolidated Limited P.G. Boa; 102, Charter 
Kent TXSi SEQ. 





16 


BUSINESS AND INVESTMENT OPPORTUNITIES 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PR OFESSlONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 



*g:1_ i 


tgjp) 

( 


GRESHAM TRUST 
LIMITED 

Permanent and long term capital 
for the successful private company 

Also a wide range 


Selective finance for property development 
Commercial and industrial loans 
Bill discounting 
Acceptance credits 
Leasing 


For further information 
please telephone 01-606 6474 or write 
to Barrington House, Gresham Street, 
LONDON EC2V7HE. 


Gresham trust Ltd.. Barrington House, Gresham 5trcct; Lon don EC2V7HE 
01-606 6474 


Bir mingham Office Edm u nd House: Ncwhall Street, Binn h u d tatn. B33EW 
Tet 021-236 1277 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 


FOREIGN BANKS 

seeking QUALIFIED 

. BUSINESS 
BORROWERS 


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


BUSINESS 

REQUIRED 


We act for a Public Company who wishes to extend 
its activities by purchasing an existing business 
worth between £lm and £3m. The company we 
are seeking would be a direct supplier of equip- 
ment to a consumer-related industry, i.e. domestic 
appliances, security systems, environmental 
control, handling/storage, leisure or travel. The 
company should have sound management with 
proven market outlets and be able to present a 
reasonable track record over the last five years. 
If you wish to sell such a business please contact, 
in strictest confidence: 


A. R. Weston, Esq,, 
HARVEY INGRAM, - 
20 New Walk, Leicester. 
(0533-545454) 


DON'T BE MOVED BY SUCCESS 


Thinking of expanding to a larger works or tying up 
still more precious capital in new machinery? 

Before doing so. consider 

B.E.W. (AUTO PRODUCTS) LIMITED 
B.E.W. have been established over thirty years, our 
modern works of 30.000 square feet is situated approxi- 
mately 40 miles from London specialising in quality 
machined components for the motor and other large 
volume industries. Let us quote you for your machining 
— we will be pleased to forward a brochure of our 
capabilities on request. 

Please telephone, telex or write to our Sales Representatives : 

PETER J. GARRINI & ASSOCIATES LTD., 

1 30A Burnt Oak Broadway. Edgware, Middlesex. 

Telephone : 01 -952 6626 Telex : 923598 


SALE TO THE USA 


Are you keen to get into this market but frightened of the cost 
of a sales office? We are a small British company making medical 
equipment and we have recently established a sales office and 
distribution warehouse in New fork. We are looking for another 
company to share the facilities or for another product line tc 
represent in the U.S. We can offer an attractive new office in 
Madison Square Plaza, a qualified accountant for administration, 
telephone receptionist, telex, mailing machines, etc. The warehouse 
in the" same building is air-conditioned and secure. 

Please telephone Managing Director 
0223 834662 - Telex 81491 GK Lab 


Import-Export 

Company 

is looking for large quantities of 
whisky such as White Horse, 
Black and White. 


Johnny Walker. Haig. etc. 

Mease contest under Box F. 1043, 
Financial Time i, 10. Cennon Street. 
EC4P 4BY. 


SUCCESSFUL 
PRIVATE COMPANY 

Melting divorsioniry expansion invites 
enquiries from a business with good 
management requiring additional 
finance. 

Principals only write in confidence, 
storing trading and financial back- 
ground and requirements. 

Write Box G-2457. Financial Times, 
tfi Cannon Street. EC4P 487. 


BOND 

FACILITIES 

REQUIRED 


by successful, 
experienced exporter 
Write Boa G-24J6, Financial Timet. 
10 Cannon Street, EC4P 4 Sr. 


SMALL LONDON COMPANY 
Manufacturing Quality Products 

seeks mixed loan/equity capita! for 
sxpaiKten. Exporting, vigorous growth 
£29, «W-£ 30,000- 


Private principals a nty. 

Write C.2458. Financial Times, 
10 Cannon Street. EC4P 4 BY. 


m I5 K VmSgfc 

K 2 S Lhrernool LI 4 AN. 

051-708 8»6. 

< a. week FOR (□ address or phone 
•ATS 11 combines rates + telex 


EXPORT AGENTS required to sell U.S .A. 
skateboards. Write Box G.24SG. Finan- 
cial Times, IP. Cannon Street. EC*P 
4BY." 


WANTED 
CEMENT FOR NIGERIA 


THE COMPLETE FINANCIAL 
AND MARKETING PACKAGE 


We are an International Trading Company 
dealing mostly with machinery and capital 
items, but against our better judgment we have 


items, but against our better judgment we have 
been persuaded to supply our client in Nigeria 
with cement 

We have been frustrated by various “cowboy ” 
outfits purporting to be suppliers of cement in 
the U.K. We are looking for bona fide 
suppliers of cement on quick delivery in 5,000 
tonnes vessels up to 60,000 tonnes. An 
immediate letter of credit is available for a real 
supplier. 

Only people who are genuine and have cement 
and vessels available need reply to this 
advertisement 

References of previous transcations will be 
required. 

Telephone: 01-589 7418 Telex: 916480 


We ire in Iranosfeul MvfcatiRg 
Consultancy based in London «*Mcb 
offers financial and marketing advtcn 
either m tHi coontry w wond-wwe- 
Czpiol wo aid be available rt suitable 
■oterprises where expansion or 
development o i a** projects o beyond 
tbe limits of existing ceab flow or 
financial resources. We also give 
experienced advice on bod mergers 
and takeovers. 

Principals, or'tbdr Agents, shoald . 

ia the 6nt Instance write t« 

Box G.2378, Financial Tones, 

10 Caanon Street, EC4P 4&Y- 


for failing to comply with the 
Health and Safety at Work 
Act. Often the cause b 

untrained, unqualified safety . 

officers. As the World's 
largest safety officer training 
body we can help. Phone me 
direct: 

James Tye, Director-General. 
British Safety Council. 
01-741 1231 (20 fines) or 
01-74? 2371 (10 lines). 


Cash Voucher 



This cash voucher 
entitles ^jur company 
to an immediate 


75% CASH 
AGAINST 
INVOICES 



FINANCE FOR 
THE SMALLER 
COMPANY 


For further information contact: 
K-Dean, 

AR8UTHNOT FACTORS LTD;, 
Breeds Place, Hastings, 

E. Sussex. 

Tel: 0424*430824- 


Subject to 3pcroy3j . . ^ j 


Cash flow problemsPIfisn cash this! 


Need Cash Now? You've got itright there on your 
books! Confidential Invoice Discounting Ltd gives you 
75% cash against invoices — money you can put to work 
today. Our invoice discounting system is entirely 
confidential. Your clients remain totally unaware of its 
existence. For the full facts post this voucher now or 
phone us direct 

Confidential Invoice Discounting Ltd. 

Circus House, New England Road, Brighton. Sussex BN1 4GX 
Telephone: Brighton (0273) 606700. Telex.- 87382. 

Also Birmingham, Catditt. Leeds. London, Manchester. 

A subsidiary of International Factors Limi mH 


INDUSTRIAL AGENTS 

required in many pars of tbt country 
co sell range of Superior Surface 
Coatings for Roofs. Walls and Floors. 
Detail* to Managing Director, 
Plastics and Resins Ltd., 
Cleveland Road, 
Wolverhampton WV2 TBU. 

Tel: 0902 53215. 


PLANT AND 
MACHINERY 


GENERATORS 


Over 400 secs m stock 
IkVA-TOOkVA 


A.S.E.A.N. 

English company with wholly-owned subsidiary in 
Malaysia is interested in representing companies 
with products and services in the building industry. 
Reply to Tapvale Timber Products Ltd., Sanderson 
House, Allensway, Thomaby, Cleveland. 


Buy wisely from the manufacturers 
•rich full after sales service 
CLARKE GROUP 
01-9868231 

Telex: 897784 


FORK LIFT SALE. Sun. o i over IDO uses 
fork lift trucks reeds 'or Immediate 
delivery, capacities from 2.000 IM to 
60 000 Jbs. InauOInu Man container 
handler. Lift Sent on reamri Trade 
and export enauirles welcomed. Large 
redotcion on bulk purchases . Deliveries 
arranged anywfierc. Slrmingham Fork 
Lift Truck Ltd., Hams Road, Samev. 
Birmnignam B3 1 DU. Tel.: 021-327 
59X4 or C21-328 1705. Telex 357052. 


CONSTRUCTION 

INDUSTRY 


BUSINESSES FOR SALE 


Do you wish to increase yoth* 
sales to this market or get 
better sales coverage at less 
cost! 

We aro-a successful sales oriented 
company with adequate financial 
backing and storage spate selling 
nationally to builders, architects, 
councils etc. and seek marketing 
franchises for additional products. 


BUILDING COMPANY 


-STAFFS 


If you are Interested In discussing 
co-operation pfeasa write to; — 
Box GJ461. Financial Times. 
10, Cannon Street. EC4P 4BY. 


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


For Sale 

RECLAMATION SITE 
APPROX. 35 ACRES 
WBT MIDLANDS AREA 

Licensed for tipping of Builders' 
Waste. Foundry Sand, etc. 
Estimated 1,000.000 tons of und still 
available for extraction, thereby in- 
creasing tipping volume. 

Write Box GJ316. Financial Times, 
10 Cannon Street. EC4P 46 Y. 


Principal to principal only please apply: 
Box G. 24 10, 'Financial Times, 

10, Cannon Street, EC4P 4BY. 


RESIDENTIAL 
ESTATE DEVELOPER 
Offers £1,500 to OJDOQ 
per house profit 
plus First Legal Charge and Interest 
on a day to day basis in exchange 
for finance on Und and Work m 
Prograss. Sites ready to start In areas 
of high demand, two year term. 
Advertiser ex-Chairmin of Public 
Company of Horn a Builders. 


FOR SALE 

FINANCIAL SERVICES GROUP 

Pretax profits approaching £100,000 in current year. 
Management will remain. Principals only. 
Write Box G.2448, Financial Times, 

10, Camion Street EC4P 4BY. 


PROFITABLE 
KNITTING COMPANY 
FOR SALE 


FOR SALE 


Write Box G.2460. Financial Times, 
10 Cannon Street, £ C4P 4 BY. 


MAYFAIR COMPANY 


seeks up to £30.000 “ seed money " 
for an axeiting concept in ong-earm 
laisure attractions, aimed at the 
massive tourist market in London and 
Nottingham. 

Share and Directorship available 
Tel: 01-499 3531 


Manufacturing lightweight fashion 
fabric. Location Lancashire. Customers 
household name multiples. Existing 
highly qualified management to 
remain. Considerable potential to sob-' 
stan dally increase profit. Full order 
book. New leaso on factory. Modem- 
iri’-Sinerv. Fully oquipoed laboratory. 

FOR SALE AS A GOING CONCERN 
Principal t only. 

£1 50.000 

Please reply to: Mr. P. C. Angst, 
Moodies and Co. {SEoUcIton), 

10 Duke Street, London, W.T. ' 


(Founder Retiring) 

(LTD) COMPANY 
SOUTH YORKSHIRE 

FREEHOLD PREMISES (1.500 cq yds) 
t mile motorway access, approx. 
1,300 sq. fo offices and 6.000 sq ft 
Store/ works hop. Good order book. 
Year end audit in progress. 
Principals only please. 


Write Bex C. 24 54. Flnonctal Timas, 
10. Cannon Street. BC4P 4BY. 


ASSETS OF 

STEAL FABRICATION COMPANY 
FOR DISPOSAL “• ' 


FOR SALE 


LKMBTED COMPANIES 

FORMED BY EXPERTS 

FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 



Rome market and export bos loess. 
Good connections allied to cake and 
Belli Company available, suitable to 
somebody within the Industry- Reason 
for sale cash flow problems which 
Inhibits expansion. Principals only 
Please. 


Write Box ' GJ4S9, Financial Times. 
10. Cannon Street, KC*P 4 BY. 


EXPRESS CO. REGISTRATIONS LTD.. 
30 Gtv Raid. EC1. 

01-628 5434/ 5/1361. 9936 


ENGINEERING 

COMPANY 


IRELAND 


IBM ELECTRIC 
TYPEWRITERS 


Turnover gjm, profitable. Sqpcrb 
leauhoM premises or 32.000 sq ft in 
-Hertfordshire, skilled labour force. 
Would suit purchaser able to util be 
precision and general capacity about 
twice present turnover. 

Write Bo* G.7449. Financial Timas, 
10. Cannon Street, EC4P 4BY. 


Factory reconditioned and guaranteed 
by IBM. Buy, save up to 40 p.c. 
Lease 3 years from £3.70 weekly. 
Rent from £2* per month. 
Phene: 01-MI 2365 


Rapidly expanding family business In 
'.■duration supplies. Exclusive agency. 
Present turnover £20,000. Quick sale 
due to family commitments. 

Write Box G-2453. Financial Times. 
10. Cannon Street. EC 4P 4BY. 


PRIVATE LISTED COMPANY 
FOR SALE 


PROPERTY 

CONSULTANT 


having extensive connections wlshn 
ro establish a credit line of substantial 
funds for short-term property trans- 
actions and for bunding finance. 
G ermine, tangible proposition, re- 
munersdve and well secured. Please 
write In confidence to The Advertiser, 
Box GJ*53. Financial Times, 10, 
Cannon Street. EC4P 4BY. 


Optra ting small licensed airfield with 
expanding residential parachute dub 
and flying school. 14 year lease. With 
or without aircraft to suit purchaser. 
Serious enquiries to; 

Bax G.2425. Financial Times, 

10, Cannon Street, EClP 4fif. 


FOR SALE 

AS A GOING CONCERN 


Residential Developers A Bulldog 
Gdhcraetan in the Midlands 
Specialists in traditional construction. 
Excellent contracts, land bank, own 
modern freehold premises, t/o approx 


,£1.Sm. Principals only please. 
Write Box G.2363, Financial Timas , 
10. Cannon Street. EC CP 487. 


BUSINESSES WANTED 


GOOD QUALITY GROUNDNUTS avallaOfo 
in laroo Quantities for oxcart. Contact 
Swarna Wtridwi, 20-2. Shady Grove 
Avenue. Cotta Road, Colombo B. Sri 
Lanka. 


PEANUTS at Sri Lanka origin available 
at very competitive antes. Contact 
Unitrede International, p.o. Box 1193. 


EARLY DELIVERIES 
OF NEW LAND ROYERS 
RANGE ROVERS 

for home and export markets, at 
discount prices. 

Limited number immediately available. 

Telephone: 021-449 6263 


EMPLOYMENT 
AGENCY/BUSI NETS 


FINANCE COMPANY 


Urgently sought anywhere in 
the UK. A single Branch 
or Multiple will be considered 
promptly. 

Write Box G.2455, Financial Timex, 
10, Cannon Street. EC4P 4BT. 


An old established overseas company 
with a London Office wishes io Invest 
in or acquire a finance company 
which mas be offering a variety of 
services in the U.K. 


Please write with details to Bar 
GM5L. Financial Times. 13, Cannon 
Street, EC4P 4BY. 


Financial Times Tuesday Augusts 



MINING NEWS 


on 


tile starling line 


BY KENNETH MARSTOM, MMNG EDITOR 

STRALIA’S pMconlfo<artaJ dt»ny in the Lennnrd River/ 


AUSTRALIA’S PMeontinenfart ripally In the uxmaiu 
.Mining says in its latest quartet Nookanbar area, 
report that it. is weH placed fo . In addition, Sonesju * ffJrh 
begin construction at the Jafc&iiktt entered info -JgSJJ. “censor- 

uranium deposits which it. to a diamond exploratlon_conwr 

partnered by America's Getty Oft; gum managed 1 ** p&JJJJJ 
with a 35 per cent -stake — when, afi- Mnerals wmrrrmu wumco. 

the- necessary approvals w ^ southern 1 

received. _ ' • . tain Yreclon. 

Engineering and field detailed studies, 

studies continued at the-Northern^—*,-,.^ by N. J- Mack ay and 3. L. 
Territory venture In the past nmieis directors of- Jones 
quarter. Work was also done on Mininn * and Carr Boyd Minerals, 
obtaining environmental ctear*raDeciiveb\ have indicated fea* 
ances at Jablluka. ■ * ' Sdered worthy oi 

A, MUfmisition." the company says in 


At the same tube, Pana^. S 

tinental and the Japanese Power 1 report to the Stock Exchange oi 


Unental and tbe Japanese Power * repo 
Reactor and Nuclear Develop matt ?®£tn. 


the joint uranium exploration pw VSwSl, Mid 

gramme in Australia which was 106 V arr , Jones has' 

announced in ApriL It Js also ggPBC^ J ggSgfc -jySSiSSi 
announced that in Canada driHiag. ®J«0 mad lJL P ^hares. naid to 20 

20 cents per share at a premium 


port aystoms- He -c aimot -ao any 
real recovery to copper ' q bsuuk{ ’ 
in the near term. a ~~', r " '■ • ^ 

In return for an Lattrcnaikaji/ v • 
Monetary Fund 

arra ng ement Zambia , naa bad to 1 * . 
agree, among other measures, to 
impose restrictions 0a - focal 
borrowings hy Nchanga and Rotnt r ’ •’ ’ 
Consolidated Mines.. v = r-'} T - 
But Mr. Mapoma ray» Blit: 
n Unless there is a substomfoi . ^ 
Improvement in transportation, 
metai shipments and the-.aifociw- 
tion of terelgn exchange It trig • * 
probably nor be possible for -the 
wmnany to live, witbta- the W - 
credit nsstricuons to ,tM mudi* , 

industry.’* 


SEA CONFERENCE . v v 
meeting AGAIN , 


tfon-Comineo joint venture at share 

uranium areas in the Otis ° cen ^ *** 


uranium areas in the Otis moun-- “ ** 
tains of central Quebec. 

But all eyes are on the D, n nr/lfllpTFlC 

Australian “bifi one” and the- Dig piUUiCUia 
latest quarterly report does net. p _ 
take us any further: Jabihika URe tor /jfiHlDlH S 
the rest of the potential. A us- * 

copper mines 

The major remaining hunSe SUFFERING^ from tow «*■! 
appears to be the agreement sLEI prices like the rest of the world s 
to be readied with the Northern copper producers, the Zambian 
Lands Connell on royalty . pay- mining industry has keen also 
rnents for the Aborigines who, severely hit by transport d lmajl- 
according to their UA consultant, ties and shortages or spare parj® 
Mr. Stephen Zorn, are basically and skilled men. In the year to 
opposed to mining anyway. Pan- .March 31 copper sales of Neh&njca 
continental were H4 in London Consolidated Copper Mines 
yesterday. " dropped to KM ,560 tonnes from 

' 425,931 tonnes in 1976-77 while 

sales of lead and zinc fell by 

JONES MIN ING 22^73 tonnes to 46,037 tonnes. 

nil rrm* miCET •••• Efforts are being znade to 

UN U£in KUM1 ■ reduce costs, but the chairman. 
The latest contender in • the the Hon. J. C. Mapouia, says tn his 
Western Australian diamond annual statement that the success 
exploration rush is Jones Mining, or failure of these efforts will 
reports Don XJpscombe from depend, among other things, on 
Perth. The company has a field whether suitable steps are taken 
crew prospecting and pegging quickly to improve the P®r- 
mineral claims for diamonds, prin- formance of the ports and trans- 


The Law of the Sea Cdnferehcr 
opens yet another session ©*/ 
Monday— its seventh since (1 
began in December . 1973— under 
threats Prom the U5. . and otter 
industrialised nations to sametBui 
unilateral mining of minerals oq 
ocean floors. • - 


Even by optimistic esthnafes. . 
a comprehensive international 
treaty is unlikely to be rmty.for 
signing before the summer of 
1880. Once signed, the treaty 
must be ratified by indfviduai 

Govern men is — a process. ; i^st 

could take years — before it 

become effective. . _ ' '* ■ 

DAoiWar ppmihflnnq for rnlnlna v 14 


Besides regulations for mining 
ocean floor minersto. the treaty 
would also cover freedom ..of " 
navigation and overflight fisheries 
and other marine issues, -settle- 
ment of disputes, pollution and ' 
scientific research. . -. : 1 

Four-fifths of nearly 400 artfefes 
of tho proposed treaty, haw 
been generally agreed upwv tntt 
Conference ofllcialB' admit "fljwt 
negotiations could stUl come ajwn ' 
over seabed mining and . a . tow 
other “ hard-core " issues that 
remain, mostly - the differences 
between rich and poor' nbltotis - 
and between coastal- and fond- * ' 
locked countries. , ' 


Messina takes up Irish option 


'•VHvi v ’* 




SOUTH AFRICA’S Messina 
(Transvaal) copper mining and 
industrial- group has exercised its 
option on 47.5 per cent of the 
Irish Rennieks and Bennett lead- 
zinc property. Situated at 
ScaHanstown, near Tara Explora- 
tion's rich zinc-lead mine at Navan 
in County Meath, it is estimated 
to contain some 2m tons of ore 
grading 7 per cent lead and zinc. 

The deal will reduce the interest 
in the property of Messina’s 
Canadian partner. Sabina Indus- 
tries. from 56.8 per cent to 30.45 
per cent. Ireland’s Giencar wiH 
have 17 per cent and Rennicks 
and Bennett 5 per cent. 

In return, Messina, which has 
spent more than £275,000 on the 
properly', is obliged to produce a 
feasibility study and 80 per cent 
of any senior financing cost if a 
mining decision is made. Consider- 
able new drilling Is involved, it is 
stated. 

Sabina and the other partners 
can opt out of the senior financ- 
ing by reducing their Interests, 
in favour of Messina, tp: Sabina 
14.42 per cent, Giencar 8.08 per 
cent and Rennicks and Bennett 
5 per cent. . 

At current metal prices, the 


small deposit does not look very 
attractive, but it could be a pro- 
position if it were to share the 
plant facilities of Tara’s nearby 
operation and there is talk of a 
possible deal being done with that 
company and its associate. 
Nortbgate Exploration. 


Mary Kathleen 
Uranium 


ANOTHER page in the saga of 
the lliizailon between America's 
Westlnchoose Electric and the 29 
international uranium companies 
comes with the half-yearly report 
of tl^e- Rin Tinto-Ztne group’s 
Australian Mary Kathleen mine. 
It is understood that the judge 
In the U.S. proceedings proposes 
to grant Wcstinghouse a default 
judgment against Mary Kathleen 
and those other defendants 
(including RTZ) who have not 
appeared at the proceedings. 

Mary Kathleen has been advised 
that such a judgment would not 
be enforceable in Australia. RTZ 
is of a similar opinion as far as 
the UK to concerned. The appear- 
ing defendants, who ’are trans- 


atlantic companies— are -believed 
to be preparing a care while the • 
judge has said that ha -wffl make . 
a further pronouncement -early ' 
next month. • 

Meanwhile, Mary ~ Kathleen's . 
measures to increase production - 
have resulted in a reduced net % 
loss of A$1.46m (£057m) for the ’ 
half year to June 30 compared . . 
with a loss of A$8.3&m in the same , 
period of 1977. The urahinm 
sales contracts are prieetoin >-*' 
dollars- and as a result of the 
depreciation of that currency 
against the Australian dollar tfco 
mine suffered a loss of revenue 
of SA0.5m in the past period 
This adverse fsetor — it also VV-rir**. V. 

affects the Australian iron ore . . 

producers— coupled with strikes 
and the commissioning of new-;' 
equipment is expected to lead:to - 
a further comparable loss, for . - v 
Mary Kathleen in the current half- 
year. But with increased produo ... . 
tlon in mind the company expects • • 
to agree revised delivery schedules 
with its Japanese customers ’ 
before the end of the year.- 


V 


MINING BRIEF 


RAHMAN HYDRAULIC— UOBttfl? out- 
put for jutr 89 tonnes' (June 117 tm&MJt 


BIDS AND DEALS 


further 


Wrengate, an unlisted textile 
company in Manchester with 
Indian connections, has agreed to 
buy 29.9 per cent of the clothing 
company K. O. Boar d man Inter- 
national, for £lm. 

Wrengate is controlled by Mr. 
G. S. Ruia and Mr. N. Musry and 
their families. Mr. Ruia and Mr. 
Musry together with two others 
will join the Board of Boardman, 
and Mr. Ruia will become chair- 
man. But Wrengate does not 
intend to make a general offer for 
Boardman. 

The (L38m shares being bought 
at 16p per share come from 
KOBM, a company controlled by 
Mr. K. O. Boardman and his 
family trusts. This company is 
also selling another 1.15m shares 
by way of a. placing at I61p cum 
dividend with institutional and 
private clients of stockbroker 
Hall id ay Simpson and Company. 
The Boardman family interest 
will come down to 5} per cent as 
a result of these transactions and 
Mr. K. O. Boardman and Mr. P. S. 
Boardman wll] retire as directors. 

•The City Panel on Takeovers 
and Mergers has been consulted 
about the deals. 

Last October Wrengate launched 

a £4jm bid for Assam Frontier 
Tea- The bid faded - due to tbe- 
opposition of Sime Darby Hold- 
ings which controlled the com- 
pany with the aid of preference 
shares, despite owning less than 
half of the ordinary shares. 

Boardman International an- 
nounced its preliminary results 
yesterday showing pre-tax profit 
down to £805.000 (£Im> on un- 
changed turnover of £2lra. The 
profit included £225,000 from a 


subsidiary BPT Leisure Inter- 
national which was sold with 
effect from July 1. 1977. The 
arrangements for this disposal 
included the cancellation of 2m 
ordinary shares of the company. 


a 43p a share bid worth £2.6m 
from the Kaye Organisation, rose, 
to 4ip yesterday from tltott; 
suspension price of 36p on Friday. 


BATTLE FOR 
WESTON-EVANS 

While. Johnson and Firth Brown 
Is preparing its offer document 
to send to shareholders of Weston- 
Evans :**as fast as possible,” 
nothing has yet been heard of 
the postponed offer document 
from Birmingham Midlands Coun- 
ties Trust, the lower bidder, 
whose offer was automatically 
triggered off by its purchase of 
42 per cent of Westoo-Evans 
shares. 

The Takeover Panel, which 
earlier, gave Birmingham permis- 
sion to. withhold its document 
pending the statement of the new 
bid, yesterday confirmed that 
Birmingham sought a- further 
extension of. time towards the end 
of last week. 

Before agreeing to this the 
Panel has sought clarification 
from Birmingham of its position. 
It expects to receive this clarifi- 
cation' later this week. 

Meanwhile, JFB has been buy- 
Uig in the market. Yesterday its 
advisers, ' . ' Lazarti , Brothers 
announced the purchase of 35 000 
Wcston-Evans shares at I52p 


CHARLES HURST f 
PULLS OUT 

Charles Hurst, the Northern Ire- 
land motor distributors, has pufffid 
out of bid talks for McNeill 
Brothers INewry) after faifing-to" 
reach agreement on suitable', ctftv- 
tract terms. - 


NU-SWIFT IN ’ 
SWITZERLAND 

Nn-Sw!ft Industries has taken 
over the business of its conces- 
sionaire in Switzerland, and jointly ■ 
with him formed a new company: 
W*ed Feuerloscher NurSwffi 
(Schweiz) AG. .. ■> 

Nu-Swift owtw 6V per cenfot 
the capital and over a period wffi 
acquire, on an already agreed 
oasis, the remaining 49 per east. 

Nn-Swift products have hem 
sold tn Switzerland for 25 years 
and the establishment ot the*** 
company is aimed at Increastot 
market penetration and^Sflt-' 


BONSER RISE 


Shares of Bonser Engineering, 
which is. on the receiving end of 


ROBT. McBRlDE 

Acceptance* of BP oil’s offW*. 

kSLJSiSr* (Middfetiwl; . 

S-TS “£® n received in resnedt Of- '■ 
0,605,199 ordinary shares 183.41 '• 
Wr cent) and E.7S pStoSS 
shares (15.158 per cent). ' ■ 

flnd h ««S K,s ar0 'mcondition^ " 

ana remain open. 


Granada Group — Following sales 
of shares beneficially owned by 
Lord Bernstein’s family interests 
are reported— 200,000 “A” ordi- 
nary on August 9 at ll3p and 

50.000 “A” ordinary on August 16 

at 117p. 

Marchwiei — R. J. McAIpine. 
vice chairman* has sold 250.000 
shares, and 0. P. Edge, director 
has sold 80, 000. 

iRtereuropcan Property Hold- 
ings— L. P. Marsh, chairman, 
between August 8 and H sold 

158.000 shares. 

Chloride Group— M. O 
Edward es, director, on August 17 
exercised an option on 13.SS0 
shares at S3.5p. On same day he 
“W the 13,850 shares at I37p. 
Energy Services and Electronics 

«,vJ L .. Levet h. dlrector - has sold 
26,137 shares t*> meet tax commit- 
ments. 


SHARE STAKES 


Engineering (Hold- 
Menteyth Investment Trust, 
has sold 832,600 ordinary shares 


resulting in a total interest of 
750.000. 

Tomldnsons Carpets: Britannic 
Assurance ■ Company is now 
interested tn . 200,000 ordinary 
shares (7.03 per cent). 

Choddesley Investments: MS 
(Kegistrars) ■ has become 
interested in a further , 116,150 
ordinary Stares which were 
acquired as a result of the offer 
made for the capital of Chaddes- 
toy. MS {Restotrars} has con- 
tracted. to sell in the- market 
289.730 ordinary shares. 

United. City. Merchants; Mr. 
A. j. Sharman and Mrs. E. L Shar- 
man have sold 47J.44 loan units. 

Bifurcated Engineering: Britan- 
nic Assurance has increased hold- 
ing jo gs&.OOO ordinary shares 
19.04 per cent). 

Hambros ' Investment Trust— A 
subsidiary of Hambros Ltd. has 
bought 230,600 shares and with -its 
subsidiaries .. is beneficially in- 
terested in 2,054,045(7.7. percent). 

Harrisons Malaysian Estates— 


KaaKy Sdn. Bhd. nb 
longer has a notifiable interest 
v acceptance of the 
offer by Hamsona and Crosflcld 
« lts h °Wings. Gentiws 
Berhad.no longer 
1x116 rest ^ virtue 
of its acceptance. . r \ 

M.Y. Dart— G. H. Wdes, direc- 
tor, has sold 10,000 shares, - ( , 

dhre& 

SSla 0B - August .14 Mid. 10,000 . 

Jfeffiw? ATO U ttl7»W;«; 

N.. Horsley, 
; <» August ^ iOiOQO^ 
shares for £9,820, : 

a Waddlugton Britannic' 

Assurance has increased W-hoffi: L 

2J t )f 830 * fl00 shi m itQM p*t. : 

Investment Trust Gorttorattob^! 
Pbrafund Assets has ihcteased t&J.i 


•i. 









.*'3*1 ¥> 





.:--afiia •- 


Financial Times Tuesday August 22 '1978 



!l > t 

i\ I 



World Value of the Pound 


•: 17 


THE POUND SPOT 

iiutk| • j ' 
«-21 Iraterf Day's I 


FORWARD AGAINST £ 


u.s. * j 7 
Caoailian f: 9 

Guiltier 
JlfdgTsn F. ( 
llamili K B 
D-Xlark S 
Part. Kw. 18 
P«. 8 


JUS ui Clm O* 1 * »«Bth 1 .tpJb jlWmonrlifi % p.» 
I s * *• ■rffl-KS 0-^W-Mc.pui: 2.49 WltlSB-pm- 2.49 

2, ftKjH’S" JJ-SfrJLSfc.pni 1 2.55 LM-t-Mr-pm! 2.2B 

J 1 * 5*%* I ®t-H* c,pni . fl.46 6l?-5Jxc. {rail 6.75 

6 HA-G1.9 6t70«UB 12-2 cpm , 1.58 55-M c. pin I 1.81 


1ft71-KLrt J 19.74.10.76 2-4 ore din -3.25 fajjoro Ola j-2.89 
oecn *■>**£ i ■ JjpUiVfpm ’ B.15 SW \A |wn 1 5.12 

•— 16.48209-668 c. dis '— (4.63 


Dollar retreats 
at the close 


Sf|Hti. I’m*. 8 1143^0 144^9 143^- 1*3. 85 Mtpm-60 nil* 1 7.57 [180-200 r. rttn ; 0.65 

v**— t: I M* 2 54'5i lire til* '—5.72 Nz-lfi UHMli — 5. J6 

Nl-tt'ea. k... 7 1D.18-16-94 lB.20ilO.EI., £4-lt n tt-pm ! Q.Sj QA-i ore pm —0.63 

MM *iS« 2.I4 Siie-jSr , i.s; 


Cto T '^ lie l ®^ e below gives the those of foreign currencies to 
£81 latest available rales of exchange which they, are tied* 

tor the pound aeainst various Exchange in the UK and most 

A , ugu£t 1978 ‘ ln Of the countries listed is officially 
iome cases rales are nominal, controlled and the rates shown 
Marsel rates are the average of should not be taken as being 
buying and selling rates except applicable to any particular 
where they are shown to be transaction withnui reference to 
firmer than the otherwise. In some cases market an Authorised dealer. 

Friday. The yen rates have been calculated From Abbreviations: (Si member Of 


Fmtfb Fr. 1 81* 
Sn-«lUh KrJ 61* 
Yea 1 51a' 


81* 8.0-8.48 
Bis &56 rt.tfl 
51a M j74 


j . 8.689 »-6Tj 

I 5715^724 


Aiming Schi 41* 47J6 WF8 I 27A>-2/.! 


Bebdan rate Is for convertible francs. 
Financial franc 82.60-62.78. 


niv/; 


Can BdHS* 
cmlder 
Belgian Fr 
Danish Kr 
D-Mark 
Fan. Es 
Lira 

Nnqin. Kr 
French Kr 
• Swedish Kr 
Yen 

Austria Sch 
Swiss Fr 


DOLLAR-SPOT 


1 a spread Close 

ns* - axisMUTn oamNLsm 

r . 2Ji.T5-2.lTM Z4TO413M : 

J Fr 3L4S-3L5fr 3L54-3L5t 

Kr 5J4S04L5TIS 5 .5750-5 -5T7S 1 

S UWhM»H 2JMBMJHOO 

'* — 45A454B 

877.0040.15 B4O.S5-04L15 

. Kr 5*27484 JM0 5J815-SJ835 

Kr 4J61844D4D 4390044000 

b Kr 4451540625 4458540535 

19835.19340 192.78-19340 

I Sdl — M tWH-M MOl 

■r 14575-13731. 13718-L6730 

* U.S- cents per Canadian 8. 


60cpm-Mnii> 7.57 [iBO-zU'e. rit^ 1 0.6& The rise in the U.S. discount was slightly firmer than the otherwise. In some cases marker 
54-5? liieiii* '—5.72 02-16 me ills — 5.J6 rate before the weekend can- FFr 8.4175 on Friday. The yen rates have been calculated From 

£*-)« ore pm j 03j Qi-jowpm -0.63 tinued to help the dollar Tester- was slisbily weaker against the 

atW! ! uligSSKn! 2J4 da >;. but b Z the end of the day French currency. 

MMJBnwi! iub »-i3 sentiment had changed and the 

28.i0cnj.pm ' 638 (*747gmpm | 6.05 U.S. currency was being sold FRANKFURT— The Bundesbank - Value of 

0is-2i2c.ptu iU2j9-8o.jiin-. 1D.B9 against all major units. Anti ci pa- did not intervene as the dollar Plaoe and LocaJUait ISteriing 

— ~ — — — I ' — .. . tlon of further moves to support climbed back above the DM2.0 

gfem anth fetyjrd ddhr MJS.17r om. the dollar, pushed the currency level against the D-mark at y ester- — — 

12-mmnh 4.4M.30C jub. to a best level of DM 2.0200 daTs fixing. The US. currency Afghaowwa si.do 

" against the D-mairk, but It closed stood at DM2.0180. compared with 4lbBUI * , - u1, 9 - B466 

FriRU/ARn AflBIMQT SI *t DM 2.0030, little changed from DM1. 9B50 on Friday. This was the Um* r 7.B515 

runwAKU Attfunai q> lhe opening rale alihough still highest fixing level Tor the dollar andom. •! 

• * - . . 1 1 1 1 _ — I firmer than thn HUf i OfliA cinna Aiimic! *1 TVirfintf unD **fl«l»DrlffctflB- |4A./» 


the sterling area other than 
Scheduled Territories; (kl 
Scheduled Territory; (o). official 
rale; (F) free raie; (T) tourisi 
rate: (n.c.V mm-cumm«rcial rate; 
fn.a.l not available: (A) approxi- 
mate rate no direer quotation 
available; {sg> selling rate: lbs) 
buying rate: (nnm.) nnminal; 
(exC) exchange certificate rate; 


Place and Local Unit 


Value of 

£ Sterling Place and Local Unit ■ 

81.D0 Ecuador Sucre ; 

9-B466 Egyptian £ 

7.B515 

6,46 Elhiofta Kthluptan Birr . 

145.75 Kq’fl t-iiinea PneLs 

631 18 Poland la • ra|kiai]l1 ls , £ 

1.576 Fiun li. L>aniib Krone 

1.6810 Ktp l» Fiji * 

27.90 Markka 1 

87.75 Praruv- F reniJi Franc ; 

1.9235 FtC’ivTuAi* < Kraou i 

2744ikci Kr.Giilaua .... 1-naii Kran>- i 
0 760 fr. Hii-. I-.... l.F.P. Kmns 
145-76 

6 .857 Gabon 4 .l'.\ Ktmv? 

liainf'IR (ill... I <4 Hal 

Umm nLi l : 


FORWARD AGAINST $ 


One moBUr n^, TKraamaaOu 

045483c dbr -030 047444c db . 


firmer than the DM L891Q closing since August 4. Trading was! Mm] rM 


8.73448c urn 

048410c dli 


3.48 1.79.U3C «n 
-048 OlBMlOOc (Its 


0.974i92pf.pm S3 6 -2.77j.72pf pm 
<U»4^Iredis -546 lZ2S43Uredb 


043415c db -045 033440c Ob 
1-30435* pm 741 JmUr Ptn 


132-MSt pm 7.73 3.43J3fe:pm 


CURRENCY MOVEMENTS i CURRENCY 1RATES 


Bank of . Mnrsan 

Ananst 21 Eaelawl Csamty Austul 19 

Index . Changes 9 e 

SltTUttS 62J9 — 414 Stwntig. 

U.S. dollar — 9432 -8.9 tj.s. dollar ... 

Canadian dollar 8340 -144 Canadian dollar 

Ansirian schilling 14048 +173 Aasiriao So MDlnc 

Belgian franc — ID-04 +1Z4 Belalaii franc 

Danish krone 11173 + 33 Canlsb krone .. 

Deulscbr Made ML38 +363 Demache Mark 

Swiss crane 19931 +913 Guilder 

Guilder 119.98 +173 Fruneb franc' 

French franc 99.66 — 43 Ura 

Lira 5533 -46.9 . You 1!.', 

151,97 +49.9 Florwestan krone 

Based on trade wplpbird changes from peseta ...._ , 

WasUn&ton agreement ‘December. 1971 Swedish krona' . .. 


p.a. I level on Friday, in terms of the moderare and nervous, but not AoUjpia iSi.. k. t M , >M H „f 
ZoSj Swiss franc the dollar rose to hectic, throughout the morning, ■ rr „ H „. vriw.F«n. 

3il ! SwFr 1.6850, but it closed at with the market unwilling to be ^ 

-037 , SwFr 1.8075. compared with loo short of dollars In such un- J“u 
-j.lgwF'r 1.6375 before the weekend. ™riain conditions. Bundesbank ". is.ii.i ', : 

i The Uj 5. currency also rose to U^mark index was 146. i, against BahemaatS) Ub. iMbr 

-146 i V 193.50 against the yen. before 147 - 3 Friday. HoimiiiiJibhiS, i-a* 

finishing at Y192J0. compared SHS5+- Wt* 

, with \ ISS.50 on Friday. AMSTERDAM — The dollar was Uait«dn> is^.. s T i > 

6.55 1 Tlic dollar's trade-weighted fixed at F12.1800, compared with 
[depreciation since the Washington F12.L2S0 before the weekend. Early 
7-™ cuirency agreement, as calculated trading was in the region of BeWum.... p F iane 

; by Morgan Guaranty of New York. F12.109O. rf.. u „ 

— ISYSTZJ 0 “ wr £rom a. k,„, 

,j.. percent. ZURICH — Trading was fairly Bermwbtsi.. Bib. s 

Sterling s trade-weighted index, quiet as the market await* further £“!!" : 


i Value of 
■ £ Sterling 


■ (U) 4735 
I<F| 5244 
i,V'A.T62& 
• Tl 1.548 
(Hi 5.5366 
145.75 


iBank of England lndcx=l00i. 


OTHER MARKETS 


Austut 18 DnwtW Unit of 

RMUr Accbuhi 

Sterling ~ 84533*4 B.6657B 

U.S. dollar ..... UZ9W- ' XJ8635 

Canadian Hollar ..... 13 SO* 138884 
Aasiriao sebuunc „ mm - ' • U3D73 
Belgian franc 393718. 403922 

Danish krone 6-98549 TI2AM 

Dcmacue Mark 2-51316 .236656 

GuJMer 2.77948 

French franc 532123 * 5.6ms 

Ura 1ML3A. - 1082-53 

You 237308 - 243334 

Norwegian krone — 635590 ' ■ 6.77153 

Peseta 94302 963878 

Swedish krona ... • — . . 5.72655 


■ - r« r V- T ■ os wic ijijj ml flitoi I.' I ui uicr 1 * alflril llr.n, , . rf 

SmkM ^EMnman flWFM. W measures to support the dollar by 1 ,, ‘ l * n PeMJ 


■ (cni'GO.75 

i ili>i‘82.66 

3.657 

42S 

1.3266 

58-67 


(Swim franc 


; L0MS3 


-uahm ^changed at 623, after standing the U.S. Administration. The rise I BotnnuuiS).. Hmri i.bg 

* cc,MI,t , “r- 3 at J?^° n o n d 82.4 in early 0 f J per cent-in the discount rate •*«*** cmu«in.i;; 553 

0365783 i,^ a P ln K.. The pound opened at b y ^ Federal Reserve last Friday B'Viwbrf-isa | s i.asi 

138635 S 1^3 1 a in terms of the dollar, and rushed the M S currencv un Branr ' (S| {‘"m*' ^ 4.5ST 

uww lost ground as the dollar to- JSffi eiS232 .Sd Ul , ei 

403922 the V afteTOMn lllS «;fprih^« l ^Si in by “‘^-morning the dollar was Burma. h.m j 15.1s 

Tiaw the afternoon. Sterling’s decline quoted at SwFr 1.6755 asainst the 

than r^S e nth^°m m J^ n0I ^ Ced Swiss fraDC ’ compared With an BunuKU BurundI Fra « f 17S -' 

than most other currencies, how- a,riv nf cu-vr 1 mon ,mi , « i 

ever, but towards the dose it ir-fcS? 0 ’ ^ Caiflero nfip y-F.A. Franc 425 

1082-5) -I.*;. ... L * awrr 1.6343 late on Friday. Ouiodian s 2.18! 

243J134 P'cked up once again as the lob SuauiS. iwr. 1 TVs- 

6,77153 dollar fell. The pound closed at Ax! . .. . 1 1 

96387B Si A'tRfl-i <K>ofl a fail nf i 4x >»niE JHlLAiV— lue dollar rose sharply 

5.72655 on the day ’ against the lira to LS37 in the CapeVanii i.c^h-v Kwurto > >7.7 

2302G7 „ “f' ... morning, compared with Friday’s Dayman IhBi Car. 1. 8 J.B0T" 

— ftSrajswjTie'WS &&&&£/& s^fdkfs • % 

— 6 1 120 ^ * 1-27 fo 1*506^0 from - L510.25. By dwm.— kWiubi Yu-r. : 8.6K 

.ii*^ yesterday’s fixing the dollar bad 

PARIS— -The dollar lost ground in continued to improve to LS41^0. cobaofB'iici! Franc 425 

[-B8.30 late trading, following a sharp rise v*- i u i im ««■ 

earlier in the day. Trading was TOKYO— The dollar Improved ^ .. ' 

described as “agitated" with the to Y100.15 against the yen, from ffiSSr'Si'"' cr^jf 0 
L5jo U.S. currency moving between an opening level of YLS9.99. and **** * v ! . (cil 'm 11 

-1610 FFr 4.3650 and FFV 4. 4230. before from a Hose of YI86.02J on i^adx3ak>«Kk K».uiw ' , «Kf.- 20 
it closed at FFr 4.3925, compared Friday. The rise m the U.S. dis- „ . , • l <r.i7.a 

with FFr 4.4120 at the fixing, and count rate, and anticipation of ' tanl1 ' 1 * ™- 7 ^ 

^ zs . FFr 4.3175 late TViday. The further moves by the Federal uSSoi'';* h e I 

ici4a D-mark rose to FFr 2J850 against Reserve to help the dollar, pushed h*^. ikmnniron Pm>i ukbb 

>-3.20 the franc from FFr 2.1S10, but the the U.S. currency up to a best 


AUC.2L £ 8 ' j 'ifMehauai C yesterday’s fixing the doUar bad 

1 ,x PARIS— The dollar lost ground in continued to improve to 1*841.30. 

An-entm* Kooo .... I 1,574-1^78 816.17-818.E5 l .Vn>trii..,..,_„. i 87^0-28.3(1 late tradlHE. followin' 0 a SharD rise 

sssussss&sar — irnmnn* aonar improved 

Hmrii Cttuniro 36.36-36.35 18. i«o- is.«B9 > | France.: "““ 7 "" m8« 5 described as “agitated" with the to \ 190.15 against the yen, from 

Greece Drachma — 71.147-72.BB9U6 892-37.796 aermaaT - 3^O5JB0 U.S. currency moving between an opening level of YL39.99. and 

Hon* Koivt Dollar. fl.D025 9.0325| 0.668^.684 Utaiy 1580-1610 FFr 4.3850 and FFr 4.4230, before from a riose of Y 188.02} on 

Jr^r^w^vn; oMaiflko l^^ , %S.TZ.ij. l| P y n +— .■ 3ff-372 it closed at FFr 4.3925, compared Friday. The rise m the U.S. dis- 

60784083 iMySiftlffiKSilST * — n Fpr -U120 at the fixing, and count rate, and anticipation of 

Mcaviia Dollar.....! 4.46 13-4.4714 i 2. 3020-2. 400 j!Porta™i~. *1-3175 late Friday. The further moves by the Federal 

k«w 2eai*n>i Dollar i-BSoo-t.6370, o.»4BOX>.fi 096 Opals!!!. .1441^-148 D-mark rose to FFr 2J850 against Reserve to help the dollar, pushed 

SwkIi .VrehiH Riyoi 6.43-6.63 j 3.33-339 Switarhuu! 3.10-3.20 the franc from FFr 2.1S10, but the the U.S. currency up to a best 

® tatea — ^gpl^e®? 5 Swiss franc declined to FFr 2.8275 point of Y190.50, after touching a 

brithAfrtanBkTHi L6fi32a.68Bolo.86244Xa758ikaaori.vt. J 3*0040.00 frozn m 2.6525, while sterling low level of Y1S8.80. Spot trading 

— ■ — — — : shed a few points to FFr 8.4625, totalled 5585m, while forward and 

Rate Riven tor Argendn* t. tree rate. ‘from FFr 8.4890 af the firing but swap volume was $507m, 

EXCHANGE CROSS-RATES 


Comoro- lit... C.K.A. FreiK- 
CotuolB’ilti. C.K.A. Franc 
ik>4a Hin.... Lu| m d 
C uba™— Culun I'cso 


Cern " , \ fM ; DouinO. Mark 
lihmui (Si... 

Gibiall.r (Ki. Gilaalnu £ 

Hilbert l» \u-T. |k.<Ilnr 

lnww Dim-hni* 

liTwnianrt Uhdimi Kroner 

r: reuarm iSi... L. L'nirir^u $ 
(iiuuliiliiu[e... Lull Frhci- 

Guain L ; S> 5 

DuatatoaUi.... Wueiau 
Guido. Ilrp.. Sil\ 
7iiunntiJi>Mu 
Gavana.lSi ... Guvanew S 

Haiti ... liiiMJile 

Huurtiiior Ue6 Lenitui. 
BwmKtms; »3i U.k. b 
Hungary Konnt 


Iceland rSi... I Kimw ■' 

' 87.78 Inrllu iri 1ml. Kupee 

1.8071 lndonerin Hnpmli 

. 425 Ireu Kw 

' 423 Ini'i ■ iHif Diniir 

! .ui,.iih Iririi Uet- iki_ in>h £ 

( iBkiSl.88 _|*n»i£ 

8.5021 Itaiy Lire 

(F' 74.69 Ivory ( mu... «.'.fr.A. KrenJt 1 
425 Jamaica ra>.. -Jamaica u*.i«w 

425 4apnn 1'en 

is o7ii Jnmiuii?) Jimlan Dinor 

'"■* 1 Kampuchea. 'fikf 

1.4578 Kenya irii Konya Sblllmc r 

0.7126 Kiim i.Vihj... W,,„ 1 

i y imm 10.50 Knm (SthV.. Wnn 
' iKa- 2030 KiiKxii (mIii. Kuir.u Dinar 

[ 1 nM7.H Laos — - Kip Pul pH 

I 10.741s LHniMin... Lehnnekeil 

520.0 Icaoihv. a, Alrktn Kann. 

I 5.21 IB Liberia.., Liberum 8 

\ 1 3286 Libya.... Libyan Dinae 


• •fl 17.84 
10.741s 
520.0 
I 6-21 IB 


3.1Qim>) 
1.00 
1.8810 
72.018 
10.746 
8.2118 
" 8.46 

1.8285 

1.8286 
I 56.503 
, 65.902 

4.8177 
- 8.6426 

3.B7 
9.0175 
'.'snui 72.66 
i T)(dc<58.35 

> 500.5 

16.68 
800.527 

150.0 
0.5721 

1.00 
65JD 
1.6201, 
425 
33794 

57! 

0-576 
2.314 
14. 62 
1.7216(1) 
941.38 
03SB 
.771.40 
fi.6023 
1.676119 
1.9285 
03709 


• That part of the French community in it The Aucuya has renlaccd the CFA 


Africa lormerly part of French West 
Africa or French Equatorial Africa, 
t Bflpees per pound. 


franc. The exchange wan made at a 
rate of CFA Fr 5 to one unit of the 
new currency. 


Place and Local Unit 


Lm-tiL'imii .. im>> l mne 
Luserebouru. Lux Kraiu.- 


J Value of 
; £ Steriixuir 


(P) based on U.S. dollar parities 
and going sterling dollar rate; 
IBk> .bankers' rate; (Bas) basic 
rate; fcml commercial rate; 
(cn) convertible rate:, (fn) 
fin.mcial rate. 

Sharp lluctnations have been 
seen lately In the foreign 
exchange market. Rales in the 

table he In iv are not in all cases 
closing rates on the dates shown. 


I Volnoof 

Place and Local Unit I £ Sterling 


Kacao 

Mm le> re 

MaLnipo.V lip. 
Malawi i»). .. 
Malaysia ij... 
Malrltve lf,i>i 

.VLui Up 

-Malta (S) 

Martinique.., 
VlaiirltxiitM .. 
Main inn, (Si. 

Uc'lH' 1 

•MhiiieliHi 

1 Mourns ■ 

I Mi-n^iilia 

I Moinscmil 

1I..I.MS. 

I Mozamlilque.. 


ttnare 

Foniin'hPEscud'.', 
Mi; t-'ruoc 

K HH.-lia 

i;iu K "« 

Mai halve 1 

Mali Franc i 

Mall •••*• £ ! 

Uval Fnuu.- 
iiusmri : 

31. liu'iw 

M»u. an |<no , 

« K. \. Kiwik- 
Hh-ii. 1, Kreno 
luank :l' 

K. * irritatn 5 

fill Jin.,, 

Mu#. Kviidu 


i>5.7353i|i 
&.ZII 8 
7.75 -u> 
64.9237 


I Nauru Is Au-u. Vu^tar... .. l.MtB 

1 .1i-|al \<-|«li-v Kupee , 25.142 

, KeUit-rhnuts.. iiiiibi.-r 4. Ik'j 

1 Aetli..lul‘l»n. AiiiiiiianGiutrt. ; 5.4520 

I s - ims, ■ 

I N./mlau<1 iSi N./. Iiollar , l.<53b 

N ijunoiua t.nnlntd 16.52 

I Miner l(|k l.'.F.A. Frenr 423 

I Nigeria (St.... \aira | l.22982>>si 

1 Norway .Nrvj. Krow 10.201, 

! Oman Sultan- i , I _ CBa 

aivoKSi . »!•*' OiuKii | 0.668 

I Pakiatan Pkn. Kuyeo { 19.14 »k^ 

Panama halfoa [ 1.8285 

h^xik.V,G.i3l Kliu ! 1.3110 

P&ra iniay Guaianl ] 240.71 


Hmt-uiy 

P*p|V I). Kp 
| ut lVniPii iSi 
P eru. 

L’lilllppmes... 

PlLCHlrala.tSl 


S. Vcniffl Dtnai; (A '0.6586 
soi VxciAi296.68 

Ph. r«w> ! 14.194 

<£steilinp 1 

■ Xew Zealand S j . 1.8535 
Zlulv • 1 ii.'m»62.4D 

!‘j (T-.6Z.40 


Itonomtu la-u i 

Uunri'tH Kumiiln Krann 

. SLChristo- 

pher(S). K. CariHasin S 

Si. Il<-ieua "M. H^mia M 

"it. I.mcui K. i »riWnn S 

Si. Pierre.. ,. i. , .F..\. pnnr 
'L Vimhiiis) h. L'anHimu S 
Salva.l.ir KI... t'-Hi-u 
»ailli«i lAini.. U.S. S 
'an .llAnnu... Italian Tjre 

San V.-iiii- I’a-'-. K-en. In 

"•ail'll A ml 'la. I.'viil 

Seiipuai V. Krenc 

vu-liol Iv- .\ liiipci- 

'iiTn* Ll-'liatSi L'-m- 
siiita(«-ir !'i. 'iiiigi|i>rr f 
S.'|. ■mn;i 1-iM Sil.'.r„.>M I-. S 
'•■i.uiJi )(ep.... '"■■in '■lulling 
"**•. .UiMWiSi l.atul 
'.tV . M rum ii 

I I f-n ii. -I ii- i>» !>. A. Kmul 

j ■')*■(■ Prei-la 

i span- I"««l. >■■ 
j>.N..nti tmiwi’i-ei* 

| VI lalllkn O.l *». I- IMl-V 
ISIhlHIl lip . S'litailA" 

*Hiruuuii .. . f-.tlu.it-r 
Sna.-ilaiuliS.i Ijynii-i-in 

fValdl f. kti.rm 

Su ilrerlaihl .. Sirir- Fnif 

"'Vila Syria £ 

Taiwan Tainan 

lan.'anm iS.i.'lui. f*l>iit>iii: 
I'hallan-I.. . . Pain 

r.eo lip L'.t.A Kniii.. 

I'nii^i, I*. ■Si. I'n'aiL a 
I'nniilnil is. i.. 1 i'n. i I .ii 

I ii. ii. In ... T. mi, mu I I'naj 

iiifki-i - Turki-li Lira 

hirka'.t i I .S. s- 
I mu In Aiislraliaii £ 

Uganda is.i. ( .'k. Shilling 
L'niled Staten L-.S. Ikilbtr 

1'ruKiia.v I'ni-uav Pc nr. 

Vt«1. VtiKuiln. V.A.fc. Dirham 

I'.S.S.H Ji'uiiliie 

L rii'i t’l'Ma. L'.K.A. Fnni- ■ 

Vatican Urv 

I eiwuiehi... Uuinir-. 


Portugal 

Pun 1'iauu .. 
I'linnpe lale 
IKienu liico.. 
kteioi (S) — 
Kuuntnn 

lie ile ta 

KbodesiB 


Pew. Kst-tido 
Timor K*.iiitS 

I’u-v. K>e«HtO 

S 

yjivuu- JiyaJ 

Freueh Franc 
ULislenian 8 


lid naniiMh) P-ng ■' ' 

Vietnam i^Ilu Pia-lre 
t li culls. LA L'Ja. Dollar 

Western ( 

Sornoa (Si..smii>«D Tala ! 

Yemen u»«i [ 

Yii'ji-.a' ■*.... >•■«' Y Dinar 1 

Aaire fip /aue 

jAiiiiIim Ktrnclia i 


(rmi9.49 

m..-jT22.79 

179.49 

| 5.2)18 

I 1.0 

;• 5.2UB 
423 

i 5-21 18 
4.8 II? 
1.8285 
1,62014 
87.75 
6.43 

425 1 

15.63 
2 0 
4.3S70 
1.6610 
. t> 12. 1590 
1.6761 IS 


143.75 
30.09 
..\ 0.7714 
S 452 
1.676119 
J .57 
5.211' 

• \ 7.559 
■ P 69.426 
14.615 
36.80 sc) 
425 
1.5642 
4.623 
0.761 -gt 
47.57 
1.8285 
I 6810 
14.25 
1.9286 
‘Atm - 12.25 
-.ini 12.31 
7.50 
1.29 
425 

1.6203! 

6.26 

(Pi 4.5166 
.T. 4. 2041. ) 

5.6705 

1.3265 


8.74(M!i 

38.3666 

1.55049 

1.6650 


5 General rates af oU and Iron exports ’* Ran is Uhl- Transler market <con- 
MIJ97. trolled i . 

„ _ . 1 1 Rate ii now based on 2 Barbados i to 

|| Based on cross rales agajcsr Russian n,.. dollar. 

rouble. " Now one official rate. 


j Pound StnrlinKl U^. DoUar jDcnt**e.M«rio Japanose. Yen , French Frank, Swim. Franc ( Dutch Gulider- Italian Lire I Canada Dollar BelcUm Frath 


Pound fiberlinc 
f.S. Dollar 


Douucbo Mark 
Japanese Yen 1.000 

French PrenelO 
Siriaa Pnmn 

Dutch Guilder 
Italian Un L.DQ0 

rarewllan DoUar 
Belgian Freno 100 


1.7&2 
6.366 !- 


I.d64 » 

S.k92 ! 


• I3.-1 
! 1-3 3 


New issue 
August 22, 197S 


All these bonds having been sold, (his announce- 
ment appears as a mailer of record only. 


EURO-CURRENCY INTEREST RATES" , V ,: :V;. . - 

j ; Canadian • 1 ’ / I ’ • \ f T '’- Uonnan I 

Aug. SI J Storting -i DhUar , T\S. Dollar * Ihudi rjhiilder] SwrarFrenc ; Mark French F rare- ’ lialiait Ura ' Afina S Japoneae Yen 


tSbort term j _ 8%r-9ia r. 

7 days' notteel 10-11 t 

Month -J aos*-u j 

Three months., UU-lUt . 
Six month* ll»a-lJ4i ! 

Ono yrer ! ] 


36it 

U »» 

3i’c 

67b 6J» 

** 

A*3.« 

‘ Umi fi's 

-iw”-, 


.-55a -BTa 


sjv 


• ii ilk ' 

iii»i i 

j 61» 6Jf 


3^+ 


74s 7&a ‘ 
7: 8 8i B 
8J, 9 

®A »A 

ii lt-7« 
103(1 lOag 


12 15 . 

4 » 1= - ! 

13-14 
13>z 4J Z 
4 .-a j 

14)t J.tc . 


ifiHi 
— U «-78 
1*4 16s 
*7 S 4I* 
2 jc _ix 
■f't 87g 


The foUovbm nominal rales were tmoied for London doUir cvrtlGcaiea or deposu: one month s^s-S-tS per cent; three months 9.40-F38 per cent; six months S.7S-8.B3 
pvt cent; one year S.BV8.M per cent. 

Ixms-ienn Eurodollar deposits: two rears SMI. per, cent; three rears 85 k 41 'U per «pi; four scars Bi4i per cent: five sears 9i-9i per cem nominal riodnx 
rates. 

Short-term rates are call for Src-rUnx, U.S. dollars and Canadian dollars: two days' notice for Builders and Swiss francs. Aslan rales are closing rates in Singapore. 


Mitsubishi Petrochemical Company Limited 

Tokyo, Japan 

DM 65,000,000 
5%% Bonds due 1983 

guaranteed by 

The Mitsubishi Bank, Limited 


GOLD 


i * . ■ -i; 

* y^i 1 


Further 

fall 


Gold fell quite sharply as the 
dollar gained ground yesterday. 
The metal opened at S205-205i and 
fell to a low- point of $204-204], 
after a morning fixing of $205.15 
(X106.0&5). The afternoon fix was 


Up d Huliuo 14 Him I j - 

■ nncei 

SHkc >1081-206 JSJIOJIO} 

Jpnn.ne S05-2TOJ .8311M133 

Moraine 4vni;....,i!K-l5 6212.76 .. 

.1 i 6.066 £108.628) 

ftitcrnoon a*ina....,»M*.s 13211.76 

il‘U6.195 (£188*606. 

3old Own , 

rtnniif-l Ilhiiv . 

Kruftetread .,-‘811 2M 52171-2191 

(fcl'Bi i 8*1 t-llij-Hii 
Vetr ’■irwwunv-.'jSlJ 69J >581 -601 

(I2bja-ft i 1 50.51 

>M tiovcre*irn<<. I- *5B; {4 j ■ 9691-811 

;i£30f-3Il. -(kSOHlIIi 

hHdlom- '■ 

inlarnarniruiMi 

inyrerrenri SV -8J 21Si 82173-2191 

, i..n* i Bi ; tinilUf 

Vetr Scveroasn TJ S9J I -.681-60; 

; s.i .->■* IxABBL - 

lid Sovcroicn* Hj-E&l jSftsj bU 

• • 361 811 U3B4 313 

ta* K»K>iw....^....i,Sin4-aM 13587410 

UjbtCh'- i.ltaiw 3100-165 

& Si-'e 112-117 'sum 17 


INTERNATIONAL MONEY MARKET 

U.S. Fed funds firmer 


WESTDEUTSCHE LANDESBANK 
GIROZENTRALE 


THE NIKKO SECURITIES CO., (EUROPE) LTD. 


Federal funds were quoted at 
around 8^ per cent in early New 
York trading yesterday, with no 
sign of intervention by lhe 
Federal Reserve, although it was 
too early to say whether the Fed's 
target rate has been lined, to 
SJ per cent or S* per cent. Tnus 
follows the rise of ) per cent lo 
7f per cent in the U.S. discount 
rate on Friday, although (he 
overall trend In early money rates 
yesterday was slightly easier. 

Treasury bill rates tended vto 
decline from late levels on Friday, 
with 13-week bills at 7^5 per cenct 
compared with 7J2S per cent; as- 
week bills at 7A7 per cent, cam. 
pared with 7.4S per cent; .and 
one-year at 7.88 per cent, cent- 
pared with 7.B0 per cenL 


AMSTERDAM — ill on ey market 
rates Tell sharply, with call 
money falling to 21«8i per cent 
from 5S-5J per cenl. One-month 
funds dropped to 5-ofc per cent 
from 8-6 i per cent; three-month 
to 55-8 per cent from 6J-7 per 
cent; and six-month to 6{-83 per 
cent from 7-7$ per cent 

PARIS— Day-to-day money was 
slightly easier in the money 
market, falling to 71 per cent 
from 71 per cent on Friday. Other 
rates showed little change, with 
one-month unchanged at 7^7* 
per cent; three-month unchanged 
at 71-7| per cent: six-month down 
A per cent to 7;;-7|i per cent; 
and IS-raomh unchanged at 82-S£ 
per cent. 

FRANKFURT— Call money was 
a little firmer at 3.2 per cent, 


compared with 3.1 per cent before 
the weekend. Period rates were 
unchanged at 3.45 per cent for 
one-month; 3.65 per cent for 
three-month; and 4 oer cent for 
six-month. 

BRUSSELS — Deposit rates for 
the Belgian franc ( commercial J 
were generally lower, with one- 
month falling l per cent to 6}-7 
per cent; three-month easing 4 per 
cent to 7i-7| per cent; and six- 
month also falling J per cent to 
7J-7J per cent. The 12-month rate 
was steady at 7i-7{ per cent* Call 
money was unchanged at 8 per 
cent 

HONG KON'G — The money 
market was easy, with call money 
at 44 per cent compared with 
4J per cent an Friday, 


UK MONEY MARKET 


Moderate assistance 


It 5204-40 (£108.193), and by the 
riose cojfd had improved to 
*2051-206. but Still a fall of 
!rom Friday. 

In Paris the 12} kilo gold bar. 
ised at FFr 2SR50 per kilo 
8203.15 per ounce) yesterday 
iftemoon, compared with 
7 Fr 29.900 (205.45) in the morning, 
md FFr 23,900 (5208.73) Friday 
ifternoon. • 

In Frankfurt the 121 kilo bar 
vas fixed at DM 13^30 per kilo 
.8204.41 per ounco), compaxvd 
-ilh DM 13,435 152EL3D) on 
Friday. 

MONEY BATES 

MEW YORK 

^wmi' Rate .... ... 9 

fed Funds USB 

nvasdiy Bins <»««im — . 

rn-asury Bins i26-wcv6j 7 JO 


Honk of .England Minim ubl-.'- 
| Lending Rale 10 per cent- , , 
(since June 8. 197S) 

. Day-to-Dny credit wts : ; Jn 
slightly short supply in the London 
money marker yesterday, nnir.the 
authorities save o moderate 
amount of assistance by buyligj a 
moderate number of Treasury 

bills from the discount homes, 
and a small amount oi local 
authority bills. 

Bonks brought forward small 


' surplus balances from Friday, and 
the market was also helped by a 
small drop' in the note circulation. 
On the other hand there was a 

net market take-up of Treasury 
bills to finance, a moderate 
.excess of revenue payments to the 
Exchequer over Government dis- 
bursements. and resale to the 
'market of bills bought previously 
by the authorities on a repurchase 
basis. 

Discount houses paid Si-Si per 


cent for secured call funds, and 
closing balances were taken at 
&-&£ per cent. 

In the interbank market over- 
night loans opened at Si-S3 per 
cent, and eased to S-SJ per cent 
before rising slightly to Si-Si per 
cent by lunch time. In the 
afternoon rates eased to 8-Si per 
cent, before rising to S4-S5 per 
cent, and closing at S-S? per cent. 

Rales in the table below are 
nominal in some cases. 


LONDON MONEY RATES 


MCTlitIK 

CwiinraU' 

■4 


•- Lncal 

Inii+vufc v AiHJfcfffy 
- ttefntt? 


I«val Aiilh.i Finance D'n-ucnt 

negotiable ; House \ Company uurlK Tmtniy 
lioiHlfi • iMfsifs '• Deweila OeiojcT 


FincTrarte 

liillwp 


GERMANY 

discount Rate 
TremlBlIt 
.Mr romflb 
ram* KtDiuhK 
Ux mmliu ■ . 

tRANCE 

Cffronnt Rate 
'W-rmehi 
Oar moifcb 
rhree awnilu . 
fix' in on lbs ... 


iawvn 

■Bate 

Z id,- 1 UncnaUWonal j 
B db Utocwm ttau . 


1 0rernu-hl — ■ 8 8-t .j • ■ - ' — ’■ — ' 6 6** ' — • — _ 

j i ilava wrtlo*„ — ” I '. 87» 9 ! — I — I ^ ~ — ' — 

■ l ■ lava nut — * 8-VBJe .'■ •9*914 — ' 91* - ’ 8Jt-8lj — — — 

it'nemoaih.-, ».) . gJ«'gV { S^-lOU 9*4 . 9»» , STe# : «ie- 8??. 9U 9? 8 

| Tvo winnrba.'..' 9Sa-9W S 4 2^- : _ ■ ' » l 9 9>t ' ?l8 ’ g gi*-|, » .9 • Bl a 

nw« wimiba.^ »/. 95a ’ g‘S-g:* . ,\ »*»•*• 9t B 9»5 i 10 9!, • 9 8«f-B. v 8 ' 9,, B: a 

! -IlK nwBlh-..,." I L 8l4-0lB 87a-9ia ! Wig — * • ■ — - 9se X0s» 

• Xinornmth*-’ «5a-9»a _ **** ! ; “ '- “ ' 

litHrjm 9-V9W 9*4 978 i ■ B\ ; 95a 9^8 | I0ij — - - - 

-j •' ~ ' • ~ - 1 — ' • — : — 

• Lond auUwjnty afflt Ihnww sc\th dais' uoilce. others seven dar* fixed. • Loacicr-rrrm lota! auUchir morsa«< 

raw MnunaUi' three year® U-U* pm., cent! . four, years ill ncr chi: five years ll«-l2 ner vest. + Back bil! raics :n lablt are 
(MJyifu*. rote for prinn* var-'r, -Jiylmr nwes for lour-niomh bank toms wr ccol lasr xynih tUilt bills 101 wr com. 

: ApnrBxtromw setbnc nw *«■ miMHoiaii Ttcasmv biUs Si-*®; ver ccnu and mo-mo ruh s«^» oer cent: and three-mom la 

Ivjta-a Apnradnuite awtliire wt ’ aa+tAwdi bank bills 9i-»u n«+ vvnt: nro-moout »£» ncr cay: ard Umc-awmli 

j a> Js>,- «er cent. Onc-monlli Wade • b®r #j per emi: iHO-moath 8) per cent; md also lim-e-tsontii Sf »r oik. 

I EtiwoSB. Hum hK Rile* (pubuiud frj* Use. Finance Hrasra Aworiattont 1H per e«n.fr«m Ansvst l. 121 % paarlm Bank 
Oenak Rasas vlvr bto»U sore* ^ aeaen dW notice » 6-7 per- cenl. Oaarina frank Base Rbte for ia ser cent 


CHASE MANHATTAN 

LIMITED 


AlahH Bank of Kuwait (HS.CJ 
Algemena Bank Nadertand M-lft 

AJL Ames A Co. 

Limited 

Amsterdam- Rotterdam Bank N.V. 

Arab African International Bank (Cairo) 

Arab Hnancial Consultants Company SAIL 

Beebe Halsey Stuart Shields 
Incorporated 

Bonce Comme relate Italians 
. Banca def Gottardo 
Banca NazfonaJe del Lavoro 

Banco ffi Rama 

Bank of America International 
Limited 

Bank Julius Baer International 
Limited 

Sank fOr Gemeinwktsehaft 
-AkUangesertachaft 
Bankof Heisrnkl Ltd. 

Bank Maas & Hope NV 
The Bank of Tokyo (Holland) N.H 
Bamiua Bruxelles Lambert SJL 
Banqoa Fran^atee da Commerce Exteriear 

Bampie Gdnerate do Luxembourg 
Socidte Anonyme 
Banqoa de rindbchbie et de Suez 
Banque bitematkmala k Luxembourg S A, 
Banque Nattonale de Paris 
Bsncpm da Paris et das Pays -Baa 
Bsnque Populaire Suisse S.A. Luxembourg 
Banquette run ion Eoropdenne 

Bayerlsche Hypotheken- und 
Vfechsei-Bank 

Bwwhdw Landesbank Girountreto 
Bayertseha VercJnsbank. 

SfrlpenBamk 

Barllnar Handabre 
Und Frankfurter Bank 

®Vth Eesfmen DiHon A Co* 
bbemstlonal Limited 

Cfrifrse des DepAts at ConsIgnalFona 

Ghendad Sink Intemationel 
Limited 

Chdatlanis Baltic ogKreditkassa 
CRleorp Intemationel Group 

Commerzbank 

AkfengeseUsdhsft 

Copenhagen HandelsbenlC 
County Bank 
umiled 

O^fStenetafi-BanlorBrelrt 
CndctComnwclalde France 
CrocHt Lyonnais 
Credito Italia no 
Credit Suisse White Weld 

Untiled 

°iriwa Europe N.V. 

RtcheidDausACeta 

BnnkJers 


KREDIETBANK S. A. LUXEMBOURGEOISE 

UNION BANK OF SWITZERLAND (SECURITIES) 
UMITED 

Den Danske Bank 

at 1671 AWie&elskaO 

Den norsfce Creditbank 

Deutsche Bank 
Akliengeselischalt 

Deutsche Ghozentrafe 
- Deutsche KommunaRiank- 
■ DGBirtX 

Deutsche Gencssenschattabank 
DWon. Read Overseas Corporation 
Dresdner Bank 
Akllenge sells draft 

Drexal Burnham Lambert 
Incorporated 

Euromobillare S.pJL 

Com pa gn la Europea JnlermobifiaiB 

European Banking Company 
Limited 

First Boston (Europe) 

Limited 

Robert Fleming A Co. 

Limited 

Glrozentxale und Bank 

der oetorreichtedien Sparkessen 

Aktiengesellschaft 

Goldman Bacte Internation a l Coip» — ■ 

Groupement des Banquiers 
Prives Genevois 

HambrosBank 1 

Limited i 

Hesaische Landaabank 
— Gkozentroks- 

HiR Samuel & Co. 

Limited 

E. F. Hutton & Co. N.V. 

The Industrial Bank of Kuwait K.S.C. 

Indus trtebank von Japan (Deutschland) 
Aktiengeseilschati ’ 

KansalllB-Osake- PankkI 

KWdeA Peabody Intemationel I 

Limited 

tOetawort, Benson 1 

Limited 

KredletbankN-V. , 

Kuhn Loeb Lehman Brother! 

iniemalional I 

Kuwah Foreign Trading, Contracting ' . 

A Investment Co. (SAX) 1 

Kuwait international Investment Co. s.aJc, ' 

Kuwait Investment Company (SLA.K.) ' 

Lazard Brothers ft Co. 

Limited * 

IJoyds Bank Intemationel ) 

Limited 1 

Manufaeturers Hanover 1 

Unrnod < 

McLeod, ^ Y whib, Weir Iniemalional 1 

Limited j 

MerriH Lynch Internat i onal ft Co. > 

B, MetsJer seeL Sohn ft Co. 1 

Morgan GrenleH ft Co. ' 


MITSUBISHI BANK 
(EUROPE) S.A. - 


Morgen Stanley Intemationel 
umiled 


MTBC ft Schroder Bank S-A. 

Nationel Bank of Abu Dhabi 

New Japan Securities Europe 
Limited 

The Nikko Securities Co., (Deutschland) 
GmbH 

Nippon European BankS-A. 

The Nippon Kangyo Kakumaru 
Securities Co-, Ltd. 

Nomura Europe N-V. 

Norddeutscfte LandesbanK 
Gteoxentrete 

Okasan Securities Co^ Ltd, 

Sal. Oppenheimjr. & Cie. 

Orion Bank 
Limited 

Pierson, Heiddng A Pierson NY. 

PKbanken 
Posti pankkl 

Prlvatfaankan Aktfeselskab 
Ren out & Co. 

N- M. RothschHd ft Sons 
Limited 

Salomon Brothers International 
Limried 

J. Henry Schroder W9 bb ft Co. 

Limited 

Skartdinavlska Enskilda Banken 
Smith Barney, Harris Upham ft COb 

incorpoiaied 

Socle te Q6ndrafe 
Society Generate de Banque SJL 
Sparbankemas Bank 
Svenska Hondelsbanken 

Swiss Bank Corporation (OverseflB) 
Limited 

Taiyo Kobe finance Hong Kong 
Limited 

Tokai Kyowa Morgan Grenfell 

Limned 

Trinkaus & Buridiardt 

Union de Benquee ArabesotFrancefeen 
- U.BJLP. 

Union Bank of Hot and Ltd. 

Union Bank of Noway Ltd. 

Verfrand Schwelzerischer Kanlonalbanken 

VereirtS- und Westbank 
Akl icngese llschaft 
J.VontobelftCo. 

Wake Securities Company 
Limited 

M. m. Warburg- Brindanann, WIrtz A Qo, 

S. G. Warburg ft Co. Ltd. 

Vtestfalenbank 
Aktlengesellschaft ‘ 

West LB Aria 

Limned 

Wood Gundy Limited 

Vamrichi International (Europe) 

Limited 

Yometime Securities Co. Ltd. 


Treasury istss; Averasr trader -rates of discount &9002 percent. 




Financial Times Tuesday AVgnst 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 



NORTH AMERICAN NEWS 


A boom year for U.S. airlines 


BY JOHN WYLE5 IN NEW YORK 


TIME MAGAZINE recently 
encapsulated -ibis year's airline 
Travel phenomenon with an 
illustration of a flying sardine 
can. To have been complete, 
however, (be picture would have 
needed a heavy rainfall of 
dollars, because the eafcraordi- 
nany 16 per cent growth in pas- 
senger traffic in the first-half of 
this year has taben the profits 
of the 11 major trunk: airlines 
to a -level which would have 
been considered stratospheric a 
few years ago. 

Only Northwest Airlines, 
which until this week was virtu- 
ally paralysed by a 108 day 
pilots strike, has failed to show 
a spectacular gain over last 
year’s second quarter earnings. 
At Pan American Airways. For 
example, net income was 193 per 
cent higher than last year, at 
TWA. 97.6 per cent, at American 
39.2 per cent, and at United 
Airlines 24.5 per cent 

Because -these gains were 
achieved during a quarter when 
discount fares were more widely 
available than ever -before, they 
raise -the intriguing question of 
the responsibility of cut price 
tickets for -the pot of gold seem- 
ingly awaiting most airlines at 
the end of their current finan- 
cial year. 

Analysts’ projections for the 
11 airlines far outstrip their 
record aggregate earnings last 
year of SBIlm. With the results 
of the peak summer months still 
to come, profit estimates range 
from SSOOm to $950m. But such 
is the uncertainty that one 
analyst whispered, u it could be 
a billion do-Hars if they carry on 
like this.” 

The importance of discount 
fares to this profits windfall 


cannot be gauged with any pre- 
cision because several factors 
have been at work to encourage 
more members of the travelling 
public to take to the air than 
ever before. The airlin es acknow- 
ledge that cheap fares have 
obviously played a major role, 
but so has the fact that consumer 
spending has been running at 
record levels this year. 

The. picture is further clouded 
by the impossibility of jud g in g 
just how many passengers who 
might normally have bought a 


around with conditions and are 
available at particular times on 
specified days. 

Significantly, TWA decided last 
week that enough was enough 


will be employed as a mol to 
even out the peaks and troughs 


of passenger demand. 

But Mr. John Heilner, vice- 
president of pricing at TWA 
believes the airlines may not 
have that much pricing freedom. 
He points out that while airline 
fleets may not be yet due for 
great expansion, carriers are 
putting more seats into many of j 
their aircraft with tbe kind oft 
result that United Airlines has | 
increased its transcontinental ; 
capacity by 25 per cent this I 
summer. Moreover, the move j 
towards . airline deregulation j 
through the Bill currently before ' 
Congress and the increasingly' 
liberal policies of the CAB will • 
lead more airlines' into competing ; 
on each other's established i. 
routes. • ! 

On the evidence of this year, i 
of course, it does not look as: 
though the competitive winds i 
will be too chilL But it is esti- 
mated that the airlines will have 
to' find about S60bn for new air- 
craft purchases by the end of 
the next decade, and attempts to 
regroup and prepare for the 
freer operating environment can 
already be seen. Continental 
and Western Airlines are already 
discussing a merger, North 
Central and Southern Airlines 
have applied for permission to 
merge, and Texas International 
Airlines, which claims that it 
almost invented the cheap fare, 
wants to acquire National. 
These moves pose a problem for 
the CAB since virtually all pre- 
vious airline mergers have 
involved at least one partner 
who was close to -bankruptcy. 
None of these airlines have such 
problems but all, excluding 
National, would prefer to be in 
combination as they go down ibe 
road towards deregulation. 


General 
Mills sees 
record 


in 


five 

' .-.U 




half earnings at BASF 


BY GUY HAWT1N 


FRANKFURT, AugtmtZL 


and asked the Civil Aeronautics 
Board for permission to elimi- 
nate 18 different types of 
discount fares which, it says, 
account for less than 5 per cent 
of its traffic and whose dis- 
appearance would reduce the 
waiting time for telephone 
reservations. TWA Is 'quick to 
point out that it is not scrapping 


For many airlines and travel agents, it has 
seemed at times as though all of America is taking 
to the air. Coping with the new demand has 
meant significant extra costs for the airlines, 
which have Been forced to take on hundreds of 
new staff 


scheduled ticket switched to a 
discount fare. 

For many airlines and travel 
agenls. it has seemed at times 
as though all of America is 
taking to the air. Although there 
have been no domestic equiva- 
lents of the passenger encamp- 
ments in the TJK at Gatwick. 
Heathrow and Victoria, load 
factors on many routes have 
been at 70 per cent and above 
for several days of the week. 
Coping with the new demand has 
meant significant extra costs for 
the airlines which have been 
forced to take ou hundreds of 
new staff. Passengers and travel 
agents alike have complained of 
the complexity of the new fares, 
many of which are hedged 


tbe largest discounts — the super 
savers which cut 45 per cent off 
scheduled fares — but merely 
those which have not been in 
great demand. 

One view of the future is that 
on domestic routes the avail- 
ability of discount fares will be 
steadily reduced over the next 
two or three years. “To expect 
otherwise would presume inept- 
ness of the industry in its 
marketing approach.” says Mr. 
Bob J. Joedlcke. airline analyst 
with Lehman Brothers Kuhn 
Loeb. He and others argue that 
with qo significant additions to 
airline capacity projected for the 
next four years or so. the laws 
of supply and demand will come 
to prevail so that cut price fares 


earnings 


BASF, the second of the West 


German chemicals industry “hig 
three " to report on the first half 
b£ 1978. has seen no zeal signs 
j of improvement in the industry's 
prospects. Although, like 
Hoechst. things went a little 
better for BASF in the Second 
quarter, the tone of the BASF 
report is rather more gloomy 
t han that of its competitor..:-. 

The group, which is the most' 
domestically orientated of the 
“big three" in terms oF capital 
1 investment, saw turnover fall to 
, just under the Iri’el of the.upe**. 
inp six months of 1977. It was 
down l.l per cent from 
DM J0.74bn to DM lQ.63bn 
(S5.27bn). ■ • 

Earnings, on the other hand, 
fell heavily. Pretax profits 
dropped by 19-3 per cent from 
DM 664m in the first half of 19T7 
to DM 536m. . Capital investment 
rose by 11.7 per cent from. 
DM 709m to DM 792m. 

I According to the interim re- 
port. a small improvement- is 


Lear Siegler 
bid for Cross 


Subaru shows rapid growth 


FRASER, August 21. 
CROSS COMPANY. makers 
of automated metalworking 
machines, said it has received an 
offer from Lear Siegler to 
acquire a majority oF Its out- 
standing common shares in 
exchange for Lear Siegler com- 
mon stock with a market value 
of $50 per Cross share, and to 
purchase the remaining Cross 
shares for S50 a share in cash. 

The proposed transaction 
would have a value of more 
than S105m. 

Earlier this month Cross and 
Kearney and Trecker, manufac- 
turers of machining centres and 
milling machines, said they had 
agreed in principle to merge 
their operations 
AP-DJ 


BY JOHN WYLE5 


NEW YORK, August 21. 


AN 80 per cent increase in net 
income over the nine-month 
period to July 31 on nearly 
double tbe sales volume is pre- 
dicted by Subaru of America, the 
importer of small cars built by 
Fuji Heavy Industries of Japan. 

Subaru’s .progress tins year has 
been remarkable in tbe face of 
price increases forced on all 
Japanese car companies by the 
rise of the Yen against the 
Dollar. By the end of July, this 
had helped <to reduce sales of the 
largest Japanese importer. 
Toyota, by 9.5 per cent and at 
Datsun by 8.4. but these losses 
have been substantially offset by 
sales gains at Subaru, and also 
Honda and -Mazda. 

Mr. Robert Reich. Subaru's 


treasurer and executive vice- 
president for finance, said that 
in the nine months an expanded 
product line will have helped 
take Subaru to an SO per cent 
increase over last year’s net in- 
come of $2.9m, or 48 cents a 
share. Sales in the third quarter 
ended July 31 could be “ more 
than $110m " compared with 
$56 .2na in the same period last 
year. Net income would be up 
to 115 per cent higher than in 
last year’s quarter. He projected 
a 46 per cent rise in net income 
for fiscal 1978 over last year's 
84.3m. He thought sales would 
be in the area of $400m com- 
pared with sales of 8236fim in 
1977. 

In the first seven months of 


this year. Subaru dealers have 
sold 57,496- models compared 
with 43,241, a 32 per cent gain. 
In the same period, Mazda sales 
have shot np 49.3 per cent and 
Honda's by 14JL per cent. As a 
result, dealer sales of Japanese 
cars had fallen only 44 per cent 
by the end of July, despite a 
string of price increases. 

Tbe dollar/yen rate instability 
is increasing the pressure on the • 
major Japanese manufacturers ! 
to build assembly plants in tbe 
U.S.. but at the moment Honda 
is the only one with reasonably 
firm plans. A team from Nissan, 
which manufactures Datsun 
cars; has been carrying out a 
feasibility study bnt no decision 
has yet been announced. . . 


This cmrwuncemeni appears as a matter of record only. 


b w°*m 





Rafinor A/S & Co. 


(A Limited Partnership owned 40% by Norsk Olje a.s, 30% by Norsk Hydro 
Produksjon a.s and 30% by Den norske stats oijeseiskap a.s (Statoil)) 


U.S. $85,000,000 
Ten Year Multi-currency Loan 


managed by 


Hambros Bank Limited 


Bank of Montreal Citicorp International Group 

Compagnie Finanriere de la Deutsche Bank AG European Banking Company Limited 


Skandinaviska F.nskiidn Banken 


Toronto Dominion Bank 


Andresens Bank A.S 


Bergen Bank A/S 


Den norske Creditbank 


to be provided by 


Andresens Bank A.S 


Bank of Montreal 


The Bank of Nova Scotia Trust Company 
(United Kingdom) Limited 


Banque Nationale de Paris Banque Nordeurope S.A. Bergen Bank International S.A. 

Canadiau Imperial Bank of Commerce Citibank, N.A. Compagnie Fmanciere de la Deutsche Bank AG 
Den norske Creditbank (Luxembourg) S.A. ' European Banking Company Limited 

Hambros Bank Limited International Commercial Bank Limited Midland Bank Limited 

National Westminster Bank Group The Royal Bank of Canada The Royal Bank of Scotland Limited 

Skandinaviska Enskilda Banken Toronto Dominion Bank WestLB International S.A. 


Agent Bank 


Hambros Bank limited 


August, 1978 






MINNEAPOLIS, August 2L 
GENERAL MILLS, the food, 
clothing and toys group, reit- 
erated a forecast of record 
sales and earnings in fiscal 
1979 and says it expects the 
strongest gains in the second 
quarter. 

In lost year's second quarter 
ended November 27, 1977, the 
company earned 8» cents a 
snare from continuing opera- 
tions on sales or S92&3 ul 
General Mills' also soys in Its 
latest annual report that it 
has budgeted for a 20 per cent- 
increase in fiscal 1979 gross 

conitol expenditures to about 

$165 m. _ 

Of this year’s outlays, all to 
be financed internally, about 
SO per cent is allocated for 
food processing, 25 per Cent 
for restaurants and the balance 
for other consumer businesses 
and corporate items. 

The company said it plans to 
open 47 ' new ; - restaurants and 
expand or remodel about 17 
Red Lobster inns in fiscal 
1979. It bod 312 company- 
owned restaurants in operation 
at the end of 1978. - 
General Mills said advertising 
expenditures rose 17.3 per cent 
to 5178.5m and research and 
development outlays Increased 
18.2 per. cent to 830.5m in tbe 
year ended May 28 last 
Renter 


domestic business and operations 
outside Europe in the. second 
•quarter virtually offset the first 
quarters sales decline. Group 
earnings were naturally, hit by 
the weak levels -of overaUde* 
jnand. althougn domestic eoTOr 
-ings improved — despite 
pr^es--^ a result of increased 

'volume at home. 

■. The parent concern. BASF Au, 
saw overall turnover decline 
rattier more steeply than that of 
the group- U went -down from 
just under DM 5bn in the com- 
parable period of last year to 
DM 4.Sbn — a fall of 3.7 per cent. 

-Domestic sales declined most 
steeply, falling by 39 per cent 
from DM 2.22bn to DM 2.09bn. 
Foreign sales fell back by 2 per 
■SET tnm DM 2.7Sbn to 
DM 2.72hn. Pre-tax earning 
were down a full 13.6 per cent 
-from. DM 3S2m to DM 330m. 

As with the group, a second 
half upturn in the parent com- 
pany’s sales, to a level higher 


than in the compMUbto. ifcriod 
of 1377, did much to offset 
first half's disappointing perform- 
ance. This was also refireted iq 
earnings. Second quarter pro®* 
were up on those at the setae 
period of last year, and h&M 
to mitigate the first "ipwrttrv 
earnings decline. 

This improvement -on-- the 
profits front U ’ 3S a-JWwt.af 
a periodic operation al-.' ei rntoja 
and temporary improvement* >u: 
the currency situation^ Although ; 
sales results rnntiiuwl down- 
wards during the period, there 
were signs nr a stabilisation hi-- 
certain areas. 

Utilisation of ' production - 
capacity Uy slightly under that 
of the name period of 1*77. 
Capital investment wort'shAtf- 




was such that no meaningful 
Improvement in business could 
be foreseen, the report Mid. 


Satisfactory progress 
for Kuehne and Nagel 


BY JOHN WICKS 


ZURICH, August 21. 


ESABloss 
greater than 
forecast 


#'»ii ve! 

jfiirreiH 

jjiiiri 1 '* 


New members 
for Progas 
consortium 


By Robert Gibbons 


MONTREAL. August 2L 

THE CALGARY -BAS ED Pro- 
gas consortium, which Is 
rivalling the Foothills group 
of Alberta in plans to increase 
exports of surplus western 
Canadian gas to the U.S., has 
confirmed that several leading 
companies have joined. 

The project coordinator of 
Progas is Mr. Vernon Horte, 
former president of Trans- 
Canada Pipelines and former 
head of the Gas Arctic Consor- 
tium backed by several major 
international oQ companies 
and TCP, which unsuccessfully 
fought to get Alaskan gas 
moved to the Canadion- 
American border via a 
Mackenzie Valley pipeline. 

The Progas participants now 
Include Amoco Canada 
(Standard Indiana), Canadian 
Homestead, Canadian Superior, 
Chevron Standard, Dome 
Petroleum, Hudson’s Bay Oil. 
and Gas (Continental Oil), 
Noreen Energy, Numac OU 
and Gas, Pancanadian Petro- 
leum (Canadian Pacific) and 
Shell Canada. 

Progas has invited “ any 
Interested producing com- 
pany ** to join. It wants to buy 
500m cubic feet of gas daily 
for fire years from producers 
whose supplies are not other- 
wise committed to export, and 
sell it to the UJS„ using spare 
transmission capacity in the 
Transcanada pipeline system. 
The Foothills group has pro- 
posed exporting surplus 
western gas to the U-S. by pre- 
building southern portions of 
tbe Alaska Highway systems. 


GROUP SALES of tbe inter, 
national forwarding concern. 
Kuehne and Nagel totalled 
SwFr 2.71bn last year. This is 
below that of SwFr 2£8bh. 
recorded for. 1876, partly 
because of the sale of a 
participation in another com- 
pany in that year and* partly 
because of the rise of the Swiss 
franc. Tbe group’s parent com- 
pany is the Swiss-based Kuehne 
and Nagel International AG. 

Despite the absolute fall in 
consolidated turnover and a 
decline in net' profits of the 
holding company from 
SwFr 5.29m to SwFr L22m 


(8753,000). the family-owned 
group is satisfied with last rear’s 
progress. In terms of local 
currencies, there was a real 
growth of 8 per cent over 1976 
figures. 

Kuehne and Nagel, whose 
major national market is West 
Germany, records 70 per cent of 

Although the exchange-rale 
losses caused by the continued 
appreciation of tbe Swiss franc 
look like increasing in 1978. 
business as a whole is seen by 
the group as being certainly no 
worse than for last year, while 
Kuehne and Nagel is already 
looking optimistically towards 
1979. 


Swiss bank bond issue 


BY OUR OWN CORRESPONDENT- ZURICH, August 21. 


FOR THE financing of longer- 
term business, the Zurich-based 
Bank Leu AG — the smallest' of 
Switzerland’s “big five"— is to 
issue SwFr 50m worth of 3} per. 
cent bonds from August 25 to 
August 31. The 10-year bonds 
will be offered at HR. per cent 
of face value. 

Meanwhile, a Swiss bank con- 
sortium led by Swiss Bank Cor- 
poration, Basle, announced that 


tbe SwFr 250m borrowing by the 
World Bank, subscriptions for 
which closed at the end of last 
week, was very successful Sub- 
scriptions exceeded the sum by 
a considerable amount so that 
bonds had to be rationed out 
The 15-year bonds, which 
carried a coupon of 41 per cent., 
were not subject to tbe 35 per 
cent limitation on non-resident 
Investors' purchases. - 


By John Walker 'I 

STOCKHOLM. August 21. 

ESAB, the Swedish welding 
equipment manufacturer, had a 
loss in the first half of this- year--., 
larger than forecast ‘ . -~ 

The pre-tax loss for the first 
half was Skr 41m <S9L3m) com- 
pared with a pre-tax profit of 
Skr 8m in the first half of 1977. ’ ‘ 

At its board meeting held last 
February, the board reebm- • 
mended a cut in the dividend 
from Skr 9 to Ski? per share, due - 
to a sharp profits lump for 1977. 

Group sales for the- whole of last 
year amounted to Skr. I.3bni 
The general downturn- in the 
major sectors of industry and 
shipbuilding was one of the .... 

major factors in the concern's > 
poor performance* and the out- 
look is not bright the interim ' 
report suggests. The company ...... 

does say that the second half will 
be no worse than the first half. ' ' 

Sales during the first half of 
this year rose to Skr 685tn 
($156m> compared with Skr 602m i , * . , ... .- 
in the same periodic 1977. The u" ** -* 
iorder intake amounted to. . 

Skr 745m in the first half com- \U 1. ,*»■? ri 
oared with Skr 63ton 1 


EUROBONDS 


Setback for UBS issue 


BY FRANCIS GHIUS 


Slavenburjfs Bank 

SLAVENBURG*S Bank net profit 
rose 21 per cent to Tl 15.7nt- 
| ($7Jm) in the first half of 1978, 
writes Charles Batehellor from • 
Amsterdam. This was achieved 
on an increase of only five per 
cent in the Rotterdam-based , 
bank’s balance sheet total to 
FI T.Slbn (S3.63bn) in the *fa:. 
months to the end of June. • 


Tbe bond markets were quiet 
yesterday. Id the Deutsche- 
Mark sector, a DM 100m private 
placement was announced for 
Credit National: lead manager 
is Commerzbank and .tbe in- 
dicated terms of this placement 
include a coupon of 5} per cent 
and an indicated pricing of 99). 

The secondary -market was 
steady yesterday, with more 
buyers than sellers: the UDS 
bond, however, was faring less 
well, being quoted at 97—* on 
the bid side. 


In the domestic bond market, 
the Bundesbank only bad to buy 
DM 8}m worth of bonds, less 
than on most days last week. 

In the dollar sector, prices of 
straight bonds were a little 
easier, but floating rate notes 
held up better. 

In the Swiss Franc sector. 
Brazil’s Banco Naaonal do 
Desen volvimien to Econo mica is 
arranging a SwFr 75rt 10-year 
bond with an indicated coupon of 
5 per.cenL through a group of 
banks’ led by Credit Suisse. 


THE PHILIPPINE 
INVESTMENT COMPART 


Net Asset Value us of 
July 31st 1978 
U&S12.49 

listed Umabw nt Slock rnhiom 
Asenu 

Sample Gfixrfrale do Lmwtnboortf " 
Inrostmcnt Banker!: ' ~. 
Manila, Pacific Securities SAi 


All of these Securities have been sold . This announcement appears as a matter of record only. 


NotaNew Issue 


1,500,000 Shares 


Avon Products, Inc. 




eg 


Capital Stock 

(par value $JS0) 


MORGAN STANLEY & CO. 

Ittccrpvreted 


E. KNUTTON& COMPANY INC. 


TEE FIRST BOSTON CORPORATION MERRILL LTNCEiWHITE WELD CAPITAL MARKETS GROUP 

a/oriC Z Jfaci, i’inte, fnuirr A Smith iKcorporatut 

DEAN WITTER REYNOLDS INC. BACRE HALSEY STUART SHIELDS 

— - 


SawiTorstaf «***u«ww 

BLTTEBASTMANMILLON & CO.. DILLON, READ& CO. INC. DONALDSON, LUFKIN &JBNRETTE 
DKEXBL BURNHAM LAMBERT JUDDER, PEABODY &CO. “uSonm *CtK' 
LEHMAN BROTHERS EUBN WEB PAINE, WEBBER^JACKSON & CURTIS 

SMITH BARNEYj HARRIS UPHAM& CO. WERTHEIM &.CO v JJfC. 

BEAR, STEARNS &CO. SHE ARSON HAYDEN STONE INC. 

ATLAN Ii^ Pn ' AL SECURITIES CORPORATION BASLE SECURITIES CORPORATION 
EUROPARTNERS SECURITIES CORPORATION ROBERT FLEMING 

HUDSON SECURITIES, INC. KLEINW ORT. BENSON MORGAN GR ENEbLL & CO. 

NEW COURT SECURITIES CORPORATION SCANDINAVIAN SECURITIES^CORPORATION 
SOGEN-SWISS INTERNATIONAL CORPORATION NOMURA SECURITIES INTERNATIONAL.INC. 
CAZENOVE INCORPORATED DA1WA SECURITIES AMERICA INC. 

TBENI ^Sf^ IESC0 - WET INTERNATIONAL VEREIN S- CND^ES TBANK 

T4 W A YClttT TAJ'PJUJ?*! a urr/i it < , ,#nnr<-r i i nm 


August 17,1978 


l.fMflecf 

TA MA XCRI INTERNATIONAL (AMERICA), INC. 




19 




Financial Times -Tuesday August 22 1978 



si 


INTL. FINANCIAL AND COMPANY NEWS 


Five Boussac factories to be closed 


BY DAVID WHITE 


IVE OF the Boussac Textile 
roup's 19 factories in the 'Vosges 
sgion of Eastern France are ex* 
ected to close under the 
.gache-Willot takeover ■ plan 
pproved by the Paris Commer- 
ial Tribunal on Friday. 

The majority of the employees 
.3 these plants are promised re- 
raining for. other jobs in a pro- 
ramme of - cutbacks which 
educes the group's 4.700-strong 
-orkforce in the region by a net 
,200. A further 600 in total are 
3 be re-graded. ' 

A-eomplete plan for the whole 
ioussac group with its 11.500 
mployees is not expected to 
merge before another for tnigh t 
r so. 

The Agache-Willot group, 
/hose Fr 700m (S160m) bid was 
evised in order to win the day 


against the Bidermann mens* 
wear concern, will take over 
management of the Boussac 
group immediately although the 
business will remain under the 
aegis of the tribunal for another 
year. 

The tribunal took direct con- 
trol of Boussac after granting a 
stay on creditor's claims against 
the company three months ago. 

After this initial period, 
Agache-Willot expects to have 
reached - . agreement with the 
creditor banks, which backed its 
bid, on a schedule for the repay- 
ment of the Fr 300m to Fr 400 m 
they are owed. 

An initial repayment instal- 
ment,, including to the state, 
owed over Fr 100m. is expected 
immediately, the funds coming 
from- the proceeds of M. Marcel 
Boos sac’s property interests. The 


remainder will be paid over 15 
years. 

ML Boussac, apparently ailing, 
has given his consent to the take- 
over, although he had come ont 
firmly in favour of the rival bid. 
The solution was welcomed as 
“significant and exemplary" by 
M. Andre Giraud, the Industry 
Minister. The rival bid had had 
the support of the Government’s 
Industrial Development Institute 
and would have Included a 
Fr 200m slate loan. but^ 
M. Giraud said this had been 
drawn up simply to provide com- 
petitive bidding conditions. The 
Government was content not to 
be financially involved. 

The planned cutbacks at 
Boussac have however, brought 
strong opposition from trade 
unions and left-wing parties. 
Protest stoppages are planned 


PARIS, August 21. 

tomorrow in all the group's fac- 
tories. 

M. Antoine Willot. one of the 
four brothers who run the 
Agache-Willot group, has been 
seeking to restore confidence in 
the factories, where It is feared, 
on the basis of the Willot’i 
previous takeovers, that the cut 
backs will be much more drastic 
than announced. 

The takeover is being carried 
out through Saint-Freres, a sub- 
sidiary 61 per cent owned by 
the Agache-Willot bolding com 
pany. Saint-Freres, a jute com 
pany bought by the Willots in 
1969 and transformed into a 
plastic packaging outfit, has 
already been used as an inter 
mediary for other acquisitions. 
It is expected now to become the 
instrument for restructuring the 
group's manufacturing activities. 


Rennies 
executives 
Ujvin currency 
r,i inquiries 

!|\j By. Our Own Correspondent 
„ JOHANNESBURG. August 2L 
SIX SENIOR executives of 
Jennies Cou sol l dated Holdings 
he listed subsidiary In South 
Africa of Jar dine Hatheson 
which holds 53 per cent of the 
shares, are assisting police and 
Reserve Bank investigators with 
ibelr inquiries into an alleged 
conspiracy to bypass the local 
Exchange Control regulations. 

Rennies has subsidiaries and 
associated companies in Mosam- 
bique. Swaziland, Malawi, the 
UK, Rhodesia, Lesotho. Botswana, 

' Panama and the Transkel 

Sources in the South African 
Treasury said at the weekend 
that the group itself was not 
involved in any allegations of 
- Exchange Control infringements. 
The shares of Rennies, whose 
Interim figures for the six 
months to June 30 are expected 
tomorrow, fell g . - cents to 
112 cents os the Johannesburg 
Stock Exchange today. 


New terms for 
SNCF loan 

By Francis Ghllds 

THE French State railway com- 
pany SNCF has renegotiated the 
terms of the $250nr facility which 
it had originally agreed with 
banks earlier this summer. It 
will now pay a spread of J per 
cent for seven years with five 
• years grace. These are tbe finest 
terms granted to a borrower nn 
a major medium term facility 
_ since J974. 

Original terms Included a 
\ r. ™read of i per cent for the first 
rising to f per cent 
.. ifor the last five. The lead 
: manager remains Credit 
- Lyonnais and only one bank. 
AmroBaok. has dropped out of 
the initial management group 
•because ft fa unhappy with the 
new terms. 

Since late June prime 
borrowers have succeeded in' 
improving the terms on which 
they borrow; in particular the 
Electricity Council of the UK 
has recently raised a large loan 
for ten years' on a split rate of 

per cent for the first six years 
^rising to 1 per cent. 

Unlike the loan for the Elec- 
tricity Council which was 
arranged by Japanese hanks, this 
loan is being arranged by a 
group of European and U.S. 
banks. 


Barlow Rand paper merger 


BY RICHARD ROUE 

FOLLOWING Reed . Inter- 
national's sale to Barlow Rand 
of its 62.6 per cent stake in the 
locally-quoted Reed Nampafc, for 
a total consideration of R64.5m, 
Barlow Rand has completed what 
was always envisaged as the 
second leg of the deal, the 
merger of its own packaging and 
paper interests with those of 
Reed Nampak. 

The “Barpak" companies, as 
these Barlow Rand subsidiaries 
are known, consisting of Barlow 
Packaging Investments, Cosmos 
Paper Products and Cleveland 
Partition, have been valued at 
R1 8.75m, with the terms assessed 
by two local merchant banks. 
Union Acceptances and Standard 
Merchant Bank. In return for 
the Barpak companies being 
injected into Reed. Nampak, 
which is to change its name back 
to Nampak. Reed Nampak will 
issue 2.8m shares to Barlow Rand 
at 500c each and pay R4.75m. 

The deal will raise Reed 
Nampak’s share capital from 
24m to 26.8m. Barlow Rand has 
indicated that it only wants 55 
per cent of the enlarged group, 
or Z4.7m shares, and has made 
arrangements to lay off any 


excess to the Old Mutual, the 
largest South African investment 
institution. After buying Reed’s 
15m shares and after the issue of 
2.8m via the Barpak deal, Barlow 
Rand will be entitled to 17.8m 
Reed Nampak shares, so the Old 
Mutual will be. buying 3.1m Reed 
Nampak for a total RIS.Sm. 

This is. Old. Mutual’s third 
largest off-market deal . in as 
many months. It bought a large 
line of GFSA shares in late June 
for RIOm and -followed this - up 
in July with the purchase of just 
under 3m Stanblc shares from 
UDCH, the local subsidiary of 
UDT. for R9.8m. The Old Mutual 
is also committed to buy any 
further Reed Nampak shares 
which may be tendered to Barlow 
Rand in terms of Its stand-by 
offer at 430c. the price at which 
it bought, control from Reed 

International. 

The document Initially issued 
in connection .with the change 
of control recorded that “if all 
the outside shares are so offered 
tit) would involve a commit- 
ment of approximately R38ra,” 
With Reed Nampaek now 500c 
in Johannesburg , Old Mutual is 
not likely to pick up much stock 
under the standby offer, which 


JOHANNESBURG, August 22. 

runs to September 8. unless 
there is a sharp break in the 
market meanwhile, but the com- 
mitment remains a massive one 
in local market terms. 

Acquisition of the Barpak com- 
panies will add 3c per share to 
Reed Nampak's earnings, 75c 
-over the 12 months to June 30. 
This suggests these companies 
made just over R3m of net 
attributable profits for the period 
against RIBm for Reed Nampak. 
The acquisition will reduce Reed 
Nampak's net asset value from 
325c based on the unaudited 
balance sheet at June 30 to 309c, 
indicating that just over R4m 
of the purchase price for Barpak 
is goodwill. 

The combined group will be 
capitalised at Rl34m on current 
prices and will be the major 
paper and packing group in the 
republic, roughly twice the size 
of Kohler Bros., the Union Cor- 
poration subsidiary which is its 
nearest rival Kohler Bras., with 
Sappi. was involved in Reed 
International's earlier attempt to 
sell its Reed Nampak slake in 
January, when the problematical 
Stanger pulp and paper mill was 
also part of the deaL 


DEL raises Mcllwraith offer 


BY JAMES FORTH 

INDUSTRIAL Equity, a cor- long considered a potential suitor 
porated takeover specialist, has for McH wraith, has built up a 
stepped up its efforts to- acquire *1®^® of Just over 16 per cent, 
Rhinnine urnun Mcllwraith- ^ which 5 per cent was bought 
SSSL S ffl te2 ,slBce rat* made its move. Sir 
McEachani with an ijwreased Ian g 0a -, the- board of TNT 

offer for the company, and va which is headed by Sir Peter 
separate bid for one -of thg -Abeles. 

la ^ t hM a ^n ld stwvdiIv buvinsA The t * ird Iar B est holder in 

Shares in McUwijrfth, Which is 

closely associated with the pf oup ’ 

interests of jCIie prominent . S ic ^. a ,*° c i >S v 'l 

businessman, fiir Ian Potter, p®? * lth „ Sir lan H aTld 

and by the start of this month £ eter . as * , d ' rector - 

bad built up a stake of just Jneoritinental until last year 

under 19 per cent. IEL launched J usl 07CT 20 P er cent o f the 
an offer of AS2.50 a share 'lor capital but sold 5 per cent to 
50 per cent of each remaining ioterests associated with Sir Ian 
holding, which would have, an <* 5 P® r cent to TNT. 
given it about R0 per cent of . Earlier this year Tricontinental 
Men wraith's capital for around received a SA6.35m or 5A2.43 
A$12m. - a share cash bid from Torenia 

Shareholders could offer- a Holdings, whose promoters are 
greater proportion of their hold- also major shareholders in 
mg if they desired. The board Trj continental, 
of McH wraith rejected the offer . The Tricontinental board has 
as. vfholly unacceptable 'and already recommended accept- 
below the underlying value 1 of anee of the Torenia bid, which 
the shares. They also said that they described as a “ modest dis- 
bolders of more than 50. per. count ” on the stated asset back- 
cent of the capital would not ihg of A$2.9S a share. IEL has 
accept . ' . now decided to offer AS2.55 a 

It has since been disclosed.that share, which if successful would 
Thomas Nationwide Transport, give it just over 10 per cent 


SYDNEY, August 21 

more of Mcllwraith and take its 
holding to about 30 per cent 
compared with close to 40 per 
cent ranged against it in the 
current board’s camp. 

The IEL directors said they 
considered the main attraction 
of Tricontinental was its remain- 
ing Mcllwraith holding which 
bad been described as a long 
range holding, and asked for an 
assurance that this stake was 
not already subject to any com- 
mitment. understanding or 
arrangement to any other person 
arising out of the Torenia offer 
or otherwise. 

The Tricontinental offer will 
be unconditional because IEL 
considers that the major share- 
holders who are also promoters 
of Torenia are unlikely to 
accept. This would therefore 
not frustrate those other Tri- 
continental holders wishing to 
sell. 

McU wraith's partial bid has 
been lifted from AS2.50 a share 
to AS3.00. The formal docu- 
ments will be sent out around 
September 11 at which time IEL 
also expects to announce details 
of a capital reconstruction for 
Mcriwraifh forecast when the 
initial offer was announced. 


Norwegian shipping groups optimistic 


BY FAY G JESTER 
TWO LEADING Norwegian 
shipping groups have reported 
satisfactory operating results, 
during the first half of 1978, and 
both are relatively optimistic 
about the rest of the year. 

Wilh. Wilhelmsmen, Norway’s 
largest shipping concern, says 
total 1978 operating profits, In- 
cluding financial incomes, but- 
tle fore interest and depreciation, 
are likely to reach Nkr 400m. 
compared with Nkr 334JSm la 
1977. However capital input this 
year is higher than in 1977,. so 
the return on capital will be 
about the same as last year.- 
Financial Income is expected, to 
be “significant," as It was last 
year, and the ent profits of the 
various shipping companies in 
the group will be Uttle changed. 

Though most of Wllheltnsen’s 


fleet, numbering some 60 vessels, per cent higher than budget 
are still employed, the company.: forecasts. Four liner vessels 
expects the world tanker- sur-- Were sold in the period, and a 
plus to last for several years- further three have been sold for 
yet, and in consequence -sold hand-over before the end of this 
two ships (Templar and Xureo- year as part of a programme to 
man) during the half year. v Xt modernise the liner fleet, 
was also obliged to lay up two. The other shipping group, 
of its VLCCs, the Tartar and SIg. Bergeson d.y. and Co, 
Tabriz. '^reports an increase in liquidity 

During a brief upswing m-mnk-^nd increased financial earnings, 
market rates, otherwise weak -which are expected more or less 
this year, the group fixed a to offset lower profits by one of 
couple of Its ships at the better the group's companies, Slgmalm. 
rate, and succeeded In staling- Unchanged profits are foreseen 
a 63,000 ton bulker, Takachiho. . for the other companies, pro- 
In the offshore sector, all. the. vided there are no drastic 
group's rigs were continuously- changes in the foreign exchange 
employed, and earnings by Its values, 

supP 1 ? vess £i® The group has negotiated 

higher than expected- The lmer . delivery delays for several ships 
trade shows varying results,; but It has on order, including two 
overall profits were about .15 330.000 ton d.w. tankers to be 


OSLO, August 2L 

built by Mitsui of Japan. These 
will now be delivered in the 
first half of 19S0 and the first 
half of 1981, instead of 
December 1979 and August 19S0 
as originally agreed. A 75.000 
cubic metre gas tanker ordered 
from a Finnish yard will be 
delivered in the third quarter of 
1979 instead of 1978. 

Bergesen has also taken over 
the contracts for two other gas 
tankers, originally ordered by 
Fearnley and Eger, and due for 
delivery at the end of 1978 and 
in the second quarter of 1979. 
It now foresees that all three 
shins will have to be laid up for 
a time after delivery, in view of 
poor market prospects, but since 
two of Them are already started, 
only the third will be laid up for 
owners' accounts. 


Ml 

STHAIPHT5 

Alcan Australia Ure MM TO 

Ail XV sac 1SST Ml 

AWnlto Ripe isre 83* 

AnnraUan M- * 5. Slue <S3 Ml 
Barclays Bank Rise 1992 ... 95* 

Powstter lip e n»S 88* 

' Cm. N. Rattvnr Hpc 1WB TO 

Credit National Rim: 1*96... 87 

Denmark Pipe 1984 BSi 

. ECS 8pc 1889 W* 

fcs rm 951 

-EIB RIM 108? 8U 

RM1 MDC 1088 Aft 

Ericsson 8jpc 1889 B7*- 

Easo SDC 19SR No*. 88 

Cr. Lakes Paper Rfpc l!g4 88* 

' Ham era! oy tipc rot JH| 

Hydro Quebec Spc 1993 M 871 

- TCI Sine 1387 _ 95* 

1SE Canada Hk 1888 .... VOk 
Macmillan BbwMl 9 Etc MS? 97» 
MMH7 Ffmaon 9iPC VI 98 

Mlchrtte flips 1888 .., 89* 

MWIWKI lot. Fin. MtK VI 07* 
National Coal Bd. sue 1887 »i 
' National Wstmnstr. 8oc F8 JMi 
Natl watmtutr mWB 1 ioi* 
Newfoundland foe 1080 ... i» 
Nordic lay. Bank fitpo 198* *7| 
Nonas Kom. Bk. Sipc 1892 K*- 

Nat-ftipe Pipe 1088 M* 

Norsk Hydro Mpe J092 « 

Oslo I*DC 1888 .. . 89* 

torin AKtanonwo 8oc M9l 88 . 

.Prov. Oucbre tec 3918 08." - 

Prov Saskartftwn. fllpe *88 BY* . 
RwU iBWrmUoual 9pc 1937 9S* 

RRU tec 19K 93* 

S«ircoon Tatar s(ac 1*98.. - 01* 
Snoll Jntl. Fin. RIM 1998-. 9Sf 
- Skond FnskiWa tec 199l.„ PS* 

SKF tec IRW *» 

.SKrdrn (X'doml Ripe 1887 « 
-CnliM Blaroifo tec 1980 .. :fTl 
tColva 8pc 1997 March — « M . 

*£utrma 7Jpc 18S4 ...mn, 8a* 

yfi«U .Canada. 7ipc. 199Z.».. m- 
Br. Cmmobta Hard. 7*j>c ■SS «S| ; 


Offer 

.« 

84* 
BH • 
954 - 
» ■■ 
« 
971 
» 

JOB " 

‘ 8*4 

97 

80* 

» 

m 

n 

»u 

*8 

K* 

W 

09 

9Sf 

US 

.» 

Mi 

Ult 

UCI 

m 

» 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


1W* 

M 

*44 

te 

04* 

M 

9» 

98 

09* 

93* 

03* 

m 

. 04* 

04 

Mi 

04* 


Bid 

CWL Pat Elpc 19S4 

Dew OwnUral .tec ... Mi 

ECS 7*K 1BC2 M 

ECS 8i«c 1888 - W* 

EEC 32PC.198? W* 

E8C 7fec MM W 

Enao Cmstii Sloe 1984 - 
GMswafoen Ttec 188? 

Kocknms tec 1889 

WWartta SiM MW 

Montreal Urban gjpc 1951 BW 
New Bruuawleh Spc 
Now Bruns. Prar. SJV '98 JJ, 
New Znbod R*pc 1988 .. J3* 

Nortle mv. Bk. 7lpc 1W4 9* 

NorsJc Hydro 72pc 190 - 

Jfonrar 7*pe i«a — 

Ontario Srdro koc 1887 ... Ml 

glMwr ?tec 188S ” 

S. at Scut. -Elec. «pc lMl ® 
Sweden fKMom) 7»pc M« 
Swedish Sate Co. 71 pc 'M ^ 
Te&mx live 1BB4 
Tenneeo 7|pe »97 Mte - 

VUKSWBSte 7 (m MW 

STERLING BONDS M 
fitted Bmrcriea IMBC ^0 g* 
CUkorn Iter lfiM - — — - S* 
Court* olds 9 Ipc 1088 — M. 

ECS Mnc 1988 

ETB 9IK W® “as v* 

Finance for ind. mnc }M7 Si 
Finance for lad. ibbc **> 
Flams Mine 1097.- "* 

Gmeincr Use MS 

ROWWree I9*JK MM 

Sear* i0*pe tB« S 

TWal OU tepe MM 
DM BONDS _ ^ »«• 

Aslan Dc*. P«* 1888 2» 

BNPE 8AM UM *« 


tRfor 

■■ 08* 
t .88 . 

5 s 

MU 

E* 

-!8H. 

*6 ' 

-84*. 

W 

.m 


m 


^ *** 

Canada 45pc 18M »7j 

Pen NorsJte Ind. Bit. Sue VO Hi 
P«2Ua« Bank 4!pc 18S3 .. 97 

EM 5} pc 1908 95 

S*DC 3880 92* 

Ktt AAttWilM SJPC 1988 _ 93 

Enntmn 3SpC 1937 — . «» 

pnUBd 3{pc 1P38 94* 

Koramarit* 5lpo 1990 04* 

«fixtan tec MSS 85* 

Nnrcem sipc 1988 9fl 

Norway 4Jpe 1H3 082 

Norway 4|pc 1993 H2 

PK Bankri) 5|pc 1988 ...... 95 

Prw. Qsebec tec 1993 HI 

Ttanarnufckl 5 Idc UK as* 

Spain tec 1938 85 

Trondheim 52 k IKS Mi 

TVO Power Co. tec UK... W 

Y«nemoti tec U88 94* 

Wptid Bank 5toc 1090 — Hi 


SS§- PUJATINC RATE NOTES 
Bank of Tokyo 1884 *4pe — 

. BFCJ3 1804 »DC 

BNP 1983 8i»K 


oS 

2S* 

'22 

f 

.80* 

s 

M 

22 

•b 


BOB Works IMS 9oc 
CCF UW flinc . 


Chase Manttna. *91 95 »k 

cnxutanstall 1984 8*M 

pc Bank hr tec 

CEB 1981 MIMK 

Inti. Wenmumer .1984 8uc 

Lfoyds HE! .8 0i6 dc 

LTCB un tec 

Midland Ini. FB w 80UPC 
Midland foe. F5 *B 9’niX- 
Nat. wsmdostr. VO BStspc 

onh ran 9inc 

ENCF 1995 SSiipc — _ 

stand, and ' Cfacrd. •gt Ktoc 


00 


9&1 

98 
831 
99* 
90* 
084 
99* 
99* 

% 

m 

991 

99 


Offer 

as* 

w 

K 

93 

851 

M 

07* 

95* 

951 

*4 

07 

80* 

Hi 

06 

87| 

M* 

« 

m 

K 

>3) 

97* 


0W 

09* 

1W 

mi 

Ml 

Hi 

9M 

UH 

108i 

89* 

10U 

894 

«S 

TO 

99k 

1TO 

09* 

991 


CONVERTIBLES 
American Express 4*nc W 

Bah rock 3t Vrilcox Tpc ■« 
Beatrice Food* 4 }pc 19K . 
Beatrice Foods 4lp= 1891... 

Bwehun SJx 1882 

Burden 5pc 109! _ 

Broarhrar Hale <fpc 19S7„ 

Camarinn <?C 3W»T 

Cb***wn 5pr 1SS3 

pair 4tK raw .. .. 

Eastman Kodak 42PC 19SR 
Eraimole Labs, tine UB7 

FtresTorv 5pe I9S8 

Fort 5K 10M . 

General Elceoie 41 pc 1087 

GiBetle 4|pr 1997 

Gfloid 3W !9S7 

Gtdf and Wesrerc 5pc 1BS8 

Harris spc 1992 

BmeyweB tec 198* 

1CI Stac 

INA flpc 1097 

laehcne fiftw BK 

ITT 4 foe HOT 

JSSes 5 k BO — 


Bid Offer 


Scarce: White Weld SecariOw. 


KOnutn 7foe 1POT 

J. Bay UcDmMif 4It»c W 
Maunshlu dine UM ...«. 

MJfonl 7 (k 1890 

4. P. Mortnm 4 »k Wt „ 

Nabisco S*ac 

Owen* Tthnoto 4ioc TM7 _ 
J, C. P e nn ey 4 !k US7 _ 

Roe ton 4 foe low 

Reynolds a pc I9S9„ 

sandrifo use was 

Somv Rand 4}w HS7 _ — 
Scott* «pe 1997 — — 

Texaco 4*pr W» . 
Team-ToL Ah-. 71 k 188s ... 
TosWh* l»M 

Tv Co. tee »s* 

Ti Co «*K »« 

Union Carbide 4ipc 1982 _ 
Wan Lambert «oc ran 
Warner Lambert OK USB 

Xerox tec 1088 

. Scmreer Itiddcc Ptahody 


K» 

317* 

80 
1!2J 
110 * 

99 
78 

rn 

S3 
SS* 

78 
T0 
83* 

ES 
87 
123* 

09 
218 
B 
95 
93 
MB* 

78 
134* 

2402 
145* 

ITO 
134 
101 
ins* 

125* 

75 
143 
87 
lie 
TO 
E3 

re 
99 

239 

75! 

Mi 
«B 
. TO 
77* 

78* 

Securities. 


84 

1191 

200 * 

•14 

111 * 

Mi 

77* 

79 

13i* 

TO 

K 

re 

80* 

<r. 

852 

SSi 

12 » 

91* 

230 

SS* 

95 

1»H 

110 

80* 

135* 

141* 

147* 

1912 

JSS 

102* 

103 

m 

77* 

1TO 

SSI 

US 

10n 

Mi 

80* 

100 

rrr 

77 
2041 

912 

sa 

re 

78 


AUof tiidso B^riUes havebeen sold, Tteef^ouii&meid appears as a vuittcr of record only. 


NEW ISSUE 


Au£usf21,197S 


U.S. $30,000,000 

Coca-Cola Bottling of New York Finance 

6%% Convertible Subordinated Debentures Due 1993 

Convertible Into Shares of Common Stock of, and Guaranteed oa a Subordinated Basis as to 
Payment of Principal, Premium, if any, and Interest by. 

The Coca-Cola Bottling Company of 

New Yirk, Inc. 


Birth Eastman Dillon. & Co. 

IwMnratliiftal 


Ban one Bruxelles Lambert S JL 
J. Henry Schroder Wagg & Co. 

Undtad 


Banque de ITndochine et de Suez 
Swiss Bank Corporation (Overseas) 

Limited 


Westdeutsche Landesbank Girozentrale 

Algemene Bank Nederland N.'C A. E. Ames Sc Co. Amex Bank Amsterdsm-Roti erdam Bank N.Y ArnholdsndS.BIeichroeder.Ine. 
BacheHalacy Stuart Shields Banca. Commercial o Italiana Banca del GolLardo Bank of America Inlemational 

IWHnlM UjtduiL 

Bank Jnlins Baer International The Bank of Bermnda Bank Gotzvriller, Knrz, Bongcner (Overseas) Bank of Helsinki Ltd. 

LhttM LtalMd Ualn4 

Bank Len International Ltd. Bank Mees & Hope NV Bankers Trust International Banqae Franpiise da Commerce IMeriear 

Unlud . . 

Eatujne International e a Laxembocrg SA- 


Banque Nationale de Paris 
Banque de Paris et des Pnys-Bas (Suisse) SA. 


Banque, G£n£xnle du Luxembourg S A. 

Banque de Neuflize, Sehlmnbezger, Mallet Banque de Paris et des Pays- Baa 

Banque Populalre Stnse S^A. Luxembourg Banque Ro t hsc h ild 

Banque de ITTnion Europeeone Banque Worms Barclays Ba nk In ternational 

EayerLsche Hypotheken- und Wechsel-Bank Bayerische Landesbank Berliner Handels- nnd Frankfurter Bank 

Girozentrale 

Caisse Cenlrele des Banqnes Populaires - Caisse des DdpOis et Consignations James Capel A Co. Cazenove&Co. 

Christiania Bank og Ereditkasse Citicorp International Group 


Banqne de la Socidte Financi&ra Eoropeenne 

6.F. tCmop 

Baring Brothers & Co- 

Uatlmi 


Chemical Bank International 

U»Ma4 

Comuagniide Banque etdlnvcEtiseenunts Compagnia Mondgasque de Banqoe . Continental Illinois 

OTuhnnfctn) SJL 4 ... limltnl 

Credit Commercial de France Credit Industrie! (F Alsace et de Lorraine Credit In dustriel et Commercial 


CrddltduNord Credit Sxdsse White Weld 

Den norske Creditbank 


Creditanstalt— Bankvcrcin Daiwa Europe N.Y 

Dillon, Bead Overseas Corporation 


DGBANK . 

BiJmI. Cmn«rt«Miinl 


. Deutsche Girozentrale 
—Deutsche Kommunalbank— 

Drexcl Burnham leanbert EurogeBtS.pA. Earomobiliare S.juA. 

iBcHpamitd Compagnia Eoropealntermobilisre 

First Bavarian Capital Corporation. First Boston (Europe) Robert Bleatin g & Co. 

Girozentrale und Bank der feterrejchischen Sparkaasen 

AkteroKlbduIt 

HamhrosBank 
IBJ International 

Ltaim) 

Xr Ai tkeq 


Chase Manhattan 

LU(4 

Commerzbank 
County Bank 

urtii 

Credit Lyonnais 
Den Danske Bank 
Dresdner Bank 

lUlmrilwm 


European Banking Company 

Luallcd 


Finacor 


Antony Gibbs Holdings Ltd. 

Greenshields Gruupement des Banquiears Privfe Genevois 

luHvmtd 

ffill Samuel & Co. Hoare Govett Ltd. E. E Hutton &CO.N.Y 

H-H -l 

ktitnto Bascario San Paolo di Torino Bidder, Peabody International 

Klein wort, Benson Kredietbank N.Y Krediethank SA.Lnxembonrgeoise 

I.HlVi 

Lazaxd Frferes et Cle Lazard Frires & Cow 

Manufacturers Hanover 
Merrill Lynch International ft Co. 


Gefip.a International 

Llmltd 

Goldman Sachs International Corp. 

Hessische Landesbank 
-Girozentrale- 
Istifuto Baacario Italiano 

Ejobenhavns Handelsbank 


Kuhn Loeb Lehman Brothers 

InunUaul 

Lloyds Bank International Loeb Rhoades, Hornb lower International 

JJmlNd JjjoIomI 

Marine Midland limited McLeod, Young, Weir International Merck, Finck £: Co. 

B. Metzlerseel. Sobn ft Co. Samuel Montagu & Co. Morgan Grenfell ft Co. 

.... LhaliHi Unhri 

Morgan Stanley International Nede rl ahdsche Middenstan dsbank N.Y. - Ned erlandse Credletbank N.Y Nesbitt, Thomson 


TheNikko Securities Co, (Europe) Ltd. 

SaL Oppenheim jr. & Cie. Orion Bank 


Nonmra E arope N.Ti 


PKbankcn 


Postipankki 


Salomon Brothers Interna tional 

JAM 

Smith Barney, Harris Upham ft Co. 

Inarpani^ 

Soddtd Gendrale de Banque SA. 


Norddeutsche Landesbank 
Girozentrale 

Paine Webber Jackson & Curtis Securities 

UaHcd 

N. M. Rothschild ft Sons 

luri 

Schroders & Chartered 


LImImI 

Okassn Securities Co, Ltd. 


Rothschild Bank AG 
Sanyo Securities Co, Ltd. 

Ufciimd 

Soaele Bancaire Barclays (Suisse) SA. Soddti Gdnerale 


Pierson, Heldring & Pierson N.Y 
Rowo & Pitman, Earst-Bnnra 
Skandin&viska Enskilda Eankeu 
Soti£t6 Gen £ rale Alsucieune deBanquB 


Sofias S.pA 


Sparb an k erna s Bank 


Strauss, Tuxnbcll & Co. 


Union Bank of Norway Ltd. 
S. €L Warburg & Co. Ltd. 


Union Bank of Switzerland (Securities) 

I4>M 1 

Dean Witter Reynolds I nt ernational, Ine. 


Sv ensk a Handelsbankeu 
J.Yontobel & Co. 


Yereins^ und Westbank 
Wood Gundy Tamaichi International (Europe) 

Und ttd Um!u4 


This announcement appears as a matter of record only. 

$500,000,000 

Revolving Credit/Term Financing 



Agent Bank 


MANUFACTURERS HANOVER TRUST COMPANY 


The following banks have participated’ 


Manufacturers Hanover Trust Company 

Citibank, N A 

Bank of Montreal 

Crocker National Bank 

Security Pacific National Bank 

Mellon Bank N A 

The First Pennsylvania Bank, N A 

Northern Trust Company 

Morgan Guaranty Trust Company of N.Y. 

National Bank of Westchester 

United California Bank 

Banco di Roma 

Credit Lyonnais 

First National Bank In St Louis 

Mercantile National Bank at Dallas 

Pittsburgh National Bank 


Chemical Bank 

Bank of America N.7. & S.A. 

The Chase Manhattan Bank (NA) 

Bankers Trust Company 
Marine Midland Bank 
The Bank of Calif omia, NA 

Girard Bank 

Golden State Sanws Bank 
National Bank of North America 
Seattie-firet National Bank 
Wells Fargo Bank, NA 
^Que Nationaie de Paris 

Credit Suisse 

Hartford National Bank and Trust Company 
Micflantfc National Bank 
Swiss Bank Corporation 





Financial Times Tuesday August 22 1978 






Wall St. loss in reduced trade 


Indices 

HEW YORK-pow Joras 


, 0 i:lil 




INVESTMENT DOLLAR 
PREMIUM 

$2.60 to ft— 10H%- («{%) 


Effective SL9S85-49J% (49} %) 
A SLIGHTLY EASIER tendency 
prevailed on Wall Street yester- 
day morning in reduced activity 
as investors digested credit 
tightening moves to support the 
dollar. 

The Dow Jones Industrial 
Average was a marginal O.S2 down 
a; S‘)f>.31 at 1 pm, while the 
NYSE Ail Common Index slipped 
9 cents to 353.97 and declines out- 
numbered gains by an eight- to- 


led the acUres list but were 
unchanged at $18} — the company, 
together with the tyre industry in 
general, were the subject or a 
Press report. Firestone Tire 
eased } to 812j in active trading. 

Northern Natural Gas were 
unaltered at S35j— a 178300 share 
block changed hands at $35}. 
Active Household Finance dipped 
} to S20}— -a 121,900 share block 
was traded at $ 20 }. 

Texaco picked Up i to 826} on 
Friday, the company said it tested 
gas from a second zone in its 
Baltimore Canyon well. 


Canada 


mm gained 1} to S295J and 
Marshall Field 1} to $23 L while 
Playboy, which reported a fiscal 
fourth-quarter profit after a year 
ago loss, added | at $24. Areata 
National, which has wou a SI 00m 
contract. rose $1 to $26. 

Mead put on | to $32}— Occi- 
dental Petroleum has filed with 
the Securities and Exchange Com- 
mission for its proposed offer 
to exchange Occidental Preferred 
stock for illead Common and Pre- 
ferred. Last week. Mead rejested 
the bid. Occidental picked up } 
to $22}. 

THE AMERICAN SE Market Value 
Index, however, improved 0.27 
further to 164.79 in fairly active 
trading. Volume 2.48m shares 
(3J»tn). 

Active Amdahl jumped 2} to 
S50f and Nolex rose $1 to 86}. 
Tenney Engineering gained f to 
$3} after a late start due to an 
order imbalance. 

Instrument Systems again Jed 
the active list but were unchanged 
at $13- Golden Nugget rose 2 to 
830} and Midland Glass 2} to $1& 


Closing prices and market 
reports were not available 
for this edition. 


five margin. Trading volume con- 
tracted to 19.09m shares from 
last Friday's 1 pm figure of 


The Federal Reserve on Friday 
raided the Discount Rate, the rate 
at which u lends to member 
banks, by half a point to 7} per 
cent. It also boosted the Federal 
Funds Rate, at which member 
banks borrow from each other, 
to an apparent 8} per cent fro V 
7». 

Money market analysts said a 
further boost In the Fed Funds 
Rate is possible. Some stock 
market analysts also pointed out 
that the market has climbed 
steeply from early July and some 
consolidation of the gains is In 
order. 

Goodyear Tire and Rubber 


Mixed movements were records! 
at mid-session yesterday after 
moderate activity. The Toronto 
Composite Index eased 1.4 to 
L237.Q at noon, white Golds 
declined 5.4 to 1 . 513 . 6 . Oils and 
Gas 2.0 t« 1,609.5 and Utilities 0.23 
to 189.03. However. Metals and 
.Minerals put on 1-8 to UH2.5, 
Banks 0-33 to 290.SS and Papers 
0.16 to 13L86- 

Afro “A* fedd 1} to C$183 — 
the company reported first-quarter 
net profits of C82.4m, incorporat- 
ing Thomson Industries for the 
first time, against $C2.am a year 


lation about a possible merger 
between them. All three com- 
panies. however, have denied 
rumours of plans tor a possible 
mercer. 

MAN Closed up 4 at DM 213 - 50 , 
GHK climbed 2.80 to DM 222 and 
Volkswagen advanced 4-8(1 to a 
new high for the year of 
DM 230M. 

Among Chemicals, Scheming 
rose DM 7.30 and Hoechst firmed 
DM 1.70, while in Steels. Hncscb 
gained DM 1.40. Deutsche Bank 
put on DM L40. 

The Stores sector was the only 
exception to the firm tread, with 
Kanfhof losing DM 2. 


Transcaneda Pipe, the second 
most active Industrial, wen? un- 
changed at C$17. Dome Petroleum 
said it has %cnuired Cauadiftn 
Pacific Investment’s Transcanada 

shares. 


Public Authority Bonds shed up 
tn 30 pfennigs, while the Regular 
ing Authorities bought a nominal 
DM 3m of paper, cornua red with 
DM 18.8m last Friday. Mark 
Foreign Loans were mixed. 


There was substantial selling of 
property shares, which spear- 
headed the recent advance, and 
also Blue Chips. 

Among market leaders, Hong- 
kong Bank fell SO cents to 
HKS21.40. Hongkong Land 40 cents 
to HKS12.40, Hutchison 25 cents 
to KKS6.75, Jardines 60 cents to 
HKSJ7.70 and Swire Pacific 75 
cents to HKS9.65. Wheelock 
Mardcu lost 13 cents to HKS3 jb 75 
despite higher profits being 
announced last Friday. 

Hang Seng Bank receded HKS9 
to HK$172 following interim 
results, while among Properties, 
UK and Kowloon Wharf lost 
HKS2 to HKS36 and the Warrants 
HKSS to HKS110. Cheung -Kong 


Paris 

After a slightly lower opening; 
the market recovered somewhat 
on institutional intervention to 
finish narrowly mixed following a 
quiet session. I 

Among shares which managed: 
to record gains were Bamadre, 
UCB, Location, Richer, LJHT, 
Crensot Chirrs. Denam. Marine, 
BP. Bouygnes Phenfx, Nobel, CM- 
Industrie, UTA and Navigation 
Mixta. ‘ .i 


hvWrM J asassf 880.18. 

irfc.Bw mJ 684,1 aM H ~ 

1 m**- J Ml HM wH H %% Wti 

Bffltttau-.. 1B6.8B 106.87 IBfcTI WftJ&lW^ W«] ]§)& 


«C- A jf‘ A w t ' | A to'| ^ g ' High uw High Aw 

l&jJ 880.19 88«J8a7.1B|«M-” *»*“ ? §j§ (ffiJnS (fiSj 

• J tui md M «■*> Sa " * 


Tradina to!.! ___ 

, 0)0*4 I 34.660 


1 .1 
df* 1 


i 56,14$ W 
I - I 


110 ft VS.M 168.52 j. HL58 


HK?I to HKS1L20. Swire Proper- 
ties 30 cents to HK$4.40 and Tal 


Cheung 17.5 cents to HKSZ275, 
but New World rose 7.5 cents to 
HKKJ5. 


Germany 


Hong Kong 


Share prices gained fresh 
ground in active trading, lifting 
the Commerzbank index 5J3 more 
to S23.4, its highest level far eight 
years. However, the index still 
lies far below Its best point ever, 
which was 1.031.9. reached in 
September, 1960. The index has 
fluctuated widely in the last 
eight, years, touching a low point 
of 520 in October, 1974. 

Brokers said the further up- 
ward move followed the rise of 
the dollar on foreign exchange 
markets and was s uppor ted by 
continued climbs in GHH, MAN 
and Volkswagen shares on specu- 


After last week’s strong use, 
the market came back sharply 
on profit-taking, although prices 
became steadier towards the close. 
Turnover on the four exchanges 
amounted to a heavy HKS32L13m, 
but was below last Friday’s level 
of HK$41(M)lm. 

Last week's upsurge was partly 
fuelled by speculative interest in 
Hongkong and Kowloon Wharf, 
and the lack of any announcement 
from the company was a factor in 
yesterday’s widespread retreat. 
Some dealers added that expecta- 
tions of a rise in domestic interest 
rates following the US. Discount 
Rate rise also depressed sentiment 


Tokyo 


Encouraged by the dollar's re- 
covery against the yen on foreign 
exchange markets, stock prices 
were inclined to improve yester- 
day, but trading was very slow. 
The Nlkkei-Dow Jones Average 
finished 27.77 higher at 3,51333. 
while turnover came to 150m 
shares compared with last Friday’s 
170m. 


NEW YORK 


1 Aui:. 1 Aus. 
1 18 I 17 


Aug. j Au*. 
18 17 


Ana- An*. 
18 17 


Abtott Lata- — 
A-jdmfogmph ...i 
AMn Lite A C«a) 

Air Pnxiurti 

AA «oA hrau ilium’ 

AJco*. — I 

Allejf. Lad In m ...j 
AlZep&rai' Power 
Allio) Ubenusvl.l 

All lot Mono. 

Alilo Chxlmera.... 

AM.VX 

A men. in 0es*-..| 
Amer. Airline*.. 
Anirr, Brands.... 
Amer. tfruerti-asi. 

Amer. Uan 

Amir. Uvunmnin 
Amer. Diet. J'el.. 
Amer. Klet.Pvir 
Amor. Kxprem... 
A mer.Home Pral 
Amer. Medical ... 
Amer. ilitun .... 
Amer. Nil. Gm,. 
Amur. diaonaru.. 

Amer. .Stores 

Amer. lei. A Tel. 

Amcteb ... 

AMP 

A UP ..... 

Ampei 

Arii-lmr Hot kinn. 
Aohcaser Bosch.. 
Amro Steel 

UjL — 

A miners 01L__ 

Amrco 

Aib iaml Oil 

Ail. JuehfiekU..- 
Au» Data Pro....) 

A VC ... 

Arco * 

Aron Products...; 
Balt. G&- Eleut... • 
Bunk America....' 
U* often Tr. K.T.' 

Barber Oil- 

Baiter Traveoor.i 
lie* trice Fnnrt 
BeotonD lekenaea i 

Ben * Hnirell 1 

Bemtix — 

Be [l cue! C»ni» *B'! 
Beihielioni Sreei.. 
Black It Deck*... 

Br«in« ' 

Ifciioe Cam-le..... 

Bwiten 

Bore Warner 1 

Brnniff Int 

Bra -am *A’ 

Bn«o: Uym 


Ojrn in*; G tar. 64 

L'Pt-’Int'm'i iuna 61 

Crane 33U 

era-ken Sat 4&>i 

Crown 2c> njHm-ii 3712 
Cummin* Knginc, 20 ‘ i 
Cartia* Wni*bl— i \7 , 4 


l ltn a 

■ 37lg 
1 275* 

I A6>2 

407* 

291* 

17i 8 

Gls* 

62i< 

427* 

521* 

35i a 

235* 

59U 

Alii 

2B5* 

6 

451« 

Bi 

±13i 

ns 

17i* 

31 

271* 

331* 

2ST 3 

185* 

; I6a« 

1 38 

i 621* 

341* 

: 12»* 
33S t 
! 607* 

I 

! 285* 
i 37 U 
: 261. 

■ 49 5a 
267* 

I 39 >« 

I 215* 

; 

i 5 
! 24M 
| 20 5* 

! 71 
' 315« 

I a95* 

I 327* 
i I6»a 
; 154 
• 354 


Dana— 

IMrt ln>tu*tne«.. 

Deere 

Del M.mte 

IWirnii 

Uemsply Inter... 
Uermlr Blixm... 
DumeMhi -lieinri 
Di-lapliiini- 

Liititit k'liulj 

Ulsnev (Wilt). ... 

Uni er Ciirrm 

LK-nr Cbesnl.-M.... 

Dravu....._ 

Dm»ei .............. 

Du|mni_... 

Kas-e HI -her 

East Airlines 

UMtinsn Ku>lak.. 
Baton — 


Banrilla.-J 
Jiihnam Jnhm>?nj 
J.ibnann Control.! 
lnyU<uui*a-tur’£ 
kL Mur Coni-.... 
Kaleer.t lumlm'm 
Kiim IfiilnttriM 

Kaiser Steel. 

Kay 

Kenneiitt 

Kerr M 

Kim Ip Walter..... 
Kimberly Clerk.. 

k».>pt«a— 

knitt 

Kmuer Gq. 

Lsirnt Trans- 

IxrVl 5tmiiw„- 

Ut.hy Ow.Kiol.. 


Kevlon — J 

KeycoVdi Metalel 

HeyooMa 1L J. 
Btch'eon Merrell. 

Rockwell Inter 

Kobm A J 


678* 681* 

a34 33i« 

687* 694 

294 391, 

564 351* 

334 35 1* 


I 

Wnnla-nrth 1 

’S 'i 1 

Zapua — 1 

Zeuitfa Ba>!lo ..I 

. L’Ji.Trwi* t% Law 
( l»SJ Trea**l 576^6) 
U.3. 90 *tay bflU.] 


Ante. ! Aut- 
IS | 17 


ttnyal Dutch ...... 

KTK 

Hum Loe>~ 

Ky.Ve< c'ysfem 
aateway suite-... 
st. Joe MmeraU. 
si. hotv 
santa re ln<in..„J 

Sam Invest— 

Saxon ln>ie — 

Scbliu Brevrmc-4 

sctilunil*)iner I 

sCAl i 


207* ; 21 
45* f 4 7* 
614 i 62L* 
173* • 174 
184 l&ls 
f95 1 f94fi 

tsii* t«n* 
7.27 Jj 7.17i 


CANADA 


K. (J. A U —I 

hi Paso Nat. iia. I 

Kltta 1 

Emerson Knairid 
Emeit AirFr’iabt 
Km.arl— 


Enceihard.... ' 

Cwmark. .—...—.I 

Kehy i ............... 

Exxon .1 

Kaiidiiut Camera! 
Fed- Depi. Stoceal 
Firestone Tire..- 
Pat. .Nil UosIod.I 
Kiexi Van i 

r'.iDtltote \ 

Florida Power.... i 
Fluor... —I 


Lirr»ip . 

LiflV |E'1| 

L'llon lu'iirL ! 

LckbeeiiAirci'n 
4<ne alar Imlur. 
4>dc l-uui'l Ltd. 
4analana land... 
Lu'.'rir u) ............. 

Lucky >uire»— — 
L’ae ITuujt'l'an. 
ALicHiiiaa 

11a ir\ K. U 

Mu*. Hanover 

.ilipn.......... 

Ur. rs rlu iii Oil — 
Manm: M:diami. 
.Uanhall Field — .1 


sorm Paper—.. 

stovil Miu 

9cu .de- DuaUv 


Alnhhi l*spei | 

Acm.o Bail* ! 

AfcanA .um Inlmnl 

A'^orat 3U*i 1 

Aabestor ^..1 

Bank of Mootmi! 
Bank krnmsintiai 
Baal.- KearauersJ 


Ben le*phont_.j 
Bow Valiev lr >1 j 


Mav Dei it. store* 

MCA... — 

•M. UernKdi. 

M.-Dunoen lAsi- 
M.GrRW Bill..-. 

Ueunnex 

Merck 

Herns- Lyni-h.... 
3Iem ftlnncum 

MU 11 '■ 

lllDQ Mlrtu & SlIX 

UuUi Ci.iv 

MullsailUh..— 

lidiynn J. P_. 

l!<.4onHk 

MuritlV On.—. 

.Nabiscv.- 

Altai Cfaeuimii.i 
Anncna. Can | 


F.J1.C — 

Ponl Motor. -• 

Fite mini Mel....' 

Poxbora— .... 

r'niQU'ln Mint.. . 
kieeptM Minera. 
r rue ftauf . 
Faque lnd»- 


sea Contain er.—) 

^ mg ram — | 

srarie fti J).i J 

sear- Unebuck — 

shDCO..... — 

si jell Oil 

Shell Tianspcm... 

si*uai— —. 

si^msde Coni.— J 
simplicity M..i 

singer I 

smith Kline—. J 
soi it ibD-.. 
SdDIhlSoWU 

siMiUiemCal. hu. 

soulbcrn Co. 

sion. Not. J<*.— 
^ouifaei-n Pacilic. 
soutfaemKailway' 


c/PCanada — - 

draiom 

Brincn 

C«ieuy Power— 
Lamriow Mines— 
lonuin Cemeou. 
Canailn NW Leu. 
Can.Jmp.l3k Cnm 
Ca itaila IrtdUfct — 
Cm. <• _ 
Can. Pacific Inv. 
«.au. super oti— 
Carhni; O'Keete.- 
Caasiar Aabesua 


Bnt. Peu ADK...I 
Povkva.v (ileus..! 
Bruurwirk ...——[ 

Dui-ynia fine | 

KulinnWgii-h — i 
Biiriuigtcn Nihu. 

l*iim.>ri|fh 

CamplellSoup—.; 
taiiHilun Paciih.-.. 
(auaJ Itui'lplpLi.. 

i.araatam 

liurwrOs Ucnpra! 
Carter Hnw;ey>... 
t mci filler Tracts 

, 

Cnlaueie Coroii.. 
lent i si A i.lV....; 

lertunlia-rt 

Ci— on A item ii.. ‘ 
l :in-* Mniinatl.iii 
Ch>'ni<cai Bk. M - 
Ci..-*,l-:cb 1'i-sii . 
fliw-ie mm i in.. 
Cinrnc.' Bn-lKC.. 

CnrVMer. ’ 

l 

line. JliJuTi-ti... 

ClIICYp.. 

I UK- -ertfiec.... 
Cil»- IlilltUt,-. ; 

Ck-vebuvt Cl ill- ..i 

c«.h i .4* — 

l-HUalo 141m ' 

C.i iin^ Aiknvin.J 


U^.P. 

Oauneti .!■ 

Uen. Amer. Int..., 

U.A.T-\ 

lien. Cable. 

Ueii.Dynanui?...; 

Uen. Eieetr«a> ‘ 

lien. Fiodn— j 

General U..i. i 

lienera. Muuin...| 
Gen. Pnih Dill—.! 

(ieu. signal i 

Uen.Tei.£>«ei — ! 
Geo. Tyre....— .( 

Ueaewo 1 

lie»«r-ra pacifi- ...' 
Gi-tijr Oil..—.—.! 


fiiliette. 

G-widneD U. F.... 
(iioltin lire—..! 
li-Hl-l ............ ...J 

timer XV. U. , 

iirt.'.Xliaii I'nclcH, 
7ift. Aiirtu I mil.. 

tiie> Ik-llHt : 

Inin A 1V>.*ier(i...i 

<fiiii >>ii i 

ils.ilmrion ' 

Uaima Miiuruc...., 
Hhiuimj:' liter _... 

Ham* lorj.n i 

Hrln.- H. J I 

Heniilvin 


.4*1. Di-Ul ier*....f 
NaU servin' lo.-.i 

Slte'—J 

.Sslirua- | 

Srpumelnip— ... 

X-H En^urun El. 
,\e» Eni'ieiul'iei 

.Niagara Mohawk 

Niagara dUare— . 
>. Indurtne-.. 
Noil oik A Western 
.Niirtu N»L.G*'... 
Mnn.oiaiek Pwr 
Mliwe-t Airliue- 

>Uiwe*t Bancorp 

■Norton -'inn m.... 

1 ■a.-iiiCdtai Fciix. 1 
Ouiicy .Mather...] 

Ohio Eilisun — . 

O' in — — ) 


-nuthiamt^ _i 

j’ar’t Ban- liens- J 
sperrv Hutch— j 

•peirr llan-i 

Equip. 

Slant lari hlamU 
sbs.UuCa rii.nna 
Hi. On tfiifiena. 
:irL Oil Oh"i ..... 
riauil C'lienucai- 

'lerllils I’ruj 

aiu lei-aker 

'un Co.— — . 

suniKraivi — 

syniex — 

lecnnnu-or 

IcttiT-n s 

toieiyne 

leicx — 

leue>M~ — .. 


CsMlnil'lXtSiis 

l.enm.'U l‘ki...._ 

I'Olll.lnM iwil.lni' 
C 'i'ii ' ii-4«hi Ena. 
I ■•Ml Hl.lt. ‘II K{...' 
l"ii' - ii*ili lvii..in 

Ci:i , n’iiiOi:K*r. 

C'lnuii. sateii'ie. 

I . 'input i?rsi-ieiii-«- 
O'lin Life 

C< •:!(»'■ 

tV'P. Lli.iu N.V.' 

!'■ n«ni KmiK 

l/ 11 -r. Nnl.lin~... 

iViu-un.-r Power 

Cnittinontn Lrp. 1 
Conimenlai Oil.J 
Coniinentai Ten, 
IVmtnil rata...... I 

Civper Indus j 


lli-ii le Pni.-k.iiil.... 

ll. "I'lni Inn 

lluniCMBUe ' 

n-no.rueii j 

H.'ner i 

Hu* | “Ci ills Anieij 

II.HI.-ll-ll \sLUs. 

HihiIi I'li.AiClim! 
Ilmi-m iE.F.i - 

l.l. Imluslriee.. ' 

I XA ' 

l»i"* , ivii|l Kan<(...- 
Inlnn.1 /• feel. ’ 

lu*lk!ti MaI ., i 


iiieraeiii Shiok...' 

Uwuin- Corninc.-i 

i.iueiu liiDois 

I'm. lb.- Gas 
I'lu.-ilti.- Lqih'ii*;.. 

Pan Far. X l.i*..' 
Pan Am It - ntAuj 
Ikikrr Haruililn. 

Hwudy Inti J 

, Urn. Pit. i Li—.. 

I Penny J. C j 

i'l-iirmui... ...J 

Pliqiiif* Urn* | 

IVojile* link 

I t'epaicn. | 


I ctwn Pttrnieum 

Le-NHiv 

Cexa»guii. — 

Lena Eaatem. ... 

lexaa lust'd 

L'«xsa Oli & lin.. 
lexaa Utilities—. 
Limes Inv..— . 
Limek Mirror. — . 
Hmken— — 
Trane—— . 

Iranmnerna 

ISWCO. ... 

I tan? Lrnfun ' 

Imn-wav Intr'uJ 
trails Wnr-.i All 

tnreien. 

in Corulneutal -! 


Uuieftain — . 

Coiuiuci, — 

was. BaUium_. 
IxVj* rrmer N . 
Cureka Keaourw 
Ovuun— — , — . 
LMou Here i — — 
Uenihon Mines— 
Lknu Mine*—.. 
Dunie Petcioi-uni 
Doinniinn Bri.lut 

LK-mur — — 

I'llfKSIL — — 

FWiciki'j* Nicfce* 
Ford Jlr.ior Can.. 
OculRi 

Gmiii ValVao'ie i 
Git. I Oil CaiiM’la. 
tUwkersm.iaii. 

Hvmn*er 

Hi.-nn- Ui M* 

Hu .. hsi Bay .".III* 
Hiktwn Bay..—.: 
du I".dOisa Cat 
I.A.C. — 

I n/s »iii. 

inijenal On 

loco— 


LUW 

attblciiliiry rii.\ 

C-ll. 

CAKCO — ' 

Ui I ' 

Cniievei _ 

Unilever XV ■ 

Union Oancoriv.. 1 

Cmon Oarnide * 

CaiuD Uvmuwrcn 
CnkMiOn Calil...1 


Imbll 

lulaSu .Sal.L'ai. 
Im p.* Pipe Line 
ivaner Kescsirtc* 
Lsuti Pm. Cist.,. 
Lslhaw il »*n. ‘if. 
U'.-m.il'u Una* I-. 
Mst-ey Feguson. 

Mclmyre.. — 

Mrave Ciwpn 

51 outrun nsuteKi 
Nunu>t» Mme»... 
N'licen baiei*>... 
Xitm. Teieom ... 
NumacOil tc iiai 
Uik wtx>‘ Petri m 
I tV.-<ni'Ci>vpei U. 


Cninfl Pacific—..! 


Perktn Knncr.— 

•■in 

Pfizer. — 

Phe.io Ljaip.-— .. 
rinUuUM]'bia Ukv 

I'limp Moms ; 

Pin Iliya PctiNi'fti.' 

PnsLijry _| 

P'l nev th.we» — 

i ’’Inron. f 

P-raaey Lt>i AUK> 


1 KH ■ 

I nil. i'lmnip I 

(nil. Hariculer... 
Inti. Min A Clieiu! 
I mi. Mulriioniio..' 
Inar ! 


lull. l'a[«r J 


IPG 

Ini. I.'c>-tilier. l 

lot. lei. A Tel—.', 

low a Bcvl ' 

Hr International! 
Jim Walter— ; 


. i96.2S 
i s-bSi I 

! 404 

; 

1(J 3 
'■ 46>i 
| eel* 

! L35l 
324 
*94* 

J Ii'** 

! 33S* 


(Anatom i 

tutiHie.- Eiec I 

Pl\i Inuuslrivo-J 
Busier u*mh*.| 
Pub serve Elect. 
Punnian. ... 

I'rnti. 

(Juakci Oats | 

U|» ' Anier-cnn .i 

Ha it been — i 

KC A —I 

Kcpub.ir Steel— j 
Uesorta Inti— [ 


LininO'* 1 -,.. ; 

CniUkl Brands...., 
U ! BancoTp...— 1 

Us Gypsum I 

Us s line.. ! 

Ud — i 

IS lerDnui'^Hs.: 
UV ladu-irte*— .! 
Viruioia Elect— .. . 

H'*i"icwi 

»V aroer-Oonimn . 
Warner- Uuniiert .| 
VV tute-lUa'ncni i 

»yeH:--Lar^,.,_. J 

We tern Lkmcnn-' 
Western X. Amer 
VN a-iem Uounu-J 
We-tmebCe Kimj 


itacibcPeiroieumi 
Pan. Uan. LVPnr; 
Pat i do 

Peoyil«T Dew. s J 

e-BCt- Can. « in.. 
ISurrllctai <pmi 
(Aiwer CMvonl "n 
Price— 

4uete.; Stiucom 

tbuhier On — 

Keel itenhoo-*.. 

It‘b A. cure 

Ib.yai Bk. ot Can. 
liOva> TiU'1 1 


Wesriflo ’ 

eyerbaeuaer — .1 
vv ju p.vd 
WbitelVtft. Ind— J 

I William Co .. 

Wiv-onrln Elec t. J 


3 oplrT K'loure 
Eeacrama— . 

Shell (Janaata 

sherrln G.Mioee 
*i(Jksis O. G. 

Simpson — 

-breJ ol Canaria.. 

'teefi Uu k Iron.. 
Ltyia n Caoaiia ... 
Lnmmo Dom.Uk. 
(Van* Can Pi i eLo 
Trans Mrsini opr 
Lnza- 

Union tiaa — J 

Ubl.iuk.oe Miner; 
Wbker Hiram..— 


Weal CnaatTransI 
W eatou QCO......J 


r Bid. i mm * rrsoeo- 
• New Hack. 


EUROPEAN OPTIONS EXCHANGE 



* i\ 

«. [ 


. '*»■ i 

Fjiu ‘ 


10 i 4.80 



BASE LENDING RATES 


.4.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 °i\ 

Banco de Bilbao 10 % 

Bank t>f Credit & Croce. 10 % 




Bank of Cyprus 10 % 

Bunk of N.S.W 10 % 

Eanque Beige Ltd. ... 10 % 

Banque du Rhone 10{% 1 

Barclays Bank 10 % I 

Barnett Christie Ltd.... II ^ 
Bremar Holdings Ltd. 11 ^ 
BriL Bank of Mid. East 10 % 

l Brown Shipley 10 

Canada Perm' L Trust 10 % 
Capitol C & C Fin. Ltd. 10 % 

Cayzer Ltd. 10 % 

Cedar Holdings 10i% 

l Charterhouse Japhet... 10 % 

Choulartous 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 ^ 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 % 

DuDcau Lawrie 10 ^ 

Eagil Trust 10 % . 

English TransconL ... 11 ■ 

First Nat Fin. Corpn. 13 . 

First Nat Secs. Ltd. ... 12 % T 

! Antony Gibbs 10 % * 

Greyhound Guaranty... 10 % 

Grindlays Bank tlO % 

I Guinness Mahoo io % i 

i Hambros Bank 10 % e 


I Hi!) Samne] §20 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. nf Scot 10 % 

Keyset Ullmanu 10 % 

Knov/sley & Co. Lid.... 12 % 

Lloyds Bank 30 % 

London Mercantile ... JO % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

(Samuel Montagu ...... 10 % 

I Morgan Grenfell 10 % 

National Westminster 10 So 
Norwich General Trust 10 % 
P. S. Refson & Cu. ... 10 Sb 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. 11% 

Shoaley Trust jl % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bunk 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 10»% 
Williams & Glyn'g ... JO % 
Yorkshire Bank 10 % 


I Members of ihu Acccptina Houses 
CommjHrt. 

"-day dn>o»U 7-nonih dcs«»tM 
ilta- • 

7-day deposits on yarns «F £10.000 
ana under 61’ I. op la £23,606 Wa. 
and ovur I25.0D0 Si<^. 

Can depottu C¥?r n.ooo i-%. 

Dnfiand deposits 7*%. 


Export-related issues, such as 
Light Electricals, Motors and Pre- 
cision Machinery Manufacturers, 
advanced, helped by a general 
market belief that the US. Dis- 
count Rate rise to 7.75 per cent 
will help stabilise foreign ex- 
change markets, bnt some stocks 
subsequently reacted on profit- 
taking. 

Sony, the light Electrical 
leader, rose Y70 to YL62Q, with 
some Investors buying on news 
that the company and Prudential 
Insurance of America, are plan- 
ning to establish a joint unit in 
Japan. Honda Motor rose Y6 to 
Y523. Toyota Motor Y7 to Y855 
and Olympus Y42 to Y732. 

Public Works shares. Depart- 
ment Stores and some specula- 
Lives also closed higher, but Oils 
retreated on the dollar's appre- 
ciation, while recently selected 
Chemicals. Pharmaceuticals, Foods 
tended lower on balance on profit- 
taking. 

Toho moved ahead Y3Q to 
Y7.150, Hlsamltsu Pharmaceutical 
Y70 to YL220, Yokogawa Bridge 
Works Y60 to Y1.030, Rtannen 
Y60 to Y530, Nippon Television 
Network Y50 to Y5-950 and Kokn- 
sai Denshln Denwa Y 50 to Y3^50- 

In contrast, Kaken Chemical de- 
clined Y60 to Y3J190. Max Y35 
to Y605. Riken Vinyl Industry, 
Y30 to Y505. Toa Paint Y29 to 
Y219, Toyama Chemical Y25 to 
Y775, SS Pharmaceutical Y24 to 
Y731 and On o Pharaucmitical Y20 
to Y90a. 


Australia 

Techmcai factors and a lack of 
Overseas buyers resulted in rela- 
tively quiet conditions yesterday 
following the recent Strength. 
Markets were suffering from a 
breakdown in communications 
doe to the lengthy telecommunica- 
tions strike, while the Sydney 
market closure was interrupted 
for about 15 minutes by and* 
Budget demonstrators who tried 
to break their way on to die 
undine floor. 

Mining issues closed on a mixed 
note, but Industrials were finner- 
inclined. 

There were bright spots in the 
Coals sector, where White Indus- 
tries advanced 17 cents to AS3.1D, 
while the infrequently traded 
Beilambi gained 26 cents to 
AS5B6. but Coal and Allied 
receded 15 cents to A$4.55. 

Uraniums were mainly little 
changed, although Pan continental 
declined 50 cents to A815B0. 

In Banks, CBC rose 2 cents to 
AS2 on improved results, but BNS 
Wales shed 10 cents to A$6.66. 

BHP, after reacting to A&U2, 
rallied to AS8J6, off 2 cents on 
the day, while CSR. in Sugars, 
gained 4 cents at A53 3i. 


.0-4. Lindas ctangfid ttomAngawg* 


lad. dlv. yisW % 


", Aag. ll I Aag.4 | W n*»*W«*T 

1 0.M 1 gis T *A1 r Mg ; : 


agypA BP AKB POORS 


If a m| U*’ 


UadostxviK 

tQompoaita 


tohtMA wms{ w*"! 1,C8 ^ W 

to ,*4.73 KS^ McJ »«( tt2 - 37 l W 


- 1978 { StewCMHgfctV 

loir • Ht*6 r Law 

i 1KM wa 

•5S 

K&B9 W JP 1 440 

(17rt> (6/3) (Lt7>i63tj (Lod8 


Ind dir. yirt dg 
Ind. P IS HWh» 
hooff Qov. Bcrnt yw« 


| 4.70 

j 9-99 
| 8. 54 


Aug, H 

Aue “ | 

4.70 

4.78 | 

9.97 

9.78 . | 

8J8 

8.45 1 


5.Y.8.E. 


Bi*«9 and FkUa 

■Anfi. IB j Ang. l7;,Vng.lft 


ir ‘'fit *S| *S 

ftMlIEl, 63-BSj UA| 69^1 43.47 UncWcrt “5 | ^ 

l j (lljS) (S^»> NcwHtetw...- — I 

1 1 New Lem — — 1 J 


UOBTBBAL ’5? 


Johannesburg 

Gold shares were mostly 
weaker In a very thin business, 
reflecting the sharply lower 
Bullion price. The lower Securities 
Rand, which declined to 74% UJS. 
cents, was insufficient to attract 
UB. and UK investors, and losses 
ranged to 200 cents. . 

Mining Financials were quietly 
softer in line with Gold Pro- 
ducers. Platinums and Coppers 
were mixed, while Asbestos 
shares were easier,! 

" The Industrials sector was 
narrowly irregular in a quiet 
trade. 


1 ] 1 
Ai«. I An*, i A ng. I An*. 
13 11 i K 15 


livluntrinV 

Coiutiinr-l 


£01 .94. SOUS 20a.20> 1Br»-87l 201-94 ll* 8| 
209.92 209. BS 20ft.ES XI Jbtk 209.92 lie B> 


H^.90 (kv® 
- 170.B2 iSOi 1) 


TORONTO t'Ofiifw<ite; 12J5.+ 036.0- lW.8j ^ ao '* 


JOHANNESBURG 

Uou 

IraloMrtxi 


254.6 267.4 564.6 266.6 

263.6 563.5 j 265.4 ] 360.9 


.-67.4 U/SI 
263.8 iW-9> 


IftdJft fC04> 
194.5 OW) 


Aim | Pro- i 197S i 1978 
SI 1 rmH ; H«{h Jmr 


. I Aus. i Fre- l WT3 W7S 
t SI vloat* 1 Rwh Ta» 


Australia^ S*- 96 ! 656 - 99 
luinimi irv 97.44 I 67.06 


Amsterdam 

Broadly higher, with the best 
gains occurring in stocks heavily 
influenced by the ILS. dollar's 
movement. 

Among Dutch Internationals, 
Unilever advanced S.3 to FI 1252 
and Royal Doteh the same amount 
to FI 134.4. 

Elsewhere, OCE Van der Grin- 
ten moved ahead 5.3 to FI 17L0 
and Heineken 2.0 to FI 1035. 


73.9 j 74.4 
623.4 j e£Ll 


Belgium if 1 

Denmark!” W- 02 . 
France tm I 3 - 9 I nA 
Germanririi ®5- 4 , ^U-l 

HbUaad «!♦> j tia - a 

ffntiy 

Italy J. 63.17 j 65.79 
Japan *a.-«WJ»j41MB 
9tn<ranore ' J90.86 1 SKUE 


: 636.99 i 441. W 

' (ISiei ; (1,5, 

1 101.16 9C.45 


(d): M ; tCI-lSSr! ilU.Sb ft JR i 
j » j 0/3, (HJ) 


Sweden (e t hm. 55 i 401^2 ! .14 

1 . ,4.kl ■ dili 


, 9BA6 W.W 

!°»i JEf 


j A A- 

SwitrarlWl 2tf.9 (scta AUn 

I I > i t&A) 


Italy (!■ 
Japan u 
Singapore 


1 (i*, «ej 

P23.4 ) 7M.4 
| tSlrtJ} i (HA, 

* - »-A i 7**-U 

' <S if8j J »<■»> 
i K3Q.12 1 565.44 

1 IIS/-I ■ (14»D 
i €8.171 ta.45 
1 .21191 ! (lO.'l) 

• 425.81 364J04 
i vL^-7, : (4iI0) 

1 536.19 ! 3&2.0 
I 1177-7 i Oil, 


indices and has** daue <aH base vatun 
too except NYSE AH Cummae — j» 
Standards sod Poors — 10 and Toronto 
— LOW, the law named baaed on 1973,. 

1 Exdadluc bonds. 1 4M Indastrtals. 
J 400 Industrials. 40 Otimes. 40 Ptatin 
and 50 Transport, t Srtne* AD Ordtnarv. 
h Btfsian SK 31/15761 — CopeohUKV SS 
j/l/73 n Pans Bourse 1961. » CfianmwE-- 
bnnk Dec.. 1953. 83 Anarerdam ImJastnxl 
iyT8. (5 Hang Sang Rank 3I/7/AL JftBxoea 
Corameroale Itallasa 271/75. a Tokyo 
New SC 4/1/63. b Strain Tunes tSWL- 
c Closed, d Madrid SB 38/12/77. e Stock- 
holm industrial t/lrtS- I Swiss Bank 

Corpora timv. u DsaxaUaUe. 


GERMANY ♦ 


TOKYO 1 


AUSTRALIA 



; + ur|T>iv.i¥ii : 
Kroner! — ' % 


10.70 l+OJII detiffnBxnft OT J—l 9 9.S 

! Uomwranl j Bb.O; ! - 

~0.ii! CrartltlwilUaw..| 11116*4-1.0 , 11 i 9.0 

i-8J» Ko-iniw I 280. Oi~32.5 20 7.7 

KiWitlnu-«i I 10733- 11 !I0JI 

■ NrvnfcHvHroKr^ 2 18.0 + 4.6 [ 12 4.4 j 

'ML03 StorotKLOd 1 102.5! + 2.5! 7 I t>3 


BRAZIL 


• 'lODiTY I 


■ ~ P5535 i + mw : CHTJf : . . , 

Auk. IB I Cru» ; — iDra. , g' • . i ' * > 


Aoraiu OP [ 0.99 J.13 R.12 . 

Hatieo do UaslL..- 1A3 l + O.DE 168^9 
B*Uh.-o Iran Mi .J 1.36 +0.01 J.A’i OJM 
BOl-o UtnwniOP! 1.23 .— 0.6* J.De.6.50 ' 
UijM Amu. UF..I 3.48 ,+O.OA j.BO 5.W 

Frtronnm PP. I 3.48 ja-U-OA 

Pirei'l I 1.51 '4-0.LiftJ.lt; I| Jft • 

■ntra Cnir OP ... 2.88 j + O.OC' ..US 8.30 

l •><». PK J 8.70 ! ,'0.8614.38 ' 

**■.* Si»i I Vlye pH 1 ^30 . + 0.04, _. IF ' 13 J* 
Turnover Cr.llAfitn. Volunir 53.4m. 

Source: Rio de Janeiro SE. 


JOHANNESBURG 

MINES 


August =1 Band 

.iflgto American Corpn. ._ 6.»6 
Clutter Consolidated ..... 

Bast Dnebmtem jsiw 

Elriwrc 

Harmony 7 

Kinross <-j 

K*oof - — 10.-JU 

Knsi-nburc ptatlnum I 72 

SSI. Heli'iM Jill JO 

sooth Van! *40 

Gold Fields SA 'Ssiiu 

Union Comnratinn j.+> 

De Beers’ Dorerrcd r.s* 

BlyvooruilzicJit 5Sl) 

East Rand Piy 45 .no 

Five State Heduld J33.TO 

rn-ndnit Brand ■ i; -; 


+«-* 
-no . 

-ft«3 - 

-8.IO 

-fctt'i- 

-aw .> . 

-6.45 ' 


sli 


President Steyn !!! 
StUfooteln 


StUfooteLo 

WelKom ;t,u 

West Drrereoiein 41.3) 

Western Roltfirigs 1. moo 

Wesium Deep 14 , 0 ft 

INDUSTRIALS 

AECI 3J0 

Anglo- Amer. Indastrial _. 10.^9 

Bartow Rand 4 ^3 

CNA Investments • ♦! 

Currie- Finance ^ 

De Beers Industrial 512 zi 

Kdgara Consolidated Inv. i.tt 

Edgara Stores tyi.flO 

Ever Ready SA «.Qa 

Federate Volkabelesglngs . 1 .B 5 

Greatormans Stores « 9 ti 

Guardian Assurance tSA) “juj 

uta 1% 

McCa rthy Rodway 0 95 

lYnmaiK «... m M 

OK Bazaar* 7 _on 

Premier Mil Hi® i’S 

Preiorta Cement a ^43 

Pretea RoWtara 1 en 

Rand Min e* Properties 2 35 1 

Rembrandt Group . . . 3 J 3 

Rctco _. r> j- 

S8U."" - h 

C. G. Smith sugar 4 .y, 

SA Breweries 1 47 

TLcer Oaa and Nat Wills. id!ao 

l ’ n * s ‘ ,£ - 1.18 

Securities Rand U.SJtO. 
(Discount ot 352%) 


-Stfijiy 1 

-L» — 

-ojo. 

-a.79- 


-ajj 


SPAIN * 

Auhiw IS Percent 

Bunco Bilbao ......... .. m 15 

Banco Atlamtco ii.omi 247 _ 

banco Ceaira, sn _ , 

Banco Exinrmr 278 ’ 

Banco Goneral 23 ® 

Banco Granada ( 1 . 000 ) ua _ 

Banco Ricnano j® _ 

b'm ^La*- ,lM01 m * 

a. ind. Uedltemneo .. 200 - 

Banco Popular 2aa — 

Banco Santnnder (258) 3 ft - 

a,fl0a> ‘ 25® 


s 11 

•sxsrrzzz S. 

Bam>4 Anfth*te ~ g + J 

Babcock Wikox J » 

Jj*- ,,,, to _ 

prenados 2ft ■ ^ . 

g. r. Anmrvtaa sjjo — 

^paiHila Zmc M 2 _ 

Wo Timo Bars w nj 

< l.ooo) 

Feuusii /].Ai 0 ) ■ ’ 

Cal Precdadns ft 

- Z* *“ 

oiatra — r— iS -2 

Parras Reoridft ^ ft .. -o 


PMHMher 

Petroleos „ 

Sunn Papalen 

Solace 

SoKcflsa 

Toletoidca . ... 

T«T“ BoBeocb 

VWtaaax 

union Eftc. M 


130 — 

S» - OJD 
40 

« • — 

a -ft 

*3 — • 

w. — 

«9 ■ — 

• 71" ; . + 0.75 


s 




























































: ltoi?cial Titans' Tuesday August 22 1978 


21 


FARMING AND RAW 'MATERIALS 




Sharp fall 
in cocoa 
market 


By' Our Commodities Staff 


lOCOA. PRICES Jell sharply on 
he London terminal market 
vestsrday, mainly reflecting "a 
leelin B in the New York market 
n Friday evening. The 
December position' closed £54-75 
ower at £1,747.5 a tonne. 

k The decline waa described as 
lainly technical The near 
September position in New York 
?as hit by heavy speculative 
elling In front of the first 
elivery notice day on Wednes- 
ay. 

However, there were also trade 
©ports of some "West African 
ew crop sales, thought to be by 
’ligeria. 


-N 

4. jOst ground 


World sugar values lost 
round as well. Although the 
''■on don daily price for raw sugar 
^as unchanged at £91 a tonne, 
itures ended lower vnth the 
■ec ember position closing some 
'0.50 down, at £92.S0 a tonne, 
- fter trading at £94 earlier in 
oe day. 

latest West German beet tests 
bowed a rise in the average 
ugar content from 12.2 per cent 
3 13.2 per cent, as well as an 
acreage in the beet weight 
French beet tests, however, 
khough showing improved 
'-esults than previously are still 
roll down on last year. 

Reuter reported from Peking 
. bat China's output of sugarcane 
"nd beet in 1977-7S was 15 per 
cot higher than in the previous 
eason, according to the New 
^hina News Agency. 


UK butter 
stocks rise 


-By Our Commodities Staff 


. roCKS of British-made butter 
eld off the market under EEC 
itcrventfon schemes -have Ln- 
?a>?ed rteadHy this summer. At 
le.end of July there were almost 
7.000 tonnes in. cold stores. 

Wore -than 30.000 tonnes were 
sld under private storage 
rhemes through which pro- 
uccrs are paid subsidies from 
le Community Farming Fund. 
""The aim is to delay the sale of 
te hutter for several months 
nd thus to prevent depressing 
rices by overloading the market. 
_ further 17,000 tonnes were in 
te official aflterventtoD agency. 
In the first seven months of 
te year the Intervention Board 
ought 21.074 tonnes of butter 
KlsoM almost 11,000 tonnes. 


Harvest hopes boosted by| gg* 


big wheat acreage rise 


BY CHRISTOPHER TORRES 


FARMERS IN England and hectares, there was a 6.7 per in the number of young females 
Wales are now harvesting the cent cut In potato plantings and in-pig and a 1 per cent rise in 
biggest cereals acreage - since the livestock fanners have grown 55 the number of pregnant sows 
war. The area under gram this per cent less fodder crops. has been concentrated mainly in 

season is 3.6 per cejflt'hlgher ^ sae , p beet an»a 3 s the northern region and East 

ris aajwrass facers * 

planted with wheat rSp SJSt P^ded their biding stocks by 

This is 18 per cent higher than Last year's grain harvest 5 P er Pent “ d seemly °y«_- 
last year, according te the pro- yielded 16.9m tonnes, after two confident egg producers had 
visional results from the annual years affected badly by drought. e*Paoded more than.4 per cent, 
farm census carried nut by the This exceeded the previous However, the Ministry warns, this 
Ministry of Agriculture in June, record yield of 1974 hr 500.000 Increase in the laying birds 
The area under bailey, the tonnes. should be treated with caution, 

main cereal crop, was down 3 First estimates of this year’s number of broilers on 

per cent at 1B82.000 hectares, national crop will be published farms declined 55 per cent over 
Officials were cautious about by the Ministry’s advisory ser- toe year to 44m and there was a 
forecasting, but one said he vices at the end of this month. - 6 P^ cent slump in the number 
would be “desperately. . dis- The dairv herd iu England «™d 01 .turkey bens kept for breeding, 

appointed " if there was no Wales is stable. Wbile there have There was also a further 

improvement , ever .last year’s been modest reductions in reduction in the number of 
record grain crop. numbers in the east, south-east regular full-time workers in the 

The winter barley harvest is and East Midlands, these have industry. The male workforce 
now complete in. many southern been balanced by small in- foil 4-400 (2.9 per cent) and the 
and some eastern regions, but creases elsewhere in the country, number of females dropped 500 
progress has been slowed by On the other hand, there has (3 per cent), 

recent bad weather .-.to., other been a sharp drop in the.heef Apparently to compensate for 

areas. - ■ breeding herd. The number of this continued drift from the 

Some mouldy grain has been beef-type cows In calf in June land there was a 5 per cent rise 
found and there baveheen. some was 7 per cent lower than a in the number of seasonal and 
cases of cereals germinating in year earlier, although there was casual workers employed on 
the ear. ' a 2 per cent rise In the number farms. 

“In spite of these problems of beef heifers pregnant with Commenting on tbe census, 
the losses have generally not their first calves. Mr. John Silkin, Minister of 

been high.” the Ministry claims The Ministry statisticians have Agriculture, said It presented 
in its weekly crop report, “and also detected the first concrete “a very encouraging picture." 
the winter barley has beengener- signs of the long-awaited The results, he added, “con- 
ally of good quality.” recovery in the pig breeding firm the wisdom ” of Govern 

The area under oats fell 41,000 herd. A 14 per cent increase ment agricultural policy. 


Coffee quota bid expected 


BY RICHARD MOONEY-' 


AS THE .world coffee market while, possibly helped by exhort recent falls In raw coffee prices 
calms down following last week’s curbs, rather than a sffirp have worked through to the in- 
Brazilian frost, major, producing decline In prices followed by an stant coffee market the present 
countries today -begin avcritical equally strong upsurge following picture will remain unclear. 
“«« tin e ln - + Bogota^- the the next crop “ disaster." On tbe London futures market 

. u b .n. „ .. d , A quota s**™ 1 for supplies yesterday the November quota- 

t i£i££52i %3£ WOUId siraplify one side of toe tion feU to H.352 a tonne, £595 
months International Coffee coffee equation and, other below Friday’s closing leveL 
meeting in London. things being equal, could allow But this is still £150 above tbe 

Rumours that a pnee aupport the rebuilding of stocks to a price ruling before the recent 
policy has already been agreed level which would . inhibit frost. - 

have been hotly denied "by ~tbe violent price fluctuations snch as Next year’s Brazilian crop 
producers. But it is confidently have plagued the market in prospects are still unclear fol- 
predicted by some, .market recent years. lowing frost damage last week 

sources that proposals for a But it would do nothing to j n the three major coffee states 
quota system to control* world clarify the other side of the D f Parana, Sao Paulo and Minas 
coffee exports will be discussed equation— the demand picture— Gerais. 

at the Bogota session. .-V which has. been the coffee mar- Last Friday the Coffee Insti- 
Sr. Caraillo Caiazans, president ket’s most perplexing mystery tute estimated that the 1978-79 
of the Brazilian Coffee Institute, for some time. Parana crop had been cut from 

announced last week that he Roasters argue that it is vital 8.3m bags to 3m out of a total 
planned to attend the meeting, both to their own interests and Brazilian output of 16.1m bags. 

The producers will probably those of the producers that the This indicates a 34 per cent cut 
decide to seek a ceiling otless market should enjoy a period from the original estimate 
than 50m bags (60 kilos each) of reasonably stable prices so The Sao Paulo crop estimate 
on world coffee exports. And if that demand can have a chance has been cut to 5.6m bags from 
the limit is not too far below tnis to recover from the traumas of 8m. originally, and Minas Gerais’ 
level they could attract support the past two years. to 55m. from 5_5m_ 

from many consumers. X World export demand, which The Coffee Institute yesterday 
Most major coffee roasters : reached, around 55m bags before reopened export registrations. 


fall again 


By Our Commodities Editor 


ANOTHER FALL in warehouse 
Stocks, and the decline ln the 
value of sterling against the 
dollar, gave a firm undertone 
to the copper market on the 
London Metal Exchange yester- 
day. . 

But early gains were eroded 
by selling later, and cash wire- 
bars closed only £2.25 up at 
£735.75 a tonne ln very quiet 
trading conditions 

The fall of 3,fl25 tonnes in 
copper stocks held in LHE 
warehouses reduced total bold- 
ing at 460.275 tonnes to the 
lowest level since November 
1975. and some dealers are 
anticipating a much bigger 
decline this week. 

In contrast, a rise of 
340 tonnes in tin storks raising 
total holdings to 2.745 tonnes 
was . ■ rather larger than 
expected, and another increase 
as a result of fresh arrivals Is 
being forecast. 

As a result, standard grade 
cash tin closed £5 lower at 
£6,760 a tonnes despite a big 
rise of ?M26 to $M1,856 a picul 
In the Penang market over the 
weekend. 

The three months quotation 
also failed to sustala a rise 
through the £6,800 barrier 
again and fell back to close at 
£6,725 after briefly trading at 
£6505. . 

Load and zinc also failed to 
bolfl-eariy price rises reflecting ' 
the weakness of sterling arid 
warehouse stocks falls, and 
botli dosed marginally lower. 


DEMAND RISE 
BOOSTS TEA 


THERE WAS a general rise in 
tea prices yesterday at the 
London auction, which was 
described as the best sale for 
several weeks. 

Improved buying demand 
brought a sharp rise for plain 
tea prices in particular. The 
avenge price rose from 60p to 
68p a kilo. Medium grades 
gained 4p to IlOp and quality 
2p to 130p a kilo. 


PAKISTANI AGRICULTURE 


Crisis in 




BY OUR OWN CORRESPONDENT 


ISLAMABAD, August 21. 


IN A twist of the old saying wddl get supplies, but At had a The European consortium 
that an army marches on its temporary set back from the members, of which Britain is 
stomach, the military govern- the western nations who ex- one, do not have the wheat any- 
ment in Pakistan is now reaiis- pressed their surprise at a meet- way. but they could make funds 
ing that regimes can topple if a ring to Islamabad in late July available to buy it elsewhere, 
na don's stomach is not kept (bat Pakistan’s demands tor This raises the critical ques- 
filied. wheat arid had gone up to the tion. The country with a wheat 

Tikis year’s poor wheat harvest 25m tonnes figure. At the Paris surplus sufficient for Pakistan’s 
in Pakistan means the country aid-to-Pakiitan consortium meet- needs is neighbouring India.' 
is going to require imports of tog a month earlier, the figure What could be more simple than 
about 2 am tonnes, or an extra indicated was only 3.5m. just bringing it by train across 

25 per cent of lest winter’s crop. The consortium members (and th £ n ! >orde , rs ? 

it is needed to meet toe demand s Australia, which joins with them The unfortunate answer is that 
of the urban rationing system, on wheat discussions} said thev , anything could be easier. 
History has shown that when would go away and ask their Pakistan s pride and fear of 
governments change in Pakistan respective Governments how njwmpny make it almost imf** 
popular demonstrations in the they could help. for lf l .° -, b , u ? 

towns and cities have brought In the meantime they asked Ind 3 - nd c . cr, 3inl> not accept it 
them down. Pakistan to come up with better on . concessionary terms. India 

The critical point is stili ideaS on how it was to prevent a m, . ght Prepared to sell but 

several months offbut the now shortfall in similar years, to coax ° n, J 

admitted shortages have led fibe them along the consortium lf as _ n _ nt .. 3 _ h,dden deaL ^ 


cancelled a meeting in Washing- The question is sn sensitive 

ThSTha™ ton wbich had been intended to ■ «l»rt from Delhi a few 

near panic measures, in ey nave ai gcusj , Pakistan's claim further weeks aeo that such a deal was 

SS JSS? The altitudes of^be various bei "« discussed met with an 

4 Governments in the consortium avalanche of denials and cou- 

eomjOTttees set up to ensure roe do „,* at ,„ ear oniimisfle. With- demnations from Pakistan. India 

movement of imports from Sut^ OTnffiiig tori? wrpKK. and World Bank, which 

hamacoa port *41 country goes diplomats privatelv explain their chairs the consortium meetings, 

smootoly. positions as follows. The U.S. The meritjoD of Inrtia raises 


Kiiawaja Mohammed Safdar, j s already giving a large amount question why tbe bread 
toe agriculture minister, of food ‘aid and cannot suddenly basI:e t oI toe Punjab proves 
claimed that lm tonnes had been deprive other underdeveloped bountiful on one side of the 
bought from abroad already and nations to help Pakistan. border and not the other, 

negotiations for another 1m Australia has had a less than Agronomists point out that the 
tonnes were, continuing. He said cnod wheat harvest and does nrit Pakistan Punjab is a bowl holdr 
250,000 tonnes were arriving in have the stocks. Canberra sup- ,nc r ® ,n T v '' ate J‘ while the 
Karachi this month and ' a "bed more than a quarter of water m the India Punjab has a 
5m tonnes would be arriving Pakistan’s demand last year of n!ce slope to drain off. But there 
each, subsequent month. tonnes. Tt was asked for ar ? also questions of land 

Ancwdriog to foreign aid ex- but dtfl not have it reforms, seed distribution and 

perts here, tiiis is eltoer a very Th e nt her mafor wheat pr ^ a .^° ns against rust. 
Smistic interoretation of the **WM*er. Canada, again does not . Publicity is now being given 
»res*nt state ^ affairs or a have a 1ar Ec amount in stock and 10 Pakistan to the five-year plan 
° ^ is heavily r-nmmitted anyway to and the testimonies of some 

JS ^^tying China in commercial foreign experts that the 

only about jm touoas has been deBlR - country can become self* 

assured so far, maonly firoan tbe Furthermore there is a view sufficient by 1982 if the present 
U-S. under eoa^ssKm^y that Pakistan is not a deficit food facilities are only utilised 
wheat aid or favourable credit country like Bangladesh, for it properly.. That seems a distant 
terms. Pakasban is said to be exports rice. The peasants and hope when the remedial 
still .hunting for toe rest townfolk might have a prefer- measures are already t6o late to 

The Government of General ence for wheat flour chapatis, have' an effect on the coming 

Zia-US Haq obviously Slopes it but need they go hungry? winter’s crop. 


would prefer to see the njarke? the 1975 frost, h^s ; since slipped which were suspended during the 
_ -■ ^ ‘ fot h ^vell below 50m bags and until frost scare, at unchanged levels. 


remain relatively stable 


Spanish fishermen angered by EEC curbs 


BY ROBERT GRAHAM 


MADRID. August 21. 


MEMBERS of Spain’s northern reducing the number of Spanish approaches neither Uhe Govern- the fishermen axe understood \o 
flsbiiig fleet based in the Basque vessels fishing in EEC waters. meat nor toe fishermen seem to be considering more practical 
country and Galicia have called Owners and fishermen in the .™ u ^ * dea on to ^ ace ™ easu , res - ® De .® f them is toe 
on toe Government to consider northern fleet affected, some 600 sjtuatio11 - foimation of pickets to prevent 


retaliatory measures against the vessel* and over 20.000 men. -7- CO ods from those countries whose 

nine members of the EEC for have been alarmed for over six ««e northern fleet sent a tele- “3* 


Over toe weekend members of sales of all imported fishing 


toe damage caused by their months at toe consequences of gram to Sr. Adolfo Suarez, the fi S “bed" 

virtual-exclusion from fishing in toe extension of EEC territorial Prime Minister. demanding and the UK. 

Community waters. among other tilings that Spain The Government has been 

From tomorrow the new Com- street catai umats. close the Straits of Gibraltar to negotiating with toe EEC an the 

munrty kjrensiog arrangements But as toe deadline for with- all EEC vessels^aa retaliation, hope of obtaining 250 licences 

wiU come i into force drastically drawing from EEC waters While titis is seen as rhetoric, but has only been conceded 121. 


COMMODITY MARKET REPORTS \AND PRICES 

ni or MiTCT'A f C Uw price eased In aulet indinK re jng 

MjC AL5 close on tbe late kerb ai £751. Tamo Tec con 

COPPER— Slightly Rm>cr on Use London tS.OtA lonnes. . Tbe 

ctal Esdunae. A . fall in wareAouae A m al g a m ated Metal Trading reported espectaopna of fra# arrtvaia tram tbe wheat 


a,T 2 o do the late kerb owing to there ts bound to bo farther pressure, 
against U.S. pbrsica] demand. Adi reports. 
badnrardaUoo narrowed on 


A . fall in warebouae 

ides coupled with tbe weakness of ttat In tbe morning rash wtrebnrs traded **9t- Turnover: l,flto reoncs. 
»rUng against the dollar saw forward av £740.5, £74B, ihrc« -monihe £T55. 5S-S, 
eial rise lo 173$ in the moming. There- 58. 5(LS. 98. SL5. 55. M.5. Cathodes, cash xiV 


«.m. 

Official 


»FPBB ».mr~a-'ori 
| onto*! > — 

JVK1. 

UtmOklri 

t+or 

I *'!’■* 

£ i 

£ 

* 7405 !+5.7* 

735.5-6 | 

+2.26 

mtffithx.| 754-^ +67.b 

7&1--5 

+ 1 

tll’in’iui 7AOJS ;+5.5 



I ...... 

.thodn „ „ 

.ill 1 732-fr l+S | 

727-3 

— lfr 

nrtatwretfr-Rfr +I.2& 

7<VS--G 

1—1.76 

Itl'm'rit- 758.5 +3 



S. Sml j — 1 .i.... 

63-66 ! 

— ... 


Higii Grade £ 
Cow 1 b 


53.5, S3. SSJ. 53. • Afternoon: Wire bare, 
three months trtaS, 52, 5lS. 51. Caibodes, 
three monihs £743. Kerb: Wire bare. tttM i -mutv- 
monihs £751. 51-5, . - tteutero't. 

nw— Barely chaosed. The further rise ^tandardj 
Jn the Penang price and Uus weakness -m«so..>._.j 
of sterfins agaJnst the dollar poshed omamiis. 
forward srandard metal op io £ 6.800 on Seutem't. 


0780-90 
67 76-9 J 
6790 


6780-90 

6745-50 

6790 


f+ nr- p.m. h 
— Uu.4ricial 


iTe«erdar’s( -f or 


ir« 


barley 


Interest was shown ln variots American- 
t'riDUl type varieties. African and Laiin-American 

EASIER opening on the London physical erowths made a little headway, 
marker. LftUe interest throogboot tbe 


PRICE CHANGES 


Price per tame unless otherwise slated. 


eatenUr'cl + or 
»o»e — 


£ 1 £ £ 
1—30 I 6750-70 Us 
WfJ) 673u-60 J+5 
USB 


USD 


6750-70! 


i>ept. 

8a<»5 

-1.09; 77.00 1—0.76 
-OfrO 79.75 — 0.70 

-O.Hi 82.40 J-0.76 

iinr. 

63.10 

Jao. 

87.90 

ilw. 

90.45 

-0.35' 85.00 (-0.65 

ia»v 

95.05 

-0.56 67.50 1-0.66 

Bart 

ness done: 

■Vieal— Sf£K. 82 .55-82- IS. 

OV. S3 -30-84.55. J 

an. March 


day. closing dull. Lewis and Peii 
rcfwned a ICalaysiaa godown price of 242 
(2431 cent* (buyer, Scpt-1- 


MEAT/VEGETABLES 


No. 1 I Business 
i riane 


Yreifrrbiy'i 

Clow 


Previous 

Cirsc 


67.50-67.61 

B7.40-B7.76j 58.5WS. 


HEAT COMMISSION— Average fatsrock 
prices at representative markets on week 
ending Aug. 19: CB-Catllc 79.45p per 
kg.Lw. <+0A8l. UK— Sheep 141.5p per 
ks.cw-d.c-w. t -Hl-3i. CB— Pigs Kjp per 
kfi-I.w. (+0A». England and Wales: 
Cattle numbers up 16-3 per cent, average 



Metals 
Aluminium 
Free market (crtj.l 


Sales: 367. Oct-Ue* M.tMB » JS-63 JK. 5B.4B 


+ 28 - 


Barley— Sept. 77J8-76.S5, Nov. 79.9frTO.65. Jsn-liar. 68.50-8 

Jan. S2.&8SJ0. March S5AfrS4A5. Jlay Apr-Jne 1 (2.KU 

. 87.60-S7.5S- Sales: 325. J^-fepti 65.SOA3J 


| if 680 

_ S1045/B5 

price 70.14P f +0.441; Sheep down 2.D per Copper cash W^sri£735.7S +2.2S C708-S 

+2-0 £789.75 

I— 1J 4:705 


£751.2B| 

£727.5 


Warning: Standard, cash £6,810, £5.790. IM PORTE O— Wheats CWRS No. One 


One month. Geld 206.2-207.7 


L Index Limited 01-3S1 3466. 

Lament Road, London SW10 OHS. 

2. Tax-free trading on commodity futures. 

2 . The commodity futures market for toe smaller investor. 



CARS LIMITED 


meeting of toe Board of Directors was held on 20th July 1378,* 
d set out below are the results (unaudited) for the six months 
ded 3 1st March 1978. 

Six months Sixtnonwis ~ 

ended ended 

31st March 1976 31st March 1977 


vi dead on Ordinary Shares, 
proposed (to~ Shareholders: on 
Register at close of business 
an 22th August 1978} 


□up Turnover 

oup Profit after all charges 

including Taxation 

oup Profit attributable to 
Members of Holding Company 

lited Kingdom Taxation 

□aunt absorbed by Ordinary 

Dividends proposed ..... 

rniogs per. Share 


3.50% ‘Net 
-175p Net 
per share 
£ 

2,005,000 


7.00% Net 
,35p Net 
per share 
£ 

1,328.000 


4&2S2 


43^00 


4L34B 

51,420 


43,200 

46^00 


3,500 

2J)7p 


7.000 

2.16p 


suits for the six months Include the profits of Pem Trailers 
Tilted for the nine months ended 3 1st March 1978. 
forecast, and for reasons given in last year’s Chairman’s review, 
suits for the second half of the accounting period will be 
riously affected. It may therefore prove difficult for tbe Company,; 
remain profitable during this period.' Your Directors therefore 
nsider it best at this stage to propose a reduced interim dividend 

3»?i. . 

vidcod'will be paid on 1st September 1978. 


7h/s adverti se ment is brood to comp/kneo nidi the naummants at the 
Coundof The Stock ft dees not oonsthitB an mvfafifen a any 
pononto subscribe far or purchase any ftefs/wrea Shares. 


RAYBECK LIMITED 

Registered In England Na. 597454 


CapHaflsartfori Issue of 3,633320 1034 pet cent 
Cumulative Preference Shares of £1 each 


The CouncS of -Tho Stock Exchange has admitted ths above- 
mentioned Prefarenca Shsus to the Official list. Particulars of 
the rights attaching to these shares am available in tin Extel 
Statistical Sendee and. copies may be obtained during uawai 
business hours on any weekday (Bank Hofiday and Saturdays 
excepted) for^ the next fourteen daysfronu— 
KsyserUBfronnLtd; Capet-Cure Myers Ltd* 

35, MHk Street ButhHmoe, 

London, EC2V8JE or H ° rb ® n, yf a< ^ 

London. EC1A2EU 


J.a’A.Scrimgaaa’LtdU 

The Stock Exchange Towar. 
London EG2N1HD 


2fatAmns£.192& 


40. Bigb Grade, three monihs M.r60. Sect. £78.75. Oci. £73, .not, £80-56, tria- r I - 1 

Afternoon; Standard, three monihs £5.734, shipment Eos: Coast. Sales; 191 (297) lots of 15 lonnes. 

35. 46, 30. Kerb: Standard, three months Maim: U.Sj'Fremdi. Ana. nod.SO. Sew. Physical d a rin g prices (buyers, were: 
“•ISO. 20. 10. 15. 26. MO. iraashlwnenx East Coast: S. African Spot afi.Tap (37.25); SepL 57.75p (nS.aj; 

‘--LEAP— Easier in subdued iratang. lVhite Sep lt O ct. csjo, Glasgow; s. Oct. 5 >p i 38.73). 

Forward metal opene d a t 037 and African YeiiPw Sept- OcL £59. GUsgtny. 

^^ffiauTbSerthM SoSwW m _se_?«w _»hport utvies and SOYABEAN MEAL 


cent, average 142 i+0Ji: Pigs OP S-2 3 months do. doJ 

per cent, average 02-3p (+0A). Scotland: Cash Cathode 

S-52 ”•?? Gallic np 203 per cent, average 7L3Sp 3 months do. do.(£743_25i — 1.75 : £726-25 

, '+0J*>; sheep op 2 J per cent, average Sold IWyoaSai6-625i-4.76.S195.BJ5 

64.55-64.15 IK.0P (+Q 4r. Pigs W> 5.6 ser cam. L rmiS raata ~_J " 

M.0C-6&-2B, E6.75-B6.55 average B3.4p (-6J). 2 months. 

67JM7.7B: 6 7. 40-67. 2S MEAT COMMISSION— Average fatstoefc Nickel I 

prices at representative markets on Free MarkaKaiDdbltsi 
August 21: CB— Coule 70.S7p per kg-Lw. rer 

l +6 J0>: UK— Sheep l«.0p per 

kgxst.d.c.w. l-Wli GB— Pigs B2.4P per . „ L,_ 0 

kg.l.w. 1+0.4). England and Wales- “-«»•« ■■■■ =•*$*» . 

Cattle numbers np 8.1 per cent, average Msra**u-.~ £137. 9S) — 0-3 j£132^4 

7D.6JP (+a36>; Sheep DP 19 per cent, Qmcitsjirer (76! h.) 5J20/3O, S125/B0 

average HUP <-L2»; Pigs down 2.4 pee 81lw wry or. 230.6p —2.1 366p 

rent average 62.4p f+6.4». ScoOoad— 3 months — 887.4p ,—2.1 1293.46 


Bh-IMaJ 


£523.F7S-2_ft75£30a.6 
feB4.J76i-2.67S £3 12 J5 

• j 1£2.566 

11.77 L. 61.72 

1-90 t 1-87 


waiWioase slocks coupled with the Ann- 9 reaui ™f eff«aire for Aug. 22 in order m ^ et n rg_ down Cattle un U.6 per cent, average T9.44p Tin Gash. 

im of copper and currency consider*- curr ent le vy pta Sept., Oct. and Nov. SZfJXefSr iZ?* 11 . Shee . tl “P. 64 - 5 Per.«Dt. average _3 months-. 

22.04 heitf|_ 


I A Ip — K.1 

760 -5.0 -L6.S87 J 

725 +2.5 ^6,J41A 


» WL “ | M m, ,nion mirtaf Jtuecii uu km per eeoi. ivuise , imvhb.—.— mmm it-.w?-." 

thus. HoVcVer, the price eased back in wemroms^wuh previous in brackets, all htSed' ^ dcShw lSMp Pi8» op 44.7 per cent. Tunes ten 8 13 A. 6 D j — 

' — -mot per tonne: Common average Slip C-IJI. Wolfram 22.04 beri 8157/41 |S130 


■Bne whh copper with bull liquidation h*. nrttt_of_ a«onat 
paring fonranl metal to £334 before It "? cat ''£ 2 -* 5 * 8J6 - JJ 6 - 
<3«efl arnund 1SHS on the late kerb. n ^i’ D »rym _ wheat— USll. 
Tnrnovcr: 5,723 tonne*. (136J4. ml. nil. 


(f£! o- „„ Prices rallied J&arply when sellers with- 
r«i mi drcv as 5lcrtll » weakened lo 


0-32i: Rje-B4jl. rest hlndqnancrs 06A io 86.fr foreqoanets 36,0 Prodnere*. 

nil i si 51, rest nfli; Barley— KL 04, rest ™ e ? ain * ^ «w*ec near the hJghs of fn D rm «n »n 


fimvini SMITH FIELD (pence per pound!— Beef: Zinc cash 

Value* mLrKd ScDlcb ***** sWea ^ 10 UWcr Brndmhs 


l T.'BATI 1 

ium. 

Official 

+jor 

n-m. 

UlKlfflcU 

j+ a* 


£ 

£ ! 

£ 

£ 

Oufa 

530.5- J. 5 

+ 3 

|329.25-J5 

-2fr7 

Suxwlha 

336.3-6 

+3 

334.25-. 5 


iett’m'ni 

33 L 6 

+3 



|-2J7 

Gas.6pckJ 

— 


331.33 



R.tilir'rL'or! — plni; i+"or (32-94,’ rest niii;' Oam— 7L74. rest ml ^ day ' Swv Coanmodtli ' ;3 - 

jfficail [\- I OrnfflclsJ ' — i?** 1 * l,d, S r h;ytori,, I Ywferdajl + or | Bunn 


tor seedfop)— 73.76, rest na 
alii: Buckwheat— AU nil 


(78-29, rest 
(all mb: 


nfli. Fhwr levies: Wheat or 
wheat and nre-426J9 U27^Jj; 
129.06 (129-061- 


.^Jtondnii: raree month* 039. 38. 37-5, MARK lane— T here was considerable 4^' 
5A X. Ken: wfie nwHUiis activity on the ouulcec wuh nreasure 

«. yeiMM! °^ 3 Ijjw from merebants to sell dne to more 

moctn»_a35^. 15, 34, 34.^ 3*5. sdvanugeons harvest conditio ta. Mining 

^ - wheal deflverea Londop-Scpt. £S350. 

1 ? pe 7SS OOJKusSDo c. »n». Omamrable wheat 
hSSSL® 1 v?? .i? J52 delivered E Anglla-Sept £WJ0. Oct-/’ 

IJ ', a ^%i^Li 0r ^ aS L^ J*ov./Dec. £54-09. Barley delivered E 

SJS'&X.’SS " a “*- s '“ L "«• BIM. 

aelllRg to close at £2233 oo the late kerb. HCCA— Location a* -farm spot Prices— 

Tarn over: 5.600 lonnes. All lor Cambridgeshire: Other mfiDog 

wheat £*7.74. Feed wheat CfrSfr Feed 
barley £73.50. 

Tl># UK M/nw irv - cficAdcot for ihp 
wert beginning Ansttsx 21 U expect £d to 

f fwifiri onciuiflscd. 



teriedar 

Clove 

+ or 

fruejnm 

Done 

October - 

Deccml«r-— 
FefruefT — 

April — 

fipenarme: 

11588-16.0 

mauri 

MBJW-18.8 

naoe-zu 

-3-66 
-0.16 
+ IL26 
+ 0.M 
+ 1.26 
+OJO 

17.80-15.00 

17.70- 16.00 

18.70- 16.68 

Angurt 


16 
UU 

. ... BBtS 

to 38.0. Eire hindonarters 65.0 to 67 A, -n. 
forequarters 37.6 to 400, „ 

Veal: English fat* 64.0 to W.0, Dutch wwwjMirail-— - 
hinds and ends 83.0 to 87.0. OnmndnoL 

Lamb; KngHsb snail 58.0 to (B.(. IonBood Crude (▼)-. 

mcdlom SUM io S9.0. heavy SEA to S7.0. Malayan. 

Scoicb mcdntm 35.0 to 58-0. Scotch heavy 

52.0 to 56J, Imparted frown:— NZ PL 

53.0 to 54.0. PM 53.6 to 54.0, ^Xs 56A to Seeds 

51.0. Oopra 

Pork: English, under 100 B> 37.6 to 44.6. Soyvbeen — f53B2r 

Rn giuh 100-126 H> 38.0 IO 43.0, Tgn plkdi , 

126-160 ib 38.0 to *Lfl. 


jS130fSS 
f— 3.0 505.6 
3JS£316J£ 
_.|S650/60fl 


Danes may 
have to dump 
cod at sea 


i|885i 

[£326 

,S576r 


8466. 


+1B.0] 


8630 

8658 

(£342 

6578 


8465 

8266 


Grains 


Sales: 72 (B) lots of 1D0 tonne*. 


SUGAR 


Crosse: Young best (each) 140.6 lo °7 ~Tk 
198.0, Old (Badri 80.0 lo M.O. 

CO VENT GARDEN (prices in Sterling “ome mtnrea.-., 
per package unless etated)— Imported -----i 


£79.75 


r *ISC 

km. 

Ofidffil 

+ nr 

p.m- 

CncfficisJ 

t+<* 

Cwh'' 

£ 

317-.6 
325-. 5 
317.3 

—.76 

■£ 

315JL6fr 

523-4 

-3 

-I 76 

S’bwbu-J 

Petowteti 


89.31 


- ' CM la per pound, t On prerioao 
UBriri close. 2 814 oer olenL 


• london daily price (raw sugar) 

£91 'same a tonne df for shipment. 
White sngar dally price . was fixed at 
ri04 


produce; Oranges— s. African: Valenda 
Late 4.00-5.30: Brazilian: Valencia Lales 
3AO-L50; Californian: Valencia Late 72/ 
163 6.CKUL30, Lemaas— Italian: 100/120* 


French Xfo. S Amj£200j 
Wheat 
No. I Bed Si 
Nd. 2 Hard Winter] 

Unglleb Uftllngt,£89^6 


i£91 
t 


+ L0 


L7 (£82-46 


£102 


£93.25 


,+ 0.6 f 

L“”'!£B1.25 


COCOA 





Prri. :Tt*ter3ay*a 



Comm.] L1«»© . 
Coon. | 

Otose 

Dope 


£ pee testae 


Jaffa: 40s 4-06: Argentinian: Ruby Red Coffee Firtiire — i , ; 

36--4S SJW.80. Marsh Seedless 5Bri2 3.50- Nov. ,.. M-1.332 J— 59.6X1, 

3 A0: Californian: Marsh Seedless M 3.M. S 0 **® E5*2? H?*? ilr?- 

56 3AD; Jamaican: 17/E4 2.7B-L30. waph* Rubber kxk>.... — 


—French: new crop Golden Dehdous 20 lb Sngmr l Raw)--.. — (£91 


.750.5 


BtiSp j — 0.5 62 


903.6 

&&c 


27Bp 


.0 

[" |285p 


aggresst+e Commission Bouse 


sum*, 
a GDI 


Moming: Cash £318.5, 17, three months 
nar. as.6, 25.5. 25. Kerb: Three months 
ESS. Afternoon: Cash £316. three months 
£335. MJ. 23. 34, 23£. Kerb: Three 
wnwwiw 23, 


SILVER 


afld Duflns, 

5e«enl«'‘u4.ar i 
COCOA Clcne | — \ Done 

KaBContrit ' 

(Sept T757.0-6a.il — 66 J) 17WX40.0 

Oec. 1747.0-43 J) 1-54.75 17cDJM5.B 


price. 


SETT 


>/-■ 


Match. l7iUJ-3tO <—42.0 77&5-0-29JJ 

May 1722. 8- 25. B ’ — &4-S 173Lfr18.a 

Silver wax Baed Up an omice lower July 17CL0-1U - — 2SJ) I7S.S-D7X 

tor *por delivery in the London bunion aeps..^. 1681.3-1700 —27.0 T710JM7M 

thartict yesterday, at S0.6p, UjS. com ^ 1870.0-75.0 -2S3 t896.8-78 j 

eeotvakmu of the firing levels were: - — — — — — i 

■not 540. 7c, down 13.5c: three-month Sato: 3,931 lass of 10 louses. 


INDICES 


iSr?* as^moiflh- 5614c. fmmsUonal Cocoa OrmtolM (CJ. 


m°?nt l8 'r???nrd Der P”™ 1 *— DaUs ' VrUi AugWl IS 

?W442^ So*d2£ * “joSSkS ^ JJn ns ^' 7 '- lndlca ' DT =1 

(so-seto. 


WOOL FUTURES 


aiLVBK 

troy cb- 

pallion 

6slne 

prtriojS 

+ or 

L.M.H. 

cIom 

+ «■ 


8S0.«n 

887.4p 

296.3p 

3 10. Bp 

— 4.1 

280,3? 

986.75p 

—LB 

Jowntta- 
ooonLbs.. 
12 month* 

-2.1 

-1^ 

—2.1 





h -' COFFEE 


Aoitrritan 
Greasy Wt«I 


on 


— I Done 


Jtohosta f uture s opened sharaly lower 
in heavy Commission House long liqnida- rutAiw 
doB. a a pr o T in g weather in Braail and 
sewa that die 1BC waa to reopen escort 
registrations at “pre-CoMspeir- terola rr~ “ 

reasons for the detitse 1 


— DBL reports- Values remained steady in 

balance. December- 



SMA. HA. S7i Afternoon: Three months 
SNA. 86J, 80.7, HAL Kerb: Three mooiha 
JfiOA, 87. 


GRAINS 


LOWODN FUTURES (GAFTA>— The 
matter opened XZJU6 lower on wheat 
with a good volume traded- VaJnes eased 
tp trade EL3fr£1.4» lowur where good buy- 
ing support was seen, the main trade 

bring In November. After a alight attempt 

IP. Tally- fatal in ibe afternoon, wheat Soto S2S1 tfr&O k>la at S toners, 
dottd 85p-U lower on the day. Barter ICO indicator pnees for Ansnst 

opened SIP lower, also In very good rents . per pound j: Colombian 



“Sales: XU ,a ® tay la” 1500” kDos. ... — -- 

SYDNET GREASY ’ an older b uye r, per 28 lb 0-50-1.00. CapsiCsms— per pound 
seller, bttsineri. sain): Mfenm Contractt O.JS-8.20. C ew jwn a r per potmd 0.07-0.08, 
Oct. 347.frS<9-0.' bH, nQ; Der. 3».fr£5.6. Oulow-per bag LOfrLSa. Swedes— per 
" — 383.0- 2S lb O.TMAO. Tbrnlps— per S8 Jb 1.00. 

July Plains— per pound Laxtoos D OS, Rivers 
3735-374,0. &ara 4.87. Qolama 6.0T. 

977^-377-6, 


BRAt»F° Ht> rp8ilverics or wooiiops 
are reporttO W. trade sources to have 
incrcasiM noyjaai textile plant hoiidara 
arc out. Priras, however, are Quoted 
nnchanC'-d w®5»JhBS are negotiable. 


Dock carriers 


FINANCIAL TIMES 

A«a. 18 |Anj{. 17 I Month »gnj iW *uci 


72s 3.0MJ8; Spanish: new crop 6.1M.1S; Wooltop, 64« lrilo.- 

0et *— 1 ■S’SIfSl 8125-9050 * fionwsL T New np. t Udouoml 

Dec- —I 87-75-82 j^ gAS-MAO; 94-06-82^5 mJune-Ang. nJuly^^L „S*PL rOcL 

ti.»h I 37-Tbejjm 94 .i 6 .M_ 55 1 39.00-97.40 Sralt “ is.00- Fnars— PresoL. cnyot 28 -Ib . - i— e!-l w p, r m 

-*■***"• sP “ “ L 

x..-r in5-2fraz_aMina eejg 7K injt v6-|M on OJfr wuUams 0J6. F+ench. Williams 381b 

g^lW.BM7^W75S$:!E^S 

n*wv nn.BIL n w in acn cn FPtML LiMw. Grapo-p^f TOW 

CyprioL- Carfiina 0.», Sultana 0J0, 

$Z?‘JnA 38 UmDea ‘«_ Thontow 0J8. Rosald OAS, Alphonse 0J9; 

pnc Zrf£ Cretiam Sultana 28 lb 3.6* Italian: 

^ «sar waa £2frLB pc^na 5 kslos 9.00. Ptams-Callfortilan: 

foc n ogw ***** “X* SB lb Cattleman per pound 8.60; Italian; 

‘TummS far^w q. per pound Stanley 0.29- Glam Pnne»- 

^istcrnaUtt 0 * 1 Swar Asreeunnl: CS. Italian: per pmmfl O.lS. Bnnw- 

? n! J gart 0 !?r __ j 8 ** .“ M *,_ s 5 B lS JkMaiean: per pound 0.15. Avocados— 
tOF Krnra; Puerto 14/34s 4-36: S. African: 

1.05 is+uy average 1.6I (6.67i. poertc 4.M. Cnpricanw— ' Dutch: per 5 

kilos 2-50; Italian: 1.59. Onions— Spanish: 

2.68-3 StH Potch: 199. Tomatoes— Goera-’ 
soy: 2.20: Jersey: L». M«l«s— Spanfcb: 

LOS DON— Tbe market vu dull and Yellow 6'14 2-BfrL89. Water unions — 

Greek: 3.00. 

Ensllsh prod oca: Potato©* — per 35 kOos 
0.90-1.46. Lettnces— per 13 OAS. Cos L38, 

Webbs DAO. Rhubarb— per pound, outdoor 
O.K. Cucumbers— per tray U/M L80- 
2^0. Mnshrosms— per pound 0-39-9^9. 

Apples— per potmd Grenadier 0-03-6.64. 

Lord Derby 4A0. George Cave 0-1AOJ3, 
ftramley CAM-12. Discovery 0.16-050. 

Tomatoes— per 12 lb English 1.80-3.66. 

Cabbages— per crate 0.70. Wa y pe r 
head ft.09-0.I0_ Caaldlow arc .per 12 Lincoln 
1-SD-L50. Brand beans— per potmd O.OSu 
Rfloner beans— per pound Stirtc 845-6.18, 

Ground D.0fr0.BS. Pm per potmd 0.(6. 

Beetroots— per 2S ft 0.70-0 A0. Carrots— 


247.001 246.71) 234.80 I «49 J4 


(Ban: July 1, ian=««) 


REUTER'S 


An*. 21 Aug. 19; 

HonLh «i;i- 

| Year a*o 

1464.0 1440 JS j 

14J6 A i 

| 1485. 


(Base: 5et» ember 18, i53l=n») 


DOW JONES 


Dow 

loom 

I Ana. 1 
1 18 1 

— Anv. 

17 

MasU> 

sgo 

T5T 

ago 

nnorw 

[363. 

See.; 

is) 

*66.63 

466.81 

352.4 ij 
838.011 

352.74 
325. S3 


MOODY’S 


Moody's 

An*. 

18 

Aaz. 

17 

sTiwitb 
ago j 

[Scnr 

|«B'* 

■»pip Ocwnfnw 

1935.5 

&29.B 

11 

964.1 


(December 31, tsfi=Tno 


Mersey Docks and Harbour's * 

maintenance division is refurbish- 

16 « U-S. .“f*. CROSSBREDS-Dec. ing straddle carriers cannibalised crimsby fish— supply good, demand 

vnhrae. S, WW— < - ™ w.bte uu. gW? SttitT’S&i 

din but dosed weak an lack Of bon ns AraWcaa 163.6a (14166): eater mild Jaly OcL MAfrlK.ll: -Dec. SpertallSed container terminal in ajfr£3J0; large £4 C«^f4-60. 

Interest. We canttane to beJleva the mar- Afabicas 35B.B0 ^143-17>: Bohusus ICa 3H.O-18A 6. t lw ri _arieo : 5. he Koyal SeafOCth Dock. Two medium 0»0,M. smauSlo-D DO: larae 


ket In tho longer term to tw extremely 187$ 155-9? (13L35); Ro&ncas ICA IBS UVERPDOl- COTTON: No *por or carriers are back in service and tfaica «frfrjS.o6 amSSmi'^re SuaJB brat 

gSR SLrr rs TZSS jss 3£r.S£r ZTTSLES ss? 


HANSTHOLM, DENMARK; 

August 2L 

DANISH FISHERMEN will 
probably have to ditch valuable 
catches at sea from midnight 
tonight because they have mis' 
understood a Government ban 
on landing North Sea cod, 
reports Reuter. 

Mr. Sveud Heiselberg, Fisher- 
men's Association chairman, 
said today: “They are likely to 
have to jettison hundreds of 
thousands of crowns worth at 
sea because many of the boats 
that operate far out cannot 
reach Denmark before the dead- 
line.” 

He said the problem arose 
because many fishermen mis- 
understood the North Sea cod 
bah, announced last Wednesday, 
to mean that fishing ' could 
continue until midnight tonight. 

- Denmark has an annua] quota 
of 32,000 tonnes of North Sea 
cod. 


Indian jute 
target raised 


NEW DELHI. August 2L 
INDIA SET a jute production 
target of 7.6m bales of ISO kgs 
each for 197S-79, according to an 
official review of agricultural 
prospects, reports Reuter. 

The review says jute produc- 
tion in- 1&77-78, July to June, is 
expected - to he 7.12m bales, 
slightly less than tbe 7.4m target 
set 

The target for cotton output 
has also been raised to 7.5m bales 
of 170 kilos each is the 1978-79 
cotton year, September to 
August 

Production this year is 
expected to be ahont 7m bales, 
about 4 per cent lower than the 
peak production In 1971-72. 

Cotton production fluctuates 
widely since 75 per cent of the 
crop is grown on unirrigated land: 
and is dependent on monsoon, 
rains. But it is proposed to 
extend the intensive cotton 
district programme to 24 districts - 
at a cost of RsaSOm in the: 
coming season. 

A production target of lO.Sm 
tonnes bas been set for major 
oilseeds. 


World meat 
output rise 
forecast 


WASHINGTON. August 21. 
MEAT PRODUCTION in the 
U.S., Japan, Canada, and the 
European Economic Community 
is forecast at 4fi.9m tonnes in 
1978. slightly above 1977’s 46.7m 
tonnes, according to the U.S. 
Agriculture Department, reports 
Reuter. This forecast Includes 
beef, veal, pork, mutton, lamb 





22 


MWm EXCHANGE REPORT 


Diverse trends continue at start of holiday Account 

index gains 6.3 to 519.2— Gilts remain unsettled 




Account Dealing Dates 
Option 

♦First Declare- Last Account 
Dealings tions Dealings Day 
Aug. 7 Aug. 17 Aug. 18 Aug. 30 
Aug. 21 Ang. 31 Sep. 1 Sep. 22 
Sep. 4 Sep. 14 Sep. 15 Sep. 26 
' “ Mow time " dealings may take place 
from 9 JO tun. mo business days earner. 

No doubt encouraged by indica- 
tions that the recent increase in 
consumer demand was beginning 
to have a favourable impact of the 
level of activity in the manufac- 
turing sector, small public buying 
interest made quite an impression 
in equity markets yesterday. Late 
In tbe day, the effects of a stock 
shortage became quite norieeab/e 
and the resultant rise in leading 
industrials left the 30-share index 
a net 6.3 higher at 5192; at the 
3 pin calculation the rise had 
been less than half that amount. 

Meanwhile, British Funds con- 
tinued in the opposite direction, 
having to contend with fairly 
aggressive initial selling of both 
shorter and longer maturities. 
This was not connected with 
sterling's latest reaction which 
was expected following last 
Friday's U.S. measures, including 
n hike in short-term interest rates, 
aimed at stabilising the dollar. 

Weekend comment suggesting 
that investment funds were 
building up in the equity sector 
assured renewed firmness at the 
start of the holiday account but 
the tempo of the advance was 
slow because some potential 
buyers were mindful of the pos- 
sible Ford Motor challenge to the 
Government's 5 per cent pay limit. 

Activity was thus usually con- 
fined to special situation stocks 
.rnd those the subject Cf news- 
paper mention, although ICi were 
relatively well traded among the 
leaders with hopes strengthening 
that the company will report a 
cheerful interim statement on 
September 7. Overall business, 
measured by the number of bar- 
gains marked, however, was at its 
.a west since August 1. 

Gilt-edged securities lost 
around 3 in the first half an hour 
>)f business when most the day’s 
trade was done, rallied slightly 
and then eased again to close with 
falls of that amount. Recent 
hopes of a fall soon in Minimum 
Lending Rate were further 
doused by the Federal Reserve 
Board's increase in short-term 
U.S. interest rates, the first In a 
series of actions promised in sup- 
port of the dollar. Corporations 
if a nearer maturity were un- 
settled and losses extending to a 
ull were established before 
he announcement of a new £5m 
*sue of Kensington and Chelsea 
-ariable 1DS3 stock. 

In reference to 3M UK 4.3 per 
-•nt preference, dealings in last 
'ilurday’s issue under Rule 163 
2) ca) should have been shown 
s 62}, l. 

Mirroring the lower rate for 
‘erling, the investment cur- 
•nev premium moved higher. 


Business was rather light but 
arbitrage and institutional 
interest took the premium up to 
102J per cent before a close of 
101} per cent for a net gain of 
2J points. Yesterday's SE con- 
version factor was 0.6672 (0.6690). 

Of the modest total of 543 con' 
tracts completed in Traded 
Options yesterday, ICI contributed 
309 or just under 57 per cent 
Interest was enlivened by the 
approaching interim results due 
on September 7. Price of the 
October 420 series hardened 1} to 
8p. 

Banks mixed 

Narrow irregular price move- 
ments were the order of the day 
in the banking sector following 
a thin trade. Lloyds softened 2 
to 272p and Barclays edged 
forward a penny to 355p. Insur- 
ances closed firmer in places, 
Matthews Wiightson picking up 7 
to 192p and Haxnbro life 5 to 
3S0p. 

Press comment directed atten- 
tion to Distillers which closed 4} 
better at 201 pxd following a rea- 
sonable turnover. Highland were 
similarly influenced at 155p, up 3, 
while A. Bell, 290p, and Inver- 
gorden, 151p xd, put on 4 and 6} 
respectively. 

Buildings made a bright show- 
ing, with buying again centred 
mainly on Contracting and Con- 
struction issues. Still reflecting a 
recent investment recommenda- 
tion, Richard Costain moved 
ahead further to close 6 dearer 
at 236p. Taylor Woodrow, 447p, 
Tilbury Contracting, 298p, and 
Marebwie). 15Sp, recorded rises 
of around 5. while Pocbins firmed 
7 to 170p in a limited market. 
Elsewhere. London Brick traded 
firmly ahead of Thursday’s interim 
statement, rising 3 to 80p, while 
Blue Circle half-yearly results 
also due on Thursday, improved 
a similar amount to 297p. 

ICI gradually edged higher to 
close 8 up at a new peak for tbe 
year of 410p. 

Jas. Walker wanted 

Stores started the new Account 
firmlyq and displayed some out- 
standing features by the close. 
Still waiting further news of the 
bid discussions. Bourne and 
Hollingsworth attracted renewed 
speculative support and finished 
IS higher at 2S0p, while demand 
of a similar nature on bid hopes 
lifted Janies Walker 15 to IISp 
and the N/V IS to 115p. Bambers 
rose 15 to 130p on Press comment 
while Press-inspired improve- 
ments of 9 and 1} were also seen 
in A. G. Stanley, I4Sp. and 
Selincourt, 29 J p, while K. O. 
Board man International ended 1} 
better at 17p, after 171p, In 
response to the results and news 
of a large shareholding changing 
hands. Owen Owen added 6 at 
IISp and Raybeck 5 to 9Gp 
Reports of buoyant consumer 
spending in the first half of 
August helped the leaders; im- 


provements of 4 were recorded 
in Marks and Spencer, 92p, and 
House of Fraser, 170p; the latter’s 
interim results are due on Thurs- 
day. Gussies “A” unproved 8 to 
322p and Burton “ A," still on bid 
hopes, finned 3 to I58p. Among 
Shoes. AUebone added 4} at 
29p, after 30p, following Press 
comment. 

Still reflecting recent Press 
comment, Wholesale Fittings 
improved 14 to 212p for a two-day 
gain o i 24. Philip’s Lamp, also 
helped by Press comment, rose 
10 to 945p, while further con- 
sideration of the results lifted 
Fifco A 5 to 105p. In thin markets, 
Furncil Electronics rose 7 to 360p 
and Elect rocompo nests 15} to 
o<Urp sd. Thorn Electrical also 
continued firmly, rising 5 to 396p 
xd, while GEC closed 3 firmer at 
315p and EMI 4 better at 151 p. 

Finn features were plentiful 
among secondary Engineerings. 
Suspended last Friday at 36p fol- 
lowing news of a bid approach, 
Bonser returned and dosed 5 
higher at 41p and 2 below the bid 
terms offered by the privately^ 
owned Kaye Organisation. De- 
mand ahead of their preliminary 
results due tomorrow and 
Thursday respectively left Victor 
Products 6 higher at 202p and 
Aeronautical and General 10 to 
the good at 81 p, while speculative 
buying fuelled by bid suggestions 
prompted a jump of 12 to 288 p 
in AdwesL Press comment drew 
buyers’ attention to B. Elliott. 
13Pp. and Danis Gowcrton, 84p. 
which rose 3 and 4 respectively 
and Charles Baynes added 3 at 
30p in response to the higher 
interim profits. Further con- 
sideration of the agreed counter- 
bid from Johnson Firth Brown 
left Wcston-Evans 6 higher at 
13Sp and renewed speculative 
support helped ML Holdings to 
rise 5 to 172p. The leaders closed 
at the day's best after a late pick 
up. Still reflecting last week’s 
generous nationalisation payment. 
Hawker added 6 to 24Sp. 

Continuing hopes of early news 
about compensation payment 
helped Vosper to put on 10 at 
216p and Yarrow to improve 4 to 
306p among Shipbuilders. 

Associated Dairies featured in 
a firm Food sector, rising 11 to 
23Sp in a restricted market on 
buying in anticipation of tomor- 
row's preliminary figures. Spillers 
moved up 2 to a 1978 peak of 37p 
od vague rumours, while invest-' 
meat demand left Unigate 3 
harder at 65p and J. Lyons 4 
better at 133p. Renewed specula- 
tive interest raised Barker and 
Dobson 1} to 15p, while other firm 
spots included Cullen’s Stores, 4 
up at 132p, aod Rowntree Mackin- 
tosh, 7 to the good at 413-p. In 
Supermarkets. Tesco were active 
and 1{ better at 52p. William 
Morrison were wanted at 96p, up 
4, following Press comment. 

Further investment buying 
ahead of the 100 per cent scrip- 
issue on September 4 helped 


Pilkington to close 21 higher at a 
1978 peak of « 4 p. Publicity given 
to a broker's circular helped 
Glaxo harden 8 to 630p. while 
Beech am ended a like amount 
dearer at 7i5p. Continuing to 
draw strength from last week’s 
better- than-expected second- 
quarter figures, Unilever added 1 2 
at 592p. Elsewhere, Ricardo 
jumped 42 to 5Q5p in belated 
response to last Friday’s 
announcement of a dividend- 
boosting rights issue and on 
further consideration of the 
group's growth potential After 
Friday’s Press-Inspired gain of IS. 
AGB Research rose 12 further to 
146p and Brook Street Bureau 
firmed 3 to 88p in response to 
nn investment recommendation. 
Grippe rods encountered good sup- 
port and rose 6 to 60p. 

Norton and Wright, up 7 more 
at 210p xd in continuing response 
to the recent good results and 100 
per cent scrip issue, again pro- 
vided the main feature in the 
Leisure sector. Favourable week- 
end Press mention left Horizon 
Midlands 3 to tbe good at 107p 
and Coral Leisure a similar 
amount dearer at IWp. 

Motors and Distributors made a 
firm showing, share prices being 
helped by fresh evidence of the 
boom conditions currently being 
enjoyed by the industry. Still 
reflecting hopes of substantial 
orders from China, Dowty r0! * 4 
to a 1978 peak of 258p xd- ERF 
finished a like amount harder at 
121 p ex the scrip issue, while the 
U-S.-based Dana Corporation 
reflected currency influences with 
a rise of 11 points to £24}. Kurik- 
Fit improved 3 to 56}-p. Lex Ser- 
vice were quoted 1} easier at 84 ip 
ex the rights issue while the new 
nil-paid shares opened at 7J pre- 
mium and, after a fair trade, 
dosed at the same price. 

Collett Dickenson firmed 3 to 
78p on a week-end Press sugges- 
tion that SaatchJ and Saatcbi, 
down 2 at 174p, may bid for the 
company. 

Selective demand was evident 
in the Property sector. Leaders 
to edge higher included MEPC 
3 firmer at 142p, and Land 
Securities. 2 to tbe good at 23Sp. 
British Land continued to benefit 
from the reduced annual Iocs and 
improved afresh to 47p before 
settling a shade dearer on balance 
at 46p. Chesterfield firmed 5 to 
350p .while further demand in a 
restricted market left Glanfield 
Securities similarly bettor at 295p. 
Bellway gained 2i to 71 }p. 

Oils good 

A lively interest developed in 
the Oil sector where British 
Petroleum encountered further 
buying and pushed ahead to close 
18 higher at the day's best of 
934p. Shell also found favour and 
put on 10 to 587p, while Royal 
Dutch gained J to £47g. Ultramar 
rallied further to 256p, up 6. 
Among the more speculative 
issues, news of the temporary 


suspension of Siebens (Canada) 
prompted a revival of bid hopes 
in Slebens (UK) which moved 
ahead to 396p before settling at 
390p for a rise of 28 on the day. 
Oil Exploration, 16 up at 214p, 
took a turn for tbe better after 
last week's setback. 

Inch cape returned to favour, 
rising 7 to 377p, while other firm 
Oversea s Traders included S. and 
W. Berisford and Sime Darby both 
of which finished 6 better at Ifiip 
xd and 2SSp respectively. 

Press comment on the industry 
failed to create much interest in 
Investment Trusts which hovered 
around the opening levels and 
closed tittle changed. Still reflect- 
ing the agreement reached on the 
sale of the company’s major 
Canadian investments, Atlantic 
Assets hardened 3 to U5p for a 
two-day gain of 11. Gains of a 
few pence were also recorded in 
Aberdeen Investments, 60p, and 
Second Alliance, 2l3p, while New 
Throgmorton Capital put on 5 to 
14Gp. In Financials, speculators 
showed interest in Majedie Invest- 
ments. 3 better at 69p. 

Mersey Docks Units rose 3$ to 
S5$p in sympathy with the 
nationalisation stocks. 

Textiles edged higher with 
Courtaulds closing 4 better at 
123p. 

South African Industrials 
adopted no set pattern. Aber- 
rant Investments finish ed 9 
cheaper at IQSp xd, but renewed 
interest raised Holetfs 8 to 105p 
and Greatermans A 10 to 155p. 
Apart from Guthrie, 12 higher at 
3<0p, activity in Plantations was 
at low ebb and prices were rarely 
altered. 

Golds down again 

The sharp recovery in the 
dollar and resultant weakness in 
tbe bullion price — finally 54.7a 
lower at S205.625 per ounce 
— caused further widespread and 
heavy losses in South African 
Golds for the fifth consecutive 
trading day. 

The Gold Mines index dropped 
6.4 more to 179.7 — a five-day fall 
of 263. 


After being marked down 
the outset, prices lost further 
ground throughout the day fol- 
lowing modest selling from ftU 
quarters. There was no support 
in after-hours trading and closing 
quotations were usually the, day's 
lowest. 

Among heavyweights. West 
Driefonteln met sustained selling 
and dropped £13 to £23f, while 
loses of around a ■ point were 
common to Randfoutein, £3S), 
Vaal Reefs. £15 and Western 
Holdings. £22, 

Although easier. South African 
Financials d«d not fully reflect 
the decline in Golds. De Beers 
eased 2 to 440p in front of the 
half-year results due to be pub- 
lished tomorrow: Anglo Ameri- 
can Investment Trust, which has 
a substantial bolding. in De Beers, 
gave up $ to £46 i in sympathy. 
Gold Fields of South Africa fell 
2 to £14 despite the increased 
profits and dividend, which were 
announced after market hours on 
Friday. 

London-registered Financials 
moved only narrowly with prices 
sustained by the firmness of UK 
equities. 

Platinums recouped most of 
initial losses with Rustenburg 2 
higher on balance at 102p, after 
97p. 

Australians . lacked direction 
reflecting the uncertain trend lit 
overnight domestic markets. 
Fresh speculative interest lifted 
Northern Mining 4 to 122 p. 

In Tins, Saint Piran, 2 better at 
a 1973 high of 64p, responded to 
tbe sharply higher profits and 
increased dividend. 

Elsewhere, Sabina rose 3 to 67p 
following news that Messina is 
taking up its option on the Irish 
lead/zinc property in which it 
is partnered with the former, 
fiarymfu put on 5 to 57p reflecting 
good local demand. 


financial times stock indices 

; — 1 — pFpffiW f r Ht 

ZZZ nSEToSi «0 S9;~7l.(» 71.»6| ?LOOj ■ 

ttflTemnwat f -J „„ a , ! 7203 ! 73 .Bg! TS.Wi 72JJP7CU& 

Slfl* 6 X 2 9 $09.3t SID.oi 814.^^ 

■*- nil 137.2 9010 *** “« 

*! T:5 I'J 6-831 


! >u}i 3,0/3, -*ja* l| j ' • 1 

— - 'i 1 1 1M, eil 79.6* 7A411 71-2*1 SM* 

- ImJ 

1 'u’mThSJ. n am 5H-S. Nooo 515.0. 1 pm HU. 

2 pm SIM. 3 PHI ns.9. 

Latest iittHK QUO* *0*. 

•SfrSwWS. SB Activity **)&»*■ IMS - - 

HIGHS and LOWS S.E- ACTIVITY 



1918 

^inro Compilation 



am:..: 


RiNh 

Low 

Uigb 

Low 


S 

u 

Goct. accs-- 

Fixed lot — 

lad. OnL — 

Gold Mine*. 

78.58 

(ill) 

81.27 

m 

519.8 

(3D8) 

206.6 

iiArth 

68.78 

7a73 

(6/ffl 

435.4 

GiSi 

130.3 

(6fU 

127.4 
(9/1/36) 

150.4 
pb;iMT) 

64a J 
(U/8i7n 

442.3 

(SSAJTM 

*9. IB 

13 /inoj 

60.&3 

(3/l/W 

49.4 

C26/tifK» 

43.6 

ce/io/m 

— Dally 

0 lit- tw iced... 
IndOBtriW^.. 

dpesulatinw. 

Total* 

p^JayAv-ncb 

GiU-K>ijpvl_ 

lortasuwin — 
8[xrul»U''e^. 
Tmai- .... 

196.6-1 

169.2 

38.6 

103.4 

146.8 

190.5 
60.2 

1187 

184.9; 

207.6 
4fLA ■-■ 

Vt9A 

188.7 " 
1983 ; 

54.a : ; 
Ull ; 

' " r. 


OPTIONS ^ 

DEALING DATES Land, 

Last Last For Bo rune and Hollingsworth, TQ# 

SS tion meat hex. MFI Furniture, 

Ajwfog Nov. 9 Nov. 21 KCA International. Leroey Pw 
Aue! 30 Sep. II Nov. 23 Dee. 5 ducts. P&ringa. Allied Irish Daak , 

sS?l2 Sep. 25 Doc. 7 Dcc.19 Oliver Rlx, Cope Sportswean 

FnTrote indications see end of Intereorepean Properties ^and 
FO kar? S5SSSK. Service CoosoBd.W 

Money was given for tbe call rants, while a double wit 
in English Property, British arranged in Talbex. 


LONDON TRADED OPTIONS 


ACTIVE STOCKS 

No. 


Stock 

icr 

AGB Research ... 
Shell Transport... 

BP 

Inchape 

Barclays Bank ... 

Beecham 

Dc Beers Defd. ... 

EMI 

GEC 

Glaxo 

Marks & Spencer 

Ricardo Eng 

Grand Met 


iomina- 

of 

Closing 

Change 

1978 

' .1978 

tiOQ 

marks price (p) 

on day 

high 

low 

£1 

13 

410 

+ 8 

410 

328 

10p 

10 

146 

+ 12 

146 

79* 

23p 

9 

587 

+10 

587 

484 

£1 

8 ' 

904 

+18 

904 

720 

£1 

8 

377 

+ 7 

445 

350 

n 

7 

355 

+ 1 

368 

296 

2a p 

7 

715 

+ 8 

720 

5S3 

B0.05 

7 

440 

— 2 

464 

285 

50 p 

7 

151 

+ 4 

190 

130 

25p 

7- 

. 315 

+ 3 

315 

233 

50p 

7 

630 

+ 8 

630 

515 

25p 

7 

92 

+ 4 

92 

671 

23p 

7 

305 

+42 . 

305 

107 

50 p 

5 

117J 

+ i 

121 

ST 

a 

• fi 

- *44 

+at; 

, 644 

■422- 


Jtui'mrv 


April 


Op! inn 


Kx'pW 


ClNttU 

nrtw 


BP 
BP 
BP 
BP 

Com. Union 
Com. I'nli'ii 

Com.- Lnu>n| 

Coin* 'in*" 
Cnnp.Ci-iV-l 
LkWI<^i»bi 
Cunrrmiklp 

ClIUltMIllil" 
C<-url'nil- It 
(.Vi in » 11 Mr 

GKC 

BM: 

UKV 
H KC 

a eu 

OHC 

Omii-1 Mot. 
Or»ii-l MiH. 
tiruM Mi‘t. 

in i 

ICI 1 

ICI 
ICI 

L«nil irn*. 
Utn.l 8iw. i 

\urt- .v sr>H 

Hark-. & Spa 
Murky J: 
Mkrku & Sj-J 

•hril 
-hPii 
r.-rtnl* 


750 f 
800 f 
850 
BUO 
100 
160 
180 
160 
ISO 
200 
100 
110 
12J 
130 

aao 

24U 

260 

280 

30V.'. 

330 

10 .. 
110 
130 
330 
360 
390 j 
480 j 
180 i 
900 • 
230 ! 
24u I 
60 
70 » 
80 i 
90 j 
500 1 
55o : 
600 I 
I 


160 

110 

64 

35 
18 

6>3 

U* 

36 
16 

7 
85 
16 

8 

334 

97 

77 

67 

38 

23 

8 

26 

12 

6ia 

82 

52 

24 
8 

61 
41 
29 
8 
31 
201- 
12 
S 
96 
46 
14 1 2 


Vnl. 

Llmmr | 
Oder ! 

Vnl. 

Cliwim: 

idler 

1 Tol. 

! Hqnlty.'-/ 

i-kwe .. 


17B | 





903 p : 

S 

155 


152 ' 

— 

M ■ 

S3 

96 

m-e 

117 

— 

«B * 

16 

65 

— 

86 

’ 



20 


25 

— 

leap - 


11 1 

— 

I4f 2 i 

3 

■■ - 


S 



7k 

— 

■1 

6 

37 

& 

41 

— 

19 lp 

S 

21 

— 

27 

— 

M 


1213 



| 16 1 

1 1 

I - ■ 


*6l! 

4 | 



1 isap 

| 

1813 


22 1 



2 1 

121= 

15 . 

15'9 ! 

5 I 





10k , 

— 



102 

— 

— 

— ! 

| 31 Bp 


83 l 

— 

87 




65 

— 

70 j 



31 I 

49 

— 

56 



5 : 

35 



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4 ‘ 

i 

21 

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— 

26 

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34 

— 

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[ — 

| IISp 

3 

17 

1 

1612 

— j 

1 „ ■ 



101= 

! 

13 

— > ; 

r . * t -7 

7 ! 

S3 

1 

83 

— ' 1 

409p , 

4 

53 

70 

56 

5 i 

„ 1 

42 

31 

35 

35 

b ! 


93 

19 ia l 

48 

21 

— i 



63 

7 

b7 


238p ; 


45 1 


49 

— . 

- . 

3 

28 


33 



24 

15i S 

8 ! 

22 



5 : 

3U: 

~ j 

331= 

— 

90p 

1 

31 


=5 

— 

M . 

I 

13 

a 1 

15 

— 

. a 

3 

71; 

6 t 

91= | 

— 

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2 

97 

7 I 

107 1 

— 

5B6p 

| 

52 


70 

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; 

29 

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41 

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216 f 


so 



Notice of Redemption 

Avco Financial Services Canada Limited 

9% % Guaranteed Notes Due 1983 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Indenture dated as of 
September Z, 1976 under which the above described Notes were issued, Citibank, NA* as Trustee, has 
drawn by lot, for redemption on September 15, 1978, through the operation of the sinking fund pro- 
vided for in said Indenture, § 1 , 000,000 principal amount of Notes of the said issue of the following 
distinctive numbers: 


COBTOJTKOTBSOFK^nrociPAlWrOCOTOBXSiaXDffiG 


16 

18 

22 

63 

57 

72 

10J 

131 

138 

200 

223 

231 

257 

2G6 

284 

317 

327 

331 

356 

263 

354 

303 

41B 

427 

431 

435 

471 

472 
490 
515 

541 

568 

.607 

714 

717 

804 

821 

823 

630 

831 

838 

840 

846 

8C9 

836 

905 

90S 

•143 

951 

952 
1070 

1073 

1074 

1112 

1138 

1141 

ZI42 

2153 

1240 


1254 

1279 

la™ 

1291 

1293 

1318 

1328 

1330 

1361 

1373 

1413 

1433 

MG9 

1470 

IMS 

1613 

1519 

1527 

1547 

1555 

1662 

1664 

1665 

1695 

1728 

1756 

1764 

17G7 

1774 

3733 

1796 

1803 

1S23 

IS 29 

3340 

187= 

1879 

1689 

19L7 

1927 

1957 

1957 

198B 

1089 

2030 

2041 

2044 

2047 

2033 

2069 

2078 

2030 

2091 

Zllfi 

mif 

2122 

sisa 

2130 

2135 


2162 

2173 

2194 

2205 

2234 

2265 

2=75 

2299 

=398 

2337 

2338 

2349 

2338 

2103 

=428 

2437 

2467 

2484 

=494 

=497 

2510 

2513 

=514 

2561 

2602 

2621 

2633 

=654 

2692 

2728 

2746 

=751 

2757 

2773 

27TS 

2776 

=833 

=839 

=830 

2899 

=902 

2909 

2941 

2943 

2951 

3000 

3016 

3020 

30=6 

3058 

3106 

3UW 

.3110 

3117 

3133 

3134 

3253 

3197 

3199 


3234 451= 57=6 6745 7950 

3235 4538 8739 6786 7974 

3239 4544 5746 6804 7980 

3250 4545 5747 6829 7985 

3264 4596 5764 6869 7986 

3233 4603 5768 68B5 8000 

3396 4608 5775 6942 8014 

3406 4644 5799 6977 8051 

3409 4647 5844 6978 8053 

3419 4715 5680 7000 8059 

3423 4727 5 BBS 7008 8067 

3424 4745 5898 7 016 8100 

3426 4B12 5919 7032 8113 

3459 48=9-5933 7093 8174 

3474 4830 5937 7107 8211 

3504 4834 S94S 7177 8335 

5505 4854 5962 7198 8239 

3520 4919 6007 7222 8240 

3567 4933 6033 7234 8268 

3624 5006 6038 7250 8273 

3645 5013 6070 7267 8385 

3663 5014 6087 7283 8313 

36GG 3015 6125 7295 8317 

3675 5016 6133 7296 8344 

3698 6088 6134 7321 8374 

3707 5090 6153 7365 8375 

3719 5091 6185 7371 8437 

3733 5140 6234 7373 8447 

3739 5163 6245 7390 8454 

3740 S164 6270 7400 8513 

3757 5178 6271 7401 8S39 

3768 5183 6337 7403 8S41 

3789 5211 6399 7411 8563 

3792 5217 6413 7414 8S87 

3795 6234 G414 7440 SG44 

3903 5240 6439 74B4 8704 

3976 5299 6439 74SS 8729 

3987 5329 6446 7501 8744 

3338 533= 6450 7519 8781 

4034 5346 6468 7523 8807 


9218 10448 12144 13353 14287 15574 

922S 10536 12152 13366 34334 15603 

9243 10556 12166 13387 14371 15605 

9267 10573 1=211 13467 14383 15619 

9274 10651 12213 13480 14412 15630 

9277 107=4 1 22 30 1=945 14416 15646 

9279 1072S 1=231 13551 14427 16653 

3307 10758 1=244 13560 14443 15678 

9311 10790 12243 13564 14526 15690 

9332 10792 122S9 13581 14544 15715 

9347 10809 13304 13S87 14603 16737 

9365 10811 12318 13588 14628 15733 

9454 10338 13333 13594 14637 15833 

9460 10948 12343 13613 14662 18883 

9480 10972 12380 13620 14699 15894 

9506 10981 12393 13659 14716 15908 

9546 11030 1=429 1368= 14731 15909 

9552 11160 1=470 13686 14734 15969 

9555 11177 1=483 13728 14746 15984 

9509 11183 12971 13737 14747 15999 

9604 11235 12813 137S3 14774 36000 

9629 11257 12637 13761 14799 16023 

9634 11283 12649 13813 14801 16058 

9652 11317 12660 13819 14830 16060 
9699 11351 12674 13838 14926 16073 

9707 11373 12676 13854 14933 1608= 

9708 11397 12684 13857 14985 16090 
9724 11402 12710 13860 14989 16C31 
9738 11449 1 2768 13894 13164 16093 
9740 11464 12789 13904 15163 16157 

9757 11543 12795 13928 15168 161S4 

9761 11545 12846 13935 15177 1«204 

9787 11551 12853 13943 15235 16213 

9809 11683 12856 1397= 15230 1G233 
9880 11709 12853 13384 15264 16240 
9935 11710 1=881 1402S 15271 16319 
394= 11726 12836 14027 15287 16367 
9981 11813 129=7 14049 1S302 16385 

9090 21823 12954 24062 15322 16411 


.SS?3 11837 12970 14073 15324 16419 

4073 5395 6469 7S52 8841 10018 11842 1=990 14064 13337 16423 

4104 5425 6501 7577 8849 10025 11852 13991 14085 15338 16430 

4118 5432 6511 7587 8853 10026 11860 12994 14107 15341 16452 

4133 544 G 6512 7589 S889 10034 11861 1300S 14113 15352 26908 

42J3 5470 6571 7598 8937 10067 11666 13033 14127 1S360 16538 

4208 -5435 6597 7603 8953 10069 11870 13096 14147 JS375 16530 

4=34 552-9 6604 7G64 8963 10107 11873 13062 14131 19376 16534 

42*55 S539 6605 7677 8965 1013= 11880 32088 34154 15414 16549 

425= 5540 6607 7687 8979 1017S 11920 13081 14155 13415 16534 

4309 S5SC G612 7579 9025 10105 11941 13090 1*167 1S416 16574 

*276 5533 661 4 771= 9R29 302=5 11969 33123 2428S 264=1 16673 

4394 SGC3 6632 784G 9004 1£*4 11973 13145 14197 15440 16653 

4395 5609 6659 7951 9o57 l<Kn 11580 13169 1*210 1S469 16663 

439fi 561= 6661 7857 9126 11997 13188 14222 15479 16666 

4416 5656 6667 787= 9140 10337 1=014 13203 14230 15485 16672 

4423 GGS7 6700 7804 SITS 10368 12056 13213 14240 15490 16683 

4900 5666 6707 7929 9183 20436 1=121 23217 14243 255=3 16539 

4610 5687 6715 70=6 9205 104=5 121=4 13253 14259 15539 16725 

4511 5703 6718 7941 9210 MH47 13143 13279 1427B 13540 1S767 


16799 

16812 

16816 

16877 

16961 

16975 

16987 

16988 

17028 

17032 

17033 

17049 

17052 

17075 

17082 

17120 

17141 

17154 

17190 

17191 

17211 

1 7312 

17228 

17279 

17314 

17347 

173S9 

17409 

17411 

17415 

17449 

17461 

17461 

17539 

17343 

1 7368 

17570 

17572 

$ss 

3$ 

17736 

17769 

17779 

17842 

17846 

17883 

2787* 

17881 

17913 

17951 

17964 

17996 

iSSS 

18033 


18059 

18060 

18075 

18078 

18114 

18124 

18127 

18144 

18184 

18229 

18249 

28254 

18318 

183=8 

18333 

18344 

18350 

1839= 

18401 

18430 

18443 

28478 

18485 

18495 

18534 

18530 

18533 

185TO 

18587 

1S699 

18543 

18660 

18670 

18671 

18712 

18721 

18745 

18753 

18810 

18825 


19153 

19156 

19185 

19191 

19218 

13227 

19259 

19273 

1927B 

19293 


19345 

13353 

19357 

13358 

1S36S 

19379 

19*21 

19432 

19436 

19437 


18842 


28854 

18894 

18919 

1892S 

■ 

28997 

19010 

19028 

19040 

1=068 

19137 


19460 

19484 

1949S 

19506 

19535 

19585 

19596 

19610 

19647 

19654 

19655 
19660 

§s 

1=817 

198=4 

1982« 

19916 

19969 

19987 


The Notes specified above are to be redeemed for the said anting fund at the Corporate Bond 

Services Deportment of the Trustee, 111 Wall Street, In the Borons'll of Manhattan, 
The City of New York, State of Now York, the main offices of Ci tibank in Amsterdam, 
London, Paris, Frankfurt/Main or Milan or Citibank CBelgnxm) SA. or at the'office of Kredietbank 
S A. Lusembourgcoise in Luxembourg, and the main office of Swiss Bank Corporation in Basd, as the 
Company's paying agents, and. mll become due and payable on September 15, 1978, at the redemption 
price of 100 percent of the principal amount thereof plus accrued interest on said principal amount 
to such date. On and after such date, interest an the said Notes will cease to accrue. 

The said Notes should be presented and surrendered at the offices set forth in tbe preceding 
paragraph on the said date with all interest coupons maturing subsequent to the redemption date. 
Coupons maturing on September 35, 3978 should be detached and presented for payment in the usual 
manner. 

Fox* AVCO FINANCIAL SERVICES CANADA LIMITED 

By CITIBANK. NJ^ 
asTnutaa 

August 14> 1973 



NEW HIGHS AND LOWS FOR 1978 


Hi* following sccwrtlK quoted 81 the 
Share Information Seririr* ynsterdav 
attained new Hi aha and Uows for 1978. 

NEW HIGHS (150 

COMMONWEALTH A AFRICAN LNS-.OI 
AMERICANS 131 
CANADIANS 111 
BANKS (1l 
BUILDINGS a At 
CHEMICALS <51 
DRAPERY A STORES (18): 
ELECTRICALS 161 
ENGINEERING <261 
FOODS <4l 

INDUSTRIALS (32) ' ' 


OILS <21 
RUBBERS (1) 
MINES <31 

NEW LOWS (3) 
BRITISH FUNDS <21 
t. 12pC ’99-02 <£1S Pd.) 
rrea»or> 5 ! -pc ’08-12 

LOANS (1) 

Met. Water 3oc 8 




RISES AND FALLS 
YESTERDAY 


LEISURE (3) 


Up Down Same 

MOTORS IS) 

British Funds 

1 

U 

1ft 

NEWSPAPERS (SI 

Corpns. Dom. and 




PAPER S PRINTINGS O) 

Foreign Beads 

3 

11 

58 

PROPERTY I9> 

Industrial* 

SS9 

151 

«3 

SHIPBUILDERS <21 

Financial and Prop. — 

va 

72 

» 

SHIPPING tit 

Oils ... 

13 

t 

U 

SHOES (2) 

Plantation 

S 

2 

2ft 

SOUTH AFRICANS (1) 

Minos 

1* 

63 

« 

TEXTILES (2) 

Recant Issues - 

4 

7 

28 

TRUSTS (71 

Totals 

7* 

3<s WH 


RECENT ISSUES 


EQUITIES 


(•foe 

Price 

pl 

< 

fi- 

la 1 

Hltrn 

If 

\j>w 

Sb.’Ct 

2.5- 

•J 


c 

-i 

>E 

hi 

Eg 

'“■5 

4? 
£ © 

E; 

5b 

IS 

iQU 

Ob 

116 

v.e. 

e.V. 

r.v. 

p.p. 

p.p. 

31,8 

6?7 

Z4,Bl 

8(9 

H 

I2i« 

180 

84 

14b 

ll 

4 

142 

bi 

138 

Uartiert" 5urel1ow^■ , -.. 
Enuay.— — 

lii ret berm — : — 

Sim tine Wr.swnce 
loom (B.) (Jew*lr*ilOp 

76 

loti 

190 

90 

146 

+b" 

+2~ 

Attest 

■>a.64 

4.66 

A6.5 

3.1 

SJ) 

6J0 

2.1 

4.7 

2Lt 

7J 1 

5.6 

6.7 

18.1 

12. 


FIXED INTEREST STOCKS 


s* 

Ss* 

§ S 

hi 

llfl" 

Stock 

n 

1 


e a 
< a. 


cm 



ps. 

B 

£99.4 
• * 




M 



_t. 

P.P. 

P.P. 

8/9 

89 u 


Ceffvtw IPS Piri — — — — 

9ol« 

A 

& 99 I 4 

P.P. 


100 



IQ** 








97 

• 4 

f.P. 

29/0 

z< 


Cr>»Av Spring Interiors lD% yni 

98 

98p 


m m 

XOOp 
Cl Li 
}1Up 

• ■ 

F.P. 
P.P. 
V P 
XU 
i-.p 

7/9 
39 <9 

7/9 

1/9 

bb 

21k 

-H- 

1I>V 

Win 

ue 

to ■ 
lb 9 

■»i* 

■Wlijp 

**P 

MtMi .4 Wm« it UwL Prei. IStU.^.... 

B. tt. Uoldlnc* 10*% Prf_..-_ 

lloutoya 13% Partly Cnnv. l ov. Ln. BN’lir . 
V«rr«4tj Bmi Zembrs 9% Car Prat 

9c 

9917 

on 

2Qp 

99r’i 

100 L> 

lOOp 
94 1? 



’kUrtb*i»l | tt M1 ' * r - a***- R*n. 

+ i« 



jlirtieok 10*2 turn. Pref 

-ij 

* • 

W95» 

IW'4 

£99l« 

P.P. 

F.P. 

r.l*. 

C45 

F.P. 

15/9 

16/9 

99 

94** 

*'» 

03 

xna 

ftirkc Berurt 9* Cum. Pref 

fteftun Var. Kate ICftJ. w* 

99 

yyi. 


rfO’10 

444, 
98 is 

9iwtiietMMii-3en Ik? 

jbtthtW* Var. Hate 1365,„_ 

as l ej 


P.P. 

— 

M/gl Waft 


V 





w 

RIC 

. luue 

1 = 

iAtent 

Bcnunc. 

19 

Price 

! q: 

II 

Date 

• I ■ 

Hlghj 

820 

i Sil I 


33 J 

60 

1 Nil 

30 / 81 24/ 11 

21 pm 

36 

1 F.P- 

2 lBj 1(91 

b* 

70 

1 P.P- 

10 / 8 | 2l/9| 

M 

! 77 


— — : 

7*|nrt! 

as 

[ F.P. ' 

3/8' 1/0. 

4^l|; 

94 1 

! F.P- ■ 

21/8. 4fl9 

Ml | 

30 

I F.P. ■ 

2S/7' 8(9 

7U 

110 

1 P.P. 

14/8' 8/9 


100 

; Nil 

2c'8, 23, ‘9" 3t/|iitt 

84 

p.p. 

1 

1B/& 15/9. Blpm 




OFFERS 


Stock 


Hoeing |+ or 
Price — 

q: I 


55 [ 

‘fln :::: 

94 1+1 


33 I Bulk of Montreal 

ttpro fllackvood Hodge 

46 iHesdlam Sime * Cojs^ns. 

TS iLcerii (Vo.'... 

7pm' Lei Scrt-tea I 7lEpm ; .. 

4a i'.Yi « t«o <P« h.} *6 f 

104 (Property l'ertiier-hlp* * — , 11® 

in dii tol iffc Si«akn«n 83 

Til MVchUrmit *53 . •• 

hii.ui IVliluun-. J L'vl miat Pi 19um — 

go Y'TWilrC 


Renunciation date usually last day for ot Naitm c aig . ^ Fjsuren 

based on uro&pecnis estimate, a Assumed “ P?™?* . “~T !|! ead J. 

cotut based on niwiasi rearf eumiflf*- 17 DIvMendand yield baaed 00 prospectus 

for conversion of share* not now rWMM Jar dividend « 1 ®J 1 » 'tor 
dividends, macing wire to poWiC- *** * «J**f*2 -1^2 

by tender. || Offered 10 hokhtfS at •Sf^ss^HrfnfTridlSIi*' •* unSTm 

by way of capitalisation. ++ Mini m am tender price. 55 ReintrodBCKL “ uned tn 
conneetfan trim rtorRstiluilaa merger or lake-ow. pj| mrrodoaJoo- - 
to former preference holders. EE AJlcrtmeW tenors tot falls -Midi. • Piorlslooal 
c r partly-paid ailounau letters. * With narranis. 

• i j 


FT-ACTUAEIES SHARE INDICES ! 

• ' . ■ • ■ -• > y 

These indices are the joint compflation of the financial limes, the Instituted Actuaries 

and the Faculty of Actuaries . . £ 


EQUITY GROUPS 

GROUPS ft SUB-SECTIONS 

Figures fat p a mdbwe i show number of 
.stock* per section 


CAPHALGOOTSffW- 

y irfMm^Mdwliih I 

(S>ntradiii&Consfniction(23) __| 

Electricals (14) 

Engineering Cmtracto o fl41 


Mechaainil TfttgmeflriagCTa 

Metals and Metal FonaingClB) 
OONSUm GOODS. 

(DCEABUKSZJ 

I£ Electronics, BaSo TV (15) 

Household Goods (13) 


Motors and Distributes 05)- 

C0N5UHBI GOODS "• 

C«0*«3ORABIJQa7S 

BreumiesttO- 


Wine* and Sj&rits(ffi- 

Tgnfortajmaent, Catering (171 . 

Food MamfactnringC 

ToodBcbilinfl 

Newspaper, MUAtagm) - 

Packaging and PoperQS} 

Stores (40) ' 

TexStesCS). 

Tobaccos (33 — 

Toys an d Gaines (B) — 

ongaanrow. 

Chemicals QB). 


Pb a nn a ce u tical Products P> ] 

Office Ecpawncnt ffl, 

Slipping CUB. 


Miscellaneous (58) 

mDOggALgggFgW- 


ODs(5). 


srosHABBnaax. 


FINAHta ALOtOTlOl). 

Banks(6)^ 


Discount Houses (1®- 

Hbe Purchase! 

Insarance (T ife) (10). 


Insurance (Compost*) (7) . 

Insurance Brokers (10) 

Mavfaant Baata (14X-- 

Property Cl). 


MteceltoneoTOCT}- 


I nv gg&ne nt Trusts (SO). 
Unhig finance (ft. 


Overseas Traders OS) 
AjjLWiXEmesmL..... J 


Moil, Ang. 21, 1S78 


Index 


No. 


245B3 


277. IB 
40979 
532.09 
357JH 
195 AS 
17938 

222.13 

27357 

185.99 

132.96 


222.40 

233.94 


28838 


270.99 

21937 

22934 

39737 

14730 

21321 


18432 
259:95 
120 j66 


23538 


30536 


28143 

13561 

42532 

22935 


23331 


515.47 


257A8 


17538 

194.49 

21537 

16838 

15031 

13551 

35731 

842$ 

26123 


133.45 


238.43 

109.91 

330.05 


23650 


Wa 

Change 

% 


iYleUi%l 

(Max.) 

Corp. 

Ttt® 


+L0 

+13 

+13 

+0.9 

+03 

+13 

+13 

+03 

-03 

—03 

+05 

+13 

-03 

+02 

+0.9 

+15 

+ZA 

+13 

+03 

+22 

+13 

+05 

+0.7 

+0.9 

+23 

+0.9 

+0.4 

-03 

+03 


+13 


+39 


+32 


+0.4 

-03 

-01 

+32 

+02 

+05 

+0.4 

+0.9 

+03 

+05 


-05 

+32 


+0.9 


.SSL 


Grass 
Mu , 

Yields 
(ACT 
at 33%) 


1553 

15-70 

17.02 

13.46 

16.79 
1630 
1521 

2S59 

1350 

-15.94 

19.08 

1457 

1434 

14.79 
14.72 
1732 
1327 
1021 
17.69 
1031 
17.71 
2318 


18.79 

1531 

16.41 

1038 

1757. 

16.97 

1530 


1537 


1438 


14.96 


2434 

1373 

13.16 

279 

2228 


292 

16.05 

16.51 


5.01 

530 

352 

3.46 

530 

556 

737 

4.76 

3.73 

6.08 

6.16 

542 

6.00 

4.98 

637 

5.04 

451 

217 

721 

423 

752 

721 

529 

542 

5-86 

352 

550 

739 

5.78 


527 

333 


206 


5.48 

632 

834 

4.95 

6.06 

6J7 

4.42 

531 

2.87 

736 

432 

629 

J30 


525 


VEsL 

p m 

Ratio 

(Net) 


8.81 

8.97 

S52 

1033 

7.93 

7.96 

857 

' 837 
1028 

727 

920 

927 

10.09 

9.90 

752 

10.46 

13.98 

7.43 

1453 

736 

559 

622 

8.71 

829 

1237 

6.70 

726 

8.41 


8.95 


758 


8.72 


624 

12.61 


1037 

6937 

531 


3424 

758 

759 


Fri. 

Aug. 

18 


Index 

Na 


24332 

22039 

<64.72 

527J9 

35437 

19951 

17738 

22138 

273.78 

18721 

132.17 

21959 
2342S 
28750 
26850 
216.01 
22333 
39356 
14657 
20853 
18238 
258.46 
31977 
21315 
30145 
27934 
135 JO 
42721 
22824 


23140 


50534 


25452 


17524 

19458 

225.42 

166.46 

150.03 

35433 

35570 

8353 

25921 

312.93 


23852 

110.48 

32620 


23429 


Thurs. 

Ang. 

17 


Index 


No. 


24137 

220.66 

408.76 

52194 

35235 

19322 

177.01 

21937 

26878 

187.47 

13189 

23896 

23251 

28071 

266.92 

21564 

22529 

397.44 

145.45 
20859 
18254 
256.96 
12830 
21359 
mss 


2787 1 
136.90 
429.00 
229.49 


23021 


499J1 


253.48 


175J3 

194.48 

ZM25 

168.78 

149.07 

134.74 

356.91 

84.07 

25827 


113.96 


239 a 
309.94 
325.98 


23355 


wed. 

Aug. 

>8 


Index 

No. 


242.06 

220.44 

39610 

522.94 
35036 
193.65 
17671 

238.95 
26621 
32859 
13250 

219.42 
23423 
28180 
266.90 
22425 
22336 
39733 

146.95 
20932 
18368 

257.95 
12053 
213.33 
2995* 
27737 
137.02 

428.43 
229.72 
23088 

496« 


S336 

»6.W 

19638 

222.69 

166.93 

150.00 

135.92 

35837 

83.99 

256.48 

U430 


238.78 

mo3 

32417 

233.60 


FIXED INTEREST PBlOB INDUS 


British Government 

Mob. 

Ang. 

• Sti 

Day's 

NdatH- 

To-day 

ri Adj. 

ton 
to dam 

1 

EaSB 

10463 

-0J6 

.0/09 

648 

2 - 

5-15 years 

31U7 

-0.43 



7JM 

3 

Or®- 13 years 

32X06 

-0.40 

«*■ l 

X67 

4 


127.69 

’ -0.61 


724 

S 

All stocks — 

232.96 

-031 

flU4 

739 


Toes. 

Aug. 

15 


Index 

No. 


24273 

222.04 

396.96 

32237 

350.92 

192.95 

176.% 

219.83 

26775 

189.07 

13331 


22037 

23776 

28373 

27135 

23572 

227.86 

39771 

146.99 

289L07 

38191 

25933 

XZU8 


21177 

299.95 

278.65 

137.02 

42954 

230.77 


23160 


497J0 


25458 


17657 

19557 

223J3 

16652 

15131 

137J3 

36359 

84.45 

25&7Z 

11470 


24059 

110.88 

32S.42 


234.46 





ISiM 


SS- 

m 

vasti 

1356- 

222.#^ 

33336=3 

mate. 


371501 

mstA 


7&X1 


FIXED INTEREST 
YIELDS 

Br. GorL Av. Gross Bed, 


Low 

Coupons 


5 years. 


15 years^M. 
25 year*. 


Medium s jeanL».„ 

Coupons 35 year*-^. 

25 years — 

fflsh S years_^.„ 

Coupons 15 yeara__ 

23 years.. 


Irredeemables. 


Mon. 

Aug. 

21 


876 

10.95 

2166 


1X58 

12J3 

32J5 


1X59 

3250 

_12g 

3X6$ 


Fri. 

Aug. 

18 


8.72 

10.86 

U57 


3X48 

32.06 

12X8 


3150 

3755 

1277 


1157 


Ytxrl 
afie. - 
(approg};. 


6JM. 
3X86 
1172 1 


30 JA-* 

Uttn 

2231 


3074 ' 
3357 
1317 : 
1169 




Mini., Atiy. PI 

Friday 

Thu re. 
' UK- 
17 

1 

! Wet, 
A;‘u. 

: 

Tiii*». 

Aug. 

fa 

I M' m. 

"if- 

1 I' FlitA V 

! A ff 

Tliur*. 

A*W. 

In 

l 

Year 

(B]4in'*)> 

Jmltfx ; Y« , W 
N... ! % - 1 

Id 

15 

20-yr. Red. Deb & Luaos (15) 

87.78 'llZJBS 

57 .84 

57.26 | 

67.58 

67.33 i 

87.30 

67.26 

87.26 


16 

Investment Trust Prefs. (is> 

51.64 j 13.00 

51.56 

51.65 

61.57 

81.57} 

51.57 

51.67 

61.87 

60.95 [ 

17 


70.14 1 13D2 

7a 19 

70.19 

7a6B 

70.49 J 

l 

70.47 

70.47 

70i3L9 



sTSffyjSjaa jrMBH 


uuMm. scan sbt. prim PPt by ^ ^ 


f t. — - — - m Satowtoy 

Bracken Koum. Cwwwt. strew. 














































































Financial Times Tuesday August 22 - 197S 


23 


AUTHORISED UNIT TRUSTS 


Unit Tml, It^rs. Ud; (a) 
ftCrt»h«mreTld_Arie*bwy . tBMCMl 


wrCapttoI. , 
icy inn; me — I 

SlW.TH.ni-F 
iJoco-Tri. 1 

: UA Hwnbro Groups (a) (g) 
abreKon. Hutlon. Brentwrod, Essex. 
m SB 5 I or Brentwood KCTTi 21)458 

m< mud* 

edict. 1701 

. Jnde.Fur*l..— . M 3 

v*l« W* 

•t it Ind Her 36 .T 

til Capital. 77.9 

rtwr™. — U 2.7 
ibfoA«c.yd.— 1294 

. aw Hunts 

b Yield FiX. — 

aiocwne.-..^.. 

.£ 4-1 nc 

■ mttemlFBBA 

motional 

10c Fund 

i nt Anrrlcn.. 

A.P.«onpl+._. 

-JaUrt Fund* 

■JlerUo.-aFU-.tns 
Swlr.CoxFd., B* 

._ vrery SVta >t.2 

' Ht».a CdUr— 443 
rpsnBarnlnu. U.1 
LSmlr.Coa„ep «.0 


us FramltactMi Unit Mgt. Ltd. <•) 

W-Xmlniid Yard. EOffl SDH, oi-MOOBTi 

American— 

Capital Trt. _J 

Income TM — . 

Ini Growth Ptf, 

Do. Accual 


I YanLEC 4 B SDH. 01-241 

‘Sill ffjj 


1*0 

336 

LZ7 

2-07 

2.07 



Friends* Provdt. Vnlt Tr. T/Lgn# 

rteJwm End. Dorking. 0306 BOM 


Winatrr Fnnd Managers Ltd. Provincial Life lav. Co. 

MliVMer H*e, ArtJjurGt-EC'l. 01^5231050 232 . Rwhop+pati. F,CS 


+i*j 


530 

Sit 


Friend* «for. Ufa. ..Mfij 49.71 -Ml 

Do. Arturo jliJ+fl, 


"3 


3 M 

3 .U 


01-088131 


jji G.T. Unit Managers LXd-V 
IK jS.Ffn*bory areas EC2JJ TDD 
12 flT.Cap.tae ..W.7 340 

^ Do-Aw-^. lOS.fc H 3 J ^.. 

C-T.Ine.Pd.Ln 1754 UU 7J0 

7.70 G.T. U.S.AGen 152 * 2KJ ..... 2.23 

Iffl G.T. Japan & Gen 349 1 3674 •. -. ' 0 JO 

6*0 4 tU.Pcn*£*JU Ml . 7 Mb 4 . 8 Q 

G.T.Im- 2 . Fluid 134 7 160 ...... I. 1 D 

223, GJ-H»rY<teFd....W6 iu|J' 7.20 
G. 4 A Trust to) (r) 
vS 5 . lUsdevshRd- Brentwood (ffrmarow 

G-*A. 05 3 373 ] +* 3 ) 4.40 

*37 GarodDre Fuad Managers V faXg) 

01 - 283333 ) 


J 5 J + 0 - 1 } 
03% +Efl 
1874 -HI? 

. S3 rs | 


• 3 . 9 * *04 

ujli +oia 
1004 +JJ 

«j -52 





*-» 2. SL Mary Axe. GC 2 A BSP. 

IwAmeriOUiTM..— { 32.6 
2 " British Trt- (Accj._ 6X1 
7 -fS Commodity Share, 274 J 
447 Evrra Income TVt^. 25 6 

Anmt UottTnMt Manager* LW-. HlTfiiwmoSt: Si 
. Fencimreb Sc. 5 C 3 M OAA 6239331 Income Fund 7 U 

*** CT - — ~ 156J ■••: ■* 5 w gf 

sbacber VnH Mgmx Co. lid. «itau.Trt.(Ae«j"pJ 3 
•West, EC2V 7 JA oi-E3677a Gibbs (Antony) Unit TsL Mg*. Lid. 

Monthly Fend. 1175 * 185*4 ..._J M2 S.FciodcTich'iPL.otd Jewry, ECS. 0 W 5 BS 4 UI 

■ rathnot Securities LttL faKO 2 } £E:gSa~g.7 ™ 

town St. London EC 4 R 1 EY 010385281 <a)A. C. FarEast-_ | 2 & 0 20 2 
la Income Fd — PUL8 119 J 3 -0J( 10 A 4 Dealine Tum, ttw< 

SS G*sett CJo fan* 

94 2 T 7 . London Wan. E.CS. fH-6HB0S2O 

26 . 1 } -Oi] 42 S 9 SHlr AlruW 1 [ |153 3 -168 

4QM-C?H 2251 Do. Actum Mnlt... |l86T ■ l«j 

— Neat dcallmt i toy Anenot U. 

»ttt Griereson Management Cat. U&l 


b l»c. f end k 24 

scum. OaiUL. »9J 

4 r.’drwLtna.jSfiO 

:nwm Pod 2A2 

-uhl l r nrtj) f 7.7 

ItalFdod 2U 

nuodity Fond— > 2.4 

m l.’nll*) HA 

• W'drwLlj 554 

tPrepJd. M x 

..-.its Fond eej 

em. Unltxi «7 7 

■ nhpund SM> 

1 ■nm.UnlLU..__ «.l 
. ■ JUtrCo si' d.— 294 
- jwn fc IntL PtL . 29.7 
. .WdiwLL'taA- 233 
-dfnFd.— .- 97.9 • 
jaer. a Int 1U M 3 




73M-0A 


47 . 

973 

Si : r 

99 J 

473 . - 
3 L< eBJtl 
3 Z 0 -o 3 
25.1 -Oj) 
1 D 53 . ’ 

37 A * 03 ) 


n Km 

\u 


lojni 

386 

2421 

WJ 

OAOl 

863 

5451 

2.78 

540 

0.95 


440 

030 


_._J X 43 
-.TfliS 


4.90 99 GreaJumSL.EC 3 P 2 DS. 

|S ^fsasfjfrpi 

BtnsJLYd.Ana. 17 . UL 7 
lArcum. Units) E 28.4 

2 - S Endear. AuO. U— 22 A 5 

3 - » (Actnnn. Units) 232.4 

JJ 9 Gnwlutr.Aiis.M-.lMa 
J 39 (Ajecna. Units)-.... U&l 

JA 5 LnABrsla.Ans-10. g3 

J 40 (Accam Unite) 774 



ifil 

MLA Unit Trust Mgemnt. Ltd. 

Old SBwt. SW 1 KBJG. 014307333 . 

■> ILA UniU |S 63 «8.H .1 3 M 

Mntual Unit Trnol HantgenV (aVg) 

| 5 . '.'opUmil Ave. 6 C 3 R 7 BU. 01-8084003 


Proi^JiC Unit? 1937 

filch Income {122.0 


Ltd.V Saw & Prosper continued 
oi S4T8K8 Scotblts Securities Ltd-V 


10041 * 0 .« 
130 7 | + 0 . 4 j 


2 .M Scot birc . .. 


6-87 ScOtrieM - — 

ScmjiWt« ,)M 4 

Prudl. Portfolio Mngrs. Ltd.V <aXt>Ke) SeS. E^'Ytd."^ ..? ' 

Ho J born Bar*. ECIN 2 NK 0 MW 6222 ’ pne “ « Au ' ! « l 0 

PnOMtlal .11365 1 * 5 . 81 +L 51 *43 

Sebleshiger Trust Mngrs. Ltd. (a) (31 


1414 


0620 

1714 


nqaj 


6» 

•JI 

240 

7.13 


Target TsL Mgrs. (Scotland) (aXb) 

10. Athol Crowrem. &iin A raiJ2»8oaia 
TJrj!« AjJwr.E«ld 304 33 J| -KlJ 138 

Tarset Thistle k 33 463 J+ 03 I 5.43 

Extra Income Fd . 160.4 6494 ) } 9.94 


S *' twh ^“ AWa. Trades l-nion Unit TsL Managers* 
inaWnod.SlrCM.Ei-a i)]-£ 38 R) 1 ! 


HubulKmcMiu... 

Mutual Inc. Tat 

Mutual Blue Chip.. 


Qnilter Management Co. Iid.V 

The Stk. EMbanse, EC 2 N 1 HP. 01-6004177 Aid 


JO). Sooth SocM.Dcrtnnc. 


Am. Exempt 04 6 

i. Cnmtt 1 


In Quadrant Goo. IU .{134 0 IU.J| | 


QurnfauatlDCome-FUES U6J 


Mutual Mich' 

gsSt =* i | ::| i S£l 3 ^ «* 5SS & 

(Arcinu. UniUl 7 ) 376.4 lO W TV] 315 

„ . Ridgefield Management Ltd. uttm una . 

Nation*] Provident lav. aingro. Ltd.* 38 -M. Kennedy SL.M»nch«rter Oflt 33**321 U K. Gnh. Dirt pXO 

<8. GracechuTch 5 L.EC 3 P 3 HB 01-823 GOO fttdmefield Int UT . 1104.0 ULOj ' " 

NJ»J Oth.UnT»t— 148.6 SUM I 39a RMt*fl«kI lucouw. (».» DUQ 

(Aeeum Units)* 094 63 

■VP 1 r/iess. Truat _ 0297 I 

(Actum. Unhsr—.-JEBJ 1 

“Price » on July ZLXrxt 
•Price* on August Sl Km 


so* 

477 Exempt High Tld., 27 7 
7 72 Exempt Mil Ldrs_ 27.7 
Extra Inc. TsL — „ Si.Ort 

Ineomp DW OLD 

Inc- 10% Wdrwl na 

I ct&l. Growth 53.4 

287 
?14 

... *^11 Yield- 244 

53* Pref.fc Clh Trust-. 23a 
Propert y Shares — 91 

Special SIlTh 31 4 

UK- C i-Ul Arcum. 238 



235 


25 91 
733 
29.2 
292 
333 a 

44 i 
33.4 
57 4 k 
30 ? 
34 J 
32 J 
24 7 
31 0 
334 
256 
226 


- 03 W.«rwi TL "n'-'«S- > - — PM 5341 f SJO 


*0.1 

*01 

*04 

* 0.1 

■*01 

+ 0.1 

+01 

+ 0 4 ] 
+01 

-02j 

+0^ 

-01 

+0& 


253 

LSD 

783 

399 

593 

929 

323 

386 

4 C 8 

1209 

1.96 

2a? 

4.78 

4.73 


9 J 3 J. Henry Schroder ITagg & Co. Ltd.V Vnn.GwUi.Aus. is 


e August 22. 


National WeMmlastertKa) 

^.f ^^pridn. EQV *EP. Ol-m 600 *. 
Captiai (Accnffl 1, ,T 


Grmnb ln*-.._, 
Income 


Portfolio lav. Fd_— 
Unireml FdjfdJ 




Transatlantic and Gen. Secs. Co.V 

U K) New London Hrf Chelmsford 004.151 631 

503 
503 
475 
456 
45 h 
535 
S 3 * 
6.71 

e.n 

405 
a 05 
269 
269 
3.07 
3.07 
773 
592 
5.52 
4.64 
4.64 
775 
7.75 


■ Accra. Unit*.) 
RarbJo.pL JufyZfi 
Buckm. Aue. t7 — 
(Accum. UnltBi -- 
Colrao Auyn »t 18 

(Accum Units) 

Oiobld. August 10 . 
1 Accum I ini 1*1 .. 
RIml A u purl 15 .... 
itraur twlii — 
Marlboro Aup. is 
(Aeeum Units) 


lAeeuM Units) - 


Vane. Tee Aug. 1G 
■ Accum. Units. 1 . 


NEL Trust Managers Ltd-V (*Hg) 
MUuw Court. Dortang; Sr 

Nelstsr tLs j 

NdaurHlgbinc .^043 


MUioo Conn. DorJdn& Snrrej. aril Kovaa Unit Trust afogt Ltd. Via) 

Netsur IUI Wa-HLU *05 Ctty Finsbury Bo-ECa 03 - 000 lOOB 

57 . 0 ) -* 0 JJ 7.90 AmermanAnc. 17 -I 73 5 763 ) 

Secnrioes AU0. 16- 1864 199 M ..... 

Norwich Union Insurance Group ft) Si Stl “T. 

PO Box A Norwich. XSl XNO. 000883900 mSSaS&IGI^: 857 WdJ T.!" 

Group T*L Kd. 0743 JIMf + 39 ) tSL (Accum. Units) ( 105 * 11 tT| 


120.Cbeapnde.EC8. 

Rothschild Asset Managemeot (gl SgSlW"' l ?T ] ms 

7 H 80 L Gate bonne Rd. Ajlo»bur> IESS 5 M 1 income AujpmUS*.'. 

N. C. Equity Fund- IU 23 ■ 19401 + 18 ] 5 J 4 (Accum. linltsi 

K.C. EngyJReB.Tat.Ub .4 1238+06 2.44 Caunl AUO.' 10 

N.C. Income Fund -IlSBJ! 1 WL 2 +07 JJI (Accum. Units) 

XA InU. PB. nac.]( 99 J 1859 b + 0 L 7 138 Europe Accost IO- 

N.C. Inti Fd. (AceJlaBJ 1070 + 0.7 U 6 (AcCnm. Units )„ 

N.C Smllr CoyTmiM 4 1760 + 04 } -448 -PcoiCbnrFfUylB 

*SpCcEx. AaXbrt L 1 

Brthipliilrt A Lowndes MgmL (a) ■ * B ^" w ^rff l Snrtsxempt ruodTonb-' 

St Swlthlnn JLaae, Ldn, EC*. OI-S 2043 SS ' -. „ _ uwrnun.v'nn 

378 i 45 .o( 4 417 Scottish EqnJ table Fad. Mgrs. Ltd.V cSSSasS-W §306 

Next dealing Sept 15 . 26 SL AnrfrewiSO- Btflnborci 031 - 656910 ! {Aeeum. Uniui_ — 09 Z 2 
lucomo Unit* 

Accum. Unit# 


79 J 

84 6 m 


1234 

1312 


64 * 


.... 

K 0 

65.7 


104 Z 

JW.E 


1371 

144.4 


1635 

1743 


557 

593 

...... 

610 

65 2 


578 

61 5 


740 

70 9 

mmmm . 

563 

59 fa 


(48 

680 


54.7 

. 57 J, 


672 

Tod 


753 

79.5 

.... 

46.8 

493 


46.6 

51 Z 


64.6 

683 d 


77.6 

82.1 


71 6 

75 0 


82.0 

86.7 

■* 0 - 8 


OFFSHORE AND 
OVERSEAS FUNDS 


Alexander Fund 
T?, rue Kotrr Ewme. Luxcmhopitr 
Alexander Fund— | SUS 764 ) . ..J — 
Nn out valui- Auc ift 


Arbnthnot Secnrilies IC.I.I Limited F tm*[« 

P.O. Bert 28 *. SI Heller. Jcrscv 0 SUT 217 T BMirbrlex 


CapT* «Jenwr« JU 9 .B 123 M 486 
_ _ _ Sen de aline date AuguiH 30 
uor*is «4 Tit |W Soy _ 1 { 2200 

Nm dealinc dale Aunim 29 . 

East Alnii Tst -CD TU 50 132.01 .. J 2» 
.Next (fealinc date August 17 . 

Australian Selection Fund NT 

(.HqwriuniUcs. dn ln*h VmiW lit 
pulhwaitc. 127 . Kept Si. Fidnty 
L SSI Shares. I SCSI 72 1 - 016 ] — 

.>« ,U*et Value Au^wt ] 7 . 

Bank of America International 5 . A. 
36 Boulerord Rr^ul. LoMiubnurs G D. 
Wldiimen Income UI SlUn luw . .1 7 SB 
Price* at AuyiiM 1 1. Neil rub da Augilrt 33 . 


Kes selex MagL. Jersey Ltd. 

P13 Box 98 . St Holier. Jersey. . (Eng. 01 -OPS JDTfn 

[FnJJB IM +» 760 

>m«S BS. 1 — 

si ain - 

««l 

lifts * sn .... 

. 105*7 17 . 01 } ... 

£13576 1-809 


Kc+selnainn 

KcTtsId* Europe. . 
Japan GUl Fund... 
K if tele* Japan . 
rent. Aimcts Cap 


371 


Kin; & Shaxsm Mgrs. 

1 Charing Croia. St. Ueli cr. J rrsev. 1 Q 53 *> TT ”4 1 

valley Us*, su Putor run. r.nu-y iWil 1 ? 47 TO 
1 Tbnma* Street Dcoebia.LO. 3 t iCKCr'-VTS'l 
GlIlFundUCTsic* 1 ..K 9.12 0.I51 .. I 1200 

GiJlTrii.*ljI.aM' . >1031 ] 057 ra . I 2 M 

t»U! Fr.d Giiwnu»y{C 9 J 2 934( J 12.00 

latt Gon. Seca. T«s. 

.am 




Kleinworf Benson Limited 
20 . Jm church SL, UCJ 


JB 


M? -. -j 


64 11 


Dvalina day Wadncadayl' 


4 .B 4 

404 


Tyndall Managers jUd.V 

18 . Canynge Rtwd.BrlBinl. 

Income An;. 10 006.4 

(Accum. Uuiui pw.fc 


Exempt Ana. It.. .p 5'2 
"nits' 1163 6 


(Accum Unii 
laLEarp. Aur. 10— 12688 
\ Accum. Units) 12993 

aw Seteg Unit T 8 t. Managers Ltd.V (a) SS&S£fyfi&>-~pK 
PO Box OIL BCHtoy. H<e. E.C 4 01^389000 S«K*Co»..1nc. Jfl-pxBJI 


3.85 

7 J 6 


(Accum Untmi _ — . 077.2 


' -shwny Vnit Tad. Mgs. Ltd* (ajfc) Gnan&an Royal Ex. Unit Mgra. Ltd. 

- . Hi£b Holborp. WCI V 7 N L. 01 - 831 G 233 . Soyal Rxduuige. ECSP 3 DN. 0 b 4 BB 80 U 

me Fund -1893 - V 3 -« | 54 * (a 0 G<uurdhlUTa^| 97 J UKtAg f-l 0 f . *U 5 

*. “ » l A ««ws n. X ext »b. day August 24 . Henderson Adm instrati on¥ OtKcKg) 
clays Unicorn Ltd. faXg^flc) grendcr OT AdmliL .8 
Kd. 252 Romford Bd_E 7 _ 01 - 534 »M 4 
«»Amerl«i_P 7.4 402 ] + 0 31 135 gJSSgjLfa.™; 

- u C«p. Growth Acc— . 
ijS Income 8 Assuta^J 
586 . Rtab-li 

a _ 

503 Sector Fnnd» 

506 Fhumeial 0 tra 

335 Oil A Nat. Res 

M 5 

SJi Cabot 





- Jcceral t 

trwih Aec_ f 

ticnmeTal _(• 

-Frt.ANa.Trt.-r. __ _ 

cei at July 31 Next sub. _ 

tecorery t *63 50 j 

rrustoeFund^f 

rldwlde Tat. _ [S 3 .a 
Jn-FdJac__V 
M"na- P«* 0 L 7 



ja&ui 


- tL International 

509 widJnde AutS 
f-Sf onnra Ftanda 
i-S Aastndlun 
Em. 

401 Far 


Ing Brothers & Co. Ltd-V <nKx) N^&K£nc|S& 
endePhaS SL. EC A Bl-SUSPO CahOtAnxer^mCo. 023 

HuuTrt. tu$. 8 . gi| -j *02 H m Samuel Unit TsL MgsdfQ 



-00 2 06 
-01 507 

- 11 : 3.91 

+W 

TL2* 


Next nb. dior Augustsi. 
hopsgate Progressive MgmL Cc-V 
rtmpaC««.EC 3 . 01888 K £0 




n 

UtL—Auc. 15 -G 34.9 

JeluL.AUK0_ (UL 4 

mu.) Auc.B 12068 220 .^ 

«xt cab. day 'Aupurt 22 . **Au 



dge Fuad BanagcnVia^c) 


: Wdliaa SL, EC-Ut PAR 

uican tGen^_B 7.4 


4 fi Beech St, BC 2 P 2 UC 

(hi British Tran p*JJ 

(gjlutl Treat (03 

(c) Dollar Trust. U .4 

(0) Capital Tnna — XL 7 
(biFtaumclal Treat. 990 
tbilpcime Trust— XBS 
(b) Security Trust.. 582 
tbi High Weld Ttf-.|XL 0 
KnteLV («Kgl 

] 3 . Christopher Street E.C 2 . 


010280011 
.1731 +L 41 503 

IS 

34 . 0 a + 0 J -*.41 
103.9 -MW A 46 
*M 723 
MJ +0i AM 
3 W +03 702 


ouvrswa 


is tsssssaiSJ suss hj sm *-*.*.* >.»» 

385 . Loulm Wall Gnin 

__ Security Selection Ltd. capjiaiGrurth. — JM 2 

P**rl Trust Managers Ltd. CaKgKr) Royal TsL Can- Fd. Mgrs. Ltd. is-ts.LtneotD-ainn neida. wc: n«i 893841 

8CBiith Holboni, 99 ClV 7 SB 0 WWM« U*,J«reiyo Street. S-W.L 01-0298532 V# | 219 Du. Aeeum ( 46.7 


Pnen *1 Ant. 


* aa = j » 

Next dealfaue Aug. 3 L 


Pearl Growth Ed 

Aeeum Units ^ 

Fbarliac. 

Peart Unit Trt.. 

lAaiaL lldta). . 

' _ Sire t Prosper Group 

Pelican Units Admin. Ltd. (gMx) 4. Great St Helena, London EC 3 P SEP 
81 Fountain St. Manchester 001-2383880 8 B -73 Queen SL. EiRnbuxxh RXB 4NX 



CovlGthTUliK — [Z 2.0 


219 


Stewart Unit TsL Managers Ltd. (a) 


Pelican Unit. |V?J 99 J] -HU] 47 B 

Perpetnnl Unit Trust MngmLV (a) 

*B Hart St. ReaiJoyauThamM 04 BI 20 B 8 B 
PTMXualGpjRfa ] 4 U 07 . 7 ] 300 

Piccadilly unit Trust foMM 
AnUpy Ga*w Dan Tm( Kiupn Ltd. 
IgjgdwIaMi Place. OM Jewry. BC 3 R 3HD. 
Extra Inoom* pm a 

Acramllr. Fund i ).7 

bnoli^* Ftmd_ Mg 

Bat fa 19 A 

American Fund — 1260 


Dealinsx (« DUS 4 B 889 or 031-230 73 S 1 

Save ft Prosper Se enri t i es Ltd-V 

Urtareatfa— 1 Plnuis 



Oroltai 

, 139.6 

Urir. Growth fl 4 * 


H 74 

High taeanui FonBc 

ssi 

UK. Ftata 
tTKBquity — - 

-K 7 J 

Europe 


rT“ 

« 

BMW FobOx 


6 L 7 |+ 0 . 4 ) 620 


43 . cbaxMte Stu Edlntmrib. 

TSwwart Mwrtitt Funi 
SUmterd UnSa— — OT .7 
Aeeum. Uniqr — — f /62 
WjthdrswalUniU _( 56 .* 60 . 

-Stewart British capital Fund 

Standard D «0 13701 ,_..J 400 

Accum. Units ■ .. . . } 166 J 1000} ...J 400 

DuaUns tFri. -Wed. 

Son Alliance Fond MngL Ltd 
Sun Alliance Bw, Horefcam 0 M 3 M 141 
.9.5253,7 24601 _. 1 3.88 

>70 U 4 « + 0 S} 323 


Financial Frtrty 16.7 

Do. Accum. 20.7 

Hlcb Inc. Priority... 6 T 0 

... luteraational .^... . 340 

031-2203271 Special Sits 34 4 



TSB Unit Trants (y) 

!□. Chantry Way. Andover. Hants. 0284 03 U 8 
Deoltnc* td OSflf "3432 3 

52 . 0 x 9+00 304 

66 .W+ 0.8 304 

670 } +00 6.94 

70S- +0 7 6.94 

97 . 9 f + 0 .E 225 

ltfu +08 205 


SfSf 443 ! Ml ’ T *r** s: m Mngr*. Ltdv f«Hg) 

- i W*J TXw.lW am 


5 «o. 


Practical Invest. Cm Ltd? frXO nmcU 
44 .KaemabnyS«. 99 cuaSA oi-oasoog mall Itliiliuiiiu Fund* 

2S£te±rBB S3=j iS fgSSSS 1 . 



31 .GraxhimBL.EC 2 . 

« 4 -«r «* 

» SSSSSr r « S & 

030 +DO. ACC. Unit* 5080 

UJ TJUTutGlUFand— 11 S 0 
TsruK Growth 29.7 

V. VttliKiBSaB 


(brrSB General WI0 

i b) Da. Accent. 020 • 

■b) TSBJutoao — .iMJ 

(hi Do. Accum. |Ul 2 

TSB Scottish-. .. ... [920 

(b)Du. Accrna p *0 

Ulster RanfcV (a) 
Warf ngstreeL BsUtua 


DeaDnsKOOgBSMl '{WUIxterCscmlb— i 409 


023235231 
4 S 0 X 0 +OJI 409 



Hi 33B Unit Trust Account ft MgmL Ltd 


6 M King VniUamSLlSGtR BAR 
S-?i FriareKsa. Ftmd— (1*8.0 

WMurGTth.Fwi.-P 23 

Jg Du-Acctun. P 7 J 

4 m Wider Growth Pond 

704 KUmWnUBmK.EC 4 RPAR 

1 L 79 Income Units 1323 

402 AccumUaba B 7 J 


omsa«m 
U 70 J+S 4 U 4 J 6 

3.96 


WM 


01-023 4951 
-CJJ 3 .M 

3.96 


Bnnqne BrnxeU«>« Lambert 
Rue Dc in Reccnre H 10m nrumela 
Renta Fund LF... 11.935 1 . 964 ] +11 


&80 


Barclays Unicorn InL (Ch. Is.) Ltd 
1 . Cbhnnj; Cresa. SL Hrher. Jr..r 053493741 

Oversens Incomii .1471 49 .ta 8 | 12.01 

UnidoUar 1 Trust. _ nrsiiw rH \ \ J 70 * 

Unibond Treat Jll'noiiT lei) .. ,| OH 

■Subject us lev and uilhholdlus taxes 

Fare lays Unicorn Jut. cf. 0 . Man) Ltd 
lTb-TOWSU.DMiclBN.lDM. 08 M 48 M 


KurinresL Lux. F. 
Guernsey Inc. ^ - . 
Do. Arcum . .. . 

KB Fur East Fd .. 

KB IntL Fired. 

KB Japan Fund 

KB U.R. Girth. Fd_ 
Siptiet Eermuda — 
"L-n Hands fPMl 


| 66 .« U 13 6 Rlt 
! 7 M Pifi 
S 1 V 33 .H 
SLS 12 JJ 4 
SIIS 3894 
SIS 12 W 
. SU 552 B . 
h»J 0 20 . 4 " 


ni^sawn 
.... I 3 .H 

411 .. 
4.12 
I» 
106 
0.64 
0.72 
170 
825 


+L 03 

+ 0 Ki 


Untcore Auet Ext . ( 57- 4 

Du Aua Min. 378 

Dn.CrtT. Poclflr. . 719 
Do. IntL Income. .. 480 

Do -1 at Man Tst 4 R 1 

Do Kanx Mutual _.| 27 j 


109 

100 

aw 

88 

140 


*KK mi as London paying agents only. 

Lloyds Bk. lC- 1 .) U/T Mgrs. 

P.0 Box 186 . Si. Holler. Jersey 0S34ZTO1 
UoydsTn. 0 ">c*.»_.( 61.6 « 5 . 9 f . . ..( 005 

Next dealing dale SrpL 11 

Lloyds International MgnxeL S-V. 

7 Rue dn Rhone. P.Q. Rnr 175 . 13 U Geneva it 
Um-da I ut. Grnirth . 1570858 30 ^ .... j l.M) 


Lloyds InL inccme.pFW 53 


ASP 


BLshopsgate Commodity Srr. Ltd 
F 0. Box 42 . Dmiidas. 1 o.M. 0 eS 4 -Z»lI 

kL 1 * 


C ANRHO **Anc t::|ELW 7 1 'ill] 
COUNT -Auc 7 . JB£r~ 


U 7 -T — Auc 7 . -]£i« 3 Z 

Originally Issued at •*]« and 


Bridge Management Ltd 

P O. Box 508 . Grand Cayman. Cagiwn I*- 
VhwhjJuir_ 3 I ,_..| Y 15 . 9 M | | — 

ZUM J 0.78 


K ft G Group 
Three Quays. Tn*rr HiD EC 3 R (SO. (IKM 43 RS 
AUantuAue.i 5 _.nrr-iD j«i , . 1 — 

AusL Ex. AuR. ) 0 ...pi'iB 56 t£» . ..J - 

GoCdExAccAuc.M.KtSCX Ulfl .. .( - 

Inland 1316 1«0> . . | 7 21 

■Accum Unllsi 1197 . 4 . 2200 ^- 02)9301 


n j.O. Box Wj. Hong Kong 
NipponFdAutia_t$fS 2 Ml 


Britannia TBL MngmL (CD Ltd 

30 Bath Su$L Helier. Jersey. 033473114 

5 ferHu£ Dciwnd dated Fd*. 

’■-touiu invert. B 6.7 

lntnLFd. W 5 4 

JcW ErentyTsL .[ 244.9 
UniwL S TsLStg.... 0.49 
iUgh latgug.nt_| 9 K.a 
Fd Dsdar Deuttulaihd FA. 

Unlrel STB. 5 U& 3.15 6*9 J - 

Intifllgh Jm.Ta_.f98A StSUq -1 900 

Value August 18 . Scxt desJlng August 38 . 

Brown Shipley Tot. Co. (Jersey) Ltd 

P.O. Box 583 . SL HeJInr, Jmn. 093474777 . 

Sterling Baud Fd. ..$1034 lCLJSf J 12.70 

Bnfterfleid Btnugemrat Col Ltd 
P.O. Box 106 . Hamilton. Bermuda. 

flimrew Equity — KUH.« 259 J 105 

Buttresr Income — . E&SIS* Ufj 739 
Priees at Anffurt 7 . New sub- day Sept 1 L 

Capital International S.A. 

37 reo NatJT-Dame, Luxembroif:. 

Capital InL Fund— ( SUS 2936 |+ 0 JS| - 


Samuel MonlaRu Ldn. Agts. 

1 14 . Old Rimd St. EC 2 L 01 - 3 fl 804«4 

Apollo Fd.An*. 10 . ISTOtS 
Janfcst Anz 15 Z._[KKIUJ 8 

U 7 r.rv.Anc » aisua 

1 17 Jersey Anr, P _.} 504 ^ 

117 JerxyO'sAUB.a. ' 



Murray. Johnstone (lav. Adviscri 
DB. Hope .SL. Glasgow. CL 041-91 5921 

•Hope St Fd ._ ...] 5 FSMB 5 | .... | - 
•Murrey Fund.— ( UK 17 . 1 * }„...] — 

•NAV AupixL 13 . 


Negit SJL 

10 a Boulerenl RoyaL L ux r uibtat r e 
NAV AugUR 18 . ( SCSI 1.93 ]+B 37 J - 

Neglt Lid. 

Bank at Bermuda Wet, RandRns. BamU. 
NAVAag.* 1(622 - | 1 - 

Phoenix International 
P 0 Bo* 77 , sl Peter Port. GarreccT. 

Inter- DcUar Ftoad. JS 204 2 . 61 ] ... J — 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd Crown life Assurance Co. LtdV Lloyds LUe Aasorance 
2-3 SL PatiTtC hui chrard, SCA « 1 -ME« 1 U Cnwre LRe Hse. Woktug. GCT1XW (HeBZSOU 20. CBOox SL. HC 2 A 4 KX 



Ol-C 23^1 IateL In v. Fund. ...( 94.4 202 . 4 ] 407 } US 


Key Fund Managai Ltd. 00 ( 0 '. 


35 . Ml it St, EC 2 V WR 


20 J XeyfinowlrtFd. 820 
S 3 * Eta- Equity JkGdL. 730 
3.12 ♦Key Sxmipt Fd. _ 168-9 
. .. 322 Kew^ Income F-aafi. M.1 

Pncex August Key Fixed lot. Fd._ 610 
10710717 . Key small Co*iFd-PM0 


DUNWlu Selective Fund 


nu 403 309 
77.9 -HL 5 4.46 
139.3 5 <1 

B 5 — . T .72 
* 5.4 XUt 
U 50 ) +flj 547 


(anal* Trust Hanagomt (a) <g) Kieinwort Benson Unit HanagnsV 

mdea Wall BuildiaKs. Lootfoa Wall. 20. Fenchurch SL, E~CJS. oMStWOOf 


dnulSCSOISQl. 




-- PI 4 


014 Q 8 M 3 VQ 97 O KJB. Unit Fd. Inc. _I 9 CL 4 


imftlnd. 


ifcw. 


Eurt 

mrlxl See*.. 
I & General. 


fcGnmthZZZ 


i- Tf* Lkhwitaaail. ... .863 0 


mil 

T 9 Chine-. 
rime- . . ....„ 
-•■■lb Amor) ran i 


rEnorgy— 


*40 +D 0 J 

65 . 0 ) + 0 L 7 
660 a +00 
9 L 2 +02 
440 +90 
1280 ..... 
430 c .... 
2 S 9 M -00 
74.7 +00 

Ml +00 
■IS. S - 0 J 
S 05 * -01 
46.2 - 0.9 
943 +00 
*1.6 +00 
34.6 + 0 J 
SMJ +50 

164 

52 Ja +00 

S ix +84 
9 * +02 


ii® 


M 


64 * 


• .. ■■ e British Life Office UdV fa) 

lancn Ike- Tunbridge Well*. KL 08 * 2 222 ! 1 

3 rtUsh Ufa. — I 54 J 57 . 71+071 5 J 1 

lalaneed* BU 5541 f 505 

_^>Wdomr 1«0 , ,*U| . .-4 0.48 

- — 1 m» Aw» a. Nest dealing August 18 . 


>wn Shipley ft Co. Ltdv 
98 . ftuaden cu BC 3 
JWUAuga^TO .9 

•CCJ AUC 0 S 12984 

mlc Trertu (ai 1 

oetel WJ 

«rel K 04 


are 6 KB. UnltFd.Ac 1144 

5*35 XJB.Fd.Xmr. Tats. 622 
424 KBFdiiL.T*LA*e. 

4,H» EBSmlrCO'sFdlDe- * 9.4 
3 X 8 K B S m On.raAcc. *90 52 . 9 ] + 10 (' 641 

fc_7S HlDhyid.Fd.lQe_ SOLO 

8 .96 High YM. Fd. Ace_ 540 

£2 L ft C Unit Trust M an ag eme nt L&Lvj 

2 56 The stock Bchragf. J 5 C 2 N 1 HP. 01-088 JBOOl 

iji Watkssnm ^ -.zi US 

“Iff Lawson Seed Xtd ffaXc) -*.» 
2JB 47 .Qmcii’cSU London EC 4 R IBY. 0 insS 9 an| 
740 KRaw.UtterUlx — (414 . 44 H . 647 

421 fiAcevm. UMhrt — *64 50 Ja , ... 607 

1-70 •Growth Fund. — 60.0 643 -d* 240 

426 "l Accum. Ucitii) 664 7 X 3'-04 240 

2 JS tTGUtjmd WimmL «L 7 43 .*{ ... 273 

606 tADM-rlcua FA ( 6.7 . 268 ) 000 

442 RAccumUntts)— Z 74 29 -V - . 050 

93^2 "High View 474 9 LM ... X 8.64 

**iAr«iBj. Cnttr'~|WJ 7 • 73 » 3 18.94 

Deal. *Mo 8 . *T»e* IfWtid. rChura. -FH. 
Legal & General Tyndall FnndV 

1 A CjunnJKO Rood. Bristol. 037232341 ) 

Da. AUK - 18 M 2 6 ft« ... J 445 

i&ccum. Unlt*)_-p94 MjM — .) — 

Next cub. day Sept 13 . 

Leonine Administration Ltd 


■sa^a 


•iS?®?? 2 .X>nta»at.U«k»aWlHWP. 

—O '] 4.48 LeoPlU. ■ . Bm inn ~ 


4.40 


UeoDUU. 
Lm Accra. 



er 


01-489 M 91 J 


4S1 Uoyda Bk. Unit Tst Mngrs- LtdV U> 
543 ^gtetraria Des*.. Gtiriuf-bj-Seu. 

4 . 9 S WonhlitX.WestSUiaex. . 01 - 0231288 ] 

4 - fa Firm (Stebicds— B* A 58 . 71 + 0.71 459 

9 J 1 Do.lAertimJ 754 SO.t +10 .459 

334 Second tCUpl «3 fit* +0S 253 

*48 OeWcfinaJ 85 • 784 +0J 2JB 

5 - 0 i Third (liurcsne) — _ 195 4 A 2 +14 3.49 

448 Du. (Accum.) 122.4 23 U +14 5.49 

AOS Fourth (Exlnc.) 63.4 6 S .7 + 0-4 734 

405 Do.lAcceaO 72.9 7831+30 734 


— gnsa aca 

p ■ jaSu^SiioZ 1 

■ *oa Life Unit Tst. Mngrs. LtdV u wf* Life Unit Tst. Mn*rs. Ltd 
. iighS-V.P 3 tte.-*B*r.Horu. P.BnrdltZS TOdhtwetoBaaBd, Arlwlnsiy “ 

«Vl 

tea. Aeeum— -p 07 

uc D)s* pU 

-BC. Aretun 1490 


0308594 ^ 
l XX 


O ‘James/ Vtagk. LtdV 

i)d Enwt St. SON 1 BQ ■. 

: SO OB AUCW* l& Next douHi “ 


* 24 Equity Accum. —. 4*94 178 . 7 ] 

438 M ft G GroopV (yjfcKl) 

Three Quw*- 7 h«w HiD. B£ 3 R 8 B 0 - 0192 * 6SW 
See aim Suck Exchange Deal) us*. 

Anertruu— 1546 58 . 4*1 - 0 . 3 ) XSt 

61 n 58 B«rt 0 . . 54 . 7 ] -< 13 | 


ling Sept. 0. 

Mi Unit Pd Hgrs. UdV faHe) 

urn Pouxe, Nc«eartlfrfipoD’ 7 >Be 

..iwroTunUaTI©* 

Ugh yield MCA « 7 J( ..... 

■C»m.U alts — [357 sa 3 .{ 

Wr» d+aUag data August 28 

rfttes Official (Brest. Fd* Inn 

Aden WUU.RCSN IDS. 01-8881519 


Australasian—— > 1.9 62 . 7 of .. 

(Accum. Units) hnj 6441 .. ., 

Commodity—.. „ .. n .1 B 74 m - 0 JJ 

(Aeeum. t'orui 64 J 95 J| - 0 . 1 ) 

C ompcc iul G rowth- ( 116.6 1260 ^ - 04 ] 

CcnTKfitoa CrenttlJ 72 J < _ 77 Jq + 04 / 
21185 Conversion lac. — MS 743 ft .. 

307 fawdead-- UNO 137 . 4 - 0 . 1 ] 

x m (Accum Untie)-— 7*4 6 1US~(I0 

7Z Curepean.. 523 SsS -o 3 

ZQ (Arcum- Unit*!—— 5 J 0 573 -O 

731 Cxtxu Yield 914 97S -03 

Accum Units) — _ 1217 1 » 0 ] 


1158 
X 50 
J-SOl 
A 14 
443 1 
3.44 
2351 
756 

ffl 


lACBirn umui 
FarGaatmp... 


ueAugimio^h 4247 — , . _ 

DAufxsiu.inirt — i+xtii — 

,i*uUt. Duly ci-xiiabie to Reg. durnos 


(Aeeum. Units), 

General 


rtrrhoBje japhMV 
. termuter Ro». ETA 

' ntcraut'l B 2 L 4 

' lit- Untts WT 

iKWW' MR 

.lire Pip 28.0 • 

m. Unit* RS 

. 'd-Jiv Trt 149 . 

m. Unit* 15.7 


23$ . 

3*3 .v“ 
— 
395 ] ..... 

ai.g 

387 


(Accum. Uottii 
ffl*h Income — 
LAcrum. Units) 
Q 1 - 34 B 29 M JapaalactoM 


(.tecum. Unit*]., 

fthwmun — 

(Acnun. l/nila) J 2904 

«W 1 ptxI U 869 


■a* Angurt 18 Next dealing Aumiat S 3 . 


Soeond Gcm^'. ..'JuU 

(Accnm. Linttai [ 286.4 

rttal n Trust Manager* LtdV(«K&) — — Cg^ 

. tVSiECOUTV. 01 - 3883 X 32 lAccam Uamo.^-JZ 945 

Mean hxOAf, 26 .M+ 04 I 132 Spcri«ltac<S Font* 

Idtodm- MU 47 * 1 + 0.41 *32 TWrti* .r-n- 154.7 

UrttenalTft. fea * 2893+041 2.92 aiC . 

: Prerec. TrtlSr wS+oJt 4 85 

federation Funds Mgt. LtdV fa) J?J£ 

latyrereUDU-WeAlHE Q)- 34 £CCgl ~ , 

-th Fund 1«54 484 ] ... J 395 atanuLSfe Management Ltd 


St Gaowi'a Way. SM+ttscgn. 

Gnnrth Unl<n-> — B 64 



5901 


aiepeiifan Fond Managers. 

Wfayfltw**- Management Co. Ltd 
SLoft^ua? HWCr^dKay^U. 01 « 8 MW] 

550 


went Vait Tst. Bfgrs. Ltd (aXg) ucmroiAvuLts. 

.killoVm.SdxahurghS. 031-2284881 lnlcreMl A»H„l« 6 a 

. Aincr.Fd Mi 30 . 0 +tuj 434 Mercmy Fond tfnugers Ltd. 

Imereati .wliMJi u*j . . J on 

High, mat _fia« 495 ] + 0.9 4.70 

Hftenc?. jci 8 S 3 ft+a .4 4.71 

2-aUyc .. ,, -tMA 26 ^+ 0 ^ L 90 


soo 


za .9 ... 

2*15 

77 .B 

131 .... 
2394 .... 
2856 


30 , GKshxm St. ES 3 T 2 ER. 

Mere. Urn. Auc H.W 

Acc.Nts.-Anc IS—, m .0 
More. lot Aa j;. J 0 ._ 72.3 - 

.Totionary unit Food Mmejws 3 £u L & A i$i?" 

l«mbrtd 5 i,CCSI 7 AL ai 4 BG* 4 Sa hjsml^s ju\yS 7 . p»* 

«Dnmw. ... 1182 * 1930 ]... | 4*7 Midland Bank Group 

r . Winchester Fuad Bfogt Ltd U#l * Tra51 « LtdV 1*1 

MT:nchcr;or .RSC 2 B.H 

tneber ri+oa^SS* 2 t 7 j,(»l MA 8 BK 7 ~|gj CJ ) +0 3 

«m ft Dudley TsL Mngawt. Ltd g^H^" g* 

duunwisuswi OJ-Wotm cwimi J'-r" ffl.7 

«i Dudley 7 rt_I 6?1 734 ) 1 J 8 S Dn Accum. 0.3 

tifao Sees, Ud. fa) (sl Z^Z S* 

InbopAgalr. OX 0 TJB 83831 lnwrowtouft g* 

msire .JT 20 7 i*| + 09 ] 3,75 ^ 

iffy ft Lw Uo. Tr. M.V faW»ifa)W aSSSsst: la 

■rihnm RA. High w^combt- OUN 33377 MU 


O 14004 S 98 I 


ADS 

4 J 08 

476 

2.76 

«» 

429 


45.4 *00 
320 + 0.1 
33 * +04 

$ 94*1 +04 
493 +W 
34.9 +00 
980 + 0-hj 
784 
760 

w 


12 661 
2.66 
4831 
£U 

6.09 

6.09 

2*5 

2*5 

774 

7.71 

505 

5*9 


ity * Law- — 1720 . ' T 67 ) + 0 . 9 J 3*1 *Prtrc* nt July 34 N* jo doalipg Au * 1 ** 1 31 - 


CLTVE INVESTMENTS LSHOTED 

1 Royal Exchange Aw., London EC 3 V 3 LU. Tel : 01-283 
1 adrx Guide m-m August 13 . (Bur 100 at idi. 77 ) 
Tlive t'laod Intcrrst Capital 132 .tf* 

Hive Fixed Iniertwi Income 1 14.05 


1101 . 


CORAL IKDfiK: Close 518-523 


• INSURANCE. BASE RATES 

.v,tfV<r|»rty Growth.- — ^ 

tVinbrugh Goarairteed- — — — — _ffS 7 % 

‘ " • t Add re** thmen under Inyumn^r and Trope rty Bond Table- 

P 5 J* p^S 


Equity Fund 

Equity AM.. 
Property Fd_ 
Property Ace. 


„ Knayd Fond Act_ H 87 * 

= 

_ Ecm%Fd.AM.___ 

__ Equity Td. (nun 

__ Equity Fd.Iittt- 1023 

__ Property F<LAm_ W .4 

Property Fd. Inrm_ 97.4 

PropnitijFii. ImtX 967 

„ Inr-TaLFd. Acc I 11 .D 

_ lnv.Trt.Fd.lmn._Ul* 

_____ __ tav.Tm.FW.luft tf<J 7 

Priccxxt Aug. 15 . Vidualloa atnraillj- TtiodJy. Plxed Int FA Acc-.R*.* 


Convertible Ftutd_ 

rMoncrTniuJ 

fProp?FUSer.* 

fMnn.Fti-Ser. 4 __ 
'ilijuity Fd. Ser. 4 _ 
VC cure. Fd. Ser. A—; 
•Money Fd. S«r. 4 _ 



1130 +00 
1114 +00 
U 2 J + 0 L 2 
1 BU +07 
1 MU +07 
137.6 +00 
1025 
UZ 5 

M 42 _ . 
1UU - 03 } 

sa 3 1 


9 t® 

133.6 .._.. 

M *5 +OJ 
166.9 -03 

4432 

. _ 123 . 7 ) 

Zn Ltmdmi Indeinaity ft GnL lus-CalAd 

- l* 30 .TheFmteinr.IWingSe 33 U. K 5 c. Aos. 15 _ 

IkmnrHaatfiw — PU 38 J‘" 

lULFlndhSZ — PZJ . 33 . 


622 

“ oSjaI¥a^ 7 7 J 

S.« Ord 0 , A*BtnnAnsl 7 .( 
— OptFADpLAafn.} 


Schroder Life GrotrpV 
Eatfirprlse Souse, Porlmnocrth. 

Equity Ant 15 Q 245.7 

Equity 2 Aug. 10 {2315 . 24 SJ] 


; Charterhouse Japhet 
l. PaternoBter Kmr. £C 4 . 

)A«SrepJU___ 

Artverb*. - 

Fnn dat ... 

Focdti. 

‘ Emperor Fund — 




OTtHS 23723 , HispazMX. 


555 

— Flndlstafait t 


Equity 3 Aog. U 11275 

Fixed Int. Ant 15 .- 1131.7 
FtxodlnL 3 AsjcJS , 050.4 
IntULAu*. u___| 45 U 

KajCABtAug-iS - 11570 
H+ansod Aw. ) 3 _fcSL 0 

Mon** Ant 15 D. 9 S 2 

Moneys Aug. 15 [ 118.4 


Albany Ufe Assurance C*. Lid 
31 . Old BnrUngtaa 8 t. W 7 . 

▼Equity Fd. Acc— gW* 
fFfimtflntAM—. KL 6 
fGtdJIona^FiLAic. 052 
VTnU.MBaJ'dAnn. 115.7 
Fd-Acc_— _ W 90 
Twv.Ac e._ - 172.6 
FenFdAee. 003 

__ . _ LPcmAco ISO* 

fftdJfaojMAcc.. mi 
UtUfaLFnFdAcc - 1250 


Fad. Int. Fd. laaa. .HU 
Intertl. Fd. Acts tilf* 


ms iof »30 «» Lrndw* ft Mncheater A«C GjtV ^^JaA^uC 1S2 


lntertLFd.I»rem — (3190 

03 - 6273 X 2 fflSSC-aS.— Bf 

Mrd - 


- Cnwtthr Insurance Co. Ltd. 


uu 

12U 

w 

25 M 

mi 

IMA aaaaail 

13 M 

A- — Bed.-jlg* } 5 ?S{ — -i ~ Fired Iutm>rtF , .__|l 592 

FdZbB 5.7 


Pri»*cnAcc.— te *2 
Wtk lav JemAec- 1212.9 


Honey FU. _ 
Diaf-Fd. Iscm. 


^[W 7 J 

Crown Bit.Bn’.'A’— h 55 L 3 


125.7 -07 
3252 -02 
HQA +02 

1 SL 6 +OJ 
113.4 + 0.4 


Winalads Fart. Barter. 
Cm-fiOTtUhixL 20.4 
♦ffcc. Exoaqit Fd— 14 ll 

lPhm.Fd. 9 J 5 

# mi 

tov.nM t Wrt L- 154.7 

TtamflaHnuro.ToirerTl.EC*. 01-008031 Si&l U »2 
Gth.Prop.Ana. 8 — {722 IXJf 


“ M ft G Grom* 

Eagle Star InaartHldlatid Ass. Tftm fat** Torn* Hm nas sq m-ommm 

EThmfloaedtoSt.ECa. • 01453812 X 2 PmPnw»-’J Sl* t 1 — 

E*SWM»d.Uak*__T 5 Al- 582 | + 0 . 4 ] 5*8 Coay Droo**^.. 04 * 124 .V ,._J — 

Asnerehnm Road. Hleb Wycombe 0404332 TT S&§ 


030402198 BTAlCpB.Aux. 1 S. 1222 
BSPnAceBAug. 1 S_ 1333 
MnPnCpB Aur. 15 - 268.4 
MjtPnAceB Aus. 15 . 244 * 
FnUoLPaaJCap* . 973 
mUBtAxActB- 98 * 

Rop.Pen.CapB 963 

Prop. Pen. Acc. B__ 97 * 
H(HMylhs.CajLB. 962 
Money Pen. Acc. B_ 97,1 
0*awa( — — „ W0 


1347 ; 

147.1 
157 * 
1460 
lift* 
127.95 

124 fi 

166.0 

163.4 

133.2 
140.0 . 

ZK 

102.5 
1019 
1*0 
1022 
uu 

1023 

104.9 


ttsa 

+ 0 J 9 

DK 4 B 81 5 ll 


r>™n. 7 B jm 3 

+i 2 B 

MO 180 Btt 


IT 53 .IT Jig 

mni 

SSM Cjq 



01 - 248 3 SCP 
4.78 
452 
4.97 
5*4 

2*7 


_ I 


CUve InvaCmrr.ts (Jersey) Ltd. 

P.Q. BtntaaO.ER. Heller. Jersey. 0 S 36 37381 . 
Clive OIK Fd.(CX). ( 9.84 9 . 89 ft ...J 11*0 

CUreCiHFd.(J*y.l | 9 *l . . 9 B 4 ft .....J 11*0 

CamhlU Ins. (Guernsey) Ltd. 

P.O. Bor 137 . Bl Erter Port, Guernsey 
|lntnl Mon. Fd. ( 169 * 184*1 .] — 

! 9 elta Group 

] P. 0 . Box 3012 , Kamo. Bahamas. 

1 Delta Inv. Aug. IS ISC 521 S MM ™.J — 


(hint Fund Mngmnft (Jersey) Ltd, 

P O. Bus 1 M. St Heller. Jener. C 33427441 

QuenintrSea^r.l SI'S! 

Quest Inti. 3 d. _^.J 5 m 

Price *1 Aumut 1 & Next dealing Augimt 2 X 

Kiclpmd Life Abu. Ud. 

48 . Aibol Street, Douslas.L 0 . 6 L 
ixiThe Si her Trust (1062 . 1 DR 

Ri chnor-d Band 07 . 17».0 

Do-PtaamimlUL- 1»3 137 . 

DaGeM Bd 111 * 117 

Da Em.B 7 .taBd.— | 176 J 185 

MhKUld Asset Management (C.T.) 
P. 03 o-c £ 8 , St. Julians CL Guernsey. 04 B 1 28331 



O.CJSq.FrJtily 3 J... 5 B .9 
OCJncFd.AuK.l- 1514 

O.C 2 ntLFd.t »L 4 J 

FdXiy*l_ U 40 


UA 2.54 

160.4 .—. 700 

O.C 0 mCoFdJly 31 _ IlM 0 1 «3 3 .P* 

O.C. Commo*liar'^rK 2.7 1510 4 25 

Or. Dft-.Cmudty.T-ls 2 a. 0 Z 29 JM|+ 0 .«| 0.67 

•Friere •» Aug. 14 . Next eScallwE Ante. JV , 
tPrices oa August 2 L Next dealing September 


- GftLDroarttFA'JIIm* 

— JOxedPct-l. ] 134 * 



Gift Bond* 

ZnteraataL Band**’* 
Hatiaycri Bril** 

= E 95 KfeaF-.( 

Recmrer? Fd. sa »_M 


.□070 


m| 

mS 

94.7 

719 


Scottish Widows’ Group 
PO Box aa. Edtnbttrch EH 16 5 B 0314590900 


IDentoclw hmstnmi-Tnut 
PosUach SOOSBIdbereaSM (MOOOOO R-onkfurt 

{MSEsdsn asra = 

Onyfns Interee uUn cntal Inv. Fd. 
ip.o. Box N 3712 . Naxaau. Bnhmaas 
;NAV AugUBt 17 IlKUD. SH! | — 


General Portfolio Life Ins. C. LM.V Aafaeiomrd.«.* 

SS !: i ; t ‘ aS Cra T ' TT 1 

Portfolio Capitol _J« 2 a 440} !.T_] _ Merchant Investors AsmnaneeV 

Gresham Life Ass. Sec. Ltd. Uoa to_ zb H igh St. Croydon. 

ZFrtirert«fl«Bd.B > onfti.ta»HnH 
m-Ttasm ^ ~~i ~ 

» = Gjllnti Fund 

_ GJ.PMr.Fund (970 

. ., . Growth ft Sec. Life Ass. Sec. LtdLV 

Bandar* Ufe Anar. Col Ltd. Weir Bank. Bixy-cm-Tbame*. Berk*. OE 8-34284 


Jnvjny.Seneal.. 

Iuv. Ply. Series 2 

Inv.CasfaAna. 18 _ 
ExDtAnAaf. 2 „ 
EXL'UncAug*—.. 
Mgd. Pea. Aug. 17 _ 


Solar Ufe Assurance Limited 
1 W 12 Ely Place London F_CJN 8 IT. 01*422808 



Arrow Life A wmm ut 

3 B, Oxbridge Huad.WJ2. 



BfiBBSLW 



UkA - 4 UJ — 
llOl + 0 J| 


:iSi 

97* 

94.9 

unit value August 32 . 


121 * ■ 
ml 

1850 

10311 

. 94.1 

m 


Guarfflan Bard Exchange Ndexzq.r*p. k* j 

BoralExchanfc-KGJ. 01-2837107 SSSgSjiSS" g 3 ^ 

prop^aouds ._mu 1 * 7.71 j - $gs l %s:%p 

Hambro Life Assurance Limited V &*£*£«! ] 5 £i 3 ~ SS — 

7 Old Park Lone, London. W 1 01-4000031 jSftSrtL FU C^Sl «* 


155.6 


IMS . 


62 * 


1766 

’’ 

142 * 


- 184.4 


129 * 


VX 7 

#.... 

1 W 


1 <M 


- Sill 


109.9 

— 


'Au« IB. Solar KanagodS— 133 * 
Solar Properly S — 112.6 

Solar Equity S 175 A 

0 LO 0 BH 72 SolarFxd. InLS — 117.0 

Solar CaahS 100.7 

Solar IntL S 105.9 

Solar Managed P_ 1376 
Solar Property P_ 11 Z 3 

Solar Equity? 1752 

Solar rxdlnL P 11 A 8 

SoIarCsshP. 1033 

Solar IntL P 105.9 


Brawn* ft Dndlep T«LMgtJrs>'.LtiL 
P.O Boic-IS. SL Retier, JenQ. 0534 £ 0 M 1 

‘EJ 1 J.C.T [ 130 * U 82 | | 3.00 

: Eurobond Holdings NT. 

'.EandelAede S«. Willemstad, Cnrarno 
Umdon Ipft Inlet. IS Cftriaupfco- SL. EC 2 . 
Tel. 01-347 734 *. Tdras SUM am 

XAV per shero Aosurt 18 5 US 30 B). 


ffeyal Trust (CD VS. Mgt. Ltd. 

P.O.Box 104 . Royal Trt. Boa, Jersey. DSW 27441 

it. t. tDtT.ru. wjs 9 J 9 its* 1 3.00 

R.T. JnCL (ley.) Fd. ■ fe la?! 321 

Pnces at Aug. 13 . Neat dealing Aug. 21 

Save ft P rosper International 

Dialing tm 

37 Brand 6 t_ 5 t. Better. Jrrwy 0584-20801 
US. DnOar^wanbuM Funds 


140 . 01 + 41 . 4 ! 

1 U 6 - _ „ 

JSl — - F - * c - *•***■ Ud. Inv. Advisors 

123 J -03 
107 fl ..... — 

,+LO - 
+00 


M Lagrencn Pcnratney HQLEC 4 H OS A 
. 01-823 48 W 

Z jCentPYLAag-O — I SOS &09 I I - 


Olr. Fxd. lnt**t_...HJ 4 9 .® I 7.27 

Internal. Gr.*t. — —tt.ll 

FarSaatertriO M 9*4 

North Ancricnntt .K *5 

Scproan — [1561 

goliudeMDiHM Finds 
CtunnS CajdtBl*— TC .1 265 .*f +L 0 f 

Channel lAando»._n 544 162.fi + 0.4 

Cnnnncid.'Tt 112*1 . 134 . 

♦SL Deposit J UO* 

SL Ftam **“7 11150 121 ! 

'Price* on Anjp. 15 . —Ad*. IB^Aug. 17 . 

Hnitlal offer. iWcekly Dealings. 


HI 

AS 


1 

Fidehty Mgrot. & Rea. (Bda.) Ltd. 
1 P.O. Box era, Hamilton, Bermuda. 


\*m - 


Schlennger International SIngt. Ud ^ 
41 . La Hottest, 5 '- Heller. Jersey. OBt 73 S 8 SJ 
SAXL 
SAO.L 
GtltFO. 


— Snn Am once Fond my n gr rit UtL 



IntL Fd. Jerray DlJ 

I BtxsLFULsmferg. „ Blln 
“Far East Fund— _. 

'Nest sub. day August . 


SOU 


Beehive Life Ascur. Co. Ltd-V 

91 , Lombard St, EC 3 . 01 - 023128 * GDtEdgeSZT 

Bft-HorseAng. I I 132.01 i 1 — American Acc |? 06 fi 


Fined InLDep 126 * 

Equity 19 L 0 

Property 164.6 

Mxnxjleri Cap, Mfi .4 

afpna®adAce__ — , 1 E .7 

OvwnteOS 1292 

126 0 


Cgga da Life Assurance Ca 
MSgb SL. Totters Bar. Herts. T.Bar Situ 

RqtrGthFd Ang. 1 ,.) 62 * | j - 

Rantt.FMd.Aog. 7 I m.B } . — J — 

Caouten Assurance Ltd-V 
LfamqMCWy,WanhkyHASaNB 014020078 



Currant reiae Aagnrt 

LUe AaotnanceV 

Goafitou House. Chapel Ash Wtou 

StS 



Fidelity Am. Ass — 

I Fidelity tax. Fund, 

) FI dell 5 " Par. Fd. 

I Fidelity WrldFd-. 

Sen AUleaee Bmw Hawlijin 040304141 

BssffiiKintj ^ r.d = ^^ SK2 ; , ss ? Ud - 

Snn AfUance Linked Ufe Ins. Ltd. : .Series a G ntoLi | 


P«LFXDcp.C«>.-, 1 052 
Pen.F.LDepj(cc. _ ISfl* 

Pm Prop. Cap- 2063 

Pcn.Prov.Acc — - 267 * 

Pen. Van. Cap.. __ 2169 
Pen. Man. Acc. — . 2 S 0.7 
Pm Gill Edg. Cap . 123 * 

Pcn.GiREde.Acc.. UU 

Pm.HS.Cav ma 

Pen.BS.Acc., 1025 . 

Poo. IXA. F. Cap — 

_ Pen. DAP Acc 

~ Hearts of Oak. Benefit Society 
— 15 - 17 . Ta+Wtoek Hffie, ffOH 8 SM 01-3878090 MmrocdFnnd 


NrtMzd.Fd.Acn_.H 8 * 

Next Sab. ifay August ; 

JfPI Pensions Kau^anent Ltd. 
4 RGnaccC hurt h fib, BC 3 F 3 HH. O 1 - 6 S 420 O 

Managed Pond — 0561 Jttfl ] _ 

Prttra t«oM 1 . Neal deaitag Sei*. L 
New Zealand Ins. Ca fT-KJ Ltd.V 
Maitland Bonro Southend S 512 JR 070262889 
EIbI Key Im-.Plu.D 5 a 6 155 . 

Small Co’* Td- W 53 110 . 

ToehiiolojrFd UOi 

EiSlncFd WA ^ 

American Fd . T03 3230 } + 3 J 

FtaEaatFd... UXa VU: 

Gilt Edged Pd^ — Jf 


Snn Alliance Bouse, Horsham 

fSSJSteriB 1 

Property Funti — Jnl 0.9 1 , , 

Tntcmaticaa!Fd.-.]U 5 2 lZLg + 2 . 6 ) — 

Deposit Fund B 75 1027 - 

Menaced Fund — fU 5 * 1711 } +L 1 | 

Son Life of Cai«da fU.S.) Ltd. 
23 . 4 .CoetaporSL.SWlTfiBH 01 - 880 S 430 
“ ‘ ' 2U.B 

137.1 
135.9 
2123 


0483 64141 Hertey B (pBciScU_[ 
_ Series D iAulAJ* i| 


£402 
£ 19 JK 
£2 002 


Ruterpri so Homo, porumoath. 
icCervatlsnrt Fasd* 

£ Equity. 

5 Equity, 


070527733 


......J — ictcnatbsd Ftaid 

i - £ Equity 

.. ..J - SEquity 


First Viking Cerainodhy Trusts 
8 . Si. Gorge's rl. Dourtns. luS. 

0324 4052 . Ldn. Agio. Donhar * C», UI, 
tELPrtlTtell UmdoaSW 175 Jn 1‘1-mo H 97 

5 30 
180 


iFizeJInicTmc — 0 WJ 
SFlced I merest 

EHaiuigcd. — . 

SHonag gd 


123 * 


HH .0 

1335 

1233 




Mule 12 Mans 
Htoplc Lf Eg 
PerunLPn.? 


m 


j — Target Life Assurance Co. Ltd 


— Tercet House. Gatehouse Rd. Ayleahtiry. 


FsL VDt Cm. Trt 134 1 

Ftt-Vk. DbLCIp- Tat. |W* 


Fleming Japan Fond SJV. 

37 . rue Netro-Daxro Luxembnurg 
Fleming August U-( JU 56 O 0 S ) 

Free World Fond Lid. 

Satterfield Bldg, Hamilton. Ttormuda. 


J. Henry .Schroder Wagg ft Ca Ltd-* 

U 0 . Cher- pw dr. EC 2 OI-S 63 +OCO 

■ ' " u* 


Chap. 5 AUC. 13 .„ SDS 2203 - 8*41 

TrntalRer Jui . v 31 susUAPi . 77 ] 

AsiaaFd.AJUl 21 ~ (CS 2 ZZ 2 21 * x 2 J 4 | 

Dari lac Fnd. SAL 95 237 

JapxnFd Aug 10 , (il'SU; 113 } 


23 *. 

4.93 • 
0.46 


Caa. DepoTit Fd. 

Norwich Unran Insurance Groopf 
POBoaiANorairtiKBlSNG. 060322200 


Bucks. 

Has. Fuoid Inc 
Man. FUnd Ac 
Prop. Fd. Inc. 
Prop. PU. Ace. 


Hearts of Oak P&A 387 ) _,.J - 

Hill SamneJ life Amur. J*L 9 
■VLA Tore, AddxtcdiDbc Rd, Cror 01 - 8 BS 4395 
♦P roperty Upft> — 057 * 

Property Eer) vs A- M 3 J 

SJ-Kiagoa Units 1765 

ManagcdSaicsA, 104.1 
Managed Series C, WLJ 

ibmey Csfts 1214 

31090 ’ Series A -M 8 J 

Phced InL Ser. A — J 3.4 
Pbs. Xanoged Cap, 1425 




0002 S 8 SU 

!:J - 



Equity FuOtl 

Property Fund- — B 38 T _ 

Fixed lot Fuud__& 53 A 16 

Deposit Fund -)Uti 4 13 . 

«NW.Unl: Aug. w.| mo 

Phoenix Assurance Co. Ltd. 




Fixed tat PA 

HetFlauCap-lVn-. US |ij 9 
RoLPlitnXan Ak. .11317 
RrtPtauKtm Cap.. .1653 

Gift Fen. Ace. fl 3 !L 4 

Gift Poo Cap. ..... 1 1235 


Ayletbury ( 0208 ) Bail NAV Jifly 31 _,} 5 ES 29 CL 79 ] I — 

G.T. hfanaffenient Ltd. 

Pwh Hac- 16 Mjwhury Clreu. London EC2. 
Tel: OT-R 28 013 L TLX: SBB 100 
London Agents for 

Anchor TTU nlta S 

AncftorGiltEd^o.-P 

Anchor loL Fd BUBST J] 

Anchorln.Jay.Trt.pdJ 32.. 


Sentry Amurance International UtLi 
P. 0 . Boor J 3 Q. Banulton 5 , Bentmda 

Managed Fund [jeant 1123 ) ... | — 1 


4 - 5 , King William SL.BC 4 P 4 HR. 

Wealth At*. -PU 5 124 .' 

EbV. Ph. AM. 

Eb’r. Ph Efl E 


Jay. Trt. 

Berrr Pur F(C_^. 

FWTyPxr: Strig 

G.T. Arid Fd. 

G.T. Ari ■ Sterling. 
G.T. Bond Fund,,. 


c = r * 

E KL 1 

Prop. Equity ft Life Am. Co.V 


mauPStt Tnutsintenuttlosal Life lua Co. LM. gt!doH*t f<± 


+ 0.91 - 


2 Bream Bldgs . EC 41 W 
1 MJ -3 


Charterhonse W»gn» Gp-V 
IRGbaqueia Sq. ttefaridga 03 * 1 NE 


32m 



Pns. Stamm) Acc.. 151 * 

Procured. Cap— 3 DAO 

Pns. CtcetL Acc — CZ 4 
Peso. Equity Cap— USL 4 

rona.Frop.cap 

Pero Prop. Acc™ ]%* 

Imperial Life in. C& of Canada 
Imperial House. CuOdford. 7 X 2 B 

Mffldttjld = 

Unit Linked Portfollq 
Mroraed^T-jJM — 


- 124.91 1 

•L 5 J , A — Tulip Invert. Fd.,, 

850 ] + 4 . 9 ) — TUllpMxnBd. Fd_ 

Man. BootfFd. _ -IWJJ 
llRCresrfprd Street. W 1 H SAS. 01-4880837 P^n! Fi A^.': m .7 
R Silk Prop Bd. — | jg 46 f ... .J — ;iancdInvFdtall_hJE ’7 

MnStiinrFdLAcc.. ( 13 J.O 



Singer ft Friedfander Ldn. Agentn. 1 
20 . Cannon 5 U BC 4 . 01 - 348 PSW 

Cckatonds 10 X 2641 J 7 «+ 0 ^ffi 6 * 9 - 

TohsoTrt. Aug. 1 | 9 US 390 O | ..I 


107 


SSJkProp IW._I 

DO-EmulyBd.- 1 80 S 

FlexMoncrPri J . 15 Z 0 

Property Growth Aonr. Ca Ltd.V 


e 


Trident Life Assurance Ca LWLV 


_ Leon HoufC-Crnnlon, CRB HD 01-0000606 RcnJadc House. Gloucester 


0 ] - 405 ft £ 9 ? G T.PaeiflcFd 

1593 ) - 1 *| - 

Gartinore Invert. Ltd. Ldn. Agfa. 
2 .SLUnry Aae.Lnndtm.RC 3 . «H -an 2531 
G arti nore Fund Must. (Far Emu IJt ■ 
l«l Hutchum H«M 10 Harconrt Kd. II-Kot: 
HR fir Pro U. Trt — ISBE 3 .J 5 42 b cS .. ..[ L 40 

Japan Fd._ 

X. Anwsficrn Trt. — PCS 1 Z 7 P 
IntL Send Ftmd .,(117180 


12 b 3 — Q^j — 
3 ms - 0 .«h — 
1352 - 1 JS - 
1430 - 1 J - 
KW.O -O.tI — 
1 M 4 - 0 .R — 


— Property Ftind--^ 



Z . Irish Ufe Assurance Ca Ltd. 


Aaric. Flint) It Al^, 

S S^ i^oa-. 

Equity Wind ■ — — _ 
Equity r and f Al _j. 
Blooey Fund — 
Honey Fund (Al. — 
Actuarial Fusd__ 


whiteliana Road. 

014840864 . 




Laugham A Plaq. lMl 

rtPrao. Bond. p<tJ.S 

WlsptSFl Man Fdp 67 


t 3 ty of Westasinster Asstcr. Ca Ltd. 

SfeciK 

Find HU 

wd 617 

Fund 149.7 

easts® 

P«sa.fiqu^caa- 18.8 

Taro S%u% Arc ^ BJ . 

rnutd currently C oud to ae* inre rta waL 
Phriurtn UaiiL 1(0.0 | .... .) — 

City of Wertnrisster 'AssHr. Soc. Lid. 

^’riiohnae 014 B 4 8844 

Pattlnta 0216 129-71 1 - 

vBiti (547 ■ 57 . 4 ) _...} - 

Cnfiunruil*! XJnlnn Group 

St h i ij w'i t n wi Mi. il pry 

-^AuAeDLAug 10. 1 60 .B 2 |....| - 

fthAwndarUu I -■ 18 . 76 . ■ ! — j — 

Con fed eration Llfo inswsnce Ca Esegicxkiri'.m.o 
50 , Chancery L*o«. WC 2 A 1HE OV2C02S2 0 O. Arcum 

as^»«a« - 



lLPl usb e uy Square EC 3 . 

SSS ME* 

Etatunpc Has Fd. 

Plop. Mod Acs. 1 _ 

Prop. Mod Gth. 

King ft Shaxson ud. 
S 2 .CornUn.EC 3 . 

B<adFd.EtteaKe_.{!O 220 

Next dertins date August 1 C 

Lamjhinn Life Assurance Co. Ltd. 


Gitt-edredFonfl— . 

GQl-Edard Fi > AJ, 

ORetlreAimuitr. 
e hnmcd Ann i>'- 

Growlh 


AU^Ser At_CtiJ 3 JS 4 


VAH Weather Cap.. 

Tlur. Fd Ct.« 

Pension Fi,Cp — 
01 -S 35483 Conv. Fma. r d. 
1*3461 . .[ — Cnv. Pro Can DL 
Man. Pro* F<C 
Hon. Peas « »p. UlJ 
Prep Pero /« .-■- 


— Langham Ifa Holmbrooh Dr. XW 4 01-2833211 PropPnroOP-Gu, 


_ Bdss Soc. Pen. .Ctj 
BlwSos. CapLiZ 


184 9 


- Pero gtty. Cap..., 

Psna. Plv. Arc... .. 

Tnlt Bond . . _ 

■Tidt.GJ. Bond | 99 .I , — 

-Cash value • 


Legsl ft General rCnit Assnr.) Ltd. -22s. Subops^are, 30 ^ 2 . 
Stnenraod Home. XiopwoDd. IrttPrerth. Pw.MaftPBrfF«_Qg5 
SoiTty {FEO Cv~(- BMgt.geaih 53458 Prw.Casb rd - — ,(1052 


M 6 
115.9 
1244 

724.4 

J «.7 
247 S 

JIT" 

n* 

149 * 

133.7 

144.7 

1362 
1482 
1342 

pu 

1212 

Provincial Ufe Assurance Ca Ltd. 

01-2476533 Mn.Pn 0 -W Acc. I 


:a 


GtdKltd. 

Property.. . 

Equity, Amvrlesn - 
VJC. Equity Fund— 

Bieb Yield 

GfltEdsed 

Knooj — 

Internationa) ...._ 
Fiscal, 


1288 

SR 

&& 

1426 

123.4 


Growth Cap — 

Grooth .tec. 

Fe 3 x. 5 Iacd.Cap...- 
Ten s. Mud Acc _ 
Pmnid.Pfp cap , 
renxGtODepJVec 


136 - 4 ) 


uax 

1302 


128* 

1328 

UiA 
120 * 
302 9 
H 75 

114 7 
1199 

??2 


12 $ 
151 ^ 
130 . 7 } 
130 . 4 } 
UAfij 

IKK 

12221 

127.7i 

U 9 .q 

U 3 fl 

1215 

126.9 

J »2 


04 M 3 W 4 I nartreore Is 


-02 

+L 1 



J 


P O. Bor XI rviTiglavIoM. 
ftartmare InlL Inc _C&i 
Gnrtniore Inti. GrtftjHJ 


Hambro Pacific Fund Blgmt- Ltd 
2110 . Connaught Centre, Hen£ Kong 

For East Aug. 17 (HEU 01 ism 

Japan Fund RVS 9 .W iJjj 

Ramhree Bank (Guernsey) Ud .1 
Hambro?; Fd. Mgrs. (CL) Ltd. 

P O. Bn W, Guemaey 


Td = 


Stronghold Man ag e i oe a t Limited 
P O Box SIS. Sl Hr liar. Jenry K 34 -T 1401 

Commodity Trust .. | 88*5 91 . 52 } .... 1 — , 

Sorinvert (Jersey) Ud. (*) 
tjeeeos Hro Dm. R«L SL Seller, Ik . RJS 4 27040 
Atr^rtccn 1 r. 47 rt._K * 44 8 62 I- 0 * 7 ] — 

Copper T.-urt — BIO lL 7 fl+P.gn — 
Jap Index Trt ..... I&L 9 S 12 J 2 j-C* 4 | - 

TSB Gnlt Trust Managrrs (C.I.) Ltd 
RaertcIIrRcLSLSariour.Jcrtar. 0334 TWO* 

Jirsc-Fund— — WS 550 af | 44 B 

Guernsey Fund - — M .8 S 1 W . } *43 
Pricer on Augur! xa Nest Rib day Ao£Urt 22 

Tokyo Pacific aoidinfcs N.V. 

Iannis huneanl Co. X_V , Ceraoro. 

NAV per shore Aug. 14 SGS 7 D .03 

Tokyo Pacific HIdgs. (Seaboerf) N.V., 
Intichr Monocement Ca N.V„ Cftireexa 
NAV per ohore Aug. 14 STS 5 LQ 3 

Tyndall Gimp 

P.O. Box 125 # KsEtiboa 5 , Benaoda. 7 - 27 S 0 


_ CJ. Fund . 


B 54 J 


L&+ 

LS 8 ( 


<uai 2 *»+ 1 Oreereoa Au c. IS — [Si'S 12 fi 

(Accum. Unit?) pTU.tt 

VK wlnt. Ana .17 _tSC 8 U 1 
2 New St, SL KeUer.jM*ey 
TOFSL Aug. IT. — Eft 55 
lAccnm. Shoreoi _.K 133 S 


108 

300 

100 


Tyndall AssaranceffVasioasV 

l&CuwRori. Brlrtol. 

2 - Way Aug. 17 . .. 

Equity- Aua 17 ... 

BOndAug.IT 
Property A or it.,. 

Deposit Auk. 17 ., .. 

3 - Way Pea. July 20 
(Thuu lev. A eg. IT 


Cash facial | 95 * 

Do. Acnna. 960 

Eqtat* Initial 4 

Pp.Aaenm. 1340 ■ 

Fixed Initial 117 * 

PQ- Accnm. 120.4 

ftWl Tnl+inT 109 i 7 

Da A cenm . 1105 

OlrtSinOO Managed faWaL— 1244 
Do. Aeeum ___ 1270 
Property Initial — MtU) 
Do. Aerntm. nnut 


. 195 * 1 W.J J - 

960 lflifl .... J - 


1 M 0 H 
' 32 X 06 , i 
12 H - 
1260 ■ 

15 X 0 +Bi 
W + 5 i 

Kq 7.7 AA 

Legal d General (Tata IMM Ltd. 


127.1 

a»j .. 

123.7 -O.fl 
UU 0 .. J 
U 6 .fi + 0.71 
MM 


Do.EqattyAuq 
Do. Bond Ang. ] _... 
Da Prop Aug. 1 , ... 


Into). B<xid SCSI 1 OC 03 
InL Equity 51^11236 
int. 5 visl "A 1 resaw 

ini. Sim ‘S' 5 L : S}X 2 a ^ v . - 

ior £100 premium.' A Neat ftaUns Aupw 23 - ml 

Henderson Borins Fund Xgr$. Ltd. **"*** AuC «-!«« 

05723524 ) 60 S- Gaeanon llouac. Hong Sonc 

Japan Fd. Auc p ..|KRLfl ELH I — 

BarinjJ Hrtid Bond Fd. Aug. jf J( 15 IO 0 ». 

‘Ksdmire of fflS prrtun. chdrS«» 


133 d , ..I (U» 

.ossf^ni.us; 

6.09 

loo 

691 


_J 1 X 05 


127.8 


1782 


I &33 


105.7 


728 * 


1480 


8 L .7 


1743 


Z 718 


1808 


870 



PtaglPeaMaaiL 




'- 472 .* 


157 6 
2014 . 
Z 30.8 
1400 


SI 


Exempt xetj- rai 
VO.ACC 3 SL.~_ 

Exempt Fixed I; 

Do Accnza- . 015.4 

Exranr* Staid, lnltpl* 

Do. Aeeum. ] 12 S 6 

ExeaiBt Prop. Inti-. < 97 * 


— mEnprnpiijnL.ma 

_ Do. Aeeum W 8.9 


SSrttrPeartm- 

Cacahill inaonmcc Ca Ltd. 
a^OnrahllLErX 014069410 

= 

Credit ft Ca w Bei w Iranm 

1 78 , Hegtort St, London WCA 5 FC. 01 - 4*7081 71 .LoahoidBL.EC 6 

c*c»fa»iFd — -jiao m* i . - Etempt . . . p«u 



C 3 t Fund 20- ^75 

^^%l Fund— ... , 

Prudential Pensions LixniledV 
Hoi horn Bare. ECIN 2 NE. 

Eqult Vd. Mrt.t 4 L.ia 151 
FxhfaLAug. It-Ew 
Prop. Fd. Aug- fa — .[12606 Z 7 .: 

Reliance Slntaal 

KtSK^iT w, ■ , V»bn.rh Pensions LWM 

Rothschild Asset Management 


(■Nan- 3 . Acc. I'u [ 303.8 322 

Gill Fuad Aua. 16 - mKL 4 1061 
. A«m Sharer-1 ._.)l 4 l .4 1 < 4 ( 

VScIwtHobvc. DoKjE 3 ax.UletfMan. 8 G 4 l 41 1 L 
5 faba£edAug.l 7 ....]U 54 1426 ] .... J — 



Vanbrugh Life Assurance 
41-43 Maddox Px Ldn WtR SLA 

Managed Fd. .( 152.4 lfiXOj 

Olrt 03 B 222 Equity Fd. 2 S 4.7 268.4 

I nail Fuad 13@2 U 6 .H 

FiMdimewtFa.- 1 M 2 177.3 

Property Fd ... 144 * 101*1 

CaenFund 139.7 UAK 


Kill -Samuel ft Ca (Guernsey) Ltd. 

8 LeFebvrr 51 . Peter Port Gucrn-i^ «' f 
GuartuerTa.. .....| 165.7 UMj +j. 4 | 3*7 

HtU SanweJ Overseas Fund S.A. 

37 . Rue Nrtr&Ooma. Lugemimrc 

IStSJUl 2 U»i-a.M] - 

m-«» 4 sz 3 internatiaail Pacific Lav. Mngt Ltd. 
+zjS - K> Bo* B 2 J 7 . SB, PUS fit. Sltaro-. Atirt 
4*3 — Javvlin Equity TaL.ISAXSI . xaj .. .) _ 

toll! ~ J- E - T - Managers f Jersey) Ltd. 


l-td. lain! MEfonnL iC. 1.1 Ltd. 
i*. Miri-artcr Street, SL Hellef. Jerecy. 

l i* Fund ursnaii | 1.10' 

United States TsL Inti. Adv. Ca 
14 . Rue Aldnnger. JUunmbauTf. 

U.S. TflL Inv. FwL._| OUt ( I S .87 

Net atirt Aagut 16 

s. G. WarimrS & Ca Ltd. 

M. Gresham Street. EC 2 . 014004589 ' 

Conv.Bd. A eg. IB I SGS 9 B 4 

Ewpnt Aut: 8 -_| sexua 




— $t 5 ^ 1 <h»'»* LW -^gflou.EC 4 . 0(4864366 ~ 


41-43 Maddox St. Ldn. ftTR OLA 0 I- 4 W 4 S 33 
Maiuced — — MOi iaajl+fl.l| - 


FlxenTnU 
P ro p e rty f 


715 .' 

102 . 

1030 


mu 


Guaranteed roe *Ius. Base Riiu‘ lahle. 


N.C.PWR - - ^.BXU 125.0) . 

W- s=b day September 28 

Roj-al Insurance Gnwp 

Sew Hall PUreUv+rpooi. mi 221+422 

SdixI Shield Fd.-.]M5J 153^ .. .) _ 

Legal ft General prop. Fd. SgH, ud n , ■» tnuoar ran, jsxcier ine-si: 

lVQMenVm»rta 5 x,EC 4 S 4 !XP OVatBSOfa 710.4 J J _ 

UCfit7U<LAnt4.pt7 16X7) J _ 5S.*°L. i a T Kg* iSS- 31 ) “ F« other funds, pleaw ndcr 16 The London 

Nexz roVrixy. Sept L * cm'SfL-T-^^a i&]| « J “ Manchwcr Grwp 

Life Assnr. Ca of Peo ny! v ania D« podj Fdt_- j . ^*2 m 3 ^ 


A« nt ioif 3 L Irtan nh S' 3 L 

Jardiae Fleming ft Ca Ltd. 

4 «h Floor. Crcmaaflht Centre. Hnos K«»B 


'ardine Gain. Tat. 
Jarolne 


1042 ] 


JntUnvS . 

Jonuufl FIchlIul . 

Welfare Insurance Ca L1<LV 

WiactodrParLEaeter 0382 - 53)55 nav aub. 15. 


«s.siaa 2 

RKS 1 L 4 Q 


‘Equivalent st'SMOL 


ic. 


Nett «uK Anna ax 


:?S 




200 

GJ 0 

xs« 


Warbonr Invest. HngL J rtf. Ltd. 

t.CfabriiUS.CroM.SLHdlcT.Jcv.a 058473741 
CMFLtd. Ju 1 j* 7 ._lJtSJll 1 

CMTUd. JoI +27 10120 

7 Iv*«l»TaLAag.lT.{p 2 . 2 Z 

. TMTADRIUtll. )T 

TMTLlilAng.lI._t 

Forid Wide Growth Management 

fax. Sautavaryi RoyoL Luxcitibaunt 
Torldwav CUt Pdi SDRU.B3 1-00771 — 



SM 2 NavfiondSL. WZTOSe 

LACIJP Gaits }f ?0 IMS) I — 

Lfavds Bk. Unit Trt. Xngn. Ltd. 

*14637386 
2670 i | 7JA 


«-««« 


Propyro Kd # — -t 
GOt F*ro rd--- 
DepofcPwrt-Fdt- 




Windsor Ufe Aisur. Co. Ltd, 
Bosul Albert Hse- Sheet St,Wiwto*r 


.\ 0 tI 5 S_ 


Ufehir.plaaA. 
FaturoAJfctGsfc(x1 
FWureArtiLG'feita 
HJrt.Awd. Pen+._. 


(Wi _ ri. 1 ] 

2 J.D 8 
4400 

turn 


Tier. fav. Growth -(1M.7 UUj 


= : , T sss: 

Z OUwni price ■ 

Set of tax on i 

♦ Yield Ksfore Jerw? ux. t fixauhdiriaion. 



















II 








EXPORTERS- 


BAD DEBTS 
EUMENATED 


contact- B. D. Kay 

IKTERHAU8NAL FACTORS LTD 

Chtus Haase, Kew England Rood, 
Brights? BN1 4SX Tel: (9273) 608790 
Birmingham. GardHZ Leeds, 
tandem MenctmsXar. 


FT SHARE INFORMATION SERVICE 


BONDS & RAILS— Cont. 


BANKS & HP— Continued 



Amsterdam: F.O. Bos 12SR Anatenlain-C. Manchester Qseen'8 Goose, Qawa Street. 

Telex 12171 Tel: 240 555 Tries 886813 Tel: 0GHB4 8331 

Bimlnshnni: George House. George Road. Moscow: Sadovo-Samotechnaya 12-24. Apt. 19. 

Teles 338650 Tel: (TI-454 09C3 Telex 7900 Tel: 294 3748 

Boon: PreMhaus I HIM Hnisullee 2-10. New York: 79 Rockefeller Plow, NT- 10019. 

Teles 68SSMZ TnJ: 210039 Telex 6QR90 Tel: (812) 541 4625 

SruucTr 33 Rue Ducale. Fans: 36 Rue du Seotler. 75002. 

Telex 22283 Tel: 512-5K77 Teles 220M4 Tel: 23037.43 

Cairo: P.O. Bos 2M0. Rio do Janeiro: Avenida Pres. Vargas 418- Id 

Td; B335J0 Tel: 253 4543 

Dublin: 8 FitwilUam Square. Seme: Via itolla Mercedo 55b 

Telex 5414 Tel: 785321 • Telex 81032 Tel: fflB 2314 

Edinburgh: 37 George Street. Stockholm: do Svenrta Digbladet, Raalambwa; 

Telex.- 72484 Tct 031.228 4120 Telex 17803 Tel: 50.00 88 

Frankfurt: 1m Sachsen lager 13. r ®jt lr * n: 11 -1379. 

Telex: 416283 Tel: 595730 Telox 212834 Tel: 682893 

Johannesburg: P.O. Box 2128 Tokyo: 3th Floor. Nihon Kciral-Sbimbmi 

Teles 88257 Tel: 8387545 Building. 1-8-5 Oiernar hi. Ci nyods-ku- 

Lisbon: Praca da Alegria 58-1D. Lisbon 2. _ r Tt f as J 27104 ' 341 

Telex Tel: 362 508 Washington: 2nd Floor. 1325 B. Street, 

U-wMil- C xnm ngjdi. UnHH/l T N.W.. Washington D.C. S0Q0 4 

^tS! 44IOTn ™ 1 Telex 440225 Tel: (302) 347 8676 


ADVERTISEMENT OFFICES 

Birmingham: George House. George Road. Mm cheat er Qneen' l 8 Street. 

Telex 33oQ0 Tel: 0S1-454 0922 Telex 686813 Tel: 061434 8381 

Edinburgh; 37 George .Street New York: 75 Rockefeller Haro N.Y. 10019 

^5«3S4WT7'UW1JS6<13W Teles 238409 Tel: (212) 488 8300 

Frankfurt Im Sachsenlaccr 13. Tariff 3 6 Ru e du Sender. 730CZ- 

TdexieSJ Tel: 5M6B7 Teles 220044 Tel: 23&8QOI 

Pcmrancnt House, The Hoodrow. Tol^o: Kaeaham Building. 1-6-10 Uchllaada. 

Teb aS24S48EB CtUyoda-ku. Telex t 27104 Tel: 395 4050 

Orerwas advertisement representatives in 
Central and Sooth America Africa the Middie East, Asia and the Far East 
For further details, please contort 
Overseas Advertisement Department. 

Financial Times, Bracken House. 10. Cannon Street, London EC4P 4BY 


SUBSCRIPTIONS 

Cories obtainable from newsagents : and bookstaga wnrldwfde or on regular subaeripUmi from 
copies Subscription Department. Financial Times. London 



































































































































































































Sick Lav 







leisure 


r 


KariprEsiaw*- 
ildserne? 10y 



Rrgfccal Prop 


£140 
216 
170 
31% 

56 flown Genire— 





$ 




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87 jCantlnal Df.i 
94 


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onttnenHEahni 



DafCap.ilftp 


Nome Secs. Up. 


Uifcr 






£14 14^4 

Commercial Vehicles 

l?l«l+4 12.46 







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flirt Lav 


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-68 

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Jaojm's leader in 

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infre.-uiiaid/ securities and 



imestmerj tarJuns 



Th» Nomura Sacuritios Co./ Ud. 

NOMURA EUROPE N.V. LONDON OFFICE: 
Barber Surqaofis Hail, Monk well Square, London Wad. 
London EC? Vs BL Fhon? <01)606-5411.6253 


MINES — Continued 
CENTRAL AFRICAN 


n 


22 



* 

ti-ios 

5.7 435 


63 

a 

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34* 
35i 2 
£5 
f 40 
19 
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74 
68 
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L57 5J 
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12.50 
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23.6 
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33.9 
283 
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19.9 03,’, 

42.9 Pa 

47.7 £49 
24 .7 620 ‘ 

35.8 587 
3.01492 69 
AO 122 444 
92162 £64 

^ - 186 
392 2M 
252 161 
223 1M 
38.1 190 
- 82 
246 
283 

3$6 

519 310 
- 116 
164 


euro 4 viCar. 


CO 
223 
39 

ft Itt 


8 $ 

117 


+3 
256 1+6 
146 +1 
183 1 
ISO 
77 


4.6 30.91225 
5.0 2A6 54 

2.6 53.7 91, 

2.7 5921122 
87 Ml 
3.SZ5J 





5 


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, 625 

CSSJJ- <70 


flaw 245 
SIB. 335 


A65 2. 

MS 1 
13.40 « 
2.92 2. 


93 S 


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NOTES 


47j 43 Unless ctfberwtee i mO a nt ed, prices and act dhideadn are la. 
15 45 peace and dcao dnatlBei ate ZSp. Estlantal pri cejrarnlapv 
— * — rxfica icd cans ? ert based cn latest arjuta! rermt* and jtceovnrt* 
1.0 4.6 nnd, “her* pwudbie. are sprinted on half-yearly Hgnrev P/Esmv* 
LO 17 “i enlaced on the basis of net ifistribnUm bracketed Ogarrm 
U 4 j Indicate 10 per cent, «r ante difference If tdcubM no “aU™ 
l oc dJnrfbntiaK- Corns are based an "narimai" dhtrflndio. 
* a* Tlddsciv based os middle prices, ate grew. adjusted to ACT ef 
IS fl W per cent, and allow far mine of declared distributions Md 
fi right*. Securities wfU: dcnorarinallotvs ether than starting are 
" ' quoted ladnafav ti the imMMM dollar p r eu s l mn, 


'32{6 Sterling denominated securities which Include investment 


XI 





m 


45 dollar premium. 

33 • "Tap' Stock. 

42 * HlRbs end lane marked tbt» bane been adjusted to nlknr 
14 for right* Issues fur cash. 

4_5 t Interim Knee increased cr resumed. 

2 j » Interim since ndnnrd, passed or deferred. 
it Tix-tm io ncn-ruidenis on application. 

6 F 1 gores or report awaited, 
it Ynlfetcd security. 

* Price at lime id snsrcnricn. 

f Indicated dividend alter pending scrip nd'er rfdnaLnaec 
cover relates to preriauj ilsrMends ar forecasts. 

_ _ + Merger b<d or reorganisation in progrvss. 

2-„ I Not comparable. 


7-9 Jf Same interim: reduced Huai and'or reduced esminga 


10.0 1 i Forecast dividend; cover on earnings updated by latest 


interim sUMmsni. 


9.1 if rarer allow* for conversion of shares n«< now ranking lor 


4.910. 
*14 | 4.7| 7.' 


Sri Lanka 


63 dividends or raking mly for rcrtrk'ted dividend. 

9 1 Jt Ctwer docs not allow far 1 iharcs which may also rank for 
Qf dividend at a future date. Xo P E ratio usually prodded. 
79 V Excluding a final dividend declaration. 

i Regional price. . , 

U Xo par value 

a Tbs tree, b Figure* based on iwspcctus or other ofQdal 


1123 iLmnrraU I 220 I (53H ! 151 3B c^hnutc. c Cecta. a Dividend me paid or psyable on part 

_ r 1 ' of capital: cover based on Uividmd on full capita L- 


Africa 


a c Redemption yield f Fist yield, g Attuned dividend and 

yield. 6 Assumed dividend and yield aiior scrip issue. 
610 |„....| 50.76 I i |J2d J Pryment from capital sourcu.'. k Kenya, ra Inurlnlifdinr 


ijuioj'lwn previous tola), n Rights Issue pending 0 Earnings 
1 Ibxjod on prellinlnarytiffurat. • Dit-i.lend and > Idd eadPde a 



RUNES 

CENTRAL RAND 



aprtial panneoL t Indicawd dividend; com- ndates to* 
pr niw dividend. PE ratio based on letest annaal 
earnins*. a Forecast dividend; cover based on previous yew's 
earnings. * Tax free up to 3dp in the L w Yield allows fop 
curTenc?' clause, y Dividend andyield baaed on merger terms. 
t Dnidend and yield include a special pa 'merit: Cm er docs not 
apply io special purment- A Net 4)\idend and yield. B 
Preference dividend rvwsed or deferred. C Canadian- E Issue' 
price. V Dindenrt and yield bused on prospectus or other - 
official estimates for 1973-&1. n Assumed dindeud and yield 
nftcr pending ^crip and'or rigb's itsuc. H Dividend and yield" 
honed on prospectus or other official estimates for 
. IffTH-TP K Fipau bwid on T'ro^pvcl.UA or other rtllrlsl 
estimates for 1978. !*l Dividend end yield based cm pmmccuui 
or other official enlmaue for 19J8 X Dividend and yield 
hssed an prospectus or other official estlmatos for IS79 P 
Figures based on pyapeclus or other official estimates for 
1370-7P. Q Gross. T Figures assumed. Z Di-Jdcnd scan! in 
dale, ff Yield based on itsaimptlon Treasury Bill Rate stays 
unchanged until ma rarity rf stork. 


Abbrenailou 1 riei diridond. a ex scrip luumw ex rights; a ex 
all; <f ex capital Qisrri hirt-on. 


Recent Issues " and Rights ” Page 22 



n 



wisatottoai^ 


Thi* tejv»ce Is available to every Coiciuay tlenlt in on 
&cck Esfbnnges ibroti"iu)ut Uw United Kingdom far a 
fee of £480 per znimm for each security 


REGIONAL MARKETS 


The following Is a select ion of Loudon quotations of shares 
previously listed only in regional markets. Prices of Irish 
:sstjes. most of video urc not officially listed in Lindon. 
are as quoted on the Irish exchange. 


Alban? Inv. 2Cp 251? 

Ash Spinnings. 45 

BbtUtu. 20 -l 

aitfutr. EsLSOp 310 

Clover Croft — 26 

Craig A Rose tl EZ® +i3 


■S 1 ? Sheff Rcfrshmt.l 62 

45 Siadall OVm.) — [ 105 


X05ml-2 1 03 2c 


E!ii*4 MeHdy.J 

Evt-red — - J 
Fife Forge. 1 


I Cone SP4 •80-82. £92% -% 

1 I cc I 


Finlay fits. Sp.. 
CraieSbir-fi- 170 
K isnon* 3rv»v 77 
l.i'f r.;. Sim £1 . . 155 
Sc 4‘S Holt iJvi'.iSflp 260 

?■? mbd iroldsnuth 6“ 
26 i renrre-C. H.i .. 1S5 

9.9 1.4 PcelililM....... 20 

25 7.4 bUciuelti Brick 46 


*1 jzsn 

i? iTM.li.. 

• Liiidare 


Alliancvijus — 65 

Araoil Jto 

CbitoU iPJ.t 103 

Cl outf alii n 96 

Concrete Pnite . 135 
KcilMi'ffitipy.'i SO 

Ins L'orp. 1M 

Irish Rop<?i „„ 131 

Jacob. 6! 

Runlwam 33 

T.M.t; 230 


lLSfll.9 


dnculnv CrSI 



TRl 


AK1S 9 
2.11 6910/ 

tftl t 

l| 55 a.i 

li 95 7.' 


OPTIONS 


-month Call Sates 


A. Brew — .1 OfeHaiM” 

A.P c«M5rt.J l® i.c.CL„ 


I.C.I 20 Tube Invest 

■•Imps" 6 Calleoer J 

I.C.L„„ ZD L'DI. Drspoiy.j 

Juvereak — 8 Vickers 


A-POnoeat- 15 ZD L'iri. Drapery.: 

b.s.fl 9 Juvereak — C Vickers 

Hancock — 11 kca — 3 Wcohrorths..* 

■ftarclajsBcnV'- 25 UCbnlw — 17 

Acer hate - 35 * G**n. „ 14 Propni? 

BoOWDrug— 15 laaSerriM— 7 5fILLand 

Bpwvters-^- 16 LhgaBank^ 22 cau. anaiH^ 

6 Loa^oBrixfc | ^VSSSjSiST 

Srovn v 20 Lonrna .^. — — 5 i unri 

purred" V 12 Lucas lnds...._ 25 yrpc 

C;:>:*iur>* — ■ 6 tvtr-5 .J.>. 20 - 

om'whs.. m 7 

rehen.mm* 8 \rk* 5r5patr JO TowniCUv 

Oi-tillert II 3lidl-:ad Bcuk 25 * o -«»*<. «w» ... 

, puntop . . 7 »?• ~ I. 12 ojfc 


fnurtauli*.. 10 

pchenhama 8 

TJutillert 23 

, punlop . 7 

f^glc 5iar... . 11 
F "1 7 . }4 


11 XsLr-sLZaat. 22 


Do fTarranis! 10 |3“ l PePOlpoaL. 


fien. Accident 1 17 [P&O Dfd — 1 8 


iie:i Eleeiric-! IS P1 «m?c: - .-.. , . _ „ 

Claso 40 R.H.M 5 — 

firendJilrt.-... 4 Rank Ore. "A".. IS lloamar 

C.l"5. 'A' 20 Rv’ciflalnl 12 __ 

Guprdjan IB spiliers..... 3 

C KS — ■■-■■- £2 Terco 4 chancrCon* 

HawkerSldd. 20 inorn — 22 Cons. Gold _ 

tloun of Fraser. 12 Tnisi Houses.. 15 RipT.zinc 


3uimah0:L_. 
CharierhaJI ... 
Shell 


* { 951 $ "778 


A selection qj Opunny traded is given on Lba 
London stock Exchange Si-port page 

















































































































































































































26 


Brftains Finest 


Traitors 


Crane 
Ruehauf 


'Dereham. NorfoifcEngJand 




Tuesday August 22 1978 



Specialists in Reinforced Concrete Design 
& Suj$Jfefi;0fj Reinforcement 



■r'N 




.r'S** 
V * 


fti'. 


Angry Israel blames 


Britain for killings 


BY OUR FOREIGN STAFF 


BRITISH SECURITY arrange- 
ments which failed to prevent 
Palestinian guerrilla* from 
attacking an El AI crew in 
central London on Sunday were 
criticised yesterday. 

There was -particular anger in 
Israel because rhe Israeli 
security men with the crew were 
unable to shoot back. Britain 
insists that the guards band their 
guns -to police at - Heathrow 
before going into town. 

As security around Israeli 
targets in London was being in- 
creased. Israeli warplanes 
pounded two Palestinian bases 
south of Beirut in retaliation for 
Sunday’s -attack, killing three 
people and injuring several 
more. 

The Foreign Office expressed 
its sympathy for the victims of 
both attacks, and voiced its 
regret over the reprisal raid, 
which, it said. “ merely per- 
petuates the cycle of violence.” 

At Scotland Yard. Commander 
James NevilU whose anti-terrorist 
branch is leading the investi- 
gation. attended a top-level 
conference. yesterday. He said bis 
staff were - ready -to tackle 
terrorism in London. “ Our police 
officers can and will be armed 
when tbis is necessary," be said. 

Scotland Yard is constantly 
reviewing measures to protect 
'likely targets, police said, but 
they refused to respond to the 


Israeli criticism- Whitehall 
officials said that the police were 
doing their best but that it was 
impossible to guarantee complete 
security. 

Mr. Mordechai Hod, managing 
director of ELAL. admitted that 
the Palestinian* . appeared, to 
have found a weal; spot :in the 
airline's security. But he, too, 

was sharply critical of the 
British refusal to let El AI 
security men carry guns in 
London. 

“ If the British claim thht they 
are responsible for security, then 
they must now bear the responsi- 
bility for what happened," Mr. 
Hod declared. 


Increasing 


Mr. Meir Amit, Israel's Trans- 
port Minister, said that Sunday's 
attack, in wbich two people died, 
appeared to be part of a pattern 
of increased Palestinian activity 
prior to next month's Israel - 
Egypt-U.S. summit meeting at 
Camp David. 

■His information was general, 
mainly concerning plans for 
raids inside Israel. 41 but that 
does - not rule 4rct tbe need for 
stepped up alertiyjss, or at least 
it shouldn't have." 

. He promised tougher- -security 
measures and ... announced tbe 
setting up of a joint committee 
to devise ways of carrying them 
out. One step might be to 


restore tbe rule that El AI staff 
must not wear uniform except 
when on duty at the airport. 

It was felt in Israel that a 
group of uniformed Israeli's 
presented too good a target in 
London, which is Considered to 
be' heavily infiltrated by Arab 
gunmen. 

Mr. Mordechai Ben-Ari, the 
airline’s executive chairman, said 
that the company would be 
recommending to the British 
Government ways to tighten 
security precautions. Responsi- 
bility for the maintenance of law 
and order was “totally" the 
responsibility of the UK Govern- 
ment. he said. 

9 Dr. Rhodes Boyson, Opposi- 
tion spokesman on education, 
yesterday called on Britain to 
call an international conference 
to stamp out terrorism. He also 
wants tighter security in 
-London. 

44 1 am very concerned about 
the growing practice of Arab 
terrorists using the streets of 
London to settle their inter- 
national straggles," he said. 

“ More ' emphasis must be 
placed on security, closer checks 
must be made at airports and 
seaports of people entering this 
country and full co-operation 
should be offered to other coun- 
tries in a bid to stamp out ter- 
rorism.” 

Retaliation raid Page 4 


Talks on £50m 


coal contract 


in final stages 


BY JOHN LLOYD 


International. 

wing of the 


'BRITISH COAL 
!the consultancy 

i National Coal Board. ~ is in the 

final stages of negotiating a con- 
tract worth about £50ni to UK 
companies. 

The con-tract, believed to be 
South 


TUC facing showdown 


on recruiting dispute 


BY ALAN PIKE, LABOUR CORRESPONDENT 


■ with the government of a South 
■'American country, a* for a deal 

■ to expand the country's coal pro- 
duction and find markets for it. 

Discussions have taken place 
between. the foreign government 
and -the 'British mining equip- 
J jnent companies to ensure the 
supply of mining machinery and 
! coal preparation- pl'anl. 

I PD-NCB, 50 per cent owned by 
(.the Coal Board and 50 per cent 
| by Powell-Duffryn, is to assess 
the equipment -requirements and 
will draw up a production plan 
aimed at giving the customer the 
.maximum cost benefit and the 
most effective cash flow, thus 
| reducing the time it will be 
I dependent on loan facilities, 
j Meetings with the Export ■ 
; Credits Guarantee Department 
: and ■ other Government depart- 
meats involved in setting up 
! overseas projects have been 
! arranged. 

It is understood that a consor- 
tium of UK mining machinery 
companies' will lead the project 
while British Coal International - 
will coordinate the peripheral 
activities. 

A second project also nearing 
the end of negotiations, would 
involve British Coal International 
together with other UK nationa- 
lised industries in construction 
of an opencast mine and railway 
and dock facilities. 

The coal would be shipped 
from the port to a power station, 
which is not included in the 
package. It is thought that this 


AN ATTEMPT to prevent the 
TUC general council's forcing 
senior engineers and managers 
to join established industrial 
unions until an investigation into 
inter-union disputes procedures 
has taken place will be made at 
the annual congress in Brighton 
next month. 

The stage appears set for a 
full-scale debate arising from the 
increasingly bitter recruiting d-ar 
in the engineering, shipbuilding 
and related industries between 
rival TUC unions seeking to 
represent senior staff. 

The congress will be asked by 
the Engineers and Managers 
Association, which has 44,000 
members, to recognise that the 
principles of fair treatment of 
ail affiliates despite' the funda- 
mental differences between craft, 
general and industrial unions 
should apply equally to a 
fourth type of organisation. 
“ namely those specialist unions 
representing managers," A con- 
gress acceptance of this principle 
would be a great stride 
forward in the association's 
efforts to establish the right of 
profesvonai engineers and 
managers to belong to a. union 
catering for their specific 
interests. 

The association's efforts to 
enter the engineering and ship- 


building industries are meeting 
with fierce resistance from 
existing unions in the Confedera- 
tion of Shipbuilding and 
Engineering Unions. They argue 
that they can cater for the needs 
of .all staff, however senior, and 
are opposed to any extension of 
their recognition rights to other 
unions. 

The association has twice lost 
at TUC disputes committee 
hearings following complaints 
that its recruiting efforts in 
engineering companies were 
encroaching on another union's 
territory, and British Ship- 
builders has still to reach a final 
decision on whether it will 
grant the association national 
recognition. 


Peace moves 


In an amendment for next 
month's congress the association 
asks delegates k> reaffirm that 
the general council and disputes 
committees- arc required .to 
operate "in a fair and con- 
sistent manner” and that dis- 
putes committees have no power 
to create-" new Bridlington 
principles-: 

Another amendment' has been 
tabled by the Engineers and 
Managers Association to a motion 


calling for an investigation and 
review of the procedures govern- 
ing inter-union disputes. 

It asks the congress to instruct 
the general council to ensure 
that while the inquiry is in 
progress " no attempts should be 
made using the existing proce- 
dures to impose industrial trade 
unionism on groups of members 
who believe their trade union 
interests are better served by 
smaller affiliated unions catering 
solely for their particular 
needs." 

TUC staff have recently 
stepped up their attempts to 
conciliate in inter-union disputes, 
and Mr. Len Murray, general 
secretary, and other officials have 
frequently spoken on the need 
to rationalise organisation and 
avoid inter-union fights. How- 
ever, a congress debate on 
recruitment problems at this 
delicate stage would highlight a 
range of differences among TUC- 
hffiliated unions. 

Tbe original motion calling for 
an investigation comes from the 
National Graphical Association, 
whose assistant general secre- 
tary, Mr. Tony Dubbins, recently 
described the recruiting efforts 
of some unions as “ licensed 
gangsterism.’* 


contract is with the Australian 
Government, though no figure for 

the scheme is yet available. 

6 Increased production from the 
UK's coal mines will be unlikely 
to find expanding, markets in the 
European Community, according 
to Mr. Ronald Findlay, director 
of the National Coal Board's 
international department 

In the Colliery Guardian's 
annual review of the coal indus- 
try, Mr. Findlay writes that the 
44 serious situation- of other Com- 
munity coal industries, the short- 
term attitudes of consumers, in 
particular, in the non-coal pro- 
ducing countries (which are 
disposed to take the exception- 
ally low-priced' coal at present 
available on the world market in 
preference to Community coall. 
and the limits on the extent to 
which selling in competition with 
such coal is- financially accept- 
able, are all factors making for 
difficulties in disposing of more 
British coal in the Community. 

The Coal Board had hoped that 
the EEC countries would take 
abont 5m tonnes of power station 
(steam) coal over the nest few 
years to ease the problem of 
overproduction which the Board 
faces soon. - - 

However, a scheme for steam 
coal subsidies has so far failed 
to be agreed by the Council of 
Ministers. 

Mr. Findlay argues that with- 
out mechanisms to ensure dis- 
posals of the Community's coal 
stocks, the productive capacity 
will be threatened. 

“ Although appropriate pro- 
posals have been submitted by 
the European Commission to the 
Council of Ministers, practically 
no progress has been made by 
the Council towards adopting 
them." 


Plea to curb special 


steel imports 


BY ROY HODSON 


BOCM-Silcock in 


discounts probe 


BY DAVID CHURCHILL. CONSUMER AFFAIRS CORRESPONDENT 


LOYALTY DISCOUNTS gaven to 
companies by BOCM-Silcock, the 
leading processor of compound 
animal feeds tuffs in the UK, 
are to he studied by the 
Monopolies Commission as part 
of its trade discounts investi- 
gation. 

This was revealed yesterday by 
Mr. Roy Hatterslcy. Prices 
Secretary, and follows a highly 
critical Price Commission report 
alleging price collusion by the 
six leading companies in the 
industry. 

Mr. Hattorsley said yesterday 
that inquiries by tbe Director 
General of Fair Trading “have 


disclosed an unregistered and 
therefore unlawful agreement 
between a number of Suppliers." 

These suppliers had operated 
since 1970 a common pricing 
agreemnt which was abandoned 
at the beginning of May this year 
following the Price Commission's 
criticisms. 


Although the suppliers have 
since sought formality to register 
their price agreement -under the 
Restrictive Trade Practices Acts' 
of 1976 and 1977, it emerged 
yesterday that they are still 
forbidden to adopt common pric- 
ing until their case had beeu 
considered by the Restrictive 
Practices Court. 


Alcan price 


increases 
average 8% 


By Roy Hodson 


UK TODAY 

DRY and sunny in S.. cloudy and 
some rain in Wales, Midlands 
and N. 

London, S. England, E. Anglia, 
E. Midlands, Channel Isles 
Mainly sunny at first, cloudy 
later, warm. Max. 21C-33C (7QF- 
73F). 

E., and Cent. N. England, W. 
Midlands, S. Wales 
Dry at first, cloudy perhaps 


BUSINESS CENTRES 


Amsrcnlni 

Alliens 

Bahrain 

Barcelona 

Beirut 

Belfast 

Sclera dr 

Berlin 

Bimuudun 

BrisroJ 

Brussels . 

Budapest 

B. Aires 

Cairo 

Cardiff 

Chicago . 

Cologne 

CoBnhven 

Dublin - 

EdinbnrKh 

Frankfurt 

Genera 

niassow 

Helsinki 

K Rons 

jn'burK 

Lisbon 

London 


Y'day 
MUHUjr 
-c *F 
:o 

33 

34 


Lmwmb'E 
. Madrid 
K Monchestr 
Sl.McIbounK 
SJ' Mexico C. 
» i Milan 
72 Montreal 
7ji Moscow 
Kii Munich 
Sfi' ytwcMbr 
ex X. York 
m Osin 
59 Parts 

ft! Penh 
6 B Prasue 
« Rr Jfclavik 
"5 Bio dc J'O 
Ti Rotne 
TO SinsawTT 
B.T Stockholm 
73 ' Strasbourg 
73 ; Sydney 
M 1 Teheran 
lie ; Tokyo 
TS'Toromo 
M Vipnna 
H Warsaw 
73 1 Zurich 


YVJay 
- Mld-daj 
■C *F 

ran 

5 .12 SO 
CUM 
C 12 M 
C IE II 
S US 79 

5 Is 64 
IS M 
33 


with rain later, cool. Max. 16C- 
ISC (61F-64F). 

N. Wales, N.E. and N.W. England. 
Lakes 

Cloudy, rain, brighter later. 
Max. 17C-19U (63F-86F). 

Isle of Man. Borders. Edinburgh, 
Dundee, Aberdeen, S.W- Scotland, 

Glasgow, Cent. Highlands, -ArgyL, 
* N. Ireland • 

Dry,- sunny intervals. Max. 
17C-19C {63F-66F). 

Moray Firth. iV. Scotland. Orkney, 
Shetland 

Sunny intervals, scattered 
showers. Max. HC-16C (5TF-61F). 

Outlook: Mostly dry and sunny 
after little rain in- s. 


HOLIDAY RESORTS 


7a 


c 
s- 

CUM 
5 22 I? 

C zn 


fa 


F .. 

5 II K 
S -5.V 73 
F 11 33 
$ 27 91 
S 29 54 
B -Zl 73 


Atarcio. 

AUtfcra 

Blarrin 

BUdroool 

Bordeaux 

Bmitww 


Y'day i 
Mid-day I 

^f 1 

34 


13 


*9 Joiner 
si Lc, Plms 
■■ Lo«rno 
Fl Majorira 
SI. Malaga 
H ilalTx 


n 

S 2* « 
5 16 91 
S 31 ‘M 

s 24 rs 

C 2 « BS 
F 23 72 

22 r 


uswiwnr ‘2 M liana 

CSM*!l3W» S » S4 Nairobi 

Cap* Town S 17 HI N^leu 

Corfu * 3 SI Nice 

Dubrovnik £ 27 Sf'Ononn 

Faro , S 3 o Rhodes 

Florence S M .laJsburs 
| •" SI iTan*ler 
£ i* ** T'snerflfc 
S 2s T9, Tunis 
n }T m Vaieneti 


S 23 77 


Gibraltar 

•Gncrnwr 

Innsbruck 

Inverness *- ;■ m 
lele of MSB O U Mi Venice 
inaatml F 3 B 1 
S— Sonar. V— Fair. c—Qwdj. 


Y’day " 
Mid-dar 
'C “F 
S 17 S3 
S 23 77 
S 23 77 

s m as 

S 27 SI 
s 38 M 
C IB «6 

sms* 

S 23 77 
5 IS 66 
S 3 E 
24 73 


s ii m 


23 71 
F 27 « 
S 29 M 
s 26 re 


R— JUin. 



AN AVERAGE 8 per Cent 
increase in the price of some 
aluminium products was 
announced by Alcan Aluminium 
(UK) yesterday. 

Alcan has more prices changes 
in the pipeline and will 
announce a new price far 
primary aluminium ingot next 
month. 

In previous price rises in the 
industry Alcan has been 
regarded as the market - leader. 
Last night other companies were 
considering the Alcan moves. 

The Price Commission has 
been notified that tbe prices 
charged by Alcan Aluminium for 
plate, special sheet products, 
extruded products, foil, and 
finished products, will be raised 
from the beginning of Septem- 
ber. 


Continued from Page 1 


Dollar 


■the dollar to 4.8 per cent 
above last Tuesday’s low 
against the D-mark, to 7.8 per 
cent above the Swiss franc 
low and to 6.2 per cent above 
its weakest level compared 
with the Japanese yen. . 

Xhe recovery In the dollar 
has been mirrored by a sharp 
fall In the priee of gold In (he 
London bullion market. The 
price per ounce dropped to a 
low of $2042. and the closing 
level or $2035 was .still $41 
down on the day, $101 below 
the all-time high of a week 
ago. 

Movements In sterling were 
overshadowed by the recovery 
of the US. currency. The rate 
dropped by 1.43 cents to 
ST .9283 after a low of 31.9195. 
This compares with a peak 
last Tuesday of just over $2.00. 

The pound appreciated 
slightly against the . French 
fran c and the Swiss franc, and 
the trade-weighted index was 
unchanged at 82 J, 


THE NATIONAL Economic 
Development Office's iron and 
steel sector working party has 
urged Government action against 
cheap special steel imports from . 
the Continent. 

Following an independent 
study, NEDO has concluded that 
steel industry complaints, of 
unfair competition are justified 
and that serious damage to the 
independent British steelmakers 
wilr result unless action is taken. 

The sector working party has 
written to • Mr. Eric Varley, 
Industry .Secretary, this week 
informing him of the results of 
an investigati on sp anning. several 
months. The NEDO committee is 
recommending that the Govern- 
ment quickly applies “ remedial 
action to help the British steel 
industry.” 


SPECIAL STEEL IMPORTS 

(% of British market) 
1971 1974 1977 

High speed 

sted bar 1 19 30 

Tool steel I 22 49 

Stainless steel 

bar 5 25 69 


The independent steel pro- 
ducers concerned are mostly in 
the Sheffield area but include 
some .in Manchester and the 
North East. 


Tbe British Independent Steel 
Producers’ Association has been 
campaigning for montits for 
action' against rising imports of 
three types of special steel — 
high-speed steel bar. tool steel, 
and stainless steel bac. 

It is contended that in one 
month recently sufficient stain- 
less steel bar was shipped to 
Britain from European pro- 
ducers to meet the entire needs 
of the market for that period. 
Imports of all three categories 
of steel are regularly exceeding 
half the British market require- 
ments on a monthly basis. 

No accurate figures for 2978 
consignments are available. But 
British companies facing the 
European competition say they 
are ‘being forced out of business 
by consignments of cheap steel 


dumped by Continental pro- 
ducers. 

Mr. Stanley Speight, the 
Master Cutler -and chairman of 
Neepsend, a special steels pro- 
ducer, said: “The whole future 
of the Sheffield steel industry 
is in doubt unless action is 
taken to stop this growing wave 
of cheap imparts.” 

West Germany is believed to 
have captured almost one-quarter 
of tbe British market in some 
classifications of special steel 
within a few months. Other 
sources of the imports include 
Sweden, Austria, France and 
Italy. 

Some steel arriving from EEC 
nations is thought to- have 
originated In Comecan countries. 

The prospect of the over 
capacity crisis in international 
bulk steel production becoming 
more serious during the autumn 
will be discussed today at the 
Brussels meeting of Eurofer. the 
club of European steelmakers. 

The steel companies are 
anxious to restore discipline in 
their ranks to give the. Davignou 
Plan for European steel protec- 
tion a fair chance to succeed. 

The new disorder in the special 
steels trade now acknowledged 
by NEDO is by comparison a 
sideshow which the major com- 
panies would like to see settled 
by restraints agreed between 
individual European govern- 
ments and producers. 


THE LEX COLUMN 











■i 

J 


British Land's accounts twv- 
firm that the group can now he T nr lpv r ose 63 to 519 2 
numbered with confidence 
among the survivors of the ; — 

great property crash. After five.. 


years in which pre-tax 
have aggregated nearly £17 «l, 
the group seems to be heading 
for a small surplus during 
1978-79. A dividend of some 
sort is In view within the next- 
couple of years. The balance 
sheet gearing, though still 
formidable, is getting close- to 
the level that British Land 
thinks >s appropriate for' 'its; 
kind of business. And tb& 
auditors, who last year qualified 
the accounts on a going concern . 
basis, have given them a dean; 
bill of health this time around. 


BRITISH LAND 


l f £,n EUlim'B TEW DEBTS 
SHORT 7 TRM BBT □ 


The problems' of tbe past feir 
years — which took the shares 
down to just 4p at one stage in 
1974 — were in Britisli Land's' 
view mainly the -result of its 
need for bridging finance, on -a 
development programme which 
peaked at just the wrong time 
— b tween 1973 and 1977. Run- 
away finance costs and a shrink- 
ing equity base were the result 
But although the equity was 
substantially diluted by lasit! 
year's refinancing, the group; 
has managed to hang on to 'a 
substantial part of its portfolio 
during the storm and now -it is 
seeing the other side of the 
coin. New lettings and rever- 
sions mean that property 
income could be close to. the. 
1977-78 figure this year despite 
£14m of disposals since March. 
And the retail side (Dorothy 
Perkins) is doing well. 

The property sales take cur- 
rent debt down to around 
f 125m, of which (he bulk -is -in 
tile form of term loans. Share- 
holders’ funds are shown in the 
balance sheet at £4ftm follow- 
ing an independent revaduarioa 
of just under a third of the 
portfolio, -which produced a 
smell surplus. The directory 
reckon -that (he rest (£124-7m> . 
is worth nearly- £13ra more than 
-the book figure. Most of this 
surplus arises at Plantation 
House, which is now ‘pot at a 
cool • £60m. 



numbers justify the recent 
strength of the shares, which 
at 46p stand at a discount of 
about two-fifth on the directors’ 
estimate of fully diluted net 
'assets. 


Hogg Robinson 


already predicted that its net.rtlW 
cami'nss for 1975 will be 4ft penf { 1 1 3 
cent up on the CSLSfi reported?!** 
for 1977— -or about t$2J8 pc/ 
share. This year Siehens 15 S 
spending CS35m on ail and sis'wf | 
exploration, the . balk of it injr A s 
Canada, against C$26ai last year^V** 

The rationale for Dome would 
appear . to be that ft wants to . 
increase its income from oil 
production to make full use of 
tax write offs on' unsuccessful . 
exploration. 

The share price of Sic be ns 
when the quotation was su& .. 
pended yesterday was C$364. 

Most Canadian oil stocks are 
priced at. a p/e ratio of between 
8 and 10. so allowing a .sub- 
stantial premium for a complete 
takeover, terms of; around $C4C 
per share are indicated, initial 
signs arc that Siebens Oil and 
Gas (UK), the North Sea oil 
exploration company, will not 
be affected by the deal. It is 
felt in Toronto that Siebens' .35 
per cent stake in the British 
company will merely be takec ' 
over by the new owners of thr 
parent. • .' 




n 


After the merger of Lloyd's 
insurance broker Leslie ' and 
■Godwin with the third largest 
quoted broker in the U.S.. Frank 
B. Hall, other big British 
brokers are examining their 
U.S. links, and wondering 
whether they are as strong as 
they ought to be. Thus Hogg 
Robinson, in its annual report, 
lays emphasis on Its effort to 
increase its involvement in 
North America. So far it has 
no direct representation, 
although it does have commer- 
cial links with several medium 
sized U.S. groups. 

Its total North American 
portfolio, relative to other 
brokers, is small; last year U.S. 
dollar brokerage accounted for 
just over 15 per cent of the 
total. •* But although further 
commercial links are likely, 
there - is little sign that a 
LesTie-Hall type merger is on 
the cards. 


From tins base, i&e group is 
■moving on to a slightly more 
expansive tack. Capital com- 
imtments, which were shown in 
■last year's accowvts at just 
£4£m, are now put at £9.6m. 
And fee substantial cash deficits 
which were -threatened at the 
time of the refinancing are now 
brushed aside as being no 
longer a worry. 

Obviously ’there are hurdles 
sttH to be jumped. ’But these 


Siebens 


The Hudson Bay Company 
appears to hare been motivated 
mainly by price in its decision 
to sell its key holding of 35 per 
cent in Siebens, the Canadian 
oil and gas exploration com- 
pany. This,, together, with the 
holdings of the Siebens family, 
will ensure the success of Dome 
Petroleum’s bid for the com- 
pany. 

Siebens is growing by leaps 
and hounds. .The company has 


Amalgamated Metal 

Yesterday's half-yearly repor 
from Amalgamated Metal Car 
po ration comes as a prclixninarj 
to the complex formal offer 
from the German group Preu^ 
sag which will be sent out t< * 
shareholders later this week : 

Second quarter pre-tax profits 0 

£3.1 3m compare with a smat 

loss last year after the ex cep 

tional fraud provision of £ lAn 

and with £5.79m at the sb 

months stage AMC is well ahear 

of the corresponding periodr-g.,^ ; i\ 

which produced only £4.19n 

even with the provision adder 

back. Tin smelting and indui 

trial activities arc responsibly 

for the gains, much more 41»i 

offsetting a slight setback 01 

London Metal Exchange activl 

ties. Vi f ' 

All this will help the Boart 
in seeking to encourage UV 
minority shareholders to retail 
their shares rather than accep 
the Pmwsag offer, which x 
designed for the purpose 0 
switching control from Patino n 
Preussag. At S45p AMC's prict*!3;l 1:2' 
is in any case slightly above, tin 
333p per share underwrittei 
cash value of tho Praussaj . 
paper. There is a slight com 
plication, in that since the term 
were announced the Preussoj 
share price has risen and thi, 1 * % 
DM has strengthened, makirq 
the non - underwritten pape: 
offer worth more like 360p 
However, this does not lofd 
enough to have any bearing 01 
the outcome. 


Lei 


Dome in move to buy 
Siebens Oil and Gas 


BY NICHOLAS COLCHESTER 


DOME PETROLEUM. the 
Canadian oil and gas exploration 
company, is believed -to be 
taking over Siebens Oil and Gas 
in a deal worth close in CNOQm 
(flSOra). 

Siebens bas a stake'- In the 
North Sea via its 32 per cent 
stake in Siebens Oil and Gas UK. 

The Siebens family, which 
has a controlling holding in 
Siebens, has agreed to sell to 
Dome— and so has the other 
major shareholder, the Hudson 


Bay Company, which has a*34.S 
per cent stake. 

Pending -announcement of the 
deat, the shares of Dome 
Petroleum, Hudson Bay and 
Siebens Oil and Gas were sus- 
pended in Canada yesterday 
morning. 

The closing price of Siebens 
on Friday was CS36i and there 
are 9.2m shares in issue. The 
management of Dome Petroleum 
conceded that announcement of 
a deal was imminent 


Continued, from Page 31 


More air delays likely 


imposed on and off since the 
middle of July. 

The various unions’ national 
bureaux will then decide on ihe 
form of the go-slow. 

The generally moderate Force 
Ouvrifere union has called 00 
other technical staff to join the 
movement to increase its impact 
on flights in and out of France. 

Traffic at French airports this 
weekend is likely to be heavier, 
since families on holiday from 
the beginning of the month will 
be returning. 

The controllers may also de- 
cide to clamp down more heavily 


on traffic volume. 

The unions expressed their 
disappointment after meetings 
with Government representatives 
on Friday and Saturday, having 
suspended their action in accept- 
ance of the Government’s condi- 
tions for renewing negotiations. 

The controllers want bonuses, 
which account for up to 40 per 
cent of their income, lumped 
together with their salaries, to 
guarantee the same rate of 

increase. 

The Government has agreed to 
maintain the real value of some 
bonuses and revise others. 


TneM&G 




Pension Rind 


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Investment 



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the pension funds of companies and public 

corporations, as well as charitable foundations. 

We are now extending this facility and, 

taking on new clients for our Pension Fund ■' 
Investment Service. Our independent status.- 




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■wide contacts withstockbrokers atid-the very 


substantial volume of investments under ^ 
management place us in an ideal position to 
provide an investment Service of this type. 

' For a copyofour newbooklet.^The M&G 
rension Fund Investment Service? or to arrange 
an appointment to discuss the investment 
management of your Company's pension fund, 




P 1; * 


David Morgan, 

M&G Investment Management Ltd., 
Three Quays, TWer HiU. 

London, EC3R 6BQ.T4: 01-626 4588 




M&G GROUP 


^ VritttM W St CUmu«r9 Press tur and 

V - Tub„ Ud., Br*eJwn House. Ciuoa EWPWV 1 

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