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Alldrive 5 ton Gi ANT. 


No. 27,644 

Wednesday August 23 1978 ***15p 


Leamington Spa, 

Td: 0926-22471 r p. 

■ • i 








Yugoslavia may sell arms to 
China if tails in progress daring 
Chinese leader Hu Kuo-Feng’s 

at 52 
up $3 

Death of Kenyatta 

may mean 

BY JOHN WORRALL, Nairobi, August 22 

• EQumESr^tp new levels f re ? ident Jomo Ken y atta > the first and only President of Kenya since 
on institutional 4nd public buy- >ts independence from Britain in 1963, died in his sleep early today at his 
ing. ft 30-sbare index, up 5.6 official residence in Mombasa. 

““SjT' Mte- Da“el *■«*• VScep neighbours; Tanzania and President Kenyatta managed to 

visit to Belgrade are concluded J 1 ' ®°“ rose 2 ’ 7 

successfully. The deal would to 18 — 4 - -i- . 

!EEL5!S» Sw £ t Ilnion ’ already 9 GILTS .held steady. Govern- 

displeased at the massive 
welcome for . Hna in the 
Yugoslav capital. 

China,, eager to modernise its 
armed forces, has sent two mili- 
tary missions to Yugoslavia this 
year to study the country’s 
defence system. 

If an arms deal is concluded. 

the Soviet . Union is likely to .... 

regard it as an “unfriendly jf a™,,? aft«wxra at which all Ministers dude Mr. Charles Njonjo, and 

act/*. -It could lead to a redue- 200 ' 'f — r~ were Present with the exception Mri Mwai Kibaki. the Finance 

tion or suspension of Soviet J of Mr. Charles Njonjo, the Minister. 

arnur ' supplies to Yugoslavia. f KS?«. m snocK Attorney-General, who is be- ... -However, a loose group oppos- 

Baek Page m i. -' f here ls 84111 very ^ , believed to be on his way back lug Mr. Moi is led by Njoroge 

_ ' _ _ ft ,/J* found if as yet incalculable to Kenya from Europe. Milngai, the former Foreign 

Air Chaos looms .. «nl4Iu ifcL effects on Kenya itself. Kenya ConstitutionaJJi . ^ Moi wiU Minister and President Kenyatta's 

French air traffic controllers •* 

decided at a national meeting in _ 1 f ■ ■■ passing is likelv to affect a much there , must . b . e a 8 eneral a Residential candidate. 

Paris to launch a new worfc-to- 170 Wr wider area election to choose bis successor. :..The contest is likely to be 

rule of unlimited duration from . T _ , However, fr appeared today that .complicated by ethnic and per- 

Friday in their fight for bettar 7978 . * * .■ .J* 1 Africa. K6I 2 a ! there w'tll first be an election sonal factors, for although Mr. 

pay and conditions. Pace 2 1B0 1 1 - 1 - -* stability _ has had_ a key effect within the ruling and only party, Moi is from the minority Kalen- 

____ _ _ _ MAfi APS wr JDf^Wt AD6 m containing regional conflicts, the Kenya African National Kn people, his backers are from 

Police backed l,r 11 especially _m the Horn, where Union, founded by President th^- main Kenya tribe, the 

„ . e , r „ , _ • STERLING rose-10 points to s ? mal i a bas long claimed part Kenyatta. Kikuyu, as is Dr. Mungai. 

Home Secretary Mr. Merljm Rees ^x.9295. Trade-weighted - index of northern Kenya. While it seems certain that .. .Added to this possibility of a 

MSron?Htan Slr p^ : S? d rSSit fcM to 62-2 <625): Dollar's While Kenya must take its Mr. Moi will stand in these *plit within the Kikuyu must be 

Metropolitan Ponce Com mis- whlfiied to 91 share of the blame for the break- elections, and will thus hope to the complications arising out of 

sioner, that he believes criticism t0 91 up of the East African com- emerge as the party’s presiden- ^w iniIpr! J Z~rl ° 

o f PJjUce action in Sunday’s (8-9) P« cent. raunity, Kenyatta maintained a tia] candidate, observers are Contjm,ed on Back Page 

in^ondonis ' °? ^ bUS • WAIX STREETvWas off 0.52 delicate balance between Kenya’s predicting a lough contest. H‘ Feature Page 12 

n on is xrnsp ace . at 888.43 near thc^ttse. . " ! i r - 

* _ Mr- Daniel. Arap Moi, ^ee- neighbours; Tanzania and President Kenyatta managed to 

at 523 m its bea once October President since 1967, has taken Uganda. maintain a political stability 

Gold Mines -'Index rose 2.7 over temporarily as President Tributes to President Keyn^tta which has been the envy of many 

J2.4. until party and then national came from many British leaders, other African states. But while 

elections are arranged to choose including Mr. Callaghan, the his. own leadership was never 

w ^ILTS .held s^ady. Govern- a permanent successor. Prime Minister. Kenya has long seriously challenged, Mr. Moi. as 

the massive meat Securities "index rose 053 as tributes to the former one of Britain’s staunchest his .apparently chosen successor, 
Haa m the ^ 70 68 K- . .. PrSdent, vridely acclahned™^ 1 alli^, partly based era hssbeen the subject of consider- 

founding father of African ^P^rtant trading and invest- abte- controversy. 
j modernise its t9 GOLD rose $l!fO. $206,. nationalism, poured in from all menl relatjonships. president Kenyatta in recent 

over the world; flags flew at half years had stifled debate about the 

s per fine our^Y-- - I tnast throughout Kenya as Mr. aaccesrion but there have been 

( ruulfwg. _ | Kenyatta’s body was brought to J. QUffii n ^“l5 ed t . d, ^l sl0D3 on ^he issue 

IAMIIHMi. a I v.i^hi ^ — ,A .f .m-l.l & Within the Kpnva Bctohtiehmant 

' jUmdon. 

Gold Price, 

over tbe world, flags flew at half 
mast throughout Kenya as Mr. 
Kenyatta’s body was brought to 
Nairobi for 10 days of official 

The death of President 

® within the Kenya establishment 

Mr. Arap Moi, 54, presided Md Moi has powerful backers 
over a Cabinet meeting this within the Government who in- 

HAft APB wr Jrita AUG 

n 5A-5 eras. iTMe-weraited - macs 
has told Sir David McNee, - j. , &?? /»»)' ■ nnihr'c 

Metropolitan Police Commis- “ !1 *? J 2 ^ " nf 

sioner, that he believes criticism depreciation widened to 9.1 
of police action in Sunday’s (8-9) per cent •,£ 
terrorist attack on an Ei AI bus WATJ cminffe «ir n «• 
in London is misplaced. • WAIX STREE^Vktas off 0.5- 

— at 888.43 near tha&tose. 

Fish ing. ban # treash#i»iu rates: 

British Government that it could Slses - 1A71 <‘-259^r cent 

IE St^iS t lS%S • ALUMINIUM fi** market 
Cp“ i2r , SS B Si , h2i 94 1 PaJrS > s launched b^ie London 
Sea from September 24. Page 19 iVifetial Exchange ^jBfetPber 2. 

Hunt for kfller ' a 

Police frogmen joined the search given the Metal fijeffiogf to 
for. a lead: to the killer, of a 12- bo ahead had. not -heen taken, 
year-old schoolboy, whose body- 1 *®* 6 19 / . . V* 

Ocean’s profits collapse 
as ship orders drfe. 

was fa and in the River Mole at 
Leatherhead, Surrey, He had 

been assaulted and strangled, measures aimed at limiting the aid sbipbufidlng industries 
Salmon tin rusty industry S sj4i-mountmg losses. were emphasised yesterday as 

_ v- v j M NIGERIA will almost certain! v Ocean Transport and Trading 

A tin of salmon which poisoned J ilraw iS SlffSSi reported a spectacular first-half 

four elderly people, kilfing one “rtSt !«■» collapse and Lloyd’s 

of them, was rusty and comawed loan Defore “ e - ate Register figures showed the 

a «. 1 i By « ’ a J®**® 1 ®' told Rapi, world shipbuilding order book 

• EEC iron a off steel produce 
examined tough self-dfeciplina: 


[THE TWIN crises in the ship- 


k „ World 

a tiny hole, a metal expert told 
a Birmingham inquest 

Register figures showed the 
world shipbuilding order book 
at its thinnest for 12 years. 
Ocean, one of Britain’s four 

world', this year, the industry 
faces massive cuts next year. 

At the end oflJune, the world 
order book stood at 30.5m grt 
and per cent of the ships on 
order are to be Vielivered this 

^ j. _ ♦ /PEUGEOT-CITROEN ' next Ocean, one of Britain’s four 

GUfl attack week is expected to give the first largest shipping companies, saw 

An Ulster nnlieenutn and * ^tailed explanation of its Ptans pre-tax profits fall from £26m in 
Sdier^te Sed whe? & developing Chrysler’s'; Euro- the first six months of 1977 to 
terriiits^nened fire on ibSr P* 311 operations under the. pro- £2.3m in the first half of this 

rl7S^aba P “.1n ton^to!v S d “ eover 

police . swooped on hames--4md Llo>ds Register said that m 

offices, arresting acven people Pa * e ^ee months to June f». 

and seizins doettments. . , T . # NATIONAL Enterprise. Board 

seek vote 
on Lyons 


PENSION FUNDS are likely to 
force Allied Breweries to con- 
sult its shareholders over the 
proposed acquisition of 
Lyons and Co-» in spite of the 
company’s insistence that con- 
sultation is not ealled for. 

The case committee of tbe. 
National Association of Pen- 
sion Funds voted yesterday to 
seek members' support to 
requisition a special share- 
holders’ meeting at Allied. 

Mr. Hugh Jenkins, invest- 
ment manager of the National 
Coal Board Staff Super- 
annuation Fund, who is head- 
ing the case committee, said 
last night. 4 We have deckled 
that our best option is to bring 
the matter to a democratic 

Between them the pension 
funds represented on the com- 
mittee have 5 per cent of 
Allied’s shares. The pension 
funds as a whole own 14 per 
cent, and there seems little 
doubt that the 10 per cent of 
Allied’s equity needed to call a 
compulsory shareholders’ meet- 
ing can be readily found. 

Legal doubts 

The letter to pension fond 
managers, sent out last night, 
contained a strongly worded 
appeal for support based on a 
legal opinion that Allied had 
a duty to consult its share- 
holders as a result of under- 
takings last year not to change 
the nature of the business 
without consultation. 

Allied has always argued 
that the proposed acquisition 
did not mean a change in its i 
existing business, both because 1 
food and drink were asso- 1 
dated trades and because the 
Slock Exchange defined change 
as one where 25 per cent of 
assets were diversified into a 
widely different operation. 

The pension funds' legal 
adviser says that on the basis 
of “ realistic criteria ” the 
acquisition of Lyons is incon- 
tTovertibly a substantial change 
of direction for Allied. 

“If a butcher were to 
acquire a greengrocer, it would 
be wrong to contend that It 
was In the same business just 
because both trades involved 
food,” he suggests. 

More jobless 
but trend 
still steady 


risen sharply this month after 
the small increase last month. 
The two naes have wiped out 
nearly half ihe improvement in 
the nine months since Septem- 
ber’s post-war peak. 

Nevertheless, officials remain 
confident that the underlying 
trend is still level or falling 
gently and say that several 
special factors are at work in 
ihe recent rise. 

Department Df Employment 
figures show that the number of 
adults out of work in the UK 
rose by 20,700 to 1.39m in the 
month to mid-August, taking 
seasonal factors into account. 
The proportion of the workforce 
unemployed was steady at 5.7 per 





Wholly i 
Unemptafad _t 



I 1 

means that this factor may have 
VTpar naal r not ^ eeQ “Mowed sufficiently for 

ptdB in the seasonal adjustments. 

t-l- More than two-thirds of the 

™ 5Zfr!. rl5 ° *'“ aCKm,llC ‘ i (0r by 

three times July’s 6,600 increase, 
| which ended a nine-month de- 
cline in the number of jobless 

However, it is unlikely that all 

£ m New York 

night ago. Lloyd's Register said that is 

Back Page the three months to June 30, 

u.niAu.i n • - t, - more than twice as many ships 
Jf NATION^ Enterprise, ^ird were delivered as new orders 
has jomed Barclays BMkln^a taken. At present output Ievelk 
restme operauon for M^otype, jjj e industry will exhaust its 

h ■ uj cry to regain couliui uvcr iwu iw iu va ■ h 

Factory Tire groups Of workers refariog to compared with the 203,000 tons yard bankruptcies round the 

One -person died as saboteurs set call off unofficial strikes lit SU ■ 

a restaurant and factory on fire Fuel Systems and Bathgate, 

in Iran, still stunned by a week- ScoUaDd*— both BL plants. - f-; -*w- y 1 R j 

end cinema blaze, in Abadan Back Page 1 ) 1 |T Q l l All IIQItC! 

which MUed 430 people. • BRITISH STEEL'S B^sthn U.O. UlriLllUII IlrillS 

.; steelworks. West Midlandsinohld 

council regret become . the focus of coafrenta- J 

The World Council of Churches between the corporatijn ff fl TfH'OVPrV 

expressed regret at the Salvation ? n j i 1,6 WgSpst union over-fhe J. vW T l/l J 

Army’s move to suspend its tttdustty s national closure plans. 

membership because of council Page 7 z : : by PETER RIDDELL, ECONOMICS CORRESPONDENT 

amiributions to the Rhodesian # BUDGENS supermarket Britain 

ratriotlc v rant. is to drop Green Shielti^aRng THE RECOVERY of the dollar the dollar in case there are new 

DAilnnn stamps from all its 6tore^.^t„the petered out yesterday in the US. initiatives, but are still 

Balloon protest end of next moolh, ■fL*.’.' "' absence of any further moves by sceptical about the scope for a 
\ Japanese jet airliner landed Pa ^ &s the U.S. Administration to sustained rally in the absence of 

safelv at Narita skiroort after « mirraAmnniTT n strengthen ita currency. any new moves, after the rise 

C -- order are to be deUvered this “if a butche 

" ^Sring tbe period reviewed. 

“ orders.for 1.96m grt'^f shipping S^a^thc sam? 

- Se»i ed aDd ** de_ *»wnse bot h rai 

Only three leading ;hipbuild- food ’ he safi S ests ' 

_ ing countries. Brazil. Taiwan 

and Finland. Increased their £ N _ w Vftr . 

order books last quarter. Japan — N 

has 24 per cent of the total _ 21 

orders, foUowed by ;he U.S. (10 w 

per cent), Brazil (9.8 per cent), — 1 

'K J 76 7 7-^ and 4116 w {5 - 5 per cecl) - i^b I ausfu^ 

»»»« BritUh Shipbuilders values its g im-wh. j i5 rtj» 

— merchant ship order book at mmaoo.* 

£723m, comprising 118 ships ofT 
booked in the same quarter of 1— m grt. 'That compares with 
last year. an order book for 110 ships 

No item in that triple dose of Continued on Back Page 

gloom for the two industries was Ocean. Transport figures 

entirely unexpected, but the ^ 

Lloyd's figures indicate starkly . . _ _ 

that in spite of a flurry of ship- “arathon uncertainty Page 5 

yard bankruptcies round the Lex Back Page H 

Soviet sub 

Tbe crippled Soviet nuclear sub- ree prinling equipment company, or d er book by the end of next 

marine, which surfaced off the .'h* and Barc tays will each year. booked in the same Quarter of 

north coast of Scotland bn SatuT* take 37.5 per cent stake m she British Shipbuilders also pub- Jast year, 

day, faced more trouble Jast i'.-, . lisbed its Arpil-June returns yes- No item in that triple dose of 

night, being tpwed round the *saex rage . . terday, showing that the cor- gloom for the two industries was 

coast by a So vier rescue _tu_g m q ENGINEERING union leadere portion took orders for only entirely unexpected, but the 
deteriorating weather conditions, endorsed a policy of tough ariion ^ree small ships, totalling 2,150 Lloyd’s figures indicate starkly 

«- A to try to regain control ovcr.lwo ^ross tons f^t) in the period, that in spite of a flurry of sbip- 

, S|wt [ Sl^wy9435 
1 month | 0.49-0.43 din 
J mouth* I 1.CI-I.15 rtis 

0.4M5B .11* 

4.604.30 life 

at a monthly average rate of the increase can be explained 
7,800. " away by such factors, especially 

The unemployment total is as tbe indicator of vacancies also 
now onlv 42.800 short of the shows a discouraging trend. For 
post-war high recorded last Sep- lhe second month running 
(ember, compared with the over- seasonally adjusted vacancies 
all drop of 70,200 established two notified in employment offices 
months ago. fell — by 1,700 in August Corn- 

Government officials etnpba- pared with 6.400 in July, 
sise, however, that unemploy- ^ ri se * n *be number of job- 
ment this month is 18.200 below ,ess w ? ul< * be in line vv 'ith the 
the same period last year. slight increase for the next 12 

Among the special factors con- n3onl bs forecast recently by both 
tributing to the rise are the J? e Paris-based Organisation for 
greater number of over-18 school- Economic Co-operation and 
leavers, who are included as Development and the National 
adults in the figure. Officials institute of Economic and Social 
estimate that there are about Research, as well as several other 
10,000 more of these older school- independent forecasters, 
leavers on the register than at ^ r - James Prior, Tory spokes- 
this time last year. man on employment, said yester- 

The poor summer might have *jay that M lhe figures were 
had an effect, with fewer »PP*Hing. They showed an 
seasonal jobs available than in increase of 990.000 after four and 
previous years. a years of Labour govern- 

There bas also been a rundown 
in the numbers helped by tbe T 
Government's job creation and fc Wnrct rP^nrfP 
preservation measures. About ti viai tvwtu 

“IP effect this means that 
pared with” ifooo "last^mon Jh" since Labours return to office 
The dro? nV Tsim SSj an extra 25 people have been 
mirmr« the i n°/rp ■ t enlisted to the dole queue every 

bere^Se^S hour - an extr3 613 ever >' da y 

oers unemployed. ^ nd extra 4;200 every week ^ 

|-f rtlfflo V T 5 “For all iho Uovernmcnl’s 

* ^ excuses the plain truth is that. 

Some of the increases could be under Labour. Britain s perform- 
due to more people changing parable major industrial x 
jobs — a reflection of the greater ance on unemployment has 
economic activity over the last becn worse than that of other 
half-year. comparable major industrial 

This view is reinforced by the countries.’’ 
increased flows both on to and The unadjusted unemployment 
off the unemployment registers, total in the UK, including 
as well as the flows for vacancies, school-leavers, increased in the 
A further possibility could be nionlh to mid-August by 22,505 
that women leaving jobs in the to 1.61m. from 6.6 to 6.7 per 
summer holidays to look after ce °t of the workforce. The total 
their children. for Britain rose 21.954 to 1.53m, 

The rapid increase in ‘women from 6.5 io 6.6 per cenL 
workers over the last five years Map, Page 5 


U.S. inaction halts 
dollar recovery 


Patriotic Front. 

.stamps from all its stores: .gybe petered out yesterday in the U.S. initiatives, b 
EvAlIOOfl prOTGST end of next month, . absence of any further moves by sceptical about the 

\ Japanese jet airliner landed s the U.S. Administration to sustained rally in the absence of j 

safely at Narita airport after a ENVIRONMENT Deparitettft S^Sthen ita currency. any new moves after the rise 

colliding with a bailo<£ sent up ? nb ^E??Sals foZSgaS The dollar generally remained “ U -S- short-term 

by opponents of Tokyo fi new air-- Jjjg ^ local authority at the lower levels reached after interest rates. -1 

Briefly . . ■ 

„ * - * • w . Page 5 -• hut elosiire levels for the U^ “ 1,,ew xorK - jsnt ““re was a n/aiparea Win pre- 

bingaporc court has sentenced a «. aL 5,’ small recovery to DM2JX)l2t vionsly. 

girl i and her boyfriend to death cnupgHlES -- ■ Swm Monday compared with a finishing level Sterling, ho.wever, was weaker 

by banging for trafficking heroin. wUMrAlllfco V Europe on Monday. of D:ur 2.0050 in Europe on than the -other major currencies 

London’s Oxford Street -will * BEERS net eroupjjroflts Trading was described as Monday. with q gain of only 10 points 

be transformed this Christmas advanced to a best-ever R874.7ui fairly thin and. there were no The U.S. currency also closed against the dollar to S1.9295 and 

direct-labour building depart- sharp declines in late trading in The dollar touched a low of 
meats and improving effi- New York on Monday evening. DM 1.9875 yesterday, about the 
cicncy. : V-v-, Rates fluctuated conriderably previous close . - 

Pag * 5 ' : ■ ■ ^ 

COMPANIES 4 :,,. .jnSSlSf 

• DJB. BEERS net eroup^iroflts Trading was described as jfondav. 


m ‘mm mm * w m it . m , m w ^ *s — 

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Y 192.90 

a blaze of colour created by laser l£223.6m) for the first irilt 
beams. .Page l» ' 

Prince Charles will visit Yugo ^ WEDGWOOD firstafljiirter 

new developments to cause a slightly weaker on the day in a OJ. fall In the trade-weighted 
l change in trend. Europe against the Swiss franc, index to 62.2. 

Foreign exchange dealers are at SwFr L6575 compared with The price of gold rose 31 an 
reluctant to take a Arm stance. SwFrL6675. The closing rate ounce in the London bullion 
They want to avoid having large against the Japanese Yen was market to S206S after a peak, for 

slavia In October as a HUBS! Of tn rriuSn reluctant to ia*e a mm owrru»«. iae closing rare ouuce m tne LOital 

President Tito ^ » pr S 6lS of «o?S They want to avoid having large agarn&t the Japanese Yen was market to S206S after 

^ 0I ; ^ ew^d start positions t«»inst mm after . low of Y1S9. ttatayof S20S;. 

Greek ore .carrier was badly (£HL25m), 
damaged in a blaze on the Clyde. X*agc 14 


(Prices in jimtcc .unless otherwise. Greedy (A.) qff 

■ . N^n] „ >l .iaAli"ai T'14 

indicated). ..... Rank Organ. 22 + 12 


indicated). ..... . 

RISES - — 
Exeheq. 12 pc '09-R2 
(£55 Pd.) + I 

Adwest 298 +.10 

AssctL Dairies 565+7 

BATs Dfd. ■ ■ 304 + .7 - 

Black Arrow sw„.,.. 45 + 5 

Blue Circle 303 + 6 

Burton A 104.+ 6 . 

Commercial Union 1W. +. 6 

Coral Leisure 110. + .6- 

Dowty 271 + 33 

Grippereode . ^a kv;.. 68 + S 

JC Gas S94 + 18 

Tnchcape ^ + 13 

Johnson Mattbcy •■ ta ’480.'+ 20. 

Lcytand Saint .-wswn 85 + fr 
Lucas .. — 336 + io 

Perry (It) . .... 127+3: 

F5VCelI -Duffryn 21B ■+• ,7 

Restmor — ^75 '+ 18 

Sainsbury (J.) 235:+...®.. 

Sedgwick Forbes 
Stanley (A. G-) ^ 

Stanley (B.) 278 + 8 

Thomson Orff. 512^ 

Tube Invs. toi 

United Scientific - *4 +' 17 
.Wholesale Fittings - **» +U4 

De Beers Dfd JH t ? 

vaal Reels 

Vcntcnjpost S f l 3 


falls ' ' ' - 
niogdfen ami Noakes ^3 ^ 7“ 

Broum-fJ.) i*8 — M. 

HK and Shanghai ... 340 ih 

Haoma Gold ” *_ 

Jardine MathesoB 273 — 20 
vTangaunyika ITS — fi- 

European news asa~„ . 2 

American news - — 4 

Overseas news — s^... 3 

World trade news -... 4 

Home news — general * 5, ® 

- — labour 7 

.Ihe- void left by Jomo 

Kenyatta’s- death 18 

Brazil's . economy: Tbe new 

power arises — 13 

New ' recipe for Allied 
Breweries* customers ... 9 

Technical page 8 

Management page 9 

Arts page — 11 

Leader page mfm 12 

UK Companies -wwaa>~-...14-15 
Mining 15 


How polythene became an 
August friend 10 

Vital role of “virgin lands” 
of Russia 19 

AppfinMenti ...... 

Base KMH 

KBtvtalamsnt CbUb 


E uropea n Oats. ..... 
*=T-JUaa*rtas tmflens 
CanlaitDs — — 

Letters 13 

l « .. — at 

InrAvil • i; 

Mea aod Matters _ 12 

Racfaw U 

Skarr tmennatiaa 2223 

Today's Evmrs 33 

TV and Radio 

Unit Trans 


IniL Companies 16-17 

Eoromarkets JWT 

Money and Exchanges 17 

World Markets 18 

Farming, raw materials ... 19 
UK stock market 20 

Peking's plans for a Canton 

tractor factory 3 

Sudan; NimaJri looks 

towards the UJ5. 4 

The New York newspaper 
Headship habit 4 

ta nc Been Industrial 2 

^ Ocean Transport _. S 


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ESnancial -Tunes -Wednesday 'August 23 1975 



S. Africa lowers bank rate 

to aid economic recovery 



IN A MOVE to sustain the 
gradual recovery of the. South 

African economy, the governor 
of the Reserve Bank. Dr. T. W. 
de Jongh, today announced a 
cut m bank rate from 9 per cent 
to S-5 per cent 

The reduction in bank rate — 
which reflects tbe recent fall in 
interest rates — is the first since 
March 1973, and is expected to 
be followed soon by a lowering 
of the commercial banks’ prime 
overdraft rate, currently at X2.5 
per cent 

Dr. de Jongh also announced 
a slight easing in bank's liquid 
asset requirements, with special 
concessions being, made to tbe 
smaller banks which have cozoe 
under considerable pressure in 
recent years. ' Contrary to 
gen earl expectations, however, 
the Governor has not sanctioned 
any relaxation of the rvaivnwt on 
bank lending. 

Addressing the Reserve Bank's 
annual general meeting in 
Pretoria, Dr. de Jongh warned 
of the dangers ' of excessive 
stimulation of the economy. 
“The sluggishness in economic 
conditions in most of the indus- 
trialised countries with which 
South Africa trades, and the 
weakness of the capital account 
of the balance of payments 
impels us to act cautiously in 
stimulating the economy,” Dr. 
de Jongh said. 

. He added that “ an over-rapid 

revival would .-rapidly cause 
balance of payments problems 
again and excessive monetary 
stimulation would undoubtedly 
kindle inflationary pressures at 
this stage." ;■ 

Dr. de Jongh stressed that the 
capital 1 account of the balance 
of payments .“remains one of 
the most important bottlenecks 
in the economy.” Figures 
released yesterday by the 
Reserve Bank show that the out- 
flow of capitafttrom South Africa 
is continuing. * 

In the year & June 30, the net 
outflow of ^capital totalled 
Rl,064m. compared' with inflows 
of R33za and !?R1, 664m in the 
two previous J2:iodnth periods. 
The bulk of thd outflow (R833m) 
was accounted or by a drain of 
short-term capital' not related to 
borrowing for reserves. During 
tbe second quarter -of 1978, these 
outflows amounted to around 
R300m, compared to the record 
of R342m in the first quarter. 

Dr. de Janglv -said that the 
adverse capital .movements were 
related “to tjie decrease in 
foreign financing of imports as 
well as political developments 
in Southern Africa.” As long as 
the net outflow? of funds con- 

tinnnc I^a uraiwioil “ 

Government's ability to reflate 
the economy further, is limited. 

Thanks largely to a 31 per 
cent increase in receipts from 
gold sales and higher exports of 
coal, iron ore, maize, fruit; 
diamonds and uranium, the 
current account moved from a 
seasonally adjusted «nnn?i 
deficit of R2 ,545m in the first 
quarter of 1976 to surpluses of 
RlJ256m in January-March 1978 
and R 1,098m in the second 
quarter of this year. 

Dr. de Jongh also noted that 
domestic economic activity has 
“accelerated moderately” since 
the end of last year. During the 
first half of 1978 real gross 
domestic product rose at an 
annual rate of about 3.5 per 
cent, compared with a drop of 
0.5 per cent during the second 
half of last year. Tbe upswing 
is mainly accounted for by 
Increases in. factory output and 
in wholesale and retail sales. 

tinues. he (warned, “the 
authorities wai.ifaave to ensure 
that a surplus Is maintained on 
the current account” 'With 
South Africa’s: 7- high import 
propensity, this means that the 

Since a substantial amount of 
tbe increased demand during 
January-June this year was 
prompted by anticipatory buying 
ahead of the general sales tax 
introduced , last month, it is 
expected -that . consumer spend- 
ing may taper off in coming 
months. However, the replenish- 
ment of inventories, which have 
fallen for ten successive 
quarters, could lead to higher 
domestic demand. 

Ex-chief of Rennies in hospital 

Sandis give assurance to PLO on Camp David talks 


BEIRUT. August 22. 

SAUDI ARABIA has assured The PCC is expected to fon- 
the Palestine Liberation Organ- sider plans for inter-guerrilla 
isation that . President Anwar unity and review Middle East 
Sadat of Egypt will not conclude developments in light of the 
a separate peace with Israel at planned Camp David summit of 
the projected Camp David sum- -President Carter, Mr. Sadat and 
init conference on - the Middle Israeli Prime Minister Men ahem 
East on September 5. Begin. 

Aj^rding to Arab diplomatic . ^ main guerrilla group, 
lurces the assurances were rf-Patah he**** h« u£ a£!m 
given at a meeting in the Saudi 

M id die East because of what it 
called 'Washington's continuous 
support of Israel. 

Observers said Fatah was try- 
ing to meet the militant “rejec- 
tion front” half way to bring 
about inter-Palestinian unity. 
The reject! onists, are strongly 
opposed to any form of settle- 
ment with the Israelis. 

PLO’s chairman. Yasir Arafat. EodZSte stand by Fat^ 

«r-ss-“s. < 2s .« • *sr 

£ but gave no details. . . The plan upheld armed 
Fhe talks, observers noted, Struggle as the only means of 
were in advance of a meeting Healing with Israel, condemned 
in Damascus today of the FLO’A tbe ' continuation-' of the Sadat 
policy-making body, the 55-mezn-. initiative and even .hinted that 
ber Palestine Central Council Action should be taken against 
(PCC). * American interests in the 

Saudi officials Reportedly 
pointed out the summit will be 
tbe final phase in the Sadat 
initiative as well as Israel's last 
chance. If it fails, the U-S. will 
take tbe blame and not President 
Sadat, after which Saudi Arabia 
can resume its efforts to close 
Arab ranks and formulate a 
common Arab strategy towards 
Israel. From a Saudi point of 
view, the sources added, the only 

success the summit can produce 
must be in the form of an 
Israeli agreement to withdraw 
from occupied Arab territory. 

Crown Prince Fahd, who 
Visited a number of Arab capitals 
recently, has emphasised that 
Mr. Sadat assured him in no 
uncertain terms that Egypt will 
not conclude a bilateral peace 
treaty with Israel. 

“Under no circumstance wilt 
Saudi Arabia tolerate a bilateral 
Egyptian - Israel deal.” Arab 
diplomats said and noted that 
Saudi economic and financial aid 
to Egypt is such that President 
Sadat cannot afford to ignoru or 
underestimate Saudi opposition 
to an Egyptian separate peace. 

Louis Fares adds from 
Damascus: The “rejection front" 

organisations have announced 
that they will sot attend tonight's 
PCC meeting, "since nothing so 

far justifies ending our boycott 
of tbe PLO meetings." a spokes- 
man for the front said today. 
Thus, the fundamental issue of 
the meeting seems jeopardised 
even before it starts. 

The ■* rejection front ” condi- 
tion for their participation is 
that the PLO announces its 
opposition to any negotiated 
Solution with Israel evco on the 
basis of UN resolution 24 2. Mr. 
Arafat, who is expected back 
from Saudi Arabia to attend the 
meeting, is said to be willing to 
propose ibat the PLO Executive 
Committee be enlarged with the 
participation of representatives 
of ail Palestinian movements. 







South Africa's best-known busi- 
ness personalities, was taken to 
hospital last night. He was given 
bloor transfusions in the inten- 
sive care unit of a Johannesburg 

Mr. Rennie, 60, retired as 
chairman of Rennies Consoli- 
dated in 1975 and is currently 
President His retirement fol- 
lowed the acquisition of control 
by Jardine Matheson, whicb 
holds 53 per cent of Rennies 1 

Mr. Rennie is the great grand- 

son of John T.: -Rennie, the 
Scotsman who fbhnded the com- 
pany as a shipping enterprise in 
1857. In recent.ygars he has be- 
come well known in yachting 
Circles. His yaehfe Dabulamnzi, 
based in the Seychelles, has 

entered various faces including 
the Cape to Rio;:': 

Six senior executives of Ren- 
nies are assisting police and 
Reserve Bank, investigators with 
their inquiries iflto an alleged 
conspiracy to bjqrass the local 
Exchange Controtiegulations, 

Mr. Charles Fiddian-Green, 
chairman of Rennies, said last 
night: “I think the whole thing 
is a tragedy which has been 
taken totally out of context 

“We do not believe that the 
company has contravened any 
exchange control regulations.” 

He said that Mr. Reimie was 
extremely ill for a considerable 
portion of last year “It is 
obvious that he was usable to 
cope with the great strain of the 
past few weeks.” 

Rennies’ earnings Page 17 


Rhodesian ministers rebuffed 

ment's campaign to win. black 
support for its internal settle- 
ment agreement was dealt its 
most embarrassing rebuff to date 
when no-one showed up for a 
meeting to discuss tbe accord. 

Only a stray cow wandered in 
front of rows of empty seats on 
a football field about 30 miles 
south-east of Salisbury when 
three ministers in the transi- 
tional government arrived to 
speak yesterday. 

The Ministers — Mr. Hilary 
Squires, a white, and Mr. Ernest 
Bulle- and Mr. Aaron Mgutshini, 
both blacks. — wailed in vain for 
an hour for tbe audience, to 

The agreement setting up the 
transitional government to pre- 
pare for black majority rule was 
signed by Mr. Ion Smith, the 
then Rhodesian Prime Minister, 
and three black nationalist 
leaders on March 3. • 

its efforts to wn: Amnestic and 
international supponrin/tbe teeth 
of an armed onslaught by 

SALISBURY, August 22. 

guerrillas of the/KLtriotic Front 
alliance. / 

"**■ ‘‘'ansitio ’ “ — * 

In film 
le -fur 

Since then, the Government 
has been waging a strenuous 
campaign to put the accord 
across to Rhodesia’s 6Bm blacks 
SO per cent of whom live in tbe 

The campaign is seen in 
government quarters as vital to 

The truaftighal government 
has promisethfone-man, one-vote 
elections in four months, an eft. a 
respectable -turnout is vital if 
there is tfl be any hope ol 
persuading the international 
community of the acceptability 
of the elections. 

The /campaign, carried out 
mainly by the nine white and 
black members of the coalition’s 
second-tier ministerial council, 
bag been having a difficuftttine. 
/A meeting held by four black 
ministers in the Inyanga border 
area with Mozambique on 
August 14 began with an audi- 
ence of 2,500. Only 200' stayed 
until the end. 

Another meeting in the WanMe 
area of western Rhodesia at the 
same time was abandoned when 
only seven people turned up. 
There are 13,000 black mine- 
workers in tbe region. 

Two other ministerial eouncfr 
meetings were held yesterday. 
■Die white-orientated Herald 
newspaper reported today, that 
the audiences were polite but 

small and unenthuslastic. At 
one, 600 blacks Ignored seats 
next to the platform and 
squatted beside a football pitch 
some distance away. 

Some local officials have 
blamed the poor turnouts on 
intimidation by guerrillas. 
Others have attributed them, to 

After tbe meeting in tbe 
Cbiota tribal trust land, yester- 
day. a local police officer 
remarked: “They should have 
put on a* bit of native music and 
supplied a drum of Cbibuku 
(beer) — that would have brought 
them out all right.” 

Mr. Bulle, joint Minister of 
Finance and one of the three dis- 
appointed speakers, is a top 
member .of Bishop Abel 
Muzorewa's United African 
National Council (UANC). 
generally regarded as the most 
popular of the three nationalist 
parties in the coalition. 

Mr. David Mukome, a spokes- 
man for the UANC, said today 
that some villagers might be 
reluctant to attend meetings 
until the Government imple- 
mented more parts of the 
majority rule agreement. 


By Laurie Oakes 

CANBERRA, August 22. 

The Labor opposition tonight 
proposed an alternative budget 
strategy for Australia involving 
modest expansion aimed at 
reducing unemployment fay 
fifty thousand. 

The opposition leader, Mr. 
William Hayden, said the 
Labor alternative would inject 
A$450m into housing and. 
capital works to overcome a 
pressing need and create more 

Under the Labor proposals, 
most of the direct and indirect 
tax rises contained in the 
Australian fandget for 1978-79 
would be abandoned. 

To make np revenue fop; 
gone in this way. Labor would 
Introduce a resource tax to 
cream off excessive profits of 
some mining companies and a 
capital gains tax which would 
affect “the massive unearned 
capital gains of the wealthy.” 

Mr. Hayden said Labor 
would also terminate the 
liberal government's 20 per 
cent investment allowance 
which .the party regarded as 
“ a handout to big business at 
a time of high unemployment 
and depressed economic 
activity.” ■ 

A Labor government would - 

save money by not proceeding 
' budget proposal for 

with the 
AS20m expenditure on develop- 
ment of the Ranger Uranium 
project in the northern 
territory. - 

In his speech replying to the 
fandget announced a week ago 
fay the treasurer, Mr. John 
Howard, Mr. Hayden told 
parliament the government" 
" misconceived ” Australia's 
economic problems and was 
using tbe wrong mix of 

The private sector was being 
“ crushed into . the ground.' 
The government ran the very 
grave risk of causing serious 
long-term, damage to the 
growth potential of the 
Australian economy. 

Mr. Hayden said the govern- 
ment should abandon tbe 12} 
per cent special tariff imposed 
in the budget on certain 
imports subject to quota, and 
replace it with a system under 
which consolidated revenue got 
a share of windfall profits 
through the auctioning of 
import quotas. 

As well as a resources tax, he 
proposed a levy to absorb 
windfall profits on crude oil 
production brought about hy 
the move to import parity 
prices for Australian crude. 
These measures would reduce 
pressures on the balance of 
payments by slowing outflows 
of repatriated profits, Mr. 
Hayden said. 

Japan-Canada nuclear accord 

to strengthen safeguards 


TOKYO, August 22. 

JAPAN AND Canada today 
signed a protocol strengthening 
controls over Canadian-supplied 
nuclear energy materials. 

This is the first final agree- 
ment Canada has reached with 
any nuclear customer since it 
tightened its controls over 
nuclear exports following the 
Indian nuclear test in 1974. 

India's nuclear explosion was 
believed to bave been produced 
With plutonium from a Canadian 
research reactor. 

Canada^placed embargoes on 

exports of nuclear material to 
Japan and Europe at the 
beginning of 1977, when negotia- 
tions on safeguards took longer 
than it bad expected. 

These were lifted early this 
year, when Canada reached 
tentative agreements with Japan 
and the European Community. 

That with tbe EEC runs until 
a year after the completion of 
the International Nuclear Fuel 
Cycle Evaluation Programme, a 
joint nuclear safeguards pro- 
fgramme currently being under- 
taken by all the developed 

had to treat all nuclear 
customers alike and therefore 
had to seek tight safeguard 
agreements with ail. 

“ Tbe agreement we have 
signed today sets a new standard 
to which we hope all other 
nations will conform," said Mr. 
Jack Homer, the Canadian 
Minister of Industry, Trade and 
Commerce, who signed the pact 
for Canada. 

“The negotiations were long 
and complex not because there 
was any difference of policy, but 
because we were attempting to 
establish in treaty form new and 
complex provisions to ensure the 
controls we both agreed were 

In the agreement. Japan 
promises not to transfer to a 

third party any equipment, 
materials, or information 
received from the Canadians 
without Caaudian permission. 

Both sides promise not to use 
any provision of the treaty far 
commercial advantage. The 
Japanese pledge not to enrich 
any Canadian uranium so that it 
contains more than 20 per cent 
fissionable uranium-235. 

Canada's nuclear exports to 
Japan consist primarily of 
uranium, which is shipped via 
the United States, where it is 
enriched. Mr. Horner is seek- 
ing to promote the sale of Cana- 
dian-made heavy-water reactors 
on this trip, but he received no 
firm assurances on. this subject 
from the Japanese. 

Debate on 
Desai’s son 

NEW DELHI. August 22. 

Aircraft contract signed 

A Canadian official said 
Canada had no doubt that the 
Japanese intended to use 
Canadian nuclear materials for 
peaceful purposes, but that it 

JAPAN'S Toa domestic air- 
lines has signed an 885m 
(£44m) contract with 
McDonnell Douglas to buy five 
DC-9-80 passenger jets. Reuter 
reports from Tokyo. The com- 
pany plans to put them into 
flight operations from 1980. 

Japan's Civil Air Transport 
corporation will sign a con- 

tract in mid-September with 
Boeing to participate in the 
development and manufacture 
of two medium-range jetliners. 

The corporation was set np 
by three domestic aircraft 
manufacturers — Mitsubishi 
Heavy Industries, Kawasaki 
Heavy Industries and Fnji 
Heavy Industries. 

THE SPEAKER of the Indian 
Parliament, Mr. K. S. Hegde. 
said today that there was no 
evidence that. Prime Minister 
Morarji Desai’s son Kami acted 
illegally in collecting funds for 
the ruling Janmu parly. 

Opposition legislators pro- 
tested noisily when Air. Hcgdc 
ruled out a bid Tor a Parlia- 
mentary debate on a recent 
statement on the matter by Mr. 
C. B. Gupta. Janata party 

Mr. Gupta said on Friday lhat 
he had been compelled to accept 
Mr. Kanti Desai's help in collect- 
ing party funds at the time of 
the last state assembly elections 
because party leaders were 
collecting only for their own 

He said lhat Rs 9m (Sl.lml 
collected by Mr. Desai were fully 
accounted for and the accounts 
were audited. He said that he 
saw nothing wrong in having Mr. 
Kanti Desai’s help. 

Today, Mr. Hegde said that 
there was no evidence that Mr. 
Kanti Desai had used Govern-' 
mental machinery to collect 
funds, nor did reports show that 
he had acted illegally in the 


How smashing the Gang of Four brings 
enlightenment to a tractor factory 


OUTPUT FROM the Form force of 550 — are tow. . - The China. Electricity supply is in- 
Machlne Repairing and Manufac- reason he gives is that the plant's adequate and irregular. The 
turing Factory of Canton Suburbs technology is backward, rln line factory has a high frequency 
— the Chinese have, a knack for with China's emphasis on self- heal treatment plant but it can 
choosing unforgettable names— reliance virtually all --of ; -the only - be used at night when elec- 
ts running at about 35 per rent machine tools are Chinese-made tricity demand is low. Otherwise 
below capacity. ’ (though often of Soviet Tiedgai) the steel toothed discs for the 

The factory turned out £500 and many have been btfllt wSQiln gearbox are hardened in crude 
mini-tractors last year which was the factory. . V.. stoves sunk into the ground. 

11 per cent more than in 1976— Mr. Fung says that rtis only Shortages of raw materials— par- 
thu year of political upheaval since the “Smashing of the' Gang ticularly steel— also produce 
after the death of Chairman Mao of Four” that the Chinese. people bottlenecks. 

— but only Just up to the level have come to bear/’Of the In contrast to Peking's new 
of 1975. Production in thc first advanced techniques, for tractor emphasis on incentives, Mr. 
half cl ikis year is said to! have production used in the West, and Fung does not seem to set much 
been 5 per cent above that in the ■ ^ 

same period last year, and it is ■ ' — ■ .. - — 

claimed that quality Is improving; 

important faetw in holding hack production 

so that the factory could easily are the power cuts -which are frequent in Canton, 

sell its maximum outnut and - m.; ...» 

more.- 1 * “ axununi ootput and as in most cities in China where the electricity 

This Canton factory exempli- 
fies some of • the reasons why 

supply is inadequate and irregular. 

China is finding it so hard— and 
will certainly find it harder— to 
achieve the rates of growth 

needed to fulfil her ambitions of hud - China must draw ofr these store by bonuses as a meansof 
becoming a major- industrial methods. But it is dear \tfcat toe increasing productivity. Tbe 
power. process is going to be one, factory however is not a state 

The factory has a captive There are no plans at the enterprise, but under the disrtrt 
market amongst coimmmcs close moment for bringing in new government This protabiy 
to Canton. Its mini-tractor Is a -equipment from abroad, nor allows tor neater flexibility m 
versatile piece of machines, does the continuing emphasis on plough In muddy rice that Mr Fung putt «. eelf. 
fields, draw heavy loads, or reliance suggest that- this is" 
pump water. Even by Chinese likely soon. One of the' most 

standards, however, It looks as recent purchases of what Set 

though it has been crudely bolted Fung calls “ preliminary semi- 1 ^iShaffo ?na5S 

together, as though from a life automatic automation ^as-jfctat- 

sire Meccano set. Apparently ing equipment for painTsplaying. SJ'Medtor modeiSStio“ “ 
commune members have com- But though this is an advance on nee “ fDr njodenusa . 
plained of the number -of times spraying each casting hy hand, .A 10:12 per cent.average bonus 
it breaks down, while the factory the . metal blocks are still payment is under discussion, he 
feels that the upkeep by 4bo laboriously hooked on by hand- explains, but not everybody 
communes is poor. to an overhead conveyor, belt.- would receive this amount 

Mr. Fung Rang-chu,' Vice- , As Important a factor .in hold- Larger bonuses would be paid to 
Director of the factory; says him-’- mg back' production .are the those workers who had suggested 
self that , both production qnd power cuts which arc ag gommon a technical innovation or made 
p'roducUvity^thrre IS a work-’- in Canton- as in most cities in some other extraordinary contri- 

bution. But Mr. Fung leaves 
some doubt as to when and to 
who bonuses will be distributed 
“We do not rely on bonuses or 
other incentives to increase pro- 
ductivity,” he says. “We are 
looking to other means.” 

Changes in the methods of 
management Peking has been 
anxious to promote seem to -have 
been equally slow in trickling 
down to the factory. Though tbe 
Revolutionary Committee — 
created during the Cultural 
Revolution as the main instru- 
ment of administering the 
factory— has been abolished, the 
change seems to be in title alone. 
Mr. Fung now calls himself a 
vicfrdirector of the factory in- 
stead of vic&chairman of its 

Revolutionary Committee. 

He only partially supports the 
greater specialisation in produc- 
tion advocated by the new 
leadership. The factory, he says, 
will- continue to make Us own 
machine tools. The advantage of 
such flexibility — though Mr. 
Fung does not spell it out — is 
that the factory will not be so 
dependent on uncertain deli- 
veries from outside. 

With production lagging, Mr. 
Fung says lhat the main objec- 
tive is to improve quality. The 
plant looks busier than many and 
there are few signs of people 
standing around with nothing to 
do. It is not a show piece factory 
and visitors are rare. 

But the factory’s combination 
of poorly designed machinery, 
shortages of power and raw 
materials, and .officials wary of 
new policies being promoted in 
Peking is a pattern echoed to 
numerous factories -throughout 
C hin a. Making inroads into the 
system 5s going to he no easy 

Afahli Bank of Kuwait (K.S.C.) 


U.S. $25,000,000 
Floating Rate Notes due 1983 






Aba Dhabi investment Company 
AbbB Bank Ltd. (C£LC.) 
AJsemens Bank Nederland NX 
M Saudi Bfmqua 
AJL Ames & Co. 

Crfcdrt Commercial de Franca 
Credit Industrial d* Alsace at 
de Lorraine 

Credit Industriel et Commercial 

Lloyds Batik international 
Limit ad 

Loeto Rhoades, Homblowar International 




Amsterdam-Rotterdam Bonk N.V. 

Arab African latematfoual Bank (Cairo) 

Anri) Finance Corporation SJU~ 

Arab Financial Consultants Company SJUC. 

ffta Arab and Morgan GnmfeU Finance 
Company Limited 

Banco Commerdale Italians 
Banca dal Gottardo 
Banes NazlonaledelLBVoro 
Banco dl Roma 

Credit Lyonnais 
Credfto ftahano 
Daiwa Europe N.V". 

Manufacturers Hanover 

Richard Da us £ Co* 

Merrill Lynch Internal ionaM Co. 
Mitsubishi Bank (Europe) S.A. 
Morgan Grenfell A Co. 


Ben Danske Bank 
al IS71 Aktieselfikab 
Ben norske Credit bank 

Morgan Stanley International 

Deutsche Girozentrale 
- Deutsche Kommuna 1 bank — 

National Bank o( Abu Dhabi 
The National Bank of Kuwait SJUC 

Bank or America International 

DG Bank 

Deutsche Genossenachaftsbank 
Dillon, Read Overseas Corporation 
Dresdner Bank 


The National Commercial Bank 
Saudi Arabia 

Nederlandsctie Middenstandsbank N.VL 

New Japan Securities Europe 

. Bank Jukns Baer Intfcmatioo at 


European Banking Company 

Bankers Trust International 


Bank of Helsinki Ltd. 

Bank Mean & Hope NV 

Banqtie Arab* at brtematfonalp 
dTnvesturseinant (BJUJL) 

Bwtqtta Brucellas Lambert 5JL 
BangaaFranyatee du C om merce ExtericBT 

Financial Group of Kuwait ILS.C. 

First Boston (Europe) 

First Chicago 

t Anonyms 
Baniqpne de rindochlne et de Suez 
Basque Internationale k Luxembourg SJL 
Basque Nstionale do Paris 
Bammed* Paris etdesPeys-Bas 
"Banque de runion Europ ferine 
Banqtie Worms 
Bayerische HypotheJcen- imd 

Bayerische Landesbank Gkorantrakl 
Bayerische Verclnsbanlc 
Bergen Bank 

Pnd Frankfurter Bank 
Bergen Bertie SJLK. -Kuwait 
Caisoe des Depots et Corwignatjona 
•lames capel AOo. 

Chase Manhattan 

CtartstJanta Bank ogKretHttosse 
Citicorp Internationa] Group 

Giro* en train und Bank. 

der ostenelctiisclien Sparicsssen 


Gotdmaa Sacha International Cttgw 
The Gulf Bank KJ3.C, 

Th* Nikko (Luxembourg) SJL 
Nomura Europe N.V. 
Norddeutache Landesbank 

Dsterraiehische Landerbank 
Aktie ngo se llschait 

Orion Bank 

Pierson, HeWrhtg & Pierson N.IC 
Postl pan kki 

Privatbanken Aktlesetakab 

Rlyad Bank Ltd. 

Headache Landesbank 
- Girozentrale - 

J. Henry Schroder Wagg & Co. 

Skandinavtekfl EnskiWa Banker! 

HIP Samuel & Co. 

Smith Barney. Harris Upham ft Co. 

E.F. Hutton <5 Co. N.V.' 

The indufltrial Bank of Kuwait K.&C. 

Istituio Bancario ItaHano 

latKuto Bancario San Paolo dl Torino 


Kiddeq Peabody International 

Soctetc Generate 
Society Generate de Banque SLA. 
Sparbankemas Bank 
Strauss, Turnbull & Co. 

Sumitomo Finance International 
Svenska Hand els banken 

W einwort. Benson 

Swiss Bank Corporation (Overseas) 
Limited . 

Krsdtetbank N.V, 

Kredletbank Sjw Luxembeurgeoisa 
Kuhn Loeb Lehman Brothers 

U BAN- Arab Japanese Finance 

Union Bank of Finland Lid. 

Kuwait Ftnanclat Centre SJUC, 

The United Bank of Kuwait 


Kuwait Foreign Tiding, Contraction 
& Investment Co. (SJVJL) 

County Bank 

Kuwait International Finance Co. SJUC 

Vereins-und Waetbanfc 

J. Vbntebel ft Co. 

WextLB Asia 

Kuwait hrtemauema] Investment Cp.a.o.K, 
Libyan Arab Foreign Bank 

Wood Gundy United 

YamalcM International (NedftriaadfJ N.V’ 

- - ■ 


Financial Times Wednesday August 23 .^978 


Ford plans 
to recall 
Pintos in 
safety move 

Emergency declared 
in Pern mine areas 
as strikers hold out 


LIMA. August 22. 

By John Wyles 

NEW YORK. August 22. 

RECALL NOTICES covering THE PERUVIAN military Gov- credit through its internal ratifi- 
some 15m Ford Pinto cars will! eminent has declared a state of cation process, 
he sent out within the next few i emergency in the main mining It is thought here that, if as 
davs following the National! centres where miners have been' expected the IMF ratifies the 
High wav Traffic Safety Adminis-ioo strike since August 4. credit, foreign commercial banks 

tration’s agreement to proposed i The move follows a further will allow Peru to re-schedule its 
safeiv modifier l ions which could i rejection by the unions of debts to them, thus giving the 
cost lhe Ford Motor Company Government offers. The unions Government’s new financial team 
uo to 845m ‘ ore holding out for the re-biring a breathing space in which to 

■ Ford announced that it would i«>f more than 300 miners dis- effect savings in public expendi- 
recall the cars on June 9 in a . missed after strikes over the past ture and .mports 

move which forestalled public ■ n^rivpc cn mo ™ 

hearings on an alleged fire I The country derives some 70 emergency 

to be in 
include, the pro* 

h-.yjrd'if the Pinto and its twin i Per cent of its foreign exchange vinces of Pasco and Yaulu 

hazard if the Pinto and its twin ^ from the export of where the state-owned Centro- 
id r!fr CUri BohcUt ’ arc h t m 1 mining output— copper, zinc, min mines are, the district of 

inc rear- ( si | veP and olher nietals. With Marcona where Hierropeni has 

The safety or the curs has been- .. n nti a nal economy in a critical an iron ore mine, and the city 
in dispute For some time and I J ondition due to the high level of Ilo where the SPCC smelter 
earlier this year a Southern; f indebtedness tlJ foreign banks b>. The district of llabaya. con- 
Caltforma jury awarded ■ d othe _ financ i a l institutions. taming the ToquepaTa mine, has 
in punitive damages to a young) , oss f earn j ngs from the also been declared in 
man ;vho was badly burned m a. , ■ seclor is partieularlv emergency, 
collision involving a Pinto. i da11ia ai ng t0 tbc Government* , Strikers were joined on 

A judge later reduced tbc| ffort t0 re duce the budget A «8ust 2t. by workers at the 

award to JH3.5m. J deficit state-owned Cerro Verde copper 

Tests carried out by Ford last j The counlry is losing, because jjj|£ ^ a ^f e e oSfy S b£ C p^mvi!S 
week have now apparently con- 1 oF , be strike, some Sim per day, ?qnmtton 

vinced the National Highways , accor di ng l0 the chairman of the cSL iote S^ not 
Traffic Safety Administration of i nrtvate Southern Peru Coooer j nor 

Traffic Safety 
the adequacy uf the company's 
proposal to place two poly- 
ethylene shields between the 
Pinto’s fuel tank and 

private Southern Peru Copper utilised, although they have 
corporation, Mr. Frank Archi- now begun procedures to start a 
bald. The SPCC operates the UO j OD> 

. i huge Cuujane and Toquepala The Ilo refinery, which pro- 
1U i copper mines in the far south of dUces 18O.OOO tons of copper per 
„„j...ithe country, and has a difficult year. j s operating at less than 
If all of the 19< 1-19*6 models j schedule of re-payments to half capacity and is expected to 
still in use were to be presented j foreign creditors to maintain. come to a halt by the • end of 
for modification. Ford has said | The International Monetary the month, 
that the cost would be between i Fund has made budget reduc- The government is now put- 
$20 and $90 a car adding up to tion one of the conditions under ting losses at $2.5m a day, 
a total of between $30 m and) which it would make available although mining managers say 
S45_ m - . [ to Peru a stand-by credit. The they will only be able to assess 

rord has continually denied : fund U now passing the recently the situation fully when the 
that the Pioio is any more | completed arrangements for the strike is over, 
hazardous than other small cars 
manufactured during the same 
periods but it recognises that the 
risks of fuel leaked could be 
reduced significantly. 

lnital investigations by the 
safety agency had shown that in 
tests at 30 and 35 miles an hour, 

Pinto fuel tanks consistently 
sustained damage and two fires 

Help for services exports 


NEW YORK, August 22. 

U-2s to 
Soviet tank 

By David Buchan 
WASHINGTON. August 22. 
THE ILS. Administration 
plans to build some 25 
modernised versions of the old 
U-2 spy aircraft in the early 
1980s, to Improve the monitor- 
ing of the Soviet tank build- 
up in Eastern Europe. 

Defence Department officials 
said today that the total cost 
of the programme would be 
$559m, with the 25 aircraft, to 
he known as the TB-1, to cost 
$200 m. Electronic sensors and 
spare parts are to account for 
the rest. An initial Slthn is 
Included in the 1979 defence 
budget so that Lockheed, 
which built the U-2, can re- 
open its production line. 

The U-2, which first came 
into service in the 1950s, 
became notorious when Mr. 
Francis Gary Powers was shot 
down over the Soviet Union on 
a U-2 reconnaissance flight in 
1960, an event which severely 
strained Soviet-Uis. relations. 
Also used during the Cuban 
missile crisis, U-2s are still in 
operation, mainly for .recon- 
naissance in the Middle East. 

Given the relative vulner- 
ability of the TR-2, like the 
U-2 before it. to missile attack, 
it is not expected that the air- 
craft will be flown directly 
over eastern Europe. 

Japan publishes 
Salvador kidnap 

REFLECTING GROWING con- concentrate on foreign laws and 
cem with the need to export, the other factors that are likely to 

from fuel sniUa«e occurred when V S ’ Commerce Department has affect exporters, both those who publication of the manil 
hS^- TJllSSi* 01 up an oRice 10 help L ' S ’ operatc abroad and lhose whoi the Yomiuri Shimbun 

”i5L XLiuL . industries sell and sell their services from this the Mainic L; 

w,velUn * al 35 m M ! opearte abroad. The services country. combined 

, i sector is among the fastest- U.S. exports of services rose iis m was 

nion P-Snh wilr 111 ^ ‘ cvowihg part of U.S. exports, and by nearly a third last year to release of 

1 there has been an increased $4.5bn. mainly on the basis of the Swcdis 

accused Ford of del oeralely de- , dcniaDd for - Gownuneiit assist- comm, ter services. tmnsnnrt i 

laying the recall of the Pintos 
in an effort to reduce the num- 
bers or ears involved. In a let- 
ter to Mr. Henry Ford, the com- 
pany’s chairman., Mr. Nader 
accused Ford of trying lo per- 
suade the safety agency to accept 
“a cheap technical fix- for the 
hazardous fuel tank design lhat 
will not meet minimum safely 

demand for' Government assist- computer services, transport { 
a nee. legal services, insurance, 

The broad aim of the office will engineering, architecture, ad- 
be to guide companies through vertising, leasing and franchising, 
foreign regulations and improve accounting, tourism, and manage- 
the flow of information. It will meat consultancy. 

Mostek-Inmos hearing postponed 


A FULL bearing has been post- in Dallas passed the litigation to 
pnned to August 3 1 of Mustek a Tel low judge*, who yesterdav 
Corporation's bid to* prevent five held another initial hearing and 
of its former employes from extended the injunction to the 
passing alleged trade secrets to last day of the month. 

Inmos, tbc micro-processor com- 
pany sponsored by the British _ __ 

Na Ctek E ™ r g™ted°i rd prellm- AMEIHCAN COMPANY NEWS 

Vesco set-back 

The Supreme Tribunal of Elec- 
tions in Cusla Rica has denied 
an application for citizenship by 
Mr. Robert Vesco. the fugitive 
U.S. financier. AP-DJ reports 
from San Jose. The decision 
ended Mr. Vesco’s lart chance 

to obtain naturalisation in the , . _ 

counlry where he had been based | employees on August 10. pending _ . . . . . 

since 1972. He is reported luia full hearing yesterday. How- stake in Siebcns; 

be »n j business trip to the j ever, the federal district judge Another big loss for Chase 
Bahamas and Grenada. ; who was due to bear the ease REIT — Page 16 

Inary injunction against former Mhagk for Firestone Tire- 
pmnlnvnPc nn Aiismst 10 nftndimr SCI DUCK tor Cl rest 0 DC lire. 

TOKYO, August 22. 
TWO JAPANESE mass-circula- 
tion newspapers and the Kyodo 
news agency today published a 
lengthy political statement by 
an El Salvador guerrilla group 
which is holding a kidnapped 
Swedish businessman. 


the Mainichi Shlmbmu with a 
combi ued circulation of about 
11 Am. was a condition for the 
Mr. Kjell Rjoerk, 
Swedish embassy here said. 
Tbc left-wing ' National 
Resistance Armed Forces 
guerrilla group kidnapped Mr. 
Bjoerk, director of the Ericsson 
subsidiary in El Salvador, on 
August 14. 

Kyodo said the guerrilla 
group demanded publication of 
the manifesto In seven coun- 
tries, including Japan . and 
Sweden, as a first condition for 
releasing Mr. Bjoerk. 

The manifesto was also pub- 
lished in Spanish, today Fn the 
Swedish daily Dagers Nybetcr. 

The manifesto attacked* the 
El Salvador Government or 
Gen. Carlos Romero for “ ever- 
hardening suppression ** which 
the people must endure. 

The group warned that it 
would continue taking counter- 
measures against transnational 
companies as long as suppres- 
sion continued. 



Trying to keep the habit alive 

NEW YORK is accustomed to 
newspaper strikes — the one 
which lasted f'»r 114 days in 
1962-63 has loon since entered 
the folk memory, and hundreds 
of husincsM>s jre now striving 
hard to avoid the difficulties 
they remember suffering then. 
But i heir problems should be 
eased by the rapid appearance of 
substitute advertising outlets in 
the shape oT three surrogate 
tabloid newspapers operated by 
journalists from ihc New York 
Times, the Daily News and the 
Nii*;v York Post. 

The> are refusing tn cross 
picket lines, but are anxious lo 
maintain some personal income 



Japan expected to 

exports to China by 1980 

Yen rise 
hits steel 

TOKYO. August 22. 

BY ROBERT WOOD TOKYO. August 22. j I ejpirt SnpSS 

THE Yamaichl Research ' Insti- harrier to further Chinese require Investments of as much i Gvcncss J°!, l0 "j!^.i he *hc a 2,lla^ 
tute predicts that Japan’s exports imports. as _ YLSOQbn (MUbnl in am | appmrlatiun 

to China will nearly triole bv The report said exports of refinery facilities to process the . the Japan an _ niri 
19S0 and that they may produce industrial plants and steel— the. heavy 6il. the institutes report , porters Association i aaiu. 
a “China boom” in Japan’s main goods the Chinese want w said. But it pointed out that. The. association i t sum 
economy. buy — are especially helpful to such Investments would further , j a p; t n s steel 1 r?wp«rls ta u 

i I’s&srssk -w. « ssaswf : sr*. - 

KJSSf. “ oney Japanese eiponers would » i as «jgg 

, until recenth* European expor- ; customer for Japanese Stock 
ters had outsold the Japanese tn ; h alx * been hit hurilest. a nc 
China because the.' were able To j recent yen appreciation will raise 
offer package de.ils . including j^.S. " trigger " prices for the 
arms exports, and did not oli- J j anuar y. March quarter ui i«»a 
serve the internal ional guidelines ; more lhan 10 per cent from 
on export financing terms, in t jj ie preceding October to Decent- 
addition, the Chinese had shown ' quarter, the association 

great interest in studying Euro- 1 a ddod. 

pean technology- 1 The trigger price system » 

Recently, bowevrr, the Chinese ; designed lo stop foreign prouu- 
havs . shown more interest in , ccrs from trying to unload excess 
Japanese -technology, and Mr. . s teel in the U.b. at prices below 
Komoto, the Minister of Inter- 

national Trade and lodustr>\ «s I Thc l’.S. department revises 

Friendship Treaty signed this 
month, Japan can replace the 
European Community as China's 
main supplier of industrial pro- 
ducts. The EEC supplied 58.4 
per cent of China’s plant and 
equipment imports from 1972-76 
while Japan supplied 32.7 per 
cent, the report said. 

The electric power industry, 
for example, was reported today 
to have told Mr. Toshio Komoto, 
Minister of International Trade 
and Industry, that it had no 
plans to comply with his request 

A FOUR-man delegation from 
the Export-Import Bank of 
Japan, -led by bank vice-presi- 
dent Mr. Susumu Nakamura, 
has left Tokyo for Peking for 
talks with Bank of China 
officials on SimKfapanese 
financial cooperation. Reuter 
reports. The delegation is 
expected lo suggest deposits 
be made with the Bank of 

China by Japauese commercial 
banks, and to offer low-interest 

that power companies dramatic- Export-Import Bank loans ro travelling to Peking next monlh, ; tbc , r j.,,, cr price every quarter 
ally increase imports of Chinese help finance Chinese develop- j eav ii|g on September II for a I bused ££ Japanese slue! produv 
oil. The power companies use ment projects. five-day visit to di>cuss increased « lion C05ls aiM | an average doUar- 

lodonesian oil that is similar in - economic co-operation and to y en exchange rale for the preced- 

quality to the Chinese, but they work out financing for exports , ia „ t ^. D months, tin? association 

already have adequate supplies d in producinK ^ goods to China. „ . Isaid. 

fD?nai I Fn^r~ I \f^i b Kl n J e r^i’ would create substantial related .• Toshiba and Hitachi have nie trigger price for the April- 
tional Energy A„ency has urged demand m S uch sectors as signed a YlObn agreement in , j une q Uat -io r of Him year was 
them n °t to build anymore oil- raac hi nery . metals, and com- Peking lo -sell an integraiedcir- ; bascd Dn l[K . exchange rate of 

fired power plants. The ban on merce cuit assembly plant to China. 1 y^g l0 t ^ e dollar, thc July- 

In this W »Y P lant and ***&• f«W*t to approval by CDCOSL j sepiemher quarter r«n Y226, and 

a world-wide campaign to shift men { exports worth YlOOm would the Paris-based co-ordinating Q Cl0 ber-De C ember quarter on 

to more plentiful fuels like coal produ re P Y229tn worth of total committee for Communist trade, y^ia. 

and uranium. demand in the economy, the Under the agreement, Toshiba-. Tbc cXC banse rule for the 

Mr. Komoto wants Japan to rep ort claimed. Similarly steel designed integrated circuits ror ; j^nuary-March ijiiartcr of 1979 

import 50 to tons of Chinese oil exports worth YlOOm would use in menu factoring colour re te- . . L . s tim^i[ed at around Y190 to 

a year by 19S5. Japan imported pro d UC e Y331m worth of total vision sets would be exported to i U|C dollar< lt ^uderi. 

6.6m tons last year and would demand. By contrast. YlOOm China for assembly in the new « lec | i n dustr\- sources said if 

import 15m tons a year by 1982 wort fa 0 f public works spending, plant, a Toshiba spokesman sa_id. for the 

based oo 

GM tries direct sales in Europe 


m tons a yv>ar by 1982 wortb of public works spending, plant, a Toshiba spokesman wii'^ triaaer pmes 
already existing plans, usua j device for stimulating He estimated it will take at least j aauarv . March quarter rise by 
the Yamaichl s report indicated. the economy, produces only six months, or possibly even ?j more fi Vin 1Q pe f cent, prices r.f 
Japan’s total oil imports were y^Om in total domestic demand, year, for COCOM to make a deci- , Japanese stool goods will 

about 280m tons last year. ^ repo rt said. sion on the dca . oxct , ed t i, ose y f U.S. manufac- 

Japac’s exports to China will Japan would like to increase But he said the two Japanese 
rise I 


if Japan dramatically increases displace existing Indonesian and plant by FairchHU camera ana }£« cLm C neriod ui last year, thev 
its purchases of Chinese oil. Lack Middle Eastern suppliers. Instrument to Hungary about ; Mjjouacpenoa »• last year, iney 

of foreign exchange is a major Imports of Chinese oil might two years ago. ! ^ vippoM Steel is reported 

' | tn be considering the ustublish- 

" ment of a company to export 

i technology for thc cunstructipn 
and operation of steel mills. It 
could he the first such venture 
lor Nippon Steel and would be 

FR^IUKKURT August * >M .designed to offset declining steel 
FKAMvr it.. „ I shipments abroad.' 

GENERAL MOTORS Corporation “ up market” section of the Dr. Gunter G'erlach. of GM; But S u C, J!? cl f!LihS 

testin'- Lhe Eurooean market European car market. Overseas. UeimU. said that the that although u was possible 

is testin, me European marxet cr.okpsm-.n said that best sellers uith 41 per cent; that such a yen Hire would he 

response to direct imports of ^ decline in the dollar and the share are the Chevrolet Malibu j considered it wax nnt cum-mly 

American cars specially equipped now comparatively low U.S. cost and Oldamobile Cutlass, followed ! under consideration, 

lo satisfy European regulations. of | a b 0 ur had icd GM to think by Chevrolet Camaro and Pontiac • Reuter 

Though rather • shy about that Europeans may be in- Firebird Transam. which have j 

declaring the intent of this excr- terested in driving American 21 per cent <.f sales. { 

cisc. GM concedes that the care. ... A special series car such as: 

reception of the Chevrolet Am encan cars have undergone Camarn sells Tor DM17.700 J 
Camaro and the Chevrolet big changes tn recent years. The (sgjgaO) in Germany. The spec ; fic 
Malibu Classic has been very need to comply with regulations roar kets that GM is attacking! 

good— in fact, one industry °. n fuel consuinption and erais- with tiie now American car are TOKYti \upu«r 

source stales that GM sold out non.. con ff°i 4 has resuI ^ d Germany. Belgium, Switzerland. ! 

its special series Camaro im- smaller, lighter cars. Though and l0 SO me extent Sweden. ! MITSUBISHI CORPORATION 
mediatelv. still very much American in- ( , h „ : will formally sign a sales agency 

a r\i* in A nt w»rn terms of styling and accessories, Dr. Geriartas contracl with the Lockhend 

•‘h ^'| 0 ^ esiTian v. m t the new look of its standard cars, dollar dropping. G.J had reduced , corpora lion next month for the 

said lhat the group had brought GM believes, will appeal to P' ^cs in Europe tv ire this year, | u , H f ‘ nntl . sllbuiLin ne 

the two models to Europe to Europeans. by 3 per cent and then hy 4-4 ^‘ e ° r in J said 

draw consumers to the showroom Sta X g from a sina ii base, per cent. I ^The tw^ comScs have 

o take a first hand look at the GM b as raised its sales -of The very price c.impeUtivc ; X d 1 basic aSecmem fol- 
latwt models of the worlds big- d i rect i y i m p 0rt ed cars by 30 per Camaro and Mai'bu must be j King an approach lo Milauhishi 
gest car manufacturer. cent in the past three years. Its causing some interest in Sum- , r ?om L nck h P eed 

Although GM is keeping quiet projected sales this year total gart and Munich where potential r-,uan’« oariiainent Iasi Anril 
about it. some observers here 20.000 cars- and by next year it buyers or BMWs and Mercedes - n ' Dr L Vtfr i t K p Government’s Plan 

'cent rise often -x.wrien« lon 3 wait* for : 'vo lntroditc/ 45 OnJ!S fbV iS 

Mitsubishi in 
Lockheed deal 

b'elim e that it could be^a prelude expects another 30 ner 
to a major U.S. assault on the in sales to 26,000 autos. 

their new cars. 

Babcock plant 
for Ukraine 

J *T. 


senstive to the enormous adver- 
tising losses which will he 
sustained if the strike lasts until 

Conversely, tbc New York 
Times is the most profitable and 
is part of a financially strong 
organisation which has the 
resources to sit out a long strike. 
Moreover, it has shown a fond- 
ness for a hard negotiating ilne 
this year which has bruugbt an 
announcement that it would 
cease to fund life insurance and 
other benefits for employees 
during lhe stoppage. 

Profitability of the Daily News, 
which is the largest selling 
tabloid daily in the U.S.. has 

and to keep thc newspaper hahit then, negotiations have touched years of computerised printing been declining and its owners 
alive in a city Which buys 3.4m most of the ritual bases and techniques, and a peat deal more are apparently determined to 
copies daily. when, in July, the publishers to systems which date back to tbc aan j up t0 pressmen. 

The prompt appearance of imposed an August S deadline last pressmen’s strike in 1923. Meanwhile, the New York Post 
these new tabloids. loss lhan a f° r agreement, which was sub- This was settled on the basis of an afternoon newspaper, is un- 
forinicht atier the publication of sequently extended by one day. a manning table which deter- officially estimated to be losin 
the regular dailies was halted by then those with half an ear mined employment each night anything between $3m-S10m a 
the pressmen's strike, smacks of cocked to what wn Eb TH THT according to the number of print- year aad> according to Mr. Mur- 
adroit amici put ion. until it is needed no great prcscence to ing presses in operation, which, uocit's assistant. Mr Martin 

foresee a stnke. in tore, was dependent on thc F lsc hbein, is losing less money 

At least three factors pointed size of the paper produced. when strikebound than when 
to a stoppage. Most important The publishers say that they operative. 5 

w * s ^ ,at * hc publishers baVe been forced to employ But the employers' unity hai 

r ^ m mm m mm m « or to. e three newspapcr.s were a bout twice as many men as they brought a corresponding closing 

gi united on a m^jor issue for need, and that their wage bills of thc ranks among the 10 unions 
_ 1 Pretty much the first time since are additionally inflated by re- represented at the newspapers: 
Mr. Rupert Murdoch took bis s trictivc practices which lead to of the 10, only the typographers 
rv* ' ° A rk P . os , t mt ? , Pu ^’ excessive overtime and premium (with an 11-year deal negotiated 
hshers Association or New ^ork payments. Moreover, the three in 2974; and the delivery drivers 
just over a year ago. Second, newspapers are already using, or have contracts with all three 
the Pressmens Union allowed p] 0 n to use new lightweight newspapers in place agreements 
the publishers to dictate the plastic printing plates which re- which expired on March 3D- 
ummg of a confrontation, and quire less manhandling than do since then, the publishers have! 

August is. in New \ork as in the traditional metal niates. ehnwn » nniimi,nhiu>hi.i. 

remembered that the first dead- 
line's in this dispute were issued 
hy the publishers in May. Since 















In the past five years, 
MAPCO dividends have 
grown from 27C in 1973 
to $1.20 in 1978. And 
our first quarter 1978 
increase is the 14th div- 
idend increase in 13 
years. It's an impressive 
growth picture for any 

interested? Write for 
MAPCO's lastest report 
It's good reading. 

i *z»mapco j 

n .i d < Hjittnvw Am. ■ 

Dwt P.MOOS-BammaieAM. 
TvU*. Okunoma 741 19 



August is. in New \or\i as m the traditional metal plates. shown a muscularity which nearly 
London, a time ^ ™ pa rattvely . The ^ OT ermanning are, brought the delivery men to a 
thin newspapers, low advertising. cla j m tb e publisher, preventing strike and did cause Daily News 
ana small reaaersnip. rnira, the dieir newspapers from compel- journalists to strike in June for 
PJ9f at .“ sl ?5 }* * 5 ™ pl * ! ® n *: ing In the only true growth five days- 

jading itMR to a number of market open to them among Mr. Murdoch’s bid to reduce 

EJJ * fhn ^SIiblLshrr^fiiSi suburban readers who are al- the number of journalists era- 
deadline ?noroachS h it w^ ready served by local newspapers ployed at the Port has brought 
JSS thS? wither Side ‘hirt Wlth pressrooms where more hmi into constant conflict with 
JH553 much Sn positions modest man rung levels have long the Newspaper Guild over the 
established months a-o When becn acce P ted - . . . past few months, and the Guild 

thc publishers unilaterally The two sides still have a long has taken advantage of the 
imposed new manning rules on wav t0 before the oul, ‘Qe ol current impasse with the Press- 
August 9 and 10. the Pressmen a settlement may emerge, Mr. ment to call a strike at the Post 
walker! out H. J. kjacke. executive director from noon today. 

As a straightforward manning of ^ Pubiishere’ Association The key union is probably 
diSDutt the New York strike is admitted to the Financial Times that of the delivery men, for 
redolent of manv a battle be- uniori had been offered management and supervisers 

tween n Fleet Street newspaper little , TOOre .. t ° rejeC , t #) *2 * could P^bly produce news- 

owners and unions and more foraiUla “ hfcfa , ***** reduce papers if they wens assur 

of toe lTmonths guaranteed employment for toe delivery, 

ttrike in 1975-7B which broke toe P ressmen ’ s members by a Memories, are fresh of 
Pressmen’s Ur^oa It iTwiS half - based ° a manning levels violence outside the Daily News. 
Gown Post. which would be uaUaterally m June, when the delivery men 

The New York newspapers im nosed by toe publishers. ignored journalists’ picket lines 
have wanted to reduce the The roost pessimistic observers far a couple of days, and it is 
numbers of men who work their feel that the only prospect of the said that pressmen exercised 
presses for many years, but have strike ending in weeks rather robust persuasion In persuading 
repeatedly ducked the issue than months lies in either an tne delivery men. to honour the 
because of their Inability to act employer, or a few of the unions, pickets. Thus there is a feeling 
together and their unwillingness breaking ranks. On the era- that, for one reason or another. 
io face a major strike. The ployers' side, speculation has this is not the time for any 
alleged overmanning in the Focused on the New York Times, union to break ranks because a 
pressrooms owes little to the m- rhe management of which is seen detest tor the pressmen could 
troductioo over the past few to be more liberal and more be a defeat for all. 

By Jonathan Car r 

BONN, August 22. 
BABCOCK-BSH. part of toe 
Deutsche Babcock engineering 

Gullick Dobson contract 


GULLICK DOBSON. Interna- The order is for a fully 
tional, toe Wigan-based mining mechanised longwall retreating j 
machinery manufacturer, has face which will operate in the i 

navy defence force to increase 
. its anti-submarine capability over 
Uhe next 11 years. 

1 Q Japan's TO A Domestic Air- 
! linos (TDA1 said It has signed 
■ an *^83 in contract with McDonnell 
; Douglas to buy five DC-9-80 pas- 
j senger j els. 
i Renter 

won an order worth ap proxi- mine's Lithgow seam, mining an : Saudi ; Oil decline 
inately AS5m (approx £3m) to average seam section of eight! \ 

group; b as won^ "a ’ dm’ 15m order [supply underground mining feet six inches at depths varying ! Saudi .yabias exports ot crude 

from the Soviet Union for a plant | equipment to the Angus Place between 250 and 750 feet from 'oil in July, fell by almost o pur 

Mine in Australia. the surface. Thc Longwall face I cent to aft. average of 8.75m 

The company is acting as prin- will commence full production j barrels a day compared with 
cipal suppliers for a consortium in mid-1979. I June the official Saudi Tress 

of British mining equipment The order follows a detailed , agency said. . Average daily 

manufacturers, and the equip- study for the Electricity Com- ! exports in June were 6.9m 

ment being supplied represents mission uf New South Wales by 'barrels. Both figun$> are below 

the latest technology in roof the UK National Coal Board into 1 the S.5ni barrels a day ceiling for 
supports, coal winning machines, the feasibility of longwall min-; oil production this year set by 
conveying and communication ing at Xewcora Collieries, which j Saudi Arabia, 
equipment Includes the Angus Place mine, l Reuter 

to dry chemical gypsum — a pro- 
cess used to improve the quality 
of soil fertiliser. 

The plant will be set up in the 
Ukraine about 150 km from 
Kharkov. Delivery of raachinery 
will start in 1980 and should be 
completed at toe start of the 
following year. 


Nimairi looks towards the U.S. 



SUDANESE PRESIDENT Jaafar tion stone of the largely Tenneco. whose chairman heads areas in central Sudan. 

Mohammed Nimairi is to make American-eqaipped Red Sea spin- the U.S. side on the joiat some critics of the hew site are 

another visit to toe U.S.. this ning factory- at Port Sudan in economic counciL Tenneco was sceptical, pointing to thc pipe- 
time as an official guest of the January, 1975.' The $37.5in pro- allocated land in Sudan's line’s poor performance so far. 
American President. While ject is part of the Sbaraf Group northern province but found the One American deal in Sudan 
Sudan's strategic position eleve whose chairman is also chairman soils there unsuitable. It was which has not been completed 

to the Horn of Africa and the on the Sudanese side of the then offered another area, this involves the Pennsylvania 

Soviet involvement there will Sudanese- American Economic time near Damazin in Blue Nile Mining Company uf Wyoming, in 
lend the visit political signifi- Council. Payment for the modern Province where a number of January, 1977, the company was 
cance, it is expected that much American equipment was guaran- ranching projects have been pro- awarded an Slftm contract tn 
of President Nimairi’s pro- teed by the Overseas Private posed. Trttneco is still- conduct- supply road building anti inain- 
gramme will be devoted to Investment Corporation (OPIC), ing investigations. tenance equipment to Khartoum 

economic matters, set up by toe U.S. in 1971 to The sugar consultants Alexan- Province. Pennsylvania Mining 

The Sudanese-American provide insurance cover and jjcr and -Baldwin, of Honolulu, was lo obtain the equipment 

Economic Council, set up in 1976 finance for projects In “friendly” has a contract to adv, se the giant from leading U.S. manufac- 
after President Nima&i’s Best developing countries. A e , na , n ? suga T s ? hemc : whilc Hirers, but the equipment has 

vsit to the U5.,-has been ordered The months that followed JffJi „ arrlvc 2; and Khan °um 

to draw up a programme for the President Nimairi’s - visit saw a L" H 1 ? design oF the sugar factory Province authorities are now 

visit which is scheduled to take growing number of American f Harriman is r J? e t) l^ a L ft P? siuon ’ 

place in mid-September. business visitors, looking at . f mance , ,[? r «■* 

V timrirfAfif Sudan's investment climate a P^n?r with Prince^ Mohara- arranged through a consortium 


mat visit was seen I u«««i 6 slrpariv nn^rstln* in Snrt-jn eav on new uiupa iu uie m., 

hitherto frigid relations between ^ev hav^e^cril- if fpmi Uorira. These include guar, a torpofation, less conaerva- 
the U.S. and Sudan following the l “ e ,7 h Dr l* P nd S securing rysin uaerl f DE purposes tlVe ^ an ; Eximbank, is still 

murder io Khartoum of toe g 1 * . P roB “ ‘ JJJ «[ i e e CU " n r B to ^>m arable. guaranieeing American con- 

American Ambassador there in * ' * c .e _ i r _ tne pur- chevron. . a subsidiary of trails in Sudan. A recent major 

1973 by Palestinian guerrillas of {J raised durtn- Mr S,an(lard Company of Cali- OPTC guarantee here involves 

the Black September Croup. S tr J-° s v ,s, t 3 fcrnUu is spendiitE S85m on an a contracl said to be - alwve 

Implicit to the 1976 visit was i n f 0 noed U.S. sources do not °'i. ch e ^ 1 ° ra ,V r °^ dv 5100m” for a new Sudanese 

the message that Sudan, under see aQ end t0 American hesila- Thows of h, 8 ^ ' discovered mititary base, probably near 
President Niraaln s leaderebip, tlQT1 un iess there Is an improve- one nr r'hP~ most imuortant Ivhartoun - Pe w details, of this 
had finally shifted its foreign raent in ^ performance of the ! r J*5L2^I , “nK22 Project have 

so “ th »f " the cost 

American investment in Sudan’s m01 £ balik however is known to pirtsSto ciSto toe t Arabia has *** Q aereod 

developing economy, to Wash- be under political pressure from Mtiial l ° finance a government to 

ingtoa toe President met US. other parts of thc .American napmhZ rremX under which 

business leaders, as well to .Administration to resume guaran- on P rifin P «°?biK HawwS it Sudan wU1 receive l* Northrop 

World Bank President Robert ^ tees for Sudan and as a result is ffitT will F5E Ashler jeto and - tn 

SSsnss^^ “ ~ as 5 -aat 

tor jo anne MMt r-^ mons th ? niosl prominent Khartnuin pipeline than to irons- paid Tor the f 74m sale lo the 

Before this visit t.S. companies stiJ] conducting pon the urea hy rail or truck Sudanese Afr Force of six Lock. 

Nimairi had laid the founds- feasibility studies in Sudan is from Port Sudan to agricultural heed C-130 transport planes. 

Financial Times Wednesday August 23 1978 


for direct 
labour building 


PROPOSALS FOR expanding the 
role of local authority direct 
labour building departments and 
for improving their efficiency 
were published yesterday by the 
Department of Environment. 

Ministers paint to follow up 
the suggestions in the Depart- 
mental working party report with 
a consultative documents on the 
subject before legislation. 

Mr. Reg Free son, Minister for 
Housing and Construction, 
yesterday reaffirmed his inten- 
tion to encouraie the maximum 
growth of efficient direct labour 
orpmusattons fDLOs) and said 
many of the report’s proposals 
conformed with his own ideas. 

The Government has already 
tried to introduce legislation 'to 
expand the scope of DLO’s, a 
move which met with fierce 
opposition from the Conserv- 
atives and the construction 
industry, who Haim the opera- 
tions are inefficient : and un- 
necessary. - 

•With on eye on the previous 
performincps of many DLOs.. the* 
report says that they should have 
to compete on as eanal terms 
as possible with private sector 

It suggests that DLOs should 
be allowed to work outside their 
parent local authority boundaries 
for other local and public authori- 
ties on sew and repair and 

maintenance work and says that 
in some case& they should be 
allowed to take on work for 
private house owners. 

The working; party also sug- 
gests that the country’s 550 
DLOs should be! expected to earn 
a required rate of return on 
capital employed -on all but 
minor maintenance work and 
suggests the 52 per cent figure 
which applies J to nationalised 
industries. j 

No DLO should be permitted to 
make a loss, taking one year with 
another, over a^five-yeax period. 
If it did, the' local authority 
would have to riyyiew the depart- 
ment’s operations and decide If 
it should continue to operate. 

The National Federation of 
Building Trades 1 Employers and 
the . Federation Civil Engin- 
eering Contractors said they 
still believed there was no justi- 
fication for direct labour depart- 
ments to do anything other than 
basic repair maintenance and 
emergency work.;. 

They were concerned th3t the 
Government stilt ; proposed a 
major extension iff direct labour 
operations "irrespective of any 
demonstrable proof of their 
financial viability? and said they 
would soon be producing their 
own proposals covering accoun- 
tancy, charging and tjoiu petition 

Pepperell may return 
to face theft charge! 


FRAUD SQUAD officers from 
Scotland Yard are expected to fly 
back this week from . West 
Germany where they have been 
interviewing Mr. Trevor Pep- 
perell, who is accused of stealing 
£2.4m from London and County 

London and County, a 
secondary banking group, col- 
lapsed five years ago with losses 
of more than £50m. Mr. 
Pepperell, a chartered surveyor, 
was a director for a period- ■ 

It is thought that Mr. Pepperell 
may forgo protracted extradition 
proceedings and return . volun- 

tarily to Britain thif-weefc to face 
the charge againg/him. If so 
he would probabbt- be formally 
charged at Bow SQteet court and 
remanded for a committal bear- 
ing. • • 

Mr. Gerald G»Tan, former 
chairman of thd*London and 
County group, is Sffil in custody 
in Los Angeles on ^similar £2.4m 

theft charge on. 
arrested In ApriL 
Eight other me 
remanded until 
Bow Street court 
theft from the grot 
offences totalling 

he was 

have been 
month at 
\. charges of 
and other 

Budgen to drop 
Green Shield 


BUDGEN, the Booker McConnell new price-cutting offensive, 
supermarket chain, is to drop "That is the way to kill the 
Green Shield trading stamps com- food business stone dead," he 
pletely from its stores at the end said. 

“g 1 - “ has topped- ; Instead Budgen will concen- 
stamps in 86 stores, and the trate on improving the range 
remaining 20 will drop them on of st0C k covered til its stores 
. io give customers more choice. 

The move comes just over a .jjy. Green said that Budgen’s 
week after International Stores, stores— which are about 5.000 
£f T J I ^ dus .r , ® s . sub “ d “ Iy * sq ft in size on average- 
announced its decision to drop appealed to shoppers as “friendly 
fr l m ^ 10 ? ° f lts r neighbourhood ■ shops" rather 

684 branches by the middle of tban as aggressive High Street 
September. multiples. 

Only last year Budgen took on . ; Mr . G ree D was also firmly con- 
. of "“"P franchises yinced that shoppers no longer 
left when Tesco dropped stamps wanted to collect trading stamps 
just over a year ago. and “go through all the rigma- 

It now means, however, that , role of redemptions ” 

isrsn »*** 

chain apart from International merged all its redemption centres 
Stores has any shops giving w ith the Arsos discount shops. 

Gatev f^ Both Argos and Green Shield are 
Foodmarkets. the Wert country Wholly owned by Mr. Richard 
supermarket chain which also Tompkins although they are run 
took on some of the Tesco stamp ‘35 separate trading companies, 
franchises last year, announced ,-.j t emerged vtwterday that the 
its decision to pull out from value of Green Shield stamps 

rt PrS« e Sl?*!S.?? * redeemable at Argos stores has 

Green Shield has lost about a been reduced. Each full book 
third of it s franchises over the bad been worth 56p in part 
past year, although it still has. exchange for goods sold bv 
between 14,000 and 15,000 small Argos, but this has now been 
shops and petrol stations. The reduced to 50p. The cash value 
company s last published ojf a full book stays the same at 
accounts for the year ending 42}p. 

November 5. 1977— which partly - Meanwhile International Stores 
took into account the kiss of the yesterday announced a restruc- 
Tesco franchises — showed a .. taring of its operations follow- 
sharp slump in both turnover jng the decision to give up 
and profits. • 'stamps and as part of a new 

Mr. Gordon Green, Bud gen's £j0m investment programme, 
chier executive, said yesterday The company will be split into 
the company did not plan to use three sections: International’s 
the money saved on stamps — supermarkets; Pricerite discount 
which amounts to about 2 per stores; and a new superstore 
cent of turnover — to launch a division. 


By Richard Evans, Lobby Editor 

MR. REG PRENTICE, the former 
Labour Minister, sought Liberal 
backing at Newham North-East 
before he decided to resign the 
Labour Whip and later declare 
himself a Conservative MP. 

Mr. David Steel, the Liberal 
leader, yesterday disclosed de- 
tails of talks he held with Mr. 

Prentice when be was a Labour 
MP under attack from bis party's 
Left wing. 

The disclosure, which cannot 
fail to embarrass Mr. Prentice 
as he seeks nomination for the 
safe Scottish Tory seat of West 
Renfrewshire, follows an attack 
on tbe Liberals in Mr. Steel’s 
constituency of Roxburgh, Sel- 
kirk and Peebles on Monday 

According to the Liberal 
Leader, Mr. Prentice, while still 
a member of the Labour Cabinet, 
approached him to secure 
Libera] endorsement for his can- 
didature at Newham after be had 
been rejected as official Labour 

“I pointed out that be bad 
been voting for the extension of 
nationalisation and various otber 
illiberal Government measures 
which we Liberals bad opposed. 

He also differed from the 
Liberals in opposing the devolu- 
tion of power. Id these circum- 
stance* it was difficult to see 
bow Liberals could provide offi- 
cial support," Mr. Steel com- 

Mr. Prentice did. however, 
express interest in continuing a 
dissident non-Socialist group 
along the lines of Mr. Dick 
Taveme’s breakaway Labour 
group and there was one further 
meeting to discuss possible 
" clear runs" for such candidates 
at Lincoln, Newham and possibly 

elsewhere. iTHE GOVERNMENT is anxiously .hooked, job prospects for 

. 11 J rs i? 31 a L 00 ! monitoring the progress of the yard’s 1,000 workers are gloomy, 

time dm Mr. Prentice seek to Clydebank oil rig builders Mara- • Marathon has been pursuing 
join the Liberal Party- what he j thon Shipbuilding, rescued from several possibilities this year, so 
was after was Liberal support j [closure last year, but once again far without success, including, a 
and the withdrawal of an official | facing a lack of orders. ®m rig for Diamond drilling of 

Libera] candidate at Newham. 1 The U.S.-owned yard, which is Houston. The yard requires 
but this was opposed locally and [ Britain’s only rig constructor, has about three orders a year to 
by many of Mr. Steel’s colleagues, just completed a £13m jack-up -maintain its workforce. 

The cause of Mr. Steel’s unit, ordered by the British ’ ' Mr. Jimmy Reid, engineering 
obvious anger was an appeal by National Oil Corporation on the . baton convener, said that there 
Mr. Prentice to local Liberals to ; instructions of the Scottish yas no “ imminent crisis " At 

Office last year to avert Mara- least three prospective jack-up 
thon’s collapse, for the U.S. erders were being negotiated 
company Penrod. and the stewards were hopeful 

Work is well advanced on a of one being confirmed within 
sister rig, also for Penrod. But *e next two weeks. This should 
with no other orders presently $foid the need for redundancy 


Marathon Shipbuilding 
faces uncertain future 

By Our Glasgow Correspondent 


join the Conservative Party and 
an accusation that the Liberals 
had been little more than lobby- 
fodder b,v supporting a Govern- 
ment which introduced “massive 
new Slate controls.” 


Restoring the balance 
after computer swirls 


MONOTYPE. the printing with development of a new Laser the company has secured orders 

machinery company which has machine. worth £I.S5m and it claims the 

been rescued by the National By 1376. it had turned a series system is highly competitive 
Enterprise Board and Barclays of losses into a very small profit internationally. 

Bank, is an interesting example of £94,000 on a turnover of The company hys also 

of a manufacturer caught off- L13.7ra. But in the next year its developed two smaller systems — 

balance bv the swirls of com- unaudited accounts show a loss System 1000 and System 
outer technology. °* ahoul £250.000 on a turnover aimed at its traditional market 

_ 5 „„ of £15m. amongst small printers and hcok 

foundation^ *1897 Monotvoe In tbe current year the loss is publishers, 
was a solid respectable business to be substantially The company has also moved 

SwL ttMMfSu hisher because of the deve,op - int0 an0lher new. though rather 

l ment "deling costs of its crowded market with the intro- 

DrintinjT trade It en loved a ne V laser photo-typsetting duction of a word processing 
'«,» W mnriro? machine. the System 3000 system. Since iis launch in 
f n rf d T, claimed to be the most advanced October, the word processing 

« f tis type in the worid. machines have accounted for 

for about SO per cent of sales. The company therefore faced about £350,000 or orders. This 
Tbe old Monotype machines, the need For a new backer if it is not expected to be a main 
which cast type from molten lead were to avoid liquidation. The growth area for the company in 
were built to last, and in one bankers Keyser tMImann. the future. 

sense they have lasted too well, principal creditor of Grendon. set Meanwhile, sales of molten 
Many machines built over the about > lookin': for new capital metal machines have declined 
last few decades will be capable and eventually succeeded in sharply from 76 per cent uf 
of giving service long after they gaining the joint support of the turnover in 1973 to 43 per cent 
have been made obsolete by NFB and Barclays. in 19, 1. Over the next few 

newer computer typesetting Barclays has agreed to convert years the company expects a 
techniques. interest on existing lendings to steady business or about £5m a 

„„„ tbe company into a 37.5 per cent year from sales of spares to the 

equity stake in the new holding machines it lias installed 
t ^ 0 i! r S n «Q m ° company Monotype Holdings. The throughout the world. 

!?a inS M= y new money required for the next In its new electronic phase, 

five > ears ’ development of Monotype will start with the 

^?th eV fntJ?A»»*j? pan v System 3000 comes from the advantage of a solid reputation 

EEL.!?*! NEB. The board is paying F3.5m. for quality which it has built up 

lts . el ^ e ' Of Which £250,000 is for 37.5 per since its foundation SI years ago 
tOM tW-M® Pent of ^ equity. The rest is and which enabled it to gain a 

tH^TQ7f>e if made up of secured loans, some claimed 60 per cent share or 

1 of which win be convertible into sales for the machines u»t>d by 
.if 11 *,? 0 ?!! ordinary shares- the UK quality hook primers. 

?»Hn« U Ifh?pi? S cnm« d ^52 The 31,11 KevSPr lni man it intends to continue to attack 

botl1 believe Monotype has a the market for high quality 
Rood prospect of eventually machines while extending into 
becoming profitable even though the newspaper and other 
losses will continue for a year businesses where quality de- 
t0 or Two - ^ ne of the contributory mands have hitiierto been less 
mvest in research and develop- causes of ^ current ^UReajUes stringent. 

m ^ has heen the substantial delay in Its main competitors in the 

As a result Monotype has been getting System 3000 into full new product area will be 
staggering for most of the 1970s production, and the . fact that Lintoype-Paul. Harris. Compti- 
under tbe burden of high research and development costs graphic and a number of other 
development costs and all the are written off eacb year. companies, mainly in the U.S. 

other difficulties attendant on the However, the initial difficul- and West Germany, ft is the 
introduction of a genuinely up- ties have now been sorted nut, only UK-owned manufacturer of 
to-date product ranee witholt the company says, and since tbe photo-rypeserting equipment, and 
adequate backing. However, in latest version of the system was its latest machine was designed 
tbe early 1970s it went head launched at tbe turn of the year by its own staff. 

Absenteeism ‘threatens pottery trade’ 


ABSENTEEISM is posing a patty's 12.000 employees are understand it. Conditions In this 
serious threat to the well-being absent from work. company are very good and our 

of the pottery industry, accord- Announcing virtually un- employee's have plenty of incen- 
ine to Sir Arthur Brvan chair- cbai >ged pre-tax profits of £1.68m tives.” 

.J2 i for 13 weeks to J“I. V 1. Sir Sir Arthur said absenteeism, 

man and managing director of Arthur tells shareholders that although less harmful to large 

the Stoke-on-Trent-based Wedg- the problem could threaten the production units, was particu- 
wood Group. prosperity of all who work in Jarly serious in a small depart- 

He claimed yesterday that, on the industry. ment, where only a handful of 

average. 10 per cent of his com- Yesterday he added: “ I can’t people were working. 

Sea oil 
set up 

By Sue Cameron 

OIL COMPANIES in the UK and I 
Norwegian sectors of the North! 


Monsanto Closes plant 

se of 



i.S. -BASED Monsanto 

group has shut down 
pentachloropheuol — 
at Newport in Gwent 

only £1.4tn of Monsanto’s total 
£203 m UK sales. 

The decision to shut the PCP 
plant immediately was taken 
after consultation with the fac- 

□il rig disasters. 

The UK Offshore 
Association and the 

North Sea 

with arrangements for mutual 

The companies in each sector 
club will pool fire ships and 
lately equipment so that emer-j 

G-PIan move 

E. GOMME. a subsidiary of 
Gonime Holdings, the G-plan 


j. 1 S&fiTUINQ 

1 7-9 







i A -f .fMAi.KliokArl WAMnn» **IU7I LUIIOUURLIUI* WIUJ LUt IQL^ 

JaS tory inspectorate last week. Tbe 

Inspectors told Monsanto that 
WHO had expressed considerable 
***«!!? a concern about health hazards 

senotis health hazard. . associated with certain by- 

Monsanto said yesterday that products from the manufacture 
wSp^hn. 8 r fH* t^niriPn^ had acte «i the adrice of of PCP. Monsanto Itself has still 

gency plans for tackling torare factory inspectors who bad seen not seen the WHO report 

' 1 copies of the report. The PCP The chief European mannfac- 
plant was the only one fn tbe taring centres for PCP are in 

_ , , „ . . , U.K Between 15 and 20 people Germany and France but it is not 

Operators Committee- Norway] were employed there. Most will vet known whether the WHO 
have approved a proposal to | offered otber jobs at Mon- report will be allowed to affect 
divide the companies into five i junto's Newport chemicals production in those countries, 
geographical Rector rlobs. each ] complex. - 

PCP is a preservative used on 
| wood and, to a lesser extent on 
! leather and canvas. The Mon- 
santo plant has been in opera- 

— „™'tion since 1950 but over the — F ~, — - 

^encies can he tackled /J] ore | la^t four years the company has furniture manufacturers, is to 
quickly and effertlvely. If there .. speol £500,000 0 n improving en- move into a 25.000 sq ft Welsh 
is a serious rig fire or biow-put. , V i r pnmental and safety standards Development Agency factory at 
operators may seek help from : f or p^p production. It had Wrexham, which will be ex- 
olher sectors. .- already begun to consider- clos- tended to 65.000 sq ft next year. 

® a ™.. °P er ®tor will retain I pij^t because it felt the There is also provision for 

responsibtiity for its rigs safety- juYestment required was expansion to 250,000 sq ft to 
and will pay for the use of other ^ jj 0 t justified by the long' Jerm meet increased demand, 
companies emergency equip- 1 potential of the product Last Employment will rise from 25 
ment. Altogether, 13 operator^ pep gales accounted -"for to 200 over three years, 
wj]] initially be involved in the 
scheme. Others will join as pro-) 
duction starts in new fields. 

Three-stage plan 

A detailed, three-stage plan for 
dealing with disasters baa been! 
drawn up. and agreed. At tbe 1 
first sign of a fire or blow-out, 
water-spraying equipment built 
into every rig will be used and 
fire ships in the immediate area 

If the emergency cannot be 
brought under control quickly, 
the men on the rig .will be taken 
off by helicopter or ship except 
possibly lor a small, specialist 

At that point the operator wtH 
sin n at to others in the sector, 
asking for extra equipment and 
fire ships. 

When the emergonCT ■ has 
been brought under control, 
the operator concerned will be 
able to call on sector club 
members for help with repairs. 

The aim is to achieve the 
maximum use of . the widening 
technical resources available. 

North Sea operators own or 
lease 12 support ships, all with 
fire-fighting apparatus and some 
with equipment to' regain access 
or wellhead control in. the event 
of a blow-out Seven more ships 
have. been ordered. - - 



- 1 



rrmi m 

Archbishop will 
open new walk 

THE 141-mile North Dawns.Way 
long distance opened 
on September 30,. by the. Arch* 
bishop of Canterbury, Dr. Donald 
Gossan, at the national nature 
reserve near Wye Kent • 
Afterwards Dr. Coa®m will 
toad a two-miit inaugural walk 
with rambling -- and *. footpath 











™ 7-t \\ 7-m 



seasonally adjusted 

4-5 4-1 ■; 

THE NUMBER of adults.. out rtf work rose in all regions in tbe 
month to mid-August when seasonal factors are takes into 
account However, there was no change In Scotland, and in the 
East Midlands the number of unemployed fell by 300, and in 
Northern Ireland by 100. ' 

Ov er (be last 12 months the absolute number oat or work has 
fallen most in the South East, East Anglia and the South West, 
• while tbe largest rises have been in Northern Ireland, Wales and 
Ibe North. 

Since last August the absolute number of unemployed has 
by 7.6 per cent In the South East. 6JJ per cent in East 
Anglia, 5.1 per cent in ‘the South West, 3J2 per cent In the West 
Midlands, 2 per cent In Scotland and 12 per cent in the East 

Areas In which tbe number of unemployed has increased in 
the last 12 months are: Northern Ireland, up 8J5 per cent; Wales, 
up 6.7 per cent; the North, 5-L per cent; Yorkshire and Humber- 
side, 4a per cent; and the. North West, 1.6 per cent 

petrol may 
hit small 

MANY SMALL garages, par- 
j ticularly in rural areas, may 
decide to stop selling petrol if 
Government plans for metric a 
tion of sales go ahead, tbe 
Motor Agents’ Association 
claimed yesterday. Its petrol 
retailing committee said that 
the switch to metric units for 
petrol sales would mean sub- 
stantial new investment in 
equipment and higher labour 

The number of petrol pumps 
in use is dropping by about 
5 per cent a year. 

Tbe association estimates that 
the cost of converting Britain's 
110.000 pumps in 29,000 garages 
will be about £90m. It believes 
that if the Government wants 
this switch to metrication, then 
it should back the programme 
■with the law. 

Easington home 
repairs appeal 

EASINGTON Council, County 
Durham, is applying to the En- 
vironment Department for £2 in 
to make essential repairs to 
bouses built in the late ’fifties 
when there were shortages of 
high grade construction 
materials. Tbe application for 
special funding for repair work 
is being made under tbe New 
Town Development Act 1976. 

Air ticket ban bid 

The British Airports Authority 
is to seek a temporary injunction 
in the High Court tomorrow to 
stop Air India selling cheap 
stand-by tickets at Heathrow. 

New Sunny rises 

Datsun today unveils in the UK 
its successor to the high-selling 
Sunny 120Y family saloon. The 
New Sonny will range from 
£2.659 for the two-door to £L9S2 
for the coup A 

£5m property deal 

Philips and Pye Pension Fund 
has bought the 105,000 sq ft 
Kensington House office block in 
Richmond Way. West London, 
dose to Shepherds Bush shop- 
ping centre, in a £5m deaL 

Institute move 

The Institute of Chartered 
Secretaries and ■ Administrators 
baa become a member of the 
consultative group used by tbe 
Accounting Standards Com- 

Modernising. .. . 

A £LJm modernisation pro- 
gramme was announced yester- 
day for the works of Red path 
Engineering at Cajnbusiang, 

• , • - %T" 


n. I 

: \ 


■ ‘1 

Extra Income 

Estimated Current Capital Growth of distribution units 

Gross Yield since launch in February 1 976 

9 . 34 % 69 . 2 % 

London Wall Extra Income Growth Units offer you a 
high income from an investment in carefully chosen high 
yielding equities with a small proportion of fixed interest 

The aim is to produce not only a high income but an 
increasing income over the years coupled with capital 
growth. And this has certainly been achieved since 
February 1976 when the trust was launched. New 
investors in this unit trust get an estimated gross - 
commencing yield of 9.34%. In addition since the 
launch, the offer price of the distribution units has risen 
by no less than 69.2% compared with a rise of 26.4% in 
the FT Industrial Ordinary Index, ovct the same period. 

Investors have therefore fared much better than they 
would have done in any fixed interest investment., 

London Wall Extra. Income Growth Trust is a unit 
trust in tbe Tyndall Group which currently manages 
over £200 million on behalf of some 80,000 investors. 
"You can invest in this trust for as little as £500. 

-Remepjber that tbeprice of units and the income 
from them can go down as well as up. 

You should regard your investment as long term. 

Important details 



im^lbAusOMim . 

Unit prices and yieMsaie 
quoted la «na«t imliwtal ncro- 

-Tbe ndahmna te^mncmle XSWL 


- . 4fjnnnhtD3dln«irunju.i!K 
JwM»e*»apunA*e thann ihr bid price 

oomydalmj; I-Wymou normally be 
‘ hsun^tda^ol ifacicwiptcfjWtt 

AD urn hnfcirr, rcccr-T I hot- 
dtarifcutrai nn uf (m at ihcb»stnnetir!cea 
year no 8di Jane and 8th Decembet Imesuxs 
now mil recejvE ifadi 61st dwriburioo in 

December 197*. 

/Ui imual management cfmjjcof5% ^ 
inclu de d in the baying price nf me mm. A 
Saif ready dorge of J; Id nf 1% i jjha VA.TJ 
of dit FutcLa dofagodfam tfacTrurifr 

The Trua it authorised by Secrrtsry 
of Staie far' Tnde and tbe unit, are a“wdei 
range" 1 nn-rarnwH underlie Tnuce 
Invaurmn, Aa 1901. 

The Rnjal Btak of Scotland Limited k 
ifac Tntacc and bakb lO the Thm^tanhaid 

M,I,HMIH M rtw iwHrtmTii lW twauJf 


APPlKXM&^ -jwuld be KD 1 m 

The Tyndall Group, lSCauyi^e Road, Bristol BS997UA. 

iR&aacJSa. ?921t8,E>tgUnJl 

1 radn* 



London Wall Extra Income Growth ^ Troet ar the 

kh£mldbea»depiy«tiieic TktTyniidUfrsar?. 
j <gaa °eCMr.Mt>,Mi»armlr~i 

of l'.% ispjuhlc wiecupdsed^geaB. 



'/ Ariw a oj *ueoer IS, nod am w watomicA At UK f Sd ^ iiUd TenwuigdAiel aw 

Ivn i, aa cM rafar. tfr io&^ar. 

ATyndall Group Unit Trust 

. . Mo/dvr of the I'm Trust Asxtasum 

London Will ^ 

London Wall International Fund is now’ invested wholly 
in American shares with the aim of capital growth. 

Tyndall believe that these shares today still stand at 
attractively low prices and that the economic facts justify 
further substantial rises. 

Economic Strength of America 

In spite of the rise in the market over the past few months, 
American shares are still cheaper than they have been for 
a long time. Yet the US economic indicators remain 
favourable with GNP expected to rise by around 

Benefit from Tyndall experience 
Investors in the London Wall International Fund now 
benefit from a portfolio consisting exclusively of leading 
American shares and managed by Tyndall. The Tyndall 
Group have extensive experience in US investment from 
their substantial overseas involvement over the past 10 years. 

The recent activity in Wall Street has been largely 
due to renewed buying in leading equities by American 
institutional investors. These are the shares that commen- 
tators regard as still undervalued and from which the 
London Wall International Fund portfolio is selected. 

The estimated gross commencing yield on 9th August 
1978 was 2.12% and the offer price 35.9p. 

Remember that the price of units and the income 
from them can go down as well as up. 

You should regard your investment as long term. 

You can invest from £500 upwards by completing the 
coupon below and sending it with your cheque. 

Important details 

tJnJtB,wWcl, 3 f* dealt In dnOy. will be 

■Uwataidn offer pri«* prrealliaE 
completed •ppE****™ & 
*«**»etL Unh prim and yield* nre 
SfazmA in meat nations! daily 
Thr nr- 5 -*-*" *' 1 

To invest, fiH in the coupon or talk u» 
Sandal whiter without delay. 

A p^rari oaitrtnbtfaiJgwriedgedana 

yonr ccnlficmo seni wiiiriii 35 dny». 

Ktoo wnh m «.-ll > our urrii>. the 
>“Wp3»'»illpurchJ-^ ihonati^hU prx-c 
ootmdadio,^ . Pjwacni will iwrmJly bu- ■ 
“•dewwhtatevBi d of Uic nxeipi clyoia 


tfurihuriraB n.t i-f tet at rife: hr-ic raw raw a 
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X,<ri3nK-r IVTa 

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til' the Riodj*dtiuv3i.Tl Irrjn the '1 ,iu v 

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mp 1 " rnemmera infetr ibe f nfitec 
Iflv^rmeniiAa l®hl. 

Thr Royal Rant m imlonJ Liniiioi 
ii tlfe:^ Tru*'ue erul hoU- all ihe TruiA.ca4l 
and iateanmiii i n ih.- umUnjdera' 


Application* should Nrsenl lo: 

The Tyndall Group, lSOuayngcRoad, Bristol BS99 7UA. 

1 A^.'fl.nJ.Vu. TVili#, Eit-juMd ‘ 

fer im esapenr in aw of ihe 
London WaQ IjJtrrnatifmal Fund at :ht? • 

»*. e — j juw uw u wai/ wwnmwuw rium ai:nc ■ 

offer prix on tai lounaom Hits snUKan«L ALnunum 

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Tp full' 

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mifatquirBg tkt Mnp jtth. oimry jvyum rtWiLtu Mthli .'Ai-x: TiJtiutus, 

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trough jfur bwt-- : -faT, er u-Stalsr. 

Oob' Mcanaabb h» tvsidca!-- «' the RepoMic ofTrehpd. 

ATyndall Group Unit Trust 

Matter of the Vtui Ttux .-LniKiatwi 


Financial Times Wednesday August 23 197S 


Engineering survey 
predicts more orders 


A MODEST improvement in 
orders for the mechanical en- 
gineering industry, largely from 
borne customers, is forecast for 
the next 11! months by the 
Engineering Employers' Federa- 

The outlook is described in 
the latest report from the federa- 
tion's sbort-term trends working 
party, just published. Previous 
working party findings have not 
been published. 

The report covers all the 
mechanical engineering industry, 
from machine tools and industrial 
engines to agricultural, construc- 
tion and mechanical handling 

It bays that the recent general 
increase in UK industrial activity 
should lead to a small upturn 
in orders during the second half 
of this year and the first half of 

However, the survey adds that 
new mechanical engineering 
orders might decline slightly 
during the second half of nest 

According to tbe report, the 
home market will improve most, 
although it expects little growth 
in domestic demand for the 
industry’s products until custo- 
mers begin to step up capacity 
and production. They appear to 
have substantial surplus capacity. 

Few export orders are 
expected because of the limited 
prospects seen for world trade 
and the poorer UK price com- 
petitiveness resulting from the 
recent buoyancy of sterling. 

The report emphasises the 
increasing penetration of 
imports into the home market. 
Mechanical engineering, it says, 
is depending increasingly on 
overseas customers while 

domestic markets are depending 
more on overseas suppliers. 

That pattern, with the contrac- 
tion in the home market, leaves 
the industry “with an ever less 
secure base at home from which 
to sell." 

The report says that, given 
current low output per man, the 
industry should be able to 
increase output greatly without 
any overall rise in numbers 
employed. In many companies, 
however, there arc shortages of 
critical skills, particularly 
skilled craftsmen and techni- 
cians. which limit output. 

Tbe federation also notes that 
prices of materials and fuel for 
mechanical engineering have 
risen much faster during the 
past year than those for manu- 
facturing industry as a whole, 
mainly because of the import- 
ance of steel and its relative 
price buoyancy. 

Work starts at Rassau site 

WORK ON ilihe first advance fac- 
tory at Hhe Rassau industrial 
estate near Ebbw Vale, South 
Wales, was inaugurated yester- 
day by Sir David Davies, chair- 
man of the Welsh Development 
Agency- AJ together 22 factories 

wiH be constructed on the site 
in a £4.6m project. 

Andrew Scott, of Fort Talbot, 
has been awarded the £l-8m con- 
tract for the first units — six of 
25,000 square feel each, 
it was also announced yester- 

day that William CowLin. of 
Cardiff, is to build a further six 
erf 10.000 square feet at a cost 
of £910,000 — and contracts for 
eight 5.000-squa re-foot units and 
two 50,000-square-foot units are 
expected in the next few weeks. 

Coal Board 
wins record 
gas deal 

THE National Coal Board has 
won its biggest contract for the 
supply of colliery gas in a deal 
announced yesterday with Joseph 
Crosfield, a chemical company in 
the Unilever, group, writes Rhys 

The contract, the terms of 
which have not been released, 
provides for an average- yearly 
supply of 9.5m tonnes -of methane 
{natural gas), equivalent to 
roughly 40,000 tonnes of - coal, 
from Parkside Colliery. Newton- 
le-Willows. in Lancashire,. for an 
initial 10-year period. 

The Coal Board is to spend 
about £Sra on laying pipeline to 
the company over a distance of 
some six miles and gas is 
expected to begin flowing in 
about 18 months. It is thought 
reserves from the colliery could 
last until the next eentury, and it 
is hoped the supply, together 
with additions from another mine 
can be boosted to 15m therms a 

The gas has to be drained from 
underground, for safety reasons, 
at Parkside. as at many other 
collieries, as part of normal 
operations. Although some is 
burned in the colliery’s own 
boilers about 7m-lfhn therms has 
to be exhausted into the atmo- 
sphere at present 

Crosfield make speciality 
chemicals for sale directly to 
industry and uses about 30m 
therms of energy a year 

Welsh slate makes a comeback 

De Beers 

Interiniiepart to members 
for thelialf year ended 30th June 1978 
and notice ofdedarationof interim dividend 

The following are the unaudited consolidated results of the 
Company and its subsidiaries for the half-year ended 30th June 
1978. together with tbe comparative figures for the half-year 
ended 30th June 1977, and for the year ended 31st December 
1977, which should be read in conjunction with the subjoined 
note: — 


751 155 
22 470 

(6 313) 



Interest and dividend income 

Other revenue 

Loans written back, less loss 
on realisation of investments 
Surplus on realisation of rlxed 

Deduct : 

Prospecting and research 

General charges 

Interest payable 

Deduct : 

Taxation and State's share of 
profits under mining leases ... 

Deduct : 

Uutsidu interests in subsidiary 

Group profit after lax attribut- 
able to De Beers Consolidated 
Mines Limited 

Preference dividend of R1 per 
share declared 30th May 197S 

Second preference dividend 
nf 4 cents per share declared 
30th May 197S 

Cost nF interim dividend of 
20 cems per deferred share 
(19//: 17.5 cents) 









466 517 
116 723 

380 192 
S3 150 

14 244 





597 524 

476 692 

12 905- 
12 963 

2 375 

12 639 


23 149 

569 281 


190 103 

162 194 

379 178 


4 476 

5 974 

374 702 

285 375 





71 958 

62 963 

3 618 

48 351 

SS8 107 

254 618 

633 489 


623 315 


It should not be assumed that the results for the half-year °nded 
30tlj June will be repeated in the half-year ending 31st December, 
since income docs not necessarily accrue evenly throughout the ' 


The price of rough gem diamonds marketed by the Central 
Selling Organisation on behalf of the various diamond producers 
was increased with effect from 21st August 1978. 

The increase varied according to quality and size with an effective 
overall average of thirty per cent 


Declaration of Dividend No. 117 on the Deferred Shares 
An interim dividend in respect of the year ending 31st December 
1978, being dividend No. 117 of 20 cents per share (1977: .17.5 
cents) has been declared payable to the holders of deferred 
shares registered in the books of the Company at the close of 
business on 22nd September 1978, and to persons presenting 
coupon No. 61 detached from deferred share warrants to bearer. 

A notice regarding payment of dividends on coupon No. 61 
detached from share warrants to bearer, will be published in 
the press by the London Secretaries of the Company on or about 
15th September 1978. 

The deferred share transfer registers and registers of members 
will be closed from 23rd September 1978 to 6th October 1978, 
both days inclusive and warrants will be posted from tbe 
Johannesburg and United Kingdom transfer offices on or about 
26th October 1978. Registered shareholders paid from the 
United Kingdom will receive the United Kingdom currency 
equivalent on 17th October 1978 of the rand value of their 
dividends (less appropriate taxes). Any such shareholders may, 
however, elect to be paid in South African currency, provided 
that the request is received at the Company's transfer offices 
in Johannesburg or the United Kingdom ,on or before 22nd 
September 1978. 

The effective rate of non-resident shareholders' tax Is 15 per cent. 

The dividend is payable subject to conditions which can be 
inspected at the head office and London office of the Company 
and also at the Company's transfer offices in Johannesburg and 
the United Kingdom. 

For and on behalf of ihe Board 

H. F, Oppenheimer < 

A. Wilson ( Direclors 

23rd August, 1973 

Copies of this report icill be posted to all registered shareholders 


FOR MANY of the one million 
visitors to the tourist centre at 
the Llechwedd slate mines in 
Blaenau Ffestiniog it was no 
doubt a surprise to discover that 
the quarrying industry still 
operates amid the ' other more 
picturesque attractions of North 

Yet survive it does, and over 
recent years it has even had 
something of a renaissance, with 
the main constraint . now -facing 
it Is not lack of demand but a 
shortage of workers to produce 
ihe quantity of slate that could 
be sold. 

As the roofs of Britain’s indus- 
trial cities testify, slate reached 
its peak at the turn cf the cen- 
tury, when no fewer than 16,000 
men were employed in the 
quarries of Gwynedd mining, 
splitting, and dressing slate for 
shipment by narrow-gauge rail 
and coasters from ports such as 
Portmador and Port Dmorwic. 

The industry began to lose 
ground in the inter-war years, 
however, to mass-produced tiles, 
and m the 1960s there began 
what looked like being the last 
in a long series of slate mine 

But it never seemed quite 
right that a product which exists 
in great abundance, requires 
relatively little processing, and 
which remains technically ideally 
suited to its task, as well as 
attractive, should die out. and a 
determined effort to ensure its 
survival was made. 

At Betbesda. on the other side 
of Snowdonia from Blaenau, 
control of the biggest remaining 
North Wales quarry, Penrhyn, 

passed into the hands of 
Marchwiel Holdings, the building 
contractor, which could see the 
potential of slate waste as a 

filling mat erial, as well as con- 
tinued uses for slate itself. 

In Blaenau, after the closure 
of the big Oakley mine, the 
management at Llechwedd. then 
down to only 35 workers, 
realised that a similar fate lay 
ahead. Instead of succumbing 
to it, the owner, J. W. Greaves, a 
family company, decided to try 
expanding instead. Through bank 
loans and leasing, larger trucks 
and excavators were bought to 
increase the efficiency of the 
m ining operation, and there has 
been a move away from under- 
ground towards open-cast mining. 

The company, according to its 
managing director. Hefin Davies, 
now sells as many slates in a 
month as in a year 10 years ago, 
and more than £200,000 has been 
spent on new machinery. 
Another quarry in ihe town 
which was due to close down has 
also been bought. 

Equally important has been 
the realisation that tbe product 
has to be marketed. “ Ten years 
ago there were big stocks of slate 
everywhere. Now we have to 
quote delivery dates same weeks 
ahead for some sizes.” Arthur 

Thomas, .mother of .the com- 
pany’s managers explains. 

Contacts have been built up 
with architects bringing in- 
creased specification of slate, 
particularlv for more expensive 
dwellings. ‘ (Slate roofing at £12 
per square metre is roughly 
double tbe cast of tile roofing, 
though the gap has been closing 
and the life of the product is 
longer.) . . . . . . 

The Government with its large 
building programme has been 
another target, as have local 

The whole industry benefits 
from planning regulations in 
Gwynedd which require the use 
of slate, and an estimated 40 per 
cent of the industry’s sales are 
in Wales itself. Throughout the 
country, however, tbe rehabilita- 
tion of older properties is now 
providing a good market. 

So too is the increased -em- 
phasis on conservation. Export 

markets have bean developed on 
the' Continent, particularly in 
Germany and Holland, and some 
new uses have been developed on 
top of the various craft products 
—slate clocks, chess sets and 
ashtrays — which have sprung up 
to cater for the tourist demand 
for souvenirs. . ^ _ 

Penrhyn produces about 30,000 
tonnes per year of crushed slate 
which is then marketed at fuller- 
site — a product which is used in 
the manufacture of oil pipeline 
protection enamel. Slate slabs 
are «)«* being used as floorings, 
lintels and fireplaces.- Employ- 
ment at Penrhyn is now 250. at 
Llechwedd 120. and together with 
smaller numbers at other 
quarries elsewhere in Gwynedd, 
cow totals 550 altogether. 

It is a number which could be 

Increased further yet despite a 
10 per cent plus unemployment 
rate in Gwynedd, recruitment is 
difficult ' end " young people 
cannot be persuaded to stay, 
leaving the industry with an 
ageing labour force. 

The problem is in part the 
collective folk-memory in the 
are of past exploitation and the 
generally poor image of the 
industry. But conditions have 
improved and management at 
Llechwedd, far from being 
remote, consists almost to a man 
of Welsh-speaking sons of the 
town. The problem is put 
succinctly by one of the older 
men, Meurig Evans, a slate 
worker for 40 years. “They are 
beating the calf because they 
were tossed by the boll." 

The Llechwedd management 
sees tbo answer to the problem 
of labour shortage in, further 

mechanisation— sadly at the 
possible expense of the tradi- 
tional state splitting craft- New 
machines have been bought from 
France — Europe's most import- 
ant slate centre — which will 
perform this task in a new mill 
now being equipped to replace 
the present rather primitive 
building with its row of Indi- 
vidual quarry men's stalls. 

The slate workers who now 
carry out all tbe various pro- 
cesses from breaking a lump of 
the material through to produc- 
ing the finished roof slate are 
likely to concentrate on dressing 
the slate-cutting it to size on 
special machines. All _ this 
depends on the splitting 
machine* working without too 
high a breakage rate and it is a 
point on which there is a large 
degree of scepticism among the 
likes, of Men rig Evans. 




• ' i •• ... 

* -5r:‘^ F- 

.... -j ^ -..Fg?* ^ 

M. .M j A 1 .V - -Llki L.A. .'V-Ari— ‘J b; 

Interim results 

•» vs 



have declared an interim dividend of3.9192p (1977 — 3.8607p) per stock 
unit An additional special interim dividend of 0.0655p per stock unit 
will be paid as a result of the recent retrospective reduction in Advance 
Corporation Tax. 

The aggregate amount of 3.9847p per stock unit will be payable on 
1 November 1978 to stockholders on the register of members on 3 Octo- 
ber 1978. . . 

Group profit and loss statement for the half year 
ended 30th June 1978. 


Trading profit (Note 2) 

Investment income and interest 
Interest payable 

(Loss) /profit on disposal of ships etc. 

Share of profits less losses of associated 

Profit before taxation 
Taxation (Note 3) 

(Loss) /profit after taxation 
Exchange adjustments 
Minority interests 



( 1 , 022 ) 







(Loss) /Profit before extraordinary items 
Extraordinary items 







Group (Loss) /Profit attributable to stock- 




Notes: 1. The results for the half year have 
not been audited. 

2. Trading profit is stated after 
charging depreciation of 




3. Taxation 

United Kingdom taxation 

Corporation tax 

Advance corporation tax 

Overseas tax 




2 220 




Taxation on share of profits of. 
associated companies 








4,570 • 



At the Annual General Meeting in May, stockholders were warned that 
because of an aggregation of adverse factors, there would be a very con- 
siderable reduction in 1978 profits. It is now apparent that the fail in 
pre-tax profit for the first six months of the year was even greater than 
we had anticipated. 

The world shipping scene remains depressed but there was a concen- 
tration of special adverse factors in our first half year, and there are 
reasons for expecting an improvement in the second half year in parti- 
cular a return to more normal conditions in West Africa and some 
recovery in OCL. Furthermore, our widening range of businesses outside 
deepsea shipping is steadily producing more profits. 

The indications are that these improvements will strengthen in 1979 
However^in 1978 pre-tax profit is not expected to he outside the range' 

Given the prospects of a better second half year and further improve- 
ment in 1979, the Directors have declared an interim dividend for 1978 
at the same gross cost as for 1977. The level of future distributions 
however, must depend on a continuation of the improving trend. * 

OceanTransport ^Trading Limited 

India Buildings, Liverpool L2 ORB 

fen t !"*: rer:4V s. ? ,.■■■ \ ■ ■* * „ 

rn t&S* ^ : • : • = • z-rz&m rr~r= 

<3 iafea L ..... . : ^ bvS*’; 

■ — fcsLtesajT, iUS&sst 






r. » /- 
$ ./>'•?? 




Half year 

Half year 

Year to 


to 20 June 

to 30 June 

31 December 

r; y//t "i 










fr.m.-.:. j 




•••;* : s i 












■ -W 




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26, 1& 





(4,570 s ) 



i results 

I'- Ua' 

Fmaurial Times Wednesday August 23 1978 


Steel union ready 
to fight closures 


25 mS! the Steelworks tomorrow decision he believed they would 

west Midlands could become the to bear the workers’ plans for “ take the view that the works 
scene of a new confrontation preserving jobs there and should canyon." “ ™ 

between British Steel Corpora- improving its viability. rr ^ 

tion and its biggest union over The union rinims strone ^ Slfs w J a won't T* 

Aejcd^-s national Co™ J& gj&gg jb. ££* 

P Mr Bill Sirs, general secre- Sjboh tion b ? d mad ® 1,0 fu f ther “P™- 

taool tnelroQ and Steel Trade, ^’ mona ° n ““ 

gSf ed “*J* on * yesterday the steel Corporation’s post ^ ° f • , . •. 

Briston represented the Beswlck econdmy programme 0n the **•* ^7 of the annual 
•‘dividing line” between the BUston is the ffiist plant which nonnollcy making conference, 
closures made under the Beswlck was not staffed '-’out in the deferred from last month, Mr. 
plan, with which the unions had Beswlck Report- on closures to Slrs ma <* e it clear that the 
co-operated, and the corpora- emerge under the corporation’s uni °n’s co-operation on the 
txonte plans for further cuts; programme. i . M steel contract ” industrial demo- 

The union was likely to have Earlier this saanmer a national crac 7 proposals would depend on 
to make a firm decision by strike was threatened when a faow far tiie corporation was 
November on how it would union official deceived a letter prepared to meet its demands 
respond to any further closure from a local manager calling for f °r single status on issues such 
plans affecting Bite ton and this talks on closuaTand the letter as pensions and holidays for staff 
would "set the pattern for the had to be wift drawn to allow and manual workers, 
future.” what the corporation described But the union would stand firm 

Mr. Sirs’ clear warning to the as proper Consultation to in resisting apy attempts to bring 
corporation that It must tread proceed. 3~: the steel unions together in 

carefully with the unions if It Mr. Sirs Said Mat his members annual wage negotiations, 
wants co-operaton to continue at BUston we® 7 determined to The conference supported an 
followed a top-level, anion visit keep the plantS>pem They had executive council motion seeking 
to Bilston on. Monday. asked the union- for its support immediate negotiations on the 

Representatives of the TUG to' ensure pra$$ar consultation, introduction of a 35-hour week, 
steel industry committee, which Although, it lags up to the- which the union leaders argued 
is chaired by Mr. Sirs, will also executive to aiake. the final would help to create more Jobs. 

British Airway! Parity for 

cancels flights I re^irmen 

§ ends y ne 

BRITISH AIRWAYS has can- Manchester-LondtUi Manchester- mqvt ftlCTIllto 
celled some intercontinental and Edinburgh. Manchester — Copen- UCLj UlalilllC 
short-haul flights mainly from fcagen, Man chester-Frank furt and * ^ 

Heathrow and Manchester, today Copenhagen-Glasguw. THE TYNE’S 5,000 ship repair- 

because of the 24-bour strike The P neineenAare seekinp men have won a P arity claim with 
by engineers seeking pay parity. K|n pI ' y J 1 en ^'|j working on 
The airline believes the effects wide-bodied jets dad claim there JJJJL J 
of the stirke.^ due to begin at is a disparity up to £6 

630 am today.wiUb e more between toe* that naf of Tyneside’s major industry, 

severe on long haul services than tiated by British Caledonian Under a central arbitration 
on domestic and European engineers for working on similar committee award, announced yes- 
flights. types of aircraft' lerday, carftsmen in the repair 

Last night British Airways had . yards will get a backdated split 

cancelled six long haul services ' TT award which will bring their 

from Health row. two from Man- C.iKcirlvitloq t n weekly pay to £83. 

Chester and nine short baul OUUMUy.jgUCd lO worke rs at the top 

services- The airline -normally - 4R nf the scale will net f73AO 

fflSS? 1 . J mor^than PrOtCCt fobs f Both sides of the indu^ have 

tlnental flights and more than r 1 Mr jn>m 

lerday, carftsmen in the repair 
yards will get a backdated split 
award which will bring their 
weekly pay to £83. 

POST OFFICE engineers yesterday lobbied an executive meeting 
at their union’s London headquarters in protest at the provisional 
agi-i-i-meDl on a 2Wx>ur reduction in their working week. Some 
of the union’s 125JW0 engineers say they will not accept anything 
less ihan a five-boar cut u> 35 hoars- 

The executive of the Post Office Engineering Union decided 
that the special delegate conference which will settle whether 
the provisional agreement will be accepted will meet on Septem- 
ber 16 in Birmingham. Hie Post-Office has waived the proviso 
that the new arrangements would he implemented in December 
providing the union agreed to accept the deal by September 12. 

The special conference preceded by regional meetings 
before each of the union’s 300 branches mandate delegates. 

Barclays Mil limi t 
cash exchange plan 



and Popular Resile of fiigeRa 


The Banque Cenlrale ' d’Algerie plans to acquire a 
complete air-conditioaing' installation (strict control of 
temperature and humidity) for its printing plant an 

For the completion uf this work, the Banque Centrale 
d'Algerie will preselect qualified companies. 

Hie total volume of the premises involved is 10,000 cubic 

The realisation of this work will include the study as- 
well as the patting into operation of the installation, 
'supply of materials. 

Interested companies should send their applications 
together with references before September 30, l»7s to . 
the following address: 



20, rue des FusillOs du 17 mai 1957 — 


Td 1 hSS ^UbSldy aflea to , BABOAWBmU «iWtoS^ and there will be 

5P*X~** a ™ v Ancillary workers at the top its experiment on bureaux de .greater choice in operating the 

"ESS TJb aWiw -noraal^ , , of the scale will get £7L60. change to four branches instead .days off system. 

aS2gf flights and 1 m“e tiia^ PrOtCCl fODS Both sides of the industry have of nine after delays in reaching ’ Both Barclays and the staff 

. . ,, V , . welcomed the award. Mr. John an agreement with the bank’s association said that the four 

European THREE West Yorkshire councils ; Hepplewbite, of the Boiler- staff association. " branches were enough to monitor 

flights from Heathrow hhve tlnlmd utriRffira to save ; makers’ Society, said: “I am Barclays had agreed with the :the experiment which begins this 

The six cancelled long haul up to 14,000 jobs^n the textile , quite happy with it It has taken National Union of Bank Em-; weekend and is due to run into 
flights from Heathrow were to industry. -S' ' _ . . (years to sort out and get equality ployees to open nine branches on September It may be extended 

New York, Los Angeles, Hong Bradford, Kirkl^es and Calder- , between the repair and building Saturdays for currency exchange .-if demand is sufficient. 

Kozx& Beirut and Muscat, dale councils hay ^written to the yards.” transactions. This was in return V The bank said yesterday that 

Dbanran in Sai^ia Arabia and Government supporting an| part of the award Is back- for days off in lieu and extra<cash dispensing machines could 
the Concorde fli^t to Babram. appeal for a ^^yg^l.OOO-a-year, dated to January L The balance payments for those 6laff working Provide out-of-hDnrs cash for 
Passengers will he offered subsidy to wopl scaring firas tor, s backdated to July 1. provided on the Saturdays. ^customers, but they could not 

alternative arrangements with offset high w^te disposal revised working practices are Talks with Barclays Group with the transactions 
o the r airlines. . • .. cnarges. • . ■ , implemented. Staff Association proved more ien u i red bv foreien tourists. 

The long haul flights cancelled The coimcils . ^ hat a f These Include greater flexi- awkward, but the bank decided The four branches — at St 
from Manchester ^ ere 1° suggested move Wi t he coast l bility and no arguments over that it did not want the scheme ^jaul's and Knigbtsbridge 
Toronto and Montreal and to would mean a di«J loss of,« who ^ es wh at.” Neither side delayed. findonr id at Britton and 

aD ^ii^ ew i ^ 1 . ear ^ 6,500 l 0 bs, ^td if | expects any difficulty in ratifying Agreement was reached witb/"Cant'*rh'ury will be open on 

■ •SSSfl*' 4 b £' r !d , hl: Of tie the sUS associ.tio/for Z From 9.30 Z for 

return flights include, two mean 14,000 fevgv jobs. \ A warning on the level of branches on terms which the foreign exchange business in- 

/ A shipyard productivity came yes- association said yesterday were eluding cashing of travellers’ 

- / \ terdav from Mr. Derek lumber, considerably better than those cheques. \ 

rflNTPAPTC AND TPMAEPS ' \ c ! 1 1 ainnan of Austin and Pickers- originally negotiated by the The bank 'and union officials 

I KAv 1 3 HWW ■ C.MULR3 i gill union. will monitor the scheme to see 

— w— — — — .tw i j w— 1 Wnting in the company maga- The branches will be open if demand is sufficient for a small 

zinc, he told 3,000 workers at until 4 pm instead of 4.30 pm, permanent oetvfork of exchange 

and Pnnulap Rfinilfc nf ftlaertal KESS is up u,e wments Seen bureaux ° pen,t ^ nn Sah,rdai ' s - 

^ mJ The company hoped to score ! \ 

■ / " 1 further successes, “ but this will 1 - 2 • o* _ i n 

MINISTRY OF F/NANCE entirely depend on restoring f Oreigjl UH10DS lH OlllgCr tfllKS 

BANQUE CENTRA RE D’ALGERIE I productivity to something like UNIONISIS from many countries UB. an& Europe, including 3 000 1 

INTERNATIONAL INVITATION FOR its former level.” are to meet in Glasgow proposed redundancies at the I 

TWF PRFmFrrmhl OF COMPANIES Mr *. Bill f Porter. 1 regional October to discuss toe Singer company’s Clydebank sewing 

THE I'KfcoMiKCitUIN L.l>iVLr/vivrBo organiser of the General and company s plans to cut its world- machine factory. 

_. . - . , - -Annira „ -. Municipal Workers Union, said wide manufacturing network. The decision to call the con- 

The Banque Cenlrale d ^trnf of be did not understand the chair- The International Metal- ferenee arose from talks in 

complete air-conditiomng-Jnitallation (strict ccnum oi. man’s criticism because be con- workers’ Federation has called a Glasgow this week between Mr. 

temperature and humidity) for its printing pi an sidered the yard had one of the conference of Singer unionists Karl Cassarini. assistant general 

Algiers. /' best records of all-round prodne- for October 2 or 3 after a threat secretary of the federation, and 

For the completion of this work, the Banque Ceatrale tivity. to many thousands of jobs in the senior British union officials 

d’Algerie will preselect qualified companies. 

Hie total volume of the premises involved is 10,000 cubic 


The realisation of this worts will include the study as. 

well as the putting into operation of the installation, _ — — — . _ 

SMcAtttm: AUEW sends team to 

the following address: 

rr:~“ a tackle BL rebels 



Bemoeraiic anil Popular Heooniic ol Algeria 


For its printing plant, the Banque Centrale d’Algerie 
plans to acquire a- complete installation for the recovery . 
of trichlorethylene (liquid and steam). 

For the completion of this work, the Banque Centrale 
d’Algerie will pre-select, qualified companies. ' 

The total quantity of trichlorethylene. to be treated; -is- 
approximately 300 kg per day. 

The realisation of .this work will include the study, as 
well as the putting into operation ol the installation; 
supply of materials. . 

Interested companies should send tbeir applications 
together with references before September 30, 1978; to 
the following address: 


10, rue dcs Fu&illes du 17 mai 1957 





Dividend lhwrtiBUert wiU rcaiw a S“i Bsix SUSSEX CGUHTY COUNOL 
Inwrtm dlvWCMI «• Slh St uUmt ff, 1978. 

OMUl wju be dapatdKd on or 

£5Si Z&JTgSSZd S wib «a.78 0 a»»* 

>» follow: It M B Maura 27 . 1 1 . 78 . Total uMcatlons 

Or d Cap ChdCiP Wfcre LZS.5m. Total wmandtaB CScn. 

Baud «n an average 

price of : . ITV.tnWB 179 oaan 

for eat* ihare hew. " 1 — 1 " 

Holders will receive - .017710 .017710-- 

Frseciona of newt Mare* are retained oiBCe 

Mr . the Company. LLUD9 


I ■ >«■■ ■ ■■“ ■ M m m-pmu mm - ReTWlt SW«. ?34 C5S7. A a 

R.WA dALLCRlB. «. Conduh ,«o W:i . Cane « AU-m Menu Thr« Soecueular 
RWS-AR Ctab,»nd-9aelwe*MtBi»twl9*i F( __ ^ io.«S. 12.« m»* Ias and 

sayaa-^ss, 10 ’* *r- ^ srSa-. Fra**. 

MEMBERS OF the Amalgamated 
Union of Engineering Workers’ 
executive wil lset off for the 
Midlands an d Scotland this week 
on a mission that they hope will 
quell challenges to the union's 
authority and bring peace to two 
BL (formely British Leyland) 
plants beset with disputes. 

The union has members on 
strike at BL’s Bathgate truck and 
tractor factory in Scotland and 
its SU Fnel Systems plant in 
Birmingham , while Transport 
and General Workers’ Union 
members are involved in a third 
dispute at the Llanelli radiator 
factory in Sotuh Wales. The 
week-long Llanelli strike, over a 
demand by production workers 
for pay parity with craftsmen, 
might affect other factories badly 
if it goes on. 

Both AUEW strikes are con- 
tinuing in spite of instructions 
from the union that the men 
should return to work. The 
AUEW executive decided yester- 
day to call both groups of 
strikers to district committee 
meetings this week with an 
evecutinve member present, to 
repeat the instructions to return. 

The move suggests that -the 
union may be ready to take a 
tough stand if the strikers again 
refuse to return. AUEW offi- 
cials have told other members 
at the SU plant to try to main- 
tain production during the 

BL management has warned 
the AUEW that it wil! suspend 
work at the Bathgate factory 
indefinitely unless the strike 
ends rapidly. ' That would 
affect jobs at the Albion factory 
in Glasgow and probably at 
otber BL and truck factories. 

The Bathgate strike, entering 
its third week, involves 1500 
men who' are demanding extra 
money for operating new com- 
puterised machine tools. BL. 
supported by the AUEW execu- 
tive, says that under their pro- 
cedure agreement the strikers 

should use the new machinery 
without extra pay. The com- 
pany adds that since the new 
tools will increase output the 
strikers stand to benefit under 
a productivity scheme. 

Mr. Michael Edward es, chair- 
man of BL,- visited Bathgate 
last month and gave a warning 
that the secure future of the 
plant depended upon an end to 
unofficial disputes and restric- 
tive practices. 

However, by far the more 
difficult of the unofficial disputes 
is at the SU factory. 


It involves only 32 men who 
have no support from other 
workers at the factory. It has 
not yet affected production. But 
it raises again the demand by 
toolmakers for separate bargain- 
ing rights and pay ' parity and 

■the spectre of last year’s 
Leyland toolroom strike that 
caused heavy damage to tbe 

Tbe SU strikers want parity 
with other BL toolrooms in the 
Birmingham area. They see 
themselves as spearheading the 
toolmakers' • continuing cam- 
paign for that end. Mr. Roy 
Fraser and his colleagues on the 
unofficial toolroom committee 
that led last year’s strike are 
arranging collections among BL 
toolmakers for the SU strikers. 

Tbe AUEW is satisfied with 
the moves towards pay parity 
under BL’s scheme to rationalise 
its wage striicture — the intention 
.is .to achieve full parity by 
November, 1979 — and the 
strikers were, like the men at 
Bathgate, ordered back to work. 

They Ignored the instruction. 
Last weekend, they were called 
to a meeting of the union’s East 
Birmingham district committee 
to -explain themselves. None of 
the strikers attended and the 
committee imposed. $9 fines os 

all except two men who sent 

The AUEW executive con- 
firmed the fines yesterday and 
ordered the strikers to report 
\o an emergency meeting of the 
district committee tomorrow, it 
wil be attended by Mr. Terry 
Duffy, who lakes over from Mr. 
Hugh -Scanlon as AUEW presi- 
dent in October. 

Executive members will be 
under, no illusion about tbeir 
dilemma. They cannot get tough 
with 32 men at SU Fuel Systems 
without risking having to take 
on the entire BL toolroom com- 
mittee. Mr. Fraser and his col- 
leagues are to meet on Saturday 
week to discuss tbe next move 
io their campaign for separate 
uegotidting rights and Mr. 
Fraser has given a veiled threat 
that, the meeting might decide 
upon further industrial action. 

There . is tittle friendship 
between the executive and the 
tool room committee. If the SU 
strikers reject tomorrow's 
renewed appeal to return to 
work, the executive will have 
to make some crucial guesses 
a^bon't ’the current state of Mr- 
Fraser’s power base. Other 
AUEW members at SU demon- 
strated clearly on Monday that 
they support the union leader- 
ship ;and will help to keep the 
plant working. However, the 
same evening 700 toolmakers in 
the Birmingham area almost all 
boyeotted a meeting called by 
the union to explain tbe bnck- 
jround to the dispute. 

If* as some AUEW members 
believe, an increasing number 
of BL toolmakers are satisfied 
with the moves the company is 
making towards pay parity, con- 
tinued action by the SU strikers 
would give the executive an 
ideal opportunity to put the 
toolroom. committee to rout But 
Ihcre, is no lack of appreciation 
of the possible gravity of the 
consequences if such a calcula- 
tion proved wrong. 


(Incorporated in Botswana) 


Half-year ended 

Year ended 

June 30 

December 31 

Production st mine 




Copper/Nickel matte 


19 526 


30 772 



4 463 












- 20 615 



5 770 

13 386 









(Stated la thousands of pula) 




Operating loss 

Interest on loans and commitment fees 

Profit on currency exchange fluctuations 

Settlement of refining claim 

Loss on current operations 

Exploration expenditure on prospecting areas 

Extraordinary items 

Loss attributable to the minority shareholders 
of a subsidiary company — BCL Limited 

Loss attributable to tbe shareholders of 
Botswana RST Limited 

Accumulated loss 

Loss attributable to tbe shareholders of Botswana 
RST Limited converted into: 

Sterling at the rate of PI = 


Dollars at the rate of PZ = 

Capital expenditure 
Capital commitments 

Capital expenditure approved by the directors . 
hut not committed 


Operating loss per annual report 

Other expenditure 

Provision for retrospective effect of 

restructing agreements 

Additional royalty payable under 

revised mining lease 

Half-year ended 
June 30 

1978 1977 


13 366 

(2 900) 

Year ended 
December 31 




(set! note) 
(3 0S4) 


15 508 

31 643 




3 733 




13 245 



115 742 


102 497 

£8 573 

£10 880 

£24 324 





S46 629 

Half-year ended 
Jane 30 

1978 1977 


4812 1019 

2 787 2117 

Year ended 
December 31 
3 055 


The mine concentrator and smelter have achieved a steady level of operations, 
with plant availability at satisfactory rates. Matte production for the six months was 
19 526 tonnes, which was 274 tonnes ahead of target This compares with a production of 
19330 tonnes during the last six months of 1977. Production costs at the mine totalled 
P23.3 million for the period, compared with P24.1 million for tbe last six months of 1977. 

There has been a rapid build up in project work load during the period. At Selebi 
tbe pre-production development programme is in hand, initial production being scheduled 
for early 1980. Design of the rail ore handling system is being finalised and construction 
will start shortly. Preliminary engineering studies on the new Phikwe No. 3 shaft are 
nearing completion and discussions with shaft sinking contractors will soon commence.. 

Similar progress is being achieved on metallurgical projects. A contract for the 
supply of a 220-tonnes per day oxygen plant for tbe flasb furnace has been signed, and 
detailed design of the revised flash furnace feed system is in hand. Engineering design 
is proceeding on projects aimed at reducing pollution. Commissioning of the metallurgical 
and associated projects is expected during late 1979 and 19S0. The Botswana Power 
Corporation has agreed to install a fourth boiler at the Phikwe Power Station to augment 
the existing power supply to BCL. 

The. nickel price continues to disappoint, and the high level of producer inventories 
militates against any price increase in the short-term. The provisional prices for matte, 
based on metal content, reflected metal prices of dollars 2,01 to dollars 2,05 per pound 
for nickel and dollars 0,57 to dollars 0.60 per pound for copper. The current nickel price 
has dropped below the above range although the copper price has improved slightly. 

The prolonged and complicated negotiations amongst the Government of Botswana, 
the company, the major lenders, and the company's principal shareholders. Amax Inc. 
and the Anglo American Corporation Group of companies for the restructuring of BCL 
Limited’s sales agreements and certain of its financial arrangements were concluded on 
March 16 1978. 

A summary of the principal changes brought about by the restructuring was set 
out in the 1977 annua) report. 

Tbe lower operating loss incurred by BCL of PO.2 million, compared with tbe 
operating loss of P5.3 million for the first six months of last year, reflects mainly the 
increase in matte production and the containment of production costs, despite inflation, 
at marginally below 1977 levels. After interest, commitment fees and currency adjust- 
ments the loss attributable to tbe shareholders of the company for the first half of 1978 
was P13.5 million compared with a loss of P15.5 million for the corresponding period in 

During the period under review the principal shareholders were not required to 
increase their loans to the company and the cash requirements of BCL Limited were 
provided by the shortening of the inventory pipeline and certain additional loan facilities 
negotiated as part of the restructuring arrangements. After the cancellation of P75 
million of the company's indebtedness to the principal shareholders against the allotment 
by BCL Limited of P75 million 10 per cent cumulative redeemable preference shares to 
tbe principal shareholders, tbe total consolidated indebtedness, including accrued interest, 
at June 30 1978 was P220 million. Subsequent to June SO, the principal shareholders 
were required to purchase royalty notes in terms of the restructuring arrangements and 
have agreed to guarantee facilities negotiated to finance tbe oxygen plant in terms of 

their standby commitments. 

Botsalaoo House. IAN K MACGREGOR l 

The Mall. J- DAVID TAYLOR - utrecwrs 

Gaborone. Botswana. 

August 23, 197S. 

Record 6 Months. 

Period Ending June 30, 1978 



Transamericas Erst half operating income reached a record $1.54 per 
share, a 27 percent increase over the Mine period of 1977. Six-month earnings 
exceeded SI00 mi lli on for the first time in the company's history. Annualized 
aftertax return on equity rose to 19 percent 

AU of Transamerica Is major subsidiaries participated in the gaim Record, 
performances were tinned in by life-insurance, pr operty/casuai ty insurance, 
consumer lending, tide insurance, entertainment, travel and manufacturing 

Bor our 1977 annual report and 1978 second quarter report, please write: 
Corporate Relations Depamnent.'Iransamerica Corporation, 600 Mont- 
gomery Street, San Francisco, CA 94111. 





Way to best contracts 


Makes a safer 
fuel tank 

ICI HAS developed a pair of 
fibre-based materials which, 
although intended primarily for 
protecting the fuel tanks of 
military aircraft to minimise 
the risk of fire or explosion in 
the event of a direct bit. might 
also find eventual application in 
civil aircraft and possibly the 
road vehicle industries. 

■ One of the products, called 
Promel, is for use inside fuel 
tanks and is supplied in 4SQ x 
4SO x 120 miff blocks that can 
be cut to fit at the manufacturing 
stage or retrofitted tbrougb the 
hatches. It is made from IS 
micron diameter fibre with a 
core which has a higher melting 
point than the -cladding. The 
hulk fibre is “melded” fa com- 
bination of melting and welding), 
the claddings ^ticking together 
6iit leaving the fibrous structure 

The result is a material exhi- 
biting a surface area of 200 

square metres for each cubic 
nWre. aMe therefore to absorb 
the heat and suppress the 
chemical reaction of a flame 
front aided by- the effect of the 
latent beat of melting. 

In firing trials carried out at 
the Royal Aircraft Establish- 
ment, Farnborough, a sbeet steel 
tank containing an explosive 
mixture of Avtag vapour and air 

was filled with 350 mm cubes of 
Promel and two rounds of 
12.7 mm armour piercing incen- 
diary tracer fired at it from short 
range. The heat energy was dis- 
sipated through the material, 
fusing the cubes into a cohesive 
mass; the pressure rise in the 
tank did not exceed 3.5 psi — 
well within the tolerance limits 
of most fixed wing aircraft 

Density of Promel is about 
8.5 gms/litre (0.5 lb/ cu ft) so 
that payload increase is negli- 
gible. It occupies about 0.75 per 
cent of the fuel space and re- 
tains about 2-25 per cent of the 
fuel, so that loss of available 
fuel is small. It. is suitable for 
use in both rigid and flexible 
fuel tanks. 

Although Promel costs several 
times as much as polyurethane, 
the material used so far, it has 
important advantages. It is one 
third of the density, completely 
inert, intrinsically non-dusting 
and can withstand prolonged im- 
mersion in fuels up to 100 deg C 
— a temperature that can be 
reached when, as in some 
modern aircraft, the fuel is used 
for cooling purposes. 

The other product, Atomel, is 
similar and is for use in dry 
bays around tanks to suppress 
fires cause by loss of fuel from 
the tank. 

More from the company at 
Mi U bank, London SWI 4QG 
(01-834 4444>. 


ALTHOUGH Laurie, Millbank 
and Co., has for some eight years 
been supporting the operations 
of its gilts salesmen through the 
provision of .fast price and yield 
information system, it was not 
until about a year ago that the 
house began considering how it 
could make available, outside, 
the expertise its software 
specialists and the company with 
which it was associated had 
accumulated in that time. 

The company. City Computer 
Systems, of Portland House, 
Ba5inghall Street In the City of 
London, whose technological 
mainspring is Professor B. B. 
Gaines, head of the mechanical 
engineering and computer 
sciences department at Essex 
University, has done a great deal 
of work for Laurie, Millbank; but 
also for other well-known 
specialist groups in the City. 

In this area comes a develop- 
ment that is on the stocks at the 
moment to allow salesmen to use 
a conventional compact colour 
video, not only to look at impor- 
tant financial and economic news 
announcements, but also to sum- 
mon up from files company data, 
switch in Reuter services. View- 
data, Seefax or Oracle etc, as 
the man in the hot seat demands. 
Being in the hot seat implies 
that the user will not tolerate 
lengthy response times. So the 
emphasis during development at 
the brokers has been not to over- 
load central processors, but to 
split the load, time and again 
between the smallest machines — 
including micros — so that users 
can get essential information 

■X ■■ W 

; v v.-, ;; 

j.x - 


with high 

IN OCTOBER Alpha type Corp- 
oration' will be revealing a new 
cathode ray photo typesetter at 
the Graph Expo in New York. 

Known as CRS (cathode ray 
setter). the ■ equipment is 
driven by an intelligent terminal/ 
minicomputer . system which 
basically consists of a pair of 
32k terminals, a 70 megabyte 
disc store. 16 bit mini with 65k 
df -memory; floppy disc for input 
and back-up. and the necessary 
typesetting software. 

Input from the two keyboards, 
word processors, or from wire 
services can be accepted, stored, 
and merged in sequence. By 
programming, the operator can 
tailor the keyboard to the par- 
ticular type of work 

In the setter itself the com- 
pany claims that the character 
resolution of 5.300 strokes per 
inch with the spacing and align- 
ment facilities provided set new 
standards for phototypesetting. 

The definition is claimed to he 
about four times that of other 
CRT setters developed to date 
and an idea of the fineness is 

obtained by comparing with the 
40 lines/inch of domestic televi- 
sion. f- 

Before a CRS fount is digit- gf. 
ised, each point size is con- 
sidered. Alphabets are re-drawn “ 
as needed to guarantee perfect 
letter form and best fit from 
character to character, for every 
point size. Each drawing is then 
digitised producing a quality 
which it is claimed no system 
of enlarging/reducing lenses, or 
electronic re-proportioning only 
can emulate. 

Horizontal control over the 
electronic positioning of each 
character is in increments as 
little as 0.000375 inch producing, 
it is claimed, perfectly spaced 
words with no line-to4ine varia- 

Entire lines are then exposed 
to a flat plane that provides 
maximum exposure control with- 
out distortion. Photo material is 
a fiat sheet (paper or film) 
located on pins in a precision 
mechanism that provides great 
accuracy of line spacing. 

On relatively slow high 
quality graphics arts papers the 
speed of the setter is about 50 
lines/m in at sizes under 12 

point (30 Ipra over 12 point). 
But with high-speed materials 
this can be increased to 80 1pm. 

Alphatype Systems in London 
plans to run a fiighi-botel 
travel package to see the 
machine in New Ynrk. . More 
From 7 Regency Street. London 
SWI (01-821 0126). 


This announcement appears - alter oF record only. 

’Wednesday August- 23-1978- 

The brokers are developing 
this fast response System and 
moving outside the UK range so 
that they will be able to go to 
potential customers and point 
out the latter’s need to sell, for 
instance. Eurodollar ' bonds, 
which they have tended to bang 
on to,- in favour of more 
profitable holdings. 

' Most of the systems work it 
has done has either liberated 
users from the dominance of the 
very big computers with their 
associated heavy hardware and 
software costs: or it has intro- 
duced new users to systems 
operating on minicomputers, or 
minicomputers plus micro* 
computer support 

Several of the systems being 
used or introduced by Laurie. 
Millbank belong to the latter 
.category and while it is not yet 
possible to disclose who the new 
potential users are, the five com- 
panies who have taken the latest 
Information handling product 
from City Computer include 
some of the best-known names in 
banking and/or stockbroking. 

Without going too deeply into 
detail, the systems evolved for 
use by the brokers are intended 
to provide, at the lowest possible 
cost, an instant information 
switching facility which allows 
salesmen to conclude advan- 
tageous contracts on the basis 
of the most recently updated 

Further details from A. J. 
Trus tram Eve, Laurie. Millbank 
and Company. Portland House. 
Basing ball Street, London. EC2 
(01-606 6622). 

Texas Eastern Norwegian, Inc. 

A wholly-owned subsidiary of 

Texas Eastern Corporation 


Nine year term loan 

Proceeds used for the development of 
Texas Eastern Norwegian’s share of 
the Valhall Field, North Sea 

Funds provided by 


August, 1978 




For Indus try 

I Instant MBfJl‘ c . r ? Qsetl 
Contact tfncteiKy 

| Cass Electronics Limited 
Phone lnhmE2SS forint ormtm 


Nobody at 
the wheel 

ABOVE : The Royal Aus- 
tralian Air. Force is evaluat- 
ing this equipment designed 
by Vickers Medical of Basing- 
stoke, Hants, for patients with 
suspected highly -infectious 
diseases who require long 
distance transportation by air.' 
Vickers says it has been 
approved by the UK Civil 
Aviation Authority after 
development undertaken with 
British Cal edoni an and - that It 
has already been used by the 
United States Air Force. 
Successful trials have also 
been carried out by the Royal 
Canadian Air Force. The unit 
has a battery-powered air 
supply and can be leaded Into 
an aircraft by a forklift track. 


Analysis automated 

LEFT : The Dee Cee Con- 
tracts group of Dartford, 
Kent, is undertaking the 
insulation of processing equip- 
ment and pipework and the 
protective coating of steelwork 
at the Harlow Chemical Com- 
pany’s new synthetic emul- 
sions plant at Stallingborough, 
Lines. Protection from 
atmospheric and chemical 
attack is being given by 
chlorinated rubber coating 
systems, while vertical storage 
tanks are being insulated with 
50 mm thick mineral wool. 
Once positioned this material 
Is secured into position by 
means of aluminium bands. 
Each tank is then clad in pro- 
filed and made-to-measure 
aluminium sheeting posi- 
tioned with 50 mm banding. 

vartan 5000 describes a new 
series of microcomputer-based 
liquid chromatographs wbicb the 
company believes offer an 
excellent price-performance 
ratio and are relatively easy to 

There are six models in the 
range starting with the 5010, a 
basic unit for analyses that 
require only isocratic elation and 
in which digital thumbwheels 
set flow rate and pressure, and 
ranging through instruments 
that offer facilities such as 
gradient ability and a number 
of automated facilities. 

Top of the range model 5020 

Paging or 




II »}w 

-v CTm i — * 

***** * « T 

9 A & A it VV* 

<? u ft ^ T- (f, Si **. B 


-the worlds largest manufacturer 
of Industrial Suction Owners 
Borv St. Edmunds .Suffolk 0JB-1 65163 

has features such as- interactive 
CRT — keyboard control, con- 
tinuous read-out of operating 
conditions tor the analysis pro- 
gram), self-diagnostics, and a 
large memory which stores up 
to nine analysis programs, re- 
called at the touch of a button. 

Several of the models auto- 
mate the entire liquid chroma- 
tography process including 
sample introduction, separation, 
calcula tion, and the final printed 

The wide range of options 
make it possible to configure a 
model to suit a specific 

More from Vartan AG, Stein- 
ha users trass c. CH-6300 Zug. 

A DRIVERLESS vehicle prim- 
arily intended for distributing 
goods and mall in offices, com- 
puter centres, hospitals and in- 
dustrial complexes has been in* 
troduced to the UJ\. by FrazCT- 
Nasb (Group Services), Burgoine 
House, Lower Teddington Road, 
Hampton Wick, Kingston upon 
Thames, Surrey (01-877 0051). 

Using automatically dotach* 
able containers of various con- 
figurations, each battery pow- 
ered unit is capable of trans- 
porting 200 kilos at 30 metres a 
minute and travels along pro- 
grammed routes through corn- 
dors, offices, workshops, etc, halt* 
ins at predetermined positions. 

Called Transcar. the vehicle 
is programmable for use on sev- 
eral Boors of a building ns»g 
existing lifts and, since it can 
travel backwards and forwards, 
single entry lifts can be utilised. 

Control of each is. achieved ny 
a micro-processor which stores 
all route programmes and its 
most important feature is said 
to be the simplicity of installa- 
tion which only requires a pas- 
sive guide tape laid on the 
floor (even under carpet) en- 
abling predetermined routes to 
be set down with the minimum 
of disruption and allowing for 
straightforward maintenance and 
easy roate alteration. 

The ear was originally designed 
for use in hospitals but the 
maker says, its advanced safety 
features now make it suitable 
for application in industrial and 
office areas. 

• Bji agreement between the 
Financial Times anti the BBC. 
information from The Technical 
Page is available for twe bti the 
Corporation's External Services 
as source material for its over- 
seas broadcasts. 

General Mining 


ENDED 30 JUNE 1978 

Both companies are incorporated in the Republic of South Africa. 
(All figures are subject to audit) 


Owing to certain changes with retrospective effect, the information published on 1 1 
August 1978 in the quarterly reports of the undermentioned companies has been 
adjusted, and revised reports are published below. 

Trans -Natal Coal Corporation Limited 


MADE BY Hasler and available 
from Tele-Nova of London are 
units for induction loop com- 
munication that can be used for 
paging or . for direct speech 

Using digital principles, the 
DS 2000 accommodates up to 64 
transmission and 16 alarm 
channels at the base unit, which 
can handle up to 100 paging 
calls, or, with added modules up 
to 1.000. 

There are three kinds of 
receiver, for paging only, paging 
with base tn receiver speech, and 
for two-way speech communica- 

The basic “bleep only" 
pocket receiver weighs only 
05 gm and, with the transmitter 
Interfaced with the PABX at a 
site paging requirements can be 
dealt with without manual base 
intervention. The system can 
then b<? used 24 hours per day 
without the need for a manned 
control position. . 

With a microphone and call 
keyboard added at base, paging 
and message transmission is 

For two-way speech a slightly 
larger pocket receiver is used. 

More from Tele-Nova at 111 
End well Road, BrockJey SE4. 
(01*692 9S16.) 

Quarter ended 




M2 Mouths 

12 Months 






Tons sold '000 

5 237 

5 035 

5 313 

2Q 795 








Net income from mining and allied 

7 848 

7 759 

8 336 

30 995 

30 973 

Add.- Financing and sundries . . . 

: 793 


1 419 

1 684 


8 641 

• 8 686 

9 755 

32 679' 

31 656 

Deduct : Taxation (2) .... . 


• 2 788 

2 597 

9 831 

4 788 

Outside interest .... 


1 030 

1 063 

3 738 

4 506 


6 623 

4 868 

6 095 


22 362 


6 012 

4 300 

2 078 

13 197 

8 991 

Notes (1 ) Dividend No. 31 of 10.5 cents per share was declared on 7 June 1 978 and is 
payable On 24 August 1978. 

(2) During the quarter Matia mine commenced production, and the company's 
share of the capital expenditure for the Mafia joint venture has been taken 
into account for taxation purposes. 

On pehalf of the Board 

t.’l debIer I Directors 

The Clydesdale (Transvaal) Collieries Limited 

, Quarter ended 



previous 12 Months 12 Months 

31/3/78 30/6/77 

Tons sold '000 

Other income 

Deduct: Taxation (2) 



1 120 

1 164 

4 617 









1 669 

1 501 

5 931 

5 614 

.2 0&2 

1 803 

1 610 

6 514 

1 246 



_ 2 592 


Notes (1 ) Dividend No. 1 30 of 9 cents per unit of stock was declared on 7 June 1 97*5 
and is payable on 24 August 1 978. ne 

(2) During the quarter Metis mine commenced production, and the comnanv** 
share of the capital expenditure for the Matia joint venture has been takjm 
into account for taxation purposes. iaKBn 

On behalf of the Board 
&/PJEUJS I Directars 



6 Hollard Street 

Johannesburg 2001 

P.O. Box 61 820, Marshalltown 21 07 

IS August 1978 


1 . 1 ! 





"idc- tv 






••=* - ■- - -WWW.WW. 

“»:*** « 



w ■• Kf ■*' ■ 
» • 

i^antSaFTimss^ We^s^ 

Allied Breweries' bid for. J. Kenneth Gooding outlines a major brewer’s plans 

ISStflJ? tew centred round the _ 9 F 

the ihianagement resources to to regain ground lost by division 

cope yith: an ailing group put- • 

side its usual scope of opera- a 

A fresh reerne tor 

satisfied with the performance -*■ #-X wkJPXX X VVil/V X VFX 

of the division responsible for 

its main-line business . — beer a '■’■X A 

^r’' 4 . ,0 " thin8S nillVU 3 tll^lUllil/I 3 

So how is Allied tackling the 

Allied's beer business has 
20,000 employees and owns \ 
seven breweries, as well as more 

When more than 20 directors Of Douglas St radian: “For years the 
various beer subsidiaries agreed big brewers have misjudged what 
tn leave, and control switched consumers -want andmed from a 
from the old operating com- P°b- * , 

panies in the centre. The changes hxve already 

Like so many other members prompted a top-level resigna- 
°. f ?* ?l^ w i ng industry's “big ti on. Dr. Bernal Kilkenny, 
six, Allied resulted from formerly bead oF- the beer 
several mergers. Many of the division, ieft fatioffisg differ- 

found it impassible 5 ta" foret* ences optamon^t.about its extension of his own personality as to become a separate profit 
S5? comSal e S ft*™ He “■»? of the he doesn't want the big centre. Burton will selllts 
....... six -strong execiiftw com- brewer to imoose the brewerv beer the onerartiriv rrurmarciAc 

v'N 1 

" heel 

h recipe for 
s customers 





7 IND 



Obvious] v this rather amrehin sa ^' stro,n ^ execute com- brewer to impose the brewery beer to the operating companies 
situation had to endedA^d m P ee kn0WTI 38 “ A ^ d u * nmer identification mark on it. There at an “arm's length, open 
fo hw^ wLn the EM ^net? Soon aft^ he left has been a. gulf between pub market price. So iTwUl^S 

so it was. when the main ttnarri ... w ““ utsiwetru puu marxet price. 50 We Will see 

puied Control back to the 5 I11 *fv he ™/ n ^te d up b * « oers “d the brewers in this where itfle profit on the beer is 
!zgr control back to the Scottish and .^Newcastle respect” 'reaily earned.” 

“ „ Breweries to run their reorgan- Mr. Strachan says that from Mr. Straohan promises there 

Ton far „ be ?[ bu f ness -^ : ^ now on Allied Will be com- wild be much more beer trans- 

, ‘ w ^ l . Mt - strachan, wfie. replaced missioning much more research f erred within AWded at open 

But Douglas Strachan, 44. the him at the head of JdUeds beer into the way its pubs can reflect market prices in future And, 

new chief executive of Allied division, trained as *brewer at the needs of the customer. although details of the beer 

!Sft ( S£r -M ssjsrs?- sssra -»■ «—• “ «K 

centralisation went too far and career vrith GuinneSSr Dublin. “ cb pu h b * ““*• l*^ 05 ** ****** 

was allowed to go on for too More recently, howevpr, be has Watney has taken this approach, ciad resets of the new regional 
long built himself a refutation in Bul whatever ***• solution, we operating companies wiH be 

“The system was over- marketing and genwS manage- “^ Protect the integrity of made public in future. “ Profit- 
centralised, with all . the ment. For five yeas he was establlshed pubs * companies will get the a- 

bureaucracy and unwillingness managing director oTthe Irish vestment and the unprofitable 

tn make decisions this implies, soft drinks, wines .ABd spirits P pa] o]pc wont 

Managers must in future make group, Cantrell And /Cochrane. a,V/l5 The structural changes in 

decisions and take responsibility Then, in 1972, he joined Allied’s “There has been a rapid in- themselves will by no means 
for those decisions,” he adds. . wine and spirit divisfito as com- crease in demand for lager and provide the answers to all 
The reorganisation which Mr. mercial director. Hfeinoved to increasing demand for keg Allied’s problems. “But we will 
Strachan is overseeing will split the heer division aif&orporate beers, particularly in the North. S et more enthusiasm from local 
the beer division into 11 sep- Affairs director in the-summer These beers could not have “anagers and they will enjoy 
arate companies, each becoming of 1977. \ made the progress they have t J e,r J° bs m “ ch ^an if 

independent, accountable profit His views on some ^ects of made unless the consumer tbe -’ we J e always being told 
centres. This is not a question the brewing industry/are not demanded them. But thanks to what t0 , d ° ?- v 1118 head o ffice -” 
of “retrinnal isation.” somethin^ hmical. For examnFarne insists r.AMTt A there is also a Quite “ Allied is to stop the decay 



centres. This is not a questiun the brewing industry/are not demanded them. But thanks to wnai °° ?- v 1X16 nea ° omce - 
or “regional isation,” something typical- For exampfafne insists CAMRA there is also a quite . If Allied is to stop the decay , 
which has become fashionable that “ for years tliaroig brewere different sort of demand for !° Jts mark ® T . shar ? 11 ™ ust 
in the industry lately, but an have misjudged wjfet consumers real ales. tbe n ^ ht b ^ ds t0 off 1 f. r ’ 

exercise in management tech- want and need fcpin a pub. The\ “The whole industry was too , r - S ? a Sr an , , b £“ eves tbat 
nique. customer sees tie puh as an slow to react to CAMRA (Cam- “though Double Diamond has 

f° r Real Ale). We missed ^ s *° >e set hadcs it sfail has 

f - fte praM tot CAMRA mtde for 

/ beer nsws again. And AHied s “'l a ver7 f » r 

■ ' 7 KWr*n/ itetif «hould have been much sk , , ■ nn „ 

1 |||1 1 1/ quicker to introduce beers te bes ,. wUing beer but aim ba5 

^ * W Ansell s Aston Ale- some way to go before catching 

As for the structural changes up Bass Charrington on the 
1 1 Ifl ‘ iklw taking place in the beer lager front Around 30 per 

division, Mr. Strachan inisists per cent of Bass’s output is 
g~U « 'M / j * a 't “nothing partkailarJy lager. 

original” ds happening. “The part of its competitive 

■ I only way to run a large oegaro- driv ® ip lflis sector. Allied’s 

■ ’ sati on is to gave the operating distribution of draught Lowen- 

‘ - company manager the chance bra “ ““jt « 

1YliTV|Y^ to make their own decisions th ®. Ba8t tod ? y ’ W1 ^ 

IIIUIV and to take reapomibdJity for “J 0 "* 1 Jer «.» wr It 

« A11 low-carbonate’ 

non-stops, . ^ a iest 01 ^ 

— i. ^ rr i t One important change which There has been a feeling. 

reflects pertiaps the new. more Dotii inside Allied and among 
. . >' commercial approach, is that gome observers, that its pubs 

9 ■■ "■ 9 , the Burtoo-oo-Trent Brewery — have not been getting their fair 

-«vrayl/\ IkklkO the largest brewery an tjhe UK, share of the group's enormous 

11' Ml 11^— ■ I Ml I 1^^ with an output of 3.5m barrels investment programme, which 

w W VtlAUU-v/i (roughly 10hn plots) a year — reached a peak of £16. 4m for 

1977 and 1978. Mr. Strachan 
believes that the heart erf the 
division’s bumness is the beer 
its sells to the tenants and man- 
agers of its own pubs, the “tied” 
outlets. “If you are not doing 
well in your tied pubs you are 
reafly in trouble.” 

So investment in the pubs 
has a top priority, but within 
the. context of the research to 
bo carried out on the land of 
pubs the customers are really 
looking for. 

Allied in recent years has 
been dogged by strikes. The 
worst, an inter-union dispute 
at Birmingham, cost around 
£8m of profit in the 1976-77 
financial year. The main longer- 
term impact of such disputes, 
however, is that the important 
“tree” - ( nonhrewery -owned) 
trade loses confidence in a 
brewer’s ability to snpply and 
switches to another source.. 

Mr. Strachan is cautious about 
this problem. Allied is still con- 
sidering its future industrial 
relations strategy. But he 
admits: _ “We have spent too 
much time firefighting and not 
enough on fire prevention. 
There has been too much top 
management interference with 
regional problems in the pasi 
This must change.” 

One indication of the new 
approach came in May this year 
when Allied stopped making 
productivity payments to 1,100 
at /.the Birmingham brewery, 
claiming that the promised pro- 
ductivity had not been achieved. 
/Mr. Strachan suggests that a 
" firm and strong ” approach is 
one 'the unions appreciate. On 
ther'bther hand. Allied must in 
future be prepared to disclose 
miftih more “sensitive" infor- 
mation to employees so that 
they can understand more 
clearly the reasons for manage- ' 
meat decisions. 

And, returning to the theme 
of .Service to retailers, he main- 
tains that comparatively more 
wiB : be spent at the distribution 
depots to improve their 
efficiency. Each depot will agree ( 
customer service targets, and ■ 
failures will be reported back , 
upthe line. “I will be wanting \ 
to know about major failures. I , 
find- a letter from the boss in ] 
sufch cases can have a salutary 

' TQie beer division changes ‘‘ 
come fully into effect when 1 
Allied starts its new financial * 
year on September 25. In spite 1 
of’fhe “very great sharpening- i 
up^ that is goin on” it would \ 
be* wrong to expect too much 1 
toft soon. As Mr. Strachan j 
pojpts out: “Major improve- 
ments don't happen overnight 1 
inVa large organisation. We i 
wiS spend the first year settling i 
doap- Even so. there should be t 
a^^^eable improvement in t 

U.S. acceptance of failure 
creates climate for 
small company expansion 

THE CONCERN for the plight 
of small businesses that has 
become so fashionable in the 
last twelve months reflects a 
growing awareness across 
Europe that the decline in this 
important sector of the economy 
must be arrested. 

With Harold Lever's recom- 
mendations to the British 
Government on how to help 
create a more favourable 
climate for smaller businesses, 
and last February's Notenboom 
report to the European Parli- 
ament proposing changes in 
tax and social security contribu- 
tions to encourage their growth, 
this long neglected sector 
finally began to receive some 
of the official attention it so 
obviously deserves. 

Lack of debate 

Across the Atlantic, sup- 
posedly the harbinger of tomor- 
row’s European business trends, 
there has been a relative lack of 
debate about the social and 
economic restraints on the 
development of the small 
business sector. It would appear 
that in the UB., famed for 
both its big business giants and 
its aggressive entrepreneurial 
talent, the small businessman is 
continuing to thrive alongside 
his bigger brothers. 

There are currently around 
1.8m retail businesses in the 
U.S.. with some 30 per cent of 
them doing less than £16,000 
worth of business a year: 65 per 
cent of these firms employ less 
than four people. This might 
seem to indicate that America 
is more of a nation of small 
shopkeepers than its popular big 
business image suggests. 

Evidence of this comes from 
a newly published book* on how 
to start your own business 
successfully. Aimed largely at 
those who plan to set up their 
own retail or service operation, 
the authors reveal some 
interesting statistics on the U.S. 
small business scene. 

Using the American Small 
Business Administration's defi- 
nition of small as an enterprise 
whose average annual number 
of employees does not exceed 
the average for its particular 
sector, and nevet exceeds 1.500 

people, small businesses actually 
encompass over 9S per cent of 
firms in the U.S. Out of some 
13m businesses in the U.S.. two 
thirds have an annual turnover 
of Jess than £15,900. with some 
10m being owned by one 

According io the joint authors 
of the book, William and Sue 
Cha pin-Park, themselves self- 
made entrepreneurs, the 
greatest single motivating factor 
enjoyed by those who set out 
to make their business for I Line 
is the desire for social and 
economic independence. 

But if the social and economic 
environment on the other side 
of the Atlantic encourages many 
Individuals to lake the new- 
business gamble, the reverse 
side of the coin is that for many 
the risk results in bankruptcy. 

Venture capital 

Certainly, say the authors, a 
principal cause of small business 
failure in general and new busi- 
nesses in particular, is inade- 
quate financing. The current 
debate in Europe on the role 
venture capital has to play in 
helping to foster innovation 
and new businesses often fails 
to take into account the fact 
that in order to find a few 
winners you have tn back a Jot 
of ventures which turn nut to 
be losers. 

In the U.S. this is exactly 
the position: a lot of runners, 
a lot of losers, but still a con- 
siderable number who pass the 
finishing post. Of the 20.000 new 
businesses started every year 
one third of the new indepen- 

dent ones never make it beyond 
The first 32 months, and only 
half are still going after two 

Il is not so much ihe inability 
to obtain adequate funding as 
plain bad financial management 
which is the main reason for 
early failure. One of the most 
common mistakes which result 
in first year collapse, say the 
authors, is the entrepreneur’s 
underestimation of the amount 
of working capital he is likely 
to need. 


Starting a business for the 
first time can often be a be- 
wildering and complex experi- 
ence. but as the authors point 
out “people don't plan to fail, 
they fail to plan." 

And here the book fulfills an 
obvious need: it aims to provide 
the entrepreneur with adequate 
information properly to plan his 
venture. Though much of the 
financial and statistical evidence 
is of limited use to the non-U.S. 
businessman, the major part of 
the hook presents in clear and 
simple terms the general 
principles of selecting, starting 
and managing a small retail or 
service business, and as such 
is an invaluable introduction for 
the would-be entrepreneur to 
the techniques of financial 
analysis and manpower manage- 

"Hair to Succeed in Tour Own 
Business; William Park and Sue 
Chnpin-Park; John Wiley tout 
Sons, New York, 1978, £11.50. 

Richard Cowper 









to southern 

5 l^o you sometimes 
bonder whether 
your computer listens 


- Na&nalMiines. 

SI Piccadilly! London WlV9HF{01-629S27r?l 
National Airlines Ind is 
incorporated in the Sate of Florida, U.SA 

America’s sunshm&airline. 

The Leicester warehouse of Blundell Permogtee is 
only three hours' drive from- the .'factor/ at Hull. so ; 
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plished with ease. 





Enquiries to : Gordon K&niih FR ICS 

Industrial Development Office r 
ToMwra 05335WS22 Ext.6700 

Or John' 8 f own FRICS 

IndmfFidl Promotion Officer _____ 

. . Tdvfjtmnv 0533 Ext.6760 . 

Leicester Citv Estates Dcpb# 
NcurVValie Centre, 

. . i. Leicester LE 1 . 62 G. 


A company 
of straw 

I am thinking of buying a 
smallholding alongside whieh 
is an unmade read and which, 

1 gather, may be made up 
between 10 and 25 years hence 
at a cost to the owner at pre- 
sent day prices of £20,000. Will 
it be possible to boy the small- 
holding from a company of 
straw, and sell it to this 
company, so that there would 

be no funds in’ the company 

to pay for the road? 

The course which you suggest is 
posible, but tbe unpaid road 
charges can be charged on the 
frontage land, so that the small- 
holding might be sold to dis- 
charge the outstanding road 
charges once they have been 
incurred. Section 209 of the 
Highways Act 1959 also enables 
the charges to be ordered to be 
payable by the transferor 
(vendor) in a case such as you 

Planning refusal 

Outline planning has been 
refused for Ihe erection of a 
detached house and garage on 
a garden plot fronting on an 
admitted “ undent highway” 
which provides the only access 
to the site, solely by reason of 
the fact that it Is “ an unmade 
track and not suitable for 
further vehicular use.” Is this 
a valid objection? If it is not. 
Is It possible to have this 
refusal set aside without the 
delay ■ and expense of the 
appeal procedure? 

If. the refusal did not specify 
further grounds (ejx- sight-lines 
or means of access onto the 
highway l It would appear that 
the ground of refusal is invalid. 
However, as the decision of the 


planning authority is not a con- 
ditional grant, but a refusal, the 
only method of securing tbe 
requisite permission is by way of 

Insurance tax 

in 1968 I took out a Guardhll! 
Endowment Assurance Policy 
paying £100 per annum for ten 
years. The policy matures In 
August of this year. 

I am informed by the company 
that there will be reduction of 
13 per cent of the amount by 
whieh the value of the units 
exceeds the total amount deemed 
to have been applied in the pur- 
chase of units “ on account of 
the company's liability for tax 
on the capital appreciation of the 

In view of the new capital 
gains legislation is this correct? 
If so can anything be done to 
avoid 11? 

Tbe answers are briefly yes and 
no, respectively. Id fact, this 
point was explained in a reply 
published in the Finance and the 
Family column in June 23. 
under the heading “Corporation 
tax on gains”; since that reply 
was published, the Government 
has refused to give insurance 
companies relief from the forth- 
coming increase in their effective 
tax burden from 13 per cent to 
20 per cent Tbe debate on k|r. 
Nicholas Ridley’s proposed New 
Clause 23 is to be found in 
columns 1377 to 13S2 of Hansard 
for Tuesday, July ll (Volume 
953, No. 151: 40p, or 55p by post 
from HMSO. P.O. Box 569, 
London SE1 9NH) if you are 


No legal responsibility can be 
accepted by the Financial Times 
for ifie answers giten in these 
columns. Aft inquiries will be 
answered by post os soon as 

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Tory quest for 
a Chancellor 


THERE HAS been some discus- Ject, be added an economic truth, 
sion among political comments- with which '* informed ” public 
tors about who should be opinion is only now beginning to 
Chancellor of the Exchequer catch up. 
if the Conservatives form a Thy basic condition of 
Government. There has also unemployment is thtft the real 

been some discussion of the 
possibility that even if the Con- 
servatives arc the largest single 
party, they may not have an 
absolute majority. 

But hardly anyone has gone on 

value of money earnings— 
labour cost, for short— is a 
trifle too IU£b to clear the 
market, that is, for all the 
labour on offer to be taken up. 
Interestingly enough the econo- 

from here to the next step of mic case for Mr. Powell at No. 11 
linking the Conservative argu- depends on some of the qualifica- 
ments over the choice of Chan- tions and extensions of pure 
cel lor of the Exchequer with the monetarist doctrine. How far 
possible need for Ulster Unionist Mill a given restriction of the 
support Yet once one mentions money supply hold back prices 
if, the link is obvious. For by in the short term and how far 
Tar the most prominent Ulster will it run to waste in unemploy- 
Unionist happens to be a politi- merit? It is accepted in the most 
cian who in terms of Ministerial highbrow circles that the key is 
experience (he is a former expectations. If people expect a 
Financial Secretary), reputation, given monetary target to be up- 
interest, and— not least — record held despite all difficulties, and 
for being right on economic believe in the effect of monetary 
matters, is outstandingly quali- policy on prices, then the transi- 
fled for the job. Mr. Enoch tional unemployment may be 
Powell, of course. small. Indeed it may be negative. 

Some people may think the as unemployment may actually 
idea outrageous, hut it would fall if people begin to make their 
pay fo think before rejecting it. plans on the assumption of a low 
If it were to happen, the Ulster and stable inflation rate. 
Unionists would acquire a top- Who would be more likely to 
level seat in the Cabinet and discourage unions from pricing 
the Conservatives would be able their members out of jobs? A 
to plead political necessity’ for politician of either main party 
inviting to No. 11 someone who involved in all the U-turns and 
is highly qualified for the post retreats of the oast decades? Or 
in any ease. It may be that the Mr. Powell who resigned from 
offer would not interest Mr. the Treasury' more than 20 years 
Powell or that he would make ago. together with Lord Thorney- 
un desirable conditions on other croft over inflation? The mere 
subjects. But if it were made S j g ht of Mr. Powell emerging 
and accepted his potentiality for from No. 11 could well produce 
pood would be maximised and much stronger effects on the 
for harm minimised. financial markets than a normal, 

conscientious Labour or Cooser- 
Connection Mr. Powell, saying that he does 

thoueht^Mr" l Enoch f °PoweH £ KtSFS? 
pen s 8 to have seerHJie* connection Seme^o? TSJ& 

between money and inflation and " S «Ilf wft«rr»i a t nw tU ^# n f 

the futility of pay policies when ° the mterrgaLons of a 

such views were regarded as 

crankisfa beyond belief by con- realistically lie said that the 
ventional "moderate opinion. ^ 01C * p f Powell would increase 
Even now he puts the essence of r,s . ks Df confrontation with 
the matter better than most, with the ,V" , . 0I ? S ; . Hh? .. ls a **? r . a! 11 
no evasive talk about attempts on ? Rlgbt-win? politician with 
to “educate” people about pay a large working-class following, 
restraint through Select Com- The imagined contingency may 
minces or NEDC. For instance in never happen. Labour may win 
a speech on July 2S, Mr. Towell or the Conservatives may get an 
said: absolute majority. Nor can one 

It almost passes belief that be sure that Mr. Powell would 
the Government's White Paper have today the same charisma as 
puhlisbed recently under the Chancellor as he would have had 
stupid title "Winning the in the days when he was mainly 
Battle against Inflation." did. associated with economic 
not once refer to money supply, subjects. Too much water may 
although Ministers have been have passed under the bridge, 
loud in declaring that the But that is no reason for not 
inflation of 1974-76 was caused making the experiment in the 
bv the increase of money right circumstances. It would be 
supply in 1972-74. Deception wrong to let pride, hurt feelings 
and folly could hardly be or self - righteousness be an 
carried further. Or could obstacle to what could be an 
they V opportunity to chart u new 

Then again, on a related sub- course in economic policy. 

Polythene extends the season 

THE NURSERYMEN'S trade. It If you cut a contain e^grown than Elizabeth, this openness is the weeds. Its leaves will last 

will not have escaped you! has Plant in two, you will very soon most convenient The various far through the winter. 

been onlte altered by the bave tWo coa^er-planis. Not colours are variable. It pays. You and 1 would be drawn first 

oeen quite aiterea oy xne savings Certificate. then, to choose your plants — 

humblest oF all inventions. n . =- 

m to the flowering sorts. Gibsons 

folded strip of blade polythene. ^Tm!kenx?' L^lul^OTe?’ one S? SdlrndtaS^imMSS 

* s,i “ TAiS? n^. “r*Ass 

mnun a ■ herbaceous tempted by one sort of Poleii- Tangerine. I find, will turn o out. Good in her day, she is up 
Rosemary* or K I was also Soadoi S “ «*» '« 

. But most of you 1 had long been right about an- Fi“ ah iS?J No doSt. now tn lier cherry-red flower. Others 
v buy plants on other. August is a good time of ? ! £ Acf W a r ren °vfS# 1Ve!l 

. in the polythene year to be thinking of these ^ ”pMfflobas li?rt ? e oId Frcnch hybrld Glory ° f 

- the garden PotenMos Oddly, I find that red i %£Ed Nancy ' 

th e best of The shrub varieties. td j t first appeared. It This is as good a buy as Eliza- 

Few trades have had their e ^ iU tak^roS^frera is not red at all. The celebrated **th among the shrubs Its 

seasons extended' so simply by taken with iK°flAwpS burglar who stole a piece on its parentage, I thlnkisnot certain, 

such a small innovation . If Sffi them U. first sh^appearance would not fougb oW ArgmMUmwa* 

K potte^^n "siSS easiI * 111311 tnm at ha?e been caughl nAiaM - Xt £ are silver and the season 


which to move a UEiuauviu LfcMUUieu. w» uue BUJTl 01 miKO- ,.o->rhor a “““ *** 7 r 

plant, an evergreen Rosemary or tilto.^ I wasalso persuaded that 1ess impressive yellow ttian 10 * WD . feettal . «??.A 0Q 
a dormant rose, 
gardeners now 
sight, wrapped 
“ container " of 

allowed to take root, there is no 
reason why you should not buy 
and plant as late, even, as 
August. The plants are bigger 
by then, for you are less likely 
to hit on those new spring trans- 
plants which sell without much 
root in May as if they had been 
container-grown for a whole 
year. The prices, to my mind. 



of the wide double flower Is pre- 
ciously long, lasting from July 
till late September. Flame-orange 
William Rollinson is almost as 
fine, but Nancy has a bigger and 
more varied flower, crimson and 
gold in combination. She spreads 
quite loosely in any soil, even, 
in half-shade. 

I find that most herbaceous 
Potentitlas dislike very dry 
weather, like Geums. Relations of 

are as high "as a cheeseburger's other time of year. It Is well is. at best, orange-flame and 
but nobody else seems to mind worth taking some six-inch side- moderately small-flowered. 

about that nowadays. They all growths from a woody mam Tfcere are s0me excellent buys, .. „ .. M 

move happily. * branch and pulling them away however among the herbaceous the Rose > tb e > are not naturally 

i havp bant nlants in oolvthene with a heel of harder wood and sorts. There Is good container deep-rooted. But they smother 
foJ Syearbefore Sdinga home ^ them up over toe next stock ofthL ipund and rtcai the weeds and look well on 

for them A little water goes a fortnight in boxes of light sand.v a |j be seen at its best in August, slopes or the borders edge. * 

long 1 way. as the polythene keeps SQl1 - , These are the PoterUillas which cannot have of 

the roots pleasantly damp. Plants They are such useful shrubs, spread their trailing stems widely them, plants of such modere 
which sat* in polythene through always in flower ftom late June over the ground, each ending in vu fw**' “ J? 6 ? Jfc.t'SS 

summer 1976 s (bought are all until October. They will grow a flower which suggests at once polythene -hfe, it is odd that they 
"rowin' 1 uuite freely with me anywhere. Elizabeth's flowers the flower of the Strawberry, bave attracted so little atteu- 
now f dare sav that you would are big. clear and the best yellow They die back to a central clump tion from the breeders who have 
all make more money by buying in the family. of leaves, some of which are very focused on the shrubby sorts 

forward several years stocks of In their polythene holders, the handsome. The basic one here and overlooked all that tne 
border-plants in black polythene shrubby varieties are all now is a silvery one called Argyro- French masters had protoced in 
than by going bust on National showing their flowers. If you phylla which grand gardens now the border kinds some fifty sears 
Savings Certificates and the rest wish, as I do not, to look further use as a foliage plant to block ago. 

Financial Times Wednesday August 23 1978 

Invalids scheme 
response poor 


'Fhp nnvFRNMENT is "de- individual grant for these fobdl- 

V”, G °Yr^intod ** bv the tications could be as hifib as 
adedly disappointed by tne ^ ar ^ per ccnt of ^ 

lack of reaction among employers ca p lta j cost incurred, 
to a -Scheme introduced last year manpower Services Cura- 

to provide money For modifying misii0I]i w hi C h administers the 
premises and equipment essen- scheme «Tho figures show 
lial for the recruitment of a j ow the takc-up has been 
disabled workers. Up t0 August 9. only 48 

The statement made by Mr. employers had made applications 
John Grant. Parliamentary an< j the amount spent on modi- 
UnderSecretary for Employ- fictions was just £30.469. It >* 
ment highlichrs the difficulty a tragedy that there should he so 
in finding jobs fof the physically little interest" 
handicapped during a period of AH companies with more than 
high unemployment 20 or more employees are 

Under *he scheme £800,000 has required by law to have not lew 
been mde available to provide than 3 per cent of their staff 
nmrw in nlace of stairs for recruited from the ranks of the 
™pte S wheelchairs, variable registered unemployed. There 

height work benriies, specsd are more than 3.5m disabled In 
toilet facilities and so on. An Britain. 

Howe stresses tax cuts 


SIR. GEOFFREY HOWE, shadow Government would cut Personal 

OfeaftMiinr nr the Exchequer income-tax. to reward hard work. 
Qian cello r of tne . txcneqMr, skiI1 and enterprise. 

reaffirmed yesterday that a main and envisages a top rale of 60 
election plank for the Conservar . p er ceot on e ar ncd Income: 
tive. Party will be a pronuae of that Government 

a substantial cut in income-tax. borrowing would have to he 
In the September edition oE reduced and indirect taxation 
Conservative Monthly News, Sir raised. The Government would 
Geoffrey parti v blames the tax protect the living standards of 
system for Britain’s economic those such as pensioners who had 
decline. He says that a Tory no additional earnings. 

Greenland Park with Piggott 
may win Lowther Stakes 

EN STONE SPARK, a 33-1 chance, against which to race before Girl. Opinion from Newmarket 
lifted last year's Lowther Stakes easing the Newmarket filly back seems to be equally divided con- 
before going on to another un- into the lead a furlong from ce ruing the respective chances 
expected victory in the One home. At the post Greenland of Jeremy Hindley’s three-year- 
Thousand Guineas and I would Park had two-and-a-half lengths old Meistensinger, and the year 
not be in the least surprised to — a distance which could have older Luca Cumani filly Lorelene. 
see Greenland Park achieve the been doubled — to spare over With more hope and confl- 
same double. Lester Piggott ’s mount. Miss deuce I take Meistersinger. the 

The William Hastings-Bass Zadi S- subject of glowing work reports, 

fiHv who sprang to prominence Piggott. now deputising on to underline his SL Leger pros- 
when battling on really tena- Greenland Park for the absent pects. However, should there be 
ciously to land Roval Ascot's Australian who will, however, further rain in the area, it could 
Queen Man.- could hardly have be back on board for the 1,000 well pay to follow the last couple 

Guineas, is likely to employ of days' run of money with an 
similar tactics here, bringing interest on Ron Smyth's filly 
Greenland Park to win her race Georgian GirL With just 7st, 
close to home. 81b she will be receiving a good 

1 give the combination a con- deal of weight from the New- 
fident vote over Miss Zadig's market pair, 
stable mate, the once-raced — — — 

course and distance winner. Yes 


Fo'lowed up with greater ease A11 ^ leading firms have 
at Goodwood towards the end of repor t e d well above average 
last month. interest in the Ebor sponsored 

There the crack Australian by the Tote and here I am pre- 
rider Harry White was content pared to rely on the heavily 
to let her lose an early advan- backed trio made up of Meister- 
tage in order to find an opponent singer, Lorelene and Georgian 




CC — These theatres accept certain credit 
cares by telephone or at the Box Office. 

COLISEUM. Credit cards. 01-240 52S4 
Reservations 01-936 1161. 

Tonlsht. Fri. and Tue. next at 7.30 THE 
CONSUL (this replaces scheduled pert 
of Carmen). For further details rlno 01- 
1AO S£SO. Tomor. at 7.30; La BWiemc 
Sat. at 7.30: New prod. Seven OeadW 
Sins witfi Gtannl Sctiiccnt. 1 04 balcony 
seats available from 10 00 on davoinort 


2.00 — Black Realm 
2.30 — Greenland Park** 

3.05— Meistersinger* 

3.35 — Wbitstead 

4.05 — Gaelic Affair 

4.35 — Spithead Review 

5.05— Hill’s Yankee*** 

t Indicates programme 
in black and white 


R.40-7.55 am Open University 
i Ultra Wall Frequency only). 9.55 
PncMinuloii. tO.OO Jackanory. 
10.15 Grange Hill. 1035 The 
islander.*. 1-10 pm Fingerbobs. 
1.45 News. 4. IS Regional News for 
England I except London). ' 420 
Play School l As BBC-2 11.00 am). 
4.-13 Pink Panther. 5.05 Young 
Explorers. 5.35 Captain Pugwash. 


5.40 News ■ 11-55 Weather/Regional News. 

« 5 < L r d °" mi All Regions as BBC-1 except at 

«*> Taste 'for ^Advent ore. >™« : - 

6.50 The Wednesday Film: " The Wales— 5.05 pm “ Hiss and Make 

Canadians,” starring Robert Up ” i Cartoon). 5.10-5.35 Pen 
Ryan. Draw'r Byd. 5J5 Wales Today. 

8.T0 Z Cars. S20 Newydd. 625-6J0 Pawb Yn 

9.00 News. El Fro. 1L55 News and Weather 

925 Loose Change. for Wales. 

10.15 Athletics: The Rotary Scotland — 5.55-6.20 pm Report- 

Watches International j n g Scotland. 11.55 News and 
Games. ^ Weather for Scotland. 

£j m c l DanCi I!f' u. Northern Ireland— L15-420 pm 

113o The Sky at Night. Northern Ireland News. 5^15-620 

Scene Around Six, 11.55 News 
and Weather for Northern Ireland. 

Rescue. 5.15 Gambit 
5.45 News. 

6.00 After Noon In Action. 
625 Cartoon Time. 

625 Crossroads. 

7.00 Don't Ask Me. 

720 Coronation Street 

8.00 London Night Out 

Granada News. 6.05 The Life and Times 
ot Crlzzly Adams. 12.00 Kodiak. 
US am A Luile Nlshl Music. 


1 Dud includes un idol in the 
temple f 6 > 

4 Prohibitions Bill for wine (6) 

5 The others I've followed with 

0 A n ru«n" fSS , s ' T U«l by U» “ Ait 1 ”*!.? 

5 Mu hammed is bound (o like 
the pseudonym (5) 

6 Red coterie gets Charles in- 
side (7) 

7 Vehicle race bloomer (9 » 

singer t7) 

11 Youths fall over in their 
drinks ilO) 

12 A type of sugar used by the 

intelligent 14) 

13 An exclamation with sticky 
implications (2,3) 

14 It may be shocking to return ^ S ,r J 1S , lhe 

— mountain with a plant hi 

so acknowledged with thank 
fulness (4,1,4) 

13 Came to terms and revealed 
the advantage within it <.9> 

15 Anticipate the worker hope- 
fully (9) 

ihc Irish Police (S) 

16 Burlesque effort about a gar- 19 The flower for a fellow Scot 
menl <Sl (7) 

IS Looks a horse in the face— Trend of the doctor with one 
the infidel > <5 1 foot (5) 

20 Just beautiful and fine HI • _ ^, r u. r 

21 Right in the middle of a dull **“ ^ arl ° r ^, r vcr ri *^ JI 
communiiy i4.6) 

22 in the meantime I'm stuck 

a: the end uf the examination 


24 ”Tn the high— where kingly 
Death keeps his pale court” 
< Shelley) (7i 

25 Doctors include stern out- 
lines Ifl* . 

26 Stop the flow of Laurel tn 
front of church 16) 


1 Tuck to digest after a re- 
cord up^et 15) 

2 "And with all thy — _gct 
understanding " (O.T.) (7) 

3 They Rive safe illumination 
dov.n under (4-5 1 

every one (5) 

Solution to Panic No. 3,751 

□E3DE3E3 BdBQQflliqD 

□nnEaaa nannaaBs 

England — 525-620 pm 
East (Norwich): Look 




ID JO am CarroouUme. 10.40 Young 
Country. 11.05 How. UJD Paper Lads. 
UD pin Report West HeadlineE. 1JS 
Report Wales Headlines. LJ1 Stan ao 
Ice. 2.00 Hons*' parry. 4A5 The Gene 
9.00 Best Sellers, The Aspen Maditno. 5 JO Crossroads. 6.00 Re non 
Murder tpart 3). VimStSL Rep0rt Wale4 ' Lavenu! 

inSn S eV J S ‘ C 11 __ HTV Cyiiini/WAtes-As HTV General 

1020 Best Sellers, The Aspen Service except: 1J3-1JS pm PcnawtUu 
Murder (part 4). MowjUdion y Drdd. 120 sun Mawr. 

HJO «i S D, v i flg «*TA2fi 

(worm Championships). except: L2a-l-30 pm Report West Head- 
12. 00 Lou Grant liaes. 6.15-iJa Report west. 

12.55 am Close: A painting by SrflTTKH 

£21 ySTEZ'&J* « a« Vi HA The 

music by Juan Martin. sradanary Art. u .10 How. 1U5 The 
All EBA Regions as London Paper Lad5 - I-2S News and road 
(Leeds, Manchester, Newcastle); except at the folio wine fimne- won. lm Llfextyle— Danny Tnompson. 
Midlands Today (Birmingham) me louowiog times.- » afc Ml 

p 0 ; nt< woei inricfnli- c«,.,u ANGI IA Undersea Advemores o( Captain Nemo. 

f'Ointa West (Bristol), South /^’ULl/V S J 0 Crossroads. S.00 Scotland Today 

Today (Southampton); Spotlight ?? on,u,t 7rtS, d0,{ WoniJ «r. US The Electric Theatre Show. 22X0 

Ca..«u nr — • .m .u. “tar Maidens. 11.85 How. mo calL 

The Paper Lads. L25 pm Anglia News , 

1J0 Tho*! Wonderful TV Timvs. ZOO SOUTHERN 

Houscparty. 545 Mr. and Mrs. 6.B0 MJO am Uttle House on the Prairie. 

V?™' A 2? ,la - UJ0 To The Top. TLB5 How. 1140 Paper Lwla. V2D pm 

ozjo am The Bis Question. Southern News. UO Stars on Ire. 2X0 

A T\/ House party. 545 Slnbad Junior, 5J0 

A 1 V Crossroads. 8X0 Day hy Day Including 

0J5 am Talking Bikes. 10J0 Anglins SoothsporL 12X0 Somhern News Extra. 

Today. 10X5 ATV Spons Presents. ILM 'TX.nvtc 'tetc 

The Jeisona. IL35 Magic Circle. L20 pm - TYlNfc TEES 

ATV Netrsdesk. L30 Cade "R." 545 9-2S am The Good Word followed by 

Happy Days. 4.00 ATV Today. NorUi East News Headlines. 1040 The 

Drmnrn Maharajas. 1140 How. 1145 The Secret 

oUKUhK Lives or Waldo Kilty. L20 pm North East 

1040 am Technoflash. 10X5 Tn Search New* and Looka round. 140 In Search of 
of . . . Earthquakes. 11X5 How. n so - - • Amelia EarharL 2X0 Women Only. 

Quiet The Paper Lads. tL20 pm Border News. na PW Days. 4X0 Northern Life. 

South West (Plymouth). 

BBC 2 

6.40-7.55 am Open University. 
1025 Gharbar. 

11.00 Play School. 

4.55 pm Open University. 

7.00 News on 2 Headlines. 

74)5 Erica on Embroidery. 

7.15 An ABC of Music. 

720 News on 2. 

7.40 Rhythm on 2. 

8.10 Brass Tacks. 

t9-00 Films of the 40s: 

Wedding," Starring Siars on Ice. 2X0 Houscparty. 545 12X0 Epilogue 

Marine* Lockwood ond ULSTER 

-iaoh, ar T" . rn, v» T r, 1040 The Lost Islands. U.45 The 

1020 The Life of Jomo Kenyatta. LHANIMEL Secret Lives of Waldo Kiny. 11X5 How. 

11.10 Late News on 2. 140 pm Channel Lunchtime News and U40 Paper Lads. L20 pm Lunch time. 

11.20 The Bio sham Tanes Whai’s Un Where. UO The Mackenzie 140 Siars on Ice. 448 Utalcr News Head- 

7r?„ ; Affair- 0X0 Channel News. 440 The lines. 5.15 The Mary Tyler Moore SfaoW. 

14.10 am Closedown (ReadUL,j. Beailcs. UL28 Channel Late News, hm 4X8 Ulster Television News. 4.05 Cross- 

f niVinATVI Met-t Marie Gordon Price. 1245 am News roads. 440 Reports. 4X5 WithersoooiL 

LUJiL/UJ'l and weather in French followed by UX0 Bedilme. 

920 am Elusive Butterflies. 925 EDIl0B,,c - WESTWARD 

Talking Bikes. 1020 Oscar. 1020 UKAJMPIAIN lOJO am The Beachcombers. 10X0 Out 

Holy Gances. 1020 Nature of , - 2S am F 11-51 Thing. 19.20 OUver and of Town. 11X5 Bow. 1140 Paper Lada. 
Things II it farlnnn Timp l9nn 1,10 Artful Dodger. 1140 How. UJ6 1247 pm Gus Honcybtm's Birthdays. 140 
ftHi.Mrt.-uJ7 0 Pat>cr La<ls - 1JD pm Grampian News Westward News Headlines. 145 The 
Cloppa Castle. 12,10 pm Hickory Headlines. 140 The Family. 4 .D 8 Mackenzie Affair. 4X0 Westward Diary. 
House. 1220 Sounds of Britain. Grampian Today. UO Police Newsroom. 1048 Westward Late News. 1Z00 Meet 
1.00 New? olus FT index 1JS(I ^ Cartoon Time. 12 .BO Reflections. Marie Gordon Price. 12 . 75 am Faith for 
Platform. 120 The Rolf Harris Gramp,Jn "*■“ ■ 01dto «- Ufei 

Show, 2.00 Summer After Noon. GRANADA YORKSHIRE 

225 Racing from York Plus Swim- 1045 am Sesame SlroeL ii-?fl solo 10-20 am "Elsfat 00 the Run” starring 1 
mins and Diving (World Cham- i:>ne - ■ L2D pm This is Your RjgbL UO Bob Hope, Phyllis Dlller and Jill Sl 
ninnchinci 4_20 MichiPl Ronrinn’c Geor s c Bun'liDD IV. LB The Ghaifeogmg John. 148 pm Calendar News. UO UnJe 
j I Sea - SJ® undorsoa Adtfcniurts at House on the Prairie. 6 X 0 Calendar 

t'ouy lime. L45 aearen ana Captain Nemo. 545 Crossroads, un (Emlesr Moor and Belmont editions* . 

(S) Stereophonic broadcast Halle Orchestra Concert, part l; Haydn, 630 My Music fS). 7X0 News. 7 x 5 The 

<M odium Wave Ravel 1 S 1 . 12.00 In Short iiaih). Archers. 7.28 Something to Declare. 8.00 

D A ntf) 1 247m 2240 pm Halle Orchestra, part I; The Amritsar Massacre fS». 0X0 Science 

5011 am Radio " 7 02 Dave L« B - clhaT,?rl ,Sl - News. LOS Bristol NOW, 0JO Edinburgh Festival: A Trial! 

Trim *"( »* Sinm Bim p™i Lunchtime Concert. 2,80 CooiDDsers at me to the West of Moscow's Malaya 

Rum, rt uMth fho Rvdilf Sohola Cantorum ‘Sl. L50 Musics Brtuwaya Company. VJ9 Weather. 10X0 
nfrTft Inhe h *«*« e Nuova (Si. 3X0 Flamenco THo Worlfl Tonight. lOJfl Round Britain 

PeterTawri! ^ MtL,1c ,s *- ^ plano RecJtal ‘5- S.« Quit A at Bedtime. 1145 

„ POwi B. «w-w Toof Blackbama iffun^u/arH tak •M.m Fimrarijti world Tonlsht. 1 1_3D 

Kid Jensen including 5X0 Newabeai. )Jl jjg™l ^T' UJ °. KeWS - 

p«f%° a y^KVmVRadr" John EEFJS aBTSnic-SBBC Radio London 

Peel -si. mxo-ldz am As Radio _. 7J0 p,.^ part Mown lSl ^ 206m aod.942 VHF 

RADIO 2 IwOfim and VHF The Arts Worldwide. 8.S5 Proms TV. sjjo gm Ac Radio i 640 Rash Hour. 
5.C0 am Sw»s Summary. 5.02 Tony E 3 ! 1 Dallapiccola. Strann , iSi. ».« London Live. 12X3 pm Call In. 2X3 

i<rand»:i includniu 645 Pause for Scienoficallr Speaking. 1045 Nlculai ^ Showcase. dX3 Homo Run. 7Xs 
Thf'uaht. 742 Tony Wopan .Si including „ « tn ' : , r D ' av ' 3 5* 0tt , D . l T ,,s , lc raconls. Sounding Brass Strikes Again. 740 Black 

VJ7 Radne Bulletin and a.« Pause for i?* 85 i*? us J. c ,. '■ . LL ® Londoners. 840 In Concert: Liszt 

rhousht. 10.02 Jimmy Yguns .Si. 1245 pm N S J, Tonight sSchobert Sono. festival of London 1977. 10X3 Late Night 

Wagoners' Walk. 1240 Pete Murray's . Biily-M0-7X8 am and London. 32X0— Close: As Radio 2. 

Op.-u nous-.- rs» indudins 1.-15 Sports pm Open University. RrooriMctitiir 

2.3o David Hamilton .st luviudme RADIO 4 XxnflOn Broaflcasiing 

J.-! j and 3.45 Spons Desk and fUdna from . w 261ra and 972 VHF 

1 ork. 440 Waitfioners’ Walk. 4XS Sports 4Mm, 330m. „B5m and \ Morning Musfe. 4X0 AM: non- 

fc*. 440 John Dunn .5- includlit* 5.« *■» am News Briefing. 640 Farmlna TnfermaUon travel sp an. 

Spurts. De*. 6X5 Spans Desk. 7X2 Sin* Today. 440 Today inrtirting r.00 and B n ^' K ay« mow.’ lJO^pni LBC 

so me thing Simple .si. 740 Sports Desk. *00 Today's News. 7.30 and 8.30 Nuws G a no ■ ckx* 

743 Listen in the Band iS.. 845 Sempnnl Headlines. 8.45 Hard Times .Si. *3 TSr R^Sns (MnUnmrs^ 7 AM 

Serenade 9.02 The Fred Astaire Nou-g. 7X5 The Living World, ws'-ggi IgL^JaTTlUSSS^W m 

Story. 945 Sporu Desk. 10.02 nithear Sweet Sous ot Zion. 1BJU News. U.05 ^EE «i*ntunc. z-w «m 

'.ctih Braden. 1040 HtiOen Gregg Says In Britain Now. 1040 Dally Service. 

Thanks far fhir Memory. 11X2 Sports 10.45 Morning Story. 11X0 News. 11X5 .'Canitfll R&CUO 

Desk. 1145 Brian Matthew Introduces The Image Makers. 1140 Letters from r iu- __j qc s xrnw 

Round Midnight, including 12.00 News. Everywhere. 12X0 News. 12.02 pm You i”™ “ ia . . 

2.00-2.02 am News Summary. and Youre, 1227 Shore and Share Alike 6X0 ant Graham Dene’s Breakfast Show 

n i pi 1 fri i 4 B 4 m Stereo & VHF Weather: programme nows. tSu 9X9 Michael *wpri 1 5 >. 12X0 Dove 

KAUIU J VH( I W me WapW A1 g nc- uoThp Ar th ura Cash 'S>. 3^ pm Roger Scott .S<. 7X0 

1645 am Weather. 7.00 Nows. 7X5 Your 1X5 Woman's Hour including 2 00-*ir Loudon Today iSi. 7J0 Adrian Love's 
Mnl week Choice, nan l «S». 8X0 Nows. News. 2X5 Listen With Mother, 3X8 "MUSfc Line” iS'- This week; Brian 
0.05 Your Midweek Choice, part s *fii. News. 3X5 Afternoon Theatre 151 ". yjo Rpst on Jazz. 9X0 Nick*' Horne's Yonr 
9.00 Nuns. 9.05 This Week's Composer: Choral Evensong, ajs story Time’ s 08 Mother Wouldn't Like It iSi. uxo Tony 
H.-.-th..ien -Si. 945 r.Iuste for Orson iPi. PM Reports. 5X0 Serendipity.* 5 x 5 uyait*s Laic Show 1 S 1 . 2.00 am Duncan 
1045 The Part-Song Repertory iSj, 1140 Weather, programme news. 6.00 News, Johnson Night Flight iSr. 


Evenings 7.30. MaL Sets. 3.00. 

Until Scot. 2: SWAN LAKE Tonight 
Evdokimova. Labis. Scpc. A to 8 Mined 


A DEL PHI THEAIKE CC. 01-836 76T1. 
Evgs. 7.30. Mats Thurs. 3.O.. Sat. 4.0- 

of 1978. 1977 ana 1978 


Sunday People 


^LriERY. 836 3878. Credit ears) bkgs. 
836 1071-3 from 8.30 am. Party rates 
Mon.. Tues_ Wed. and Fri. 7 45 pm. 
Thurs and Sat. 4 30 and 8.00 



ABLE TO SEE IT AGAIN." Dally Mirror. 

ARTS THEATRE. 01-636 2132. 



■■ Hilarious ... see it.” Sunday Times. 
Monday to Thursday 8X0. Friday and 
Saturday al 7.00 and 9.15. 

AMBASSADORS. CC. 01-836 1171. 

Nightly at 8.00. Matinees Tues. 2X5. 


The World-Famous Thriller 
'' Seeing the play again is in tact an 

utter and total lor,” Punch. Seat prices 

£2.00 and £4.40. Dinner and lopriwtcc 
seat £7.50. 





Wednesdar 2.DD. Saturday 4.30 A B.OtJ. 




A now play by RONALD HARWOOD 
.. . Directed hy CASPER WREOE 
ah admirable olav. honest- well con- 

wlvad. properly warned out. freshly and 

written, rlrttv sattirvlnq. Paul 
Scofield at his bwt." B. Levin. S. Times. 

M«.R MAjeSTY'S. CC. 01-930 6606 

Prj«. Cventnas B.O. Saft. a.o A 

B.O 3Dth Aun. 7.0. Sub. 8.0 Tllur. 4 
S«t. 3.0. 

A Comedv by Thornton Wilder 1 * ao »( 
, v »' a desirved roar of deliuht." 
Q. Tet. For a Himteti season until OcL 14. 


JEANNETTA COCHftANE. 01 -242 7040. 

Mb^tO Thurs. 9 0. Fri.. Sat. 7 30. 9.30. 



September 4. For one week only. 


witn Special Guest Star 


LONDON PALLADIUM. 01-437 7373. 
Sent. 25th For One Week Only. 



LYRIC THEATRE. 01-437 3686 Evs. B.O. 

M ”jo!hN r5 - 3 °- “■ 5 FRANK 


by Eduardo de Filipod. 

YEARS." Sunday Tunes. 

MAYFAIR. 629 3036 Air cond. Evs. B.O. 
Sat. 5 Jo and 8 30. Wed. MaL 3 00. 



OLIVIER (open sugci: Today 2.46 (low 
pr. mat) A 7 30 THE CHERRY ORCHARD 
by Chekhov trans. by Michael Frayn. 
Tomor. 7.30 Macbeth. 

LYTTELTON tprovcefllum stage': Ton't A 
Tomor. 7X5 PLENTY, new play bv David 

COTTESLOE (small auditorium »: Prom. 
Season: Evgs. 8 wntll Stmt- 2) THE 

Many e«crtlent chew coals all 3 theatres 
dav of oerl. Car pari. Restaurant 928 
2033. Credit card bkg>- 928 30S2- Air 

OLD Prospect at the old% 3 c 7 | 616 
ton or to the. Edinburgh Festival) 
Derek Jacobi in 


Chekhov's comedy with Clive Arrindcil. 
Brenda Bruce. Michael Denison. . Louise 
Purnell. John Savidcnt ana Jane Wvmark 
Today. Thurs., Fn. 7.30. sat. 2.30 & 

OPEN AIR. Regent's Park. Tel. 486 2431. 
Week. Evgs. 7.4S. Mats. (Odav. tomor. 
& Sat. 2.30 with RULA LENSK.A. IAN 

PICCADILLY Irora 8.30 am. 437 4506. 
Credit Card! 836 1 071. Mon.- Thurs. a. 
Fn. A Sat. 5 A 8.15. ' Ogmlnallng 

with unfettered gusto and humour the 

-■ Towering performance." D. Mall, 

" Works like magic" Fin. Times by 
- There has hardly been a more satisfying 
evening In the West End . . . Ihe BEST 
*' Sen running like an electric current," 


QUEENS. CC. 01-734 1160. 

Opening Tonight 7.00 sub. 

Evgs. 8 . 00 . Wed. 3.00. Sat. 5.00. 8.30 




RAYMOND REVUES Alt. CC. 01-734 1 593. 

At 7 pm. 9 pm. 11 sm. Open Suns. 
PAUL RAYMOND presents 


Fully alr<ondltlpned 

21 st sensational year. 

REGENT COvford Circus). 637 9862-3. 

Evgs. 8.30. Mats. Fri. and Sat. 6 . 00 . 


BACKSTAGE musical 
.. A little lewd." F. Times. 

"Smart swell show,” D. Express. 

"So enjoyable.” S. Times. 

" Lyrics have more elegance 
than those tor EVITA 
music more bite 

Than mat tor ANNE." S. Telegraph. 

Credit Card bookings— 5eats from £ 2 . 

ROYAL COURT- 7M 1745. Air Cone. 
U« Week. M«n-Fri. £ Sat. 6-30. 

Ann Bell. Peter Bowles. 

James Cossins. Leonard Fenton 
t , in ECLIPSE 

by Leioh Jackcon. 1 Relrashlngty un. 

tashlonable and -cmidIcuouiIv intelti- 
Bem." Gdn. From 6 Soot. Nlcol Wllllam- 
Mn m John Osborna'a Inadmissible 

Are., set, 01-837 1B72. Until Sept. 2. 

This Great Artin^ should not ‘be 
missed." Observer 

ROYALTY, credit Cards 01.405 8004 
= Thursday Evenings B.O. Friday 

3-30 and 8.45. Saturdavi 3.0 and g.o 
London critics vote BILLY DANIELS In 
_ . _ Best Musical of 1977 

Tei. Boatings accepted. Major credit 
cants. RestauranS Reservation* 61-405 


SKAW. 01 -380 1 3S4. National Youtlt 
Theatre tn a naw mar bv Peter Tenon, 
INCLAN 13 MY OWN. Evas. 7.30. 

STRAND. 01-036 2661). EveortW. 8.00. 
Mat. Tnur. 3.0. Saittrdjvs 5.30 and B.30. 


GOOD SEATS LA.50-Lt.30. • 

ST 'MARTIN'S. CC. 01-836 1*43. Eva. 
■ 8.00. Matinee Toes. 2.45. satv. 5 and 6. 
56tn YEAR. 

TALK OF THE TOWN. CC. 734 5051. 
Air Conditioning- From X Oinlng. Dancing. 
At Itr 


THEATRE UPSTAIRS. 710 2S54. Evas. 
7-30 (tomorrow 7i. 

bv Thomas Babe. 

VAUDEVILLE. 036 9088. CC. Erg* fi.OO. 
Mat. Tuei. 2.45. Sat 5 0 and 8.0. 

The newest wnodunnlt bv Agatha Cnrisne 
“ Re-enter Agatha Christie with another 
whodunnit hit. Agatha Christie >s stalk- 
ing the Won End vet again witn another 
ot her fiendishly ingenious murder 
mysteries. “ FeRv Barker. Evening News. 
Limited Season: Oct. 2- Dec. 2. 



01-828 4735-6 01-B34 1317, 


Evenings 7.30. Mats. Wed. & Sat. 2 45. 

WAREHOUSE. Donmar Theatre. Covert 
Garden. 83B 680B. Roval Shakespeare 
Company. Ton't. 


writing debut. 

Adv. bkis. 

Tdn’t. 8 ° R 'peter 'Flannery's 
AMUSEMENT "brilliant mar- 
but." F. Times. All seats £1.80. 
Aiawvch. Student stanobr £ 1 . 

WHITEHALL. 01-930 6692.7765. 

Evg*. 8.30 Fri. mnd Sat 5.4S and 9.00. 

Paul Raymond presents the Sensational 



WINOMIU. THEATRE. CC. 01-437 6312. 
Twice Nightly 6.00 and S.OO. 

Sunday 6.00 and S.OO. 

PAUL RAYMOND presents 


“ Takes to unprecedented limits what Is 
permissible on our stage." Evg News. 

WYNDHAM'S. 01-836 3028 Credit Card 
Bkgs. 836 1071 from 8.30 nm Mon.. 
Thur. 8.0. Fri. and Sat. 5.1 S and 6,30. 
VERY FUNNY.” Evening News 
Mary O'Malley's smasn-tnt comedy 
''Supreme comedy on *e* and religion." 
Daily Telegraph. 

LAUGHTER." Guardian. 


ABC 1 & 2, Snaiiesbury Ave. 836 8861. 
aep Pens. _ All 5 LA 1 S BK8LE. 

»• 400t: A EPALE ODiaaEV (UJ 7umm 
, Pirn. W*. A bun. 2.2S. 7.S5. 


WK 6 bun Z.Ou. 0.1a iLasl davi 

CAMDEN PLAZA. (Opp. Camden Town 
Tube). A85 2443. Max Opnuls' greatest 
Jim LOLA M0NTE5 (A). 2.10, 4.20. 
6.30. 8.50. -.11.00. ■ 

CLASSIC T. 2. 3. 4. Oxford Street loop. 
Tottenham Court Rd. Tubcl 636 0310. 

SjM£lfll HUon of Film £ntcrtdlnmcfl( rof 

Cniltfren (and Adultsj. One price 50 d 
M on-FrL 1.1 am. Donrs 10.45 am. 

U and A prog. Children hair once. 

1;^ _ Disnev's herbie goes to 
MONT^CARLO CU). Prows. 1.30. 3X0. 

5;fg; I U HUGO THE HIPPO fUl! lllE 

|L A F i N ftH, D AYI John Carpenter's DARK 
?XL R 3.4ft , 7.S5 ,S - 5!S - 9 -°°' ZARD ° Z 
Progs. 1.20, 3.45. 6.10. 8.35. 


“ran't cards 734 4772. Tom Conti In 
.. a ^ with JANE ASHER. 

a momentous play i urge you 
. TO SEE IT.'' Guardian. 

Evas, ai b.o. Fri. and Sat. S.4S and 8 . 45 . 

!7"*S5BURY, CC. . 01-036 6SS6-7. 
01-838 4255. Halt- pr-re Previews from 
Soot 7. Opens Sept. 13. 


Shaftesbury Av% ^ c H »t>orn end.) 


"bursting with enjoyment, d.t 

Prices £2 to LS. Best seats 52 50 ‘.-hour 
Bef °re show at Boa Olnco. Except 2nd 
Jen Sat Mon. Thur. B.tS. Fri. and Sat. 
S.30 and 8 30. Trans, tn Duhe of York's 
August 29 

c JiRMN. curaon Street. W.l. 499 3737, 
UZALA tUJ In 70 mm (English iub-tllles>. 


uunA/T. E 9£. IECE - Times " MASTER- 
'■» 0b 5 e S ve E' 11 m jaSte rpiece.- e. 
News. Ftlm 2.Q. 5.4S. 8.20. Sun. 4 4 7. 

L S l lSSS5F*.*9 U * R l, THEATRE >930 5252) 

d Boner Moore. Richard 

? cp ' prags. Wks 1.00. 
a -’ 0 ' Late shows Frl.s A Sets. 

artrairu 0 !!.- a ^5? ,S mav be in 

*wncc for fl.TO Drag. 

»p*nssw , ds« ut*Z2, i. 

sss , «ur* 3 0 °- 5o °- boo ”“ 


Squrq 1930 61 11 .j 
5eo. Progs Dlv. Doors open 1 . 45 . 4.30. 
Ji* 1 , L ^ , ?c 8h °r* JJl ur1 -- FH- Sat. Doors . 
S5S rUi, 15 All seats bkhle at the •, 
Box Office or by Post, except Thprs, 

•BaS' M j.'j'fe -Arch. W.2. 17^^1011-21. ; 


I K ate f T foos ' Dlv ' Dows BW" 
JL ® £1 7X3; Late Show Fri. ana s»i. 

Poofs open pm. au iMtt bkbic. 

PRINCE CHAUL >^^ 01.437 8181 
___ HIOH ANTkjbTY IAI . 

9 00 SuiO 2.45. 6.15. 

-Late chow Fri. pud sa». 1 145 
s-ati Boo), ^le Lic'd Bar. ° 5 ‘ 

STUDIO L Oxford Circus. 437 3300. 
Jill Clavfaurgh, Alan Batct. . 

J" ?l«l Mpiurskv's 
P, *B». r.OS 3.30. 6.00. 8.35. 

. Late Show Sat. 10.50 


F aS?°c? N ?«hS^ L HL R,ts ' 63 Queen's 

LANDS^LMs^h^ WDM 586 3600. 
U46si t 22 ra * Academicians. 


"£? fiESTO: 'cniuuTi & 


Mon -Fri. 10-5. Sat, 10-1. 
Su^lO-5. Unfit Aug. 3 fit. Adm. 20o. 

Adm. ta 

s ^ A *w i m UIiS! lull,ES ' ,M - S| “ n *‘ 

antf urilBhlr n M K?*Tr. 94 ,n UH9*i .SOllptUfC*-. 
presSf^BM. ^ ' nlsr ? sh,,a International . . 



TSHf Tbicphon* tQ297> S2841. 

uaonc aS WeMeeimtrv Land- 

TSSL a Ki.SS asc » aB «- oil Painting* by 
h? rhT,i,u r tf - e" 0 Watertoiours 

ahr ". R W -S- •«! >9 Other 
S2 »ShSJ?. nv r~ H i? u"°«f ih, inciud- 
USr H C t« b %. *¥• Gelfeey Open 11 to 1 
Ctaed'w«t™F Monday la Saturday. 
CRued Wednesday altornopnp 


^ _ I 

Mjt raaaetal Tt»es Wednesday August 23. 29?^ 

t\#\ Tfctevision | 

r Taking the broad view by ARTHUR SANDLES 

= S > 

l,| \ i'liit 

The main difference ft tween 
those who watch television pro- 
fessionally and those who do so 
fixation is the programmes 
they choose. Reviewers scarce l v 
ever turn rhejr attention io 
OtwotkkJs. Clarcmation. Street or 
seaside variety shows-^aud yet 
these are the very programmes 
■which each week slide- into their 
accustomed places at : the top of 
the audience ratings. It is. a 
salutary experience for the 
observer of the t&Ievision scene 
occasionally to' - have his pro- 
gramme selection done lorTiim. 

What this is. leading up to is 
the news that" for much of last 
week I was -trapped cn a boat on 
the Norfolk Broads, doing my 
television watching on a small 
but .remarkably efficient black 
and white portable set. Pro- 
gramme selection was out or my 
hands resting instead in those 
of my teenage and sub-teen 
daughters. Various preconcep- 
tions were destroyed and spheres 
of personal ignorance on. my pan 
revealed. ' Perhaps the worst 

moment was when I thought I 
was safe at least in saying “ Id’s 
watch the Kenny Everett Video 
Stioic” only to be told irmly 
that " his jokes are- siny add the 
music he plays is old fashioned." 

■ Such reprimands came only, of 
course, when ,1 was not being 
told that watching television 
while in the midst of such superb 
scenery, surrounded 1 by wild 
duck a nd deep in Nbrfolk country 
silence was r eally ' tmfprgiya blc. 

At one particular, ttoe of each 
day the girls . whuM - abandon 
their father altogether. It was in 
the early 'evening when. they saw 
it as their task M>„ unload as 
much of. -the week's supply of 
food' as possible over -the side- 
and -into the eager beaks of pass- 
ing. wildfowl while?-! -tried to 
counter mv newspaper with- 
drawal symptoms wilh radio and 
’television news. .'Preconception 
one was destroyed pretty quickly 
by .this experience-—: London is 
not the news oap&albf Britain. 

■About Avglia re&X is a very 

good programme indeed. While 
Thames Television clearly 
believes there 'is nothing.. in its 
contract area worth news atten- 
tion in August Anglia manages 
to -put out a highly professional, 
informative and entertaining 
show ai 6 o'clock each evening. 
When taxed with the question 
Thames executives tend to 
mutter about the main news 
soaking u-p much of ithe London 
news and of the difficulty of pre- 
senting a homogenous view. of 
such a varied area. The real 
reasons may be the unpalatable 
ones that Thames sees itself as a 
network - giant rather than a 
London regional station, and that 
the .area as geographically ' too 
large for one company anyway. 

Anglia would seem to be a 
very lively organisation indeed, 
now that I have seen the appal- 
ling 3. 2, 2 (Yorkshire,- networked 
on Saturdays) 1 even have a soft 
spot for its A'ale of the Century 
(cries of intellectual ; arro- 
gance” from daughters 'off- 
stage). The main programme 

A mouse lemur recently featured .tit Anglia’s ‘ Survivay 

which the rest of Britain, and 
much' of the world, sees from 
Anglia is. of course. Survival, a 
programme prepared with an 
enthusiasm, almost a love, which 
somehow seems missing from 
such alternatives os Cousteau. 

But it is in its linking and 
in the local news show that 
Anglia declares its identity. As 
If to show that the area if covers 
is pretty big too. one night it had 
an entertainer who had kept the 
Luton ..airport delayed pas- 
sengers happy and switched to 
hard news doorsteppiog at John 
Storehouse's coastal hospital 
forecourt, all nicely linked 
from Norwich by such unflap- 
pable professionals as the 
delightful Jane Probyn. What a 
let down to return to the capital 
to find no nigbt news show 
which might cover: how resi- 
dents might be protected against 
being caught up in Middle 
Eastern, cross-fire; what the 
impact of the East End social 
workers' strike might be on old 
people; alt the fun of the 
London tourist season; and some- 
thing from the deep bag of inci- 
dent and crime in an area which 
is rich jn materia). 

Perhaps this mood of irritation 
was realiy confirmed by the 
clash which Fleet Street in 
general had with both the BBC 
and the 1TV companies towards 
th*e end of last week. Both sides 
produced their packages of 
autumn programmes and then 
came over all silly and childish 
about when these programmes 
were going to be shown — “ we 
don't want the competitors to 
know.” The BBC was slightly 
more forthcoming than ITV in 
revealing pretty fully what was 
going to happen on Saturday 
nights, but the ITV team just 
clutched its cards to its chest 
and seemed shocked by the 
animosity this attitude produced. 
Since, in fact, .both sides have 
a fairly detailed knowledge of 
what the other camp is up to, 
the only people left in ignorance 
are the viewing public. 

Meanwhile Page 49 of the 
current. issue of the U.S. show 
business magazine Variety shows 
precisely the autumn network 
schedules of the U.S. channels. 
Are they really less competitive 
than UK channels ? 

Even if we are being kept in 
the dark about what is coming 
when, the JTV package for this 
autumn looks particularly 
appealing. If what we are being 
offered is the combined results 

of a prosperous commercial net- 
work, sod the looming prospect 
of everyone having to reapply for 
their contracts, then let's have 
more Prosperity and more 
frequent contract renewals. 

What is particularly impres- 
sive; about tbe menu for the 
coming months is the depth of 
drama and documentary content. 
Television’s plundering of the 
history books continues with the 
Thames series on Edward VIII 
and Mrs. Simpson; Loudon Week- 
end-having 13 looks at Lillie: 
Langtry; and ATV. fresh from 
Shakespeare and Jesus, is goinE 
to give U£ Ian McSbane as 
Benjamin Disraeli. ATV has also 
made a new series of Saint pro- 
grammes. this time with lan 
Ogilvy in the old Roger Moore 
role as Simon Templar. As to 
Mr. Ogilvy’s abilities as an inters 
preter of this classic part we 
shaU have to wait and see but if 
the ; .fact that ATV* supply of 
pictures of the said gentleman 
has -failed to keep pace with the 
rate at which they are removed 
from my desk by admiring (of 
him.. not of me) females IS any 
indication. ATV has a winner. 

Particularly tempting in the 
dazzling documentary list . is 
Thames ten films with Dr. David 
Bellamy off on bJs talkative way 
through jungles, deserts, moun- 
ts ini and marshes looking at the 
evolution of man and his depen- 
dance on the botanic features of 
our- planet. 

At a more earthy end of the 
documentary scale is an ATV 
look at Lucas Aerospace workers’ 
plan for life after commercial 
death. Two one-hour programmes 
are- likely to spark off a much 
wider debate of an issue which 
has- tended so far to be brushed 
aside in the corridors of power. 
',Less impressive is the comedy 
aijd light entertainment array, 
which is spectacular in name 
terms bur little else. I suspect 
that the average age of the star 
hkt offered by ITV this autumn 
is-' considerably nearer 50 than 
30. suggesting that the network 
is not doing as much as it might 
to develop new young light 
entertainment talent. As a net- 
work ITV has also opted out of 
-ppp music in any real sense. If 
Kenny Everett is passd in their 
eyes, I cannot see my trio of 
brats being particularly 
delighted by the prospect of Max 
Bygraves. Vera Lynn or the 
Peter Knight Orchestra p.laying 
songs from the shows. It will 
be back to the wild-fowl for 

Lo'iuinl Hurl 

Raymond Weitwcll and Hilton McRae 

The Other Place, Stratford-upon-Avon 

The Churchill Play 


Edinburgh Festival— Assembly Hall." 

The Tempest 

The Festival has now added a haircut seems a tittle out of 
home-made theatre company to character. -V-- 

its home-made opera company. Alan Dobie plays Prospcro, 
hut not. on the evidence ■ of very affectionate.-.'-. towards 

The Tempest , with comparable Miranda but very bossy to Ariel 
success. . : —even more so. I wSild have 

Edinburgh Festival Productions thought than the tejrtjtfrrfahts. 
was organised to replace another From ^“*5 v °} n } E ?' vie ^’ 
company that fell out but no master is a balerul ptan who his 
theatrical. Domingo or Berganza treated his tricksy spirit. - no. 
has been hired to lend it special ' t ^ lan . other slave! 

distinction. Instead, we have a Caliban, and is ymost pathetical 
workmanlike company -giving break-promise / besides; ’ yet 
workmanlike productions to two Shakespeare, wth his remarkable 
of Shakespeare's more popular insight _ 

n|av<s . policy, insist? Ihat Ariel should 

tiw. .hm... wan t to bejfnved. I do not see 

__1? v how he coufd feel that way about 

J ^ hoV £ Mr - Dobi / s curt magician, and 

»« S r°^. b ? x the cry with which Adam Bare- 

, b '? llt l l .u”™S?L be „ K X, ^lf d l0 ;ham signals his freedom when 
thiill Ihe emits, u ho m») very p C 0 Sp pro breaks his staff in two 
well have seen both plays this ra n only have been a cry of Joy. 
season already, and pretty often p/ospern and Ariel a re. often 

as j W k ' T h< ; sciffr in this production working 
enterprise has an ad Anr feel ^ eir spe n s with appro-, 

ad 'bne^ook 1 ^ ilm,e blns an priate gestures: it is very magic-) 

Round House/Radio 3 

London Sinfonietta 


°ci fifu- louK. - conscious. It is a shame that 

*hr house lights ot the music should be so uumagical 
Assembly Hall go down at l he — Mr. Barcham's hoarse chanting 
slain nf The Tnrnpest. and with 0 f his songs, Marilyn Taylerson 
a momentary shock we sec two M - Iris treating her lines almost 
ageing Ldwardians m tropical as the Church of England treats 
suits stroll on to a stage nj e psajms 
furnished only with some broken Janet Mwr is a pre tty Miranda 
pillars and backed by a painted a utile over four feet high* but 
sail. They are soon followed by Jark Galloway has a somewhat 
the rest of the King of Naples unpoetlc wa> wilh Shakespeare, 
party, including their jester, an £ his Ferdinand cannot match 
carry i n g a rasr f u 1 lor con jurors hcr At tbe other end of the 
kit labelled Uncle Tnnculo socta j scale, Richard Easton^ 
and the steward Mcphano, who ^. <a uban loses rather bv being so 
hands round brinks on *• J ra - V - unbeslfal. This humanity of bis 
sounds of a sudden violenl storm stresses thc colonialist reference, 
arise the sail is jerked this way . ^ dircc ior David Giles docs 

and that, and the passengers t rn . tbe reference through 
adopt various desperate poses Mnsister ;,]v 

'SrXlTSS- Prn^ The harpies and the masque 

r.r c ," ■SM sa ,«5s23r 2S“ *2K 

inu w piay ’sjstt ' Tr ;r 10 ssss 

suggest Greece and a wholly {}«*« * be hi 

human Caliban is dressed as a Upstairs, the ' K, "p ®. u 
Turk, though a very ragged one. ^»veo a e°Mrt ,ar "® ■ 

Artel, less human, wears an all fiuishablc from nne amger. 

over body stocking giving the "W ^-ed bv¥Sdv 

property spiritual impression of who ts luppiti b a - 
a sexless nude, though his punk Ward. B. A. YOUNG 

Hugh Woods Chamber Con- 
certo (1971) brought to a close 
Monday’s attractive Sinfonietta 
Prom, conducted by - Hans 
Zender. It is a bold piece, wide- 
ranging and widely inclusive. 
Many kinds of music are ac- 
commodated within its four 
| piovements. The contrasts of 
tone and manner between the 
| movements are striking. A bard- 
edged profusion and proliferation 
1 of instrumental detail in the first 
is followed (without pause) by 
the Tippett-like panoply of solos 
and small groupings of the 
second. The third is a passion- 
ate slow elegy, a tribute to 
Roberto Gerhard and a re-crea- 
tion of his musical sound-world. 
The Tnurth bounds in propulsive 
additive rhythms to a brightly 
gathered finish. 

When I first encountered .the 
concerto, at a BBC Maida Vale 
studio concert in 1976, 1 felt that 
stylistic copiousness had diffused 
the cogency of thought .'and 
argument in which Wood's 
music is normally so strong. 
This time, however, the displays 
of instrumental colour seemed 
so brilliant in their teeming in- 

ventiveness as to afford, in 
themselves, a thread of consis- 
tency and continuity. Tbe work 
is full of wonderful sounds. The 
second movement boasts some of 
the most remarkable; a long: 
double bass cadenza suddenly 
joined by harp and looping bass 
clarinet, and an increasingly 
fractious trumpet solo to which 
born and trombone at last pro- 
vide a challenge, were particu- 
larly to be relished. It is music 
unfailingly sociable in spirit, 
exhilarating to bear a$ it must 
be rewarding to play;- and so it 
was well suited to the. Sinfonietta 
(who gave the 1971 premiere). 

Mr. Zander, whose workman- 
like podium manner draws 
playing , of impressive musical 
character and substance, bad 
earlier led Gerhard’s Libra — 
warmly and thoughtfully, 
although the instrumentation 
came across less pun gently, than 
usual. Webern's Concerto for 
nine instruments. Op. .24. was 
directed with fine sense of the 
dramatic expression contained in 
each concentrated statement. 
Tbe result was a performance 
pregnant with wit. emotional 

vitality, and gentle, buoyant, 
lyricism — all the things for 
Webern ians love the work 
bpt which they find missing in 
the stringy, note-to-note readings 
to which it is still prone. 

In. between the chamber 
orchestra work*, there were two 
examples of Stockhausen’s brand 
of chamber music. Refrain was 
played by Jo^n Constable 
(piano), Ian Brown\(celesta>, and 
David- Johnson (vibraphone). It 
did not seem as ihoilhgh they had 
readied the stage of finely tuned 
mutual responsiveness at which 
the soft wisps of pretty sound, 
interspersed with the '. players' 
cries and whispers, are forged 
into - a continuously compelling 
experience for the listener. 
Janies Holland delivered Zyklus 
Tor percussion with address, dart- 
ing nimbly around the circle of 
glittering metal. No more than 
any 'other performance of Zyk Iv* 
that I have heard was this linked 
into an appreciable connected 
sense.- "The supreme inventor 
of timbre.” Paul Griffiths’ pro- 
gramme note called the compo- 
ser: on this occasion be seemed 
more like a timbre merchant 

Howard Brenton’s clenched fist 
of a play was first seen tour 
years ago at the Nottingham 
Playhouse when its grimly 
prophetic picture of life id a 
19S4 English camp for civilian 
internees captured a mood of 
growing public concern over thc 
Irish situation, rampant inflation 
and public vandalism. As the 
quality of English life remains a 
sad. over-played joke and the 
streets of our cities are as mean 
and" joyless as at any time in 
living memory, the central image 
of the play remains bleakly per- 
tinent. You could quibble over 
tile “It could happen here” 
element in the piece but not, on 
the evidence of Barry Kyle’s 
insistently belligerent production 
for the RSC, with its raw 
imaginative power. 

Churchill is lying in state, his 
catafalque draped in a Union 
Jack and guarded by four 
servicemen. The dead hero rises 
up and asks for a cigar. The 
lights change, the rehearsal is 
interrupted. The internees are 
preparing an entertainment for 
a visiting Select Committee from 
Westminster. In the subsequent 
scene. Breuton's major themes, 
structuaily internal to the over- 
all picture of the erosion of civil 
liberties and the suppression of 
anger- forming like a huge wen 
ou society’s face, are brilliantly 
exposed. Emerging with strong 
dialectical clarity is the issue of 
censorship, suddenly topical ail 
over again (if, indeed, it ever 
was not): the Colonel is worried 
about rude or vitriolic “bits,” a 
theme hilariously developed in 
the play within a play. Also, the 

air burns wilh a sulphurous 
examination of enmity among 
the ranks. 

The sergeant, a trapped liberal 
doctor brought to wavering life 
by John Nettles, is confronted 
by the bully-boy contempt of an 
Ulster veteran (a really magnifi- 
cent performance by Paul 
Moriarly). who sees running the 
prison as a metaphor lor running 
the country. Dogs, rats, dis- 
senters. all deserve a similarly 
brutish fate. The sergeant can 
only muster “ Go away " as a 
parting shot, an evasion repealed 
in the face of a pathetic, mysti- 
fied cry for help from the latest 
recruit. The other inmates 
include a neo-Luddite who 
smashed up telephone boxes in 
the Leeds area in 1976 (Malcolm 
Storry > : a Glaswegian union 
man (Hilton McRae): a ferret- 
tending old man who feigns 
madness to cover tobacco traffick- 
ing (Bill Dean); and a journalist 
from Derby who hit a policeman 
on the picket line of 19S0 (Ray- 
mond Westwell). 

The journalist is to play 
Churchill, and Mr. Westwell’s 
authoritative. Boothhy-like com- 
mand of the part is a 
tremendous and crucial improve- 
ment on the Nottingham version. 
He brings not only a dignified 
swagger to the “blood, sweat 
and toil ’" speech but great comic 
zest to the rehearsal of the 
Yalta summit, to be played by 
Churchill and Stalin iu a tin 
bath with a human bar of soap 
symbolising the slippery’ truth. 

Outside, iu thc damp dark 
beneath the walls and barbed 

wire, the sergeant walks his dog 
and his wife, outranked again 
by demands for a house near 
Maidstone wilh a decent lawn 
and a decent future. The creep- 
ing insidiousness or all the 
camp represents is equated in 
typical Brcnlon fashion with the 
bog climate that rises along 
walls and seeps under the skin. 

The Churchill play, like the 
one performed by de Sadc’s in- 
mates in Peter Weiss's epic, is 
done nt thc audience uf lop brass 
rather than for them. Churchill 
is taken back to the bombed 
Peck ham of 2940 and told, in no 
uncertain terms, that people won 
the war. nnt a great man. He 
greets a sign uf abuse with a. 
friendly wave for the snapshot 
album. Thc play is jettisoned 
for a break-out attempt by the 
internees and scenes of panic, 
confusion and violence are 
flecked with thc regretful mum- 
blings of a failed Labour MP, 
the colonel's placatory remark 
(endemic, you feel, to Breuton's 
view of his professional task and 
ironically pitched t that “a little 
play is a way of blowing off anger 
into the deep blue yonder” and 
general despair that there is no- 
where worth escaping to. The 
sirens wail, the guns rattle and 
somebody announces the third 
world war. It had to end like 
this, in nasty apocalypse. But 
the downward slide has been 
cheered all the way. 

I am most grateful to have 
seen this play again and all 
concerned are to be congratu- 
lated on boiling up a challenging, 
highly intelligent and frequently 
unnerving trip through the 
barricaded underground 


AUGUST 30-31 1978 

Elizabeth Hall 

Schubert Encore 

Before returning to .the 
Edinburgh Festival. Isaac Stern 
reappeared on Monday in the 
South Bank's Schubert festivities. 
It certainly made an all-star 
line-up for Schubert's Quintet 
with two cellos, with Stern sitting 
alongside four outstanding 
younger players of -today — 
Sblonm Mintz. Pincbas Zuker- 
man, Lynn .Harrell, and Yo Yo 
Ma. But, just as an nutstandibg 
solo pianist does not always juake 
Tbe best accompanist, so it ' re- 
mains debatable whether a 
once- only assembly of majos 
talents can match a highly- 
skilled regular chamber mqsic 
team of less celebrated names. 

Debatable indeed. I could 
admire thc fullness of tone — 
Zukerman on this occasion taking 
the viola, and Yo Yo Ma contri- 
buting a bass-line that was' 
always firm but never heavy. I 
could admire passages of care- 

fully planned impetus. But the 
first movement seemed heavy, 
and the relationship of Its vary- 
ing tempos awkward in com- 
parison with other, remembered 
performances. The repetition of 
the long exposition was conscien- 
tious but not altogether welcome. 

Moreover, Stern as first 
violinist was the odd man out, 
not only with some imperfect 
intonation but with some lapses 
in expressive value. Two only 
need be cited — the poor phrasing 
of the expansive figure just at the 
end of the first movement, and. 
four bars before the end of the 
second movement, the failure to 
make the ’trill and its auxiliary 
notes “speak" in such a way as 
to parallel the penultimate bar. 
A violinist who might not hope to 
rival Mr. Stem in the Brahms 
concerto but who simply played 
this quintet more often would be 
expected to deliver these points 
more convincingly. 

Earlier in the evening Mr. 
Stern bad. undertaken one of 
those seldom-performed Schubert 
violin sonatas- (in G minor. D.40S) 
with - Joseph Kalichstein as 
pianist Here too the violin 
intonation was not faultless, and 
all Mr. .Stern could do with this 
over-simple music was to show us 
that even Schubert nods. Piuchas 
Zukerman had stronger material, 
playing, on the viola the sonata 
Schubert wrote for that freakish 
six-stringed instrument the 
arpeggione. It is the cellists who 
usually appropriate that sonata, 
but in Mr. Zukerman’s warm and 
fluent tone (Mr. Kaiichsteiu was 
his sympathetic pianist) who 
could guess it to have been oiher 
than - an original and splendid 
work /or. viola? In such a con- 
vincing performance one could 
pardon a little obtrusive toe- 
tapping, . 


St. Augustine's, Kjiburn/Radio 3 

John Alldis 

Alan Dobie and -Janet Maw 

The ' first part of Monday’s 
peripatetic Prom consisted of 
choral music, hospitably accom- 
modated in St. Augustine’s. The 
clean-edged sound of the Alldis 
Choir took well to the. church; it 
cast a soft glow’aboul Bruckner's 
seven-voice Are Maria, and 
Schubert’s pastoral-romantic 
setting of the 23rd Psalm seeped 
to shimmer in the air. The Psalm 
is sweetly iced with a piano-part 
which Antony Saunders relished, 
and . the prescribed women’s 
voices were enriched with, a dis- 
creet counter-tenor, in Schuberts 
“ Nachthelie,” though Philip 
Lapgridge’s tenor soared affect- 
ingly above the male chorus, the 
vehement climax came as a sur- 
prise— as if thrushes suddenly 
began to shout: perhaps 
SchiilKUt miscalculated. 

Nothing was miscalculated in 

his late setting of Psalm 92, 
composed to the Hebrew text. It 
has pith and. weight without 
pomp, and a distinct Jewish 
flavour. Stephen Varcoe took the 
Cantor's solo role Jiere with fine 
ruminative gravity, and the 
Choir sounded as closely 
bal&nbed and firm as in the 
Bruckner. In two Gesualdo 
pieces— the second a motet com- 
pleted by Stravinsky — the 
accuracy of their pitch generally 
commanded • respect but the 
exacerbated emotional climate of 
the music remained temperate. 

Alldis and Femeybough’s too: 
that transformed the concert 
into an occasion. 1 was impressed 
and bemused by Femeybough's 
recent Transit and continue to 
admire bis Sonatas for Quartet 
of 1967. Some anxious study of 
the score Of his 1969 Mis$a 

Brevis .left me. unprepared for 
its powerful effect in perform- 
ance. its sections are brief 
enough, often dense with curious 
counterpoints, which told bril- 
liantly in this superbly prepared 
account, hut the simplest pas- 
sages are as potent as any. The 
imaginative force of the whole 
is altogether remarkable — surely 
calculated and seeming- to owe 
scarcely anything to any other 
composer’s pallette. It extends 
tbe expressive range of Its dozen 
voices grandly, without a hfut of 
mere eroerimentJng and yet 
remains firmly within the scale 
of ita ..means. .An astonishing 
work and the enterprise of Mr. 
Alldis and bis singers In taking 
it up. was matched by their 
execution of it— lucid, sharply 
alert, intensely dramatic. 


• Aerospace industries, how at a crossroads, have to 
make decisions that will dictate the shape of aviation 
for decades to come. 

• Decisions about airliner designs, fares and noise ... ' 

• Decisions about reorganising airports to cope with 
increasing traffic .. . 

• Decisions based on strategic arms limitation 
agreements . . . 

Before the decisions, the debate. The Financial Times 
Conference will be guided by speakers of international' 
reputation, representing European and American manufacturers, 
consumers, planners and other points of view. They will 
prescribe on present problems and suggest strategies for the 

On the eve of the Farnborough Air Show, this conference will 5 
equip delegates with the contacts and the ideas they need to / 
meet the challenges ahead. *•' 

To Thc Financial Times Limited, Conference OrS«*nisalion, Bracken House, 

10 Cannon Street, London EC4P4BY. Tel; 01-236 4382. Telex: 27347. FTCONF G. 

Please send me further details of the,VVORLD AEROSPACE CONFERENCE 

NAME (Block Capitals Please) TITLE 



Financial Times Wednesday iSogust^SSafe 


Telegrams: Ftnutimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8900. 

Wednesday . August 23 197S 

Playing Hyde 
and seek 

The age of uncertainty 
arrives for Kenya 


ana seek ■ 

jurt fm Kenya but for the whole , n J jjajmty in Zaire, 

IT IS hard to remember now let alone corporate opinion, was °? Africa. Kenyatta was a poll- — ® ha always been a 

the general sigh of relief with still unknown. . tacal giant in Africa, in his early * f0TCe in East Africa, 

which the accounting profession Argument, then, is under- personifying firebrand ftee capitalist system 

and the securities industry standable and even welcome. ? at *>ualism to the point where, d Keoy atta's inherent con- 
greeted the interim Hyde gudie- This is a guideline and not a * n tte ° f M * u . Jri u ™--^ a J servatisra have always meant an 
lines on inflation accounting, formal accounting standard, de “? un ^ e 1 <J a British muuster abhorrence 0 f Conmranism and 
After endless rows over Sandi- and companies which feel that ¥ .T 61 / 0 , aarteieM ana ^ strong leanmg towards the 

lands and Morpeth, and a long the gearing adjustment leaves rjr m of west. From the Western view- 

academic rearguard action in too little room for the dis- {fS« J e f „ the point, it is therefore vital that fS 

defence of the profession's cretion of directors, that Jl™ a j A *?L a S this stability be maintained, 
original proposals to account in replacement cost depreciation is statesman who more It was in the 1920s when 

money of constant purchasing misleading in^ mdustries with ^‘‘n ^yone has been the nationalism in East Africa was 

power, a compromise was large over-capacity, or that guarantor of a multi-racial virtually unknown, that Ken- 

reached which contamed some current costs give a deceptive ggJL and a heaIthy private yatta began his political career, g 

features of both philosophies account of trading in fluctuating enterprise economy rare in the first joining the Kikuyu Central £ 

a cost of sales adjustment based commodities should by all means con tinenL . Association. Helwcame its t 

on actual current costs, and a say so. y or b j S death marks secretary four years later and i 

gearing adjustment in partial Indeed, no-one would pretend ^'e end of a 15-year era of in 1929 made his first trip to 
recognition of the falling value that the interim guidelines are certainty which began in Britain with a brief to put Afri- 

of money. either perfect or complete: but December. 1963, when the can grievances before the 

n +• i what ^ not P erha PS realised is country achieved independence Colonial Office. ^ 

rarnai that no system, however, com- from Britain with Kenyatta iqtr v. 

This very simplified system prehensively developed, will at its head. A man of great icier 

avoided some of the more con- give an unarpably " true ” pic- political acumen and personal jJJL 

tentious and complex issues tore of the impact of inflation magnetism, towering way above outlaw female Tn " 

raised in the old. more com- on company finances. The any rivals. Kenyatta gave his S J “ 

prehensive Morpeth proposals, original constant purchasing country that quality which it 

and was admittedly only a power adjustment was an Intel- needed most in the immediate e 

partial account of the problem, lectually pure attempt to re- post-colonial period: political “J 

Some very difficult questions write the accounts to eliminate stability. ISP"" 8 soaoum that produced 

ahout foreign currencies and the effects of general inflation. It is that stability, achieved Kenya, • a 

long contracts, for example, but not of relative price move- through the careful balancing seminal wore for African 

iuii£ LuunaLu, xux cAaJDt/it:, "wi w* i naHanalicrn 

were lert to one side. However, ments: it was discarded on a 0 f tribal forces, . which has nationalism. , ....... 

since the EEC is supposed at wave of protest from manage- underpinned Kenya’s other On his return to Kenya, he _ at th - hhip of his trial as “ manager " of the two top army Generals 

some stage to produce a Euro- ment, which uses no such con- great achievement: an economic became president of the Kenya 1116 two fac ®s of ^ omo . Ken S?; ulht'thi ^der -statesman of African uoliSsf* • are K^nho and so, apjrar- 

pean standard for inflation cept in its accounts. Current growth rate that is the envy African Union and the centre Man Man terrorists, right, the elder statesman or - non politics. ■■ ently, are -most officers- above 

accounting, a simplified interim cost accounting is close to the of most other non-oil producing of mounting tension with the lieutenant Cadionei, although 

system makes sense. In this cash flow accounting used in African States. British authorities, who accused will be one of the most prob- Kenya’s sole political party, will to the House-- as a nominated there -are now an important 

spirit the profession, with the industrial managements, but is The central question now him of making subversive lematic legacies facing Ken- hold a poll to elect a new leader member and has been trying to . 0 f middle ranking 

backing of the Stock Exchange for various reasons misleading facing Kenya is whether it can speeches. Then, in 1952. came yatta’s successsor. to repace Kenyatta and this stage a more broadly-based officer8 from a Kikuyu back- 

Council. agTeed that accounts when applied to finance or dis- maintain that stability and Mau Mau, a still mysterious Tribal factors apart, there is man will go forward as the sole political come-back ever since, ground, " 

for the year ended December 31, tribution. Every general system achieves smooth handover to a blending of Kikuyu land hunger a wide gulf between the haves candidate in a nationwide Around him appear to be LgU cIear ^ the make-up of 

1977 should contain a supple- must compromise between these new civilian leader. with nationalist aspirations, and have-nots of Kenyan society. Presidential election. grouped some keymembers ^ M shadow ” para-military 

mentary Hyde statement. conflicting principles. For Africa, Kenya tta’s death Kenyatta was accused of manag- Resentment over this appears to The KANU poll will therefore (but not all) of the Presidential G enera j Service Unit (GSU) 

Enough accounts for this Cavalier marks the beginning of . the end mg Mau Mau and, despite his be mounting and has been be the subject of intense jockey- «£amtiy and entourage These which ^ lo number 

period have now appeared to '~ avuue of an era. Jomo Kenyatta whose claims of innocence, he was fuelled by conspicuous con- ing between interest groups appear to include Mr Mbiyu about 2.000 men spread across 

make ir clear that the combined However, the necessary im- political activities dated back to sentenced to seven years sumption among the elite and over the next few weeks. Long Koinapge, Munster of State in countty . i n the event of 
prestiee of the accounting pro- P* rfections of Hyde are not an the 1920s. was one of the true imprisonment alleged corruption in high before the President's death, the President s Office, one of the any . disturbances during the 

fiercely-fought poll is IlWy to 
ensue. . 

If Kenya’s political auhility 
has provided the base for us 
economic develop^ 1 ® 11 ** tbc 
widespread expectation now is 
that its economic progreas will 
act as a politically stabilising 
factor in' this difficult hand- 
over period. The argument gore 
that too many people have a 
vested interest in the continuing 
well-being of the economy to 
upset the applecatt»~not only 
political leaders but the small- 
holders of Kikuyulind who have 
prospered with the tea and 
coffee booms of recent years. 

Inevitably, however, ' there 
must be some concern about the 
possibility, no. matter-' bow 
remote, of intervention by the 
armed forces. 

The Kenyan military is small 
by some African standards (the 
army comprises about 8,000 
men), and has broadly main- 
i tained the political traditions it 
inherited, from British -rule. Its 
commanders have- been firmly 
subordinate to the civilian* who 
run the Ministry, of Defence. 
The army rank and file, again 
a relic of British rule, has been 
dominated , by members of the 
minority Kamba tribe, although 
this has clanged somewhat in 
recent years with recruitment 
on a tribally proportionate basis. 

The two top arm; Generals 
are still Kambo and so, appar- 
ently, are most officers above 
, lieutenant Colonel, although 

grouped some key members the M shadow ” para-militarv 

Hint nnf .11\ ^ tL. Dn. W 

prestige of the accounting pro- P® rfections H >; d ® aI « “ ot “ ^* e 1920s . wre one of the true Imprisonment 


and the Stn^k Fvrhanpp. adequate reason for refusing to founders of African nationalism. -whUp ctm in places. 

is not enouah to over-awe auite P“ Dllsn lor nsutca, wucuier ou mwe uuui tui », «c was uue oi lasted ti T. 10fil h _ w __ ‘ aTT1PfJ inese allegations nave nau own juaumg i«i huizu«u under president Kenyatta’s 

a number of coniDanies While grounds that more changes that small band of civilian president of thp n»w Vr-m-a touched even the Presidential pre-eminence fith an eye to the d| y. supervision, could play a crucial 

Lsth^e comSredthevha ve a re likely in future, as Cadbury potiticians who not only led Hg?* °L5* a ? ew family. A series of articles pub- post-Kenyatta era and these These two factions i arise out rol ^ couia pi y a crucial 

most nave Lonipneo, uie> nave ^ Airican iManonal Union .n:..... i -j of a onmniii'aferi mmhinarinn nr — . . . . . . 

two loosely-knit rival factions men -closest to Kenyatta and handover this body, built up 
have had been jostling for political probably Ins oldest political under President Renyatta’s 


ignored iL 

radically different recommenda- "Sore creditor ^d. per hap* o S^egalNjerereoi state < b ^ 8 “ Wrage of 7 per SlitiS life Sin foiJ'Z & work home ™ 1 ^ose from the 

an°d nS th n e Hyfe g”es S£ m0St ,- f<ir Wage BaudaV ffiff Sir «« 8 between 1963 and £ £"2“ Z 5?£j2 Mnrenga/Nyeri area to the & hSld f0r an > “ t0 

and the n> ae guidelines tnem negotiators, is as urgent as ever. Seretse Khama of Botswana and Kariuki. one of tiie most out- canvassfmr sunnorr from all no £ tIfc Amid narliamentarv ,m««t 

?P? ken populist of Kenyan Kenya^bes at the grass roots. A™ C “f foUowing the death^f J. M. 

‘ aD « new- throughout maintained the ideal “u oy tne a parUamentary inquiry raised Kenvatta, he has the added w*ux. various xviAuyus ^ Qm in doubt as t0 wha : 

inflation accounting are actuaUy born Council for the Securities 0 f civilian rule in Africa. Government’s encouragement of doubts on the role of the police advantage of coiSne from the . members of other tribes mi-ht hapnenifthev stirred 
encouraged to pereist with their industry on non-compliance. Kenyatta is the first of these Western investment. and even M of the poti- SS KateSto erf & i . n n * whichever faction they Si far from the CtoveSSSJ 

nwn notions. The Stock Ex- The Council may lack teeth, men to die in office. All Africa At the same time, he presided tical establishment in the affair. Stesyet ateoh£ thfba^kinl ? infc ^ emerge 00 t0 P' The tine' Gmernmeat 

change Council jumped the gun and an advisory standard is not will therefore be watching over the relatively smooth Agaiflst this background, and of some ^powerful GovernmSt L “° s> KetiJ * s seioad lar ? ea t In his usual earthv fashion 

on some of the earlier pro- the occasion for biting; but a closely to see how Kenya copes “ Kenyanisation - of jobs form- UbTStaK SLteSra bSongiM to the tri ^' «• ^ ^ajo rity he re^nSId them th i there 

posals. and urged their umm- bark, or at least a growl, would with the constitutional hand- erly held by whites and Asians j£™ a m U 7t now selert a new Kik^u trita kSb 5-* largest Probbaly still support Mr. wLlSSre . S in 
diate acceptance at a time when suggest at least that the subject over of power to a successor and the redistribution to leader. Kenyatta himself always Mr Charles Njon jo Attorney 0din sa. the veteran Luo leader, t0 ^oop down on 

the state t.f accounting optn.on, 1. a serious one. ,w,ho. stoer his ouaUties and Africans of farms formerly held SSSid puSc coZitoeaT io Geienl lnd on. of the key whose attempts > to stage a poll- Sep, 7S stored from 

whoever he proves to be, cannot by. white settlers. Both moves an heir-apparent figures in Kenyan politics is ^ cal comeback have been t h e mn 

-m -mm . hope to match Keoyatta's acted a s valuable political The Kenyan constitution at close to Mr. Arap Moi, as is frustrated by the authorities. He Kenva’s hawk is no mure 

Lelinll A CAAtAI* charisma. If all goes well, it safety valves. least dispels any immediate Mr. Mwai Kibaki, the impres- seem s to be in the Mungai camp. and whatever the oolitirsi 

ilS ii I I Vi wi , u the first time in post- However, the last few years political uncertainty. It sped- sive Finance Minister. It is possible, but by no plumage of his successor h«» 

colonial Africa that the leader- of Keoyatta’s rule saw the fles that on the death of the The other faction, appears to means certain, that these twu will require great acumen tn 

ship of a country has passed emergence of some disturbing President, the Vice-President, centre on Dr. Njoroge Mungai, essentially Kikuyu camps will balance the forces within 

j • j • constitutionally and peacefully new tensions in Kenyan society who is Mr. Daniel Arap Moi, President Kenyatta’s nephew, come to some form of modus Kenyan sodetv and to nn»« 

from one civili an leader to — tensions which in part stem takes over the reins of Govern- who lost his elected Pari i a- rirendi before the par-ty elec- ahead with the lk>vernmpr*r’ B 
LflVllllJvULlIvll another. from the unbridged capitalist ment for 90 days. mentary seat at the 1974 tion and that a single candidate declared goal of a mow* 

MT Keoyatta's death is also im- nature of the system and which During this time KANU, General Election but returned will emerge.. If they do not a ahlp 

uiiwiaiuiu ox oji guca weu. it aoieiy vaives. least dispels any unmeciate Mr. Mwai JMbaki, the impres- w wmp. an( i whatever the nolitica! 

will be the first time in post- However, the last few years political uncertainty. It sped- sive Finance Minister. It is possible but by no plumage of his successor h*> 

colonial Africa that the leader- of Keoyatta's rule saw the fles that on the death of the The other faction appears to means certain, that these twu will require great acumen tn 

ship of a country has passed emergence of some disturbing President, the Vice-President, centre on Dr. Njoroge Mungai, essentially Kikuyu camps will balance the force*; within 

constitutionally and peacefully new tensions in Kenyan society who is Mr. Daniel Arap Moi, President Kenyatta’s nephew, come to some form of modus Kenyan sodetv and to 

from one civilian leader to — tensions which in part stem takes over the reins of Govern- who lost his elected Parlia- rirendt before the par-ty elec- ahead with the Government’ B 

another. from the unbridged capitalist ment for 90 davs. mentarv seat at the 1974 tion and that a single candidate i 

YESTERDAY’S report from the implied acceptance that the 

Department of the Environment, development contractors feared ■■■■■ ■■ ■■ 

calling for an expansion of local most — an unbridled expansion Bttffi ® W 

authority direct labour organisa- of direct labour organisations, KVI^Ih flbafll 
lions, represents the latest step irrespective of financial viability " ■ 

in the Government's plan to and without proper accounting +h*» 

extend the role of the public procedures — is not acceptable wP©fling> lilc 
sector in the construction to anyone, including Ministers. - y 

indusi ry. M niistcrs hope, given Thc Department of the hOrSC S mOUth 

report as the 'basis "or'legisla- i^’^hrnad 1 ^its As I>usinessnie P 30(1 

.. Imd broad support in its 

another. from the unbridged capitalist ment for 90 days. mentary seat at the 1974 tion and that a single candidate declared goal of a maw* it 

Kenyatta 's death is also im- nature of the system and which During this time KANU, General Election but returned will emerge. If they do not, a able distribution of wealth^ 


national newspapers and in 
particular television." 

Mounter talked enthusiastic- 
ally of how a public relations 
officer for Devon county 

report as .he basis for legisla- ™ * * i" AS - busine *? me * 30(1 broa ,t council managed to change IS 

tion. In the meantime it will that direct Tabour caster continue to cast well- jmage by baDgin 0 ^ cia]s > 

provide them with ammunition i"’ n„d to he properly r °“ n ^ ed # »P«** o ns each desks until ^ met ^ p 

in any offensive waged with the account" h r PS" * - touc ?“L«f: ** , He thought that the board polls 

private building sector and the ^ pouring cl par benefits federatlon °/ h British Industry given t0 PR men in th uS 
Opposition over thc proposals. J, 1 .J' £ t ^J° the greater weight 

_ . 1 . V -r i 1 r work for a little harmony. We <H V en tn PB thpr#» anH fv,o . 

Obnoxious P 3 -'™ ' n of ' ower costs : want both side., to understand freater efficacy^ 

,, . , . . belter products and improved p _ rll Qther better » j w __ tDld emcacy of PR depart- 

M misters ambitions to ircc vnrx-irc Thev shntilH the eaC1 Better - 1 ^ a ® toia ments. 

local auifiuririts from rcstrie- report emphasises, be compared jlterdav “Lsf ^°ek - He hims e If “W he ha s moved 

turns preventing rhem from nn as ^ qua[ terms as possible IfT/ coverm ° wars and the like 

seeking a wider range of build- lvith private sector contractors p,re . d ’ thc °B l had arranged a he thinks business is 

ina *.*k and from Inokin-,. Ihougb it suMes^ Th?s Ls n^ « nfe f ren « 36 company ^ biggest story/ . He S h “ - 

beyond their respective auihorv- a I wavs as ea^ as some people d i ’? Ct0rS , Brls,to1 » h,ch wafi taken over what used to be 

tics’ boundaries for contracts W 01 i j’ ( i c ]aitTi- addressed by four newsmen on called Time for Business. It has 

have always received a greater the problems o£ media coverage been renamed Inside Business 

priority than the better- Procedures businesses. And next a nd has increased its staff so 

publicii-ed. left-wing proposals ^ month a new experiment is to can look at issu^c \n 

To nationalise outright some of The „ turnout attempts to star L mo re depth- Mounter wants S 

the major private construction 8nf £ er a^ountabilit?^^!? As part of 8 briefing on ^ have eameras fotiowing a stojy 
compames But in the eyes of and to CBVs activitieS| itfi regional rather than interviews done to " 

off the minor encroachments of 
Canadian kippers, but just how 
much longer kippers or kip- 
perers will last is open to 

As with coffee and beef, ris- 
ing prices seem to have brought 
out a talent in the British house- 
wife for ruthless gastronomic 
adjustment. Dyson says that 
since kippers went up to 80p 
or more a pound sales have 
almost halved. 

Third time lucky 

Correcting errors in corrections 
of previous errors is keeping the 
men at Her Majesty’s Stationery 
7 ""““i Office unusually busy at the 

moment. But an expectant world 
“It’s another case of life should soon be able to study 
imitating ads ...” 016 third and perhaps final ver- 


more depth- Mounter wants to imitating ads ” 016 third and perhaps final ver- 

g on the have cameras following a story ' * ' sion of thte VAT (Consolida- 

regional rather than interviews done to tion) Order 1978. At present 

talk to the. studio. But he says that one of the staunchest supporters VAT watchers have to make do 

. . , ~ ,j lee t th e three-year-old reeom- uone in uonj uraer ai present 

the private sector, both the mejlda( j ons „f Chartered In- directo, ) s are to f^ e . s ^ ud ^°-, But he says that one of the staunchest supporters VAT watchers have to make do 

direct labour proposals and Public Finance and jounmtists about such matte ns typical of the problems he has of the campaign, contrasts with the distinctly unhelpful 

nationalisation arc equally A , „ t: „ u » ; , as the *‘mild management had was the way that in Mav Plymouth’s venernsitv with th«» second version, which mcnlalns: 


natiiinalisation arc. equally A CCOUn isn C v far a ti-'hipninc of 83 lhe *‘ ra i ,d management had was the way that in May Plymouth's generosity with the second version, which explains: 
obnoxious. # nrocedures' bv nmnnsin^ that Paranoia” about appearing on British Leyland would not allow "mean and heavy - handed "This Order replaces the VAT 

The private contractors have labour operations should television ’ h ! in on t0 . ,ts PJ®*»kes to inter- manner of successive British (Consolidation) Order 1977 in 

^ n " ed h a a v° r don That phrase is how Julian ™ ^ernmen^ _ which because of, an errorthe 

wholS nationalisation issue lo return on capital The suggested Mounter, -the editor of Thames awarded to? d ^signlteT This^oX re 

evnose direct labour ooerarinns ra ^ e r ®turn is 5 per cent and Television s new programme,* , , awaraea ta.iuu damages to the designated. ntus mer 

SfhopeSv inefficient r buiid S lhc report also recommends Inside Business, refers to many Desert IS land ^hsns for the way toat the error The wort 

Z SSJftUQns which have in that no operation should make businessmen's reluctance to niKnh . phosphate mining had ravaged should of course be designed" 

ms operai.ons wniui, in * RlIt MnifntfSr ^ stnug«wy and their island. This was little con- 

3 noxious. # iirocedures * bv nmonsin- that paranoia” about appearing on British Leyland would not allow "inean and heavy - handed "This Order replaces the VA1 

The private contractors have dir . j ab ' - 0 n era rj 0n thnuld teIevision ’ h , im on t0 . ,ts Pr®ti ll ses to inter- manner of successive British (Consolidation) Order 1977 ii 

^"ih^ have donJ “re?"fhe That phraae i, how Julian ™ w 8 UIU< > n »«“**■ 5S.522L5." fSSL® 

whole nationalisation issue, to rel urn on capital. The suggested Mounter, -t-he editor of Thames 

has just who now live near Fiji, -1.000 m£in 

ur dating miles from their Home. They ,w,ao,,u 

then that estimate that restoring their My heart goes out to David 

of comocution <o ion- a« it is ^ lh <? department should be problem of the public relations " h “r p a 10 ^" T T H . u “ aie 10 

on TcnuaMcr^ but Lha t ^’dertaken to decide ltS future, officer." It 4s towards the J*** the jsiand wouid c OS t £40m.-just Thomas an old-Etoman at 

on an cquai lciui.. uul uiar it pro's nfflno that tonmaiictr ■>» Banaoans, sent toe town a £300 over half the profits made by King’s College, Cambridge, who 

cannot reasonably be expected These proposals are too vague ^ donalioa t0 hel P repair war Britain, Australia and New describes in the current issue 

to compete uuh the "bottom- and, in respect of the five-year i , shunted— onlj to damage, and now the city is Zealand from the mining. of "Harper's and Queen" 

less pit” policy adopted by many evaluation period, much too f nd „ they have ended up m a giving ^qoo to the Justice for hiaeazine the nroblems nf 

local authorities with respect to kind to the direct labour depart- k 0 * dlsufied siaing. Banabans Campaign. — perfectI straight guys '* who 

jocai auuiuuiira nrspeci w wnu w me uurevi «auaur uepart- me rsananans campaign “perfectly straight guys " who 

direct labour resources. ments, whose past profit record Mounter told me how he and The Lord Mayor, William Fichv immic*ron+« affect make-up. Alone with 

Yesterdays report will cer- leaves a great deal to be a BBC TV crew had once spent Evans, teUs me that there has r ,5a,, y »ii»ins>ai»w “ macho shades ” of eyshadow it 

tainly not provide contractors desired. Until the guidelines two weeks in Turin with the been a singular lack of irate As the net doses in on British seems ft tear-proof mascara Is 

with any grounds for believing are tightened up, and proper chief PRO of Fiat waiting for ratepayers on the line to hJs herring fishing it may come as vital for the modem maie The 

Chir Tempus Accounts 
V are exceptio nal 

You^et aa extra .25% interest just for 
agreeing tp leave your money with us for 
three-months and then giving three months’ 
nonce of any withdrawal. So your savineT 
now earn a profitable 6.95 % interest - SS 
worth J 0.37% if you pay tax at 33 
Tempus Accounts are an ideal Wav of 
earaingmore mterestwidiout committi™ 
yourself a long way ahead. 

Ask about them at your local Leicester 
Buildmg Soaeiy branch, cester 

It's fust cme .more reason for choosing 
the Leicester. ' ^ . •. 

organisations is about to dis- green light for other proposals happened to bump into the after the war.” The true blue British kipper is him that if all goes well he 

appear. The threat or even contained in the report, such as executive in the lift. "Here too Apparently Portsmouth, also now only smoked here, accord- will surely be spared the more 

further competition remains a the extension of trading body- PROs are not hired in a way given £300 by the Banabans is ing to* Walter Dyson, secretary searing pain of ever having to 

sirens one. but at least the .status tu direct labour opera- which gives them the powers to considering a similar donation- to the Herring Buyers' Assoria- ask for lice powder, 

private sector can derive sonic linns and their involvement in deal with executives. They are Sir Bernard Braine, the Tory tion. Import tariffs have so far 

satisfaction from the report's private sector housing wort often highly suspicious of MP for South-East Essex who is helped British kipperers to fend UuS€rVGr 

. BuBding Society 

Torn toeLrieesterIny &gto n 


.V ; ‘‘ 




Financial Times Wednesday August 23 197S 

: a giant arises 

BY DIANA SMITH, Rio de Janeiro Correspondent 

THERE ARE two giants on thr 
American continent: the U.S. i.» 
the north, Brazil to the south 

Brazil's area or 8.5m sq kin 
is larger than the U.S, bin us 
population of about 110m, 
herded mainly into the centre 
and south, while the north 
remains half. - deserted. is 

Brazilian ZStb century poli- 
ticians were inspired hy the 
American Declaration c>f Inde- 
pendence, but were unable ir> 
shake off the Portuguese yoke 
until the. 19th century. And 
while American pioneers trek- 
ked .west, braving endless 
plains, deserts and Indians, 
Brazilians, like crabs, generally 
huddled close to the coastline.. 
Only the most adventurous 
probed the jungle or crossed 
the wild rivers of the interior. 

Sitting on some of the most 
mineral-rich subsoil in the 
world, the Brazilians were slow 
to understand the extent of 
their natural assets or to inves- 
tigate them. Instead, they let 
outsiders lay claim to their 
riches, not unlike their ances- 
tors, the Portuguese who until 
well into the mid-20th century, 
ignored their own potential 
while foreign companies or 
individuals ran their public 
utilities. transport, mines, 
major sources of exports (port 
wine and cork) and nascent 

Until recently, Brazil's - rela- 
tionship with the U.S. has been 
decidedly lopsided. Brazil sup- 
plied commodities (44 per cent 
of its exports between 1953 and 
I960) and bought manufactured 
goods (32 per cent of its imports 
in the same period). 

The U.S. supplied loans or 
direct investment through its 
major multinationals. For de- 
cades they had a comfortable 
run thanks to cheap, submissive 

labour, dormant Brazilian in- 
dustry offering nest to no com- 
petition. and Brazil’s willing- 
ness to shelter under the 
American umbrella. 

An entire generation of 
Americans grew up with the 
notion that Brazil was covered 
in coffee from, tip .to toe. be- 
cause, Frank Sinatra sang so, 
and peopled : by replicas of 
Carmen Miranda in exuberant 
headgear and startling platform 
soles, all singing and dancing 
from dawn to dusk, plus a 
sprinkling of cheerful peons in 
straw bats and . eccentric 
millionaires with waxed 
musta chibs. 

_ Hiere seemed little reason to 
beheve, even closer to our day, 
that Brazil would ever be any- 
thing other than a colourful, 
backward, obliging backdrop 
for Hollywood fantasies, or host 
nation for profit- orieoted 
foreign corporations. 


.Brazilian politics were 
esoteric, fractious and elitist: 
their exponents., seemed too 
unsure of their ground to 
aoswer back when the yanqui 
offered advice — or instructions. 
But the hot winds of. revolution 
that swept Latin America after 
Fidel Castro's ascent in 1959 
forced the first review of U.S. 
attitudes towards Brazil. 

The thought that -a country 
which covers over 47 per cent 
of South American territory 
might fall into the hands of a 
Marxist regime inspired little 
joy in North America. With the 
advent of the 'right-wing 
military regime in 1964, how- 
ever. Brazil, once again, seemed 
a safe preserve ' for U.S. 
interests, destined to revert to 
its amiable dependence on 
American largesse. However, 

while not everyone has noticed 
( particularly .the U.S. media, 
which lias been reluctant to 
allocate space to reports on 
Brazil's rapid pace of develop- 
ment), the South American 
giant has woken up, and begun 
to assert itself economically, 
industrially and commercially. 

The road to self-assertion has 
not been smooth. The first 
military Government that* took 
power in 1964 tied itself to the 
classic IMF loan string of 
austerity and thereby clamped 
light brakes on growth. Produc- 
tion plummeted, bankruptcies 
and unemployment swelled as 
credit was cut off to private 
industry' or business. 

Only in 3967, as both public 
and business protests mounted, 
culminating in the radical 
upheavals a year later, was 
official policy switched from 
tight to easier credit. 

Since then, Brazil’s- rulers 
have eschewed IMF facilities — 
even the oil facilities to which 
they have been entitled since 
1974— and have resorted instead 
to private banks for funds — 
more, nowadays than to the 
World Bank. 

By herculean efforts of indus- 
trialisation and diversification. 
Brazil has increased its exports 
from an average of $L75bn per 
annum in 1966-6$ to $12.1bn in 
1977. Most strikingly, in the 
first half of 1978. for the first 
time in Brazilian history, 
exports of manufactured goods 
accounted for over 50 per cent 
of the total. Cars, motors, 
machinery' (electrical or mech- 
anical), domestic appliances, 
played a prominent part, as 
opposed to the standard manu- 
factured exports of developing 
countries, such as shoes or 

Brazilian concerns are buQd- 
ing highways, sewage systems 
and hotels in the Middle East 

Nigerian housewives are snap- 
ping ' up Brazilian vacuum 
cleaners, mixers and irons. Arab 
customers are eating Brazilian 
frozen chickens (slaughtered to 
strict Islamic standards). 
Chinese steel industries are 
buying Braziliaa iron ore and 
expressing an interest in 
Brazilian pelletising technology. 
Algerians and Bulgarians are 
driving Brazilian-made Volks- 
wagens. Wherever one turns, 
with the exception of Cuba, with 
which Brazil still refuses to 
have trade or diplomatic rela- 
tions, Brazil is moving onto the 

On the home front. Brazilian 
manufacturers, either through 
joint ventures or purchase of 
technology, are modernising and 
expanding briskly. Major indus- 
trialists now feel equipped to 
compete not only at home, with 
America and Europe's most 
powerful capital goods manufac- 
turers. but also in tendering for 
hydroelectric or. industrial 
projects in other Latin 
American countries. 

In an area of advanced tech- 
nology, such as computers, 
Brazil has taken away - the 
breath of a body as mighty as 
IBM by reserving the market 
for four national firms produc- 
ing mini-computers (with know- 
how acquired from Japanese, 
European, or smaller U.S. 
concerns) and denying IBfil 
permission to move into the 

U.S. companies operating in 
Brazil, once the absolute 
majority of foreign enterprises 
on Brazilian soil, now share the 
field with Japanese, Italian. 
German. French, British, 
Swedish, Swiss and other multi- 
nationals, or small to medium- 
sized concerns. 

The. total West German invest- 
ment in Brazil is now $2.35bn. 
Total Japanese investment 

soared from S55.2m in 3909 to 
- $I.77bn in 1977. Brazil is second 
only to the U.S. as a recipient of 
Japanese foreign investment 
The Japanese colony in Brazil 
numbers 800.000. making it the 
largest Japanese colony in the 

Brazil’s successful attempts to 
spread its net over a wide 
range of markets and sources of 
funds has. inevitably, wrought 
a change in its attitudes towards 
the U.S. The way in which 
Brazilian officials have handled 
the change in levels of confi- 
dence and degree of involve- 
ment with the U.S. has, more- 
over, forced the U.S. — at gov- 
ernment and business level, to 
revise its attitudes towards 

Before the Carter administra- 
tion softened its tone and tactics 
towards Brazil the U.S. Presi- 
dent’s attacks on Brazil’s human 
rights record led to the suspen- 
sion of the bilateral military 
agreement. When President 
Carter questioned the accept- 
ability of Brazil’s nuclear agree- 
ment with Germany, and sought 
through public statement or 
despatch of emissaries to per- 
suade Brazil to forget the idea 
of -nuclear power stations and 
above all an enrichment plant 
equipped by the Germans, local 
reaction was one of fury. 

Carter visit 

When Mr. Carter visited 
Brazil in March of this year, 
the reception he was given was 
not hostile, but tbe most accu- 
rate description would be 
“icily polite.” There were no 
cheering crowds in the streets 
nor were there many curious 
bystanders waiting for the pre- 
sident to drive past Tbe diplo- 
matic and official motions were 
dutifully completed but the mes- 

Made in Brazil: not only coffee, hut this 15-sea ter Bandeirante aircraft designed there. 

sage was clear: Brazil was 
committed to peaceful atomic 
energy and to international safe- 
guards. it intended to honour 
its 1975 agreement with West 
Germany and go ahead with its 
nuclear energy programme and, 
if Mr. Carter had reservations 
on this score, he. not the 
Brazilians must cope with them. 

Other U.S. complaints have 
been dealt with equally firmly: 
strictures on Brazilian textile 
and shoe exports to the U.S. 
on grounds, of damage to U.S. 
manufacturers are a case in 

Under the present system, 
manufactured Brazilian goods 
destined for export receive 
exemption from a proportion of 
Brazilian industrial and mer- 
chandise tax which varies 
according to the nature of the 
product — about 30 to 50 per 
cent, and in some cases, more. 
To the Brazilian Government 
that is a necessary incentive to 
Brazilian manufacturers to gear 
their thinking and planning to 
exports, and it is seen as a tem- 
porary expedient for a develop- 
ing country. 

To U.S. textile manufacturers, 
these incentives are harmful 
subsidies, therefore incurring 
countervailing duties. even 
though the 5450m or so a year 
of Brazilian textiles imported by 
the U.S. is modest in American 

Brazil is now arguing — and 
hoping to convince U.S. 
Treasury officials — that while 
GATT is still working on an 
international subsidies code (in 
which Brazil, in corhmon with 

Letters to the Editor 

UK chips and 
U.S. R & D 

From Mr. R. Tocman 

Sir. — Mr. A.. Brown claims 
“ tight British control ” (August 
17) over chip engineering at 
Inmos now established in Cali- 
fornia. Your New York corre- 
spondent Mr. John Wyles 
(August II) reports that tbe 
National Enterprise Board and 
five of its Inmos engineers, all 
cx Mustek Corporation staff, arc 
being sued by Mustek under U.S. 
law in a dispute over trade 
secrets. If the U.S. technologists 
concerned can get round U.S. 
courts, they can get round 
*’ tight British control.” But they 
do not need to. If Inmos is 
successful. Messrs. Petrilz and 
Schrocder will have 55 per cent 
of Inmos shares, and so a live 
Inmos enterprise will be a U.S. 
owned enterprise. 

That British taxpayers* money 
is being used by the State to 
create employment in tbe U.S.. 
a new role For British Govern- 
ment is indisputable. “ Employ- 
ment at the Inmos plant just two 
miles away from Mustek is 
planned to grow to LOW before 
micro-processing manufacturing 
is switched to Britain ” (FT 
correspondent. August Hi. 

If Inmos were successful, 
would any live manager there 
willingly transfer production tu 
Britain from the U.S. which 
represents more Than half . the 
world market? Further, only 

amateurs are unaware “that it is creating employment there which 
next to impossible to -maintain is badly needed in Britain. All 
constant continuous communica- tbis despite tbe superior com- 
tirm in an industry which mercial ability of the multi- 
changes every hour rtf the day. nationals who create much of 
with production set up at a dis- our employment and exports, 
tance of 6.000 miles from the r_ Toetnan. 

Research and . . Development 2l A{>cmdale Avenue 
centre. In the semiconductor H(Izel Groce> Stockport. 
industry each centre -needs con- 

■ftant feedback from the other . 

centre, for continuous correction MiPlTIPlPPlTOIllP 
of errors in bothlljEven with VC1CCU VlllC 

R and D and production under • • 

a single roof the translation of CflffUICCrillff 
good scientific and engineering ° ® 

development work into mass pro- From the Chairman 
duetion represents /a? feat of Mackintosh Consultants. 

Indeed it is in tins switch to\ Foster August 17) of beine 

!2Sj e 2?"*wF ll x5r i1 |? 1 JS2S25 "» ln « may ! 

iSilntifi’ iilrk ^Anrt E"g‘E 8gain use your columns to re- 
d nr^S.,ilinn fute accusations which appear to 
stem from an inability to under- 
stand whal 1 have previously 
cellcnce or Research and written 7 
Development that is at question. fj| lhe ^ p]aC{? „ was 

Tbe sferet of successful clear (August 3), we are not 
Japanese and U.S. semiconductor against tbe concept of multi- 
onterpri&e is not “ complex.” national companies in general. 
These companies, and some not multi-national producers of 
European firms, have large scale integrated circuits in particular 
market research and application j n a 1971 report to the National 
groups (on average a little -more Research Development Corpora- 
tion 1 per cent or bright ideas ti on and the Ministry of Tech- 
present future applications), nology (as it then was), we went 
These firms plan, from the start, out of our way to point out the 
The desisn of new products fop major contributions which com- 
thc world market; they do their panies such as Texas Instni- 
IL-sc.irch and Development at meats and Philips have made to 
their home base, not abroad. the UK's semiconductor capa- 
I am puzzled at our Govern- bility. TI has. for example, 
ment supporting science . and provided a valuable source of 
technology in the U.S. with trained managers which the rest 
British taxpayers' money, and so of the UK-based semiconductor 

industry has been only too glad 
to tap into from time to time. 
The Mullard (i.e_ Philips) R & 
D. labs., as another example, 
have long been one of tbe UK's 
leading electronics research 
establishments. Nowadays, one 
would also want to include (so 
far as integr ated circuits are 
concerned) ITTs Footscray 
facility (Europe’s leading pro- 
ducer of metal oxide semi-con- 
ductor memory) and the activi- 
ties of National. Motorola. 
Hughes and GI, which together 
add up to an impressive Scottish 
IC industry’. 

There can he no doubt, there- 
fore. about the invaluable con- 
tribution which multinational 
companies such as these have 
made to the UK's overall capa- 
bilities in integrated circuits. 
Indeed, one hates to contem- 
Dlate w’hat Britain's prospects 
would now be like without them. 
But it seems to me. there is an 
unanswerable case for saying 
that their total contribution has 
not been enough to meet the 
national need for a strong 
British IC capability able to 
compete effectively with any 
other nation in this vital new 
industrial technology’. (After all, 
even Mr. Foster can hardly claim 
tha; the British IC industry is on 
a par with, say, Japan's — to say 
nothing of America's.) 

Let me emphasise that this 
does not imply any criticism of 
the multinationals. Their 
criteria and interests are not 
necessarily coincident with those 
of Britain: their long-term suc- 
cess depends on obtaining as 
large a share as possible of the 

global 1C market and that is not 
necessarily synonymous with 
locating their most avant-garde 
design and production capabili- 
ties in the UK. 

It is. perhaps, worth emphasis- 
ing that my declared desire to 
see Britain attain a position of 
international equality in this key 
industrial sector is based, inter 
aKa. on the belief that the long- 
standing American hegemony in 
integrated circuits is basically 
unhealthy (for them and the 
reit of the world). For any one 
nation to achieve such a com- 
mand of such a key technology 
isf/tbtr monopolistic not to be 
resented and resisted, and the 
world will be (industrially and 
economically) a more stable 
place. once this U.S. domination 
is eroded. For this reason. I 
shall be pleased when France. 
Germany and other nations also 
take actions as effective as I 
believe the UK Government’s 
recent support schemes will 
prove to he. 

Inmos is one of tbe very few 
companies ever to have been 
founded on what is basically a 
truly multinational concept 
While I am certainly in favour 
of this approach, it emphasises 
the deed for the National Enter- 
prise Board to ensure that 
Britain’s legitimate interests are 
fully taken into account as Imuos 
makes its bid to become one of 
the leading 1C producers of tbe 

I. M. Mackintosh. 

Flemington Road. 


Glenrothes, Fife. 


Engineers of British Airways 
begin 24-hour strike. 

Air survey of fishing fleet by 
Mr. John Sllkin, Minister of Agri- 

Meeting of Trades Union Con- 
gress general council. Congress 
House. London. 

Third day of United Nations 
Economic and Social Commission 
for Asia and Pacific tESCAP) 
meeting at New Delhi on trade 
between Asian and Pacific areas, 
attended by over 30 countries. 

Internationa) Conference on 
Hish Energy Physics. Tokyo. 

United Nations Conference on 
Law of the Sea continues in New 

Sir Peter Vanneck, Lord Mayor 
of London, continues official visit 
to Latin America to promote 
British trade with the region. 

most others except the U.S., 
wants a clause dearly demand- 
ing full prunf of damage to a 
local industry before counter- 
vailing rights are imposed i. the 
U.S. shuuld refrain from 
penalising textile imports. This 
matter is now under intense 

Another area of friction was 
discussed at a recent meeting 
of the U.S.-Rrazilian business- 
mens' council — during which 
heads u( U.S. multinationals 
voiced outspoken criticism of 
the preferential treatment they 
said the Brazilian Government 
afforded to Brazilian companies. 

This criticism hinged on 
official policies which demand a 
certain com cut of Brazilian- 
made equipment in projects 
carried out by the state-run 
enterprises. They mean, in 
effect that to succeed in renders 
for these projects nowadays, 
foreign bidder- are best advised 
to associate with Brazilian 

Furthermore. Brazil has be- 
come increasingly reluctant to 
pay royalties for technology, 
and i.s encouraging transfers of 
technology through joint ven- 

The American criticisms were 
answered politely, but unmis- 
takably firmly by Brazilian 
government ministers, with the 
argument that while foreign 
capital is welcome and. indeed, 
necessary, the ground rules are 
geared to the development of 
national industry. 

The free - market principle, 
the U.S. businessmen were 
assured, is sacrosanct in Brazil 

Today’s events 

Edinburgh International Festi- 
val and the Military Tattoo con- 
tinue (until September 9i. 

Department of Transport new 
vehicle registrations (July). 
Final dividends: Associated 
Dairies. Smith Wallis. Victor Pro- 
ducts (Wall send). Interim divi- 
dends: Richard Clay. Johnson 
Group Cleaners. London Brick. 
Arlington Motor. Chartered 
Accountants Hall, Moorgate Place. 
E.C. 12. Brahain Millar. Savoy 
Hotel, W.C., 12. Bur ton wood 

Brewery, Burtonwood nr. Warring- 
ton, Cheshire, 11. Bullerfieid- 
Harvey. Connaught Rooms, W.C., 

— but the Iota} interpretation of 
a free market is one where 
national businesses are given 
help to compete on equal terms. 

This is the heart of the prob- 
lem: Brazil has already become 
competitive and i> likely io 
become move so in the coming 
years if its pro -cut rate of 
development is maintained. For 
those who once *.aw it a- an out- 
let fur their products or a cheap 
source of labour and little else, 
the new game is nut an ea.-y 

U.S. banks, particularly Citi- 
bank, which takes 20 per coni of 
its profits from its Brazilian 
operations, appear to have made 
the transition far more 
smoothly, and to he more lavish 
in their praise ul Brazil's 
management of its economy, its 
foreign debt, and its detekip- 
inem. Brazils init-riMtional 
creditworthiness is high, proved 
by the steady drop in the spread 
over Libor t Lund on Inter-Bank 
Offered Rale* exacted nn loans 
— now around I or 1.23 per 
eenlage points compared with 2 
points not long ago. 

Brazilian officials make it 
clear that they have no wish in 
lessen the lies with the U.S. or 
io co-exist in a climate of fric- 
tion. •since it would hurl both 
countries. But they also 
maintain that, while they are 
always willing to listen, nr to 
talk, they will pursue Brazils 
interests — which become larger 
and more complex as the 
country develops. Today, there 
is not just an awful lot of 
coffee but also an awful lot of 
competitive thrust in Brazil. 

12. Fudcns. Fodens Recreation 
Club. El worth. Sanbach. 3. Inter- 
national Timber Corporation, 
Tower Hotel. E.. VI. Sogomana, 
I S3. St. Vincent Street, Glasgow, 


Band concert— Malcolm Bur- 
nock. Finsbury Circus Gardens, 
noon— 2 p.m. Petronella Dittmer 
(violin) and Elelvina Rodrigues 
l piano), St. Ola\c. 1 05 p.m. Organ 
recital— Robert Crowley. Si. 
Bride's. 1.13 p.m. 


Cricket: Scottish v Yorkshire 
(not first class ». Glasgow. Goff: 
British Boys’ Championship. Sea- 
ton Carew. British Girls* Cham- 
pionship. Largs. Athletics: Rotary 
Internationa 1 Games. Crystal 
Palace. London. Bowls: English 
Men’s Championships. Worthing. 


No simple solutions to the currency problem 

fir p§ ^ 

From .Mr. .S'. Dtxoii-Fiiit* 

Sir.— If. as Professor Sain nel- 
son claims (August 16). U.S. 
economic performance in the 
1970's has *ccn “ less disappoint- 
ing than (those of) West Ger- 
many. Japan. Scandinavia. 
Britain, and most industrial 
nations of Europe," while the 
dollar slumps relative lu the 
mark and yen. one might ask the 
following question. How relevant 
are the prospects fur the Ameri- 
can economy lo those of the 
world economy'.’ Here is one 

Lucouiom e. convoys and con- 
certed action Formulae fur world 
reflation have so fur foundered 
because they arc. essentially. 
* strategics for '. sharing the 
burdens of adjusting At> dewl- 
’j leratton in the growth of world 
j production! and trade. They are 
i) not really strategies for reflation. 
There seems little evidence on 
postwar growth that tbe world 
economy has over 'been pulled 

( out or recession either by a 
powerful Jocomoiivc economy or 
by convoys of such economies 
r 1 under a single flag. 

Tbe main weakness in these 
prescriptions is the presumption 
tbai economic recovery could be 
sustained by one ur a few lead- 
ing economies pulling along or 
providing rover fnr laeztng 
economies. Would a lurlher half 
and one percent respectively in 
West German and Japanese GNP 
growth be really critical? 
Furthermore, the distinction is 
unhelpful between locomotive 
*«<H»rnies, those with large cur- 
rent account surpluses, low rates 
of Inflation and strong curren- 
ts. and lagging. convalescent 
economies with payments deficits 
or erratic surpluses, consistently 
high rates of inflation and inten- 
sifying economic and wicial wel- 
fare constraints, and weak 
. currencies. This distinction is 
hardly a satisfactory basis for 
allocating responsibility for 
“ positive rtruernart adjustment, 
policies and measures.” If eon-' 
cert cd reflation needs to -'be 
spearheaded by specific econo- 
mies, arc these unambiguously 
identifiable in this way? . . 

A compelling fact -of world 
economic organisation since the 

mid-fifties! is the replacement of 
concentration in the economic 
power of individual governments 
or corporations to influence 
growth by a men* diffuse,, more 
interdependent pattern of- collec- 
tive leadership and economic 
authority among i-outUries : and 
wit bin them. This is only slowly 
being accepted (David Hods ego, 
August 15). 

In one area, that of world 
money, stability |n currency 

markets did depend on domin- 
ance by one reference currency 
within ' a regime, the dollar? 
exchange standard under 
relatively fixed parities, which 
made uu'iln lateral surveillance a 
fairly manageable reality. Float- 
ing rales have yet ro tan In 
comparably stable overall results. 
Significantly, they have contri- 
buted rather less than critics of 
fixed exchange roles predicted to 
growth in world production -find 
trade and orderly adjustment in 
trade relations. With ihe; dollar 
wi retreat, and tin- indifferent 
record of floating rates, we are 
at a turning point in inter- 
national monctiirj management. 

Seldom has the need been 
mustier lor enlightened monetary 
management to actively comply 
ment “teal" adjustment in 
world production and trade with 
mini mum resort to protectionism. 

Reliance on floating rates, 
specifically to redress bilateral 
trade imbalances, and *•>£* 
•,ct redistribute ndju^iuteat t»ur- 
dens between ^'rphis. nd deficit 
countries through ‘^irurfuring 
international competitiveness, 
has proved quite fruitless.. This' 
is hardly surpHSifR- 

Countries with strong real 

ttvcnca'- arising fr ? m toeir 

appreciating ^urrenci J f ^very 

s ffii ssuas 

C nT Sdiff rei^ ?»**»««« pe> 
«°d '"“’r**, adjust to their 

improved 'lnterna- 
^ ial . Pressures 

on V . i -mtt growing cor- 

possibly increasing concern in 
West Germany and Japan, for 
example. They nevertheless 
need to struggle to restrain ex- 
port growth and encourage 
"emergency" imports. 

The Bremen framework for 
developing monetary co-opera- 
tion in Europe could well prove 
significant beyond Europe. It 
is .clearly, a strategic retreat, 
from full- if not really blue- 
blooded exchange rate flexibility, 
into organised floating. Re- 
portedly. the aim is to advance 
European monetary integration 
through policy harmonisation 
and by facilitating growth in a 
more consistently compatible 
structure of low relative rates of 
inflation. An enlarged oasis of 
more stable exchange rates en- 
compassing a widened range of 
trade and financial transactions 
would be a major achievement. 

Some supporters of the 
Bremen plan expect it to help 
siphon off certain market pres- 
sures on the dollar, even if they 
wished for Europe no more of 
the dollar’s burdens as an inter- 
national unit of account and 
asset medium. However, it 
seems that the dollar is unlikely 
to be helped either in the short- 

or in the long-run if it is not 
itself brought within tbe domain 
or any monetary area so con- 

It might be. worth exploring 
The feasibility of a North Atlantic 
Monetary Area, an elongated 
trims- Atlantic "snake.” with the 
mark. yen. Swis franc, and the 
dollar as the primary currencies. 
The exchange relation would be 
given flexibility, inter olia. 
through providing within the 
initial structure of rates, for 
differential margins either side 
of each currency’s rentral rate. 
The base rates would be set in 
terms of appropriately chosen 
averages of market rates aver, 
say. the immediate preceding 
period of six months, and of a 
re-established, moveable official 
gold price close to moving 
averages of recent market prices. 

The intention would be. 
primarily, to hold cross-rates in 
a broadly' stable if lationship. 
not to return to nominally fixed 
.rates. The basic structure of 
rates would be adjusted 

periodically through selective 
market intervention, backed by 
a massive exchange stabilisation 
fund, and based on . weights 
which reflect' movements in rela- 
tive rates of inflation, in the 
price of gold, etc. 

There are no simple solutions 
to the currency, problem or that 
of reviving The world economy. 
The two problems are really one. 
Some alternative is needed to the 
dollar's plight, even if it hurts 
the American economy much 
less than it does tbe rest of the 
world. The America os need 

S. Pu. Dixon-Fyle. 

30 rue de Bossons, 

1213 Onex. 

Geneva, Strrtzerland. 

From Mr. C- Glynn. 

Sir, — in his “ Economic view- 
point" of August 17. Mr. Samuel 
Brittan defended the role of 
floating exchange rates in an 
unstable and inflationary world. 
His principal - contention was 
that a return lo fixed rates 
could do untold damage to world 
trade and he chose to berate 
both central bankers and busi- 
nessmen for their shared distaste 
of exchange rate movements, "an 
attitude devoid of afl merit and 
all thought.” May I take issue 
with this statement? 

Throughout the 1950s and for 
most of the 1960s the Bretton 
Woods agreement procided busi- 
aessmen with a framework of 
fixed parities against which ex- 
penditure and receipts front 
international investments were 
insulated to a large extent from 
the effects of continously chang- 
ing exchange . rates- Whether 
these golden days of high growth 
and low inflation would have 
been still better under a regime 
of floating rates seems to be 
highly questionable. By the 
same token the contention that 
floating rates are the safest way 
lo modify the ill effects of ex- 
cess money creation and the oil 
shock of the early 1970s remains, 
at bcsL “not proven." Is It 
really so thoughtless, therefore, 
for businessmen to be more in- 
fluenced by their own experi- 
ence and observation, to be less 

than convinced by a divided 
body, of academic theory, and to 
yearn lor a period of exchange 
rate rigidity in order to narrow 
the spectrum of uncertainty they 
face in their daily investment 
and trading decisions? 

Mr. Brittan tends to give the 
game away in the later para- 
graphs of his article where he 
accurately comments upon the 
declining reserve role of the 
dollar and the process of asset 
diversification in both official 
and private accounts which is 
presently in train. He notes 
that ’'there is undoubtedly some 
rate for the dollar at which it 
would actually attract specula- 
tive interest and at which port- 
folio dievrsification would stop.” 
and he correctly observes that 
the precise timing and extent of 
the dollar decline is conjectural 
under floating rales. What com- 
fort does this offer the business- 
man when international invest- 
ment often requires a view to be 
taken of .the U.S. dollar price of 
goods and services over extended 
periods of time; for longer 
periods,. I should add, than can 
be adequately covered by cur- 
rency insurance schemes? Even 
if the U.S. dollar does not 
feature in such contracts the im- 
pact of its decline on other cur- 
rency cross rates is considerable 
and equally unpredictable. 

Would it not be more prac- 
tical to institute fixed rates now. 
rates which would be defended 
(and therefore sustained) col- 
lectiveiy by central banks with 
the necessary discipline on 
excess dollar creation being pro- 
vided by gdld transfers in settle- 
ment of balance of payment 

Tbi* Is not a novel proposal, 
nor is it expected to be a 
panacea for ail economic ail- 
ments, it simply asserts the 
view that to permit effective 
functioning of the price 
meebanism -it is necessary to 
have an understandable yard 
stick with which to measure the 
real value of goods and services 
in the economy. Is this really 
pn attitude devoid of aU merit 
and all thought? 

Christopher Glvrm 
45 *. Maorgaie, EC2. 


"\\ Iicrcver w e lielp your overseas trade! 1 1 you conic straight to us, we 
can handle y i hi r overseas banking without any indirect delat s. 

In Hons Kon:;, for instance, we are by far the largest British bank, with 
over SC lull brandies and 2,000 staff, all ready t» * transact your business quick I v- and 
cfticiemK.ind give you die benefit of their k «ca! knowledge. We have a fully on-line 
computerised system linkiiis; all branches, u ill) immediate access to the Asian 
currency market. 

V! hereveryou have overseas business. \ oil need a hank t!i;U> reallv part of 
the k>cal scene. Ask Keith Skinner on 01 -(03 “500 to prove that p« >im for vuu toJav' 
and also ask about Standard Chartered's inreniarionaJ merchant banking 

jfr I Standard Chartered jfc 

Bank Limited *8§* 

helps ym throughout the world 

I Icial Q lfiu . - - J.0 C Icmcnti Lane, London 12C4> .AL ciux-d LfjJuu milling 


Wedgwood little changed 
in first quarter 

EXTERNALSAIiS of Wedgwood mainly to increase the production 

rose by 17.5 per cent 10 £19.1 Ira MEFT1NPC of ^ne bone china tableware and 

for the first quarter to July l m inuiinua ornamental ware. And also to 

1978 but the directors report little Tiie loiiim-uu have notified provide improved facilities for the 

change in pre-tax profits at da,os uf ts.iard imfunw, i u d*. stock making 0 f ,hc group's earthen- 
fl- Wra gainst 11.87m last time, gf-ff- lh ‘‘- “? oyen-to-taWeware. 

They say (hut while results did dividend*, indications are not At July 1 the balance sheet 
nm reach their target ihev rp. a'-maiik- uiniii-r di« iduiHK L-um.-crm.-d arc shows total assets at £43-57m 

main confident that" resulLs for , V ,W,W ' “ r lm '* 1 ' , jni * ,hc <u>ntin5ii,m. (£42.4m) with net current assets 
mam comment inai results ior l(1Ill . n hrlliu jTtt uj,«i nwmiy uu Ja.-.t i, Rim lannml 

the full year will show a good year--. umciabk- al (WO.nraj. 

improvement over the record today **»»«*«+ 

XS.Iom for the 1977-78 vear Imirlms— Richard Clay. EwUlsh and • COmmeni 

In the l T .S. tind Cpn.HuMlM S.'. Wed S wo«d'» nnchnnsed Srst- 

were buovant, thev add but some Fl«al*-A...-..claict Dairies. Challense quarter profits, which include a 
or the shine was removed by the J'T^w'o <»*'"' V,c,w rru ' s ™ ] ’ (irst-umecontribution from 

further weakening of the dollar. * UC,J ^future: dates '*» Goldsmiths and Slh-eranllhs 

In thr home market they say ihat interim*— ^' soc ! at, ,? n ‘ - ar , f L disappointing. 

ir was not until the latter half auk. 3i decline in the dollar (S per 

of June thai retail sales began to E: -' aI *. *»«■» com since the end or the cora- 

n :„i. ur , h Church and c» *• Xus. 3i parable period) has clipped earn- 

A» the present time home mar )i^^'‘cn*oiu- vuswoefs \Z . *pl u '"fL'" «!’n£r 

kei sales are still buoyant and the tn*«-.unent Tm-i -t Guernsey... ,\us. 2j market, some 60 per cent of sales 

director* expert most markets to J "> Kur, " n ” **'• * are now ex ported. The company s 

h- holier in the wnnii miartcr x,,l,n ' •• ; **»« -» conhdent noises about current 

be better m the second quarter, K»r»>- An*. :« Iradinc are certainly encouraging 

' Fin«ii^' Pl ‘ but the tar” rt of a “good im* 

ihe Goldsmiths’ and Silversmiths' 
Association, are disappointing. 

Aut! . 3i The decline in the dollar (8 per 
Scot'. 20 com since the end of the com- 
auk. at parable period) has clipped earn- 
n in8sr ' n 1,10 im l’ ortanl American 

Yu” 13 market: some 60 per cent of .sales 

Sent". are now exported. The company's 
Si-pi. 30 confident noises about current 

Auk. 34 trading are certainly encouraging 
. rpi. bul target of a "Rood im- 



'.r-uch Cr»up 

Auk. -<l 



Dal»:rt\ . . . 

Snpi ti 

PxU-rnal 'al'-’ ... 

. i«ut>; 

Dnudin^ arW Mill 


Dn^r.mna prnfil . 


l 7in 

Elder Smitli ■J-.ld-h'-'UiiIi Mort. 

Scpe. is 

jnipr^ c t 



Hr am •Samili-t- . * 

Auk. J.» 

Pr*-ia* orort 




'ue. is 




t.-iKh Mill- . 

S- pt I 

%<-i pn'fii 


1 2.-.1 


'uk. 21 

Ftira-rd 4.-bi( 



Si“4y 'J.i'k-pli- 

Alls. .-< 




Financial Times Wednesday August 23 1$?$; 

Ocean Transport setbacl 
greater than expected 

A GREATER than expected profit African delay v— wnuld mnlribuie ^ 'rompany*^ 

downturn, indudinc a IlOStJm to the rciluiiwd. . operating 17 .-mailer MOM* 

reduction in associate conlribu- The fall in P b 1 \ »* »" thp South East 

lions and a I2.02m loss on the proceeds tom l «■ sale of sh ps 3t .q„ ire d from Key 

sale or ships, is reported by Ocean was expected i<» produce a rcdtii Filch Lovell «ub* 

Transport and Trading for the tion in income from cash 

I.HM -n IOTP hull m-aar SUTplUSCS. ‘ — ' "" — — - «*•«*» 

June 30. I97S half year. 

But directors say that while the 
world shipping scene remains 
depressed there was a special con- 
centration of adverse factors in 
the first half and that there are 
reasons !o expect an improve- 
ment in the second half, particu- 
larly a return to more normal 
conditions in West Africa and 
some recovery at Overseas 
Containers (OCL). Also, its range 

See Lex 

W. Turner 
ahead at 

Overseas • A »4>Lr( field: one should open 

its' range « 1 Y 1110111 IIS the end or MTS-79 and lit 

of businesses outside ’deep sea UlUIIiUO 'XtSFSlF 

.shipping are sieadUy producing F0R ^ . G « v eks ended July t. S» small storw 

more profits. 197S. profits hot ore tax of W. and • ,u. „ n .-loscd 

Indications are that these E . Tu^cr incrv.«M?d from £182.921. ha ' c rvctnll> bccn lW 
improvements will strengthen in tp £273 991 on higher turnover of 
1979. but pre-tax profit for the £50^ a o a j ns t £4.07m. ^ 

current year ls not expected to he «n, e protil j s struck after do- f AATlAr 

outside the £9m to HOm range, predation of £126,605 (£111.019) V/VVpvl. 

Freddie Mar.xhcid 

Sir Arthur Bryan, chairman and managing director of 

outside the £Dm to £10m range, predation of £126,605 (£111.019) V/VVMVl. 
compared w ith last year s rJ9.08m and a £20 OtM) provision last year 1 . * 

profit. The hair year profit came f0r exceptional repairs to proper- I nnllClt*lAC 
to £!.35m compared with £2S.14m ties. Tax charge is £157, OuO lllU.lliHliL'iJ 

,-iill in the same period last year. against £113,000. 

Given the prospects of an Eamincs per 10p_ share arc ixt/I 1 1 

improved second half, the gross shown as l.lTp (0.6ip) and the Sldl IvS Vf Cll 

interim dividend ■ is unchanccd, interim dividend is eficctivcij , ■ i# 

avouch the net payment per 25p raised from 03444p to OAp. Last THE current year has started well 
share d up K sX IS year’s total was equal to 1.1KJ713P al Cooper lodiutrieS w;ith «pec- 

nh.inhi. . ,1 , « current expansion programme 

\<uuMm-n»« m vatu* oi n*i and will increase gifiware capacity by 

hnmiviiu' itik iu Buctuatian In 60 per cent while earthenware 

exchrfiiiw raic. per 2.ip share. Total dividend for (including tableware) production 

1977-78 was 7.4Sp C6.7p> net. is expected to double in three 

Net profit for the 13 weeks The directors state that the years. At 12np the shares, based 




Date Corre- Total 
of sponding for 
payment div. year 

came out slightly tower at £1.1 7m Department or Industry is con- on full-year profits of £9m and American Tnwt int O..Vi 

1 11.25m) after an ED in adjusted tribuling X1J2m towards an early last year's tax charse, stand on Bogod-Pelepah ’ 0.~ 

tax charge of £0.51m i£0.42m). capital commitment of JE4m in a a prospective p/e of 6.S and yield Bogod-Pelepah “A" 14 

Earnings are shown as 32!p l3..»p) major expansion plan, designed 4.S per cent. Brocks Group .". .int' l .v 

Brocks Group jumps at midway 
to £0.5m— sees £lm for year 

American Trust int 


Oct. 12 




OcL 10 



Bogod-Pelepah “A" 


OcL 10 



Brocks Group .int. 


Nov. 14 


De Beers Consol int 


Oct. 27 

17 j 


Dc Beers lnd int. 


Oct. 27 


English and Overseas ... 


• — 



London &: SL Lawrence 
Inv ink 


Nov. 7 



exchange losses of £4.29m com- 
pared with profits of lO.Sm, 
Total minority interests of £1.02m 
last (£:{3.<)00 credit) and a £50,000 
year extraordinary profit (£43.000 loss). 
1.35 the attributable loss for the half 
0 89 year came out at £7. 67m against 
Ijg a £22. 37m profit last time. 

34 Turnover for the year was 
523 slightly ahead from £24 1 .53m to 
7=' £243. 36m, and Ocean's trading 

well placed 
to progress 

In the j ear to April 30, 1978, 
profits before tax rose from 
£1 78m to n record JEl.SSm on turn- 
over of £24.72m against £20.3 m. 
The steel division contributed 
11.08m to profits and distribution 
and construction, £148.000. Asso- 
ciates' share was £606,000. . 

The results were achieved 
against a continuing background 
of industrial uncertainly, the 

Meal Trade Suppliers ... 4.02 

Ocean Transport int. 3.H2: 

Reslmor 4.57 

W. &- EL Turner int. 0.4 

Wolf Tools int. 0.63 

Nov. 1 3.86 

Oct. 13 4.ri2 
f>ct. 3 0.34* 

Sent 2S — 

•vsi profit was cut from £10.4m to ALTHOUGH TRADING in the next chairman says. During the year, 

£2. Kim. Investment income was few month* is likely l’o remain net tangible asset value per share 

O oj, £t.63ni lower at £3.1 7m and the difficult, the trend of sales at increased to a record 22."ji per 

-ci interest charge was up from Hillards since the year-end indi- share and the dividend is the 

«“]7 n £7. 19m to IS.09m. cates there is no jusiilicalion for maximum permitted 0.SR*p. 

Jsr; ' tiair r.-ar taking a p.‘.>mi»Vre view ot the 

iL) isrs io" outcome nf the current year, says _ _ 

t'AIU rwo row Mr. ti. N. Ilunier. the chairman, 

Tumovor UXMS 241707 |n hls Annn:t \ .UHement. I VI 111 IcriH ■ 

ca?iof bTass^edl'biH 11 “JilfS 35 10 E - C ' 7 oI Janu ' The directors are continuing to 

be below normal. The interim 
dividend is lifted from J.4p net 
per lflp share to 1.54p. and will 
absorb £1311.445 (£118.587). Last 
year a 2.UtMp final was paid on 
profits of DL'-Wm. 

In May. Mr. B. R. Clack. Ihe 
chairman, said he expected profit 
nf the group— without the 
security division sold to Auto- 
mated Security Holdings— to be 
in the region of £lm for the full 
year. With hoped-for acquisi- 
tions taking place ihts year, he 

ary l. 197S. 

Bogod in 
line with 

concentrate on strengthening and 
developing existing business, and 
this will involve fairly heavy 
capital expenditure during the 
year. They are confident^ how- 
ever. that ibis can be funded from 
cash How. 

Restmor finishes year 
with record £0.95m 

Protit More tax 


A"i-f loss 

Exckincr loss .. . 
To rainonri.-s . . . 
Exirvo.Hin.iis' profit 
A'tritHaablo toss . ., 
“ Prolir. ♦ Kroni. 

advance by 
Wolf Tools 

~ ~ ~ VJL ^ Al the Ma 

PROFITS before tax of the shown at 3.07p i i pp). A final were warned t 

* fS profits Tor Hw year to April 29. VV|>|f | AHK 

■-{ -, : j 197S were unchanged at £2 31m. T T Ull A l/UlJ 

' y* * n , . ,,p r S v 1 LBr FOK THE first six months of 197S. 

rofit 'i5 T: fSi£wd taxable profits of Wulf Electric 

n U rtn” the vrar h^mi n v Took (Holdings) advanced from 

“■ ;^ v v flnanced' capital c'xpnndm.reof -^.000 to £1.3M.oOO. sales of 

ay AGM. memhers j£2.7m and :ii the > ear-end had DLi-ftt aaamst CjMm. 
that there would be H .oni cash mi deposit to finance Ar,er j ax of fi-BjWO CtfjWjWl 
iiderable reduction further (let dupment,. net prolils rose from xauipn if» 

s. They were told an Since the year-end, £1.9m addi- £667.0W). _ An interim nf O.B^.ip 
of factors — world (ional financi- has been negotiated net per 2,i|i share is in be paid 
continuing slump in ns well as mure favourable terms t*. n increased capital— last year^ 
increased compel i- for existing -ecu red loans. single payment was an adjusted 

division sold to Vuto- f 1.73m i£1.54mj. arter adjust- the year ended April 30. HITS, terim dividend of 0.35p was Ia>t aggregation of factor*— world (ional Onano- has been negotiated net per 35|i share is in be paid 

curily Holdin-s— io be •lilfHI y|Nl ments for depreciation £123.000 Turnover was higher at £7.3sm paid in 7973-74. recession, the continuing slump in ax well a* mure favourable terms c*" increased capital— last year ^ 

■ion of £lm for the full I £95.000). cost of sales £220.000 compared with £6.18m. Directors say all but two pro- bulk shipping, increased com pen- for existing .-ecu red loans. single payment was an adjusted 

rith hoped-for acquisi- ,N LINE with forecast Bogod- (£149.tH>0) and gearing £99,000 In January, the directors con- perries have been sold since tion in some of its own land Two new supermarkets at l.2fi«7p from £2.69m record pre- 

n « ijace ihts yi_-;ir he Pekpah reports similar pre-tax (£73,000). sidered the interim results, to h*.- balance date al figures corres- OCL's) liner trades and West Grimsbv and .Ufreton were tax profits. 

■ertain considerable P rofi ^ for the year to Mareh 3t. satisfactory— profits were up fr..m ponding with book value. It is 

would be made in 1979. 19T ? "'^h a figure of £381.564 _ __ £365 90S to £448,433 on turnover of expected that the remaining _. _ _ ^ 

against £394.002. Turnover for IVf ril 1 £3.4am (£2.78mj— but anticipated Dublin properly will soon be sold. /^ _ __ ^ 1 ^ 1 ^ ^1 r ^ I ^ 

merit Ihcperiod advanced from £3.Sim iVlllCIlCll that the rate of stdes growth v. a- leaving one properly in England I OTIl HIIIPII Tftl^ 

tn X4im unlikely to be maintained durrng which is now showing a good ill VF T V All 1UU1VCU 1UI 

ic m interest charges At halfway when pro tits were fT _ _ _ the second six months. return O 

wav certain considerable iw onmiunuij — hiuuv* w 

advances would be made in 1979 ,97S " ifh a figure of £381.564 „ £363.90S to £448,433 or 

advances woum ue made in i.»re. . |s;tinsl n9400 .. Turnover for TV/fi-f /xll £3.45m (£2.78mj-but 

• comment lhe f leriod advanced from £3.S2m J^T All V-llClJ. that ,ho rate of %! « s 

... . ln W-2m. unlikely to be maint: 

The saving m interest charges .\t balfwuy when profits were the second six months 

following the sale of the alarms up from £72.000 to £84.0u0 the .NfllTIPr^v Earnings per 25p si 

division has made a major impact directors said that if the antici- kJVIHVl J vear are shown at 3 ( 

on Brocks’ figures. Interest savings ji.ited profit wax achieved then 1 j 28.15p and a final 

thanks to the £2m cash which an increased final dividend would DAIltl HAnf 4.5697 p makes a ma 

came in from the sale could be he paid. In the event it is lifted C'i/lUl.lJ.Vllt, milted total of 5.3947 

responsible Tor as much as from t).61B3p to U.7t» on the THFRP K _ Hn nn , n . afl tin with 4.8298p. A iwo-f 

£100.000 of the £131^X3 increase in ordinary .share and (rum 1 J3.p to , “ s £" U J*: issue is also proposed, 

profit-. Take into account some Mp on the A' restricted voting in business for some of w ’ 

I365.90S to £448,433 on turnover t-f expected that the remaining 
£3.45m (£2.7Smj— but anticipated Dublin property will soon be sold, 
that the rate of sales growth v.a- leaving one properly in England 
unlikely to be maintained during which is now showing a good 
the second six months. return. 

Earnings per 25p share for the Directors can now concentrate 
year are shown at 30.14p against on the two trading subsidiaries. 
2«75p and a final dividend of They say that with Athena Inter- ' 
4.56Dip makes a maximum per- national, the groundwork laid is 
milled total of 5.3947p compared paying off in substantially m- 
_ with 4 .82 98 p. A iwo-for-onc scrip creased turnover, giving every in- AL' 

at Cowan de Groot 

THOUGH TRADING conditions section had a satisfactory j ear. machinery section mad^ Sr#»t 

dicaiton of a marked profit tm- arc still Tar from easy. Cowan 4e -ays the chairman, although profit progress, but adds that Millbrook 
provement tn the current year. At Groot hopes to maintain a con- growth was inhibited by a con- Plastics has still to find its way 
Meta lair the current year is ex- tinuing growth pattern during the taincr base strike during April into profit and incurred losses of 

period 1o show increased turnover current year, both by internal which delayed th>* arrival of some £3u,000 for the year, partly 

and profit. 

licnlirlv immvssive The marine nei prom inr me year emerged al «*nn «« _ • , ■ 

erminment x?rie (siu./of Sound IXISM77). Profit prediction could be mean- margins on Us more expensive 

equipment xirii (mUj of ■round The company distributes sew In e i«2ful in current circumstances, ‘terns. There has been a general 
fvnomi Ini rJ. (^rnhUM* in machines and parLs. etc., and be says in his annual statement, resistance to price increase* on 

ESEtS wsmk;— 

has been a bit belter. Elsewhere 

car radios were a pour selling line TmnrorAWinnl 
but the upturn in i-nnMimcr spend- 1111010 VcIliClIt 
mg is now beginning to .-how ■“ 

through in higher orders. Overall Wolfpr 

the group's earlier forecast of U V Yt aILC-1 
£lm profit for the vear still stands 

and assuming a 20 per cent tax AlPYJiriHPr 
charge ilhe maxinuiir. it believes ntCAdllUCI 
it will have to pay) the shares fln an R , „, nl innM1 , 

co — j— it,. tow uiatct iiji )>nkC3 iu i»n> ^ _ — _, Lhe ig.roup spent some . . sales iMerprihelps* ^nn- ^ 

s? poned hy aasssrus. 1362, 

rJr,, “ accounts for around half of group “ 

i «'«. full year profits are Hi per A SECOND hair 

?nd cent higher. For the immediate to £177.053. left 

fb!J. U ^5nnfMW d haf C hPP^^ cr^nt nii future demand for the company’s Meat Trade Su 
n pint ^8 n r h^LTnri »hp baby carriage* and nursery furni- the full year 
Li!l JhiiK ture should be more stable a., the from £461,445 l 

Meat Trade 
falls to 

progress and by a planned pro- many cargoes until May. due to a large bad debt, 

gramme of acquisitions, states Mr. D. Dekker suffered a fall in Thus the move to a satisfactory 
Derrick Cowan, the Chairman. ' profits despite maiiHatnim; sales return has been slower than 
Overall sales throughout the al an acceptable lei.*l. w hile planned, he slates, but steps have 

proup are significantly ahead of Larson Baker had a particularly been taken to reorganise the 

those for the same period Iasi -^cces-ru 1 year, he adds. faclor>' and the directors hope 

year, he tells members in his . Tho forward sale?, imsiimn in these will produce the required 

annual statement. the l0 - v division exceeds that nf results. 

As reported August 0. pre-tax \*? e s ; tmp period last year and the fleeting. Abercorn Rooms. EL 
proHLs ror the year to April 30. 3 l ' ro>]fervus September 15, noon. 

wero . hl -hcr _ at n.92m Lh T r ^ 

7 m 81 mi aftpr 1 vir-tuaiiv uiaitr The directors are particularly 

Sft second half. Turnover rose from encouraged by excellent results 

/vtexanaer «j- 5-^3; S SftPSuZJS from 

st and ‘nil "a ^rosppvi'lve ‘ 0% iSr* 74 0n an S ' 4 > ,er a ’ nl ^crease in shaft machining capacity of an- he 22 tS'nV £*39^50 t£208 6^7) 1-TOp t° JLWBp per 1#P ■hare. A .Ml hough Richard Kelley pro- 

and vi d of »r .%?. at Tlo ,urnover rrom a7Am 10 JQ9 - 4m oth cr firm for around £lm. aiH seems hesdlnt' tn risk r^ ^ eanl i^'s ^e siiow n a7 7^)9 6 d preference scrip issue is also pro- duced increased profit on a 
Thal'icrn.- a reason a rating. '' rKVAX hrnilt of Walter Alexander. It is also re-organising the part JJj rtrr £in «han> and .h.‘ HiwW-nJ f ,tvseri - on tbe bas5s of one new reduced turnover. Mr. Cowan says 

Good start for 



Mr. Douglas Oliphant, chairman 

and with the alarms side out of frnm^FoSi In | n P ihe fnH r^ U and f^ 7. r 1^11 i no n m wiU continue to be under payout is stepped up to 7.32 

the wav R rocks will be expanding [ " arc J' ^ h ye ^ r jjjjf 0 7\vlue? sSn» VS«bMl£ pressure At this early singe i"-21p) net with a final of 4.02p, 

ii< marine, -m. .\ n acoiiisi- 5 p L '?' J? *5f2S i around £l.lm looks likely f„ r the 

the wav Rrmks will be expanding 5o M a T c h 3 I97S ions of Waller Somers tCfa teriaL pressure ; At , “ is , earI >' «3*e 

ii< marine equipment. An acquisi- Earnhuis ' per l»i> -hare Haldfin-i atNetiwrto! ind around g“- lm lo “ ks llkel >' h.r the 

nnifi r/ o f^ov "r '"f ton lain *'«|fton. P |«P i*W ferem, Vh^m to H^nwJn JJfh lh? UvS'KXc^riS'?^ 

SlSffilf? m “ " ,hc i'R. d '2’TL b 2!S ,, r , «Sf 1 82 

prices to cover costs, so margins dc r 2op share and the dividend Vm ^ r^nt^nrpfprpnre shTre^^r Jhe U rr. ed i^^I^rdman^anrt^ *1 He - vuood Williams Group, told 

£r £ wiU . continue to be under Wwl WP«I up 7.32p erer?10 ordm^v hri± ire A CM .ttat 

the dividend is stepped up from As a corollary, it is seeking d thc h " : um ned t« 

4.2-ip 10 4 .Sop With a final pay- acquisitions to reinforce its sue- 17 - At lhi lev i lh ^. 1 j 1 ? 

menl of 2.725p net. cesses in component supplies, i'hfie {he yield is almost o ^r 

Mr. Matter Alexander, chair- forging and machining heavy y a a j per 

» j| <-v • 4- TDI ICT -■-■'I' iuui|,uuciii 

iTlUilRo I nil) 1 Mr. M'atter Alexander, chair- forging and machining heavy 

man. sny< that budgets indicate shafts and the distribution of 
Monks I111 pslmeni Trust has the current year "ill produce engineering merchandise, 
borrowed l.'.S.85ni repayable in improved results from virtually Meeting, Great Eastern Hotel, 
five annual instalments com- at] activities, and profits for the EC, September -14 at 2.45 pm. 

U.S. growth for Hogg Robinson 

Burma majority 
not proposing 

every 10 ordinary held. are -still disappointing. However resu itTfo r Vhc“fi rst ‘ qua r ter ‘of The 

A divisional analysis of turn- the, directors are confident that current year to April 1979 were 
over and profit shows (in £000): positive action being taken to considerably ahead' of' the 
toys and giftware £6.847 (£6.780) reorganise this business will lead previous year. He reaffirmed his 
and £598 (£689). electrical and ^0 a speedy return to a more confidence in the group overall 
hardware £20.588 (£17.576) and desirable level of profitability. UK progress was satisfactory 
£1.105 (£068). Russian shop £406 Profits continue to rise in the and thc first-time contribution 
(£346 j and £58 (£49). and Russian shop division and as part from the U.S. would be si "fiificant 
machinery £4,332 (£2.757) and of the plan for further develop- Only South Africa was *■ dragging 

Jivjuiuuiiuu maenmery 1 ; uijii anu 01 me r»ian ior mnner oevemp- r miy South Africa was " dragging 

-r-, , The majority, directors of tbc £J ?7 . lt J"* 1 '- ■*» additional retail outlet its reel,” and this was more 

If no'll Qn Sinn investment trust Burma Mines Despite The generally dimeult is to he opened In an important because nf national economic 

dHu are nol as reported yesterday, rond 11100 ® prevailing to the toy London area. problems than any inherent weak- 

T«„ proposing at 'the EGM on October tra de. the toys and giftware The chairman points out the ness in thc company. 

UYclSeaS IflV. 18, that thc company should be 

K !t S3* I Export orders at Mining Supplies 

Export orders at Mining Supplies 

Hiirb Rnhinson Group's new type market in New York is looking for expansion, and in thc £25.823 to U47.31S and in line holders by way of a reduction of ^ 

renin re- in reinsurance under- evidence of thc increasing Middle East it looks to the area with forecasts of a maintenance capital and the payment of lOp a 

writing ami equipment leasing importance which the U.S. tn give the group major oppor- of lhe improvement, taxable pro- share. The overall performance of the mechanical handling industry and fl.Sm (£I_24m) \uihnrisprf anrf 

have got otr to a gno.l slari and market will assume in ihe future, tunilies in the future. fit of English and Overseas ln- Thereafter .they say. the com- Mining Supplies group is on a con- is now in the 6 rst stage of a £lm contracted c-iriimt ann 

.. inp reinsurance liruking promise, and a salisfaeinry growth supplying a service To banks and There is no tax compared sat ion for the assets nationalised He says t! 
division had concern r:i«-d on w- in their income In expected this other financial instilutions in thc against an £11.075 credit last ume. in 1965. and for building capital nlav of new 
panning its activities in existing year .And despite the --Irene then- U.S. with regard to preventing and earnings per 10|> share are assets from their depleted base. Birmingham 
areas and new ivrninrirv, ing nf the U.S. donii-stic market, fraud and other losses, and . nl - p 

directors say in a divisional review Hogg Robinson’s international directors believe the company has 

wiih accounts. Premium mcnum broking business in North a substantud contribution to make ISSUE NEWS 

has now reached £7dm. showing America will continue lo grow at to future profits. 

growth on the previous year. At a satisfactory rate, they say. On the transport side prospects 

lhe same lime lhe division's Elsewhere, the group has for the current year’s operatic ns VaobIhi/ 

expen-c ratio has been cut. formed a new ryin-.uranee inter- nf Hogg Robinson I Travel) are ¥ H/I I I I 962 

* in thc North American side, mediary in Paris with Kanque most encouracing. with good * 

Mr. Abbott says (he group intends Worms, and directors- have high profit growth again forecast. The coupon rat? on l 

play of new mining equipment in tion have also continued to crow 
Birmingham last October, sub- and make useful profit contribu- 
stantial orders have been tions. he says. Order books are 
received from thc U.S.. Canada generally good in these areas, 
and Australia. Strong enquiries Slech Electric has, however, not 

Hampton Trust 
issues writs 

10 eontinui' it* cffnrt> in increa-c hopes for worthwhile develop- The sale this year of a 00 per bonds I 
its invnlvcuu'in in this area. The ntent. cent stake in its Nigerian sub- from 9 

recent an noil 1 ice me ul ul a Lloyd > In the Far East Lite grniift is sidiary is expected to result in a The iss 

I £350.000 loss, which will be taken due on 

have been made from other performed op tP target mainly The laievi annil ,i 
\7 1* a fl'irrt countries. owing to market conditions. accounts nf u, ^porl fud 

Y P/irlinHC lift l*ri Mr - Sn 'P e expects a rapid As previously reported taxable reveals tha^ the 'll?™ Tl 2 ist 

Lul Ull IU Ss 4 / {J growth of exports tn the next h vc profit of the group in the April issued writs ae-bi V 0 ™P an ^ r * la - s 

The coupon rat? on lhe yearling with a scrip issue of nnc-ror-onc. y .®. ari i and J!ays ,® r ? up c0 *!' 7?’-.. ^P. r a( ^ vanC£, d from dirccior.y Mr. F. p. Bre^vor'T^ 
inds has moved ahead 1 his week The shares will then be consol i- 3 manufacturing branch H-jom *o £J.Wm. A current cost Mr. G. p. Spanner and ih^ 

If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 41 1 1 or 
01-623 6744 for up-to-the-minute competitive 
interest rates. Interest is paid without 
deduction of tax at source. 

rrom reserves. The issues are:— Crawley S & F INDEX ennsmerea in oiner counir.e* ujjam offset oy a «.«m gearing amount tolalling £35 ifrim.1..^ 

As previously re|iorted. taxable Borough Council |£lni). Kirkleex should il be found necessary. «idju.stment- in lhe previous imV- nt ludcil 

profit in thc March 31, 1978, year Metropolitan Borough Council SHOWS IQ N 0 / OAI1V T he subsidiary, Meeh forge has The balance sheet shows total ancl explained as « ■ ow “ n *6 

advanced from £ to £9.51m Ettrick and Lauderdale u maintained its performance as a fixed assets- ahead from 13.94m lo obi isaUons incurred hf C S ? ! ‘ ani 

on turnover ahead from £24.54m District Council ( Eim ». Cunning- Singer and Fried lander’s “ N**w- ma -l° r supplier of forging to lhe £4.o9m and net current assets of director." a 'ormer 

to £30.05m. ha me District Council m n i). Issue Index" rose by 19.5 per 

Meeting. Baltic Exchange, EC, Hertfordshire County CuunCll Cent during (he nine months .to ESFCSII1 TC AMR JlPPntlUfe naitC 

September 22 at 12.15 pm. (Ilmt. West Yorkshire Metro- June 30, 197S. Over tho same RESULTS AND ACCOUNTS IN BRIEF 

poli (an Counly Council <£ l m), period the FT All-Share Index 

. _ _ London Borough of Barnet dim), fell by 6.1 per cent. CARTER THERMAL INDUSTRIES— M....|,r,u Tavw .Hotel. K. September II SECOND GREAT northcdu 

American Trust Js"?" jJJisSl i :L. Cri> -^° n . The 5 k mdex is derived "'holus group-r«uu* fw >v., r „ S";p 25 "^v 

1 uitviivHu A 1 UJ1 | £ 1 m > . Doncaster Meirr>pi>hUn from the price performance of a> ci«-jp: of which nrt curo-nr ass-is »i& rv H at. iSra already knohn i:ro lip fS2i.mnn.' rS^.Hra 

J|__ Trt _ r Borough Council l£il.4m). companies which have obtained a Order hook very sansfartnry. fix-4 aj^-'ia jjsaui nrf ■.urnm £io.onm rj> 4- n , , J ! * ,ns on fvvalnaim 

mioway Borough of Epsom and Ewell market quotation by way or an s®"*- cimirad*' vdMlM t»» and mhu 74m , ‘w ,d funds ewa.i«s .11.tT.13j;. , u w }2T ,! "r..*^5 ,w 

nroffress n 'i? '.rf ^ Lpon 12 quarters. modest increase over ihe 1677 Hkuh* Ivmh-r f ar U aJil. and cun sins RNATIOnaI, i ratines 

j|ull (£lm), Mersey ildc County At the end of June Lhe index esc investment trust— F or June k«nta K £llas rubber estates— 

Pre-tax revenue for thc half Council dim). Si. Edmundsbury stood at 264.U compared with the n-. ist*. half »var mi a Income fnr year io March :il «m». r,-. B3S ..i, rsniJS ,9 - ^roun fixed 

year Lo July SI 1P7R of American Borough Council {Ilm). Walsall All Share at 210 07. The base ‘ w™* JUB -EH-TTr, rwi : d .miy, t. hwii xijnn i iHa.rM’, 

Trust Co. rose from £l.D3m to Metropolitan Borough Council date is December 31, 1970, when lEhSU’. “SSVIS £fi£ 

£1.2ni. Figures exclude results Borough of Hyndburn both indices -Stood ai 13fij!F,. va i Ul . p ^ r 35p alar* loin nd 4 H'. ihr.-.. of curreni year to ^nd »i total borrowing? 'hav,!' ^ 


heen reduced by 


North Central 

(HOLDINGS! (mb. 



Revenue* available "for the 1977-78 ELB1EF SCRIP ^ThtTbest gains have been seen ^^fertleman and sons tiunuum- TurC.^Sn-'^ fit" n!i0«? l0 |"r Svwfci ciST^SSilL.. TRUST - 

year came out at £1.12m in Snthoby and Cily Hotels which rtakursi— R ajoHs lor year tn ar L h :ii i.t .lauuarv i. 10TS- oruBt n.ns * £3.4tn>. inuiiiha to July u ,or ■='* 

I £876. ITS). The Board r.r Kibii-f ,< pronos- have risen by 93 per cent and aa ="^ £«7 .rt.ikn . hnr '4H8.WS-. nremarv m 

Al July 31 net asset value per ing io double the authorised 88 per rent respectively «mec ,n!whrs." a-i hSld ws ''iL,' a -1 Tiu^iar ^ ^.is^ri. aitd it 5rw5i 

Js gi'cn as Sl.Sp t-i3.-ip) r capital lo £1.3ni, and follow LhiS Iheir issue in June 15177. decn-ucd by iUjiuo mcrtasi-,. .m ( vam!- 5 p..r'"jfn'^w., r {tl ?-^ i ?- 11( ' *■ . get <m*t 

Treasury Depl.. 31 Lombard St.. London EC3V 9BD. Telex: 694935. 

Pv-r Dp share 164 ip 

X rtf ALS 

iv; . 

iiiini 3 
Af f« r 

There stores arc beinj 
(let eloped js j separate division 
distinct from ihe existing store* 
in the group and should nuftru 
cottinbuiioii u» proliix in 19 iv-8d, 
Mr. Hunter explains. 

Three new superstores, all 
larger than any of the eomptufti 
present stores, art* being otiii! at 
Mifkleovcr. Bat ley and Hudders- 
field: one should open toward* 
Hie end or W7S-79 and lhe others 
during ihe fnllnwinj! year, the 

• ; i::u re 
,,-sh- \ di 


V 4T 



frozen foods 




Financial Times Wednesday August 23 197S 



Tilling stays in the 
fight for Fluidrive 

Unperturbed by the very low mem of Fluidrive as a major 
level of acceptances, Thomas force in a highly competiuae 
Tilling yesterday renewed Its industry.” 

contested share offer for The AE camp will not be dis- 

Flufdrfvo Engineering on the Closing the level of acceptances 
same terms. of Us offer until after. the market 

The otter of five Tilling shares closes, hut it is believed that with 
for every eigltff Fluidrive shares mariteI purchases and acceptances 
was first announced on May 31 5t controls, in excess of 13 per 
and has attracted acceptances ceot Fluidrjve's shares. 
covering 31.900 of FlnJdrive’s *#tvnur 

6.87m shares. It was topped bv PHOENIX MINING 
an agreed bid from Associated 4ND GLOBE' 

Engineering of SOp a share rnsTi ginger and Friedlander. the 

or three shares for every four independent merchant bank 
FUjfdnye ^hare's. which is due to called in t0 a arise Phoenix 

close on Friday. 

Mining and Finance shareholders. 

° F Fit. COI ? test "has recommended theta to vote In 

stem's °.y f « tz ■sas 

srs 1 a tsss to 



August 9 helped lift AE’s pripe unJ i p s ? f J? V1 t£ of 

and caw h a considerable edge. J* 1 ® . undesirability^ t>f cross- 
A Tilling director. Mr. D. W. G. ^oldinss, writes the chairman. 
Sawyer, explaining the decision to J*r. B. S‘ Clemtnson.. But share- 
renew the offer, said that it holders will be able -la. receive, 

enabled his company to keep its cash instead since African Lakes 

options open. “ We believe It is Corporation, a company of which 
up to the shareholders to decide Mr. Clem in son is also chairman, 
on the relative merits of the has undertaken to apply for a 
alternative offers,” he said. “ They maximum of .182,000 shares in 
have not in the past been falling Globe in addition tovtbose which 
over themselves to get Into the it has rights to through its share- 
other camp who have, in fact, holding in Phoenix. .. 
had to pay out good money to The effective cash alternative of 
entice them.” 65p per share represents “ fair 

The renewed offer will close on value" for Globe according to 

Sentember 29. a week or so after Singer and Friedlander. It 

Tilling releases its interim results advises shareholders .to. take the 
for the six months to June 30. money rather than 1 shares in 
In a letter to Fluidrive share- Globe “ unless shareholders have 
holders Sir Robert Taylor, chair- their own particular, reasons for 
man of Tilling, repeated his sug- investing money m - securities 
geslion that the AE offer be which relv largelv on - the political 
rejected. The arguments for re- future of Rhodesia " 
jection have been put in other Mr. Cleminson «afcfc.yesterdav 
letters to shareholders he sairi that the share rights lissue would 
and. in essence, are “ the weak bring to an end the rm&hnldings 
demand and falling profits which had been so body criticised 
experienced by both AE and last year when a merger be twerp 
Fluidrive: AE’s lack of previous the two companies had been 
experience in industrial nower rejected by shareholders, ft 
transmissions; and AE’s failure would divide the companies con- 
to disclose the cost and nature of cemed into one with,' and one 
its plans lor the proposed develop- quite without, Rhodesian interests 

m v yf- 

NEB and Ferranti unite 
to rescue Vetre Resin 

The National Enterprise Board United is to take the'/ form of a 
is to combine forces with Ferranti new insurance underwriting 
to rescue Vetro Resin Engineer- agency incorporated iiLthe U.S.— 
ing a glass fibre company, from the National Underwriting Agency 
the hands of the Receiver. — and to be based in-Chlcago. 

Under the terms of the latest London United has-, subscribed 
deal Ferranti and the NEB are to $7,500 to tbe total share capita! of 
set up a new company. Ferranti $20,000 of the new underwriting 
Kerin, to acquire the assets of agency which has beep formed to 
Vetro which manufactures glass participate in the domestic. excess 
fibre storage tanks for the casualty market in tbeTLE 
chemicul industry. 

The NEB is to pay £204,000 for 
.i 40 per coni stake in the new 

while simultaneously giving 
Phoenix shareholders who wanted 
to retain an interest m Rhodesia 
the right to do so. 

An appendix to the document 
shows that African Lakes has 
been a frequent buyer of Globe 
shares and also, to a lesser extent, 
of Phoenix Mining shares. If it 
obtains the number of Globe 
shares it has applied for, it will 
own 29.9 per cent of the equity. 

Meanwhile Globe will continue 
to own 42.77 per cent of Phoenix 
Mining. Mr. Cleminson said yes- 
terday that there were no plans 
at present for Globe either to sell 
this investment or make a full 


Details of Lam pa Securities pro- 
posals to unwind itself from its 
investment in Hugh Moss, the fine 
an - company, has been sent to 
shareholders by the liquidator, ■ 
Mr. A. E. Wheatley. 

Under the proposals, Lampa. 
which is in voluntary liquidation, 
is to acquire all the stock held 
by Moss, valued at £382,000 and 
principally oriental art and cera- 
mics. In return. Lampa, which 
wholly owns Moss, will cancel 
debts owed to the parent company 
totalling £524.000. 

Lampa will then sell its shares 
in Moss to Aneiza for £25.000. 
According to unaudited accounts, 
the remaining assets of Moss will 
have a net book value of £110.000. 
Lampa shareholders will have the 
opportunity to vote on the pro- 
posals at an EGM on September 
12 . 

Deutsche BP 



DEUTSCHE BP is to draw on 
DM200m (£5 1.8m.) of unissued 
capital authorised by the Bp 
parent company in 1976 to help 
finance its £200m takeover of 
parts of the VESA group, the 
West German energy concern. 

But Mr. HeUmuth Buddenburg, 
chairman of Deutsche BP, has 
stressed that the DM200ra will 
come from BP group funds and 
not from North Sea oil revenues. 
Mr. Buddenburg, says the com- 
pany will have no difficulty in 
finding tbe other DMflOOm needed 
for tbe Veba- deaL It will be 
raised through the money and 
capital markets. 

Under the deal, Deutsche BP 
will acquire the refinery and gas 
interests of Gelsenberg. a Veba 
subsidiary. It wifi .also acquire a 
strong- presence in the West 
German fuel and petrol station 
areas through the takeover of 
Stinnes. Veba's transport and 
trading subsidiary. 

Mr. Buddenberg said the take- 
over of these Veba operations 
should give BP an extra market 
potential of 7.5m tonnes for its 
oil products, plus additional pro- 
duction capacity of 4m tonnes. 
This was expected to give exist- 
ing BP refineries greater access 
to markets and it might even put 
up capacity usage from tbe pre- 
sent 60 per cent to io per cent or- 
80 per cent 


The proposed mergers- between 
Covina NV and Marryat Group. 
HoUandsbe Be ion Groep NV and 
Edmund Nutt all Sons and Co. 
(Manchester;, and Travis and 
Arnold and El Lis and Everard 
(Building Supplies) are not being 
referred to the Monopolies Com- 


Davy Internationa] has acquired 
tbe process control systems busi- 
ness of Marlow Industrial Systems 
for £70.000. 


De Beers gives 



MIRRORING the buoyancy of the 
market for diamonds, net group 
profits of De Beers for the first 
naif of this year have advanced 
to a best -ever R374.7m (£223.6m), 
Or 104 cents per share. 

They were R283.4m in the same 
period of 1977 when the year's 
total was a record R623Jm. Tbe 
latest Interim is being raised' to 
20 cents fll.Up) from 17.5 cents 
last time when the subsequent 
final was 35 cents. 

The results will have been 
boosted by an exceptionally 
strong demand for diamonds in 
the-earlier part of the year when 
hoarding of uncut gems by mer- 
chants as a hedge .against cur- 
rency and other uncertainties 
resulted in De Beers' Central 
Selling Organisation imposing 
surcharges on its basic prices 
which' had been increased by an 
average of 17 per cent in Decem- 
ber, 1977. 

There are to "sights." or dia- 
mond sales, a year carried out 
by. the CSO. A surcharge of 40 
pen '-cent was imposed at the 
March sight this year; this was 
followed by one of 25 per cent 
in May; 13 per cent in June and 
10 per cent in July. The sur- 
charge was then dropped and, 
instead, the CSO made a straight- 
forward increase of 30 per cent 
to come into effect at the sight 
which is currently in progress. 

Diamonds are priced In US. 
dollars and so the weakness in 
that currency played a major part 
in the CSO‘s latest big price in- 
crease. Meanwhile, it is under- 
stood that the higher prices are 
being quite well received at the 

current sight at which dealers 
prepare for the demands or the 

important U.S. Christmas market. 

Providing, therefore, that the 
demand for diamonds retains its 
good form, the high earnings of 
De Beers are also likely to be 
maintained in the current half- 
year. In which case the year's 
dividend total looks like being 
about 65 cents against 52.5 cents 
in 1977. The Deferred shares 
closed 13p up at 453p yesterday. 


Although losses continue at the 
Botswana RST Selebi-Pikwe 
copper and nickel operation in 
Botswana, there was a slight lift- 
ing of the clouds in the first half 
of this year. Thanks to increased 
production coupled with a con- 
tainment of costs the operating 
loss was reduced to Pula 210.009 
(£136,000) from P5.32m in the first 
half of 1977. 

However. 3flcr loan interest, 
commitment fees ami currency 
adjustments the loss attributable 
to shareholders for the past half- 
year rose to PI 3 25m (£8. 58m I 
compared with Pl5.5lm a year 
ago and tbe 1977 total of P3$.54m. 

The accumulated loss is brought 
up to Pll5.74m. Total in- 
debtedness of the operation, 
which is 85 per cent owned by 
Botswana RST and 15 per cent by 
the Botswana Government, 
amounted to P220m at June 30 

Meanwhile, good progress is 

being made ar i hip new metal- 
lurgical and other ' project*. 
Botswana RST wore 22p yesterday. 


D_espile record export ear rungs 
19« / was a "diiappointing’* year 
for Indonesia's mining industry, 
according to a U.S. Embassy re- 
port. Soaring capital investment 
costs and low world prices for 
■several import am minerals have 
dampened enthusiasm, at least 
temporarily, (or major new ven- 
tures and caused the postpone- 
ment of several scheduled pro- 
jects. But the Embassy also 
pointed to record tin export earn- 
mgs and a movement towards the 
development o[ coal resources 
for domestic energy. It also pre- 
dicted that when “ improving 
economic conditions make large- 
scale CM'lorai ion economically 
attractive." Indonesia will be one 
or the an -as m the world where 
exploration will be Concentrated. 

Killinghall (Rubber) Develop- 
ment Syndicate reports ihut all 
the company's applications for the 
renewal of mining leases nos. 1< »S. 
4385 and 457S have been rejected 
by the Selangor Slate Executive 
Council effective from the expiry 
date. The company has been 
advised that new leases of. these 
areas have been or will be granted 
to KumpuJan Perangsang 
Selangor, the State mining cor- 
poration. and that they will be 
sub-leased to KilUngfcall Tin. 

Killinghall (Rubber) is con- 
sidering the question of an appeal 
against the decision but an appeal 


by another company in similar 
circumstances has recently been 

After declining over the pre- 
vious two months. South African 
gold production has resumed :1s 
upward path with the July figure ' 
of l. 919.431 Ojcs. representing an 
increase of 63.210 ozs over that of 
June. The July figure brings the 
months’ total up to 
13.156.9SS ozs. compared with 
1-.M1W.G24 ozs for ihe same period 
in 1977. 

Ass. Manganese 


South Africa’s Associated 
Manganese, one of the chief 
profit-earners in Ihe Anglovaal 
group. lias reported higher 
revenue for the sis months to end- 
June. with the pre-tax figure up 
to R12.Km (£7.5ni) from RlO.Sm 
on a turnover of K56m compared 
wilh R45m a year ago. 

These results are in sharp con- 
trast to those of the larger group, 
S-A. Manganese Amcor jin which 
the State controlled steel group 
Ikcor. is the large-.; shareholder) 
whose profits for the same period 
fell from R4flm to HI 7m, reports 
Richard RolTc from Johannesburg. 

Associated's improved per- 
formance in pan reflect* timing 
of deliveries but. in addition, 
siichil.v higher volumes were 
achieved in ferre alloy and 
manganese, while iron ore ship- 
ments Tell. However, u k not 
clear whether comparable figure-, 
can he obtained in the second 
half-year owing to the ennunume 
weak level nf demand in world 
steel markets. 

Despite the higher pre-lav 
profit, distributable earnings fell 
from 23ri coni.-: to its cents. 
bocau-e of large allocations to 
reserves, reflecting the group's 
capital > pending programme. 

The interim dividend is being 
maintained at 30 cent-., but 
depending on the timing of 
capital expenditure and on second 
hair tradmu. commentators have 
suggested that there could be a 
question mark over the .sLc of the 
final dividend, which was 75 cents 
last year. 

■ • i . ,■ i l , . » .1 ■*« per cent suu<e m im? new 

t>\i company. Ferranti is taking 51 

'* w 1 - ■ per cent by injecting into the new 

company its resin insulation busi- 
ness based at Hollinwood. with _ . . . J 

net assets thought to be in the * n * “°7® designed .to 

region of £300,000. strengthen its fast grovwg frozen 

The Hollinwood business takes foods division. United] Biscuits bis 
resins used in glass fibre produc- acquired the privately owned 
lion to manufacture insulation for T - Pittas bakery Concern m # 
tubes used in the electrical snares and cash deal worth some 
industry. £70(1,000. / 

The deal strengthens the links Under the terms, the Pittas 
between the NEB and Ferranti at family is to getfl 50,000 UB shares 
a lime when the NEB is proposing and a cash payment, likely to be 
to dispose of some of its holdings around £550,000. 
in the electronic engineering com- Mr. R. I >D . Miller, managing 
pany, as part of the scheme by director of pB Frozen Foods, said 
which Ferranti is to regain a fuD that Pittas’s business in chilled 
listing on the stock market— due foods such. as cream cakes was 
to take place next month. compatible with UB's frozen food 

operations. In the year to March. 

1978. /Pittas generated sales of 

WESTMINSTER just under £3m and pre-tax profits 

pnnPFDTv °f £ 

, n K y rVl _ This compares with UB frozen 

VSSS? will foods which have ^creased 
h £i»£5? rSS n sharply oyer the last IS mouths 
minster Property Group d which are currently running 

S « more ihan £20m a year. cZh 
are taking place witn regard to Hopn hr?elv from acouttMom 

by WPG in and Mr. Mtllar said that Pittas 

Following the controversial | 

exchange for shares. 

The statement, issued on the -.‘‘f 
n,lvicc of Dawnay Day. the ^ ^ ^ divjsion 

group s merchant banker, follows ^ 
recent market speculation about a 
major property purchase by West- 
minster. Mr. Ronald Edwards, 

Westminster's chairman, hopes 

to have further details for share- . „ . „ 

holders' "in a few days." In the takeover of W. Hens hall and Sobs 
meantime the shares, up from (Addlestone) by Bovbnunie, four 
isn at the week-end closed yes- new directors representing Bov- 
(erduv at 2Hp. bourne have been appointed to 

the Henshall Board. 

1 ONHON UNITED A special meeting of the com- 

IN vSmmF P-W yesterday approved the 

IN U.S. VENIUKE appointments of Mr. Sam Ifais 

London United Investments, Donald- Hall. . chairman of Bov- 
ihe insurance group, is extending bourne who will also take over 
Us operations in the VS. through \tie Henshall chair, and his son 
a joint venture arrangement with Mr. Casper MacDonald-HalL Mr. 
the Beneficial Group, which is Jeffrey Smith, Bovboiirne’s 
ba-^d in Los Angeles. 'finance director and Mr. .Tony 

The joint venture between Hucker, the legal adviser, also 
Transit Casualty Insurance Com- joiaed the Board, 
pany. a wholly owned subsidiary The fire existing Henshall 
al Beneficial Group, and London directors remain on the Board. 


Astra Industrial Group— ^K. G. 
Hanlon bought 71,000 shares on 
his appointment as non-cxccutive 

Knthergill and Harvey — 
Britannic Assurance has bought 
35.000 shares increasing holding to 
440, Will (7.14 per cent). 

Best and May— Crown House 
has notified that Lygon Securities 
—formerly Linley Property Invest- 
ments— is interested in 427.500 
shares US per cent). 

Cavenhara — J. Greenhateh, 
director, on August 16 sold 16,000 
10 per cent first preference shares 
at ns tp. 

Bulmer and Lumb — A trust of 
which E. K. Macaulay, director, is 
a trustee has sold 110,980 shares. 
This was n on-beneficial holding. 

Jersey Externa! Trust — A. G. 
Gilmer holds 31,224 shares bene- 
ficial and 31,220 non-bencficial. 

King and Shax&Od — 25,000 shares 
have been sold for the account 
of T. S. Hohler. W. A. O. J. Bell 
W- E. C. U. Abbans, D. R. Jarrett 
and Sir E. C. W. 51. Penn. . 

Fcedev — J. W. P.’ Curtis, direc- 
tor. advises that 346,375 shares in 
which he has an interest through 
Yorthem Pig Development have 
seen sold. 

Francis Industries— West City 
securities has sold 100,000 shares 
•educing holding to 450.41S (619 

«?r cent). 

Rlundell-Permoglaze Holdings— 
Jri tannic Assurance has acquired 

lirther shares making holding 
00,000 shares (S IS4 per cent). 

Barnett and HnHumsbfrr Hold-, 
ngi— N. F. Swiffen. director, 
’imposed of SS.313 “A" ordinary 
-non beneficial— on 


Vii°.ust 1G. 
Pair view 

Estates— J. N. B. 

Blckel, director, on August 10 
disposed of 30.000 shares. 

Went Bromwich Spring— 2TC 
Pensions Tmst jointly with 
rrc Pensions Investments has 
acquired 87^00 shares making 
holding 400,000. Iron Trades 
Employees Insurance .Association 
has acquired 234.625 shares 
making holding S97.125- 

Electric and General Investment 
—Sir Charfea Troughton, director, 
has become interested non 
beneficially in further .27,500 
shares. Beneficial holding 1380 
shares and non beneficial 38,303. 

Leigh Interests — Mrs. J.- Agar 
has sold 100,000 shares. 

H. Samuel — J. N. Lindop, dine, 
tor, sold from non beneficial 
bolding as a trustee 12.965 "A" 
ordinary shares- at 315p on 
August 1 and 20,000 at 185 p o'q 
August 10. , 

Blackwood Hodge: Mr. W ; A. 
Sh a pi and and Mr. G. Law. direc- 
tors, -have disposed of . non- 
beneficial interests in a total of 
2,25(5^55 ordinary shares. 

- Trafalgar House: As a result 
of the sale. of 239.103 shares at 
iSSJp. the beneficial holding 0 f 
Mr. Nigel Brotkm, chairman, is 
now 3.5m shares (2.19 per cent). 

Amalgamated Industrials: .P. C. 
Hegard. director, bought on 
Augusr 18 4.000 7 per cent (19 
per cent net) preference shares 
at 451 p making total holding 

C H. Industrials — Scottish 
Northern Investment Trust has 
bought lOO.nnO -shares making 
holding ftW,ooo CAS® per cent), j 

Bombers Stores — 5. Marks, 
director, has sold 25.000 shares. 

Automated. Security (Holdings) 
— D W. Smith, director, has sold 
Afi.onn shares: present holding 

With its booming economy and gigantic natural 
resources, Brazil presents some of the workPs most 
glittering opportunities for trade and investment 
And there's no need to go to Rio or Sao Paulo to 
explore the possibilities. Right here in the City, the Bank 
of. Brazil can tell you all you need to know. . 

We can tell you what Brazil needs to import, and 
what our exports are. We can tell you all about our 
domestic market which areas are most promising for 
investment and what help you can get from the 
Brazilian Government We can put you in touch with the 
people who are most likely to be able to help you in 
your venture. 

Besides an omni-present branch network 
throughout Brazil, we h^ve 48 branches in other 

countries. We have capital and reserves of more than 
US $3.5 billion and total assets of US $46.7 billion. 

Our London manager Mr. Jose Fernandes de Luna 
will be glad to put all his extensive knowledge at your 
disposal. He will show 
your business success 
in Brazil can begin in 
King Street, London. 

If you think you 
could be a partner in this 
great enterprise you will 
want to know how you will 

it You can find out both by 
talking to Jose Fernandes de Luna at the Bank of Brazil. : 

15/1 7 King Street London EC2P 2NA. Telephone: 01-606 7101, Telex: 8812381. 

\bur gateway to business in Brazil 



•Offrces to te cpsned in l9fa 


Mtfioss Tyr e recall threat hits 
for chase Firestone quarterly results 

| BY )OHN WYLE5 NEW YORK, August 22. 


NEW YORK, August 22. 

bid for 
Mead goes 
to court 

By Our Own Correspondent 

NEW YORK, August 22. 
and Realty Trust, the troubled 
REIT which has just won 
approval in principle from its 
creditor banks to restructure 
$250m worth of debts under the 
shelter of the bankruptcy laws, 
announced a net loss of S28.2m 
for the year ended May 31. 

The trust, which recently 
defaulted on nearly $40m worth 
of notes and interest, is to be 
helped back to its feet with a 
S20m loan from Chase Manhat- 
tan Bank, its founder and finan- 
cial adviser. 

The trust also announced that 

it is being sued for conspiring 
to defraud holders of its deben- 
tures by issuing incomplete and 
misleading statements about its 
affairs. The trust says it intends 
4 ‘ vigorously ” to defend the suit. 

GM incentive 
offer extended 

Company today warned share- 
holders that the potential recall 
of its controversial “SOO” radial 
tyre could have a M very substan- 
tial adverse effect” on future 

This is the first time that Fire- 
stone has publicly a addressed 
Itself to the possible impact of a 
recall on its earnings and today's 
statement by Mr. Richard A. 
Riley, chairman, and Mr. Mario A. 
Federico, president, may reflect 
some pessisimism about a 
National Highway Traffic Safety 
Administration decision which 
is expected within the next two 
to three weeks. 

The NHTSA has already ruled 
preliminarily that the tyre has a 
potential safety defect and a final 
determination will follow public 
hearings on the matterwhich took 
place earlier this month. Between 
13m and 15m of the tyres manu- 
factured between 1972 and early 

this year are believed to be still 
in use, but the company said to- 
day that /* no specific estimate ” 
of the impact of a recall on its 
earnings could be made. 

Rubber industry analysts, how- 
ever, have been less reticent and 
estimates range front $100m to 

The unfavourable publicity 
surrounding the “ 500 ” was cited 
by Firestone today as one of the 
reasons for a decline in its third 
quarter and nine months earn- 
ings. In the three months ended 
July 31. net income fell by 29.5 
per cent to 515.9m, or 27 cents a 
share, from 522.3m, or 39 cents a 
share. Sales were SlJlbn against 
Sl.lbn. Foreign exchange losses 
during the quarter were substan- 
tially higher than last year at 
$9.Sm compared with 55m and 
this, coupled with "a severely 
unsatisfactory" tyre market in 
Europe was an additional factor. 

The company's nine month net 

loss of S21Jm reflects a SllOm 
write-off of redundant plant and 
equipment once devoted to pro- 
ducing cross-ply tyres which are 
being edged out of the market 
byradials. Operating net income 
for the nine months was S5L9m, 
or 90 cents a share, compared 
with S84.9in. or SL48 a. share. 
Sales were $3.5bn compared with 

Exchange losses during the 
nine months were 519.8m com- 
pared with 52m. Firestone said 
that it expected its non-tyre 
operations in metal products and 
plastics to continue to fare better 
than last year and. except for 
Europe, it foresaw “ good opera- 
ting results " in its other foreign 

'These latest results indicate 
that Firestone will fall far short 
of its 5110.2m net income of last 
year and that its earnings may- 
fall to the previous low for this 
decade of $92.8m set in 1970. 

By David Las cell c 

By Our Own Correspondent 

MONTREAL. August 22. 

sources confirm that an incentive 
offer totalling, with the Quebec 
Government's contribution, more 
than CSSOm to General Motors 
Corporation for locating a cast- 
ings plant near Montreal, has 
been extended for 90 days. 

The plant would bp located at 
Beau ha mens, about 25 miles 
west of -Montreal, near an Alcan 
Aluminium smelter, at a total 
cost of around CSaOOm. 

Dome buys stake in Siebens 


MONTREAL, August 22. 


Prices steady 
in quiet trading 

By Francis Chiles 

BOND MARKETS remained very 
quiet yesterday for the second 
day running with most straight 
issues putting on about one 
eighth of a point on technical 
short covering. 

Japanese convertibles also 
gained a little, helped by the 
strong performance of the Tokyo 
stock exchange and the yen's 
strength against the dollar. 

In the Deutsche-Mark sector, 
all attention will be concen- 
trated on tbe bond for Australia 
which Deutsche Bank is due to 
announce tomorrow. Trading 
yesterday was quiet with prices 
unchanged from Monday's levels. 

DOME Petroleum, one of 
Canada’s largest oil and gas pro- 
duction and exploration com- 
panies. and the pension fund 
operated by Canadian National 
Railways are taking over Siebens 
Oil and Gas in a deal which 
could he worth up to CS360m in 
cash and stock. The pension 
fund, one of the largest in the 
country, is controlled by the 
Federal government. 

Tbe Hudson Bay Company, 
which took a major interest in 
Siebens about six years ago. is 
selling its 34 per cent stake to 
Dome Petroleum for a new class 
of preferred stock with a value 
of 5123m. Dome does not pay 
a dividend on its common stock. 
The new preferred will pay a 
dividend of 7 per cent on one 
tranche and 71 per cent on the 
other, with a provision for 
changes in rates. The dividend 
in the Bay's hands will be tax 
free. Analysts say that the Bay 
has accepted payment in this 
way because cash might have 
entailed tax on the large capital 
gain it has made on its Siebens 
Stock over the past six years. 

Siebens is a major land holder 
in western Canada, extensively 
in central Alberti where new 
oil finds have recently been 
made. It also has major land 
positions In north-western 
Alberta and British Columbia. In 
the Arctic, and in many inter- 

national areas of interest includ- 
ing the North Sea. The company 
has reportedly been for sale for 
several months, and there had 
been rumours that Dome 
Petroleum would be the likely 
su-itor. Last week, before trading 
was halted. Siebens stock reached 
$36. The basis for the present 
deal is just over $38 per share 
of Siebens. 

Dome is a leading gas and oil 
producer, holds major land posi- 
tions in western Canada, the 
Beaufort Sea above the Mac- 
kenzie Delta and in the high 
Arctic near the gas finds on King 
Christian Island. 

Dome in effect will have a 
one-third interest in Siebens and 
will be the operator on behalf 
of the partnership with the 
Canadian National Railways 
Pension Fund. Assuming that 
tbe pension fund acquires the 
public holdings in Siebens. it 
will hnld the other two-thirds, 
consisting mostly of the 45 per 
cent Siebens family interests. 

The pension fund has assets 
of several billion dollars, invest- 
ing the contributions of 
Canadian National Railways and 
its subsidiaries. 

Analysts believe that the deal 
was certainly cleared In Ottawa 
and is a sequel to Dome's acqui- 
sition of a 13 per cent interest 
in Trans Canada Pipelines, the 

major cross-country gas trans- 
mission company, from the 
Canadian Pacific group for 
around SB5m earlier this week. 
They believe that Dome wants 
a strong say in the transmission 
of its growing gas resources, and 
is now moving back to the 
western plains where prospects 
for new oil production have 
improved greatly. 

According to statements issued 
in Calgary, Siebens is to become 
a subsidiary of Canpar Holdings, 
itself a wholly-owned subsidiary 
of the Canadian National Rail- 
ways pension fund and which 
was set up to develop new in- 
vestment opportunities in 
Canada. Canpar is to finance the 
acquisition of its two-thirds por- 
tion of the nearly 10m Siebens 
shares outstanding through 
equity and bank borrowings, and 
Dome is to operate the Siebens 

Dome will buy the Bav's 
34.3 per cent interest in Siebens 
at the agreed price of $38,125 a 
share with new Dome preferred 
stock worth $123m. 

The Bay says that it will have 
a pre-tax profit of about 595m, 
equal to 56 a share of its own 
stock. The new Dome preferred 
would add $8Bm to cash flow in 
a full year, and the dividend 
would represent 14 cents a share 
to the Bay’s annual earnings. 

Walter Alexander 

iCoachbuildinq— Transport related activities 
— Light engineering) 



Year to 31 March 








Profit before taxation 



Profit attributable to 



Earnings per share 



Dividends per share— Gross 






Points from the statement by the 
Chairman, Mr. Walter Alexander 

• Another record year. Seventh consecutive 
year of profit increase following formation of 
present group. 

• Continued investment in buildings and plant 
in ali main divisions. 

• First three months of current year on budget 
and further increase in group profit antici- 

Walter Alexander Limited shares are traded on The Over-the-Counlor 


Alcan Australia Si pc 1989 

AMEV 8pc 1987 

Australia SJpc 1992 

Australian M. t 6. 91 pc TO 
Barclays Bank JUpc 1S92... 

Bowater 9*pc 1992 

Can. N. Railway Si pc 1986 
Credit National Sine 19S8... 

Denmark Si pc 1984 

ECS 9pc 1993 

ECS 81pc 1997 

JSEB 8ipc 1992 

EMI lipc 1988 

Ericsson Sipc 1989 

Emo 8 dc U8S Nov 

Gt. Lakes Paper 8|pc 1984 

Hameraley Sipc 1992 

Hydro Quebec Spc 1992 ... 

ICI Sipc 1987 

1SE Canada 9Jpe 19S8 

Macmillan Blocdel 9 pc 1002 
Massey Fereuson 9ipc VI 

MSchelln Sipc 1988 

Midland Int. Fin. SJpc TO 
National Coal Bd. Spc 1987 
Natl. Westminster Bpc 1988 
Natl. W5tmnair. 9 pc TO 'B' 
Newfoundland 0pc 19S8 . . 
Nordic Inv. Bank Sipc 1988 
Norses Korn. BK. Sipc 1992 

Norplpc Sipc 1989 

Norsk Hydro Sipc 1992 

Oslo 9 pc 1938 

Ports Auto names 9oc 1991 
Prov. Quebec 9 pc 1995 . . . 
Prov. Saafcatcbwn. Sipc TO 
Reed International 9 pc 19S7 

RHM 9pc 1992 

Selection Trust Sipc 1989 ... 
Shell IniL Fin. Sipc 1999... 
Skaud. Enskllda 9pc 1991... 

SKF Spc 1987 

Sweden iK’doml Sipc 1987 
United Biscuits Spc 1989 ... 
Volvo Spc 1987 March 

1X1 Bank 1982 9pc 99} 

GZB 19S1 S116PC 99i 

IntL Westminster 1981 8 pc 981 

Lloyds 1983 81516PC 991 

LTCB 1983 Spc 9Si 

Midland Int. FS '87 89iapc 981 

Midland Int. FS "93 97 16 pc 98* 

Nat. Weatminstr. ’90 95]spc 98! 

OKB 1983 0§PC - 991 

SNCF 1983 SSjspc 99 

Stand, and Cbrrd. 'M Sipc 98* 

Source: White Weld Securities. 




American Express 4*pc "97 




Babcock * Wilcox 7 pc TO 




Beatrice Foods 4*pc IBS’... 




Beatrice Foods 4ipc IWL.. 




Beechara 6ipc 1992 




Borden jpe 1992 




Broadway Hale 41pc 1987 .. 




Carnation 4 pc 1987 




Chevron 5pc 1988 




Dan 4Spc 1987 




Eastman Kodak 44pc 1989 




Economic Labs, lipc 1987 




Firestone Spc 1988 




Ford 5pc 1988 


General Electric 41 pc 1957 

Gillette 4iPC 1987 

Gould Spc 1987 

Gulf and Western Spc uss 

Harris Spc 1992 .. 

Honeywell Spc 1986 

ICJ 63 pc 1992 

ENA fine 1997 

Inches pc Sipc 1902 

ITT 4jpc 1987 

Jusco «pc 1992 — 

Komatsu 7Jpc 1990 _.... 

J. Ray McDermott i}pc TO 

Matsushita Sipc 1998 - 

Mitsui 71 pc 1990 

J. P. Morean 43 pc 19S7 ... 

Nabisco sipc 1938 .... 

Owens rUmola 4ipc 19S7 ._ 
J. C. Penney 44pc !»/ ... 

Revlon 4Ipc 1987 

Reynolds Metals ipc 1988... 

Sandvsk 6*PC 1988 

Sperry Rand 4 ipc 1987 ... 

Squibb Sipc 1987 

Texaco 43 dc 19S8 

Texas Int. Airlines 71 pc TO 

Toshiba Sipc 1993 

Ty Co. 5 pc 1984 

TV CO. Sgpc 1B88 

Union Carbide 4 Ipc 1982 .. 
Warner Lambert 44 pc 19S7 
Warner Lambert 43 pc 1983 

Xerox 3pc 1988 

Source: Kidder. Peabody 

1324 1334 

109 10U 

99* 100 
IMi 135i 

73* 77 

US* 104* 

Telephone: 04 1-221-0336 


The Renwick Group Limited 

Continuing * 



Australia 71 pc 1984 

Bell Canada 72pc 1087 

Br. Colombia Ryd. 7 Ipc 'S3 

Can. Pac. Sipc J984 

D<iw Chemical Spc 10S6 ... 

ECS 7ipc 1982 

ECS Sipc 1989 

EEC 75pc 1982 

EEC 7,’pe 1984 _.j* 

Enso Gtnzclt Sloe 1984 . .. 

Goiarerken 72pc 1952 

Kockoms Spc 1983 .. 

MlchoUn Sipc 19S3 

Montreal Urban Sipc 19S1 
New Ennuswiefc Spc 19S4 ... 
New Bruns. Prov. Sipc 113 
New Zealand Sipc JBSfi . 
Nordic Inv. Bk. 77oc 1984 

Norsk Hydro 77oc 19S2 

Norway 71 pc 1952 

Ontario Hydro Spc 18S7 ... 

Sluter SJpc 19S2 

S. or Scot. Eire. Sine 1081 
Sweden iK'dotn* 74 pc 1992 
Swedish Slate Co. 7jpc *82 

Tclmex B'pc I9S4 

Tenneco 7Jpc 19S7 May ... 
Volkswagen 71 pc 1987 ...... 


E xtr acts from the statement by the 
Chairman, Major A. S. W. Joseph: 



Group turnover 45,613 

Profit before tax 1 ,042 

Goodwill written off 535 

Profit available for distribution 210 
Ordinary dividend per share Ip 
Earnings per ordinary share 1 Z7p 



45,613 38,405 
1,042 470 


Allied Breweries lOlpc '90 

Citicorp lOpc 1993 

Court a olds SJpc 1BS9 

ECS 9Jpc 1089 

SIB 9Jpe 1988 

E1B BJpc 1902 

Finance for Ind. Sine 1M7 
Finance for Ind. 19pc 1959 

Fiflons lOipe I9S7 

Gcslettler 11 pc 1S8S 

fNA lipc USS 

Howntree Wipe 19SS 

Scars Wipe 1BS8 ..... 

Total OD SJpc 1984 

Tbe holdings in Foreign Equities, mainly in America, have been 
deliberately maintained and further use has been made of our 
Dollar Loan facility. 

Domestic and international politics have, as usual, played a 
considerable part in influencing oil share prices; however, their 
performance as a whole has been satisfactory. 

It has never been our intention to hold a prime position in the 
North Sea; nevertheless, the importance of the proximity of ail 
and gas to our shores hasnotbeen overlooked, with a participation 
in as enterprises working in that area. President Carter has 
re -affirmed his intention to introduce legislation to cut oil 
imports substantially. If he is successful the effect on major 
international companies with their multifarious interest should 
not be too serious. 

With these factors and the- value of oil shares as an inflation 
hedge, we view the fo hire with reasonable optimism. 

Net asset value per share at 30th June, 1978: 74P 
Mid market price per share at 30th June, 1978: 54P 

Curacao Depositary Receipts 
of ordinary shares 

Extracts from Statement by the Chairman, 
Mr. C. W. Wilton, to Shareholders 

Profits more than doubled in the year 

Record results from Fuel, Manufacturing, 
Travel and Motor divisions 

Return to dividend list 

Exports increase by 72% to £4,076,000 

Trend of improvement continuing 

Copies of the Annua! Report and Accounts 
are obtainable from the Secretary, 

The Renwick Group Ltd., Renwick House, 
Brixham Road, Paignton, Devon TQ4 7 Bn , . 


Asian Dpv. Bank SJpc IKS 

BNDE 6Jpc 1930 

Canada Gpc 19X1 

Den Norsltc lad. Bk. one VO 
Deutsche Bank 4Jpc 1353 .. 

ECS «pc 1099 

EIB S{pc 1990 

Ell Aquitaine 3|pc 1935 .. 

Euratnm SJpc 1987 

Finland 3lpc 1938 

Forsmarks Sipc 1990 

Mexico 6 pc 1985 

Norcem 5 Ipc 1989 - 

Norway 4 Ipc 1983 - 

Norway 4*pc 19S3 

PK Bankon aipe ins 

Prov. Quebec 6 pc 1999 ...... 

Rautanmkkl S!pc 10SS 

Spain 6 pc 19SS — 

Trondheim 3jpc 1939 

TVO Power Co. *Pc 1968... 

Venezuela 6 pc IKS 

World Bank 32 pc 1990 ...... 

Rank or Tokyo 1994 Sine ... 

BFCE 1984 Sipc 

BNP 19*1 SI m pc 

RQE Worms 1983 9pc 

CGF 19<U Klpe 

Chaw Manhnn TO OSispc 
C reditanstalt 1984 **PC ..... 


The undersigned, acting as duly authorised Agent of Carneth 
Administration Company N.V., announce that the above- 
mentioned company has made an interim dividend distribution 
of Yen 3 per share in cash for the financial year ending 30th 
November. 1978. Effective 20th August, 197S, this dividend 
wiU be payable.after deduction of 20% Japanese tax. on the 
coupons No. 20 of the Depositary Receipts as follows: 

S 6.41 per CDR of 10 depositary shares of 50 ord. shares 
512.82 per CDR of 20 depositary shares of 50 ord. shares 
S64J.0 per CDR of 100 depositary shares of 50 ord. shares 
Residents of countries which have concluded a tax treaty with 
Japan, may, only afterwards, claim a 5% tax refund in Japan. 
The coupons No. 20 may be presented -int 
London to The Sumitomo Bank Ltd., Temple Court, 

11 Queen Victoria Street, London EC4N 4TP. 
Hamburg to Bank Mees & Hope NV, Pelzerstrasse 2 
Paris to Banque de lTJhion Europeenne. 4, rue Gaillon, 
75 Paris 2e. 

New York to Morgan Guaranty Trust Company of New York. 

23 Wall Street. New York, N.Y. 10015. 
Amsterdam to Bank Mees & Hope NV, Herengracht 548. 
Amsterdam, 10th August 1978 


New York 

W. German equi 
recaptures the li 


NEW YORK, August 22. 
OCCIDENTAL Petroleum's 
battle to take over Mead 
Corporation, the wood and 
forestry products company, 
has intensified both companies 
resorting to the coarts 

Mead, which has rejected 
Occidental’s 5759m bid, 'worth 
535 a share, as against its 
shareholders 3 interests, filed a 
suit In the Federal District 
Court of its headquarters town 
of Dayton, Ohio, aimed at pre- 
venting Occidental from acquir- 
ing any more of its shares and 
from voting tbe shares it 
already has. Mead also wants 
the court to force Occidental 
to divest Itself of- any Mead 
shares it owns and to pay 
Mead damages to be assessed. 

In its court papers. Mead 
accused Occidental of trying 
to deceive its officers, and of 
seeking to intimidate them 
imo endorsing H an inadequate 
and illegal offer.” According 
to the detailed account of 
events described in the court 
papers. Occidental began its 
takeover attempt no later than 
early 1978. Initially, Mead 
says. Occidental approached 
the company about the possi- 
bility of baying certain of its 
coal interests. Occidental then 
asked for a meeting on August 
10 without saying why. But 
on August 9, Mead's shares 
suddenly shot up S4 to over 
$27 on Wall Street 

When the August 10 meeting 
took place. Occidental's chair- 
man, Dr. Arman d Hammer, 
and Its president, Mr. Joseph 
Baird, told Mead officers their 
company was shortly to be the 
target of a takeover attempt 
by an unnamed company. They 
then suggested to Mead that 
they could avoid the takeover 
by agreeing to merge. 

Mead says Its president and 
chairman were then offered 
inducements to accept Occi- 
dental’s proposal, which they 
turned down. Occidental then 
made its offer formal. 

For its port. Occidental 
today filed a suit seeking 
unspecified damages, and ask- 
ing Mead to reveal information 
to correct allegedly misleading 
statements put out by Mead 
when It rejected Occidental's 
offer. This relates directly to 
Mead's action last week boost- 
ing Its quarterly dividend from 
28 cents to 40 cent per share, 
which Occidental describes as 
"a fraudulent, deceptive and 
manipulative art.” 


THIS has been a gala year for 
the West German stock ex- 
changes. Equities — after several 
years as virtual wallflowers— have 
once again captured the limclifiht 
from the former stars of the 
German investment stage, bonds 
and term deposits. 

Yesterday the indices reached 
highs that have not been seen 
for years. The Commerzbank 
index, the country's oldest index 
(December, 1953=100), which 
started the year around the 800 
mark, rose to - 823.4— its highest 
for eight years. The Frank- 
furter Allgemeine Zeitung's FAZ 
index rose to 256-16. 

Today the Commerzbank's 
index fell back somewhat to close 
at 822. but most stock market 
observers here appear convinced 
that the bullish trend will con- 
tinue. One said today: “basically, 
t hing s have to go up because 
there are very few investment 

There would appear to be a 
good deal of logic in this argu- 
ment. The upward movement 
the Deutsche-Mark and the weak- 
ness of the dollar have exerted 
further pressure on interest 

All of the country's major 
banks have reported that interest 
margins have been under con- 
siderable pressure, and that 
earnings from interest have been 
maintained or risen only because 
of an increase in volume. 
Coupons on bond issues have 
been falling steadily, and 
although there has been a 
recovery in recent months, the 
feeling in the market is that this 
is only a temporary phenomenon. 
The trend, it is believed, will 
continue downwards. 

Observers here seem agreed 
that the increase in interest in 
eauities is primarily domestically 
based, German investors, they 

frankfukt, Augusta, 


real earnincs. 

Corporation tax reform came 

into force lwt 

S , sa i J fi 3 i s 

^f^erJUan^Porete taxation 
under which retained pwflu 
were taxed at a higher level than 
distributed profits. 

Instead, all corporate profits 
are now taxed at a flat rate of 
56 per cent, hut-nmlikc i the 

vious system— shareholders arc 

now allowed to offset corporation 

tax paid nn their dividends 

against their personal Federal 

tases. While the foreign share- 
holder, who P^ysno federal 
taxes, has suffered, Lennan 
shareholders have received a 
hearty Jncnwrf in real earnings. 

. Most companies have, of 
course cut their cash dividends 
—particularly as -1977 was a 
pretty mediocre year r ° p fj* 
majoriiv nf industrial enterprises. 
Despite this lhc tax offset coupon 
issued with the dividend cheque 
has provided holders with a use- 
ful bonus. 

For instance, Deutsche Bank, 
the country's largest commercial 
bank, announced in April thatit 
was cutting its dividend for 1377 
from the previous years DMIO 
per DM50 nominal share to 
DM9.50 a share. However, tor 
German shareholders there was 
the tax offset coupon, which 
pushed thrir income up to 
DM14.06 per share. 

The market has also had a 
substantial boost in that the 
domestic insurance concerns 
have been taking an even greater 
interest in equities. There has 
been a substantial increase in 

insurance ctynpiny equJtyiUndi 
and ibi* ha*, as one huportaw 
trader pot it. created a kit or 
buying power. ' - 

Furthermore, ferngfr' ifc***! 
holders do not appear taiJuc* 
been entirely deterred by the 
discriminatory effects of corpora, 
tiun tax reform. Although there 
appears to hove been \m activity 
from . European InsttattfqBB & 
the West German stock market^ " 
this has been, more ttma 
by increased interest from tw 
Far East and Middle tts.. 
investors are still playltig only 
a minor role in tbe market 
Bankers here point out tbit' 
despite corporation tax reform, 
German equities in a banish 
market provide the foxe^er 
with a far more profitable atftox 
of holding Deutsche-Mark* fen 
bonds or term deposits ' at jaw 
interest rales. 

Many people here' believe .foal , 
the trend will continue upward*. 
The recovery, viiu-h wa$_ broadly 
based at the start, has gradpaljy. 
become more select ive.]* 
trend >s expected to continue. ': 

A ItMdinc Frankfurt haaker, 
however, pointed out -that, for 
instance. the heavily capitalise* 
chenucal concerns — such '-as. 
BASF. Bayer and Hftechst— tayr. 
not benefited greatly from foe 
upwards movement yet. because 
of their large capital bases they 
have tended to exertXa heavy, 
influence on the indices. . . . 

He said: 41 Until now fo# 
indices have been largely moved 
by much smaller companies than 
the chemicals giants. Howvrr, 
in view of the much; .more 
optimistic interim Mate menu 
coming from the chemicals sec- 
tor. equities in this branch can 
be expected to show a stronger 
recovery than originally antici. . 
pa ted. This cannot hut have a 
disproportionate effect on foe 

Graphic papers side lifts KNP 


AMSTERDAM. August 22. 

KNP, the Dutch paper group, 
sharply increased its net profit 
in the first half of 1978 due to 
belter use oF capacity in its 
graphic paper division. The 
market for packaging products 
remained very poor, however, 
and the company made a loss 
on these activities. 

The improvement in graphic 
papers is expected to continue 
in the second half but the result 
of packaging will depend on the 
speed with which the board 
industry is restructured and 
developments at KNP's Okto 


Net profit more than doubled 
to. FI 3.7m in tbe first 

half from FI 1.4m in the same 
period of 1977. Operating profit 
was 57 per cent higher at 
F1 35.1m. Sales rose 19 per cent 
to Fi 40Sm (8190m). Profit per 
FI 25 nominal share rose to 
FI 1.62 from FJ 0.60. The 1977 
figures exclude lhc result of the 
board and paper producer 
Kappa, it inch KNP acquired last 

Average raw materials prices 
for the graphic papers division 

were lower than the year before 
and higher production levels 
contributed to the improvement 
in profits. Poor markets Ter 
flexible and solid board and for 
paper For corrugated board 
depressed the result in the 
packaging sector. 

KNP hopes for an early start 
to the restructuring nf the Dutch 
hoard industry. It is discussion 
a solution for the serious lnssw 
of its 51 per cent slake in Oku 
with its joint shareholder The 
Development Company For The 
Northern Netherlands. 

Record at Moevenpick 


RECORD results are announced 
for the past financial year by the 
Swiss-based catering concern 
Moevenpick. Group turnover 
rose in the calendar year 1977 
by 12.9 per cent to SwFr 281.2m 
(S16Sm) and group operating 
profits by per cent to 
SwFr 24.36m f$14.6m) the parent 
company Moevenpick Holding, of 
Adliswil, is to increase its divi- 
dend for the fourth year in suc- 
cession — this time from 12 to 14 
per cent — for the year ended 
March 31, 1978, after a rise in its 
net profit to SwFr 2.07m. 

Turnover of the group, most 

ZURICH. August 22. 

of which comes from operations 
in Switzerland and Germany, 
has shown a further improve- 
ment in the first four months of 
this calendar year, reaching 
SwFr 109.4m. Cash flow for the 
period ran at SwFr 8.1m. 

Mr. Ueli Prager, company 
chairman and majority .share- 
holder. said he was confident for 
tbe coming years and For the 
19S0s. In the coming months, the 
organisation of the group is to 
be expanded with a redistribu- 
tion of management duties, and 
a team is to be built up to handle 
inter national projects. 

Swiss banks 
raise rates 

By Our Own Correspondent 

ZURICH. August 22. 
SWITZERLAND'S big banks 
have changed their deposit rates 
for the fourth lime in tile past 
month. Interest rates have been 
cut by 0.25 per cent to 0.5 per" 
cent on three to five-month 
deposits, 0.75 per cent on six 
to 11-month deposits and 1 per 
cent for one-year money. This 
cat marks an adjustment to Euro- 
market rates. 

This announcement appears as a matter of record, only. 



Medium Term Loan 

Managed by 


and provided by 

Allied Irish Investment Bank Limited 
Banco de Vizcaya SA. 

Commerzbank Aktiengesellschaft, London Branch 
Dow Banking Corporation 
Havana Litemational Bank Limited 
Hill Samuel Sc Co. Limited 
The Hokkaido Takushoku B ank, limited 
Moscow Narodny Bank Limited 
The Saitama Bank, Ltd 

The Yasuda Trust & Banking Co. Limited, London 

Introduced by 


August 1978 


; -?*•!* J 

*\* j! ‘*- ;# 

-• • * ' 

"ii « 5 1 


(ic lifts p 

x ‘i* : 

, ; ; \i 

^■-i' '-■ *J' fr ~^ 

: Financial Times Wednesday August- 23 1978 



medium-term credits 





MADRID, August 22. 

SPAIN has decided to accelerate ratio. At the beginning of the against the dollar, the main a sizeable Joan at present 
repayment of some of its out- year. some international bankers traded currency, arising from the Although there is no conAiraa- 
standine foreign debt, taking vere showing unease ai the July 1977 devaluation. tion so far of the terms tiie 

advantage of the tmprece- “ J^KSJ^JSSS' « Thus ? is ^tinued accumtila- Kingdom might get. an element 

deutedlv high accumulation of S , rcs f ms has ^ de * P<* cent in tf* spread ou 

foreign reserve, and the weal " TSe. S&n tJTrt.' 3 SS I*? ^ ** 

ness of the dollar: As a first would borrow some &lbn on the Spain's forlign debt, and for that / LJ 

step, early repayment has international market, approxi- matter aaainst its uroleoied v f’ , w men 
begun on the Slbn ‘with a mate* Slbn more than in 1977 £££, *i^« Jjg XS^S’SS'tmiSR 

spread of 1J per cent for five On this basis, it was exacted The authorities are also expected e?s ■ r |«« 6nU!a J 

years) Kingdom of Spain loan that gross foreign debt would, by to take advantage of the situs- a ■***■£ < £.*J? er ceat 

Signed in August 1976 with a I6?». be lS^bu, . while 13.5 per tion to restructure some of the airou & h J nrt ' Th* Kingdom can 
consortium of international cent of contracted -debt was ex- short term debt reasonably expect to get finer 

hanks. According to a. senior pected to be repaid Jn 1978. 18.5 Francis Chiles adds: This 4eims - 

S°ch“ f o[ S Sn,°S a Tk ; p a ,id fir o„ t 20 T^e'LTTS UNIT'S 

b c- « iMd&ssM 

liquidated. tinued to rise and. there have TfaeJr «u4y* crop. «»t it mtended to repay 

The Bank of Spain has been been record tourist receipts. As a ^ most cases these borrowers 5100m. Bankers expect this 
hinting for some months now result, reserves how stand at bave sought to raise new loans borrower to prepay more in the 
that the favourable accumulation almost $9bn compared with just mi finer terms, and this they weeks to come. This follows a 
of reserves should- pertnit over $6bn in January. At the have usually succeeded in doing, simitar move by the Interna- 
accelerated repayment of debt, same time, the -"peseta has The Kingdom of Spain is tional Investment Bank earlier 
thus reducing the debt service recouped over half’ oT the loss understood to be negotiating for this month. 

Can factory 
in Hong Kong 

By Ron Richardson 

HONG KONG, August 22. 
a wholly owned subsidiary of 
'Continental Can of the UB-. is 
to build i HKS30m (US$6.4m) 
factory on the new Taipo indus- 
trial estate. The company has 
signed a HK545m lease for a 
105,000 square foot factory site 
on which it will construct a plant 
to manufacture beverage cans for 
both domestic and export mar- 

Work will begin almost imme- 
diately, . while machinery is 
already under construction jn the 
U.S. The factory, is due to begin 
production in the third- quarter 
of 1979- 

The Hong Kong factory will be 
the first wholly owned Asian 
operation of Continental Can. 
which established its Asia Pacific 
headquarters in the colony just 
over a year ago. 

Bonds Coats Patons 
interim dividend lift 

Bonds Coats Patous, the major 
textile group, has raised its 
interim dividend from 4* to 
5* cents per share after a 40 per 
cent increase in profit for the 
June half year, from AS3-9m to 
AS5.4m, writes Janies ; Forth 
from Sydney. The increase was 
achieved on a lift Iri sales of 
only 16.3 per cent, from A$51.7m 
to A560.1m. 

C & C hotels move 

Cycle and Carriage, a Iradmg 
mot nr trader in Singapore .and 
Malaysia, is to acquire a stake 
in a new hotel development pro- 
ject in Singapore, writes H. F. 

Cycle said that it will sub- 
scribe up to a maximum of 
7m shares of S?I each at par in 
Pontiac Hotel Private which is 
developing a new 450-room hotel. 

HK bank has good first half 


HONG KONG, August 22, 

HONGKONG AND SHAINGHAI results are 21 per ceuL ahead of investments other than in parent 
Banking Corporation produced last year — when total net con- banking activities, 
unaudited consolidated net pro- solidated profits were HK$522m Meanwhile, the bank is lifting 
fits of HK$315Aa' rlUSS67.6m ) — and so roughly in line with its interim dividend to 20 cents 
for the first half of this year, analysts" expectations. a share against 18 cents last 

prompting some analysts to fore- Last week, the Hongkong year. The interim is payable on 

cast a gain of around one fifth Bank’s subsidiary. Hang Seng capital as increased by the 

for 1978 as a whole./' . Bank, reported a 27.5 per cent recent one-for-ten scrip issue. 

Since the Colony’s^ banks have rise in interim profits on a • The bank said that overall, 

only begun publishing interim similar pro-rata basis. business during the first half 

figures this year, a"pioVe pressed Some .analysts here are now increased satisfactorily com- 
on them by the Hong Kong Stock looking for a 22 per cent rise in pared with 1977 and it expects a 
Exchange, no strict comparison Hohgkong and Shanghai Bank- continued upward trend in group 
with last year’s halfvfa? figures is ing’s profits for this year as a profit. It foresees a final divi- 
possible. whole, to around HKS637m. dend of at least 50 cents against 

On a pro rata bads, however, based on faster growth at Hang 47 cents, making a total payout 
the Hongkong's Bantfs first half Seng Bank and on income from of 70 cents against 65 cents. 

Rennies improves at midway 


Nervous trading 
in the dollar 


SHARES, in RenmesXbOSolidated profits from K3.9m to 
opened 10 center lower at 1 84.6m). After a lower 
103 cents this nwniirig in 

R4m trading and extraordinary items. 

tax The prospective yield of 10.7 per 
charge, reflecting greater earn- cent compares with the market 
T „. „„ -- , Hnt t . ings from .the South African average of 8 per cent 

Johannesburg on news that the hotels rather than those in the Rennies’ interests, apart from 

former chairman ..h*a oeen neighbouring states, net profit the traditional shipping and 
rushed to hospital and ahead of was ahead from R1.9m to R2.3m. transport side, spread through 
the - release of the interim Various adjustments, including hotels ( with the group operating 
figures for the six months to non-trading losses and minority the' Holiday Inns franchise) 
■June -30. These '^tow some shareholders" interests, left the security services, liquor and 
improvement both, in profits and net attributable figure up from some manufacturing and whole- 
in liquidity of the group, which R0.9m tn R1.5m. saling, the latter through Makro. 

is 53 per cent owned-by Jardine On this basis earnings per The board says the outlook for 

Matheson. and although the share were up from 3.S cents the remainder of the year is 
interim dividend has. been held lo B.8 cents, but adding back the “more promising than it has 
at 4 cents, a rise in* the final is non-trading losses, the improve- been for some time." leading to 
forecast to make 11. cents for ment was from 6 cents to the forecast of substantial 
(he year aaginst last year’s 10 S.2 cents. The board forecasts further improvement in the 
cents. ' V ■ Rllra of pre-tax profits for the second half year reflecting The 

Turnover was up fram*il71m to full year and R5m at the net “heavily seasonal aspects" of 
R77m (SSS.5mj .and- jjre-tax attributable level after non- the hotel and liquor divisions, 

Israel Paper ahead 

Israel Paper Mills, Israel’s main 
paper producer, reports net 
earnings for AprlMuiw 1978 r>f 

F avourableTesult from Nissho-Iwai 


N1SSHO-1WAL Japan’s sixth Which allows for considerably its choice of a Japanese-style 
largest tratffn" companv, today more discretion than most accounting system, but were due 
reported consolidated sales of V eslern 0Des - .. Four other *°P *°. ils lack of seriously unprofil 

Y4.5 trillion (million million), or 

Japanese trading companies able subsidiaries. C. Itoh was 
reported consolidated results hurt by the losses of its oil sub- 
524bn.tad profits, after taxes earlier this month on a US. si diary, while Marumeni suffered 
and special items, of Y2.5bn - Securities and Exchange Cora- from the losses of its shipping 
(Sl3m) for the year ended March mission accounting basis. and pulp subsidiaries. 

31 „ It was the first time Nissho- The third and fourth-ranked Nissho-Iwai reported 13 of its 

Sharp revival in Danish bank profits 


FIRST HALF results for Danish 
Junks indicate a sharp revival of 
p iT*fi i . Privat ba nken’s earnings 
before depreciation, lax* and 
adjustments for security values, 
increased from DKr 116m to 
DKr 170m. 

\u memoe from interest and 
commission increased from 
DKr 2S2m to DKr 326m; largely 
bei'uu-c Killing iiiiorest rates 
cniiiilcd the bunk to reduce 
inteivM on deposits from 
J)Ki-.|iu!m m DKr 452m although 
di pM^iis lmTcnwd 3.1 per cent 

to DKrlQ.lbn. Advances were 
up S.7 per cent to DKr 7.5bn. 

For 187S as a whole, a clear 
improvement in the result is 

The SDS Savings Bank 
announced an increase in operat- 
ing profits from DKr. 117m to 
DKr 15"m. Operaiing profits 
far the year are expected to 
increase about 35 per cent to 
DKr 300m. The bank’s total 
assets were up by 20 per. cent 
to DKr I9.7bn. Advances rose by 
9 per cent to DKr i0.2tra and- 

deposils by 9 pec cent to 
DKr 14bn. 

Copenhagen Handelsbank in- 
creased operating profits in the 
first half year by DKr 35m to 
DKr 180m. The improvement was 
due to bigher earnings on 
ordinary deposit and lending 
operations, which rose from DKr 
152m to DKr 299m and reflect 
falling interest rates. The bank 
said it expected a slightly weaker 
earnings trend in the second 

It also pointed out that the 

COPENHAGEN, August 22. 

improved operating earnings' did 
not make up for the decline in 
earnings since 1974. This year's 
first half earnings were only at 
i be same level as earnings in the 
first half of 1975, hut smee then 
bank business had expanded by 
30 pec cent. 

Tbe result renurined unsatis- 
factory and restrictions placed 
on bank earnings potential over 
the past decade by the authori- 
ties did not give banks a basis 
for sufficient consolidation, said 
the bank. 

Rothmans of London, Inc. 

has sold its interest in 

Liggett Group Inc. 

The undersigned arted as financial advisor to Rothmans of London, Tne. 
•in connection with this transaction. 

Lazard Freres & Co. 

August 22i 1978 

^Currency rates moved quite 625 at the start and 622 at noon, 
sharply in the foriegn exchange PARIS— The dollar improved in 
market yesterday, but tbe over- late trading, in a hesitant and 
all volume of trading was small, quiet market The UJ5. currency 
Sentiment surrounding the dollar ended at FFr 4J3S25 against the 
was very nervous, with the mar- French franc, compared with 
ket reluctant to adopt a firm view FFr 42655 at the fixing, but down 
about the U.S. currency. If there from FFr 42925 on Monday, 
are no further moves to support Against most other major curren- 
the dollar from the UB. adminis- cies the French franc lost ground, 
tration before the week-end, then falling to FFr 2.1950 against the 
the-, dollar will probably lose D-mark from FFr '2.1850 pre- 
ground once again, but dealers viously. while the rate against the 
qbviousiy fear taking up new Swiss franc declined to FFr 2.6455 
positions in case there should be from FFr 2.6275. The franc also 
another announcement from lost mjpund against the yen, 
Washington. finishing at FFr 2.3045 per 100 

Ifce doUat-s trade-weighted de- ^ =£2° 

as cal aula, ad b, Mas- “ r *S"| Fr TSf, ula 
FFr 8.4625 previously, 
fixjnc, • bu t slightly down from 
FRANKFURT— The Bundesbank 
did not intervene as the dollar 
was fixed at DM 1.9945 against the 
D-mark yesterday, compared with 
DM 2.0180 previously. The UJ5. 
currency opened at around the 
DM 2.0 level, and trading was 
rather quiet. 

ZURICH — The dollar was generally 
mixed during the morning, rising 
slightly against the Swiss franc, 
but easing against tbe yen and 
showing little change in terms of 
the D-mark. There was no early 
indication of intervention by 
central banks, and trading was 
quiet. At mid-morning the dollar 
stood at SwFr 1.647S. compared 

_ with SwFr 1.0455 earlier. 

gan Guaranty of New York, Vid- MILAN— The dollar was little 

ebed slightly to 9J per cent from changed in late trading, and was 
s -®P er cent * quoted at LS39. compared with a 

•The U.S. currency touched a fixing level of L83S.30 against the 
tow point of DM IjSSio against lira. This compared with Monday's 
th* D-mark, and a best level of fixing level of L841.30. reflecting 
5S 2 before closing .at the overall weakness of the U.S. 
2?J o^2? 12 - « C0 ? pare Sn. Wlth currency. The Swiss franc was 
D *?. 2-®°50 on Monday. Tbe rate very firm however, rising to 
against the Swiss franc was also ^ 503.55 from 1499.77, while the 

gfe: . als ° Iost erouol asamat U.e 

*J?Sh cwesT 1 am ' ,52 D-mark and Japanese yen. 

SSTin AMSTERDAM— The dollar was 

toB.yvD moved witiuo & rfluce of m « -« rnn _ ^ i np *. t u_ 

Y 189 to Y19L.5Q. before closing im£ 

at Y190.874, compared with compared with Fi 2.1800 

Y202JO previously on Monday, and remained at 

Steriing Sst Sound In early « t 
trading after touching a high TOKYO— Tbe dollar closed at 

point of $1.9375 in the start. As Y191.70 against the yen. compared 
the dollar lost ground, so the with an opening rate of Y190.00, 
pound fell even more sharply, as and Y190.15 at the close on 
a- result of commercial business. Monday. The U.S. currency 
a n?t the Bank of England may fluctuated nervously between 
have intervened. Y 101 .20 and Y19220 in active late 

It Jell to a low point of $1.8265, trading, after an initial rise to 
btft staged a good recovery in the the day’s high of Y182AG. The 
afternoon, to finish at JL9290- early rise was prompted by 
L9300, a rise of 10 points on the Monday’s announcement of a 
day. sharp reduction in Japan’s trade 

Sterling’s trade-weighted index, surplus in the first 10 days of 
onJBank of England figures, fen to August, compared with the same 
622 from 62.3, after standing at period last month. 


u Hin 

w w 


Ang. 22 

| *' 



L .S. S 
Can*,) Ian ? 


wnirli K 


Purl Kw. 
Span. I’ci- 

Snrpn. K. 
Bndi Fr. , 
Y« \ 
Anstru Self 1 
fiviss Fr. 

7 Vl. 9286-1. M7S 

9 |2. 19B-A20BB 





142.78- 144J0 
in. 15-18.19 










1 5.17-8-21 









145.06- 145.26 



567-7 -S8BJ 

Belslkq rate for cmiveriible francs. 
FlnancJal franc GJJM5,#0. 


One monlu I % p.s, llbree mo/ilbr! % v-a. 

Q.50-O.4Oe.|>ni' S.80 :1 1 2.45 
ft.46-0.i6c.iira, 2.13 [1.20-1. 10c. pm' 2.08 3 
2S S . li 4 o-Jiin I 6.46 • £.S2 
6 ivl'ln-c-ilK | |*r |0&-2O>-.[-ni . t.?2 

2/-JA i -re ilw 5.S4 7-9 cil' >Iib 1 — 5.M 

5-2 |il pm I 7.77 i«-7 pi m» ! 7.77 
90-190 c- rile —19.12 SOO-5DO c. (ilx —15.94 
50-150 c.rlii — B.J8 {I0Q-2M r.ilU — 4-lS i 

5-7 lire .IU 1-4.4 (15-16 liirdia i— 4.08 j 
Wl inn I 1.48 hW piu 1 0-BB 

W-li | 2.84 Si-5, c. pm < 1.89 

5-t erv pin i 2.81 '8 j -4i lire | -in 2.57 
3.45-5.06 y pi. i ■ 10.59 '8.7M.56 yimi' 9.29 
20-10 urn piu ; 6.49 .37-27 cn> jnn ( 4.62 
3f-2i r.jira i 10.78 9i-7^ c, piu 10.51 

Slx-muntli forward dnllar 2.40-S-75C pm. 
12-iuonlh 4.SM.49C pni. 


1 U.S. tvnu per Canadian $. 


AiNnut 22 




Ora ninth 

w o 

P- 3 . 

Three month* 



Q 875543775 

QJOM JHc dls 

— O.M 

O.arr4.0a c 



t.irayiHt . 

8.73438c pm 


1.78-L73C pm 


Belgian Fr 



B.B34.96C dlS 


0.024.06c dls 

Danish Kr 




0.92437pF pf 



Pon. Es 







Nrum. Kr 


French Fr 


my: m 

MSc pnv035c dls — . 

0J3443c dto 


Swedish Kr 

4. 4210-4^230 

— * 



UD-LlSy pm 


335-5 JOy pm 


Austria Sch 

14_ 0825- 14.4100 


Swiss Fr 



L19-l,15t pm 


337-3J3c pm 




An But 21 


August 22 

Saak of Morgan 
England Guaranty 
Index changes “i 



US. dollar 




1 . 45 X 41 

Tanadiau dollar . 

.... 82.73 

- 14.6 



Austrian bctullinfi 

... X 40 . 4 S 




Belgian frailc ... 

... 11131 

+ 12-6 


7 - 3 H 4 J 



PrulM.'hi' Mark 

.... 141.67 

■*■ 56.1 





Swiss Irene 

... 199.71 

+ 92-1 

French franc ... 

5 J 8759 



.... 12030 

+ 17.8 




NorweKlan krone 




.. . 15334 

+ 51-1 




Based nn trade 

welcfaied chanuey (rum 

Swedish <krona 



Washlnutun aarcemrni D-ci'Uiber. J 971 

Swiss franc 



iBank Di England 

index = 1 00 • 


Aug. 22 

Argentina P 
Australia Pnlfair..... 
Finlantl Uarkka.... 

Hnuil Cnireim 

Greece Drachm*.. .. 

Iran Hial 
Kuwait Diuiir ik'D) 
lintemfwirp Praiir 

Malay ■ la Dollar 

Xeu- Zealand Dollar 
SauHl Arabia Ifiya' 
Slntpipore Dnllar.., 
e>on lb African Kami 


Note kales 

1.579-1 .583 


818.35 820.42 Xunna 27.30-28.30 

0.8697-0-8733 Ik-Uriiini ; 61 1 = -62i; 

7.8950-7.9100 J4.lulS-4.103S Oeniiuirt; 1 10.60-10.75iJ 

18.36-18.88 l' rami' 

170.367-72.093 ^6.469-37.364 Memiau.v 



Ben# Konc Dollar.ta.O57S0.O625 1 4.68904.6940' Italy ' 1580-1610 

133-139 [68.029-72.039 ;Jai«n 

0384-0.834 '0.2716-0.2768 iNeilirrUiul .‘.ZZ\ 4.13-4.23 


60 .SO- 60 . 6 O ! 31 ~ 355-3 j! 4 o 7 l\.,rnav 
[ 4 . 4620 - 4.4695 2 . 3150 - 2.3190 1 l',.nu K Bl 


1^360-1.8440 (0.9515-0.9557 IS|«in - ' 144i?-14B 

, 6.38-6.48 I 3.307-3.358 ;S« il/rrlan.l 3.10-3.20 

[4-3430-4.3555 '2.2710-2.2730 ,1'iiiicl Slate* 1.9800-1.9925 

1.6697-1.6956 0.8654-0.8788 jYu^-lm ia 37.00-40.00 

Kale cl ten for Argentina Is free rale. 



Pnnnd .'•t«riinK 

UA Dollar 

DeuaeheUarkj Japanese Yen 

French Frank 

Sn-isa Ffum 

Dutch G wilder | Itilun Lira 

CsOAii* Dollar) Bel^un Franc 

Pfltahi sterUnjf 











t; A .Dollar ’ 

. . 0.518 










Daotwhe Mark 











J^anese Yen 1.000 

. a.716 

5.240 ■ 



22.97 . 






Frneli Franc 10 










S^a Frau,- 



1.206 ■ 


• 2.644 • 







. U.ii40 

























a .846 






Uelrian Franc 100 





5.2 55 







1 short term 

7 <1*» a’ noiur 

Uillffi: — J 

Three ninntiii 

-ix mporb* 

• 'nr >tta.-.. 


Di-I tor 


105s ,1 
li ;lJa 
lls, J li, 
ins ui a 

*4 trq 

8J« 9 1, 
9 9 to 

9 *9 A 

D.4. iA.Har 

Dutch Guilder 

77, 8i, 
a B 1 , 
Bl4-8l 2 
Mi 9 



lto W| 
21, 3 
53, 55, 
57, r i, 

Sarto- Fianc 

>« >1 
i, t 3 

li U 
1A l,i 
li, li* 

W. Gerniau 

34 33, 
31, 33, 
31* 33, 

vi# 1 

FfauJi-Kiuv. 1 

73, 75, 
91, 93, 
•-5, 97, 
101* 10 3, 

Italian Lira 

Aiiaa $ I Japanese Ten 

1212 iOl, 
I31n j41 t 
141* 151" 
IhS, 1*1, 

81, =1, 
8'* c], 
fiJv' -Ht 
9 9i s 
91, 91* 

— I* 1", 
11*- lb, 
2ijr -■ \A 
21* 27, 

The foTtawIngr nnmlnal rates were quoted for London dollar .eenl Beaten of denoalt: 
per own: one year 8.85-9.05 per tcfll. 

Loap-lerm Eurodollar deposjii: two years 93ib-91 per cent: three years W-P7t6 

Stort-ferm rate 1 ' arc call for sii-rlin,. U.S. dollar-: and Canadian dollars; two days' notice for guilders and Swisi francs. 

One month 8-25-R.W per cent; three months S. 45-8. 55 per cent: six months 88.80-8.90 
per cent: four years 95u.-9J per coni; five yearn B‘u-K per cool nominal closing 

Asian rates are closins rates In SlnJtapore. 


South Africa bank rate cut 

South Africa’s discount rate 
has been, cut § per cent lo 
S. 1 per cent as part of the Govern- 
ment’s genera] policy of stimulat- 
ing the economy. The move is 
expected to be followed by 
similar reductions in the commer- 
cial banks’ prime lending rates 
from the present level of 12i per 

At the same- time the South 

African Reserve -Bank has made 
adjustments to the - liquid asset 
requrrementSj aimed at EivinR 
relief to tne- smaller banking 

In . a statement coupled with 
the announcement, the Governor 
of the Reserve Bank warned 
aesmst being too hasty at this 
Mage with excessive additional 
stimulation. . On Monday it was 
reported that the economy was 
running at an annual real crowth 
rate of Si per -cent, the best per. 
formance since 1973-74 

NEW YORK— Federal funds 
nudged, up towards 8i per cent 

in early trading from 8', per cent, 
with the Federal Reserve inject- 
ing funds by two-day repurchase 
orders to steady the market. 
Treasury bills were quoted at 7.26 
per cent, compared with 7.267 per 
cent at Monday’s auction, for 13 
weeks: and 7.47 per cent, com- 
pared with 7.471 per cent at the 
auction, for 26-week bills. One- 
year bills were at 8.83 per cent, 
compared with 7.84 per cent late 

PARIS — Day-to-day and short 
period money rates eased yester- 
day with the day-to-day rate 
falling by a further i per cent to 
7 per cent The one-month rate 
fell to 71-78 per cent from 7fr7^ 
per cent, and three-month money 
fell to 7i-7i per cent from 74-73 
per cent. Six-month funds were 
slightly firmer, however, at 7J-8 
per cent, compared with 7fg-7t| 
per rent, while 12 -month was 
unchanged at 8 $-88 per cent. 

BRUSSELS — Deposit rates for 
the Belgian franc (commercial) 

showed little change, with one 
month quoted at Cj-6{ per cent, 
compared with 6J-7 per cent 
previously, while three-month 
was unchanged at 7J-7J per cent, 
six-month was unchanged at 7|-7j 
per cent,", and 12 -month was 
unchanged at 72-7J per cent 

AMSTERDAM— The official call 
money rate was cut to 11 per cent 
from S$ per cent yesterday, 
following a further increase in 
money market liquidity. The rate 
was cut to 31 per cent from 4| 
per cent on Monday. 

One-month funds fell to 4}-5 
per cent from 5*5i per cent, while 
three-month . money was un- 
changed -at 53-6 per cent Sir- 
month eased to 6*-6j per cent 
from 6 $ -6$ p er cent 

FRANKFURT— Call money rose 
to 3.45 per cent from 3.2 per cent 
but period rates were unchanged. 

Bong KONG — The money 
market was tight with call money 
dealt at 4J per cent and overnight 
at 3i per cent 



Small assistance 

Bank .of England Minimum 
tending Rate. 10 per cent 
(since Jane 8, 1978) 

, D WMo-daj credit * was in 
slightly short supply In s very 
quiet market. The authorities 
gave a small amount of assistance 
by buying Treasury bills from the 
discount houses. 

Banks brought forward surplus 
balances, but this was outweighed 


by a small excess of revenue pay- 
ments to the Exchequer , over 
Government disbursements, the 
call on a recent issue of gilt- 
edged stock, and a rise In the note 

Discount houses paid around 8J- 
S| per cent for secured call loans 
at the start, and closing balances 
were taken at 7|-8 per cent. 

Tn the Interbank market over- 
night loans opened at 85-8} per 

cent and eased to 8-81 P*r cent, 
before rising to Si -Si per cent, 
and dosing at 6*-7 per cent. 

■ Fixed period interest rates 
were generally firmer at the 
longer end of the market, with 
six-month interbank rising to 9J- 
9| per cent from 9J-93 per cent 
at the start, and compared with 
9ft-9le per cent on Monday. 

Rates hi the table below are 
nominal in some cases. 






UtfruiclH { 

ilavs nollc&j 
lay* or 
•lay* nmleej 
L»iic nfraitb ... 

T«i' iwoiIm.,., 
riM» WMllbtj 

It HKWIha^.. 
Vine moms, 

«rn van. 

9*8- el, 




Luc* i iLo**! Auib 
Authority \ HPBtttoble 

6 l 3 8 i* 










98,-B 1 , 



Si, 01a 
9to 91, 
95s 93* 








101 , 





93* . 






87 B 



i Eligible 
VitMury | Hank 
Bills* ! HI I to*. 





.93 8 





• Gold rose SI to $206}-2Q7 in 
nervous trading. . It opened at 
S2063-2071 and touched a high 
point of £207'?-208i and a low 
level of $205J-206i. The morning 
fixing was at S207.30 (£107.132) 
and tbe afternoon fixing was at 
£207.40 (£107.442). 

In’ Paris the 12J kilo gold bar 
was fixed at FFr 28,955 per kilo 
(S206.06 per ounce) yesterday 
afternoon, compared with 
FFr 28,945 (S205-30 J in the morn- 
ing and FFr 28,850 (S203J5) 
Monday afternoon. 

In Frankfurt the 12$ kilo bar 
was fixed at DM 13.300 per kilo 
(DM 207.21 per ounce), com- 
pared with DM 13,230 ($204.41) 

[ Aug, 22 | Auk. FI 

Golil Bullion in fine . 

ounce) , 1 

Opening — , 

Moniiug indiiK .... 

Afternivn rixirtK-. 

Goto Coins 


... SMSJ-2B74 IfSHS-SOGj 
_.:£207J41 ;S205-16 

Ui107.131) )(£106.0BS) 

... (fSQ7.40 iSZflfl.SO 

111) 107.442) >(£108.193) 


..:S2U;-21Si iP2IL2T3 


Old Sovcreqnu .... 

fjuld Coins 

■ Internal binali.i' 

jtEso.aij jtoSajnS^) 
...'F5Bi-S0i ,FS8i-B0; 


Xe* Butereiffns... 

;iE109i- 1 10i '{£108-110} 

. ASS-60 i^57j-59i 

'■£30-511 ‘ifflaiJOf) 

F20 Eajrler- 


.. S30J-S0& i £3014-304 

Si> £af; ies 

..eiii-ne :iiiz-ii7 






flMn « *«WSM seven days’ nortee. oibera sewn -days fixed. • lameer-iens local aiiiborifjr tnortEur- 
yBars ,KMS oer eefl,: fflllr yejrs >9 P“ r «*nii five years I 1 H 3 oer «ot. ©Bank bOJ rates in lable 
Dlp l r - Bbv,b » Iftr 1 Sg k Wlla Ms2 - 91, « P° r fao^momb fills l« per ram! 

- ** n "is rales for nne-rnonlh Treasury Ulb 8 U I 6 - 8 J, 1 per cenl: sod two-monto dct emit: ana three- 

Aunroxtoaic ornne raw for ooiMnwth bank bllb Slis-M per rent; lK»-moimi 93 i 6 per oml;™ 
jy v«L Onr-montli trade twDs K per ootc Urt-montb 9 i per cent: and also inreo-manin 9 ! per epmT 
“****■*« fpablWied ta tbe Moaner Romos AsapdaUgp' lOi Per cent from AUSnsti^ ] 97 B. Clcarinn Bank 
“SSL“SL sums at seven days' noUreO 8-7 per ecru. Chariis Bank Bau Ram to li per mm. 

Trtasmjf Bin*-, avenge lender rates of dismum 69902 per emu. • ... _ 


Pruss Raw 9 

Ked Funds SJ275 

TreaEUry Bm s .js-wecki 7Jfc 

Treasury Bills *Sfi-weeki 747 


Discount Raw 3 

Ovenuhr - 3.® 

one motiih 3. as 

Three months 3.85 

Six months a 


nisnunt Rale : 45 

OvernlRlIl 7 

one numb 73125 

Three jtdbUm 7.4375 

Six months - 73375 


Discount Rale 33 

Call lUncfluditiunoli 4375 

Bills Discount Rale 435 




Financial Times Wednesday 5 


Mixed picture on Wall St. at mid-session 


S2.60 to £1— ( 1011 %) 
Effective 51.9295 — 18% (491%) 
outset. Vail Street showed some 
recovery in fairly active early 
trading yesterday to present a 
mixed picture at mid-session. 

The Dow Jones Industrial 
Average followed Monday's S 
points reaction with a further 
decline of 3.73 to SS5.22 at the 

Closing prices and market 
reports were not available 
for this edition. 

Jfl.30 am calculation, but sub- 
sequently picked up tn SS8.43 at 
1 pm. reducin "the morning's loss 
to a mere 0.52. The NYSE All 
Common Index managed a net 
gain of l cent at S5S.57, after, hav- 
ing eased to S5S.39 at 11.00 am. 
but mid-session declines out- 
numbered advances by a seven- 
to-iive ratio. Turnover came to 
lU.27m shares, little changed from 
Monday's 1 pm level of 19.09m. 

Analysts said stocks are ex- 
pected to continue in their cur- 
rent corrective phase but with 
selling pressure easing in a few 

For the near-term, the negative 
impact or higher interest rates is 
being offset by some optimism 
that the dollar may be finding a 

Firestone Tire and Rubber shed 
i to S12; — the company reported 
lower third-quarter profits and 
said the potential recall of its 

steel-belted ratUal tyres could 
have a substantial adverse effect 
on future earnings. 

Church's Fried Chicken *ost If 
to S5G— shareholders have ap- 
proved the announced two-for-one 
stock split. 

Mead were off } to — on 
Monday. Mead sued to block the 
take-over attempt by Occidental 
Petroleum, which were down i at 

Westvaco and Wickes in* h 
gained ground after reporting 
higher quarterly earnings. West- 
vaco picked up I to S29J and 
Wickes i to $i$3- 

Tektronix retreated 21 to S43g — 
the company said activity in its 
stock was due to Wail Street 
analysts lowering profit estimates 
For the company's fiscal first 
period ending on August 19. 
REVERSING AN initial loss or 
0.2B. the American SE Market 
Value Index was a net 0.30 higher 
at 1 64.25 ai 1 pJn. Volume 
amounted to 2.5j>m shares (2.48m). 

Most active issue was Resorts 
International " A.” which advanced 
2i more to 592i — the company 
stated the previous day that it has 
bought an Atlantic City hotel for 

Grand Central rase 15 to $152 
and Golden Nugget 13 to $32), but 
Syntcx receded 1 to $33 ji. 

Oils and Gas lost 2.4 to 1,599.6, 
Banks L95 to 288.13 and Papers 
0.69 to 130.15. but Golds put on 
2.8 to 1,527.2 and Metals and 
Minerals 12 to 1,033.8. 

Rudd Automotive fell CS3 to 
C$10— the company said it will no 
longer supply full frames to Ford 
Motor effective with the 1380 
model year. 

Combined Metal Mines eased { 
a cent to 394 cents on 765,6000 
shares after a fixed price offering 
of 675,000 shares at S2 cents a 

Maclean -Hun ter **A” shed } to 
C$16 1 .— it Is planning to buy the 
Sterling Newspapers group. 



Markets continued to display 
an easier bias in active trading 
yesterday morning, with the 
Toronto Composite Index shed- 
ding 1.0 mure to 1,230.1 at noon. 

Mixed movements were recorded 
yesterday in further limited 
trading, but with export- 
orientated stocks, helped by the 
dollar's continued recovery in 
Tokyo, often pointing higher. The 
Nikki-Dow Jones Average closed a 
modest 5.55 firmer at 5.51S.S8, 
while volume amounted to 180m 
shares ( 1 50m). 

Electricals, Motors and 
Cameras, which are prom men t 
exporters, made progress, 
although some gains were pared 
by late profit-taking. TDK 
Electronics put on Y10 to Y2.130. 
Canon Y4 to Y460, Matsushita 
Electric Y8 to Y719, Honda Motors 
Y12 to Y535, Toyota Motor Y4 to 
Y859 and Ricoh Y14 to Y545, but 
Sony, up Y70 on Monday, came 
back Y30 to Y1.590. 

Public Works issues also made 
headway, reflecting anticipation of 

a big Government suplementary 
Budget. Outstandingly firm were 
Toto, Hasegawa Komuten. Daiwa 
House and Saeki Construction, 
but Real Estates, Foods, Shippings 
and Electric Cables reacted on 

Cotne speculative stocks were 

Matsushita Koto bold rose V90 
to Y1.990, Ito-Yokado Y70 to 
Y1.750. Nippon Telecommunica- 
tion Construction Y6Q to Y3.710, 
General Sekiyu Y53 to Y733. 
Dalnlppon Screen Y50 to V8S0. 
Japan Security Patrol Y50 to 
Y2.2G0. Yamanouchl Pharma- 
ceutical Y4Q to Y616 and Sefka 
Sangyo Y33 to Y340. 

However. Nippon Television 
Network shed Ylafl to Y.VW. 
Kaken Chemical Y60 to Y3.23fl. 
Matsushita Seiko Y50 to Y 3.260. 
Kyushu Electric Power Y40 to 
YU50 and Koatsu Gas Kogyo Y33 
to Y959. 

caire. Credit National, Peugeot- 
Citroen, Bonygncs, Dtunez, 
Phenix and Poclaln. 

Textiles were the only shares 
marked known, with DoUfus-Mieg 
add. Sommer -Alfiiert closing 
prominently lower. 


to HKS9.40 and Whedock 15 cents 

to HK$3.42o. rjr-M *_ 

pang Seng Bank fell “ 

HKS170. China Light HKp.50 to 
HKS31.50 and Hong Kong Wharf 
50 cents to HKS35.50. but Tel 
Cheung Properties rose 2.o cents 
to HKS2.30. 


Shares were mostly firmer in 
quiet trading conditions, aided by 
a J of a point cut is the Call 
Money rate to 7 per cent. 

Banks, Foods and Electricals 
were well supported, and Matra. 
which announced an agreement 
on Monday to acquire a 32 per 
cent stake in Manurhln and a 5 
per cent interest in Europe 1, rose 
by more than 5 per cent Europe 
L gained 1-5 per cent 
Others notably higher included 
CEM, Signaux. Creusot, Sacilor, 
Sanities. Chlers, Credit Foncier, 
Immobiller, Pricel, Gascogne, Ban- 



A F 

A nu. 

Alikin UU.. . 
A-l-iiv**-i:rBpli ... 
Arum Liu- X U- . 

Air 1‘ranln 

Al-.-au Vlunimiiiini 

AIiim - 

Alien. Lnriluni. - 
Allegheny IV-avr' 
Allicl I'lieim-itl. 

Alli+1 St.'fn.. .. I 

Alii- dimmer,.. : 


Amf-rmln He". ,.j 
Amer. Alrlini-... 

Anirr. Umnik .... 

.liner. Hnnuli-ai-i. 

Ariler. I'wi 

Aiiiit. I'ynuami-i 
Anii-r. lJis>l . Tel.. 1 
.Viuiv. Llt-i-l.l'iin 


Airier. Meiliinl ... 
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Ann-r. Nm. I in,.. 

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Amer. Sh-iv* ( 

Amer. T«*l. A IVI.: 



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Aillj-f » 

An-'lmr Hi.-Unii; 
Anlim-er lln+'h.. 



Aw mein Mil 


A'hlHinl Mil 

All. lilcbrichl 

A'lio LJntn IV.... 



Amn I'nnlm-t,... 
Bull, (in- Klei-l... 

Hsiik Anirr hi,.... 
llmiUi-r. Tr. NY . 


taxier I'nueimr. 

Biulm-r Final... . 
Bell A Honi-ll.... 

t'err h\ 

Beuuuct. Iiidi •»’ 
BrilileMem Meel. 
Biai-k A llei-ler.. 


lluu-e 1 nvnde..... 


B-ir.* Warner 

BmmlY Ini 

lV-nu * 

hriDk-l 3l\tr- • 




29 i g 








39 is 



51 Is 
5b U 








18 U 
50 = 3 
5 1*4 

52 '4 
27. a 
37 U 
27 1* 
39 u 
2X1 4 
4 ; b 
24i 4 
201 * 

57 Is 
44 l R 
29J 8 


27 i s 
16i s 
51 1; 

62 >4 







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S2r = 



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17 1, 
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274 t 
5 It* 
57 1 3 


24 1 i 

39 U 
33 1, 

lb4 8 





t- . 


' '-iniiiiaTi-n— 



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lr aa 


Dlnnmn-I '■lunirk 





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ih-uet ill Hit. ... 



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U-jiv CUeim-ni.... 






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Kn-lf Pi.'lier 


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■Inhm Uanvillc.. 



Jnl ink'll J.lllQ- Jl 



•Jobtiw-n ('on 1 r- 8 . 



■lo.v Mauuu. lur'e • 



K. Uxr C-ir)' 





35 lg 

Katset In-ioainer 



Kaiser atee' 




1. 5e 




243 4 

Kcri M Ciee. ' 



Khlile Waitei 



Kimberlt Clerk.. 








461 2 

Kruser iJo. 



Leaseuay Tran*.. 


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Levi at rai isu 


47 lg 

Libby Uw. Porn..; 



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fc.i !•,-•• NM. I in 

bme« -mi huvlrii- 

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521 S 


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224, 1 
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luiaii'l Mih-i 


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lull. Har.e-.liT... 
lull. Mm .V: Cher, 1 
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| l..«» Ik'i.l 

ill Iniernniiiiiini 
j Jim NNnllcr 

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321, 1 
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325g ; 









I’l.irkln KlNiel....' 

Kn.-ei ' 

I'l'vip* LKtige. 

I’limtile-pli.a Hie. 

Kliuiii VJi-cria 

I’lnlli|is LVlrv'm. 

I’lllle.l UiiMeH ....' 

I'll l ill III ■ 

I' erbej Uu AUK, 

IB Is 

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737 a 
24 ij 

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,'1 'luu ice b.w j 

i'll. 1 inluatnes..' 
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Pul" sene Kiecl I 
I’linnuin I 


Wilnkei <A»I» I 

il-l"" N 1 


Ill A 

iiYpuli-K- ole-"....: 
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a 15 B ‘ 

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663a . 
45 • 


131, 1 
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07 'a 

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lleynol.I- Metnle. 
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Knell well I filer... 1 
K"hm A Hus 

56 l B 

35 ta 

Sta-fc . ; 



lVi»i«orth 1 


I 207a 



1 4>g 

Xerot 1 


1 cl Ij 



Zeniib K +110 | 


[ I8i 4 

Ua.yai l>nteh I 

KTB ; 

Hunt- Lo^» i 

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iniew-y at. nee... 
61. J.« Mmeml-J 
Si. Kegir Kapei ...! K« In. 1® 

XUI luvtoH. j 

t>*vih In-i* I 

x-luii* Biecm*. 
5e-hiumi<ei*(er ... 


x- * 1 Paper 

T'lf.l M.n 

xu de , { 

ol7 a 1 

1418 i 
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- 638 
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i6i fl 
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1 34* 
18 ■* 

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■entrain ' 

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T'enr- Ki«buck....- 

Mae,. Oi - ; 

•she* Imn-pi.n...: 


5 15 lit* leCurp. 

■»»in,iiie,iy Fni...i 

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’in till K-me ' 

» ilmn 

oulh II.UrD 

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mil hem Co 

Mbn. \e4. Ke .... 
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xuibemKa'i wa, ] 

301* 1 
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1 47 8 

207 fl 
a /I; 




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lurr. Knit- 1 


sUmlani bn nil 
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•lei iidk Drua ....j 


im C'.i I 


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leeiuiicni.T ] 

leklnxux ! 

leiftiyne. I 

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52 Ib 
* 8 








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I 46 
| 1063, 
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leuiu ...» 

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lexn® l>». A Gn>.. 
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liiiutn uaoeTirp... 
erriun On-hle..... 
Liiii m iimim-nv 
CnnmOit inrii... 
Ismiiiq iNicilie-—.., 

‘.04, 1 














39 lg 





41 'g 
50i B 

L'iifTi>yni ' 

b'oice.'! bra mb... I 

C r - Hnnvnrn 

C5 li)pUHk..... 1 

l = 5 hue. 

1 S dice ........ 

II s Iti-lip.'Ce . 

1 V fmln-lner — 

Vir-mui b'levt 

Ililgiwn 1 

NN'a mcr-l-.i 1, on u . .1 
Wurnpr-Lnmlien. 1 
NN'nsi u - Ms ii* meul . 

Wei 1 --t nr— 

4ertern Hnuo'n ' 
NV«u«m A. Ante,.' 
'V'e-ieru Unwo...- 
I* mliiKli'-e fc»He-| 

* 4a , 
131* 1 
533e , 

527 g ; 

*730 , 

*1 5 b I 
*7 «8 . 

28 j 

03 ig 1 
29U . 
50ig 1 

*13, I 
-.6 1 

19?6 : 
34, | 

*b5 a 
60 tg 
la !b 

'Ve-vneu „...• 

A eyiTlnctiwr .... 

W lur.j..,| I 
iN iiiinin i-u ; 

"lT-iQs III Klecl..| 




21 «* 

30 l a 
20 1; 


L'.3.Treag«7.1«C ,94+X 
LaTr»i4;i75/St! t-Hg 
L.S. 90 .lay hill*. 7.23 1 





AUlLIbi Knl«r 

•Ittll v En;ic..... 
Alton Aluminium 
A cdlia MM 1 .... 

Jna>. 01 MertUrea 
bank Auvn --.irln 
«h~ 1 KetfHirceaJ 
lie" le'ephnon.. 

Lk-w Valiev ln"J 

l 147 b I 










0 S>>i 

23 U 







UFCmiuiIh 1 

rnw-u I 

bnni-i ' 

k-.‘a»ry Power-. 1 , 
cuniuw Mine*...! 
.• iim.It lenient.^ 
mnH.U NW Inn.. 
luiunlM IrniUHl ...; 
mu. Hue ilW 
mil. Fat 1 lie- lov.j 

>.an. - 11 , ci U 11...1 

mriln^ O'Kwrte.- 
Cnwuu- A«i«Mcn>.| 

181, I 
17lg | 
76.50 j 
.ok j 
lose 1 
*9 if 
»-* k 
l u 






1 ‘s 







Cti attniD- 


wdu. Unthunl... 
Cuoeuoier Gn>— 
Co-eka Uesnureea 


Dnoo Deve' j 

Uene-00 Mine*- ! 
Unm Mine-..., — ■ 
Dome Pernneun.i 
lA.minwci Uriilurl 

Lkjmlar | 

Dupunl — ■ 

nioin'ge N H-kC ! 
Fern, Mni.n CNui . : 

Uea-mr — 

IrU-l Ui. Cum. I n. 
Unw-ser 'Hi. Can. 
U01 1 inecr .......... 

Hume Oi- -A* 

dak-vi Bn> Xing 

Hiklron Uny 

Huilrori ■ Hi A Uh>| 



Imperial Uil j 


9 >* 
185, ; 
6 is 

101a I 
<9i B ! 
i21, » 
■-51, j 

144, 1 
281; | 
80 1; 


i3t« ■ 
3c i; ' 
81? . 
■43U 1 

20 >0 : 

^85g j 

371* ! 
2i4g j 
183e 1 











• 91, 














IrnlAl -...J 

Inlnon A«L tie. ‘ 
Im'p. » Pipe Line; 
mn«r Ke»ouree-| 
I*tun Fiu. IVn p,.| 
Lel.lnv, Ctnn. *b.i 
.Nle-mill'u bine. I .1 
M*9®cy Feuii"«'.j 

McIntyre J 

Meore liqn 

.Vi.Hnn'hi Umur- 

A'dccn bneiKN- 
Xitin. Tciev*iin ... 
N umav Oil 31 lin 
'Kk«i»i Fetii n 
bucitte I'.ippei XI. | 

14:a | 
ii5a ' 
16 >, ■ 

144, ! 
81* ! 
-.30 : 

lies ! 

26 I 
a5 • 

563b ; 


-.8b : 
f2.li6 ; 

14 lg 
t 63 

fncihe-Kel nxeuni'. 
K2a. Can. Pel 'nr 


feupte lN*j4. 5..] 
fmeUii.l Ui..' 
Kmorr Dei-eii -pm I ! 
0..wcr liMfonf "n 

Knee ! 

Quebec .Murvenn' 

ihui;ti U11 

lUml ?teniiuu-e..| 

ttui Aipnm 

KhVTL. Bk.ol Can, 
linya. T>u-I.. 


57 : 

1161* ! 
3.62 ' 
1.44 ; 
16 is i 
2. lU 
161* . 
5h1- 1 
INI, , 

t3 2 
-7 if 






i7i e 
2 10 


3 epire K’vonn e»- 


.. .jl CnllniW. 

therein U.Miocx 
iicOens U. ij. ‘ 

9lal,MD — 

ileel ul iJaumlH 
steep Kr»k Inin..' 
L'eubTi I'nnaiia ...| 
rumnin lAun.Uk.! 
Tnou Mourn Opn 

Cnif.- . — - 

luwa lin® 

sin..®.- Mine®. 



147 S 



Waiter if 11 mil.— 
NN'eal Um* 1 
WeaU n Geo. 

r Bid. 

6> a 
i 4a 
*»7 !•_ 
;14I 2 

19 ig 

36i B 
; T 14 
. Ulg 
I is 
I 36M 
1 1210 
r 20 

I New a nek 




Ui 1 . 




Apr- I 1*4 ' Murk ■ 




• 17 







- F32.LO 



6 b 
































S64i* j 




6 s* 







21 ; 








-. <3610 | 




. 7.50 








Hi 1 




- _ 

1 - 




F40 ' 



- . 



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57 1« 


















VI 4 2. 90 





r 152.40 





K L'i 

F160 ' 






— ] 


7*161.90 | 






■ I 


V 171.40 ' 

, . 




— | 


V 190.50 












- - 







1 108.60 


K 108.90 


3.70 . 


: 6 


Fl 18.90 





1 1 








5-BO F27.10 


F2S , 



















• 7* 
















- F135 


F130 • 








. F140 : 












— - 

- F126.50 


F120 i 







V13G ! 








560 . 






- 5597a 





. S50 | 


' 6 


- >36748 

.<60 - 


- - 





: - 



- >8aV s 


1 ?»LB *90 

| H»Tll. lULl'MH 


— 1 


1 SI* 

— « 


A.Bj\\ Bat)K 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 95 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W. 10 % 

Banque Beige Ltd. ... 10 % 

Bonque du Rhone 10A<% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
-. it. Bank of Mid. East 10 % 

"irown Shipley 10 % 

Canada Perm i. Trust 10 % 
Capital C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 101% 

I Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank °10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagti Trust 10 % 

English Transcont. ... 11 % 
First Nat. Fin. Corp..„ 13 % 
First NaL Secs. Lid. ... 12 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grindiays Bank +10 % 

I Guinness Mahon 10 % 

i Hambros Bank 10 % 

■ Hill Samuel S10 % 

C. Hoare & Co flO % 

Julian S. Hodge li % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullraann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... iq 
E dward Manson & Co. 114% 

Midland Bank 10 % 

l Samuel Montagu 10 % 

I Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... io % 

Rossminster 10 % 

.Royal Bk. Canada Trust 10 % 
Scblesinger Limited ... io % 

E. S- Schwab 11!% 

Security Trust Co. Ltd. 

Shenley Trust H * 

Standard Chartered ... io % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. n % 
United Bank of Kuwait 10 % 
Wbiteaway Laidlaw ... 104% 
Williams & Glyn’s ... 10"% 
Yorkshire Bank 10 % 

" “,, ef 1116 Acc ’ :pUd * 1 “«»« 
' May dewwlu, 7*i. i-monih 3ep Ds lls 

t 7-day deposits on snrrs of fioom 
and under 6i*;. up io £3^,000 T'*! 
and over 25.000 St'i.. " ' 

: call deposits over xi.000 r;. 

5 Demand deposits 7JV 

Profit-taking and lack of fresh 
buying orders caused an easier 
tendency yesterday after the re- 
cent strong rise. The Commerz- 
bank 'index, after reaching an 
eigbt-ye-r high on Monday, 
slipped back 1.4 to S22.0. 

Broke"; said, however, that the 
overall mood of the market was 
still favourable and a further up- 
swing is expected. 

GHH and MAX. two rumoured 
targets for a possible Volkswagen 
diversification move, fell back for 
the first time since August 11. 
German papers yesterday promi- 
nently displayed stories reiterat- 
ing deniafj of any planned take- 
overs, but most speculators in 
the three companies held on to 
tbeir shares. GHH shed DM 1 to 
DM 221 and MAN lost DM 1.30 
to DM 21230. 

Volkswagen, however, advanced 
DM 3.10 more to DM 253.40, with 
dealers saying that expectations 
of a higher first-half earnings 
announcement at its Press con- 
ference, due today, fuelled the 

Electricals, Chemicals and 
Machines were lower-inclined, but 
generally higher were Banks, 
Steels and Utilities. 

BMW, in Motors, shed DM 2.50. 
while Stores had Kanfhof down 
Dll ISO but Xeckennami up 

Public Authority Bonds re- 
corded further losses extending 
to 30 pfennigs, while the Regu- 
lating Authorities purchased a 
nominal DM 1.4m of paper 
(DM 3m). Mark Foreign Loans 
were again irregular. 

Hong Kong 

After opening on a firmer note, 
stock prices generally relinquished 
more of their recently gained 
ground, bringing the Hang Seng 
index back another' 22^8 to 634.42 
for a two-day fall of 45.70. Total 
turnover decreased to HKS269.54m 
from Monday’s HK$32Llom. 

Jardine Matheson declined HKS1 
to HKS 16.70 and Hong Kong Land 
80 cents to HKSH.60. Hong Kong 
Bank lost 70 cents to RKS20.70 
ahead of interim results due later 
in the day, while Hutchison 
Whampoa receded 20 cents to 
HKS6.45. Swire Pacific 25 cents 


With the long drawn out tel^ 
com dispute having effectively cut 
communication between London 
and Australian markets and dis- 
rupted the free flow of informa- 
tion between the Australian 
centres, trading remained quiet 
yesterday and Resources stocks 
sustained a widespread reaction. 

The Sydney visitors gallery was 
closed because of fears of another 
outbreak, as on Monday, oi 
vandalism by anti-Budget demon- 
strators. The gallery regulars at 
Sydney are usually speculative 
traders who use the gallery as 
a forum to exchange rumours 
and information. , , , 

Speculative Diamond leader 
CRA came back 10 cents to 
AS3.25. while Coals often re- 
treated. with Utah losing 15 cents 
to AS4-30. White Industries 12 
cents to AS2J8, HoNvard Smith 
10 cents to AS425 and Tluess 
3 cents to AS3.12. . , 

In Uraniums. Panconbnental 
receded 60 cents more to AS14.90 
and EZ Industries fell 17 cents to 

Elsewhere in Minings. »HM 
declined 6 cents to A82.38. as did 
Mount Isa to A82.40, while 
Hamers ley shed 5 cents to AS2.50. 
but Mineral Deposits advanced 7 
cents to AS1.02. 

BHP relinquished 12 cents at 
A8S.04, while Sugar concern CSR 
lost 9 cents at AS325. 

Banks were mostly weaker after 
their post-Budget gains. Nvith BNS 
Wales 6 cents lower at AS6.60, and 
CBC 4 cents off at AS1.96. 

Second-line Industrials, how- 
ever, were generally firm in con- 
trast to the leaders, with Building 
Material Suppliers setting the 

Finance stocks were easier but 
Insurances were steady. 


The Gold shares market took a 
turn for the better, reflecting the 
higher Bullion price and renewed 
U.S. interest. 

Mining Financials were mainly 
firmer in line with producers. De 
Beers moved sharply ahead by- 21 
cents to R7.78 on local and over- 
seas interest. Copper and Plati- 
num issues were quietly steady. 

MOTES: Overseas price* shown below 
exciode S premium. Belgian dividends 
are alter withholding tax. 

♦ DU 5 0 denom. unless otherwise stated, 
yields based on net dividends plus tax. 
V Pta 30D denom. unless otherwise staled. 

$ DKr 100 denom. unless otherwise staled. 

SwFr 500 denom. and Bearer shares 
unless otherwise stated. ' Y50 denom. 
unless otherwise stared. $ Price ai lime 
or suspension, a Florins, b Schillings. 
e Corns, d Dividend after pending rights 

and. 'or scrip issue, e Per share. / Francs, 
p Gross djv. Ti. h .Assumed dividend after 
scrip and/or rights issue, h After local 
taxes, m % tax free, n Francs: Including 
Uni lac div. p Mom. g Share split, s Dlv. 
and yield exclude special payment t Indi- 
cated div. u Unofficial trading, i* Minority 
holders only, v Merger pending. * Asked, 
t Bid. S Traded. X Seller, z Assumed, 
xr Ex rights, xd Ex dividend, sc Ex 
scrip issue, xa Ex aiL a Interim since 


An*. 22 



Div. iY -i. 

t ! * 


i mu? \\a-*el....- 

BMW - 

BA F. 

B*yw- — ' 


Commen-iAnk — . 

Uom Gum mi 

Umrnrr Benz. — 

U eg 03*8- 

Den tag 

Deutsche Banlt-... 
Dre^riner Bank....' 
Ujckerliuii Zcmi. 

Ha pan Ltcrii I 


Huer.-hst ! 

Hbeacb -j 

durteu— : 

Kali unn Snlz ■ 

Kantaiil ..j 

KauiUoI - 

ilkil kner DUIOU. 
KHD._ ! 

^™pp. i 

Unrle ; 

Luueunrau 10CL... 
UnfhanA . — I 

76.8 0.3 - - : - 
488 '-3 31.* I 3.8 

225.5-2.5 ib.0:’ 6.3 
135.1 -u.5 id. If! 6.9 
138^-U.3 'td./6j 6.8 

288 • 28.»! 4.8 

331.8*0.8: 18 : 2-7 

lad •„ • - I 

231 ;+u.9 iO-bt, 1 1-5 
80 ^-0.2 •' - | - 
321 '—1.5 28-12, 4.4 




264.5— 0.5. 17 

168.5 +U.8: 14 
303. L+ 0.2 28.12 
243 _U0.5 .28.12 5.7— OJl 1 9-3oJ 2.4 
22L0;-1 | 12 
119 1t0.4'14.U4I 5^ 
332 ' — * 



153.5 t3.5;I4.M; 4.6 

533 23.44; 3.6 

241 — 1.5 ; ld./» 3.9 

96.7 +0.2 j — - 

179.5 .!lb-/b| 6J 

102 *1 . - | - 

261.5- 3 26 I 4.8 

1.630 26 7.7 

109.0 _! «.36| 4.8 

4lA.\.„.„.. I 


Jletmilge- | 

Jlmichenci Kuck .1 
Neckennunn. -....] 

Preu -«e L'M IUU.j 

itnein tte-LKloe. 
lulien ni:... ....... ..I 


-u i Zuckei [ 

I'liN -*en A.G I 

WrU....... | 

-KB.V. 1 

Vercin-ANN «i Bk 
I'liik-u-ngea I 

J77.8 +1.1 
249 -0.5 


162 +1.5 


179.2 +0.2 



3si -as 

125.1 +1.4 
190 (+2 
136 -0.5 


253.4; + 3.1 

12 I 2.8 
»M«. 4.8 
10 2.0 
lb 1.6 


26 - 6.9 
2b. IL 3.1 
lo I 2.7 
^UAb! 5.3 
i 17.1b' 6.8 
I 14 I 3.7 
[ 12 1 4.4 
; 18 ' 3.1 
I 25 , 4.9 


Aai>. 22 

Price i + r.r Div. 

F-. I - ! t. $ 

.VTKii.i iFUft,) ■ 

Akzc IFI20) 


AliEV | FI. 10) i 

AmroiADk IFI-2JV, 

oijealdirt ■ 

uokAWwt nn F.IOi) 
dulirm Teltenaie 
Blsevter V tFlJt )'. 
G isLaJ drnuuiesFl . i 
He'ncven iViJfftJ 
Hoocreni iFueO/f 
duntei D.iFi.iOCii 
K.L..U. iFl.n»>_.., 
lui. .Uulier iIBCn.' 
XMrden iFi.lOi...' 
MedGmj BkiFi JO, 
NcdMiil Hfe(Fi-=0]i 

•ice iF - JSh | 


Van Oraniereu._ 

i'«kb<n>i iF.^Oi—l 
I'hiiqk tF .10).... 

9b0e«i iFixO).... 
Mo'inco (FiA>)... 
Boren to (fiJ)0)....l 


•teviuGrp iF.Kn' 
lukyu Pac.Hsl.-.h 

ilnileivriF SO)... 

v’lkitU' 8».plt£l) 

114.8.-0.2 | i28 [ 4.9 
32. 1. + 0.5 i - ! - 
870.0m 1 — 0.5 .A23K 7.7 

o7.5; oO ! 5.7 

80.481 —0.5 

10.481. — 0.5 A285I 5.3 
92.8 + 1.0 26 a.7 
130.7+2.7! 89^ 6.4 


74.81 + 2.8: »6 I 6.9 
294.6 -4.5 I 27 K 1.9 

138.5 - 1.5 '37if 3.4 
66ifl> + 6 ‘94.6' a.3 
41.1I+U.1 ‘ 90 4.9 

1US.0! — 0.5 ! 14 '13.3 
38.2' + 1.2 I - I- 
2a.6:— 0.3 i 12 : 4.7 
193.0 — ^.9 b I 5.2 
s3.B +0.3 ) 19 7.0 
34.8 +0.4 I I2.3J 8.6 

108.6— U.2 I 40 I 4.4 
59.0,-1.51 31 7.1 

206.01+1.5 I 22 1 5.3 



41.5| 1 

26.81 + u.2 j 17 

85.91 ! — 

176.5’- 1.5 >261 

UD.U+ J..3 | M 

75.01+4.0; 3to 
53.0 —Q. 6 1 23 
*5 —3 I - 

H.S 1 — 

141.0-l.2i - 

123.2 .t *9.3 


259 1-2 

145.5. +2 
126.5 + 1.3 ;+2.t, 

396.0+1.01 iS 



27 1 




7 3 







Price | + or 

Krrmei | — 

Uiv. ;YM. 
% 1 % 


uanrke Baok 

Hast A- wile lo... 

140i* ! 


1621 * 1 - 1 , 
13ai : 


11 1 7.9 

12 ! 9.3 

12 ! 7.4 

13 ! 9.7 
12 j 3.2 


128 ! 

12 - 8 Lb 

li.KTn’n B.iKrtC 

267811 + 1 ; 

12 j 4.0 



Provi turant 


juperton™. — . — 

116 - 2 ig 

I 61 SL 9 I 


4134,! + 25* 
188U —l* 

= k. 

11 1 7.9 

12 2.8 

12 6.4 


Arte- 22 

Pn.> ,+ * 

* ; • 

liHi.l 1 

l 1 C 

-.(^iiunetail 1 242 

Cgrrmiier...— — .! 275 

o>+ti 1 626 +1 

10 i 4.» 
9, | 6.3 


Veil Midrneslt... 

230 1 

10 i 4.4 

Source Nlkfco Secunoes. Tokyo 


Ana. 22 



+ - 

Pc . 











i .B.lL lament 





+ 16 













r'abnque Ami.. 



-.U. l,u»Um- 

L — 20 







UBL iBnu C0. 

















l*i Uoime He lire 


+ 10 


Pmu Uui-urur .12.910 



r"cl mJIn*.. 


+ 55, 



n» Lien Bwyiw-.J3.O30 




"«.* Gen Be-ir>i,'i- 





• ■linii 

3 .295 

+ 15 



U VH> 



A2 Ilf 


1 rad ion Klp-t..,,. 









iro Min.tI.10V 





Vienie ilonumne 1 


+ 30 




Auu. 22 

Aluminium r .„ 
*A‘ ........... 

k'lluGeigy tr. 100 ' 
Da Fai i Cm. 

Do. Ues - 

Lrertil SuWe 


Fischer (Geuraei 
H off mu o Ft Orta 












4- er 

I — 39 
+ 3 


4 I % 




22 | 3.9 
16 I 3.6 
10 ! 2.7 
5 ,*.2 
HOC 1.7 

Da (s-oibiI) >6,650 

Intcruvpi B .3.900 

JemwU iFr. 100)... 1.650 
XertielPr. 10A.J3.435 

Du. Kes.... M . 2,175 

'-imlkiKiB.i F.otG)lE.705 
Piretli 3lPiF.LiO)| 890 
'au.Uv (FrjriOl... '3.575 
Ul'. Part CertaJ 399 
^clitmllarCl FlO 
•ui 2 er I t (FrtOOl.l 
mwMir (PAC)... 

M+Nb Unit iF.tOO)! 

’wi®i iUei (KrHXh|4.8Z5 

L-mon 'Bank- -3.165 

'j i rich Ids. 111,700 





n a.I 

— 12Si 
-a j 16 

+ 2 13 

[-25 2b 
-11 ! 86 

-100] 40 


+ 10ffi 44 








4 Jl 






NEW YORK-dow jokss 

_ I " 1 ! I J Isfls )&tfH0 Ilnoipilat'B 

;• A«e- 1 i a 1 * 7 S- • X $?' j A j?‘ ‘ H»gb j Uw r Mph : i..» 

InduArU ...' 336.25 380- 13 83<.63 a9Ma «»■»?_ 

&'ma B'nda*' 88-9.; ^ ^ ,3f \ JSS j * > “* 

■ c ’ , «, » «, 63, 247.81 24/.W »1A> : *9M1 [ $*** ■ 

nwuport....: 246.05: *1.07 291^0 • i tl7« i 

L-Hlltto 1 106- IS; IO®-®® I®- 87 186 j ; ; <J:!) | yZlXi <&■*$*)<. WW3 

r ^B *,2Tt 52^20 -[ - ! 

* .e Inilr* * 

lnd. div- yivld J 

Aiir. 18 

Aug. U ; A'lji. J. 1 lY«»r 






1373 'Siucr CnttitAd'a 

« ] ' : 

‘ ; 'i;- ! w*' i x it j a m‘ I uiki. i ■.« i High i i« 

MU» |«*| 10® n*» 'WVflg : SSiuSSiiwSii 
)COTPB ,. e i , M .» i«.^ '«■»; ««i*”i^s':SgjaSfBai 

luit dlv. VMM-I % 

| Aujc.16 | 

1 4- 70 ! 

Aur. - 


.vub 1 




lnd. PrK Mure*' 

; 9-99 | 




i.mih Gov. Bou»l » *e!d 

8.84- ' 





Rises nad Fail* 

\ut:. 21 , lug. IB , Aug. n 

Aug-! Aug. j Ai«K. j 

! Mb 

.^*-1 1.888 1.881 ) 1^00 

■ 415 

723 1.030 

21 ! is : >< ■ 

1.100 ■ 

763 ( 525 

pit pft B8.Q5- 59.21- W.95 MJJ 
“•°°1 OB , . [17/5) 1 (6.JI 

Duchangvil i 3/4 

.New High* 1 90 

393 ; 369 

174 1 . - 
4 1 ~ 


' ! 1 

Sc* Lens. & i 

■ | M*7> 

; 21 ; IB i 17 • 16 

Hl*jb : 




. 201.14 201.94- 201.75 200.201 201.94 ,1B3/ ; 

! 283.20, 209.92 209l 53> 2M.66 1 209.52 lihiS) ; 

11042 130/1) 

TORONTO tV'mpiMlP 1231.1 1238.4 I2JS.& 1254.6 

1233.4 llSihi | 

-9t2 (AM). 




1 ! 1 1 5 

1 240 J ' 3S4.5 , 267.4 ! 204.5 1 2/2.0 ilJ'ft \ 

1 203.1 I 263.8 , 263.3 ; 263.4 ‘ 2S3.6 tlc.Sj . 

)M.C 120, -q 

• \IIC 1 

3 ; 

lie- , W?F i IW 
VI- XI. . High • I+tr 

! Aiur- . 


urn/ f iste 
B i*b j tux 

An.tro nm'i :>?-71 

Belgium *i‘ 
Oenttarfcf. ;<7/l3 , 
France «v ' 

656.86 .636.99 MW 19 
(IFiel i (1;5) 
97.44 i 101.1b 00.43 

. (6/6) 1 C54.M 
95.02 1 84.00 

• ii4 oi ; (6 ?) 

73.9 ! ft?.& : AlS 

Spgin UG 101.63, in 

Swedes lev 406.0F : u>*.3v 
Swiceerl'di j i» ; .o ■. oij^ 

wejjo 1 AS.';* 

f**i j iM> 

aacija V8 ji 

C tedh j (3 S/4 

GermanvitT) 0 823-< 

Holiaad it*' <9.2 : 87.3 

Hong Kon£ 

Itnly ir 
Japan i-«' 

2£3.4 ; 7K»^ 1 (17rfc) 
8)J2 ; 7*5-0 
(22/Sl I t44» 
.14.12 637.00 ttFl'.l'i : 3ta.44 
l IS,' l ild.l) 
i':.ll 68.17 . 65.171 ».«) 

.Si 7-1 llU,l) 

J'-l'-M 419. S3 

LI II ! 14.10) 
C+.JI 530.65 ' 396.19 ! 
! ,l7;ai ' 


Indices and >u*r dates mil Base values 
IM excep' NYSE All Common — 50 
Standards .md Poors — 10 and Toronto 
too— 1, ono. Hi.- in sr named based un lR75i. 
i Bxdudtnii oonds 1 4W Indusmala. 
1400 Industrials. 40 Utilities. 411 Finance 
and 20 Transport, v Sydney AU Ordinary 
.■ Belgian SE U'12-'63. ** Copenhagen SE 
1/1/73 tt Pan* Rhiitvp 19fll rt Commera 


Mocks CWriUit cn 




Ramada Inns ..... 







*— | 










- jS.Wh 


iloodscar Tire ... 





.. Kd.tno 



Burlmgion (rids. 



+ 1 

NorihL-ni Nat. Gas 




Eastman Kodak 





Auk. 22 



+ w 





A -in '■■**■* — 





'. rUh.n 















Dai-Ni)5vin Pnnl 




»u;» Photo.. 


+ 7 



H 1 1 acl 





H< min Union. — 


+ 12 




+ 10 




— 2 





+ 70 





+ 5 





+ 40 






18 | 2.8 






Kj-oto-C’eixroic ... 





llnl-ninhiLn lnd... 





Jlilaubmhi Hank. 




Unsubi&bi Ueavv 


+ 2 



UiiMibubi Corr-.- 




Uitaui A Go. 









Sippm s-bmpBo.. 


+ i 



SiBJwm Slot or* 









"*u )0 -Electric.... 


+ 5 



oekiKui Promt, — 



+ 2 










1 Bilbo lUnne — 


+ 2 



l*k»ia Gbeunra'. 


+ 16 





+ 10 





+ 1 



iok>-o Ainnne.-.. 





■ t-ky-jh-ectPoxr' 





,-ikyo 5auyn_.... 


+ 2 





+ 2 



• usiuu* 'J.'-rj- 




ioj-iX* IT-- tor 





i+ M 

\u-i. ^ : — 

4CNII.P' -villO 

Anon Aimlralln .... 

,N NI \ 1 1 L S I 

lm|«Ti KxiMomiii.n...^ 

Nrapd Petnilenm 

Nmic. Jlmpffll... 

Nmoc. Puli rSper FI 

.Wot tim. Imluatnr^ 

Auai.FnuDdsr.kvi lovr-t.... 

A. X.I 


Aim OH A Una..... 

B»mk« Greek UnM , 

Blue Metnl lnd 

Bougainville Copper 

Brembkv Industries...... 

Broken Hill Proprtrtnry 

BH ■NHllh 

Cnrlti-u Dotted Brewerv 

CSH iSll 

Uvkburn UemeiU 

Uile* Hi. 

IVjii*. GnlitlieMa Auat-... 

Ojiiiainer (SI) 

Jon.Tlne Klnllnto 

i»mid AuatrsJIa. 

Duuiop llulitwr l SI) ... 



B. 2 . Industries 


'Jen. Property Trust — 


H.nkei ... 

1CI AuMtmlla 
inter-Copier _ 

Jen ti mca Industrie, 

J.-iit* i David) 

Leunard Oil 

Meiair. Bxpionttlon 

ti 1 11 Uordioc* 

■ Braponum 


Ni.-hoUa loienutional < 

North Broken H'dlnca fWcij 

IMkhn. U.+_ . . ..... 

Uil search ' 

Uitei K\pjot»liou..._ | 

Psaiecr Concrete... 

i.eukiu a itoimnn^ 





tO. 48 


fl 82 





tO. 16 

+ .05 








- 0.12 





-a io 













- 0.02 

1 + 0.02 


AUU. 22 

AA 1C 




pin.- 1 /ler 

lla.cvmerii .... 

lu Mde» 

licli-venni ... 
Uunteriiwui .. 
•' ieu- Pnv.. 
Pirelli Ipa-.— 
;nis. Vlr 



13. -20 
17 l.u| 

f ■» Uiv,;y.ii. 
— Lire % 






— 80 

+ 25 
+ 6 














xinibbtnri 51 lu, lit; 


-33 ,-0.0 1 
.40 Ufl.06 


■90 +0.02 
.65 -0.01 


?l*rc-n Kxnlornlioo 

lw-Lb 1 $) 


JJVm-.hi* Uinlni! COcenls 







a lie. 22 



r Pra. 

1 * 

llriili- 1 ; 


+ 2.9 

1 +lf 


Aln-nie UwiriVe 


+ 3.1 

, 41.151 4.0 

An Lii/ ...... 


+ 3 

16.&! 5.0 






+ 10 

1 42 


J. ’.N. 'icrvxlH 



1 4a j, 


«-nrr«-l.Hir . 


+ 1 

/ 3 

-Ji* ... 


+ 9.4! 51A 






+ 7 

[li^b, I'.-Kn. Pr'ce 




I reuioi Ldlm. MI 


+ S.2 


Fl. Fein lies 


+ 1.2 

■ 14.1a 









ln.qiiM Boro) 


+ 1 


LdllRlVP . 


— 1 







+ 17 


Uuht.ii. Pbents- 


+ 14 

> 59.c 

U.«r U.-nocxaev- 


+ 1 




+ 1 

Pin ib* 


+ 1 


•'•whine v 


+ 1 

| 7 fi 


r «i«1.UiranJ. ... 


+ 3.8 

I 7.0 







Puulatfl. . 


+ 6 

*5*Hm Irennlqiw. 


+ 13 

! 30 


Ubirane . 




■fiioiie Piiuieoc— 






+ 1.3 



bis KnuMlmifll. 




r •> 



♦ 4.8 

1 aw 


1 .nivcdmoue.... 



• ^5.6 3.2 

1 i u. m t) rural 1 .) 933 

+ 2 




: — 




♦ 01 


Ah;. 22 





»'J.\ A iKl.Jl)}... 










— 1 



dn Ini 1.1 


tk-ior- . 








— 1 







hn-''E’i KrtC 


+ 1 



I>'*.i|e “B" . 


+ 1 


3 2 


•MiUlKtS (lre^) n „. 


■ lull 1 1 ttmi 


+ 5 





Uw. D,hii to.. 


+ 2 

'■w ivik A. li 


— 3 



■ K.F. ’IF kc-—. 


+ 0.5 



k8D.I ElU.kll.U_ 


+ 3 



iHn i.tli, «h* Kittf 


+ 0.9 




63. C 

+ 1.5 

Vr.i»,. 1 K r. 





Heqivn Haim.,.;— I 

dum-K>ani | 

Cnsiiti-Mik | 

koimcn ] 

Kr«iiikap-eu...— ■ 
Sium-rzmii i 

97 9 

85.0 -1.0 : - 

iiz.o:+a5l 11 

260.0 20 

107 I-0JZ5 11 

220 i+2 13 

100 I— 2-5 ! 7 


Auk. 21 


Buh.-n do llu/il... 
dnoco imn I'K ... 

u»B« Aider. 1>P.. ! 

Petnit-m" I'P ; 

Pirem i 


«. nip Pli 1 

V»ih I7i» I hi- pp. 











-0.01 J 
+0.01 J 
-0.05 j 
+ 0.03 , 
'+ai2 J 
+ O.L4 J 
' + 0.03 . 

! o 

+ 0.01 

Sonrpe: Kw dr Janeiro SE. 



August :: 

Anglo American Corpo. 
Charier Consolidaied ... 

East □ricfotneln 



Kinross ! 


Kusienbarg Platinura !!! 

Si. Helena 

Somh Vaal 

Gold Fields SA 

Union Corporation 

Do Boers Deferred 


East Rand piy 

Free Stato Gvduld 

Pre-sideni Brand 

PrtsidL-m Stern !! 



West Dnoloniclo 

Wcsti-ra Holdings 

Wesiero Deep 

.. 6.17 

.. 3.63 

.. 23.7-> 
.. 2.15 


.. B.SO 
.. 10.78 

- 1.72 
.. 16-23 
.. ft. to 

.. rjs.oo 

- 5.45 

.. 7.7S 

.. 6.10 


.. tS.f» 
.. 13.30 
.. JSJh) 
.. 42.00 
.. 230^0 
.. 14ju 


AECf ; 

Anglo- Amer. Industrial"'!" 10.40 

Barlow Rand -use 

CNA Investments +i n~. 

Currie Finance 6.30 

De Beers Industrial 212.23 

Edgars Consolidated Inr. 2.40 

Edgars Stores m nn 

Ever Ready SA jVftj 

Fcderale VoHuAclejunugs . sTto 
Grealonnans Storr*x r •»- 

■ » wirujifUJir 

GreaU rmans Stores .. 

Guardian Assurance «8A) 



McCarthy Rydwar ....... 

NedBank ! 

OK Bazaaro 

Premier Milhog 

Pre-iona Cement . . .. 

Prou-a Holdings 

Rand Mines Properties 
Rembrandt Croup . ... 

Retco ' 

Sage Holdings 

sappi .... 
c. G. Smith Sueur ...".! 

s.\ Rrowertcs 

Tiger Oat* 


Seeuritios Rand USS0.75J 
(Discount of 3L3%) 















10. M 








August a 

Per com 

Aslatw ix 

Banco Bilbao 300 

Banco Ailamfoo d.oooi an 

Banco Central m 

Banco Exionur 271 

Banco General 

Banco Cntiudn u. 000 > 

Banco nispanu , 

Banco lnd Cat. u.oIm'i 
n. lnd. MedliL-rranco ... 

Banco Popular 

Banco Urquljo (I MOi ! 

Banco Vh*esy 

Banco Zanutmuno 


Bonus Aadalucu .!!!!!!" 

Babcock - Wilcox 


Dragados !.“"" 


E. L Aragoaeaas „„„"! 

Espanola Zinc J!! 

ExdL Rta Tmto ...... 

Fecsa (l.ONi " 

Fenoss n.oooi — 

Gal. Preclad tw YT 

Gnpo Vulaaqtwz i«fli lis 



Papelems RcnnlUas ^ 






273 . 










- X 


Sarrio Papalcra 



Toms Host each 

Union Elec 












— J. - 



: ~i 












5 .'? 

batik Dec . 1933 l] AimOeraun Indumrud 
vm till Hans Sena Hank 21/7/84. tf3 Banco 
Commrrctalc Iialuna 2/1 A3, a Tokyo 
New SB VW (i Straits Times 1HA 
r Closed, a Madrid SE SBMSm. e Stock- 
holm industrial i/i/38. I Swiss Bank 
Cnranratlnn. v (inavatlabln. 

... Kyi 

or : lit*'! YkU 

Aug.^ Kront- 1 : — I S ! i 

1 8.9 


! 4.4 
! 7.0 

• .»j 

. • ■ tn 



. V-2 

. n 

~ PtKV ^ + ■« crue IbJ. 
i-ruv i — .Uiv. ; % 


dD Subs 
36 438 






- + ' 

■:< • ’ 

' »- 



+ ii« 
+ 8.B3 

. ■ 1* 


- 1.00 
+ U 21 

:s >pany notI 

+ 030 












• 1 

■ •-. fvla J 

* 4 i 

, ' i ‘'lC 




'Financial Times Wednesday 'August 23 1975 



farming and raw materials 

Big jump in 
Irish farm 

By Stewart Dalby 

DUBLIN. August 22. 
tion increased by a hefty 33.4 
per cent last year over M76 
according to figures released 
today. The Central Statistics 
Office, which released the figures, 
points out there was also a 
substantial increase of 3S.9 per 
cent in farmers 1 incomes. 

The rise, moreover, does not 
stem wholly from price rises. 
A new volume index, included 
in the bulletin, shows that gross 
total output rose by 9.5 per cent 

Agricultural experts say they 
regard this volume dx'wge as 
excellent by any standards since 
the normal increase expected 
from most EEC countries is 
four per cent a year. 

One agricultural, economist 
said he reckons a seven or eight 
per. cent, increase for Ireland is 
a very good periormanc/. The 
rise be estimated came from 
favourable climatic conditions 
last year, with a long growing 
season and a recovery from the 
year before when output was 
pooi 1 . 

Is terms of income the farmer 
has clearly done welL Income 
from self employment and other 
trading income — taken as the 
best yardstick of the farmers 
net revenue— was £74Sm as 
against £534.9m, a rise of 3&9 
per cent • If one allows that the 
consumer price index last year 
worked out at around '14 per 
cent farmers can be seen, to 
have had a good 12 months. 

The. most striking feature of 
the year was a steeo decline in 
sheep production. Some 111.900 
fewer sheep were produced* last 
year while 1,100 and 27.100 
more cattle and pigs' on farms 
respectively were bred. There 
is no EEC Common Agriculture 
price for -sheen and mutton and 
this has teneded to discourage 
production in Ireland. This year, 
however, could see a recovery 
sine** Ireland and France have 
reached a bilateral agreement on 
Irish Iamb exports to France. 

Peru strike 
move lifts 


By Our Own Correspondent 
NEWS THAT a state of emer- 
gency has been declared in 
southern and central regions of 
Peru where miners have brought 
the industry to a, virtual stand- 
still brought a rise in the capper 
market yesterday. 

Cash wirebars dosed £4.75 up 
at £740.5 a tonne and the market 
moved further ahead in after- 
hours trading when it was an- 
nounced that the Peruvian army 
had been sent to maintain '.law 
and order. * 1 

Metal Exchange to start 
aluminium futures trading 


AN ALUMINIUM futures mar- a producer price that reflected It Is estimated that present 
ket Is to be launched by the market forces and production “free market” aluminium sales 
London Metal Exchange, it was economics, he added. account for about 10 per cent of 

announced yesterday, amid a Mr. Pinn claimed that the the total world turnover of about 
welter of enucism from producer price was less volatile 14m tonnes, although the AIu- 
alu minium producers. and more predictable than minium Federation has put the 

Trading wilL start on October metais relying on Metal Exchange figure at only 2 per cent 

2 for three months- ahead with Quotations as a pricing basis, and nn,- Exchange is confident that 
the first delivery date on this stability had encouraged an lt JJS beaKte to obSaaSteteM 
January 2. 1979. Beating will be above-average growth rate for Julies to mai the mSket 
in primary aluminium ingots aluminium over the years. The ai+boush it could nnt hp 

ar* sssjaa s-^srlSSSS 

s£“ d price quoL ' -BKSb— ^-saw.-ytS'S 

It will be tbe tat sew contract ™- J f, ■« P j *f ESLtion “IiSm ta “tart 

on tie Metal .Eschtnge since the ^ J Pebble sippuSTSitt “raSSS 

«U,er mertet wra re^troduced negotiable for tbe higber^jualit, 

_ . v . . other sectors of the aluminium Brades. 

., iil ~ r iQdustry. who viewed it as a . A list of the brands produced 

the Metal "foolhardy venture." by the leading Western world 

was at pains to-Stresstnatit Mr. Foster pointed out that tbe and Communist bloc smelters has 
was not their wish -to disrupt the Metal Exchange copper and zinc been compiled as constituting 
producer pncestiucture in any markets operated alongside pro- good delivery under the contract 
way, but to provide an additional ducer prices and there was unlike other Exchange markets 
seTVAce in tb e txiatmg aluminium absolutely no reason why they where producers have to apply 
free market ' * . ... could not dtr the same with for tbe brands to be registered as 

However, there- wag a hostile aluminium. meeting contract specifications, 

reaction to the announce- Producers might find the There will be four trading 
meri t f rom the ^aluminium market very useful, if only to sessions, of five minutes each, 
industry. The Ajnmi nnim Fed- finance their stocks in times of assigned to aluminium at the end 
oration, which represents pro- surplus- Existing LME stocks of of the existing “rings” in the 
ducers and setni-raoncators. other metals traded already were morning and afternoon. 

currently valued at a total of The big worry is that the pro- 
£450m. representing a "remark- ducers* continued hostility, and 
able achievement " in obtaining the possibility of a growing 
funds from international bank- scarcity of supplies generally, 
ing and finacial sources. may make it difficult for the 

The main indention, however, is market to operate effectively, 
to bring on to the Metal Exchange The Exchange has been 
the “ free market " trade already encouraged to go ahead with this 
being carried out by inter- “ major step " in its history, after 

regretted that the jriJvice'it had 
given to tbe Metal Exchange not 
to go ahead with the proposed 
futures contract hid not been 

Mr. Dennis Finn- - ' chapm an of 
Alcan Aluminium said 

Alcan would not. participate in 
the contract, and not'Tmt any of 
it« metal on -the Exchange national merchants and' provide a long wrangle’ with the todustrv 

2*^55» £^aT D 25 m1 C0 2; an official pricing and by sfgns of a bnrtSp 

producer price systems for 
metals generally and suggestions 
that the younger element among 
aluminium producers will not be 
so implacably opposed to the 

An aluminium futures contract 
has been tried only once before 
— on the New York Mercantile 
Exchange — and it ceased trading 
several years ago fbr lack of 

tinue to sell available metal at trading centre. 

UK herring curb 
anger! EEC 

by Giles merritt; 

THE EEC Commission revealed 
today that it has refused to 
endorse Britain's latest- attempts 
to protect UK berrlngrStocks. 

Mr. Finn Gundtelach. the 
Agriculture and Fisheries Com- 
missioner. has notified the 
British Government’ v that tbe 

BRUSSELS. August 22, 
Fisheries Council takes place 
here on September 26. 

Mr. Gundelach's letter to tbe 
British Government refusing 
approval follows the August 17 
announcement bv Mr. John 
Silkin. Fisheries Minister, that a 

Producer hits 
at aluminium 
market plan 

in-t„.u,T.» -®. P er cent cut-back on the _ 

Commission canmoTirpprove the J nSh spa h f rring “tch to e 0 *°°5 BRITISH ALUMINIUM last 
UK measures announced last be enforced night described the introduction 

1 onL tS!w Umf*. T+eatr of 8X1 aluminium contract by the 
Technically, the Commission's fr) Ked an eSlier manure. iSfij t n JS 
decision not to appnw the con- when in JnJy ^ British Govern- Jgj >*5 

meat anDou " ced that » was ban - 
F 1 ^ m l IS * B ^ atn ^? u,d be "ins all direct fishing of herring 
brought before tbe/Enropean off ^ west coast of Scotland. 

Court of Justice by the Commis- In his letter M r. Gundelach 
S10n - expressed “surprise" that the 

In fact, the indications are that British Government had not 
the "whole question of -Britain’s chosen to raise tbe question of 
unilateral limits on fretting fish- its herring conservation 
ing will be placed hiejj -.on the measures at the last Fisheries 
agenda when the jrext EEC Council, on July 24. 

and consumers of 

The company said it was 
regrettable that in an effort to 
introduce a new group of middle- 
men Into the industry tbe Metal 
Exchange has chosen to ignore 
the clearly expressed views of 
those who actually made or 
used aluminium.’ 

Rally in 



By Our Commodities Staff 
rallied yesterday, wiping out 
most of Monday's fall. The 
November position, which had 
fallen by nearly £60 on Mon- 
day, recovered to £1,392 a 
tonne* up £40 on the day- 
Dealers said the rise mainly 
reflected nervousness in view 
of the producers strategy meet- 
ing which started yesterday in 
Bogota, the Colombian capital, 
and uncertainty about the 
extent of tbe damage done by 
last week's Brazilian frost. 
Overnight reports that a major 

UJS- roaster had bought 
Brazilian coffee may also have 
encouraged the upward trend. 

The Brazilian Coffee Insti- 
tute Is reported to he estimat- 
ing last week's crop damage at 
about 8.2m bags (60 kilos 
each). Most professional 
traders believe tbe true figure 
is much lower— some put it as 
low 1 as 2m bags— but many 
speculators are believed to 
have bought coffee on the 
strength of the Brazilian 

Market sources said the 
death of President Jomo Ken- 
yatta of Kenya should not 
affect coffee shipments but It 
did' unsettle the market' In view 
of the complex overall African 

Romania may 
buy Indian 
iron ore 

NEW DELHI. August 22. 
RUMANIA MAY buy up to 10m 
tonnes of iron ore from India. 

Steel and Mines Minister Biju 
Patnaik told members of a par- 
liamentary committee yesterday 
that negotiations are onder way 
for.' an immediate sale of 2.5m 

. Mr. Patnaik said this would be 
a breakthrough in seeking new 
markets for iron ore exports 
which are expected to reach 
23:2in tonnes this year. 

Parliament was told that a 
trial shipment of 32,125 tonnes 
ofclron ore was made to China 
earlier this month. The govern- 
ment expects to make further 
exports once the Chinese have 
tested the ore. 

Other commodities being 
shipped to China include pig 
train, wire ropes and steel pipes. 


. ; CALCUTTA. August 22. 
TEA auction authorities in 
Sfliguri. one of India's new tea 
auction centres, have decided not 
tft jjold an auction on August. 25 
asttbe staff of the brokers’ firms 
th«b.. 4 are still protesting. 


Vital role of 
Virgin Lands 


JUST OVER 20 years ago the system in the wore climatically Khazakstan Grain Institute in 
vast rolling steppe land of North favoured and fertile traditional Tselinograd. 

Khazakstan was opened up for areas was radically modernised After a great deal of trial and 
cultivation in the Soviet equiva- by a re-organisation of the error, erosion has been kept in 
lent of the opening up of the machine tractor station system, check by the introduction of 
American West- the introduction of new crops special ploughing techniques 

The difference was that exploi- such as maize and massive new which leave the stubble on the 
tation of the so-called Virgin inputs of machinery and fer- fields so that tbe roots and 
Lands was not undertaken by tilisers. organic matter keep the soil to- 

hardy individual farmers staking But the magic wand approach gether. This is supplemented in 
out their family plots* but by the favoured by Khruschev failed winter bv " ploughing " the snow- 
establishment of huge state and dismally. The enforced purchase covered fields in a chessboard 
collective farms averaging 30,000 of the formerly state-owned pattern to huild up a patchwork 
to 40,000 hectares each. tractor and machinery park of low ridges which prevent the 

Train loads of “volunteers.” virtually bankrupted many of snow from just blowing off the 
especially young members of the the state and collective farms, interminable fiat fields. Ponds 
Komsomol youth orgainsation. maize turned out to be climatic- have also been constructed to 
left from towns and cities allv unsuitable, machinery out- trap melting snow water 
throughout the long-settled put fell sharply and over- Without the snow which blows 
Western part of the Soviet Union ambitious plans for msme j„ froni Siberia lo the north the 
and were seen off on their flag fertiliser production remained wbole slepp area Would h .„ a 
and slogan tedected jouraey like pi^in-the-sky desert. Th sniw pi ouqhin . tcch _ 

soldiers setting off for tim front . This meant nj que ensures th3t erTouqh snow 

It was all part of Mr. Khrush- increase m production from more is keot 0 th ld , ...*_> 

lev's decision to solve Russia's intensive cultivation of the moisSfra? in an area where 

chronic agricultural problems established agricultural areas tSSSS SfiaESi varies from a 
and “catch up with America.” failed to materialise. At. the sSo ^ mm to a bSely 

Today the camp sites In which same time the task of organising SU flR P ip nf •mq min ' 

the pioneers sweated out the the Virgin Lauds proved far 
short hot summers and froze more difficult than expected and 

through tbe long hard winters imposed a huge strain on the Plenty of SDI*in? 
have been replaced by agro-towns already over-extended transport, J r 6 

like Tselinograd and Kustenai agricultural machinery and other rain 
and large straggling villages of supplier industries. 

little brick bungalows, mud roads Fortunately for Leonid When Mr. Bob Bergland. U.S. 

and fenced in gardens. . Brezhnev, the ambitious young Secretary for Agriculture, visited 

In a good year tike 1976 the party man who was second and the area last year, he told farui- 
25m hectares under grain in the then first party secretary in Alma ing experts that in the U.S. they 
Virgin Lands are capable of Ata, the capital of Khazakstan did not consider cultivating non- 
producing nearly 30m tons of from 1956 to 1958, the full extent irrigated land unless the rainfall 
mainly good quality hard wheat of the badly thought out and was above 400 mm. 
specially bred for the short grow- over-ambitious plans to create a' In 1976 the Virgin Lands 
ing season and uncertain rainfall, new granary almost overnight received an average or 245 mm 
In 1972. a good harvest in the became clear only after he of rain and yields ranged up to 
Virgin Lands alone staved off an moved on to new responsibilities. 20 centners per hectare in the 
agricultural disaster when crops At first the original reserves best areas. In 1975 average rain- 
failed in the traditional granaries of fertility in the virgin soil and fall was only 219 min and 
of the Russian Federation and favourable weather conditions averace yields fell dramatically 
tbe Ukraine. ensured some good harvests to 10.9 centners. 

, although their . net value was When I visited collective and 

Maine wand severely reduced by the shortage state farms in the Kustenai area 

® of storage and transport facilities, of north western Kazakhstan 

failure 11 waS no1 ,on & however, area, however, farm managers 

before much of the stored up told me that yields in 1975 were 
Adding a third major grain fertility was exhausted and as low as 4.6 centners on their 
area has provided a new element large areas were badly affected farms. Only a rapid decision to 
of insurance against major crop by wind erosion which threatened plough up the withered crops 
fluctuations (although all three to create dustbowl conditions and re-seed with grass and 
areas failed simultaneously in over wide areas, fodder — plus massive deliveries 

19751 and the Virgin Lands have. of grain and fodder from the 

now become a vital and stable . stale— permitted them to survive 

pan of the drive to produce more “lOUffuing without slaughtering their meat, 

grain and meat . dairy, poultry and pig stock. 

But this was not the role techllJQQeS Th ' 5 >' ear - however, there has 

originally conceived for the ^ ^ . . , . been plenty of spring rain and 

Virgin Lands. As historians Roy Coping with these problems standing in the middle of wheat- 

and Zhores Medvedev make clear and consolidating agriculture in fields which stretch hundreds of 
in their recent history of t * ie " ir 8i° Lands has taken two miles north into Siberia and 
Khruschev's wars in power, the decades of research and massive south to the limits of the Khazak 
original strategy was for cultlva- investment in techniques, desert it is hard to imagine that 
tion of the Virgin Lands as a machinery and infrastructure of 25 years ago this was virgin 
short-term crash programme. all kinds. steppe peopled only by nomad 

It was conceived as a quick Most of the theoretical work shepherds and the first colonies 
and relatively cheap and spec- on seed selection . and tackling of Volga Germans, Crimean 
tacular wav of raising the over- the twin problems of controlling Tartars and other national 
all output 'of Soviet agriculture erosion and retaining moisture minorities forcibly re-settled 
while tbe whole agricultural has been undertaken by tbe here by Stalin. 


iei Jn. f 

lor a 




£ £ 

1-72.B' 6715-30 -3? -5 
6710-15 27-5 




4- or 




' '£ 


• £ 


Cash . — 

739-. 5 




5 month*. 










733.5-4 + 1-5 

75E. 5-5.6 

+ 53 

3 month... 



747 A 8.5 




+ 1J 


L'.S. rtmt. 


6MB '.I 

im SS.S. mrec months C7«. 48.5. Kerb: F" h "' v ", 

Wirebars. ■ttree months £755. S5J. 58. £ “W- 
Afternoon: Wirebars. cash r«0. three Sf u ' ,n, rH ..TiootS, 
months . ITS* 5S.5. 55. Cathodes, ; tbreo Straits E.J 151798 K58 — 

ft- or) p.ra', 

— OnofficlRlI 


■o icic \rCT i 1 c army had b«o set A to maintain law.,— 

DA3E JWCA/UjiJ and order promotes a f urther rise in T , w 

COPPER— Rimer otr the London Mrtat afier -hoars ondlnc* , yrtth_forwart metal 1_ 

Exchange. Forward metal rose to £758 ]»$"« * ra7 - M - TurDDVer HIi?h Grade £ 

to p,n, n» ixxu u 6,16 F"i - 


M Kind volume saw support In the lows CfW A RT? A XT MT7 if lirions 3Mb 73’s 3.00: Spanish: Now crop 

which rallied tbe marfcei to dose 3 p OUL ADull't JvIEAIj 0,14-0.15: Italian: Per pound Rome Seamy 

lower to COp up. Barlcr opened 25 p The market opened steady in ihin °- 1B: s - African: Granny Smith 10.00. 

lower and in active trading rallied on volume 'J»ng whig larger than expected P«r»— French: Guyot 38-lb box 3.80: 

coed support W dose 35-45 up. Aeli weekly tJS. soyabean Inspections for ex- Pound Italian: Cuyof 0.1M.18. 
reported. non. Values remained within a narrow kiDlims 1J0: French: Williams 38-lb 4.80. 

trading- range and closed with gains ol JJaaehaa -Italiati: H trays 3.30-3.70: 


Price per tonne unless otherwise stated 


i — 72_b| 6716-30 -37.5 
!-7 s| 6680-90—40 JI'oUil 

^ 57 ‘ c » u,0d0B ' ■ three Murdnir Standard, three months £84HW, 
moaUa SO. w . 63. 60. 85, 75. SO. 70. Kerb: ijJv 

Tin Tfirirr fall In" me Sundard, three months Efl.ffiO. Afterroon; — - __ 

Pmms mufeet ww fo^rard standard W ,?L 0 “ Uui “■ »«hws* done: Whom-Scpt. June 

iSriMI bwr « rs^^wd^UM Kerb: sunllafd - ttepe mm ** “• 8w - NOV. 85.40-84.60. Jan. 88J087.5S. March .Vu^irt i 

^ However, in the artehSS LEAD— Lower. Forward metal "» «»»»«■» S "L^ **■ 

smno good U.S. and European physical from £331 lo £335 on The pre- market. In- 77.80-T^ia, Nov. 801-19.55. 




BARLEY 3 °p- 3NW Crtmmodiiles reported. 

pTeftenlaj’ri-l- or ,Xvstonlay'» +«r 
l-line — rlost- — 



+ OJO; 
i+O JH 
!+ 0.15; 









+ or 



L>n.-emL<er — 


\|-nl — — .... 
•liing^>..., M 




+ 0.90 
+ 0.25 
+ OJ5 






ahead In the aRernoou - to reach X7B&3 £6,883 on the bite kerb, 
no the hue kerb. Nows that Use Peruvian tnnnos. 


I.G. Index Limited 01-351 3466. - Three month Copper 753.6-759.9 
29 lamont Road, London SWl04)HS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 

Turnover .715 However, stale buU liquidation touched 8S.0Wj7.50. Sales: 25t 

. ' off some nop-luss selling: around the HGCA — l+icanoc cx-Iam spot prices for 

£331-£330 level but this was well Ansnst 52: Feed wheat: NE England 
absorbed by fresh buying and trade sno- £50.00. Bcrts/Oxon £78.13. Other mnuan 
port Tbraughout the afiernoon tbe price wheat: Berks/ Ox on JSfiJl Feed barley; 
remained steady and was finally £33l on NB England £73.00, Berks/ Ox on £73.00. 
the late kerb. Turnover MTS totmes. The UK monetary co-efficient tor the ^ 






526.5-.75— 4.37 


3 months . 








DA Spor. 






At the Annual General Meeting of the Dreyfus Intercontinental; 
Investment Fund N.V., held in Curacao on June 26, 1978, the ; 
Shareholders of the Fund, actingjjpon the recommendatloivof . 
the Fund's Board of Directors, declared a dividend of $0.08 
(U.S.) per share to Shareholders of record on July 21. 1978. 
This dividend is payable on July 25, 1978 to holders of bearer^ 
shares upon surrender of Dividend Coupon No. 8 as attached 1 * 
to the share certificate, to one of the offices of the paying • 
banks listed below. This distribution is being made from net 
Investment income. 

Morgan Grenfell & Co. Limited 
23 Great Winchester Street, . . 
London EC2P2AX. 


Banque Internationale a 


2. Boulevard Royal 



Deutsche Bank AG 
Grosse Galiusstr. 10-14 
6 Frankfurt/Mafn 
West Germany 

Montreal Trust Company 
15, King Street West, 
Toronto, Ontario, 

Dividends payable on shares held In a Dreyfus Intercontinental 
Voluntary Account will 'either be paid directly to the Account 
holder or automatically reinvested, depending upon the 
election made by the Account holder when his Account was 

Reports are available at the offices of the above-mentioned 
paying banks or at - 

Dreyfus GmbH, 

MaxImtUansfr. 24, 8 Munich 22, Germany. 

French: 1.7D-5.M. Crapes— Per pound 

Cyprus: Cardinal 0.30. Sultana 0.20. 

Thompson 0 3S. Rosakrf n.35, Alphonse 0.30: 

Crettan: Sultana 20-lb 3.40: inUan: Metals 
Repina 5 kilos 2.00-3.00. Fftmu— Cali- Aluminium... ........ 

fnrnlan: 5S-lb Castle man per notmd 0.6B: Free market (crti. 

Italian: Per pound Stanley DJO, Giant Copper uub W.UnrlC 
Prunes— Italian: Per pound 0.15. Bananas 3 mnntbi do. doJCTSS 

—Jamaican: Per pound 015. Avocados— Cash Cat bori^.„ k7 33 

Kenya: Fuerte 14/24 ’s 3.50: S. African: 3 month* do- do.ii.-7d 8 

Fuerte 350. Capsicums — Dtnch: Per 5 QoM ~.Troy 

kflos 2J8. Onions— Spanish: 2.80-3.20; L red ca«h. 

Dutch: 2.80. Tomatoes — Guernsey: 2.20: 3 raontbs IjMiO- 

Jersey: Lffl. Melons— Spanish: Yellow Xfekel ( ; 

«A14 S. 80-3.00. Wnter-metona— Greek: 4-00- Free Markei^rff)(ih)|s 1.77 
5.W. i T 90 

English produce: Potatoes— Per 25 kilos 
OJO-IJZO. Lettoee— Per 12 0.80. Cos t .20. I 

, . Webbs D.S0. Rhubarb— Per ponnd.' outdoor t^troam troy os.. 212A.5 

LONDON DAILY PRICE (raw sugar) o.D5. Cocnmbers— Par tray 12/24's 1^8- Free Market. £138.25 

£9i t samo a tonne a/ far shipment. 2-20. Mushrooms— Per poond OiO-OJO. Quk&silv® (7BIb.)iS 1 

wniio sugar dally price was fixed at Apples— Per * “ 

Ana. 12|-f-or| Aloni li 
197 o I — i a^j-i 




Sales: 33 (73) lots of 100 tonnes. 


+ 13.0 F 1045/55 
j- 4. 75 £710.5 

+ 5.5 :£7G6.75 
+ 4.75X728.25 
+ 1.00 S1S4.575 
-4.825 £507.875 
1.125 £317.575 


pound Grenadier 0.03-0.04. silver tmy oz. Z82.4b[i I + 1.8 

Lord Derby 0.08, George Cave 0.10-0.12, SmonUis...^. I289,05f; + 1.65| 


Official — 

weeir begWuny August 28 is expected to 8tdet trading ronditions sains of Brantley 0.10-0.12. Discovery 0.13-020. Tin C**h.. 

283.3 p 

>£6.7E2A —57.5 £6.435 


l+cw remain unebamted. ” rt.50 wae recorded belore profU-iaKtng Tomatoes— Per 12-R) English 1^0-2.00. .3 mnnihr M ....l£6,685 '—40.djfi6.565 

— IMPORTED — Wheat: CWBS No. One cased prices at tW close. C. Czarnfltow Cabbaaeo— Per crate 0.70. Cel cry— Per TujiK»ien_U)_...—,6l34.5a ' ' 

TO per cent. Sept. £9830. Tib am repored- 

-4-62 cent. Sept- £78.75. Oct. £8625. tranship- 
-4.12 mem East Coast. 

Hate: UJJ ./French, Sept. HD0. tran- 

shipment East Coast: S. African White 

Sept ./Oct. 

YeUw % Sep5o« , IM 1 Ia m^ow S ' 

Clonvte £330, 28, 30, 30.5, g, SU>, 31, — 

l-Sl-5. Kerb: Three months £J3S, 32J, 

Afternoon: Three months 1331, 31A ai. sent,. Oct amt Nov 
30.5. SO. Kerb: Three months ms. 3L taidcaS: ’ 

sumu 1 











^bican £ per tonne __ 

Oct. — 1 S2.10-9SL2UI 90. 75-88 A5, 97.50-S0.25 Swofe^-Ptr ” 2&-Ib O^TO-O.M. 

head O.U9-&.19. CaOimnrars— Per 12 Woliram ZaXAbeJfjS 137)41 

Lincoln 120-150. Broad Beans— Per pound Zlnccub i£3l4.5 

0.05. Runnw Beans— Per pound Stick 0.13- 3 months >£S28 . 5 

0.18. Ground 0.0841.08. Peas— Per ponnd Producers ._JsEZ5 

0.03-0.06. Beetroot— Per 28-lb 0.7MA1. 

Carrots— Per 23-lb O.BWI^O. Capsicums— j5S_ lrf _ rPhiU i 

Per pound 820. Courgettes— Per pound 
0.07-0. 08. Onions— Per bag 


Linweetl Crude (vj..)£336 
, S605r 

Ohio Philli 

uiip flL _ 

So^ahean (CjS_J....|#262r j 18259 

«rr pt'unu r . - 

1.00-1 .SO. t-iwun.lnui. 

at. EEC IMPORT LEVIES: #op ■**! «.o«-w.*o swOOes— Ptr 28 -id u.ra-e.w. Turnips— wnwwi trude (v).. 

Awia a iTorteSU ifer “M'S Per 1.00. Plmns-Pcr pound Ijt- M.1ojm.__. 

31. Oct. andNov^renrfumZ' ^ ^ roh ' , SPSS’S 2-I5' i,7 - 9a . W - 7& ' 37 - 26 n>“* 0"®- 0ff7 - Czars °- 07 - 0ulaBls 

ZINC— Barely changed and Influenced ° L ' 1 5fl 8-5»m®107JH-07'40(17l00 ’ 

by the trend in copper. Initially forward 5?*-. !»•*•. — 11SAO-lE.tofni.00-1l.25 1245 

metal race to £324 but values then dipped “> ^esi nil f L-s-11. rest ml *- . — 

wlih tbe price falhns back to £3l9ii toWHSta, rest nfl (64-31. rest nil i. S-t!? 2 * n T 5 ® 1 ^ Kwnes. 

btfnre recovering lo close nn the lam Bayley— ffi5L rest nU tSSAS. rest nm. ea-rofinery pric* lor 

kerb at £323.5. Turnover 1325 tonnes. Oatt— 71.74. rest nil (125.11. rest nn». W J U1 * “Wr was £264J» 

— “ ,, ■ _ Maim t other than hybrid for seeding)- ' s ??»> * wane for home trade and 

■” “ 7iW - lMJl - "«>■ nil. f ” wait 

LmnnctalJ — BucfcwtwK— AO nil (8234. Test nllt. '"tenaWoaal Soar AsreemcMi U.S. 

— MUlci— 32.87. rest Oil in.74. rest nil-. nound fob and stowed 

■*«.« ! * L GrsdP sorghom— 78.T8. rest nil i75.JV. resi Pncca for Alls. 21— Dally 

11^1 j^j- 5 nilt. Flo or levies. Wheat or mixed wheat ,w u -®»> l»day average 7.03 (7.01 1. 


I — 1-5 



1—1.0 K3 19.875 

1-5,0 1 3650 
+ 18.0 6565 


+5.0 S450 


cash. | 

i months.. 
STment. - 
Prim, wad 



r-i ; 



314-.5 I — 3 
S22-.5 i-B 
314.0 J — 3 

29.31 |"'Z 

mlt. Fla or levies. Wheat or mixed wheat 
and rye Reur*. 12733 vE»A3). Rse Oour: 
128.06 029.86). 

Mornins: cash £3143. three months 
S321, *213, 22A 22, 22.3. Kerb: Three 
mnoths £333. AKernoon: Cash £315. three 
months £323. 2J-5. Kerb: Three months 

ttUk.a SL5. 

“Ceuta per pound, t On previous 
official dose, t lu per plcuL 


silver was fixed i.Sd and tmoce hisber 
it spot delivery In the London tmlbon 
market renerday. at 283.4P UA cent equl- 



(Penai per Kilo) 

Grains 1 

Barley SEC I • 

Home Future#.... £80.1 

Maize 1 

French Xo. 3 Am £100 

ho. 1 Bed 3prlnx £90.5 
Xo. 2 Hard Winter. 
English MUlUiRi £89.5 

! ( 

I + a 55X82.45 

1-0.5 j£108 
—0.5 X91.75 

1 £91.35 

six -month 567 Jc, up 3.1c; and 12-momh wpwmber 
500c. up 4Jc. The metal opened at 281- 

255 tMMtsji and closed at 2 S»-»lp Sales: 2.316 tasil lots of 5 tmaws. 


Its tenia .p's : 

CbK i-fot Suuocn 

£ per tonne • 1 

rtoptemiaer - 

1528-30 +5SL5:i540 V4M 
1391-93 -+40J) 1 1405- USD 
132122 +48^:X4t8 128S 

Mav. ~Z 

123 - 34 +33.0 1245-1226 


September .. 

1206-09 +37.5! 1215 MBs 
U9J-98 +5SJ)j 1190-1 1BD 

.lustra) Ixn 

reateidy's-f- or 
Clow | — 




258.0-42.8 1 ._... 

ric--embcr ._ 

24&JM4.0 : 


24UM6JJ • ...... 

)l*r ...7, 

2+4.0-47 J1 1 


S46.0-5BJI 1 

i tciohar„._ 

December ^ 

M8J-52J1 j 



CHICAGO. August 22. 

The Chicago Mercantile Ex- - . 

change will waive clearing fees j^mScanS 

from September 1 to November Coffee Future. ; , 

30. president Clayton Yeatter Kw ^,^1,392 l-40.o£L.O92 

said hero Conun'A , Index....43.7.- : |70.65c 

5 “Because of the ezebange's ££«£ 

excellent financial performance, Wgjtog; Mn itikj.^.ja78p = !283 P 

1978 income has exceeded tar- -womii,,,. TN ^ : uoouuren 

geted levels enough to cover pro- m June- a ub. n juiv-Aem. os*pi. ror* 
iected expenses for the three- * swtMim. . a Auau-srpt. » Per n». 
month period.” he said. T " V,,CB,A ‘ °™*- 

Tbe CMfE and Its divisions, the 
International Monetary Market 



troy h. 


3 months.. 

SVDNBY greasy iin order biycr. Market posted record trading 
«J, i,2r «J?!? fa S? s * “lest— Micron Contract: volumes so far this year. Total 

Si Mi volume for the first seven months 

ICO Indicator prices fur August zt (U.S. 383-6-RBL6. 3: Mar «bsi 286 d ses. 6-366.9, Of 1978 reached 8.152,036 con- 
cents, per Pounds: ColombUm Mild 2: July 370, 371-0, tatraded;' OH. 371.0, tracts. 

+ W Afiahicas 1SL08 (lllJll. Unwashed 313-5. ■873.0, tjjA 'ti Dec. JfLL 377 .0! mlmn« nf TIlTIiM? 

Arab leas uuo <iS3Jto>: other mild umraded. Total sales' 11 volume ot ‘,oio l 4.a(. 

Aratecas I45Jo (ljJ.Bflj: Robust as ICA NEW ZEALAND CROSSBREDS: Dec. ^ eu f er 

surpassing 1977*8 yearly 

S88.4n 1+1.8) 880.C 
889.05c, 287.2 
296.95p .+1.S6: — 

1970 134.00 (133.00]: Robcstas ICA USi IS1.M93JI, .iuuraded, March 1S2 3-lffi o' 
154J23 (I3a2Ui- Dafij average 140.23 umraded. May 1B3.O-183 0, umraded: July 
. 1! Oa. 138.0-iss.fl, Utt- 

ARAB! CAS order buyer, selkr. bust- iraded, Dec. 188,0-188.0, uniratk-d Sales: 

urss. salesi: Abb. IW.OMSa.OO. 174.UU- ml. . 1 

170.00. fl: Oct 157.03- 17!. M. iro.on. 2: 

13n»ntha.ai2.53pM.W — 

- LME— Turnover 138 (105) lnu"uf‘ 18,00(1 Pwl I M-OB, 160.W . palraded; Feb. wvj.rr. (v/rrirT: r»T rf 

>■ Mnrnins: Cash ?K.5i three tnornhs ^ UBtradcd. April, Joac, Antf. ur.- JHJtiAT/ VEGETABLES 
MB, -ft 89,1. KWM: Three mouths 0““^- SMtTHCB.V. ,_Z . _ . 

Japan reaps 
grain crops 

COCOA suMTLY easier opening on the ^ * dre ' TOKYO, August 22. 

Pries* moved ahead through the day market. Good demand Vnal:' English fats' 64.0 to 7H9. Dutch JAPAN HAS harvested 5SS.900 

s consumer interest re-emerged at tin throughout, tbe day, closing ofl a Ann note, hinds 

2392, 89.1. Afternoon: Three nnoihs 
587.9. 87 J. 57 j. Kerbs: Three months 
287 JJ. 74, 7J. 


lpcnco pound>— BecT: 

skits 34,8 10 38.0. English 
butaouartw* 86 ji to 67.0. Ulster bind- 
5M to te.0. forequarter? 33.0 in 
.. MMwartere 08.0 to 88J. fore- 

the quartern 3541 i Q 38.5. 

®*f .ouds 8LD to 87.0. 

lower level, can and Doffw reported. Leads and Peg trpontd a Mal arsian jaagiMi smah 58.0 to k.o. Zifa’ h«tt ctthT 

■■ _»• vrr- WmHnrg* Bndiwm pnee of 241 <242) cents (buyer, medium 53.9 in sga Hg^yv 52 8 to 113 Since +?j-i IDE 

|Yurterda>*-f-or Bwdncn c«h* S J* “I? “ *gA APrienItiiris MinistPr h»>ro 

tonnes of wheat, barley and rye 




2 Si Greenwich H«h Road, 


■ Deposit Rato 8.45?*. Share Aocotmla 
*n 0 "„ ftub'pa. Shares 7.55%, Ttrot 
Shares 2 m- 3** above share ran 1 . 
2 pro. ri above share rate. Interest 
n aif Quarterly 00 shaica'icnn Shares-- 
Monthly Income shares &N1*. 


CBL495B33U ^ „ . 

15.17 Chlswlt* niifh Road, 
London W* 2NG. 

ggSi fS7VLf ibuc 



— I Dan® 

Sft.6CootrV 1 

dflpt. JI774.B 7BJ '+1845 177SABL0 

Dan. Zh7K-0-8a.O j+ 19.5 176B4-H.0 

JUreh. ! IDB iMaO 1+ 16.5 D48.b4La 

1 1*5 

July.. 1718.0-29.0 I+10.B171SJI 

reps. llBrt. 0-1780 !-r!L5 — 

Dre...._ 1674.0- 60.0 7 + O.f 


So. I 

financial times 

Auu. 21 14ui>, 18 |.U»iiiii -lail'Vrer na>i 

34B.6fl' 2tt7.0tt S3 1.85 1 238.61 
(Base: Julr 1- issa=lKS> 


Awl. 22 ) Aug, Sljthrfii li ai-nj Xew aj:*i 
7A40.l!l46A.b!l41I.l I 1481.7 

(Base: Seotomber 18. 1931=100) 




A "t. 


An-*. - .MonLli [" i’rai 

is • -vj" ' uf' 

'1*8 .... 



(Average 192+25^6=100)' 



Auu- Auc- llumb 
21 13 afio j 


■*ihb Uommtr 

932.8 B3&.5I9 10.9' 


Copper falls, 

Bosmeaa JYmerrixjr^' Picnmw 

rioae ! CImo I Clow 

ES-lff-yi r., M.tM6.70 

Oct.-...: &u.tiB-50JB5 67.40 S/.ft 68-50 
Oct- Dec 53.1^6B.30 &«.l&-£8.26' b9.25-5B.J5 

Sales: 1JC0 HJ3D luu 
ltutrsattanal Cacaa Onnnlaathm 
rents per pound)— Daily Price 
148 .Si ti5L8i>. wdleaur prices 
)May avenue tsajs usahoi: 32-day 

average jaoflo iiso.ssi. 

Sales: 71 lots nf five tomes. 24" ilSU 

GRAINS lots of 15 atones. 

Ftssataai taoaha prices 
LONDON FUTURES (GAFTAV— The Spot 37.75 1 58.75 1; SepL 

market opened 3>4D lower on wheat and OcL SflJp (SMt. 

scotch medten «.o‘ loi S8.o. heavy sis Agriculture Minister said here. 

*® frozen nx. Pt 53.0 to The crop was sharply up on 

5 ^deT I 1oo , -i 0 b B “^Sn ^ 3S3iW0 tomies harvested - * 

44.0. Z.'ZSl jJs last year, and compares with F ttH-suppiy ima demumf 

26.0 to <141. . 684 700 tonnes in 1B7° mod- Price* at .ship's side (unprocessed 1 

Cnwwt Vcune b«l each 178 0 10 iSnT ver »nms Shall red U.M-SSM. redlinss 

if 30. Old. feSfaaotafins ' . 197S CI ? P ^ £2a h OM - Mufiio m haddock C.S0-I4.30. 

COVERT SStDEN (prices In strrllna 224,100 tonnes of wheat 37j300 small 0-70-0.48. Urev plaice £4^0-15.30. 
per aadnee accept where stated)— tonnes of six-row barley, 227,300 ^ ^dmSj 

£430 i medium; 

_ _ and ship- 

tf ^ increase in pliited Sa’ to fro! “oS 

8iJffl a LaS» s «ft 4 ?!Ui“SSE. % hec ^ res “fl a Govern- W. F. Taifitialls^ranwf. Small pu?Sa&. 

tne Or Middle Eastern srouths accounted 
for most of the turnover. Occasional 
support is other Dualities resulted trout 
U» activities of spinners. 

ibuserei^re: ‘ t0 “R*?** 8 

5 9.2. t p (ai.ii)l 3,8flr Ja mai.-an - 27/64 2.70-L30. P^OdUCtlOll by giving SUbSidlSS. 

— .. nun « n . -i/M, r 

Ai*™*— Erentib; jfew crop Golden De- Reuter 

metals mixed 

COPPER EASED an speculative inunda- 
tion. Precious metal flnished mixed in 
qulut conditions after initially opening 
stetrpir lower. Coffee dosed lower on 
Commission Rouse selling on repons of 
Brazilian reeisrrjtlon openings while 
Sugar ended slightly higher on speculative 
•dion-coi-enng and industrial price fixinx. 
Corea firmed oo speculative buying and 
trade arbitrage buying- Baebe reports. 

Cocoa— Sept. 150.90 tISl.lHti. Dec. t4S.<M 
n«7 7Si. March 145.20. Mas 142.85. July 
14D.10. Scpf. ias.05. Dec. 135 45. Sales: 
1.541 lots 

Coffee—" C " Coniracr- Sept. 144.50- 
144 75 1152.501. Dec. 134.10-134 50 (138.50), 
March 128 35-728.50, Mav 123 25-123.58. July 
1 IS .50.122. (». Sept. 1 IS. 00 120. 00. Dec. 17.00- 
119 W Sales: 1,015 lots. 

Copper— AUK 04.13 184.45'. Sept. M 25 
>B4.55i, Her. 84 75. Dec 65 0a. -fan. 66.35, 
Man* 07 30. May July csss. Sept. 
89.60, Dec. 70.30. Jan. 70.70, March 7125. 
May 71 95. Sal>*s: 3.4nn mty. 

Cotton— Wn 2- OH 1 62.701. Dec. 

64.00414.10 184.041. March 05 RMS.90. May 

68.70. July 67. 0887.65. Ofl. 83.20 bid. Dec. 
65.3885 60 Sal»B- SOSO lots. 

Cold— Aug. 206 00 1200.00). Sept. 20S20 
f208 50). Oct. 209.70. Dec. 212 70. Feb. 

215.70. April 71 S 50. June 222 no. Any. 
225.30 flct. 231 SO, Dec 232.38. Feb. 225 JW. 
April 239 30. June 242 SO. Sales: 19.200 lots. 

tLard— Chicaeo loose 25 00 (not avail- 
able). NY prime steam 28.5o non). (26.00 
traded » 

tMaize— SePt. 524* -223! 12231). Dec. 22S- 
5291 I25!>i. March 236+5301 May 2421, July 
2441. Sept. 5461. 

IPlMlH ii m- 'Oct. 360.00 (260. ioi. Jan. 

568.10 (271.80'. Apnl 2n.0fl. July 272 JO. 
Oct. 273 10. Jan. 279.M. -April 282.10. Soles: 

.002 lots. 

1 Silv e r -A I1B. 540.00 327.50'. Septj 

541.18 I53SO0). Oct. 545.20. Dec. 353.20, 
Jan 657.00. Starch 565^0. May S73 60. July 
582,20. Sept. 591 IKI. Dm, 604.60. Jan. 
«S10. March Rlfi 40. Mav 857.711. Sales: Hardy and Harman spot 537.78 

Soyabeans— A us. 665* -6*6 (657}). Sept. 
«7l^«. 1644ii. NOV 637-636. Jan. 9431-644. 
March 851. May 8544-654. July 6556S5*. 
Aus. 6531 

Soyabean Oil— Au*. 26. 40-26 35 (26.20), 
Sept. 55JSa-23 41l (25.86) Ofil. 24.60^4.40. 
1>C. 13.70-23.65. Jan. 23 45. March 23.28. 
May Min-2315. July 25 A0. Aue. 22 60. 

I'Soyabean Meal— Aus 160.00 (169.20). 
Sew. 168.20-167.80 116820). Ort. 168.51V. 
168 JO. Dec. 169.00-189 60. Jan. 170 00-170. 50, 
March 173 00-172 00. May 173.S0-IT3.20. July 
74.3-174.00. Ana. 1 75. «M 78.00. 

Sugar— No. U: Sew. 63M.92 (*.9l). OcL 
9«D6 Itffii. Jan. 7 J0-7 .58. March 756- 
57. May 7.89-7-71. July 7.S9. Sew. S.ns. 
(let. 8 13-819. Jan. 5JD^.60. Sales: 2.500 

Tin — 595.00-610.iKI nom. r ECO. 00-61 0.00 
nom l, 

“Wbaai— fieot. M4‘-il24 tOIB; 1 . Dec. 2219* 
3211 March 2101. May 317-316. July 

307. Sept. 511 unbelt. 

WINNIPEG. Atm list 2:— ft Rye — 'M. 
91.60 (92.30). Nnv. 9i£n avbed (94.00 
ashed)- Dec. 0O.M. May 94+0 asked. July 

ttoats-Oct. 7?.40 (72.101. Dee. 57.40 
ashed (7S20 osbL-di, March 71.30 asbed, 
May 71 JO asked. July 71.30 tium. 

ttBorlcv — Oct. 7150 (78.50 bid). Dec. 
75.00 bid (71 J0 ashed), March 72.30 ashed. 
May 72 JO asked. July 75.40 pom. 

KBaxseed— Oct. 244 JO bid i248.50). Nov. 
243J0 bid (S48.00 askedi. Dec- 244-M bid. 
May 246 so asked. July 251 00. 

PWiwair-SCWfts isj per cent protein 
renient elf St. Lawrence 165.95 (168 57). 

AD cent* per pound es-vran-hotse 
unless otherwise Mated. * 98 per Cnjjr 
ounce— 100 onnec U»>b t Chicaco lousp 
9t per 100 lbs— Depi. at Ap. prices pre- 
vions day. Prune steam lob. NY bafle 
tank cars. * Cen:s per 56 lb bushel ex- 
warehouse. i.flttfl bushel tots. 6 Sb Bee 
■ray ounce for 58 o* unlta of W9 per 
rem parity delivered NY. 5 Cans per 
troy ounce p*-war<?howw. || New “B” 
contract lo St i short ton for bulk lota 
ol 100 sbort tons delivered r.o.b. cars 
CblcacD. Toledo. St. Louis and Alton. 
“Cenrs per *3 lb bushel ra store, 
tt Ccpis per 24 lb buslwL M Cents per 
48 lb bushel ex- warehouse. 5$ Cents per 
56 lb bushel ex-warehouse. 1,000 bushel 
lota, £5 fC per tonne. 


Financial Times Wednesday im. 

Institutional and public buying push equities to 
ten-month high— Gilt-edged also manage to improve 

Account Dealing Dates 

and put on 7 further to 197p, tomorrow's first-half figures* atlrarted renewed demand and ** araTTiiter OatsTlS easier at 625p! 

while Cartiers attracted occa- House or Fraser put on 4 to 174p, dosed 7 better at 263p for a two- continued firmly m ttie vrnke of ana i 

sional support at 79p. up 3. after 173p. Elsewhere. Bourne and day improvement of. 18. Gamsof reports of buoyant H. Golds rally . 

•First Declare- Last Account sional support at 79p up 3. after 175p. Elsewhere, Bourne and day improvement of .18. Gams oi reports^ot ouoyant iraum^ UOldb RU1J hll lliBn 

npalinirc Hnns Hrallim Raw Disappointing first-half profits Hollingsworth edged forward 3 8 were seen in J. Sainsbury, 235p, stood out at “ f P' ^P The S1.00 rally in the bullion 

SS!Ttt?17 5S.W aSso and a sharp reaction iTthe JSTtoMft Si on hopes of and X Blbby t ^ . Newspaperaroc^wmei^ price w $206,625 Pjjwg 

. to Aug. M3 rnrrpnrv nrarntnin aariir hu nowe mH ttni ami Snn ment demand lifted Rownlree ful gains, with, Thomson note- -—.-eiprf rhc recent decline in 

*-«BrUw" duinu may aka place “ 
from 9 jo a.m. mo business days earlier, dard Chartereu, on 

the other sion plans helped Alfred Preedy 93p {Mowing acquisition news. ___ . ha to 1S2.4. 

following to out on 6 to Kip. Buying ahead Meat Trade Suppliers dosed firmly Business m Gold 

i . ■ . _ <■ ..i i r^. j,u> nn at Kin im s on rriw oHniit the Property sector than of late. .... «>■« on a sm 

lids With the 
recovering 2.7 

Despite the absence of any new hand, rose 12 to 442p following to put on 6 to 85p. Buying ahead «eat Trade suppum dosed firnuy 
background influences, the news of the * Pfr cent reduction of the interim results due on 31 “5 

Business in Gold shares, how- 
ever, was on a small scale- An 

oacRgrouna influences. the news oi me i i vent reaucaan oi me uuerm re>uiis vuc - i- pmu nunTnont on the . . t morion 

broadenine advance in Muitv In the South Africsn bank rate. August 31 left Church up 7 prelimiiarj figures.. Hotels frmrii mtoroat initial mark up brpuffli 

made 35. SS^wWk. K. Casket closed a Caterers _ edged upwards with prices into line with overnight 

the real momentum, taking the 53p, after 54p. among Merchant proved 12 more to 160p._ B. Smiley moved up S to 27Sp and j?Jrf£SS # DufM a to £24} and 

FT Industrial ordinary share Banks where Guinness Jpeat rose Electricals finished with many Warnford 10 to 3fflp while *ains and Western Holdings 

index into new high ground for S to 25Sp and Schraders firmed firm spots. Wholesale Fittings of around 5 were marked against l?fmrpd a half-nolnt to £151 ana 

the last 10 months. Most sectors 10 to 430p. continued firmly, nsrng another tos a good tanwnd. .The higher Bor keleT Hamhro,mp Dlejan, {SBf2Si!rS& 

of the market shared In the move- Unsettled recently on concern 14 to 226 p. while s™?!] baying in annual ^profltsamd proposed 200 | 19 p Regional “A." 76p. West- ed ^"iss ues attracted 

ment with stock shortage being about the effects a depreciating restricted markets left United 5}^. „„ s « p £! SU v*b„ p «-hiie minster improved 2} to 21p on pond sunoort with rises of 

responsible for many of the larger dollar will have on their U& Scientific 17 better at 3«p and Mm SwStV^jSSt newTi that preSlnLy ne|>to gjSeen MComnSn to 

gains. ear ning Insurance Brokers Electroeomponent* IS to the good renewed support ta a market . »r*» tnlrinn nltpd with nwarH nr ... Kfn TVwii-nrnnteln 3R1n 

£15} and 

gains. earnings, Insurance Brokers Electroeomponent* 

Gilt-edged securities also ex- regained composure and dosed 

peri e need steadier conditions, firmer throughouL Ahead of 

mainly thr»i(fgh a tendency ro tomorrow's interim results, 
close recent bear positions. Sedgwick Forbes put on IS to 
Bu si ness- in all maturities was 475p, while Matthews Wrightson 
moderate and generally confined added 5 at 197p. Commercial 

to Vne early trading. Neverthe- Union rose 6 to 160p among firm 
jpss, the enhanced price level was Composites and Royal, 402p. and 
fully maintained in sparse deal- Sun Alliance, 594p, gained 7 and 
ings after the official close. S respectively. Elsewhere, Pearl 

Partly encouraged by the view advanced 10 to 270p. 
that the current upturn has not Breweries closed with wide- 
yet run its course, investment spread gains following a reason- 
demand reappeared for selected able trade. Guixuaes* moved up 
quality stocks of which sizeable 4 t0 167p while rises of 3 were 
amounts were just not available, recorded in Bass CbarrinKtoo, 

Although the leaders eased from» 18 g Pi ^ gonjer, 87p. Elsewhere, 
the best, selling on the whole was Distillers rose to a 1078 neak nf 
light and usually reflected small "wo b^fore ractina late and 
onM^inff^ e m 1 teke a a C nrofir 8 1116 c,osin 8 without alteration at the 
‘3i‘ the 201 p 

30-share Index stood 5.6 higher oUTtOn gOOQ 

at the II am calculation before Buying interest in the Building 
closing with a net gain of 4 sector broadened considerably 
points at 5232, its highest level and gains were fairly numerous, at 37Sp. Cublefo 
since October 21 of last year. Tarmac were good at 174p, up 6. broker's circular w 
Illustrating yesterday's increased while Blue Circle continued firmly to S4p, while new: 

vV*- 1 / t-V 

i 1 .1 

.-'-7 . 
•■X- •. _ 



II Op and Regional “A," 76p. West- Lower-priced issues atteacted 
minster Improved 2} to 2Ip on g 00 d suppon with rises of 
news that preliminary negotia- between 11 and 13 common to 
tions are taking place with regard Btvroor, 353p, Doornfonteln, 361p 
to a possible acquisition. and Venterspost, 238p. 

_ _ _ De Beers were a feature in 

Oils below best South African Financials; in 

anticipation of the half-year 
Oils enjoyed a reasonably lively result the share leaped to 456p 
day's trading but after an initial pr j or to closing 13 firmer on 
Surry prices tended to ease back balance at 453p following a per- 
and final quotations were below sistent and heavy American 
the best. British Petroleum im- demand. 

proved afresh to 910p before Among other South African 
settling at 90Sp for a rise of 4 Financials Anglo American rose 
on balance, while Shell ended S 6 to 35Sp and Anglo American 
to the good at 595p, after 600p. Investment Trust } to £47, both 

’Sff : f 8A i 3SS ; SSJSSL-lfflS i 
*-*H *” ! IffiftjSSSS :srg.^i 
«• u - ; g? I *SC > 3SS>i ss » ! 8SSK=! 

Gold Mine*.' 306-6 | ^ j jJSfcJB «L0 ! 


Outside the leaders, Slebens (UK) reflecUng tlmir respective hold- 
closed 5- lower at 3S4n. after ssiin. _ m ss_ m De Beers. . On the other 

closed 5 lower at 3S4p. after 3S0p. m “C neers. un toe otner 
following Press suggestions that 

Dome Petroleum's hid ror Slebens ConsoUdat * d Land 1 

(Canada! is unlikely to lead to 

tin- SSL^ London-registered Financials 
amoffer being made for Siebens were agaiT^ sustained by the 


Inches pe consolidated the pre- 

strength of UK equities. 

After being down heavily at the 

dealing dates 

First Last Last For 
Deal- Deal" Decl ara ’ SeUle- 
Ines ings don ment 
Ant 15 Aug. 29 Nov. 9 Nov. 21 
Aoa30 Sep- 11 Nov. 23 Dec. S 
Se^ 12 Sep- 25 Dec. 7 Dec, 19 
For rote indications see end oj 
Share In formation Service 
Stocks favoured for the call 
were ■ Thomson Organisation, 
British Land, Johnson Group, 
Coral Leisure, Burton Warrants, 

K. O. Boardman, Oliver 
Associated Eugineerinfcy'Aw. , 

strong Equipment, UBM,_ As*o»_' 
elated Leisure, C. R Industrials, :. 
WGI, Bunnah Oil, Otter Exidora-.. 
Hon and Town and Clty Fre- 
perties. Puts were '.-done . ta-- 
British Lhh!, Thorn Electrical 
and Consolidated Plantations, 
while doubles were arranged ^in . 
British Land, Slebens Oil (UK) ; 
and Consolidated PUatatfcmg 


Vious day’s rise of 7 w*h-a fresh G u^t ofl Sfig fa the 

improvement of 13 to 390p. 

Tnnuhniint 'pn.M. . ,,, fc trend in overnight Sydney and 

JtartS Melbourne markets, Australians 


activity, the number of bargains in anticipation of tomorrow’s half- siflcation into the electronics rose 20 to 48 Up ahead oi nest invest In Success rose a to li3p. Nevertheless, nrices remained 
marked rose to 5.727 as against yearly results and improved a industry put Ward and Gofatone Wednesday's ' Stores, Ocean Transport became the i Jer on ie day vSh d^?nd 

4,541 on Monday. similar amount to 303p Hopes 3 better at 97p. JRacal Electronics while L C Gas revived with a focal point of an otherwise little- 

A rally in British Funds owed that the company will benefit were supported at 344p, up 14. rise of 16 4o 394p. IOU 390p, Photo- changed Shipping sector, trading TtSfH.nwSi 

the Josses extending to J on Mon- D. Crouch. Paint shares came In fell away from an initial firm level Board via the Chinese _prwnpted cheaper at 110}p. 

Base-metal issues showed MEH 

was also small. Magnet and Southerns stood out op at 436p. Elsewhere, Victor man's favourable review and, 304p. Elsewhere, profit-taking lowered 

Arbitrage selling released by in Timbers with a g ain of 7 to Products added S to 210p on reflecting the return to the South Africans had contrasting Sabina 4 to 63p and Tanganyika 
activities in both Far Eastern 2l5n. Contracting issues continued s,„Hncr in antteinarinn of today’s dividend list and higher profits, movements in Greatennans A. 20 Concessions 5 to 173p. 

securities and South .African firmly, but tended to fade after annual results, while Adwest, still English and Overseas added 21 at — — 

Gold shares weighed on the in- an initial improvement on h id hopes gained 10 more at 33Jp, after 34tp. Rank Orgarusa- Af'TTVF' 

vestment currency market and IQ improved to a fresh peak ?9Sn Comment on the 43p per Uon * 12 lugher at 272p, led the JlvLIVo 

the premium reacted to 98! per for the year of 4I4p before s hare bid terms offered by the advance of the leaders with No. 

points lower at 99 1 per cent, the day. Elsewhere 
Yesterday’s SE conversion factor Fisons nut on 7 

cent before settling a net 2} settling at 4I2p for a rise of 2 on nrivatelv-owned Kave Or^anisa- MrtaI 801 clam* 10 better at Denomina- of Closing 

lints lower at 99 1 per cent, the day. Elsewhere in Chemicals, P,"J helrad Bonser to advance 3 376 P “d Beecham 7 up at 722p. Stock tion marks price (p) 

ssterday’s SE conversion factor Fisons put on 7 to 390p, but L 44.. ^ ile Flnldrive rose 3 late i » tiH reflecting recent Press Baltic Oig. ........ 2op 16 272 

as 0.6737 (0.6672>. further consideration of the pre- ^ aSno^emfot that ^ l^svares were Shell Transport- 2op 13 o95 

Increased activity in the Traded liminary figures caused a reaction K^as ' its a ** in fav ^SS e l_? t ^ ^ up 8 ‘ ^wirdman (K O.) ap II IS 

ption market saw the number of that amoufat to 263p in Blagden Cnn tSi«to reflertPreS Westward TV firmed 2* to a new BP £1 11 

contract* completed rise and Noakes. peak for the year of 29*p. lCf £1 11 412 

Closing Change 
price (p) on day 

Yesterday’s SE conversion factor Fisons put on 7 to 390p 
was 0.6737 ( 0.66721. further consideration of thi 

Option marke 
of contract^ 

111 CUUUdLT^ completed rise and Noakes. . R s j-v..-. .... ..... — — — -r~- — 

smartly to 965 from the previous Continuing to respond to the STSS 9 iiKnTi™. 2 

daTs m ICI encountered 'an- cu^nT'^k lev^co^r to M7p. white similar improve- to a 1978 peak of De Beers Defd. ... R0.05 

ntfiar rrnnrl rlrnninH ihoirT nf meHtS Were Seen til U 0X11600 JM»R n fillwhl. » firm market flF DoWtV GrOUD ... oOp 

other good demand ahead of spending, Stores made further 336p. Dowty, a firm market of Dowty Group ... oOp 

their interim results on Septem- good progress. Barton issues were Stamping, mp, and “pear ana j a te on hopes of lucrative mining Racal Electronics 2op 

her 7 and closed with 202 con- well to the fore following a fresh • . Atean Almmmtmi equipment orders from China, FVancis Inds. ... 25p 

tracts done, 82 of them in them spurt of speculative buying on hid improved 6 to I63p on the advanced 13 to 271p for a two-day GEC 25p 

in the October 390 series which hopes; the Ordinyy closed 10 proposed 8 per cent price increase gain 0 f 17. Automotive Products RTZ 25p 

added 3 to 27p. higher at 180p, while the A Im- for some of Its products. returned to favour, improving 5i BAT Inds 25p 

Among, recently issued stocks, proved 6 to 164p, after 166p, and Awaiting today's preliminary to 81 ip, whUe other firm spots Barclays Bank ... £1 

Earo therm continued in demand the Warrants 3} to 39p. Ahead of statement. Associated Dairies included Armstrong Equipment, Inchape £1 



Wilkinson executive posts 

The following securities Quoted In the 

Snare Information Service yesterday 

attained new Highs for 1978. There were 
no new Lows. 


■ ‘*W 

NEW HIGHS (286) 

TRUSTS (251 
OIIS 12) 


These indices are the font compilation of the financial Times, the Institute of Actuaries 

and the Faculty of Actuaries 

Mr. George Palmer has been 
appointed managing director of 
He succeeds Mr. George Middle- 
ton who becomes product director 
(personal products) with full-time 
responsibility for co-ordinating 
blade manufacturing facilities 

In addition to his responsibili- 
ties for shaving produces in 
Britain. Mr. Palmer will also be 
in overall charge of the Wilkin- 
son garden tools and scissors 
operations, sales of Foster Grant 
and Camnrgue sunglasses. Nut- 
brown houseware products and 
the group's prestige sword 
activities worldwide. 

Mr. Middleton led the Wilkin- 
son team which recently com- 
pleted the installation of two new 
razor blade factories in Russia. 


Mr. Arthur Carrick, at present 
an executive local director of the 
Ipswich District of BARCLAYS 
BANK, has been appointed senior 
local director there from 
January 31. 1979. He will succeed 
Mr. John Thornton, who is moving 
to the bank's Norwich district as 
an executive local director. Mr. 
David Barclay, an executive local 
director. Pall Mall District- be- 
comes an executive local director. 
Ipswich. Mr. Robert Audsley. 
managing director of TootaL has 
been appointed a non-executive 
local director of the Manchester 
local board of Barclays Bank. 






FOODS (4) 




SHOES (3) 


Up Down Same 

British Finds 75 — 3 

CtrpM. Dam. and 

Foreign Bonds * 3 S 

Industrials 631 ID 794 

Financial and Prop, ... Z » 36 238 

Oils 15 5 15 

PI Utah on 4 2 25 

Minas ‘ 58 33 « 

Recent issues M 2 25 

[HUIlUVCTV.'lll ;?;i > h i CIJvKl 

Figures In parentheses show number of | 


stocks per section 












Mo • 

Index I 
1 NO. 







Index *• 






209.62 . 

Totals Ufa IM L200 


Mr. George Palmer 

Mr. George Middleton 

Bingo. Inns and Automatic 
Machines divisions. He was pre- 
viously secretary of the company. 


Mr. C. Boon bas become 
managing director of a new com- 
pany. 1NFOTECH EUROPA. based 
in Holland. He has been suc- 
ceeded as managing director of 
Mr. C. Banyan and Mr. D. Bates. 
Mr. S. Addison and Mr. J. Spencer 
have joined the board of that 

Mr. J. L. Kaye has been 
appointed a deputy general 
manager of MAIBL (Midland and 
International Banks) from 
September 1. 


Mr. Robert Low has been 
appointed to the board of CALE- 

with special responsibility for 

Mr. Christopher K. J. Bowmer 
has been appointed financial con- 
PACKAGING. He succeeds Mr. 
Rodney Webb who has become 
general manager of that company’s 
flexible division. 


Mr. Mlcbael Bishop is now chair- 
WAYS and other members of the 

board are Dr. Robert F. Beau- 
champ and Hr. Grab am e Elliott. 
Air. A. R. G. McGibbon and Mr. 
C. D. Norland have resigned. 


Mr. Fred rie Williams has been 
appointed sales and marketing 
director of ALCAN WINDOWS. 
He joins the company from GKN. 

Mr. Michael Geary has been 
appointed deputy managing direc- 
tor and general manager of 
(IRELAND), responsible for the 
Macroom plant. 


A. R Stenbouse Reed Shaw 
and Partners has formed STEIN- 
MENT SERVICES and the Board 
of that company consists of Mr. 
W. M. Wilson (chairman), Mr. 
S. W. Newton (managing direc- 
tor), Mr. T. N. Allen and Mr. B. J. 
Wfliats. Mr. J. W. Gilchrist is 
company secretary. 


^ ^ “ PY_° 

pi < * High Low j'-’ 

"oo~" t.V. ALU it (i jlirtler* Superfood,.-.. i 70 +! 

<61 r-f. - « Bratw.-'.... — 1.^1 

i OO F.P. b<7 1ST MS! Burattann.. 197 +7 

Ub K.P. 34.fc M bi tfojQFfagTtt'r- Serviced 90 ..... 

113 F.P. 8iO Wt !*■ ■lunwiB.MiIew'liB) 10jijl48 Jt2 

High Low 

is PZ^'r* 

iOO F.F. &<7 1ST 

BJj K.P. 24-t » 

113 F.P. 8i9 Wfc 

Mie l Eurotl 
M Irion til 
Ur Ijunes'i 

197 +7 

frrired 90 I .... 

Ltb) 10wl48 !tS 

4.11 4.6; 

4.1 1 2.0 
3^)! V.uj 

2.1 1 5. Si 


|| !“? |1| 19TB 

S? 23 

"" SC High I low 

This advertisement Is Issued In compliance with the 
requirements of the Council of The Stock Exchange, ft does 
not constitute an invitation to any person to subscribe for or 
purchase any share capital of the Company. 

Pladng of 15 , 000,000 




12 per cent Cumulative Participating Preferred Redeemable 
Shares of lOp eadi (with subscription rights) at lOp each. 

Application has been made Co the Council of The Stock 
Exchange to admit subject to the passing of Resolutions at the 
Extraordinary General Meeting of the Company to be held on 
the 29th August, 7978, the above shares to the Official Ust. 

In accordance with the requirement of the Council of The 
Stock Exchange, 1 J00.00Q shares are available In the market 
on the date of publication of this Advertisement and until 
10 a.m. on Thursday. 24th August. 1976. 

Particulars of the rights attaching to the shares are available in 
the Extel Stacisticoi Service and copies of the statistical card 
may be obtained during usual business hours on any weekday 
(Saturday except ed) for the next fourteen days from: — 

Singer and Friedtander Limited, Buckmaster & Moore. 

20 Cannon Street, I8ch Floor, 

London. EC4M 6X6. The Stock Exchange, 

London, EC2P 2JT. 

2 3rd August. 1978 . 

Producer of 

copper - molybdenum * gold 
silver* lead * zinc * abrasives 
specialty industrial products 
pollution control equipment 

titanium slag 

iron and iron powdere 



A cash distribution of 15d per 
share (a total of approximately 
85,000,000) was voted by the 
Board oi Directors to be paid 
September 19, 1978 to Kanuecott 
shareholders oi record at the 
close of business on August 29, 

F. D. Gorman, Secretary 



161 Ecst 42nd Street 
New York, N. Y. 10017 

43 Birmingham far B»te 83-35 

*6 VMhnfUS Pnl 

Caoidan V*r. Bote Bed. 1983 

504 Do. 12** Eed - i 8 ® 

Cental * Sheerwood 10* Pwtf 

Af Crveby Spring Interiors 10* Pref — 

X East AngSa Water 7* Bed. PreT. 1883. _ 

S - SAMkK SS n?=r=:*i 

I CO iMontoys 1?E Partly Cunv. Uns. Ln. 'W-T 

I IStilSefcrtBi “d Zembni 9* Cnv.Pref 

Xorthginpton V*r. Uste Bed. 1923 

99ii i- Pitman W6 «obl. Pref 

98^ □ uivback 101* Unm; Pref 

8Wa Kniork 8® Com- Prrf,.™.... -»»--• 

»ii tjeithrfwr Parks Be me* 91* mm. PreT — 

i "ti SefUmYar. Hate Red. 1983 -— 

Snutb«)d-<»-^na 12* lied. ,19&s.- 

«i 8 StatheJyde Yar- HMe 1883 

rt-SB W Ha d«K>rth Variable 18B3- - 

. 99 ts 1 

. Yd .j ..... 

- B»t:: 

. 50i,! 

. 96 :+l 

. S»o 

. 98p 

,. !>r „„ 

. 99 ij 

at o- 

•I „ l *fr } 

.1 9i#.-. 

.• IOOjjI 

■i 95 +13 

. H9 

,1 ■»»>- ..... 
J 441ai+ >B 
■! 9918' 

.• S«. u ; ..... 



q: \<* 

CllElil»!il+ <T 
Prire 1 — 

Tiien., ,\ug. 22 

T IWB - Mtm * Friday Yrer 

^ A if A a- *\r 

Renunnauon due osually last for dealina tree or stamp mm*. 0 Ftgurm 
bawd an pnwxctus esumaie. g A&naoed dlridund ana yieia. a Forecasr eUvidwwi 
cover baaad on previous sour’s raraitUN- r Dlrideod and slrM breed on ortHw.-crus 
or other aflh-ial retmuies for IBTB q Gran, r Kuntreo resumed. ; Carer allows 
for converaioa of shares not now ranklnn (dr dividend or ranking onto for restricted 
dividends 9 Placing price ro public PC Pence unless otherwise indicated, 5 Issued 
bj tender. || Offered to holders of anunare share* *s a " rights." “ Tanied 
by way of capttaUntloa. n Mimmam lender pnee. H Relntrodneed. in Issued In 
coanecaoa- with reorsanlsadon nvw. or take-over. |||| Introducuon. Q Issued 
lb former prefer? dee botdera. ■ AHotment lenn* (or rallF-pald;. ■ prarlsoiuU 
or partly-paid allotment letters, * with wirranta. 

is 20-yr. Red. Deb & Loans (15) j 87 . aa t iaA 4 

16 Investment Trust Prefs. (15) 

17 60 ml. and Indl. Prefs, (20) 

tReneniptlon yield, Highs and 


oe \ 

Financial Times Wednesday 'August. 23 1978 

S ’V 


***** Unit T«.. Mgra. Ltd. «) 
*i-(O.Gxrti(ajM Rd-, Aylc^biuy. (C96WM1 

• \hbeyCopliol. 

M>bcr lnconw_ 

Vbbeylnv Tit Ftf. 
Abbey Gen. Trf 

- +0j 
459 4 1.1 
42.7 +5+ 
52 .£e +H 

4 os Framlington Unit Mgt, lid. fa) 

Allied Hambro Graapf fa) tg» 

^ a E£ ^ Si! , * ,, Hutton. Brentwood. Ewe*. 
UJBa 2851 OP Brentwood OOZTti 211498 

Sahnopd Funds 

Allied 1st 71 4 ' yt a j + vj 

irtt. ladh Fund. , . 69 J 74 J +12 

.rtb&lnc ._ 407 435 +07 

SJSi, * fp d , &ei 373 399 +Q.7 

Allied Capital... ... 789 M4 +U 

■(smbroFmtd 1144 122.4 +18 

dambroAeo. Fd._. X3I7 140.9 tiS] 

|£4 5-7. Ireland Yard. EC4B 5D1L 01-3WWTJ E x emptjS3; 

tS Anerhwi 155 B 5921 +02| 120 

Capital Tat 1358 . M4* -... ■33b 

iMoneTy. _ U59 123.4 ..... 4.27 MLA Unit 

tat. Growth Fd.. — 3250 asjtt _...J 707 Old Queen St 

, Do-Acrmn. 1130.0 338.2? — 4 207 mAUniu.-. 

Friends’ Provdt. Unit Tr. Bgrs.? 

Minster Fuad Managers Lid. ' Provincial Life lnv. Co. Ltd.? Save ft Prosper cm tinned 

MinsWrHw.. Arthur Et,EC4- 014BS 1050 222, Birttapfgale.E.CJL 01=473533 ScotbitS Securities Ltd.? 

£SSW»f:|BJ iSSI'rJ IS SSffiSSr—BEi ffljta 15 £gfiU=l&! ni 

5«s Bsagsffyu «■= 

;.d'tj7 «U Unit Trant Mgcnmt. Ltd. 

—■I 1%Z Old Queen Street, SW1HUG. ,01-fiB 

Targe* Tst, Mgrs, tScolland) (aHb) Aiesander Fund 

1ft Alhb) Crescent. Edln. 1 031-22906212 37 rue NiiLre Damp. fmi-niboftrs. 

Target Amw EaglrpO 0 32JH-08I 101 Aiesander Wind J sr.-?7 54 f I — 

Target Thistle. „,„M3.9 47^+0 7] 535 Net avd lain* .W 18. 

, PrndL Portfolio Mngrs. _ 

SWiMWG. Hoibom Bars , ecin onh Om»ses' *PH«* at An8u»0. x w sub dm Augtw 23. Trades Union Unit Tst Managers? •. M3*7=i7i 

w 5 * M i.wirrm. ud ... * -tt-r* E s-. .... ss* “ 

Keyset es Mngi., Jersey I.tu- 

... Piohojo End, Dorking. 

ad 13 Jsasaii'Lia 

■(nmbro Fuad ...... 1144 

JombroAec.FdL_.p3l 7 
laAM Fuads 
T If h Yield Fd 1751 

® ln come ms 

Eo-lnc. (0,8 

'jtumbaaal Famfa 
niemulimfll.-... .1284 
’aeifle Fund.. __.(W.O 
terr Of America... IKS. 6 

S A. -Exempt* (48.7 

’ -pectaUn Fuads 
timelier Co.* Fd. _B9 4 
!ad Sadr. Co's Fd. _ 40.4 

iKDrwy Sits. Wt 

del. USn. A Cdty. _ 145 
Vcrseox Einunp (2.4 
Ixp* Stair. Cos. _«>|24 72 

+07 447 G.T. Unit Managers Ltd.?, 
tJa fS l«.Fitu*uryCuvw!EC2M7DXl 

03065035 Mutual Unit Trust Managers? (aHg) . „ , . _ „ 

Spinal ?{8 15 CopUuUlAve. EC2R78C 01-8064803 ® ni ^ r Management Co. Ltd.7 
wS+M^JB) Mtiraal Sec. Plus. _,L54.Q 5T.M +0jU 5.05 The flk. Exchan^, EC2.N IliP. 01-60041 77 

140, Swath Street , Dot ti njj. 

Ia\ It i 1TO. Wood Street. K.Ci 

... ... ' , ... P> Bol 5*. jl. llthri l .lcn! > r.. Itti - I'l WIT1CT 

ArbuihnoL -Securities iC.L) Luniled Fnii»eie*_ lir-jja :sni .[ iw 

PO.Pod'JU.iji.lirii.-r.j-Tu-c •- 03W 72177 Rondrele* _ ]Fr\UJJ5 - 

Cap.Tu (A-nri >... man lMtS . I 4.0b Reywlc* loll |t> 10 8O5J-02* - 

Ne« A-YmedSte JSS » ' Keywt^ Europe. b?6 4.S ... | 3 71 

44.7a +0. 

«»«£!»« IS ZS^g***™ "--V-MiiasSftSMREs- 

I*pt Sml^-9._*®7a MM «-bl FuSSuK- h ™ 

Anderson Unit Trust Managers Ltd. tuStSSHsInL" 

:M Fenehorcb St. EC3M CAA GS38CS1 Incaae Fund. 

ladersonll.T [562 60.4). J 190 Ing ^cock«__^ 

busbar her Unit MgmL Co. TJd. 

iNpbieSL.ta^V7!A. 01-823 6376. Gibbs lAntaosyt Unit TsL Mgs. Ltd. jCwohiW* 1 

nc. Monthly Fund. (175 0 U5Jb4 J M2 3. Frederick's FL, Old /eiwy,BC2.^ ^01-3884111 P^StofiS'lSrFid." 

■ 7 pf 4U « Iiv^uig VHLMI QMM (1W 

;ta 4M GT Cap. Inc 1917 4754+2-1 \ 

♦ o.i| lira do.acc. niui UaS+25 3 

G.T. Inf. Fd. Un. ...®L2 '1H7« +13 7 

4]U 7.61 G.T. V S. It Gen 1512 UOLfr-l-S 2 

+03 6-34 G T. Japan £Cen_. 044 9 55S -4.4 0 

+0.6f 671 4GL PWLs.Er.Fd. P4LZ 'MtW — * 

G.T. liii'l Fund IWM MM -54 1 

36.41 -Oil 2 J3 0 T - Four TdsFH |S7. b . 613) 7 

In'S iS G - * A - T" 181 (a) US) 

103 ol _i'i fS 5. Rayltngh Rd.. Brentwood 10277)227 

^ M G.6A, j358 • ■ 312) +03) 4 

+04J 4.33 Gartntore Fund Managers. ? UKg) 

1?,. Mutual Inc. 79 1| -rtS 681 Quadrant Gen. Fd. .0148 ■ 116? | 4.77 

1 01-8288131 MuUial BlueChtp_WLO 53 M ♦filfi] 610 Quadrant Income...il3L5 1367j J 7.72 

75d+2.1 3ea MntaalHjgli Yla_(635 68JJ) _...| M0 

tnn +25 3.46 .... , . _ - , Reliance Unit Mgrs. Ltd.? • 

[SfllH 270 ^‘ 0n ^ an f„ CMa ^ r l iai h vuifHii MeliaoceHse. Ttm bridge Wdla,KL 089222271 
SrS^44 D« 31- St- Andrew Square. Edinburgh 601-5381)151 Opportunity Fd-....J74.« 793) +.15] IH 

Im IncnmeAueS. ftg.B 172.M .._..[ 5^ sSBS3STiAS£.».:p8 5l| +D7^ 5” 

& asc5&aft^=PB is s*****^-fa 

lAccunOimul ll764 ibuI J SJ5 Ridgefield Management Ltd. 

(0077)227300 National Provident Jnv. Mogra. LttLf 38-40. Kennedy St. Manefaeater 061Z36B931 

M2)+0i| 434 48, Gracerhnrch St_ EC3P 3HH Ol-mtSM 1 ^5 

>rs V tails) N P.I. Cth.Ua.Tst 149.7 5291 +L1J 485 Rldlefleld Inrotnt(96.Q . 103.0| -1 9J3 

' 95 ::::J ffi 

1 0306)88441 1 1 11 

255 -0 .41 237 

1m +64 773 Transatlantic and Gen. Secs. Co.? 
29J +0-5 192 91-80 New Loudon Rd Chelmsford 02(551651 
33.7a +0» 682 BarfalranAuc-17. [795 Mid .... 513 

44 4 +05 9.23 rAccum. t'niti.1. , 123.4 1312 503 

JJ.7 +03 — Bwb£xi>t.Jul7 2«. B90 4L6 415 

57 1* -0J 3.05 Button. Auc- 1. 843 88.7 -... 456 

31.0 +GJ 3.85 (Aectim, Uaila) 1041 1M8 4.56 4 81 colenut AueuM 18 . 137 J. 144.4..-.. 535 

55.4] “-J 5J0 , jiJOT-|Se^ e T5i <, f ,), |« di,,e A “SlfS JapaVGuTTur'd^ SI 

I Neil drallnu dale MiCUtl 29. h*irel«-\ ]t!5b7 _17 C 

nil.T«uClj..|1250 132.1H ...| 

Neil dealtnu- dale AUBUSl 29 . rwwapw us./ i/ui, — 

East Alnii.Tcunj.. |i25o 1S.0I ...| 184 t eou Aasctsiap _ | U35 79 l-Bsbl I 

. Neil dealt data AufiusL 31. 

. King & Shannon Mgri. 

N P.I. Gth.Ua.Tst [44.7 

UrbutiuHit Securities Ltd. (age) 
17. Queen. SI. London. BC4R 1ST 01-73 

in ”Wr™a U OT 1 'ji7y"27Nwl dtwJiM Aog’uK 31. 7Z4D. Gatehouse RiL Ayiesbiay. 
Ids i ?2 ‘Price* 00 August 23. Next denUnc Se**. & N. C. Equny Fund. .1*48 195 

gl Si? “ N.C._^,gyJ*«.T«iu5.8 123 

afa +b> fl'53 National Westminster?! a) - 
«[6j 3 S l«l..Cheapdde. EC=V fflCU. 814JM « 

Tr, JJ5 Capital lAceunu 71-2 76^ +0. 

**&i-*H Extra Inc 713 763+1 

393] -0.6] 0.96 Financial 57.4 46ifl -m 

•«*_ Mxs- Lid. Grewtiiitw — . ■ .. 8* usa.d+lJ 

Income 39.7 42.K ^s. 

BC1 01-M8411T Portfolio lnv Fd._ 75-1 60jl +1 

+11 485 
+1M 4 05. 


4j)5 Rldiefleld Inrorot f 
4K . V 

W3 J. I tony Schroder Wagg & Co. Ltd? 

Rothschild Asset Managi 

N.C. Income Fund- 
N.C. IntL Fd. One. 
„ „ N.C. Inti Fd. CAcc. 
4-15 N.C. Smllr Coys Fd 

lagement (g) 
biay. 02965941 
195.91 +1* 331 
1233 -0.?] 2.45 +2.4] 6.62 
mid -in 1.41 
1053 -l3 141 
178.1 +213 4.43 

asift&saet-RR a ia «— 

. Extra 1 a coma Fd _. 

Vieh Inc. Fund 

MAreumCn lt)> — 


Pw< mart fund _ . 

'Accuiu. U nlUi 

Capital Fond 

Comnuxtltr Fund _ 
Accun Dnitf 1 — 
W%WdrwlLl.).„ ! 

4.74 Rothschild & Lowndes BSgmt. (a) 
St SwlUdns Lana. Ldn_ EC4. 018264 

01-340 3434 
-021 289 

♦L3 639 
+2.71 689 

.1 483 

....J 3.43 

'....J :a 

...... 2.2a 



144.4 ..— 



65-2 .... 
620 +03 
79 6 +0.7 
58.9a -02 
. t7 7 -03 
573 -03 
70 4 -0 4 
79.4 -01 




513 Australian Selection Food NV 1 i hari^-'mi, *n ii*Im-.j>tm>t „v*i.r«T!r 

533 Market iipporlumliev r .. irJkb Yowni: * YaMc*' II**. Si Fwcr Pun. -Irnsj-. 1114K11 L47W- 

4 75 OuUiWdUu. ISTi. tienl Si *lsdncT tTlwmo* Slr+rl. IVjunla.. j u M iftSLI'+V'l 

436 US$1 Shane j Jl'.siTJ I -1 — Hilt Fundi J i-iswi |£91il 9 141-0 Olf 1200 

4.56 Ncl .Wuri Value August 17. GlllTninil •• M - 1030 IDS bq -0 : 12 00 

535 Gill Kiid ilurniwjit 52 9 j3 . 1 12 30 

in Saot of America Inlevnatianal S-\. l K T4 sKJuS?* - T %bob 

671 35 Bnuleianl fti+Jl. I.un iuhuons U D. First toU.. .' Isi36 1 

.S*. BFnUS U33H ... ] 7.50 

Pn«5S at AIU.USL if. Next mb. da Augurt 23. .... _ 

ij-r-i+i-i ]£91il 9141-0 011 12 M 

ili'M- 103 0 105 hq -it : 1200 

i'.u*ms*-U9 52 9*4. ' 12 30 

First toU.. 

US OB 1813! -OO'J — £ 

Slab 19 JB710,-C«L.<| — 5 

7.72 Banff ue Bruxelles Lambert 
5 — Tine lie la uerenc- Ti iu00 Unisscls 

464 Renlo Fund M' |l,«M 1.9*0] +4] 


7.75 Rarelnvs Unintra Ini irh la t I 

Klein wort Benson Limited 

2U. Ft-avhurrli S:.. hi 71 1-I-K2S 

Eiinnrril Lux F 1315 I ^2! 3 74 

liurnwylnr. 67 9 719- -3 ¥ 3.93 

Up Xrrum. flJC 88 B f 4 Si 3 93 

KnV'urE+xlFd.. .. 5US13D0 . . * *93 

8 78 KBlnlJ Fund SUS1239 I I 1=6 

371 Tyndall Managers Ltd.? 
487 ]& Canynge Rood Bruaol. 

7-» Barclays Unictfrn lnl. (Ch. Is.1 

. < .a l.vhBnoj. Cn>M. St Heller. JBS-. UBMTTf*! -Cndor-l^iUM. .. I»M ’5) u) ‘,.1 8 25 

Overseas larv-me ..14} 1 09 tad I 12 01 'KB +cl an Lundun [ovim: afeau «ilv 

UnldollarTniil .. Bt>al.«i 1 S3 4 J 70- 

Li BJ bond TTurt.. . In-SMI ja Be3<+0.03| 800 . R . . „ . . 

<97232241 -Subject lu fee and wilhholdini; Uses LlOJdS Bk. IC.I.I l Ingrs. 

7.62 Pi'V Bux UK- Sf. Helicr. Jer-.ry ilNMJWl 

JS Barclays Unicorn lot. IT. O- Man) Lid. u«*ihTtot»Wai >a* .65?] • a 65 

".I™ 4C0 t Thomas St., Luuxlax. l.p.M. 0624 4630 Next ioaliaii diilc t+'K IA. 

Do ! AuXAtin . - in 4 SiS +1.4 ilo Lloyds International Hgtzint. S.A. 

Jl? &SSSIT££!!»::SS Si :::::. i^» ; , K “5 l79 -. ,:cn r ? 

ivuinu runu. JUMiJV r i 

KB Japan Fund . 5rs38J5 ]-3-a IK 
K.».l‘S (Mlh F4 SI.S12 3S ....I 0 77 
Signet Bermuda. . K SSJ8 . 170 

r Slant* Fund 

'Arcum. Unit)! ... 

' Jrowth Fond. 1 

. Mtn Units) 

Smaller Cos Fd.,_ 
6% VdrwLUlx)...., 

Foreign Fd.._. 

'i.Amer. HoLFd 1 

_L iai A.G. GrawthTt — (4L4 44 J +0 Jl 4 2® 

01-8385281 ibiA-C. Far East-.. p& S 283« <— 4 030 

+0.5? 1054 Heading Toe*. TfWca. - 

t9 Z |g Govett (John)? 

+09 888 77.- London Wall E.CJL ■ 01-589 5ffi0 

... 1259 STilr.AususDl I1S53 M33L — 1 Ua 

-0 1 1259 Po-Aecum Unit — |l86_7 HMT -J L63 

— -"ie» dealing day Angus 1L 

-■ 4 .Q Griereson Management Co. 'Ltd. 

4.90 WGn3*uuaSi,EC2PZDS. • ; ■ M4M04433I 

+0-3 zn EarrlngtonAuc 18-12228 2*28x6' 1 4.45 | 

+0 { 253 • Accuiu. Union 

+0i 253 BtngH.yd.Aut 17. 

+0.4 2.45 lAccum. Cnlls). 

+Oi 245 Endear. AueJC. 

3-H fAccum. Uoitul 

-03 1-20 fimehstr. Aug. UL— 

-02 1 JO lAccum. Unfta) 

-■■ 155 La iiBrsU Aug. 10. 

| — D3f LOO tArciinL I'nitsJ 

U oivengl Fdid^i_ Sfl+ii^ £5 ^137^^ 145.? Scotflsh- Equitable Fnd. Mgrs. Ltd.? 

^ ^ Prices oh Ang. 15. J4ert dealing Sepi. 15. 28 St Andrew* Sq.. Edinburgh 031-9S691D1 

" Sc’S‘ D S^’ uua R 3 * !:S 

^ Nelrt«r_ZZ_ Sd8 70^+lJj 408 cily CateRje.. FJosburrSq. EC2 OI-OMJOflS ^ «me*nay. 

aai Nei*tarHighlM._|s5l ■ 5 m( +L 0 < *80 M aur ii7-g33 ^3 _ J 0-97 Sebag ifnil Tst. Managers Ltd.? (a) 

163 j. j- f. .... mthL-Vd^A^Is^j: 573® 7. 10 71* POBttxOlliBeklbry. Hs*.,E.C.4. 01-2365000 

Norwich Union ImntanW G romp fb) (A^ciun. Umiai . ... no s 84.1 ...... 7jfi Sebaf 0»j)iu>i Fd. . mj 36JBJ +0.7} 358 

P.O. Box 4. Norwich. VRI3NG. 080332200 Merlin Ang. 18 65.7 TOjO* 355 Sebog Income Fd _|33.7 555] +0.4J 7M 

Group Til Fd. p79J 399.? +52] 4J5 CAccum. Duitw 105* UL1 . — 355 

• — I 445 Pearl Trust Managers Ltd. (a](tf<2) Royal Tst. Can. Ftf. Xgn. Ltd. 

— J 706 252 High Holborp, WClV 7EB 01-4058441 64. Jnnnm Street, S.W 1 . 0l-d2»B25= 

-vJ Jpfi Pearl Growth Fd— to A ZJ.M +03j 4.« Capital Fd- 174.7 78« 1 336 

"n^ VSL **“*■. KJ 53+2-S fS income Fd.™ .033 Wfl 3 7 38 

■:. -1 1» WteflsEriB - SI toi «s - Prte “ "* ad * 4 Sat Anf! - 3l 

Scbag income Fd _ pa.T 
Secwrity Selection Ltd. 

15-lALiacaln , i> Inn Fields, wa 01-831 8838-8 

g |:d in 

(Accum. Unita). 

®JL'— * “| Save Me Prosper Greap 

. - _ „ - , c , .. y .j Pelican .Units Admin. Ltd. (gX*i 4. Great SL Helena. London EC3P SEP 

Archway Unit Tst. Mgs. Ltd.? laMC) GoartHan Royal Ex. Unlt llgrs. Ltd. m Fountain SV.Mnnch«l«r nm-aytsiiwt 68-73 Queen Sl. Edinburgh EH2 4N3C 

117, Sigh HoOram. WC1V7NL. 01-miKEa S*9od Exchange, BC3P3Dlf. . - 01^288511 Pelican Unit* — KBJ 100.61 +L6] 4.62 Dealing* UK 01-884 8880 or 031-238 73SI 

Arch «w Fund — VSH3 95.0] 5.6b <a8lGuardliUlTsL..|992 Ul27a<,+L9( 4.07 Save & Prosper Securities Ltd.? 

Fnc«4 alAflfitiA la. Next sab. dayAiunuiai ffwA n eiw 4<lTn]wcfw«UMib iAMt»V?k P» i tmt— I fTnl# Trwrf MntfmC i /ah fnltT— t l ir* 1 * 1 Fnsdi 

•Pnce* at August ll. Next sub. day Ai^uit'24. Henderson AdminstratKm? iMeXgf Perpetual Unit Trust MngmL? (a) 

^ Barclays UnlCMn Ltd. (aKKWc) . Premier DTAdmln^ S Rayleigh gogi, Hutton, 48 Hart SL, Healer on Thanes 04B126808 Clrihl J39B - 4271 +0^ 

010 Fp«u»lGp.Gth /443 47 Jf | 3*0 0^0=^ M t3 

— 'tUN^ Lnkorn America.. B6.6 354] -OS UB iiJSSHLw- ' nkl** ire . ■■ 

r?Sfi a5TiPn«i de3ng Aii 3L* SXemit Unit TsL Managers Ltd- (a) 

45. Charlotte Sq- Edinburgh. 031-2303271 
*ve & Pruvr Grmo (Stewart America* Fund 

Great SL Helena. London EC3P 3EP - a?J| ‘“ "J 

1-73 Queen St. Edinburgh EH2 4HX an^nnnU'nl(s..]564 Mjf ""'.1 — 

rallng* to: D1-5S4 8800 or 031-238 7391 Brltlah Capiial Fund 

we & Prosper Securities Ltd.? . standard-- p« \ 15731 +0.1] 4.00 

AcntnUiuta — . ..Jl6*2 180.l| +0.: 

* 8nsrfis2£:p: •«=• « L , sr"f~-:iSi 

bs atasaasi^ii J! ks ssfiffi i™ t™s 

J»-|| Eta. Manx Mutual ...(27 5 29*4 1 1 

g^| Bishopsgate Commodity Ser. Lid. 

Jtifi . . • : 

*73l ...4 

M & O Group 

— .UUiilii Aut: 22 51 sj 13 

- luxt Ex .‘.ui: 16 . 10756 
1-23 (Jnl-iEx Xuu 16 V -0134 

X Island J4D -I 

i.ltrum I'miM _ , _ 1485 

TSB Unit Trusts (y) 

21, Chantry Way. Andover. Hants. 

P.U. Box 42 Douglas. 1 o M OOM +391 1 Thr*r Quji>. Tim.-r llill 1HQ -dl 4’OI 

93.41 +121 556 ARMAC-Aug.7 . W»«« SlSU .1 — ta Unlit Am: 22 Kl>313 3«l 

977 +U 556 C 4NRHU **Aue. 7-l£I 047 LU|[ .. - j - lust Ex Auc 16. Uo7H. 3E3^ 

43.7+05 901 CUUNT-Auc 7 . K2 432 75601 - -I 1-23 (tal-lEx \<-> Xu;. l£ ft 4U4 LU 

50.8 -0.6 9 01 Dnglnallr issued ji -J 10 and ■‘■JLl.ou, Island J4D 4 1-19 d 

IBlB +02 4 72 vAicum L'nitsi _ . JlQ85 211 2| 

ra 2 741 ® rill *K e Management Ltd. 

360 —05 236 P"- Box Ews. Grand l aiman. Cayman Ik. Samuel Montagu Idn. Agl: 

37j| +05 4.93 N'baafai. July3l . . ,| 115.934 I | — m.*i|d Hrond St . E.i'2 

• assJM» l, wr«M--4 ^ a^L^gsss *»%\ 

_ , . im:rpAugP .fus'd 3 L'3 

it*. 0264 83189 Britannia Tgl. Mngmt. tCI) Lid. ii7jcrx..-> auc » -kf, 4 * 55^1 

i«j-c«)| - 

149fl *0 6} «fn 
211 :| -1 s «3i3 

Samuel Montagu Mn. Agis. 

1 14,* >ld Hroad St . L. 1 ‘ 2 v:-SStl'iWl. 

Apollo Kd. . lux- 16 KF42S5 46541 . 1 4 03 

JapfrUAiu: 15 IKI5U33 M« I 0 59 

iifurp Aug n .fii s*iia Ga : 'Ti 

I iTJrrvr) tuc » - C5« 5 971 0 71 

boAUX-Acc. BOB -ms. -8 

kPo.Ao5l.Iiic 6S.SS 621 -0 

uo.CopttaL 71.9 777o +o. 

Do. Exetnot TbL — U84 123.3 +1. 

Do. Extra Income - 29.9 323 +U „ t _ 

Po. Financial- 662 TL6 +iof 4 60 Cabot Extra tnc. „ 161.2 

Do. 500 79.8 663a +LU 556 5<eMr Fonda 

Do. General *4 6 37.4 +0.41 5 59 Financial * m'_K75 

Da. Growth luce (4* -424+10 3 84 OU t Nat. He* (§02 

Do. Income TsL — BJ 2SS.8n +2.6] -556 imenutisaa! 

•Da Prf A'n*. Tst _ (143 5 mq .. .7] 5 16 Cabot -_ZTL_ „.!44.9 

Price* at July JL Ne« sub. dav Augnst 31. international bas 

Do Recm-err — — 147.6 SO.# +0.7 533 WldWlde Ane-Sl 

ssaafcw 4J4 (SS=f=B 

—ol i-66 gg-8S!S65£— 

7 l dJL. t-8p. GnmA AcCkh.-, 

■jii a?? Income ^As&ets^.,. | 
+15 577 gl*h laoanie Fuad 

+DJ 7.69 rtiMhlacm* 

+L0 4 60 Cabot Extra lae. —| 

Piccadilly Unit Tnut (aXb) 

5 (5 Aulany Gibb* Unit Trail p— Lid. 

Locmsing Inoame Fnad 

High-Yield 158.4 

High Ueeeae Fnad* 

Ftind* ■•;.•++ 2 Frederick'* Place; OM Jewry, EQR 8HD. U ^T_ 

3b IS h&2*L—ai -ia-a «■ 1 81 

i ?.-.•• Small Co's Fd. ELl <0 +0.1 3.70 U JL Fand* 

TO [275 ZUt+OJS 3 90 Capital Fund MM . 5tS +o3 4.40 UK Equity :|47.9 

s p02 246 Int EnmhA*»«*-&5 54-3 +01 240 onrwu Fund«U 

aes Ltd.? . Standard—— B451 1573 +0.U 4.00 ibTTSB Cenefal-1 M5 

Acctflt Unit* . ._ .... P66 2 180 l| +0-3 4.00 ib) Do Accum. 637 

«7I +0JH 7R7 Dealing tFn. •Wed. fbi TSB Income 64 6 

30^ tnJ 3ft Tbl Do Accum 67J 

+ J 20? Sun Affiance Fund MngL Ltd. TSBS.otu.h 920 

SunAQtaace Hoe.. Horabam. 0103 84141 iMDaAoeUm. 1«5 

m Utd IS 

Dealings to 0264 83432-3 30 Balh Su SL Helicr. Jcrxcy. 

U? 121 5 68j3to9 3I7 Slerllna Denominated id*. • 

m m #,7_t ■ 7171 4.1 1 f, K> l n ™ ^ - W4 103.1 

rum— — HJ S3 +L * Jersey EbcruyT*. 140 9 1523 

~ SS abafl' — is UnlTOl.iTiLSlfi.. 12.49 263 

urn. JM-H “5 High lnl SUE Tsi — 1984 am 

I’X Dollar iN-notn lolled Fdn. 

0334 73114 HTJorW*A»g2.lEJ191 IZij] . . .] - 

3.00 Murray, Johnstone Uuv. Adviser* 

1 29 183. Hope Sl.i:!us+-uW .*2 Ml 22: MLE 

^ -Hops' SI Kd. | 5L SIDES ( . . i - 

— nm ‘Murray Fund . 1 SXiSlllC \ - 

XLBU -NAV August Ib. 

5*2 IS Target Tst. Mngrs. Ltd.? (aHg) 

+0.n 8J7 riMtimilti fT! n+iimi-m 

*.... 2.60 
+05 166 

5*3 +0.11 240 Orcraeta FUndmj 
48.5a* +051 ?-» Europe — 

'515nt+U>| 465 

+1.C -280 Japan — 

+24 270 {HE- 


Do. Accum. — - — 179.7 BlOj +L3] 454 farSw* “ZII^ 

Buing Brothers & Co. Ltd.? <***) 

88.LeadenhaDSL.2C2 01-5882830 CabotAmer2m.Ca f 

ass: stTziif »»! j sn B,u &nm,ei u > 

^ 45Be«hSL.EC2P: 

Bishopsgate Progressive Mgmt. Co.? IglEuiTrMt^L- 
B.BI*hop«grte.E.C2 01-5888280 

SEtKsauB m-.d m te® 

rw. ma .... | «J2 Hm Samuel Unit Tst MgnifW 

sS~nKto AiiShr' 1 45Be«hSL.EC2P3LX 

3 Sa=J5SS^_is« 

« _0.4 2.48 EnorCT . .. 175.2 

5 88 Practical Invest Co. Ltd.? (yHc) Financial SecK — ,'|7B2 

i f i S 44. Bloomsbury Sq. WC1A 2RA 01-8238803 Hlgb-Mlalmdm Fnad* 

Practical Ang. IB— TL70J 3*0.41 J 3.90 Select IntaniaL 1277.4 

jg Accum. Unto P428 350] J 3.90 Seleet Income p*.0 

905] +0-11 351 
M.1 +0.4 166 

- $4.5] +0.3] 2S 

- 2927]' -0.7t 203 

612|-HI.9i 6*1 

iis.Jl+1.11 mater Bank? (a) 

WL? (*H*) . Waring Street. Bellnut. - 0232 S i d) 

Dealings: 0206 994! IbjUlster Growth „_]J0.6 416^ +Mj 452 

44.61 .. .J 3 JO 

SJ +10 564 Unit Trust Account & Mgmt. Ltd. 

236J +0.9 U7 KJ ag William St EC4R2AA 01-82341 

320-3 +JJ J®? Friars Hec Pond— 1168 0 177. C] | 4 

g 2 - +U 300 wider Gnh. Fnd. „]32_J 34.H . J Ji 

MlS XV Da Accum. &7J 39^ 3.' 

33 9 -»i| LH7 

1767« +S.6 Wleler Growth Fund 

34.7 +M 7.45 Kiug William Sl EC4K BAR 01-83340 

14.*i 1U9 loeome Units |KJ 34 Of I 3.1 

227*| +0J| 4.06 Accum Unit* B7J 39jJ 

Uniril.STn. ISCSS 75 tU .... | - ... 

InLHieh InLTst |9&4 SPSL^ I 9.00 Xeglt 

.... ... — T**- 1 Bt»ul+xard Kojal, LuxnnifMiiirc 

1 Blue August l& Next deabng Augusi 30. ^ A V August IS | SUSU.90 | _....] — 

■naiawKin ui-o. 

. Pond— 1168 0 177. M 

b.Fnd.-.WJ 34 J. 

33.1 -0. 
38.C +0. 
1767a +L 
34.7 +0, 
227* +0. 

1x3 rj 

A. Ltd. Brawn Shipley Tst. Co. {Jersey) Ltd. 

0)^234<K1 F-t*- Box 5S3. St. Helicr. JrraejT. IKW 74777. 

Ste r l | ngBondF , L..|a0J9 1053] -0 051 1L70 

'"^'1 3 9g 

3.96 Butterfield Management C«. Ltd. 

P.O. Bo* IBS. Hamilton. Bermuda. 

' Buttress, Equity 1SUS245 259 1 1 65 

Buareti Income.. . JiUSl 91 . U6( ... f 739 
01-8234051 Prices at August 7. Next sub. day Sc pc 11. 

^ Negii Ud. 

1170 Bank Mf Bermuda Bldgs.. Harm lion. P.roHic, 
N.WAUK-.4- [E622 - ] | - 

Phoenix International 

165 W bo* 77. SL Peter Port, Guernsey. 

739 Inier-Dollar Fund.. 152 *4 263] | — 

B aatdntAe; 
N ext sub. d 

t* .pot: 222. 

•September 5. 

ta-OMBOU '■■■ ■+ ■ — - 1 


699 • 

_ 7J3 Abbey Life Assurance Co. Ltd. 

~ ^ . IfileL? laHg) , r: I -3 Sc Paul’s Churchyard. SC4 01-2480111 

Bridge Fund Managers?(allc) 15Chriati>pherStr*et.E.C2 - 0MM77243 Equity FUad B9.1 4221-0.41- 

King William St. EC4R BAR 014E34BS1 la^fL lar. Fand-.-L W5.6 Uttf-lig 615 Equity Am : S3 J *50-03 — 

American ftGeat .127.4 28 « ... 138 ClBt , , tF7J2* Properly Fd : — 150A 1SBJ +0J — 

Inraoe* 560 60.1 -0J 5 88 Fund Managers Ltd. (0X0 Property Ate. 1562 1643+03 — 

Capua! Inc.t 41.0 427 .... 281 25,MilkSt,EC2VgJE. UJOM'WIO. Art retire fnmi-™ 94.9 . 99.1 -03 - 

DaAcc.t 453 483 281 Hey Enevv InJd 037 •SJJ+UH 365 Convertible Fund .. U1.9 138.9 +0.1 — 

Exemptt 158.0 lM-On . 526 K^ESuiwi Getc'ft+Z 79jf+0 4« Wtoney Fund— _ 1227 1292+02 — 

«SSfe=B. 3Sr1 !S 8SsS;« «a I StffPtiB Haz 


3-96 Capital International S.A. 

37 rue Nntre-Dame. Luiemboure. 

Capital luL Fund...! SU51436 ] ( — 

Capua! Inc. t~_. .- 41.0 42 

SxemSr. Z:”Z §®j mod 52s 

InterntJ Inct 18.2 194—4 212 

Tta.AM.t_ P00 ... 1 312 

Dealing "Tues. fifed TThurs. price* August 

■£; (b) Income Tnut 

S lb) Security Trust _ 

* lb) High Yield Tst_ 

laleL? tsHg) 

12 Christopher Street, E.CJL 

Crown Life Assurance Co. Ltd.? UoytCi: jife Assurance 
GU21 1XW 048889033 

Britannia Trust Management (a) (g) KJelnwort Benson Unit Mmag er s ? 

.EC2V8JE. . 01-88871170. Selective Fund— 94.9 99.9 -03 — 

rltLFd. 037 893PUJX 365 Convertible Fund .. U19 ' 138.4 +03 — 

lAGetL’Mi 79jT+U 4« VUcmej Fund 1227 1292 +02 — 

Sw'Ull 56 VProp Fd Ser. 4 1224 1351 _.... — 

rfFPndlKO 9641 i04 7M VMaiTFAScr.4 — 138.4 145.7 -03 — 

l£ FiZ 5.1 «1^0< M JEqn'W W^er-4- 374 »4 -03 - 

S55Wl£teBB Wm ' 

rt B eitSOn Unit Managers? Price* at Ang. 2X VataaUonnonntiUrTDeaday- 

3 London Wall Buildings, London Wall, 

London EC2M SQL 


CapiUlAcc.—. — 

Comm k Ind 


Domestic — 

SO.Fenefaurch sl.jg.cj. 

01-8W 047E-D47B KB Unit Fd- Inc. _ 
I61J+15| 464 0KB.UititFd^:— 
63 1 +0 R i 31 b.B. Fd lnv. Tata. ... 
'3* +L« 428 KBJ"tlIn.TsLAcc _ 
XL 9 +0.7] 437 KBSmlrfVnFdlnc- 
85.7 +rt.y 3JQ KB.SmCvW-FcLAcc. 

1 \}X 

iii i 

_ ■* ■ M 1TW 


I u r iUSs. 

Extra lneinne 


Financial See* 

Gold k General 

Growth... — 

Inc* Grrmth. 

lull Growth 

Inieai.Tst. Share*-. 



New I»UC 

North American 

Professional „..._ 
Property Shares ... 


Statu* Chan 
I'nrv Energy- — — 

... .... High Yld Fid. Inc— 

<42* +0.4 688 HighYM.Pd.AM_H 5 Bj0 

+D9 L-A C Unit Trust Managei 
1825 -3J 2 At The Stock Echange EC2N 1HI*. 
■ 961 +1.5 355 L&CInc.Fd — 1143.9 14641 

8S.6 +13 b 7S Ufi laU ft Gen Fd .fiw.9 lit 

ss 7 ^ io 4 - 217 Uaws*® S«»- Ltd. ?(aX9 

«5J -10 2 89 37. Queen's St, London EC4R/BY 

96 B +17 737 *Ro»'. Material*. -_WL5 /44.I 
<B.l +05 4.17 Accum Upitsi — «65 /• SO.: 
34 1 -0.6 1.73 •Growth Fund 60.0 _• 64J 

5rn 6 +18.1 4 19 -lArciun Unit*) 66 1 J 7U 

163 +02 232 tTGiMandW arrant. 48 V *3.J 

53.6ri +0 9 4.40 Llrw-iinra Fd. .16?. 26.1 

366a -05 45* EAfcnm UnfttJ 228 29.' 

37-4H|+Q5| 237 ^Hish Yield . ..... «2 520* 

. **7Acrupi. Unita) ... I?,7 732* 

The British Life Office Ltd.? tal 

f J9 Albany Life Assurance Co. Ltd. 

Iqb 31. <Hd BuriiactonSL. W.L 

i W ^Equity Fd. Acc_ — 099.9 
14 OFiaodlaL Acc.^_ 1426. 
619 WMd JtoiwrFiLAc.. 1154 
__ OlnUJtflii-Fd-Acjn . 1127 
¥PropPd.Acc__^_ iwj 
O hTplelnv. Arc 172.6' 

ienl Ltd. 1 ? 

1093 +12 

101.7 +U 

102.7 402 

102.7 +02 
mi +03 

217.7 +0.9 
1172 +09 
1161 +0JI 

103.7 +02 
ua.7 +02 
1266 +0.9 

Lloyds Lae Assurance Schroder Life Group? 

Enterprise Home. Portamouth. 

968J ..... J — Equity Ang. 13 245.1 

1323( ..... — Equity 2 A Ufi. lfl_ 2333 

^ vmpssm iSl~. - .Wi a nL A Krj^ 
iS| ::::: = S£^S£tf±K 

60 7 IA-Mlop Indemnity* GnL Ins. Cot UtL 

■M Charterhouse Japhet 

S i L. Pateraocier Row, EC4. 

Adiropa... 1AOOJB 

Adiverba... MM698 

I . ■ . Food ah PnS.71 

Fondle ... DM2271 

Emperor Fund R SI 17 

070527733 Hlspano...- n>S<U3 

' Quest Fund MugxnnL i Jersey) Ltd. 
P.i i. Box hm. SL Helier. Jertey. (434 27-Fii 
< QueviStlu Fxd.lut. | El | ... I — 

1 1 — Quest lntl. Secs ...| 5US1 . . j - 

Quextlnll Bd. ..I SUS1 | . | — 

Price al Aupixt 16 N'eit dealing August 23. 


*2$ Richz&knd Life Ass. Ltd. 

447 46 Athol StrreL Douglas. LO M 

Clive Investments (Jersey) Ltd. 

F.O. Box 320. SL Helicr. Jersey. . 053437381. 

Cllx-cGiltFd.lC.1 ..19.84 988^ I 11.00 

Cllxe Gilt Fd. tisy . 1. 19 Jl 9J4dj i 1200 

5.07 i *iTh» Silver Trust 107 0 
— Richmond Rond 87. 170 4 
237 Do. Platinum Bd ... 1M 3 

Da. Gold Bd 112 8 

Do. Ejm. 874X2 Bd 175 4 

1096] +D« — 
1ST 8 1C 72 
1312 - 

11*7 +1.3 - 
1*4.7 -0.9 11.26 

2164} ...... - 

149M — 

— Crusader Insurance Co. Ltd. 

Eqnrtar FimFVLAPc. 2*8 J 
Flkedl.P*n-Arc__.. 1806 
Gtd-MoflJen_Acf.. 1303 
DiUJtn FnFdAre 1233 

Prop.Ppn.A« 124.1 

■ pie lor-PeTUVcc- zu.9 

= VintnlaHtwie, Tower PL.EC3. 01-8288081 Gtd.DcsaaltFd.' ...1 
cih. Prop. Aog. 8 |72A Ma^Smop? 1 

Eagle Star Insnr/BQdiand Ass. Three fe*6tnwrer Hffl EC3B sbq oi-ob 4sas 

UTbreadneedla SU.EC2. QI-5W1Z1Z Pen.PcMioir*’ S2B I . -4 — 

EagteOild. Unite — J57.0 . 59J] +0.9] 679 Cow. ETeporit* 1188 124.9J . -.4 — 

Equity & Lav Life Ass. Soc. Ltd.? FanSy i69s ^ j ;""1 ~ 

Ameroham Road, High Wycombe 040*33377 FamtiyOl jC** 2M5 — I ( — . 

I — laJOiTheFarbury, Reading S83SU. 

Tjs SXfcgi 3a+*Si( z 

— Fixed tamest. — _gc7 36fc| ....4 — 

1236 The tendon * Manchester Ass. Gp ? 

r- WinsbdeParh. Exeter. C38S-52L55 

3 -»* Can. Griwtfa Fund. 243.4 _ 

r-_ «FW. Exempt Fd . 1421 — 

BgSSJffiK ffii — 

~ FleidbMFnnd — 1228 - 

Inv.TnntFoitd 154 7 — 

PropendFoud-™. 64.4 ..... — 

MngdJUx. Aug-15... 

Managed Aug. 15 } 

Money Ang 15— ..[: 

Money 3 Ang. is. ii*.4 

Property Aug. 15 — 1576 
Property 3. is. 155-2 

452 —1 0 2 89 

96 G +L7 757 

42.1 +«3 4.17 
340 -0.6 1.73 
3® 6 +18.1 419 
163 +02 25? 
53*d +0 9 A« 
366* +0i 45* 
3T.4n +03 237 

2 89 37. Queen's SL, London EC4RJBY. 01-2388281 - 

2vr *«pw Matwiab...jtt5 /«4.« -.-I 637 Al(EV Life ASStmnM Ltd.? 

4.17 jn.iccum L'Bitsl — M65 /■ 50.21 J .’607 

1.73 • Growth Fund M.O - 69A j XM 

DcaL lUon. Tues. ItWed. tThu'rs. 

= ,ss 

ReliapcaHse.Tunhndgo Vella. KL 08S8 22Z71 Legal & General Tyndall Fund? 

Bf ^3 !*i S?«ra*?B«4Bri*0L 02^™ 


BSPs-CpB. Aug. IS. 122.2 
BSPnAceBAng- 15- 1333 
lloPnCpB Aug. IS- 208.4 
MnPnAreB Aug-15. 248.8 
FxdJntPen-CapR. 97J 
FxdinUtaAcaB.. 98 * 

Prop. Pea 96.1 

Prop. Pea Acc. B— 97.0 
Money Pea Cap. B. 96J 
Money Pen. Are. B_ 97.1 
Ovrroeaa*. ^.|995 

Scottish Widows' Group 

fie 5BU. on-ess eooo 

Condtill las. (Guernsey! Ltd. 

P.O. Box 157. St. peter Port, Guernsey 
lmnJ.Kaa.Fd. 11*90 U4J] ......| — 

Delta Group 

P.O. Box 3012, Njuuau. Bahama;. 

Della lnv. Aug. IS... 1SUS2J5 221] J — 

Dentscber Investment-Trust 
Poatiach 2083 Biebcrgoue 0-10 BpOO Fran Wurt 
Concentra.. — ^_|Wa5« ZUB1 ... .1 _ 
IpL RenuroEondi — |MU62D TI3fl(+03o| — 

Dreyfus Intercontinental lnv. Fd. 

P.O. Box N3712, N'Bosati, Baba mm. 

NAV August 1“ ._._]&gBJZ 161% _....] — 

u oo Rothschild Asset Management iC.L) 

1200 p.o BOX SB. St Julians a. Cuerr.fe). 0*81 2031 
C Eq Ft July 31 ... 58 0 MM.... 2M 

O CJnc.Fd. Aug. 1 .. 151 4 160 5 730 

OC.inU.Fd.» a 43 ljd ’.IS 

o.csmi'oFdJlyai- 154 0 ihig 3ca 

— O.C rommodil)*— ■ 1427 151(3 .. . 4 2S 

DC Dir Coradry T-fos 02 29 0o! .. . 067 

■Prices on Aug 1A Next boating Aug, St. 
tPnrcs on August 21. Next dealing September 

Royal Trust tCI) FtL Mgt. Ltd. 

P.O Box 134. Royal TM. Use, Jersey. 0SW 27*41 

R.T. Inti Fd ISC59J1 1848-0.091 3 CO 

R.T. lot L Uxy i Fd .W4 lOll -1| 321 

Prices at Aug. 22. Next dealing Aug. ». 

MLflrd - 

Injf z 1 ntaniaiiiL Bond**. 1U.6 
Fixed Interest F. __ hOU 1369| ..._1 — 

s isl:sl =. iSfa:# 

General Portfolio Life Ins. C. Lt<L? American fa Bd.*. 

— 00 Bxrtboiomew tX, WolUum Cross. 17X31871 

ipan Fd.BtL*: J59L2 62J 

Prices on 'Ang. 16 ”*Aug. 17. 

c^tiiT.itzJ 147-6 44.4 — ' Merchant Investors Assurance? 

RL Balanced* 52.9 St 31 +1 .Jj 495 

HLPKidead* „ |463 SS] +OJ^ 60 

‘Prices Augurt 33 Next dealing August 30. 

Brawn Shipley * Co. Ltd.? 

Mngra. Founders Ct_BC2 01-0108520 

BSCniln Aug 22..-. (232.9 254 4 y* i 440 

Uo iCC IAQgJS I290J : 312? 1.4.48 

. Oceanic TTOtoa tal iai 

Finanrial E7.6 39.9nd +tttj 448 

General-- „6fl8 226 +63 511 

GnwtliAnun.-.ntl • 531 +0.9 4.92 

G rowth iarnme B9.9 42J +0.7 4.92 

High licbtne BlJ 34J +0-3 92B 

-^1 Til • 346 +01 3 33 

.Index (276 293to +0.5 616 

itarwai 222 22.7 ’-0J 3tM 

• f>riormaqec— +-1*3.4 664 +06 416 

I Recorery .. ,.E3.l 345 +02 tfll 

EmnpL August 16... [629 * 64 J ...... 4J5 

*df ia,v*inyosr iwfu, onxw- imiammi 

to DfaAjis 16--J — .|*jj M.rt .1 46* Arrow Life Assurance 

Leonine Administration Ud. 

Km- ud 

Portfolio Capita] _.]42J 44.4( . 

.Gresham life AsS. Soc. Ltd. 

Leon Hae^23SBJgb SL, Croydon. 
Property ■ . 155.* 

C 2 2. Duke St, London WIMtUP. 

4 SsSSssrzBr 1 


SeLHLFttSLUnl — 10*5 ■ 
peaMgd.Fd.Eq.,. B2.7 
PenJlc<LF6-FiL- 118.9 

448 ZJoyds Rk. Unit TsL Mngrs. Ltd.? (a) Barclays life Assur. Co. Ltd. 
511 Rejfixlrar'fl Dept, Gorins-by-Seo. ~ . ' 3S2 Homford Rd. E.7. 01 

4.<K Worthing. WretSottcx. , 01-81*1288 BanHaybonda' 1129.D . 13SJ9 ... 

4.92 FmrtlBaiS«U 155.6 S?3+10|. 4^ r- HM + i 

92B Eta lAccum.) 76.5 82J +24 4J1 GOt+dged — 3H 110.9 U6J +0, 

3J3 SremSlCapj 588 63.2 +0.6 29* property 1MJ ZUJ .... 

616 ■ EtalAccurnlt— 74.8 79 5 +0.6 299 Managed— 1154 12U +0, 

30*. Third (Income)- — 90.9 97.7 +15 SAB Money 99J .204* .... 

4.U ' Da (Accum) 1244 133.7 +2.1 . 640 liaaPensAccnm. .. 1042 109.7 +1 

601. Fourth lExlncO 61.7 695 +0.E 7.25 Da Initial 10 U 1065 +2 

4J5 Do.iAcxum.i_ 73.7 79J +0.9 7J5 GUtEdgPaaaAcc.. 97.4 102.6 -0. 

4jg E^nl ^ — 

2?9 — . — 

SAB Money 

2 Prince of Wales Bd. B^nouth. OSOS W765S WoperSpwSm" 

01-7488111 CL. Cash Fund — 197.* 1825} I — Equity — ' 

1 GX. Equity Ftoul~.hl4. 7 - 17071 ...J _ Equity Pon*. 

• ~ GJ. Gill Fuad 014 1 120 Jj — J — Money Marker 

1 — GJ. IntL Fund [130.0 13*.® _...] — Mine)- 600. Pena. . 

i- . G4.Ppty.Fund 1973 1024] | — riepfiii 

Growth Me Sec. Life Ass. Soc. Ltd.? KKlj T?* 

iL Weir Bank, Bray oo-Tbiunes. Berks. 0G28-34284 Managed fteBs — 

01-5345544 Fhsdble Finance-.! £2058 J ] — 1 "h u fuil ti*~' 

, LanribankSeet | 5421 | ..... - lnl!. Managed 1 

ITaJ Z LandbankScs-AeeJniJ nl3| J — NEL Pensions 

+o3 = C. * S- Super Fd — ] £7.9X0 " ...J - 

Performance **-3 4 U ' Da lAcrum.) 1244 133.3 +?.lJ MO MaaPfcnsAccum .. 1047 109.3 +1.1 

Becorery... ,.to.l MMJllI’ Fourth lEXlnCj M.7 6951 +0.S 775 Da Initial 101-1 lOfija +21 

Lump*. August 10... [*1.9 ' 64J| — T 425 . Dai Accum 1+ U3.7 793+691 7J5. GUiEdgPNuwJlcc.- 97.4 1023-05 

Canada Life Unit Tst. Mngrs. Ltd.? Uqs^b LU* Unit TsL Mngrs- Lid. + 8«2y fwi. ah. “ S 25 ua® +02 

>6 High St.. Pori cm Bur, Hens, P. Bur 51152 Caehouw Sd . Aylesbury. 03805M1 Do.Jnltul, |97J 

.‘an Geo Diet |41 6 43.8*1 +0.6] 418 Equity Accum — ]S*98 136fl _...J -37* “Curraiii umi value Auguit at 

On. 1 tan. Acubw ... .|524 +OH 4 is HI & G GrOUD? IvMcHz) 

SJiESSsrJH ■■ ai +jrn««. ut« «™r. c « 

Capet {JaznCsl MngL Ltd.? Araerlean 15+.; Saod-o n^ LM Blk. Hone Aug. l_.l 132.08 

100 Old Broad si, 8£3N 1BQ Ol-MWO 61*3 ^j! lS 

Paine Dial 

Ita Inc. Accum 

Capel {James) M&gL Ltd.? American-. Bj7 MM -0 4 

. 100 Old Broad St.. BC3N 1BQ 01-5888010 AusiraSiil!^ S7 7 61*d IlJ 

; g.14 %!. + ! 4R Kv3w:2a« sp -L* 

.gepme. — .... ..-iWl 92. jl 7.(0 Catmnodity B1 7 ff/Od-OJ 1 

Pnces on August 18 Next dealing Sept. 8 lAccum Units! 892 96.® -0.1 

Darilol Unit Fd. Mgra. Ltd.? laXO gSS32^S2& 727° 
HrlbUDHouaaN'ewcBStle-iipoa-iyne £1105 Convresioaloc — .78.1 . 7*.7g +5* 

rariiol ..1715 - 76.01 1 3JJ Dividend-..- 129.9 

>0. Accum Cnrl* .. I«0 . 90^ .ZZ] * 67 ^reuin. Unita) M81 ^ ij +1 - f « 

Mowy Petu. Arc. -DO 1 5 laag +0^ — Fixed Int. Dep. 

SMI Do.Jnltul P7J 1020) + .UJ — Equity L 

3J* -Corrool nail value August 26 Property 

Mjma^cxl Cap - 

m, Beehive Life Assur. Co. LtdL? *“ 

72 Lombard SL, EC3- 01-8231288 GUt SdgedZ ZI- ' 

Ua flit Hortc Aug. 1__) 132.08 | | - AmericmAec j 

260 Rui.FXDep.C*p_| 

Canada Life Assurance Co. peoprop^jo^- 

28 High St- Potter* Bar. Herta. PJBar 31 US Pea Prop. Ace. 

EqtrGthFd AUf.1 -I -I „„ J - 

BMatf.FW2Ang.-U ! —4 - S&SSWSffrEr 

LandbankScx. AecJtL62 11631 J — \EL PeSUiOlU Ltd. 

G.8SSuperFd._. 67*10 *1 ...J - 2? lon SSSSSnroy. 

Guardian Royal Exchange Nd»Eq.Cip itu 11 

Royal Exchange. E- CD. 01-3837107 y?!” - y, J “V 

Property Bonds — ,|1M2 187.7] _...J - |g; 

Hambro Life Assurance Limited? NejexCibincCap,. klo w 

1 0ld park Lanfi. London. W1 Ql_ia80Q8l 55 Mad. FtCta?' S2 so! 

Fixed l nl. Dei* 1326 0 33671 ..._J - Nel Mxd. Fd.AZc.rj33 52 

GS-g ;H - Next Sob. day Auguat 

Solar Life Assurance Limited 
1WI2 Ely Plat* London RCJXBTT. 02342305 
34201 +20] — 

• 118.6 ..... — 

J 187.7 +2.9 — 

2 123.4 +02 — 

.7 107 tt — 

112* +B.3 — 

140.6 + 20 — 

1183 — 

1873 +29 — 
123.0 +0.1 — , 

1068 — | 

132.*) +0J — 

'Sun Alliance Fund MangmL Ltd. 
Sun AlDaxicfl House. Hors bam. 0403941*1 
' Exp JUlM. Ang ».. 1056.2 1628] .. I — 
lnLBaAug22 J £15JB J— 0 09T — 

P.o. Bo. NJ712. N'aaxan. Baba™,. ' Save & Prosper International 

NAV August n tfugua 1829t _....] - «« 

r~ Bmson & Dndley TsLMgUray-Ltd. Fod ^ w , , 727 

P.O Box 73. Sc. Heller, Jersey- 0S3430591 Irucrnat. Gr -l.T.^Tl (B M erfl-06 - 

BLDJ.C.T. JU65 1408) +26] 3.00 ParEastcni'i |517D 55.9S+L3 — 

North .Mncncaift .(4 12 4.4*j+00Bj — 

Eurobond Holdings N.V. s+pro-t |isai i7.o*| 1 - 

Ha-rdcl^dc r mt( , ' 3*7 S +211 235 

otaSSiiiXdao-Rsii m%+T& oK 

Tdex: 881 4*08. Commcd. —±„„. .128.1 134.41 1 — 

NAV per ibaro Auguil 18 SUS3DJKI. tSt. Deposit- 100 0 I .. .. I 025 

North American"* .(4 12 
Sepro-t ..... ..... 1 15 hi 
SterliuK-densmimued Foods 

_• |F. & C. MgmL Ltd. luv. Advisers 

1-6 Lauronec Pounlnw Hill . EC4ROBA. 
01-023 4080 

CcnLFd. Aug. 16 ] 

I-NIJ9I - 

Fidelity HgmL ft Res. (Bda.) Ltd. B01 070, Hamiltoa. Bermuda 
Fidelity Aw. Ast _l SUS29.74 I . ..] — 
Fidelity Ini Fand -] SUS25.6* I .1 — 

Fidelity Par. Fd I SUS55.03 |-0?H — 

Fidelity WrJd Fd__| 5US17.02 |-ois( — . 

Fidelity MgmL Research I Jersey) Ltd. 

- ta High YloltL. — N4Jj 473J. J 7.71 (A«umrtnils)L_._. 

. >0- Accum Uruli — P*.7 58a .-..I] 7.71 ‘ Extra Yield 

Next dealing: date Augou 33 1 Accum Unicsj 

■ 7 ha titles Official I nvesL Fd? - FnrEaotoa^ 

“ London Wair. FX5N 3 OB. 01-588 1815 ■ pSSSlnS SfiZ 

^ ncomeABgtmi5-jM2J7 — J 628 - (Accum Unita) ! 

. irrum August 15_{276 66 — ]-..]— -General 

♦Caauth. Only available in Refi. Charities. (Accnrn I’nllo) 

__ Enrcpenn — 

7.71 (Accum t)nlls)L_._. 

7.71 Extra Yield 

lAccum Unita; 

ffi^r - 

Jharter house Japhet? 
. PotcrnoaterRow, E3T4 

’J. Intern all [25.4 

Vrcum Unita 29.7 

-J. Income— *58 

+ 'J. Euro Fin ..... 79.0 
tecum. Units.—. *2.8 

■J Fd.Inv.TH 310 

iccum. Ualu— _ . 55.7 

I jv J. — • General . — 182 6 

■ Charitlea. (Accnn. I'nlU)— Z84J. 

High Income — — 189.7 
(Accum Unhsi. — ~ 164 * 

01-B48SW9 Japan Income 1727 

...._ 297 lAccum Units}. — _ 175J 

1 0 7 UagnUxn -... 730 3 

I 7 45 (Aocudi Uni la).— 2923 

I - ’;. 4 £ Midland 1874 

4.06 i-icrum E'nltiO — .. 310.4 

3H Rroorors;..- W-l 

IK (Accam 1 nitai^.... 90.9 
iiuftwi it AfeoadCen +. 1W.4 

UBJ +S]9 55 Cannon Assurance Ltd.? Pen lpi ' 332, 

5i ■« LOIrotpirWy. Wcm blcy HAWNB 0MJO8870 

572 IAI ffiSSftr—onM I 5S “ Pen. DAT. Arc 1943 

1S1 toj S^SnS®Mt. E162* 12.97+0.04 _ Hearts of Dak Benefit Sot 

Mto —05 T» ma ” 15-17. Tavlstnck Place, WC1HBSM 

' ^ ^ ? m? 21M i +0 J ~ H«rtxrfO*2 P6J » 

Si +oa 3 jS gqidty Accom. .. — . 191 - — ...™ — Hill Samuel Life Assur. 1 

3^5 SffiTZ ^l.***- + °^ Z - NLAT-r,Addireo»b.Rd,Croy. 

Tifc! toi 7-R mu 1070 +0J — 

rofci ioi 7« andHSpretr 105.7 1129 +03 _ 

73. 2ndManSfi 10U W.O +02 _ 

+0.6f M 

+ul 5.44 

Pnena August Ifl. Next dealing Aognat 23. ItailsviZI El 

.'hieftain Tnut H onagers Ltd-VtaXg) ^p+riol — 1177.7 

1 1 New SL EC2M 4TP. . 01-28* 2632 ^cumLnlW^-.feaa 

imeriran lu2A7 26.6] - 021 153 Sp+ctoiuro Funds- 

*ixh Income — V«47 4&ll +oa S6S BfJJ 

n (renal lonal TM ..tiO60 280M ~0.ll 293 <Accumt»nl«).*_pi2* 
tmic Rcsrca TaifW * . *071 -O U 406 iTlari band Ang. 13 .1 ^ II 

-. 01-28*2632 
266] -02} 3 53 
mi] +05 8 63 

20 JH ~0.ll 293 
>tt7t -OU 406 

196* +0J 
1824 -0-« 
184.6 -0J 
J450« -1.8 
310+ —27 
1996 +0J 
3306 +12 
93 E +0.7 
968 +0.7 
265.5 +0.9 
3121 +24 
1093P +}J 
240.81 +27 

Fixed Inc. Dep, 126 0 1327 — jigl Mad. Fd-Acc m*.S cTil "' I _ 

— — Next Stob. day Aneuto2i ~" 

MnSSfcapZZZ 148.4 256J — NPI Pensions Management Ltd. 

MaMgedAcc gi7 1924 . — — «.^r»cectanehSl,EC3P3HH. 01-0334200 

GiUKd'cL mo 1327 ""- Z Mjn«edF«td ]M6J 1*2.6) .... I - 

^ri« a£ZZ SfcJ UX8 Z rnr™ Aucuri L Next dealing Sepl I. 

Bu.FXDcp.Cap__gH2 1U^ ...._ — New glealaud Ind Co. fU.K.) Ltd.? 

‘ *“ l indS512JS 070262055 

'* 155 J] — 

.* 1121 +0J — 

.0 1221 +s.r — 

ll 105.4 +u _ 

rn.unuc.Mr -imi. DUt | — ErTc^iM~ " ** ' ~l i*S t J22"? - ^J — 

Pcn.Bii Cat 1MB 332« — J — — Pg-J J»J — 

Pen. BA Acc. 142.5 150 JI olltEdcedFtf . — JM42 109.1 ..._ — 

taDAF.r J? ._ 1025 T._d — Con. Depo*UFd.„|97J MZ.Jfl . — — 

P40.D. ajf.acc — 1043 |. — .] — Norwich Union Insurance Group? 

Hearts of Dak Benefit Society po box*. N orwich nrisnc. 000x2x200 

15-17. Tavistock Place, WClHBSM 015875020 Manaje«l FVmJ M.9 233 Jfl +251 - 

Hearts ol Oak pti 38.fl J - SSSESSb - 

HID Samuel Life Assur. Ltd? Fixed iimrbpd m* i&u +o'j — 

NLAT«.Addi^b.Sd,Croy 01-W6-U55 .O^ Z 

laLBaAugm 1 U5J2 I-U.OT] — Waterloo tee.. Don SL.SL Heller. Jersey. 

053* 27501 

Son Alliance Linked Life Ins. Ltd Series a ( lota 1.) — [ ti 52 J 

Sod Alliance Home. Horsham 040064141 raic H 

Equlry F4ind [1322 U9J) +2N - Series D lAm-ABtl) £2052 I - - -I 

FtoedUrterestFd. _ 106.9 112 6 +0^ — ■ .. __ , 

Property Fund U0.9 U*J .. .. — First VI lung Cemmodity Trusts 

International Fd. - U24 1394-29 — 8. St George s S2. Douglas. \jo tL 

Deposit Flind . _ — 975 1027 ... — 0624 4082 L-dn. Ajax Du n bar 6 Ca_ Lid 

Managed Fund . — -[114.8 120.91 -Oil - 53. P+11 Mali, Ldndofl SW175JH 01.831 

Sun Life of Canada iTJ.lLi Ltd. 
23,2Cockspur5L.SWlY5BH 01-0305400 

Maple ELGrth 1 SIB )..._. — 

Maple U. Mangd._ 1*7.8 — ; 

Maple U. Eqty. .. — I 1*5.9 I. - ! 

Peruti.Pn.FB 2123 | — , 

Z Target Life Assurance Co. Ltd 

0024 4082 Ida Aox. Dunbar 1 
53. Pall Mall, LandonSWl75JH. 
Frt. Vtk. Cat TSl __ B4.0 *51 
Fjrt.VVJDbLOp.Tst.. [roil T 

nbar A Co, Lid, 
75JH. 01-9307057 

35 M I 3J0 

790l — J XJO 

Tlnitlal oiler. (Arttly Deal legs. 

Schlesinger International MngL Ltd 
41. La Hour St.. St Holier. Jcrsci 053i7?SS. 

5AI.L 39^1 . 815 

S A.O.I 0 *4 0 99] 4-S5 

Gill Fd 23 1 23 j) U & 1 

lntl. Fd. Jersr> 119 1251.., 2K 

IninLFd Lxrabrg... S1L80 1242].... - 

-Far East Fund... 101 lDfil .... 20i 

•Neil sub. day Aogusi 23. 

Schroder Life Group 

Enterprise Haute. Porumoulh. 010527733 

International Funds 

CEqulty [1216 . 129J] ...:.. — 

* Equity 1410 149 9 — 

£Fixed Interest- — IWJ 1492 — 

SFIxed InteroaL ... 10*0 11Z 7 — 

LManaged 1330 1420 .... — 

5 Managed 1232 131. 9] — 

Fleming Japan Fund SA 

37. rue Notre- Daw*. Luxembourg 
Fleming August 15 l| Si'S6055 | | 

Free World Fund Lid. 

Butterfield Bldg. Hamilton. Bermuda. 

210 J- Henry Schroder Wagg & Co. Ltd 
2-10 . 12D.Che»pude.E.C2 01- r i88 KKU' 

Chap SAug 21 | SUS1236 |-O07] 235 

Tnraet House. G alehouse Rd., Aylesbury. -7™ “ ™ H “, 

Bucks. Aylrebury lOSSfii 504 1 NAVJulySI-. 1 5US190 79 I . — 4 

104.8] I 

12801 1 — G.T. Management Ltd. 

ffi 'Property 105.7 

& SSSSfczg^ 1 

andGUt-Z 90.9 

ti? 2nd B+ Pea*.'Acc. . 10S.9 
fS ZndProJtanx'Acc . 109.9 
tn- 2nd Mci Penx/Ace 104.0 
iS 2nd Dep. Pens' Ac r. 1002 
T5 9 m( cn> PMM'tn- oi 7 

act r2nd Med. P«i*/Ace 104.0 UOJj +03J — 

JSf 2nd Dep.PensJAcc. JOO.i. M5S +03 — 

J2? 2nd GOt Pma-Ace 9L2 94 S -OM — 

LfcESJ F 405 43* ....7. _ 

«« L<cGS2F.2 : pas 38M [ — 

£S Ourrent value August 21. 

*Nbr. Unix Ang J5.F 223.0 | ., 

Phoenix Assurance Co. Ltd 

I Park Hr*.. 16 Ftnabtny i.'irrus. London EC2 on c . 

— I Tel: 01-838 8131 TLX: BiVilW 2D.uaiM»l»S*..El.t 

Sentry Assurance International Ltd. 
P O. Box J28, HnmilioD 5. Bermuda 
Managed Fund. IW.'SLBU USD] | — 

Singer ft Friedlander Ldn. Agents 


Tel: DI-B28 8131 TLX: BDc'lOO 
London Agent* for- 
Anchor'B' Uniu. ..{SDSLM 
Anchor Gilt Edcr, 19.79 • 

.Vnrhor inu Fd HiSiD7 

Anchor In. Jiy. Tat . 50-3 

Berry Pac Fd. SUS53 L 

Berry Par Strip — 10600 343 

H.T. Aam Fd. tHKUUI ] 

9 1- A»'*JWerUnc... *16 69 1) 

l; T Bond Fund SljSUM 

Dekalonds [LlSI26<2 77 9*1 .. . | 6.09 

121 195 ToUoTM.Aue-1.-I SUS39J0 4 4 L57 

985 +0.01 1289 

jyj - IJS Stronghold Management Limited 

J ; 0 75 PC. Box 315. SL H+ller. JerKT 0534-7MS0 

H12 008 Commodity Trtul .. (0855 93J2I | _ 

an 13* 

-OJI 5SX Sarin vest Uerseyi Ltd- tal 

B . .. 064 Queens Hie. Don Kd.Sl Helier, Js) . 0534 2TM8 

“0-227 0 9* American Ind Tst. 118 <9 8 671.105] — 

Copper TYuM OLdl 1160,0 03 _ 

An A etS. Jap. Index Tsl ltlL83 121«-0J3| — 

Pag. Managed Cap 
Pna. UnnsBed Are. 
Fas. Ctced. Cap 

Pens. Equity Cap 
Pena. Equity Are 
Pju.Fid.lni Cap 
PngJtd I nt .Are— 

J09J — 

1061 — — 

1270 — 

1033 ..._. — 

■1590 — 

1126 . — _ 
1104 .... — 

1078 — 

1008 — 

6.69 17, 

4-5, Kini; william Sl. EC4P4HP, Dims 0876 Transi nternati o nal Life Ins, Co. Ltd. G.T. Dollar PuZZl • Sli>T7B 
Weoilh A9*_ pjgjj ]0«.« I — 2 Bream Bides.. EC41NV. O1-44B04S7 DTJacdicFd 1 J15.92 

Eb't.Pb eojCZhIkli 813 tea) — TniipiKSJd.MZ mo i»3 — Gutmorc Invest. Ltd. Ldn. Agts. 

Prop. Equity & Life Ass- Co.? t*»c }«-5 — ^.si Moo -ue. London, e-.-d 01-303*531 

119. Crawford Street, WlHZAS, 01 -*88 0857 Man. Pen. Fi Are lS 7 1«S „"' - fi uml 5 0 ' 1 - fFi,r K “" M4 .. .. 

R-StikProaBd.^,] 184 & J J — Mangd lnv Fd Inti- 1»2.7- loe.a — i^?Si H **hrreS? r ayis 

S,T^Sc=l. S |:-;i _ “I - S5£~^-f§» ^ 

Property Growth Assur. Co. Ltd.? Trident Life Assurance Co. Ltd.? J IfUi, E*»od Fund _ , ifljfiS 

CR91LU 024000006 Ronslftdo H oum, G lmicrmr QiU36E41 Caiantr IsvcMueat IIukl Lii 

12 1M J 

16 329.1 +1.7 

XOT.fcd . ■■ 
.6 160 DO -0.2 

IB - 201-1 -0.2 

13 158*1 

Capital Life Auursmee? ' gmPnUrnAn: 

Caalatan Htmee. Qupel Aah Witw O0D2285U 

liSisM " 

_ . ChariW. An£,22.— U57.6 1M8^- 

: ^Ss- RWAJB ‘ S9 '-zj 5S Charterhouse Magna Gp.? 

■■rSFWl^L(47.9 49J{+|2] ^ ManttLife Management Ltd. ^ ^“^1 B 

»' -oraopolWmPtt^ ^ .!Tffi '88^3 

' aj|!u til Mayflower Management Co- Ltd. .- f 73 133 1 w:S | "H I 

' iSntril- 11^ K’UIU«»s»w»5LEC2V , 7AU. 1»A | -Z| - 

Crescent Unit Tst. Mgrs. lid. f*Kg»- - 78.0) ■ ~i | JJ . n T ltu ,.., Illt +, r p» 1 ia Slnectto. Aai.SU.M7 

Mitimiiaj-w— x-Aipbuvfh.t (QI-3S80O1 I*hirn»U- As(g, 5i4] ,.—J ■300 <3t? Of fftwhu Ul l gfr ArfUT, CO. Ud. 

■ 'roo. Aaicr PdL I2BJ 30* -0.S JM Mercury Fuad Managers Ltd. : — S^^ruoiiA: 6 whil,:1,or * e B gfSB4aw 4 gwwp*?*- 

■.a«ss=Jb ■ ~ 

Wscwdoaary Unit mud Managers iSteaMjEfeSz S& slliJ Jg»g^}«i fe 

, S, Blond) eld SL.EC3M7AL. 01-5334485 Aasm.Cts Juke? JS * 2 785.6] — 4 43* g?,- 

UK income- »»» » « - • I « » MWtod Bank Group . . * Su® STZmj iS|I »q - 

'S.L5S- ^ -^a- iiP^i I ^ = 

S*W» ' « 53 uss. JM. 

Emson ft Dudley Tst Mngmpt Ltd. — - — iSS lai ytrtonnUnUJ 1 • 2ni - B l J - 

W. Arlington St, S.W1. 01-49B7551 I's^S^ZZIZlBOj 3ZU 2*3 ^ . ■ , 

aw™ Dudley Tst. |fi09 75^ .„..j 306 rta.*cnuaTZZZp3J JSf Jhi "iff of Westminster Assar. Soc, L 

1 Eqnltas S*«. Ud. (a) (g) . • ItaA^iirntZIIlM* “ ^ +o'.9 nJSSSSk° t ' 6 “ hm* 129 71 1 

tatiS 8 ^ ttaS^--ii IH^:2 i«.«8WSfes==:B 

.Prttfreaalre- fK.7 76.71+0.71 571 yjSS ~~_" {hb 711 " 7AX 

Equity ft Law Uil Tr. M.? ttttMcJft) gS-:*g Fj&— 0 .... iS -Oommercbl Union Group 

Imtfrtham Rd . High Wyrtnabe 0*0*33377 S- Acc^V* Hshl ltloj -- - 5S9 SLHPlca - M,Uuder*lUft. Era. 01-2831 
Cquitj-iLaw P3.6 77.4j+U[ »M ‘Pricta U Jttiy 31Naxl dealing Aligns 3L VrAnAcUtAUK. 10. | 60 02 j ... j - 

• ~ Confederation Life-Insurance Co. 


1 Hnyal Exchange Ava. London EC3\' 3LU. Te).: 01-283 H?L ; WntwdFuiid— jtw au -- - 
Index Guide as at August 15, ISM {Base HM) at 14. 1.77) pSTiSrtZ n t sl* +54 ' I 

CUi-e Fixed Interest CaplLoI.^.^;, 132.07 . ; . AWM* ... 77A ,„,*>■* +bA - 

Clive Fixed Interegt Income 1JA6& >S2ain2%dZ:." - Sin - 


180.7 _.. - 

*7.7 +0.6 — ■ 

77.7 — 

127.5 ..... — 

iolTi . - 

Peu. Prop. Are J9k* 101.71 | - 

imperial Life Ass. Co., of Canada 

Imperial Brosa.CoUdlorti. ' 71 

Gn-Fd . auk 18 [7* 4 83 «....] - 

PenoFd.ABr IB— &L3 77.5j . — j - 

. _ __ Unit Li niied portfolio 

Jap. Index Tst- £11.83 12J9]-0i3( _ 

TSB Unit Trust Managers iC.L) Lid.' 

Managed Fund . 

Fixed tel- Fd J97A 10201 ^.: 

Secure Cap. FtL — b*.7 lOlS 

Equity Fund 1990 104^ . .. 

Irish Life Assurance Co. Ltd. 

1L, FltsslKiiy Square, SCi Q\. 

Sloe On). AO 1 2I-I85.7 ««...., 

ES? - 

— _ 199-2 10«fl - --I — 

I.'.’.’.’.l — Proper^ F1 iji(1(Aj_ 

w__j. .urtruliLiralFBnd. 

anada Acric. Fuad (A) 

71255 Abbey Nat. Fkmd — 
... I _ Abbey .NaL PH. ( aj. 

I „ iirwsLmeitfFuiuL. 

1 invi-simeot FVL(A). 

I _ Equity Fund—. 

_r.ri — Equity FbndtA) 

1 Mono 1 Fund-J.-. 

. . J — Money F^dlAJ 
.. 1 AcuisnalKtad., 

ML OiJt-ed cod Fand 

G14&8BXB tiilvEdR+aFiLCAj- 

I i* 

H r ASA'S 

—.4 — VAllWemBwcapnp 

Vim f 

Pension Fd. Utt.^.1 

01-8235433 Corn. Pens. Rd. 

rH = 

963 -0.9 — 
1250 +00 — 

151.0 .... — 

130.7 — 

1304 — 

11*1 -0J — 
137.9 .. . — 

33*0 — 

140.6 - 

P.O Box 32. Donelox.laU. 
Oarunore laU. Inc 1233 
Cart more IntL GnhUti 

oast 23911 Tokyo Pacific Holdings N.V. 

• ■ I Jauawa Monincmcni N.V.Oirscap. 
. .,] 300 NAV per share Ajkusi 21 SirsCD.C2 

Hambro Pacific Fand Mgmt. Ltd. 
21)0. Connaught Centre. Hone Kong 
ForEartAiK.1T— .IHKBa 16M . .. I — 
Japan Fund PU9900 9.*fl I — 

Tokyo Pacific Hldgs. (Seaboard l N.V. 

Jntinui MUJcrnwat Co. N V„ Curncoa 
NAV per Share August 21 SL'EMXTl 

49 1 ..._. — 

SS +13 = 
Mi +1J| - 

King ft Shezson Ltd. E^onF^fcj 

52. Corn hilt EC3. 01-8235433 Corn, Fcbb. F<L 

tsugh am Life Assurance Co. Lid. rS!>. 

ljn t hiwH< HnlBlhnml: nr VM 012B35231 Prop pent Cap-Ute! 
IjwImb -A W|J W) UU J _ BtisiL 11*. 

VPro^»>Od |*S8 jS3 ,._I - BIOk.Sov Csp.lL, 

Wl*p i5P) Man Fdf7*7 8ft0] 4 — Provincial Life 

Penal itdjtap. Are.. 1073 113 9 1 — 

Pena Ppty.Cap. 114.7 12LS — 

FPnx. Ply. Acc. 119? 12* 9j .... J _ 

Trdl Bond 37 2 393....] — 

•TnU Gl Bond )W.& — 1 -0i| — 

' *CWh value lor £100 pnHMUJh. 

Tyndall Assurance/PensionsV 
18. Canyme Road, BristoL ffi 

Hamrirofi Bask < Guernsey! Ui Lf Tyndall Grocp 

Hambros Fd. Mgrs. (C.I.) Ltd. p - n - ®“ is* Hami lton 5. Bomnda, 2-arcn 

jniWtd—siispS, iJSSS-cS 8'iS ^ I - 

Int. Equiiv 5U.sJl2.40 12781^00*1 L50 2>e» »,5». l/eltef Jenev 

lot. Sl ml 'A* SDSU4B 108-a0ll 8 50 TOFSLAup. IT . — [£835 

ini. Kiim. "B" SusTLm 1 2B( ( 1.50 i.vmm. .ihoresi gZJ35 

Pneea on Aacus a Next deulmc Auuutt 30. Jjnertcan Auh. 17 |95| 

tArrum xharrtx ,1955 

0*81.38521 oversea* Aug 16, pF 
Vvf 1 Arcum. Uniwi . . SL 
2'2 8-WaVlm.Aim.17— |H' 

Henderson Baring Fund Mgrs. Lid. 

iWflSSSUSi -E3K3 = a*7 SiT l# !V :,0 Provincial Life A< 

fSl- Wand currently closed to new invert p+m. Legal ft General {Unit Aisiir.) Lift 222. Bi- iopapiie, ECi 

Provincial Life Assurance Co. Ltd. 

HjlM afSSME 

3?-'5 __ 

20a Potorm Unua- ) > 201.8 1 1 — SJocswood House. Rlagamod, TMwonii. PriA-Mana 

SiJ Earrcy KT20 Bfil' Bureb Beaib S3456 Pm- 1 +V 1 

ZM dtv Of WMtmimtfer Assttr. Soc. Ltd. CartJlnttjal-— (HJ »£«.... — |):H Fund! 

M S*r , 'T?!2r WW " 6 BaAcnna *1 U3J +0.1 _ PropcrtvF 

P» Telnpbone 01-884 B8M gjjaity Initial -0357 1400 1 2.4 _ Equity F>ib 

j ob First Units |l»* -1295 — 4 — Do.Aeeiun. — U360 3440 +2.4 _ FvHm.Fi 

SS Propeit* Until— Jsc7 17^ „„J — - Fixed initial. — „Ei 1240 +oj _ prudent! 

7%l - Jta Areata. |C83 126 9 +0 1 — „ , rnRl 

y*r r. ..... « 1ml. In H is’ 1 1004 1142 -13 _ HelbornBi 

j'S “Commercial Union Group Do Acnna .(iDB2 i«i _L4 Equn.vd-1 

sSBt SLHelra-M.Uudenhaft.EXa 01-2837500 MtaJS+d Initial — 025.4 1320 +10 _ FuLtn' Ai 

; 3L VxAuAeUt Aue. to I *002 I .... J — Pn-A ccugL—- — 0282 1350 +L0 — Prop.rd.A 

dSa£miwi®._;| 18.7* -]..,•! gn^ytraaai^.bM.0 1K3 _ Reliance 

—f Confederation Life. Insurance C®. Exeam cash laic, J970 inn 1 Re:, prep- 1 

. 30. Chaitewy uane, WC2A LHE. O1-3420C82 De. Accum. " 

VEqoitpniMt [U53 173-M ,4 — awmpsEqty.lmt 

' g, ' 7 8MA >fc f -Z • — Erempt Fixed lniLhl33 U92 ”71 _ ^""Se 

; CRWP Mn^rpw. .. 1876 — D o Areerp - 

JjjtdliU, Pfu - 2014 — BiKajHrrop.jRIL 

“ &nuw Pension 2388 — ItaAreum. + — 1 — „ - _ ■ 

103* +0.1 
140m +2.4 


713 + 8S 

75.4 -0.9 

Commercial Union Group 
SLHelra'p, 1, Updenbaft, EC3. 

] r. 

50. Cliaitcety Uaae, WC2A 1HE. 01-342 K 
V&inily FmxJ. — _|365 l3 173-M ,._J — 


Group BngCpea.. 1876 — 

Ftredlnt Peu « 2014 — 

SgiiBS Pwufcui 2388 — 

r.:II h‘unda>_, Jn7.9 1242] +8 jl — 

Property Fund M63 ]qIs . i _ 

Equity r>iua !U1S 116* +0J< — 

Fid int-Fu«L__.|33 IKLfl d 

Prudential Pensfeus Limited^ 
Hulborn B«y,£ClN2NH. 01 -WG 3222 

Equit. Fd- Atig. \BiteD 1 JO 28021 , I — 

A^«r-EJ3? a9S..r. _ 

JVop. rd. Aut 16, (£2*36 7 > id I 

Reliance- Motoal 

Tunhndre Wells, Kent 08SC 22271 

««■ 1 198.9 |....J - 

Rothschild Asset Management 
SLSwitMuLaae.Loatlaa.e3C4. 014364336 

Rural 1 na n ra nee Group 

Uevr Hall Place. UaerpooL 051 227 *422 

Itarol Shield Fti._n«J IM.TI-flii 

3-Way Auk- 17 1278 - - .... 

V.... _ Equity Aufi. I7„; 178,2 

— Bond Au*. 17 1683 

„„ — Property Aur.VJ— 1057 

" _ Deposit Aur 17-—. 1286 

i"'-,. 3-way Pea July 20 . 148.0 

CO. LUL (Yseaxlnv. Aur. 17 86.7 

01-247 6533 Mn.PnJ-WAujj.l_ 1742 

D0.EqnllyAUB.L_ 2TLB 

_ Do. BopdAiifi. t. 180.0 

;jj _ Do.Projs. AU*I. „ 87.0 . 

+03 — Vanbrugh Life Assurance 

J- — 41-43 MaddOlSu’ Ldn W1R0LA. 01- 

Managed Fa. .[153.* 161A+0I 

01 -WG B222 Equity Fd...—. 254J 267.9 +4.1 

... 1 _ Intel. Fund 1093 115.1 -0’ 

_ Fixed Inters Fd ... 166 5 ' 377.4 +0. 

— Property Fd 1442 151.6 . ... 

Cush Fund . — 1197 126.(3 

ossa 22271 Vanbrugh Pensions Limited 

1 41-43 Maddox St,, Ldfl- W1A&LA 01- 

10 *• Vaiinf M ,...(1013 106.71 +0J 

01-6364336 Equlre hll4 117il+l< 

| — - Fixrefl merest. _}97.7 102.9) +0.i 

20. property— ——.|9i.i 1033] 

am -mil **■ l -* mmon Haim, Hons l.vniu 

Japan Fd AueO-.JSWac SJJf 

TorSL A up It £B3S 9 Dthd 

1 Areu m. .Ihuresi £1335 H35 

American Aujt. (7 955 102.0 

tArruin shares' , 955 102.0 

Fd AUr 16. 214 8 2J>B 

• N«h-i Are Uta>_. 303 0 322 2 

tlillFund Aup IS 106 4 108 6M 

1 Arcum. Shjrin 1414 .144 0, 

0534 2T33I/3 
3 .. I 600 

~ Borinu I lend. Bond Fd Auri. 18 SL'SIOJBB. *"irtsr> HoUHe.ltouetu.. lilt of Kan. •SE424IIL 
__ ■fixcluaive of oay prelim. chniTws. Matta^etl .lui;. IT— 1135 4 142.61 . | — 

— Hill-Samuel ft Co, (Gueraseyl Ltd. 

8 ti+Frbire m, Peter Puri nurrnwy. CJ 

_ ijucrnpsy To. 116*7 178JI +3J] 3J1 

- _ Hill Samnel Overseas Fund S.A. 

— — 37, Rue N«rr Dome. Uuembourv 

Ui’sau a.rt]-D20( - 

01-490 4US3 International Pacific lnv. MngL Ltd. 
+4 3 W ®°* R257. 56. Put Sl Svilnw- AusL 
IS:3 Z Juveliu Equity TSL-IMU7 ' 728] ... -t - 

J.E.T. Managers (Jersey) Ltd. in 

PO Bex 19*. Royal Ta. Hw Jervy0534 274*1 Jjr- 

Utd. IntnL MngmnL tC-I.l Ltd. 

)4. Muir aster Strevt, St, Helicr. Jersey. 

t: in. Ftmd , —ffrjma ma| 1 aie 

United Steles Tst. lntl. Adv. Co. 

14. Rue Aldrlnucr. Lua< ub-iur^. 

UA.TsLltiv.Ftid l S1L48 \ . .. ,\ 017 

N« inn Adguaf SR 

S. G. Warburg ft Co. Ltd. 

HU. tire-ham Slrcft. EB.+. OlAnu-S.'CO 

C««v Bd..\US.Sl...| 5US985 i-OCI] _ 
End. luL Aup. 21 ... JURIS 71 -0.15 - 

nrAjFd.jfirysi.. I H.S75? ..... - 

i I8jH .... laan 

01-499 49E£3 
+0J| - ., 

^ro^yErtri'i.Trt. .I1B60 197 01 - 1 — 

at July 31. Next aub day August dt. 

MeroCbdl'dAuKlft In. 51X3 

Cuarameed we Ins. Base Rates' table. 

CORAL INDEX; Close 522-527 - 


tProperty Growth—.——- —10\i% .; 

t Vanbrugh Gnarantced- — .... 9,6 

. fAddiw sbntna under Uauraace sitfi. ^rap+riy R .°°d Table. 

gmug PW MKta I' 2388 j J — itaAreum. im.9 «4H "Z[ - 'v »*■*! -0-SI - 

Propens PetuRm- 1 340.0 | — J - Legal ft General -Prop, Fd. Mgts- Ltd 

ConOtU] Tuntrauce Co. Ud. . SSSSlE W 81 lEji TT* - 

52. Cornhtll. E.CR 01-8205*10 Next roB^dar. Sept: 2. 3B 7 IMA -01 

- 1+aU Z Life Assur. Co, «f Pennsylvania SS3 H»9 +8.1 Z 

K-iWk ^7nz|l830 — 3M5\>wB<nidSti,WnaRq. 01-4930305 Eqatl'^iSi^Z; ml xa\ +ii ~ 

LACDP Un>ls (990 1000] . ,.) - ffiioWifT “ 

Credit ft Commerce Inrannra Lloyds Bt Unit Tst. Mngra. Ltd. & , i2JS&Sjsr“ ."1 '“-a - 

120. ResentSs- London Win 5FS. 01-4307081 21. Lombard SL.EC3 «-0ai288 Trire* on 7 A U Eui^3 " 1122,0 Util) — ) — ZitmpL P02i 1B7^] | 7A2 IWttiWy tfeStSs. 

-u - q " Welfare Insurance Co. Ltd.? 

,, , WluJadc Park, Eioier oaseussiss 

Dtimmn UonumakarFi.. 1 310.9 I ... -I - 

I — For Mher lund». pl+»«- refer in The London A 
„ ■“ Mancbesier tiroup. 

Jardlne Fleming ft Co. Lid. 

40tit FUor. Conoaucht Centre. Hone Konr" 
Jardlne E*t n.T«t..„ HKJ31L9S . . . 2J 

Jardine J pu Fd.*.. HKVAIl 75 01 

fa- ... sSsSk :.... l5 

^! e °^i l>t " ’ »»33» “ 

{Sf 1 ;? ar HKS34J* ■■ — 

(ta. I A+-CUH.J-.. HV14 70 — 

NAV Aug IS -Equity k-nl Sl>SS4iM, 
New *ub. Au^uj 31. 

snrao^zBp. ™ 

DejmLpoaaFat „|99.9 s||f 
+2JWW Aueurti ? 
nVoL-kly dialup 

367J — 

3303 -01 — 

1*0.9 +0.1 — 
224.1 — . — 
Dll t26 - 
ZgJ .. , - 
.99 S +0.Z _ 

■ Warburg Invest. Kngt. Jrsy. Ltd. 

1. Chari nc CTOis, St HclIrr.Jsj- i;| u33473T-li 

nf. rMFLtd.JuiiaT._|nsa« ujh... - 

2J0 orrud JiUj-27_ U33 30 l>isL... _ 

0 80 Mj-gflsTSt Ahij.IT. f^L22 liSrt . _ 

1 7o Tjfr AuBuet ti . u"3ua jum _ 

_ TMTUd,AuiLll_ (CL40- — 

— World Wide Growth .Mnnsgemeulji 

lUa. Boulevard Royal, ijixemhourc 
Worldwide Ctii Fd] 5l.fr16.73 1+0 0a) — * 

Windsor Life Assur. Co. Ud. 

Rqyal Albert Hse .She** sl. Windoor 

Ufe lnv. Plan* 1612 728] | _ 'IJSe 

Foture/laad CtWai. 23.00 j — Iprei 

FuturoAasd GLWhi ( 4400 I J — ly Ol 

Ret Am 4. Pens. 125.90 I ... .1 _ iv N 

Flex. lav. tirowUt „ [l05J UU| — L 

. Pnt 

1? *M 




IliRh L re 

Price +«r Dtv. *r Hri. 
£ - Gnts Yield 


High low 

BANKS & HP— Continued 

LOW I Stock I Frt* l + -*l Nrt IcctIS 


asurvs'ipcWC.. J w I+b ( 9 .M 

reasur> - 3>2pc7l5)_.| Wtgl+4 13.72 

hequer 13pc iSftl; 

1 ll-pc 198!». 

. Sjpt I979-3L 

mrjS^pc lSBlft 
Exeh.B'jpe <931 
£xch.3pc 1981 _ 
re as. Variable "8 1H 
sch 0<pc 1981 

14pc 82ft 


reasiire l 8t4pc'lC 
Exch. 9Upc 1982 
Etch. 8?*jv 1983 
&cb3pc3S — 
rtasury 12pc 1383ft; 
reKuiy^pt®--, . 

Firs to Fifteen Tears 

95,1 95 EjcIl lOpc 13EGo 94*; f‘« 10.70 

8 «, 60b Fuadin-5'aic , 82«tt- 83b +b b.75 

86l a Treasury SHpc 8M8ft. B8b +b 9.69 
875, 7714 FuudiiureiscTIMTft.. 80b +>4 831 

• Mi. 7 QL. Tr«»£i,nr' HXJBtH HU, 44 . U W 

7.03 Je 
o.Bl 10 
10.91 “ 
7 96 

H ? 4 '1 ?j ASA 

feO : z MJij .AMFi^Coo.-Cr.. 

-“'5 <2 *aa\Sl 

SOa Zl*a American Etpress. 
24b 11 Amer Medic, inu. 

l?b 969p Asarm Inc 

l£b |a bgIn uLCngSl. 

:: : i 22 BendwCMp is 

23 ! : 13 Beh.Stei?! SB 

15t 969p Asarw tat 
ic '4 1 £j 4 Hater Inul 
1°4- U5j BarjwsGr 

?i : 3 22 BeodwCo 
23!; 13 BeJi.Ste-? 

“i; 12*; j25p armin'" FercHSt. 

}? nT 857p Snmsnncfc Cwpn.ll 
21 ! n jb 4l£ Burroude Core. 

a js I?® 

B lz ] 51 

. 10 OB 1 42- 2 

12.27 | U.25 | jc-: 


S 52 7.57 £ 

13.0C 1137 ji 
9.92 1111 22:, 
9 02 1101 14 1 
9.95 1148 3 
961 1142 13 r, 
3.66 7.86 i-£ 

41-e Burroughs Corp. $5 

30*3 C33S150 

22 b rprr.U, 

3Zb Csterpilbrii 

IT 7 * CtuseM1wiSli5_ 

13 s ? rhesebrnn*h5I_^. 

7b5p Chrysler SP 4 

13*; Citicorp W....—_ 

73 3p Ciuliu.S! 25 

14*6 Do Cm Prf BS1_ 

12S Ctlsale-P Si 

29 Cdr 2nds Si 

20b +1* 80c - 10 

Ml; 5% - W.9 

30bni -lh 5175 - 2.9 
29*2 -*; $L« - 2.4J 
22 -ij 30c - 0.7 
llSg -Jg 40c - 1.7 
- 26th -1*, 640 - 12 

1B 7 U 90c - 2.4 

32S-S S2.Z8 - 3.5 
ISbri -b Sl.oo - za 
lib -*g 40c - 171 

33d -b 70c - 27 
fc2i, -1° 3 51.00 - D.8 
47?8 -lb 52.40 - 2.6 
39b -A, $250 - 32 
45 Hi -1?J SL80 — 2.0 
253* -lb 52-20 — 43 
2D -i 94c - 24 
937 pd -36 $100 - 5 4 
20b -»4 5106 - 16 

12b >4 -S 5100 — 4.0 
21b -h 52-0 
ISbal -H 5LW — 3-3 
31i s a-% 52.20 - 33 
24b ~b 5132 — ‘ 2.7 
21 7 art -7» 5140 - 32 
28bal -b 5190 - 3.4 
42 7 j«d -b 45140 - 17 
30353 -b 52.25 - 3.7 
22b -b - 4.2 

37d -b ST20 - 4.4 
994p -18 51.10 — 5.6 
19 -b 5110 — Z9 
30b -b S120 _ 

34^*3 -b 53^0 — 

23 -b 5230 - 
42b "Pa 52.20 - 
23bd -V 5160 — 

54 -2b 52.20 - 
16*20) -b 50.68 — 

224s) -4 $1132 - 

,r-2rf '-K « loll MCs 51 

Oil I JJ-iS ISb '-'ontniirouSlO— 

ID 08 I 11.47 25s d 17 Cent Oil So. 

:■< 20b C7iwn7e!LS5 

’ 89b 79% Trcasury^pcTCJffit. 
t*b bOb TnmspoP.3pc7M&._. 

75b Wb TreasunJhicBMO — - 

115*4 101b Treasury l$pc19»ti-- 
89b 77b Treasury 8*4 87 90ft — 
lOo*, 921, Treasury UbpclSPI— 
75b 63b FomJiiwaw'Srr.flltt. 
312b 9Sij Treasury ("bprtCft — 
96b 84^ Treasury lGpr l®2 — 
113 97*4 Esch.l^bpc'SS...... 

941, 10 70 1169 3 -s 20b Cutler- Hammer S. 

83b +*4 675 939 SJl £> |5^nCip.St50._. 

8&b +'« 9.69 10 25 >6b 17J« Esmark 

80b +*4 831 1035 ,-^4 ExaoDll 

81b -6*4 938 1105 ’-^4 6/Op RresloneTSre|l_ 

64*4 +*4 470 8 49 ?»*: lib FlraChica«. 

68 +b 755 3012 >-'3 FliKffi/orp Sg — 
106 +b 12-43 12.22 
81b *h 10 32 1137 
975, +b 12.21 12.34 *.*1 

26b f ordlkiir 52.^ 

16b CATX 

; 42b Wen. E1 wlS21;_ 

UPhl 9$b | 

Oyer Fifteen Years 

casuty 12tpc '45ft _ I 101b 1+ 

72*, 60*4 FurdmcOpc l9S3ft 

120b 1041, Treasury is?,pc i993ft 11 
128b 110's Treasury 14bpc -WB.. Ill' 
114b 9 7*« Exch. 12bpc IW — 5 

89b 76*4 Treasury Wft £ 

10bb Treasury lipc‘25 9 

51 7 s 43*-j Cas2pc'9lK> 4 

: 95 82*4 Exch. I0*4pc 1995 - 8 

.214*3 98b Treasury iSbw 76ft... 1C 

90*i 76 1 , Treasury Opr •/< 

131b 114b Treasure I3bpc 36ft _ 12 

117b 101b Ex.-teqnerl3bpc'96ft. 1C 

50 42b Rederapiit«3pc 198696. < 

115b 100b Treasury l3bp. '97ft „ 1C 

5&b 85 Exchequer ISST . i 

■ 88*4 74b rreasury8'«pc 1997ft . 7 

72b 60 Treasury P*pr > 95-98ft. £ 

135b 110*4 Press. ISi^pc -9Sft . — 12 

99b °3b ExrtLlipcirae 5 

90b 77b Treasure tP?p..- 19»^_ £ 

96*4 83*4 Treasury Ithjc I9»— 8 

55b 54*3 Eich ;2pc a94EG5pd» . 5 

42b 34b Fundi n-3bPC-90tH... 3 

8O 7 , 67b Treasure- toe iCaKft. 7 

5?b *6*3 rrejjuT7?a>c'(»l2ft 47 

76b 62b Treasury Tbpc'C-laft £ 

97b 95*j Each. 12pe"I3-‘17 5 


37*; 30b ConwL-.-*p' 3 

37*, 29b War Lain Sypcft 3 

39b 33 Caoc.."!!^ ol .Alt 3 

23 s * 23b Treasury 3pc 66 Aft — 2 

24b I9b Conwljlbpi. 1 2 

24 19*4 [Treasury S'.^jc t 

67*;x-3b 8^1 10 Zb 34'jr 15b CiBctteSl 

lorf +b * 7 ^ 12.46 -a: 28 HoneyweUSIiD 

86 +b 11.64 12.14 17b 750p Hutlon EF 

98bMl +b 12.41 1245 2£ 171 LBL'.I.C«nE..._ 

Voorc >_-j 34 mfwwiU-HSa 

21 7 ; 735p lcLSMoasiOc SI 
101b I ■ 4 lL-52 I 1251 M3 n 705p [ tr (ntemarionaljl 

I 0.62 U.2; ZS-\ 18 Kaiser ALU. 

llObk*, (12.M 12.6< j 2 20 MuiL Han. USS7.M 

«w-0 m 

12bd -H 

21b -H 

15*8*0 -h $1-00 — 

51ba “b S2.10 - 

iXlgU ~'A 

24", -h 
!l 7 art 

46* ; rt -b $3-00 — 

946p -36 95c — 

26-Vd 51-60 — 

30*2 -b $2.08 - 
38b -lb 5220 - 
15*8x3 -b 76c — 

17b»d -$ SL16 - 
19 7 . SL04 — 

Mb +b SLOT — 
15*3 — *2 88c _ 

225* -b 90c — 

478p -8 — — 

26*0 -b SLOT - 

+ < Hit sii 17*4 11 ReriiwdS.;. 

■77b™ +v* 1L55 12 06 yju. 14b Richdsn.-MrrlLSI'4 

l?ti* + ?« I? 09 Ll.Su 581nl255p SauIiE.F.iSL 

!263 23'; 18b Shell Oil SI 

,2'K l?b Hb SiaeenSIOi 

}2-M 33 22b Sscrry Rand 5050. 

12-f? - 33*; lBb rP.Wtac.Sli4 

12 H ,r7*j 18% Termecn 

Iol 131 Do. 10% La Sit 51-95 

J.£J.»5 +*8 

107b +b 
45 +*4 

105b +b 
86b +b 
75*0 +b 
63b +b 1L0Z 
124*4 +b 13.08 
987 a +b 1255 
80b +U 11.91 
8Sb +b 1223 
54b +b 1255 
36b +b 9.66 
70b +b UfS9 
47*8*3 +b 1160 

38b -1* 
15*a*0 -b 
17b«l -1 
19 7 , 

80c - 
SL12 - 

->z ai-ou — 

_ _ _ 23bni -b 5200 — 

1»,1 131 DalO%LaSt5l« 149-1 10% — 

975“ 503a reaunRl-SSttiP].. 822p -15 - ^ — 

22 163 Tcxat^SdS 19b *0 -** S200 — 

40 22b Time Inc. 38b -b £(Jb - 

365p TrEnsamenra SL_ 14*->wJ -b 80c — 

41 b 21b IMTech-JlSa™ 3?b -lb $200 — 

24i, 17b 1/5. Steel SI 21 -b SI. 60 — 

IT 11*, W.jol-ionh-SJ 1 ; — 16 -b SL40 — 

4?'- 28^ XcrrwCorp.SL 45b -lb $200 — 

975*) 335p Xaaic? Inc 10e — 715p 7*jc - 05 

97b ]+b 11253 | 125S j;;, 10*5 Zapata iVrp. 25c „ 13b "b s3fc — L2 

S.2. List Freisiun 43*456 1 based on USSXJnM per £) 
32b l+b 1250 — Conversion (actor 0.6737 (05672) 

14b 365p 
41 b 2ib 

38b ~h £(Jb — 

ijirtd -b 80c — 

37b -lb $200 - 

21 -b 5L60 - 

16 -*« 
45b -lb 


13*4 -*a 

$200 - 
7*ac - 

32b +b 1250 
31*s +*, 1L45 
36 +b 1011 
25- +b 1253 
2 Ob +b 1217 
20*5 +b 1257 


■ISM 10*’ BLSbmrcal Si- 
lt?, 10,5 Ek No- a S?ol _ 
42; 30* 4 Ball Canada S25 — 
26j 12 Fo«A‘alieyD 

INTERNATIONAL BANK 26^ 12 4 |(Vw VaJieyV. ..1 - 

S3 1 82*; |5pc Stock 77-82 | 84 | { 5.95 I 9.95 Kb 3ap|Braseana.__ — 

* ' 1 . , J.4 I ja .np.r •_ 1 


98b °3b •Binn’ham ^pe 7981 _ , 94b 9.83 11.62 217; 16b 

94* 4 88*4 Bristol Tbpc TOOL-— 89*z 8.66 3174 630p 315p Hawker Sid (.and . 

107 100*4 GJ-CI3jpc 82 101b 1228 118S 3ib 16^ HoUtacej-Sj 

112 100* 4 Do lrUjpc I9S3 101b ->2 1228 1231 16*4 lib Huds-w ' l u IL_ 

97* 4 90*; Oasgo* 9*4pc"8D82 — 92 -* 2 10.05 1170 53b 24b HadaWMitoj— 

94 90*. Hern SbpcTBOO 92 5.71 1054 14*, *1), imponaiuiUl 

98b 93*4 •Binn'hamSUnc 7081 _ 
94* 4 88*4 Bristol 7*,pc 1O8I— — 

307 100*4 GJLC I2*2P-' "82 

312 100*4 Do 12*jpc I9S3 

97* 4 90b aajgow9* 4 pc-8WC_ 

94 90*4 Herts 5bpc '7880 

991’ 97b Uveipool 5bpc 76-73- 

101^ 90*; Do Wipe '8084 

29b 25b Do 3ipcIrr«L— — 
99b 91 Lott.CorptSbocOWS- 

97', 94*4 Lt'.0. 6pc 76-73 

92'; 84i 2 Do5*^)c'T78l 

87K 761, Do5'^c‘82-6*— 

70*; 65b Do^pCSaST 

76 66 Do«,pcTOflO 

26*; 22*; Do 3pc2DAft 

93b 91 Middx. Sbpc 1980 

16b*r +b SL12 - 
15b*d -,b 9bc — 
461; ...“. $42 - 

2b -b 121 jc _ 

11b -b slIo — 

lS2 +% 97c - 

33b ...?.. 4% - 

20*>«d $114 - 

“ +15 40c — 

f +i, $206 - 

Me - 

$160 — 

14*4 -b 86.4c - 










622 970 94p 50? Place vas SI 94p +6 -• 

655 1079 25 li aioAUswn 23*.; +,’« $108 

6.90 1015 24J| 14; 1 . Bnyul Bk.Can.EL_. 22$ $150 

7.95 1106 2015 15*; iasratnCoCSl- 19/, +,'« 92c 

9.97 1133 14b 955r lor.Dnm Bt$l — 13b -/* 80c 

12.79 — 12*2 £3Lp Tram Can. Pipe — lib -b 103c 

1037 1037 S.E. LLvi TV? mi am 4Sb«^ ihased on £22008 

, . ... , ..._ , 1037 1037 

99>; 94*4 Newcastle Obpc 7880. 1 9%>ol 95B 3120 

206b 1 100b [Wanoek i960 — } l«2bl )l222] 1125 


S.E. Hit Premiom 4*b^ (based on $22008 per £) 


301b 95b Aa5t-5i^cT6-78 

9Sb 52b Do 9;pe V7-EU 

88*4 32b DaSljpc ■81-82 — 

99i t 96b N-Z-tpcTtVTfL 

96b 92 Do 6pc T64K) 

87b 81b Do 7*;pc W86 

°5«; 91 Sth Aaica9»ncTMl_ 
70 50 Sth P-hoASipc 15-70- 

% 78 Do. f pe 7881 


Public Board and Ind. 

*K IS B JSi M-I- 1 S 

||b +b 6.63 1137 [300 1&J ,_sZiAI 293 -4 IQ1B 

9Sb+b fM 10^ ,253 21C ajnndn D Cl 260 -3 145 

6-S Q36I. £ c 0-; .-JtanetKR.lOO £1311; +1 t023*j 

gb 322 U32 3S4 2fc= .diea Harvey £1. 310 -5 hl9.< 

9514 ... • .10-29 1244 215 150 died Irish 214 +4 7.61 

|5 +1 — - 165 150 \rmnhnot L £l_ 153 10^ 

81 — — E22b £13bfe,a.-ii *J«r SL555. EZlb -b Q94. 

3 413 315 jSc. ircland £1 — 407 +2 15.2 

5 £189 £137 1 Do.lOucConv._ OB«a1 ..— Qlff 

,„j| 21 15 Ir.k. Lcdiai !£1 — 15 Q16' 

Net ICbrlertlWE 

641; SSL .Acne. Ml 5pc 1989— 

401; 80*4 Alcan ICmkWW — 

33 U 27-b Met-Wlr Spc-B- 2 

154 107 U.SJW.OpcISE 1 

9*d; 87 Do without Warrants. _ 


107b|101 |FFT 13pc 1031 1 1 

110 W2 ho. 14pcTB 1 


1170 150 iB’i Lccai lUKi£I I 150 

590 -5 

1330 1315 Z 6 * iliak Scotland £i 23S +3 

^T.irm Pi'- rnoc I * 

- £5.4 - 

- 33 - 
15 7.413. 

- 33 - 
3.6 5.8 7 

1141, 1021. Dp I** 13 

85 TO*, 1CFC 5>cpe Det>. "BMS . 

311; 73b I’o.6 l ,p;Tlb. , 8l81 

891; Do.hfypcUnsLn.t'S- 
‘ 99b Do.llpcllns.Ln.TB__ 
201*, 90*; Do 1 1 bpc Uns.La. "90_ 
71*, 621; Po.7bpc.\Drt I .88S2_ 
71b oZ iHi.TLpc* Pb.'SI-W — 

S4t; 73 Pofti-A' 91^4 

Sib 68 rtaSVLn.-SC.97 

102 *; ..... 




7fl* 2 -1; 

278 22-2 i;iw?yder£l_ 273 hl727 

B4 67 >:h’.eDis'ra20p.- 79 4J5 

“-'3 *230 171 ■"oa'lAn.MSAlL 218 -2 Q16c 

H-SS SB *09 Q2L) Chmbbk DM10 *_ 07*4 — Q18% 
cot £20 £15 I- hra.mjk.snoo E19b • — Q12% 

c?Z S-I5 3° i: - 'Crfinlhian 10p_ 27 O.H 

JVS2 £24 111 4 iCred. France F75 £21b -- Q9S7% 
18 - 

“ 4 7 riTataa i§° ::::: ’ - 

S-S fl3l.ES 0 [wtteBHkKa £116 Q189 

gg 831; 5S F. C Finance — 72 203 

tJ-? 2 H-22 3b L- First Nat. ton— 3*4 +b — 

62Cx3 11.65 1290 1 

74nJ +*; 12.16 12.90 nil, 
71*;wt 12.23 1290 i%" 



Rich Unr 

+ or Dir. *,1 Red. 
- Gnu rieW 

24 17 

JO 35 
43 03 

415 *50 

17 Antnlaca.-iaRIy. 

35 ImSpcPrW 

48 i7u!can.Ui\pd_.. 
50 1 k-ruun Ynp 41 . 
4o ii'reckTri A«s. 

46 Pu6?-:i'Sal'.Ai.‘ — 

40 Do 4pc Mixed Ms. .. 

3b l'i First Nat. lOn — 3*4 +b 

1 Hu Wms.7>€3. b +b 

12*; 9-, Fraser ,'jis. I Bp_ 10b 

196 157 .>.-iT.ird Natnl — 138 

54 37 ttfcfeiA.! 53 +4 

255 rs ■ Idh-ti Bras £1— 227 

. 29 1? 1 v.-ode Itl Miy.Sp 25 

138 c * -Trindlayy 138d +1 

260 JE5 i.:oinniUBf\J3t-_ 258 +8 

217 13? Ha-uhros 1E6 +2 

100 51 V ill Samuel — 99 +1 

600 ?7f I'A Warrants ... 425 

360 ’-or-.Shn-jS250. 340 • -16 

69 57 Jt.'elTcvnbee_ 58 

215 la) Josephi Leni£l„ 200 

52 37 heyMrUllmann. 50 +2 

54 37 

255 rs 
29 19 

138 c o 
260 JEi 

8 29 

+4 223 

15.41 - 10JJ 
0.13 - 0^ 

25 0.13 - 

138d +1 179 71 

258 +8 tlO.15 — . 

1E6 +2 9.76 — 

99 +1 4.97 — 

8.74 - . 

0.67 - 


Telex: Editorial 886341/2, 883897. Advertisements: 88r':33. Telegrams: Fioantimo. London PS4. 

Telephoce: 61-243 SUM. 

For Share Index and Business News Summary i-t London, Birnunghain. 

Liverpool and Manchester. Tel: 348 3025 



Amsterdam: P.O. Box 1206. Amsterdam-*?. 

Tele* 1J 171 Tel 240 EM 
Birmingham. i5o-'.r);i? House. Ckwrgc Boad. 

Tc|i?\ jsa«io Tel: mi-cx 0022 
Bon.-i. FTesshau, 11.104 Hccu&allcc 2-10. 

Telex £SSBS542 Tel. 21 DU® 

D-reissels - Ruo Duoaic 

Telex 23283 Tel: 5J5-W37 
Cairo: Fn. Box 2040. 

Tel. 9J5CHU 

Dublin: 8 FilreriUi.ini Square. 

Telc.x 5414 Tel 785321 
Edinburgh- 37 «7corc« SitrceL 
Telex.: 72484 Tel: 031-226 4120 
Kranulun: im Saclucuiacer 13. 

Telex. 4lti2ffi Tel. :«T73U 

Johrittinrabur^: P'». fiox 2128 
Telex M£2«7 Tel 838-7M5 
Li-K-n Prac.t o.i Alcana 58- ID. Lisbon 2. 

Telex 12533 Tel: 362 508 
Madrid Esprei'.ieda 32. Madnd 3. 

Tel: -hi 6772 


Binnincham 1 'ieorjjc House. i^orRC Road. 

Tele- 33SKWJ Tel: tGl-lW 0S22 
Edinburgh - 37 Gcorce Street 
Telex 72484 Tel. 031-226 4133 
Frrinkfurt: Im Karhsenlaccr J3. 

Telex l«!*a Tel: SS4SS7 
Leeclv Perai^rcnt House. The Headrow. 
Tel: 0532 454369 

Mar .‘■ht'Hcr. Queen's House. Queen S treat. 

AK613 Tel: 061^34 0381 
: w: Radovr^Somotechnaya 12-24. Apt. 15. 

T,i v \ re*;.*! Tel: 294 3748 
Ni— Y.-rV 75 RacLeieller PTaaa. N.Y. 20019.- 
Tula.: C-.L&O Tel: C12i 541 4625 
Ibriv 2 .? Rl* du Sentier. 75002. 

T-’:e-: ™Wr44 TeL 236.57.43 
Rio •:? l.\r.oiro: Avon id a Pros. Vargas 418- 10. 

T-.-:. -:e4-: 

Rr-n:^ Via della Merced? M. 

Let.:, hi 032 Tel: 67 B 3314 

SlmV hoinv. e.'o Svenska Depbladel, Ranlambsvagen 7 
17«3 Tel: 60 OT 88 
To- -li. r-x B,-.-. 11-1879. 

T-.b* 212KH Tol. 682698 
T.*- •« Sill Floor. Nihon Kctaai Shimbua 
r-uildinc. l-S-.i iMcniachi, Quyoda-ku. 

L'.'lu:: J 27:.V* Tel. 241 2920 
W.i. is.n-i'.otr 2r.d FInnr. 132S E. Street, 

■ Ml . V.mhins.'iixn DC. 2OT04 
Te : v. -14<:Cft3 Tel l2tC!) 347 8S76 

M ir- i-cr.or: Oviocn‘> House. Queen Street.- 
Tew. ®SJ3:3 Tel: Utfl-£34 0381 
Kiw V.-rk 7? Rockefeller Plaza. N.Y. 10019 
Tslv:. 2ZM.0 Tel: *2121 488 8300 
Par." ?G Rue du Sender, 75002. 

Tele.-: :^C.m Tel: 23686.01 
Teireo; Ka^ahurn Building. L-6-10 LTchikanda, 
Cue -oda-tai. Teles J 27104 Tel: 205 4080 

Overseas adrertisemeflt reoresenlativus in 
Central and SouLh Anenea. .Africa, the Micdic EasL Asia and the Far East- 
Fw further details. r«*;a-o contaec 
Overseas Advertisement Department. • • 

Financial Times. Bracken House, 10. Cannon Street. London EC4P 4BY 


OapiK obtainable rrnm nc'x'sacfnt' and hnokslaUs vcndtviHo rr rr. regular subscription from 
Suh.'cnpuun I>crwrtn>vnt,.F**ii'n«, d Timuu, l^>r.don 

275 (122 
*204 134 
25 19 

•66 45 

14b 10ta 
41 Z7 

E9S £69 
£99 ■**" 
79 64 

79 59 

78 57 

27 19b 

60*z 431; 
*40 16 

57 42 
62 36 

Conv. 9% '80.82. £92«j 

Alliance Can... 65 

Arnott 360 

Carroll iPJ.i 103 ...... 

Clondalkin 95 -1 

Concrete Prods. 135 

Heiton iHldgs.i 48 -2 

Ins Corp 160 

Irish Hopes 130 

Jacob U 

Sunbeam 33 

T.MG 170a -2ij 

Uni dare ..... U0 


3-month Call Rates 

I nd ad rials 

A Bren'. . ... 
A.P. Cement .. 

E.S «. 



Beech, im 

Boots Drue 


R A T... . . 
Bnbsh Oxygen 

Brown iJ. i 

Burton 'A' 

Cad bury 5 ....... 

Courtuiilds .... 





EJ1J. .... 

Gen. Arrident 
Gen, Electric 

Grand Met. . . 
G L'S "A". ... .. 

Guardi on 

U.K.N. . 

Hawker Si dd. 
Houwof Frater. 

1C I — _ 20 

fibhlmpt" 6 

li I. CL. 20 

9 Inveresk 8 

11 KCA 3 

25 Lad broke . .... 17 
35 Lepalftnen. . 14 

15 Lwc Service.... 7 

16 IJoyds Bank . . Z2 

24 -Lots" 4 

b London Brick. 5 
20 Loarho 5 

12 Lucas 1 nds. .. . 25 

5 BronsiJ.i 10 

10 7 

8 Mrfcs. & Spncr 10 

15 Midland Bank 25 
7 KJEJ 12 

11 XatWest Bunk. 22 
14 Do. Warrants 10 

17 PftUDTd a 

18 Plemy 8 

40 R.HM .. . ... S 

9 Rank Ors. 'A*. 18 
20 nccdlnuil.,... 12 

18 Spillers. 3 

22 Tesro ... 4 

20 Thorn.™ — 22 

12 Trust Houses. 15 

Tube Invest.... 30 

Unilever 35 

Uid. Drapery.. 7i» 
Vickers. ...1 1 S 
Wool worths.,. 5 


Brit. Land 3> 4 

Cag». Counties. Vi 

Inireiiropean 4 

Land Sec* it 

WEPT 12 

Peachey 8 

S&niud Props.. 9 
Town & City... 1>« 

Bril. Petroleum. 45 
Burmah OH.... 5 
chonertiall... 3 

Shell 28 

Cl trams r. 20 

Charter Cons.. 12 ' 

Cons. Gold 14 | 

Rio T. Zinc lb | 

A selection of Options traded is given on iho 
London Stock Exchange Report page , 






Wednesday August 23 1978 

R oMurmrHAaoitacm: - 
Evttomn ■ •• .V-i 

£ Lores miiXTiMD : 

/ McuitMHQ'rnrQlAvMUnr 

jtNvnanin r 

B rnnsH-nwL '/'I 


& W* 


. msawManu 

LONDON. SW1 TEL: 01 -2346890 

Barclays i Yugoslav plan to sell arms 


and NEB 

to rescue 

to China will anger Russia 

A big drop 


BELGRADE, August 22. 


YUGOSLAVIA may sell arms to Against this background there piles would badly hit its armed demonstration. When our Mr. 
China in a move bound to anger are reports that President Tito, forces. Brezhnev came here two years 

the Soviet Union. the 86-year-old Yugoslav leader. Following the spate of recent agorthere were no enormous 

Talks about the sale of may go to Moscow next month c nv j B t attacks m crowds and no pictures of him. 

Yugoslav arms to the' Chinese, for talks with the Soviet leader- « me ddlinz - in Balkan affairs. Who eould have dreamed of a 

have mfontlv mnrlm s* .U.. IHeuaUJIS U* aUtiiia, , . - - ... 

for Ocean 

if a I s 


who have recently made great ship though it is not clear ^ botT^Savte 

efforts to modernise their armed whether this is at iris own J5LJK? -JSSUL 

drive in an open car through the 

efforts to moderate their armed whether this. us. at his own d Romania _the first country cil J-" \ Soviet diplomat 
forces, have been in progress or the kremlin's invitation. Jjsitedhv Chairman Hn^'n his remarked^ bitterly. 

lu.rea, uragnas or ruemuu a mnuraon. visited bv Chairman Hna in his remttrAeu “lueny. 

during Chairman Hua Kuo-feng's Emphasising that any arms T o U r— consider that^nme The Chinese' are understood to 

the National Enterprise visit to Belgrade. sales to China would be solely soviet retaliSm^sSnst te delighted with their reception. 

Board has joined Barclays These follow visits by two °. f defensive equipment Yugo- a countries can no longer international effect of 

Bank in a rescue operation for military missions earlier this a av . sou «® a added T u e°: be rated out the visit. 

Monotype, the printing equip- year, ostensibly to study the sla T ia “3 d a . w e ll-developed . „ . Chairman Hua again had a 

inent company based at Bed- country’s defence system. modern arms industry, and it ChairtOan Hua tod Pteident crowded programme today. In 

hill. Surrey. Were such a sale to eo thraueh was . natural that it Tito were today enthusiastically addition to visiting the Yugoslav 

r :*v 

The board is providing a total wou *d regard it as an “unfriendly estimated 80 per cent of its own Along the route crowds waved visited the Sava Congress Centre 

of £3.5 m. partly ror emiitv act *” according to Soviet bloc arms, but has to rely on the Chinese and Yugoslav flags and and the military museum, 

and partly as a loan. Barcla>4 observers. This could, in turn, Soviet Union for fighter aircraft held banners welcoming the received the gold plaque of the 

is taking Its equity stake in lead t0 a reduction, or a suspen- and other advanced equipment Chinese leader and hailing City of Belgrade, and attended a 

exchange for Interest on exist- 5 i° D > of Soviet arms supplies to A curb or reduction in Soviet Yugoslav-Chmese friendship. performance at the National 

*.» M A- *11)6 Yugoslavs. AniiinmaTif anil Cn«nn narfe eiin_ 14 ThlC rOAAntinn io fit nnliflPnl ThPfllTA in Aa m«mV«iA 

ing loans of £3.2 5 m. 

The board is backing the 
company mainly to help with 
the launch or an all-British 
computer controlled laser 
typesetter which the company 
hopes will replace traditional 
molten metal machines in 
newspaper offices. 

At the same time it is 
putting in a new chairman and 
chief executive, Dr. Peter 
White, until recently chairman 
of Linotype UK, Monotype’S' 
main competitor. 

equipment and spare parts sup- “This reception is a political Theatre in the evening. 



Deadlock over Nigerian 
$lbn. loan broken 


union in 
tough line 
on rebels 


By Alan Pike, 

THE MONTH-OLD deadlock on afternoon on a separate DM750m be seen whether it will be opened Labour Correspondent 

Nigeria's proposed Slbn Euro- (S375m) project financing was up for subscriptions by banks 

As part of a complex series marbet loan has beeQ effectively that they should concede the generally at a smaller sum than ENGINEERING UNION leaders 

or deals Monotone Boldines broken. Two developments in wish of the Nigerian Ministry the scheduled Slbn in the ex- yesterday endorsed a policy of 

to acuuire Ciiv CarnnutLl the past two days make it almost of Finance and add this loan pectation that the Germans would tough action to try to regain 

Systems the software Sm certain that Nigeria will be able to the main package. come in later. Alternatively, the control over two groups of 

at Dresent control]^ hv nr to draw d0WT1 Slbn of -foreign Some German banks are managers could decide to wait workers who are refusing to call 
White Professor Brian currency funds in the late apparently still looking for ways until the German decision is off unofficial strikes at BL 

of the U nlversi tv or F«ev and autumn - to maintain a separate identity clear before launching the loan f formerly British Ley land; 

Commitments to the loan had f °r their lending and for this on the market. plants, 

until yesterday been static at other reasons it will be 10 Successful completion of the The Amalgamated Union of 
S700m for several weeks as the days or two weeks before a Slbn loan is animal for Nigeria. Engineering Workers executive 

rroi. uaines is to be managers grappled with banks’ switch can be confirmed. Its foreign debt is small but the instructed local officials covering 

technical director of Monotype, conflicting commitments to pro- ^ „ . . declining oU revenues over the the SU Fuel Systems factory in 

Monotype employs 1,550 vide funds for projects for which Subscriptio ns past year coupled wth an ampi- Birmingham and the Bathgate 

people, most of them at its their corporate customers had „ tlous programme of capital in- truck and bus plant near Edin- 

factory in Redhill. Surrey. The submited tenders. However, one Howew^ tt is ttought that the vestment have pushed foreign burgh to cal ] emergency meet- 

Natlonal Enterprise Board has new bank. Societe Generale, has 10?s of tlieu ^ istrict committees 

said a substantial reduction of now come into the underwriting y. olved ,n 1116 DM750m consor- The rate of reserve loss has tomorrow. Executive members 

the labour force will be needed group for $50m. U . u “ 1 are now willing in pnn- slowed in the past two months will attend these meetings 

* c wu» neeucu s v ci pie to transfer their commit-, and oil revenues are thought to At the weekend the- 32 tool- 

In addition, German banks ments. 1 be picking up, but the country room strikers from the SU fac- 

report that the consensus of a The time table for the loan is still faces a foreign currency tory failed to attend another 

of the University of Essex and 
by stockbrokers Laurie 

as the company changes to 
electronic production. 

Monotype, with a turnover meeting they held on Monday now running late. It remains to shortage, 
of around £15m, is a subsidiary — 

of Grendon Securities, the pro- 
perty group, which acquired it 
in 1973 after a lengthy take- 
over battle. 

In September, 1973, East- 
minster, one of Mr. Christopher 
Selmcs' interests, acquired 40 
per cent of the capital of 
Grendon. Subsequently CST 
Investments took over the 
group with the help of Keyser 
Ullmann. However, aTter a 
series of troubles, the Grendon 

Details of Chrysler takeover 
to he announced next week 


district committee meeting to 
which they had been called- The 
committee imnosed £9 fines on 
30 of the men and these were 
promptly confirmed by the 
executive yesterday. 

Mr. Hugh Scanlon, presidents 
said that after the district com- 
mittee has met tomorrow “the 
executive will give immediate! 
consideration to endorsing any 
further steps the district com- 
mittee takes to safeguard the jobs 
of neopJe involved in that area." 

This suggests that the union 

1 »v iJ Ui MVHHIUI iuv \UCUUVIt ■ • m , . 1 . . 1 

Board resigned in 1974 at the THE FIRST detailed explanation pean operations even though 8430m In cash, and shares in the te ^L er ™P 18 F^eparea to ^ 

request of Keyser Ullmann and by Peugeot-Citroen of its plans there has some trade union and proposed Peugeot-Citroen deal. 7®*? 

a new board took over. for developing Chrysler’s Euro- other interest in the idea. The AUEW also decided jester- ^ 

* Rnarf , of qv-j- pean operations under the pro- There are two main reasons day to submit an emergency ^ “ D “_ ® 

into CST was set un in P° sed takeover announced two for this. One is that it is resolution on Chrysler to the np^ittnttnp ri^ht?in tile 

and throughout this nprind weeks a 8® “ « x P ected t0 be assumed that the French Govern- TUC Congress which opens in 

Monoton? IS 5 given next week. ment would oppose a British Brighton S Monday week. This 

investment. The group's chairman. M. Jean- ^ke° ver o f Oirysler’s French will reinforce a demand which to h j ^ ^ plan^running 

Paul Paravre is holding a Simca interests. Second there the umon has already made to 
n ^ T 5 e Press conference in Paris 8 on is thought to be little prospect Mr. Eric Variey, Industry Secre- ^e strikers are 

proposed Monotype deal is the August 31 by which time talks of th e Government gaining tary, that there should be a receivin'* ’support from the 

latest in a senes of arrange- in Lo n< j on between the French Parliamentary approval for a BL direct Government representation unofficial committee which led 

H? n ‘ erpn ^ B °^ rd corapany and thrUK Garero- hid for all Chrysleris European on the Board of any company «SS?«l2Se to 

financial m “ 1 ° r should be well advanced, operations which are valued at which takes over Chrysler UK Lc^lantTcS^ tootixSms and 

Ocean Transport as likely to 

nwimtaan its dividend thds year. KJa. TOSC 4.0 fO 523*2 . - 

Bat it warns that future pay- • 

meats depend on. an extens ion 

of recently improving trends, . 

and tiie level erf ddvddemd cover fiBC ij mwes ~~n 

this year is going to be far fn^sHARE I 

lower the market had ex- "^INDEX A * 

pected. Interim profits hav^e ' ♦jlV. 

slumped from £26.1m to £2^m ?40 — .j p j 
pretax (after losses of £2m on ' _ •-[ — -fVtT! — 

ship sales) and the forecast for I 

the year as £9m to £10m pre- 120 7-, J15-r t 

tax compared with £39. lm in Jf l R 

1977. The gross cost of the [XjnTntt j\ 
dividend is about £13$m. 1Q0 / [ 1 | M 1 1-t-V JlL_ _4 — 

The first half decline has nrF4N>w "Vk A 

been accelerated by two special - TRANSPORT VYf " 
factors. Ocean's shareholding 
in OCL was cut fro m49 per SO — 

cent to 34 per cent test autumn* . 1 ■ ■ I . . . , ■ . ■ 1 

and the cost of bringing in new 1977 1978 

services together with labour *-■ 
disputes may have more than 

halved OCL's interim profits to earlier this year. It is most 
something lake £I4m. Its pro- welcome. Allied has behaved 
fits should be usefully higher entirely within the rules in not 
thaw this over ttie rest of tiie calling a special meeting to 
year. secure shareholders’ approval 

In addition. Ocean has had k' d - s * nce * s - nat 

problems with its West African changing the nature of its 

trades, where chronic conges- •* b 'T,l he r StDC !S 

tlon in and around the ports has That calls for J 

meant that voyage times have shareholders meeting if a dn er- 
often been more than twice the sifieation stands to add 25 per 
usual length: The position is c® 11 ? or niore^ to a bidders net 
apparently almost back to ssuets or profits — well in excess 
normal, and although the ship- of sny likely contribution from 
ping lines have had to make do Lyons. 

with little more than half the However in other terms, such 
rate increases they had been as~ sales, debt or management 
hoping for, a rise of just aver problems, Lyons unquestionably 
14 per cent has become effective represents a very big mouthful, 
in recent weeks. It is right that shareholders 

The underlying profits trend should want to know more 
is hard to establish, since the about it, and that the forum 
forecast allows for unquantified should be a public . meeting, 
losses on the five ships which Managers' freedom to manage 
have been sold so far in the cur* has to be balanced with the 
rent half. But although Ocean need for institutions to take 
may be over -the worst, the out- their long term responsibilities 
look remains bleak with more as shareholders more seriously, 
competition on the Middle East J. . 
routes, a large oil/ore carrier Ue Beers 

ind’ 50 far il is another good year 

f P d for Dc Beers, the company 

of thic irinnm of which Pences one-quarter oF 
A good deal of this gloom , of ^ world , 5 diamonds mA 

majkets towMW* of them, 
pnee. After yesterday s 6iP f U Earnings at the interim stage 
t0 yield Is Hi are up gj pj r and earn . 

S5f J 1 ? SSJ rfofflte If 28 per shareof Rl - 04 are even 


-STmo a? tUf JSS« SSSTaSSliSraZ iTs^nte 

industiy must now be suffering. 

PeilSIOll Funds Recent figures from De Beers’ 

The pension funds’ interval- Central Selling Organisation 
tion in Allied Breweries’ bid for showed that sales of diamonds 
Lyons is much their, most in the first six months were up 
radical move since they started 13 per cent — a figure which 
to show their teeth at the time suggested marked restraint in 
of the Wilkinson Match affair volume sales when the large 

price increases of the past IS 
monihs were taken into account.. 
Do Beers has outperformed ; its - 
own market: Its 
revenues on- "‘diamond account” 
are up by one-quarter. 
of this has come a -per cent 
rise in interest and dividend : 
income - . - 

.. The London share pride, 
moved briskly upwards by IBp 
to 453p in anticipation of the 
result; American buying was 
again a feature. The. ILS. in- 
vestor has been keen 0# Qe 
Beers for a year now *hd was 
impressed by the / compai^s 
recent decision to raise diamond 
prices by an unprecedented •'30 
per cent This increase, will 
affect the last thiril of PeBfcwa’ 
year and should ensure that De 
Beers produces earnings;fqr ; J2 
months of at least -112.00 per 
share and a total .dividend iof 
around 03c against 521c l»t 
time. implies a yield on 

the cum-premiura price of B.6 
per cent and a rather; lowly 
earnings multiple of 18-y ‘ . 



Ra\nged by asset strfppm 
and overwhelmed, along with 
its parent Grendon Trust by 
the property and banking eri.sis, 
Monotype Corporation has^fpr 
some years been starved of the 
funds needed to cope with tile 
technological revolution in the 
typesetting business. Keyser 
Ullmann. the effective controller 
of Grendon. has been unsuccess- 
ful in persuading any industrial' 
company to take on Monotype's 
high-risk development burden, 
with losses projected for . ad- 
other three years. But here 
comes the National Enterprise 
Board in a highly complex deal 
involving the. injection of £3.5m, 
the acquisition of new technical 
management, and the casting of 
Barclays in the untypical role 
of investment bank. 

The ■intriguing aspect is that 
(he NEB has set itself up as 
an equal partner with Barclays, 
each having 37| per cent of 
the initial equity of a new 
Monotype parent company. So 
Barclays must see it least a 
glimmer of .potential — but as 
■with all NEB dmiterventioos the 
inevitable question as why the 
market itself could not provide 
a solution if thas as really -a 
viable proposition. As for 
Grendon, lit is getting very little 
for Monotype, and holders of 
G rend on’s II per cent loon 
stock, issued in 1976 after a 
tow between KU and Morgan 
Grenfell, are warned (hat dt-is 
unlikely to be worth anything. 

. Meanwhile, trade union offi- 
. . cials in Britain have had talks 

SdlSltlVC w ‘ it h their French counterparts 

_ _ . , . and have as yet not shown any 

It announced this week that signs of apposing the takeover. 

it had joined the Industrial 

and Commercial Financo Cor- , ^ a JS2? te ‘! 

poratioo in invcstlpg in BTB 

Engineering, which nU«spe- 

eialised three-whee.ed vehieles. arjrie^TO 

Today It will he announced operations and merging them 

European poll candidates 
will need £600 deposit 

other toolmakers are providing 
financial aid for the SU men. 

If the strikers ignore 
tomorrow's appeal for a return 
to work and the executive con- 
tinues with a' strong tine, it 
risks another confrontation with 
the unofficial committee. 

BL management has written to 
the AUEW warning that it will 
close indefinitely the Bathgate 
plant, where a strike by 1,500 

S Hi,! Jr a “ nonn “ d operations "and mlr K ing° them BY RICHARD LOBBY EDITOR . inaenmrev^me gaujgre 

s'jy.'ssrsys'jis aa bl - fomer,y Briush «. F m ST dirert m ^ s M ^ 

BS!£ »r ■«* Scanlon, the union, ^ f^SWJIS SSSsTSS 

forthe North- «*** B. said Ss ‘SET e^tSed Vnd a ®J2*. “i^oiam S 

Eaiii, the arraneements will Snapito®^ S? 5 ear^^Snte 51 ^ lonBer cam P ai Sn. If recommen- Proposals for (the constituency - jSSiS Lr t Th£ aa^shop stewards 
involve both loans and equity. [?P acit y at BL .^ r _P ,ants dations contained in a Govern- boundaries for the 78 Assembly *1,0 ^lihP 

The board ha. m ^ r wth Chrysler UK meat White Paper yesterday are seats in Britain and the tforeein ?«imil a ??n^SS 0 ^To & 

1 be board, has established would only worsen the company s accented Northern Ireland have already given a similar mstruenon to uk 

n h nmi ra I v”U^Hre;iSe a, TbJ „ ^Sfe Government’s proposals, b^n JSlteheJTSr ‘ m ““ 

Conservative nariv^ has J b ir Thls ls m lmc vrit b H** views which are subject to Partiamen- Commissions and final re cam- tomorw ' 

. P* n .\. n " saio it riot only of the NEB but also of tary approval confirm that meadations are expected next • 

u .:i| haolf Ih„ L..JI, UTS oiou vi uaj jukuimu 

artiviifev if wiUl BL and *** Government, and although the UK will -poll on month, 

acm 111 in ir it vwik uic next - nn A..e ha T« n . 7 k.iiM 

thore appears to be no prospect Thursday. June 7. ballot boxes 

general election. Bnt the fact nF an aHamnt Twine m-ula U,ill h. Indrad aivav and nniiTitinf* 

Continued from Page 1 

fhoi vn.™ri« J- of an attempt being made to will be locked away and counting 
pafninp * s engineer a takeover of Chrysler will not start until all the other A n nvfrq 

UK. member states have completed /\U CXird JUU ni • • 

a holiday trains Ship ensis 

Ne« Analysis Pago 5 B? “the all* ot W^Euro- <^oS 

pattern of Westminster _Parlia- everted rash rt tion's vesting day. 

Ship crisis 


take account of the consnruen- ™ ^ ^ rapld depletion of the world 

ejes which are about eight times extra trains and there will be order boo^ f 0r 0 ij tankers and 

larger than Westminster seats. a . wide vanety of special excur- carriers. 

It is proposed that the deposit sions. Passengers are advised to ^ suffer excessive 
UK TODAY Wales. N. England. Lakes, L of gggfl? ^ ° n l0ng ' cafaSy.^re than lm grt of 

MOSTLY dry. sunny spells; per- Man, Borders, Edinburgh, Dun- ?£° ul !? a SSrfSUjS he mdoiSd There are bareain tickets. Mch o£ vessel were 

haps rain at first in S. England, dee. Aberdeen, S-W. Scotland. be 6 d0rS “ including the family summer delivered in the period and more 

London, S. England, Channel Isles Glasgow, Cent. Highlands, Moray by T ?° White Paoer it travel offer, which entitles ever? 111811 8 ’ 7m 211 car 2° 

periods. _ Firth, Argyll, N. Ireland _ JJ* SSTehffflJ *S££. adult Awayday tickrt holdl^te are also still to be eom- 

Max. 20C C6SF). 

ill all UUIIGI H UUC * *«■ J • , , r. w 4 1 ■ „ 

was suggested that the deposit adult Awayday ticket holder 

E. Anglia, Midlands, E. England, 20C (G4F-68F). 

^asssr*" 4 *- Max - 18& ssarsr*ioo-r«rK on, 


scribers but the Conservatives in 14 for only 40p each. 

Yesterday Ocean was predict- 

Most of the extra trains will ^ an . improvement in the 

"TdTv < 59F >- 

midday Outiook: Mostly dry, sunny 

a lower amount they thought, and Tuesday. August 29. 
could lead to too many frivolous ‘ 

. T- Z . u. ,r * ’F spells; rain spreading s. in ™ w rf wbIch lt is a member, afti 

& s i S: 1 1 1 = a Continued from ^ 1 SJS 4 

better performance from the 
Overseas Containers consortium, 
of wbIch It is a member, after 
an end to -labour troubles in 

Barcvlona F 27 Sll Melbourne n 9 48 

Beirut S £> B2, Milan S 26 79 - - 

Eolfa^i C 15 .-fl] Montreal s 21 70 

Brigradc S 24 75 Moscow C 23 73 

Berlin S 27 SI i Munich S 24 75 

Brtn&hm. R is Hi SL-wt-aaiie F is H AJaecio 

Bristol C IS New York S 2= 73 AlRlors 

Brussels S 24 75 1 Oslo C IS M Blarrttz 

Budapest S W 73! Parts S 24 75 Blackpa 

B Aires 5 16 -61 [Perth S 22 72 Bardeau 

Cairo S SI SS Prague s 23 77 Boulosn 


B. Aires 

cfrtjff R IT 63 Reykjavik RUM Casabinca. F 26 79 Maba' 

Chicago CM® BlodcJ'o S 27 81 Cape Town S M 6S Nairobi 

Cologne S 24 73 Romo S IS H Corfu S 25 77 tfapks 

ConnhaOL S 21 73 SIOKapore S 29 s*4 Dubrovnik S 23 77 Nice 

nJh|jrt C 13 59 Siockbolm C 21 70 Faro S 31 S8 Oporto 

Fdinburcb C 1“ Sirasbre. S S~ Si Fton-ncc S 3i SS RiwJofj 

Vranwurt S 2S S2 Sydney S IS H Funchal S M TV Salsbin* 

r.cmjva s 24 ^ Tehran S 38 66 Gibraltar S 211 ^ Tanultr 

Illasfiwv R 13 a Tokyo S as 93 Guernsey U 18 61 Tenerife 

HcNnkf S W « Toronto S 22 Innsbruck K 93 77 Tunis 

m Kline r. 27 S! Vienna S 25 77 Inverness K IS ST Valencia 

jo-bun? S 15 59 [Warsaw I ■ 22 72 TsteorManS 16 61 Venue 

i .«hnn S 58 H8!2urluh S 23 77 _ . 

s 21 70 may Y'day 

u 23 73 midday midday 

S 24 73 °e *F -c a F 

F IS R Ajaccio S 26 79 Istanbul F 23 77 

S 2= 73 AlRlors .S 29 84 Jersey F 18 84 

C IS 84 Blarrttz S 24 73 Las Pirns. S 24 75 

s 24 75 Blackpool C 18 u Locarno F 26 79 

S 22 72 Bordeaux S ■ 29 84 Majorca S 28 82 

S 23 77 Boulosno C 15 59 Malaga S 23 82 

I signatures followed represen- _ _ 

— — tations from local authority K PflViJ tt** . its West .African trade as port 

associations which felt that 50. . AVCIij 0X10. congestion has eased to permit 

P -- "4 ™ r!n potential loyalties of leading almost normal turn-round times 

S I SSS7.S- •si&s aBB-srsas-S -sss— « w 

; j s “ satis ks&Js 

i I m .The timetoble for the elections. Jrom S a c main stream of Kenja P*et. has just agreed to cut from 
s 20 os is to be based on the (longer politics since his arrest bv Presi- 25 per cent to 1455 per cent a 
s 29 84 rhrrxMtfeek nerlod of local S-ir Dy rresi fmlrrht mtr. incnwRe after 

It also expects a recovery in 
its West .African trade as port 
congestion has eased to permit 
almost normal turn-round times 

Some drawbacks persist, how- 

dent Kenyatta in 1969. 

recent freight rate increase after 

KraaMurt 5 23 sfl] Sydney 
Ccni-va S 24 Tthrau 
niasjjow R 1 j a Tokyo 
Hctenkt S 19 66 1 Toroolo 

H. Rons C. 27 ,gl \irfina 

Jo bure S » 59 J ! !! S i W 

Lisbon K 58 S8 Zurich 

LaoduQ S 22 721 

c is m government elections rather than Whereas it is already dear pressure from African states. The 
| S « f. n the minimum 17 days of -par- tbat the bartiegroumi for the 8™up also continues to take 

1 “ S iBamentary elections became of presidency will be inside the heavy losses on ship sales. 

s si to Wi^^tion needed, party, no date has yet been set Ocean has sold IS ships this 

f as 82 Candidates wall be allowed to for party or general elections, yesr fro® a .total fleet o£ httle 

s S n ®P eild . U P ,fo £5.000 on their According to the constitution, more than 50 vessels. Its share 

campaign plus 2p for each regis- the party elections should take price was down 6Jp yesterday at 

s— suufly. f— Fair, c — ciandy, k — Riin. j ter€d voter in their constituency, place within, the next six weeks, 110jp< 


*h* 4 

. i5l»V- 

v :«m.