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GEfliRfiL 


BUSINESS 


Toshiba and Rank 


Liberals Dollar 

demand strong( 


in joint venture 



Gold 
falls $6 


to make televisions 


Move for 
earlier 
payment 
of tax 


UK seat on French board sought 


BY DAVID FREUD 


on 


BY MAX WILKINSON 


• DOLLAR raw 
short-lived rally 


tj Toshiba, the Japanese electrical group, has signed a joint venture agreement 

riptfS) , With Rank Radio International for the production of television sets in Rank’s 

• dollar msc sharply in a West Country plant. 

. 'V* a _A new company called Rank tributing £1.95m to the new com- from the present 175,000 a year 

.Mr. David Liberal leader. 1,1 L V.S. decision lo do Toshiba is to be set up. with pany in the form of an interest to 350,000 a year by 19SL of 

la-t night called for a him on amount of sold ["r auri 'in. it Ra^ owning 70 per cent and relief grant- which 4p per cent would carry 

crpnrati- U.mutions to political touched DM 2.02*0 before Toshiba. 30 per com. Mr. AlanWilliams, Industry the Toshiba labeL 

parlies both from companies closing at DM 2.00St.». Auer Rank is contributing its two Minister, said yesterday: “ This Exports to European countries 

■iriJ i file union-: reaching SwFr l.TO.ill. it icll to factories m Plymouth and one is an example of the joint W hich now account for about 15 

‘ “sieef* omimsal which SwFr 1.0650, slightly abo\c the in Redruth. Cornwall, together venture approach which 1 have per wn t of production, should 
v outcl be union" the reforms previous close. o»Sf d at and employing urged the Japanese to consider, gro w to 36 per cent Over the next 

demanded by Liberals if they STERLING lost 25 points to .PWPlf- U1 , „ . ; — — three years.. . 

Jickl (he balance of power in a SI .9270, after a day's low of ■ J* ®L t JI?i? n I er ,J ? UK COLOUR TV Although the new company 

future parliament, comes amid a si.9130. Trade-weighted index in 2.° cs« D ush a plant MARKET % SHARES will use predominantly Japanese 

P rowing pre-election row on the was unchanged at 62.2. Dollar’s stranj ^oosition framer "Th^ ‘ u technology, ft will not be rora- 

iNSiie between senior Labour and deorveiation narrowed to 9 (9.1) 4 ,S? e . r II?.!? . D „ niitted to using Japanese com- 

Conservative politicians. £?££? t I manufacturers and trade union*. Phdb« and Pye 22 poncn(s . Rack say s that it wil, be. 

The Liberal leader, speaking ' ... . . M . Br .. .The other two Japanese tele- JaP? n V«nc, UK manufacture; lz free t0 buy components from the 


MOST self-employed people 
will have to pay tax bills earlier 
if proposed changes to fee way 
in which they are assessed are 
put into effect. 

An Inland Revenue study. 


BY NICK GARNETT, .LABOUR STAFF 


trSS Uon narr0Wed t0 a "furors and trade unions. 

The Liberal leader, speaking p n Fell i«-Iow S^nn for the - other tw0 J a P“es e tele- 
in his Roxburgh constituency. fr, .‘ ,kIow .„~®° T^on companies with factories 

said he favoured the American first time in nt arly a month, in the UK are Sony and Matsu- 
>.slem vherehv limited tax touching S19S1. It rallied to shtta, both in Wales, 
rilief «;■<• given on donations by dose at $200£. a fall of SIS) on . 'Toshiba 15 putting £3m cash 
individuals. Page 6 the day and of $16 since ils all- int ° the new venture and will 

- . time high eight days ago. “JSjJ technical expertise. 

Second SSJBtflOiTl Conics August settlement price P m^or» C ? rapaG ?'- IS ♦ at j first 
Victim dies dosed 2.3° down at 2(12.50. sets designedly Rank-°aJongside 

A ~rf f md person lias died from Bacfe raec Toshiba-designed monochrome 

boudisin pmenning after eating 9 eq^tjES recent upsurge a/ft' ?5S!£ C ?L. 


Thorn 

Phillips and Pye 


Japan (inc. UK manufacture) 12 


Toshiba-designed monochrome 
sets and audio products. 


i'armer‘VdiTln theBlrSiig- P roriH:,kL ^ n«f deslln^ rolo^Mts wluTe 

KT-rs rM jst 


three years.. 

UK COLOUR TV Although the new company 

MARKET % SHARES will use predominantly Japanese 

zr - technology, ft will not be cora- 

. B „ niitted to using Japanese com- 

? 1 1 * 1 J p onents. Rank says that it will be 

ic. UK manufacture) lz free [p buy components from the 

a most competitive source. 

i The planned increase in pro- 
on 4 duction wiir safeguard jobs now 

7 threatened because of 6ubstan- 
(mainly imports) 6 tial overcapacity. It is not ex- 

be created in the next few years. 

»al establishes Toshiba Most of Toshiba’s contribution 
i Europe Page 5 will pay ~-fpr ■ re-equipping the 

ial Comment Page 14 factories. 

Lex Back Page Mr. K; Hiyama. managing 

— — director of Toshiba (UK), said 


ITT 

GEC 

Rank 

Rediffusion 

Decca 

Others (mainly imports) 


Rank deal establishes Toshiba 
in Europe Page 5 
Editorial Comment Page 14 
Lex Back Page 


hsmi hospital where her husband, ! cu ” “ supplied by Toshiba. The yesterday that the new venture 

J,. w died last week. The. other Tuesday’s gain of 4 points to plant will, however, continue to which can bang benefits to the ^ oul(J enab i e ^e company to 
two victims are still “seriously close at 519.2. Gold Mines index sets to be marketed sep- UK tnd^try and the eooaomy. direct imports of Toshiba 

.u fnii t 1 ? #n it?*? a tiicw t*r 511 1 tiTStfilv bv Rank Toshiba. KaDR5 radio and i^ievjsion nv 


in wluch they are assessed arc NATIONAL union officials will keep shop stewards as fully 
put into effect. press the Government to take ain. briefed as possible. Mr. Gavin 

An Inland Revenue- study, equity stake in the controlling Laird, the engineers' executive 
near completion. Is understood Prenph company which is to be member, said yesterday that one 
to recommend that the self- formed out of the proposed convenor would accompany each 
employed be assessed on a Peugeot-Citroen . -takeover . of of the unions* national officers ^at 
current-year rather than a chrysler's European operations, all of the major talks, including 

'■SrSSrtfc lively re. ^ PeU ^ t maQ ' 

awards since the takeovers Shop stewards expressed deep 
announcement also decided, m concern that Chrysler's actions 
PSLmSTm London yesterday that . the had rendered its planning agree-. 

Inrf^^it* b ?nprM«. 10 in OD fax Government should have a rep- ment with the Government vir- 
of the resentative on the hew company's tuaJJy worth! e&s. Mr. Eric Bone, 
the year 01 main policymaking hoard rather the Transport and General 
Tfcf e wnnlrf rMiniro Dian on any subsidiary specifically Workers Union national anto- 

Ip^i»«nn S formed to run Chrysler's UK motiwi officer, said- the Grtvem- 
h ™LdS£?hJ operations. • ment would be urged to secure 

Mm^era^nme^ew couple of This reprosents a hardening of much tougher planning agree- 
(mBbm!nhL the position taken by the menls with Peugeot than those 
“iS'-p“blblf P !S^^SS °L1 S . ne^otialgd 'with Chiyler- 

fears. Union of- Engtaeermg Workms ynion officials - emphasised 

About a quarter of alj a ° d a ^.P y rf ne ^ again that they were determined 

Income tax. equivalent to the Congress eariy next. t0 protect ^ Jobs at Chrysler and 

nearly £4 bn (his financial year, . _ , . - „ = would resist any closures. 

J Sth.dul/“S The, meet repose- 

Ho ? of that comes from ^o^v Ser the con^ess of the JHotor. Agents 

xaders and people m • the sh £™ y make Association: tomorrow to discuss 

“rojessjoos, who wll be tSSiS m B the hSS the P°N0on. The associaUon has 

SSW %£££" " u,e — * ” f 

SSS -Se« *«-; 'JFEJ?***- 

t: «-,re Uying to Croon SpaSsh^. Page 1, 


Guard stabbed 


MI 7J2 to 175.2— a loss «f 3L4 arata, y by Rank and Toshiba. RaD , k i. r . adjo and television teIe vision receivers into the UK 
in (he past seven trading „ Rank has appointed Mr. Angus manufacturing operation has iei * exporting. 

L»cci„r.« p i rauing Cnehton-Miller as managing been losing money for several d ° ■ _* P 1 u . 

sessions. _ p director of the plant The non- years. For the last three, the loss The Electrical and Plumbing 


A guard was seriouslv wounded Commerzbank index rose 5-6 1 executive chairman 

° . _ . . .. <r. .1. 4 a « Mntir ninrhf tiftnli htuk AF « t m. 


be is estimated at about £20 m. Last Trades Union, vigorously opposed 


in a knife attack at the British to a new eight-year hsyh of I appointed by Toshiba, which will year alone, £3im was lost on a to Hitachi's plans last year to set 


Embassy in Washington. Mr. S27.C. 
Terry Hopkins. 33, from Hackney, 
London, was stabbed in the back. • GJ 


London, was stabbed in the back. • GILTb traded 
hut he is expected to recover. A Government Securities 
man is in custody, but the U.S. eased 0.92 to 70.96. 
*eirret service says the motive 

for the attack is unknown. O WALL STREET d< 


have control of the Board. turnover of £3S.6m. ' up a U K factory, yesterday wel- 

The British Government has Rank and Toshiba expect to coined the .Rank and Toshiba 
quietly, welcomed the deal and is con- increase colour set production agreement... ' 


E¥3iard@r remand 


O WALL STREET dosed up 
4.59 at S97.(U>. 


........ „ . . ■ ® COPPER prices rose slrungly 

frahail Mihyi was remanded in . w i?v,.i,., n « a 

custody for a week at Marl- ® n ^ hc ^ ndon Mc ^ aI ^ - °5' 

J>orouqh Si reel. London, accused C*sh wire bars gained -10. a to 
nr killing an E| A I stewardess £<59.5 a tonne on tin- com 
.. >lv. Eurnpa Hotel >»n 

Sunda;. Mihyi udd the magis- 
tral'': “If you don't release me 
i here will be something that 
happens against you that will not 
be good." 


Embassy siege 

Police slomiied the Iranian 
Embassy at Wassenaar, near The 
Hague, in end a six-hour occu- 
pation hy Iranian students pro- 
testing at the policies of the 
Shah. 


Flights off 


3lancbester was the airport 
worst-hit by the 24 hour strike 
by British Airways maintenance 
engineers. No BA (lights entered 



Volkswagen first-half 
profits up by a third 


rate advantages enjoyed by 
many Schedule D taxpayers- 
It might also lead to a once- 
and-forall Increase in tax 
demanded in the year of the 
changeover. 

The change would require 
legislation. The Revenue’s 
study will be considered by 
Ministers in the next couple of 
months,' and Implementation 
would probably take some 
years. 

About a quarter of alj 
income tax, .equivalent to 
nearly £4bn (bis financial year, 
Is paid under Schedule D. 
Most of that comes from 
traders and people in • the 
professions, who will be 
affected by any change in the 
basis of assessment. 

Sir William Pile, chairman 
of the Board of Inland 
Revenue, told the Commons 
Committee of Public Accounts 
in March that the most likely 
way of calculating the current- 
year assessment would be 
through a “ deeming ” method. 

That would take the profits 
of the most recent accounting 
period and assume , them to be 
the profits for the year of 
assessment, subject to later 
revision. 

Many self-employed indivi- 
duals pay tax up (o 18 mouths 
in arrears. Recently rapid in-, 
flationlias eroded the real lax 
payable. 


Allied advertisement 
defends Lyons bid 


BY CHRISTINE MOlR 


The apparent disparity with ....... 

Schedule E taxpayers, who are pi*aiiaed take^over'of'j! Lyons. The pension 'funds had earler 
(axed imm ed iately, has caused it ma de this move as the pen- obtained an opposite view from 
concern. The British way^of. s j on fundg special committee their counsel. 

approached the 10 per cent, of The letter also uaderlipes the 
changed little in the past 50 u, e votes needed to callnn emer- fact that the pension foods coro- 

gency. meeting of. Allied’s share- mittee has been shown -this con- 
- Aiders, to coasider aspects of twry. legal- opinion-* point not 
!f»M“ P K. y T d JfL. a the bjd. ' ■ mentioned in the committee’s 

DiffieulriM In onJ y one aspect has Allied circular to members. 

mfriS U t if™ vir softened its initial insistence Yesterday. Allied’s advisers, 
assessment^ that the *** did n<Jt share - Samuel Montagu, said that the 

SFlf^rar S5d?w??iSiJ holders' approvaL ... legal issue, therefore, was only 

mrament wuntd ^have^o Si The company bad intended to likely to lead to an unfortunate 
22S2SS S a a letter to shara&oWew.ex- stalemate. 

Moreover some traders y are P Isdnin 8 the industrial logic of Mr. K. S. Showering. Allied’s 
HkelV to find theznseIVcK with the Proposed merger. at the end chairman says in the advertise- 
LhfiewprobieSta thiJe£ of ^ month, when Lyons’ ment the resolution -recom- 
their tax base widens because shareholders are to receive- the mended by the mods for the 
or tiie loss of !S? taSSS offer document. . . , emergency meeting is unwork- 

benSt. Now. it has brought that letter al >le- • 

forward. .U forms. the bulk of Vlrstiy. it only “requests’’ the 

. . the advertisements -which appear aoard 0 *. A fR e “ consider seek- 

ln New Yor k i n today’s newspapers. ' \ mg shareholders’ approval before 

- I Au-23 Prev inna The remainder of fee text-TOn- Pfoeeading with the bid. pis 

l iu ”' a Previous centrates on persuattiug the pen- ““Id mean that the directors 

: -j - sion funds to rethink their jjojsi- would consider the request and 

d(nt n.azsaaEM i si.8310-9330 tions. - • . - ■ 1 00 ^ to act on 1L - 

i month 0.4WJ.43 a.* io.«o.*0di« Allied says that it has con- importantly. Allied 

su^ed counsel on whether fee Contumed on Back Page 
^ #.704^0 di* f 4.so4J0da J bi( j can go ahead ijritfi oat* share- Announcement Page 18 


ALLIED BREWERIES has holders’ prior approval, apd has 
placed advertisements in several been advised that such a move 
national and provincial hews- would not be contrary to the 
papers today, defending its undertaking it gave last year, 
planned take-over of J. Lyons. The pension funds had earler 
It made this move as fee pen- obtained an opposite view from 
sion funds special committee their counsel, 
approached tbe -10 per cent, of The letter also underlies the 
the votes needed to call au emer- fact- that the pension funds com- 
gency. meeting of. Allied’s share- mittee has been shown -this con- 


&Y GUY HAWTIN 


FRANKFURT, August 23. 


VOLKSWAGEN. West Germany’s vanced such concerns as the of DM 500ra in ^he first half-year. 
largest ear manufacturer, today engineering groups Guteboff- Prof. Thom*’ said that tbe 
announced a large increase in nungshuette and Deutsche Bab- group was seeking an acquisition 
first-half profits. The news could cock as candidates for takeover, which would have an anti- 
not have come at a better time Gutehoff nungshuette has de- cyclical stabilising effect. . It 
for the group: tomorrow sees rued that it has been in lalks would be unlikely to be involved 
publication of the prospectus for with Volkswagen and Professor in the consumer - goods field. 


the company's DM 900m (£233m> 
capital raising. 

Professor Friedrich Thomee, 
the group’s finance chief, said 
here that group net profits bad 
risen by a third on the com- 
parable figures for 1977 to DM 
265m (£6S.5m). It was im- 

possible to predict with certainty 


VOLKSWAGEN is developing 
a new engine which would 
be extremely economical in its 
nse of fuel and could give tbe 
company an - important lead 
over competitors In Europe 
and the U.S. It is being 
developed with an unnamed 


Volkswagen wanted something 
that it could understand and a 
concern operating in the plant 
construction and mechanical en- 
gineering fields probably would 
be ideal. 

Today's .profits news confirms 
the trend of the first quarter 
when earnings were up by 24 


partner. Industry sources pgr cent. In the rights issue 


switch. Back Page 

Lebanon talks 


©SHARES in LondoTK.uoted I would be subrtantl.il. 


SSraS intereiuln Kenya 


reacted noninuslv to uncertainly Professor Thomee gave little — — ~ “ id April Volkswagen shares were 

A Lebanese Moslem leader is SuntrJ-s future ^wlth ;,w ?- tf on l^P.s Plans to Thoniee today coot nbuted a de- Ranging bands at about 

. . .. . j uvtfr me tuunir^ 5 iuluic-, % mi n m avnP umnisittnn in Ihp nial from his sirle. WolkswnPAn nW on*j uwi«v« froHinn 


claim that the new engine 
consumes only about half the 
fuel used by a conventional 
engine of a similar capacity 
and power rating. 


similar basis to employees. ' 

Difficulties will arise fn 
moving over to current year 
assessment. Unless one year's 
tax Is never paid, two years of 
assessment would have tb.be 
compressed into a single year. 
Moreover, some traders are 
llkefy to find themselves with 
cash Bow problems in the- year 
their tax base widens, because 
of the- loss of the inflation 
benefit. - . 


£ In New York 


shareholders are being offered j i MMASHb [ o. 4 ^l«Ocu« 

pm of tbe group s DM 50 nominal J s moott* jjs-i^odi • tj9-L]3/»* 

ft ares at a ratio of one to three' 12 4.?o-«-so dt» j 4.M-4^crd« 

and at a price of DM 150 a share. 1 

When the issue was announced 


J , '•* over the country’s future, with 

reported to have attended a prices dropping by up lo 16p. 
fiei-ret meeting al the borne of Overseas News— Page 3 
Mr. Menahem Begin. Israeli 

Prime Minister, lo discuss the ® WEST GERM<\N trade 

gioui.-t? crisis in Southern for July fell to -DM 

Lebanon. CS1.145bnt against Dl 

Page 2 <?l.99bn) in June and D 


make a major acquisition in the nial from his side. Wolkswagen £jkf ^3. Today they were trading 
near future lo provide the com- was still in the study phase with a iDM 260. 


prices cropping o> up 10 *op. near f utu re to provide the com- was still in the study phase with 
Overseas News — Page J pany with “a secoad leg" to its acquisition plans. 

a WEST f.FRMAN trade surplus offset Ihe cyclical fluctuations in “ It is much easier to tell you 

Sr Julv Ml w DM 5S lhe car market Since the plans what we don’t want to be — and 

(Su«bn. against DM 4bS were, announced a couple of th« is a bank.; ^ A 


fell to 
against 


(SLSflbn) in June and DM 1.7bn months ago, they have been a The liquidity of fee parent 


Election pledge 

Pakistan's military ruler. General 


lSS4ti.2ini in July last year. 
Back Page 


constant source of stock ex- group alone is such feat it has 
change rumour which have ad- DM 3.5bn in hand — an increase 


Prof. Thomee said that group 
sales during the first six months 
roie by 9.9 per cent to 
DM 13.8bn. Domestic turnover 
was up by 11.9 per cent on that 
'Continued on Back Page 


BANK OVERDRAFT 


Mohammed Zia-Ul-Haq has could fall later this year, Mr. 
formed a civilian government Robin Pemberton. National Wesl- 
and says that elections will be minster Bank chairman, said. 


held by October uf next year. Back Page 


Briefly . . . 

Ll.-Cul. Dick Crawshjw. 


• 1CI has offered its manual 
workers substantial pay rises, 
only weeks after agreeing a 
61, Phase Three settlement, in a 


Fruit and vegetable prices fall 


BY CHRISTOPHER PARKES 


A SUMMER glut of UK-grown Farmers have produced an bet 
fmit and vegetables has joined estimated surplus of 500,000 La* 


wholLleTarifeis! 11 PriST&ve mto n°g ffife’e feS^rices fem 


pool, today begins an attack on ages among one group of highly- 
lhe world endurance walking skilled employees. ' 


for years: as little as Jp a pound, appl 


record of 314 miles. 
Paramount said 


Page 6 


TOOLROOM strikers 3t BL's 


Members of the public have Retail prices are 4p to 5p. Tbe 
been invited off the streets into Government has taken action to bi 
Coveot Garden Market at Nine increase farmers’ returns, but Bi 


"vjrea.se'' grossed 5101.15m SU Fuel Sratems plan L Birmin-- E l™s, London, to help to clear that is not thought likeiy to 180 
«l'o2.4lml in fee first fa6 days on ham S p em ' scl [ 0 * r , n all-out fight the surpluses of salads, poutoes affect shop prices. to b 

release. ,«««*), / 1 , .. r *.-n nninn pTf-n tz and fmit. a « .. - , cv , i 


»ith (heir own onion Page 6 apple8 are „ ai]ab l e . AiHousb . l oinao prices tave 


Lord Somcrlcyton. 49, has been . Cooking : apples are avauaoie ^sen marginally in the shoos bears, marrows and celery. 

tim Queen/ Lordin - waiUns riSoSd^Srt-mrlS Sff &1S feeFrosh Fruit and fw ® ^ lc «^ « 

Three Americans who became felf' a'^SSfu? Sf'Se ’ at7oS they will probably rii? indt ftry had talks yesterday 

ihi! first transatlantic balloonists P uWlc secl0 . r a = ,enL Dy ,, a ! . -t r _? - back again and remain fairiv hanaJing tbe surpluses, supplies 


een ISp and 20p a pound, 
year, when apples cost -lOp, 
weather wiped out more 
a quarter of the national 
e crop. 

e bureau's list of best 
r - this week includes 
Uey cooking apples, now 
to 20p retail but expected 
■come cheaper; melons from 

r, and UK- grown stick 

s, marrows and celery. 

g prices are at their lowest 
two years although the 


the first transatlantic balloonists £ “ r„scd bv I Vni^ for a 141b tray. Large cauli- ? ack and remain fairly ham 

d-.L.,- 5Sca?!M was°corffirined How^sare 8?.* eadfSnp^ed another month or so. sbm 


Page 19 


11 rJn «. „ . - , . yesterday. Page 19 

Eight Thailand fishermen have 

hirer jailed for five years wife- . UD ||K 

out trial fur using dynamite to LURirAlilCb 

catch fish. 9 ASSOCIATED DAIRIES pr c 

VS working group began study- lax profits Were £26 Jim (£23.Wm» 

mg Chilli labour report prepared on turnover of £53«m (£429m> 

by the London-based Anti- for lhe year lo April 29. 

Slavery Society. Page US and Lex 


ASSOCIATED DAIRIES pr c - 


with up to 2 Op in tbe shops. Orchard owners expect a good t 
T he surpluses seem likely to apple crop this year and plenti- a „ 

SlEZS . su PP^fis of Golden pet 

tinucs. Increased demand for j?® lcl0US are hkely frora France, pm 
those seasonal goods might help Tbe bureau estimates feat apple levl 
to raise prices again. prices in shops should settle 1 


Ring tbe surpluses, supplies 
[id remain plentiful and 
es modest for some weeks. 
K-prodaced lamb is some 5p 
and cheaper than at its June 
!b, although other meal 
is are stable at quite high 



'oiato prices fall Page 23 


CONTENTS OF TODAY’S li 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise Guthrie 400 + 35 

indicated) Cons. Gld. Fids. AusL 520 + 10 


RISES 

Brown anti Jackson.., 198 + G 
Coalite and Chemical 79 + 4 
Johnson Gp. Cleaners 112 + C 
Londpn Pavilion ... £9 + 11 
McKay Securities ... 255 + 20 
Newmark IL.) 223 + 13 

Ocean Wilsons 91 + »> 

Perry (H.) 1^2 -j- a 

Philips' Lamps !>S0 -r 20 

Rank Organisation ... 280 -f S 

Restntor 3S i + 12 

Rou ntree Mackintosh 43o + 11 

Kiebe Gorman 20$ + 10 

Standard Chartered... 452 -i- 10 


Travis and Artiold 137 + <5 


United Scientific na -»2 -j- 18 
Victor Products j 

sS + J* 


FALLS 

AGB Research 136 — 10 

.^scd. Dairies — 254 — 11 
Brooke Bond 4Si — 3 

Brown f.l.'j .......t;-- 472 — 6 

Finlay (J.i Ill - 6 

House of Fraser ... IBS — 6 

Lloyds Bank 270 — S 

Lyons (J.) 129 — 4^ 

Marshall's Universal— 162 — 16 

Ricardo 230 10 

Sedgwick Forbes ... 4 ®j — « 

Anglo American Crp- “ -J 1 

Ruffcls S71 GO 

De Beers Dfd 428 

Doornfontcin 3® * 

Raodfontcin v-.-'--~ri 71 

Stilfontcin tt..,, 291 ^ 

liC Investments “ J 4 

West Drie - 1 


European news 

American news 

Overseas news 

World trade news .- 
Home news-general 
—labour 


4 

T.7~ 4 
I ..JiB.. 5-6 
6 


Technical page ......7........-..; 7 

Marketing page 11 

Arts page 13 

Leader page — 14 

UK_ Companies 16-17 

Wimag 17 


d. Companies a 

^markets «« 16.20 

iey St Exchanges 20 

4d Harkets 2 2. 

ning, raw materials....- 23 
rtock market 24 


SEE PAGES 11 $$ 14 , 15,17 


Tbe brakes on China’s drive 
for growth 14 


FEATURES 


Economic viewpoint; the 
“German" delusion 15 


Business and the coarts: 

legal privilege views 12 

American retail groups 1 

soaring sales IS 

Brazil s record export of 
orange juice 23 


ILS,- Banking Reform: Fed’s 
/proposals and function ... 4 
Soviet Influence grows in 

/Afghanistan - 3 . 

Nepalese development: 
j Chinese involvement ..... 4 


AppoiiUmcflU 

Appaintmcnu Advts. 
Business Oppts. ..... 

Cun l races 

Crossword 

Economic Indicators 
Eh-mpUm* ........ 

Entertainment Guide 


FT Actuaries indices 

Loiters 

Lex 

Lombard “ 

Mon and Matters 

Racing 

Share Information _ 
Today's Events 


24 


1*2 

ANNUAL STATEMENTS 

15 


tZf 

Burwiwvetf Brewrs. 


2S 

Weather 

J3. * j ap 

LetraMt Into! 

U 

12 


L 

Reinsurance insU 


12 

2b^J 

15 

IWTEBIM STATEMENTS 

AB Electro Imr Jif 

London Brick Co U* 

Oalirr & Mother ... >'33- 

Brmsil 

Rhodesian Cables ... 

R. Pirn 

Bass Lending Rates 

15 

16 . 

22 


li VINGSTON, SCOTLAND 


For latest Shore Index 'p hone 01-246 S026 : ■■ 


, . Contact Jim Pollock 

Development Manager, Livingston Development Corporation 
West Lothian. Telephone LivingstcST : {0589>-3 1 1 77. Telex 7271 78. ’ 
, The Scottish New Joins Office, 

1 9 CockspurSlreet, London SWY5BL(Tei. 01-9302631). 




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.13 9 


EUROPEAN NEWS 


Left-wing 


rift grows 


in Italy 


By Paul Betts 


ROME. August 23. 

A DIVISION is developing inside 
Italy's main left-wing forces 
which could have serious reper- 
cussions on rhe country’s fragile 
political situation. 

In a magazine interview today. 
Sic. Bctlino Craxi, the Socialist 
Party secretary-general who is 
consolidating his position at the 
top of his party, critically 
questioned the political ideology 
or the Italian Communist Party. 

Referring to recent statements 
by Sip. Enncn Berlinguer. the 
Communist lender, defending 
the doctrines oC Lenin. Sig. Craxi 
claimed that Leninism and 


Sncialism were incompatible. 
There was, he said, a distinct 
contradiction between pluralism 
nnrt Leninism, the two concepts 
upheld by Italian Communists. 

While the controversy between 
Socialists and Communists has 
so far been conducted mainly on 
Ideological grounds, the Socialist 
Parti’, which is Italy's third 
largest political force. Is clearly 
seeking to take advantage of its 
renewed popularity reflected in 
the party's surprising recovery 
in recent local elections. At the 
same time, the Socialists are 
attempting to express their auto- 
nomy and independence from 

the Communists. ■ 

For their park, the Communists 
are increasingly concerned about 
the split with the Socialists, 
which, they claim, risks weaken- 
ing the Left-wing parties as a 
whole. Already in a number of 
Incal administrations, the Socia- 
lists have openly split with the 
Communists. 

The disaffection or the Socia- 
lists from the Communists has 
obvious political implications in 
that it could rekindle the pos- 
sibility of an alliance between 
Socialists and Christian 
Democrats. 

At this stage, however, ail the 
main political parlies, including 
the ruling Christian Democrats, 
the Communists and the 
Socialists, do not seem to want 
to rock ihe boat. They have 
.openly stated, in fact that there 
Is no viable alternative to the 
present cn^eming roalition. 


France has trade surplus in July 


BY DAVID CURRY 


PARIS, August 23. 


THE STEADY Improvement in 
the French trade position con- 
tinues to be the most solid 
achievement in the economic 
recovery programme — now nearly 
two years old— of Prime Minister 
Raymond Barre. Together with 
the stability of the currency, 
with which it is linked, it has 
permitted the Government to 
bring down rates on the money 
market to a two-year low of 
7 per cent. 

The commercial surplus in 
July means that France has been 
in Hie black on her trade for the 
past six months. The seasonally 
corrected July surplus of FFr 
950m was double June’s margin, 
while exports, at FFr 30.75bn. 
were almost IS per cent up over 
the position for July, 1977. 

The overall surplus this year 
so far is FFr L61bn. against a 
FFr 10.37bn deficit at the same 


time last year. In crude figures 
the surplus is much greater at 
FFr 3-55bn. 

July's performance was helped 
by the continuing improvement 
in the agriculture and food 
sector, traditionally an area in 
which France fails to translate 
her natural resources into added 
value, and stability in the im- 
ports of energy. This, of course, 
has been helped by the dollar's 
decline against the franc- 
Capital goods -continued to show 
a surplus in spite of the relative 
growth in the economy, while 
the motor industry, as usuaL was 
healthily in surplus. 

At 7 per cent, the overnight 
rate on the money market is' a 
full point beneath the Eurodollar 
rate and its decline by i per 
cent is evidence of the Govern- 
ment’s confidence in -the franc. 
In fact, the market is held on a 


fairly tight rein as the Govern- 
ment is imposing stiff guidelines 
for bank credit • 

The Government’s main prob- 
lem at the moment is doing the 
arithmetic for the 1979 Budget 
Following President Giscard 
DTSstaing's promise in Bonn to 
enlarge the deficit, the shortfall 
is likely to be more than 
ms 20bn. 

B1 Barre promised during the 
election campaign that there 
would be no increase io direct 
taxes but he may try possibly to 
boost income to some extent by 
adjusting tax brackets. Further 
money-raising on the market is 
also thought likely. 

- The generally improved econo- 
mic conditions (unemployment 
apart), together with the con- 
servative general election victory 
have also been good for the slock 
market With share values some 


40 per cent up since the begin- 
ning of the year, a number of 
companies are examining tbe 
prospects for raising new capital- 
ize Compagnie Generaie 
d’Electricite took- the plunge 
before the holidays and tbe Com- 
pagnie Franc aise des Petioles 
has announced that it is follow- 
ing suit with a FFrs 587m (£70m) 
rights issue. 

The restoration to the bourse 
of its role as a supplier of capital 
is one of the Government's pre- 
occupations and has given rise 
to a series of measures to 
encourage tbe Bow of savings into 
equities. If more companies join 
the queue for new capital, SL 
Barre will no doubt claim that 
the improved general economic 
climate and the return to in- 
dustry of freedom to fix its own 
prices have much to do with the 
new confidence. 


Red spy 
in flight, 


Dutch land 


speculation 
curb urged 


By Charles Batchelor 

AMSTERDAM, August 23. 
HOLLAND’S Christian Demo- 
cratic Party has called for rapid 
Cabinet action on plans to curb 
land speculation — the issue 
which brought the previous 
government down last year. 

The party's parliamentary com- 
mittee said in a statement that 
enough preparatory work has 
been done for a Bill to be sub- 
mitted without delay. 

The parliamentary party was 
meeting ahead of the reopening 
of parliament next week to 
discuss tactics. This action by 
the Christian Democrats, tbe 
senior partner in the two-party 
Centre-Right coalition, indicates 
the party rank and file aim to 
keep up pressure on the Cabinet. 

The previous parliamentary 
session ended with a three-day 
debate as tbe party pressed for 
stronger safeguards from Brazil 
hefnre Holland permits exports 
nf enriched uranium. 

The coalition government is in 
Favour of taking market value' 
as the basis for compensation for 
land compulsorily purchased by 
local authorities, but the Left 
wing of the Christian Democratic 

Party is opposed to this. 


Orders fur West German 


rolled steel fall again 


BY GUY HAWT1N 


FRANKFURT, August 23. 


WEST GERMANY’S recession- 
bit steel industry has reported 
yet another month of declining 
orders for its rolled steel finished 
products. Today’s news is par- 
ticularly disappointing for the 
industry, as June’s bookings 
showed a considerable increase. 

However, fluctuating demand 
has plagued the industry 
throughout the year and steel 
men warned that the June per- 
formance would not necessarily 
be maintained. July's figures 
confirmed their pessimism — total 
orders fell by just over 20 per 
cent from June's 2.03m tonnes 
to 1.62m tonnes. 

This means that July's book- 
ings are slightly under the figure 
for the comparable month last 
year, when the industry was 
heading for the depths of _ its 
most serious post-war depression. 
While July is normally a quiet 
month for the industry, last 
month's bookings were poor by 
any standards. 

Tbe main reason for tbe heavy 
fall in bookings was a 42.4 per 
cent decline in orders from 
third countries outside the Euro- 
pean Economic Community. This 
tends to reflect the dominant 
U S. market. 


Domestic orders, although 10 
per cent up on the 1977 level, 
fell back by 5 per cent from 
June’s 1.046m tonnes to 991,000 
tonnes in July. Orders from 
customers in the EEC dropped 
by 16 per cent in comparison 
with July 1977, but were only 
6 per cent down on June s per- 
formance at 174,000 tonnes. 

To-day's statistics, which do 
not include figures for semi- 
finished products, hot rolled 
broad strip and special steels, 
show that deliveries also 
declined heavily in July. They 
went down by an overall 35 per 
cent to 1.435m tonnes. This was 
naturally reflected in the order 
book which rose by 5.3 per cent 


Opposition 
to Marxist 


in Iceland 


Swiss VAT- proposal 


The introduction of -value added 
tax at a rale of 7 per com has 
been recommended by a commis- 
sion of the Swiss National Council. 
The Government would also have 
the right to increase this to S per 
cent if called for by the state of 
the federal finances ot the eco- 
nomy at large, writes John Wicks 
in Zurich. This proposal would 
replace a former government 
recommendatioiLfor an 8 per cent 
VAT rate 


New Issue 
August 24, 1 978 


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as a matter of record only. 



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||i 



REYKJAVIK, August 23. 
ICELAND’S Social Democrats 
today came oat against the 
appointment of Marxist party 
leader Ludrik Josefsson as Prime 
Minister. 

Mr. Josefsson (64) has heen 
seen as the favourite to head a 
coalition and end an . eight-week 
government crisis. He would be 
Iceland’s first Communist Prime 
Minister. 

Bat Mr. Benedikt Grondal, 
leader of the Social Democratic 
Party which favours strong ties 
with the North Atlantic Treaty 
Organisation, said the party- 
opposed the idea of Mr. Josefsson 
taking over since he could 
influence foreign policy. 

Earlier, in talks to form 
coalition with Mr. Josefsson's 
People's Alliance and the Centre 
Progressive Party, the Social 
Democrats insisted that Mr. 
Grondal be Foreign Minister to 
safeguard Iceland’s NATO links. 
Reuter 

Jon Maguosson adds: Attempts 
by Mr. Josefsson to form a three- 
party Left-wing government in 
j Iceland are at a crucial stage. 

Mr. .Josefsson is very much 
against Iceland's membership of 
NATO and he has demanded for 
years that the U.S. defence force 
at the important NATO base at 
Keflavik leaves the country. 

He and his Comnrunist- 
dominated People's Alliance have 
stated that they are wilting to 
forget the NATO issue for the 
time being, if that would make 
it easier to form a Left-wing 
coalition government 


no one s 


delight 


BY PAUL LENDVAI IN 
BELGRADE 


Turkish lira 


to drop link 
with dollar 


ANKARA. August 23. 
MR. BULENT . ECEVIT, • the 
Turkish Prime Minister, said 
today his Government was pre- 
paring to abandon the Turkish 
lira’s 34-year -old link with the 
U.S. dollar. 

He told reporters after a 
Cabinet meeting that prepara- 
tions were being made to link 
the lira to "another monetary 
unit.” 

Although he did not elaborate, 
Mr. Ziya Muezzin oglu, the 
Finance Minister. . said on 
Monday that Turkey .should 
switch from the dollar to the 
Internationa] Monetary Fund’s 
special drawing rights (SDRs) 
to fix exchange rates for the 
lira. 

Mr. Muezzinoglu said the 
attachment to the dollar "has 
brought about certain drawbacks, 
especially with the dollar* sloss 
of value in the past few weeks. 

“ Considering Turkey’s rela- 
tions in the economic field, it 
would be correct to -switch to 
SDRs,” he said. 

Reuter 


Inflation target 
a problem 
for Portugal 


By jimmy Bums 

LISBON, Augost 23. 
THE PORTUGUESE consumer 
price index ro6e by 1.6 per cent 
in July, according to figures just 
released by the National Institute 
of Statistics. 

The figure represents the 
third significant monthly 
increase since the beginning of 


Uiis year, and indicates that 
Gov 


Portugal's future Government 
may find it difficult to bold infla- 
tion down to 20 per cent by 
the end of the year. This was 
tbe target set by the Socialist- 
conservative alliance in its 
economic programme presented 
earlier this year. 

In the first six months of this 
year, consumer prices fluctuated 
considerably; inflation during 
the half-year ran at an- annual 
rale of 22.4 per cent. 

Nevertheless, price trends this 
year show a marked improve- 
ment on last year when the 
inflation rate was 27 per cent on 

an- ' annual .basis. Further 

optimism has’ been generated by 
the Tact that the price of most 
key -items, such as gas, electricity 
and public ' ' transport have 
already been ' significantly 
increased this year, and' are 
expected to remain fixed until 
the end of the year. 

Most observers agree that 
unless inflation is kept down dur- 
ing tbe second half of this year, 
Portugal's future government 
will find It extremely hard to 
pacify the Comm uniat-dominated 
trade unions without revising 
the 20 per cent wage ceiling 
agreed on last April. 

Reuter adds: President Antonio 
Ramalho Eanes has called a news 
conference for tomorrow amid 
speculation that he might 
formally confirm independent 
Sr. Alfredo Nobre da Costa as 
the new Prime Minister. 


MR. MIHAI ION PACEPA is not 
exactly a household name 
even in bis native Romania, 
let alone in the West Yet 
his wherabouts. his past and 
his mysterious activities have 
been the subject of as many, 
if not more, confidential dip- 
lomatic dispatches from 
Bucharest than the much- 
publicised visit of Chairman 
Hua Kuo-feng. 

Mr. Pacepa is probably the 
highest-ranking secret police 
officer of a' Soviet bloc country 
ever to have defected to the 
West. Since he disappeared 
to a “safe house owned by 
the U.S. Central Intelligence 
Agency (CIA) in Cologne in 
West Germany a few weeks 
ago, the “Pacepa Affair” has 
become the hottest story on 
the cocktail circuit and the 
talk of diplomats and 
Romanian officials in 
Bucharest. 

On tbe official list of office 
holders in the Romanian 
Ministry of the Interior, Mr. 
Pacepa appeared only in 10th 
place, as one of tbe under- 
secretaries. But Lieutenant- 
General Pacepa was more than 
that According to some 
accounts he was running 
Romanian intelligence opera- 
tions abroad and ranked as 
one of the most trusted 
advisers to President Nicolae 
Ceausescu. 

He disappeared in Cologne to 
the great embarrassment of the 
West German authorities' who 
had to face a spate of queries 
from the alarmed Romanian 
leadership. However, the 
General was almost immedi- 
ately flown in a military air- 
craft to tbe U.S. Ever since, 
the U.S. embassy in Bucharest 
has imposed a news blackout 
on the subject 

The General's defection is a 
major embarrassment for 
President Ceausescu’s inde- 
pendent-minded regime. Oo 
the one hand, he is in a posi- 
tion to reveal Romania’s xao6t 
closely-guarded secrets. On 
the other, he Is said to have 
worked for tbe CIA at least 
since 1970. 

In any event, General Pacepa’s 
defection has no parallel He-j 
lias been called the " Romanian 
JPenkovski.” the Soviet super- 
spy working for the Americans 
in the late 1950s and early 
1960s as deputy ebainnarf of 
the powerful Committee for 
Scientific and Technological 
Cooperation. But Peakovski 
was tried and executed for 
high treason while Pacepa took 
off in time to spend the rest 
of his life with a new identity 
in the U.S. 

Tbe Americans are visibly 
embarrassed. After all, 
Romania is the only Warsaw 
Pact country which time and 
again defies the Soviet Union 
and relies on American and 
Chinese support in its resis- 
tance to- Soviet pressures. 
Thus, anything that causes 
disarray in Romania must be 
welcome news in Moscow. 

There is another general who is 
in trouble in Romania, albeit 
for completely different 
reasons. He is Mr. Jon Dinca 
who was in the news last week 

- when he welcomed Chairman 

' Hua to Bucharest and handed 
him the traditional key to the 
capital as a symbol of friend- 
ship. General Dinca has been 
for the past two years or so 
First Secretary of the power? 
ful Bucharest party organisa- 
tion and at tbe same time 
mayor of the Romanian capital. 
A thoroughly loyal officer and 
functionary. 

Why then the rumours about 
his possible replacement? It 
all started oo July 12 when a 
gipsy woman was selling 
flowers without permission in 
a market in Bucharest, facing 
a . large new store and not far 
from the city centre. Though 
she was pregnant, a Romanian 
militiaman treated her 
roughly. A student nearby 
watching the scene intefered 
and wanted to - protect the 
woman. The militiaman became 
even angrier and asked for the 
students identification card. 
When tbe student refused, the 
policeman began to hit him 
with his baton. . 

A large crowd gathered. The 
policeman ran to a nearby 
shop selling flowers. • Faced 
with the angry crowd, he 
panicked and oegan to shoot, 


Financial Times 

— i , i i j i rr, ii g ii \ofe > 


the middle east 




oil price 


-.rfi ’’ 



BAHRAIN, August 23. 


SAUDI ARABIA has rejected all 
efforts to increase oil prices this 
year or to replace the dollar as 
the oil pricing unit , but might 
aecept a small price increase for 
1379 when OPEC oil Ministers 
meet nest to Abu Dhabi in 
December, authoritative. Arab oU 

sources said. ; . . 

■ *fhe sources, from Aiao 
countries outside Saudi Arabia, 
were speaking as a Kuwait news- 
paper published an interview 
with Saudi Arabia's Grown 
Prince Fahfi . in which ■ he 
rejected a possible switch away 
from the dollar and said that an 
oil price rise now was not 

^Kuwait Oil Minister At! 
Khalifa al-Sabab, the current 
OPEC President, is believed to 
have failed to convince the Saudi 
leaders of the need to hold an 
extraordinary OPEC conference 
next rnonlh to discuss the effect 
on oil revenue of the slump in 
the value of the U.S. dollar. 


AU met Prince Fahfi g xu 
Saudi Oil Miniver Ahmed Zak 
Y&manl in Taif last week ft 
press the Saudi leaders toaocep 
the finding of a . canUhUtee o: 
OPEC-appointed experts whld 
met in ; London last mouth ant 
suggested that dll prices shook 
be adjusted la the , fount 
quarter of this year tfireotftpaa 
saw for part of the . dotia- 
declme. 

Saudi leaders arc be&eycd u 
have told AU that the eoutinuw 
glut in the world -oH. market 
which cost Saudi Arabia ■ 
further 3 per «m loss in oi 
export* last month, made al 
thought of a price- increase 
irrelevant. 


:: * 


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Ali was hoping tn- -cjilT ar 
y OPEC J“ 


extraordinary OPEC Mitusterla 
conference next month to discuss 
the experts’ recommendations in 
the hope that a formula vanjtj 
be approved which would enable 
OPEC states to raise the doHai 
price from October L 
Reuter 


si ^ 
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-viv-i 

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-seriously wounding at least 
>. The crowd 


three spectators 
. stormed the glass pavilion, 
dragged out the young militia- 
man by bis hair and beat him 
up. Accounts vary as to 
whether -be died or survived 
. his serious injuries. 

The militiaman did manage to 
alert other policemen via his 
radio. By that time the crowd 
had swollen to an estimated 
4-5,60& people.- Police appeared 
In strength cordoning off and 
surrounding the - square. 
Bucharest was on the verge 
of an unprecedented riot- 
At that moment, Mr. Dinca 
appeared on the scene. 
Through ‘ loudspeakers he 
pleaded with the crowd which 
finally dispersed. It is not 
known bow many people were 
injured or died, but tbe worst 
was averted. 

When President Ceausescu was 
informed of the events, be is 
said to have been enraged 
and to have exclaimed: "How 
could such a thing happen? 
Who is responsible?' 1 Thu in 
turn raised speculations about 
the political future of the 
General, tbe third party chief 
in the capital within a few 
years. 


Israeli party splits 


over Begin policies S'„n 


BY OUR OWN CORRESPONDENT JERUSALEM. August 23. 


ISRAEL'S Democratic Move- 
ment for Change, second largest 
party in the ruling coalition, 
split into three factions tonight 
but left Mr. Menahcm Begin, the 
Prime Minister, still comfort- 
ably in power. 

Five of the DMCs t5 members 
in the Knesset (Parliament) 
walked out of the coalition in 
protest at what- they regarded 
as the hawkish policies of the 
Begin Government 
This faction, led by Professor 
Amnon Rubinstein, objected to 
Mr. Benin's refusal to consider 
withdrawal from Arab land on 
the Jordan West Bank an dto the 
lack of satisfaction accorded to 
the social policies which the 
DMC championed. 

The party leader, Deputy 
Premier Yigael Yadin. remained 
•in the coalition at the head of 
six DMC members still loyal to 
him. The three other DMC 
members still loyed to him. The 
three other DMC Members of 
Parliament, headed by Transport 
Minister Melr Amit. stayed apart 
from ihc other two groups and 
said they would decide later 
which side to support 

Mr. Yadln's adherence left 
the Begin coalition with a 
secure 69 seals in the 120- 
member knesset. Even without 
Mr. Yadin. the Government 
could still survive. 

With his power base reduced, 
Mr. Yadin may come under 
pressure to give up the Deputy 
Premier’s post 

The DMC was born* on the eve 
of last year’s general elections 
as the bright hope of the liberal 
middle classes seeking internal 
reform. But the assortment of 
politicians, more drawn together 
by what they opposed than by 
any coherent political platform, 
were first stunned by their' role 
in ousting the Labour Party and 
then outmanoeuvred by the 
politically wily Mr. Begin. 

Disturbed by the Government's 
settlement policy and then disajj- 
pointed by its response to Presi- 
dent Sadat's peace initiative last 
November, the party has been 
suffering increasing internal 
strain. 

Professor Yadin has argued 
that the DMC is a restraining 



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Professor Yadin 


force within the primarily Right- 


wing coalition. But a sizeable 
minority complains that the 
party has no influence on crucial 
decisions, and only gives a 
veneer of moderation -to a basic- 
ally hard-line Government. 

Internal party elections were 
held in Jane, and after recounts 
because, of rigged ballots the 
opponents of Professor Yadin 
emerged slightly stronger. But 
they had advocated waiting until 
after tbe Middle East summit at 


Camp David before . staging a 
showdown within the party’s 
ruling council. 

Stung by internal criticisms, 
especially over his role in the 
recent controversy about five new n , 1 1 \ 
settlements planned for tbeiinili 
West Bank, Professor Yadin ha* T 
insisted that the air be cleared. 

The break-up of the DMC may ! * 
damage Mr. -Begin V image as }jil J | M ? 
the voice of all Israel, but at ^ 

same time would reduce opposi- * 
tion within the cabinet to his .. .. - 

policies. 

L. Daniel adds from Tel Aviv; 

The establishment of a ■ joftrt 
council to govern the West Bank, 
composed of representatives of 
Israel, Jordan and the residents . 
of the area, has been urged by 
Mr. Shimon Feres, leader of the 
opposition Labour Party. 

Only external security would 
remain in the hands of the Israeli 
force stationed mainly along tbe 
Jordan river. . 

Labour’s proposal for West- 
Bank autonomy differs from the 
Government’s on two important 
points: participation by Jordan 
in the day-to-day administration, 
which in Mr.. Peres’s view could 
pave tbe way for negotiations 
with Jordan and the local citizens 
on territorial compromise in the 
west bank, and secondly the 
transfer of responsibility' for 
public order and the prevention 
of terrorism to a joint police 
force. 

Commenting on Sinai, Mr« 

Peres stressed the importance- to 
Israel's security of settlements 
in Northern Sinai, but suggested 
that various forms of compromise 
were possible, Including * n 
exchange of territory. 



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6 Lebanese leader’ in 
secret Tel Aviv talks 


BY OUR OWN CORRESPONDENT TEL AVIV, August 33. 


A SECRET late night meeting 
at tbe residence of Mr. Mena- 
hcm Begin, the Prime Minister, 
set Israel abuzz today with 
rumours that an Arab leader 
might have come to talk about 
the problems of southern 
Lebanon. 

When the meeting ended just 
aTier midnight JHr. Mosbo 
Dayan, the Foreign Minister, 
end Mr. Ezer Weizman, the 
Defence Minister, emerged in 
full view of bystanders. So did 
the Cblef-of-Staff, Major* 
General Rafael Eitan. 

But the figure nobody saw 
was the one in a ear which 
drove off at high speed from a 
side street with, curtains tightly 
drawn across Its rear windows. 
One press report identified the 
figure as “a hlgh-ranklnx 
Lebanese Moslem leader.” This 
was derided by a Government 
spokesman who Insisted the 
meeting was - much less 
dramatic. 

Nevertheless , Informed 
sources said some Arab figure 
seemed to be involved. One 
report even mentioned former 
Lebanese President Camille 
Chamoun. 

Some sort of LebanesMsreel. 
contacts had been- expected 
following the visit to the Mid- 


dle East this.- week by UN 

Under Secretary-Genera] Brian 

Urquhart. -V 

Mr. Urquhart has been try- 
ing to smooth the . way for 
Lebanese regular forces to 
take up positions, hr south 

Lebanon. For three weeks 
these Lebanese troops have 
been blocked by Christian 
militiamen and last night Mr. 
Urquhart said the possibility 
of flying them to their objec- 
tive might tie considered^ He 
said there had been agreement 
In principle for .discussions on 
the subject. ■ 

Ihsan Hijazi adds .from 
Beirut; Sources In east Beirut 
said both Baehir Gemayel and 
.Camille Chamoun were at their 
residences here hut night 
These sources believe If such 
a meeting has taken place, the 
Lebanese side may have been 
represented by militia com* 
■ manders in southern Lebanon. 

The - sources believe -tbo 
story may have been started 
after a statement yesterday by 
Mr. Chamoun in - which - he 
spoke ■ about , alleged : Syrian 
military preparations in' east 
Beirut 




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'ratam* & >4 ii.do lair oxito per annum, 
nd clan mum WA at Wa* York, H.Y. 







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Financial Times Thursday August 24 1978 


OVERSEAS NEWS 






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Mourners weep as body 
of Kenyatta lies in state 


Ut\, l 


•H'Ulil 


) !fl: 




BY JOHN WORRALL 

■* 

THE BODY of the late Presi- 
dent of Kenya, Jomo Kenyatta, 
luy today on a purple cloth 
spread over a dining table in the 
banqueting hall of State House, 
Nairobi. 

He wore a dark pin-striped 
double-breasted lounge suit, 
Kenya's national tie and a large 
ceremonial ring on the third 
fi nger of bis right hand. By him 
was his familiar fly-whisk and 
bis carved walking stick. 

A pink rose- from his garden 
— he was seldom seen without 
?n e in his buttonhole— was rest- 
ing in a vase of water just above 
bis head. 

Ministers, MPs, top civil ser- 
vants and diplomats today paid 
their last respects to President 
Kenyatta as be lay in state in 
Ibe house where he never slept. 

Tomorrow, for about a week, 
the public will be allowed in to 
see the body of tbeir old leader 
lying in state. 

Lined along the wall of thb 
banqueting hall today watclung 
the body were- tbe Kenyatta 
family, among them his widow, 
Mama Ngfna Kenyatta. her three 
children and his daughter Miss 
Margaret Kenyatta. once Mayor 
of Nairobi. Some were weeping 
openly. 

The funeral is expected to be 
next Thursday, the service to be 
held ‘in Parliament buildings, 
Nairobi and Kenyatta will prob- 
ably be buried at bis own home 
at Garundu, the house where he 


Jomo Kenyatta: His nation 
In mourning - 


was arrested by the British in 
October, 1952. 

Today, Kenyatta’s successor for 
90 days, Mr. Daniel'Arap Mai — 
who is, 1 understand, to be de- 
scribed as the President, not the 
Acting President — held consul- 
rations with senior officers of the 
armed forces led .i by the 
commander-in-chief, Major- 
General Mullnge. 

He also met the commissioner 
of police, Mr. Bernard Hinga. the 
director of intelligence, Mr. Kan- 
yottu and Mr. Geoffrey Kariithi, 
head of the civil service. 


Zambians accused of role 
in attack on Namibia town 


£ 


ZAMBIAN TROOPS and Swapo 
nationalist guerrillas early today 
launched a heavy artillery attack 
on tbe South African ruled town 
of Kaiimo Blolilo, a military 
spokesman said. 

. t t Major General Jan Geldenhuys, 
* 3e officer commanding South 
v- African troops in South West 
‘ ■* Africa (Namibia), said the attack 
. . lasted -for about two hours. He 
• did not say whether tbere were 
any casualties. 

General Geldenhuys said the 
attack was launched from known 
bases of the South West Africa 
Peoples Organisation (Swapo) In 
Zambia. 

“The Zambian defence force 
later began to take part in the 
bombardment.” he added. 

Gen. Geldenhuys said South 
African troops had anticipated 
the attack and made necessary 
preparations.. Heavy artillery 
fire was returned by the South 
African security forces. 

Geo. Hannes Phillip, military 
adviser to Mr. Marlti AhUsaari, 
the United Nations special repre- 


* i-t 

i 


k . 


a 


WINDHOEK, August 23. 

sen ta live- for Namibia, was kept 
informed of Swapo's. -plans for 
attack until he left thrterritory 
for New York last night, Gen. 
Geldenhuys said. 

Mr. Abtisaari flew^ to the 
territory on August. 6. with a 
47-man UN team to draw up a 
survey on the implementation of 
UN proposals for Namibia's 
independence from South Africa. 

Defence Minister Mr. Pieter 
Botha said South Africa viewed 
the attack as a serious act of 
aggression and an v extreme 
provocation. 

Mr. Botha said in Pretoria that 
South Africa had repeated iv 
warned President . Kenneth 
Kaunda of Zambia agjBnst pro 
riding facilities for guerrillas, 
President Kaunda' coigd hardly 
claim he was not aware of the 
actions of the guemlia&in view 
of the extent of the at&ck, Mr. 
Bolha said. -y 

He said this kind efeaction 
called for a suitable fraction 
from any seU-respectfric^ state, 
but be did not elaborate 1 . . 

Reuter •••’- 


Japan defence force 
‘ambiguity’ criticised 

BY ROBERT WOOD ;TOKYO. August 23. 

GEN. HKOOMI KURISU. who Opponents of the clause in the 
recently resigned as command- Constitution renouncing force 
ing officer of Japan's "Self- have n?ver achieved the two- 
Defence Forces,” said today that thirds majority necessary in the 
under current law the forces are Diet to amend il. 

“a castle built on sand, or as in Independent action by mill- 
the Oriental proverb, a sculp- tary commanders is a particu- 
tured Buddha lacking in spirit, larly sensitive issue in Japan 
because the creator has forgotten because Japan's war wiih China 
lo put it in. in the late 1930s, and thus ulti- 

•.■en. kurisu resigned as chair- mutely Japan's entry into World 
man of the Self-Defence Forres’ \v* r was precipitated bv indenen- 
joini 


The Japanese Transport Minis- 
try has drafted a ti\ e-year 
plan to souad-proo[ more than 
110.000 homes around 15 air- 
ports at a total cost of Y350bn 
(SiJSbn), according to Minis- 
try officials, Reuter reports. 


Uli’i 


, _ . , - — precipitated b> indepen 

staff cuunci) three weeks 
ago. following heavy criticism of 
a statement he made in a maga- 
zine interview that the forces 
might have io take " supra-iegal 
action " in the event of attack. 

In a speech lo a luncheon at 
the foreign correspondents' club 
of Japan, he said today that 
current law may prohibit the 
Dercnce Forces from fighting 

back without authorisation from . . 

the Prime Minister if attacked by t j pn * attacks led by ion-ranking 
an enemy. Japanese officers at an ping in 

Although some ” irresponsible 
critics who live in the safety of Gen Kurisa said giving local 
Tokyo” have argued that the commanders clear rights .•and 
universally recognised right to duties in vase of surprise attack 
self-defence is sufficient warrant could not lead tu a similar inci- 
for the forces to act should there dent today. He said that the 
by a surprise attack, Gen. Kurisu decision to expand the 1937 incl- 
said that local units might fear dent after it had occurred was 
that any action" might later sub- made within Japans Constitu- 
jeet them to criminal prosecu- ti° n « which at the time provided 
non. The ambiguity oF the for. no civilian control over the 
forces status hurt morale, he military, 
said. Gen. Kurisu declined to advo- 

Japan's post-war Constitution cate, any specific political deci- 
reo ounces the use of force to sions to end the ambiguity of the 
settle international disputes and Self-Defence forces’ role. How- 
thc maintenance of “land, sea, ever, he said that two possibUi- 
and air forces." ties were either to specifically 

The predecessors of tbe present declare the kind of reaction to 
Seif Defence Forces came into attack Japanese forces might 
being while the Americans still take during peacetime, or to 
occupied Japan, however, and adopt a law similar to one 
military forces called by other Sweden adopted in 1974 giving 
names have been the subject of the military the right lo 4C maln- 
runiinuing legal and political din- tain order in accord with inter- 
pules ever since. national law and practice. 


Gandhi crowd defies ban 


j) p 

defied a police ban to demon- 
strate in support of former 
Indian Prime Minister Mrs. 
Indira Gandhi when she made a 
brief court appearance In New 
Delhi today. 

Her 15-mlouie hearing 
brought work at the court, com- 
plex to a halt, as judges and 
lawyers packed the. tiny court 
room and scores of police with 
bamboo canes and riot shields 
patrolled to control the crowds 
outside. 

Mrs. Gandhi was granted bail 
and exempted from further per- 
suiial appearances until tbe 
court orders her presence. 

She is charged with five other 
people uf conspiracy and crimi- 
nal misconduct in procuring 139 
jeeps without payment for iwe jn. 
her party's general election 
campaign in March last year. 

At due stage Airs. Gandhi 


NEW DELHI, Aug. 23. 

appeared at the barred second 
floor, window of tbe court com- 
plex and waved to her chanting 
supporters helow. 

She. threw down a garland of 
flowers which landed among [ 
policemen guarding the court | 
entrance. 

Mrs. Gandhi is scheduled to ■ 
appear in court next on Septem- 1 
ber 2 to explain her refusal to 
take the bath and give evidence 1 
before the commission of in- ! 
quiry which investigated alleged 
excesses under her 21-month 
emergency rule. , 

Meanwhile, India's elder 

statesman ’’ Jayaprakasb Nara- 
yan has strongly criticised Prime 
Minister Morarji Decal, saying 
he - bad been a disappointment. 

Mr. Narayan said Mr. Desai 
was totally wrong in opposing an 
inquiry into allegations of cor- 
ruption against his son. Kanti 
DewL Reuter I 


' NAIROBI. August 23. 

Few ministers were prepared 
today to comment on the future 
but the Minister of Agriculture, 
Mr. Jeremiah Nyagah, said: ”1 
think we shall pull through 
because I think we have a broad 
enough base.” 

Kenya was peaceful today with 
many shops shut throughout the 
country 

I understand the British High 
Commission has been asked for 
advice from London on State 
funeral arrangements. In Kenya 
they have never bad one before. 

Among the many messages of 
condolence which have poured 
into Nairobi were statements of 
sympathy from. President Idi 
Amin of Uganda, and President 
Julius Nyerere of Tanzania, 
Kenya’s two former partners in 
the ill-fated East African 
Community. 

President Nyerere praised 
President Kenyatta as “one of 
tbe pioneers in the struggle for 
African freedom " and " an 
inspiration to millions of 
African people wbo never saw 
him." 

President Amin, who described 
President Kenyatta as a personal 
and family friend, warned that 
” enemies of Kenya may take 
advantage of the sad situation 
and exploit the tragic loss Kenya 
is experiencing.” He promised 
“ that we stand ready to help our 
brothers and sisters in Kenya 
militarily or otherwise to ensure 
the continuity of peace, stability 
and national unity.” 


AFGHANISTAN AFTER THE COUP 


Soviet influence grows as the 
revolution devours its children 

BY SIMON HENDERSON, RECENTLY IN KABUL 


THE DUSTY streets 

seem peaceful now, 

with how they were during tbe 
bloody military coup which over- 
threw President Mohammed 
Daoud at the end of April. The 
tanks are gone and much of 
the damaged caused by machine 
gun and shell fire has been 
repaired. 

However. rumours — always 
difficult to verify — suggest the 
calm is misleading. As far as 

§ jjgsjsSgss ~ 

Prime Minister and President of role in the Government an d in w/th the' PwiSSf -?l r ' Tarrakis actions have met 

the Revolutionary Council, Nur development Drocrammes hnth - Wlt ^ Parcham Party, the with some resistance. One of his 
Mohammed Tarraki, and In the SflatSal ones? ^suesof decision making and most trusted aides was nearly 
army camps dotted around the taken in collaboration with UN killed in a grenade attack in 

city, which lies in a plain sur- SSdes colIuDoraUon WIth cult were thought enwial. The Kabul on July £ The man. 
rounded by hills. - leading Parchamite, the Deputy Zayid Gulabsov Coinmunica- 

-ee k the Mihie.er of 

Tarrafci’s auli* dc camp 
immediately after the coup and 


Defence, Major General Abdul 
Kadir; the Chief of Staff. 
Lieutenant General Sbabpoor; 
and the head of tbe local hospi- 
tal, Dr. Mir Ati Akhbar, were 
denounced as traitors. Two 
months ago Mr. Tarraki, who 
leads the Chalq (meaning party 
in Arabic) successfully sent 
abroad as ambassadors three 


The Soviet Union has long been influential in 
Afghanistan. But since the coup, the number 
of Soviet military advisers there has more than 
doubled. 


achieved nuloriciy by standing 
behind him a i the Prime 
Minister's first Press conference, 
holding a sub-machine gun. 

Beyond the capital too Mr. 
Tarraki fuces opposition. Ortho- 
dox Moslem tribesmen in the 
eastern provinces bordering 


SI m to e the°riiil °f n8 ' diplomat certainly do not see to make collective decisions. £ as , l ? rD provinces, 

lion ParSam LS ^ ? AJghandstan as a puppet directly Mr. Tarraki insisted on holding Palasian. arc resisting the new 

S ^ «®troUed hy the Soviet Union, tbe reins. Babrak Karuiel. now re&me which they lool 

other memh e But they are sure that when the a reluctant ambassador in 
S Intis dust finally settles, the Soviet Prague. also resented the 

J^lani Wahania* and^the^Minit Union will be in an even stronger emphasis on Mr. Tarraki's 

ter for Pnhiin wlirtc position than it is in now. personality. His portraits are 

terror Public Works. Mohammed *T}j e diiTereoces between Sir. everyu-here-there are seven in 


- . .... ihey look upon as 

atheist and godless. The extent 
of their resistance is hard to 
estimate but observers in Kabul 
say at best it is being contained 
rather than crushed, and that air 


ujjiereuees oeiween jlt. everywhere— -mere are seven in ' “■'iieu, jhu uui ju 

Tarraki and some of those io the lobby of the Intercontinental stn^es, heavy artillery and Soviet 

hie rrn tfP rnmont UaI ; Untnl nflvisftn; hfil'n h‘jH tft ho tituirl 


Rafi, have been arrested. 

■ 1 P^®® rvers expect the party ^is government are believed to Hotel atone. advisers have had to be used 

infighting, transfers, arrests and b e more personal thap Babrak is supposed to have •he brutal fighting- 

f- s 0 H'v. * n tile ideological. Diplomats do not said before he 'left for abroad Trouble is aho reported in ihc 
^ e r -f v °~ ^ obvious signs that the that be would prefer "prison lo Nagahar province and Wardaq. 
lun on is eating its chuclren. arrested Defence Minister, Prague." but in the event he But on the road from the Khyber 
bomewhere in the background General Kadir. was involved in relented. His close friend, and Pass border with Pakistan, the 
of ail mis lies the role of the a coup plot, but point out that me only woman in me original only indication is an occasional 
soviet union, which has been the General was a nationalist Cabinet, Anahita Ratabzad. was item of heavy weaponry: a tank, 
influential m Afghanistan for and was supposed to have also posted to Eastern Europe, as an armoured troop carrier, or an 
over 60 years. Since the coup, resented the increase of was the only other identifiable anti-aircraft gun guarding power 
rtT 11 iieS? I1 ^"t. saw as u inspired by Soviet influence. He was also Parchamite in the 19-man body, stations or important bridges. 

number of Soviet the person who could have The other members of the Par- The problem or Afghanistan is 
mili tary advisers m the country planned another coup. After ebam party, a closely knit. Bol- how to control a country nearly 


three nines tJk* siae of Britain 
but etinuunine only about lSm 
people. These divide into tribal 
and racial groups of long-stand- 
ing independence and competi- 
tiveness. do per cent uf the 
population being Pathan 30 per 
cent Tajiks and 5 per cent 
Uzbeks. Tbe overwhelming pre- 
ponderance of the people live -*n 
the countryside and almost ail 
are illiterate, bui jn Kabul 
handsome women wearing the 
latest chic French sijles oin- 
uumbcr those Mill u earing the 
veil. 

Afghanistan is. authoritarian 
and ihe new regime i-- conscious 
of us l.tvk uf legit uuaey in 
historical lernis. It refers in the 
events of April 27 as a revolu- 
tion. though in fact they con- 
stituted nu more than a military 
coup. 

Mr. Tarraki. rgfered »•» in the 
Press as “ our heroic and revolu- 
tionary lejder." is trj'ing in 
achieve national control by a 
public relations campaign which 
represents his Chain party as 
being the parly of " workers, 
peasants, toilers and intel- 
lectuals." 


If you’ve ever tried to refer to a file 
while talking on tke phone , you’ll find any of 
our loudspeaking telephones a boon. 

They leave both hands free to sort 
through your papers during a conversation. 
Dig out a document. 

Take notes of what : s said. 

They make it easier to think- out 
problems, too- 


Should you wish, it’s perfectly possible 
to have two or three other people in your 
room, with eveiyone joining in the na.n 

; And, of course, every loudspeaking phone 
has a normal handset for confidential calls. 

If you’d like to know more.contact your 
local Telephone Sales Office-the number is in 
the front of your phone book. Or send off the 
coupon (no s tam p required). 


To: Iflke Cottrell, Marketing Dept., 

Post Office Tglpiyi mm 1 inlcatJ o n*? , 
FREEPOST, London EC2B 2T5. 

I would like more information about your 
loudspeaking telephones. 

Name 

Company. 

Address. 


, Postcode. 


TeL No., 


FT/A24/73 




Financial Times TDursdaj* Avguk -jjfe i$TS 


sfmm 


AMERICAN NEWS 


WORLD TRADE NEWS 







Setback from postal union 
to Carter inflation hopes 


Air traffic Peking clarifies trade intentions 

1 — - . nffcrvti a.. 


between 


BY JOHN HOFFMANN 


PEKiNUi Aiigiiq 23, 


BY JOHN WYLES 


NEW YORK, August 23. 


U.S., UK 
up sharply 


THE CARTER Admin isl ration's 
.mu -inflation policy looked set 
for a serious setback and its rela- 
tions with organised labour for 
a further deterioration today fol- 
lowing strong indications that a 
major postal workers union has 
voted to reject a new three-year 
pay settlement. 

An unofficial but authoritative 
tally of the vote by members of 
the National Association of 
Letter Carriers points to a rejec- 
tion of a 1S-5 per cent pay settle- 
ment which had been hailed as 
a victory of the Administration's 
aim of slowing down the in- 
crease in wages. 

But as the 200,000 members of 
the Letter Carriers and two 
other postal service unions were 
voting. Mr. George Meany, presi- 
dent of the American Federation 
of Labour-Congress of industrial 
Organisations, broke with prece- 
dent by publicly commenting on 
August S ihai the pc-slal pay 
rises were inadequate, and pre- 
dicting tbat the settlement would 
be rciected. 

Mr. Meany’s remarks may have 
influenced the Letter Carriers' 


ballot decision. Observers pre- 
dict the 250,000 members of the 
American Postal Workers Union, 
whose ballot result should be 
released late on Friday, wifi also 
reject the pay deaL 

The While House was reported 
deeply upset by Mr. Meany’s 
commenting on a specific settle- 
ment and in an interview pub- 
lished in the latest edition of 
Newsweek President Carter 
accused the 84-year-old AFL- 
CIO leader of “a very serious 
breach of propriety " which was 
counter to the efforts being made 
'* ostensibly with the aid of presi- 
dent George Meany" to control 
inflation. 

The war of words between the 
Administration and labour con- 
tinued thin morning in the wake 
of a speech Siven yesterday bv 
Mr. Barry Bosworth, director of 
the Council of Wage and Price 
Stability. 

Mr. Bosworth is extremely un- 
popular wiih the AFL-C1U be- 
cause of his outspoken campaign 
to talk down the level of wage 
settlements, and the Administra- 
tion responded earlier this month 


by setlmg up a committee to co- 
ordinate Government statements 
on the Issue which labour inter- 
preted .as Intended to curb Mr. 
Bos worth's tongue. 

However. Mr. Bosworth yeslcr-i 
day told trucking industry offi- 
cials that the Administration was 1 
very concerned about the out*i 
come of next year's pay negotia- 
tion in the industry and warned ! 
that the Government could not 
stand aside from negotiations 
"fundamental to the health of 
the economy." 

Mr. A1 Zack. the AFL-CIO’s 
principal spokesman, said today 
that Mr. Bosworth's implied 
threat of intervention in collec- 
tive bargaining was u out- 
rageous." He added: “At no time 
did he discuss trucking rates and 
at no time did he discuss profits.” 

In the short term such tensions 
between the White House and 
labour may be of some political 
benefit to Mr. Carter since 
oaganised labour's popularity in 
the country is low. However, if 
the President is to produce a 
more credible attack on inflation, 
the co-operation of labour is 
essential. 


Move to grant 
DC full voting 
rights passed 


Spy satellite information 
'passed to Soviet Union’ 


By Jurek Martin, U.S. Editor 
WASHINGTON. August 24. 
AFTER NEARLY ISO years Of 
efforts, the residents of the 
nations' capital, the District of 
Columbia, secured a big step 
towards their full enfranchise- 
ment in the Senate last night. 

The chamber approved, by a 
hare two-thirds majority of 67 
votes for and 32 against, the sub- 
mission to tbe 50 state legisla- 
tures of a constitutional amend- 
ment that would allow the Dis- 
trict to send both Congressmen 
and two senators to Capitol Hill. 

Three quarters — 38 — of the 
legislatures must now ratify the 
amendment in the course of the 
next seven years, or it will not 
take effect. Advocates or full 
representation for the District 
acknowledge that it will be no 
easv task to bring this about. 

The nation's capital has in 
effect been a flefdnm of the Con- 
gress since its establishment as 
the seat of the federal govern- 
ment in 1S00. Over the last 
generation some strides towards 
enfranchisement have been 
made. 

But the Congress has looked 
askance at full voting rights for 
a variety of reasons. Southern 
congressmen traditionally 

opposed it largely because of the 
large black population of the dis- 
trict. while Republicans saw little 
point in providing the Democra- 
tic Party with a safe scat. 

Bui political realities have 
changed and the need for both 
southerners and Republicans to 
court the black vote is now self- 
evident. In last night's Senate 
vote, such former died-in-the-i 
wool segregationists as Sen. i 
Strom Thurmond, the Republi-j 
can from South Carolina, and 
politically ambitious Republicans 
like Sen. Howard Baker and Sen. 
Robert Dole, from Tennessee and 
Kansas respectively, backed the 
constitutional amendment 

If the amendment is passed by 
the state legislatures, the Senate 
will rise in size to 102 by the 
addition of two senators, while 
the House will gain an additional 
one or two congressmen, depend- 
ing on the results of the 1980 
census. 


BY OUR OWN CORRESPONDENT WASHINGTON, August 23. 


A FORMER employee of the 
Central Intelligence Agency 
(CLA). who was arrested last 
week for selling secrets to the 
Russians, is reported to have 
, passed on to them a detailed 
technical manual on the U.S. 
“Big Bird" spy satellites used 
to track Soviet nuclear and con- 
ventional forces. 

The CIA would not comment 
today on the allegation, except 
to confirm tbat the man. Mr. 
William Kam piles, had worked 
briefly for the agency in a rela- 
tively lowly capacity before 
leaving in 1977. 

Press reports today quoted in- 
telligence sources to the effect 
tbat, while the manual would 
not enable (be Russians to build 
an identical satellite of their 
own, or to stop the orbiting 13- 
ton satellites from continuing 


to take ' their high resolution 
photographs, it might help them 
identify weaknesses in the satel- 
lites and to protect their instal- 
lations better. 


The ability of both the U.S. 
and the Soviet Union to monitor 
by satellite nuclear weapons 
development and deployment in 
each other's territory is a vital 
element in previous strategic 
arms limitation (SALTi agree- 
ments and the proposed new 
SALT II treaty. 

Meanwblle, members of the 
Senate Intelligence Committee, 
sometimes criticised for their 
sloppy handling of classified 
material, have complained about 
the CIA’s own procedures which 
allegedly allowed Mr. Kampiles 
as a “ watch officer " on the 
satellite programme, to pocket 
the manual and take it home. 


By David Buchan 

WASHINGTON, August 23. 
AIR TRAFFIC between the 
LLS. and the UK has Increased 
dramatically since, the two 
countries signed the Bermuda 
II air services agreement last 
year, Mr. Alfred Kahn, chair- 
man of the Civil Aeronautics 
Board, told a Senate commit 
tee hearing on airline competi- 
tion today. 

Mr. Kahn said scheduled 
traffic between New York and 
London increased by 39 per 
cent between last October and 
this March. 

This growth has been preci- 
pitated by the inauguration or 
the Laker Skylraln service 
last September. Predictions 
that Sir Freddie Laker would 
be virtually bankrupted by his 
new cut price transatlantic .ser- 
vice bad been proved "totally 
wrong," the CAB chairman 
said. 

Earnings for scheduled air 
carriers were also now much 
better and the financial out- 
look for the rest of 1978 was 
\ery encouraging, Mr. Kahn 
said. 

Meanwhile, Ln the most 
dramatic move so far by the 
Carter administration to lib- 
eralise international air ser- 
vices, officials yesterday told 
the Senate Committee that the 
UjS. would propose to West 
Germany next month that air- 
lines In either country be 
allowed to fly to any destina- 
nation in the other. 

This so called “open skies" 
proposal, made in the context 
of negotiations for a new bi- 
lateral air services agreement, 
would offer major benefits to 
Lufthansa, which at present 
can only By to five U.S. cities. 

This compares with the 14 
destinations permitted to 
British airllnps under the Ber- 
muda II agreement 

in return, the U.S, will ask 
for more liberal charter rules 
between the two countries, and 
greater flexibility on fares. The 
U.S. is proposing that any 
Tare nroposais by German 
or third country airlines on 
flights between the U.S. and 
Germany would anfomaliraJly 
go into effect, unless both gov- 
ernments disagreed. 


CHINA has re-affirmed that it is 
ready to apply internationally- 
accepted practices in foreign 
trade. 

The Third World giant’s 
drastic turnabout in economic 
policy was further clarified this 
week by Mr. Liu Hsi-wen. the 
chairman of China's delegation 
to the. Ministerial conference on 
co-operation in trade far Asia 
and the Pacific region now in 
session in New Delhi. 

The acknowledgement hy 
Peking that modernisation and 
industrialisation. China's chief 
preoccupations, would demand a 
new approach to foreign trade 
has caught the attention of 
trading conn tries all over the 
world, but tbey have been 
uncertain about bow far China 
would go in '‘normalising" its 
practices. 

Already it is manifestly clear 
that China will depart further 
from its traditional policies of 
isolationism and “self-reliance'' 
than would have seemed possible 
a year ago. 

Mr. Liu said at the New Delhi 
conference that China's basic 
principle of maintaining inde- 
pendence and relying on its own 
efforts was unchanged. But be 
added: “Self-reliance in no way 
means seclusion and refusal of 
international co-operation. 

" On the basis of mutual 
respect for national independ- 


ence, sovereignty, equality and 
mutual benefit, we stand ready 
!o .ipplv, in :i flexible way, all 
the internationally-accepted prac- 
tices in foreign trade and to 
ensage actively in economic 
activities and exchange of tech- 
nology with foreign countries. 

The “ flexibility " lo which Mr. 
Liu referred remains a two-way 
concession. It is clear that there 


put itself id debt to another 

government. And the notion of 
a foreign government or com- 
pany owning a piece ut China 
through a joint venture is 
untenable. 

Bui China's flexibility is 
csnccia)!' notable in its inter- 
pretation of economic terra.*.. 
While- reluctant to engage in 
direct burrowing, Chinese econo- 


ju'< r > 


Japan's Association For the 
Promotion or International 
Trade said it will send a 14- 
member trade mission lo 
Peking on August 30 to discuss 
ways of promoting trade with 
China following the signing of 
the bilateral Peace and Friend- 
ship Treaty. 


TOKYO, August 23. 


The treaty, signed In Peking 
on August 12, will go Into 
force art or instruments of 

ratification are exchanged tater 
this vear. The mission will lie 
led bv the association president 
and former Foreign Minister, 
Mr. Alkhiro Fujiyama. 


arc some “internationally- 
accepted " practices that China 

simply will not adopt. 

The government has said 
firmly that it will not finance 
its development by government- 
to-qovernment loans or by joint 
ventures. These reservations are 
basic and unalterable, even in 
the context of Chinn’s more 
liberal economic outlook. 

It is a tenet of Maoist Corn? 
munism that China will never 


mic spokesmen have said they 
would welcome " deposits “ from 
foreign banks to be used fur 

development. 

While opposed to joint ven- 
tures. ihe> have discussed the 
prospect of co-nperutive develop-' 
men Is in which l he pawner 
would -Imre ownership not of 
the means of production hut of 
the product itself— in offshore 
oil development, for example. 

This principle of disguised 


conventionality is. illustrated on 
another scale by China's- wtilin^. 
nesi, tn explore payruent-m . 
product . a reduce men is for 
establishing • cxputt-nncniatefl 
ronsuincr-gooda factories . wholk 
financed by foreign capital. 

Chino's seriousness about this 
fnrui of financing cannot be 
doubled in view of the present 
drive. f«r quality , improvement 
in factory products. - 
The emphasis, extends. 
industrial design and pawajunc 
and is reflected in an exhibition 
or. Shanghai products now i> 8 
view in Peking. The' " products 
include electrical apptanres; 
glassware, cosmetics autf leather 
goods, many of them xUbpieiousIy 
s ini liar to. familiar western urn- 
duels but others showing a new 
appreciation of the. market value 
of innovative dcsiyU. ' V ' 

Few of the products have been 
seen in Chinese retail shops and 
most are obviously intended far 
export, with Euelish-languuge 
packaging. 

• John Wicks write* ft#nr 
Zurich: The Swiss engineering 
concern Sulwr Brothers, of 
Winterthur, has granted _ a ; pro- 
duction licence tn China 'National 
Technical Import Corporation or 
Peking. Tor the manufacture of 
its twin-stroke erusshead engine 
This slow-running diesel will be 
used in the equipping u£ the 
Chinese merchant fleet - • - -- - 


Growing Chinese involvement Track orders 

. ® ifor British 

m Nepalese economy |steel 


BY SUE LOCKWOOD 


By Roy Hodson 


factories. This represents t be first that the 10m metres or ciutn pro- wm im- ~ Vn 't mmorationV works 

concrete step towards the major duced annually will he able to via tiu- ;, ” rl of ,^L cut J°'f lir 'ih?.r ' -.t Workin-ton Cumbria durlnv 
expansion of trade and economic compete with the inexpensive with Teng's prom « of further ;V. u ” o rV"7v m n nrhI: V 


expansion 


compete 


trade routes 1 a 


Nicaragua hostages freed 


Left-wing guerrillas belonging to 
the Sandinist Front for National 
Liberation last night released 
hundreds of bostagfcs seized when 
they invaded Nicaragua's 
national palace, but held on 
to 40 parliamentarians and a 
Government minister. 

They were holding the officials 
in support of demands for a 
SlOm ransom, the release of 
over 100 political prisoners, and 
a plane to fly them out of the 
country. 

Reuter 

Joseph Mann writes from Cara- 
cas: Yesterday's lightning guer- 
rilla attack on the national palace 
in Managua — the seat of Nicara- 
gua's legislature — constitutes the 
most daring effort lo date by the 
Sandinist Front for National 
Liberation. 

The "Sandinistas" have been 
active since 1962 in violently 
opposing two mi titary-backed 
regimes headed by members of 
the Somoza family. 

The current President of 
Nicaragua, General Anastasio 
Somoza. took power in 1967 and 


MANAGUA, August 23. 
over the past year has faced 
sharply increased opposition 
from the Sandinist guerrillas and 
other groups (including business- 
men) who want him to resign. 

Until last year, the Sandinistas 
advocated a Marxist victory 
through “ prolonged popular 
war." Now. however, their 
main force professes to be more 
interested in an immediate 
popular insurrection supported 
by a wide range of groups in 
Nicaraguan society. 

In an interview published last 
year, one Sandinista leader said 
that the group would continue 
pushing for socialist goals, but 
would hold free elections after 
Somoza was deposed. 

Over the past year the 
Sandinistas have launched a 
number of attacks against 
national guard barracks and 
other Government targets. They 
have posed a constant problem 
for the Somoza regime but by 
themselves are not likely to be 
able to overthrow the General 
or defeat the 7,500-man national 
guard. 


Missile project 
may go ahead 


WASHINGTON, August 23. 
THE UNITED STATES is 
leaning towards development 
of a new, mobile Interconti- 
nental Ballistic Missile (ICBM) 
less vulnerable to Soviet 
weapons. Mr. Harold Brown, 
the Defence Secretary, said 
today. 

The oew ICBM is needed to 
counter Soviet missiles which 
are expected to become much 
more accurate id the early 
1980s. 

Mr. Brown said the method 
of moving the jnissiles about 
had not yet been selected, and 
no decision had been made on 
whether to Build and deploy 
the new ICBM. 

But, he said: **We are 
moving toward development of 
a new and more sophisticated 
ICBM." 

Mr. Brown said that 200 to 
300 of the new missiles would 
be moved about among 5,000 
to 10.000 silos, hopefully con- 
fusing the enemy and making 
the missiles less vulnerable. 
Reuter 


uas uuiu cm ujici-uy nave oeen uum wiui v-iimes*; ,, — — ■ — , , * . 

trolley bus system, a shoe aid. one of which, the Nepal- supplied candles, tea. corrugated ; traq. 
factory, a brick and tile factory China Friendship Highway, runs aluminium sheeting and shoes j varirac 

and a ring road around the main from Katmandu north to the from tin- Chinese-butit factory in o JL vv 1112* 
city. • Chinese horder. Another two Katmandu. ... 

South of the capital, China is are currently under construction Nepal has maintained a IT311«in 2WalQ 
finishing a SlOm cotton textile —both with Chinese aid. Ten consul. nt-generars office with a . 

mill which may take five to 10 thousand Nepalese workers are five-man staff at Lhasa in Tibet j . ,, . an ,£°L. re™ 

years to become a money-making building the 59 kin Gorkha- fbr more than 30 years to handle: fSTC> won an ordrr 

proposition. The only cotton Narayanghat highway while the trade matters. Although business: from Italy for a -5 » nautical m lie 
cultivation project in the country proposed 406 km Bokhara- was a i>it slow after the Chinese ! undersea telecoinmumcaUuns 
will need at least 10 years to Surkhet highway, costing over takeover. Nepal's little office at ! sisteui rapahle of carom^. np to 
grow enough raw materia! to $90m. will be China's second Lhasa undoubtedly is going tu 5,520 simultaneous telephone 
supply the mill, and to fill the largest foreign aid project since see business pick up again. J ^dVsoo idT l ho C ne^rcuits V,SI ° n 

: — it will be installed, .next year 

N r» . • i i bcjtwecn Genoa and Sassari in 

.z. studies Dutch chemical sales (li „. 

' nniv a 3 ■*/*«•«> ft . J _ _ _ sion, which has factories tn 

JUcvY dlRldil oJaii; riAAlina Greenwich and Southampton, will 

Rtf n a : continue stow net line *•»*». mstan the 


cultivation project in the country proposed 406 km Pokhara- was a i>it slow after the Chinese [undersea telecommunicate 
will need at least 10 years to Surkhet highway, costing over takeover. Nepal's little office at ' system capable ot carry in*, up 
grow enough raw materia! to S90m. will be China's second Lhasa undoubtedly is going tui 5.520 simultaneous iciepno 

° «_ p ... > _ I.H .... . . ^ e a i .. n p'i k nr 1 u'n.ur;ic pnlmif rp pvi.<tii 


N.Z. studies 
new aircraft 


Dutch chejnical sales 


By Dai Hayward 


|ne^ LL h 5 jSxd Aus «i 0 2 L by CHARLES batchelor amstbhuam, Auu.1.1 si i Sudan rail link closed 

SSdS 5 C»nMn. _aSK£S «P 0rta fell dus>r>- exports ; Khvtuura* 1 nJSw. >*" to 


BY CHARLES BATCHELOR 


U.S. BANKING REFORM 


Bid for fairness wins few friends 


BY DAVID LASCELLES IN NEW YORK 


and Brazilian aircraft for the ( in the first four inontns oi w.*. “A \ suffered another wash-dway. Alan 

next generation Air New i dropping 2.2 per cent to FI 5.25hn ™ exported -onds P worth i S arby / 1 t T° rt - 1 frot ? K,lJ 1 rtl,u,,! - 

Zealand fleet. (S2.43bn) from FI 5.37bn in the ^ 36 3flb? ' In the* ' first four ^ | 0, " C c ^ 5 m,les of , H ack ^ 

The aircraft under considera- 1977 period. ni on iiU *cnm oared wfth Fris*»6hnl f ort Sud - an was washed away- by 

tion range from 20-seaters to 400- “EJ." „ - f Wig compared with b l 36._6bn | heavv rains in Uu . Red Sea Hills 
sealers. Air New Zealand is This follows a decrease of 3.6 m 19. r. .lover the weekend, 

evaluating aircraft to take over per cent to FI 17.S8bn in the The nn "v .‘i 1 About four miles have been 

from its DC 10 fleet while smaller whole of last 3 ear, compared l , £ t Vi2? 1 f.? l fS!! 1 Sr rebuilt but reconstruction of the 

aircraft will be .needed for the with 1976. the chemical industry Srinreras rear ThP indSstrv 1 r ! st ha , s bwo del ‘» ed btfcauw 
internal domestic flights. The ^M-ti nn fVNm said ' of ,h « telecommunications 

Canadian Twin Otter is under- as 50 ^ 11011 l vl u, hio- Lorn plums of hign viagL aud difficulties between the canita 1 

stood to be the front runner for Exports of pharmaceuticals energy costs as well as lough [ and u p ‘ rt Wash-aways fo ihe 

the smaller aircraft but similar 1 and. plastics in particular were environmental regulations. I unballasted track frcauenilv 
types from Germany, Brazil and lower although dyes, paints and Holland has the STtb largest [occur at this ti me of the vear, but 
the U.S. are also being looked at. tanning produqte were higher, as chemical industry m Lurope. L hls vear - s unuKua f,y htMU iJS 

The rapid growth in business, were artificial fertilisers. according to CEFIC, the Euro- fa j| ^ a5 cause d more severe 

particularly on the New Zealand- Imports rose 13 per cent in the pe:,n Council of Chemical Manu-1 datna . e g , ed 
Los Angeles and New Zealand- firet four months to FI 2.9rt>n ra ctu re rs 1 Associations. Its share j ne^lSlii" exiernal Inin* to 
Singapore and Hong Kong routes from FI -93bn. These figure^ in the $114bn West Europeam fi n a nce improvements to the rail- 
means that Air New Zealand exclude . synthetic fibres and chemicals industry fell 10 6.07 peri J- av svq ,L!!J rn 1 1 ine raU 

wants a bigger aircraft than the yarns. cent last year from 6.13 per centi ■ 

DC 10. The decline in chemical in- in 1976. fombiKtinn Fnr Trarr 


A SIMPLE— and to European 
eyes harmless-lookinc— proposal 
by the Federal Reserve Board to 
allow banks to transfer money 
automatically from a customer's 
savings lo his current account to 
meet an incoming cheque has 
raised something of a storm in 
the U.S. banking community and 
left it deeply divided. Petitions 
and even a lawsuit have been got 
together to try to delay or even 
acuppcr the proposal, which is 
due to take effect on November 
1. 

The reason for the fuss is that 
the Fed's proposal strikes at the 
very heart of regulations de- 
signed to separate the functions 
of savings and commercial banks. 
In so doing it has stirred up 
the debate about retail banking 
which, by general consensus, 
faces testing times. It should 
also be seen in the context of 

the tight U.S. banking laws that 
recul3lc everything from interest 
rates to where and how a bank 
can open its doors. 

Because savings banks are 
seen as a major source of funds 
Tor bousing, they have histori- 
cally been permitted to pay out 
one quarter or a per cent more :n 
interest to depositors than com- 
mercial banks. For many years, 
the commercial banks tolerated 
litis since savings banks could 
never replace them as purveyors 
of basic banking services. 

But times have changed. Four- 
teen states, mainly in the north 
cast, have come to allow savings 
banks to hold current accounts 
and issue cheque books. Some 
savings bunks in New England 
have even devised so-called 
negotiable orders of withdrawal 
(NOW) which enable customers 
to write the equivalent of 
cheques drawn on savings 
accounts. 

Taken together with the 
interest rate differential, these 
changes have greatly 
strengthened the savings banks’ 
competitive position, and have 
produced an outcry from ibe 
commercial banks who have great 
trouble making a profit out uf 
tijcir retail operations. 

The Fed's proposal aims lo 


redress the balance by giving 
something to the commercial 
banks. The idea is lo increase 
their attraction to depositors by 
making it possible for customers 
to leave all their money in 
interest-bearing accounts, and not 
have to worry about transferring 
funds to meet a cheque. The 
reason why tbe Fed did not go 
the whole way and abolish 
current accounts altogether is 
that U.S, banking law forbids the 
paying of Interest on demand 
deposits. The automatic transfer 
of money from savings to current 
accounts to pay a cheque is 
therefore basically a fiction to 
get round this obstacle. 

Predictably, the savings banks 
were quick to oppose the Fed’s 


what it calls “moral support" to 
the savings banks in their law 
suit, and it bus asked its mem- 
bers to lobby the authorities and 
Congress. 

A much sharper attack has 
come from the New Yrok Inde- 
pendent Bankers Association 
which has circulated a petition 
to banks in New York State and 
the other states where commer- 
cial and savings banks are in 
direct competition. tin the 
remaining states, savings banks 
are not allowed to hold current 
acccounts, so tbe issue does not 
arise.) 

New York’s main grievance is 
tbat even if commercial banks 
are allowed, to start automatic 
fund transfers, they will fitiil be 


Far from welcoming a reform which would make 
them more attractive to depositors, the majority 
of commercial banks— particularly the smaller 
rural and suburban ones — have objected. 


idea which is bound to reduce 
their competitive advantage. The 

U.S. League of Savings Banks 
Associations sued 10 block it on 
the grounds that ti amounted to 
allowing payment of interest on 
demand deposits, which is illegal. 
That suit will probably be heard 
in September. 

Less predictable, tbough, was 
the reaction br the commercial 
banks themselves. Far from 
welcoming a reform which would 
make them more attractive to 
depositors, the majority have 
objected on a variety of grounds. 

Broadest opposition comes 
from tbe smaller rural and 
suburban banks who say they 
arc not equipped to take advan- 
tage of this change m the rules. 
Tn perform automatic operations 
effectively, they need sophisti- 
cated ahd expensive electronic 
equipment which few of them 
are in a position to buy. Tbe 
Independent Bankers’ Associa- 
tion, which represents half of 
U.S. banks, though only 20 per 
cout of banking adsota, is giving 


at a competitive disadvantage 
vis-a-vis the savings banks 
because of the quarter of a per 
cent, -interest rale differential 
these enjoy. 

Tbe petition, which has so far 
been signed by 520 banks, 
demands that the Fed’s deadline 
be extended to next May l if 
necessary, in order to get this 
differential abolished. 

The petition is supported by 
most of the major New York 
banks, including the largest, 
Citibank, who have communi- 
cated their views directly to 
Washington, The inclusion of 
Citibank is significant since this 
bank bas led the way in automatic 
and electronic banking and might 
therefore be .said to have tbe 
biggest stake of any U.S. bank 
in getting tbe Fed's proposal 
through. 

Quite what effect the commer- 
cial banks’ representations will 
have .is still hard in assess. The 
Fed has denied reports tbat it 
will reconsider its proposal, 
although it acknowledges that it 


has received comments from trie 
banking community which will 
be drawn to the Board's attenticp 

Its attitude may. however, pe 
swayed by the Fact that tne 
Federal Deposit Insurance Cpr^ 
poration, one of the main bahk 
regulatory agencies, has come 
out in favour of rate parity. 1 

The savings banks' objections 
will, of course, be decided Ion 
in court (interestingly, Congress, 
which Is always quick m spot 
what it considers to be usmtoa- 
tion of its rights, does not think 
that the Fed has exceeded its 
powers). 

However, the commensal 
banks' demands for interest cite 
parity with the savings batiks 
could be examined by Congress 
during the autumn. The present 
law enshrining the differential 
must be reviewed by December 
lo. and a successor which wo'pld 

create parity has been intro- 
duced inro a sub-committee ’of 
the House Banking Committee. 

It is loo early to gauge Its 
chances, except to say that 
although commercial ‘ banks 
claim that the disintermediation 
of L.S. interest rates has 
removed the need for the 
savings banks’ special slatus, the 
savings banks remain the major 
source of housing funrk. 

Broadly, though, the dispute 
remains an elaborate pirouette 
round U.S. banking regulations 
Which Ignores— and even COH- 
fuses— the main issue, which is 
whether banks should be 
allowed to pay interest an 
current accounts, an issue which 
is also exercising ’ minds in 
Britain. 

The large commercial banks 
want 'this right, and have been 
lobbying for it for some tiine. 
Although U would unquestionably 
add to their costs, thev believe 
they could offset this 'partially 
by charging higher fees for 
services, partly by gaining a 
larger market share. But from 
whom? The smaller banks, the 
savings banks? The present 
dispute may turn out to be' no 
more than a preliminary 
skirmish in the big battle to 
come. 


fl7S - Combustion For Iraq 

Combustion “Enaineering - of 

China to make Carter backs export policy 

'S£S*rg“ -.*52X3=2- S ! 'S“H5”iS 

ULZER BROTHER says it has national export policy. U.S. -series of monetary policy x/ _ . 

gned a licensing agreement officials said that within the next actions. VoiJ Roll lUDlCuIur 

ith China’s National Technical, three. weeks the Administration's The National Export Policy The Berne-based m-ichtnorv ind 
nport Corporation under which •• push ” for improving the iNEP) task force, a Cabinet- materials handling division' Of 
hina will be able to produce nation's export performance will level group headed by Commerce Von Roll has n»n5v<»if ™ nnrw 


SULZER BROTHER says it has national export policy. U.S. -scries of monetary policy T/ ' . 

signed a licensing agreement officials said that within the next actions. VoiJ Roll lUDlCuIar 

with China’s National Technical, three. weeks the Administration's The National Export Policy The Berne-based m iohmprv md 
Import Corporation under which "push" for improving the tNEP) task force, a Cabinet- materials hSn "division ?0f 

China will be able to produce nation's export performance will level group headed by Commerce Von Roll has received in nnfre 

Sulzer diesel marine engines. be announced, probably with Secretary. Mr. Juanita Kreps. worth SwFr 7 5m for the roS 

Sulzer said China was planning considerable fanfare, by the had advised Carter earlier that struction of the Sunshine Vilhce 

to expand its merchant fleet and White House. the U.S. could not rely on the cable-car rail wav in Banff 

that the agreement covered pro- President Carter's commitment dollar’s depreciation against Alberta. The system will 


that the agreement covered pro rresiaeni uarter 5 commumeni ooiiars depreciation against Alberia. The system will win- 

duction under licence of large, to provide additional incentives other currencies to bring about sist of a series of slvman Mbimi 

slow-running, two-stroke diesel to get U.S. companies into the a swift improvement in u.S. working i n continuous cfrcula- 

engines. export-selling effort is linked export performance. tion with *r 


engines, 

AP-DJ 


I with the U.S. effort to bolster AP-DJ 


| tion with an hourly capacity of 
i 1,800 people. - r - 


Tangle over Ericsson’s Brazil bid 


BY SUE BRANFORD 


WITH THE surprise announce- 
ment yesterday of the disquali- 
fleation of Ericsson from the 
bidding for £40 in contract to 
supply 50,000 lines for a storage 
programme controlled (SPCI 

telephone exchange in Sao Paulo, 
the chances of Standard' 
Eletrica do Brasil, ITT’s 

Brazilian subsidiary have 

increased greatly. 

But although an Ericsson 
spokesman in Stockholm said 
he understood the Brazilians had 
decided to start negotiations with 
ITT, there Js a possibility that 
talks could run into the same 
difficulties over “ Brazilianlsa- 
tion ” which apparently scotched 
Ericsson. 

As one of the conditions for 
the contract. Telebrag, Brazil's 
State-owned telephone company, 
stipulated that foreign partners 
must only have a minority share 
In the proposed project and that, 
eventually, the Brazilian 
members must take over 100 per 
cent of the voting shares. 

To satisfy this condition. 
Standard Eletrica has formed a 
holding company, Unipec, in 


which il has a 49 per cent stake 
in the voting shares. The rest is 
divided between Pereira Lopes 
(31 per cent), a Brazilian manu- 
facturer of electrical household 
goods, and Brasllinvest, a 
merchant bank controlled by 
Brazilian capital, in which many 
leading foreign banks and 
companies bave a stake. As well 
as Midland Bank, Dresdncr Bank 
and Volkswagen, ITT itself parti- 
cipates in Brasilinvest. 

The reasons behind yesterday's 
decision to eliminate Ericsson 
are not altogether clear. Ericsson 
appeared to have set up a highly- 
satisfactory interlocking associa- 
tion. with a large Brazilian 
financial conglomerate, Brudesco. 
which would • have proved a 
particularly useful partner with 
its wide range of financial 
services. 

The Swedish company con- 
trolled by Ericsson Skandla 
Insurance had recently bought 
up a 25 per cent slake m 
Atiantica Boa Vista, a company 
in the Bradesco group which in 
its turn controls .Atiantica Cla. 
National de Seguras, an insur- 
ance company. 

To increase Brazilian participa- 
tion in its subsidiary Ericssun do 


Brasil Comercin e fndustria 
(EDB), Ericsson was planning to 
set up a new holding companv 
with Atiantica Cia Nacional de 
Sequros in which Ericsson would 
bav c u minority stake. This new 
company would then take over 
the voting shares of EDB. 

Earlier rumours that Ericsson 
would ' be disqualified were 
based on Decree-Law No. 73, 
passed in 1966, which regulates 
ihfc activities of insurance 
companies in Brazil and appears, 
inexplicably, to - have been over- 
looked by Ericsson. This legis- 
lation limits the application of 
insiiranceicompariies' reserves to 
10 per cent of the voting shares 
ar 20 per cent of the total capital 
of any company in another 
sector. So. as Angelo Calmon de 
Sa. Minister of industry and 
Commerce pointed out recently 
that, this' legislation made It 
illegal for the Cia. Nacional de 
Soguros' to have more than a 
minority share in Ericsson’s 
Brazilian subsidiary. 

However, in the official note 
distributed yesterday by the 
Ministry of Communications, it 
« s specifically stated that the 
decision was taken by Tolebras 
before a technical report on this 


aspect or the association had 
been received. It is thus 
believed by sonic observers that 
me Government's win was raoti- 
va.ed by yeneral aspects of ibe 

f,!°£ ntl 2 n W which led officials 10 
doubt whether the new company 
would really become indepen- 
dent of the Ericsson parent' 
i n Jk* 7r 'fl ki " Bruzilinni.se " 

telecommunications* seclnr. 
*5® Government had hud down 
r ®e u,aUQ m‘ lo L-nsurr the 

V ,ku . ov *' r of Hu* multi- 

^“ n4i subsidiaries by Brazilian 
companies. Many ■ observers 
believe the Government s tactic* 
m.nSL National -inde- 

E~1 l *»y argue can- only 
dnmln?il eVed ; Mrj1 ^ LVmpJete 
?f Snon, K of ll1e technology. 
It cannot be pushed through by 
government legislation. 

880,6 observ <Ts believe 
rnreoif e .i! cw Pec l ui reinentS.'hnve 
252 t ft he Multinational com- 
vfml e lr«,r ct l,p JoInt vontures 
p ? m P anies Outside 

farad? fir n » 5 iC - , an a rUficial 

SJnre W -Brazil ianwation " 

FW«Anv lt ts touupht that 

SJJJJ*' association was 
ISS c *iftp? n 1hps * grounds .and 

1 s ■ proposal may also 
encounter similar difficulties; 





i V V : s »- - 


v 1; i I KC 


; vur 


V 








KaaiSBawwBBsai 



'Financial Times Thursday August 24. '1978 


HOME NEWS 


o . 



BritK 


IT 


industry 
seeks 
help 

By Alan Pike, 

Labour Correspondent 

TUC LEADERS are seeking 
meeting with Mr. Eric Variey, 
Industry Secretary, to ask for 
Government action to overcome 
problems in the' carpet industry. 

The unions want the Govern- 
ment to establish a study of the 
industry which, says the TUC, 
is suffering severe problems 
through falling employment, 
falling production, company 
closures and over-capacity. 

Union leaders will tell Mr. 
Variey that although .the 
industry benefits from temporary 
employment subsidy, job prob- 
lems remain acute, particularly 
in the Kidderminster area. 

Although the unions accept 
that part of the problems result 
from a recent fall in sales they 
are concerned about long-term 
difficulties arising from the 
“haphazard” way in which 
changes from weaving to the less 
,i. labour-intensive tufting process 
have taken place. 

At . present, the British 
industry dominates the home 
market but unions are worried 
that low-coat imports may 
become a growing problem. 


Profit target missed 
by Leyland offshoot 

BY MICHAEL CASSELL 

SP INDUSTRIES, the specialist sp is involved in the manu- director, is quoted by the news- 
engineering offshoot ^of British facture of construction equip- paper: “Against a background of 
Leyland, fell well sh°rt of its ment, via its subsidiaries, poor market conditions, it is dis- 
1 orecast profit target- JO tne first AveJing-Barford, Aveling Mar- appointing that sales were lost 
sixmonths of tiiis year- shall Goodwin Barsby and as a result of internal disputes. 

The latest edition of tne com- Barfords of Belford; forklift This has been a particularly 
pany s staff newspaper, SP News, trucks (Coventry Climax); mill- bitter pill to swallow.” 
eays that the full extent of the tary vehicles ( AJvis): and com- Mr. Abell said that a ms 
shortfall will be revested next mercial refrigeration (Prest- Ing directors’ “summit" had I 
month along with BLs first-naif cold). held to examine ways to imp 

figure*. They wtR reflect trading profits, reduce overheads 

difficulties^ experienced at home o trim capital expenditure “ii 

and abroad in depressed markets oSUHC rcSLSOHS effort to salvage as much of 

According to SP News. Aveling. budget as possible” altht 
.SP. Jndusixies as ! ^Bntams Earford ^ Prestcold hare ^ understood that the 
mghth biggest engtaeenpo busi- borne the worst effects of poor f °r the full year will still be sig- 
,ast year _ g ^ riCTC K^ h trading conditions, while the nificantly less than forecast, 
shortfall on _profi^ which compilII ^ other business groups . Aveling-Barford apparently 
reached only £32Am before still remSn ahead of budget 9 has suffered at the hands of com- 
lutcfest,. compared --jinth the petition from the U.S. — 75 per 

£16.2m budget on sales- of just lu what largely constitute a cen j- 0 f production goes over- 
less than £200m. repeat of the reasons given last seas — while Prestcoid Scotland, 

For the current year’.' the com- year for the comp an ys beJow^ ^ I so facing tough competition, 
pany was budgeting f6r sales of target performance, SP says that beea bj t damaging indus- 
£20Qm, although it expected the the strengthening of the pound ^ai disputes. Internal disputes 
continuing squeeze on margins and Industrial disputes nave within SP as a whole have lost 
to produce a final profit for the added to problems. twice as roany j, ou ^ ^ in 

year of £17m. Mr. David Abell, SP managing same period last year. 


a 

i I .i L ‘}. .j fl labour-intensive tufting 

Snr 

S{ 


Lake District 
law staff 

THE LAKE DISTRICT Special 
Planning Board is to appoint its 
own solicitor and legal staff to 
help run its affairs as an inde- 
pendent body.. 

The chairman and vice- 
chairman of the Board's finance 
committee announced yesterday 
that, with the agreement of the 
chairmen of the Board and 
Cumbria County Council, they 
had “given authority for tbe 
Board to . advertise for its own 
legal staff.” 


‘Limit special steel imports 9 


QUOTA- SYSTEM for special 
steel imports which - would 
allow foreign producers between 
20 and 30 per cent of the 
British market was.'Tiroposed 
yesterday by Mr/j- Stanley 


particularly by some other EEC A 20-30 per cent market share 
producers.” . for special steels imports would 

The Government is consider- „ ot ^ „eneroiis a* it cnnnri. 
ing the case for more protection 2?'“ “ * !n *™ U5 " soanda 
for the British specials steels firing last year foreign pro- 
industry as a matter of urgency ducers seized between 50-70 per 
Speight, the Master Cutler, and following a call for action from cent of areas of the British 
chairman of Neepsehdi-a major the National Economic Develop- special steels market (depending 
Sheffield special steehrproducer. ment Office iron and steel sector on product) by vigorous selling 
Mr. Speight’s -proposal, -which worKin 8 this week. and keen pricing. 

has support within the industry, 

is that Britain should copy the 
U.S. quota system for special 
steels. The American system has 
been effective in protecting the 
home market 


Intervention urged 
in cntlery dispute 


: «. 



Most European producers have 
found it impossible to*- increase 
their U.S. market share during 
the world steel trade recession. 

Mr. Speight said yteterday, BY RHYS DAYID 
The U.S. system * is rthe only rntnjTWAT - rv , Ta , . , . 

way we can provide a -long-term GOVERNMENT is being 

defence of the UJL special steels **J* a , to .5 Pto SJM! l * T both 
'.industry in the teetn-'Of persis- ^ 1 “ es in the Sheffield cutlery 
tent cut-price selling into-Britain, dispute to discuss their differ- 

-ences. 

The appeal was made yester- 
day in letters from Mr. John 


AB ELECTROLUX 




THE MANAGING DIRECTOR’S HALF-YEARLY 
REPORT FOR 1978 

The Group 1 % 

At tbe beginning of this year the majority of the shares in 
Huaqyama AB was acquired. Payment has been mjde by 
means of convertible debenture notes totalling SKr 96 ignition 
(MKr), bearing 8 per cent annual interest. Thereafter briber 
shares in Rusqvarna AB have been acquired for cast and 
97.6 per cent of the total shareholding has now been acquired. 
In addition, 38.4 per cent of the ordinary shares in AcadS-A-, 
Industria E Coramercio. Sao Paulo, Brazil, has been acquired 
from ASEA. The company manufactures and sells domestic 
vacuum deaners, mixera, fans, heaters, etc. Its product! op 
included also autoelectrical equipment and electrUf TqOtora^ 
hut this activity has been disposed of to ASEA's subsidiary in 
Brazil. This transaction is a stage in the restructuring of the 
activities of Electrolux and ASEA in Brazil- Payment fm* the 
shares in Arno has been . made by means njr convertible 
debenture notes totalling 33 MKr and bearing S per cent 
annual interest. / 

Tbe’Therma Group in Switzerland has early/tbis year been 
incorporated in the Electrolux Group. TWTherma Group 
manufactures and markets domestic elect™ cookers, water 
boilers, equipment for the electrical heatinefof private houses 
and apartments, kitchen fittings, catering equipment and 
refrigeration equipment for hotel kitchens, food stores, etc. 
The acquisition has been financed locallW 
As at May 24, 1978. tbe Group Company AB D ever unis Bruk 
has in Sweden taken over AB Jaermoerae filing's activity 
subject to certain conditions in regard to loans and con- 
tribution from the Government, provided that employment is 
kept at an agreed level In Haelleforsnaes. A proposition in 
this respect will be laid before the" autumn session of the 
Riksdag. 

A summary of the Electrolux Group’s trading result for the 
first six months of 1978 is as follows (MKr): 

1978 

Sales 


5,669.5 


1977 

4.254.4 


Operating result before depreciation 
Normal depreciation ....; 

Operating result after depreciation ... 
Interest net and dividends received 

Operating result after interest arid 

dividends received 

Extraordinary profits and costs 


620.6 

537A 

-201.6 

-1593 

419.0 

VT&2, 

-123.0 

-82.6 

296.0 

295.6 

95.3 

-7 J8 


Result before 
taxes 


appropriations and 


389.3 


287.8 


The Husqvarna Group equity exceeded the purchase price paid 
by Electrolux, and in the consolidation this excess has been 
set up as a reserve, against which losses from the Husqvarna 
activities will be charged. During the first half of 1978 the. 
Husqvarna Group’s operating result after interest and 
dividends received was a loss of 15 MKr which in the. 
consolidated reports has been charged against this reserve. 

The newly acquired companies account for about half of the 

33 .3 per cent increase in sales turnover. 

Sales to customers outside Sweden totalled 75.7 per cent of the 
total sales as against 74.4 per cent during corresponding period 
last year. - : ■ 

Exports from all Swedish* companies totalled 1,088.1 MKr 
(824.3 MKr excL companies newly acquired) compared with 

735.3 MKr during the first half of 1977. 

Given that tbe activity during the second half of 1978 is 
expected to show a better result than during the corresponding; 
period last year, Hie profit forecast made in the Annual Report 
is still valid, i.e., a result improvement for 197S of around 
10 per cent, provided that no additional major variation arises 
in important currencies for- the Group. ■- v 

Investments in fixed assets amounted during the first half of 
1978 to 316 MKr as against 183 MKr during the corresponding, 
period last year: 

The Group’s liquid assets have since last year-end increased; 
by more than 150 MKr: 

The Parent Company, 

A summary of AB Electrolux trading result for the first she 
months of 1978 is as follows (MKr): 


Sales'. - 

Operating result after Interest and 

dividends paid ...... — 

Result before appropriations and 
taxes ■ 


I97S 

763.8 


54.1 

1482 


1977 

7HU 


612 

6L2 


Investments in fixed assets (bull dings and tools) amounted 
during the first half of 1978 to 20 MKr. This low figure, ta 
identified with the fact that since the beginning of the year 
a Group -Leasing Company has purchased new machinery and 
equipment required by AB Electrolux.' 

The Parent Company's liquid' assets were almost at the same 
level as at last year-end. _ . 

In addition to tbe two convertible debenture loans mentioned 
earlier,. AB Electrolux has issued a further convertible 
debenture loan totalling 139 MKr against cash payment, 
received after tbe end of J;une. -It Is intended to use this loan 
to -finance expected continued expansion of the Group. 

The minority shareholders In Husqvartm AB have been invited, 
to sell their shares- to AB Electrolux at the price of 128 SKr 
each. The number of shares held outride the Group is today 
19.SS5. The Board has now' decided .to demand compulsory 
purchase of those shares in Husqvarna, which are still held 
outtids the Group a. u October 2. I97S. ^ysTEDT' 

Stockholm. 

22nd August 1978. ... ' . 


Mr. Price last week rejected 
the association's proposal that 
chief executives of the ten lead- 
ing companies should meet and 
instead suggested talks between 
tbe two organisations. 

Tbe association accused Mr. 


Price, president of the Federa- Price of being reluctant to meet 
lion of British Cutlery Manufac- his opposite numbers and of 
turers, t° Mr. Michael Meacher undermining tbe industry's sub- 
and Mr. Barry Cryer, junior mission on imports to the 
ministers at the Trade and Government by pi 
Industry departments. It follows different case, 
the refusal by the federation to The association said the meet* 
jom talks arranged by the older Ing of executives would go ahead 
established Cutlery and Silver- with or without Mr, Price and 
ware Association. would seek to arrive at recom- 

Tfae federation, founded mendations on imports of 
earlier this year, has been finished and semi finished 
engaged in a prolonged dispute cutlery, the effects on empioy- 


wiih the association over the 
measures needed to help the 
industry counter the high level 
of Import penetration. 


ment and guidelines in relation 
to m arking. 

The issue of marking— whether 
or not Sheffield can be stamped 


.. The association is backing the on goods finished in the dty but 
to traduction of quotas but has largely manufactured elsewhere 
been outbid in a demand for — has also been a 
proteclio 
which w; 
in tbe sba 

Driers. 


open 



: cause of dis- 

hy the federation pute within the industry, and a 
a phased reduction conference on the issue will be 
of the UK. market held today under the auspices of 
Sheffield City Council. 


n Rhodes in new 
ational firm 

BY ANDREV^ TAYLOR 

ROBSON RHC^DES, the UK They are McGladrey Hansen 
accountancy firm, is to link up Dunn, A. M. Pullen and Moss 
American Adams. The new firm is to be 
three U.S. named Dunwoody Robson Mc- 
to form a Gladrey and Pullen. It will be 
accounting represented by more than 600 
-u „ . . L Partners and 3,000 staff members 
tbe British in 43 countries, 
partnership Mr. James Clement, a senior 
. . . , K Lasser, partner of Robson Rhodes, said) 

which merged with Touche Ross yesterday that the new inter- 
last year. Robson is to maintain national partnership will be 

its links with Dumwody and among the world's top 20 

Co., the Canadian accountants, accounting concerns and is 

but tbis latest deal adds three expected to generate gross fee 

new US. associate firms to the income of about S12flm (£62m) 
international partnership. in the current year. 


with four North 
accounting groups, 
and one Canadian, 
new international 
concern. 

It is to replace 
group's former 
cement with J. 


Norway 
sector 
to boost 
Frigg 

output 

By Kevin Done, Energy 
Correspondent 

GAS SUPPLIES from tbe 
North Sea Frigg Field will be 
boosted over the next few 
weeks as production starts 
from the Norwegian sector. 

Elf Aquitaine, the operator 
for the Anglo-Norwegian field, 
said yesterday that gas bad 
already started to flow through 
the 225-mile pipeline linking 
the Norwegian part of the field 
to' the reception terminal at 
SL Fergus, north of Peterhead. 

Ibis second phase of the 
field development should be 
completed by the beginning of 
October, when supplies to the 
British Gas Corporation are 
doe- to be increased to 35m 
cubic metres a day. 

The field, which cost nearly 
£2bn to develop, first came on 
stream in September last year, 
and gas supplies have built up 
gradually to about 20m cubic 
metres a day. 

mien the field reaches peak 
production of some 43m cubic 
metres a day at (he end of 
1979* it will be accounting for 
about 30 per cent of British 
Gas' present supplies. 

JSU said that 17 oat of 24 
wells bad now been completed 
on tbe No. l concrete drilling 
platform and seven of the 24 
wells on the second drilling 
platform should be finished by 
October 1. 

About 60 per eeut of tbe 
Frigg Field is in Norwegian 
waters with the remainder in 
the UK sector. Eif Aquitaine 
has-a 5L3 per cent Interest in 
the whole field. Total 2545 per 
cent Norsk Hydro 20 per cent 
and Statoil 3.1 per cent 


plutonium 
inquiry 
under way 

financial Times Reporter 

STEWED WARD POCHlN, a world 
authority on radiology, arrived 
at tile top secret Atomic Weapons 
Research Establishment at 
Alflprmaston yesterday to start 
his -two month investigation into 
health, and safety standards at 
the. plan v 

He was. called in by the 
Government after it was dis- 
covered last week that 12 workers 
at the establishment suffered 
from plutonium contamination at 
levels of up to twice as high as 
the limits recommended by the 
International Commission on 
Radiological Protection- 
On Tuesday, a section of the 
plant Was closed after unions had 
expressed fears over health and 
safety precautions. Ii has not 
been disclosed what type of work 
was carried on in the section or 
what the safety fears were. 


Property man 
extradited 

MR. TREVOR PEPPERELL, aged 
50. a property consultant, who 
has been in custody in Olden- 
burg. West. German, on an 
extradition warrant alleging that 
he stole £2.4m from the London 
and County Securities banking 
group in 1972. returned to 
Britain with Scotland Yard 
officers, last night. He is ex- 
pected to appear at Bow Street 
Court today. 


Scots plan new foreign 
links to lure industry 

BY RAY PERMAN, SCOTTISH CORRESPONDENT 

SCOTLAND is planning to attract manned branch office which *- A strong overseas; presence is 
foreign industry by opening would cover the whole of is a central plank of the aeenev's 
offices in Europe and the United Western Europe. philosophy, because this is one 

States to approach potential There are also proposals for a where Scotland has inn out, 
investors ahead of other Govern- major presence in America. “Many of the American stale* 
ment agencies. Mr. Janies Gorie, the agency's have offices in Bru.ssels and thn 

e t?*?! ? evelopment promotions director, is in New Irish have IS offices in tbe U.S, 

A ®!. n 5 y ’ a ^ ead J' has a Nnk Y ork negotiating an agreement 

wi to toe EEC in Brussels, expects with publicity consultants 

the move to give Scotland a con- j. Walter Thompson to represent 
siderable advantage over other the agency. Representative offices 
development areas. could be opened later in Texas 

The agency, the Scottish and California 

equivalent of the National Enter- .. ^ , — - - 

prise Board, is slowly taking over M T - Gjreth Lc Sueur, develop- attractive proposition for toreicn 
Ihe task of promoting Scotland In ®5 t Tnana ^ er ^S enc - V * industry looking for ne’-v Inca- 

abroad from the Scottish Council ^terdny: The Govern- tions, particularly firms from the 

(Development and Industry). ^ u s > West Germany and 

But whereas toe council ° V S f 3 . British effort is co- Scandinavia. 

worked through British agencies -pjrb!™ there could some- • The Government i> in provide 


It goes without question that 
Scotland can afford just one." 

Mr. Lc Sueur said the agpncy 
would devote a substantial -sum 
to overseas promotion. Low- 
labour costs made Scotland an 


consulates, and the Invest in 
Britain bureau of the Depart- 
ment of Industry, tbe agency 
seeks to go further by approach- 
ing companies before they con- 
tact other government bodies. 

For tbe last year it has used 
a small consultancy firm in 
Brussels to promote interest in 
Scotland among multinational 
companies and to provide a link 


our loyally as Scots and our towards rhe £i0m redevelopment 
loyalty as Britons. But we accept Ihe former Semtish n.uly 
that you must sell the UK before Express building in Almon 
you sell Scotland. Street. Glasgow, by the pub- 

“By promoting ourselves Ushers CooraoOulrom. 
directly abroad we want to im- Mr. Grcsor MsicKoiuk*. i-cottn-ti 
prove the chances of companies Minister of State, >t>rerday 
whicb will anyway go through handed over a £lm fir-^i ins^al- 
thc established channels, asking ment to Mr. John Crawford, 
to see Scotland: and to gain managing director Outnims. :ho 
with the European Commission, access to those companies which SLUTS subsidiary which pub- 
It is considering boosting this do not want to go through toe hshes toe Glasgow Herald and 
presence by opening a fully- established channels. the Evening Times. 


Mare curbs on adverts 
for cigarettes sought 


FINANCIAL TIMES REPORTER 

A NEW independent authority 
to .control tobacco advertising 
and' promotions was called for 
yesterday by the Action on 
Smoking and Health pressure 
group. 

The proposed authority would 
aim to make effective the pre- 
sent restrictions on tobacco pro- 
motions which the group be- 
lieves are being floated by the 
industry. It will present its case 
in a detailed memorandum to 
Mr. Roland Moyle, Health Minis- 
ter, at a meeting within the 
next few weeks. 

The group is seeking a firm 
commitment from the Govern- 
ment before any election on its 
policy towards cigarette adver- 


ing codes of practice and intro- 
duce new curbs which are in the 
public interest. The new body 
also should have advance warn- 
ing of all sales promotion activi- 
ties planned by tobacco com- 
panies. 

The memorandum lists other 
proposals for tightening curbs. 
These include curtailing special 
promotional mailings to other 
than known smokers, further res- 
trictions on advertising and the 
banning of offers of free 
cigarettes. 

Mr. Mike Daube, the group's 
director, said yesterday that the 
present controls were well- 
meaning but totally inadequate. 
This had been demonstrated by 
tising and promotions. The Coik tbe .excesses of cigarette spon- 


servative policy also is likely to 
be sought by the group. 

In its memorandum to the 
Minister. Action on Smoking and 
Health says that the existing 
curbs on cigarette advertising 
have led to a proliferation of 
new forms of sales promotion 
and that “such curbs as exist 
have fallen into disrepute.” 

The group wants an impartial 
body to monitor all tobacco sales 
promotions administer all exist- 


sorstaip in sport, television’s 
same-name pipe, cigar, and shop 
advertising, and the recent big 
State Express brand launch. 

His pressure group would 
press the Minister “to recognise 
that voluntary agreements with 
the industry are ineffective, and 
that the smoking and health 
campaign cannot be expected to 
succeed until the Government 
stops equivocating and lives up 
to its responsibilities." 


Vaccine protects bums 
victims from infection 


FINANCIAL TIMES REPORTER 

A VACCINE which could greatly In Third World countries, 
simplify the treatment of major where less sophisticated tech- 
burns in Britain and revolu- toques are available, pseudo- 
tionise it in Third World coun- tnonas infection is a major 
tries, has been developed at the cause of death in cases of severe 
Medical Research Council's burns. 

industrial and burns unit at The vaccine, developed over 
Birmingham Accident Hospital. n years at Birmingham Acci- 
The vaccine protertsagainst a ^ent Hospital with Wellcome 
group of bacteria, called pseudo- Laboratories, is slill on clinical 
monas, which do not attack j ria j an ^ not yet widely 
healthy people but which can be ava .fi a bio 
lethal to the severely burnt ' 

patient once infection is estab- ^ r - Rodney Jones, senior 
Ushed. The bacteria are already scientist involved in the vac- 
resistant to all but one of the cine's development, said yester- 
ava liable antibiotics. day: “la India they are already 

In Britain infection is gener- thinking of protecting all young 
ally avoided by barrier nursing people with toe vaccine, as many 
which isolates the patient from people cook with oil stoves and 
infection. But there are still with the loose saris worn there 
occasional deaths from pseudo- are some terrible burns result- 
monas. ing.” 


£ 500,000 

spent 

on research 
for disabled 

Financial Times Reporter 

GOVERNMENT health depart* 
men is and agencies spent more 
than £500.000 on research and 
development of equipment and 
aids for the disabled last year. 

That figure emerges from the 
eighth report on research and 
development work on equipment 
for the disabled, published 
yesterday under the Chronically 
Sick and Disabled Persons Act* 
1970. 

The report, which describes 
research and development pro- 
jects undertaken by health 
authorities and local and central 
government departments during 
1977, concludes that progress has 
been maintained. 

Individual projects undertaken 
by health authorities are listed 
and the report details research 
conducted or planned by govern* 
ment agencies and establish’* 
ments. 

Research rind Dei:clopmcnt IVorfc" 
on Equipment for the Disabled 
1977; HMSO. 


Plan to extend 
training for 
young workers 

Financial Times Reporter 

THE GOVERNMENT is keen to 
improve the opportunities of 
young people to receive direct 
vocational training after they 
have left school. 

Since 1976. under an experi- 
mental scheme. 16- to 19-year- 
olds who go straight out to work 
with little prospect of further 
education or training have been 
able to attend vocational courses 
with the co-operation of ibeir 
employers. 

The courses are due In run 
until 19S1 at a Inlal cost of Ilm. 
But the Government and Hie 
Manpower Services Commission 
want to look into ways «r fur- 
ther extending vocational pre- 
paration. 

A joint study croup, chaired 
hy Mr. Richard Bird, an Under- 
secretary at the Department of 
Education and Science, will con- 
sult with the TUC. the CBI and 
training organisations within 
industry and education. 


Rank deal establishes Toshiba in Europe 


TOSHIBA'S DECISION to help 
to rescue the Rank loss-making 
television manufacturing busi- 
ness is just one move in a 
complicated game which tbe 
Japanese are playing, to con- 
solidate their hold over the 
world's consumer electronics 
markets. 

Their basic dilemma in tele- 
vision and audio, as in motor 
cars, is that their success in 
marketing highly competitive 
products threatens to provoke 
retaliatory actions. 

There has been a sharp reduc- 
tion of imports to the U.&* 
reluctantly agreed by Japan after 
protests from U.S. manufacturers 
.Deluding the two main pro- 
ducers, RCA and Zenith. 

Japan agreed to limit exports 
to toe U.S. to 1.75m sets a year 
for the next three years, com- 
pared with a peak nearly 3m sets 
in 1976. At that time, Japanese 
imports and the output of sub- 
sidiaries in the U.S. took 4D per 
cent of the colour television 
market 

To counter restrictions on 
imports, most major Japanese 
companies stepped up plans to 
manufacture in the U.S. 

Sony, already well-established 
with a factory In San Diego, 
launched an ambitious' expansion 
plan. 

Matsushita, the other major 
manufacturer, also starLed to in- 
crease production. 

In December, Toshiba 
announced that it would build a 
new plant in Nashville, 
Tennessee, while Hitachi signed 
a joint venture agreement with 
General Electric. 

Although some U.S. manufac- 
turers have criticised Japan's in- 
creased U.5. production, this has 
not yet encountered any serious 
obstacle. 

Zenith, transferring produc- 
tion to a. cheaper labour area in 


Mexico and RCA, which already and the preference of German 
manufactures offshore, are not in consumers for familiar German 
a strong position to criticise com- brands has narrowed Japan’s 
panies which bring jobs to the choice to toe UK. 

U.S. Two further factors tend to 

Europe presents similar, confirm the UK as a suitable 
though more complicated, pro- manufacturing base for Japan, 
blems for Japan. It is toe one Japanese engineers are already 
major market left for tbe familiar with the English 
Japanese consumer electronics language, particularly in a coin- 
companies to exploit pany like Sony, which already 

With home production failing has a U.S. su bsidiar y, 
to 9 63m sets last year from a Secondly, Japanese companies 
peak of 10J3m in 1976, Japan obtained a healthy 12 per cent 
needs a new market share of the L6m sets-a-year 

The Japanese domestic market UK market following the 1972 
for colour televisions has consumer boom when British 
reached saturation point Exports companies were unable to meet 
fell last year by nearly 16 per demand. 

cent to 4.42m sets, compared The growth of protectionist 
With 5 -25m in the previous year, pressures In the UK television 
Consequently, toe growth rate of, industry has provided a further 
for example. Sony— wholly de- motive for seeking a manufac- 
pendent on consumer electronics turing subsidiary in Britain, 
has slowed. The first two companies to set 

«i- a 21S l ? 0 2u 1, *S > Ea ™ pe 18 com ‘ UP factories In the UK, Sony and 
plicated by toe licencing arrange- Matsushita, encountered no 
ments for Telefunken’s .PAL difficulty ^countered no 

colour system, used in all West Their plan to brine extra jobs 

UK. But fost summer, when Hitachi 

Under toe PAL licence, Japan- HI , to .smt wiih plans 
ese companies are prevented Washington, 

from exporting the larger 22-inch it met opposi- 

and 26-inch sets into Europe. ^ trade unions, British 

The licence also limits the “d the multinational 

exports which a Japanese com- r ‘ 

pany could make from a manu- * n ®contmuons depression of 

factoring subsidiary inside , . mar *et. coupled with a 
Europe. Exports from such a fac- improvement of produc- 

tory must not exceed the num- !*« 1 “ most factories 

ber of sets sold in the domestic wl “ Pfir cent to 50 per cent 
market of toe country in which over-rapacity, 
the plant is situated. A of redundancies hung 

This restriction effectively ov<er “ e whole industry, and it 
limits a Japanese European was . generally feared that 
manufacturing ambition to the Hitacw s UK plans would hasten 
UK and Germany, toe only redundancies elsewhere, 
countries with a sufficiently large Hitachi withdrew gracefully to 
domestic market * av0 the British Government 

High labour costs In Germany from an embarrassing decision. 


But the redundancies were not to make a wider range of equip- vision set will be reduced from 

prevented. ment designed in Japan. about 1.370 in 1970 lo about 400 

Thorn subsequently announced The agreement, therefore, gives in the early 19S0s. 
toe closure of one of its three much management control to Computer-coni rolled assembly- 
factories, while Philips, GEC and Rank, but envisages that the machines arc also being inirn- 
Decca made significant cuts in Japanese partner will eventually duced. These rapidly reduce 
their labour forces. provide most of the technical the need for direct labour. 

Hitachi was encouraged by. the ex E? 1 ! tis f „ . . - Ey 1980 the number or 
British Government to consider „>“. e h advantage or toe deal for components needing hand 

forming a joint venture. „?!!“..•}? assembly will be rut in about 

It is believed to have held 200 or fewer P er * et compared 

talks with the General Electric about 670 last year. 

Company (GEC) about a similar S n «fr faPtnrin^Hr* Just beyond lhc immediate 

deal to that which it signed in iJLs?? 1 -inSSES frnm horizon is tbe Probability of even 

toe U.S. with General Electric 5i^ I 3 ve 5 1 ^ P DSSlb * c opposition from more judical change, such as the 


(not connected to GEC). 

Max Wilkinson 
examines the 
reasons for 
Japan’s interest 
in European 
television 
manufacture 


trade unions. replacement of the television 

The reasons for Rank’s or tube with a flat screen based on 
GEC’s need for Japanese help liquid crystal display technology 
to make television manufacture used in calculators, 
profitable is less obvious. Already. Western ni-tnufac- 

FirstJy, Japanese sets have lurers are fatL .j WItI , ljl{ . racl 
established^ a hjch reputation for they have hecn beaten by 

ihe Japanese in Ibe development 
prl- of cassette video recorders, and 


quality and reliability. 

British manufacturers 

vately admit that their own sets 


decisively outclassed in the 


were substantially less reliable production of music centres. 

For these reasons, it is inevit- 


in the early 1970s, and although 

the imbalance has been re- able that television and audio 
dressed, consumers are naturally manufacture will move further 
influenced by the past perform- into the orbit of large multi- 
ance of sets bought previously, nationals. 

Secondly, the Japanese, with In Europe, it will probably 

" their huge production volumes, eud in a straight fight between 

Reijorts of these talks were not have been able to finance re- Philips, the Japanese and 
confirmed bnrSsSa and r 2$ sea f ch J™ - development on a perhaps half a dozen of the 
SSSSSd atoStoe* same toe S* 1 * whleh » completely out of present European companies. 

toat toeTwereto nSStoSg Siiffitt?- i or Even ^C, with its huge cash 

Toshiba considered 6 °^ er manufacturers, reserves, has understood that it 

iosnioa first considered Research and development cannot compete on tlic old baste 
whether Rank cou|d use some of has become increasingly impor- , t ITeiScr Jon m a vc v 
s.Pfi™ . capacity to make tant because of the shift of large investment in a risk effort 
To*ibMie*i^ed monochrome emphasis towards economies of to became aoTnt^naiional forec 

It was looking for ap alterna- duction techniques. up with a comnanv which 

Tnfw 9 n U fartn™ ■ The incr earing complexity of already has such h position. 

rDn«fmpr at p?prtTrtni« from^ai* l ? te G rated circuits has meant There is always a third possi- 
wan bad been severehTbmltS 2? ■ tele ^ ision sets are being bility of simply selling out of the 

redesigned with fewer . and business altogether, 
of nraM&m! ^ qUeat fewei > though more complicated, GEC would probably prefer a 

v w E£ its - , iofot venture or a licensing deal 

J®?™® appears to have been Thorn, toe UK market leader, with a Japanese partner. But on 
. j“ at , ®aDk had estimates that the number of this occasion, it seems. Rank has 
adequate plant ana management separate components in a tele- been first off the mark* 




Financial Times Thursday Aagust .'24 1978 


Ban urged 



donations 


BY RUPERT CORNWELL 


State and bank join 
to aid businesses 


BY ANTHONY MORETON, REGIONAL AFFAIRS EDITOR 


July fire 
damage 
costs 
£22.1m 


MR. DAVID STEEL. ihe Liberal 
leader, called Iasi night for a 
han on corporate, donations to 
political parties: by companies 
fo the Conservaiives’and by trade 
unions to Labour. 

Mr. Steel's 

would be a reform demanded by 
his party if it held the balance 
of power jn the next Parliament, 
enmes as controversy over the 
subject builds between the main 
parties. 

Instead, the Liberal leader 
would like to see the American 
system of limited tax relief onj 
individuals* donations to parties 
introduced into Britain. 

Speaking in his constituency of 
Roxburgh. Selkirk and Peehles. 

Mr. Steel based his argument on 
the need to break away from “the | tnrougb 


By Eric Short 


SOfEHT 


40h 


FIRE 
DAMAGE 
G.B. 


A £250.000 joint venture to assist Newtown will consider applies- little rather than too much for j 
small business in the north-east tions from any source, but if a a part of the Country badly t 
of England was launched yester- loan is granted one condition affected by the rundown or The | 
day by tbe National Enterprise will be that Midland will handle economy. i 

Board and Midland Bank. They the whole of the company's Mr. Connolly defended this 
have formed Newtown Securities banking business. Newtown will cftm niitment by emphasising the J 
(Northern) to put up develop- also seek to write an equity experimental nature of the i 
mem finance for concerns which option into any loan- scheme and promisin'* ihnr if ! 

have run out oF their normal Mr. Smith will be chairman of successful ' there was every I 
borrowing facilities. Newtown Securities, which is possibility of extending it j 

Mr. Gerald Connolly, northern expected to start operations on c ' ith l.mk' 

nrftnn«*ti whii h i director of the Boar^ said in September 1 and Mr. Connolly rr.n- ' 

I Newcastle: “The kind of client will be a member of the board. whe .P PmSI 

we hope to attract is the small The bank and the Enterprise ESfi! A* £ - ! 

businessman who has come to the Board will appoint one more f i 

limit of his borrowing and wants member each. vestments cost effective, 

to finance the second stage of ^ IS * s our liaison j 

expansion." Limited ^ th thG u board ls so important.; 

Mr. Barr?* Smith, the bank’s Lumw:u They have complementary: 

northern region director said Mr. Connolly said that the interests to our own and have 
that the Midland was anxious to board had found there were developed great expertise in in-, 
recognise the needir for equity difficulties of cost effectiveness vestment analysis. i 

capital among small businesses associated with loans of less “Through our discussions we 
and to meet this need more than than £100,000, and he said that came to see that a joirn venture j 
it had in the past. the scheme was experimental, would allow us to undertake the j 

Finance for Newtown Seeuri- Unless it became commercially essential supervision .through the 
ties will be made available viable it would not be continued, hank’s structure without crest- 
loans ranging from The number of loans that ing a top-heavy and very expen- j 
L-onMnuTno vd'-ersnriai svsi'em’ of i £5.000 to £25.000, probably Newtown eao make will obviously ive organisation. ... ___ 

nonticsE nromntcd " v ihe ™nn-i unsecured. and Newtown will be limited. If the average is “ We hope the scheme v.-u! fill j a FIRE at an electrical ware- 
front aiion of the 'Tory and! largely use the Midland’s facili- £10.000 



1975 1976 1977 78 


Labour Parties." 


Wasting 


Companies contributing to 
Tory funds were wasting their 
shareholders’ money. If they 
helped the Conservatives hack to 
power. Labour would move fur- 
ther to the Left and return in 
office committed to even more 
Socialist policies. 


ties and staff 
applications. 


to 


ieCL lL me average ^ “ 4V >»viisuiu r \ uu ci cluilai viaie- 

each, then the limit will a gap in the market and he of [house in tbe North-West, cansing 

damage estimated at £6.4m. was 


process he 25 and this will be seen by genuine assistance in helping to 
critics of the board as doing too stimulate growth.’ 


Offshore diving system tested 


BY KEVIN DONE, ENERGY CORRESPONDENT 

i VICKERS HAS begun deep-sea the system permits underwater Lochs Isb off the west Cf w ! of 
; trials of a diving system,, which equipment to be installed and Scotland. Initial tests m ou f-'ei 


■a prime factor in putting UK fire 
damage last month at more than 
£20m. 


Figures issued yesterday by 
the British Insurance Association 
gave the estimated cost of fire 
damage in Great Britain last 
month at £22. lm — the third suc- 
cessive month in which damage 
has exceeded £20m. Although 

0 . . , , t ... . t . i this value was £3.8m. lower than 

Mr Steel was enuaily critical: it claims will give technicians maintained within a steel cham- of water will De followed n > in June, it was over £4m higher 
of Labour Pam financin'* where- i working access to underwater oil her in which the pressure is deeper trials at depths of anout, tfian in j u jy j ast year, 
by “thousands of trade unionists; and gas installations at normal reduced to normal atmospheric 400 feet F ire damage costs so far this 

who are not Labour voters find atmospheric pressure. levels. 

Themselves contributing auto- 1 The trials follow two years of u should provide a safer programme* are “ Brit: sh 1 cent . higher than in the corre- 

Britlsh Gas. the ; sponding period of last year. 


LABOUR NEWS 


Incomes policy 
ignored in ICI 
pay rise offer 


BY NICK GARNETT, LABOUR STAFF 



strikers 

face 



matically through the PoMUca. development spnn^™.! by nine , “ kl *SX£ end £&,!£! 


level. Coniraciing-out facilities 
are not exactly encouraged." 

Cabinet Ministers, including 
Mr. Denis Healey. the Chancel- 
lor, have attacked industry 
recently for its allegedly exten- 
sive aid to Conservative Central 
Office. Mr. Roy Haitersley. the 
Prices Secretary, accused the 
brewers of ‘•impropriety" in their 
links with the Conservatives. 

Mr. Merlyn Rees, Home Secre- 
tary. has suggested legislation to 
put donations to the Tory Party 
on the same public footing as 
union assistance for Labour. 


^ tkft ¥ TV VUIMUS; C II V 1 1 UUlilCUL iftllU 

^ I a considerable reduction 


N nr wav and the US all with a considerable reduction in British National Oil Corporation. > A fire last month at a school 
ma nr ay in?erest^ "in fc offshore «■*»• . „ Amoco. Norsk Hydro. >" the North-East cost £lm and 

oil and gas industries. The trials are being earned Petroleum. LEG Marconi 

Vickers said yesterday that out in two phases in the Kyle of the Department of Energy. 


Stamps offered 
to guests 
by hotel chain 


By Our Consumer Affairs 
Correspondent 

GREEN SHIELD trading stamps 
are to he offered for the firsi 
time on hotel bookings as part of 


Vital rural services threatened 


ynci s seven other fires caused damage 
m each case of at least £250.000. 

In a further 57 fires individual 
damage amounted to more than 
£35.000. including 23 in places 
used by the public such as 
cinemas, schools, shops, social 
clubs and theatres. 


By Colleen Toomey 


SERVICES ESSENTIAL to the 800 shutdowns recorded in rural villages in Gloucestershire md 
survival of small rural . com- England since the Plowden Wiltshire lost their local shop. 

Sties such Ts shoos aar“aes * e P° rt was Polished i" brought about by the popularity 

munmes such -as shops. *ar ages and ^ many as lj000 may be and convenience of freezers and 


and post offices, tnbst combine un jj er sentence of closure today a population drift to bigger! 
resources if they wish to remaih f Dr financial rather than educa- towns for work and shopping I 


open, according to a report pub- tional reasons, according to the VAT and the end of resale price 

lished yesterday. report maintenance 3lso hit village 

The Conference of Rural Com- The cut-price petrol war has shops’ profitability, 
munity Councils, which made the badly affected country garages The report suggested ‘that *n 
recommendation, carried out a and as many as 2,500 may be ensure the survival OF corn- 
survey in seven counties In the forced out of business if fierce munity services, district councils 
south-west of England and incor- competition continues. shnuld he given tbe power to 

porated information from oth«*r make a grant to private series 

parts of the country. It also sug- ShniK ‘doomed 9 for U P t0 six ninths.. That «h.v. 

iixtMil thai »,« hcln «»lHi*rlv and c 


.zested that, tn help elderly and r local councils would have siffi 

poorer country people most Villagers have also seen a cient breathing space find 

affected by the closures, public gradual drift of their country alternative ways of providing a 

agencies such as the Post Qffice, doctors to towns or villages in particular service, 

and voluntary schemes such as the past ten years — in one case Tbe report does .not favour 


by most major supermarkets to 
slop giving stamps. 

The 20-hotel Centre Hotels 
cham said yesterday that it was 
offering between one and four 


Recreation 
will cost 
councils 
£450m 


By Paul Taylor 


LOCAL authorities in England 
and Wales plan to spend more 
than £450m on leisure and 


the company's attempt to win [ co-operatives, should give six the loss was 33 per cent.. It is Introducing grants pr subsidies i- 

hack custom after the decision , months' warning of a closure. becoming increasingly common for services that coaid he- bener | 1 ^ prBsen! 

One of the most crucial losses for doctors to join group prac- provided for hy community self- 

lo a small community is tbe vil- tices and health centres, and help schemes or existing re- 

lage school, since planners will new doctors setting up a rural sources. But parish councils, It 

often refuse any new develop- practice are hampered by Health suggests, should make greater 

men! in the village when a school Department restrictions. use of their powers to levy a 


full books of Green Shield; closes. In 'the five years to 1977. Village shops seem “doomed." 2p rate to support the shops. 


stamps to anyone booking a p per cent of Wiltshire's village the report claims. In the five chemists, post offices, or any 


special winter weekend holiday, schools have closed — part of the years to 1977, 13 per cent of the other vital services. 



re for getting 



ROSS BAGNI wishes ihe Queen Ihc industry really gathered 
could have jubilee every year, momentum. It was always a 
Occasions such as jubilees hnn*;t cottage industry, and even today 
the sale of women's hats and Mr. >< looks like one. Straw is still 
Bagm is a hat maker in Luton. a basic raw material — no longer 
His company. Sanders and plaited in Bedfordshire, but 
Ragni. is typical nf ihc many JlV J . re 1'kely imported from 

small concerns in the Guildford Ch ' n: *- . 

U is still a busines that runs 



in families. Although many 
people have defected to Vaux- 
hali. with its higher pay, smart 
ranicens and sports facilities, 
you can still find hat makers 
employing two or even ’ three 
generations of one family. 

Ross Bagni's story is typical. 
** Mv grandfather came over 
from Italy and set up as an 
importer of Tuscan straw. My 
Tather went into the hat busi- 
ness. T did, too, and my mother 
was furious. She said one hatter 
in lhe family was enough. But 
il was the only thing t wanted 
to do.” He is still only 30. 

Hat making is hard work and 
ihc sex divisions are clear. The 


Alan Forrest raises blockers and steamers Who shape 

the hais. hot, physically heavy 


his hat to Luton — work, are men. The milliners are 
■ ■■a women. But when you walk 


still the famiiy 
centre for 
headgear 


through a plant such as Sanders 
and Bagni and see a group of 
middle-aged women delicately 
hand-sewing adornments on hats, 
it is difficult to decide which sex 
has the harder task. 

People do get hooked on hat- 
making. Ross Bagni's labour 


v . , . . . .... . .. force is mostly middle-aged. His 

.. btrect hat district round the designer. Mary Squires, is 



financial year. 

Details of local government 
estimated expenditure for 
1978/79 in this sector were 
published yesterday by the 
Chartered Institute of Public 
Finance and Accountancy third 
annual returns. The figures are 
based on the budgets of about 
95 per cent (429) of the 456 local 
authorities in England and 
Wales. 

The survey covers a breakdown 
of leisure and recreational 
expenditure on indoor and out 
door swimming pools, leisure 
centres and sports halls, com 
mumiy centres, outdoor sports 
l acuities, golf courses and 
allotments as well as cultural 
facilities such as theatres, art 
galleries, museums, musical con 
certs and art promotions. 


IMPERIAL CHEMICAL INDUS- grades, appears so far to bfij 
TRIES has offered its manual hostile. . . . 

workers substantial pay rises. The company is laang a i 
“leaving incomes policy con- chronic shortage of instrument' 
siderations aside," only weeks artificers who look after control j a- Cartwright and 
after agreeing a Phase Three room instrumentation. Craft ; ■ 

settlement. “ unions have been refusing to «•[ Alan P«k* 

The move is ait attempt to sort JJJJJ fi^andSrSlllS^AN ALLpOUT fight between 32 
M^«fbr S »eS!m Be ^r >n iSSEi^ men to be artificers until the | toolroom strikers at the SU Fuel 
skiUri employees * company improves pay differed j systems factory in Birmingham 

tials for manual workers in the | , /formerly British Ley land) 1 
Workers in the top specialist top skilled grades. , of bL ( rormmy nnu^^ianu j 

and technical grade have been The company specified that any [and the Strikers own union 
offered a £7-a-week rise and those new proposals had to be agreed jean be expected oner, a dcci- 
in the grade immediately below w all the company's signatory | G ion by tbe men to ignore an 
an increase of £5. unions in order to keep the basic (Amalgamated Union «f Engineer- 

AH the manual workers, structure of the national paJ* i im. Workers* executive call to an 
including these two grades, have agreement intact. „ I emergency meeting today.- 

also been offered consolidation That was the principal reosetn leader Mr 

of £6.60 pay policy supplements why workers in lower grades notj^ ^ The toolrontn «rlke leamjr.Mr. 
which will boost shift premiums directly related to the artificers j George R^an. ^aid tMttne men 

and nverrime nav shnrta°L* have also been nffured ; had reached their Decision in 

imorovcmenis in shift and over- 1 the full knowledge that it could 

The company said yesterday ^ ., n n r, lead to expulsion from the union 

that the offer was designed to UI J* return" for the rises, the and loss of jobs." •.*-.. 
Sorate^Sm company said that it wanted The A UEW executive has in- 

StriJmenL “ 5 ? ^ “ full cowration irom the structed the strikers to attend 

r unions in trying to remedy ibe| an emergency meeUng of the 

In issuing the proposals to the artificers .-hurtnee. i union's East Birmingham district 

signatory unions, ICI said that jj r . John Grime, vccretary G ' I gommittec this afloroooo at 
it bad to take an initiative the ICI <hop stewards combine.- whieh Mr Terrv o off y. preside nt- 
“ .which could help a solution in s^d thai »t was not clear how Li ect _ «.,ii be n'resefrt. - 
tbe interests of ever>'one In the the com pane would justify the, _** .* 

company. leaving incomes policy increases^ under pay policy. ! 7 *? ey S^ia’SHLSlffeSI 

considerations aside because the The rnnioany had refused to; not to attend b> 19 votes to three 
outlook there could not be consolidaic the £6.60 (made up ! yesterday, with the remaining 
certain in present circum- of the Pha-o* One supplement and! strikers absent, 
stances." tbg 10 p <»r cent) in the last At the weekend, the strikers, 

The unions are due to meet settlement hecause it would have j defying a union instruction, to 
the company on September 7 to taken it above Day guidelines. - return to work, boycotted another 
discuss the proposals. At that Transport Workers’ shop district committee meeting- and 
meeting, said the company, stewards at some TCI sites, in- . mo$ t arc being fined the maxi- 


.j: J .1 
*** - 


.vb; . 

■K-r 


.-■A' 


“incomes pob'cy factors" would eluding Wilton, Teesside, where 
be discussed. the shortage of artificers is 

Initial reaction to the pro- acute, nave already rejected the 
posals from the Transport and offer as providing too small an 

TTninn mLIoVi Fr, r n#>nnlp in fhp lnw«»r 


General- Workers Union, which increase for people in the lower 
represents workers in the lower grades. 


British Airways 
‘back on schedule’ 


mum of £9 as a result. 

If they go ahead with their 
plan not to attend today's meet- 
ing. demands from district com- 
mittee members for their expul- 
sion seem certain. 


Unofficial 


BY LYNTON McLAIN 


The AUEW executive has said 
that it will give immediate con- 
sideration lo “endorsing any 
further sreps the district com- 
mittee takes " to safeguard jobs. 
Other AUEW members at the 
SU factory have agreed to help 
overcome the effects of the three- 
week-tong strike. 

However, the strikers have the 
support of the unofficial Leyland 
toolroom comimtiee and there, is 
the danger that the dispute will 
explode into a much more 


Direct comparisons with pre 


ous estimates are not possible 
because of different levels 
'response from local authorities 
to the Institute questionnaires 
In 1977/78 the 408 local 
authorities which replied to the 
questionnaire planned to spend 
£373m on leisure and recreation 
facilities. 

Latest figures do. however, 
show some interesting compari- 
sons between local authorities 
and between forms of leisure and 
recreation expenditure. 

It is clear, for example, that 
local authorities intend spending 
only about 10 per cent of their 
leisure and recreational budgets 
on cultural facilities during the 
present financial year. 

Tbe figures also show that in 
general terms the Greater Lon 
don Council and the London 
boroughs spend almost twice as 
much per head of population on 
leisure and recreation as do tbe 
shire authorities, with metro- 
politan authorities holding the 
middle ground. 


railwa> station and employs - a bout 60” and started with the 
about 4n people (plus home 


Mr. Martin Leonard pressing straw boaters at A. e. OIn«.->,- 
Luton's only works still producing boaters. 


■IrfWlir,- .in// Ifcvrc-aliun Xfutiilics £ah 
males ISTf-TU. tram CIWA. U.SU. 


workers! cm premises that can 
lie described only as annvnt. 


company at the age of 14. Last , j 

year she won the Queen's . _ 1 

Jubilee Medal for services to the he sa , ,d ; A " d l ? s i ye i rs 3 “ b,Iee S- ulW . ,s \ 5te ? in . the ri S ht 
He makes fashion hats from industry. certainly boosted the home direction. It takes ^ in the local 

shapes brought over from Fan.? Hat makers worry about the ^ade”. industry, the men’s hat com-i 

and is a real wnrker-bnss. at his lack of young people entering But Lulon is looking to the Panies in the North and even up- 

table at 7.30 am cutting braid ihe craft, in spite of training future. The British Hat Guild market, Mayfair-based concerns 

and felt when a deadline has to schemes. Ross Bagni said: was fonned in recent years, a suc ^ 35 ^* ina ® av,es - 
be met. “ Where do you find young girls merger of hat trade associations. Luton has gone a long way 

For although the Tame of the who can do hand-sewing? it isn't its president is Lutz Reymann. from ^c straw boater. That 


town came through the straw taught in schools these days." head of Marida Hate who was survives at A. E. Olney, the 
boater, only one company still Raymond Woods of Hugh b0nl m Germany and came to J 0WD ’ 5 company making 

'aetures them Lu.nn's real £ 00 *’» Britaia ^ ^ war! = 

:s> js women s hab. True, “S output to Jsntish Home ... 

hour fnrrp has shmnk ta Stores, said: “If l advertise a . Hw company js one of the I 


manufactures 
business 

the labour force has shrunk to . . 
about 2.500, a mere fraction of J 0 ".. an “ 


somebody 


the number employed at the applies for it. I m glad, bi 
town’s Vauxhail motor plant, but P r ®tty su *® ? sot 
this is sull the centre of the hat body who can do it. 


boaters. Olney’s trade is boom- 
ing at home and for export 

- , - , . j 115 Luton you meet a few hat 

aged 50 “‘S o 111 ? 5 I 11 “> e local industry, workers who "escaped" to 

because employing more than 150 people v'auxhall and who will tell vou 

♦ some- and exporting two-fifths of its that the industry is dead. But 

T - , . „ It is highly mechanised the y sUIl talk about Luton Town 

industry. Luton hat makers are not and housed m modern premises Football Club at “The Halters" 

Historians argue endlessly as d ^ ‘ n ®' ^aL t nia irtfti ( thl ®.“ vera S e Luton hat ant j was h their clothes at the 

lo when hals first came ^ Th iri js confittonce that women plan-t look like an industrial straw Haller chain of coin-op 

Lulon. Bec-rds show that as arc taking to nacs a am. slum. laundries, 

early as 16f>I. straw hats were tA ’? 0 n rl , h s , Mr - Reymann does not believe Ji was a sunny Sunday evening 

being made at Dunstable, which ocimairiana. int japan, the hat industry can remain a when l arrived in Luton. The 

adjoins Luton. Certainly the eve 'J. third-world countries such quaint cottage industry. “ I'm n nly hats in sight in a busy t.iwn 

industry nourished during the as 0ne . nat optimistic,” he said, but admitted centre were on the heads or the 

Napoleonic Wars, when plait was me: § ot o a ln " that the future might see Salvation Army bandsmen and 


bought from French prisoners crease in volume of trade we rationalisation and mergers. He songsters holding a service out- 

at Yaxley Barracks. That led to might not he aWe to handiie it Ls confident that can be achieved side the Town Hall. 

hot disputes with local pi alters with the present labour force." without slashing the industry's it did not look like a hatters 1 


hot disputes with local planers inn tne preseui wumir toree. witnour siasmng we industry's It did not look like a hattere 1 
and eventually soldiers marched of Ross Bagni’s export labour force. “We shall simply town. But talks for a few minutes 

into the barracks and burned the favourites is Scandinavia. “They be more efficient and sell more." with people such as Easni and 

prisoners' straw. seem to have more formal occa- Most Luton hat makers believe Woods and Deymann and vou. 

But in the years after the war slons where women wear hats,” the creation of the British Hat will know otherwise. 1 


Local councils 
to learn 
about Europe 


Financial Times Reporter 

MORE THAN 200 delegates 
representing SO local authorities 
have booked places at the first 
rfationol conference for UK coun- 
cils ou European and Inter- 
national affairs. The conference 
will be at York in October and 
will last three days. 

It has been arranged by the 
.British sections of tbe inter- 
national Union of Local Authori- 
ties 3nd the Council of European 
LjUuDicipaliiies, made up of tbe 
four main local Government 
organisations, in an attempt to 
make Ipcal authorities more 
aware of European affairs that 
affect them. 

The two bodies yesterday pub- 
lished tbe second of a scries of 
monthly bulletins drawing the 
attention of local authorities to 
proposed EEC legislation and 
other- community, developments. 


BRITISH AIRWAYS flights from from Terminal One operated 
Manchester and Heathrow air- normally yesterday' and there 
ports are expected to return to were few delays, 
normal today after a 34-hour The impact of the action at 
strike by maintenance engineers. London'* Terminal Three was j s _fi ous confrontation 
The airline said that all short- mitigated by British Airways' 1 Senous confrontation, 
and long-haul flights would be decision lo use Stansted Airport 
hack on schedule and running in Essev a s a refuelling stop for 
smoothly from 6.30 am this eight Boeing 747 jumbo jet 
morning, when the engineers are flights irom New York. Toronto, 
expected to finish their industrial Boston, Port of Spain. Los 
action over a pay .parity claim. Angeles and Bermuda as well as 
Manchester airport was hit VC10 flights from Cairo and East 
worst during yesterdays strikfe. Africa. 

No British Airways flights landed A total of 11 of the airline’s 
or left the airport in the /ace aircraft landed at Standsted for 
of totally effective strike action refuelling, and other ground 
by the engineers. ‘ operations in an attempt to avoid 

At Heathrow airport, the delays at Heathn-w. 
impact of the industrial action Most of the aircraft waited 


.Other Leyland toolmakers in 
Birmingham and Oxford have 
contributed ER00 during the firm 
week of a 50p levy to support the 
strikers with more money still to 
come in. 

The'SU strikers are demanding 
parity with toolroom workers at 
BL’s Rover plant in Solihull who 
earn more than £6 per week 
more. They say they will attend 
meetings only if a pay offer is 
on the table. 

However, the AUEW says that 


was mixed. Long-haul flights, between 40 minutes and 90 i >t .is satisfied with the moves 


particularly to and from the minutes, with passengers unable 
U.S., were worst hit, as to leave their seats, 

insufficient engineers turned up The engineers are seeking 
at Terminal Three, the departure parity with British Caledonian 
point for long-distance flights. workers at Gatwick for working 
Short-haul flights to Europe on wide-bodied jets. 


TUC membership rises 
by 350,000 in year 


BY ALAN PIKE, LABOUR CORRESPONDENT 


| which Leyland is making towards 
the goal of pay partly bv 
November next year, and' that 
the action of the strikers risks 
jeopardising these. 

Shop stewards who are leading 
the strike, now in its third week, 
which has crippled BL's Bath- 
gate truck and tractor plant have 
been called to a similar AUEW 
district committee meeting to- 
day. 

They are also defying an execu- 
tive instruction to end their 
strike over a demand for extra 
payments for operating new 
machine tools. 


TUC MEMBERSHIP is nearing being told that trade unions arei_.?^* a 5 ec ^‘ d b - v " n,lr ‘i 

12m, with about half the total unpopular and that their! *| nke - .tnvolving Transport and 
working population in affiliated influence is resented. 

_ = ° ** Thu nncurar 


unions. The answer that working 

Delegates to the council’s an- People themselves are giving to 

nual Congress, which opens in Js tbat ;. JD e * e Q’ of 

Brighton on Monday week, will occupation, they are flocking to 
be told that membership has in- J 0 * 0 unions, 
creased by almost 350.000 to hp ^l a 5„ 

11.S65.000 during the past year. h,§h ^ r 

The most notable areas of in- this years, but last years 

crease are in the clerical, tech- 'included some new unions 

meal and managerial spheres. .. ,, 

-j ,l-« Members of the Trade Union 

The TUC said yesterday that Committee for a Labour vie- 
the many anions working for the tory. set up last month by Mr. 
past decade to n JnJlS David BasQett - council chairman, 

collar employees and °tiier union leaders, yester- 

professional people that by .com- day decided to establish a public 
blnabon, they can pr<mde them- relations unit 
selves with a service that they Mr. Baimett said that it would 
can obtain in no other way. <jea! with any q Ues tj 0ns on trade 
Thousands or people who, a union activities raised by Con- 
years ago. would have servative spokesmen. 


few 


scoffed at tbe idea of joining a The committee will contacl 
union, were now eager members, other Labour Party members of 
The TUC was 50 per cent the TUC general council next 
stronger than 25 years ago. week for discussions on 
•Working people are forever campaign strategy. 


General Workers Union 
members, at its Llanelli radiator 
plant. - 

9 Production of Massey Ferguson 
tractors was halted in Coventry 
yesterday by a strike of 200 tool- 
setters and charge bands pro- 
testing over a change in working 
arrangements and allocation of 
jobs. 


Solution 
sought from 
Tube men 


Health Service technical 
staff seek hours cut 


BY PAULINE CLARK, LABOUR STAFF 


UNIONS REPRESENTING 26.000 Mr. Albert Spanswiek, ‘lecretarv 
professional and technical staff of the Whitley Council profei- 
in the National Health Service sinnal and technical staff side 
are to take unilateral action to and general secretary of the Con- 
secure a shorter working week federation of Health Service 
from September 4— the day the Employees, said yesterday that 
TUC Congress opens. action could intensify if there 

An instruction bas been sent were any attempt to discipline 
to members in hospitals through- “embers for working a 37-boor 
out the country to work only 37 week or to cut their pay. 
rather than the present 38 hours Agreement had been reached 
a week from that date in fo introduce the shorter working 
defiance of the Health Service week last March and the unions 
emnioyers. were determined that this agree- 

This is the second group of ment should be honoured, 
public service workers this year The unions claim a reduction 
to threaten unilateral action over in the working week would be 
demands for a shorter working in line with that agreed for 
week. administrative and clerical staff 

Last month. Mr. Terry Parry, in hospitals and that it was long 
general secretary of the Fire overdue. Thev say that with 
Brigades Union, reiterated aT a improved efficiency the ensi 
delegate conference nlans to take would be low and it would create 
unilateral action by November extra jobs to help solve the 
if agreement baa not been unemployment problem rather 
reached bv then with employers, than add to overtime earnings. 

Although the National Health Staff involved. including 
employers side has accepted the laboratory scientific officers, 

f£ n hninira f i t r£»SrfS? d -* w E ek hosD,tal ‘engineers and works 
for hospital technicians, it has staff and technicians in .phar- 

made it clear to the seven macies. mortuaries' and medical 

undertaken 

G«emme?t pay^ouw. ° f S. 0n emeraene, service, as 


Bjr Our Labour Staff 

UNION LEADERS of London 
Transport underground workers' 
woo are threatening a series- of 
one-day strikes from two weeks - 
today have been asked to sug- 
gest their awn solution to a dis- 
pute over an economies pro- 
gramme. 

London 


,, 4 . Transport said I«t 
nignt that a meeting between 
representatives of station straff tn 
ine National Union of Railway- 
men and management had been 
adjourned for another week. 

. J" . ‘ “J® . meantime, the union 
side had been asked '^o consider 
what other economies can be 
made other than restricting oner- 
time. 






For Winter fuel 


air in Summer, install 
JJlnblGltnits 
in your factory. 


J J Ventilation Limited 

13 Dowry Square, Bristol BSS 45 L 
Tol. Bristol 291295 




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Financial Times Thursday August 24 1978 


'l fc 



3T 


UHjjj., EDntB BY ARTHUR BENNETT AND TED SCHOEIHIS 


r t 

MrjL • MACHINE TOOLS 



COMMUNICATIONS 


* COMPUTERS 


Horizontal press 


Servicing over the phone lines 

FOR SERVICE engineers, an CNCSOOM or M/P BOO manual part of his diagnostic training, 
annoying and perhaps costly positioning servo control. The company says that NEAT 


Collects and processes 
data on the move 


\ n » , . 

■ pit \i 



DEVELOPED originally by 
Bristow Controls for swaging 
operations in its own factory, a 
75-ton horizontal hydraulic press 
is now to be manufactured by the 
company for sale. It is suitable 

for any 'operation requiring high 
force with short stroke, says 
Bristow. 

The press has an open top C 
frame fabricated from heavy 
steel plate with the press jaws 
operating at workbench height. 
Distance between jaws without 
tooling is 16S mis and the stroke 
Is 50 ram. 

Power is provided by a 3$ kW 
electric motor driving a dual- 
pump hydraulic system with a 
regenerative circuit to give rapid 
advance and retract The com- 
plete cycle of advance, press and 
retract is stated to take 12 
seconds. ’ , 

Available also is a similar 
machine with a petrol engine 
driving a single high-pressure 
pump. The cycle time is longer, 
however. 

Fall details of the machine can 
be obtained from the company at 
Diplocks Way. Hail sham, Sussex 
BN27 3JF (0323 841510). 


Cut steered 
by micro 

THE LATEST Tubosec flame 
pipe cutting machine from 
Messer. Griesheim makes use of 
a microprocessor to program and 
control accurate cuts in pipes up 
to 1200 mm in diameter. 

The company maintains that 
many pipe processing shops still 
use manual flame catting 
methods which, apart from giving 
inaccurate results consume a 
great deal of time and demand 
great skill and dexterity if 
quality is to be maintained. 
Probably some lm tonnes of 
seamless and welded steel tubes 
are processed annually, giving 


some idea of the potential for 
more efficient cutting. 

Pipes are placed horizontally 
on a support carriage and are 
turned by a three jaw chuck; the 
torch is guided in the axial and 
vertical directions, in suitable 
relationship to the rotation of the 
pipe, so that circumferential and 
mitre cuts, and holes In the pipe 
wall can be made. In. .the same 
way, and according to the micro- 
processor program, double mitre 
or multiple cuts for pipe junc- 
tions can be performed. 

More from the company at 
Prospect Aveoue, Seaton Dei aval, 
Whitley Bay, Tyne and Wear, 
NE25 0DP 10632 480140). 

• IN THE OFFICE 

Plain paper 
copier 

A NUMBER oE small users in less 
specialised areas have sot found 
it possible to Justify tfe-purchase 
of expensive reduction -copiers 
and with this market. In mind 
Nashua has introduced its high- 
speed plain paper, reduction 
equipment which has the added 
facility of making cow size re- 
ductions up to 50 per cent 
smaller than originals. 

The resulting specification, 
says the maker, Is the 1250, 
which hs* a speed of 28A4 copies 
per minute and bandies any size 
original up to A3 and is suitable 
for enpv usage in the range 
2.000-30.000 copies per month. 

It provides a first copy speed 
of four seconds, integrated elec- 
tronics for automatic copy 
quality control, two-sided copy- 
ing capability, a raised platen 
edge to protect book binding*, 
and dual paper cassettes for dif- 
ferent paper sizes or uninter- 
rupted high-speed A4 copying. 

Further from the company at 
Corv House. Bracknel. Berkshire 
RG12 1ET (0344 54391J. 


frequently, very little oppor- “shop-talk” communication de- dependent on how long it takes -° f c ^ sl ?' display. Data 

tunity occurs of putting theory vice to augment voice contact by for an experienced engineer to *' „ ess su ^ e J >1 ! b lf 


GENERATING SETS 

For prime power, 
standby, and the 
construction industry.: 

Dale Electric o! Great Britain Ltd-. ! 
Electricity Buildings, Filey, i 
Yorks. YOU 9 PJ. OK. I 

vJW: 0723-51 4141 Tele*: 52163 / 


0 SERVICES 

Analysis of 


Giddings and Lewis-Fraser is The base engineer can monitor board level — on 


circuit received by the mobile unit (not mission code ensures the recocni- 
controJ mains operated and independent tion and reporting of up to two- 


tackling the problem by intro- the progress of these tests and hundreds of miles awav in less * - operai ~ Q a “ Q inaepenoent lion ana reportinp of up to two- 
ducing a remote diagnostic ser- check that the man on the site is time than it would take a mobile °ii wl . res aD j tel eP h ° nes ^ tiJus bit errors per character and ihe 
vice operated over telephone following the direction he is serviceman to travel '•S miles a ! low,n S a data dialogue over automatic correction of onc-bit 

SS &S&W& gffiKSS iSSl.ij.-H 

SS&T3SM WKMH ats'ss 


S available to any new or exist- bis control or where hfc main- question. tronische^ ^TechnS mbHlin GeV- error Trac er., 

ng user of production bonzon- tenance man has failed to grasp. More from Giddings and Lewis- 5JSy one of the bSsSt iistSlI- aSe is notified bv^S-ee^audibSe 

tals or maduning centres with or has forgotten some critical Fraser in Arbroath (0241 73S11). tioni is now at Hamburg Docks Sleeps ‘ 

where the movement of «dl trans- b • , equipped 

port and containers JS controlled- wUh a CCITT V»4 interface (nr 

Underground radio for mines |£Ss »|S,S KS“; s is'H 

tS IK? r CoS* gS?’’ Road,' onward radi0 t^^mission to the 

DEVELOPED by the Chamber conductors and re-radiators to a line. A n experiment has been London NW2 THE (01-452 5401). pD [ tabl K S „ 
of Mines in South Africa is a increase the ranee to 3 km. conducted to prove this ability. Advantages offered by this a J [ er - \ 

radio communications system ® ase 5131100 SC200 uses a 30- ^ which a number of base multi-mobile system is that it 'JPfJ* «;„?* i t lbarai ?i® ®*!L nEHlV 

H-"rkina at about 150kHz which * ne ti , e loop matched to the radio . , _ makes dialogue possible with a ^ simultaneously. completes 

V. ! LI : * n,ptl by a manual tuning unit, yield- statI0DS - s,tuate d on different central data store In situation* 1110 s - vstcm - and each portable 

is able to transmit through some i nE 30 ^ more Rain ^ levels of a mine, were intercon- were hitherto not practical ti^nsceiver is equipped with an 

hundreds of metres of solid rack portable; it can be operated by nected using a two-wire tele- or possible. Data entered through au< iible and visual battery dis- 

and. linked to an integrated net- a line-connected remote control phone line and remotely con- the keyboard is recorded in cb ™& e warning, 

work, bas a range of up to 20 km. unit up to 20 km away. trolled- The remote control point blocks of 64 seven bit characters There would appear to be 

Manufacture is already under Considerable advantage can be was on the surface and the base stored in the portable unit and man y applications for this 
way and 100 of tbe units are in taken of the presence of conduc- stations were 2.500 metres under- on transmission radioed to the mobi,e system, particularly in 

use in South African gold and tors such as power cables; for ground with a tola] line length base terminal at a rate of 1.000 1110 wholesale trade for stock- 

coal mines. example, a range boost can occur of about 3,000 metres. bits per second. taking and sorting in stores and 

. There are several types of de- when Dne portable is close to Free-ranging operators with Radio contact with an EDP on production lines In factories, 
vice. Tbe SC100 is a portable such a conductor which then portables were able to maintain centre is said to be very advan- 11 suggests advantages also in 

transceiver weighing about 1 kg radiates to a second nearby con- a continuous communications tageous too. as it enables the airports and seaports for l radii* 

with an output of one watt and ductor, this in turn providing a link, with the surface in this user to bridge the distance be- and cargo control, computerised 
an aerial contained within the field that can be picked up by manner, their minimum trans- Tween the area where the data freight handling, stock and in- 
carrying harness. It offers two- a second portable. mission range from a base is generated and the centre at ventory control and materials 

way voice communication direct Using a combination of on-site station being about 150 metres which the data is processed and handling, 
through rock over ranges up to conductors, the portable trans- increasing to 1.000 metres along 
0.5 km. the absolute range being ceiver can transmit to a suitably main haulage routes, 
dependent on the local geology sited booster base-station which. More from the Chamber of 
and also the presence of metallic in turn, can be linked to the Mines of South Africa 5 
lines or pipes which can act- as surface control unit by means of Hollard Street, Johannesburg. 

0 HANDLING 


The base station is equipped 


LAUNCHED BY Siructur.i! 
Dynamics of Southampton is a 
new service for the nn-.-aii* 
measurement and annl;. s-i\ of all 
types of structural and’ vibratory 
problems. 

The company sa»> lh:t; 1 In- 
demand for tile servi.v h:,- licen 
created by the increasii:-* con- 
centration* of machinery :iji*J 
plant within fabricated -irueiures 
Mich as off-shore plan onus, pro- 
cess plant and factory c>|i!ip:iirii;. 
Oil platforms in partii-ular have 
brought the interaction 01 1 il.ua- 
tory behaviour and me-, ha meal 
performance into sharp focus. 

The new service, r-j|]ori Impac 1 . 
can be used either a* a tool for 
acceptance testing «<r applied on 
a Irouhle-shuOJim; ha.-*'*. Fust it 
defines potential •*>* .iciu:*! prob- 
lems by comprehenMti- inca-ure- 
men! of quantities mi- It as 
pressure, speed. ..train. 
ture. bearing cimduioiiN and 
vibration levels. Then the prob- 
lem is analyse.}. uuruialU oy 

computcr-hased dynamic an:il>-\s 
of vibratory* hi- ha vi our. A solu- 
tion is then proposed, fur imple- 
mentation either by the client or 
by Structural Dynamics. Mure 
from IS. Carlton Crescent 
Southampton SOI ZET (07u3 
35611). 




Tips with very little dust 


electrical wire &cable? 


•NO MINIMI 1 * 
ORDER 


•NO MIWMNM 
LENGTH 


Thousandsof types andsizesinstiockfor immediate defivory 

LONDON 015G1BH8 ABERDEENm4)32355/2 
MANCHESTER 061-872 4915 X 

TRANSFER CALL CHARGES GLADLY ACCEPTED 
24 Hr. EMERGENCY NUMBER 01-M7 3S&7 E«. 409 . 


FHD CONSTRUCTION of Slough 
hais a fully-enclosed “Citldal" 
ripping machine which Is 
intended for use with materials 
dust and fumes from which could 
create an envronmental hazard. 

Ci tidal has two frames, one 
static and one moving. Both are 
constructed from hollow steel sec- 
tions and the whole unit is com- 
pletely enclosed by steel sheet- 
[ ing. Access is by means of a 
hinged door which must be 
securely closed for tbe machine 
to operate, the drum /container is 


securely held in the moving 
frame by a retaining bar and 
chain. 

Power is supplied by a revers- 
able geared braked motor and 
transmitted by one set of spur 
gears. After the door, which is 
interlocked to the electric motor, 
is closed the tilting movement 
can begin. A push-button start 
is fitted together with an emer- 
gency stop. Tbe operating time 
of the protective tipper is 12 
seconds per half cycle, tbe 
capacity being a 45-gallon or 
225-litre drum/container. The 


tiper tilts the contents through 
an -are of 180 degrees to discharge 
the contents into a waiting ves- 
sel,' 'container or hopper on a 
lower level. 

*niere are facilities at the rear 
of. the machine for connecting to 
duef filtration and collecting 
systems as well as fume extrac- 
tion equipment Applications 
include the tipping of dust, pow- 
dere, sawdust, cement fertiliser, 
re fuse/ waste and chemicals. 

FBD Construction, I24A. Edin- 
burg Avenue, Trading Estate. 
Slpgghv Berks. Slough 2S321. 



This acoustic screen is trolley-mounted for 
mobility and able to be used In a number of 
areas to reduce noise. Called Acousllcscreen, 
it has a wheel-mounted stand with an upright 
to which the folding screens are permanently 
attached. The- screens can be either single or 
double-banked, are constructed with an 
approximately 3 inch centre core of non- 
combostible and rot-proof sound absorption 




material, and when opened out an- about 
6* ft high anti up to 3 ft long. When placed 
at a distance of less than 10 ft from the noise 
source, it Is said to cut down noise trans- 
mission beyond the screens by around l« dB 
which is a reduction by half. Suggested appli- 
cations are for renting operations, sheet steel 
fabrication, factory maintenance, road works, 
etc. Acoustics bs, Stonebow House, Stonebow, 
York, YOl 2NP (09M 36441). 


LEGAL NOTICES rcsnlat^chars^Jor the ,#ain _ -I 

— 55-58. Oxford Sheet. 

London, win -.IRD. 

No. 00023 of ltrnt Solidforo for ,11 m? Petitioner. 

In tho HIGH COURT OF JUSTICE h 772VJS? J 

Chanc? tr Division Companies Conrt. In WP«r on the hearing or ihe «M Petition 
the Matter of i. S. BEACLEY mum *?rve on. or jreml by pul to, the 

as™ ■&.-!* M ‘ M * r 01 TBc asw-Wnff-ssM-s 

notice n i mnjgY niyj. gw* !fr“ Z 

Peution for the firm, and most lie sinned by tbe j*»»n 

named Company by the Blrt or 0f ^ or , hclr solicitor (If rnr 

Juwwe was on the of JolyWW. aniJ mwB ^ yrvetl. or. 11 posied. nwsi 

preM-nieil io i he sold Conrt by A. o^MEZ ^ Mn , h ^ jn SMfl j c|1 , ll | IUrlP ta 
* ro - 1 w«*« the alon-nanned no; laicr than 

u *“, JI 'r^.n A-s foor o'clock,- In the aHemoon of the 

Market. New Cwem Carden. S.W3. and 13Ul Aaj ^ October 197*. 
ihoi ibe Mid Petition js directed to be t _ — 

heard before the Court attlns at the -No 00154.1 of tor* 

-Royal Conns of Junicv. Strand. London. j„ ^ HIGH COURT OF JUSTICE 
Wt2A 2LL an the 9th day of October chancery Division Companies Court. In 
lp>. and any cn-diior or comnbuiory Of ^ Mauer of KINGSBURY SECURITIES 
th>- "aid Company desirous io support or LIMITED -'and In the Mailer or The 
oppose the making of an Order on the compam'-ea Act 1M3- 
s.nd Peiluon may appear at the lime of NOTICE JS HEREBY m\*EN, ihar B 
bL-anns. m p«xon or by hU counsel. p fUlj0 n for the winding up of the abwe- 
for that purpose, and a copy of the nxoxd Company by the High Court of 

r.Bn ,l rt n tn W ^B* b ‘^du« ,, o? j08dce * ra *” n of August 

sitti.-d to any creditor or conuitintorr or presePTed to the said Coon by 

»he said Company rcouttlns men ropy on star TIN GLASS of 101 Walter Road, 
payment o( Iho regulawd charge for (ho Swansea in the Cooniy of Glamorsan. 


sanjL '' hvrrprt oppenhflmer_ Gbanercd AmUleci. and that die said 
2^2., T 1 petition is diremed in be heard before 
■M AT ^H.ih,n winnn 11,0 c ® ur1 "irang at the Royal Conns of 

KrU A -TM Justice. Strand. London. WC2A 2LL on 

n-nri the l«lh day of October IPTS. and any 

creditw or amirtbuiory of ibe said Qm». 
Solicitors for the PetlMoer. pany i 0 support or oppose tbe 

NOTE.— t 4 By person who intends to nrnh'np of an Order on the said Petition 
appear on [be bearing of ibe said Pm I Hon may appear at the time of hearing, .*n 
muk-i gr-nre on. or send by post to. Uh- person or by bis counsel, for that purpose: 
above-named noun? In writing « his and a copy of the Petition wtll be for 
intt-niion so to do. Tbe norice mum grate allied by the undersigned to any creditor 
iik- name and address of the person, nr, qj contributor!' of the said Company 
If a firm, tbo name and address of the repairing onch copy on ps?-ment of the 
firm, .md must be signed by tbe person rcxnlaled charge for ibe same 


or firm, or bis or their sohcJior (If any* AMERY PARKES A CO- 

and nnwi he servi'd. or. If posted, must Imperial Hons- 1 , 

be *ent by post in sufficient time (o 15.' 18. Kinnswav- 

reach Ihc above-named not later than London. WC2B *UU. 

(our a V lock in the afternoon of the Ref: WD/15SWM25 

Rih day Df Ocioher 187S. Tel: M-K» fi«S2 

- — — Solid ion for the PetiiiowP:' 

Na. WC4M of lflTS NOTE- — Any person who inirata .10 

In rhe HIGH COURT OF JUSTICE. appear on ibe hearing of Ihc saW PwIMod 
C hancery Division Campanil's Court. In must serve on. or send by post to. the 
tbe Matter of ASSAGAI DESIGNS above-named notice In wniing of lug 
i DORKING! LIMITED j*»d In (be Mailer Intention SO to do. The notl^? must nxte 
of The Companies Act. WtS. the name and address of the person, or. I 

NOTICE IS HEREBY GIVEN that a “ 1 ,hc oamo and 

Peltrmn for the winding-op of the above- *™j aniJ J^SS'i 

njined Company bv the High Conn of , or J ,la ?T n ? c ‘ r r a J l 

Jusihx was. on the Trh day of Angust ^ innst ^ seraed. or«f PomkLmw | 
iVtt.. presenu^l to tbe said Conn by by 

THE COMMISSIONERS OF CUSTOMS ^ ^ 

AND EXCISE of King's Beam House. "SSff “ -«e 

30-41 Mark tame. Londira EC3R THE, ^ flasr of October i8T» - 


and that the said PetlrtoO la directed to 
be heard befurp the Court sitting at The 


No. oceseo of ivrs 


Royal emim of Justice, Strand, l^ondon HIGH COURT OF JWTKJE 

WC5A ILL on ihe 18th day of October ®wn«ry DIM* urn Companies Co urt. I n 

IkS. andanv" creditor or SJuMSTS gf_ 

the said Company desirous to support or PJ5; , p ANV ^ N U FACTUKtRc 1 

odposi 1 the making of an Order on the ~^fTED sod in the Matter of The Com. 
Mid Petition may appear at the time or Da JdS5,_i c, : B 

hearing in oerson or by bis Couttsei ■ f or _ NOTICE IS HEREBY Gl'EN, that * 
that purpose: and a copy ol the PMttteu ut ?° f lL lh g, **»»» ' 

Mill b<- furnktfn*d by ibe undvrouaed to "“T 1 Gntopnny by ihe linen Court of 

any crvdMor or rontrlbniory of the said * ras °5 “ e V* 1 ,3i - Au kb «1 

Couipany requiring such copy on payment ^ . rald plm™ . 

ot ihe regntaied aharge lor tile name. GORMAN R 

f c n , v LIMITED ol Loworlh House. W-1B. Sheet 

King's Beam House s “ Vt- '- w,DdMr - Bertrtnrv. . «4 1 BG. 

1 ' ’ . mamifacturers of dirtng and Mustria] 

iZun KfTV THP wfclp eouipineiu. and mat thr said 

Sor^fmc^titiotH.™ • Po!iuon •» « «* "V* 


CONTRACTS AND TENDERS 


\TENDER ANNOUNCEMENT 

The Government of The State of Qatar will short!? invite 
bid* for ibe Main Construction Contract for rhe University of 
Qatar which is situated approximately 6 km north of Doha. 
The Umverxity comprises approximately 73.000 square metres 
[ of low rise academic buildings of high quality located on a 
14 hectare , Mite. 

The works will comprise-' 

Substructures, superstructures in precast and in situ concrete, 
precast concrete cladding, block-waiting, roof coverings, 
windows, door frames, drainage, underground, ducts and 
general external works. The services, finishes and joinery 
works will be executed by Nominated Sub-contractors. All 
concrete and block and tile units will be supplied direct from 
tbe Government's concrete factory. 

Interested firms wishing to participate in the contract must 
have substantial experience of high quality work in the Middle 
East, a successful record on major projects and must have an 
annual turnover of not less than QR 250.000.000. All such firms 
will be required to pre-quatify and only pre-qualified bidders 
will be invite d to participate. 

Applications to participate should be sent as soon as possible, 
but not later than 2nd September 197S. to: 

The Technical Adviser to His Highness The Amir, 

The Amir's Office, 

P O. Box 923, 

Doha. 

QATAR , 

The application must be accompanied by:— 

1. List of completed projects quoting value and date of 
completion. 

2. List of current projects quoting value and percent of 
completion with contract completion date. 

3. Complete financial statement (audited) for lost five years. 

4. Full details of incorporation of company, clarification oF 
relationship of any proposed joint venture and name of 
locaJ agency. Firms not supplying (his information may 
be excluded from participating. 

It 4s the intention to invite bids from a select List of pre- 
qualified bidders on or about 1st November 1978. 

Documents will then be available at 'Hie Amir's office to the 
pre-qualified bidders, price QR 15,000 for each tender. 

The tender period will be 8 weeks, tenders will be valid for 90 
days and tender and performance bonds will- be required. 

The contract period will be approximately three and a half 
years and the contract will be fixed price. 


Bemocratic ana Puniilar HepuWic ol Mama 

MINISTRY OF FINANCE 

BANQUE CENTRALE D’ALGERIE 

INTERNATIONAL INVITATION FOR 

THE PRESELECTION OF COMPANIES 

The Banque Centra le d’AIg£rie plans to acquire a 
complete air-conditioning installation (strict control of 
temperature and humidity) for its printing plant in 
Algiers. 

For the completion of this work, the Banque Centrale 
d’AIgerie will preselect qualified companies. 

The total volume of the premises involved is 10.000 cubic 
metres. 

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

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

BANQUE CENTRALE D'ALGERIE 
IMPR1MERJLE 

10, rue des FusillC-s du 17 raai 1957 
ALGIERS 
ALGERIA 


LEGAL NOTICES 


solicitor ro inc (a-Hnonm ■ a,_ Rnvai coin*. ^ 

NOTE-ADy piraon yftio in tend* To lLSSx wcU a? m 

ippow on tbr hearing of lire' said Petition 7^^, h L n^S£'r a Bd 

imi>r wrw on or WDd to ihui to tlv> K MB cS 

a&ow-namrei anile* tn writ Ini' nf hit crM,IQr w COOrfltMMOry w ,IK UPO- 
■iitcuiioa » in do TtoeVjlico^rniist *?« JSSj^ ST” 

«y "i™" or Hie MU. or M ih? rf MR 

if a firm, the naflu.- and address of the ISL- fc JZ| for 
firm, and musr bi- signed by t!k> person J^hTp/ution wlilta 

or firm, or his or ihclr SoJtd.or Uf aoyl. 

!S1^or b 4nmto,^ l o7,h C8 iM C& 
StaiJS 1 ^JnsS'JSl? !L™SL*£ pany iMOlrtng sarh copr on panuni 

to Th^aftcrwu m «* wsmtamd charge for rhr wmt. 

On lift or 19^. an tiw 1301 dw of . ASBURST. MORRIS CRISP * OO.. 


No. B8SS07 of 1978 
Ul Hu ICtGH COURT OF JUSTICE ' 
Chancery Division Cunpaafoc Court In , 


as Hurst, morris crisp a co.. 

1", TTirocmonon Avenue. 

London. E.C.i j 

Ref: CF,'SS57/I« ... I 

Tel: 91-CSS 1070. 
seHdtan for die Pcttdowr i 


ttk- Maiwr Of AJAX SUPPLIES fWELL- *li« S 

INGi LIMITED and in ibe Mailer of _ wnT g— -Ng . POrso" , JS^SS; . 18 
Tfti' Companies ah hms appear on the hearlnc of d>" “« JVtiUon 

Nri-nCE IS HEREBY t%rw thaf . musl •*« on. or send M P«*t 10. Ihe 

sw.r-rjr-'i 

justice was on ibe Sth day of Angus) I&78. nd addreS*^' Sr 

prvxoiKed co die said Coar* by PHONfS hy i»e Srwl 

DISC LIMITED wIKm- rew«ernd office is rtlStw («m« 

hit uuic .« .\ba«s House. Goner UnS. SLj^I« OT ^ LreJl or ir oned. SS 
O0-ai*id«. and thai the said 

PeUlimi U threded m tw heard More aj^^.runuH noi later Rian 

ihe Court silting Jt die Royal Courts of o'clock In tbr afternoon g[ ^ 

Jusfi..-, Strand, LfladM. WCSA 3X m ^ S-Xt tlffi- 

uic lt.ch day or October 1978, aw j any ““ W ^ 
cn-dUar or eaturihutai)' i>f the ftatd Cora- 

pnnr desirous co Kuppon or oppose Iho ■ ■ *■ 

mjkim; of an Order on said Petition • mf 

may appiar ar (be ilmc of heating. In WLUtSSl 

u.Tson or to his counsel, for rtw purpose: M : 

ami j copy ol the Pctiilnn wiR to strM » 7S4 0 SS7, a i> 

fumtsiud to the nrtdrrsiKiwd to any ere . AlWn^McauTTh/re Soe«a«i*f 

dimr or eoiitribuion- of tto uM Comnana Floor Stow* io.«S™i2.45 amilA?»od 
reQuinns inch copy on payment of tbo muaic of Johnny Hawkeawonn A Frienps. 


Bemocraac and Pognlap HepiiMic el Algeria 

MINISTRY OF FINANCE 
BANQUE CENTRALE D'ALGERIE 
INTERNATIONAL INVITATION FOR 
THE PRESELECTION OF COMPANIES 

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

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

The total quantity of trichlorethylene to be treated is 
approximately 200 kg per day. 

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

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

BANQUE CENTRALE D’ALGERIE 
BEPRIMERIE 

10, rue des FusilJ6s du 17 mai 1&57 
ALGIERS 
ALGERIA 



- No. M2SW of HRS 
In Che HIGH COURT OF JUSTICE 
QuOi-wy Division Companies Court. In 
Uw Manor of CHELM),1NE LIMITED 
an£ la the Matter of The Companies aci. 

MOTICE is HEREBY GIVEN. Thai a 
Pt-wiion for the Wlndlna np of the ahore- 
narr-.-l Company by the Huth -Coun of 
J =y ice was on ihe 14th day of Aumisi 
l sr t-.,SS* iB,ed 10 mM Court by 
PALMER Ai TO HARVEY LIMITED 
arnose regiBtered office Is situaro al A3. 
N'W- "Orth Road. London. N’l AfD. 
Wholesale Tobacconists and Con- 
fe-.Uooers. s Creditor ol the above 
Horned Company, and that ibe said 
Pi-ill Ion Is directed ro be heard before 
. . 1 9ur L *11*1011 at the Royal Conns or 

Strand. Loud an. WC2A 3LL on, 
On.- isia djy of Ociobcr 1978. and any 
creriiior or cooirlbmory of the said Com- 
puny oearous to suppon on oppose rhe 
raakinx of an Order on the kald Peilnon 
mar #Wear at the lime of hearing, in 
person or by his counsel, for Uiar pnr- 
pn*«.-. and a copy or Hie Pei lilon will be 
furnisnea by ihe undersigned to any 
er.-fllior or contributory of tin- said Com- 
pany remminj; such copy on paymenl 
Df We regulated charge for ibe same. 
^ttLEY KALM5 TRAVELL 4 CO.. 
M. London Road. 

Sown end oo Sea. 

Buex. SSI 300. 

JW: DW/RDTCT/480 
fffiWt KH55 

SUfettors tor ihe Pernioner. 
XOTE— Any person" who imerids 10 
appear on the benrins of ihe said Petition 
muxi sfirve on, or send by pus! io. the 
3 Pure-named entice In wrtilnn of bis 

inicnuon so. tn do. TTie nonce musi Male 
the n ame and address of ihe person, or. 
if a t urn , ftui name and address of ihe 
firm, and most be aimed by the oerson 
^ or their solicitor (if anyl 
ana nwa be served, or, if posu-d. must 
.Jf.vJ* 7 w* 1 wfficiom time to 
ream the above-named not laU-r than 
*®*ck 18 die attemoon of the 

t3ib day of October iW8. . 

, . Mb. M2443 of 1978 

la the HIGH COURT OF JUSTICE 
u “Triton Companies Coutl In 

■ tho ,h?« e £ 01 SUerehn limited and 

01 ™ E COWPASIES ACTS 

'i 1 * KRE » Y GIVEN, that a 
w,ttJlni! °P o* (be abore- 
named Company by (be H3^ Court of 
jusuc e waB y ibe 2i s[ d „ of Ancua 
said Court by THE 
SECRETARY OF state for TRADE 
5? eet ' Loodoii. S.W 1. and 
S.ni Pvndon is directed io be 

** Coon silting ai the 
*?T ru "f Strand, London. 

! *> ** ifitb doy of Oeiotor 

contributory of 

desirous m support or 

SS rt ft.SS«i Qa,tlB8 01 an 0rter m 

m iwn&f 00 mair an l** r 41 the lime 
for that purpose; ate a.eopy ol the 


Petition Hill be furnished by the under- 
signed to any creditor or coutributory of 
the said 'Company roquirtnc sucb copy 
on payment of the regulated charge fbr 
the same. i 

TREASURY SOLICITOR. 

Matthew Parser Street, 

London. S-W.I. 

Solicitor for ibe Petitioner. 

NOTE— Any person who intends tn 
appear on tbe beanne or the said Pcboon 
must serve on. or send by post to. Ihe 
above-named nonce in writing of bis 
Intention so to do. Tbo notice mam 
stare the name and address of the 
person, or. |T a Arm tbe name and 
address of the firm and must be signed 
by LBc person or firm, or bis or ihelr 
ibticilor (J anyt and must be served, 
or. if posted, rausi be sew br post tn 
sufficieoi time io reach the above-named 
not laicr than four o'clock in the afternoon 
of the 13th day of October 1978. 


PUBLIC NOTICES 


BIRMINGHAM COUNCIL BILLS 
The £&<n ninety-one Bay Bills were 
Issued today with maturity on the 23rd 
November. 1978. Application! totalled 
£3 9m. The minimum price accepted was 
£9776i?*i. The average rate of dis- 
count was S.96A6*,. The taut Bills out- 
standing is £20m. 


ART GALLERIES 


FIELDBOURNE GALLERIES. 63. Queens 
Grave. Sr. John's Wood. 586 5600. 
LANDSCAPES by Royal Audomictans- 
MARSLE Carving* YOMA SaSBURGH. 


FINE ART SOCIETY, UB. New Bond 5L. 

W.l. 01-629 5116. SUMMER EXH1BI- 
. TION. 


MALL , GALLERIES. The Mall. S.W.1. 
UNITED SOCIETY OF ARTISTS ANNUAL 
EXHIBITION.. Mon -Fri. 10-S. Sat. 10-1. 
Sun. 10-5. Until Aug. 5!sL Adm. 200- 


MALL GALLERIES. The Mall. S.W.1. A 
Special Exhibition ot works by die mem- 
bers ol the ROYAL INSTITUTE OF 
| PAINTERS IN WATERCOLOURS- Mon.. 
FrL 10-5. Satfc. 10-1. Until Slit Aup. 
Closed 2 6th bo 2Bth Aug. Adm. free. 



OMELL GALLERIES- F'HC British and 
French MODERN DRAWINGS and 
Modern British MARITIME PICTURES. 
42, Albemarle Street. Piccadilly. W.l. 


COMPANY NOTICES 

SOCltre CIVILE DES 
PROPRIETAIRES D'OBLIGATIONS 
7i°b 1977-1982 de US S 1.000 
de la BANQUE NATIONALS DE PARIS 
(hereafter referred to as “ Sociece Civile ”) 

Siege social ; 16. boulevard des Icaliens. 75009 PARIS 

CONVENING NOTICE 

The general meeting of holders of the US S 1.000 floating rate 
notes, due 1982. representing the US S 50 million loan which was 
issued ouaide France by the BANQUE NATIONALE DE PARIS, 
is hereby convened in accordance with the articles of association 
and article 314 of the law no 66.537 dated July 24. 1966. on 
20 September 1978. at 2.30 p.m., in Paris, 8- rue de Sofia, in order 
to deal with the following agenda : 

1. Confirmation of the appointment of the first two Directors 
of the “ Societe Civile ". 

2. Designation of the place where the attendance register, the 
minutes of the meeting and its appendices are to be deposited. 

In order to attend or to be represented ar the meeting, bond- 
holders must, at least five days before the date fixed for the 
meeting, deposit their bonds with the banks and other establish- 
ments which cook part in the placing of the issue: these 
establishments will provide them with proxy forms in French. 

Board of directors 
BANQUE NATIONALE DE PARIS 

SOCIETY CIVILE DES 
PROPRIETAIRES D’OBLIGATIONS 
i taux d'interet variable Janvier 1977-1983 de US S 1.000 
dc la BANQUE NATIONALE OE PARIS 

(hereafter referred to as " Societe Civile "> 

Siege social : 16. boulevard des Icaliens, 75009 PARIS 

CONVENING NOTICE 

The general meeting of holders of the US S 1.000 floating rate 
notes, due 1983. representing the US S 70 million loan which was 
issued outside France by the BANQUE NATIONALE DE PARIS, 
is hereby convened in accordance with the articles of association 
and article 3H of the law no 66-537 dated July 24. 1966. on 
20 September 1978, at 2 p.m.. in Paris. 8, rue de Sofia, in order 
to deal with the following agenda : 

1. Confirmation of the appointment of the firsr two Directors 
of the " Sociece Civile ”, 

2. Designation of the place where the attendance register, the 
minutes of the meeting and its appendices are to be deposited. 

In order to attend or to be represented at the meeting, bond- 
holders must, at least five days before the date fixed for che 
meeting, deposic rheir bonds with the banks and other establish- 
ments which cook part in the placing of the issue: these 
establishments will provide them with proxy forms in French. 

Board of directors 
BANQUE NATIONALE DE PARIS 


socirre civile des 
PROPRIETAIRES D'OBLIGATIONS 
i taux d'interet variable Fevrier 1978-1984 de US S 1.000 
de la BANQUE NATIONALE DE PARIS 
(hereafter referred to as " Socfcte Civile”) 

Siige social : 16, boulevard des Icaliens, 75009 PARIS 

CONVENING NOTICE 

The general meeting of holders of the US S 1.000 floating rate 
notes, due 1984. representing the US S 75 million loan which was 
issued outside France by the BANQUE NATIONALE DE PARIS, 
is hereby convened in accordance with the articles of association 
and article 314 of the law no 66.537 dated July 24. 1966. on 
20 September 1978. at 3 p.m., in Paris, 8, rue de Sofia, in order 
to deal with the following agenda : 

I- Confirmation of the appointment of the first two Directors 
of the ** Societe Civile 

2. Designation of the place where the attendance register, the 
minutes of the meeting and its appendices are to be deposited. 
In order to attend or to be represented at the meeting, bond- 
holders must, at least five days before the date fixed for the 
meeting, deposit their bonds with the banks and other establish- 
ments which rook pa« in the placing of the issue: these 
establishments wilt provide them with proxy forms in French. 

Board of directors 
BANQUE NATIONALE DE PARIS 


J 





Financial Times Tlmrisday 'ftggust 24 T978 


Trust Officer-Jersey 

Outstanding opportunity 
with a leading Trust Company, 

Our Client, a subsidiary of a major international bank, requires an 
experienced Trust Officer to assume responsibility for the adminis- 
tration of a varied portfolio of private trusts and corporate enterprises. 

Candidates, aged 27-35, should possess the AIB Trustee diploma 
and several years’ experience in the administration of international 
trusts and managed companies. An ability to deal effectively with 
clients at senior level is essential in a position which may involve a 
certain amount of business development 

Prospects for career progression are excellent in this expanding 
company, and remuneration will comprise an attractive salary 
augmented by substantial benefits including free housing. 


Contact Norman Philpotin confidence 
on 01-248 3812 



60 Cheap side - London- E.Cphy-1 eiephone: 01-24S 381 2,3/4 


Anew city by 
the Red Sea 

Following the recent award of a contract to build a new city on the west 
coast of Saudi Arabia, the Ralph M Parsons Company are now commencing 
implementation of their proposals to a Saudi Arabian Royal Commission. 

Market Analyst 

This position involves determining the viability of new businesses to be 
incorporated in the development area and product outlets from local to 
export markets. The encumbent will also be expected to prepare package 
information to companies interested in the site and prepare a long term 
plan of action for new business development. 

We are looking for a dedicated marketer with analytical and negotiating 
capabilities whilst being a good organiser who has possibly contributed to 
a Development Corporation. {Ref. 6.2.2/FT). 

Economist 

To be responsible for preparing data packages to companies interested 
in the light/medium industrial development as well as providing support 
to the Market Analyst in the business promotion effort and preparing a 
projective analysis of the needs for community expansion. 

Experience with an Industrial Development Corporation would be a great 
asset, as would a knowledge of international related ventures. Ref. 6.2.4/FT). 

Salaries and terms will reflect the importance of both the position and the 
contract. 

Please write with full CV or telephone quoting appropriate Reference 
Number to Roy Patrick, The Yanbu Project, The Ralph M Parsons 
Company Ltd., Parsons House, Kew Bridge Road, Brentford, 
Middx. 01-568 5051. 



, Rt " 


Ralph M. Parsons 


Top analysts are a rare commodify... 

and we need the best we can get for our Westinghouse Nuclear Europe’s Head" 
Financial Planning Department at quarters in Brussels. 


Senior Financial Analyst 


with a university degree in Business and, 
at least 5 years solid experience in his 
chosen field indudng minimum 3 years 
ol practical e*penence in financial acti- 
vities. preferably with a corporation ap- 
plying US systems. Successful perfor- 
mance in this demanding job will require 
skill at and enlhusiasm for analyzing 
and solving varied business problerns. 
Fluency in any foreign languages will be 
considered an asset. 

The successful applicant will support our 
‘Manager Financial Planning in pre- 
paring all financial plans and forecasts 
for our Company. Specific tasks and res- 
ponsibilities involving our future Senior 
Financial Analyst include the prepa- 
ration ol our annual Financial Plan & 


Strategic Plan, the monthly forecasts of 
income statement and balance sheet, 
Cash Forecasting, analysis of monthly 
financial results, calculation of our Cost- 
ing Rates, financial evaluations and 
maintenance ot the Company Budget 
System. 

Considering the very high standards 
.applied, we are prepared to offer ex- 
cellent salary terms and numerous 
fringe benefits for demanding but re- 
warding work in an international corpo- 
ration involved in one of the most chal- 
lenging fields of human endeavour: 
nuclear energy] 


Flease forward applications mentioning -Simonne Henrard. 


reference Pi 6 with full particulars to: 


Senior Personnel Officer. 
Westinghouse Nuclear Europe, 
ruede Stalle 73. 

B-1180 Brussels (Belgium). 



Westinghouse 
Nuclear Europe 


retired 




Dealer 


Our clients, an authorised bank, wish to recruit a 
Foreign Exchange Dealer tor their smalt Foreign 
Exchange operation based in the City of London, . 
Appecants must have substantial experience and 
know all aspects of Ihe work. 

The post should suit a person seeking a lower level 
of activity as a prelude to retirement or someone 
who has retired early and finds the inactivity 
uncongenial. 

Salary e negotiable and our clients are prepared to 


be flexible overworking hours. 


Ref;AI3669 


REPLIES will be forwarded direct, unopened 
and in confidence fo the client unless addressed 
to the Security Manager fisting companies to 
which they may nor be sent. They should include 
comprehensive career details, not refer to 
previous correspondence with PA and quote 
the reference on the envelope. 


PA Advertising 


Hyde Park Home. 60 j kn'njhtsbridBe, Liindun SVV1X 7LE. Tel: 01-233 W 60 Telex: 27874 



A member & PA t-y-rrsHcral 


ui ii II in 


FINANCE MANAGER 

Herts CE10.000 -r car -f benefits 

Reporting io Ihe Managing Director end assuming overall 
reSDonnOiiity for ihe financial control and management infomnemon or 
the division, ihe Finance Manager will tea feeding member of the 
manaaement team. He cr she will supervise c substantial staff, 


planning aspects of the principally computerised systems. 

A division of one of Sritc'n's most successful major engineering 
©roups our client has a turnover cf £35 miiiiGn. A recent group, 
restructure is reflected in increcsingprarrtabiiiiy. Applicants should be 
qualified accountants, probably eged 30-35. wHhmanufactunr« ana 
staff management experience. Please telephone erv/ntefo Stephen 
Blaney, B.Comm., ACA, quoting reference / 1755. 


EMA Management Personnel Ud. 

Burne House. 88/B9 High Hal bom. London, WC1V 6LR 
Telephone: 01-2427773 



I . Charles Barker I 

i Confidential Reply Service 

Please send lull career detain end Est separately companies to wfccft we should 
forward your reply. Write ate reference number on the emdepe and 
post la our Lender? dirts, 30 Farringdon Street. 

London £C-!A 4EA. 

Captive Insurance 
Management 

New company- Director level position 

Our clients are a well known publicly quoted service company with an annual "V 
turnover approaching £400 million and a staff in excess of 15,000. They now 
wish to recruit a suitable person who. as their Captive Insurance Director will 
be required to establish and thereafter manage a new captive insurance 
company based in London. 

The post will require dose liaison with both brokers and the group's existing 
insurance function, and additional responsibilities will -ultimately extend to 
fund management and finance leasing. 

Candidates {male/female) must have a proven record in captive insurance 
and re-insurance; must be able decision makers, and be willing to take the 
business initiatives and accept the responsibilities associated with a success- 
ful and rapidly expanding group of companies. 

This is seen as a very senior post and both the salary, which is completely 
negotiable, and the benefit package including car will reflect this importance. 

Please quote ret 1497 


ZAMBIA NATIONAL 


COMMERCIAL BANK LIMITED 

(Incorporated in Zambia) 

i BANK INSPECTORS/ ACCOUNTANTS 

t 

Several vacancies exist in our Inspection Department in 
Zambia. Applicants must have A.IJ3. Diploma or equivalent. 
Minimum of ten years’ banking experience with reasonable 
experience in Inspection, Audit and/or Branch Accounting. 
Attractive and competitive salaries offered depending on 
qualifications and experience. Other benefits include 25% 
terminal gratuity on completion of three-year contract and 
the usual tur fares, education and baggage allowances and 
housing at low rental. 

Applications in own handwriting, stating age, marital status, 
experience (with copies of professional and educational 
qualifications) should be addressed to: — 

The Manager, 

Zambia National Commercial Bank Limited, 

Zimco House, 129-139 Finsbury Pavement, 

London EC2A 1NA. 


Financial PR 


We are a major independent 
public relations consultancy with 
many nationally-known financial 
and institutional clients. We wish to 
recruit another financial public 
relations consultant who will be 
responsible for their own portfolio 
of clients. Candidates aged between 
28 and 35 should have a “City” 


background, preferably with public 
relations experieaoe. This is a senior 
position which carries an excellent 
salary and fringe benefits. 

All replies, which will be treated 
in strict confidence, to: Michael 
Medalyer. Managing Director, 
Shandwick PR Company Limited, 

51 Green Street, London W1Y 4BT, 


Shandwick 


i 


A prominent Engineering Company a member of a well known 
U.K. Public Group, is appointing a 


MANAGEMENT ACCOUNTANT 
c. £8,000 


-A qualified Accountant(ACMA)is sought, probablyaged under 30 and having 
several years experience in an engineering company known for its systems 
and procedures. Line experience- in a management accounting role is 
essential. Location-Thames Valley. 

Please send full details, mentioning reference PV.to: 

Christopher Gold 

Executive Dynamic's 

JVlar-iageTsne Ssar-eri Si Selection Consultants • 

23a High Street, Hemel Hempstead, Herts. 

This vacancy is open to Male and female applicants. No details will be passed to our client 
without prior permission. 







Banking 


AIB. 


As a resdtofour continued expansion we. ' 
jequire additional staff to join the teams of 
executives in our Finance Division providing terra 
lendingand equity finance to indnstrialasd 
commercial corporate clients. 

Young bankers especially graduates aged 
under 26 who have completed or are in the final ; 
stages of completing the examinations of the 
Institute of Bankers should find the positions 
particularly challenging. Some experience of 
charged security and advances work generally 
would be an advantage although not essential* 
Career prospects are excellent for the right 
candidates and a competitive remuneration 
package will be offered. 

Applications incorporating'aCaiTiculum 
Vitae may be made in strict confidence to 
David Woodward, Personnel Manager, 

County Bank Limited, 11 Old Broad Street, 
Loudon, EC2N IBB, Telephone; 01-638 6000 


County Bank 

A member of tb« Notional Westminster Bank C'Ouy 


CHIEF 

ACCOUNTANT 

(DESIGNATE) 

SOUTH WALES 

£7,000 + PLUS CAR 

CATNIC Components Ltd. is .t young. growing organisation 
enraged in manufacturing components for the building 
industry with turnover approaching £15. million. .Head* 
quarters are in Caerphilly, Mid Glamorgan-. - • 

Thv successful candidate will play a vital rde in the 
development and operation of the company's control systems.* 
The ability to ensure the smooth operation of the Accounts 
Department together with the appreciation of the importance., 
of accurate and timely reporting are prime requirements. 
Responsibilities will cover the full financial accounting, 
reporting and control systems within a computerised environ- 
ment. Applicants, probably 35 -K must hold a professional * 
accounting qualification A.C.A., A.C.M.A.. A.C.C.A., and must 
have substantial experience within industry. Opportunities' 
for advancement will exist within the group. Relocation, 
expenses will be- met if necessary. .., * 

Write 'with a brief curriculum vitae to.'— 

PETER MORGAN. 

Group Financial Controller, 

Catnic Components Ltd.. 

Pontygwindy Industrial Estate, 

Caerphilly, Mid Glamorgan CF8 2WJ. 

Telephone Caerphilly (0222) S85955. 


• 1 :lr' :■* 




An A. J. Gooding Group Company 


Belgian Contractors Company involved in the 
construction of a three-year major project in. 
Saudi Arabia offers a challenging opportunity for a 

MANAGER 

FINANCE 

Preference will be given to an aggressive • 
individual who has at least five years' experience 
relating to the building construction industry. 

A thorough command of English is a must. 

The Saudi positions generally require a four-month 
stay on single status or an 11-month stay on 
married status. 

Highly competitive salaries are offered, coupled 
with, comprehensive fringe benefits. 

Long, demanding work hours and the limitations 
of camp life are standard conditions. 

If you are looking for personal and professional 
growth, then send resume immediately to: 

Universal Media, Chaussee de la Hulpe 122, 

1050 Brussels. 

who will forward. Please mention the reference 
FT/524 on the envelope. renw 



Money Management 
Journalist 

MONEY MANAGEMENT, a Financial Times 
Publication, requires a journalist with a know- 
ledge of insurance and personal finance to write 
on this monthly magazine. 

He or she will be expected to both participate in 
the writing and future planning of articles and to 
assist with the general production of the magazine 
The successful applicant should be able to 
demonstrate from recent experience that he or 
she has the ^self-confidence, ability and knowledge 
to work with the minimum of supervision. 

Full details of your experience should be sent to : 

The Editor, 

MONEY MANAGEMENT, 

Grey stoke Place, 

Fetter Lane, 

London EC4A IND. 









1 

’I’OrinJ*. 

! -V /Uw 

i)’ ^liaij 
U41 ^iiV 

\ , . o 


1 S f !» 

v* n ? 


I 6 v s J ri. 


*-•* v n s 


■ ^ ^ WALES 


#■**«£ lg & - f j 


Tit*-' .±'.-£ '-:. 


>^VsS-0 


^.XbianeW Times Thursday* August 24 1978 


A British publicly quoted medium ^ized Company (T.O. £40m) 
with Wholesale and Retail interests in the leisure industries 

requires a 

Financial Controller 

This is an exciting opportunity brought about by the rapid expansion of 
this well-known group and its substantial Retail and Wholesale interests, 

A high level of professional and managerial ability is required to reorganise 
and consolidate the financial management of the group. There is an excellent 
career potential within this widespread group in both financial and general 
management for an industrially minded and thoroughly- reliable financial 
executive. 

Substantial Retail and/or Wholesale financial management experience is 
essential — early availability desirable. 

West London Age 35 - 45 Salary c. £15,000 + car 

Applicants vOto match these requirements should telephone quoting Ref: CW 
'oith a vie is to attending an early mterviao. 

jYj Robin R Whalley 

m INTERNATIONAL APPOINTMENTS (LONDON] LTD. 


DEVELOPMENT ACCOUNTANT 


International Bank 


Overseas CE8000 + 

major benefits 

fn conjunction with the worldwide expansion of its activities, our client is 
offering a unique opportunity for an accountant to assist in the establishment 
of new bank brancfiesgverseas. 

T ravelling on assignment i n Europe, the FarEast and South America, 
responsibilities will include the design and installation of management 
information systems, developing operation proceduresand controls and staff 
recruitment. 

Aged 24-27, the Ideal candidate (male or female) is likely to be a 
graduate qual ffied accountant and systems or audit experience gained in 
banking or finance will be particularly relevant. 

This challenging and demanding appointment, involving 
considerable travel, cxxnrnands an attractive salary together with a 
comprehensive range Dt fringe benefits which include profit sharing. low 
interest mortgage facilities, accommodation and homeleave allowances. 

Please telephone or write to David Hogg ACA quoting reference 1/1726. 


(ExeciOu-c Rtxruitmeni Consultants) . - I Telephone: 01-6296867:6 

Colder House, 1, Dover Sf/vet, London WiX 3PJ. i Cabhr huerappt. London 1W. 

Licensed in tfie United Kingdom in accordance with die Employment 
Agencies Act 1373 No* SE( A ) 1416 



MTERNATIOML 
iraSTMMS MANAGEMENT 

v 

We are looking for an individual with a braid "Under- 
standing of the major fixed interest and equity 
markets. 

.The successful applicant will report to the' Assistant 
General Manager, Capital Markets Division ;ahd will 
be. involved in the monitoring of clients’ investments 
and the submission of proposals and advice. 

Applicants should have a flair for reading - market 
trends in the securities, markets and a basicrunder- 
^standing of the foreign exchange markets. ■■■J- 
A working knowledge of German or French would 
be an advantage. j.-.. 

Further details of the appointment can be obtained 
from Mr. J. E. G. Lundqvist (telephone 01-709 0565). 
An excellent salary will be offered, as well as fringe 
benefits appropriate i;o banking, which include non- 
contributory pension scheme and house loans at 
concessionary rates. ;• 

‘ ' 

Applications with full C.V. should be sent to: — 

H. E. CHILD, Personnel Manager, 

Scandinavian Bank Ltd., 

36 LeadenhaU Street, LONDON EC3A 1BH. 


FX CLERK 

£4,000 + 

Ring Mr. Robson* 
C.B. PERSONNEL 
CONSULTANTS, 
01-493 5641. 


EMA Management Personnel Uch 
Burne House, 88/89 High Hoi bom. London. WC1V 6LR 
. Telephone: 01-242 7773 


Finance and Contracts 
Managessient 


N 


\fosperThomycroft (UK) Limited is a 
world-leader in the design end 
development of sophistical ed surface 
warships and support services. Aswell 
as MOD contracts, a large proportion 
of Its sales and services (turnover 
about £1 00m) relates to overseas 
contracts. Many are of considerable 
sizeand span several years from 
enquiry to completion. 


General Manager- Finance 

You will report to, and be Deputy for, the 
Finance' Director and be responsible 
for the management of the accounting 
function. . 

A qualified accountant, you must have 
several years' experience in industry. 


preferably heavy engineering. It is 
unlikely that you are under the age of 
35 and earning less than £9,000 pa. 
Reference PD/08/01F. 

Contracts Finance Manager 

Vbu will report tothe General Manager 
-Group Contracts and be responsible 
for the acquisition of finance and the 
administration of the Company's Credit 
Insurance Policies for Export Contracts. 
This senior post carries considerable 
responsibility and requfresthe ability to 
work in dose cooperation with others 
at a senior level both within the 
Company and fn Government 
departments and financial institutions. 
Limited overseas traveWs involved. . 


Aged between 30 and 40, you are 
currently earning around £7,000, 
literate and numerate, and have 
experience of credit insurance and 
financing of capital goods contracts in 
export markets. Reference PD/06/02F. 
Benefitsindude competitive salaries, 
company car, pension and fife 
assurance, BUPA,and generous 
relocation arrangements. 

Please send full career details, quoting 
appropriate reference, to: Personnel 
Director, VosperThomycroft (UK) lid, 
Fareham House, East Street, Fare ham, 
Hants. 



© DIRECTOR 

OF LENDING 
HONGKONG 
£ 20,000 

Expanding Far East Merchant Bank with 
substantial capital resources and excellent reputa- 
tion intends to recruit a Director of Lending. - 
Salary negotiable to £20,000 (equivalent) 
free accommodation and significant financial 7 
benefits. j 

Candidates, aged 35-45, will have bre^d inter- 
national lending experience and cujrentJy be 
working at or near board level. They must be 
able to command the respect of an twisting high 
calibre team. (PW.486) .4 

Candidates should write brief iy and tin confidence 
to the Managing Director, Executive Appoint - 
ments Limited, 78 Grosvenor Street, London W.1, 
quoting reference. No identities divulged without 
permission. f 


GILT-EDGED 

EXECUTIVE 

An expanding Gilt-Edged Department requires an experienced 
Executive to assist with the servicing of new and existing 
institutional clients. An actuarial or mathematical background 
is preferred. 

App/icetions'in strict confidence to: 

The Manager 
CAZENOVE & CO. 

12, Tokenhousc Yard, London EC2R 7AN 
01-588 2828 


NEWLY QUALIFIED 
ACCOUNTANCY 

APPOINTMENTS 

21st September 

Tihe Financial Times proposes publishing three- 
pages of Newly Qualified Accountancy Appoint 
ments on 21st September, following the 
publication of the results of the Finals 
Examinations. 

If you are expecting to Qualify, the Financial 
Times intends to publish the widest possible 
range of opportunities open to you. 

If you are recruiting "Newly Qualifieds” the 
advantages of advertising in the Financial 
Times are considerable— the cost is £14 per 
single column centimetre — copy can be accepted 
until the day before publication— -and the 
Financial Times has established an enviable 
reputation in this -field. ...... 

For further details, including reprints of 
previous features, contact: 

James Jarratt 

on 01-246 4601 (direct line) 
hr Ql-248 8000 ext. 5S8 

HNMOAL1XMES 

EUROPE^ BUSINESS NEWSPAPER 




Caribbean 

'.V 

Financial Director 

Negotiable Salary +. benefits 


Our Client is 3 long established and successful private 
, company based in Kingston, Jamaica. Its interests cover a 
' broad spectrum of engineering including construction, 
faBuication and agenting. Reporting directly to the Chairman, 
th ^successful candidate will be expected to play a vital role 
\ in controlling the total financial affairs of the business 


including advising on the next phase of the company’s 
development programme. Candidates aged 30 - 45 will be 
qualified accountants, preferably ACA with a number of 
v ears industrial experience, some gained within an overseas 
appointment. This permanent position offers substantial 
benefits including generous annual paid Jeavc to the UK. 


G. SaNc, Ref: 29172/FT. 

Please telephone in confidence for a Personal History Form to: 
MANCHESTER: 061-236 8981, Sun Life House, 3 Charlotte Street, Ml 4MB. 


Executive Selection Consultants 

BIRMINGHAM, CARDIFF, GLASGOW, LEEDS, LONDON, MANCHESTER. NEWCASTLE and SHEFFIELD 


Anslandsemissionsgescliait 

Dokumentation 

Euro-Bonds, Private Placements 


"Wit sflehen fur den weiteren 
Ausbau des Auslandsemissionsge- 
schafts einen verantwortlichen 
Mitarbeiter Der Bewerber sollte das 
im Zusammenhang mit der Begebung 
von JEuro-Emissionen (Euid-DM Public 
Issues and Private Placements) anfal- 
lende Veitragswerk beherrschea 
bzw. in der Lage sein, die damit 
verbundene Dokumentationsarbeit . 
selbstandig vorzubereiten und abzu- 
wickeln. 

Eine mehijahiige IStigkeit in 
diesem Bereich bei einer Geschafts- 
bank, einem Emissionshaus Oder einer 
enlspiechenden Anwaltsfirma ware 
die ideale Voraussetzung. 


Fur die mil dieser Aufgabe 
verbundenen Verharidlungen und 
VertragsgestaJfungen sind gute 
englische und deutsche Sprachkennt- 
nisse sowie juristisches Verstandnis 
erforderlich. E s handelt sich um eine 
verantwortungsvolle Position, die 
entwicklungslahigist 

Die Bezahlung richtet sich nach der 
Qualifikation des Bewerbers und der 
Bedeutung der Aufgabe. 

Bewerbungen niit aussagekraftigen 
Unterlagen sind zn nchten am 

Bayerische Landesbank Girozentrale, 
PersonaiabteUung'Biienner StraBe 20, 
8000 Munchen 2, WestGennany. 


Accountancy/ 

Bookkeeping 

Salaries £2.000-18.000+ 

Jo-.l ling, rn lie or ca'Hor onto! our 

Free Lists 

pi <xanats iFtaKpquol«)c:t r-?l 1 

Commerce £ Indotry fUK OltJi) 

i ri MnnoiA?oo-jis.i:ii.« 

Part-quanNed/£xperlenced 

L'-l 0T5CiL?.'>Xi-I5.i»j 

The Prof Ration 0‘Air-‘. 

Li rPflOt'i- '.OG-iMijf' 

1 S 1 Jff 

Tel: 01-638 3833 ra:<,r. 


Management 


A leading Gty merchanl bank with a large and 
expanding investment business wishes lo recruit 
an addilional member for ils Investment manage- 
ment team and is loo long Jor a young man or 
woman, aged 25-30, with severalyears investment 
experience, gamed in an investment management 
organisation, or a stockbrokers office. 

It is essential that the successful candidate hns a 
reasonable knowledge of oil aspecl s of investment, 
including some securily adrainislrolinn. An 
accountancy, economics or statistical qualification 
would be an advantage, but not essentia L 

Appli cants slrould write giving delails c>r ago and 
pastexperience.stating the names of any organisa- 
tions lo whom the application should not be 
forwarded. 

J.D. Vine, Account Director. (CRS/65) 
Lockyen Bradshaw K Wilson Limiled, 
North West House, 

319/127 Marylebone Road, London. NWl 5FLL 


LBW 

LOCKYER, BRADSHAW & WILSON' 
LIMITED 





BUSINESS 

ANALYSTS 

West End of London. 

Gulf 03 Company -- International, the European 
Refining & Marketing Division of Gulf Oil Cor- 
poration, has a number of interesting vacancies for 
Business Analysts in its Financial Management 
group. The duties involve the provision of financial 
management services to London-based operating 
management and indude the review and analysis of 
budgets, business plans and capital projects. 

Candidates should have gained a minimum of three 
years experience in a major industrial/commercial 
concern in a role that has involved a high level of 
analytical ability and senior management contact. 
.They will probably possess either an M.B.A. or a 
professional accounting qualification and are unlikely 
to be earning less than £7,000 per annum. 

If you would like to be considered for one of these 
appointments please write, giving brief details of 
age, education, job history and current salary to:— 

Mr. M. J. Thompson, 

Gulf Oil Company - Eastern Hemisphere, 
Gulf House, 

2, Portman Street, 

London, WIH 0AN . 

Tel. No: 01-4938040 (Ext. 3389) 

Applications will be handled promptly and in 
complete confidence. 





Richard Costain Limited is a maior international 
Contracting Group operating in the UK and overseas. 
We now require an additional Assistant to our Group 
Treasurer, who should be aged about 23-28, ideally bank 
trained and possessing a good all round knowledge of 
documentary Letters of Credit and Exchange Control, 
with particular reference to Overseas Investment and 
Contract Remittances. This is a challenging role that will 
appeal lo a person who is determined to succeed within 
a stimulating environment. 

A realistic salary will reflect ability and experience in 
addition 10 which there are excellent benefits and 
conditions of employment. 

Please write with brief, but sufficient career details to: 


GMIAIN 


Mr M. Clarke 
Personnel Manager 

Richard Costain Limited 

1TI Westminster Bridge Road 
London, SET 7UE. 


T.’V': J. * • -;Vw 

Jonathan Wren • Baifki rig Appointments 

ISMi I hi- pcrsonm-l con^ultancv dealihfrexdii>i\clv wiiK'the Han long proft-ssion 


CORPORATE FINANCE 


£10,000i 


Reed Executive 

The Specialists in Executive and Management Selection 


Finance Director 

(Designate) 


Dublin 


to £10,500 -bear 


Vertical expansion to maintain competitive activity has created this position within 
a new Division of a well-respected, private Group involved in passenger transport 
operations. Reporting to the local Managing Director and the U.K. Main Board, you 
will be responsible for initial systems implementation, establishing and maintaining 
management information and control procedures, development pfenning and fore- 
casting together with support and advice on financial matters' to other senior 
management. Candidates should be qualified Accountants between 30 and 40, 
with proven management ability in a manufacturing environment and prepared to 
contribute fully to Company development. Removal expenses are available as 
required. 

Telephone 021-643 7226 (24 hr. sendee) quoting Ref: 1463/FT Reed Executive 
Selection Limited, 6th floor. The Rotunda. Birmingham B2 4PB, . . 

The above vacancy is open to both male and female eancftfeies. ' * 


London Birmingnam "Manchester Teeos 


Our client, a merchant bank with a first-efass and long-standing 
international reputation, seeks an additional executive to work within 
the Corporate Finance Department of its London Office. 

The successful candidate, aged 26-31. will be involved in developing 
the bank's activity in London, with particular reference to the provision 
of advice to major corporate clients in the field of international financing 
and currency management. The post demands a high degree of personal 
motivation and flair, coupled with a minimum of 3 years experience 
within an international merchant banking environment. A good working 
knowledge of at least one European language would be a great asset. 

The right candidate will find that this opening offers very considerable 
growth potential. 

CONTACT: Richard Meredith or Ken Anderson 


CAREERS IN BANKING 

Jonathan Wren & Co. is the leading and longest established consultancy 
specialising in banking appointments. Our assignments include senior 
and middle management appointments in all specialist areas of banking, 
in addition to a wide range of junior and senior clerical positions. 

Our consultants are currently handling a total of over 300 vacancies; 
obviously only a small number of these can be advertised. If you are 
looking to further your career in banking but do not see a suitable 
appointment in our regular advertisements, you are nonetheless 
welcome to telephone Ken Anderson, or any of our consultants, to 
discuss your requirements. 


170 Bishopric London EC2M 4 LX 01-023 1266/7/8/9 






Merchant Banker for Hong Kong 


Hill Samuel & Co. Limited is expanding its 
activities internationally and as a result, an 
opportunity has arisen for a three year tour in 
our subsidiary in Hong Kong. 

Applicants should have had several years of 
experience in finance, preferably in the corporate 
finance department of a merchant bank, in. 
addition they must be able to demonstrate 
initiative, self motivation in a small team, sound 
commercial judgement and a high degree of 
analytical ability. The right person will probably 
be 26 to 34 years of age, will be a graduate or full 

R. C. G. Gardner, Chief Personnel Officer, 

Hill Samuel & Co. Limited, 

100 Wood Street, London EC2P 2AJ. 


member of a professional society and, preferably, 
will have gained a post graduate qualification 
such as an MBA.. 

The successful applicant will spend 
approximately six months in London before 
taking up this appointment in mid 1979. 

An excellent salary together with other major 
fringe benefits including free accommodation, 6 
weeks animal home leave with feres paid and a 
non-cantributory pension will be provided. 

Please write with full career details as soon as 
possibleto: 


All applications will be treated in the strictest confidence. 


Project lending 
officers for the 
-Middle East— 


We eve anxious to identify highly skilled lending 
officers who will analyse, recommend, negotiate and 
ad mi n is t e r long term, low interest loans which will 
contribute to the financing of private sector e con o mi c 
development in one of the longest oil producing dates 
in the Arab World. 

Their expertise, which must be international, will 
cover the analysis of proposed projects, their technical 
and market feasibility, the preparation of loan 
proposals and the negotiation of agreements. They will 
also be expected to administer existing investments and 
to provide recommendations to improve the 
performance of project companies. 

The required background would include a university 
degree followed by credit training in an established 
financial institution and a mi nim um of two yean 
lending experience with a commercial, merchant or 
development bank. As the officers will be based in a 
Middle Eastern capital, they should expect the hard 
work and challenge of a stimulating appointment with 
a tax-free salary and benefits generously calculated to 
compensate for a 2-3 years overseas posting. 

Candidates must be fluent m English. 

Please send full details of career background and 
telephone number which wall be treated in confidence to: 

Box 21 51, Gould and Portmc ns Lid., Caroline House, 
55-57 High Holbom, London. WC1 V 6DX, England. 


■’ Chief 

Accountant 

Mayfair 

c.£8,000 +car & bonus. 

A service-based public group, turnover £5m, 
with market leadership in its sector seeks a 
qualified accountant to head a small team, 
covering the accounting and EDP functions. 
The post reports to the Financial Director. 
There is particular scope for contribution in 
information systems development and staff 
training. 

Candidates should be qualified accountants or 
ACIS, aged 27-33 or say 40-55. Prospects for 
either group will be good (but different). 
Experience of staff management, performance 
reporting, pure accounting and EDP systems „ 
is essential. 

For a fuller job description write to John 
Courtis & Partners Ltd., Selection Consultants, 
78 Wigmore Street, London, W1H 9DQ., 
demonstrating your relevance -briefly but 
explicitly, and quoting reference 7019/FT. 
This is an equal opportunity appointment. 

•...ra?p. 


FINANCIAL DIRECTOR 
DESIGNATE 


LONDON 


cJE 9,000 


For fast expanding unquoted public company operating in 
a diversity of computer oriented activities both in the U.K. 
and overseas. 

The ideal candidate is a qualified accountant, early 30s with 
at least live years' experience in industry ur commerce 
and well versed in management accounting techniques. The 
position reports directly to the chief executive of the group. 

Salary circa £9.000 plus car and usual fringe benefits. 

Replies, with curriculum vitae, to:— 

Maid men t Posner Consultants, 

78, Wimpole Street, 

London, W.l. 

Reference CS4. 


PUBLIC ENTERPISE: 

RESEARCHICONSULTING 

An entreprencDrtal economist with practtcil experience relevant co studies 
public enterprise in in intemscioiul context Is required co jeta i small 
growing unit of s major consulting group. 

He or she will be Interested in helping to build uptm ■ series of studies 
for International institution! and government bodies extending the scope of 
the research through assignments and work on a regular publication. 

The unit also undertakes assignments In manpower ind employment policy. 
The successful candidate wji| be inte-elted and capable of taking commer. 
cial as well as profenionat responsibility and be concerned with tlw further 
development of the practice— both in terms of the utility of the work 
undertaken and of personal reward. 

The conditions of employment are attractive. Salary win be negotiable 
'depending upon ability md experience. 

For further detail i telephone or wrfto to: 

William Keyser or Tim Sharp at 
METRA OXFORD CONSULTING 
Kenningt on Road, Kcnnington, Oxford OX1 5PZ 
(Tel: Oxford 730701) 


INVESTMENT 

MANAGER 


Fidelity Management are seeking an experi- 
enced Investment Manager for its London 
Office. An opportunity arises for a man or 
woman who has had several, years’ solid 
experience of managing internationally 
diversified portfolios on behalf of institutions. 
Specific responsibilities will include coverage 
of the major Continental European markets 
with special emphasis upon equities. This is 
an opportunity to join a major investment 
management firm at an exciting time in the 
development of its international business. 
An attractive compensation package to 
include salary, bonus, pension and other 
fringes is wide open to negotiation. 

Applications, which will .be treated with the 
strictest confidence, should be submitted 
to: — 

Jim Tonner, 

Fidelity Management & Research (ILK.) Ltd., 
64 Cannon Street London, E.C.4. 

(Tel: 01-248 4891.) 



WOOD, MACKENZIE &GQ 

Members of the Stock Exchange. 

INVESTMENT ANALYSTS 

Vacancies foe investment analysts have arisen in our established 
Research Department in (he following areas of specialist 

Sector coverage:- 

INVESTMENT TRUSTS 
COMPOSITE INSURANCE 

Experience in the respective industries or as an anaWst covering 
the financial sector would be suitable but we 3re wining to 
consider persons with a more genual background in 
investment analysis. 

In addition to a fully competitive salary the firm operates profit 
related bonus, contributory pension scheme and luncheon 
vouchers. 

Location will be with the existing Research Department in 
Edinburgh. 

For further information write or telephone for ail application 
form 10;- 

Mrs. AG. Fisher, Personnel Administrator, 

Wood. Mackenzie & Co-, Erskine House, 68-73 Queen Street, 
Edinburgh, EH2 4NS. 

Tel: 031-226-4141 



GENERAL MANAGER FOR 

SAUDI INVESTMENT COMPANY 

Basic compensation U.S.$50,000 p-a. 
tax-free, plus usual other- benefits j 

Incorporated earlier this year by prominent Saadi 
businessmen and Investors, the company seeks an experienced 
banker to develop its potential The company will coUaboratie 
closely with an international bank iq which it is a share- 
holder. The General Manager will be fully responsible for 
the development of aU activities, including: 

— financial and investment advice; 

— identification and development of viable 
projects in the private sector; 

— marketing .and promotion of sound financing 
proposals. 

The Ideal candidate would be in the 30-45 age group, 
resourceful and marketing-oriented. In addition to a sound 
knowlege of banking operations, experience in international 
banking is essential. Previous residence in Arab countries 
is desirable but not essential The candidate's interpersonal 
skills will be decisive. 

All applications will be treated In strict confidence and 
should be addressed to: 

Box A.6447, Financial Times, 10. Cannon Street EC4P 43Y. 


COMMERCIAL LAWYER 

A successful and expanding London-based Inter- 
national Merchant Bank requires a Commercial 
Lawyer to head its Legal Department. 

This is a Senior Executive appointment which will 
suit a lawyer with imagination and a flair for 
commerce. The successful applicant will have a 
professional background and a thorough under- 
standing of mergers, acquisitions and corporate 
reorganisations. Stock Exchange and Exchange 
Control regulations, general company and banking: 
law and corporate lending. Some tax and/or shipping 
experience would be an advantage. 

The appointee’s primary responsibilities will be to 
advise the bank’s Corporate Services department and 
to help structure deals and transactions. He or she 
will also be required to recruit a legal assistant for. 
drafting and litigation work. 

This appointment offers an exciting opportunity for 
the right person, with generous salary and a com- 
prehensive range of benefits. 

Please reply, in confidence, to Box A.6448, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


OVERSEAS T 
DEVELOPMENT 

KNOW-HOW:vitaltodevdoping countries 


Chief Accountant 


Far Farmers Services Company. To be. responsible for budget preparationisiores 
management control; company borrowing and investment policies: maintaining 
relations with external financial agencies; preparing company financial 
and analysis reports, accounting procedures, cost accounting and cost 
system. Applicants should be qualified Chartered Accountants with at least 10 
years successful experience in commercial organisation (experience m retail attri- 
bution company afao important). They should be able to demonstrate proven 
ability to establish, operate and maintain company accounting and management 
systems, and also to be good administrators. Age over 35. . 

Appointment 3 years. Salary to be arranged plus variable tax free overseas allowance 
in range O.Q3JW6.490 pA. (Ref. 328 D). 

The post is wholly financed by the British Government under Britain's programme 
oF aid to the developing countries, in addition to baiic salary and overseas 
allowances other benefits normally indude paid leave, free family passages, 
children's education allowances and holiday visits, free accommodation and medical 
attention. Applicants should be citizens of the United Kingdom. 

For full details and application form please apply, quoting reference staring post 
concerned, and giving details of age, qualification and experience to: 

Appointments Officer* 

ministry of overseas development 

Room 301, Hand House, 

Stag Place, London SW1E 5DH. 

HELPING NATIONS HELP THEMSELVES 


Financial Times Thur sday AQ^a4JL978 


MATURE CHIEF 
ACCODHtAHTu 

City . 

c. 0,000 4* Cer q- llericfitx 

A major ' international group 
( T‘bver Ottm) to* retained, tu 
to recruit a nature accountant 
(not necessarily qualified J, under 
45, as Controller of its UK Com- 
modity and freight companies. 

You wHl be responsible for 20 
StaflT and all accounting and 
reporting procedures, with par- 
ticular emphasis on systems 

development and improved 
communications with wafer 
management, and have- the tech- 
nical competence to a ttfot -the 
Finance Director. 

Please contact Peter WHkbv 
PC A. at Management Appoint- 
ments Limited, . Albamirfe 
House. 1 Albemarle .. Street. 
London, W.l. <01*499 4879). - 


Ghana 



If you are bithe job market 
now wears hare to help. 
Our chants don't wait tor that 
magic advertisement to 
appear- with thoflidof 
experienced counseliinpand 
the use of our promotional 
services they get there first 


Percy COITTTS ftOn. 


140 Grand Buflding^Tafl«Sfar 
Square, London WC2. 
Not an agency but Europe?* 
most experienced job search 

organisation. 


Administrative Manager 


International Bank 


£7DOO+benefits 


As a result of promotion an opening lias occurred for an experienced 
■ Clearing Banker, ideally aged in his/her 30's with sound background of accounting 
procedures. 

The essential requirements for this appointment are previous supervisory 
experience and a thorough understanding of the day to day functions of a bank. 

Our client based in the West End, has a very impressive growth record in 
the U.K. and therefore this position will only be of interest to those who enjoy 
hard work, responsibility and seek a rewarding career. 

In the first instance please write or telephone Yvoqnc Emmenson-Fish, 

Ref. 1358. 


LlaiydChapmaa 

Associates 

123.NewBonri Street, London WlYOHR 01-4997761 


UNIVERSITY OF GLASGOW 

RESEARCH IX ACCOL'KTjtNtt '. 

Applications an' invUct from suB- 
altti qualified KriiUtulr* far jubblnttM 
In Ortotrcr. 1979 to umirrtfllui a ore- - 
sranunL' ol study aud MWttil to 
account Ins wife a view lo.MMMBlw 
01 a itK’SH (or award uf P&.D. - - 

Them are vacancies tor Me 
Students admitted in doctoral study to 
be appotnii'U 10 temporary partmine 
teaddnfi posts at a salary wlfeta fee 
ransi< or tl.MM2.Sfl? according to ttt 
and professional ctCVTKJXV. 

Applications on fee prescribed farm 
(or admission to rvttarvh studr should 
be addressed, not later Own 31 August 
1378. to Mrs. A. E. Wilson. Faealtr 
ci l-'nitr-rsav of CUsBosr. 

Glasgow. CIS SQQ. from whom farther 
pan tcu la re may be obtaiooO. 

in r> ply please Quote Ref. Ho. 
4£!uAS. 


APPOINTMENTS 

WANTED 


CITY BANK OFFICIAL, SZ. linguist. teaks 
oos.'fraiT impArt < cxnort t ImenwHoesl 
unkind. Present Salary ££,500. Writ* 
Bo« a. 64 52. Financial Time*, to. 
Cannon Street. EC4P 4BY. 


GROUP 

COMPANY SECRETARY 

(DESIGNATE) 

' • • / 

Trident Television Limited, parent company 
of Yorkshire Television, Tyne Tees Television and r 
other companies mostly in the leisure industry,, 
require a Group Company Secretary Designate to - 
operate from their London headquarters. - .. 

The successful candidate will be around the 
middle thirties with a University degree and a 
professional qualification, preferably in law. 

Salary and other conditions of /service by 
negotiation. Applications (with full curriculum 
vitae) to : 

Alan Leighton Davis.TridentTelevision Limited, 

TridenfHouse, Brooks Mews, London W1Y2PN. 


TridentTelevision Limited 


ROYAL NATIONAL INSTITUTE FOR THE BLIND 

Chief Accountant 

Our Chief Accountant is retiring and we invite applications 
from professionally qualified accountants (male or female), 
preferably chartered, aged 30-45, with some years of profes- 
sional. commercial or charitable experience, for this very 
important post. 

A practical knowledge of modem accounting methods and 
techniques together with the capacity for leadership and 
control of a staff of 24 is essential. Salary negotiable with 
excellent future prospects. Good pension .scheme with 
transferability. 

Applications, marked “ Private and Confidential— Chief 
Accountant * should give full curriculum vitae together with 
details of present post and salary, and be serit to: The Finance 
Secretary, RNIB, 224 Great Portland Street, London WIN 6AA. 
Closing date 8th September 1978. 

Candidates placed on short list for interview will be advfstd 
by the end of that month. 


/ 


CORPORATE FINANCE 

Standard Chartered Merchant Bank Limited, the United Kingdom 
merchant banking subsidiary of the world wide Standard 
Chartered Group, seeks to fill a position at Assistant Manager 
level which arises within its Corporate Finance Division, 
Candidates should be Chartered Accountants and .have some 
knowledge of corporate finance matters particularly in such areas 
as acquisitions, issues, and leasing. They would also be expected 
to have had at least two years post qualification experience in an 
appropriate field such as investigations, taxation, or stockbroking. 

The position offers good remuneration and career prospects and 
possible opportunity to work overseas in future. Applications 
including a curriculum vitae should be submitted to The Personnel 
Manager, Standard Chartered Merchant Bank Limited, 33-36 
Gracech urch Street, London EC3V 0AX. 


INVESTMENT ANALYST 

A feeding firm of London stockbrokers wishes to expend Its 
existing research coverage and Seeks a further senior analyst 
to concentrate on the publishing, printing and paper sectors. 
The successful candidate must essentially have had several 
years’ previous analytical experience and welcome an oppor- 
tunity to develop a sector specialisation whilst working in close 
collaboration with our sales team. 

He or she will be expected to maintain extensive contracts 
within the industries concerned and among financial institu- 
tions and will he given considerable freedom to exercise 
initiative. A competitive salary and incentive scheme 
participation will be paid, aod those who can meet our require- 
ments should write, giving full details of experience. In 
confidence, to Box A. 6450, Financial Times, 10, Cannon Street, 
EC4P 4BY. 




FINANCIAL TIMES 

New Business 
Development Group 

A vacancy exists m the Advertlmng Department of 
the Financial Times within the New Business Development 
Group. 

We are looking lor someone who is Interested In 
company communications, and who has a knowledge of 
economic affairs and the industrial scene. 

A large part of the applicants time will be spent visit- 
ing companies at a senior level and discussing their 
activities and marketing policies. The job therefore requires 
on aptitude to identify and research the problems of an . 
industry or company and present a reasoned case for 
improving comm uni cation lines with the use of. advertising. 
Whilst experience in advertising is not absolutely necessary, 
any applicant should be Familiar with the marketing scene . 
or have undertaken written appraisals of companies in the 
past Salary negotiable. 

Applicants should write to Anthony Wreford at;' 
the Financial Times or rins him on 01-248 8000. 

TINANCIALTIMES 

EUROPE'S BUSINESS NEWSPAPER 


GILT EDGED 

Provincial Stockbrokers with facilities in London are looking for 
somebody with considerable experience in and a thorough know- 
ledge of the Gilt Market. 

The successful, candidate will be responsible for creating and 
sSidaiSs rUnnin£ 1 °P erat ' on to the highest professional 

A realistic budget will be allocated and the person chosen, will be 
given a substantial degree of autonomy in selecting and building 
up the team. - • ’ 

The firm already has strong Institutional connections— -mainly with ■ 
an equity bias—and advises a number of Pension Funds on * 
country-wide basis. 

Write Bax A.6451, Financial Times. 10, Cannon Street, EC4P 4BY. 


JUNIOR EUROBOND DEALER 

An international investment bank located in- 
Mayfair area seeks a junior dealer with 6-12 ; 
months experience to operate in the field of 
Japanese convertible bonds. A knowledge of : 
schweizer-deutsch will be an advantage. The salary 

f ? ar0 u und pds *%■ 5 ’ 000 per annual, 

A U f^o lim w he0n ‘- Applications in writing 
to. Box A.6449, Financial Times. 10 Cannon 
Street EC4P 4BY. ’ v ’ 


TILNET & CO., Stockbrokers Require a 

PERSONAL ASSISTANT 

to a Partner in their Liverpool Office 

inform wfan. and will tavt ampl. LET*? >nd «*»»? 1 * 

umtov..** P*A for advjncZ^^TUtf fortnulal,n « *« 

Praviow experlwet wwiW be highly valued but the pom - ■ a- 

or part* qurilflud bsnher or ««o 

TtS *** ^ "*«< *>» -rer—re.. 

Apphatien fo Writing to: 

• . |. Murphy, Manager. 

TILNEY & CO. 385, Sefton House, 

Exchange Biddings, Liverpool, LI JRT 


BANKING RECRUITMENT 

£10,000 - £15,000 

At least 35% of bijlings, a realistic advertising budget, your own 
comfortable office in a pnme central location and a relatively free 
hand from w understanding working director. All this for w 
acknowledged expert with proven Banking experience and^oii. 
tacts. You may telephone David White on Cl-405 5323 or write ' 
to him ac 

DAVID WHITE ASSOCIATES LTD. 

84, KIN6SWAY, LONDON, W.Cl “ 


. 7 * 5 


ami 


1 S3ar*pf*. 
















Financial Tiroes Thursday August 24 1978 



CONSUMER ADVERTISING 


The rise of the big retailers 


BY MICHAEL WATERSON 


. ONE OF tt»e most pronounced 
trends shown by the advertising 
expenditure statistics over the 
last decade has been the relative 
decline in manufacturers' con* 
sinner advertising and the 
apparently connected rise in 
advertising by retailers. The 


ESTIMATED MEDIA EXPENDITURE BY PRODUCT GROUP, 1969-77 

PRODUCT GROUP ' fin MANUFACTURERS’ REMAINDER 

CONSUMER ADVERTISING 

1970 1971 1972 1973 1974 197S 1976 1977 1970 1971 1972 1973 1974 1975 1976 1977 



rights and 
irious arguments 
the “ crisis in 


elements in the economy. 
Indeed, as a percentage 


196B. despite something of a 
recovery over the last two years. 

In 1968. MCA advertising was the 

equivalent of 0.63 per cent of s j oce t bey include the residual 


Food 

—a 

70 

82 

88 

81 

89 

112 

144 



— 

— 

— 

— 

— 





Clothing 

13 

.12 

13 

12 

10 

12 

15 

18 

— 

— 

— 

— 

— 

— 

— 

— 

Auto 

1» 

18 

23 

29 

23 

33 

43 

56 

— 

— 

— 

— 

— - 

— — 

_ 



Drink & tobacco 

46 

50 

55 

64 

65 

73 

97 

111 

— 

— 

— 

— 

— 

— 

— 

— 

Toiletries & medical 

32 

35 

39 

48 

50 

53 

66 

77 

— 

— 

— 

— 

— 


— 


Household & leisure 

54 

59 

68 

84 

79 

87 

113 

150 

— 

— 

— 

— 

— 

— 

— 

— 

Publishing, books 

6 

8 

10 

13 

14 

13 

16 

21 

3 

3 

3 

3 

3 

3 

4 

5 

Tourism, entertain- 

• K 

IP 















ment, foreij 

■ 18 

21 

24 

26 

27 

31 

36 

4 

5 

5 

6 

6 

7 

8 

11 

Nationalised industries 

— 

— 

— 







— 

— 

12 

14 

16 

19 

18 

18 

23 

28 

Government 


— 

— 





_ 



— 

14 

16 

17 

21 

21 

21 

22 

26 

Retail 

— 

— 

— 

_ 







— 

56 

63 

84 

114 

134 

163 

206 

260 

Savings, financial 

— 

— 

— 

— 

— 

_ 

— 

— 

23 

28 

39 

39 

36 

36 

44 

57 

^Industrial 


— 

— 

— 



— 

— 

— 

71 

70 

31 

95 

103 

Til 

130 

168 

5 Charity, education 

I Classified 


— 

— 







— 

2 

2 

2 

Z 

3 

3 

3 

4 

■ — 

— 

— 

— 

— 

— 

— 

— 

119 

119 

ISO 

213 

228 

218 

255 

327 

TOTALS 

250 

271 

311 

3A2 

348 

387 

493 

613 

304 

320 

397 

512 552 580 695 8 86 

Source: Advertising Auociouon 


Over almost all categories of 
retailing, very profound changes 
have taken place, of which the 
trend to smaller numbers of 
larger outlets is probably the 
mqst significant. 

Retailers such as Asda, Boots, 


years. • 

One almost universal need of 
the new style retailer has been 
to. advertise — to tell customers of 

the advantages of the. big 

“ branded " shop as opposed to 


mods. Expert 


no means finished. 

Superstores, hypermarkets and 
giant shopping centres all con- 
tinue to increase in number. 

Having reached this general simply demonstrate the greater despite ^ problems in__ getting 



- til 

lit SSTL S of'l^TYdvertwi S^diTtire concl^io 8 n.Toweverrr Kfed fining permission. ‘ Thelma Jof 

not identifiable as belonging to examination of the most recent now well-established steady c ^ , ®i as l^ re .i 13 ni ? n - v cases only 
V ^ Ufc ii t «»r r ^anT ereti soniew " aI: t0 ”.50 other sectors, it is thought that data leads to a less certain growth of retail advertising, the P az T Y 35 ’ through rationalising 
P e r„r““ . the growth shown is a reason- appraisal of what the future may latter being more a reflection of then: stores m terms of size and 

' „r°° at a able reflection of realty. hold in store. For example. in the fundamentally changing placement, so that there seems 

^ ta - a u er j ls, "g Jt is interesting to note that 1977 retail advertising expendi- pattern of retailing than a every reason to expect con- 
■ -f^ end tu J re - l i f,e same “road pic- those products not sold in tu re grew less rapidly than seven response to current economic or tinning growth not only of bigger 

. "T® of feline emerges-— from quantity through the large other product categories — house- market conditions. retail units but of more pro- 

4/. 5 per cent of total advertising retail chains, and therefore least hold and leisure, publishing, Alternatively, one might sup- fessionally managed units, and 

expenditure m 1968 to 40-9 per likely to be influenced by the automotive, savings, food and pose that although considerable there is thus every chance that 
cent last year, in both sets of growth of retail advertising classified ail experienced faster changes have taken place in the use made of marketing tech- 
ogures the cyclical nature of (automotive, savings and pub- growth. A similar situation arose methods of retailing in recent niflues — including advertising — 
■*u ex P* nd *' ure is apparent, lishing) have indeed maintained in 1076. It is apparent that the years — in many cases necessi- will continue to grow, 
with occasional years where the a faster gTowth of:, advertising great gains made by retailer tatdng greater advertising expen- In conclusion, therefore, it is 
overall downward trend appears expenditure than manufacturer advertising took place before diture— the scale of retail probable that the fundamental 

tn J? e reversed. products sold mainly through the 1975. and a much more static advertising was so small 30 years changes taking place in the world 

The widely-held view that this large retailers such' as food, picture emerges after that date, ago that very rapid advances in of retailing may lead to a con- 

fa 'J «n- expenditure has been clothing, toiletries, cosmetics WhaL f v pn nf f,,,,™ fnr advertising expenditure were tintiing increase in advertising 

reflected by the growth in market and drink and tobacco.-! wnaL ,flpn at inp ,mure fQr • • ■ ... 

power and advertising expendi- The correlation could- hardly 

ture of the major retailers he called exact and does, nf . . .. , 

appears tn be confirmed by the course, differ nn p ® r ^ a P s> t ' wo mam interpretations 

_ AA figures in the table. which years are 

Retail advertising has grown parison, hut it does provide evnendimre? 0 mler ^thV^nast advertising is over. that MCA expenditure wlil do 

much more rapidly since 1970 circumstantial evidence to decade p There is probably some truth other than continue its cyclical 

than any other AA category of support the theory that retail * in both views. However, much course, buffeted as always by the 

expenditure. Although the AA advertising has to some extent First, it is entirely possible obviously depends on the view economic gales that are unlikely 

figures are rather imnerfect replaced direct product «r brand that the last two years of relative taken of what has happened to to cease arriving every three or 

estimates of retail expenditure, advertising. • - r r resurgence in MCA expenditure retailing over the last decade, four years. 



■ depending on = the trends turers ’ il ma >‘ weU be P**®* the manufacturing sector and 

in MCA and rets Iff advertising 2^28,1^ ° f S&.StmUISE?* 1Z ?, P0 S? 


8 



*. \ , • 

f y t 

• t t ft i 


8. A 


n 


V. l:NT 


! 


NEWS IN BRIEF 

7" • BAYER UK. the subsidiary of could raise Bayer's advertising 
the German chemical and to over £1.5m. Another' big new 
‘“v pharmaceutical giant. has account Tor Burnetts ' is 3*1. 

appointed Leo Burnett to handle which markets internationally 
j its advertising. The company, over 45,000 products. Main lines 
. which only recently set up a in the UK are tapes, recording 
consumer products group, has material, abrasives and- business 
-' already established two brands equipment. The business# worth 
in the. UK, Delial Suncare range £600-000 to the agency, f: 
and Mafu. a household insecti- * LEO BURNETT has'wruiled 
— cl S£ b ? eD aQ PP pr I ed Judith Salinson as head.;of out- 

w-ith £500,000 of advertising d oor media buying, an indication 
.. through Freeman Matthew^s and of how agencies ar* -Taking 
Milne and Lonsdale Osborne, posters more seriouslv. . * 

New products ore plumed winch . CH6VRpN „ as apponnsd c , m . 

tract Advertising to create and 
co-ordinate .Us advcrtfstng and 
promotions " In. six/ European, 
markets. / 

e SLAZENGERS /as appointed 
Humphreys Bull fin handle its 
Puma sports footwear range. 
Puma is second do Adidas in the 
sports footweaff market which is 
worth £16m. inrough specialist 
sports shops alone. 

• TRAD EF AX Foodbrokers has 
taken oveif the ethnic and 
speciality fjfods division of Allied 
International Food Services and 
aims to expand its distribution. 
The main range is Sea Isle 
brands of rice, lentils, dried peas 
and other pulses- Sea Isle claims 
to be /he market leader in food- 
stuffs, for the West Indian add 
Other ethnic communities. Trade- 
fax expects sales of Sea Isle to 
top Fim in its first roar, mainly 
due to - better distribution 
through the leading super- 
markets, and promotion of the 
brand. The aim is salts oi £10m 
within five years. 





m 

ft 

\m 

Hi 

m 

sn 

m 


Juft to of 5 Affluent 
menus you could choose from 
at iheRotttseneh'ormmde. 

Omw-Auc<»T Bvc Pin 
T«n*v <lo Ca n*rt t I'A i cna g m. 
FHqo Mwo FlonnnM 


W d» Pfca ^iwiatFu. 
SatotTAonMu A la Moutatdta tfm M«Mc 
SuM. Mnutv Maaicaira 

Qw*-Bpu'" epMaalaa 
Epma m Brancnaa out Ecn afc m aa 
Prmvnaa MtnalM 
Ktranoe PWisAnaa 

TaWa dn Fton«|Ma«B 
Venuo da Patiaannaa 
Ouraa «i SortMia 


Gd vwmcmm fo ring 
hzsct Leaver. HeU tell jwu flw 
, menu of die day yiHi wish to 

■ "^-01-1665644. 

I 'IV Kdnwtr Numunde 
, IN' F-^tm jn HiHel 
• Mi r-TTWI f|OOT, 

LonJi*n.lVJ>l fc ‘FL 


m 








- 1*. 


K v 


Ogilvy & Mather 

INTERNATIONAL INC 

Advertising 

Half-year results 1978 

Summary of unaudited results for the half- 
year ended 30 June 1978 with comparative 
figures for 1977. 


Gross income 

Less operating and 

other expenses 

Profit f>efore tax— 

Taxation 

Profit aftertax 

Earnings per share 

Dividends per 

sharp ,, _ . - 


$ 1978 


83.572.000 

70.931.000 

12.641.000 
7^588,000 


5,053,000 


$258 


90 cents 


: $ 1977 . 


58,3n3,W0 


10 ^ 0 * 1,000 

-6,031,000 


4^30,000 


$2128 


70 cents 


On June 20 it was annoimced that the quarteriy 
dividend rate would be increased for the. second 
half of the year to $2 per annum. In addition, a 
1® stock dividend will be paid in August, 19 78. 


PACKAGING is Uw over- 
looked key to successful mar- 
keting. Take SpHJers Top Cat, 
for example, which has 
doubled its market share in 
the last three months, mainly 
because its appearance on tbe 
shelves has changed. New 
flavour formulations and com- 
petitive pricing, to say nothing 
of promotional support, may 
have helped towards the 125 


per cent increase in sales since 
May. To build on the sueeess 
Spillcrs is taking 2p off all 
large sizes of Top Cat from 
September 11. The varieties 
available are Chicken and 
Liver. Beef and Kidney and 
Salmon flavour. “Twice as 
many people now buy Top Cat 
compared with the prc-launcfa 
period.” says brand manager 
Mick Howry. 


Why Watneys 
stays loyal 

FEW MEN in tbe advertising 
industry can command the 
loyalty that clients show to David 
Abbott. His new agency Abbott 
Mead Vickers was quick to bene- 
fit from the £lra Volvo business 
which followed the creative man 
when he quit FGA for a new 
challenge. Now another old 
client, Watneys, is putting busi- 
ness.his way. 

Watney Special. Watney Star- 
lightahil Watney Take Away are 
the brands which have left Ted 
Bates for the new outfit, and 
bring its billing to an annual rate 
of £5.5m. The other main 
accounts are WeUa. Bow a ter 
Scott and Mathew Clark Dry Sack 
sherry. 

COLLYER Daish Associates 
has accepted ITCA recognition 
and formed Coilyer Daish Adver- 
tising. It has also resigned the 
Pacific International Enterprises 
account which billed £394,100 in 
1977 because it is unprofitable. 




■>. 

■y 




t 

■•v 


fcrf* '*- • y 
: • 
mMrfRU.'".. 

IN his latest commercial for Sekonda watches 
Ronnie Barker finds himself shipwrecked oit 
a South Sea island. His rescuer (Ronnie 
Barker) gets to meet this pretty girl's sister 
as a swap for his watch — would you believe 
the sister is also played, by Ronnie Barker? 
Global Watches is putting £500,000 worth 


of TV advertising behind the Matches which 
are said to be the UK's number two brand. 

There is to he an early burst at the «*ml 
of the month in Granada and Trident nn-.is 
but the main thrust of the national campaign 
will be in late November and December. 
Aalders and Marchant is the agency. 


Summer TV in fashio: 

THERE IS a quick and con- ihe size of the supply is limited «he indications arc that adver- 
venient explanation for the 1TV to six advertising minutes an users will have lu nnnk smut ?o 
companies remarkable 37 per hour and Government rcstri*:- be sure of spots in ihe autumn, 
cent increase in advertising tions prevent the ITV companies Ron Miller of London Weekend 
revenue in July — it is money raising prices m meet demand, says that already TO per cent of 
held back by advertisers from w - . , • „ happened ava,, * b,p 1 _ tjme is Wm r - n , 0 ~ n - 

the June-dominated World Cup » l " a,ed - ,he l '-^P"nse nr advrr- 

when the commercial channal f. lo the much stronger IT\ 

was expected to take a clobber- ?* * »,? ta L v ? * Salurd:,vr niybt programme 

ing from ihe BBC coverage of farce to television, part!) bef.aieje announced last week, 

the matches. It is less easy to yec nB “ n - ^vernment restraint.- A , ]easl (hose advcrli>ers ih.it 

justify the very goad August for r -00 du ’’ dc ? ds and . ri , ses ^ do " et on ' v,n nn! h3Vlp ,n r»ay 
ITV which could produce an hav ® ,e 2. w,th {J len, - V n ‘ much more for their time. AT\ . 

even laree 40 per rent rise in caah - whjlc lhc new advertisers Trid ont and Thames h.tv? 
i^me B over *5 * ^equiSeS are perstenn® with the medium. vevised thcir rn1 e cards tn * 
month in 1977. Obviously the g ut by itself this will not ni * nr,r w j* y . whi *!* shouiri raise 
end of the television advertising explain awav Ihe exceplional r f f ' enue hut jn .J he ■' ,d 'e»‘' 
boom, which seemed to be demand in July and August. J fjj* W £ X 
imminent m the late spring, has Harold Lind of AGR is con- Lj! i, 

not happened yet vinced lhat what is happening »^tntain hus^- 

It is very unlikely that similar \$ a swing by advertisers away [*. e * s ; ^ « i n h .:, c i 
sized increases will persist into from the expensive peaks in ihe ^ ^ w i ™ ih n r ^ -n rt 

the peak autumn months, but spring and iutumn to the early .' R ' n r S h 'L,^ m 

*n so 1978 is on course to months of the year and the ?S4: L «« ' i 

. >ve another very good year summer. Advertisers are push- SL. lh ,5 lh e ' S ',drei-t^m-! 
for' ITV. perhaps with a 20 per ing hack campaigns From ihe JJJ* . n . *7 .. ™ vf'Ju 1 ".; 
cent gain on the £351m brought late spring, or moving them Hevisinn w th a -an of a feu- 
in during 1977. This would make forward from the aulumn. !^!^Vh«° n ' ™ a ■=• p 
it one of the longest booms in because they know they can get monins - 
advertising history, fuelled, at time in the .summer and per- 
least in part, by the fact that baps more cheaply, too. Put all 


Antony Thomcroft 


St. Ivel’s 



Updating the study of 
Middle East media 


IT IS not hutter. and it is not were introducer! of the wrong purchase. “They have heard it 
margarine but St. Ivel Gold now time from Unigate Foods' point all before " says t, rah am March 
on test by Unigate Foods is of view. But the subsidies are referring to the old "You can't 
going great guns and may well now being phased out and. the 'ell Stork front hutter theme, 
move national shortly. price of butter is rising. Goner- Sn to a sceptiea! public Unigaie 

The "spreading blend of ally speaking margarine prices and its agency Bnase Massimi 
buttermilk, butter and vegetable have remained fairly static. arc simply saving that Hold 
oils" was first put into test in , „ . „ , fasles very niuch like hotter 

Harlech in May 1977 and is now tr £|, im'h^T'L'P * nd lhat il is cheaper, 

in Westward and Southern TV 1S1, The s P read was developed in 

as well. According to Graham " liv n r V?r Sweden and Unigate has the 
March, Unigate marketing man- cLt cc l!!, r,.iS?ic ,icence !n Produce for the l-.K. 

ager. the volume budget has ?, ar I , j ie '.Jr?£« £, R ’ n w ,, r j market. The company i.« looking 

been achieved even in the light , d rier h . s f r ^? d for 3 per cent of the lest area 

of the problems that buner pric- outse, ' K a 'l tne butters with the niar ket fnr yellow fats. At relail 
ing produced. Butter subsidies exception of th 1 ' three major pr j ces yellow fats are a foPOin 

brands. It has open established market in the UK and l-’nigate 

that 65 per cbm of people who \ s spending at a national cqui- 

buy their first pound or Gold wUl valent of £l^tn on Gold. The 

go on buying it. only national brand getting a 

Apart from the h.tncr pricing slightly bigger spend is Stork, 
problem Ihe main marketing “ looks like a jaws war. 
difficulty has been to encourage 

people to make their first rameia Judge 


Tackling the American 
niarket? 

Then ypu should advertise in 
The Wall Street Journal. 

One of Europe's leading 
industrial concerns tells why. 

Kkockums 

“The Kockums Group is a Swedish-based industrial 
concern thar operates in parts ol Lhe world, including the 

USA. 

Although we are known primarily ns t**chnnl«-«gir\-il(y- 
ndv.mifd. highly efficient shtpl'uiul*.TS5jvci.i!i/iri;f in 
U LGC's and L.NCJ earners, we .il-u ni.nt«il.;ci l .ir>: a wide 
r.uigi- nf pr«"U»-i- fi»r the iminirj, *-.i •n-si ri<« i iej-.i. Ingoing 
and forest iml’iMries, ait«l v.e;irc active til ike. fields. o[ 
bi’ichcmie.ils and t-Irc ironies. 

Our coinniunications activities axe devotr d to a number 
ol objectives: our principal aim is to position >.mr 
company among individuals and group- iliac are of 
importance to our global operations. This means that we 
must rely on influential media, especially since our 
message is directed exclusively to the world s real 
opinion moulders. 

Fora number of xrars. The Wall Street Journal ha hrm a 
valurol tJioiff m a medium for our cnrfwstp cnr^ryrUo liens. The 
Journal’s integrity and in high Handing :/.* ice ;> arid of it usiness 
and finanrt <tttm intf£*ai part nf air jr.dha:* 

(ontributed greatly la our international >s«w.o 

The Wall Street Journal. 

The all-American business daily. 

Rr.prcsrmcd bv Djr.MS. Tn London, cji! Ray Sharp at S53-1B47J 
In Frankfuri, rail Joachim Nunvar •G1 i • 7 Other 

DJLMb officer in major business centre, around the world. 


AS A result of the good response Middle East. They will comprise 
bv advertisers and publishers to senior executives in commerce 
the 1977 McCann Middle East aod industry, senior personnel 
Media Study, and the need for in financial institutions, senior 
rurther reliable information on officials in government depart- 
Middle East markets, lnterteam merits and, for the first time, the 
McCann— the overseas division professions (doctors and 
nf McCann-Erickson Advertising lawyers). 

Limited, London— has launched MMEMS 79 will include 
MWEMS 79. information no: The Fressi — 

Like the 1977 McCann Middle average issue readership and 
East Media Study — which readership frequency data for 
marked a milestone in Middle indigenous and international 
East research by providing the publications (including inflight 
first ' impartial multi-market media); TV — viewership fre- 
niedia study — the purpose of quency and exposure to TV 
MMEMS 79 Is to provide reliable stations covering each market in 
media exposure data for adver- last week and yesterday; Radio 
tisi»r and media owner. — listenership frequency and 

It is proposed to increase the exposure to local and foreign 
scope of MMEMS 79 to cover 10 radio stations in last week and 
markets and conduct separate yesterday: and Cinema — /re- 
surveys of "Decision Makers" quency of cinema-going and last 
.md the “ Genera] Public ** in: visit. 

Kuwait, Bahrain and Qatar. A Pilot Study will be con- 
CJmfed Arab Emirates and Oman, ducted in September 1978 and 
Saudi Arabia. Egypt. Iran, fieldwork will be undertaken 
Lebanon. Sudan. Jordan aud between January and March 1979. 
Yemen. Arab Republic.' Reports and schedule evaluations 

Decision makers are a key will be available by 31et May, 
element in marketing in the 1979. 


A measure of good news 
for Britain’s chemists 


The full extent of last year’s 
difficult trading conditions, and 
their impact on two key sectors 
of retailing, emerges in a major 
analysis or chemists' and off- 
licence, sales tn 1977 in the latest 
edition of the Nielsen 
Researcher. The survey also 
covers chemists’ business in the 
first three months of 1978 and 
confirms a more encouraging 
trend. 

Chemists’ turnover .increased 
by £127m (15.2 per cent) to 
£962oi last year against an 
increase of 2L9 per cent in 1976 
and 20.2 per cent in 1975. (Retail 
prices generally last year rose by 
15.S per cent) Both NHS busi- 
ness and over-the-counter sales 
gains last year show a consider- 
able drop compared with 3976. 
e g . a 22 per cent gain in NHS 
business against 33.8 per cent in 
1976, and a 7. per cent counter 
sales rise in 1977 against a 10 
per cent increase in 3976. (These 
figures do not include data for 
Boots.) 

In the first four months of 
I97S, however, chemists' over- 
the-counter sales showed a gain 
of W.fl per cent (in relation to a 
general retail price rise of 9 per. 
cent) and with the continuing 


expansion in NHS turnover, 
chemists' overall business up tn 
April showed a healthy 21 per 
cent gain over the previous year. 
The average number of prescrip- 
tions dispensed in the first 
quarter of 107S increased by 4 

per cent. 

Despite poor trading con- 
ditions, exacerbated by the poor 
summer last year, tbe take-home 
drinks trade in England and 
Wales increased by 122 per cent 
to £l,047m (as against a 15.1 per 
cent average price increase), 
with licenced grocers putting up 
a marginally better performance 
than specialists and increasing 
their share of the total from 
40.7 per cent to 41.2 per cent. 

Three important markets 
showed further growth last year 
— lager, aperitifs and vodka. 
Lager notched up an impressive 
7.4 per cent increase in unit 
sales, helped by _ substantial 
advertising aod a wide choice of 
brands. Aperitifs’ unit sales 
were up by 6.3 per cent, mainly 
due to grocers where the gain 
was a significant 16 per cent; 
while vodka showed the 
strongest overall volume growth 
with an increase in 1977 of 11.5 
per cent. 



GLivIngston is ideally located to draw 
talent from 7 of Scotland's 8 universities 
and most ot the major colleges, in addition 
Livingston is at the heart of Britain’s 
second largest concentration of 
electronics companies. So the choice was 
obvious.?. 

IAIN B.ALEXANDER. 

Managing Director, 

Marconi Communications Systems Ltd- 

Marconi Design Microwave Radio Relay 
Equipment 


Contact Jim Pollock 
Industrial Development Manager, 
Livingston Development Corporation, West Lothian. 
Telephone Livingston (0589)-31 1 77. Telex 7271 78. 

The Scottish New Town Office; 

19 Cockspur Slfoel, London SW 1 Y 5BL (Tei. 01-930 2631). 


J 







of taking simple decisions. 

Local reaction 


12 

lombard 

My kingdom for 
a decision 

BY ANTHONY MORETON 

l SOMETIMES think that this Democracy would not have 
country suffers from on excess suffered imt executive decision - 
of denwcricy. Some of the makiog would have been given a 
fringe political parties may take great shot in the arm. . 
me to task, saying there is too Lest it he thought that 18 
little political involvement for months as a |0Q 8 time to reach a 
most of the people but it seems decision there u a plan sitting 
to nie 'that decision-making in i° Secretary of state for 
many important and some not Wales o* ce ' which puta the 
so important spheres is so long Severn Bridge ease into the 
drawn out as to render it ® fwfcr 71 

almost meaningless. Hh e Gov- !!£ ,! ^*3® Ba y 

eminent - all governments - ^ 7 N °^ h J d al S e d S pl “ n ^ 
faU over backwards to consult, town 

in the name of public partici- unuwf v Mnndav snH US ^ ® a0 ^ 
patHM. and democracy results— JJJjJ*- iJwlerJSJ J£i 8 in w .JJ 
but at the expense of admlais- unities. Bv mtliml 

trative efficiency. The consfr- 20 .000 cars a day were passinc 
<i lienee is that the Government h and ^ next J™ in J 

too often appears to be incapable rep0r f was se nt to the Minister 

giving him options on what ought 
to be done to the A55 road. 

Two and a half years later he 
announced a preferred route to 
release the pressure and said 
Take the case of the .toll over that WO rk mi^bt start in another 
the Severn Bridge. The bridge. 2J years. Bui by 1975 all that 
jwrt of the AI4 motorway had happened was that an 
■between London and South inquiry Into the preferred route 
• Wales, is losing money. The had started. Altogether, "636 
natural reaction as to put -She people and organisations objected 
■toM up. But ibis re too simple, and the inquiry lasted for nine 
When the Minister of Trans- months. The ensuing report was 
port announced — last year — sn long — 816 pages — that prob- 
that he proposed to increase the ably no one outside the man- 
charge and called for local darins of the welsh Office read 
reaction he could hardly have it in U/to. ll took 15 months to 
expected that he would get write the report and almost a 
letters of support, even though year for the Minister to decide 
the suggestion was merely to what to do. 
raise the fee from a ridiculously He overrode ail those who had 
low I2p to 20p- The average objected. Ten years of consul- 
motorist. if the bridge were not tations, objections. lobbying, two 
there, would have had to make changes of Government. The 
a detour of some 70 miles, cost- Minister could have asked the 
ing him £150 in petrol alone. So 636 to have sent him a -letter out-, 
a rise in the loll to 20p might lining their objections and— even 
seem high in percentage terms at the speed a second-class let- 
but is trivial by today's values. ter takes — be would have had 
The expected happened. More all the answers he needed in a 
than 60 people and bodies fortnight, 
objected to the rise, including 
Avon and Gwent county councils, 
which ought to have bad more 
sense. So the Minister, nearly ten 

months after originally making These two examples could be 
his proposal, is on the point of multiplied a hundredfold in 
setting up a public inquiry. At £*ery aspect nf government, 
great expense an inspector will * s . lhc “j? 10118 ca se of 

be appointed, be will solemnly Oxford s inner relief road which 
listen to the objectors (one can has been rumbling on to no 
hardly envisage anyone going satisfactory conclusion for more 
along to tell him what he ought than 30 years- Now. Mr. Peter 
to be told, that crossing the Shore. Secretary for the Environ- 
bridge is cheap) and in due ment, has called for yet more 
course will present a report. The plans. Isn't this where many of 
whale exercise will be long, us came in ? 
expensive and be all about Have Ministers so lost the art 
another 8p. The Minister might of decision-taking that they must 
even reject the advice he gels pass everything on to someone 
from the inspector. else? Or is it that they are so 

Whatever happens by the time overburdened with the adminis- 
Ihc toll goes up — as it must tration of their departments that 
if it is not to be a drain on puhlic they have no time to take a 
funds — it will be at least IS decision? Mr. William Rodgers, 
months after the original as Minister of Transport cannot 
announcement. And the Minister really need an inspector to tell 
could have taken the decision in him he ought t» put up ibe toll 
about as many seconds, for Severn Bridge crossing by Sp. 


Conflicting views on 


Financial Times- Thirr^ay AuigU 3 t 24 197 S 





-T t 4 « 

' Z 4 . 


MOST PEOPLE seem to agree to think aloud about foreign privilege is most frequent and Railways Board’s ’inquiry report give such experts «eess to tfie. <&n» ;fegai sstgsiae ^ 1 qaotiac 
that governments should be less polity and defeoce matters, but most harmful to the cause of about the death of- her husband. place of the accident ahd^deds&om-ut wba^ juc^^ «jx> 
reluctant to pubLish as a basis n nuVic * ustiee ’ 171 dis P utes between He was -killed In a' collision witnesses. On the other hand'cdssbily.; erasded - tame 

for public discussion the policy 2£ns P orr or in its admin istra- pow « rfaI organisations and while driving a diesel , loco- the Board's relut^nee tortleye temaored: tocmeJa. • w .feed 
papers -prepared by civil ser- <a, V e practices should take the Pf* vale individuals as is often motive. The widow alleged that. tjbe report tfi tb« Widow will T& fcai d*xkxk*a •<&* 

vaotjg. Even those who ithink public into its confidence. And. ckhns for damages the accident was caused by the-rqake wapf people believe that-OocrL shouli*- appj£ Vifc : as 


S' 

ST-S 


iS 


Tiff 



iff. 


disclosure of background anfor- togetherness can there be if 
mation. A monopoly of infer- eve0 the size of the pay packet 
motion, it is argued, cap: often ^ a jealously guarded secret'/ 
deprive the undnfonmed of toe , . , .. 

«ty to defend U»r interests , Disclosure of information « 

Often the seme people who ?.•«! the s “ b J Mt of , ^ 
vfirato a mem nnan crnvpm. li nun ary game played > 


BUSINESS AND THE COURTS 

BY A. H. HERMANN, Legal. Correspondent 


bring denied jusace. gratrtead aosy -to urtatwpi-tf ■ 

:.1be Civil Ev idence A ct, 1968, datced vtotBJy Wmajn^y $ar «be 
made- Cite statement*- of .‘Wit- pusposo of ffiit&gBtltkk 
nesses at such am toqraay toady ' . Bat. .Land Justices; 
*dfmteahte in «t a, s&>- -no£ "a®iaie. /-I vfew. 

sequent trial- precedents did not- 

Edard cou3d' «se ttttam:as -OT4d- Count of ■ Appeal to w&pse' «be 

ffMwnent* 



.bapo mora' -fnipoimint issue. ■.■Sir 
tie. Qawfia Cahns irided watfa him 
pftHpase^ aod ^wibSLe <&e®e was mucb to 


SSZ «'v- « !•** ""T-.SZ *• 

between him and his lawyers— used »n this game secretfrom the claimant The railway officials who conducted 

and even the journalists’ right 15 called "legal pnvilegc. that disagreement tenures on (reports 1 

to reLseto diShlfsources « the privOege to keep secret pr^ared piimart ly h> find c^t .£ m -^^!SSSBSSS '■£ 

—these often aonear to be what P assed t 13 ® c [ ,ent wibat has gone wmng but at the thf-ir not^and rcoort. urenared fwawde tofonaata m oases suoh as Hie present” 

regarded as sacred^human rights Md his law ?. er j 0n ? * as - , hQ Z ^ vet not accept «be 

overriding all other interests. t0 disd j®jj !5 r eauest ^ ble . .^ Qrma0ioffl ^r solicitors documents which could ^ to do JL 

It seems fairly obvious that between thc ge “* ne . ^ tfa . to a dispute. the court in establishing the.*® 0 ^ **: X«®d, IJennMg was memjied 

same pragmatic approach to {o . r -. ajld a< :ccpt ““ ' ° f ' !' e R? Such a conflict between truth. Not only - -would it be dta*d to the «md«w. . but teave to appeal «o (be House 

secrecy in both public and advice on the one hand .jnU trie JudiciaI opillioas came t0 ^ filiailcial i y impracticable for ■ Veaosogs ovenri*a« ^otf Lords was graated. Itoe coo- 

private matters will best satisfy fie hv when the Court of Appeal heard the widow to commission a 


motive was evident when bejflict between justice and; formal 

which has always been 
do b. motor of legal devekpeoemt an 

fads ’Rq i |faviT> | nom-aArwp -yt tWy 

znun- iar case unresoiLved. 





Music Maestro each way 
the best bet in York sprint 


Meaningless 


DESPITE HIS undeniable claims Slowly away there, the Bay Song 
to the champion sprinter title colt, who is far more at home 
Sollous looks to be a poor pro- on an easy surface, got up in thc 
position from a betting point of final stride to touch off Epsom 
view in today's renewal of the Imp. 

“L 1 S g ?“. C SS?.;~ This afternoon’s stiffer five 
.Here a sequence andi & j s hoped, better 

th« ^ as n S ^Vhirpnt 8 rounfl should see him having 

Obrien ?nd Lester PigeJl, will J^ e !2KS“ 0D SSJ B ,KndT!ti' 
see bim starting at unrealistically f fe£| e ^ allv ^ T ’,*bim the 

- ideal opportunity of bustling up 
the Cashel colt. 


RACING 

BY DOMINIC WIGAN 


In the other group event, the 
Gimcrack. Piggott is again 
aboard an Irish challenger, his — 


YORK 

2.00 — Ring Lady* 

2J30-— Sir Gregor 

3.00 — Stanford** 

335 — Music Maestro*** 

4.05— Ivor’s Honey 
4-35 — Country Fair 

5.05— Fox Bend 

YARMOUTH 

2.45— Pant 

3.15 — My Anastasia 

3.45 — Let Us Love 

4.15— Phyllis Ayres 

5.15— Forties Field 


ENTERTAINMENT GUIDE 


CC-— TTiite Wtcttro* Mcept certain credit 
cards br Mtahtne or at the Beat Office. 

OPERA & BALLET 

CQLIWUM. Credit Cards. 01-240 5250. 
RcumtlMI 01-836 31 81. 
ENGLISH NATIONAL OPERA 
Tan't at 7-30: La Bohomc. Tamar A Tue. 
next at 7.30: TK Ccmuri (ttils replaces 

scheduled pert, of CarmanL For fnrther 

detalls oftanc 01-240 S230. Sat. A Wed. 

next 7 jo.* New production Swan Deadly 

3! nsl Glamd Srhlcchl. 104 Balcony seats 

available from I04I0 on day of perf. 


mount being the unbeaten Mick Callaghan's handsome Red Guard 
OToole juvenile. Miami Springs colt. Stanford, who struck me as 
cramped odds from the punters The 24-lengths conqueror of a top-class two-vear-old In the 
point of view. Gerald Martin in the Tyros making at Windsor beJore he 

A far better bet. to my mind, ran inexplicably badly in New- 

ts Music Maestro each way. Com- I,) 11 ,n „ e , y the North- market's July stakes, 
fortab^- held by both , Sol in us f 0 e r^ hI C s 0it ^ if ^ ain ^ en by SI ^„;ed The Prince of Wale's Stakes, 
As e co% S e??hJ WmdMfin SMS'S ff ^byMus icMaertro 

did not appear to have quite sam ® course two weeks laIer - juvenile of his ability on this 
recaptured _ his two-year-old Although the Irish colt is occasion, and I am content to 
sparkle. Music Maestro then over- entitled to favouritism and seems rely on the Barry Hills-trained 
came the handicap of firm ground bound to make a hold bid for the Ring Lady bidding to give Mr. 
and some smart opponents in hat-trick, I believe he may have Robert Sangster another good 
Goodwood s King George sprint, to give best to Neville winner at this meeting. 


Tv Radio 


BBC I 

t Indicates programmes In 
black and white 

fi.40 am Open University (Ultra 
High Frequency only). 10.00 * Pad- 
dington Recommended.' 10.05 
Jackanory. 10.20 Help! It's the 
Hair Bear Bunch. 10.40 The 
Islanders. 11.15 On the Move. 11.25 
Cricket: Third Test — Corn hill 
Insurance Test Series: England v 
New Zealand. L30 pm Mister 
Men. W5 News. 2.10: Third Test 
— England v New Zealand. 4.18 


School (as BBC-2 11.00 am). 4.45 
Graham’s Gang. 5.10 Boss Cat 
5J5 Captain Pugwash. 

5.40 News 

5.55 Nationwide (London and 
South East only) 

020 Hugo van Lawick's Africa 

7.10 Dr. Who 

725 Top of the Pops 

8.10 The Hollywood Greats: 
Judy Garland 

0.00 News 

925 Big Band Special 
10.10 L Claudius 
11.00 Checkpoint 


12.00 Weather/ Regions I News 
All Regions as BBC-1 except at 
the following times;— 

Wales— 5.55 pm Wales Today. 
6.15 Newydd. 12.00 News and 
Weather for Wales. 

Srotland — 5.55 pm Reporting 
Scotland. 12.00 News and Weather 
for Scotland. 

Northern Ireland — 4.18 pm 
Northern Ireland News. 525 


starring Tcrry-Tbomas and Peter Sellers 
129 pm Report west Headlines. 1JS 


020 Great Expecta/tons 

1020 World Swimming Cham- Headlines. TJO Cut Of 

wotiq cwimHun 0 uiam Town _ 2M Women Only. «20 Cine dub. 

„ snips f «-«S The Famslones. SJD Croas roads. kOO 

Land nvport West &2Z Report Wales. tJS 

1120 Night Gallery Sunrmu. lUM haw Centre. 

12.00 What (he Papers S:ty HTV Cymrn/Waies— as HTV General 

12.15 am Close: A painting by 

Goya accompanied by the ‘T&K*- *** 


ROYAL FESTIVAL HALL. 928 3191 

Era. 7.30. Mat Sits. 3.00. 
LONDON FESTIVAL BALLET 
Until SM 2: SWAN LAKE. TonlffH 
Asenslo. Kelly. SepL 4 to a Mixed BUI. 


THEATRES 

A DELPHI THEATRE. CC 01-836 7611. 
LAST B WEEKS. MUST END OCT. 14. 
Ergs. 7.30. Mats- Thure, 3.o_ Sat. 4 0. 
IRENfe IMNC IRENS 
THE BEST MUSICAL 
of 1976, 1977 and 1978 
IRENE.. IRENE IRENE 
“LONDON’S BEST NIGHT OUT.” 
Sunday Pfcoote 

CREDIT CARD BOOKINGS B36 7611 


AUERY. 836 3876. Credit card Mens. 
836 1071-3 from a 30 am. Party rata 
Mon. Tries.. Wed. and Frl. 7.43 pm: 
Thun, and Sat. 4.30 and B.OO. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART’S 
OLIVER! 

"MIRACULOUS MU5ICAL." Fin. Times 
"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN.” Dally Mirror. 


ALDWYOL 838 6404. Into 836 S332. 

Fatly air-con rflUoned - - 

ROYAL SHAKESPEARE COMPANY 
In- repertoire __ 

Tontaht 7.30 Strindbera's THE DANCE 
OF DEATH "emerges as a wonderful, 
niece of work” The Times, with: Final 
ports. Store Gooch’s THE WOMEN. 
PIRATES ANN BONNEY AND MARY. 


READ (lomor.3 NOW BOOKING far AS 
YOU like rr (from Scan. Si. i 
THE WAREHOUSE (see under 


ARTS STOPPARD^" 36 ’ = ,5£ 

DIRTY LINEN 

"Hilarious , . . sea ft." Sunday Times. 
Mon^y to. Thursday 8J0__ Friday >nd 


iturdar at 7.00 and 9.1 S. 


AMBASSADORS. CC. 01-836 -1171. 
Nightly at 3.00. Matinees Toes. 2-4S. 

Saturdays at 5 and 8 . . 

PATRICK CARGILL and TONY ANHALT 
in SL8UTH _ 

The WprM-Famoos Thriller 
, hr ANTHONY SHAFFER.. 
"Seelno the play again Is In tact an 
utter and total Jor." Punch. Seat prices 
£2.00 and £440. Dinner and top-price 
seat £7.50. 


THEATRES 

HER MAJESTY'S. CC. 01-930 BEOS. 

Br’houRSa^V^b.^S: Thifr. i 

•nNSTANT^NCHANTIjjW Observer. 

A Comedy by Thornton wilder. “ h goes 
down with a deayted roar- of AtHeht”” 
D. Tel. For a limited season until Oct 14. 


JEANNETTA COCHRANE. 01-242 7040. 
National Toudi Theo^e. A nm play by 
Peter Terson SOLDIER BOY. Ergs. 7J». 


K «gTto H ^.™“^s£!-^. 7 B 4 .SS; 


LONDON PALLADIUM. - . 01JJ7 7373 

•mA 


LONDON PALLADIUM. 01-437 7373. 

*«•*• “len^i^t^ ° nN - 

MICHAEL B BN TINE. WAYNE KING 


LYRIC THEATWE. 01-437 3BB6. EW. KO. 
MaL TNura. 341, Sat. 5.0 

PLOCVR'GHT f|tUM11IfA FINLAY 

by Eduaroo de FlUnna. 

Directed hv FRANCO ZEFFIRELLI. 
"TOTAL TRIUMPH" Ev. News. "AN 
EVENT TO TREASURE.” D. Mir. ” MAY 
.IT FILL THE LYRIC FORA HUNDRED 
YEARS.” Sunday Times. 


MAYFAIR. 629 3036. Air cand. Ew. 8.0. 
Set 5.30 and SJ50. Wed. Mat. 3410. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS’S 
UNDER MILK WOOD 


MERMAID. 01-248 7656. Restaurant 

2441 2a!! ' £V lRY M & 7 wy ,Dd *‘ 1B - 
DESERVES FAVOUR 

A play lor actors aim orche s t ra by TOM 
STOPPARD and ANDRE PREVIN. Scats 
£4, £3 and £2. NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 

-^r r »F AN kws'bW 

MISS THIS PIAt. S. Time*. ” At last 
a meantngfol and' brilliant and serious 
political play." Cihnt Barnes NV PWL 
Ron extended ' to Sept amber 30. 


THEATRES 

SAVOY THEATRE. 01-636 BOBO. 

Credit caidi 734 4772. Tom Conti hi 
WHOSE LIFE IS- IT ANWAT 7 
„ wltb JANE ASHER. 

"A MOMENTOUS PLAY 1 URGE YOU 
__ ■ TO SEE IT.” Guardian. 

Eres. a 8.0. Frl. and SaL 5 43 A 8.45. 


SHAFTESBURY. CC. 01-83E 6596-7. 
01-836 4255. Half-price Previews tram 
September 7 . Opens September IS. 
TERENCE STAMP in 
DKACULA 

trim DEREK GODFREY 


SHAFTESBURY, CC 01-636 6595. 

Sheftttbory Are. fHJah Halbora endJ 
. • FANTASTIC 

. GO DSP ELL 

" BURSTING WITH ENJOYMENT," D.T. 
Prices £2 to £5. Best seats E2.SO 'l-hour 
baforo show a Box Omce. Except 2nd 
pot. Sat. Mon. Thor 6.15. Frl. and SaL 
SJO and BJU. Tram, to Duke ol York - * 
August 29. 


SHAW. 01-388 1394.. National Youth 
Theatre, !n a new play by Peter Tenon. 

OWN . tm. 7.30. 


ENGLAND MY 


STRAND. 01-836 2660. Evenings B.OO. 
Mat. Thor. 30- Saturdays 5.30 and 8.30. 
NO SEX PLEASE — 

WE'RE BRITISH 

’ THE WORLD'S GREATEST 

- LAUGHTER MAKER 
GOOD SEATS. £4 S0-E1.5B. 


ST. MARTIN'S. CC. 01-836 1443. Eras. 
8.00. Matinee Tue*. 2.45. Sets. 5 and B 
AGATHA CHRISTIE'S 
THE -MOUSETRAP 
WORLD’S LONGEST- EVER RUN 
26th YEAR 


TALK OF THC TOWN. CC. 734 5051. 
Air Conditioned from 8 Dl nine 'Dancing 
9.30 SUPER REVUE. 

RArzi.6 DA2ZLE 

At 11 LOS AEALE5 DEL PARAGUAY 

From Monday peter Gordsno 


THEATRE UPSTAIRS. 

Ton’e. 


- « 928 2252 
TdnT 6. Tomor. 


01-437 2663. Evenings B.OO. 

Mata. Thun. 3 00. SaL 5.00 and B.OO. 

• DONALD SINDEN 
"Actor of the rear." Evening Standard. 
"IS SUPERB." N.O.W. . 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
"Wickedly funny," Times. 


F.T. CROSSWORD PUZZLE No. 3,753 


e~,__ Ar _„_j ci„ .*« R*a>ons as London nooM: UMJB pm Report West Hoad- 

bcene Around Six. 12.00 News except at the following times:— d** Sport w«t. 

and Weather for Northern 

Ireland. ANGLIA SCOTTISH 

England— 525 pm Look East «J9 am Little House On Tlw Prairtc. t,S5iwf?H}? alfc S 2* ^ 

Regional News for England 1120 Cricket: Third Test high- (Norwich): Look North (Leeds, HJ 5 * w “ iw. ij5 nm Ansim News. || astoria theatre, cc. charing cross 

,csc ' pt p,aj ,w “ a “ 

(Bristol), South Today (South- Andy Williams Show, h « Chopper sauad. Scotland Today. 6J0* r ' u " 

ampton): Spotlight South West am The Uvlns word. ^ Ganwck Way. n.B 0 

(Plymouth). . Emereency. 

ATV <5nTTTRFR7VI 

BJSftr53d. ll, juo AI J2E2X- *>»: - wSiV A BSE!** ■■*»» 

Mauic Circle. 1155 The AdremurcTof ?* TroD S ,c - 1 st3J T lnF W«**rd Hearne. 

Jb 20 P"! ATV Newsd «ir. lii e fL»*?"iP9f . . CC. 636 6056. Mon to 

420 pm' Cricket: Third Test- Noo^a^n^n ^V 4 S*t , SSS“»2 , Sa£S ^ 5 ' 4 * ■• 30 ' 

England y New Zealand V'S? n tor J 1 "' Road - ^ atv Today. "PacJ^ U ^ Bta 4U^^"«»My ,, *Mir7gr 

ujod “ a ““ l „ ■usia*®"™ 0 

BORDER Par ad lie, 12JB am What The Papers Dinner and wpmrtce seats £6.75 Ind. 

The Doc Wonder. • a7- 'rvNrr: tccc Chichester! ’ 02«3 8i jia. 

ia.« The Nature Of Things. U.B Thai lllxt 1 hto Today aml__Aun. 26 _at_ 2.00 

woody Woodpecker Show. U.30 WUdll/e. 9J5 am The Good Word followed by 

cm^na. tJJ8 pm Border News 4JB Tb*i North East News Headlines. tlOJBf roo 

820 BC: The Archaeology of the fin. 1 ! “fSS* ^E}?- 515 Jobmw “ or ^ Mpine: -stale Secrei." atamnsl 

Bible [jinrifi J B SS? 8 *’ Loofc a™uwi Thursday. UJB Douglas Fairbanks Jnr. and Glynls Johns. I comedy 

9 00 WaSinitnn- RohinH S?^.w“ UrK,,n ' Burter WO m iNorth East News And Uookai^S; 1 CPMS ° T ' 

B.WU vyasnmglon. Behind Closed Summary. : tUO Thursday Hatinee: Custard Pie 



BBC 2 

6.40-7.55 am Open University 
11.00 Play School 


Open 

7.00 News on 2 Headlines 

7.05 The British Connection? 
720 News on 2 

7.40 Gardeners’ World 

8.05 Top Gear 


ELVIS 

"Inrecthms. appealing, root stamping and 
heart- thumoTng.” Observer. Seats £2.00- 
£6.00 Hall-hour before show best avail- 
able scats £3.00. MOfL-Thurs. and Frl. 
6 pm perf. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


NATIONAL THEATRE. 

OLIVER (open stage) 

7.30 M ACBETH. 

LYTTELTON tproscanlum stanch Tout 
7.45 MJDNTY new play by David Hare. 
Tomor. 7 AS Plunder. 

COTTESfOE i email eudlCorium); Prom 
Season; ErOt 5 (until Sept. >) TNI 
PASSION ■ • 

Many excellent cheap seats all three 
theatres day of perf. Car park. 
Restaurant 928 2033. Credit card- bkgs. 
928 3052. Air cootfWgnlng; 


at 7, . 

PRATER FOR ... . 

by Thomas Babe. 


730 2554- 


uhs. eres. 7-30. 
MY DAUGHTER 


OLD vnc. _ _ 92B 7616. 

PROSPECT AT THE OLD VIC 
(prior to the Edinburgh festival) 
Derek Jacobi (n 
IVANOV 

Chekhov’S comedy, with Clive Arrlnden. 
Brenda Brace. Michael Denison. Louise 
P urn oil, John Serfdom A Jane Wymark. 
Today. Fit. 7.30. Sat. 2.30 A 7JS0 


OPEN AML Regents Park. Tal. 486 2431 

A MIDSUMMER NIGHTS DREAM. Filial 
Week. Evg*. 745. Mats, today and Sat. 
2.30. with ROLA LEN9KA. IAN TALBOT. 

ELI 21406TH ESTENSAN. DAVID WESTON. 


lav and Auu. 26 at 2 
THE ASPERN PAPERS 
TonlghL AuB. 25 and 26 at 7.00. 
" MK AFTER LULU 


Doors 
1025 Late News on 2 


CHANNEL 


Parade— ” Easy Street." starring Charlie I 
Chaplin and " Cops," surring Buster | 


1025 Washington: Behind Closed ^. r p ™ Chanmii Umchiuno New* add J^aido. us Northern Ufe. UM Kaffeity. 

Doors (continued) 1w,s ° n whcrc - ajn ^ ,M "'' 1, ~— 

12.00 Closedown, reading 

LONDON 


_ 01-930 2578. 

Ergs, Mon. -Frl. 6.00. Sat. 5-00 and 630. 
Mat. Thun. 3.00 
EDWARD WOODWARD 
BARBARA JEFFORD In 
THE DARK HORSE 
by Rosemary Anne Sisson 
"Excellent family entertainment anyone 
of any age Is likely to enjoy." S Tel. 
"Damned good theatre." Sun. Time*. 
"Americans win lave It.*' Gdn. "A laugh 
minute." D. TeL " Opportune 09 brtl- 


PICCADILLY from SJO am. 437 4 SOB 
Credit Cards 836 1071. Mon.-Thur. 6 
Frl. A SaL S A 8.15. Air COfld. "Derain 
■ting wire unlettered gusto and humour 
the. BROADWAY STAR " D. Exp. 
SYLVIA MILE5 

■' TOwflr,w v .SS r SKS; D - Ma "- 
'' Worta " 

- There has hariffv been a more satlsfyinn 
evening in Itie West End ... the BEST 
COMIC WRITING IN LONDON" Ohs. 
"Sex running Hke- on elotrtc current" 
Fir. Times. ."DIVINE INSPIRATIOr- 
AUDACITY OF HIS HUMOU 
HYPNOTIC EFFECT," D. Mall. 


attractive end entertaining 


E.N 


Whars on where, a JO Tlw Link’ House Epilogue. 

Tlju p ««'w. ■ TIF CJTB 

Channel News, too Cartoon. A35 Summer ... ^ ULMLK 
Diary. Id -28 Channel Lair Nuus 1SJ2 -13820 am Morning Movie; "Harold 

Down The Line, luo M'Lords Ladles and ^ 0,d J s World Of Comedy." L2D pm 
G'diUemen. 12.86 The World SirunmJng IdMCbOBie. 4J8 DIsier News HeadUnes. 

920 an A Place in History. 925 ani * W v|n a ^hannmmstilps. hjs, am due Club. A4S Solo One. 515 The 
Skilful Soccer with Jack Chiriton AataU ^ « * ^""wrea « B(«* a. ui«er I criterion. «o cc^ bm 1071 - 3 . 

Adventures ol GRAMPIAN Sf poru - ^r? 5 Want A J «*» 7 -°° cartoon 

Nemo. 1025 bpiderman. 9JS am Flint Thing. 10 . 2 D Tandarra. I lme, „ HoEan * Eer««- U-» 

10.45 The National Film Board of UM Tbo Company Men. l» mS SHI? 11 * CQlf caamplonsliip. 1UD 

Canada presents. 1125 Cartoon ^cws HeadimM. 9.20 lhu'u House Bedclme - _ ^ 

Time. 12.00 Little Blue. 12.10 pm I ano r,e '.- 5-15 A “doiwn-wiidUft! WESTWARD 

Hickory House. 1220 Doctor! 1.00 KaremU urgaiPlan Today ■ Ufl M20 am Untamed Wd*L 10.00 Tree Top 

■aWfej; p &- at-asr j5.Ta.-Ms 


Evgs 8.0. SOL 5.30. 8-30. Thure. 3.0. 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIPS 
In SIX OF ONE 

A HALF-A-DOZEN HILARIOUS YEARS. 
"Very funny.” Sun. Tel. 


PALACE. CC. 01 -437 6034 

Mon.-Thur*. 6.0. Frl, and Sat6 and 8-40 


J«SUS CHRIST SUPERSTAR 
by Tim Rloa and 


Andrew' Lloyd-Webber, 


PHOENIX. 01 -836 2294. Even tags at 8.15. 
Mats. Wed. 3-0. Saturdays 6.00 and B-*0. 
"TIM BROOK*. TAYUJJR. GRAEME 
GARDEN ;icafce n» laugh." Dally Mall. 
THE JONVARNISHm TRUTH 
The Hit Comedy bv Rovea Ryton. 

" LAUGN WHY I THOUGHT I WOULD 
HAVE DIED." Sunday -Time*. "SHEER 
DELIGHT." Ere. Standard - ■ GLORIOUS 

CONTI NIKJUS LAUGHTER.” Timas. 


DRURY LANE. 01-838 8106. Mon. to 
Sat. 8.00. Matinees Wed. and SaL 3.00 
A CHORUS LINE 


ACROSS 

1 Fniit course given daily in the 
F.T. 1+4) 

5 Bear the expense of a loud 
car i6l 

9 Priceless wise from place 


S Feared holding article and| 
has got down (9i 

7 Open with Single harmonic] 
( 8 ) 

8 Does tale become dreary? It| 
could! IS) 


JE duchess. 836 8243. Mon. to Thure 

Evenings B.OO. frl- SaL6.i5 and B.OO. 

OH! CALCUTTA! 


Racing from York plus Swimming fiDAN*n* 

and Diving (World champion- MJD M Tbc Practice. 658 Westward Dhut. Iojs 

Ships). t420 Children's Film aZT imd ^ , an Q' or WeWwanJ Late Mews. MJB Down Tte, ... _ 

Matinee: The Crazv Gane in ‘Th. ^ “ B * "« M *”- 

pianshlpa - “* 

The._ Undereea^ Adventures ol c^plala 

VUO am Tara on. u.10 The white Stone. 


.0 duties are tevied » Smun ^nd^jshiouanlc bird 

15 Fairy indicator un boundary 
_ 19) 

17 Proposed to accept 

mechanically operated bolt as| RADIO 1 
an obstruction (S) 


(+4) 

in Minds about Pole giving an 
endearing touch (6> 

12 Bird, fish and insect (9) 

1.1 Inn that is very warm to the 

Spanish (5) jg Taking bird and sing about 

14 Copy about south part of 4t * 


5.45 News 
6.00 Survival 

620 Cartoon Time 

620 Crossroads 

7.15 Leave it to Charlie 

7.45 The Mid-Week Film: 'Love 
Thy Neighbour ' 


Faith Far Life. 

YORKSHIRE 


n „„ Adventures of Captain 

nMys" fcK l5 nn C s!i? S, 6 J « ■■n, 6 ' 00 ,.- r:r 3 “^ *" 'LWML llib xne wnite stone, i 

TV Tim« u oa " ndcr, ° 1 1LJ5 Th * Woodir Woodpecker Show. 128 

Tho^ ftsaa sS ^ “-* P“ News. t42D "Abbott And 

me papers say. UJB Law Cwiire. Costello In The Foreign Lojdon.’ 

JJTV’ Calendar lEmley Moor and Bebnootl 

tlixim "r,ri, V editions'. 9J0 Great EajMciatlon*. ]LH 

T1BJ0 am Camon-Brewnc of The F.O.” The S tree IB Of San Fraud sco. 


DUKE OF YORK'S. CC. 01-836 5122. 
Erentnol 8.00. MU. SaL 3.00. 
LAST PERFS. MUST END SAT. 
JOHN Gl€LGUO 
in JiiHa M l t ch eH's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
" Brllllanttv witty ... no ona should 
rain It.” Horoid Hobson roramai. Instant 
credit card PMemtlonc. Oinnsr and 
Top-price seats £7.00. 


get no 


(8) 

church 14) 20 The French 

16 Music maker accepts nothing Elia 

a crown (7) 21 Ruler who should 

19 German volume a leanwr rlgins jn Marcb , 7 , 

follows according to the letter 22 Got up wittl a learner like a 
. . . . t flower ( 6 ) 

21 fashion model is incomplete 23 Native rot? Yes, maybe! (6) 
H*, . 26 Sugar refined for a vigilant 

24 Maintain I fish outeide (5» watcher from Greece (5) 

25 Chap return Hip nouce w Con- S0LUTI()N TO pL , ZZLE 


247m Dm News 1.40 The Great irWior* y* i nai -niio c.nu vac Tretuterred train th* Shattinhun, Theatre 

,jk '-J r’T 5 ! asa£avf?e?&.s!a —Maaij- s - 

yavis. 9JQ Sfanon Bates, iloo Paid V*. ( ^- r Ili on - H,,Wjs n-adtag Basil Boothwyd (Si. SJO suiberiand In Mu^Fa^w^M^MJSS^ARPLE in 


PRINCE EDWARD. dCJFotnwriy CasliKg. 
01-437 6877. PoriorinarMs W* ret 
Evai a 4*1 v Mat TtlVTa 3.0_ Sit. 3>0. 84D. 
NOTE CHANGE OF 5ATURD A ^ 

From Segtembar .2j9Bte. 3.00 and -B.OO. 

Earl I A 

bv Tim Rice and Anrireyr Uovd-Wabber. 
Directed bv Harold Prlitce. 


PRINCE OF WA1S. CC. C1-O30 .8681. 

BROADwIT^^MUSlciL 
^rvrtoVE MT WIFE. 

CREDrr* t CA«& R K»KI^S. W BM 0646. 


QUEENS. Cr*d» OrM. 01-734 11«8. 
Ivqi, s^oo-Wed. 3-00. Sat. 5.00. 0.30 
Ge6r« CHAKHUS. ROY DOTRItt. 

JAfcS? VfSefe. f BiOHSW VERNON 
THE PASSION . OF DRACULA 


VAUDEVILLE. 836 9988. CC. Evga. 6.0. 
Mn. Tue*. 2-45. s«t. 5-00 and 8.00. 

Dinah SHERIDAN. Dufcle GRAY - 
A MURDER 15 ANNOUNCED 
Hie new est whodunnit bv Agatha Christie 
■■Re-enter Agatha Christie with another 
whodunnit ML Agatha Christie Is sulk- 
ing the West .End yet again wtih another 
Of tier fiendishly Ingenious murder 
mysteries." Fella Barker. Evening News. 

AIR-CONDITIONED THEATRE 
Limited Season : October 2- Decembe r 2. 

AN EVENING WITH DAVE ALLEN. 


VICTORIA PALACE. 

01-028 4735-8. 01-834 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 

ANNIE 

Craning* 7.30. Mats. Wed. A Sot. 2-43. 


m 


■i-i: : 


i ■ v c : 

gsm 

r.don^-iwN-M' 
**•-. v • •• 

c x ’’--;.-er: 

.'.riV’s;'.- 


tsn-f;. 


, •• iA 

H-iK-.*.- 


i. - . 

t..:: •' V 

i: 

t i- • ./ 

v: 


5* . * ”, 


WAREHOUSE. Donmjr 
Gordeo. 836 6608. 'Royal 
Company. Ton't 8.00 Peter Flannery - * 
SAVAGE AMUSEMENT. ■■ BnOlant Nay- 
wriiing debut," F. r.nies. All seats £1.80. 
Adt. bknga. Aldwvch. Student, standby £1 • 


WHITEHALL. 01-950 6692-7765. 

Evgs. 8.30. Frl and SaL 5A5 and 9.00. 
Paul Raymond presents thc Sensational 
Sex Revue ol the Century 
DEEP THROAT 
6th GREAT MONTH 


WINDMILL THEATRE. CC 01-437 6512. 
Twice Nightly B.OO end 8.00. 

Sunday 6.00 and 6.00 
PAUL RAYMOND presents 
RIP OFF 

THE EXOTIC EXPERIENCE OF THE 
MODERN- ERA 

"Takes to unprecedented limits what Is 
pannlnftile on our stage." Evg. News. 
3rd GREAT YEAR. 


I ff? • s.’C 


Im 

F-v.i 


rwYNDHAM's.. 01-636 M2B. Credit Card 
Bkgs. 836 1071 from 6.30 pm Mon.- 
Thur. 8.0. Frl. and SaL 5. 15. and 8.30. 
” ENORMOUSLY RICH 
VERY FUNNY," Evening News. 
Mary O'Malley’s masa-hlt comedy 
ONCE A CATHOLIC 

“Supreme comedy on sex end reOgmn," 
Dally Telegraph. 

“ MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


CINEMAS 

ABC 1 A 2, Shaftesbury Are. ase 8861. 
Sen. Peris, ah Seat* : Bookable. 

1: 2001; A SPACE ODYSSEY <tH 70mm 
film. Wk. * Sun. 1:30. 4.35. 7.56. 

2: CONVOY lAJ. Wk. A San. 2.00. 
5-20. 8 JO. Late show Fri. & SaL 1120, 


\h-r\Ss 

I ,,.V . «v- 

few 

grȴj= 

? -7 
,&iS 




CAMDEN PLAZA topa. . Camden Town 
Tubei. 485 2448. Max Oph ui’s greatevt 
film LOLA MONTES lAt- AJO. 630. 
8-50. 


CLASSIC 1. 2. 5. 4- Oxford Street topb. 
Tottanttam Court Rd. Tube). 636 0310. 
Soeclal Season of FH«n Enrrrtaftitnent for 

Children tand AduUsi. One price SO» 
Mon.-Frt.TI a.m. Doors 10.45 a.m. 
THE BATTLE OF BILLY'S POND IUX 
THE FIREFIGHTERS (U1. 

U and A prog. Children half price. 
Watt DH-rey-* herbie goes Til 
mote CARLO Oil. Progs. 1.30, 3.4®. 
8.06. Late show Led ZappHn THE 


phonic 5ound.11 pm. 

2. Krfa KriMObCflSon 


_ KristOffcnson CONVOY <A>. 

Progs. 1 AO. 4.00. 630. 8-40. Late show 

11 pro. ■ _ 

. FM LAI. THE WAITERS >U>. Prog*. 
.00. 3.30. 6.00. 8.30. Late Show 11 p.m. 
4. BEAUTY AND THE BEAST -LM. 245 
S30. 8 -55. HUGO THE HIPPO Oil. 1.15. 
4.20. 7.20. Late Show TEXAS CHAIN- 
SAW MASSACRE (X-GLC) 11 pm. 


RAYMOND REVUEBAR. jCt « J734 1593. 
At 7 pm 9 pm. 11 pm. open Suns. 
PAUL RAYMOND 
totfestivalofkojua 
FuHy afr-oontfWonBd 
Htt SCWtlOMl W. 


^ I n ..L .iT .. v UTrtteHiPS-^-iV BAR W ' ruaUIXM DflWI BWUUVJU Itrt. * T»*V aMIU7?nMIISJ 

doctor, alias g"™ 11 ,hl ' a ? dln ’ HosJabow rrem ?aniS Pr E, m!< 75 pan Hgrtn Wales: Oraham SuUterland, artisi, 

I fllXlr. 1230 B«n NptfitM.ii nnc ISl1 - DrHYTlJ Nmv ■ c . ir» m.. a li. tra*i. 


Dude. 1230 pro XmrjbeaL 
Poo-ell, 

I Jensen 

! Sports 

Peri 

RADIO 2 

5.00 am News Summary. 5.B2 Tonj ‘51.^2.10'’" Tran «S* , ti a Sid2B l S Radio London 

SSS. 732 Twnr^Wo.an^/SMnrini/ms 3?WW“ 206m aodMJ) VHF 

jL2?Td« bK w z*i*p*£ ii iz ^sstuimSJsns ass jaaAMA ±f <ssvs 
ss. s%&' jass«Y5jas radio 4 . iss-e at tssm/vs si paul w*™* jhu * mckenz,e - 

Yorfc. 4-30 Wagoners' Walk. am News' jSS^K'KSE &on Broadcasting 

Desk. 430 John Dunn 1 S 1 ineludtmr 535 J25 aj ' .^L TMfly: MaK-tzine. incl^^- • 261m and 9 

5pong Desk and U2 Ctto&-CIuu1l> 1 Motor- JJfl and 600 Todays N«ws and Tjo nnd 5JW am SlominK Music. 638 Aji.; nga-i 

Cminr rv Qt n 9.00 Nrw* Tlmcs f S‘- «9P IflfomaqOB, travel. BPOrt. I GREENWCH 

counifi Club ISI iMludlna 730 Spom _ Tb ?f' '»“ »«ve Loved Brian Hayes Show. 1M pm LBC Rppons.1 . WlLLl. 

D ™- roiKWPflFP <S>. 9.5S Sporty p ” * iiPits. IMS tnini Our Own tap Goorce Gale's 3 n "Clock ■ no 

Desk. 10.82 Wirs End. 1830 Star Sound CorrrapondenL MLM Dally s"rv.i“ SS LBC RoS iroattawii SMAnerEighL 

Sen pis Desk. 1L1D BUSK M»rnlmc siorr. 1LB0 NeS,” aa'lSn HuAOte jjqjbb NlS SxtraT^ 

lores Round MldnlBhl. in- Way. 1135 Near Mtihi JlS ^ 


THE VICARAGE 

FOURTH GREAT YEAR 



THE HOMECOMING 
" BRILLIANT? A TAUT AND EXCEL- 
LENTLY ACTED. PRODUCTION." D. Tel. 
"AN INEXHAUSTIBLY RICH WORK/ 5 
Guardian. "NOT TO BE MISSED." Tima. 


servative that is compulsory 
< 9 ' 

27 Fiy from Russia via Tehran 
16) 

28 Piece broken off that totters 
pet in feet (Si 

29 Encircle broken N.E. grid 
< 6 ) 

30 Piper or painter ( 8 ) 

DOWN 

1 Disfigure some French dial 

(6) . . . 

2 Fish going round river ana 

ditch (6) 

3 Leer about soft outcast (5) 

4 Ran up with speed to speak 

(7; 


No. 3.752 


. GESHGia HQQE 

h n h a h _ 
□goqdds BBnnnno 
□ H Q QBE 
□QDQQBQQQ BEDE 

□ □ a • q 

snaaa sbbbqi 



□□hd 


paul 

**" T A5 L£ 

■■ Tills rows be the laugbter- 

mglier In London. 0 Tel. *• An Irresist- 
ibly enjoyable evening," Sunday Times. 


REGENT cOxfortf ClrtuaJ- 
Cvg*. s JO Mat*. Erl. and 5st- 6.00. 
TAKE THC FAMILY TO 
THE OKEAT AMERICAN 

W-ffihire more ouwiwe 


■“tarus 


Film, inn 

Maltin ' mp Introdnret Round Mldnlcht. in- "»■ LL45 Nt-jr Myihg laiw sfZ** 
liudlns 12 . OQ New*. 22X3-2-D2 am News J 2 ;® w* 1 Y °u And Yours: »Vt|-ni 9 nn« Capital KadlO 
Summary Li'1^ 1 A.CJuc •S>. XLaTWv^ r ^ ‘l! 


— THEATRE. 01-658 7755. 
ILL! AM DOUGLAS HOME'S 
Newest play 
THE EDITOR REGRETS 
Evening* B.OO. Saturdays 5 and 8. 

No perf. Bank Holiday Mon. 


Ann -Bail.. Peter Bovrm. 

a-nafl. 

K'-"i.“)jr’<AS %"5USBB 

tirWence. 


CURZOM. Cuezorr Street. W.l. 499 3737. 

C Alr-CoiwH ttahed) LAST WEEK'S DURSU 

UZALA <ui In 70rom vEngHwi aub-tldef), 
A film, by AKIRA KUROSAWA 
'■ MASTenPfeCC." Tlmn. "MASTER- 
WORK," Observer.. ’’ MASTERPIECE." a. 
News. Film 2.0, S-4S. 930 Sun. 4 & 7. 


LEICESTER SQUARE THEATRE. 930 5252. 

Richard Burton. Roger Moore. Richard 
H arris. Hardy Kruoer In THE WILD 
Geese MAI. Sep. prog*. Wks. 1.00. 4.30. 
8.10. Sun- 3.30. 7.4S. Late N»OW» Frta. & 
4*0. 11.45 p.m. Seats mav be booked In 
advance for B.1 0 prog. Men^Frl. and all 
prteB. Sac & Sun. Em), late mght show*. 


- -.«= c-v.tu.-r, gov 194oi and 9SJI VHP I ’wSpoS^a.so?^^ *Jo*k 2 8S 

RADIO 3 ■NMm. Stereo & VHP 1 ’*S jv World AI <5Sc! mb am nrahajD Dune's Breakfast Show] V PAUL SCOFIELD -30 0 ' 00 ' 

lyfilAEVA 3 h* Tbo Arturs. US Woman's Hour in- «S). 9.M Mlehaul Aiipcl <8i. U.B8 Daw 


Casta ifii. 3.00 pm Rocor Scon (Si. 7j»l 
lain) G^orco-Brewn's Capital Commentary f 


LS5 am Woaihur. 7.00 News. 7.85 Over- rinding 2.003JB n,.™ , IJ a , s Mfl ur ift* jp 
tun? «5». LOO Nv.-wb. 835 MornlnR Concert MnUier. 3 jjo Nl-ws 3 os aiM»»H !J, 2. Ff 

gw? 

,. Now Uodlu US Of Bril™ 1 K S . ,£ M 


MQ Am | 
FlUtbt IS). 


HARRY ANDREWS 
ELEANOH BRON. TRLVOR PEACOCK 

" A E FAMILY 01- ln 

" An admirable play, haneft. wen corw 
Ctfred, pmwrly worked oot. freahly and 
igtingiy wnaenj^hly sawifylnp. i^? 
Scofield at hta beat." 8. Levin. £. rimw. 


SADLER’S .WELLS THEATRS. Rosebery 
AreT £C1 01-837 Until Sept. 2. 

MARCEL MARCEAU 

" TMs great “* “ 

mined." Obeerwr. 


•WVALTY. Credit Cards- 01 -4 OS 8004 
Monday-Thursday EvmIiw* 8.00. Prldjy 
5.30 and 8.45, - Saturday 3.00 and 6-00- 
lAtelon critic* vote ffl U.Y PAN I ELS In 
BUBBLING bROWn sugak 
_ . Beit MuNCBl Ot 1877 
Jri Bookings aeeepted. Major credit 
“mi. Rataorant Reservations 01-405 


OMON HAYMARKET. 930 2736(2771. 
MIDNIGHT EXPRESS rxi. Doer* open 
daily at 2 . 00 , LOO. B.OO p.m: Sap. progs, 
at 2.30, 530. 6.30 P.m. Late show Thurs. 
Frt*_ Sats. and Suns., door* open 11.15 
p.m. prog, at 11.45 p.m. All mb bkblg. 


ODBON LEICESTER SQUARE. *30 8111. 
REVENGE OF THE PINK PANTHER fA). 
Sep. Prog*. Dhf. Dgon open 135. 4.30, 
7.45. Late shows Thing.. Frl.. Sac Doors 
open 11.15" P.m. All seat* bkbie. at the 
Bw Office or by Post, except Thura, L.N-5. 


ODCON MARBLE ARCH. W2. 723 2011-2 
CLOSE jfSSuwrEltS OF THE THIRD 
•UNO fAL Sep. progs. Dly. Doors ooen 
1.05. 4.15. 7.45. Late show Frl. a, Sat. 
- Doors Open 11.15 o.ht. Ail Mata bookable. 


PRINCE CHARLES 
MEL _8ROOKSr 


Leku Sg. 437 8181. 


SrUO, ° Ss. Ctreu*, 437 3300. 

Jill Clayburgh. Alan Bates 
In Paul Mazursky’s 
AN UNMARRIED WOMAN (X) 
Pregi. t.os. a.so. e.oo. s.as. 

Late Show Sat 10.50, 


4 - 


o® 


~r- 























Financial limes Thursday August 24 1978 






Leonid Bronevoy. 


^Edinburgh Festival— Lyceum . 

,, A Month in tie Country 


by B. A. Y(jUNG 


Anatoli Efros believes that set is dismantled before our with Verochka (his real charge, 
Turgenev's characters most be eyes. the buy Kolya, having been cut 

adapted to the understanding of The playing is powerfully (j" om a streamlined text), 
a new public that has never individua list) c. Yakovleva— a verochka (Yelena Koreneva) is 
. experienced a society ■ such as very beautiful _w oma n— est a b- very 


childish indeed for an 


Coliseum 

The Seven Deadly Sins 

The English National Opera the London operatic stage again. Friend, has kept the low pitches 
celebrates 10 years at the Coll- Mr. Alston's choreography has a but has made some adjustments 
seura with a new production, not kind ** d, ? creet distinction. tt to the orchestration to bring the 
of a renrrtnrv nnera but nf mak “ P 010 !* “Wiflly without sound nearer to Weill's original, 

« *., obtruding (the pas de deux for high version (both are printed 

Brecht and Weills ballet with ^na and the gigolo she loves in the current Schott vocal score) 
songs. The Seven Deadly Sins of and supports but is forced by and has also adjusted the music 
ordinary people. This was the expediency to give up is a good for the male-voice family quartet, 
last of their collaborations, the example. Anna - dancer is with Mother as the bass, which 
music being written in Paris Siobban Davies, a lovely artist Brfickner-Ruggeberg transposed 
Where Weill had fled from Ber. whose soft movements and down with the rest. 

n fi e a hro=eT teoderIy £ xpressive P**- This removes some of the eon- 

in n, fectiy I ^ Ef1ect the sad-sweet side trast Weill presumably intended 

for the short-lived Ballets 1933 0 f the character. . between the girlish soprano line 

company with Lotte Lenya sing- Tbe whole adds up to less and the various nasty family sett- 
ing and Tilly Losch dancing the than the parts. The dance-half ti merits expressed by much 
double role of Anna, the girl who and the song-half (they take deeper voices, but it makes the 
gets on (driven by her “ordinary" place of course simultaneously) quartet music easier to sing, and 
and rapacious family) by sup- seem a little wary of one Terry Jenkins. Alan Woodrow, 
pressing her better instibets. another. One is too often coo- Alan °P ,e and Dennis Wicks (a 
Lenya's 1956 recording won the scions that the Coliseum stage formidable Mum-figure) are a 
score a new celebrity. Since then- is terribly wide. But the main great deal better than the German 
there have been a number of trouble is the words — Brecht in singers on the record. So is the 
revivals including two by Ken- the Auden-Kallman translation, orchestral playing, though the 
oeth Macmillan, the first at Edin- Anna’s singing half is played by masterly way Weill returns to 
burgh and Jater Sadler's Wells, Julie Covington, wbo has won the melancholy music or the 
the second at Covent Garden. laurels in the straight theatre, opening did not make its full 

There is good reason for rank- in musicals and. for that matter. *&*** on Tuesday and the biting 
jog The Sins as a modern classic, in BrdchL The voice is pot large ouality of Weills scoring gets 
The choice of a 20th-century bur she uses it well except (and fuzzed in this theatre — for 
work for the anniversary produc- this li crucial) that one can’t example, the Brahm 
tion does the ENO nothing but rely on hearing all the words — and ^ounter-thrust of 
honour. Nevertheless, this par- sometimes they come over, some- ne ££. 
ticular score underlines rather times they don't. Anyone who 
than overcomes the defects of tackleB this part has to cope 
a theatre which has. during the with - memories of Lenya in 
past decade, seen a long list of person ' or on record. Miss 
notable achievements. Almost Covington rightly makes no 
everything that makes the attempt in imitate her indelible 

Coliseum a good house for. say. predecessor but she doesn’t (or can make a pair of girders for 
Wagner works against this so one felt on Tuesday night) sliding in placards look ‘not 
excoriating but intimate homily put-qulte enough of herself in merely functional but aestheiic- 
laid out for a modest orchestra the part. The result is careful, ally pleasing. There is no mess 
and a handful of performers, a always accomplished, a little or muddle. Presumably the 
homily -where the text, every negative. period-lessncss is deliberate. In 

word of iL roust get home. To ; some extent memories of OQe dance there is a bint of Loie in. 


by RONALD CRICHTON 


example, the Brahmsian thrust 
Covetous- 

The designs of Ralph Koltai 
and Nadine Baylis are bare, 
economical, aseptic- They have 
the cold, not quite sufficiently 
affirmative distinction of the pro- 
duction as a whole— Mr. Koltai 



Jufie Covington and Siobhan Davies 


exited on Arcady JslayeVs lishes herself quickly as: iaristo- already marriageable teenage 
•estate. His production Tor the erotic and spoiled With- a girl, and though perhaps she 
Moscow Drama Theatre in repertory of beautifully-observed overdoes it. her assumption of 
Malaya Bronnaya Theatre turns carelessness and a sequence of youth through the close tepro- 
out to be a vivid portrait-nailery splendid dresses .designed by auction of youthful movement is 
of individuals each in the best Yekaterina Sokolskaya, It is impressive. It made roe think 
Stanislavskv tradition, but there natural that later, when she of Ulanova dancing Juliet at the 
is little indication of their rela- becomes the principal snfferer in age of 49 

tionships together. 1 imagine ^is game of amorous . snooker, A newcomer to the play might 

this may be intentional; I think her emotions will get the .'better almost believe that Dr. Shpigel- 
we arc intended to supply that h *r: her long final cadenza of sky is the main character in it, 
element ourselves.’ despair, played in short,.. silent * or Lfomd 1 Bronevoys intimate 

The play is given a non- moves all over the stage, is 
representational set designed by excellently done, even though I 
Dmitry Kryinov. There is a two- believe ^it to be. a at over- 
layered stage on a revolve, the indulgent piece of direction, 
iwo concentric layers of Which, Mikhail Kozakov. is a/Byronic 
half-circles with ornamental figure as Rakitin.- but ^Without 
mclal rails at the circumference. Byron's panache; no .< doubt 


comedy, often directed straight 
at the audience from downstage, 
magnifies him to a bigger scale 
than any of the others but Natalia 
Petrovna. Very enjoyable 
comedy it is too. like some 
Russian Donald Sinden; but this 


house in Louisiana being hands conclusively prme that 
assembled brick by brick as singers accustomed to the 
Anna’s ini moral earnings .trickle Coliseum need have no difficulty 

We merely watch their with words. Eric Shilling’s 

Now we are in the age of the the Lenya recording are irrete- Fuller (when the work was clothes growing richer and St-Jiicchi is less suhrlc and 
opera producer. I doubt if vant, even misleading. Her voice, written. pseudo-Fullers were still richer, number by number. musical than Thomas Hemslej’-i. 
Balanchine needed one, or Bejart by the ’50s. had gone so much whirling round the French pro- The Sins, being 'a one-actor, but not one syllable is lost, and 
when he made his version. At lower “that the conductor Wil- vinces), but any implication shares the bill uith a revival of his example is followed with 
the Coliseum Michael Geiiot has helm Briickner-Riiggeberg trans- that Brecht’s message remains Colin Graham’s production of notable succos by must of the 
staged the work in choreography posed/ the numbers in which universally valid may be Puccini’s Gianni Schicchi. con- greedy Florentines whom 
by Richard Alston. Mr. Geiiot Anna as singer is involved down regarded as dubious — is it true ducted by Sir Charles Groves Schicchi defrauds fv.h.ti .-m even- 
has a number of Weill produc- by as much as a fourth. Miss nowadays that “Powerful pro- with an ex truwn relish he hasn't mg for greed and avarice!) in- 
tions to his credit, and it is a Covington's voice is also low ducers do not give plum parts to always shown in this pit. There eluding noiatiti Anne Collins 
pleasure to see his individual, (though not growly like Lenya's). protesters"? Mr. Geiiot doesn't arc several newcomers tn the Della Jnnes. Anne Conolry and 
probing, stripping-down style on T&fe • ENO’s conductor, Lionel let us see the family's little cask Both they and the old Harold Blackburn. 


Albert Hall/Radio 3 



penitente 


by MAX LOPPERT 


Mozart left his mighty C minor rounded off with an elaborate views. The words, formulating of the choral movements and the phrased without distinction. 

Mass unfinished, but not unfor- fuglie/.JBut it js a_ problematic nebulous expressions of piety rococo delights of the hravura From all three there was a good 


entten In I7S5 three vears ■work:' Tuesday s Prom consti- and devotion which bear no solo writing; the problems in deal of smudged, snatched, or 

*7, „ t . nmnnBi \ inn h . tuted^a rare revival. -specific relation to King David, performing the oratorio seem m> aspirated coloratura, 

alter ns eomposiuon, ue was tfc e i a5t t . eo t U ry, Doindde are not strong; but they seem more (or less) insoluble What This (imp second half was a 

asked to provide a second half penitente (K46»> was highly not seriously ill-suited to the both works require are vigorous disappointment all the greater 

for one of the Lenten concerts esteemed — Vincent Novello musical contexts in which they choral singing, muscular but also for following two Beethoven 


MMbn hHmS nml already aware of ’ thp howerful is the chief example of the play's i of the Vienna Society of called it "a complete Cantata, are placed. On the other band, supple conducting, and soloists performances filled with vitality, 
can re Give inaepenaemiy trros J thp student j j S saw direction, and the piece [Musicians (the same body that or rather Oratorio, for the the musical underlay of the capable of tackling the tremen- The Choral Fantasia is a work 

lUr clUOIlUIldl tdllier . . J . . fjjs only with difficulty into * r ‘ liahaua with citAh choma. fnrm«F ic Inn mnrlacl ■» titla fni- urArHp ic nnncictAntt,. ,uilrui,nl . Hnnc Viurri lau „P lha flnrirt u-ritinn nn Incu tlrnhliim i lip lh>D IlMart’c 


uses them 


Ihan scenic purposes— to whisky Belayev. he spends mach-time Turgenev's scene a«T on P w 
a barrier between characters, to gazing despondently at the-floor. It 

K ,d ^,e sr,*. pX K-feMicSsi; ,„£»i g-sa-r, * 


ix-fl-a. SrittSSL s iV? «&£ SRnSUSSLSS 


when the heart-broken Natalia ^ronic seed is /frtectable. JfiSf- SK! 
Petrovna (Olga Yakovleva) has though it still has a yav tn go. 
lost all her intimates, the whole He is still a boy wjien ho plays 


7 


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was tci behave with such shame- former is too modest a title for words is consistently awkward— dous hurdles of the florid writing no less problematic than Mozart’s 

ful tardiness about awarding so Elevated, elaborate and rare indeed to discover in with something like ease In all oratorio (its text, also hastily 

him membership). He set about mastedy a work.” Id ours, it Mozart (who prided himself, three categories. Tuesday's per- cobbled, was given in the pro- 

transforming the Mass into an ?' ■ justly, on his linguistic capa- formance was deficient, and as a gramme, unlike that of Doridde 

oratorio. An Italian text (whose Book Reviews will BDDear hilities) such a crop of mis- result the revival was awarded penitente); but it was enthusiast i- 
author remains unknown. Fr accentuations and inapt less 111311 convincing advocacy, ca II y undertaken, and the result 

although Da Ponte is usually the. tOmOlTOW emphases. Michael Gieien. conducting the gave great pleasure. Much nf 

most frequently suggested candi- —. '■■■ —■ — — ■— The impact the work as a whole BBC Singers. Symphony Chorus this came from (he ripe blend 

dale for the role) was fitted to has not gained currency. Einstein makes is much like that made 3nd Orchestra, was prey to re- of finesse and rusticity with 

most of the Mass movements; complained that “this David is by the C minor Mass itself — peated bouts of “delicacy." of which the wind players shaped 

new arias were composed, one an extremely self-contradictory powerful, various, and stvlistic- lhe k, "nd often (and unfairly) Beethoven’s marvellous evoca- 

but they j each for the first soprano work, for . Mozart would never a llv disparate. It is rare (o deemed Viennese. In chorus and tion of Harmnnjenrustfe. Most of 

are almost deprived of their (Cavalicri. the first Constanze) have written his powerful music encounter a performance of the ari a alike. the‘basic pulse was it came from .Alfred Brendel. 

functions as aiicntion is focused and the tenor (Adamberger, the to these words." Tuesday's earlier “ noble torso." as Einstein a P f ,0 WJlt * ° r 10 ti-ot mildly magnifi.-ently clear, forward, and 

on the principal characters of the j first Belmonte). Unlike the performance inclined one to a railed the Mass that successfully along, when firmness and vigour impeluous in the piano solo, 

drama. iMass, it is a complete work, position somewhere between both 


Record Review 


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RHODESIAN CABLES LIMITED 

( Registered in -Rhodesia > 

NOTICE TO SHAREHOLDERS 
Profit statement and declaration of final dividend for the 
financial year ended 30tb June, 1978 
Audited profits for the year compare as follows with the 
corresponding figures in respect of the previous financial year. 


Year ended 
30.6.73 


Year ended 
30.677 


Pre-Tax Profit . 
Taxation 

AftcT-Tax Profit 


■ Rhodesian 

Rhodesian 

Dollars 

Dollars 

I SIS 500 

1 4fiJ 200 

- 580 700 

634 S00 

937 800 

826 400 


Notice is hereby given that a final dividend (No. 3S) in 
respect of (he financial year ended 30th June. 197S. of Us 
cents per Ordinary Share making a total for the year of 24. 
terns (year coded 30th June, 1977, 24 cents) has been declared : 
by the Directors payable to shareholders registered in the books- 
of the Company at the close; of business pn Sth. September, : 
l«7k. The dividend will be paid on or about ’20th October,. 
197S. 

The transfer hooks and Register af Members will be closed 
from flUi September, 107S, to 22nd September. 197S. both dates* 
inclusive. ■ t . 

The dividend is subject in non-resident shareholders' tax 
of 20 per cent in ilip case of shareholders whose addressee 
in the share register are outside Rhodesia. 

' By Order of the Board. 

0. Aamndt 

Secretary- : 

Lytton Road, 

Worktngton, ' 

Salisbury. 

17th August, 1978. ' : 

Directors : Sir Henry McLorlnnn McDowell, K.BJE. (Chairman) 

D. H. Cummings. I-C.D-. 03£,'F.C.l.S. 

J. M. Magowan. I.CJ).. 03.E, tXEng.. F.I.E.E., 
F.5JL1.E.E. F.(Rhod) I.E. 

D. G. Sutherland. B-Sc, C;5?ng, F.I.E.E., . . 

F.SJV.I£.E.. M.I.C.E. 

K. Taylor, a Eng., F.I.E.E.. F.(Rhod) LE.. F.I.D. 

Share Transfer Secretaries : 

Johannesburg : Ixjndon : . * 

Hill Samuel RegiswaTs \SA.) Hill Samuel Registrars Limited, 
Limited. ? fJrecncwi Plate. 

Hu. Box 62318. London. SYt IP JF1- 

Marshalltown 2107. . : . > 

Transvaal. • '•■■■■ 

Smith Africa. 


called the Mass. I hat successfully along, when firmness and vigour impetuous in tl 

embraces both the grand seventy of spirit were the principal re- Brendel had begun the concert 

quirement. The orchestral play- wuh an account or the E fiat 

ing was clear but lacking in Sonata, op 7: this warmed after 

energy, the choral singing too an uncertain start, in a gentle 

often bodiless and lacklustre— inward mastery nf ihe music 

the sopranos in particular that seemed to shrink tbe hall, 
appeared to undertake expres- 
sion of the opening phrase, 

“Alzai le flebill voci." with un- 
happy literalness. Uf the three 
soloists, Ann Murray, In the 

seconda dpnna role, was the A poetry reading by John 

— violins, two cellos, two oboes it changes- occasional! v. prelim- dove," for instance, which really m03t consistent Jennifer Smith Heath-Stubbs. a talk and signing 

Handel: Ac is and Galatea. Jill (doubling recorder) and ably for dramatic reasons. / moves) but allows under-stressed undertook Cavalier i’s music with by the writer of ilfy Fair Lady. 

Gomez (Galatea), Robert Tear harpsichord. Norma Burrowes as Galatea rhythms (such as the very 311 admirable and determined Alan Jay Lemer, and a talk on 

(Ads), Philip Langridge Neither of these new record- has tbe Unaffected grace and sloppy dotted notes in “ Galatea. hL US K^ 1 ^ sh l.» l0 . hide art criticism by Edward Lueie- 

(Damon). Benjamin Luxon ings uses so few musicians, in lightness which the nart dry thy tears ”) to give a feeling uer basic unsuitability for showy. Smith are among the forth- 

fPolyphenfus). Jennifer Smith, bis notes for Archive. Wolfram demands; Willard White is a of blandness to the whole pec- wr . 1 na « CDmin 3 lunchtime celebrity 

Margaret Cable. Paul Esswood. Windszus doubts that the Polyphemus of subtle inflections formance. Jane Glover’s edition B U raows^S u ^2f ^ t S 00 "? S w?’ 

so and f«r Arno adds «nme tmaamative Burrows produced thin tone, and 28. Sackville Street. London. Wl. 


Mixed views on Handel 

by NICHOLAS KENYON \ 


Lunchtime events 
at Arts Shop 

poetry reading by 



and though 


choruses are Damon sound no wetier a char- thought on Ibe pacing of r»«-iia 


Handel: Acts and Galatea Norma sung hy soloists, they are a actur than ho actuativ Ya;'as the 
BuiTowes (Galatea') Autiiony different set of soloists from third tenor. Paul Elliott coraple- 
Kolfe Johnson (Ausi. Riarijn xbose who take tbe named parts, men is the choruses most offec- 
Hill (Damon). Aillard tiTitie The addition of a few violins tivcly. .-Ads 
Taul Elliott. - 


tive cadences (which overlap 
with the singer ralher than fol 
lowing on) — the treatment 

vmatt r— - - js Anthony RoKe too similar throughnul. ihoug 

Sv 2 c„Lct«/T«hI: 15 ntn 3 ser,ous rautier; but the Johnson, a quite outstandingly the innovation is welcome, 

fiighsh Baroque Soloists/John modifications of the original good performance, full of the firc , nn d 

jDittGirdiner. Archive Produk- sc beme on Marriner’s recording most precisely-controlled tender n , c . ftra | S nioaa 3 

tion -«08 0.JS (- records) .make for a curious compromise, lyricism <i n “Love in her eyes S35IJS* mHSSrfew P 

: The" chorus” on the Marriner sits playing ”> and well-articu- Sidtiooof fhemS,^ Itneids 

“My Dear Lord. Since my Last ^SS^CaSL WvmfnS h P a S W “^, Ve 1° UIldS 2 IctiSn to make^t come alive 

I have been at Canons with E. Smith, Margaret Cable. Wym ford the alara ) he surely is our —indeed, at Cannons, with 

of Carnarvan who lives cn Handel ***** soloists doubling chorns. it must 

Prince ... he has a Choorus of Jackson, F|i». for some reason f. r many, ye^rs. surely have been performed 

his own, the Musicke is made for in some places, Paul Esswood. Tbe cover illustrations of these a tableau in a dramatic stage 
himself and sung by his own Tms Includes -an alto instead of new recordings show two ver- setting, with all the characters 
servants, besides which there is the tmni mgn teI ?° r aride ,d ' sions of the same painting so onstage throughout. Pace Jane 
a little opera now a makeiog for tended, but the blend is good different to be almost unrecog- Glover’s sleeve-note for Argo, it 
Itis diversion . . . Tbe words are ^rm the singing cleanly pointed. Disable— and ibat just about is not an opera, nor should it be 
to be furnished by Messrs Pope Tn® made more than a sums up -the contrast between performed as such. It ends with 

and Gay, toe musicke to be com- tittle ridiculous by accompany, the two recordings, which is that delightful pastoral device, 
posed by Hendell. l<t is as good ,n fl these solo voices witn sump- heightened by the sound of the the transformation of the dead 
as finished.” Thus Sir David tuous massed strings of me instruments and by tbe conduct- hero into a Jive fountain; but in 
.Dafrymple. writing on May 27. Academy even though the in- jng styles. .The pungent baroque the middle, in the chorus 
1718. and referring, without st foments are placed Far back 0 i.ioes fun usually well played) “Wretched lovers" and the trio 
doubt, to Handel’s Ads and 5n roe echo chamber winch characterise the pastoral ifiood "Tbe flocks shall leave the 
Galatea' which was written for passes for an acoustic. Moreover. on Archive far better than the mountains.” it reaches heights 
James Brydces (Earl of Caer- roc style of the cnrous is jn mellifluous sounds on Argo: and depths of emotion which 
narvo-u and later Duke of stiong contrast to the style of though - ’recorders murmur Handel was never to surpass 
Chandos) for performance at bis Lhe soloists. happily on both, and tbe even in later, larger pieces 

residence -Cannons, near Jill Gomez Is an attractively Academy's ' strings provide a Archive's recording shows 'more 
Edgware. warm, even sensual, Galatea, and more smoothly flowing stream in sensitivity to these special 

Thix letter was nublished onlv ^ voice has a concentration the final - -scene. Gardiner excels characteristics, and more faith- 
some five vears aeo and neither ls most welcome. But it at short-term excitement and Tulness to tbe way in which the 

of these two welcome new record- JT a y ers l ° D ®D®n, and -there is characterisation in his conduct- piece was conceived 260 years 
tag s of Ads aS calaZa seem »">* P^^oral innocence in the ing: Marrlner achieves longer ago. In spite or the price, it 

j*»ro Dial rtf Piece ran now r be lyr,C; ‘ 1 SPans (i * '' W1 ' cn “ u “ “ ust be recomracIlicd - 

Sf'JSS' jeannetta Cochrane 



Galatea arc vitally important to 
both recordings, for in varying 
degrees, they both attempt to 


Soldier Boy 


ever; a pity that “Love. in her 
eyes sits playing " is caricatured 
with such a vague approximation 

return to the' tradition of tbe first Langridge Yinhi Damon P J er , B ^ , ' s Uth play for society ’ s ^gratitude 

« eei.n.,.«.r Uin/iai taiur *An8no B c is a MGnt Damon. Lne National Youth Theatre is a brutish vocation. 

2SS2L ^L^S2K ,h *S organised exer It all rings very loud, but not 


performances, 
arranged the 


Handel 
work as 


later 

mixed 


for his 


Ualian-English pastiche, and c,6e l u tension. A party very true, for the dialogue is 

then revised it for performances ^ ^e 0 f scbooTchiidren is on a field well below Mr. Terson's usual 

with full (by his standards) P r ^- ec ! a Yorkshire Dales, standard. The children are an 

chorus and orchestra in 173940 5525lSL P ?i ,e *5f n *_? “ *J n ** l| B Lolljn^ around in their - hostel awkward, irritating bunch and 

and in Dublin in 1742; this ver- ..?■ reco rd to great comoionfooia, they await the the soldier himself a repetitive 

sion was published by Walsh in ?u Ctm 1 t,ps thc , a . I Qce ° r retu.™ * teacher and fellow bore who is either genuinely 
Ifa? ^ Performance a little too pupil, passing the time by strum- homicidal or just acutely d is- 

’ .. , . . strongly - towards farce. . m ins guitars and discussing the g run tied. We never really know. 

In its original form, however. By contrast, the Archive plump girl's output of romantic although there ls plenty of 

Acts and Gauit ca was intended recording treats Handel's music fiction, vicious bullying and one murder, 

for a nny number of performare. with immense seriousness. John The easy air of relaxation and Derek Seaton's direction en- 



the lower limit by the fact that baroque instruments, and at first Mr. Terson almost, but not quite. Hazel Ellerby as ibe hostel 
the score can be performed by There are fears that his familiar presents as a symbol of rough warden’s wife who seems to have 
a mere 12 musician's. Only five hard-driven rhythms will over- nemesis sent to shake up a cosv taken a trip across the Pennines 
singers are required. four wbejm the music, making the adolescent nesL As the mist from Coronation Street, and 
soloist^ (Galatea. Ads. Damon, old insmiments sound as near as rises outside, the telephone wires Janet Bostock as a timid girl 
and PoJypbenniS), who were possible 10 the Academy of St. are cut and the soldier (Michael whose progress through puberty 
joined by another tenor <some> Martin's. But the pace relaxes. Rnye* carries on about his de- bus been hampered by sexual 
limes named Condor ) fur the The acoustic is close, and the prived youth ip an orphanage shock at an early age. 
choruses. And seven players: two balance generally good— though and his bitter resentment at MICHAEL COYEMEr 



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with full site facilities and housing to suit 
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Contact Jim Pollock 
■ industrial Development Manager, 
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Telephone Livingston (0589V31 1 77. Telex 7271 73. 

• Th£ Scottish New Town Office, 

1 9 Cockspur Street, London 3W1 V 5BL (Tel. 01 -930 2631}. 





FINANCIAL TIMES 


BRACKEN HOUSE. CANNON STREET. LONDON EC4P 4BY 


The brakes on 


Financial Tunes 


Telegrams: Flnaotimo, London PSA. Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Thursday August 24 19V 8 


Welcome to 


drive for growth 


By DAVID HOUSEGO, Asia Correspondent 


r"n 1 ©1 rr^HE CHINESE leadership 

I I lacks nothing in boldness. 

■ ■ 1ml BIB WfM Behind the bfoad goals of 

-ffi - tJfl m ■ Uie eight-year development plan 

that Chairman Hua Kuo-fertg' 

AFTER THE embarrassing row inward investment* If Toshiba's laid before the National People’s 
over Hitachi at the end of last decision indicates that the Congress in March there lies an 
year the Government must be Government’s ^ argument has attempt to put the growth rate 
hoping that the entry into the been accepted in Japan, this is of the Chinese economy on to a 
UK of another Japanese TV set very much to be welcomed. One higher long-term trend than re- 
manufacturer, Toshiba, will be hopes that the flow of Japanese cent historical experience would 
accepted with good grace by the investment will now be stepped suggest is possible. 

UK-owned companies aod their up. including, if possible. China’s leaders have not 
trade union representatives. Hitachi. spelled it out Quite so bluntly. 

From a political point of view Some British companies have But the aim is implicit In. the 
the Toshiba venture should be warned that tbe Japanese are scale of the plan, in the serious- 
less easy to attack, since it in- determined to achieve domina- ness attached to the oft-repeated 
vo Ives a joint venture with an tion of the world electronics intention of transforming China 
existing British manufacturer, industry and that one step along into one of tbe world’s major 
Rank, and so can be said to pre- this path is to kill off, by a mix- industrial powers, and above ail 
serve jobs which would other- ture of exports from the Far in the urgency now apparent 
wise be threatened by competi- East and overseas investment, with which Peking is hastening 
tion. the European and American TV on new policies and decisions. 

llrtuaus set raakers - This seems an un- In pushing for such rapid 

T , ic tim likely scenario, particularly in modernisation by opening up 

?(.n'aiLn° n r view of the strength of some of the country to Western ideas, 

serration of existing jobs should European and American technology and finance, the 

than^hp^rpati companies in the field. leadership is undoubtedly taking 

« theHit^Sii Dlantwould hare v Japane5e companies manu- great risks, in particular Vice- 
done The British ^omnanies facturin S TV sets in i he UK do Premier Teng Hsiao-piflg who 
argued TSinst -Hitachi SStS a better Job than British- has pressed for this poUcy most 
on the Snds That it woSd owned producers, they are strongly. Mao’s emphasis on 
have created new canacitv in an entitIed to a larger share of self-reliance and Spartan living 
industry which already had too the market. Even if they even- struck a deep chord of atno- 
much of it. But since the lua H y come t0 dominate the phobia and puritanism in 



Four. Teng would deeriy lSw 
more obangesbuti^resistetiby 
Chairman Hua. 

Labour agitation has di&iQtd; 
but standards of plant manage- 
ment and productivity sit low. 
Teng’s message to CWtuttf tbit' ; 
It- is a backward country and 
many Chinese seem happy tp 
repeat it* The potentiai for 
improving efficiency aad : output 
is -enormous. : Changes are 
troming. but slowly. If will take 
time for managers to accept the 
role that Tens wants to impose, 
on Them of making them fully 
responsible for an enterprise’s 
operations. Many prefer tehldc 


behind the collective .-respon- 

sibility nf the revolutionary 


sibility nf the revolutionary 
committees that have been 
officially abolished but in many 
cases have survived. 1 ; Besui' 
schemes have been officially 
introduced but their, imple- 
mentation lags well behind. 
Equally slow to trickle down -is 
the proposal for factories to be 
more specialist In their output. 

The 10 years of tbe Ciritural 
Revolution so disrupted the 
school and education system 
that about 100m people received 
only rudimentary training. - New 
university entrance standards . 
have been introduced but the 


tiiniv miifp thp nnpr-i" and Thorn have about half the knowing what the repercussions of foodstuffs in key towns like feature is that China would increasing earnings from this increasing sales of coal and off- effect will only be fclt 

tinn a mm h mmv «i«niflcanr UK market between them— this will be of large numbers nf Canton. seem to be seeking a far more source. This in turn depends on shore oil. But as yet they do J'hcn new textbooks, are 

contender in the tv •set’markei would not necessarily be a bad Chinese travelling abroad and of The leadership has declared substantial rate of growth. In a steady increase of agricultural not know what they will have brought in as well. JK »* b^part 
• I. . ’ thina fnr the British electronics a nntentiallv much greater thar awimilture win pet a his same speech to the National raw materials (cotton for tex- available, or its Quality. to make up for some of- these 


the imnari of the deal on the’ thing fnr the British electronics a potentially much greater that agriculture will get a his same speech to the National raw materials (cotton for tex- available, or its quality. to make up for some ®y*!*j* 

rest of the industry over the industry. British electronic? influx of foreign technicians larger proportion of investment Congress Chairman Hua said tiles for instance) and delicate The third cause for caution deficiencies that Me PStza- 

medium and longer term is un- companies, as well as the con- and tourists into China. in the current plan. But it is that China would be investing political decisions about the ^ the physical bottlenecks that ordinary sieP has been taken 

likelv to be very different from sumer. should benefit from the The magnitude of the equa Uy clear from an appeal more over the next eight years pricing of consumer goods. have held back production in of sending abroad for training 

that * of the -Veen-Held plant presence of the leading Japanese economic task can easily be to the provinces to make sugges- than it did during the whole in Peking foreign observers the past. Steel production is next year about UJ.WAl Stuae_n.t5. 

planned bv Hitachi. manufacturers, just as invest- shown. Grain output-— the key tions as to how agriculture can period since 1950 and went on often express themselves sur- not expected to surpass Its 1973 Hsinhua recently revealed Uiat 

The important point is that ment by U.S. companies like indicator in agriculture — be improved that the Govern- to list 120 major industtial pro- prised by the apparently high level of 26m tons until next two-thirds of the workforce had : 

the Government’s lamentable IBM has brourzht considerable expanded by just over 1 per meat is undecided what to do. jects. On both American and level of savings many Chinese year. Imports this year are taken up their jobs after 18118. 

handling of the Hitachi affair advantages to the UK. cent a year from the 1930s to There is obviously greater Japanese estimates the implied accumulated during the Cultural expected to be about 6m tons. That means that they cannot 

has not." it seems, deterred other _ . 1974 and by 2 per cent a year scope for more mechanisation, Total investment is about Revolution when consumption of Behind this there lies a sad have had much schooling, and 

Japanese companies from using New factories in 1952-74. The slow pace was fertilisers, high-yielding seeds, 5350bn in 19// prices. Even so-called luxuries was taboo, tale of mismanagement, poor know less about the disciplines 

the UK as their European manu- The lananese must be aware partJ - v due t0 P* disruptions a nd multiple cropping patterns, allowing for some hyperbole But last month Hsinhua, the quality iron ore and labour of work. 
factoring centre It is a w v n ,™ thni thpir investment war and poli tical upheavals. Rut the high yields in Japan that would suggest that unless Chinese news agency, reported unrest in the steel towns Of Tone's popularity is lwscd on 
characteristic of Japanese in- Q need to be accom- but iL aIso reflects *** very reaJ and South Korea have been the rate of increase of output that bank deposits were 15.7 Anshan and Wuhan. his appeal to the widespread 

dustry that when one company nauied bv some Mrelul dlpto- difficulties of getting increasing achieved with the help of pric- is higher than the past trend times greater at the end of 1977 desire for higher lwmg 

makes a strategic investment in JTZ ™niT *rro« ^elds from a limited area of i„g policies and patterns of rate of 10 per cent then the than in 1952. But that would standards and for a respite from 

a particular cmmtrv, its rivals n ^’ OTlf „ Hnn hav P heen made cuitival,,e Iand - Production ownership now alien to China, inflationary pressures from on ly make them about SSbn, T wn Lmr the dramas of political agitation, 

are quick to follow' suit This , P h f nocr T n rhiJ context in in! 111 ^ last tw0 * ears has **** s™* * volmne of investment equivalent to 2 per cent of plan 1 WO K.Cy He is an old man impatient to 

happened in the U.S., where virtually stagnant at about 285m would be large. expenditure. , see changes and his standing 

first Sony, then the other TV « “ “ Th L nvni L „ I mnues Grain imports for 1977 ni x £ cnoro PeIdng ******* apprehen- A second reason for caution " . SCCIOrS will depend on fulfilling the 

set makers have in the last few m _ na „^ and 1978 are likely to reach X Iciil j Ul !>pd!c si ve of rising inflation both as j s the shortage of foreign expectations he has aroused, 

years established manufacturing /..Tl. a „„f^h7ri«T * combined record total of 15m- • new wage increases are trans- exchange. A 10-20 per cent - The purchases that China is In the past his abrasive Open 

facilities, either by building new 18m tonnes. CaD^CltY lated into higher purchases and annual increase of exports making in Germany, Japan, and stvle has made him enemies, 

plants, or by acquisition, or, as ““ ri A zainsi these figures the 4-5 r “ as people spend their savings would only give China accumu- (potentially) Britain of steel- He faces opposition. . from 

in the case of Hitachi, by joint japaD ” e T *** cent snaual increase of industry achieved an average on new goods available though i ate d foreign exchange receipts making and coal-mining mach- established party cadres who 

ventures. ,° Jt RVe * ™T J agricultural production for annual 10 per cent growth in still in short supply. The older on trade account of $l00bn- ihery suggest that the Chinese see their positions threatened 

When Sony and then jactunpg experience, neeo a which Chairman Hua is aiming J952-74 though this impressive generation of leaders have evil S160 bn over tiie eight-year are giving—as they say— first by his return to power. 

Matsushita built plants in South Partner Tn _... _ looks enormously ambitious and rate conceals wide disparities memories of the high inflation period. After normal outlays priority to improving supplies Managers feel uncomfortable 

Wales, it was reasonable to hope deal oerween i is probably unrealistic. It is on between different sectors. Since rates of the 1930s wbeD the little of this would remain to of steel and electric power. Coal about the responsibilities thrust . 

that the same process would and KanK may encourage otner ^ success of agriculture that then there has been the sharp Kuoraintang was in power. The buy capital goods. Hence the accounts for about two-thirds on them, often without the . 


first Sony, then the other TV r ^ _ h „ a ^ a v £vo 1 ve* tnnnes ' Grain ““P orts £or 1977 
l« ... ... .u- i t tions. They may involve some 1Q7a tn ----u 


set makers have in the last few »p1 and 1978 Iikely to reach 

years established manufacturing i ® fl combined record total of 15m- 

facilities. either by building new l i 18m tonnes, 

plants, or by acqiusition. or. as Against these figures the 45 

in rhe case of Hitachi, by joint 5?“?® cent * nnual increase of 


\ r \.Un V 1 


other European markets. This the better. But it would oe imports of agricultural produce north. Industry appears to have estimates for three main Overseas Chinese: and to transport, port and harbour really bloom. There is no way 

has. indeed, been tbe Govern- highly regrettable jf the joint absorbed nearly a quarter of almost recovered from this, reasons. receipts from invisibles like development, and heavy engin- of judging the backlash that 

ment* policy: Ministers have venture became the only accept- import payments. Agricultural Industrial output is likely to The first is the difficulties banking. eering. ' could be caused by a sudden 

been spending the past year try- ahle rbute for Japanese invest- products such as timber, cotton, rise this year by 15-20 per cent china could have financing an Efforts to improve export All these efforts to impart influx of foreign ideas, 
ing to convince the Japanese ment. New factories are just and fruit provide the raw There is none the less plenty investment programme of this performance suffer from the new momentum in the economy The fact that Teng was • 

that the Hitachi episode was a as welcome, however much the materials for light industry of spare capacity in both heavy magnitude. Figures are inevit- shoddiness of the goods and the are being pressed against a purged twice suggests that he 

special case and did not imply established producers may f rom which the bulk of state and light industry, and produo- ah]y hazy, but it would appear sluggishness of world trade. For background of diminished but could be purged again. That ho 

a change of attitude towards* protest. revenues derive through profits tion in some sectors like steel that the 1977 state budget pro- the key period of 1980-82 when continuing political squabbling was twice rehabilitated is a sign 

or taxes. The feeding of a is still below earlier peaks. vided about $25bn-SS0bn for their trade deficit is likely tn both in Peking and the of his resilience. He now seems ' 

population growing annually Against this background there economic construction including be substantial as they take provinces, 1 which has left an determined to put his strength • 

13 /Tl by about 1.5 per cent should be no trouble in meeting national defence. With the bulk delivery of major imports of uneasy stalemate between rival to the test by achieving -what 

If g B B depends on the rural sector. Chairman Hua’s target of a of revenues coming from the capital goods, the Chinese are power factions. About a quarter Chairman Mao never realised--' 1 

Its inability to meet both export further annual 10 per cent sale of light industrial products, clearly looking to foreign loans of the top 400 leaders in the an increase in the long-teno 

and domestic demand is increase of output during the a major expansion of the budget to tide them over. Beyond that country have been removed growth rate of the Chinese ■ 

reflected in periodic shortages next eight years. The puzzling would depend on substantially their apparent hope lies in since the fell of the Gang of economy. * 

all that 


IT IS now 112 years since the critics in a lethal cloud of bore- 
Exchequer and Audit Depart- dom, and this is what the Com- 


MEN AND MAHERS 


a parking ticket obtained while tionship to the main pipes. I am ties when the plane was avail- 
making a business call could now able to use one of the most able. 

thus be deductible. When I highly-structured address sys- British Airways raised a 
asked the British Inland Be- terns in the world." I can only casual eyebrow at ail this. “ We 


Estimate's. Appropriation Acts, mendalions are luncer on state- . venue whether they would treat assume that the sum of human can always squeeze these things 

and Contingency Funds, thraueh mcnls of laudable objectives wy I ;. 1 ... . coUec \ a ot matters in the same charitable happiness will increase a jot or in between, maintenance pro- 

whit-h Parliament almost totally than in detail of how they are pa ™ ,n S tickets in my drawer spirit X was rapidly dis- two as a result grammes,’’ one spokesman said 

fails to control public spending, to be achieved. It wants fisures suddenly seemed to have soared iilusionecL -'That is just not blandly. It seems one British 

In the present era of cash to monitor the efficiency of the ,n va,Ue as 1 learnt that in g 0tK j enough," the Revenue told — — — — — newspaper has flown competi- 

lunits and long-term planning Government service and the Canada they would be deductible me with a snort of disdain. Ri^co in iiinlr * Joa “*®. U.& And 

this machinery is at length effectiveness, in terms of out- for tax purposes. This strange “Breaking the law to be more 1,1 just before the Edeiman licence 



homy overhauled: but not radi- put of service, of its pro- situation follows a ruling in tiie competitive or make more However buffeted the US s *F ts ’ 190 re ® ulars a B 5 rk ' 
cully enough for the House of grammes. ' but there is little Federal Court of Canada that profits has never been allow- ha< h»n in th*> ivnt s * ure P H. , are * or a 

Commons Expenditure Com- about the difficult conceptual fines — in this case on a * icking able.” Never ever? I ques- rtre Oiri«r»r tfs roiutrrw mmkjLti b °?t r 4. S9 IP T ound ■■ h ® 

in it tec, which in its 14th report, problems involved in such company— could be set against tfoned. to be told never since - _ iuntTiiS b ^ y ’ pil °^ wdl ^ °? e of 

issued yesterday, again urged audits. it" tax bill The judge set two 1015 when the Commissioners i™, tbe **“5® regulars who, I am 

changes to help Parliament This gap will not readily be main conditions, that the flues took the issue to the courts. A .. ' reassured to hMr, was one of 

exercise some real control. filled, for as is made clear in a were clearly incurred for the firm, Alexander von Glefan, t™ 1 ?” the planes first puots. 


C.WIIIKL HUIIlli hUUUVI. "'■‘-“I " —““I utu 1U a "'"•v “ *“ “ »*-W UlUli IMSAiUlllSl -uu VJXV -. . . . . :u . - . » . . _ . . 

readable outside comment from purpose of earning income and claimed for its fines for selling &°®t 00 of ^ ^ es ‘ E< ? e ma ^. ^ d they <:ouid not 

Speechifying Mr. David Heald, of the Glasgow they were not for “ outrageous materials to Germany — and if even th at e^uaoation divulge what they were P*y in S 

The objective is so apparently College of Technology, the diffi- transgressions of public policy.** won. do *" s conffidence, I for their ^unique situation.^ 


commonsensical. and the difficul- culties in producing “meaning- This ruling has Revenue Chastened, I wrote out my mention that each one is but it was “ pretty expensive. ' 
tics raised on the official side ful ” information are intractable Canada in knots. Now seeking rtieque to. the police. Claiming vnode of pore salver and is I cap reveal that the normal 



tics raised on the official side ful ” information are intractable Canada in knots. Now seeking cheque to. the police. Claiming voode ox pare sraver aod iS 1 cap reveau mat me normaj 
so technical and obscure, that and inherent in the business of to come to terms with the on my parking tickets suddenly 'worth about US$6. rate is tT.ooo, tnougn the pub 

ii is easy to picture the Com- government At a time of un- courts, it has published its own seemed tantamount to commit- Tbe first junk dollars were Aguiars may quaiuy tor a stan 

in it tec in Sellar and Yea tin an certain inflation, figures stated guidelines. These include that ting treason. made by the Royal Mint in 1880 ““count. 

terms as a Good Thing attacking either in real or financial terms the fines should be a “ normal ^ — — — — _ and were use * inter * ■- 

a Bad King — an impression must be provisional and some- risk of carrying on business.” . cantonal and international trad- 

which committee members do what ambiguous: the greater the that the fines should be "in- Pined identities in 2- Apparently no one could New hamCSS 

nothing at all to discourage; effort at precision, rhe more pvitable,” that the breach nf understand tbe different curren- . . . .. . 

but a detailed reading of their technical and boring the result. rhe law should nnT result frora Addresses like "Four houses des nf the Chinese cantons. ™th petrol so e^ensree rt is 

repon presents rather a negligence or deliberate dis- past the mosque do not satisfy Spink’s tei-1 me they are now g °°V° ®f e ™ low,y st f'^ an 

different picture. The batilc is Candle-ends nhpdlenee and that the breach !be unromantic demands of auctioning a British design for of °* er ^ uakmg a . . 

not ever power, fur Parliament must not endanger the public^" white-bot British technotogfcts the 1929 dollar. The pattern cpme ^ k - Roy Jeition and his (LlVingStOPl has an abundant Qunnlw rvf 

has in theory the power 10 Finally there is a philo- I ^ bringing the West to the Middle was ^ a s° a ' Trevor, have just broken in a 1 auui lUdni SUpplV OT - 

bluL-k Government spending pro- sophical problem. The fashion- Canadia " p ^dits su 0 .est that ^ adequat0 _ ull now “JJJ * C *S5 wh 2- they h ^t to th } only 9°°^ iabOUr and IS a QOOd Place to Wnrlc 

pusals in detail in the course able language of zero-base -in countries without postal Xfin pair of homebred oxen hp flf ’ ■ ^ nf thia aHr M . IO WOrl ^ 

of IB5 supply voles. This power budgeting, cost-effectiveness , deliveries, such directions con- country. Jepkm says DeCaUSe OT-ine attractive enVJmniTlPn* * 

hie unthurpH in tho fafp nF and effiripticv auriitc nroii«i fhnf In 377T 1 e — year, tsui opiaRS expect thflv hehave imueccablv even in ■ 



runic 

^vrin.j 


report presents rather a 

different picture. The bat tic is Candle-ends 

not over power, fur Parliament 

has in theory the power 10 Finally there is a philo- 
bluL-k Government spending pro- sophical problem. The fashion* 
pu&als in detail in ihe course able language of zero-base 
of US5 supply voles. This power budgeting, cost > effectiveness 
has withered in the face of and efficiency audits argues that 
inflation, which makes any vote every programme should be 
provisional and partly meaning- radically reviewed every year: 
less, the sheer boredom of the but the reality is that most 
financial detail (and lack of programmes have a long histoiy 
operational detail) contained in and a long future, and , are 
the resolutions, and party frao probably much better con- 
tiousness. The Opposition many trolled by a little judicious 
years ago appropriated Supply pruning than by continually 
Days to harry- the Government pulling them up by the roots, 
in general, and supply votes arc The candle-ends approach has 
hurried out of the way so a long history and a worthy 
that the sernius business of one: it keeps public servants 
speech i Tying can begin. on their toes without making 

Since the objective is not s® them; feel wholly insecure, 
much to change the Constitu- TMs ’.dea may not appeal to a 
lion as to give Alps enough red committee of would-be Gala-; 
factual meat lo get their debat- hads. but it is the likeliest out- 
ing teeth into, it is natural that Come oF their efforts to make 
the CominiHee should be con- expenditure control compre- 
cernod largely with procedure hensible, if not exactly sexy, 
and presentation. The Com- and it is an achievement worth ; 


TWA&URr 


fuse computer people, who £150 for tire “ ttey beh ? ve * n JFFF RAYLFY 

unrtna at finding a «n a ® 0U l 107 1*6 DOiSieSt tTOffiC. Whieh IS «trP DAiLLY. 


FUJ*» 


potential ful ways. 


wince at finding a locality can w^oh su««rts teaFev en tfie "° 1£,esr rramc *„ WQ1C V S in J 

be spelt four different ways. £5 Perhaps just as weU pven the Marketing Director, 

« a and become despondent to dls- i^eping hooting traffic jams they are PateTSOn’S Scottish Shorthrpart I V - 

cover people are unsure Whm valu likely to cause if they ever ■ 1 °nortDread Ltd. V' 

they were born, and vary their !■■■■-■■■ — — switch from carnival drays to - 

dateof birth as the fancy takes Se ||j ng h |gh inter-city commerce. 

Another headache, says a sys- The public relations firm Daniel 
terns analyst trying to make a J. Edeiman grabbed me by tbe N(C& S63 IS 
population index on the Gulf, is telephonic lapels yesterday to 

names: “A country where 8 per enthuse about having bagged Galtehers assure me that the 
cent of the people have the Concorde for a product launch, recent change in shape or the 
same name can be a bit of a The product? “ Consumer- seal on Benson and Hedges pipe 
bind." The answer to his orientated,” they said, leaving tobacco is purely coincidental. 

troubles was not so much blow- the field wide open. Could it coffin-like form began to * ■aaa aij awiw >> ** *m. 

mg in the wind as gurgling lu be Concorde itself. I mused, that depress one of my pipe-smoking UYIPIW 8 ON. SCOTLAlln 
the water pipes. “By a stroke of they were selling? “It will be at colleagues, whn has been re- ; , ~ — 9 taMHIr _ 

luck I discovered every house the peak of Its field, a leader.” assured by its new oblong Contact JifT) Pollock 

bad receatiy bad running water they went on. adding that this shape. Coffins had nothing to Industrial Develonmpnt Mar, ^re- 
installed,” he says. "Every water was the very first time Concorde do with it, said I Callahers: It s ) iwinne+nn npvPlnnm^nt Hager, - 

pipe has a meter, everv meter bad been up for charter. - The J ust 30 oblong seal looks *-yffigSIOn U6V610pm@nt ^Corporation. West Lothian 
Ob, that’s in case MPs get has a number, and— jackpot— chances of such a thing being n,cer - Telephone LlVingStOn (0589)-3l 1 77 TelPY 707 1 * 

mtrol ot the Contingency the number has a logical repeated were slim, they said. fihwmer The Scottish New Town Of Firo ; 

Fund. number denved From the rela- There weren t many upportum- UOSerVer\ IS CockspcrStreet, London SWl Y5BLtTefbl-S30263t). 


LIVINGSTON, SCOTLAND 

: Contact Jim Pollock 


and presentation. The Com- and it t 5 an acnievement worth ' pipe has a meter, everv meter had been up for charter. The 

mi t tee’s basic perception is that the struggle. Parliament spends “ Ob, that’s in case MPs get has a number, and -jackpot— chances of such a thing being 

the Treasury, rules unhampered much of its time in far less use- control of the Contingency the number has a logical repeated were slim, they said, 

by enveloping its potential ful ways. v Fund.” number derived from the rela- There weren’t many opportuni- 















Financial Times' Thursday August 24 1978 


ECONOMIC VIEWPOINT 


Pay policy: the 4 German’ delusion 


73 

Prod uc I ion Industries 
7 £ - Old Index 


Stage Three . 


Stage One 

V, 


EM THE two main political an educational incomes policy, to look at the way the main would certainly be exceeded, period immediately following /- f n . wg ' ri ' u , u -- T nw nn T .,» c a > 
tics, and especially their so- *»u ch a s NEOC or a House of economic institutes come The result would then be that the end of the policies were AV ERAGE EABHIHBS&Pw PPUCI co 

od mode rale wings, are near Commons Select Committee, together to present a united either unemployment would higher than they otherwise , 18 

cement on a common ? ut although the institutional report each year.) rise, or the Government would would have been, and those in- 75 - oitUnde* f,e * I -lg 

•an it i*> time for th«- critical « T , ? f ® uW be * The resuir is that an aereed be forced into an “P ward adjust- creases offset any restraint / 

^ ill time for the critical ajodei , s very much the sth naUo ® ' ***" £*52 ment of « on <*aiy and fiscal achieved daring the operation 14- / 14 

ren to be extremely called system of “concerted mn a muth M objeCtives and bave to gontera- 0 f the policy. C(mhT k f •*’ 

picious. action .in West Germany, and „ Ge .^ n ?°- y J ke w a plate a downward slide of sterl- _ __ 72- StB 9« ThrBe v/ / .72 

. „ , . J „ one of the more intellectual -nonn"; tttt « to be the dU«Smi That is pretty strong stuff to w / / 

.o li Labour and Conserva- undercurrents of the election a minimum upon which a higher "<££££ m what f is the 10- /’ -10 

• leaders have been feeling campaign may be a contest structure of actual earmngs will policy is intended to house organ of the economic 10 siaqaOne / 

ir way towards something between the two large parties to Jh Bn b e erected. There is no Jg* poucy s mxenae 10 establishment, and it was pre- B . 9 \ / m S -3 

y call the “German system establish that “I am more lo Sica1 link in the UK between . . . ceded by a suitably embarrassed / 

pay determination." This is German than thou” a conditional forecast or target Nor is it correct that cash editorial foreword. But having t -B 

. u as a compromise between ' for permissible average wages limits force the Government pa jd tribute to the Institute for // 

rigidities and distortions of fll'L V and the aCtual pay of individual into setting wage targets. The publishing unwelcome research. 4- „ oT -4 

ient incomes policies and £111061*211 meT1 and women. Such a link best course, if these limits are a nd to the honesty of the article. .-// :,,a 9 e ‘ W!, 

^interference in pay bargain- caa be forged in an emergency to survive, is to adjust them in one still has to ask critical 2- ■?/' -2 

. The. White Paper in July But alas for the "com- by decreeing uniform increases line with the actual— not the questions.- // 1 

ted at this when it looked promisers, it is not possible to for all, but can never be a long desired or the forecast-^rourse _ . H jaVJndVf'mVh'j j D 

ward to ** a long term Paper over the differences run system. As for the implica- of inflation in the whole . 

.roach in which collective between pay controls, and not tions of a monetary target for economy. Any attempt to use f to f s 'J° 

gaining is based each year having pay controls, by any wage restraints, they are far them as a battering ram for , with Sch niwSSS, 

a broad agreement between such formula. The Liberal policy from clear cut: and assessments waqe restraint will lead to the "'{J" inre^sation A ” „ £ 

■ernment. unions and of permanent statutory controls by independent academics, or Ul-fated results of-, the Heath himmLaS! increases in an attempt to 

Ployers about the maximum » « ^ast coherent, although the advisers to the negotiators N Minus One policy. The ^rom SS rapid nroliforetionTf cateh «P- 

- el of eaminds which is com- misguided and profoundly will carry at least as much best motto for the public sector ^J 1 .® P a Proliferation of 

Tble with keeping 1 inflation illiteral. : credence « anything mit out by Jay is -neither a leader nor , “Bleary results from Despite its popularity with 

j eT CQn trQl in the follow'rae t* w \ Am Whitehall. laggard be”: in addition, trouble different researchers. Modern some academics, this is a very 

11.V •roi 11 ™ 1 ‘ n touowrag it has always seemed to vyi he avoided if as small as statistical testing has in no way £tr an se thcorv of wspp dntpr 

months.” the imctiMi imnnrt. The unfortunate officials. ™ ‘.55 avoia “ a “ . as small as thp „ r theory of wage deter- 


UNEMPLOYMENT IN 
OECD AND UK 

Unemployment ratio in %' 


Main OECD 
Countries U.K. 
2.8 2.4 


u as a compromise between 
rigidities: and distortions of Tll*|- i 

ient incomes policies and llM I)Pr91 

i-iriterference in pay b&rgain- 


' Stage Two 


JASONDJ F MAM J J 

huir BsHbilCwMMTlIvnidw uu-Dal-d 


.'he Shadow Chancellor. Sir ™ the German institu- cnarged with the joo oipuousn- b]ic xctm e biJI . d t old verbal economics, but has “ J ' ." 

jffrey Howe, in a statement t,onai machinery is much ing a. figure of the average ^ iBed bv "overrent simply transferred them to a - of inflation: and indeed the 

de in reply went into more exaggerated by its admirers. As scope for pay increases will be and if ^ nat i 0 nalLed indus- different — not necessarily authors say that since 1075 

ail. He ciaimed that the Christian Tyler pointed out in caught in an unenviable ^ ^ part Qf jjjg higher— plane. It is only when there is some tentative evidence 

alication of cash limits for arti^e in the Financial dilemma. Knowing the British sec tor. a succession of tests by inveeti- that “the target set for real 

rernment spending and of Times on August 14, the German tendency to treat an average as gators of different outlooks and net earnings and the speed 

nctary targets was bound to unlons have aftually boycotted a minimum, they will be using different methods points with which earnings move to 

d “to an estimate of the couched action committee tempted to cheat and proclaim * to clear-cut conclusions that one this target have changed.” It 

pp for total increases in during the last year. The a figure less than that which is should alter one’s theoretical had better have! For the per- 

success of Germany's ->anti- really consistent with iheir “I f ea r the Greeks even when stance— and then only if the sistence of a real wage target 

inflationary policy lies : else- monetary policy and anti-infla- they come bearing gifts.” For results can be fitted into a which the country could no 

•The estimated total pay where, in monetary policy and tionary objectives. That is what similar reasons one should coherent account free of para- longer afford after the oil price 
nponent in the economy, the rising D-Mark. the present Government has beware of economists when they doxical or counterfactual explosion would have led 

Geoffrey said, “can and Ther ^ in case three doce with its 5 p ? r cent wage offer evidence which refutes results, v on the mechanism postulated! 

. .. ■ « ta**; pDUibl, to make hyperinflation and economic 

ju^ht'ofas ■ no^ra^ ' sti?l ^lesl Germany and the UK.: First SST fiSwrt ^ the August National Insti- a statistical investigation of roIla Pse. 

a norm for settlements there are fewer UI iions ; ; and rise ‘ sr) M ^j Ver a P de ]jber- tule RfiTiew there is an article the effects of incomes policy on There is. however, a more 

hto »«w -nriBw 522S!f* u " 1 “ i iP„ Gen S?5: «iv.dW»n« pay objactive *52 'SSL 1 # X.. h f *. *21 . re ”°" 


1962-73 average 2.8 2.4 

> 97 3 3.0 2J 

3.3 2.9 

«B 5.4 5.1 

W6 5A 7 Ji 

1977 5.4 4.9 

1978 (first quarter) 5J 6.6 

* Weighted average on common 
definition. 

Sourer; OECD Economic Outlook. 

July 1916 and July 1978 


reduce the rate of uRCTnpiop- 
menl. It is supposed to. do this 
by persuading union leaders 
not to use their powers to price 
members out of work and thus 
allow wages to be set at a more 
nearly market-clearing level. 


Changing 


nimum— whether for earn- offic !? 1 I s ^ en4ged in waHe ne?oti?tions mjdn finding is ** incomes gatio ° * the “ rea l wage policies determine the rate of 

■' iir for settlements" smaller. Thirdly there is more 3 “ S g • policies, over the period 1961-<5, frustration" nne. This states inflation. But the interesting 

u a vut-iu* u>. respect for authority, more Alternatively, Whitehall can had no effect whatever on money that trade unionists have a fixed hypothesis— and the one used 

Other establishment bodies conformism, and a more publish a would-be realistic wages. Some policies have pro- real earnings increase target; by the more sophisticated 

ve suggested that a forum consensual atmosphere ht.;the figure of the average scope for duced a temporary reduction in and if this is not satisfied they defenders of incomes policies 

otild In* established for such Federal Republic. (One onlyhas pay increasesL In that case it wage inflation. But wages in the will obtain higher money wage is that incomes policy can 


The primn-Jocie evidence is 
that pay policies have had the 
opposite effect The pay policies 
adopted from 1975 onwards have 
not as a matter of fact prevented 
unemployment soaring towards 
the Ijm mark. Any initial suc- 
cess they had in depressing 
average real wages below what 
they would otherwise be in a 
union-dominated labour market 
has been pretty well reversed by 
the Stage Three rises. As for 
relative wages, the very uni- 
formity of the pay norm is 
bound to push them even 
further away from competitive 
levels in a changing labour 
market. 

The NIESR Review also con- 
tains an article by A. J. H. Dean 


■ oo differentials. He claims that 
pay policies have had little effect 
here as well. But all the tables 
in the article are in terms of 
very broad aggregates, such as 

■ relative earnings for the various 
deciles, or the ratio of skilled 

. workers’ to labourers' earnings 
I in large industrial classifica- 
tions. The distortions which 
> matter are between different 
firms and establishments or 
even within them, and between 
different occupational skills. 
Moreover. Mr. Dean freely 
admits that his investigation 
hardly takes in the compression 
of differentials For management 
and executive grades. When one 
adds to this continued price and 
dividend controls and the dis- 
tortion of every aspect of policy 
range Tram taxation and ex- 
change control to labour law 
and industrial policy, to keep 
the unions sweet for pay 
policies, it is sheer evasion to 
suppose pay policy is a harmless 
plaything. 

It would be interesting to 
attempt some formal tests of the 
influence, perverse or otherwise, 
of pay policy on unemployment. 
The National Institute authors 
report the well-known difficulty 
of finding a significant relation 
between unemployment and 
money wages — which is not sur- 
prising as the relation is transi- 
tory and rapidly changing. This 
certainly does not mean that we 
can have any level oF demand 
for labour we like by boosting 
total spending. Why not instead 
go the other way round and. in- 
stead of measuring the effects of 
unemployment on money wages, 
try assessing the effects of wages 
on unemployment: and do so in 
terms of real rather than money 
wages? Maybe such investiga- 
tions will be the econometric 
growth industry of the coming 
year or two. 


Letters to the Editor 


Conservative 

figures 

ott. die General Secretory, 
ic I.abi'itr Forty. 


appear to be a breach of _tbe velopment of such, but against directors have brought about 
takeover code. Whereas few the indiscriminate siting of it their decline, so as to necessitate 
would query the wisdom of Bticfc U is very misleading to cast a rescue operation, is merely a 
a condition in the original offer. Shell/Esso into the role of an bonus for incompetence. It will 
to insert it now appears". ‘to innocent party caught up in the have serious consequences, both 
bring shareholders’ rights under middle of a controversy. They by encouraging fnelficiency, and 
the Companies Acts in conflict are not the victims but the per* by the erosion of morale in 


p fh “SJ deciding whether to support the The proposed developments in 

That *- APF mm if the panel would Fife would not today be approved 
m ,.m o Pam , _ as- . <a> i n* l nqt . e . ^ consenuentfet m the U.S. because of ihe 


at ihe top. with the highest 
rewards, be immune from blame? 


GENERAL 

Emergency meetings called by 
Amalgamated Union of Engineer, 
ing Workers' local officials cover- 
ing BL Birmingham factory of 
SU Fuel Systems and the Bath- 
gate truck and bus plant, near 
Edinburgh,' in moves to end un- 
official strikes. 

Representative-, of the Trades 
Union Congress steel industry 
committee, under the chairman- 
ship of Mr. Bill Sirs, visits Bilston 
steelworks- in West Midlands to 
hear workers' plans for preserv- 
ing jobs there and improving 
viability.-: 

British Airports Authority seek- 


Today’s Events 


ing temporary injunction in High 
Court to stop Air India selling 
cheap stand-by tickets at Heath- 
row. , 

First National Leisure Drive in 
England giving signposted scenic 
tour of Terae Valley to be offi- 
cially opened by Marquess of 
Hertford, president of the Heart 
of England Tourist Board. 

Statement by British Associa- 
tion for the Advancement of 
Science on plans for its annual 
meeiing 


OFFICIAL STATISTICS 
Car and commercial vehicle 
production (July— final). Bricks 
and cement production (July). 
Capital expenditure by manufac- 
turing. distributive and service 
industries <2nd qtr.— prov.) Manu- 
facturers' and distributors* stocks 
{2nd qtr. — prov.). 

COMPANY RESULTS 
Final dividends: Aeronautical 
and General Instruments. Palmer- 
ston Investment Trust. Scottish 
Investment Trust. Thames Plv- 


S a mu el Brittan 

wood Manufacturers. Interim divi- 
dends: Allied Insulators. Blue 
Circle Industries. Fife Forge- 
House of Fraser. LEC Refrigera- 
tion. 

COMPANY MEETINGS 
Cocksedge, Ipswich, 12. Edbro, 
Charing Cross Hotel. W.C. 12. 
Philip Harris. Baron's Court 
Hotel. Staffs.. 12. Howard Tenens 
Services. Great Western Royal 
Hotel, W„ 12. Phillips Patents, 
Grand Hotel. Manchester. 12. 
Sheffield Refreshment Houses, 
Kenwood Hall. Sheffield, 12. 
Somic. Lord Danesbury Hotel, 
Warrington. 2.30. 


in- had contributed lo the x -l; hazardous project rather than r*-., . , 

mis of the Conservative Party fVcullilllS S ' work on a more remote and safer I hp nrire tf) 

mhu I*r £743.0110 and to British location. 4V * v 

Industrialists the sum nf driipturA, P. D. Mehta. tflP faiTTlPr 

nO.«)QO. These hqureis may be 3UUUUU7 Bnriu Cotrnpr. latUlCl 

rhv low side since there may jr mm the Managing Dirjxtor. Abenbmr. Fife. From the Manoaina Director 

Noinc company reports which Cannon Rubber. • Founttrili Fcrminc ‘ 

■re nut researched into. Apply- sir— You nose the uue^tion ~ . , t annum tnrmmg. 

M £ sSSSSS Tbe whole jfSM Sf TO & 

•nservaiive Party Head Office J .1 believe— vu Food mannfacturere 

;r year would be £4J98m if you as 10 . w £y we should per- tnith in two-way squeeze, August IS 

dude the contribution to [ orm others might UUUI -that the cause of depressed 

: l. or £7.SSm if you Include n° ^ h® 5 * — 1,1 our own h ' rmi ' 4:r ' fce-MorshoI M. H. profitability in the food manu- 


m 



mu s’bcen stated and l think . * v ° nder if 1 »m alone quote . “las' a r^ulTof) 

i chullcnccd that most if not detauco researeti to be done on m hoping that we may in Tuture increased raw material prices, 
— of the BUlVnonev coos to the strectui* or the British be spared the hypocrisy and the due to the adjustment to the 
•wrvative Party * retail trade as compared with sight and sound of trades union EEC Common Agricultural 

/i hese figures, for a non-elec- tha * of our major trade campeti- leadors proclaiming their Policy. . . * 
j?iji y,. a r. rfre bound to be enn- ton: this may be one of the sinccresi regrets at any incon- The article, admirable as it 


Le Bat. 


facturing industry was, and I 











SsnrV election fund will be country in the world. The esse . n .°t Dc mQ ,.\f, resn ' that farmers were receiving too 

’.m ri. Rosed on Mr. Angus with which the foreign sup- ! 0 ., *55 Jusl once L.,«« a price for., their pro- 

muU ,, < 15 per cent and past plier. cah approach the highly jniUwe becaure *c *ani more ducts relative to costs for the 

pcrtviu-e. I esliuiaie it will be competitive reuiler hero and ***»*! fDod processor s/man ufact urers 

4’lL'ai und £15m gala access tu a very voncen- i? * ^ t0 ™ ake lbe accessary margin 

hi order lo preserve this gross tratrd market here for hi> pro- Sir : nower -l 13 - 1 15 so v,IaI , 10 ever >' i?dusrr> 

'-reality nf funding, the ducts is In my experience unique 1 nr‘!lV^n%° on our lf lX ls no * onl - v t0 survive but 

:vs will in: even more deter- except for the Swedish market; S,ol oSS * Umrt Z ^cceed . 

nv.l in Tuturc in oppose the in every other market that I inmn ' To highlight out two rmpcrtanr 

lo aid enjoyed by must poll- know of there is a complete , V° I P * ’ products, milk and vegetables. 

Ji parties jn Europe and the absence of one or two dominat- Tbe r ?} ai - has 

m»d Slates of America. ing sales outlets In a trade in ”' ore lh an doubled m the past. 

:i Hayward. the manner that the pharmaceu- ayi-ji,’ p JL ce 

.. tu- fHiiesBiiTy, ducks. with inflation. The once that 




_: 4 V 




riNffierf House, 
m*i Square, SWt . 


tieai, shoe and textile trades, for - 

example, arc dominated by one 

or two roiailers in this country. , J n i net onrl 
. Presumably the difficulty of Jneuging aUU 


^ Vlicroplfitfrftnir measuring this factor has j. . ffiif' tbp f "?i‘a -* »Sh 

. vncroeieciromc ^ ^ ditching SSi'&SSili'SSwl^aS: 

engineering SgjWS r rlH ** **• -Sf»S 

- '. i om ciif Deputy Dtrisionnt •' Pri»We*n yoo pose, such researen — 2 S ^ common sense to your paper, did highlight the 

* J riviur, AufouuU Enterprise ■ surely a necessity'. use machines on our road versos current squeeze, 

w -o’H Robert Alkm. and hedgerows when we have a Jrt 01 - veeetables. th«* 


products, milk aod vegetables. 
The retail price of milk has 
more than doubled in the past 
three years thus keeping pace 
with inflation. The price that 
the milk producer receives has 
increased m this same period by 
just 25 per cent, lo the current 
figure of 53p a pint compared 
with the !2«p at which it retails. 
John Cherrington, in his admir- 
able article, coincidental ly 
ap pearing in the same edition of 


*' ..%y : 

• .• ?*•';/' 
*,'*$*% 
.V-r-5 

f 1 ' "J V * ' 




/3$M 


rector, AufouxtU Enterprise f surei > a nreessiQ-. 

•o’rf Robert Alkm. 

Sir— Mr. 71. focjnan (August AsfcfcirRtwA 
» b.i'» nusundrrstood the situs* ‘Oitirnuum. M*. 

n I'oncormng the N’minnol ... — 

•u-ij ri>c Buard’s interest in m _ 

• new Hntish inicrovlcctronirs ( «S|C TPrminSlI 
niiv.ni, luinini. The NEB holds. ICUIU1WI 

»i ^ >ll continue in hold. « ■ 
ijnriiv iiHercit There i». no *1* JT lit 

. v - i 1 ^_I etr 1 1 2J nd bchr ot tier Aberdour-Dnfocty Bail Joint 
m per vent nf Innios Aetfon Group 
lire*. :;i any tune in the future, c:- . „., L . , f i 

■ rtlliirmArA >.n<4 nu^l irtn from Slf, - -Penilll SllC \G tiljkc tl 


wt maemnes on our roau verges current squeeze, 
apff-hedgerows when we have a Jn 01 - vegetables, the 

great army of . farmer growing on contract has 

Surely some of these would find ^ to suffer a wteclwa in acre . 

enjoyment in tne work and could age of b^ween 20 and 40 per 
be taught how to use the scjtne _ d _ •* 

8Hd billhook. The machines are Sre auimt ? a 4 *h™ 

T !ly . ra h ' K own *» n P ut! > nave increased 

and otien break down, and the jj,. approxiaiatelv 17 per cent, 
few men trained to use them p* 1070 a . L , hud^ot'-i^ on --n 
have to hang shout wailing for ™ * our ;oS fr 

the overhaul. CounciU have a STS JL n OL “I. '£?L -5„ 


V?2Zr«£L < T , &,«£ 

•Vhi-11 investment in the com- Kevin'&Jn^/iTum'c^ iSl'on the 1 
n'- rr.ichc? Ihe level eurrenllv* Done (August on the 

I--*-- jTgssy 


agricultural machinery manu- 
faciurers aad dealers who sre 
already experiencing a serious 
cash flow crisis. 

Sirloin steak costs about £L75 
per pound in Britain: it costs 
£2JS3 in Germany: in Britain the 
worker spends one hour "earn- 


ivunavn aim me _ .n Wit* 1 ‘““"J v**in iruuu, •* SKiiwus 

u-«i- t-mpluyees could hold up SeotSSnST - " f U ^ ’ A hrmilG ffir *“S , fl ? w er “ is - 

VD,ins jj» P«r s ^ • bonus * or jrssjrst ssw as 

X 4 c X na ia««i i. mcompetence 

ail- Ji ■ mm Qaiar Which blew up m April, Sir, — Mr. S. Banks — ‘ Funds 

Allied S bid ler?. bad been designed and built for the entrepreneur August 11 c ery other 

U by Shell and was frequentiy — is quite right. Those with ro 2£P[®d“cr ^ 

f|\ r I vai|c Quoted tn the course of ihc pubtie. initiative and enterprise will find 

LjjOnS inquiry as a fine example of a loan funds available, where there 

- .. t'r i \r rt j modern plant Incorporating all is confidence in their ability- ! ° ^5 0rafc 

'* ,w Wr - J *' 1 - G - Aw *re «*■ ihr , known to I lennw nf nn. «ih<iclrorx' com- »**?!«*:» efficient » M! 30 !e lU 


Allied’s bid 
for Lyons 


int at F ™n Mrs. J. Hnigh. fog” bis sieak. in Germany only 

April, Sir, — Mr. S. Banks — * Funds 


'“" f - Ur - 3 M C ’ foe"“foil«?e’* *7™* 'known to I know oTone iuhsidiao com- »«»*»** ^ 

S;r.— The proposal (August technology. A second similar pany. sold for the proverbial song ‘jf g'--' correct | 

!»>• Hu* National Assoeiatioa plant— partly owned by Exxon— by the holding company; subse- ~ lT,c i 


modern plant incorporatinc all is confidence in their ability. 


i..iis canid introduce u furiher abysmal record of tanker acci- the same firm, senior executives ‘ auBM:i 

•nditiua ju the . offer . subse* denis, it is clear lhal tnu best have set up their own companies, Anthony Soscn. 
:u’ii* :o Hinse in the formal tetandards qf the industry are not without government a *d- Fonnfcm Farming. 


inui'.iBveaiwu of forms on good enough lo protect the pub- The -present Government's Moor Hatches, 
icust 4. Such a 'step ' would Be- We are not against the de- handouts * to companies whose West Amesbary, Sal 


Salisbury Wilts. 1 


SWe chose Kirkton Campus, which is reserved for science 
and technology-based industry, because it provided exactly the right 
enviroment for our product. The success of our operation in 
Livingston has enabled us to treble out facility within two years. It is 
an ideal distribution point for Britain, the continent and the rest of the 
world.? 

JOHN FOX. 

Managing Director, 

Arbrook Products Limited 

Manufacturers of Surgical and Medical supdies 


LIVINGSTON, SCOTLAND 

Contact Jim Pollock 

Industrial Development Manager, Livingston Development Corporation, 
West Lothian. Telephone Livingston (0589)-31 1 77. Telex 7271 78. 
The.Scottish New Towns Office, 

19 Cockspur Street, London SWt Y 5BL (Tel. 01-930 2631). 



n =r 


KTnancfalT Times Tfiriretf#’: 


' \£- S' ~ 

•* V " . '* a*. : . . 

’ t. . 1 vr\ 


NEWS 


COMPANY NEWS 


ASDA profits checked 
by static second half 


Johnson Group more than Halfway upsurge at 

doubled to £1.3m so far ■ ■ 


of 


WITH THE resilience of dry 
cleaning sales evident in the latter 
half of 1077 continuing and the 
uorfcwcar and towel hire opera- 
tions expanding, taxable profit of 
Johnson Group Cleaners jumped 

■# * a ft r ... e- 


DIVIDENDS ANNOUNCED 


FOR THE first half of 

before ax oflllduiV ew /BOARD MEETIMOS 

Company. JJT cmboum 


Current 


WJr J iJVVVUU IlMli 114.9 per cent from X625.1H (□ ASDA 0.42 

£1.343.339 in the June 30, 1978 Richard Gay int. 1.33 

AN ALMOST Mafic second half at year have risen lo 65 per cent. In view of dividend legislation. ^Turnover, excluding VAT, for " int." is 

Assoeiaied Dairies, producing while home trade h, somewhat the Dnal dividend will be re- the Erind wi ““ nm acainst SUM?™* L nrn 

profit"; of £14. 72m against £1 4. :53 m. Better than last year, it is the s trie ted to U4p. Ssimlast TSe and Mr John v£j S&m S'S 

Irft the company ahead by CJHIm volume .0 exports aud marains gSE.h. ta^SSLn*' S£ MSXiS’SSS. 


payment payment 
. 0.42 0«. 27 

L 1.33 OcL 9 

0 . 6 ' Oct. 9 

L 1.5 OcL 1 

. 0.79 Oct. IS 


for (he year to April 39. 197S, obtained from the overseas busi- 
viith taxable profits of £36 2m. no vs that has spearheaded the 
Turnover expanded by £lU7m to recovery, says the chairman. 
-UWfini. As refwfred on August 1 with 

Earnings per 25p share are detail.-, uf the rights issue to raise 
shown as 15.A7p (14.2 P ) and the £Q.73m. profits before tax for the 
dividend total for the year is year ended May 5, 197 s rose 
effectively increased Trom 0.77+4p sharplv from £150.506 to £332 43° 

SeSfSff4lSS» Wllh 3 final Pay ' The" chairman is not making “a 

The dlrcctorT also propose to P”! 1 JP'JSIf # £f 


McKay 

Securities 

ahead 


the period was £1 l.T3m aga»Wt McKay Sec. 0.79 Oct. IS 0.7 1.57 L4. £ effecti 

£■»» last t^ae. and Mr. John victor Products 2J)5 OcL 9 1JW 358 3.03^ “S rr oS l Mp to U3p 

Crocks tt. the chairman, says Dividends shown pence per share net except where oihcnvise stated. 1 ‘ 


Carre- Total 
sponding for 
div. year 

052* 0.87 

L04* — 

' 0.6 — 

157 . — 

0.7 1.57 

154 358 


Company. took fr0 m CTfijtWtfM W-WMhrtn# comparo* Hm*? ewbLd 
binder. inmwj "^RLSSSaS ***** * *» rd a * 3ttn » *» «» *S£ 
TAt -, £322.734 awl the uKCton *g sxrlm**. *** &&;. 

« *r prospects for Uw second. Sir ^ lw a#. purposes _■*; . c-jit u m 

last 2, ..(he -ura favourable. divid^rne* iHBWar ut 

year monUls * ■ * ... . ■ naiUMr'itNkq : dniMtcwuiiHM *»- 

0.77* Turnover for the first hair im- | W .. r jm\ or itwts*od.i^*u&-d^L*iwt» 
■j_ 55 *t proved from £4.4Bm lo lo3rn. «***» are towd -auntr j»;wr 

2A5 ? Aftertax of £483,000 (£401,100) »w> iw«Wf :; ^ y 
358 eaminas ne f 2 ^p share are shown ^^^j^AOwtiMiiiwwv 
1 A "• at 4.83p against 4.0 ip ana. me mhmm. Kite tope ... kj^huH:. 
interim dividend k effectively Ur. iwii*.«iiM.;S¥ttwcfc 

S.sauuMntuus... .■ ^-jissjassvataB!--: 


i x- \ 7 


vi uvnii.L, im man lunm r uaiunius luunu uuuix uer suari: iiu wihwi-kr n u -y — - t - ti 

trading in July, continued to be • Equivalent afler allowing for scrip Issue, f On capital increased fti view oi the slrang iiqnia ««*»i 

buoyant In all parts of the busi- b y righ is and/or acquisition issue*, i Includes second interim 0.0225p position. Uish dividend caver and TR»*« " .V.? 


ness. now declared, payable October 9 

Capital investment is conlinu- 
ing at a higher rate than last 

year, with the increased finan ^e wear which is the last growing 
part y by improved earnings and area (Johnson entered that 
partly by the sale of surplus pro- market three years ago. three 
perties. Property, sales contri* years after ’the move into towel 
buied ' an £86,446 extraordinary rental). Profits from- rental are 


incVeU the oShorXJ capim! b” > car but haJ ? sales for the GROSS REVENUE of McKay profit in the half, 
S and tn St a5 issue first few weeks are nearly 100 per Securities unproved from £L15m Mr. Crockatt sa; 


ilf- “significant” but Johnson is not 

says bank borrow- revealing how much until next 


ncludcs second interim 0.0225p position, high dividend caver and .^r 

encouraging profit trend.- the 

directors intend (O mGFMUt tJlb Wcl; . ■ 

dividend this year by mum than u^boo* nwury .... * 

x r . . 10 pir cent., if permitted. - '* 

V I pfnr A Kccnnd interim dividend -is 34»tiIiMw/wr*h»w’ ***.».’ 

T d » sn Keinc declared of OJKSap rioKic SwwUihi ---re-. 

p. 1 , Satin- lo last ycar to ^ : * 

PrA fill PTC ' ^ change m tax. In MJJv ine ::,4-vfltob'4 - 

JL 1 vllUvliJ ■ dividend total wax wiur! to ' MBHiaaHH i H gBMMMMRiiMWMMai| ■ 

■■ hd /> -3531 lip on pre-tax profils of . . 

inn \r 4-1 /in £1.64ra. r.n/\io«'nnrv : 


"pre-tax profit was struck after 2- f4800 ° ti" T.02.MO ihS timeir itslwo W which w« »id and^ WIS* Tm ££% hS recently entered a five year .JJe 

hiSi*' nr wnsm rnnAmL'iim- a \ bc |. orL direciors were exiKJctmg second- reduced by capital allowances less in line, but perhaps Johnson (Walfccnd) from £849577 to a contract with Penguin Books and Property Partnership*]* 

cinmlred^ {-Jh S Sb las^time dcrd^aicoUng lofSnimeS" ha, f resu ?4l ^ be approximately available on fixed assets and offers belter growth in the rental peak£. 21 m for the year to April a.subsmntial increase in business taken up as to 9S pere 
fnn ^ a ho ,«i . i bS S ’ £ ,n ,m . e w,ih those of firet six renial items purchased hi the area where it Is. still a relative 30. 1978. Turnover w-as ahead by U seen. balance has bwn.soW. 


and was after credilinu a propor- Road. E., 
linn of investment grants 11.05 am. 
received. 

Net pmlil emerged as £I2.fim 
(111.27m after tax of £13.6m 


September 


, in l‘ ne “bh those of the first six renial items purchased in the area where it is. still a relative 30 1978 Turnover was ahead by -U seen 
months. period. Net profit emerged at newcomer, xiTm to JES.03m for the. full period, with 

They now say that for the £J.16m (£0.63m>. __ .... m ,0 


auainst £12.fi7m. 


Turnover 

f)> i>r.s.-ialir>n 

ProTil before lax 

T 

N-i j.r-.i.e .. 

M iOmt il- <nuri->t* 

\iinlmi.iMo 

r*,. rtivl-K-nd, 

•oit-niir rttvirtro*! 

i-inal dividrnU .. ■ • 

See Lex 


1J77-TS 19714-77 
woii raaa 

536.000 020.000 

4.079 2.713 

26002 23.901 

12.901 J.*.K70 

i?.*»oi u.. -7i 
s s 

u.:a:» 11. 2<: 


Butterfield 

Harvey 

confident 


current year, lettings of vacant The interim dividend is up 
properties together with rever- from 156Slp to l.ap net per 25p 
sio nary increases should sharply share, which on a gross basis re- 
lncreasc profits before tax. presents a lft.5 per cent increase. 

Earnings per 20p share for 1H77- Last year a 2.623p final was paid 
107S are shown at S.fllp (7.1p). on record pre-tax profits of 
A final dividend of 0.79377p lifts £2.13m. 

the total from 1.4 p to 1.57554p Mr. Crockatt says the Zerny 
and in view, of the forecast profit business, which joined the group 
increase the directors expect to in January, is contributing to 
recommend a substantially earnings and has begun to offer 


Westwood 
Dawes slips 
into losses 


peaK Li.zm <» * p»»- property 

a secoint3-h/vlf _ prom or «!Pa1SS- PARTNERSHIPS- : 

fb^'^roms^of^VfcS? U p5SdiS SK reremty CDtScd a five year The recyftt t tgh tg_~^4>SttR by 
(Wafiwnd) from £849 j77 to a contract with Penguin Books and Property Pnrtne^hTps iW. b«a 
peak £ 1.21 m for the year to April a.subsiantial increase in business taken up as to SS llie.. 

30,1978. Turnover was ahead by U seen. balance ,h:w bwn M*W_an« hte 

Xl.Tm to 18.03m for the. full period, with a full order ■ book.- 7 the net pro ctw*r will bfrrmsUibuW 
After tax, ED is adjusted, of iuiure is viewed with confidence. U» bnlitled snawntadfi®. ; 

£147567 (£172,436) net profit came ■ . ' = :- 


out at £1.06m (£677.141) giving 
earnings of 2~S.jp f 17.71 p) per 
25p share. The dividend U 
stepped up to 3J38p f 3.027 p) net 
with a final payment of 2 . 0 ap. . . 

Also proposed are scrip issues 


Avana hopes to maintain 
current progress 


of one new £1 preference share , s erv pri ,spect that the re-efluipmcnt of it* farfbric* And 

for every five ordinary, shares,. .2™“*“* IVaH h^,he Avana at the juMfld. there were 


for every five, ordinary .shares,. made by the Avana at the jciur-t’nd. theit>We;<Wi- 

Reporting a loss of £7,186 for and one new ordinary share for £ w m be maintained mitments either approved: «> 

- Cfii* mro everv ordinary share held. oronp. ■ o:- ~ n ..ti; nA r n . 


£ I* THE first quarter of the increased dividend for thT^m Johnses" wor^“ and" towe, oftoS %SLS ^ ^ordinary share ' “ Croup will ^ nwjtained e ner 

« - ?=ce yM o r f % lr ^M: hi Res S u e S i “r‘ Capital and County ‘ ^ 


Wearwell sees 
further rise 


Harvey 2 roup had hwn most en- Tax takes £15(1.3:58 (£12:5,400) Laundries, which became part of directors'of^^^woJSl rhfwM and ** ^ 
coura- 4 inp. the chairman. Mr. and _afic»r minorities. £1203 the group on July 6, are not in- S?™” 


in exports 


coura-^inp. the chairman, Mr. and after minorities. £1203 the group on July 8, are not in- Sfmnanv inw ura nSid Wertini- 

S. .V. Roberts, told yesterday’s f £7.635 credit) and extraordinary eluded in the half year figures. S^SStaSeSS^ »?£!«• 

earned had been SaKe^* 'J!^‘ h aS; -*S % SSgHS 

SS rnr SST^fi SZKi^-ffiS *515S 

last j ear. and deferred tax policies. Non-iradina properties . jks.i*i -’w.700 re cover> m me iuu year- . 

Order* :in>i sales bad, in eoncm), -A revaluation of group proper- Sundry income H.sw !;•«*# _ ■. .? . . * >a ~.. t nat } .X _ * ie ^ 


nani- w comment and^hc achievemem in the first ordinary .store based, pn^ 

Pre-tax prolits Up .43 per cent left Da rt u ( | a st year has boon value only is now , 30p/» wl the 
™T,~T Victor Products’ share price 23p guroassetl in the first months of return on the assels employed- fa 

land Li.L., n, -mn- ,hn “.f _ ; , V- .. Wo.ihU.u IH-nr fa-norMUU-.' 


shareholders lo his annual report, year. 

Business is buoyant in .ill areas The assets backing : frfr •; -each ■ 


Tumovi-r' 

11.726. IK'" 

Trjdma prfiBts 

I.lCi.TTS 

Non-iradmg properties 

24.1.1-0 

Sundry income 

23.«« 

Ink-rst 

JftIJSI 

Profit before tax 


Tax-' 

181 wxi 

Net profit 

l.IC.n.s 

Extraordinary promt .. 

8H.-U*; 

Dividends 

2«s.T>: 

Retained 

i.04D.a»: 


.brisl- 1 ’ s 


The outlook for the current sat j s f aclor y ra te and “we arc now vested a surplus of £4.t)Sm which lM]lor ' : “* 

.rear at \\ car well, clothing m a nu- reapin;* the bent-fils of the re- has been credited to capital profit""!" " "71" l.iss.n.s 

fnclurer. is one or conuniiiiig construction work undertaken in reserve. Exrraorrfraary promt ... ss.-hs 

buoyancy in cxporL- and a more recent years." Consideration is also being Dividends 2«6 .t>: 

gently rising volume of sales to Unless sonic, at present unfore- given to the possibiiiiy of a bonus Rviainwl ; ,?■***•. **■ „„, 

the home market. Mr. A. Nadir, *cen. industrial disturbance issue or a capital split to improve 

the chairman, rells shareholders, occurs T reullirraed his confident the imbalance between share p i,u properly. 

In 1977-7S. exports amounted to belief that the group would in capital and accumulated reserves 

n\cr 40 per rent of sales and in 1978-79 substantially surpass the and the marketability of the m comment 

the first months of the current achievements nf last year. shares the directors say. 


the- business over 2a- per-cent. - Vj 4 ! 1 

At July 22 this year.- ?£ftr»hem A ' 
Foods held 805 per «nt ; pr:the - 

capital. Mcctinc of.. traL "group, ■}?> 
cake maker, baker and ' ran- ‘ 1 
fpejinner, is at Cardiff, ^iep tern her 


•ni.ihi j — — 

177.--I9 decline. 


1978. profits before tax -1 




wik The workforce has been kept »™ wth - 0ne facl0P per ecu 1 to £2 34m on sales up 2 a 

ima for intact and fully occupied but if recover y »r Its Transtar sub- per cent at £29.6m. Profits would I> r «jh€im -llAlllttF 1 *'- 
“r- the price of Kisalc^ situation s,diar y {control year), which hit have been reduced to £2. Ooro after X>raHaIfl iVIUlor,. 

plus properly. then there is a real possibility of a bad P atch du «"g reorganisa- adjustments for cost of sales. 

* reductions in. pereonneL Uon. lElsew here, however, the £ioo.(H)0. depreciation. £365.000 pgnfiniKlV' ' 

• comment The provisions or tbe Employ- « rou P s performance has been .no and senring £172000. LaUUUUaiJf 

Johnson’s more than doubled ment Protection Act, however, Jess impressive. The coal mining Trading conditions throughout , ■ '■■■ --M 

interim profits are way ahead of makes this a difficult and costly industry accounts for some 70 pur the year were more stable and OflhlTHStlC 7 - 

market expectations of around undertaking, quite apart from the cent of sales (with the rest from raw material price increases UpiIllllaliyL. . . .. 

£0.9m and the shares after some unwelcome nature of such action 0,1 ar \ d petrochemicals) ^ and slowed down assisted by the .. th _ of BrabMr&lflir 

'■jitters" in the run up to the towards employees, all of whom demand, especially from apetoo. improvement in sterling. The G ' Mr « r Oedcn- chair- 
announcement rose 6p 10 M2p. have been extremely co-operative has been extremely buoyanL The Jersey subsidiary progressed and told' mombort that' he r«- 

These figures continue the trend in this difficult period and very main overseas markets are Soulh exporis were up by So per cent. mainctl cautious about nra»Mct* 
seen in the second hair of last many of whom have long service Africa, the U-S. and South Thai company is branching out t ^ a fl , v ;. mon UvH afccaiL And 

year when consumer spending on records. America while Victor also hopes into new product Gelds and ylf t hr streu«th of ihe cotfttitav's 

dry cleaning registered an upturn. Turnover in Ihe six months fell to cash in on the new links with market- and is actively seeking ^ mint 3 Ti on sunnorted. the 

so growth in the current six from £1.15m 10 £0.93m. After a China. Two new factories have expansion of its interests. Sir j, ' general nm^oh that de- 
months will not be so dramatic tax credit of £3.736 (£40.723 opened in the law couple of Julian says. • smt( , .,i] 'dinieiiltiesAho'b^Oanv 

as in the first More likely is charge) earnings per 25p share years and the company now com- Capital employed in the busi- ! , ,* *„ n w, rn ,o U m- 
second-half profits (including a are shown to have fallen Tram prises four separate divisions; ness increased by about £2rn to T ‘rii'n"?. nAnrfiiitm- ' 

first-time contribution from 2.9Bp to 027p. The pre-tax loss connectors, lighting equipment. £95 5 m and reflects the retention 1 :,;., XL 





optimistic - 

At the ARM of Br*tHUn «fflir 


INTERNATIONAL 


rst-time contribution from 2.9Sp to 027p. The pre-tax loss connectors, lighting equipment. £957>m and reflects the retention ... ‘ 1 V i aH '7^ ; ~ 

apital and Counties) of around was reduced by £9591 holiday drilling and control -gear. The of undistributed profits of £900.000 is." 


LA-JH'ia) <*na v-uuuu«»/ ui «uuuim n« reaucra uy nouuay urunng kuu vumuui -kb<ii. iub or unaisiriouico prum» di uuu.wu Th u cimn Blun^ich rpravwni in 

|£2m — a third increase. Dry pay no longer required. Profit current year is likely to see some and provision for deferred taxa- A*** ”25; ...rtiml 
cleaning is still the backbone of for the last full year amounted to consolidation but the shares on tlon «( AT.lm. iamn J .1 rJi 1 

the group but it is rental work- £113.000. a p/e or 8.3 are still good value. The higher retentions have the sa ° mo eneouSStg 

fw« n °'V ? r °rd_ers with, the .same 


Unitech starts well but warns 
on ‘cautious view’ from U.S. 


increasing working capital, with unUerlring doubt S to bow re- h| M 

- stocks now standing at over £5.4m JSSt"?® , r p„2 JOJ? S” (31 A Mfl 
and (h-btbrs being £230.000 grouiei lla ? ,e lh,s trend really was. WfQOt- lfi« 

than last year, and still reduce ifs .. ; 

Sfr^thTISST by ° vcr ““ ARLINGTON MOTOR COfpOrali 


INTERNATIONAL 


-World Leader of an International 
Market 

The world's leading manufacturer and supplier of 
products for the commercial art world. Manu- 
facturing in 6 countries, distribution through 
wholly owned subsidiaries in 22 and through 
agencies in 30 more. Mature and stable product 
lines for professional markets— not susceptible 
to fashion. 


Capital investment continued at . At the ACM of Arlington 
a high lev-i a total expendi- Motors Mr. N. C. N. Housrfpn. 
ture during the year of over £tm.. chairman, said he .believed .the "jii 4 r\ ?•> a/va 
I n the past three years the group current half year would provide U»l lUU.tfUv 


Letraset —Another Record Year 

INTERNATIONAL Turnover up 17% to £33. 6m. 

Profit before tax up 12% to £7.4m. 

Earnings per share up 16% to 16.65p. 

Steady volume growth world-wide. Margins 
have been maintained. Substantial growth in 
USAand-Germany. 


THE CURRENT/year at Unitech, fartures small boat navigational tax. Sohio in the U.S. ia permitted him invested over £2.3m in the a satisfactory profit - 

electronic components manufac- equipment. to volue Its stocks on a last in, V 

turer, has started ueil. with In the industrial controls see- first out basis (UFO), but BP " " ' ' " l1 '-' - ' " ' 

demand Tor the first two months tor or the group record profits will revalue stocks on the UK 
ahead of last year, Mr. P. A. M. were achieved by Appliance Cora, basis of first in, first out (FIFO). A Unnn 1 

Curry, chairman, tells members, ponents, Terapalron and Sol'd U.S. accounting standards also /YmHfMQd. lxCoh V jO ill (lid 11 011 I Tt- #■%* * 

Although it indicates another State Controls. Appliance, Mr. require full provision For de- A XiUvt UVAU VUipUlUUUU J TUp 

increase in sales and profits he Curry says, has been particu- ferred tax. while in the UK. BP * - 1 ■ 11 

says that a cautious view is larly successful in penetrating the no longer provides for tax where Warrants to Purchase Shares of Common Stock. I 
currently being taken or 1979 by heating control market with it3 it can be demonstcated that there 10 riuukta: (Mhccs 01 Ltinumm owu^ 1 

the U5. semiconductor industry', range of stop controllers and Is a reasonable probability of it SI Pal* Valup nf Amprails fl noc P/vrooTutinn • 

And. £ a resulL the director oiotorUed valves. not becoming payable in the fore- ^ A Jra f VaiUe » 01 BJTieraQa UeSS OiaiMHI 

would expect the percentage 9 ala R * co J nlli l on ' R com ‘ seeable Fature. Sohio's tax pro- ntyprCE TS ‘SEHEBY Grtrsw tlmfc, imra nto t to tho TffffTftrt o ar Of 
increase in sales for the 1978-79 J“ l JL d pe 5 J p 1 i|J” ,s iMly" W “ ** ^ ^ 3 ' Section 3^ of the Warrant AgreementdSas of Jul^LlSaTtS 

year to be lower overa) Sf e ?over £Im for Se fiTS ^ y " “Warrant Agreement*? between Amerada Hess Cccparatlon.<tto 

As reported on August 2pre-tax sa g* .“ c . JJJf “Company") and The Chase Manhattan ‘Bank (NatioraE Assod&- 

exp mdid r from ^lnf' Sk at £7S3m (SJBTBi) with net cur- GMS GXpGCtS tlon) under which Chaw and Banque Gdzrfralo^a 

Snm nn«fJ?n7^?7fim«?Su rent assets at £35flra f£4.l9m). 1 . .1 1 Luxembourg, SA, are Warrant Agents, the exercise price and (he 

rut win ThP rti^nrt tnta fl Net liquid funds decreased by fliahpr SR1GS numfier of shares of the Company’s Common Stock IssiiaMe tipoti 

S5u B ? 0 4 Bi Jf nei ni8M ^ compared with a exerdseor a Warrant have been adjusted by reason of a a«* ft 

with a final of 2 5795 d J ' 81P) £312,000 increase. nni] nrof if ^ divUfcmd declared by the Company on shares of its Comtaoxt$toefc 

n„ a , fin,,™ aflU P™U1^ payable on September II, 1978 to holders of record of such Co£ 


5 : Bonds di 


Warrants to Purchase Shares of Common Stock, 
$1 Par. Value, of Amerada Hess Corporation 


Letraset —New Phase of Development 

INTERNATIONAL Substantially enlarged equity base 


Substantially enlarged equity base provides 
financial security and flexibility to support long 
term growth. Stability and strength of worldwide 
market position gives confidence for growth in 
1978/79. 


with a final of 2.5795p. 

On a CCA basis pre-tax figure 
is reduced to £2.Som <£1.46nv) 
after additional depreciation 
C329500 (£285.000), cost of sales 
adjustment £62,500 ( £691,000) less 
a gearing factor £135,000 
(£335,400). 

Mr. Curry says the main con- 
tributors to the improvement in 


£312,000 increase. 


“Warrant Agreement*? between Amerada Bess Corporation . (the 
"Company”) and The Chase Manhattan "Bank (National Assocfe- 
tion) .(“Chase*? under which Chase and Basque GdoErale du 
Luxembourg, S-A, axe Warrant Agents, the exercise price and the 
number of shares of the Company’s Common Stock Issilable upon 
exercise of a Warrant have been adjusted by reason of a 2 * 2*0 stock 
dividend declared by the Company on shares of its Common. 5t6ck 
payable oh September II, 1978 to holders of record of suph Corntbon 


mm 


BP to 
consolidate 
Sohio results 


Turnover- up 23 per cent to I Stock at the close of business on July 31, 1978. 


£3 .14m and profits ahead nearly Effective I mm ediately after the opening of business on the. ffrtfc 
30 per cent to £84.154 are re- buslnets day: after July 31, 1978, the exercise price of a ’Warrant, 
ported hy Gloucestershire Market- after giving effect to such adjustment, was $41.40 per share ahd tfae 

aWAWiS purchMabte - ~ 


s = m 


Mr. Curry says the main con- oO Ul O resu its fJ^SSSd iS £5°5°m n ?nd 0r pSfi? s 0 V 5f No fractional Shaxe wfll be Issued upon the exercise of a Warrant 

British Petroleum Company is forti^e year. ^ to any fraction Of asharewfttch 

rSwiS anH to consolidate results of Sohio The improved first-half results the bolder of one or more Warrants would otherwtse bo entitied to 

FiprtmniI-t r hnth^rhfnl,Mn^rword in ' ts accounts following the stemmed from Increased volume purchaee. on such exercise, the Company shall pay the 1 cash YBJm» 
nroGlT Npw rnm'h w ShutaeS attainment oF a majority voting and improved margins in all tJierfeof dete rm ined, as provided In the Warrant Agreement. • • 

SS t?ry«rfo“ S ,h 0 e? I ‘S!h '»«"« “WW «n ««!on. of bmln.® the ch^r- 

Wh.„ E p r.norts £* ««■.. pxdt*.' before t«, of «?«»■ ' - A BBSS COMU3 




AMERADA HESS COREOBA330H 






Letraset —Now one of Britain’s 250 largest 
INTERNATIONAL quoted companies 

Market capitalisation at 13.8.78 of £41 .3 million. 


makes the division one of the When BP reports its second ,,1^-5 were adhteved on sales NewYork Hew York 
largest suppliers of micro- quarter results on September 7 *y £*■.'* were aWlievM on saJes ^ew joek, « ew iotk 



Copies of the Report and Accounts are available from the Secretary, 

Letraset International Limited 

7 Apple Tree Yard, London SW1 Y 6LD 



largest suppliers of micro- quarter results on September / ***£*••* y 
processor components and Ihe figures will for the first time 01 
systems in Europe. . include Sohio^s income on a con- 

Ttae significant improvement in sotidated basis. and_ tbe figures 
the component manufacturing will be adjusted in line with UK 
division was due to ihe record and BP accounting practice. The 
results of Rathdown Industries, first quarter results will also be 
he states, and by H and T retrospectively adjusted on the 
Components. Rathdown's site, at same basis, with the effect that 
Ascot, is to be redeveloped; the the £Sm included for Sohio as an 
chairman says, and a new 27.000 associate company under other 
square feet factory wilt be com- income will be boosted to £l3m. 
plcied by May ID73. lifting BP’s first quarter net in- 

Atl companies in the electronic come agure to £S5.6m. 
equipment and sub unltf in- As at July 9. BPs shareholding 
creased their share of profits, the in Sohio was 51.2 per cent, and 
major rise being from Weir Elec- it earned the majority stake as 
ironies. The group acquired a result of sustainable net pro- 
Brookes and Gatehouse . for duction from Sohio's Prudhoe Bay 
£800,000 with effect from June 5, properties reaching 450.000 bar- 
1975 and the chairman says the rels a day. 

directors see this as a logical The principle accounting dlffer- 
slep in the development of Uni- ences between BP and Sohio con? 
tech's technology: Brookes ma nu_ wrn sloc k valuation and deferred 




.This announcement appears as a malterof record only. 


Saint Piran Limited 


$60,000,000 

Banque Nationale De Paris 


£3 Million Profit 


SPL 


Floating Rate Notes Due 1983 


Year to 31st March 


This private placement has been arranged with institutional investors. 


Turnover 

Trading profit 

Gross dividend per share 


1978 

1977 

£ 

£ 

15,392,037 

12,337,960 

3,028,871- 

2,093,342 

3.03p 

Z79p 


Salomon Brothers 


Cno New fort PI«a, New York. Now York 1000< 

Atlanta. Be Jen, Chicano. CtrucU'" 3 Dniia®, Honfl Konp. London (subsidiary] 
Lob ingoips. PhiliUelptiij. <*an Francisco 
Mombcra of Maior &CCui<(,c-, Exchanges. 


Highlights from the Report and Accounts 

# Record profit and turnover 

^ Proposed final dividend of 3.042% net making B.042%, 
the maximum permitted, which is covered 7.8 times by 
earnings 

# Earnings per share up from 10.S1p to 15.64p 


Copies erf the Report and Accounts may be obtained from The Secretary, 
Saint P Iran Limited, 13 Hill Street, Berkeley Square, London W1X 805. 


W,. 




LONDON BRICK 


b*> 

iv**- 


COMPANY LTD 


■ ‘T’.i. : 


®»r«- 

o-.. c 


INTERIM REPORT 


.Consolidated Results (unaudited) 

6 months to 

30 June 1978 

6 months to 

30 June 1977 

Year' w 1 

31 Dec. -1977- 


. . ■ . - £'000 

£"000 

£*ock>- 

Turnover 

• 52,746 

42.667 

9U54 

Trading Profit 

8.254 

6,638 

14,597 ; 

9 AM 

Less: Depreciation 

' 1.000 


nvestment Income 


Interest Charees 


Share of Associated Comoanies' Losses 


Profit before Taxation 

Taxation 


Profit attributable to Stockholders 


for taxation m respect of .the six months ended 30 June 1977 has been red«rn 4 ' 4 r«M 
p, 998500 shown last year to £2.718.000. This reduction arises from a chan 8 e“n US* of 
for deferred taxation which takes mro account the provisions of Exposure Draft 19 i 5iu -S hy ,h« 

, A ™“i n s UTSieisr wu adop " d ,or 

In the 1977 Interim Report the Board stawdr.t'har they had no intention of reducino brick 
and that, with a high level of brick stocks, the Company would be well placed to meet dufubturn i R 
■ demand when it occurred. Their confidence has been rewarded. Since die SprinAhere L* S l 
surge in private housebuilding and some Ulflfrrlying recovery in the overall level of construction 
As a result brick deliveries to date have '.risen by 13% over ,* * ' m e 
last year and 200 million bricks have been lifted from the ground. Margins, under . 1^°' ^ 

pressure m the opening months of the yeai*. have been restored by an increase in 
-prices which came into effect on I June. • . ""•?!* 

Subsidiary companies within che Group have benefited frpm the rise in consumer 

spending and particularly From che buoyant market in home improvements. They * V J itriffT 

have made a significant contribution to the_oye raft increase In profits. . r 

An iorerim dividend will’ be declared in Omober ' 1 ’’ V. ' ‘ 

23 August F978 1 . 












A 








Financial Times Thursday August 24 1978 


% MINING NEWS 



Gold Fields 
out of the red 


IM 


( 5 


2 1 


-u. x\ 


BY KENNETH HARSTON, MINING EDITOR 


'UAhIKS lo its Ren toon tin and 
el Iambi coal subsidiaries, i he 
©nsoJW&twl Gold Fields group's 
onsolklated Gold Fields Anslra- 
a has moved out of the red 
i the year to June 30. A net 
roup profit is reported of 
S?.02m (£4.i8m) compared with 
loss of A$243,000 in the prevf* 
us 12 months. A final dividend 
f 7 cents (4L2p) is declared, 
taking a total. or IS cents against 
cents. 

On the other side of the coin, 
seociated Minerals (mineral 
mds) and Meant Lyel] (copper) 
differed losses in line with the 
'pressed prices for their pro* 

• ucts. The Mount lyel] lo-s, how- 
ver. did not affect the group 
. ,K ult because of the provision 
- iised in the group accounts last 
?ar. 

Mount Lycll is being kept go- 
ig by governmental subsidy and 
was reported from Canberra 
eslerday that the Common- 
ealth and Tasmanian govern* 
ip ms will provide aid of up lo 
$? 6m to Mount Lyell from Sep* 
■rnber I this year until mid-IBSO. 
i.t-.hey will jointly guarantee this 
v; mount on an equal basis to cover 
’ ny cash deficit in the period, 
itii ASS2m .being provided 
nmediately. 

As far as the current year is 
incerned. CGFA reckons that 
oth Bellnmbi and Renison will 
intinue to do well. No early a 
■turn to profitability is expected 



After its previous advance into uncharted territory, the 
bullion price has become vulnerable to anticipations of the 
U.S. at last taking firm action ta halt the slide in the dollar. 
Yesterday gold plummeted to 919&35 per ounce at one time 
before dosing $6.25 down at $206,375 following the news that 
the U.S. Is to raise the 1 amount of the metal offered at its 
monthly Treasury auctions from 300,000 ounces to 750,000 
ounces beginning with; 'the November sale; this equals an 
annual rate of 2S0 tonnes, compared with last year’s total 
Western and Soviet wtirld production of 1,366 tonnes. Gold 
shares, which have fallen more than bullion over the past 
10 trading days, weakened afresh and the Gold Mini Tig index 
dropped 7.2 to 175.2. 


.P Mh,,' n <. w on the latest occasion fell rent year to next June. The levy 

fflJrhSflSh' “L-iH* i^ 5 to A® 147,000 from A$2S7.000, is intended to meet the costs of 
K ffJi fiTm » nv e r,r?Jr reflecting the benefit of: prior diverting coal shipments from 

. vears ’ tosses plus reductions Port Kerabla which is overloaded- 

OaJtbridge ware 171l> yestentar. 

tonnes while those of tin increased 
to 641 tonnes from 508 tonnes. 


ROUND-UP 


An underground fire has been 
detected in the upper area near 
The company says that’ work the No. 1 Shaft of East Drlefon- 
continued on construction "of the tein Gold Mining at a depth of 
new Clarence colliery which Oak- about 1,100m. The affected area 
SI?* a " d British is being sealed off. There have 

gw* develop on 50-30 basis. been no casualties and Indlca- 


Oakbridge’s 
profits at 

a new peak Further details' have been, pro- tioris are tharioss'of^prmiuctiwi 

2222* SE SSSAM* i«t“ wm be .■»“* 15 <"“■ “ nt 


chieved by Australia’s 
ridge mining, industrial 


apnrove the deal. 

a “ Meanwhile, Cambridge is fiiianc- 


nance group. Pre-las profits Tor S , Amenea * W1 Pta 

ip year to June 30 have risen the ShinSSS' n( 10 set up * p,lot ore P lant *0 

l.s per cent to a best-ever steamine real wil, no? iSnado proc f ss Sold from its Dougbe 
(f 4.78m) while the net before I IvSL^poSEl ° n «M“»« 

refit, alter tax and minority announced last November BP was of: A ” l n » rT?JL*? orea 

nterests, comes out at A$rB4m to provide the nest A$30m finance Ke ' ear c« institute of Geoscience 
gainst A3S.75m. An unchanged Oakbririee sav* ihai the levv of :,nd Mineral Resources Found 213 
nal dividend of 6 cents f3.6p) win wr tonne on r-nal exhort-; grams per ton of gold. 53 grams 
inkes a total for the year of from the. south-western, western P^r ton of silver and 0.05 grams 
1 cents compared with 11 cents and southern NSW coal field* will Per ton of copper in a sample 
\ 1976-77. adversely affect profits in the cur- from the property. 



Tehidy accepts 
£2.2m South 
Crofty offer 

BY TERRY OGG 

South Crofty. the recently Meanwhile JFB continues to 
floated mining subsidiary of Saint buy Wasttcm-Evans shares in the 
Piran, yesterday announced a market On Tuesday it bought 
LZJxn agreed share offer for 40,000 at 1594 P each. 

Cornwall based, Tehidy Minerals. 


Terms are five South Crofty 
shares for every four Tehidy 
shares, which values Tehidy at 
75p based on yesterday's South 
Crofty closing price of 60p. 
Arrangements are in hand to 
underwrite the offer so that 


SIMON EXERCISES 
OPTFON ON 
CHJEAPLE PLANT 
Simon Engineering has 


_ _ exer- 

Tehidy shareholders can elect to cised an option to buy from 
receive 70p a share cash. How* Northern Engineering Industries 
ever, the cash alternative is con* the. 50 per rent of Cbeadle Plant 
diticmal upon the offer becoming Hire which it did not already own. 
Unconditional and will be avail* The consideration was £Q.flm 
able only up to the first dosing cash. 

date. The option to buy Gheadle was 

Earlier this month Mining In- triggered' by Northern Engineer- 
vestment Corporation made a bid mg’s take-over of International 
for Tehidy shares other than the Combustion which was tbe parent 
685,000 (approximately 23 per company of Cheadle. The plant 
cent) it already owned. The offer bine company was jointly 
was two Mincorp for every one operated by Simon and Inter* 
Tehidy and was underwritten for national Combustion from its 
a cash alternative of 64p. Min- foundation in 19M. 
corps holding has since been in- 


creased to 25J3 per cent. 

Saint Piran. which bolds 65 per 
cent of South Crofty, has bought 
tbe Mincorp holding for 70p and 
intends to accept the South Crofty 

share offer. Mincorp- has subse- 

quently withdrawn its offer. In Guardian 
the statement yesterday tbe Board Assurance 


THREE INSURERS 
MERGE JAMAICAN 
BUSINESS 

Prudential Assurance and 
Royal Exchange 
are merging thei* 


of Samt Piran said it would use ffeaerai:.' Insurance business in 
its best endeavours to ensure that Jamaica with that of Royal 
the conditions of the offer are Insurance: by both taking up a 
fulfilled. shareholding in the Globe 

The Board of Tehidy and its Insurance Company of the West 
advisors, Kleimvort Benson, have Indies, 

stated that the terms of the offer At present Royal is tbe majority 
are fair and reasonable and the shareholder of this company. 
Board has indicated that it pro- which is licensed to transact ail 
poses to accept in respect of its classes of general insurance 

nAInmac o-n n-n I _ kiiaSrtAi 


17 

London Brick shows £lm 
rise in first half 

Hg* ^ a 0ve « K f 10 iusr under 4O0,T ! } ,r - D - Sm,Ul " m not bc stanrlinc 

U>od “? ®ri ck Company was up by — the highest on record — and for re-election at the annual 
over IlDm to £52.7om and pre-tax the policy seems to have paid general meeting, - as he considers 
profits rose from £5.61 m to off. It has lifted 200m bricks since that he can best serve the 
XG.TSm. Profit for the whole of then resulting } n a i 5 per cent interests of the -roup by concen- 
1977 was a record £I2.17m. increase in deliveries in the first traiine his aitention on tile 

Tbe directors state that since g{* months. Pre-tax profits are group's housebuHdin- activities'' 
the spring there has been a surge ?? d p ":^ n * h Jf ,er over tho period Mr Smith became ''chairman of 
in private housebuilding and ” ltb J y 5 l Per cent price in- onne Devetonments aTler Saint 
some underlymg recovery in the n"^ 0 f p j^e Ve f l m° m S“ £332: Piran acquired 22 per cent or the 
overall level of construction. As a Kw fu 1 y**r Pro, fils capital 0 r Onne in Juiv Mr Shaw 

reseflt brick deliveries to dele 'J.™ resi™ of nto- esplsinj'the™ i? ?s „.ViSg to hta 

have risen by IS per cent over are Siri .WMrnm appointment as chairman or 

the same penod last year and 200 S tl SSSoauJSS there 0rrne " lh at Jlr. Smith has decided 
E£i 0 ?h J ,8VC been U£ted has teed # . «S» AvBhSuE IZ Mncentratc his attention on 

fr °® the ground. buildin* and since tvneTuf group’s housebuilding side. 

Margins, under pressure in the building is niore briejf InteMlve Meanwhile. Orme itself is the sub- 
opemng months of tbe year, have it is clearly benofitinn London If®* ® f 5 hid from the 

been restored they add, by an Brick. The latest eltirnttes su»- Cornbt ‘ n Group. 

Which eame lnto - S«t that private housing starto Saint Pinin’s other housebudd- 
effeeton Juiwl. could be 22 Per cent higher at ing interests are concentrated in 

The subsidiaries within the I6o,000. Meanwhile, the increase Milbury operating in the North 

Group have benefited from the In consumer spending finally West of England and a house- 

rise in consumer spending and 5®*®* to be flowing through to budding division or Fairmont 
particuiarly from the buoyant home improvement market State in Thailand. Saini Piran 
market in home improvements, fwhich should be good news for holds a 43 per cent stake in 
the directors state. They say they Parley) and the group’s non-brick Fairmont, 

have made a significant contribu- fPf 1 ? t [°" s under a third of yjjp other directors who 

tion to the overall increase in £e ' total! have m adp a “slgnjfi. ° 

profits., contribution" l0 the overall SS. SSL 

Pre-tax profit for the period '? crease . J ? Profits. At /flip the 5r ££ ImSSS »• 

included associate rompaaiw shaj ' es 6-3 per cent. ^ J ^L e ^i mana P n ='.. an d 

losses of £61,000 (nil) and was 


Mr. G. M. T. Jeffreys, who left on 
June 12 and August 9 respec- 
tively. No reasons are given in 
the accounts but the chairman 
says: "I would like to record my 
thanks for their work on the 
company’s behalf.” There will be 
three directors on the main Board 
after Mr. Smith steps down. 

Referring to (he purchase of 
1m shares, in addition to the 
22 per cent slake in Orme 
. .. .. - ' • Development*, which should have 

- Another director of the mining triggered a full hid for the com- 

t« — yvs S-KI 1 ?iiE h ? us , ebu ! ,d,n t: group, Saint nany under ihe rules of the 

AttribrnabiT j ™ ±5! ,s leaving the main Board Takeover Panel. Mr. Shaw says: 

the company, making the third “These were subsequently sold 

1 comment departure in nearly three months, under a ruling or the panel on 

. - , , . _ . , According to Saint Piran's chair- takeovers and mergers. A cir- 

Late last year London Bnek man, Mr. W. J. R. Shaw, in his cular will be sent to shareholders 

took a gamble and built up its statement in bis latest accounts, in the near future.” 


subject to tax: of £2 ,44m. com- 
pared with an ED 19 adjusted tax 
charge of £2. 72m. The attributable 
balance came out at £L 2 Sm 
against £2 ,89m. 

Six months Year 

1978 1977 1977 

mu mo moo 

32.748 42,887 91 J 54 
SJW 6.688 14.897 
888 1.890 

MS 492 
498 1.015 

ID 


Tunwver 

Trading profit 

Oopreciartem 

Id vestment income 
In le rest charges 
ASSOC, cos. loose* 
Pratt before tax 


1.000 

86 

359 

ni 

6.720 


Director leaves 
St. Piran 
main Board 


Glanfield Secs, in bid talks 


BOOKER AGAIN sidiaries has notified as follows: 

RIIV<C TN II <1 0n September 22, 1977, UniholU- 

DUI3 mgs Ltd. sold 50,000 units and on 

For a consideration of S2m. September 26 50.000 units. On 



Chase Manhattan Overseas Banking 




/ 


Corporation 

DM 100,000,000 
6% Bonds duel 993 / 

guaranteed by / 

The Chase Manhattan Corporation 



CHASE MANHATTAN. 
Limited 


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

Algemeiw Batik NMtarlMid N.V. 

AEAmaslCo. 

LlrtuteCi 

jmtanfwt)4totlanlam Sank N.V. 

Arab African Intarnatlonal Bank (Cake} 

The Arab and Morgan Onmfafl Fhtanco 
Company Umiied 

Banes CwnmarcWa ItiAana 
BancadalGotrardo ~ 

Banca Niudonahi daf La»pn> 

Banco dl Roma 

Bankof Amadcalntamatfonal 
Limited 

Bank JuflutBper International 
Lurated 

Bank ffir Gematawirttchatt 
AhiienoeseKschatt ~ •• 

Beak Laa {ntemattonal Uct. . 
BHtitMeaaAHoeoWtf 
ThaBankoflbkyo (HoIIancO HX. 

Raoqtra Arab* at lnt*tn«tk>n«|o 
eftoaa atia aaina nt (B.AJJ J 

Bangea QnxMea LamttartSJL 
.BflMfua da Commca &A, 

8«M|oanaawa(saduCommatx3aExtariour 


[Anonym* 
eaoh»»<W> ri r i d o c W n o wt tiaSuag ~ . 
BArw ra alPla ma t lo nia# 6 Luxe mb ourg &A. 
Banqve Nation ale da Parle 
Banqueda Nauntaa, Sehlmr t bargar, BeSet 
Banqua da Peril at dai Paye-Bae 
Baaqua PapotalraSutiaa &A. Lwcambpurg 
Banqu* da nMon Eumpeaw* 

Bayerlecho Hypothekan- untf 
WedMHK-Bank 

BayariachuLmdaabwttBbaumualo 
Bakarieefm UarvkwtMmk 

Jeh. Berenbarg, Gotater A Co, 
BaiganSanfc 

Hailkter U^ufala. 
uvMiiiii nmiM* 

und FraMttnrtarBank 

Biyu fiintmaa Offlen A Co. 
i ntornaneruu Limned 

as A. Undenffttam Urnttad 

Cal— r d ee p e pfi ta at Canalgn atlone ~ 

ChrlaUenla Bank og Krwttth— 

tSUamMMiHdandQraiia 

CompagrUeMonagaaquadaPangMa 

Copo nha ganHan dala barik 

County Bank 

Umwsd 

CtamtanMeK-Oanltvarefci 
CrMfltCaaiRM(daldgl%ancg . 
CradhlnduamalotCommafcM 
CredK Lromata 
cradnoltaltono 
CradHSU— aWNUWeid . 

Lrvnilnrt 

Oai-icN Kengye *ank(8eliwatz) AO 


WESTDEUTSCHEiANOESBANK 

GIROZENTRALE 


Richard Dous S CO. 

Benkicis 

Dan Ooneke Bank 

aMB.'l AfclicMSlskab, . : 

Den Darwke Provbmhank A/S 
Den noraka Credltbank 

Deutsche Gtrountrala 

- Deutccbe KommtmaBwnk - 

DG Bank 

Deutsche Go nossenachafub ank 
Dillon. Read Over*—* Govparafttoct 

Drexa! Burnham Lambert 
^rK 0 fpc | fJl« , ' • 

Effect oo bankWa rtrorg 
Aktucnsescilscnafr . 

Eofetnohillare S.pX 

Campapnm EuropeatatarmobBani ' 
European Bankin^pMqpany 
Limited 

First Boston (Europe)- - . - 
Limited 

Ganossc os ch oh Qch* Ztoitrabank 
AkrwngcSeUschaft, tflatma 

Giro: cat rata und Bank 

der oatanciclriarhnntparti— sari 

AKUcoguscJischait , ... 

Goldman Sacha MenNdtonal Carp, 
Hambrae Bank .- ■; - 

Limited . 

Hambiuyteche l amf e ah a nk 

- Guoxentrele - 

Handetsbank N.W (Ofac—aa] . 

Lrmited 

Heaatoche Landasbank 

- Blraxeniralo - 

HNf Samuel 4 CO. 

Lkmtnd . 

EF. Hutton* Co. N.\£~ 

The Industrtel Beokof Kuwait K.S.C. 
Indutftriebonk « on Japan (Dautachtond) 

Akticnne'-ollschoft 

latltuto Bancarlo S— P— jp cb ygrbfQ 
KansalUs-Oeoko-PaeWd 

KMder. Peabody Intamatioeal 

Limited 

Kialn wort, Benson 

L>mitnd 

KredietbankN.IA 

KredtattranlcR A.I wamViumgaul— 
Kuhn Loeb Lehman Brother* 

international 


r— . «. 0WGiii ifi resnenr nr ifc ■— -r — «• senrrrai insurance A be on the way The only ways shareholders Hammerson Property and 

holdings totalling 370^50 shares business in Jamaican territories, cIos^ e finkf e vrith , ^in' l nn2 th ,Bht °^ aJn ,, C3 L fl - w ?“j[ d be Investment Trust— &. Mason and 

• But the Jamaican Government JSLSSS.t Wth . a* couId .“2 their rights, or if R. A. C. Mordant directors, as 

has announced plans for the de P artment stores and retail they exercised their rights and joint trustees sold 14.640 “A" 

lo calisatio n of the domestic in- concern ' were able to sell Globe shares in ordinary shares on August 18 at 

surance ; industry, which will The directors of Glanfield. who 4* e market at above the subscrip- B22p. 

require business to be placed with are also well represented on the ti° D Price of 65p per share. Capital and Counties Property*— 

a local' insurance company under CDS Board, yesterday asked for Union Corporation on behalf of 

which ' the majority shareholding the investment holding company's nrvru^rn itself and its wholly owned sub- 

is held locally. shares to be suspended and 

The reorganisation of tbe Globe announced that talks were 

wiD enable these three ■ UK currently taking place which 

oer cent stake It is aitvidnir to comply with these re- might lead to a bid for Glanfield. rur d Luiuiuciduou ui mju, -o ov.uuu unii$. un 

other " hoMerTrrf quiremeiits, with the majority Mr. Bernard Lyons chairman Booker McConnell has acquired August 21, 1978 Union Corporation 

“think most carefully" before ( ;bai ] ebo ^ n ~ being taken up by an d managing director of UDS ?P per c ?. n i Sf. Tbe™ 10 ^ 13 . bou 8 b t 643 2 W) partly paid 

acceotint y P ore local inferests. and a director of Glanfield— Houston. U.S. Therm ones makes ordinary shares which on same 

However. BMCT would “seriously ADMhree companies . have whose chairman is Sir Jack Lyons equipment for the ofi industry, date were fully paid and con- 
consider " supportingan offer for transacted business m Jamaica for -declined to comment further on inriudjng steam Eeneratorsand verted into units. UnionCorpora- 
V?e«on-Evans ata D price Shich ii veTy *5?*%, ye \ TS - has the possibility of a bid related equipment which achieve non Unsold 643.200 units.Total 

its oninion adMuatelv refWr« »i2 operated- through a local com- . . . . . , , enhanced recovery in oil produc* share holding of Union Corpora- 

truevalup ^ refl ects .he pan y for nearly a decade, but Pro Glanfield holds just, under lim tion by steam simulation.. tion's subsidiaries on August 21 

and GRE still operate on a branch shares m UDS representing a The acquisition is Intended to was 19.62m. 

and agency system. The transfer D . ear 1 ,P er cwt stake. At. the fit in with Booker McConnell's Anchor Chemical — Sartomer 

of business is expected to be com- suspension price of 3Q5p Glanfield existing Interests in this area held Inds. Inc. has bought further 
nleted during 1970. The premium 1S vajueu at £5.^m. through its wholly owned sub- 50,000 shares making total 450.000 

income after reorganisation will The Lyons family and directors sidiwy. Plenty Group. Certain (15 percent). 

control more than flO per cent products of Thermotics will be Daaae Investment Trust— CSC 

of Glanfield which is a close complementary and its ability to Investment Trust has sold 330,000 

company. provide complete enhanced oil- capital shares reducing holding to 

recovery plants will be improved, less than 5 per cent 
C\i I VCD DTV ™T y woifid provide the Tomldnsons Carpets-Bri tannic 

ULIVfcR RIX Other with manufactunng fadb- Assurance bought 25,000 shares on 

“Your Board considers that V %£‘iS'ffSS SSSSoa five renS tereSled J " 

progress in increasing turnover ffi? estiSfe? eSfSw of 3 °°° 18-6 P 
, and margins would be impeded Tbennotics^ ^fo™^ th? ending 

fn D theSpLiy' 2 ^ e “ t *** o'nTts^Tn.-wX^M?. X°TZ f5?W^ *>' }% V *S W. J. PVKE LAPSED 

Thi* follows an increase in the Stephenson, chairman of Oliver film* 1 Mr* Kimmef 5Ir ' D ' B ' Thom Pson‘s offer for 

original bid terms from Frith R«. in the document relating to the president who fnunded the !j! e * b ® r , es not already owned in 

Foils, which lifted its first offer merger with Manchester company will retain his d ^D oer Wr \ J * p y* w l Holdings) has lapsed, 

or 70p a share to 88ip after Garages. cent interest ^ - Accepiancw have been received 

criticism of the terms from "In spite of the improvement This acquisition is the third by S ^. re h 

Corinthian Holdingt. which held in profitability the overall borrow- Booker McConnell in the U.S. , Ji cent oft he ca pit a L Prior 

a 2 per centttake. ings of Oliver Rix are still unduly this year. The others were in the Pf.,? . J, period ^ Ir - Thompson. 

high in relation to its net assets," mining equipment and health food “‘ s w “ e °' vned arotffJd 3S S 
tatjv uritmrc he comments. *• As a consequence, industries, and cost S5m and SlOm 1 t L 

JL/niv iyltiYz.It3i funds available for expansion and respectively. 

Negotiations have been com- necessary considerable Invest- SANfiFHS HROTIP 

Pleted by John Menades (Hold- ment in new and improved facili- c „ . Dir CT . .. rc , ° 

inRs). the Edinburgh-based whole- ties are likely to be strictly orfAKfc MAKbo Sangers Optics, a wholly-owned 

sale newsagents and retail chain. limited." Bank of Scotland — Kuwait subsidiary of the Sangers Group, 

fnr ihe purchase of 31 shops from Meanwhile, in a separate docu- Investment Office "has acquired has acquired a retail optical busi- 


Afl these bonds having been sold, this announce- 
ment appears as a matter of recant only. 



*myeetinwit Co. 

Kuwait tnteriwHe*M taraa tw n t Co. a.«Jc. 

KijwkII inwaatmwt Cempcny (&4UCJ 

UndMMmK 
-ffliowitid*- 
Uuard Brothera A Co, . 

Lmufod 

Lexard Frtiw et Cle. - 
Lwyds Bank Inlcrauiontf 
umitod 

UemrfectuferaHMMw 

Lwnilud 

He Lend, Ydu n 0 ,Vlalrfait«i l ha fiena) 

Limned 


UNION BANK OF SWITZER LAND 
(SECURITIES) limited 

B, Metzier swL Sohn A Co. 

MHsuWahl Bank (Europe) S.A. 

Samuel Uontegu A Co. 

Limited 

Morgan Gran fail & Co. 

Lunrted 

Morgan Stanley (ntomational 
Lmuted 

National Book of Abu Dhabi 

The National Bank of Kuwait 5 JUC 

MBdadandseCwBvtbankNV 

The Nfcko Sacodties Co^ (Europe) Ud. 

Nippon European Bank &A. 

Nomura Europe (LV. 

NonfdeotstdM Landosbatric 
Gtraa a nt r ala 

SaLOppaobafm{r-&Cfe. 

Orton Bank 
Limited 

Fteraon, Heidrtng & Pierson N.V. 

FKbankm 

Peefipankki 

Prtvatbankan Aktlesetokab 
ftonouf&Co. 

RoUachUdBanVAG 
KM. Rothaebiid A Sobs 
Limited 

Salomon Brothers International 
Limited 

J. Henry Schrader Wags A Co. 

Limited 

SkondlnaviafcB Enaklkfe Bankan 

Sa 4 th Bamay, Harris Upbam A Co. 
Incorporated 

Societ* Generate 
Soctot* Generated* Banqu* SJL 
Spertrankemee Bank 
SamWomoRnancainternatiDoal 
Svenelm Handetebimkea 

SwhsBankCwponew (Overseas) 

Umiiea 

Trinkaus A BurtdtanR 
Ualen Bank or Finland Ud. 

United Chase Merchant Banker* 

Limited 

United Overseas Bank 
Limited 

Verttend Sdnreixartaeher KaatenaBhanken 
V ere h te- und Idea tbeftk 
Aktlenges 8 H 5 ehaft 
J.VoBtobetACo. 

M,**.Wertjwg-BJtockTO*nn,Wlft 24 Co. 

. S.G. We rbnrg A Co. Ltd. 

Werdtey 

Umtied 

Wtastfatonbadk 

AkuenceseUschat; 

WteetLS Asia 

Ltmnod 

Wood Gundy Limited 

YomdeM Internationa} (Europe) 

Limited 


be about Jamaican S5-6m. 


W. a FRITH 

The takeover bid from the 
privately owned Frith Foils for 
W. G. Filth, tbe aluminium .foil 
converted went unconditional 
yesterday with Frith Foils now 


IffC Magazines. The shops are mer, i fi ont to the shareholders of an interest in a further 39,000 ness in Hampshire for fl79,100. 
iaip!y in the south-east London Manchester Garages, the chairman, shares making total 1,979,000, The initial consideration 


m.iirfy 
area, where 
outlets. 


of 


Menzies has 


P4TANI PARA 


Acceptances of the offer by 
Consolidated Plantations for 
Pataai Para Plantations, other 
than ST2.3I4 shares already 
owned, have been received in 


few Mr. R. A. Stoodley. writes that the (6.136 per cent). £135,192 has been satisfied as to 

directors believe that “franchise Duport — Britannic Assurance £3.466 cash and 164,657 ordinary 
opportunities to broaden the bought 335,000 shares between shares of Sangers. The balance 
geographical spread of our outlpts August 9 and 16 and is interested will be satisfied by the issue of 
by wav of acquisition could be in 3.56m (8.59 per centt. further shares, 

available following the merger.* 


PHOENTX MINING 

Shareholders of Phoenix Mining 


respect of 43,650 shares (91.54 per and Finance will not be able to 
cent for uhieh offer was made), receive a cash alternative to the 
Consolidated Plantations now rights issue of shares io Globe 
owns Ml.3d per cent of Patani. The and Phoenix Gold Mining Corn- 
offer i» unconditional as regards pany, as stated in yesterday's 
acceptances and r emains open. report. 


OIL AND GAS NEWS 


Drommondyille well 
disappoints Soquip 


BY ROBERT GIBBENS 


MONTREAL, August 23. 



SO Q LIP, the Quebec Government- cent interest, owns 75 per cent of 
owned oil and gas exploration both wells and Great Northern 
company. has capped and Oil of Calgary 2a per cent. A 
abandoned Its exploratory well third well has tested gas in two 
near DrummoadviUe. 80 miles zones. Pacific said, 
north-east of Montreal on the * * * 

south shore of the SL Lawrence. Both Chevron Standard and the 
— Soquip confirmed the well was Eastcan group have started 
drilled to just over 14,000 feel and drilling off the Labrador coast, 
found “ interesting shows of gas." using drillships. 

But after extensive testing, the The Hopedale B3o well is also 
company has decided the gas hacked by Petrocanada. the 
could r.ut be developed at pre- national oil company, and a group 
vailing prices. ■ of private companies. It is being 

The well, costing nearly CSlm. drilled to 2,300 metres about 
was drilled in partnership with lQOkm north-east of Hopedale, on 
Dome Petroleum of Cal can. with the Labrador coast and is located 
Soquip a>> operator. ‘ in a deep trench lying between 

The St. Lawrence valtcv in the the coast and the continental 
region just west of Quebec City shelf, where a production well 
is a ga. 4 ; Prone area. Soquip will would be free from iceberg 
start drilling an exploratory well scouring. 

in the Gas pe peninsula, 750 miles The Eastcan group is drifting 
north-east of Montreal, in the miles north of Hopedale — the 
next two weeks. Skolp E07 well. These will be the 

Depth will be between 8,000 and only two wells likely to be com- 
I2.o0(i feet. Partners may bc Pieted this season off the 
taken in on this well later. The Labrador coast. 

Larger is primary oil. * * -v 

Several companies have done FT Cal ter Pacific Indonesia says 
retomic work or have drilled in it has discovered oil in its opera- 
the region in the last 15 years, tional area in tbe province oi 
and oil has been found in small Riau. eastern Sumatra, 
quantities, going back as far as A new well, Obor No. 1, located 
before V. orld War.L Gulf Canada about 25 miles west of the Duri- 
has done the most recent work in field, produced 2250 barrels per 
the area day from a depth of about 5.700 

* ★ • ★ feet. PT Caltes Is jointly owned 

Pacific P etrole um says it now by Standard Off of California and 
has three eomroereial gas wells Texaco, 
in ihe Etaiwonh area on the * * + 

northern Alberta border with Mobil Canada plans a SI 5m 
British Columbia. five-year pilot project to test 

One is a siep-our to a discovery recovery of heavy oils north-east 
well, announced earlier, which of Lloydminster in Saskatchewan, 
flowed a* 4.7m cubic feet daily. The company estimates it has 
Pacific, m which Phillips Pelro- reserves in' place of around 4bn 
leum uf the L.S. holds a 48 per barrels of oil in the area. 


AND 102 OTHER 
COMPANIES DO 
INCLUDING: 

Abbey Chemicals Ltd. 
Bestobell Steam Products Ltd. 
The Crown Cork Co. Ltd. 

Digital 
Eaton Ltd. 

Hitachi Sales (UK) Ltd. 

Moore Paragon Ltd. 

Norville Optical Co. Ltd. 
Pye/TMC Ltd. 

Roneo Vickers Ltd. 
Schlumberger Inland Services Inc. 
Sonicaid Ltd. . 

Sperry Univac Ltd. 

Trouvay & Cauvin Ltd. 

Geo. M. Whiley Ltd. 


LIVINGSTON, SCOTLAND 

Contact Jim Pollock 
Industrial Development Manager, 
LJyingston Development Corporation. West Lothian. 
Telephone Livingston (D589J-31 1 77. Jeiex 7271 78. 

The Scottish New Town Office. 

1 9 Cockspur Street, London SW1 Y 5BL (Tel. 01^530 2631). 







Financial Times Hwtsday 



INTERNATIONAL FINANCIAL AND COMPANY NEWS 



NORTH AMERICAN NEWS 


Dome 

widens 

Siebens 

offer 


Soaring sales at U.S. retailers 


BY DAVID 1ASCF.LLES IN NEW YORK ’ 


By Robert Gibbons 


MONTREAL. August 23. 
DOME PETROLEUM, which has 
emerged as the controlling part- 
ner in Siebens Oil and Gas after 
a CS360m deal in which it is 
being backed by tbe Canadian 
National Railways Pension Fund, 
said today that all other Siebens 
shareholders will be offered 
CS5S.50 in cash per share. 

Dome itself will end up with 
around 75 per cent of the Siebens 
assets. At present, tbe public 
stockholding in Siebens amounts 
to nearly 20 per cent of the 9.2m 
shares outstanding. 

Hudson's Bay Company will 
have C$l23m of non-convertible 
shares of Dome in exchange for 
its 35 per cent interest in 
Siebens. This 35 per cent interest 
will later be sold by Dome to 
Canpar, a subsidiary of the 
pension fund. The Siebens family 
will receive cash for its 46 per 
cent interest. Dome will pay for 
its assets stake partly in instal- 
ments from revenues generated 
by those a sets and managed by 
Dome. 

Analysts confirm that the 
Bay. by taking preferred shares 
of Dome, will delay payment of 
capital gains tax estimated at 
CS2Sm which would otherwise 
be due on tbe sale of its Siebens 
Stock. 

Since the dividends received 
on the Dome preferred will be 
tax-free, the yield is effectively 
more than 14 per cent to the 
Bay. The dividend will 
represent cash flow of more 
than CSSm a year and about 14 
cents per share addition to 
earnings. 


WITH ALL ifr* economic uncer- 
tainty da tbe U.S., the retail 
trade has come under closer 
scrutiny than usual this year 
for evidence of what the con- 
sumer — the ultimate economic 
trend-setter — is up to. Judging 
by sales figures tfor the first six 
months, he is spending hard. 
Most of the big chain stores 
reported large increases in sales 
by mid-year, and those that did 
not were usually ahte to give 
some special reason. 


bedding and food malting equip- 
ment for May, and home 
appliances for J. G.- Penney. 

But though these figures had 
a broad economic interest the 
industry itself was more con- 
cerned with its earnings which 
have in many cases showed spec- 
tacular gains quite out of pro- 
portion to the rise in sales. 

A striking example is Wool- 
worth, whose net income shot 


instance, . Gimbel Brothers, 
owned by BAT Industries, said 
that “substantial improvements 
in gross margins" ■were achieved, 
directly reflecting programmes 
being implemented in ail units. 
Gross margins also, improved at 
J. C. Penney, and were main- 
tained at K Marti 
The notable exception is Sears 
Roebuck— the biggest of them all 
— whose earnings have declined 


After a poor start due to the 
severe winter, business picked 
up sharply, ■and soles irises of 

15 per cent or more were not 
uncommon for tbe large stores, 
much of this registered on “the 
second quarter as people geared 
up for the summer. 

Noteworthy increases were 
reported by the three reiaiJ 
giant. Sears Roebuck, where 
sales rose 11.5 per cent by mid- 
year, J.C. Penney, with a 20 per 
cent rise, and K. Mart, up by 

16 per cent. Among the com- 
panies who reported stagnant or 
declining sales. ‘Woolwarth’s S.5 
per cent was lower than tbe rate 
of inflation for the period and 
was attributed to currency fluc- 
tuations and other technical 
reasons. May Department 
Stores, which like W-ooLwarth, 
ranks among the 10 largest, also 
had a sales gain of around 8.5 
per cent. 

Most stores agreed that the 
strongest trends had been in 
clothing of all kinds including 
sportswear, though individually 
they singled out good sales of 
various durables such as 
cameras, in tbe case of K Mart, 


A notable exception to the trend towards greater 
profitability among the big U.S. store groups is Sears 
Roebuck, the biggest of them all. Despite a rise in 
sales, its first half earnings are down this year 


below its competitors’, and its 
earnings are slipping too, 
suggesting that further remedial 
action may be required. ' 

The big question for the retail 
business now is whether the 
boom will last The ■ answer 
depends on an analysis of con- 
sumer attitudes. Is he buying for 
all he is worth before prices go 
up. In which case there could be 
a sharp drop is spending later 
this year? Or does the rise in 
employment and pay .point to 
more sustained outlays? 

Outside tile industry, people 
take the gloomier view. Consumer 
polls tend to show declining 
confidence and reduced spending 


Crane no w 
enters 
Medusa 
bid arena 


Mixed perfonnanee 
in first half at 


By David Laser lies 


BY CHARLES BATCHELOR 


AMSTERDAM, 


up one and a half times in the 
first she months of the year to 
reach 826.2m. despite the rela- 
tively slow growth in sales. 
Although part of this was due 
to Woolworth’s complex inter- 
national operations, which axe 
not characteristic of the industry 
as a whole, the company’s chair- 
man Mr. Edward Gibbons, 
attributed it to a broad recovery 
from the depressed levels of a 
year ago. 

More significantly, perhaps, 
,Mr. Gibbons also reported that 
gross margins and selling, 
general and administrative cost 
ratios bad been maintained or 
improved in " virtually all 
divisions." 

This trend towards greater 
profitability is being maintained 
across a broad range of the 
retail business despite the pres- 
sures of growing costs and stores’ 
vulnerability to consumer resist- 
ance or political interference at 
a time of high inflation. For 


this year despite the rise in sales. 
The Chicago-based chain’s net 
income for the first half-year 
was SI. II per share against SL13 
last year, a drop which it blames 
on higher pension and interest 
costs. However, it is also 
obvious from the figures that the 
most dynamic part of Sears’ 
operations is not the retail side, 
but insurance, where its Allstate 
subsidiary increased its contribu- 
tion to earnings from 60 cents 
in the first half of last year, to 
71 cents this year, equivalent to 
nearly two-thirds of total earn- 
ings. 

Sears’ earnings problems and 

its relatively low profitability 
stem from the aggressive price- 
cutting campaign it launched at 
the beginning of last year to 
recoup some of the market share 
it had lost to K Mart aod J- C. 

Penney. Judging by results so 
far this year, this has oat bad 
much effect. Sears’ growth in 
sales of 11.5 per cent is well 


plans. For instance, the New 
York Conference Board reported 
today that its consumer confi- 
dence index had dropped by 
nearly four points to 8EL8 
(1969-70=100) in July and that 
its index of buying plans crashed 
no less than 30 points to 9L2, 
its lowest level since 1975. 

But the retailers themselves 
are optimistic. Their inventories 
are high, and their store expan- 
sion plans ambitious. Typical of 
their attitudes .are statements 
from two leading groups. Wool- 
worth’s Mr. Gibbons says: “While 
we continue to be concerned by 
inflation and its effects on the 
ability and willingness of the 
consumer to spend, we see no 
reason for undue pessimism, and 
are planning accordingly.” At 
K Mart, Mr. Robert Dewar com- 
ments: “Despite tbe conflicting 
economic Indicators, the favour- 
able trends in personal income 
and industrial production con- 
tinue to provide reasons for a 
positive outlook for the balance 
of 1978." 


RESULTS IN BRIEF 


A.B. Dick in 


Sharp gain by 
Rapid-American 


Deere margins still under pressure 


anti-trust suit 


NEW YORK, August 23. 


By Our Financial Staff 


RAPID-AMERICAN put its 
recent beavy losses even further 
bebind in the second quarter of 
tbis year, and Mr. Meshulman 
Riklis, president and chairman 
of tbe distilling, manufacturing 
and retailing group, now expects 
his earlier forecast of a 25 per 
cent earnings jump in 1978 to be 
exceeded. 

At the halfway stage, net pro- 
fits totalled $10.27m, * a sharp 
contrast to the SSJ4m lost in the 
same period of last year, while 
earnings per share were $1.05 
against a S1.19 loss. 

As a result, Mr. Riklis Is also 
recommending an additional 20 
cents dividend later this year. 
Two months ago. it declared a 
payment of the same amount, its 
first since April, 1975. 


DEERE AND COMPANY, one of 
the world's leading makers of 
farm equipment, turned in a 
better than expected perform- 
ance during the third quarter, 
raising net profits by 7.7 per 
cent to 883.1m. or $1.38 a share. 
It also expects low dealer inven- 
tories to aid its production in 
1979. 

The earnings gain was despite 
a hefty rise in foreign exchange 
losses — the company makes a 
fifth of its sales outside the U.S. 
— to S8.1m from 82.5m in the 
three months and to 823.7m 
from $7.9ra in the first three 
quarters, when earnings rose a 
more modest 5 per cent to 
8219.9m, or 83.64 a share. 

Deere said its profit margins 
were lower than last year, and 
tbis is borne out by the sales 


rises of 13 per cent in the third 
quarter to Sl.l3bn and 13.5 per 
cent In the nine months. 

In the electronics sector. 
Hewlett-Packard reported a rise 
in its nine monthly earnings per 
share figure to $3.51 from $3.13, 
while analytic instruments -con- 
cern Beckman Instruments 
moved up to $2.70 from $2.00 for 
the year. 

Also reporting full year’s 
earnings. Cameron Iron Works 
turned in a sharply higher 84.80 
a share compared with $3.12, 
while Quaker Oats rose to $3.34 
from $3.01. 

. In the first quarter Reliance 
Electric, a manufacturer of auto- 
matic systems and power equip- 
ment, lifted per share earnings 
from S2*7 to 82.90. and textbook 
concern Scott Foresman ad- 


vanced from S2.12 to S2.37. Wal- 
Mart Stores, a discount operator, 
boosted its earnings at the half- 
way stage from 59 cents to 
74 cents. Pollution control 
equipment concern Researcta- 
Cottrell announced a per sbare 
earnings rise to $1.48 from $1-29 
for the first nine months. 

Westvaoo, the paper and print- 
ing concern, suffered a slight 
drop in earnings during the first 
nine months to 840.97m from 
843.3m, despite a third quarter 
gain to Sl8.5m from $17.1 m. On 
a per share basis, the company 
earned $2.42 in tbe first nine 
months compared with 82-56. 
with - a third quarter figure of 
$1,10 comparing with $1.01. 
Agencies 


SAN DIEGO, August 23. 

A $70m anti-trust suit claiming - 
a conspiracy in the office copying 
machine busines has been filed 
against Agfa-Gevaert of Belgium, 
A. B. Dick Inc. and Ini easing 
Corporation. 

The suit has been filed in a 
U.S. District Court by Advanced 
Business Systems Inc. and 
Bondex Copy Systems, owned by 
Michael and Geraldine Daimond 

The dispute centres around 
copying machines manufactured 
by Agfa-Gevaert. Tbe action 
contends that Advanced Busi- 
ness Systems and Bondex Copy 
were granted exclusive dealer- 
ship rights in Orange and San 
Diego counties in March, 2973, 
that Inleasing became the 
exclusive - distributor for 
maebines and replacement 
parts, and that is 1974 A. B. 
Dick became exclusive whole- 
sale distributor. 

AP-DJ 


NEW YORK, August 23. 
THE LONG struggle for 
control of Medusa Corporation, 
tthe Cleveland-based cement 
producer with annual sales of 
$250co, took a sudden tun 
today when a shareholding 
company which had objected 
to a previous merger came up 
with an offer of its own. This 
is the fifth merger offer 
Medusa has received la 12 
months. 

Tbe new suitor is Crane, 
maker of steel speciality 
products, and the world’s 
leading producer of industrial 
valves. It stepped in with an 
offer to buy a majority of 
Medosas’s shares after the 
collapse of Medusa’s earlier 
agreement to merge . with 
Kaiser Ceinent and Gypsum. 
That agreement ended yester- 
day after a sharp rise In 
Kaiser’s share price obliged 
the company to revise its offer 

Medusa's Board met today to 
consider Crane's hid which 
Involves a cash offer of at 
least $47 a share for a sufficient 
number of shares to bring 
Crane's bolding up from its 
present 20 per cent to 48 per 
cent. Additional Medusa shares 
would be exchanged for Crane 
non - convertible and . con- 
vertible preferred stock. 

Medusa’s shares have 
recently been trading between 
$42 and $44 on the expectation 
of a takeover by Kaiser. Crane 
itself acquired about jm 
shares at $44 as a prelude to 
today’s offer. It revealed in. a. 
statement to the Securities 
and Exchange Commission. 

Medusa’s string of suitors 
began last year when Moore 
McCormack Resources, a 
Connecticut iron ore and 
freighting concern offered 
S38JiO a share, later raised to 
$43 a share. Medusa rejected 
this approach and turned 
instead to Ogiehay Norton, a 
Cleveland shipping and mining 
company which proposed a 
merger worth $U5m. 

This offer, which Medusa 
favoured, was scuppered by. 
Crane which had already, 
moved tentatively towards 
acquiring Medusa for itself. 
But before It could move 
farther, the Kaiser offer Inter- 
vened. 

Medusa, which rates among 
the largest U-S. cement pro- 
ducers, has a reputation as a 
well -managed company with 
modern plant which makes it 
attractive to takeovers. Its 
earnings in the first half of 
1978 rose 11 per cent to $2£m. 
or 83 cents a share. 


THE Rotterdam-based trading 
company. lnternatio-Mueller, re- 
ported an increase in net profit 
for the first half of 1878. but said 
this was largely due to extra- 
ordinary items and a lower tax 

char ge; The company’s operating 

profit was lower than in the same 
period of 1977. 

It expects net profit in the 
second halE to be about the same 
as the FI 17.2m (SSm) in the past 
six months of 1977. It also, re* 
pasted its forecast that profit in 
the vear as a whole will bv 
higher than the FI 31.5m for 
1977. 

The performance of the trading 
division, which accounts for two- 
thirds of turnover, was tittle 
chanced on the previous year. 
Despite n disappointing result 
from road haulage activities, the 


transport dirtaioa’f mag wax 
also similar. - ■ 

Technical contracting 
slightly worse than- to 1877 , but 
the uneven spread of tbe comple- 
tion of contracts throughout, th® 
year means that no conclusion, 
can bo drawn as to tot 


All-* 1 " 


result tor the year as * wfcdj #){? 
The losses of the Industrial fiW< v 


link 


The losses of tto vtodusttfat dtrl* 
sion were somewhat hisjfcr.! 

fnteruatio’s operating, .profit 
fell to £1 ttJSm front H 42.1m i& 
the first batf.Extraordinaryia- 
enmo rose to R Mm, from. 
FI 2.1m, while thetas charge fell 
to FI S.4m from F17.7a. 

Profit at the net brief, xom 
22 per eent to FI 17JSa»,'‘.JPrbflt 
per FI 20 nominal share rose 
to FI 4JSS from FI 3.53. Turnover 
was 4.5 per cent higher . at 
FI lJ3bti ($800m>. 


i K s ' 


Six month setback at 


Thyssen Boraemisza 


BY OUR OWN CORRESPONDENT 


THYSSEN BORNEM1SZA. the 
international industrial holding 
company, announced a decline 
in profits and turnover in the 
first half of 197S. Net profit fell 
5 per cent to FI 541m (S25ra) 
from FI 57.2m. Sales fell 7 per 
cent to FI 1.55bn ($71?m) from 
FT 1.67bn. • • 

Tbe results in Europe reflect 
4b e unfavourable development of 
the Dutch and West German 
economies. All sectors in the 
U.S. improved their results, but 
the decline in the value of the 


dollar continued to affect the 
result in guilder term*.' - 

The poor first half porf enh- 
ances follows an 8 per rent' 
decline in net profit in iha 
whole of 1977 to -fl : IJt Jm, 
although sales were- 19 per cent 
higher at FI 3.1bn. 

Tlte company’s LLS: aetheltiw, 
grouped under Indian ; Hewrf, 
accounted for more than half 
of the concern’s operations last 
year. It also recently added the 
container leasing group Interpool 
to its U.S. holdings. 


EUROBONDS 


$125m issue for Canada 


BY FRANCIS GH1US 


PRICES in the dollar sector of 
tbe market were steady yesterday 
in dull trading. In New York, 
the $l25m Yankee, bond for the 
Export Development Corporation 
of Canada has been priced at par 
with a coupon of S-60 per cent 
to yield S.7S per cent 

In the Deutsche-mark sector, 
turnover was higher than at the 
beginning of the week, while 
prices edged up slightly. 

Trio Kenwood will be priced 
later today by lead manager 
Deutsche Bank. The same bank 


is also expected to announce the 
terms of the bond for Australia. 

In the Guilder Sector,; Amro- 
Bank is arranging a : Fir 75m 
five-year bullet for thr European 
Investment Bank. . This bond 
carries a coupon of ffj per cent 
and has been priced at 991 to 
yield 

In the Swiss franc sector, a 
SwFr 50m private placement 
convertible is being arranged for 
Mitsu Osk Line Ltd by Swiss 
Bank Corporation. The indicated 
coupon is 3} per cent. 


ANNOUNCEMENT BY 


ALLIED BREWERIES LIMITED 


OFFER FOR J. LYONS & COMPANY LIMITED 





The above offer was made public on tbe 4th August, 
1978. Some days later Allied and its advisers first became 
aware, through the National Press, of apparent unease ’ if 
certain Pension Fund Managers. As soon as this came to 
Allied’s attention Samuel Montagu, financial advisers to 
Allied Breweries, met the Chairman of the Investment 
Protection Committee of the National Association of Pension 
Funds, whilst at the same time a small group of Pension 
Fund Managers asked for and had a meeting with the 
Chairman oF Allied Breweries. At these meetings it was 
made clear that the Board of Allied did not consider itself 
bound, either legally or morally, to' call a shareholders’ 
meeting to approve the Lyons acquisition, nor was it in tbe 
host interests of shareholders to do so and in any event 
that it was unrealistic to assume that a new condition could 
now be arbitrarily inserted in au offer aiready negotiated 
and announced. At the same time Allied suggested that 
the concern expressed appeared to be unjustified and also 
premature, since a reasoned view on the proposed Lyons 
acquisition could not be reached by shareholders prior to 
receipt of the documents and a covering letter which would 
be circulated to Allied shareholders concurrent with the 
fomal offer to Lyons shareholders. 

Subsequently the Chairman of the “Case Committee ” 
appointed by the NAPF met Samuel Montagu to give notice 
that an Opinion of Counsel had been received, a copy of 
which was given to Samuel Montagu, expressing the view 
that in issuing shares under tbis transaction without specific 
shareholder approval Allied would be acting contrary to 
the statements made at the time of increases in authorised 
capital in 1976 and 1977. 

In order to confirm the view which they already held 
Allied also obtained Counsel’s Opinion: and Leading Counsel 
has advised that in bis opinion the issuance nf shares for 
the acquisition of Lyons would not be contrary to the 
statements mentioned above, and a copy of his Opinion was 
given to the NAPF. 

The Case Committee has made it clear to Allied that 
ihvir altitude did not necessarily indicate opposition to the 
proposed acquisition, but withnul any further discussion 
either with Allied Breweries or their advisers the NAPF 
elected to circulate its members with a view to requisi- 
tioning an Extraordinary General Meelint- of the company. 
This circular referred to Counsel's Opinion obtained by tbe 
Case Committee and enclosed a “ synopsis ” of it, but made 
no reference whatsoever to the contrary Counsel’s Opinion 
received by Allied and which was already in the hands of 
the Case Committee. 


the NAPF actions there is set out below the text of the : 
covering letter from Allied’s Chairman. 


J. LYONS & COMPANY LIMITED 
“ I am sure you will be aware of Allied's proposed offer 
to acquire the share capital of J Lyons & Company Limited. 
Tbe formal offer document will shortly be despatched to 
the shareholders of Lyons by Samuel Montagu & Co„ Ltd;, 
on Allied's behalf, and a copy of this document will at that 
time be sent to ordinary shareholders of Allied Breweries 
for their information. 


1 am convinced that a unique opportunity cow exists 
for us to acquire, on favourable terms, a celebrated com- 
pany whose activities are wholly compatible with our own, 
and which would extend Allied’s Interests from its present 
basis of manufacturing, marketing, distributing and retail- 
ing a composite range of alcoholic and non-alcoholic drinks 
and food to embrace tea, coffee, ice-cream, and other manu- 
factured food. Your company is not preparing to diversify 
its activities or interests. In acquiring Lyons i<t would-be 
extending its existing operations in the sale of drink and 
food. In short, it is the same kind of business. 

There is no question of Allied having any desire to 
become a “conglomerate” and to extend its activities into 
areas where it has no special skills and experience. On the 
contrary, this acquisition would be an extension into a field 
of compatible activities— the marketing and distribution of 
mass-market, branded consumer products of drink and food 
— and would be an advantage to everyone concerned, not 
least to the consumer. 

In normal circumstances a considerable premium would 
have to be paid for acquiring a distinguished company with 
such valuable brands established on a world-wide basis. 
But because Lyons has become over-geared and has bad to 
devote much of its energy to dealing with its financial 
problems, we have the opportunity to acquire the company 
at the present time on good terms and to help it to become 
once again a profitable British competitor in a field where 
a ereat deal of the opposition is foreign-own ed. We are 
confident that the acquisition will benefit Allied, Lyons and 
the national interest all at the same time. 


31st March 1978 approaching £800 million, divided approxi- 
mately 55% overseas and 45% in the United Kingdom. 

Lyons is primarily a food business, and drinks are only 
of secondary importance, but Allied, while mainly a drinks 
business, also possesses significant food and catering 
interests. Through our international estate of 9,500 licensed 
bouses and through our 43 hotels and 1,075 off-licences we 
are concerned not only with the retail sate of our many 
■well-known leading brands of alcoholic and non -alcoholic 
drinks, but also with the provision of food and comprehen- 
sive catering services — with aJJ that this implies. As. you 
know, our products are widely sold through supermarkets, 
grocery stores, and catering outlets. Furthermore, we also 
have had for some years increasing and successful interests 
in the manufacture of health foods and the processing of 
frozen foods. 

Lyons’ main products are also extensively marketed 
through supermarkets, grocery stores and catering outlets, 
and the similarity of their marketing and distribution 
techniques with ours is obvious. Allied can provide Lyons 
with additional outlets for their products; Lyons can provide 
Allied with additional catering services and techniques. Both 
companies will exchange considerable and complementary 
experience and expertise. 

So far as overseas interests are concerned. Allied is 
strong in exports to North America and to many other 
world markets. We have investments and important produc- 
tion units in a number of countries— notably HoDand, 
Belgium, France, Spain, Portugal, Australia and East Africa 
— and otfr knowledge of these and other markets is consider- 
able and has been acquired over many years. We are 
confident that, through our companies and connections, 
Lyons' overseas business can and will be expanded, that 
their prospects will be significantly improved, and new 
projects undertaken together. 

Finance has been a serious problem for Lyons for 
several years. The financial strength of Allied is more than 


Nonetheless, so far as profit is concerned, the Lyons 
Board believes that the fortunes of the company are’ now 
recovering, as evidenced by recent comments about the 
immediate future by the Chairman of Lyons. Based on bur 
present knowledge of Lyons, we share that belief. How- 
ever, it would be premature to make any precise estimate L 
of Lyons’ profit for its current year ending 31st March - i 
1979, and . this makes it impossible to give short term 
earnings per share projections, which in any event would U 
be of limited significance unless coupled with a corres- 
ponding projection for Allied as presently constituted and 
for an identical period. 


„ By reference to a pro-forma consolidation of the latest 
available published balance sheets of Allied and Lyons 
adjusted as appropriate the total indebtedness would 
amount to something less than 75% of shareholders’ funds, 
with the latter arrived at after eliminating, goodwill ’ and 
other tangible assets presently shown in the Lyons 
balance sheet. Your Board believes that this represents an 
acceptable . position, taking all the circumstances into 
account 


sufficient to shoulder that problem aod to free tbe Lyons 
management, with our help, to concentrate upon more 


Tbe Case Committee’s proposed resolution seeks to 
request tbe directors of Allied “to place full details of the 
proposed take-over of J. Lyons & Company Limited before 
this Company’s shareholders for their approval prior to 
the issue by directors of any shares dn the Company in 
connection therewith.” The Allied Board consider that no 
useful purpose would be served by convening an Extra- 
ordinary General Meeting of the Company other than for 
explanatory purposes which will be fully covered in the 
documents to be sent to shareholders. Moreover, the Allied 
Board cannot impose a new term on Lyons as the proposed 
resolution envisages, thus rendering unworkable the 
substance of the resolution. 


To most shareholders a detailed description of tbe 
United Kingdom business Interests of Lyons may well be 
unnecessary. Lyons has been a household name since the 
turn of the century, and indudes such well-known brand 
names as Tetteys and Lyons tea and coffee; Lynns Maid, 
BertorelM, Midland Counties and Baskin-Robbin s ace-cream: 
Telfers pies and meat products; Lyons and Hale Trent 
cakes, and London Steak Houses. I should also kike to 
emphasise the substantial international interests of Lyons, 
winch extend to the United States, Canada, East Africa, 
Australia, Spain, Daly, France, Holland and tbe Republic 
of Ireland. These overseas interests are largely concerned 
with Lyons’ traditional products— tea, coffee, ace-cream and 
food products — and also include, In France and Holland, 
meat processing. 


As staled, all Allied shareholders, many of the largest 
nf whom have indicated their support for the proposed 
acquisition, will be circulated with a full set of tbe offer 
documents including a letter from the Chairman of Allied 
sorting out fully the Board's reasoning which underlies the 
proposal. In view, however, of the interest generated by 


Reference must also be made to tbe considerable 
catering interests of Lyons — not only well-known through 
the London Steak House chain, but further afield as caterers 
at country bouses, safari parks, and other leisure centres, 
as well as. traditionally, at Wimbledon for the Lawn Tennis 
Championship fortnight and at the Chelsea Flower Show. 

Thus, the Lyons group contains impressive interests 
nationally and internationally in the fields of food and 
drink, many of which bear well-known brand names and 
which collectively provided a turnover in the year ended 


management with our help, to concentrate upon more 
effective day-to-day. running of the business, thus not only 
achieving better profit performance but also enabling 
development projects to be undertaken at home and overseas 
wbich would not otherwise have been possible. Such 
assistance as Lyons may require should not in our judgment, 
have any adverse effect on Allied's own capital expenditure 
pi aii s and budgeted performance. 

Allied is fully aware of the advantages of small units, 
and not least in their Impact upon industrial relations, and 
performance. The existing organisation of individual 
companies making up the wine and spirit division, together 
with the recent creation of eleven separate companies within 
the beer division, and our emphasis upon the importance 
of the individual, all testify to our faith in this concept 
Nonetheless, those who argue that “ small is beautiful " must 
also recognise that there are some areas in which it is not 
possible to remain small and competitive, particularly in 
fields where some of the biggest Foreign companies have 
substantial market shares and where there is also active 
foreign interest and involvement in British companies. Tn 
these circumstances there Is an overwhelming argument For 
the advantages of size— particularly In matters such as 
national advertising and distribution — to enable such 
competition to be resisted and overcome. 

Turning to the financial aspect of Lyons, its recent 
profit showing has clearly been inadequate, whilst the 
consolidated balance sheet at 3lst March. 197S disclosed an 
excessive ratio of debt to shareholders' funds, albeit an 
improvement on twelve mouths earlier. 


In this context, I would remind you that on “’nd 
August 1978 Allied sold its entire holding of shares'" in *■ 
Trust House Forte Limited for £4S.4m7the shares fa 
question being placed with institutional investors. Afar 
allowance for estimated capital gains tax payable of £2. 5m 
the sale has Provided an increment to reserves- of £ 37 £xa 
and a substantial addition to our cash resources. - / 

On toe subject of management, our intention is that 
Lyons should operate as a separate division within Allied 
^ of co “ rffe ' 10 our disciplines and procedures, 

and with such reinforcements as may be required HrS- 
ever. toe ultimate responsibility for perfm?Ki' 
and will rest with the Allied Board, and n has beSraS 
thai. upon .tbe offer becoming unconditional 
tives of Allied, including myself, will join the 'LYon^R^* 
and that I will be appointed Chairman . rS 

Allied, already own 2 million Lyons ordinary tiiare*" 
aenmred at a cost of £1.9 million and assSic ibS 
acquisition of- the remaining Lyons ordinary 
fully implemented it win favolve Vie ' 

mately 72 million new Allied ordirmrf 

“* oftie •"■tar'-JSssr 

product 

to enable us to achieve new growth and a 

capital for Allied’s shareholders by the acnulsid™ nr 

Lyons than would otherwise be possibleT 

Your Directors, having earefuliy considered all thesa 
matters, are rirongly convinced that thesaarraogUiienS 
are emphatically in the interests of Allied. shareholders. 

K; S. SHOWERING, - 

" ■ ■ Chairman . 

A duly authorised Committee of the Board of Allied 
have taken ail reasonable care to ensure that tbe facts stated 
and opinions expressed above are fair and accurate and 
that no material Facto have beon omitied and all thp- 
dircctors of Allied {except for. Mr. J. H. Moore who is fa ' 
Canada and was unable to be reached), jointly and Severally 
accept responsibility, accordingly. - ‘ 















Financial Times Thursday August 24 197S 


.FINANCIAL 


ML 


COMPANY NEWS 


Mexico plans to centralise borrowing 


BY FRANCIS GHHAS 

MEXICAN Government sources 
yesterday confirmed plans 
I aimed at consolidating the 
!■“ short lenu external borrowings 
or various public sector 
agencies by means of a large 
loan raised by the United 
Mexican Stales. 

Neither the Mexican Govern* 
went nor major banks likely to 
bp involved in the loan would 
give any details of its likely 
size, nor of the probable 
maturity or interest rate. 


Other banks suggested that 
it could well materialise at the 
52 bn which has been reported, 
and that on the question or 
terms, an element of a ♦ Per 
cent spread over the interbank 
rate for a period of five years 
should not be ruled oat. 

The figure or SZba would 
make this the third largest 
medium - term international 
bank loan ever, following the 
$3hn facility arranged by 
Caaada earlier this year and 


the UK Treasury's $2 .5 bn In 

1974. 

Such a loan raises several 
major questions about Mexican 
borrowing policies. One Is the 
extent (o which such a con- 
sul i da lion would increase the 
diOicultles faced by U.S. banks 
in coming up against ceilings 
on loans to Mexican borrowers: 
big borrowers like Mexico 
have tended in the past to split 
borrowing among as many 
agencies as possible, so that 


hanks could claim that each 
loan should be treated 
Independently for the purpose 
of the ceilings. 

Another question is the 
extent to which the agencies 
concerned might resist 
attempts to centralise Mexico's 
borrowing. Hitherto the 
Mexican Government has 
exercised less control than 
other countries over tbe 
external borrowing activities 
of the public sector agencies. 


i i) 


:, ;.v 


VMF-Stork in 
talks on link 
with RSV 

By Charles Batchelor 
AMSTERDAM, August 23. 

S1JN - SCHELDE - VEROLME 
■RSV'), Holland's largest ship- 
builder, and the engineering 
;roup VMF-Stork, are to make a 
•t-ci/nd attempt to co-operate on 
he manufacture of energy 
systems. The two companies, both 
which are undergoing a 
restructuring -following heavy 
osses, first announced they were 
voiding discussions last Septem- 
ber, but these were ultimately 
i nsu c cess fuL 

The Economics Ministry has 
a o-w asked an outsider. Mr. H. M. 
v'an Mourik Brockman, a former 
senior manager at Akzo's salt 
ii vision, to investigate the pos- 
sibility of a link. 

Tbe two companies agreed with 
he Minister that co-operation in 
he construction and development 
if energy systems and services 
s desirable, but they were unable 
o agree in the first round of 
a Iks, the Ministry said. 


Electrolux comfortably 
exceeds profit forecast 


BY JOHN WALKER- 

ELECTROLUX, the / Swedish 
household equipment group, 
increased pre-tax profit for the 
first six months of this year by 
SKr 100m to SKr 3S9m (S8t$m>. 
This comfortably exceeds the 
forecast made at the company's 
annual meeting held earlier this 
year, at which. it was estimated 
that the improvement in the net 
profit would be in the region of 
10 per cent provided that 'there 
were no major additional 'varia- 
tion in important currencies 
affecting the group. 

Group sales for the first six 
monihs of this year . totalled 
SKr 5.6bn (S1.3bn) compared 
with SKr 4J2bn in Ihe.-corre- 
sponding period in 1977.: Elec- 
trolux has been expanding 
rapidly abroad by acquiring a 
number of fon-icn companies, 
and these accounted for about 


STOCKHOLM, August 23. 

half of the 33 per cent increase 
in turnover noted in tbe first 
half of 1978. 

Tbe expansion has been aimed 
at strengthening and consolidat- 
ing the group's position. Acquisi- 
tions include the Husqvama 
concern, which manufactures 
electrical household equipment 
and motor cycles. The Husqvama 
group equity exceeded the pur- 
chase price paid by Electrolux, 
and in the consolidated account 
this has been set up as a reserve 
against which losses from the 
Husqvama activities will be 
charged. 

The parent company profit 
before appropriations and taxes 
Tor the first half of 1978 
amounted in SKr 142m (S32ml 
compared with SKr 611m in the 
first half of 1977. Parent com- 
pany sales amounted to 
SKr 763m iSlSOnn in 197S com- 
pared with SKr 750m in the 
>ame period of Iasi year. 


Citroen to 
expand 
in Spain 

By Robert Graham 

MADRID, August 23. 

CITROEN France is in the pro- 
cess of reorganising its Spanish 
operation and of increasing its 
direct stake. These moves 
appear to have been set in 
motion before the Peugeot- 
Citroen approach to Chrysler 
Europe, but they acquire an 
added importance as a result of 
that step. 

The commercial operations of 
Citroen, essentially ' marketing 
and distribution networks, ana 
the manufacturing operations 
are being merged into one com- 
nany Previously these were 
separate entities, the French 
parent holding 45 per cent of the 
manufacturing operation based at 
Vigo and 20 per cent of the 
commercial company. 

These two companies began to 
merge in June, and the French 
parent then acquired a total of 
54 per cent in the new com- 
pany. 


CFP rights 
to raise 
$135m 

By David Curry 

PAFUS, August 23. 
COMFAGNIE Franca ise des 
Fetroles {CFPi. parent company 
of the French Total oil group, is 
raising aimosL FFr5S8m (5135m.) 
by a rights issue. This is be- 
lieved to be tbe biggest capital- 
raising operation ever under- 
taken on the Paris bourse, and 
it-has been made possible by the 
strong" recovery in prices since 
the beginning of the year and. 
more particularly, by the 'Con- 
servative victory in the General 
Election. 

CFP is inviting shareholders — 
including the slate which has 35 
per cent of the shares but 40 per 
cent' of voting rights — to sub- 
scribe for one new share for 
every four existing shares. The 
shares will be of FFr 50 nominal, 
with an issue price of FFr 10, 
which is a significant discount on 
yesterday's market price of 
around 1 FFr 138 a share. 

The operation should bring in 
FFr. 587.8m since the major share- 
holders are committed to follow- 
ing it The new shares will rank 
from July 1 and will qualify for 
half of' the dividend for tbe 
current financial year. The issue 
will add about 5m to the com- 
pany’s outstanding 2Lm shares- 
Th e new capital will permit 
CFP to restore the equilibrium 
between debt and equity which 
has been distorted in recent 
years, by the need to finance 
an ambitious exploration pro- 
gramme.' by loans. The debt 
equity -ratio was 34 per cent in 
in 1974 .'but was up to 45 per cent 
in 1977.. 

CFP ended the half year with 
a FFr 172ui (S39.4m) net profit 
on turnover up from FFr 9.4bn 
to FFr lO^bn {S2.3ba). 


, > ■» * . , 

> . 


This advertisement appears as a matter of record only. 






New Issue 


ACESA 

Autopistas, ConchsionariaJEspanola. S. A. 

Barcelona 

Swiss Francs 40 000000 

5 ' 4 S\\ ISS Fk \nc Bun ps of J?78r>i i l vsn 

will tfv gu.it ante oi' ike 

..... :• 

- Kingdom of Spain 

• ■; / \ 


SuplNC S..V, lilNEU 


* *r r rp 

i I «■ * 


Citicorp iNTLKN.vuowi. 
Finance S.A.. Oinlvi. 

Bank Landau & Kikche AG. 
Zurich 

Banqce de l'Indpciiini tr 

Pi StiLT. L WSANNL 


BaNCA DfcL StMPIONE. l_L'CiANO 

Bangle r>c Glsiion Fixancikre. 
Zurich 

Basque Pariente. Gr\i.\ r 

Saudi Finance Con pop atktn, 
Sm oifis S.A., GtsirVt 


CuMPAiiMr or B wou 
At T>‘K\tMissLMExns. v. Bl. 
Genl\i 

BUvK L>. ropaiscuer 
Gi NONSl nschavrbaskln. 
Zt. rich 


Bank Hj lsser & Cit AG. Bam-l 

B\ni.'I I. MCLTI COMMERCIAL C. 
Gem \ t. 

t'i *•.»■ \oMf dp Basque 
it :-i ckloh S.A., Lalswm- 

Wikt.m n \rrs-DND Pki\ a thank, 
Zurich 

Julv IV78 


DOMESTIC FUNDING 


Wessanen raising $23m 

BY OUR OWN CORRESPONDENT AMSTERDAM, August 23. 


XHOAWwtHwaaojiTiu-WAJBiA- » hi* r? iff 3tco*»C8<a.v 



GOVERNMENT OF JAMAICA 


U.S. $32,000,000 


xncaiUH tun loan 


lUMODIf 


CmCOBJ INTERNATIONA!. GROUP 
THE ROYAL BANK OF CANADA. 


THE BANK OF NOVA SCOTIA. 

THB FIRST NATIONAL BANK 
OF CHICAGO (JAMAICA) LTD. 


ANnmonnu>av 


CITIBANK, N A. 

THE nOTALBAKX OF CANADA 
BANS OF AMEJUO A NT A BA 

mantfactuushskanovek 

TRUST COMPANY 


THB BANK Or NOVA SCOTIA 

Tlf E P mS TNATIOMAL BANK 

O? CHICAGO . 

CANJO^rEHTOaAI.BANK 

OFCOKKGBCE 


CSSSOOCtf XNTfaUKATION AX* BANK T , IMI I YJ » 

ACCXT 




umann,w 


WESSANEN*. the Dutch food 
jroup. plans a F! 50ra (S23m) 
□and issue on the domestic 
.-a pita! market. This Is the first 
Dutch industrial borrower to tap 
the public capita! market for 
more than a year. Pakhned, the 
transport, storage and properly 
company, rsrae to the market in 
A or:], 1977. 

The Wessaaen issue is for 15 
year? and carries s.r> St per cent 
tuupon. The issue pr-ce will be 
announced on August 29 at the 
latest and current market condi- 
tions in±C3*e a price of around 
par. 

Redemption will be in 15 
almo-t equal annua', instalments 
star:::;? on October I. I9»9. 
Avtvlcrated redemption is 
:,t .*03 per cent from 
19S?. Sun script! on# open on 
4 us*jH 31 for payment on 
Uruibcr -■ 

The loan will be issued by 
X\\'-::r.en Nederland and guaran- 
teed »y Knr.nkDjVe Wessanen. 
The rnantsueuten! .croup w led 
:y Arnsterd^m-Rurternam Bank 
and :ncjudca Pivrsyn Heldrina 
t-r. Pierson, Amro's merchant 
banKir.2 subsidiary. 

The liuivfrss of the recent state 
loan and the issue by the locai 
EUinor::;.- bunk. Bank Vo.«r 
Nerierlandsene Gemeenien. me^n 
shut cord; t -..in* ere favourable 
the uiome.T.. rj^rk&i sources 
i.i id. 


Wessanen said that the issue 
is being made to consolidate 
short-Jenn debt. Its 1977 sales 
rose 16 per cent to FI 2.21bn 
fSlbn).. Its five divisions are 
cocoa and oils, animal feeds, 
dairy products, flour and meat. 

... * * * 

John Wicks adds from Zurich: 
The 'Swiss pharmaceutical com- 
pany Siegfried AG. of Zofingen, 
is froin Aucust 24 lo 30 to issue 
SwFr 20m <Sl2m> worth of 4 per 
cent .bonds, the proceeds of 
which*;apre to finance mortgage 
and short-term liabilities, and 
for new investments. The 12- 
year issue will be offered by a 
consortium led by Swiss Bank 
Corporation. Basle, at a price of 
101 percent. 

Also oiv the Swiss capital 
market >the recent SwFf 50m 
bond issue b'.* Dow Banking 
Corporation, of Zurich, ai 3J per 
cent, was over-subscribed and 
hoods had. to be rationed. 

Reuler adds from Rome: Indus 
in*-* Zanussi has raised tlubn 
i. if 11.9m) through ?ne discuun 
of bankers' accept nces m-i i h 
group of eight banks, company 
ofiicials said. 

The hankers’ acceplances are 
for six months, discounted at 
spread over interbank money 
rates. Their issue follows 
recent reduction in stamp duty 
on ibis type of operation. 


Further losses by Garde-Temps 


BY JOHN WICKS 

AX ex*. - ; 'T.'iiT^ry general meet- 
ing Mi r*en-2 cabled for August 3>) 
?»;■ : of Ll-i Swiss watch 
cmnpj.ty Sucictc des Garde- 
Temps ip. vtcv af an auditor's 
report on ,-i&: financial year, 
in the sgpt of a new loss by 
tin* parer.: undertaking in La 
Chaux-de- Fords of SwFr 8.93m 
run: pared with the 1976-77 loss 
of SwFr t?.Pm. the auditors call 
r rtr un interim balance and for 
recourse :o necessary corporate 

Piv ji’jres. 

L^si October the Garde-Temps 
its share capital to 
cue a substantial net reduction 
foil ^vrtnq a 10 per u-ent drop in 
group turnover for the preceding 
apd.'iiva: .\ear and a negative 
ca ; n-iinw r.f SwFr 13m. Cor- 
pnrjtc- re? 'j-sc! urine measures 
:.iv* foreseen, with the 


ZURICH, August 23. 

concentration of all watch 
activities in a single La Chaux- 
d^-Fonds factory. 

in the past financial year turn- 
over showed a further slight 
decline. Tbe U.S. subsidiary 
Waltham Watch was sold early 
in the year. Elsewhere outside 
Switzerland, sales in tbe L*K did 
not develop according to plan — 
the group operates in Britain 
through Swiss Watch Corpora- 
tion. c<f Leicester— while the 
Swedish company AB Svenska 
L'rdepoien booked a large loss. 
Results of Sandoz Watch Com- 
pany. Hong Kong, proved “ excel 
lent." however. 

So.’iere des Garde-Temps, one 
of Switzerland’s best-known 
wa:rh concerns, produces and 
markets the watch brands Avia 
Sanrtrir and Invicta. 


REINSURANCE INSTITUTE OF BRASIL 

Consolidated Income & Expenditure Statement 

for the yecar ended 31st December 1977 

o missi on : from annu al stste meht 

PUBLISHED IN THIS NEWSPAPER 23th JUNE 197B 

Besfies tho Breailicg Gkr / i g gaeal IRB^ reinsurance 

opessisss. sas cate ia Bscstl bet also arroed, ooaral; oa tbe 
iolltwisg Mso^ces: 

CepiiclfaHtserrra S8aJBS5.BM.5S 

Ari=H.acccJGpwsr:onFitad CJS.70t.9l9.B2 

rHosgs C'jiibct? SepoaiJs £8.000, 139.12 

X-ocxure Smds £ Clhc: Secuci fiea £133.993.97559 

Faod >ora Bepos-a: CI7J191 .73175 

Other ^rcsjwca £1.433.927^8 

t^z'.sdod dcacsts £5Jfl2.Q78is 

Frcv^eaicJsroj^cwrv^JiWSiK; £7^43,651.17 


Weekly net asset value 
r^s on August 21. 1978 

l s=sa j Tokyo Pacific Holdings N.V. 

U.S. $69.62 

Tokyo Pacific Holdings (Seaboard) N.v. 

U.S. $50.73 

Listed on the Amsterdam S rock Exchange 

InicrKtron: Piensn. Heldfin* A Piarten N.V. Hftrtojrathi 214. AmtttrcUm 


YONTQB0. EUROBOND 'NDICES 
i«.74=»7M% 

PSHC 6 1 KDEX J 5 .fl .78 AvfeRJ. GS VlttD 

DM Swii* 505.08 1SS.0V DM EwiC* 

MR & Nwm I0L«G I3J.3V MFL BotvJt & Nam 

UJ. S Svx. goads 9?.4l 9V.07 U.S. S S^t Bftrtds 

Csn-DaH*r 100.02 99 23 Can-Dolis" BooV) 


15.B.78 22.B.78 
6.633 *>J> 31 

7- flBO 7.901 

8- 855 8.919 

9.295 9.487 


T9 


NOTICE OF REDEMPTION 

To the Holders o£ 

ENTE NAZIONALE IDROCARBUHI 

E.N.L 

(National Hydrot.arljons Antiority ) 

7 % S inkin g Fund Debentures due October 1, 1981 

NOTICE IS HEREBY GIVEN that, pursuant to i he provision? of the Sinking Fond for the Dcben- 
tuxes of the above -described issue, Morgan Gnaiamv Trust Company of New York, as Fiscal Apent, 
has selected by lot for ledemplion. on October 3. I'.CJi at the principal amount thereof $1,6W).000 
principal amount of said Debentures bearing Lbc follMning serial numbers: 

DEBENTURES OF U.S. $1,000 EACH 

9017 31328 13422 16340 28=79 ='054 34976 38018 3061B 41813 43374 45909 48331 

901ft 11346 13447 16356 =H3l;7 ail >69 34M5 38043 39623 41633 43481 46004 48342 

SOW 11373 13451 16361. 2S310 SiOTV 34896 38W9 22S 5 41 S 36 43483 4 60714 48387 

9050 11384 33571 38360 =63=6 M31B 35132 38055 39631 41649 43498 46193 48390 

9060 31385 135PI 16378 =8.140 ;;1:I73 35156 38081 39683 41958 43534 462B4 48336. 

9066 11397 23602 — - . _ . 

9078 11406 13607 

9205 11453 13632 ... 

9207 11477 137=ft 1W21 

9225 11483 13843 16442 

S239 31502 13846 1B45U ... __ 

9255 11536 13653 16491 =856’! =^r«6 35206 38243 39822 41738 43623 46391 48584 

9258 11542 13925 16506 =8595 ;^fj69 35210 38244 39843 41760 43634 4639* 48625 

9270 11565 13930 16565 286=6 31U75 35237 38257 39844 41768 43651 46395 48637 


X 3 3216 5325 7119 

105 3289 5338 7147 

117 8304 5331 7154 
124 3325 5339 7190 

331 3408 5347 7191 

328 3409 5371 7204 
423 3418 9442 7226 
443 3470 5450 7M3 
479 3492 5460 7257 

494 3499 5464 7260 

500 3505 5470 7270 
504 356S 5482 7303 
5 83 3580 5489 731 8 

609 3687 5540 7337 

6=4 3682 3351 7342 

643 3700 5559 7347 
651 3728 5606 7838 

707 3789 5606 7376 

720 3789 5622 7382 

733 3811 5831 74D4 
797 3826 5645 7428 
806 3845 5646 7437 
814 3850 5891 7451 
817 3859 5727 7472 
830 3865 5734 7465 
893 4048 5758 7495 
897 4071 5840 7518 
917 4075 5850 7531 
919 4086 5870 7523 
933 4092 5871 7588 
955 4124 5895 7582 
996 4125 5B96 7584 


•JUT l? :ri04 35279 38279 39862 41798 43652 46400 48640 

287=0 :i=]24 35408 38292 39867 41855 43754 46410 48641 


9287 11591 13938 3 6 S'.XI 

9352 11605 13968 J6611 ... ... 

9391 11646 14053 166=0 28T34 =.=201 36348 38306 36883 41862 43755 46454 48663 

9394 118S5 14054 16631 =Rd=l .i;2M 38359 38348 39897 41878 43785 464SR 48667 

9431 31899 14088 16702 38852 S2240 36391 38354 39S&4 41889 43953 46474 48676 

9448 11752 14112 16705 =8901 :i-=64 36392 38355 39963 41899 43958 46534 48698 

946S 11773 14151 16712 1*915 32350 36400 383C4 39982 41918 43966 4E5G2 48704 

9476 11802 14168 16731 =8922 5=407 36401 38395 40004 419Z2 43979 46573 48709 

9497 11870 

9533 11893 

9540 11803 .... 

9559 11929 14338 16823 =316= 3=530 36449 33414 40032 41997 44076 46605 48765 

0581 13981 14343 16835 =9182 :C02S 36474 3H4J5 40121 4=007 44085 46612 48770 

9826 12026 14351 16861 291 BS 0=709 36505 38443 40131 42057 44109 46631 48777 

0628 12077 14360 1G86S 291 OS 02736 365S6 38449 40153 42079 441=2 46695 48786 

9642 12078 14529 16870 =£>2=3 3=780 36589 38484 40168 42102 44133 46710 48797 

9654 12081 24573 1638= =9256 2=790 56607 38488 40175 42115 44176 46729 48802 

9906 1=163 14592 10900 29=68 2=795 36614 36528 40178 42127 44192 46765 48806 

1010 4130 5900 7590 10046 12176 14618 16907 =9284 3=668 30629 38543 40210 42142 44212 46767 4R608 

1092 4143 B903 7653 10048 12192 14625 16913 =937= 329=1 30638 38547 402=6 421 B8 44230 46771 48809 

1119 4160 0909 7655 10055 12204 14650 1 6984 29=77 .1=951 36651 3S551 40276 42173 44243 46776 48855 

1130 4198 0971 7660 10058 1220B 14679 17013 =y3V= 0=992 36653 38558 40280 42188 44248 46780 48863 

1156 4206 5970 7669 10062 12211 14687 17014 =9403 32974 36681 38576 40293 42196 44275 46761 48877 

1106 42=6 6020 7685 10085 1=228 14701 1701G 295 12 33009 30729 38579 40353 42217 44277 4 8787 48881 

1175 4243 WH2 7896 10147 12281 14705 3700ft =9415 03013 38734 38599 4035= 42278 44278 40906 48925 

1311 4261 6043 770S 10203 12302 1473U 17089 29416 .'13037 36738 3864U 40367 42287 44287 48916 48974 

3225 4263 6048 7753 10219 13303 14777 37002 2941B .73165 36768 38687 40369 42=90 44=88 46901 48977 

123b 4267 6064 7750 10229 12334 3 4 BOO 17093 23618 =3173 36773 38691 40383 4=305 44291 4698® 49003 

1278 4300 6077 7761 10389 12345 14831 17095 29059 33175 30779 38711 40417 42312 44346 46979 40007 

UK! 4326 6089 7775 10293 1235B 14838 17098 29081 33194 36802 38735 404=3 42319 44363 46991 49008 

3370 4327 6110 7883 10304 124=0 14850 17183 29688 33236 36843 38744 40477 42340 444=6 46895 490=6 

1373 4329 6119 7864 10344 13422 14891 17184 29704 3=275 36854 38751 40506 42345 444 H 8 47044 49033 

1377 4347 6155 7866 10364 12434 14905 37213 32280 3687= 38754 40517 42362 44431 47070 49044 

1378 4357 0180 7896 10367 12470 . 14964 17270 297TI3 !ZS2S>1 36877 38756 40522 42306 44504 47096 49052 

1426 4373 6=01 7971 10408 12501 15006 17=84 =076= 33336 36928 3878= 40532 42396 44515 47115 49060 

3439 4418 0236 797= 10434 3=533 15014 17=36 297B9 :.U»4 36938 38833 40583 42401 44545 4711ft 40102 

1449 4425 6243 7974 10454 12546 15019 17296 29830 33403 30062 3B849 40596 42412 44571 47119 49120 

1501 4449 6245 7985 10473 12348 15402 173=6 =9833 33556 36964 38890 40652 42460 44578 47148 40132 

1523 4450 6292 7993 10474 12553 15464 17359 29844 33588 36079 38870 40657 42489 44590 47162 49136 

1530 4472 6305 8032 10579 12554 15488 J73B9 20*00 33589 36908 38879 40686 4=506 44614 47163 49151 

1550 4514 6312 8066 10595 12504 15495 17406 2988= 33606 3G993 38903 40720 42508 44631 47317 49177 

1561 4518 6331 8076 10601 12574 15513 17411 =9897 33642 37000 3891 S 40773 42519 44689 47501 4918T 

1582 4551 6350 8115 10613 13583 15516 17416 =9899 01343 37(06 38940 40790 4=539 44701 47536 40192 

1570 45BD 6380 8128 10666 12807 15518 17437 =9£>19 33666 37010 38941 40791 42541 44717 47540 45237 

-1602 4561 0368 8129 10668 12612 15550 1748fi 30004 33701 37014 38953 40797 4257$ 44773 47543 49295 

1003 4967 6381 8133 10672 12628 15608 20355 300.13 33746 37025 38963 40798 42586 44776 47579 49302 

1620 4569 6387 8174 10C75 12636 15684 20359 30017 =3747 37033 38970 40827 4=589 44767 47581 49325 

2633 4593 MID 8104 106S2 12656 15G42 27533 30051 33787 37043 39007 40853 42593 44015 47590 49344 

1656 4611 6422 8211 10688 12881 15653 27615 20121 33794 370C9 33023 407-97 42G23 44883 47610 49367 

1657 4028 6457 8216 10692 12698 15690 27619 30151 .13807 37075 39024 40909 42643 44889 47615 49373 

1683 4637 6475 S225 10705 12711 15705 27622 3U17» 11820 37113 39030 40914 42678 44899 476=6 49395 

1711 4659 6911 8388 10724 12772 15739 27661 =0135 .0844 37J26 39044 40950 42754 44904 47649 49408 

1727 4697 6518 8406 10755 12779 15753 =7609 301=9 =3845 37127 39033 40953 42764 44912 47650 49411 

3780 4739 6572 8440 10787 12786 157S7 =7719 301(19 =3855 37158 39087 40957 42783 44924 47652 494 ia 

1782 4775 6580 0446 10768 1=797 15774 27726 3020a =3867 37165 10030 40996 4=801 44950 47656 49417 

1788 4776 6587 0406 10846 1=809 15794 277=9 =0=61 =3903 37166 19119 4 1065 42648 44972 47B61 49424 

3794 4786 8803 8467 10849 1=846 15705 277SO 30276 =904 37189 =9126 41071 42864 45012 47 675 49464 

1812 4799 6604 8476 10852 12850 15305 27769 30=84 13908 37236 39131 41088 42867-45031 47676 '49489 
1816 4829 0648 8480 10876 12854 15857 =7779 30307 =4075 37281 39142 41109 42868 45088 47687 49513 

1914 4848 6701 8483 10888 12664 15880 27794 30376 34080 37203 3916= 41111 42889 45461 47713 49514 

1931 4852 6738 -8489 10899 12868 15992 27806 30443 24088 37=06 38134 41117 42915 45473 47798 49560 

1947 4858 8741 MBS 10916 13886 15932 27807 30452 34102 37272 39193 41123 42965 45479 47817 49574 

1987 4863 8746 8526 10933 12926 15933 27808 30480 34238 37275 39283 41216 42977 45481 47832 49580 

1988 4877 6762 8538 10941 12930 15934 27823 3fH93 =4248. 37287 39263 41220 43001 45486 47865 49583 

2040 4910 0771 8575 10957 13944 15945 27903 30545 34251 37307 39293 41240 43045 45*88 47873 49591 

2046 4960 6807 B581 10960 12047 15963 27917 30544 34290 37344 39294 41250 42070 45501 47878 49837 

2241 4983 6813 8582 10985 12060 15368 27934 30G46 3430* 37369 39311 41=53 43111 45578 47881 43006 

(B96 4094 6814 8806 10991 1=970 15979 27939 39648 34332 37377 30345 41263 43125 45601 47885 49690 

2310 4999 6836 8610 10997 13027 15994 =7990 39M9 34356 374=3 39:46 4!3>>* 43143 4566= 47898 49705 

=312 5012 6886 8640 11006 13031 16034 21996 306Ci 34364 37433 39360 41306 43170 45673 47896 49721 

2326 5013 6905 8848 11024 13035 16078 28006 30693 34288 37439 39386 41314 43174 45687 47935 40723 

2332 5017 6917 8722 11061 13037 16106 20012 30798 34630 37443 39426 41355 43183 45705 47938 49751 

2335 5034 6936 8725 11077 13059 16116 28025 30712 3*640 37512 39430 41392 43186 45733 47943 49758 

2416 5052 6936 8757 11079 13063 16126 28039 30756 =4655 37520 3947= 41394 43133 43752 47953 49772 

2528 5059 6B55 8811 11118 13079 16134 28072 3076* 34685 37537 33491 41297 43202 45759 47955 43190 

2536 5062 6905 88=3 11131 13106 16146 26085 30799 34701 37576 =9514 41401 432*3 45789 48174 498=2 


2539 5087 6907 8025 11151 13139 1615= =3086 39804 


37583 =9516 41435 43259 45884 48234 49869 


2544 5112 6910 8825 11182 13158 16153 =81=8 30373 =4707 37851 39538 41466 43=72 45803 48245 49884 

2545 5108 6977 8901 1X163 1M0= 16150 28152 30837 34780 37384 39541 41495 4331= 45930 48251 49911 
2564 3273 7037 8907 11189 13832 16183 2821« 3-7000 34633 07898 39542 41502 43313 45931 48258 49922 
3060 5293 7078 8914 11201 13341 16=30 38233 30954 34695 37901 39544 41562 43366 45941 48=67 499=7 
3079 5297 7088 8938 11224 13350 16369 28241 =u9ay 34902 3792 5 39564 41566 43388 45943 48300 49942 
3172 5301 7110 8961 11281 13351 16314 28M5 3WH =4935 37966 35*78 41597 43=69 45982 48=08 49955 
3187 5318 7115 8985 11308 13359 16318 28266 310=1 34938 38015 Sttbl 41610 43370 45998 48319 49968 

On October 1, 1978, there will become and be due and payable upon each Debenture the principal 
amount thereof, in such coin or currency of the United Stales of America as on said date is legal tender 
for the payment iherein of public and private J* !•!*, at the option of the holder, either la] at the 


corporate trust office of Morgan Guaranty Trust Company of New York, IS Broad Street, 
New York, N.Y. 10015, or (h) subject to any laws and regulations applicable thereto with respect 

ll. 3 ,.^....1 .. - • L r r . l r n ■ _ rr . 



Brussels, Paris or Frankfurt or ibe main office of Alg-nieuc Bonk Nederland N.V. in Amsterdam or 
the main office of Krodielbank S.A, Luxemiiourgeoise in Luxcmbourg-Ville. 


Debentures surrendered for redemption should have attached all unmalutcd coupons appurtenant 
thereto. Coupons due October 1- 197B should bu detached and collected in the usual manner. 

From and alter October 1, 1978 interest ehall cease tu accrue on ibe Debentures herein designated 
for redemption, 

ENTE NAZIONALE IDROCARBURI 

- - By: MORGAN GUARANTY TRUST COMPANY 

or NEW YOBK, Fiscal Agent 

August 24, 1978 


NOTICE 

He following Debentures previously called for redemption hare not as yet been presented for payment: 
DEBENTURES OF U.S. S 1,000 EACH 

M 2300 8627 14115 14116 14118 14119 26195 23197 83040 333=3 43332 43534 



Tbb announcement appears at a > r-u-:r ol‘ record only. 


August, 1973 



Interconexion Electrica S.A. 

LIS. $75,000,000 

Ten Year Loan. 

Unconditionally gi; '.ran teed by 

The Republic of Colombia 

Manured i y 

Orion Bank Limited 

Eanco Nacional dc Mexico, S.A./'InterRat5onal Mexican Bank Limited 
-BAXAMEX- -I XTER.MEX- 

Bankamcrica International Group 
The Royal Bank of C an ad a 
The Tokai Bank. Lid. 


Provided 

Banco dc la Nad on Argentina 
Banco Xacionni de Mexico, S..V. 

Bank of America NT & SA 
The Bank of Nova Scotia 
International Limited 
Bantjue Frangai^e dn G’pmmercc. Exterjeur 
fBFCE) 

Credit Chimicfue 
G'red ItimAtai uBa nkverei 1 1 
International Mexican Bank Limited 
Merrill Lynch International Bank Limited 


The Mitsubishi Bank, Limited 
The Mitsubishi Trust and 
Banking Corporation 
Orion Bank Limited 
Tiie Royal Bank of Canada 
Xccuriiy Pacific Bank 
S*.cicte Gene rale dc Banque S.A. 
Tlic Tokai Bank. Ltd. 

Toi onto Dominion Bank 
Je Panama .b~\. 


Agent Bank 

Orion Bank Limited 



/ 








... . :> ... »■ 


e-i-2. 


I\H HMNC1M. AND COMPANY 


^'laanciial- Tiib es 1 Tbuiidiy - 197 S’ 


:NCV; MONEY and GOLD MARKETS 


JAPANESE BANKS 


Back into fixed rate dollar loans 


Dollar declines 
from best level 


BY MARY CAMPBELL 

ONE OF the first hard pieces of term rales, they found them- central bank is recycling its not drawn down by the intended 

evidence that Japanese connner- selves refinancing these loans at foreign exchange reserves borrower from the restrictions on 

cial banks have again started to a loss. This kind of lending tb rough the Japanese commercial matching. .... .nnimwi si.gmiy iraamg aesenoea a* qurar. *ae 

provide fixed rate dollar stopped years, but banks. • Banco Naeionai de Obras y firmer against most major curren- Bundesbank did not Intervene, at: 

denominated loans came yes let- there h aVL ‘ re "cntiy been persis- one top Japanese bank said Serviclos Pnbljcos (Banobras) cles in the foreign exchange the fixing, an the' dollar rose to 

day with the news or a $25m 12 tent reports that it has started yesterday that while Japanese will privately place a S50m bond market yesterday, but was DM2.0175 compared with DM L3845 

year loan for Metropolitan again. banks receive significant deposits in Japan this month with a Japa- generally around its weakest level on Tuesday. The US. currency 

Copenhagen Countv. The loan is Some Japanese citv banks from the Japanese Ministry of nese syndicate of eight banks of the day near, the dose. The opened at DM2.0212 against, the 

....... * _f . il . . ■ . nt IaJ Ui> Ca.mi.vm n ...a Dmlr fltlnrtlvnnomaHii ai mu - VahI> Vitf tlirwi «** twmhJ 


The dollar .finished slightly trading described as quiet. -Tbei 


Belgian F. 
Duilati E ’ 
D- liars 
Putt Hap. 
Sfa.n. Pes- 


fcgM.«e**p|. iSS.|137-T^B. 

2ly-Uee.pn Wrfot-Wtacjai 

W8.pm • 

Jr41 oredta ~BM BWtoiwet# 
2&-1iptpra- 7M ]S-7 nf nm 
90.no *. dto !— i8.i2bm|ea t d*; 
HMMcdls fBMHl&'dte 

Lfl lire (III I— SAB 

Sfsrl bbse*- 
KBtdiS-tefflSS. 
SS5T' .a-Srr 


securities houses — as lead that ,hcy nave arrayed such Japanese trading companies’ im- 99} per cent, Reuter reports «uMnt tended to change in the AMSTERDAM— The ■ dollar was 
manager, j oa ,„ ror sums running up to porting activities. , t from Tokyo wth 4oU ? r being feed at F l:-2.1800 against, the 

The interesting feature of the q-. 0m .«t0m. According to this bank. Japa- Sanwa said this will re-open 5010 against most currencies. guilder, compared with FI 2.1590 

issue, however, is that it is ls . kj nd nF nese city banks do not receive private placement of dollar The UJ5. currency touched a previously. In late trading, .the 

apparently being placed with the ' ' banksays “nritino an - vthin 2 other 111311 short-term denominated bonds by foreign high point of SwFr L7050 against -dollar eased slightly to FI 2.174a 


THE DOLLAR-SPOT 


offices of Japanese city hanks 
i the big commercial banks) out- 
Mtiu Japan. 

In rhe 1972-74 lending boom. 


finance their medium- and ion. 


Japan’s balance-of- 


5 on Wpdnpsrfav Tho P orl uie aouar cthj lew 

in lilt: IWIJS1 lUMUliU; uvutil. ■ _ _ r.. „ . , INldlfUC UICII Uinuuui- riUU jvu£- tucun vapaun Uiimuv- *■ . me « AftVR hflQ ItTl nr p<tft fld fhp 

Japanese commercial banks pru- Soil,c n ^„ P nn ,M e say term tiding by borrowing payments deficits after the oil d °llar Dm ShPtftSfl! 111 - 1 ®™? an? aMfoLigh^SamountrabS 

virted a number of fixed rale J-t ““I money which has a maturity of crisis. , t & MWi* 5SSKS45™&S ** higher gold sales will not be 

loans in dollars for medium- and than .s-O'tdii have been arranged at least a year and a day. The ban was lifted in July last «ooi2i ■nrBwimwiS* 16 " w very great it was said to be having 

long-term mjiuriiies. In general on a fixed rate basis by Japanese 4 recent relaxation by the year, but the government nave ' * p sly- the right impact for the dollar, 

tlic.v funded themselves with cuinmerna. nanks. Ministry of Finance regulations priority to yen-denominated bond On Morgan Guaranty , figurea, The UJ3. currency's rise was 


le amount raised 

sales will not be 


[JAPANESE STEEL COMPANIES 


uiw^ iuiiuvu in?m9Lii(,9 mill _ iuioilj mi i ihuhv^ i^uihwiuu j F ■ i^i ■ vj w jvM-MhuvuiiuflKv — — . . _ , , — J , o — 1 sire 

short-term deposits and. with the The big question in the minds is not considered significant in issues by foreign government depre- particularly strong against the 

subsequent rise in short-term of many n nn-Japanese banks is this respect since all It does is and international organisations, ^T? wed subtly lo a per Swiss franc yesterday morning 

interest rales above the long- the extent 10 which the Japanese eliminate money committed but it said. of the Washin^on^Srren^ before back to ^SwFt 

Agreement of December 1U7L t%8ao, cornered with SwFr L6570. 

1? Jiccoll JAPANESE STEEL COMPANIES Jon the same basis, wtsowh anged described as moderate, .-.but 

JALUddCji at 602, after standing at . 62.1 at uervous. - ] 

, • tt- j • ’■••I i • f W j noon 311(1 622 m trading. MILAN— The dollar was quoted 

to raise Interim dividends m doubt j lost 25 points to closest S1.& changed from the fixing level of] 

T A »*^ / **»*^ 111 ^ L9275. The pound opened at L843.50 against the lira, a sharp 

EU* f i m S1.9220-1.S230, and £eU to a low improvement from the previous 

J. J. Ilf - TOKYO, August 23. for the day of S1^125-L9135 as a fixing of L838.30. The lira lost 

_ ,, - .. . result of the dollar’s strength. In ground against the dollar, but 

By Richard Rolfe Fit E MAJ'JK Japanese steel Tell one or two points, following Nippon Steel officials said it the afternoon sterling picked up tended to improve against Euro- 

companies may pass their remarks made by Sumitomo was uncertain whether the firm to SI. 9285-1 ,9295, before easing pean currencies and the Japanese 
JOHANNESBURG. interim dividend payment for Metal Industries' president Mr. could make a high enough profit slightly towards the finish. -Yen. The Swiss franc fell to 
August 23. 1 1 he first h:ilf of the current Yoshifumi Kumagai. to retain an interim dividend NEW YORK— The dollar firmed t-501.35 from L50855. after touch- 

WITH THF Snuih ° African ! financ * al Jei,r due main ly to the Mr. Kumagai said U had payment this year as business aga jn but repeated the pattern ing L495.50 during the morning, 
rconomr showing modest lsharp a PP rE,ciati °n of the Yen become difficult for his company prospects even for the current of faffing back slightly towards D-mark declined to LOTS! 
ri-i-nv-i-rv -inii rpta'ii i a S a inst lhe Dollar, industry to pay an interim dividend six-month period were still dim. the close of trading. The news from L420: 

,,na retail TI,. „r Th. T.n.. Cf..l th. WUiiZ tT_.. u - . 


Interim dividends in doubt 


By Richard Rolfe 


JOHANNESBURG. 

August 23. 


Ru^ell Holding the lar-esUn The five companies are Nippon appreciation on Japan's economy Association has said Japanese announce a new national export _ JSSST g.g? 

ihcSnnhU? hiiniSeHS?im!“l Sleel Corporation. Sumitomo was serious and it had slowed steel products have been losing policy “within three weeks’’ Sd bv % 

£ nf S n ;n h iP, i l ^HSi IMc,al Industries, Nippon Kokan down Japanese exports of not their export" competitive power “used a flurry of buying but fS ’SL^ifcred.hut m 


I sources said. 


The Japan Steel' Exporters I that the White House would 


TOKYO— Initial reaction to the 
ews . about an increase - in the 
mount of gold to be sold by the 


OTHER MARKETS 


£ 

Xott Kate* 


nT ner rent ilnser^frpd ! dend W™" 1 ! 1 * mounted on the The major Japanese steel com- month to 2.6m tonnes from 3.3m 

enowSwt ^debentures P at R10 1 L ok> '° , Slock r Exchange and panies passed interim dividends in July last year, 
debenture^ T Se*Ri?£ sharc pr,ws of tbeSe companies for M last year. Reuter 

Debenture holders will have 

the option to convert R4.50 of 

each debenture in to Ordinary ITT JL 1 * '• a 

Hutchison companies to merge 

version price is. therefore. 

150 cents, which compares with BY rqn RICHARDSON HONG KONG August 23 

the current share price of ‘wnu, -o. 


Concern about interim divi- use much steel, he said. 


cent cut in steel exports last I ^ark 


losing reinforcing U.S. determination t<r l67b|1i 

erman introduce measures to support uarfctal... 7.9i4O-7ls240 

2.0020 the dollar - Anticipation of further Vna u cmwim-... 5fi.6W6.oa 


Hutchison companies to merge 


BY RON RICHARDSON 


HONG KONG, August 23. 


/r>M iQQom- the c«.-fec fra n* announcements In the near future Giw* Dr*chmm.„. 7CL4e«-73.aia 
SwFr 1 6680 fSwFr i wi Z may have already caused banks Beni Kw Don«. uibmmoo 

'{iinar'lKD) I afilvo!^! 

sterling ,11227 <,Lrn. TtoMto 

FRANKFURT — The dollar an opening lc.v of Y19LOO. It ~xew Zealand Dollar i^e7ELl£36S 
sbowed little Initial reaction to closed at Y 192.05. compared with «s«*k 1 i Ambta Biya 1 £M4Mt 
news that West Germany’s trade YJ9L70 on Tuesday. Trading was gjaafF 1 ™ 
surplus fell last month. A surplus heavy at *723 in spot, and Wi,Af " canK ’ 1 “ i 1 - 65671 - 602 - 
of DM2 ^04 bn was generally In SS12m combined forward' aiid 
line with expectations, with swap. 



14S cents. The R5.50 balance of CITY AND Urban Properties and subsidiary. Based on share prices 1977, Hie properties held by City 
the debentures, as well as any Hutchison Properties, both listed at the suspension of trading, the and Urban were valued conser- 
portinn nor converted, will be subsidiaries of the giant Hutchi- combined group woufd have a vatively at HKS385m while 
redeemed over 19S7-91. son Whampoa, arc planning a market capitalisation of about those of Hutchison Properties 

Analysts expect the issue to be merger. HKSJHSarn. amounted to HK$329ra. 

well received, especially in view Trading in the two stocks on The two companies came From It had been expected that p«j ,, f 3 “ r,ln 6 

of the continuing decline in Hong Kong Slock Exchanges was opposite sides of the HKS2.8bn Hutchison Whampoa would soon L w - UuU,l ~ 

interest rates, with yesterday’s suspended early today when it merger last year of Hutchison move to rationalise some of its ivuibube Mark 
0.5 per cent reduction in bank was confirmed that the Iwo International and Hong Kong and property holdings, especially as t- 000 

rate lo 8.5 per cent expected to groups had begun talks and that Whampoa Dock Company. Both City and Urban’s development f rrudiTmuTio 
wet. ihe pattern for bank over- financial advisers had been were originally formed to re- programme is almost completed, s u-iw, rnw 
draft rates lower by about 1 per appointed. develop excess properties held The boards of the two com- 

ccnt from the current 12.5 per City and Urban Properties is by their respective parent com- panies have appointed Schroders 


Pirn ail Storli 


Japanese Yen | 

French Franc | Btrlsa Franc 

369.6 

8.449 | 

3J810 

191.8 

4.384 1 

1.666 


cent prime. 


Testing year 
for NZ bank 


owned 50 3 per cent by Hutehi- panies. and as a result of this and Chartered and N. M. Roths- 
son Whampoa, while Hutchison they have both built up large child and Sons (Hong Kong) asi unwtum u..n*r 
| Properties is a 64 per cent-owned property portfolios. At June, their advisers. “ j Beijiwn *«■«>«.■ iao 



EURO-CURRENCY INTEREST RATES 


;^„ bank Tubemakers profit down 815 % 

NEW ra ™ND-' S AU Coml c BY JAMES FORTH SYDNEY, August 23. 

problems made the past year one TUBEMAKERS of Australia, a and merchandises Australian possible loss, which had been 

of the most testing in recent major pipe manufacturer, suf- tubular and steel products. treated as an extraordinary item, 

limes for all areas of banking fered an 8.5 per cent drop in Export sales were at high * * * 

operations, said the chairman of trading profit, from ASl2.4m to levels compared with recent Mayne Nickless, the transport 

the Bank of New Zealand. Mr. AS11.3ra. in the year to June 30. years, and the directors said that and security group, has raised its] _u mm 

L. N. Ross. In the year ended The setback was attributed to sales to China continued to be dividend after a 12.3 per cent 1 5e r cSbi' mw yw^M.oo w' cent 

Hfti Pull *11 f Vt .1 Ki 111- nnj rnK I ffiAl 1 1 1 f I fl >1 PAnrlitlfUIC anH oniimiPuninn rn « nA A J . -1** . *<■ «L 



1312-1412 
- 14*8-151* 
14S«-19»< 



Jipaest Yen 


March 31 the bank and its sub- 1 difficult trading conditions and encouraging, 
sidiary companies earned con- 1 continuing losses in the Indo- The Indon 


solidated net profit of NZS7.47m nesian operations. The dividend. Bakrie. bad shown significant Forth from Sydney. The result 

compared with NZS7.4Sin last however, is maintained at 7.5 trading losses since it was com- was an 11 per cent rise in group 

year. cents a share and is almost twice missioned which, including those turnover, from AS212m to 

Operating expenses of the covered by earnings of 14.2 cents for 1977-78, bad been fully AS236m. 


The following nominal rates were quoted for London dollar certificates of default: One month 8.156X5 per cent; three months 9^486 JO per. cent: ala months S.JB-8^0 


icnuraging. gain in profit, from A 5592m to a Longterm Eomloiu/ deposits; two years own per cent: three years 8Jif.-9S» per cent; four years 9J-« per cent: five Kto-Tu per cent oomhtai doslns ; 

The Indonesian offshoot P. T. record AS10 37m, writes James ral ^h 0rv . tC rm rates are call forserUnB. U.S. dollars and Canadian dollars: two days’ nonce for nuJUers and Swiss francs. Afitan rates are «*utn* rates In Slrwporw. j 


year. cents a fjnare ana is almost twice missioned which, including those turnover, from A8212m to 

Operating expenses of the covered by earnings of 14.2 cents for 1977-78, bad been fully A8236m. 
trading hank increased by 16.26 a share, compared with 15.5 cents reflected in group operating The dividend is raised from 
per cent while income rose by in 1976-77. results. The directors warned 8 cents a share to 9.5 cents, 

only 11. IS per cent. This reduced Group sales rose by 15 per however that unless mucb including a final payment of 
ihe tax paid profit to NZ$273,000. cent from A$310m to AS357ra improved results cun be achieved 5 cents. The directors' expect to 
However, lower profit from the but this was largely due to in the short term further perma- maintain the annual 10 cents 
trading bank was largely offset inflation, and lo improved sales neni loss may be incurred. They rate established by the final, 
by higher profits from the sav- by the U.S. offshoot. Brum ley- therefore decided it was prudent Earnings a share rose from 2L3 
ings hank and other subsidiaries. Donaldson, which largely indents to make a provision oF ASlm for cents to 23.8 cents. 


INTERNATIONAL MONEY MARKET 

Japan rates declining 


BURT0NW00D BREWERY 
COMPANY (FORSHAWS) 

The Twenty-ninth Annual General Meeting of Burtonwaad 
Brewery Company (Forshaws) Limned was held on 2 3rd August 
at Burtonwaad. Cheshire. MR. RICHARD I. GILCHRIST, M.B.E. 
V.R.D.. the Chairman, presiding. The following is his statement 
circulated with the report and accounts for the year ended March 
25th. 1978. 

I im once again pleased to repon a steady growth in our 
turnover and profits for the financial year ending 25th March. 1978. 
The profit for ihe group before tax has improved by from 

£1.3 million to £1.54 million and as a consequence, the Directors 
arc recommending a dividend of 3.456 pence per share, the maxi- 
mum permitted under presenr legislation. 

As in previous years, we have not considered *t appropriate 
to present figures adjusted for the effects of inflation. Although 
the Hyde guidelines have been published during our financial year, 
we view these as an interim measure and are of the opinion that 
a universally accepted solution to che problem oF inflation account- 
ing has not yet been produced. 

We have continued our policy of acquiring sites and premises 
for conversion to licensed houses. Three such acquisitions are now 
operating — Rake Hall, Ellesmere Port. Ups "n Downs. Stockport 
and the Borough Arms. Salford and several others will do so in the 
present year. It is our intention to utilise our available liquid assets 
in investments of this nature. We have also entered into a small 
number of joint operations For certain of our houses with the 
object of increasing their profir potential. 

We havd introduced an improved pension scheme for a large 
- number of our staff and employees enabling us to opt out of the 
State scheme for those concerned. We have also established a 
trust for the benefit of ail employees in memory of our late 1 
President. Thomas Forshaw. 

Our Wine and 5pirit company, j. B. Almond Ltd., of Sundish. 
has made substantial progress and a start has been made on the 
production and distribution of our own minerals from Burton wood. 

There have been a number of attacks on the brewing industry 
in the past twelve months, mainly centred around the tied house 
system. For the small regional breweries such a; ourselves, the 
system is a necessity. We operate a large number of houses in rural 
areas at comparatively iow rents and if these were permitted to sell 
other companies' draught beers in addition to the large range of 
national products which we already market, then these premises 
would quickly become uneconomic to continue as licensed houses. 

Many changes have taken place during the year in our system of 
clerical administration, production and distribution and I should like 
io record the wholehearted co-operation we have received from 
our staff and employees and also from the various Unions con- 
cerned. With their help we can look forward to continued growth 
in the years ahead. 


STRAIGHTS 

A loan Aosiralia S' pc 1989... 971 

AMEV Spc 1987 WJ 

Ansi rati a Sipr 199U .. .. 91! 

Australian M. * S. 9inc Vt 984 
Ra relays Bank SJpc IW2 ... 9.11 

Bowaror stjpc 1992 99} 

Can. N Hallway g:pc 198U 9.1| 

Cn-rin NailoaaJ Sipc 19K« .. 97 

Denmark SJpc 1994 98 

ECS Sdc IBM 99i 

ECS SIpc M Sr, »S! 

EIB'Slpc 1992 06! 

EMI 9ipc 1989 98» 

Ericsson Sipc 1939 9/j 

Ekso «pc I9S8 Mov 99 

Rl. Lakes Paper SIpc I9S4 9St 

Hanicrsfey B»pc 1982 IQi! 

Hydro QoetH'c Upc 1991 .. S7S 

in SiPC 1987 951 

<SB Canada fllpr I0S*1 ... 1K1I 

Macmillan Blordel 9pr 1992 971 

Masacy Fenmson 9Jpc ‘91 93 

Mlfhelln SIpc 193S 99! 

Midland Im. Pin. SIpc TC 07! 
National C-ul Bd. Spc I9S7 931 
Nall. Wesnmmtcr Bpc 1936 H»i 
Natl. Walmnstr. Bpc ’Sir'ET 101} 
Newfoundland Opr 1989 ... 100 
Nordic Inv. Bank SIpc loss 97} 
Nonces Rom. Bfc. 85 pc 1002 951 

Norplpc SIpc 1939 96! 

Norsk Hydro Slpc 1W- ... . 95 

rxrto Spc 19SS 99! 

Ports Auionomes 9 pc 199 1 93! 

Prov Quebec 9pc 1095 Bfi 

Prov. Saskaichwn. SIpc "sfi 97! 
Heed Iniernarloual Bpc 19S7 9-*: 

RHM Spc 1997 94! 

Selection Trust kjpe IW9 ... 91 j 

Shell (nil Kin. 8!tv: 19M ... 95 

Stand Enskllda Bpc 1991 .. 9S! 

SKF Spc 1387 91} 

Swede j (R’domi 9} pc 1097 9.1 

United Biscuits Bpc 1989 . 97! 

Volvo Spc 1987 March 931 

NOTES 

Australia 7‘pc 1931 93} 

Bell Canada 7!pe 1997 . ... Oil 
Br. Colombia Hard. 7ioc *85 KU 
Can. Pac SJpc I9S4 .... 87{ 

Dow Chemical Spc Iflsa ... 0RI 

ECS 7}pc I9« 94 

ECS 8!pc 1989 94} 

EEC 7!pe 1983 P3J 

EEC 7;pc 1994 94; 

Rnao Cunoll SIpc 1BS4 Vii 

notaverkeo 71 pc 19S2 B.ii 

Kncfcunre Spc 1983 Mi 

MlcfeeUn 31PC 1983 93} 

Montreal Urban sjpc 1981 99} 

New Brunswick Spc 1834 ... 98} 

New Bruns. Pros. 8,’pc *93 99 

New Zealand «H» iSBrt ... 95} 

Nordic lov. Bk. TSpc 1BS4 .. 94 

Norsk Hydro 7lnc 1982 931 

Norway 71pc IBM 94 

Ontario Hydro Spc 1987 .. 93} 

slnwr SIpc 1982 99 

S. of Seen Eire. Ripe 19SI 93 
Sweden iTTitoml 7}pc 1982 941 

Swedish Suie Co. 71pc *83 BU 

Telme-s 9!»c 1984 99 

Tennew 73pc 19S7 May ... 9i| 

VoDcswacen 73pc 1987 94t 

STERLING BONDS 

Allied Breweries lWpc ISM 89! 

Citicorp tdpc 1993 91! 

Coonaulda SJpc 1989 39} 

ECS 9}pc 1989 921 

EIE BiPC 1988 br; 

BIB 9JW 1892 ... 922 

Pinnncc lor Ind. 92pc 1987 92 
Finance lor lnd, IOpc IBS9 94 


Pisans 10} pc 1 987 

93 Cesiemer lire 1988 .._ .. 

93! INA IOpc 1988 

»« Rountree Wipe 1988 

M} Spars IlHpc 1B98 

9R! Toial Oil 9iPC 1984 

99 

B6 DM BONDS 

97} Aslan Dev Bank 5Jpc 13&S 

Mi RNDE 6Jpc 1938 

IM Canada 4 !pc 19S3 

MI Den Nonke Ind. Bk. fire 'so 
07 Deutsche Bank 4! pc 1BS2 ... 

99} ECS 3ipe 1000 

BS RIB 31pc 1900 

091 Ell Aqalraloe 5 ‘pc 1988 ... 

90 Enrarmn sipc 1937 

1011 Finland 3;pc 19SQ 

0« ForamarRa 51 m w» 

Ml Mexico Spc 19S3 

104 Norcem 5!pc i«fi9 

98 Norway 4!pc 1933 

' 9RJ Norway 4ipc 1983 

100} PK Banken 5Jpc 1938 

BS Pror. Quebec One tflPO 

944 Ramaruuktl 5! pc 1988 

101} Spain 6 pc 1988 

103! Trondheim SJpc 1988 ...’ .. 

IM} TVO Purer Co. fine 1988... 
BS} Venozoela 6 pc 1989 

98 World Bank Sire 1090 . ... 
071 

03} FLOATING RATE NOTES 
100} Rook of Tokyo 1984 8}pc .. 

99 BFCE 1984 8Jpc 

9fiJ PNP 10S3 8 I|hdc 

98 ROE Worm«i 1985 Bpc . . 

94} CCF IBS'S BEpc . 

93} Chaw Manhiut. *93 95^ pc 

924 Creditaraiali 19«4 SJpc . ... 

93J DC Bank 1083 Bpc 

991 fTZB IB3I SI i* pc 

02} Inti. Woiimlrvucr 1994 8pc 

Lloyds 1BS3 9 Wifi pc 

M! LTCB 1933 Spc ... . 

94] Midland InL FS -87 S’lfipc 
Midland Inc. FS *93 97 kdc 
N at. Wesunlnstr. TH) BSiepc 

94 ORB 1983 9]pc ” 

90} SNCP IKK BSpipc 
94 Eland, and Cbird. '84 Sipc 


Japan does not intend to cut market to conduct overnight double ^“55- 
bank rate from the current level repurchase agreements. Treasury lower than ^DMlUbn 025bn) 

01 31 T in' p "T t - “ Mrd ; vas’ssnss SS^SiS 

SELECTED EURODOLLAR BOND PRICES Z »SfK3'WS w! w w .d Wimi «d j 

MID-DAY INDICATIONS ■ day that commercial bank lending falling to 7.43 per cent from 7.48 June; and jm outflow of DMi.Tbn fell to a k>w P«. m i J 

miu DAI IIIUlUANURd continuing to decline, per cent One-year bills declined in July 1977? - ■ following Ihenewsthatthe ? 

0"»; and coruorate tiouidity is ample. t0 7.75 per cent from 7.S3 per cenL BRLSSELS— Sbor t-term deposit » ^^JSiJJSSSSLJiSSf 1 f 
s? ,, Z? h. PARIS — Day-to-day mooey was rates fibr.ttie Belgian franc (com- sold at its monttibr anebou. Trad- f 

w Mr. Mormaga added that be unchanged at 7 ner cent after marrisl) weto easier, with one- Ing was very active, and .the metal » 

««• welcomes the US. decisions to SSnfffi Sr ceS? ovn the flSt per cent was fixed at r*M, <£105 -US), in \ 

83 raise the official discount rate, to days o^thif week PeriS SraStS°^th 6^6} per cent the morning, before recovering » 

ft" and increase the amount of gold ^es^re ^so SangS w Srt4-^onth“a{ fjittle t o $20020 gBMM ^in } 

offered for sale, as signs of deter- yi-7§ ner cent fnr one-month 1 rlti- bar cenL - compared with the afternoon. The highest - level , 
„t to sustain the doHar’s -ff ^ t^tSSSSn 7 -WHloSS S^SSLBSK^gfS ' 

srt value- J '7J-8 per cent for rix-month; and rate wte.undjauged at J ?3-7i per s»Jd at *300-^00}, a taU of j 

wj The loan interest rate charged 8J-8J per cent for 12-month. cent, bow* ver, and 12-month was on we oay. ■ , 

by 13 Japanese city banks fell by FRA1MKFURT— Interbank money uncbahgnL at. 7F7{ per cent.; 


I was fixed' at FFr 28^50 per kilo i 


w an average of 0-0p per cent in market rates were unchanged AMSTERDAM ^ Call -money . r " J 

#3 July to stand at 5.682 per cent, from 3.45 per cent for call money remained-, very easy,, faffing to afrS?n^ n per «>mnarw! yeSt wi»h / 

M while the short-term interest rate to 4 per cent for six -mo nth. West 4 per cent' from around 1J-2. per hffhii'iMrS f 

fel1 0-76 Per cent' to a record low Germany's widely defined money dent previously. /One-month funds J t r Fpy f*2W5.oS°on ' 

Sli Of 4.674 per cenL . supply (M-31 rose by a seasonally feS -t* 4 |^&e cent from 4f^i (?206065 0n . 

w NEW YORK— Federal funds adjusted DMa.3bn t£2.4bn) In per cent, rwfiOd thre6-month : .was ^ jg, ^ ; 

» opened at SJ per cent, but fell to July, compared with a rise of unchanged -«t 5f-6 p^ cenL but DM ^ 925 W j 0 

Si 81 per cent fairly quickly as the DM4.8bn (£L2bn) in June six-mootfr .rose .to «J-6| per cent ^TgoaO oer oun«)^ compared 
Federal Reserve entered the Although the rise in July was per tenL , dm 13^00 ($20751) previ- 

f? ** • , t *: ' ously. ‘ . . 

ft UK MONEY MARKET i u — : ^ 

1 Extremely large • hehi ! 


Extremely large help 


nit I *788*- 189} |PJ064-2ff7} 


Morning Using : RI88.SS S9B7.S0 

Bank of England Minimum small amount of local authority otherwise r he ve been, anticipated, . 

Lending Rate.iO per cent bills. and tbe-Tufannnr rf y^terda^s Aftemore, ^40^ 

{since June 8, 1978) Disbursements were therefore help. may also have been over- GoUColItB j ^ 

only slightly in excess of revenue done. • . . . dome«tu«lly 

Government disbursements were Payments to the Exchequer, while Discount'- houses paid up to 9 ‘Krogor«ud..„.^~^M}-M7j 


S’ low lower than at first expected yes- ® per cent for secured call loans. K r 1,151 

S-'-a .erday IM Ce,.y o' .be wf -J fe’ H 

994 ' sm ment of housing subsidies to local sales of gilt-edged stock, and re- v 4-S .-jiiat 1 .^s®nt. .tesasi) luSau-aiij 

authorities. Ihis caused a fairly sale to the market of bills' pre- In the. interbank' market over- Got! Ccdna- } j 

heavy shortage . of day-to-day viously bought by the authorities nighf lpaus. opened at SJ-Ss per uuerriatipmUy „„ i 


FBW-flOi 

l£«UJli( 


job) money, and the authorities gave en a - sale and repurchase agree- cent, and rbre to 9-Bi per cent at Krugoamnd 

53 m 'VM of ment _ _____ ,- to 5-fi p« 


Source: White Weld SmiriUef 

CONVERTIBLES 

American Express 4!pc ’S7 ss 


as Babcock & Wflcox Jpc -92 iTJ- .113 
95} Beatrice Fowls 4!pc 1902 904 •' 'Ml 

9ti) Beatrice Fowls 4Juc 1992 ” ,,«*-■ ugi 

96 Beeebam 6,’pc 1S92 m 

97} Borden Sue 19D2 ii ' 99: 

2“ ud * ay , HaLl 1987'.'! vs 7Si 

100 Carnation -Ire 1997 :.... „ ?s) 


W1 an enremeu iugc . diuvuui u« menu idiwb, — 0 " - “ Swureleiis 'SSBSJau c&S-fiC 

Wi assistance by buymgian extremely The delay of the housing grant centatrtfie dose. • - - itcaj-ssj) 

large number of Treasury bills until today 16 likely to produce * Rates in the taWe below are old Sovw9fitrw._...lssai^94 ■ fev-iSi, 
from the discount houses, and a much easier conditions than may »©mkal- 'in., some eases. .. ; . v .- iSjSSU,- ■IK i) 

«u SaONBpe8..-~ I^ASHU I 6 “J 4-506 

75* 1S15S-1BB. 816I.TW 

81 LONDON MONEY RATES . ' : --Shwmw siimh. 


eisi-TW 

siimk. 


97 Cbertnn Spc 1958 ^ 

99J Dirt 4: D c 1987 . 

90 Easimao Kodak 4jpc IBM an - 

94* Ecnoomic Lata 4*re iW w ' 
90S Hresrooe Spc 19SS ... in* 

941 Fort Sue 19S8 i";” " «*.: 

945 Cirneral Electric II pc 1B97 m-- - 

W Clllene 47 do 1987 _ S 

981 Goold Spc 1987 ' ' 

95’, Gulf and Western soc 1993 m 
9T, Harris Spc 1997 .. .. " 

9BJ Honeywell Roc 1986 .. ' 

BS) ICt 6Jpc 1992 ' SI 

INA Opc 1997 

Irebcapo «re 1992 no 

ITT 4jpc 1987 

Bill Josco fipc 1992 1S1 

BH Komatsu 7}pc 1099 .. J . 

80} a Ray McDermon 4 Jpc *37 140* ’ ; 

Mi klamusblta SJpc iflsu |S-_- 

971 Mitsui 7>pc 1910 - • 

MorKan 1937 thll - 
W Nabiscn Sipc 1983 mi] 


U6) 

■ l 12 ' - 

3J Aug. S3 CBtfflS 

1978 of depoeii 

fl| Overnight..— — 

771 i dpyi notice.. — 

98 ? »taj-« w - 

844 7 day* nolle*- — 

884 One momii .... 

78} Two mnntlw... BU-Sla 
138} three pmntJis. 9*3-9 U 
W} -iix mraUu,... 9,V®rt: 

J31 Sflne uwnthB- 0^-91® 

98 Ono I'asr ®4tr-9,4 

■964 itroyenro — 


tfteriinc Local 

Certlfltwe Interbank Authority 
of deposit (lepoBiu 


Finance 

Houh 

Deposits 


Diacoant. j-’ .* 

Company mackeL ’PrWtuiy 
PopMlle. tlepwlt SiOs* 

9i« B-S ;- _-■= -7 

.•>. •• 

~ 8U-87g 

Oki & * .B *** B 

- . 9 -87B-SIS. 

»S8 9 -• 


FineTraAe 

■Bllb# 


MOHEY HATES 


NEW YORK . 

Prime Raw; 0 

Fed Fonda — ms 

Treasury Bllia tlS-weekl 7jfl 

Treason r Bills (28-nek} 749 

GERMANY 

Discount Rale 3 

OvemlKbt. 3 j9S 

One month .. — 3 jS 

Three ' months - - 3 AS 

Six montha 4 


Source: Kidder. Ppaiiody Securities. 


lOtt - : : 1 -i- FRANCE' 

Local aptimrmr and finance houses sewn days' mHct. others .seven days fisrd. * Louga^em local aidhority moitgage OwraSht I”"”’”!!™" ^ 

138} rate nominally three years 11 per OMU four yens 1 1H 11 per cent; five years lU-nun pct cenL - 4 Bank Sill rales In table one month iwie 

MU «*■« boytwi rale for prime oanaj. BW'lM rate s for rouM noothbajy mils es^ cant; fouMpdiitff trade bills 18} per Cool Three months 

IN AppriHdnwie seBinx rates fornrtMnou* Treasary Wto per »m: am} twtHnontb percent: and (broe-moqtb Six montlo — ' 7 'SS 

mi per. cenL Approximate nDIbk rata for one-moo lb bank bills s‘u per cent; two.m-wtb ajJWn pe- cent and three- . ™‘ ****** 

S 1 n«b «5 «■ pn^oomh mdej WUs tins cent; rirMnomh n per cent; tar ««■ JAPAN 

is Rnancc Home Base Ratio {poMisfied by J2» Pinun Houses Asnriatloal 184 per Cent tnw* Aoemt 1, 1978. aearteo Bank Discount Rate - ..... 

IN Deposit Rates (for snail sums at seven day s* noti ce) per CenL Clearing Bank Bass Rates lor tending 18 par cam. CaD 1 OnrondlHonaii ■ ™‘ 

Treasury Bllia: Average tender - rates of djseonnr 8J08S per cent **— r . BOls Discount H«e. JS 5 
































































.^Financial Times Thursday August 24 197S 

13K ECONOMIC ETOICATORS 


ECOW^HC A CTIVFrY— Indices of industrial production.- flaaaiv 
. ^ fictoring cUtpu t engineering orders, retail salts foluniQ (1870= 

. 1C® ); retail’ sales value (1971=100); registered unemployment 

_k *f (excluding school leavers), and unfilled vacancies (000s). All 
seasonally adjusted. 





Indl. 

Ufls. 

En- 

Retail 

Retail 

Unem- 


1977 

prod. 

output 

order 

VOl. 

value 

ployed 

Vacs. 

2 nd qtr. 

102.1 

103^ 

106 

102-5 

222.0 

1,330- 

163 

3rd qir. 

103.0 

104.0 

106 

104.3 

234.2 

1,418 

351 

4th qtr. 

102.4- 

103.4 

306 

104.4 

239.4 

1*431 

157 

X97S 








1 st qtr. 

103.5 

J03.8 

. 08 

106.3 

246 J) 

1,409 

188 

2 nd qtr. 

104J 

IQ4A 


107J9 

25L2 

1,367 

213 

Feb. 

103.7 

103.7 

116 

106-R 

24£L5 

1,409 

187 

Idarch 

103.5 

104.4 

103 

107.0 

249^ 

1,460 

196 

April 

105.4 

305.0 

104 

166.7 

250.3 

1,387 

204 

May 

103.3 

103.6 


108.4 

2552 

1,366 

210 

June 

104.2' 

1«5.0 


3 OS. 6 

257.1 

1^65 

317 

July 




110.5 


1471 

211 

August 






1,331 

208 


CONTRACTS 

Big kiln to 
be built 
in sections 


21 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE R ECO /AMENDED TO TAKE. APPROPRIATE PR OFESSlONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


OUTPUT — By market sector: consumer goods investment goods, 
intermediate goods (materials and fuels): engineering output, 
metal manufacture, textiles, leather and clothing ( 1070 = 100 )-, 
housing starts ( 000 s, monthly average). • • 



Consumer 

lnvst 

Intrad. 

Eng. 

Melal 

Textile Houss. 

’ 1977 

goods 

goods 

goods 

output 

mnfg. 

etc. 

Starts* 

2 nd qtr. 

113.4 

98.1 

105^ 

992 

80^ 

100 ^ 

25.1 

3rd qtr. 

1 15.5 

98.6 

104.9 

I00JL 

83.3 

100 J 

■ 25.4 

4th qtr. 
1978 

117.0 

98.0 

101 J 

99.4 

74.8 

100.0 

20.7 

1 st qtr. 

116.1 

99.6 

104.6 

100.7 

76^ 

99.7 

17.8 

2 nd qtr. 

116.8 

99 J) 

106 J) 

10L2 

83.1 

1003 

• 26.7 

Jan. 

116.0 

100.0 

104.0 

10L0 

75.0 

99-0 

17.4 

■ Feb. 

117.0 

99.0 

106.0 

101.0 

78.0 

100.0 

• 15 J 

March 

117.0 

100.0 

104.0 

102 JO 

78.0 

100-0 

20.6 

April 

117.0 

JL0O.O 

109.0 

102.0 

85.0 

105-0 

25.4 

"■■.May 

115.0 

98.0 

106.0 

101.0 

S3.0 

98.0 

- 25.1 

June - 

118.0 

99.0 

106.0 

101.0 

80.0 

98-0 

29.6 


EXTERNAL TRADE — Indices of export and import volume 
(1975=100); visible balance; current balance; oil balance.;, terms 
of trade 11875=100); exchange reserves. 



Export 

Import 

Visible 

Current 

Oil 

Terms 1 Resv. 

1977 -* 

volume volume 

balance 

balance balance 

trade TlSShn 1 " 

2 nd qtr. 

118.9 

109.8 

— 764 

-365 

-745 

1003 ■■ 14.9 

3rd qtr. . 

124.1 

106-4 

+ 54 

+537 

-602 

JOL0. : : 13.4 

4th qtr: - 
1978 

117.9 

102-6 

+ 45 

+486 

-657 

102.4 20^9 

1 st qtr. 

102.3 

114.3 

- —574 • 

— 305 

—646 

10Si- 20.63 

2 nd qtr. 

122.6 

110.0 

-139 

+221 

-420 

104.4 

16.75 

Feb. 

127^ 

11L3 

+ 43 

+ 132 

-203 

104 * Si 20.7 

March 

121.4 

116.9 

-279 

-189 

-209 

104^ 

20.32 

April 

125.9 

104.1 

+ 187 

+307 

-149 

104.0- 17.04 

May 

219.9 

114-1 

-218 

- 98 

— 155 

105.1 -16.66 

June 

121.9 

1113 

-108 

+ 12 

-116 

104.1- 

• 16-54 

July 

1263 

117.1 

-150 

- 30 

-229 

104.8 

16.74 


FIN ANCI AjL — M one y supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at'innual 
rate); domestic credit expansion (£m); building societies^ net 
inflow; HP, new credit; all seasonally adjusted. Minimum 
lending rate (end period). 


Bank 



Ml 

M3 

advances DCE 

BS 

HP 



% 

% 

% 

£m 

inflow 

lending 

% 

, 1977 








2nd qtr. ’ 

24. S 

14,9 

5.5 

+769 

1^90 

1,047 r 

1-8 

3rd qtr. 

28.0 

10.4 

20.3 

+365 

1,084 

1449 

... , 7 

4th qtr. 

23^ 

12.6 

8^ 

+698 

1,56 5 

L189 - 

7 

1978 






■ 

Ul qir. 

24.7 

24.0 

17.5 

+ 1,818 

-1,049 

1^60 

. G* 

2nd qtr. 

8.7 

15.9 

24 Ji 

+2,893 

694 

L393 

10 

Frl), 

26.8 

25.5 

17 J9 

+963 

353 

418 

6i 

March 

24.7 

24.0 

17^ 

+597 

30S 

413 

r‘-r 6} 

April 

19.1 

24.7 

126 

+ 1,432 

335 

463 

7 

May 

13.2 

17.4 

18.3 

+1,124 

212 

471 : 

- 9 

June 

8.7 

15.9 

24.8 

+337 

* 147 

459 

10 

July 





180 


'10 


INFLATION— Indices of earnings (Jan. 1976=100); 'Jb**Sc 
materials and fuels, wholesale prices of inamjfanwed product 
(1970=100): retail prices and food prices fl 974 =100)/ F 
commodity index (July 1952=100); trade weighted v^lua M 
sterling (Dec. 1971 = 100). / 



Eam- 

in®s* 

Basic 

malls* 

Whsiilo. 

uinfj;.* 

RPl* 

ft* 

Foods* 1 c®jdly. 

Strlg. 

1977 
2nd qtr. 

114^ 

347.7 

259J2 

18L9 

191.1 

■250.0 

61.6 

3rd qir. 

116.1 

340.5 

267.7 

184.7 

192.1 

'239.9 

61^ 

I*h qtr. 

119.9 

330.6 

272.1 

187.4 

- 193.3 

234JJ 

682 

1978 

1st qtr. 

123.1 

326.7 

279.0 

J90.6 

i 

197 J 

238.51 

64.6 

tod qtr. 

129.9 

340.7 

284.6 

-195.S 

2Q3£ 

24227 

6L5 

"eb. 

122,7 

324-2 

279J) 

198.6 

1973 

22426 

664) 

torch 

125.0 

331.0 

2S0.6 

19IJ 

198.4 

238.61 

64.1 

Vpril 

127.2 

337,4 

282.7 

194^ 

201.6 

238.94 

61.8 

toy 

Z29.I 

341.5 

284.6 

195.7 

203.2 

250.67 

61J 

une 

133.1 

-343.1 

2S6J1 

197.2 

206 -T 

24227 

6LS 

July 


340m 

288.7 

198.1 

206.1 

237.68 

62.5 


HEAD WKIGHTSON TEESDALE, 
member of the Davy Inter- 
national group, has won an order 
valued at El Am for the supply 
and erection of a rotary kiln for 
British Chrome .and Chemicals, 
Cleveland. This kiln, about 900 1 
feet Ion" and weighing 1.400 tons,, 
will be the biggest and heaviest to 
be built by the company. It wiH| 
be fabricated and transported 
to site in five sections, then 
aligned and erected on four! 
roller support stations. Rotational [ 
drive will be by twin pinion girth! 
cear and will be thyristor con- 
trolled. It represents. It Is 
claimed, a major advance. In the] 
technology of sodium dichromate 
production processing in Europe.; 
It will be built In collaboration, 
with Vulcan . Ironworks Inc., 
Pennsylvania, U-S. 

•k 

EMERSON ELECTRIC INDUS- 1 
TRIAL CONTROLS has received a | 
£250,000 contract to install un- 
interruptable power supply equip- 
ment at the London Air Traffic | 
Control Centre, West Drayton. 
The installation Is scheduled forj 
completion by April next year and 
will comprise four units of 
250kVA each. Only three units j 
win be In use, with the fourth on 
stand-by. In addition to driving 
the radar control main frame com-] 
pater, the power supply will be a 
static fixed frequency inverter I 
system with battery support It] 
ensures that the Centre's elec- 
tronic monitoring equipment is] 
safe from electrical failure and 
mains voltage line transients. This] 
equipment is used to control aj] 
civil and military aircraft flying] 
over most of England and Wales. | 
* 

The Herald and Weekly Times, of | 
Melbourne, one. of the largest] 
publishers of newspapers and 
magazines m Australi a, has signed 
contracts with UNDTYPE-PAUL, 
London, for the supply and l 
installation of a 5500 electronic] 

publishing system, valued at over! 

16.75 |£3m- When installed, this will, it 
'is claimed be the most advanced 
photocomposition system of fts : 
kind in the world. Delivery will 
begin in January, with installation j 
to be phased over several years. 

★ 

The flight test department of! 
British Aerospace at Warton, 
Lancs., has ordered an I CL 2960; 
computer system. Valued at more 
than Elm. the new computer wOl 
be installed in November. The 
contract was won by ICL follow- 
ing an intensive technical evalua- 
tion by the flight test department 
which covered ah major main- 
frame and mini computer manu- 
facturers. From this a short list 1 
was prepared and ICL won the 
order in open competition, against 
leading American manufacturers. 

* ’ 

HA DEN YOUNG has won an 
XS00.0Q0 design and installation 
contract at Cummins Engine Com- 
pany, Shotts, Lanarkshire. Within 
n programme of development and 
renovation 21 engine test cells are 
(o be provided. Work, planned in 
two phases, should start in 
September with Phase I com-, 
pletion scheduled for February. 
1979, and Phase n in February. 
1981. 

+ 

Orders for control equipment 
worth £500.000 for an Integra 'pd 
iron iuid steel plant in Brazil, 
:vc been placed with CUTLER-] 
AIMER EUKOPA. Bedford- The 
orders have been placed by Davy] 
.Aslan ore International, Clarke- 
Cbapman. Davy-Bamag. J. M. 
Henderson and Wood all-Ducfc ham. 


motor control centres, is for the 
Ac© Minas Gerais SA iron and 
steel plant— for which Davy 
>Aahmore is the principal con- 
[ tractor— on a greenfield* site in 
| the stave of Minas Gerais about 
! 240 miles from Rio de Janeiro. 
[The controls, for delivery at the 
end of this year and early next, 
include blast furnace controls 
i programmable controllers 


TOYS • ELECTRICAL- HARD WARE • MACHINERY 

We are a well established, successful public company, with 
many happily run offshoots. 

We are now seeking to acquire further companies for cash. 
We can considerthose which: 

(1) Show net profits exceeding £100,000 p.a. (subject only 
to tax). 

Are well established with a progressive record, long 
term prospects and capable management willing to 
continue to run the company aftersale. 

Are preferably in one of the following areas; 

(a) Wholesale electrical distribution. 

(b) Toy manufacturing or importing. 

(c) Wholesale hardware distribution. 

(d) Machinery^—. ■ 

Ample finance Is available both for purchase, and for injec- 
tion into companies where necessary.. - 
Please apply to Derrick Cowan, Chairman. 

All replies treated confidentially. 

COWAR DE GROOT LIMITED, 
11 John Street, 

London WC1N 2EG 


P) 


P) 



PRESSWORK, SPOT WELDING & PAINTING 

Large cawctsy available due to completion of overseas contract. 


POWER PRESSES — 
ROLL FEED PRESSES — 
PRESS BRAKES — 
SPOT WELDERS — 


15 to 250 tons 
. 55 to 120 tons 
60 to 150 tons 
25 to 300 KVA 


PRETREATMENT & PAINTING - POWDER OR WET 

Plant wlQ be available for short or Ions; nnmlBZ contracts, early September 
onwards. Factory shnaied N.W. England. Write Box C2173. Fhmtaal Times, 
10. Gannon Street, ECiP 4BY. 


NEW PRODUCT LINE WANTED 

. Over dw put two years we have built up * national business in the home 
improvement market. This business has e Sprlnf/Suramer bias and we are 
k»kmg for an additional line particularly • suitable lor marketing In the 
winter mmnehs. During this period we have span capacity within our direct 
soiling and installation (heating/ plumbing) networks. Companies with lutly 
developed and available products or tervieds. please write In confidence to: 

The Managing Director. Sox G.2471, Financial Times, 

10, Goa ran Street. EC4P 4BY. 


Swiss Trustee 

offers help in 

— International transactions 

— Fortune-Management 

— Establishment and management of com- 
panies with activities in Switzerland 

P.T.G PJanta Trust Company Ltd. 

Dufourstr. 116, CH-8034 Zurich 


★ 15-YEAR MORTGAGES 

★ INTEREST 12h% JTJXED 

★ UP TO 75% OF VALUATION 

★ INVESTMENT OR OWNER OCCUPATION 

★ QUICK DECISION 

Please phone or write to: S. A. PARNE5 

23 MANCHESTER SQUARE 
LONDON W1A 2DD 
TEL: 01-486 1252 


DRUCEO 


PRE-CAST CONCRETE CLADDING 
SYSTEM 

Company offers comprehensive system for cladding 
steel- or concrete-framed buildings. Designs, know- 
how and moulds available as complete .package. 

Write Box G2470, Fmavcial Times, 

10, Cannon Street, EC4P 4BY. 


A PROFITABLE INVESTMENT ASSOCIATION 

if you have experience and interest in stocks and shares, and good 
connections, and wish to take advantage of this, working from home 
on a part-time basis, we would be i nt erested in hearing from you. 
We are an old established and reputable firm. Remuneration and 
hours negotiable. Please reply giving a background resume to Box 
G-2474. Financial Times. 10. Cannon Street. EC4P 4BY. All replies 
will be treated in the strides confidence. 


ffillCE FOR 
111 SMALLER 
COMPANY 

Forfurtherirriormatjon contort: - 

K. Dean, 

ARBUTHNOT FACTORS LTD, 
Breeds Race, Hastings, 

E. Sussex. 

Tel: 0424-430824 


The best 
franchise 
: " opportunities 
are in 

FRANCHISE 
WORLD 

Subscription form from 
,37 Not 
LonctorrSWl? 


VtefcM^uUII IUHII ji ui, 

:J37 Nottingham Road 
' ~"17 7EA Tel. 01-767 1371 


CAPITAL 

LOSSES 


£lm agreed capital losses 
required. Available for offset 
against chargeable gains in the 
future. Replies in strictest con- 
fidence to Box G 2476, Financial 
Times, 10. Cannon Street. 
EC4P 4 BY. 


THE COMPLETE FINANCIAL 
AND MARKETING PACKAGE 

We ire in International Marketing 
Consultancy based in London which 
offers financial and marketing advice 
either in this country or world-wide. 
Capital would be available to suitable 
enterprises where expansion or 
development of new projects is beyond 
the limits of existing cash flow or 
financial resources. We also give 
experienced advice on both mergers 
and takeovers. 

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

Box (7.2378. Financial Times. 

10 Cannon Street, EC4P 4BY. 


FOR SALE 
EXPORT BEEF 

Available, 2.000 metric tonnes rising 
» 4,000 metric tonnes per month 
Beef, existing of compensation quarters 
bone, in or out ribs at required. 
Subject to being unsold. 

Delivery on an i.o.b. basis and 14 
days after contract and establishment 
of Letter of Credit. 

Further details and information of 
this end other commodities from:— 

GENERAL EXPORT ft TRADING CO., 
Suite l-II. Mezzanine Floor, 

Kent House, 87 Regent Street, 
London. W.V. 

Tel: (01) 439 6363. • Telex: 23312 


For the attention of 
ENLIGHTENED 
STOCKBROKERS 

While Some stockbrokers aim Co pro- 
vide their private clients with overall 
financial planning advice, frequent 
tax changes and the growing com* 
plctxicy at legislation are making both 
Che provision and accuracy of such 
advice increasingly difficult to achieve. 
A chartered accountant having, con- 
siderable experience of tax and finan- 
cial planning wishes to enter into a 
lull-time arrangement with a London 
i cock broking linn anxious to improve 
this side of their service to clients. 
Ideally, the stockbrokers should be 
enthusiastic, profit orientated, and 
keen to put ideas into action chat will 
result in more brokerage business aa 
well as increased com missions Freni dm 
flmnci*l planning side- 

W'.'te, in confidence to:— 

Bne 303. Streets Financial Limited. 

62 Wilson Street, Finsbury Square, 
London E.C.2. 


PRESTIGE CARS WANTED 

TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 
Are yea obtaining the best price for 
your law-tnileage prestige motor-car? 
We urgently require Rolh-Stoyc*. 
Mercedes. Daimler. Jaguar. Vanden 
Km, BMW, Porsche, Ferrari. Maserati. 
Lambourghlni. Jensen Convertible, 

Rover. Triumph and Volvo cart. 
Open 7 days a week 
Collection anywhere In UK. Cash or 
Bankers’ draft available. Telephone us 
for a firm price or our buyer will call 

ROMANS OF WOKING LTD. 
Brookwood (04867) 4567 


DIRECTORS ARE 
NOW BEING FINED 


for failing to comply with the 
Health and Safety at Work 
Act. Often the cause is 
untrained, unqualified safety 
officers. As the World's 
largest safety officer training 
body we can help. Phone me 
direct: 

James Tye. Director-General. 
British Safety Council. 

01-741 1231 (20 lines) or 
01-741 237] (10 lines) 


CONFIDENTIAL 

INTRODUCTIONS 

negotiated for Sale/ Purchase of 
all types of Businesses in all 
areas. Expert and Discreet 
Service. 5% commission on 
completion. Please forward par- 
ticulars of proposals or require- 
ments to 1 - — 

BEAUMONT MANAGEMENT 
SERVICES LTD* 

35/37 Clarence Street, 
Staines, Middx. 


BUSINESSES FOR SALE 


!;!ii 


j/ifi 

if*** : 

l 


Maps the bravest man I ever knew...’ 



* 

Work is st art ins on three] 
advance factories for the Depart- 1 
ment of Industry at Goldtborpe| 
Industrial Estate, near Barnsley, i 
These factories arc of the terrace] 
unit type, two of 5.000 sq ft, 
PKh, and capable oT division into; 
two. The third is 35.000 sq ft 
and capable o! division into six. 
A; contract worth about £*35.000 
b» been awarded to FIRTH 
CONSTRUCTION. Doncaster. Com- 
pletion is scheduled for March 
next year. 

•k 

BRITISH FURNACES. Chester-] 
field, has an order worth about 
£250,000 from Rover Triumph 
Cars for a continuous cas car-J 
burning scheme, with atmosphere 
gas generator, to be installed at; 
Peng am, Cardiff. The unit will 
be automated and will increase 
production of gearbox com* 
pone ms. The components will be j 
processed at i;jon'hr. 

★ 

$feighlns equipment contracts 
from seven chemical companies 
have been placed in the last four 
Weeks with TOLEDO SCALE. 
Total orders amounted to some I 
£125.000 and ranged from the 
batch scale weighing in grammes I 
tor a 50-ton capacity low profile! 
weighbridge which requires no] 
Tdt fpr installation. 

* 

DEWRANCE has won orders 
totalling more than £420.000 for 
ltifth>pr ensure valves, boiler ! 
mountings and isolators for a 
cr station in Kentucky, placed 
>y Kentucky Utilities. and 
methanol nlunfs in Russia, placed 
by Babcock and Wit to, 

AEDLER CONX ETORS has been 
awarded a 8700.000 contract to J 
supply conveyors and associated 
equipment for a new 20 , 000 -ionne 
grata silo and automatic sacking 
plant being, built .in the port of 
Hodeidah in North Yemen. The 
total project is being financed bv 


For Sale 

RECLAMATION SITE 
APPROX. 35 ACRES 
WEST MIDLANDS AREA 

Licensed for nipping of Bj.dJere - 
Want. FoanSry Sand. tx. 
Estimated 1. 000.000 ton* of sand nill 
available lor extraction, thereby irt- 
erununs tipp-.ag volume. 

Write Eo* G-23IS. Firenciol Timer. 

10 Cannon Street, EC*P 43 Y 


NAMAC 


TO SELL OR MERGE 

yoor eorefJany to your very best ndvan- 
wge. yott need die professional exper- 
tise of dw National Association of 
Merger ft Acquis Cion Gonsulunu witb 
40 member firms w the USA and in 
Europe. NAMAC has had particular 
utcc-iss until final having a NAT of 
£.100,000 or more. For a member firm 
near you wfco can a-ronge • discreet, 
confidential contact with s qualified 
ouyer. write; 

NAMAC, 4255 LflJ Freewoy 
Su>te 2B2Y, Dallas. Taaoi 75234 USA 


LONDON OFFICE FACILITIES 

available tor International Companies 
requiring admin, base in London. 
Service* include formation of National 
and international Cwnpaivei, te .tx an i 
telephone ccrumsiwcavoa. tarx and 
legal adv.ee and adtiin-Mracion. 
Further detail: and information from 
Box G.2475, Financial Times, 

10. Cancan Street. E£4? 4fly. 


IMMEDIATE 

PRODUCTION 

CAPACITY 

AVAILABLE 

Etectraoic/Ligbt Engineering 
Assembly 

Tel:; Mr. Reynolds 
0734 583030 


SUGAR CONFECTIONERY BUBBLE 
GUM FACTORY 

FOR SALE AS A UNIT 

Leaf Limited (in receivership), manufacturers 
of bubble gum, freeze pops and candy. pops, is 
located in Kitcock, Co. Kildare, Ireland. 

The Receiver is offering for sale the following : 

Factory Premises of 92,000 sq. ft. (8546.8 sq. metres) 
on a site of five acres. 

Riant, Machinery. Fixtures and Fittings, Raw Material, 
Work-in-Progress and Finished Stock. 

A skilled workforce (220) is available. 

For further details and permission to inspect, 
apply to the Receiver: 

Alexander K. Bums, F.CJL, 

STOKES KENNEDY CROWLEY & ASSOCIATES, 
Harcourt House, Hareourt Street, 

DUBLIN 2, Ireland. 

Telephone 01-287361 Telex 5T49 


FDR SALE BY AUCTION 
(unless sold privately) 

THEWEBBINGTON 
HOTEL AND 
COUNTRY CLUB 

LOXTON, NR. BRISTOL 
know© as “The Nfta Spot of the West" 
Nationally known Residential Hotel 
and Country dub near Bristol and 
3aih in a prominent pos it io n dosa to 
the MS, being the main holiday 
route to Devon and Cornwall 
Extensively enlarged - Ballroom/ 
Entertainment Can tre /Restaurant - 
Over 60 Bedrooms 
Standing ia Grounds of 6 acres 
To be offered for Sale by Public 
Auction on the Premises at 3 run. 
on TUESDAY, 10th OCTOBER 1978 
Solicitors: bSsssrs Trump & Partner^ 
31 Sr. Nicholas Street. Bristol J. 

Tel: (0272) 299901 
Further particulars from: 


Osmoncf,Tricks 

and-son. Chartered Surveyors 


7&B Q ueen square, Bristol 
■■iTtet (0273 233171 1 


JAPANESE MANUFACTURER 
of advanced range of 
RCM CHEMICALLY RESISTANT 
INDUSTRIAL VALVB 
New seeks suitable distributors 
in EEC and Scandinavia. 
P'ecic reply:— 

P JO. Bax 11, Riekrnansworth, 
Herts. 


SCOTCH WHISKY 

FOR SALE 

Us o 40.000 cates cxSwndnf wire, 
taust oL various named brand t. 
Full detoili: 

GENERAL EXPORT A TRADING CO., 
Suite 1-1 1, Menanfaw Floor, 

Kent House, 47 R*s«at Street, 
London, W.J. 

Teb 01 -439 6363 Totem 23312 

t-'so oBUf commodities available. 


LIMITED COMPANIES 
Formed in UK & Worldwide 

■iKioding 

ISLE CF MAN £133 

DELAWARE S400 

PANAMA 5873 

Contact: CCM Lsd., S Prospect H:fl. 
Doujlas, l.o. M. Tel: Coujiat (0624) 
23733. Trtr*: 627930 BALK3M G 


IBM ELECTRIC 
TYPEWRITERS 

Fictarr rocoodipsncd and goa-'anroed 
:y I5M. Buy, save up to 40 p.c. 
Lees* 3 from £3,70 weekly. 

Re^t from £29 per montb. 

Phone: 01-641 2365 


DUKE STREET BROKERS LTD. 

PROFITABLE ROOFING COMPANY FOR SALE 
Located in West Midlands, the company, which presently requires 
minimal supervision, could be substantially expanded. T/O £12Q.0C0: 
N.P. £25,000 (includes £10.000 freehold property). 

c u»/ , SOUD FUEL CENTRAL HEATING UNIT 
5. Wales venture has new (but proven) product ready ro marker 
The projecr has enormous potential and has already received 
substantia] support from government agencies. In exchange for 
marketing finance of £7,000-£10,000 substantial equity if offered. 

_ - . . DUKE STREET BROKERS LTD., 

57, Duke Street. London. W1M SDH. Teli 01-629 2S3I/0Y-408 2111 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CD. JtsGlSTRATJOMS LTD- 
39 Cisf Road. £C1. 

01-619 S4?4>5J7J4I. 9936 


ir- 


S JX-fOOT-rdiTt ,qrRGrwr “Tiny" G**V^.-I>CM., was r^riups ibo 
bruii-csimanhi!. Colonel c\cr knctH 1 . 

. ^ ^ ****** Aden, after] being booby-trapped- JSSti oVnJSLeSS. 

and nraoasoed again more recent !y. s«y fyant cannot bear to 

mm acoxner.Fotlcaj; ofrvhaLisi on iho other sido. 

Jl b the bravest men and vnamcn from the Scn-ices u ho suffer most from' 
menial breakdown. For they have tried, each one of them, to givusncie, 
much mpre, thaq they couldin. the service of our CouBiry- 

We Icrolraftcr these brmn men and women. AVe help them at home, and [contract cavers feortneerinj; and 
in houpiud. We ran our own Convalescent FlomCk Bor some, \ve provide g^ly of .-iSSn^uS 

work- in .t sheltered vulusixy, so that they can live without charily. Ss fieemd b^oedisL V 
Tor ethers, *he« is our Yclcra wbera they con uutihar. Mas UCenWd * bl BOecnsL 

Uj; - » in peace. -A consortium comprising RPC 

TECHNICAL services, sel- 

ENGINEER1NG and 


ISLE OF MAN OFFSHORE 
TAX SAFEGUARD 

finia '*« Mwttunrtio m a lo«-u< 
area we irea ialiae in the fernunon 
o I :W Wj» c. including nominee 
*03=- nsmtnt, Kcnwial services. 

sbi-ctI aoeoev wonc. tele* im gtitr*: 

to-.su <:aney. . induding comrnrn:i*l 
oiacement. 

Fun dcre'ls from P. A. Broavn. BROWN 
BROTHERS UMtTEO. Victory Horec. 
P ro-. p»s 1 Do«B I**. Ill* of Man, 

Trl. OKW 25661. Telex 8264 1 


MARQUEE HIRE 

Owners wun u retire from profitable 
biuinew operating in Wifahire and 
tur rounding countiei. Esublilhed over 
5D rein with 75 of revenue from 
repeat butineu. Stock includes 38 
Marquee*. 1.600 chair*. 460 cable* 
Plus Dante Floors. Matting, Lining* 
its. Considerable scope lor txpamlon 
both territorially and in ranjo of 
services. 

Total business, including next rears 
order book and goodwill £60,000. 

D. Holder. KONA IT AH ft CO.. 
33-42 Newport Street. Swindon, 
Wiltshire SN1 3DR. 

(0793} 21231/7 


Fuad for Industrial Development, | 
Hr 

UHDE hss been swarded an 
engfoCKriBR contract by the FMC 
Corporation for a plant to pro- 
duce phosphorus pentasulfide. a 
component of pesticides. The 


FIRST-CLASS INVESTOR 
REQUIRED WITH 050,000 
For the devetaoaene of a freehold 
Mara complex in * prime 'pardon 
of South fiat: England. Paueble *qu.cr 
partnipaoon- 

RepJy hr ilmr conFdcme to 
Bo* G-2468, FrooneiiH Ttou, 

Y0. Cmcon Street. EC4P 4(Y. 


EXPORTING TO JAPAN, 
KOREA A TAIWAN 

Cfca-tt'rd finjmecr. experientrd 
exporter- ri*i*i*E chrte counerie* art 
a r<?;u:jr bans is wiU<nc to undertake 
comm-sS'MB tq e*eabiah aacnem/ 
dii:n=uiioa neeworiu on a fee/ 
con-nuvon b**. Write or ’phone : — 
P. A. JBemwtt, ABTECH LTD.. 
Orjrreve CrWBit. Sheffield S13 4NQ. 
Telex: S 47700 . Tel: SbeffiefeJ 699371 


BUSY EMPLOYMENT AGENCY 

South Coast town 

Esejblhilied 7 years. Ocsoltc uncm- 
oioyment. orpnis show stead v rise. 
W.in current year being a record. 
Aoai*ed accounts available. Low rent. 
One or both existing owners will stay 
on tor 3 months or more to ensure 
smooth transfer ol goodwill ana teach 
business it required, would suit indi- 
vidual. husband and wile team or two 
Sriecds. Enormous potential tor expan- 
sion. £30.000 o.n.o. 

Write Bo* G.2359. Financial Times, 
13. Cannon Street . £C4P 4BV. 


OFFSET 

PRINTERS 

With leasehold premises of 
10.000 square fe«t and trade of 
QOO.fflW for sale, as vwner 
wishes to retire. Home Counties. 
w !‘t* G.2467. Financial Time*. 

10. Cannon Strew. £C4? 48 Y. 


SERVICE AND MOTOR 
DEALERSHIP 

CENTRAL LONDON 
Principals wish to sell a sub- 
stantial interest in a large 
motor vehicle workshop with 
small sales franchise to a 
working shareholder or au 
established company. 

Principals only should apply with brief 
diyajls to Boi GJ4 72. FinandaJ TiinM, 
10. Canxwn SirceL ECIP 4BY, 


FOR SALE 

5QUASH & NIGHTCLUB 

Situated South Cheshire Area. 
Four courts, large site area for 
expansion, recently architect de- 
signed, and built. large turnover. 
Ample scope for improvement. 

Apply Sole A genu : — 

AUBREY LEE & COMPANY, 
Grampian Home, 144 Deanstpte. 
Manchester 3. 061-832 9933/4 /S 


I 

WHOLEMte HARDWARE CAMPING ‘ 
iHf*yf s _Vp-.,Ihrivin9 West country i 
NR 1240 000 0 a - Co °* 1 • 
manages, -irtually un- , 
apposed. FreeMId. mki™ Tramport \ 
."JW ,n g*;- - including Stork — about i 
.?HRJ5TIE a CO. jt. Queen j 


vie 

CIOO.Dl! „ 

Street. Exeter. Tel: S9371. 


FULLY EQUIPPED 

ENGINEERING AND 
PRESSWORK COMPANY 

on South Coast (or tale » going 
concern. Turnover £230.000 with 
scope for expansion. Lons Leu,. 
For information telephone 

0273 778955 


BUSINESSES WANTED 


PLANT AMD 
MACHINERY 


*] fine nwn and women ha\c ^iien ihdr minds to thtfir C^untr>*. If we _ I tow? 
tux to hfilp them, the mubthn^ funds. l>o please help us drinatton, 

and w i th u IcfntTliM, perhjps. Tlw tfchi b tracd by al U»f us. 

u Tfiej ,i re given more than they could — 
please give as.nmdt as you can. 1 * 


CX-S«UIC€S 

memamaffiK soaery 

37Tnurloe StreeUandori SW72IX. 0I-5S4S688 


SOOETE DES OMENTS 
FRANCAI5 has b^en au-arded a 
contract by Th© Philippine 
Cement -Corporation to under- 
take a technical study ©f each 
of the IS ccncat plants in thelewt 
PhUlppines lo determine their I hom 


FART AM IMMtT EXPORT AGENCY. 

Mo earateai reoui tea. butaara a.er 1 
59 rears. Cind ia 63 countries. Sand 
Urge SA E — wise. Oeot. F.. P.O. Bo* ■ 

Maiiboreusft. W.a. 

PEANUTS o* Sri Laau Oriflia pre^atOd 

at rare camoce^.-ve pr>;co. Centan 
UncnM to ffli tasai. p.o. Em tiW.' 
V: lawa. 


FiMANCIAL FACtUTItS required by 
CMBitl UitMW for UK aM 

CdoUnanta. Jmb de-aiosmeat.~-Wr.ie 
BOX G247T, riwKlu Times. IQ. CeraTVWi 
MTttt. EUP AVt. 

SCHOOLS AMO CDUCA 


generators 

Over 460 sets in stock 
IkVA-TQOkVA 

6“/ "*?*£ the na n ufa r .tuTer * 

mtOt tali alternate Mrrlce 

clarke group 

0)-9fi6 8231 
Tgfae 097734 


FOR SALE 


Rome market and export bustnesc. 
Good cvoneciiona allied ro rako and 
bisuoils fitltL Company available, 
suitablu to somcOodv wiihin th* 
uu usury. Reason for sale cash Sow 
problems wtacb lphJbii cxpattslon. 
Pnsccpala only please. 

Write Box CJ439. Financial Times. 
10. Cannon Street, ^C4P 4BY. 


Inquired ; to restore capacity 

(whore necessary), and report m J kingsway. w.i 
1 anti-pollution control installa- 

l tions. 


AtiLtSHMUm cab tie reacned 

2 be Educa-mal Address na>ml j 

- JauiBB imist Ocrmr Hease. RedhiTi. I 
Sorrerr «Hl 3DM. Morenum 2223. I 

.. . . SO© m. n. mob ; 

qp»i fry. naaeff* oftaes, t#aterer%c room. . 
write Bex GJbfJfi. Fbunuat limO. 10, \ 
Cannon street, EOtp 48Y. i 


" Sto '**tj<Drw too KH 


ana e*w>« eoonlnxs WlraSd! Uroe 

rcoon^n t» bulk 

S&r2?'&.& ?§&.TSi S T 7i*£ 


GARAGE FOR SALE 
East Berkshire garage for sale 
as a going concern including 
Freehold Premises. Turnover 
approx. £175,000 p.a. from new 
and used car sales, servicing, 
perrol and accessories. 

Write Box G.246S. Financial • Times , 
10. Cannon Street, EC*P 4BY. 


BOAT HIRE FLEET and ICG caravan site 

won toilet blocxs. admin, otnees. shop. 

Building shed. 20-ton slipway, mooring*, 
etc. Midlands area... ©Were angund 
£300.000. Peter Holllneworth ft Co.. 
Chartered Surveyors. Birmingham B32 
2£C. Tel. 021-42G 2800, 


c — ■ — * 

! MARINE AND LEISURE INDUSTRY 

1 Leading U.K.. company wishes to expand its interests 
j in the marine and leisure industries by acquisition 
or association. Substantial resources are available for 
| the right project, 

j Reply in strictest confidence to Box G.2464. 

|j Financial Times. 10. Cannon Street, EC4P 4BY. 

1 TAX LOSS 

PROPERTY COMPANIES 

required 

WITH UNREALISED TRADING 
LOSSES OF UP TO £100.000. 

! Write Box G.2*66. 

| Financial Times. 

1 10. Cannon Street, EC4P 4BY. 

- — . — — 

CIVIL 

ENGINEERING 

CONTRACTOR 

Our client would lilt* to acquire > 
Ulriy substantial business engaged in 
civil engineering, preferably with over- 
i:u capability, 

For further information, please 
r-n'y In confidence to :- — 

SLATER. CHAPMAN ft COOKE, 
ftef. ODD. Chartered Accountants. 

Tda St. JantM's Street, London SW1. 

EMPLOYMENT 

AGENCY/BUSINESS 

Urgently sought an/where in 
the LJ.K. A single Branch 
or Multiple will be considered 
promptly. 

Write Sex CJ4S5. Flnom.al Times. 

10, Conran Street, ECIP «BY. 

WHOLESAU & DISTRIBUTION 
COMPANY 

With pre-tax Profits In excess of 
£50,000. 

Required by private group. 
Ample funds available for cash 
purchase. 

Write Bat G-2469, Financial Time*. 

10. Cannon Street. EC4P 4BY. 





22 


L 


Financial Times Thursday Augusta* 3978 




WORLD S 



Wall St. boosted by dollar support move 


INVESTMENT DOLLAR 

premium 

$2.60 to £1—98]% (99] 
Effect'rc 81.9270—175% (48%) 


or move to a pricing system based 
on a basket of currencies. 

Broker? noted that profit-taking 
appeared iate in the session as the 


New World 22.5 cents to HKS3 jB25 


Texas International, on the firmness yesterday and _ the and j Iqultalne «to JFFi* ***■ . c tfire ProoertJes 20 cents to 

Amex exchange, gained S to $13; Commerzbank index rose t0 Elsewhere. Carrefour declined and - ..... 

— it currently owns about 9 per a new eight-year peak of S27.6. 

cenr of National and was seeking Volkswagen featured ««*» a -- , r . - r . 

control. further advance of DM 3-00 to £Fr Ul and St. Gobain oJ to 

Del Monte improved 1J to S37 DM259.00, reflecting good first- ri r loZ.O. 

advanctTon Wall' Street yesterday ,eve ** where t^y say pre-planned — R- J. Reynolds has extended half figures and second-half fore- J^ere was some j? u * f 

^■sawSS Isa ’a asa « yes,erdays mss* <*s5^ 


GAINS BY Computer and Gam- Do "' j onei ^“strioi Average 
ing stocks highlighted a broad ?™*sed once more above the 900 


eisewuere. ^arreionr ueainea aim . ... T . 

9 to FFr J.73D, Creasot-Loire 4 2 HKSUs. Hongkong and KowloOn 
to FFr 895. .MIchetin "8" 13 to Wharf advanced 1.50 cents to 
- - HKS37.00 and the Warrants 


HKS9 to HKS114 on continued 
speculative interest. 


The Dow Jones KduS encoumzed by *toe~ V^earie? Jlffi AMERICAN . SE Market ~howKS:i teiial from Volte- Cetelem. UCB. Ucafrance. 


Average breached the 800 level yesterday of a steep decline in 
to touch 004.28. before coming durable r<>ods orders m July, 
back to Close at 897.00 for a fresh suggesting a slowdown jn the 
gain of 4.59 on the day. The NYSE economy ahead. 

All Common Index finished 38 Among Computer issues, IBM 


Johannesburg 

Most sectors of the market lost 
with dealers citing toe 


Value Index moved ahead 0.92 when's fiwatl * B l chief, Friedrich Chargeurs Rennies, AJsacienne- 

more to 165.67 in a very active Tbomtes. that it is bolding acqul- Sopermarches, C~ * 

business of 5.48m shares t4.52m). dt j on talks with GHB left the Babcock, Matra. „ - — -- — — ■ - ------- 

latter’s shares DM I easier and Vallourec and Sommer-AlliberL sharply lower Bullion price ana 
GRH’s MAM unit shares off 


CSments Francois, sxound. 

Oilers, Marine, main contributing factors as the 


volume expanded sharply to NCR l at $65£ and Data General 
39.71m shares from Tuesday's l‘ at SG4L Data Terminal Systems, 
level of 29.62m. on reporting higher Second- 

Brokers related the advance to Quarter nvi ^profits, rose 1} to 
ibe Treasury Department's an- 543 ' 
nouncement late on Tuesday that o° 


Canada dm 0 . 20 . 

Stocks continued to show a firm Lively interest 
bias yesterday in brisk trading. Banks, Deutsche 
with the Toronto Composite Index dm 1.90 


and 


adding 1.0 at L232-4. 

Gas -i 
index 

1. while Prime Computer put 33.7 to 1.4901, Another 
1} to $35j and Storage Tech- esc 


surfaced for 
Bank adding 
Uresdner DM 1.50. 


last night's border attack. 

Gold shares weakened across 
the board, recording losses in 
Stock prices again presented a heavyweights ranging to 150 
mixed appearenace in light trad- cents. 


Tokyo 


with the Nikkei-Dow Jones Mining Financials were softer m 



it will more than double its gold oology also tj to S30i. 
sales to help support the dollar. Among Gaming issues, Caesars 
It said the saes would make "a world mmed ahead 2J to *31}, 
significant contribution to reduc- Bally 21 to 3475, Playboy 1 to $24] 
in? the U.S. trade deficit.” which anc i Metro-Goidwyn-Mayer 1 1 to 
has been a cause of the dollars §435 

Jons slide. Motor Manufacturers reported 

The dollar improved on foreign a drop in mid-August car sales 
exchanges early yesterday in res- but their shares were mostly 
ponse to the new dollar-support- higher. Gold Issues, however, 
ing plan, but backed away from weakened ss the Bullion price 
u$ hiehs later in the day. fell. 

Last week, the Federal Reserve Federal Express “A” jumped S3 
raised its target rate on key t 0 $39! bid in over-the-counter 
rederal Funds and increased its trading on a proposed stock split, 
discount rate in moves to support Pan-American Airways led the 
tiie dollar. actives list and rose *1 to SSJ. 


dull 

exception was Banks, which 
declined 0.59 further to 28S.QS. 


and cents to R7.5U on disappointment 


The Domestic Bond Market Pharmaceuticals. Papers - . . 

with fresh Pulps and Machinery Manufac- with the interim dividend, 
up to 45 turers met selective interest. Most other Metals followed 


remained 

scattered 


subdued, 

losses of 


Dome Petroleum rose J to p f enn jg S occurring The Hegulat- Export-orientated shares, how- Gold issues down. Industrials were 
C$66}, Hudson’s Bay 3 to CS24 L* Authorities bought paper ever, mainly turned downwards mixed 111 quiet tradm„. 


and Siebens Oil and Gas } to ^orth ”DM5 8m nominal com- because of the uncertain outlook 
C$15} under a proposed arrange- Mred wlth DM L4m nur chases on on the foreign exchange market 
c.~i — - Tuesday. Mark Foreign Loans despite announcement of new 

were steady. L\S. action to aid the dollar. 

Kakea Chemicals rose Y160 to 

Paris 


Amsterdam 

Bourse prices made further pro- 
gress over a broad front, talcing 


Also helping the market, 
analysts said, was a report that 
•Saudi Arabia has again rejected 
efforts by some OPEC members 
to raise the price of oil this year 


National Airlines, which did not 
trade yesterday but closed on 
Tuesday ar S30{. said Pan -Am 
made an unsolicited offer of $35 
a share for National. 


YORK 


merit. Siebens holders will receive 
C$38.50 a share while Dome will 

acquire a 76 per cent stake in „ .. . 

Siebens and issue Preferred p * c Y3.390 Green Cross YU0 to the Industrial index L2 higher to 

shares to Hudsons Bay. ranS vn.yip OJ] Paper Y5 to Y375 and a fresh peak for the year of 904. 

Asbestos Corporation gained Despite news of a French trade Toy . j-j. yin to Y738. but Honda Dutch Internationals were very 

2* to CS43J Quebec finance surplus of FFr 905m jn July, Mo ,„_ ]o _. y3 to Y532, Sony Y50 firm- recording gains of between 
minister said that negotiations share prices generally turned to YL540 Pioneer Electronic Y30 FI 1 and FI 2.50, with Royal 
for the Provinces acquisition of easier, sentiment dampened by t0 yi. 570 Hino Motors Yl3 to Dutch tbe latter amount up at 
a majority interest in the com- news of a one-for-four rights SW andrannon Yin tn FI 136.90. Unilever added FI 2 

pany should begin soon. Bramalea lssue by Cie FrancaLe de Petroles. xy " ;> ““ cannon yiu to i4o0. ^ 12S 50 

added li at fsi3 on higher first- Th 0ils 5^,, w pa rticu- » T Shares with rises exceeding 

half net earnings. larly depressed, with reced- Hong Kong FI 2 included KLM. Algemene 

r* ...... ...... ing 4 per cent to FFr 132 despite Share prices regained some of Bank Nederland, Bols. OCE-Van 

uenmany a 95 per cent increase in fire*' their recent loss in fairly active tier Grinten and Bijenkorf. 

After Tuesday’s mild setback, half earnings to FFr 172m. BP but erratic trading yesterday. kLIi* fh? mfhSSi -»n innnnnri’ 
shares often showed renewed lost over 10 per cent to F Fr b3.oO t The market opened firmly in F df°^°2 per d cent ri« 


Ail". 


M- 


Ana. 

CE 


AN..ti |j\1ih 

A-Miv>*,vth|>Ii 
Al-Iim Li'e a 

Air Pn.|ii-|s 

Al.-xn Aluminum i 
Al.sw 

Alivu. Lihlliim ... 
Alk-tlhrliv 1‘i.ni i-r 
■Viilisi ibemi-tl. 

.Wliv.1 >|,.rc9 

■Mil, ! 

A MAX 

A 1 1 1 , -nub, Hi-—-. . 

A nwr. Airlines. 

nii-r. LIi-bhiI- ... 
Ami r. Hr.ui.ti.stsi 

Anirl. L'nll 

Auwr. i.'viuimiili 

.\nn-r. LiiM.1i.-l.,, 
A-iwr, Mri-l.lVm 
Amt-r. K\|.rr— .. 
A nn.-r, Hi-nirlVn 
A mri-. lltilnul., 
Aln-.-r, Mvl.ir- . . 
A 11 I 1 .T. Nil, I in>.. 
Am^r. Stnirtrti'l.. 

Alili-i. jinn's . ... 
A nirr. TH. .V l'o I 

Aim-1 vk 

AMF 

AMI* 

Aimjv: 

An -li..r ll» kma- 
Aulieiiscr Bun.-h. 

Ann 'iSH-C-I 

A.S.A 

\Mimt-ni Uil 

.laic 

A .liinn.l mi 

All. IMilirlil.... 
Auto Liata Pm... 
A VC 

Au« 

A \nii I'r-xlm-lr... 
Unlt.Uit- Llivl. . 
Bunk Anit-rli-n... 
Pmikt-i'-Ti. N.Y. 

lirtHuT I <ll 

Un-ter Tmti-iK-r. 
Hi-ntn-t . 

mM.-iil'icki-ii-mi 

Bt-ii A Ht-m-il 

I.Vn>li\ 

1',-iiaud •.••iir“U* 
Ili-llMl-bflil MM. 
Iiiai-k A Ueckei.. 

U-viiia 

Ik-livl-ilnllil'-.. .. 

Ik •fit'll 

JI.-H! Unnit-i... 

JirHlll'I I nl 

Llmsmii -A* 

brisli.H Muis.... 


47 U 
50U ■ 
»4i; < 
3014 
al>s 
47ij 
ia; b 
loss ; 
40 
cl I4 
56 ie 
4 l„ 
<B- '! 
16. 'a 1 
till, 
62 
-laig 
517 4 
a6 
2314 
38 s- 
all" 
2 Bj\ 
81- 
44' j 
alls 

/t2 
a61u 
1BU 
37 
lfri; 
31 
2714 
3 lie 
2374 
18U 
ISli 
3BI, 
631" 
34l u 
12-e 

31 ii 

60't 

i:8i? 
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58 ' 9 
49 is 
Z6; 2 
3flj, 

43 ’ 
4* 

s*3 -A 

2iOe 

70 

32 
291, 
33-2. 
15 -r. 
14:; 
a4Si, 


37l = 
30 1 e 
431" 
29*< 
311, 

18ij 
It) I.. 
387, 
27 
36i. 
39 1* 
*87* 
165* 
511, 
61*, 
42oj 
3tJ; 
35 
23i, 
381" 
31), 
287 4 
6 

441, 

61i, 

364g 

62 

afc'a 

3 I I, 
161 ; 
31434 

27i, 
31 14 
26 
18 
15S9 
38 
53 
3a3g 
12S 3 
3» 
59 1, 

*6>s 

27 54 

V* 

27*6 
49 Jg 
261" 
59 1* 
21 l s 
«’« 
4 >4 
24’, 
20 14 
68. s 
31>j 

593b 
33 34 
laU 

a4i" 


Urn. IV1.AHU...1 
hn»-k\iMV I ■ lass... 

UmuMt it-k 

Bin. M ils Frit- ‘ 

illilnin WmV.-Ii ' 

lUnllUuli-n Mini. 

Llum<i"li 



CnimiUiiii I5«t-i lit-. 
I'mun IlNiiilMq-O.. 

1. m mu ii.ii ■ 

Cumt-rA liHii.-n, 

CnrlHr llnwir-i 

1. alt-i | illdi tim-ts 

Cl»9 

l,V»Hli.. - f t- 1 i-rj*" 
LtilllTI. A 3.1V... 

UrtHilihvI 

\ 111-mu .. 

1 lu,.,- Mu iiltf, I Ian 
1 . |i,-mns(i Hk. X Y 

tin- .i-iyli I*. 

klu—i*- -Id-in.. 
i'lm-4ii:>' Itn-lui- . 

I lir\-l*-i 

Lllli-ntiun 

I in--. Miim,-ii»ii...- 

LilLorv • 

1. HU- a-i 1 iff 

till I n\ tnif.. 
i'!fn-i«n-i I'lifr .. 
I irn LHn 

I ...full- 1*11.11,.. 

(■■iltn- \ ik in.sii.. 


17 ai 

33J, 

It 

19U 

b'-a 

443e 

531. 

3&i| 

20 

117 C 

an, 

Ifcly 

19 

601; 

O27o 

441, 

161" 

c2 

s4:<! 

341, 

■*t's 

cole 

30U 

a7ig 

12 

-■) 

37ie 

ilia 

-.94 


IDS;. 


Cl ’I 
45i9 
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li.lH 


17ln 

3358 

17 

1914 

8ia 
44* 
blag 
367 a 
2u ig 
111 , 
3lU 

la 

19 

bO 
62 * 
43 >4 
lb* 

45U 

40; tf 

CD 

30 

3711 

1214 

-04 

3679 

27 

-9* 

16* 

*»:• 

4ojj 

-Ul« 

121 , 


llillllll.iM iVl... 


7* 


1. ..111.1 II 

l.'<Mrt.\Hi' 

20 J* 

2u ii 

■ N.\ . 

L"tii"ir 

1..11 Kii. ., 

si., 

1* 

in,' 1 

L i.ii ■■■ii 

i.-ti b 1 . 

15 

Ll* 

1*1 MU' 

L ■|ii'»"l 

1, hiii-..ii 

'c ■ ■ 

C7l" 

• •• .... 

t"i„'i»’ 

L'iniiii. 

„i'' 

"■nil' .III*, 

-b;.j 

"8* 

Il"t . 


-ni|-iiit-r?.-ii-ii.s 
•in, IjI, In-.. . 


< ••nrHi- 

L‘..|l. kill Ml' N.Y. 

L.ui-o. F"«hI 

Nil- 

•.'•itis'iini-i I' 

C, -in in. -in- *.r 
l i-lllin^llld l.»l 
t •■■niii-.-ni." f v 

t ■•iii>M. I >nin 

t.».|s*r In-lu- 


‘O't 
4t>'-_- 
iS I; 

is.: 

.8 

-37a 

a2«; 

U-A 

6 

4Hj 

Si SC >s 


1 6 .'i 

401, 

.3 

-a * 

tl* 

*-3sb 

3 14, 

.8i| 
'3. -4 
39 r 0 
-2 


Slia-k 

.ll-. 

13 

An . 

22 

Si nek 

An-/. 

L5 

+ «K. 
22 

C'riiuly 1. J'""... . 

c£'i 

62 

J'jlma llUllllr .. 

34 

3>T 8 

L It. lul'm'linna . 

5173 

51* 

J "tint, m Jiil/rtvD 

66* 

65 

Lran,- 

3373 

32* 

Johnoiin L^ietrnl. 

2fct : 

<:8* 

L'nvkcn Nat 

29>.t 

2978 

■liTManulit'+ur'e 

343* 

39 

L'n,n-n /.L.,ler)«i-ll 

o7* 

37 U 

K. liar LVirp 

^8* 

-‘B* 

•.'11 faini in- Kngine- 

42 

41* 

Ka l»erA In mini'm 

:4T 8 

35 

Luitiih Wriubt... 

171-1 

17* 

Kal«.'r lti'iit«trici> 


He 




Kai*er Steel. 

30 

29* 

Lhtiw 


3lia 




li+rt liirtiiaine".. 

-i8' 8 

47* 


^4* 

24* 

Ue-.-re 

31 i? 

o5 

hen 11 -Gee 

51* 

50b 8 

Uei Monte 

i7 

35* 

Ki'Me Waller 

38* 

37 la 

LMl'HIB 

I & *0 

13* 


+8 

48 

lient-jJ.t Inter... 

*2!} 

*2t" 

Kntitjers 

22* 

22la 

IMmil Ball+ill... 

Ir S« 

lc * 



46* 

J 'luui. n. 1 “liMinrk 

1 7lp 

25* 


35* 

35* 

L'l.'iaihi'-n, 

19'b 

19* 


;9* 

i9* 

Uiuirn K|iii|-. 

51 

50* 

Levi Si nuss 

c5ii 

c8* 

Lii*ney iM ilti. .. 

iBii 

+5* 


Cbi6 


Lii'i er Lorpn 






Lniu Cbem+a'.... 


37* 

Ligget 0 roup. 

v7* 

37* 

Urai.. 


<67q 



-1* 

1 *ret.-er. 

H2fci 

42* 

L'ttna lailu-t 

^31 3 

«3* 

liuioul 

L26* 

127* 

Luck need Auer 'll 

c4* 

34 ta 

Kauie I'l. lie: 

^2is 

22* 

time ataj indu-. 

6* 

*51- 

Ka-I Airiiiur, 

L3 '4 

13* 

Uinu i-iarhl Ltd. 


1-1" 

l-x.il nun Ki'.lnk.. 

c5’t 

o5ts 

OiuialanH OumI... 

c4 > 8 

24 1 8 



svie 


+ 7 

3 7* 




Luckt “lure- 

17* 

17o, 

H. U. Jl ii 

321.4 

311" 

L*he Y uag-run. 


11 

hi Psni Nni . Lin- 

17.3 

IB 



lit- 

Kltis 

34 7 B 

34* 




Kmera'D bieetth- 

37* 

37 




huivrt Airt' 1 lalif 

27 li 

cl 


o5* 

351" 

hni'Hrt 


437 g 


s8 

+ 7* 

K..U.I 

“M 

2* 

lUiune Jlid'iuvl. 

1-* 

1 * 

bnuiMhaiii 

35 

e47 8 


232, 

24 

h»mark — 

291" 

29 >2 




Ethvi : 

2\; 

Cda 

Mat Uein.'Uiini' 

<612 

4.51" 


i9 

48* 


5.9 


KnitviiiKl Cnnieral 

3 5* 

34* 

.11 Uermuti 

2r* 

29* 

F+.|. lH>l>(. »t>ae- 


37* 

il Lkione" LKiiu. 

38* 

38* 

t imtine Tire.... 

121, 

13 

11 Grow H in 

<4^8 

<5 

rst. Nat. Breton. 

0 J li 

30* 

Menu ire* 

'■5 

5 . 

riexi Nail 

k3* 


ilea* 

61 

61* 

fiiiitk'Ae 

35'i 

37* 

tlerri- Leo h.... 

2 «2 

02* 

Il'-mli, 

■ 2i, 

31* 

Pet in euro. 

o47 B 

;43, 

fl.K.1 

401" 

40 

MG M 

s3* 

42 




Minn Allot A 11 tv 

■ 4i 4 

C4U 

F.M.f 

26 tj 

25* 

il* 4.i 1.4. rp 

6 

cB'g 

ti-ni. llijiui 

"S: h 

+5ij 



a 79 

-6i = 


i2t; 

+27 S 


-Ola 

49.* 


381" 


rniiikilu Mini.. 

Si* 

9* 

MurpU.N l*i 

49 

4fa/fl 

rn-.'l+r-l Mim-ni 

t8ie 

iB* 

dtabikcu. 

.6* 

<i* 

rmriimil 

i3'4 


.Valin C UemlLUlr 

nl* 

32>a 

Fll'IIIR lU'lr 

I3U 

13* 

.Nations Lao 

20* 

^2070 

li.N.F , 

15* 

15* 

.n»i. Ui-ti'ier .... 

<1* 

21* 

i.ronocu 

+6Ta 

46* 

Nat. service Inn. 

* 

l'»0 


lien. A inf r. Ini 

li.l.t.l i 

lira. Untile ! 

Lifll. Il> UHIII'C- .... 

■ ieii. biffino | 

Hen. F."-U» j 

< if neim .Uni 

Ui-nera lluim ... 
tiea. l*nl'. L cit | 

ij.11. -i"ii«i ’ 

Hen. Tel. Kiffl. .. 
lit-furte. • 

ufllt-dw 

• e--r"m PaciA ...- 
ti.-lly Mil ] 


llti 

31* 

)71 2 
64 li 
i6U 
3 h 

3lT B 

C41 2 
lb 1 4 
al>" 
au<4 

32'e 1 
39* I 


11 

31* 

17'- 

615 4 

-5*i 

331, 

32 

OSli- 

lol" 
31'.; 
3u* 
267# 
«•* 
31-4 
37 '2 




Ileynol-ir Mcmis.i 
Me.rivU-tK 8. J — j 
IticbMin 2«irau.j 
luckweli Inter..., 
K>>b<c A Hm. : 


S6* I 
33 U| 1 
39 ! 
2bt e I 
34* • 


35 


58 

a3 

3812 

291. 

54* 

35*4 


Koyal Llulcb 

KTK — 

i(u» Luts* ...j 

lly 'O' System 
•siiewiy .SoHCk., , 
*. Joe Umeiei-J 
Si. Ketfi- Plt|«i.. .} 

innUi Ke ln-l» | 

shiii ln.e-.L- ; 

x non ln.it> 

\blilt Bifwinc..! 
Tvlinnu'^ruer ' 

»C11 J 

tinli Pn|ier I 

X" >V • l U>B., ‘ 

> u di- Uu>’.l.| : 


>3 
14 1« 
12 >« 
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32* 

able 

t* 

7* 
13U 
89 5 8 
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171* 
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* 


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14* 
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27 7e 
44 
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33 
a6i* 
6* 
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1312 
69 
*1>. 
17 <4 
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Cuma'iiM....! 

30* 

29* 

"eouroni 

.5* 

iS* 

-rar c (G. 

14* 

14* 

■sewr Ki+tnck.„. 

.4 

<37b 

3KOCO 

39 

38 1» 

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4* 

so'. 

HiO'i Inui.|>ir1.. 

"5* 

45* 

•l^na 

37 

33* 

3ijia>iei..Ni 

i7* 

370, 

3llll,i>h..|lt 1*1.... 

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<2>, 

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20a 8 

2u* 

"iiiilti ftniHr 

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t)67 8 

«• 'lr.il! 


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41* 

41* 


l.illn-nii.il. h*. 

■ ■iillieni I'm 

nhn. .i-i. We 

*.11111.111 1’nfih. | 
adiibemWamrat,' 


tbl. 

13*. 

a57 a 

s2* 

=4* 


fi5*6 

15* 

35* 

32 

s4tf 


liH'elle 

liis.aln.il b. I- | 

lire.....; 

li.Ml.il j 

timer VV. I( 

rl.Al.nu |-uli*| 


lilt. A. .nil Irt'U.. 

*itejlv.»in.l 

... j.l 111* iern...j 
liu. I II- .... 


iia niurtnii I 

Haims .UiaiiiK-.-i 
■ Ini iii-i-ji.fj;i-i ...,l 

Hams c n jiii I 

rt .-in/ H. J | 

H 1-1111 if in I 


rifM.L- Pkfksni. 
H. i- i.iii inn .... 

Hiiinr-lnkf 

U>.iie\ »e-- 

H. iivei 

li.. I-Liii |.. Ann 
ll.ii -I.iii .'ll .In 

H>,lll.l*'..Ai. •• 
it.itt.-tl ik.t 

I. U. In-'.i-lriis 


30* 

3c* 


+ 1"B 

,7* 

18 

i370 

;3'i 

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2.* 

‘ 

»* 

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<6* 

t4* 

»4 

16 

16* 

2-* 

++* 

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38 

38 

18* 

.8 

58* 

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867 8 

851= 

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<17 8 

-6 

361^ 


iu 


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30* I 
| 

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12 * 
401, 

.bss 
ill; 
251, 
30* 
6 j« 
59 ij 


- • -4 




lull. tin. in*. ... 

Illl*. Iln.tflfl ..' 

inn. .ll.ii * i In n. 

Mill. M.lll ill«-l,.. 


.97.78) .96.3 


in - 


ui. 


in. 


llli ... 

till. IS- llftel 

MU. Ie>. A lei. . , 

l »« beel 

IU Inli-mali.iwi, 

Inn Wiltet 


41* 

414 

ltAa 

i< 

h71b 
a 7 1, 
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3a5| 
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I 4 
334 


40* 

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471; 

l4 

5*1; 

a9 

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nh i u.ua >iee-.... 

Aatuma- ! 

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.Neptune hup. i 

New biiK-air. b..[ 
.New tosim-iTe.! 
A.auaiH Mubnuk- 
.Niagara Mlltnr.... 
n. L. in in-rne 

Aiirt.)ik.t Werlein 

.V mil .Nat.Ua. ...' 

.NlUli. stater hn; 
Miiwfi Air .tie j 
AIbnert Barn-crj 
AfriMii sinioD..... 
iJuceienta Pem-ii 
Mriivj Ualbe>...| 
Mb in Lii-un..-...| 
Una ; 


c3* 

sbia 

b5>i 

524 

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31* 

14* 
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37* 

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20 

87* 

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334 

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65 

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324 

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Mversear slnja... 
iinuis UorDinjc..! 

(Jweus liiuda J 

■ a ih i Jos ■ 

VacUtf Lijibiiim.l 
rttu I'm. A Uc-H 
Can Am H..>ntAln 
CHikfi Hanultllij 

Cntiaal* lull 

Hen. i'». A L — I 

Hcuii.v J. C I 

Centum I 

Cei.j.le. Unijj— .., 
Cftij Gaa .... 
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<43* 

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39 Is 

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124 

45 

32> a 


i ’ei km tinner. ...i 
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I 'll. in- if |Jna k'f. 
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1KW ; 

2Utb Century F.«sl 

U.A.U- ' 

CAKLO • 

Uli I - 

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Unilever AN • 

Union uaaeor|j.-.| 

Union UrWe 

L* n h iu Ld-mmert-e; 
UnumUii Lam...' 
Union Hac-ltk- 


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49* 

oO* 


L nlruja-.. • 

Uuite.1 Um/iHe.... 

1 Hano-rj- 

Us Uytr-uni- 

Us ShuC. 

L-sstee- 

e-S lectinr-mete . 
tV In-lu-Lne-.... 
v ir-tnid Elect ' 

rtii'.-inn -..I 

rt arnei-Udiniinn..! 


<4 

12 * 

334 

323* 

<87g 

57* 

49* 

514 


1 j 


•» artier- Utiiiinrt., 


rt Mr -Uaii'nienil 

•» 

rt'eriom Barer. rj ! 

>V «>tem a. Ameil 
.t e t«rn UnR.n„.| 
rte-tmeh’-t 6 ,h. 


-84 ! 

*.2ii I 

294 | 
304 [ 

32 | 
-ZSb 1 
6* ; 
214 ; 
4 


, Is 
134 
33* 
33i ft 
<bl 8 
i7* 
494 
<1* 
luts 
58 
323* 
291* 
3t>4 
31* 
-24 
56 
207a 
.34 


•>&-vHtxi ; 

»t si emsetnter ....J 

vt/iinjus.l | 

•\ 1111* Con. Inrt...; 

NViiimni (ix i 

tVln-UD-io I 


30 

si 

,3 

5l* 

214 

*e* 


29* 

31 

22* 

5*4 

214 

284 


IVoulworth.... 

IVyly 

X«ni 

7*|1U 

4enub Ko-ito 

I .j.Tm»41 l9rC 
L'aTreosBj 


25 


A IlC 

^7 respo 
if highei 


214 

a* 

61 

. ,7* 
j7J, 
t 96 
tWIli 


U_s. * iav hili«4 7^1 i 


211- 
-* 
804 
174 
17* 
t94 ; 

;81 4 

7.26, 


CANADA 


Autllln 

\jiii «• Kaeie. 

14* 

5* 

\10111A iimiiiiun. 

3=1" 

t-u'inia Stee'.„.. 

2* 

AihMlP 

43i* 

liana ...I Uiiniren 

<4 

iWni, Niei h -ntroi 

1* 

Dm Ite+.airce+.j 

3.80 

Be le-eiOnroe...' 

60* 

U,.<« Vai*\ lol.. 

I 40 


143, 


3=4 
22* 
-•iu 
.4 
. I?a 
3.75 
604 
394 


lb* 

i7 


l'PUhu'I* ...-.j 

-in. main 

iliinyi- t7.37 

v»ij puy Huwer...l 39s» 
Mniniia Uine*...' 16 

..•ii-U k-enienl..' 

. iimiI-i MV Litn.; 
•.sn.lmi-.Bk L,tm 
.. tiu.b. ImiiM ...' 

-kii. I’mitif 

-. tn. Hicirii.- Inv.i 

van. -111 vi •>! ., 

^ai'lne OKeeie 
'.arsis r Aai«»lns4 


1U4 
it* 
<9 
,24 
20 
23 4 
60*4 
4.65 
1 4 


lb', 

17 

76.50 
39* 
*54 
1 * 
12 '; 
59 

7214 

23 

<54 

cst; 

4.75 

10 


uiiieiin'li. 

Coro 1 no 


uuno. BathuiH.. j 
L'.ia-ume, 
u.i-ekn Hen - it tce-1 
Cve-taiD 

Haem Oeve. 

L)«n i-iui Miner... 

Corn Mine* 

Utme Hein.i'enn. 
Uninin.i-n Un-lL-r 

tk.nitar 

Lhi(<int ' 

rBiooD’ge Nichej 
r'nrd IMntlSm , 1 

Urn tai 

UiantYe-’n knite. 
tiu-i O". Canaria, 
Hatvket sbi.Utn.; 
Ho- .n«er_ 

rt-meO. A' 

Hu .HM1 bay line 

du l-cn Uav 

Hm-uoOuA U". 

Imanyi 

liniiertut Oil ...,J 
I MOO 


<87? 

304 

U* 

184 

64 

i3 

11 

Bit 

89* 

06* 

.8 

k04 

154 

27 

614 


314 
t 3i; 

5L* 

8-*t 

-2* 

-2lj 

2u', 

24 
-C* 
In * 
37* 
21 * 
18* 


.9 

30'e 

*ui* 

*83* 

l- 

13 

US; 

,87 g 

:24 

654 

uB 

iOu 

»5 

-71a 

61 

il* 

t-24 

3u* 

bl- 

424 

43 

204 

46* 

19* 

a7* 

214 

18* 


if' AaU Git. 
p. vPiurLunH 


I la lot. 

I ni*n-< 

Int p. v Pipe 

naiaer Wei/urue-j 

Isturt Fin. C.-NP..I 
Ootaw Cum. "H .1 
Me mill'll til. o'- 
Uiosey PeKuion.j 
Melniyie. ^ 


Uuore Corpti ! 

M ou nta lobWtoUr j 
N.muvta 

.Nr seen tne. 10 ...1 
N thru Telecom ...I 
-NudmcOiI A Ua> | 
1 Ukunoi Peuim- 
HbviUv Cofipei M.| 


154 
» S* 
17 
14* 
6»i 

-*-35 

21 * 

11 * 

<74 

o44 

1. r5 
53* 
»6* 
i6ta 

2178 

-.50 

2. u0 


J47g 

1J5 S 
lc* 
143, 
04 
4.36 
21 * 
li* 
cB 
451s 
a./O 
33 if 
16* 
a6* 
20* 
s.7o 
2.00 


CxcifteHe-tru-Aumj 
ttm. Can. Het'm 

Patino 

CeO(.-<c Ucpu a..j 
Ciacf Can. A ili-.| 
CiacorOeve o|.nii 
Co«er Conor* 1 ul 

Hra-e I 

Ouehec Mur-aai 

Hauler Oil 

Uee-' 'tenhmi- 

W-M A -Run 1 _..| 

lluva bk. ul Can. I 
Koya l - u l I 


37 
«6I* 
It* 
-..64 
2.U1 
-•** 
I91 S 
■ 6* 
1.96 
16* 
1 14 
*«*■ 
3»7 # 

ls4 


1? 

. lc* 
5.50 
1.65 
k4if 
lb* 
16* 
208 
16* 
103, 
34 
33* 
19 


7* 

ibr 8 

I5lg 

o* 

361, 

6* 


1 ejitre K'armr e*. 

Sew rams 1 

slieli Larw ia 

-sbemii Ci.M irurt-l 
-itrliens •». i.i. | 

simjjesD [ 

•leel ii Larue <n.. 

•leej Ht* h Inn..' 

Lexa-s- Lniia-.a — I 
liilTirili. Lk.111.Hh-] 

Ira or CiuiHijeCn] 
t'nuis Mnunt Opr. 
true J J14 

Ullii.lUltOs ; L,* 

uni.'ia, e« Miuet-i 4 
Wiikm Hlroni^..{ -. 61a 

West CiastTr»n,| 1 * 

Weston lion. I 20 1 a 


3.6J 

i7->- 

* 


7* 

283, 

147 ( 

t* 


63, 

-** 

3.70 
s7* 
4u* 
17 
9* 
1 14 
II* 
- 4 
364 
12 * 
197| 


t BKL t 45Kefl : TnOeO- 
f Near «tnrk 


bUKurcnn uriiun^ bAwnnuub | 


SHro 

1.1 

V..I, 

•t. 

Lju-t 

Vnl. 

Jnu. 

Lour 

Apr. 

Yul. Ijc4 

siiiek 

A »\ 

1530 

3 

49 1 

_ 





F374 

\1>.N 

T370 

6 

12.50 : 

3 

20 

— 

— 


\K/. 

F27.5J 

11 

6 • 


— 

— 

— 

F33.'30 

Ah/’. 

130 

49 

3.60 

6 

4.90 

30 

6.30 

„ 

Aft/. 

F32.6U 

104 

2 

169 

3.40 

28 

4.20 


A I. H 

F75 



20 

8.70 

— 

— 

F81.20 

A IMI 

K8D 

24 

2.90 

_ 

— 


roe- 


KK 

S5U 

1 

15* 



— 

— 

— 

S66 

1 K 

"60 

IS 

71, 

3 

. 8* 

— 

— 


l-.h 

► 7J 

— 


4 

4* 

— 

— 


FM’ 

S25 

1 

21? 



- — 

— 

>27* 

Hl» 

F32.n0 

6 

7.70 

... 

. 

— 

— 

t’40.20 

Hi» 

PiS 

6 

6 

— 


— 

— 


Mil 

F57.S0 

13 

' 3.50 

20 

| 5.60 



__ 


Hi> 

F4o 

— 


61 

3.60 

15 

4.60 


IHM 

S24.J 

— 

_ 

10 

! 65 

to- 

— 

3297* 

IBM 

$260 • 

2 

40 1" , 

_ 

■ 




Util 

sl>80 

... 

_ 

1 

i 291. 


— 


HIM 

P300 

6 

11 

6 

! 17* 

— 

— 


KLM 

F14+.WU 

20 

18.50 • 

2 

21.50 

— 

— 

F. 155.60 

KI.M 

Fla2.4u 

2 

. lu.SU 

12 

16 50 


— 


KLM 

PlbJ 

12 

6.50 

— 

— 



’• 1 

KLM 

1170 


— 

— 

' 

5 

16 


K L <1 

FJ71.4u 

— 

— 

6 

; B.50 

— 



KI.M 

F190.au 

33 

1 

— 

- 

— 



hii.M 

1'2j9.50 

7 

0.30 

— 


— 

— 


.N N 

K9o.90 

— 

— 

2 

• 14 

— 

— 

F. 109 

.NV 

riv.6.90 

— 

— 

7 

6.60 

— 

— 

.. 

VN 

F116.90 

_ 



35 

1 2 

— 

_ 


PHI 

F22.50 

4 

5.80 

3 

6.30 

2 

7.30 

P37.90 

rm 

Filb 

113 

, 3.20 

52 

4 

64 

4.90 


PHI 

F27.50 

342 

1.20 

414 

. 1.90 

116 

2.60 


PKO 

S6 

10 


— 

: — 

— 


S5a >a 

lil> 

UdO 

... 


4 

17.50 

— 


Flt»7 

I(H 

FlAu 

115 

7 

10 

8.50 

■ 

— 



F140 

50 

1.5j 

58 

2.80 

11 

3.50 



S25 



10 

1* 

— 

— 

£23* 


560 : 






2 

3* 

£62* 

I'M 

1110 

3 

16.50 

7 

1 20 

— 


F 128.50 


F12u 

19 

6.50 




4 

10 

", 


1130 

19 

1.60 

10 

2.80 

17 

4.50 

F 120.50 

X«'\ 

550 

— 

— 

10 

2* 

— 

— 

Sf49 




.V 


1. 



OXY 

525 

— 

- 1 

— 

- 1 

6 

1* 

£22>b 

| IUTAL Vl»Ll M 

K IN 

LOXT UNIT*- 

- 


- 

2231 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Eix press Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansoacher 10 % 

Bunco de Bilbao 10 % 

bank of Credit & Cnice. 10 'b 


Bank of Cyprus 
Bank of N.S.W. 


10 % 
10 % 


Banque Beige Ltd. ... 10 % 


m% 


Banque du Rhone 
Barclays Bank .. 

Barnett Christie Ltd.... 11 
Bit-mar Holdings Ltd. II % 
Brit. Bank of Mid. East 10 % 

n Shipley 
Canada Perm’t. 

Capitol C & C Fin. Ltd. 10 % 

Cayzer Lid 

Cedar Holdings 
l Charterhouse Japhet... 10 % 

Chouiartons 

C. E. Coates 

Consolidated Credits... 

Co-operative Bank 

Corinthian Securities 10 % 

Credit Lyonnais 10 % 

Tbe Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transcont ... 11 % 
First Nat. Fin. Corp.... 

First Nat. Secs. Ltd. ... 

i Antony Gibbs 

Greyhound Guaranty... 

Grind lays Bank $10 

l Guinness Mahon 10 % 

(Hambros Bank 10 % 


10 

% 

11 

% 

11 

% 

10 

% 

10 

% 

10 

% 

to 

% 

to 

% 

101% 

10 

% 

IU 

% 

10 

% 

10 

% 

•10 

% 


I Hill Samuel §10 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd. .. 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 

Midland Bank 10 % 

I Samuel Montagu 10 % 

l Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 
Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 111% 

Security Trust Co. Ltd. ]1 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. ll % 
United Bank of .Kuwait 10 % 
Whiteaway Laidlaw ... iOi% 
Williams & Glyu’s ... 10“% 
Yorkshire Bank 10 % 


13 % 
12 % 
10 % 
10 % 


| Members m 
Com mi nee 


the Awpiins H«ses 


' 7-dar deposits 7}i. 7-monilj deposits 

r fKlay deposits on sums nl EtO.om 
and under 8J%. up to £2j.DOO 7iS. 
and over 23,000 

l Call deposits o»er n.000 7%, 

■ liumBDd deposiu “!*•_. 


[ -Jf ^ 


nse to Hong Kong Bank’s _ 
er interim dividend and 
profits, but fell back in the late 


Packhoed and Nedlioyd 
declined FI 0.50 and FI 3.50 res- 

moreTngT^ews S^reeT talks thCir 

between City and Urban and results ’ due loday ‘ 


Hntchison Properties prom mod 
buying interest early in the after- 
noon, but nervous fresh profit- 
taking pared gains towards the 
close as the market looks for 
direction following the retreat of 
the previous two sessions. The 


State loans also firmed. 


Australia 


Continuing the correction phase 
after the Budget week strong 
gains. Mining issues remained 
easier-inclined yesterday. Indus- 


TT„ - Cawi . I — _ ,1 , r CiUIUl-tllUlIICU YcoLcl Udjf. LDuUy 

BSSSr «"« l!™ n ’ ials - ,hc other hand - were 


a two-day 

reaction of 45.70. 

Among market leaders, Hong- 
kong Bank rose 20 cents to 
HK$20i)0, Hongkong Land 60 
ceni» tn HK.si2.20. Hli. Hiwn 
Whampoa 45 cents to HKSG^KI, 

Swire Pacific 30 cents to HKS9.70 
and Wheetock 7.5 cents to 
HKS3.50. but Jardine were 
unchanged at HKS16.70. 

In the Property sector. Cfaeimg ASS. 14 following strop 
Kong gained 50 cents to HKS14*0. demand for the stock 


steadied by news that the August 
State loon had raised a record 
AS765m, which the market took 
as an indicator that the climate 
was right for a further reduction 
in official interest rates. How- 
ever. the market also recognised 
that the lo3n had drawn off a 
good proportion of investment 
funds. 

BflP recouped 10 cents at 
London 


NOTES: Overseas oners timro oeUiw 
--xchtqv * or^mmtti Balaian imcenc. 
jt<- -.rtet wittihfllitlOK las. 


ami ur strip issue >■ Per snare I Krauts 
n Gross riiv %. h Assumed divutend arm 
scrip jnd/Qt nail is issue, n- After local 


4 DM 30 rtt-nom unless ixnerunte stated, taxes m tax free n Kraurs loctattnx 

fields twsprt nn net itrHtendf tlu« i.ir Unilar div u Nom u Sharv milt. * Div 
V Pta d enron unless rotterwise stated, and vteld exclud.. soecml payincni LlDdi- 
4 DKr isu iienntn unless ottwnciv sta'-d. caieri div n Unofficial tramnx r Minn ms 
I< SwFr Vsi leoom. and Rearer shares Haiders only u Merxer pcndimt * AMced 
unl«s otherwise srarefl. " V5«. lennm 'Bid 1 Traded i Viler • Assumed 
unless -tti-rwisr stated. 5 Pnce *■ -itne 
of suspension n Florins n Schllbncs. 


c Genii, d Dividend after pending ruUtts 

GERMANY ♦ 

b'v.Y 


Ana. 23 


Price ' + »r 
I ini. 


- * 


\BU 

\ cam \ er-icti... 

JUU 

Wf 

oner- • 

dxtei.Uvpo. 

Havei. \ eremr- a.. 
v- l «llll..Ns .art-' 
UMti'merv'xnk — ■ 

U*nt Uuinffl' 

Uaitn-ei Bent. 

Uevn .--a 

liertut; 

Lieut -.-lie B-nk — 
ure- niKi Biiik.... 
Utckei Zend. 
■j'lleiK iinuii" ' 


77.1-03 - ; - 

488.5 +-.5 : i .3.3 
226 -‘-0.5 26.12 o.2 


139 +0.8 Ib.It 6.7 
290 -2 26. IS 4.B 

333.5 + 1.7 16 2.7 

lbo - 

231.5 --0.5 2t.* 11.5 

BO.9 +u-9 - . - 

320 -1 26.12' 4.4 

266.0 + 1.5 III 3.2 

169.2.-U.7 1 il i 3.3 
305 " 1.9 2b 111 4.6 

*+4.5 -1.5 26.1,1 5.7 
196-0— 3. B 9.3e' 2.4 

220.0 -1 ! 12 ; 2.7 



118^—0.2 

Ih.i'* 5.9 

H«ry-uei_ • 

334 +2 'llh.fS 

Uo&lirl 1 

133.8 +U.6 

io.j: 6.7 

rtiCMIi...."... 

51.4 -'.'.9 

4 3.9 

Juilen ' 

157.5+2.5 

d.Di 3.J 

hall iinn hau ...... 

155.8 +2.5 

14.'J4' +.5 

ha iMaJI 

353 

33.44' S.t 

hautlarf j 

242 +1 

le.i-i 3.9 

h ku+J Oil uu. 

=b -0.7' 

— 

KUO 1 

179.5 

lb./t a.2 


102.5 +U-5! 

— - 

'Jrvle— 

263.2 +1.7. 

da , 4.7 

*.'«■ eol -rau ICO....' 

1.630. 1 

0 ! 7.7 

uji t hand ... _l 

110.7 +1.7' 

9.36 ; 4.3 

•IA.N 

212 -0.2 1 

! 1+ it. 9 

Miuine-inaan 

178.6-08 

l/.l . 4.o 

Melange — 

252.5 +3.5 

10 2.* 

vi utim icner Kuck. 

Ob0 -5 

If 1.6 

'evkemuinn. 

lc 6.5 +4.5 

. — 

T*reu kj! DM i0i\ 

136.5 +2-5 

— : — 

Ubein We't.Kieu. 

180 . + 0.8 

33 I 6.9 

:iwtien" 1 

294.5 + 0.6' It I V.i 



h'i'i«i Ali — .— 

1+3.8 + 0.7 

ll/.h- 6.8 

Faria 

192 +2 

i 14 j 3.7 

• LbA 

136 ; + 1 

Id : 4.4 

' arm- A We»i Bk 

159^ 1 

! lb ! 3.1 

N "ik. IMii.1l.... — 

259 1 + 5.6 

25 ; 4.9 


AMSTERDAM 


t.i- .23 


Pnce 

F'v 


rinr.'Y-t. 


\ u< i.i (t-i.2 1 1 14.5'— 0.3 | ,26 

u-iiFilL'i _..| 33.11+1.0 


4.9 


33.11+1.0; - ! 

N .swn B imm t ..kA)) J74.0«.! +4.0 ; .V24bj 7.6 

tMKV <1-1.101 6.8'— u.7j .o 5.i 

_. -■ ■- • a 1.2 « +0.d i \26-?| 5.3 

5,5.7,+ 2.9 | t -6 5.4 
131.2 +v.s ' bs- b 3 
75.2) + u. 4 j j6 ! 6.» 

296.0 +3.S; Cl a- 1.8 

140.1 + 1.6 a,^' 5.4 


\mri.««nk iK'JM: 

■ ijenk.Ti | 

'.'■tiiWil miF.KJI 
•lulu in leticrxiej 
E.U*VI«I V it'lJi ll 
r.iuiiiiN.V.Deirt'i 
fc.ui L^nir-uFi.lol 
(jiioialUrxaileaFl. 
H, 'nekeii il'i^bi.l 
HiM^mivcub ifc'l_aJ)! 
Hunter Ll.iFl.K>Ji[ 

•\.L.n.<r‘i.»Ar,....[ 
mi. Muller iIzmjJ 


tt Ex nehts. tn Ex dm if end. tc Ex 
scrip issue, xa Ex atL « Interim since 
increased 

TOKYO 1 


• Price* 

+ •“ 

IIit.'Ym. 

Am. 23 



* 

* 


319 

!+l 

14 

2.2 


45.' 

-10 

12 

1.3 


760 

+ 2 

23 

1.6 

Uluru in ... — 

445 

—6 

20 

2.2 

llai N'p|<in Puni 

345 

4 1 

18 

L7 

rim PI 

539 

-3 

16 

1.4 

H'laHi- — .... 

236 

+ 3 

12 

2.3 

H aul" Uiiii-re 

332 

-3 

18 

1.7 


1.180 

-20 


1.5 

It 

li-i5 

42 

12 

2.4 

il'uY-ikadi. 

1.180 

+ 60 

30 

0.8 

l+ta=- 

n c 4 

-1 

13 

1.0 

i.A.L. 

2.860 

+50 

— 

— 

naM"K< Kieii Pn. 

L19U 

-10 

10 

4.2 


322 

+ 2 

18 

2.8 

hlilMa 

280 


to 

2.7 

a s* f 4i p(. ifntriaii: ... 3.730 

-TO 

35 

0.3 

.lalMKlillM illi- — | 

720 

+ 1 

20 

1.4 




10 

1.8 

MilMitiiohi Heavy 

127 

+ 1 

12 

4.7 

dn-iitaslii Li>n .. 

449 

-2 

13 

1.4 

M -IMii .v Ll, 

3il 

— 

14 

2.3 

MKaiikivli, 

373 

-2 

ik.' 

1.7 

.'i|L«in UviiMh.... | 1.41u 

—10 

13 

0.3 

N' pt-.m 3hm|«n.. 

7,8 

+ 2 

i 2 

0.8 


742 


ID 

1.1 

Hhiini........... 

1.670 

— 30 

48 

1.5 

aujij Electric.... 

242 


12 

2.5 

?ekn>ui Preiati..„ 

928 

+32 

3« 

1.6 

n tom .[1,150 

+ io 

2J 

0.9 


-50 


1.3 

Iambi. Marine ... 

831 

-2 

11 

2.4 

lake la Chemical . 

420 

+5 

lo 

1.8 



30 

0.7 

leijm 

115 

-1 

lu 

4.3 

mk.vu Man ue 

485 

+ 2 

11 

1.1 

nityiilliatlNiw, 

1.110 

-10 

a 

3.6 


324 


lc 

1.9 


14Z 

— 1 

lu 

3.5 

■ ■•■hila Lort ..... 

136 

+ 1 

10 

3.7 

lOVillM Mi<m 

880 

+ 1 

20 

1.2 

Source Nihfcci .Securittea. Togyo 


BRUSSELS/LUXEMBOURG 






Drv. 


Ana. S3 

Pnce 


Fr-. 

Y .1, 


Fr . 


jve. 

l 


Indices 

NEW YORK-dowjosss 



Wffl 


,\|«. • An- 


i :3 23 


.I114J. 

21 


.NllC. 

IS 


Ana. 

17 


A>iu. - 
16 ! 


^inen.Lumpiht'n 


Hicn i low ; High ! *, 10 - 


M 


i!"i s 


Inilnetru' 


.. »«.« our «..« ro*. "•.» •»», , ‘|g 


eS-91, 88^. M - M : »-®V 


ejb «i.7* , 

tJ'li ' ill.Ti i : 

a 1.50 I tS?.5t-l Z79JB ■ ttAs 

'-MU lUHl « cc‘ 


H'meO'ii'l-*; « 37 98 - 02 

rno.pflfi- »u,ta».wM»>i«.ro*:“< 

; >“■» ““i '“•"l "m». i SS 

' ■ ' . i _ I _ 

•r . • t - 


r car" t ■' 39.710 29.620.; 23510, M.fi» «■=»! “ 


Be--- ••> 


In-lex chanmi from -* 


I n<l. .in. v«eM % 


Am:. IS ! Aup.D )• Aug-* j iX«WNS>»|f9Prwj 


■-'J 


6.24 


8.28 


5.25 


6.09 


aTANDABD AND POORS 


AUK. 
Ui | 


An-:. 

ZZ 


An*. 

Cl 


•Vllg. 

ta 


Aug. 

17 


! Aug, 
I 16 


| ISW jaWtoVOamMafa 


High l L»i«- , Utgh I tin 


Imtiixi 


«« ™ *«•»; **- 5 vfis! 


JU* lW t.. ; I0J.81- 104-51 ; 10»8. ^7S W 


Alt}!. 16 


AiUt. 


All#'*: ■ YMTdgbOlppitAj 


4.70 


4.78 


.4.54 


Inrf d»r. \ '«* hl “ 1 ■ r - — 

ImL P«h lieiw 

9.99 

9.97 

[ 9.78 9.96 

Ldxij: (■!>« . \lnmi ^ I64t1 

8.54 

8.32 

i 8.45 7.88 

iff V S E ALL COMMON 


- 

SiM* nod PaU» ‘ 


Aiiff. 1 
25 1 


•Nug. 

Cl 


Vug- 
IS I 


High 


l,i« 


69.1^ 58.75- SB.Mj 59.06, B«1 


tl7.» 


Jh-Ji 

1D.il 


I iaui'3 trailed 

Wise : 

Kalla. 

liuchnilgrol 

Near tligbx 

.Nnt Um.. 


X.892 ' 1.488- 1,888 
1,028 757 41B 

479 1 69B ! 1,100 

585 1 450 ; 573 

- = CO.! 90 

• I 8.. fr 


MONTREAL 


Aug. ; Aug. 

W . 22 


A tic. 
:*t 


Aid;. 

16 


i-jr.t 


H.#h 


Unr 


I uilustrla 1 

(.Mli'ID-H 


200 A 1 200.55' JOI.M 20I.W! 
20S.B5 209.E2. 209.20 209.82 


JO 1.94 (19.6) 
IOa.92 ilsifh 




JOKUNTlI Com, vie 1252.4 1251.4 1251.1 

1252.4 

1255.4 (19.21 J 


iiiuiiiuiim 

1 

254.6 | 

272.0 \W.9t ' ( 

ULCOBA) 

lu>tu-crWi . 264.5 , 2S4.1 , 253.1 ! 

225.2 i 

284^ (2o,Bi t 

124. ■* OJ/31 

; Aim Pro- • IdTfc 197£ 

23 • l uao* H'ch • L»iu- 


Aug. ' Pro- 

2$ | vioir* 

i 197S [ 1978 I 
Hich j law- ' 


Atmra:iii< a 1 w-~ B - 
Belgitun •>’ 36 '- 1 

Denmark ' ** 97.9S 
'4.9 


97^6 


97.98 


tla.e) 1 1.31 
I01.in A>.43 
tbW (23i«t 
».t». M.OO 
tl+cl tt-.L) 


Kronce 'tn 


74.9 iSja 


G«rm&nt'ti> £27.6 
Holland i«> W- 4 
Hong Eonj 


83.0 


S8.2 


PC7.6 

r.-.’o 

A'.4 

12540 


4 l.r 
«3.2) 
'r.iy.4 
II4.C1 
7r.U 
ia.Ji 


- , fil.» 

> IvwaMWtSi 

Sweden »ri' 40£. ! 405.3P : 10a JJt J JSSr.74 
1 ! {3,1, 

SwiMaxTdi ' 2SS.0 1 CS6.0 lAJWfc? ' cBtH 
1 i TiSiw ! sta*) 


\r_ 


649.70 634.42 tau.Li aaa.4« 
,IM*. . ,13 l; 


Italy >:J' 


Japan ■' 
ainsawre 


ft.ll 6S.ll 68.17' C5.it' 
• 2i.e* 1 11 h 
420.67 420.6* *26.51 3W.L*. 


597.23 392.41 


|4 lv» 
397.25 . ih-.i. 
i23i ■ ■ n* li 


Inflicer jRd oase dales tall rotse ■■ slues Podnii 
imi «acepi NYSF All Common - *1 
Stannaro ann Moon — 10 inn Tbrotun ru,iu> bn... ixu 
UP— i.imi rru- last named based nn i975i. ivno 
Kxrtuninv niwte 4rt' imttntnals 






— 

WEDNESDAY’S ACHYE STOCKS 

Slncftx aiuind na 
traded nrire div 

Fan-Amcr. Air. 


Si 

+1 

Ti'tlcn 

. ■ 4WL205 

ass 

-1 

Hi'iiancr 

.... 377.700 

271 

+i 

White Mntitr .... 

— 373^92 

m 

+ i 

R. L. Burn> 

.... 371JOO 



Krttin 

. ■ K7.am 

40 

4f 

Scars Rdvbucl; 

... 294^00 

24 

+ i 

VjIK’J Elect 

_. 29S.7M 

13 


Fi‘p*lcn 

... 274302 

32E 

+ J 

Pocinit 

... 2A5.BU 

711 

+ H 


tnamiin Monnrui 
ti Hans Sron- H,nk gt/t-ni. ^naoni 
Conimercialc Italian a 1972. a Tokyo 
« 4011 Indiisinau. 40 Utilities. 4H •* loaner ftem « I -'*» >. umb ftrotn nma. 

non *!• rramunn tiSvann 411 ordinary. rChrxed 7Madnn SK. 9arU/tt. # Stork. 

KPlgni- SF 11/12-83 ■“ Copenhagen <F hntrn Indtnrriai 1/1/BS. CM# Bank 

1/1/73 n Pan* Rnsma 1<K1 11 Cnrntrwr? i'«nw«nnn « itnovartaol*. 


AUSTRALIA 


tn-- 25 




Anil. » . — 


2.450 

.Orwell -H” 2,190 

v.ii.11. UemeM 

-,>:kcT,l ...... I 442 

Kbb5...„ 12,270 

fc-niii/ii. -6.760 

riliriqui- iNal.,.._. 2.046 

i.H. lii>H-Km |2.3o5 

• lev-ieri |1,352 

yiil. (Unix Ll : 1.350 

Hi luki-ii.. 2. 600 

inlei nn ....'1.730 

air iidlmiu. ,7. IOO 


+ 13 | - 
— 10 IllD 
—2 JliX) 


—io" ji, 

— S 1' 


5 

—5 

.+2 


+ 3J 


1// 

ao 

[170 
130 
OD 
16+. 
I/O 
1 44 


ra.i ■ . , * i » I tit l(ii\ no; Uelee- U, r‘*u 
66^ .... ... | »« * 5.3 ! h,, J3.910 


5.740 


Asanleu u'l.luj — I 
Kt.iUI' 


44.5- +1.4, 
106.2' + 1.2 \ 
39.6| + 1.6i 
'^6-0 + 0.4 [ 
153.3+2.5 
33.51—0.3 1 
36.0!+ 1.2 


:G +.8 
■14 15. C 


-N-rt.kNedlliMKi.1 


>0JUred 64(Fli&j 


1u9.0| + vj.4i 4c 


Neil Kill bkiFixu 

••wrlKjaj) | 

■ *ii«ni 

Van UniiTici 
/N|Rb<i«..iK.jan... 
I'liinp. if .loi-.^J 
li I'3l±V>,tFi.'00) 

Kobo*. iF- 
•/'•"mi, ir>JU|... 

.{■■■eototr -jU| | 

liyaiLUiiuhiF jt 

intHiilurg. 

'W liUn ir -A 1 

FOJ-Jl.,1 J 

v. 11 1 icvei iK ..n/i... 

' 'Min ll«- .1 nil 
•-I .1 Ii.Hvm* + 


luy.ui. 

59.81+0.8) 41 


208.0, +2.0 1 CC 
178.01+3.0' 5c 
33.51 +U.5 : 23 
143.51— 1.5 j - 
41.0' — U.5 — 

*8.0, + 1.2 1/ 
86.0+ U.5 ! - ; 
l /7.3 : + 0.8 ‘.\<Sri 7.2 
142.01+1.01- I ■ 

1+3-4— •' ».a| 3.8 

136.9 +2.3,30.1;, 7.9 


6.1 


289 | 1.7 

143.1—1.4 .) 4.4 

146.0+0.5 U/.*.. 0.- 
laB.5+2.0 44, 6.7 

4 .3 +0.5 .J- 1.1 
399.0 +3.01 m '4.00 


COPENHAGEN 4 



fme J 3- ro 

Liir. 

"Yu, 

*■«. 23 

KhilHf, j — 

X 

c 

Aiiilehiauiki-'i 

140*! 

il 

7.9 

lHII-M tkuil-.... 

lil6>.l 

li 

9.3 

ha*t A .lal l, Cn.. 

Piimu-iaiiken 

lo2* 

13eij 

lc 

ta 

i.H 

y. , 

L'n ly*!:' ki 

375 ‘—2 

U 

5.2 

.'w . INl|ilr 

90*; + 3 

— 

- 

H«iiiiei*raiik ... 

l£8 

u 

B.~ 

■J. >1,1*11 ll.i MM. 

reaid + 1 

15 

4.0 

NuOJ Kai-c 

ls6 ] + l 

12 

0.1 

."iciai+'k . 

llSta,— 2ta 


— 

l“l IVillfllllk ... 

lOciJ 


9.1 

I'riVin+'unk 

139* j 

414 | + * 

11 

7.9 

+<£iii.Ut!,enscii.... 

l£ 

2.9 

JUfiTloa — 

tee -* 

12 

6.4 


FtifiniiB 

>. li^n Uhihj 
iv Hen IV, U U'" {2,040 
•ir na 3,300 


3.890 

..•3.056 


12.600 


irsutinn 2>ei1....J2.580 


LOB | 

L 11 Mm.H.IOt.... 


Vieilie Sluougoei 1,890 


916 

778 


+ 30 
+ 20 


+ 75 
+ 2a 
+ 10 
+ 6 
+ 10 
+ 20 


+ 6 
+ 180] 


■IM 


<44. 

«/. -li 
1 80 


14 
415 
A 4 li 
17 


30 


78 

6.4 

6.0 

6.4 

6.3 

10.5 

6.8 


o.l 


+.1 
5 .1 
2.7 

4.6 

6.7 

6.8 
e.i. 

B.l 

6.7 


6.4 


SWITZERLAND • 


VIENNA 


Aw. -3 


l,«i, tnrr»ia -t — ...I 


■-e-la. 

-eroient _..j 

teyt rroini-er... . 

V Alt Uagnealt... ■ 


242 I • ID ; t 9 

285 i+lO I 9, ' a.l 

626 : ; ae j «.i 

sa i-i : - • - 

218 ' ; hj. : 3.6 

234 +4 ■ 10 4.3 



Price 

-+ i'r 

Div 

YM. 

Aul-. 29 

Knk 

— 

V 



1.175 





1.605 

+5 

lu 

3.0 

i I'rtUeltLV .T.I.*. 

1.015 

+ 10 

32 

8.2 

Ikv Pm « i-n. 

780 

+30 

£2 

<■8 

lb., lieu 

566 


n 

3.9 

■ rCilll Nnl+f 

2.1145 

FI 

16 

i.t 


1,875 

Ll 

10 

i.i 

I'l-rlu-r lUn lE9t. 

HJ 

19 

a 

4.1 

Hiiiiiii.nPi L'en-J 

67.000 

+ 500 

1 LOi 

1.7 


6.700 

+ 50 

Hu 



3.900 




li (Fr. I'Di... 

>i"<i<e'1r. IlO).... 

1.550 

3.435 


21 

1.4 

2.5 


■l 

IbL Kftt 

2.190 

+ 15 

1"}./ 

3.9 

'-rilki hi 8+ F. Tf)i 

+ 10 

15 

1.4 

Pii+lll -IPti.I'Ui 

289 

-1 

la 

s.y 

■mii. 1,1/ jFr.iad,... 

3.575 



lie 

1.6 

Li... I*rt Lmt ... 

405 

+ 6 

2b 

3.2 

vHi:i*IU*i •. 1 t I X 

2fc6 


12 

+.S 

lllAT L l iFl IOk.'U 

329 

-i 

14 

4.2 

a I'm II IJM... 

830 

-7 

1- 

4.2 

sir- llnh 'F.lwh 

383 

+ 1 

1+ 

2.6 

i" > lle> ' FrJh'i '4.850 

+ 25 

40 

2 . 3 

L m, ,n Uaub 

3.17a 

+ 10 


3.2 






MILAN 


Price 

* ii 

Ihv. 

1 it. 

\MS. ZS 

Lin- 

— 

Lire 

A 


113 

-3.5 




714.0 

+ 74 



rial 

2.ull 

-20 

lau 

7.4 

ibuPnv 

nifbtef 

1.61a 

180 

-lO 

-2 

la- 

9-5 

Ita.ceniant 

14.760 

— 160 

■MJO 

4.3 

ilialiiilnniii... 

36.300 

+ 30 

1.40L 


M.uile«lii«in 

169. u 

-2 




1.724 

— 16 








'■na V natiBK. 

910 

-20 



‘I 


UlUILi? cental - 

Ncn-ii Vii-ilralls 

Nvmu.ii J 

Virn" hxjikrralmn — 

Nrti|>il I’.ioilcnm - 

Nroro-- tlinenil«_ 

t««v Pull Parer SI 1 

!*».«. Cun. Inrtie.1 nn .. 
\u»i. Kiiinrini’im Invert.... 

A. ft. I 

IuIIIIKIIm. 

\ii-l I 'll i Uax. 

UnniH.-i Urecfc flrtl-l 

B'ne Metal lod 

HuuicainrHIr Curper 

BnmMrt Industrie" 

Uroken Hill PtnrnHHTV...., 

MM iNiih 

I.autva United Brewer.'.... 

L>lf ($|) 

lAa'iilium Cement 

Ui'le*. (0. J.i 

i'«N GoMftelrU Auat 

1 uniainer (f|i, m 

.■•nzuic Hliemto- ' 

LSMiain Australia- I 

IhinKip BaMj«r(8h ! 

BsCOfa ; 

Kkler-^milb j 

KZ&. InduArteo. j 

Hmi. Property Tran j 

Haineialey , 

rliunei I 

I Cl A 1 tat rnlia ! 

inter-t.^ier - 

iennirut* Industries * 

• "tie*- iDavidj 1 

UeitiMnt Oil J 

ileiais ttxpforarvm — [ 

Mill | 

Ujer UinpiNrium- - 

N*w> [ 

Nicbutas Internallunal I 

•Nunn Broken H ’diner c^Jci, 

Ortinijt. 1 

"n "cwcfa. - j 

Jltei Kxpli ntlon 

Pmneet Unocnite.-. _..! 

iteuxiii A UaJnmn • 

d. C. sietftb.— J 

'"■utblaod Minin* j 

’t*nwa tftsplonuvxr j 

tuuib ($> L— | 

•Viltuns ! 

rt'wTemi Allnirut (tocentr 

MVadivnitha, J 


10.70 
10.86 
1 2.08 
11.50 
tO. 86 
tl.30 
11.35 
tl.74 
tl.10 
1 1-55 

10.45 
tO. 55 
r0.30 
11.23 
11.66 
ri.85 

18.14 
tl*25 
tl-82 
t3.28 
11.35 
t— 16 
:3.55 
t2.BQ 
t3.25 
11.82 
>1.41 
1 0.84 
12.40 
13.00 
rl.68 
;2.60 
10.80 
t2.19 

10.15 
tl-13 
tl.10 
t0.2u 
:0.5a 
(2.40 
11.60 

12.45 
tO.BB 
tl.42 
tl.93 

10.16 

10.46 
11.60 

12.90 
tu.SO 
10.33 
tO.42 
tl.88 

10.90 
tl.64 
11.60 


-4L05 

rC.01 


+0.02 

1-0.02 

►0.09 

-4.49 

-0.03 

-0.03 


+0.10 


+0.U4 


'+0.06 

tifl.08 

; -04ia 


OSLO 

, PnVT'f ••’Tfiv^YhE 

Auk. ?.n ; nr.nvi , — ; j j j 


uroiien tkun, I 

•lonwKiro i 

utwlit-nnk J 

h.NlUilS 

knMitka- «a... ..j 
.Nr^kHjvtrnlir i 
abownnl 1 


98 '+1 , U 

63.0 —2.0 : — 


1 15.0, + 1.0 
252.5.-7.5. 
1U8.O + 1.0 
225.0! +5.0 
l02.5|+2.5' 


] 9.2 

: a9 
7S 
lu.2 
l 4.3 
! 6.6 


BRAZIL 


MODS TV S 

•«! : 1 ; x 


vim. as 


f I -LIU- 


- ■ n* **■ i % 


V.X'Mta ur 

iiani'o.Oi Hi 
■t+uixi Its I* I'.V...' 
do- jn \li,i..,i H u| 
ujjai Amur. OP..: 

•’ffns'ra. PP. 

»*icei.| 

• tua L'rui OP.,.- 

1 '"I 1 l*h '. 

V«'i. Kin l'| 

Tnrnnwr: 


1.00 ’.... 12.09 

1.91 ,+,>.01 ..168.37 
l.sb ' + 0.UI J.ji 2TM 
1.44 -j.nl ..ji p.45 

3.50 : ' .4L.5.71 

•a.55 +0.1,6 1.14.5^0 

*•65 1 J.lt.MiAS: 

«•*»» ' <2l7.B2 

8.77 -0.U10jc=4j5 

1 ' 2 Z.^: .• * _ 

Cr.lCLJnj. VolniRc SSifyu, 


SiHtrce khi no Inwxro SK. 


'-0.02 


,+0.01 


.-0.92 

+0.01 

l+B.OS 

+0.05 

j-0.04 

1-0.05 

i+n.oa 

j+0.01 


-0A1 


1+0.01 

[rtJH 


j-o'.oi 


PARIS 


Aug 25 

Pnce 

ero. 

• «r 

Ulv. 

Fr*. 

Iteuic 

739.9 

i.i 


ttnque OoeMI'e. 

488 

-0 

<Llb 

t'|u>unne 

544 

—16 


»IC 

492 

—9 


Jiiuymjea 

B93 

+3 

*2 

• ». -.iV.Gervaii. — 

516 

—3 

40.h 


1,730 

—9 


-G.K. 

576 

— S.9 

dl.fi 

> .I.T.AIoarel— .. 

1.062 

+ 2 

7ta.be 


401 



Ciui>He.iKer 

418 

-3" 

1 

tired ii Vom. FPee 

121.8 

+ 0.8 

12 

L.rouian Lorre. __ 

89.8 

— 4.2 


Uiioiez 

694 

+4 

36./sj 

I'r.l'WrelBh. 

152 

-6 


tien.OcehientaJe. 

207.5, 

-1-4 : a tt 

iniefa, 

63.41 


■lt«tiieB Borel.-.. 

mzL. 


- 

launriie 

205J 

+ 0.2 ' |h./P 



+ 6 


Lvainral. 

1.775 

+ 14 


Mai^m, PuenlN.. 

S® 6 

-6 

59..-: 

Miciietifi “H" 

1.317 

-13 


'I'd Henoewev . 

523 

—3 

12. b! 

Mi hn urea. 

154.C 

+ 2.0 

a 1 

1'arliau. 

179.1 

-0.9 

t ' 

|- ‘*ln net-. 

90.1 

+0.6 

7.5 

'■'•1 n.m.ttu.'nltl. _. 

280. B 

—3.1 

10 

1 ■■u.ittH -Lu neii. 

466 ■ 


17.85 

Pmrlaln.-...— .... 

212.9 

-2.1 


'""ii" Itciiinque. 

450 

-10 

37 ' 


564 

+ 6 


■■'".■lie INantlH- ... 

109.5 

+0,5 


*L ii«ain„u.». 

152. C 

-3.2 

14.W 

1* Itiral L'lkM. — 

Lo93 

+o 

59 

’III'/ 

391.0 

-b.B 

do.b. 

lc I'lhivmihiur — 

blO 

+ 5 


tiv-uiNiti Hrxihii . 

239 

-4 



22.6 

-0.6 

- 1 


0.6 

4.9 

5.0 

4.8 

2.8 
4.9 
7.8 
4.3 
B.4 
7 JZ 

3.0 

2.7 

9.8 


9.0 


2.2 


6.8 


1.8 

3.5 


6.3 

5.2 
9.0 
9.6 

2.2 


STOCKHOLM 


\mb.2S 

FI xv 
ftliaic 

♦ HI 

Nl. N ,\ rffti JUJ... 
'■ia lanaWKreui 

216 

+ 2 

149 

-1 

'-KA iKi.70] ...., 

90.5 ♦ 1.0 


133 



87.0+0.3 


116 



197 

-2 


233 

+ 2 

L'n t' nix' U’rKrCL 

144 

-8 

r.ru.— uii’fc'i Km 

149 



300 

105 

+ 2 


62.6 

-0.6 


385 



120 


•I'-Oci. Ihjni lo. 

67.5 

-0.5 i 

+n ivilc A.B..I 

259 


,K.F. -«* Kr-...j 

79 

— : l ; 

•van i tiruk«-la .. 

179 

+ 2 1 


76-C 

-0.6 ! 


63.C 

-0.5 

'tevn iKr. 50)...- 

86 

+1 1 


UIV..XM. 

ini. ( £ 


0.6 

5 

5 

6 
4 

v 4 * , 

3. <3 
IQ 
6.4 


2.5 

3.5 

5.5 
•*A 
5^ 

5.3 

i.9 

4.3 

4.4 


» I 4,1 
9-6 I 3 2 


4.6 

6 

5 


3.8 


4.8 

6.7 


2J1 

5.7 
4.4 

6.7 


2.0 


JOHANNESBURG 

MIMES 

Ausust 23 


Rami 

.•330 

13.3S 

3.03 

6.03 
6.50 

llUO 

L70 

16.00 

9.30 


Anglo American Corpn. ... 
dinner Consolidated . . 

Ea« Drlelootcia 

El shura 

Harmony 

Kinross 

Klom ”*"* 

Rnstenbum Platinum 

SI. Helena 

South Va»l 

Gold Fields SA 
Union CorporaUon 
De Beers Deferred 

BtyvoornJtzlcht 

Has! Rand Pty. 

Free Suu Gedoid 
President Brand ... 

President Stent 

Stilfontcin 

Welkom 

West Drlefanteln ' _. 

Wfisiom Ho Jd lots . .. ” «s oft 

Western Deep h!qO 


5.30 
.... 730 

— . 330 
5.70 

as-oo 

1730 

14.73 

5J0 

tS.73 

. — 41.00 


-OJM 
-0.9S - 

—•.12 

-040 

-930 

-ft* 
~ftJ5 
“fl.U: 
-430 
-415 
-4» . 
-030: 
-4*5 
-130 
—470 
-475 
—455 
-MS 
. -1,0# 
-130 
—450 






W« 



INDUSTRIALS 

AECi 

Anglo- Amer. lndnstrui 

Barlotv Rand 

CNA Investments 

Cumc Finance 

De Beers Industrial 

Edgars Consolidated” joy.' 

Edgars Stores 

Ever Ready SA 

Federate Volfcsbeleggi^' 
Cnutenwias Stores 

Assnrancc «aJ 

lta 

McCarthy Rodwar 

NedBank 

OK Basaars 
Premier Mining 
Pretoria Cement ... 

Protea Holdings 

Rand Mines PtomctIcs"!” 
Rembrandt Group 

R«co 

Sage Holdings 

SAPPI 

C. G. Smith Ssgar ' '“ 

SA Breweries - 


535 

310.40 


“IB 


Unlsec 


4.S5 

■ -HM®. .• 

11 85 


O.KS ’ 


12.83 

-+e.« 

22C - 

-Mi ' 

T30.O0 

+0d# . ’ 

C.05- ■ 


2.00 

+.102 ' ' 

3-13 

-ai* . 

2.27 

-M3 

1J0 

-MLB 

JJO' 


1.00 

+4F.B 

2.70 


17.30 

0.15 

+0.05 

tX4S 

i +A.B2 

1M 

-o.ei 

2.30 

-0.02 

3J5 


. U.44 


130 


8.23 

-0.03 

4. GO 
1.42 

+0 JB 

1A.W 


l.» 





Securities Rand U^^ 0 . 75 } 
(Discount of 34 . 6 %) 


SPAIN V 

August 33 

Atland 

lianco BObtu r" 

Banco AUaatlra (LOflbj 

banco Central 

Banco Eitcnar 

Banco General 

Banco Granada ti.«5ii 
banco Hisnami ., 

B. Ind. UedtMrranco... 
Banco Piioalar 

® an, *ndcr rtiji 
Hancd Urqmin ii.oooi 
Banco Vizcaya 

Hancn Zaraguxauo 

sank onion 
aannx Andalucla " 
Kabcncft Wilcox 

cic - 

Dragados 

Inmohanlf 

R. f. Aragt«ne«s 

Esoannla 2ine 


E*Pl. Rio Tlnto * 

Focm (1.008- 


F cnosa (l.ono) 

Cnl Preaartos 


SHSLi V6,aQU “ ,40 « 


Par cent 
127 + * 

W -% 

2« - ir 

36 -3 

211 - 

zre — 

150 — 

w . — 

ITT ■ +2 

m -1 

245 . — 

52* — 

258 — 

w - 

273 - 

153 

? - = 

SZ — 

282. » 
.7458.+ — 
53,75 — 

Ittt - 1 
>425 - 450 

to — 

*9 - 

*T ' — 

US 



wo — 


fiMTduero * S'® T S'* 5 

Olarra ® + * 

SMsss R !r^ r:: « 

POtroleos w 

sarrln Pannlera"””:;;” - 5* Z 

Sosedva " ' jS T i 

Telefonica .ZZ~" 81 _ 

2?reas Hostento"””! to Z 

Tubacev « . 

Union Elec. Z“ TXJ5 - 0,73 


■ ’ VN V . 

- n. : 

























Financial Times Thursday August 24 1978 


23 


FARMING AND RAW MAI i KIALS 


EEC lifts 

sugar 

exports 

By Our Commodities Staff 

HE EEC COMMISSION jestcr- 
».«■ authorised exports of 45.000 
■ones nf while ■■ suqar. raising 
ie maximum rebate given to 
'■M9 units i>f account. This 
nn pd res with the previous 
.eek’s figure of 59,250 tonnes 
nhorlsert for export with a 
axitmuu rebate of 25.509 units 
account. 

Bearing in mind the quantify 
surplus sugar that the EEC 
likely to have to sell this 
j.mio, weekly exports will pro- 
Hiiy have to be within the 
i.OOO to 45,000 tonnes range. 
Nevertheless. the quality 
lihorised by the EEC was 
i.ehtiy above market expecla- 
„ jns and helped bring a. reaction 
om an earlier rise. 

The December position on the 
mdon sugar futures market 
used £0.75 up at £95.05 a tonne, 
ter having traded at £07.25 
rlier in the day. The London 
'Nily price for raw .sugar was 
ised by £2 to £93 in the mom- 
u. reflecting the steadier tone 
dif market this week. 

Official government sources see 
record Indian sugar cane out- 
ii nf 172m tonnes from 3.03m 
jetares in 1977-78, up from 154m 
om 2.87m hectares a year sao. 
■cording to a U.S. Agriculture 
epartment attache in New Delhi 
cuter reported. 

Milled sugar output. i& put at a 
■cord 6.5in tonnes, up 34 per 
■nt from 1976-77.' 

India's sugar slocks op June 30 
err 4.55m tonnes, against 2.5m 
year ago. End of season carry- 
-pr stocks are forecast at 3m. 
'ised on domestic consumption 
' 4.5m aod exports of 650,000 
-ones. 


Farmers warned as price 
of potatoes nose-dives 


BY CHRISTOPHER PARSES 


Big Argentine 
maize crop 

'8y Our Own Correspondent 

HE OFFICIAL final estimate of 
ti.s year's Argentine maize crop 
its it at 16.9 per cent larger 
.a a the 1977 crop — and 17 and 
. per cent respectively, larger 
■an the average over the lost 
it? and ten years. 

However, bigger export ea ru- 
gs from the 1978 crop are not 
:pcrtcd because of the general 
-w quality -of the maize added 
the 510 a ton drop in the 
■ire of maize, fob Buenos Aires, j 
nee May l. 

The National Crain Board is 
mcerned about the fall in the 
tallty nf the maize this year, 
"id n is reported that they will 
inounce soon reforms in the 
standardisation " system of 
7tins. 

This year’s larger maize crop 


POTATO PRICES have nose- has been caused by the pressure a remarkably disease-free start 
? ast wee * t “if ,n on farmers with litlJe or no star- to the growing season, aod the 
h^» Pa « l i L UW i ,a ? s reportS i\? ve Jgc space. rain is also blamed for the threat 

S crops for STlitffe SlHS . *»*»e have to dear the ground of a 5 lut of over-sized potatoes, 
a tonne 1{ J n,al5e room for their autumn Tubers are swelling rapldlv 

In real tertux this is the lowest P‘ anl * n fi* of cauliflower and cab- and growers have been reminded 
Price fbr many vears. This time baRe - Others simply have no that standards do not permit the 
last year nrice£ were Generally f 00m to slock potatoes and are marketing of main crop potatoes 
around £40 a tonne . an > CHse preoccupied with more than 63 in long and 3.15 in 

The Potato Marketing Board lhc ccreals harvest And there in diameter, 
is growing worried Sof luging cash^ 086 who s,mply need the I? 6 J k ! in,stl ? of f -^iculture 
growers to hold on to their crops ' said that most potato growers 

and not to send them to market The board has offered a tip to should now have received some 
unless they have a firm buyer growers without space to store, notification of the market sup- 
in mind. It suggests that a heap of P°rt measures announced by the 

The board's monitoring ser- Potatoes can be kept satisfac- Government on August S. 
vices reported a lowest price of ,0 nly for a short time in the The Government, expecting a 
£16 a tonne yesterday for Pent- provided it is protected surplus of 500.000 tonnes of 

land Javelin changing hands m J*" 010 the light and the worst of potatoes this year, is offering to 
Lincolnshire. tiJe weather by a covering of buy 10 per cent of every 

The highest price recorded was straw. registered producer’s crop, but 

£40 a tonne for red-skinned Further difficulties facing this has not yet had time to have 
varieties, but most' , range Potato growers include the any effect on the market 
between £20 and £30. The danger of blizht which is now Potatoes bought under suofi 
guaranteed price is £48.94 a present to some extent in almost support programmes are usually 
tonne- parts of the country. Fanners kept in store until the end of 

While farmers are earning- as are warned to watch carefully the season when the true supply, 
little as $p a pound for their a |} d be ready to burn off the tops demand picture can be assessed, 
produce, retail prices - have or their potato plants— the most Tben thev mav be rc leased 
remained unchanged at about 4p effective way of preventing the back fJD t0 tbe nja ' rket for human 
to 5p a pound in most shops. disease from rotting the tubers. COT]Sura ntion. sold cheaply to 
The Potato Board says the Humid weather is blamed for processors, fed to livestock or 
flood of potatoes on to the market the rapid spread of blight after destroyed. 


Brazil crop fears boost coffee 

BY RICHARD MOONET " 

COFFEE PRICES da the London Where they did disagree pro- At present the ICA ’'floor” 
futures market rose to their found I y with the IBC president, price is 77.46 cents a pound and 
highest levels since the end of however, was on the extent of Coffee Organisation indicator 
June yesterday, encouraged by the frost damage indicated by prices range between 134 cents 
wbat dealers saw as “ alarmist'’ the new estimate. Sr. Calazans a pound tRobust 2 sj and 181 cents 
reports of Brazilian frost dam- has chosen to compare the new a pound (Colombian Arabieasl. 

figure with an earlier estimate The indicator price for Brazilian 
They said the rise, which putting next season’s crop at 25m unwashed Araoicas is 1453 cents! 
lifted November delivery ba 6s. indicating frost damage of 2 pound. 

Robusta coffee £86 to £1.478 a Sm - or 9m bags. But the Sr ^ 

tonne, was also partly due tfcpro- bad never meetiD2 th5l ^ price ranee ' he | 

ducer demands for a higher before J^dOiis 25m. bags crop proposed would be a viable level 
* ! — • -Coffee Agreement nr***- 0 « , **»»— * """ 


Strong rise 
in copper 
market 

By John Edwards. 

Commodities Editor 

COPPER PRICES moved up 
strongly on the London Metal 
Exchange- yesterday, encourag- 
ing higher values for lead and 
zinc, too. 

Copper casta wire bars gained 
£10-5 to £750.5 a tonne, cash 
lead was£19.5 higher at £335.25 
ami zinc was £6.5 up at £321. 

The - continuation of the 
Permian miners' strike, 
currency fluctuations, and a 
higher trend on the New York 
copper market all helped to 
lift London prices. 

A feature of the market was 
the continued narrowing of the 
discount of the cash wire bars 
price to the three months 
quotation. The gap (contango) 
narrowed to £13.75 at the close 
yesterday compared with 
£16.75 at the eud of last week. 

Dealers claim that this 
narrowing Is caused by the 
reluctance of holders of copper 
slocks to- ** lend " them to the 
market-— by selling cash metal 
and buying an equivalent 
amount forward. Although 
LIKE warehouse stocks of 
copper still total a massive 
460,009 tonnes, there has been 
a considerable outflow in 
recent-months and further sub- 
stantial 'shipments out are being 
foreeast to meet some heavy 
buying by Far Eastern coun- 
tries, notably Japan. 

The inflow of supplies has 
been disrupted by delays in 
shipments from Zaire. Zambia 
and now Peru, which has forced 
merchants and consumers to 
draw on LME stocks too. This 
tightening of available supplies, 
with merchants fending to hold 
on to stocks, has given the 
market a firm undertone. 


Danes land 
banned cod 


Sr. Calazans told the Bogota 

HANSTHOLM, DENMARK. 

International 'Coffee Agreement ,J5jgL b A a ^ ee “ For' ^du«ra "con- 1 DANISH FISHERMEN IStS'to 

“floor” price and continuedoer- «™ng °£. * 197S- ‘ 9 fi8ure 01 suiners. He also favoured the land and sell Norib Sea cod here 
vousness about the African -um-_.ru bags. “rapid establishment” of an | and in other west coast ports 

today ; but faced Government 
seizure of profits for ignoring a 
catch ban that went into force on 
Monday. 

Fisheries inspectors did not 
intervene when the illicit cod 


supply situation following the Such considerations are international coffee reserve fund 
death of President Jotno Ken- ? . » largely academic .now through which prices could be 

yatta of Kenya. ' . bu j Lo ?e on dea ere pointed regulated. "Consumer countries 

-^‘SsassssBajis 

JjJ™ *** The Colombian finance! ^bore wwjjjg 

fM ai s, c s?h w i6rai7ra * ss siraursfiptisa!??® - »*• issfWKr Pt s 

, * *7* , ■ . lhc damage at 2m bags, repre- “We believe that lack of co- would be confiscated. 

London dealere comments sen ting a loss of only nine per operation between producers and TheMhdstry feare that the cDb 
that suen 30 estimate mnst.be cent. consumers in running coffee than, announced last week iD a 

based on little more than guess- Sr. Calazans added further to policies would be bad "for bothj bid to conserve North Sea stocks, 
work at this stage. They said the upward pressure on the sides.” he said. Colombia was was misunderstood by many 
it would be several weeks before market by proposing that the opposed lo major fluctuations in i fishermen. Th.- midnight Mondav 
any reliable estimate 07 frost price support range in the Inter- coffee prices. Spectacular price! deadline'applied strictly to land- 


■vstiniated at 9.7m tons — iafdauiage would be available. Kttt national Coffee Agreement increases lead to lower consump-' in 2 fish' not catching it, the 

minly the result * r - ’ — * — ■ — — • “ - ■ 

icld per hectare. . 


of a higher | few. actually argued with v 4h« should he raised to S1.S0-2.20 a lion and 
‘ figure. ' _ J r V : pound. . declared. 


nobody benefits,” he spokesman said. 

•Reuter - : >'_ 


ORANGE JUICE 


Brazil aiming for 
new export record 


BY SUE BRANFORD IN SAO PAULO 


ALTHOUGH MANY consumers 
do not know it. the chances axe 
that the orange juice you sip with 
your lunch in any European city 
comes from Brazil. For this South 
American country now accounts 

for four-fifths of world exports of 
concentrated unsweetened orange 
juice. 

The US is still, in fact, a larger 
producer, but most of its juice is 
drunk locally by the rich, vita- 
min C-consclous Americans. On 
the other hand, Brazil, which is 
still a poor country despite recent 
growth, sends 90 per cent of its 
juice abroad. While many 
Brazilians frequently squeeze 
oranges to make a drink, very 
few have ever tried canned fruit 
juice. 

With the support of generous 
export incentives, Brazil's manu- 
facturers have reached this 
dominant position in the world 
market in a relatively short 
period. In 1970, Brazil sold 33,500 
tonnes, worth S14.7m. By last 
year its sales reached 213.500 
tonnes, bringing in record export 
earnings of SI77m. 

Last year's high prices, which 
were 75 per cent up on the 
average level in 1976, were partly 
the result of frosts in Florida in 
January 1977, which brought 
fears of a serious world-wide 
shortage. 

The rocketing prices cut down 
the increase in world consump- 
tion, which bad been growing at 
a remarkable 20 per cent per 
annum, to a more moderate three 
to four per cent. 

Nonetheless, thanks to good 
early year sales at the end of 
Brazil's 1977-78 orange harvest, 
exports will undoubtedly top 
$200m this year, with Brazil 
increasing its share of world 
trade to about 80 per cent 

Local manufacturers are deter- 
mined to maintain this position. 
They are not concerned about 
competition from the U.S. or 
Israel, which cannot match 
Brazil’s low costs. In tacit recog- 
nition of this, Israel has recently 
moved away from juice into 
canned oranges and other more 
sophisticated orange products. 

In the longer term, the main 
threat, Brazil believes, comes 
from Cuba, which has recently 
greatly increased its orange tree 
plantations and is setting up 
modern crushing plants, equipped 
with U.S. machinery. At present 
Cuba is selling mainly to Eastern 
Europe. 

But tbe recent growth in this 
sector in Brazil has not been 
problem-free. Five years ago. 
there were eight crushing plants, 
although six of them were in a 


shaky financial situation which 
was aggravated by falling world 
prices. All eight were situated 
in the state of Sao Paulo which 
is responsible for about 70 per 
cent of Brazil's orange produc- 
tion. 

Italian Sanderson do Brasil was 
the first to go. announcing bank- 
ruptcy in 1974. It was unex- 
pectedly taken over by tbe Sao 
Paulo state Government In view 
of the serious social problems 
faced by the several thousand 
fanners dependent on Sanderson 
as an outlet for their oranges. A 
new compa oy — Frutesp -—was 
formed. 

Last year, the process of con- 
centration speeded up greatly. 
The two biggest companies — Cut- 
rale and Citros5uco — made an 
agreement to work closely to- 
gether and between them bought 
up three of the crushers. 

A fourth — Citrobrasil— was not 
absorbed by This powerful group 
because Cargill made an offer 
first Now, three groups — 
Frutesp. Cutrale-Citrossuco and 
Cargill — effectively control tbe 
industry. 


Success 


The most remarkable success 
story has undoubtedly been 
Frutesp which, although state- 
owned. has been run on modern, 
professional lines since tbe take- 
over. In an unusual departure, 
a group of experienced, hard- 
headed businessmen was given 
carte blanche to put the enter- 
prise back on its feet 

Although great changes had to 
be pushed through in 'both fac- 
tory and financial management, 
the venture has been a great 
success. According to Mr. George 
Pikielby, Frutesp's commercial 
director, juice production has 
risen from 3.000 tonnes in the 
1975-76 harvest year to 31,000 
tonnes in 1977-78 and this year 
to an estimated 40.000 tonnes, 
which is the plants full capacity. 

Moreover, Frutesp formed a 
co-operati ve wi th 5.000 ora age 
farmers in tbe region around 
Bebedouro. in the interior of the 
state of SS Paulo where the fac- 
tory is situated. 

Members have been allowed 
increasing pa rticlpation i n 
management. In an unprece- 
dented step last year, they were 
given a bonus out of the excep- 
tionally good profits of CrS 5 
(2op), over and above the fixed 
price of CrS 2S c90p). for each 
box of oranges sold to the 

factory. 

As the crowning point of the 


successful strategy, at the end 
of the year the stale government 
will be drawing up a scheme for 
gradually selling the plant to the 
co-operative members. 

Although its members produce 
about 45m boxes of oranges. 
Frutesp can handle only about 
14m boxes. As farmers clearly 
prefer dealing with Frutesp. 
rather than with its competitors 
(who do not pay bonuses). 
Frutesp plans to double its 
capacity within three years so 
that it can tben handle about 
2Sm boxes, producing about 
80.000 tonnes of concentrated 
juice. 

Cutrale-Citrossuco is by far the 
largest group, producing together 
about 200,000 tonnes of con- 
centrated juice a year. Rather 
than expanding crushing 
capacity, wbicb is now more than 
adequate after the recent take- 
overs. this group is moving 
rapidly into orange Tanning so 
that it can integrate operations. 

It is believed that the group 
bought at least one of the rival 
companies — Citrorrico — with 
more of an eye to the extensive 
lands it possessed, with over Ira 
orange trees, than to the crush- 
ing facilities. 

Even before the recent pur- 
chases. Mr. Jose Luiz Cu trale, 
owner of Cutrale, was already 
believed to be the largest orange 
farmer in the world, with his 
3m orange trees. His policy is 
being fiercely combated by the 
independent orange farmers who 
consider their livelihood to be 
threatened. 

Apart from management skill, 
Brazil's success story as juice 
exporter is also due to the 
country's natural advantages for 
orange production, which enable 
n to keep costs low. The state of 
Sao Paulo grows 10 or 11 differ- 
ent varieties of oranges, which 
ripen at different periods of the 
year. 

Manufacturers, however, are 
not quietly waiting for the 
market to grow, but taking 
active steps to stimulate it. 
Culrale has formed a 50-50 joint 
venture with Coca-Cola to set up 
a plant for long-life recon- 
stituted and concentrated orange 
juice, ready to be retailed in 
200 mg and 1 litre cardboard 
packs. 

With a total investment of 
Siam over three years, the 
manufacturers are looking 
mainly at tbe African and Middle 
East markets where both refri- 
gerated storage facilities and 
good-quaJity water axe in short 
supply. 


COMMODITY MARKET REPORTS &ND PRICES 

BASE METALS ^ " 


MTKK ' V.iii. - ' 
nth. ini 

+ •’f; 

' p.iti. T+or 

VlIKlln-ll] | — 

it 

. £ : 


; * 

irpbdrt ' i 

1 * 



ui .. .. 705.5-6 

-6J>' 

750- i 

'•i 10 

■»wh'. 7(8.5 5.5 *4^61 

764-.S 

'■vtt 

jl’m’ni 746 

♦ 6.6 1 , 



ihodea- 




li 73B.5,«D4 6 1 

7B1 a 

1+8.6 

765. .6 

— 5 . 

756-7 

■»8.& 

If *11*111 7dU 

,to 1 

— 

>• 

. Mi-.t . 

. .. ; 

63 66 


OPPER—Shwply higher an 

"hr 

■luii Mci.il Kicllanci 1 . 

Kiinr^rd mcial 


York trend b-rure e^stne to dr to ETiTJt 
twins !t» tradrt >n-iuns 
— , - Ki-lbfts was well absorbed — 

, T° r lined on t|H» rao rains herb-' 

MBS. high. la ibi< aAcroo 
~ than expected oprnins oa 
market here xvse to 1786 
volumes traded a naiad uc b 
Protti «a*titf on tlie lafe 
sm- :»>• nnee ease bj<% to 
Turrmvi-r 14.4T5 to ones, 

AaiHlsinnated MeUI Tmd'.n* reunited 
that ui Uu> awn ms cash wir.-tvirs irjil.-d 
«i £745. 415. three months i ~:<0. .'■■>. 35 3. 
». Cathodes . cash *740. m.'>. :p. three 
month* *755. S3. Kerb: Wire bar*, three 


«= PRICE CHANGES 

Pncr oer tonne unless oinerwae crated 



J- l C C 

Cȣ!i 6730 40 6735 *0 -r 15 

Yh« ifi ,4 moot hr.' 6720 40 » *0 : 672-140 + I7.S 

tnp months Iran, 61, w.J. ft lUlcmoMn »z»,. „■?*« ■ •?«. 

'til WiMun. tttn-c month* C7* « i. a-. *5. ^ • ~ 


Metals 

£680 £600 

.:SU*5<*3 S 10*5/65 

,ii f.j' 109.7B-I8J6 10B.sft-e8.a0lfi9.7B •, CrprfcM: Cardinal 0.3)7 Sufi ana 0.1S. im-lathT"** 'ti>. ^£764*25 

•I .-V,-:*; ™ ..'II3.M1BI1LH-1UD - . Thompson o^s. Rosaki 0..7S. Alpbonv Ui: Ouh f.iMf.'. JCWis -a.5 LTLSM 

S..TM: "ill ft -It I lnra nf innn«' ' Itahan: Resina 5 kilos 3.00-2.40. Plums — S nmnih, .Hr. Hn IV7SK _ n H plaits 


.v — j , .. . . .. r- rvi ra.uwar.iu j.w; per pound [ralian: Guyoi O.ia-O.IE, Metals < 

^ ■•.in. + »ir |M«. " + f-r trjrt t'T'.TT-'rtfoa " ? •* :w*r t.s): for Ifce -■ 51'5 'mm Williams O.'Ju: Fn-ncb: Williams 2s lb .Mnnilniiim -i 

T1X j * >ii *mi 1 — Unnnu ail: — :t»n.t:a ia ;.s »v uf*-.rri-jtp <iiafcrc;' A' '^ ■ • 4.6ft. Peaches— Italian: IV trays ^.50-2.70: Free marker i 

i hr time ar.-:;t -Uf:.-,- 'rss'Rirt rji"'" i rench: I-TO-2-OO. Crapes— per pound Cupper esab WJtarX 


•.■•it on ^ stroau n.-i. a n.1 imircd op to tU.i. M. 64.5. 9*. dtlmde*. thr.-.- J!*™*™ 

• nilcctins xivti hrmer dollar, the montUs K37. Kero- WirvOan. ibtve Sm, m 

.’inriilR i i.HUanso and otxnugM Nw rttomhs ril4. SJ.'i. b4. 64.3. ' n Wd‘". evD?- 10 - SS . b7C5-10 *.-.b 


COFFEE 


I- Indt»x Limited 01-351 3466. Three month Gold 204.2-206.2 
Loiuunl Rond, London SIVI0 OHS. 

1 . lax-fret- trading on commodity futures. 

2. The commodity futures market for the smaller imcsior. 


COMPANY 

NOTICES 


user CXtlRNAI. TRUST UM(TU> 


HOTtCt 10 ME.MB£R& 

01 ICE IS MCRE8V GIVEN that the 
annual neutral meclma «t mem Ben 
Crtt v E’ct;ra*l Tr«t kuntted witt Be 
M »»e Grand Hotel. Esptanada. St- 
i. jersey, on Wednesday. JOW 
mi. 1974, at H.OO a.m. tor ttw 

Mine pur DOtc- — 

< receive the rrPor( and aCCOunH tor 
o tor' ended 31st March, 1ST*. 

• IMCMinl dmeton. 

■ rraepomt auditors and authorise 
e oukuis to 1 (« tticir rcnwncratlofi. 

■ trsittflct any other business. 

alien U Olio mwit 3i»«n mat an 
ordinary d-wal meeiinft of ywi* 
o> Jersey Eatcrnal Trust (.milled will 
cm at toe wim HotN. Esplanade, 
ittier. Jersey, on tbe SOtti Aupim, 
. Mr tho lallow.no Durpoto— 

•Ret p-*timtn»ry cname and. value- 
m BrovisiQm in articles 
. acc/ovr. Rf.nrenicr with Cnrokev. 
appiov« or morfter wHh Interkey. 
aa orove ot ollrr for Ktylar. . 
fnrtttrr cvtraordinary urneiil meet* 
» conhrin resolution No. J will tv 
at me Uratui Hot«L jersrv. o* the 
Beptembw. 1070. at 11 DO a.n». 

Bv Order ot in* Board. 

M. G. GATES.. 
Tfr tha Roval Trio* Cnfnnanv of 
Canada (Cl) birntted. 

Sw.ec cartes. 


THE COLNE VALLEY WATCH COMPANY 

— NOTICE IS HEREBY GlVLN that tl* 
Tranaler Books «R the ordinary and 
Preference voai **|0 oa closed *or one 
UI only on Sth Scstembcr. tors, tar 
th« preparation Of the Di*<d<-ua Warrants 

payable on 1 st October, 197®. 

Gated this Z4th tuv ot aptvsi. 197®. 

W. A. COSGROVE. Secretary. 
Black wed Moose. 

AKtenham Road. 

Wauore. 

MentordshlM W02 atY. 


EXHIBITIONS 


s. GALLERIES. Jfi. conduit sr. w t. 
S Art Club and ShtTetr at Miniaturists 
■ bition 0<iil v lO-b. San. B 50-1 J SO. 
I AuSlitt 29. 


.HOME MEWElt r COMP ANY LIMITED 

. CUMULATIVE PREFERENCE SHARES 
_ NOTICE IS HEREBY CIVEN th.t tha 
Ttahhfnr Boom, ot tbo above Cemeanv 
will he closed from Ztttn Scetcmber. 1R7®. 
to Join September. 1978 thoih days 
•nclirMvej. in oreer mat me dividend 
warrants may be prepared tor thf half 
year oruftnu loth Sratarnber. i9~8. 

By order of th« Board. 

B, OAVTS. Sectrtarv. 

Tae Brewery. 

Oav brook. 

Nonisfiiiim NGS 6BW. 

SSra AUDDlt. 197B. 


PERSONAL 


A BAIH SERVICES X 

Baths rrMiriacvti in->ilit 
in ss-hac anJ mo-t mjaLiJ 
mlnup> M a tract n m ot Jtu- 
tvpUccnicnt Hir expert 
guarancol HTvkv cnn> at « “ 
BdthSrrvfers 

2d RtittiiU* $urectLindi<n Wl 
Tok-phooc 01-437 S2 iS S71 3 _ 

. Icfcphiine SheffitU 6®IHK 

X^TMcphcinc Wmcherfcr titntu J 


European-American j 
COMMODITIES CONFERENCE! 


October 2 and 3. 1978, London Hilton 
An essential conference lor ell who uso, regulate, effect 
and atc affected by commodity markets wodd-wido-iood 
processors, farmers, brokers, bankers and traders. 

This Is a unique opportunity to hear experts, advise on 
currant trends, forecast significant developments and provide 
critical analyses of the U.S. and European markets. The 
ccnierence Ji structured by New York University and the Chicago 
Board oi Trade to encourage maximum participation from and 
d'eau scion between delegates and speakers. . 
course fee: $US 310 (including VA.T.L 
rAr Juntier deieils comptere this coupon and return fa the 
.-.stress pfHOw: 


TeiCpnr.te 


^=1 

m * 1 Now York University | 

School of Continuing Education | 

Division of Ca reer and Professional Development - 

' *“ VN*8 5PZ. Tel: 01-937 


34 Stanford Road. London W8 


>'«t»l«n'i. 
Mnits K.. 
Xnt Yntii 


t.740 - 2S 

■fieO* -6 


-••t.-ir-.-. 
7«nr. tjiiv: 
Jnumirv.. .. 

Uendnic: CjjJi rJ5-*A Sliriv n:onihs 1 l«Vf 

&5«. 3&5, }i. Ct ^ 1 . Si, ji .1. :5 >' j. Hny 

KerUc TBri'.' mc.ihs L”7. ,UiiTT«i>jn- Juit- 

TBrat mouih*. EJ*. >.i. .3. 7175. 

4®. aj. Korb. Thr,u tnuitbk 12* ro.i. 

29. 

XEAO— Gained c> o«nd. T»r mrensth o'. 
cnocr promoted frr.li bu: :nc nod sh or 
emYrtas at load wiftt l«r«ar/l rtn.u! 

^ns Iran £732 on ino pri jruxkc: to 
WI no dx* morruiu krrfl. In the aliff- 
OND :U» prl« LCttC uu JnrllkT to doie 
oq the Jait kerb jr fi». Tnrnovcr 7,P. j 



U.S. IMarkets 


Rally by 
precious 
metals 


• sum. 


«rt «■* lor Aus '-7— Dalir , 

an-r»or 7 ii r 1 7 nil — Dutch: 2.IP-2 30. Tomatoes — 

C AV 4 Dr 1 A! urii Guernsey: 2jn: Jerwy: i.yO: Dutch: 2.20. PiMimtt" lrn\ »r.. C1Z4.5 .. . . r 1 20 

1 MtAL Melons— Spanish: VcJloiy fi JJ J yA3.it. > ine }inriici_. it 136.3s -I.S L 152.70 


153! ?5 - 7". 5 1-4S5 I J 70 7.K 
1323 52 -iS.S 1380 0a 

S 2 & :tz: -e:* i3ao..275 _ _ 

12 = 5 2: — -3.0 1320 loi -iij-k-'i tmnt ain dn» n wacrmclons— Greek: -UWi-AOi. Tangerines Vuu-Lbiliyr 

«»*«• -«* usif sfss -asfiRjurtij!; ■f- ’"■> 


XEW YORK. Aticuft 23. 
AFTER iniually opcnlns sharply Iovct 
" ti repnris of increased U.S. gold sales, 
precfrus mo'slj rallied with silver cloi-lne 
nijthcr. ‘j"ld u-as very <leady n-n 
th.-.a^ti lekir un CoruMmimi House aod 
cnnwtrrr buvin,-. Racho report:. Copper 
cloved higher on Commii-ion House buj- 
*.n; on rumnuT' «t labour unrest in Chiln 


■Jl imj ii.- pressure. 


English prodnce: Nni— per 73 Kilos 


LEAD 


vm. 

UQtL'iai 


’+’ *T !•■■■«'■ + 

— I u- ihcinl i — 



’«S|J>. i siSa-av . . >12* 30 ( and rumour.-, t-r LUE stocks railing next 

, . 270.9.. —3.5 2S5. 7(. * ' 

’ wo 1 1 -3.43 293. 1|. 


ARAB1CA5— C:;; : *.u; uraun>ei. 
10f.ru. !; uu. b;s 3-‘.*(3. :79.M. 7: rest 
unuuiui i-a'.n. ■ '.ks. 


.M’n:: 


r *? — 


'• • t • £ , C ■ L 

Cub 332. .5 -5.«. 33o-.S -10.5 

A»inU».436J5-.75-5.0 3^9-RO --9.5 fj K AlXV 

SW'nrti t, 332.5 -5.7b - _ _ l ‘ ,J 

oji. 5pr*t.i •• . 331.33__ . _ 

T»' , rnni£:' siaadard. lime'niftr.ihric.Tv'i. 

W.TK. Kerb: Standard, three month t 
01700, JX^au. Aitcrriuon: Standard, three 

naalba k.Tli. pi. ih.TOO. £>EA. I6.7P0, 

Kerb: Siamlard. late Nov. Ss.tOS. JfT* ?“- e r - ■ 

UtrW tsmttta £*i.705 

IM C C ab led Bi-ound in Hoc o-!b the Ja". B~00 -2-..-: 

treatt m Olbi r baar-tneiala. Auer op« ie 'I*--. 9— .J -C.js 

«W. to the IWS at trj: ton*4.-d rmul -ltiv 93.05 - O.to 

ahead ihrcughnnt the day tp csos'.- 

oa (ha lou.- kerb at iXM S Turntnif Eunncsi done: U'heai—-. ; 

4255;tono«. f.ot . J MM-!7.r. Mar-Ji 


WHEAT BARLEY 

Yr-t •-‘ey’i' + ^r Y( : lerlar’* +-r Safes _ 

WOOL FUTURES 


0«v v * • 'Ill JB-MJ —2.00 16.00.14. JO 

IV.’ .-. t; ... 15.KH5J-B.J5i U30- 15.00 

r«ra«n- U6JEM7.5 1 — 2.8S; — 

->=■”' ]I|J0-T7J— 2JS. la.SO-lS.M 

Jvtii lT7J»-aji;- 2J&- — 

Au«.:-t IT7.00-E2J ▼ 1.60 — 

I1UMU* - 

r*> iota of T» tonnes.' 


o.to. Celery— pvr bead O.OS-D.IO. Cauli- f 

newer*— per 17 Lincoln 1.00-1.30. Runner y twpdo u l. . . . . ... .. iM3 1.M8 

beans — per pound Sod: 0.15-0.16, Ground L rude (n..i326 • ; -. --334 

BJUJS. Peas— per pound 0-03-0.08 Baet- ^ a,tn A*hjin <SB70r — aa.O S546 

rom* — Per 28 lb V.7D-O.WI. Carrots— per I 

23 lb OJ9-OXO. Capsiennts— per pound e , 1 

0.20. CDUrpsUev — per pound 0.07.0.06. “««** 1 

Onians-pcr has 1. 00- I SO. Swedes— per L/ipim Pbillip. IS470* 

73 lb 0.70-0. £0. Turnip* — per 23 lb 1.00. aovahesn «U.b..r — |S370r S257 

Plums— per pnunri Laxtpns 0.08. Belles , 

fl.10 Curs U.ia. Oulams 0.B6. forth ares. Gr_;__ ( 

O.Ofi! Parsnips— per 2S lb J.00-1JM. ShITi 


'Pence per kDo) 


77.70 -o.n 

*5 - r? J>:-":V««enlVs+ ut : Bu^n-tr - 

15:55 -o.» ■- j !*>«■ 

fcfi.50 -0.13 


COTTON 


jOXc i.nnbMi 


+ wf .. l'- 11 - 

■ — , I ortfu ml — 


., ’-k>~ ,*:■ .Vi. 5-- -v- .. -. 

^ T lets. Carles— - •: «7^-- 


qualities. 


1 t ! 

...23SJ42.0 : _ 

larrca:. -.r — 

, ’ Mrr. MU46J — 

*£■ ?ia^- ;:mj4lo — 

ww. «bt*h ■’.'Mi.-i. [';■.],— ;■ • ! — i - 

CWh' ' 'imm^iiiti ^HC^Ucit.n-rC-k-farst's^’sRdesftc Lir--xii.l ■ ...j24S-0-a2J] ' — 

..I 317-8 '*’3.85;320.S- IjS -6.5 u. Feed wbeaB Sf.rj pOM-. ibVl*. _ 

3Z»-6 - S.^i, a28i-9 ,*>.*> T.-. Zj Other milling wheat: Safes- (rim lots of 1.5W kilos. 

SlB . + 5.S ; — . .. Ess-'i i l i2 1 Feed barlcs: SarTdut SYDNEY CREASY (In order buyer. 

C9.51 K«ih. E.-.s £77 -Fj. St.fer l-us' ■.oc«. aatejJ— M5crwi Caatruu: 

T*w IX L.r7 sufr -.s *cr the ost- " l - ' afli Dec. 353.0. 353. J. 

. k \JCts: 5s .* txpe.r.-d -JJ :..l: ;:j->Ji 363 j. 3S3.»3h3.0. 13: 

res --r. Wji.jr.s-d Ka7 : :• *63. 3S3.0-366.0. 10; Jnl? 

IMPORTED-- Wheat.- CV. fi* Vo. n oc :.^|.J. -,ri 0. nlU Ocl. 373 A. 374.0. 777.5- 
„ r . 1-'* 9«-r >*n; Si-^:. T..bir;- fS. "T- ‘ 

previous rjnr.Si.'i '• -> ■ ; -r- A 

e n! s-c;e il. x or. £-: £S2.Ce. "EW ZEALAND CROSSBREDS: Dec. a^ni-rtin" To' “\fr ‘w “jfTnme 

'.i.jnrrt’ >i.f-M.v 'Mftidcd. March iM.o-^j.o. un- according to Mr. w. H. r \ rom e 


Barley EEC. 1 • - 

Hr.me Futures... £80^5 -0.2$£B2.2 
Mute 

LIVERPOOL COTTON— Spot and Ship- *>*ocli Xv- 3 .Lm £100* CIOZ 

ment sales amonotrd id 23 tonnes, brine- w “ wt t „ . _ . „ 

io*« the toiai for the week so far to 155 I Red SprlnR" £90-257 C92.0 

tonr.es. F. W. Tattcrsall reported. Only N , * , 2Hart\\>Dter ^ ; .... : 

minor iran&actiDns were recorded wtib huenjb uillunjt £83 S £91.25 

•npptm mainly in ibo Middle Eastern Oow shipment .... £1^35 -27.0-C1.809 


3 mem tin J 

^B40m» ...i 


^Joanunj- Thr»^ mnmh? £327. M. Kpt* 
Tbieo oku 


moot hi OS. 77. 2. 

•nrei? inonths £”*■. :t.5. 

«5«hs £527.5. a. 2S.5. 

Qtma act ouunn * On 
Kth l Clow 1 SM Per PtcuL 


Afternoon- 
Kerb: rh:\v 


‘Aluminium 
futures not 
justified’ 


NEW YORK. August 23. 

37BjrK7.o1'mr Tw'ai *Vl«7 THERE IS no justification for 
futures trading in aluminium. 


Future Xd’. C1.784.B - 27. 5 -£1.740.5 

C"ftee Future. 

^ >•"* £1.478 -iS.O £1.241 

CnttonM’ Index.... 73.25c 70.45c 

ltuWwi lalo....- !57.75p 54 l. 

MiCar (Ba» j |£95 - 2.Q CH4 

W—ltop K W- 13 In... 278 n 283r._ 

■ Nominal, r New crop. : Unquoted 
m Jutte-Aiig. b July^Jept. a Scdi f OCT 
s Sept.-Oct. v Atas.-SePL. t Per ton. 

r Indicator once. 


SILVER 


.Siler r was hs'il UP an 
IBT Spot di Im-ry in :h? Lnnd«n 
Martin yev.onUr at 27“ !»p. S n.ni Vu'.iJi 
^uiralcms ra the dun.: fev- is wnc; 

SJJJc, thra-n I ill.: : nr i-e-nivniti >14 -r. 
down 18 . 5c. Mi-iuvcih iitr. aowii ji v 
•od 12-month j> V. down ii.k\ The 
tOvtftl Opcar.7 at 27e.b-273.eP ■ jJ>j.'.7ci aad 
i-Jssed at 2h< .5-279 5p lUT-jr-lci. 


hwc: i. - i .--j? TA-. :ran. iraii- 1 . :i-t islb-s.d. utaraiL-d.' July George, chairman of Alcoa, the 

£ T- 1 ’ • *'■ 5 >*7 — we.ir iso o-«s o. un- world's bigqest aluminium pro- 

npftn buL'tdn o.r i-?.- a Air.'.ao srad-.d. ia«.M8,0. tmndec. Saks: 

i‘ s k,m v;:. s.-. v cil. Queer. 


RUBBER 

^SS5*--7 ^ :■ - Vf'OS •SXWftK WOrSSi 
S^-S2 c «rri.7:-i, , B 5fV. s^snaos^nsv-sf 


SlLVXJi , feuiUup 
. |VT | UkkUu 
wjf«. j 14x111: 


+ * 1 . 


L.M.K. 
<-!■ *«.- 


rnrt- ' a v-t y. £13 

1.4; i ClPLs -bssu. it it.;. 


Xr. ! 
K-»>. 


B-l* "L-l 


Yi': :-ri»y’» Piw-ma 
*. L into 


'-0.5 



'obo* best 
icaeb) 80J. 

C0HMI5SI0K— Airenze latsJecfc 

_ prim i[ ™*«e«altw markets on 

S-.rS- 2i (71, aits at stc :u^9rs. Aas«* S93 Ip per kE Iv 

^ , , , k tciiis ' _u - 5 • per kg edewr 

rirnijtKl in .hr Paiv-sas pr. 7-1 .buj»n. »w ’---S' ca 7 ^ e *_ 6z -'P per k£ rw t+DJ,. 

selling Im !« j — , fc-rA ... 5 —. , MWC > ; Bupiann «nd Cattle nuntrcn done 

u.i. > :-p pvr c-nk average unre S9^ip t~ o.lc>: 


ducer. 

a«r 4T/VCrcTa di cc Mr. George, commenting on the 
1 1 r tot I A uLt-i news that the London Metal Ex- 
change will begin aluminium con- 
___ tracts, wondered how a futures 

to 3.n Lire Uadorntniers" Bto 'to~Ko. market could be created for ingot 
lor.qu-irv^ jM to =7.o. which had hundreds of specifica- 

VCal'- MBIWateS 64.0 to TOO. EOBllWl 

boabti-s 7‘- * id ao.B, Scoteb bobbies 2io ... ?; .. , . . .. . 

to ci.p. nun* hinds and i-nos ss.o to CT.o. Also, the aluminium that 
Lamb: ensUs® non 2 s.» to 6;.o. Enfibtti would be traded -would be very 
mrflttm W^58. Po E njifUh heavy S3.0 narrow in tprmc nf fhp per-' 
to 5c. 0. stench medium 54.0 to S8.0. Scucb aa , yw . . , . , . . 

n-tav? 52.0 *-0 3WL Seowh beavy ictry t» ip h centsge of the total metal traded 
qsairar; c\Q. imparted ft m rn: njs. pm in open markets,” Mr. George 
™ w » M - D - 300 said. “Having traders speculate 
in a small percentage of the 
market is always destabilising." 

fractal 153.0 10 Rfiater 


^I»l : 278.9p —3.5 280. lr* ' 

’Mltti.; 2BB.6p I— 3.4Y 2BQ.75p 1 — 0.5 65.30 *B. 10 S3.10-iJ.SI 69.03 

Btnootbt- ' 205. 3p '-3.75 — ! .. . . 0,1. ... ' ‘SJLU O s.r- - 

42bwbum.bob.7i> -a.es — __ ■ — Oct- rw saMsaa i =SE 3 . 5 a .*5 *" ■^- u - s 

LMS— Turaovrr ti 39 > lots of lfl .000 Ju.Kir. M.S3-S7 E3 51.23 -.1.1 D n.K^B.is pin,': fisslisb Coder Ida Dm iron. 44 0 i 

X Uonuns: Cash 2 TO.I! Ihrx-c tnooihi .Ipt-Jac tJ.7C.i2J3 i;.:5-57.5a 63J1LS2.73 ipr 36J> to MO r 

3J4. saj S3 A Thr— mnmhc Jr. sh< CIMfiH uu-ur. rtunw * wu r?L ifts I 

SSJ. 83A. 65J 
Jwe taopou 

s 

COCOA 

Roftewwj C' <11*41111 >-r 

«H«t of flroHuod 
»auroL Mvaoci- tu ano 
franrwrt. ^ 

Vwtrttiv’i 
iiH'hl I'.hitf- 


,1)1 aefl Dntla. 


+ IT PtiltH- 
— II.IIK- 


Vp'.bCuiiU't 

«®|R...... 1800.0-03.0 -36.2b IBffa.O-l.-EO 

J>pp — inojrasa -5?.s lioo.o-irro 

MORb itii.a-76.6 -53.0 ItfiO.n »5U 

tin. WB2JL64.0 ^38.5^ 1 IJO.O MO 

-Mr— ; ..... IK2.MO.0 -25.0 1 1*7 e- 30. ft 


SUGAR 

LONDON DAILY PRICE TZ* sit*- Cj:ilT _ ZZT-htn 


INDIA CONTROLS 
CHROME EXPORTS 

NEW DELHI. August 23. 

. □- — p- — — Tlie export of chrome ores and 

u ra £r concentrates from 
a 1 . ," 1 ‘P 63.7p iigji, sets land— channelled only 


Auv. 25 


FINANCIAL TIMES 

. 12 Uwith ^'. 1 ^.r ill" 


247.9 1 <145.13 _23a.A3 4 1 .55 

'Base- July 17^052= Irtoa 

REUTEFTS 

Auc. 23 ' \tui. £2 Month ~V_.. Vtmr aj>-' 

1462.6’ 1442 . 1 1412 .7 1481^ 

fBasa: Sratotober lSTld3l=10ai 


DOW JONES 


nsssr 

Joaem 

Aim. 1 Ana. 41 -Mil b . lew 

23 | 22 ^r. . ngu 

tTutnren 

S6 5.83387JR35 1 .06 5-0.60 
_'»4. 74 364^336.63530.05 

Uwrut (UoiSissiW) 


MOODY'S 



w«v. 

Cocoa— Sop;, l.vl.li • U0."1 .. Do... 130.it.> 
■ 146.00 1 . March 147.1ft. May 144.45. July 
i-U ?5. Sep:. 129.70, Dec. 13710. Sales: 
433 

Coffee— ■ C " Comraci: Sepi. 149.00 
>151,371. Dor. H0.M-I4ft.5fl ■14f'-4>. March 
I r.1-50. .May i:9.W-120^U. 3uly 125.00-130.01), 
i Sept. 1:9.00-1^.00. Dev. 118.00-127.00. 
Safes: 12K0 loti. 

Copper— Aue. C32!3 '«.80>. SeoL «5.ft5 
■M.OOt. on. 03.53. Dec. 07.10. Jan. 67.50. 
March 68.30. May b9.S0. Julj- 70.05. Sept. 
70.73. Dt-c. 71.U1. J»n. 71.95. Morel) 72.55. 
May 73.15 

Codon — Na. 2: Oct. 62.95-63.10 i(S.S0i, 
Dec. 64.94-64.55 i«4.47i. March Bt.^5. May 
■vT-SO. July 6S.10. Ocl. 66.00 bid. Dec. 65.90- 
'«.00. 

j -Cold— .AOB. 202.50 >2(H.S0). Sept. 202.79 
•Zft3nbi, Oct. -204.10. Dec. 207.10. Feb. 
i riO.lO. April 213210. June 216.™. Auj. 

| 2:?.5U Ocl. 17.’JlO. Dec. 2262J0, Feb. 229.70, 
jAanl 231.10. June 23S.M. 

' Lard— Chicago loose not available. 
I."’ prime strain 27.00 Iruded fsame>. 
tMsbc — Sept. 22;:-22i: 12241 1. Dec. 22(4- 
<-227;.. March 2342-2SH. May 2WJ. 
Jut 242 L. SCO 1 - 244;. 

rplailnum— 0«. 2«4.20.263.on >263.«'. 

j Jan. 2*?.!0-2*.7.00 >267.6l»i. Ami 289.50. 

I July 271.40-271 .60. Drt. 273.90-274.10. Jan. 

■ 3~.30-277.70. April 2S0.90-2S1.10. Sales: 
j 1.703 lot'. 

j -Silver— A ds. 541. SO ij.17.90i. Sept. 542.6# 
ji 335.701. MG. 543.00. Dec- 552.00. Jan. 
25b«v. March 363.00. May 373 40. July 
551 jn. Sip:. 590-70. Dec. M42J0. Jan. 

I au>> 0. March 619.00. May E27.10. Handy 
] ani Harman bollian: 534.7ft >530.30 >. 

, Soyabeans— AUC. 63f-:-654 < 6451 >. N'nv. 
i 641-642 '02i;>. Jan. 647->^S. March 6541, 

. Slat (55. Jul. 640. Aus- 637:. 

■ Soyabean Oil — Sfpl. 23.70-25.78 • 25.12 >, 

• firr. 24.65-24-70 >24^2 >. Dec. 2C.S9-2J.71i. 

Jan 2T-.M-23 4U. Match 23 JO, .May 23.10. 

. Jtllv 22.si. Aus. 22.45. 

Soyabean Meal — Aue. 149.50-1 7ft.nn 
oa. 169 50-170.00 >167.90’. Dec. 

1 71 ,«e> :73 4». Jju. 1 72. 00-171. 50. March 
' *,T3JM-:74j! 0, May 175.00. Juli Itft.CO, AUS. 
i 174.50 

| Sugar — Xr.. it Sep?. 7 04-7.03 >8 95-69S>> 

. OS. 7.67- 7.1ft iiWi. Jan. 7.71. March T.7I- 
7.75. Slay 7.43-7.55, July S.04. SepL S.21- 
: t J2. oci. 5.30 -sJ.i. Jan. SJ0-S.60. 

I Tin — 583-5I>3 non). <550-395 Dora.'. 

' '-Wheat— Seal. 329;.3M <324 s Dec. 32W- 
1 325 <K0:». March 4753->3S3i, May 320-3191. 
July JlOfeClfti. Sept. 313S nom. 

OTOSTPEC- Ausnsi 21. ttRye— OCt. 
91210 bid *9L30 bid’. Nov. B2J0 btd <92 JO 
nom.). Dec. 90 JO- 00.70 bid. May 94 JD 
aslred. July 96JD. 

ttOate— Ocr. 72.90 bid (72.00 bid'. Dec. 
73 00 asked mJO bid). March 72.W-73.10, 
May 71.90 bid. July 78.79 asltod. 

38»ln-Oct. 7L90 (73-00), Dec. 7.« 
bta fTUOi. March rj.40 bid. May 72.48 
bid. July 73.10 noip. 

{IFlweseed-Oei. 246.00 bid «240.5« Wd>. 

| Mw. 244.79 bid 1242.00 asked i. Dec. 

I ■.’45.00-245510. Jia.v 558.00 bid. July 346.0ft 
"Whept— SCWRS 13.3 oer cent ornieln 
re nea: cil Si Lawrence 153^1 » 165.15 1. 

All certs per 


caimsry euu . . . : •<“ cr> '> oer pound cx-tvarehtcisc 

i , . .... p J, S ^T^”'7 Bca± • lenaa *: unlS4*! 'Ithenn.e dated. * $■• p t r troy 

India will be SI?!! - '. J*p ci i?,, a , , f •nnorac's-d' ; r.-ja’p— tw^uccc lot... ' Ctdcjfc-j loose 

through the KwSE laroo^n^r'’'- ^ ^ pr^«7rc- 

cck. stale-owned Minerals and Metals medium es-so-m oo. 3 man , «Vi ri ' 4 ’ kooi 


rteam fob NY bulR 


J£l*. 

Oer 


1722.0 Mi.fi - 50.0 17».fi ID O 
1781.186.5 ->23.25 1701 HfiSi 


Thaca/:tr 

_ . — — fixer 

4.KJ2 tl^SGi lew « in iwpps dar. 

(■torHUoMl Cocm Organisation i L fe tnt *sn<.T4 «*• EFrr 
ceoia per pouadl— Dailz pnee Abltisi 12 : call- oa i 


.• v w.i* “ . . , ’ . — 1 ^ rl.n-ur r RRMH.. A uc yiuiri- vy xm wi uiirr jjjlu 

rtSTsSeSSS immediately said exports 

list! wp-f rec-rd-.-a'r-p wmiS!:; ir.cia. P«nwl prodra: Omoo»-& Mriran: vould be allowed vritbin “a 
Tn^ica-tc-r w.-cjcrt *ii Vaicscia Lft*f 4.00-sja: finslbw: vaicods limited CCiliQc ** in resnect Of 

SS SSC 

lender fnuwJ 259s nen cra » 5-M-5.S: Spaola- trass 00 PeaSOfl for the move. 

ittz. bar:i H.UJ clasiac L6u J.-W. ^Wea 4JWjo ; s. African; Reuter 


nn'Tite! in a ? hwt :on for bu|S loi< 
it j 188 slytr*. i<»f. delivered Tub car^ 

Chtcasn. TMcdn. St. Louis and Alien. 

uiu k , c , „ „ . — “ * cn, - s pcr 39-18 huihcl in shore. 

"yyj* 1 ; 8nn- 5l"» >4 bs »p ; - Ciais oer 24-ib bushel, scents per 
MthdMm'hb.* 'nS?Sr awn cl /'£ I i^! 8 bushel es-varrhnuse *S Ccmy jx*r 

Um C0 ® 5 ,p ppT kB - i ■*- R » M-»arehott«e. LOso-soshel 

- Ntk c *“ «ne*™» lots. t3 SC: per tonne; 








Financial Times Thursday Augastm 3375 


STOCK EXCHANGE REPORT 


Equities eventually succumb to public profit-taking 

Gold shares weaken sharply as bullion price falls 


financial times sto ck ind ices 

"" "*— — 4'“ litf. ! Aiw. 4 Anv. 4 A« 




7aw • 7W 
T3.41 7X1 




. - 72.65- 78.83.* 78,5* T3.W 7X*W 'TtBS-XftlEr 

fi».» Ms.ai BKLai 8i8.sj 

****** ~*-i 17S *. 1B2.4- 178.7* IWJli twS a&i WM. 


Account Dealing Dates 
Option 

•First De clara- Last Account 
Aug. 7 Aug; 17 Aug. 18 Aug. 30 
Aug. 21 Aug. 31 Sep- I Sep. 12 
Sep. 4 Sep. 14 Sep. 15 Sep. 26 


October 160 and January 160 


series lost 8£ to 30Jp and 6 to 33p 
respectively. ICI continued to 
attract a good demand ahead of 
the interim results on September 
7 and dosed with 176 contracts 
done, while BP had 131: prices of 
the latter's October 7S0 and 800 
series declined 13 to lSlp and 14 
to 132p despectively. 


* 11 Haw time ** dealings may take Plata 
fraoi 9 JO un. two business days earlier. 


The recent upsurge in leading 
Industrials faltered yesterday oh 
more persistent profit-taking sales 
from public holders, but the 
majority of secondary issues made 
further progress. South African 
Gold shares, however, were, beset 
by news that the U.S. intended 
from November to double the 
amount of gold for sale at its 
monthly auctions; this in turn 
caused a sharp lowering in the 
bullion price. 

A feeling of caution was evident 
immediately dealings began in 
the equity leaders. ICL in 
particular, attracted many modest 
sales, most of which were ulti- 
mately absorbed by institutional 
interest at slightly lower limits. 
Selective large deals also took 
place in other quality stocks with- 
out too much disturbance of 
market levels and for a while the 
tendency appeared to settle. 

Late in the day, fresh easiness 
developed on a disposition by 
jobbers to tentatively lower 
values because of buyers’ late 
reservations. The FT Industrial 
Ordinary share index, after being 
a mere 0.2 off at the noon calcula- 
tion, finally surrendered Tues- 
day's gain of four points to close 
at 519.2. 

Earlier, business in second-line 
issues had continued on a reason- 
able scale with good features 
occurring in situation slocks and 
in companies reporting trading 
announcements. The Oil section 
especially benefited from reports 
that Saudi Arabia was opposed to 
any fresh increase in the price 
of crude oil. 

Good shares floundered on the 
unexpected U.S. move and closed 
only marginally above the day's 
worst. The bullion price lost $6i 
to S200|. while the FT Gold Mines 
index gave up 7.2 to 175.2 for a 
lass of 31.4 in the past seven 
trading sessions. 

Unaffected by the surrounding 
events. British Funds traded 
quietly and closed with little 
change after haring been slightly 
easier. Corporations, too. were in- 
active and recorded scattered 
changes either way. 

Renewed arbitrage and institu- 
tional selling again made its mark 
on the Investment currency pre- 
mium which, in the absence on 
any worthwhile support, settled 
at the day's lowest of 9SI per cent, 
down a point on balance. Yester- 
day's SE conversion factor was 
0.6796 ( 0.6737). 

Another active day in the 
Traded Options market saw 83)9 
contracts completed by the close. 
Nearly 69 per cent of these were 
transacted in three stocks with 
Cons Gold particularly active, re- 
cording 313 contracts. 153 in the 
January 200 series; prices of ils 


Home Banks easier 


The major clearing banks 
drifted lower on lack of support. 
Lloyds, 270p, and Midland, 3G0p, 
lost S apiece, while Barclays 
cheapened 5 to 353p as did 
NatWest, to 275p. Elsewhere, still 
reflecting the i per cent reduc- 
tion in South African bank rate. 
Standard Chartered improved 10 
more to 452p. while Hong; Kong 
and Shanghai rallied 4 to 344p on 
further consideration of the 
interim results. Compagnie Ban- 

caire finned 3} points to £70}. 

Interest in the Building sector 
slackened noticeably and the 
majority of the day’s movements 
were limited to a few pence either 
way. London Brick, a firm market 
of late, came back 34 to 76ip 
following the half-yearly results. 
Leading Contracting Issues to 
give ground after the recent good 
run up included Taylor Woodrow, 
446p. and R. Costain, 234p, both 
down 4. By way of contrast. 
Brown and Jackson encountered 
further demand at 198p. up 6. 
while Travis and Arnold were 
also wanted and unproved a 
similar amount to 157p. 

Id closed 4 cheaper at 408p, 
but persistent small selling 
throughout the day was fairly 
easily absorbed. Elsewhere in 
Chemicals, recent Press mention 
continued to stimulate interest in 
Coalite, which advanced 4 more 
to 79p, while Yorkshire came to 
life with a similar gain at 104p. 
Blagden and Noakes continued to 
reflect disappointment with the 
preliminary results and eased 3 
further to 260p. 


2 to 69p on second thoughts about 
the half-yearly statement. 

Profit-taking continued in John 
Brown after the recent good rise 
on hopes of a bid from Hawker 
and prompted a further reaction 
of 6 to 472p, after 468p. Other 
Engineering leaders were quietly 
dull with Hawker 4 lower at 244p 
and Tabes a like amount easier 
at 432p. Secondary issues were 
featured by a fresh leap of 23 
to 233p in Victor Products OWsdl- 
send) in response to the higher 


day gain of 7 to 85 p on P 1 ^" 
liminary figures. 

Having risen 12 the previous 
day on good, demand. Rank 
Organisation were standing steady 
to firm yesterday at around 274p 
when reports of the joint tele- 
vision venture wflh the Japanese 
concern Toshiba attracted further 
buying interest which left them 
a net S higher at 280p. after 284p. 
Scottish Universal Investments 
firmed B to 128pand Boots edged 
forward a penny to 233p, while 



sponsible for a fairly modest 
setback in Newspapers. Asso- 
ciated gave up 4 to 136p and 
DaOy Mall “A” a similar amount 
to 360p. while News International 
closed 2 cheaper at 27Sp. Against 
the trend. United finned 5 to a 
peak for the year of 3S2p. 

A much quieter day in the 
Property sector was featured by a 
jump of 20p to 265p in McKay 
Securities in response to the pro- 
perty revaluation which accom- 
panied the annual results. Else- 
where, Chesterfield were note- 
worthy for a rise of 7 at 337p. 
while fresh interest was shown 
in Bellway, 2* dearer at 74p. On 
the other band, falls of 5 were 
marked against Bradford. 263p. 
and Property Reversionary 
“A." 3l5p. Dealings were tem- 
porarily suspended in Glanfield 
Securities at 3Q5p; the company 
announced yesterday that dis- 
cussions are taking place which 
may lead to an offer for the 
shares. 


Oils continue firmly 


MAR APR MAY JDtt JUL AUG 


House of Fraser down 


Nervous offerings in front of 
today's interim results brought 
about a reaction of 6 to 168p in 
House of Fraser. Other Store 
leaders eased slightly. Elsewhere, 
profit-taking after the recent rise 
on bid hopes left James Walker 4 
off at IlSp and the N/V 3 lower at 
212, while Bourne and HolUngs- 
worth gave up 3 to 280p for a 
similar reason. H. Samuel A. how- 
ever. revived with a gain of 6 to 
192p_ Church put on 4 more to 
19 Ip following renewed demand 
ahead of the interim results due 
next Thursday and K rose 5 to Sip 

Campbell and Isfaerwood rose 
S to 140 in Electricals, while re- 
newed support in thin markets 
lifted Louis Newmark 13 to 223p 
and United Scientific a further IS 
to 3S2p. Lee Refrigeration edged 
forward a penny to 78p awaiting 
today’s interim report while 
Philips Lamp put on 20 to 980p. 
Against the trend. Brocks eased 


annual profits and proposed scrip- 
issues in ordinary and preference 
shares. Still drawing strength 
from recent investment comment, 
B. Elliott added 3 more to 150p, 
while Turriff revived with an 
improvement of 6 to Sap. Marton- 
air International also added 6, to 
210 p, and improvements of 
around 4 were seen in Cartwright. 
69p. Francis Industries. Sip, and 
West Bromwich Spring, 34p. 
Among Shipbuilders, buying on 
hopes of early compensation pay- 
ment news helped Vosper to 
advance 10 more to 230p. 

Following recent strength, 
Associated Dairies dropped back 
in active trading and closed 11 
cheaper at 254p following the pre- 
liminary figures and scrip issue 
proposal. Elsewhere in Foods, 
Brooke Bond provided another 
casualty at 491p, down 3, on con- 
cern about the company's Kenyan 
interests and the situation in the 
coffee market following reports of 
the loss of a substantial part of 
the Brazilian crop. J. Lyons 
reflected mounting institutional 
opposition to the Allied Breweries 
bid by falling 4 to 129p. while 
Bluebird Confectionery, 73p, and 
J. Sainsfaury. 230p. lost 5 apiece. 
News of the deteriorating labour 
situation In the bakery industry 
unsettled RHM. a shade easier at 
59 Ip. and Associated British 
Foods, 2 cheaper at 75p. Rows tree 
Mackintosh attracted renewed 
interest and rose 11 to 435p for 
a two-day improvement of 22; the 
interim figures were announced 
on September 21 last year. Meat 
Trade Suppliers rose 4 for a two- 


other miscellaneous Industrial 
leaders drifted lower. Profit- 
taking after the recent good rise 
ahead of the 100 per cent scrip 
issue on September 4, brought 
about a reaction of 9 to 63Sp in 
Pfljkfngton, while Untie vrr. a firm 
market since last week's good 
second-quarter figures, gave up 6 
to 590p. Elsewhere, nervous 
selling on concern about the 
group's substantial Kenyan 
Interests following the death of 
Jomo Kenyatta prompted a fall of 
16 to 162p in Marshalls Universal, 
while profit-taking left AGB 
Research and Ricardo 10 lower at 
136p and 290p respectively. A 
resurgence of speculative buying 
in a restricted market left London 
Pavilion 1* points up at £9, while 
Johnson Group Cleaners gained 6 
to 112 p in response to the doubled 
interim earnings.- Comment on 
the record profits and proposed 
200 per cent scrip issue helped 
Restmor to improve 12 more to 
187p, for a two-day gain of 30. 
while improvements -of S and 10 
respectively were recorded in 
Centreway Securities, 2H9p, and 
Sicbe Gorman, 208p> 

Motor Distributors maintained 
the recent good performance, 
closing with gresh gains following 
a light trade. H. Perry closed with 
a rise of 5 to a 1978 peak of 132p. 
while sma ll buying in restricted 
markets left CGSB 3 harder at 
24p and Charles Hurst S to the 
good at 95p. 

Lack of fresh buying interest 
and scattered offerings were re- 


Encouraged by a report that 
Saudi Arabia intends to bold oil 
prices until the end of the year, 
OQ shares continued to trade 
firmly but final quotations were 
again well below, the best. British 
Petroleum were actively traded 
and touched 926p before settling 
at 916p for a rise of 8 on balance, 
sentiment here also being helped 
by the company’s decision to 
include S Ohio's income on a fully 
consolidated basis in the group's 
results. Shell were also a lively 
market, but closed only 3 dearer 
at 598p, after 602p. Elsewhere, 
fading bid hopes continued to 
depress Slebens (UK) which 
reacted S further to 376p. Tri- 
central however, finned 4 to 182p 
and Lasmo OPS put on 5 more to 
355p. 

Ocean Wilsons figured promin- 
ently in Overseas Traders, rising 
6 to 91p as investment demand 
revived. James Finlay contrasted 
with a fall of a like amount to 
lllp on concern about the future 
of the company’s Kenyan 
interests. 

Investment Trusts remained 
neglected and prices rarely 
moved more than a penny or two 
from the opening levels. In Finan- 
cials. Challenge Corp. hardened 
2 to 142 p on the preliminary 
figures and capitalisation pro- 
posal. 

Textiles were noteworthy only 
for renewed speculative interest 
in Dawson International, the 
ordinary and A both closing 3 
better at 151p and 150p 
respectively. 

Guthrie featured late in Planta- 
tions, closing 35 higher at 400p, 
while Consolidated Plantations 
were active and 2} better at 50p. 


m onthly auctions from November 
caused the bullion price to drop 
below the S2Q0 level to 319&35 
before picking up slightly to dose 
3&29 down at 5200.375 per ounce 
and prompted widespread and 
heavy falls in South African Golds. 

The Gold Mines index dropped 
7.2 to 175.2— Its lowest level for 
nearly a month. 

Share prices were marked 
down heavily at the outset, rallied 

modestly on bear covering then 

dipped afresh before dosing a 
shade above the day's lowest 
levels. 

Heavyweights bore the brunt of 
some substantial overnight U.S. 
selling with Randfoutein finally 
£21 down at £3Sf, West Driefon- 
tein, £231. Free State Geduld, 
£181 and Western Holdings. £21$, 
all around a point off and Harte- 
beest i cheaper at £13. Among 
lower-priced stocks Doornfontcin 
fell 28 to 333p and Veniexspest 
16 to 22p. 

South African Financials 
mirrored the trend in Golds. De 
Beers also suffered from profit- 
taking following the half-year 
results with the sbares falling to 
426p before finishing a net 25 
down at 428p. Issues with large 
holdings in De Beers also fell; 
Anglo American Corporation 
giving up 20 to 338p, after 359p, 
and Anglo American Investment 
Trust dosing £11 down at £45$. ‘ 

The downturn in the bullion 
price affected sentiment in Lon- 
don-based Financials. Gold Fields 
declined 8 to ISop, while Selec- 
tion Trust gave up 12 to 450p and 
darter 3 to loop. 

The -platinum price feu -in -line 
with gold and depressed platinum 
shares. Rustenburg closed 4 off 
at 97p and Bisfaopsgate 3 easier 
at J02p. 

Australians were quietly mixed 
reflecting the lack of direction in 
overnight Sydney and Melbourne 
markets. 

On the other hand, the return 
to profitability prompted a rise of 
10 to 320 p in Consolidated Gold 
Fields Australia. 

Elsewhere offerings from the 
Cape lowered Consolidated Mur- 
chison by 10 to 235p. 


Gold BJjnvs— 

T „ I 8A* B.1* fciw-.wjwj o-**r <*■ 

Oid. niv. i # ; 1JMU ! lSkTtf' Ihj 

“J ae3 , ' a 2. ; ^ 

P/S Ratio | ; 'y 4.B4V- 8.6W; Wlj 


a.i« • xasi 


! «10lO 

- 

3M7 

1 ' 4BSJI ' 
.1084- 

v’Mii 

' a&Mj 

.iait 


*.5g.v 


4,958 . 

. 7 ^ 

eq^L. 


W.7M- 


0-727! 4,541; 8.6Wj‘ 4.W*, *.«« •***. 

is *30 K1A II *m ’ t31 - 6 - k,!WR S* 3 * 4 . 1 **“ -J ■ 

s pm win. sow Klt - .. 

UM iKfcx BUM Wk. : ' 

• Rated Ml 33 wr cent ngwrajum u*. 

Baris lM flwu S*v* 13/W*. lM. IK* ttA <**• .SH, 

^jJJkp.SS. SE AcuwW Jni*D*c. 1M. . . .. . - Jl. 


HIGHS AND LOW S S& 

- f— 1978 }&*» 

|~ High j High | to* • ' j j 

; 78.58 | 68.70 tX7A U _ ,| l 1B.4 j 14«. I 

f ta/l) ^ (MW Ju.luKnw—.' Mt.* | UN4r 

I fll _2 7 } to. 73 150.4 80.M o 

- ^ ^ 15,1*9 - ' ^ 


Fixed Ibi.i 


vliM, ^ 134^1 XXL* 


-■ gsf ! aw ! ssiss*J-as-| 3 a? ; 

^ i >» ! SBS2S iSS ! JSS 


new highs and tows FOR . 


RKarc | nlormatiaTi .Syrwe ypJWWF 

amrned «« »«* Lo “ 1 ,or ,B7i - 


NEW HIGHS <149) 




wwwsav 

mottSTRuastn 


LONDON TRADED OPTIONS 


Jnnnvy 


• h's 'rehc| Cloeiojj! 
0(4tnn I povo : ‘•6«' 1 Vrt - 


jCtosJBp! 

I offer j Tol. 


j offer | Veil. .V 


Colt Cars offer 
payment scheme 


Heavy falls in Golds 

News that the U.S. Treasury 
is to more than double the 
amount of gold on sale at its 


THE Colt Car Company, of 
Cirencester, in conjunction with 
the United Dominion Trust, has 
introduced a scheme whereby 
dealers may pay for cars, held 
in stock only when they are sold. 

The scheme will enable dealers 
to order stock -in the normal way 
and. on delivery, it is invoiced 
to UDT on 180 day consignment 
The dealer may adopt the stock 
at any time he chooses or at 
time of sale, or at 180 days— ■ 
■whichever is sooner. Interest-ds 
charged at 35p per £1,000 per 
day. 


HP 

HP 

BP 

HP i 

BP ^ I 

t'flOT. trnlin! 
Ci-in. Kmoii| 
Com. 1'aii.n 
Con-* Grtlrt 
OcnvGuW 
Con>.Gi’M 
Courts ii Id* 

CourtnuMi- 

CourmuklR 

Cnurtauldi 

BBC 

GKC 

GKC 

GKC 

use t 
GKO I 
Gnml MM. i 
G rand Mri. 
Grand Mot. 
KM 

HI i 

KM I 

ICl 

Un>t - 

Laii'i S^-V. : 
bin.( son. I 
Lan-f S«H. I 
! SUrksASp.]. 
, Mark- ft. Sp-- 
Mjirki & S|W 
jUirks k SpJ 
Shell 
Shell . r 
<he'1 
Torn I* 


750 1 17B 
800 128 
850 62 

9riO 46 
950 l 17 
140 I 22 
160 61* 
180 ’ 2 
160 ; 38 
180 | 16 
200 1 5 


! 165 1 

! 130 
: 97 
1 68 
I 89 : 

I 161* ■ 


100 831} 

110 : IS 


110 ; 15 
130 71* 

ISO 31* 
230 96 

240 ! 76 
260 ; 56 
280 ! 38 
300 : 22 

3 so i a 
100 ! 21 
110 11 
120 Sli 
3S0 ! 79 
360 I 49 
390 j 24 tj 
480 8b 
180 1 61b 
200 ! 41b 
£30 I 22 
240 9 

60 33 

70 24 

80 ! 14 
90 ; 5b 
500 ! 105 
650 1 89 
600 18 


• 67 

[ S3 

11 

s »■* 1 

3 5 : 

j 24 


8 

1 86 1 

1 16 

} 11 

163 

1 « 1 

1 . 

1 25 

— 


1 

i 17 


1 aoii'j 

j 

! 11 

— 

14 | 

| — 

j 6 Is 

— 

10 


! 103 


88 ■ > 

5 

; 84 

— 

72 • 

: 

67 


57 1 

1 4 

\ 50 

■— 

1 44 1 

1 - 

36 


1 27 i 




: « 

. E4i a 
1 16 
J 10 
j 79 

> 49 
30 

| iB» a ! 

64 
! 45 

> 29 


37 J . . f :-V 

S9ia * — V 
is r..—' • us 


34 < 54,-J 
21 » •-= 


I W . 

50 j 
35 - 

22 

34b l 


[ 

34 



25'a : 

' 

25 

MS 

1 i 


16Lfl 

— 

17 | 

20 

8/a 

1 

10's 

Z 

108 

•— 

120 

16 

66 

14 

80 

37 

35 

53 

50 

1 520 

— ■ 

28S 

— 


OPTIONS 

DEALING DATES Audioti 

First Last Last For 1 

Deal- Deal- Declare- Settle- JJnlgatt 

ings ings lion ment Wallin* 

Augl 15 Aug .29 Nov. 9 Nov. 21 Fields, 
Aug. 30 Sep. H Nov. 23 Dec. 5 Wholes 
Sep. 12 Sep. 25 Dec. 7 Dec. 19 g»l dst o 

For rote iiMficutions see end of 

Slittrc Information Service ^ Cost 

Money was given for the call Wlmpe; 
In Thomson Organisation, May arrange 
and Hassell. English Property, Siebens 
Ultramar, Pritchard Cleaners, broke V 


RISES AND FALLS 
YESTERDAY 


ACTIVE STOCKS 

' No. 


Audlotronic, K. 0. Boardman, VF^TFIHl/ 

Frank Gates, Spillcrs. B. Elliott, twiuiw 

Unigate, Talbex, Richards and Vp D*wns»m 

Wallin^on, Mettoy, Cons. Gold ^ 2 « „ 

Fields, Burton Warrants. Suinne, Cn __ no _ ta ,._ 

Wholesale Fittings, Ward and ^ * * * 

Goldstone,* Farnell Electronics, * J “ 

Britirii Land and Johnson -Group. 

Puts were done in Burmah Oil. ******** «« »*'■ » " » 

R. Costain, Blue Circle and Geo. 0lta - 7 3 25 

WImpey, while doubles were pt M t * aa ” m .« s 

arranged an English Property, Mine* i « J7 

Siebens (UK), Sumrie and Lad- Recant issues 93 s 

broke Warrants. Tmb soo sot i,4m 


Rank Oraanisatn. 23p la 

Shdi Transport.. 25p 14 

ICI £1 12 

United Scientific . 25p ID 

BATs Deferred ... 25p 9 

Barclays Bank ... £1 9 

Lyons (J.) £1 9 

Boots 25 P 8 

De Beers Deferred RO.Oo 8 

GEC 2ap S 

Ocean Transport . 25p S 

Grand Met 50p . 7 

Restmor 25p 7 

Royal Insurance... 25p » 


Closing 

Change 

1978 

1978 

price ip) 
916 

on day 

T S 

hiSh 

926 

low 

720 

2S0 

-r S 

284 

226 

59S 

+ 3 

602 

4S4 

4 OS 

— 4 

414 

328 

3S2 

+18 

3S2 

260 

304 

_ 

304 

227 

333 

— 5 

368 

296 

129 

- 4 

145 

72 

233 

+ 1 

233 

184 

42S 

■—25 

464 

285 

313 

- 2 

317 

233 

111 

■+ 0* 

138 

104 

11S 

- 2 

121 

S7 

1ST 

+12 

190 

114 

403 

+ 3 

425 

343 


FT-ACTUARIES SHARE INDICES 


These indices are Die joint compilation of the Financial Times, the Institute of ActrarfeMc 

and the Faculty of Actuaries 


EQUITY GROUPS 


__ , - „ Tut*. Kan. F*i. Than. TikN 

Wed., Aug. 23, 1978 ^ »&■ 


GEOUPS ft SUBSECTIONS. T [“&*. 1^1 ^ 

tanfoa Dh. P/E 

«tock> par mcckn %. Corjn it 33%) Carp. 

TtaSM Tu37% 


Index Indar J index I lata 
ffa Nol No. j Ha. 


APPOINTMENTS 


RECENT ISSUES 


Lloyds Bank regional post 


EQUITIES 


Mr. Michael H. I* Lewis has 
been appointed to the Bristol 
Regional Board of LLOYDS 
BANK. He is deputy chairman 
and managin'; director of R. A. 
Lister and Co., a member of the 
Hawker Siddcley croup. 

Mr. J. F. Ciiilcott has been 
appointed management services 
director. BRITISH GAS CORPOR- 
ATION. 

■* 

Mr. T. Evans has been appointed 
company secretary of the MENT- 
MORE MANUFACTURING COM- 
PANY in place of the late Mr. J. 
T. Miller. 

-A: 

Mr. D. Ludlow has been 
appointed a director of LDA 
LEASING. He was previously with 
Alinet Leasing Services. 

* 

Carpets International has 
appointed Mr. Malcolm M. Deacon 
as managing director of PACIFIC 
CARPETS INTERNATIONAL PTY. 
* 

Mr. Harold Page has been 
elected chairman of the HEART 
or ENGLAND BULDING SOCIETY 
following tiie retirement of Mr. T. 
P. Kellj. who rontinucs as a direc- 
tor of the Society. Mr. George 
Smith has become vice-chairman. 
* 

Mr. Adrian C. Burkina sliw has 
been appointed deputy menacing 
dirertor or DOWTY MINING 
EQUIPMENT. 

* 

Mr. Frank A. On/ans has been 
made director and general 
manager, and Mr. Frank IL John- 
son appointed to the newly- 


created post of director of oper- 
ations and deputy general 
manager, of the transmission 
division of PLESSEY TELECOM- 
MUNICATIONS. 

* 

Mr. John A. Formby has been 
appointed by RONEO VICKERS 
office equipment group as manag- 
ing director of the reprographics 
division. He was formerly head of 
Roneo Vickers South Africa (Pty). 

The following appointments 

have been made as part of the 
£50m investment programme and 
the restructuring of stores being 
undertaken by INTERNATIONAL 
.STORES. Three separate retail 
divisions are to be created, each 
controlled on a day-to-day basis 
by a chief executive who is 
already a member of the board of 
International Stores. Two 
divisions will operate from 
October, namely the super- 
markets division and the Price rite 
discount stores division. The third 
will be known as the superstores 
division. 

Chief executive of the super- 
markets division will be Mr. Mike 
Groves who will retain his position 
as joint managing director of 
International Stores. Mr. Harold 
Deakin will he chief executive nf 
the Pricerite division and he will 
remain a director or Inter- 
national Stores. The organisation 
of a superstores division is being 
undertaken by Mr. Bob Muir, at 

present International's refail 
director, and this responsibility 
will be in addition to his activities 
in the new supermarkets division 
pending the formation of a 


separate organisation for Super- 
stores. 

★ 

Hr. David Whittaker has been 
appointed to tbe board of RACAL 
GROUP SERVICES in tbe newly- 
created position of director of 
legal services. 

* 

Mr. P. R. Clear, general mana- 
ger of the pharmaceutical 
division of Fisons Pty., the Fisons 
Group's Australian company, has 
been appointed a director of that 
concern. 

★ 

Mr. Michael R. Speakman has 
been appointed managing direc- 
tor. north west region, of the 
building division of HENRY BOOT 
CONSTRUCTION. 

+ 

Mr. Gerald D. Britton has been 
appointed finance director for the 
HOWE RICHARDSON SCALE 
COMPANY. 

* 

Mr. R. Kattison has been 

appointed financial director of 
COMMERCIAL CREDIT SER- 
VICES HOLDINGS and Mr. R. D. 
Winters has become operations 
director. 

* 

Mr. Peter Facey has been 

appointed director of R and D 
for ARBAT JUKI and will be 
responsible for its new research 
centre at Ashford, Kent. 

★ 

Mr. D. C. Lennon has been 

aopointed chairman of CAPITAL 
PLANT INTERNATIONAL. - a 
member of the Mitchell Colts 

Group. 


. Iscsis 1873 

lasufl -S ££ 1 

Price E* Jl Q „ . 
pt ^ " Hich 


llaL*! IHI8I 
S- - *3 


66 F.P. 31/8 Bl 71 bwttera Soperfowte.^. 79 M2.4J «.lj 4.6 7.ll 

100 p£ 5/7 IB?** 14g - — 1|7 3^ .0 2JJ ML7j 

.5 if. Jt BSiaJSyM™ + T- tffl HESS 


FIXED INTEREST STOCKS 


s_g s = 2 1978 

5^ IS sia 

— ' Klgb | Imw 


£99.4 r.P. - 

• « P.P. B/9 
£993* F.P. — 
£100 £50 15/1 

• * F.P. 15/9 

• * F.P. 29/9 


F.P. 7/9 
F.P. 39(9 
■P F — 


99 Biiminglmm V«r Role 8S-8& 

38 CaffynB 10% Pref — 

Wi Cataden V»r. Hate Red. 1993 — — — 

SOI, Do. United. 1986...^... 


i» Centro! k dbeermnod 102 Pref 

PS Crt»rf>v 6print! Tmwiore 10? Prei. 

97 p B.K.F. 104 Cum. Pref 


lOOpj Xil 
Lluu ►.!' 


)IODp F.P. 


• • F.H. 15/9 
■ * P.P. lb/9 
L99j 4 p.F. - 
Mdi, £46 ZOilO 

£99J 4 F-P- — 
ttraJj F.l*. — 


■’i 1 — 

97 p H.K.F. IOfe, Cum. Pref 

* Evt A null* W&tor T5 H«L Prof. 1883. 
S8U G. H. Hold l/it* 10ig Prrf--- T ----™ 
«b liotfloye 12S Partly Canr. Cttfc Ln- o' 

ISpIXearatU amt Xamlrra 9% Cnr. Pref 

•*/;i ffortliampfnn Var. Rale Red. 1865 

BDliu puuian 10% (!um. Pref. 

93 ; j * Raj-berk lOJ 1 * Cum. Pref 

I 84i, iRulori. SWa l imi. Pwf.. 

*>i a idotliehy Parke keinnt fti? Cum. rr« - 

I -ttUidcftini Var. ISala lli'i- 1*3 

I i*M)iitlieiul->>u-:le» 1% Med- 18S3 — ■ 

M'a:SlnUlK-l.vi*e Vac. Kale 1H33 

. /wsaiWaiHlaworth Variable 


991, 

... 981, . — 
9984-A 

.. aos 4 — 

98 

_ 98 . — 

... 98p 

... 98 

... 99 la — ~ 
88 83 


...i 19n| 

99 ftl ...... 

... 1004F + '2 
— lOOpj . — 

... 95 I 

... 98 1-1 
.- 99Ss;+Ig 

... 441,1 

... 99 1# 

... M9V B ! -- 


1 CAPITAL GOODS (17V) 

2 Btrildlng Materials (8 1) 

3 Contractiug-Construction (27) _ 

4 Electricals 043 

5 Engineering Contractors (14) ~ 

6 Mpc h ant **”! EngjneeringCPl 

. 8 Metals and Metal Forming! 16) _ 
CONSUMER GOODS 

11 (DURABLES (58) 

12 LL Electronics, Radio TV (15)— 

13 Household Goods (123 

14 Motors and Distributors (25) — 
CONSUMER GOODS 

21 (NONDURABLE) (175) 

22 Breweries 043 

23 Wines and Spirits (Q 

24 Entertainment, Catering a?) — 

25 Food Manufacturing (3U 

26 Food Retailing (15) 

32 Ne w spapers. Publis h i n g (13) — 

33 Packaging and Paper (15) 

34 Stares (4Q) 

38 Tobaccos (3) 

37 Toys and Games (6) — ; 

41 OTHER GROUPS (88) 

42 ChenricalsClS) 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) 

45 Shipping (10) — 

46 MiscellaDeoQs(56) 

49 INDUSTRIAL GROUP (485) 

51 0118(50 

59 508 SHARE INDEX. 

61 FINANCIAL GROUFUM) 

62 Ttanfcs(6 ) „ 

63- Discount Houses (10) J 

64 Hire Purchase (5) 

65 Insurance date) (10) 

68 Insurance (Composite) (7) 

67 Insurance Brokers (10) 

68 Merchant Banks (14) — ; 

69 Property (3D 

70 Miscellaneous (7) 

71 Investment Trusts (SO) 

81 ■ Mining Finance (4) 

81 Overseas Traders (Ifl) ... 

99 ALL-SHARE INDEX(673) 


-21237 »U7 
239M 37ML , 
400.76 2*07 - 
522*1 «ar : ; 
35235 MLB ;. 
1 B 22 aat»^ 
17731 HUM.; 




.2U.7*. aia-> N 

387A7 W ; . 
33X8* D7JI , 


ltt» >. 

tanti 
■22628 ' • 
3*7.8* p 

Bull, 


MSB 1 *■ 

nmr^ ‘ 

mmC'-.t 

■ 4*.;' 

■- 

iw: .., * 

1*73* :-.. 

VBM-: 

mi* 

... 

BUI,:''- 

3»6*A 

■ 

-J5S «. 

J783l" : : 

/ 

m*t ; ' s: 
an*;'-. 


FIXED INTEREST PRICE INDICES 


“RIGHTS" OFFERS 


FIXED INTEREST 
• YIELDS 

Br. Govt Av. Gross Red. 


LEADERS AND LAGGARDS 


The folklriM taWc chows the percontue chwsesf eahh ham taken place skim December 30, 
MnMy CHdiMa of the FT Actuories Shore indices. It also cootaim the Gold Mines Index. 


** 2a 

Inn a® 
Price |2 
it <£ 


Istwt 

Rgnme. 1078 

DM« 

• | S HigfaiLrar 


Closing 1+ or 
Prim — 
41 


1*77. hi the principal I 


Gold Hlw F.T. 

Ml nl sp Finance 

Mechanical Engineering 

Engineering C<urtracior» 
CMWOlN and Construction ... 

▼ays and Games 

Electronics. Radio and TV 

Capital Goods Group 

O versa as Traders 

Newspapers and Publishing . . 

Building Malarial* 

Chemical* 

Consumer Goods t Durable! .. 

Electricals 

Tobacco* . . . •• • 

Investment Trust* 

Motors and Distributors 


Packagin'! and Paper 

wines and Spirits 

Office Emlpmcnt T'"'** 

lodustnal Group - — 

Metal and Metal Pomthig - +13^ 

EMksbire Tndaat — 

Ota-Geounc m - +1Z - H 


All-Share Index 

Stores 

Food Mannfacturtnjj 

Insurance (Uf E > 

Consumer Goods (Non-Durablc) 

Oils 

iRcarance Broken 

Food Retail irw 

Pharmaceutical Products 

Textiles 

Prooerlir 

Entertainment and Catorlog „„ 

Merchant Banks 

Financial Group 

Breweries 

Hire Purchase 

Household Goods 

insurance (Composite) 

Banks 

Discount Ho mos 

Shipping 

r Percentage changes based - on 
UTS Indices. 


..... -flU7! 

+1L50 1 

+18.75 

+18.72 

- - +1H.&5 

4 8JS 

- 4 8.63 

- 4 8A9 

+ ZM 1 

+ All 

+ TO! 

. 4 SJ3 i 

- + AW 

+ M5' 

+ 3Jt 

- • 4 US 

+ un 

f S£0 

- 4 0.78 

- - 4* 

— 1HJB 

Tuesday, August 23, 


920 Nil 
50 Nil 


36 FJ. 
70 P.P. 


77 Nil 
35 F.P. 


94 P.P. I 
30 F-K- 


110 F.P. 
100 Ml 


-J - 33 

30/8 24/11 21pm 
2/8 Iff) 69 

10/8 21/9 06 

— — Spin 

3/8 1/9 4die 

21/8 4/19 1U 
28/7 8/9 72 

14/8 8/9 169 

25/8 22/9 24pm 
18/8 15/9 IOC 


33 IBook of Hoiitml_..— — 

17pm Blackwood Hudgc 

46 Head lam Sima A CoQliO* 

79 Leech (Wm.) 

.7pm Lex tksTlcea..™^ — 

40 Norton (W. B.) 

104 Property Partnership*... 

66 datcliffe Spetlntmn 

134 Treslemlt - 

19pm William* J’m'aKs,9.&a OvCm* 
. 80 Il'oTkrUiro themltish...— ....... 


33 

£ 0 ^nn 43 

96 +T' 

9pm + 1* 

47 +ia 

110 

65 -2 
157 +2 

19 pmi 

104 +4 


OverlSyeBis^. 

Iiredeemahlea. 


Wed. 

Day’s 


A £f- 

change 

% 

IWay 

104J3 

■HUB 


115.22 

— 

— 

32145 


__ - 

32123 




11328 

■mm 

— 


Wed. To ex. W -i 
Aug. Aut *6®' 

33 22 (apKOXi 


lT Low 

2 Conpbu 

3 

4 Hetfinm 

5 Coopooa 

6 


7 High - 

8 Coupons 

9 


years 

IS yenflL.^. 
Hyeen^ 

3 roars 

.15 years. — „ 
25 yean 

5 yearsL. 

US year*— _ 
' 35 yeara.. 


B 71 8.71 . «• ^ ' 

M-* lfi*. ' H:,. '. 

1 LU UM. - IMP: • 

115 # 1 L 58 L 3 tff 7 , 


7J9 110 1 Inedeaoables. 


■ UM 12jB# : V3S r ' • 

a _ 12J1 BLH= :j TM# 

- 1152 H 3 E- . 3136 . *'*, , ’ ' 

- '1157 vat MIS 

-I 12.79 1271 13JS 

- utt jl» 4 ii* ' v 


TE X 'ss ?s ’Sr JT-I 

1 x!TJ ¥, FI- 9 - 21 ^ » T . » 


RenuDciauon date usually last day for dealing free oi stamp duty, b Flgurw 
baJci ’TSSSm bum. o Aastuned ****£*** 
cover based on previous war's eanuBJa r Diwwnd aod riridbased^tm prospecros 
or other official estioiaies lor 1879. Q GrofiS- T leisure* 

for conversion of sbarifl not omr ranbine (Or dividend o r ranw ng o nly ftn- reacted 
dividends, f Plaisns price to white. Pi Fence unless orbervrlae Indicated. BIw»d 
by tender. II Offered to holders of ordinary ■ ta«q i ■» JWb . 
by way of eaptiaUsaHOB. ttauulmuin wider price. Si Rd ntroduced . *7 Issued in 
wnwwriiim wtib rwrrgantfiattoo mercer or tahe-over. till inti ihiucboo. i_] issoea 
to former uroferenee Holders, p ADooment lertern far fully-paid). • Ptovisttnal 
or paittiwid aUotmem lattnru. ie with warrants. 


w 20-yr. Red- Deb & Loans (15) B7.B2 tl2A4 67;8B 57.7B #57.79 0 67.64 57.38 5T.53 g7.So j 84-8# 

ie Investment Trust Prefs. (15) 51.32 18.59 61.32 51.64 #51.73 051.73 aus? 51.5? 51.87 ei.oa 

17 Coml. and lndi. Prefs. (20) 70.87 12.90 70.82 70.14 #7Q48 #70.25 70.58 70.49- . 70-47 6B.44 


V ' r ' : 


+ Redemption yield, Hiaba and lows wrixL hn*> dates and value* and consdtuont 

P— ?• * “JU Bwcimstftumts Is avallabto IMm th# Publishers, tba Financial Timas, Undam 

LamlM. EC4P 4BY, price 13p, br post 22p. # ewnend. iwm, Sirmt, 




















Financial Times Thursday August 24 1978 


AUTHORISED s UNIT » TRUSTS 


ibbvy Unit Tst.. Hers. Ud. w> 

■+ 1 - •'■•lehi'iior R.i . a> icabufj- nas.iMi Framlinglon Unit Met. Ud- <ai 

M> '' ' ,r S 3 >(,1 | 2K Inland Yard.^R.TnM. ni -24 


lihn> FN.-eoti - 1*1 \ 
nl« ln» TM |-ii WO 2 
_|*9 4 

.Iliral H Am hr a i;r«apV Ui igi 
** w n ll«" . Hiiii->ii. r.ri'nihiiM. Kuri. 
I ¥tt Wj! i>r nn nlmwl tiR.TT’i - 1 1 i-i0 

■IMml rilTMi. 

I! 

Hi? 


Itlcd 1-1 
ni. I nit' I mill 
nh.* In-- . . 

lr\l X I (id ll r 

iiir>l '-mi-, i.ii 

*ni ).•«•• i-iiiiil 

nnihip '• ■' Kd.. 

<C9W l n"4« 

inh Yii'lil hil 175 J 

;rh ll'i'iirtli- .... |71 S 
1 1 E<) Im- ..[413 

itmaHtiul VuntL. 
uprnilii-iijl . 
jcilli-Kumf . . 

K' ««( AUten.-a 

S A K.\rnir4* . 
jwliliil Un ndi 
malli-i i »■ - 1 it _ 

■it ■iinlr l <■': Frt . 
•nriM»rVNil-. . . . , 
pi Mm X Cdii . 

. rro-ii Laming i 
kjii Smlr Cur.. o 


1 +o i! 


76 Jolt -0 1 
74 0 
43 3 
. y> i 

84 3 
177 5 


55* 

34 b 

3.93 


558 

13S ft 

mo 

Kd . . 124 0 
130 0 



[MLAIIqu,, 


-0 .’ 
01 


;UL6 140 8t -U li 


34 

503 

Mb 

48.7 


33 


s$a+„ -,i 


13 


103 


40 1 43 9i 

■*PJ 

50 0 53 5 

in* 

1004 107 fi 

+ 05 

4*5 <7 4 

-0; 

«9 *7J 


248 J 261 4 



498 

305 

4JO 

447 

404 

«63 

409 

754 

634 

6.71 

373 
1 Bo 
1*3 
1.44 

431 

4 45 

5 03 
4 S3 
4 31 
459 


.■". nmruvm 

i npti.il T«i 

nip T»> 

1 m ■ -r>-*\in Kd 
!>•■ A-vuitJ- 

Friends' Provdt. I'nil Tr. Hg«-V 
PlvIiamKurt. rae-kinr.. iftisw-. 

Fit md* Pri« viit W7J 507] *oX| 3 78 |Win»ual Umi Trust Managers? (aHg> 

lip. \e rum, . . _ ,|tU 65 fi + 0J] * 

B-T. I'nil M»H*er.« Ud.f 
16. Flfhury Tired . Ff^!M Tpi» 


Minster Fond Managers Lid. Provincial Life Inr. Co. Ud.V Saie & Prosper cnnti n u«t 

'linM.-r Arthur St .EC4. <H-A53MS0 28=. B:>hn;.*:/i>.E C Z 0!.217^T1 ScatbitS S«UTUi»*S Lld.fi 

Miir-W 9U.uni!i. IM 5 4051 . I 538 Prolific U:l- MJ.S 106 7!. *1 1C - Wl 5 44 b. 

EUrmpL Jul>'31 ,__|97J Ul3| | 5.5* 1J: B 6 lu«r< jl23J lll.Sl -O.l] 6.86 Senijlcld [5*8 53« 

Sr-iUhirTS ib3 1 bb i 

*\uu r' B sir. T w !?£??***■ Pn«H. Portfolio Mngrs. Ud.V UKbKct 'K £ vw -4 - jUi l i 

ll'i tfuprn Miwi.661 H KJla. O.-KorCT. nnlt^-n. K-ri.E*. ni-4.i3tr.ra: -ITice, at An K w ~. '.—.t Mill 

' ' “ “ IU, ° ** — • “ MUK Tnisi ».«n lid. ... « ■=£?. 

’ « — — »**.!! ... . 6 KM6.1WM1 TUTT AUK. 1 J57.0 


3.7* I IS. i '<>|ii hall Mr.. EV2H7BU. 


«:t «■»;. In.-, . 

]k» | . 

i; T Inr l-d I n. 
i.l l' s.* <o-n 
11 T .I.ipjn A 1,01. 
*I./.I\-||..K> Kil... 
• IT. lull Kunri 
•S.T. Knur YiUK.F 


917 

mo 
176 2 
1312 
3449 
1*1 2 
149* 

57 6 

C. & ,\. Trust (a) (g) 
a. Rarlmch nil . Prentmod OCTTiTrraw 

»S. A B57 3S.1( -e 11 4 35 

Gartmore Fund Managers V (aN’Rl 



Mutual Spi-. I'lus. 
iEimii "uiaal Inc Tu . 
iji MU'U-I Rl.ro. ’IMP, 
3 4* MulUAl Filch YJd- 


iNaiiona) and Commercial 


.u-e/iSMWi ^nier Management Co. Ltd.* 

0 7] 6 07 TF;rSlk.E*.hanjp MMHT. 

2*-01| 6 90 Quadrant i;«n. VM..J 11-' ‘ 

J ~0S\ 6 08 Quadrant Income 15 
. 0 ] J AM 

Reliance I'nil Mgrs. Ud.W 


140. South SUWt, »«:•■ 

In Exempt i 

ul -Arm 4 17? Am ilruwth — i 
118 ffl . ...I 4TJ EiemptHith lld 
136. 7J ... j 772 Exempt MkJ.Ldr... 

Extra Inr T-a. 

Income Di*! I 

Inc |0?« Wdrwl — ) 


Target Tsl Mgrs. (Scotland) (aKb) 

19. Alhn! rrPH-ent. Edl». X 03l-S98eSI.2 

363 Twin AmcrRaeJcWO 37-3] | 

6*2 Tarsrt Thi.Ulr _ ..W3 9 47a ... 

452 Extra Income Fd. _{603 653u? -0. 

92 
79 

iv sepL 13. Trades Union Unix Tst. Managers^ 

0142* dull 
354] ._...] 550 



] 1U 

555 

-0J2I 9.91 


OFFSHORE AN© 
OVERSEAS FUNDS 



, . Ridgefield Management Ltd. AeawlMl 

i National Provident Inr. Bfngrs. Ltd-V 3*-*o, Kcnnedr sl. .M nnchesicr u6i 236R50i UK.Gnh.Did |:i 2 


= « Mari .Mi.EC3.Mnr. 

ir-.\nierirppT«t B2 2 

BnluhTn lAc-.l ..M2 1 
1 Y-mitHUiii) Share _|1 74 4 
Extra Iru-nmcTw „h51 
Iji Far Ea*t. TniM ..MO 5 


QC--JQ3SII 


3471-0.2} 


n demon Unit Trust Maaagers Ltd. •Ri? 

*»'4prhuithSt EC3M6.VA 0239231 ln^Acencli^ ^.-.'S 16 

nih-r-ion I’.T .. ,|56 2 60 4]...] 3.9q Inil.E-cempt Kd _ J93.2 

nsbacher Unit Mgmt. Co. LtiL 

Nohle KL EiTVTJv 

ip. MmiFhl* Kniift [175 0 1B5 Old | 4 m 

rbuthaot Securities Ltd. ]a«c> 

'. Qurea S» 1 uniliiii Fi '-jR | BY U 1-236 S9II 


66*41 

1*76 

277 

435 

665d 

HU 

1621 

1014 

3951 


3* 


0.01 

2*0 

2.11 

*26 

OH 

*53 


|*h /irarcchnrr h St . FX2IP3HH 
M'l.iahUaT*t.._(497 

I'A-.cum. Unilxi* |W 7 

Nl’l O'icsk. Trurt ._ 1124.7 137 
[ icr-um. Uniui" . ..J13S3 146. 

“pt«* «n July 29. Next destine Aueua 3E 
ITIcrx on AugusH 23. Next desllu Sept. 6. 


01-O2342U0 Hirigefield Ini. LT 1104 0 


5291 _....[ 4 05 m 

64 6] J 405 

1375] 235 p, 

146.4J 235 


1104 

ludseiield locc-rar. 06.0 


M 3 

m 
33 A 

57 . 

31 1 *01| 

ni 

5?toa 

d 

22 * 


-01 


237 

190 

7 73 
382 

8 *0 
923 

288 

3*4 

4.01 

1209 

193 

216 

4.74 

4.74 


King <L- -Sh;u>o:i X;- . 


Ill 01 .. I 

io3.ol 9.13 J. Henry Schroder Wagg & Co. Ltd.V 
lao. chenrwlde.E 
l^piul ABSU5l*S...[jN3 


Rothschild Asset Management fgl 

t-»).G.ilehrrti5i? Rd .A.v|t>burv D29«S«1 Ip^U^ AuyiStaC.i. 




> r 


•irp Fnriimp K.I. . 
lUhlnr Khp -1 
treutn IlipK. 
V B . WYlru F.l'lv 
pFi-rrnrp KuniL- 

i'p«<t». Unit-.' 

k ipil.il Fund - 

•<mninilir> Kn nil 
• « bin I'nil'.' 
.rt'iwaml f.«_ 

<11 AITOp 111 

ianix K'uml 

.iriim I'nili'i 

rrnih Fund .. . _ 

lernm I'luti.i 

jullpri'n'r Kd. _ 

1-trJTI 6 Inti Fd . 

•> V. Arw\ 1*1* 

arng «t Kt| 

. Ancr. a InL Frl 


111 2 1196 

-OJ 

45 0 46.3d 


60 b Mbal 


578. 62 2d 

i‘CJ 

M2 261 


37 6 495 

.. . 

2L3 23 Q 


624 67 T 


*0 4 9?J 


55 Q 59 2 


19.3 20 


*13 4451 

+ 0.1 

«5 522 

+01 

372 400 

-0J 

*4 5 *79 

-0 2 

29 4 317 

+0.1 

29 6 31 9 

+0? 

233 731 

+0.2 

*7.9 IDS 3 


34-1 36 7 

—02 


1034 

ass 

1*8 

8.88 

1239 

1239 

490 

496 

490 

2.71 

2.52 

232 

266 

246 

3.93 

119 

120 
155 
200 


cIaU.TaLiAre.i_ .1363 
Gibbs (Antony) Unit Tsl. Mgs. Ud. 
3. Frcdenck'* PL.OI<t Jewi}', EC2. 01-88*411 

(014.1. Income*. 144.1 4J 

laiAli.iiimlhtt_.llU 44 

(a i A (i. ForESst* |?6 0 21 i 

PrBlIns 'Tues. tiWi 
G orett (JohnHf 
77 Inodnn Wall. E.C^. 

S'blr Aueuu 1 1 J155 3 163,7] ,__J 

Do. Arc Uni (.'dll.. (1*6 7 196 R . 

Next dealinc day August 11. 

Grieveaon Management Co- Ltd. 


57* [National Westmi nsterlffa) 

2 75 1 161. Chcapxide. EC3V 8EU. 01-806 6060. 

> apii«liAocum.l..._(72« 7631-02] 4.16 

Extra Inr 1712 76.R -o3 732 

Financial 073 40id -QJ 510 


N. C. EqulQ- Fund. 
N.C. Ency.Het.T'j 
N r.lai'OBM> Fund. 


(184.9 
(U59 
168 7 


SC. mil. FA Ilnp.«7.5 



I l.rrwth Inr.. 


Income 09.7 

, PorUoliu Inr. Kd 75 J 

I Utnvcrul FdJdl M33 


mi 


3082] -as 

429 

803 

6*9 -0J 


NC Inti Fd ‘Apr 
N O. Smlir lojt Kd; 


087 

,167.6 


196.71 *0 R 
123.29 -0 3 
170. W *0_3| 
1019^-02 
105 0 -D_, 
17 83 1 +03 


330 iArcu/4. Uflltsi- — 

2 44 General Aug 23.... 

6 61 i APi-iim. Units' .. 

141 Europe August 10.. 

1.41 lAcrum. Uiutai. . - 

4.42 -PenaCharFUIyia 
•Spex-Ex.Auftuc L 

■Recovers- mis- 


204 0 
1031 
92 5 

li 5 * 
no 
3*4 
169 7 
[264 b 
1480 


118.41 
1435 
2113 
314 D 
96 3n 
120 2 
351 
38 7 
174 9c 
2727 
204U 


01-240 11434 

229 
229 
659 
659 
334 
354 
228 
228 
444 
3.71 
4A7 


*0.R 

- 2 - 1 : 


Transatlantic and Gen. Secs. Co.? 
91-80 .New lx>nd«n Hd chclmifani 0245 5 isr.l 

513 
5.13 
4.75 
456 
456 
535. 
555 
6 69 

6 64 
408 
408 
270 
2.70 
3 12 
312 

7 72 
585 
555 


(Arrum. Unit* i. _ 
B>rh Fxpl Jul' '26 
Hurkm Aus. !•.... 
i.U-rutn. l.'filL- ■ 

•.'olrmo AuglKf IE. 

i it rum Uoiim. . 
iNimMil. AUflU'-lEl 
i Aomin Dartfi ...... 

Glen. Au-un 22. ._ 

• Arrum. uniixi 

Marlb-.ro Aus SO-. 
iApouhi. Udiim 
Van.CwLh Auit.22 


v«inc Tee AUB.23 


Wlrli’r Aus. |7.. 

lAecuoi. Cnit'i 

WirUDi Anauxt JB. 
Do. Ac cum. _ 


745 B4 6d 


123 4 131 2 


MO 116 


M0 U.7 


104 1 101.8 


137 1 14* * 


1655 1743 


56 5 60.2 

+ 0.7 

61 9 66 0 

+08 

58 3 620 


7*.9 796 


St. 1 50?*j 


6*. 5 67.7 


54 4 573 


66 8 7 0* 


74.4 794 


47.4 499 

+0.6 

49 J 517 

+05 

646 68Jd 


776 821 


716 75 0 


82.0 867 

— ... 


Alexander Fund 

37. .Votre t'xror. Ijjirnhggrg. 

Alexander F und | MS748 l-FUMf — 

-Net asset lalm- Aug. 3. 

Arbuthnoc Securities IC.L) Limited 

P.O. BoxlfflJ.Si llrlivr. Jrrxm . 0S34TU77 Ke'ixetp 

Cap. Tsl iJrmcs . .. (U9 o 173® ] 4.06 CcilL AaaeUr 

_ „ Next dealing date \uciixt 30. 

GorlSers til . . W 1M| I 1*80 

ofil deal me dale \ u..i« ss. 

EnxtUoll.T.u.'rii |£so xSSS . -1 2.8* 

-Neal deal ins dale August 3L 

Australian Selection Fund NV 

Majl-rt Oppmunl it-*, c o insh Young 6 
Uulhualie. 127. Koni S] Sidney 
USS1 Shares .. .) sOj.Tn^| ..-4 - 

Not Aairt taluc August 17- 

Bank of America International SJL 

35 Boulevard lloyai. Ijuiemh-nirf! CJA 
WMtnvtM Income .IJI'.TIlfl mal . .. .1 750 

Prices at August 17. Next vub. da August. 23. 

Banqoe Bruxelles Lambert 

2. Rue Dr Is hcgrPic R IMo BruxseLs 

Rea la Fund UF — 11,909 ] .%R — | 7.74 


KeyseJrx >IcgX-, Jer*:*.*.' Lid 

l'G8<i\'Ri>t Hell—- i.1-. 

Konwlei _ Ir.--.'3f? ! ;T" 

bundwli-i . . , irr C‘.'( 

Kovselc- iri i ]C7 30 r *.£■, 

Krj «fle.< Europe „, il 9? -U' 

Japan Glh. Kun-t _,'l 


17 01 


J *. Iiunn-' i. ‘ * " ri— it. >- 
Valley Hie. a:. p..u‘- ''.til 
1 T/inmas uirci'i. Ijau ■! i- i 
Clll Fmil'iJiT'-.i lit !'J 

• illlTrjiB.) o.V 1 105 3 

Gill Krid. 'ii!i-Riv,|i*Si 
Iml. (iuvi Sees,. r-..1 
Firw S-.erhn/;. liiCu* 

First ind ;i26i? 


r j-i -c Uij .. 


Kleinvror: Bi2r.sc. a L.rai'.e 
20. Fenchurjh Sl. 

EunnivJ lx-, h. I 

Guernsey lne.. 1679 T, 

Dt. Aeeisrr. . . ]C3 E ii. 

KB Kir Em Fd . -I S Vf li A 
KBlnll. Fund. ... I 



Tj-ndaII Managers Ud.? 

18. Canyngr Road. Bristol. 

12082 


4.75 Rotbscfaild & Lowndes Mgat. <a) -For ia* «em„. foidrs-u Income 4UP.B 

SLSwiUiintLane.Udn. ECU 01«16435« , , „ . ul «A^ Unu?V~: 

2j5 New irLEiempt— 1037.0 145R ] 417 Scottish JBgmtablc Fnd. Mgr*. Ltd.V capital Aug. 23 

Prices od Aug. 1A .Next dealing Sepc 15. 38 SI AadlwjSo. Edinljit-gh (01^589101 ^cnia. UnilM. 

NEL Trust Managers Ltd.^ lagg) „ ... DvomeUdiB— is- 1 57W._..j «n ,T.xuS cWi” 

Milton Coun. Dorking. Surrei- *911 ^ ow,n 0,1 Trust Magt. Ltd-V(8) .M.-cum-Uoa*.™. ^ ’j. ? “ |l —~1 473 Int-Earu. Aug.23_ 

01-3885820 j Npjviar.._ (66.9 7B4l-eOJ] 4.08 CuyGjie H vp.. Finsbury Sq„ Ed 01-606 I0G8 c^nesday. . ,Accom. Uniui 


L63 

2.63 


Norwich Union Insurance Group n>) 


P.*|. Bex 4, Nonxich. VR1 3NG 


2363J-4.1] 


0 1 AOS 44.23 [Croup Tsl Kd. 0805 . 4805)4-151 4.73 i Ac cud E'ntla’ ^075 


439 


rrhwxr l-nlt Tst. Mgs. LuL¥ lallcl 

7. Ilicli Hnlhom. Wl.'SV 7.NL 


»Ur«ihainSI . EC2P3D.S. 

Himniion \up23_|226.1 

• ippiun. Uiiityi 248 2 

BincJI.Yd. Auu. 17. 191.7 

i Wuro. Unii-i. 220 4 . 

Endec- ■ AaglS S235 234.1? I 2 69 

lAcrum UniL-i 23L4 242 41 I 2 69 

Gmehslr. Aug. I8_ J04.1 10R.7 ..._ -85 

lAcrum. Unltxl 10*1 na 1 285 

Ln.SBr.G^ Aue.23. 730 76.4} -all 371 

lAceum. Unite) [76 B 883] -0^ 3.71 

Gnardian Royal Ex. Unit Mgrs. Ltd. (Pelican Units Admin. Ltd. (gHx) 
Huyal Exchange. EC3P3DN. 01438801 1 ] *> Foanuln.Su Mx n Chester 


0883223(0 Merlin Aug. 23 B7.4 



Frcf Aujc.au 

lAccum. Uniis> 


Ne i mot HI gh incT-l'tss. o 57.R-0.1J 755 1W 7 J3 ""| S*g Scbag Unit Tst. Managers Ltd.* fa) . . . _ 

- ' - ■*•— 7JX t*A Bern SU, Beil hr; Uw.E-CA. 01 7365000 I'eoCAC'xp, AUC.aa. 

716 5e bag Topical M.. 137.0 38 71-0.11 359 

351 Sebag Income Fd. .1:36 352] -oa| 7.71 Inc -A uk. 73 — 

351 Uodn IVall Graup 

- a Security Selection Lid- capital crowu..— .*JA 

1 7» PearI Tn,st Manager* Ltd. taHgK*' Royal Tst. Can. Fd. Mgrs. Ltd- lS-iB-Uacoia^ion h,p|d 5 . wca oi-83iasa*fl e?tj£7r£cro*^to & 
756 |2MHiph H.ilbom.Wn V7EB 01-409*141 54.Jera>vnStl6et.S WA, 014529 8252. JM®®*** - l?5? ?7.0| _....] 214 IV. Accum (472 


947 B 
1384 
J948 
]117 0 
’1662 
2715 
|30i a 
100 4 
124.4 

5 S 2 

1724 


Fearl Growth Fi 

Arcum L'atta 

Pearl Inc 

Pearl UuitTs 

(Acenm. Coital 



01-831 dm (ajy Guard hi 11 Txl. 093 1029tg 40JS 406 Pelican Uoita 1«.7 100.7] -0.1] 452 

fwpetoal Vuit Trust Mngm L ¥ (a» 


-arclays Unicorn Ltd, (aKgHHci Brcmvood. Enex. 
Dirorn TIP.2S2 Rntafiird Rd.E7. H15S4UM i'.K. Fund* 




nicni-u Amenra— 
-..a A uni. Air... - 
■ V* AusL Inc 

1 d Capital 

to. Exempt TM — 
o. Extra IiM-ntw - 

a. Financial 

O.500 

n. General 

n. iTmwthApp 

a. im-iitrw T-.i 

Vi Prt. .Vns. TM. - 
! twt« >1 Jul. 31 
e Re-v)iv*r:- .... 
n Tru'.lce K und. . 
p W'lifxmle T»L_- 

tit In Fd Inc. 

0 Ai-cum .... 


Near sub- ■! 

069 SO 

124 2 134 

036 57 

595 72 

1795 .82 



Premier UTAdiwn.. 5 Raileleh Road, floiron...-,. _ 

- 0877-317 238 1 A® Hart M_ Henley on Thames 040121 

P petti olGp.Gtli 045 47.71 I 3.00 

256 [ . 

g-J* Piccadilly Unit Trust (aKb) 

SA1 1 Antony Clbba Unit Tract Manager* Ud. 

3. Fredenck'c Place. Old Jewry. EC2R BHD. • 
nl-588 4111 

Extra Income BlJ 


4 4J Capitol Fd p4.7 71* I 3 JO 

fry *»«>“>e'Fd 1735 77R 1 730 

*■" Prices at Aug. is. Next dealing au*. 31. 

453 

Save & Prosper Group 

4. Great Sc Helene. London EC3P SEP 
081-238.968S 88-73 Queen SL. Ediobnrgh EH2 4N.V 

pealincs to. 01-584 8899 or 031-228 73S1 

Save & Prosper Securities Lid.? 

Interna tie nil Fnndt 

Carnal 139 8 427] f 2B7 


t'nvl GtBTalnc — ]22 D 2351^”'! 2J? 

Stewart Unit Tst. Managers Ltd. (a> 


21381+20] 
207* +3 4 
345.4 +LB 
204 6 +26, 
123 0 +2D 
174 6 +28 
2845 *2ii 
317. D +2 R 
105 6 
130.8 
15*6 
1886 +24 
1ML2] +20| 

93 51+02 


•Subject to fee and withholding taxes 

1 Barclay* Unicorn Int. (I. O. Man] Ud. 


Cap. Growth Inc 

Osp. Growth Are 

Inrnmc It A<*etv ... 
HKb income Fund* 

High Income |655 

CVbot EMrn Inc. |6L3 

Sector Fnodx 

FIiuuk ibI & ITU ]27 5 

OiifcNai Rea 

later national 

Cftbot [95 □ 

Ipternalionai . .13*7 
Wld H ide Aut-21..- 180.2 
Owraeu Fund* 



Finamuol Pr'ny ._)l70 

Do. Arcum.. Ul 0 

Hish Toe. PnuHiy_.l6*3 

4h, rhxrloneSQ-. Edin-.U r^i. 031-^83271 SpS2as7uf 

tSrewnrt Americas Fund 

Standard Unit* 170 7 75 4( | 150 

Arcum. lltnts 

Wi thdrawal VtdL< 

•Semran British iapitol Fond 

Standard — . [345 1 15711 J 400 

Ac cum. Units ]166 2 lfio l ... „ J 

Dealing rFri. *Wod. 


9fl.0| 
436 
50 7 
181 
22 * 
732 
360 
37.4 


+ 05 

zti 

+0.11 


40. 1J 


M3\z 


4 00 


J ring Brothers & Co. Ltd.V UHx) 

•. Letdrahall SL. E ■ .3. 01 MW 300 

Jetton T-t . . 1191* 281*1.. .] 412 

(i.Aci'lim [2402 250 2 ._| 4.12 

NVM cub day Augu.,1 3L 

iishopsgate Progressive MgmL Ce.V 

Ri»l6.pS2a'.a_E.i'2. OI-fBSSSU 

'ealePr ** \ug 15 1197 2 S10JI I 329 

re Uto.*’\iULi:i U>*9 2S0al .. .. 329 

'cal.-lm towJS’. [U* 6 200 7/ . . j 93 

tivum. 1 Aur 2!S*. .|209 2 222*1 | 193 
Next .vah iIjv *S«|i<eniher > ■■Aoguct 30. 

Xidge Fond ManogcrsIRaHcI 

inn William M F.i'4R9.\k IH-82349M 


AuitraltBn_ 

European 

FurEa-d 

N»rth Amer. 

K. Amilrv AHg 1« . 


13*8 
042 
M2 7 

03 9 

1353 


small vp? Fd *21 

V.’pHu! Fund 45 1 

lot. Ernr. & .Assets.. 50.5 

Friiatc Fund J7.7 

„ .... M-cuniltr. Fund 665 

22 S u ^i iyi Tc-hnnluo Fund- 64 1 
85 R 1 423] For yd 

American Fund 26.4 


10L21 +031 2 60 
40l|-o3 167 


415] ...... 148 

*71-0 2 5H 
*8 4» rOi 3 92 
47 04+03 1.67 

141 0 .. 1. 252 

645 -0j ‘ 126 


333* 

462 

503 ..... 
545 ..... 
405a . ... 
713 +D5j 
695 +03 
320s . 

2*51 . 


SIS 

440 

2.40 

390 

2-70 

250 

1-00 

150 


I'shoiAntcrjtmCn 013 

Bill Sanniel Unit TsL Mgrs.t (af 
45 Re+r b Sc. EC2P 2LX > 01-82880’.) 


Practical Invest. Co. LKLV (fUe) 

\ +4. Bloamabury Sn.WCl.A2RA 

Prai-lial \UCC3 (170 9 xn _. _ 

Arcum. Unite J24J.7 256.0] +0.9] 3JT7 


Vrur. Growth 043 

Inemsia* Loco me F sad 

High-Vield 15&3 

BUtb Income Funds 

High Return 1701 

Income _____ — 033 
ILK. Fends 

UK Equity 07.9 

OimcK Funds tri 
Europe — — — 191 * 

Japan — 106 5 

US |80J 

Rector Fends 

Commodity '.835 

Eaero 1752 

Financial Sec«.__ JT7.9 


2 00 San Alliance Fnnd Mngv. ud. 


TSB Unit Trosts ly) 

21, Chantry Way. Andover. Uanty 

Deallnts to 02H 63432^ 

fbiTSR General .1493 $U<] -02J 

ib'Do.Accum. 1634 

ihi TSBIncnroe Ib4 4 

lb> Dv.Accum (673 

TSB flceil Wh 1915 




5L4ri -0 J| 
9* 21 +0.11 
J 2 | ' 


Run AUijwceHse . Il'-T+ham. 04C0MI41 l b ) °° Arcum. 1992 

6.60 E*P Ed TsLAg*. 9 .1(233 7 24651 .... I 3.88 

vThe Faiuvro — ( iq*a ns4M . Mgter Bank? <a> 

7 W Target Tst Mngrs. Lld.¥ <ai(g) WartmrsireeL Brlfa+t. 

8 31. Gresham SL. Ed L+-nlmct' 0298 5*41 IblUlnerUrowth.-lIBy 

Ta rget Cpstmod • t). 01 5 


671 -0J| 
68.6 -0^ 
7L7 . , 

965 +0.61 
105.6 +0j 


747 

7.47 

3.92 

3 91 
737 
737 

4 47 

4.47 
972 
972 
498 
498 
857 

555 

555 

M3 

903 

4.69 

4.69 

7.41 

236 

4.92 


358 

351 

6.84 

6.84 

223 

£23 



1 Thomas Sl. Dongle*, i U |t 
Unicorn Atm.Esi.. 

Do.AuM.Um. 

Do Cnr. Pacific 

Do. I nU. Income 

Do. I. of Man Tst 

Do. liana Uutual... 

Bishopsgate Commodity Sex- Ltd. 
PO. Box 42. Douglas. LoM. OSU-230I1 

ARMAE -Aug 7 . JP'SHU 
CAA'RHO —AUt 7. Ul *47 Ll 
A-OUSTVAua-/— »«2 15_ 

Originally Issued at +110 and ,, £1JM. 

Bridge Management Ltd. 

P.U. Box 508. Grand man. Cayman Is. 

N'ba»hiJulj;3I | 115914 ] J — 

G J-O. Boi 5flP. Hung Kong 
Nippo&Fd.Aug.lB. Jlpsan ) 0.78 

Britannia Tst. Mogmt. (CO Ltd. 

SDBalh 5 l, SL Belier. Jersey. 0534 73114 

Sterling Dearnsri aiatcd Fa. 


P l». P.o< !3S. S: Fi 1-1 , Je-jc;-. <c.--i C7‘ “ 

UuydsTsl.iViU.-a. ]6T £. i; : .. ■ jftj* 

\ci: lie ail a.; date 7 r .. " 

Lloyds iDtematioaai zrrjjL 

7 Hue du Shunt.-. P.,.i £ ex 7711 141) e-. ■ i 
Lloyds Ini Gnr,uih jf- y - 1 : - ?:! } y-‘ 

Lloj-ds !r.: i +7 L( c5C 


M & G Group 

Thnrc ifiut'. To'+er Htl 1 D.’i 
Allan! ic Auu d .. hl'M VI 
AM.ES.Aiig 2? hi *2 IS 
CcildEx,VL-c.iu,:22 r 711J1 

Island .. ulilS 

lAccum L’diim Jl93 1 


Samuel MoutaRtt Lol, 
1 14. Old Brtida ii.Cii 
Apollo Fd. Aus. IS. 

Janies Au£. 15. 

117 Grp. Aug 0. ... 

117 Jersey Aug 6 

1 17 Jospii's Aug. 2 


Si-z ES 
E'Jli3£ 
fit- .-‘is 
(5*-; 

tu.11 


1-7 « -or- 
ui ;i +o.:i £i:: 

.in!;. 

i?: ■; j r. ■ : 

:::.:! i? 


1L3:! 


Growth Ion 

Intnl.Fd. 



UoivsL 5 Tsl Sig .. 

High inLStJc Tat 

DA Dollar Denominated Fdx. 

L'nivsl. S Tjl Ui.'jSTS 

loLHigh InL Tst (93.4 jus 


3*0 
1-M 
150 
LOO 
XL 80 


023235231 1 
43.7aJ+0J| 4J1 




01-8538893 HlKfc-Wisimum Funds 
1J+0 7| 3*7 Select Internal... 12763 


Select Income |57J 


SIM 

83.7] -O jj 
2920] -o.-n 

61.0[ -DJ| 


4 “ Target Financial - 656 712 

.. Target Emmy.-;. 00 a 437 
3.15 Target Es. At»K 23 .[278 0 23631 

030 ODo Act Units. — 099 7 320.5 

132 Target Gilt Food — 116 6 L 22.3 

Target Growth - _ 30.1 32 «nS 

3 m Target IntL ft»4 30 53 

ib6 Do Reins. Upib>. ..(31 6 3 4.S 

i*4 Targeting. 13* 9 38 7} 

TgLpr.Aug.I8 Jli7 9 176 7ijj 

Tgt.Inc D22 J4U 

2M TgLPref 532 14 8rf 

4 83 TgL Special Sits. -. 213 22. M 


-od 


-01^ 

+0V 

+ 8.1 

+o.K 

-o.: 

♦04 


330 

502 Unit Trust Account Sc MgmL Ltd. 

657 King William St. EC4R 9 AA 
Fnare Hoe Fund-..|168 0 
WielerGrih. Fnd 
Do. Accum. 1 37 1 


i.";;. - ! 9.00 

Value August IB. Next dealing August 291 
Brown Shipley TbL Co. Uerscyi Ltd. Negit Lai. 


Murray, Johr.Ftoae iia.. .-..J 
163. HofrcSv. Glesi;p-rt, lT 
•Hope St. Fd. . ... ! 3: S41ii | 
•Murray Fund I 5L ?J2 IS ! 

•JJAV :,IGU ra. 

Negit SJL 

10a Boulevard Ru .. cl Lut«ni'-'tf..V 
KAV August IK | J-l SlLiO I 


6 07 
300 

132 

236 

3.24 

3.93 

7<7 

1179 

4.03 


Wider Growth Fond 

Ki ns William SL EU4H9AR 


Income Units |32J 

p73 


An-um. Lulls . 


P.0. Box 583, Sl Heller. Jersey. 0584 74T77. 
Sterilng Bond Fit. 10021 1033] LL70 

ultra Butterfield Management Co. Ltd. 

.._[ 3.96 P.O. Box 196. Hamllion. Bernmdo. 

3.96 Buttress Equity [R'5l<5 2531 ...._] 1.65 

Buttress Income . ..JSVSI 9g Ltt| J 739 

Prices 61 Auguji 7. Next sub, day SepL EL 

01-6234961 ] Capita) International SJL 
34dJ j 3.96 1 37 rue Noire- Dame. Luxembourg. 


^.1 Capital InL Fund... l IL’SHJ* | 4 _ 


IbiUiilikhlYuxt ... 

tgi loti Trust 

igi Dollar Trust 

ibn-epitalTrukt- 

I bi Financial Trust 

i h> Income Trust— [29 0 


1663 
404 
85 7 
B2 
108.4 


177 -OR 
4)38 ... 

917 +81 
345 .^... 

1875 

312 ..... ... 
61.1 -OJl 4.10 
34 J ' ^ - - 


, 695 ! 
f- 275 
263 
434 ! 
499 
6.19 


INSURANCE AND PROPERTY BONDS 


Charterhouse Japbet 

1, Paternoster Row. EOL 


Bank cf Bermuda B!dgi. liaiti;'. i.. '."r; .s. 
NAVAufi.Il _.{iO0E - j-C.A| _ 

Phoenis Intcrnationnl 

PO Box 77. Sl Peter Port, iIscntM;'. 

lmer-Doller FiiDd..|S2.i>i 2 cj| _ 

Quest r und KngmnL. Ctrsec-i 

P 0 Box 194. .4* deiic.-. Jt-rviy. 1 5o-? 
Quest Slip Pxd.l3L.| '2 i .... • _ 
Quest toll Strts.. i .. I — 

Quest lad Pd. .. '• i\ <Z ■ . | _ 

Price at A^tur; io. •;**: .'^Jia.: Auklsi 2.'. 


Adiropo^_ 
Adi verba.. 
Faodak_. 


nvr;ir«n L ilen t 
tr.»me* , . 

BJMtal till .1. ... 

• At* . 

MTjji'T . 

lternt ! Inc * 

v» A— I ... . 
•CUltUK Ta--, t\Vr 


127 4 
i96 0 
415 
058 

150 0 

1ST 

106 


U 


2» , 

60 9 

4a 
48*! 

168 oJ 

19 R +1) 5] 
220 +0 


138 

5*8 

27* 

278 

535 

304 

304 


tb'Sei-uniy Trust . 

ibi High Yield Tsl. .{HU 
InicMf (aMg) 

IS, fhnstopl.rr Sireet.ECi 01 JC77243 )£<!«>»>■ Fund 

Inlet. In. Fuml. |9S6 282 1| I ^SrryFd TH‘ 

Key Fund Managers Ltd. (aRg) x | Propem- Arc’ ~ J 

2S MilkSt.ECTVBJE. 


753 (Abbey Life Assurance Co. Ltd. 

1-3 SL Paul's Charrhyant ECt 01-248D1U 


Kt-i" Kao my In F»l.. 183 8 
Key Equity 4>'eii.. [7!l 
e Rev item pi F<t . 

Kgi Income Font . 

Key Pixel InL Fil . 


I3lir r ' lf *‘ Pntf * S AoKg * t Kry SmallCo'sFd.'llll 5 

. t -n— ^ » . Brin *® rt Benson Unit M*nafer*¥ 

iritannia Tmst Managcnwat la) (g) ». WneH.«^4,St.Ei a oi-waooo 


o9--Sa VMpnci- Fund 

J*5t-0£] 4*3 npjnp FASer 4„ 

VMan.Fd.Sec.4. 

V Equity FcL Ser. 4-137 4 
VConv. F«L Ser. 4 .,.[112 6 
Vtfoney Fd. Ser. A ..|X10 7 


.. 343 

65 8( a » 

112 hi +L«( 536 


139.1 

1338 

JU8.I 

[156.2 

049 

|1286 

1384 


412 

35 i .... 
158.8 .... 
1645 

iSl r: 

1292 

1352 .... 
1*57 ..... 
39.4 .... 

lift 
126.6 


Pnccaal AUK 52. VaJ uatios normal b’ Tuesday. 


l.nnJ."i n.ill l-jiM:ug>. Lnt>km U.tll. 


K P. l>nlt Kd. Inc... 


IM +08 04734*479 «KB l’nl|Fd_Vr.._ 


fc&Fd.lnt T«p . 

K.DF1 In.Trt Art. 
KBSmlrvo+Kdlnc. 


High Yl d. Kd Inc.. 
)lt.;hYld. Fd. Acr . 




a+dnn ECdM^s'L 
aseti . . W0 3 

*r"+V V - . _ . 594 
eiumAlnii .. fofl 

mw*dili {85 l 

tmu-siK- J«5 

* '"ip . _ .;i?7 0 
xtr^liici<nic.— _.0l l 
>r fUiet ..23 9 

-icsuri.il S. i « , . 17.1 J 
»lil 4 • Iciir-iil . (102 4 
• r.iMh ....(ffl* 

li.-. A Growth .. [79 3 

^lM lUr-mfl' , 

dmrtTy Shiire,' .'tec 
dineml. . Jo* 

..i+i D.i'l. Inr 03.9 

; iri, 1 -NUa- . _ 5,0 '- 

i •V>:9h Ara-r-a-an. 

Ydraninal 
T.mr r (> st..iri i 

tiiiu: 1 h^iige .. 

•civ Khert? 

he British IJIp Office Ltd.V ia» 

a-l:an.e (!•■ T.inl.n.lgc Well. K>- IWS2 JCJ7I 

USc.HMX Uli- 154 9 53 Xi -a.al 51* i!* ‘ f , ' TiS T 

l-Pa.’.-iT-r.*- . ]S2 9 . .1 4 95 Div Aug Id 

I. Pu .ala m f Me J 49 s] . | a*} i.ta-ua Ini 

I’TiCt** tlu.-i.-t ii. Snl droller AugtlMl 30. 

Shi piej' A Cd. Ltd-T 



62 2 

Bl 


KRRm ro* Kil Are. [4? 4 


1243d] 
67 d 

*7 a 

51R 

51* 


500 

50.0 


529 Albany Life Assurance Co. Ltd. 


3 L Old Buriingtoo St, W.L 

i *2 V Equity Fd Acc [199.9 218 

jS VKtxeu InL Arc 1416 149 ( 

.5 VGtd.Monrj-Fd.Ac.. 115.1 I2J.0 

* JT VlntJMiin.fdAcm. U5.7 1231 

"• VProp Fd. \cc 1013 115.0 

, , __ • “ VM-pfe inv. Arc .... 172.6 1*16 

L & C Unit Trust Management Ud.V Equity Pen Fcl.acc 23*3 250* 

■nir SIA.-L Grium. oa imp. vuai.a too »» “*-5 

lArinr in ..-1143 9 148 J5J--J »» SI Hi 

007 9 11R _..1l *.*4 Prop TcnAcc. 124.1 130 J 

V M'r’c Ini'Pen-Acc- 2X2.9 224 ll 


687 A.KEV Life Assurance Lld.f 

MI Atmxll+e, Alma Rd .Rmgmle. Rei gate 40101. 
SH AMEvMantged — [145 8 
- — AME>:W k -d^B; r ..,|ll«3 


j* AMEJ-Rfid. -B'. ... 
n « Moncr Fd. 


«i* . Founder* ti. ECU 

yt-tul* Mmn. ®2.9 

'•tX'i 4b«23 [290 J 


0:4SW8S3> 


LA'. IntIKOn Fd 
lawson Sees. Ild. ftaMcl 
JT-Viimm'+St . Lunalun Wfll'lllY. 
t«.v» Slirralt- [41 5 
9i Inux L'mlo. 06 5 
'■;r--*Mi Kun.l . ,_]60 0 
- Nn-uin. I'BiU" [661 
1 n-l Warrant M0 5 
CAmei ar an Kd ..126 3 
t\ V rtici L-'mls' .1273 
’■High Yh-IJ . . .. 072 
•TVvum I'nil*.' 1*7.7 . 

Iwl .tXb'H "Tu»-v |»Ued -tfliura. **Kn. 

Sc General T> ndill FanriV 
Is* i jmngr Road. IP-nml. tC723=24 

■ hSi I fj? Arww Life Assurance 

■a..,i ;,.L 1 — »v-a K.TT-fef 

l<onlnr Administration Ltd. -Seua^sfi'nl.'liMS 

Z iHike sl. i«iiion W13HUP. n: A* s nasi Peu- KsftFd Eq.. 1137 7 



IQLGth.JDJrSI— 
622 OuL5' ATrpAjig 1 7 

— DpLi-A'tJjt^tifilT 

. OptB’A'HYJaign 
5.95 C'pLS'AKaaAufi .' ' 

— I>pt S'A’DpLAuglT 



l^Ti *B7 Londnulndemniiy&GnLIitB.CaLld. 


Crown Life Assurance Co. Lldf Uoyds Life Assurance 

Crown Life Hoc . Woking. GC21 13CW 04802 5033 20. Clifton SL EC2A VAX 
Uanrd Fund Act . IMS S 

Ifao^d Fd. Iscm._.[iaa 8 

Rang’d Fd. injL hfl7.7 

Equity Fd Acc hfWl 

Equity Fd. Incm. [184.1 

Equity FctlniL 1035 

Property Fd. Acc. ..976 
Property FA lartL'H 6 
PraDenyFATniL.. 969 

Inv. Tsl Fd. Acc. 112.4 

Inc. Ttt.Fd.lscm.. 112.4 

lnv.Ttt Fd. (o:l fill. 7 ' 

Fixed InL Fd. Ace.. 90S 
Fxd.lnLFd.Incm. 985 

ImeKl. Fd. Acc 1202 

ImerT. Fd-Incra..- 1202 

Money Kd. Acc. 96.6 

Mot>« Fd Incm 966 

Dili. FA lncm - ICR. 9 

Crown Bn. la r.'AL P63.S 


Schroder Life Giwpf 

Emcrpri +c Houac. Portsmouth. 

Equity Aug- 22. 245.7 

Equity 2 Aug. 22 237.8 249.4 

Equi»3 Aug. 22..^ 129.4 
Fixed 1st. Aug. 22 - 1389 
FixedlmJ Aug. 22. 1492 
Im. 0L Aug.fr. 1384 


070527733 1 


_ DU306O 
- 01149 U 

DM31 9 

Fondia._ 1<M2J(0 

| Emperor Fund 3FS3J7 

IRispaao 


S1S+8J] 


i +Sra 18 ?™ Rlchmond Am- l - 

+020 450 Alhol Street. DOufLza. l.i- -3 

+DJ0 4 96 'XiTiiSilierTruat I1K ■* ’7' 

t 8JD 5*4 RrdimDniiEoniltE.;1735 I - . 

— Do. Platinum Bd. . |123 7 

7.ZI Do. Oa\a 3d 10o ; 

Do.Em.S7-CC.aA.. (’75.5 


.i-c.r.T.:- 



Can Growth Fond . 

Tee 9Fiex Exempt fa I 

!« sasrCSKi 

~ Flexible Fund...... 

Inv. Trust Pnml_ ....I 

Vincula Bouse, Toner PL. Ed 01-8268031 Gtd^iwrtKd^ ! 
GUI Prop Aug B_.f72.1 BIS] 4 - ‘ 


IB-30, The Fod> ur> Beading 5835! I. 

» MSTi Si Sfllll = 

— Fixed Interest __ , |34 7 36 4 .....J - 

2256 The London Sc Manchester As*. Gp* ^^^ug^L 

— Wta*laA%Pirfc,E J ncr. C3SC52155 BSPn-CpB. A oe-22. 


39* 


— Crusader Insurance Ca Ltd. 


7434 

w< 

w 

1002 


M * G Gmp9 

Eagle Star Insor/Midland Ass. Three Qaan, Tower am eew sbq oi-« 8 osa 

I Thteadneedlc S l FC2. d:- 58812I2 Per*. P«sni*oa*-„ I 2518 


MnfdJUx. Aug 2S . 1383 
Managed 3 Aue 22 152.2 

Money Aug 22. Ins 

Money 3 A og. 22 U85 

“ 1578 

1554 

1222 

BSPnAccBAcg 22- 193.6 
SCnPnCpB Aug 22. 209.6 
MnPnAccB AugJS 250 4 
FaAJnLPen Cap B . 972 
FxdJnLPn. Acc B... 982 

Prop. Pen. Cap B 96J. 

Prop. Pcn_Acc.B ._ 97.1 
Money Pen. Cap. B. 962 
Money Pen. Acc. B. 97.2 
Overseas L_! 09.0 


1362 

1463 

157.1 

AN 

127.7 

145.7 

160.1 
1141 

124.7 
1662 

163.7 
1283 
1483 
220.0 

263.7 
102.4 
103* 
ML 3 
1E_3 
1013 

%£ 


+33 

+*.t 

-02 

-01 

-8.4 

- 0.2 

+U 

+12 

+ 0.2 

+8? 

+ 0.2 

+03 

+13 

+18 

-05 

-03 


+0.J 


la 




Clive Investments (Jersey) Ltd. 

p.o. Box 328 Sl Holier, jersey. 063*37381. Rothschild Asset IX-U : 


Clive GUI FA »C1 j.W.76 
Clive Gill FA U*yJ.|9 79 


9J. 

983i 


I -0081 1100 
- 0 . 01 } 1100 


Com hill Ins. (Guernsey? Ltd. 

P.O Beat 157. SL Peter fen. Guernsey 
lomL Han. Fd. J169.0 


P O.Box 38 St . JlIi wV i. G u-irn : C - , 1 " 


I-rJ.-l 
; ;Z‘ 




Coev Dcpomr__ 


SS AMEV tqui^ KA. .tn*l 
2*qq A11E\_ fixed Int. ..[ 


IB 94 


- - HI 

AM KV Plop Fd .. *74 
] AMEVUiM (Tn F A 96.7 
AMEV Jfgd Pen. B' 97.4 
Flexlpbm 96* 


153 

1162 

1X12 

12*4 
971 
X02.I 
1014 
182 6 
1B2.0| 


Eagle If id L'nitx... |56-B 589 -021 581 

-Equity 8 Law Life Ass. Soc. 12d.V 

' Antnhai Road. High Wycombe 040*33377 

Kquity Fd. -124 6 131 ¥-01' - fi/LSSE ^S=LTl 

Proper Fd- ^-',107.4 113 0 • - 


Fixed lnterwt F. J. J109 4 ill -L2 1 - pL B " g ^f 

catp^iK-Jg, 

1 J R« o»-er> Fd. Bd-*_ 


G-.d Pepos 
Mixed Fd_ 

General Portfolio Life In* C. Ltd.? Amenran FdBd- 
60 Barthoi omev Cl. Wa+ban; Crow. WX3I071 * 


1189 

©I 

Ss 

f 



Delta Group 

P.O. Box 3012. Nassau. Bahamas. 

Delta lav. Aug.l5_pHS215 22t) 1 — 

Dentscher In vestment- Trust 
Pootfach 2885 Blebergaise B-lfl 6000 Frankfurt. 

Concentre IDS£2I63 2L«j-0!ft - 

lnLrtenlanfoads__]DI(ll 20 7 SJR .._.T| — 

Dreyfus Intercontinental Inv. Fd. 

P.0 Box NS7I2, Nassau. Bahamas 
NAV August 17 PISIUX 16fl| ..».J — 


•Pncea on Aug. 
•P^ces oa ' 


i Aug. ii Ne: - . c/.-Lliit.' A-+T 
Augur, z;. ivil:r.i £^:. \ 


Royal Trasi <Cl» Fi. Kjt. L'.d. 

P.O. Sox 164. Rujai Tst Hae.. Jt-rre--. 3t^ "i- . 
RT.tni l.FA. ttlSISi 1'^' , .1 : :: 

R-T-iMTiiB- rd ke i;-i . .[ 

Prices at Aug. Z- Next dc^LD.' i*. 


Scottish Widows' Gronp 
PO Box 002. Edinburgh EH185BU. iBi-flSsaooo Em*nn St Dudley Tst.Mgt_Jrsy.LM. 


Inv.Plv_Scrie» I — 1122 U2J 

Inr. Ph Series 2 _ 1068 1116 

Inv Cash Aug. 18 — 987 1Q3.1 

EaVtAce Aag 2— 1468 1531 

Exl'UncAng2.. ._ 1432 1492 

Mgd Pol AuK 17- 2SL3 281 J 


So Ur Life .Assurance Limited 

1812 Ely Place London E.OJK8TT. OU4220OS 


P.O. Box 73. Sl Heller. Jersey. 053420581 
EJU.C.T. [1325 M0J1.....4 3.00 

Eurobond Holdings N.V. 

Haodelskade 24. Wtllenwlad. Curacao 


Save & Prosper Inlen.;.; 

Dealing to: 

37 Broad St . S’. Holier. Jer^v 
t-'S. OollEr-dcaamlsaiyA retc s 
Dir Fxd InL 32 = 

InternaL Gr.*S- fK 1 

FarEasicrn't 1=175 

North A-mencac-; HIT 

Sepro’t ... .11527 

Sterling- ieacad^: Un! Fundu 








Channel Capitals U54 b 
Channel Island-} . ,o5 9 
Cofnnjoci— •} .Lie I 


ItS-i'+ETS 


Portfolio Fund I 1476 , _ 

“ • Portfolio Cspiiaf.r 023 44 4| ,_„4 — .Merchant Investors Assurance* 


on 'Aok Sl —Aue. 17 ^Aug. a. 


Gresham Life .As*. Soc. Lid. 




4*0 

440 


ImIIikL 
X<ci« Aeeum 


(PnLMKLFd-K !.. [1189 


oi gu i: 


59 6 


82 l{ -4 
bl y, +t 


£83 92 5j +0 *J 426 

Uoyds Bk. l 7 nit Tst. Mngrs. Ud * (a) 

Kpciflrar'c tVpL. Oorlog bj-x-a, 

WiHUiutg. West Ssecx 
HrvtfBoincdi. [555 

tto iitccL-m.'- 764 

Sm-mjrtii'apl.-— 519 

n«. lAirunLI 74 0 

Third tlnctwi 90 9 

Ito (Accent i . .... 1344 
KuorthlExlne '.... Hi 
Do lAccum..'— (71.5 

Lloyd's Life Unit Tst. Stngrs. Lid. 

72 (hi. Gatehouse Rd..Ayl< l »hur> nsxi.vm Do.]niilaf . . . ,]97 8 _ 

il.yii S l. P oiiera H+r. Herts r Bor 3V.2S EqhttyAccutt. -• 3?31 182.21+35] 3 68 -Correal uwt value Auguat 3S. 

wr* J? *s 3 i.J is SJiSTrrSSi-N .«. « s **** **™- c «- 

V.uni _059 483| -U l| 735 -■«+ also Stock ASxetwiur Uralinu* . _ 71. LgBbard SI.ECX 01«23I2BB 

Amrrifan . . _. . ;538 166 WtHeraeAuK 1--I 132 08 I 1 — 

I Arrum t 



eantr Truoix ui 
nanciBl . _ 


39 8 J 

-01 

44* 

■nefol 

204 

216 


311 

north WLln. __ 

Ml 

331 


*9! 


399 




ciiVocijrae.- . _ 

313 

34 V 


92* 

icx . . 

n; 
c 1 

M 

+pi 

3.31 

4.16 

"■r+r.*-- — 

no 

225 

-0 2 

305 

rt.trniinrk.. v 

634 

604 


4 U 

<•04 CP . . .... 

2J 1 

245 

.. . . 

*01 

mpt Auctiit :o._ 

M 9 

64 W 


4.55 


; -o : 
-o i 

L*3 7 
69 3 -0 I. 
79 o| — 0 ^ 


*02 

402 

119 

199 

540 

540 

726 

726 


tnada Life Unix Tst. Mngr*. Ud.V tzj 


Barabtys Life Amur. Ca Ud. 
232 Romford fid.. E.7. 

IBorclaybondc ...|«2 

HOB 

. RK3 

Managed — . - .1153 
Hoe.. .. . _ 044 

HaftNiuAccuiii .pM2 
Dp- Initial .. -.10X1 

dh EdsTcas-Acc _ [97.4 
Do. loilial .. . . . ..[944 

MooCTHetu. Arc . .1X015 


733 7 -01 
1167 -0 1 
1101 +01 
1214 -8.1, 
1047 +81] 
1897 
1065 
3025 
984 
1069 
103 


FUcd £r_ Dep- _ |126 0 
"r \m~o 


Ixon Hse. 2M High SL.Croydi. 


155 fa 
163 0 
620 
1786 
1426 
181.4 
1296 
1417 
1WD 
2424 
1X4 3 
1099 


O1-B880I72 


Solar Managed 
Sol ar Property S__ 

Solar Equity £ 

SolirFxd. LiLS_._ 


P 

1747 

1169 


Growth Sc See. Life Am. Soc. LULf - 

Weir Bank Bray-on-Thans«. Berks 0CS-M384 Mxna^LrJ Pea- ! 

CSSSf!S 5 "ri ; :r.i z 5 S&, 

- .. _ _ _ . H HI, ton i tun Darting. Surrey. 

Guardian Royal Exchange »!« Ea rap .182 j 

Royal Exchange. EFD. 0'.-K7207 S*? r * Acrum.. 226S 

Property Bond* — . [2B02 137 2]....! - ’’Se B 

Hambrn Life Assurance Limited * 5*1“^ ! nr '2*P- 

Old Park LaacUs.don.Wl 01-UR0031 ffflS.A FdtvElSo 
“IT ... j — NelMad =d '.cc-laSS 


_ Solar CashS 100.8 

Solar IntLS 1D5A 

Solar Managed P_ 133.2 
.Solar Properti P.__ 1125 

Solar Equity f. 174.2 

Solar Fxd.Int.P.... 1165 

Solar Cosh P 1086 

Solar InU. P 1054 


m- 1 * 

183-5 -? 8j 


^^. l i^*sasr ,,er8t ‘ Ea 

NAV per share AngBK IB SCS2O.B0. Prices on /rUfi-J+l — ~ 


123A 


18X4 

1224 

1069| 

U2_a 




107 ll +0 1 
112 « -06) 
13911 -itf 
1183 


H 


— Sun Alliance Fund Afangmt. Ltd. 


F. Sc C. Mgmt. Ltd. Inv. Adviser* 
I-Z. Laurence Pounucy Hill. EC4R OBA. 
01-S3 4880 

CenLFd.Aug.J6_l SO S628 j ) — 

Fidelity Mgmt. & Re*. iBda.) Ltd. 
P.O. Box 670. Hamilton. Bermuda- 
PidelltyAm Ass — | SUS30J7 -0.«3 
Fidelity Int Fund.. SVS2S.66 
Fidelity Pac. Fd — l «isB.03 
Fidelity Wild Fd — I 5US1696 -0.0 


llciiial ctfer. tWecuiy D^s.’tr.i-.. 

Schlesinger interna; ici-tj ..."l'. . 
41, La MotieSL. S'.. Kr'.ier..t.-scy t* 

SA-LI [SS Mr-'-'.', j 

S.A.OJ 893 

Gill Fd. SSi 

Dili. Fd. Jerse}_. ..j»i9 
IntnlFdLxtnb.-t: . . 511.73 
•Far East Fund _ J:51 la- .. 

•Nett day .'5 

Schroder Life Grouc 




Sun Alliance House. Honhan. M03M141 Fidelity MgmL Research i jersey! Ud. EmeroxiseEo-asc. w^tuie".,u-- 
ExpFdlnl AUK 9. (£1562 162.8 “ ' 


Ipr V.nni _]45 9 483j-0i| 

■pel (Jaxaesl Bngl. Ltd_y 


‘ ’-td ftr^nd M .EfTS 180 0!-B»6oi« 7 — Si 

■&? i ijs \S£ZZ% a ?'z:.m 

1 "P* ^ ■ ■••• I / i AfruiR I'nlT'i 

•f.rj on Amou ;•* \,-.t Hratliu B. Cnrapoond Crtiith"[ll*l 

rliel Unit Fd. Mgr*. Ud.V UKc» J^SSS{iST#S 

Imrn Iliiijr. Nei»ra-_lic upon TMw 2IIF3 DlUdeml . llJlJ 

fiul .. , .IM 5 77 0|+ IHI 365 < Arrum If ruts' »485 

. 1r.-um L'nitL..Sl92 9L7|+I?J 565 FuM*M. «5 

«;*rtegs nt,w 2 « 

V-iI di' .li'n^ <Ur.- ReptraiK-r 6 
arilic* Official Invest. Kd4> 

.'UKfon Wall Fits H»U. 
i.intl Aligns- -.V iJ«J7 ^ 

-um. AJ|PI'! IV !774 66 — 

-flHUlli. "u:» atallal-li- to Ncg. Lbaittfes. 


5 S.ti 

5911 -0 J[ 


61 0 i« -0 4 


6 : : -DJ 

024 

87 0 rf •■0 8 

f 0 J> 

95 V - 0 * 

1 U 0 

111 oj +1 : 

ns 

-5 Li 


74 lot -o: 
1396) *1 »| 
244 71 
56 j; -« 'i 


57 « 


arterbousc JaphctV 

niraipiir.-limi', IS "A 
Jnar'nil'l ".1:5* 

iiDlLiuS.. — . 
luru:n>- . . ...116 2 
X-jt» I'm 

■wr; i nit* [SS 2 

!-■] m» Ts! [30B 

umCnil- , J352 


•*■87 , Vrn wi l 'n i I* ' 5 

FwEa+irrn 'A2I 

i tecum L'nilf,' . ...1*93 
ii'toMtai^ Fuml •>( In. T.li_ WJ 
i Iv. .to+nm-Valu* -S*8 

-•I *3 General. Jl*44 

i.Vcum L'ihlm [287.8 ^ 

lllchltKoinc [UO 6 

iAr.nra. I'nilv. . _jn6 1 

Japan VOromr 11727 

l>!-74*.‘W0 lAccum. I 'axis; .17*2 

Vacuum. ... _ *231 « 


w. AuKajii 22. Nnrt dcaliuy Aupost JO. 


37.4J+d:i 201 wactium ... - 23}® 
J -P ?[ 202 i Arcum L»i!r,'. — (291* 

39 3-1. a 7 40 MHUarnA,.. Wh 

3e n -i< M 4 02 'Arrum. I nay .. ... ]312 4 
S4 9» -0*[ AOZ nrrntcrv... WJ 
531|-C4j 3 73 l Arcum. I mill |41 7 


MA-oiuUkn 1193 1 

I tA uni. L'miv- - . .{240 2 
. - - .. Nprcial . ... 1792 

leflmn Tract Managers Ltd.VXaKgl t tecum. VnSt+j _ _|227 9 
ir a S! . 10.-25: 4TP 01-iTB! SprcUUcrd Find* 


S 3 

73* 

9o3 

28014 

1114 

117.1 

14*3 

IBS* 

lass 

5*6 0a) 
J104j 

332.7 
' 9*7 
17 7 
707J| 


41 - 1 Hi 


-OR 


•1 A 
-1 1 
-1 
-p : 

+o 1 
+ :oi 

+ 3 
-+ 1 £■; 

.pof 
+ 0 




ii**-; , 

J SS(: 15 I 


j ^5 j Canada Life Assurance Co. 

* 02184 Huh St. Ptxicra Bar Herts P-Bar 51122 

Si. |=J = . 


* 07 BqlyGtbFd Auc l . 

339 1 Bourn. F«* Aug. 7. 

72i Cannon Assurance Ltd-V 

7=f .XOIymjHc Wy, Wembley HA0ONB 

+ S EQuhyPnits. IOB56 

9 2 PropmtrUnU*. £J0.24 . , 

7M £wriw»Bt»ee. 02 *0 13 12| 

J5 mS^endlEmje. .. £1347 JAK 
M.b£ex«c(T3bU. 0361 14 59 

- w DtpotUBood 1123 1186) 

equity Accum it* — 

'pertyAceum-. 12.91 — 

5 » 

7 “ i55&»p*!u: 005.7 


lt/01 Ke? in. 
Smai: 


Plan 


10L5 
*7.6 

_ §H 

|d Pao x 1 Acc 104.5 




1XX.V 

lai.tt 

mfi 

43« 


Current value August 



h«n- crrLwic.wrc.Mia: 0i243ics2 HtonUfe Management Ltd. 

Vrth Knnri ... _|4T 0 493] .... | 387 ml < 7w*r'a Way. Suvanape. 

unvpaltlBR Fund Managers. uraath L’uUx B61 5fo| 

VwtMtx^-t.LnatluiiSWtXSeJ 

xiuu.in U6 Fd. ]!*• »*l . .] 444 1+ WlIrfMium.SV.KlTV 7 aL. p! 1+710009 

lerotOr Kd :- {4*0 518) ) 1127 Income AUC. t»— 4u« 12151 I. 778 

■went I'nil IB*. Mbts. Ltd. iaHgl ImcraaiL sjSI 1. 

i» in.- CTfv Kdiiihurxi.u H3i -2ar4B3i Mercury' Fund Managers Ltd. 


196 

3 84 JS 

SS 

647 a»SBE? HR 

a* 

*95 LA 
*55 
343 

5f3, Optod LUe Assn ran ceV 
517 gWbs aa H oax. C hap el Aah WTan 

5-97 tobraatPH 1 10627 ! 

15 a mgmK R.| 1S6S6 | 

25 Cfeattegfioose Magna GjlV 

ms*** 

(K38 M»l| Ongta aEaergr 


01-SQ2B7B 

>8211 

8151 


+U 


^3 

+05 


Equi^ 

Proper*-. [1646 173 jJ — — 

a-xesfed Cap Jj4* 4 156^ ... - 

Managed Ace hfi.7 193 *1 j — 

OroneM .1292 1360^ ... . - 

Gil: Edged Il2i0 1327... - 

Amenc-an Acc T062 111 » — J — 

PtnPiXvpCap. _;iW2 no* — 

Pe® F LDcp.Arc. [150 6 1586 ■ - 

Pea. Prop Cap 3863 2172| ! — 

Pen Prop. Ace 1267 0 7812 ! - 

Pen Maa.Cap 2169 228*1 

Pen Man. <-.= S* 7 24S.5J 

Pen.CUtEdg.Cap .1123.8 1M41 — 

PctLGittEdg Aee. 131.1 1384! .... — 

Pen. 85. Cap 12*0 131.fi .-...1 — 

Pea. BS ACC. 1425 1583. ! - 

Pen D A.F. Cap 1825 — 

Pen.DA_F.Acc — 1045 | . ...| - 

Hearts of Oak Benefit Society 

Tavtrtorfc Plare. wCiH 85M 01-387 5020 Kanag-c Fund 

Bearuof Oak [3*6 3*7 — i - 

Hill Sanrael Life Aasur. Ltd-V Pi*S let Find 1 

SLA Tart-. Addiacoenbe Rd__ Cray. 0: 


8661 


SOU 

m2 +1.4! - 

I:: 

54 9| - . 

503 . . 

51 3» 


D)t^n_Aug22 1 n5.8Z J — 

Sun Alliance Linked Life Ins. Ltd. 

Sun Alliance House. Horabam 040364141 


Wtt rlty_H ac. Don St, SL Heller. Jeraey. 
0534 27501 


Senes Aflntnl » — _| 
SerieaB (Pacific)... | 
Senes D (AblAs* iJ 


£452 

£9.78 

120J3 


[-02:1 _ 


International Fundi 

^Equity ,1212 


7-e*t Snh. day AUEUSI 25. 

VP I Pensions Management Ltd. 

*8 Gracecfc*-rt bSt. EC3P 3HH. Ol-e=I4200 

JJaawc-J Kurd- — J1561 1686 : — 

Prie»“ Aufiua L Next dealing Srpl J. 

New Zealand Ins. Co. O-.K.) LtcLV 
MarLLa-id jro'jie.SoaibendSSt 2JS 370282833 


Equim Fund 

rixedluterettFd.— 
Propenj- Pu a d ~ __ 
Internationa] F 8. 

D+poiilFund 1 

Managed Fund 


{1334 

106B 

w 

tei 



tMaaageri 


..(154.S 


2.'; e- _-. • 

•Tf j' — " T — 


-::i — 


_ Techno'oo .-'d — _ 

Extra Irr. Kd. — 

Amen van Fd 1 

F*rEar.rd I . 

GiJ: Edges FA — M 42 
Cos. I'n-'i;: PA ,lr~ " 


155 3| 


♦Property Umu . . 1157.0 1649 . 1 — 

Proper^ Serins A _fl032 1885] ! — 

Managed Units 11765 

MxaxftedSeriei A.ilOAl 
Managed SenMC.flffl 1 

Money L'nia UL5 

Money Smes A j«2 

Fixed int. Ser *_ *93* 

Pnx. Maaaged Cap. 1*25 
PBa-MasasedACC 1513 
Pns.CtMd.Cap . . 1060 
Pna. Gteod. Arc — )122« 

Pant Equity Cap__ ’102.4 
Pena. Equity Acc —1103J 
Pp* Fxri.Int.Cap_ J95 7 
PnxJtdJaLArc — M66 

■’ap— »8 


«S — 1 - Pr»»p. Equity & Life Aas. CaV 



1 z 

iSSf-Tl - 

1975 lOZfi ..... j. — 
Norwich I ni® Insurance Group* 
PG Box A enrich JTJtl 3NG. 080322200 

OZtl 2338! +05- — 

ps 

2Z3 0 1 — 

Phoenix Assurance Ca Ltd. 

♦A King wj:iamSt,EC4P4im. 


14315 Dopoiit F.nd — — - 

l _ *Nor. l rtltA-jg.13. 


GtUPen.Acc. . _ 
GtltPenJTap. 


3 = 

_ . _ , 01-3=8 » - 

WemI:hA*J jllSB 12S2J +031 — 2 Bream 8 Idea.. ECl 

f£- r L, *^5 _ J --H — Tulip to eettFd. 

EUr. :6EqE f*i-l 854}....! — TuIlpMongd. Fd_ 

op. Equity ft 
. Craariora Street 

oScTiej- Bd — — j 


Sun Life of Canada (UX) Ltd. 

2. 3. 4. Coekipur Sl. SW1 Y 5BH 01-030 ! 

Maple Lf.Grth 1 211.0 

Maple U Mongd. _ 1378 

Maple U Egt* 1 1354 

FerraL Pn. Fd__..[ 2125 

Target Hie Assurance Ca Ltd. 
Target tfouoe. G alehouse RdL. Aylesbury. 
Buelta AylesburyiOSOBSSMl 

P 9 1M0| ..... 

>.2 12*61 
>7 115.4) 

140.0 
1090 

%v m 

,S2 m 

1317 138.7 


First Viking Commodity Trusts 
B-Sl G eorge's SL. Douglas. Lo If 

0624 4082. Ld». Agta. Dtmbor a Co.. Ltd.. J. Henri" Schrader 7"z."F "• f- T 
M-PtdlMaH.^dcmSWYiy-rf 0J. *07857 a0.cS.ii2Sl tVAKi 

Cbep.tAug 22 — | si'su:: >:x:; 


I FsL V]Xl Cm Ttt — 134 0 
Fst.Vk.DbLOp.Tst ..[745 




789 • 


?io 


Mar. Fuad lac 

Man. r und Acc. 

Prop Fd. 1st — — 

Prop, r i Ace. 

Prop Fd Ine. j, 

Fixed list. Pd. Inc 
Dep. Fd. Ace. Inc_ 

Ret Plan Ac. Pea. - 

ReLPlonC auPni _. 

Ret Fi anMan_Acc... , _ _. 

ReLPla35^.Cjp..jK5 r 70 ^ 


$2243 


139S 

13Ll| 




Man. fcond Fd 

118- Craefora StrottWlH2AS. 01-4860857 FdA^r! 

R. SUk Prog. ?d— J 184 6 I ... .J — Maned Inv Fd inti _ 


DP 

Fie 1 Si ru«r Bd J 152.0 

Property Growth Assnr. Ca LtcLV 


0I-C8S87B Transintentational Life Ins. Ca Ltd. | G.T-PacificFd_. 

EC41NV. 01-1058407 

1513 159JH .... 

120.0 1263 

120 138.1 ... 

I12S5 135 2 ...... 

1367 143.1 

... _ ... 102.7 108 a 

Hsg3.lnv.Fd A cc__]U3.D 108.fi 


I Fleming Japan Fond S-L 

37. rue Notre-Dooe, Luxepiba^irg 
| FUmuD.fi Augusts.] 5US5851 [-LM] — 

[ Free World Fund Ltd. 

Butterfield B)dl_ KaozUlaa, Bermuda. 

NAV July 31 1 SUS190.79 | .... | — 

G.T. Management Ltd. 

Park Hqe.. 10 Fiaobuiy Cirrus. Loodon EC2. 
Tel: D1B28 8131 TLX: 886100 
London Agents (or 

tc$LM : :r 

W.79 9351 .._. 

SUS5B7 53* 

30 3 _ 32.fi 

31 a® 5 H 3 - 

5HKH» "3^ .. .. 
isiyp 17891 .. .. 
SUSJ356 >0 04; 
5U5778 . .. 

as.?* -o.sfi 


Anchor- 

Anchor Glh Edge— 
Anchor InL Fd ... 
Anchor In Jo.Ta. 

Berry Pac Fd. 

B*ery PoeStrlg 

G.T. Asia Fd 

G.T. AoiaSlerliag.- 

G.T. Bond Fund 

G.T. DalliirFd. 


195 

12J9 

195 

2.41 

0.73 

083 

123 

112 

SS 

0.96 


Trident Life Assurance Ca LltLV 


Pan* Prep. Cap 

Poos Prop Ace. — 1966 
Imperial Life Ass. Ca of Canada 
Imperial House. Goildford. 712S5 

G(KFd.AagZ8— [76 * 83 Oj | — 

7MI — .» — 


-ruiRsss Mayflower Management Co. Ud. J cfcSjjKoeu?"? 

' IteSSlSd-:! 


• .\n--r IV... B* 
. Imrriiil . ItS 
■ Ihi* i*i«: . .jjfc 

*.Ti«hj.. !34 



4 26j| +6 

.crMi«B3iy Cnit Fund Managers 

tl..lM.+i.i *.1 Ei™\| T.\|. 

Inriifm; . , _ i *£J 5 

K, lVinchesier Fund .Vogt. Ltd. 

t .« •; 

■ l ft'hl, IllAllT .[78 0 
lir. I. •-.* ■' wii 


iroriMmst.Erarsm. 
Mrrv rtou Auc 33 B01 0 
+. «. -V»x A»V n [7*39 
*wt»- tnl AUK ;i ‘.n s 

+r«- III* -177 2 

Mi"* E vt Juiil'7 . [229 8 

1950) i 4 67 Midland Dank luvop 


IK? 

S 5 ? 

2*9 fi 
283 6[ 


3 os foty of Westminster Assnr. Ca Ltd. 
JllalHil Houac. fl WbUabone Road. 

mvi *5531 CHbdoa CRO SJ.6 " " 

4 49 |.W«n Prop. Fluid. .. 


I'oll Trusi Msnagrra Ud.V is* 

r<oinav+itf’ lbm<C. Kilter btrvft. Hr J.l 


; t«7 s hrt(>rl«t M aim 
4 75 t amUMrtiqk 4(+g ‘1st 


w* i?7|' | 3*5 rv.' \.vuS' fcar r 

'son ft Undlex TaL Mngmnt. l.ld. '-_'~Z‘.|S * 

SI SB : ui 4307W «'ar«al — JP S 

erinrilrtWBII 752] . j 1*0 

u!W> Sets. Ud. u) is) t)».\o.utB.„ |U5 

«* . - _ •*«■»> I 2 MT 1 “ l 

r.rvtn.r 19 8 7681 +0 4 3 71 High 1 MW [** 7 

olty Sc Law Vn. Tr. M-V lira 1 

-*> n+m Kd . II : C h Wycooiljc uJH 33377 r _ . J5 , 

ni> 6 L-» - iris V3i -0.11 s.n — • - 


Tt-i irt4S' 
81 fi -0S1 
91 ft -0A| 

.« ii 

33 Bf 

60 0>c! -0*1 

79 1 -0 
5* 1 -D 1 

57*1 -0 : 

71 0^ -0 }; 


WtSSWKK: 

271 

™ 5 M“- ; 

TUtA^FUatt 

SSES: 


428 


t 

js?! 

Ba f 


7* 1 -u 
ll+fi 


NUlOMlAn -{4*5 
RqumCap _ 


“I:::-: 


Property : JCd___J 
Propc r r. .-undiAO 
AKrictiU-.ral Fund.) 
Agnc FLnd'Al.— 
Abbey M» Fcod-. 
Abbev.Ntt Fd.tAI. 
Inxeotntcn: Fumt-I 

hVCflUK-KrilAlJ 

103.6 Equity FLr.d. — J 

iaj2_: _ -teWF'-ni AlZI 

l«lS ..J. — Mooey f -jr.d - — = 

Equity FU m3 ^9 2 104 4; ^ — Xm*Y , F “® d 'V 1 

Irish LUe Assurance Ca Ltd. 

It, Finxbpiy Squtonr. CCS. 01-8288253 Gil!-W;+I r-llAii[ 

BlucCbp Ang 23_ ».7 *Sffi : 500 Sficu ro. Annuity ^ 

Managed Ftttd_._p63 250 B — ♦tasned. .Annty — 

EuaR Man. Ftf. -00*7 lU.fi J _ Prop Gro»-h 

rou SioA Act 2 _ (UO 9 — 


Leon Kor-e ''rortoo, CRB 1LU 01-8800808 .Rend adeHouoe. Gloucester 


GartnMwe Invest Ltd. Ldn. Agts. 

2. Si Maty Axe London, EC3. 0: 283 3521 
Gartnnrr Fond 3bgL (Far Eici Ltd 
‘503, Hoe^ lO Harrow r Rd. HXtajft 

HK&PBC. L'.Ttt__g(S3* 4_^idl I 1.10 

Japan Fd. — (ICSUO U^d j 0 60 

N .American Tst — [k'SHAS IUSS-LB?; 1_S8 

InU. Bond Fund. —RSUir ueq [ 5.70 

Camner Insraimeat Xagt. txd. 



18*9 

1832 

7M2 

7615 

1554 

1552 

75.5 
702 
189.1 
IBil 
1415 
140.7 
1259 
223* 
1UI 
1857 

147.5 


0*3338541 j P.O. Box 36. Douglas loJi. 


— Managed 

— Cut Mgd_ 






V Jt Equl^ Fund.. 


— High Y] 


180 


6741 -Ofi 


Hii 

173 0 
123 2 
1381 

491 

.. . . SX.H 

aged to n«* in^ertaaenL 
30 LB l — 4 - 


SSHH.dBT.--J: MV 

King ft Shaxsoa Ltd. 

52. Carnhlll, EC3 

Bond Fd. Exempt. rz0246 

Next dealing dale &«pl' e 
lamglintti Life Assurance Ca Ltd. 




— rraSiW!* Peaatea ft Aaanlttra ltd. 
. — J — AllW-tki-.-A; VUJ1354 1*25' 


•AI! WcaLhcc Cap. . 

Vlr.r.rd , 

Pnim Fd • Is.— 
Cl -03 5433 Con. Peru Fd. ' 
183-55-3."; _ Cev. Pa- ■'->?■ Vt 
- - - Man Ftr.c fj 

Man Frr.j - ap L'tJ 

Prop pra« ra___ 


liiMi ui July 8 l Next dealing' Angu-rt Jl. 


4 79 P«»x . 

an Prox ri wtty Ace. 

r M _Fnnd carrctrtlr d 
2*4 PerfonnUnlu-_..J 
7*3 

Jfi City «f Westminster Aasur. Soc. Ltd. 
003 TefephoM 01-084 BBS 

» I8SSBat_-.l8l‘ 9W.-J = 

762 

c— nera lal Union Gronp 

5 69 Jt-Holeox I. UsdenbafL Ed 


V 

1490 
133 7 

SI 


Gib Edged 

Money 

Internolionoi 

Fiscal 

Gt+j-rthCap — 

Growth Arc. 

Pens. Mnftd. Cap. — 
Pens. Mnrd. Acc. - - 
Pesx.Gtd.Drp Cap.. 
Pens-Gid. DriXAec. . 
Pen* Ppty. Cap...,. 
Pen* Pry Act 
TrdLBoed — . 
•Trttt.G.1 Bond. ... 
•Cosh value 



I G art more Ibtl. Inc .[23.1 

[ Gartnxre InlL Grth|663 


082*23011 
74 6’ . I 10.20 
70 6fi \ 3.00 

H sixth ro Pacific Fnnd Mgmt. Ltd. 

2] 10. ConoaughL Ceatre. Bode Kong 
FarExtt Aug.IX — [HXlsra 15C|-9 **! — 
Japan Fund.. -ja.iS9.88 cci, ) — 

Himbrss Bask (Goenuey) Ltd./ 

Hambros Fd. Mgn. (C.Ij Lid. 

P.O Box 68. GueniBey 0*81-28521 

CJ. Fund (1569 267 If 3 70 

Intnl. Bond JVS 107 99 In tl ... 850 
InL Equrij- SUSllZ *0 12.7EJ .. .. 250 

[sl sl-gs *A' 5 I S 1185 I IS 850 

InL Svga. 'B' u;SJl_2* 17* 150 


Lnep.IAUC27 SI.'S12" •- 

TrataJgs- July 3l_. 1 I'.'i: H 71 I 
Asianfd. Aarjl- .If.li.i lev"’ ... 

Darling Fnd . . :lC’i 2 Zj-Z.'.. ' 

Japan Fd. Aug. 10.. JJi'fJLj fti . . ; u--- 

Senlry Assanacc Is ter- z.:± 

PO. Box 328. Hsxt-itro 5. owrSii.i 
Managed F und jSV5L£! 1^.; . . ; — 

Singer Ci Friediander LiL.. .-..r?n~ . 
20. Cannon St. ECi 5. -:4S -■■■■ ■ 

Dekafondi .. . ...lulCalS Jtlil-i't: f Vt 
Tokyo Tsl Auf 1.. ! J .. , : 7. 

Stronghold Kuxj^ace: 

P.O. Bor 715. i-L ne-'n- J-.Tiiv C5...-T2- 
Commodltv- Treat jC.si j — ' 

SurinvesC ijers e."i Lt<L ‘~t 
Queens 5 ie.Dc-p.Kc. St H J :-. Ci_--.i7^i- 
Aroericin Ir-iTfi -UZ23 ? C J*-> " — 

Copper True; __ _jcil.5l L-: _ 

Jap. Index Tsi .JillSS Ur—i-i-;:. — 

TSB Unit Trust j.icasgeri: 1 • L. ~ 

BMKtlk K4..S-. 3z- ip-^r. i ‘ 

Jersey- Fund . 151 d 5-’-^ . 

Guernsey Fuud . !51.; . .. 

Prices on Augus-. 71 .‘.'n'. sue at.- A 1.. 

Tokyo Pacific Hoidiju v'-' 

Iniiais Kanogeme-nt Co *■' V . 

NAV per shore AurasS "J. ~l ~ 

Tokyo Pacific Ktd^s. iSeckdrTJ. I 

lnntnia Motagenior.; Cp. '•' . Cc:^-_s' 

NAV per Uve Al a L--'. 21 tLA'.J.Tl 


LoMbsra Hx HoUebroak Sr. XSt b\ 203 Sz! 1 Prop PcttCan U|« 

Laoshaa ■ V Pl*r„ j651 6*6 

VPnp Bood I14J0 15U .-! — BW( Soc tap Lt- 

wt»u -spj Mac Fdp6 7 80 • — ; — PrcMncia! Life Assurance Ca Ltd. 

Legal ft General 'Unit Ascnr.I Ltd. 221 RiO:or«-aie. tea 
Hae m* Horn*. Eingawood. Tadwartb. Pw..Xjr.j:rird,nai 

Surrey JT770«Ef. . Bur=b KeaCs S34S6 Pro. doit r d 0052 

Cash lcrtuu . __M59 ULB -Q‘J — GUI Fund P7 . 0179 

,981 10JJ« . — Properri — 


Dp Acrum. . ... _ 

Equips initial - ;ini 

Do. Am ua 234.9 

F+xad laitia! 027.7 

Do Arcum. tUQ 4 

leu Initial- ;1C8 4 

Dn Aceum. .. |1M3 


SXSVBra 


6002 

1*76 


01-383 TWO Managed Ituti 

f:-.:i = 


Da Acrvm. [ue_2 

rmper r y irja! JW 0 

po-Aecum. 0023 


CLIVE INVESTMENTS XJRK STH> 

1 Royal Ey change Awe, London EC3V 3LL’. TeL- 01-383 110l-_ 
lndc* Guide M u Aagmt 15, lB«e 100 »l M.I.77I 

Cli'V Fixed Lnlere+l raptu] ... 1X107 

Cine Fined lj)ierc»t Income 1 14.G.+ 


Lczai A Grceral jl'aj: rmctteaFud.^ ~ 


wui a nr«u uu 

MLtt -Oil — 
lOJ-V . .. — 
140.fi -J. 1 — 

-is* 2? - 

z 

1153*. -6-! — 
lfio — I ~ 
U5Jg .... 1 — 
105-* .. - 
107+ 


— Tyndall Arauranee/PensionsV 
_ 18.Caayngr Road, B natal. HZ’ 

_ 3-Way Aug 17 

_ Equity Aug 17. 

_ B&adAug. S?_ ... 

_ Property Auk I7.„ 

Deposit Aog. 17. 

3- Way Pen. July 20 . 

O-ceju Inr. Auc 17. 

01-3478333 ■a-raa-WAutl- 
Do fcqLLity Aug 1. 

Do. Bond AUK 1 

Da Prop Auk I 




12791 
110 ft .. 

12*1 

101 fi .... 

ILfcfi 

. , _ - - 101.4J _. . 

Prqdeatw! Pea xf one Limited $> 

Heluoro Exr - EClfljSVH. 01-405 SC22 Eqmty Fd. _ 

Equ.t Fd A'.t 16-JC71B 28 021 | InuiLFond- _ llWD 

Fxd Ir. - - 1* — Sl+o 19 gM " ' | _ Fixed Intent Fd. [16*3 


127.8 


1782 


305~7 


328.6 


IMO 


067 


17*2 • 


271 1 


180 0 


*70 

— 


— Price* on August 33. Next deoliog August 30. 

Henderson Baring Fund Mgrs. Lid. 
80S. Gammon House. Hoag Eorv 

Japan Fd.Aue.0 |SUS1<1 E’.ll . .. .! — 

Baring Head. Bund Fd. Aug. :8 Si.'S10OSS. 
•Exclusive of any prelim, cnargsr 

Hfll-Samael & Ca fGuentseyi Ltd. 

8 LaKebrn St.. Pater Port Gutmirr. ‘-.I. 
Gueroaey Ttt |U63 177.9] -0 «l 3J2 

Hill Samuel Oversea* Fund S.i 
37. Rue H Dire- Danse. Luxembo re 

(H-SBJI 21591-1 1IH — 


Tyndall Gruip 

P.O. Em I1S8 HsBlkrt S. jin. 
Cnersem. a.uc. 18 ;::r= 

(Aecum I'eiK- |SL"5: 42 2 61 

3- Way Int Auk; 7 -|li'i2 77 1 
2 Sew Sl. SL a+I.'er. Jerr-j 
TOFSL Aug. 17.. 

'Acc mn. Shares' . 

American Auc 17 
lAccum tharvti. 

JerseyFd Aug ;5 
1 N'on-J Acc, Ui ■ 

Gilt fUDdAU*. :t 
■ Actum. Shares. _ 


:_.2 

Mk 

14t 1| 

Victory HbUtc. 9 m.*Ip . laic tr 'li- 
* Managed ,-.u£ 17. ,1354 j4Lo, 


w> 

5 

.lit 3 
lidi £ 
'iy.4 


I _■ 

: Lull 


l 5 td. IntaL Xajc=c« iC.i.. Lr.z. 
14. Mulrosrvr S-.rort. Rj Hvl-cr. J#r>.,. 
L.i s. .-uni — iii:*: .. ; 

United Stales T si. ic.il. Air. C:. 

14. Rue Ald.-r.r-er. Lqxetnr nrr. 
V.S.Tttlnv Fid. i 5112+ .-IvS. 

Net 015 el nditsi _J- 


Vubrogli Life Assurance 
41-43 Maddox Sv. Ldn- WIRflUA. 


Managed Fd. — 


[153 6 
1254 6 


International Pacific Inv. Mngt. Ltd. 
01-4004823 ^ BM R3S1 - 5^ P 10 St. Sydne*’. Autt 
_ Javelin Equity Ttt.JSA2.17 22B J — 


[Ct»fadorathjn Life Insurance Ca En«t<(ki»' >970 

1 3a Ch anc ery Lane. WCZA IKE- 01-3420=82 DaAcrm H*la'9 

— - - ' — Esempt Eqty. lti-_125 2 

— Do-Accm J275 

_ Except Flood Iri L 3 13 3 

— Attut T115* 

_ Exempt Xsgd hut .1255 

Da Aran. 325-S 

_ Exempt Prop. :t;L. 17.0 

_ Daxaajo. ^*.9 



CORAL INDEX: Close 517*522 



INSURANCE BASE RATES 

♦Pro^eri> Oft'Mi ii lD*4 , r« 

1 Vonbr'uiili tiuaraniccil...— . — 

T.lriifreji ^Itna-s timier !nxqr*H-e and Prttpcnr Bnnd.TaWo. 


4. Pol 

suae 

G«qh _ 

Fixed IniT 

gqxH? Pennon 

PnqMrty PeooM»_ 

Cora hill Isttmce Co. Ltd. 

32, Comhill. C.C3. 01-628 S4 10 



008322271 Vanbrugh Pensions Limited 

41-43 Maddox Sl. Ldn. W 7 R BLA 014004023 


Reliance Mutual 

TiiBbndsv > e^«. Kent. 

BrLProp BiL- — r 1989 j . .1 — 

RoituschUd A wet Management 

St 5 ^“" Oft DI-» 4358 E^iw ZIZ'lUl J 

.VCftct.. ~+ni73 12501 t _ Fueedlorerett. 

..e+: Stih. day ScKrtchor 20 Property, 

Rojnt? Insurance Group 
Nr* Hall LtvopooJ. 051 227 

Ro,,| Sbiejlf rd ,[1453 1S5T, T _ 


161.71 -0.1, 

264 ll + 0 ^ — 
11 * * - 03 : 
\772\ -OH — 
151 


J£.T. Managers Mersey) Ltd. 

PO B01 1S4. Royal Ttt H&e. Jer+ej«34 27441 
Je^Extrnl.T* IM6B 197 0 ( . I - 
as tt July 3L host a.ii it»y August 31 

Jardine Fleming ft Ca Ltd. 

40th Floor. Cmmaugbi Cealre. Honj Kong 




Guoranieed see 'lna. Base Ratos' table. 


Legal ft GaeraTpropL wfjlgr*. Ltd 

mm c. nxv ++» — ... 4. G*.5. -IT'- 5 - ■ EC3P SEP OI-S6+ B80O 

Ba: mv Fd. j 054.9 I43 ff, _ 


1 1. Queen V^lona Sl. EC4N 4 TP 01-3+8 0978 


AUS- ll -.123*5 — 

Credit ft CtiuuKic* Insaranee 

>!-. London Wifi 5 Ft 01-007081 


»3 J ::..J 


|Cft«ta£d.rd |iao 112$ i - Exempt 


Nets ttO doer. Sept. 

Life Alter. Ca fi ftfluybaig 

2042 New Bead Sl. WSTORQ o:-un 8385 

LACOP L'sitK... .*9*0 2040. — 

Lioyd* Bk. Unit TgL Mngr*- Ltd. 
Lc«fia.-C Sl , ZC3 o:-63i2ss 


JB22 V7M 


7JB. 


Proiwrij Fd.* -~.M8Lg 

S&sSr^Si 

Gill Prnv 

SepgsJcn. i m.9 « „ 

AnCust ii 
T Weekly dratiqga 



Welfare Insurance Ca Ltd-V 

Wyulode Port Exeter 0302-5215* 

Moneymaker Fd. — I 1309 J | — 

Far other funds, please trier to The Londoo ft 
Manchester Group. 

Windsor Life Assur. Ca Ltd. 

Ro> n! Alter; Kse , Sheet St. Windsor 
Life Inv Planr.. ...IMJ 7Z8j _. 
FutiireAasdjGtbiai.l 2100 
FuttnvAsAd.Gthibj | 44.00 


Jardine Estn Tst 

J ardloe J -no_F(L“ _. 

JardlneS ELA.. 

JanlioeFlejn-lnt 

Jotl Pae^ecs.Qnc. 1 . 

DaiAceumi „ 

NAV Ant 13. , 

.Near sub Aiifttut 31 


^ . 
Eqolraletu SL'SSf.nL 


130 

O.BO 

1.7D 


S. G. Waritcrg Co: L;t 

30 . Grevhiim btruvi.nCS. 

Com- Bd Aug 22 - j SIT ** 51 , .... 

Ena Inr Auc 22 . .1 SUSIE K ; ; l — 
GrSlAFd. Julyai. j Sr,-S75: i ...I -- 
MereEbdf dAc£:a,r.ilii2 y.s> ; JJT: 

Warburg Invest. MagL Jrr;.-. 

1. Charing Crou. Si. Hcli +r..'.y Cl 7_-“tl 

CMF Ltd. Jul; 27 _ "!;■ .. i _ 

CMTUd July 27 =a\ • 

Metals Ttt Aug -- ■ ■'» r? 12rj! !ii-_ 

TTTT AuSuiL I i ~3X "= ‘ — 

TMTUdAug.il. ILci . j _ 

World Wide Gw.h i'i72jer>jn'.v 
ICa. aoulcii-r: P.oyx' lusCTihour-'. 
WwWwrie G'd. Fd; Si.Sit.id —'13> — 


NOTES 


Ref. A vsd. Pens... _ I 05.90 


flex. inv. Grwth . 


1 door 

li 


IlUt — 


rjlE?* ^2 *5 * g^ fidaAPcwdiaa. except when i lotficarod i. a ui a -.7 or;’ ms . • 

BI 44 - 4 . ^ teUSl i (tbotep in lafi rolumal alloa: for ail birt-ir.r, i • .. .-r- - rr . 

M hTMrai^nW* 1 Yrald bued on orffer price * Ertt-lui-V .-t- i P 

— £PfP n * I*?'®- Dirtri tmUoa&^of L - It taxer, p Prnadle z.,i .m./r. ir.-.-jras.-i- • :-r ‘ • _ i- - 

— l «wnmw x OfStral price intlude+ ait e*t«4:~ \-7r f • 

~ 5 ,f . bo “eW Ibr^gh rvtagCri r Pror.r J-- =4. 

— ▼ net a tax on. realised caoiial Mins unless indicated bj'O » Guernsey —ctt. r 5-j= y— yj- 

♦ Yield Ware i«sej U*. T £i-K;btJ_.iJies. ^ 




26 



Scr ir-nnariedly/ condruEed jrcdssRes. 

Wadkin .Machine Tee*. Wvnlach Way. !*.«»'*» Le4 7HU- 
Tclephane: C52£. 769561. Telex: 34ntn. 


FT * SHARE * INFORMATION * SERVICE 


Financial Times Thursday August 241875 

’ FOOD, GROCKRBES— Coat 


t»> • ; 
R)$b Lo« ! 


Stark 


120 


llWSS-i 1 
ItSKtarW) S’ _ 


BONDS & RAILS — Cont. 


BANKS & HP— Continued 


BRITISH FUNDS 

1S7S | I |- orf TWd 

Eigh Law j Start J £ ] - i Jnt. I Sri 

•■Shorts" j Lives np to Five Years) 


305- : rilOT ITro^n IT-pr 
n : IT.V>U.:. :.T' : “ft: 

■’7", ! =7; |7.!«iT:c T4-73 _ 

10-- ; i !T rcjsjr: I0i;r*- 7Sn_ 

I «: 4 [£!»::r;c:. ;>: TS-T? ... 
♦i,’* Trek-jn-So.-lSIK: — 
l r -2 , ’*| 47* |T»i- jr 9 ;pi T«i^ .. 

T>&a.-: ■ rft. rjn . 
F'jr.'j • nc *pe .'---Sit : _ 
JNrtener lire IW£ 
Irt-V-.r- 1 T -- pc ISSirr 
7*a,j!r. M -. l V- IST7&-S1 

7:ci.jt 3 i»l“- 

EsciL^pc iss: 

=sch. 9. .?»: :r.: 

L-.:h SpciSfli. 

Trvas. Vara-li* fil-W — 
F_-..,h !:>,pc l«!ta — 

.TWi-SipcSWEri’. 

BJ's [Trca/nr 5nc .-£r: — 
10i-4i T »rs^l“j« 3£i — 
Irens. Yanabl* 22*{ - 
TftW-O S-jpc S! — 

E!t.‘'.5-,(V.i:C 



E-chlirc 

Tr.-t jr - 12p>. !■> 
ft?.. 


c?:, ! aJ> 

*b.'. 
iiD-4 
Jvfc-4 
Oj(. 

iar* 

Q-J 1 

iodL 

37 i' 

97.», 

111 
ri-, 

85 * 

IIS'; 

Ot.1; 

10D‘i 

«* s ,l 
Si- 
1U : 4 
1001, 


■Jsi. 

105, > 

oo. f 

ssvT 

9S~ 

or ; 

«>* 

as4 

95 V. 

I02V 
91 - 


942 

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E9*' 


100i- 

sr-i 


lOIi‘,15 

®S ii-sd 

’a&S 

95* 

99 ! «d 

99 

94 

*5* 

1031* 

101 

W'-e 

97 

96^ 


11.31! 5 36 
I 5 15 ■ '36 
I 44 3) 325 
I’O 42 i 5 72 


-1* 


3tt 

909 


7 26 
571 
1011 
7 00 
2 32 
15 92 


in. 

.. 5 r£ 

• H2-51 . M 
.. . 1 11.39 . 10 97 
. .. | 3 S3 ' 7 96 

- 1005 j ±-. m 

. I S 77 ! 10.74 

I 9 2E ! 1107 


S6*| I 347 


95* 

103"< 

935, 

851. 

945, 

9i.; 
92 -t* 
91 
311 

1021 iC 

a! J- 


Five to Fifteen Years 


482 

112 27 

. ... 90S 

I 3 52 

112.97 

492 
4 DC 
993 
962 
3 66 
11.76 
10.03 




3.23 
10 07 
11.24 
20.77, 
7 97 
1LZ7 
11.11 
1102 
1148 
il« 
7 36 
i:« 


961 
87V 
£v- 
65 ■ 


=o:. 

lOe-j 

?x: r 

IK* 

4®>{ 

115 

119* 

ifift 

123". 
IMSj 
3'?', 
106 V 
51 5 
45 

124'i 

Q]U 

1511 

117', 

50 

lip:, 

JS> : 

33-4 

us* 

Do:, 

90: 

• 55* 
42- - 

80 i 


371? 

- c -i 

S s 


U- 

ivr '.ilnetaBe. . .. 

94* 


10 71 

11JZ 

PD'i 

r-jrG:r.i5- r":'a£-*irt. 

33ir 


6 67 

9 73 

8A!- 

Tr.-i<en-tf.K'6+afin. 

S3* 


9 69 

10 S3 


Fundi rc is pc'23<Tr: . 

80* 


S 51 

-u-:= 

70 . 

! rVavJlT i'jPC ti^u! 

81* 


9 58 

11 96. 

60* 

^>•-13* 1383 -- 

1 MU 


4.70 

a-;? 


lnewt ! .ptf ... 

63 


7 55 

10 12 

Ifll', 

7r-i !:r i3re i300“ . 

106 


12 43 

12 23 

77:, 


51* 


10.32 

1137 


■.-v-i-ur. 11 '.pc .ftJl - 

97* 


17 22 

12 34 

6 7, ~- 

Fun lire s, iae'57-1lrt- 

67i.- 


381 

iD.57 


7i*i".'7lS'-0f'SC^ . 

102* 


12 S3 

12 47 

3^^ 

Treasan K'r-: i&IC. . .. 

36 


1164 

1214 

97* 

Ejth iJrip.. iC 

Over Firtes 

93* ri 

n Year 

■s 

12.42 

12.46 

96’- iTrea-jr 

101* 


12 52 

J251 

nO 1 

F-ncircfuc iKJri - 

62 id 


462 

11 23 

104 ’ 

Trsjt;ui:- i.t jk* r<02- 

110* 


12 35 

12.63 

’.10- 

Trpa^uri 14-p:'W:t-- 

111 ‘id 


12.92 

12 69 

97 '.1 

E*rh 12-p.. TSC4 . . . 

99* 


12 57 

12 58 


Treasj-.o>: 

£1* 


1142 

1198 



97* 


1245 

1251 


G:. 'S v* _ . 

W( 


6 64 

9.69 

82 -t. 

i : ch lu'ipii !S2:' . 

66* 


1198 

12 29 

C S% Iwi'.r 

104* 


12 61 

1257 

7b* 

Tr-a/art-tiv Si' Wri. 

77*Ji! 


IT 95 

12.06 

m - 

Trea»nr l5 ; jpe Sirt 

121* 


13.10 

12.86 

101% 

Escae-jucr L-ipc Mil 

F.'-i-.T,?f:--..\;.-lK-?£ri_ 



12 72 

12 W 

j;i. 

45 


6 85 

960 

itar, 

Tnei-nr- tC-„x . 

105* 


12 72 

12 64 

?s 

: t'-r.^uor 1597 

86* 


1? 17 

12.40 


frea'CT 6i>. 1397“.. 

75 ni 


il M 

1212 

rd 

Tr-j : ...' d-jm; ‘53 . 

bj* 


1102 

lias 

na-4 

:rej. ’3--X Mr. 

124* 


13 03 

12 88 

■1?:. 

rrch llpelfSB. 

987j 


1? 99 

1259 


Trea-j-r9i-?el£«)rt.- 

80* 


1142 

12 21 


T-?ir;r Itc-nc ICSS .. 

SS-S 


17 73 

1246 

ca- 

ZSt- t^rTMC^Jsd#- 

54?a 


12 55 

1258 

3s 'J 

c ui :roi;3'*p»:'94.i>4 ... 



966 

10.96 

67-j 

rreasa'vjjif t'C.Gii— 

70* 


11.89 

12.2-7 

467; 

Treu. : ur-£:«pe Of-iCiT. 

47i^sd 


11.61 

11 ZA 

62* 

Twiar- T jpeTMSit 

65 


12.G4 

T» ‘.I 

■■ ♦ 

E:e6i2p.. T3-IT. . .. 

L'Jidat 

ed^ 


1234 

12.54 

30* |C"n# % l; 4r< - 

32* 


1Z50 



29-4 

3 3r;.au-.3:rert 

31* 


11.45 

— - 

33 

n.n. S.*FC b: Ai: 

36 


10 11 

— 

27H 




12.58 


29* 

Coa:Ol;2..-b- — 



1218 


19i 

T:ejjcr'2 ;pc~ . 

2tr f 


1257 



UTS 


Price 

+ frlDtr. * 

tart 

fl 

High Ltw 

Start 

£ 

- 

Grom 

TUM 

Sigh 

55 

42 


35 


4* 

5M 

74 

// 

65 

fcetendffipe B3-88 

66 



12.70 

334- 

88 

82* 

inland 7*i<c ’81-83 

83* 


ft 

12.40 

797 

°1 

425 

79 

265 

DoSSpc ’91-96. - 
lapampc 10 Ass. _ 

$6“ 

-20 

32.62 

54 

134 

87 

68* 

DoGpc 8348.. - 

71 


6 

10.65 

*390 

160 

’40 


140 


3 

117 

f.97 

/Sp 

75p 

S.G! ff-pc ISSO 

75p 

.. (P4 . 

Vz 

8.67 

£95* 

599 

TunnOpc 1991 

$94* 


9 

952 

64* 

DM9I 

Turinff-pc 19W — 

DM91 


Ma 

880 

?35 

97 

94 

Uri«uayi ; pc 

97 


3* 

.3“ 

81 


L1S-S & DM prices exclude mv. 5 premium 


1978 

High Lew 


AMERICANS 

I . 1-1 


21 * 

60S 
325. 
50" s 
24* 
1 55, 

29*4 

19* 

Si 

9 

63% 

51 

425* 

49* 

f* 

11 

22* 

14 

25 
18’4 
32)* 

26 
25* 
293* 
47* 
32* 
26* 
40 
12* 
19* 
32* 
41* 
25 >4 
44* 
24* 
56", 
17* 
232 
£2* 

l®p 

9 

41* 

17* 

18* 

21* 

28* 

30* 

17* 

23* 

581? 

28* 

19* 

38 

33* 

27* 

161 


41* 

24* 

17 

49* 

975p 

14* 


13* 

9 

21:4 

11 

969p 
18* 
11* 
22 
13 
625p 
857 p 
411 
30* 
28* 
32* 
171 
13* 
765p 
13* 
733p 
14* 

»■ 

20* 
20* 
22 
17* 
28* 
670 p 
11* 
20* 
26* 
16* 
42* 
15* 
28 

750p 

171 

34 

735p 

705p 

18 

20 

9 

ft 

15* 
16* 
11 
14* 
255p 
18* 
11 >; 
22* 
18SJ 
18* 
131 
505p 
16* 
27 y a 
B65p 
21* 
17* 
11N 
28* 
5fl5p 
10?, 


Start 

A«A . 

AATF 5'< c *mr Ri„ 

^ITLj.'.51 . 

Amenc^n E*pr«s. 
Amcr MmicIcl.. 

Asarvolcr— 

Bate? IbUl Carpi SI > 
flames Gd> $®> — 
Ei-r.dixCorp.S5.™ 

Beir_Siee!S8 

Brimi'fFer.cMPi.. 
Enuuvirki.'orpn.L 
Burroushj Corp. So 

IC8S SC 50 

CPC.S*_ 


liari 

’Chase M‘fiui.£lU_ 
Chi'seb rough Jl 

CBMlerSe, 

CilicorpM 

Curin'. SI 

Do. Cm Frl. B 5 1 _ 
Coljaie-P SI 

roll Inds SI 

Con* lilinoi.'SlO 

ConLUilSj 


'.’OttnZeliSS 

CuLlerUanmerSa. 
Eaton Crp. 30 50 

Esmjrk 


FlXCinH. - 

FI redone Tire ( 

FimChica^o 

'F7uorCon> S* 

Fort Motor 52 

CATS 

Geo ElerLSC* 

Gillette SI 

Honeywell 5L50: 

Hutton E.F 

I EAI.Corp S3 

Ingenoll-RSC 

laL Si.-sesis 6 Con. SI 

Lfc. Intern nionaJII 

Kaiser ALS*i 

Jlanf. Han.rSS750 
MoTgan 'JPi bSSi5 
.VonnnSimooInc.SLj 
.Owens-DI S3.1C5... 
Quaker Oats l SSa, 
RrfiaareWiS. _. 
Rep. M.V. Corp.S5_ 

Remord S3 

Rirhdsn.-MrrILSi* 

SauI-B.F-SL 

Shell Oil SI 


|SingeriS10i 

Speri7 RandSOiO. 

TRW lac. SI* 

iTenneto 

Do.lOMa.EllLOift. 
TesoroPt I'SjOIPj- 

TraacoSfiiS 

Time Inc. 

Traasamerica SI._ 
l.Hd.Trch.SLS5_ 

l'^. Steel SI 

W«J worths^ — . 
Xerox Ccrp. SI 

.Tories Inc. 10c 

Zapata Corp. 25c „ 


20 

60* 

30td 

29* 
22* 
31* 
2 fed 

19 
321 

l& ; m 

115, 

13« 

62* 

48 

39* 

46m 

Z51 

20 


D* 

12 *m 
22 

“is 

.iS 

281, «l 
43t4.nl 
30 >4 ad 
22i : 
371 


19* 

30* 

34*«d 

23 

42* 

•M 

17d 
227 al 
4578*1 
187, 

948p 

38», 

15*«l 

'X 

15 ad 

TK 

36i : 
3C* d 
23- , axd 
150 
823p 

20 xd 
3814 

21 
16* 
46 

715p 

13* 


-* 


+10 

-* 

** 

3 

+1 

+1 

+* 

-* 


W*. TM 
Greu Ctt Cr'i 


ROr 


S% 


5175 


5140 

— 

30c 



40c 

__ 

64c 


OQr 


52 28 

_ 

Sl.OO 


40C 



/He 


5100 



5740 



52.50 


51.80 

_ 

5220 


94c 



SLOO 



51.06 


51.00 



S? 

_ 

si no 



5210 



5132 



51.40 


SI 90 


♦S3 40 



5225 



SL84 



53.20 


5130 


51.10 



SL20 

_ 

53.20 



5250 

— 

5220 



5L60 



5220 



50.68 



51L52 



53.00 



25c 

— 

9Sc 



SLhG 



5208 



5220 



76c 



51.16 



5104 



15c 



SLOO 



88c 



90c 

— 

5L80 


80c 



SU2 


51.80 

_ 

57 00 



10% 

— 

5200 



£0* 

— 

80c 

_ ' 

57 00 



SIM 


51.40 



57.00 



7*c 


s3fic 

— 


m 


2-51222 


jSJL List Preoiinra 47V5- Ibased on USSV8207 per £) 
Conversion factor 0.6706 (0.6737) 


CANADIANS 


' INTE3NATIDNAL BANK 

S3 | c:* jSpc.'tc:’:— -3: 1 84 | .... | S.95 | 

CORPORATION LOANS 

°S* I cj* Sirm r.'r, ftpc "216:.. 

°4* ! if * Pr.p.olTVx ^8! __ 

107 iiao* CL-:.-:. ; pcc2. 

111 UOO* 1*0 i2.,rt ISS3 

9'* ! wi* GIJKi+l=4p: 'WM2_. 

C4 ■ co* Her. - 
001. 1 07,. Uvcrp.-i'l ViEvIS-TS- 

is:r,l or,!; 5v!-|.x '.^ 

1 2£* Do r<l;?C lrr+1 - 

ca * °l L.'n. •. nrp. mr - - 

«»•* ! 94* LC.C f>pc 76-7? 

c::, 1 841, [io5-. : p< 

E'-i 1 7.I., 1 t'ov jic’J2?4 

70* ■ oa ts I D* , ."-.?c'is7-57_. __ 

73 j ' "i.i r- .->■• 

'■ v i 9i 


Q °l. j 94-* 
1O6 ;jl0C* 




i 1 '- ..pell' Vi. 

"v'd- . 3 ij!: IWi 

' le *cu >' .r ?'i»e 

V.anucki:.;* isen„ 


94* 


983 

39* 


3.66 

101* 


1231 

101* 


12 31 

92 


lOCh 

92 


5 71 

99), 


5.79 

95* 


10 bO 

27 

94!* 


13.43 

10.18 

96**rt 


622 

36*m 


6 35 

ft I 


693 

70* 


7«»6 

63!; 


9.97 



12 65 

93.-d 


565 

96N.C 


958 

m='< i 

1222 


lo* 
(42-, 
[26* 
9.951 12* 

‘ 27* 
n.fc2i 211 
11.7JI630P 
U.96| 51* 


12 33 
1170 
10 34 
10.93 
11.46 

1112 
970 
10.79 
10 22 
1L06 


16* 

53* 

15* 

it 

in? 


105, 

10 & 

30* 
12 
825 p 
14 

95Sp 

30* 

16* 

315p 

167, 

11* 

247, 

11* 

945p 

5E5p 

* 

50p 

14‘-i 

13* 

955p 

880p 


2C\ 

20 ? 

11.88! is*; 

“ 1 It, 

S E. List Premium 47W (based an 93.I8S7 per £l 

1L25' 


Sfc3lDmre.il S2 — 

16*«r 


5112 

Bit Nora Scot. 

14*xd 


96c 

Bell Canada 525— 

4dA) 


$4? 

Ecw Val leyfl 

26* 

+A* 

12*c 

flrajcanll — 

U<4 

-* 

51.10 

Gaa-lmp-Bt 52 

M.vbI 


5L44 

Can.Paerf)eS5 

ls, T , 


97c 

Da4pc Defa.£II0. 

33* 


4% 

Gulf Oil Can.B — .. 

20-Vd 

+* 

$L14 

Hawker Sid. CulR. 

565 p 

-20 

40c 

HollingerS5 

28*nl 

-h 

5206 

Hudsons Bay II — 

Ui! 


69c 

Hud.BOilG.S2!’— 

30-a 

-* 

SLM 

ImperialOlU 

14* 


86.4c 





Ini Nat Gas SI — 

770p«d 

-5 

80c 

JUaser Fer*4l 

77tl p 

-5 

— 

Pacific Pet Si 

2& 

-V 

91.6c 

PlacebasSl — 

lllp 

+17 


Rio Alcorn. 

22 A 

-u 

SL08 

Royal Bk.Can.S2— 

22 X 

-U 

SLM 

Seagram Co. C5I— 

19 1‘ 


92c 

Tor Dora Bk.51 

133* 

-* 

80c 

Trans Can. Pipe — 

11 3* 

+’-4 

103c 


32 
3 1 
4.9 
02 

4.8 
3.5 

2.9 

12.0 

26 

33 
3.4 
2.0 
Z4 
2.8 
3.0 

4.9 

16 

12 

31 

2.2 

0.0 

4.3 


COISlOKiSALTH t AFRICAN LOANS ! BANKS AND HIRE PURCHASE 


i0’. ! , «5* 

«'4 

8 S* I 32-j 

«i- I <*-, 
4W- ! 9; 


ST* 

“Si- 

ra 

“6 


31* 



lCl'j 

W* 


553 

Vo F. ;j >- 


5.59 

in- 5-.VF182 - 

e* 

*»« 

6.62 

V ' J's 7r-?? 

98* 


408 

'[•c i: . 7«i 

93tfSd 


8.42 

f 1 ' 7 -re £;■>•. 

82* 


922 


95 >4 


10.29 

sh R.-eo 1!": pc 'ro-TO . 
E'C. bfi- “ithi 

55 

El 


. 


985 


fp 


64* 
901; 

33* ; : 

154 111 

45 * S' 


LOANS 

Public Board and Ind. 

61*!-* 


P-B4 

210 

£90* 

259 

150 

150 

515* 

515 

£137 

15 


AT'IC rnr 
* i;.jr :o.-n flnr+t __ 
.Met •Air.'.rc 'l. — 

1 .: •• r-^- !•>- .. 

[>.i .lV-'ts: > v eria'i - 


27*id 

1£W 

Cl!, 


Financial 

lGT-j JIOl lF r " l '. K iFS: ._. . I 
1:0 lie: jl . . _| 

1141- |:0CI-Il-- i-,- . 

C5 I 7V, - ■ •■Ti j -r, D.,-. 

81* 73 4 I'" t*;- IR. Ti’nM - - 

■»0 I S4l, lL 1 -. art.— I rr. I j, :iS 
CO* j -30;'. |!»|. sir. i n - ! r xk . 

«oi :• ,w' n i n 
71* ec* Ip- r-,,,- in.i, 

71* |l'i- 7*.r--'.nt ■»;•?; . 

G4-* 1 73 \ M '.Q 

51-4 J OS i.'. J. -.C . 


822 
12 89 
10.78 
5.93 
10.06 


102*1 

12.69 

IL74 

ll)B 


13.34 

13.10 

109 


13.13 

1226 

EO'.id 


6.83 

1L48 



316 

1160 

°3>- 


11.33 

11.90 

93* 


11.92 

1230 

96* 


12.44 

1265 

65* 


11J9 

12.90 

t:\ui 


11.65 

12 90 



12 16 

1290 

71 * «d 


1223 

12.90 


19TS 

1084= Hirt Urn 
»H?300 

10.82 203 

“ {5 £L** 

11.12 ijj 

“«i215 

— 1 165 

— I £22* 

•418 
1 £189 
- 21 
170 
1136 598 
1330 315 
12.50 £3:* 

- 368 
11^0 253 

*230 _ 

*tl c i£13* 
£20 £15 
30 13 

£24 £15* 
46 
*£i:i: 

83 . 

3* 

I 

n:-: 

i°t 


Stack 


Price 


!+ ori Div TH 
- | Net Or SPi WE 


FOR25GN BONDS & RAILS -255 


Rijl* laiw | 


Price 


orlDiv. r < RmL 
— I t'.rHt Yield 


□.10 


’.7 : inv:*; , I 24 




?J pv--, -rrf 40 




*=3 !• .*i l.or -.1 , 93 




|”.£0 [• tvrii.-; " Ujic | -Jl I 


♦* 

I’-r • j 5a 


3* 

I"-.:; - . SI 


6 

“•0 jii , i;s a V. a vtj \ r J 43 


4 


£660 
£5 88 
£4 65 


158 

765 

217 

ICO 

600 

360 

61 

215 

52 


ISO 

1255 

£211 

296 

iJOO 

232 


155 

B1 

325 

203 

52 

160 

37 


ANZSAl- 


AlerandenD.El 
AlgeroeneFLIOQ 
Alien Uarvey£I_ 
Allied Irish — 
Arbulluiot L £1_ 
Bank Amec. SL56a.. 
;flfc. Ireland! I — 
Do. I0pcConT._ 
Bt Leumi C£I _ 
150 iBlLLetimiiUKIfl 
Bk. N.S.W. SA2— 
Bank Scotland £1 
flankers N.Y.SI0. 

BanlayJtl 

iBrown Shiplet 1 !!—] 
;CaIerRyrier£[-- 
ClueDisntaOp- 
iComl Au*. (SAl). 
ComrbkDMlO? 
Chen HbtKrlOO 
Connlhian 10p. . 
•Cned. France F75 
DaufS(C.R.i.._ 
[>cimelK Bank DSCO. 
F C. Finance — 
rirat Nat I0p,._ 
Do Wntl <5-83. 
FrtcwAns, I0p- 
'lerrard NainL— 

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FINANCIAL TIMES 


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Tele;. 668813 Tel. 061-834 0381 
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116 

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45 

37 

145 

1Q1 


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192 

302. 

101 

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£57 


Aberdeen Const. 
AbenhawCem. - 
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Anni tag* Stinks.. 

BPS Inds. 50p 

iBagfieridgeBrk.. 
(Bailey Ben IQp— 
BambOTers— 
BarraH Dei. 10p. 
Beech wood 10p_ 

BenbuTOp 

Iflenlort !t 10p_ 
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Blue Circle £1 

Blundell Penn— 
BreedonLioe 
|BnL Dredging — 
Brown Jksn. 33rf 

Brownlee 

Bryant Bldgs. 

Burnett 6 H 

Burt Boulton £ I . 
IC.Rnhey-A'IOp- 
KilDdK'OOWp. 

CarriJohnj 

Cenun 


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Com ben Gp 10p~ 

CosiainR 

Cmmtryside 5p_ 
Croasley Bkig__ 
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Crouch Group. 
Dougles Robt. M. 
p-wningCJlSOp 

EcooalOp 

EULsi Everard- 
Erith. 


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Leyland Paint __ 

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Lomod Brick— . 

LoveUlY. J.L 

McNeill Group- 
Magoet ASUms_ 
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Merchwiel 

Harley — 

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Roy co Group 

Roberoid 

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|135 MCroap 

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Sharpe & Fisher. 

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Unread 

Lloyd ir. H.'- 
[LMkerlDSp — | 
Da'.V op— , 
Laadou&Midrd.| 
\l T. H nlrtingt I 

Siangan Bronze- ] 
Slanouair2'. 
McEecturieBml 
MeggittSp— . 
MeUliaxap. , 
Midland !nd«.Sp| 
MningSuplT 
UitriurilSnra. 

MoIeOnap. 
Molins_ — — j 

MossEnci. 

iNeepsend 1 

Neillijasi I . 
Newman Tonks- 
NortheniED).’ __ 
NoxtoufW E'ap 
Pegte^K: r.lei- 
PurterChad 29p 

Pratt fF) 

[Priest (Ben i 

(procerlljiA^t^S 
AC.F.HoM>ncc. 
(RtaiwEug* I0p_ 

^H.P 

[R’nJomesSun. il 
Ratcbffe lulls— 
RatcfiCsiGB.i _. 
(Record EnLr^u 
R'dmnB'uanlO 

RenoW £1 

[Richards of Leic. 
(RktfnsWesL^- 
(RohinsonlThor.) 

'sandenroljjrer! 
(SavflkG.nOpiT. 
Senior Eng'glOp 

Seek- 

Shakwp'reJ.5p. 
ISbtwFrancL'Slp-- 

(Sheepbridee 

'Simon Eng*. 

Smith fWhiLi5p..| 
Spear & Jackson 
Spencer Clk 3)p. 
SpenMrGean5p . 

Spirar-Sareo. 

Spooner tads. 

StartriteJOp — 
Stavple5-lnris.fi 

SJooe-PJaii 

SykesiHearri 

Tace lOp 

Taylor Pali liter. 

Tecalenm 

Tex. Abrtu. I0p._ 
Thjssen DmJO... 
Tomkins FJI.Sp. 
Triplex Fdriea_ 
Tubetavesta.Ll. 

Turrifl 

TyackiWAHOp 
Did. Eng'glOp—. 
Utd.SpnuglOp_ 
[Ctd. Wire Group. 

{VickeroD 

Victor Products. 

iW.G.I 

Wadkin50p_ 
(Wagon InduEtr'i. 
Wauer(Ci\¥.i_ 

fWardrr.W i 

WaneWngmiOp . 
|WrwiekEiu!.3Jp 
Weeks Assoc.! Dp 

[WeirCroup 

Wellman Eng’e .. 
W. Brum Sp g. 10p_ 

Westland. 

WesTn-tvansaip.. 

Wheswe 

Whfiway Wtsn. Up. 
Whitehouse50p_ 

nilliaBBiWri- 

W’lms & iames. . 
IWolI Elect. Tools 
.ffobfy Hughe.- . 
18 (W’bwell Pdj. lOp 
35 (Wt>xIiSW!alp. 
Wh'ieRiinUji 


I 4 71 4 4| 63 

2A 7 i 7 -8: 

b.ri s.bj r „ 
4JJ 6il 57 

2 4 &0 8.0 

3.2 60 81 

611 ?-3 98 
3.« 7?.'«9' 

3 9i S3| 4 b 
9 

, 5.0) 45 

+^:1 

11 0: 


rl 


-3 


-1 


oeJ at . 






+2 


+1 


+2 


-1 

+2 


Adda lot 11* 
SurelJ'FrWl. 
Brest ttakcrrtp 
LIU UidrU 3)D.. 
Dr Vcnf Hotels - 
Epicure jp. 
GrtmilUH SuP. 
Kuraal'Jftic^ 


iHd.iWcnMp— 
Norfolk L'aphp- 
North ittF'ltfp 


S^cy -'A'lOp 
Krttf'NM’lfp- 
inn to Ini £p- 
Tnist H. Forte - 
■AanwrlliHVtCri, 


NO CATERER 

48 

-* 

a 68. 53 

£36 

-1 

m:z£ as 

66 


1.27? LS 

111 


ti322 41 

167 


tU.72 U 

13* 


N0.M bLI 

US 


14J1 SS 

96 


ZG 

1U 


711 31 

20 


0 50 33 

=60 


KILT 45 

Wmi 


1061 3J 

24 

+1 

W46 3j 

54 


h0.85 61 

43 

■ri 

i»?4 23 

161 

...... 

636 U 

71 


hi 04 4J 

36 

...... 

070 35 

18 


♦113 |X( 

2 33 ui 

-1 

18.33 24 

33d 


S» • 

41 5- 

i5 

4.92 _ 4J7( 


&ojd 


INDUSTRIALS (MisceL) 

(-10)545 ( « 
41 

15 


U4.H 

AiiDHrwareh- 
Auaawr ^nu. ftp! 
ihta Ltd. _ ■ 
Airfjxlwiri 20p . 


12 0l£ 


6-31 


J103 


5.SJ 63 
4.4 103 


■Uf 


2.91 7.S| 


23( 5 5[ 


2.7f 9.ti 


+15 


1+6 


+23 


1-1 


1-3 


1+3 


S in 
97 

4.70 
(12L27 
2 34 
330 
225 , 
11.47 
4.76 
9.96 
3.38 
5.89 
5.95 
7.68 
6.09 
t4.14 
268 
0.84 
132 

5.28 
,243 , 
IhKLW 
1338 [ 
*♦733 
t4.67 
h0.89 

249 
J)13!9 
16.80 
1.22 
d4.35 | 
236 


W1I31 


FOOD, GROCERIES, ETC. 


ENGINEERING 
MACHINE TOOLS 


105 

ACE. Machinery- 

107 


3 43 

29 

4 F 

190 

104 

68 

AP.V.aOp 

Acrow 

Da'.V 

250 

136 

106 


5.80. 

255 

2-55 

4.4 

4 

6 

33 

28 

3.6 

225 

.AdwestGrtmp— 

296 

-2 

FUJi 

33 

51 

148 

Atau AlamimuB- 

163 


10.06 

23 

9.4 

46 

Alien! El Bairooff 

56xd 

-1 

4.40 

LI 

il./ 

37 

.Allen WG 

56xd 


2.84 

6 

/. 6 

108 

,\naL Power — 

159 

-1 

536 

5.4 

5.ll 

38 

A rated. S'ciyrie— 

70ic 


62j9 

2i 

5.0 

32 

AngtaSw«s__ 

36 


— 

— 

— 

111 

.Ash 8 Lacy — 

Aa. British lijp. 

140 

■*■2 

rife.73 

2.4 

7.2 

5* 

„ ll * 

-U 

B— 



— 

25 

Usm. Tooling— 



239 


10.0 

18* 

.Wtratatfl. I0p- 


1.1b 

* 

6/ 

79 

Aurora HIds.— 

98 

+1 

636 

3! 

8.2 

92 

Austin Uamesl— 

106 

+1 

5.95 

4 

87 

142 

Avarys_ 

191 

-1 

5.90 

3.C 

4.6 

107 

Babcock* W — 

143 


5.33 

3.7 

5.6 

4 1 * 

Bailey »C H.i — 

.«• 

-* 

0.21 

07 

5J 

87 

Baker Perk 50p_ 

118 

4.37 

4.5 

5.5 

32 

Bamlords20p — 

36 


1.79 

1.6 

/< 

42!, 

Banrorons.30p- 

64 


hM9 

37 

51 

38* 

Barton fcSoas 

71 


h2.7b 

3.5 

5J 

43 

Besnlorri lOp 

51 


4B.34 

11 

9.5 

.16 

Reran (DF.iap— 

21 


dL35 

2.7 

96 

59 

BirmidQnalmt. 

61* 


t4 53 

Lb 

11.0 

58 

Bwinghm. VitrC- . 

94 

+2 

«.9J 


7.8) 


1131 


53 


4oi; 


791 


312 Alpine So/I DI^-_ 
70 A* Biscuit JOp. 
S3 A si Bril F'dxap 
205 .Ais. Dairies. _. 
39 Ass Fi.Jienes .. 
29* Avon a Group ip 

72 Banks ‘Sidney C. i 

11 Barker k £Uup„. 
66 Bam.VG.'.. 

64 Ramw.Mlllir.C 

119 BasseuiGeai 

48 flaileysA'orsifip 

56* Bcpni IO11 

182 BinbyiJ i£l .. _ 
150 Si-hapvSmrei , 
135 Da-V'N Vi- __ 
5D4 BluchirtfCnnf .„ 
104 Bril SagarSOp.. 
25 BriL t'ead’c lup 

43 Brake Bond 

48 Cadbury jchw 

41 Can's Attiling 

42 Clifford Dairies. 

33 Do -A" XT 

73 Cul|en?30p 

70 Do ~X "SOf 

104* Danisu Ben.* A £1 
82 EadsuodiJBsp, 
8* Frik daLou C 5p 
27 EnclandtJ.E ijn 

66 F 9 C 

86 Fisher iA >5p 

57 Filch LnvellHOp 
22 Glass Glover np . 

44 GntUraFaucarri. 
56 Hrck-w'ri'sPUOp 

165 Hillard v lOp ... 
59 HiniuaiAi lOp.. 

£28i, Kraft S150 

"0 KwtkSaielOp . 
27 1. canons Go. Ida. 
128 IjruoodHIdfis... 

100 l-ortwootis 

20 UneUtOFj 


d6 70 
324 
236 
0 87 

*30' 
1.11 , 
, M3 66I 


IQUJ4 
5.76 

-2 thl 47] 


-I 


-5 


-1 


1670 
d2.b3 
d2.63 
1)2 07, 
Th4.82 
052 
1280 
3.09 
t2.67 
1.94 

1.94 
439 
439 
674 
43.«4 

1.44 
4.06 
0.65 
4.11 
tl35 
rf2.73 
3.0 

4.94 
291 
t«5232 
tlC 64 
dL70 
1 1953 
1 3.75 

1-1 - 


-2 


-1 


2-2| 63 1U 
60 i5J: 
4.7 IJl 
03 

t 
3.4 


7.31 6C 
40.8 


8 M 




2.4 11.7 
3.0 92 
4.2 64 


48 67 
5.7 5.7 
4.9 313 


61 


9.5l * 


7.4| 69 
7.21 


62 


761, 



Alpine Hides Sp. 

Anal MeUUitli. 

.UitAs 

Awnar.iA'ii'p . 
v» ! Sprayers ita 1 
Assw.Tele. A - 
Au&EFlLej!WP- 
jAion Ruhbu-il- 
BB.AGnmp— - 

BP.T.Defd. 

SOCintnL 

BTR 

Rainl.'Wm.)£l — 

Barnet 

Barlott Bd SlOc 
Ra-T.* liephurn 
Bath £ rortlantL 
BavtprTrrmot. 

• BL-atscuCtari... 

Repchan . 

: krlbiri'v lOji- 

, firtltt-Wl -. . . - 

Bc.-ifiird* 

Berwick Timp') . 
EU« , <'hell. 

Bifinvated Kurt. 

* Hil'.auiiJ 1 lOp- - 
Black Arrow SCn. 

Black iT' Hid 1 
Bcth-cvtclat'! 

KvigcdPeL VlCp- 
RtKikerMcT 5®p 
EtnjttRwrj'tSOp. 

Bona — 

* bltk-w rs&a. 

airaalertl — ., 

Rrab> Illicit)?. 

5rady tads "A'"- 
Braatwr.H.'aJp- 
Pr.i^aiJ Prw 

rnuon 

RrtilpPrt-GaJp— 

RRfcE.A 

Sn| iNeeT 'I'li'- 
Bni Steel Cwrtt. 
DrOrphonSip. 

3 KrilishVito. — 
RCltUrUS _ . . 

B H Prop S.V2- 
Ero.-kSlBr.liJp 
; Sruuk^WuLCUp- 
: ilrown Bpr Kent 
RnintiOSiMussL. 

Burro Dean 

, RumdeaeSp 
BcRikAadsn IPri - 
C.H IntfKlOp- 
C.HBoariCOp — . 

M 

•.'amrex 3)p -...— 
Vxnning'W.) — - 
Cape Indusmes- 
I’apianPmf.lOp. 
CamasstntCOp 
O-aritou lr,te — - 

fawotais 

CeitN’ionlndSp 
v'estra! Stic i<»P 
i‘<ni Sherrod ;o. 
CenireaaySOp .. 
OunberLunGp 
Cbial’lMl-tLUn. 
■IWE’eWjrrvilOp , 
I*-rmCair.PfUa. 
•'hnstie-T lOp . 
t'hnaiKlnLlCp 

CkubbSOp 

I'larkeiClemeol.i 

•"‘diei'R Hi 

Caiptu Webb Dip. 
tjCwnl.Grp.SL_, 

Com. Saties:^ I0p_ 
CopeA!Jman5p 
CcprdexlDp — 
i Cosalt 

Comity Pm* »p _ 

rowni:eu)t.llta- 70 
CnaniJASOp — . 

Crwt N'ichol J0p- 
CntJjy House £1. 
CrosbySpr'g lOp. 
Dovkt !6 S'wmn. 
DeLaRue .... 

Denh&irare 

Dwsp|r9pcCV91« 
£iumoad5t9I0p 
Dinkie Recl5p._ 
P.plouu Inn- .... 
Dobsen Park lOp. 
Domllhlgv. lOp.. 

* iNnerCorplSil. 

Downs Surc'L Wp| 

j Dufay B Hum. lflp 
DunbecCom. lOp 
DuudonianOOp. 

Duple InL Op 

Dura pipe. 

Dwek Group lOp. 

Dykes [J. 1 

Dyson 1 J. 6 J.) 

Da A' 

E-C.C3sesiOD.-_ 
Eastern Prod. SOpJ 
Elbarlnds. 50p,_ 

1 EJbietSp 

! ElocotOpi— __ 
ElecLludSec 
Elliott p-b ro lOp—j 
Elion & Robbins. 
EIwirtlTperSp 

* Entaart Corp-Sl- 
Euttiresr Sen. lOpJ 

3 Eng tOvcr'siapI 
Eng. China Clay* 
tjperanza 12*p. 

Euro Femes __ 

Erode HLigs.aip 
> E*er George lOp 

exw 

Faubaini Lawson . 
Feedex lOp 
P«ia*TiJ. H i„. 
FerousoBlni-.- 
FenlemanSOp— 

FiodlayUVRi 

Fust Castle I0p_ 

Pitiwitton^. 

Flexel!oC.tW._ 

FoeanyiE) 

Fawn Mlnsep_ 
^hergiHRancT.; 
Frtmhlin MindL- 
French Thus. lOp 

FricdlanriDgl 

•j.IL iRdg-tl 

'jCvtctnor-A'— . 
Gihhnn.' Dudley, 
GibhunstSl 

G‘«ej Group. 

GihupariOp - 

GLi^i Metal lOp, 

Glaxo SOp 

GcM&aolHJIOp. 
GutttwHUs..— 
Grampian Hdj?.. 

Granala 'A' 

Grin.; ; ajw3to_ 
Gripperrods lop. 
GrmebellGp 3p 
HallamSInghtOp 

HahnaiOp. 

Eattilh.inwl2l'P- 
HaninwxCp.Sc. 

Hanson Trjjt 

DoB^pe I'ur 03-toj 

HanjpeaveySJp... 
HsmsiPh.lMp^, 
]lam«4Sb«idin,J 

H^iumkTipsun- 

HawtjnJp. i 

ehy <2>unusa) SUni 
«**Whari£L? 

! HopwerthCrmc.. 

Hertair..- 

HewiB,i.)5p 

HighgNc&JuhSOp 
Hill lCha».i£1.„ 
HiMfMal'souaOtL. 

HrildeutA 1 

Hollis Bnv 

2 HoltLltffdlnLlOp, 

H other '.V 

HSOp! 
(jbnaniTmem- 
HuntmcArfoc.-., 
umleiRb u>p — | 

Hutch umnaSHKl^ 

1 Hynuntl.JiJ >5p. 

1 tCiDdurtncafl.. 

ia£I. 

Imp Con* Gastl 
tagall tads lOp _ 




+* 

-i 


+7 

-i' 


-z 


+« 


-1 






+2 

+1 


l-i 


+1 

-l 


l-i 


-1 


4.B2 

UM 

833 
4.6k 
14 69 
5 55 
3.M 
♦076 

fif 

122c» 

2.60 

217 

C0.41 

0.6 

482 

332 

15.1' 

19 

377 

♦1.90 

5220 

236 

13.50 

2.27 

228 

242 

.32 

sa 

su i 

7 41 

10.05 

5.42 


% 

b4.06 

d4.71 

SL 

, 36 . 

L thL43[ 

5.66 

hL44 

t0-60 

414 

0.20 


2.40 

.02 

10.26 

h0.67 

liOSS 

trQWp: 

1639 

SBH 

434 

3.01 

4.05 


+l y; 


, -1.93 
C$152, 
t733 

IS8 






*4 


-* 1 - 1 - 1 - 1 - 

3.63 
3.63 

1 — I 

7.* 1 
4.7 6.' 
10.4 * 
55 ii 
8.0 9. 










4.7) 



27 



■■ rtTTir 


Hnancfal Times Tbtrrsday August 24 1978 

INDUSTRIAI^— Continued INSURANCE-Continued PROPERTY-Cttxtiiraed INV. TEUSTMonfinued FINANCE, lAND-Continued 


BUb MW, 


i Prke 

*_1 £ I 

369 

-1 6 7S 

152 

822 

405 

■*3 116.7 

46 8 

-7 4 74 

107 

T4]J 

594 

.... 20 46 

m 

.. . 13 47 

91® 

-17 c(JW»« 

180 

. . 860 

C29V 

tfSl 68 

2S0 

914 


o 


SECURITIES CQ1TD. 

London Branch: '.Ti.-f *: EICct.. C3 Mincing 
L3”C. !.or 2; n sO • ~f: Z T I . ?.? 1 1 1 i i A • B 

C'r A : ■ l k;-j ■■ : ■■■ r 


if? ,i£ w +* t-o *».n a.> «n ;;; 

3M 128 LwdlndjSSi... 164 748 3.3 6 6 6.7 2 fi g 

130 W IvjdoiMSterfui- 120 4.15 4 4 5J 64 “ 

JJ 38 LeBnsrEdt 42 1.85 *2 6b 5.6 fg H 

56 43t» LtboflFobeUOp <UU 1.79 * 5.6 » ,6$ 55 

,1? Lrtm»H«rrU — . 48 ...... 332 2.4 10.3 f3 9) M§ 

171 13j Leigh lMtSp_ 167 14.43 12 4.0 223 4 £ |5 

1M 102 LoxurvCor. lOp- 149 -1 4.55 23 4.714 0 *$§ ^ 

255 235 LepUrouplBp._ 255*0 +2 3 46 * 2.0 * 30 

91 57 Lenny Prod* 9p 89 +1 (12.94 3.7 4.9 bJ Hi 

168 98 Ltmx 1 top DM -1 5.4 * 5.8 a 98 r>9 

241a 15 Ud« IOdSZZ 21 - III *a ,5 


nmnrPlifip l up 


fgW-lGP- 35 tAiOf) lfl '3x2.2 L**? 3 ** 

l5p.___ 107 615.731 3.4 4.fll0.9j??0 2® 


4 55 23 47140 3®* 71b HfltteroSP- 107 . — MS.73 3.4 4.fll0.9 

3 46 * 2.0 * 32 m HVrflF.Vda>p. 31 fOJ4 _ 3.9118 »0 

dj> 94 37 So ft 151 106 UR* ■,■ 150 -l t628 25 6jWj 6V 

54 * 5* * 98 69 lliiM.ltS.lflp- 90 -2 +5.69 28 93 5.B % 

- _ 11 _ 9b 5 Nstioowide Lois 9b D38 29 5.<H 8.7 g 

305 J.7 7.4 43 210 158 M8«M. 10p - 210rt ...... «S * M * & 


6*b 53 Mnnm-.iewrp .58 \.a* 69 33 63 46 CbanerTnifl “ ai, *218 U 31272 36 2 fb Park Place lm_ 36 U.02 3 6 a.’ 8.0 HTTVFC rnnfimiaff 

32 10) MtrcUffxiASrl.' 130 Uj235 1.1 26 313 26 rity&foai Inc ~ 29K 185 10 93 16 0 247 167 PearsoniStASoo . 243«8 +1 691 35 4.2 1DJ ItII W 12*0 VOUlIIIUcQ 

46 44 Notion 44 203 0.4 6 9 4523 <£* 76 fiSIfli a* ^ - ± _ _ £77 £43V Pnaritl&FnI»_ £TOb -b Q9*% - e 2 - . r » . ..t 

88 68 PWfbff— 86 -b 1203 ■— 3.5 — pq 48»a CUv fc For. (oi- _ 87 .... — — — — 34 20 SLGeorjelOp— 14 049 1.0 5.2 28.2 CENTRAL AFRICAN 

47 280 ProP-Hkj£j-l'“'- ?i5 “* 664 1.2 3-139.9 U4 m Cilj&InlenUl 113 +2' f4J3 U 5 5 25.7 131 90 Scot & Mert. 'A'.. 108 3.07 1.7 4.3 20.9 IO | + arf Dir 

■123 M PrwParfriiijx. 109 ...... HM 2.8 3 4 23.0 75 62 Cniuioilonl 75 335 10 67 22A iSl £48 SXW*pcAim_ £51 Q4.Z5 _ aj - mm [* suck Pri« - >« 

120 280 Pwp.tte.A_ 315 -5 5 24 1 6 2 3 383 91 76lj C!s\ trhuiw EiOp 89 ""* 386 U> 63 233 M 51 Smith Bros 65«4 4.99 6 U5 9 . 

.70 127 PropSeMmSto- 168m 21 * 1.9 * 12 61. Cliflcn InKiaS; 7L “ _ _ “ 122* V* SihaPac. FK30c 121* _ — - £7 210 155 Faltw Rh30f — 176 -7 Q50c 

M? 3 teboPropiSp. 42. . _____ if 5ffj CbHesdal>UT_ 87 -T" «-7» U 23 473 £54 £27i* ShzFulKFUIO. £HJi* - i z Q 22Ja — 5.6 - 24 15 Riwd’nCorp iffjp. 19 037 

15 B Bcgaliin-— — 15-3 - £§ 5T* bo^rZzZT 85 _ _ _ _ 02 W0 rras.mTa.lp. £11 -4* iQtffl 1.6 : 4 80 52 RoanCmiSA 67 ...7.. - 

87 74 fifcraal Prop— TOri .. .... U1 9 11 ♦ m 212 CflionjaJ S«i DM. 263 832 1.2 4 7 283 28 24 Wsta.SelecI.20p. 27*0 213 U2 U.G l£l 186 122 Tanganyika 50p_ 170 -3 Q10- 

7? 5? Bo. A — _75*tl -1 3-11 *_ 72 t pit Coniinentl i Ind 717 ... 6W in 4.6 319 5Bi» 36^ West of England. 58 tl.40 3.7 3.6133 90 78 Do Prri.ffip 87 QV! 


+ orf Dir. f Ind 
— | .Vet jc’nlGr'* 


tineni'1 & Indl 212 


4.6l319| 5? z 36tj ^estrf 


'alcoc RhJWe. 176 -7 | Q50c ( 13 24.2 

thod’nCorp 19 -^ 037 7.1 43 


,11 W* 1.6 SX 80 t 5Z moan con*. 54 67 ...... — 

27*0 J213 UU.e 13-1 186 1122 Tanganyika 50p_ 170 -3 Q10J) 

58 tl.40 3.7 3.6113 90 78 Do.Prd.80p 87 09% 


70 -3 Q1D3 U 5.9 

87 09% 163 83 

37 tQTijc 1-4173 

15J 2 — — — 


AUSTRALIAN 

:3c 1 ‘ 13 |. 


£J1*} £B6Ji JlsUrMmnpc- £U7 +!, Q7» 4 % 23 16.7 - 

347 120 Hapa mis 25o _ 146 -1 «.93 4.0 5 0 73 Commercial VphielM 

25 20 Hedmunter lOp. 23 tl 85 33120 83 tVHUnerciai VeillCieS 

wl aiS X em ?£ w ?F-- H tt4142 124 M’s te3LF.fflldW.i_ 124a: 2.46 1311 3,« 2.< 

vw. ^ JS^SS? 0 '— H-10 31 b.0 6.0 67 49 ftd«Sl50p' 62 3.40 * 82 * 

U MetolCloMre*... 108 4.27 2.9 5.9 9.0 12i 2 8 P«akinv*U.]Op 9 tfl.5 29 t L 

-V„ » jf* 7 - » +1 115 5.4 4.6 5.0 93 571; PUxtans 93 -1 th3.96 33 6.4 9.1 

£132 £100 MnniaSpcffl^. £122 QS% 19.1 M3 _ 73 54 JTirtTinJerlOp 56ot .jtdZ17l 53 5.3 4.1 

lij* 106 MraiMCrobbte 134 +3" 5.36 z.8 6^o H'.o Components • 

55 34 BlonnJliAbrl)_ 47 246 34 7.B 5.0 

» MwitRdrtJJPp. 32 207 21 9.7 64 “ « 

15 17 UtnriterlOp IS — _ _ _ Mfc 311; 

73 55 Mj50qGp.IOp_, 6B -ri s L02 0 4 23(7141 B 

130 62 NutiU.F.vSm.. 122 5.26 23 6.4 7.7 l 2? 


“ £15 |762 JVolwSia 1 } £13>; | |Q12%| ft 

Commercial Vehicles 


*1 SHIPBUILDERS, REPAIRERS & f, ffiJSSz Sf» = SS 


72 

-1 — 

151 

696 

230 

+10 15.0 

312 

+2 f4.66 


ff7 60 Elec: tfier 8W 2 137 L2^ 2.g472 ^ -i -d - I - J7 8 117 >lak6r1d»SAl_L_ 

98 -7* Eng. fc InlimatL 98 ...... 386 l.fl 5.9^240 UVi iHSSSJHSf SB* — | TO 30 Pacilic Copper 

mi 63 Ent-fcV v t™«» ai tin l D 5 8 415 284 iLASUO^Up? Np- 355 +S I — I — I — I — Irisi- 7^n PanroncitC, 


137 —2 tQOc 1.4 3.7 

550 -25 - - — 

290 -3 QlOc 2.2 21 

58-4 - — — 

63 

132 t3.55 2.0 4.0 

27 1; — — — 

214 -t Q9e 27 2.6 

■ 31 - - — 

SU - - - 

125 -1 QBc 15 4.0 

16 — - - 

43 — 

171 -1 tQllc 1.9 4.0 

58 — - — 


SHIPPING 


36 29 MwiUWitiJPp- 32 2.07 

15 17 JiwilwlOp IS - 

73 55 S&5onGp.l0p_ 68 -U LD2 

130 62 NuhU.T.iSm.. 122 ...... 5.26 


54 46 Vdh«iRtl)_ 54 3J5 2.7^ 9^ 6.0 « g 

54 32 KatCrt neglirp 42 +1 135 _ I 448 — 11 “ 

£93 £38 N.CJL4%SS<98_ £93 +2« a 04* 2iglf43| — ™ 

•91 72 KegretOtZaabta 8S*d ....„ 3.68 1 J 64^135 SJ 

3il 65 SeU&Sp’ncwlOp 131 +4 J2.03 2.3 91 ^ H? 

,20?i U«i Ke*&pcp.I|lpf_ 17*0 6.99 27^ 8.7^ 65 ,Jg S 

105 77 Vorcro* UO 4.49 2A 67^ 68 W. *> 

28 17 Monk Secs. 10p. 19 -1 2.23 0^174oi® ®3 

27 22>j .Nn-SwiftSp 27 +1* L59 iJ ftfflU9 ,?£ 

£J07 £91 Oce Finance CV- £107 +V; 09* -TjfB.3 _ 336 240 

120 88 Office* Bwt.., 120 +2^414 S.g 53 7.9 *|. 9 , 

106 82 Ofrnatp 182 -2 h3.07 3.9 4j3 9.7 7.V} 5? 

27 19 OreustowlB*, 24 Q6c 23123 2-0 

52 36 PJIAlHddiivi'- 52 3.0 * -H * U5 87 


67 68 W * 


122 101 PHkerKnoU-A'. 118 
113 100 PjmIs* Whites- 138 

68 32 Peerage 10p 63 

26 16 PerUnnd lOp — 25 

303 W PcntKlOp 99 

£157 £J25 DllKO.lnUBS £157 


3.7 52 7.9 *| 9 n\ 

3.5 4^ 9.7 J.Vi If 

2J126 2.0 ^ “ 

* _ * 115 87 

65 4 2 5.6 
3.4 52 75 



54 d2-68 3.1 7.fl 5.g3®5 2SZ 

47 h2.46 43 7.^ 3.7^25® 

66 -1U t207 3J 4.7F §5 


128 -1 15.24 36 6J 7J348 206 

82 ai +i 2 hX38 85 2.5 7.0 U7 104 

72 3.73 26 7.7 67 3P; 

26t 2 U.08 18 61 162 .g 25 

£24 +1, Q024c 3.7 2A 10.4 JJ5 107 

267 -4 4.54 44 25 13.4 255 

78 -1 5J8 23 10 J 5JL ^2 

19B -1 2.B9 4.4 22 15.8 « 


10 . — 025 1 

55lf -1 fa 0.04 3 
336 . — tB34 4. 


35 «4l38 1W 

23 14.7 ^8 8J1 2 

3.7 9J”? » 


55 tlifl 4.0 4.416.2 ^2 

73i a 3J3 33 64 (5 l6 J U5 I 68 

99 3.86 4.9 5.1 5J 

00 -1 4.47 24 67 92 



284 


130. 

-2 5.90 

175 


246 

-2 8.29 

110 

-2 5J7 

36 

-b dl.88 

31b 

.. .. — 

1 » 

-1 4.97 

220 

-5 518 

33b 

-1 - 

91 

272 

111 

+b 8J7 

88 b 

+b 664 

67 

-3 1164 

36 

+1 tlM 

71 

-1 8 28 


99 70 . (Famihflffr.Tst- 99 3.91 U 

1111* 76b First Scot .Am.— 206*0 -b 269 2.1 


if M8 {“2 p84 pSeSmS^Bee. 5W *3 " 15.94 4. l| 4. J 63 


TINS 


3-5 161 143 97 Da.Conr.10p_. 143 — 

— 13 U7 88 Gntlntesliw— 116 4.06 „ _ . , 

.J-5 * 99 72b Gen-Sttmiah— 97 +b 3.40 Ltf 5^285 

III ^125 72b Gm.MUn.ttb8 124 ZJ * Z-ffl * 

U-2i5.? 114 84 Giaswn Sllildrs— 1U t2-44 12^ 32^37.6 

l 7J no 71 Glendevtxi Inv_ 107 -b tl-69 

„ 4.0 iDH a £ a Dft-B" ItB +b — 


•j 0 to 3 I'm 100 i uo. no. ura. arc— xou 1 nuv — 4.4) — 

_ _ 82 1 57 [Wooit*i(teA50c._| 75 J-l J - | _ | _ | _ 270 
I 5.2 242 11 


Rongkmg 


93 78 MriilflQ_ 

}1 9 Uanurfrip 


. 31 9 UanurI2:j)_ 

OVERSEAS TRADERS !<g Lff |ssa»“-l 


210 - _ 

90 +2 02 .Q L6 


ZQ15JC 0.71 4.0 
Q125I 6 20.0 


. — tJ29 65 42 5.6 

-1 F660 3.4 52 75 

9164 5 0 3.9 7.8 95 0 

-b 0.67 52 4.0 5.6 a 9H 

■*■1 4.35 3.0 6 6 5.9 135 j? 

Q15%22.9f9.7_ " 3B UO 


IDO 1-1 |4.47 I : 

Ganges and Distributers 


J17.4J 42 *86 60b Gleii 
I 80 l 56 Do. 


ilenmump 
Do. 'S’ On.. 


+b - 


law. 82 1 1.73 1« 3, 


if Um gj' 224 .^ta r |3» I |fa3.57 119.01 IJ 11 ™ ^ £ 8S S| H 

LO 32 49.0 164 96 tott^S"4W.rJ 160wlU 4.6] 3K1 ™ ,?g bsSfftUJ*— J3 +a JWl 


■s j — 77 rrr 73 45 » -1 629 1 i&nt&m ^ ^ SSSiSSf 1 * 

Inr 130b 508 12 58 22.6 W 25b Boustead(10pi_ 57 132 * «.[ * f? J2 ISISlrSS; 

Europe . 66b +1- 10 15 4JH6 U® 83b Finlay flamesi— lll*d -6 t5.0 10 J 6.7 4.8 _K . A 1 fSIfSS^ - 

:Tnia! 81 ...l. tU3 U 3.9 34.4 95 CUliDuflo* — 158 -1 h4.43 32 4.2 98 245 1^0 SwMhMma 


SHOES AND LEATHER 


131b 97 [Globe Inr 


E SC P*te*«irjp_ 68 458 1410.0 9.0 45b 348 

34 Phillips Patou! 20-1 B_ - _ ZL6 «b W> 

242 PbotoMeSOp— 355 M.D2 7.0 3.710.0 «* m 2 

'647 422 PtlhoaMBr.U. 638 -9 llb9 4 8 27 U.6 49 « 


I Gibbon _ 77*0 
admSp _ IB*, 
ywilGrp. 99 
ftnoMotcr. 123 
lL10p_.-.. 424, 

sat s 


i 4 « i«i«uaB HP 


M634 25 9.6 60 
7 87 25 9.5 42 

226 3.7 7.6 4.0 

tl.40 4.1 5.4 SJ 


67 56 

104 93 


. va ;a!K -ra « (df*xwKC.D ‘ — 93 t4.5 3.1 65 S3 ao 

- 5i -- - 4 8 2.711.6 49 40 BritCWAKL lOp . 45b 17.4 23 6610.1 ?S 

£77 £56 Pjtt>B#we»Ly.. £74 ..... Q5b% 5.6 7.7 ~ 26 19 &C66tfp 24 +3 t!44 2.2 9.D 75 If* fS 

*?. J® WOTtirCoM Linp^ J7I? ~1 24 84 7.4 m H CWm*»P 107 -1 650 23 9.1 7 2 U 5 

« £iSf rtl0p ““ ,55 PJk H 11 ,11 44 29b Cdmortlaii— 36 +1 d2.41 1110JJ|12* 1^ 

IS 25? - 5S9. !-? IS ^ J 3s’ cwte/rjsp _ 4s tdi.73 4.6 5.7 4.0 3? S 

- 1 ;}y 5 M I® 102 74 Baris Godfrey'-- 102 +i 2 336 4 4.9 * II ff 

3fllj .17 PieniWqiiSp.^ 28 0 85 4.6 4.5 7.3 a? ar ‘ rVrw tlT 81 4.64 18 86 63 rS 1* 

169 154 Pr wuiseGroap _ 168 4-1 S.66 33! SB 4.1 t ju 39 49b 185 34 86 i3.tfa i?. 

?, 3 . 45. +lb 151 34 52 7.0 48b 49i? .u 135 (l4 4.7 5.0 M 

lib 7b ?n S , - Ll <S*.5p- 0.41 — 5.7 — 38 29 fflanScMLsw... 32 ...... 227 15 5.9168 ^ 24 

5 1W ...... 609 * 9.1 * 501, a Hwferlm 10? 4AJ, + b d0.«7 174 15 S.l 

_ 7 . b , ri, 2 14 + 33 *, 126 92 HrewBflVCJ.- 117 da. 18 3.8 5J 7.4 

21b 10 8TpGroap»p_ l«i . — - — 21 .107 74V. RbTOwBi 107 4-2 t6B0 6 95 33 


IM §4 7.4 ui h 


H Sf 


23i 9.1 72 i 


57 40 

58 461* 



^ “* J "***"“ 82 65 GronseTroa™ 81 ...... tll3 U 3.9 34.4 JM 95 GiiliDuHn* 

28b | 11.02 | «| 5jflL7i U3 « Hi.NoTthBlr.r_ 112b + 1 t3 93 11 5 2 26.4 W CLNtlui£10. 

58 4.46 I 3.Q11W 38 100 67 Gr«n(nar/nr_ 99 1.47 12 22 55.4 5 5 3 ?l H ns'ns. Cras. 

59 I itd3_95i 24ilOol 6 4 7®b 56 Gresham Inr — 6&i ? ai 210 6 4.6 * 97 HoffimiJlS.) 


Petal ingSM] 270 tQBQc 16 68 

Saint Piran 61 -3 203 * 5.0 

South CrofirlDp— 60 -1 419 -2.010.4 

Sooth KmuntOiO 245 1077* 1.4 6.8 


59 ...... M3.95 

100 ..... 457 

59 tl73 

106 4.97 

81 +5 +230 

*W t322 

54i 2 +lb 284 
55 -..I 190 

58 281 

44 -1 216 
66 .-... +430 

I 66*0 1.75 

Op. 39 -1 tfa2.U 
I 94b t1 2 314.02 
30 tlJ3 , 



70b 56 Gresham lnr_ 66* 2 wi 210 

70. 48 Gronplnrerfors. 6i«0 -1 1.9 * 4JI « »o incncapeU. 

B9 fi«b GaitJianlarTd- 88b 2-74 10 46 31.4 |0 21 laetaWaL 2&0 ...... Z1.0 I t- 

110 -78 Hamfarw 108 ..... 3.81 1.0 53 281 » 9 JawueaSngnr_ Ui a ...... J - ~ 

204 UO RiD. Philip,. 199 8.02 1.0 6.0 25.2 78 55 Mnrho_. 1 60 |-1 1 665 I 

91 W Home H Ids. -A", 87*0 -1 t4.& 4> 7.9 6 « 40b «i«heH^»ts_,- 

89 68 Do "B" 86-1 — _ _ _ 275 220 [Nigerian Elec. £1 

S9* Sff 2 ieriandiSi S93« Q20c — 10 - 107 b8 


5^26 4 1«» [*■“* jw-miuiuw i £66 QU% l.«22.B |9 

i|55.4 55 m HWnsOjs-fl. 5W ♦22.U| 2.2I 57(UJ If 4 &*«**^r 235 


lQ778r 1.4 6.8 

IftlilJc 11 8.4 


445 350 IncbcnpeU. 


ilm Td_l 88b 1174 


S75 *22U + 2 57 111 240 134 SnngeiflesiSMI _ 235 ...... Q65c * 5.9 1 

W -3 " 432 U 21 7 4 7 9 5 s SapremeCorp.SUl 80 ...... ZOlOc _ 2.7 

388 -2 1523 22 5 8 9 6 100 65 Tanjonglsp 90 6^0 0.8 10.9 . 

am BO 6J _ 45 7.00 74 Tonpkah firtr.SMl 95 tfSaOK 16 t 1 

...... Ot.U 0-3 — 1J nft 1»o t Llui 1UI e 7 nnn. i« 1 ■» 


Tronoh SM] 260 1-5 


775 700 Do i£i 770 

| 601* 1 424, nnd-j strut k Gen 58 
I 84 j_66b buenunJnr.__ 80; 


60 —1 6.65 2J 165(3.01 

1 t4 6 # 79 * 49 40b Mitchell Ctttt 45 -1 3.45 1.7 115 (63* PflDDl'T? 

1 1 _. 1 J. 1 275 220 XigenanElec.il 222 13.40 * 93 * , 1/UrrUiit 

Q20c _ 10 - 10T 68 Ocean WlsnsSOp 91 +6 2^2 2.9 4 8 a2 104 70 llesiiaiBOiO — [ 91 |..._.|JQ30c 2.9| t 

S49 __ L2 _ 235 170 Paf»n.Zoch.IOp.. 180 #7.B2 7.5 65 3.1 

... 178 11 4 5 31.1 225 165 Do.WN/V lOp... 175 fT.82 7.5 6.7 3.0 wrenoir JstPnire 

.... t2A6 U 5.0 26 6 54 27 Sanger iJ.E.HOp. 32 _ ;4.43 13 i 5.7 MISCELLANEOUS 


MISCELLANEOUS 


bo ’ 1 25 S&Sfc S* 4 193 15 77 53 IJ35 Ju* 

& 1 Bafc= £« a- as i, li ■« £ i S 

522 392 BecUuCoLMp-. 520 -2 10.77 3.6 3.1 30* « jf Hral 

327 2b? RedfrarnGbss- 294 +4 F16.08 55 8.2 55 31 S 

78 42 tim'd Ex re. 5p — 72 -3 2,79 Zh 5510.0 54 m 3 

M 102 RredlnttcTl— 152 -2 tfl.12 2.7 80 7.0 4ii. £w, S 

85 68 adywPBWS... 83 436 23 7.5 9B ff 3 LMta 

300 145 Bom* Inc. TO. 300 ..... Q20% * 0.5 ® S? fS, S 

48 35 RnmiekuPNiu. 48 ..... 102 2.6 32 4.0 .37. 25 

190 114 Besfrmr. 187 +12 5.41 ♦ 4.4 * Jj,. S ffi 

Jt i§? BSff — 4i -» p \i g- % K 

ill £ BXSK1S: >8 ::::: If « ti « |p A 3 

*8 36 RopmtHUUs_ 42 2.16 3.4 7.7 58 77 43 Men 

«7ij 32 Da-.V. 42 .... 2.16 34 7.7 5.8 5m, 33 S 

52 40 Rai«wi«iate_- 44 2.99. L4 103 (OB' « 2 g wSS 

31b 2S Rtwan*B«fcn_ 31b +b IJ 4 5-6 63 30 73 
370 10J R«i! Wares... „ 170 .... f6.49 0 8 5 8 332 . 


!ft: io? S i’ H li SOUTH AFRICANS 

'a?- Sg=iEili hh u wmjsi,* 


68 | 45 [Russell iA.'-lOp.. 
154 lit [Sags Holiday* . . 


! Wares... J 170 .... f6.49 Ofcj 5 ^332 


■ |o 4f. 

h si 5 i i 

5.0 3.6 4.9 132 77 U 

I j r. 48b 26 fa 
il 54 9b 4\ Ri 

wmil 5 ^ 2 » « 

siVA*o * » 


X 22 J 37 26 LeVallonetlnr- 37 dL52 51 6J j g mf* oSSreSlSh 

9.0 28 72 55 iPnAttonUe— 70 3JJ5 1.0 6.5 226 “ 31 BradwaUWp 

7.8 « S3 53 Un.AGan.Mp_ 81 tOJl LO O^lSU^f 165 CMteBddlto 

50 58 129 95 UulntlQlrrwd- 128 3.65 2# 43 35.7 4 g “ 

9.4 W 63 m, Lm.4Len»«_ 60 ..... hl.70 10 4.2363 , 5 P, "b Cona Flams 1 


{+ art Dnr. [ |FH 
Wee i - I Nfi ICitIsfs “ 

97 [.....{279 14.714 3 
118 ..... 335 ia 43 


■mCopS-lOp- 118 ..... 335 
(Africa) 16 ..... - 


NOTES 


«^rSiy n " 11? u - 3 *- ^ M 4X190 130 Bet Trataa X8k 185 Q28c 43 9.1H 28 72 55 Un.Atlanlic__ 70 385 1.0 6.5 226 

ESBETvL rni 25 0 90 58 SABots S0e._ 84* 2 -lb Qllc $1 7.9 6 83 53 Lon A Gait Mr - 81 t051 10 081SU 165 CasttefieMlOp 

1,^71 ?•» T-i T*450 985 nser0als3t_ 625 ..._|«52c 3.« 5 3 50 129 95 Udn.4Eolnwd- 128 3.65 10 43 35.7 4 g y£j g5?8KSL%r 

if ft/ 3 If ll 5s 72 55 Dm«c 68 -2 Q13*: 12] 9.4^ 93 63 m Lre.ALou»oc_ 60 .....hl.70 1 0 4.2 36 J fP, I? 4 

«JWp- 44., +i, 187 4.9 56 55 27 M* Loa.ftUtIOp„ 27 0.60 13 33 353 ®f K-n tn,JJOp 

CL 1 ?- 4 H4S B4b Ife LonAUnmnd. ffixb +1 T2.44 11 4.4 328 ™ ^ g«S™«rsr 


56 171 in 4 l l"nle» o otherwise iMficated. prices and net dividend* are 1* 

nee .ju in it Pace and denondnollonK are 95p. Ectlmtnl piwM wh ei 

“ til J. I — J |__l — M««| _.t_l ..J 


:tOfa«lSp-.. 7 +t0.07 - J3 214 

leUfartl™ 73 +2 064 27.9 13 2 9 T F Y TI T ITC 

dhaeSlr.lDp 50b 2.23 26 66 88 1 HA. 

rtaij«r_ . 91 +1 18 3 M 3.4 IM l«!ied Textile- 1 158*0 


.... 227 * 5: 


354 11? Sags Holidays.. 159 +1 1*85 22 63116 20Q {BO UtovVoni 146 -4 5 40 3 4i «5 87 ™ ^ 

£296 a4i^amFn.H». £271 2 OUlrt 14 6 2 12 8 258 165 A*3«*P.»p. 258 ..4 08 75 24 85 g? S 5*5Jjfif. ,8p 

fts 140 SaleTlInre- .. 245 10.40 3 5 5 3 8 1 56 46 j RPHHIdgs ‘A'._ 56 2.91 3.4 78 70 « f* iS^Ar- 

35 19 SswftnmltartH 3* -1 1086 3.0 3.1 BO 78 55.-* RrenRrKb«l_. 70 ... 2« 6 M 0 W % 

W 75 HasgenGrp _.. 83 ...... 589 17 10 7 13 132 78 Black (A AC3. 115 .... d4 47 31 65 7.6 it i-“ IeI 1 s2SSr““" 


* NEWSPAPERS, PUBLISHERS 


Me»W_{l« [-4 1540 


58 48 Atku? Bits 

80 53 Ecales J.'23n — 

7B 64 FecknanA.lDp. 

30 20 3lackw»d Mon. 

35b 28 Bond St Fall 10? 


__ 84b 99b Loa-ALomoad- 83x0+1 1244 13 4.4 328 ?™ “££ c- 

,ES W £cn.AMonfawe. 207 1533 1.0 3 5 385 

128 93 Um-APrer 127 345 10 «] 374 135 ^ HjghJaulgMSOc 

HdW« 331 6.3 69 87 * ^pffiiujl 87 !“! 189 10 10 303 » ® 

3.73 2-4 10.9 5.7 4Bb 34 Lon.AS'eMe- 48t 2 tl.40 1.0 43 353 

.... . 242 66 5J 3.2 116 B6 *» LW-T^wT— U 6 ..._. h419 10 5.4 271 

+1 *4.97 19 93 85 58 48- torlandtev 58 *2.13 11 55 25.0 g 3 A J? l ^P MS 1 1 n ~ 

£0.82 11 ..I OH 211 178 ICAGD-ailnr lOp ZLO M1279 10 9.1 MJ f 4 iv* ™ 0a L" ,, ^, , i ,p « 

2.6* 3 611? 35 132 90 De tap.IOp— 125-1 £ Plamajaw BUeOOp 

246 U 118 5 6 89 79 fcSri rniHntlflp 85b 5:10 1 0 8.9168 84 37 U»«w6naBllfe 

5 0 251. 16V DeCantp 24V - - - - 

-b — — — — 70 70 Ke AXnron br. 70 _____ rri 

-b 2.76 3.7 63 5.0 46 40 iWdromim _ 45 188 10 62 234 I* 

316 3.9 69 5.6 47 33 Mercantile Inr .. «+*«0 127 14 4126.7 


70 +1 NaifW 3fp_ 68 3.16 3.9 6ft 5.6 47 33 

17 12 kauri Dmdre’. . 16 — — — — 83 62 

61 39b tCuiienIc'-SCe. 60b -b 167 2.6 AlfeM* 57ij 41 

43b 34bp*finVjj*l&- 38!a 1213 U UU 68 50 

33 M fc-awdawlnc 30 _.... i46 15 12^ 64 44 25 

84 a tCubPaiu* — 74 . — 331 34 67150 97 18 

42*a 29b£orah 42J;xj +188 X9 6« 5 3 110 84 

31 104 fcoanaalc* 12l -1 7.67 13 53(107 880 600 


400 +35 15.23 16 5.7 dsrtlnHML Omn are hated on ••xtmxlsma^ , dUriHhn. 
128 -1 4t4 06 — 4.7 Yields are hawd on middle price*, are gnu, adlnutedta ACT af 

1 21 -1 103) 8c — 3.7 34 per cent, and allow for value af declared dUtifbatima and 

84*0 -1 w121tC 15 3.2 SecnritlCT "ilh denomination* other than sterling or* 

56 Oil. 5c 06 4 5 Quoted tneloslre or the inreonnent dollar premrom. 

182 — 1 44 06 Ll 3 1 

80ij -11, hQ15e 19 43 4 SterilnC denonunated securities which include l a te g—t , 

* J j. KSI!“ 

m fiM i n i t ” Highs and Lows marked thue hare been adjudnd to'allo«r 

*” ui-S4 A.7| fc./ for riKhl* iesaes (or cash. 

+ Inicnm since locreaud or recumed. 
i O - Interim Bince reduced, passed or deferred. 

Ls7 it Tax-free to non-rendents on application. * - 

... * Figure* or repon awaited, 

angladesn »+ UnUated security. 

* Price at time of suspension. 

245 j 1 49.65] 5.ft 59 * Indicated diridend after peedingsrrip and or richtaiutre 


jH 69 Shorn aWart SOp 116 ...... &44 7.4 3.1 &J 283 228 jmiai. — — «e — * tw a.w o.« — — >« , 570* */», 

20B 155 SiefrcGoraait-. 208 +10 5*7 4.B 43 7.9 268 174 PwranlwiMU 26M -1 +b.06 4.1 3 J 10.7 

90 44V Sitenfrrfgb lOd - 90 +b M71 5.fl 4i «J 46 40 PjTamidl0p^_ 44 rl2.49 23 84 7.7 W ™ mh *? In * 

45 40 SHtowUe’AttD.. 45 ...... 332 L«1L0 68 185 153 RoutledwiKP. ISM 4.U * 3.4 • S || £S?JRPS"SE So* _1 pS 

21 17 MCUhanolO^. ,l»b +b *.23 2-S *5 S'? 155 w S4 VA TcJ 3 4fl 5.8 33 80 33 Sw-SST"* a? ,u 50 

120 70 Simpson iS.t-A-_ 115 ...... SJ7, 3-g 4.1 64 295 155 Tfcomwn 270 2.00 2-6 11 52.0 4 \ g ini ' - V hflln Mn 

v* ¥>■* SirtcWfc-f >25 +1 ts.49 2* kb 45 382 306 rtdNcromew 382 +5 14.19 33 S3 7.6 ft! S "l ^ 

78 57b SEUHANeph-lSp .76*0 -b 1(12 47 2^ 4.1 7.9 58b »b WcfaScrsPufeSp 58b +1 1.36 3.4 33 103 Vf. M™*! 1 7 -£? ji 


90 44V jSiieafedght lOp _| 90 f+b UH 5.W 4J 46 40 P}numdlPp. 44 '12.49 2-3 & 

45 40 (SHhOBeKe’A'ttD.-l 45 l 332 L^U-ffl 68 185 1153 RouiU^geiJa*. Iffiri 4.11 * 1 3. 




191 139 
M 48 
34 26lj 
500 175 
117 W 


Urn 


»8 i££Z\a 1%, ;; PAPER, PRINTING 

2*8 145 218 L90 S6C 13 6b ADVERTISING 

158 132 StaHuVott*; — 147 13.60 4.5 3 7 67 , , "*"«***"»^« 

£530 £270 Up JVS OarJ* £290 09 Wi 1526 0.4 - Mb « Wv^apM — U Ub 1+2.95 

21 6>, SnnrelM 8 «3<l 0.4 1 2.6 CIS €92 Q9lj% l 

123 9J SwgFnni«tiT*_ 122 487 3.5 6? 7.3 « 2" Uuh ABibn«-J3* i *0U.l tl$8 


42 25 Fofiertfofcsi— 42 254 Z8 9.0 61 134b 79b 

34 85 Haoufl^lSp- 105 -l h0 68 2QU lS 73 130 95b 

ID 79 Hk£wg7«.S0p. 108*0 el 734 23 agf52) 61 51 

13b 10b HieUBros.Sp_ 12b - - 0-76 26 9« 66 62b «7 

55 45 Hiritaas 50 3.06 3B 93} 53 137 99 

72 53 Hc®«5.-?5p— 64 ..... d4id 2.0103 62 75 67 

56 39 Hominy «6 d3.17 0.9 10JW154} 28 23b 

34 27 nrcmnfcM.aji 32el 150 6 731 « 140 10« 

32 26 Da'A'Op 3W L50 « 7jjl 41 36 


A Xetma tuv. 70 — _ _[— 'TIJ’ACL 1 intertm since reduced, paired or aererrea. 

drnmlm 45 1.88 10 62 234 1 Jui%J iJ Tax-free to non-rendente on application. * • 

rani lie Inr . «5Vnj *v 3 27 14 4 1J26.7 , n , . + "Figure* or report, awaited. 

chant*7*l._ 82b 2.M 3 0 4.031.2 India Slid Bangladesh n LoUaed security. 

Kijp H ~" J 0 aq 2 5 2.2I73 ?I2 lie •J** nD S K *!? £ l'- WJSI 5.9j 59 * lndicateddrridend'afrw pending scrip and or rights iotr* 

12 ^-n 5 '- 4 38S 280 Assam FronfaerCl , 310 h 16 50 4.9 7.9 cover relates to previous rthidend* or (precast*. 

Sb —a 123 J04 Asumlnvi.SI 119 733 3.7 8.9 * Merger bid or _ reorganisation in progress 

rL , S t3»? 30t * 80) 2 Empire Plant* lOp- 30 *2.01 16 10.0 * J* compare*!*. • 

«e d f is?” J 4 ,? 2 trl flJiSn 350 340 LawnePlants£l„ 340 b!5 - 6.6 * Sam* imenw reduced final and'w reduced ttrnfngv 

lliA-SlSI- — .. Q13c 0.9 0.6jU65 245 180 UcLred Russel Cl 228 11370 17 90 indicated. 

1 365 Hji 49 I3 f Forecast dividend; cover on earnings updated by latent 

29 — *n 75 e"j o 3 interim naMmcoL 
nii . + Va in * a iiii - Ccwer allow* tor conversion o( shares net now vanU«g low 

T7? ** ora a"? to dhidend* or ranUne only lor restricted drridcrtd. 

>ui>» . , _ .„ - 1,9 '■ 7 l * Cover does not allow for abares which nmy alto ruk far 

Atlantic Sec I 103 !" ’*'1174 I 111 4^35 01 Sri TjiiL -9 - dividend at a future date. No P:E rttio usually Brmrtdad. 

iuBSESSU iS R IS a i&H Sn Lai ?“ s ESSteSr * diyitte,d d « u ™ ion - 


» sEa«5in 

“ ,5y* xft - "ii™ 156 L030/,13J 420 365 Moran il 

7? % ll. % « = = = » £ KSttiT 


y g* >$* ff* +l2 ML is Hgg i« iss pajssii 

72 106 78b Wfa-Atalicsec 103 2.74 U 43)35.0 Sri Tjnka w rV^nr n prortda<L 

61 134b 79b Ntfan. American. 113 —l, 2.89 10 3338.7 «uim 9 Erdadin* ■ Dual dividead dedarauon. 

7B 130 m tethreSL 130 IJo 12 40 312 225 |123 {Unravatl (.{ 225 {+5 {538 | L5| 3.7 f 

Ml, el !* +1 f? I7 s?A Africa "T**™ b Flpire*baw-d on prospectia or other official 

6-6 62b 47 Jtjtwieh lOT— .6 1 ? 1 * iff ■-? 3.7 34.6 AITICa estimate, c Cents, d Dividend rate paid or payable on pare 

5-5 “i P w allanri Lnv — _ 136 *1 4J1 10 4 3 32.0 _ n 101,-1—,*, 1 can • lenvri *170* of capoul: cover based on dividend on full capital. 

62 75 67 fa*. 5c* lav. Ml 70 2.84 11 6222.8 $ie Rsn ion 1 m?n fairiTo e B«dcmpt«m yield. fFlatyield. g Aasnned dividend and 

154 28 23b PnrifldalCnks 28 150 « 8.0 « 185 I 330 . — | 180 | J 1320 J 2.4J1D.9 ^4 fa Assumed .dividend and yield after sen p issue. 


£330 £270 PrAS CarJ* £290 09Mi 152i 0-4 - Wb 46 A*»r«P« 

21 fci; S^leslM 8 1324 0.4 1 2.6 £125 €92 

123 9j S«g Fnrnrturr _ 322 4J7 3.5 Li 7.3 42 29 AiihABibd 

210 165 Steelier 21D +4 6A1 49 4.7 S.l 72 t>2 Bcrawc - 

49 28 Stria* Swi. H5JI 47 Q5V 11 9.7 9.S 55 41 Fnl Pnirtm 

3D 23 Sterling tabiftp.. 28 124 11 64 16* 77 65 Bronr.incGr 

86 57 Stocks 70 -2 261 4JJ 4.3 5 0 ,68 54 PuR^nc.1 

111 SS a«whi)II[Wg»L. 109 09 3 4 8.3 126 110 9? Bnnri fhilp ■ 

16V 11V SrameriFUDp- 23 +J, hO.77 2.4 8J 66 « 59 rajacdtSp. 

31 b 25 MffllifKSw.lflp; 31 +f 1.16 iJ 5J0 69 2S 15 ■ auttmiSir 

7? 33V SWfWdSpMk- «-ll?6644 6 J 778J £5 >VnsM. 

ClSV Hl SaeduaHachliM £12 , Q10% 1.4 4.9(15.0 G8 46 llaj .Richer 

169 70 $wr* Pacific ffle 160 +4 W30e 14 2? 335 81 50 CtAniVaM 

15S 93 Srirea* 15M ...._ 5.64 * 5.3 * 25 IB rufarruiuK 

S b W t^taSp 19 *V 10.56 3.7 4.4190 » ,12 teligaw— 

i, 9 TebturrlOp- 9 -i, — _ _ _ 1*2 111 Dm. — ... 

237 93 TfarewlSrad ._ 102 ..... 167 11 i (58. 61 *j East Lancs J 

11- 7', ThTimesVa 5p. 8b 3.6 73 «1 TO 55 SucaV-Ttus. 

20 1? nilrtllOelB+_ S« ...... 100 Z4 8.3 7JJ ,82 63 Fera-Ptckl 

140 98 IHhnT.Va 137 +2 419 3.6 48 7 5 117 103 FinlaiHddl 

45 37 ToWtSl R-W- — 43 — — — — 51 40 Gwnurwi 

TO 36b 7a>r M ..._ 8128 *4 28 86 ,70 61 Ham^nAS 

IbT 117 tnfailiwB 20p 140 ..._.« 24 !7S.«64£3flV£14SH'^£- 
£30b LZlb Tntu VlL I'SSl- £27b ..._. OH.92 — 35 — 81 n4 Isrer^VG.-p.! 

84 63 rEffiapodte"-. « 13 24 « 5.9 US 217 168 LAP Fare 


U -b +2.93 4.4 7.2 6 6 “ n 

323 .. .. Q9tj% 14J f7.fi - §6 38 

#.*0+1 +1 98 24 73 86 ^ 

71 .. . 3.69 2.0 8 2 94 J 4 J 


40 26 hflWn^B.vJOp- 30 131 6 6.5) * 36 22 

53 42 JetmneiHMsi'- 52 h2B2 1.6- 5Jll92 148 


8 pjscjsDjer* — 66 _... bl33 5.ffl 3.H 7.41163 123 

5 fceghSLUj 17 £L07 IS 93 5.9 K65V £4fi 

7 Lnexfp 13b - —1 — 1—652 *67 


50 6 731 ♦ 140 104 Raeburn 138 13.76 11 s.l 318 

, 30 4. 73J ♦ 41 36 Rcebrooklnc.— 41 +108 11 3.9 34.8 

i 131 6 6.5] 6 36 22 ^sAJi&Cap 33 -1 0.12' - - - 

1B2 3.g a9 M 292 148 SwAUerr 189 825 13 6.5 213 

153 5.S 3.H 7.4 163 123 RiwrPtateM.- 161 +6.34 11 5.9 23.9 

107 2-ffl 931 5.9 itaV £46VRobecoiBrjnsO £62 -b 0^6% 10 5.1189 
— — { — 652 *67 DaftthiJi'sFU 620 -5 Q255S 10 5.1 18.9 

ll I nv rc7 DfiliaMkHCTcn caoi. • - 


10| 5.1(18.9 [447 140 Durban Deep Rl - 394 -5 — 

— I — | — 1*20 244 Eaa.RandPrp.RI. 344-i — 

— I — I — £42 £29V RmdfonfnEst.IC £36V -2V 10351 


17 J 7.11 13l 4 9124 01 

76 3 65 11 7-32031/ 


-„»ll»R 20p MQ 

£30b £21bTnwVn. I'SIl- £27b ■ — 

84 63 Transport Dei' — M 

Vi ,3b TfWnwdGp Sp * 

-W 166 Tflncri\r«.a. 193 -3 

12V 9 TaiMr Curs. 6p Ub •—! 

I6f 137 ITKOfaia 158 +1 ; 

109 §9 rateaaJndBfi'*_ 109 

50 36 UnKta J0p 50 

596 476 UaOeirr 590 -6 

fZJ\ f»b rc‘vIf.VJ r lir_ £27V . — 
« 53 mL Carriers lOp 96 -l 

TO 49 Halted Cm Ind*. 7® +1 

23 14b l!. Common ty. 72b 

ISb Ub PMChiwnc 1* 

57 32 Vater; 55 . — 

ri p Vtaaniop 3* ...... 


11 4.1 32.8 1 Payment from capital source*, k Kenya, ro Interim bigbar 

11 3.9 34.8 WF6H7C ,han P rer t ous ,otnL » High 1 * Issue pending q Earntnjgii 

_ - flUWHw ha*ed on pro Uminary fl?or«. a uivutend and yield exclude a 

11 6.5 213 JiiOcial pa^-mont t Indicated dividend- cover relate* In 

11 t'Swq d^l?TkJT l I> A I D A ATT\ previous dividend. P.E ratio baaed on latest annual 

in slug i K2V1* IwUlii ' earnings, u Forecast dSYidend'. enter based on previoMyeatr"* 

SH ll inn ,,n in j. n «i r , , Tamings, v Tax tree Up IQ 30p in I be E- w Yield ntlows for 

10 5.118.9 442 140 jDurtwn Deep Rl • - 394 -5 j — I _ — currency dauie. y Diridendandyield based on merfier terms. 

“ — — 420 244 lEasi Rand Prp.RI. 344 I “ t_ X Dividend and j-irfduwJodc a special payment-. Cover doe* nt* 

— — — £42 £29-i iRamHon t n Esi RT fAo 3 ! -iVltWSfcl 25 5.< apply Io sperial payrnenL A N'd dividend and yield. B 

11 3-9 35.6 178 73< 2 jn'estRand&I 122 —8 /f(jl3c[ 6.7 6.4 Preference din dead passed or deferred. C Canadian. E luu* 

3.0114 133 pnee F Dividend and yield tutted on prospect os or other 

— — — official estimates (or 1079-80. G Assumed dividend and yield 

13 4 9 24 0 t 1 A CTlTTf IV T? INR alter pending scrip and or nghn issue B Dhidend and yield 

11 7.2 20.1 l u *u A shvii ifcfaisxa baicd on prospectus or other official estimate* for 

qi -3 tD25n 1 spa*' IFW-IP. * Figures based on prcwpectos or other official 

» " IriTnl c 1 ertrmaies for J97R H Dr-'idend "and yield bared on prospectus 
-«'• +41 ~Z- or other official eslinutes for TS78 N Dividend and yield 

inv a +nT£u ii-i'i based on prospeeps or other official estimates for 1079. P 

i*J£ 'si* LoJil.c “icurcfi bared cut prospectus or olber official cstitnaUH for 

383 -12 tQ34e l.a 5.3 iB+B-TS Q Gnus. T Figures assumed. Z Dividend total to 

58 —3b +Q3c 12) 3.1 date. If Yield based on assumption Treasury Bill Bale Stay* 

70b +lb 1Q46c 10(55.4 uschaaged uoW Maturity of flock. 

49 — J*? 025c 04iS05 Ahbreriationw ide* dividend, wax scrip Uflua; want rights; Mew 
746 -14 tu 86 c 17^ 69 all; d! ex capital dmribttisoa. 

53b -VA - - - ; 

0.W 3AIJ5£.9| - Recent Issues " and “ Eights ” Page 24 


EASTERN RAND 


St Andrew Tii.— 133*1 t4 57 10 51 3L4 105 57b BrackenMr 

tafcAntiar.Mp. 99 -b 12M }-0 4.0 38.2 37 18 EastDagcaitt 

Scat Clues ‘A _ 163 8.12 11 7.218.9 416 235 EJLG D. R0 50 

Soot East Inv._ 1581, 14.57 33 4 3 37.2 152 76 Cr«Jtvto3Dr 

SentBmpean_ 42b -1 1.52 13 5 3 24.9 444 Z71 Kinro^Rl 

Scnofchlnv 114 *b T2.60 13 3.4 40.1 09 35 Le*lie65c. 

Scot Hot A Id. 12fli 2 -b 3.35 1.0 5 9 39.6 105 52 MarievaleROB 

ScotSatioiBl— 167 t3.50 13 33 43.7 73» 2 37 5. Africu Ld 3Sc 

&soi.>:of1ij«_ IW2 *1 3<1 1J) 43 354 56Jj 31 Vtakfonurin 80c 

Scot-Omaiit. 77 h2.08 ID 4 0 36.0 865 517 WinkelhaakRO. 

Scw.Ctd.Iur — 88i ; «l -11-; thL62 LD 32 47.9 63 31 Vit Nigel 25c 


FAR WEST RAND 

!B8 f3lyrow25 337 [-16 

r64 Bnffels 871 |-60 

71b Dtel kraal R0 20 — 931 2 

114 PoontfMitefnRl_ 333 

189 EastPneRl 758 

163 EiandsnndGM.SJc- 241 

92 ElshtugRl 116 

FM HarteheeslRl £13 

W8 Kloof GoidRl 597 

132 LibanonHl 555 


J4 <049 S.ft 53 84 77 48 rmttal G^DO.. I W +2 +334 11 65 2221 

55 -...237 MM 53 70 I 49 Itbrr H aikirl^ J % L ... 332 3 3 7.1 A« 

S C-% g3 72 - 58 30 IkareGronpaOpJ M* 2 13 Z.4 55 9.3 gb 31b 


^BtCnGrpaOp. 21Z -1 d!56 7A 1.1 162 2» 
79 69 ■W’WKwMiep. ■ 67 -1 CJ5 3.7 7.5 ^4 *97 

33 22 W»Se Potts. I0p_ 31 hi 12 11 5.4 67 16 

15 1J Writer If «r.5p_ 1 <Uj d0.91 0.7 4jrij». 

57 42 tFaftrfordip — 56 . Q1.75 2.7 3.1 12.1 

282 205 VaUham'i 2 Wxd +6 4.0J 6 21 4 


108 1239 10 33 538 602 419 teouvhvulSOe 551 

107 264 6 3.7 * 330 206 (StiTranteia 50c 291 

104 &4.B2 11 7.0 20J.I £177g £Jl Yu] Reef 5 50c — £14? 


282 205 Wririum - *-,- ... _ __ _ 

37 48 [WihMRjLlflpt- 87 .... d240 33 4 J lfi-5 ,, .. tma, 

141 89 Wed«wtwd 12S -A hl.Sa 36 43 7.1 « ,<5 nS hl 11 V 

« 57 iVrrfR BtMrri I0r SI -1 <076 21 6910.1 2,% W ? * B "' 7 2J Z 

:<5 15.’, [a’Ttran AlTtvP 1U, . .. — _ _ _ 10b lOirjiMCMW 10 — — — 

Mb :8b UnwkVLH.E.51. 5tt 2 +H,H}545e ♦ 2.l{ « WR 3L* H£ H t 

2:5 214 JarftPBURAitCrl. 275 +5 4 11 83 22 71 || IS* flEi - ?£ ?? ?, 


282xd +6 J 4.8? * 21 * 

87 .. .. d240 3» 4 J 10.5 


PROPERTY 


59 I 31 lYougfari. 


1J4.37 27] 2HS4. 1 


50 ......1276 23 83 63 3C3 SO Tectnrio* 107 264 6 3 7 * 330 206 SfilfonteinSOc 291 

561,-1. QI0% 10 20 518 105 Mb FiaapleBp. 104 W.B2 U 7.0 201 £17% £11 VulReefsKk: £143 

27*3 171 4 9.4 6 26 Zlb n«tfiimrtli_ 26 +tj 191 0.911014.7 289 123 VentmpostBl — 222 

74 +1E6 62.3 8 60 108 86 Da.eap.£i 107+1 - — — - £29b €16% W.DneOU £23^ 

53b! 355 « 10.0 6 83 64 Itefflnrtmt— 83 4,«5 10 8^165 241 152 Western ATOM Bl- 195 

36 . — IBS 02 8.0 - £131 £105 Do.8V%losii_ £131 QP 2 % 20J f66 - 970 589 Western D«p R2 _ 804 

43 208 — 7.21— W 71 ror.imiestJmi. 84 +5.D2 12 9.013.7 268 163 (Zandp&nBl 21B 

l 17 117 050 — 0.7 — 

190 If? ftutfWi,. 190 5.08 11 4 S3 36 0 



This service is available to every Company dealt in on 
£ :|-l Stock Exchanges throughout the United Kingdom far a 
Z_ _ fee o [ £400 per annum for .each security 

9.4 — — — — 

10 m REGIONAL MARKETS 


TOBACCOS 


190 If? Jrut Oceanic- 190 5.08 Ll 4JM36 0 

pi J^htcite latest _ 80 hl.32 13 2 5W62 

66 Wb SrthwttlmJto^ 65 a«6 ItMlO^M.B 


O.F^. 


23 i 5 ■re as quoted on the Irish exchance. - 

33 in Albany lnv 20p 2|b . — ghelf.Refrstuni.l 62 1 1 

f 7 J Ash Spinning 45 SjndailfWm.;—.) 105 J. | 

0 lu* BcrunL.-fc_,..,re Zu ...... 

2.7 4.0 Prijj-wtr Est-SOp 310 

24 51 Clwercraft. 26 

A U.4 Cn.iS.5c RoseC! 520 ... — 

KTiuav^khv m Conv.S'VWe) £92^1 } 

^i‘^i Mchdy .Alliance U» — I 62 -3 | 


Erered _l 19 

[Fife For =e._. _| 52 


Arnotl _.] 360 J... . 

t.'arroll iFA.>._..t 105 5+2 


89 74 STi’.Ir llnlitA B M ..... d4 47 29 

1D7 10? WMicvrefl 103 60 28 

4f iff; *!:;.!<■ r>'.6F 29 .... — — 

6G 45 Rii|r,.ji _ 67 -1 J 81 11 

55 75 B'lUiatHil.-bril 44 .... d025 6 

212 156 win-nMlrfiil 176 .. lftfi 2B 

f 104 It 87 DntOprttiv ... £96 -1 Q10“il31 

56 J6 WiiboMUi — 53 -I 12.79 35 

+4 47 tt'iOi'Gerjvei 53 ... 157 6 

f. 4a L Ki«-w7iBWt»p 52 +1 15 28 27 

54 t»b WirntlaifcSBp.. 54 .... 2W 2i 

<r ?4 Wiuer-.Thaaasi. 52 3.19 3.3 

*>■? 14 Se®l45a»sp 1 47 Ml 67 62 

*B 24 Hoad ante*, Sp 47 ... 091 17 

101 SS K urt Hall 99 f-Z i5.40 20 

INSURANCE 

122 | 97 iBtwriMiCTi- 1U . — 2.99 I 53 

5 8 { 28 RminiTtSd I0p~ 42 ...... 3 30 1 34 

188 h«a EnttmatcSp- _ IBM ...^. Ml 1 — 

Clftb^S roi,biaHA*. 5 L U 5 b . — WS 1 J 0 I — 

164 13B Cnsjalittfrt — 158 -S ff.77 — ; 


77— 93 I K' |i'lartvX*Wk» 74 
6J fcfc Xfi 1 2Tb li'cflfrol Vcr. lOp 34 
75 — 180 IlH IfdrsExchaattBp 18} 


ft? S-aiiSgSlW las AESlo-teSee^ 111 3 35 111 4JI31A 

::::: IS U *.?S» ,» La httftfc- ia d — ■ 325 «Hfw. 


J— V +137 llj 4.134.' 

i—ss KiSta 


Finance, Land, etc. 


16b 132 FacJeSur_^_. 258 -X 632 - 5.4— 21 21 pwW*. ,a5al *1 0.66 S' S 77 -i' 5 23 

rn lft!, SJuAGca be.IQp- 22 — — 1M 75 |ruS> ADistlOft. 304 *1 10-80 2 6] 1213861 JI S ^g-SSS. 1 *' ZZ 1 5 -° 

€129 €10? EaMtKBWer... €121 .... 09% — 17.6 — IN bQ {Dacian iKWgslw US +1 3.04 J.3 J.BUjI ,J| -iS 

J 94 144 IjjnnyAUw^i. 192 67* — SJ — 19 lit, {Darc>Estat«{ep_ 16 0J1 0.«4 7lmHf u? ! Sr v 

2S0 196 Gen. AccuJwl ... 240 1A22 —52.— 46 l»wnW«i»p_ 57 .-2 3J4 iSoCllJ-! 1 ?? ^ l 2i i - ““" pi? 

-= R-S - SS- 51 ?7 Fns.l-W.Mp- ® +b i». 119 IS" r-fe 


10 Lo'bartCai\M_i S15V M QI 


235 13S Middle Wit 2Sc 210 -10 &25c 

57 22 Mincorpl2bp 37 +1 j tL27 

197 126 UinOROSmiO- 190 ... 

ISB 95 NwWitsOc- 115*0 -I 

£1174 860 Patino NVFlsi— £107,... 

58 50 Rand Umdon 15c 57 ... 

474 375 SelMlMTnut— . 450 -1 


718 69 j 56 f 


63] Beechara. 


[beKiTi it Cen. _] 24 1 Property 


210 -10 Q25c A 7.1 ttootefrug — IS I>cx S-r;icc_ 7 Brit-Land 3*. 

37 +1 CL27 lq S.l powaiere_~_ 26 Unyda Banlc>. 22 rVo Crw?ntai“.“ S 

190 Q12c 14 36 P-A.T. 24 “Wf 4 

115x0 —8 Qlfc A p'j British Oxygen 6 London Brick. 5 Intrsurnopon’ 4 

£107, I tt Brown 'J.V 20 Lonrho 5 fw 

57 ...... iQ10e 3.010.5 i 2 MEPC 12 


312 -2 «U.9«{ Zffl5.73£ £lg 01 fnaaltasUlU. ■•w t| J?5q 3-ft *- D c*u 0 l.« 7 n.b.i.” S oihs 

awaarO&r 41 j_l 1102137; 37 80 278 [182 ]Vr. Invest RS. 250 |^14]+u3Dc) Tw 7 2 E» -JuSiur 11 %'ar Wes* Ra-> 22 OUs 

Driwailll — 24 I — J — j — — 730 J238 Jrniwforpn.fcSSr 302 -IO qUc I l&j 7 3 RlS.I. . 14 Da. Warrant* 10 Bril Perroleum. 45 

fialatfUi-5 H ... ___ <6 70 l 40 (UgeU&ic 68*0].. — IW7ijd 1« bfc ,'rer> wcldent 17 f‘*OIMd 8 BurtnaltOil— 5 

68j 2.5 93 «ren. Ctecinv. 13 Flvp>y. — 8 Charreroril- ^ 

diamond- and platinum £ fesssi*-- il » 

if srvi fiTfs bs^ss-j aptmsiw it I 1 ^^,3? 


IS 232 S2S‘“^_I IS +j(" S« “ 5ffl - 630 S3? id Zl. 554 17 1J67 J |g ‘ ! ,1 

js i spi si « l is _ *3= £ IS ssssjig :,"is fefiasisJ'asaai £t&a s is 


gtolatfllSre 12 ... _ _| _U 1 
Cteffi*ta £ ifo_ 60*0 dlM 6 R 2.5 9J 

E^meH0BSe„ 39 1 75 2J e710.7i 

E* I«tlsl9p — 14J,*S - 12 3 h'il ^ 3 5 1 
Ef^Wawnii? ritf! . . 0 53 6.31 l S 8.7, 



28 


Hull££Sr 

New Development 
Opportunities broefame 
from: 

Lm R.Holden. 

Dircctnr of UxfcwtTiil Pc v Tjnpo nri . : 
Kinaslm upon HuH City Cwawi, 

t7Lo»n«c.Hull. HL11HP. 
Tcb-r4nnc IHS2 2Z.11U 


FINANCIAL TIMES 


Thursday August 24 1978 


Committee of MPs proposes 


public accounting reforms 


Br DAVID FREUD 



E 



A COMPLETE overhaul of the 
system of public accounting was 
called for yesterday by the ail- 
party Commons' Expenditure 
Committee. 


implementing the changes in 
1979-SO. 

The committee said the 
assumed level of inflation 
should be explicitly stated for 
each cash block. This would 
enable MPs to teU which Supple- 
mentary Estimates were required 
to take account of inflation and 
which were caused by increased 
volume. 


The committee said in a report 
that the reformed system should 
identify individual spending 
blocks and allow the effective- 
ness of all expenditure to be 
assessed. 

The out-of-date form in which 
information was presented under 
the present system represented 
“a very great handicap to Parlia- 
mentary scrutiny." 

The recommendation came in 
response to limited proposals 
from the Treasury aimed at sim- 
plifying the system. 

These were to merge the cur- 
rent price Supply Estimates, 
which authorise expenditure, 
with the cash limits introduced 
as a means of executive control 
jn 1976. 

The merged figures would 
include anticipated inflation in 
the course of the financial year. 
The Treasury intends to start 


Surveillance 


The committee’s call for 
further and more radical changes 
is the latest in a series of pro- 
posals designed to strengthen 
backbenchers’ surveillance of 
public spending. 

A report by the committee 
published last September pro- 
posed sweeping changes in the 
way public expenditure was 
audited. 

It called then for the Comp- 
troller and Auditor General, wbo 
is responsible for auditing 
Governmen t accounts, to be 
brought more directly tinder the 
Commons’ control and his powers 


extended. He should also go 
beyond purely financial- and 
regulatory auditing and take a 
more positive role in monitoring 
managerial efficiency in the 
Government bureaucracy. 

Yesterday the committee said 
that if its changes in the account- 
ing system were accepted, the 
Comptroller would be able to 
carry ou t more eSecti ve 
efficiency audits because the cash 
blocks would be equated with 
units of managerial responsi- 
bility. 

An ideal system of public 
accounting should -provide 
information on: 

• Whether expenditure had 
been properly organised. It 
ought to be organised on the 
basis of objects of expenditure 
and was most usefnl for the 
Comptroller and the Committee 
of Public Accounts to which he 
reported. 

• The efficiency of the manage- 
ment of Government. This should 
be organised as far as possible on 
the basis of identified account- 


able units within departments or 
other public organisations. 
Where this was not possible, the 
reasons should be stated to 
Parliament. < 

• The effectiveness or impact of 
expenditure, Le. the extent to 
which the spending met its objec- 
tives and produced results. This 
should be organised on the basis 
of programmes or services to be 
provided by the expenditure. 

Authority 

The committee criticised the 
increasing use made of the Con- 
tingencies Fund "on an uncertain 
legal basis.” 

The fund was established to 
finance expenditure on existing 
functions until Parliamentary 
authority was obtained, but 
there seemed to be no limits on 
its use at present said the 
committee. 

-no, Report jTOm the Earn -otimre 
Committee: Fm/mcml Accomuhiulu 
Pnrhunwnc. Session 1977-78 Commons 
Paper 681. SO OJO. 

Editorial comment Page 14 


DOIXAR 

against 

1-95 - Deutsche 
Mark 


for Rank TV 


.11 •» 
- _• 


11978 

July 


August 


$ rises 


slightly 
but gold 
declines 


By Peter Riddell, Economics 
Correspondent 


German 

trade 


surplus 

falls 


Iberian airlines upset 
by Gatwick transfer 


BY LYNTON McLAIN 


BY JONATHAN CARR 

WEST GERMANY’S trade 
surplus last month was smaller 
than that in June, but larger 
than that achieved in July last 
year. 

Both the trade and current 
account surpluses for the first 
seven months are higher than 
those in the same period last 
year. . . 

Figures released today by the 
Federal Statistical Office in 
Wiesbaden show the July trade 
surplus totalled DM 2.3bn 
(Sl.lAbnl against DM4bn in 
June and DM l.Tbn tSS46J3m) 
in July last year. 

After allowing for deductions 
for services and transfer pay- 
ments. the July current account 
showed a deficit or DM l.Tbn, 
against a surplus of DM2bn in 
June and a DM2bn deficit ini 
July last year. 

The trade surplus for the first 
seven months at DM21.2bn! 
i$10.55bn) is slightly up on the! 
DM 20.1b n registered in the 
same period last year. 

The current account surplus, 
however, has doubled to DM 5.4bn 
f$2.69bo> against last year’s 
figure. 

The unbroken stream of 
visible trade surplus figures 
appears at first to contrast oddly 
with West Germans' fears about 
their future competitiveness. 


SCHEDULED AIR services 
between Heathrow Airport, 
London, and Spain, Portugal, 
their islands and Gibraltar are 
to be transferred to Gatwick 
! from April 1. 

The change, announced yes- 
terday. will affect up to 1.25m 
[Passengers who fly each year 
from Heathrow on scheduled air- 
‘ line flights to all Iberian des- 
tinations. -The total will reach 
2m by 19S5. 

The transfer applies to British 
Airways; Iberia (Spain); TAP, 
the Portuguese national airline; 
and Gibair. 


TAP said that it was "greatly 
surprised" by the changes and 
complained that it was given 
only five minutes warning of the 
announcement. It had always 
opposed a move to Gatwick as it 
would create a serious commer- 
cial disadvantage. 

Iberia said that it would resist 
any move to Gatwick. hut 
British Airways said that it 
accepted the move “ provided 
that other airlines involved abide 
by the Government decision.” 

Passengers flying on whole air- 
craft charters to all world des- 
tinations had to use Gatwick 
from April 1 this year as a 
result of earlier Government 
action, announced by Mr. 
Edmund Dell, Trade Secretary, 
last year. 

The transfers are part of a 


concerted attempt by the Trade 
Department and the British Air- 
ports Authority to relieve grow- 
ing congestion at Heathrow. 

The airport can handle up to 
30m passengers a year. This year 
up to 26m passengers are ex- 
pected to use the airport's three 
terminals, compared with last 
year's 23.4m. 

Without redistribution of 
traffic to Gatwick. capacity at 
Heathrow would be exhausted by 
1980 to 1981. the Trade Depart- 
ment said yesterday. 

Plans exist to boost Heathrow’s 
capacity to 3Sm passengers a 
year by adding a fourth terminal. 
This is the subject of a public 
inquiry, and. depending on the 
outcome, the terminal is not 
likely to be available until 19S4. 

Gatwick bandied 6.6m pas- 


sengers last year, a rise of 13 
per cent on 1976. Since then it 
has been redeveloped at a cost 
of £100m, giving an annual 
capacity of 16m passengers. This 
year 8m passengers are expected 
to use the airport, leaving con- 
siderable room for expansion. 

Airlines from the U.S. and 
from the Iberian peninsula had 
already started new services from 
Gatwick rather than Heathrow 
before yesterday’s announce- 
ment 

The Government has started 
talks with the Canadian Govern- 
ment to persuade Air Canada, 
with British Airways, lo use 
Gatwick for all flights to and 
from Canada. Similar talks are 
under wav with Scandinavian 
governments. 

Back on schedule. Page 6 


New Atlantic fares 


NEW ATLANTIC FARES 

El, AL, the Israeli airline, is to 
introduce a three-fare system 
for its transatlantic Boeing 747 
Jumbo jet flights. 

The lowest fare in the new 
structure, with effect from 
November 1, will be 40 per cent 
of the existing normal economy 
fare. 

A de-luxe class is being 
created, where passengers will 
sit in the upper deck of El A1 


jumbo jets, with service up- 
graded to match ibe hipber price. 

There will be a new type of 
first class, similar to existing 
economy class with 47 seats at 
the front of the aircraft But 
most of the seats will be for 
“holiday class” travel, without 
catering. 

The scheme is similar to that 
announced by British Airways 
last month for Scandinavian 
flights. . . 


Unrest 


In one example today, the 
German Economic Research In- 
stitute in West Berlin said that 
it saw little prospect of any 
major economic improvement in 
the third quarter, and felt that 
the latest currency unrest could 
destroy hopes oF an export 
boost. 

Beyond the uncertainty caused 
hy erratic currency fluctuation, 
there is a longer term worry 
noted by the Bundesbank in its 
latest monthly report. 

It says that while German 
export prices at half year were 
actually down on the figure a 
year earlier, import prices had 
fallen even more markedly. 

Once the price adjustment has 
been made, the figures show 
German exports in the first half 
increasing by only 5 per cent in 
real lends, against the same 
period or last year, while imports 
increased by about 9 per cent. 

This trend is not disclosed in 
the trade surplus figures alone. 
It shows that the long-term 
strength of the Deutsche Mark 
helps make life tougher not only 
for German exporters, hut also 
for any German business facing 
competition at home from foreign 
goods. 


MLR may drop to 9% by end 
of year, NatWest chief says 


THE DOLLAR rose sharply yes- 
terday morning and the price of 
gold declined in response to the 
overnight announcement hy the 
U.S. Government that the 
amount of gold offered at its 
monthly auctions would be more 
than doubled. 

In New York, the dollar closed 
near Loudon levels. It ended at 
DM 2.0020 against the West 
German mark, SwFr 1.66S0 
against the Swiss franc, Y192.55 
against the yen and 81.9227 
against sterling. 

The corresponding fall in the 
gold price was sharper and the 
later pick-up smaller. 

The price per ounce fell in 
the morning below 8200 for the 
first time in nearly a month, 
touching 8I98L It later rallied 
to 82003— a fail of S6* on the 
day and of 816 since the all-time 
high eight days ago. 

The initial boost to the dollar 
came after the announcement 
after the close of trading in New 
York on Tuesday that the U.S. 
would, from the November auc- 
tion onwards, offer 750.000 ounces 
of gold for sale a month. 

The U.SL balance of payments 
will be imornved by about Sl-Sbn 
(around £930m) at an annual 
rate. 

This move was seen by foreign 
exchange markets as further 
evidence of the U.S. determina- 
tion to restore stability to its enr- 

rency. ' 

The announcement of the U.S. 
moves in stages has given a fillip 
to the dollar twice in the last 
week. 

This tactic could stabilise rates 
at ahout present levels because 
dealers' uncertainty about wbat 
and when is still to be 
announced could limit the extent 
of any short positions against the 
dollar. . 1 

Sterling slipped back in 
response to the pick-up in the 
dollar, losing 25 points to finish 
at $1.9270 after a low of S1.9130. 

Money markets Page 20 
Mining news Page 17 


Rank Organisation's proposed 
joint venture with Toshiba 
looks like a good deal for both 
parties. Toshiba wall be 
chipping in £3m for its 30 per 
cent stake in Rank Toshiba and 
this w ill secure it the supply of 

140.000 colour TVs a year. In 
crude contrast, the Hi-fated 
Hitachi project envisaged in- 
vestment of £5m in a factory 
with an initial output of 80,000 
sets. Meanwhile Rank has 
persuaded Toshiba *o accept its 
current book valuation of £7m 
for factories which • have 
generated aggregate losses of 
some £20m since 1975. Where 
these plants now turn out 

175.000 British sets, within 
three years they will be supply- 
ing Rank’s sales force with 

210.000 sets featuring Japanese 
technology, and. Rank hopes, 
Japanese quality. 

The deal provides a soHd 
prospect of. an end to what has 
been a drain on Rank’s profits 
For the past four years. In 
1977 Rank’s radio and TV 
operations made a trading loss 
of £3 2m on turnover of £38. 6m, 
In the year to October 31— 
the deal with Toshiba wall take 
effect immediately thereafter 
— this business wild produce 
another, somewhat smaller 
deficit; Rank clearly does not 
envisage making a profit from 
televisions until this new joint 
venture has achieved full scale 
production of the improved sets, 
in 1981. 

Rank wild then focus its 
attention on the UK market. 
The emphasis o-f Toshiba’s sales 
effort will be on the Continent, 
where Rank recently dismantled 
much of ks loss-making market- 
ing organisation. The joint 
venture wild not, unfortunately, 
produce any inunediaite benefits 
for Rank in Australia where. 
TV profits have been hard hot 
by Japanese competition in a 
depressed market. 


Index fell 4.0 to 5192 


BANK ORGANISATION 


as much as Tcsco on a turnover 
half the size. 

Maybe last year’s perform- 
a nee was nothing more than a 
hiccup 'and Asda can boost its 
profits to £34m-£35ni in ihe cur- 
rent year. Meanwhile, the 
shares at 2S4p are M&Of&g' oh a 

demanding multiple of 18 and 

There seems Wile chance of any- 
th* ne dramatic happening to the 
yield of 4 per cent.-.. 


r -1 


A *£* 


NEB 


fi l- from radio and 

TV mararfactar ms 


1970 '71 TL JT 


by- Allied would leave the 
pension funds stranded. Instead, 
today’s message from Allied 
leaves even less scope for com- 
promise. 

Although the pension funds 
may well succeed in forcing a 
meeting Allied is still likely tn 
win the day. But the whole 
hffair will leave an unneces- 
sarily bitter taste behind it. 


AJIied/Lyons 

The immediate objective of 
Allied Breweries’ management 
is to succeed with the bid for 
Lyons. So it is difficult to see 
why it is determined to make 
such an issue of whether to call 
a special meeting of its share- 
holders to obtain their approval. 
Such meetings almost invariably 
rubber stamp their Board’s pro- 
posals, and before the present 
row with the pension funds 
blew up there was no reason to 
expect that Allied's case would 
be the exception to prove th.e 
rule. Even now. the chances 
are that any conciliatory move 


Asda 

• For a group which has 
notched up annual earnings 
growth of 45 per cent compound 
in the previous five years. 
Asda’s 10 per cent growth in 
-pre-tax profits to £26-2m looks 
decidedly pedestrian. In 1976-77 
pre-tax profits grew by over 60 
per cent in the first and second 
halves. In the first half of last 
year, the growth dropped to 20 
per cent and in the final six 
months it was down to just 2.4 
per cenL Has Asda's heady 
growth phase come to an end? 

Although' price inflation has 
slowed down considerably, so 
has S3lea volume. For the year 
as a whole it was up by around 
9 per cent which, given that 
selling space increased hy S 
per cent, implies very little 
growth from the established 
business. Since the end of the 
year sales hare spurted ahead 
and are currently running 
around 30 per cent up on the 
comparable- period of last year. 

But still the suspicion 
remains that the high street 
price war. dating from last 
summer,- has torpedoed Asda’s 
supergrowth. With around 6 per 
cent of the grocery market, 
against Tesco’s 12 per cent and 
Sainsbury's 10 per cent. Asda 
admits to having had to trim its 
gross margins. Fortunately, it 
has more scope than its larger 
rivals, since it earns virtually 


Within thp space of five days 
the National Enterprise Soard 
has- announced joint. .deals; with, 
the 1CFC, Barclays, and Midland 
Bank. It would be tempting In 
interpret this its evidence 0!; a 
cunning plan by th£_ XEJ8 to 
enmesh itself with private sfecfqr 
institutions in such a way 
that an incoming Conservative 
Government could opr sweep 
it' away as the Heath Admini- 
stration axed the IRC. Slit the 
truth appears a htt/a^MPownt, 
for not only are the rehtures 
of a modest scale involving 
aggregate new capital of under 
£4m at this NfajM — but 'two of 
them appear i«» have been 
generated by the NEB’s regional 
offices in Liverpool and New- 
castle rather than by its head 
office. In this way the operations 
of the NEB are : developing 
through the activities of Its 
men out in the -field, who 
inevitably come into '..contact 
with their counterparts from 
other financial institutions. 

Clearly the attraction of (he 
NEB to its private sector rivals 
is that it provides a way of 
offloading pan of the risks of a 
project when these look a little 
high. The Midland on its own. 
for instance, could hardly have 
contemplated the scheme 
announced yesterday to extend 
loans to small businesses which 
■—by conventional banking 
standards— are already fully 
borrowed. And JCFC regarded 
the investment in BTB as com- 
ing at the higher risk end of 
its spectrum. As for the TCfiu- 
macing of Monotype. This looks 
to have been a rather special 
case, in which Barclays was 
reshaping its existing commit- 
ment raUier than getting more 
heavily involved. 

Whether the NEB should he 
regarded as filling a gap or tak- 
ing in some of the private 
sector’s dirty washing .is a 
moot point, which will only be 
decided by its investment 
returns over a period of years. 
Meantime institutions like ICFC 
foresee further joint ventures 
with the NEB— though without 
any general policy of coopera- 
tion. 


biPll 

I ^ am 


aid on ■ 

mina 




irmftj 




Weather 




BY OUR ECONOMICS CORRESPONDENT 


Continued from Page 1 

Allied 


THE COST of bank overdrafts 
could fall this year, the chairman 
of one of Britain's largest banks 
said yesterday. 

Mr. Robin Leigb Pemberton, 
chairman -of National West- 
minster. forecast that Minimum 
Lending Rate could well drop to 
about 9 per cent by the end of 
the year from the present 10 per 
cent and clearing bank base 
rates might well move dowo in 
line. 

A modest decline in MLR 
before autumn could be followed 
by easier money market rates. 
There was no reason for further 
upward pressure on rates and it 
was possible to see clearing bank 
base rates becoming uncompeti- 
tive enough with the market to 
justify a rate move even without 
a corresponding move in MLR. 

A cut of a point in the 
clearere’ base lending rates from 
the present 10 per cent would 
reduce the cost of borrowing for 
top-quality clients to 10 per cent- 
Other customers would pay 
about 13 or 14 per cent. 


Mr. Leigh Pemberton’s rela- 
tive optimism about short-term 
interest rates contrasts with a 
rather more cautious view about 
the prospects for an early cut 
in MLR being taken by certain 
City analysts after last week’s 
money supply figures. 

The NatWest chairman said 
last week’s figures showing a 14 
per cent rice in the banking 
system’s eligible liabilities in 
the month to mid-July and a 
£793m rise in clearing bank lend- 
ing were disappointing but later 
indications “ are particularly en- 
couraging in this respect.” 


Well over level 


This implies that some of the 
distortions la the money market, 
which were pushing ~ up the 
clearers* eligible liabilities, had 
become less important by the 
mid-August banking make-up 
day last week. The mid-August 
figures are the first to count to- 
wards any penalties imposed 


under the so-called corset limits 
on the growth of the hanks’ 
interest-bearing liabilities. 

Clearing banks as a whole 
were well over the permitted 
level in mid-July, but Mr. JLeigh 
Pemberton said it was possible 
that NatWest would enter the 
corset' restrictions at below the 
level necessary to avoid Ineur- 
ring penalties. 

However, “some banks may 
justify incurring the less severe 
penalties in order to maintain 
commitments to customers. It 
will be disappointing if the cor- 
set affects us in a way that 
causes us to cut hack in advances 
to manufacturing and commer- 
cial customers.” 

It should be possible to sus- 
tain lending to key clients. M f 
do not see that the corset will 
cause us the problems some 
people have suggested. 

“ With some signs of improve- 
ment in pool Industrial loan de- 
mand recently, baDk lending 

should show modest growth next 
year on a more healthy basis.” 


UK TODAY 

DRY, sunny periods, cloudy in N. 
London, SJS-, Central S, E. Eng- 
land, E. Anglia, K. Midlands, 
Channel Isles 

Dry, sunny periods. Max. 23C- 
(73F). 

W. Midlands, S.W. England, 
S. Wales 

Dry sunny periods. Max. 21C 
(7QF>. 

N. Wales, N. England. Lakes, 
Isle of Man 

Dry, cloudy, some sunny inter- 
vals. Max. 19C (66F). 

Borders. Edinburgh, Dundee, 
Aberdeen, Moray Firth 
Rather cloudy, some rain. Max. 
17C 163FJ. 

S.W. Scotland,- Glasgow, Cent 
Highlands, Argyll 
Cloudy, some rain. Max. ISC 
(64F). 

N.W. Scotland. Orkney, Shetland 
Cloudy, some rain. Max. 15C 
(59F). 

N. Ireland 

Dry. cloudy. Max. ISC (64F). 
Outlook: Dry, warm. 


‘COMPUTERS 
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BUSINESS CENTRES 


believes that, if it complied with 
the request, this uould result in 
the introduction of a new condi- 
tion into the bid— namely that 
it depended on shareholder 

approval. 

Allied says simply that it “ can- 
not impose a new term on Lyons 
as the proposed resolution en- 
visages, thus rendering unwork> 
able the substance of the resolu- 
tion.” 

Mr. Jolm Gillum of Samuel 
Montagu said that Allied had not 
approached (he Takeover Panel 
or Lyons over the possibility of 
changing the conditions. 

It was not clear yesterday 
whether the Panel would 
authorise such a move. Its 
general position is that changes 
to offer terms cannot be made 
lightly or irresponsibly, but 
there have been precedents for 
terms to be altered. 

Mr. Neil Salmon, chairman of 
Lyons, refused to comment. on 
whether his company would con- 
sider the introduction of a new 
condition because that was 
merely “hypothetical” but he 
would have to consider the case 
carefully if it did arise. 


Continued from Page 1 


Volkswagen profit 


vw 

Pre-tax 
Profit/ Loss 


Of first-half 1977 to DM 5.9bn. 
Overseas turnover rose by 8.5 
per cent to DM 7.9bn. 

World unit sales totalled 
1,241.000 vehicles— 4.4 per cent 
ahead of the performance in the 
comparable period of 1977. 

The sharpest growth came at 
home where sales went up by 
7 per cent 

The considerably lower 2.7 per 
cent growth abroad was largely 
a result of the company's 
inability to deliver. 

Production during the period 
under review was up by 5.4 per 
cent on first-half 1977 to 1.239.000 
units. This was due primarily to 
a 16.7 per cent rise io produc- 
tion id the group's overseas 
plants. Domestic output went up 
by only 0.9 per cent because of 
production lost during the metal 
industry pay dispute this year. 

The group’s earnings figures 
show a remarkable turnrouhd by 


the Brazilian, Mexico and U.S. 
subsidiaries. 

In Brazil, a 1977 first-half 
DM 25m loss was turned into a 
net profit of DM 40m. In Mexico, 
the DM 33m loss. in the first six 
months of last year was turned 
this year into a net profit of 
DM 33m in the U.S., where the 
group is producing an American 
version of Its Golf model, 1977's 
first-half DM 21tn loss was 
turned into a modest net profit 
of DM llm. 

Capital investment this year 
will iota] DM 2.3bu, said Prof. 
Tboraee. This represented a con- 
siderable rise on last year's 
DM l.Tbn and the investment 
levels of 1975 and 1976 when it 
was less than the depreciation 
level. 

Cash from the capital raising 
will be channelled into capital 
investment, aid Prof. TbomCe. 
The target areas were product 


Amstdm. 

Atbeng 

Bahrain 

Barcelona 

Beirut 

Belfast 

Bclsrartc 

Berlin 

Brmcbra. 

Bristol • 

Brussels 

Budapest 

B. Aires 

Cairo 

Cardiff 

Chicago 

Cologne 

Copntiagn. 

Dublin 

Ed In burst! 

Frankfurt 
Genova 
Glasgow 
Helsinki 
H. Rons 

Jo’burg 

Lisbon 

London 


rdar 1 
midday 1 
■C *F! 
F 19 661 
S 30 B6 
S 35 95 
S 27 81 
F 88 85 
C 13 3 
S 27 SI 
F 20 69 
C 16 61 

C 17 63 
F 21 78 
F 24 79 
S 9 49 


C 17 63 
S 24 73 
C ZO S3 
F 30 6ft 
C 13 39 
C 16 61 
F 24 73 
S 23 77 
C IS 59 
C 21 70 
C 29 84 
CUM 
S 30 Si 
S IS 64 


Lnscrab’e 

Madrid 

Handles tr. 

Melbourne 

Mexico C. 

Milan 

Montreal 

Moscow 

Munich 

ficwraffle 

Mew York 

Oslo 

Paris 

Perth 

Prague 

Reykjavik 

RJO de J'O 

Rome 

Singapore 

Stockholm 

Strasbrg. 

Sydney 

Tehran 

Tokyo 

Toronto 

Vienna 

Warsaw 

Zurich 


Y’day 
midday 
•C -F 
F 22 72 
5 32 90 
C 15 59 
S 11 32 
S 19 67 
S 26 79 
.C 31 79 
F 34 73 
F at is 
C 15 3 
S 26 79 
F 21 79 
CM 6S 
S 32 90 
F 23 73 
C 9 46 
S 2fl 78 
S 27 81 
S 29 S3' 
F » 66 
F 25 77 
S 13 55 
S 31 69 
S 35 95 
C 24 75 
S 27 SI 
F 23 77 1 
S 25 77 


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HOLIDAY RESORTS 


1971 ’72 ’73 T4 *75 TB 77 *78 


development of new models, 
rationalisation and the restruc- 
turing of the group’s plants. Of 
these, model development was 
the most important 
It seems clear that the develop- 
ment of a new, high-economy 
engine — which Volkswagen is 
undertaking with an unnamed 

partner— comes high on the fist 
for investment cash. 


Ajaccio 
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Biarritz 
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Bordeaux 
Bonin sne 
Casabloca. 
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Corfu 
Dobroroik 
Paro 
Florence 
FXiflcbal 
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I Guernsey 
1 lonshrucf. 
Inverness 
ts*- of Man 
Istanbul 
S — S unny . 


s 

26 

79 Jersey 

S 

19 

64 

s 

31 

SS Las Pima. 

s 

29 

79 

F 

a 

73 LocanM 

s 

27 

31 

c 

13 

59 Majorca 

$ 

58 

82 

s 

28 

82 Malar* 

s 

30 

89 

p 

19 

M Malta 

c 

=3 

73 

F 

24 

75 Nairobi 

s 

21 

70 

s 

17 

S3 Naples 

s 

29 

s; 

s 

•IS 

S2 Nice 

s 

26 

79 

s 

24 

75 Nicosia 

s 

29 

84 

F 

23 

91 Oporto 

F 

19 

66 

F 

29 

84 Rhodes 

s 

3 

82 

V 

25 

77 S ahbart 

F 

25 

77 

F 

n 

Si Tgncier 

F 

33 

90 

S 

H 

H Tenerife 

s 

20 

63 

F 

i; 

SI Tunis 

5 

■28 

S2 

C 

is 

59 Valencia 

C 

27 

1*1 - 

C 

S 

15 

a> Venice 

77 

S 

25 

77 


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Oracc- FrUHed by St. OrmentV Pros, for am 
y y k rjnancial Times Ltd., Bradten House. Cinaon Strror. Loudon. 

* © Tbc Financial Timm LUi„- urrs 


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