Skip to main content

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

See other formats






_vtnat» BStr«aI nt»nr-.-«fl - 

ine Intematianal Meehanite Metal Co, Ltd. 

Mttt RHMiJtenaig, Sumy. Tit RsgHB 447ES 


No. 27,649 

Wednesday August 30 1978 **15p 


Comfy Rider 

Sch lSi BELGIUM Ft 2S } DENMARK Kr 3 . 5 ; FRANCE Ft 3.0; GERMANY DM 2.0; ITALY L 500; NETHERLANDS FI 2.0; NORWAY Xr 3J; PORTUGAL be 20; SPAIN fa -4Bt_jWg»l Kr 3-2$; SWIZgLAWP. . Br 2A; CtfiE *5p 







slip 7; 

£ adds 
1.8 cents 

• EQUITIES slipped in thin 
trading, on absence of invest- 
ment demand. FT 30-sIiaie 
index closed 7.6 down at the 





F.T. Industrial 


440^ 1 







British Airways staff hare 
called for tighter security at 
Heathrow's long-distance ter- 
minal. Their demand follows 
the Mayfair attack ten days ago 
on an El A1 crew. 

British Airways check-in staff 
have asked for eight-foot protec- 
tive barriers around nearby 
balconies — similar to the bullet- 
proof screens installed near 
El AJ desks to combat possible 
terrorist attacks. They also 
want the British Airports 
Authority to 3 How only ticket- 
holding passengers near check-in 

Scotland Yard has denied 
reports that the Army's Special 
Air Services regiment has moved 
into Heathrow. It did not deny 
tbat SAS men were at Heathrow day’s lowest of 505.8. Markings, 
from time-to-time but said they at 4 , 34 s, made the smallest total 
were “not to become a for six weeks Gold Mines Index 
permanent feature there." fftU 2J t0 17 ^ 6t 

Meanwhile, holiday makers at 
British airports were waiting for ft GILTS traded quietly. 
HP 2 * h0 “ rs y«<*rday . far Mediums and tongs were un- 
flights The French air traffic cliangetL shorts eased slightly, 
controllers work -to rule closed 
Nice airport and thousands of 

passengers wen? reported was 0.03 lower at 70.63. 

Stranded at Palma. Page 7 Q GOLD rose S6i to $204 J. 
QmsilInriY ale* rt Comes August settlement price 

om an pox aierc cl0SRd at 207.20 (ws-eo). 

Only urgent cases and emer- _ 

’entries will be admitted to East • STERLING paton 1.85 rents 

Securities Index 

Birmiogbam Hospital from 
Friday because so many staff arc 
in quarantine following possible 
contact with smallpox victim 
Mrs. Janet Parker. Seventy 

hospital ittaff and 120 people who _ 

visited Mrs. Parker in hospital J K o ’*,» 
have now been quarantined. at 

A neighbour and colleague of 
Mrs. Parker have been taken to 
hospital. One of them bad _ w __ 

developed a spot and the other since April last year. Page 2 
h.d complaint of “ feelm* .11 g PABllAiREvrAKV com . 

More emigrants mitlee has attacked conllicting 
M _ practices by nation a ksed energy 

hite Rhodesians Industries in presenting their 

!L , ^«?n? tr *’ni.miiniS ram reStJ!. 3 i aQnual accounts, which it says 
incrc3siri3 numbers. - mhv** rfi^furri ons in oroftl 
Statistical Office figures say that EeS S. ? P 
1.142 whiles tefl last month. and loss fiBureb * rase ' 


to SI. 945 5. Trade-weighted 
index Increased to 62.4 (62.2). 
Dollar's depreciation widened 
to 8.9 per cent (8.4). 

• WALL STREET closed down 

• FRANCE’S cost of living ruse 
by 111 per cent last month, its 
biggest cosi-of-Uvios’ increase 

while only 

Black cities 

South Africa may 
black " city-states 

immigrants ft TRADERS selling foreign steel 
into the British market are offer- 
ing discounts of up to 25 per 
cent on published steel prices. 
Back Page 





• ENVIRONMENT Department 

homelands in an effort to defuse proposals for expanding local 
problems with urban blacks and authority direct labour building 
to keep the apartheid policy on operations have been attacked by 
course. the National Federation of 

1 — . - _ L Building Trades Employers and 

Killings Claim the Federation of Civil Engineer- 

GRAPO. the left-wing Spanish in S Contractors. Page S 
guerrilla group, has claimed 0 DOCKERS’ leaders and em- 
responsiblli ty for the deaths of players at Southampton held 
two policemen in Monday’s emergency talks after a meeting 
bombing of two police stations. 0 f 2,000 dock workers decided to 
Page 2 continue a strike which has 

_ . . halted cargo operations since 

Carnival arrests Friday, page 9 

Scotland Yard said that 54 people ft MACMILLAN Bloedel, 

bad been arrested at the Molting Canada’s biggest forest-products 
Hill carnival in West London and group, is among several Canadian 
51 were charged. Thirty-six companies showing interest in 
policemen and 15 civilians were acquiring Reed International’s 
injured at the carnival. The 87 per cent stake in Reed Paper. 
Yard said later that police were Back Page and Lear 

satisfied with the low level of 

crime during the two-day event. • ASSOCIATED ENGINEER- 
ING has won its struggle for 
Drioflu Fluidrive Engineering, the trans- 

tSFieiiy ... mission group, owing to a last- 

Francc is to display its Mirage minute rush of acceptances and 
Della 2000 fighter aircraft at the strategic huying by HH1 Samuel 
international air display at Sack Page 
Kurn borough on Sunday. # CASIO, the Japanese elec 

former SIP John htonchouse tonics company dominating the 
was back in Wormwood Scrubs wor i d calculator market, is to 
Prison yesterday after 16 days raise a DM 40m (f 10.3m) loan in 
in Lowesroft Hospital. Suffolk. West Germany today. 

Pope John-Paul I will formally Back Page 

launch his reign as leader of the _ .... , 

world’s 700m Roman Catholics • .7*4^* WORLD Airline^ 
at a simple opeo-air ceremony at application fpr approval ora 5 
St Peter’s Basilica on Sunday. P e , r c ® nt rise 10 the normal trans- 
„ _ . . . _ atlantic economy fare is to be 

Portugal s President Eases turned down , the u.S. CivU 
yesterday swore in Portugal s .Aeronautics Board confirmed- 
third constitutional government Back Page; Other air news Page 7 
under the leadership of Prime 
Minister Alfredo Nobre da 
Cosin. Page 2 

Uhl threads brewery has sold Ihe 
world’s largest hot air balloun 
for £1 to transatlantic balloon- 
ists Don Cameron and 
Christopher Davey. 

U.S. trade 
nearly doubles 
to $2.9bn in 


1fl7> -1978 



■ 60-88 BASS THROUGH ="" | 

~ .DRA TJ1B3 

1 i ■ 1". . 1 i L 



F M AJf J J A- 

The UJS. trade deficit in JeJy was nearly double the June deficit and 

the fourth largest ever recorded in a single month. The figures are a sharp 
blow to the Carter Administration’s hopes of improving the country’s 
external payments position. 

The size of the July deficit is 

e juiy d 

■the trade bound to revive speculation that 

The news has completely over- Washington had been clinging 
Hhadowed the more encouraging to the belief that the trade ... _ 

announcement earlier that the deficit would be held to below the Administration will be 
Consumer Price Index bad risen $ 2 bn In July — in June it had forced into specific actions on 

by only 05 per cent in July. This dropped to S1.59bn, about $lbn the trade policy front. 1 ' „ ntir .i nn 

is the smallest monthly advance belowthe monthly average for A special exports promotions P 1 ® DOIiAR 

so far this year and a relief from the first five months, and there programme is due to be unveiled forc L?2 1 ,2rtao an ^f f ^o^n ’ ± ° problems o£ 

the double digit level of inflation appeared to be tentative evid- within the next few weeks, hut ^Alto^h- llurodollar -debosit 

that has plagued the .echhhmy . f eautgehee in D.S. “tra^e 

exports. ..... effective^ ^^^shortnut.; moraih responsfr to the upward 

over the first sis months. 


effective in the short run. 

However, the need fer a in the event eaporn fell m _Sn J*r Jhe_. has Jeter- 

tougher anti-inflation policy is July to SIl.79ta compared with mi redly set tto lace against any- 
no longer in dispute. Mr. Robert the §12 - * u -“ ~‘“ J -- J 

Strauss, the President’s inflation month, v. r 

adviser, acknowledged today that over Slbn to S14/78bn. mis was .. ~ * c *w*v«ub tirm. M 

the programme so. far had fallen ^ spi te of a further small drop { "J 1 SnSSS? of m^u^ atmonnoed by tba ^ zeasOD quD ted lor 

short. of. expectations. .He Pre- m ^ level of oti imports. M 

The large jump w manufac- io avoid recourse toother The latest of these moves, tbe ~- ^ maiu reguiaiiM pres^- 

He did not give any clues on ™ _f eTOI ^ 1 * UArLvr w “** sensitive time. - But pressure for on Monday, which was sustained - — ^ t 

the content of the new “second year ' but P erba P s 15 such measures could well mount in early dealings yesterday. .* . operative , at present This 

stage” which he said vesterday accounted for by the weakness when Congress reconvenes next After a day of mainly thin and because US. banka are 
wonid be read v by October at the of doilax on the foreign ex- month. uncertain trading, however, the scale lenders to banks abroad, 

latest not November as origin- change markets. The easing, of the pace of news of the increased deficit Regulation M was introduced 

ally scheduled But he made a The dollar's slide recom- inflation, as_refiected in the prompted general selling of the in 1969 at a time when U.S. 
strong plea for continuing the me a red la July, following a Consumer Price Index, was dollar In spite of the improved baniLS were borrowing heavily 

voluntary approach from both period of relative stability for rather greater than had been U:S. consumer price figures. The town their foreign branches to 

business and labour, as opposed several months until June. anticipated, -thong* it has come pressure continued. later in. New circumvent strict US. monetary 
to imposing formal wage and Last month's figures mean a little late in the year. York. . • • controls. 

price controls. that for the year to date the U.S. The mfjor . actor was the There- was renewed specula- At end of June. UB. hanks 

The Administration is now has run a seasonally adjusted stability in. food prices, with tipn on possible nntber drastic wee? net lenders .to their foreign 

clearly concerned that the trade deficit of S19.36bn, com- the food unchanged In the measures by toe U.S. authorities branches - of $21 bn, up from 

Impact of the bigger trade deficit pared with $13.61bn in the same month after having gone up by to prop up their currency. Sl7bn'kist December. They have 

will vitiate all the strategic and period a year ago. This Implies an average of IS per cent per The doflar closed m London pigyed a major part in the large- 

tactical dollar defence policies a deficit for the full year of over month throughout the first half sharply down against all the — - 

unveiled over the Jast two weeks. S33bn, well above last year’s, of the year. 


uritiT S® scale capital exports which, have 
with the. 

Japan package may include 


the end of this week. They will many Independent economic 
probably include a Y3,300bn commentators. 

(£6.2 bn) supplementary budget What it’ apparently plans in 
which wiU be balded as having addition to increased public 
the potential to create an addi- works spending is a sizeable 

i nrSoi naiivnti t at sfibn hut now that Japan is taking steps to 
bv a wide deal wiUl the situation created 

srrr&et baiance ° f pay - 

^ n p d ^flVo y w The economic package, ex- 

TOKYO. August 29. 

poond"sho C ^ n a e tiirn”oand l of 
more than S cents durtng the eit ^, 
course or toetoiy. ' Vfbile ji iew individual 

The dollar’s trade-weighted banks mt®M he n at bowpwew 
depreciation, as calculated by Jh® 5 hanks .abroad — . one U.S. 
Morgan Guaranty, widened from economist yesterday suggested 
8.4 per cent to 8.9 per cenL ’ . that toe value of reserves held 
Against . the West German under regulation M was ; about 
Deutsche Mark, toe dpU«r §109m Ihe tut «T .the r£s&rve 

touched DAX 2.0340 before Fall- requirements obttid much 

of London trading. The- fall ex- of ' an inducement to basks 

tended to DM L9S60 in New generally to bwhn? funds from 

York: This compared with Lon- toe Eurodoliar marked' 
don’s Friday close of DM 2JW90. ; Some, economists • y^torday 
Similar -movements - were suggested -that toe Fed^moves 
JAPAN WILL announce a series face against a tax cut as an addi- fiscal year, but this is doubtful, recorded against the Swiss franc, to cot the reserves could 'only be 

of measures aimed at stimulating tional means of stimulating de- largely because the Ministries which ended in London • at explained - as a prelude to a 

the economy and reducing the mand, in spite of calls for this concerned disagree on how big SwFr -1.6350 to the dollar after further sharp upward pufch In 

balance of payments surplus at from the Opposition and from the target should be. reaching SwFr l.7090 during the domestic interest rates. Accord- 

The Saturday package repre- day, and the Japanese yen. ing to this analysis,’, sharp action 

seats the first major attempt by The pound touched a tow on the interest rate front conid 

the Japanese Government to point of ?lA10fi-but closed at - turn the market to such an 

stimulate the economy since’ the $1.9455 compared with $1.9270 on extent .that the oet lending by 

_ ineroductiaa of the main 197S Friday; Its trade-weighted index UB. . hanks to banks - . abroad 

tional flTw»i demand of Y3,OOObn. mid-year increase in the foreign budget in April. It seems neces- rose from KL2 to 62.4 on toe would be eliminated, 

on— r^+nr**** win aicn aid budget, possibly amounting sary to the li-^bt of indkatoiB offiaal cateuiabion, but . prob- Continued on Back Page 

annJfinc? revilioS « much 35 YlOObn. which suggest that economic abdy increased further in later 

o" ?o P r toe 1978^ ^ ?■« of ■ series activity has been stowing down trading.. 

veaT current account surplus °l measures designed to show ^ ^ past few months after a Both the markets and bank 

«„t at «fihn hut nnw that Japan ts taking steps to f^ r iy lively start to the year. . economists were parried yester- 

Indastrial production in July, t 

according to figures released SJSJjjSfti ' 01 ** 11 % t bSrS5^iIJ 

InHdV 0 3 hop* opnt HO On OD w«5. D3DKS DCt 

IhS^el for jSae, but manu- f ™ m " anlK 3hnMd - 

facturecs’ shipments were down W l 
by 0.5 .per cent, marking the 
second decline in the past four 
months. • 

A survey of production plans 
in industry by the Ministry of 
International Trade and Industry 
suggests that production will 
show a. 9.7 per cent rise in 

£.ih New York 

real terms during the fiscal peeled to be adopted by the 
ear ^ Cabinet on Saturday, will also 

Th^ extra spending in the include further relief measures 
supplementary budget will go for recession-hit industries and 
mainly to public works and regions and will outline steps to 
bousing finance— In other words be taken to ensure that exchange 
it will be designed to reinforce gains resulting from the yen 
the existing strategy of seeking revaluation are passed on to 
economic recovery through- an consumers. 

intensified public works pro- The package may include a k , - 

gramme target for emergency imports- to August bat will slip Bade L4 per 

The Government is setting its be undertaken during the 1978 cent-to September. 



J month 


accompanying 12 ™***“ 




0JWJJ29 .Ub 
4.404.20 rtl* 




4.604.® 4b 

woos the 


MAJOR package of. changes 

to woo investors 1 back ttr various 

forms of National Savings was 

announced yesterday.. *. 

The moves will ahnost certainly . 

put ‘further pressure oh building 
societies, which -have recetitly 
been reporting a slowdown in 
the intake of ftmds.- 

The rate of interest paid on . 
a National Sayings Bank invest- 
ment account Is to be increased 
from Si to 91 per cent from 
October 1. 

The changes also include a new. 

9i per cent British Savings Bond, 
higher -limits on ' -holdings of ; 

premium- savings bonds and toe 
index-linked retirement issue, 
and p new premium savings bond 
■weekly jackpot prize of £75.000. 

Yesterday's announcement 
follows last month’s £50m net 1 

outflow of funds - from the ] 

National Savings movement — the 
first net monthly withdrawal 
since June 1976. 

Most of the damage was caused 
by. institutions removing money 
which they poured into National 
Savings investment accounts last. ■ 
summer.-- - 

It Is unlikely, however, that 
yesterday’s changes will attract 
back much of this ‘nstltuttona! 
casta for quite apart from com- 
petitive Investments elsewhere, 
a £50.000 limit has since been 
placed on deposits. 

The increase in tbe maximum 
holding of -the index-linked retire- 
ment issue from £500 to £700 
from October 2 is Sikelj" to he 
more significant. The issue pajs 
interest of 7.8 per rent a year 
and. can he held by men over 65 
or women over 60. 

: The new limits refer to- the 
■purchase -price of the certificates. ... 
not their - repayment value. 

The hew 9f per cent savings 
bond (to be issued int November 
20) wit! replace the jubilee issiw, 
The bond will also carry a tax 
free bonus- of 4 per cent- to ho 
paid on ; maturity after five 
years. . 

The maximum permitted hold- 
ing of This issue _ will he £ 10.000 
tn addition' to any holdings ot 
previous issues' 

- The - new •’ £75,000 : .premium 
bond prize will- be introduced 
fttna January 1, 197» and will 
be" in addition th the veekly 
£50,000 prize. . There will no 
longer .be . 25 £1,000 prizes for 
the weekly draw. 

The extra prize money will be 
obtained by raising the interest 
on bonds, -which is paid into the 
prize fund, from 5i per cent to 
5j per cent Bonds bought be- 
fore the end of September will 
be eligible for the -first month’s 
£75.000 weekly -draws. - 

From September 11 the maxi- 
mum permitted holding of pre- 
mium bonds will be increased - 
from £2-000 to £3.000. 

The Building Societies Asso- 

Continued on .Back Page 

Varley in Airbus talks today 



• FA1RCLOUGH Construction 
first-half pre-tax profits rose to 
£3.6m (£3.nfim> on turnover of 
£S9.$m i£SS.05iu), Page 36 


The Department of Health and ings reduced first-half losses to 
Social Security plans to ban sate £38,000 (£2.9ra>. The Board 
and supply of the painkiller expects to resume payments of 
phenacetin, long-term use of preference dividends on Novem- 
which is associated with severe ber 30 
kidney damage. Page 36 


(Prices in. pence unless otherwise Funw&s Withy 



Biddle Hldgs Jg t ! 

Bourne & Hllngswrth. A0 a 

Brammer (H.) + • 

Burton A N/V 1*7 

Clay (Richard) 0 - 

CuJJens Stores A ... [=0 

Ellis & Everard 1W 

Haw Par .-.- 

ilfowai (Wm-) 


jteed Inti 

Travis & Arnold — — 

Northern Mining — • 


235 -9 
306 -7 
615 - 13 


Chesterfield Props. 



















GUS A 312 - 

Hawker Siddeley ... 234 - 

Hoffnung (S.) 77 — 

HK & Shanghai ...... 327 - 

icr “ 

Lucas Intis 323 — 

Pear] Assnce 2M — 

Rolls-Royce 991 — 

Thorn ElecL 38S — 

BP S88 - 

Guthrie Corp 380 — 

Anglo-Am.lnv.TsL... £44J— 

Ayer Hitam 3S5 — 

De Beers Defd 40S — 14 

North Broken Hill ... II? — 7 

Southern Kinta 235 — 









Tronoh 245 — 15 

French Transport Minister, is 
expected to visit the UK today 
for further talks with Mr. Eric 
Varley, Secretary for Industry, 
on future collaboration on Euro- 
pean aerospace programmes 

countries have been in constant Cabinet sub-committee under the 
contact. chairmanship of tbe Prime 

These discussions have done Minister, which has been study- 
much to clear original points fog the question of- futare UK 
raised by toe French. Including air ventures for many months. 
the size of toe “ entry” fee the " .The UK has so far resisted 
Europeans expect the UK to pay French requirements for a full 

, tv,- twn Ministprc 35 a contribution to the past contribution to past development 

l n development costs of the A400 costs of tbe A-300 itself, and it is 

tl^RBd°T>p C twecn U offid^s 0 of Airbus - and the question of understood that the formula now 
Concerned includ- British Airways’ possible interest proposed envisages a token pay- 
toe countries concerned, includ- }Q the A ^ 10 aircraft ment to take account of profits 

the the UK -has earned on Its sub- 

ing West Germany, in discus- 
sions Js the past week or so 
about Britain’s possible partici- 
pation in development of the 
new A-310 version of the Euro- 
pea a Airbus. 

M. Tbeule will visit Bonn 
tomorrow for talks with Herr 
Martin Gruper. State Secretary 

for Economic Affairs. 

Mr. Varley bas paid several 
visits to Paris and Boon in 
recent weeks for talks on this 

In Paris it is believed 

three countries are close to an contract to build tbe wings for 
agreement. If all goes well in the A-300. 
to-day’s London talks and in -- If tbe UK did Join Airbus 
tomorrow an announce- Industrie on a formal Govern 
ment may be made daring the meat basis, it would contribute 
Farnborough Air Show, which op. to £100m — equivalent to 20 
starts on Sunday, where senior per- cent— -of the costs of de- 
Government and aerospace veloping toe 200-seat A-310. 
industry representatives will be Britain would be given contracts 
present . tb toe same 'amount particularly 

Any agreement between Mr. covering the design, develop- 
Varley and BJ. le Theule will', ment and manufacture of wings 

topic, and officials of the three have to be approved by the UK for the aircraft. 


European news 2-3 

Overseas news 4 

American news 6 

■World trade news ... 6 

Home news— general ...m 7-8 

— labour — 9 

Technical page 


Management page 11 

Arts page ... 13 

Leader page ......... 14. 

UK Companies 36-38 . 

Mining gg- 

Tnti. Companies a s~i 3W1 

Euromarkets » 

Money and Exchanges **... 41 

-World markets — 42 

Farming, raw materials ... 43 
UK stock market 44 

West German business 

confidence revives 14 

The Janata endangered: 
Desai's unruly team ...... 35 

Dutch banks eater the 
American scene 39 


Spain's motorcycle industry: 

Penalty for lethargy 49 

Proposals for N. Zealand 

securities control 41 

Writers’ participation in 
W. German publishing ... 3 

Little money for new ideas 

' . in US. research 


Nigeria— part U 



Base Rales 


EntartainiDOiK qvltfe 

EvraVMa Opts 

FT-AeuarlQs IikHCqs 
C arturtna 








Lem bard 



Men and Matters 





Share Information 



Today's Events 


TV and Radis 
UnH Tmitt - 





Union Con. * 

Fakrteasb Crtotri. 38 

AsoteBTuloiif CeoL 8 

CHy Investing ' 2 

JsTNra Cots. iwr. - • . 
Mwarttw Ptrarms- 

Slack Canv. and IM- » 

For latest Shore Index ’ phone 01-246 8026 


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

Additional 747 services 
depart each Friday Saturday 
and Sunday. 

We also offer you 
the only direct service to’ 

Dares Salaam and the fastest 
route to Ethiopia 

We’ll takemore care of you 

financial limes. Wednesday 


Portuguese i French cost of living rises Liberals in 

• A • 

sworn in by 1.2 per cent, in July 

Bv limmv Ruim ■> A Mr 

By Jimmy Bums 

LISBON. August 29. 
PORTUGAL'S new Prime 
Minister. Sr. Alfredo Nobre da 
Casta indicated today that bis 
Government was ready aod able 
to play more than a stop-gap role. 

Speaking at the swearing-in of 
his non-party Administration in 
the old royal palace of Ajuda, Sr. 
da Costa said that his Govern- 
ment had no intention of being 
■imply a government of transi- 
tion concerned only with day-to- 
day business. 

His Administration had 
Inherited a number of important 
commitments from the previous 
Socialist - Conservative alliance, 
as the ta reels set by the Inter- 
national Monetary Fund (IMF) 
last May and opening negotia- 
tions with the EEC. It was its 
duly to carry out its responsi- 

Sr da Costa went on to refer 
to legislation which the previous 

Government had passed but 
which bas yet to be fully 
Implemented such as a clearer 
definition between the private 
and public sectors, indemnifica- 
tion and agrarian reform. 

The new Prime Minister's 
short speech was delivered 
quietly, in contrast to the accept- 
ance speech of his predecessor, 
Sr Mario Soares, last January. 
Sr da Costa declared recently in 
a radio interview that the 
Portuguese people were tired of 
politics in terms of long speeches. 
“What they want is that someone 
should do something about the 


The economy was also the 
main concern of President 
Rama 1 ho Eanes who spoke after 
Sr da Costa today. He called on 
the new Government to pursue a 
policy or all-nut austerity. 

Whether the new administra- 
tion will survive long enough to 
carry out such a policy remains 
in tbe balance. Parliament is 
due to debate the Government's 
procranmie on September 7. 

Although the main parties are 
reseninc judgment until that 
date, there are indications of a 
lack oT support for Sr da Costa 
and his team of technocrats. Tbe 
Conservative Partv has expressed 
disagreement with the naming 
of what they term "left-wing” 
Ministers to key posts and its 
rc proven tar i ves were absent from 
today's cere*<nny. 

Peugeot hiring 

Peugeot has 'aid that it plans to 
hire SHO workers by the end of 
October at it' Muthouse plant in 
eastern France. Reuter reports. 
This is because a third assembly 
line i« heinc brought into service 
tn raise output to 1.050 cars per 
day by ihe end of the year from 
about 800 at present. The plant 
produces 104. 304 and 305 models 
and has a current labour force of 


THE BOUT of severe price infla- 
tion in France, caused in con- 
siderable measure by the 
Government’s deliberate policy 
of increasing prices in tbe public 
sector to a more "economic” 
level, is continuing. 

In July, the cost of living rose 
by 1.2 per cent, responding not- 
ably to the rise in prices of coal, 
public transport and, above all, 
petrol and fuel oil. 

Manufactured prices were up 
by 1.4 per cent, of which half is 
attributable to higher public 
sector tariffs and to energy costs. 
This means that the rise directly 
consequent upon the Govern- 
ment's liberalisation of industrial 
prices is relatively modest. 

However, the first real judge- 
ment of the effect of price 
freedom will only be possible 
when the September index is in 
and the policy can be judged 
over a three-month perspective. 

The July rise means that 
prices are 9.3 per cent higher 
than a year ago, 6.3 per cent up 
since the start of the year and 
running at an annual rate of 
12.5 per cent on the basis of the 
past three months’ figures. This 
will certainly moderate towards 
the end of the year, wheat. the 
public sector increases and 
higher industrial prices are 

The latest increase also means 
that prices in France have 
exactly doubled since the present 
index came into force in 1970. 

M. Raymond Barre, tbe Prime 
Minister, has said that this year 
he .hopes to contain the rise in 
prices to 10.5 per cent, of which 
some 2 per cent will be attribut- 
able to the policy of mors 
realistic prices in the public and 
State sector. He insists that the 
current spate of increases are 
necessary to' purge the public 

PARIS, August 29. 

sector of an unhealthy level of 
subsidy and that it is not infla- 
tionary, since the basic economic 
activities like trade, money 
supply, and currency stability are 
in equilibrium. 

It seems unlikely that the 
Government will decide to re- 
duce petrol and fuel oil prices to 
reflect the decline of the dollar. 
This idea was floated by M. Rene 
Monory. the Economics Minister, 
;twd weeks ago, but it looks as if 
M. Barre has squashed it on the 
grounds that it is nonsense to 
cheapen the price of a rare 
commodity at the same time as 
encouraging people to economise 
on its use. 

• Credit du Nord, a small private 
bank, has said that it will cut its 
base lending rate to 8.90 per cent 
from 9.05 «per cent effective 
September 4, Reuter reports from 
Paris. Other banks are expected 
to announce a similar cut in the 
next few days. 

Dutch spending cuts criticised 


HOLLAND'S largest trade union 
federation, the FNV, has rejected 
Government plans for FIslObn 
($4.6bn) worth of spending cuts. 
Following the criticism last week 
of large parts of the plan by the 
traditionally more moderate CNV 
Federation, the Government 
faces opposition to its proposals 
from a significant part of 
organised labour. 

Parliament risks a major crisis 

of confidence with the trade 
union movement if it approves 
the plan, Mr. Wim Kok, chair- 
man of the FNV, told a news 
conference. Minor amendments 
to the proposals will not be 
enough to make It acceptable to 
the federation, he said. 

The FNV is particularly 
critical of the lack of detailed 
proposals to create new jobs, 
and of the placing of most of 

Sweden bank rate report 

THE BANK of Sweden is con- 
sidering a reduction in bank rate 
to 6 per cent from 6.5 per cent 
and a decision may be made on 
Thursday, according to commer- 
cial bank economists and 
currency dealers. 

The expected cut would make 
the fourth half point decrease 
this year and restore discount to 
its level prior to the two point 
rise in June 1976. 

The bankers said tbe calm 
surrounding the Swedish krona 
and the continuing improvement 
in Sweden's trade account should 
encourage tbe Central Bank 
governing Board to implement 
the cut at its Thursday meeting. 

Some economists, noting that 
the last cut was on July 20, 
agreed that a fresh reduction 
was likely to mate the costs of 
goverrvnent and corporate 
borrowing cheaper but saw no 
pressing reason for it to occur 
this week. 

The short-term market is 
likely to stay very liquid for the 

STOCKHOLM, August 29. 

rest of 197S due to the growing 
budget deficit and rising foreign 
exchange reserves, so the Central 
Bank can clearly use this situa- 
tion to lower interest rates. 

Currency dealers said a half 
point discount cut would have 
little effect on the krona since 
such a change is minor com- 
pared to recent foreign 
exchange swings of I, 2 or 3 
per cent in a session. 

A lower discount rate, how- 
ever, would contribute to reduc- 
ing inflation and making saving 
less attractive, with flagging 
private consumption stimulated 
to some extent. 

The bankers forecast a quarter 
point cut in the long-term bond 
rate to accompany the eventual 
discount reduction, although a 
healthy spread between shorts- 
and long-term rates will he 
maintained to facilitate the 
government’s long term 


AMSTERDAM, August 29. 
the burden of the cuts on people 
receiving social security benefits 
and on public sector employees. 

Mr. Harm van der Meuien. 
chairman Df the CNV. said bis 
federation did not reject the 
plan outright' but doubted it 
would lead to the creation of 
'more- jobs. It also criticised the 
proposal to restrain increases in 
the salaries of public sector 

Pari la meet is expected to 
debate the cuts, which will be 
achieved by allowing public 
spending to grow to only 
Fls200bn in .1981.- Instead of 
Fls210bn as planned in October. 
The Government . hopes to 
transfer resources to tbe private 
sector to achieve higber company 
profits and a cut in unemploy- 
ment to 150,000 in 19SI from 
200,000 now. 

Prime Minister Dries van Agt 
said in a written answer to more 
than 300 Parliamentary questions 
that the Government would give 
no detailed figures for the effect 
of the proposed cuts. There were 
too many uncertainties for a 
“ statistical blueprint ” to be 
presented and the figures would 
have to be revised from year to 

The ‘Government's proposals 
have also been rejected by 
unions representing public sector 
employees and the building 

The unions* reaction bodes ill 
for the annual round of wage 
negotiations which are due to 
begin in November. - • 


Weakening of inflationary pressures 


A VERY MODEST overall rate 
of growth, significant success in 
bringing down the rate of 
inflation, but a continued 
aggravation of the already very 
high level of unemployment is 
forecast in the OECD review of 
Belgium's economic prospects to 
the end of the year. 

The report suggests that the 
Government has little choice but 
tn continue existing policies, 
since further direct intervention 
would make little difference to 
the underlying trends. 

The hricMc't spot, according 
to the OECD. is ihe outlook for 
C'»rs’i!ii.T price# which could 
come down from a 7 per cent rise 
In 1977 t«i 4.75 per cent this year. 
It attributes this weakening of 
inflationary pressures to a more 
favourable trend in import 
prhv*: thanks to the appreciation 
of The Belgian franc, the modera- 
tion of international raw 

materials prices and energy, and 
the slowdown in negotiated wage 

It forecasts no serious 
problems on the balance of pay- 
ments front — now in rough 
equilibrium — but it notes that 
the country's continued depen- 
dence on exports of traditional 
products like steel and textiles is 
an element of weakness in 
export performance. 

General growth is expected to 
rise by 2.75 per cent this year, 
with gross household incomes 
expected to show an S.5 per cent 
increase and wages falling some- 
what short of the 1977 figure of 
a 10.7 per cent growth. A 2.5 
per cent in real disposable house- 
hold income is expected, allow- 
ing for more modest rises in 
direct taxation. Private produc- 
tive investment will shnw at the 
most a 2.5 per cent rise, almost 
entirely achieved over the first 

half of th« year, and total 
domestic demand is forecast to 
increase by 2.75 per cent in 

Tbe two main problem areas 
identified are unemployment and 
the extent of official indebted- 
ness. The report says that the 
7 per cent unemployment rate 
will get no better and will pro- 
bably get worse, with the tradi- 
tional structural and regional 
imbalances between supply and 
demand of labour being laid 
bare. The emergency schemes 
to absorb unemployment like 
boosting public sector recruit- 
ment will have no long-term 
effect, nor are intended to do so, 
the report notes. 

In view of the country’s heavy 
dependence on foreign trade it 
would be “difficult and probably 
ineffective” for the Government 
to try by itself to introduce more 
expansionary demand manage- 

PARIS, August 29. 

ment policies, but Belgium is 
well-placed to participate in 
international concerted recovery 
programmes, the OECD thinks. 

This year the public sector 
borrowing requirement could 
exceed 7 per cent of GNP com- 
pared with 2.5 per cent in tbe 
early 1970s, due mainly to the 
burden on Government and 
social security budgets attribut- 
able to the financing of employ- 
ment policies. Last year interest 
charges accounted for 10 per cent 
of Government spending. 

The OECD calls for a reform 
of public finance in the medium 
term to permit budget policy to 
remain flexible, but says that it 
would be wrong to try to curb the 
deficit substantially now while 
there is such a margin of unused 
resources -in the economy. In the 
short-term, efforts should con- 
tinue to contain the increase in 




Two Czechs have been jailed 
for spreading rumours about the 
country’s Communist leadership 
and a third is under arrest for 
criticising the Government, Czech 
emigres told Reuter yesterday in 

Mr. Ivan Manasik, a technician, 
was given an lS-month sentence, 
and Mr. Mkhale Kobai. a worker, 
was jailed for 12 months, on 
charges of spreading reports 
about back-stage clashes in the 
ruling poiitburo. It was said. The 
two men, who are aged about 30. 
were arrested last April following 
rumours that President Gustav 
Husak was under pressure from 
fellow poiitburo members over 
economic policies. 

The emigres said the two men 
were sentenced by a provincial 
court in recent weeks, but reports 
reaching Vienna from Prague did 
not indicate where the trials took 

Mr. Zdenek Kastak f32). a 
worker, was reported under arrest 
at Vrchlabi. in northern Czecho- 
slovakia, after sending critical 
letters to Government authorities 
and newspapers. 

A Protestant priest and known 
dissident, Mr. Jan Simsa. arrested 
In June, was said to be facing 
trial at Brno today on charges of 
attacking a policeman during a 
house search. 

Prague discussions 

Six visiting West German Parlia- 
mentarians from the Free Demo- 
cratic Party (FDP) had a lengthy 
meeting yesterday with Czecho- 
slovak Prime Minister Lubomir 
Stroll gal thte West German em- 
bassy said, in Prague. Reuter re- 
ports. The discussion between Dr. 
Strougal and the delegation 
centred on ways of deepening eco- 
nomic co-operation between their 
two countries, an embassy spokes- 
man said. Both sides stressed 
their interest in developing poli- 
tical economic and cultural rela- 
tions, Earlier, the West German 
deputies paid tribute to tbe vic- 
tims of World War n at Lidice, 
the village near Prague destroyed 
by the Nazis. 

Bomb attack due 

The Chief Federal Prosecutor’s 
office said yesterday that it sus- 
pected a link between detonators 
fished out of the Rhine by an 
angler and recent bomb attacks 
on British army camps in West 
Germany. Reuter reports. A 
fisherman found 33 detonators and 
two fuses in the river near Kaiser- 
werth. north of Duesseldorf, over 
thet weekend. On August IS. 
Rhine Army bases were hit by 
eight bomb attacks thought by 
police to have been the work of 
IRA guerrillas. The attacks caused 
extensive damage 

Japan -Russia talks 

A Japanese Parliamentary delega- 
tion left Tokyo for Moscow yester- 
day and is expected to discuss 
there the future of four Pacific 
islands that the Soviet Union has 
occupied since the World War 
1L Reuter reports. Tbe visit, by a 
five-member delegation from the 
opposition Japan Socialist Party, 
is the first since Tokyo and 
Peking signed a peace and fre.tnd- 
ship treaty earlier this month. 
The treaty has been severely 
criticised by the Soviet Union. 
Japan has insisted that Moscow 
returns the four islands before 
concluding a Sovlet-Japanese 
peace treaty, but tbe Kremlin has 
steadfastly maintained that there 
are no territorial issues outstand- 
ing betwen the two countries. 

Turkey blasts claim 

Government officials said they 
had no way of checking the 
authenticisy of claims by an 
Armenian extrimist group that it 
was responsible for a series of 
bombings in Turkey last week, 
Reuter reports from Ankara. A 
group calling itself the Armenian 
Secret Army for the Liberation 
of Armenia said in a statement 
issued in Beirut that It had 
engineered explosions at military 
installations and elsewhere in 
Ankara and Istanbul last Wednes- 
day and Friday. The only reported 
explosion was on the Galata 
Bridge in Istanbul last Friday, 
caused by a small time-bomb. 

with Danish ruling party 


THE SOCIAL Democratic -min- 
ority Government of Mr. Anker to be joined in a- 
coolitfon by the Liberal Party.. 
The two parties reached agree-' 
ment late last night after three 
weeks intensive negotiations. 
An economic stabilisation plan is 
expected to be the main point 
in the new Government's pro- 

The two parties have been the 
chief antagonists of Danish' 
politics for the past 80 years' and 
have never before served in. a 
government together (except in 
a brief liberation government 
of 1945), although they have; 
frequently made compromise 
agreements with each other 

Mr. Joergensen will present 
the new administration to a 
special session of -the Folketing 
(Parliament) on Thursday. The. 
Liberals will hold seven Cabinet 
seats and the Social Democrats 
12 or 13. . Mr. Knud Heinesen Is 
expected to retain the key port- 
folio of Finance, while Mr. 
Henning Christo ff era en, Liberal 
Party chairman,' will beedme 
Foreign Minister. j : . ' 

The new Government wlH have 
the hacking of 65 Social Demo- 
crats and 21 Liberals, plus- hue 
Greenland and one Faroe Island 
member who normally support- 
the Social Democrats. The total 
strength of S8 is one short of. 
an absolute majority, but the 

coalition Is expected to enjoy a 
broad backing from the RlRnt- 
Centre parties and, in practice, 
to be unassailable until the next 
general election, due in twb-and- 
a-half years’ time. 

Mr. Anker Jorkenscn 
Officials said that a call for 
zero wage increases in next 
spring’s collective wage agree- 
ments, coupled with a warning 
that anv pay rises will be 
nullified by tax Increases, is one 
of tbe key points in the agree- 

COPENHAGEN, August ; 29 . 

ment In addition; there will- be 
public spending cuts: aaff there 
are strong rumours ; of -tax 
increases this autumn toiprevent 
a boom- in consumer spending 
next year. A capital . gains tax 
is also expected to be-tntfoduced 
on residential property. .-« ■ 

The Trades Union '--.Council, 
which has been * consulted 
throughout by the - Prime 
Minister, does not support -the 
agreement but iS:’ unlikely" to 
oppose it actively. The unions 
arc bitter because the agreement 
drops a anion inspired tax 
reform, most of the points lb a 
proposed socialist housing 
reform aod contains no commit- 
ment to introduce “economic 
democracy” by means ■ of 
employee co-ownership. The 
unions have said that these three 
reforms were their conditions for 
accepting, wage restraint « 

Sources said that public spend- 
ing cuts will inclu de ~'th e_ post- 
ponement of the constiuctioh of 
n bridge across the Great $elt 
(One of the two nialn (^trances 
to the Baltic), and of a distribu- 
tion network, for Danish North 
Sea natural gas, both expen&ve 
projects which have’ ■ often 
strongly criticised on ’economic 

Both the bond and share 
markets reacted positively today 
to the news that a new govern- 
ment is on its way, ' 

Violence erupts again in Spain 


FOUR assassinations- of members' 
of the security forces, and (wo 
attacks on police stations within 
the past 24 hours have abruptly 
ended a six-week summer lull-in’ 
Spanish violence. Police and 
the Government seem convinced 
that this sudden eruption of 
violence is co-ordinated. 

Responsibility for two of the 
assassinations was claimed today 
by the allegedly extreme left; 
wing group GRAPO. while the 
other two killings are thought to 
be the work or factions of the 
militant Basque nationalist 
group. ETA 

Three killings occurred yester- 
day morning within the space of 
35 minutes in the Basque town, 
of Mondragon, in Barcelona and 
in the Galician town of Santiago 
de Compostela. A fourth 
assassination took place late last, 
night near the Basque, frontier 
town of Inin.- . The two members 
of the security forces killed in 

the Basque country are under- 
stood to have been involved in 
intelligence work. 

An unknown group, the 
Galician Armed League, claimed 
responsibility for the assassina- 
tion in Santiago de Compostela 
and in a subsequent message to 
a local radio station said its aim 
was to carry out a policy of 
national destabilisation “ to 
achieve the liberty of ail 
colonised peoples” ' 

• Today, however, the Madrid 
evening newspaper Informa- 
dones, said it had received an 
anonymous call in which GRAPO 
claimed the responsibility for 
this and the Barcelona killing. 
Barcelona police, meanwhile, an- 
nounced they were holding three 
people in connection with the 
Barcelona policeman’s death. 

This violence, accompanied to- 
day bv a powerful bomb explos- 
ion outside Soria Prison, is the 
first since the assassination in 

MADRID, August 29, 
Madrid on July 21 of two 'senior 
army officers. Then, the police 
said GRAPO was responsible, but 
ETA subsequently claimed the 
attack had been the work of one 
of its commando units operating 
outside the Basque- country. 

The attack occurred at the 
moment' when the Lower House 
of Parliament was approving tne 
new constitution. The new 
-violence comes at a. time when 
the Government is just beginning 
to pick up from .the summer 
break and while . the Senate is 
in the process of debating the 
new constitution, r • 

The identity of GRAPO, in spite 
of official insistence that it is an 
extreme left-wing revolutionary 
group, remains obscure. The 
possibility that there is .a con- 
nection between elements of ETA 
and GRAPO has been SUBR®* 4 *" 
but not proved, and so far these 
latest attacks have, done nothing 
to clarify such a link. 

E. Berlin lauds space venture 


EAST GERMANY'S “ xesearohproject say the Soviet Union has 
cosmonaut,” Lt ,-Col . SiegnMind two main aims in allowing Ml 
Jfihn, who is aboard the Salyut East German, and previously a 
8 space station with 'three Soviet Czechoslovak and a Polish cos- 
cosmonauts, is being compared monaut to participate in the 
| by tbe main Communist Party Salyut programme, 
newspaper Neues Deutschland ^ 

with such illustrious German .“JSJSriS 

«*mtists as Kepler, Leibniz. &J5 

Hertz T4-i»VyWKfH and Emstein. E*? 4 Europeans that their 

alliance with the Soviet Union 
This is only part of the large will one day. produce the same 
build-up beam s g iven by East join* benefits in Come coo, for 
I German govennaneot media 'to example, as in outer space. The 
the joint apace venture which Soviet Union, an addition, wants 
has lifted an East German into co share a -larger -part of the 
ortafct at least three years before enormous -cost of their space 
the first West German can programme with advanced 
begin working in the European Camecon countries such, as East 
space laboratory. Germany, Czechoslovakia and 

A well -known East German Poland. Tbe East Germans, in 
nuclear physicist, Professor particular, are being urged to 
Klaus Fuchs (67), who is a contribute more to -the Soviet 
member <rf -the presidium of tbe space effort than they have 
East German Academy of already done. 

S cie ntists, said this “historic East -Germany’s industrial 
event, this joy and pride would combine. Carl Zeiss Jena, 
be untMnkaJrie without the un- especially developed the costly 
staakeabile friendship of our. multi-spectral pboto-reconnais- 
rpeople with the Soviet people-" used on 

fL* Fn rm-ioc nc w.Rr» L™, board Salyut 6. As sub-contrao- 
East European^ who are know- tors to the Soviet space pro- 

iedgeable about the Inter-Cosmos gramme, the East Germans have 

BERLIN. August 30- 

had considerable expenses in 
Western currency to obtain tech- 
nical and scientific equipment, 
including testing apparatus, in 
order to meet the exacting Soviet 

Domestically, the space feat is 
being used by the East German 
leadership to bolster the convic- 
tion of the average East German 
that he is just as capable as a 
West German. Thus, the ban- 
ner headline in Neues Deutsch- 
land hailing “the first German 
in space, a citizen of the GDR 
This comes close' to- nationalism 
in a country which otherwise 
refers to its oWn people as ‘'citi- 
zens of the German Democratic 
Republic ” put rarely calls them 
Germans. ■ 

LL CoL jahn is scheduled to 
stay on board the Salyut 6 sta- 
tion together with the comman- 
dant of tbe Soyuz 31 spaceship, 
Valeri Bykovski, for a week, con- 
ducting a series of .experiments 
with East Gennaranade scien- 
tific- instruments. - 

Financial Tmo. p a b fa facd dally except Sou* 
d*vs and hnlldnv. US. aUMcrtptkna SWJ.nv 
Wr Prdghrt ’S365.00 tnafl) per hum 1 ”- 
Second cluf Kmcue rtid *i New York. N.Y. 

Prominent Percentages (3 

This is Lurgi 

Lurgi Chemie und 
Huttentechnik GmbH 

Process Divisions: 

— Inorganic Chemistry 

— Ferrous Metallurgy 

— Non-ferrous Metallurgy. 

Lurgi Kohle und 
Mineralolte chink GmbH 

Process Divisions: 

— C-oal Technology — Gas Technology 

— Refinery Construction 

— Petrochemistry 

— Fiber Technology. 

Lurgi Umwelt und 
Chemotechnik GmbH 

Process Divisions: 

— Dust Collection and Emission 

— Waste Gas. Water, Air 

— Thermal Processes 

— Cellulose and Biotechnology 

— Gotek — Workshops. 

Organization Abroad: 

Subsidiaries in Amsterdam. Bruxelles, 
Johannesburg, London, Madrid, 
Melbourne, Mexico DF M Milano, 

New Delhi. New York. Paris. 

Bio de Janeiro, Stockholm, Toronto, 
Wien. Zorich. 

Branch offices in Tehran, Tokyo- 
Representations In Caracas, Kuwait; 
Manila, Riyadh. 

Agents in more than 40 countries. 


Design, supply and construction of 
turnkey plants, individual units or 
equipment, erection and start-up of 
plants inclu ding proof of fulfilment 
of guarantees: development and 
licensing of processes and equipment 
Lurgi itself Is not a manufacturer of 
machinery and equipment and 
selects the most appropriate suppliers 
in Germany and abroad for each 
individual project, „ ^ 

60% of Lurgi’s business 
comes from existing 

Today’s customers make steadily. growing 
demands on their production facilities. 

That’s why absolute reliability and top performance 
are essential prerequisites when selecting 
an engineering partner. 

Last year, 60% of Lurgi’s turnover originated from existing 
business relations: from regular customers who appreciate the advantages 
of working with an experienced partner in projects involving risk 
such as the planning and construction 

of new plants or the extension of existing ones. 

Lurgi builds large-scale plants for all sectors of industry throughout the world. 

Lurgi’s sophisticated technology and know-how ensure 
technical and economic reliability not only 
for the immediate future but also for decades to come. 


...the plants are 

by Lurgi D -6000 Frankfurt (Main] 2 - Federal Republic of Germany • P.O.B. 119181 



August 30 1978 




Apel warns 
on medium 


July 1973 

This an nouncement appears 
as a matter of record only. 

AylMIQUE experiment in West Bertelsmann umbrella.” three more. “ W V/dUUUiJ 

*8*5 **&**&. As the -publishing director- By Adrian Dicks 

Seft^ver S ^ C?nfliCt l*i. ln V 16 “ em P lo yee of the concern— was BONN, August 29. 

mainiSh Left-wing authors for hardly likely to vote with the THE US. Administration has 

rhp wepB ex P. ec tedj«) work authors in a dispute involving been given a firm. If veiled, 

Autoren- nndera conservative, 'Protestant the interests of the Dublishirm warning by Herr Hans A Del 
uiMui^th^ 11 ^* ■ *?? ^ P^Ksher. The Bertelsmann com- group, the tied vote was built in the West German Defence 

?* industry. pany arais are defined -Hr.A char- fc «5e « a tie a book 2? art MialslerTthatthe^KreyaV^ 

ArtorenEdition." which has ter which rays that the company StSS£ ' ' n£rt of mediS-raLe n^r 

views loo^ ““IS”” 1 * ™s is what happened when weapons must he brought 

S bootarSS y wK. 2 tee tw® sides couGnot reach «*«wer to the forefront of the 

£lrt „^K^l. pubUc ;'?£^Z^ e ^ om , of lChe todiivMual in agreement on a new novel Die “Trent round of strategic 

to** Bertelsmann 1 »° w* 1 £&? i l£? c ' OWD Herren des Moigengraqens, by arm s limitation talks (SALT) 

to jserteisnrann which, despite opinion, hut which adds ■ that Peter n rhoHm^^Thn ramit- with the Soviet iininn ' 

S3 CO £*J ot **"**&". -e^ouragement urgfvet, -to tto Here A^Y'IuEi to ' a little 

aianged mood among -West development of different; atti- whole^^mri^r noticed soeechtn « serial 

sfTe L nt 5 S£ |i“ ce cunpaip. for D^^tiTparS dJSS 

egmge in terrorism in re “nt faction." .The the book had sterSd thTcofr symposium last week that 

The irfiomi* 2X55*' 22?2£ ee ^? e t0 ■&* tract had been sighed and an Washington has accepted West 

when severs? began ' 3 °_ .ffi 2 odvocates a democratic advance payment already made German arguments, on the 


DM 420,000,000 

long term loan at a fixed rate of interest 

being the part guaranteed by the Federal Republic of Germany of the OECD 
loans to Portugal totalling US $ 750 Million. 

when several- young writer* 
approached Serteismami — the 
biggest .book publishers in West 
Germany and one the largest 
media concerns in the world— 
with an ambitious idea. They 
suggested there should bo a kind 
of joint sway by * authors and 
publishing house over the choice 
of works, printed: 

_T®» scheme appealed to 
.Berueteanann— — not least ■ because 
Hie company was interested in 

Washington has accepted West 
German arguments, on the 

In a new publishing 
venture, some We$t 
German authors have 
been allowed a say in 
what types of frx&s r 
- should be. offereiltd th 


when Peter CSbotjewrtz handed Id ^ e ^J rea weapons, such as the 
the complete manuscript in May. Bocknre bomber and SS-20 
Previously only a few opening 

chapters and the end bad been , T hese weapons were not 
known to Bertelsmann. Soon a f£r esic 111 ,be cont *xt of the 
string cf demands for changes °“** era l UA.-Soviet military 
reached the author, who tried to “ err AP* 1 noted, but 

/vunnln L- m TRPVr yiplil U.'Or ana# 

what tvnog comply. Bid: he was not ready was great enough 

wnaiiypes ot BOOKS to change the structure of his 1° strategic threat 

snould be offer edto the *>«* or its general political Eoxopean NATO 

nnhljp - direction. countries. Yet NATO had no 

pupiie ... . r- The action of the complex e ^ cU i c ®“parable systems to 

- ■' *- ^ set off against them In the 

iiim in v 

. . L!?£ ere ? ed ta r ~' T — novel' is played «rt among a *? T most them In the 

jSdHraaKt? iSSSL ? 00 £ sod< * y based ah-ffie West Ger- of people accused of S§ng J"™*: 

literature to man constitution and supports 31 least moral support to terror! ^ * 5^?®® ***“1 SALT Is to be 

SKiiSS? 114 - 15 otber "W^espread the principles of the freejruurket activities andvrewof society jndged favourably in the light 

“2J”£ ma^publishing, economy The key^-and <S5y aStobS £ 8 £f bIe strategic balamS.” 

%i!i£L!!£2 si ?’£" , At *be outset, four asrtbore as graphical— figure is an author , Geraan Minister 

business editors and' one Berte&mano lawyer investigated by police ^ d ‘ . But the world power 
^Kfif?^ n ? ed m ^ 8 ^ ,n th ® West- manuscript reader cotdd 5 freely for allegedly Supporting* terror- tte u - s -’ and the 

° f G “f ters l?h by decide which books ware to be ism - author is writing a m,e ^ Is of the 

who sp 5 aaIiSed ««epted for AutorenEdition. boofc about a. man' with a teiro* 2S“5 , whole, need to be 

'lif™ AlShou^ the venture remamed a wt called Andl (felt by ® * ogeth . er - 

Munmiinf^r 1116 l0Cal Galv ^ llst loss maker, it enhanced Belters- f ome to be a reference to the ff i«iEY^ ( l n5 lc a »f^! b J Iity * ..h® 01 
j -- marni's reputation - by Sprinting 13 te terrorist. Andreas Baader) regional, must not 

It has now e me reed as a media immIc -*i_ v.i3 who ic mn<n<u»j ^a. _ u_-_. only bold true between ihe 




m an aged by 

comanaged by 






Tit...,™- - ■ . luatm* repuiauon • Dy-.pnnting iwforisc, au areas rsaader) -u ,r nw 

®s a media novels and poetry generally held ^bo is compared with a historic ^lL b 2? between the 
concern with an annual lurn-tobeof "high quality.-^' I tali an freedom fighter. world powers, but must be 

0181 8111 51 was an Irritant tqo. As . T^ In 'particular seems to £!???, vZSLtJV 01 '* Eurape 

reugious impulse still runs early as 1974. Bertelsmann de- have given rise to he Wni an ^ * or Europe.” 

? oar ^ c hair- (dined to take legal responsibility misgivings of 'the p r ^7 tbat 

.man _«nd great-grandson of the for - a so-called factnaf novel B ertelsmanh staffT^Herr Beck- wP!? e, i t ■ L co n,d „Ererimev 

grander. Herr Reiohard Mohn, which AutorenEdition" unhHshod mann, however, insists that th- bad declared himself ready to 

provided by 

toonder. Herr Rein ham Mohn 

proved both within Europe 
and for Europe.” 

Herr Apel added that 
President Leonid Brezhnev 


* intensive 

V. . i«uui«a.- uuvei — — *-*■*“« puui.. jhux oecs- 1 ,-j 1 . 4 . 

i» which AutorenEdition' published. “““V however, insists that the 
e Grosses Bundesverdlpistkreuz decision not to publish the novel J!" 

a (named after one n* ti^vjcriiocf was taken on mn-eiv literora raEaium-range p 


ATJ^rz " . . utosses xsuzKiesveraienstKreuz "in ro puDiisn tne novel ^ 

SEfS^J 1 ? b 1 !J ngl ^ lg “ a (named after one of thohighest w® 5 token on purely literary, potenba 1 durmg ■_ 

drtMmiiiaag factor m his life's West Gennan decorations)^ a aesthetic grounds as the aulliar fe-S? * 
wo** 1 - _ highly successful cohteovezslal was not able to reconcile the f 0 ®™ to hope that this 

3216 nwan me- writer. Bered^elman^ htots tw -^, lev ® 3 ® his boot” ™5S^r2SSj‘ 0 tte West 
«ss formula worldwide. The at the existmeetf TbSh-level Tb e ©«htors of AutorenEdition rednced * . t 

Bertelmignn chibs now have a right-wing cartel with a- Nazi d Engehnann then told was now JP to both the • 
total of &2m members— in Ger- ^mS-Amon^ottonL be public of their vote fw- the f.^Powers^ to widen the 
Em ^ e i. and Latin ex^dl^mentioned Dr- Hanns- ? ut hor and mentioned M disturb- J?™* t0 toolude 

America. In Britain, a Bertels- M^in rr, in g goin»-on" at Bertelsmann “tedium-range weapons In an . 

5Ki SlSiS 8 ^ Leisure ists’ leader mi^redby^SSs 2“ co v ? c f rn Promptly claimed S5tv of ’ 

Gfrole opened at the end of last last October * - gone against the *® f at the same time 

yea r - Bv the of I 077 _and mr AuterenEdltion’s statute and ?, s HZ*?* to expand the arms 

Kie books offered cater to the ttadarly i^the 1 5ake^of d S?i‘ ^PP^ ft e experiment JSS?** 0 !? P^f^NATO must /,. 

readers of bestsellers . rather murder-the poUtiSdltoate to v Peter ^otiewitz whose book 8t ^“* thcn *«* own 

Am to the intellectuals. In a West Germany had hardened. bas *v. n0 «r been acce Pted by to the - 

stock German phrase, Bertels- Tim statute of another West German publishing Sovlet snpenority in medium- 1 

mum was often ridteuled fw company, felt that the rejectiof • ^ VQtentisL 

pubMshmg for “Idesehen chanmd. It S of ^ novel was an “ obvious ' • A Rmnanian official who 

M aftHer," which translates per- thr^uihoiM: case of censorship” Bernd ramshed in West Germany . 

to®* as “Tom, DtefcandlL?£” ® n f elB ^nn ^nt so far as toSy earlier this month has defected 

To counteract that,. BerteSsiSnn should «u?have tha » ^ Bertelsmann had only and revealed that a Communist 

wanted a literary showpiece. edita£ 8 watted for something like the spy Is active at the highest 

AirtorenEditionwasintradedto S b ? t,ew ^- affairto * e * rid of the levels of the West German .. 

fulfil that . desire. It “S Autor^tion Which, had «tabUshment,_ the newspaper 1 

















iUki’ Uf 

NMOthat. deBire. It was ^ 

deacribedin a company leaflet as votes. \ onhWchiin* anembarrassment But 

“a progressive model for vnmu> Ooi-harH* Beckmann emphasises that 

&ssa Bsssaeta a 



ft • l 

■rfm M. . [hh r 



This is just one example which needs to be completely 


For 12,000 of our primary schools, urgent renovation 

is necessary. 

. And for approximately one-third of all our schools, 
extra classrooms are called for. 

We are in an age where education is all-important. 

As a nation, we must make sure that our young people are 
prepared for it. 

In the Building Materials Industry we are ready to 
show how private enterprise can work for Britain. 

Despite a drastic cut-back in orders over the past 
.few-years, we have invested heavily in new plant and 
modem techniques. . 

We have one ofthe finest records of labour 
relations in the country. 

And we have built up our exports to a healthy 
£1,000 million a year! 

At the same time, we-are using less energy to make 
the same amount of materials. 

A saving equivalent to a million tons of coal every 
twelve months. 

These are all signs of a highly efficient industry. industry that believes implicitly in Britain's 
ability to compete with anyone, anywhere in the world. 

An industry that could provide the materials for as many 
schools as we want 

We know that occasionally, cut-backs in spendinq - 
are necessary. a 

All we say is, let's make sure that our savings aren't 
at the expense of our children. 

Hie Building Materials Industry 

Tb get the country right, 
we must first get our priorities right 


Texas Commerce Bancshares. Inc. 




Incorporated with Limited Liability In the U.SJL 

Consolidated Statement at 30th June, 1978 


Cash and Due from Banks 

Time Deposits with Banks..— 

Total Investment Securities 

Loans $3,624,821,000. 

Less: Reserve for 

possible credit losses 34,905.000 

Funds Sold...- - 

Banking Premises and Equipment 

Other Assets 

Total Assets. 


Demand Deposits , 

Time Deposits 

Foreign Branch Deposits — 

Total Deposits... 

Funds Purchased 

Other Liabilities- 

8£% Debentures due 1985 

Total Liabilities.. 















Preferred Stock. 

Special Preferred Stock. 

Common Stock. 

Class B Stock. 


Retained Earnings 

Total Capita! Accounts... 

Total Liabilities and 

Capital Accounts 









Board of Directors 

HERB ERT'ALLEN. Director & Consultant. 

Cameron Iron Works. Inc. 

GARNER ANTHONY. Chairman, Cox Enterprises; Inc, 

J. RUDNEY ATALLA, Director. Vice Presidents iT 
Usina Central do Parana. S A. 

JAMES A. BAKER. 111. Parmer. 

Andrews. Kurth. Campbell & Jones 

TH DMAS D. BAR ROW. Director & Senior Vice President. 

Exicon Corporation 

DONALD L. B ENTS EN, President. Tide Products. Inc. 
JACK S. BLANTON. President. ScurlocR Oil Company 
HOWARD BOYD, Citai/man.The El Paso Company 
CHARLES C. BUTT, President 
H. E. Butt Grocery Company . 

THOMAS L. CARTER. Investments 
EDWARD A. CLARK. Senior Partner. 

Clark, Thomas. Winters &Shapiro 

C. W. (Tex) COO\L Chairman. Executive Committee. 

General Foods Corporation 

J. H. CREEKMORE.finss/tfenf. Houston Endowment. Inc. 
JOHN H. DUNCAN. Chairman. 

Gulf Consolidated Services, Inc. 

G. E. ENGLEMAN, Chairman.Texas Commerce Bank- 
Fort Worth.Texas'Commerce Bank- Hurst 
HERBERT E. FISHER.C*a/rman,Kaneb.Services,Inc. 
Pipe Line Tecfinologistsjnc. 

J. ROBERT FLUOR, Chairman. Fluor Corporation 

•Valores Industrials 

WILLIAM C. HARVIN. Senior Partner. Eaker&Botts 

Texas Commerce Barik-Houston ... 


Houston Natural Gas Corporation 
ROBERT E. HIBBERT. Oil & Gas Producer. . 


Hughes Tool Company - 

E. C. JAPHET. Investments 
MRS. LYNDON B.- JOHNSON. Investments - • • 
WILLIAM H. LANE, President. Riviana Foods Inc, 

HENRY F. LeMlEUX. Chairman & President. 

Raymond imemationallnc. 

BEN F. LOVE. Chairman and CEO. 

Texas Commerce Bancshares, Inc. 

THOMAS B. McDADE. Vice Chaimian, 

Tevas Commerce Bancshares. Inc. 

W. A. MONCRIEF. Jr.. Oil & Gas Producer 
ROBERT MOSBACHER.Oil & Gas Producer 
W. D. NOEL. President. El Paso Products Company 
LESLIE C. PEACOCK .Vice Chairman. 

Texas Commerce Bancshares. Inc. 

WILLIAM W. PH I LL1PS. Jr.. Chairman. 

American National Bank of Beaumont 
CHARLES SAPP. Senior Partner. 

Liddell. Sapp.Zrvley & Brown 

-ROBERT R. SH ELTON, D/rec/or. King Ranch. Inc. 

HARRY K. SM ITH, Chairman. Big Three Industries. Inc. 
JOHN E. W H ITM ORE, Senior Chairman. 
i exas Commerce Bancshares, Inc. 

C. HOWARD WJLEMON. ^President. 

Arlington Bank SiTrust 

London Branch, 44 Moorgate EC2R 6AY, Tel: 01 -638 8021. Telex 884851.. 

M. ROBERT DUSSLER, Jr. Vice Presidentand General Manager. 

Offices: Houston, London, Nassau, New York, Mexico City, Tokyo, Bahrain, Caracas and Hong Kong. 

m- ’ <. x r 


‘ ‘ : , “ 


■ . . . . -■» 

■ - b j 

• 'V-. 

|V . . 

Gulf security a key issue 
in Hua’s Tehran talks 


CHAIRMAN Hua Kno-feng 
arrived here today from Yugo- 
slavia for a three-day visit to 
Iran.- the first of its kind to a 
uon-Communist state by the 
leader of the People's Republic 
of China. 

.The Chinese leader was 
greeted at the airport by -the 
Shah. The two leaders presided 
over a full military .ceremonial 
with 21-gun salute and- a goose- 
step march-past Chairman Hua 
went on to a symbolic banding 
over of the- golden key of the 
citv before leaving for the 
Golestan Palace aud a banquet 

Iran opened diplomatic rela- 
tions with China in 1971 when 
the Shah was asserting bis posi- 
tion in the Third World. The 
build-up to the present visit 
came with trios to Iran by 
China’s Deputy Foreign Minister 
Id April and. Mr.. Huang Hua. the 
Foreign Minister, a month later. 

In July this year Mr. Sung 
Chen-ming. China's Petroleum 
Industry Minister, visited the oil 
fields of Khuzistan in south-west 
Iran. There has been talk ^of 
possible Iranian participation in 
the develooment of China’s oil 
industry. China imported. 300.000 
tons of oil from Iran last year 
but the oil trade is regarded as 
of greater importance diplo- 
matically than economically. 

Chairman Hua’s visit comes 
after two years of private corres- 
pondence between the two 

leaders which began on the 
initiative of , Chairman Hua in 
October 1976 ' shortly after the 
arrest of the gang of. four, 
according to a diplomat close .to 
the Chinese. It appears that 
discussions by letter, became so 
involved that the Shah felt it 
appropriate to extend an invita- 
tion. Although the Shah issued 
the invitation it is felt that. 
Chairman -Hua was particularly 
in favour of the visit 

During talks over the nest two 
days Chairman Hua and the Shah 
are expected to cover a broad 
range of topics in world politics 
including the Middle Hast and 
the Soviet Union, with which 
Iran baa close diplomatic and : 
trade ties. 

The most important topic 
likely to be covered in the Middle 
East is that of the Gulf security- 
pact which has been under dis- 
cussion for. two years. China 
supports the establishment of a- 
Gulf security -pact as a bastion, 
against farther Soviet expansion- 
in the area. Chinese leaders are 
believed to have indicated their; 
view in talks in Mav with an 
Omani delegation which visited' 

The, Chinese visit Is taking 
place against -a background . of 
serious internal political crisis. 
While festive red Sags have been 
fluttering over the . capital. 

Iran's security forces have been 

TEHRAN, August 29, 

struggling with prolonged dis- 
turbances in parts of the country. 
-The violence included a fire in 
-Abadan last week in which 377 
people died and the agitation 
culminated in the dismissal of 
-Mr. Jamshid Amouzegar, the 
Prime Minister, only two days 
before the Chinese leader’s visit. 
Iraq today handed over an 
.Iranian who was said to have 
confessed to taking a role in 
. the Abadan fire. 

Paul Lendval reports - from 
’Vienna: After nine days of talks 
in Belgrade and on tbe Yugoslav 
President’s island retreat . of 
Brioni, Chairman Hua and 
'Marshal Tllo decided that they 
bad identical or similar views 
on raanv international issues. 
While there were some differen- 
ccs, they agreed' that they were 
‘ not an obstacle to wider co-opera- 
tion between the two states and 
the two Communist, parties. 

Underlining the friendly 
atmosphere, the 86-ycajwild Yugo- 
slav leader embraced bis uuest 
this morning before Chairman 
Hua took off 1 for Tehran. . . 

At a farewell dinner last niebt 
Chairman Hua acain levelled 
.strong attacks against imperial- 
ism.' colonialism and hegemon- 
ism. which is the code-word for 
Soviet foreign policy. Marshal 
Tito told Chairman Hua that 
China had in Yugoslavia a 
sincere friend. ______ 

for talks on Middle East summit 


THE SYRLAN Foreign Minister. 
Mr. Abdel Halim Kbaddam flew 
to Moscow today probably to dis- 
cuss Middle East developments 
in tight of the forthcoming Camp 
David summit conference and 
the threat of Israeli military 
intervention against Syrian 
troops in Lebanon. 

Syria and the Soviet Union 
have strongly opposed . the 
summit and called for a return 
to the Geneva conference to 
bring about an all-embracing 
settlement of tbe Arab-Israel con- 

The Soviet Government news- 
paper IzvestLa yesterday accused 
Israel of deliberately heightening 
tension in Lebanon to divert 
attention away from what the 
, newspaper called moves to con- 
clude a -separate peace., with 
Egypt. It also said the Israelis 
were trying to turn the Lebanese 
Christians into a “fifth column 
- not only in Lebanon but in the 
rest of the Middle East as well." 

Newspapers here today said 
that Syria and Israel were 
headed for an outright confronta- 
tion in Lebanon. 

The Press highlighted statae- 
ments by Syrian and Israeli 
leaders yesterday about the 
Lebanese situation. Syrian Presi- 
dent Hafez al-Assad warned that 
Syrian troops tin Lebanon will < 
confront any Israeli aggression t 

Earlier, two members of the 1 
foreign relations and security 1 
committee of the Israels Knesset i 
■called on Prime Minister « 
Meoahem Begin to take quick < 
action to help the Christian 1 
population in Lebanon against < 
what they called “ annihilation " i 
at tbe hands of Syrian, forces. 1 
The two members were Mr. 1 
Moshe Aresns and Mr. Yigal 
Allon. s 

. Syrian troops of the Arab t 
peacekeeping force have been a 
engaged during the past few a 
days in clashes in the north of z 
the country with Christian. C 
militias. r 

The command of the force v 
called it a ‘mopping up' opera- c 
tion ’’ against gunmen in the 
area. Tbe -latest action was a 
carried out yesterday at the r 
Cedars of Lebanon. > 

'-The tension has. also resulted d 
in recurrence of fighting in the o 
south-eastern suburbs of Beirut, C 
where sniping and sporadic shell- C 
ing were reported today. si 

The violence threatened a 
three week-old ceasefire which 
was arranged 'here' between 
Syrian forces and the Christian 

President Assad issued his 
warning after holding talks with 
the Lebanese Foreign Minister, 
Mr. Fuad Butros at the Syrian 
Mediterranean resort of Laltakia 

The discussions centred on 
stabilising the situation in 
Lebanon, it was announced. , 

Syria maintains about 30,000 
troops here which form the back- 
bone of the Arab peacekeeping 

• Our Jerusalem Correspondent 
adds: Israel is viewing . the 
Lebanese conflict with unease 
and, according to officials., iasj 
conveyed a message of concert ’to 
Syria . via U.S. . diplomatic 

The Israelis are on record as 
saying that they will not stand 
by and see the Syrian: peace keep- 

BELRUT, August 29. ^ 

lng force crush the right wing 
Lebanese Christians who are how 
regarded here as staunch allies 
of Israel. Direct military action 
against the Syrians would be 
fraught with risks that tbe 
Begin Government would just as 
soon avoid, especially at a time 
of preparation for the tripartite 
summit at Camp David. 

Last month, Israeli jets went 
over the embattled Syrians in 
Beirut as a token warning of 
what could conceivably be in 
store. But this, kind of gesture 
cannot be made repeatedly and 
retain the salutary effect it 
appeared to have the first time. 

Prime Minister Begin and 
other leading ministers have 
refrained from public utterance 
on the latest flare up in. the 
northern part of Lebanon. But 
several key Members of Parlia- 
ment yesterday met Mr. Begin! 
and demanded, immediate action 
to relieve the beleaguered 
Christian community. 

Chinese delegate leaves 
meeting on Vietnam rift 

PEKING, August 29. 

CHINA’S CHIEF' delegate to 
ta&s with Vietnam on thedr 
bitter dispute has returned to 
! Peking for consultations during a 
’ break in tbe discussions. In- 
formed sources said today that 
the talks had not been broken 
off with the return home of the 
Vice-Foreign Minister. Mr. 
Chung Hsi-Tung who conducted 
four sessions this month with his 
Vietnamese counterpart Mr. 
Hoang Bich Son. 

The New China. News Agency 
said Mr. Chung had “returned 
temporarily on business ’’ and it 
appeared that he had taken 
advantage of a spell before the 
next session to report to Peking. 
Other members of his delegation 
remain in Hanoi and eould deal 
with any urgent matters that 
crop up. 

The talks began on August S 
and have not -followed any 
regular pattern — some meetings 
■were a week apart, others only 
days. They deal with the position 
of more than lm people of 
Chinese origin in Vietnam. 
China says they are being per- , 
seemed, victimised, ostracised 

i and expelled by Vietnam. Hanoi 
• denies thtis and aecuses Peking 
of “inerting” more than 160.000 
people to cross the border. 

Mr. Chung said at the fourth 
session on Saturday that Viet- 
nam had turned down Peking's 
proposals for a settlement “thus 
leaving no room for any further 
consultation." Mr. Son told the 
same meeting that the proposals 
were hot acceptable and “the 
talks will get Into an impasse." 

Tbe two sides bitterly attacked 
each other at the fourUi session 
over bloody incidents at the 
friendship pass border check- 
point the .previous day. Several 
people were killed and many 
wounded aud , 2.500 people 
stranded at the pass stampeded 
into China. 

Tbis was followed, China said 
by the occupation of a piece of 
Chinese -territory by Vietnamese 
tyoops. Tbe New China News 
Agency said the Vietnamese 
troops dug trenches and erected 
barbed wire around the ridge 
over the weekend but has not 
said if they are still there. ' 



By Bernard Simon 

August 29. 

Mr. Charles FlddiaWireCu, 
the chief executive of the 
South African transport and 
hotel, group, Rennies ~ Con- 
solidated Holdings; which > 
controlled by Jardine 
Mathieson of Hong Kong, was 
today convicted by a Johannes- 
burg. court of contravening 
South Africa’s foreign , ex- 
change regulations. Sentence 
’ was postponed until tomorrow. 
, Hr, Fiddfan-tireen admitted 
to tbe court that he . had 
. illegally said the . .foreign 
. currency equivalent of nearly 
' R 60, 000 (£35,000) to a person 
who was not a government- 
’ authorised ro reign exchange 
; dealer. 

Mr. Fiddian-Grccn's . convic- 
tion is tbe latest in a series of 
developments in which several 
. senior Rennies executives have 
been linked . with ' police 
investigations into infringe- 
ments- of foreign currency 
regulations; Last week the 
President of the group, Mr. 
Gordon Rennie^wbo was found 
in a Johannesburg hotel, room 
with, throat and wrist wounds, 
was charged, with breaking 
exchange control rules. He is 
due to appear in court after 
his discharge from hospital- 

Meanwhile, the Board of 
Rennies decided at a meeting 
yesterday to “re-all ocaAc" the 
duties of two senior directors 
who have been missing from 
South Africa for over a week, 
and are believed (s have been 
questioned by police in con- 
nection with Investigations into 
foreign exchange irregularities. 

Tbe men concerned are Mr. 
Laurence Parry, the managing 
Director In Southern Africa nf 
Holiday Inns (a Rennies sub- 
sidiary), and Air. Gerry 
Wiehabn, who Is responsible 
for Rennies liquor and manu- 
facturing divisions. Mr. Tarry 
and Hr. Wleluhn were warned 
last Friday that unless they 
returned to their desks by 
yesterday they would lose tbeir 

Referring to Rennies position 
as a company. Hr. Fiddlan- 
Creen was this morning re- 
ported as saying that “to the 
best of my knowledged and 
belief, the company Is not 
Involved nor has been involved 
In any conspiracy to funnel 
money out of the country, nor 
faas in infringed the funda- 
mental requirements of tbe ex- 
change control act.” 

It is known that a senior 
Jardine Mathieson executive is 
currently in South Africa to 
assess recent developments at 
j Rennies. 

Sudan moves 
on hoarding 

By Alan Darby 

KHARTOUM. August 29. 

med Nimalri baa ordered the 
drawing up of tough new legis- 
lation to combat hoarding and 
black market dealing in con- 
sumer goods. He told the 
Council of Ministers he was 
considering bringing such vio- 
lations under the jurisdiction 
or the harsh' State Security Act 
which deals -with offences like 
sabotage .'of the economy and 
underground political activity. 
The act -carries penalties in- 
cluding confiscation . of ~ pro- 
perty after trial by military 
courts. ‘ 

The President also- said a 
committee was currently draw- 
ing up new austerity measures. 
Since the Sudanese, pound was 
devalued lost June, prices of. 
‘Consumer goods ■ have risen' 
steeply, causing widespread re- 
sentment. -Distribution prob- 
lems, aggravated by unusually 
heavy rains and flooding, have 
largely been to blame, but 
merchants have taken advan- 
tage of the shortages coupled 
with confusion in the public 
mind over the effects of de- 
valuation to place goods under - 
the counter for sale at black 
market prices. 

RembrattdVSdf -portrait' ildJiJ, ftyksmuseum, Amsterdam. ' iV PTI 51 ll 0Q f| TY| O Cf 't'fXW V«An jl T 

Rembrandt country isRabobankcountiy. 7,,, mMOmaster ready 

I^embrandt found his inspiration in Holland, 
vet created art with n worldwide appeal. The Central a 
Rabobank also finds it> inspiration in Holland... 
yet increasingly provide* services in the world at Jaryc. 

With a strong agricultural background, 
the Cenrralc Rabobank heads a cooperative 
banking organisation w ith over 3100 offices and a 
combined balance sheet total exceeding 6*. billion 
Dutch guilders (in excess ol L : S $ 2ft billion) in I 1 ) 7 7. 

This makes the Rahohank not just one of 
the lans^t banks in Holland and one of the 35 largest 
hanks in the world, but also a bank with deep roots 
in almost all sectors of Dutch economic life. 

"JL'he Central? Rabobank is now* expanding 
■worldwide with a full range of banking services. 

To accelerate this expansion, we recently co-foundcd 
the "Unico Banking Group", linking us with five 

other major European cooperative banks. This, together 
with the support of London and Continental Bankers I td, 
has strengthened our operations by j?iving international 
clients unparalleled on-thc-spot service. 

to follow the Old Man 


Grnwvth o* tdljnw ^rieet total 
•mu initmatwi el activities. 

I "international * 1 

— i • 'TQrgafvatioa 



*72 *73 *74 75 *76 17 

In addition, we arc active 
in the Euro-currencv and Euro- 
bond markets. Our international 
transactions in foreign currencies, 
Euro-credit loans and 
participation in new issues are 
showing a remarkable growth. 

Centrnle Rabobank . International Division. 
Cathariinewinticl 20. P.Q. Box 809S. Utrecht. 

1 he Netherlands Telephone 030-362611- Telex 40200. 

Dutch Masters in Banking. 

NO ONE could find it easy to 
take over from Jomo Kenyatta. 
the formidable and revered old 
warrior in whose huge shadow 
all Kenya lived for nearly two 

Mr. Daniel Arap Moi, formerly 
Vice-President, is a man of 
totally contrasting character and 
life-style, a respected, head- 
masterly figure who has been 
thrown into the fierce limelight 
of succession, if only for a con- 
stitutional period of three 
months, during which a new 
President has to be elected. 

Last week the Kenya Cabinet 
made it clear that Mr. Moi was 
to be referred to as " the Presi- 
dent" In future, not as the 
"Acting President” It was a 
mark of respect and may, obser- 
vers believe, be a hint from the 
establishment of how. things 
might eventually shape. 

In the many years he has 
been Vice-President, Mr. Moi has 
lived very close to Mr. Kenyatta. 
He was among the most trusted 
of all the advisers, and seemed 
to be especially chosen to 
transmit to the public Ur. Ken- 
yatta’s constant admonitions on 
brotherly and -inter-tribal love 
and co-operation, the only founda- 
tion on which, tbe old man 
believed, a unified and successful 
Kenya could be maintained. 

Mr. Moi opened hundreds of 
conferences, seminars and meet- 
ings on behalf of Mr. Kenyatta. 
He travelled all over the world 
to represent the President at 
international conferences 

He has _ also been an 
•indefatigable traveller inside 
Kenya. He addresses school 
speech days all over the country 
public meetings of all kinds, and 
countless “harambee” (self- 
help) meetings to collect funds 
for churches, hospitals and 

Mr. Moi’s tall, dignified figure 
was seen everywhere. He was 
always there to meet Mr. 
Kenyatta officially when the old 
man made a public appearance. 

Mr. Moi K 54 and comes from 
a poor ranning family in the 
Baringo district of the Rift 
Valley Province. He is a Tugen 
of the Kalenjin group, a small 
tyibe more noted for its athletes 
than for its politicians. He 
trained as a teacher, became a 
headmaster, and later taught at a 
-teacher training college. 

He has taken a great interest in 
youth welfare and education ever 
since, and is Chief Scout of 
Kenya, a country where the 
influence of Baden Powell, who 
was tamed here, still lives on. 

Mx. Mai u the longest sitting 

member of the Kenya National 
Assembly and hiV political ex- 
perience goes back to 1955 when 
he was appointed to the Colonial 
Legislative Council, one of six 
African members. He Jed th' e 
ngnt for the African vote, which 
succeeded in .1957. Mr. Moi was 
one of the^first eight Africans 
to be elected members of the old 
legislative council. 

Intimately involved in the 
nin-up to independence in 1963 
y : ° I ,,. waa Jeader of the 
KAJU (Kenya African Demi 
eratic Union) in oppositon to 
Mr s Kenyatta’s KANU. but 
entered a coalition with Mr 
Kenyatta to form the transitional 
Go J? 1 ? inenL W&en “Mr. Ken- 
jatta became Prime Minister, Mr 
Moi was appointed Home Affairs 
Minister, a portfolio he has held 
ever since. ; : 

Mr. Mol hgs devoted himself 
to the eradication: of tribaliam 
nepotism and corruption in 
public affairs, evDs never far. 
frpm- the surface. in Kenya. 

As a member of a small tribe 
of little account in. tbe under- 
current nf tribalism In . Kenya, 
affairs, it was believed that Mr. 
kenyatta found him -indispens- 
able in providing a rreutral screen 
against -the .tribal pressures 
emanating especially from the 

Mr. Daniel Arap Moi. 
main groups, the Kikuyu 

- _wto. Know him sav 
a tough and formidable pol 
wh*- without the inhibiting 
couI <* be 

less with opponents, lie 
a quiet life, does hot dm 

raaok*. _and y keeps hh «a 

tbeir- toes by arriving k 

l ® carried and hai 
SHJKS- 0, * son -»t school a 

^ fe ;atUd r Q e ^ toe 

has ?' farm .and. . Til 
£enyan • ministers, -V bus 
Kuropean.who v 
cl osely with h i m soldi “He 

* e n tie, man. vq^ char 
aud a marvellous friend to h 

*»K j 




Financial Times Wednesday August SO $978- 


coup bid 

8/ Joseph Mann 

MANAGUA* August 29* 

Miners’ strike costs Peru 


BL faces boycott dilemma 

$60m in foreign exchange on bus exports to Israel 


LIMA, August 29. 


The management at the state- ( eL'S BUS and truck division is . Mr. Amit is opposed .to the from tbe_ bladdi^t Jn p^rU«^r 

PERU HAS so far lost S60m in Also, companies such as the — &**.-*-* » h «... , — w « — — . — — - T . 

foreign exchange earnings as a Stale-owned Centro min. which owned Cetxo Verde mine at I a gain trying to become 8 major importation of 150 completed hopes of establishing a L30 
THE NICARAGUAN National [result of the national strike by grates the former Cerro Cor- Centromin, and at the ma^ , ier f buses t0 IsrteIt ^ansis. He wants them MStunbled Rover assembly plant In Bam 
OTard said last night that it l miners, now in its fourth week, ***** 0111165 m central Petu * 

had discovered and frustrated 
a military and civilian plot 
directed against the govern- 
ment of President Anasiasio 

ueniruouu, ana at ine TstspI hut meal aastauuicu rover ajjiwuv r— • — — — - 

refinery in the port of Do, are “ J in Israel* to permit inclusion of have faded. , . 

_. . , _ . are naming out of metal stocks offering similar sums. Cuajone. without infringing the Arab boy imaUy^jjrodaced parts. Israeli officials M L ondon 

according to the Central Bank to supply local manufacturers- the biggest single earner of cott regulations which previously ggfa yesterday that this had yesterday denied that the 
President. Dr. Manuel Moreyra. This could setoff a chain reaction foreign exchange in the country, hampered its sales in tbe Middle n 0 t been mentioned to the sales Government was poiificany 
He -aid that the losses will of further shortages of products, is the only mine stall operating. EasL team in Israel last week bat that motivated ib insisting O n 

increase Peruvian dependency “*« . * "“P"* < ■*SlS" 11 A sales team from tbe division it would certainly be considered assembly of “X 

— - ‘.•wvmim ucjrciwciiL; Affinal «ave 

An official spokesman said i°° foreign investment, deepen 
that conservative elements lu demesne economic recession ,DSS “ 

x, - - — c, . _ ... /% sales leani irem me qjyisiob *»■ nvum w wumueien. ■«■*»**«■** -- — — , -- 

- — Peruvian State oil company v a iu 0 j <ra+i j a «t Mercedes, of West Germany and They claimed test one of toe 

* losses will also wipe out Petroperu. expects several UB. J«{j[ |2j2J d the^SriJba n hS Scania, tee Swedish company are other companies with whom dis- 

is saSatatLijs vbmms --SFiSSSC 

- - - - I5ST-W 4 - S?“5 SS SSP T we A « hsSSJSSS fflSSSSS 

Mineral exports were expected imports. Belro Petroleum is exuccted f55 m - after their Israeli subsidiary which operates — a 

- " ,niTOris - “ ico reIroleu m w expecieu ^ loItial deaI wwl]d be for went bankrupt However, while Aviv, 

some other group would come 
to power, moved to assume 
control themselves. 

na ivir - fuics, yuiiauuu ujikul •• awma — • — . . _ 

ta« arr«l«L j tarns Prepared b* mon^for SSflrZSSt SilJSSd V'daT S5«~5 OinieT Halperin the Fimmc. b, more driicat, if it IroMt UM £"*S 

The Somoza family, which ! the International Monetary Fund, workers on a case-by-case basis no'-fhem Peruvian waters Ministry adviser on Arab boycott assembly plants, owned directly to expand tfttfr fleet s to- e ster 

'■» font roiled Nic^Eoa for !«f «SiC SSTMm were to am. TaTZLrZZH work! aS.ireAeve said they would cot or by a BL subsidiary. for . thd ymn „«**".* 

42 -ears, has up to now , fro J“ copper, iron, silver, lead Sr victor Cnadros. a federation the other exploration companies, sanction the deal without proof Another factor may be that BL temnsts expected wvae aov» 

counted on the full support of iaD “ zme exports. .k .1 k... *h.a 'u.. r id th« T.«i;I<i>u( hac rpffprsjpH It* hie marie nnlv «lmw nMemUu rn fflffe m ZAe llnroaucCiOu w 

the National Guard, the only 
military and police force in 
iho country, despite severe 

Impatience over N-S dialogue 


BUENOS AlKfiS. August 29. 

jand zinc exports. i«ide£~V£ir that" dismissed but “said that y "Map«) "Group" is I that Leyland has reversed its has made only slow' progress m;tage of tee 

The daily loss in mineral sales workers and union leaders must expected to sign a contract soon (position on the Arab boycott Arab markets following removal charter flights to israet- 

I since the 2 ,'rtike began, estimated be re-hired before work restarts, to undertake secondary recovery 

. - at S2-5m. also seriously affects The U -based Southern Peru operations in the Talara coastal 

pressures from guerrillas and i Government income from export Copper Corporation, which region of northern Peru, 
non-violent opposition groups, taxes of 17.5 per cent on tradi- operates the huge Tuquepala and He said operating conditions in 
The National Guard plot [ tional exports, and from income Cuajone mines, is offering dis- Peru are better than they were a 

came as -a surprise here, has [taxes collected monthly from missed miners severance pay- few years ago when some com 

further weakened the Presl- mining companies. meats equivalent to some £3,000. panies pulled out. 

dent’s position, and has inten- I 

silled the political tension. 

On Friday, Nicaraguan busi- 
nessmen and opposition politi- 
cians called a general strike, 
aimed at forcing Gen. Somoza 
to leave the presidency. Earlier 
last week, the government 

members ^of The Teft-wlne ! F0RD Motor Company is facing also to elicit further evidence company’s management . - — , — - . — - „ 

Sandinist Liberation Front | sl,u raore controversy over the of malfunctions. Ford said this overall direction. Anxieties were use to the developing countries, efforts that will be made in the They ate trying to present a 
guerrilla -roan took hundreds of some of its vehicles, year that its own investigations strengthened when Mr. Lee Hence, an effort is to be made two-week conference shows a united front but face difficulties 

I following a warning from the had not turned up any traos- lacocca was sacked from the pre- by tee developing countries clear impatience with tbe pro* it» view of the be Ref of some that 

Department of Transportation mission defects. sidency early last month after his to use their resources and gress of the north-south dialogue, the more developed among tbe 

.today of a possible transmission Ford is already recalling 1.5m personal differences with the technology for their own benefit As a formidable “•plan of group will seek to easb in on the 

Car safety warning to Ford 


NEW YORK August 29. 

IMPLICIT IN the gathering here The TCDC movement aims at for their mut ual -b enefit and! for 
of around 150 delegations led transfer of technology developed national collective setf-refiaace. 
mostly by trade or planning b ? Third World countries to Tbe » croup ^77” (^vefoptag 
wTtaLJ i .jlTTuf others in tee same category. By cwmtrres) has. held format and 

Ministers, is the feeling that the implicate it will promote trade informal meetings. Among those 
north-south dialogue has either among the developing countries taking part are delegations' from 
failed or wilL at best, make In which the advanced countries China. Arab countries. Tbe non* 

and! progress too slowly to be of any will have no real role, and the *Bgned group a*d Africans. 

efforts that will be made in the Thi 

of hostages in the Congress 
anil iuo ministries here. 

to a numberof demands bT th^ ’defect which could occur in an of* Its* Pinto "and Bobcat* small* company chairmanT Mr." Henry The UN Secretary-General, Mr. action” prepared by tee con- new ‘flow of exchange of techno- 
- - - 3 'estimated 9ra cars and tracks, care to instal plastic shields. Ford II, had apparently become Kurt Waldheim, tomorrow opens ference secretariat says: “The kfgy and trade. Third World 

! The Department's move may designed to reduce risks of fire insurmountable. the first conference on technical conference comes at a critical diplomats believe, however, that 

! be the prelude to eventual recall when these cars suffer a rear-end Inevitably, much of tbe cooperation among developing point in tbe evolution of relations these difficulties will be over- 

of these vehicles, manufactured collision. In addition to the criticism is focussed on Mr. Ford, countries, already being called among developing countries come. 

between 1970 and this year. This expense of this exercise, esti- whose problems have been familiarly as TCDC. themselves and between them OECD countneu are also repre- 

i would be the largest retail in mated at up to S40m, the com- accentuated by a shareholders’ Althcmch Third World delega- and the developed countries.* ■ sen ted at th£ comerepec ano are 

[tbe history of the U.S. motor P»ny is involved in a number of suit alleging that he has misused tions are reluctant to call it a Tbe hope is that “new bridges ” thought to be preparing to Offer 

I industry, and would comfortably court cases brought by people company property and taken confrontation with tee advanced will be built to initiate links and their co-operation fur aecisronfl 

[surpass the record held by to claim damages for injuries payments from a supplier. countries, it is certainly an effort trade among developing countries made in the next fortnight. Their 

General Motors, which recalled or loss of life in accidents in- Lastly, the company is being to press ahead without tbeir to enable them “to transfer and role is. however, expected to be 

guerrillas, including the 
release of 58 political 
prisoners, a ransom of $500,000 
and safe conduct for theni- 
sehes and tbe prisoners to 

This was a humiliating 
experience for (he National 
Guard and the regime. Gen. 
Somoza has been tbe target of 

demonstrations, violent pro- ISTm Chevrolets in 1971. 

volving these cars. 

tests, strikes ' and sleppcd-np ■ The National Highway Traffic Sach ^ been ^ volume of of Justjce afler allegations that 
guerrilla activity since the j Safely Administration has been ^ ad headUnes recently teat some it made an improper payment of 

investigated by the Department | participation in a new movement, pool knowledge and experience minimal. 

beginning of the year. 

(c is believed that the release 
or the political prisoners, many 
o£ whom engaged in armed 
attacks on the National Gnard, 
caused consternation in the 
7.500-strong force. 

The national strike continued 
today, but its effectiveness was 
patchy. Public transport and 
hotels were functioning, some 
shops were open and traffic 
was normal here in the capful. 

Aircraft offer 
from Australia 

investigating the possible trans- ! nvestor s have become increas- Sim to win a contract In 
mission problem for the last 10 in S J y concerned about the Indonesia, 
months, and is said to be 

assembling painstakingly a case w t IP r\ i l 1 — 

which, it believes, would almost ^ AW IHAIYln0r fit Off tlflQl*fi By D. P. Kumar 

j certainly be tested in court by JL^iCTT illClllUCl LH X Cit UUdlU NEW DELHL August 34 
■ Ford. 


,T^ e , VJobWm stems from an enter into a production collabor- 

i alleged tendency of some Ford PRESIDENT CARTER has to retain him as Fed chairman, ation arrangement with India’s 
1 ...I*? imim r 3 ^ 0 10 *^ nominated Mrs. Nancy Teeters. I a her present job, Mrs. state-owned Hindustan Aircraft 

i chief economist for the House of has gamed a reputation company for manufacture of 

Representatives Budget Com- tor “ “ ^ 


Aviation Depart- 

| running, borne tests nave appar- fteMt«*uauve4 ouugw rom- often . ontinrixtic but mnn- 

” id yesterday cntly revealed that this shifting mittee. to be one of the seven accurate than those prepared by wa « h v Mr r 

S pJr ?r e ut S effirtire f B b tS ran? ° f 3eaK *****"** even iE 11)6 Federal Reseree Board members. “aSISSSK ^ y V^rSS Sfi? to S^foi 
ia?°an^ , alwui C 40 e |>er* cenMn | CBDe rsen^brake is on. The appointment of Mrs One indication teat Mrs. ^fradrSpr^Stions^ 

rural areas *** Pni ,n ■ The NHTSA says that it has Teeters — tf confirmed by the Teeters is unlikely to be awed here in connection with tee 

The President has asked f? 11 — 1 *1 l t e . ^ b ^_ + ’ er .. new f post was her recent ESCAP conference. He .told 

Congress for permission to - - - ■ — - - - 

leau* the conn try. there being 
a coustitu tional requirement 
that he spek such permission 
before going. This has raised 
more doubts about his future. 

$4.1m aid fund 
for Caribbean 
region approved 

By Tony Cozier 
BRIDGETOWN. August 29. 

GM’s S. Africa race move 

... r ... • injuries and 777 accidents which woman to serve on the board— sharp dismissal of the suggestion India's Civil - k _ 

leave the cnnnrrv ihpre beine i have beeQ blamed on the Irans ' “ to the remamder of the from some of her prospective ment that tbe Nomad aircraft, 
a coastJtuuSSm rennTremem !raission P robIem Ierm of Dr. Arthur Burns, which Fed colleagues that, as a woman, developed and built in Australia^ 

a constitutional requirement . The today is appar- is to expire on January 31, 1984. she might like to concentrate on was eminently suitable for 

ently intended, not only to alert Dr. Burns resigned from the consumer finance and matters of India's Feeder airline ream re- 
coil sinners to the problem but board after Mr. Carter declined importance to tee housewife. ments. 

The Novad 24 A has 126 seats 
and is claimed to be the most 
economical aircarft in its cate- 
gory. The Australian govern- 
ment has a particular interest 
in the aircarft as it is manufac- 
tured by one of its divisions — 
the Government Aircraft Factory 

GENERAL MOTORS is to spend Claiming that the company Motor Company, stressed his of Australia. 

I nearly 84.5m on integrating had taken a leadership role in company's commitment to The proposal may find favour 

i facilities at its South African advancing opportunities for non- 6 rea i^r racial equality among its in New Delhi as India is cun- 

A TECHNICAL assistance fund ! plants and expanding training wb ites Mr Estes said- “ General rT 00 employees in South Africa, sidering the establishment of 
of 84.1m for varions projects i facilities for Africans and non- ' ’ _ Afpir , tn After visiting the country for third-line air services. But the 

in the. region, has” been ^ites. _ _ _ 2 ,1°. *T’ discussions are still at an early 

approved hv the Carribean 1 The plan was presented by Mr. serve the market to the best of Ford denied that the company's stage. 

Development Bank. : Elliot Estes, the company's our ability while obeying thn employees were among the Mr. Garland told a Press con- 

Thc mo ne v is to be disbursed i chairman, as further progress in laws of South Africa and the lowest paid in South Africa. ference that he hoped India's 

icr the next four years and I implementing the “Sullivan U.S.” The company employed He said that 1980 was " - 


NEW YORK August 29. 

the I much improved balance of pay- 

glVL— .... 

less developed thc Reverend Leon Sullivan, a 
: General Motors director, to curb 

Study says airliner sales 
will total $204bn by 1995 


THE WORLD'S airlines are of 1.700 aircraft is likely to exist 
likely to buy nearly 9,000 new for bigger aircraft in the twin- 
airliners of all kinds between aisles short-uwnedaura range 
now and 1995. at a total cost of category, seating 200 to 250 pas- 
S204bn. senders each and worth about 

A new study of the potential £L8bn, with over 1.600 aircraft 
world market for civil aircraft, in tee 250350 seat category also 
prepared by tee FHton- likely to be sold. 

Weybridge Division of British^ - The market for short-range 
Aerospace, suggests that tee aircraft with 70-130 seats each 
biggest segment of tee market will also be substantial, account- 
is for intercontinental (long- fog for over 1.600 aircraft, worth 
range) aircraft, wi-ch airline in all over £7bn. 
needs assessed at nearly 2.200 British Aerospace is interested 
aircraft worth over £37bn. in all areas except tee long-range 
The next biggest sector Is teat market (winch is likely to be tee 
for skigleatisle sfaort-to-medium prerogative of companies tike 
range aircraft, seating between Boeing with tee 747 Jumbo jet 
140 and 190 passengers, where and McDonnell Douglas and 
a need Is foreseen for over 1.S00 Lockheed with their long-range 
aircraft, worth about £L6hn. DC-10 and L-1011 tri-jet aar- 
A nearly 6omparabie market craft). 

Ban on interests in S. Africa urged 


STOCKHOLM, August 29. 

nreds or the 

ACCOrttlllK to 

Ihe programme will comple- 
ment i he bank's lending acti- . ^ . ... . . „ . 

vllies and capital assistance ’!»“ 

approach to the development j ] is effectiveness has been ques- 
problems of its clients. Thc l? ne< J, b> ^“dent and 

bank expects to become a major * church fi roups - 


Ford panded. 

A COMMITTEE appointed by had production facilities in 
tbe Swedish Government has South Africa, including Alfa 
recommended that industrial Laval, ABE A, Atlas Copco, 
capital investment in South ESASB, Fagersta, A. Johnson 
Africa and Namibia by Swedish Sandvik. and SKF. Electxolux 
companies should be prohibited, withdrew its facilities in 1977, 
as should the establishment of leaving tee other eight which to^ 
subsidiary companies. getber employ about 5,500 

Nine major Swedish concerns workers. 

a statement, i discrimination in employ- . . , , 

of life of Africans. The code Argentine boundary anger 


BUENOS AIRES, August 29. 


source of technical assistance I More than 100 U.S. companies A WAR between Argentina and — unilaterally declared 

In the rerion ass,sfance ] subscr ibe to tbe code and bote Chile over their boundary dis- award null and void. 

Agreement’ on the establish- General Koiors and its rival, the pu t e “may be the only alter- Argcutine-Chilean negotiations 

ra-m .r.h, fund w« reach.- Sr^ Villen WnlS he a «J, for overseas companies in 1974 was 

being made on behalf of their 0sins Villegas the retired army deadllne for them to end. 1 10 pIay .. ,n 41 ^ 

non-white employees in South general who led the Argentine Renter adds: The Argentine ! s g ?°J wng a ° d ^ ° helping to fill tee huge gap that The number of German cam- 

Africa. delegation in recent talks with Education Minister. Sr Juan importance to tna t undertaken e^hsts for the very small manu- patties attracted to Wales was 

Mr. Estes said today that when Chile over territory near Cape Catalan, has resigned, following %,,♦ size or ihe “ft Jnni . considerably hasher than in 

completed General Motors' plan Horn at the southern tip of a conflict with university authorl- r eat ^ er Scotiand or ’ Northern 

will mean full integratioa of South America. ties, official sources said here ht P SI. nF t5;Spri SSriSiS,?? f 2* There are 112 wite pro- 

Last year, an international today. smaller than that of toe Amen- Principality have done so In the dcction faculties fa toe UK with 

can. there would seem to be a last seven or eight years. At Scttland haring mlnT 

special role for German invest- the start of 1970 there were just in’SL swjT?” 

training laviitun win auuuti u™ me uw*ie nun £>uuu>u iu me iueuh «cn. vuijc >■ nh* i* riMiiimim Waidi tsrtT nZ _ w.Ii. ■ 1 ireiana 10 (and England tee 

triple in-plant capability for belong to ChUe. Argentina— Videla, after the rector of jJJJ* Sjftjf? 1 d P ^ S Welsil seven, with Tbyssen Engineering ofoej. <j 2 ). Norteern T mlanH has 
training Africans and non-whites which considers that Chile, a Buenos Aires University refused ™ LianeU * ft the ] arges 3: Now attracted mute larger concerns 

for supervisory aod manage- Pacific Ocean countrj'. has no to implement reforms advocated r.SI?HirS th .” le . “■* 20 anoteer one than crpenZnK in Wades, 

i ment positions. right to territory by the Atlantic by the minister. “J™*? t -J r€ 4S2“ WI ^. be announced shortly. hwevtt in Wales, 

investment in Wales . . . a Those 20 provide work for Tl, . «. 

promising start, by Professor about 2.000 people, which is well f Ca «es believes there is 

Glyn Davies, Sir Julian Hodge, under half tee number employed considerably more 

Professor of Banking and Fin- bv Hoover alone, tee largest US SS 

ance at the University of- Walra company in Wales. Part of the . ho t 15 

Institute 0 f .Science and Tech- importance of the 20 is that # 5/? ctine a reIa0ve, y !o » share 
nology, in Cardiff, and com mis- Q, ree ^ in nort b Wales and or «T? n ? 1 f 11 o v f«eas investment 
Sioned and pubUshed today by six fo west WaleSi areas that fnwJLi*; of Gennan 

the Development Corporation for b adlv need manufacturing oppor- £ r nS e X"S T b W ^ e Sim,I ? r 
Wales. tunities. ! r , at w UiS * investment m 

Prof. Davies points out that Prof. Davies does not over- far 

German investment has been s tate the importance of the Tj5 n ^f s sn ! ailer population 


W ales looks to W. Germany 


at a directors* nn^'iig in 
Bridgetown. Thc United Stales 
agency for Intrrnalfonai 
Development is contributing 
St-S4m fo the fund. 


Warner-Lambert to acquire 
Entcnniann's: Emery Air 

Freight earnings rise: Inves- 
tors expect increased Servo- 
m ation bid — page 39 


Little money for new ideas 


German investment has been s tate the importance of the - s sn l lUier Poptilation 

U s GOVERNMENT and busi- less towards optimism. plays in aiding industrial innova- great deal of the federal grant particularly beneficial to Wales Germans He comments that aQ “ hicome, then tee 

circles are becoming con- But Government officials see it tion. In an accompanying state- money to scientific endeavours, because of its character. Ger- they have a ** modest but grow- n . ara . r of provided would 
corned at the decreasing level of a bit differently. They are con- ment he pointed to the crux of changed its guidelines. Although many is a country with a con- fag significance in our economy.” ,n figures from 2,000 

finance devoted to some firms of cemed with a different form of the problem: u In recent years, before tee support went exclu- siderable emphasis on non-metro* in terms of investment and - 13 ’ 000 - such a 

Research and Development — a R and D — so-called basic research private-sector, research and sively to university projects un- politan small concerns. employment, American com- P 06a ottjty m no dream has been 

decline which appears to co- — whicii is often very theoretical, development has concentrated on less a private project could be Quoting Mr. Graham Bannock, panies account for approximately aemo ?®«atett by the actual 

incide with the loss of U.S.'s including non-goal orientated low-risk, short-term projects adjudged of “national import- who studied smaller businesses 90 per cent of overseas spending e ^? i f nce of German mvest- 

tccbnnlopicai advantage in key programmes. directed at improving existing ance,” the foundation now fa both Britain and Germany for fa Wales. Of some 140 overseas “eland, 

industrial sectors. Whiin rp«»areh ha* been products. Emphasis on the “especially welcomes proposals the Anglo-German Foundation, companies which have settled in ?™ ier ^.OOO 

On the surface, there appears hl “ a „ longer-term research that could for co-operative research pro- be points out that there are Wales, probably three-quarters J®? ecconi- 

to be no great cause for anxiety- l t a n fin P npr rJntrtJ lead to new products and pro- i ects involving both university nearly 12 times as many manu- are American. . mg to Pr of. Davies^ to. make 

and industry.” A relatively I facturing companies employing Of tee 16 largest overseas com- ? om f Sizeable rednctimi fa the 
meagre sum, $4 .5m has been set fewer than 10 people in Germany panies. for instance, 14 are from ___ unemployment, cope with 

“ ■ - . - - — the U.S. and the other two (Alcan and with the 

j ~v sum is | It is this sort of company. Booth and International Nickel) 0£ jobs in rimtracting fadua- 

ihe expected to rise as the pro- f especially if it moves into non- Canadian. Hoover alone employs 11168 and - .above alL to make 

1 1 i — , — : ~ i s i - wine rnnlrihutinn tnwinlc 

*szv S.%SS l SSSi taiw. «T«Sta 3 ««— 

rnnnrfaiion or R and D soendfou only 3.5 per cent of all industrial A study released by the aside gscal year for the las in the UK 

underlined _ _ 

between research gramme is increasingly utilised, (industrial parts of Wales, that 5,124 people at Merthyr and Is f 01 " 0 contribution^ towards rais- 

- . Ihsit 1 ^4i» havA ftffeets for thA imrfprtdkinp s hie prmntinn nwm activity ratCS.” 

IV Census Bureau from 11.500 lhe National Science Foundation dramatically 

coin names, research spending are expecting a slow-down this relationship 

r n«e by 12 per cent in each of ^ r ; .... “«* the economy. Encompassing 

ihc previous two 
about double the rate 
and this appears 

^Two other sources of R and D sunier electronics, and motor productivity grew 38 per cent The problems ran deep and companies.” The largest German manufac- tuufafteMnS new investment fa 

analysis. Business Week's third vehicles to name a few— -and faster, fo fact from 1929 to 1969, win n oi casly be solved. They Wales, be concedes, needs Its faring company fa Wales, “ e Counir >- 

anniial scoreboard of R and D resultant far reaching implies- 45 per cent of America's are related to rapid and unpre- share of big companies in order Thyssen Eng i n eering by com- west r Jr - . 

’ .ndirr’ hv 6°4 companies, and lions for the economy, it is being economic crowth was directly Hirtshio inHitinn u ,hi»k *,.„*«** »mAiA V »i aro ».ni, merman, azrecz invest- 

McGraw-Hill's ” 23rd annual watched closely. Last J 

survev of business plans for _ Last Spring. President Carter Science I -<■> — < ie«er iax « ruanown or oiaer iwiusu-ies uwamc u 5U ja w»b m.wa upr ,v nmiinhta , 

Research and Development initiated a 14 month. 28 agency responsible not only for official revenues and thus decreased such as iron and steel. But he and the average of tee 20 this 

cxpcodiKires, tended more or review of thc role Government R and D figures but also for a Government spending. I goes on to say that “ there would year is S3. The average in tee Perk Waie *’ 15 ’ 


Awards for 
mass transit 

SINGAPORE, August 26. 
SINGAPORE announced teat It 
]»d accepted bids from six fatcr- 
na tional groups to uudmake 
preliminary design and- cost 
estimate of tee proposed mass 
rapid transit system, AF-DJ 
reports- A total of IS couasalting 
^oups from 17 countries applied 
to do tee design. . 

The British group .'includes 
Mott, Ear and Anderson lhier- 
natfoaal, Sir William - Hakrow 
p greets and London Transport 
International. ' 

Qteer succossfw groups are 
from the US-, Sweden, West 
Gensany, France and a joint 
US.-Australia consortium. 

Two pipelines 
for Escher 

THE SWISS engineering con- 
eoa. Escher Wyss, a subsidiary 
of the Sober Brothers group, has 
been awarded contracts for an 
21 metre diameter distribution 
pipeline for tbe Tar be la hydro- 
electric plant in Pakistan and a 
pressure -and distribution pipe 
gste a for the Obxavac pumping 
station in Yugoslavia, John 
Wicks writes from Zurich. 

Together with an order similar 
to that for Obravac placed by tbe 
Waldecfc p-raspfag station in 
Germany earQer this year, the 
total contract value amounts to 
some' SwFrBPm. 

Aer Lingus bays 737s 

Aer Lingua has bought four 
additional Boeing 737s for £15m. 
increasing the airline’s 737 Sect 
to 14 ana the short-haul fleet In 
IS. Tbe first two aircraft will 
be delivered direct from Boeing 
early fa 1979. The other two air- 
craft doe to begin service in 
19SEVS1, have been purchased 
from the Japanese domestic 
carrier All Nippon Airways. 

Help for shipbuilding 

Isbikawajima-Harima Heavy In- 
dustries, a major Japanese ship- 
builder, h« confirmed that 
Chinese authorities have 
requested technological co-opera- 
tion for the modernisation of 
China's shipbuilding facilities, 
AP-DJ reports from Tokyo. 

Swedes to build dam 

Algerian authorities awarded 
a Swedish BTA engineering 
group a contract -worth $169m 
to build a dam and irrigation 
complex fo Western Algeria. 
AP-DJ reports. Work on the 
dam at Harezza and Parallel 
irrigation of some 50,000 acres 
in the Cbcliff valley is due tn 
start next month and be com- 
pleted in 1993. 

Laser deal . 

The British company Solarton 
has won an order worth just 
under £lm for laser beam 
gunnery simulator training 
devices for French Army tanks. 
Solarton, or Farn bo rough. Hants, 
has carved a £25m niche for 
itself with a system developed as 
a private venture. ' 

Plant for Togo 

The Swiss engineering concern 
Brown Boveri. together with 
Geilinger AG, of Winterthur, and 
the Swedish company Morgards- 
haxmnar, is engaged in tbe build- 
ing of an electro-steel plant for 
Togo. The unit, to be com- 
missioned next spring, will have 
a capacity of 20<0(XM0 .000 annual 
tonnes of constructional steel. 
Contract value is given as some 
Sw Fr 70m. 

Venezuelan order 

Toshiba Corporation Of Japan 
has signed a 531m contract to 
supply a turbine and a generator 
for a steam-power station to a 
Venezuelan electric power com- 
pany, C. A, la Electricdad de 

Nippon Steel licence 

Schloemann-Siemag of Dussel- 
dorf said Nippon Steel bad 
granted it a licence to design 
and produce electrolytic galvanis- 
ing lines for the European 
market said Reuter. The com- 
pany explained teat the lines 
would, be similar to a type In 
operation at Nippon Steel’s 
Khnitsu works since 1972, with 
an annual capacity of approxi- 
mately 350, (MO tons. 

Phones for Lesotho 

4 . Tb e Plessey telecommutoew 
tions factory a t Beeston, fa Nottt, 
is to carry out an export order 
worth almost £lm to provide 
telephone equipment for Lesotho 

Iraqi construction 

A group of three Japanese 
companies received a Y21.2ba 
ortler from the Iraqi Ministries 
of Housing aod Construction to 
wyJ „ three Cartier-preparatory 
**• “ cconl,n 3 ^ AP-DJ in 

5SJ22’ xrT? e s c° ra panies are 
SST- ** ltsul Construction and 
Shimizu Construction. 

U-Sp deficit with Japan 

the UA bilateral trade deficit 
with Japan widened to SUL7bn 
m July from Slbn fa June, Com- 
J* De P artmea t preliminary 

^w 4 fe,r wt8 Heutcr 

xuyeiiioi, tSvjfHffi 

at , ^^? ere M? ehan8eain ,0, ' r 

’ wh ? e ““Ports from 
gP Q |n mereased to §2-2bn 

Facsimile agreement 

,^ ala Gommuniea- 

htod Its **sociate Muir- 

Mountainside, New 
Jersey, and a U.S. concern 

SlBned a aktribu- 

Sm ^ reemerit which they say 
Sf 11 Coro P re beosive range 

^municationssystems, reports 
^ogetromes will distri- 
oombined product tines 
adn systems in North and South 
America and Canada. 

FlhandaT Times Wednesday August 3ft 1978 


, Holiday flight delay 




h ~niUv 


* % 
i 3 
f i 

up to 36 hours 
and could worsen 


DELAYS AT UK and West 
European airports continued to 
be severe yesterday as a result 
of the continued yo-slow by 
. French air traffic controllers, 
despite efforts by the Association 
of British Travel Agents to ease 
the situation for British holiday 

Mrs. Margaret Hook, president 
of the association, asked the 
French controllers directly to 
„ case htc problem for UK holidav 
j\ flights to and from Spain. “I 
■‘‘ telephoned the union, and sug- 
gesied that having made their 
■■ point with such total vengeance. 

they now act to alleviate the 
«. situation," she said!. 

But later, airlines and the 
■ Civil Aviation Authority all said 
. that there had been little sign 
. of any improvement, with many 
flights still delayed : for several 
. hours. 

The worst hit airports in the 
UK were Manchester and Liver- 
pool, with flights to and from 
Spanish destinations in some 

cases 36 hours late. At Gatwick 
there were delays of up to 12 
hours, but they were much less 
at Heathrow. 

The controllers' work-to-rule 
was in its fifth day,- and is ex- 
pected to last aonther six days 
— taking in this coming week- 
end. Prospects are for .more 
delays, perhaps becoming eyen 
more severe as airlines find 
themselves raping out of aircraft 
which are stranded at foreign 
airports and cannot get . back 

At some ‘ airports, notably 
Palma in Majorca, parking space 
is at a premium, with up to 70 
aircraft waiting to get out; For 
a time over the past weekend the 
airport was closed to all' incom- 
ing traffic, in the hope of clear- 
ing some of the backlog. 

French domestic air traffic was 
also severely disrupted,, with 
parking space limited at main 
airports, and many aircraft out 
of phase. Spanish airports were 
also badly affected by toe French 

Energy industry accounting 
methods criticised by MPs 

manpower productivity. 

• Statistics on the number of 
industrial disputes 3nd man- 
hours lost. 

# Statistics on changes in 

Iberia’s transfer 
‘will hit trade’ 


Spain have protested against the 
UK Government decision to 
transfer all scheduled air 
services to the Iberian penin- 
sula from Heathrow Airport to 

The British Chamber of 
Commerce said in Barcelona that 
toe move would be detrimental 
to Anglo-Spanish trade. Business- 
men would be downgraded to 
" second-class status ’’ if they 
were forced to fly from Gatwick. 

Iberia, the Spanish airline, said 
in London that business 
passengers accounted for almost 
60 per cent uf its scheduled 
traffic between Heathrow and 

The Spanish Government had 
rejected the proposed transfer 
over a year ago during talks with 

UK Government officials, it 
added. : 

Iberia had continued to oppose 
any transfer of services up to 
August IX, when it last met 
British Airways to ‘discuss the 
matter in Madrid. 

The Chamber of Commerce 
protested to the British Airports 
Authority that the “existing 
inconveniences of using Gatwick 
would inevitably place the busi 
ness traveller at a disadvantage. 

The Authority said last nigV 
that it was considering the 
protest, but was unable to take 
action on the proposed 'transfer 
as the decision had been taken 
by. the Department of Trade, 
with effect from next April. 

The Chamber urged the UK 
Government to defer its decision 


THE CONFLICTING practices taxy depreciation charge of Tbe Select Committee also 
used by tbe nationalised energy £I 02 . 6 m. partly to take account makes a series of suggestions 
Industries in presenting their of tbe increasing cost of replac- for Improving the content of 
annual accounts, which can-cause ing assets in a period of sustained annual reports. It recommends 
considerable distortions In profit inflation. tbat reports should include: 

and loss figures, have been The effect of. the change was • International comparisons of 
criticised by a Parliamentary to reduce its reported net profits 
committee. by 76.5 per cent. 

The Electricity Council and 
Nationalised Industries morasses the Generating Board took ad- 

concerri in its latest reoorL nub- !£ mta ® e of provisions in the Price w ouu»«» «u cnan 

sstisrii ass "MS.TT ar- 

fet£Tp5T?2= “ made SSSSi* rKim o£ 

than about tbe longer-term issue 
of comparability. 

In its Seventh Report, the com- 
mittee states : “If adequate com- 
parisons of the relative perform- 
ance of the nationalised energy 
Industries are to be made, and if 
effective decisions about national 
energy policy are to be taken, it 
is essential tbat similar 
principles and practices should 
be applied in drawing^ up the BRITTS HRAIL received criticism Meanwhile between 1976 and 
accounts of the enterprises. yesterday from the Commons 1977 the number of passengers 
Those giving the committee Select Committee on Nationalised travelling by coach between 
cause for concern are the British Industries for attracting coach Scotland’s main cities and 
Gas Corporation, the Electricity passengers to certain services London fell by 20 per cent 
Council and the Central Elec- through cut-price tickets. The Scottish Transport Group 

tricity Council and the Central The MPs said that although has complained about British 

s fares policy. The com- 
mittee says that the railway 

• Greater detail on pension 

The committee reaches no 
conclusions on the conflict be- 
tween the electricity and gas 
supply industries over pricing 
But it says that in spite of 
efforts to develop a national 
energy policy, the nationalised 
energy industries are still a long 
way from operating under condi- 
tions in which prices are closely 
related to the cost of resources. 

British Rail’s ‘cut-pricing 
poached coach passengers’ 



iiicjiy council ana me uentrai ajuiuuga aas 

Electricity Generating Board, and they supported British Rail's Rail'; 

the National Coal Board. policy of low off-peak fares to mlttt- * . .. .. 

The report refers to accounting fill thinly used trains, care must must ensure that such schemes Is also discussed by the commit- 

off-peak marginal costs rather 
than a simple desire to attack 
coach operators’ business. 

Yesterday’s report praises 
progress with rail freight, which 
British Rail expects will 'break 
even this year. 

British Airways* productivity 

policies that were introduced in he taken not to undercut state- produce net financial benefit 
1976-77. These have had an even nra coach services unfairly. . British Rail is also told that 
more marked effect in 1977-78, British Rail told the committee it should offer similar cheap 
particularly with the Britisb Gas that its “big city saver" ticket, fares' on routes tbat do not corn- 
accounts. now offering the London-Glasgow pete directly with long-distaDCe 

In 1976-77 Britisb Gas for the return journey for £17, bad pro- coaches, as evidence tbat its 

Airport security move 


in stall at Heathrow Airport is to 
be considered by British Airways, 
TWA and Pan Am this morning. 

British Airways check-in staff 
ai the airport yesterday called 
for management to Iristal S feet 
protective screens round adjacent 
balconies. Thosp have been in- 
«ii fieri round balconies near the 
desks of El AI. the Israeli air- 

line. in an attempt to forestall 
terrorist attacks. 

The check-in staff also want 
the British Airports Authority to 
authorise only ticket-holding pas 
sengers near the check-in desks. 

The proposals will be " con- 
sidered by the three airlines, 
ihcn referred to the Airline 
Operators’ Committee for presen- 
tation to the authority.- 

Footwear sales boom 
but orders still lag 

by james McDonald 

British footwear in April, in 
terms of volume, continued to 
lag behind the levels of a year 
ago. according to the British 
Footwear Manufacturers Federa- 

During April, 11.7m pairs of 
footwear were delivered — 2.5 per 
cent tewer than in the same 
month of lust year— -and in the 
first four months of this yqar 
deliveries were 7.1 per cent dijWn 
over the same period lust year. 

In irrms of value, howiver, 
reflecting inflation, deliveries- in 
April, at H7.Sni, were 18.6 per 
cent more than in April last 
year, and in the first four 

months of this year, were up by 
9K per cent 

Manufacturers* orders daring 
April, at 7.5m pairs, were 49.3 
per cent fewer than in the same 
month of last year. The April 
orders, although low in volume 
were high in unit value. 

Retail sales. however, 
'continued to be good, with the 
index for June for all specialist 
footwear shops (1971=100). 24.4 
per cent higher over the year. 
Sales for the half-year were 20.9 
per cent more than in the first 
six months of last year. 

This good retail figure is 
largely accounted • for by 
imports, which account for 49 
per cent of the market 

Now British Aluminium 
puts up its prices 


lowing Alcan's lead in raising 
the price of primary aluminium 
and some products. 

The Price Canmus&icm has 
been told that British Alu- 
minium will raise the prices of 
slumumwi ingot and related pro- 
ducts by £25 a tonne from next 

Prices of Ihc company’s semi- 
fabricated products will increase 

as foMows: plain fiat general 
engineering quality rolled pro- 
ducts by S per cent; other rolled 
products by an average S per 
coot: extrusions by up to 10 per 

Last- week Alcan Aluminium 
(UK) announced price increases 
on some, products of S per cent 
on average and gave warning of 
a new ingot price next month. 

Scottish group backs 
industrial democracy 


SUPPORT FOR the Govern- 
ment's proposals on industrial 
democracy came yesterday from 
the Scottish Council. for Develop- 
ment and Industry, which said 
ihcre was a case for progress 
with caution. 

The pas man taken by the 
council. which. represents 

management, unions and local 
authorities, is in contrast to the 
opposition to the White Paper 

art galleries 

m&u. GAURtES. The Mali. S.W.1. 
INHIBITION. Mon.-Fr.. lfl.5. Sal. 10.1. 
10.5. Hum AuB XT rt . AOm. 3QA. 

MAU OAlXcftlU. the Mail. S.W.1. A E»tiiti>UBn el weebtev jtm men^ 
{-. I T 0.5 4 iK. 10 - 1 . Until Ust Alio, 
ciiwd com 10 2*tn Au g. Aarn. irw. 

S-. w.i . Modern Minim®. KiUpitim 
jnti nraohio b* inSeratJuB intcnwngai 
- MMC ™Oe OS Bnc«. loW.-frt. 
10.00-5 00. Sal. 10-00-1 -00. 

expressed recently by two other 
groups, tbe Engineering Em- 
payers’ Federation -and tbe 
Association of Chambers of Com- 

Mr, John Matheaon. deputy 
chairman of the council, said it 
was gratifying to see many of 
the council's recommendations 
incorporated into the Govern- 
ment’s. Thinking. 

The council was still against 
hard and fast rules being laid 
down,- and believed that 
individual firms and indnstrles 
should be encouraged to work 
unt Their own solutions io 
involving workers in decision- 

A study of eight Scottish com- 
panies bad shown a desire to 
improve performance and profit- 
ability through involving em- 
ployees in - the -.affairs . of : the 

first time included a supplemen- duced 28 per cent more business, fares policy is truly based upon numbers. 

tee. which agrees that the cor 
potation is competitive on coals 
but overstaffed. 

National Bus is .congratulated 
on productivity improvements in 
spite of falling passenger 

BL proposes novel 
campaign to clear 
Marina car stocks 


BL CARS is launching a novel 
campaign to sell out stocks of its 
current Morris Marina range. An 
advertising programme openly 
admits that a revised model is 
on the way. 

The new campaign, due to 
start next month, marks a 
significant departure from con- 
ventional policy in the motor 
industry. New mode’s are 
normally closely-guarded secrets 
until they are ready to go on sale 
because of the belief tbat an 
announcement makes it difficult 
to sell the old product 

Tbe main change in tbe new 
Marina is expected to be limited 
to tbe engine. But Leyiand 
admitted yesterday tbat this is 
virtually certain to lead to a' 
more expensive car. One object 
of tbe campaign, therefore, is to 
give motorists tbe chance to buy 
at tbe old prices. 

It bas also become clear in 
recent months that the present 
Marina has not been selling well. 
Some BL dealers admit that they 
have had .to push the car hard, 
and they will be offering attrac- 
tive terms during the run-out 

The new car is expected lo be 
launched during the Motor Show 
in October. 

BL said yesterday that there 
should be a fairly -wide range 
of. Marinas on’ offer. Mr. 
Trevor Taylor, sales director of 
UK operations for Austin 
Morris, commented: “ Ln just 

about all consumer product! 
except cars, the British are 
familiar with the bargain offer 
for the " end of run " product. 

"This way. the customer 
knows exactly what he is getting 
and why — a brand new, T- 
registered car, with all our 
norma) sales and service back-up. 
including Supercover, but with 
a much keeuer deal than he can 
possibly get in future." 

• Suggestions that BL, the 
former British Leyiand. was 
having serious discussions on a 
collaboration agreement with 
Nissan, tbe Japanese manufac- 
turer of Datsun cars, were 
sharply dismissed by the UK 
company yesterday. 

The speculation follows re- 
lease of a letter from Mr. 
Gerald Kaufman, Minister of 
Stale for Industry, to Mr. Patrick 
McNair-Wilson. Conservative MP 
for the New Forest, ln it. Mr. 
Kaufman says that "British 
Leyiand has. indeed, been in 
discussion with Datsun about 
technical collaboration on emis- 
sion control equipment.” 

No donations 

NONE of the clearing banks 
makes contributions to the funds 
of the Conservatives or any other 
political parties. This corrects an 
erroneous report on such dona- 
tions in last Friday's Financial 

The last thing you want 

Ordinary family cars no longer come at ordinary 

So itfs good to knowthere’s stfllarange of very 
special saloon cars at prices that compare most 
favourably with their not-so-spedal competitors. 
For between £3,457 and £4,680? you can have a 
ISOOcc, 1600cc (as shown) or2000cctwin overhead 
cam engine, 5-speed gearbox, front-wheel drive and 
a lot of excitement. 

You can have independent suspension all round and 
servo-assisted disc braking on all four wheels. A full 
array of instruments, including electronic rev 
counter, oil pressure and early warning systems for 

low brake fluid level and disc pad wear. 

You can seat five adults in luxury with fitted 
carpets, thick padding and sound insulation mid 
separate heating and ventilating controls for rear 

You can surround yourself with safety features 
like arigid steel safety cage and front, rear and side 
sections designed to absorb accident impact. 

You canhave an 18 cu. ft. boot for your luggagewith. 
low-level sill for easy loading. 

Yon can have interbody cavity injection and 
underbody sealing to fight corrosion and a fall 12 

month warranty. . . r ..^ v (24-hour sales enquiry service). 

And you canhave aname that stands for the very 
best in Italian automotive design and engineering. 
By now, you're probably quite anxious to know 
where you can find such a car. 

Go along to your Lancia dealer and ask him to show 
you a Lancia Beta. > 

The last thing it is,is an ordinary family saloon. r 


The most Italian car. 

Lancia (England) Ltd, A IpcrtoH^diddlesex. Td: 01-9985355 

TheBetaSabmRaHgKBetal300-23.457.35?Bcial600 fas iP.uslralafi-24,0}5.44?Betn2000-S4284.54*Bete2000ES-54.680.00* 

+PrjasindudrV£r ai 8% and car toe, inertia red scat bdts mid delivery charges ( UK mainland}, but exclude monber plate. Personal Expint TfywarrdjgiNctopimliascaLaBriafce of taxes, contact mirExport Department. 

Where to seetheLanriaBeta range: 


Alnwick: WflUani Sample Motors. 
Teh (1065 3247 

<«Mlm l| (I.HT] - TalriiaM Eniap y 

Tel: 63 433$ I 

AFtoinin BJeilloi* Uobn. 

TH:084 4J 5525 

TW: 02 M sorts:: 

BsHdwe tLA-Urimstcai&Sqq. 
TefcU-fM 51*1 

Bastassto Ice: Clarer Leal Cara. 

Tet 0256 HI 

huh: Am Mur> h (Both], 

TrtBc 55 ais; 7 l 

Bedford: Ouw Volley JMurs. 

Td; 1)234 64491 
Blaster JweaMdian. 

Tel: W 7 66 3556 
BSrmfagbsm: Colnore DepeC. 

TVt 021643 4001 

Bbndfcxd: Emblem Sports Cats. 

TWrftSS 52338 

Bettes: tetaB of Briton. 


TWiBHEWSH _ . , 

Brighton: Keni SBctts (SmnhamJ. 
Tet 079 IT 61333 
Bristeb CwTOoental Cars C SCt ca . 
TH: 037257109 
BfettofaosXpnoad {BmaksJ. 


Bnm*stBn:TT 7 UTs{Scase 4 . 
■ftfcWtt 4.1431 
CuehtUser Wei&e i Sea. 
Tet 0223 (W*n 
Cnbnh: dwrlh- O&tes, 

Tel: 072 473 245(1 

Cetectons OwirttnJia fiEowwc. 


Owhafean: tiniadonBcu} Serrke 
Riniion. 1 cl:ii 2 J? 3 rtti 7 
Cheater Hod &u*MuIuik. - 


(Mdwfcitftat GartBZ. 

Td: 02435731-71 
□efllwiies: Da rad Shuti Mfltrrfc 
TofclU 72 63595 
CMdusto: p. Strata Cara. 

TefcOJM 4*457 

tiutoao: Detlk^a Sen-ire Sukdan, 

tint?: Borii JSfcseni Mnlors. 

Dmeita s£eias^.i£ Uft-ts. 
Tu:IWJ *346:4 
DatehesteR Ti re £ Il-jrros. 

Trt: 0305 67411 

ItoHum: Omulsc Siriie? 5 n'J-n. 


ExnwBttoElxsuic^] Cas»Eta 

Tl± 039 52 7^533 

Fethms: Hnsfonjfc 


FsDwstaBeXD. Rixta 


Forett Bm.Stonedeso Gar* to. 

Tek 031282 4255 

Tet Mednr (OftM) &SS3 
OiwcesteiWaiBeisiSsUci . 

Tet «52 432009 

Td: 0483 60751 

Ealee«MBc (SaCoSISiaaiaa Khrcstcn 
Can,Td: 09S67 3666 

Tfluto Gcatre. 

Tet 0422^151 
fTelfirlA: C. Way Aa*j»3. . 

T« 3072^6 

SenhiftVla^lae St-Tis fLilUL 
TeL-lHSaTs 4b4 


Td: 943 3“ : 53o3 . 

BoddovEdi- Lodcnv^ Mr-loe- CatajE. 
TrctflsSS 1 ::' 

Isle e rWigirt Gara^ 

WS2 63661. 

Tpwfctr: GdTQann, 

Tdr 01 72 78877 
KenfJwortJt: J4j|fer Bros. 

Tel: HOL'R a<fl72 
KcacrUjr Bnmgfatan Mt-iara. 
KHUennieeteRColaian IV, .ot 
Tel: 11562 6 B 212 . 

Kiep. Lmn: Hill & OiU-rne. 

T« 1: h5s6 

JLecdM: Bar*e-s olWwtln 


. Td: 053.14 121 42 
Lincoln: Ri cranio Km ill-, .v 
IJverpsoI: Bdiue & S vu. 


NW6: RkbriKi&iitCm. 

Tet 03 -323 7727 

Wt: Maurice FrweeTet 01-950 6991 


Tet 01-928 1922 

ESH: (Serricr odri DJL Anfob 

Tel: 01-735 0559 

SWls Pelgtlrifai An, 


SW7:*Scnrioe onlrtRt.tKtPatridc 

£- PtiniHas.TH: 01,372 7009 
SWlfc ben S&wtlfct 01-3711 4111 
SWlft ln»EiB.Tcb m->.46 

WliPwBuaaGacaaeKTt-t 0I-&33 511t 
774: Thr Chequered FUg. 

Wfiii.S^mp-onKi O, ip. Usrirf 
KetuuiWlWuTc l: oi-743 73ST 


Tet uiii'6 22660 
MwiieJ-lcn SporteMotafc 


Tet 11623 gJLttW 

NewcsslJc^ipeK--iyae: Irvine Mb tors. 
Tet 0632 734591 

' Xrtbwm: BruogttonlJoUaa. 
Tel: U«(M:1 b 7*7 
Norwirti; Pumu-r Motor Coi 
T«-J: irtli.l t V145 
Notiincham: B]adoie]lMutvi& 
T.-LOfiHt: 4ii21 
Oxford: J. l>. BjnJsy. 

Pueslag: Kuct-r: GuraRe. 

TdrUMEi 5.762.14 
Pucboarnr: Auuicme. 

Tel:il73 57SI22 

Puerto rotytfc PttMroiwjgi Autos. 
Tel: 0722 uU!4<; 

Fljmonth: K-Hurpea 
TwL (1752771122 
Fnmnfj: Rolfcn «f Eansej: 

Tet 0794 C13185 
Sl Agses-oe-Ses: Chtudi Rotfd 
Gxrave-Tot 0253 726679 
SL IvesrOUBC VaQeyMouuB. 

Tel: 0480 62641 

Gai-ase.1V): 0424 420841 
S e e r bnru ngfai Mining fcKnaegA 
Tet 0723 64113 

5 kM 4l Harlwi' But Mnliiff^ 
Tefc0742 52488 
Sberborae GhiWsGaraircs. 

Td: 0035813262 

SooihamptouMuJcra Uebt Cm. 
Tel: 0703 22326 

Sm (bend: Tbnrpc Bajr Ann^winL 
Tet 11702 58S2W1 
PtflgstottThe Suuuded Motor Co. 

Tet 0279 31 2635 
' Slociawj-oa-Tecs: Dbcoa £ Eo4 
SwlMuTrHit Wiagrore & Rjiea 
{HaideytTel: 0782 20244 
S tmfo rd dk Miliar Bros, 

Tet #769 68835 

Swindon: DM: Lovett Specialist Caw. 
Tel: 0793 37878. 

TVmttoerP. Sparks. 
Tel: 1(52^42^54 

Tel ford: VG.VeL' Jcs. 

Tet 0952 6UW»l 

HrjrioB Bob: Wood £ KrailinR 

Tel: fid :i8.U 

Tram: PU^iurr Place Garage. 

Tvb ifo72 4KTU7 

To obridse Well.; G. E-Tu o : -ri- ise. 

T-i <18323:, 111 

Wallace}: New Ertubton Gaxaecs, 
"Ii4-. W"1 iUK«JII 46 
BMIInHo- forir Ri<e. 

Tel: 111-647 4473 
WvmiealenJi-tn Marsh. 

Tel: 0965214 777 
Wejferidge: Tuny Bmoksi 
Tel: Bjfleel IU11 43521 
WUmalowrWilmnJdw Mutock 
TeV.OW 64 27356 
Wlnriaor: IMta Motor Gjl 
T et So 60707 

’Wtoey: Hoiscna oE^nbaittash. 
Wnhwtmoptan: Carols Motors. 
Tet 090227897 
Wormtcc nerte&kop Motors. 

. Teh WOo 351821 

York: Piccadilly Auto fl entr *. 

Teh 0904 34221 


Abetdeea: Gin Henderam Molota. 
Tel: 0324 29349 

AjnGlen Hontn-Mji Mm on 

Tet 0292 61531 
Beekharen: R.a Nirol £ Sons 
(Eut VenjovLTok dStcl 7 12360 
Puadee: Puniem Cats. 

Tel: 038225007 

Ednbnndi: nim Hendenws Motors. 
Si 081 225 326B, 

GhtjfowrGien Henderson Motors, 

Tel: 44 19431155 

laujarV: .Uaruelield Motors, 

Tel: U5S5 2T.83’ 

Mora>: H.S.Niobdsnn. 
Peebles Bn.a-n Bros. 

Teh UT21 20515 


CanOIT: Snnw* * Garage. 
Pontypridd: Sn, i w'a Garage. 

T»-l: U443 tuilUU 
SKaows:<JlaniWid Lawrence. 

Tel: U732 .14X37 

HtrcriMaeib Fred Rees' Garages. 
Tel: 0437 2136 


Bdfoat: Stanley Harvey & Cou 
TVh 022241057 
lAmtamir Copebnd Cars. 

Teh 050 4723878 


Port Erin: Shore Garages, 

Tel: 062463 2021 

Qaenorr.St. Fcter Part 
Doyh- Motors. Teh 0481 24 DS 5 
Jei vtr.St.Hehrr 
Cnlebruoks Tel: OTJU 37357 
Lt Kay t Crdebrctuka. 

Tet (1524 4372s 

Zarda Castri-t an fr available frarriQur 
autficfiMrd aula* artwork aa listed. 

Ltil rzeettee from September 1st 197S. 
SZD Cue *a use gitauufron: London. 


■Financial Times Wednesday Angtet f30 3978 


Two building bodies 
attack plans 
for direct labour 


PROPOSALS BY the Department 
of the Environment for the ex- 
pansion of local authority direct 
labour building operations have 
been attacked by two of the con- 
struction industry's main repre- 
sentative bodies. 

The proposals, published last 
week, called for a new set of 
accountancy guidelines to place 
direct labour ' operations oo an 
equal footing with private con- 

They also foreshadowed the 
spread of direct labour depart- 
ments beyond their traditional 
local authority boundaries and 
suggested new areas of work, 
including the private housing 

In a joint response to the de- 
partment's plans, the National 
Federation of Building Trades 
Employers and the Federation of 
Civil Engineering Contractors — 
which today publish their own 
recommendations for the future 
of direct labour operations — say 
the proposals “ merely p3y lip 
service to the need for proper 
accountancy procedures without 
providing in any way an ade- 
quate structure for this to be 

The two bodies say their own 
proposals are designed to ensure 
that direct labour operations are 
required to show whether or not 
they are providing value for 
money to their local authorities 
for any work they undertake. 
They both say they do not 
believe there is any justification 
for direct labour operations, 
except to carry out basic repair, 
maintenance and emergency 
w-orfe. They reaffirm their opposi- 
tion to any direct labour opera- 
tion expansion, especially into 
the field of new construction 
work for other public and private 
clients, but say that as ministers 

clearly intend to extend theiz 
role, proper' accountancy proce- 
dures are now essential. 

The two federations* own 
report on direct labour opera- 
tions says that the calculation of 
any payment for work done by 
direct labour departments should 
be on the basis of the value oE 
the tender for the work and not 
the actual cost 

The report further recom- 
mends that to qualify for 
inclusion on a selective list of 
tenderers a direct labour opera- 
tion should have to provide 
evidence that it possessed 
relevant previous experience of 
the work to be made available, 
that its performance of such 
work was satisfactory and that it 
has the specialist plant available 
as well os the necessary levels 
of technical expertise. 

Proposals that the viability of 
a direct labour operation should 
be tested by reference to its 
performance over a five, seven or 
even a 10-year period is, accord- 
ing to the Industry, “ unrealistic." 
Instead a period of not more 
than three years should be 
stipulated as an appropriate base 
for examining whether or not a 
direct labour operation should 
continue its operations. 

Callaghan likely to 
give election date soon 


EXPECTATIONS of an early 
announcement of -the date of the 
General Election strengthened 
last night when the Prime 
Minister returned to 10 Downing 
Street after a three-week holiday 
on his Sussex farm. 

He had consultations with 
leading members of Labour's 
election-planning team, and 
there were further 'pointers to 
Thursday October 5 as the most 
likely choice for polling day. 

While Mrs Margaret Thatcher, 
the Conservative leader, com- 
pleted arrangements for her 
visit to Scotland, which begins 

today. Mr David Steel, the 
Liberal Leader, insisted that 
neither Labour nor the Conserva- 
tives were likely to score a clear- 
cut election victory. 

He forecast a “bung” Parlia- 
ment, and gave notice that in 
that event the Liberals must be 
assured of a more adequate 
return from that under the 
Lib-Lab pact before they agreed 
to prop up another minority 

Mr. Steel, opening an inter- 
national seminar on "Coalition 
Governments in Western 
Europe " at Berwick-on-Tweed, 
virtually ruled out Liberal 
participation in a coalition. 

He made clear that a minority 
Labour or Conservative Govern- 

ment must be ready to offer the 
Liberals a proper political part- 
nership with full. backing of its 
Parliamentary supporters to 
guarantee implementation. 

He pointed to failure of many 
Labour MPs to back' the Govern- 
ment view that proportional 
representation should have been 
used for the dm direct elections 
to the European Parliament as 
evidence of the need foe a more 
effective agreement than the Lib- 
Lab pact 

He set his face' against such 
hastily contrived deals as that 
with Mr. Callaghan in little 
more than 24 hours in March 
last year, or rushed and abortive 

consultations as between Mr. 
Jeremy Thorpe and Mr. Edward 
Heath -in March 1974. 

Sir Richard Marsh, the former; 
Labour Cabinet Minister, whoj 
had already incensed Labour} 
MPs by announcing that he 
would vote Conservative at the 
General Election, added further 
fuel to the flames yesterday by 
disclosing that he was to address 
a meeting of City of London 
Conservatives on September 5. 

An ex-Minister of Transport 
appointed chairman of British 
Rail • by the last Tory Govern- 
ment. Sir Richard is chairman of 
the Newspaper Publishers* 



£ 600 m 


Meriden and university 
unite over motorcycle 



Co-operative is joining 

Manchester University in 
developing a new British cycle 
with novel features to meet 
increasingly severe fuel economy* 
noise and pollution requirements. 

The Wolfson Foundation has 
provided nearly £100,000 for 

Dr. Jeffrey Rowe, of the Simon 
Engineering Department, a lead- 
ing road transport designer, to 
develop a machine embodying 
new concepts. 

As the sole British representa- 
tive in the motorcycle Industry 
of any stature Meriden needs 
models of radically new design 

By Peter Riddeif, Economics 

THE SLOWDOWN in demand in 
the UK is likely to be quite 
sharp, creating the prospect of 
much lower monetary demands 
and a modest current ‘ account 
surplus, according to stock- 
brokers La mg and Crulckshank. 

The forecast is the main theme 
of a new review of the UK 
economy. The slower growth 
should mean that there wilt he 
a current account surplus, of 
about £600m in 1979. 

The underlying rate of price 
inflation was likely to rise to 10} 
per cent in the first quarter of 
next year and the 12-month rata 
was unlikely to. fall below nine 
per cent by the end of next year. 

Higher interest rates and a 
small fall in the rate of retail 
price inflation from next spring 
onwards should lead to a flatten- 
ing of tiie yield curve, but long 
yields would remain above the 
expected inflation rate. - - 
The increase in institutional 
cash flow was expected to be in 
bette r balance with public 
sector borrowing and personal 
savings should remain' high. 

Cement site 
may be 

By Alan Watson, Belfast 

A NEW cement works in Ulster 
for Blue Circle Industries will 
■now probably be built at Cooks- 
town. Co. Tyrone, and not at a 
site near Larne on the Antrim 
coast, as originally expected. 

Blue Circle, which operates at 
both sites said that studies had 
shown that a 500.000-tonne-a-year 
plant ai Larne would cost 
between £25m and 130ra more 
than an extension of the Cooks- 
town site. 

Technological advances had 
made unavoidable 'he closure of 
the old plant at Lame, where 35*1 
are employed. Although a final 
decision on new capacity had 
yet to be nude, the Larne site 
could be retained to grind 
clinker made either it Cookstown 
or imported from elsewhere in 
the UK. 

The day Dr. Who 
met trouble 
by the seaside 

Printers in Britain 
can tender in EEC 


able to tender for contracts from 
the - EEC publications office, 
because the conditions of tender 
have been eased. Contracts let 
by the office are worth more than 
£2m a year. - 

■ • The EEC had previously stipu- 
lated that delivery of work 
should start within three or four 
days of the printers receiving 

“since. that* 1 requirement could 
normally he met only by printers 

close to the office In Luxem- 
bourg, about 85 per cent of the 
contracts were let -to ■ Luxem- 
bourg or Belgian printers* 
Under the new .conditions, 
“ delivery H will mean “despatch 
by printer.” -The office has also 
agreed that it will be prepared 
to collect urgent work --. from 
printers at its own expense. ■ ■ 
The closing date for tenders 
for the new general printing 
contracts is being extended by 
one week to September S. 

Fight over nuclear 
waste stepped up 

rock demands a strong arm, a 
r efine d sense of timing, skill, a 
dab of artistry and the special 
ability to spell the Queen's 
English In three dimensions, 
backwards, upside-down and in 

Tbere are no proof readers to 
pick up the blunders. 

Blunders like Dr. Woh. 

Mr. Bob Farran, works manager 
at the Coronation Rock Company 
in Blackpool, smiles ruefully 
when he recalls the tale of Dr. 

Of the 21 rock-making 
specialists in this renowned 
resort the Coronation works was 
selected two or three years ago 
fo make a special batch of rock 
to mark the switching-on of the 
illuminations by Dr. Who, tele- 
vision's sci-fi sorcerer. 

The special order was perfect. 
Psychedelics l ly coloured, aod 
with the legend “ Dr. Who " 
clearly legible through every 

But Mr. Farran's attempt to 
Tepeat the recipe for general sale 
fell foul oF the spelling bug. 

More than 1001b of “Dr Woh ” 



Assicuraziom Generali di Trieste e Venezia 

Established 1831 

Report of the Board of Directors 
1977 Highlights 


Total Premium Income 
Total .W*'LK 



PrrraiuTUf-: pros* 

Art investmi-nl income 
Other income 

(000 US Dollars) 

2.427,345 (+2 1.7*«) 
4,818£60 (+20,3%) 

(000 IS Dollars) 



178,757 771.007 


Claims, maturities and snrrrndcrs 
Increase in Lrhnical iwcm-s 
Acquisition and .Management expenses 


Per share 












Part oE the profit of the. 1977 Balance Sheet of the 
Parent Company, Le. 115 million, dollars, has been 
allocated to a new taxed dividend equalization reserve. 

The capital has been increased from 75.5 hi 90.6 million 
dollars through the scrip issue in the proportion of ana 
new sham for even - five old shares. 

Two new Subsidiaries have been incorporated in Austria: 
-Generali AUgememc Lebensversiphcrong-, a Life Com- 

C y.and •GencstUAUgemeine Vcnuchcrung-, operating 

The capital of Generali's holding; Subsidiary -Cc fina- 
ls jn the process of being increased from 5.7 to 63.1 
■mill ion dollars. 

Mr. C- Mcrxagora, Chairman; Jlr. E. Randone, Vice 
Chairm an and Alanagunr Director: Mr. C. De Benedetti 
and Mr- SJ- Luzxalto, Vice-Chairmen have been re- 
elected. Sir. A. Desiata and Mr. E. Dusi have been 
appointed Managing Directors- Sir. F. Fegice,liic London 
Representative, has beta appointed Central Manager. 

rock ended up in the cut-price 
packs of “ broken rock " on sale 
in the 51-year-old company’s four 
retail shops. 

Next week Mr. Farron expects 
to prepare this year’s illumina- 
tions special. 

The lights are to be switched 
on by Terry Wogan. the radio 
disc jockey -and professional 

Mr. Farran visualises an 
orange-coated confection 

decorated with white and green 

gets his teeth into 
an nnproofed stick 
of Blackpool rock 

ribbons to complete the tri- 
colour effect, suitably, and. be 
hopes, correctly inscribed with 
the star’s name. 

Mr. Wogan’s special presenta- 
tion stick will measure 4 ft 6 in 
long and 6 in in diameter. 

Such special orders, however, 
constitute an interruption of 
the urgent business of day-to-day 
rock manufacture for the local 

Mr. Jim Wyers, managing 
director of the Blackpool Rock 
Label Co, points out that the 
rock-making cycle begins in 
earnest in the dead-season 
months of December and 
January and accelerates rapidly 
until the boom summer holiday 
spell. The pressure eases com- 
pletely only when the illumina- 
tions have h*»en doused towards 
the end of October and the tail- 
end trippers have gone home. 

It is indicative of the scale of 
the rock industry in Blackpool 
that it can support a subsidiary 
business devoted almost wholly 
to producing wrappings for the 
end product. 

Three-quarters of Mr. Wyers’s 
trade is concerned with printing 
and preparing the special pack- 
ing for rock — including those 
postage-stamp seaside views 
without which no stick of rock 
would be comDlete. 

But the traditional sweetmeat 
now takes on many exotic shapes. 

and Mr. Wyers has to adapt to 
meet 'all kinds of special orders 
— turning out wrappers for 
“giddy kippers,” “bacon and 
eggs," “rosy apples," “false 
teeth" and “50.000-liek lollies." 
His pride and joy, however, is 
a candy-striped cardboard tube 
which bolds -a stick of rock, and 
is sealed with a plastic walking- 
stick handle. 

He also has to meet special 
demands from eager overseas 
buyers. In Britain rock in all 
its forms has spread from its 
traditional seaside sales grounds 
to virtually every- town, monu- 
ment and tourist trap in the 
country. It is also exported and 
sells well wherever it goes — 
Niagara Falls, or the.Currumbin 
Beach Bird Sanctuary' of Queens- 

Mr. Wyers has even printed 
“Rock from Gibraltar” labels 
for a Blackpool exporter, and a 
Fascinating series of labels telling 
the history of Australian football 
complete with local club badges 
and the eye-catching title “ Footy 

But again, export orders are 
said to intrude into the routine 
of -^meeting the vital local 

Most of the manufacturers 
recognise that there are consider- 
able profits to be made, from 
exports. Mr. Farran claims to 
have accumulated £50, 000-worth 
of unfilled overseas orders; in his 
desk, but he 6ees little prospect 
of fulfilling them and developing 
the trade. 

Obstacles Include difficulties 
with financing, the business com- 
plexities of selling abroad and, 
moat important, a real shortage 
of skilled and willing craftsmen. 

Sugar-boiling and rock-making 
are skilled crafts and un- 
doubtedly bard work. Mechanisa- 
tion is limited and has taken only 
a little of the sweat out of the 

Batches of boiling sugar, -weigh- 
ing up to 1501b and seething at 
almost 300 deg. F, are first 
poured bv hand on to warmed 
metal tables. 

As the mass cools slightly the 
process begins. Some is set aside 
for colouring, letter-making or 
covering the outside of the 

u w/ 

■ • ■ ^ • 7. •• .j;- - ,-Xv* 

The words being put into the rock. 

finished product But the bulk 
is kneaded and pummelled be- 
fore being consigned to a “pall- 
ing " machine which aerates the 
soft hot mixture and turns it 
into the opaque mass which will 
form the centre of rbe sticks of 
rock — the part which holds the 

Mr. Len MacDonald, foreman 
at the Palace Rock Company, 
snips with unerring accuracy at 
the great slabs of toffee-tike 
sugar. So much- for two letters 
“l." a snip for the “b" and so 
on. He rapidly stretches and 
moulds the' components into the 
necessary letters in a seemingly 
random order. Each character 
stands some 3 to 4 inches high 
and is about 2 feet 6 inches long. 

With much slapping and heav- 
ing the letters, filling and 
coloured . outer coating are 
rapidly patched together into a 
stubby, bomb-shaped lump. This 
is then quickly transferred into 
a rolling machine which com- 
presses it. Sharp stabbings with 
a scissors blade release any 
large air bubbles still trapped 

inside the bulk. 

. The mass is hardening at this 
stage and with stunning speed 
Mr. MacDonald begins to produce 
what is for the first time recog- 
nisable as rock. • 

With almost magical accuracy 
he draws a slender strand of the 
mixture through a hoop formed 
from the thumb and forefinger 
of bis left band. Spaghetti-like 
lengths of rock spring from his 

Here women workers put the 
final touches to the rock. 

All that remains is for the 
rock to be snipped to length — 
about 1.000 sticks retailing at 9p 
Only when the final process 
was under way did - Mr. Mac- 
Donald give any obvious signs 
of checking the lettering. 

He will admit to producing 
one batch of Saecombe rock for 
Seacombe. But In general, he 
claims, he makes spelling 
mistakes only on rare occasions 
when he is distracted by events 
such as visits from newspaper 


HUNDREDS of anti-nuclear cam- 
paigners are expected to lodce 
objections today against a plan- 
ning application, made by the 
UK Atomic Energy Authority, to 
make test boiungs for suitable 
nuclear waste disposal at Mull- 
wbarchar, Loch Doom Strath- 

The application to make 
borings at Mullwharchar is part 
of the EEC waste management 
programme and 13 sites have 
been pinpointed in. Scotland. - 

Kyle and Carrick district 
council is holding a public meet- 
ing, at which the Authority will 
appear only as a listening body. 
A decision on the application 
will be made in October by the 
district council’s planning and 
building committee. 

Mrs. Kathleen Miller, secretary 
of the Scottish Conservation 
Societv. which claims to have 
9.000 supporters, said : “ We will 
be speaking at the public meet- 
ing and will try to draw atten- 
tion to the plight of Scotland. 

“It is being viewed as a 
nuclear waste dump and we can- 
not allow it to become a nuclear 

The Scottish Conservation 

Society is also planning a world 
symposium on unclear waste, to 
be held in Edinburgh next year. 

Among those who. have been 
invited, but who have not yet 
replied, are: Prince Charles. Mrs. 
Rosalyrth Carter, the Empress of 
Iran. Mrs. Margaret Thatcher 
and* Mr. Jo Grimond. HP. 

Britain’s latest nuclear reac- 
tors have- also come under attack 
in Scotland from the Scottish 
Campaign to Resist the Atomic 
Menace. . . 

The campaigners describe the 
Hunterston “B" advanced gas- 
cooled reactor in Strathclyde as 
an “economic disaster we can- 
not afford to repeat”. . 

if costs per unit continued to 
rise at the present level in the 
coming year nuclear electricity 
would be more expensive than 
coal, oil and gas-fired electricity. 

The anti-nuclear campaigners 
are asking Mr. Bruce MUlan, 
Secretary of State for Scotland, 
to hold a second public inquiry 
into the proposed advanced gas- 
cooled reactor at Torness Point. 
East Lothian. 

They claim tnat the estimated 
total cost of a leak at Hunster- 
ston last October has increased 
24 times in only seven month. 

Littlewoods pools 
business boost 


day announced an S.54 per cent 
increase in business for last 
season (year ending July 31, 

Tata | stakes increased by 
£14,431,762 to £183,225,207. Tax 
paid was £73,290.083 an increase 
of £5.772.705. The amount paid to 
winners was £54.585.766 up by 


Littlewoods said: “We are 
more than pleased with the 
year’s figures. The amount of tax 
paid, over £73m is of particular 
significance, and underlines the 
Royal Commission's observation 
that the pools are. in a sense, a 
national lottery run on behalf of 
the exchequer.” 

Report on hospital 
deaths out soon 


causes of hospital deaths of 
patients under 50 and on the 
accuracy of death certificates Is 
to be published soon by the medi- 
cal services study group of the 
Royal College of Physicians. 

The papers will reflect much 
of the group’s collaborative 
research work since it was sei 
up with the help of the King’s 
Fund last year. 

Under the guidance of Sir 
Cyril Clarke, the group’s direc- 
tor. and Professor George 
Whitfield, s first report, on the 
measurement and effects of 
alcohol, was published in the The 
Lancet in May. 

However, the main research 
has centred- on the study of 250 
cases of medical deaths under 
50. After consultation with senior 
doctors from the Merseyside, 

Midlands and Grampian Healti 
Regions the preliminary repor 
is complete. 

It is hoped that the finding; 
will lead to advances in medica 
knowledge' and improvements it 
medical services. 

Study of the accuracy of deati 
certificates arose as a side pro 
duct since the group was abh 
to compare, doctors' detailei 
notes with the cause of deati 
stated on a certificate. Mud 
research work is based on deati 
certificates. . . 

The group is studying death: 
from diseases that can be cured 
One project concerns rhesu: 
haemolytic diseases in’ babies 
which cause death or stillbirth 
The disease can be avoided, bu 
in 1977 there were 52 deaths' ant 
about 100 stillbirths as a resul 
of it. 

Exports fall 10%— subsidised jobs in peril! 

BRITAIN'S CARPET industry is 
approaching next month's annual 
trade fair at Harrogate with 
more than its usual degree of 

After several years of reces- 
sion the industry, the biggest in 
Europe, should be doing better 
this year as a result of the 
increase in consumer spending. 
But. with one of two exceptions, 
it is not. Whatever the public 
bas spent extra money an — and 
some other textile sectors do 
appear to have benefited— it has 
not gone on carpets. 

Sales, nt best, are not mucb 
ahead of last year’s depressed 
levels, and exports, which 
accounted for roughly a quarter 
of tiie industry’s output of 
£550m. last year, have actually 
gone down by 10 per cent in the 
first half. 

The problems of the recession 
and the difficulties it may be 
storing up for the future have 
caused the unions concerned to 
call, through the TUC, for a 
study by the Department of 
Industry. Employment has fallen 
from more than 40.000 five years 
ago to under 33,000. and a sub- 
stantial part of the labour force 
is thought to be protected by 
temporary employment subsidy. 

For many companies the 
assistance available will soon be 
coming to an end. and according 
to Mr. David Carter, general 
secretary of the Power Loom 
Carpet Weavers Association, this 
could result in further jobs 
being lost. 

The unions think the situation 
sufficiently serious to justify 
setting up new tripartite 
machinery to watch over the 

sector and guide its development 

Although they have foiled so 
far to win the support of the 
employers, they will be sub- 
mitting to the Department of 
Industry a case for establishing 
a sector working party for 
carpets under the Government’s 
industrial strategy. 

Weak market conditions are 
the common theme, but the 
problems faced by the industry’s 
two main sectors — wovens and 
tufted — differ* in some respects. 

The women sector, with 
Kidderminster the main centre, 
has been contracting slowly for 
some time as a result of the 
growth of cheaper tufted pro- 
cesses. The woven producers 
have managed in part to slow 
down this decline by moving 
increasingly up-market, 

especially into the export 
markets such as the U.S. and the 
Middle East 

In the U.S., in particular, the 
virtual disappearance of the 
domestic woven industry has left 
a gap. especially for contract 
buyers loo king for a quality pro- 
duct for hotel foyers, prestige 
offices and public spaces 

Closures have, nevertheless, 
continued, including that most 
recently at Morris-Gloucester, 
part of the Youghal group, where 
500 jobs have been lost. 

Economic pressures are also 
making it mnoh more difficult 
For the relatively labour-inten- 
sive woven sector to take on 
recruits, leaving it with an aging 
lahnur force. 

Mr. Carter points out that 
whereas 34 per cent of school 
and college leavers in the 
Kidderminster area went into the 

carpet industry in 1972, by 1975 
this had fallen to 20 per cent 
and by last year to 7 per cent 

The tufteds sector, which is 
much less dependent on labour, 
has developed in Lancashire and 
Yorkshire close to the tufted 
machinery building industry 
located in Blackburn. In this 
sector the problem has been 
over-investment, particularly in 
carpet printing machinery. 

With printing, the tufted 
industry — which had previously 

this will not necessarily occur 
through companies going out of 
business, as others come along 
to take over those in difficulties. 
Companies may have to reduce 
productive capacity by not replac- 
ing old plant and by ensuring 
that the remainder is of a size 
that can be operated efficiently. 

“Management and unions will 
also have to ensure that produc- 
tivity rates are at least as good 
as those on the Continent and in 
the U.S., where manning levels 




been limited very largely to 
sculptured effects— has been able 
to - produce cheaply the bold 
designs favoured in the UR 
market The process was rela- 
tively cheap to acquire, and, with 
demand depressed for the past 
four years, there has been mucb 
too much capacity chasing far 
too few customers. 

According to Mr. James 
Hartley, chairman of Shaw 
Carpets, which has invested 
heavily in sophisticated printing 
equipment designed to move the 
company up-market, the UK 
industry is capable of producing 
up to 50 per cent more carpet 
than is sold. 

“One obvious way of alleviat- 
ing the situation is by reducing 
existing capacity," he said. But 

are in some Instances 
significantly lower than those 
generally in the UK” 

The European market, which 
the industry had hoped would 
provide a ready outlet for its 
production, bas proved more dif- 
ficult over the past year. 

At the cheaper end of the 
market with price the main con- 
sideration. the increased value of 
sterling has cost UK producers 
some of their earlier competitive- 
ness as against Germany and 
Belgium, Europe’s two other 
major carper producers. 

Moreover, as Mr. Hartley says, 
some of the European producers 
are now looking with increased 
interest at the large UK carpet 
market, which hitherto has 
enjoyed a relatively low import 

penetration of less than 28 per 
cent - v ;■ 

Substantial investment, in 
carpet tufting machinery is how 
tatting place in Comecon 
countries.; in -some- -developing 
countries and In various parts 
of the Middle East where there 
is a tradition of high-quality 
carpet production. 

Efforts are being made 'to 
recruit British, weavers, to place 
the local industry on a’ commer- 
cial footing for an assault on 
Western markets. 

Nor is the .threat of higher 
imports posed .only from these 
quarters. Allied. Carpets, the 
biggest UK retailer. Is heavily 
promoting a purchase it has 
made of America? carpet 

Though carpets imported from 
the U.S. will always have to carry 
the burden of heavy transport 
costs, the IkS. tufted industry 
does start with a reduced cost 
base because of its very long 
production runs and its lower 
prices for oil-based raw materials 
such as polyester and .polyamide. 

The U.S. carpet which Allied 
is selling is of a special construc- 
tion which has been selling well 
in the U.S. Here can be seen an 

.attempt - to introduce a 
fashion to stimulate sales, 
oically, the carpet cai 
made by UK producers, 
several are expected to 
their own -versions' at Harr 

The problems facing 
industry can be overdone, 
example, a study pro 
recently by a firm of eco: 
analysts, suggested that the 
up in incomes in the UK. cc 
with more housebuilding 
year, could point to liigher i 
sales over the rest of this 
and into 1979. 

Autumn traditional 
steong period for carpet 
after the Tull of the su 
months, and some manufac 
already see signs that de 
may be improving. 

Any revival might be 
Lived, however, and the u 

v. r maQ y of the pro 
which have been apparent 
tiie years will reappear. 
Government is being appro 
early because at ^preseni 
-industry is still strong when 
pared with other textile se 
and the unions are anxlaui 
steps should be taken in tii 
ensure that it remains stroi 

Quayle raises a loan 

minster; said -yesterday that it 
bad negotiated a £240.000 facility 
by way of loan and overdraft 
from Barclays -Bank, . Arbuthnot 
Latham and Industrial and Com- 
mercial Finance Corporation. 

“ Difficult trading conditions 
over the last two years have 
made it important for the com- 

pany to augment it! 
capital to finance a ne< 
carpets.” said Mr. 
Marsden Smedley, 
designate; ■ “The 
■future of the eompan 
300 employees has beet 
Quayle manufactm 
quality Axminster a 
carpets and rugs. 

: n 

* ««*> 

Financial Tiities Wednesday August- 30 1978 



? i 

^ k t S{ ! 
1 1 iJlli-rt 

*V*KU»Is ;y 


r f 

“ T 

f % 5 

a* j r 




,* * 3 

J Z ? 

i £ 3 




woos shop 
at Boots 


RETAIL STAFF at Bools, the 
chemists, will be singled out for 
special attention in a recruiting 
drive to be launched in the 
autumn by the Union of Shop, 
Distributive and Allied Workers. 

The campaign, which will 
Include posters and personal 
visits by union officials will aim 
to build up the union's member- 
ship in what it calls “the un- 
organised pari of the high 

The union, Britain's sixth 
largest, wants “ a common 
improvement in pay and. working 
hours for all members, and this 
includes those on the retail as 
well as the wholesale side of 

Lord Allen, general secretary, 
told a special conference oE the 
union's officials in Manchester 
yesterday that Bools shop 
workers could benefit from 
union membership as much as 
workers in the company's 

BL toolroom men 
win more support 

Dockers remain out 
in row over safety 


EMPLOYERS and - dockers' important one for Southampton latinos on a day-to-day basis as 
leaders in the port of Southamp- dockers who wanted consultation well as on the strike record, 
ton held emergency talks on safety. The Docks Board talked openly 

yesterday after a meeting of The British Transport Docks for the first time yestrday oF a 
nearly 2.000 dock . workers Board tin Southampton — Brtim's “policy of noD-coopration" which 
decided to continue a strike sixth biggest cargo handling some dock workers bad been 
which has halted cargo opera- port — bended that safety stand- operating for some lime and of 
tions since Friday. * ards and procedures were 'lacking which the present dispute was 

The strike over a safety dis- and a* 50 that there was not suf- only the latest example, 
put*, is the latest in a series of *«*«* consultation on safely There have been complaints 
disruptions which have hit the issues with the workforce. among some dock workers of 

port since January, at a cost of « Panted, out that a joint continual sabotage of machinery 
some £250,000 a week in lost safety committee met regularly which has led to upset among 
revenue each time container atthough it was not brought ra maintenance engineers as well as 
ships have been diverted to during the dispute over the dockers operating the machinery, 
continental ports. ladder - ^ The Government's pay restraint 

„ Dnt rorf Mr - w - D - Noddings. deputy policy and inadequate differen- 
port Erector, described the tials have also figured pro- 
t fti a 1 sUlk * 83 “futile’' and said that minently in disputes over the 

week t° confinue to work on a Docks Board could not past IS months. 

*0*“*t9 -the abuse of safety pro- The straddle carrier drivers 
hlrf thJ cedllx « 85 40 industrial weapon, are said to be on the same basic 

SgUpM* ™ E* Tbe dispute looks like becom- wage as dockers who carry 

^-foot ladders leading to the in5 a major clash between baggage because or a pay struo 

^ dockers’ leaders and employers ture negotiated by the unions 

But the issue was broadened over deteriorating industrial re- several years ago* 
yesterday .when the strikers 
questioned the general operation 
of safety standards in the port. 

Mr. Ritchie Pearce, chairman 

Transported Genera! 5 ' Workers'* A TOTAL of 260 dockers on the paid in fall-back pay when 

Union, said that the issue was an Mersey aged 50 or over, have surplus staff have to be sent 

agreed to accept* voluntary ^ome. _ 
severance. They represent about e n pay 

60 per cent of the labour force in no ? bc extended aged 55 

the aep ernuo and ov ^ r to reach the requird 

target figure which has been 
The Mersey Docks and Harbour approved by the National Dock 
Company, the largest employer Labour Board, 
on the river, is seeking 315- volnn- The cm wili bring the overall 
lary redundancies to trim its total of dockers on the Mersev 
workforce and cut the money to 6.000. 

Dockers accept pay off 

: A dispute in danger 


IF THE toolmakers at BL come deepening saga of strikes and a self-financing productivity deal restrictive practices have Inst 

out on strike next week, the sancDons" that the plant could and an investigation of relativi- 4.000 trucks and 3,000 tractors, 

dispute at Leyland Vehicles' no longer be operated on its ties and differentials, covered the Output is running at about 65 per 

Bathgate plant in Scotland is present basis. full working of the new cent of target, 

likely to be forgotten. Leyland Vehicles’ slice of the machines. LctJand Vehicles' dimini-hinz 

Yet the strike by Bathgate's UK commercial vehicles jnarket ^ Senior union officials^ who 5hari , of the commercial 

” ‘ ~ “ vehicles market is now under 

25 per cent. The market is 
buoyant, but Ibc company says 
that Bathgate's poor labour rela- 
tions are threatening to cut Us 
share to a point where in the 
end there will be ton much pro- 
to duetive capacity to meet demand. 

stewards agree with Use company. 

worsening in labour relations at particularly vulnerable, 
the West Lothian factory. Senior union officials Ihem- 

A1J production at the plant, selves believe that if industrial . . 

which produces Leyland relations and productivity at the Disciplined 
Vehicles’ tractors and its range plant do not. inn prove, long-term „, a . hin „ cfc TO r„*P,i 

of light and medium trucks. ha<! investment at Bathgate and its Tlu - matin nests refused 

been halted Manufacturin'* at function within Leyland Vehicles accept new production targets For that reason, union officials 
the Albion truck plant neaJ wM h & threatened. for the machines, in breach of will be fold again at their meet- 

for the machines. 

measured da> work and lime ing with management that the 

cabsmade at Bath n ate will be 1-500 machinists who have been slud J". a 3 re e]iienL<; 9". e ^ secure future of Balhgaie. nnly 
M B ■ - - - "’='*hmisu was disciplined and 15 years old and ideally designed 

severely affected in "iittle more demanding a commitment from , t . rI 

than a week. the company on extra pay for - il l ‘ 

The board „r LeyUM V^icles TeS, “’"'auTeSd^ Jl* We* 

has been so mneerned at the RrimJers " aml other l equipment reflects one ..f Lhe principal 

hate lhrou-hoi? the vear it which Produces vehicle compon- «®»n* ior } h ? large crop uf 

gate w«Moir uie year that it are f „ £ 45 m three- disputes at Hie plant this year. 

r e f Un ftt w .hi > ear development programme for Wllh P a - V and differentials 

national officials of all the Balh n alc and the Albion plant. squeezed by pay policy, the in- 

The machinists originally vestment programme appeared 

claimed that the machines t0 offer tlic opportunity for 

fnr mass production of medium 
commercial vehicles, is al risk. 

plant's unions. 

Skill dispute 

Motor Cycle 
Show record 

needed” higher skills to operate', negotiating exira money. Leyland ..Jj?,? 10 blT 1 ’?' 

The comnanr and the Deoart- Vehicles fears that if it conceded * he . 

. The company and the Depart- 

At that meeting, which may he ment of Employment disagreed, extra payment to the machinists, 
held at the end of the week, the According to* Mr. Jim Swan, something it has firmly ruled nut. 

International Motor Cycle Show 
at Earls Court, London, last 


THE DIVISION in tbe Amai- “It is one thing to decide 
gamated Union ol Engineering whether a case is valid, or not 
Workers over threatened expuJ- valid. It is quite another to 
sion of 32 toolmakers at SU Fuel decide that people can blackleg 
Systems, Birmingham, for refus- by doing the jobs of the strikers 
ing to cal) off their month-old if necessary." 
strike for pay parity sharpened This largely sums up attitudes 
yesterday. in two of the most sensitive areas 

Union officials who sounded of the toolmakers' quarrel,' in 
out members at British Leyland Birmingham and in Oxford, the 
said expulsion over a strike issue main power base of Mr. Roy 
bad turned even moderates to Fraser, heading 3.000 toolmakers 
support the 32. . seeking separate • bargaining 

Many moderates who helped rights, who support the SU 
vote Mr. Terry Duffy into the strikers. Mr. Fraser led the tool 
presidency of the union, which makers' strike IS months ago 
he lakes up shortly, believe he that crippled car production and 
has taken too tough a line. . made more than 40,000 idle. 

Agreement on a wage sLruc- 
ture eliminating anomalies S5 r 

should bc readv for signing bv Ley lands shop , stewards 

the end of September. The men /uf aa^crek^Mlfed 

claim nearly £7 a week to equal “ ut . ! J r,, ' e £ ,he ■*“ were °^ el,ed 
Rover toolmakers’ £S3 «>' union. 

'* The real question is whether M ?ro ! w Hn 
the toolmakers are justified in ll J£ JJ?;! 1 ]?? 

heing dissatisfied with negotia- ,n Btmungham on Satur- 
tions?' a senior AUEW official da - v «» consider a reconraenda- 
said Iasi ni"ht “If the comnanv ,tnn • toolraakers r .com 

h^f failed to honour a clear fnr an imu,e ?, ia i e ^ ike 

agreement, as they say. then it lhe men ara ® x P* Hedi . ‘ ' 
seems to a lot of our members The union executive holds a 
that trades union officials are special meeting on Sunday! the 
applying non-domocratic prin- earliest date for endorsement of 
ciples. lhe recommended expulsion. 

Port radio technicians 
may act over pay 


RADIO technicians stationed in 
ports throughout the UK are 
considering industrial action in 
the face of their employers’ 
insistence on a straight 5 per 
cent pay settlement under the 
Government's Phase Four wage 

Only 250 shore-based techni- 
cians are involved in pay. nego- 
tiations with Marconi Marine, 
hut any action they take could 
seriously affect British shipping 

The technicians are respon- 
sible fnr installing and maintain- 
ing communications equipment 
on British flap earners whenever 
the ships conic into port. Ships 
of over 1,600 tunnes are not 
allowed to qo to sea unless their 
radio equipment is in order. - 

The Radio and Electronic 
Officers' Union said yesterday 
that the employers’ " final " 
offpr had been .rejected,, and 
industrial action was being con- 
sidered. Mr. Jack Bromley, 
general secretary, added that it 
had not yet been decided what 
form of action might be taken. 

The employers had so far 

rejected the technicians 
demands for an increase above 
the 5 per cent limit through a 
self-financing productivity deal 
or a job evaluation and salary 
scale restructuring exercise. 

.The group last took actum 
over a pay claim in 1972, before 
lhe Government'* present wage 
■restraint programme was intro- 

£6m in grants 

COUNCILS HAVE been inn led 
to bid for £6m in grants from the 
Department of the Environment 
for urban projects during 1979- 

Schemes eligible for grants 
Include industrial, environmental 
and transport projects in addi 
Lon to the traditional social, 
recreational and cultural plans, 
as set out in the Government's 
White Paper Policy for tbe Inner 

Algemene Bank Nederland nv 


Dfls. 100.000.000.— 

6Tc Bearer Notes I TO due 1976/1979 

Third annual redemption instalment 
( Redemption Croup No. 4 and No. S fell due 
on October /. 1976 and October 1. 1977 respd. 

As provided in the Terms and Conditions 
Redemption Group No. 1. amounting to 
Dfls. 25,000,000. — , iias been drawn for 
redemption* on October 1, J97S and 
consequently the Note which bears number I 
and al) Notes bearing a number which is 4, 
or a multiple at 4, plus 1 are payable as from 

October 1, 197S 

AJgcsncne Bank Nederland N.V. 

rrt Amsterdam: 

Algemene Bank Nederland (Geneve) S.AS 

in Geneva: 

AIgeme»BmtkNederiandmderSchwck AG 

in Zurich: * 

Krcdietbanfc 5-A. Ldxcrabflmgeoigc 
in Luxembourg. . 

’August 2L 1978. 

— — — — — — .tciui uiiiK iu mi. Jim o » a 1 1 , wiiicuunj, n,».-* 111 u*i jr , unu >iu>. 

company will try to reach some the engineering workers’ union other production groups would ° 

form of agreement with the convenor, the machinists then rush in claims. "Attendance is 16 percent up 

unions on observing established claimed extra payments based on Bathgate produces all Leyland «n last year 159.S0T .ictual corn- 
working practices and discipli- th c new machines' increased Vehicles tractors, its Kcdline pared with 51,587), underlining 

nary procedures. productivity. range or trucks ranging from 3' the much greater interest in 

Mr. Pat Lowry, the corporate The company maintains that a to 26 tons, arri diesel engines for powered two-wheelers." the Insfi- 

director of personnel, said last recently negotiated pay package, these vehicles. tutc of Motorcycling said 

week that there was such “ a incorporating a 10 per cent rise. So far this year disputes and yesterday. 


A lot of companies have gone into partnership with Irvine 
New Town. And the list is growing all the time. 

So there must he some powerful attractions. 

Maybe it’s accessibility. With two majorairports close by. 
lAnd unrivalled shippingfacilities. 

Maybe it’s the financial and administrative assistance you 
get when you move to Irvine. Like possible rent free periods and 
maximum government grants. 

Or the availability of factory space. With plenty of room for 
expansion when you need it. 

But one of the main attractions is the place itself. 

With golf courses a few minutes away and three miles of 
lovely sandy beaches right on your doorstep, Irvine is a beautiful 
place to make money. 

As Beech am, Volvo and others all discovered when they went 
into partnership with the highly professional staff of Irvine 
Development Corporation. 

The team which has helped over a hundred and twenty firms 
base their business in Irvine on something more substantial than 
faith alone. 

If you’re interested in the kind of deal we can put together for 
you, get in touch with our Commercial Director, Mike Thomson. 

He’ll send you the nuts and bolts. IRVINE NEW TOWN « 



fctafieiar lifoes-W^e&fe* 



Blast of 
the holes 

complex transfer equipment is 
required to present sucb units 
as engine blocks to the cleaning 

Elan's development uses water 
in low volume and at 4000 psi — 
travelling at some 700 mpb — to 
achieve block cleaning. The' 
equipment into which it is built 
will clean and dry engine blocks 
at a rate o r one every 45 seconds. 
-No chemical additives are used 
and the water is re-cycled. 

Interesting in the development 
is the immense cleaning power 
the high pressure and speed of 
PROTOTYPE equipment under travel confers to the Water since 
development for some 15 months pnly about onc-third of a gallon 
and representing a new approach * s projected per second, yet in 
to the washing of complex ensi- it has been shown to remove 
neering components prior to blind holes and narrow oil feed 
assembly has been ordered off Passages- 

the drawing board. 60 to speak, .The company already is plan- 
by British Ley land which expects n ' Q s to extend the capabilities of 
to see the first such unit installed l ^ e automatic system to corn- 
next month puter-cont rolled programmable 

_ level so that its cleaning units 
It k a high pressure water cai] jj e incorporated into virtually 
washing unit by Elan and was an y production line, even when 
evolved to get around the prob- ^ere are frequent changes of 
lem that high volume, low manufactured product, 
pressure washing as generally Where lhe equipment can be 
used in the motor industry is incorporated into a new produe- 
frequcntiv unsatisfactory. The Uon ^ the user will More 
method often fails la clear blind considerably 
tapped holes and oil ways and can • x> et aila of" the plant and its 
result in high rejection rates potential applications from Elan 
with consequent extensive and Pressure clean. 9 Park End 
expensive re-working. Street. Oxford 0X1 1HH. 0665 

At the same time, relatively 724968. 


Messages over the mains 



Telephone Reddirch 66414 
■ '■ Telex 337125 • 



AN INTERESTING and relar of stations could be - set 
} tively cheap communication using the three channels 
system, originating in Japan and selectivity, 
marketed in this country by The equipment uses frequency 
Hadley Sales Services of-Smetb- modulation of the speech on to 
wide, makes use of mains copper .the. earner and Is relatively 
cables to transmit audio signals no fix free, tbe mains frequency 
on three cha n n e ls. . - having no effect . _____ 

The concept* is fairly straight- Although the- equipment is Acf will 'be contravened 

forward and is a development of technically quite simple its an( j prosecution could follow, 
a simpler system introduced by application with regard to both Th u « the equipment can be 
the same company some years the Post Office and the Electricity oite tecally within a single 
ago. A unit isjamply plugged Council is a- little more com- JgSjjfotfonS premises and. it is 
into a mams-socket, from which -plicated. . . J „ • „ ; undeistood. between - different 



mto a maiiis-socxet, irom wmeu -plicated. understood bet 

it derives the necessary power The Electricity Council takes ' mtew 0 * f the same orgamsa- 

and into which it injects a the view that provided no inter- g communication .with 

modulated earner frequency at ference to their own activities w ‘ third however would be 
180, 330 or 280 kHz. ' caused, there is no objection .to £ h j- urttieTTriorc , ^ 

Any other unit plugged into the equipments use. although between private, io. 

a mains socket will then be able they can give no continuum dlviduals - in different dwellings 
to receive the signals provided assurance of a suitable circuit WQuld a[sQ infringe die Act 
that it is on the same distribu- -between any two points. „ . . * a , 

tion transformer secondary The Post Office however, pomte Hadl^ Sales is at 

winding (the same phase). This .out that if the link is established JI- wJ&na^RlMS 4PZ 

second unit can similarly trans- between two , completely in- JVarleK Weg Mlilands.BBS -IP Z 
mit to the first, and a number dependent parties then the Post (U-i ■ 

Hydraulic tipping units for small vehicles 
have just been launched on the UK market 
by BCT Equipment. Primarily Intended 
for installation on Datsuu, Mazda and 
Toyota type pickups, the units can be 
fitted without making alterations to the 

vehicles. Only four holding points are 
“ required. BCT Equipment is a division 
of. Bentley Chemical Trading Company, 
Greenhill Industrial Estate, Birmingham 
Road, Kidderminster DY10 2SH 
• (0562 4666). 



master timetable . system” Markets are likely to include 




Finds pigs in pipelines 

Makes firm 



DEVELOPED BY General Descal- actuation by the softer material 
inp is the Type T Pigalert. a line- and which dafiects completely so ^ ^ , he market 

installed deice for detec.ins ,i.e that it cannot be damaged. ^^in^eade'd with silrer £d 
position of pigs and spheres in The lift of an associated possibly other precious metals 

ine/ex^minlo" ,Ce the Se fn^dM ea of tumbIer is " a “ smitted ci f er . b >! have been announced by Johnson 
T-MHiin- oroduiS i ? n 3 . pr “* ure ba,a " c . ed mechanical Matthey Chemicals. 

ft? m. or for gauVnsl Infill Us * s for * materlal 

suitable for electroplating, earth- 
ing or other purposes. 

The company has set up a team 
of specialists to look after 
research, development and pro- 
duction and they will be operat- 
ing from Johnson Matthey 
Chemicals' headquarters in 
Orchard Road, Royston, Herts 
SCS 5HE (0763 44161). 


a seal-less 
or a 





ORDERS FOR two type 9300 
high speed document reading A 

systems and full on-site main- /?“ character^er inch) 
tenance services have been L the u3t k availabi? It weieKs 

liftSSW- SS&jBSfi 

which holds standard timetable the retail and distributive trades 
data and uses it in conjunction and any business concerned with 
with actual train movement data the labelling, numbering or 
(derived from the train dating of packaged goods of 
describers) ‘to produce reports virtually any description. An 
for staff on the late running of example would be the labelling 
trains and to compile statistics, of food- products that steed to be 
One of the machines controls sold by a specific date. 

^ the distribution of the timetable 

MILITARISED for tough usage, «*?ta to the ^puter-taied u- ' 
a thermal iineprinter introduced dicator systems toca.ea »n eaca . ATERIMG 
by Sintrom Ellinor. UK repre- s ignal box where it is used In • UAItKIWa 
sentative for the MUtope Cor- conjunction ?*** *““ 

poration is the TF2000 ment data to determine the next a . . 

^Se uSt has ^To . reliable indicator setting at each station ^UlS Oil 
thermal . print heads each span- “* area - . 

ning two inches of paper width. Digica is at Wedgwood, way, j|_ . 

Since no moving parts exist with- Stevenage, Hertfordshire (0438 Tf|4h G|j]f|C 
in the print head, this should 4381). t-lAV* kJUiR/kJ 

approach the service life of the 

The basic TP2G00 is a ten- IU TU r flFFIPF 
character per inch 40-column • IW urnvs 

printer that operates at a 240 

increasingly softer elastomers ^mated reek witch.”? «q3. S 5 me^o^^the^SSSSS AV ^ AB , LE FR0M Sonneborn Agency with De La Rue Crosfield. internal storage for 100 feet of 
and fnams are being used for the J _.. : ._ J __ py . t he growth of the electronics and Rieck is a range of paper- The extended equipment, to 4i ins wide roll paper, and 

,^’z Versatile 

GREEN BEANS have snihs 
(those tiny stalks at the endl 
and, as every chef or cook 
knows, are tiresome lo prepare. 
Now comes a machine called the 
Cluster Cutter whose principle 
of operation is thus: clusters of 
green beans are poured through 
a chute into an inclined drum 
and are caught on hooks on a 

pigs device can be mounted on industries and the company is based, highly flexible surface be installed at the Department measures 5.75 ins by 6.25 ins by A DESK-TOP machine has been carrier plate and revolved anti- 

bore. almost any pressure vessel con- confident that there are more (aminates, suitable for use on 0 f Health’s Newcastle P Central 7.50 ins. y introduced by Roneo Vickers clockwise. A knife, revolving 

« . noehnn nnmnlPtP UflTh OYtnrnol o nnl i no hnne fni> *♦ fhon hovrn ci> . u _ ***■*•«* o ns*M.aouc ucuildi ■ . . . . . u. t— _i 

seals and other fittings on 

to avoid scouring the pipe bore. • - , . , . ., , , _ , yi mrdiui s l pihtjh mu vu _ 

The signaller therefore has been nection. complete with external applications for it than have so Quickstep and hot press equip- office at the beginning of 1979 Sintrom Ellinor. Arkwright Which will simultaneously eiockwisc. then cuts the clusters, 
designed with a trigger device connections. far been discovered.^ , „ nent is to read up to 05O,OO(f encashed’ Road, Reading, Berks. 0734 8546L address, date and number labels Once cut, the bean snibs 


!?. «“P*ny*t Ret- bonded unler i «r»f Uj Ily Igraplin laminates Sllp . 

roS'koidrworlJoTN'ott,:; SSO controlled conditions with resin, ^^T^weishTfr™ «lsm“to Se^?y Tnf^neSplnS 
deeply into the pipe to ensure -PY (0909 3511 j. can be j^ed to produce adhesives £;O g sm in simulated wood lrains beneBt payimts. P 

Big Komatsu dumper r gj -g Mas the train 

been it lo operate in confined spaces. utS^he^’the^S^tob^bond^d be ° ver - law l uere d iE a w Sh gloss from 0 ^g 
r. of .Jhe dumper is powered by a ™ 512 »"» Is required. _ wiU 

easy to use. are 

A FIFTH vehicle has been it lo operate in confined spaces. es P eciaJ ly, ^ e be over-lacquered if a high gloss f^om otiier^sonre^Tae * J* A. 

added to the Komatsu range of The dumper is powered by a ““ ZnVL 5?12 result ls r «l uired - witi bj recoESSn of Sd 171(110/11^ 

dump irui-ks. The HD460 is a 615 hp Cummins VT-1710 diesel e _ s ;iy accessible For s P M d of application, the cheques, encashed cheques and 

46-ton col L S tons, model with and has a Komatsu Torqflow ea « £.1“] ava Uable soon laminates are supplied in roll Post Office payment claims. BRITISH minicomputer maker, 
a loading height of only 3.3 automatic transmusion with six Abw to bmvmto able soon in a width p to i.8o ^ total *5SSSm wiilenable Weo. of Stevenage, is carrying 

metres, and can be loaded by forward speeds and one reverse mJI ft terestiS metres-except ' for those with DHSS liabilities to the National out a £350,000 project for British 

machinery which was previously operating through a torque ingrained pore marks, when the Giro to be settled soeeSlv ^id K*U'* southern region in which 

limited to operations with converter and lock-up mech- possibtiities for the a ff6si«ner who s™ width currently avail- it will also faciiitate^theinrier minicomputers will control the 
dumpers of up to 35 U.S. tons an ism which is said to eliminate JSSSLSL JSSfLSlSISS iWe is 1 metre. ng of ill Jld dm ? forW ^ d^tination indicators at 

e r? M pi„ E wi,h i,s sear "SssssssaL"®! ^ »• 

plan of high load capacity in a °P erat, ons. a brush he can simply paint on on application to Sonneborn and reveal attempts at falsification. r ord Feltham' and E a st leigh 

package of small dimensions, Wore froni thc company at a circuit. Large surfaces can be Rieck, J:ua Works Peregrine Latest version of the 9300 is a ^ E 

the truck has a turning circle Padgets Lane, Redditch, Worcs^ covered with the paint to produce Roa(LHamault, Ilford, Essex. 01- synchronous machine working 1 ^ wo of the - processors are 

of only S metres which enables B9S0RT. a highly conductive thin film 500 025L ft up ., t0 72,000 operations per joeatpH at Waterloo, formine a 

— 1 hour. It employs vacuum and «■■■■• — — - - — - 

repetitively or in sequence. protrude through pockets in the 
Known* as the Neopost E10 of the drum and are snibbed 
Dater/Numerator, the imit can b y extenor mounted knives, 
be fitted with a choice of two . More from Peter Holland 
numbering and two dating (Food Machinery), SL Peters 
devices, or a da ting/numb erihg Hill. Stamford, Lines. (Stamford 
combination according to need. 520S6). 








9 237 





•JifiV. 0 -. 5 * 1 " 0 C«mii>a» Eletrlc** S.A. 
’ESCELSA) and Cent rare Elciricos De 
S*nt» Caurm* S.A. ICELESC) ire 
PartKiMtntB throuoh Centra I i EldrlMS 
Bruileirai S.A iELETROBRASI In a 
lean (ram inc World Bank in 
various currenciM equivalent to 
U SSI 30 Million- and ESCELSA and 
CELESC nrooosc to jbow their share 
■n the erocceds al this lean to the 
purchase ot eauiement and materials 
lor their evoinsian oroqrammes lor 
the vears 1973 through 1981. 

ESCELSA and CELESC have con- 
tracted Cemoanhia Aunlur de EmpreMf 
Flelrtcas Branle-rji iCAEEB) to 
co-ordinate the anolicanon of the 
loan funds. 

The_ artm ram me will cover the 
expansion of the sub. transmission and 
d-st.-.binon srhiems of the afore- 
mentioned eomoames. During the 
nest 12 months, this will include the 
procurement ol the undermentioned 
groups of equipment and materials 


„ . . Value 

Material HISS I.ODO) 

1 — Aluminium Cable and 

2 — Disconnect and Power 
Fuse Switches 

3 — Fuse Cu-outs Oil T Iting 
anl Vacuum Switches 

4 — Power Capacitors 

5— ~ Power it or Switches 

and Controls 

6— Voltage Regulators ■Sta- 
tions and Distribution 

^ T,l»esl 

7 — Auteinat>: ScrtionaliSers . 

R—Rr closers 

S— Luminar r, and 
"0 — Piwe, Transtnrmrrt and 

attribution Transformers IB 235 
It— Circuit Breaie— . 3 735 

12 — Metal Clan Switchgear 8 30 

’3 — Consrel and Protection 

Switchboards 4 64 

14— LiQhtn'tio Arresters 1.218 

JS — Ins-rument T-anstormers ; 0S7 

16 — Watt hour Metres Smote 
Phase Poivohase and 

17 — Bailers Battery Charger 

18 — Test and Laboratory 
EoU'Pmcnt stnstrumentst 

19 — Hoi Lme Maintenance 

20 — Rad'O Communication 

21 — Mobile Sub'.lJI'On . . . 

22— Steel Structure-. 

23 — 600 V Insulated Con- 

24— Relays 

25— insufaiers 'Suspension 
and Pedestal Tvdpsi 

26— Copper Conductors 

27— Grounding Svslem (Steel 

28 — Various small items 
including Meteorological 
5?4! On Microfilm Eouio- 
ment Filters and On 
Puntication Eouipmrnt 
Travelling Crane Portable 
Singlr Phase Generator. 
Emcrgcrcv Generator 

50 KVA mounted on 

low -ho. Distribution 

TrAnfcrmer mounted on 

few-bor . ... 

1 179 

9 109 




56 2 






71 900 

Remarks: Concrete Deles and Strut - 
turgi fOr 111-4 oroject unit not be 
n n a need from the proceeds 01 the 

Invitations to Bid will be issued bv 
CAKEB at least two months before 
the bid opening date and w-il be open 
to any manulatturcr or supplier 
located <n an, member country of The 
World Bank ot Switzerland. The use 
of raw. semi-manufactured or manu- 
factured material from a non-member 
count rv 01 her than Switzerland will not 
be permitted. 

Each iroividuai 0>d invitation will 
be advertised m Brazil in "The 
jornal do Brasil " when bidding 
dor u men 11 become available, and 
aDOIKat-ons tor participation m 
Individual bid* will be considered when 
they are received 

In the meantime, suppliers and 
manufzttuiers who wish to be included 
in a mailing list _and_to_ receive the 
aforementioned bid Invitations are 
requested to wr-te now to the under- 
signed ind'Catma :n wttlcn group al 
contracts they arc intercsted- 

Co-onfcnaddr ge Comprai 


P.O. Bon BBS. 

Rio de Janeiro, ZC-OD. 

The letters from prospective 
suppliers and mahbtartureri should 
Include We undermentioned intorma- 

VS" A record of experience and past 
performance m the manufacture of 
the eauipnirnt and material they 
prooose 10 bid- 

II) Catalogues and descriptive I'lera- 
ture Of the tvors of mateoai and 
rau.ommt which the manufacturer 
propose* In Did 



US$ 25,000,000 

Floating Rate Notes due 1983 

In accordance with the terms and conditions of the Notes, 
the rate of interest has been fixed at 9y*% per annum for the 
interest period running from August 23, 1978 to February 22, 
1979 (each day inclusive). 

The amount of interest per bond of USS 1,000 denomination 
is USS 4824, pay-able on February 23, 1979. 



Charier nr Division Companies Conn. In 
thu Mailer of MARTINS WINE MER- 
CHANTS LIMITED and in fh.f Matter Of 

FVtnion for the Winding np of the 
above-named Company hy ihe Hi Kb Conn 
ol JusMcl- wan on ihe 23rd day of Auraist 
I97S. pri'senteii io lhe said Court by 
I.I311TED trhose n-Kisrered office is al IT, 
Cumberland Avenue. N\VU> in the Conwy 
of Greater London— Wine Merchants, and 
that the said Petition is din-cied in be 
heard h-fun- the Court smlns al the Royal 
Courts of Just icv. Strand. Lnndon. WC2.A 
'.’LI. mi Hie Ifilli day of ncfoher l»,T>. and 
any crcliiur or t.'Onrribuiilry of lh-- said 
Cmnp.inv rifuirdiLs to suppon or opoos-.' 
itn- iiiaPinK or un tirdcr on Mr said 
ivtitlon m:iy appear ai the ium- of hear- 
ing. hi person or hy his counsel, for lhar 
purpose; and a copy 01 the Patti ion wilt 
b» rnrnlshetl by thi- underhiKncd lo any 
endnor or eoninbiuory uf the said Com- 
pany r-quiritu: such mpy on payim-M of 
lhe rcKulnied charge lur lhe same. 


5. New Square. Lincoln's Inn. 

laindnu. W.C2. 

Ref RGW.LIB Ts-I. 0I-1OS .1613. 

AuettlS lor C. K JONES. 

Heilmmsti-r. lirlvol. BS89 7JR. 

Sulli-ltors for ih- IVtUInner. 

NOTE— Any m-rom uiio intends ro 
appear on the heanne of lhe said Petition 
must serve on. or send by post to. lhe 
above-named notice w umliiiK of his 
mienilno sn id du. The nonet- mum 
slate the nanir and address nf (he person, 
nr. it a nntt lhe name anil .iddress of 
the firm and 'must he signed by lhe 
Tv.-rson or firm, or his or ibvlr solieitor 
nf any) and must be nr. if posied. 

ittUKt he s-nt by post In sufficient lime 
to reach the above-named not later than 
four o'clock m the afternoon of the 
l'lib day of (li-tubcr 19TS 

No. 00--’IK9 or 197S 

•Tiaiieery Division Cunipj»i--s Court. In 
and in lhe Matt- r of THE COMPANIES 

Pel it inn f»r the Win-line up of th-- ah-tre- 
njDii-d company by the Ilinh laiun of 
-lusiici- teas on the -ini day of Atunwi. 
ISTv. pri-H-nti.-d to the said Court hr 
LIMITED, whose remsien-d office Is 
simile at 41 Lorbbury. London. E.C.i 
Haiifcors. and iful ih.- said Petition is 
dirpcicd io be heard before I hr Court 
sit it iik al lhe Royal Courts of Jusilcc. 
strand. London. WC2A ILL on rhe LGf b 
day of Octoh-'r I9rs. and any creditor or 
roninhutnry nf lhe said Company desirous 
to support or nppo-w the maHlius or an 
nrdi-r on lhe saw Pertiinn may appear ai | 
lhe 1 title uf heorins. m person or by hfs | 
counsel, (nr Lllal purpose: and a copy or 
the Pvlill-jd will be furnished by the 
ttrtdrrsisned to any creditor or conirl- 
butorj' of (he sold company Knuirins such 
copy on payment of the resumed eharse 
for the same 


Kitty’s Cross Honst'. 

20fi Pentonsilli- Road, 
lotndnn. Ml DHL. 

Ref. n.\IJ. 

Soliehurs Tor the Petitioner. 

NOTE— Any person who intends to 
appear on the heart tu: of Hie said Pl-uiIor 
iiiusi serve on. or send bv past to. the 
above-named nonce in urrltinK of his 
intention sn to dn. The notice most 
stat- the name and address of the p^-rsun. 
or. if a Arm the name and address of the 
ffmt and ranst be hlsord hy the person or 
firm, or his or their sollciiar rlf any i 
and must be nerved, or. if posted, must 
be sent by post in sufficient IiBk to reach 
the above-named not lator than four 
o’clock in lhe afternoon of thu 13th day 
of October 1978. 


(Incorporated In Trinldod W.I.] 

At a meeting held 15tt> August 1978 
Board declared preference dividend In 
respect ol year 1978 of 10 % less with- 

holding ta* lor non- reu dents of Trinidad 

and Tobago. Preference Stock register 
was dosed Irom 16th ta 21st August 
1978. both days Inclusive. Dividend pay- 
able 21« August. ^ HEDGER. 

Transfer Officer. 

Canadian Imperial Bank of Commerce. 
2, Lombard Street. 

London EC3P 3EU. 

24th August 1978. 

(Incorporated in New South Wiles) 

Transfer Books and Register of Members 
will be closed I ram 29U> September 1978 
ta 6tn October 1978. both days inclusive, 
lor_ the purpose of payment of the final 

Transfers for registration prior to such 
Closing must be lodged before 3 om on 
Monday fStfi September 1978. 

My Order of the Chlcr Board. 

_ J. E. 5 EARLE. 

Chief Manager. London. 

i Incorporated In Norway) 

audited Annual Report and Accounts of 
**w year ended 31st 
December. 1977 -a no translation thereat) 
are available Irom— 

NorDipc a.s 

Breidabllkkvcicn 3. 

PO Bo* 3068 Manero. 

4001 Stavanger. 



Phillips Petroleum Company 
Europe! Africa. 

TreasiKj Department. 

Portland Home. 

Stag Place. 

London. SW1E 5DA- 

Caxenove & Co.. 

12. Tofcenhousa Yard. 
London. EC2R TAN. 

(Incorporated. In the Republic ot 
South Africa) , - 

No. 123 


The Directors ha»e declared divi- 
dend No. . 123 of 15 cents per 
share Republic of South ^ Africa 
currency being an Interim dmdeno 
In respect of the year ending 31st 
December. 1978. payable to mem- 
bers registered at the close of busi- 
ness oo 15th September. 1978. and 
to persons surrendering coupon No. 
128 detached from share warrants to 

***11111 dividend Is payable In South 
African currency. Members with pay- 
ment addresses In southern Africa 
wilt be paid front the Registered 
Office and warrants will be drawn in 
South African currency. Members 
with payment addresses elsewhere will 
be paid from the London - Transfer 
Ofhce and warrants will be drawn In 
United Kingdom currency: the date 
lor determining the rate of exdiange 
at which Sooth African currency will 
be converted into United Kingdom 
currency will be 3rd October. 1978. 
Such members may. however, elect to 
be paid In South African currency 
provided that any such request is 
received either at the Registered Office 
or the London Transfer Office on or 
before 15th September. 1978. . 

Dividends payable in respect of 
coupon No. F28 detached from share 
warrants to bearer and lodged at the 
oHice of the London secretaries on 
or before 26th September. 1078. shall 
be paid in South Alrican currency on 
or after 25th October, 1978, In 
accordance with any Instructions that 
may be lodged with the coupon. Divi- 
dends payable In respect of coupon 

No. 128 lodged alter 26th Septem- 
I. shall be paid In sterling 

Her. 1978. 
from the Ofhce of the London. Secre- 
taries m accordance with a . notice 
relating thereto which will be pub- 
lished an or about 6th October. 1978. 

The register of members and 
transfer books of the Corporation 
will be dosed from 18th September to 
22nd September. 1978. both dates In- 
clusive. Dividend warrants will be 
posted on or about 24th October. 

Under the Republic ot South Africa 
income Tax Act. 1962. as amended, 
a non-resident shareholders' tax Ot 15 
per cent has been imposed on Uut 
proportion of the dividend declared 
deemed to be payable out of the 
profits earned in South Africa. 
Accordingly J deduction in respect of 
this tai at the effective rate ol 14.97 
per cent will be made Irom distribu- 
tions ot the above mentioned divi- 
dend to members whose registered 
addroases are outside- the Republic of 
South Africa and to persons surrender- 
ing coupons detached Irom share 
warrants to bearer Irrespective of 

This notice Is published In abbre- 
viated form but members may inspect 

the foil notice declaring the dividend 
“ Isteeed Office or the 

at either the Reg lit 
London Transfer Off- 

ice ol the Corpora- 

Bv Order ol the Board 
London Secretaries 

London Secretaries! 

Princes House. 

93. Gresham Street. 

London EC2V 7BS. 

London Transfer Office: 

Hill Samuel Registrars Limited, 

6. Greencoat Place, 

London SWTP 1PL. 

29th August, 1978. 



In accordance with the Conditions relating to the payment ot the dividends 
declared by the undermentioned companies on 9 and 10 Aunust 1978. 
payments Irom the office of the United Kingdom Registrar will be made in 
United Kingdom currency at the rate of R1 .676401 South Alrican currency 
to El united Kingdom currency. Otis being the fine available rate gf exchange 
for remittances between the Republic of South Africa and the United Kltmdom 
on 29 August 1978 as advised bv the companies' Sooth African bankers; 

The United Kingdom currency equivalent! of the dividends are morefore 
as follows: 

Name of Conmanv 
<Eo<ti iuroroorated in Km 

Republic of Seam Africa) 



per shore 

Gold FMda Piuuai tf Campanr Liraitod 

N*w Witwatorvniqd Gold Eoslonitlon 



Companv. Limited 


5^651 6p 

VogefatruMbalt Metal Holdlm United 


2.38 G06P 

Lon do n Office: 

49 Mooraarc. 

an EC2R 6HQ. 


U idiot! Kingdom Registrars 
Close Registrars Limited. 
803 High Road. 


London E10 7 a A. 

■* order of the boards, 
C. E. WENNEfl. 
London Secretary. 

29 August 1978. 



Blits, Inaed 3018(78. El. 5m at !'«•; 

*}, ? 57164 °.i. maturing 

29/11(78.. Applications totalled £49 -2m. 

Bills odUtandlng £S.4<n. 


EVE, .189, Regent Street. 734 0557. A la 
Cane or All-In Menu. Three Spectacular 
Floor Shows 10 .45, 12.48 and IAS and 
music ol Johnny Hawteswortb & Friends. 

employs vacuum and air- 
pressure techniques to transfer 
documents drum by drum 
through the system without 
relative motion between paper 
and carrying medium and con- 
sequently minimises the Possi- 
bility of documents tearing or 

Each document, on being fed 
from a continuously-loadable 
hopper is scanned by an OCR B 
camera unit; matrix matching 
electronics decode the code line 
and transmit the information to 
a processor which carries out a 
number of validity checks, in- 
cluding check digit verification 
and numerip data comparison. 

.Under bench testing, the 
9300’s proved able to deal with 
print qualities ranging from 
sharp letterpress to woolly, 
randomly-aligned barrel and 
train printing, without adjust- 
ment of the reading system. 

De la Rue Crosfield, 244 High 
Street, Watford WDl 2JT. Wat- 
ford 30411. 

electrical wire&cabie? 



Thousandsof typesand sizesinstockfor immediatedelivery 

LONDON 01-561 att8 ABERDBEN(Q224)32355/2 
MANCHESTER 061-872 4915 

24 Hr. EMERGENCY NUMBER 01-6J7 SS47 Ext. 409 ■ 


market bid 

FERRANTf plans to manufacture 
and market large-scale closed 
circuit TV surveillance systems, 
to meet the complex require- 
ments of industrial and retail 
sites needing multi-camera 
security and incorporating refine 
ments such as movement 
detectors, motorised zoom and 
low light lenses, and recording 

Ferranti Instrumentation will 
also be able to meet the needs 
of customers with smaller system 
requirements, and a free consult- 
ancy and demonstration service 
will be avaUable to all potential 

Equipment will be installed 
and serviced on a regional basis, 
and backed up by a central 
spares facility based in 

Further details from the com- 
pany at St. Mary’s Road, Moaton 
Manchester M1Q OBE. 061-681 




ments between ZCL and Siemens 
for the UK international com 
pany to market the latter’s high 
speed laser printer has sow 
been issued by Siemens. 

ICC will add the printer to its 
product list and will offer it 
all over the world. At the same 
time, the company will be tak- 
ing a large number of the units, 
which compete directly with ao 
IBM laser printer, against con- 
tracts which provide For their 
installation off-line. 

Equipment of this type is cap* 
able of a top speed equivalent to 
1.2m lines per hour, offering 
excellent print quality, and— 
Siemens asserts— a high price/ 
performance ratio. 



The Common Problems 

London, October 2,3,4 1978 

A team of the top speakers in the transport industry from various 
countries will guide discussion at the world symposium on International . 
Transport The Common Problems, arranged by the Chartered Institute of 
Transport and the Financial Times. 

The problems grow more complicated daily. A multi-modal 
approach to solutions is demanded and at the same time the new " 
problems that new solutions will bring must be anticipated. An 
introductory speech by the Secretaryof State for Transport, the Rt.Hon. 
WilHam Rodgers, MP, will put the government view of the future of " 

transport and will raise some of the questions, in general terms, that the 
experts will try to answer. 

OPERATIONAL QUESTIONS. "What system of transportation 
will follow containerisation? What difficulties will arise with the increasing 
transference from one transportation medium to another? 

ENERGY QUESTIONS. Sources of energy are changing. What 
will the effect be on transport? 

LABOUR QUESTIONS. Human resources have to be 
calculated, productivity charted, possible pitfalls foreseen. 

FINANCIAL QUESTIONS. Future developments and the 
investment required now? What are the banking criteria for such 

agreement over the various tariffs and is the need for flexibility in tariffs 
accepted? How is quality to be measured in each of the modes of 
transport? Where these are competitive, what are the criteria for 

, ^ S managers m transport and financial institutions concerned 

with transport, and consultants to the industry will especially welcome fH? 
chance to pause and view the ways ahead. 

For further information, complete and post the coupon below. 

To: The Fma-irial Times Umited, Gonference °rganisation, Bracken House ■ 

10 GmnonSireet, London EC 4 P 4 BY, Tel: 01-236 4382 . Telex FT CONF G 27347 . 
Please send me farther details of the International Transport Conference. 


- _ 

• ' (BLOCK CAPITA! ODf 'pifcei 




• . 


£ J 

1 1 \ \ \CI \1 II M I S CONF E RFNCl S 




: ii*’ 


1 >4 

.. * *-* 

i MUliil’ 


. » -* 


•:*■ ft* 
: * 

•3 '* 


.• *»• 

'• *15 
.■ & 



,J -v 

---• .i* 



and is irtd 
for theml 

i ‘sese vife 
; subject of 

C:ciy CO 



# * \ 

‘ f i ? v 

■Knaneial ..Times Wednesday August 30 1978 

Management Page 

How Polymark is 

riding a winner 

across the Channel 

! 1,1 

'■ U i \ *■ 

* ? :• i , 

4. ' jj 1 


'Is; ’is ! 

-it x-.r <. 

w? 3. v 

A £ * J& 1 - 

i TW* i ? 

* ** * * * • 
*%? * ■ 

AS A. DUTCH cyclist surged French connection - . with while for <vts part Raleigh had 
over the finishing line in the last Raleigh. - - never sold any bicycles in what 

stage of this year's Tour de That story begins in Septem- is generally considered the most 
France, the fortunes of a ber 1973 when -two Polymark discerning market an the 
relatively small but rapidly ex- sales representatives, m France, world. 

pan dine West London company themselves keen on. fast cars. Most observers at the time 
took another stride forward. encouraged their management felt the two leading French 
Most g£ the champagne and to obtain the Lotus agency in bicycle manufacturers, Peugeot 
business acclaim was reserved that country. After stone pre- and Renault, had an. dnsuper- 
for T1 Raleigh— sponsor o£ the liminaiy negotiations -.this was ahJe stranglehold on tiiettome 
cyclist, manufacturer of the accomplished, but the move market with their (tight controls 
winning bike and a subsidiary heralded one of the less happy on many of lie outlets- ■ 
of the giant Tube Investments, episodes in Polymaik’s history. p 0 ]ymark (or more' speci- 
Back in London, however. The very next month the fically its enterprising French 
executives of Polymark Inter- group proudly displayed .its new manager ) stressed the possi- 
national. better known for its baby at the Paris motor show, bilities in France 'of a eompara- 
laundry marking process, were but as Herbert -Blank* Poly- lively’ quaint English -bicycle, 
wondering just what impact the mark’s dapper managing direc- Rive or take a few. modifications 
victory would haw this- year on tor. remembers, ’the- planned ftbe more sophisticated French 
its pre-tax profits. . birth turned into something consumer prefers more gears, 

.For Polymark, a manufactur- more like a funeral. . " - &- T -Instance), it was felt that 

ing and marketing group The fatefully timed oil crisis the upright Raleigh Roadster 
diverse enough to take in waa ma i n reason; putting model could well find takers. 

Providing your staff 

with some home help 

BUYING A house is one of the 
major investment decisions un- 
dertaken by any individual in 
his life. Although it will almost 
certainly turn out to be -a profit- 
able investment, it is invariably 
a considerable strain on finan- 
cial resources during the early 
years, especially for young 
people buying their first home. 
This is an area where em- 
ployers can provide help in a 
variety of ways, and at the same 
time provide a useful fringe 
benefit to boost overall re- 

capital for long periods at un 
/TTPF^T ' — — commercial rates. Shareholders 

may well question whether ii 
IgSSCT frgg ffi represents good use of re 

sources. Consider a comp an 3 
- ” with 2.000 employees. If jusl 
EriUini AVCC half of those take out mortgagee 

lllVIrLUYCU averaging £10,000 then the com 

nrsir-i-iivt pany has £10m of capital tied 


Very few commercial or in 
p V euftDT d us trial concerns could afford 

BY cnIC SnOKT to allocate such an amount from 
■ - ■ ■■■■ — — working capital to run full 

blown staff house purchase 
better verms. But mortgages of schemes. But employers can 



laundry equipment, grass cut- low consumption cars at a pre- From these modest and some- 

of identification transfers is jemB too, when the cars at first side of Polymark has 

alM the proud and exclusive di&- failed to match Freni* tech- accelerated to become an 
tnhutor of Raleigh bicycles and -nical specifications and safety inqjreasuiejy important profit 
toys m France. regulations, while relations generator. 


Gertie Knetemann crosses the finishing fine in Paris to win the final 
stage of this year's Tour de France. 

This help can take two forms up to 95 per cent of the house assist their employees with theii 
— assistance in securing a znort- value and up to four times mortgage problems, 
gage and help in the payment salary arc quite common. They can help in the paying 

of interest. Both have for long Then the rate of interest of interest and there are twe 
been provided by banks and charged is traditionally very main methods at present in use, 
insurance companies, in the low. Although the days of The first is to pay all interest 
form of direct loans to staff and charging 1 per cent are gone, payments above a certain level, 

by charging a low rate of in- the going rate is about 5 per For example, the company 

terest in comparison with the cent on new mortgages. Again could pay all interest above 5 
ruling market rate. companies are reluctant to give per cent, that is 4* per cent or 

In these two industries, precise details. And once the the current rate of 9} per cent, 

mobility of management and rate is agreed it is fixed unless The other method is to pay the 
staff is a normal feature in the the general mortgage rates interest on the first part of the 
career pattern. The companies come tumbling down. Many em- loan, say on the first £10.009. 
have always regarded it as ployees are paying 34 per cent The outiay by the company is 


failed to match French ' tech- accelerated to become an ^ 1 necessary to assist financially on mortgages arranged as re- allowable for corporation tax 

■nical specifications and safety inpreasuigly important profit Initially. Transtat was fairly highly successful and profitable those employees who are trans- cently as five years ago. purposes, but the employee is 
regulations, while relations generator. , . crude and its use was restricted original product, and un- ferred from one place to „ „ • taxed as a benefit in kind. But 

between manufacturer irad dis- Contrary to the Impression to the company's existing custo- doubtedly a fair slice of luck another — both with the cost of J\0StriCtlOIlS since he is getting full tax re- 

tribu tor were far from rosy. given by some reports, the mers.who were mostly hospitals, along the way, the group moving and with buying anew lief on the interest payments 

purposes, but the employee is 
taxed as a benefit in kind. But 
since he is getting full tax re- 
lief on the interest payments 

Polymark probably.-:. lost Raleigh team did not win the Gradually, however, the techni- approaches the current year home. A natural extension was Naturally, there are res trie- he is not penalised. 

How this apparent Industrial I0 . 0I,ey on V* e l ^ ea .^ ^ nt * niain team or individual prize que was improved and extended with ever) - possibility of achiev- to make this facility available to lions on this scheme. When Companies can also provide 
incompatibility arose in the first blew it considerable good ia this year’s Tour. But its to the wider garment and log profits before tax of more all staff buying a house irres- employees change house — and interest-free bridging loans for 
place is the story of an extra- —thanks essentially . to its fucceases (by individuals) in fashion industries. than £lm and sales in excess of pective of whether they were statistics show that an indi- periods up to one year without 

ji- iXitf r- 

■ - * *• i » V* oS ? 

ordinary management decision French general manager.. about -half the stage races Transfers are now designed £15m. being moved by the company, vidua] moves mure every seven penalty to the employee. But 

which can have few rivals for, -^ ler doing some bqmework, t including the last one), plus for a wide range of end products Where does Polymark °o The attitude behind this prac- years — the capital profit on the in ail cases the £25.000 limit nn 

if nothing else, sheer bravado. he proposed that Polymark's the team points prize, provided —seat belts, denims, shoes, foot- f tom here ■» The possibility of ^ce “ tiiat employees in an sale. less an allowance for ex- mortgages for tax relief applies. 

What began as a tentative but spare staff capacity should now sufficient publicity to . boost ball jerseys, for example, and more Raleigh franchises is un- indu£tr y set trade ' discount penses. has to be used towards Companies can help in 

persistent inquiry (Polymark . likely, both because there are terms oa ^ products or ser- buying the new house. And if arranging mortgages for staff by 

fired off several letters before Tim ni/'L-cmvovnlo.’nf r ~ r » no suitable acenciea coins bee- v}ces provided by the company, the employee leaves, then he reaching some agreement with 

Raleigh look it seriously) lim uic&soir explains why a West London company’s French ^at th q & monfent ° ami be-j Banks and insurance companies either has to re-arrange the a building society. This in- 

has now become a flourishing r-nvmiv*finn nn'tii D«l i_„_ ■*-. j 4 cause, next time TI Raleiph aro in the money-lending busi- mortgage with a building voives the company investing a 

operation, with the Shepherds COnnCCdOH With Kaleigh has tlimed up trumps m^^ouet so^eone eise sh£e ness the Preferential terms society, or pay a commercial certain sum on deposit with the 

Bush-based group this year be emnloved to sp» . Ralpiph o-i-irf, , . it* succew lhe house purchase scheme rate. society. In return the society 

geared up to sell more than bicycles 8 Hi 6 c .° mp * iay .!? ore WOTk L_ . . represents a staff discount on These schemes are specific- will set aside a yearly allocation 

20,000 bicycles worth about c . i«.2 roa i » Se *f? than it can cope with. There haie, indeed, been borrowing money. ally exempt from the Revenue to provide mortgages for em« 

£1.5m in sales, or about a tenth ~* n,D * managements again Quines have juso been A f urt j. er development; which nunours that Raleigh is in- And what a discount ! In clampdown on benefits in kind, ployees of that company. For 

of its overall turnover. took up the idea and eventually at Polymarl k about Herbert Blank freely admits terested in buying back the the first place the amount of But this only helps the example, a companv could de- 

Polyraark was founded in ? ot a reply from Raleigh, imot- keting other companies pro- 1ras DOt p^^gd, j s Polymark’s agency but under the original mor tg a ge is higher than that Revenue’s administration. Since posit £250,000 and the society 
1950 by Hans Meyer, the current their representatives to uj y^ oroao move into manufacturing. Be- agreement the manufacturer W hich can be obtained from mortgage interest is fully allow- would make £500.000 a year 

_1—J I alrpnri Tnfpma h final JSlcycieS. then. IS One Of the » /hae tn m™ Fniir vaarc* nntir>a _ i , _ L ._ - . .... . . .. * _ 

l-JUU uj v • | use v I VU(, ^ * .-r — ^ _ . ,, . _ . 

chairman’s father and an exile at t end the Internationa Bicycle Bicycles, then, u one of the 

the group’s has to give four years' notice a building society, both in res- able for tax relief the Revenue available for use by the staff. 

uuoxu J min «« r - - --—t ------ ♦-ton hn «ui me giuupa — - — ^ — - - r . ”77 ■» utunuirs awuicsy. uuui in iea- auic iui l«uv ibuci uie revenue dvauame iwr use oy me stair. 

from Nazi Germany. Inspired Exhibition at Cologne m Ihe J®* 1 * laundry and transtat machines an jJ» presumably, it might be pect of salary limits and per- would not get any additional This level of allocation is not 

by a newspaper competition summer of 1974. a were made by other ^ ^companies, rathm* expensive. centage of the house valuation, revenue by taxing the Interest affected by change in the 

offering £1,000 for - a new That was not a suitable date “ " a ° m Tf uc i a unary group relied on two ■ Polymark's next moves (and Individual banks and insurance up to the commercial rate as it economic climate. Some build- 

laundry marking system, Meyer for Herbert Blank and finance T" 1, JJ 1116 ®?,^ T aiiy j s Lancashire mills for its woven Ideas are in the pipeline) seem companies are very reluctant to will do by taxing other company ing societies, mainly the large 

set about his research but director Christopher ; Haynes, ..Jjr®* 18 316 tape. In time these suppliers likely to centre on the agricul- reveal details in case the unions loans to staff. ones, will not participate in 

decided his idea was worth but later in trie year: iriey 01 uie 5lory ’ either closed down or (in the txiral equipment subsidiary, the or staff associations make com- But such a staff mortgage such schemes. But certain 

considerably more than the decided to visit RaJe^h’i Now- c* case of one Lancashire mill) development of Transtat and parisons and bargain for even scheme ties up considerable small ones are willing to do so. 

prize money. lie therefore ingharo offices. oySlCIHS the owner died without a sue- 8;e expansion of Raleigh toys - - - ------ ------ - - 

ignored the competition and set Here ifceir receiptdoh was rv h . , cessor and Polymark picket! up in France. There is not much 

up his own company to develop hardlv enthusiastic -and a voting 8 T™ , 1 ?* 4 Jn S , the remaining business. Notv cash around but the balance Tomorrow’s Scotland— Oppor- BUSINESS Hotel. London. September 28-29. 

the system. ■ . junior clerk wW initially rL| , ,i ts -,Wl!J U J«!l* ok P ?ce ^ H! e wost machines are made at the sheet looks relatively healthy, trinities^ and Dangers, St. r»AiinoBe Fee; £151.20. Details from Risk 

. ’nw launarj' side. is still very demited to ask wild ' ;k °L , ,ldP F eqiupment. .n group's engineering works in tvith Dip debt: equity ratio Andrew's University. Fife. Scot- COURSES Research Group, Bridge House* 

me}# «1‘., Polymark’s core, T . . p^vmaxk team -in^ '^ a5e& ^Il >in 2 rk Sormx, while the first of the down from a high of 1.1:1 to la nd. September 15-17. Fee: September 22 Fee’ BFr 25 900 181 Queen Victoria Street, 

sffiSSKrESa Si = 81 ~ sssrz “rr « 

»| r " d C ° mPa "- 1 ; JS ^ ™ in ^ teficLi’” -ambles can Str "'' ^ E « V «f- WM# & F^'keo. I j£2£ 

and 3-hM nmisresspr! -ramrilv Ui Cinn nmi- nmi-irlnp nnmnlnlM ’ _ work, and, even if .sometimes International Marketing In Captive Insurance Companies from Purchasinc Economics. PpI 

toria Street. London EC4V 4DD. Belgium. 

October 3. Fee: £60. Details 

. -OJiwn icvuuiijuv, — V”V» aa wiunus oum f hortipiiltiir*»f pniiinmpnf 

■Started, manufacturing its own they were fcvited. to slay fora flow and, together with tlK.and Thi accQUnts f 0r a h Qu t ^0 ner 
prpdue'lSi linked up wilh the hastily twanged lunch, at wrikii Common Market bales of other wnt of tot ^ an d*"dates 

Wolseley Hughes group to sell some serious lalfcane took place, manufacturers’ ■ equipment, the from an ajjonive ’ attempt to 
horticultural machinery, and , Blank admits his company laundry side accounts for more • a jcfrihnrp a nnw dofum-t Rri«dni 
most "recently established its knew tittle about trie product, than half total group turnover. mmninv ' s cradin" 


Is the education system 
producing the right 
managers for tomorrow 
and is industry ready 
for them? 

1° Br ± ™i or ( land. With cons«|nent spare 

product e mphaas. Asunst the capadty and a Utt i e op p pr . 

background of overseas sales tunism Polymark approached 
eipansron in thc lSSte^and t!ie Eritish Embassy m Paris 
1960s. the groups K and D de- £or ideas and ron tacts. 

partment hit upon a new, . _ 

patentable process. Aft* reeveral inquiries a link 

The Transtat heat transfer was proposed with the Vvoiseley 
I system, which applies Polymark- Hughes group (a tie up which 
produced transfers t»i testiles includes a joint company 
and other materials, is based on McConiiel Polymark). 
a similar concept to the laundry Pnlj-mark's founder Hans 
marking process. In both cases Meyer would hardly recognise 
Polymark supplies the machines his creation today. By a com- 
and the material which the bmatinn of undoubted manage- 
machines consume, while the moot flair, an underlying per- 
end. result is essentially an ccpiicm of the need lo build a 


AS these Bonds Iming been soiL this announcement appears as a matter of record only. 

August 29, 1978 



Nagaokakyo, Japan 

DM 40,000,000 

3 Vi% Convertible Bonds of. 1978/1986 

identification tag. 

wider base for what remains a I 

These vitally important 
questions are the 
subject of a major 
2j day conference 




Bayerische Vereinsbank Nomura Europe N.V.-. 

Robert Fleming & Co. Limited 
Societe Generale 

Swiss Bank Coipoiadon (Overseas) Limited 



20tfv23rd Sepfember 

Exeter University 

Fully inclusive conference fee £50.00 

iJoBationsand ntforantioa: 
Malor The Earl of Ancaster, 
KCVO. TD.. Midland Bank 
Limited. 60 West Sraitbficki 
London EC1A9DX. 

For further derail* telephone the librarian and 
Information Officer. 01-580 4741 Shipp- Ext. 4t. __ 
or write so: Tho Institute of Chartered Secretaries 
and Administrators. 16 Park Crescent, 

London WIN 4AH.- 

British Limbless 
Men’s Association 


Wecotxrafrom both world wars. 
We come from Kenya, Malaya, 
Aden, Cyprus, - . and from Ulster. 
From keeping *b* peace no less 
than from war we limbless look to 
you for help. 

And you can help, by helping 
cur Association. BLESMA (tlie 
British UmbkssEx-Scnrice Men’s 
Assoctaiios) looks after the 
limbless from all the Services. 

It help*, with advice and 
encouragement, to overcome tho 
sHbck of losing arras, or legs or an 
c* e. It sees that red-tape docs not 
stand in the way of the right 
enliderrient :o pension. And. for 
severely handicapped and tire 
elderly, it prorides Residential 
Homes where they can livein 
peace and disnUy. 

Hdp BLESiLA. please. We 
need money desperately. And, we 
prembe you, not a patny af-it will 
be wasted. 

Aba KaW InrEstmnrt Cojnpaur Algemtne Bank Nederbtad N.V. A. E. Ames* Co. limited 

Amsterfam -Rotterdam Bask N.V. Assomled Japanese Bank flnterm fiom d) Umifcd Banca Conuaerdaie Italian 

Bank cf America Intetnatfonal United Bank Julius Baer intmaffanal limited Bank fie Ganeimrartechaft A UwwellMMt 

Baric Gntzvfllcz, Emz, Bonfioi cv (.Oremeas) limited Bank Leu Infcroafionul Ltd. Bask Wees & Hope N.V. 

The Bank of Tokyo (HoUaad) N.V. 

Banqoe Bruxelles Lambm SA, 

Banqne de l7ndodnne « de Snez 

de NmflizE, Schlninbi-rser, MaBet 

Baring Brethen A Ol, limited 
Bayerische Vereinsbank ImexnatSmnl 5A* 
BetBncr Handds- und Frankfurter Bank 
Ouauve & Co. 

Christiania Bank og Kreditkasse 
Crerit Commercial de France 
Credit dn Nsrd 

XJaMchi Kanpva Bank Nederiaod N.V. 

Bankers Irnst Intereatianai Limited 
Boot Fnmpuse dn Cnonneice Exteriear 

Baaqae I nte rn ation ale a Lnxemlnarg SA> 
Bmnpn de Paris ft de Pays-Bas 
Banqne de TUnion Enropdeime 
Bayerische Hypotheken- nod Wedbsd-Bank 
Joh. Bcreabo^, Gassier & Co. 

Ousse des Depth, et Conagmttums 
Chase M anhatt a n Limited 

Chk«n> Internationa] Group 

Credit Iodsstriel et Commercial 
Credit 5ni»e White Wdd i 

Dajwa Europe N.V. Richard £ 


MiHstar, the German tnahirfacturm of prestige fbraitore, 
chose Leicester as its.eaiy outlet to the ILK. because tbs 
city fs situated m the centre of tbe nation's communicaticns 
network and bosses a progressive community 

[if Savile Row.RTmnber One j)f I 
til . Natarally... mJ 

\J/ Mstny Gentlemen . • that traditio na l ftp// 

Kprefer the excellence of craftsmanship and tte 

Ju our bespoke teitoriug I C * it- j finest British cloths Yj\ 
OTja service, but lor those ia 'ri* ^ j axe combined to creale /fel 
a harry, we offer lha S'?: % |t ; dothes that others 
JP superb qualifies of rar V- 

Chester Barrio i if. - ff. ‘ Our splendid selodion ffyjt 

W*n read y-lo- wear dolbes. r oi sh’cis. lies and shoes asA 

tin mwvbc Crediibank Dontscfae Girozerinle - Deutsche ko mm nmi bank - 

tiiHon. Read Overseas Corporation Effect enbank-'VartrarE AlOiensrseHschaft 

Borepou Banking Company Limbed First Botarian Capital Corporation 

Fqji Intenatiosa) Finance Liauled Genossenschaflliclie Zentralhank AG t ienna 

Cinurarrale and Bank der oOemkhlsdies Spsricassen Aktienfieseiiscfeall Gotahankea 

Graeqiement des Banqaien Prires Gmemo Rambm Bank Limited 

HeMfcchc Landcsbonk - Girazentrale - Hilt Samael £ Co. Limited 

Jar (fine Fleming St Company Limited KJelanwt. Benson Limited 

Brim Lseb Lehman Brothers Asia Kmrait Foreign Trafing Cantracting & Investment Co. (SAW 



Enquiries M : Gordon K Smith FRIC3 

• Irofuv'r^l O-AohKinientaffiefe 
TrJcptwtiCOS33 &£922£xt&G0 

khnB'Witi FRIC5, - 

irdusv’ul Promot'ooi Officer 
JeltpHtyx 053 3. Si9822Exz& B0 



Lrtt«ttf City Btsftea Debt* 
New Walk Centre', 

. Leicester LET6ZG. 

i fif Wbichevor your complement yuur YC 

^preference be cnofidenl p urchase-naturaHy . . .JK 

I/3I- - ’ ofNo- l Sarile Row LondtffiWl.TebOl-434 2001 

|!3U . ahw 10 Gmo SlxwL Lo ndaB SO . Tel: 01-^ 53 j9;<E ’ JJS. 

Idaoad Brothers £ Co„ Lhnited 
MannfactuiBB Hanover Limited 
Merrill Lynch Snlmarienri & Co. 
MofjmGrenfril & Co. Limited 
The National Commercial Bank (Sand AnhhO 
European Bank &A. 

Nomura Entemarional (Hong Kong) 1~,M. 

Okasam Somrirics Cn, lid. 

Osricaya Securities Co, Ltd. 

R^sehBd Barit AG 
Sanyo Setnrilks Co. Ltd, 

Sfamabank AktEenceselhchaft 

Smith Barney, Harm Tpkua A Co. IncepniOd 

Sumitomo. Finance lotermidotud 

Tririums & Burlchantt 

Lazard Freres et Cie 

McLeod, Yount; Weir International tJwihwt 
B. Metzier seeL Srim & Co. 

Morgan Stanley Jjaenrinmal Lhritod 
New Securities Europe Limited 
The Nippon Kangyo Katanaarn Securities Co., Ltd. 
Norddeotschc Lanxiesfaank GErazentrale' ( 

Sri. Oppeuheim jr.&Ge. 

Pierson, Hridrag & Pimtu N.Y. 
NM. Rrihsridld £ Sons Limited 
J. Henry Schroder Wagg & Ca. Landed 
Singqwre Nanmn Merchant Banking Limited 

. ' Secret* G&wrale de Basque SA. 

Urim de Banqncs Anbes et Franotbcs U JLAJ*. 
"VWters. da Cost*. International Limited 
. MJIL Warbors-Brinckmaan, l^irtz & Co. 
Wlrtsdaflv- and Privuthank 

Svens ka Hndekbnkw 
UBAJV - Arab Japanese Finance Limited 

id Banifhang Gebrhdcr Bethnunn 

Bawpe Generale dn Lmodnotg S.A. 
S SA> Ban que National e de Paris 

Basque Popnhtire Suisse S A. Luxembourg 
Basque Worms 

k Bayerische Landeshank Girozentnde 

a. Berliner Bank AkriengcseUschaft 

agnations James Cape] & Co. 

Chemical Bask International Limited 
Compagnie Mosegasnne de Ban que 
rcial Credit Lyonnais 

Richard Dans ft Co. Bankrerc Tonoal-- Hans W. Petenen 
The Derelopment Bank of Singapore Limited 
Klhchaft European Arab Bank 

hi First Boston (Europe! Limited 

Vicuna Antony Gihbs Holdings Ltd. 

tarn km Goldman Sachs Internationa] Corp. 

Jted Georg Hanck ft So ha 

• Istitoto Bascari* San Paolo di Torino 

Kreriethank S.A. Lnaembentgeoiss 
SAW Kuwait International Investment Co. s^lIe. 

Lloyds Bank International Limited 
1 Limited Merck, Fmck ft Co. 

Samuel Mnatagn ft Co. Limited 
id National Bank of Aba D brill 

ited The NflJco Securities Ca. (Europe) LtiL 

Co., Ltd. Nomura Earope GmbH 

Ostexreicfiiscfee Lindextant AkficnResdlscbaft 
Orion Bank Limited 
to N.Y. PKhanken 

Salomon Brothas International Limited 
Schtbdn; MBachmeyer, Hengst ft Co. 
ted Skandinaviska EnskUda Boakeo 

ntqne SA- Stems, Turnbull ft Co. 

Tridtnl International Fmance Limited 
Union Bank of Switzerland (Securities) Limited 

Verband Sdmel/ prise her Kontnalbanben 
J. Voriobcl ft Co. 

S.G. ftfcrbun! ft Co. Ud. 
Den Witter Reynolds International 

Tutaidu International (Europe) Limbed 

Yerrins- and West bank .Mctiensnctbchaft 
Vi'ako Securities Company Limited 
Wanflry Limited 
Wood Guodr Limited 


Profile of a 

Lent lily will 

'Financial Times Wednesday August 30 197$ 

bank note 

WHAT OUGHT a gardener to like my old champs which are Remember 

. of course, that all its modest height In Febm- London’s Berkeley Square rtaj; . jJHed Atftt* is bold, 
es arepoisonons to ary it stands out quite dearly, woken up to them and give* and « {*» 

“* Bank ... SSSVtS SmiSFSiS t *£ SL .5* apace. 


THE ISSUE of a new bank note, most unusual feature. Careful 

" , , ■ . , ° r . . cattle, so Keep them away com My ravour ior mree omer mem gouu oyawc - . . . ; i-oi-in _ t 

Holiday weekend? An early start will save you ^ miifcng subdivision of your small ones grows with the years.; It is some while, bwwj 'S«Swlre STofteS 

to each September looms, I a£.."ftS5*^L? HS_ “2 smallholdilg. .. So. too, do thdr.dnw. making since aoybodyjpote_op for the gJSttilttS 

think that .the season has set 

... Tec — ; , 1 -^ma i m orning- «, wo, as meirHUiuiis. once "i* — L . ..V.,, h _ rh _ *—♦ A « 

blind bulbs after only one Af for 100 ^ anaij np f Qr their slightly greater reliable old white and yellow overtaken by tae «« or the 

a new record for bindweed: how 
can siidi tiny pieces, throw out 

You aD have your 

My paeonies. 

• Lent lily (narcissus Iobulsris) cost at first. forms of Cheerfulness. My a8 sorton 

favourites: is still au excellent buy. The W. P.Milner, a foot tag. is neighbour growsj p .-.l,- TO f?!rLch 

ronr dJod2 ■" ”* “ ndffle ^ peter MW well ' toown ' A p * str * w - f^SJ^ZTSM 5^*£raTS58 

J ~ , ’ " — — -r— Tkdyj^ldte fleering. euseM bZfiSH 


rtin the . AmM* buttons. like a prolific most be piantea as mw.js 

daffodils, BY ROBIN LANE FOX ■ ' ■ jonquil’s and the stems are ong 

•«*£? ■ ' - ■ ■•- — i?h b %V h ?< y ?Z?t£ 

' ks mind, just as i-2S£ *Z. y«w™,ir> t ’like to took 

SS^e^htntrSSS g . * ■> di«cuit. ^. to % : . GARDENS TODAY w 

tt-asl-j in ch^TfS SUw • , BY ROBIN LANE POX. ■ "" ' / ft* ? «d SlSLLWSt"** 

The Bank of Spain has Just and then issue were held back its favounte place., at fte.bise lasted, for a few yearn only and ■ — . ■ » toot h &i iSld bw WhaL: though, «AvX, b -Mw 

issued a Pta 5.000 note, almost largely because the authorities of a wall which supports, some is not too suitable, to Ins mind, just as 8°®*“ - «£ for mvself? 1 ilke fc took 

£35. making it both the highest feared (rightly so) that such a prickly host for it; a rose or for. a big planting, in long • ‘ ‘ only one small daffodu. w IwhTinto the smaOntrciasi 

denomination and the largest high denomination would con- the like. grass. Nyssen, Railway Road. Urm- yellow outside -and a darker; fbwer-beds in a small ■ wm 

sired note available. Spaniards alterably facilitate the illegal ■ . ■ . For some' while T have had a ston, Manchester, offer it at this yellow in. the trumpet, he is garden. Gheerf»Gness_would be grm^eom 

+^r. pta i non exnnrt of currency. The Pta l.oool while digging round such ror some yfnpe i pave na. -***-*. 9 eariv in ffnver and miit* mtapi. and easily main- of the best, It has.iong geeineu 

■ l ^np small daffodil '&** for znyself? 1 took 

only one small nmv thfl sman-nardisi 

Nyssen, Railway Road, Urm- ydlow outside -and a darker; flower-beds in a 

long used io having lie Pta 1.000 export of currency. The Pta 1,000 
bill (just under £7) as their note measuring 15.3 ems by 
b ighest denomination, are a liitle cni« is a bulk; item to carry 

eaV^nT 1S.F c S.*T5 a point- and wondering if the hundred . bulbs' . in a spring modestpnee. »■ t7^ar7' ft to me at the shows. 4s * called 

is a bulky item tocarey bindweed’s roots would never flower bed and: they have not fronts fttfho^oTon tan ^ SSf^oM^sf on suil^ Snipe or, Jack Sniped form of 

quantities (the British end, I hit a group' which decreased. Since. this letter of whirii flSXJZ'SSSZ ^‘JS^fSSSta*. » the ..-in 

eariy in flower and quite excel- go reliable and easily main- 

bemused by this quantum leap in large quantities (the British end, I hit a group' which decreased. &mce.m» lener or thefrbAt mtSm-T Cheerfulness' is the -small reuexad- daffpdU 

in the value of a sir^Ie note HO note is only 15 ems by diverted my thoughts. Up. -to complaint they have faded away “£**£?** ^£!L“ d WndaSSST o so rfd anSSaSarS the which has a specially. . simple 

8.4 ems according to my measure- jhg surface came a thick clump to sympafty. white trumpet flowers. Tnese _ winaow-ooxes are au me dmte so ^ AnM . im> i» :hw 


wane trumpet uuwetta tueae nujuun-uuics ate quite W . _____ *. i___ 

spread through old grass on better for him as he does not freely-scented' Pheasant^ Eya. 

According to the Batat of Socta 1 r * h °* I motion tb«ta case you sm^TarTs JSTvSi TSStoT EaS, H one which trumpet, y-luw.-toff 

Pta lm inPta 1,000 notes weighs I Were rooting ^ considering buying a 25 inches high. There are spec- white, flowering freely, though uncertain gardeners wffl agree by ax_ tMn petaft: slightly 

1 Q LS1a<- wk;ia ft.A. I ItvCiy. Wlnffrum nififr . a cm rial A tnmiltiv renn/IrtWr ct471 in tnnnlp HUflr In * thp Ttrlnri Aw (a *aIta ft! hrtlfc_ rUT ' it SDUZUlS ulITcu Z/ACKb 

rw i m in rid a,wu uuies weigns uujuis a mwiw uutc* ° — - 7 — ™ ^ \ L..k • 

For several years now there jjg kilos. Thus while the new rreeiy - kilogram pad; of a single tacuiar wild meadows still in topple over In the wind or to take -in bulk. For -it sounds curved duck, ■ ■• * . 

has been a need to put a higher nole f s some j4 per cent bigger It Is common practice to delay colour, a favourable weight at Dorset and above - all near leave too- dense a mass of -long alluring, though the limpid Snipe a a sniper ■ «ip apmoi, 

S e ™!? m vta Uon rf 10 ," “ GVeniI slze ’ u “S« ^ mucl » the • planting of daffodils and which to buy. Mount Hood Dymock in Gloucestershire. and ugly leaves. . brown stare of a scared h®^ todu^ngtot fttim «t»ram 

th^ chSue ^d b ^‘-tocarry ^Ttalm across believe that they do not suffer should not 'perhaps, be your It is a Lent lily not because It Thalia and Silver Chimes are pheasant is hot what. I would jutojtfartm, Mbortown Road, 

in Spain me cheque ana tne the frontier to the peseta market w t * u... : i ■ m * i -Nettietou. Lincoln. A ; five-Htcu 

credit card^are stUl distrusted l Frmn t0 ° mach - 1 disagree. Aa soon only choice. . .The other whites, is abstemious; it is simply the two fine- hybrids, nearer to -the. link with this-wlrite-and orange- N«tleton,.IjnOTto- 

Sati n g , chgu. .t f^nch ftieo in ^ « the ground is not too herd Beershebe and , Mi* E- H. eariiest, flowering as soon, as jontpiil and the angel’s tea red late spring flower.. ’"V* 

other than where one banks is a through to the devaluation of the for planting any number, .the Krelage, would gye a better February Gold in West Country best in a sheltered place.- Last Be aware that there are two make those taUDutah hyacinths 

lengthy and at times complex peseta in July, 1977, there was narcissi should be in and’away, run for slightly more money, gardens.- Do not be put off. by year two good window-boxes in sorts. The lar^ffowered one look quite overoiown. 

procedure scarcely designed to a sharp increase in the illegal - - - •••.-• ' ' 1 ' * 

encourage the use of banking export of currency based on a 
facilities, while cash is always mixture of political fears and 
preferred to cheques — less it concern over the value of the 
seems because the client is mis- peseta. Just how much is uncer- 
trusted and much more because tain but officials knew the out- 
of the lengthy procedures for flow via this crude means was 
crediting cheques that can take considerable. They also knew 
up to two weeks to find their that higher denomination notes 
way from one branch to another, would add to the outflow — in the 
As a result people tend to carry same way that the Italian 
with them much larger quantities L 100,000 note encouraged and 

Be Hopeful memorial between 
Ramadan and The Goldstone 

Prestel to be marketed in U.S. 


PRESTEL, the Post Office View- Mr. Frank Stephenson, presi- carrier o f telec pmmmdcatiOM fa 
data service, will be marketed dent of the Insac Group, the to^^eqto^Mt-totheBnttsh 
in the U.S. next year by Insac company's U-S. subsidiary, said: Post Office. It to -thought that 
Data Systems, «he company “The favourable reaction we Insac will market Prestel Mn 
created by the National Enter- have had so far from a wide association with a major u.5. 

of cash than they would In the facilitated illegal export of cur- THAT REMARKABLE character King’s Stand Stakes, Amber There should be little between prise Board to market UK com-' range of American business electronics company. • 

UK. At a very rough guestiraate rency to Switzerland. Be Hopeful, more responsible Rama, who - might : at -last be him and Ramadan, but Geoff puting and software systems interests •— including many 'Under the terms of the con- 

I would think that the average than any other horse for setting beginning -to establish himself Baxter’s strong handling — an throughout the world. featured in the top 100 U-S* tract, Insac will receive from the 

Spaniard has three times more 1 j Peter Walwyn on a successful as a sire, came closest to win- aid which the powerfully made t. j_ thought that Insec D&id companies — has exceeded our post Office exclusive rights tothe 

ready cash either on him or in MOTe FClEXeCl training carrer when he coasts- nlng this season- when, failing by Wightman gelding el early needs about flm H, g r ^ rightsta expectations.” use of Prestel computer pro- 

the 'house than the average tently defied the handicapper ahead to cope with Pnestcroft — should do the trick as it did m ,H»f vn^i th> uc m._ ex » >e — .... ,, srrammes in the U_S_ and will 

tentiy defied the handicapper 

person in the UK. 

The authorities are now much I against such memorable old- Boy at Hamilton last month. . .- at Goodwood. 

market Prestel in the U.S. The Vh _ eastern will differ widely granule® in the and will 
company has researched the The system win outer wioeiy also access to the 

also have full access 

venient if the biggest denomina- aiready got out of the country i n whose red, blade and geld hurdles — finished only fourth but account 

tion remains the equivalent of that part they wish to have out- colours Be Hopeful won 26 races, probably put up a better per- At Catterick, the late c 

just under £7. Moreover with ride. Further the political situa- an d WaFwyn will be giving a formance when close' up in Folke- fng Heywood Hardy stri 

_c i.fl.ii.. >hn, Cnnin tifin has fitahillSHd so that ‘ TI__ JJ- . in A.- LL. 


probably put up a better per- At Catterick, the late develop- 
formance when’ close' up in Folke- jug Heywood Hardy strikes me 
stone's Oaklands Handicap. as the likely answer to the Maple 
'• ■ Leaf Stakes, in which strong 

there With commendable resolu- ^Star^and Tuna Sm cc— These theatres accept certain credit 
tion under 9 st 9 lbs at the end Q uak er Star and Luna Nueva. „ ^ teteph^ or at the box *>««. 

of -Hie mUe-and-a-quarfer event Luna Nueva, sure to be ideally opera a ballet 

and finished two lengths behind suited by this sharp Yorkshire * wuaai _ 

Assurance, Chorus- Line, and track, will probably provide the COLtSB S£i r ,^5S^ sie?. 

Athenia Princess. Although be chief danger to her fellow New- 

the rates of inflation that Spain tion has stabilised so that stone's Oaklands Handicap. ' as the likely answei 

has been experiencing over the although the investment climate _ Leaf Stakes in 

past three years, the individual has yet to reflect real confidence, _______ ^ ama 9^ n w “ J^lng on ^ can ^ ^ 

amounts of cash carried have very few are now suflic ently RACING JjSJ 6 co^endable^ resolu- gJJer Star” and 

increased sharply, the new notes nervous as to want to sell out. ^ ® nd f r una v U eva. sun 

have therefore been keenly Indeed there is a feeling that ry noMiNir wiraN of the mUe-and-a-quarfer erent "]jja Niiwm, *un 

awaited some of the funds illegally BY DOMINIC WIGAN and finished two lengths behind suited by this sha 

In contrast to the dark green exported in the uncertain post- A^uranct Chorus- Une, and he 

of the Pta 1 000 bill the new Franco period have returned, Athenia Princess. Although be cnier danger to ne. 

notes are a toll violet The especially in the wake of the bronze of the horse's head to the was in receipt of 3 lbs from Guy market competitor. 

design has been criticised not July 1977 devaluation. Finally winning owner of the feature Harwood's winner, Ramadan was 

leastbecause part of the letter- surveillance at airports and event, the Be Hopeful Memorial attempting to concede 37 lbs and BATH 

ing looks like cyrillic script that frontiers is stricter and more Handicap. . . 6 lbs respectively, to -the second , 

ill balances a portrait of Carlos effective. It is largely against With the consistent Seven an d third. - ... . opeeay 1 

III.- one of Spain's most en- this background that Spain has Barrows three-year-old. ’ Rhine- in contrast tor Ramafon, The 2-30 — Shoe** 

lightened but less prepossessing finally acquired a big denomina- land, absent from this mile Goldstone has been having a 3.00 — The Gold 

monarchs. (The Bank of Spain tion note. event, I hope that the prize will profitable time of late. 'A winner ' 3 JO — Gen tori ox 

has - as one of its collection of The moral of all this could be fall -to either five-year-old at Lingfield in June, Bill Wight- 4.00— Faringdoi 

six Govas a devastatingly unkind that those countries with weak Ramadan or six-year-old The man's gelding got up on the final miiraav* 


CC— These theatres aa*w. certain credit i 
cards by telephone or at the Box OOce. 





Tonight st 7.30. New production of Seven 
Deadly Sins with Gianni Schiochl. Tomor., 
Sat. aad Tue. next at 7J0. Cavallena 
RostkanaiPagllacci. Fri. at 7.30 new 
prodn. of THE CONSUL (this replaces 
scheduled pert, pi Carmen). - For larther 
details ring OT-240 5ZS0. 104 bakonv 
texts mn. lor all peris, from 10.00 on 
day of pert. 



i« *«* an oL ,n 


portrait of the king depicting a currencies and unstable political Goldstone. Both carry 8 st 2 lbs strides to pip Monday's Wolver- 
bulbous nose and red face offset situations should as an and are in receipt of a good hampton winner Coqulto's Prince 
bv an unflattering patch of white elementary insurance against deal of weight from some modest (now bound .for Santa Anita) 
skin between brow and wig that illegal capital outflows design opponents. last time out in- the highly corn- 

marks the rim left bv a hat.) large | notes but of small Ramadan, a chesnut horse by petitive Drayton Handicap at 
However, the design is not the denominations. that brilliant winner of the Goodwood on Cup day;' • 


2.00— Speedy Willow 
2J0 — Shoe** 

3J)0 — The Goldstone 
3 JO — Centurion 

4.00 — Faringdon Bell 
4JO— DJftway* 

Directed by CASPE R W REDE SHAFTESBURY. CC. ‘ ' Dt-tM Ht 

“An admirable play, honaw,. well ctW; oij «6 4253. Hhll-prtce Prwkrwi !ro 

r baicDRy JEAMNErrA COCHRANE. 01-242 ,7040. ; 

1D . QOon 

SHAW. 01-388 --13S4.-. NaUap al. Yontt 
Tbeatro 'n a new phy W Wrjwft 

Eves. 7.30, Mac. Sals. 3.00. 

928 31S1. JUNG-S ROAD THEATRE. 01 -SK 7*88. 
*-9Sl. - . I Mon. to Thurs. 9 q FrU Sil . 7.30, fl_JO- 

Last peris. SWAN LAKE. Tonight Tm- - DON 
bust. Bait. Sent. 4 to 8 Mixed Bill. lrSKSwCG - ■: 

^KY a HOR 

Sream i 

XL 7.30. S JO. 

LONDON PALLADIUM. 01-437 7373. 
byg raves 

2.15— Lumbardiua 

2.45- ^Heywood Hardy*** 

3.45 — Sionan 

THEATRES “»«gR. p 2 A s': LA F D ci u, S^ 


E¥9 *- < 0 - LYRIC THEATRE. 01-41 

IRENE - IRENE HtENR r: • . mxl Thun. 3.0. Sa 


of 1976. 7977 and 1978? PLOWRIGHT 


* LONDON S BEST NIGHT OU7.~ } , b y EdugrdoJ 


STRAND. 01-826 2660. EWfllngs B.OO. 
Mat Thun. 3.00. Saturdays 5 JB 6 8.30 



GOOD SEATS £4.50-£1-30. 

RIC THEATRE. 01-437 3686. ML, 8.1 

M / Q t - A S hu 7- °' *«■ *%£&■ 



t Indicates programme In 
black and white 

BBC 1 

6.40-7.55 a an. Open University (L50 European Athletics Cha 
(ultra hish frequency only 1 . 9.55 pionshlps from Prague. 

Paddington. 10.00 Jackanory. 10.15 8.10 Z Cars. 

Grange Hill. 1055 Big John, Little 9.00 Party Political Broadcast by Weather for Scotland. 
John. 1.30 p.m. Fingerbobs. 1.45 the Conservative Party. 

News. 4.18 Regional News for 9.10 News. 

England (except London). A20 9.35 Loose Change. 

Play School. 4,45 Dastardly and 10.25 Come Dancing. 

Muttley in their Flying Machines. I1.ICS Omnibus. 

450 Pink Panther. 5.10 The 11.50 Wtatherriteeional News. 

Winged Colt 555 Captain All Regions as BBC-1 except 
Pugwash. the following times:— 

5.40 News. Wales— 5.10-555 p-m. Cl A 

5.55 Nationwide (London and Gerddo. 5^5 Wales Today. 620 
South-East only). Pawb Yn Ei Fro. 6^45 Heddiw. 

620 Taste for Adventure. 7.05 Join BBC-1 (Athletics). 1L50 

&50 European Athletics Cham- News and Weather for Wales, 
p ions hips from Prague. . Scotland — 5.55-620 p-m. Report- 

8100 Tony Hatch and all Kinds I4TV " miraculous musical." Fin. Times. 

rtf Mmir „ til V With ROY HU DO jrxl JOAN TURNER 

OAA ? _2 u i HUB an. Cvtoooiiine. 1SJ5 Tbt Tocos ■■ CONSIDER YOURSCLF LUCKY TO BE 

9.00 Party Political Broadcast by Cdtnmr. iub The Guwios. 120 p« able to see it again.” Paiir mutot. 
the Conservative Party." S* 1 * 0 ? Wen HeadllI)M - J- 25 Reixm wa]es aldwvch. bs6 iw. into »36 5332. 

ALMRY 83B 3B78. Credit aid bkss. ,T P,U - Y EARS 

836 1071-3 from 8.30 sm. Party rates . TEAM 

Mon- Toev. Wed. «nd FrU 7.45 pm. MAYFAIR. 629 3036, AJr cond. Evs. 8.0. m. 7" ' % ' -.^ 

Thors, and Sat. 4.3C and B.DO. Sat. 5.30 had 5.30. Wed. Mat. 3.00. THEATRE UPSTAIRS. 730 2SS4. I’d TM 


LI0 OLi^y* unS^ N mh!k K V^d br Thomas 4 

with R ROY L< HU S D q’ A f^ 1 'tltr NER MERMAID. 01-248 7BSS- Restaurant V £ia? e TMfl»*‘25l? ISl 8 '5.00' Md^lSo; 
■■ CON5IDER H YOURSELF ^UCKY 7 ^^? 248 2835 EVERY W CiSoD 7 'KrY i, ' 1C 9 ’ 5 Dinah" SHERIDAN. DotCM GRAY 


VNE KING ST. MARVIN'S. CC- 01-838 1443. E«BS. 
86 Eras bTo B. 00. Matinee Tue*. 2. 45. Sa t*. 5 and B. 



26th YEAR. 

Air. .Conditioned thorn 8 Dhdna / Dancing 

YEARS.- Sunday Timet. 

nd I timed thorn 8 Dhdnfl l Dancing 
. 9/30 SUPER REVUE " " 


- bv Thoma* Bate 



Dinah" SHERIDAN. Dtrtcie GRAY 

ihg Scotland. 11-50 News- and 10J0 News. 

9.10 Best Sellers: The Aspen ^»« 8 « “ Howe- 

Murder P»ny. MS The Gene Machine. 520 

n «/> Crossroad*.- MO Report West. U5 

Fully ak-condltkKied 

A play tor actors and orchestra by TOI 
£4. £3 and S3. “NO ONE WHO LOVI 


tmdMstra bv TOM ' Rw wwE whodunnit by Aflatba Christie. 

- Reenter Aoatfta ChrfaUe with another 

In repertoire. 

£4. £3 and S3. “NO ONE WHO LOVtS whodurwll hit Agatha Christie H atalfc- 
THfe ENGLISH LANGUAGE AND THE loo the West End yqt again wWi another 


.10.4(1 Mid-Week Snorts Special. 

the Conservative Party. Northern Ireland — 4-18-420 p-ra. 12.10 aun. Lou Grant 
9.10 News. Northern Ireland News. 5-55-62B 1.05 Close: Michael Burred 

925 Loose Change. Scene Around Six. 1120 News and Teads.a speech by onC oi 

025 Come Dancing. Weather for Northern Ireland. Shakespeare's Kings^ • 

1.U5 Omnibus. England — 5.55-620 p.m. Look All IBA Regions as London 

1.50 Wtathcr/Reeional News. East (Norwich): Look North except at the following times:— . 
AH Regions as BBC-1 except at (Leeds. Manchester. Newcastle); ' • 

Rnodrt Wain tJO «n, ,rri«HrW -Tonight 7.30 COR IOLANUS. “An uywilng MISS- THIS PLAY.” S. Time*. "At laft 
™ W MlN-gd SUrlv. of true ttieatrloi glory ’* s. Times. With: J mewl rwrtul .and brilliant and^swlous 

_ KTV Cymra /Wales— Ai HTV General tm! perfs. Strindberg's THE DANCE of | ooiittcal ^ay.V Ql»e Barnw. NY Post. 
Senrlce except: UJKL2S pm Penawdan death from Thun.}. NOW BOOKING for 

her hendtshly. Ingenious murder 

mysteries.” FeUx Barker. Evening NEWS. 

Run extended to September 30. 

News. 5^62# 1.05 Close: Michael BurreQ fSo IiVhe warehouse %««& w> C . national _theat!«. : 

11^0 News and : tnJu. apreet 1 by one of ^^el^'kemce arts theatre. oi^ss 2132. T 7 °£. Wfv&Z?. 

iem Ireland- bhakespeares Kmg&j • exc«t: 129-US pm Report West Read- tom Stoppards m*» p U» br Edward Bond. 

0 . *" 'BA Regions ns inn** m ■«—» . Z'!V.'g*L« T T,m„. L 5FV°Z ‘KS'TiS SnUS4 T 'Si 

Limited Season: October 2-- December 2 

new play br Edward. Bond. 

LYTTELTON fproscenlum stabeK Frl. 7.4 S. 
Sat. 3 & 7.45 (low pr. ditvs. J TM 

the following times: — 

Midlands Today (Birmingham); 



UJD am Cine Club. IBM Friends of ambassadors. 

- niwnous ... see it Sunday Times. hat. 4 & i.+a now pr. o 
Monday to Thursday 620. Friday and Philanderer, by Bernard Shaw. 
Saturday at 7.08 and 9.15. COTTESLOE (smaH auditor! uti 


01 428 4735-6. 01-934 1317. 

__ . _ ANNIE . - . • " 

Evenings 720. Mats. Wed A Sgt. -2s4S. 

01-838 1171. 

COTTESLOE ( x 1 i a H auditorium); Prom, wanpuoitn nmu... t in. I ■ _ ■ — ■■ 
Season: Erv?- 8 twntll Sat.) The Passion. 6808^ Rt>l2f*SMfc£lan» 

Many mccefient cheao seats all 3 toeatrea S2S 1 ' "S, zrS 8 " 


Today (Southampton); Spotlight IBM star Maidens. UAS_T1>e Qatberi 04. ^ wonin Onto, ^surv^a] Patrick cargill a^TONY anhalt c^awSmiS. 

South-West (Plymouth). ff « igriggS f&STS^ SfSS tn wJL^SSS m-mw Wy,e ” 

BBC 2 TM ^>^^96 an JPW 

ri_; lilo am The BI^ Question. • European Athiedcs ChamptoBRlIp. 10.40 »ttrr and total Icy,;; Punch. Sew urices _ M . 

South-West (Plymouth). 

BBC 2 

6.40 -7J5 a.m. Open University. 
1025 Gharbar. 

11.00 Play School (As BBC-1 420 

1125 Open University. 

425 Open University. 

7.00 News on 2 Headlines. 

7.05 Erica on Embroidery. 

7.15 An ABC of Music. 

720 News on 2. 

7.40 Rhythm on 2. 

8.10 Brass Tacks. 

OLD. VIC 928 7618 

prospect at the old Vic 

Beryl Reid and Anthony Quayle in 

ALBIE SACHS. All mate £1.80. Ad*, 
bkgs. Aldwych. Student standby £1.. 

9.55 am Talking Bikes. UL20 AngJlng - - - APOLLO. oi~*37 2663. Evening* S.00. 

Today. 1BAS A TV Sport. lUS TtaJe? SOUTHERN - '^on^ld HVnden *" d B,0 °- 

S-ii 35 5? £ TV ■« UBb Haase on tbo Prairie. -Actor diT w: Standard! 

Newsdesk. 1M) Code R. .225 The Best nm The GaLbertna. 120 pm Smuhcrn "IS superb - na.vv i 

Bmergeocy. HAD European Athletes I 
Championship. 12J0 am Late Call I 

£2.0Q and £440. Dinner, and tsp-nricn I Sheridan's comedy, with James Aubrey. 


Nowsdesk. 1L« Code R. .2JS the Best ms The Gaiberlng. i2o"pm stmttgrn "I* superb/- Njj.v? ‘“ wd 

or Ladles NigbL 308 The .Pracdos. 3M News. 108 Stan on Ice. 240 House- shut your eyes and 

Money Go Round, ins Chriitopher party. 505 Slnhad Junior. 508 Cross- 

CnnnpeL 505 Happy Days. US ATV roads. 805 Day by Day. 1208 aun wicaediy funny - Times. 

Today. Southern Nows Extra. actoria THEATRE. CC. Charing Cross 

HDD npp 01 -T34 4291. Mon. -Thurs. 8 pm 

DyKUCK XVIVI- TL'P C Fri ‘ ***; 6 00 a , rw ,®-^5- (Buffet 

1809 am Tectwoflash. 1845 m Search 1 list 1 tbo rood available.) 

of . . . Call from Space. UJ5 The VOS am The Good Word followed by 

nsttu>rtnv MM _ U i » Nnrfh Uta*r Mm RMfUinac MM Thlt IBTecOOUS. _*JBWlllnB foot OATnoirig and 

lata Blair. Kenneth Gilbert. Caro) Gillie*. 
Matthew Guinness. Mel Martin, Trevor 
Martin. Christopher Neeme. 

Opws Sent. 4th, 7.00 
Previews Tomorrow. Frl- Sab 730. 

WHITEHALL. CC. 01-930 6692-7765 
Evas. 8.30. Fri. and Sat. 835 and 9.00. 
Paul Raymond presents U»e Showtlonal 
Sex Re vue ol the Centorv - 

C CAD ILLY. From 320 a.m. -437 4506. 
rant Cards §36 1071. Mon.-Thur. I. 
* St. 5 »a.1S . AJrcond. 'Domln- j 

"Ba^oM^sl&VE h ^. our 

TmveHno r, « 

WINDMILL reEATRE. CC 01-437 6512. 
Twice Nightly 6.00 and 8-00- . 
Sunday 6.00 and 8.00 
PAUL RAYMOND prosodt* 


Tate s to unprecedented limits what |i 
permiasjbl* on oar stage.” -Evg- News. 

(As BBC-1). Rolf Harris Show. 8J8 LMkanuod Gacbertiw. L2S pin Herd) On News and «We texts £3.00. . Mon ,-T^urs. ana Frl. Flo Tta2£^°“ D^nNE *tN5i 

9.10 Eustace and Hilda. Wednesday. 1228 am Botdnr News Lookaround. 125 Dumb Show. 545 AUDACIT Y • Of . hm_ fi 

10.15 GroSS Me? ta Concert. s ™^- ' « NorthOT - . RUS^W ^ypnot.c- effe^.- J 

11.15 Late News on 2. CHANNEL TTT CTFP • Cambridge.- cc. B36 BOM. Mon. to P Mmo^ara. B.o^Sn a sat 

1125 Closedown (Readme). I- 28 F m Chaimel Lunchume News and ULaltK Thurs, 820. fri. . Mod Ut SAS and 820. JESUS Christ' super 

_ What'a On Where. 12S The Mackenzie MJD am. WooHnda. ULdS The Secret *_im_ ...... . by Tim Rice and Andrew u 

1 ONDON A?alr- 520 No Borders to the Sun. MS Lhres of Waldo. Kitty.. 1L0S Tbe Gather- .,3,^ 

LUilDUIl . ounaei 540 The Beatles. *38 Ins- 120 pm Umctuime. 138 Stan no sem^lS^WSlSIooT to? 

920 a-m. Elusive Butterflies. 925 Me. 7J0 European AihleUca. l«. 8J8 Uteter News Headltow. third great tear MIm Shodke taylor 

T.itinn Cibao m<in /Tcm.. in m *20 Review. 1028 Channel Late News. The Mary Tyler Moore Show. 830 Ulster Dinner and tad-prica seats £8.75 Inel. garden make m lauan.- 

-rnn Tim., PmnfliBM N,h.«nf 12M Ncw » w*»U»r to French Television News. MS European Athletics. cHrcBaisTER. ms aTarT unvarnished t 

Ten Times Empty. 1020 Nature Of rollowed by EpUogoe. 620 Reports. M5 Wtthetspoon. 1242 ara Tonight and Auuint 31 at 7.00 Septemto- .. Comedy bv Rayj 

Things. 11.45 Cartoon Time. 12.00 rn , .. OI . - T Bedtum. 2 at 2 00 . ^ gh., wh v_ j t hough 

.hJ-^SS 102D 'B^iS^rteSSs: ia« ^ ^ ^ ^ 

M * 1L - N< ”’ 

Wbrla’ inuj N jmM)jc-" 'piMncto? 8 Times. WYNDHAM-s 01-636 3028. Credit Card 
Jb*n; mor * Mtisirlna 836 1071 thorn 820 p-pu. . Man~ 

financial Times. 


CAMBRIDGE. CC 035 BOM. Mon. to P £^ C ^, r . B.O^Srl A S?, - *! 7 - 6 . 8 Ji" 
Thurs, 820. Fri- and Sat, 525 and 820. jesus Christ" su 8i4 °- 

Thur. 8.0. Frl. and Sat. B.1S and 820. 

ViRY FUNNY.” Evening News. 
Mary Oj Mai lev's smash-bit comMi 

■""v o Miiley-s smash-bit comedy . 


. Supreme comedy on. sex and reUshn." 
Dally Telagraph. 

LAUGHTER." SwrotonT 


by Tim Rice and Andrew Lloyd-Webber. — . ■ 

PHOENIX. 01^835 2294. EwHngs at 8.15. *££**1 
Mats. Wed- 3.0. Saturdays" 6.00 & 8.40. ramous ftfft ° T1 n?Art.ii Mn. 1 . 

“iSSP SS5Wa'» 

. The Hlf Comedy bv Royce Rytoo. 
SftVE DIED." Sunday, limes. " SHEER 
DEI IGHT." eyg. Standard. - GLORIOUS 

plus FT index. 120 Platform. 120 p5n'ct?mSan’ Nnn Hcaiflto^^LKi Out of Town. UJDS The Gatbertna— jcoMQJY. .. 01 ■Bin; 2578. Efll^LE EPWAR P. c c.- ( tormeriy Casino] . ABC 1 a a Shaftesbury Awe iu 

The Rolf Harris Show. 2.00 The FamUr. 620 Gramnian Twin Aon Return of U» Clansmen. 2227 pro Cusl Ev »s- Mon.. Fri. aoo. Sat. s.oo A JhNWeek. 8861." Sep. Perts/ ALL SEATC Rirar? 


The Rolf Harris Show. 2.00 The Family. 620 Grampian Today. 620 Return of the Clansmen. 2227 pro Cusl Zvgs. Mon ..Fri. 8.00 
Summer After Noon. 225 General Wto? Newsroom. 4JB Cartoon. ul« Honeybon-s Birthday^ 120 We rtward [ . EDW awj w 

Charleston South Carolina. 420 A 

Michael Bentine’s Potty . Dine. 

425 Search and Rescue. 5-15 GHANA. DA. 

Westward Diary. 628 Don't Ask Me. 
720 European Athletics Cham trio nslsp. 
2028 Westward" Late News. 1220 am 

From Sent. 2. . and 8.00. |= CONVOY*, A) S .“wk. 520.' 

bv Tim RICO and. Andrew Llovd-Webber : ■ : • 

g ,r ^- by - • C ^S8 Ut Town 

’RINCE OF WALKS- rr m.i»n — . _ 4 BS 2445. " Max OoHula- 

A CROSS 8 Oriental disturbed tender and 

1 One man and bis dop maybe went in (7) 
or just another man (6, S) 9 The first stove (6) 

10 Beam about being abstinent 15 The reverse of 29 and defying 

yet irritable (5) 

metric laws (4. 5) 

11 River chaps gel in at will (9) 17 Bird with separate crest . . . 


620 Talk of the Devil. 
7.QQ Don’t Ask Me. 

720 Coronation Street 

12 Ruler setting on in March (7) 

13 One who gives in and gives 
■ out (7) 

14 Rigid as a corpse? (5) 

IMS *Sm S rST'lSS MM' Birthdays. 120 Westward . B TSbf^ i ’ 0 ’ Jim^l* 

HMpit.L ^ wMcGTy gg * -gar jggg BS. Mlgwa B.gS . k 

rhirlxinn Smith Csmlma ± 90 ^ Nl#tll HoadUlle5- > uim«uau Westwan j JMar,. jjg Oon’l Ask Mfl. _ by Rosemary Anne Slroon by Tim Rica and. Andrew Llovd-Webber. . 

v an ninwunn Arhintw rhimntanihn. ^xeeflant family entertainment anyone Directed by Harold Prince . CAMDEN plaza " c»mrirn 

GRANADA wSSJSSl- Lato TtewJflSjd £ -"Si US' PRtNCE OF WAU^L CC. 01-930 8681. JS^oSB 

102S am Sesame StreeL n an solo MMi.-fgr ur# - -Amerlwrg wri love ty' Gdn - *a lau^ir ^rfJ. 6 n y E ^jJil l ?in ND OCT. 7. 4JIO^ t 62ot , a.S0 0, l| oo ONTES ^ *' , °’ 

One. IL85 A Handful of Songs. L2D pto i/Amrrrrmr a ?ln ute,- p, Tel. -Opeortunltk-s bril- Eros. B.O.SjtordaysvM^nd^aAS. SJSi ,, ‘ 00 J . 

pia to Your iubUl l?X Cee^ YORKSHIRE MX ^ln B ‘ * 7 V - B ROAD waVcomepy^m usj cal T 3. 4. Oxford Street (wo. 

Hamilton IV. ls The ChaHensinB Sea. 1029 am “ The Great Bank Robbery," == , w - J w r rtMnW ^ -£ ” I!! n ^ — i loVR jiiy wire™. - sSSSf“c2.5 BU, 2. W Tube), ek ojiK 

520 The Undersea Adventures of Caotaln atarring Zero MosieL Clini Walker and c fJi? R, 1 Pi'- 107 V s ^ K w £L.! h!!? e 'J?! rta !2Sf n ^ ,or 

Nemo. U(M 62o“cTSadS KtoNoreT U^Cartoon Ttok 125 .^^Vnd Y«5i S0 ‘ _g? IT P*"' “”**■«* W ^ glSS-'S? 6ooS*lg!S 5S 

News. 6J5 Wall TUT Your Father Gets pm Calendar News. 125 Dumb Show. Leslie PHILLIPS mJEEN 1 ?. Credit .Girds. Ql-734 1166. piratm GYP3 T (U). j®. SKY. 

Borne. 1229 am Kodiak. i?.vi a tattle 628 Calendar lEmley Moor and Belmont ' in six of one a oo wea. 3.00 Sat. 3.00, a so f. { “i- 

N 12 ht Music. eds.1 . A HALF^UOOzen HILARIOUS years DOTrice^^ GEORGE CHAkibis V ■g^aiiMi haif-ortee. • 


I Gambit aOT Sesame StreeL n an solo ^® r ^f*. 

5 45 News. 2?f" * Handful of Sousa 220 pm vnOIfCHTDC 

D. - -U-. .• __ This to Your Right. 120 Own* X UKlvorllKJb 

6.00 European Athletics Cham- Hommon TV. 125 The Challenging Sea. 1029 am “The Great Bank Robbery. 

IWJEEN-5. Cradle .-Cards. oi-7J« 1166 . the GYPSY fU). JM1. 

I Eros, a 00 Wea. 3.00 Sat. 3 . 00 . V.Ifl u ' 

18 . . . and another bird starts 

<s) Stereophonic to aad can 
t Mottom Wave 

singing with Scottish musician RADIO 1 247m 

/qi 520 am AS Radio 2. 722 Paul Burden. 

• - DRURY LANE. 01-656 ff>05. Mon to 

191. 1L40 BBC Scottish Symphony news. 620 News. ,628 My Music (SI- Bat. 8.00. Matinees Wed. and Sat. 3.00. 

Orchestra isi. LOB pm News. us 7.03 News. 725 'The Archers. 7JD .... *_ChpRUS line . 


3D. '■ TUDtl 1 'klrtl 

MpiJrre* cam« v hi. H £5. B,K ’ co “ T* 1 

Usfnt 10 W> ’ 1.30. 3.4a 

247m Bristol Lunditlme Concert. 220 Flamenco Somethin* to Deriare. 820 Olctararship I B'RJ"? I 

geqial i»- 33S The Symphonies of Of the Prtps. 9.80 .Science Now. 128 -g ggggL - JglL T, ™ M - 3rd ^ --- T YEAI L 

12 «» SL, -tion With 8 cross tf-'KSfeSKSS 

19 Pore over offer made by oppo- 
nent (9) 

20 Sounding part of it on a lute 

22 Aeroplane landing with a 
right 19 (7) 

25. Make a fresh request to 

JSSJSr-saW ■» W “iSHS “ft % 

21 Cover chap — a non-profes- »d Je^Tinctod: %2L£i ^ , T^"ii a , i3L nt 5_u « OF cc o'+*» 5i 

sional (6) lag 520 Newrteat. 720 sports Desk SSSfre. Sn 1 - SKv Ira ^ TrttehL * p„ a lSSS?5&* 

23 Cubbish Abyssinian leader SSJSi *i SSL-T "* BBC _ 1 6*8*. 8.15. M^^SO^aria 8.30.’ 

1 r. ■ .. - , ... “ 2! Stnnnav. unran fit an i— . - 1 a tfrre umiiuc »• ■ «... ~ 

gather ip a fold (7) 26 Perhaps is concealing an ThotiafiL. T22 Terry Wogan (si "incliidta* No. 2."”U25 News. U20-U^ TDnifdiV's Somidliig Braai Strikes AsaifL 'jja Black t y .wuy. JWWK ~ CC. 0I-83B 46C17 

27 "Mix with fat and bury the orbital point (5) *J7 nadne Bullertn and >25 Pause far Sctahm Sow fsh - Londoner*. S20 Is Concert: List e ^MOWY , WF 5 T 3 'GEM i MA 5 ioNr| 30> 

left in the course of duty (5) “T ^ and ^ Zi£E g %ESU£^ n !Jgi 206m and 944) VHF 

24 The smallest meadow over tbe RADIO 2 i-awm ana vnr ^ Janace5c chorai music f«. uls bm •» k» Radio s. 6jo Run Rost. 
u-av 520 am News Summary. 5.08 Tony Vladimir NiMnr reads Ms- own poetry 9 - ro Loodcw Live. 12JB «n CsB In. 2X3 

a *. y> . Brandon fti ta clodi ns 615 Pane for 114)6 NlMlat MedUer: Plano- Concerto *W Showcase. 623 EonM Run. 7.® 

* WeaUier M28 TM “The nudity . h nvmtog.” Daily Mail. Paai L Suni - CURZQN. Conan Strom w i jbh Vvre 

B. Bound Britain Qntt. . 9th seosatlo ^r vear. "• 1M U rtCT|V4L W nS^^A lAlr^wwithWi: LAST wuKroUfSS: 

-in^T ^ 5 n 7 *” OF YORK'S. CC. 01-BSS SuF Fully aiMOndlMiSd - A 2 AL ihJ U) il T ° M 1 'EnoUsh sutom^!- 


jotidon • ?r 8.30. 52®SSfe JZShnlg&t 

206m and 9M VHF *** ait 5TTJ55T T taketS fami^tIi”' ~ a ^ 2(, ^ * Z: 

.. Satortfay S.Ofl and 8 00. 
Muriel Pa flow as MISS MARPLE In 

French way (9) 

28 Soft one in the ocean could 
be a cuttlefish (5) 

29 Eldorado or a source of rich 
poems (6- S) 

point (5) 

Uo. 3,756 


2 A bit added without stretch- 
ing (9) 

3 Course for a builder (5) 

4 Guard on oath gives a rally- 
ing cry (91 . 

5 Giving religious instruction 
before going to heaven could 
be dangerous 45) 

6 Degradation in a cellar (a) 

f Upper-class hang in the 
balance but stand upnght 

S35BS2-' ' ^QHSSGi^lfc 

S "53 R S 0 3 ■ E 

ssfifflga r GSBsaHH . 
l m e--e m m b a 
-EQHraaSH •■■■0EH550H 
B S-. Ei E fi S H 

B -Q H G a H Q □ 
GSHHCGH sbqqrbq 
g q a s s 0 s b 
aHSHaas^ eqcqhb 

Thaiutht. 1822 Bill Prince isi. 1225 pm .mi- - yuc onto_AJB.7ni >■> , W t ^ & LondM UK7. 1023 Later Nrghf 
WuRoners p Walk. 3228 Pete UotWi sjSS pb. Maa - A8 Radio 1. 

Open House is) todudlne 12S Sp«W ^ C7, T I 

Desk. 228 David Hamilton (si Inctodtog pAnid A LOnQOll DroauCaSting 

2.45 and 3.45 Sports Desk. 828 WaR- aVAA/lL/ ** 961m and 97 J VHF 


goners' WaR., LG Spans Deo It. 428 
John Dunn is) Including S25 Sports Desk. 


the Homecoming 


.. . JRACnrAU MUSICAL glcbjrd Bumn, Rogre hto?™*' R 5nSi 

■ 1* J'tdc hrori,” FlnsnriaF Times. Harris.. Hardy KrwHr in THE Vnro 

S*iWrt swell show.” Daily Eypresx 5*® 'AA). Sen, dt«k. we t fin Tf'i? 
■•So enjowbla.” Sunday TimS*“' 8-10 Lire Rp’jff’ifl 0 

. . ssb jSS.Ta ’aro**^ % Sft Jg 

tT«R5IDE_ _ STUDIOS- 101-748 *"*’ 2 0Q ' 5 ' 00 - »-OoT^ 

434m, 330m. 285m and VHP Mondny ' music.' 620 am: I Gujrdlj "- ' NOT Zg ^ missed." tEX*. 

G5aroia r !ra^'% B ^ mSSSbVZZ*? Qt » t| gUNa.^' A , G,Ly SSr: 


sms fii 9 GMIRH 5 epRa saEflCkSMnSMS 

isi. 922 The Fred Astaire Story. 9-B iS i5?“ • ALAN AYCKBOURN-; 

SMtt Tes£ ]U 0 SST«Sh Brad«. ™* 5 b ” 8a ^ “ 

1820 Hnbert Grew says Thanks for afLT^Bi ^ Jo2 iffiS 1, Night ExtrtL 

K- SSSfe”* NWL ZJHKUE 3m 2m & ^ : 194m and 95fi VHF 

New3 summary. Breiywhere. 1228 News. 1222 pm You 620 am Graham Dene's Breakfast 

RADIO 3 «4m; Stereo a VHF f- "JS £S S^SSTSS. SSS S« Iff ilff Si ^SSr'fen’SS 

a ^ ns £8E «a: 

™3?l. ,n El!MS,. i !'D"‘fS“ : '»nTr5;- n — - jgg q«L^_ °*8& BSSli8aii.wA.™ »."n .> 

jaSp--- ™ s°S’f 


™ K .editor regrets 

Evwnlngs 8.QO. Sstnroays 5 and 8. 


LAto Show Sat, 10J 


•" A.t 


■\ -JV 't 

• .S-Yt.' 


Jibargh Fe»ttv« 



1 : 'T^‘ 


“ 1 


Scandal" [ISnes Wednesday - A\igixst 30' 1978T 


New York 

Too bad to be true 

From the closet to the stage 



“ It’s so bad. it’s good." What 
m wonderful excuse to waicb all 
Che old rubbish on television. No 
blushes about knowing where 
Meg Mortimer keeps the screw- 
driver in that tatty Crossroads ... 
motel or what to order'for Ena 
Sharpies if you spot her In the * 
snug at the Rovers Return. You 
can enjoy it all and still keep 
your self respect as long as you 
know that “it’s so bad, it's good." 

This mild - infection of 

hypocrisy can hit you at any 
time, even on an August Bank 
Holiday Saturday night. 1 have 
caught a mild dose of 3-3-3, a 
quiz of such breath-taking com- 
plexity that to understand it 
probably qualifies you imme- 

diately for the final af Master- 
*n*nd. The originator is counting 
his cash in Spain, and the .fact 
"■ that it has been transplanted 
from Spanish TV probably 
i accounts for the incomprehen- 
sion of h all. • Compere Ted ; 

Rogers bag obviously been , 

locked in a small room for six r. 

. ’ months in order to understand "> 

• • the rules but for once that ! 

1 /'N agonised grimace at camera, 

[ift »„ j wbich U his stock In trade as 

W U H! a comedian, actually looks 1 
til ! centime 

1 1 ; genuine. 

v Much of TV Times ts given 
pver to explaining it all. but in 
brief it Is about people receiv- 
ing envy-making prizes for fail- 
ing to answer questions. Initially 
three couples win a fortune by 

Can Bruce Forsyth drive a wedge between Starsky and Hutch £ David Soul and Paid Michael Glaser) 

panungjis many words that start either a motor car or a -dustbin that the entire population was fourth' division stuff in com- 

with a b that they can think tor something in between). Just failing in its social duties if it par iso n. 

of. or the like. The tough ques- like in the good old days of did not organise its own Satur- T-mr tn u_ 

tion last Saturday was naming -open the box" there _ is an nalia but now they have relented. M .£* u5E? cide ■ ofnE? at 

British sovereigns from the audience to give bad advice. By at least for the autumn and weekends ft* Sni S»ic 

present. Queen backwards. You deciphering wilfully obscure winter months. After Match o/ s„Drerae inthf hi?i5r leVS? 

were given Queen Elizabeth II riddles a shiny Mini is .yours— the Day . which is invariably the ThV commercial 2, ne [ S 

for Startpra and for Tnnrfe nr a .PA. ine rammerciai cnannei may 

vented them going home -very show into an hour a week. It has had more publicity than the BBC produce Ae Mnitine 

Wavily laden. The odd thing seems quite likely that some viewers. Finally catching it. I article The latest if a?m 

about this part of the programme serious executive will tty' to was much braced. This Mickle ^M.Tavlor who is frlfot man 
is that the winning couple imme- bring sense or fora or style to Most. flnger-tMhe-nose, - stance fbr a serie* 0 f siic 

diat f ly disappears rwxt ^2-1: and then it will not be against the big record com- about English toiL gfSnSt 

week. While they spend seven worth watching. parties, television pop shows, and on Fridays The last two on 

C tK nt !Si t w P wII?if~ : IS d By ehaDce thfclTV companies the world at large, bar a 1950’s Tewkesbiiy' and Stamford, have 
2JSL ?5i_ on Saturday night are much con- freshness and Innocence. It been gems, making you keen to 

R. amassed cemed with giving away money brings home just how much good visit the places, happy that they 
,5"" and gifts— i it is probably a conse- r " uslc there « co ™. 1qe up *»°® should be in England, and also 
get the chance of the really big quen ce of all the cash that is s * re « level Doubtless most ox pleasandv diverted, too. 
prizes. nounn^ in frnm »dveriisine the successful new wave bands ■ * . . 

. It is in the second and third revenue at the moment. Earlier ? et ting an airing on Revolver CUfton-Taylor is the plain 
halves of the show that a com- there wac Mr and .Mrs which is will succumb to superstar luxury ™ ans . Betjeman. While Sir 
puter is needed to unravel the ma inly interesting because it bul as pf noW they are really j?™ “ earned into romantic 

hopelessly into self-parody, but 

^ 4.- v H ^4’ 

5 - c i&J, ■ «h * ' 1 

The subject of homosexuality 
and the theatre is generally con- 
fined to backstage gossip, but 
New York this season “ came out 
of the closet,” with a number of 
plays presenting homosexuals on 
stage. Not that this season is the 
first, or that plays in the past 
have not been more successful 
or • better. However, there is . a 
noticeable, change in focus: when 
a homosexual appears on stage 
now the play is not necessarily 
about homosexuality any more 
than blacks appearing on stage 
means the play is about civil 
liberties> as once was true. 

The best example of this' 
change is In the amusing Broad- 
way whodunit. Deathtrap, which 
is otherwise as formulaic as a 
game of chess. The story starts 
with a strong premise — a middle- 
aged writer with a writer’s block 
reads the work of a young 
student and finds it to be a 
perfectly contrived and written 
play in the whodunit genre. No 
one knows the neophyte writer: 
be is presently unemployed and 
house-sitting for a vacationing 
couple; the play has been seen 
by no one else and the young 
man -is willing to bring along all 
bis notes and original copy to 
a story conference at the older 
man's house. 

All this is revealed in the first 
ten minutes of the play. What is 
not known and becomes crucial 
to the plot later on {without 
ruining it for those intending 
to see it) is that the young play- 
wright is a homosexual. 

- In the dark ages of the past, 
there would have been an insult- 
ing Inference drawn between 
I such a sexual preference and a 
nefarious plot, but not here. It 
1 it a welcome possibility, well Joel PoIm and David Rosenbaum in “ Family Business ” 

within the bounds of reasonable- 
ness (certainly more than some 

other elements of the plot); the called something about a cat’s the will (which the father ex- superfluous shots of homosexual 
author, Ira Levin, an accom- nine lives, since the play has plains to them before he dies), night club entertainers. But 
plished practitioner of the genre had a number of productions and but try to alter the boy’s t h Pr «. «•»» pnnnvb teiiim* 
(be- also wrote Rosemary’s revivals, before and after failing behaviour. a 

Bohy) turns it to good use. John last year on Broadway. It is Where once there Was only 5?™ e 2? 

Wood is just right as - the now doing well at the Circle in exploitation entertainment about for lbe 

frustrated older playwright, the Square in Greenwich Village bomosexuaility, now there are “ Dni °sexuai community, 
luring the acolyte to his house in a production directed by what might be called serious ex- And * a ® fi , nal corroboration 
while railing against a New Robert Nigro. pi orations of it, like the San J ; ew * 0 J* k ,s coming out of 

York cultural establishment that This genre has produced one Francisco Gay Men’s Theatre th f closet - there was a recent 
has hot appreciated his last few more off-Broadway success this Collective production. Crimes television programme about a 


season: Family Business. The Against Nature. 

television programme at 
transexual psychiatrist. 

Suffice it to say I hat on comes' from Border TV, which tiym 

flights by the spiritual glories of 
architecture Alec (no one would 

toP « f the. sketches, questions, maintains a precarious indepen- The audience is ignored and Sb!y d?re Sll him thaf^to 
riddles, throwing games, celeb- dence between Granada. Trident p ete r Cook’s introductions Se hS face) conSntrSS 
nty spots, and jokes there is and Scottish TV. And if you did irrelevant: the strength of down to eart? S literal?* 
an overlay of pure nonsense. The not hit the cash jackpot da that Recolrer is the music- OnSatur- beStse* he ^ce? ft* 
hostesses. The Gentle Secs, of show, a new series of; The d*y X-Ray Spes and C Gas Five ™ ? Jf the^SSs ftroufh t£ 
course, are lumbered with UastenpU has started, wh*ch has lobked good, and if Most «mld “cal builS^g Seri 5? ft Ws 
SEf te i!2£ CtaC, ? S ’ and a br S th ’ ? quirky ^-largely because dec ide whether to play up the exposition is not^he architect 
J^K e S Cti0n Mos i i Cf,m .?J red Oddities among the fans or just ftrfmattere s? much m the 

of th«n seem to be kidnapped franklyn with an almost straight R i ve us the music Revolver mieht brick or the slate or the wood 
ftom language schools so that face. The idea here is that there j n iq years’ time achieve Ready, ft a t lies nearby. I always 
fteir fractured English gives Ted are four new' recruits for the steady. Go status. With Starsky imagined Stamford to be a 
Rogers a chance for -an ad lib.. Secret Service who have to. pass and Hutch underway op BBC 1 wasteland of the A1 but judging 
There is a character called a fairly serious examination to and Bruce Forsyth waiting in the bv the ohotographv of Ken West- 
Georsie who. dressed m very be accepted. One raise move and m r wings it isn . t going to bury it is a splendid, solid, place, 
butch chauffeuses umforni. they are eliminated. Unfortu- maner- very nmch if your Satur- Tewkesburr had its image 
drives on the cars which litter natcly. eHmination i doea- . nnt day. date falls through. Judging polishea last week and Totnes is 
the set at intervals and docs a raean a nit man wiln a snencer. by the first episode Starsky and due for the treatment this 
very formal salute. And there but being ushered off, screen Hatch have had the teeth pulled Friday. It is perhaps blinkered 
is a hack room where three very clutching a record player or a once again j there was a lot of to be introduced to towns 
embarrassed looking aetors go Mru-sized lejevisuur set. The shouting rather than shooting, through their buildings rather 
frantic every time someone gets Masienpy is bugged do* n with Just as Kojrifc suddenly went soft than through their people, or 
an answer wrong and perform u suninicks. presumably because almost over-Dight 1 fear that the their personality, but this per- 
bad joke as punishment They ,hP ITV contractors believe them BBC will bav« to find another spective provides the ground 
are much used. essential in hold sin . autneoc^ American crime hero by next rules. That is the great thing 

• It is the daftness, and the p ' a '- e ^ sSL n 13 ,5 v° 0d 3'ear- At this pace Bruce Forsyth. 2 bout television: it looks after 

perpetual action, that rivets the ‘ aea whirn the bbi. would have who can presumahlv dictate his the whole man. It is just a 

attention, plus natural greed at donc Vf0Q * lcTs vpnn - terms at London Weekend, will question of being alert on 

the sight of the prizes. The key Suddenly Saturday night is be able to capture the audience Fridays for the geography lesson 

to it all is that the couple that good television. For years the without raising an eyebrow, and relaxed on Saturday for 
kurrive the early rounds can win television companies imagined BBC's Little and Large are “ 3-2-1.” 

The funniest scenes In PS. story of four sons who inherit a dressed in slacks and coloured duced by the local station of the 
Your Cat Is Dead have a burglar rather large business and estate, undershirts each tell of a child- network, it was a half hour 

caught by bis victim trying to Before the father dies in the first hood or formative influence on filmed interviews done 

seduee that victim, both of them act, he shows a definite pre- his present life. In between tales throughout the course of the 
male. The play provides New ference for the youngest son. one they dance, limber up and en- transition of Dr. Eugene Hoff’s 
Yorkers with the vicarious grati- of two who live at borne. Of the courage each other. Their stories becoming Dr. Jeanne Hoff, 

fication of seeing the tables others, the eldest works m the rarely get from anecdote to art. Despite apprehensions trom her- 

turned on a burglar caught in successful family retail business but one of them, who discussed self aod friends, Dr. Hoff 
the act. The fury of the resident and the next in line is a psychia- his drug addiction, did show the expresses his need of and full 
is compounded by this being the trist in constant need of money, potential of the undertaking— commitment to the necessary 
third recent break-in, all done Tie father gives the bulk of bad the participants been chosen operations, ending up in a 
— it turns out — by the same the estate to the youngest son. for their acting rather than for dinner party after it is all over 
man. Strapped down to the who then becomes the centre of their stories. comment. Puzzling, 

kitchen table in the flat, Vito, family attention. As a homo- Much more successful is the ,SDtlt - 

played with vigour and good sexual, be finds the attention film. Word Is Out. which had a Frank Field and Lynn Red- 

spirits by Vasili Bogazianos. does particularly unbearable because commercial release in New grave make sympathetic inter- 
everytbhig to talk his way out the rest of the family find out York, with its interview of 26 viewers, able to turn Dr. Hoffs 
ef his predicament As the fiat about his unorthodox private homosexuals. All of them cooperation into a full portrait 
dweller's fury abates, Vito gets life. He was right to want to thought they were born homo- of someone, in the now familiar 
more amorous and eventually hide it from them, as the play- sexuals, making them particu- terminology, imprisoned in the 
admits he has no place to go; wright Dick Goldberg, effec- larly vehement about the perse- wrong body. Having gained a 
so be would just « soon stay lively shows. Richard Greene is cution they used to suffer. Done certain measure of acceptance, 
right there with his victim, an particularly good as the eldest by the Mariposa Film Group, certainly in cities like New York 
out-of-work actor. brother, showing loyalty in every- also in San Francisco, the work and San Francisco, the bomo- 

The title of the play comes thing, however painful it be- was not particularly well sexual community is in a healthy 
from a note left for the actor comes for him. The others are organised. People were divided stale of exploring and explain- 
by a girl friend walking out on equally well-defined characters, into meaningless categories, ing. as much for itself as for 
him. It might as well have been who meekly accept the terms of which were interspersed with the community at large. 

Salisbury Playhouse 

erpetual action, that rivets the v ‘ ua * c woo can presuroamv aiciaie ms me wnoie man. it is just a ^ ^ _ _ 

ttention, plus natural greed at donc wonders with. tenns a t London Weekend, will question of being alert on T Tw% >4 4- 'L% sw I* r ^ ^ nT-,** 

he sight of the prizes. The key Suddenly Saturday night is be able to capture the audience Fridays for the geography lesson I I rlf** 1 "T | \A/ f J| || 1 I (r^r* 

o it all is that the couple that good television. Fnr years the without raising an eyebrow, and relaxed on Saturday for V/ llVivi bllv VJ L vvll v T V/v/vt- -L X. VV 

arrive the early rounds can win television companies imagined BBC’s Little and Large are “ 3-2-1." 

The fiftieth anniversary of The Mellstock Quire gather by neither do we learn anything of serpents. You reaJiy do got • 

„ Thomas Hardy's death was lantern light for their Christmas ber family’s aristicratic pretep- feeling of music running through 

Edinburgh Festival remembered in the West duties and, after serenading far- SSfe.JVi t 5 eir - coliective veins - “ d 

~ * Country Ust week and, on flung cottagere, fetch up in the d ^ s concentrate “Hardys 

rf-lt THt ft “ _i. ^ Fnday night, I paid a most warm glow of the Dewy house- leisurely plotting. sSSotes v 

The Three Sisters ^ a. young shss asssss 

lament for the passing of the ponders old grandfather William. P ft| Di “umbSSiS choi? ^ d ^ d s „^ a w a hH ma *f ?ST 

The Royal Shakespeare Com- Bertish, her emotions veiled cflious nature that perhaps shows ful invention and a crumpling Sund^^lu^lSdS STfoSow So^and^eptere^he l pri ° B t0 Wc ln ^ H m, , d ' serv J ce M , !fi h village comWrlties ° * 

The Three Sisters 

by B. A. YOUNG 


,S*-SK£! wv 

in John Napier’s design, a porformoncc, indicates a super- McKellen with his usual resource- the company with his genius, 
brown n-ail with a row of icons 
suggested more than, repre- . 
sented: and a good deal nr 
furniture is needed for the ; 

Prozurovs’ housed Trevor Nunn 
(whose first Chekhov production 
this is) was brave to choose a. 

? Iay so full <if tangible detail 
or his mobile company. His 
bravery is rewarded with almost 
complete success. 

The fire in Act Three is the 
only part of the play that 1 felt 
less than convincing. The sound 
of fire bells and church bells off- 
sets the atmosphere, but on stage 
I thought the confusion was in- 
adequately indicated. 1 did not 
at all visualise the lower- part 
of the house full of poor people 
taking refuge from their burn- 
ing homes. Apart from the 
cheerful, soot-grimed Fedotik 
(Jeremy Blake) everyone seems 
almost as tidy and clean os 
usual, though the fortissimo 
hysterics uf Susan Tracy’s 
Natasha certainly suggests an 
extreme of impatience. Miss 
Tracy charts the rising index of 
Natasha's vulgarity exactly. She 
does not so much allow her any 
change in her behaviour, she 
demonstrates how what she .had 
worrh-d about originally she later 
believes to be the standard 
everyone should aspire to. 

There is little family likeness 
in- the -three Prozorov sisters. 
r You must remember there are 
three heroines.” Chekhov wrote 
to Corky, “and each of them has 
to be made according to' her own 
pattern.” Bridget .Turner's Olga, 
the eldest, . looks twenty years 
more than her 2S Sn Act One, but 
five years later, in Act Four, her 
appointment as headmistress has 
smoothed out the lines of worry 
that afflicted her before. Emily 

“ST! iSSXS! almWSS SrWget Turner, Bnn,ftIelnnJ and Srann* Bertish in -"Tlw Time Steers- 

girl, who would be sc Women’s i CC 55 . -j ■» 

. A new Constable c 

changing seasons. by reducing the churchwarden, thematically through the even- Gilbert Wynne as the bent but 

Hardy subtitled his 1872 work Shiner, to a peripheral character life-loving cobbler. Robert 

“ A Rural Painting of the Dutch and elaborating od Maybold's The company play with spirit Penny. The young lovers are dss- 
School ” and Mr. Garland re- rivalry to Dick for Fancy’s hand, and good bumour, members of creetl.v played by Geoffrey Kirk- 
spends with stage pictures of The result is a lessening of the choir revealing fteir musical ness and Suzan Crowley, 
appropriate warmth and charm. Fancy's dramatic impact, for talents on fiddles, clarinets and MICHAEL COVBNEY 

Reading rock 


Albert Hall/ Radio 3 

BBC Scottish 

“This is «n auspicious day” There bad been more hector- 
said Patti SmiflL u We have got ing earlier from the Tom fo v RONAT D PR TTHTHM 

a new Pope and I think he is Robinson Band, the defiantly ™ IS. U IN A L L) LJSILn 1 UIN 

S?™!’ Ku l Amon Bickenbacher and the sixth-o£ which the master 

and heaves btessings. Not bad. manages to rest snugly and ^ BBC Scottish Symphony might well have been nroud 

John Paul J is off to a good profitably inside EMI, the Orchestra brought with them on The *>•.<•]<> riacano, 

^ Se™* SZ bigger multitiatiDnal’ record ™ J JSZ 

Smith, 'the androgynous ex- Proms, Edward Harper's Screw by . ."will do well enough 'for 

Warhol freak who has kicked too nice to mean what he says, poems by e e cummings. This songs with piano but wont Lodee 
and cursed and conned her way why he should pick cm is a sprjn g. winter cycJe , endirl „ a wSh or5iiI^ in ft» 

up 4he pop iadder to head the in tiranquilfty with implied hope public mind as the neelect of 

changed., it ought have been “Up against the wall" fading sustained notes svllables drawn kno 'y s - the name e e cummings, 
her hit angle. “Because the into the dusk. There seems a JLl inlo eSSnd^ mllismatl outside the world of book pages, 
Night ii might have been lhe sap between the tough biting phrases He' use* them not is vu,nera b]e. For the fore- 
civtiised tradsHons of the Bead- lyrics of the Band and its sub- merely as effects but to enhance seeahle future Harper’s cycle 
ing Fest, the most respect- dued stage performance, and say- the words. Whatever the voice ? ,ay be cJ osely connected with, 
able, business like, and relaxed ing he did not play “ Glad to be does, the words and their sense Monda >" s interpreter. Jane 
of occasions, but Patti was say *’ for lack of Lime is pathetic, come over. Somehow Harper Manning. This soprano has done 
almost domesticated. She still There were a few clenched fists a musical parallel Id the nobIe Wurk for the music of our 

-looks like a. Bislo kid but, as at the end but a cynic would be verbal and typographical con- da J'- and - j n Particular, contem- 
siie was keen to point out, tie confident that Tom Robinson is ceits and quain loesses of his poet P° rar >' British music, but she 
baggy old shirt cost a fortune, following Patti Smith into the which match those qualities can't have bad ail .that many new 
and as for the tweed jacket! w *” n * .. . . while stressing them less than works to perform so well suited 

Now she has arrived Patti Saiitb “ . was the Amen can-based the genuine feeling they coyly to her as this one. With her 
is much tamer, admiring the Foreigner which enlivened the decorate. pure but not large tone, her 

aiKtieoce rafter than abusing it. thi? r H £, ean Si* well-tried devices ability to sing dead in tune, .and 

and singing Jess interesting Eirf i?Stv hnrtmSf f f esh, y- ^ere is a recurrent ^ er even rarer way of carrying 
songs with more confidence icw? Phrase, heard at the opening and *he sense of words over iong- 

We of fte ^asshm^eraSl Sf a «U M 4 iSSk££ often sub s«iuently. of fluttering held sjilaWes. she proved her- 
zrzn as the darkness came in those reneat«i maw le_; 

spent but ftat as Pliably Sum,* and that thorns maioT The self exactiy’ the kind of singer for 

because fte crowd was punch- SS beat was more Sue to tte JSSS* 50D f* ^ \oucbingjad rela- whom the Albert Hall is a gift 
drunk witfii hoar after hour of Reading Festival— cosy, con- Ja T l!S Tbis Bank Hobday Prom also 

SSTS aJmofl’mTS Bridget Turner. Bnfljr JMehanl and 5«rann« Bertish ia -Th. Time Sirtcrs- mud* - and potties. setvative and calming. Slg^nre 5 is s ”Siw entirely j™" 1 ?„ eb “SL < *Z 

girl, who would be sc Women’s a CC 55 , -j f j • ' ■* on one note, with a shifting r ? n . 

Libera tlonist in our day but in .. A flPW ( Y^fl Cf’Q r^T A dlQf'nVPT'Pn instrumental background. This Ijl e {i G i5w« H 'SlS2! ,C «S 

here, must make the most of a ilCW V^UUMaUlC Ul^UYClCU hasbeen done befSe,bm Harper nTcbeth 

atoms surviVC°Se 1 So3S«ce , of What has been rumpurefi in Parns. the deputy keeper of lhe to Lesgatt’s. the dealers, in 1S99, wiU be queried and the majority always considered inferior to the St® S^^ctuaJ^and 11 emoSona! Jup ' ltcr Symphony was given 
work Itself. She would have an circles fur years is' to be British collection at the Tale in fact most of the family of the miaettributions are pro- other Consubies in the Museum, centre of his cycle, to do it More attentive phrasing and sen- 
made an efficient wHe (or reported as fact in the September hl h™ aa wS painled * ^ il now seems bably to be found in the M<1 “ * view of Cornwall, a than once 1 felt conscious D f hut fte result was 

*£ .con/uElon surtori SS** 5 ^* 1 SSSttbS&ggSi 

after the fire. collections throughout the wM the a «isl s grandson Hugh Mb fathi er d ie d. sketch an the Ashmolean at new artist whose known works, oF the fifth song, for example, desks of even the grandest 

Masha, the middle sinter, is arc actually the work oF bis Constable sold 177 works which . J ‘J® O s * Jrd - for example, which is at least at the mo menL are rare, and the ncarlv but not quite orchestras sound skinny ■when, 

brilliantly played by Suzanne fourth son, LioneL Hr. Leslie he attributed to his grandfather important paintings by Constable now thought tn be by Lionel, was A.T. voice-drowning ' brass writing in heard from behind, 


Financial Times Wednesday August ; 30 1978 


Telegrams: Flnantimo, London PS4, Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Wednesday August 30 1978 

slam’s power 
the Shah 

THE SHAH OF IRAN was prob- police. As a result he has to 
ably being tactful in delaying try to establish political insti 
the announcement of a new tutions which will be self-per- 
govemment until the conclusion petuating and acquire an 
of a weekend of mourning for authority of their own, 
the death of Ali. the Moslem supplementing that invested in 
Shiites first Imam. Never- ^ position of Shah. Secondly, 
theless, the appointment of Mr. t^ e jjjj, while in broad agrees 
Jaafar Sharif- Emam i to succeed ment ^ political and economic 
kr. Jamshid Amuuzegar came terms ^ it dear that it 
as a surprise— -mainly for two bought very little of the Shah’s 

a f ter* 0 1 he F horrific STta "S 2*3*“ 

Abadan cinema in which nearly °*J5j** 

400 people were killed. Popular P°htical experiment after me 
reaction to it has ranged from f^ure of a two-party politiral 
criticism of the incompetence system and the single-party 
of the local police and fire ™i® of Rastak h iz, which was 
authorities to suspicion among created at the beginning of 
opponents of the Shah that it 1973. Thus the hope is that 
could conceivably have been set after next June the foundations 
up by the government itself — of a multi-party political system 
to discredit those causing dis- should emerge. Fourthly, the 
turbaoces elsewhere. To have Shah felt the need to create an 
changed government in those outlet for political expression, 
circumstances might have been At the heart of the present 
taken as a sign of weakness, unrest is less opposition from 
Secondly, jt might have seemed Left (although it plays a 
inappropriate to appoint a new part) than from Islamic leaders. 
Cabinet just before the impor- The reasons for this are not hard 
tant visit of Chairman Hua t 0 find. Nine-tenths of the popu- 
Kun-Feng. The Shah has jation are Moslem Shi'ites. In 
regarded both these considers- previous years, freedom of 

tiuns as secondary. 


expression has been so cur- 
tailed that the mosque has been 
the natural gathering place and 

Whatever the timing or the religion the natural outlet for 
reasons, the appointment of Mr. opposition to the government 
Jaafar Em a mi is symptomatic of As Iran’s oil wealth has seeped 
a display of apparent flexibility through the system, the govern- 
and liberalism which the Shah ment has emphasised the 
has been trying tn put across material gains which the Shah 
with increasing determination has brought about 
nf late. In broad terms, his ' By contrast, the religious 
campaign started some two years leaders have been distressed by 
ago. In the last nine mnnths the growth in materialism 
he has pressed on in spite of (hence banks, drink shops, 
sn increasing number of violent restaurants, hotels and night- 
outhvrsts in the main urban and clubs have been obvious targets 
religious centre^ of the country, for bombs 1 and have attempted 
.Titir over a fortnight ogo martipl to claw back some of their 
law — for the first time in 25 authority from the government, 
'■ears— v.-ac declared in Isfahan. 

B-it before that, the Shah had . . . 

announced his intention to hold *“® Shah i s-~3 n . aut h° r upng 
free elections next June, in hls new Pnme Minister to close 
which members nf Rastakhto. tabling dens and reintroduce 
the sole political partv. would the Islamic calendar— indulging 
be ahi e tn stand alongside “ ^ favourite tactic of steal- 
individuals. who might come mg his opponents’ clothes. But 
from anythin? hut a Communist unresolved is the basic question 
background. S*nce the declare- of Pobtical power. The Shah 
tfnn of martial law. and the recently openly professed him- 
Ah n da n fire, the Shah is on ?“* **«• believer, but in 
record as saving that short of Saudi Arabia another Moslem 
civil war h- will continue with country whose society is under 
liberalisation. str fjs from the impact of 

Thtrc appear to be four main technology— there would be no 
reasons for the Shah s decision need f „ such a profession. The 
to liberalise. First, in the power of the throne and the 
longer term, he Iras an eye on church (as it were) and ^ 
the succession of his son. Crown |j n k between them are taken for 
Prince Rosa. He is aware that granted. But the challenge 
he cannot continue for ever to which the Shah has belatedly 
govern autocratically with the recognised, and is trying now to 
help of SAVAK. the secret meet, is this fundamental gap. 

By JONATHAN CARR, Bonn Correspondent 

DM bn 


- . -^aom: lf0iiaJ35lfISCHE BUNQESeAHK 

Foreign trade surplus 


/ . , -" 



i : 






Business climate 

[ basad on straw poll of imkistry 1 

I ndustrial producer prices 

pereemage ciungs Iran 
previous year 

montli's work 




ooks in Indus 

^ j 


■ ' 




-i 3-5 




Gross investment in . 
_ plant and equipment 

paregntage changa tram previous year 

A A 

20 % 

H + 

1971 1972 1973 1974 1975 197B 1977 1978 

I T LOOKS almost like the 
good old pre-recession days 
in West Germany. The stock 
market is booming, with the 
indices at their highest for 
eight years. The building 
industry is crying out for more 
labour to help it to keep pace 
with orders. Volkswagen is 
looking for sensible ways to 
invest its soaring profits— and 
the inflation rate is well under 
3 per cent. The survey released 
this week hv the IFO economic 
research institute nf Munich 
confirms what has been in the 
air for some time — a sense 

of growing business confidence 

At first glance this seem? 
odd. After all it has long been 
senerally asreed that the Gov- 
ernment's initial hones of 3.5 
ner cent real growth of Grass 
National Product this year 
(after 2.4 per cent last year! 
cannot be fulfilled. A pecu- 
liarly had first anarter nut paid 
to that. Nnw Government 
officials are inclined to talk 
’bout growth of between 2 and 
3 ner cent — which, erreerrpnre 
snentwK. pi#»jw a final resnb 
closer to the lower end of the 

There are still dose to 1m 
iinemolnved — a huge waste 
of human and financial 
resources even when all tbp 
ration* hav« been mode 
(such as th« laree number 
cppirine nart Hmp work, the lack 

of labour mnhilitv. and so on), gramme passed by the Govern- expenditure and tax concessions, rope walk may be no easier be* -be unwise, in any case, to draw 
Moreover th» siimmer months ment last year as the key But it is also worth mentioning tween the need to obtain credit too much attention to the trade 
have apsiin broush* at least a reason for the present public a setback which might have and the need to encourage low figures with the U.S. in the first 
mini nirrenrv cri."® — some- sector construction boom. The occurred — but so far has not — interest rates (not to speak of half year, which show (In 
«iin«r thet usual lv brin®« cries building outlook for 1979 is just because of those pro- the desire to avoid a brush Deutsche Majk terms) exports 
nf annrehnns»°n frem German good too, with total production grammes. It was widely feared with the Constitutional Court rising by 17.5 per cent and 
exporters fearful of the effects in real terms expected to that the high level of public because the Government may Imports falling by 5 per cent 
nf *» rising exchange rate. increase by 5 per cent against borrowing would over-stretch have exceeded the restrictions compared with the same period 

What. then, explains the cur- 4 per cent this year and 2 per the capital market, sharply on borrowing laid down in the last year, 

rent, relative, nutimism? Tt cent in 1977. The big problem drive up interest rates, make Basic Law). But If the key point is that some 80 

win bardlv he the direct result is that much qualified labour life more expensive for private economic upturn in the second pg r ^nt of West German ex- 
f the stimulntnrv oarknqe left the industry .during the sector borrowers planning in- half of this year continues into ports go to other European 
wreed hv th#» Cabinet at th** bad years and is -now reluctant vestment — and thus undermine 1979, and 1 there seem to be fair countries — against whose ciir- 
*»nrt nf last Tnnnth in Fulfilment or unable to return. Nearly 30 the very upswing the Govern- prospects that it will, the tax rencies the Deutsche Mark has 
"f Bonn’s piprf«Tp at the «rectorn per cent of all building con- ment said it wished to take should rise above current this time moved up relatively 
•'f'nnnmif' pnminjt rnnferepe* tractors surveyed by IFO said engender. estimates. little or has actually devalued 

The involved — total- current activity was being This was the fear that Herr it ^ fair to note that at least (most notably against the Swiss 

’ine T»wi22Rbn (about r T»hn) curtailed by lack of staff. Helmut Schmidt, the Chancel- 0Qe economic institute has franc). The currency uncer- 

o r about l nor rent of GNP — The Inst j tute fi nds flj at in lor. voiced before the western recently suggested that the tainty has obviously not helped 

will stare to take effort in the j u j y use of capacity by manu- ec . onomic . sum m it — 0,31 Bonn latest currency -unrest could business confidenccr-but the 

roiir*c nf ♦h* next vear at the f act J r i no industry as a whole might ^ y^tually forced by its destroy hopes of a German actual movement of the 

nrTW. Further, the abolition j f over 80 per cent. partners int0 taking domestic export boost In the last part of Deutsche Mark since the end of 

of the oayre’l tax. one nf the F *. fi t p th stimulatory action which would this year. People other than last year appears hardly to have 

nronn.oiv. rema’‘oc in hot dis- of i97g ^ nura b er 0 f enlre . drive U P ^ P ubIic se^or defi- Germans who read that the undermined further the price 

ontP b-tvreo Bonn and the Dreneurs niannin* to increase cit sti]I further . '° 19T9 ' At country's trade surplus for the competitiveness of German ex- 

LaernW authoritiea wlHeh fwr L east part of the danger has fi „ t seve n months totalled ports. 

serious and unsalhly irre- h _ 0 f those who did not been averted by Bonn s decision dm 2L2bn, slightly higher than If government officials are in- 

nleceable shortfall in their . . to raise Value Added Tax by a t the same time last year, may dined to draw any conclusion 

revenue. The Picture is not. of course, l per centage point to 13 per n o further such boost -to v from the latest unrest, It is that 

But although the most * ven overall. By no stretch of cent from next -July to help be desirable anyway. However. It provides further confirmation 

recent Government steps can- terminology can the situation finance the other measures. the surplus figure alone- does of the need to press ahead with 

not yet be working, it seems «* the iron and metal waking ^ fQr thla year> fim has not ^ ve the ^ picrtl rc. In a "new Ejitfppean monetary, sys- 

dear that earlier programmes or I! \ ree oil rehmng sector be i ndeed been some upward pres- volume terms imports are tern as outlined by the French 

to boost the economy are now called satisfactory, rwo-tmhs on interest rates, at least growing faster than exports— and Germans. It is noted that 
making a measurable impact. companies surveyed produc- p^y related to' the sub- perhaps a sign that the accumu* since the start of this year the 
IFO nores that private con- capital goods say they have sequent outflow of those foreign Iated increases of the value of Deutsche Mark has risen by 

sumption in the first half year lnsulheient oreers in band and funds which have po Ured tlje Deutsche Mark in past years only about 1 per cent against 

rose in real terms by 3.5 per som ? fiPCtors rf,at are reporting the ^unfry during the round are at last having an effect. the lire, 3J5 per cent against 

- ~~ imorovement nave so far 

cent (6.5 per cent in nominal a n miorovement nave so far of the dollar crisis p [ ayed out _ .. . . nlumet- sterling, and has fallen* by 2 per 

terms) and expects this al<o beep m a very poor MtuaUnn around the turn of the year. in ™I "SJ do n„ ha. m^dl cenl a ?M«st the French franc. 
.. u„ ^ attern u, the indeed. But the overwhelming However, latest figures show mg oE tfie ao,,ar 5 mafle v — •“ 

It believes such judmnrnt is of an upturn in the Federal Government has al- 

« m j « KiieifiACc nnrl n coti cf*intnrv nnf ... . . • . 

to be 



„ Hilre ntte llnked fnt0 a deluding 

an impact would not have business and a satis, actoir out- ready financed about 80 per cent SX-wt emto gperetarv in the present M snake " currencies 

been passible without earlier h>ok for the next six months. . ftf ]ls net credit requirement SJ'L lwlnisrev has told H ' ithout bringing massive prob- 

tax concessions giving people The Government can thus for 197R— thanks in part to a J v . iems of intervention and infla- 

more disposable income. fairly claim that part of the bigger tax take than first esti- ^Poriore not t0 S a * e aT 1116 lionary danger for the Bundes- 

IFO also cites the DM l6bn, current upswing is a direct re- mated. dollar rate alone “like rabbits bank, 

medium-term investment pro- suit of its past programmes of Clearly next year the tight at a snake." And indeed It may It can easily be argued that 

the recent improvement ofi the 
business climate is an unc e rta i n 
affair easily reversed. by cold 
breezes either at home, or 
abroad. In Bonn there is 
clearly modi trepidation about 
the outcome early n ext month 
of the Middle Bast peace talks 
in the U.S.— and the fear that 
a failure could raise the spectre 
of a new oil embargo. Through- 
out West Germany there is the 
uneasy feeling that another ter- 
rorist attack may be in the 
offing. Last year the murders 
of Herr Ju eigen Ponto. the 
hanker, and of the industrialist. 
Dr. Hanns-Martip ScMeyer, 
shocked the nation and' wors- 
ened the business climate in a 
-way no less .powrftd for haring 
been unouantifiable. 

Yet there are some grounds 
Tor believing that the improve- 
ment of the climate reflects a 
fundamental change of mood. In 
the aftermath of the oil crisis 
much of industry seemed afflic- 
ted by the sense that a virtu- 
ally uncontrollable structural 
upheaval was under way — that 
control was passing out of 
private, perhaos even out of 
European, hands. In the mean- 
time problem sectors whose 
existence seemed threatened 
have rationalised and have made 
a striking come-back. On e clea r 
example is the German textile 
and clothing industry, now 
once again a notable exporter 
after years Of rationalisation, 
including painful cuts hi the 
labour force, which often 
seemed to many to presage 

The country’s biggest indus- 
trial enterprise in terms of 
turnover, Veba, the energy 
concern, has come bouncing 
back (his year with markedly 
improved profits and a big pro- 
gramme to cut excess refining 
capacity and move into higfaer- 
valne chemicals. Tn the retail 
trade tile big stores are more 
effectively facing up to the 
challenge of changing consumer 
tastes— changes at first widely 
interpreted as a general reluct- 
ance to spend rather than as a 
desire for different products 
and better service. 

None of this is to suggest that 
major problems do not exist — 
but rather that they are seen 
as difficulties to which solutions 
can be found. There does not 
seem much . prospect that the 
really high economic growth 
rates of the 1950s and 1980s will 
return. That seems to imply 
a • movement towards; shorter 
working time if that large, hard 
core of unemployment Is to be 

The immediate prospect for 
this year is of real GNP growth 
by something more than 2 per 
cent with an inflation rate some- 
what less than 3 per cent This 
is not exactly what the Govern- 
ment was aiming for. nor what 
partner countries were hoping 
for. But it is not far from that 
“economic upswing with price 
stability” which West Germans 
have so long recommended for 

THE DEVELOPING countries, 
in seeking to expand their 
rvports nt manufactured pro- 
ducts. are increasingly frus- 
tra'cd by prniectionism. espe- 
cially in the L'.S. and Western 
Eure pc. While they will con- 
t.uuc to fight for freer access 
to th>--«.* markets, effnrts are 
jNn being made to stimulate 
anionc the developing 
.anilines ihem<elve-. They 
iii'w i he capacity in supply 
e.-.-li i*i her v.i:h a wide ranee 
el m j' hi. View red good>. many of 
v.iwli :i.v. come from fradi- 
i’M'tal suppliers r.i i he industrial 
«"*!u. Bn: i' ilie opportunities i'.* cxplmi. d new trading 
:«m> - hips and new patterns 
>*. Mid:i ; mal t-n-eperaiion will 
have ’o be e.«*abhshed. A move 
:H This direction is the con- 
ference which opens today in 
Buenos Aires on technical co- 
operation among developing 
countries. The aim is to 
encourage the transfer of tech- 
nology developed by third world 
countries to others in the same 
category. The pooling nf know- 
ledge and experience will, it is 
hoped, help to build “new 
bridges " between developing 
countries and provide a stimulus 
to trade and economic develop- 


At present nearly a quarter 
of all developing countries’ 
exports goes to other develop, 
in? countries and the fasfest- 
srowing element in this trade 
consists of manufactured ponds. 
According to iho World Bank’s 
recently oubllshed World Devel- 
opment Report, nearly a third 
Of the growth in trade in 
manufactures among developing 
countries has been in machinery 
and transport equipment; yet 
more than 90 per cent of their 
requirements in this sector *s 
supplied hy imports from the 
industrial world. Clearly there 
are some sectors where manu- 
facturers in the third world lack 
the technology or the scale 
needed for lnw-cost production, 
but the number of these items 
is diminishing as industrialisa- 
tion programmes proceed. 

Some countries such as South 
Korea and India have found a 
ready market for engineering 
products and other capital 
goods in the oil exporting 
nations of the Middle East 
They have taken business away 
from traditional Western 
suppliers, partly on the basis 
uf price, but sometimes also 
bivaiiM; their designs are better 
suited for operation in non- 
industrial countries. 

A key issue m the longer 
term is the willingness uf 
developing countries, some of 
which have put great stress on 
import substitution and 
national self-sufficiency, to 
nmve towards a greater degree 
of specialisation and inter- 
dependence. Some of the 
regional groupings which have 
been established • in recent 
years, like the Andean group 
of countries in South America, 
should, in theory, facilitate 
such specialisation, but the 
practical results have so far 
been disappointing. 


Some of the more advanced 
developing countries are at a 
similar stage of development 
and they may wish to invest in 
the same industries: the 
political attractions of having 
their own integrated steel 
works, petrochemical complex 
and the like may outweigh the 
economic benefits of specialisa- 
tion and co-operation. Thus the 
developing countries' attempt to 
stimulate trade among them- 
selves could run up against the 
same problems which hav-_* 
slowed down their exports to 
the industrial world. Just as the 
industrial nations are reluclanl 
to drop out of industries in 
which they have ceased to have 
a comparative advantage, so rhr 
newly industrialising countries 
may be tempted to spread their 
investments over too many 
sectors. In both cases an 
adjustment of industrial 
policies will be needed if the 
hoped-for expansion in trade Is 
to materialise. 


Uneasy wait for 
the Front 

A certain quiet girding of the 
loins is now under wav over 
the delicate question of air 
time to be allocated to the 
National Front during the elec- 
tions. The BBC says details 
of such broadcasts will only be 
announced a r ler the d?«'olution 
of Parliament. But a spokesman 
•oils me that anv party with 
fid or more candidates on 
nomination dav v. -; Il receive five 
minutes on television and the 
same on radio. 

The NF ha* a! road v announ- 
ced that it is coins for manure 
and croons to ouaVfy for* time 
— a«= it did in October 1974 B>it 
whether it« voice will acre ally 

be heard remain* uncertain. 

Part of the nroblcm for the 
Front stem* from a MTnnai*n 
hetn* mounted hv *he 

Carnnaign p^in^t Faci?m in the 
Media, and the Anti-Nazi 
T.paeue. Thev h*v»» alreadv nut 
out a J o a fl et insisting that thpr<? 

no reauirem^m to giv° 

the NF time nn the air. A 
campaimi smokesman told me 
they believed »het th*» NF seeks 
to u«e thn mefifa to “hirp's 
others on the crounds of race." 

The camnnian threatens to 
njcjrpt the BBC on September 14 
but more serious for the Front 
is the news that NF broadcasts 
■’mild ho hlacked by technicians. 
Afion Sanne r Joint fienpri»l Ser- 
retarv of the .Association of 
Cinematograph and allied 
Technicians, sars "Our mem- 
bers have not got pn absolutely 
acreed line on ih" NF? hut th«*v 
h.ivp on racism If the NF d«*a’s 
with immigration nr enramnnim 
relations in a racist wav I think 
h*re wm’M b° objections tn 

*T»n«!mitt { n2 if 

The National Union of 
fournaMsts ha* also iusr put nut 
'* pamphlet advising members tn 
“seek rehutting comments” 
when intenipwine renresenta- 
fives of “ racist organisations.” 
But it seemed less worried 
otinut tbp partv election broad- 
oasts than about dav-to-da.v 
coverage of the elections. It 

“ For onec a Constable around 
when we didn’t really want 
one ! " 

feared that NF candidates 
might be given equal billing on 
local radios with candidates of 
the major parties, but on the 
parties’ cherished set TV 
pieces warned dampingly: 
“They seem to be almnst - irrele- 
vant: research shows that they 
are the big switch off.” 

Stony road 

As part nf its efforts to create 
an “ effective and dean " 
administration the Indonesian 
Government has banned all civil 
servants and members of the 
military from visiting night- 
clubs. saunas, and gambling 
houses. Under the austerity 
campaign thev are also preven- 
ted from holding “excessive" 
dinners, giving and accepting 
gifts, and travelling abroad 
without permission. 

Officials at the Indonesian 
Embassy in London seemed 
unperturbed at the thought 
that such restrictions might 
apply to them. Perhaps they 
have become used to the Gov- 
ernment’s more quirky edicts. 
Last year the police chief In 
Jakarta was reported as saying 
he would be issuing his men 

with rocks to hurl at cars unless 
motorists obeyed the new com- 
puter-controlled traffic lights 

SiSver lining 

Greek shipping may be weather- 
ing heavy storms at the moment, 
but the magnates of Piraeus 
have lost little of their entre- 
preneurial flair. Certainly the 
urbane Anthony Chandris. 
president of the Union of 
Greek Shipowners looked 

entirely buoyant when he 
turned up in New York yester- 
day for the court-ordered 
auction of the SS America. 

The former luxury liner once 
provided the venue for a 

Churchill-Roosevelt meeting, but 
recently acquired some 

notoriety under the ownership 
of Venture Cruise Line. Venture 
Cruise's first effort was a 

“ Cruise to Nowhere " from New 
York at the end of June. For a 
large number of the passengers 
it turned out to be just that. 
They demanded to be put off the 
ship before she bad even sailed 
under the Verrazana Narrows 
Bridge — apparently the pro- 
blems were a lack of lavatories 
and an over-abundance of 
fellow-travelling cockroaches. 

The SS America was later 
seized by the U.S. Marshal 
when the crew complained they 
had not been paid. And it was 
snapped up by Chandris at yes- 
terday’s auction for S1.01m. The 
.shipowner says he will be 
spending about $2m on a refit 
There can be no doubt he has 
the money. Venture Cruise 
bought the ship for $5m in 
April — from Chandris Cruise 

Wood work 

Anyone walking past a demo- 
lition site must have been 
struck by the wanton destruc- 
tion of perfectly good timber, 
often burnt tn make the tea. It 
came as a surprise to me to 

learn that there is just one com- 
pany in Britain recycling wood 
on any scale — -Kelsail Timber in 
Bradford, which has just re 
timbered one of England's oldest 
piers, at Saltburn in Cleveland. 
The cost, using hardwood, was 
half that of - using new and 
unseasoned material. - 

Tom Kelsail, 40, managing 
director, tells me the company 
was set up only three years 
ago and is now turning over 
about £130,000 a year. “ When 
we started everyone said it was 
impossible. We used to make 
pallets and it struck me the 
timber was just too good for 
that But with the first Few 
local authorities I approached 
the architects threw up their 
hands in horror at having fences 
made of secondhand timber.” 

It was not until he went along 
with some samples that he man- 
aged to secure a £35,000 order 
for fencing at Gateshead, and 
since then he has not looked 
back. Among his growing list 
of local authority clients are 
Lewisham and .Surrey County 

M We send out pitch pine for 
fences and I’m told pitch pine 
is almost impossible to get 
now," he says. "It’s beautiful 
stuff. It’ll still be around in 
50 years’ time, and it’s sad to 
make fencing out of it," But 
so far builders have been reluc- 
tant to use recyded wood, 
despite the 50 per cent price 
advantage. “The fear Is that 
one rotten roof timber could 
wreck their reputation,” • says 

Son of Hobson 

A reader who recently moved 
house tells me that she found 
a note addressed to “The new 
occupier." “Dear Madam.” it 
read, "If you have not yet 
selected your milkman, may we 
respectfully suggest you try us? 
Our service Is second to none. 
In addition, there are no other 
milk supplies in the district” 


amaSJ?? v,ho to t?ie Distressed Gentlefolk’s 

^ 7116 youn s ^ 

Z he ", «* Wa 

people can no longer cope do they find 

their Residential or Nursing Homi. a place m ^ °f“ 

In whatever way the DGAA is cailed upon to I,«fe 
hey help with sympathy and undeStandint^^S 

Our expenses are increasing. 


Vicarage Gate House, Vicarage Gate. Kensragton, LondoaWS^Q. 

"Help them grow old with dh 

^?r % - 


Financial Times Wednesday August 30 1978 



Wednesday August 30 1978 

in the 


By Martin Dickson 

“We then got caught up in the 
conflict of culture, of trying to 
Qraft the so-called sophistication 
of European society . to our 
African society. The result so 
tar has beeii abysmal failure. 
We are bciiruri and between.’' 
Lf.-GeA. Obasanjo . September, 
1377. ‘ • • 

This remarkably blunt state- 
ment by Nigeria's Head of State, 
taken from an important speech 
in which he analyses his 
country's social ills, is the start- 
ing point for this introductory 
article to the second section of 
the Financial Times survey of 
Nigeria, covering the economy 
sector by sector. 

.Nigeria is “betwixt and be- 
tween" — politically, economic- 
ally, socially.. Politically, jn 
that it has been seeking, .and 
now hopes it has found, a suit- 
able constitutional framework 
for its rapidly changing society. 
After in years of military rule, 
and if all goes to plan, a civilian 
Government will take over the 
reins of power in October next 

Economically, in that Nigeria, 
to a far greater extent than any 
other African country, has the 
opportunity to turn itself from 
a poor purveyor- of the 
developed world's raw materials 
into an industrialised- nation. 
That metamorphosis is still a 
distant gleam on the horizon 
which may take generations to 
achieve, but it is so whimsical 

. Nigeria's short-term economic 
prospects, recounted In the first 
part of this survey, are not par- 
ticularly rosy- The oil-fired 
boom of the last few years is 
over. The economy has turned 
sharply down and no sustained 
recovery seems likely until the 
early 1980s. But provided the 
Gpyejjqihenl aejs-to check the 
current serious thihalances ih 

Part 2 of this Survey (Part 1 appeared yesterday) reviews the Nigerian 
economy sector by sector and discusses the long-term needs and planning 
its rulers must tackle to ensure full development of its potential. 



the system, the long-term out- - ■ ■ - ■■ ; 

took remains bright. For the CONTENTS PART ONE/TWO 

next 20 to 30 years oil will con- { ; 

limie to fuel the engine of 
development. .-To this .another 
extremely important revenue 
earner may be added, in the 
1980s — liquefied natural.gas. 

The quadrupling of oil. prices 
in 1973-74 enabled Nigeria to 
embark on the most ambitious 
development -plan ever mounted 
in Africa. But that plan was 
wildly . over-ambitious. - It 
assumed that the pountty could 
push forward simiutaneously on 
every front at an extremely 
rapid rate, . brushing aside 
enormous manpower .. .con- 
straints. . It set no clear-cut 
priorities and laid Far tod little 
emphasis on . inter-sectorial link- 
ages. -Government expenditure 
fuelled tiie' rockeUng. -inflation 
that remains one of the 

Tbe Economy 



The constitution 






Presidential candidates 



Armed forces. . . • - ' 


Trades unions 1 


Tbe Press 



Balance of power 


State Revenues 




Bcodel . . 








An am bra 



Change of Emphasis < 


British Connection 


US. relations 



Cultural independence 


Primary education 


Adult education 




Secondary education 


The World of Learning 



The potential 


Expatriate life 


Expatriate earnings 



















Stock Market - 



Industrial Structure 


Ley land Nigeria 


free primary education for all; 
the upgrading of rural life 
through the provision of such 
services as pure water; and the 
rehabilitation of agriculture. 
Inevitably the results in each 
area have been mixed. 

Tn the visitor to Nigeria the 
most visible signs of progress 
are in the field of infrastructure. 
An impressive network nf fly- 
overs and motorways construc- 
ted remarkably quickly, now 
twists through and above and 
around Lagos. The city’s traffic 
congestion problems may not 
have been solved, but there has 
been an immense improvement. 
Serious traffic jams still occur 
in other Nigerian towns and 
cities, but there has been a suh- 
b.v far the largest population in stantiai improvement in the 
Africa (Siim-IODrai, divided on nation's road network, 
tribal lines and growing by The appalling port congestion 
perhaps 2.8 per cent per annum of 1975 — the result nf had 
<2.5 per cent officially). Its planning — has eased, thanks in 
people are noted for their dis- no small measure to the enn- 
respect for authority — no small struct inn of the new Tin-Cnn 
factor when it comes to main- island port in a mere IS 
laming public utilities nr months, 
gathering taxes. It has a small 
and growing elite of top level TmnrnvinO' - 
manpower, but this, has to be * , “ B *H* 



African Timber and 



Life in Lagos 


- Gao 









• -Agriculture 




• Agricultural Projects 






Air Travel 


Foreign Investment 








spread far loo thinly, given the _. 

size of the population. Within ^ nnnr 

seven years of independence, it * 1 ' ? e p a n n °I 

fought— and has had to recover <P*ione ? * ork . 

—from a bitter eivil war domestic telegrams may take a 

from a bitter civil war. fortniaht t0 arrive* but the posi- 

> ™ 1 I n int ,° J thlS “S* 0 " "2* tinn is slowly improving 

thrown sudden riches in the 

In the industrial field, the 

n L„..ij t, . aurau u» hhu*»i 

d . ha d . . . . sector investment programme 

That said, criticisms of m basic industries — downstream 

Vl viii Nigeria should not just he petrochemicals, iron and steel, 
explained away by historical paper and pilIp client and 

Corruption pervades urban equities in Nigerian society and policy and political practical- Inevitability, foul-ups justified SUHar 

lure ' plans redundjmt 
brought in balance of'poym exits 


Infi at i on. coupled with declining longer. One of the most difficult society, from the highest in many respects this is the ties. ^ nature of the stage of Th P programme is generally 

oil' earnings, rapidly made the yet crucial challenges facing it reaches to the lowest. Kickbacks most serious challenge now fac- There is much that can be h,sto |Y through which the cons j der ed tn he soundly based 
Government s..capiW^expendi- will be to revive the seriously may have been long common ing the Government It is im- criticised about Nigerian pountry is passing. That way t with some inevitable nuibbling 

and ailing agricultural sector. among the. elite (dubious prac- portent to stress this in an society, from the muddled plan- lies a dangerous complacency. a ^, ou ^ specific projects*. But 

Socially too Nigeria is betwixt tices during the early 1960s article examining the economy ning (symbolised by the phones Against this background, and ] e ngthy feasibility studies, man- 

and between. Gen, Obasanjo were amply described in Chixma because, perhaps more than that do not work, the traffic as military prepare to hand power constraints and financial 

may be being too harsh on his Achebe’s novel “ A Man of the anywhere else, growth statistics jams on the roads and the chaos over P°wer to a civilian Govern- problems ail mean the pro- 

feliow countrymen when he People*') but corruption has in. a rapidly developing country at airport: } to the distortion of ment, what is the social and gramme is progressing more 

calls the adoption of Western now spread its tentacles far like Nigeria mean nothing uo- values. r**t one of the healthier economic balance sheet of the s j nvv -jy tTian the Government 

‘ ■ w ®ys “an abysmal failure," but wider; the policeman who less they are placed in a social signs is that Nigerians d;> criti- Past few vfears and where does W0U Id like. 

The Nigerian Government has certainly there are some very invents a traffic offence and context. The pattern of econo- cise,.and vociferously — even if Nigeria go from here? j n t h e field 0 f private sector 

pa ““” ly ■«*»■ !jj e disturbing traits in Nigerian demands a bribe, the airline ralc development helps would a they resent it when the same The 1975-80 development plan, investment the results to date 
mismes of the past. All the society, which the Head of State official who will onlv confirm certain kind of society, while criticisms are made by foreign- which still forms the basis of have not been so encourasins. 

inaicauons are that . ..realism has himself analysed and your seat on an aircraft when social goals should mould econo- ers. Nigeria's lons-terra economic Imbalances in the economy 

Whwtlte h -wSh money has passed bands. mic P°hcy. Moreover, in the light of the strategy, laid particular empha- mean that it is difficult to 

straints have created a far more In his speech last September Gen. Obasanjo has himself West’s history of industrialisa- sis on five areas: the provision attract the Nigerian entre- 

twioiwE » * *JS! 0 £ he “5S th ® .® im sbppw t0 recognised the seriousness of nr. j pp ti on it is hardly surprising that of a sound infrastructure neces- preneur who can more prnfit- 

*" -Ur « m r“ Nigeria into a "disciplined, the problem, in his speech last XlaOc-OII there should be distortions— sary for sustained industrialisa- ably put his money into trade 

a ciwian adxmnistTatidn that fair, just and humane African September. Not only does cor- and the difficulties facing tion; the establishment of or buildings. The burden of 

*•* aeve, °P me ^J' an society.” This, he said, Nigeria ruption point to a serious dis- The present Government, to Nigeria are infinitely greater numerous State-backed basic new investment has fallen on 

administration with panticai was not There was a selfishness tortion of social values, a sel- judge by Gen. Obasanjo's re- than those faced by the West heavy industries drawing to the the subsidiaries and associates 

detns to pay. political balances which degenerated into indisci- fish hustling towards the mat- marks, is acutely aware of the if only because Nigeria is trying maximum on local raw materials, of expatriate companies, 

to keep in check. . ^ • pline. lawlessness and disorder, erialistic millennia; ,it also, problem and is doing what it to achieve in a generation or two and the encouragement of For these the current down- 

It is essential that it pursue Nigeria was still a country reinforces the dirisions between can. The difficulties -that it what it took the West at least private industrial investment, turn in the economy and the 

the path of caution now being where “people employ all foul society between the haves and faces— and its civilian succes- a century to achieve, and then together with the transfer of latest equitv “ indigenisatinn ” 

charted and redras the im- means and devices, including the have-nots, between rural sor will face — are enormous, from a much more developed technology from Western com- programme seem to' have acted 

balances in the economy: Its connection at high places, to and urban. There is in Nigeria an ex- base. panies; greatly improved educa- as a disincentive, at least tem- 

actions. • . could:’ ; •; determine 'obtain what may not be due to Rapid development has al- tremely.' complicated trade-off Nigeria, it has tn be remem- tional opportunities, including oorarily. 

Nigeria's economic path for all them.” most certainly increased Uie in- • - - 

between economic and., social bered, is a poor country with 



--*11 V - X 


. fs 

. \ i i ; 

i t l i' - 
» i V 


The Nigerian Palm Produce Board established in April, 1977, by Federal 
Government Legislation is an active member of GAFTA and FOSFA. We 
market high quality palm kernel, palm kernel oil, palm kernel cake/pellet, 

palm oil, copra, coconut oil, coconut cake/pellet. 

We contract sales and shipment on CIF and FOB terms for shipment in 

... « " . 

bags or bulk from all Nigerian Ports. 

SHIPMENT RANGES : United Kingdom, North Continent, 
Mediterranean, Adriatic, Scandinavia, Far East, United States, 

Greek and most other world ports. 

We are the only organisation in Nigeria authorised by law to undertake 
export sales of commodities mentioned above. We welcome trade 

enquiries from buyers and carriers all over the world. 


Branch Office, Lagos 

Nigerian Palm Produce Board 

Atlantic House, P.M.B. 1264, Calabar, NIGERIA. 

Telex: 65107. Cables : PAM BOD, CALABAR. 

Nigerian Palm Produce Board, 

Constanza House, 72 Campbell Street, P.M.B. 12760, 

Lagos, NIGERIA. 

Telephone: 25241. Telex: 22510/1. 












Head Office : 



3rd Roor, 

Barclays Bank Chambers, 

Bank Road, 

Private Hail Bag 5035, 

Ibadan, Nigeria. 

Telephone: 21451, 21452, 22054. 24428 
Telegrams/ Cables: “BROKERS” Ibadan 
Telex: 31105 



5th Roar, New Africa House, 
31, Marina, P.O. Box 7933, 
Lapis, Nigeria. 

Telephone: 20228, 55785 

1st Roor, 

Royal Exchange Building, 
2B Post Office Road, 
P.O. Box 1247, 

Kano, Nigeria. 

Telephone: 5550 


When we started we were purely Bankers 
to the Co-operative Societies and we 
imprinted our footprints on the sands of 
time; the Co-operatives acquired strength 
and viability. And today they are forces 
to be reckoned with in Agriculture, Trans- 
portation, Wholesaling, Consumer Re- 
tailing, Printing and of course 


But this is not all. We have since 1 962 
added some notable feathers to our hat 
And, today we are fully commercial, 
offering our sen/ices to other Commercial 
Entrepreneurs outside the Co-operative 
Movement alike. 

services and being authorised dealers in 
foreign exchange too for the Central 
Bank of Nigeria, we'll develop the right 
programme to help you get more 
out of trading opportunities in Nigeria. 
NIGERIA — as you may know, has tre- 
mendous advantages for International 
Trade and there are numerous Investment 

Opportunities only trustworthy 

and reliable investment or trade advice 
is not easy to come by. 

As specialists in a wide range of banking 

full service bank with in-depth know- 
ledge of the Nigerian market, you are 
assured of reliable trade links with 

Co-operative Bank Limited 

—the people's bank 

Head Office: P.M.B. 5137 r Ibadan. Teh 23314-6. Telex: 31115 COBANK NG, 

Branches at: Ibadan, Oje, Agodi, Eruwa, Shaki, Lagos, Yaba, Abeokuta, Ijebu-Ode, Ile-Ife, Ife 

University Campus, Ikirun, Ondo, lle-Oluji, Akure, Owo, Benin, Ado-Ekiti and Idanre. 

Foreign Correspondents in: London, New York, Frankfurt Rome, Tokyo, Zurich, Amsterdam, 

Brussels and other World Financial Centres. 

, - if 

Financial Times Wednesday AugusfSO,: 


Lower than expected revenue, high inflation and severe 
manpower constraints have upset the calculations that lay ■ 
behind Nigeria’s current development plan, the most ambitions 
In Africa. Substantial progress has been made, but numerous 
projects will be rolled over to the next plan period, which 
officials see as a time of consolidation. . 

major constraint on develop- tlwlr 

ment, and it remains one of reflected m the 

Nigeria's most pressing prob- formulated for tfa ^f rorth 

lems. Although the country development plan, to run from 

possesses a highly qualified and- 1980.10 1985. 
able elite, rapid, development .For the first fip y. 

has forced this to be spread eminent is soliciting- il» -y iwg 

^ * .1 M J.wfn eo/itnr AtvnMftlnni 

very thinly on the ground- A of the private sector on fcgetop*- 
shortage of middle-lev^ 

tN 1975, with great fanfare and government expenditure, was 

apparently boundless optimism, already sending the cost of pro- __ vere sai , ltosc w _ „ , 

the Nigerian Government jects spiralling, upwards. . ~, nnnwpr has added to the bur- and State level, for -instance, 
launched the most ambitious July 1975 saw the fall' of the f hard-pressed band, the Oyo State ' Government 
five - year development pro- Gcwon regime and. a new gov- ae f h ^ sponsored a seminar felt -May 

gramme ever formulated for an eminent .pledged to cleansing Moreover, tnere nas xwc Qn p j ann ing strategy . for the 

work was it !al«> produced a witch-hunt we the realities of the 

to N2.3bn in 1979^0. 

Today, a radically different a cro-eco n omic 

civil service has ^'53-^kgS 

o iTor^uction idj 0 h^TnCTer of time and -limited manpower, not recovered. and goals, We only see the 

noshed oast the 2 3m b/d mark. But inevitably this meant .;yet the manpower necessary policy paper as merely utopic. 
feu ^ ^m b/d Earlier “u inconsistencies. “ ’.to .implement the plan is stag- The Permanent Secretary in 

vtar and now stands^ around Nor was -there a. thorough Bering. To take, just one the Oyo State Ministry of Agri- 
19m b/d The overall balance reappraisal of the effects of fexample. it was estimated that culture maintained that the 
of payments went into deficit m inflation: the cost of projects' a workforce of about' 450JJ0Q picture on the agricultural front 
1076 and has remained there, which were not near implement would be required to implement can only be described as alarm- 
The Government is having to tation were not revised upwards the public sector's building and ing and complained that m 
borrow heavily, both at home To ita credit, the Govern:. construction projects, including the 1975*80 plan there ban 
and abroad, to finance its plan ment did cut out some projects 12,000 senior professionals, 22 been a glan „ 
projects included in the original plan, intermediate staff and 250,000 plan sectoral priority ranking 

" . , . , but at thfe same time, wanting skilled and semi-skilled which had discriminated against 

While a great deal has been S Sers. This implied a agriculture. Yet this could have 

achieved during the past few increased j te targets in -some doubling of the then available been minimised if proper guide*- 

and others will be quietly 

dropped. In its last budget, the 
Government made dear that 
capital expenditure during the 
present financial year would, 
for the most part, be limited to 
servicing projects that were 
already under way. 

That said, little purpose is 
served by taking the perform- 
ance targets outlined . in the 
original development plan and 
comparing than with actual 
performance. For one thing, 
the assumptions on which those 
targets were based have now 
been - proved sadly inaccurate. 
For another, development plans, 
throughout the Third World are 
at* best a guide 4o .the way the 
Government intends moving the 
economy (and at worst,- though 
certainly not in Nigeria’s case, 
they can smack of advertising 
prospectuses for potential aid 
donors). Performance rarely 
matches aims. Projects are, as 
In Nigeria’s case, inevitably 
rolled, over to the next plan 

What is more useful is to 
attempt to assess both the 
strengths and weaknesses of 
Nigeria’s development pro- 
gramme and, most important of 
all, where it intends going from 

Development -at the grass roots : Nigerian villagers drawing on piped water - 

* supplies. 

the housing programme was 

Leaving aside implements- been made part of the plan. 

There can be no doubting the “PPdd from, the original' (and tioh proWems, what of the “I am sure you will agree 
nnurJtv that lav hphinri° thp optimistic) target of 60.000 plan's basic stra 

sincerity that lay behind'' the optimistic) target of 60.000 plan’s basic strategy end aims? with me that a lot more will be 
third development- plan: the units t0 200,000, the hospital Few would dispute ' that the needed for the 1980 t 85 .plan, 

desire to proceed as rapidly as beds target was increased from Government’s broad aims are both in terms of well prepared 

possible, to establish “the in- 87.000 to 120,000 and the .rural sensible,' atofcough there will projects and a highly disci- 

frastructure necessary for sus- water supply programme was inevitably be some questioning plined approach to financing 

tained industrialisation;*' the doubled. of specific projects. The. env implementation of pro- 

emphasis on “ improving the Some would argue that the phases has been . on a radical i ec ls," he declared, 
welfare of the average Nigerian!' overall result of- this greater improvement of the infrastruc- which has a strong jo- 

in rural areas; the recognition emphasis on “ the welfare of ture, the establishment- of an tellectual tradition, may not be 
that an improvement of the poor the common man " was to more impressive range of basic Indu s - JyPhsil of Nigeria's 19 .slates, 
performance of the agricultural than offset the savings made by tries drawing on locai raw , thls serainar do€S suggest a 
sector was of ^ vital the cuts in the programme — materials, greatiy improved , grea |i er awareness rf -prob- 
importance" that the level of real expendi- educational opporiumties and Possibilities at state 

ture was increased rather than increased agricultural whe . re some oi : the. most 

Weakness ■ “*>*■_ JSZ SSSUrSS & £SLS 

When the effects of inflation Dldshments in each of . , U1 r ? as - 

But behind this lay one cen- were added, the Government v- _i_ ^b® cynical might say that the 

tral, crucial weakness— the mis- reckoned that its revised pro- a " 0t ■ Iea ™ t - ? eir 
guided, though perhaps under- gramme would mean a nominal «ot be imntmised Tw»ji P ■^ U L t ^ lS K V, j W 1S n ? t ^ 

stand able. assumption that public capital programme of fluted m their budget cutbacks 

Nigeria could rush forward on N«bn <N33bn ib the original 225? COn_ 11118 year ‘ 

all fronts simultaneously. Four plan) and an effective %ro- StraUUS ' been some At federal level too, a far 

essential factors were ignored SSmjne of N26 5b^( N20h^ achievements.- -wtfiteh more sober approach obtains 

or minimised: the -need for £5“^ increSe would have *2 * ^ ™ separate among officials - Thc attitude 

dearcut priorities; financial ?ee n even matw if the GoS articles m this survey. seems to be that in the wart 

; the extraordinary Si ^ . hindsight, . the Plan period the emphasis 

maupuirei problems posed by ”o“arv foriSl of toe ?°T n «tawototion'a fiailifre shpuld be on consolidation 

the plan; and the inflationaiy estimates tor w o i me to Jay down a clear , tot of rather than expansion. More 

priorities has meant a consider-, thought will be given .to the 

effects of Government expendi- * n *»,«. 

^,-jg -* a *JT-» in fairness to the 

Government for assuming that better .have been uselT'eisi Projected at between 

oil production would rise to 3m th e fall In oil production nu D ht Yrfj ere- - . • N25bn and - N30bn. Projects 

b/d by 1980. This is not entirely be tem P° rar y- Furthennore, the Furthennore critics arsiie 5 cfietIuled for current plan, 
fair. Predicting future oi j new Government did face ^ ^ ^ has alvSs but which have not -' been 

demand is a notoriously risky Powerful political imperatives 8ina cked 0 f a collection of S l art t dr . wiu he appraised 
business (take, for instance, demoastrate itsjjoncern for^ Chopping lists submitted by each afpe8llJn competition with new 
the current conflict between ^ or t J na £ y N »8 eri “i- A* in ministry with little regard ior - - - 

petroleum economists about 1874, the Government was act- the programmes of the others - officials are the tools of 
likely demand in the 19S0s), mg from the best, possible Totake but one examSe-rt S- eir -. P°Htical masters..- and 
and some corporate oil sources motives but its planning was been estimated that, ' as N,geria ’ s civ ‘l servants are due 

thermore, inflation, fuelled by Manpower has been another to have learnt a great deaL from 


— #* 


.n *** 


,;&*■ * 

luiuuiMicu jlvj. ou emweui iu lawaosuig. . - t _ ..... 

African country. Drawn . up Nigeria's economic “Augean worrying oi iop t which was attended, by 

- - - — - — thcdvlls ^“ more -toan25Q people. -ranging 

amid the heady days af the 1974 stables." .It undeitpqk a review manpower from utBU ^ r __ r — 

oil boom, the plan document of the development plan in the .in recent years. Maw froni Permanent Secretarfe»: of 

reflected the extraordinary light of the changed dretiln- been wooed into private enier- through farmers, 

euphoria of those times: It was stances, -but the results, i>ub- prise. But the most serious un f 0 nists and teachers to 

clear, it said, that u finance is lished the following year, were :shake-up was imposeu ■ ny ine j^jpj^ganigtivcs 0 f the : market 
unlikely to be a major problem mixed. - .V . Government itself. W{uneit . 

during the Third Plan period.** The revised plan was a imbed sacked more than JO.uuu cm* Kvtracr,; from some' of. the 
Oil nrodnetion was projected 3°h- This -is clearly shown by servants for aUeged incon^ pap^ presented show that' a 
to rLttSmharSi adayto fact that of the -..tart Setence gSt deal of thought waa B ut 

1980. Large overall balance of volumes meant to be published these charges were dououras int{J this mee t m g. 
payments surpluses wooid (volume nne covering thb frue m many cases, tney were The local wing of the Nigeria 
occur throughout the quin- macro-economic .framework and not necessarily so ra au. Union of Teachers praised the 






quennium, although these would volume two a revised list . df ' The sweeping change mrant aiIns ^ objectives of the Gov- 

graduaHv fall during the period projects) only, the second not only an outflow of men who policy paper on edu- 

^ 7 P volume appeared^ Little fresh- had been on top of cation but complaiiiod: “When 


; yfP 


* *i 



^ -jH 






f. j- 

acknowledge that even their not of the best. originally conceived the 1° ^f ve a ne w set of masters 

[.projections for Nigerian crude The result was insufficient Government's planned- nitre- ,. 0clober next year— civilian 

production were pitched far control over expenditure, a genous fertiliser plaiit would Tolltieians witii ek-ztoral debte 
higher in 1974 than they are tendency reinforced by the have produced at least 10 times ‘S rep , ay ’ who have not gone 

profligate attitude o£ state as much fertiliser as is currently the suffering a^d 

But the Gowon Government Governments and limited inter- consumed in Nigeria, iris true ° r . th e past few, years, 

did act extremely rashly in tak- mimstenai co-ordination. Thus th at a very small proportion of ” thesff men do not proceed 
ing the most favourable set of it was that late last year the Nigerian farmers- 1 use ferti User ” oti ^ asIy ' they could upset 
possible circumstances as the Government, faced once more and therefore, in theory, there the fresh development pr<y 
basis for its plan. Nor was care- with declining oil earnings, should be a ready market for gr j“ rnne now being drawn dp- 
ful expenditure encouraged- by found that, existing contractual the product and the excess could ■?,. st,rae extent their hands 
the setting of two oend&ig commitments were likely to be exported. However there is be tied, at least at federal 
levels: an effective * level, exceed avaibble revenue for little point in thnistiag fertiliser A preUminary outline of 

deemed to be the optimum rate 1978-79 by between. 20 and 30 (at greatly subsidised.pricesv-on^ -*e fourth development plan is 
of spending by -state govern- percent, according to informed to smallholders who' do hot have 10 be published fay .-the 

ments and nxrairtnes, and a sources; • .. the technical know-how to use it *** y® ar - Many projects ■ 

nominal level, set far A much more sober altitude properly. And, given their ,Q the PJanhinc or earlymSe. 

B^her, which was the rate at now prevails m Lagos, as shown present-numbers, Nigeria’s acri- mentation stages will be ro£ed 

which agencies were free to dis- by the drastic cutback in -cultural extension - workers are 0VGr t0 19 80s. 
burse-funds if they were able expenditure m the last budget, simply not equal to this educe- N^ertheless, a grave respon- 
to- ' t All the indications. are that the -tteiml task. • slbihty wUI lie on die shouldew 

By "ft ^ en 2? d ° c . umen .J 13 de , term '^d now Amid these. imbalances, amid ° f the new leaders: to. ensure 

was miblished, Nigeria s oil to keep a ] very dose check on. financial and manpower ron- *** Project to whlchSS 

production had already firilen spending levels. The lessons o£ straints, one of the most *** -assent meanT a 
markedly and, though tern- tiie past five years seem to. have encouraging features o ; genuine capital asset for the 
poraiy, this made the . plan s been painfully but thoroughly Nigeria’^ development, pro- na f?°, n not merely dieap 

assumptions redundant Fur- learnt gramme is that .official* do seem ^ P 011 * 10 * 1 capital: for. themselves! 


financial Times Wednesday August 30 1.978 


1 1 !r 

T7"VTT7 T> The crisis has proved a duced by the operating com- the damage done by laden 

r"1 rC I T Y chastening experience for those panies pins what it finds itself, tankers to the north-bound 

^ ^ in charge of Nigeria's pricing By agreement with the U.S. carriageways of most main 

policy but it has not caused any company Sedco six wells have roads. It should also put a stop 

loss of momentum in the been drilled and four finds have to the frequent petrol shortages 

development of the country's been made. Now that the all over the country which are 

booming oil industry. Oil NNPC has chartered a rig it Is caused largely by delivery 

revenues are likely to fail hoped that production will start problems. 

• . m around 20 per cent from last soon. The Italian State-owned group 

■'w -» year's 6.4bn. When the fall in Montubi Montaggi Material 

I 1 I 1| I ■■111 III the value of the dollar and infia- f^rrkpTSimfTlP Tobolari has built the major 

II «VII I fill I fill - tlon are added t0 ^ A 1 U » 1 AIUIUC pipeline linking Warn with 

LA A A v vf- W fall the real value of Nigeria’s The NNPC Is also getting on Kaduna at a cost of N66.7m. 

1 income is likely to be down with its programme for creating The line will initially carry 

about 40 per cent. Despite that, an oil industry infrastructure refined products but once the 

oil-related development has been which will make it self-sufficient Kaduna refinery is open it will 

. given absolute priority in the in re finin g capacity and allow it carry crude to the north. The 

with break clauses ensure both closely at the possibility of deep were either small companies budget and unlike most other to transport crude and refined Italian group is also building 

the stability of Nigeria's oil sea drilling. which could not afford to have sectors there will be no cut back products right across the link lines from Kaduna tu carry 

revenues and. the profitability Whatever happens, Nigeria their margins squeezed or large in spending. country. The Port Harcourt refined products to Zaria and 

of the operating companies, wants to avoid another giant hie- -companies with alternative sup- To speed the process of refinery is working near its Kano in one direction and Jos, 

Third market customers with cough in its output of the type plies. Operating companies were development the Nigerian 60,000 b/d capacity while for Bauchi, Gombe and Maiduguri 

whom the NNPC deals and who which it saw this year. CoL uhder contractual obligations to National Oil Corporation was the moment ta cope with in the other, 

tended to drift away at the end Buhari admits that the warning maintain minimum liftings but merged with the Ministry of Nigeria's domestic demand of The Soviet comoanv Tsvetme- 

of 1977 are now coming back, bells were ringing for Nigeria they looked for every possible Petroleum Resources to form between 120,000 b/d and 150.000 nromexoort is buildi’n® a nine- 

A1 though they are showing a in the third quarter of last year way of reducing their offtake the NNPC in March 1977. Hav- b/d. 120,000 b/d is being ij ne to take refined "oroducts 

greater reluctance to sign pric- when many annual contracts while respecting those obliga- ing one body has helped to pre- refined under licence by Shell from Warri to the west and will 

ing agreements, there is every with third market customers Hons. vent duplication and conserve at Curacao. But the Italian- link un with Benin Ore and 

sign that the process of restor- came up for renewal. But the Between autumn 1977 and the valuable skilled manpower built refinery at Warri should Tkorodu From rknrndu another 

ing the confidence of the ofl trouble stemmed from Nigeria’s spring 1978 Nigeria lost any- which for the Nigerian oil Indus- be on stream by now and will pi pe w 'm ni n ID La°os and 

market in Nigeria’s future is price increase in the second thing up to one-third of its busi- try is still in short supply, be producing at half its maxi- Uorin at a total cost of N52.74m 

well underway. quarter of the year when Bonny ness. Production in January Eventually, it is hoped the mum capacity of 100,000 b/d Yet another nine is beins" built 

Prospects for the coming year Light went up from $14.31 to was 1.638m b/d on average, a NNPC will form separate com- until the end of the year. A by the U.S ctoud Williams 

are much the same as for the S14.61 making it ope of the decrease of 25.4 per cent on the panies to deal with specific areas second refinery at Kaduna in International at a cost of 

rest of this year, according to worlds most expensive crudes, previous year. By March the such as petroleum, gas and the north also capable of N2l.72m to link the Port Har- 

the experts. This year Nigeria figure was 1.521m b/d, down petrochemicals. refining 100,000 b/d is under court refinery with Aba Enu"u 

is bemg helped by North Sea oil 32L5 per cent on 1977. Talks Meanwhile the Nigerianisa- construction and should come and Makurdi. 

coming on stream more slowly lliUCdsc began to find the right way of tion of the oil companies is on stream in 1980. , r . oi c , min . 

than expected and by the _ n „. hir wimiing the market back and nearly completed. Texaco The second major scheme is P om^Ifi h h r 

absorption of the Alaskan out- n^tha^at^th? to April allowance coincided signed a formal agreement with the pipeline complex which is -«mn?ni!Tc f ri 

put entirely by the U.S. market that at the toe of ^ with a spot market upturn in the Government in January this now 85 per cent completed, t “ 

The decision by Saudi Arabia to ® t ‘ demand for African light crudes, year after giving much of its will link the east west and st ° I ? dm . e ^ s . 

limit the amount of light crude The danger then was that a equity in return for oil. Nego- north with 2.800 kms of pipe- th^r^d w thin 

it was putting on the market by rapid increase in output would tiations are now underway with line carrying crude or refined a J ong ™ ad and then 

enforcing a 2:1 ratio for the sale ™ se P f hp °ir? ? again unsettle the prices and Pan Ocean, the last significant products to 8 the major urban JT™ 5 ; 

hM 1 h!i?M| C 7n < th? a cent to bring it inline 2 But make Nigeria's crude uncompeti- operator. The NNPC will then centres. The pipeline complex petro burnt 

African pro- cent to bTO^m ^ But ^ But the market absorbed be responsibIe for marketing 55 will make immense savings on w,th ** lorry ' - - 

^Nigeria’s production should to North" pXcS tteeJrtra * per ceat of ■“ the crude ** ** roads M.W. 

therefore stay at a fairly steady of crude Algeria and Libya to - • _ < *4 -4 • 

1.8m to 1.9m b/d for 1979 put their prices up too. When '■ V 1 _ _ 1_ 8 ^ I — — ^ -m -m 4- ^ A - 

despite the fact that North Sea they failed to do so Nigeria | Oi I Q f® 1/^ ill C ’ f * "f I I | ^ 1 f 1 

output will rise to around found itself out on a pricing I I | L j B / | (I iy IV. Ml LlJ L F B I II I I illy 

300,000 to 400.000 b/d. Even so. tob. yet it did not bring prices -A V-X JL. Vt- v AV Vy V/ XX %/XX A 

oil experts say that Nigeria’s down in tiie third quarter. ' 

ability to maintain that share of Co 1 - Buhari said he was watch- is obvious: the oil boom has led industrial consumers, there is directors have claimed in their 


r .rl 

irJ 1 VS'-V i 

■ ' „ * 

•. sty i 

Uneven oil output 

The dramatic fall In oil production earlier this year has 
underlined the importance for Nigeria of a sensitive pricing 
policy. Production has now partially recovered, but the outlook 
for the next few years is not particularly bright. A substantial 
Improvement in the market is, however, expected during tne 
1980s — a time when Nigeria might also bring on stream its 
proposed liquefied natural gas plant, which should he another 
Immense foreign exchange earner. Nigeria’s domestic energy 
demands are growing rapidly and the electr i cit y system has been 
unable to cope. Power blackouts are one of the most frustrating 
features of Nigerian life. Articles on and on the next page 
exam i n e these aspects of the country’s development. 

The Nigerian economy is still 
suffering from the impact of 
the dramatic fall in oil produc- 
tion which reached crisis point 
in the first quarter of this year. 
June and July production 
figures showed signs of a rapid 
recovery with average produc- 
tion for the month of July up to 
1212m barrels per day (b/d). 
But the fall which began in 
earnest in October. 1977, and 
carried on through March, 1978, 
emphasised both the dangers 
for Nigeria of having a single 
commodity economy and the 
need for greater sensitivity in 
its pricing policy. 

The feeling among some oil 
experts in Nigeria is that, at 
least for the time being, the 
Government is showing a 
greater readiness to understand 
to requirements of the market 
and the problems of the operat- 
ing companies on whose 
expertise to Nigerian oil in- 
dustry depends heavily. The 
introduction of a handling 
allowance in May gave Nigerian 
crude the edge it needed on the 
market and encouraged the 
mxnaround ; Id the second 
quarter of this year which gave 
rise 1 to hopes that production 
- might reach 2m b/d by* the end 
; of the year. In. order to ensure 
•that turnaround Nigeria has 
bintight down the price of its 
'Bonny I%:ht crude from its 
record $14.61 at the beginning 
%f l977 to its present $14.10: 

■■■: But of potentially greater 
significance to the oil industry 
is the growing awareness among 
'Nigerians that to country 
/seeds a long-term energy 
/policy. Gone are any. thoughts 
•of pushing production up to 
^am b/d as envisaged in to 
-Natwridt " Development 

Plan. Even if it Were : technic- 
ally possible to achieve that 
level of output (which .it is 
not), the inclination of those 
who govern the €00307*5 oil 
policies seems far more towards 
long-term pl annin g, energy con- 
servation and more considera- 
tion of what Nigeria’s own 
energy requirements will be by 
the year 2000. - 
The growth rate of Nigeria’s 
domestic consumption is one of 
the most important variables in 
the planning equation- The 
spectacular rise in car ‘owner- 
ship. to energy hungry 
development programme and 
the growing needs of industry 
are pushing Nigeria’s home con- 
sumption of oil np by .25 per 
cent a year. At a recent oil 
seminar in Lagos it was stated 
that even with a more' conserva- 
tive rise in demand of between 
10 and 15 per cent annually, 
Nigeria would be consuming 
between 350,000 and 500200 b/d 
by 1988. 

The blackouts continue 


The man most intimately in- 
volved in Nigeria’s oil policy 
over the past two and a half 
years has been Colonel lluham- 
madu Buhari, formerly 1 Com- 
missioner in charge - ; of the 
Nigerian National Petroleum 
Corporation (NNPC) and now 
its chairman. CoL Buhari is 
largely credited among o3 men 
for the new sense of realism in 
Nigeria’s oil strategy, fit has 
expressed a willingness Vto sign 
long term pricing agreements 
with the oil companics and now 
all the major operating:, com- 
panies either have such agree- 
ments or are negotiating them.. 
* These .“ evergreen. w contracts' 


ability to maintain that share of Col. Buhan said he was watch- is obvious: the oil boom has led industrial consumers, there is directors have claimed in their 

the market will depend very ing spot sales on the volatile to an explosion in the establish- no doubt that industry, in par- annual reports to shareholders 

much on Its pricing policy. Rotterdam market and con- ; .--Cl CPTDSniTY meat of new industries and the ticular, has been very seriously that power interruptions were 
Looking even further ahead CoL sidered that oil companies had . ■ itaiaa ■ ■ expansion of older ones. affected. partly responsible. Most com- 

Buhari has said he does not a sufficiently interesting margin Many had thought that with Sudden power shortages or panies have had to incur un- 
feel the next five years of to make them keep baying- the commissioning of the Kainji black-outs have meant, for budgetted capital expenses to 

Nigeria’s oil future are particu- there had been widespread fore- „ Dam in 1968 Nigeria’s energy example, substantial destruction acquire standby generators for 

larly bright which is yet another casts of a fall in demand for ru "fito NtrA was p ro 5i ems would be over. But, of tyres in their final stage of use during blackouts, 

reason for conserving resources light crudes because of North ^ e can s umer of - el .t c ’ ironically, the present woes production at the Michelin One immediate step NEPA 

and encouraging exploration. Sea and Alaskan oil, the U.S. „ tle . n0UI,C1 ^ to stem partly from a natural factory in Port Harcourt has taken to combat power 

Well-head restrictions already increased capacity for refining *■”!?. . fcllectnc Power dj saster al the multi-million Odutola Industries at Ijebu-Ode shortages is to increase generat- 

limit the offtake to a maximum heavier crudes, world recession -Authority in a recent opinion N a j ra hydro-electric system. A claimed that power cuts had re- ing plant capacity by 420 MW. 
of 2.3m b/d even though and energy conservation policies P° u on . P ro |? nged blackouts ana fal j j D tbe wa te r level at the tarded their production capacity build new transmission and 
Nigeria could produce more, by the major industrial nations. ^ wer . rationing throughout italian-built dam has resulted and put back their delivery distribution networks and re- 
And the exploration incentives The drop in demand of between Nigeria. His angry reaction j Q power output being reduced dates. inforce existing ones, 

introduced in the second 400,000 and 500.000 b/d for typifies to general frustration t0 a little over 3 qomw com- Similar production cutbacks A new strategy for power 

quarter of this year have done African light crudes was ex- ? m customers of pare( j w ith an intsalled capacity — some as high as 33 per cent — generation has been adopted, 

a lot to boost the level of pected to be shared equally r \ EPA who have nursed abor- of 420MW. were also reported from the with emphasis on the deveiop- 

exploration both on and off between Nigeria, Libya and t**® “°P es ov f r “ e f ears that NEPA has* apparently bad no Nigerian textile mill in Ikeja ment of thermal plants that are 
shore. Known reserves, which Algeria. As it turned out. P° wer supplies would be choice but t0 i oad ^ h ed since it and Peugeot assembly plant in quicker to assemble and will 
now stand at between 20bn and Nigeria carried almost to nicreased to meet growing has been unab | e> even with the Kaduna which depends solely make a better utilisation of the 
25bn barrels, are continually entire cut. demands. resources of its thermal plants, on electricity to keep its lines country’s vast coal and gas 

boosted by new finds. Now that Because of the loss of confi- Power demand has grown at to get anywhere near meeting operational. reserves. • 

exploration costs can be dence in Nigeria’s ability to the phenomenal rate of 300 per demand. Though tore has Profit _ margins of some com- Brown-Boveri of Baden, 

absorbed in five years, oil com- price its oil properly to third cent from_ I90MW in 1969 to been an effort to do this equit- Panies nave plunged and their Switzerland, is building— under 

panies are even looki ng more market customers had left They 75084^^8^.. year. The rea so n ably among domestic and CONTINUED ON N EXT PAGE 

4V«V.ViViV.%ViViV/MVAV*VA%VMVi%V.WiWA%%VAV.%V.\VAV.V.V.V.V.V.V.V.V. , . , .V.V.V.V.V. , .V. , .V,. 

*SV. *•! 

Setting the pace for progress 

in Nigeria 

*■’. / ■> * 




United Bank for Africa Limited- Five Year Financial Summary 


as at 31 st March, 1 978 

Balance Sheet Extract- 
Use of Funds 

Cash and shortterm funds 
Cash reserve deposits 
Stabilisation securities 
Quoted Investments 
Loans and advances 
Other assets 
Fixed assets 

Total assets 

Accounts payable including 
items in transit, taxation 
and dividends 


















• — _ 



_ ■ — 





































Since its incorporation as a Nigerian bank 
in 1 961, United Bank for Africa Limited has 
achieved a remarkable record of growth 
and development. With total assets now 
well over# 1,000 million, UBA is one of 
Nigeria's leading international banks, with 
branches throughout Nigeria. 

UBA provides a comprehensive and 
expanding range of banking services for 
business with Nigeria ; for international 
business development the long established 
link with the Banque Nationale de Paris - 
the BNP Group -gives direct access to a 
world-wide network of financial expertise 
extending over 68 countries. 

In the United Kingdom, UBA is affiliated 
with Banque Nationale de Paris Limited, 
the U.K. subsidiary of the BNP Group, with 
its Head Office in the City of London, and 
Representative Offices in Edinburgh, Leeds 
and Birmingham. 



for Africa Limited 

Business Promotions Secretariat 
United Bank for Africa Limited 
97-105 Broad Street 

Tel: 20371 .. 

Telex: 21247 AAindobank 

Mr. L. Gambia, or Mr. J. Brand 
Banque Nationale de Paris Limited 

8-13 King William Street 
London EC4P4HS 
Tel: 626 5678 
Telex: 883412 

•V # VeVeV#%Vey#%VVeVeW#VeV.Ve%%%Ve%Ve%V# # #VeVeVeVeVe%%Ve%VeVeVe%%VeVeV#Ve%Ve # eVeV#Ve%V.VeVeVeVeVe e e 





Financial Times/Weanespa^ August .30 1978 

LNG plant 

still delayed 

1 100 bn ef per annum by 1980. industry or to supply power to and the power, station itself , 
At present Brunei. Algeria -and the electricity generating authp- should come on stream between 
Libya -produce almost all the rity have proved fairly success- 1983 and 1985. 
world's LNG; the major con- fuL In 1977 SheU-BP alone • Some industries are already 
sumer is -Japan with Europe produced 4S3bn cf of natural being supplied wife natural gas 
absorbing most of fee rest But gas which is an average dajjy directly- The Delta glass 
by 1980 Indonesia and Algeria rate of I-lSbn cf. Of that 96 factory which is owned by 
will both have considerably Per cent was associated gas and Bendel Stale government pro* 
increased their output Japan much of it was flared. But 7&3m duces plate glass at Ughelli and 
“ to double- the cf/d was us^ wife 82 ^ cent will have As 6m &*~ 

Mount of LNG it « ond tiie JS???£gL5 , ?S!2S 

tj o dutnM heteAb a major <*t. which fee Nigerian Electric fefi;year. Initial demand 

gas '• T consumer* : ; . , the IgsabiU* o£ :} 

increase is foreseext for Europe.. Power stations at . preset 

ap wonir natural eas include one established some 


shape of the Nigerian National speeded up 

Petroleum Corporation delays encountered by Algeria, each, one was to oe sitea ai a«r uw aamaated flelds. -U In rhere is a mSrariteed- home generator. ‘.The Afam power Forthe rime bethg there artf 
(NNPC). and five international If the U.s. decides against im- Boony with 60 per cent govern- the order of 1,000 cf per barrel r? r w - ■-•consLdepabto statical wilL be stepping up -ite-nb plans h?i«g (wSdered foarJ 

oil companies operating in porting more gas then Europe nient participation / 30 per cent of oiL aSt of pwer:prodactihn.froin 150 MW oSural a* t. 

Nigeria. It is a project which is being considered as an alter* BP Africa Gas and 20 per cent Quite apart from fee funda- S SSeheies fee Government ■*» 250 MW.. and will therefore domestic ronsunuas by pipeUxre 

has been considered since the native market although it is not Shell International Gas, The mental question of where the f&sns nduciai* to -commit too “crease its natural gas reqaire- to ^ thelr'hraies.- JBut.'feeraris • 

1960s but which cannot go growing nearly as fast in its second plant at Peterside was LN G might flnalW h* - f~vf ment from 43m cEfcT to 74m cf/iL airoady a. bigger deiaaml for 

* , „ — which canfl <« Bo growing nearly as fast in its second plant at Peterside was lng might finally be sold, a ™vf ment from 43m c£to to 74m tf/fealraafly *; bigger demand for 

A MULTI-BILLION dollar ques- ahead Urm i long-term contracts demands for LNG as the U.S. to be 60per cent^ government number of ofeermttei? S h to A similar plant ft Ughelli will b^ed'LPG^an^^^ioJe 

tion mark is hanging over what are signed for at least IS to 20 

~ — rith Phillinc A crln 

Tb^ final because it doesnV want to see Increase its generating apacity xuanufactdrets cwi cope . wife : 
■ - 200 MW to 300 MW and and bottled gas ha* to ■■■.. ** 

u vaaL fitary ® a wiu., therefore increase its imported. Thebutan&^nd'pip- ' 

in 1956. Until 
experts were 
dieting feat 

1980s Nigeria t , ............ _ ««««*«« 

gas would outstrip those from likely candidate to buy Nigeria’s then left up to Royal Dutch/ twice fee 'capacity "of either of idinixdstxaticm 

But °l e SJ^ LNG because of its immense Shell's technical service organ- fee original plants. The pro- when the plant jmghTwme on 



bS^FttSei KS W S°S n ^ d^nd formas from -34m cf/d ^^ch^itaT*y»S : 
foMS ’to?0mcf/d. ; ^ - Sffee JUH ' 

much bigger customer-will bottled for fee home market- nut - 
i Sapele power station before that large . quSntitiea of 

should have started pro* LFG ;.wUt’; be produced fe® 

forecasts- oa ^ • duction' this month. When it is domestic, consumption- hy feo - > 

• ftiiiy- completed, it- will generate -two refineries ;'!■ at ' Warri ; and 

shape of the U.S. energy pack- and growing energy demands. . isation SIPM to pursue fee idea posed new plant would be stream vary from the edd of ' vw c ■> .... sonic 720 MWfn>m eafrfired'JECaduna. 

age are delaying final agree- Nigeria’s request is now being and between 1969 and 1975 capable of processing between 1982 ® more realistic for** Only 5; per cent of associated ^ iWinwr. 

a , prOP °^t?: bn , U, ; Ue : considered by fee Carter Ad- surveys and evaluations . were i.Sbn and l.Bbu cf/d while the of 1983 or even^ 
fied natural gas (LNG) plant at ministration. An answer is ex- completed followed by contacts cost of fee onshore development has also yet to decide whether ^seria which means that whe^^^ ^ I84m cf/d tonnes of* bottled -gaS- a year 

Bo°ny- peered before fee end of this with fee Nigerian government, is still around $2bn. Under fee it will buy or charter ^ fee- 1™ 3 ™?** 1 oi ^ “J^^^^fire itffsfa^Uers. ThfeSg SiTIhe^i^ri ™ 

as a joint venture between fee the procedure for dealing with 
Nigerian Government, in fee such applications has been 



a N18m turnkey contract — four confluence with the Niger. It capita! projects. Plant main- 
gas turbine generating sets at will produce 600 MW when tenaoce is also hampered by 
fee Afam power station near completed around 1982. The lack of essential imported 
Port Harcourt The first set. other hydro-electric power spares. 

tered offices in Sheil-BP’s build- 
ing in Lagos will belong 60 per e 
cent to fee government, 10 per expectea to 
cent each to Shell and BP while 
the remaining 20 per cent is 
divided between Elf, Agip and 

Under fee present agreement 
fee individual operating com- 
panies would prospect for gas 
and sell it to fee Government- 

al ^ ^ ^ to pipe gas to the capital both. at giaxlmnm capacity, 

fe associated gas now being flared for the power station which Kaduna' r Tefinery - which 

Worid LNG production ^ ^ 

between now^fd !“ wculd need S00m to 500m cf/d come on rixeam in 1980 or 1981 

total 1977 production of 1982°™** 6ta&C>rtS ' by 1980 to J? d J° . conawnm ^ produce -about the same 

. _ . and to industrial. 

ot 1982. 

. . _ . - ** Early ^attempts at putting fee on fee’ outsWrtsqffee city sure 

expecteaio oave reached about gas to Use either direct to- being considered as- costomexa 


Although the Nigerian public owned Nigerian Gas Transmis- 

with a capacity of 25 MW. has station is planned for Jebba, 

been commissioned, raising the with a maximum capacity of appears to be less than appre- sunT Company at fee wellhead. 

« e " era i ng ca ?5 ci y \° 5< I5 MW. The Kainji Dam c iative of NEPA’s technical The Government has said it 

li5 MW. The three other sets itself wi** Jie expanded to difficulties, the organisation would like to offer a 10 per 

capacity f generate 800 MW, almost double does not underestimate its cent stake in fee pipeline to an 


incomes gap 


wife a combined 

c om “fes lo * ed its present capacirir. problems. It recognises feat international pipeline company ... . . 

Six nnife nf vo MW each are S mature demands for uninter- in return for its- expertise in There can be no. doubt feat praiseworthy goaL Gives rural development Although in productivity farmers -have to 

nearin^ cLpIeTion^ Ugheli in here sTould bf enouch power ^P led P° wer supplies at fee setting up fee pipeline and mdigenisation, whereby expat- Nigerians 1 immense thirst for the Go vernment has done muS be Seated, and feat requires, 
feTdeTta Tmi the fir* unit ^ hi d P^ enl **“* caiUJOt be meL keeping it maintained. All fee n ate companies have to transfer self-betterment, there were to tty to raise fee quality of at fee most basic level, efficient 

ion Arty af the new O®orode ^„ m -inri nf ahmif son irw and 1 001111 ^ I s demanding gas would then pass to the a substantial proportion of their strong pressures on fee Govern- rural life, through -fee gradual- extension serviced This Nigeria 

?::.ry__ 0 ;. . !u demand of about 800 ^ and What it cannot get.” NEPA-S jointly owned Bonny LNG Com- shares to Nigerian investors, is ment-to give the go-ahead. But provision of Water, medical' dSmSthVve. Agaim offi^als 

is aiafting commission The Slf s .!^h. s ener^ b ^the iate f5^ ral ma f ager - Yabaya pany which would be responsible a logical and understandable again, timing is fee problem.. . facilities, and roads, a sustained argue that manpower is a major 

rao Sw sVr project is the DUt *°- «' d hi a recent news- for P«cessmg and marketing step for a country which is The Government’s progress improvement can only come coStstraint But given sufficient 

biggest among the current nepa has resected F aper i 010 ™ 6 * P^‘ sfa .ed in the LNG. fe addition. Nigeria concerned about “economic with UPE was described in the trough fee boosting of direct manpower, much more Govern- 

emergency installations. Lag0s ' He had been asked why w ° u]d get . ^ p , er f®* 11 of imperialism - and wants to see part 0 f this survey. Some production.- through higher ment money could be attractwL 

eI Tnie new emphasis on thermal niM^nd^ack foresffer^tor Dot ils I a * est f^pac 8 * 0r the returns from Nigerian detai £ ^ worth repeating, agriculturai pufeuL to agriculSe. 

not mean that has P ,ed f e t0 r est ° 1 re nr, W.nwr, WPrvP , l &bo ? T rcmsun 111 Nigerian becau se they point up feree ‘ The overriding importance of On fee_positive side one factor 

plans are bel„ g ffiS, ZSl SSStSS.^ ^ ^ ^f.Cieve ■ - --- ?- n "-“ rto “ *“* «*” *” »»« ««P ^culture In 

abandoned or negiecied. In shorta ge of executive capacity tu ” r y SpSLlWe for NEPA to to supply fee project for at bU h 0 n of 

meet the demands of consumers I east 20 years, even given a before, the Mohammed/ 

plants does 

fact new contracts 


a wider distri- in any Nigerian planning, growth and more equitable the long term .is an important 
shareholding than financial constraints apart •• social return can be gauged Government decree earlier this 
One is the inadequacy of fee from fee fact that some 75 per ye®r which effectively nation- 
Govemment has Government's 'statistical serviced cent of the Nigerian population alises^ all land; in fee southern- 


awarded fnr two new htdro ^ lb l on P 1 “" ed ' ua ^. ive meet' the' ^demands of 'consumers least 20 years, even given a Derorer 

S3?0f Ti45 MW. COmbiDed ES»£ po-rsu^l TT e ££Tn SSSfWS fee size of administration “assumed tives in niral ^ whiieTsrm: P*r* of -fee country. Ih theory 

T^wpup^enn,™ gss ms s tsrsrsrsmsi s^arg s sraajstsr-a za.'sujxzz 

2SS nlf ™,s tom indopeodooc. „o £ot “* SSX. S-SSR5- ft r!» - «StSrSJ5iS “ of s 

^ R,Wr f0rc,S ” “ NEPA C,M S - By a Correspondent &£ S 2 *ZSSS sSSSSirS SMtMZT 

some 168 km upstream from its delays prompt execution of 

I that of fee 

foreign company 

remains consolidated, 
tively leaving 
authority in fee hands of the 
'White managers who still run 
| most companies on a day-to-day 

Indigenisation, and 

census. No one therefore knows 

a prolonged period of stagna- 

Whefeer or not they do im* 

hW fflj NiSto Effi Bn0fl “ ^ productivity, fee land 

executive ^ Estimates range between ^1. r “ Tenure decree and the reorgan- 

80m end 100m. It is. extremely reasons are extremely isation of the commodity boards 

difficult if not impossible, complex and include ~ urban do provide examples of fee 
to draw - up any realistic de- drift, accelerated by fee oil Government's attempts to ' re* 
velopment plans' when there boom, which has produced an dress the social balance and 
the may be a 25 per cent margin of ageing farm population; disease remove some of the grosser 

ama. I. ‘ .La..* /JfnimHt' TriOrilWT1l«ri-A Avn^nlAA rtf inilMilifir 

bank of the 

1 majority stake taken by fee error In assumptions about and drought; inadequate pro- examples of inequity. 

| Government in fee foreign oil population. ducer prices; competition dar- It is impossible to state with 

(companies, are important However, even with political in # 1116 boom for labour from any certainty what effects fee 
developments and from the constraints! there is immense °fee* sectors, notably, construe- oil boom has had on income dls- 
[ Nigerian point of view neces- room for improvement in tion ^ inadequate extension se r- tribution. The gap between the 
|sary ones. Nigeria’s • statistical service, vicesi and the small and scat- very rich and very poor appears 

However, there must be some Oue example will suffice. It tered nature of . holdings, to have widened, but have most 
doubts about fee timing of fee has been estimated that avail- coupled with fee traditional Nigerians witnessed an improve- 
latest indigenisation exercise, able statistics do not cover even knd tenure system. . ment in their standard of 

which comes ^ just five years a tenth of the data necessary for Again, fee Government Is living? 
after Nigeria's first move in any realistic appraisal of the aware of the problem and is. 

this direction: agricultural sector — and albeit belatedly, now doing CwiIFlP 

Under fee 1972 indigenisation development of this sector is much to encourage increased ““o 

decree foreign companies in one of Nigeria’s most crucial production. New incentives have What little research -bas^heea 

certain sectors bad to divest long-term problems. . been offered for both large and done suggests that inflation may 

themselves of a significant pro- Nigeria’s statistical service small-scale farming. One of fee-have swung the rural /urban 
portion of their equity, aifeough ma y jj e no worse than many most important developments terms of trade against the 
in important sectors fee . «c- another Africa country’s, but has been fee reformulation, of farmers. The' income of many 

| patriate concern still held the the Nigerian economy is far the commodity .'.marketing email farmers -may- -have-' de- 
majority of shares. At that time more complex than most. boards. dined not only relative ttk’-featj 

[neither Government nor the : Until changes over' fee last of wa ^ e earnere but may.also. 

:^7^r^ed . fu^'r P*-?™ “ 

SSTSta Skta. tS tf ou ^ the ontcome in slgnificajit three _ yeere 

beee implemented, »t least in * ma ppew er. p roblem a. organised -on 

these were 
a regional or 

have fallen in absolute terms. 1 
This suggests,, that.. Jhe 


fee foreseeable future. 

That however, was all 
I changed by fee fall of the 
I Gowon regime in 1975. Amid 
; complaints that some companies 
bad tried to circumvent - the 
spirit of fee .1972 decree, and 
wanting to make a political 
point fee new Government ap- 
pointed a panel to review pro- 
gress. The result was a second 
round of indigenisation, an- 

whicb is a second difficulty States basis. The boards origin- of Nigerians may fiot 

pointed up by fee UPE pro- ally had the .power to set pro- bave yet benefited from .the: oil 
gramme. There is an acute ducer prices and they: set them b ° 0It V' Perh i p *^ t * J L ,i 5 ? SSS5r- 
shortage of qualified teachers deliberately low, allowing pro- expect that they would, 

and of teacher trainers. fits’ to accrue to. the States -ZfL s ? rapl ~?' - ’ 

Whatever fee” trufe, and no, 

Manpower constraints are felt which were then used for indus- ■ b of .-v- fh ^ 

throughout the economy in- trial ^vestoenL Under this S^o^feted^ xeniains a 
eluding, the civil service, where arrangement, fee -poor peasant betw^^nd and urban in- 
a small group of highly qua! j-. farmer was effectively paying • S ome exte&t' W 

fied personnel is spread very for the development of -^e Sf wSer coLTf fe 

thinly wife only touted middle- modern sect®. SettS SSeen 

iuu, «»- 13 ^ 21 ^ |S" the ^Thishmsmw aU changetL TOe conditions endured by 

nouncea in 1977, whereby ot^lO ?n Ped ® raJ l Government : ha^i^lf niost city dwellers when set 

foreign companies lost their assumed fee- power to set base those of fee elite.. — ^ 

majority shareholding In many JweSj sfabte offiSSs^?h« P™ duc erprices, fee boards have. ?t bas been estimated, for 
sectors, while .in others, they ha<T a s^riousiv demo^Usi^ r !5 ran p d 011 * C0I ^ a ?- examble, feat 73 per cent of all 
had to increase local participa- *h remainder Civil dlty ratber J f baa f State basis households in Lagos occupy one 

tion to 40 per cent . SSu»”.ap5w ?3^nt ^ a0 ^ ** addjtK,n ^ ^P^ce, room that in Ibadan, the 


place their necks on fee block ^ese new boards, no longer have second largest city, only 3Q pe r 
pia uieir ecRs oh me djuck a monopo iy over commodity cent of fee population are 



appear reluctant to 

i * . . -place the 

I Anxious SJtSu?firm ffi |uidma“it l hi not pur( ** ses in- fee domestic served wife water connection in 

■jm izsisT'Sz Si ff raasrss 

Sat this is not creeping to the best solution. » ’ reaynable bsse. prices this goverpment,.poiiticaliy. socially 

ntrinnaiicatinn fee second * r - rmc i coald Iead to & TisQ In the pro- and economically, is immense^ 

nationalisation, fee . second A third lesson from. UPE Is duction of export crops, which The very advent of sucft aa 

decree, coming so closely after thi dlffiaittThf tettine seeferal ° e ?r? n iae yer 7 Suveur ot -flUCu . aa 

rhp firvt has created a climate 1:7? s ? lQn S*^ ctor aI has been declining, and to some administration may well raise 

mSdS ? ponbtx amid immense poU- extent of domestic food crops, popular expectations, expecta- 

i° B ™“ n a « t 5*nvt t p ojr sssEt-s 

.. oc voiuauie mve^uneni in a rapidly rising- population, cannot hope to fulfil. The com- 

Indigemsation_ provides ,an manpower resources for the Nigeria has had to import more, promise .nature, of such. -S* 

Bank of the Barth ltd. 

be a valuable investment in 
an manpower resources * for the 

example of Nigeria’s under- future b^it, like the' maintenance ^ d faojL .. •. administration, and ib itiU 

standable, though highly prob- of a large army, it is not However feere :are s^ng ff v^d^interest' 
lematic, efforts to go as fast as forces working against this. On could also militate 

possible on aU economic fronts them education and fee armed fee exnnrt side the Niceriah cur- decisive-' setifm. 
and the political imperatives services account for 31 per cent reexport side the wigenan cur decisive action. 



Head Office: 5/6 LASOS STREET, P- 0 . BOX 211 , KANO. NIGERIA. TEl. 2635-6 

[priorities infinitely more capital budget, 
'difficult Moreover, UPE 

Another example is fee field raises- expectations 

infinitely '“ U1C ‘'““ S8 “ major devaluation, partly be^ General Obasanjo said in his 

mevjtably cause of the country’s high budget speech last March, when 
, — --- ^ T - ; nr 1 j r n wr .™ i . of gaining import dependency and partly announcing new tax measures, 

of eduratioa to 1^4 s piaresureconda^ school, and because oil exports, which society must be placed on the 

Gowon announced that universal 0 f progressing to a good 30 b. account for over 90 per cent of path of -fairness, 


. .■ .1 • v- >Ii ~ iiwwuui iui iw Vv* wua. yaui ui ion liras, iu* 

primary education *° uld foreign exchange, will , not be humaneness and service.” 

introduced within two yesrs. the dsslung of expectations is boosted bv this 1 nor will the And he w&mpri* 4 twb 
A lthough politically popular. Mtt-M discontent to riM-SSivSli 

r“ P0W M it: ln b Sl d iS ac prcMem, of apd sociM msubm “wwS wm 

lcm w setting of £°v f ee w ih som .. agricllJture ^ M deep-rooted ensue if nothing is done at this 

such a tight timetable S^Un poS.' econo ^ ^ d01lbt5 ^“t stage to arrest the soda! 

Universal primary education the effectiveneS6 of »Q*ganlsa- polarisation which is occurring 

row:), together wife fee Gov- ^asy wluton - tidn at W There is no even now as a result of the 

eminent's expansion of easy solution to the problem existence side by ride in our 

secondary and higher educa- Bur perhaps the greatest of a drift from the land. society of the extremes of 
tional facilities, is of course, a problem area is agriculture .and For a sustained improvement affluence and abject poverty’ 5 







. . .. _ 

■^^•';»'4‘-:-V*'*W+;*;--*v.,' .> '•' .:iv- 

i #*"* ^v' ^ 

I \ , ; 

HfeY •: 

.isn^ - 



- *tv 
.'.*>• V 

^■ 3 

W. . | 

m. j , 

_ * *«i> -. 




L- £ - - 


v. • .. J. ,>.i - :•.••'*• ■ ■ 

.*.'■>■■.-■ - V-" -■ 

3?*/!/?*#} h t 
P P' £ 

Ma// /■ £ 



wtj-r- • 


’>5 ; £ 

/ ; a' r / f 





I'-r.v-'y v\ 

<V * 


Fanz Holdings Limited 

Our Investment andHolding Company 

B - 1 



Fanz Construction 
Company Limited 

Building and CmLEngineeimg Contractors 

Computer equipments and services, 
Bureau and installations 

The Fanz Organisation ^ one of 
Nigeria’s most successful and diverse 

The total authorised and fully paid up 
capital of the member companies 
amounts to 6 million Naira (£5.2m). 

The organisation’s annual turnover 
exceeded 30 million Naira (£26.6m) in 
1977, and is currently running at an 
annual rate of 45 million Naira (£37m). 
Current net assets Of Fanz in Nigeria 
exceed 15 million Naira (£12.75m), and 
the number of employees exceed 4800. 
The Organisation’s activities include 
Insurance, Transportation, 
Computerisation, Construction, 

Manufacturing, Public Relations, Supply 
and Maintenance of Hospitals, Scientific 
and Laboratory Equipment and 
General Trading. 

These activities are spread amongst 
the fourteen wholly owned subsidiaries. 
In addition, Fanz has controlling 
investments in four other Nigerian 
companies and has associate 
companies in Liberia, Ghana and Sierra 
Leone, representative offices in Paris 
and London. The UK associate 
company also has Middle E ast 
involvements. Fanz maintains twenty 
branch offices in seven states in Nigeria. 



Head office 

FanzHoldmgs Limited 
8 Saxmi Adewale Street, PO Box 4034 
Lagos, Nigeria 

■telephone 5Z175(OabIe and telegrams: Fanze) 
telex: 21457FANHOL/NG 

London office 

Fanz International Limited 
65 Grosvenor Street, 

London W1X 9DB 
telephone: 01-499 7492/3/4/5 
Telex: 298 28 2 FANZ 

Financial Times Wednesday, August 30 ,1973 



Unanswered questions 

Government that it -would be in the bureaucracy will now give and 

tie puHic • interest' ' for In the rhem a considerable advantage will be. dropped when a czvuiBn 
certificating officer's interest), over small fanners. The main 
The Decree does not allow .for protection of the latter is tbclrl979. 
customary rights over “stone, record of rebellion when the ffj® .jj 

uiuivubuv 11KU14 uv«r atvue, icwru Vi i . wm * v ** . . 

sravel. d«y.; «nd. or otter urban bureaucrat brornes too 1 2“ 

W«y, . KUU V* VU «?£ UfUttU Uttioauu-v/ ~ ... ,,..i ii. nn* olAao 

similar substance,'’ so unless, oppressive. A 5 farming on a ^SrS^St 
the' present owners of these larger scale could be more pro- v-2{ 

resources can establish statu- ducttve lfcan the present .system, g* 15S 

toiy rights the Military tite problem for Nigeria's rulers 

Governor can grant a licence to . is: whether to foster an improve- *“ ... . .. . : 

anyone he chooses. For example, meat in the economy at the • ^ . 

a village in the south east noted-, expense of the citizens. AllXlfitV 
for its gravel deposits has been' ' The limitation on urban land* * •» . • 

liW-l — __ . . 

Nigeria has' enormous agricultural potential which is not being the compensation in the first form will eventually make Joint business, though many will want fending off big business for- holding may increase the supply $jnce most -Nigeri^05 -CTiher 

fulfilled. There has been a prolonged stagnation in the production place. If be is resettled else- inheritance of houses and farm to rent fiats to senior staff (at some- years. The local Gravel -of private capital available to own land or "OWa Some 

of many crops and a marked decline in other areas. The where in lieu of compensation, land a thing of the past This appropriately high rents). Since Producers Association has' industry. Nigerian business- jn future, it will take mortuthan 

ronnirv’fi food imnnrt. hill ha* ri«. n HramafiMllv Tha he must repay the Government rationalizes ownership, but at the Government can provide lobbied members intensively' not men have probably invested less a few bland statements- to 

rm-i.nm.nt ic „„ IHon thin™* h «. i0T a °y excess value of the new the cost of family solidarity. very little low income housing, to sell or rent out land to out- in housing than outsiders think, quieten the anxiety the Decree 

Government is anxious to remedy the position, through both property. So much, for the regulations, and landlords will want to get gjdere. Their objection— that but the rapidly rising land has pr0 voked, especially OB the 

public sector projects and the encouragement of private 0 „ ■ The imDlications for foreign as much as possible out of their i awr Mmnames wm,M lower nrices and high rents for nart of southerners. wfcrftee it 

ic *1 r «. f °r a °y excess value of the new the cost of family solidarity. very little low income housing, to sell or rent out land to out- in housing than outsiders think, quieten the anxiety the Decree 

Government is anxious to remedy the position, through both property. So much, for the regulations, and landlords will want to get gjdere. Their objection— that but the rapidly rising land has pr0 voked, especially im the 

public sector projects and the encouragement of private Occunancv is to be limited The implications .for foreign as much as possible out of their larger companies would lower Prices and high rents for part of southerners, it 

investment. Recently. It announced sweeping changes in the land t0 on £ haJ f hectare of un- and local businesses will depend plot there will probably be a prices ^ise the wages of quality housing (the cost can be as an attempt to apply northern 
tenure system but the likely effects of this remain unclear. developed urban land. 500 het> on -bow these rules are applied, decline in inexpensive housing, labourers through meebanisa- ‘repaid in advance rents before tenure law's in th'eiram, 

tares of land for agricultural because very little^ is said about leading to union demands that ti(ra ^ thus put them out of the building is even completed) -md farmers, who fear that She 

ON MARCH 29 the Nigerian poor tended to equalise lnheri- purposes or 5,000 hectares of certain vital sectors: tenancy of large scale employee wPPfr ■ business-es more convincing in -have been a considerable tempta- rich intend to take OTOt- their 

Federal Military Government ranee, but the greater access of land for grating purposes. No either houses or land (a larg« subsidized housing for their qj 0 village than It might be totion. Women traders, academics land. Cynics are sure tnSttlW 

issued a decree which has since the children of large farmers limit is set for developed urban majority of urban residents are workers. a military governor concerned *hd other P ^QP ) e with spare allocation of occupancy- certlfi- 

been touted as an equitable to education means that land, so large numbers of urban tenants), the ability of aliens to Housing problems will also with overall development. An cash, have often, invested in. cates will bo fraught, with 
solution to the increasing disadvantage, and land hunger, speculators are frantically acquire land, the use of urban fog exacerbated if industry is elected official will face many housing. If the Decree effete bureaucratic delay for .those 

problems of obtaining access to are now more likely to be passed building on the plots they hold, bmd for industrial purposes forced to move to new areas, as dilemmas of this -sort. ■ ■ ‘tlvely cuts off this channd of v ho cannot “ bribe theft; way 

land, especially urban land. on. Tenant farmers, moving Nothing is said about simul- (where one half hectare might these will not be equipped to — *“ — investment, mere should be a through ” and that many people 

Thprp ha* h*»pn ahunriant from overcrowded areas, work taneous occupancy certificates be f* r too small) and, most handled a large influx of T> . considerable increase In funds w ho aspire to a small house m 

evidenre in recent vears that at ver y unfavourable terms for -for urban and rural land or for important, the procedure by migrants. The Government JvClfltCQ . available for stocks or other town will have to squat because 

land tenure has become a absentee landlords but have no land in more than one state, which new land will be cl eariy hopes that forcing Access to land for commercial ventures. Thus, com- they cannot get a plot legally. 

Sous problem Both chance of acquiring the land and there is no mention of land allocated. occupants to develop their aeriStito tea Stated look *"£*2 Others feel that there is^not 

businesses and individuals hare they farm because they are being used for manufacturing, plots (they may be taken away S? iL™ 1 should find it easier tto get time f 0r the military Govern- 

had trouble acauftin- tend “dangers.” so it is not clear whether a Jwnnfirt^nt If left imdevetoped) wS Capital for development or ex- me „t to demonstrate that the 

beca,iserapidlvrisin“ a values Thus it is generally agreed businessman may build a fac- lUipUridlU- iicre«e fitonS??? On the other hand, Decree can work for the benefit 

have encouraged customarv that the GovernmSt mufTdo ^ a " d a bouse on separate The last is particularly bu4 so ^ ^mpts at rSt traditional leaders vdic . have 0 f the majority and that a 

land tenure has become a absentee lanoioros out nave no iana m more man one aiarc, — 

serious problem Both chance of acquiring the land and there is no mention of land allocated. 

businesses and individuals have th ey farm because they are being used for manufacturing. 

had trouble acquiring land “strangers. so it is not clear whether a Important 

because rapidly rising values Thus, it is generally agreed businessman may build a fac- ** ‘ . . 

have encouraged customary that the Government must do a _J* 0U f e on - s f?® rate . 15 particularly 

to 15 years ago increased to by a civilian Government 
over N4.000 before land-owning 
families found they could get 
much more through leasehold OcCUDflllCV 
arrangements stnnnprf r J 

difficulty to large numbers of development areas rather than top “ e nousmg ^ ^ large^cale cattle-rearing firms. tj 0D 0 ff. abrogate the Decree. Whntefver 

Nigerians whose land is un- in Lagos, or to require that they The balance between the Urban • professionals . have ..Perhaps the most important happens. Nigerian land prob- 
reglstered and who have no use an industrial estate by deny- demand for local rights and the increasingly invested- in com- effect of the Decree, for a few i era s need solving, the Decree 


legal documents to prove their ing them land - elsewhere in need to develop the economy mercial agriculture in their months at least, is the uncer* has encouraged people to think 
ownership. The vague deserfp- town. Small businesses have will pose very difficult political home areas in recent years, tainty it has engendered. It ab out solutions, and other 

sellin- Land within a few miles The Decree effeeHveiv tions of p,ots Published often used ordinary houses, problems in carrying out the Whereas former land tenure leaves too many questions un- African nations with similar 

of Enii°u was selling for as nationalises all land From now in ^ daiiy newspapers (land paying more rent than a family Decree. Businesses may now laws often made it difficult for answered, and people are not problems will be watching to 

much as N6 000 per acre in the on the military suvemor of behind X petrol station) demon- could afford. If owners are to be get access to land and resources them to acquire substantial sure when enforcement will ^ how this attempt works, 

early lSTOs. Within cities each stale will award .-ertifi strate the confusion abou * limited to a single plot, they which communities have denied farms, their Government con- begin, how much it will be tv n p 

prospective owners have some^ cates of occupancy to those who precise boundaries which the will not want to rent to a them if they can convince the tacts and ability to cope with affected by bureaucratic delay 1I,r ' 

rimes had to buy their plot two have customary rights (usually Decree seeks t0 end - 

rimes had to buy their plot two have customary rights (usually 
or three times, as the lack of over agricultural land) or 

Once a certificate has been 

registration made it difficult to statutory rights to a particular granted, the holder must get H • - • 

know whether the money was plot. He will set rent which permission from the Militarv H 3 -d O -d 

being paid to the real owner, must be paid for the plot, and Governor to subdivide it. lay I ^ fill 

and extended family members may impose penal rent if regu- out plots, transfer it to another JL^ALJJLAA 

could claim that they had lations are not adhered to. He, person or sublet it. No one may 

never been consulted about the or the local government, may erect a building, wall, fence or 

5,3 , L ’ - , . teke over land for public pur- anything else on land for which ■BBB&3BBSB9BBBBBBS9BDI is going through a prolonged subsidised veterinary services; a detailed analysis of those came to be - recognised as a 

” 1 ‘ ? ,, ru . r ^ area?, families poses, which includes the use he does not hold an occupancy period of stagnation and in and subsidised fertiliser. problems it is worth quoting problem. In areas around 

i!n«ih». a, i.*!nllf. ir * av,nss . °! 1 "j a,, - v business in which the certificate, on penalty of a 1I5R8P85I T3S55F some areas there has been a There has also been a gradual from a recent central bank re- Maiduguri and Katsina large 

th m ’ J ll " , on uver lantl - Government owns shares or any N5000 line or a year in prison. raw*llUUI> I unu marked decline increase in the . proportion of port on food trends, which says areas have been laid waste by 

{J\ c , . own< * r / hlp 0f ,a " d rec l uired tor mining or Tor (This may cause difficulty if s t thp ac nrodu< .. the federal biidget aUotted' to about available agricultural goats overgrating. The trees 

h/i?,n " ,a K y U , rb& ?' 1,lduslfJa I°. r agricultural certificates take months or even tion^lumo^ demand for food agriculture (including water statistics that they: “Do not are clipped neatly to the height 

SSividn.! "owneflhin 4 fhn e J° P ™ e 7' {T J 1S . couid ease years to obtain, as squatters IT HAS been said of Nigeria contim^Mo Vise The central resources, livestock. - forestry even cover one tenth of the a goat can reach and only scrub 
Durchi 4. acquisition of rights of way have less to lose than a business- that if vou planted a broom hank ^dev of foort rroD oro fisheries).--. The 1978-79 data that are essential for any can survive. Shortly after the 

Sacco,. T « U Z S" “ r , b “ ™ d n y T>« ■"■=-> Statutory right, of handle ‘it wooW™ SuSoi “ows ?hat he%«n *««™1 budget' cuniinus Ute realistic appraisal of perform- drought the north was Wt by 

i includin'’ ihnsf ivhn^h r! J vho t l0ses , la . , ? d ln th,s way occupancy must be inherited by sprout leaves because the soil i960 and 1975 food oroduction trend by allocating 7.15 per cent ance in thte agricultural sector." rosette .blight, which afferted 

(including .hose who have must accept the compensation one person; no will can share L °o fertile IXe oil ^ S?.n iS? SSn^cS of the total c 3P itai estimates to That said, the trends are none- groundnuts. There is still a 

has ,S P r 1 0ffercd -. s,nce he 15 " ot aJ!owed right between several produced in sigStont uu"“ Durin- ti^same ^riculture, against 5.16 per the less clear. shortfall, in groundnut produc- 

I ineaualitv* Inv rtisn„»« 0U /r! c ^ ,,d^c ' T, • 35 ha s been usual in tities. agricultuTaT production i'erind demand rose 0 «o much cent in the previous year. How- The influx of oil money is tinn—tae government imported 

tile q lares’ and d r Land - F 56 ^ past ‘ II ap P ears ^hat accounted for the bulk of faster that the level of food * v * r » overa11 budgetary cuts responsible lor many, but by no tonn es of nuts and oil m 

s J thp rffh SJLi. A , I . ocal, ^ n . . Vommittee, customary law can be applied exports. But despite its enor- imnortc went uo bv 7 4 per cent have meant that m mone >' terms means all of the problems fac- 1976. 

iiilics^of thp Chief 1 LLnd P <°Offi?’r inC i U h? the * 5,° cust0 . mar >: occupancy, but the mous potential, the agricultural a 1? In 1976 the cort of all the ^location has faHen from ins agriculture. The more profit- But experts point to a prob- 

— ' Lh lCf ^ QffScor - wh0 5et decreasing ; importance of this sector of the Nigerian economy fmCted fond item? was *396m to N372m. able jobs in towns and cities did lem which, is common to most 

—f N441m. and at the end of the The federal Government ex- attract large numbers of people, crops— the Jack .ofc-an effective 

demand, falling output 

rural land) 

polygynous families of the rich which will probably indude the ro l.T evports * Bat des P ite ita enor - 

— h -i- S - a ." hm " 1 " ° f Officer, who set of Ut ,h^ 

third quarter of 1977 the figure plains that the level of expend!- many of them young, away from pricing mechanism- The system 
had already reached N528m, ture is not higher because the land. Those who stayed re- of setting minimum buying 
accordin'* to figures from the agriculture should be essen- fused to work for no money, prices by the commodity boards 
Federal Office of Statistics. Of tiaily a matter for the 19 states, even for their fathers. The in- which look after the major cash 
ail cash crops, only cotton has Although" there if no formal creasing scarcity of labour crops is believed to be too slow 
shown any appreciable rise in division of responsihilities, the forced wages up and the Urioji adjusting to changing conai- 
prnductian, and that was from a federal Government has tradi- pay awad in 1975 underlined the tinns. Prices are set nn the 
relatively small base. tionally been the policymaker trend and sent wages spiralling, basis of the world market ana 

. and adviser while the states Farmers answered the double teke no account of what is nap- 

To take one of *b e ™ have done the implementation, challenge of increased labour pening on the domestic mar- 
obinous examples of agricu t roIes have become confused and costs and inflation by mov- keL Until the- farmer can get 

decline, groundnut production bccause u£ ^ fedeTal Govern- lag out of cash crops and into * Price for his produce which 
in 19 1 *. was esomated at . meat’s decision to start its own food crops to feed themselves makes it worthwhile, experts 
tonnes. Estimates for 7 p t pro j ects it is genera iiy and a growing market for food. S3 7 there will never be any 

Mmewhere ne^ ^ 000 tonnes, bought that the federal Minis- Rising production costs made real incentive to produce more. 
1 h mmni v h.t t ir ha«! ^ o£ Agriculture' would like imports far more competitive. A good example of the lack 
EL amnnp tQ kee P d °wn the level of direct Rice, for instance, being pro- of flexibility in the pricing 

T _ nainr f involvement and stick to its duced in the north and in parts policies of .the commodity 
, a[lvisQr y role - of the east, was far more e;:pen- l.osrds is groundnuts. After 

*1°°™, p ' ct “' e „ TT^. Sive than the imported variety, drought and then blight had 

mistakes of the past. In fac? Direct m “' h 80 Ul, . t wt,ile . in 19 / 6 hit 3 ™"ndnut production there 

manv experts believe that with - 45m Julos were imported, in the was an urgent need to 

1 hprrer understanding of those - Thc reason h started direct first nine months of 1977 aloBe, encourage fanners to move 
oroblemc and a -reater share of 1 " voIvemeQ t >n the first place :s 24fim kilos were brought into back into farming them. Yet 
the revenues from oil with * at was fe,t Ihe sta tes were the country. Nigerians who used the commodity bdard pinned 
whirh to eure thpm Ni«>eria 1101 doin S t nou fi h on their own to eat rice once a week on prices at N250- a tonne from 
fftuid PTnpripnrp an aprlriiltural accOLmt - Looking at the budgets Sundays now eat it two or three mid-1974 to mid-1976, then 
renais^re agricultural flf slal ^ u is dejir a week, which in turn is raised the R rice to N275 a 

‘ n that nowhere is agriculture very having an effect on the tradi- tonne. As a result the board 

The federal Government, well high on the list of priorities, tionally produced staples, yam last year brought around 50 
aware that oil is a finite in . ^e predominantly agricut- and cassava. tonnes of groundnuts, compared 

resource, is anxious to rural north, • Bomo -State has • During the period of escalat- with 559,000 tonnes in 1973-73. 
encourage greater a gn cultural allocated 2.5 per cent of its ing labour costs farmers were Groundnut production is in- 
production and has chosen three total estimated spending' to given no incentive to reinvest creasing • in 'the - north, it 
levels on which to try and agriculture for 1978-79, while In the case of oil palm and - appears, not because the com- 

achieve it TTie first is by in Bauchi it is 5.5 per cent. In cocoa, the stock got older and modity board may raise ks 

engaging directly in i large-scale the east Cross River State's productivity declined. In some prices to N325 a tonne this year 
farming projects itself, often 1U78-79 spending on agriculture cases oil palms were dug up but because groundnuts are 

y™ Jh® ne .‘P of . « s®* a t 5-7 per cent and Niger because of competing food fetching N400-N500 a tonne in 

interests (specific projects are state in the middle belt has needs, and demand from indus- the local markets, 
discussed fully in the article on allocated 6.7 per cent. The try grew fast with the setting 

new projects). Second, It has scales say that they can only up of factories to produce soap 

I find fn nfii rrnTtin ntirinlo'c _i _ ■ a . ■ « ■ . “ 

tried to heighten people^ so much.. Once they have and margarine. From being one 
awareness of the importance of provided the seed and the of the world's biggest exporters 

qirmmil+iiva kVirnnnh AamnSimc -» _ .... . . . .. 00 “ 


. — 7' V 7 : . . I'AU'-ucu use aceu auu uie ua tue wuriu S DigKGSi exporters Thp 1-irt r>f AovihiliH, 

agriculture through campaigns fertiliser it is up to the farmer of palm oil. Nigeria is now a i f b i ^ 

Bke “Operation feed the nation” to do what he can with them. net importer. The 1976 figure MAtw 

and “Grow more food.” Finally, 
it has tried to encourage 

Agriculture is still the big 

‘ £ Vr another problem faefeg ^- 

™ ture — the shortage of traced 

it nas rnea to encourage — ® — — — — — . ... — - lakc ui ira-iucu 

privste enterprise to move into “L 

Tate & Lyle 

Sugar and Pipes and all filings nice. 

One good thing leads to 
another, and we may 
quickly add, one success 
deserves another. It is this 
belief buttressed by 

From Sunsweet Cube 
sugar to Eagle 
Granulated^ Syrup to 
Niger Cube, we’ve lent 
our established 
reputation, growing from 

hard work, foresight and reputation, growing from 

extra-ordinary dedication strength to strength to 
by our employees that has include the uPVC 
led to the establishment of ‘Kwalipipe’ Pipe factory & 
our uPVC SOIL, WASTE Dimension Weld. 

trained and motivated 
personnel... our guarantee 
of Sugar & Pipes, of 
irreproachable quality. 

This is our specialized 
contribution to make 
Nigeria a sweeter place for 

private enterprise to move miu r,. _ - — — tnnnpq Tn fho first ni na “ — 1 — ujc lujiuau^ea. 

agriculture by making farming T? bers S“9fl7 SSJ vS&Ii s i nce T h « creation of ministries 

more profitable and by obliging d !ff°S- FAO statistics “ e total was 133 ^ 66 of agriculture in the states:and 

the commercial banks to lend to ter 1965 pot the number of the Cocoa nrarimtinn hoe a the settin g up of governn»nt 

farmers. economically active, population suffered companies like National Grains 

_ ... engaged in agriculture at 80 f rom ageing trees, as well as an d National Root Crons : the 

The 19iS-79 budget included a per cent Federal Ministry of f” 00 . tfae absence of seasonal already short sunnir nr 
package of fiscal incentives for Agriculture data for lS^esti- labour. Cocoa is almost entirely staff has been 
YTT t f ™ m * wI ^ ch - l n ' ^ teax 64 per cent of a 28m a smolder crop, and poor thinner. It is ceneialfv 
eluded: me transfer of inte- w „ rkforre was employed in cultivation and lack of proper that untU the a“ tSe sS^l 
grated agricultural production agrlculture , ^ projection resulted in can be improvsd ri 

and processing from schedule n was ^ by 1980< 6L22 lower yields. a Government difficult to tackle tJSv^nS 
te schedule HI Nigenan cent of a 32 m workforce would survey some years ago showed mediate problemTlet alwA 
Enterprises Promotion Decree- be engaged in agriculture. **■“ 111 ««»n« states, the - the ftmdameS 

meaning that forei^i pami^i- 0 ne of the factors which is 75 ** Problems of Sculture^^ 

tion could increase from 40 per bound t0 make agriculture ^ an estimated 1.2m acres ne ^ 1 

cent to 60 per cent; an addi- attractive in the future is the 00004 was “vered with “ e tendamental problems, 

tional investment allowance of enornJOUfi amount of cultivable 41665 more tta n 30 years old. probab ly the most intradt&Ie 
10 per cent on top of existing ^ which has t . be t0 Tonnage exports have declined, o£ ^ count®:; is 

allowances for all capital use . The third national develop- ^oitth because of high cocoa < S*? 1011 of land **?**£&* 

expenditure on agricultural men t plan for 1975-80 estima- P nces - earnings have not J, ar 04(35 as tho first natmmal 
plant and equipment; provision ted ^ onJy one third of But agriculture also faced ? eveiopme " t P ia n the problem 

for writing offlosses in agricu- Nigeria's 9S.3m hectares was Pjobfems nothing to do with re 5.°J aised but left aronc 

tural enterprises over an un ri« cnirivatinn that the oil boom. The Civil War as too _diflicult with. The 

tural enterprises over an und€r cnltivation and said that £E 0,1 . bo(>ni ‘ Tb e Civil War “ 4oodiffl ritit to. deal with. The 

indefinite period against profits; ^ much left acres of oil palm and rub- ™J“»ty is that nearly- the 

and interest on loans to agricul- vatpff hnndno th. t«t,i her -badly neglected, esncciaiiv y noJe of Nigeria's • cultivated 

and interest on loans to agricul- va ted, bringing the total to bei: ^ adI y neglected, especiaUy )™oIe of Nigeria's • cultivated 
ture to be tax free. 71>2m hectares. In order to do J? 016 east T he traditional re- Hi 5 In smallholdings of 

FACTORY as well as our 

Top quality raw 
materials, sophisticated 
processing equipment and 
techniques, thoroughly 

. i-mi uniaiia. ill uiuci (u Utf - : “* 

The new measures come on that the plan foresaw expendi- iiailce . ° n w “ d °H palms had " B h ™ r cn • ami Aye acres, 

top of existing incentives to ture on agriculture as 6.79 per meant that the land had quickly f 1C T^ are, '°® whole, badly 
agricultural production intro- cent of the total- budget spend- ™ verted to secondary bush once “J 1 ®*" . and ‘ whid)' cannot be 

duced over the previous two ing- was not properly cultivated. ® e ®®nised to improve pro- 

years, which include; a five year Throughout the country, the ■ r b en Just as the country was auctlv ity. ■ 
tax holiday for investment in problems^ ^ facing farmers can be 016 Sahelian An attempt at reform has 

combined agricultural produo- broadly divided^ into two sorts; aE0 “Sbt struck in the north, been made in tlie Land Use 

tion and processing; the abali- fundamental problems arising “¥^.1 into de *ert Decree published Mil* vear iwit 

import duties on from historical develonment anrt 330(1 kimn 2 off an estimated 10 it is vp.t ^ k- 

tion of import duties on from historical development and 3011 - ‘ >n S au estimated 10 it is yet to be Keen wKerw 
tractors and other agricultural immediate problems caused by ® e ” t of tb? Fulanj cattle, not its proocsals am mn mu. 
machinery; the removal of rapid social and economic up- AT ^ same a pheno- troversiai inh* jULiS vl 
import duties on raw materials heavai,. disease, drought and menon knovvn 33 “ gotification ** brings all land 
for making livestock feed; war. But before embarking on rAunm^ - ™ Government 


i nrie 

■■‘i '.ftS to 


iii tiu’ \\«s 

Ali' ps 

vA them 


* • • ■ 

C l rr'T. - 
11 . i 

vour cx 

or u conig 

position ft 

me -.ibsou! 

shunts 31 

°' v n conts 

^ you're si 
from oiirt 

l rfiA 

financial THines Wednesday 'Aftgust '30 H978 

- -. -...' * .~K,„ ■?■■.•? • ' - . • : 


i? . " '.'V-,* v •*• 
• .<--v "'^V . -. 

'*?•- W:: "W. f 

.-“ •; v rw : • ,;--r i. • > 



by Ifcnes Cantrafricaines/RMS 

Independent Liner Service from Fefastnwe . 
Sunderland Northern Europe and Mediterranean 
ports to Lagos and other West African ports. 

Container or conventional cargo, we specialise 
in the "West African market Together with our 
African partners weVe solved just about every 
problem that can arise in that part of the world- 
and there have been plenty 

Two sailings a month with modem vessels. 

Our modem ships, from 2,000 to 12,000 tons 
capacity, have large hatches and good gear (they 
carry timber on the homeward run) so whether 
your cargo is pipes of any diameter structural steel, 
or a complete industrial plant, we have a ship in 
position to carry it to any West African port with 
the absolute minimum ofberthing delays.Two 
sailings a month, with direct discharge through our 
own container terminal 

We’ve made hundreds of sailings to date, so 
if you’re shipping to West Africa, why not profit 
from our experience? 

- r - -'W" 1 

•• *y 7 


/ • 


0 :. : - •• ■ 

r i •- ~ v ’*' • 

-v. • . 

1 -r -^r:?x, • 



Liner Agents • SHpping&Forwarding • Chartering * Export Padring ■ Container Leasing Agents - Warehousing - Transport 


Padsgate House, 

33 Paikgate Road, London SW11 4NP. , \ 
Telephone: 01-223 9644 
and 01-225 9422. 

Telex: 917525 and 917463. 


Gannon House, 
2255Coventry Road, Sheldon, 
■Birmingham B26 3NX. 
Telephone: 021-742 4444. 
Telex: 33 7759. 


121 Princess Street 
Manchester Ml 7AG. 
Telephone: 061-228 6512. 
Telex: 666926. 


99B Hamilton Road, Felixstowe. 
Telephone: 03942 73423. 
Telex: 987458. 


Tavistock House, 

B orough Road, Sunderland. 
Telephone: 0783 72846. 

- Telex: 53226. 







Agents in Lagos/Apapa 


Sh$> j&gencies • Husbandly Agents • lighterage • Stevedoring ■ Clearing • Forwarding 

89-91 KofbAbayoml Avenue, ApapsLlblephone 45029 and 43I0aieIex28342 


i i k- 






I0WS Nil 

rs JOHN 



Ogbomasho \. 



„ • O , ° 

Ibadan ilesh.a lAdo-Ekii^- 
' ' / i -CMfejOwoO / 

- — .T? ° Akure v 


• Abeokuia* / OndcV* > *-. * 

- ( O Ben 

O *«ia i \ • 

' 7 rtr 4 

O Enugu v -_ 

v O Benin City 

\ • 




0 s* 

Warn g0 

lo OjitaH^ Y'~ 

[ . 0we y~> ' 

• Calabar 

^t°\ o* A 

9 State Capitals 

John Holt Offices 


Technical Training 
at Ijebu-Ode 

Welcome to Nigeria. If you are looking for a trading or manufacturing 
partner we have some assets that may interest you. 

A hundred years of involvment here is one of them. One of the largest 
and fastest growing distributive networks is another. An expanding 
manufacturing capability is a third. An experienced and enterprising 
staff who have not lost any of the pioneering spirit. And a reputation 
for efficiency and integrity that is still unsurpassed. 

We will be as much a part of Nigeria's exciting future as we have been 
of its past. Tempted to share that future with us ? 

Members of the |oba Holt Group: 
Trade A Services: 

John Holt Ventures 
John Halt Shipping Service! Limited 
West African Drag Company Limited 
Tamara Division 

Manufacturing A Development! 
Kara Limited 

Kara Limited 

The Plateau Confectionery Company 

(Nigena> Limited 

Arm Boeder* 


Motors A Eog ln u ini 
J. Allen A La.' j mired 

Holt Engineering Division 
Asrioari Division 

Agriran Division 
Almarme Division 
Starcek Division 


Ebani House, 149/153 Broad Street, 
P.O. Box 2508, LAGOS. 




f . 



As a leading Life Assurance Company, we occupy an enviable position. 

We direct our skill entirely to developing Life business which is our speciality. Our 
agency network is spread throughout Nigeria therefore we can offer security and 

profit to millions. 




3 j 

II" 1 I I 

■muammumi bn einbiisaed * sntem of ': & of the ousest lwswiiie angauiat : * J 

minimum prices for food crons Integrated fanning and proces- jec& Md it_ur utwgnt^w 
AftRIPIIf TIinOT which has proved difficult to dig enterprises so far under- thatasnculture 
AnKIbULIllfllAL .enforce. At the same ttoto is being developed iotody biggest 

RRAifAWi schools, colleges and other- b^the federal Government, the year Worid»«fe« 

PROJECTS r institutions have . beejt^ffiates of Bauchi Borno and Gon- ' 

. encouraged to grow their awra-^oto,.-.and the Commonwealth speans projects. . y. _ 

food. Though OPN is itof Ijfcvetopment Corporation At present there... are Gtfw 
credited with much success ip *CDC). The Savannah Sugar oil palm projects fa -undo, 
NEW AGRTnn TTTRATi nmiptfs actually boosting food product ubmpany near Numan in Goa- Bendel and Imo States, where 
E tion it , is thought to have great# K is developing a major new palms are being pton tod to 

Gov^tS toaeasedTinter sugar pZantatipn with replaro the agemg s^^ 

lOTelfan hrnadlvinto hJo Experts, and officials, agree ^factory and refinery capable of Anambra and Imo a nee project 
SSorSS to tost to* onl y w ®y to tocrea»^oducing- mOOO tonnes of is not moving as fast .as planned 

merest awaKmS^of the agricultural prodnetion Is either >r#ned sugar a year. Already because the States have been 

im-rease awareness or me v... ■. , . n nnn Cn^inn ♦Violi- chnr» /if 

by large-scale farming projects ^tOtxT^of ” an eventual 12,000 slow in finding their share 
i a rSSSfi? or rtth intensive 'schemes' to hectares of sugar cane have 'the advance cost of. the pro««. 

nnriprtlt^ improve farming techniques been planted and the factory Two cocoa projects -are -under* 
«?th 55 JSS among small farmers. Th*Sd be Sdy by the end of way in the west, mainly, in Oyo 

JlfJi muS^of GoT'ernment has shown an in- ^79. Jt should be working at State, and a third is envisaged; 

HESS potentiallv «SSSa Me creaslns wiU1 ^ ne ^ to ** mainum capacity by lfct and all are eseentially *jp*sti<to 

private- entoptee move torn the total cost win be in the of replacing ageing. trees,- 
itthoishftoi^^Sod*^^^ ^torge-scale fanning >egibn of Nsooxn. -.But the most interesting, 


farmer to improve his fanning in furthering long- 

techniq.ues and to supply him gn --- foreign- 'owmershi o. tton 'agricultural development Gusau, G ^° b Hvp. 

with ; the- r^htjnputs of . The mtenUoom that the 

improved, seed, fertiliser and centivea which are detailed & formes should develop large- 

pesticides. .... ^ general article on agrical- irrlgauon schemes, often ^ north bvWicentraS?a 

The first scheme to- raise tureT^^ - ^7 touring thousands of hectares » ^ 

people’s awaruess of the import- . At a time, and prepare the area 1 °J ®f ^ ertis ^ Sn . a . r r a " ¥ ^ iy . 

ance . of agriculture was ^lodi-InrT " ■ for agricultural development smau area * ^ ; 

ance . of agriculture was r^loorinn Ior agricultural development. , ■ j. 

launched in 1973. The National •- Though the chemes are financed Thousands of small_ fattners 

Accelerated Food Production The Ministry of Agriculture J«£ eI y & toe federal Govern- 

Programme (NAFPP) was through its National Grains- I ^ ent » toe State Governments . “JjJ 

aimed directly at the fanner and Company is clearing eight laige^ ^ are responsible for most of the techmquesaretaught 

it is hoped; that eventually _lm o^S^Dday running. 

BW. -'SttS 

centres 'around the country and States. 


infoimatian and inputs pro- 0 f attracting private enterprise of the developments planned, a model farm. The far^ 
vid^ through NAFPP. Then t0 cooperate in fanning. -Each' the Chad Barin Development ^ a^nrovlS tto 
m 19< 0 a similar programme but 0 f the farms .will be at least Authority is developing 6fi,000 ri _ ht ij,Duts P crf fertiliser nesti- 

with a wider application was 4,000 hectares and the, first, hear hectares of land in the South £2! SS bnnW>TCd^Ss?At 

launched caUed Operation Feed Mokwa, already has - 1,000 Chad irrigation project A 405- time ^ ttefa^s have 

?® Na ^ (0 lnL ItV ^ m S becteres °* Plf?te4. The hectare pilot project was 

that OFN would stunidate Government is now looking for established at Ngala in 1970 throueh the uroiect ^md are 

S535Si™ mCreaSeS 111 food Partners prepared .to take a Witii the help of the CDC rnSrTor.^ 

production. stake m the new -farms and;the which is, however, no longer has Droved more -successfuL 

Through OFN a Fertiliser Mmistiy insists thar it would connected with the project The o^en and ploughs, * ' 
Board has been established not interfere with the. running first stage scheduled for com- - TO *T* 

which bulk buys and distributes of the farms. Other giant land pietion in March, 1979 and en- CiioDncc 

the 75 per cent government- clearing operations axe being visages the production of wheat, 

“ n d sssjvt - a sssrss ass a KiSM «« *=r sr s ol % 

The Hadejia Jamare River expand into other areas of. the 

:. Basin Development Authority’s State. But it is widely felt that 

: V Kand River project has begun the resultant dilution of exper- 

m 1 T -| ~m-4~ -- with the construction of canal, rise would not produce results 

H II II Til I | field channels, drainage systems, nearly as good as. those which 

\ijF vA- |^/ Wl- V access roads, night storage have so far been achieved. 

JL -. - toervoirs and irrigation facili-Amongthel&newprojects,hpw- 

rnMTiMiicn coriM i,rtYwiv : ”V‘r. ties fOE 22.00a hectares. Ihe ever, are. giro Uar hitegrated, agri- 

t-uNiiMutu t-KUM.PAGfc . , ■ 3 < coattacft f or the first phase, cultural • schemes for ^wara, 

, . j worth NfifiBm; has been awarded Niger, Ogqn, Qyp. Ondo and 

ownership and obhges fanners cial banks to lend to agriculture to a NegerianrDutch concern Kano States. The others are 
to prove that they are cultivat- the Govenuneht through the Nedeco. Phases two and three forestry projects in Anambra, 
ing land they claim is theirs, central bank has -started an are planned to coyer another Cross River, Ogun and Ondo; 
For-until the basic issue- of who agricultural credit, guarantee 35,00^ hectares.! .. Pre- oil palm projects in. other states; 
owns what is cleared up the scheme which underwrites 7> feasibility studies and initial the third cocoa project and a 
Government cannot press ahead per cent of commercial bank wor fc jj going on in mafay of the continuation of a so far not very 
with any scheme f-or rationalis* loans up to N50.000 for an indi- oth 4 r river basln development successful live«tock : project 
ing the size of the holdings. vidual and Nlm for a co- authorty areas. Many contracts being carted on across several 
Until - then, attempts _are operative. , - _■ have yet to Be -awarded and states, 

being made to encourage : A ruling that 6. per cent Of progress has been slower "than Demand is growing rapidly 
co-operatives and to make use of total commerdai bank loans bad hoped because of a genial for small tractors, agricultural 

low- volume ^applicators -and to go to the agricultural sector shortage of money. implements such as sinple 

oxen and- ploughs for - mere badnever Jieen followed because v indJvidlllll States ^ ploughs^ fertilisers j gro- 

efficient forming. In the north,' of the difficulties of small holder undprta v im , their own nrojects. chemicals, drying and ; stonng 
the situation is even further farmers providing security.; The of them on a smaller «PJipment, livestock equipment, 

complicated by the- system xif: average lending rale, wm 3.8 te ^1. areaa'of aericul- machinery, for animal feed mills 

intercropping which is used, in per cent, even though the banks tu ^ d . M V estock -Droduction. and irrigatiOn. The huge land- 
90 per cent ol.tbg,smallhgld--,bad | .to. depigt toa^Ufle^ “ifiSrSi ***** «ai require 
ings. The former will put up to wrtotiie central bank where it ^ fteinp carri^ out heavy machinery and the even- 

seven crops in his patch at the attracted no interest It is Wnr | f! R »T.v assistance and 11141 development of the' forests 
same time. which keeps , weeds hoped that the credit gaarantee “5 wil increase demand for 

down and acts as an insurance scheme will ^ange tost As since 1971 ' the torestry equipment The other 

peUcy in oase one mop. Ms. JggLgJS £*»' materitd which will tdso 

But xt cajmot .be mechanised, .Giye a^armer roe money ana ^ twelve aUricialtuTOl sroiects be . in. continuous demand Is 
does not allow effective rotation"^ 6 13111 be Sure requiring total finance 3 of t ? ined ‘ manpower, of which 

of crops and starves some crops he ^ do **“ rest 3262^m7 An agricultural mis- there 18 liever enoush, 

of light ivjwTVw sion recently In Nigeria is now IWiW. 

- Big. efforts are also being 
made to encourage the use of 
fertiliser by subsidies' bf some 
75 per cent As proof that -the 
farmer has learnt the value of 
fertiliser, be is prepared to pay 
up to ten times the subsidised 
value to buy it- on the black 
market because the poor distri- 
bution system means that It- is 
often not there when he needs 
it experts s ay. In 1976, more 
than 20m tonnes of fertiliser 
were imported and for the first 
nine months of 1977 the figure 
was 13m tonnes. Yet the 
supplies to the former are 
sporadic, and the per capita 
consumption of fertiliser is still 
one of the lowest in West 

is. Your Protection N 
and Our Business 



Fisheries and forestry have 
their own: problems; Since 99 
per cent of '-the fishing is 
believed to be done by. local 
fishermen supplying the village 
market, it has proved im- 
possible to freeze or'process oh 
any large scale. Attempts are 
being made to encourage an off- 
shore trawling industry, but for 
the moment this still only 
accounts for an estimated 1 per 
cent of the catch, leaving 
Nigeria heavily dependent on 

With 16 per cent of the 
country covered in forest, wood 
had been considered an inex- 
haustible natural resource and 
little was done to replant stocks. 
Although ■ an . .-effort bias 'been 
made to conserve timber in the 
past, Nigeria has now bad to 
ban the export of wood -and 
wood products . to give the 
industry a breathing space. A 
massive replanting scheme has 
been started but is constrained 
by fi nance - 

For all forms of, agriculture 
onj of the Government’s priori- 
ties. is to . ensure that wherever 
possible the farmer has access 
to credit To encourage comxner- 


We stop at 

: This-I* true, especially with aff risks. W e cover - 
amongst others, marine and. Cargo, F|re, accident, 
motor vehicle, workmens compensation. Aviation and 
Transit. Contractors' sH risks. We give adequate ” 
protection to our costomer?- This is why those whn 
know always Insist on no 



head OJffceJ7,MARTfflSSTREET I P.O, BOX. 2WX3,T£L,5B348Jtatt, LAGOS. NKKRJA 

- Branches throughout Nigeria, 

;•••- ;j ef 

-r 4 W 

•. .i 4- •" - 

- ofi m 

-.rv, fl 

v-. i. 




..." . 

Vv- :■ y<:., 


■ - H»#' 


! M 



- -*m 

vt • : 

- ■’ M 

• ■•ri-'A 

• -«'¥l 

: «- fM 

'■'■‘S' -jSL": 


f Wim j 

. A? 

^ N 

Financial Times Wednesday August 30 1978 



A deficit on trade 

The current downturn, in the Nigerian .economy is affecting both 
overseas trade and foreign investment, examined below. 

A severe cutback In Government expenditure 
this year and major import curbs should reduce the flow of goods 
to Nigeria. The current squeeze* together with investor 
uncertainty, seems to be reducing the Sow of foreign investment 
capital. Recently introduced tax changes may also affect 
foreign interests in Nigeria. 

IT IS one ef the many ironies 
of Nigerian life that a mere 
jive months after hosting the 
largest international trade fair 
ever staged in. Africa, the 
Nigerian Government should 
have felt compelled to introduce 
severe curbs on imports. The 
juxtaposition of the two events 
neatly points up both the short 
and medium-term outlook for 
international trade with Nigeria. 

The first Lagos International 
Trade Fair, held last November 
■and December, saw a host of 
businessmen from the West, the 
Communist countries and the 
Third World descend on the 
Nigerian capital, proffering 
wares ranging from power 
station's to gim cracks and gee- 
gaws. The event was a re-asser- 
tion (not that one was needed) 
of Nigeria’s position as Black 
Africa’s trading giant, of_ its 
good medium-term economic 
prospects and OF the increas- 
ingly fierce competition for 
tlus highly lucrative market. 

Last April's budget painted 
a different picture*— that be- 
cause of declining oil earnings 
the country is in for a difficult 
short-term spell of economic 
retrenchment and must sharply 
reduce its import bill. 

The budget included: 

• The banning of 13 categories 
of imports, including footwear, 
carpets, furniture, ready-made 
garments and jewellery (a 
ban on a 34th category, frozen 
meats, was lifted in May); 

• The placing under import 
licence of 15 categories of 
goods, including radios, record 
players, television sets, air- 
conditioners, built up commer- 
cial vehicles and paints; 

• The introduction of import 
duty for some commodities and 
a sharp rise in the rate levied 
on many more. For example, 
the rate of duty on air- 
conditioners, television and 
radio sets was increased from 
40 per cent to 75 per cent: 
(hat on some categories of 
passenger vehicles from 25 to 
50 percent and others from' 40 
per cent to 100 per cent r and 
that on wire rods from 5 per 
cent to 15 per cent; 

• The imposition, of a ports 
development surcharge at the 
rate of 5 per cent- of. the duty 
payable on all imports. 

Three further: important 
measures were, announced in 
the budget ox shortly after- 
wards: First, traders .importing 
under letters of credit how have 
to make an. advance deposit of 
100 per cent of the value of 
the letters with the central 

Second, the Government has 
imposed a 25 pel cent limit 
on the mark-up oh. imported 
machinery. According to the 
Trade Ministry, the . formula 
allows a 25 per cent mark-up 
on the cif value of the. goods, 
plus- additional- local costs, 
including duty, port develop- 
ment and delivery ; charges. 
Although the Government says 
the limit does not apply to ail 
goods in the Standard Inter- 
national Trade Classification 
category seven, which covers 
machinery and transport equip- 
ment, it is not entirely clear 
just how broadly it will apply. 
(Some goods are. covered by 
existing price controls.) 


Importers of some categories 
of machinery argue that the 
ceiling will have little effect on 
business, while others are 
seriously worried, maintaining 
that such a sweeping measure, 
which does not differentiate 
between types of goods, will 
give them an insufficient profit 
margin and will affect : import 
levels. The Government which 
says the measure has been 
introduced to prevent profiteer- 
ing, replies that it will; keep a 
close watch on the effects and 
correct any imbalances.' - . ’ 

As introduced, however, the 
measure does reflect a complaint 
often heard among traders in 
Nigeria — that the Government 
is too prone to take sweeping 
executive atcion without first 
consulting the private sector as 
to the likely repercussions. 

The third potentially impor- 

tant measure is . the Govern- 
ment’s intention to inspect 
Nigerian imports before ship- 
ment. With some justification, 
it complains of over-invoicing 
and the inflation of import bills 
in the past The Government 
says the scheme will - cover 
virtually- all consumer goods, 
capital goods and raw materials. 
But SGS (Societe Generale de 
Surveillance), the Swiss-based 
company likely to enforce the 
operation, will hot concern itself 
with minor consignments having 
an fob value of N10.000 or less. 
Traders fear the move -could' 
mean further delays in the ship- 
ment of goods to Negeria. 

All these measures stem from 
a need to cut down Nigeria’s 
import bill at a time when oil 
earnings have fallen sharply, 
(-in some cases an additional 
aim is to give greater protection 
to domestic industry. In an 
attempt to reduce inflation, 
between 1972 and 1.976 Nigeria 
cut import duties as a percent* 
age of the cif value of imports 
from over 40 per cent to 17 per 
cent, which meant that in some 
aras companies were finding it 
cheaper to import, than to pro* 

For the first mouth in many 
years. Nigeria's visible trade 
recorded a deficit last- August 
and this position has persisted 
for many - months since then. 
Although the country ended 
1977 with a visible trade .surplus 
of approximately N640m its 
could well record a visible 
deficit in 1978. While the value 
of exports rose 22 per -cent last 
year, there was a phenomenal 
41 per cent rise in the value of 

The structure of imports 
remained virtually unchanged, 
capital goods and raw materials 
accounting for neriy 70 per cent 
of the total and consumer goods 
around 30 per cent, but some 
extraordinarly large increases 
over 1976 were recorded among 
food imports.. These were attri- 
butable to the serious problems 
in Nigeria’s agricultural 
industry. Total food imports 
rose by 79 per cent while those 
of rice rose by 788 per cent 
(from N20m to N178m) and 
fish rose by 120 per cent. 

The export side remains of 
course dominated by oil, which 
in 1977 again provided over 90 
per cent of Nigeria's foreign 
exchange earnings. Of non-oil 
exports. agricultural crops 

(notably cocoa) provided 4.6 
per cent of earnings last year, 
while manufacturers and semi- 
manufacturers contributed a 
mere 1.1 per cent . 

Particularly significant has 
been the stagnation or decline 
in the past decade of exports 
of some of Nigeria’s major casb 
crops, partly because of rising 
domestic demand and partly be- 
cause of adverse weather, but 
also in considerable measure 
because of lower productivity 
resulting from imbalances, in 
the economy. 

- In 1977, for example, the ex- 
port value of cocoa beans did 
increase by N102.4 and the crop 
provided 3.7 per cent of foreign 
exchange earnings. But this 
was thanks entirely to higher 

world prices. At 193,000 tons 
cocoa shipments were margin- 
ally lower than they were in 
1970. Groundnuts and palm 
oil. of which Nigeria was once 
one of the world’s major pro- 
ducers .have now disappeared 
from, the export list 

The new import curbs— which 
could be intensified if they do 
not have the required result — 
together with the general sharp 
cutback in Government expendi- 
ture this year, mean that 
countries exporting to Nigeria 
now face even greater cut- 
throat competition for their 
share of a declining market. 

Central to their ability to 
maintain their share will be the 
provision of credit, for balance 

of payment problems have 
moved Nigeria suddenly from 
being a cash to a credit market. 
Contractors for some existing 
projects have been asked to 
renegotiate the financing and 
come up with a proportion of 
the costs. 

Against this background some 
exporters have been looking 
into the possibility of oil barter 
deals with the Government, 
which is adopting a cautious 
approach to the issue. While it 
may push through some deals 
with suppliers ' in Eastern 
Europe, where barter should 
not affect open market demand 
for its oil, the chances of any 
significant deals in the West at 
at present appear slim. 

Although the U.S. has now 
replaced Britain as Nigeria's 
largest trading partner because 
of a huge upsurge in American 
demand for Nigerian oil, 
Britain remains the leading 
supplier of Nigeria’s imports, 
holding some 22 per cent of the 
market, compared to West 
Germany’s 16 per cent. 
America's 11 per cent, Japan's 

9 per cent and France's 7.5 per 

Britain's share of the market 
has been declining it was 27 per 
cent in 1973). This is a normal 
development when an economy 
is booming, bringing fresh com- 
petitors into the fray, but there 
does nevertheless appear to 
have been a reluctance among 
British exporters to go after the 
largest contracts, possibly as a 
result of a " play safe ” attitude. 

However. Nigeria is no 
longer a seller's market and a 
willingness to take risks and 
go for the big deals wilL be 
more derisive than ever in 
determining Britain's share of 
Nigerian imports' against tough 
German, French and Japanese 


While trade with Nigeria 
remains dominated by the West 
and Japan, one significant long- 
term trend is the Government’s 
deliberate policy to diversify 
trading relations with the more 
advanced cf the developing 
countries and with its West 

African neighbours. 

Already this has meant an 
increase in trade with Brazil, 
which has been making a major 
play for the Nigerian import 
marker,, stressing the supposed 
cultural links between the two 
countries that stem from the 
slave trade era. 

Nigeria's hopes for an 
increase in its trade with the 
rest of West Africa (which last 
year accounted for just 3.1 per 
cent of non-oil exports) are tied 
up with the development of the 
Economic Community of West 
African States (ECOWAS) 
established in May 1975. The 
aim is to eliminate all trade 
restrictions between member 
Slates by 1990. 

While the timetable may be 
optimistic there can be no 
doubt ur the long-term direction 
the ECOWAS countries are 
taking, and Nigeria, which has 
forcefully promoted the 
ECOWAS ideal, should be well 
placed to take maximum advan- 
tage of the grouping. 


Still room for more 



FRESH FOREIGN investment 
is still entering Nigeria, but not 
at the rate which might be 
expected, given the boom years 
the country has enjoyed until 
recently and given its good long- 
term prospects. 

This statement is impres- 
sionistic, since no reliable data 
exist which would hack it up or 
qualify it Nevertheless, there 
is widespread agreement inside 
industry and in some govern- 
ment circles that this picture is 
broadly accurate. 

Why should this be so? Major 
contributory reasons appear to 
include the current downturn 
in the economy — which is also 
acting as a brake on new capital 
investment by established com- 
panies— and • the current 
indi genls ation programme, 
whereby foreign companies are 
required to transfer a substan- 
tial proportion of their equity 
to Nigerian nationals. However 
essential this move may be from 
A Nigerian viewpoint, it has 
acted, in the short-term at least, 
as a disincentive for fresh 

Yet foreign investment (and 
(he transfer of technology that 
the Government would like to 
go with It) is a vital factor in 
Nigeria’s industrial develop- 
ment. Until now, relatively few 
Nigerians have themselves 
invested heavily in industry, 
since they can obtain far 
greater returns from trading or 

' The Nigerian Government is 
well 8warc cf the need for con- 
timzing foreign investment. In 
a speech in Manchester at the 
start of this year, the Nigerian 
Acting High Commissioner to 
Britain succinctly summed up 
Government policy: 

“ Nigeria needs and welcomes 
foreign' investment The motive 
behind tbe indigenisation policy 
is to blend indigenous enter- 
prise and capital with foreign 
capital, technology and manage- 
ment in such a way as to ensure 
fairness to Nigerians and 
foreigners. Thus, the Nigerian 
Government will give encour- 
agement and support to genuine 
foreign investors who are 
interested not only in high 
profits and dividends but also 
in co-operating with us in the 
transfer of skills and 

Moreover, .the Government 
bas repeatedly stressed that 
indigenisation is not creeping 
nationalisation. " But. inevitably. 

residua] doubts remain among 
potential investors. 


Britain remains by far the 
largest foreign investor in 
Nigeria. Although no recent 
figures exist, it was estimated 
in 1974 that the paid up capital 
and reserves of companies of 
UK origin represented 50 per 
cent of the total among foreign 

British investment is still 
trickling in (Leyland Nigeria's 
major new plant at Ibadan, 
described in this Survey, being 
a maor example), but at the 
moment Nigerian officials are 
particularly hopeful that there 
may be a significant influx of 
U.S. investment in the wake of 
the political rapprochement 
between the two countries, 
symbolised by President 
Carter’s visit to Lagos earlier 
this year and General 
Obasanjo's trip to Washington 
last year. More than 40 U.S. 
companies are understood to be 
considering the possibility of 
investment in Nigeria, including 
General Electric. Ford, Union 
Carbide and Carnation. 

What then. aTe the incentives 
and disincentives facing com- 
panies as they weigh up the 
prospects for investment in 

Undoubtedly the biggest 
incentive is Nigeria’s great 
potential. The country's oil and 
gas resources should give it a 
very bright future, provided 
steps are taken to check 
economic imbalances. It has the 
largest domestic market of any 
country in Africa and should 
become the continent's indus- 
trial giant. 

For companies already Trading 
heavily with Nigeria, there is 
an added imperative: the 
country’s determination to in- 
dustrialise means that foreign 
companies setting up locally 
should be granted protection, 
through tariffs and import 
licences, from external com- 

So if you are trading with 
Nigeria, you may stand to lose 
your market if you do not invest 
directly. The four commercial 
vehicle companies now building 
factories in Nigeria — Leyland. 
Mercedes, Steyr and Fiat— -are 
examples of this enlightened 

Furthermore, indigenisation 
may mean a smaller slice of the 
cake, but it is a growing cake. 

In the opinion of some outside 
observers, the more tangible 
investment incentives offered by 
the Government (such as 
pioneer status, giving companies 

a 3-5 year tax holiday) are not 
very exciting when compared 
with those granted by some 
alternative investment centres, 
yet Nigeria's economic pros- 
pects may override this. 

On the debit side, there is 
bureaucratic inefficiency. Cnicf 
T. Adeola Oduiola, President of 
the Manufacturers' Association 
of Nigeria, complained recently 
lhar the climate of uncertainty 
engendered by bureaucratic 
delays was a significant drag on 

Added to this are the high 
costs of setting up operations in 
Nigeria, the present (but 
temporary) poor economic 
dimate and uncertainties a.-iong 
investors about the political 

But perhaps Ihe greatest 
brake on foreign investment has 
been the indigenisation pro- 
gramme. With some justice, 
Nigerians complain that this has 
been misunderstood abroad. 
The aims are perfectly 
reasonable — to ensure that 
Nigerians have a fair stake m 
such an important sector of 
their economy and that there is 
a due return to Nigerians for 
Nigerian efforts. 

An additional positive point 
not sufficiency stressed, is that 
the move might theoreically 


(Winner of Gold Medal at the 1st Lagos International Trade Fair 1977) 

Helping to build a 

The Ashamu Group is playing a vital role in the economic 
growth of Nigeria. Its extensive investments throughout 
Nigeria- serve to make full use of resources, of land, 
minerals and productive manpower. It provides direct 
employment and training opportunities for several thousand 
staff, and benefiting the community at large. The group 
is expanding activities to cater for countries of the 
Economic Community of West African States (ECOWAS], 

Plans are far advanced for the opening of offices in the 
Far East. Overseas offices are established in USA, 
Germany, United Kingdom and in Brussels, 






ikeja real estates ltd 



Telephone Nos: OKE-AFA OFFICE! 41996. 46715. 48718. 42554. 46827 
" JWUSHINOFFICE: 47698. 46876. Telex No: 21578 ASHAMU NG. 

wgeriax Explosives a plastics c-o, ltd. 

















You gain 50 years marketing 
and manufacturing experience 
in Nigeria by talking to A.C.C. 

No other company 'can 
offer such a wealth of experience 
of the Nigerian market. 

MfeH Established, 
progressive, independent. 

A.C.C. is an independent 
business with 50 years of associa- 
tions with and in Nigeria: its pre- 
sent management is vigorously 
following a corporate policy of 
expansion and diversification. 

Not just importers 

A.C.C. successfully handle 
the products of many important 
principals from overseas (Quaker 
Oats, Match Box toys. Standard 
Brand — Baking Powder, Stock 
Brandy/Wincs, Thermos) but the 
strength of the company lies in its 
expanding manufacturing activities 

in Nigeria itself. 

A.C.C. manufacture estab- 
lished branded goods such as 
Trebor Confectionery, Chese- 
brough Pond Vaseline and cos- 
metics. and ownbrand n on-ethi- 
cal pharmaceuticals. 

An A.C.C. plastics plant 
supplies containers for its pro- 
ducts. A.C.C. has also recently 
diversified into the supply of 
building materials. - 

Talk to A.C.C. first 

A.C.C. has the right combi- 
nation of experience and enter- 
prise to help you establish your 
product in a fast growing market 
that's full of potential. 


(Nigeria) limited 

50 years of marketing and manu- 
facturing experience in Nigeria. 

Distribution of Products 

A.C.C. has a fleet of vehi- 
cles which supply a country -wide 55, Creek Road, 
network of vigorous Nigerian dis- P.O. Box 392, Apapa, 
t rib u tors from it’s factories in Lagos — Nigeria. 

Apapa and Depots in Kano and Telephone: 44768/9/70 . 
Onitsha. Cable: Christlieb, Apapa. 


We cover the Globe ! 


We offer all modern banking services — from Savings Account 
' to world-wide international transactions. We bave the 
resources and the expertise. What’s more, our Affiliates and 
Sister Institutions are located in all the financial 
centres of the World ! ‘ 




Branches at : 




and KANO, 

Affiliates and 

Institutions ini 












. Financial Times Wednesday August 30 1078 


was no 
introduce this 



these developments to the eco- nations on replacement treaties . Until the companies^. et»h 
nomie difficulties the country have not yet started. 

has experienced recently. Be- ■ Double taxation treaties take charged 10 per cent os urremu- 
eause of falling oil revenues naany years to negotiate. Talks tances aoroai^-Tols is esoenvo 
the Government is being forced on the new Anglo-ILS. treaty, for from- June, last for combes 
to raise two film-' loans this instance, began in 1972 and it resident in foreign countrtw 
. . . , .. „ . year while banning some iii has stiti not been ratified. While without tax agreement wim 

m THE last few months Nigeria sSSi factors have contributed' Wgena and -from -April -1 for 

has introduced a series of - tax ^ that instancy the nine countries whose agree* 

-tier? is m guarantee either menK are being revokes, 
rl ltrv forej S a from foreign- companies i&hile of a smooth passage for new in practice this should not 

interests m ine country. adding further Yemenis of dis- treaties with Nigeria. affect shipping companies too 

There is still a great deal of couragement to. imports. This-.-.-. The same departmental in- badly because most of the trade 
confusion surrounding the view is -all die more likely be- atniction spelt out the intention is inwards and therefore most 
moves. It is not yet known to cause some of the changes- 'to impose what is effectively fees axe paid outside. Nigeria, 
what extent they are short-term appear not to be fully thought >a remittance tax on shipping Airline, companies— which sell 
manoeuvres dictated by balance through and could, if pursued and airline companies. The services in Nigeria bat whose 
of payments considerations or to their logical conclusion, lead instruction .said the relevant expenses are mainly incurred 
whether they are part of a Nigeria into . taxing some subsection of the 1961 Com- abroad— could be worse affets 
longer- terra strategy. foreign companies on a unitary pantos Income Tax Act was .ted. 

There are three key develop- b*** 3 -. woirid be the first de- _ *?ref>ealed forthwith." This sub- The areal problem wfll 

meats. Early in June the veiopmg -company to adopt this section had exempted shipping emerge when the Nigerian 

Government announced it was approach.-. . \niif? airline companies from authorities start to assess toe 

revoking its double taxation _ . - ■ Nigerian taxation. profit made in Nigeria By these 

agreements with nine of its fvCSSOIl t* Mr. Olorunkele said the sub- companies in order to tax them 

biggest trading partners, includ- ■ section, 26(l)g, had not been ^ the new 50 per oent r axe. 

ing Britain. At the same time The reason -the Nigerians repealed. But in effect the xhe usual mteraa&kmsJ practice- 

it emerged that foreign airline give for revoking the double contradiction is . irrelevant for adrianeend shipping Copl- 
and shipping companies would taxation treaties is that -fliey because the subsection only panies to be. taxed - by the 
no longer be exempt from tax. are inh erited from colonial applied where the -authorities ptvmt.ry .in which they " are 
As soon as the double taxation times. Mr. D. A. Olorunleke, “are satisfied that an equivalent resident — and most double 
agreements ran out next April director of the Federal. Inland exemption from tax is granted taxation treaties frttvc cl a uses 
they would be taxed at 10 per Revenue Department, said these to Nigerian companies.” With effect, 

cent on any money remitted agreements were signed long the Double- Taxation treaties 

from Nigeria. ago' and many .things had. de- repealed, the authorities will be T Tnaf-oi"V 

The remittances would be veloped since them. Trading able to argue that the equiva- i->UlL4ljr . 
held on account pending the relations had changed in both lent exempt ; on had not been if the Nigerians try to e stab- 
submission of returns showing size and form. so it was only gained, whether or not 26(1) g vhat ^ 

profits made in Nigeria, which proper that new arrangements is in force. their own country by these com- 

would be taxed at the normal should be made. . The reasoning is made clear they are likely to have 

corporation rate of 50 per cent Besides Britain, whose douMe in the instruction. “Tt will be ^ * 0 ^ 

The final development taxation agreement was signed observed that certain foreign whdi* tafcus « 

emerged shortly afterwards and in 1947, the countries affected airlines and shipping companies, or0jD ontik> n of woniAwiri^ 
concerned foreign construction are the U.S., Ghana. Sierra especially those resident in JJg* 0 * “ 
interests in Nigeria, one of the Leone, Gambia* New Zealand, developed countries, have in the 
biggest elements of inter- Sweden, Denmark and Norway, past enjoyed tax-free operations rr™“?r^ swa wwre 
national participation in the An internal Federal Revenue in this country under toe . . .. . 

country. These companies, departmental instruction gives reciprocal provisions while 

many of which had effectively the date of termination of the their Nigerian counterparts are isolate «he profit 

been paying little tax thanks to treaties as April 1 next year, not yet in a position, or may by totemafconai shipping 
capital allowances, would be Mr. Olorunlfeke said Nigeria not be able in the near future, “ Mrnae companies in 
taxed at a mintrnnm of 2.5 per would like replacement treaties to take advantage of similar "*5“- . 
cent of their turnover, hade- to be agreed. However, despite provisions in toe tax law of *7? r ? 08 atoo ® he f^rospect of 
dated to 1977/78. This move his wito, it looks as if there wDJ those countries. In the dreum- retaJaatBCHi. Foreign companies 
had been foreshadowed in last be tax confusion for companies stances, it is considered that the tax in Nigeria would' be 

year’s Budget speech. trading in or to Nigeria for a result achieved is not truly -likely to claim, it back from 

Some observers attribute considerable time because nego- reciprocal." their home tax authorities. 

These would then be tempted 
to recoup toe tax Josses by 
assessing Nigerian **o«nMuiitos 

*. . '« on a similar -basis. . 

The 2.5 -per cent of turnover 
" • mminuim taxation on construe- 

. tion companies follows a decree 

. . t.u™,, and processing delays, it seems all that goes with their choice." made last year. This was 

Notoneercan industry be seen inevitable that there will he No one . doubts Gjat the -thought to apply to andaviduais 
__ -^.Tfpn nr/SSe at a S(}me carry over to 1979, even Nigerian Government \ means a^d partnerships only, but it has 
of ^onomic U Government is able to what It says— earlier xSik year it emerged toafa* wail apply 

iSJSri^nSi This rauid heln cIaim ***** in 411 cases some announced That it was withdraw- across toe board, 
thir Government hack uo documentation has been pushed ing all state funds from Barclays There is an ambiguity in last 
industry in the face of un- ** ^ end of 1978 * Bank md sharply reducing its year’s decree, hut the authori- 

reasonable demands from ConsaderaWe coottovecsr sor- «patriate quota because of the ties have said that a new decree 
labour. rounds to£ workings of the bulk’s policy towards South has been approved making the 

Moreover, the rules for Sccuritoes and Exchange Corn- Africa- ■ farri? 0 11 ...! ' ^ to 

iudigenisatiou, setting limits on mission, toe Gwecnmeat body Nevertheless, there is a wide- 5^ r ‘5 ut - 

the shareholding held by any haanUing the teansfer of shares, spread belief that the Govern- be ^aokdated to 

individual Nigerian and As under toe 1972 exercise, ment -will wish to proceed fina ncial year. - 

d emanding that ten per cent companies cognplari ntoat toe cautiously and not .inflict arose 

of equity reserved for prices being set by; toe Com- punishment on Nigeria by its ^5 

company employees, means that mission, for their shawies are far actions, particularly with .the _. . applied to persons, 

the Nigerian stake is widely too tow. Prices/eanmngs ratios current turn-down in. the - e " on J 

scattered. The foreign com- are geneted* an toe 2 to 2.5 economy’s fortunes. .. t0 «ie 1961 

pany’s share remains con- range, aqd toere have been few All toe above factors mean that A( * 

solidated, leaving effective day cases where toey exceed 4. thkt, for toe. moment at least,’ includes. amnn?7th»r 

to day control in the hands of Companies argue -that toe Nigeria does not seem to be comMxdes. 

expatriate managers. formula used by toe Coemmis- attracting the amount of foreign snedfic section i n Sf 

What seems to have worried sk>n to reach a price — using investment to which its future emendati on aoSe Ss wS 

foreign investors particulariy is assets as a floor aod generally prospects should give it claim. itse if added tS P *h^A^ 

the timing of the latest opera- calculating toe price on toe Tbere ** e indications that many s^es that a “ oSon 

tion, store it comes so hard on baris of profits over toe past the potential new entrants S?a 
the heels of Nigeria s first gy e years — -ignores compaaties* who are looking at the market Several comtoietiim enm- 
ra dig ems a non moves. . rapidly changing They want 10 amortise their invest- nanies have 

Nigeria began iniigeniaation ^ent in a very Jew years. t beep T 1 ; oM 

to 1972, when a Government ^ used to^e mwe 0thers ^adopting a “wait and raiid^baek^^ ^TqtSe 

decree insisted that certain ^ ?ee” attitude, allowing the^ ' J 977 ™ 

categories of small, and rela- ^ 131 mdigenisation dust to settle. una ^ r . tne z - 5 .P^ r cent m 

tively simple types of business Tir . . looking for an upturn in th« Pto^^oos of last year. 

be totally Nigerian owned. This economy and waiting to measure . app ^ because 

gSf ?£« are^x^sfr 036 ,mpart » f * enew re r ™ £ accr “ “ 10 

also insisted that 40 per cent M.D. 

of the shares to certain sectors < *? es ’ *«os^s toe 

deemed to be of strategic im- shaDe sHrce aad. means that no 
Iportance be transferred to ef^ange to remitted 

Nigeri ans. • oaxik to toe parent company. 

There followed complaints Altodughittls empbasteed toat 
about implementation of the COananissioai to generally 
decree. Some Nigerians Amenable to arguments 
argued that toe ownership of <neiw share ag&u e s, toere to a fear 
shares in large companies had that toere wnM be adddtkmal 
been concentrated too greatly pressure *o do tods m view of 
among investors closest to Nigeria's rundown for 
Lagos, the financial centre. As e x chan g e reserves, 
regards the smaller, companies. However, against these cor- 
there were allegations that porate complaints should be set 
foreigners bad used the decree’s the argument that in many 
flexibility to evade it, or that cases the Commission . is fully 
only, a nominal change of justified In demanding the 
ownership had taken place-. issuing of new shares. There is 
As a result, the Goveriunent a tendency for companies to be 
set up a panel to investigate the less concerned about the main- 
progress of indigenisation, and tenance of their capital base 
when this reported in 1976, it than they would be in Europe 
came up with some radical new and in some instancy corporate 
suggestions. gearing has left a tot to be 

Although the panel's sugges- desired, 
tions were significantly toned Whatever one’s views of how 
down by the Government, a well indigenisation is being 
decree was brought in at the mplemeiited, the fact that the 
start of last year which meant latest share transfer exercse 
a major extension of indigenisa- has come only five years after 
tion. the first has meant investor 

This created a new 60 per cent uncertainty, a fear that more 
schedule for the - minimum could follow. 

Nigerian equity stake, in addi- Another factor which conld 
tion to the e xisting 40 per cent make companies hesitate before 
and 100 per cent categories, entering Nigeria is the Govern- 
Many sectors which had to be ment’s strong new line on 
40 per. cent Nigerian owned investment In South Africa, 
under the 1972 decree were - At an anti-apartheid confer- 
transferred to the - 60 per cent ence in Lagos last year. General 
category. Other foreign com- Obasanjo announced that M we 
panies had to increase their are mounting a surveillance on 
local shareholding from nil to all those enterprises who 
40 per cent depend on our raw mbateriajs 

The whole operation is meant and markets but continue to 
to he completed by the end of help our enemies. Such enter- 
this year, but given the large prise must decide now to choose 
number , of companies Involved between us and. our enemies and 

under the 2.5 per cent minimum 


- — — — — "e ..vv. wO is i 

be announced shortly anyway. 



s =.»sgsSss±! : ' 

- over yourcaiga Because we*are. 

Call us arid see how we work Focyou, 


Tefc Sun bury 85599 Telex; 8811 24S flMLAIRt -• 
International offices; Dubai, 

Amsterdam, Hons Kong, ; v. ... _ 


-. m 

. ' n 

- -S* 



C. ttf 

- ;Wtii 




• x -‘4=eni 

V ■- 


-Financial Times Wednesday August 30 M78 




Banks feel the squeeze 

Ind igenlsatlon— the enforced sale of forelgn-owned shares to 
Nigerians — -has m eant some significant changes in the country’s 
financial institutions In recent years. The banks, described 
below, are now at least 60 per cent locally owned, as must be the 
insnrance sector, described on page ^ The sale of shares 
has also meant a greatly Increased workload for the stock 
exchange (page XU). However, financial institutions are now 
feeling the effects of the Government’s liquidity squeeze «id the 
Government itself, 'short of funds, is borrowing on the ■ 
Euromarket, a development outlined on page * X . 

NIGERIAN BANKS are inevit- heavy buying of Treasury bills 
ably feeling the squeeze which and certificates, mainly by the 
the Government is applying to commercial banks. These sales 
the economy in order to cut increased the asset base' of the 
. excess liquidity and reduce banking system. 

inflation. They are also under In the 1978 budget further 
. pressure to step up their pene- restrictions were .Imposed on 
tration of the rural areas -and lending in an attempt to curb 
lend more money to fanners, inflation. There were- min or 
But, apart from Barclays, which adjustments to the -sub-sectoral 
ran into trouble with the lending guidelines, but the 
Government because of its in- main restraint was that bank 
volvement in South Africa, lending was only allowed to 
there have been fewer up- increase by 30 per cent: with 
heavais of the kind that took the targets having to be met 
place in 1976 and early 1977.' each month. Host of the com- 
There are 19 commercial merciaJ banks have already 
banks in Nigeria, the newest achieved this target and . as a 
being Society Generate Nigeria, result are having great -diffi- 
The leading banks in terms of culty in providing finance for 
deposits all have overseas new investment or giving'.- corn- 
shareholdings — Standard, Bar- mitmente to proposed new Joint 
days and United Bank .. for ventures. - The Central Bank 
Africa (UBA) — and between has mandatory penalties for 
them have more than half The banks which fail to meet the 
450-odd branches jn the targets of the sub-sector guide- 
country. There are 31 wholly lines or increase their lending 
indigenous banks. . such as by more than 30 per cent.' Two 
African Continental Bank. Pan banks were penalised, during 
African Bank, New Nigerian the previous financial year for 
Bank and National Bank, which exceeding the (then) limit of 
are mainly owned by state 40 per cent 
governments. The banks have shown steady 

• growth in assets in the last five 

T nfdllv years. From a level of NL4bn 

in 1972 assets rose to N6.4bn in 
Then there are the five mer- 1976 - The relative share of 
chant banks, two of them pre- wter-bank balances in assets 
dominantly locally owned— continued to increase, indi- 
Investment Company of Nigeria eating the widespread use of 
(Icon) and Nigerian Accept- che Ques and the growth of the 
ances. The others are Chase SP^ng habit in the country. 
Merchant Bank, International This has enabled the monetary 
Merchant Bank Nigeria (which authorities to exercise a greater 
was formerly called First of control on the growth 

National Bank nf Chicago of the money supply. The size 
before the Government su'd- of commercial bank credit in- 
denly took a 60 per cent stake ^ t0 

in the foreign-nwned merchant I 'p i9b . n Jn 19,6 because of mas- 
banks) and Nigeria Merchant s l ve investment in real estate 
Bank (formerly UDT). development, offshore oilfields 

Finally (here are the federal a f n ? conslmlion. By the end of 
government - ownod banks l 9 ' 9 l °tal loans and 

which provide mainly long-term advances granted by all the 
finance: the Nigerian Industrial commercial banks in Nigeria 
Development Bank (NIDB). the amounted to N2.65Bn, with 
Nigerian Bank for Commerce deposit liabilities of N4.79bn. 
and Industry and the Nigerian The • government controls 
Agricultural' Bank. These insfi- imports by restricting the banks 
tutions also contribute to the in their processing of exchange 
equity capital of a large number control documentation. Before 
of mmpanies. 1976 changes were always 

The Government has always announced in the budget but 
felt some dissatisfaction at the since then changes have been 
inevitable trend of the banks announced at other times, in- 
towards concentrating on trade eluding three sets of regulations 
finance and personal loans which covering the imports of capital 
have been so profitable recently, plant, machinery and equipment 
at the expense of lending to in excess of N50.000. On March 
the productive sectors of the 1 4 this year the Government| 
economy. And as in other banned the issuing of letters of 
African slates the Government credit — a move which caught] 
has been depressed at the ten- the' commercial world com- 
dcncy of banking to be concen- pletely by surprise. The ban 
tinted in urban areas and for was lifted on April 5. following 
bankers to ignore the agricul- the budget. Because the budget 
tural sector. - - required the banks to obtain a 

All this was borne out in last compulsory 100 per cent deposit 
year’s report on the financial f rom an importer wishing to 
system by a committee under establish a letter of credit 
Dr. Pius Ofiikbo. As a result there was further delay 
of it the Cenrral Bank intro- tetters of credit being issued 
dured the rural development while the operation of the new 
policy with the aim of spreading W71s clarified. The 

banking more deeply into the deposit has to be lodged -with 
niral areas. Though the banks the central Bah k. but the regu- 
had increased the number or jg^-^ does not cover capital 
their branches by nearly 4a per g 00t j Si raw materials, media* 
cent between 1971 and ments -md selected food Items, 

fewer than 10 per cent of the 
new branches were in rural vv 
areas. Under the new policy JLlrOD 
the banks wen? required to t r . 

open a total of 1S4 new branches As a result there is likely to 

in rural areas, and to open a be a big drop in the number of | 
rural branch -every time. they letters of credit and the 
opened a branch in a town. result may be 1 that Nigerian 

As a further : measure to importers will seek more over-l 
encourage lending to farmers seas finance, probably by way i 
the -government ibis year intro- of ECGD-type supplier or buyer 
duced a - III 00m -Agricultural credits rather tban through cqn- 
Credit Guarantee Scheme, by firming houses. And if the pre-j 
which the- banks receive a sent level of imports does notj 
guarantee" for 75 per cent of drop as a result there- will 
their advances to : agriculture probably be even more stringent! 
up to' a maximum tif. Nlm. measured. : 

The banks are expected to lend . The budget brought a revised 
6 per cent , of their total Interest Tate structure, which 
advances to the agricultural had long been expected, and the| 
sector' though this is. a target imposition nf a new tax on the| 
which has been missed by wide banking sector, so bank profit-] 
margins in the past. .-The ability is likely to decrease. If 
banks have argued .-.that the inflation continues .at anything, 
difficulty of- lending to agricul- like its present rate the public] 
ture is more the result of sector is likely to curb spending 
illiteracy and the drift to the further and a curb , on .excess] 
towns than deficiencies in their liquidity would be reflected in 
policies. .' Central’ Bank policy. 

-In general the most commim in July. 1976, pre-empting the 
source of. finance in Nigeria is. Plug okigbo inquiry, the govern-} 
the bank overdraft. In“ rerent meni. announced that all banks] 
years' company ^ profits have, were to be 80 per cent Nigerian-, 
been .high, but, because of high owned within three . months 
costs' and. the need to expand, and that the stake which would 
most companies have . become have to be sold to Achieve 

more dependent on the . : banks this -.would be held by the 

far shortrenn money.' Government For the com- 

in the past two years public merciai banks with foreign 
sector borrowing from the. stakes this meant selling to the 
banks has been increasing, and Government only a small per- 
ihis has resulted in inflationary rentage of their equity. -since 
pressure oh the economy- they were already 40 par cent 
Earlier this year , there was’ Government-owned, and had sold 

a further 8-9 per cent to the 
Nigerian public. New Govern- 
ment directors joined the 
boards to take a more active 
role in running and developing 

For the predominantly 
foreign owned merchant banks 
the Government decision came 
as an unwelcome shock, since 
they had come to Nigeria on the 
understanding that they could 
in due course establish a record 
on which to issue a prospectus 
and sell shares to the Nigerian 
public. Citibank pulled out 
altogether and two other banks 
exercised their right to change 
their name. 

The merchant banks have had 
difficulty conforming to the role : 
the Government envisages for 
them, and were jolted in 1976 
when the Government briefly 
removed their authority to deal 
in- foreign exchange (they were 
issuing letters of credit- with 
rather greater efficiency than the 
commercial hanks). The Govern- 
ment would like them, to fill the 
gap between the commercial 
banks and the state-owned 
development banks by making 
medium-term loans, putting to- 
gether loan packages and leas- 

ing. In practice these require- 
ments have proved difficult to 
meet and the merchant banks’ 
contribution to total lending in 
Nigeria can only be small 
because of their relatively small 
asset base. However, they are 
now becoming more involved in 
medium-term lending, and are 
finding a role in money manage- 
ment services and distributing 
market debt, while two of them. 
Nigerian Acceptances and Icon, 
have the right to handle share 
issues of the Nigerian stock 
exchange, which has given them 
much business with the current 
indigenisation programme. 


Meanwhile Barclays Bank 
Nigeria has suffered problems of 
its own. The Government reacted 
sharply, to a statement by the 
chairman of Barclays in the UK 
(which owns 40 per cent of 
Barclays Bank Nigeria) in which 
he defended Barclays’ involve- 
ment in South Africa on ’the 
grounds that to pull out would 
not be to the benefit of the black 
majority there. The Nigerian 
Government ordered all public 
sector agencies to withdraw their 
funds from Barclays Bank 

Nigeria and told it to cut its 
expatriate staff of 30 by a third. 

The surplus expatriate staff 
have now left Nigeria. The 
Government has closed those of 
its accounts which were in 
credit but left those with debit 
balances. Inevitably the opera- 
tions of the bank have been 
affected by these two moves and 
Barclays is still negotiating with 
the Government over the future 
of their relationship. The 
Government, of course, holds 
nearly 52 per cent of the bank's 

The South African issue has 
also caused a slight flurry over 
the - ownership of Nigerian 
Acceptances. The British bank 
Hill Samuel owns 16 per cent 
and provides management ser- 
vices. At the time of its annual 
general meeting in London in 
July its involvement in South 
Africa was highlighted and then 
taken up by the Nigerian Press. 
As a result Nigerian Stock- 
brokers made an offer for Hill 
Samuel’s stake, which the com- 
pany says it is considering. Un- 
like the case of Barclays, the 
federal Government is not in- 


Head Office: 

9, Nnamdi Azikiwe Street; 

P.O. Box 3687. Lagos 
Cables & Telegrams: UNI LIFE 
Telephone: 24498, 24499, 21599 
27262 & 55499, 

Branches and Agencies throughout Nigeria. 

\vb offer ALL classes of insurance — Fire — 
Burglary — Motor Goods in transit. Personal Accident, 
Lite Assurance & Pension Schemes, Householder’s 
Comprehensive, Public Liability, Workmen's 
_ _ Compenratfon/E rip lovers liability. Businessman's 

it ''Combined. Cash in transit. Marine — Aviation. Contractors 
** >1 All Risks, Professional Indemnity, Fidelity Guarantees, 
Engineering, Products Liability, Bomb. 

insure with ▲ 












. V 

Creative Engineering 
dedicated to the nations 

N1FECO is the Success Story of an 
indigenous Engineering Organization 


Bovis Jbuild here 

#’ Tdtphone: 01-422 348ft 


6 Mir : cd 


Development House iSfh Floor), 21, Wharf Road, A papa, Lagos, Nigeria. 

K O. Box 645, Apapa. Phone; 42852. Cables: NIFECHOUSE, Lagos. Telex: 2120Y 



TEL: 01-283 6491/2/3 TELEX: 886191 CAYSTEEL LND. 

From loth September 1978 removing to neic suite . 


(Telephone /Telex unchanged) 


Specialists in 
Insurance Cover 

Trade with Nigeria 

In close association with the Lacos office 



for oil dosses of 








Bookshop House 

p. IN/I. B. 1S7G6 
Lagos Nigeria 

Financial Times Wednesday August 30 1978 



insurance industry within the business is conducted in accor- eyery - 

country will continue to grow, dance with sound insurance comply with. It is we 
A conservative estimate of the principles: that Se iSSsOT and 'h« . . a 

anticipated premium income in companies are ahftut onoo 

1980 is approximately -WOOra, competent and 
The _ Nigerian insurance officials, are run fairly and effi : drawn from aj the insxt&n 
MODERN INSURANCE busi- market recognises and accepts ciently and are adequately organisations within we 
ness was introduced into the international nature of tbeh capitalised. The few State- There is no doubt that .the. 
Nigeria by the early British business of insurance and re- owned insurance companies insurance industry in Nigeria 
merchants who had established insurance. Practically every such as the NRC and NICON bas a great future. At. present 
trading .posts on the West Coast -insurance company, in the are primarily concerned with j t is the biggest market in 
of Africa. The first insurance market has some form 1 of Inter- ensuring that Government Africa and with the present 
company to have a full, branch national connection with a lead- policy in the field of insurance growth rate of about 20 percent 
office in Nigeria was the Royal ing International reinsurer is adhered to and that insur- pgr annum it is anticipated that 
Exchange Assurance which based either, in the London iance operational - standards j n the next 10 years the 
opened its first office in Lagos market or in Europe or within the market are premium income- of the market 
in 1921. For almost 30 years America. Furthermore,. with the reasonably high- The State- should be well over NIbn. 
this company dominated prac- development of. regional e* owned insurance companies one of the greatest problems 
tically all the insurance busi- operation in the field of insur- operate in a free and open of the at present is an 

ness in Nigeria until three ance an d reinsurance,, a lot of competition with the privately- acu ^ e shortage of trained 

personnel. In order to be able 
to cope with the challenges of 


I other British owned insurance . 

I companies joined the scene in f®? 1011 " 
1949. *»■>“ * * insurers 

is exchanged 
basis with 

oii a. owned companies, 

deoce M S Legislation 

25 insurance companies operat- ot ^ All classes of 

the future, insurance managers 
must-do everything possible to 
insurance increase the training tempo 

ing ia the country, and most of business are transacted within both on the job andjn institu. 

them were 
Between 1960 

foreignKiwned. rati(m (NBC) ^ 

t . . the* Nigerian Insurance market tions of higher learning. _At 

and 1975 the The main legislation under present three of the Nigerian 

number of insurance companies insurance corporation operating which the business of insurance universities are offering 

had increased. to almost ST wlthin the "£2 and 

„ .. . . _ r™ 11 . ™ LYjgenan marnet. e xn surance Decree 1976 ance and allied subjects and 

Until independence there NBC ■ the lading insurance ™ ™ Nige ria Reinsurance many Nigerian students are still 

were virtually no wholly institution in the country and JL Decree No. 49 of studying for the diploma 

indigenous insurance com- » owned b J r ^ e e n ^ ed *^ | ^* r ^ S?T Ministerial responsibility examinations of the Chartered 

pames in the country. Before ment of J* f0T t he control of insurance in Insurance Institute in London, 

the incorporation of the first operates on a commercial basis NJ = is exercised by the Both the Insurance Institute of 

set of indigenous insurance Minted If Trade Nigeria and the West African 

companies, insurance business connecuons a .U which has an Insurance Division insurance Consultative Associa- 

in the country had been under- ov r . . ,_ t ■ under the direction of an official tion are playing an active part 

written by offices which were na l? ona , ° ° iSE known as the Director of !nsur- in the promotion of insurance 

primarily branch offices of % “ Lm SS This Ministry has an education. 

European Insurance companies f Jf, u • £gued by every In ®P ec * orale D!vis,on wb !^,. ls With the setting up of the 
with their headquarters based reBiat JSi insurer within t£ charged with the responsibility new i y f orme d West African 

in Europe. market In terms of premium of ensuri “ g ** the Provisions Insuran ce Institute, supported 

income, which at pi^iTS* th 1 e J anou /J^™“^ contr ° l by the West African govern- 
fndiwnniK estimated at approximately regulations are observed. ments, WAICA and UNCTAD 

uiuigwuuuj N50m. it is about the largest- There are a number of educa- to be based m Monrovia. 

With independence and the reinsurance institution in Africa tional and professional associa- Liberia, it is hoped that , some 

consequent economic involve- with a capital of NlOm. -tions in the market The leading solution will be found to the 

ment of Nigerians in ail Tbe Nigerian insurance educational and professional acute shortage of personnel for 

aspects of the nation's economic market is an open nne and body for the insurance industry the insurance industry both in 

life, there emerged a few competition is free and reason- in Nigeria is the Insurance Nigeria and the other regions 

indigenous insurance com- ahly fair. Government inter- Institute of Nigeria which was of West Africa, 

panies. Between 1960 and 1975 vention has been more or less founded in 1959. The institute ¥ O I 

a large number of indigenous limitcd to ensuring that has a code of conduct which ' 

Nigerian Insurance companies 


' v *La 

commenced operations and 
these companies now under- 
write a substantial -volume of 
the total insurance business in 
the country. At present, the 
leading indigenous direct insur- 
ance company, in. .the' country, 
is the National InsuranM Con-, 
poration of Nigeria (NICON) 
which -is fully owned by the 
Federal Government of Nigeria 
and underwrites at least 20 per 
cent of the total insurance 
business in the country. 

There are now about 66 
registered insurance companies : 
in Nigeria, the number having 
been considerably' reduced at 

Borrowing $2 bn 


. - 


foreign earning capacity, a new one bank.. Hie size of Nigeria's 
name with oil revenues was a borrowing programme has 
magnet to attract all eyes. meant that a maximum number 
The other side of the picture of banks have had to be involved 
has been the morass of adminis- from the start, 
trative,- legal and other compli- The big problem of the new 
the beginning of 1977 when flie FOR “ANY international cations which the banks Si bn loan has been competing 
S^uranM Decree 1976 «me bankers, involvement in the two involved in the loans have, had commitments by . potential 

projects have been 
tendered for or contracted far 

in" I S WK f"bn »idi rr Euromarket “ „ £ J 

passed by the Federal Govern- Jj a “ S ral5 ^ d this^yeS has been seemed to concentrate all the tendered fc 
ment of Nigeria with a view to akiQ J traveL The Problems that bankers had ever in Nigeria by companies 

activities o* country is large, with a big had with “V other * hl * le Ioan - around the world. In the case 
so-called mushroom insurance _ Q Ula ^ on - it has tremendous 0nce one P^blem had been of tenders, several companies 
companies and was ahn* aimed JofenSal for diversified growth s* 1 ™* another would emerge, might be tendering for. the 
at ensuring a high standard of add ambitfoas programmes. On Even ** raana 8 ers o£ two same contract However, in line 
insurance practice within the ^ ot b er band is it relatively to an s have often not known with Nigeria's new policy of 
market unsophisticated in international was going to happen next borrowing the money for its 

The Nigerian insurance finance and trade and it is a The public relations effect on capital imports, each company 
market is the largest in Black first time borrower. Such a tte intentional banking com- tendering might have arranged 
Africa and has recorded the combination has not been seen munity * n general was disas- back-up credit commitments 
highest growth rate. For for the best part of a decade, p wiG 1 its commercial banks, 

example, in 1967 the total , ho n , , . ^he managers ended up with Because of these, many banks 

premium income of all the JS ** T ast bu i k of ^ first loan refused to come into the new 

launched last summer, all unsoJd on their owo books and $lbn loan. 

.- -. j .. 

■ .-sr 


f r ar C afit u "when they had discovered 

had risen lo Wffn, and in 1972 ^ praMmid m “™ Dd - .. .. ^ dimensions of the problem. 

to about N55ra. Although . no VroTn Ten years ago many of the the six loan managers flew 

official figures have yet been 22 LI! thl SilltS problems of Nigeria would have down to Lagos 

released as to the gross Wh fpom | a74 hnreeonin«> nil ~JTL — r** “**'*-“? “ vuwua iu uie. I'ugermii 

premium income of the market it total! of ^ Jar ser borrowing coun- Ministry of Finance and the 

in the past two years, it is “ a< S trie ®' But 10 ^ “^time Central Bank, 

estimated that the gross other Iarge borrowers. The result of this : meeting 

premium income of. the market t0 pay llke G 1 ® banks, have become was a Telex sent out From the 

in 1978 would be approximately 0350 tor imports ‘ accustomed to greater adminis- office of the permanent secre- 

N250m. The emergence of a current, trative smoothness. tary of the Nigerian Ministrv 

With the population approach- account deficit In the past Such first time unsophsticated of Finance to a Large number 
ing SOm, this is still a small couple of years has led it to .countries as have tapped the of international banks' on 
figure but the indications are change this policy. At a time international banks for medium- August 3. 
that as people become more when banks were already term loans recently have been The text of this Telex makes 
insurance-conscious, the volume heavily committed to other small and in general handled by it clear that at the time it gave 
of business generated by the large countries with substantial CONTINUED ON NEXT PAGE 

agencies like the World Bank. 6 bee n duplicated among a dozen make proposals tci^ thejJigerian 








Financial Times Wednesday August 30 1978 


u nip 

* t- 

! A) 




Berger Paints Nigeria Limited 

An Associate of the Berger, Jenson & Nicholson Limited. 
Group of Companies. 

Nigeria's Premier Paint manufacturer 

nation-wide distribution... two production plants and 
coatings for every purpose. 



THE RUSH of companies seek- 
ing public quotation in order 
to comply with the Nigerian 
Enterprise Promotion Decree 
has put immense pressure on 
the Nigerian stock exchange. 
From being a slow, moving 
market dealing largely in Gov* 
eminent stock, it is having to 
adapt very quickly to its new 
role as the focal point for trad- 
ing in millions of shares. At 
present 45 companies are quoted 
on the exchange, but by the end 
of '.this phase of indigenisation. 
another 105 odd companies will 
be-added to the official list. .In 
all, 150m-20On» shares will be 
sold publicly, and although the 
Nigerian Securities . Exchange 
Commission (NSEC) has yet to 
fix price and conditions for 
some- issues, the total value is 
estimated conservatively at be- 
tween N80m and NlQOm. 

The first indigenisation de- 
cree was criticised by the 
Nigerian Press for not encour- 
aging enough companies to seek 
public, . quotation. Of the .950 
enterprises affected by the 1972 
decree only 22. went to. the 
market The major objection 
was said to be the companies* 
reluctance to pass through the 
Capital Issues Commission (now 
NSEC), which was accused both 
of fixing artificially low share 
prices and of subjecting com- 
panies to too much public 
scrutiny. In addition, the cost of 
raising finance in the market 
could be very high — in the 
case of Boots, for example, the 
cost reached 25 per cent of the 
gross proceeds from the sale 
of shares. 

But under the 1977 decree 
the larger companies are 
obliged to pass through the ex- 
change. One of the main rea- 
sons fpr that is to give the small 
investor a chance to buy shares. 
So that institutional buyers do 
not squeeze out the small In- 
vestor, the decree also put a 
limit on the maximum holding 
of an individual in any, public 
company tq 5 per cent of the 
equity or N50.000, whichever 
is the greater. As a direct, re- 
sult. there arc already' between 
500.000 and Im shareholders 
with only N200 to N300 worth 
of stock. The^ result for the com- 
panies has been a shareholders’ 
lisr containing as many as 
70.000-100,000 names. 


Considering the size of the 
task facing the exchange, many 
people feel it has done well 
to cope. It has begun a major 
expansion programme with the 
opening of the first of two 
branch- exchanges at Kaduna on 
July SI this year, and the 
second branch exchange at Port 
Harcourt should open later this 
year. The Lagos exchange itself 

is moving from its •• present the small investor in the market 
cramped first-floor premises to It is also felt that an un- 
more spacious temporary accom- developed free-moving market 

modatioh in N3DB House until would be at the mercy of a 
the new Stock Exchange House more sophisticated operator, 
is completed by the end of- 1979. and until the Nigerian market 
But although the expansion has more of a track record in 
has been . impressive, many dealing with equities it Is not 
problems remain. No one seems advisable to allow share prices 
to believe, for instance, , that to float freely. Businessmen add 
the market can possibly absorb that if the prices did move 
the full 100. new issues' by the freely they might put the 
end of this year. Organisation- original prices set by the NSEC 
ally, the system is already under in a bad light 
great strain. Shareholders com- The restrictions are one of 
plain that they wait weeks. even the mm** reasons £ot the fork 
months for their share -certifi- of any significant secondary 
cates, or, if they fail -to get an market. Compared with the new 
allocation, for their- money back, issues market, secondary 

The exchange blames "the trading is very light. A recent 
registrar for some of thp delay, weekly report in Nigeria's Busi- 
adding that the postal network ness Times was headlined “Dufl 
- is slow and the printers fail to week on the. stock market ” and 
produce the certificates on time, went on to say there had been 
The printers in turn blame. the 27 full transactions, six in long 
power cuts. • ■ ■ * dated Government stock and 

On lop of that, the exchange’s the rest in small amounts of 
.insistence that -every- signature equities. "While share prices, are 
is verified to prevent multiple pegged there is no incentive to 
applications (far more common trade, but there are other 
since the new maximum limit reasons f n T sharchnirigrg hanging 
was introduced) makes delivery on to their investments, 
time anything from .three weeks 
to six months. The exchange's Rpcfroinf 
management is making? every AirailflHH 
effort to speed up delivery time Before the introduction of 
but is hampered by having to dividend restraint in July 1976, 
do everything manually and- by dividends were sometimes so 
the common problem of. not high that it .was possible to 
having enough trained staff. recover the cost of the share 
But there is equally no doubt with the first dividend. Since 
among bankers that the market then, some companies have had 
would be incapa&le of absorbing to increase their capital base so 
the new issues financially. The that payouts are lower, but 
exchange has prepared for that shareholders still show little 
by setting up an emergency sign of parting with their 
warehousing system for shares shares. The main reason is that 
which have to be floated after there is little alternative form 
the December deadline. It is of investment The first share 
felt that the restriction on the issues for the 1972 indigenisa- 
nusnber of shares institutions tion decree and what issues 
may buy will have to he lifted there have been given have ail 
in order to take up the full been oversubscribed by an 
volume of share issues, although average of two to three times, 
there are also hopes that the Businessmen add that’because 
branch pvfhatig pg will attract they beJdere the shares are sold 
new investors. The exchange in at such, an advantageous price 
Kaduna, especially, is expected to the buyer an the first place 
to spread awareness of the the investment is secure, 
market and open up some of The introduction of dividend 
the very large amounts of funds restraint did do something to 
thought to be in private hands stimulate the secondary market 
in the north. The maximum dividend was 

Once the hectic period of .new 16,5 per cent not of paid up 
issues is over, it is genorally capital which was raised in 
believed "that the - Government the -last ’ budget to - '20 per 
will begin to relax some of the cent net This made it more 
restrictions on the exchange to difficult to service bank loans 
make it an effective part of the winch had been raised to buy 
capital market Until now it has shares, and some investors had 
been strictly regulated, with to cash- in. their shares to pay 
such a tight rein being kept on back the loans. Tbe restraints 
share prices that the exchange also left some companies with 
has earned Itself a reputation large surpluses of cash, which 
for meddling in the affairs of some of them capitalised by 
quoted companies. Prices are making scrip issues which the 
not allowed to fluctuate more shareholders then sold to make 
than one or two kobos (100 up for lost dividends. The large 
kobns = L naira) at a time during new issues later thas year 
the day's trading and no deal- should also stimulate wm* 
ing in shares is allowed outside secondary trading, 
tbe exchange. ■ _ But as the extra equity soaks 

. Control of share prices is up more and more of tbe avail- 
justified, say officials, to pre- able liquidity, experts believe 
vent violent fluctuations which the least popular form of invest- 
might destroy the confidence of meat will be Government stock. 


To encourage more dealings in 
gilt-edged securities the prac- 
tice of trading . .all the stock 
back to the central bank at par 
no matter when it matured has 
now ended. Institutional buyers 
are committed to buying some 
Government stock, and the com- 
mercial banks use it as 
secondary reserves, but o 25 
year long-dated stock with a 
coupon rate of 7 per cent looks 
far less attractive than an 
equity which pays even 9 per 
cent net. 

Government stock has been 
the traditional backbone of the 
market The first Nigerian 
development loan was floated in 
1959, and new stock has been 
issued every year, underwritten 
60 per cent by the central bank. 
This year’s N400an loan will as 
always be used to finance 
development projects in the 
states, none of the loan going 
to the federal Government. 

. 'What will increase competi- 
tion for funds even more is the 
announcement by Bend el State 
this. month that it was floating 
the first state stock to, raise 
N20m for housing projects. Tbe 
Federal Government has given 
the go ahead for states to raise 
their own finance in ' the 
market -but it refused to under- 
write any of the issues. The 
loans have to. be related to 
specific projects and it is 
generally felt that if the 
Bendei initiative proves suc- 
cessful, other states will faUow. 

The . slow rate at which the 
Stock Exchange has developed 
has made it difficult to gauge 
just how much the market can 
absorb. The first official list was 
published in 1961, the year the 
Stock Exchange Act was passed, 
and showed six government 

stocks from three to 24 years 
maturity and coupon rates of 5-6 
per cent, one preference share 
and three equities (John Holt 
Nigerian Cement and Nigerian 
Tobacco). Turnover in that first 
year was N4.1m in Government 
stock and N250.000 hi equities. 
By 1971 turnover in Govern- 
ment stock was N26.7m and in 
equities N1.3m, while the 
number of deals had risen very 

Few companies have come to 
the market voluntarily to raise 
finance. Some sold a small per- 
centage of what was already 
relatively small equity base 
through the exchange, but on 
tbe whole the market stagnated 
until the first indigenisation 
decree of 1972. After the decree, 
some companies did go to the 
market for funds because the 
rate . of expansion in the 
Nigerian economy led in some 
cases to a very high gearing and 
undercapitalisation. Those com- 
panies which have gone to the 
.market for financing expansion 
have found a marked en- 
thusiasm for debenture stocks 
and other fixed interest 

Beyond the problems of tbe 
present, the Nigerian stock ex- 
change has ambitious plans for 
the future once it has had a 
chance to develop at home. 
Officials at the exchange speak 
of an Ecov/as exchange to pro- 
mote the free flow of capital 
between the member states of 
the embryonic West African 
Economic Community. Already 
Ghana has set up a mini- 
exchange with help from the 
Nigerians, and Ivory Coast has 
also shown considerable interest 
in. setting up an exchange. 

• M.W. 

f Automotive finishes, marine protective coatings, 

\ structural steel protection; wood preservatives; 

/ furniture lacquers; industrial finishes for production- 
N line processes; trade decorative paints; d.i.y paints; 

J putty; contracting division for road and airport J 
3 marking; oil industry coatings; oil-rig and oil J 
f production unit anti-corrosive coating; concrete f 
protectrves; textured coatings; sealants shoe and f 
leather finishes; architectural finishes; fungicidal / 
treatments; truck and lorry finishes; J 

specification service for architects 
and engineers, / 

Berger -the Paint makers 

Factory/sales Office: Oba Akran Avenue, P/M.B. 1052, Ikeja 

Tel:31521, 31522 and 32312. 

Branch (Factory /Sales 70 Trans Amadi Estate, P.O. Box 681, 
office) Port Harcourt. Tel: 21967- 



the. six banks a mandate to 
arrange the loan on July 7, the 
Ministry of Finance had under- 
taken not to raise further sums 
on the Eurocurrency floating 
rate market this year. 

The Telex sets out very well 
the predicament in w’hich the 
management group found Itself. 
Tt also makes clear the 
Government’s decision to 
centralise all external financing 
(other than export credits. 
World Bank loans, etc.) into 
Central Government borrowings 
whence funds wnuW go down- 
stream to finance particular 

'* We should Tike ■ to 
stress that we attach much 
value to seeing the $lbn 
loan well placed and accepted 
’ by the market in view 
of the important role such a 
loan plays in the financing of 
Nigeria's capital budget and 
consequently in the financing of 
your customers* projects. For 
projects attracting the export- 
ing country’s government credit 
facilities i.e. (fiximbank. 
Coface. Hermes, ECGD. Ex i m - 
bank of Japan etc.) shortfalls 
in funding will be met from 
internal resources or by addi- 
tional generally syndicated 
Eurocurrency borrowings, float- 
ing rate notes, and fixed rate 
instruments. We have no in- 
tention of financing these pro- 
jects through any other form of 
bank borrowing, such as pro- 
ject-related commercial bank 

“It Is necessary .to ~ye-' 
emphasise that the Federal 
Ministry of Finance is solely 
responsible for negotiating and 
concluding any agreement for 
external borrowings or guaran- 
tees for all public sector bor- 
rowings by both Federal and 

State governments and their 
agencies. - In the case of state 
governments, it is necessary to 
joint out that their external 
borrowings are limited only to 
export credits and project loans 
procured on their behalf by the 
Federal Government . from the 
World Bank or regional de- 
velopment banking institutions 
such as the African Develop- 
ment Bank. 

“ Consequent upon • the fore- 
going clarification, the Federal 
Ministry of Finance hereby 
calls upon all those banks who 
have made financial commit- 
ments to Ministries or Govern" 
meat agencies with a view to 
financing any of the projects 
enumerated above to transfer 
such' amounts to the TJ.S.^Ibn 
syndicated loan presently being 
arranged." . 

For the managing banks, this 
was. not' the end of the road 
by any means since bankers 
might well feel that their com- 
mitment was not to the Nigerian 
Ministry of Finance but to their 
corporate ■ customers. They 
needed to be formally released 
from these commitments by the 
companies whose tenders they 
had made commitments to ^sup- 
port. Even if the companies 
were in principle prepared to 
take the Nigerian Finance 
Ministry’s Telex at its face value 
(and it seems that some fear 
that there might be a change 
of heart) they might fear that 
if they released their own banks 
while their competitors in a 
lender did not release theirs. 

- then they might still find them- 
selves at a disadvatage in 

Even last week, three weeks 
after, the Nigerian Telex had 
been dispatched across the 
wires, some bankers were still 
arguing that. their bands were 

BOVIS J build here 

“Telephone: 01-422 34 *$ 

tied; by commitments to com- 
panies tendering or already in 
receipt of contracts. It seemed, 
however, that several major 
companies had responded 
to the Telex and taken positive 
steps, to free their bankers. 

Nigeria’s external debt and its 
borrowing requirements are the 
least of its external financing 
problems. Since it had borrowed 
only sparingly even from the 
multilateral agencies until this 
year, - and since it has tittle 
short-term debt (even owed by 
the private sector) its borrow- 
ing consists mainly of what it 
has built up since the beginning 
of this year. 

Even after allowing for both 
Slbnloaas, the cost of servicing 
the . public sector’s . funded 
external debt will peak in 1982 
at 4£ per cent of 1977 exports 
of goods and services. 

By the standards of any other 
significant borrower, Nigeria 
has a tiny foreign debt. 

The Nigerians had last year 
Intended to raise $2.5bn in pro- 
ject-related borrowings and sup- 
pliers’ credits between late 1977 
and- early 1980. At the same 
time $lbn worth of borrowing 
was scheduled from the World 
Bank 1- and other multilateral 
agencies in the fiscal years 
April. 1978-March. 1980. 

Under -the new projections, 
detailed planning is set out only 
up -until March, 1979, but it is 
indicative that suppliers’ reedits 
and project related bank loans 
have been completely omitted 
from • the list of projected 
borrowings: nearly half the 
scheduled 52-2.5bn worth of 
borrowing during the current 
fiscal year is taken np by the 
proposed Slbn syndicated Euro- 
loan. The schedule also includes 
9600m official export credits, 
6200m from the World Bank 
and; European Investment Bank 
and $140m in bilateral loans 
from Hungary. Poland and 

The final and most contro- 
versial element is proposed 
bond issues - amounting to 




In Association with our renowned world-wide associates we offer 
first class service by sea and air to and from Nigeria, with a total 
pick-up in every city/ village or hamlet anywhere in the world. 

Our system is unrivalled ■— Door to door control • Computer Tracking 

fVe-booked space 0 ' Fast Pre-clearance 0 Competitive Rates. 0 Scheduled or Charter Flights 

NAMK your world-wide CARGO UMBRELLA 



Head Office: 

63 Akogun Street, 
Kkikjfi Road, 


Off Oshodi/Ajapa Express Road, P. o. Box 232, 

Tin Can Island Wharf, Ikeja. - 

Apapa. • ' Tot, 31659, 33427. 


tototala Mu hammed Airport, Sator House 

74, Industry Road, 67, Ibrahim Taiwo Road, 

SW7/3A Lagos Bya Pass P. O. Box 736, P- M. B. 3226, 

Oke Sola 

Port Harcourt. 
Tel. 8156. 


Tel. 5722. 

N. P. A. Yard, 
P- M. B.. 1097, 

Who else takes that kind of end to end. total responsibility ? We do 


Why our Cable Address is 

* We are an international company employing 
specialist engineers on a wide variety of 
overseas projects on behalf of Governments 
and officii agencies. 

* We undertake Turn-Key Contracts world- 

* We provide a fully comprehensive service 
covering all aspects of your projects and 
overseas supplies. 

* We also maintain a team of experts who. 
constitute a task force immediately available 
to undertake and solve any development 
problems or projects on an agreed deadline 

Write for details to : 

Alan Croxford 
Managing Director 

Public Works Engineering (Overseas) - Ltd 
6 Holbom Viaduct 
London EC 1 A 2AE 

Telex: 8811304 
Telephone : 01-236 7725 

Go Forward with Petra-Monk 

When you’re involved in Civil Engineering or Building, Contact us for your Nigerian project. Whether it's 
Petra-Monk technical expertise, design know-how, skilled motorway construction, incinerator plants, a factory; 
manpower, wide resources and project management skills a college or school, you can depend on us to do a 
can guarantee effective and economic solutions. good job. 

Petra-Monk Engineering & Contr ac tin g Co. Ltd., 

Airport Road, P.0. Box 327, Ikeja. Nigeria. (A S ubsidiary Company of A. Monk 8, Co. Ltd.) 

Phoenix of Nigeria 

Assurance Company Limited 

HEAD OFFICE Mandilas House, 

96/102, Broad Street, Lagos, 
P.O. Box 2893. 

BRANCHES Port Harcourt, Ibadan, 

Warri, Kano. AmA 

TTCnancial 'in 11163 3$ 



A host of problems 


Although the Government has embarked on a major heavy 
Industry inv estm en t programme, the main burden of industrial 
development in Nigeria remains with the private sector, which 
has not had an easy time in the past year. Power failures and 
price controls have all spelt difficulties Now liquidity problems 
are looming. The 1 broad industrial framework is examined 
below, while die achievements and problems of three individual 
companies are wawinwl on pages XI JH and XLtV. 

"NIGERIAN manufacturers are industries, such as food, 
beset with a host of problems, beverages, tobacco and textiles; 
such as frequent power cuts, the virtual non- exi stence of an 
inadequate water supply, short- engineering industry; and the 
age of brained manpower and relative weakness of the inter- 
non-availability of facilities for mediate goods sector, including 
additional working capital, indsutrial chemicals and ferti- 
whicb not only result in reduced Users. 

production, but also discourage The Government said it would 
expansion of existing plants. adopt a two-pronged stategy. 

This gloomy introduction to First, private enterprise, both 
ad article in the latest issue of indigenous and foreign, would 
The Manufacturer, journal of be encouraged by the removal 
the Manufacturers 1 Association of administrative bottlenecks, 
of Nigeria, illustrates the un- the improvement of infrastruc- 
bappy atmosphere that has tore and the liberalisation of 
existed in many - sectors of industrial policy. The practical 
Nigerian industry during the results will be discussed 
past year. below. 

Severe electricity problems, Second, the Federal Govem- 
higb labour turnover and price ment would ' itself become in- 
controls on selected conunodi- solved to an unprecedented 
ties have meant, for many com- decree in the establishment of 
panies, productivity difficulties basic industries which would 
and sharply reduced profits. draw to the maximum extent 
This may be to give an over- on locally produced ' raw 
simplified account of industrial materials and which would pro- 
developments, since Govern- vide a sound framework for 
ment policies and infrastruc- further industrialisation, 
tural problems have had dif- in some sectors, considered to 
ferent ' impacts on various be of strategic importance, the 
sectors. Nevertheless, the over- Government would take 100 per 
all picture is backed up by cent of the equity. The establish- 
statistics- Nigeria's index of ment of major iron and 
industrial production rose steel works is one example. In 
merely from 137.1 for 1976 to other areas, the Government, 
142.5 for 1977 (1972 equals 100), both at State and federal level, 
according to - preliminary data would go into partnership with 
which may well exaggerate the private industry. Here, an 
increase. example is the four commercial 

Again, generalisations are vehicle factories being estab- 
difficult when it comes to the lished by Leyland, Mercedes, 
short-term prospects for in- Steyr and Fiat 
d us try. The current downturn Federal Government projects, 
in the Nigerian economy and some of them rolled over from 
the sharp cutback in Govern- second development plan , 
ment expenditure will clearly included the establishment 
hit hard at some sectors, such o£ m inm ^ steel 
as construction. plant at Ajaokuta, two., direct 

But measures introduced in reduction iron works at Warn 
the last budget, such as import and p or t Harcourt, three new 
-curbs and a partial, relaxation of cement factories, four corn- 
price controls, should help some mereja j vehicle plants, three 
manufacturing sectors to come integrated sugar projects, two 
through the., next few years paper'mills, a downstream petro- 
relatively comfortably. It re- chemicals complex and a nitro- 
mains true that virtually every- ge nous fertiliser plant By far 
thing manufacturers produce m0S £ important of all, in 
m Nigeria for private consump- t enn3 . o£ foreign exchange earn- 
tion will find a ready market. i ngSj ^ th e i 0D g existent plan 
.That said, many companies £or a jmg e liquefied natural gas 
are now facing major cash flow ^ 

problems, partly because of the * 

Government's shortage of o _ ____ J 
funds and partly because of OU 1111 II 

other measures introduced in 
the budget Company tax was The Government’s investment 
increased by 5 per cent and Plans were generally regarded 
changes in the revenue-gather- as sound and sensible in con- 
ing system mean that companies ception, although some outside 
now lose their 15-month grace experts argued that the size of 
period for full tax payments, some projects might be too 
This year companies will be vir- large, given the e xistin g 
tually paying two years’ taxes* domestic market, 
in one. A considerable amount has 

The Government's shortage of been achieved. One of the 

funds means that some com- cement works has gone into pro- 

panies are complaining, of delays duction, while the comercial 
in payment for work done, vehicle plants should all be in 
Several others, partners in joint production before the end of 
venture projects, are being the plan period, as should the 
driven into the domestic money paper mills and the other 
market in search of funds. Yet cement projects, 
the current liquidity squeeze But feasibility studies and 

means that funsd axe in short sharply escalating costs at a 
supply, both for these com- time of declining oil revenues 
panies and- for others approach- have delayed other projects and, 
ing banks because of cash flow in at least one case, have meant 
difficulties. ' a scaling down of the original 

There is a widespread feel- scheme, 
ing that a few smaller com- in the steel sector, for 

panies with insufficient financial example, there will be only 
resources to tide them over this qqq direct reduction works (at 
difficult period may face bank- "vvarri) in the near future, the 
. . . second plant having been 

With a few significant excep- indefinitely postponed because 
tions. the prospects for fresh of financing and other 
private sector investment over difficulties. Negotiations are 
the next coupie of years do not stm going on the Soviet 

£™^ ~ mi Y ly ., br,i!bt nnio* tor construction of the 

committed, phmt , which ^ ^ 

to expansion, may face funding come 0tt stream until well into 

Jl 05 ® . not w committe ^ the 1980s. Some official sources 

?°J£i pbn f- * Si sv it could be as late as 1985, 
and seeattitude, regarding 1978 but others deny ^ 

and 1979 as at best a period of ... . , . . 

consolidation and recovery from sector industrial 

the problems of the past year, achievements may appear 
Shortage of fundTwill of mixed when . compared to the 
course also be a significant de- Plan, but it would be unrealistic 
laying factor in the extremely expect all ° r eve p fnost of 
ambitious public sector invest- targets to be reached. After 
went programme embarked on all,- national plans the Third 
by the Government under its World over are more a guide 
1S75-80 development plan. The to toe direction of the economy, 
ideas behind this . programme Achievement invariably fails 
may have been sound but the short of aims. The Nigerian 
plan, drawn u/ in the heady programme, generally soundly 
days after the 1973-74 oil boom, based, is moving ahead, albeit 
overestimated available re- with some substantial hiccups. 

trees. Nigeria, however, remains 

_ essentially a laissez faire free 

BA SIS enterprise economy where the 

private sector has a vital role 
Nevertheless, the ideas to play in industrial growth. As 

behind the plan remain the Or. ZL A. Adeleye, the Federal 

basis of Nigeria's industrial Commissioner for Industries, 
development strategy and are pointed out earlier this yean 
therefore important The plan “Official policy is. to minimise 
started by pointing out that in direct involvement of the pub- 
1974 manufacturing contributed lie sector in manufacturing 
only 8 per cent of GDP (this industry as far as possible and 
had risen to 10.7 per cent by consistent with - the best interest 
1977) and that this compared of the nation ... the challenge 
unfavourably with many coun- to private enterprise is, there- 
tries at a similar stage «of fore, almost limitless.” 
development even allowing for Unfortunately, few Nigerian 
the unusual importance of the nationals have yet taken up that 
oil sector in Nigeria. challenge, in large measure be- 

Tbe plan stressed three par- cause . Nigeria's economic 
ticular weaknesses — the dornin- imbalances have until now 
ance of low technology lightmade it much more profitable 

Ashaka Cement Works is now nearing completion. The plant is being built by 

Costain (West Africa). ■ ■ 

for many entrepreneurs to 
invest in trading or property, 
while other potential Indus- 
trialists do not have sufficient 
access to capitaL The main bur- 
den of private sector industrial 
development has, therefore, 
fallen on the subsidiaries and 
associates of foreign companies. 

The second stage indigenisa- 
tion programme was not for- 
seen at the time when the 
Government published the cur- 
rent development plan, with its 
assurances that industrialisa- 
tion policy would be liberalised. 
Nor, many industrialists would 
argue, has there been much evi- 
dence of administrative bottle- 
necks being eased. Sweeping 
decrees, sometimes retrospec- 
tive, are still issued by the mili- 
tary Government without prior 
warning, adding to the climate 
of uncertainty in industry. 

All these problems are re- 
flected in the lower rates of 
growth now being experienced 
in industry. Ironically, manu- 
facturing was one of the most 
dynamic sectors of the Nigerian 
economy until the 1973-74 oil 
boom. There was a rapid 
growth of import substitution 
Industries during the early 1960s 

and throughout the civil war, 
thanks to import restrictions. 
In the immediate post-war 
period, industry responded 
quickly to the surge in demand 
and output rose by more than 
10 per cent per annum between 
1970 and 1973. 


Thereafter the pace slackened. 
Production increased by only 

6 per cent in 1974, in some 
measure because of uncertain- 
ties over the first indigenisa- 
tion exercise, when minimum 
Nigerian equity participation 
was set for a number of small 
and medium scale enterprises. 

In 1975 negative growth of 

7 per cent was recorded. This 
was the year when the Nigerian 
economy became seriously im- 
balanced. With inflation soaring, 
the Goevrnment slashed import 
restrictions and duties in an 
effort to combat the steep rise 
in the cost of living. In some 
sectors, it became cheaper for 
people to import than to pro- 
duce, for this was also a time 
of substantially increasing 

domestic costs, due in no small 
measure to the huge pay awards 
granted to workers that year. 
Forth emore. severe port con- 
gestion sharply reduced the 
availahlity of raw materials. 

- Since then industry has never 
quite recovered its balance, fn 
a further anti-inflation move, 
the Government imposed strict 
restraints on wage increases in 
1976 and coupled this with price 
controls on a variety of every- 
day commodities, including 
cement, building materials, 
motor vehicles, tyres, beer and 
soft drinks. The effect of the 
wage restraints has been to 
increase labour turnover and 
produce industrial unrest, while 
price controls have cut into 

Admittedly, two moves by 
the Government in the last 
budget have significantly im- 
proved the position. The raising 
of tariff barriers, the imposi- 
tion of bans on selected imports 
and the placing of others under 
licence should work strongly to 
the advantage of some sectors 
of domestic industry. Though 
some manufacturers complain 


■ ex 





(incorporated m Nigeria in 1952) 
149/153, BROAD STREET, P.0. BOX 2055, LAB0S- 

branches throughout 




) i > 


* ' flizi 



Financial Tifnes Wednesday August 30 1978 

r £r .>•_ 

• . r . • 
r .Q ?l it 1 

/JtSSb. ! 

* , tjKJT 




Ibadan plant is 

on schedule 



.^siUd euphoria is not a mood 
-normally .’associated with 
f - BL • bat ~that is 'the atmo- 
j* sphere at present in its 
v- Nigerian ■- associate. Leyland 

iy " The.- reason . is. that Leyland 
v Nigeria" Is. on target for the 
t'Schedirled opening next March 
jjof .-a major . new commercial 
Vehicle; plant at Ibadan. - That is 
ridoineah aehievethent. given the 
r-iriistrating . delays - that can 
.--occur in. Nigeria with such a 
project. : 

The j scheme, is an-, example 
^albeit .at the moment a rare 
v<jjie)- of , fresh foreign inveait- 
^irieut “coins into Nigeria and 
also illustrates the careful 
contingency plannine necessary 
for such an operation. 

Since Nigeria is now BL's 
1 largest single export market for 
commercial vehicles' the enm- 
nanv -has a - particularly vital 
' interest in ensuring the success 
fif the Ihartnn plant. Last year 
BL sains in Niseria wore worth 
oyer NSOm. In 1977. Nigeria 
Accounted fur 29 per cent of 
Lcvland truck and truck rnm- 
nonp.r»s crcnorleri from Levland 
faemripe fn Britain to markets 
■otn«'dc Europe. 

BL can therefore ill afford to 
s?e its cummercia? vehicle sales 
to- Nigeria go the way of 
Bnl-ain's- car expons. British , 
cars, including those marie by 
companies now under the BL ; 
umbrella, once dominated the . 
Nigerian market buf their place i 
has been taken by French, | 
Japanese and German rivals, i 

To defend its market t 
interest BL was one of more ( 
than 2(1 companies which put in i 
bids when Nigeria decided in 1 
the early 1970s 1o set up Us own j 
commercial vehicle industry, t 
.Leyland was one of four com- a 
paittvs chosen to establish c 
plains in partnership with the a 

Government, the others being Nigeria's relations with the six years and to increasng local 
Beoz - Fat “ a SteJrr G-'enment. content to 70 per ccnTlnVv™ 

- r 2S2' ^ The importance of. the years. From the outset the 

Leyland Nigena, with an Ibadan plant for BL Is shown plant '• will ' be Assembling 

issued capital of N15m. was both by the strong management engines from component parts 

wSfi • 1X1 m- Attgu f t • ? 9 ' 6 - team selected for the job and and a foundiy and pressing 

pnv t at r 016 impressive speed with Shop will be established later 
w Tnl ° f wblch M moved lnto action. Component manufacturers such 

LC i ,an ? ^chard Ken-ley. managing as Piikington Glass are already 

SKLfc dIrecwr of Nigeria? starting- to set np nearby, opera- 

™ Shunted from Lotus tions- 

Danv beine specify for the job.' while Specific local, problems have 

tiihetablp ®in Grahain Pulfer, his plant man- meant numerous contingency 

**«• h « speQ t 29 Sears with measures. These include 
riant Leyland, many of them overseas Uig an additional Nlm on gen- 

Ste jUrt Sdf Sada^ on shnUar pro J ecta - Morins crating equipment because of 
barring unforeien^ProblS^ toueb and approach the unreliability of the countTy*. s 

LevW 522? contrasts .with PoJferis steady power suplies and the establish- 

ta Mm*- ' «hea?of- P SS ! ttree opt, “ ,s “' but if “ a combina- ment of the company's own big 
SiroiSS rivSr *wv that seems to work well parts warehouse in case of 

The achievement-' at Tbadan in a Ni 8erian contest, where a delays in the flow of supplies 
offset 6 two reiciM^controverries t0 lh " 0 Britai °- 

over the sale of BL vehicles in 1,1,5* r rt «^ s penod ® Govern- _ T„l^_ _____ 

Nigeria. The - first foUowed a JJi n L?® Ces are both usefuJ LinKBOWIl 
Government decree that there LT , ». /• ., m 

should be three domestic distri- ^ got off to a Despite the achievements so 

butors Of- each make of car rapid start b Y Putting manage- far. Leyland s biggest test wll 
brought into the country. ment manpower on the ground S° me w ' ben production starts. 
rt -u..*. immediatelv after rnnrinrtin.o a One unknown is how well the. 

BL objected, arguing that its imine diately after concluding a 0ne unknown is how well the 

small quantity of Nigerian car memorandum of understanding companv will be able to retain 

sales meant that agreements ttie Government, but be- **?*• . Experience elsevribere in 
with additional distributors fore the finsJ agreement was Nl Scria suggests a hgi turn- 

would not be financiaUy viable! signed. over is a possib lity. with people 

Restrictions on BL car Imports A * p,ant s *t e was quickly qui1 ?!? s t0 set up their own 
followed, although there are agreed with the Government dH worKsnops. 
hopes that the problem will be °y° State, whose capital is es J n , Isi ® ena of commeT- 
resoived soon. Ibadan. One unforeseen hold-up c a ^. .T eb c es bave S^own very 

occurred when local villagers rap,c ^y ,n recent years and BL, 
rnntrnvprcv armed with shotguns and Jowthcr with Other major manu. 

^UIItlUYmy machetes, refused to allow anv fa ^ rers - h ?s found itself 

The second controversy in- survey work, fearing they i^.?«_j. decIinill ^, sbare of . a P 
vnlvpfi rhn ffetahtichmiint h<r thn would not set the coionenuHnn aonuttedly expanding market. 

The second controversy in- survey work, fearing they ■' “penning snare or an 

volved. the. establishment by the would not get the compensation ^“uttedly expanding market. 
Government of a special panel h* d been promised for b « 

to investigate allegations that covins home. Leyland execu- Ij. ad ~ nce of loc ? 1 

N285.000 had been improperly ttves found themselves em- p f° d “ ction ^ Government is 

received from BL by some un- broiled in heated village * I *? tlx, f a I m ® asu if of 

known Nigerian agents as com- debates before the issue was Protection to Leyland. Stey r. 

mission for the purchase of resolved. Mercedes and Fiat for CKD 

Leyland buses for official use The plant itself is an impres- y knocked down! im- 

dnring the Lagos FJ5STAC sive show-piece which should 

Black Arts festival. bolster the company’s Nigerian 3 s markC ! 

• The commission's report image. The operations monitor- nse r0m 13 per rent 

said there was no reason to sus- ing system will be based on a ♦ per ^* nt j 

pect Leyland had bribed any centralised computer with S no? Lnt nn?l 
Government official. But it did video-terminals; the office block’ ?? ce Ibadan w 
conclude that, despite Leyland is attractively designed' and SJTnt i, 
denials, the company had paid open-plan: there is a training it should he 

money to a prominent Nigerian centre equipped to house 200 But i? wii? S tllL 

businessman who acted as its under full-time training.- f 

private agent, as well as paying A strong training programme SS nt 

commission to its accredited will be essential, for under, the f test of 

agent in Nigeria. The report terms of its agreement Leyland ? S raoo^ ^PPly of oam - 

closed rhe issue, which does not is committed to reducing its . smouUl suppli 0[ parts ; 
appear to have affected Leyland expatriate staff to three within M.D. 




The largest, most dependable 
Air Charter Company in Nigeria 


< f' 



To a business executive, time is money. Why waste money waiting around 
at airports, hiring cars and spending valuable hours on the road — and 
even missing appointments altogether?- Telephone Aero Contractors and 
take advantage of a fast, comfortable and efficier.c Air Taxi Service. 


Tel.: 31494, 32o70, 31340 
LAGOS: Western House (9th floor) P.O.3. 2519, 

Broad Street, Lagos. Tel.: 55226 


KANO AiRPORT i6a, Dorawa Road. 


r*li S 1 i 



tint the overall effect of thft creased hr staggering proper- licensing restrictions and higher mind. Last year industrial go 
budget will be to raise their non*.. If business has been tariffs. Particularly hard hit slows were common pi ace.- Wo rac 
raw material- costs and reduce squeezed w the past couple of are those companies dealing in could follow in the coining year. 
Their competitiveness vis-a-vis ye ^T S v j l ^ a u done extreme ^ imported vehicles, to which Many industrialists feel pres- 
iniport.-. these do seem to be we “ befor , e then - . p «“ controls still apply. Move- sure is building up for another 

isolated anomalies 0ne indusir >' s major com- ments in the value of the wages explosion. Their hope is 

' plaints about price control was Japanese yen and the Deutsche- that' the Government will allow 

second.}’, Uic . Government that it simply did not benefit mark have seriously affected the a gradual relaxation of pay 
ha> partially relaxed price con- the consumer, and there is a profits margins of motor com- restraint before these forces get 
trols, Wuit-li now apply to only lut of truth in this. Supply ponies dealing with Japan and out of hand. • 
nine commodities, including shortages (in some cases exar- West Germany. At a time when thev are 

. V h ^ lc> ‘ c,es ■«* 1 5 ertated hy . lower productivity one or numerous surprises in battling against severe ‘infra- 

'Sj ■ ,5 '„ j ; '^ ,c ss. even for because of price controls! meant the bJdget S the GoSra! structural difficulties, labour 

□(.'controlled commodities some that the middleman could im- men t's ref usalTo relax waS c^- Problems are the last thing in- 
clement of price constraint still pose a huge mark-up on goods ”o?s \l Thf samJ hme dustriaiists need. 

^ slfJl.fd oor? at l stU1 di£pose oE ^ on prices. Instead. U ataSS Pro ™>’ , ^ 

. u ri . bar unrcjM’s should onI> Government has now at wav of non -wage, non- *ttaim faced by industry during 

.h.MwJj'Sfmu SS5 "** l0 . a ^7 h °f f ^ ..,S" ™ S * ■ IW tu been a? m io.ii s cannot pnee maintenance (which bears as f 0 od transport and housing pQwer rationing imposed 

ou^unde^rabic^onscuuenciM^to rtr^*ihl atl0n l ° lhC Br, .^ sb Indeed, one measure announced ^™ u S hoi J r S e CTIJntr >' by 

out undesirable ton^quences to or the same name), whereby „ tbe budget was ^ it wou]d ^ ^ XEPA, the National Electric 

iL . mamifacturers are supposed to ntw - bc a requi r e ment that Pov ‘ er Authority. (Some wits 

However, industry is thankful police their distribution network ev ery firm or organisation w*th insist should . be renamed 

for what relaxation there has and withdraw supplies from any at least 500 emnlovee? shniilri A’° Electric Power Again.") 

rnr what relaxation there has ana wunaraw supplies from any at j east 50 o emplovees should -'° Electric Power Again.") 
b»eo. Profit margins had been trader who imposes an exces- intjofluce a housing scheme or Tbe reasons for these con- 
Rqucezcd lo the point where sive mark-up. Manufacturers housing loan scheme for its slant Wactamts are described 
sonic companies were running at say that for most products the emDlovees" elsewhere iii this survey. What 

a In?*, although in fairness it system is totally unworkable. — -T. * . . .. of. .the effects? Between 

should be pointed out that diir- While the budget may in October last year and Mav of 

of. .the effects? -Between 
October last year and May of 

alarming — few 

U*. y-Hiivu iwbi uui- "7 — _ _ _ . . ■ vi.ivrwv> 1001 » ecu dl(U ^|aY Ol 

ing the 1974-76 boom years, some respects have been favour- ®®oounceiiwnt might appear uaen the situation was at 
despite all the problems faced able to industry, this was aIarm * n -» f e " . industrialists lts wors ^ some factories were 

by industry, profit margins certainly not the case for the *® y * he 5 e wortd running between 30 and 50 per 

widened markedly and in some large' trading companies, which J. . 10 . Decome emoronea cent below their productive 

cares earnings per share in-, now face greater import aire ctJy . in housing schemes, capacity. Costs were zreatlv 

, — However, it is understood that | n ~-' rii' 

Launched in April: 

8 quality journal covering 
construction development 
throughout West Africa 

WEST AFRICAN CONSTRUCTION published by IPC Building & 
Contract Journals LttL will lead the why into this valuable 
construction market. Backed by IPC expertise acquired through 
publication of the highly successful^ -International Construction and 
Middle East Construction, both merkst leaders in their fields, ' 
WAC is published bi-monthly, in English with French summaries. 

It covers all aspects of building, civil engineering and land 
development in Nigeria and 19 other expanding African nations. 
Equally important as information source and advertising medium, 
it reaches buyers and sp ec ifier s ad senior management level 
throughout the area. 

For advertising details, contact Michael Wills; for subscription 
particulars. Ralph Beatty, both at Surrey House, 1 TbrowieyWay, 
Sutton, Surrey SMI 4QG, England. Tel. 01-643 8040. 

Telex; 944546 SCJ G. 

X ^ „ TZt L increased. Labour was left idle 

the Government may he con- bliLbad I0 be pai(L Emergen cry 

■j " ? a ?i an w l,1 ?i ,1 . 1 1 r l “ h lbat generators h 2 d to be installed 
operating m Mexico, where at considerable expense. (It 
there is a payroll cess and a afso cosls more in ^- igeria \ Q 

separate housing authority generate your own power than 
responsible for administering to be supplied by NEPA> ^ 

the scheme. even then you may run out of 

Continuing wage restraint has fuel because of oil distribution 
added to industry's difficulties problems.) 
over the past year and could The position i s now said to 
create even bigger problems be much improved, though still 
over the coming 12 months. far from perfect. Industry has 
, . . also had to face water short- 

Combination ases - a ^ ain p ushin e «p costs. 

since many companies have 
I Take-home pay has been ris- sunk their own boreholes, 
ing (some believe by as much as At! this is in addition to the 
10-15 per cent per annum) more normal infrastructural 
through a combination of problems of Nigeria that push ; 


•• • V- f.s 

v _,V 

L , , naa to jace water snort- 

Combination ases - asain p^wne up costs. t 

since many companies have 

Take-home pay has been ris- sunk their own boreholes. ^ 

ing (some believe by as much as All this is in addition to the 
10-15 per cent per annum) more normal infrastructural 
through a combination of problems of Nigeria that push 
factors. First, the Government up costs: telephones that do not 
has permitted annual merit work, and serious traffic jams, jc, 
increments and in the case of Again, however, these . are 
lower paid workers it did permit difficulties which do gradually 
a slight increase In wages last appear to be easing. It Is hardly ? - 'A;, 

year. In addition, companies surprising that immense strains ) ' -'V.Cv.^ *•.>*'♦ *>’ . - 

have been getting round the should have been placed on the i ■■ Vvv. ■ . 

restraints by reclassifying the Nigerian infrastructure by the ?•;'/ 

job® of some workers, even, oil boom and that this -should : v ■ : 

though their tasks are have. been unable to cope. ? v .• ?“ 

essentially the same, or by Given .time, these problems ...*Sv./;iV v ' 

genuinely promoting people. ' should be 'solved and^ the out- > '7* & m \ ■ 

Thirdly, workers have been mov- look for Nigerian ' industry ,^y.; v .. . 

ing from company to company should be rosy provided Govern- 

and sector to sector to get pent can correct the imbalances ^ ~ ~ '■ g fy w TrT rt ' '' 

higher pay. Some companies in the economy. With a popo-(: ’’ :• ?*" gr*** II ■■.art.o. 
estimate that their labour turn- lotion of SOm-lOOm, the country I:' T-V**.*.!'.. jwjfff 

t'V"."..-.V.Vv '>■ *5s#. i '■ 

.■ . . * • 

— ■> • ' 'VIV. f'-jtif' 

* ■*:. " >. t?/: /, ; 

uSSSs^As'Sk^ * "-V. 

; i tk’' % 

restraint have greatly squeezed r r/" wTf™ 1 “ ve . n v 

wage differentials. And with ^. e ,2““ outlook s \ 

I inflation galloping away at 30 poasi ? lh - \ 

per cent. or more, labour in not 
in a vezy cooperative frame of 

M.D. L 


[ rrcirr*iJ«rrK^ i.i 

Alleyn House, 23/Z7 Carlton Crescent, 
Southampton. Hampshire, England. 
Telephone: Southampton (0703)36844/96 
Tetec 477710 




Incorporated Insurance Brokers 

Member of the 
Stewart Wrightson Group 

New Africa House 
31 Marina 

PO Box 3771. Lagos, Nigeria 
Telephone: 23179. Cable: Insurark Lagos 

Kano Branch: 

Gidan Goldie, 2 Niger Street 
P.M.B. 32S7, Kano 
Telephone: 3031 

Slil going sireng 

offer 27 yeas 

The Nigerian General was bom in 1957. and today 
we're a leading financial Institution with offices located 
throughout the country and policyholders from all walks 
of life. 

Bur your future is more important chan our past; so 
learn more about what we offer in Individual or Group 
Pension plans, in Life. Motor. Fire, Personal Accident 
and Contractors’ Ail’Risk Insurance. 

Ring, write or call in for a quotation — without obligation. 

The Nigerian lenerd 
Insurance Company 


Head Office: 1, Nnamdi Arikiwe Street. Tinubu Square, 
P.O. Box 2210. Lagos. Nigeria. 

Telephones: 24209, 20667 & 24526. 



IT CAME as something of a 
shock to Nigeria’s biggest 
wood-based industrial concern, 

African Timber and Plywood 
(A. T. and P.} t when in 1976 its 
traditional market disappeared 
virtually overnight. A. T. and 
P. had long been a major ex- 
porter to Europe, but when 
Nigeria banned the export of 
all timber and finished wood pro- 
ducts. the company had to 
change its marketing and sales 
strategy completely and sell at 

Nigeria made the decision 
because of the growing needs 
of its own rapidly expanding 
construction industry. Once a 
new sales force and distribution 
network had been set up, A. T. 
and P. discovered a large and 
growing domestic market inside 
the country. One look at the 
turnover figures during that 
period proves there was no 
hiccough in expansion. 

In 1974 t 75, turnover was 
N14.3m, in 1975-76 it was just 
under N19m and by 1976-77 it 
could boast a figure of nearly 
N25.5m. Between 1972-73 and 
1976-77, turnover increased by 
151 per cent, while at the same 
time the amount of capital em- 
ployed rose by 318 per cent 
In other words the business had 
grown more than fourfold in 
five years. Underlining the 
trend, turnover for 1978-79 is 
projected at around N30m, and 
there is continuing heavy 

A T. and P. was 100 per cent r 

owned by the United Africa 
Company until the first indi* 
genisation decree of 1972 
obliged the company to sell 
some of its equity to Nigerians. 

It is now 60 per cent Nigerian 
owned, with .some 8,000 share- 
holders, while the rest is still 
owned by UAC. Among UAC’s 
manufacturing and processing 
industries, A. T. and P. is the 

Zc~. A?**. ‘*M 



$|p V 

m&r ' 1 

• -t'irA •’'•"Tv ■ 


- ■- a -* ■ 

Operations at Sapele in Bendel 
state date back to 1935, but the 
business started as long ago as 
1918 when Miller Brothers estab- 
lished a small sawmill at Koko. 
Originally, the business pro- 
duced only logs and sawn tim- 
ber, but over the years the range 
of products has gradually in- 
creased and now includes: ply- 
wood, sawn timber, particle 
board, flush doors, furniture 
components and prefabricated 
structures known as AT. and P. 
system building. 

The AT. and P. factory is in 
many ways the focal point for 
the growing community at 
Sapele. Being a labour intensive 
process it employs 3,000 of the 
local workforce, and along with 
the new Sapele power station is 
probably the most obvious, if 
not the most attractive structure 
in the area. On a rainy day, it 
has the perfect tropical setting 
with the broad Niger River 
sweeping right to its door and 
beyond that a wide expanse of 
impenetrable rain forest. 

It is down the Niger that 
much of the timber for the 
factory is floated in giant rafts 
or single trunks until it can be 
scooped out of the river by the 
lifting gear. Wood comes down 
the river from as far away as 
Onitsha, 150 miles upstream, 
while other timber is carried 
by lorry from as far as Ibadan in 
the west, although that is now 
being phased out. 

Much of the timber used by 

Top : cutting tree trunks at Sapele. Ab ove : preparing logs for saioing in a ply- 

wood mill. 

AT. and P. still comes from its 
own logging operations in three 
areas of rain forest at Nkrowa, 
Sapoba and Ife/Ondo. There it 
is possible to extract a lot of 
Mahogany, Iroko and Obeche 
wood, as well as 40 other 
tropical hardwoods. But it is 
also turning more and more to 
working agreements for the 
supply of timber by outsiders, 
and up to one third of its wood 
is now delivered under service 
hire agreements. 

But the most striking thing 
about the business is the extent 
to which 4t bas reinvested in 
new equipment The biggest 
single investment is the particle 
board (chipboard) mill which 
bas just been installed at a cost 
of N5.3m. The mill can produce 
30,000 cubic metres a year but 
at tiie moment ds working at 
only one-third of capacity. 

The process of bonding hand- 
wood particles with resin 
adhesives is brand new to 
Nigeria, and for the time being 
it it having to overcome some 
consumer resistance to what is 

a new product The particle 

board mill will mean, though, 
that A T. and P. can make a 
more economic use of its wood 

With its consumption of 
wood now at 200,000 cubic 
metres a year (it has been up 
to 250,000 cubic metres) all the 
wood shavings have been used 
to fire the power station. Now 
that the shavings are being put 
to better use Nl.lm is being 
spent on modernising the power 
plant, which now runs 50 per 
cent on diesel, with wood 
shavings still accounting for the 
other half. The ‘intention is to 
make it 100 per cent diesel 


There is also a modernisation 
programme for the sawmill 
costing N4.4m and for the ply- 
miK costing N2.4m. The 
modernisation programme for 
the sawmill should be com- 
pleted over the next 18 months 
and requires mechanised equip- 
ment supplied by CanmiUex, a 
Vancouver consortium. The next 
year should also see the com- 

High hopes are 



in Nigeria, it is generally 
agreed, should be based so far 
as possible on local raw 
materials. In the great live- 
stock areas in the northern states 
tanning of hides and skins is 
an ancient craft, and leather- 
working is traditionaL Foreign 
companies have entered the 
trade, but it bas long been felt 
that locally produced leather 
and leatherwork did not do jus- 
tice to the raw materials, par- 
ticularly to the skios of the red 
goats of Sokoto, which, exported 
for centuries across the desert, 
reached the world as Morocco 

The decision, therefore, of 

State government, in 1971, to 
establish near Sokoto city a 
modern tannery in partnership 
with the Gardella group of 
Genoa seemed sound. Gardella 
would supply management and 
expertise and take up some 40 
per cent of the equity capital 
of N800,000, the rest being taken 
up by the State government and 
Nigerian institutions and 
private investors. High quality 
suede leather would be 
exported and be supplied to 
local leather workers or boot 
and shoe manufacturers. Later 
a local boot and shoe industry 
would be based on the tannery. 

Today, however, the tannery 
is working with a skeleton staff 
of some 60 workers, at some- 
thing like 10 per cent of capa- 
city, and is dealing only with 
hides. Its stock of tbese is 
nearing exhaustion and there is 
a prospect that the plant will 
cease, to operate. 

the State government nor any 
other institution will provide 
“Sokotan” with funds to buy 
more hides and skins— of which 
there is no shortage— until the 
company appoints a manage- 
ment which can guarantee its 
viability. Gardella’s manage- 
ment agreement has been re- 
voked, and the firm is now 
simply an investor in the enter- 
prise, not a management part- 
ner. While the Nigerian 
technicians now in charge can 
manage to operate the plant at 
its present level of working, 
there is no general manager, no 
production engineer and no 
plant engineer; without these, 
says the State Ministry of Trade 
and Industry, no expansion is 


The reason is simple. Neither 

The enterprise was under- 
capitalised from the start Other 

difficulties said to have been 
encountered included the train- 
ing of Nigerian staff and cash 
flow problems stemming from 
delayed payments for exports. 
There were, too, language diffi- 
culties. The plant has suffered 
from the interruptions to power 
supply experienced all over 

Efforts to recruit the general 
manager and the engineers in 
Italy have been unsuccessful, 
perhaps because the ending of 
the Gardella contract has given 
the plant an unjustly unfavour- 
able reputation. The salaries 
offered are generous— N25.000. 
for the top man and NlS.OQQ 
for the engineers, with the 
usual benefits. The search has 
now moved to Britain. In the 
meantime that stock of hides is 
running out 


Financial Times Wednesday August 30 1978 

missioning of a plant to apply 
veneer to particle board and a 
panel processing line to cut 
panels and make components 
for the furniture industry. 

A more long-term Investment 
in the future is the continuing 
research and development pro- 
gramme being carried on by an 
all-Nigerian team in Sapele in 
close association with the 
Unilever timber research unit 
in Britain. The team has been 
able to make contributions to 
treatment of woodworm and 
fungal decay, while- at the same 
time working on pressure im- 
pregnation with preservatives, 
glue, the manufacture of flush 
doors and promoting the use of 
lesser known woods. 

The last is probably the most 
important from Nigeria’s point 
of view, because it has been 
realised that more must be done 
to replant and maintain the 
forests of Nigeria. - The coastal 
belt in the south which was once 
heavily populated with trees has 
been badly denuded. Big efforts 
are now being made to ensure 
that trees are replaced. 


10 * 


1 j* 


Nigeria are proud that 
their fine bicycles 
help to keep Nigeria 
on the move. 

.Mfl ^ 

.L-Jtd 4 
, -M -j 



* * Vi 

branches throughout Nigeria 

Sea Trucks 
Nigeria Limit t 


■ j 




yiWi. j| 

• »■ £.:.«Vb- .• 

' - 


■ - -fe'.-'-M 

•r l!\ -il 

Multi-role, low maintenance 
workboats and passenger craft as 
used by: 

Petroleum and Oil Industries 

Civil Engineering Companies 

> Port and Harbour Authorities 

National Development 

Police and Customs Authorities and 
many others, in over 50 countries 

For leasing, renting, sales, 
service and maintenance contact: 

Head Office: 

49,.Awolowo Road, Ikoyi, Lagos. 
P.O. Box 1168, Lagos. Tel: 26393 



Port Harcourt Base: 
ACM yard Trans Amadi Area 
P.M.B. 5794, Port Harcourt 

• *+»*••* 

• A M 

' nr. I* 

JItlas Copco 

:_ TW 

Compressed Air Power 

National Development 



•• .•/ a -sib 

Exclusive distributor in Nigeria : 

R.T Briscoe(Nigeria)Ltd. 

SUfatori Industrial Avertue, Motor, r, 

P.O. Bax 2M, Lagos 

Td.33894, 32203 

Brunches: Ibadan, Aba , Ward, Kano 


A bufldiiig company for sale operating in La 
plant, buildings, expatriate quota for 5 — 

^ counts write: 

Bor CJ542, Fuiancwl Times 
i 10 Cannon S treet, EC4P 4BY 

os with 


Financial Times Wednesday August 30 1973 



Road improvements 

Pt:;‘nK t . , 

::?• 1 ltla “% 

? -i areproy^ 

mr f?po k;„. 

J Keep Mioj. 
G( -hemovs 

The communications infrastructure necessary for sustained 
industrial growth has been one of the Nigerian Government’s 
prime concerns. Substantial advances have been made, 
particularly in road ball ding, examined below. The ports 
programme has done mnch to relieve shipping congestion at 
Lagos. Although Nigeria’s telephone system is stni very poor. 

forcing the static traffic off the many of the visiting foreign 
road op to the pavement, businessmen see little more 
There were ll heads of state than the often op nf using scenes 
at the Eoowas summit con- of Lagos. Bat anyone with the 
ference in May, 1975, and for opportunity to drive along the 
the commuter, life literally, uncrowded and good roads in 

telecommunications improvements, described on page XLVH, are came to a stop. Members of the north and centre of the 

making progress. However, Nigerian airports and Nigerian the Lagos Master Flan Unit country will pass scenery which 

Airways are with justification the targets of constant criticism, despaired. can be as dramatically beautiful 

Their services, as as article on page XLVII shows, leave a And yet. several policies and as some of the tourist safarlland 

lotto be desired. ' many minions, of Naira later of East Africa. 

the federal capital has been With the improvement in the 
WITHIN BARELY three years neighbouring countries, Benin, transformed from tbe “gc«!ow?’ road network there -has been a 
manv of Niseria’s maior road Cameroon iijid Niaer Rmmblic. to a streamlined urban marked increase m road deaths, 
links have turned from night- The Nigerian Government is "*■ °l k ? y0 a \f^ S ’ ’ latest statfstl( ^ 
mares into near-dreams for the paying for a total of 386 km of T ? e Z°o^ ° that 

long distance driver-on condi- Sew road in these countries. 'SZSS* on 

tion that he can find the fuel wtih the longest single road ?SS— *555255 r 2 a £- ,n ™ 0D 2? 

to finish his journey and has the leading from Kongo! am on the °l 11118 ^ e ^ r -’ « a « blfi Jum / oV ^ r 

skill and luck to stay alive. northern border of Zinder-weU 111 Bome c&Sefi * ** equivalent fibres for the 

_ *&“?*** ssssfffATsrja 

the country’s main port and The Lagos to Ibadan express- stemmed from its multiple 0 f 1973 

capital, can now leave the aty way is one of the leftovers of roio* federal capital, the Torino 

by any one of several new the second development plan, nation’s pS?2d, until ne SS| r remn\ sSSe 

routes, cruise up to Ibadan on a Awarded in three contracts in ^ years ago, the capital of 

recently opened four-lane early 1974 to Dumez/ Strabag Sgof state fiwwlnoved 20 tan JJSfflQ tfaTnSSt of 7 

expressway, avoid that town's and the ubiquitous Julius inland to the airport town of SfSrlnvoM^ an crowded 

notorious congestion by taking a Berger, it was originally costed fteja). The cost of getting the h^or DaSenee? IoSShow 

new nng road and reach Honn at N81m. By the lime it was city- back on the move has been 

325 kilometres away in a com- opened the price had more than high. Provisional estimates for aerified h^v^Kte the 
fortable four hour drive. doubled to a final figure of about Lag OS - road improvement SSJ2 

In only 1975 the rame trip N175m. This was due partly to schemes due for rompletibn in by 

was a day’s Journey. When be the sharp increase in operating 1990 is N2.3bn Lagos would Sato? S inte?Stv ionSCT 

opened the 110 km Lagos-Ibadan costs during a period of high no t get onto any list uf smooth “wSpw tS* 

expressway this month Armed inflation but also to the belated moving cities, but it deserves Hi " % SS 

Forces Chief of Staff Brigadier discovery that an extensive mass marks for trying. ' E* 4 *” * tbe 

Shehu Yar'adua boasted justifi- of soft peat soil would require • • ~ JK* 

ably that 14,000 km of roads had a concrete deck on pile founda- /"i vehicle to an early grave, lack 

been built or rebuilt or were tious. CritlClSIU of eduction for use of the new 

^on“™ 0 ”the 0r p^°n n t „ * ■ ““ «"— • 7hm »“ >•» — »to SftTSSfcSffiTlnSS!!! 

Sl^tratfon caiie dCa “ 0n has .^averted the out-of-town criticism of the ber of road users has inevitably 

t^wars Sao^M J of SS HTTP* „ mt0 Nlg ? na 1 s a*™"* of money being spent brought further tragedy. 
dSreJL ro 2 d ’ a , seenu ? gly in ***>*> but impressive pro- with roads accounting for 
? S J?f ?£? w ? e “ n0VaDO , n , at a - Ume Sress has been made recently about 70 per cent of the move- 

for development under the 1975- when the federal purse is j n many of the state capitals, meat of eooi and nmole £ 

8 ?*fe natI ? QaJ developn,ent plan ' emptier than many would like, Ibadan, Horin, Kadona and this vast and heavily populated 
^though some was carried over However, critics have questioned Kano ire sora of those with “uatey probable STat 

from the second plan period. the wisdom of plans to build new outer ring roads. And on Se Sidenfratt ^ reiMin 
.. .. restaurants half-way along the a cloudless day a passenger on high. But the transport sector 

Commitment ? ve ^°SS i! a “*?* 'r 0 ® t0 Ca ‘*!’ ar h« had the largest allocation of 

'wvuxuu. “ IS scheduled to be extended to can clearly see progress being funds in all three national 

Total expenditure on high- Horin in wealthier days. made on highway projects in development plans so far and 

ways within the plan period is The road system of the Lagos the eastern part of the in rase highways have 

about N2.5bn, while overall urban area would merit an country. taken the major share. It would 

commitment on highway article to itself. In the mid- For a host of reasons — not d0 n0 i. arm t0 dhrert a small 
projerts including design, con- 19 '0s only a head of state with least the lack of accommoda- yirn Q f mQney t Q a nationwide 
iirurtiou and maintenance, haa a m.le-long escort of wailing tion and the high cost of living “.feS ramD.ien 
been set at about N3.Sbn. outriders could hope to move —Nigeria has never joined the ■» r. *TL 

"^Established civil engineering freely through the city, by African tourist league., and . By a Correspondent 
companies from several overseas 
countries have all taken their 

share of the contracts and on a ■ ■ ■ * • 

drive through the federation a 'a- ' *4*% A'AriT'f 

European visitor is likely to spot 1 I 1 I I H ■ W I | J 1 I i 

such familiar names as Costain,- ' "I "'I l-l 

Taylor Woodrow. Wlmpey, Smm? 

Dumez and Fongerolles. If, 

however, he remains in Lagos, ' 

he could be forgiven for think* ■ . 1* j * 

ins that the only foreign con- 0 A H ATT 

tractor was Julius Berger, the I t , ^ I II | 

West German company which Kj Kj JL JL 

came to Nigeria to build the 

first new bridge to Lagos Island mHaataMl A major development was the toms formalities. 

and has smre turned the capital opening last year of Tin Lan The port authorities argue 

averhLnri IS'rW PORTS Island port, siutated slightly to that reports of alleged piracy on 

overhead ring roads and clover rUniv ^ west 0 £ Apapa. The cuun- a foreign ship recently were 

, ' e j . , . try’s most modern port and the exaggerated. None the less, 

Inder the f u ^ ren t develop- grst of its kind in Africa, it was they are not taking lightly 

ment plan the federal road net- ______ » hunt in the remarkahlv short thw>ate of a hnonntt Kir intov- 

' • i N.> 

' • v^. 

J I s ^ i T f l ! .■* 

■ v » 1 Uw!!‘ 

On Cl Ljrfs Commitment 

eases off 

.7 ' . . 4 i i l * ' 

t J i i ** * ’ ^ 

. ur, “SP MnaMaMB A major development was the toms formalities, 

and ha^smre turned the capital opening last year of Tin Can The port authorities argue 

r hi Irt h nfr! I h « wriSl PORTS Island port, siutated slightly to that reports of alleged piracy on 

overhead ring roads and clover rUniv ^ west 0 £ Apapa. The coun- a foreign ship recently were 

leaves. ^ , . try’s most modern port and the exaggerated. None the less, 

Inder the current develop- of its j- ind ^ ^f r i ca| ft was ^ey are not taking Lightly 

riding a ‘ Si n J h ; 0 X ark: ‘ bly Sh0rt S r tfo£d 0f E ht n neTheS'ui ,t of 

folio wine thp takin** over of anchor in Nigerian waters, wart* 111116 01 roootns. - national shippers because of 

IB 000 km fonneriv under ™S to enter Lagos, but decon- FoUowing the commissioning security problems and have 

stale 0 Gtwrumen mnerrtsion 8esti° n efforts at the country’s of the N200m Tin Can Island. Rtreogtheucd port patrols with 
CritcriT for soloctinn these main seaport are yielding good the average turn-round time for plain-clothes detectives and 
fSmer ” Trunk Byroads for «auU*. ships has been considerably armed soldiers, 

uncradin-' were that thevshould “The worst days are over.” reduced to about three weeks For their part, shippers are 
jo^f tw^or more of tiie couS According to Mr. Nath compared with the sis months now breathing a collective sigh 
tn-" stales bi? daSified as Onyeukwu. chief public rela- plus at the peak of the con- of relief over the deferral of 
j rinn-i! 'rig or be e- s ; lv tions officer of' the Nigerian gestion problem. Mr. Onyeukwu implementation of the tough 
integrated inio the existing port s Authority (NPA). At the says there are now 70 discharge Merchant Shipping Decree 
federal ” Trunk A" network. ° P««k of the port congestion points available, while the promulgated earielr this year. 

Niepria is- the junction far problem, some two years ago. number of waiting ships stands This would have banned foreign 
thivenf thn’tTN Economic Cora- nearly 500 ships were waiting at about 80. But he adds that merchant ships more than 15 
ni^ian for Africa's continental outside Lagos to discharge this does not mean that the years old from using Nigerian 
hSrvurejccts These are cargo. The reason was a Defence NPA will “rest on its oara.” ports. 

thT Trnn^hiran Hhihwav Ministry order for 20m tonnes Further projects are in the Some shipping sources 

SL rStoMombiS. the of cement, to be delivered pipeline. believed the decree could have 

Ti'ans-Saharan route from Lagos within one year, which did not He may be right about the affected as much as 60 per 

to Algiers and the West African into account the limited statistics of available facilities cent of the total merchant 
Hichwav ‘coastal route from » ,ld unmechanised facilities at and waiting ships, but shippers tonnage using Nigerian ports. 
Lagos to Dakar. The latter. Apapa, the Lagos port complex, still -have their worries about Shippers petitioned the Govern- 
whieh or the three - has the To prevent excessive demur- the cumulative effects of alleged ment for abandonment of the 
shortest section on Nigerian rage charges, the Government administrative bottlenecks at decree, arguing that a goodly 
territory, is the nearest to com- cancelled some of the cement the Lagos port complex. They number of aged ships had their 

\i ; ‘ 

ln« completion on the Benin cement shipments, r or example, cerna cates (a facility wnicn vroum go against normal unsr- 
side of the border. some cement is now ‘ffloaded now . favours the major con- national shipping practices. 

However, apart from these directly from ships anchored iii ference lines), marked improve- They also pointed out that a 
three continental projects Lagos harbour on to fleets of merits in security arrangements majority of ships carrying 
Nigeria has been financing lurries brought alongside on and greater flexibility on cus- Nigeria’s supplies of petroleum, 
border feeder roads in three barges. CONTINUED ON NEXT PAGE 

{ Hansen-Group^ 
1 intemationaL#i 

I Your Partner for ' 

1 technology and " ,/ . 


! 41 x in Africa ancf 
I the Middle East " 

I ”At home” whether in 
1 Nigeria, Kenya, Kuwait 
I or Malawi.. 

I Some of today’s activities: 

| •Project for Water Supply, 

I Water Treatment, Sewerage 
| a Irrigation ‘ TBBBW 

| • Individual [Water Pumps 
| • Communication Engineering 
| • Service and Maintenance Workshop 


r Hamburg I 
Head Office 5 
for the last 1 
55yaars * 

40 £ Ado Bayero Street I 
P.O. Box 63t | 

Telephone 3756. KANO I 

62/64, Zik Avenue 1 
P.O. Box ITS m 

Telephone 3735, ENUGU | 



P.O. Box 141, 31/33 Martina Street. Lagos 
Tel.: 21067,2441^, 24034, TTXJ21413 

This is the symbol of 


Manufacturers of the finest high fidelity 
equipment, colour televisions, music 
centres, and a full range of audio equip- 
ment. Maiden Electronics is proud of 
its quality control and after-sales ser- 
vice, which guarantee- years of faultless 


Audio Products Division 

P.O. Box 158, Ikeja, Lagos State. 
Telephone: 24368/9, 31773 Cables: Maiden Lagos 

—yotetocuf ta tfo MOttoiM, ecwuMfy 

■ ■} [ : 1 ;v \l 

' ■" ■ .“i 

iKcwcAiHfy finw&td cv6t& &tdu4#ual <zdcrt*tceme*t£ 


1 Self-contained operational unit 
with 5000 kw diesel generating 

* Quay length of 2.5 kilometres 

* Extensive quayaprons40 metres 

1 Berthing capacity for 10-15 
vessels depending on size of 

* Roll-on /Roll-off facilities. 

1 Bulk berth for handling of bulk 

' Two service berths for tugs and 
light craft. 

Quayside water depth of 1 1 .5 
metres, (provision for dredging 
later to 13.5 metres). 

Dredged channel 200 metres 
wide with Turning Basin. 

Two fresh water wells (250m 
deep) with purification plant. 
Ten quayside cranes — Eight, 
6,000 kg at 28 metres radius 
and two 1 0,000 kg at 
25 metres radius. 

(A modern Port constructed in the record time of 15 months). 



Finandai Tlies Wednesday August 4 1978 


Rendering service that is quick and 
considerably cheap is not easy. For 
quick service is what should nor- 
mally come when you spend 
handsomely weH. But with NET, 
it is different. You can com- 
municate with anybody anywhere 
in the world sitting in the confines 
of your home, office, or at any of 
our undermentioned addresses in 
the Lagos area. 

If you have used any of our services 
before, you probably know what 
we are talking about. If you haven't 
give us a trial. Tell us what- you 
want, and where you'd like to 
reach, leave the rest to us; and 
fifce your true servants we 'If work 
things out for you. 

This is not one of those platitu- 
dinous claims, 
it is a fact. 

NET — ready 

for service at aH 

We Telex. Telegraph 
and Telephone sorvins be our 
Branch Offices on 24-hour 
basis. We are an— 

* 15. Marina. Lagos (Hqcn. ) 

* 56. Breadfruit Street. Lagos 

* Falomo Shopping Centre", 

* Federal Palace Hotel. 
Victoria li’and. Lagos. 

$ Adeniran Oeunsxnyz 

Shopping Centre. Sum 1 era. 

* 300. Apapa Road. Apapa. 

* Airport Hotel. Ikeja. 

For Overseas Telephones — 

DIAL 59666 (16 lines) 
59780 (13 lines) 

For Telex. It's automatic 

Enquiries: 59666 Ext. 301 

For Leased circuits:— . 

Dia> 59666 Ext. 245. 249, 
289. 25623- (Direct). Or 
call at: 

15. Marina, Lagos. 


te lecom munications Xf T 


is present 


Afready present in Lagos; Apapa, Norm, 

Kano and Kaduna through its subsidiary,’ 

Societe Generale Bank (Nigeria) Limited, Societe Generale 
will assist you on your business visits and help you 
in the negotiation of your contracts. 

In France, its specialists will inform you on the 
different projects, procedures, regulations, the drafting 
of your contracts and their financial clauses. 


French and international bank 

In Nigeria: 

Socfetfi G6n£rale Bank (Nigeria) Ltd 
Lagos: 126-128, Broad Street, PMB 12741 
tefex: 21379, tel.: 53285 cable: SOGENI 
Apapa: Nasco House, 29, Burma Road 
Horin: 89, Ibrahim Taino Road 
Kano : Bompai Road 
-Kaduna : Kaduna South 

Socidtd Gdndrale Representative 

Mr. G. Pla, 126-128, Broad Street, PMB 12741, Lagos 
telex: 21379, tel.: 53285 cable: SOGENI 

In France: 

Soci£t£ Gdndrale, 29, boulevard Haussmann, 75009 Paris 
Mr. Lequiller, Mrs.Mascarau, Mr. Rieu, tdl: 266.54.00 


% - 

Problems in 



AFTER CHALKING op eno^ ^ boQm - m ^ oU baaatx j m j . d b ^ itogfr The Government is investing preuramaiy wura « « 

moos and embarrassing deficit Its volume of traffic ’de- UlL The Lagos/ Jebba^an" heavily in the modernisation of OtOTkpo line. whiCh wUl UA up 

for 10 years running, the ^ tons ^ ^ linegwere Hnkedat existing rail facilities. The with the iron and steel piant t 0 

Nigerian Radway Corporation l5G2 -&3 t0 79705 ^ 1974.75. X 191 5 Immediate aim Is to retrieve be built at Ajaokuta. 

Later returns are not avail- ■ - • ■ ... -Some of the traffic lost to road Additionally,; 55 mainline 

to stem the misfortune of the aWe bnt ^ t0 be e^n T jnlrpfl transport, boost passenger djesei-electric locomotives and 

u — — = — *T*u*—* ' uuuitii traffic (now estima ted at 6m ^59 passenger coaches and 20 

■ . ^ A per annum) and strengthen' grunting locomotives have been 

mem either from northern SftafSrM ftS? fi,umc<!s ** Iow t" 1 * 8 ' acquired to meet the narrow- 

“The persistent downtrend gauge systems immediate _ me- 

diate ones are technical difficul- narrow-gauge tail, extensive Their regular and annoying plans as presently emulated, 
ties associated with track-speed stretches of curved trade, steep failures are being compounded -Nevertheless, an international 
limitations, poor telecomniuni- . gradients, and numerous weak nowadays by large-scale theft consortium, Jed by FugeroUe of 
cations, inadequate motive bridges. - ' of telegraph wires. France, is already working on 

power and rolling slot*. The first major track to isid : Bnt all is not lost uni ksnre £Li?Poit“ £ H^nrt eC “d 

The railway ha s also tea to 80 years ago between Lagos and but steady change ot fortune is ^STeroim 

share the adverse effects of low Ibadan. The railway reached imminent . . ■» SSf!? takmhn 

agricultural output following Jebba in the north hi 1909 fol- . It* 1 ™™ °f ■^ ta ^ r » has _^ en . . Q 

- -- - -=* «-»— 2-? - - - - .. The Governinent is investing preliminary work on the 

ailing industry and mane it ~ 

thrive arain ‘‘ThP railway of more distressing. There have 

the fut^l on tt,e wasTthe £££ 

" auuuiiUUdlUl Ui UiC Wi,rxavS® 

new administrator of the NRC, 


Sll co^ eeruunur Njgerian are troceable wte Taid iSnnL this h«s been, a matter of con- meat of station and workshop 

to its modest Dfiguunngs- Tte — • ‘ — -■ j — ■* 

All aboard the 8.48 

and the South administratively ~ ^ . , . „ _ . . ^ 

ti-ansport, its indigence in terms ^ f or movement of raw states, covers 3,503 route km N885m was originally ear- if Administrator Jakpa bad 
of funds for capital develop- materials (mineral and agricul- and 43 13 -.track km. Its maxi- marked for the rail system his way. be would like to 
ment. and its increasingly huge rural products) from the North mum permissible speed Ts under Nigeria's current 1975-80 establish the railway’s own 
operating deficits. to the seaports in the South for 64 kph, a limitation caused by development plan. NI7m was separate line of communlca- 

Apart from shortage of onward shipment to overseas technical speed - and topo- to be used to maintain- existing tions, sever connections with 
skilled manpower, the railway markets. graphical factors. facilities while N714m was to the Posts and Telegraphs, cut 

is plagued with a myriad of Little emphasis was - placed The signalling and common!- be spent on the first phase of unremun e rati ve passenger ser- 
immediate and longer term on mass movement of passen- cation system of the NRC are constructing a new standard vices (Minna/Baro, Ifo/Idogo, 
problems. Among the imme- gers. This meant lightweight, nothing to write home about gauge system. Kano/Nguro, Zaria/Gasau, Kuru 

The change to standard gauge /Maiduguri are a few examples), 

. 1 is by far the most important- and fix railway rates and fares 

aspect of the modernisation at ruling market prices, 
programme. It will allow speeds He sees his appointment as a 
to be increased from 64 kpb to turning point in the life of the 
160 kpb, eleminiate steep he is looking forward 

gradients and excessive curves t0 the future of the industry 

THE MAN in the ticket office over on to the station built steady procession of salesmen, ’ ISS , «SS»lS ra Sr ^ op ?« “ 1 envisage that the 
made It clear from the start: under the British and looking singers and beggars wander reliablllt y- safety and effi cy. i980s will pose serious chal- 

the traveller on the locaJ train remarkably like Wimbledon the length of the train ill the However, since the cost of lenges to our rail capabilities, 

from Zaria to Kano could have Central on a sunny day. time, scrambling over the bags track development has nearly he said. “ With the location oe 

any class of ticket he liked — as Then at 934 promptly the of produce which are piled doubled since the plan was the new federal capital at 

long as It was third. On the 8.48 from Zaria to Kano lurches high in the carriages. . drawn up and since Nigeria's Abuja, there will be need for a 

other hand there were first- and into life. With wild clangings Bread, salt and roast meat oil revenues have been more strategic network of rail- 

second-class carriages on the of bells and blowings of whistles salesmen carry the food up and declining, first phase develop- ways suitable for fast passenger 

afternoon train, but they had it almost clears the- station down the train with the trays ment work seems certain to spill and bulk freight train services 

been taken over by the army. To before coming to rest even on their . heads, the fingerless over into the next plan period, to ensure that all parts of the 

prove his point he forced his m °re violently than it had hand of a leper is thrust , for- It is believed that a team of country are linked with the new 

head and shoulders through the started out. For a moment ward for money, and a perfume Indian experts has been capitaL” 
narrow ticket office window and People, parcels and goats blend salesman carries an array of retained to take a second look ^ f'nrvaotmnAvn* 

gestured vigorously in the direc- in a tangled canopy of aims, sickly sweet fragrances which at the entire standard gauge oy a LOrr rapunucw 

tion of a line of carriages stand- legs and tails, then good- he decants into tiny bottles. At 
ing in the station. The 1940s naturedly recover their seats the station . the trading is 

rolling stock- was. marked "Made and canyon their excited chat- frantic, with food and goods 

in Sheffield" and equally un-/ te *'-. 
mistakably In faded gold let- 
tertng “third.” MOW 

Once on board the trick is not 

so much to find a seat but to Europeans refuse to travel on 

Jteing-paBseA--hach and^forth 
through ’ the "windows ''6r ,#s tiie : 
train. Contrary to British Rail’s 
traditions, lavatories ? can only 
be used at the station— largely 

wake sure that by the time you the trains in Nigeria because !l e< JJ use ^ i*™* 017 13 fte 
put your backside on it it has they axe slow, which is true, fitanon - 
not already been occupied by a but also because they are sup- 

Seveh' hours and 20 minutes 

stray go« or chicken or even posed to be nncomfortable. ^ CAl&TWCro™ 

into the station at a stately 
25 mph and the crowd empties- 
on to the station like a water 

an errant cheese. The interior which is not true. The distance 
of the faded cream carriage is between Kano and Zaria is 
alive with colour as animals approximately 90 miles down a 

mix happily with people and single-line track and the esti- It is not 

the men drape their legs peace- mated journey time is five hours travel brochure but on 

ably ont of the open glassless with ten stations in between. whaToto l^ Srtce MuM 
windows. It smells like a cheese Yet throughout the journey it " be wo^n^^S a goat 
shop which has been invaded by is impossible to be bored even n }bb i inB 9t V0I1T 8 

a wild menagerie. But the over- if no one but the ticket collector mDOUSi & ai * OUJ JKaas - 
crowding is relieved by spill- can speak a word of English. A JVl.fT. 



gas and allied products were old 
vessels and shortages of these 
essential commodities were 
bound to occur if the Govern- 
ment went ahead. 

Nevertheless, shippers were 
sympathetic to the Govern- 
ment's intention to restrict 
access to ports to ships in good 
condition. During the cement 
crisis there were allegations 
that some shippers were using 
vessels nearing the scrapyard 
to claim substantial demurrage 
from the authorities. Such 
vessels also created safety 

H. Clarkson, Edu 

Incorporated Insurance Brokers 

Nasco House, 

29 Burma Road, 
Apapa, Lagos, 

Postal Address: 
P.O. Box 2853, 

In the event the Government 
announced that implementation 
of the decree had been 
deferred, but it also stressed 
that the spirit of the measure 
bad not been abandoned. 
Presumably this means that it 
can still take tough action when 
vessels in poor condition try to 
enter Nigerian, ports. 

In retrospect, the cement con- 
gestion may in some respects 
have been a Messing tin disguise, 
considering the authorities* 
poevtiously lukewarm attitude to 
upsurge in imports after the 
ctoteL war. It provoked at least 
a series of immediate and long- 
term decongestiou efforts, one 
of Which. Is Tan-Can Island. 

Tin-Can Island has 10 berths 
for general cargo with raid -on/ 
rodi-off facilities in two of them, 
and two “ finger " jetties for 
berttnme tugs and speed hoots. 
Other facilities include heavy 
quayside cranes, five transit 
sheds served from a 40-metre 
quay apron, three warehouses 
(one reserved for the Govern- 
ment), extensive stacking areas, 
truck tenmAnate and offices. 

The ultra-modem port is a 
self-contained operational unit 
covering an area of 73 hectares. 
It is managed independently for 
10 years, apart from estenakms 
to the Apapa wharves. 


“The lesson from the un- 
happy episode of previous port 
concession is the absolute 
necessity to get Nigeria's 
sectoral investment priorities 
right.” Brigadier Shehu 
Yar’Andua, the country’s No. 2 
leader, sadd at the opening of 
the Tin-Can port last October. 
“Important infraatructuraJ sec- 
tors such as the ports, on which 
the health of the economy 
hinges, should never again be 
relegated to the back seat.” 

Another measure taken by the 
Govennment to redress the im- 
balance between . growing 
foreign trade and inadequate 
port infrastructures is the third 

Apapa wharf extension, which 
is due to be completed to a few 
months’ time. The sax-berth 
extension, partly financed by 
the World Bank, u being built 
samtidTaneoustiy wnth the deve- 
lopment of other Nigerian ports 
to Port Harcourt, Calabar and 
the debta areas. 

Royal Netherlands Harbour- 
works Is currently building the 
N82m Calabar port complex 
with 860-metre hard quays, 
three transit sheds and two 
warehouses. The entire chan- 
nel from the open sea to the 
port and the quay areas are 
being dredged to make it pos- 
sible for ships requiring deeper 
draught to call there and relieve 
pressure on Lagos and Port 

At Port Harcourt, Nigeria’s 
second biggest, six new berths 
with a total quay length of 
1,000 metres are being built on 
a new site and at a cost of 
NllOm. Berthing facilities of 
about 1,366 metres will be pro- 
vided for lighters and barges. 

The German company Julius 
Berger, which constructed the 
Tin-Can island port, is already 
working on the first phase of 
the N142m Ware! port develop- 
ment, comprising six m ainlin e 
berths, five transit sheds and 
two warehouses. - There will 
also be berthing facilities for 
lighters and barges. The 
nearby Ogunu wharf will be 
further dredged to facilitate 
movement of goods to and from 
the multi-million naira iron and 
steel plant at Ajaokuta. Nine 
new berths will be constructed 
at Koko and Sapele at a cost of 

The port development pro- 
gramme in the delta is bound 
to improve the navigability of 
the Niger-Benue river systems, 
Nigeria’s principal inland water 
artery. A Dutch consortium is 
already dredging the Niger in 
order to turn it into an all- 
season waterway while a Ger- 
man group is studying the 
possibility of river transporta- 
tion on the Lower Niger. 

By a Correspondent 











Ebani House 

149/153 Broad Street 

PO Box 3596 



Tel 25231/5 

LA Rbc & John Holt Limited 
Correspondents Merchant Chambers 
17 Stanley Street 




Tel 051 -227-3444 


Two madia! emergency air eva^ations were executed by. 
TianahCare Intei national the weekend jufy 28-30 

Despite communications failure at "the Nigtdin wd, and the 
go-slow by French air controllers (who made no exceptions), 
both patients, one from Lagos, the other from Kano, are 
jafely progressing in hospitals In England. Their companies art 
delighted with our services. 




Telephone: 01-992 5077/5078/507?. ' Telex. 914525 


. -\ 

v i v 

Financial .Times Wednesday 'August 30 1978 


|^©«eooOM©Q09osooooo09000©0©a©®©6a6©©©©90o©s5 Sa o sa)esa , oaoceeeeoe j» 9eeee0lSft j SaMSft(9lSfteiSdsd 5 <9!S .© !9 «j 

In Afriea since 1852 




i-.s: rr'i 

Cv!V ii,fc 

.riSM 1 

of service 

AIR TRAVEL But before NAA geis to the third type. Thus withia only additional Engineers available lo 
recruiting stage it will have to 18 months one captain was con- to service their own aircraft at 2 
Mrt out its own management verted from F28s to 707s and Nigerian expense. o 

problems. then to DClDs. It has been The flag carrier's fleet 2 

NIGERIAN AIRPORTS and the Nigeria. Airways -is in full suggested that this could result currently stands at two DClOs, o 
national flag carrier Nigeria expansion and now has one of in confusion under pressure in three 707s, three 727s, three 2 
Airways are jointly and the -most impressive: fleets in the middle type of aircraft 737s and six F28s. 0 

separately , among the most Africa. However, ... a • recent Most European international 2 

regular targets of loud public announcement . that ^ domestic ]VTsiinfpn5inf*A carriers fly scheduled routes to o 

criticism. More often than not "fares were to be increased by iTAOimcuflUtc _ Nigeria, all taking their share 2 
they deserve wtaar they get. ' up to 40 percent (the announce- Since, the beginning of 1977 of what is possibly one of the o' 
- Despite numerous attempts to m ^ n t said 25 per cent) provided Nigeria’ Airways has reported most lucrative routes open g 
reorganise booking and check- an easy excuse for the collected seven accidents, ranging from today. With proportionally © 
in procedures, airport manage- critics of the airways (slogan: a fatal mid-air collision, between high fares and capacity hook : ’ § 
ment and airline schedules, 1 Skypower") to wonder aloud a fortunately far-from-full F28 togs the airlines rarely fall O 
domestic air travel can be one whether the increase, in - fares and a Nigerian Air Force train- below break even point at any $ 
of the most exhausting ex-- would be .matched by an im- j n g j e f j n Kano, to a collapsed . time of the year. ’ 5 

periences in Nigeria. Habitual Provement in service.- undercarriage and a. brake— § 

traffic control will remain under hours on a new type of aircraft after the 707s. This enables o 
the Ministry of Civil Aviation, before being converted to a some foreign airlines to have 2 




overbooking, assaults by touts Earlier this year one of only failure during taxi-tog. 

and other unidentifiable neonle four passengers flying-, on one Tr , , . 

However, local maintenance 


loitering around domestic depar. °£ the newly openeck- African ^ to be ™ Tw E h In the case of Nigeria 

ture lounges, frequent delays was told more than three £ fllet only the Airways profits from the 

and an abundance of frustrated £°uVs before touchdown at F r ^^ d P^ ^ t 0E,y ^ European runs are being 

and short-tempered fellow- ***» the bar was closed f^^Fnemlships (five plus ^ tfl opgrl new g 

passengers can turn the politest because. the. steward: ssud. the national routes which are slow ® 

We are part of the B.I.A.O. Group, affiliated to Union Bank of 
Switzerlan .4 and Banco do Brasil, present in 13 West African 


Person into a trembling fountain customs officials to Nigeria were -KL 5L /it^n^vLiS 

of abuse. \ so fussy that it took a long time ^os. Tbo jets all go abroad 


are slowjg 

Organisation of major air-, to prepare the appropriate ilocu- XouS the rate Sve increased considerably over the o 
pom in Nigeria is theoretically ^nts Th* chief purser later ££Sdlate sScin P^ few years, keeping in step g 

the sole responsibility of the offered the same passenger a £™ ea,ate servicing in ^ ^ ^ econ0mic g 

reorganised Nigerian Airports miniature bottle of whisky from • : expansion. Many of the larger 2 

The use of light aircraft hasjg 

In LONDON contact: 

tne sole responsibility of the onerea me same passenger a ■ -- ““ “ with the general economic o 

reorganised Nigerian Airports miniature bottle of whisky from ^ ’ expansion. Many of the larger 2 

Authority <NAA). In practice own .locker but. asked 30 per At the end of last year per- loca j companies have started o 
the Authority is in disarray, the *« n t more than the official air- sonality problems in the building „ p their own mini-- 2 
Board has been dissolved, and Hne P™e. This,, he explained, engineering section led to a fleeta t0 avoid tt toconveni- « 
the ■ expatriate manager, an wa « because the previews week strike, cal Is for the resignation ences of tte scheduled domestic 2 
aviation- expert,- has_ left the be had found himself out of of the engineering manager and g 

country. The NAA's only pocket at the end of ah inter- the appointment of a board of But the main users of charter 2 
publicised achievement to date national flight beeanse the enquiry. The manager is still Md JiEht ^—£4 necessarily 8 
has been to provide a hew car exchange rate being used in there, the strike is over and the 0 jT comoanies PanAfricam 2 
park. at Lagos' Murtala Muham- Lagos was different from, the departmental, problems have Aero contractors’ and Bristow o 
med International Airport ° ne J „ ha d been giyen in been settled in the most expert- ^ ^ of ^ companies g 
Meanwhile the Federal Ministry London. Many of the cabin crew sive way by handing out main- seeing the oilfields and the 8 

Banqne Frangaise de Credit International Ltd-, 
41 Eastcheap, 


Telephone: 01-626 9898 

of Civil; Aviation is continuing fa ave yet tn goto smile school, tenance contracts to foreign ta B0S ' to p ort 2 

to manage the' country’s air- Flight deck standards are airlines. Thus KLM is respon- Harcourt and Warti carry the © 


And . there is no -shortage of 
good airports in Nigeria. Five 
of the 16 being developed under 
the third national plan will be 
to international standard. The 
new Lagos International Air- 
port. now expected to be. ready 
for use in the middle of next 
year, wiH be able to accept any 
aircraft flying today. The 3,900- 
mefre main runway should be 
ready before the end of this 
year and could be opened - 
earlier, although existing facili- 
ties 1 at the ^ i>W international 
•/ terminal" are already over- 
, worked. 

The design of the new airport, 
and many* of the- others in the- 
States, has been by. the -Dutch 

high, although there have been sible for the Lagos turnrounds traffic nf oil 2 

suggestions that in some cases of Nigeria. Airways* DClOs, „ ^ ' j * 8 
captains are flying too few while British Caledonian looks JKy 8 Correspondent o 



A long way I 


884031 BAFRIC London 
886619 BAFREX London 
887186 BAFREB London 

A long way 

in LAGOS our address is: 

to go 

94 Broad Street, 

P. M. Bag 12021 
LAGOS, Nigeria. 

Telephone: 57535 & 23347 


is the national Centex network g 
introduced by the Post Office o ' 

Telex: 21345 IBWA NG 

to replace the former tom tape I g 

mission teiegram ^^^l ^ogcggoaoss^ccsogQOocoocogsQg^occrsocccooooccsscsegos 

. - — Nigerian External Telecom- 

states. has bqpn h >’. the Dutch ^ .. ; . . if j • ... ^ . raunicatious, the Government 

group NACO. while the projcrt NIGLRIAvS telephone density, schedules and that overhead ror p oral j DI1 w hich bought up 
is being implemented by currently one of the lowest in lines have regularly been the ^ remaining shares held by 
NACO’s frequent partner *he world, should- reach world first target of careless drivers, cable and Wireless in its 
Strabag. Feeder roads from a average .growth* . rale by the But most of the major urban former Nigerian operations in 
recently built ten-lane highway mid-1980s according 10 federal construction projects ordered holds a monopoly on inter- 

- out of Lagos have been com- Ministry of Communications pro- under, the current plan have national communications and 

pieted. jections. . . . ‘ ■ been completed and newly-laid curr ently provides telephone, 

Other international srandard The ministry, long the popr cables should, prove hardier Telex, leased circuit, facsimile 
firlds are at Kano, Unrin. cousin among the country s than their predecessors. and television transmission 

. Sukotu, Kaduna and Port Har- quasi-commercial organisations. Ministry statistics put the facilities, 
court. Kano has long served has used the third national , telephone density at the end of At the beginning of this year 
international traffic from Europe development programme to last year at about 0.6 per net’s existing equipment en- 
and is also an important. staging introduce short- and long-term. thousand, at ,the bottom end of abigd it to handle 115 simul- 
post for the tens of thousands plans designed to solve Nigeria's the world scales, with a total of taneous telephone connections 
of Nigerian Moslems who make chronic communications probr about 55.000 lines, many of and SO trunk Telex connections, 
the anaual pilgrimage t« Mecca, leras. A crash training pro- them faulty. This was already The corporation is now set- 
It has recently berunae an no- firiunme to turn out 14,000 new a considerable increase on the ting up an international tele- 
portant air freight terminal s toffi many of them engineers .18,000 lines available at the phone switching centre, due for 

- and is currently touchdown and technicians, by 1980, the time of Independence in I860, completion next year, which 
point for cargo craft- airlifting arrival of several hundred but most of the exchange equip- will be able to handle 540 
Peugeot automobile parts for foreign engineers, the expan- ment dated back to the early simultaneous calls, while a com- 
assembly at the Kaduna plant, sion of the domestic satellite )950s and was badly in need of puterised 1. 500-line trunk Telex 

The nrwly opened Ilorin Air- system and a development replacement. Under the current exchange is due to come into 
port, with its 3.0D0-melre run- budget of over NIbn .have three-phase expansion pro- service in 1980. 
way. will eventually act as the already produced a noticeable gramme the number of lines is To accommodate part of the 
main diversion for international improvement in both domestic due to increase progressively to increase in circuits the micro- 
. traffic heading for Lagos. Pre- international communica- 750.000 by 1980. On a longer wave link between NET head- 
viously diversions, apart from tinas. term basis the Ministry projects quarters and the Lanlate 

Kano, wore in neighbouring Th e service has not yet a capacity of 2.5m lines by 1985. satellite earth station in Oyo 
countries west along the coast, reached the stage where sub- The plans call for the instal- state is being increased from 
The new Kaduna Airport will scri here can hope to live with: lation of 45 new exchanges and 300 to 600 channels. The -Lan- 
be able to handle existing out interruptions, and in parts-33-= mobile exchanges with late station is Nigeria’s original 
jumbo jets and is expected to of the country telephone lines modern cross-bar . switches, terminal for the Intelsat nel- 
bccome another major airfreight have been dead for several rehabilitation of existing cable work, and extensions are 
airport, while Pnrt Harcourt is months— in some cases years—- networks and the expansion of planned both at this site and at 
the staging field for -Nigeria's but . an. interim rehabilitation a terrestrial microwave system Kaduna. 

oilfields. programme in the federal and to provide new trunk channels Meanwhile Nigeria is estab^ 

Other airpnrts being developed state capitals has already pro- between the exchange centres, lisbing the largest domestic 
up to Boeing 737 Jevel are at duced some impressive changes:' Telex was introduced to satellite network in Africa, with 
Enugu (reopened last year). The ministry has blamed its Nigeria in I960, with a manual a total of 19 communications 
Calabar, Ibadan, Yola, Benin traditional afflictions on four exchange handling 60 sub- stations, one per state. These 
and Jos. major sources. These were the scribers. A nationwide Telex are already carrying television 

Before the AirporLs Aatho* disruption caused by widespread service was introduced late in transmission^ between the 
rily ran take full control of the civil engineering projects, lack 1374 with tbe construction of different states as well as 
outlying locations it will have of adequate trained staff, ageing exchanges in the then 12 state normal post office and Govern- 
to recruit a large- number of equipment and poor . drainage capitals. Today work is under ment traffic, 
qualified management staff who for cable installations. - way to extend the network to The Ministry of Communlca- 

3 re not immediately available, ■ It is certainly true that some nearly 5,000 subscribers, with tions has estimated that- because 
Currently senior alf traffic con- contractors found it more con- the development plan calling of delays caused by import 
fro! officers are frequently. venienl to. pay compensation to for’ a total or 40,000 lines by snags, installation of electronic 
responsible far the smooth run- the Post Office for breaking the end of 1980. equipment and construction 

ning of secondary fields, but -air cables lhan to fall behind their Parallel to the Telex system problems, it normally takes 
• ' . f about four years to set up a 

Making sense 

of business 

with Nigeria 

Lagos Brandi 

138/146 Broad Street, 
P.O. Box 2317, Lagos. 

Apapa Branch 

1 Queen's Barracks Road, 
P.M.B. 1116, Apapa, Lagos. 

There are unlimited business opportunities in 
Nigeria today - a vast, expanding modern 
industrial economy. Whether you are planning 
new business, or considering increasing your 
present scale of operations in Nigeria, consult 
Savannah Bank first. 

Kano Brandi 

Fif .J-jaa 


- . . in foreign trade 

s- - New Nigeria Bank is a • NEW NIGERIA BANK 

Import and export con- - New Nigeria Bank is a 
sfitute a major pan oX full participant in all 
Nigeria's commercial this- activity. Whether 
life. At nil the ports: you are an importer, 

air. jand and sea, goods or an exporter-— or kmM 

an a -being exchanged- — see us. Our team of 

IViLh virtually every experts will study your 
country m the world. proposition and give 
Haw materials, finished you all the advice and 
products, and raaeftin- guidance you need, plus 

the bank of new Ideas 

Overseas Branch London 
1, College Hill, 

London ’EC4R 2RA. . 
01-248 37SS. . . 

ery. This in turn 1$ 
reflected in the rising 
standard of life of 
Nigerians. . . 

The' neectaary finance. 
We know Nigeria. For. 

afi export advice please 
consult us first 

anw^KWH rm4, 
P.M.K. 1199 mala CUy 
Brane&ttc all owr Nlwrti 

regional communications 

system, although it has appealed 
to the different contractors to 
accelerate their work. However, 
it has encountered other prob- 
lems well known to business- 
men operating in Nigeria, such 
as delays In obtaining central 
bank approval for letters of 

There have also been com- 
plaints that the central bank 
has been slow in releasing funds 
authorised by the Ministry of 
Finance, which provides the 
loans for an Post Office capital 

All contracts handed out by 
the ministry for the current 
development , programme in- 
cluded a clause for a 12 month 
main ten tmee' period accepted by 
the contractor, ' However, 
because of the- continuing 
shortage of qualified Nigerian 
staff tbe maintenance period is 
being generally extended to 
cover a number of years, with 
gradual replacement of the 
expattiate staff by the newly* 
trained Nigerian technicians. 

By a Correspondent 

56E Ado Bayero Road, 
P-O. Box 2027, Kano, 

Port Harcourt Branch 

Whatever your financial requirement Savannah & 
Bank has the expertise to meet your needs. 

A full range of international banking services 
includes efficient collection and remittance 
facilities — export or import advice - 
_ introductions— guidance on local business 

10 Aba Road, P.O. Box 989, 
Port Harcdurt, Nigeria. 

Administration Office 

176, Awolcwo Road, 

S.W. ikoyi, P.O. Box 2317, 

As an affiliate of Bank of America we can also 
provide you with any world wide financial 
contact. Whether you need international 
banking or specialist local knowledge 
Savannah Bank makes sense of your business 
with Nigeria. 

Savannah Bank 
of Nigeria Ltd 

Affiliated with Bank of America NX & SA 

Mini a GBopreheosive 
Service te the 

Medical Profession 

~ - financial ^Times -Wednesdajr- 



- y *■» 

»•* >. 




7 ' 


>^v7: : ,.7 >, '' . - 


y »- 
















£7 *,**«': %&& '■■'i'J <bS -‘. ; 

jSffcS ~ ' ••' v£->v :* : : - • i ' iv y^S * 7 • 7 • • v • :7773s. 

|||||||^^ - ; 


The 1 1 OkmT^os-Ibadan expressway has recently been opened. ; Designed by Scott Wilson Kirkpatrick and Partners , i£ was con- 
structed by French and German contractors. 

















' PMB1375 















Associates Major & Company (Ghana) Ltd. & Major & Company (Sierra -Leone) Ltd. 

a name to ^ 
remember if you're 
looking for brokers to tackle 
your business with 
enthusiasm as though it 
. were their (only) hobby- . 
> S Sw try us 



Head Office: 

49, Awolowo Road, Ikoyi 
Tel.: 26393— Telex: 21485 
P.O. Box 1168, Lagos 

WITH THE cutback in oil pro- 
duction and the easing of prices 
Nigeria has entered a difficult 
period of financial stringency 
with the prospect of several 
leap years ahead for the con- 
struction industry. 

In last .April’s Budget the 
federal Government and- most 
of the States were forced to re- 
duce their expenditure targets 
for the current financial year. 
Capital expenditure has been 
restricted for the most part to 
financing on-going projects and 
few major new contracts seem 
likely to be signed in the next 
12 months.' 

Competition for the few pro- 
jects that will get the go-ahead 
is expected to he intense, not 
only among the large number 
of overseas contracting com- 
panies that entered “ “ the 
Nigerian market during the 
booirr years hut also from in- 
digenous contractors. - 

Nigeria's foreign -exchange 
difficulties . also ' mean that far 
from expecting cash payments 
when a new job is accepted, 
contractors are being asked to 
come up with schemes for 
financing the work as well as 
carrying it out Contractor- 
financing could work to the 
Advantage of continental Euro- 
pean contractors against their 
British rivals. They are more 
used to such arrangements and 
their banks and Governments 
generally give much more sup- 
port to the dverseas construc- 
tion Industry than is the case 
in Britain. 




The Nigerian Institute of 
Management (NIM) is 

the leading management 

organisation and pioneer 
of Executive Develop- 
ment programmes in 
Nigeria. It is the first 
indigenous management 
organisation to train and 
use Nigerians in Mauage- 
assignments throughout 
the country. 

organisations as well as 
to establish new associa- 
tions which will enable 
it to cope effectively 
with the growing 
demands brought about 
by the buoyancy of the 
Nigerian Economy. 

NIM is the only manage- 
ment organisation in 
Black Africa that is a 
constituent member of 
the World Council of 
Management (CIOS). In 
both lecturing and 
consultancy assignments, 
NIM works where 
necessary with foreign 
from reputable and 
leading Institutions and 
Firms of Consultants, 
in North America .and 

The Institute seeks to 
continue and maintain 
the existing co-operation 
with appropriate 

The Institute also pro- 
vides an Executive 
Selection Service, and 
maintains a Register 
or Prospective Managers 
in Nigeria. 

extremely effective and 
valuable means of reach- 
ing a wide and interested 
audience in Nigeria 
composed of decision- 
makers in commerce, 
industry, finance and 


At present the Institute 
serves 300 Collective 
Subscriber Companies 
and over 7,000 individual 
professional members. 
The growing rate of 
membership is very 

As things are. British con- 
struction companies, which 
dominated the Nigerian con- 
struction market 20 years ago. 
have lost much ground to their 
European competitors, notably 
to West German companies such 
as Julius Berger. This group 
has won a high reputation in 
Nigeria for speed of execution 
and high standards, and done 
much to bolster West Germany’s 
image of industrial efficiency. 

Under Nigeria's 1977 Enter- 
prises Promotion Decree, ail 
construction companies incor- 
porated locally must by the end 
of this year bring the propor- 
tion of their equity held by 
Nigerians up to 60 per cent. 

Among the British-owned 
companies, one which has 
recently put the required pro- 
portion of its equity on offer is 
Costain (West Africa), estab- 
lished as a ""public company -in 
Nigeria for over four years and 
with, an operational history 
going back. 30 yearsl 

Financial information dis- 
closed by Costain in connection 
with this offer shows that the 
group’s affairs are healthy. Pre- 
tax profit for the current year 
is forecast at N4,3m, but taxa- 
tion will be heavy at' a forecast 
N2.63m. After dividends Cos- 
tain. expects to retain about 
N1.4m in the business. 

These figures illustrate one 
fact about company operations 
in Nigeria-^that taxation is 
rising. Costain’s forecast after- 
tax profit on this year’s opera- 
tions is some N30Q.0Q0 lower 
than last year, despite the 
higher gross profit. This is due 
in part to the decision of the 
Federal Government- to raise 
company taxation from 43 to 50 
per cent. 

Now, it is understood that the 
tax squeeze on foreign com- 
panies is being tightened as the 
government searches for 
revenue to replace the shortfall 
from diminishing oil sales. The 
government looks likely to in- 
sist that construction companies 
pay taxation of at least 2i per 
cent of their turnover. 

Under these conditions of 
rising taxation and shrinking 
opportunities. British contrac- 
tors are not on the whole 
making a great deal of progress 
In Nigeria. Wimpey has been 
the most successful, recently, 
having won a £22 m contract 
last November to build a 
military base in Kwara State 
and a £13m job for armed 
farces' accommodation at the 
Ikeja air base. 

■ Bovis Construction . Inter- 
national obtained its first major 
commission ' with the- £5m road 
award to its Nigerian associate 
Bovis Caleb Johnson, given 
earlier this year by the Oyo 

State Ministry of Works . and 
Housing. The same department 
has also awarded Tilbury Con- 
struction a £6m extension of its 
current £20m contract to build 
part of the Ibadan ring road. 

Meanwhile A. Monk and Co. 
has written off nearly £4m due 
to the parent company from its 
Nigerian subsidiary Petra-Mank* 
This is in view of the , long 
delay expected over, the final, 
settlement for the Ikorodu 
Road and Airport Road, Ikeja. 


Because of the drastic reduc- 
tion in Government work; 
Monk’s workload is presently 
confined to commercial con-- 
cerns. The company had a bad 
experience with its Lagos motor- 
way contract which the chair- 
man has admitted was much; too 
big a job to take on for a-first 
contract in . Nigeria! '-Its . site- 
management ran Into all sorts 
of unexpected problems. whijtfL 
seriously disrupted theeanstruc- 
tion -programme. 

In rather different circum- 
stances. Tarmac has also suifc 
tained heavy losses in Nigeria, 
the scale of which has recently 
been made clear to shareholders 
by Robin Martin, the Tarmac 
chairman. Provision for losses 
in Nigeria has been raised to 
£16zn — a big increase over the 
initial forecast of £12m. The 
extra cash is due to. allowances 
for future losses as Cubitts 
(Nigeria) runs down its opera- 

How did Tarmac run into 
such misfortune? Hus construc- 
tion group took over Cubitts 
•(Nigeria) in a deal -with Drake 
and Scull. Losses had been 
expected on Cubitts Maiduguri 
airport contract in northern 
Nigeria, where cOst ; inflation 
overtook the sites' in question 
in the tender, but not on the 
scale disclosed by Mr. Martin 
in his statement last September. 

Big losses .were also incurred 
at Yola, where Cubitts was 
building a teachers', training 
college. This was a more com- 
plex situation.' .It is alleged that 
the education authorities were 
not prepared to pay the actual 
cost of providing this accom- 
modation. despite the fact that 
rates had been agreed-. The gap 
between the client's figures and 
the contractors' ran _into several 
millions of pounds. 

With the dearth of public 
works contracts, Costain (West 
Africa) has successfully sought 
work in the private industrial 
sector and is. for example, 
doing major civil engineering 
jobs for a cement plant and a 
pulp mill. But in common with 
other major construction 
groups* Costain foresees a 
shrinkage, of tendering oppor- 

tunities ’ in the immediate 

Wimpey's Nigerian operation 
is sustained by the support of 
its powerful parent company — 
as is also the case with Taylor 
Woodrow. Both companies have 
derived useful turnover from 
the Nigerian construction mar-' 
kety but with increasing compe- 
tition this is becoming less 
profitable. .. 

In the light of Nigeria's 
search for more external pro- 
ject financing, the recent visit 
to Lagos by Chancellor Schmidt 
of West Germany is significant. 
He gave assurances that his 
country would .assist mutually 
beneficial projects . through 
appropriate financial arrange- 

'■ This means West German 
-backing for the big new steel 
plant near Warri, planned to 
produce lm tonnes pf finished 
steeL by 1981. Construction of 
ayiew • port at Warri has com- 
menced. under Julius Berger, 
■Which has won contracts run? 
ning into hundreds of millions 
of naira in Lagos State. 

• It was notable . that in his 
budget speech the Bead of State, 
General Obasanjo, picked out 
the - construction of TimCan 
Island, a new port at Lagos, as 
bold in conception and executed 
in record time. This too was 
built by Julius .Berger. 

Hdw is it that German groups 
like Berger take on such vast 
projects and win the plaudits 
of the Government, whereas the 
British are losing ground and 
reporting losses? It stems in 
part from a totally different 
approach to construction busi- 
ness. The British contractor has 
to be very self-reliant when it 
comes to financing, so the tend- 
ency among British companies 
is to spread their interests and 
not be too heavily dependent on 
one market. Such commercial 
prudence is generally commen- 
ded by their financial advisers 
in the City of London. ' . 

Groups sudh as Julius Berger, 
which is heavily committed in 
Nigeria, seem to have few such 
inhibitions. A significant pro- 
portion of the parent company’s 
shareholding . is with one or 
the German -banks, which are 
not only encouraged , by the 
Bonn Government to back over- 
seas ventures but can also more 
easily meet the demand for con- 
tractor financing..,, .. . / 

' There does not seem to he 
any comparable initiative rm 
the part of the UK Government. 
While.- British contractors 
struggle to remain on an. even 
keel and maintain- a.-'prcsauiro 
in Nigeria, their West German 
competitors arc walking away 
with the main prizes.' 


for best results 



The Institute operates 
throughout the 19 States 
of the Federation and 
publishes a monthly 
j ournal-MAN AGEMENT 
IN NIGERIA - which 
enjoys a wide circulation 
both in Nigeria and 
abroad. For advertisers, 
NIGERIA is an 


The Director-General, - 
Nigerian Institute of 

P.O. Box 2557, Lagos, 

Cable and Telegram:. . . 

WHAT SHOULD a first time 
visitor to Nigeria read to gain 
a broad, rapid picture of th? 

As befits one of Africa's most 
complex and fascinating nations, 
there exists a plethora of reading 
material on Nigeria. Space will 
allow only a few titles to be 
mentioned here. 

The rapidly changing nature 
of Nigerian politics- and the 
economy means that it has often 
been -hard to gain up-to-date in- 
formation in book form. On the 
political ride, this gap has been 
admirably filled this year by 
the publication of Soldiers and 
Oil, edited by Keith Pan ter-B rick 
and published by Erank Cass at 
£11. This presents a thoughtful 
study of the multitude of changes 
wrought in Nigerian life by 
military rule. 

For an understanding of the 
civil war, the starting point must 
be The Nigerian ClvU War, by 
John de St. Jorre. published by 
Hodder and Stoughton in 1972. 

The International Politics of 
the Nigerian civil. War, by John 
Stremlau (Princeton) is also 
essential reading. 

The Story of Nigeria by 

Michael Crowder (Faber and 

Faber), first published m 1962. 

was revised and republished this 
year and is invaluable as general 
historical background. 

For the feel of- Nigeria, go to 
some of the country's talented 
novelists. These include Chinua 
Achebe (A^Man ofibe People, 
and No Longer at Ease) Cyprian 
Ekwensi (Burning. Grass), Wole 
Soyinka (The Interpreters and 
more recently. The Kan died) 
and >Elechi Amadi, who like 
Soyinka, albeit from a different 
vantage point, has. written of his 
experiences during the ‘war. 

. There Is very little up-to-date 
information in book form on the 
economy and not nearly enough 
from the Government itself. 
Starling point : for economic, 
statistics must be the Central' 
Bank's monthly - report, its 
ecooomic and financial - review 
and its annual report. Names 
and titles of federal Government 
officials are contained in the 
official Office Directory. Go to 
the federal Government printers 
for this and for similar official 
publications. There are also 
Government printers in each of 
the states. 




A leading company-' in Nigeria i 

We transact the following classes of 

Motor; Workmen’s Compensation;' 

. ' Group Personal Accident; 

Marine; Fire; Accident, etc. 

; .12/14 Broad Street * • 

P.O. Box ,634, Lagos 
Telegrams: Emplomntna, Lagos . 
Telephone: 55630/14. 9 anti 24157 / “ 



• 5 ^ 



= '-r ±9 

* x :-*k* 



Financial Times. Wednesday August 30 1978 

Desai’s unruly team 



SCEPTICS- gave the Janata 
Party Government six months 
when the newly -formed political 

organisation -swept Mrs. Indira 
Gandhi out of power in- India 
in March. 1977.- The party, 
formed in haste by. the merger, 
of five disparate groups, Has 
governed for nearly three 
times as long, but the sceptics 
remained unconvinced. 

For the 18 months or so dur- 
ing which Mr. Morarji Desai’s 
Government has functioned, it 
has not provided leadership of 
the kind it promised during the 
euphoria of the immediate post- 
emergency days. The five parties 
that formed the Janata com- 
bined merely to throw the Con- 
gress out; they succeeded in do- 
ing so, but it is now clear that 
the merger was never effective 
and the party is in serious 
danger of breaking up. 

The n months have demon- 
strated the hear impossibility of 
ruling a large and diverse coun- 
ty like India by what is essen- 
tially a : coalition Government. 
It is true t* -t for the 30 years 
the Congress was in power, the 
ruling party was also a widely- 
based organisation consisting of 
as many factions as the Janata. 
The difference was that for 
□early two decades it bad at its 
head Jawaharlal Nehru and for 
the next decade his daughter. 
Both were dominant, oftph 
domineering, individuals - who 
personally controlled their 
party and could sway it for 
their own purposes. 

Unfortunately for Mr. Desai. 
he lacks the charisma and 
popular appeal of his predeces- 
sors. Running wbat is effectively 
a coalition on the pattern of 
past Congress Governments has 
not been a successful experi- 
ment. Mr. Desai is as haughty 
and dictatorial as Mrs. Gandhi 
and her father, and there are 
several examples— like his snap 
decisions an nuclear explosions 
and the hurried introduction 
of prohibition — where he 
has imposed h!s whims. What 
he has failed to do is to strike 

a balance between the need for 
a consensus on policiessp that 
they are acceptable to Janatirig 
constituents and the need for 
the decisive leadership .that a 
Prime Minister of a country 
such' as India must proride. 

Mr. Desai has attempted both 
— the first at the start, and. 
more recently and disastrously, 
the latter. The result is that 
be has increased his -personal 
unpopularity and endangered 
the infant Janata.' More 
seriously, ' by -ignoring the 
powerful regional forces at 
work in the country, lie has en- 
couraged centrifugal tendencies 

. In trying to keep the Govern- 
ment intact, Mr. Desai often 
gives the Impression. that he is 
acting as arbitrator rather than 
leader. Senior JaBata Party 
officials face the same problem. 
The party president, Mr. 
Chandra Shekhar, beads an 
organisation of feuding groups 
divided either by personality 
factors or by each trying to 
gain as much leverage as It can. 
When Mr- Desai finally realised 
that he -must act decisively, be 
brought the party to the brink 
of a split and plunged it into 
a crisis from which it has not 
yet emerged. 

By K. K. SHARMA, New Delhi Correspondent 

and upset the delicate relation- 
ship between the Central -and 
State* Governments built up with 
considerable difficulty ever the 
past 30 years. 

Mr. Desai realised' darly 
enough that his mala problem 
was keeping the five groups in 
the Janata together.' He has a 
heterogeneous flock to mind — 
ranging from the vague 
“ Gandhian socialism” of Mr. 
Charan Singh's Bharatiya Lok 
Dal (BLD), to the introverted 
nationalism of the Jana Sangh, 
and the often rabid caste 
pressures of various elements of 
the Congress, all of whom joined 
hands. After they got rid of 
Mrs. Gandhi they found they 
had nothing in common left It 
is no secret that each has its 
sights set on longer-range 
targets. In the jostling for posi- 
tion and power that is con- 
tinuing. the Janata has dissi- 
pated most of the hopes and the 
goodwill which it enjoyed 18 
months ago. Mr. Desai has sur- 
vived not because he is Die 
undisputed leader — many In the 
Janata are frankly fed up with 
him — hut because the fight for 
succession that would follow if 
he went would surely crack up 
the party. 

It happened when. Mr. Desai 
clashed with Mr. Charan Singh, 
his Home Minister until, two 
months ago. The showdown pre- 
cipitated by Mr. Desai led to the 
resignation ' of Mr. Charan 
Singh; The argument was 
ostensibly over the violation of 
the principle of the collective 
responsibility of the Cabinet — 
when Mr. Charan Singh made a 
surprise attack on the Govern- 
ment for its failure to act 
against Mrs. Gandhi — but it 
brought into sharp focus Mr. 
Desai’s difficulties. What be was 
trying to do was to act as a 
Prime Minis ter in a modern 
Parliamentary system borrowed 
from Westminster, rather than 
as the co-ordinator he had been. 

The resultant crisis is compli- 
cated by personal factors and 
side issues, notably charges of 
corruption against the relatives 
both of -Mr. Desai and of Mr. 
Charan Singh. These could, as 
side issues sometimes do, deter- 
mine Mr. Desai’s future and that 
of the Janata. Mr. Desai has 
adopted his usual rigid posture 
by resisting demands for an 
inquiry into allegations against 
his controversial son, Mr. Kanti 

The fundamental question is 

how far India can or should be 
ruled through the slow process 
of reaching a consensus among 
a coalition’s constituents, rather 
than by a strung, decisive 
Government to which factions 
should subordinate their sec- 
tional Interests. - Two examples 
of the kind of difficulties and 
situations that emerge concern 
the role of Mrs. Gandhi and the 
growth, of regional forces in the 

Mrs. Gandhi’s re-emergence 
oh ' the Indian political scene 
must be among the most remark- 
able phenomena of recent times. 
From being a defeated and dis- 
credited Prime Minister, she has 
become the acknowledged leader 
of the opposition and now poses 
a serious threat to the Govern- 
ment even, if all that she has 
done is to exploit its dithering. 
Mrs. Gandhj may or may not be 
tamed, but the ease with which 
she has recently set the pace of 
Indian politics underscores the 
dilemma of the Government. 

She faces a number of 
criminal and other charges 
arising out of findings of com- 
missions of inquiry appointed to 
examine allegations of abuse of 
power-' during her emergency 
rule- Her strategy is tD politicise 
the charges by claiming that 
they have been concocted to 
malign her — something she has 
so far been able to do. thus 
shrewdly outmanoevring her 
political rivals in the Janata. 

The Janata Government and 
Mr. Desai were catapulted to 
power on the promise of restor- 
ing civil liberties, and they 
could hardly emulate Mrs. 
Gandhi's dictatorial methods. 
Yet this has meant opting for 
the slow method of finding a 
consensus and, it seems, an 
acceptance of the inevitability 
of drift instead of firm govern- 
ment A few ministers often act 
on their own — sometimes suc- 
cessfully, as in the case of Mr. 
George Fernandes, Minister for 
Industry — or take It on them* 

selves to air differing views in 
public, causing confusion, • 
Developments in the states 
have been overlooked amid the 
confusion of recent polities L' 
events at the centre. The Janata 
Party often Ignores the fact that 
it is itself a regional party with 
its (fast eroding) power base 
still confined to the northern - 
Hindi-speakipg belt At present, 
the country's 22 states are ruled 
by, at least six parties- Only the 
Janata and. Mrs. Gandhi's Con- 
gress' faction, hold, power m : 
more states than one, the dis^ 
Integrating official Congress is 
nowhere. in power. States like 
Kashmir, Punjab, West Bengal 
and TCunilnadu are ruled by- 
strictly local political parties 
which have no real commitment 
to keep tiie Indian Union iptact 
In such a situation, what is 
needed " is same kind of 
rapprochement so that the 
states do not get derailed from 
the; national mainstream. Mr. 
Desai has studiously avoided' 
doing this. To demands for a 
dial ogue- with the Chief 
Ministers, the Prime Minister 
recently said that he did not- 
accept the need for a conference 
on centre-state relations since 
it would create more problems 
than it solved. This could be 
true, hat Mr. Desai cannot turn 
a blind eye to the fact that India 
has a federal set-up and that its 
constituent states — like the con- 
stituent .units of the Janata 
Party— -are going separate ways. 
The states did not endorse Mr. 
Desai’s Five Year Plan draft 
when it was presented to them, 
and the major reason was that 
he had neglected to consult 
them wben it was prepared. 

There are now emotional 
issues, tike language, that are 
being aired by the states. 
Recently, the country's five 
southern Chief Ministers met 
among themselves and raised 
what they consider important 
questions (of which language 
was just one). That Chief 
Ministers should meet on a 

Morarji Desai, chosen PM by con- 
sensus at a Janata meeting in 
March, 1977. ' He belonged to 
the Congress until released from 
jail by Mrs. Gandhi just before 
last year's general election. 

Jagjivan Ram, the Harijan (un- 
touchable) Defence Minister, lost 
the race for the Prime Minister- 
ship to Desai. His defection from 
the Congress dealt a mortal blow 
to Mrs. Gandhi. 

Atal Behari Vajpayee, Foreign 
Minister, was President of the 
Jana Sangh. a Hindu nationalist 
part/ with its base among the 
traders and middle class of urban 
northern India. 

Charan Singh, who recently quit 
as Home Minister, is founder of 
the Bharatiya Lok Dal (BLD) 
which has its roots among 
fanners of the key northern 
Hindi-speaking belt. 

regional basis, rather than 
national as they have in the 
past, is an ominous development no central government can 
afford to ignore. 

Judging from the performance 
of tiie past 18 months, the Janata 
Government has not come to 
terms either with its own 
internal factions or the wider 
problems of the country. 
Certainly it has not yet provided 
an answer for the country's 
diverse needs and problems, it 
has not thrown up a leader who 
has sufficient personality to 
push through necessary, if 

George Fernandes, Minister for 
Industry, was a militant trade 
unionist and chairman of India's 
Socialist Party until its merger 
with the Janata. 

unpopular, notifies (Family 
planning, lor inManco. has /nil 
lo be revived from Ihc shatter- 
ing blow given to it hy Mr. 
San jay Gandhi.) Nnr does the 
Janata seem to be able to 
check — either by cajoling, as 
Mr. .Nehru need in do, nr bully- 
ins. as his daughter did — the 
forces that tuuld fragment the 

The continuing political crises 
have distracted attention from 
India's perennial problem of the 
appalling poverty of the 
majority of the population. The 

Chandra Shekhar, a fierce 
opponent of Mrs. Gandhi, 
belonged to the group of " Young 
Turks " in the Congress until 
jailed in 1975. He is now 
President of the Janata Party. 

Govern men I i< Idling a unique 
opportunity to lat-kle this slip 
by. Foreign evchange reserves 
(fiirrenily a mu ml Sfihnt and 
fond gram si neks of about 20m 
tonne:, could be used effectively 
In promuti? much needed 
ei-ononuc gruwth. That is appar- 
ent to all. Yet the Government 
does nni appear lu know haw to 
make use of the abundance of 
real resources, largely because 
of a lack of political wii! and 
guidance on implementing what 
so far arc just broad policy 
statements on industrial and 
agricultural development. 

Letters to the Editor 


From Mr. D. J. Hollam. 

n r J ably less, for. in many cases, appreciates how much money it ing a greengrocer is medieval. 

X.ay 0.11(1 much higher skills and con- fritters away on postage alone. It is rather surprising that Mr. 

scientious work. Similarly so-called PR con- Showering does not say that 

The solution would appear to sultants dish out wads of photo- Lyons research cun be of help 

- be a highly paid and highly graphs which, because of in- to Allied. Last Jane. Lyons 

skilled professional top execu- correct size and aspect ratio, are introduced without fanfare 
Sir,— 1 find it difficult to under tive Board, divorced from direct useless for TV purposes in the Lyons Maid frozen dessert with 
stand why an average increase control by tbe Government, first instance. Then again, every- out anv stabilisers or emulsifiers 
in earnings of some 14-15 per which would make the decisions thing has to be read because and with only dairy protein. This 
cent during the Phase Three pay upon nationally agreed policies, there are inevitably fluttering expertise can be applied to super- 
policy meets with so much by referendum if necessary, and butterflies who put tbe real news markets, grocery stores, heatoh 
implied criticism. subject always to faithful and story in the final paragraph. a „d f rozen roods in order 

The introduction «’f self-financ- efficient effort. Of course there are some ex- reS pond better to consumer 

ins productivity schemes were obviously, there will always cellent PR people for whom we It may not be indi 

• permitted under the 10 per cent be a case for public funds to be media people have the highest ,. ated on ‘ anv balance sheet 
policy as they are under tiie cur- invested, and if this was eon- regard. But the fact remains », ; _ ot Quite c | ear wbv tuere 
rent 3 per cent policy. Indeed, trolled in a professional . arid that generally the media has to . malaise nn Mm nart'of cer- 
such schemes were actively effective manner, this £I.4bn at take the initiative because but a J* £ . confine the 

encouraged as being a major presrnl wasted in the motor-car handful of PROs appreciate a It lo 

contribution to the reduction nf industry would on the other side visual story when tbev see one. raer f”*. 1 J. . 

inflation and increase in growth. 0 f t fae coin produce a profit Might I just add that I hope 5ff e L*iJJ5 “Li” 

On the assumption that the normally approaching about my critical arrows find their J** *! ec “ 5t 
majority received -he 10 per c?00m per annum which would taraet because life for media J50 grams in the world food and 
cent without having to increase lben accumulatively reduce the people could be far easier if beverage industries, which have 
their productivity it all. the 4 penal | eveJfi 4 of taxation and there were better industrial b ®* n surveyed recently. The 
or 5 per cent which can be attri- national pride and inter- PROs. and ultimately the leaders advantages, which Mr. Showering 

U’okinft Surrey. 

buted to productivity schemes nationa ) confidence, 
appears to be surprisingly low. 

One would have thought that the F- J «- VWHIams. 
higher the increase in average ^nite Indies, 
ea mines the better, provided all Uia v\ ottrng ttoaa, 
above the policy norm came from 
more_output at the same or re- 
duced casts. . 

Incidentally, if there are yearly 
pay policies in the future!, each 
permitting self-financing produc- 
tivity schemes. pressure will be 

exerted on employers to -intro- From Mr. R. T. Smith 
ducc additional new schemes 
each year; in which case, pay 

of industry must take resoonsi- implies, in creating a strong 

bilitv for their appointment 
M. Noble. 

VT«« R'Dffc'fcnles, 

Huddersfield, West Yorkshire. 

Tax and the 



British owned food multinational 
are additional gains. 

Robert Aries, 

Emile Aries S.A., 

2. Avenue Marc Mourner , , 

1206 Geneve. 

From Mr. R. Beardwood 
Sir,— You report (August 18) 


From the Secretary-Treasurer. 

Sir,— Mr. David Freud, in his that the Post Office is beta, 

f report on the front page of tbe forced to curb the forwarding The British Transport Officers 
structares will become very com- Financial Times of August 24, from Britain of telex messages Guild. 
plicated indeed. . writes “Manv sclf-em ployed originating in countries with Sir.— Two items ;n :he August 

Another factor which contri-. individuals pay tax up to IS higher telex costs. The countries js issue, the Hnmber Bridge 
billed .to the 10 per cent RUide- njonths in arrears." This is not bringing this pressure should problems and seeking a future 
lines; being exceeded and which correct as anv inland revenue plump for the alternative: for Concord:, illustrate yet again 
appears lo have been forgotten is ofticer or accountant will know- reducing their telex charges so the price the country pays where 
that 'irr April, 197S. «be Engineer- *n iere a misunderstanding of that they are competitive with the political element has been 
ing Employers’ Federation and difference between profits Britain's. allowed to carry too much weight 

the Confederation or Engineer- and assessments. In effect, those countries’ tele- in matters of transport strategy, 

ing Unions readied an agreement Self-emploved traders and communications authorities— not The comments of the public 
which established enhanced those engage( i j n t fce professions named In your report— are try- Accounts Committee on ihe 
National Minimum Earnings income tax on their assess- ing to create an international Humber Bridge although rele- 
Levels and additinnal holiday men f_ s- tym yearly instal- cartel: and ! f Th*v include vanL are too late to have 
pay for federated firms w the one on January 1 »n the countries within the EEC, that is real effect, 

industry- Tbe ..overnment . j other on July 1 clearly contrary to provisions of We have argued that there is 

~ Xlj.aii,., amniintmt per annum, wiukiui teun. . auwu — -* 

industry received wh3tamountea |>tB paynjeflt ^ mad e. It is ntzetmay argue, of course, that where optimum solutions could 

to two increases « Jw ***JjgJ ^ a]J 5n favour of ^ British telex charges are lower, be clearly identified which would 

period, the second, in most ca. ^ ^ M they are just as m part, because tbe pound is be most effective m financial 

being in addition Vo the 10 per likely to have to pay income tax low against other currencies. If Verms, and equally -raportant In 

Mnf nnrm ‘ ■» - . .. .. .1 ... ,1 Minmnninfil nnrl lorn) nu 

cent norm. 

D. J. Hallara. 
ffedbrook Lodge. 

15. Redhroofc Food. 
Rerib rook, Bnmslew 

In which I live. 

The many changes in the ^toger Beardwood. 
taxation legislation are proving V’ffla Rarretchia, Arcangues, 
a great burden on the Inland F-64200 Biarritz, France. 

Pouring money 
into cars 

From Mr. F. Williams. 

Sir,— Now that the critics of the 
original Chrysler “ rescue .deal 
have sadly been proved abso* _ 

lutely correct, and further mas- Revenue and the accountancy 
sive losses of public money must profession, and many of the 
be expected, to which must be complications rub off on to the 
added other enormous losses lo self-employed, who. additionally, 
nationalised industries, etc. carry considerable burdens in 
surely it is time to put a atop operating PAYE, VAT, National 
to any Government being able insurance, etc. 
to spend public funds 'for largely » T s m |tb. 

poUtica! reasons, to elite types Smith aod Son. 

of industry, mmnly selected for 3 ciwyd Street. RhpL 

their industrial “muscle" and ' 

political influence. __ _ . 

A recent review puts the total 1J 13 1 1q in 
investment of public funds in . aaa 

the motor-car industry alone 
since 1974 at £1.4bn. llIQUSlTy 

There are far too many people yvom Mr. M Noble 

in this country who think Ibai sir. I rather liked John 

“they" produce the money and Mattison’s statement (August 25) 

on" asscssm ents~ that are larger they do so argue, they are open- fnvimnneutal and land use 
than the actual profits in the mg more cans of worms than a ,„ c °“ ntry i„V 1 ? of 

tax vear than the reverse. they can shake a stick at, since T* 1 ® ^ the latter point -b becom- 

Mention should be made of an identical argument could he .25I^ ,sins 2l ^Smficant 
the fact that all taxpayers, for used by exporters in countries 

example, have to pay their tax with strong currencies. S^Si ltat,ve *rJ W 

on income from properly on The Post Office should resist 

January 2 In the year of assess- this pressure; the result might Deveiooro ent^ ^lomnii tte^ on 
roent, by which date they may be . cheaper and better tele- committee on 

weUhavJoniy had ha |f the rents »awmIntlo» in the countiy WTitie 

due In the tax year. . _ . which 1 jiv^^ reservations rewnUng the 

effectiveness of these committees. 

Bid for 

the importance of this subject 
and the various vested interests 
and prejudices that rxisf make 
the creation of such a body in- 
creasingly overdue. 

J C. Rogers. 

Room 307. 

It'ext Side Offices. 

Kings Cross Station. ft*2. 



From. Mr. Robert Aries. 

Sir , — It if bard to see what 
tiie fuss is aU about over the bid 
by Allied Breweries for Lyons- 
Tbere are always some who 
object to mergers. The pension 
ftinds obviously cannot grasp yet „ „ 

tlte significance of this me re 12 rtmt Mrs. J m V- Jr- Morgan 
per cent dilution which will Sir.— I cannot in all honesty 
double tbe Allied potential for claim to be a lover of cats but 

SB*— ■ ■—» — fm “ re SSM,’ }’ K'aff'SK 

I do not sefl use of any Bj£ I® 

do not realise that Parliament too" “>Vw media 'people laige advertisem«»t« before all ?nd j p^^ular the naragraph 

'*ir would 

i ui- .u . open. The coronary 01 mai present financial weakness is a '.l- s hnrt term win 

general Public that every house- remark would seem to be that unique opportunity to obtain a ntreiv be disastrous to wild life 
hold in this country has contri- Press officers tfere appointed as celeb retedcompimy on favour- 51 f!r the iffect I 

oBicers 5n u 1116 - flrSt abte Fwthe improve- JgLhEr t? «hlSt 

Sh tl kS the amnl S on ™82.I B ? 1 ^S mew a lecfanicaa ^ product The prod-rction of all berhi- 

each to kMp the aumg and end of PROs range. Allied is paying one-third cidw «houM be strictly eon- 

1X&H USSSS mS Md fac^that there are too to omHulf of what Lyons would trolled by the Government none 

t! ssssffi ^ wssuffisass ssssr-nsn- 1 in fart 1 
ide * a out ■» »■» «*• 

be removed 

out uirccuy to un.- oeneni or material, w per ccm oi-wuicu \-_rA.r_ 

these people from many of us goes straight into tbe bln and I a change in direction and the South Godsume, 
who are earning very consider-- sometimes wonder if industry comparison of a butcher acquit- Surrey. 


Decision expected by National 
and Local Government Officers' 
Association on employers* request 
for end to industrial action by 
sorial workers and a resumption 
of pay negotiations nationally. 

Meeting of International Metal- 
workers' Federation in Geneva 
to discuss Peuseot-Citroen pro- 
posed take-over of Chryslcr's 
European operations. 

National Union of Mineworkers’ 
executive meets, Euston • Road. 

Mrs. Margaret Thatcher. Con- 
rervative Party Leader. at 
Berwick and East Lnihian party 
workers’ reception, Alaitiandfield 
Hotel. Haddington. 

Public inquiry resumes on 
fourth terminal at Heathrow. 
Ourrty Hal!. fl.E.1— firsi witnesses 

Today’s Events 

Mr. Hugh Jenkins, Labour MP, 
Putnev. and Mr. Toby Jessell. 
Conseravtive MP. Twickenham. 

Chairman Hua Kuo Fene. 
Chinese head of state, meets Mr. 
Jaafar Sharif-Emami. the new 
Prime Minister of Iran, at Tehran. 

Delegation of South Korean 
shipowners and shipbuilders in 
UK for talks with British shipping 
and manufacturing interests. 

Second' day of seminar of 
European Liberals at Berwick -an- 
Tweed in discussions on coalition 

French air traffic controllers 
work-io-ruie continues. 

Mr. Raymond Vmiel. EEC Com- 
missioner for Compel it ion. in 
second day nf talks in Zambia. 

Second, day nr International 
Olympic Committee meeting on 
Los Angeles bid for . 10S4 
Olympics. Lausanne. 

Japanese trade mission arrives 
in Peking. 

Financial Times two-day ti'nrld 
Aerospace Conference opens. 
Royal Lancaster Hotel, W.G2. 
Final dividends; Ccnirmincial 
Estates. Gripperods Holdings. 
Stoddard Holdings. Interim divi- 
dends; Grovebcll Group Nu-Swift 
Industries. Pearl Assurance. 
H. and J. Quick Group. Slough 
Estates. Thurgar Bardi-x. IVeir 
Group. Interim figures only: Rnc 
Internal inna). Johnson .Matt hey. 
I .on rim. 

Great Portland Estates. 68, 
Regent Street. W.. 12. Johnson- 
Richards iH. and R.» Tiles. 
Federation House. Stoke-on-Trent. 
12-10. Shaw Carpets. Post House. 
Osseit. near Wakefield. 12. Wallis 
Fashion, Connaught Rooms. W.C., 


Golf: British Seniors' Champion- 
ship (Amateur). Formby. Basket- 
hall: Commonwealth Champion- 
ships. Sunderland. General: 
Women's World .Modern Pen- 
lathlnn Championships, London, 
Racing: Bath. Catterick; Devon. 
.Met rope! i la n Police Band, 
Finsbury Circus Gardens, noon- 
2 pm. Recital— Slephen-Paul 
Sanchpz (bariionei. St. Olave, 
1 do pm. 

• • 

•J 9 WW VmWmW W* ViVVoVoVo • V* • • • • • •»••• • o o o o\ 


• • 



Established in the City of London for over a 
century, BNP Limited is an international 
commercial bank. As a member of the 
BNP Group, one of the world's largest - 
banks, BNP Limited has direct 
access to an international 
network extending over 
sixty-eight countries. 

BNP is there to help and 
advise, wherever 
you do business. 

S 8-13 King Wffiam Street London EC4P4HS, Telephone: 01-626 5678, Telex; 383412 BNP LNB 
Also in Kraghtebridgei BffmingheBm, Leeds and Edinburgh 
BNPGroup Head Office: 16 Bouievand des Haliens, fbr is 75009 

• • 


• • • 


fs- ■ ^ysg-'.wr 

Ipw-a i 

Britannia Arrow cuts losses 
back to £38,000 midway 

p\r: ■, . . •■■ <• • ..*? 

Financial Times WeSnesSay August 3Q 1973 

Fairclough Construction ahead 
to £3.6m. for six months 

.ftH"'* ” 



A SHARP reduction in prc-lax 
losses is reported by Britannia 
Arrow Holdings — ibc Termer 
Slater Walker Securities — for the 
first six months of 197S. The 
deficit is cul from £2.94m to 

^ ■ Grand Hotel VerdaJa, Malta and 
RflARD IV3 FrTINnQ the Hotel Villa Sant Andrea in 
ttUAKU RIUI Inb9 „hich the company has a 50 per 
The itjiiowuu companies haw writhed cent interest. 

dates of Board meeruvw to the Slock 

deficit w o, Vi fram mol„ Eschunsr. Surf, mcotlua an iMnlbr _ 

cocnnn j CU « ‘ rom £2.9Am lO j, t y f or the PUTPQEC Of conSldi-rins a I 

£38,000. and after tax. minorities dividend.-.. Official indications arc not KrQmiTlPr 

and extraordinary items, there is available whether dividends concerned am JLjPX Mll.A.fiAJlV'JL 

a profit balance of £215.000 inl *- rl “ 5 w anals mMi visions 

against a £l-8m. loss. *K fiaff 1 “ “ gr] V Or|PPC 

In view of a further anticipated today uU V ullvv' 

improvement in the croup's posi- Interims:— Crfnent-Roadstone, Grove- 
ls S'Jr**?* ^ 10 h , e mi Htprm 

able to pay up the arrears and Robinson. Slough Estates, Thors ar lUl LIxd JL1I 

tn resume payment of preference Bardex. weir Group. 

dividends on November 30. No Finals i-Centronuclal Estates, Fraser ANNOUNCING PRE-TAX profits 
ordinary dividends are proposed Archer. °^™d ATES ahead frora £2m to £2^3m on turn- 

at present . interims: over of £15.84m. against £1334m. 


ahead from £2m to £2^3m on turn- 
over of £15J84m, against £13J4m, 


For 19,i. losses were £3.72m Claverftouse investment Trust -.Sept. 4 f 0 r the first six months of 1978. 

: V.J- -r -T ■ ( J V J 

compared with IoJ2m and £&25m Dunouiter 
in the two previous years. 

The most significant factor con* Mon . fon ,'r 
tributins to the improvement in Nurdin and 
the groups position was the Provident v 
substantially lower amount of Rotts-Rore'- 
interest payable by the property H ° 

a large proportion oT the port- Final*; £962.000 to 11.24m, giving earning 

fnlin. In addition, the fradins Cray Ek‘«.»o,nio, *£■{• s of g 3 _ (g.gpj per 20p share. The 

experience of the investment «"^an-ok’nnvnt' ' ' . .'"'.TV" * 3 . * interim dividend is stepped up to 

division has been mere favourable Wost or England Trust Sopi. 4 ijsp (1.4pl net— last year's final 

than anticipated. was 2.Rp. A one-for-two scrip issue 

Since December 31. 1977. con- j s B , stJ p ronose d. 

siderable progress has been made out the group into a viable invest- The group makes "V-LInfc"* 
m reducing the high level of m ent management and property transmission belting and rubber 
overseas borrowings. Redemptions concern Officially, breakeven is products, and distributes bearings, 
and repurchases have reduced the stin the forecast for the full vear. 

mn!i p f„ 0 c«™f a ?,^ orro " ms, ii rroin But it is possible a modest pre-tax TTircf 
to some - 3 - ra currentij. profit will be achieved, given that -F llSl 
The efTcct or these transactions existing provisions on the pro- & 

fe****" -°i f I nina . t 5 ,he in, ?™ s 5 perty side appear to have been SCCS, 00110160 

. Sept. 


ttali Kiuunccnns 

. Sept. 


Hot»don lAk-*.' •• 

. Sapl. 


Momfori 'KiirUiim Mdbi 



. Scot. 


Trovid-'m Huanclal 



Rolte-Royt- Motors 

, Sept. 






William* and James i Engineers' 




Cray Elo-tronics - 





West of England Trust 



’ the directors of H. Braramer and 
s^ot 28 Co say they anticipate continued 
Sept. is growth in the second half. 

Sint. 5 For all the previous year, record 

over were reported. 

After tax of £!2!9m (£1.04m) 

. ■ 

• Si . ■ 

has been to eliminate the interest 

sliortfall unci the 


currency exposure, the 



Six months 





lnvngjm»nt manaa»mpni 



Inii.-simrnr dralmc 


InvcKinicnt liuomi 



Prnpcnj division loss .. .. 



overload exp-ns>.*s- 


Loss before tax 






\V| loss 



TroAi invL-sfmcnts bale*... 



Exchangi loss 


■ 7 

Misctllain7>ius ... 



Profit bakinvc 



s Profits leap ^Tu^oTh'fMS/of Vr. riillius turns m 

e Leslie Hunt Pianos. First Castle 

tor Kursaai Securities boosted taxable profit ~m -■ AA /^l 

s in Malta reduced £U.23m 

m IB IVldll d sales ahead to £523.182, against * ’+''%*+*'+*'*''** ^ 

H rrl fflffw 2S2?J!X SSFZXPSL fflf. 

First Castle 
Secs, doubled 
at halftime 

Mr. Geoffrey Rippon, MP, chairman of Britannia Arrow 
Holdings . . . preference share payments to resume on 
November 30 but no sign yet of ordinary dividends. 

FROM turnover of £89.84x0. com- 
pared with £SS.Q5m, profits before 
tax of the Faircloujdi Construc- 
tion Group reached £3.6m in the 
first half, or 1978, a rise of 18 per 
cent from the £3.06m in the same 
period last year. 

After tax or £l.S7m f£l-59tn) 
earnings per share are shown at 
4.472p, against 3 J2lp. The interim 
dividend is the expected Uip 
(Lip) and Treasury has con- 
firmed that the forecast total of 
3.5p may be paid for the year 
compared with 2A88p in 1977. 

The - dividend forecasts were 
made last month in connection 
with the acquisition of Robert 
Watson and Co. (Construction 

Six months Year 

197B 1977 187T 

£000 £000 aw 

Turnover S9.835 88.049 

Profit iMbre tax 3M0. 3JH4 7.MI 

Tax - 1X75- 1JS8 3^37 

Net profit 1,729 1,467 3JQ 

UtuortiieB — 9 — ' 

' Dividends. — ........ - SSO 414 830 

The going bas been hard over 
the first half, . says Mr. 0. .Davies, 
the chairman. However. In civil- 
engineering, the workload has 
been maintained and. among new 
work are two major motorway 


In building, an improvement In' 
overall performance Is supported 
by an adequate work Sow includ- 
ing new orders such as the 
general hospital at Stafford. 

The mining subsidiary has 
obtained its largest ever contract, 
in Scotland, but has not yet 
penetrated, in any significant way, 
the overseas market. Other over- 
seas work, however, is going well 
and the level of . activity is 

sailfactory. . . 

The Board has appointed Mr. e. 
Gamer as chief executive of the 
group with effect from October. 1. 
1978 — this will give Mr. Davies 
more time 10 devote to the role 
of chairman, will* which he will 
continue to combine overall con- 
trol or the group's overseas 

basis the shares at T3p stand on 
a prospective P'COf 8.7 and yield 
7.3 per cent. The shares, are under- 

• comment 

FaJrclough’s policy, nf carefully 
.picking and choosing its wont 
with a view to improving marpns, 
rather than “buy" turnover dur- 
ing the building recession, has 
paid off in tenns of the groups 

profit performance. Latest fljprcs 

show pre-tax proGts up nearly 18 
■per cent, on a small turnover 
gain. But compared with tho 
second half of the previous finan- 
cial year the latest turnover 
figure represents a steeabh? 
Improvement— nearly a tenth. 
Even so the group is still having 
to fight for a lamer share of a 
dwindling market in public sector 
work ;md the erouo's order book 
—allhoush a fiflh higher since the 
beginning of the voor— U onssiblv 

not as well balanced as in the past. 

Fairclough is still trying 1o beef 
up its overseas aide as well as 
■developing its privaie sector work- 
load In the second half the group 
'should feel more benefit from 
increased activity in private sector 
industrial and commercial build- 
ing while there will be a full year 
contribution front Robert Watson, 
which in its last financial year 
declared taxable profits of over 
£700.nn0. For the full year £8.5m 
pre-tax looks possible. On that 




Struck after interest and rents 
amounting to £394,000 .against 
£>67.000, taxable profits of Queens 
Hint Houses the betel, restaurant 
and catering group, advanced 
from £ 101,000 to £ 156,000 for the 
half-year to July 16, 1078. 

Turnover' grew . some £lm to 
£ 4 .8m and net profits were ahead 
from £48,00(1 to £75,000, after tax 
of £81,000 compared with £53.000. 

The directors intend to continue 
their policy of vigorous expansion 
and arc ■confident that improve- 
ment will continue In the second 
half to produce record full year 

results. . . 4 

The directors point out that 
current half-year results include 
little of the potential oE the 

group’s latest acquisitions, the 
Hertfordshire.' Moat House and 
Bedford Moat House. 

Earnings per 5p share are 0.44p 
ffl^Sp) and in line with the 
group's move towards full divi- 
dend restoration, the net interim 
payment is doubled from 0.125p 
to 0.25p — last year's final was 0.2p 
from £263.473 pre-tax profits. 

G. Francis turns in 
reduced £0.23m 

Macfarlane exceeds £0.5m 

- IndudlnA nut laivrcsr payable. 
: Lnss. 

year to March 3 L 1B7S with profits of a depressed market. 

• comment 

News that Britlai 
soon be able to p 
and resume pay in 
dividends' raised 
*<hare price from 
day. But the 
closed only In 

improved by M£0^m to a best share are shown at L95p (1.0/p) wan £241,136 in the previous 
ever M£225m. and the net interim- dividend is year. 

Despite the uncertainties the stepped up from 0.4»49p to J.flOnp However, turnover at £4.S6m 


enwu nmner at usp and Sons bringing t 

• , . conlinu .'nS un- The rtnul dividend on capital ing to 42.5 ner cent. 

directors say. 

Following the first half recovery 

certainty as to w hen equily'sha re- doubW bv a^scrin issuV is^B per Results Vf Crane's year ended Tax takes £121,292 (£129,165) from £1*533 to £18.607 Abwoud 
holders will get some return on cent "rnss'makin” a total of 11 oer Decemher 31. 1977. are not yet giving earnings per share of 52p Machine Tools hnished the March 

fhpir mnnov C* ill AAnn ;j„. n u. . ^ 0 ^ J < ormtnxi- X Tho A iviiflnHrl Sc i Ql 1 Q 7 Q tton r vcith tovahlo nmfl fc 

their money. Still, considerable cent.'” “ availahle and. therefore, results against 5-op. The dividend is a 31, 1978 year with taxable profits 

procress docs appear to have oeen The (inures exclude contrihu- for 1976 have been used as an maximum permitted 3.93p ahead at £41,605 compared with 
madc in «he Past year in sorting lion from the 19 per rent owned estimate. ; 8 ' 537p « absorbing £18^24. hnom rose from 

Union Corporation limited 

(Incorporated in the Republic of South Africa ) 


compared with 8.537p, absorbing £18224. Turnover rose from 
£54.088 (£55.158). £715548 to £921*392. 

Mr. G. R. Francis, the chairman Net profit was £18,444 (£5,896) 
says although trading conditions after tax £23461 (£12,328) giving 
generally continue to be difficult, earnings of l.lp (02p) per 5p 
it was another satisfactory year, share. The dividend is increased 
The product range is still to 0475p t0-25p) net 

INCREASED . performance in 
□early all ' areas of the activity 
at Macfarlane Group (Clansman) 
helped lift group taxable profit 
for the first half of 197S . from 
£304,000 to £527.00. Sales were 
ahead £2.02m to £&3Sm. 

The largest profit growth was 
seen in bottle closures and 
packaging materials for . the 
whisky industry. The company's 
ctose .relationship with most of 
the major whisky companies and- 
a strong -demand in that sector 
enabled the group to make con- 
siderable progress says Mr. 
Norman Macfarlane, the chair- 

The second half has started well 
and the directors are confident 
that a very satisfactory result 
will be achieved for the year as a 
whole. In 1977 profit was £0.o/m — 
down from the peak of £0.79m 
attained in 1974. 

The net interim dividend is 
raised to 2.1p (1^15p) — last time 
the final was 2.025p. 

Audiotronic Holdings and the 
directors fully expect this trend 
to continue tlirouchout tho rest 
of the current year ■ 

At yesterday's EGM, share- 
holders passed the ordinary amt 
special resolutions placed before 
them in the documents sent on 
August 3. 

Allen Harvey 
& Ross 
well placed 

was £916.666. representing earn- 
ings or 114 per cent on share- 
holders’ fluids, including holders' 
sub-ordinated short-term loans. 

If pre-acquisition profits of the 
two operating companies arc in- 
cluded. trading profits rose by 20 
per cent, from £1,629.012 to 
£1.958,641 for the year to June SO. 

Mr. D. O. Anderson, chairman. 

reports that the two operating 
companies traded profitably in ail 
activities during the year. 

Although money margins were 
finer than in previous years owing 
to liquidity conditions and keen 
competition in the main money 
markets, the main profit sources 
were from margins on money and 
surpluses from turnover in securi- 
ties, part of which was 
attributable to the decrease in 
interest rates during the year. 

Paid capital was increased in 
each operating company during 
the year and shareholders’ loans 
were provided to take advantage 
of the growth in the market. 

The directors have decided not 
to recommend a dividend from 
either company for the present 
and to utilise retained funds for 
current operations and as a con- 
sequence, no payment will be 
made by AMP Morgan Grenfell 
for the period. 

Unaudited consolidated financial results for the six months ended 30th June 
1978 and the comparative figures for the year 1977 show; 

Six months ended Year ended 

30t(i June 31st Dec. 

Arnott reaches £0.72m 
at interim stage 

by London 
& Gartmore 

Operating income 46,805,000 

Income from investments 13,244,000 

Realised profit on investments 1,817,000 





Year ended 
31st Dec. 




Exploration expenditure 

Provision for writing down investments and 
amounts written off investment^ (Note 2) 



Attributable tc outside shareholders in 


Cost of interim dividend 

Eouit> shareholders interest including invest- 
ments at market value or directors' 

PER SHARE — in cents 



Net asset value 

























9,81 5 JWO 





























WITH TURNOVER better at Metropolitan Borough Council 
£1 3.02m against £1 1.72m, profits t£Im), City of Liverpool t£2tm). 
before tax of Arnott and Co. City of Coventry C£Jm). Kennel 
Dublin improved from £608.600 to District Council t£lm), Allerdale 
£722.1100 for the half-year to July District Council i£Jm). London 
S, lflTi Borough of Hillingdon t£lm). 

After tax of £309,000 i£27S.000> Hereford and Worcester County 
and minorities of £31.000 (£18,000), Council f£l}m). South Pembroke- 
available profits rose from shire District Council (£lm), 
£312,000 to £382.000. Tewkesbury Borough Council 

First-half earnings are S.95p L* 1 ™’-., {verier 

( 7 . 58 pi per £1 share and the Council »£«m>. Presell District 

interim dividend is lifted from Council (£ 4 m). 

4p to 5p net Last year, payments 

With gross, revenue of London 
and Gartmore Investment Trust 
higher at £247,157 against £208,885. 
the available net figure emerged 
ahead from £23,774 to £80^56 for 
the year ended June 30, 1978; 

After tax of £37.993 (£13.722) 

Despite more difficult trading' 
conditions compared with the 
same period of 1977 Allen Harvey 
and Ross, bill broker and banker, 
earned satisfactory profits for the 
six months to Ausust 5. 1978. and 
Is well placed to meet any further 
changes in interest rates in the 
second half, the directors report. 

During the first half minimum 
lending rates rose by 3.5 per rent 
compared with a 4.5 per cent fall 
last time, they point out 

The net interim dividend is 
effectively raised to lOp (9j9p> 
per £1 share. Last year a total 
equivalent to 19-lSo was paid 
from record profit, after provision 
for rebate and tax and transfers 
to inner reserves of £L2m. 

earnings per.SOp share.grew from 
0.36p to 1.43p. The. dividend is 
kept as 0-5p net, plus a special 
payment, of O.ap per share. 

Net asset value Is shown at 95p 
(88p) per share. 

fl.74m for 
AMP Morgan 

Gibbs & Dandy 
profits rise 
in first half 

Profits, bfore tax, of £1,743,209 
for the nine months to June 30, 

1978 are reported by AMP Morgan 
Grenfell, formed in October 10 < t 
as a holding company for AMP 
Discount Corporation and AiJP 
Morgan Grenfell Acceptances- 
Afler lax of £801.234 and an 
adjustment of £25.308 net of tax 
for income from leveraged leasing 
being brought to account over a 
period, net profit for the period 

totalled 10p from £2.19m record 
pre-tax profits. 

The group’s business involves 
drapery general house furnishing 
and warehousing. 

shows growth 

Sales boom 
at Metals 


There has been a significant 
increase - in - retail sales in 
comparison to last year at 

From higher turnover of 
£3.0Sm against £4J!2m. profits of 
Gibbs and Dandy improved from 
£1 32,875 to £174,931 in the first 
half nr 1978, before tax of £91,280 

In 1977. pre-tax profits nf 
1104,000 were reported From sales 
of £u.SSm. 

The Luton-based group trades 
as builders’ merchants, iron- 
monger, tool merchant and elec- 
trical wholesaler. 

Hazlewoods plans to borrow more 

Profit ahead from £110,376 to 
£150,646 was achieved by 
Quaglino's restaurateur, for the 
year to October 31. 1977, before 
lax of £60.540. against £60,134. 
The ultimate holding company Is 
Trust Houses Forte. 

KCA released 
from $ loan 

The increase in investment income is attributable mainly to increased distri- 
butions from th<; £old mines of the Group and Impala Platinum. Profits of the 
industrial subsidiaries were generally higher in spite oF the low level of economic 
activity in South Africa. 

Shareholders are reminded that income from investments and share realisations 
and also certain expenses do not accrue evenly throughout the year. At this stage, 
however, it would seem that net income for the second half of the year is likely 
to be similar to that earned in the first six months before allowing for any amounts 
tc be written off investments. 

The board has declared an interim dividend of 15 cents per share (1977 — 
12 cents) in respect of the year to 31st December 1978. 

The formal release from tho 
523.4m loan advanced to RCA 
International by manufacturers 
Hanover Leasing International 
Inc of New York Tnr the Algerian 
drilling con Ira cL has now beeu 
signed. This now- completes the 
agreement between KCA and Mr. 
Travis Ward, eniere'd into in 
November lBi«, the directors of 
KCA state. 

Sales in June were up 73 per 
cent at £0.5m for Metals Research 
of Melbourn, Herts, and order in- 
take so far in the current year Is 
110 per cent ahead of the 1977 
level. s 

The company's sales success, 
particularly overseas. bas 
prompted further expansion of 
the manufacturing and research 
facilities Dr. Barry McKinnon, the 
managing director states. 

The company produces high 
pressure crystal growth machines 
which It has sold to research 
laboraiories and universities 
throughout the Western World 
and recently to Japan and Com- 
munist bloc countries. In addition 
it has made inroads into the U.S. 
market for certain semi-conductor 
materials, such as gallium indium 
phosphide, which was previously 
dominated by American and 
Japanese suppliers. 





1. As stated in rhe 1977 annual financial statements, net exploration expenditure 
is now written off in the income statement and the comparative figures for the 
half year to 30th June 1977 have been restated to reflecc this. 

2. No provision has been made in the above half-yearly figures for the writing down 
of investments as this provision is calculated at the company's financial year-end 
and is related to market prices ruling at that date. 

The local authority bond rale 
is unchanged this week at 9} per 
cent. The bonds are due on 
■September 5 next year and are 
issued at par. 

This week's issues are: 
Huntington District Council 
(£]mt. South Northamptonshire 
District Council <£>m). Walsall 

At the AGM of Leisure Cara- 
van Parks shareholders were 
informed that steady growth 
continues in the current year. 

Since over half of group 
income is from rents receivable 
in advance and the majority of 
the remainder of the income Is 
receivable In the first six months 
of the year ’ the group was con- 
fident that for the 15th succes- 
sive year record profits would be 

Expressing confidence in tbe 
future at Hazlewoods (Pro- 
prietary) Dir. J. Lowe, tbe chair- 
man, states that substantial addi- 
tional finance facilities have been 
negotiated with tbe group’s 
bankers. NatWest, to ease the 
strain on cash resources created 
by expansion plans. 

At the end of 1977/78 net bank 
borrowings were up £407,620 
(£189,530) with bank overdrafts] 
almost doubled from £382,587 to i 
E7R3.395. Future capital spending I 
totalled £263,000 (nil) of which. 
£143,500, had been authorised but 
not contracted. 

The group is in the process of 
completing a new building at 
Derby which will replace part of 
the old premises and at Hull sub- 
stantial additional storage space 
has been acquired and production 
facilities are being re-organised to 
make the factory what the chair- 
man describes as one of most up- 
to-date pickle production units in 
the UJv. • 

Sales for the year to March 31. 
1978 were, as reported August 19, 
23 per cent higher at £4.39 m 
representing a further growth of I 
the company market: penetration : 
In a very difficult year for the 
food industry. ; 

The increase was attained by 
introducing the group's products! 
to more national retailers and , 
expanding -the range with exisiin a ; 
customers. Since year end its ! 
ducts hare been introduced to 
other national groups and several i 
major additional contracts have 1 
been won with existing customers. ! 
Mr. Lowe says. 

Several new products are now I 

ready for market launch and wai 
contribute to sales in the next 
year, Mr. Lowe adds. 

Profit before tax for 1977/78 
was up at £401,353 (£385.733) and 
the preference dividends arrears 
were paid and the company 
returned to tbe dividend list with 
a net total of 3p, per 2Dp ordinary 

During the year four of the 

five directors with interests in 
the equity reduced their holding- 
At March 31 this year Dfr. Lowe 
held l.lm (1.63m) shares: Mr. J. 
Colli nso n 318,625 (4714)23): Mr. 
E. W. Hickson 490.695 (726,769) 
and Mr. A. Jiazlewood 1,000 
(1,500). Mr. P. E. Barr’s holding 
remained at 20,000 
Meeting, Derby, on September 
IS at noon. 

Fixed Deposits 
with Lombard 

If you have £5,000 or more to invest for a fixed 
period of 3 months or longer, telephone our 
Treasury Department on 01-623 4111 or 
01-623 6744 for up-to-the-minute competitive 
interest rates, interest is paid without 
deduction of tax at source. 


7 North Central 

^ % 

** r 

1 ’ Z 


■ ■-«. 




Treasury Dept., 31 Lombard SL, London EC3V 9BD. Telex: 884935. 

During she period under review, the Corporation increased its holdings in certain 
subsidiary companies ai set out below. 

Effective holding Effective holding 

at 30.6.(978 at 3I.1U977 


Darling S Hodgson Ltd. 54 52 

Evelyn Haddon & Company Ltd. 55 52 

Sappi Ltd. 53 5 1 

The final dividend of 26 cents per share declared on 14th March 1973 in 
respect of the year ended 31st December 1977. was paid on 3rd May 1978 and 
absorbed R 15.900.000. t 

As announced on 18th July 1978. Beisa Mines Limited, a wholly-owned sub- 
sidiary of the Corporation, is to exploit an area south of Welkom in the Orange 
Free State for uranium with gold as a by-product. _ Capital expenditure in 
current terms is likely to be of_ the order of R200 million but. in practice, will 
be greater due to the effects of inflation. 

A long-term contract has been concluded covering the sale of a substantial 
portion of the output of uranium oxide to be produced. 


Tho interim dividend of 15 cents per share. Republic of 5outh Africa currency 
({977—12 cents), declared by the directors, will be payable to members registered 
at the dose of business on 15th September 1978 and to persons surrendering coupon 
No. 128 detached from share warrants to bearer. 

By order of the Board 

London Secretaries 
L. W. Humphries 

London Transfer Office: 

Hill Samuel Registrars Limited, London Secretaries: 

6 Grecncoat Place. Princes House. 

London 5WIP I PL. 9S Gresham Street, 

29th August 1978. London EC2V 7B5. 


— Vn ihrid’-iil .\iv d.-ttfif lor o^riml 
\pril l. ISIS, in .Iiiik- 2*. 137S. was 

SOUTHEND STADIUM— Pre-iax orolil 
f JS 457 r EM.-Lij • lur rirsr half ISW. 
OreraniiR ivreipis LMi M0 ifmi.474). 
uuiiL-ral bnninu ilmy i2S.Ssn t CM .Otto i. 
Rcrelnrs leas duly CMil.417 i£*03.3SiJ 
exoendiiuTv IIK.CJS < ‘lQ7.7Sii. opt-ratlne 
orofit £54.389 iQ7j*2i. Rent and invest- 
ment income plus loierusl £!I,D9& niejtfi. 
Directors say In spue of inclement 
u-eather. recoin hall Dkum-S show an 
Improvement over comparative Period. 

SS.tti f 273.392) for tuir-ycgr to June 30, 
1973- Expenses £6.532 Debenture 

Brock tmerwr £9.nftj isame), tax jemju 
(£ 22.207). Exceptional com* £17.809 i nil •. 
Net asset value per 23p ordinal? share 
( irafl.lpi. 

TION— Hrsl-tnlf 1378 pro Hi before tax 
R7.0Vn iRB.Mmi. lax Rlie.DW |RS4.(XKI> 
Leaving attnbuiaW* HQ. 87 in iRB.7Smi. 
Interim dividend 37..i cents (33 cenisi 
costlna Ra.ifim (K4.simi. 

(nr Mai-cft 31. 1973 vear returned Aiikum 9 
nr preliminary rtxtemenr. <7 roup axed 
G-4m i£3.3iii). nei curreni ivtu 
(r.nsm i £6.53 tn ■ . MecUnu. Rainham. 
S^member H ar uomi. 

TRUST— ,\i June 30, l ITS. net a»ei vnlne 
i>cr 238 ordinary .--hare Including (nil 
diillar premium and before ukinK Into 
account capital kum* i.m un unreallfcd 
profits and ••Itflct •'■( c-'iivcr-inn i-f loan 
•inch was 73ip Net ai*i value talurji 

ini<» account offeci «F loan swd* mn- 
WP-irui was Tip. 

NOVA (JERSEY) KNIT [double Jersey 

ki'iutnn l.ihrii' pndiicpr i— Result* for the 
year tg March 32. I0W reported July 22. 
Group fixed insets rc.llm (£2.32mi. Net 
current assets £3M.SM t'HfiSJMi. Increase 
in net liotlid funds r»i.379 iE2flt.tt4i. 
Mr-eiiris. Marcol House. W. on September 
fl. .11 11 . 24 ) am. 

April .10. ISIS year reported July 27. 
Group fixed assets £101.590 ifM.tilSi. net 
current avseib I59U91 i£405JS2i. Work- 
Inn capital Increased £108,827 i£23,440i. 
Meeting. Winch ewer Rouse. EC. Sep- 
leniber 14 at 12JW pm. 

BRADY INDUSTRIES (door maJrtnp. 
Iitho and Mlerpress. transpom— Results 
for year io March 3L US already 
reported. Fixed assets, £Z.4m f£2_12mi. 
Net current assets. £3^8ni f£4.1Sm). 
Chairman says orders runutiw slightly 
up on lac: year. Meeting. Manchester. 
September 15 ar noon. 

Final dividend 1.135p, matang l-7«9p 
1 1.572p) for year s-nd March at, 1078. Net 
surplus £75. STS UI6.2IS' after tax. 

dividend i5p i2J!p. iota) T.lpi as rore- 
L-ast for year tu January UL 1978. Enrn- 
Injra Tor vt-ar cm ordinary 25p units are 
enilmatpd sti S.iPp Net asset 

value per ordinary 550 unit Oil July 31, 
19TS ideduerins pnor charses at par» 
was 301 ip tj59;pi at January 31. I87S 

GROUP INVESTORS— Ri-.tulta for the 
year coded Juju; 30, 1879, already 

rvpurfcd. lnvcirtiru-nts at valuatran |7.4Sm 
«£iiJMt« '— unrealised appreciation 12.4m 
ifiWnn. Meelinu. St Mary Axe. EC. 
Bcptemhcr 2n ar ? M pin. 

l.ii-mrlna rficmian 1 — Fi*nd awu |jS3jS4 
ii2n7.7V.-i. r-1-t i-urreni £947..tIS 

iiuuz.noj— L-ojh and shon-lenn loans 

(>sn.3ST (£401.1421. Chairman ennlidcnt 
that steady growth will amfuun-. Curreni 
cost statement shows adjusted pre-tax 
profit of £364.360 after depreidaupn 
adjusuPL-nt nfi.OSfi. cost of sales adjust- 
ment £234.766. and Bearing adjustment 
EULSSS. Meeilnjt. Hitcbtn, Herts. Sepicm- 
her IS. at 2JM pm. 

Resuire for rear to March 31, 1973 
already known. Croup fixed assets 
£727,138 (£743,433). net current assets 
£764.909 f£753JUKP. Year end net UqnWiic 
domi £83504 (£70,735). MeetJna. Man. 
Chester. September 15, at 12 XJ pm. 

*i^i!£J^LOIDS CROUP (chemical 
manufacturer) — Results year to April 1 
M78 reported July 13. 197&. Group 
assets £7. lam (£5J2m), net 'current assets 
end “mUdlcy^Sm 
ftSi'SSh*" « £L * ta> ' McTtns ’ Bradford™ 

September SSI. noon. 

® H ^MAR TRUST— Results March j# 
1977. to March 3). 1978. reported June a’ 
Investments £457.2W r £237.2251 ne , TOrTj Z: 
awets £311,530 iOUMH. Year end na 
Uqaidiry • down fia.m rup Hnlsfi? 
UiUmaic holding .company Bremar 
Hold in Mi. Meeting. Brcmar -Bouse W 
ScptL-ubcr 79, at it a m. ’ 

DEJfffYWARE icohlewnre and (urnl. 
ture>— ReauliB for April 1 . tars iS, 
reported July 28 in full preliminary state- 
mcnL Croup Bard asseis Q.37m iE,96ini 
current aaaets £B.3lm in.sara., liabilities 
£4 afim iL.ttnn. Working capital in- 
ureared by £7(1.071 »£I.07 du M M tltjm 
Konuieham. SeptL-mber 34. «t 2 .™ pm 
INGS)— Turnover rdr first half im« 
STI 409 .QK5.33*,. probt £21 
before lax nil i£ Eamiiuu 
“* n » 


RasuIisIwYEar 1978 1 1977 . 

to 31st M arch £-0 Q0s "7' fl0Ca r 

NoRavcnuatabditia 5,355 4 , 1'65 

2,726 2.040 

NfliflevEMlBaltBMax I 2,629 j 2 ,1ffi 
NetRawnuercteinmi ) 2,527 I 1,577 

Dividend porshare 

Robert Clatk. MA, LLB. (Chaim^jl 

8.78p 7.1 Op 

2.01175p 1.80250 

Other safont points fmm Director* Report and Accounts: 

* Dividend covered over 4 timfes. 

* Properties for investment and dealing now exceed £1 06m. 

* Short-term funds of £3m available for expansion 

* aroundOm bef ° re ttX f ° r Vear “ 31 ' 3 - 73 

Copiaa of the Report & Accounts available from the Secretary 

130 Jermyn Street, London SW1Y4UP u " ,rrEO 



• ■ 

' -M 

- ?-* m 

-. : *i*'*£i 


• V -F5 
♦ - / '1' 


-* - * 

k xrfit& 
'■ r «: «,§ 






; i i u 1 • ■ : ' 

^ I *, 

E'*^i V? x- 

!. "- **i 1«y V , 

•' ; S ■" 5 

.Of 1 *?% 

- f -fh v> f ’ 


*a,. r 

c*0 Xf^-2* 

Financial Times Wednesday August 30.1978 


Starwest lifts offer to 80p 
but Tridant still rejects 

GMT takes 5% 
stake in Gnome 

THE BATTLE for control of units and Interplan is electrical 
Tridam Croup Printers, the and caHJng sub contractors .to <tiu> 
sau emery and newspaper publish- shop Citing trade, 
ing group based in Surrey, Met assets at May .31, .1978 were 
warmed up yesterday. Starwest JET6.4U4 and pre-tax profit for the 
Investment Holdings, a private year to February 28. 1878. £52J.1S. 
company owned by Mr. Remo Both operate from Berfchaansted, 
Dipre. Tridant’s chairman, stepped Herns. 

up its bid from 63p to Sip and ' 

met instant rejection from the PRIVATE CONCERN 
independent directors. TAlfFQ TfM' QTAl^F 

A spokesman said “the offer nAVm 

continues to be. inadequate and » iicLauli. UAriu 
unaccenrable ” A near 30 per cent stake in 

The directors’ rejection of the ^2n in ? e 

first Offer, in which they claimed 

support from nearly 60 per cent r^ , ^ S a b Slw; b ^filvn1« ll p^nanv 
of the shareholders, was based ? bv^Mr ^avid 

entered J reenwr^ T ri(iant .**?** Cooper and Miss Perdita Erith. 
entered a recovery phase and its Convey, which holds ho other 

pr Sl pe jt 9 * ar 0Utv jeIghed the bid. investments, has paid around 
The directors also claimed that £220,000 for its holding which had 
Mr. Dipre, whose original offer been acquired largely from the 
document declared intentions to family interests of the company’s 
diversify the company away from former chairman, Mr. m«™»h 
newspaper publishing, . .hoped David. 

merely to realise profits on the Mr. Cooper who has a 75 per 
group’s Kingston printing works cent stake is Convey said that it 
site for which there is planning was not the company’s intention 
permission for redevelopment to mount a full bid for Nelson 
Prior to the bid, however the David which last year earned 
entire Board had announced that pre-tax profits of £188,736, after 
redevelopment was not content- deducting closure costs of £66,034. 


shares (around 29 per cent), WORCESTER BID 
received acceptances from only Following a meeting of share- 
16.135 shares from his first offer, holders of the Worcester Control 
The new offer documents will be Valve. Corporation held in Boston, 
posted on Friday and the offer Mass, on Monday the directors of 
extended until September 15. BTR announce that they have 

acquired the Worcester capita] 
CIT SIGNS IN through the two wholly-owned U.S. 

U.S. BANK DEAL ^ “* 

WITH NATWEST ‘ Thfwo a share deal, fim 

CIT Financial Corporation has mooted in early June, rallies 
signed a definitive contract follow- Worcester at $48m and i s. b e ing 
ing approval by the Boards of financed by $t3m cash with the 
both companies for the sale of a balance in BTR shares. 

75.1 per cent interest in its Worcester’s sales for the mne 
National Bank of North America months ending May 31, 1878, were 
subsidiary to National West- $46.8m which generated pre-tax 
minster Bank. profits of 86.4m. 

The transaction remains subject nnn „ 
to regulatory approvals and APPROACH TO , 

Federal Reserve Board determina- WM. MOW AT 
tion that CIT. after the side, will 0 f WiBiam BTowat. the 

no longer be a bank holding property and wood treatment 
C0 S8? ny ’ company, were suspended yester- 

USS300n J day because the directors have 
for the shares, Mith the amount rece jved an approach which may 

ad:u e i *2 m U for lead to an offer for the company, 
change in shareholder equity -The Board is considering the 
between March *1 and the closing approacb w jth its financial 
“ ale - advisers and will inform share- 

r nwen irr holders of the outcome in due 

LuiTiUALfc course. Meanwhile It" adVises 

UNIVERSAL shareholders to take no action. 

Lonsdale Universal’s subsidiary * D 1 ? stied ° f 

Lonsdale Universal Pty has now «00,000 in lOp shares. The three 
completed the purchase of James directors Mr. H P. Bogwii Mr. 
Bennett (Hnldfngs) Pty and its H. Bernard and Mr. M- H. S. Brand 
subsidiary (Bennetts). The pur- were shown ui the i last a«^inls 
chase consideration of £380,000 °wn 166.66a, 149.S40 and 166fi6 a 
has hcen paid wholly in cash by shares respectively. Mr. H P. 
Lonsdale from resources provided B °eard also held 133500 shares as 
by its parent company. Net assets a trustee, 
acquired as at June 30. 197K, were ^rvvTcm mircn 
£342,000 and pre-tax profits as at CONSOLIDATED 
that date were £103.000. PLANTS. DENIAL 

Consolidated Plantations yester- 
BURNS-ANDERSON day Stated that it has not made 
Bora*- Anderson has acquired an offer for any other company 
OIney Brothers and its associate and has no plans of doing so. 

— Inlcrplim Electrics — for £110,000 The statement has been made 

ca^. in response to strong rumours 

fflney carries on the business that a. bid was imminent. The 
of store fitting based on the market had even got so far as 
manufacture of its own modular defining the terms on which CP 

! was rumoured to be about to bid 
for Guthrie Corporation. They 
were ten CP shares for one 
Guthrie. Guthrie shares fell 7 p to 
3S0p yesterday. 

Guthrie shares were as high as 
400p. last week, before Sime 
Darby Holdings, the parent com- 
pany of Consolidated Plantations, 
confirmed for a second time that 
it had no intention of bidding for 
the company. 


At an EGlf, the resolution 
approving the sale of the building 
supplies division of Ellis & 
Everard to Travis and Arnold for 
£3,578,400 cash was passed. 

Resolutions approving ex gratia 
payments to two directors of the 
building supplies division .were 
also passed. 


The offer by S. Upton and 
G. WQsoo and associates for 
Chaddesley Investment has dosed. 
Acceptances were received in 
respect of 119,306 shares (642 per 
cent of shares for which the offer 
was made;. 


Balmoral (Ceylon) Estates 
Company announces that 
approaches have been made to 
the company which it is expected 
will lead to an offer. 


The proposed merger of 
Beecham Group and Scott and 
Bo woe is not to be referred to 
the Monopolies Commission. 


Blackwood Hodge — J. H. 
Robertson and others— -The Mary 
Stanley Family Settlement — sold 
on August 17 its entitlement te 
U4S.696 shares being part of the 
rights issue on August 9. Follow- 
ing this, number of shares in 
which the member is interested is 
now 12,545,778 (17.4 per cent) — 
previously 19 per cent. J. H. 
Robertson and others — the - 
Bernard Stanley Family Settle- 
ment— eold on August 17 Its 
entitlement to 142L691 shares of 
the rights issue. Following this 
the number of shares in which 
the member is interested is now 
12.334,606 shares (17.7 per cent) 
— previously IS.7 per cent. 

GQl and Duff ns Group — T. P. H. 
Aitken, director, has sold 10.000 

Stoddard Holdings — Throg- 
morton Trust holds 44380 shares 
(4.98 per cent)i 

PflkingtOB Bros. — Sir A. 
Pilkington, Lord pllkmgton. A- C. 
Pilkington, D. F. Pilktegton, 
J. A. S. L Leigh ten-Boyee and 
L. N. Wall directors, ceased te : 
have non-beneficial interests in 

18.000 shares at 640p an August 

21 . 

National and Commercial Bank- 
ing Group— Kuwait Investment 
Office has increased its interest to 

13.499.000 shares (6 per cent) — 
previously 5.97 per cent. 

Lowland Drapery Holdings— 
R. IT, Watson, director, has sold 

6.000 shares. Bank of Scotland 
London Nominees -'has bought 

23.000 shares making total 100.000 
(508 per cent). 

Central Manufacturing and 
Trading Group has picked up 3 5 
per cent stake in Goume Photo- 
graphic Products, the cash rich 
photographic apparatus manufac- 

No price was disclosed but last 
week Gnome's shares rose 3p to 
6Jp, having climbed Trout 44p at 
the beginning or the month. 
Yesterday they climbed another 

In its last balance sheet Gnome 
bad cash and quoted investments 
of around £750,000. accounting for 
80 per cent of capital employed. 
The liquid funds alone are' worth 
30p a share. 

Yesterday a spokesman for 
Gnome said .that the company 
wgs still considering how to 
distribute the casb and was also 
actively seeking possible acquisi- 

JThe spokesman could not con- 
firm where CMT had picked up 
the stake. The family and Board 
own around 60 per cent of the 
shares and the only other dis- 
dosable interest is the pension 
-fund of Imperial Tobacco. 

CMT has made similar purchases 
before. In September last year 
it bought a 25 per cent stake in’ 
W..Tjzack Sons and Turner. A 
fortnight ago it sold the stake to 

Record Rrdgway. In May CMT 
also raised £l.?m by way of a 
rights issue and at that time 
announced total short term debt 
or £S-2m. 


Hill- Samuel and Co. purchased 

200.000 Fluidrive at 32^p on 
-August 25 as an associate. 

In addition Hill Samuel and Co. 
purchased a further 60,000 shares 
at 03p- 

E. B. Saroyr. Miltn and Co. 
after the printing of the offer 
document, bought 30,000 Weston 
Evans at loSp on behalf of 
Johnson and Firth Brown. 

- Fielding, Newson-Smtth and Co. 
as joint brokers to Allied 
Breweries state that they sold on 
behalf of a discretionary client 
of Morgan Grenfell and Co„ 
advisers to J. Lyons and Co_ 

10.000 Allied Breweries at 84p. 

Thomas Tilllng*s wholly-owned 
subsidiary Gascoignes Gush and 
Dent has changed its name to the 
Gascoigne Group. It is the hold- 
ing company for an - international 
group . of engineering companies 
involved with agricultural and 
light engineering products. 


Da (e 





of- spending 








Abbey Panels 



- Sept 25 




Allen Harvey & Ross inL 


Oct. 13 




Arnott A Co 



Jan. 31 




H. Brammer 







Conalnc RJotiato 



Nov. 3 



FalrcJonch Construct InL 


■ Jan. 5 




First Castle 



OcL 25 



G. K. Francis 






Johannesburg Invest 






London & Gartmore 


Oct 12 




Macfarlane Group ... 



Oct. 10 


3 M 



Oct 27 




Queens Moat 






Scottish Northern ... 



Not. 6 




‘ Thin announcement appears as a matter of record on ly. 


$ 89 , 980,000 

Leveraged Lease Financing of 
the 165,000 diet 
S . S . Thompson Pass 

General Electric Credit Corporation 

Owner Participant 

Shipco 2298 , Inc . 

Demise Charterer 
a subsidiary of 

IOT Corporation 

SPC Shipping Inc * 

Time Charterer 

a subsidiary of 

The Standard Oil Company 

(an Ohio corporation ) 

The undersigned acted as financial advisor to The Standard 0:1 Company 
and arranged for the placement of the owner participation. 



Union Corpn. inL ||15 

Oct 25 

Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. £3.5p total forecast 
confirmed. § Plus additional 0.5p special dividend- f Australian cents 
throughout ') South African cents throughout 

August £9, 1973. 


Holding of the Istituto per la Rieostruzione Industriale (MU.) 
for telecommunications and electronics 
Registered Office: TURIN - Via Bertola, 23 - Td. 5721 
Head Office: ROME - Via Anicne, 31 - Tel. 8589 
Consolidated Balance Sheet of the STET Group 

ai il-12-IVFf at 31.12-1477 

(in MJmd lira; (in biUion lire) 

AtMtx UaWHtiw 

Fined uwtsr Nat Capital: 

— tclrcomreufliubona planet t.257.0 — portion attributaM* to STET 1,074.0 

ortcr 1.531.0 —portion attributable to diird parti at 740.1 

• • 


Secutiun and ahartAeldwvjt wnaftsotiutad 
Treat urr 

User* and clients 

Sundry credits and miscellaneous leans 

Economic Account 

Initial stack 
lataw cost* 

Expenditures for purchases and lervMei 


Financial expenditure 

Taxes and rents 

Allocations to risks funds 

Other expend 


Sinking funds 
Social Security Funds 
Other funds and allocation* 
Loan stock 
Loop term debts 
Medium term debts 
Financial debts 

Sundry debts 

Econ omic Account 
Earnings . 

Increase of plana 
Rnal ra w r un a 
Financial receipts 
Ocher recoipte 



, fc* Vv ss.jfc •: t 


' hj, i- -• 

x v v ; :y ■' ■■ . 

• Plug 




J Flight 







jf i 

! 1 * 91 s 

:*• .... ■' ' ~ ■ 

" , ' •: - 

. : • .. ■- ■ :. - - 








Y 10 1 0 




RTA V 1015 



L 1 SSA80N 


■ '■ •-'T OC - 








DELHI :^120l 




• LONDON lai^ol 








• • • :' -A' ; ^ ■ 

■ • “ "v-- ■' :■ ■ 


423 ~ 


4.216.6 ! ‘•.Jli* 

The Ordinary General Meeting of the STET Group was held In Turfri cm July 19, 1973 under 
rhe chairmanship of Dr. Arnaldo Giant* ini. ... , _ , 

The balance sheet, approved by the assembled shareholders, closed with a profit of over 
35.000m lire which allowed the distribution of a 10% dividend. 

The overall investments of the Group— over 1500.000m lire, about one third of which was 
assigned to Southern Italy — enabled it to maintain the plants at a high standard of modernity 
and efficiency as well as to safeguard employment which, at the end of the year, was over 

The manufacturing and electronic firms of the Group were roarkud by a high degree of 
integration with the operating companies and achieved. »n 1977. better results than in the 
previous year. 

The Group’s financial performance in 1977 for research was remarkable— 1 15.000m fire— while 
its activities continued at a high level in the space field for strengthening its own presence in 
the international sphere following the successful launching of the Satellite SiRIO. 



mmm m 



v ^ f - 


-- v - : 

, *r> t , . r ■ • 3* * . - ' • -v. 

^ - "p mm* 


Highlights from the Annual Report 
for the year ended 30th ApriL 1978 

Pre-tax Profits 

' 1978 ' 7977 v 1376 1975 

in £000's 

90,336 T3,96S 60,177 46.139 

3,193 2.850 2.478 1.607 


W&- .-f i v- 


\ Margin on Sales % 



■ 4.1 

3.5 | 

\ Ordinary Dividend — net each ZOp share 




3.0p j 

j Earnings per 2Qp Ordinary Share 

28.1 p 


. 20.2p 

ll.lp | 

"The past year's results indicate, more clearly than in earlier trading 
periods, the considerable degree of diversification achieved by the 
Group from it's original heavy dependence on pharmaceutical 
distribution" - Sir Hugh Unstead, O.B.E., Chairman. 

' Copies of the Report and A ceowUS are now eveSabht from tho 


DG BANK Deutsche Genossenschaftsbank, 
headquartered in Frankfurt, serves prime custom- 
ers worldwide from the financial center of West 
Germany and through branches, subsidiaries and 
affiliates abroad. With consolidated total assets 
of DM 43.3 biBion, the equivalent of US $20.6 
Mfon, we rank among the largest financial institu- 
tions in the Federal Republic. 

DG BANK is active in all fields of international 
banking. We grant manage and syndicate short-, 
medium- and long-term loans in all major curren- 

cies on a fixed or floating rate basis. We also 
manage, underwrite and place international bond 

Our activities are supported by an expanding 
international network. We have branches in New 
York and the Cayman Islands; DG BANK INTER- 
NATIONAL of Luxembourg, and LCB London & 
Continental Bankers in the Euromarket; BEG Bank 
Europaischer Genossenschaftsbanken in Zurich, 
Switzerland; and for the Asia-Pacific Region, Hong 

affiliate Frankfurt Bukarest Bank specializes in 
transactions with Eastern Europe, and we co- 
operate in the UNICO BANKING GROUP with 
major banks from France, the Netherlands, Austria, 
Denmark and Finland. 

DG BANK Deutsche Genossenschaftsbank, 
P.O. Box 2628, WiesenhiittensiraBe 10, D-6000 
Frankfurt am Main 1. West Germany. Phone: 
(0611) 26 80-1, Telex: 0412291, 


Detfsche Genosserischaftsbank 


The broadly based Bank 

ftnancEal 'Em es WtefoestteE AiiguSt 3ft Jg 

Vibroplant profits f oil and gas news 


increase forecast 

THE CURRENT year has started 
reasonably well Tor vibroplant 
Holdings with profits at a satis- 
factory level and Hr. G. E. Pilkins- 
ton. the chairman, expects growth 
tn continue and profits to further 
increase in 197S-TH. 

A slight upturn in the building 
industry was noticed in the spring 
and should continue into next year 
but prospects for civil engineering 
and the industry generally are not 
good, says Mr. Pilkington. 

Although no new depots were 
opened in the last 12 months, it 
U hoped to extend the groups 
business or plant hire services to 
the South Midlands in the near 
future. Planning approval is 
expected fnr a new depot in 
Birmingham in September and as 
soon as approval is received an 
immediate start will be made. 

Improvement underlines the 
strength of the group and its 
ability to increase profits under 
difficult conditions, says the 

Meeting. Leeds, September IS at 
1 pm. 

Gulf Oil drills deeper In 
Baltimore Canyon 


Union Corpn. enjoying a tl j 

£50,000 first 
half turnround 
for Elys 

On turnover of £2.5Tm against 
£2.u7m the directors of Elys 
(Wimbledon) report pre-tax 
profiLs of £41.202 for the 26 weeks 
to July 1978 compared with 
losses of I9.0S3 last time. 

Fnr the year ended March 31, 
1 87S. profits before lax rose from 
£ 1.85m to £2.(ilm on turnover of 
£9.-Wni 1 111.77m I. The dividend 
is I0.6265p (lUI.lpj. __ 

Airpac International " and the 
portable buildings division con- 
tinued tn procress and the group 
increased its share of the market 
in the building and civil engineer- 
ing industries. 

Against a background of severe 
competition and in a market still 
far from buoyant, the year's 

Profits fnr the whole of the 
1077/7S yean expanded from 
£88.502 to £157.615. 

The interim dividend is 
increased from 0.67p to Q.74p net 
per 25p share— last year’s final 
payment was 2.0Sp. 

Pre-tax profit for the period was 
struck after depreciation £24.587 
t£2l,303) and interest £41,589 
[£54,973) but was subject to a (ax 
charge of £21.425 against a credit, 
last time, of £4.723. 

GULF OIL has received a permit 
to enable it to drill its Baltimore 
Canyon wildcat well an additional 
2.000 feet or to a new total depth 
of 18,000 ft 

Gulf is currently drilling at 
16,266 ft and well log evaluations 
are planned at 'about 16,S0Q fL 

Further drilling will depend on 
the evaluation of the 16,800 
logging programme. Drilling costs 
are running about STS, 000 per day 
and should Gulf decide to 
continue to the new proposed 
depth another 30 days could be 
added to drilling time. 

The exploratory well, located on 
Hudson L'anyon Area block 8a i, 
90 miles offshore Atlantic City in 
348 ft of water, was spudded on 
June 10. The block was acquired 
in August 1976 for ?10.65m. 

Gulf, the operator, has a 50 per 
cent interest Otber participants 
are Aminoil USA, with 25 per 
cent, Teimeeo. 15 per cent and 
Cities Service, 10 per cent 
Hr * * 

tkm/BHP 'partnership offshore 

Logs run at LS67 metres over 
the interval 1,513-1,522 metres and 
1,608-1.610 metres gave the indica- 
tions but the commercial signifi- 
cance of the zones is not yet 
known. The well, now at 2,252 
metres, is being deepened lo 
around 2,365 metres. 

* * 
Demines of West Germany says 
that two test drillings it has made 
in south-west Iran established oil 
bearing strata. The drillings .in 
the Abadan region were made for 
the National Iranian Oil Company. 

contract for others. A Chinese 
delegation is expected in Paris 
next month. 

prosperous year 



SPARKLING half-year results are decision In. WjftijgE 
announced by the General Mining Friday, denying the Ret ere claim 

croup's Union Corporation. Net for 9BQm- ..... - -Jamaica 

profits come out at R24*n Revere* 

expects dip 
at halftime 

E&o ”740 SdV y.™ Wed “S3 Govera- 
compared UM. jm r *35* ’S&ned that 

ago when the LJ-month total ment The company clauneairai 
reached R37,7m. The interim Its operations had wen 

Elys is a departmental stores 
and drapery concern. 

Indications of oil bearing sand- 
stones have been found in the 
Seahorse 1 Well being drilled by 
the Esso Exploration and Produc- 

CommereiaJ significance of the 
test drillings will be investigated 
and further work will be carried 
out in the area. 

France's two State-controlled 
oil companies, Elf-Aquitaine and 
Cle Franchise des Pet roles, are 
holding exploratory talks with 
Chinese officials over eventual 
French participation in all 
research and exploration in China. 

The talks involve two types of 
contracts; a risk contract for 
unexplored areas and a services 

Halftime -profit at Cableform 
Group is expected to be below 
that seen In either of the two 
halves of 1977/7S. However 
budgets based on customers’ Car- 
rent production schedules indi- 
cated substantial upturn in both 
sales and profits in the second 
six months which would leave the 
fulltime figures about the same 
level as last year, Mr. C- P- 

Choularton, the chairman, told 
the annual meeting. 

The Board intends to pay a 
m axim um permitted dividend for 
the year to March 33. 1970, split 

reached ins .wmn.w U| tT valued the eauity 

dividend is lifted to 15 cents from expropriated. It valued ww v 
S cents; last year’s Anal was of its Jamaican assets at ffWBm. 

equally over each six months. 

Last year, as known, profit was 
a record £0.75m with £0J37m com- 
ing in the first hall 


Gould Inc. 

5 % Convertible Subordinated Debentures Due 1987 

Redemption Date: October 4, 1978 
Conversion Right Expires: October 4, 1978 

Notice Is Hereby Given that Gould Inc,, a Delaware corporation (“Gould”), will 
redeem, on October 4. 197S, all of its outstanding 5?c Convertible Subordinated Deben- 
tures Due 1PS7 (the “Debentures") in accordance with the terras of the Indenture dated 
as of December 1. 1972 at the redemption price of 101.50^0 of their principal amount 
plus accrued interest from December I, 1977 to October 4, 197S. Payment of the 
redemption price and accrued interest, which will aggregate 51,057.08 for each $1,000 
principal amount of Debentures, will be made upon presentation and surrender of the 
Debentures, together with all attached unmatured interest coupons, at the offices of the 
Paying and Conversion Agents set forth below. 

The Debentures will no longer be outstanding after the date fixed Jpr redemption 
and all rights with respect thereto, including accrual of interest, will cease as of the close 
of business on that date, except only the right of the holders thereof to receive the 
redemption price and interest accrued to such date. 

Debentureholders have, as alternatives to redemption, the right to sell their Deben- 
tures through usual brokerage facilities or. on or before the dose of business on October 
4_, 197S, to convert such Debentures into Gould Common Stock. 

The Debentures may be converted into Gould Common Stock at the rate of 59.86 
shares for each $1,000 principal amount of Debentures. A holder who surrenders Deben- 
tures for conversion will receive a certificate for the full number of whole shares to which 
he is entitled. No fractional shares will be issued upon conversion of any Debentures, 
but in lieu thereof Gould will pay in United Stales dollars an amount equal to the market 
value of such fractional share computed on the basis of the dosing price of Gould 
Common Stock on the New York Stock Exchange Composite Tape on the last business 
day before the conversion date. li more than one Debenture shall be delivered for 
conversion at one time by the same holder, the number of full-shares which -shall be 
deliverable upon conversion shall be computed on the basis of the aggregate principal 
amount of Debentures so converted. The conversion trill be deemed to have been effected 
immediately prior to the dose of business on the date on which the Paying and Con- 
ver.-ion Agents receive the Debentures surrendered for conversion. Upon conversion of 
Debentures no payment or adjustment will be made for interest accrued thereon after 
December 1, 1977. Debentures delivered for conversion must be accompanied by all 
interest coupons maturing after the date of surrender. 

From January J, IQ7S through August 24. 197S the prices at which the Gould 
Common Stock sold on the New York Stock Exchange Composite Tape ranged from a 
high of $54.25 per share lo a low of $25.75 per share. The last reported sale price 
of Gould Common Stock on such Composite Tape on August 24, 197S was $54.25 
per share. At such last sale price per share, the holder of $1,000 principal amount of 
Debentures would receive upon conversion shares of Gould Common Stock and cash, 
for the fractional interest having an aggregate value of $1,365.21. However, such 
value is subject to change depending on changes in the market value of Gould Common 
Stock. So long a.- the market price of Gould Common Stock is SJfj.52 or more per share, 
debentureholders u[mn conversion will receive Common Slock and cash in lieu of any 
fractional share having a greater market value than the cash which they would receive 
upon redemption. 

Delivery of Debentures lo the Paying and Conversion Agents set forth below after 
the dose of business on October 4. 1 9 7S, regardless of instructions in any notice, will 
re-iill in the redemption of such Debentures at. the redemption price of 101.50fc of 
their principal amount together with accrued interest to October 4, 19 7S. 

As described above, based upon current market prices, tbe market value 
of Gould Common Stock into which the Debentures are convertible is sig- 
nificantly greater than the amount of cash which would he received upon 
surrendering the Debentures for redemption. AU rights to convert the Deben- 
tures into Gould Common Stock expire on October 4, 1978. 


Citibank. N.A. 

Division II, Electronics and 

III Wail Street, 2nd Floor 
New York, N.Y. 10043 

Banque Internationale a Luxembourg, S.A. 
2 Boulevard Royal 
P. O. Box 2205 

Citibank, N.A, 

Citibank House, 336 Strand 
r. O. Box 78 
London WC2R 1HB 

Citibank, NA, 
Hereugraefat 545-549 

Postbus 2055 
Amsterdam, Netherlands 

Citibank. N\A. 

Ml Avenue des Cbamps-EIysees 
R.P. 7384)8 

75361 Paris Codex 08, France 

Citibank, N.A. 

Crowe Gallusstrasse 16 
Postfach 2505 

*000 Frankfurt/Main, Germany 

Citibank, N'.A. 

Piazza della Republics 1 
Cav-clla Postale 4076 
Milan, Italy 

Citibank, N-A. 

Seestrasse 25/27 

P. O. Box 826 

8022 Zurich, Switzerland 

Citibank (Belgium) S.A. 
Avenue de Tenurcn 24 J 
P.O.Box 7 

J ISO Brussels, Belgium 

Citibank (Luxembourg! S.A. 
16 Avenue Marie Therrtc 
P. O. Box 263 

Dated August 30, 197S 


' Please Read Carefully Tbe Important Instructions Below 



To Accompany 5% Convertible Subordinated Debentures Due 1987 

Please indicate your choke 
of paying and conversion agent 
by checking one of the boxes 
under the column “Paying and 
Conversion Agents" found below. 

(Leave Blank) 

Ticket No 


Attadied hereto are 5fS Convertible Subordinated Debentures Due 19S7 of 
Gould ln<L, numbered aa fisted below: 

TIhk Fill in Debenture Number* 

Debenture Number (s) 

Aggregate Principal Dtrilar 
Amount trf Debentures: 

.The undersigned represents and warrants to Gould Inc. that the trader- 
signed is the lawful owner of the above-described Debentures and Chat the 
undersigned holds tbe Debentures free and dear of all Hens, charges or 
encumbrances whatsoever. 

The Above -Debentures Are Surrendered To You For The Action 
Indicated Below 


□ CONVERSION into Common 
Stock of Gould Inc at a con- 
version rale of 39.86 shares of Com- 
mon Stock for each $1,000 principal 
amount of Debentures until the ex- 
piration of the conversion right at the 
close of business on October 4, 197S. 

□ REDEMPTION at the Re- 
demption Price of flyDUDO for 
each $1,000 principal amount of De- 
bentures, plus accrued interest to the 
Redemption Date of §42 JOS. 

If no choice is indicated, the above Debentures wilt be considered to have 
been surrendered for Conversion. Debentures received after the dose of 
business on October 4, 1978 will be redeemed at the price of $1,015.00, 
plus accrued and unpaid Interest of $42.08 for each SI ,000 principal amount 
of Debentures regardless of what at whether any choice Is indicated. 

If stock ceriificatcfs) for shares of Common Stock or check is to he issued 
in a name other than that indicated below, fill in this box. 

If stock certificate (s) for shares of Common Stock or check is to be maile d to 
an address other than that indicated above, fill in (his box. 

Fillin herr lospsyer 
NcniiSmum number or 
»od*J security number 
< Cnilrd Su'es Citizens 
or Roulenu); 

and make deliver}- thereof 

n by mail 

□ over counter against receipt. 



(Signature of Debemurebotder) 

Please Follow Carefully The Important Instructions Below 


NOTE: The Privilege of Conversion Expires as of the Close of Business 
October 4, 1978 


Tbe principal amount of any Debenture may be converted at any time prior to tbe close 
of basin ess on tbe Redemption Date ai tbe option of tbe bolder thereof into shares of Cota- 
mou Suxfc of Could Inc. ("GuuSd") at a conversion rate of S0.S6 shares (rounded to the 
nearest t/lOOih of a share 1 per Sl,00i] principal amount of Debentures. li note: than use 
Debenture is surrendered fur enn version ai any one lime by the same bolder, tbe number of 
full shares which still be issuable upon conversion thereof tv i n be computed upon the basis 
of the agterwale principal amount nf Debentures so surrendered. No iraaional share* "ill l« 
issued upon any surb conversion. Id lieu Liter enf. GouW trill pay a pch adjustment in 
rrrpecl nf any fraciinna] -hare in an amount equal tn such fractinn multiplied by tbe last 
Mies price nn the Nc* York dwelt Exchange Ccnpatdie Tape per share of Gould Common 
Stock on ihe Iasi buanea .lay before the conversion dale 'or if such day is not 1 tradine 
day *'B such Exchange, on the next preceding day on which such Excbaose is open for bust- 
ne?<’. Upon conversion nf Debentures no payment or adjustment will be made for interest 
aoiriled thereon alter Deeeml-r 1. 1977. 

The method of delivery of the Debenture* to Citibank. N-A. b at the option and risk of 
the holder, but. If mail is ined, rcjesienri mall with proper insurance b Migrated and the 
bolder must allow sufficient time fnr delivery to Citibank, tfJL 

TO (indicate choice by checking one box): 

□ Citibank, N.A. 

Division D, Electronics and 
111 Wall Street 2nd Floor 
New York, N.Y. 10043 

□ Citibank, N.A. 

Citibank House, 336 Strand 
P.O.Box 73 
London WC2R 1HB 

□ Citibank, N A. 

60 Avenue des Gum ps -Ely sees 
B.P. 738-08 

75361 Paris Cedex 08, France 

□ Banque Internationale a. 

• Luxembourg, 5. A.' 

2 Boulevard Royal 
P.O.Box 2205 

□ Citibank, N.A 

Herengracbt 545-549 
Postbus 2055 
Amsterdam, Netherlands 

□ Citibank, NA. 

Grasse Gal lusstraise 16 
Postfach 2505 
6000 Frankfurt/ Main, 

□ Citibank, N.A. 

Piazza della Republicai 
Ca&sdJa Potfale JH76 
Milan, Itaiv 

□ Citibank. N.A. 

Seestrasse 25/27 

9.0. Box 826 

S022 Zurich, Switzerland 

□ Citibank (Belgium) S.A. 
Avenue de Tervurcn 249 
P. O. Box 7 
1150 Brussels, Belgium 

□ Citibank (Luxembourg) SA. 
16 Avenue Marie Therese 

16 Avenue Ma 
P.O.Box 263 

Scents “ ' -But OPIC rejected the expro- 

The South African sold and priation argument Pointing out 
industrial group points out. that that other _ companies _naa 
while investment income and resolved th® ,r . tax -522525 
sharedealing revenue do not with the Jamaican Government 
accrue evenly throughout the. and bad continued to operate 
year, its net income for the there. . 

second half is likely to match that The dispute was sent to-artiiM- 
of the first before allowing for tion .and the panel rulep 1 xnax 
any amounts to be. written. 'off OPIC, a G ovemm^t agney, 
investments. ■ ■ Should pay $Llm- 

Buoyant conditions in the gold that it would not contest inc 
mining industry and in the share ruling further. 
market coupled with improved Revere, despite its i imoa* 
fortunes -at the group’s Impala hostile reaction, is still analysing 
Platinum (which has just raised the decision. A stateiaenr Mia 
its selling price by S1Q to $250 per.. the group realiswl that umess 
ounce) are reflected in the withdrew the claim or sought _to 
increased revenue from group have the arbitration award^set 
operations, investments and share aside, it must transfer the stock 
dealings. ..interest in its Jamaican unit to 

Bat the group thinks the pros* 
pacts are now looking slightly 
better despite tbe unsettling effect 
of fluctuating currencies. Signs of 
recovery in metal prices bavo 
been noted while a better balance 
between metal supply and dfs 
mand has been achieved. At the 
same time, . easing inflation, has 
reduced Australian cost pressures, 
Yesterday the shares were 3p 
higher at 2Sftx 

Johnnies’ R56m 
write-off for 

Otjihase mine 

ealings. ..inieres 

At tbe same time, the industrial OPIC. 

subsidiaries have made increased - 
profits despite the low level of . 

economic activity in South Africa, A i4-_ 

The market value of Union Cor- "C^lvA. tTlIHS 115 
poration’s investments at June 30 ■ . 

amounted to R534£m (£314.1 m> intnrim 
compared with RS9&9m a year - lUitl UXt 
ago R4SI.7m at end-1077. ' rn iwrNP RIOTtNTO OF AU5- 

I* 15 stated that a long-terar the Australian arm of 
contract has been oh tamed for 1KAUUm ' — ■- 

contract nas oeen oo tamed tor .Yr » riTTNnt n-Zinc eroua has de- 
the sale of a “substantial” portion red^c^interim dividend' 

of the uranium oxide to .be pro- /•> nsnV The navment 

or me uranium QXICIB to . oe pro- - 0 e /•> rtcnl Thp navuicnt 

ffltf SJ2T 55S23fT& °( SUSS 2SL« »SS 

r SLssr jsbh,- ™ 

public offer of shares in the new* f 2SU!KS2?nt of^ownnet nrofits 
comer is expected in due course. S^.ho i urecisely 

ar.sf”" h “' i * Ma u if 

3D0p yesterday. ments and amply foreshadow’ed 

by the earlier results of sub- 
sidiaries like Hamersley, Mary 

Jamaican award Kathleen. AM &S and Comako. 

_ Consolidated net earnings were 

inioprc KPVPrp A*33.7m (£2l^m), boosted by a 

IVC rCIC once-and-for-all payment of 

REVERE COPPER AND BRASS, A$ 12.47m consequent upon the rc- 
the U.S. group, yesterday arrangement of aluminium -and 

described as u a shocking salt interests last May. In the 

injustice” the decision of the first half of 1977 restated consoll- 
Overseas Private Investment dated net earnings were AS44.6m. 
Corporation to pay it SLlm Although Bouga/nvfflc Copper 
(£570.000) compensation for the gained from higher gold prices, 
closure of its bauxite facilities in the doldrums in the copper, lead. 
Jamaica during 1974. . zinc and iron-ore markets allied 

OPIC, which insures UJS. to the fall in the value of -the 
companies against investment U.S. dollar against the Australian 
risks in developing countries, dollar depressed CJt-A's other 
announced the compensation' revenue figures. - * 


NIGERIA— JnJy production n f no r>m. 
centrales IK! tonnes (June 171 tunnc*.'. 
Production or colanblie conrrnir.n.-^ 3* 
tonnes (June 2S tonnes i. 

EX-LANDS NIGERIA— Pmdii-tjon of 
tin ore for July 34 tonnes Mane tonnes'. 

Dome Mines boosts income 

DOME MINES, the Canadian gold 
producer with extensive petroleum 
interests and a recently acquired 
stake in Denison Mines, shrugged 
off higher mining costs during 
tbe 1978 first half to record net 
earnings of a record C$I9.1m 
(£S.6m), or CS3.22 per share, com- 
pared with C$13J2m in the first 
half of last year. 

Revenue in the second quarter 
at CS18.8ra declined from C$18.2m 
in the first three months, partly 
because the gold selling price 
slipped but also because one of 
the three mines produced less. 
However, over the whole of tbe 
first half, the amount of gold 
milled at 754J8Q0 tons was only 
fractionally less than in the 1977 
first half. 

But operating costs per ton rose 
to CS24J7 from C$22.14. This 
reflected both an expansion of the 
underground development pro- 
gramme and higher charges for 
materials and labour. 

Dome had an equity interest in 
the earnings of Dome Petroleum 
of CJS.ara. compared with C$78ra 
in the first six months of last year. 

Another group to report a sub- 
stantial rise in first-half earnings 
is Steep Rock Iron Mines, but the 
main factor behind the improve- 
ment was the increased value of 
the U.S. dollar relative to the 
Canadian dollar. Net profits were 
C$4m (£1.8m) against C$2 -3 m in 
the 1977 first-half. 

The figures in both halves were 
boosted by tax credits. But pro- 
duction over the rest of the year 
is . likely to be less because of 
planned maintenance shutdowns. 
Next year mining operations in 
north west Ontario will be com- 
pleted and no firm decision on the 
future direction of the company 
has yet been taken. 

Elsewhere in the iron ore sector, 
results have been less favourable. 
The four months strike at Iron 
Ore ..Company of Canada, which 
lasted beyond the first half 
although it has since been settled. 
hit the earnings of Hollinger 

Royalties from Iron Ore Com- 
pany are . normally the largest 
source of income at Hollinger, 
whose figures are consolidated 
with those or its subsidiaries, 
Labrador Diming and Exploration 
and Hollinger North Shore 

. Hollinger in fact had a net loss 
of C$627,000 (£2S4,390) in the 
first half compared with a net 
profit of C$7. 7m in the same 
period of last year. Traditionally 
earnings are better in the second 
half than the first, and the com- 
pany expects the trend to con- 
tinue, but it has warned share- 
holders that it cannot make up 
the earnings lost as a result of 
the strike. 

of ASIS.llm (£112J7m) compared 
with AS IS. 92 m a year ago. Earn- 
ings per share equal 30.5 conU 
compared with 50.3 cents in 1»7«- 
1977 after allowing for ihe. one- 
for-ffve scrip few*. A final 
dividend; of 7t cents make? an 
unchanged total of 13 centx 

* 4r * 

Second-half earnings of the 

Patino NV group amount In 
SI. 55m (£520.000). ThU brings tlw 
half-year total to $3.43 m. or S3 
cents per share, compared with 
S2.7m a year ago. 

The joint formation of Ncusel 
Incorporated, a company to pro- 
vide a complete range of 'con- 
sultancy services in coal explora- 
tion and coal mine dex-elopment 
and operation in the United 
States, is announced by London's 
Sei trust Engineering and Newco 
Engineering and Coal Develop- 
ment of Indianapolis. Announcing 
the formation, Mr. Mike Nyren, 
managing director of Seltrust. a 
subsidiary of Selection Trust, and 
CoL Oattis E. Parks. President of 
Newco, said the capability of 
Newsel would include lard 
acquisition, drilling, evaluation of 
reserves, economic feasibility 
studies, mine planning and mme 

* * + 

West Germany is wiUinc to 
grant credits totalling. -DM 140m 
(236m) to Indonesian banks 
financing a major: aluminium 
smelter project on Rintan Island, 
according to Amara News Agency. 
V'isting West German Economics 
Minister. Mr. Otto Lambsdorff, 
made the offer to Mining Minister, 
Mr. Subrqto, and' also said that 
Germany would make available a 
further DMISm as project aid for 
a power transmission system in 
Central Java. 

“Hollinger earnings for the 13 
months will be substantially 
below those of last year.” said Mr. 
A. L. Fairley, the president. 

By contrast. Consolidated 
Rambler Mines, the Newfound- 
land copper producer, has 
returned to profit. Earnings 
before federal income taxes in the 
six months to June were C$692,655 
(£314,070) against a loss of 
CS1 14^74 in the comparable 
period of 1977. Copper In con- 
centrate produced this year has 
been valued at 64 cents a pound 
compared, with 62 cents last year. 


Australia’s multi-metal . pro- 
ducer, Peko-WaJlsend. reports net 
profits for the year ended July 4 


€ months ended 
30th June, 1978 

6 months ended 

30th June, 1977 


Profit before taxation 
Profit after taxation 




T2 months ended. 

31st December, 1977 


. 3,056 




Earnings per ordinary share 
Dividend per ordinary share 

1.500p. ' 

a92i P 


2:438 p 

The cham for taxation far 1978 fs estimated and based on Cotporathn Tax of 5236 (1G77 -52%) 

Points from the Statement of the Chairman, Mr. Oswald Davies, C.B.E„ D.C.M.,J.P. 

* Profit before tax up by 1 8 % m 

* Dividend raised following acquisition of Robert Watson & Co. 
(Constructional Engineers) lid. 

3f& Liquid resources and workload maintained. 

# Overseas work going well.' 

# Mr. EGamerto ba Chief Executive of the Group from 1st October, 1378. 


AS FORECAST at the half-way 
stage. Johannesburg Consolidated 
Investment has made another sub- 
stantial provision in its results 
for. the full year to June 30 
against tts holding in the Otjihase 
copper mine which was placed on 
care and maintenance in January. 

After writing-off R12m (n5ml 
in 1976-77. “Johnnies" has made 
a further provision of R44.4m 
which covers the total .write-off 
for the Namibia (South West 
Africa) mine. This Includes pos- 
sible future losses arising from 
guarantees In respect of bank 
loans and the estimated costs nf 
rare and maintenance through to 
December I960 during which 
period the future of Otjihase will 
be reconsidered. 

Prior to this write-off. 
‘•Johnnies" profits for the past 
vear amounted to R444hn com- 
pared with R27.Sm in the previous 
12 months. Profits were boosted 
bv share sale* made in tine with 
the policy of realising liquid 
Investments and normal portfolio 
management. There was a!«n the 
reversal of a previous provision, 
no longer required. oT for 
losses nn the Orange Fish Tunnel. 

An interim dividend of 40 ccn'i 
maintains -the year's total M im 
cents. Net -assets at June "O. in- 
cluding investments at nnrkrt 
value, equalled R4R.R2 (£2023) por 
share compared with R41.48 a year 
ago. "Johnnies" were Xl^f 


*y ' 

-- i?! 



■vjikt at 

■ .t 


I'T l S. 

oil u 

-r. 4m 


s.5»'fer T 
itin f'i 

. 4<- 

, c-V/tse. 
‘•iTJ ' iris. 

at C 

-. 1(1 

•• ti r 

• fhi 

,8 °nds 

■S. pr 


• --f-V 



Fairclough Construction Group Limited -Sandiway H 0USe - Northwich . ChesfcfrB 

Telephone: Sandimay 883885 Telex:. 669708 



-v ^-55 

; “ 1 * DM) ^ 

Financial Times Wednesday . August, 30 1?78 




Warner-L ambert planning 
to acquire Entemnann’s 



£ £ !. ! 


BY DAVID Ewraicy 

a majority shareholding in 
Entenmann's for a sum that 
could reach $232m. 

Principally a pharmaceuticals 
concern, though it also makes 
mint, gum and - Schick razors, 
Walter-Lambert has signed a 
definitive agreement with the 
principal stockholders of Enten- 
mann's to buy a majority of its 
shares for $30 each. These stock- 
holders are mainly members of 
the Entenmann family who hold 
80 per cent of the. company's 

stock. Later, the offer . will be 
extended to public shareholders. 

For 'Warner-Lambert,. : the 
move represents further diversi- 
fication 'in the consumer products 
field. As with chewing gum and 
razors, the company anticipates 
that Entenmann products will 
eventually be sold, abroad, either 
by direct marketing or licensing. 

For Entenmann. the merger 
marks the end of independent 
existence of a company formed 
in 1898 and tightly run by family 
interests since then. Eriten- 

NEW YORK. August 29. 

m arm's has two major bakeries, 
in Long Island and Florida, and 
distributes fresh cakes daily to 
chain stores from eight distribu- 
tion centres. 

The company* which only 
became public in 1976, has 
achieved an -annual growth rate 
of 26 per cent in sales and 43 
per cent in earnings over the 
past five years. Its shares have 
recently been trading at. $23, 
which led some industry analysts 
to comment that Warner-Lambert 
got an excellent bargain. 

Emery Air earnings increase 


world’s largest air freight for- 
warder, raised- second quarter 
earnings by 23 per cent to $5.4m, 
or 35 cents a share, with 
revenues increasing 24 per cent 
to $ 102.4m. the first time the 
company’s quarterly volume has 
exceeded three figures. 

Domestic revenuts went up by 
nearly. 30 per cent to .$68.6m, 
while those outside the U.S. 
gained nearly 16 per cent to 
more than $31 m. 

Daring the whole of the first 
half, Emery produced earnings 
of $10.4m, a 21 per cent advance 
on the same period of last year, 
after a revenue boost of the same 
percentage amount to S189m. At 
the per share level, earnings 
emerged at 68 cents. 

Commenting on the company’s 
international activities;, the 
divisional manager for Europe, 
Africa and the Middle East, Mr. 
Jan Schenkels, called the results 
“very pleasing.” 

He noted that the industry had 
seen casualties, with some for- 
warders forced out of busineSh- 
This. he added, ’’should be . a 
warning to us all of the need to 
maintain the right balance of 
market share and profitability.” 

Over the Initial six months, 
Emery's international business 
produced revenues of $60m,.a 14 
per cent improvement on the 
same period of 1977. Domestic 
revenues, however, rose at . a 
faster 25 per cent pace to $133tn. 


Advance at Toronto Dominion 


lifted its earnings for the nine 
months ended July 31 to 
CS90.9m, or C32.40 a share, from 
C$73.9m, or C$1.95. Assets 
totalled C$22hn, a rise of 21.5 per 

One of the country’s major oil 
and gas producers. Home Oil, 
turned in operating earnings of 
CS19-.2m, or C$2.34 a share, in 
the first half against C817.3m. or 
CS2J2. the previous year. The 
company, which is controlled by 
Consumers Gas. the Toronto gas 
distributor, has sold its remain- 

ing shares in TransCanada Pipe- 
lines to Dome Petroleum for 

Revenues increased from 
CS65m to C$7Sm, mainly dne to 
higher oil and gas prices and the 
acquisition of Bridger Petro- 
leum. Capital spending this year 
will total C$132m in western 
Canada and the U.S. 

Blackwood Hodge Canada,' the 
U.K.-controlled heavy equipment 
concern, earned C$324,00 in the 
first half, or 13 cents a share, 
against C$174,000 or seven cents. 
Revenues were C$54m against 

Bayer U.S. deal blocked 

WASHINGTON, August 29. 

THE CHEMETRON Corporation ordered the two companies not 
unit of Allegheny Ludlum Indus- to merge their organic pigments 
tries .ltd Bhlnechem. v.hich is 

nffilintn.1 aaiitV V>k., Aii AkilonnA. VdltS IBCrSCT UOtil 3u6T 

affiliated with Bayer Aktienge- District Court Judge Joel M. 
schllschaft of West Germany, has Flaum decides on the FTC 
been ordered by a Federal judge request for an injunction. ' . 
not to merge their organic pig- The Commission voted uhani-. 
ments business until after a mously last week xo. -begin 
court hearing on a Government administrative proceedings al leg- 
attempt to block the merger, the ing the. acquisition /would have 
Federal Trade Commission said, anii-epmpetitive and mono- 
The FTC is seeking an lujunc- polistic effects, 
tion in US. District Court in The injunction would prohibit 
Chicago blocking the proposed the proposed merger pending the 
acquisition by Rhinechem of the outcome of the administrative 
pigments division of Chemetron. proceeding. 

Me. Daniel Schwartz, deputy The FTC said it wants to pre- 
director of the FTC’s bureau of vent the merger and if it cannot 
competition, said U.S. District it will seek a later divestiture. 
Court Judge John F. Grady AP-DJ 

New oil accounting rules 

WASHINGTON. August 29. 

THE SECURITIES and Exchange The Commission said its ulti- 
Com mission has announced the mate objective is the develop- 
adoptioo of rule requiring dis- meat of tfa e reserve recognition 
closure of valuation data on acc0U ntmg system which recog- 

In addition, the Commission and gas reserves in the balance 
has adopted rules requiring dis- sheets and income statements of 
closure by companies in the oil oil and gas producers, 
and gas industry of supplemental It said ^ pro cess of determ- 

bistorical, financial and operating ini _„ uitMnnre 

information, including quantities ,n “J wtejh’ er this ultimate 
or proved oil and gas reserves method is feasible will require 
and cash flow from production . several years, and during this 
activities. period the Commissions steps 

For 1979, the SEC has pro- today should assure ' that 
posed the presentation of an investors, have adequatemforma- 
e Timings summary based on so- tion to judge the worth of oil 
called reserve recognition ae-. and gas producing companies, 
counting. Reuter. 

Reshuffle at Columbia Pictures 

COLUMBIA PICTURES has re- new post of dwirman of -a 
orgARi^d It. top MUjiiCHKirt 5, 
the wake of the highly-publicised ^ J£, U p comprises Columbia 
dismissal of Mr. Alan Hlrschficld, pictures. Columbia Pictures Tele- 
its president and chief executive vision and Columbia PayJTV. 
officer for the last five years. •- • Effectively this means that Mr. 

Mr. Sy Weintraub. a leading Weintraub will be taking over 
figure in the TV and film busd- the responsibilities previously 
ness, bus been appointed to the discharged by Mr» Hirechfieia. 


' MONTREAL, August 29, • 

British Columbia Resources 
Investment Corporation plans to 
raise C$75m through a public 
offer of common stock at C$10 a 
share. The British -Columbia 
government - -owned company 
owns the Canadian Cellulose 
Pulp operation, an 11 per cent 
stake in Westeoast Transmission, 
oil and gas leases and several 
private forest products firms. 

Banque Provindale da Canada 
earned C$4.9m in the third 
quarter against C$3. 6m a year 
earlier. . 

Paper to 
settle suits 

NEW YORK, August 29. 
pany said it has agreed to settle 
aH civil class action anti-trust 
suits . brought by private plain- 
tiffV for payments aggregating 
$13.5m. .. 

The company said the suite 
cover both fine papers and cor- 
rugated container operations, 
and several fine paper suits 
brought by states are also in- 
cluded in. the settlements. 

In -agreeing the settlements, 
subject to court approvals, the 
company said it denied any 
wrongdoing or violations of the 
anti-trust laws. • _ Reuter 

Pebble Beach offer 

Twentieth Century -Fox- Film 
Corporation has reached agree- 
ment to acquire Pebble Beach 
Corporation for $12.50 cash per 
common share, or a possible 
issue of instalment notes on 
terms yet to be negotiated. 
AP-DJ reports from Beverley 
Hills. Pebble Beach now has 
nearly l-5ra common shares and 
216,000 shares of convertible 
preferred stock which converts 
into common at the rate of 
1,045 common shares for each 

ISC sale 

International Systems and Con- 
trols (ISC) has agreed to sell 
nearly all the assets and liabili- 
ties of its J. F. Pritchard sub- 
sidiary to Keang Nam Enter- 
prises of Seoul, AP-DJ reports 
from Houston. ISC said the 
price $8m in cash and notes and 
$2m of indebtedness to be 
assumed by Keang Nam, a diver- 
sified industrial concern. ISC 
may receive as much as $2m 
more in commissions over the 
bSSt five years on business it 
generates for Pritchard. 

-i-» • — 

Maltif oods re-rated 

Standard and Poor's Corporation 
has .Increased the rating on 
International Multifoods Corpor- 
ation 9i per-cent sinking fund 
debentures to triple-B plus from 
triple-B, AP-DJ reports from 
New York. 

look for 
bid rise 

By Our Own Correspondent 

NEW YORK, August 29. • 
WALL STREET continued 
- to expect a- higher offer in the 
takeover battle for Sexvo- 
matioD, the vending and cater- 
ing company, today, though 
there wasmo firm indication 
that either of the contenders, 
Liggett Group or GDV, was 
contemplating improving its 

Servomation shares were 
trading today at around 548.50, 
exactly in line with Liggett’s 
latest offer worth 5130m, which 
suggested that investors were 
awaiting an improvement of 
possibly a dollar in the bid- 
ding. Normally shares trade 
just below the offer price. 

Liggett’s offer, which Is for 
45 per cent of Servomation’s 
slock, competes with a $47 hid 
by GDV for any or all shares, 
sweetened by a 25 cent per 
share commission to brokers. 

Crane sets terms 

CRANE, the' specialty steel- 
maker, has specified the terms 
of its offer for Medusa, tiros 
clarifying its position in the 
marathon takeover battle for 
the Cleveland-based cement 
maker, David Lascelles writes. 
Having Indicated last week 
that it would offer at least $47 
per share in order to bring its 
holding up to 48 per cent. 
Crane now says it will offer 550 
for op to 700,000 shares, which 
In addition to the 600,000 it 
already owns will bring its 
holding up to 45 per cent 

Dutch banks cross Atlantic 


ALGEMENE BANK Nederland’s 
plan to acquire Lasalle National 
Bask of Chicago is an Important 
new step in the foreign expan- 
sion of tie Dutch banking com- 
munity. The Dutch institutions 
have' previously limited them- 
selves Co establishing branches 
and in one case, sharing in the 
setting up of a consortium bank 
in the UK. 

ABN’s plan to take over the 
entire shore capital of Lasalle— 
number 194 in the list of U.S. 
banks^For $$2m. breaks new 
ground. ABN already has seven 
offices in the U$, including one 
in -Chicago where Lasalle is 
headquartered. It has two offices 
in New York, and is also repre- 
sented in Atlanta, Houston, Los 
Angeles and San Francisco. 

In its latest annual report ABN 
— the largest hank in Holland in 
terms of balance-sheet total — 
said rt aimed to expand its 
branch network primarily in 
North America and Western 
Europe. It has the roost exten- 
sive network of foreign branches 
of any Dutch bank — more than 
200 in 40 countries — but it is 
stiH. expanding to achieve “ as 
balanced a contribution as pos- 
sible from the different areas 
where it is active."- - 

While Lasalle will be the first 
ABN bolding in the U.S., the 
bank has a variety of minority 
and majority holdings in other 
parts of the world. These include 
A1 bank Alsaudi Alhollandi of 
Jeddah, in which the Dutch bank 
has a 40 per cent' stake. Other 
reeent expansions of its foreign 
operations are the increase in its 
holding in - Neuflize, Schlum- 
berger. Mallet of Paris to 60 per 
cent and the acquisition of a 

60 per cent holding in Neue Bank 

ABN's major commercial bank- 
ing rival, Amsterdam-Rotterdam 
Bank (Amro) was the first of the 
“ big two " Dutch banks to take 
a direct stake in a U.S. bank but 
its holding is smaller. Amro has 
17 per cent of European Ameri- 
can Bancorp, the holding corn- 

own branches. But it too is now 
strengthening its own network 
abroad and has recently opened 
branches in London, Tokyo and 

The remaining Dutch banks do 
not have strong direct represen- 
tation on the other side of the 
Atlantia Netterlandscbe Midden- 
standsbank (NMB) recently up- 

The growing need of Dutch banks to seek profits out- 
side tiie narrow confines of their own country has been 
the main reason for their move to the U.S. and other 
foreign centres. The fall of the dollar against the 
guilder makes the U.S. particularly attractive, while 
the banks, as well as other industries, are drawn by 
the more buoyant economy there and the more flexible 
business climate. As more and more Dutch companies 
acquire make acquisitions in the U.S., the bankers 
are obliged to follow their customers 

pany for European American 
Banking Corporation and Euro- 
pean American Bank and Trust 

European American was set up 
by Amro and five of its partners 
in European Banks' International 
Company (EB1C). It has offices 
in New York, Los Angeles, San 
Francisco, Chicago and the Carib- 
bean. It is the largest non- 
American bank in New York and 
it absorbed in 1974 much of the 
busioesss of the failed Franklin 
National Bank. 

Amro also has a quarter share 
in Sogen-Swiss International Cor- 
poration of New York, an Invest- 
ment bank active in new issues. 
Amro has traditionally worked 
through bank groups— such as 
EBIC — rather than establish its 

graded ' its representative office 
in Now York to a foil branch, 
but it remains a largely domes- 
tically-oriented bank with some 
European activities. Stivenbury's 
Bank of Rotterdam owns the 
Siavanburg Corporation of New 

Centraie Rabobank, the agri- 
cultural cooperative -which is 
expanding into other general 
hanking fields, set up Rabo- 
merica International Bank, based 
in Amsterdam, together with 
Bank of America. But this did 
sot work out and the American 
bank has since reduced its hold- 
ing to only 5 per cent. 

If the Dutch banks' holdings 
in the U S. have been modest up 
to now, the stake of American 
bankers in the medium -sized 

Dutch institutions has been size- 
able. First National Bank of 
Chicago has held a 6 take in 
Slavenburgs Bank since 1967 — 
the same year that Chase Man- 
hattan bought a share in Neder- 
landse Credietbank (NCB). The 
Chicago bank has now reduced 
its holding in Siavenburg’s from 
20 per cent to 11 per cent, but 
cooperation remains close. Chase 
Manhattan now holds 31.5 per 
cent in NCB, whose other main 
shareholders are the industrial 
holding com pan)', T hyssen- Bo me- 
nus za with 27.5 per cent and two 
Dutch insurance companies with 
10 per cent each. Chase Man- 
hattan has, in fact, increased its 
holding from 25 per cent over 
■the past few years. 

Two smaller Dutch banks also 
have American shareholders. 
Bank Morgan Labouchere is 
joimiy owned by Morgan 
Guaranty and Amro and is 
managed by the U.S. bank. 
Manufacturers Hanover Trust has 
a 16 per cent, slake in Bank 
Mendea Cans. Morgan Guaranty 
used to hold 20 per cenr of 
Bank Meets en Hope but Mees 
now belongs fully to ABX. 

The Dutch banks' growing 
need to seek profits outside the 
narrow confines of their own 
country has been the main 
reason for their move to the 
U.S. and other foreign centres. 
The fall of Uic dollar against the 
guilder makes the U.S. particu- 
larly attractive, while the banks, 
and other industries, are drawn 
by the more buoyant U.S. 
economy and the more flexible 
business climate. As more and 
more Dutch companies make 
acquisitions in the U.S., the 
bankers are obliged to follow 
their customers. 

Our companies profit from 

good ideas. 

As you can plainly see. 

(^Investing reports 
on second quarter 1978 results. 

U.S. economic news hits dollar issues 


THE EUROBOND markets were 
quiet yesterday until news of the 
much worse than expected U.S. 
trade deficit broke: the result 
was to push down the price of 
dollar denominated bonds, some- 
times by as much as a quarter 
of a point, while pushing the 
prices of bonds in the Deutsche- 
Mark sector up by a quarter of a 
point across the board. 

Two new issues in this sector 
were confirmed yesterday : 

Westdeutsche Landesbank Is 
arranging a DM50m convertible 
for Asabi Optical Co. Terms 
include an eight and a. half year 
maturity and a 3| per cent 
coupon, with final terms expected 
on September 8. The conversion 
premium will be about 10 per- 
cent. Asahi Optic al s hares have 
risen' as high as Y575 and fallen 
as low as Y376 this year; They 
dosed in Tokyo yesterday at 




jsi CreMnrirli Klcn Road, 

SR 10 SNL. 

• Deposit Rat. 6.43*1. Star* Accounts 
Sub’piL Kijaiv* i^. T«n 
Shttt* c ITt 1% slum psts, 

s yrs It; above dure ran. Interest 
paid Quarterly on slures/lenn a bares. 
Monthly Income sham sstr... 



I I/i? Ch'strtcl: Hub Road. 
London W« 3XG. 

Sub*pn. Shares X2B. 

Deposit Rate 6.45. Share Account! 8-95 

The other issue to be confirmed 
was -a DM50 m private placement 
for the Industrial Mining, and 
Development Bank of Iran : 
terms for this bullet issue in- 
clude a coupon of 71 per cent and 
a-aix year maturity. Lead man- 
ager is Bayerische Verehisbank- 

A LuxFr 500m 10-year issue 
Is ■ - being arranged for the 
Swedish Investment Bank by 
Kredietbank Luxembourgcoise. 
The issue carries an 8 per cent 
coupon and the average Hfe of 
the bonds is seven years. The 
bonds are expected to be priced 
at 99}. . 

A LuxFr 250m private place- 
ment. for the same borrower, 
which was expected to run in 
tandem, has been postponed 
because of fears that Belgian 
i interest rates will rise in the near 

The Canadian dollar sector 
Was very weak yesterday, with 
many bonds shedding as much as 
three-eighths of a point as a 
result of continued weakness of 
the currency. 

Gty Investing achieved record rev- 
enues and earnings in the second 
quarter of 1978. Again, all the com- 
pany’s principal operations contrib- 
uted to this progress . 


City’s insurance operations showed 
substantial improvement, reflecting 
profitable property and casualty in- 
surance underwriting, increased in- 
come from the insurance investment 
portfolio, and further improvement 
in life insurance results. 

City’s housing activities recorded 
vigorous profit growth, based on in- 
creased unit volume and pricing in 
single-family homebuilding and 
higher shipments of mobile homes. 

The company’s international man- 
ufacturing profits showed further 
progress, highlighted by perform- 
ance of City’s operations in the 
United Kingdom and Mexico. 

Aic conditioning and magazine 
printing contributed particularly to 
earnings growth of City’s domes- 
tic manufacturing operations. 
And, the company’s budget motel 
chain, with record occupancy levels, 
continued its outstanding profit 

In the company’s energy operations, 
start-up of oil production in Ecuador 
began in June, and development 
work continues on schedule in the 
Buchan field in the British North 
Sea where City retains a future profit 
participation. . 

The company’s 1978 capital invest- 
ment program, involving about $188 
million in planned expenditures to 
expand manufacturing and printing 

facilities and to expand the com- 
pany’s motel chain, is also proceed- 
ing on schedule. • 


In housing, we plan, develop and 
build entire communities. We also 
make mobile homes and modular 

In manufacturing, the skills that 
made us leaders in water heating and 
air conditioning also enabled us to 
introduce the Sun Set solar water 
heating system. And the New Day 

heat pump among other products. 

In insurance, we’re a major property 
and casualty underwriter, specializ- 
ing in policies tailored to business 

Profiting from good ideas has helped 
City Investing grow from $2 billion 
in-revenues to more than $3 billion in 
the past three years. 

To learn more about City Investing, 
contact Jerome Hanan, Vice-Presi- 
dent, City Investing S.A., Stocker- 
strasse 38, 8002 Zurich, Switzerland. 


June 30, 




Net Income 

Primary Net Income Per Share 

Net Income Per Share- 
Assuming Full Dilution 

June 30, 


Net Income 

Primary Net Income Per Share 

Net Income Per Share- 
Assuming Full Dilution 

Results for the second quarter and six months ended June 30, 
1977, have been restated 10 give effect to adoption, of State- 
men is of Financial Accounting Standards Nos. 13 and 19, 
requiring capitalization of certain lease obligations and the use 
of a form of successful efforts method of accounting for oil and 
gas investments. As a result, net income, primary net income 
per share and net income per share— assuming roll dilution— 
were restated and retroactively increased by $2^24,000, $.10 











and $.06 Tor the second quarter of 1977, and by $2,800,000, 
5.13 and $.08, respectively^ for the six months ended June 30, 

Avenge primary shares were 22,679.000 and 23,826,000 for 
the quarter and six months ended June 30, 1978 and 1977, 
respectively. Average shares — assuming full dilution— were 
37,124 ,00U and 36,272,000 for the same respective periods. 

c City Investing 


Financial Times. Wednesday Asxgpst 30. 



The penalty for lagging behind 


THE DIFFICULTIES facing the nological backwardness and an in demand at home and export four-speed models 
Spanish motorcycle industry insufficient range of attractive stagnation. This left the industry Spanish manufacturers 

tion is that while,. If allowed to, 

__ were the Japanese would reduce the 

were underlineTrecenUy*hrthe m^eis^ually’concern'the’test accumulated stocks which, up in Jhree 1 “JjSf XS biEf thS id 

announcement of the absorption of the sector. in the present climate of poor when It wjs i announced thrt Ml uMtmU 

of the Corapania Espanola de Spain’*® motorcycle Industry is liquidity and expensive credit, Yamaha motors might be S‘ 

P 1 nearly all most companies are having diffi- import licences to be rfitcoMj to twnmg out 

Swiss bank 
to arrest of 

First-half rise at 
Rabobank below 
average for sector 

Motores (CEMOTO). • which small in volume and 

By David EgR 

GENEVA, August 29. 
THE general manager and sole 

AMSTERDAM, August », 

the Dutch ipicultual cwper- IS^-JOTSSC WS 


makes' the Bultaco ra&ee bythe clustered Into Barcelona's Indus- culty financing. The second to locaiiy-manutacrareo «£*»“• ° a ^ 5KK ^® e “ non11 ' proprietor of the Anlagebank *“7 chai 5 e ™ n 1Qtol * 8 *“** 

Austrian combined Steyr- trial belt. Last year It produced major problem, is the nature of Although & e Ja; panese - 041 models for general use. Zurich AG. which went into made a 5 pe ' ■ FI 101m . - . 

DaimlerPuch. 64.000 motorcycles, against 52,000 the sector's most common widely adduced as a cause of j t ^ not yet dear what voluntary liquidation earljer this net profit in the first halt or 187a Credit granted row by 11 per 

CEMOTO had hitherto been units in 1976 and 58.000 in 1975. product. , the industry’s ills, japm«e steyr-Dahnler-Puch has in store month, has been placed in on an 11 per cent rise in its cent and was similar to the rate 

regarded as one of the motor- The sector exports nearly half Bultaco. for example, has built penetration of the local market for cEMOtO. The Austrian preventive detention by the balance sheet total Profit for of growth in 1877. New* lending 

cycle industry's most dvnamic its produtcion. worth Ptas lJSbn its business on a range of attrao- is insignificant A stnoy p™- group already has a small moped Zurich police pending further ^ year is expected to he at in the agricultural sector rose 20 

companies, with its Bultaco last year, slightly upon 1976's tive and effective sports duced by the Manna financial f ac tory in Gfion, and is almost inquiries into suspected criminal least the same as the FI 244m in per cent.- on the already -high 

machines winning International receipts Ptas L28b&. But machines. In fact, it was the daily, Clnco Dia^cteims mat *u therefore to cany out transactions. 1977 , although the lower rate of level of last ye«T Loans to th® 

prestige and its sports models whereas in 1973, when Spanish CEMOTO fonder. Sen. Francisco . the free port Canrny uwan a major switch in CEMOTO Mx Kurt Gratwohl. general nrnfitability in The first half w a on -agricultural sector also rose 
amassing ar 
of trophies 
was set 

jjuria. VS 11 UIB w ywii gu mmmmmmmm—mrn—T 

however, tariffs ensure that 

in a bad strike record, and to 
planning errors which have 
seriously weakened the com- 
pany's finances. However, its 
more general problems— lecb- 

oF exporters, the industry has Permanyer group 
now fallen back to 31st in impor- The Spanish mdustiy lags 
t anC e behind its European ■ and 

Last years increase in produc- Japanese counterparts, with only 
tion coincided with a sharp fall two manufacturers producing 

hnu..«K.r ran its ensure mm What now xemains to he seen the bank, founded 28 years ago, in the sameLperiod of 1977. Profit per cent achieved by the other 

nation *i’ mndpis tiredominate. is to what extent other companies was rumoured to be in difficul- before tax and provisions was Dutch banks which have reported 

national models predommaift ** :|r -T-2* L™* SSSr mlSS! ties ■ fi ner cent higlr£ at FI 342m. so far. It is, however, in line with 

while European bikes an the wiu attempt a smular s utwn aeg- th , Swiss into central balance sheet arowth. 


next most popular. The implies- and thereby secure their future. 

Bv early summer the Swiss The 'bank p«kL .F1 112m into general balance sheet growth. 
Federal Banking Commission ■ 


(Incorporated, in the Republic of South Africa) 

A final dividend (No. 105) of 130 cents per share in the currency of the Republic 
of South Africa has been declared in respect of the year ended 30th June. 197S. This 
dividend together with dividend No. 1W of 40 cents per share paid in February, 1978 
makes the dividend declared out of profits for the year 170 cents per share (1977: 170 
cents per share). 

The dividend is pavabie to members registered in the books of the Company at the 
close of business on 15th September, 197S and to persons presenting to the London 
Bearer Reception Office coupon No. 105 detached from share warrants to bearer in 
terms of a notice lo he issued by the London Secretaries and published in October, 1978. 

The dividend is declared subject to conditions which can be inspected at or obtained 
from the company's Registered Office, the office or the London Secretaries (Barnato 
Brothers Limited of 99. Bishopsgate, London, EC2M 3XE) or the London Bearer 
Reception Office (40, Holborn Viaduct, London EC1P 1AJ). 

Subject to the said conditions, payments by the London Secretaries and the London 
Bearer Reception Office will be made in United Kingdom currency at the rate of 
exchange quoted by the company's bankers on 2nd October, 1978; provided that in “the 
event of the company's bankers being unable to quote such a rate of exchange on that 
day. then the currency of the Republic shall be converted at the rate of exchange quoted 
by tbe company's bankers on the next succeeding day on which such a rate is quoted. 

Dividend warrants will be posted from either tbe Registered Office or the office of 
the London Secretaries, as appropriate, on 13th October, 1978. 

South African Non-Resident Shareholders' Tax at the rate of 14.79% and United 
Kingdom Income Tax will be deducted from the dividend where applicable. 

The share transfer books and register of members will be closed from 16th to 23rd 
Septemher. 1978. both days inclusive. 




Tricorne from investments 

Net sundry revenue 

Attributable, trading profits of operating sub- 
sidiaries. after deducting R21.700.000 (1977— 
R2l.100.000) being depreciation, management 
fees, interest, taxation and minority share 
of profits 













Surplus on realisation of investments less pro- 
visions plus reversal of amounts over- 
provided in previous years : tl) 




Exploration expenditure less recoupments 

Trading losses of former subsidiary 

Net interest paid 


Provision for loss on re-alignment of curreucies 

Profit before taxation and extraordinary items ... 













1 2 





Profit after taxation but before extraordinary 


Less Dividends: 





Preference dividends (2) 



Ordinary dividends 

Interim of 40 cents 



Final of 130 cqnls 



30.1 14.9 

1*55 : Extraordinary items — provision against 
Insfte:, in Otjihasp Mining Company 

(Proprietary) Limited (3) 44.4 12.0 

Balance transferred (rmm)/to Reserves (14.3) 2.9 


Investments— at cost less provisions 168.9 17SA 

(at market or directors' valuation) (344.1) (2S5.S) 

Loans — less provisions 29 A 31.3 

Marketable properties and mining prospects 6.8 7.6 

Fixed assets 60.2 53.5 

Mining assets 16.1 11.5 

Goodwill arising on consolidation 2.4 3.7 

Current assets 150.3 114.5 

434.0 400.4 

Deduct: Current liabilities 139-3 113.4 

Net assets 294.7 287.0 

Financed by: 

Ordinary shareholders' equity 1702 184.4 

Preference share capital and premium 40.0 — 

Outside shareholders' interest In subsidiaries ... 16.0 ' . 16.2 

Long and medium term loans 63.2 S3.1 

Deferred taxation 5*3 3.3 

294.7 2S7.0 

Total number nf ordinary shares issued 7,105,600 7.105,600 

Net asset value per share (4) 4,882c 4,148c 


U> A high level nf profits was made on the sale of securities as a result largely of a 
continuation of the policy or realising Liquid investments and normal portfolio 
management The net figure of RM.6M also includes:— 

(a) A profit of R3.3M on the sale to Anglo American Industrial Corporation Limited 
of Johnnies’ holding in Mondi Paper Company Ltd. 

(b) An amount of R3.4M written off the investment in Shangani Mining Corporation 
Limited to reduce book value to market value. 

<e) The reversal of a provision of R6JM previously made for possible losses on the 
Orange Fish Tunnel, which is now no longer required following the final settle- 
ment which was reached in respect of that contract daring the year. 

(2) Preference dividends: 

197$ on 40.000,000 fixed and variable rate redeemable cumulative preference shares; 
1977 on 10.000.000 8.25*5 cumulative redeemable preference shares. 

(3) The extraordinary provision, together with that made In the previous financial year, 
covers the total write-off of Johnnies’ investment in Otjihase Mining Company 
(Proprietary) Limited, including passible future losses arising from guarantees given 
in respect of hank loans and the estimated on-going cost of care and maintenance 
through to December. 1980, during which period the future of the company will be 

(4) In calculating net asset value, the excess oE market or directors’ valuation of sub- 
sidiary companies over their net book value has been included. 

On behalf of the Board, 


, _ F. J. L. WELLS J 

Head Office and Registered Office, 

Consolidated Building. 

C or. Fov and Harrison Streets, 
ip.O. Bos 5901. 

Mfltti August 

Intershop concentrates 
on investment in U.S. 


ZURICH, August 29. 

received an auditor’s , report 
pointing to serious irregularities 
in the ■ bank's books. The Com- 
mission terminated the hank’s 
authorisation to engage in 
securities transactions and in- 
structed' an accountant to keep 
a dose watch on share capital. 

The Commission reported that 

- , * 

Bourse against Bastogi 
share suspension 

“t* .'A 
.v>_. i 


MILAN, August 29. 



meat for“the financial year ended A programme has also been taoiden" ’coimnced-' the Banking Stebll! until details it is generally expected 
March 31. Total revenues for the concluded by the InterihojH Commission to allow it to con- oftlw L p !? p ^f!f 'gSSiKmSSeS thc m0vc P^ide a 

undertaking, which spedalises in owned .Arbor Properties, of tmue. However, on August .16 Bastogi of Bern bta 0111 nave peen sign j£ cant fia anC ial boost to 

the development of shopping Grand Rapids, with the U.S. the bank went DQuufcj 1 on announce. Bastogi which, currently holds 51 

tor the financing of a chain of bank’s balance-sheet total was b? ve * 3een ^ s ?P a * >e *' j , 

convenience grocery stores, and SwFr 30m. Share capital totalled rumours of Bastogi s plans Altlwugh the terms of the deal 

Arbor Properties has acquired SwFr 5m and reserves SwFr started circulating over two are still unknown Bastogi . is 

16 sites in Michigan. ^ Ohio 10.5m. months ago. the Committee told understood to be contemplating 

>iM(w Indiana and -New York State! The criminal inquiry which the Bourse Commission. A sus- an early announcement of an in 

Marion NV, a Curacao subsidi- Another Grand Rapids-based sub- precipitated 
ary of Intershop, is -to buy a stake sidiary opened two “»•*«««• Mr. Gratwc 


centres, rose by 172 per cent to 
SwFr 1026m (S5m) . and share- 
holders are to receive a dividend 
of SwFr 14 per stock unit from 
available profits of SwFr 4m 

the arrest - of pension move would create “ con- crease in capital, possibly with 
Burger Mr. Gratwohl was initiated at siderable technical problems," the backing -of a banking coosor- 

in a large-scale shopping centre 
currently being expanded in 
Dallas. Texas. Another Intershop 
affiliate last year acquired the 
first stage oE a new shopping 
centre at Weslaco, Texas, and has 
an option on tbe second phase. At 
Mount Pleasant, also in Texas, a 
neighbourhood shopping centre 
in which the group has a 50 per 
cent stake was completed in 1977. 

Kinn ” franchise fart-fand the beginning of this month, leading inevitably to an unofficial tium. Last year the company was 

jxiug 11 auvuus mv- l..i. r -J.J me* m-i.i-L-ol in tha him riuni (nnuni »* uintulF portfolio 

- -V 

restaurants last autumn. A 50 per pe bank was founded 1 In. 1950 4he two shares 

cent stake is held in a neigh- by Mn Constant An dretto under Yesterday the boards of both 


is beia in 

bourhood shopping centre 
Jackson. Mississippi. 

European investments 

developed “quite satisfactorily,” 
although their earnings capacity 
in terms of Swiss francs barely 
increased owing to foreign- 
exchange rate .fluctuations. 

the name And re tt a Bank. 

forced to writeoff 
losses of L45bn. 

companies announced that they Agencies 

Norwegian bond raising $190m 

STOCKHOLM, Augusct 29. 

THE NORWEGIAN government 
raising NKr lba (3190m) 


through a five-year bond priced 
at par. The issue, to be made on 
the Norwegian market, will carry 
a coupon of 7.5 per cent 
Last April the government 
raised NKr lfibn on identical 

terms. The issue is tied both to 
government financing require- 
ments and to tbe need to ensnre 
an adequate allowance of paper. 
The latter allows the banks and 
insurance institutions to meet 
their bond investment obliga- 















Al can Australia S*pc 

AMEV Sue 1887 

Australia 8tpc 1S92 

Australian M. & S. 9*pc VS 
Barclays Bank S'-pc 1993... 

Bowater 9*pc 19K 

Can. N. Railway Sipc 19Sfi 
Credit NaUonal Sine 1988... 
Denmark 8 1 DC 1984 

ECS 9pc 1993 

ECS .Sfpc 1997 93* 

BIB 8 1 pc 1992 9St 

Bill 9*pc 1989 98* 

Ericsson 84 DC 1988 97* 

Esso 8 PC 1888 Km. 99 

CL Lakes Paper SI pc 1984 9Bi 

Humeral ey 9Jpc 1992 1M* 

Hnlro Quebec 9pc 1992 ... 9^ 

ICI Sipc 1887 95* 

ISB Canada NpcIHSfl 1831 

Macmillan Bloedel 9nc 1993 97* 

Massey Fcrcnson 9jpc ’91 

Mtaftelhi 9}pc 1988 

Midland 7m. Fin. SUw VS 
national Coal Bd. 8pc I9S7 
Mail. Westminster 9pc 1888 
NatL Wstmnstr. 9 pc Sfi ’B’ 
Newfoundland 9pc 1989 .. 

Nordic Inv. Bank Sloe 19SS 
Noraes Kom. Bk. Woe 1995 

Xorplpe 8*pc 1989 

Norsk Hydro 8* pc 1992 

Oslo Bpc 1BSS 

Ports Aulonomes 9oc 1991 
Prow. Quebec 9nc 1993 . . 

Prow. Saskatcbwn. S.’pc ‘6* 

Feed International 9pc 19S7 

nror 9pc ms 

Selection Trust SJnc 19S» .. 

Shell 1ml. Fin. 81pc 1990... 

Skand. Erode Uda 9 DC 199 L.. 

5KF Spc 19S7 91-1 

Sweden rR'domi Sipc rosy 93* 

United Biscuits Spc 19S9 9S 

Volwo Spc 1987 March 93* 











100 * 





















101 * 




100 * 



101 * 

102 * 



100 * 













CZB 1981 SII6PC 991 

lotL Westminster 1984 Spc SSJ 

Lloyds 1933 8l3|(ipc 991 

LTCB 1983 SPC 99* 

Midland InL FS 'S? S9 n pc 954 
Midland lot. FS 97 M pc 9SJ 
Nat Wesunlustr. *90 99itpc 9SI 

OKB 1983 9* PC 993 

SNCF 1983 05ifipc 99 

Stand, and CbmL 'M S!oc 9SJ 
Source: White WeM Securities. 











American Express 43 pc '87 
Babcock & Wilcox 7pe *92 
Beatrice Foods 4*pc 1993„ 
Beatrice Foods 44 pc m2,.. 

Bcccham Bine 1993 

Borden Spc 1993 

Broadway Rale 42pc 1987... . 

Carnation fpc 1987 a..... . 

Chevron 3pc 1088 ............ 

Ban 4* pc 1087 

Kastman Kodak 44 pc 1988 
Economic Labs. «3nc 1987 

Firestone Snc UBS ... 

Ford 5 pc 1988 

General Electric 43 pc 1987 

Gillette 4ipc 1987 

Gould 5pc 1897 

Gnir and Western Spc 1988 

Harris 5pc 19W 

Honeywell 6 PC 1988 

ICI fflpc 1992 

1NA Bpc 1997 . 

Inches pe fljpc 1992 

ITT 43 DC 1987 



101 * 



























.1 used Spc 1992 140 


Australia 7*pc 1934 93* 

Bell Canada 7*pc 1997 95* 

Rr Columbia Hyd. 7Jpc *55 033 

Can. Par. *|pc l9Si 97* 

Dow Chemical Spc 1956 ._ as 

ECS 7lpc 1*15 PS 

EC5 Sipc 19SS 94* 

EBr. 7ipc 1HS2 gu 

EEC 7{pr 1994 — 94* 

Enso Gnoeelt SHk 1984 sm 

Coiaverken 7Jpc I9S2 93* 

Rockums Spc 1983 OBJ 

Mlchelln 8 * dc 1953 98* 

Montreal Urban Sipc 13SI 99* 

New Brunswick Spc 19S4 96* 

New Bruns. PrtiT. Sloe 'S3 93 

New Zealand Sipc 1986 .. 951 

Nordic Toy. Bk. 73pc 1984 94 

Norsk Hydro 7ipr 1982 9o3 

Norway 7*pc 10S3 84* 

Ontario Hydro Spc 1987 ... 1 «=! 

Sliwr Sine 1982 99 

5. of Scot. Elec. Sipc 1M1 98* 

Sweden Oc'domi 7 ‘dc 1952 
Swedish State Co. 7 Jdc - 82 
Telmex 9inr 1934 
Tctuieco 71 pc 1987 May 





volkgwafien 7Jpc 1BS7 34! 





















Komatsu 7*pc 1990 
J. Kay McDermott 4Ipc T7 

Matsushita sine 1990 

Mitsui 73pc 1909 

J. P. Morgan 41 DC 1987 ... 

Nabisco ape 19S8 

Owens UUnotS 4*PC 1937 
J. O. Penney 44 pc iw# ... 

Rev ton 41 pc 1987 

Reynolds Metals Spc 1588... 

Sandvik Clpc 1988 

Sperry Rand 43pc 19S7 ... 

Squibb 4*pc 1997 82* 

TCSaoo 4}pc 19S8 77 

Texas lot. Airlines 74 PC '93 192 

Toshiba 6*pc 1992 133 

Ty CO. 5PC 1984 75* 

Ty Co. S*oe 1SSS 106 

Union Carbide 43 pc 198? ... 9# 

Warner Lambert 44 pc 1987 SO. 
Warner Lambert 44 pc 1938 774 

Xerox 5 pc I9S8 73* 

























122 * 














Source: Kidder. Peabody Securities. 





i j 

IS fin holders of Dobanfores payable in Amiriccat Currency 
of tbe issuB destgmied 


914% Sinking Fond Debentures Series BQ doe October 1 # 1985 
. . . (herein called “Debentures") of the 

r M, 

O quebec hydro-electric commission 

PUBLIC NOTICE IS HEREBY" GIVEN that the Quebec Hydro Electric ccflnmltsion Intends to, kojI wSt 
redeem for SINBJN& FUZ 4 D FOBPOSES on October 1, 3 B 78 pursuant to the wwinoas of the Dbbcnfcnrr*, 
the foUintbQ ddnetuni aa Indicated, of the abOVMBBSfitamd Issue, Kfi 1 Q 0 S# of rha adnaip l ■wwnit wine 
aocruod intessst to the redampUon date, namely: 

> '«i 


Debentures bearing tho Profix BQt 








S732 10808 
9748 10625 
9752 10643 
9770 106S6 
9789 10686 
9809 10699 
9828 10707 
9815 1072S 
9862 10746 
9879 10755 

11493 12382 18258 14150 

11505 12399 13275 14168 

11523 12418 9829S 14173 

11541 12438 13309 14190 

11559 12450 13324 14204 

11577 12468 13342 14221 

11595 12484 13357 14238 

1T6T4 12497 13379 14Z5S 

11831 12315 13394 14278 

11650 12529 13404 14293 

10773. 11668 12S47 13421 14303 

9917 10792 11683 12560 13443 14327 

9933 10813 11698 12577 

11721 12699 
11739 12608 
11747 12625 
11768 12649 
11785 12664 
11796 12682 
11818 12688 

9949 10830 
9962 10848 
9981 10859 
9998 10872 

897 1766 2663 3638 4428 5315 6199 7083 7967 8840 

910' 1787 2684 8569 4446 5333 6217 7096 7984 8838 

928 1804 2696 3575 4458 5349 6238 7108 7999 8875 

947 1821 2704 3587 4476 5366 6247 7124 8016 8603 

963 1833 2731 3815 4492 5334 6265 '7142 8036 8907 
984 I860 2745 86Z7 4503^ 5398 6288 7161 8048 8925 

997 1878 2806 3649 4521 5412 6300 7179 9058 8942 

142 1022 1384 2619 3663 4538 6430 6318 7197 8077 8660 

145 1066 190B 2844 3670 4556 1 5448 6336 7209 8095 8878 

169 1045 1938 2865 3686 <4574 5464 6349 7227 8113 8997 

184 1057 1949 2877 3708 4592 5482. 6368 7246' El 34 9012 

191 108* 1967 2880 37&1 4610 5407 -6387- 7262 El 60 9029 

218 1098 1986 2914.41733 4633 6610, 6396 7282 8162 9046 

234 1109 .2000 2933 3757 4649 5523 6414 7297 8181 9054 

249 1124 2024 2941 3763 4666 5547 6430 7310 8195 9077 

267 1150 2037 2852 3775 4681 5562 6446 7830 8212 9098 

279 1163 2049 2965 3808 4695 5580 6464 7348 8231 9115 

294 1184 2064 2971. 3826 4713 5600 6480 7365 8246 9133 10003 10889 

316 1200 2066 2980 3832 4731 5615 6498 7383 8269 9149 10022 10909 

334 1223 2099 2991 3855 4748 5631 6512 7399 8277 9160 10044 10927 

£46 1231 2112 3000 3867 4762 5646 6531 7412 8288 9179 10062 10944 11836 

358 1249 2135 3009 3870 4783 6659 6550 7481 8316 9198 10080 10965 11845 

377 1260 2146 8021 8914 4798 5677 6568 7446 8329 9216 10098 1098Z 11863 

396 1273 2161 3035 3927 4815 5695 6564 7464 8344 9234 10115 10998 11881 

407 1292 2188 3063 3945 4834 5713 6599 7482 8363 9250 10134 11002 11899 

426 1311 2196 3080 3964 4850 5732 6613 7487 8381 9268 10148 11008 11917 

450 1820 2205 3098 3972 4867 5748 6628 7521 8397 9277 10156 11047 11935 

465 1342 2225 3119 3995 4885 5767 6846 7535 8415 9295 10174 11063 11948 

481 1358 2243 - 3128 4016 4899 5784 6668 7549 8431 9313 

490 1375 2265 3146 4029 4910 5796 6681 7567 8448 9332 

5T1 1383 2280 8162 4044 4928 5814 6638 7S86 8467 9350 

527 1402 2300, 3T7 7 4068 4947 6632 6720 7599 8486 9365 

544 1430 2324 3194 4080 4866 6849 6739 7818 8500 9383 

665 1445 2340 3218 4091 4984 5867 6750 7634 3517 9399 10284 11159 12047 12923 

580 1463 2347 3230 4113 4994 5885 6767 7650 8535 9406 10397 11177 12063 12942 

596 1485 2373 3247 4120 5019 5898 6786 7668 8549 9424 10302 11195 12081 12955 

605 1500 2384 3251 4141 5038 S914 6800 7686 8557 9442 10320 11213 12099 12979 

521 1513 2397 SOTO 4159 5050 6929 6819 7696 8568 9460 1 0346 11232 12114 12999 

M3 IBM 2405 3293 4772 506S 5944 6837 7713 8594 9477 10361 11280 12132 13011 

674 1545 2416 3307 4184 5085 5962 6848 7732 8609 9498 10378 11266 12149 13029 

690 1569 2431 3331 4208 5099 6980 6868 7745 8628 9510 10393 11234 12167 13048 

700 1576 2462. OT50 4223 5116 5993 6884 7762 8646 9528 10412 113C0 
718 1600 2471 3364 4244 5134 6011 6899 7781 8664 9546 10430 11314 

732 1616 2487 3376 4265 5148 6029 6914 7797 8682 9665 10440 11331 

745 1630 2514 3332 4279 5167 6047 6932 7815 8897 9583 10467 11349 

786 1642 2525.3413 4294 5186 6060 6947 7333 8714 9S98 10465 11355 

787 1673 2549 34OT 4311 5198 6078 6965 7840 8732 9620 10496 11373 

1W0 2560 3443 4322 6216 6094 6983 7863 8747 9638 10503 11392 

3SS2 £525 21S 22S 23 s3 ® 114 7000 7872 8765 10524 1141 a 

823 1715 2597 8477 4386 5247 6138 7016 7898 8779 9668 10546 11428 

IS ?612 3489 4378 5268 6150 7034 7912 8798 9686 10555 11446 

863 1749 2632 3613 4393 5285 6164 7047 7930 8804 9695 10573 114M 


10192 11078 
10211 11096 
10239 11111 
10250 11129 
10268 11147 

11968 12845 
11983 .12857 
11997 12878 
12012 12894 
12030. 12903 







13454 14348 
1347S 14370 
13498 14368 
735QS 14392 
13523 14410 
13541 14425 
13559 14443 
13578 14457 
13597 14478 
13602 14489 
12748 13620 14505 
12769 18644 14523 
12775 13652 145*1 
12798 13689 14654 
13695 14579 
13703 14598 
13728 14607 
13746 14625 
13764 14644 
13782 W56 
13800 14679 
13818 14698 
13823 14710 
13842 14722 
13865 14746 
18884 14757 
13887 14774 
18909 14760 
13927 14817 
13066 13949 14836 
13084 13981 14S48 
13100 1397S 14860 
13118 13994 14879 
13136 14004 14398 
15149 14022 14909 

— 9 * 


. I. 

•V. i V 


886 1751 2640 352? 4417 5298 6182 7065 7948 

12274 13170 14048 14024 
12202 13188 14068 14942 
12310 13197 14084 1*966 
12328 13209 14098 14072 
12346 13227- 14116 14898 

8822 9715 10584 11482- 12363 18248 14163 

Debentures to be i » redeemed, win become duo and payable In such coin er currency of the VtiXteA States 
tte^o^paymept is local tender for public and private debts In said dbMIMr™ 
4 wnt, Bank of ttfontreal Trust Company In the Boroush of MUZiattsa, ’ 
City find St&tc of Mew York. I Tntt Pd o£- jiinptlcji or &L Buy of th» otllrp'! nf u«a rniij f ut>hp i im ■tbits 

i 11 ® Clfar of Montreal, C an ad a, Bank of tote, 

BtaeJomd. S. C. WMbnra de Co. United In London. Ztafland, KredletbanK I 4 .V. in Brussels. Twiym™, thn main 

WoFWoascbe Laadesbank QirosentnSTtoDnwfldOEt. 

1 wk Attieneraellsriiaft m BranfcTnrt, federal BuwuBHo of Germany 
ia Grand Duchy of Luzembonrs and Bunque iS 

*"«*»« .*» 

Doted at Montreal 

This 28th day c£ An&uab 1918 . 

Oeorgas La fond . gV e m w w 


Allied Brewerleo Uflpe *90 ssj 

Citicorp 111 pc 1993 91* 

CaurtauHs SJpc 19S9 . ... fSi 

KCS B’pc 1998 - 92* 

EfB !»Ipc 19SS 98} 

E1B filpr 1992 92J 

Finance for ind. 93pc 1987 901 

Finance for Ind. lOnc isxs 94 

Ffcons lOipc JW7 971 

Gestetncr 1 1 pc 19S8 mi 

INA lOpc 1983 91* 

Rmrntree Mine 1988 92 

Sears IWpc 1988 9T* 

Total OU 9lpc 1BS4 SB* 

















Asian Dev. Bank Hpc 1388 931 

BNDE 81pc 19S6 96* 

Canada 4*pc 19S3 97J 

Den Norsk? Hid. Bk.6pc - M 9S* 
Deoucfae Bank 4* pc 1983 


EIB 3*pc IBM 

EIT Aquitaine 5*DC ms , 

Enratom Hue 18S7 

Finland 9|pc 1986 

Forsmam Wpc IBM 

StrWco 6 PC- 1985 

Norcem Stpc 1989 

Norway 4«pc 1S83 

Noru-ay 4* pc 1983 

PK Banken 3Jpc 13*8 94* 

T*rov. Quebec upc 19M 96* 

Rauraraukkl 3!pc 1388 . ... 94 

Spam 8pc 198S & 

Trondheim SJoc 1958 . . M* 

TVO Power Co. 60C 19SS .. 9H 

V^neanrla dpc rSM 94* 

World Bank 35 pc IBM . .. nt 
























Bank of Tokyo 1984 S*pc ... » 

BFCE 1914 Sap; pc 99* 

BNP 1M3 Sl»pc 99} 

BQB Worms 1954 sne 98 

CCF 1385 8* PC m 

Chase Manhrtn. *93 95|«pe SS 

Creditanstalt 1934 Sipc 993 

DC Bank 1982 Spc 991 









Following the establishment of a cross-shareholding between 
First Boston, Inc. and the Credit SuisseWhite Weld Group 

the name of 

Credit SuisseWhiteWeld limited 

lias been changed to 

29th August, 1978 







*** fur 



^1, Tuii&s Wednesday . August 30 1978 


Wider powers of controls 

Dollar falls on 
trade figures 



ug.29 jrwii C!u. 


One irntnlD • it iiju [Three tnnpth* 1 % p*. 

iraue lisjures 


A STRrNGof far reaching flnan- ■ The company operated ou the money and any Interest or right criticised as being too restrictive News of- a sharp increase in close, a rise of 133 cents from »X. E xw ’5 luajaw/Sa wUn^sw 
dal collapses involving thousands assumption that neither type of to participate in a contributory and detailed. the-U.S, trade deficit last month Friday’s dose. 1 un lugi i ei&’i o& Te&ui gab 

of ' small investors in New transaction was covered by scheme.'* It was felt the requirement P*fS“J“5 d ,.? r ?° lvl ? 10 ,la NEW YORK— Publication of J- ».imo!s 2 to-M-in.M 

Zealand over the- past few - years -S?, 1 Isting controls on advertising. Specific , .exemptions were that prospectuses be registered m n te l^ s toe trade .figures prompted sell- lu tfiafa leiU'et** 

hi« hd to “ d life ii^ce. non- wiU>i P P three months of the in6 „ OT New York, foreign ■ S SstSn' 

cwjuritiPc nJZJfoMtSf- of securities. participatory proprietary rights balance sheet dates would RTriserhi the dav exchange market causing the s** <»* ».9S-J*.» - iumlw 

Securities Commission. It also operated outside the to lind and chattels, shares to effectively exclude, .some com- b^n cautious ahead of the d “ llar to by -nearly 5 per awl * ,p,: ' 1 j iti7^i9 

Tnp Commission, which will scope of regulations' limiting flat or office owning companies, parties from issuing securities at figures, but a rise to $2.99 bn From cent against the Swiss frant and • - . . - 1 — ^ — 

come into existence this yfear or interest rates, thus holding a non-contributory mortgages all and would require quarterly SL6bn still came as something of between 2 and 3- per cent against fran ®- 

early next year will' have wide lucrative advantage over conser- below 550,000. unit trusts — and balances for dealers.'. a shock to the market. The U.5. °tber major currencies. The 

powers tosunervise and control vatlve dealers which enabled a the legitimate bills market. . A requirement for a daily cash cuiredcy touched a high point of Federal Reserve Board was not 

toe lLSta !rf”u£ «Pid expansion. But when the Any offer of securities to a flow record was also thought to SwFr 1.7090 against the Swiss much in evidence during trading 

!«uri U ^ E ° f d “' ing m ““«« ^tions were lifted member of the pobtic had be be impo.,lbl«. S^wFr'lS. 0 AJlEK S 5?5 le £n Ul ?„“ g ?J ™ E DOLLAR-SPOT 

DaVid “"m t so i 'n. <>f h, J ,‘ B Sr"i»?M Aerm-Hi . M _ , T « ch^ref MS? StK' S'e*° <i0,lar/, ”* rk £& cw w 

piviDg the Commission far reach- According to Mr. Dayid Thomson, Minister of Justice, made ■ pleas for their special og'itf for ' comnalS/ 08 After late morning hectic sell- u j *'»“ |, n * o-aws-fl-sm ijssnumn 

jnE powers to investigate com- there is nn rrnesfinn rtfrelvimr'nn ei»lf.rPomIiidnir Thaf POri.ti 00 in the lending market. DM. compared with ins tradinn'was much Quieter in S^!^ r _ 2aw«JCi5 2J.siB2.lua 

* „ 7 J dh.UI00-1J476 I.9445-1.&465 B.«W].30»..iiiii 2.1S -r1.IV-l.I7c.pint 1.61 

tAMUiin S 8 fJ.19M-J.237B 8JH4B-J.2SB0 0.42h.l2*.-.pni, 1.99 1 1.15-1. 05c. pm! 1.99 
J 1 *. £«MJg T20.-4.2U B.70 ' 6.58 

« I 60-80-61 JO 61.05-61.16 20-10..,.,,, I Mt -Mfevai 

! WHS 'WS-JS Wi-wui. -1.68 ai54.,l»41« 

,5 i.164-3.88 6.87-3. B8 S-2 7.74 ifi I?- pm 

Pnn hw. II I 87.20-89.10 88.50-89.00 afl-ISO rife —1B.35i200-5Q0c.f1i* 

span. Pi*- 8 1 142410- 144.09 14&J0-14S.9S 50-150 ,-aIU 8.34 '150-260 i-.rti*. 

W™ .. 1JH 1.815.1,635 1. 654-1. 635 4 6 Urc ‘-3.67 ’12-16 lire dia t 

-Nregn. k. 7. j 10.17- 1Q.32 tOJO-ID.32 1J»n-uin. :dl«: 0.87 isj-l-f ew iim I 

jhe iecirin«» 91)4 riibai; nr, rapid expansion. But when the Any offer of securities to a flow record w 
sKurite ' ° ■ g interest restrictions were lifted member of the public had to be be impossible. 

The Minister of Justice, Mr. ■ — Aeteteg-pfi 

S the Commission fffiKS Accordin ff to David Thomson, Minister of Justice, SSJ? piSf' 

ing powers to investigate com- there is no question of relying on self-regulatiou. That pi ^ i0Q L in 1116 
pany dealings and securities, , ... & The buslnes 

including the authority to works best, he said, where there is a government munities argi 

examine the books, subpoena . nrAcpnpp better, and n 

witnesses m4 tn k*U «i<hii n ” k ul-c leave the rieti 

Of 7. ! 10,17-10.32 

sell- 'T'^r. 1 * tr - Sl! ' 8.47-8.61 

s*?* 1- an-ediab Kr. 6HI 8 69-0 68 

9ign V«i 31,1 Ksjjg 

th 0 AukTrim Seh 41* 27.S5-I8.26 

per i 3.17-3J7 

I4&JD-14S.96 58-150 — 8.S4 150-260 6.68 

J-Bfi-l-BSB 4-6 lire ,|i, ;-3.67 |12-16 fire dia f-3.60 . 

“.-5®-tD 32 l.'..n-p,„.;dl» | 0.87 {3Mi ore jun [ 1.B7 

KP'S'S* 4 I 2-83 5j-4i C pin ■ S-8B 

1 2 '^-J M* l»u : 2.44 te.Mt ore pm 2-67 

-_ 5 ®-570 J.aj.2.bQ .vp ni S-19 S.15 7.0D rpm 1 B.B4 

J7 7 kt.. | 6.J2 36-29 Rnipm j 4.41 

J3.17-S.19 3;-2ir.|,iu I ID.SS !aj.?j e. pm , 10.58 


I SLx-murnfi roru-ard dollar 2.37-X27C pm. 
It-mnnih 4.45-4. 35c Dm. 


' [, 


David Thomson,, has proposed 
giving the Commission far reach- 
ing powers to investigate com- 
pany dealings and' -securities, 

including the authority to worm nest, he said, where there is a government munities argued it would be 
examine the books subpoena nrecenee better, and more equitable to 

witnesses and to hold public - leave the details to the discre- 

bearings. No arm nf the New — tion of an Independent cominis- 

jsjt {uWaJssf^-aSff aHSfsrs tsss 

Legislation to control secun- ment-ap pointed working party, company and its directors, the IS® 

ties was introduced into Parti a- in the classic position of the securities offered. detailed Sl,Tni«inn “ & h® 

ment last year- Parliaments short borrower lending long. financial accounts and audited 

LawRefonn CommKt^ has since The main operators in the bills profit and' loss reports for all S^uJSFtS? fS™«or?and 

aMm ^srs Bssswa, sr^zgsji sss **"- “ d 1,16 Pire,,t Sfess 

pn,risi0M to All other edvertfctog of 0B >n,i 

fte Sm cHS*vse of tbe ^}5Z S wer^oubUo 'S5eS?S ^i^Tlteltod' 11 b “>« the 

Securitibank -Group of forty- XnL ?SSinS “SLjSS^i sion win te wide discre- 

four companies which were £°?iiis fa ^ tion and smne of the rigidity 

heavily involved in the com- “ T b ii „ de ^S gs ' ; IiiS2S < fS2*^JlLfS2rf removed from the earlier pro- 

mercial bills market which forced La f Govenmept pro- ottersoi : admee deslmed to bring posed Bill _ , t is understood that 

the Government to take action. Ppsed a bill imposing start con- investment to a particular com* substantial changes have been 
. Securitibank, through three of H 018 on advertising securities to pany. . . . , , made to the proposed legislation 

its subsidiaries, used two varia- toe public. The controls were The Bill also insisted on an <j u r- Thomson himself has 

tions of the normal biU of ex- similar to those applying to trustees being appointed for the said that “one virtue of the Com- 

ebange procedure to attract shares and debentures smee toe issues or debentures, bonds, mission is that it will permit 

funds into the bills market from l&Sffs. and to deposits and syndi- notes and certificates of deposit greater flexibility.” 

f0r PftmSaiSlrf ns urifw Aft<?r !ate morning hectic sell- * o*«wj7ot i 

DM 2.008D before rhflo^s «Tefc- “f ”“ Ch i!J ieler ,h° “SSS“ i 

end. to tenns o, ,he yen. toe ^ Z ■B5S3.*' SKSS ! 

mark at DM 1.9850 (DM 2.0245 T?P, E * „ ! 

I i as t oisht), against the Swiss Kr mu mou 5 

I . franc SwFr 1.6325 (SwFr 1.69501.- ^ew* Fr t 

Cll/ieC I against the yen Y189J20 swwuabxr * 

»: > A- CY193 05) J d agSnst steriing l£U Sch \ 

rKAilC- f $1.94b0 ($1.9260). SwiM Fr 1.642M.7B78 \ 

[ FRANKFURT— The dollar fell * «<«a per Can*d 

#n . I sharply in hectic trading, '-follow. 

*' ‘ /F ' ing news that the U.S. trade deficit 

A 1 1 had risen to $2.99bn In July from rnoBniw 

/[ M nr $ 1. fib n in June. The U.S. currency CURRENCY R^ 

nr _' - / W v ii . ■ fell to DM 2.0095 after tbe news, — 

/u *“ L/ ' 'yr ! compared with DM2.0245 just „ siwda 

i before the announcement. Earlier * “L'EJhS 

/ , in the day the dollar was fixed g— 

go' - A- — L ^T ” s- b cto at DM 2.0224 against the D-mark, m® ri *5f iu i- P SSfr 

/ compared with DM 2.0166 previ- ran^ian 4 Anar 1 , ma 

yF- ously. and the Bundesbank did Ausirian ubiniiu; ujwrr 

f itr+t im, not intervene. BelgUn franc «usb 

i-ii‘ » 19// -j Thp D-Tnarfc'n tmrlp-wpiphtpfl Dantal* krone 7JM5A 

0 w o j f M A M j j A revaluation index rose to 146.6 qSw?? 6 

dollar - rose Y1U4.7U, oe!ore cJos- from 146.5, on Bundesbank figures French franc 'J!™! 53638* 

tag at Y189.45. compared with “Pj** Per cent from the end of Lira - x»ui 

1/109 SU1 An PnHau 1977. — 

in 1976, Securitlb&nk found a prospectus containing detailed 
itself, in the words of a 'Govern- statements about the issuing 

Legislation to control securi- ment-ap pointed working party, company and its directors, the fP^odun 
ties was introduced into Parlia- in the classic position "of toe securities offered. detailed Hr 8 

1 _ "TV. ii ^_®.iL ■ ■■ '■> ■„ ‘ ' m - * ■ I AlilTTIlCC 

The business and M toe Me "afternoon when toi I SISm £■' 








845 .35-247. M 


Swiss Fr 1.6425-1.7*76 LM2S-U440 

* U.S. «nia per Canadlun S. 

is, used“two varia- toe public. The controls were ®^ laJso t ? n and Mr. Thomson himielf has douar rose yio 47 u oeiore clos 

normal biU of ex- similar to those applying to trustees being appointed for the sa id that “one virtue of the Com- Y18945 romrared Si to 

edure to attract shares and debentures since toe issues of debentures, bonds, mission is that it wUl permit V&2S) on Friday P “ 

* bills market from lBSCs. and to deposits and syndi- notes and certificates of deposit greater flexibility.’' ; The dollar's trade-weiebted 

S'XJKflS 8-owunc sii 


SSlM^ UMiJilredI 

EEXiSm 1 - 2BJ05 »' m 

Qno niMHii p.a. Three moodiB 

aowlScTi* -ojs ojm.u ' 

p-a. Three ibphUib p.a. 

BJS 0J4-6.11 -B.57 

4.26 L 80.1.75c pm 3.2S 

138 8316.88c pm 139 

0.936.88pm pm 535 2J94LMpT pm 530 
4-186 JOlired Is -664 123-13351 iretfis -633 

032632c pm 9.62 OJMJOc tfb -031 

ljaw.OSy pin 7.M 3.05-2. Wr prn 6J5 

13 9-1 35c pm 8.44 3346 J8c pm 7.71 


1 / ^fMHlISatlHrnPHCM 

( 1877 1 19781 ■■■,,, 

inK 0.453712 

dollar 135W4 

) 1.3 per cent from the end of Lira xo6C7i 

77 Vm 243414 

„ Norweeian krone ... uno 

PARIS — The announcement of a Poseia 433m 

Special Earapttfm 
Drpwtde Unit of 
Rights Account 

0.456712 0362879 

13SW4 137176 

LU475* 1.46108 

183907 183569 

406503 40JB5S 
7J8S49 737065 

234758 23T3U 

2.T6U3 2.78821 

536383 5.62103 

1064.71 1874-37 

243314 24531 

63870 6.73925 

933711 946203 

5.65137 5 69514 

■9-VKin 234785 

Bank of Morgan 
August 28 EixilMd Guaranty 

index chaiMi’i 

SictIIiik (u) —49.7 

U.S dollar (n> - 8.9 

Canadian dollar .... <u) —153 

flirorian «dni)ine ... (n) -183 

Hrlcian franc (u) —11.7 

Danith krone lu) ■+■ 3.7 

DcutKckr Mark ...... lu) — J6-S 

Su’iifl Iranc (a) +90.9 

iJiilIrti-r (u) *176 

French franc Cu) — 4.0 

Ura (u) -473 

Ynn (a) +523 

<■) Unavailable due to Rank Holldav. 
Based on trade werchied rh altars from 
Washlnaton aarrement D-’cember. ten 
(Bank ol England Indn = l00i. 

Fujisash faces profits charge 

£ | S t £ 

j ! ' Note ItafM 

T.594-^598 ! 819. 35-B2 1.38 a man.-- : 27.3028.30 

r + i". • 

V » r- * * l 

r* •Is. we* 


private investors' who 'did not cates more recently. . - and statutory supervisors for per- j t , s clear . however, there will dep^lartan since aTvS wider S^defich to thru^ to Ba'i*.— 

normally- lend in the market. The legislation was applied ticipatory securities. he different regulations under ton Currency Agreement of July than m June resulted in a Swlai rr “ c 232627 234705 1 w BS htnmor» anreemem D.-cember. iv 

: In the first variation, bills were virtually to all sfeeurities in- Regulatory powers, including wbicb tbe Commission will work. December 1971. as calculated by sharp fall in the dollar, although « Bank 01 England index? inn. 

not endorsed by independent out- eluding "any interest or right to that of discretionary exemp- There is no question, according Morgan Guaranty of New York, volume was light. The market — — — 

side dealers, as is normal. In participate in the capital, assets, tions, were vested in the to Mr. Thomson of relying on widened to 8.9 per cent from 8.4 appeared, to be taken by surprise - 

the' second, small investments property, earnings or royalties of Registrar of Companies. self-regulation. per cent on Monday and 8.7 per by the- size of the deficit, with OTHER MARKETS 

were' accepted by the group to any person." Including;, of The BiU was widely welcomed "Self regulation” he said. ce 5i.°S-*J. ,day - J . J . J some dealers, expecting an 

finance larger lendings made by course, companies and asso- by the business community for "works best when there is a „ ed ind 5 x * improvemenfon the Sl.fibn deficit : [ 7 ; ^ ; : 

the group to outside borrowers, ciations — “any right to be _ paid its intentions. But it was widely Government presence." u? b§ 4 from k? ^ afrer° standing frr 43750 a-alnsf^the French *"*■** | | “ | : Xotc iimo. 

— — - — —1— ...■■■ - — ■ — - at B2J2 at noon and in early trad- franc, from ^its fixing 'level of Aramtnui 1.594-1,598 !8:9.3S-B2i.38:Ausina.. 27.30-28.s0 

_ — ': ' _ me- ' FFr4.4170. and an early morn mg AiiwruiaDoitar.-.. 1.6820-1.6890 o.8646-u.8682!iitfii.riuni ' 62ip-63i.' 

TTnnrr Tf Amv Tf l ' JP /* 1 1 Hie pound opened at S1.9125- rata of FFr4.4370 1 FlnUial Mtrkte.... 7.94-7,96 4.1460-4.1480 'm-mnari - > iO.6o-10.7S 

Hong Kong KllllSaSll IHC6S DTOfitS cfiar&e SiSTE «. or toe s^sxslz ms usaiKi.-a3fc=r usus 

shipowner J l r 1U lC5 l,uai o t tt°rs il ?£! 1BSS ::::::::::: ^’g 0 

l c BY CHARLES SMITH TOKYO, August 29. Ennutod raffiad fo tap"™ t g 42 - 8 V>”^ ^fioraUy^bul SSSSST^S bIjSS*" SlISsmm rv™" 1 !.::::::: la’ttoi* 

earns less , aa trading became increasingly low ® r toan the early morning Doii»r 4.46-4.48 2.32862.3330 liwumi 85-92 

- • THE JAPANESE Finance charges toe Fujisash group with demand for sashes, the two com- nervous ahead of the U S trade rate of ^847.5. .wzwuuid Dollar i.83ao-i^450 [0.9447^ J483 |si»in!. } wa-iasi* 

By Ron Richardson Ministry today filed a complaint paying out about YlSObn worth panies began to find themselves figures, sterling was' ' about TOKYO— The dollar closed at fa£fSf UHSgfES. 1^1?^?°^ 

um an vnair «» mth the Tokyo public prosecu- of illegal dividends between 1973 in trouble. Both are now under- SU1 90-1.9200 before toe figures Yl94^0 against the yen, compared | i.6SM^f682sn:B6i6oi^ 390M2.S 

HONG KONG, AURUStt29. tors office against Fujisash and 1976. The payments were going financial reconstruction at were announced, but then rose with Y 193 JO at the opening, and ■ 

INTERNATIONAL MARITIME industries and Fujisash Sales illegal because Japanese com- the hands of commercial banks, sharply to Si.9443-i.B4C5 at the Y192.45 at Monday's close. Ram men for Amntiaa is free rate. 

Garners (HoidJDgsl, a medium- Company for- reporting; - an mercial law - forbids a company The president of Fujisash. Mr. - - - ■ ' - • 



TOKYO, August 29. 

U&layBta Dollar..... 4.464.48 2.3280-2.3330 jhxiiini 85-92 

New Zealand Dollar 1.8380-1.8450 10.9447-0.9483 |Siwtn i 1431451s 

Sauili Arabia. Klyaij 6.506.40 i 5.238-3-290 Nn-itzeriaaii 1 3.15-5.25 

snyttpore Dollar... 4.36-4,38 12.2840-2.2880 In lied »‘m tea j 1-93M.95 

Rate Erven for Amitfina la free rate. 

sized Hong' alleged Y43bn (£234m) worth of to pay dividends when it is Ytiji Sano, who is mentioned in 

1 ■ pr ?? t “ fictitious profits u between 1976 incurring losses, as Fujisash is the Finance Ministry^ complaint, EXCHANGE 
of HKS19./Ja(y.^™.m the and im now known to have been doing resigned early this year and has 

If the charges arc investigated at toe time. been replaced by an official a.u«. 2 s 

W1 and proved, the Fujisash The two Fujisash companies seconded from Saitama bank, -r~rr— 

“ window dressing " operation dominated Japan’s fast growing toe group's main bank. Fujisash 

would be by far the largest In aluminium sash industry during has been granted interest rate ■ — h— 1 

P th. 2 cfimriBftA ehinnin n toe history of Japanese business, toe 1960s until they were edged and debt repayment deferment _ 

m ihl EoSv ffl? exceeding the previous record of out by YKK, toe top zip fastener by its bankers. The two com- !•«<> 

nn^rflws hntir ratriars fmnsnort- Y7J2bn worth of fictitious profits manufacturer which diversified panies are expected to be Fmx* Fronc io 
FJT tSSilrLS™ mhS?A K iA reported by Sanyo Special Steel into sash making. After the 1973 delisted from the Tokyo Stock 
!S B J?p5n^ SeraSg coitions in the mid-1960s. / recession ip toe building in d us- Exchange by the end of this Uut ^,> alld( . r 

in ihSs trade^ve toMm^stahle The Finance Ministry .--also try drastically reduced toe year. nS u™ i.oco 

Hamitian DifUnr 
CrieiBi Fran.- IDO 


Aub- 29 I Pcmnd Sterling; l'.S. 

tn Japan. Operating conditions 
in this trade have been staWe 
in comparison wSO those in the 
deeply^depressed tanker trade, 
where^fticst- shipping operators 
have ran into financial trouble. 

Dirertont gave .no reasons tor 
the earnings setback. A final 
dividend -of .'26 cents a share is 
being paid, which brings toe total 
pay on if or. toe year to 3S cents. 
This wmpares with 29 cents for 

W R Carpenter improves 
its bid for Dalton 

S%5iMfiSra Vfi « JAMES FORTH SYDNEY, August 29. 

the previous nine-month period- w. R. GABPENTER AND COM^' almost certain that it will be 
• Grindlay Brandts Agin, the PANy has uj^ ils uikeover bid rejected. At the same time the 

OCBC profits 
sharply ahead 
for six months 

By R F. Ue 

SINGAPORE, August 29. 

Japaoeae Yen 

French Franc- 

jjwidfl Faso 










.• 0.821 









— — 



1.946 | 

I Canada Dollar ; Belpan Fran 


tSfanrl lertn 

■ 7 rtay'a nuth-e. 


w ■ • WUI3V-I AfUltfU I3mb 4bh 6VgUAUtl I ■ “ ■ — ■ ■ — — u — ™ — — 

from A91.40 cash a share to- u commensurate with the size (OCBC) surged by 24 per cent 


- hollar 

I'.S. Dollar . 

Dutch Guilder 

Swlra Franc 

t>m German 

Frendi Franc 

Italiaa Ura 

Aidan S 

10-10 l t 





3Sfl-3i 2 

7-7i« 1 


t . 

10V11U : 


Bifl-Sii .. 




73g-75g I 



lli8-ll5 8 ; 


8i) -9 

458-4T 8 . 


Sr'ff-Oft 1 

12 >8- 131s 







Bt-i-9 1 





9-9 1, 

6-6 L, 


3 fig-334 

910-938 1 

133* -W* 

9 j 

1134-124 | 



6-61 4 


9K-10* 1 


9Jg-9l 4 

, JapanfAe Ten 

I iaii-ia* 

i.w:i | 

Co-managers of the issue are aSI. 60. Carpenter, which has -of its stockholdfcng. 

to SS2L7m fo r the six months Tt» foUowlns noinlna] rales were quoted for London dollar certificates of deposit: One month 8.334.45 per cent; three months 835-8.65 per ceoi; six months 8.85-8LB5 

Uoyds. Bank International and held a 36 per cent shareholding ' At toe same time Carpenter ended June. 1978. Net profit at ”^ggr '_*■??* per cea. 

LTCB. Asia. The funds will be m Dalton Tor many years, to&fr began bStog Dalton baak itself was 20 per cent raIe ^ Ear “ Jollar atpoeas: 190 years **-* k ^ cenl: ***** ***r* n»-mu pot cm; four vean h-bi pw cenn five ream 2s,*.ir u wr » m nominal eioaing 
subscribed by eight international announced an offer for the. shares on the market at its new higher. at SS14.43rn. Shm-iems rtwa are caU tor nerUtiB, U.S. d«ll xrs no Canadian dnllars* two dais' node* tor sniWm and Swiss trancs. Aslan rale*, are rtoolrw rales in SltwapoTBi 

and regionay banks. No details en tire capital back in May, but ofler price of ASlfiO. It picked Tfi? group has declared an — T — 

of terms were released. it has been strongly resisted _ by on j y 12,600 shares in the first interim gross dividend of 5 per 

— r— ; — — the : Dalton Board, which has day, equal to only 0.13 per cent , INTFPNATIAMAI MANCY MADKPT 

Ctrmannro ’ been selling some assets and has of Dalton’s capital but is hopeful OCBC's strong performance is B 6Kr,M ■ »wriHL inunci niHKAL i 

ijUlgdlfUl C proposed a capital return of 20 that toe tempo of sales will pick in line with the generally 

7p# j • i cents a share. up. Carpenter is presumably buoyant condition enjoyed by all A ~u -a ~ 1_ J 1 * 3 

finance Dlu The Carpenter directors hoping that it may be able major Singapore banks this y«ir. I ll].fpf| Oflfi KPlfTliHl F5ITPQ 1*5151* 

indicated today that they intend quickly to build its stake to just The Overseas Union Bank has ttlli* -l-Fv'liljlH-tl JL Al-lV/iS V'lWV' 

By Our Own Correspondent lQ ado p t 0 tougher approach. In over 50 per cent of Dalton, ateo reported an increased profit w 

qiMra.PORE. Aueust 29- addition to lifting the offer price which should enable it to then witoa rise of about 16 per cent The official call money rate hi Treasury paper. cent, and 88.85 per cent for 12- 

TRF VRAURIF for control of toey stated tout they would vote succeed with its offer. If this to SSI—SBm for the six months Amsterdam was cut to 1 per cent BRUSSELS — Deposit rates for the month, for a yield of 12.55 per 
IHE. lur co nnainut the canital return at orovea more difficult than ended June. 1078. Pre-tax DfOfi i from 2 ner cam vesterdav. follow- r^. — rent. 

it has been strongly resisted by -up only 12,600 shares in toe first interim gross dividend of 5 per 
the : Dalton Board, which has day, equal to only 0.13 per cent cent . 

been selling some assets and has of Dalton’s capital but is hopeful OCBC's strong performance Is 
proposed a capital return of 20 that toe tempo of sales will pick in line with the generally 
cents a share. up. Carpenter is presumably buoyant condition enjoyed by all 

The Carpenter directors hoping that it may be able major Singapore banks this year, 
indicated today that they intend quickly to build its stake to just The Overseas Union Bank has 
to adopt a tougher approach. In over 50 per cent of Dalton, also reported an increased profit 
addition to lifting the offer price which should enable it to then with a rise of about 16 per cent 


Dutch and Belgian rates ease Sharp 

The official call money rate hi Treasury paper. 

cent, and 58.85 per cent for 12- 


holding In SF up to 34.17 per 
cent through the purchase of 
further shares. 

. The- -s tatemen t from . - Hang 
lieong follows yesterday’s agree- 
ment between “ certain share* 

Dunlop Malaysia first half rise 


KUALA LUMPUR, August 29. 

Gold rose S6l to S2O-H-205* in 

bSolftoVun^ed^vereeasBaS nBSTBALPjWtt profits of has\re?ersed lts losses and is toe IsSuiscount BaStooldtog wa1*uSSa^S- 
oamc-iae uimea ntinlon Mslsvsln Tndustriesrosa nOwnrafl table. nnn\ ^ 

at toe bank increased by 17 per iog an easing in money marker 10 63.7 per cem f rom per TOKYO— Call money rates have JLiJt/ 

cent to SS10.28m. conditions as a result of Govern- cenT f or one-month- and to 71-7} been raised by i per cent to 

meat . disbursements to the pe i. re nt from 7-7} ‘ per cent for fj Per ce°t for overnight, and to s9au.oft=i 

, £ J. municipalities. Tbe rate was ihree-momh. Six-month funds 4 * per cent for unconditional, by J «®« 3 rose SB| to S2M}-2lto} m 

IlJn mint r midin g raised to 2 per cent from 1 per were auo ted at 7}-7i per cent, the Japanese short-term money hectic late trading, following news 

® cent last Friday. At the same compared with 7}-7j per cent, and houses. The bin discounting rate increase in the U.S. trade 

By L. Darnel . time the one-Month deposit rate 12-momh at 73-VJ per cent, com- va s quoted at 4» per cent. de^it in July. It opened at 

wt Avrer vo has fallen to £5} per cent from pared w j f h 71-73 per cent PARIS— Day-to-day money was 81981-199} and was fixed at SI09.4O 

-SJ* AVIV August 29. 5M4 per cent, and the three- raA^FURT-Sll monev “"changed at 7 per cent, with (£104.060) in the morning, and 

THE ISRAEL Discount Bank ,„ onl || 10 pe r cent from at cen tf “ one-month and three-month also S199.70 (fJ03573) fa the afternoon, 

(the count^s tiurd tergest) and 6}-S} per cenL Six-month money SSSKt 3 5 per thre^ “fchanged. at 7J-73 per cent and Trading was fairly quiet before 

toe Israel Discount Bankholding was unchanged- at 6J-7 per cent. a a t T 37^ J! JT and ^7} per cent respectively. Six- the publication of the U.S. trade 

Company (IDB) have jointly . Ji 1 4 « month eased .A per cent to 7J-7J figures. 

S?tgr btST. X3Z1Z5Z Dunlop Malaysia Industries. rose no w ; profitable. 5 Sdw HS&TlSrjW * T a < 7 * XlS ^ ** — e^A^m.o 7 Tn a^s.' 

tisn m>r pent of SF via a three- strongly by 38 per cent to 17^7m . Ftom next month Tunku Dato published a prospectus -for a new , ^ 1 ® r ®, was also an easier trend ‘ ^ per cent, and 12-month fell by a in P; 

Sun ringgits (S7^m), with sales Ahi*,d vSya, managtogdireo tone ^destenrtw rSa lJs75in n w ‘th toe rate on HONG KONG— The money mar- simitar amount to sj-8i per cent 

,0 Sta/&5”%erta* SS2.6C r|S W 'l7 p« cent tt SSn. SSc’SmSj.'b %“ S Sj ' ^'Si.rb’uSSidSS.Ssi^SI YO *Sr T,le 

a share whereas the UOB bid Is f®®® 01 )- • • the position of deputy of one million units, each of cent a t yesterday's auction by the and 51 per cent respectively- repurchase orders at 8H per cen 

worth something over S$3 a share The co® J™! executive of _Sime__Darhy them comprising 1£N| 'of ordtoaiy Belgian National Bank. Rates on ROME — Italy will offer one toil- to P steady the market, folio win: 

YORK — The 

fen by a In Paris the 121-kilo gold bar 
P^cent was fixed at FFr 2S.700 per kilo 
(S2020fl P er ounce) yesterday 
afternoon, compared with 

WMSSm«.s: - nS company it aw sr u gS? tt&SmissbsSmp SMWfKsrsA'S “laas "JSTK « trit- PSSTS'W K wTBThib. 

on the basis or present share a net PTOfi 1 Hol^gs. H'is appomttnent has sh ar^ of the Bank. I£M0 of de- Treasury cerriCcates were un- jion lira or .Treasury bills todayat publication of the July trade 8,450 ( ® 20117) 

price values. Tbe UOB bid i3 it is raising ito : inter hn dfrltiend fttfgw bent^, SB^per cent hnked *to changed __at-.-6.7S' per cent fnr prices equal to those fixed atjhe figures. Treasury bill rates were M “^Frankfurt the 12 i kilo bar 


‘ported 1 

conditional on ar least 50 per to 10 per cent, _ compared with DM ig a target for a bid from toe cost of -living index and also 
root acceptance in contrast to 6 per cent previously. convertible into IDB shares, and 

the rival offer which lays down The results for the second half . Meanwhile, it is reported that L£100 options, series no. six. 

no conditions in respect of mint are expected to be abdtit the Go^lyear Malaysia Berhad is 

mum acceptance levels. ^ same as the first half, with cmaently embarking on a 35m rnmm-ofi'nn 

The. shares which UOB has higher raw material prices rbfgit expansion of its tyre SUmitOmO corporation 

agreed to acquire are believed to neutralising any advantage fadufry outside Kuala Lumpur, SUMITOMO CORPORATION, a 

he held by Mr. -Tan and : other gained from increased, sala and - expects to ' increase its member. of the Sumitomo group, 
prominent directors of Singapore volume. - . anflnal production of rubber pro- reported parent company sales of 

Finance, which is one of .the The company enjoyed improved di&ts by nearly 60 per cent to Y5BS trillion (million million) 
larger local finance companies market demand, both locally and ISffi kilogrammes by 1980. for tbe year to March 31 last, not 

with a capital of 12m shares, or overseas, especially for -its heavy The company said the expan- Y5SB trillion as reported here 

SSlSm. It has gross assets ex- tyres for trucks. In addition, its sidh would increase ils factory {last week, against Y5S2 trillion 

reeding SSU5ra golf ball manufacturing division spke'e by 30 per cent j previously. 

is a target for a bid from! toe cost of 'Living index and also! one-month; K& per cent for two- August ' auction last week. Half generally higher in early trading. 

- — | will, imviiiii, v-v 6*111 mi IWW’ .tUfSIlb i tiuLuvil mot hum r uihiici iu Cdiiy nouuif., u ._ c e..»j n « f l4 ' 

convertible ini o IDB shares, and I month; and 7 per cent for three- will be six-month bUls, and the with 13-week bills quoted at J'J?® n D \ ed ar DM 13.000 per kilo 

.Sw t tu* 1-^ _ M— .3 . .. ' aj» am 7. j (5lt»lf4 DPT nilnrPI PAmndMil 

v pci will iw UII5C- will WC OIA-I1IVIM1 I wunt, MAJUD MU^ivu <41. «*TflO Ol rv&g- Al ,- A .i j 

month. -The. reduction in the bond- rest 12-month. Offering prices will 7.44 per cent, compared with ““ nce l- rompared 

fund rate was probably intended be 94.55 pei? .cenl for six-month, 7.323 per cent at Monday's w . ,tn . T3M 12.900 (SI 98.96) pre- 

IQ hrine Thf> - rare intn lino with crivinc nn annual Yield of 1L53 ner auction. VIOUSly. 

FiSSSSW! Sumitomo Corporation “ brins Ibe rate ““ ^ ” ith -»»■» — k—u- »- — <» 

ry outside Kuala Lumpur. SUMITOMO CORPORATION, a .... agnurv maduet 
expects to increase its member of toe Sumitomo group, UIV mUritY nflAKIVE. 1 
al production of rubber pro- reported parent company sales of 

f by nearly 60 per cent to Y5B8 trillion (million million) m 

kilogrammes by I960. f or to e year to March 31 last, not I Ql*fTA Q ric<| CJ | O H pA 

CBA offshoot lifts earnings by a fifth 

Rank of Ragland Minimnm 
Lending Bate 10 per cent 
(since June 8, 1978) 

roughly equal to revenue pay- In the interbank market over- r iontest toa l Iv 

merits to the Exchequer, but the night loans opened at 8&-91 per Kru-jenami ! SJiOi-ziJi .ssmj.2iai 

. Aug. £8 1 Aur. 2S 

Gold bullion la linf 

uuiteei ■ 

flow sso^.jk: •sws-tjb? 

'?198A-199J ‘S198J-I9S4 

Horning Ii\ln B '5193.4D M9a,85 

iLlOfl.oeiJi ;i £103.220) 

iV'.iuK-.., S 139.70 ;$>1BB.fi5 

, , „ . i£105.9731 ■i£ia2.B57) 

tii "III InllH 

■ lontMUinll.r 


SYDNEY. August 29. 

(since June 8, 1978) market was helped by small cent and ea SEC i t0 g». 9 per een T 

Day-to-day ; credit was in short RH-g before returning to Il-S^per cen, W ‘SSff S3 

supply^ m the London money JJ JgL bv a net taSn of for most of lhe mornm e. Rales '>"* 

market yesterday and the author!- Treasi!^ btitatofinaSlMd a rose t0 at ta,e lanch r.«,.i cw * * 

ties rave a tai«c amount of assist- ™ SSIdl rise' fa toe^Se^ircu- t,mea and , around 9 

a nee by buying a large number of j53L sn,au r 1116 “ rcu per cent for most of the after- Kru-wrami _....:sjiii-jij 

TrMninl Kill, r . J..... IdliUIl. nnnn Klii (.11 C ... . .'lrn.lflQ 

GENERAL Credits Holdinss. to® profit 30 per cent from AS2J3m tribrted to the year's results, last year, which was estimated houses paid 84 per P* 

finance company arm of the to A32B5m last year after an Corporate lending facilities to have reduced pre-tax profit *!*<{ br a small cent f or secured call loans, in the 0601 m Pf 8065 towards the close. 

1 1 nance company arm or me to A$zsom last year alter an umporate leauuig raciuxies to nave reauceu pretax pruaii--— cent tor secured can loans, in the 
Commerciul Bank of Australia, . improvement from all main reached record levels despite: by more than SAlm. a serious I ^“ wun * m ,pcai autnority oms. early part# with closing balances 

remained around 9 jnwnMri.<Dk'iiy 

r most of the after- KrusMtami ; sjid-zii 

ell to around 5 per M iE,im-iob. 

•c fauiariit rhp p.ln-u». - N ** SnYwiea* — 457 j-U; 

; S68J-60i 





boosted earnings by 22 per cent areas of activity. Pre-tax earn- increased competition from over- fire which disrupted production 
from ASi2.0m to A514.68m in the rags rose from A$3.Sm to ASS^hn. seas owned bank affiliates. for some months at one of the 
year to June 30. Gross revenue Tax jumped from A 81.3m to Dividend -for the year is company's major Victorian tex- 
for the year rose 21.5 per cent AS2J8m while extraordinary «*«,» * 75 a tn ***** depressed trading 

to A8124m. items reduced profits by < fur- * “f 1 * “ conditions in textiles and e?j> 

The directors said that in thex A53S2.734. • c * nts ' incmdJng a final pay- mpn n; throughout the world, 

accordance with past practice &U »v, „ w - Pnnrf H T , STV items com- 4 CflQtiL Share8 issued in Market and other development 

Government disbursements were taken at 9-9} per cent. 

Rates in the table below are OW!fu, ' ene, »i n » : smj-bi? 

XSS6^Dji JjaBi-Mi 

nominal in some eases. 

. nE«w-iu» ,i£an:-sin 

$20 l-AKltn S 50 4- 307 1=393 501 

SlOSaxIn :s 1613- 166 SI61-16A 

SI10-11S 'Sill-114 

accordance with past practice all ^ BytrBDr dinarv items com- 1 “ 
debts considered bad were ““22SSSS? ***• « 


sffi. 0 ?. HJ 5 * SL— ^ 5 jasMM 5 .a«S 

pmuce au ml extraordinarv Items com- T ^ - W3UW * Mamet and otner oeveiopmeui 

bad were tf^Splet? wriS5>T *** ««nt one for four cash costs Incurred by the overseas 

aod goodwill resulting from a change issug wil receive the final divi- subsidiaries amounting to 

t52.B5m. or. JSSnL SS. -STS aend.; - AS700.000 were wriuen off. 

AuC- ?8 

| UtaUtiiK 
! CertUIcare 

isrre ■ 

1 o*depoalt 

< liU'B BOIW..I 
7 ilif, or 1 

The . directors said that discus- 

nnc warn nnrfnti nnmnlpfion I «>, .i_" < 

1 ill'' 11 ' 


int«tti>alr.< AullMirilj- 

' rtfpOHlU 

9-9 1* ; 

. 1 U I . < 

iLot-aJ Aufb. 
1 negotiable ■ 
j-- rymrti- 




. . . OiiL-ouat 

Company market Tnunty 
■ wepoeta depodt Blllae 

'91 8 B14 , 854-914 

Bit - ~ 

- 85,^T B — 

91* 87a 85*^fJ 

i hltcsbJe 



[ Bills 4> 



%\ 1 1 1 







Prime Haie 

K«l Fluids ...... 

Treasury Bills (13- week) ...... 

Treason- Bills (S-week) «... 

. — 9 

. — 8JT5 


.... 7Jfl 

provisions stood at . AS9m of ridiary- only a 5 per cent increase inactivities. This was mooted sis gTT 9 .| [ 854-972 Big ! 91* O7 0 I ioj/ I J — I J months — « 4J5 

it- hi oh AS7rn was a ' urovlidAn The profit benefited from the profit, from A63J8m to AS4m in months ago when Tootai acquired twii\-«r*.......] i n**.:- - - • - - _ France 

against doubtful debts compared downward movement to interest the year to June 30. Pre-tax earn- 40 wnl m L«aJ imiioriy , M ^ en aw no nw. «iww «*«,«. Jaw fiS.' •Loogw -tera local aB ra^ awiaa Rl,f S- 5 

wuh AS6.82m In the previous rates throughout tbe year, which togs rose 25 per cen! but the tax It was expected toe proposal per «?m: four swart m per arm; five nmrs m-m Kr cent. eBuk om raies in rank Z n3 . 

. AM— A— A mmilTAW in i rfea In mini a! nnwMm 4 <i«imiI a Cl -*Q— IJ i j are me h)r rtflm Ofer Ruvum raiet far rour-mcmib haolr hills Mm a*r mb,: a*TZ?t,. 'i.-i”'". 1 0,13 One triomh — 7302 S 

wuh AS5.S2m in the prevlo'na rates throughout the year, which togs rose 25 per cent but the tax It was expected toe proposal £»'**«* per ™nr: roar swar*' m per e*m; fire jraere linai per cml ® b m an i i irai p s inti 

year, and AS2m against a resulted to a rise in value of provfciou jumped from AS1.19m would be completed soon and toe ” J SSSJ5 B. Rny ia c,. r; »f «w fayff ^ 55K.*5L p t r lnAe «i Kr «ni. 

dSnu™ in lb. ^loe of iaarities^eid l»y. tte money tojlg iffl a. . .. ' . iinmn s^/tbey eipeetcd the Sr iSKnSil SuL iS ™cS!H5S!^. 'S'r Sr ‘Z IKS 

investments. maricet subsidiary. Money market The directors cited three main results of Bradmill would be perewo. on^nvarn trade bai3 n par cem: iwo-momb » per cent; and aim rnm-nuntb s| Sr S' *“ 

Capri Court Corporation, a services, corporate finance and factors also affecting earnings— . considerably improved by a wrnST^w 8 ^ n F r ,^*?f e ,^°° 8es S er . C8 ^ "*2 Aumt >• ^ ctoarins a 

learns merchant A boosted, investment services each . con- the power strike in Victoria late merger of activities. 9S2JmS* itKTnwTtt s3m ceflU Ctarl " ** ** "*■" ftf ^ « 


Piscouni Rale .... ) 


n«e nxmib 43 

TSim rnoniha .......... 3,7 

Six moDihB 435 


niMvruor Rate 03 

1 aer ettrn. Three months usns 

id three-mo ort) gfcr months 7X125 

id ihreo-nHmili ...... 


Clearing Bank Distuuni Rale 33 

U per cent. Call il'ncondittnnali a.fc2S 

Bills Piacount Rate sum 


“Financial Times Wednesday August 30 1078 


Wider trade deficit pushes Wall St. down 4 


S2.6A to £1—901% 09%) 

Effective SI JM 35— 121% («i%) 

A WIDER tihan expected July 
trade dettcir puttied -Wall Street 
stock prices broadly tower in 
moderately active trading yc.-itcr- lo ease in cumins months, 
the third session in a 

■tion. however, said that the 0.7 daLa on proved reserves. second-quarter net, while Bank or In Melbourne, the All Ordinaries details from Bastogi of its 

per cent rise in non-fuod prices Ural cLIuvbed $41 to S38 on a Nova Scotia, at C$21 J. Trans index closed at 1S5.24. Renison proposals for incorporating Beni 

in July indicated that the under- favourable Press report, while Canada Glass at C$51- and Pern- gained 15 to AS10.70, but Western Stabilj. 

lying rale of inflation was still too Hanes gained S3i <o $46 but bina Pipe at CJ7J all added CSi Mining and Boogaiimlle j Copper Montedison ended L3J higher at 

.high couldn't explain the rise, on higher earnings. each lost 2 to A$1.61 and AS Lai L17D and Snla VIseosa L19 ahead 

United Western Oil and Gas respectively. at L890. but ANIC eased 12? to 

rose 14 cents to 92. The company CSR put on a cent to* AS329 L105}. 


n>l> k. Uulu it *1 tr.iijfiaJ'li i wr. 

On a more positive note, it said Allegheny Airlines jumped $11 to 
at it expected <he trade deficit Sl"5 and Eastern $11 -to $l4i. both 

day for 

A sJovrinu of n»i> inner price 
Increases in July, due yJmtKt 
entirely in J drop in volatile 
food prices, appeared to give 
little comfort to in vc.-lors. 

Tlic Dow 
Average closed 

In aotive trading. . . 

The market was also disturbed . p .™« 08 the .AMERICAN SJE. ac, ^J- 
by the heavy speculation in hotel declined in active trading, the CoekfieW 

could not explain the 

stock’s and MIM 2 cents to AS2.42. 



again Ipd the actives list, rising 
Si to K12c. 

CaewirS World jumped $41 to 
S-US. it obtained final Atlantic 

Share prices dosed higher, led 

Flat, Pirelli and Co. and OUvetti 
Privileged also gained, but 
Pirelli Spa. and Olivetti Ordinary 


Prices moved lower in listless 

Brown dropped 75 

casino Wsues° ' Ra mad a tons hTdex^ "falling “0.95' to" 165.60 and cents to $3.85 ort the news that 

ihe average price per share by management plans to buy the jj y pharmaceuticals and Public 
S cents. Volume dropped 720,000 company had been delayed. \v or jt S issues, 
shares to $.0Km. Warrington Products eased 2 <n, e market average rose 21.65 

Pebble Beach climbed S3? to ce J). ts t0 a to’ 5.527.77 and the new stock trading, with the Commerzbank 

* . • I rii* n i Vn n *i n .T Vi.T^rd" ' a m .rnV-!V 1 r« + *+U — Twentieth Century-Fox has /:? ra ^? a A *ost C<li to CS30; ^change index 1.15 to 42L94. index closing 4J5 down at S2Q.0. 

J ndl 2Sr!?i he How.frd 1 offered S42.50 i»r share. Tejon white Texaco Canada at CMS. Volume totalled 260ra shares— up The broad decline appeared to 

ttna u roi 4°- h = Ranch jumped (S3 to S251, but Dominion Bridge at CS26J and from 150m on Monday— with gain- be due to the general slow trading 

rec-day loss of n.i.i. Regency Iluicl into a. oSj-room could n J Qt £ Dlain lhe rise . Genstar at C$31 each retreated issues, outpacing losing ones conditions. 

c * 1, 3.3 to 2.3. Only Chemicals went against the 

Buying interest revived on trend, with BASF gaining 70 
optimism that Japan’s Cabinet pfennigs to DM136, and Hocchst 
- TTiaTTmnd. POn | Drarf as economic council would decide on 80 pfennigs to DM 133.80. Bayer 

t h D d5 i?Sf“f .L Kinj '"creased Govennent public held steady at DM 139 JO. 

the most active stocks, fading works spending and related BMW led Autos down, losing 
ln ^ dne L. t .L_ AH measures on Saturday. DM3.50 to DM222. In. Banks. 

making a three 

The NYSE All Common Slock hotel casino Howard Johnson 
index finished 32 cents lower at was unchanged at S14j in active 
S5S.3S. trading. 

Volume totalled SS.TSni shares MGftl advanced SI j to $49?. but 
—lip 2.02m from Monday's level — some other gaming issues 
with declining issues outnumber- weakened. Playboy slipped $; to 
inc gamine ones by 974 to .Vi l, S27i and Del E. Webb S* to $ 
with 337 .stocks unchanged. in active Hading. 

The Commerce Department 


could not explain the rise. 

Champion Home Builders 
topped the actives list, easing Si 

to $3? Also active. Ozark Airline*, 
gained 311 to S8! and Golden 
Nugget $11 to '8351. but Resorts 
International “A" fell 82J to 


Scion Li Dc Atlanta dropped $2J The bourse 

S30 — it is to offer 350,000 l- 

...... IBM drupped $2? to $2021 and t„ » lilf „ IS 

report that the July trade deficit vt.S. Steel, which yesterday raised common shares, 
widened Hi d seasonally adjusted , in nii |, price/.. n lo S2 7. Johns 
S2.!Wbn from S U. hn m June also iviunvllle ca«ed SJ to 332? and Canada 
weakened the dollar. I.wkiiced si ro SS2 1 . 

Earlier this month the Federal Ford Motor lo«j"S1? to $4-1 — Shares moved lower in active 

Reserve lie 'Hened credit to sup- rhe Trani^pnrt Department warned irading on Canadian Stork 
' J that some Ford cars and trucks markets yesterday. The Toronto 




j 0 _ , rt __ aj- m unions, aiuaii-wcu oireia, u..™ +«r» 

tnaex rose Electric Cables, Housing and Real Engineerings and Steels 

shares finished generally lower, respectively, 
after the statement by Toyota In Electricals. AEG gained 
Motor — down Y15 to Y85t 

port the dollar and just yesterday 
apparently turned the monetary 
policy screw another notch, 
althoucli that mote was viewed 
more as a response in domestic 
economic ronsideralions. 

The Labour Department said 
thai the rise in runsumer prices 
slowed in July to 0.5 per cent 
aflc-r climbing On per cent in 
each i>[ ihe previous three 
months. The Carter Admuuslra- 

AS3.43 on speculation about the 
Ashton diamond venture ahead 

of results. , it saw difficulties in maintaining trend, while in Industrials 1 

m'SSS™. “‘IhSelTfS; "ft after-tax profit, in the current eased DU 1.80 to DM 130.70. 

built between 1970 and 1078 could 
•'lip imn ruvriM* gear from park 
when the engine was idling. It 
claimed ilui 23 fa tali tics had 

Cold -lures improved in 
ponse to the higher price 
gold, but a number of Petroleum 
issue-t weakened. The SccuriUes 
and Exchange Commission is to 
require disclosure of valuation 

Stock Exchange 300 Index closed cents to AS6.16 after results and ye g £' „ MotOP ]ost Y r to Y735 PailS 

s.9 lower at L.20S.9 and the Mon- EZ Industries 5 to AS3.05. Y6 t0 Y4 o , n d So««y Wtf The Bourse was generally 

“ to Y1JJ20. lower, with today’s rise of 1.2 per 


Ann 23 

Aug. IS 

Amr. 9 

Year ago 

Ind div. yield % 





Ind. P/K Katw 





loog tiov. bond vwW 





ireal CompusMe Index 1.66 down 

at 204.44. 

Must nf the sector indices lost 
res- ground, with Metals and Minerals 
for off 11.9 at 1.017.8. Oils and Gas 
down 94 at 1.523.8 and Banks 
3.38 lower at 283.40. Golds, how- 
ever. forged ahead 47.6 to 1.538.4. 
Bruscan fell $1 to C$16 on lower 

20 to 
Mines 5 

Pan continental rose 
AS16.10 and Queensland 
to A $3.90. 

BHP refse 6 cents to A$8.16i 

In contrast. Casio advanced cent in the French retail price 
Y28 to Y790, Daf Nippon Print index discouraging business. 

Y17 to Y55S. Ito-Yokado Y10 to Banks. Construction, Stores, 

Bushel Is, subject of a Bond 
Liebig takeover bid, rose 15 cents 
to a $4.70. • 

Hong Kong 

irregular and Textiles steady. 

Radio Technique lost FFr ' 
to FFr 438 and Peugeot-Cftn 


A Hi. 



A Moii i Loin. 

AM hi t^ia ,v W 
An I'p.hi •,»... 
At nti \iiiiiiiiiii:ih 

Alii*a. ij. 
ANe-lnm I*.'v\hi 
AIM i. lii-fiii.-n l. 

Alli.-i -i..ri'- 

Allis l.'linline’ - ... 


AliH>n,.|ji Hw. , 

A HUT. All lllli— , I 

Aluii. Iln lli l-„. I 
Aiili-r. hnaiiliii*! . 

AniiT. I. ‘ii ii | 

Ani. r. i 'i mm ml' I 
A'lifi. Ui-i. "1 t-t-.j 
Alii.'r. Klio'l .!*■•»«' 
Aim 1 !. I.o |*ri— a -„ 

Aiiiir.H'*iiii , l'ii.i 
A hut. Ali-lli-nl , , 
AllllT. Ill >!•■> • 
Am"*. Xil. i.«» . 

2 a 



19 >: 
if 4 


Ib-u | 
50 m I 
59 J: 
-121, . 
31 » - 
S4>» . 
J5'h . 
36:, J 
al.’ t I 
26 ii 
bi 4 ! 
45i; ! 


£9. 4 
191 . , 
lei ■ 
38 n 

■£i 'j 
43 , M 
■16 'ij 





34- : 


3 1 Si 


W ‘j} 



A inn . .... 





Aliici. I(*k.\ IVl .• 





A lu.-lek 


a6; R 





Kniri-.'li Klnl in- 





37 14 






An-u-ir II.. liiii.', 1 




2 in 

A ill ii'ii- i-r I!h~Ii..I 





Arm i'.->i ii-i 





29 in 





2 i; 


AnHIIii-im ill! 







Kaiii-lnl.l Lamviii' 



A'IiIHII" ll|l . ... 


i0: A 

IH^iI . Mi 


All. . 



t 'lrrl"lii- 1 11 


12 jj 

A'U.i l , *l« Pi".... 

32 J* 

j 2 , u 

F'l. .\|>I. Ikr-ltlll. 


A\ i: 





23 ’4 
= 4*h 


54 ‘11 

Aiiiii I'nilii.-t .... 



1I"H|||I I'unei .... 


'I . ('i- Kin'I... 
Pfillk \iiii-rnn. .. 



27 J, 



39 'fi 

Kt'lkfir- 1 r. N.\ . 

37 1; 







27 i, 

Ki'H li.'li.r 


45 If 

Hfil3.ti'i Imii'ii.'i. 


r.'ii-iii" , Mt-L. .. 

22 in , 


KiMlri.-.' I...I., . 




37 >0 


K.o-i. iid’ii iw.-iii'H 

Jl"M A ili'ii i'll.... 

l"fll :i:, 

I- nan- 1 i .hi- -If 

Bdlil'inii: -lio-l. 
It. H-U \ I’ 



K-t Ii..|i 

1-r 2 mu 

bran i (I Ini 


briilii. Mui .... 

b I’M. Alim It ... 
Hr.ruim lil»s,„ 


pii. xni- Krif 

Kniiiia Wnl'-li 

bur. ini'll A i tin . 
Hum. nail 

I.BTa'IUlH I’fli-llli . 

I nnm li.llf. Ii .1 1 ■! i .. . . 

lliri H I x In lirui" 

lllli'l 1I.4W..H . . 

I ill'll.. i Mr l in* I- 

l H> 

i • •,■!! . 

I fi. .1 o.W . ., 

I I'l IB lllll-lil... 

I i". no V-i. in. i . 
i .i.i-i ^Ioii:ibi i.'u 

i .ii., i I'-. \\ 

I’ " . 

J'.i i .. 
II- V Ik 11.0 II 

■ . i • 3 III-... 

■.ti’-t -..i-: A ' 
i ".*; !■ n i.-n 

.■..I. r ii'ii I..- 

■"'in i n-" 

1,1 III l;, ; 

L-4 1 , 
■tu 1 4 
32 . » 

32 lo 
3b I,. 
17 1 
32 | 
42) . 



1 1 

30 '4 

11 i 

59 , 
59 j 

-•I i 
-4 -i 

-O ; 
; 5 ■- 
■Jt* . 
> > 

36 a 

- * -f 

19 4 
- 1 

— /-V 








20 4 

32. B 
2V , 
32 ; 
14. „ 

17l 4 





44 i H 

*6 n 








42. k 

lb 1 . 

, 2' 1 


: ,3 .4 
-u .. 
3u . - 

-* i 







2 1 1.. 
12 , 

. 7 •„ 

19 m 
19 , 

14.. . 

'. "ruin; (iIbo.... 

I't'i 1 111 1 1 n'l I miib 

C 'rurti- 

i mVii \oi. . .. 

< iimii/r I (Troii'li 

V. ii" iin- 

■ .hum Wri;ln.. 

1 4 iin 

ii-n I nil 11— 1 tii-*,, 


Pei M'.iii.. ... . 


Ik-n-(.li I in 
IVli'ili K-Ii-mi . 
PlqiiH'llii — limiirL 


Piaila hi|'ii|i.. . 
Plmmi ill oil i... 

Pnver «.Vii | .ii 

I’ll- 1. Iifi-miion ■ ... . 

PlHIli. ' 


I >11(0,111 

Usii" I't.-lifr .... 
Ki-I \1rl11n*-.. .. 
l"lo»l iinin Kl-Imo.. 

60 -| 

29 4 
J6i : . 

4 6... 
37 1« 


r 4I-. 

61 >3 
34 m 
29 4 
40. b 


47i a 

33 j, 
















t4-. 4 







tmiiKnii Mini... 

I- n . i-i-I M -in- rn 


Kib,n« l(i«l- 

’ \.K, 


!■< 11 . \i»i-i. till.. 






1 1 











• 'i'll. I»i lie mil-... 


\«-|4illll' llli|*. 1 



• nil. Kmll 



Nru hi is aii.i K>. 



33 '4 

\v« hiigumirie- 

34 M 

34 ’0 

In lu-im liiii- 

Auf^ain .Mi ilia" k 



'"■Him. \ImIhi-. .. 

c 2 .fi 

\ii;'«ni 'Mm it-. .. 



Util. Puli. 1 ill.... 

lb la 

\. L III lil'lru-.. 








30 >0 


A"r(li .\nl.Ua-... 





Mlui.bialft' Pm; 




Mlim-l A in me ] 

3 21; 



Nllinert Iln ni’ >it- 






Nurlvll ’iuk'II....I 
UiVlilrill Hi I'd l"li 





31 « 

I'mm Msiher.... 

26 '4 


(•■■■Jiit'ii ll, 1- , 


• dm. Kilicrfi 



(-.•.U.-itr 1 lie 

17 1-4 

33 if 




1 6*s 


I.'IWY». It ! 

-7 is 


1 >K-I«ni'- Hil|u 



• •it. M1.111 I'M'I.'A, 

» U 


liiu'ii» • "rllliig... 



■ ■ H . ^1-1 III 1 lull..' 



"ii rn- 1 11 iii'ii, 

tl .'-l. in.. 


1 5-"» 

I'i.-ui.- I.iuliiiiiu. 


ll'L.I "I 

Si-. 'll 

('an l'',r. ., |j 



■ la ill "ii 

7 I 


1 '» 11 Am IImiiIAii 

Bl 4 


MhiiIih \| | ■! ■ !!-■ a . . . 

:e J l 

I'filk'l IIbiiiiiiiii. 


1 Im ll r (■ . , 


20 ’fi 

1 rfllMw|\ 

- b »a • 





Ii'ii. I'm. v 1 



ill-in/ 11, .1 

2 -a 

iVnut 1 . ' 


II.-'II'H ill 


. 6*4 

I'li I'll-. Ill ii-j 





II,".." I'a. Iniil.. 



iVi'PlIl'T' linn 




HuiMf'F inkc 


0-4 % 


|, " , * h ' v 

3 1 ‘d 


1 ll.'in-i 1 

I Ili-tVI 

I nr|% Anno 

f If,Bi.|i.u Anl.liH*. 

■ Mmli ii’ii. \ ii 

1 Hiim.m 11..1 .... . 
I.i . In.iii' it 

■ l.\ \ 

1 ln;ri -••• IJi 

I l*|imi.( *1 

1c . 

II'II .. . 
Inn. Kl*i 

67 4 I 

4 14 


1 — lj ; 

214 , 

31 1 

SB u 

14 >fi ; 




4 1 



21 ’ii 






1 a *.5^ 
1 5-i 

■I. 1I1 11— llfiimllr.. 
4 h1iii*«iii -ImIiii*,-, I "lit Ini. 
J>.\ Mniinin -1 111 '»■ 

h. Uni l ■■■ f. 

kjn**.| Vliiniiiii'in 
haiM-r Iii.Iiimi iir> 

Khim-i >ll*-l 



KtTI 1| J l*T \Vjitii>r.. . 
K : hiIk-i ii i/I. 
h "i|.|*i" 


kmai-r i'ii 

Luituiij I i-hii*.. 

U-vi SI mm- 

Lllitri Oh. Fi mil .. 

LfijUiel tiri-11 j 

i. illi 1 Kill I 

Ijllmi I ii. lii-r .. ..I | 
L'llP -I hi I n,l 11. ,| 
Lni^ I -Mini IJ.I.I 
I ** 11 j 1 — in 1 m Liiiil... 


I.IW-M Slim- I 

L'ka I'niiu'i'uii.; 

Mhi llnimi i 

Ul. \ IJ. it 

Mil*. Ilmi.iVHi 


'Inmlln.ii i*il 

IlMrui" tfnlimiil. 1 
Mm- Inti I Klelil...,| 

Mb' lH-|4,"i.iii- 


tl Il"l 

A1 I >1.1111"! 1 I r. .ii- 
U«r Hill 



Mm it- twitdi... 

Mi-mi IVlii.'eiiiu. 


Mlllll .Mm; V Ml; 

vinlni « i.rji 


Mi.|”nn J. I* T.illl 

W1117.IH OH 

A Hi. 

A « In- riin-nJ- 
AhI h . ini Ian | 

\mI. Pi*Iii ho .... 
.Sul. '.-miv I 



I' I! 








1. in 
49* j 
3a 4 

-- 5i* 
* 3 in 
32 u 
19 4 
23 I* 
10 . 1 * 
4 2-4 


1 '1 
22 is 



‘ 4’fi 





a iv* 








47 L 

4 2 ’4 

85 *b 
28 la 
27 m 


1> 1- 



















42 ; B 



1 >ii 




















33 1 h 








Kevlun _ 

IfPlTll.lliH M*nHl*.'| 

lii*V iiirli I- Ii. J. .... 

liii'li'*.-! Me. 17-11. 
IftH-kuell Jlllri ... 
l(.Jiin A Hub* ; 

l;.t\B< Put.'li ... 


Iln-- l«*l- 

liV'lf dlMi-in.... 
*sieH-> sinus...' 
Sl. J.irMineisitr.' 
si. Ifi-“i» IVuiei... 
Mm* JrV I ■■•I*.. .. 
-mil I1116I 

SnXirtl I lli I* 

Sl-lll 11/ WlHH HIt..; 



SioHl Cktier 

Soil'd .Uij; I 

Vu.ule. Um..La| I 

*™ LoHilainei .... 


o«n« «r..H.i 

— e*r- KndiUi.-k..,.' 


-Iwn On 

slii.ii I nui-jHiri..., 



*1 III |. Ill'll \ 191... 

sniiili kune 

■Hill Mill 


SiHilliemt Hi. Li. 

villi lli-rli 

-Uni. Am. |{,- .. 
N-n lift Ii l^n'ili* .' 
SoiiiJiernUniiHHi , 

Tlltll i«l*l , 

.'»'l PniL'linte- . 

S|iern H uti-U 

s|«.rrv Hand ! 

bqiill.. , 

sumlanl Unuui-i 
-t. :(-4i ll li >r 11 :a j 

nil. On liuiiana. 
’PI. Uil OIiia ' 

-I A Ull t'llPIlll.OI I-. 

-termia Pima ...., 


•nn r n. 

sui\ .iniikl ■ 

'mil*' ' 



■ eieonc 

1 cia 


le-nv I'eiiii.ioiin 


lernw Kmileiii. .... 

i«sa» losi’m 

Ltu> Ull A Ohs.. 
leaia till iuen....- 

1 inter Pi* ; 

nines Mim<r ■ 

I mikea 



InnlHAi.^ [ 

I mu- L iii"ii 1 

iRUivm' 1 11I r'n . 
linn* W..r.i’ All .. 

in I "in 1 Hi-Mini ..' 
i nlmi oil A Oh-. 





344 ; 


« 24 
144 . 

4M< ' 
324 ■ 

3 S4 I 
7 1 


a7 1* ; 

214 ■ 

1 6 '4 
• 9* ' 



l3.» . 















A2i| • 
t plj 
194 , 

3is 4 : 
497* • 

r 2 1« 

7 >4 

2 13* ' 
384 ! 
*.74 ! 

fil3* 1 



51 l 


JBfie 1 

2x4 ; 




I94 ' 


| 554 
1 o3 4 

1 594 























3 50 

42 4 



20 o 8 



£6 <4 
1047 B 








497 B 










19i a 






Wool north 




A-rmh llxriin 






L.i.Ti«i74i,)9K>l }95 
l-Sl tem.4;*7o«, rHU* 
I. .1. 'Ti-iHr hmk.n.39- 

\L.|llln 1‘sfito - '15*e 

\t*m o Li •_■>*-. 1 . 6 

Ali'ui Aiiiiiilniuuil =64 

A-amiui Sure ‘ i2h 


89 ?8 

AkI«mI<« 1 

Bank uT llonire*. 
Hunk An vo r* oiLm| 
Bs»i ■ Keren ices. ^ 
Beu Teiephrme...} 
Buw Valiev Iwl.J 

Bl'ltefMria 1 16*8 

L'raacHQ , 1 - .6 

UrlniM-. 18.00 

La I -ary Power...! 39 S* | 
Lfiiinnnw-Minea...! ib'8 I 
>.nui1fi OmrniJ 103g 
Lana- la \>V Lm- 114 ! 
l'an.lni|L.Bkl.'fiiin' cB4 j 
'.anaiiH Indm-t ...J .-2*8 I 

can. Ma^iK.; • 224 ■ 

Can. I Kellis' Inv.l >-24 ! 
Van. sui«;i On ... 584 ’ 
LbiIidu O'Keete.-. **.6a j 
i^HHXinr Aar*slfw_j lo | 




585 K 





















i *4 




22 *« 





I H.eUnill_. I .55* I 

Oml'nm • 295* | 

Ohm. Barhum...; 14 • 
Uwuuirr (xa-.-.J 18*4 • 
Uo-eka Keauuice*' 53a 1 

LirUm t-3 i 

Us . ki Ueiei..—_J 11 
Uwiimmi Mine*— I <94 i 

Ihun Minw- I SB i 

Lkune Peiraleuiu! 72_4 1 
LkMimuin Umtce *6*4 * 

Pnnirar iOag 

Pii|*.nt 14*4 | 

taHjoni'ce Airkv "ST** 
K.tiI .MmIi it Chii_; 804 ' 

ilen-iiu =1 

liumllei'nknile. '44 I 
Ini.* On Imiii.lM.. 28 | 

llankei >vi.Can.. 85a 1 

Hun inner. ; 414 ! 

rtmneOi 'A* 38*4 : 

Hu Im.ii Hai Mn^i 19 

HihI-oji Boy j is3*a 

HiiiInhiOiia i>H-. 434. | 
I.A.O. I >w 

I I nano. I 37 

liii|«rial OH 214 

inuo i 18*e I 

1 H M • 



iJtlili-iilurt hi* 

7 hi 


1 .A.L 



I Aid U 


. S'; 






t (..:•• 1 11-.... 



, lllll 

Ildi * I'Mt • . 


I'll. ill 

V • •* 1 

8.J' . 


| I'lll 

Mm .XI Imic 


4 1 Is 


l "'i. i-. *i *.ii \ .l . 



1 lull. I||I1||««!% . 



I'll*. -I'l 

1. -n - •, Y .hhl • 

-4 •, 



1(6 1 a 

1 ul'lreil 

1 i^i-l \*',. 


3t : 

' lull. 

■'■Vfi . ... 


4 5>'. 


1 .<VIM.ii 1 - p.iiu - 


1 111. 


37 Is 


«. l! Ill* -111 I-. la • \ 


r fill. 

iiii. i . . 

14 lj 

I.n l-l-l A 



V. l. A ll-l. .. 


Hullln it r... 

iint..#i. P-i- ; 

53 5- 




l-'.« Ik-i-l. 
Ill- IniHniHl 
Jim Waller. 


c B i j 


IVl ' 

I 'li ’ii 

I'lii...|r. lkii-e 

I'll nailp-i^i id K'e. 

I‘lll/i|i M-irn- 

I'lnhije. I'i<ni in. 


I"n m-\ iliini- „„ 


!>“<>■ III. I A I *11, 

I5.iaii.hl... Kio- 

I .a uilf'1'..j 
hln.l 1 

ll. |H|tlll>- -Il-.| 

I » lull . . 
















43 4 












14. B 
^ 3 1; 

1 = >4 





I. II 1.1-1 <N- A\ 

L.iin.i: L«inu..r|.... 

I iiioii mu lili..... 

I m.iii '."iilniHriT 

L Uu i alii... 

L. in. .n LSi.'ilw - 

I mn.’ni 

Lnllnl Hi an. (».... 

i. - Xia rulin'- 


l-a ah™ 


i •« I *i-hiiiiiic;ii“.. 
I V Iniiii-tne-....- 
V Ir-Iiiih Bled 

M Piiuri’ ii 


» anirr • LhiiiIh-h . 

Wiu4 r -Mmi'inviir 


'Ve-iiTii UHii.H.n: 
W e-k-ni A. A nun 
w i-ifiin i in.. 
Wr-llll;'il**«. Ll.’. 


I'cin loim-iT — .. 
" Ini , ....... 

'* Inlet -«i 
W tllLnii, « < 

W hi- in Kln-l 

. In.i 



- O '.0 

49 4 


33 1, 
2 I 4 

29 4 
'4 1»* 

2b 4 







487 b 
a2 4 

2U *« 
2lL e 
2b 4 


I UlflUil Nal. liar | 
Im p. v Pipe Line. 
ka'HOr Kerxircer, 
Laun Fin. L’-otji, J 
Loblow Com. 'B . 
Mimnlt'n UiuetliJ 
Uauey Fesusuo.: 

Uduyre- - 

ll.jore Coi-pn 

Aotwulu Miner...; 
Xoieen bueie.\..J .. J 
\u nine Oil A Mo-1 
Uikn.61 rein in. 
I’m -ilt. C-uppei .11. 

I'bi.-i Ik-l’eH.i.i-liiii 
I 'mi. Cull. I'rt n.* 


rei'l'ie- U«.i. >..• 
t'-aiU L-mi, A m..< 
I'-nj-er Ueve-* >|inii , 
i‘i»»ei CurjmrHI in 

t'rirtf • 

l/iieLm; 5Luixennl 

Kanaer On - 

ICeerl 'iianli<Hii.e..| 

lihl AI|(OU> ! 

H'.yoi Ilk. .fi i«n. 
i=i«-ai Xiuil i 



3liell ChuiuIh 

sliorrlu (i.Mmer 
-lelien, O. U. 


■•leelni Ouailo.. 
f Pep Kir-fc Iran.. 
IVnuii L'Allitato ... 
(VoiinliVlA .m. Uk . 
I' ram Can Pipe Li 
FraiiH Minin' Upr 

I rt.*w 

L-llltXJ I iH" 

I Miller 

Walker Himin.... 
"W Ini’' 'I mil.- 
W'esum | 












30T B 






8.37 i 

t*64 : 
..62 I 
1.80 | 
174 \ 
2.19 | 
174 J 

6 4 
1 5i 2 
3.6 j 




= 170 
<8 • 

= rl S 

























tic <4 

Z 02 

1 19 






6t b 












t BM. r AskMi. 1 rnaea 
f Nra atnrk 






A |" ■ 

1 Jl-l 



1 Jl-f 

. si..* 








| F35 







i - 









A Mii 















>64 >s 












3 j j 























1 h xr 
















1 1 

9 ’4 






FI 55.30 





, — 

FI 53.80 







h l.M 

VI 52-40 . 




17.50 1 



I .. 


F. 160 






V. 16 1.90 




— a 


h i VO 






k l.M 

K. 171.40 
















V. 100.50 






\ N 

F. 98.90 






F. 109,40 


F. 108.90 


- - , 





V.l 10 






F. 118.90 














F. 28.30 








V. 27.50 














.F. 13S.80 













. 4. BO 









V. 126.80 



1.B0 1 





545 : 







649 « 


S50 1 


- 1 


' — l 








n i* 

sen 1 


— ; 


I 4 1 




sTO 1 








FBO | 
>20 , 


2'; : 

- 1 


31* ; 


1 - 



XI, Yi ll.l." 'IK 





A.B.N. Bank 10 % ■Hill Samuel S10 % 

Allied Irish Banks Ltd. 10 T, C. Hoare & Co. flO % 

American Express Bk. 10 •?, Julian S. Hodge II % 

Amro Bank 10 "n Hongkong & Shanghai 10 % 

A P Bank Lid 10 Industrial Bk. of ScOL 10 *5 

Henry Ansbacher 10 % Keyser UHraann 10 % 

Banco de Bilbao 10 “3 Knowsley & Co. Ltd.... 12 

Bank nf CrediL t Cmee. 10 % Lloyds Bunk 10 % 

Bank of Cyprus 10 London Mercantile ... 10 % 

Bank of N.S.W. 10 "i, Edward Manson & Co. 11|% 

Banque Beige Ltd. ... 10 % Midland Bank 10 % 

Banque du Rhone 10|% ■Samuel Montagu 10 % 

Barclays Bank ... ..... }J % ■ Morgan Grenfell 10 % 

Barnett Ch ri ^ ie JJ $ National Westminster 10 % 

Rrii m Rank° n ?w?ri Fa^r !o n? Norwich General Trust 10 % 

Bril. Bank of Mid. Ea^i 10 % P . s Refsoo & Co 10 » 

o brown Shipley 10 % Rossminster 10 % 

Canada Perm't. Trust 10 % R 0ya i Bk. Canada Trust 10 % 

Capitol C & C Fin. Ltd. 10 Schlesineer Limited ... 10 % 

Cayzer Ltd. 10 % e. s. Schwab 

Cedar Holdings 10]% Security Trust Co Ltd 11 % 

■ Charterhouse Japhet... 10 % shenley Trost n ^ 

Choulartons 10 % Standard Chartered ... 10 % 

C. E. Coates 10 "ii Trade Dev. Bank . 10 % 

Consolidated Credits... 10 % Trustee Savings Bank 10 % 

Co-npcrative Bank ; . ; ...'10 -n Twentieth Century Bk. 11 % 

Corintiuan .Securiues 10 % United Bank of Kuwait 10 % 

Credit Lyonnais •••••- 10 ,» Whiteaway Laidlaw ... 101% 

The Cyprus Popular Bk. 10 % williams & Giyn’s ... 10‘% 

Uuncan Lawrie 10 Yorkshire Bank 10 ^ 

EnalishTTransconV." " i” ll ^ 

f!« T::: g £ y?» <— "*■ — * 

■cSSfuSoliinS?::: J“ \ 

Gnndlays Bank 110 Oi *'«> ovur ni.ow si%, 

■ Guinness Mahon 10 % - CaU acix&iu onr ii.ono m« 

■ Hainbros Bank 10 % f Dctrwml dopoaiu T\ „. 


bias but no clear trend in moder- m0 ved ahead FFr 5 to 
ately active trading. Volume ex-dividend, 
totalled HK82B7.l8m after the 
Liberation Day holiday— down 
from HKS340.DSm the previous. 

session. Prices turned lower, 

Hong Kong Land advanced 20 Unilever down FI1 at f 
cents to HKS12.S0 and Jardine and Royal Dutch off 60 

Matheson 10 to HK16S-S0 but cents at FI 136.10 in Inter- 
llong Kong Bank and Swore nationals. Akzo, however, moved 

rr a rSi5j D « each i ost t 1 . 0 . ^- nts t0 30 w-nis higher to FI 33. 

HKS20S0 and HKS'S.o re- 


Hong Kong Wharf 
HKS2.23 to HKS39.50 on continued 
speculative interest, while Haw « 
Par rose 40 cents to HKS4.30. 

Elsewhere, losses or around FI 1 
were recorded by KLM, Gistal 
Brocades. Oce-Van Der Grin ten 


Shares recorded widespread 
losses in quiet trading. 

Standing out against the trend 
WVA and Middenstandsbank 
ended FI 2.80 and FI 2.50 higher 

Turnover on the European 
options Exchange fell to 1,420, as 

Bastogi eased L7 to L662 and its against Monday's record 3,364. 
subsidiary, Beni StablU, also lost still led by Philips with 687 
ground as operators awaited contracts. 

NOTES: Overseas prices shown below aod'or scrip issue, e Per share, t Francs, 
exclude S premium. Belgian dividends p Cross dhr. %. li Assumed dividend after 
jre after withholding lax. senp and/or riAfils Issue, ft After local 

+ DM 38 denotn. unless otherwise staled, taxes, ni *.i tax free. - Francs; including 

yields based on nei dividends plus tax. UnJIac div. p Nom. q Share split, a Dhr 

V Pta 50o denom. unless oiheraise staled, and yield exclude special payment, tlndl- 
DKr too denom. unless otherwise stated, .-aied div. « Unofficial trading, v Mlroriry 
4> SwKr 580 denom. and Bearer stums holders only, u Merger pending. • Asked, 
unless otherwise staled. Y30 denom. > Bid. § Traded, t Seller, c Assumed, 
unless oiherwue stated, i Price ar >imc xr Ex rights, xd Ex oivtdead. xc Ex 

of suspension, n Florins, it Schillings, scrip issue, xa Ex all. a Interim since 

Cents, d Dividend after pending rights increased. 



NEW YORK-dow jokes 

Aug. I Aufi. | 
CT | 3? ! 





Aug. i Aw. 

25 I 22 


j Mm-e Cp mpUat ' 

High -Unr ) High > Low 

Indostriml _.| B80J20j BMJff B ».» 


897 J6 1 837.00 M2.4lj-9W.Tfi 
. ! (Dj8) 

„ „.. n 8Ml! W.Wj 89J12 

Transport.... 1 247.7B 1 248.7s| 265 M 26Ml| 26I.^2«.7 b} 

CauttM^...! 106-tsj 1003 196^ lR.4flj IW^6jlK.M| 

Trading vui. 


55.780; 51,78o! 56.199! 59.7nj2B.820j — 

7*2.12 1081.70! *1^2 

(52/SV kUflf75i; CiTffl) 

56J3 t — t — i 

dim , _ 

198.41 J79J» , UJ.4 

(9/1) I (l*£tB9i ■ 

102.84 ! 165.52 ! 1048 
(22a !(3 Wa58) ( 28i4M3> 

* Ihili of Index cUumoi from August 31 


Aug. 28 [ Aug. IB J Aug. U j^ll'ear ngbuppre* 















Aug. . 

22 I High 

1979 ptncf CmaptlaCn 

t lodu.Lrixlfij liTitj 1 76.77"- IlGJTj 1I6.1B1 1W.« >«.M 
tComposite ! 103.33! I03.66j lfl*.9^‘ lOB.w’ lM.8l| BH.ilj IM 





(64i (£ l If 1/73 1 !(50/6 #52) 


6. 62 

126.85 I 4-4* 

CUMJ96)! (1* 52 

Mvgy AT.T.COaniOB 

I [ 1WH 

Aug. ! Aug. I — 

25 . S* i High 

Bine* and Falh 

■A Mg. 29 Aug. 23 : .lug. 25 

L 1 





laaues traded—.. 



ITuctanged ...... 

Mew Higbfl. 

Near Lmwh 





1,9X8 I 1,920 
469 746 

1.114 774 

335 400 

109 ! 161 
7 I 4 


I V JL . ‘ 

■*' ‘ * 

‘ . ; r 


j&-; 'i 

- • V%9 







1 .HI 




Indus: rial ' 

IBS. 75 

msti 199.71 

206.10; 998.18 



£01.34 <18. 8l 
209.92 (lb/81 

162.90 (16/2) 
170.62 |30/1| 

T0K0NT0 c«iu|x>-iu' 


1217-Bj 12MJ 


1258.4 (U/8) 

*38.2 ( 












272.0 (14/S) 
264A (£3/81 

183.0 (204) 


... t 







ls(o i 
High | 



Aug. I Pro- 
29 .1 Viaix 






Austaalial^i 657.78 j 635,55 657.75 Ml. 19 
i29r8) ; (t«o) 

Belgium ■ If 9E.6* . 98.64 ! lULlo 

i CofiOl 

Denmark t»* 97.89 i 97.21 , 95.9b 

■ < (U/tn 

Franoe nt* 74.4 j 74.7 j Tf.b 

, lAibl 

Germany irt 1 820.0 I 824^ S27.6 
! - | 125/61 

TToTland M) 92-5 , 92.9 sC.9 

i r ! (iB/Ml , . 

Fo Tig Kong 664.51 1 661.41 , 6HU2 i 583.44 
(*?i | llB ft\ vlA.b 

Italy ll 1 1 66.14 66.4b 68,171 Db-«a 

I 121*1 | (Will 
Japan <n' «2].M i *20.79 j *25.81 3WA M 
1 i • : ■ I • i i4ilU) 

Singapore ; 404.94 > 40b.69 ! 262 jO 

ioi - ! |X9, 6. i <9Jl 

(17 A 


8wiCzerI’di'; 289.4 ; 2E6.3 

Spain 102.0b 1 101 JO . ii0 .<& : «>i 

j j 16/31 | ill VI 

Sweden (tl ' 398 . 06 1 40bj0h 5 C;.i 4 

I (4*> (.1 li 

; 336.99 iiw' 
i iVBAu (2a «i 

iflii). CS Hang Sens Bank 31/7/B4. j|H Banca 
Cn nunc male luUana 1972. aTnhyn 
New SB 4/t/Sb. hStraio Times I9M. 
c dosed, d Madrid SE 3fta2ri7. cSincb- 
hnhn Industrial I/VjS. (Swiss Bank 
Corporation, u Unavailable. 


. -4* 

. -r? 

lflO except NYSE Ail Common — 50 
Standards and Poors — ID and Toronto 
300 — 1.000. the last named baaed on 1973>. 

Excluding bonds. 1400 Industrial*. 
i 400 Indusrrials, 40 Utilities. 40 Finance 
am 20 Transport. II Sydney All Ordinal!. 

Belgian SE 31/12/63. *■ Copenhagen SE 
1/1/73 tl Paris Bourse tML tl Conimerz- 
bank Dec.. 1333. IS Amsterdam Industrial 



Slocks QosinK on 

’ * ** M 




Rama da Inns ... 



+ * 

National .Air 

.. 769.6U0 

- t 

Allegheny Air ... 

. filS.fiM 


+ 11 


Pan Ain 

.. 5.11. "Oil 


Del K. Webb ' ,. 

.. DULIhN 


— A 

Continental Air 

. 437.300 



Eastern Air 

. 300.100 


+ u 

White Moi 

. 330.000 


+ 1 

- ■JS 

Caesar's World 

.. 3+1.600 

4tL l 

+ 41 

* 1 1 J - 

Howard Johnson 

.. 140.880 


Aug. 29 



1 + or ■ Div. 

U.U — ! 

Allianz Vermch... 



Ihttr. j 





LVml Unmim 

LMimiei Benr- 



neiiin-iie lAink.... 
Urodner Dunk.... 

UtckeriMlT Zeirl. 


tUpng Lined i 

Harpener | 



tloneu_. .1 

Kali uinl aa.Lt | 

Kinuili 1 


Kloctuer DM 100.1 

KHO_ j 



Lowenbrau iOO — | 

LuKbam | 


Manilla nui on_.... 




'l Vi -a;UU 1IAJ. 
itiiein We-l.Klev.| 


duckv i 

Valla I 

KUA 1 

veiem-AlVesi Hkj 

■ Ik-n-figi.n I 

83.3,4-o.a; - 
489.0 -J.X 31.P 

229 —3.5 28-13 


28. IX] 

-0.5: 18 




229 — L0.26J6 
79.9 -0.1 ~ 

316 -2.5 28.1 
2bl -1.5 17 
168 -1 ll 
2Ba.5-3 26.1 

215 ;-l : IS 
119.5 t 0 J i 14.U4| 5.9 


- 0.6 




179 Ifi-OJ 
104 !+l 
263.8 —2.8 

110.5— 1 

205 2.2 

175.5- 1.7 

248 • 

aflB +8 

lol >-2.5 



269.5 -3.5 
2UQ.5 — u.5 

120.5- 1-5' 

192.5— O.a , 

130.7 -1.8 I 

237 —2 • 


168 1*16.721 

133.8+0.8 'itUb] 7.1 
49.8 -0.7 I 4 
157.5.-2 '9.63 
150 —3 114JJ4 













Amt. 29 

A buhl (FiJ*.) 1 

Ibzo (FlEO) i 

\tgem HukiPi.KXn 

AMBV iFi.iOi.-.. 
AmrnTOnlt (FI.SUll 


HobalVvit m(F.IU}| 
Uuhnn Teuefwle] 
Klnevier V «Fi^ 1 
tiur iiimTs(( FI . 10 
Ue'nrken (KiJtt'i.l 
Huuier L>.iKl.KVil 
K.L.AL fFl.iOO)....! 
Inu Mullar lUdL'i.i 
\aanlen 1FI.IO1...I 
AedUred Hk(Fi.2c! 
AiedMld BJuKl.Wlj 

Ow (Fi -30r I 


Van Omniereii....' 
I'aliboe.i iFiJD],..' 

Philip* (Pi. IU) I 


Uotievu iFixOl. 

liOlllllti (FlJXJ)... 
lliitciiln iKIJOi- ., 
■tiynlliutehr FIJA 


UrviuUr). (KlJSJi 
l-iillivcr (K-.X'l... 

v rkiiu; Fi~./nu:ii 
•V r-ll.l «r.Hyii'+j 





1 13.8 




+ 0.5 









A 245 


— 1 



— O.B 







157 b 



68. Bad 






44.0— 1.0 

40.01- 0.4 1 - Id 

155.5- 0.9 
50.5!— 1.0 
36.3'—0.2— Q. 2 
209.S| + 2.S 

33.5 +0.4 

147.9 1 — 

b 8.7— O.l 

88 r-1 

177.5- 0.5 

142.5- 0.5 
136.1 1 — U.6 

298.5 + L5 
i«6.0 -0.5 
150 +3 
127.2 — i-0 ;+Z.e 

41.5 JsjJH 

394.5- 1.0] 33 

88 j 4.5 
14 13.1 




I2.3J 3.5 

a use, 


. 87* 








7 JZ 




Ant. 29 



+ x.r 







+ 11* 



muwte Bunk 


+ llg 



Hast AjUiiu: Co... 














For. i'spir 






+ 14 



&.N'tfi'n HJhrBtf 

273m! +8 





+ 1 





+ 3i 4 



Fnva thank 


+ 14 



Preo mil »nk_ 

140*41 + 11, 





+ 1 




185( S . + 3* 




l’i la 


ii .. 

Aug. 29 












-te.vr Daimler.... 





Ve»t Mnsn*"'t .... 






j + nr 

I Div.lYM. 

Aur. 29 


1 - 






Canon ...... 











{ 20 


Uai .\ippmPnn 


+ 17 

i la. 



+ 1 




! 12 


HniKln Mntnre.— 

1 516 

— 13 

r 18 


House Fuftl 





C. Itnh 

■ 243 


i 1B 








+ 11 

: in 





KniiMli KicM Ku 

i 1,180 











+ 10 

36 1 0.5 

lUtaushita In.i.. 


+ 3 





AIiLuubuhr Heavy 




Mitiwbiatii Curj'" 








UltHllVCBill ..... 






Nippon dbinpan. 


+ 2 



Nuuwn Motors 










■»nyci ’Electric— 




dekiaui Prefab 









(way— ... 





laiaho Marine 


+ 1 





+ 8 










+ 1 



lokyo Mamie.... 




lokv.itimiV.a 1 





+ 2 



ioj<H» .Ilni nr 





Source Niklro .Securities. Tokyo 


■ - — 


A ue. 29 






.Artie 1 





Bekerl “B" 


+ 5 



L.8-K- LfiQieni.. 






+ 10 







eahnque .Nat 


+ 20 



•i-U. Inno-Uni 





Gevaeti - 


+ 2 



UHL iBrux U 










— 60 J 


La Uux-aie Belee.. 


+ 1+0 



rlui Hiisnne..„.. 




retrod na. 



180 1 4.6 

lien Unique.. 


+ b 



■xx- (ien Ucanju- 


+ 10 







Iract ion hift'L 









Lo MiD.U.IU) 





Vieil'e Uoutagnet 1,850 





+ or 

Uix,,Yiii. I 

Aug. 29 








rtBX- -A’ 11.015 

+ 10 


5 1 

L'llwGeicV fr.100ll.CI60 

+ 40 



Uo. Part Leu. 


+ b 



Du. Keg 

568 1 + 4 



'. rerili dulwe 




bltei.-trcinflil 1.940 | 

+ 4b 



Fnu+ipr (□»■»:•). 





Hiiilm^nPi Ucru- J66.3G0 

-750 1 10b 


1 Uu. i.Muaili 





liiLHrtoai li-, <3.900 




Jemoll (Fr. UXn...| 1.-65 i + S 



1 .Nestle ( Fr. 100)—. 





Do. Etee 12,190 


Hb ./ 




+ 15 



Ptre/U si Pi f. 100) 





snilw (Fr+aOl... 





Do. Port Certs., 




scbindlerCt FIOl 


+ 10 



ju/rer lit iFrlOO). 




swiroair l V jMCti... 


+ 3 



swim Bolt iF.WOi 





Swim (Kc) (Fri&Cj 





11.750 1 



1 1 


Price I 



Aim. 23 

Lire i 





662 ! 

-7 \ 



1.586 ' 




la.470 + 1201 








-150,1.9001 3.4 



-r 3.5 

Uuvetll Pnv 

1.140 i 

+ 25 


Pi Will A Co. 

L.7D8 . 

r 12 | 



Pirelli T* 

912 i 


80 8.8 

dna Viftsa*. 

890 ! 

+ 19 1 




Aur. E9 

Aun. S 


AUM 1 LO Milts).......— 






Am)k>( Knplor*rinn_-._.- 



Ampnl . Petroleum. ... ... 


| -*" 1 

AbboC. Mineml* 


'■w- Puli- Purer SI 


\mc. tint, inriretnre 








\»U4 1*11 A li,*.- 

Hmnhno Creek (.nilit • 

Blue Meml lud 

iknignmv-ille (.'npper 

Uinmhlc* ludualnes. 1 

Broken Hill Pmiirlet*nr....i 

Bid Swib * 

Lartion United bum err— . 

CaK ($!).._ 

Uocnbuni Cement 

Cole* (G. Jo 

Cona. Go Id field® A out 

Container (SI*...— ........ j. 

Conxlnc K loci u to 

Coataln Aiattnlla 

Dunlop KuMwr (81) 



Kndearimr Heapureea. 

KA Inrtustnea. «... 

Uen. Property Trust.. 


Hooker. ^.j 

I Cl Australia ] 

laming® IruianneH 1 

*"ut» UJavirti ! 

beuiiant Oil ] 

Meiala Urn 

VI J \t H«iliilng®...» , 

Myer Bm|«rriiini i 

.'(»• j 

Nicholna InleniHiioual | 

Aurtii Umken H’rtlaaafSOcil 

>JnkbniM.e._ .} 

Ull seandi 

Utter Ux|ikimunn_ 

Piooev Concrete 1 - tl-63 

BA.-UII £ C'<4 man t2.90 

U. C. dieigb..^ | tO.78 

southland Mining 1 10.33 

KsploeatloB tO.46 

T00U1 (S) tl-92 

WmIubm tO.86 

Meaieru Mining (bOcental. tl.61 
Wnnlgontas. tl.62 

1 1-31 








tO. 14 



- 0.02 


i+O.O t 










I— *i.nT 


f *•■■■ 








+0.0 1 


Aug, 29 

[ Kir* 


+ orTDiv. Yirt 

— i % V % 

Bergen Hank., 


.KreditkasMBi - j 






NonikHylroKreCi 227.25 1 

*2 " r - 1 - l 
+ 1 1 n ! b.b 
+ 2.5; 20 ' 7 5 
■2&i 12 


I 42 

Storghn md 95.0:-2.5 ‘ 7 | 7.4 


i’^ODIT V 


Aug. 29 

Ken it 

At ri'iue UreuiVe 
\ir Llqm.le.. ...... 





Carrel oar 


Cie ifttnuure. 

Club Men Her 

Credit Com. Fr’erl 

C reliant Loire 



148 . 


fHuqnea Br-rcl.^.. 

Urary 0 .„ I 

LUnad 1 

Lentihl jl.010 

.Viaiaoto Phenix..] 576 

Micheiin "B" '1,329 

Vligji Heimn*Bcv ,i 613 

Itcuiinex. ! 



I't'imUlKani. ... 
lVu K em<:Urt>eii.. 


KjuIw Icvnnlque. 

iter haute 

itnone Poulenc... 


■alt KOMivurii, ... 


ibumsi.'n dm nn 1 . 



+ or 
















6 0 

551 ' 

+ 4 



489 1 




839 | 


1 42 


535 1 




+ 0.51 








+ 3 






a 7 







-8 ! 




-0.8 1 



206 | 

-i j 

















6.7| 9.0 


, + 5 

296.01— U3 

— 1""! - 

+0.2 ; I6./7I 

■J 39.; 

-8 ;3<.66i 2.5 

-3 ] 13.B 2.3 
5 I a 2.1 

1 'li.i6 l tl.l 

-o.l ! 7,0'. 8.2 
+ 3.9' 10 ] 2.7 
-10 • 17.36 4.6 
-3.8! - j _ 
27 1 6.2 
30 5 JS 




u I B.b 
14.H&I 9.9 
S9 I 2.3 
20^1 a.6 

35.b 3.1 
lS.lbl 6.5 


Aug, 29 



Alta LaeaBtKrtOjj 
AqRA (KrJrJ)....] 

BlUerud ; J 

Bolniv 1'BVKroOl 

Krii.-Min 'HN kite' 

lfeaeite"B"_ | 

r'ltgerNla j 

Urauge® ilrwi j 

rlnui Hear mn ten...! 
Ua tin ■ au 1 

ii 1 hiin^in. J 

MII'IvjIi a.M j 

.li.P. 'll' Kr...J 
haud Kih kii. ta 
l^iuMik -U* Krtq 

klebnlm. . ' 

lvn(Kr. ^1 



+ Or 



126. -2 
67.5'.— 0.5 




62.5| | 




61. b 







. 4 

















3 l 




! a 

-1 j - , 

3.7a 2.2 
4.a 6.E 
6 ) 4.5 
„ 5 I 6.8 

-Q.S lV ~ j - 

+i ■ 6 i 6.9 

Aug. 29 



; + .h ,Crufi T .T 

j — I Div. 1 •*. 

AjL-eMt* DP, 

1.01 ,— O,01|J. li. 11.88 

danwitu 1.88 ,-0.0!; ,lt;8.51 

Uancu liatJ PA... 1 1.36 : 'J.3'«!87.:b 


Beujo UiuetcaUP] 
Uijaa Araer. IIP. 

Petrotnaa pp 


jOU 2& Crtu OP... 

(imp ph„ 

V»ie Bln Dnce Ppl 

. 1.26 +U.bSu ,.ufc 6.40 
3.55 1 — 0.05j ,.2L!5.63 
2.41 |-OJl]j. la 15.39 
1.51 1+0.01 J.Mr 10.53 

2.85 1 1 jt2tf.7L 

5-93 j + 0.0310. 25 4-21 
1.27 I — 0.011 .Jfc(lAI7 

Tixnuwer: Cr 91. Dun. Volume 47.0m. 
Source: Rm de Janeiro "SE. 

r ‘ :&§ 



August 29 

Anglo American Corpn. 
Charier Consolidated 

East DrieTontein 


Harmony _!!!”!"] 

Kinross .. 

Kioof ... . 

Romeo burg puiinnm 

St. Helena 

South van I 

Cold Fields SA 

Union Corporation 

Oc Beers Deferred ’. 

East Rand Piy. . 

Free State Geduld .. ;. 

President Stcyn "j ] 



West Driefanteui 

Western Holdings 

Western Deep 


6. SO 
















ABcr ; ;... . 

Anglo- Amec. Industrial ]d 


CNA In vestments 

Currie Finance 

De Beers Indusmai 

Edgars Consolidated mv_.. 

Edgars Stores 

EvorReady SA ‘ 

Federal* V oHtsheleg g 1 ngy 
Greatermans Stores . . 

Guardian Aasurancc fSAi 


lta ; 

McCarthy Rodway 


OK Baxaars . 

Premier Milling 

Pretoria Cement 

Prates Boldin iia 

Band Mines Properties 

Rembrandt Croup 


Sage BoWrags 


ck S' Smlch Sugar ..!!.!!! 

SA Breweries 

Tlcer Oats and Nail. bite. 11.39 
l " ,U,CC ( 19 



2 30 
Z 13 
2. SI 






- 0.05 

+ 0.03 


- 1.00 



+ 0.25 

+0.97 - 

+ 8J0 




+ 0.« 

4 0.05 

+ 0.01 

+ 0.03 

+0 PI 

.+ 0.19 



.V y. 

Securities Rand $U.S. O.T5i 
(Discount of 34L3%) 

■ *• 



August 29 


Banco Bilbao ’’ ” 

Banco AUaniico UrOOOj 

Banco Centra! 

Banco Exionor 

Banco General .. 

Banco Granada 
Banco Blapano .. 

B. lod. UedliRiranco ... 

Banco Popular 

Banco Santander (2joi 
“ aDTO UrquUn a.9Mi... 

Banco Vizcaya 

Banco Eafftfitaasino ~ 
BMkintion „ """ 

Banos Andatudi" ’.’.'!"” 

BabcocR Wilcox 



E- L Arasonesas 
Espanoia 2mc 

R«> Tlnto ! 


Penotia l,0Mi 

Gal. Predodos . . 

ars* f4Mi 



Pane (eras ReunUu".!.' 

Pcirulms “■ 

Sairio Papalera ‘."j.;." 



Telefonica - 
Terras Hostcneh 

Tbbaccx ■"*' 

Union Elec, " ~ 

Per cenf. 

12 * -50 - 

3N +6 

245 — 

316 + 7 

274 - 4 

77V — 

ISO - 

2S2 + 5 

179 + I 

M* — 

-253 +.* -j 

3U - S 

- 2*8 — 

an + 1 

27* . _ ' 

153 - 2 

» — 
29 — 

50 — 

271 - 3 

71 _ 

51 - 175 

in _ ■ 

«■» +0J5 

U — 

M — ■ 

77 _ 

US - 

7SJ0 - 1 

84 - QJ9 

U 2 +2 

M + J 

US — 

205 +2 

50 — 

4 * - 2 

U9 + J 

52 - L 

40 — 

95 . - 1 

7U» +0 JO 



Financial Times Wednesday August 30" 1978- 

U S. interest boosts lead 

on world deliver 

tea pact price On London market more wheat 

By Mervyn de Silva ' By Our Commodities Staff 


a FTVP nAv _ r ACTIVITIES of one buyer, noon sessions and cash wi rebars A reduction in LME warehouse 

atnartVfmm^a < 52. fe E!2? -° f th0u sht hi be linked with pro- closed at £736 a tonne — £12.25 stocks of copper of more than , ° r ® a *f t * b| ff increase 

P rod “ cin f ducer interests in the U.S., were down on the day. Three months 10,000 tonnes was expected and *n wheat. deliveries this season. 
v.“, U1 mh COan ^i es °, pe ? s “ iainJ y responsible for the rise in metal was £10.50 a tonne lower made no impact. The producers’ association 

Thf^ lead prices on the London Metal Cathode prices were down by Preussag-Boliden-BIei GMBH said ^ yesterday marketings 

fpaKihiii^ftf Exchange yesterday, traders similar amounts. Cash and three announced yesterday It planned a shoal* reach 16£m to 17m 

VFEUPZV* ■bW* Producers In the States months metal ended, at £72650 six-week period of short-time tonnes .compared with 14Jjn 

®P ppiy of tea were also behind a flurry in zinc and £74450 a tonne, after xegi- working for 440 xS. its staff at the tonnes m 1977. 

1D in? f ■ markets, they claimed. stering falls of £12 and £11- a lead smelter in Nordenham, near Early estimates nut the 

The Sri Lanka (Ceylon) chair- At 4he rinse three months lead tnrm. ’ Bremen ..hJi 


France will 
more wheat 

By Our Commodities Staff 


THE ACTIVITIES of one buyer, noon sessions and cash wi rebars A reduction in LME warehouse powers 

The OMnniHin • Lu.L-iui r-.»— wu wv usiuuuc Ui Jtra wcie uuiru uj i icuwag-uuuusirMci uuluu » _ — 

fpaRihititv nf wrrtnnc»»« Exchange yesterday. . traders similar amounts. Cash and three announced yesterday It planned a sboaM reach 

In 83 1( *- Producers In the States months metal ended at £72650 six-week period of short-time tonnes compm 

IS fho Ppiy 0f tea w ® re al8 ° behind a flurry in zinc and £74450 a tonne, after xegi- working for 440 */ its staff at the tonnes m 19< « 

n Tho \ „v - markets, they claimed. stering falls of £12 and £11- a lead smelter in Nordenham, near Early esttn 

At the close three months lead tonne respectively. Bremen. national eropt 

““ ,s “tbe core had gained £5.50 a tonne, ending — : SStSa 

i 1 ^™« n *S nyIllten,atl0nalTea at £346.75. Ca$b metal was £5.75 IJtf 


Organised under UNCTAD’s 

a tonne up at £343. 

The weakening of the' dollar — 

Qf c ? 01 ' Promoted by the announcement 

modi ties the Colombo confer- of disappointing n.S/ trsd° . 

cnce will prepare the ground for flguresF-and the Native strength BY ° m COMMODITIES STAFF Exporte may reach 9m tonnes 

Deceuiberf 61 ^ 1 meeting in of sterllug , had no 3 pp *retit MORE THAN 6m. acres of land alone have been estimated at season. ' m 0,mes 

These two meetings are r^wftn in India and Pakistan have been £33 m and in West Bengal , Tainei thp Rnar(f 

expected to open the wayto final c^h ?H ampe i rt n by , recent yJESZ-' dama -fJ° "° ps K "d property rJSlg^K^de^lai^Sw^ 

negotiations for an International closed tfrtuaS? unchanged on d pcople *** baU * fed about * flBL planned to bay 2m tonnes of 

Tea Agreement. the day at £318.825 and £326.375 hflVe die ^- In Washington the U.S. grains when a purchasing 

Our Calcutta correspondent a tonne respectively after a lively In Pakistan, where floods Department . “Agriculture esti- mission visits the U5. at the 

writes: Indian tea production up morning’s trading. swept across 2m acres, early ma £d India s 1978 wheat harvest end of September. 

J^o5 . . wa f 268m Forward metal touched £328 a estimates put the cost of da m age 27111 The beard said the Govern- 

kilograras — 9m kilos short of the tonne at one point after trading at about £10m- This includes l® 77 and the third record crop in ment stockpiled more 

prevwus year’s figure at the pre-market at £32L hut the up- losses of property and railway 3 row x 5S sK Srf “Sfi 

_ ward pressure eased as the tracks. _ A USDA field report from New grains, comprising 25 m tonnes 

™ m Sbisj-"' s°zn 2 S 5 *ms fslss 

year (Aprrt-July) have declined York. bo® groundwater. 12m tojme3 0 j mniet, 6.5 to 7.0m 

by 13m kilos t o 43m kilos, Monetary factors helped push In India 22 states have been tonnes of maize mid 25 to 3.0m 

according to industry sources. them down further in the after- affected. Crop losses in Bihar tonnes of barley. • ^ v 

• Leading natural rubber pro- ^ ' 1 Malaysia DlailS 

docers and users opened a two- ^ . . . 

ssyrsa£.»fwf London coffee values decline to study new 

national agreement to stabilise ■ ViAWla v »»vvaaa*v , , _ 

prices and markets, Reuter lTlDD6r ?r3u6 


Floods swamp 6 m acres 

Early estimates put the 
national crop this year at 19m- 
195m tonnes against 16.7m in 

Average yield is said to be 
4.7 tonnes a hectare compared 
with 4.6, Renter reports. 
Exports may reach 9m tonnes 
against 7.6m tonnes last 


In Taipei, the Board of 
Foreign Trade said Taiwan 
planned to bay 2m tonnes of 
grains when a purchasing 
mission visits the U5. at the 
end of September. 

The board said the Govern- 
ment had stockpiled more 
than 32m tonnes of food 


w auuAwco. mem uuwii xunner in mo ajicr- uieciea. ui wiiak iuuuc^ m ucuiuj. m jb* Y • "w 

• Leading natural rubber pro- " * Malaysia plaDS 

dacers and users opened a two- .• ■ - . . . 

ssyrsa5.»fwf London coffee values decline to study new 

national agreement to stabilise 5-*vaAWl* y •*-■■** uwaattv , , _ 

prices and markets, Reuter ITlDDer ?r3u6 


; . * Kuala Lumpur, August 29. 

COFFEE PRICES fell r back The question of the Brazilian .Agriculture that only 1.5m bags __ 

Dhilinninn -l on sharply yesterday afternoon in frost damage remains extremely bad been lost many traders have THE MALAYSIAN R uMwr 

Phiiippme plan th f a? „ „ -»«■. ISSSf^SSSSfia" 

for dairy herd 2 * e .££f u A Dt g S ll 

MANILA. August 29. SlfS^Jta'SSSSd h “ f0rM ? 

s sSSdSSa Mtfuu P ZaSr SdS "«= “New York. S, Se \ re ?“ ed a ““ «?!«»» hud mode u «udy iuto 

try to help reduce the nation’s r B 4£ th e nse began to run out frost ha ^ rost Brazil 4m bags of nass oS tte Chllean coast but this in early 1976. but it was 
S9Qm-a-year bill for imported of steam early in the afternoon to g 9tt Following an estate p o frost warning for last suspended following the revision 

a,Mi* n WaU str “' by the us - DepsrtmMt of ^ &° h f fflssjr the 

vTVSsrt ISAS. * Smokescreen defies frost ™ sass 

SStir “bJus* srzrs**. » » »« ^ * ssme: 

neirers irom loreign oreeoers. ^ Was encourage a by the ONE OF Brazil's leading coffee approximately 50 000 trees in of SMR 20 as a second hedging 

w? announcement of higher mini- growing bodies, the Atalla Group, one area on its farm were left grade, to complement RSS L , 

Philippine plan 
for dairy herd 

- MANILA, August 29. 

Sober stock-taking 
follows cocoa boom 

would ^provide incentives to ^noringthefact toaTth* U^her this month by creatog artificial . Afjjfcji «• ■ tte article over SoSlbSST S ffii wo"Sld 

would-be dairy farmers. A draft Brazilian minimum would smokescreens, according to an 5,000 burners were^ used to pro- speculative activity in 

budget estimates the pro- actually reduce the cost of article in the Rio newspaper duCe a thick blanket of smoke both markets 

gramme s total cost at 5116m. importing coffee from that “ O Globo.7 *** ^ coloration, as the biggest 

The ministry estimates there enuntrj-. The rise in the mlui- By burning a mixture of saw- of roughly 360.000 cruzeiros. producer of SMR, feels that a 

w — . . - vuuwv asi/UA . WiUi — . 1 AAA : . . vvivuibuvii, max ui« 

The ministry estimates there countrj'. The rise in the mlui- By burning a mixture of saw- of roughly 360.000 cruzeiros. producer of SMR, feels that a 

are only 1,170 dairy cows in the mum widens the gap between dust, potassium nitrate and The article quotes Sr Jorge second hedge, based on SMR 20, 
Philippines. The plan under that price and the world price diesel oil in old oil drums the Sydney Atalla as saying 38 per should be introduced, as RSS 1 

consideration , would raise the and so increases the discounts group was able to protect its cent of the area was planted with now accounts for only 15 per 

cow population to 64500 head allowed to importers under plantations in Sao Paulo and eoffee bushes of an average age cent of Malaysia’s total rubber 

and draw 34,000 fanners into Brazil’s “special deals." The Parana from the damage suffered of two years, which coaid have output, and was therefore not 

dairy co-operatives. net cost of importing Brazilian on' many farms, it says. been totally destroyed by the reflective of the true physical 

AP-Dow Jones. coffee is therefore reduced. ■ . Sources from the group added frost. conditions in Malaysia. 


FOR MUCH of last year, the tonnes (equivalent to 0-23 per 
talk in the timber-rich East cent of world output) to 16,600 
Malaysian State of Sabah was not tonnes (representing 1.17 per 
who had managed to pull off a cent of global output. By 1980. 
timber concession or who had production is estimated at 30,000 
lost one. but who bad cocoa, tonnes. 

Prices of cocoa had reached The average annual produc- 
record heights and this meant tion cost of cocoa is around 800 
that a new breed of cocoa ringgits (£175) an acre. Yields 
millionaires has joined the can be anything between 1,000 lb, 
free-wheeling timber tycoons in and 3,000 lb. an acre, and there- 
Sabah. Malaysia's biggest cocoa- fore, at present world prices of 
producing ■ State. around £1,700 a tonne, cocoa 

Now, with cocoa prices return- cultivation is a very attractive 
Ing to less dizzy heights, gossip proposition for Malaysian 

about the cocoa millionaires has p, ®““f 5 ' . . . . . 

given way to a more sober . “W* productivity is one of 
assessment of the potential of b, Sseft advantages Malaysia 
thTcronin Malaysia. has over the big African produc- 

me crop in Malaysia. ing countries, whose output per 

There is no doubt that cocoa an . , between 400 lb and 
can become Malaysia’s third vooo lb 

biggest export crop after rubber C ompinies such as Golden 
and palm oil This contention Hope (part of Harrisons and Cros- 
was confirmed at the recent field group ^ j n Perak and Bal 
international cocoa and coconuts Estate (owned by the Common- 
conference in wealth Development Corpora- 

Such a conference, be^S held tion) j n Sabah have been leaders 
m the Malaysian capitalfor the ln cultivation, 

first time, is an acknowledgment others such as Highlands and 
of the crops potential in the Lowlands, and the Danish-owned 
country. United Plantations, have a good 

Mr. Paul Leong, the new spreai j 0 f cocoa which is becom- 
Minister of Primary Industries, j n g a significant contributor to 
is enthusiastic about the future their income 

S X a -StSry di M a ?is t ?a “IS Maay others ere be E ionir, S to 

biggest cocoa exporters. haS ^gQQ acres under cocoa, 

tr i • *1 plans to have 16,000 acres or 

Volcanic soils more by 1985. 

. . , ^ . The Malaysian Government’s 

Malaysian planters, who area , and agency FELDA. has 6.000 
conservative lot, agree with this acres planting another 

assessment, but wstfa varying g pog BCr es this year to diversify 
degrees of reservation. They from oi] rubber, 

point out Malaysia is a newcomer The Sabah Government is 
in cocoa, and will have to tackle leasing thousands of acres to 
some of the present problems west Malaysian companies and 
before snch potential is realised, individuals for Cocoa cultivation. 

Commercial planting of cocoa ^ recently, the World Bank 
began in Malaysia, in the 1950s, approved a 60m ringgit loan to 
but until recent years cultivation Malaysia Government to 
expanded rather slowly, mainly ™ ^ depressed coconut 
J“S* smadJfioIders by inter-mopping 

enp Ji? * t0 22.000 acres with cocoa over five 

switch from the well-tried and A_ 

better earning rubber 4ree and At ‘ fte momeIrtf ^ Wggest 

Bnfta'the 1970s. estates began S 

to diversify into cocoa. In Sabah, 
the rich volcanic soils give 

estates the worlds’ highest cocoa SEt 

yields, and in the West Malaysian and bleodtog with 

States of Perak, Selangor and African cocoa. 

Johore. cocoa was found to be ^ Because D f this wferiori^. 
an excellent intercrop grown Malaysian cocoa is sold at a 10 
with coconuts which were on the per cent discount and some 
decline dealers warn that unless this 

Total’ cocoa acreage has problem is overcome, Malaysia 
expanded from 30.000 acres in could have difficulty in selling 
1971 to 120.000 acres last year, its output if the world market 
In the same period Malaysia’s becomes overloaded — especi- 
production has risen from 3500 ally when it is not a member of 

the International Cocoa Agree* 

Research is being done to 
reduce the acidity, the suspected 
cause of which is improper dry- 
ing methods. Given the vast 
reservoir of agricultural 
research and expertise in 
Malaysia, planters are confident 
this problem could be solved 
before too long. 


Recently, Cadbury - Schweppes 
in Australia, the country’s big- 
gest chocolate manufacturer, 
said it would take 800 tonnes of 
Malaysian cocoa this year, and 
probably 1,600 tonnes next year. 
This is an important break- 
through for Malaysia cocoa in 
the Australian market 

The company said it had 
found a way of reducing the 
acidity, and the extra cost was 
compensated by cheaper freight 

Cocoa is still a new crop, and 
more research is needed. So far. 
it has thrived in the Malaysian 
environment and is relatively 

But estates like United Planta- 
tions take a cautious view. The 
experience with one of its 
associate cocoa estates in South 
America which was devastated 
by disease not long ago. is a 
timely reminder of the hazards. 

As cocoa emerges as an impor- 
tant crop for Malaysia, research 
will have to be centralised, and 
standards for cocoa established 
to guarantee quality. The mar- 
keting structure, which is cur- 
rently not organised, and left in 
the hands of individual estates 
and small-time dealers, needs 
revision, and Malaysia's trading 
position as a cocoa exporter 
needs further consolidation. 


BANGKOK, August 2B. 

Thai tapioca pellet exports in 
July rose to 379,388 tonnes from 
238,043 tonnes in July. 1977, the 
Thai Board of Trade said. 

Exports in the first seven 
months this year totalled 3.3m 
tonnes against 2Jm tonnes in the 
same period ol 1977. Officials 
estimate total tapioca exports 
this year will exceed the original 
taTget of 4m tonnes. But they 
said they expect local output next 
year to be lower than the current 
season which has so far benefited 
from high rainfall. 


Dirr iffTAT C followed ihroogti In London and the price Price sUpped to close at £8,630. Turnover cents per pound i — Dally price Aoc. 23: HCCA— Avaraie ex-farm spot p ri ce s for 373.0-374.0, 37X5-37? -5. s; Dec. J7X5-377.S. 

DA5C ITUjIALj fell to a tow lor the day of 1751. helped 1.WB tonnes. 130.91 tJM.OBi. indicator prices Ana tsz week endlaa Angnst M. other ortUtaa S76.0-37X5, X Total sales. 17 . Price per Loom unless otherwise stated. 

- . by chartist selUns. before closing on the : — ijTSri - {7m . — oTor 1 *4ay *«rsge 1S5JB C15XS1); 22-day w*oat-SE Si 88, sw 8A88. East 8X18. E. NEW zEALA.UO CROSSBREDS-Clow- 

ar aaar isss “• « “ Tra ”" r ™ I + - | D £S*ft“ *«»» ^ sars vst Sk — j— — 

Sded besween n3W7«» foflotrtng _the Amaltamatod Metal Trading reported v i^”( Z iT SB 7J.7B, SW 7XS0. East 7X60. B. MM- BS-D * A {^. 29 +J? 

reralght Contex fall but in the after- that la the morning cash wlrcbais traded H^hOraih) A rftCCTT lands 7X40, W. Midland?. 5X08. KB 7X00, 188S ' D ’ ^ Sale8 ^ 

ton slipped tower as Comes went Mt mi. 41. X three months £757. 39. 3X5, tSsL-TO I^B Sh^an i m LUrrCL NW 7X20. . Scotlanfl 7X50. tJK 7X70. 

w JUS®*; K*. so. 5XX Cathodes Cbj* xrw c ?6flO^ psBMO L-M Latxlon Robusl2S otM 3beat m HbAeij Price Ptod far mailing barley a ni rc i 

U.S. Markets 

Metal grv-h»»wp. Forward metal initially '* 

traded between rT3W7«» foflmrtng the Amalgamated Metal Trading reported rTI » f SE 72.78, SW. 73-SO. 

overnight Comes fall but In the after- that la the morning casta wlrcbaxs traded JWfb * «» J KK Jien _i?K miTCTF lands 7X40, W. Midi 

noon slipped tower as Cornea went al ir«. 41. X three months £757. 39. 5X5. LUrrlUS KW 7420. Scotian 

throngh amw stops. The poor U.S. txado 55. S7J. 58. 5X5. CaUwdeR Cash XT31; 15, | 666t> ^ 0 -B* London Robustas about £30 Highest price paid 

Octree weakened Ibr denar again* the thrw month* fflU Kcri»: WirebarK t650 — hirtorfa mdetttmdteSS^BtrwiS was ti04 at Leeds, 

poand but a rally on Conus was ant Three months £738. 5B.5, 5*. SB. After- Stanoaxdl I msner rwro- ^ . — — — 

Aog. 291+ or Month 
lsfe I — ago 

CBh._ c640.fl0 I-62.5 66S0-60 L 4X6 enoimffered good trade selling JSSfS'Sf 


Al iiminlnm 

Cash ™ 741.6-B-6.B 75S.5-6.5 [—721 T1U Lower In 
t ooothM 968.59 -5 7W-.5 (-10.6 at 

SetU'in'oh M2 .-6.6 — — E«n over the » 

10 woe on bull 

Ui^iw. j 784-5 ■— 4 726-7 j"|J t>uyins cflQSMl a 


Silver and 
gold rise: 
cocoa firm 

NEW YORK. Rugust 29. 
COFFEE eased slightly on light profit. 
taking and a lack of physical business. 
Cocoa finished near limit-up on trade 
arbitrage buying. Copper eased on 
renewed commission-house liquidation 
despite trade arbitrage buying. Precious 

i moutO 7812 '-4 744-5 i — 11 -Xrnrnn there vts Physical business in a “ oaarn - «tree nwnms jb. new or me flouars weakness- —chgagadL Lamb: English sraajj S9.0 to 82.0. 1 1.92 [. ( 1.85 renewed commission-house liquidation 

dertl'm'nt. Ififi 1—4 — I ...... >Hn ns but the fluctuations of the i . „c rnrunrit nw«i ,n» . i'Ynw«Ia\-*^ * ’ EEC DAILY IMPORT LEVIES— EEC roMtinn 54.8 to 58.0. heavy 34.0 to 56.0: , , ■ despite trade arbitrage buying. Precious 

- ' — ^ L " ,a " m " a ^am aigMgABg u^=- :+ -“ b kt s ^ WBa^M-eassa. isiS® 5 ™ 85 ® 

I.G. Index Limited 01-351 3466. . 3 month Gold 207J-269J 

29 Lazuont Road, London SW10-OBR- 

L Tax-free trading un commodity futures. 

2. The commodity futures market for the smaller investor 



Our Brazilian office has 
reviewed the situation, 

{£ per taooo' 

source thought to be linked to producer ‘£pertaone' ( ® current tovy. pte Qulefestlver (Klb.VS l«o«50 ;SI2brtu cn , n „ 

Interests. Despite Ibc fall in copper ■ — — -- . Sept.. Oct. and Nov. premiums (with w ' w Silver troros. ... 28Z.2y j+2.4 U05.6ii Cocoa Sept. 153.X> (147.60), Dec._ 1S2.I0 

1 month tn? 0.900 O during the afternoon, the market held >epiaai«r»i ln3540 — 8.5. J6O0- 1686 *^^5**^?*'- Cosamon wheat Porte: English, under 100 lbs 37.0 to 3 m«nlu_....lll!” ! 2e9!7p , T SL56 503llii MW. li7 -M- July 

3 month GOia nesily and closed on the Kerb at £346 Noremter... 1455 SB —20 I1510-146S — SL3 V J< . nll >- 44.0. 100-128 Ihs 3X0 to 43.0. 120-160 lbs Tin Cash £6.655 1-42.5 Cb, a la Sept. !C-«. Dec. 14820 setxlemenis. 

aftsr a brisk daTs trading. Turnover 7.500 Janusrr ! 138588 —11 1 143a- 188 1 P “T" 38.0 to 40.X Smooths ’£6.647.5— 66 A) £5.425 S *i L ' s ^ 9CT ' 

atnres. tonnes. Mareb ! 1S35-45 —3.5 1 1384 1535 r ** 1 , ®' 8S Crouse: Voting best leach) 150.0 to Tungsten (r) ,...<$134.24 $140.67 Coffee— 1 "C" Contract: Sept. 156.00-15828 

tor the smaller investor. — STS' — 51®! — i+“5r • 1310 2O , 1350- 1616 Dfl - ®- as> - res ^ “{j ISOJl. old 100.0 to ISO.O. Wornmni 22.M bed S139/43 ;6 131/36 ‘13726'. Dec. 11S.5D-14$.9 o II49-1». March 

tor me snuunr* «>««>>• LKaD T-H Dt£^lsl ,+ - J «>r i 1300 05 + 213ll34O.1B06 “jam. RMA IMlI Zlnec«h..._._&18m-O.I25U307 13829. May IS6.00.JM25. July 

OlbrJaJ | — JUi»fficlai i — ^65-76 -3.0 . 1 1:95- 1275 i' 7 *" 4 - rest^-^htoe <o»her than hybrid MEAT COMMISSION— Average fatstock .4 t7? ok ent Kirn’S fn n SepL lM.00-132.00. Dec. 128J0-1».W. 

= ~7 Z fT» € r~T i ^ ^ »*!« ■* "Pn«nuuv e markets on week Pmd^.”.|s6a C™SSSm Sa3 “ : 573 5m5 ‘ 

- Ctoi i42.o-3 j+ 5 Jj342 +X» Salts: 3.362 fSJSSl tots of 6 tonnes. Millet— 44JB. rear nil (iff, nil>.' kg^hv (*'§'??!■ On per Diis f > 1 J < u 55<. Dpl 55 30 jin. r.i w> March msd 

I T? T? SSS: % ^ 7 : + ± 5 -S &SSJ* 'Sb sr -*--**■. «« ttnc TXte. rest jfe/-*a J eTU&gg %sSS£!!=:BBF ^iwiSS K 

KJ C.5fcap.4j — , 33L33 I Anbicas 1S5 jW <1SLOOK unwashed Fltar tatr«e»— Wheat or mhed wheat and numbers down 3J per cent, avenge once Llneeeri Crude tvj.. £331 £334 wiu<[-tneaTs. sales: 10.000 lot's. 

Fj . sss « ^sr 1 ^ kr ** 80BOr | - 10 ’ as632 «5-JSx £ o«! «.« ! Ml D ec. 

.1 W J ■ * tooaOis £341. 42. 42J. 43. 4X3. 44. 45, JBrs 140.79 f 13826 1: Robustas ICA 1868 °.il I3 t^ p f ~~ S l ' | < 66.001, March 67.93. May 6S.B0, 

44. 4X4 45.75. 48, 4X5, 47. K ert>i Three 144.0b 03X50). Dally average 148.7? C/lViDVl TXT im T ^ < *® wo 1? wr cent, average p j _ July €8.63. Oct 6X00-66.28. Dec. 68.80- 

. months’ £348.5. 47. Afterwon: Three (M32S1 SOYABEAN MEAL r 1 ^ HulUn S47X, -56 5437^ M.05. SMes: 4238. 

SS- 47 ^ 46 !-^* 47 ’ lieitK ‘ nirw ARAfflCA CONTRACT: Close itu Older — : * ynw? S^besn (U^LIT 5260r -5 S 6264 *GaW-SepL 207.20 1188.60). Oct. 28X40 

maaau £346-.. 47. 4Xa. 4X buyer, seller, bustaess. sales)— Aug. nno: +or ttu*w*s to h-www tl».S0.. Dec. 211.40. Feb. 214.30. Apnl 

I li : ^ 8X5M5.00; 5. Oct. uuq-. nB: nfl. Dec. — Done SKStat-xS)- li?^ra^rit ^ o • 1 \ Cti.78, June 230.80. August 224.20. Oct. 

I li , ZWC- UtUe cammed on halaye ia.00 ten na: nfl. Feb. 1SOJO-ISO.OO; ml: 7- — ^ . I . =7.». Dec. 23IJD. Feb. *14.80. April 

L JL J ahbocBh the market moved In much the nfl. April unq: all; nfl. /t me imo.; nil: nfl. Cpertcnoe COT * avera ® pnce 831 P < 8 - 3 '- UarUy BEC t — : 238.10. June 241.60. Sales: 20.088 lots. 

SimSf^lhen^S^oS 1 *^^ ***• m: ** Sajes ’ 5 - October 114*1143 -2.E6 ITS 50-114.BD _ MEAT COMMISSIOH-Avcrage fatstock j*® 8 ’ 1 * 

ing. attrlbmed to the same source as tha t ltooember^. 11X0 TlfiatmoD Z?*?. French Ko. i *2*108 T 0.23.4:98.5 iradetf 1 ^ -4 ' 

1 _ a din? on the lc*<3 market. TTtf bnylmr PTTDUITD Twjrntnr _ ita n try R r x «v. itt ui C.B- cattle 78.24p per ft-lv. (^O.OIU wtjhij, I __ . „ • M ^ ,, ^ w 

ice has dM down in the afternoon second ring KUbotK Srif^ll — lll^-lSi'^IS - “’S’ No. 1 Bod SnnnK«90.5v +a7B'«S2-0 

and pffref of currency movements about unchanced auaninc m Jnm» imaiuiii a -n! v** 6 L 2 p per kgJ.w. f— L2 j. k<, • I ? ~ s aaaroi zjvL-zMt, aisy 

££• sa-ir^&jsr ess**- ^ — i<w? soyabean meal 

ZINC— Uttle changed on bala nce ia.60 byr: nfl: nfl. fSTiso J fi-130.08; ml: r- — * M m^awiam’nrijjg 28,8 ^ Gruina j 

abbaoh the market moved la much the nfl. April unq; nil: njl. T me unq.; nil: nil. Cpertcnne COT ’ averaOT prlce ° Jp Barfty BEC t — : 

narMAKWJKS Akg. ««; nil: nfl. Satos. 3. October _ ntgnu -2.BB 7 T5 *.«» ™T COMMBSIOH— Average fatstock 

lag, aaribtaed to the same scarce as tha t ltooember_. nxo liOrttartanrjlO-riSJD «* ce J » *00?? Branch Ko. S AuTxiDBJf tIUUEMlB 

a din? on the market. TTw? bnylmr PTTPPITD ywuptro . lift a try e r x itt ut Catue 70 per rB-l-v. (—0.01 1» I 

died down in the afternoon second ring KUiJljhK ApriK^.^. 1 1SL0-1 js j 1 slSj — U.jC. sheep p er fcg.w^c.w. f+L7i; No. 1 Red Spnng«90.5? +0.75 £92-0 

and Ste effect of currency movements ABOUT UNCHANGED opening on the Jane. ^118^-12X0-2.76 — £ , ?•* J\rP, pe L_^’ Lw ‘ '^ LSj - No-gHaniWicteri j I : 

For your free copy , ring 

o r write to: 

rubber rsn-iSiigic!5 ~ .aTsWo 

SS ^. •%%“, S£?Z£V3?5 TS? ^ litiSJzSS 1 = mS. =U 

1334* Tnrnover 3.488 tomtes. tbrotubmit the day. dosing easier. Lewis October 11fli-TS4^|— 2.40 — ?^ p L liS l*’ ttoww3hipineut„.i£l.B86 +55.0|£i.c60 . ® P,a £. D - l ^?T£ c ^ 

— ~ i .... — — — ■ „ . — and peax reported a Maiarsian codown . . ...... . — — Sheep numbers up X7 per cent, average PutamSuT £i rpsj 4.&J Oi£ 1.77U Jon. 285.Sb-288.48 1257— m. April 2KS.20- 

H-WJ rv.«-p-+^ a 242 cents SaUs: 29 .** ®f «» “»»*. Price 148.7* l+xnj I Pig nwnbera up 48.1 Cotr»%S^™;: •,! =«S-M July 270.7IMro.BO. Ort. 27X28-273.40. 

Zinc l Ofitotoi — Dootacto' — _ per cent, average price SLOP t-lJ). Scot. s*v £i j ib*lsL«lq , £1 ibxb Jan 278-30-276^0. April 279^0-279.40. Sales: 

* ’ 5 cmr* A-n ■ number, torn 17J per cent. Cotteil-A’Trt^^^to 1-lTo frzis* ^ 

Carir....^.. 319-^ |+ Ji I31BJJ5-9 r-.l» BJjJ. 

Jmeoh^. 327.5 i+l 32<3.25--5+.'12S 

319.5 It- .5 — I _ 

No. 1 J Baamem iXe 




throanbMit the day, dosing easier. Lewis October — g «H _ wreem, pro waip Coww-ahiproeut^-tei.BW +3S.0l£i.e60 sriannuin— t<cu izoajoi. 

and Peax ' reported a Malaysian godown — i Sheep numbers up X7 per cent, average Put ore Nov™ l£l.8253'+83 0*1.771^ J* 0 - Ma.80-288.48 1257— ni. April 2S9^8- 

prtoerf=42{2«> cents fbroSe^^ 29 fBO) fata uf 180 tames. price 140.7* t+LTi; Pig numbers up 48.1 ;-T" f ^*** , [ 268.48. July 270.7lWro.BO. Oct. 27X20-273.40. 

April 278-20*279.48. Sales: 


LONDON DAILY price (raw sugar) per ^ M t> 

■ — ■ — * - — a ----- i £94,00 (£83.U) s iMwia *4# f a* iniwwionf Pfj numbers dovo 

iSSd^ -t !-.!_««»_ ! -- SW — : |J«J S ss.!^a; - Sg^™ * ™ *— sup ,+u ’' 

Mamtaa: Cash 1319. 18^: threo months Oct-5« 58^0-5X35' MJxkift 53.835850 ^*^1 ?h JL. 0 * pe^'radkage^wm^^OT ^rtbenriw 

««([ 235. 28. 27, 38. 87.5, 27. KmU: J BB -.\tor SOJO^OJS 8158 61.10 SMM0JBI M kM eas ed sfigfatly before prodSwT OrmTwt - 

Ttope months £327.9. Afteruouu: Three Apr -Joe 6SL1WZ-20 6250-eXSa 82^-8X10 Sternmn^Shoi South African: Valencia Late A20-3.2C: 

per pound. Per octo. jgw g^g-lS were «me nj. hetow Lem^uUan: 180 , 120 .. nev cron 5 . 00 - 

^ . . w.m-es .10 ;he hteJa. 5^0: Spanla: Trara 158-2.40; Souih 

vTT VrR war ! • African: cnmefruH— -Souib 

Sales: 155 tlSS) lots of 15 i tames. Pr57 Yenwtuy , i Previous i ButineD African: 27/72 X38-I55; Jaffa: 40 'a 4.09; 

Sftrer was fixed 2.4p an ounce higher Physical ctotmg nrtees 1 bsvecsj were: Comm. Close cio-e Doae G^Worarfam: Man* Seedless M X80 56 

tor am delivery m the Landoa buOjoo Spat jcip Ocl. 38p (5X73>t Coon. I *88: Jamaican: 27/W -70-4.00. Tangerines 

mm^reaunlay. at 283 2p. U5. eent ?tof. 5i5» <5955«. - — Brasilian: Per box 3J0 AnPles—FYeiKfa: 

COUtvalcnts of the «»!»« levels were: »• . Arw crop Golden Delicious to lb 72 s 

sPOf'5a_5c. un 3 Sc; ihree-monih F* ac — - _ __ l.;8230: Spanish: New crop XL.; Italian: 

on a ye-' ifaMTwnib sw.?**, up 4c: and pB 4 T1\2C I'S per ponaa Rome Beamy 0.10. Golden 

SnmSh to*™ mSl uKAlllJ tiee. rt.40 O.ltKBJtoi SX88-U.40 Deiimoua B.11-0.U: Portuguese: Golden 

.rfe. _ «Meb-pi^-0l.gl0«fraa5atoX»0UB DoUcteus per pound OJtMI.12. Peara- 

™ LONDON FUTURES fGAFTAL— The Uav— 1.X7MK flloxaWiX40iH».iB- 1 .4Ai French: Cnyot 2S-Hj bor L20: Per pound 

oma at asa-sgg taaosMi-ci. market opened sop lower on wheat and A u g — 1 B4B48Ai|ii&7X4riLSU|!O!LS04&4B Indian: cnyot 0.16. wuilams fl.2D-0.zi: 

| 35p tower on barley. Good buying support Oet 1l23A-lX5a)ix»-lX7H — Preodi: wflUams 28 lb 430. Patches— 

SILVKS Bulitoo 1 + m L.U.K. j+ nr was seen on o-heat at 48p tower which Dee. — HbL&J-lfiJajjiR.aa-iK — imiibb, 14 tram 9 ntu.n: Fnau-ii: 1A0- 

P* fixing — ctoM — rallied the marker to close steady 10-200 g, tMr . TST g — V -.l.' n . 2.00. Crapes— Per pound Cyprus: Cardinal 

twyoe. pricing higher on tbe day dae to lack of | triton. »» ofSfl Wmes. ^ Thonmsoo 0J8. Alphonse 8J0; 

Baricy to very thin volume InftJaDy — Il * URa: Bwliia 5 kg 2iO-X«. S be 

srxted tower tat supp or t JSL wS.'*?*? SSX ^ILf 38 ^ Cardinal 4.00. Plams-Caiitoraliui: 28_Ib 


Part of the Continental Grain Company Group 

World Trade Centre • London El 9AA 
Telephone: 01-488-3232 

Ionian: Valencia Laic Tinea 4JHL850. 

G E N E V A 

Full Service is our B u s i n e ss CLASSIFIED 

• Law and Taxation. m-icrur>rr 

« Mailbox, telephone and ADVERTISEMENT 

telex services. 

• Translations and seere- raA I LD 

tarlal services. 

% Formation, domicil iatiom 
and administration of 

Swiss and foreign com- Commercial * Industrial 
patties. Property 

— — 53 — ^ E — ^ — Dec. 612.10. Jan. 61630. Marrii 626.20. May 

1 Nominal, t New crop. J Unonoted 635.58 Eettlements. Sales: 14.000 Iota. 

dosed at A2I-28U (S38-5Slic>. 

SILVBxt Bullion 

per— fixing 

troy oe. pricing 

F orj 

— | close 

I I I B h— , 7^-* caraBMU 4.1W. riunts— c&iuorzuan: » to ■ -aw — p <u.s /pps.saaou. upoo-Du [ hljsj nia tsz^o>. «ov. KLOO asKed re .00 

883Bp U-2.4 1 884.45J. I+5.1B a r ou nd SOp Iwtr vltt "til ted tof ggS Caatieman per pound 0.40; Italian: Per I /otair^i6S.S»l5-5-7g34B.4S3fl2B6 j! doth.). Den. 90.70 asked- May 94.00 Md. 

vosjip h-».« >+a.U3 sranm raw ™ niu an ms* mi — casueman per pouno u-«i; iiauan: rer 

Stogie 3monxha_ 289.7p 1+8.85 2S0B5| ,+«B market to close on rt i a ug e d. Acl) reports. *^l^-lSrz3r * ««, pound Stanley a.lS-O.lS. Giant Prunes 0.10- 

Pcr eotenm Kmoothe^ 297.1 p U-leg' — ■ — — j ccmmt^ bwnafS? mFSoZS rSrit - T unal can: Per pound 0.15. 

Itec era. Umoaihe 312.6r &8J _ — ! - — oiheav HAHUEV ™ Ara raitoe Keny a: Puerto UA4a X58- 

■f f ■ .T urnover 17B (83) lota of 1B.B80 HutailigV + or IlModiv'd 4- or yjr (MM: uat n«m. *u w™” 3J0: Sontb African: Puerte X50-X80. 

| sanies. »' i 

Ap u o l a ft niis 450 lb 

BoabMta ft Investment 

OpeortmUltea. Corporedon 

I ■ Loony. Production 

1 Capwifir. puslnetBris . „ „ 

1 .. ForSala/Wautod » 16J 

vnAlfPI Bducatiou. Bdotore 

TRAVbL Contrsrty i Tenders. 

r — Personal, Gardenias «•» » 

' Haris and Travel - 73 1J- 

kuno w. ^ axftHiayg.gffajgg Boouftbium* - 7J 

fiSBTOeOTSftr"’ Premium prafttoas avaflabte 

- CMtataram sta* « oiliw» m 

■ 1 ! • n.w nr sfnsta cotoms on extrai 

ART GALLERIES For mrthcr drttOa to: 

’ Clarified Advertisement 


w risr*st-vx 

X jgaaaf- ' lO,Ca*«onSt««t.EC4P4B1 
^Nk AHT^lV. _ _ _ 

TION. . - - . • 

450 3450 “ 

5-00 S.99 

450 14.08 

Kartur Three mouths 
15. «L 885. 905. 803. 

ix ai «bj( sag. BOji. ”v.» i— —— ------ — 

May ' 93.15 B 7.C3 !-q 5S n*0l»cB par kllol 

5.23 16,00 COCOA DBatoess doo« Wheal— Sept. Si»«.85. Aiiriralra B ttotteBy-tof' orj ffwtm 

- wVvvfl Nov. e4.S5-8S.Ufl. Jan. . s7.4i-s75S. March 8<fc«y w '“l Ctooe — t>dx 

«s ».» ff a SS.£2^MffiS^ ££«£ ; 

SS&~SSSi n = 

"flab* CHilA ! e Cto^ V, i D.™~ T = 

— 1 1 648. May 8511. July 657-653. August 848. 

FINANCIAL TIMES ' tlSoyubean Meal— Sem. 168.70-16850 

rtnnnuinx i imc.a uitq.wi. Ocl 166.40.10650 tira.wi. Dec. 

An — 29 ! \u». iB Tuoiiui w»? Year mm- 165.00-107.30. Jan. lfi$50. March 17050. 

1 ■ ■_■ - 1 May 172.80. July 17X00. August 174. DB. 

Z46.8S ‘47.06! 835.72 I 238.50 Soyabean Oil— Sept. =6.43-26.40 123.04), 
(Base: July i. 1932 =100) Ocl. 24.40-25.35 <24.81 1. Doc. 2450-24. So. 

Jan. 24.05. March 23.73. May 2X3043.55. 
RF LITER'S July 23.30. August 2X10-2350. 

6 5ugar — No. »: Sent. 7.13 if.lOi. Oet. 

Auk- 29 V»a <5 IJlmiuti «-> 1 Sea? au« 750-751 <751 ». Jan. 7.43-7.83. March 754- 

; —I J 7.83 JMay &. 03-3.04. July 8 21-654. Sept. 

146X9 I 145851 1420.6 | 1479.1 X42-8.44. Oct. S.S4-355. Jan. S.60-8.60. 

(Bm sc: September 18, 1831=106) Salea - ,ols - mm. (Sto.oa numi. 
DOW JONES -wheat— Sew. S2T-3»j (33ii». Dec. 3231- 

Uow I Au-il AmT Motnbl Xeai 3234 <33643. March 3202-3204. May Sir*, 
lonee I 28 E8 W Mn July 3064, SepL 3891 mm. 

— WINNIPEG. August 28. t+Rvu— Oct. 

97569.96i36D.71f368.60 9158 bid (9250). Nov. 9250 asked re.00 

Mi5-Wg34Mgggj8 Dam.). Dec. 90.70 asked- May 94.00 Ud. 
age 182455-28= 1M) Jalv 9X80 asked. 

ttOato— Oct. 7140 (7250). Dec. 71.44 

MOODY'S bid asked), March 71.00 arited, May 

— 71.00 aatted. July TL.00 asked, 

A«7. ADS- Month *t« »&ari«y-0eL 70.73 GILSft bMl. Dec. 
28 ago *- ?LS0 bid <72.00 asked). Match 72.00 ashed. 

:^ra^5 8475 *2L,Uf! 

j ra- M — ii STrtM T asriaxmeo — Oct. 247.30 (246.00 Will, JfOV. 

rnber SL 1&31 — lOfl) 248.60 bid (tl»M btd». Deo. 245.80 bfaf. 

— May 248.88 bid. July 245.00 nom. 

** “Wboat — SCWRS 1"5 per cent protein 

-j-iy content elf Sl Lawrence 16X86 1 168.18), 

-»l'i All cants per pound ex-warehouse 

(Average 182*25-28=100) 


Ait?. Ado- Hofithjy&T 
odv't 29 28 «go I -t - 

I I ■" i ™ per cent SepL OXTO. TUbuiy. UJ. Dartt 

Ncnhcra Spring No. S 14 per ceot Sept J .ujy 

Ao-DConirt . „ s’ « inn. 777a «LM. Oct 02.73. Sot. J54JB. Tranship- ftgober 

— — uSa—i «■ » Coast Hltots. UA Bard Deocmber... 

£*zr ■'lMt iif'? li&Q tlS-winl WBaer ortnafr qawotfid. Antraliaa _ 

I Sluts. .— rtSta, SlLVIin vim, nmimut POT 1 i MWw ai. Mm- W 

LftdXJ] — 

1.B8. Metew-spanian: Yeaow B/14 aau- Commiv! 837-91 <4 1^9 16^*0415 . 1 .TrTTr . .. 

Uk nCZSSSr«n«a=5*ii arliaow-Oct. 247.30 (246.00 bid), Nov. 

rpBcember 3L 1851 -lOfll 248.60 bid OHM btd». Dec. 245.80 bid. 

Eugllsb preduca: Pota toe s P er 25 kg ' . May 248.08 bid. July 249.00 nom. 

e, S' 1 '^'ww L—t ,"2f — ' E ^L I= r? 111151 CoE * "Whoat— SCWRS 135 Per cent protein 

50. Webba 1.80. Oreumbera— Per nay content Clf Sl Lawrence 16X96 < 168.18). 

D*-? n COTTON All cams per pound ea-warehoose 

Grenadier- 953-0.04." Lord Dcrty XM. «TTOll— UwpML Spot and ship- t CWano* 

GeOrM Cave DAS. Brumley 0.8M.10. mcuiMlcs amounted toito tonnes, reporu D r 

SSUS tSSS SWffi JftUT-S! M* HwS,® 

msz, '™ c jJL'£zr T 'i r r — — ■ sSbFAIb £ RUBser Boa as — Per GRIMSBY FISH— Supply gaud and r.n, aurity delivered NY I Cent* 

«J=K! ^0 9-1^50. PWs-P er pound demand goad. Price, per stone at *Up>* ^ SSI? SSESSnS.' I 

Iro>nS «WMjM L_EEC wlteat PMttWod. M «: JUl frame) JoiT of'1500 Mtoir Per a to MP-lJg. Cansi nuns— Per pound Codlings XS.6MS.40; Large haddock X450- Sr jw Sort tora deUvered 

tatomdouf Coras organtaQaa (U5. Barlqrs CnquotetL 

SM5, l; July 37XM7U, oil, nit Oct Patranlps— Par to to L50-LB. 

Sotos (Urge) £4595X80; Salihs HJS J1W . I lots. IJ fC per tonne. 


TtnaMalTSittes Wednesday 

Equities susceptible to fresh small public sales 

30 -share index slips 7.6 to 505 . 8 — Short Gilts ease 

Account Dealing Dates 

•First Declara- Last Account 
Dealings lions Dealings Day 
Ang. 7 Aug. 17 Aug. 18 Ang. 30 
Aug. 21 Aug. 31 Sep. 1 Sep. 12 
Sep. 4 Sep. 14 Sep. 15 Sep. 28 

* " Haw time H dealings may taka plan 
Inn) US ijh. two kudien Cays earlier. 

In the absence of the invest- 
ment demand thought likely to be 
aroused by Mr. Healey’s pre- 
holiday optimism about the 
economy, equity markets soon 
became uncertain. Renewed small 
offerings from private clients 
found dealers attempting to keep 
their books square and therefore 
reluctant to accept stock, a 
situation which led to thin and 
sensitive trading conditions. 

Concern about the critical 
(situation at British Leyland was 
reflected in the dearth of buying 
interest, while recent enthusiasm 
for household manufacturing com- 
panies waned following the 
London Business School's forecast 
of a significant slackening in 
consumer demand later this year. 
Leading shares sustained double- 
figure falls with general election 
uncertainties adding to the list of 
adverse market influences. 

Few sections resisted the trend 
with the oil majors purportedly 
unsettled by the controversy 
surrounding possible Rhodesian 
sanction - breaking. Individual 
firm features emerged on Press 
mention and in special situations 
such as Reed International, up 10 
at 160p, after lWp. buyers Hoping 
that the current talks aimed at 
the sale of the group's principal 
Canadian subsidiary will be 


The FT Industrial Ordinary 
share index dosed 7.6 down at the 
day's lowest of 5P3.S mirroring 
the post-holiday hangover of the 
market in which the total number 
of bargains marked, at 4.348, was 
the smallest for six weeks. 

British Funds were again 
desperately quiet with sentiment 
basically unaffected by a further 
slight increase in U.S. short-term 
interest rates or by sterling’s late 
firmness yesterday in foreign 
exchange markets. Medium and 
longer stocks remained unchanged 
while several nearer issues eased 
a shade apart from one or two 
1979/SO maturities — which 
improved marginally. 

Institutional selling of the 
investment currency premium 
increased after news of the 
unexpectedly large U.S. trade 
deficit in July: after initially 
improving to 96 per cent, the rate 
wilted to 90 per cent before 
closing a net 4J points lower at 
90} per cent. Yesterday's SE 
conversion factor was 0.7066 

Yesterday’s total of 2S7 con- 
tracts completed was the lowest 
in traded options since July 7. 
ICI with 132, contributed nearly 
46 per cent of the total with 
Interest continuing to be en- 
livened by the approaching 
interim results which are due on 

Domestic and Investment 

currency influences brought about Sony reflected doUar-premlum fell 13 and 11 respectively while 
a reaction of 10 to 327p in Hong* Influences with a fall of 25 to Unilever dipped 8 to 574p and 
kong and Shanghai, while 580p. Other dull spots included PlUdngton 6 to 628p. Among 
Deutsche fell 4 points to £111 for Ward and Gold stone 4 off at lOlp, secondary Issues, XL Brammer 
a similar reason. Home Banks and Racal Electronics, 10 cheaper added 7 to 173p in response to the 
drifted gently lower with Barclays at 32Bp. higher interim profits and pro* 

3 off at S52p and Lloyds 2 easier Engineering leaders succumbed posed 90 per cent scrip issue and 
at- 264p. In Discounts, - Allen to the dull trend and closed with Aeronautical and General Instru- 
• Harvey and Ross cheapened 5 to falls ranging to 10. Hawker mentg gained 4 to 90p following 
310p following the uninspiring dosed that much easier at 234p. Press comment First Castle 
interim report Elsewhere. Fraser John Brown declined 4 to 468p, Securities hardened 3 to 41? after 
Ansbacher eased a fraction to 9}p after 466p, and similar reactions trading news. Revived demand 
in front of today's preliminary were seen in GKN at 283p. and lifted Biddle 6 to 102p and invest* 
results. Tubes at 418p. Elsewhere. Press ment support was again forth- 

Insurances closed easier comment prompted respective coming for Ricardo which added 
throughout on small selling and gains of around 2 to 3 in Howard 4 to 298p, but losses of 4 and 6 
lack of support. In front of today's Machinery, 33p, RenoM, 14Qp, respectively were seen in English 
interim figures. Pearl declined 4 and trill and Smith, 87p, while, in C hina Clays, 74p, and I CL, 3S6p. 
to 264p, while Snn Allian ce which front of today’s preliminary Investment currency influences 
report half-yearly results next results. Thnrgar Bardex edged left Jardine Matheson 9 lower at 
Wednesday, lost S to 57fip. Royals forward a penny to 20p. S. W. 264p and Scfalumbexger 2} points 
gave up 5 to 395p and General Farmer found support at 140p.. off at £64 J. 

Accident 4 to 232p.- up 5. but Davy International • In the Leisure sector. Horizon 

Breweries bad an easier bias, relinquished 3 at 2S5p. Midlands drifted back 3 to lMp, 

Gal on ess closing a penny off at Press comment directed fresh but Westward TV firmed 14 to a 

162p and Bass Cnarrington 2 . - 

cheaper at I66p. Elsewhere, farm, .... _ -7 

Distillers eased 3 to 197p in line * ~ ~~ 1 *' ~H 

with the other equity leaders. , IH 

Apart from the odd special ^TAII A . . . k J l 

situation stocks. Building issues 260f|g§ I IIM l /tl it 

were inclined easier in quiet — j g w 

trading. Ellis and Evcrard, 5 ~"Tv.' ■ ' 1 Wr 1" 

higher at 104p, reflected approval o fr DEX^ Jj_ V Ur---- ■■■H r 

of the sale of its building supplies .y.;— ' ...'■.T,: W 

division for nearly £3.6m to Travis ;;; ' t ■ i» 

and Arnold which moved up 6 to j = ■ —f TF- -h 

169p. SGB advanced to 180p in 240 f^=^ -i — r : S|f . 

response to favourable Press men- i ■ . /I" "*== & M 

tion before settling at I77p for a “ •Mrtfr.S m Wttf * 

rise of 5 on balance, while Crouch • fl' -H _ ■■ - . - ' 

Group closed a penny dearer at p f f f 

I12p ahead of Thursday’s pre- } / ii .li EiJW-i 

lira in ary results. Taylor Woodrow ’IWJ' f . . 

eased 4 to 430p and falls of 3 were 220|rvf w — nf 

marked against BPB Industries, » v f 

250 p, and Carron, fiOp. R. Costam, j i07n 

however, closed unaltered on ^tQ 113 '* l ia<B 

balance at 22Gp after easing to DEC JAN FEB MAR APR MAY JUN JUL AUG , 

222p. v ■■■ ■ - * 

abSTSf ' sISlirt 'IS! K3 % attention to Cullen's Stores, the peak for the year of S0£p. 
rhMnXr at * A rising. 10 to 150p for a two-day Concern over BL's latest labour 

cneaper ai o»op. improvement of 17. Small buying problems cast a cloud over 

Rnrten W2Ulted in a restricted market lifted Motors and Distributors which 

A firm market lately on bid Goldrei Foncard 5 to a 1978 peak closed on a dull note following 
TnrJUn took a fur- of B2p. while J. Salnsbnry edged small selling in an unwilling 

theater mucSv forward 2 to 225p on reports that market Lncas Indnstri^ were 
S JSSSkm the company has taken a greater unusually dull at 323p. down 9, 
Sr? IS n Share of the grocery market Still while A^oriated Engineering, 


1977 1978 

A rising. 10 to 150p for a two-day Concern over BL's latest labour 
improvement of 17. Small buying problems cast a cloud over 
in a restricted market lifted Motors and Distributors which 

down 9, 
lnee ring, 

S»~<B35 TSa® « UnLaiMiUS SKjnSLSEWi 

at I77p, while the Ordinary put D atMSn while LmfOod ment of 5- Dana Corporation 
on 13 to 186p, after 188p. and Uie sof . enef . « iTuijn th» latter in reflected currency Influences with 
Warrants 3* to 45 p. after 48p. toSorroJ's oreuSSaS * ^ 01 H P°lnts to £22*, while 

Other Store leaders, however, o£ tomorrows preliminary Commercia ] Vehicles had modest 

were unsettled by the Umdon „ Houses, a nennv losses m EM 1 .' 122p, and York 

Business Schools forecast that 0 i n fa Uedro^snoSdto TraiIer ' 53p. Nelson David were 

consumer spending will slacken ?h e first hSifnrofits^inSease “ aflam on offer, losing, a penny to 

considerably by the end of the “ e Iirstfialf P roflts mcreafifl - g ip for a twtUaj i«ictionof li 

year. Gnsslcs A lost 10 to 312p D „ nJ *4 . ___j on the preliminary figures, 

and W. H. Smith A gave up 3 to Keetl llll. gOOa Richard Clay responded to 

179p, _vrhile_ Marks and Spencer Reports that talks have started favourable weekend Press cora- 

l26p. Falls of 2 were also -marked 
against Brixton, 106p, Evans of 
Leeds, lOOp, and -Great Portland, 
SOSp. Adverse Press comment on 
the recent sale of Its 5 per cent 
stake in Chesterfield Ronson 
(Europe) led to a reaction of 10 
to 350p in Chesterfield. 

BP sold late 

With sentiment not helped by 
the Bingham investigation into 
the 'supply of oil to Rhodesia 
since the Imposition of .sanc- 
tions, Oil leaders passed a rather 
drab session yesterday. British 
Petroleum .drifted down to S92p 
and recovered to 900p before Late 
selling from the U-S- took the 
price back to a dose of 888p for 
a fall of 20 on the day. Shell gave 
up 8 to 582 P, after 580p. Royal 
Dutch lost a point to £46, mainly 
on dollar premium influences. 
Elsewhere, Siebens remained a 

dull market at 35Sp, down 6, and 
Ultramar eased 4 to 242p. 

S. Hoffnung remained on offer, 
losing 3 to 77p for a two-day 
reaction of 10 on the sharply 
lower profits. 

Small selling in an unwilling 
market took its toll on Investment 
Trusts which closed with a fairly 
lengthy list of modest falls. 
Alliance Trust eased. 3 to 243p 
on further consideration of the 
interim results, while similar 
losses were sustained by Jardine 
Securities. 140p, and Scottish 
Eastern Investment, 152jp. In 
Financials, Haw Par responded to 
renewed speculative interest with 
a rise of 4 to a 1978 peak of 68p. 
Britannia Arrow hardened a ' 
penny to 17)p on the first-half 
recovery, while the 6} per cent 
Cumulative Preference shares 
were marked up 10 to 60p on the 
Board's statement that the 
arrears will shortly be paid off 
and dividend payments resumed.' 

. Shippings eased in a 'small 
business: Furness Withy stood out ' 
at 235p, down 9, while P. and O. 
Deferred. S5p, and British and 
Commonwealth, 278p. shed 2 and 
4 respectively. Elsewhere. MHfortf 
Docks responded to Press mention 
with a rise of 2 to a 1978 peak of 

Having touched 3B5p following 
Press comment Guthrie ran into 
profittaking and dosed a net 7 
down on the day at 380p. 

De Beers weaken 

South African Gold shares lost 

ground in sterling terms mainly 
owing to the further fall in the 
investment currency premium 'and 
despite the late jump in the 
bullion price, which was finally 
S&375 higher at 8204.75 per ounce 
following the sharply- increased. 
UH. trade deficit in July. 

Trading ip gold shares- was 
subdued for- most of the day with, 
prices merely reflecting the lower 
premium. But interest tended to 
pick up in the late after-hours 
dealings as American buying 
followed the worsening TTJ5. tirade.' 

The Gold Mines index— which is . 
calculated on cum premium prices 
— fell 2 Ji to 17S.6. 

South African Financials- also . 
suffered from the' decline in the' 
premium with De Been a' further 
14 off at 4Q8p, compared with 455p ■ 
prior to the half-year results 
announced on August 22. Anglo- 
American Investment Triut 
dropped a point to £44) in 
sympathy with De Beers. 

On the other hand Union 
Corporation attracted Cape sup- 
port and closed 2 firmer at 300p 
in front of the increased interim' 
and half-year profits. London 
registered . Financials ~ . were 
generally a penny or so harder Jn 
quiet trading. 

In Platinums, Rustenbuig were 
undisturbed at -96p despite hews 
that the company is to increase 
its producer price to 8250 per 
ounce, in line with that charged 
by Imp ala. 

Gains in overnight Sydney and 
Melbourne markets were more 
than offset by the' fall in the 
premium here and Australians 
consequently lost ground. 

Exceptions. however, .were 
diamond exploration issues. 
Northern. Muting closed 6 higher: 
at Hap, after opening at. .U8p. 
while Coniine Rlotinto put on 3 
to 2S9p; the latter’s sharply 
reduced profits and lower divi- 
dend had been discounted. 

‘ Among base-metal producers, 
North Broken H£Q lost 7 to U8p 
and MDH Holdings 4 to 207p. 

Tins registered widespread falls 
following the lower premium. 
Ayer Hxtam gave up 30 to 385p 
and Tronoh 15 to 245p. 

20 un 509.7. U Id HTX Noon 3OTA 1.1*# 8 W*T* 

S cm SNJ. 3 pm. SWA 
Latest index OMtt «8»* . 

■Based o# as pec cent corporation, tnt 't W I ffl ' ' 

Basis MO GartT secs. *£waa_Ftad U7/& QcM 
Mines 12/W33. SB AcfiTlW J#1 T-Dbc..XS®» 

highs and lows 


Since GompikttiPBi J 











(3 PJOf 

60. S3 


As* 1 *»*■ 

« •' ' 


DEALING DATES included Hannah OiL SpOlM* 

first Last Last For London Brick, Diploma Invest* 

Deal* Deal- Declara* Settle* ments, Pentland ■ Industries, 

ings lags tion ment - Oliver Bix, Burton A and Town . 

Ang.30 Sep.' 11 Nov. 23 Dec. 5 and -City Properties. Puts .were 
Sen- 12 Sep. 25 Dec. 7 Dec. 19 done in J. Lyons and Asr elaied 
Sep. 26 Oct. 9 Dec. 7 Jan. 9 Dairies, while, doubles were 
For rote indications see end of arranged in Amalgamated -W®, 
Shore Information Service Barker and Dobson- and Assoh 
S tocks favoured for the call efcated Dairies. 


ended 2 off at 86p. Elsewhere, with several major Canadian com- ment with a rise of 4 to 92p, while 
awaiting for further news of the names for the possible sale of its the increased offer from Starwest 
bid discussions. Bonne and biggest Canadian asset Reed of 80p cash per share left Tridant 
Hollingsworth hardened afresh Paper, helped Reed International Group a shade dearer at 77iP. 
? — to 280p. while Hepworth, at equal its 1978 high of 164p before Collett Dickenson, a good market 
80p, moved forward 3 in response closing 10 up on balance at 160p. of late on take-over hopes, opened 
to Press comment Freemans Comment on the group’s joint higher at 89p following late busi- 
dipped 5 to 375p as did Lee venture with -Toshiba prompted a ness last Friday and improved 
Cooper, to 122p. fresh rise of 8 to 290p in Rank further to close 8 up on balance 

William Mowat featured Shoes Organisation. Other miscellaneous at 93p. 


Denomina- of 
tion marks 

with a rise of 6 to 22p following Industrial leaders, however, were Properties drifted lower on lack 
news of the hid approach. marked lower at the outset and of interest Property Security 

Electricals. Thorn were lowered then drifted further on small gave up 4 to 162p and Alnatt 3 to 
8 to 3S8p. while GEC. 306p. and public selling and lack of support 227p, while awaiting today’s 
Decca “A” 478p, lost 7 apiece. Glaxo, 615p, and Beecfaam, 707p, interim results, Slough eased 2 to 

Stock tion 

BP £1 

Id £1 

Rank Org. 25p 

Glaxo 50p 

Barclays Bank ... £1 

GEC 25p 

Plessey 50p 

BATs Defd. 25p 

De Beers Defd. ... R0.05 
Guthrie Corp. ... £1 
Shell Transport.. 25p 

Unilever 25p 

Burton A N/V ... 50p 

Dunlop 50p 

EMI 50p 

Closing Change 

rice (p) 

on day 








- 8 




+ 8 

290 . 







- 3 




- 7 




- 1' 




- 3 








- 7 

- 400 



- S 




- «. 





178 1 



- 1 





lfiO. . 


Option price 






Lom. Union 












nnrail MM. 

GmrKl Mm. 

Or*n<t Met. 





Land Sera. 
Uiod Sec*. 
Letui Sees. 
Lnflii Sees. 
Marks £ Sp. 
Jlnrkn ± Sp. 
Mnrka & Sp. 

Blsrks & Sp. 

Shan •’ 

162 — 

10a — 

66 — 

34 2 

12 6 

19 — 

6 3 



6 — 

18 — 

11 — 

4 Is 18 

2 — 

88 - 

b8 — 

48 — 

30 20 

17 - 

Big 4 

iaig • — 

Big — 

4 — 

73 - 

43 1 

191* 33 

7lg 14 

69 — 

39 — 


. 71* 19 

271* — 

171* 30 

91* — 

31*. - 

90 — 

44 - 

181* 20 


17 — 

!r* E 

80 — 

84 — 

49 — 

37 — 

22 - 

221* ‘ - 
161* — 

11 — 

77 36 

60 3 

31>* — 

21 — 

65 — 

47 - 

31 - 

19 — 

29 — 

It — 

121* - 

61* — 

106 • . 

71 — 

41 — 



Group chief executive 
change at Fairclough 

Sir. Edwin Garner, a director 
TION GROUP and chief executive 
of Fairclough Civil Engineering, 
has been appointed group chief 
executive from October 1. Mr. 
Oswald Davies, at present chair- 
man and chief executive, will 
continue as group chairman and 
in overall control of the group's 
overseas interests. Mr. Garner 
joined Fairclough in 1953 and has 
been particularly concerned with 
the whole of the company's in- 
volvement in motorways. 


Mr. Roy A. Paterson, chief 
buildinu surveyor of HANOVER 
appointed a director. 


Mr. Gustavo Rora has been 
appointed a director of the 


Mr. 1>. M. McGronlher has been 
appointed a member of the ELEC- 
TRICITY COUNCIL for live years 
from September 4. Mr. 
McGrouther is at present deputy 
chairman of the South Western 
Electricity Board. Mrs. B. J. 
Edwards, managing director of 
Ameeco (Personnel Services i, is 
to be a part-time member of the 
for three years from September 1. 

Mr. Harry Ercritt will be join- 
ing the Boards or ROBERT FLEM- 
ING HOLDINGS and its subsidiary 
from October. Until June of this 
year. 3Ir. Everitt was a director 

of the Guinness Poat Group and 

a managing director or Guinness 
Mahon and Co. 


Sir Emrys Jones has boon 
appointed, from September l, to 
the North and Blast Midlands 
Regional Board of LLOYDS BANK 

which >ils under the chairman- 
ship of Mr. G. C Kenl in Notting- 
ham. Sir Emrys. who was until 
recently the Principal of the 

Sr ' ' s'--..-.' •'Ksn 

t ■ i- .-msmaL 

Mr. Edwin Garner 

Royal Agricultural College, Ciren- 
cester, Is now Principal Emeritus. 

Mr. David A. Jarvis has been 
appointed an Additional director 


Sir Icuan Maddock has been 
elected chairman or SIRA IN- 
STITUTE. to take office after the 
annual meeting on October 17. 
The retiring chairman is Dr. 
Sydney Jones, who has held that 
position since 1970, 


Mr. R. T. Collet has been 
appointed financial director of 


The Secretary for Education and 
Science has appointed Sir Alec 
Mcrrison vice chancellor of the 
University of Bristol, to be chair- 
man of the ADVISORY BOARD 
He will take up that position, 
which is for four years, on com- 
pletion next year of his post as 
chairman of the Royal Commission 
on the National Health Service. 
Sir Alec will be succeeding 
Professor Sir Frederick Stewart 
who has been chairman of the 

Advisory Board since October, 


Mr. Peter Sweet is to become 
North West Regional Industrial 
Advis er a t the DEPARTMENT OF 
INDUSTRY in Manchester on 
September I. Mr. Sweet has spent 
all his business career with the 
Simon Group. He became a direc- 
tor of Henry Simon in 1971 and 
managing director in 1975. 


Mr. John Farthing has been 
appointed a director of Stanley 
Gibbons Auctions, Mr. Colin 
Whitehead has become a director 
oT Stanley Gibbons Ltd„ and Mr. 
Brian Travis has been made a 
director of Stanley Gibbons Pro- 
ducts. members of the STANLEY 


Mr. Arthur Boydel] has been 
appointed deputy chie f executive 
of RIVLNGTON REED from Sept- 
ember 1. He is at present manag- 
ing director of Wardle Fabrics, 
part of the Vantona Group. 

Mr. K. G Dudley has been 
appointed director-general oF tbe 
from November 1. He replaces 
Mr. EL R. Hinton, who retired 
earlier this year on health 


Mr. Bryan C Weldon and Mr. 
Hngh Lester have been appointed 
joint managing directors of 
Weldon also has the position of 
deputy chairman. Mr. Lester was 
previously managing director of 

Loughborough Dve Works. 


Mr. John Bischoff has been 

appointed to the Board of 
INGERSOLL LTD. as sales direc- 
tor from September I and Mr, Des 
Johnson will also join the Board 
on that date. Mr. Johnson is 
managing director of Watch and 
Clock Centre, a subsidiary. 


Mr. Harold Badcock. head of 
finance and company secretary of 
LABGEAR (Pye Group), has 


Mr. D. A. Littleboy has been 
appointed company secretary to 

The following 1 iccurttta (noted in the 
Share Information Service yesterday 
attained new Jgl« and Unas for 1978. 


BANKS (1) 

Cater Ryder 


Gibb* & Dandy SGB Group 

Pochlh's Trayls & Arnold 


Ellis ft Everard 


Burton Group Fine Art Dvlpts. 

Do. A N-V Hepworth CJJ 



Danks Gowerton Farmer (S. W.) 

Drake ft Scull Hill ft Smith 

FOODS (4) 

Cullens Goldrei Foncard 

Do A ' Lovell (G. Fj 


Brammer (H.) Huntlelgh 

Burns Anderson Maetarlane 

Cole (R. HJ Rank Or*. 

Dundonian Russell lA.) 

Elblcf Saga Holidays 


Gnome Photo. Westward TV 

Nationwide Lets. 



PAPER (4) 

Clay fRichardl Tridant Group 

Collett Dickenson Watmoushs 


Ml [lord Docks 


SHOES (1) 

Ward White __ „ 


FMter (John) Jerome (Htdos.) 

TRUSTS (13 . ! 

H * W - Par TEAS (1) 




Genera. ElectrK MOToRs (ij 

York Trailer 0)Uf 

SCCDtr0 TEAS (1) 

Lewrle Plante. 


Up Dm Son* 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

" and the Faculty of Actuaries - 

British Funds ...» 




Corpus. Doe. amt 

Forcten Honda 








Financial and Prop. ... 




Oils — 












Recent Issues — — 








25 Hljrli low 

P4*- .^1 If! lib 

03 K.K dliB el I 

f.t*. - l2aJ 

M3 F.P. 84ifi 94 

115 P.P. 8/9 1M 

?l Cartiers 6uperfoods....j 78 _...IM2.41 4.1 4.71 7.Q 

4 Km ray [ 10>* — — —I — 

S3 duDtuehCr.tiwvlc«>| 88 , — - 4.66 3.0 8.0162 
Lid Jones (BL) (Jewln)lOpi 163 —1 A5J5 2.1 5.4)16.5 

O D 






■ • 






SI 00 

i £0 


1 * 1 



m m 



• 16 





A * 







P V 




7/9 1 



— 1 



1/9 | 






la, a 



£99^4 ' F. P. 


taai 4 



dd Birmingham Var Rate B5-S 

96 CafTj-ns 10J Prof. 

Osmilvia Var. Rate Red. 1993 

30 1 B Do. RttL 1986 

uu Ceuiral i 6htcrwao& IDS Pref. 

9K Crosby (taring Interims 10% Prel. 

I 97p B.1LP. life Oum. Pref 

de East AngSa Water T% linl. Pref. 1983. „ 

dtJla 0. K. Hotrtinjpj 104J Pref.-. 

99 U Kensington and Chelsea Var. Kate. 1983. 
co lloutoya 12% Partly V.'«nv. Una. La. 'B6-' 

16p:Nearetri ami Zambia 9% Cov. HrtJ 

-W ft : K on bam ptoa v 'w. Kate fled- 1983 

99 |i- Pitman 10ft Gum. Pref. — .... 

Ku.viieck 101ft l'iiio. Prof 

Ml* ItutorL 84S Cum, Ptvi 

dole 3t<Uieqv Parke Beniet %% Cum. Pnd 

—UiscJiuij Var. Kate Had. l9Ki 

B9lBjdt»thclyiJe Var. Kale 

»os I Wandsworth Variable 1&3. 


. 99 

. 981* 

. 993 4 

; so 'e 

. 971* 


■ 9Bi*p +ia 

. 98 

, 99>s _i.. 

i US 


■ SSrt 

■! ioip+1* 

■i iooi>; 

.1 95 

.1 981*1 + 1? 

.1 99Sfll 

■ 991b | 


EQUITY GROUPS Tues., Aug. 29, 1978 


EsL Cram Eat 

EsrahEJ Dlv. PVK 

^*2s^jsZ nmibee< * “ awwtt 

atods per aectun % Conx at 33 %) Corp- I 

TkSK . TkS% 

1 CAPITAL GOODS (170) 242.93 -LI 15.86 5.07 8.67 

2 Building Materials (27) 220.94 -0.9 15.90 5JT7 8.84 

3 Contracting. Construction (27)_ 397.95 -05 1753 3.73 828 

4 Electricals (14) 524.16 -L6 13.66 351 10.18 

5 Engineering Contractors (14) 35&46 -L0 16.80 5.78 7.93 

6 Mechanical Bngjneering(72) 19455 -L0 17.00 558 70S ' 

8 Metals and Metal FonxdngUfi).. 176.46 -0.9 15.95 &00 854 


11 (DURABLE) (52)™ 219.47 -L7 15.91 451 8.75 

12 Lt Electronics, Radio TV (1S)~ 27033 -L7 13.81 3.77 10.12 ! 

13 Household Goods (12) 18253 -0.9 1622 619 648 

14 Motors and Distributors (25) 13L49 -1.7 1959 623 759 i 


21 (NONDURABLE) U75) 21901 -0.9 14.90 550 9.06 

22 Breweries (143 23353 -0.6 14.89 601 9J24 

23 Wines and Spirits (8) 282.75 ”-3-2 1507 5D8 9.90 

24 Entertainment, Catering (17) 26852 -0.7 14.87 ' 643 950 

25 Food Manufactu ri ng (2D 23505 -L0 1766 504 7.47 

26 Food Retailing (35) 22454 -05 1354 4.60 1008 

32 Newspapers, Publishing (13) — 39856 -05 1008 306 3A.02 

33 Packaging and Paper (18) 14804 +05 1755 7.17 7.49 

34 Stores (40) 207.73 -L4 1058 455 1405 

35 Textiles (25) 18053 -15 1802 7.68 7.15 

36 Tobaccos (3) — i 25909 -05 2104 703 557 

37 T oys a nd Games (61 119.95 —LI 18.90 552 609 

41 OTHER GROUPS (98) 212.63 -15 1509 550 8.60 i 

42 Chemicals 1191 29809 -1.7 1653 601 a 08 

43 Pharmaceutical Products (71 Z7758 -15 1052 3.68 1L99 I 

44 Office Equipment (6) 14646 +2.0 1656 509 703 

45 Shipping (10) 41555 -L4 17.41 757 758 

46 Miscell an eous (56) 22708 -1,4 1600 539 _850 

40 INDUSTRIAL GROUP (485) 230.77 -IQ 15 554 ""jjufiT 

51_ Oils (5) 508.65 ~ -15 3450 358 7a5\ 

59 500 SHARE INDEX — 254.13 —1 ? 15,17- 5.13 &£q 

61 FINANCIAL GROUPdOO) 17457 -15 “ Z 5^ 

62 Banks(6) 19303 -0.7 2401 606 620 

63 Discount Houses (10)' 217.96 — — 7.93 __ 

64 Hire Purchase (5)_. 164.06 -25 32.04 5.02 1209 

65 Insurance (Life) (10) 34755 . -1.6 — 606 — 

66 Insurance (Composite) (7) 134.22 -15 — 643 — 

67 Insurance Brokers (10) 354.76 -IQ 1305 4.48 10.80 

68 Merchant Banks (14) 8602 -0.4 — 5.69 _ 

80 Property (31) 25894 -05 3.18 290 55.12 

70 Miscellaneous (7)-. — - 114.21 -0.7 2213 731 555 

71 In vestment Trusts 450) 234.79 -1.2 297 459 33,71 ' 

81 Mining Finance (4) ^ 107.82 +00 1636 641 7 44 

SI Overseas Traders (10) — .. . 33259 -0.8 1658 6.75 7 69 

99 ALL-SHARE INDEX! 673) 233.68 -II in — 

Thurs. Wed. Tne*. Year 

Aug. Aug, Aug- ago 

24 23 22 (tpprat. 

Index Index Index Index 
No. No. Ka Na 

• & 

■ a 


‘- 1 * M 


' Mi 



- . 



f * .. • <Vf*i 




Br. Gmi Av. Grass Red. 

Fri. ' Yew. 
Aug. apt 
25 tappHMcJ 



Sir Emrys Jones 

Call to end ‘dumping 9 
children in hospitals 

by James McDonald 

THE GOVERNMENT should used as “dumping grounds” 
detail wbal it considers the role for children whose fatuities were 
of the men-tal handicap hospital left with tittle or no help and 
so far as children are concerned, support until they could no 
the National Association for longer cope, and hospital admis- 
Mental Health said yesterday si on was the. only alternative, 
when commenting on a draft “despite the Tact that hospital 
consultative circular to health care is not needed." 
and local authorities by the Although the circular was a 
Department of Health and Social small step in the right direction. 
Security. “it fails fo give parents any 

The circular. It said, was an substantial hopes for a belter 
atte mpt to stop hospitals being ajliemative to hospital. 

I sane 










• | ■ 

High | Low 




$80 NU 
SO F.P. 
06 F.V, 
10 Mil 
70 FJ?. 
77 Nil 
5S F.P. 
94 P.P. 
30 F.P. 
110 F.P, 
100 F.P. 
64 F.P.! 

— J - 40 33 [Bank of Montreal — 38 1 — z 

30/8^24(11 71 67 ffltaekvood Hodge 70 +1* 

2/El 1/S bS 46 I Bead lam dim* £ Gnjgtaa^.. 69 

— I — Uspm Us pm tfKunlwk llipm 

10/0 81/9 dti 7a teeohfWm.) 95 —1 

11/9*27/10 Opm 7pn Lex tjerview Bifipm 

3/8 1/9 'W* 4o Norton (tt'.B.J.-., 47 

21/8 4; 19 III 104 Property Partaimhlps- ... 111 

28/7 8/9 T& 66 Sutcliffe Speakman 64 ..... 

Under 5 years _ 

5-15 years 



10/0 81/9 M IV Leeofa fWm.1 

11/9*27/10 Opm 7pa Lex tjervicte 

3/8 1/9 4U1* 4o Norton (ft*. E.) ..... 

21/8 4; 19 III 104 Property Partnerships 

28/7 j 8/9 t£ 66 idutcliffe apaakman .j 







xd adj. 

xd adj. 

(0 date. 
















8.91 ' 






4 Medium 

5 Coupons 
_6 ____ 

7 Higb 

8 Coupon* 


5 yean., 

35 yeBrs„.„„ 
25 yaerF- 

5 years... — 

IS years 

25 years. 

5 yeaifc__^ 
15 years.^^. 
25 yean 

ora ic m sutciuro apeaxniaii 04 

14,1* 8/9l 169 f ISM hrewlemlt ; 1B6 

26/6; S2i9l 121 j 119 |Wiiluun» J'm'iftAK Cri-inKilPll 121 

18/8! 13/9! 104 

119 IwitluniH CrlmKrlPfj 121 

SO !Yuik«liire UhemiuaJ* | 1U1 

Hcuuuooiinii udiif usually Iasi any ten denims true or duly, a Kmures yfi 

Oswn un orusiieciuo esintiiiir u AssumeO auutena atm yield. B Knrwsasr drviauno 
»vmi hated on omriuua wear's ea miruca. * Diriaenn and yield haded on granxens <g 
vn eihet ofli'-ial erttmaiea tor 19TO u Groes. 1 Piwree aeaumea. 1 cower aUmra 
101 tonwtaou <H dham not now raakuw lur dreMeod or ranhuw only for resmeten , 7 - 
dWMtenda l'Pla-3'ifi on& to poMk. p t Peoca unlna otherwise Indicated. 1 Issued 

hw tender, fl Offeree ro holders to ordinary shares as ■ “rmhte." “* Issued 

by way of caoitnbBatlan. +r utnmiuro tender price. Cl Rdotrodaeed. Ifl issued u t n 
connection with rnorgsntwnan nwroer or tah+ovar. nil imrodwtUw. ~] leaned l TTW Tf 

16 20-yr. Red. Deb & Loans (19) 
is Investment Trust Prefs. (15) 
17* Com!, and IndL Prefs. (20) 

Tuedaya An*, a Frf. Tbur. Wed. Tnoa. ■ M*. um ^ 

Wri As '- A ^' ^ x T r. S. 

=V.7Bj.i*. TO U|,.„ „ J7 

81 ' M u»«n.)La Ilii 

.a-. W 



* •-? _y*i 

- r * 

’ •• T.-4 

' % 


" % 

“ “A -t' - 

. ^ * 

- 4 






*'•' i‘v 

W ‘r<i 
• - 

70.82 12.91 J 70^8 70.82 70.87 70.88 7a 14 . 70.15 * 70.8; 

tRedenvtioa yteM. Msfc* and Inn recard, base 

.uniwvuuu win> • nurvNnnqiaoa amnfer or taKMrvar. nil 'iniwnaN. 1 imnwni ^— » iu _» - — — ... ■*•« Bed values and mwaitMor - »■- " * — ■ ■■ " 1 

to former preference holders. B Allotment terters tor rtUf^slcU. • ProristooaJ SEtou, HCBF h awMaMo fro m em P rttlUhm^ the mWbBBdlB SUwda* 

or panlx4»Jd anotmem Jensi. * With warrants. 1 iaoit ‘ “ T - hr 22p. m comew. —row raw, BrMrea Him, Cmmam smu, 

panlMHld anotmem ianaxs. * With warrants. 


, = * ' 1 ■>. . . " ' 

\ . <X.M 

\ • J; 

MV K | 



SSc«lrt , 2. l «SS' , J CSS , 1 ^ d ' mxi . .. ... Minster Fund Mangers Ltd. Provincial Ll/e Tut. Ctt Ltd.? ’s*vc & Prosper c«otinn«J 

ML'OHUI ...IKS 1 ^37* -bS^Tm LUt *, Lmmrr, Arthur SC. EGA 01-03 10S0 222. BWloportfe. EC1 01-M78B33 Scotbit* Securities Lift? 

Mi lnci>mr. [42 5 45* -0 3 si! T*‘ IreUnd \ ml EC4B SDH. 0J-24**m Mlna*rAuru*2I..|JB5 4053 I 558 Prolific Unit* WL? 98 41 -1 1] 2« GrolbiU [408 431 

is SSSF-^-ft «*-***"--'"* m * J 558 Hi * h,n ~ me — w ui!| - os| aA-r.-^a s 

Bted Hambro Group? < B > in) ^ GroJS p«£'.~': 127 2 135? -""j i« MLA Unit Trust MgemnL Ltd. Pnidl- Portfolio Mngrs. Ltd.? (■itbMc'i lESt! It vid"4“ ! Sl? 31] 

ntjbmRto* *Uuuon r?” • 1S9.4J 4 2J>5 Old Qurm Scrm.SWlS WG. 01-8307333. Uoltxn Earv B7IN ZSH Q1-4050222 ** Au*u*t 23 Ne*t sub 

«>S8S! »r Brentwood UCTTI 2JJ45® Friends Pravdt. liBlt Tr. Mgrs.? MLAlTmla P6.8 44 2) -O.M 3« Prodeallaj ]13*0 1445[ -L0| 4.0S T „ .t Vnm 

taami FbDda Pixiuwi EmJ. Doridn*. oooesou Schtesinger Trust Mngrs 

Uedl* .. HI 7*17 509 rtittidiPww.Uu. UJ 49 91 -OJ} IN Mutual Unit Tract Managers? (allf) . . T , . ' 14a. South Street. Dortins. 

gi « -/$ IS svrss. iiJs. u*v - 3 3 " asKiM-* -i srw sssssssr« • “K-. k»-., 

jnf ji a"cSSs n ™s*“l i s-a i B^^ T |i ^33 is ts*assa-.^t bhji is ggeat 

“?3 SZ-ISl 1 .*-' RSif. ,»3-2-3 IS M« U riHiEhYuT_..fe.7 aw E222?* 

*2>V" p “ o1 „.MJ 37 IS -0U 

MS Income. ua 5 45M -o3 

*0-Ini. Ttf Fd. 9 « 3 _ ri 

*W Gen. Ttf .. |2 b. 3 51 4aj -0.4} 

Sled Haubra Group? (■> |g> 
upbmH re .Huuom Brenturaft E*a*x. 
tw 201 «>r Rrmlwood 102771 S] 1430 
Unt Fa ixla 

Uodltf . .. HI 79 7nfi -0 *1 

B-lndi Fund. .. 67 6 721 _n J 

lb'. It for. 39. 9 427 -0 3 

Kt. a IikL Dei Si 7 39 3 ZnJ) 

£rd Capita) . ffj C7 In 5I 

oobro fund _ 11 j 9 ia a _o 9t 
tcSHo Act, FtV._.|l2*6 137.fc} -1_3| 


nindmi run 

Dish income [1223 U1.4 -O.S| t90 ScotywW - — — 53 9 57 9^-0^ L93 TantelThlnle . |430 -0 4 f*6 

1 II Srouham ...-U.4 bbS -0 1 437 Extra Income Fd. .. £) 4 M H -01 9.94 

ScS^CIh-*— . 1722 2E5 1«j 199 

Pnidl- Portfolio Mngrs. Ltd.? (aitbUci Scot. Ex. vid -* .0815 IsoiS . | 

Uo) boro Ban. B7is ssK 0140SS222 *Pnma K Au*u*t 23 Ne*t »ub day Sept 13. TndM Union Unit T*t. Managers? 

Pruden.W |!3aO 144.* -L0, *05 TnlBt Mngre. Ltd. lal iz) jgjy. "*-* ”. J54| 

Target Tst. Mgrs. (Scotland) laKbl ^ 

10. Athol CreacenL Edln . X 031-2388021'= **««nticr fund 
369 Target AjnerEaalH294 3161 -0 6) 165 37- m*- Noire 1U me. 

6.93 Tarcel Thlnle . lisfl 46^-0 41 S«6 Alexander S und | 

4 37 Extra Income Fd. .. (60 4 64 9^ -0.1 994 >el awn 

37. rur \olrr 1 lame. Ixixrsn'murg" 
Ale«anrter * unit | *l'^7 a* | .. 

.Sei a«« laluc -Sug. 23. 

Id FI nabury Circus EC2U 7DD 

4 72 5T. Cap. Inc H0.8 

iw Do. Acc IMS 

GT.jnc.Fd.Un 172 7 

, „ G.T. U S. & Gen 1495 

7 61 GT. Japan A Gen. .. 345.6 


<Ulc Fund .. . 

cs.Of Amerira 

EA. Erempt* — 
«dallat Fnndm 
nailer Cd ■* Fd. .. 

dS&lr.Co* Fd. _ 
ictfreo-dlu. . 
tpL Smtr. Co'a ....? 

30.0] -DJI 


M3 H -1. 31 

53J ] 

1062 -OjJ 
471 -OJ] 
.64.1 -0^ 
260.1 . 1 

- _ G.T. Japan A Gen. .. 345.6 

644 9GL Pcns.Ex.Fd SJIt 

W G.T inti. Pond. ..1497 
G.T. Four Yd*Fd... |57.b 
G. & A. Trust (a) <g> 
B. Raylelgb Rtf. Brentwood 
G A A .. fjg.9 * 

96 JJ -0. 
1161 -0- 
ias.7 -5^ 

1591 -Z 
363.7 +L 
MSI . .. 

1592 -o: 

Am. EketBPL 
Am ilrovrui - _ 

oidM4W3 Q*i»*r Management Co. Lxd.9 AmOempt. 

56? -021 615 TtaeSUt. Exchange. EC2N 1HP. 014B04177 AiaGrugUi- 

78 2 ZtT Quadrant Gen. FA 11128 117*1 -1 21 482 Exempt H Igh Y Id 

il SaiSa 612 Quadrant Income .. [132.5 13*9 -oil 7.73 

Schlesinger Trust Mngrs. Ltd. (al iz) 

140. South Street. DorUng. lOOOSlMMl 

-0.41 265 

220 National and C omm e r cial 

SvS 31. Si. Andrew Square. Edinburgh 031-5589151 

d J 400 T 
3 In 4 iia tocomeAn, 
3 “°n in tAecuitfUt 
” -- 4 Capt Aon: 

(Acciua. ut 
flBma*7300 „ . 

M-pi aan 

6 24-- 145* 15aJ)iL4l 

nid 078-8 UM| -LbJ 

Reliance Unit Mgrs. Ltd.? Jnc. JC?*Wdrw! 

BellaaceHae.TunbndgrWeUc.Ki. 0803 22271 i^’r^.'uStn - 
Opportunity Fd- -.1722 7771-22! 4 83 UirtttLc&lfi 

SeSardeT.tAeel_j46B 5oB-o3 539 7:11 YleiaT” 
SdcfordeT. Inc. — (496 43.8 -0^ 539 p^£ AGLbTnilt 

Property Share* 

Ridgefield Management Ltd. A&a 

529 SefibrdeT.tAccl- 
54! Sekfoide T. Inc. 

Ridgefield Management Ltd. 

Gartmore Pood Managers ? (aHg) 

4^ 2 SL Mary Axe, EC3A8BP. 

32 (UAmericanTaL . i" “ 

J® Bntiah Tst. lAcej . 

Commodity Sbara 

3741 -031 *-44 National Provident Inv. Mngrs. Ltd.? 38*0. Kennedy St, Kaacbatfcr 0012388521 UE.Grtb.Dltf. 

253 -0 
324 -0 
29 j -0. 

29 2 -0 
333b -0. 

*42 -0 
333 . 
567 -D 

30 7 -0 
33 8 -0 
31.9 -0. 

24.6 ... 
3B.9 .. 

226 .„ 

u> FSr Eatf. Tran_ 

ndmon Unit Trust Managers Ltd. 

flFeocfrarrtSv EC3M8AA 8239331 InTAMnellw 

stenoa U.T .. .-..(563 60.7) *03| 3.88 Inti- Exempt Fd 

Agbacber Unit Mgmt. Co. Ltd. Gibta (Antei- 

SobtaSt..EC=V7JA. 0ME36S7* 




*d Gncechureh St. BC3P 3MH 
N PJ. Gtb.Un.Ttf .... (497 . 52.9 

lAcciUB-Dailai* >60.7 646 

NPIO‘«eaaTrntf.-h297 137.3 

(AceunL Utxlur* —(138.3 146.4 

Zj iH J. Henry Sri 
:::: *05 lao.Cbeapdde; 

U| Rothy-bUd Asset Management (g) 

Annul 31. 72-80. GatebouacRdL Aylesboxy 02885041 Income An rust 
II Sept. a. N.C.EqaftyFand_msL4 192.4 -L71 3.16 (Ac nun. Unka). 
N.C. BuyJleamJuSg 1231 -IQ 2-44 General A 

S. C . Income FnndTJlSlT 1681 -l.C 669 lAeeum. D 

' N.C.lnU. Fd nnelrtSJ 101.0 b -15 L4S Europe Ati^ii* 

aoap. KC.IaUFdiAcc.W62 USZ3 -23 145 TAccum. Umte>. 

-0 7] *3S N.C. Sodlr Coy* f4165.& 176^ -02 4.48 

-04) 7.48 

■•Price* oo July 27. Next deallni Augutf 31. 
•Price* on August 23. Next dm&ax Sept. A 

5.8* National WeaUateMerfW 
2-2 181. cbeapnde. EC2V BED. 01-808 8080. 

1” ^*HA« U m , _|94 7^ -o n 4^ 

Gibbs (A nt onrt Unit Tat. Mgd Ltd. ;gj ^^ 53 

^01 7 33 Transatlantic and Gen. Secs. Co.? 

-0 2 3.89 fll-BB New London Rd Chclmrford 0245 91651 

-01 JB6 Barbican Aug. I7„ 1813 355* . . .. 5.01 

-Ol 913 lAccum. Udlfci- - 126.1 134.2 .... SO. 

. . - Barb -Erne July 28 >9.0 91.6 4 75 

-0 4 2 90 Buckm. Aug. 24 36 2 90 9 4.45 

-81 3 89 lAcCUIB. Unit*! 1067 1125 4.45 

-02 412 CoIemoAueuatSS . 1336 1«65 .... 527 

-0J - (Acciun UtUUi 1673 3767 527 

.... 12J3 Cumbld. Augutf 23. 565 68.2 669 

■■ L96 lAccum. Uaitrl U 9 664.. 669 

-0.1 fO Glen. Augutf 20i_.... 57 7 *14 -Ob 433 

4 65 lAccum. Coital ... 7».l 78 8 -0 8 4.13 

4 65 if arlboro Aug 28. . 553 531 -6 6 363 

lAccum. UdiUt - .. 63 7 66.9 -0.8 2 63 

Arbeit h net Securities if.I.) Limited 

^*? PO Mov2M.*t Hclicr.Jcr~ei <».M 72177 
8011 ■.'ep.T».>Jcr>c> i D19D 123 0| . ...| 4 8* 
5 30 Next dealing dale Ausuit 30 

*•*! tbe«-» T»l - |1DD 1021 ^1| 12 00 

Neil flealine riaic scpir-mUer A. 
m Eatf Alntl T«t it’ll {125 0 13201 -I 3S4 

T Healing date \ugu.M 31. 


5-g AnstraJian Selection Fund SV 

4 75 « »pp«>nunlllrr. i- o Jntfi Young A 

4.45 'HUTS!*- I=T - K * fnl s * Sjdncy 

4.45 us *> Share* . . ,| si:si 65 ( | - 

S27 Net A*«et Yaluc Au K uai 24. 

Krvselrx Mngt- Jersey Ltd. 

Pi>H.»HH M llelier. Jer-ey. iKn* 01410* .HW 
1 »n-elei -. >rj.«00 1JD6) *-12 36B 

Homb-rlm Fr-lUS 124H *1J0 

Ki->nelr» Ini I £7 09 7 97 -0J1 - _ 

Kryelex Europe. Q 51 4 21 -025 3.71 

Japan i!lh Fund RNK51 U75 

Keyirlcx Japnu U5J7 1674 -021 

l>nl .Vsxeu t-’xp £136 02 -0 13 

9.U J. Henry Schroder Wagg & Co. Ltd.? van.Gwtb.Aug.2D i 
130. Cbeapdde; EC2 lAccina Lana)-- ..( 

i Capita) August JB. 

11741 WlSf 

la3 = il la sss£“« a ^“ 

iMMint us 04 a7S , l 1 W er * p, '“*®.aa ««mui KZrz 

. ‘ le) A G inetane" — 1442 48AI — OJI 738 Portfolio Inv. Fd_ 

rbnthnot Securities Ltd. {age) S!A“e SSSSSK-Sl -<£% UnivetnwJFdidi— 

■. Queen St London BC4R IB3" 0) -238 5231 ** G ‘ M nSlne^rTies. ^ 0J ° 

mis n..i iTriiTi _ Dealing *TU«. TTWcd NFi tmri Mu 

J8 Rothschild & Lowndes Mgmt. fa) 

6.69 tAeetiitfD 
L45 Europe Annual 24 
145 l3ccuB.Cmtil — 
4.48 •Fen*Ch«rFdlylB 
Spec Ex. Augutf I 

310.3 -3i 
963a .... 
1202 _ 
35.1 _. 
337 .... 
7 174.9B .... 

2717 .. . 
1930 204.1b .. .. 

5j| St. S within* Lane, Ldn.EOi 

lax exempt funda only 

J-S Wirk DL August 25 [78 9 ■ 1 

Do. Arc urn |«L2 I 


371 Tyndall Managers Ltd.? 

4 67 13 CanyngeRead BritfoL 


664 . . 
614 -0 b 
781 -0 8 
581 -66 

66.4 -0.8 
560B -0 6 
• 69 7 -0 7 

7B4 -0.5 







xtJ ®*“ k o{ Aaaerica Iniemational SA. 

j" 3ft Hon lr\ art Rmal. Luiemhoor* (j D Ivlclnwort Benson Limited 

A 13 WdiRMlimnv IV. 1012 41 112.441 . .1 732 Pom huivli *1 ft "l 

Z.U Frlee* at Auxu.1 34. Ne»i tul* date Augil.-* 30 FurinteM l.uv. l-‘ 

Z63 CucniMri' liu- 67 

Banqne Bruxelles Lambert Lli5rF m ■ 03 

7 76 2- "tie De la fU-geuce H total Hrux*ela KBIml Knd ]' 

5 85 RcntxFUnd 11.414 1.9781 +41 7 78 KB Japan Fund 

5 85 ^ K H 104 tiulfi Kd 

King & Shaxaon Mgrs. 

I l'liarini;t r*«*v Si lietier Jerar* 'OKU 1 73741 
\ alley lb«. Si 1-eter |*un i.m-y .04Sli =470* 
1 Tlinmj* Sn+i>i ftniicla*. 1 1» >1 ■C624)48ft* 

Gill Fund 1 [£9 IT 9 14) I 1ZW 

Gill Trufl il M 1 1103 2 1 05 9ul r0 3l U DO 

Gilt Fnd i:ucru*->|£951 9 53J . .112 00 

InU G011 S<rs. T»L 

Fir*l Sirrhng . IU806 1820I-I1031 - 

Kim Inti |si*6 93 lS78l|*0 71] 

Guernsey Itu- 
I hi A crura 

KBKarFjM l-d .. 
KHInll Fund 

1.9781 +4j 7 78 KB Japan riind 

K K l,.S tiulfi Fd 

J-jt BarcUys Unicorn Ini. (Ch. Is. I Ltd. 

7.73 l-Chanoe Cm**. S l llelier. Jf*>. 053473741 *KB art as Lmii 

7 73 Oterxeu Income . 147 1 99 SA . I 12 0l 

UnldnlUrTruu _|H'jai« 12M I 3 70- ,, . 

UnlhondTru^. .. isitsmu 1820) • 0 06 1 800 Lloyds Bk. tC.I 
•Subject to lec and utthbolding lam 

.1 i|l44nMi 

I 131 J *31 3.09 

|7 4 71* .1 3 43 

13 8 SB l| I 343 

1950 2D50|-01Q 12 

Ion pajins agenta only. 

J n NewCi. Exempt U337.0 145 01 ...1 4.1' 

Prices on Aug. l&Next dealing Sep L IS. 

Income Anfr 23 
tAceum. Unitai. 

4.17 Scottish Bqni table Fnd. Mgrs. Ltd? Capital Ana. 38 
15. 28 St. Andrews Sq^ Edinburgh 0315560101 lAccmn. UPjtgL 

i "Si ■? g« e^ssTsa-sai n as »» ^a= s-.b 

fSSfi AmJ '• • • 212 Next dealing day Sept? 8 Nanrieli IMm Inmnniw r.mnB ihl HlghYiNd Aug 25. 57J 682 719 

SSSa^ibO^" «4 973 ' J22 ^ ^^‘■‘♦■Woxwlch.NMaNa 088322200 «S^AogaIZ: S.4 92.1 "i ' IS 

' g^xr.i-'. So M2 IS 2363d. ^ GmupTtfFd- [374 J JfMf -*2.7| 4BL (AccumUnltx. I«7J 113 5 ..J 3.51 

Sbj -oj 157 Mil :i:.] pearJ Trust Managers Ltd laXgHx) Royal Tst. Can. Fd Mgrs. Ltd 

Z33.0 ... 720 2S2Bigb Bolboni.wri V7EB 01-4058441 54. Jerntyn Streets W 1 01-6288232 

^ Fmrt Growth Fd_W.B ^*-031 4.49 5.^" _ r74 7 Tgtf | 

»&0 -0.4 266 Acctu nUnlto Q9.7 32fl -0J « J9 Income FcL r735 776| . I 73* 

iSs :::::: • pHS Ifeszzi?? «| =81 *" Pnce * al Aut » K “* d -“-« Au *- 3I - 

76.4 ..... 321 (Accum. Unitsj (492 S28| -0^ 4.72 

—.J 3.71 Save & Prosper Group 

_____ ii_i. T -> th • ... - Guardian Royal Ex. Unit Mgrs. Ltd Pelican Units Admin. Ltd (g*x) 4. Great St. Helena London EC3P 3 kj> 

' ,,rCn "^ ,T. nn Wlfe * Royal Exchange. EC3P SDN. 014288011 81 Fountain SuMancbesler 081-2385885 88-73 Queen Edinburgh EH2 4NX 

Covert (John)? 
5.90 77. London Wall. E.C.2. 

, 1260 


*cnm Unitai 473 

math Fund. 367 
vcotm Units) . . . 44.D 

T a*HecCn'i Fd. *92 

■Kern A Inti Fd. . 293 
•6Wtbwi.0U.l ~ 232 - 

amigo. Fd. 97.9 

. Amn-. AlnL Fd.133 9 

20tf -0.4 


395-0 3 
3i^ -a.i 
313 -0.3 

.24* -0 1 

242® -0.41 

uS* i 

iii* 4 


NEL Trust Managers Ltd.? (aHf) 

Milton Court. Dorking. Surrey. Si 

9M0 N el star 1653 68*-031 4 

1.63 Neltfar High lor. -.{K5 S7J) -0 jj 7. 

28St Andrew* Sq, Edinburgh 031-5580101 

Income UnKs [525 55* -17] 4.95 

Accum. Uni* |6O 0 63.8) -L*J 4.95 

Dealing day Wednesday. 

■ Accum. Units! 
InL Earn. Aug 23 
tAccum. Units) 


123 01 .._ 
174 a — 

17. BUtfc HoJborn, WC1 V 7SL 

(ac)GuardbUlTtf-.)96.9 1004* -0.9j 403 Pelican Units. 

iwnJ&A subd^Auiutf “ Adadnatraaen? (a)(cKD 

"Viarclayf Unicorn Ltd fahg)?(c) 

tricwrti Ha. 2SC Romford Rd.E7. 01-53 
. aican America . 36.4 3911 -oil 

‘ • Autf Acc 78.4 E53 +0J) 

_ -aAutf-lnc. 522 672 902] 

Capital — 783 76.2a -O.fl 

V Exempt Tst 1168 121.7 -oil 

p; Extra income . 297 • 323 -OJl 

a Financial.. - . 654 70.7 -02J 

OJ300— - ..79 4 85 SB -OJl 

e. General 34.1 361 -0j| 

•uGntfrtbAcc 43.9 473 -02 

a Income Tat... . 91.9 994« -oj I 

DaPltA'ns. T«. (1433 138* ...\ 

nice* *1 July 31. Not aub. day Augu 

Recovery 465 503 .. .3 

mi Trustee Wntl . 1216 m3 -0.9 

■ftWTdwideTtf : . 53.8 5733 -0.3 

.7tf.lBFa.luc...- u 2 nS-oS 

mAcrtim. 7808 8Ls-o« 

Premier WT Admin, 5 Rayleigh Road. Hutton. 
Bre n t w ood. Essex QZTl-tl7138 

01-5345664 UAFotf, 

.ncJ 1 to Cap. Growth Inc 

*n j[ i tn Cxp. Growth Acc. — 
tO-21 L6B Income* Aairti — 
-0.U 4 19 High Income Fund 

-ail 5 M High Income 

-OJl 7.74 Cabot Extra Inc 

-0.1 7.78 

-02 4.66 

=Si i£ 

-02 391 

Financial t mj~ 


5.64 Cabot 193 8 

5J6 intem5ion^r”.::::S7 
<3L WldWide Aug 28... [S-3 
jS O wn— Fund* 

?£? Australian (38.9 

Far Eatf 953 

North Araer._ ..M4.5 

sigh Road, Hutton. Perpetnal Unit Trust BIngmL? Is) 
i^7-21T238 48 Hart St, Henley oa Thame* 040128861 

P-petualGpiGtb (443 47.7] | 330 

,||| Iff Piccadilly Unit Trust (aKb) 

Aalney Gibb* Unit Trust Manager* Lid. 
697sf 1 735 3. Frederick's Place. Old Jewry. EC2X SHD. 

m3 ... 1 *m tnsm 4111 

Extra Income. 

289-0.11 2.38 Small Co's Fd. 

317^-0 3 231 Capital Fund . 

. Int Em*. 6 AamtA. 

99* -0* 2M Private Fund-... 

4L*j _ji_3l T67 Accuraltr. Fund 

ji aj * 11 ■! 9 am Amen cm F usd 


99.4| —0.71 4.68 DoHngS to: 01-554 8800 or 031-228 7351 
Save & Prosper Securities Ltd? 

iDgmt.? (I) Iilmdtad FBada 

040128868 Capital. Q9.0 41.* -0 4| 

47.7] | 330 ^2 30S-oJ 

H Univ. Growth .(733 7I.4| -0j| 

•ukn lucreaatng Income Fund 

* ' High-Yield [57.4 6L7[ -02] 

* - Hick Fuds 

ny. EC2R 8HD. _f M5 74 4tf 43 

, •oxa- Income 1443 47.M -o3 

:rd 4.99 u fta*. 

50A....1 4.40 UKEiputy (463 49.9^-031 

543 I 2.50 Oveness Fundtfx) . 

•••■ ®-g Sebag Unit Tst. Managers Ltd? ia) SwiatSui 

729 POBssSU. Bcklbry Hfte. EC6 «» 2M 9000 S«t*Cstf Aug.; 

...: 7.1? SebagC*pltalFd...l36 2 37*-01| 367 

.... 331 Sebag income Fd...|332 34.9 -0.1 7.79 

3 51 1 and an Wall Gi 

Security Selection Ltd Gro wth 

_ jh 15-18. Llueoln'* Ion Flcida.wc2 0I-83ICBM-9 Exinh^Grawth 

c__— c W , UnaIGthTtf Ace.. 1253 27 D[ J 219 DuAccum 

789 01 ^*3» Unvi Glh Ttfinc — [2.0 23 i| J ZJ9 rma ndal Pt'Itr 

lAu£ -ife«t d^g Aug. I 7 !* Stewart Unit Tst. Managers Ltd la) 

45. Charlotte Sq .Edinburgh. 001-2383271 Special Sits. . 
tSSetHDi America* Fuad 

Standard Unit* F7DJ 75® — J 131 __ 

3KP Accum D oit* _. -.175 7 80 « - TSB Unit Troi 

SX withdrawal Units -1562 59.9| j - 21. Chantry Vv.Ai 

• 7351 *8tewirt British Capital Faud Dealbtf 

Ltd? Standard—— —OM 2 15t« -fl.« 4 00 fbrrSHG«v££lIZ 

Accum Ujuts-— --P652 1794) -0.7) 4.80 thiDo.-ftrcum 

... Dealing TFH. "Wed. ihl TSB Inctune._ 

Barclays Unicorn Ini. <1. 0. Maul Ltd 

..--I 747 1 ThomaaSI . Duucla-. I n XL 08Z4 4H5* 

7 1 493d| .. j 12.01 

90(161 194 -ebb) 3 8 00 Lloyds Bk. iC.I.l U/T Mgrs. 
ltd withholding taxes P», Bnx lljr. jii 1lt-lier.Jer.ey 0ft34 rrftai 
LluidaTtf n'-eav . |« 6 65 9) | 0.65 

! Ini. <1. O. Maul Ltd Next dealing dale Sr pi. | ft. 

J-S Unicom Aud.ExL 56 7 6LM 

•54 Do. Autf. Mm ... 37.5 44 *| 

Z-S Do.ttrxr. Poclfti- .704 757( 

•■J* Do. tail, laconic . 40 9 44 d| I 

IS Do .1 tfklauTtf lag 51* I 

* ~ Do. Manx Mutual. 27 4 29 54 

4.98 Bisbopsgate Commodity Ser. Ltd. 
*•98 Pt> Uox42.Dauslxx.loM 0CS4-Z 

*» AR6tAt*‘Aag 7.... |Sl'519U HSU .... I 

| Moyds International MgmnL S..V. 

-rryj ' ""] 7 Roe dii Hhnne 1*u Bn, |TP. 1=11 Geneva 1 

goo U“Jdf InL Gniwl h [SH3I0 156® 

0 50 Uoydii IhL lilili*u.|S>=960 M750| .. 

M & fl Group 

Three Quay, Tower Hill ETTUt 6RQ ni4D6 <MS 

AR MAC “Aug 7 .... [SI'S* 61 11511 .... | . 

t ANRHO ••AUX. 7. (Cl 0*7 1 lifl ... 
COUNT- Aug. 7 .(£2 432 2 58oj .. .1 11 
Ortgl ualljr uxued at -IIO and — Li on. 

0CS4.238U Allantlr Aue =0 ■ (SB.Sf 15 
.... | Au<t Ev Auc.=3 - H K2 5S 

- | — _ <*>ldF.xAn-AuE -I tlnlOgl 
• -,] 1-23 Island U95 

’•£1.011. i.tftuDiL‘nlli.1.. 197 4 

<SS^ 3*41 -p Dll 

K25S 256 . I • 

S10B1 1112 

>95 148 5 - 0?) !324 

17 4 210 0 -0 2^ ;3.24 

n | zm Son Alliance Fund MngL Ltd . 

Sun AHiancc Hie. Horsham 040384141 

*£7,-02, 669 ttSSMhm 7 1” 

TSB Unit Trusts <y) 

21. Cbaatry War. Andover. Hants. 0264 821 

Dealing* to 0264 03432-3 

(URI General MU 3L7x -0A 31 

ihl Do. A ccum [62 J 663 -03 3 > 

ih) TSB Income. ~.S3.4 673 -0.4 6.* 

ibiDo. Acettrn. U0 703 -0.5 81 

TSBSeotUsb 190.8 96.7 -0 9 2J 

tb) Da Accum 1973 • 1035 -10 2J 

If ” a “* e “ eM ^ , KMmud MOPURU Ldn. A*!*. 

2M tifo to'ao, iiiac Kmc 1 " Apollo Fd 4ux =3 SF44 95 

4 88 Nippon FiLAuC-23 piVfltB 20 E) ......| 030 

Britan n ia Tst. Mflgmt. (Cl) Ltd. iiTjen^tb auk 2 tiui 
mas » Bath Si . St. Heltnr. Jer«e». 0634 731 14 

1 17 jervr.i vur 9 

r r 


SF44 95 







17 A 


[ft 44 

5 97 

... 071 

£11 91 

12 53, 

Sterling De— laared Fds. 

*«6 Growth Invest.. . 07 4 4>4d I 

iu Intul.Pd -TOO 109 4 

gS Jersey Enero'Ttf- 140 4 1513 | 

UnlviL ST«. Stg . 8239 232 

53? HlghInLSUc.TM -J984 £1«| | 

227 U3L Dal tar Danaanioated Fda. 

Unival STtf ... .-.BTS564 5«( I 

InLHllfelnLTH — (98 4 M’SLBq 

iarisg Brothers & Co. Ltd.? (aHxi 

«.« 4831 


473 487 

3 79 Practical Invest. Co- Ltd? (yXc) 

-®J{. JJ® Europe —I? 0 - 1 

1 n i^z==$F< 7 - 

iS ».« 

tamo fSsisSI”:®* 

kltfadcohall &t.. E C 3 01-580=830 

treitoaTtf. (193 3 20LH I 412 

HLAeCum. . -.. 12482 25oS I 412 

hexi sub dar Augua si. 

HAopIgate Progressive Mgmt- Co.? 
. AdtUlMgaie. E.C 2. 01-5888280 

v ipbxi CabotAmer^mCo. *13 64S ^(L'7l 125 Prarilal Aug23 

«>■“=*» H1U S»™«I 0»K T*. — 

4 22 45 Beech SL.EC2P2LX Ol-msson _______ 

I. (b)BritiahTruat. _ (162.8 17421 -12 5.96 

, _ „ igllntl Trust S99 4 2 Tad -53 229 TT^T| 

md Co.? lelDollarTnut MS2 913 -0 9) 235 . fij I 

01-5088280 ® Giplin) Trtltf ... HL7 3AM I 4 41 ■ I Ml* 

• iblFinnodalTmat 

' I im ib) Income Trust. 

fS 4b) Security Trust 

"• ' rbt High Yield Tst. 

N«t iub day -September 5. •* Augutf 30. Intel.? (akff) iJsTpaid^Chml 

iridge Fund ManaamFiaMC) l5.Chritfi>|ihcrStreeLE.a.^ 0)247720 Equity Fund 

SKfl«,«?T.5S2r^ 014B34M1 W-d-H UB M 

jncrican a. Gen j .[273 »■ . . 130 Key Fond Manager* Ltd (aXs) SSKSaSTIZ; 

*•*>' — |5A0 ■ SJ8 rS.MIIkSLEC=t'aiE 01-8087070. Se[^J^FUnd~7 

a tac .v..-..J^° hs e®acp is 

1X1 fl 44. Bloormbujy SQ.WC1A2RA 01-823 0B83 HlgMdnlmnm Fumb 

J*?! ® aMag±=m aa=j is isssass^gi 0 . _ 

2? a dlH I S? Target T*t Mngra. Ltd? (aMg) 

47.6a* -02) BJ3 31. Greaham SL. BC2 
49.9M-03I 4 81 

Target Equity. 

97 J] -021 3.19 Target E^ Aag. 30 . 223 9 232.8 -4l 

U33) ^Ofl 830 ?Do ACC Units — 304.8. 315.1 -59 

85 Jj -1.12 134 Target GUtFUnd — 1166 122.1 .....J 

Target Growth- 29.4 XL£rt -0^ 

ft -d S ttSSmr. K W 

288 M.toT-^4 1741a :§| 

MM .LI, L«7 ?gte=dE 
M^-D2J 6.92 TgL Spectal Sttx. . 

Ulster Bank? (a) 

Waring Street. BelUsL 

083255250 v,lu * Augutf 2S. Nett dealing September 4. 

Murray, Johnstone ilnv. Adviser) 

3 00 183. liopr Si . i.IjmIiiw C= 04 l.~»l Wl 

-Hope St Fd . I SI 'MO 25 1 I - 

4 5« -Murray F und I SI'S1218 |. | 

j* ” 'N 4 V Auuutf 1ft. . 

Negil S.A. 

9 00 lUa Boulnnrd Rx.ikl. I u •emhnurg' 

NAV Augutf IB- —| SLISU.90 | ...., — 

,WlWC^0W,h - p, •* 4.91 Brown Shipley T#l Ctt Ueney) u± Neg il Ud 

TiS -03 ^ 4I1 - . P.O.Box 303. SL Heller. Jersey 0534 74777. 5?!?* ffT "* * 

42 fl -03] 5 re Wilt Trodt Account & Mgmt. lid aiertiug Bond Fd.. t£9.97 10.01^-0321 11.70 NA Aug. 11... _ 
712 0) -ia 6J4 King William St EC4R0AR 01-823485: _. 

3U.H-5* 6.14 Friars Hue. Fund._n60.8 177.01 J 436 Butterfield Hii»hh»i fa I.iri PheeniX Inler 

Bcrmurta Bide'- Hamilmn, Rnmia 
!. II (£6.88 - 1 , 

614 King William St EC4R OAR 

6.1® Friar* Hae. Fund. _ [1*8.0 177.0/ J 

5-5® Wirier Grth. Fnd. _ [323 34 S J 

9J® Da Accum. (373 39^ 4 

115 Wider Growth Fund 
738 King WiUiamSt-EC4R OAR 

1179 income Units (323 

4.63 Accum. Units- (373- 


J 436 Butterfield Management Co. Ltd. 

— J 3 96 P -°- 19b. Harm lion. Bermuda. 

— 4 Runress Equity ... .ISUS.4S 2531 1 165 

Bpttreax Inrome -. [tlisi 91 2*tJ .. . | 739 
Prices at Augutf 7. Next aub. day Sept. IL 

Phoenix International 

Pn Bov 77. Si Peter Pnn. i;uem«c}-. 

Inter- Lhsllar Fund. IS2.4S 2651 . ...,[ — 

m i 

Prices at Augutf 7. Next aub. day Sept. 1 

Capital International S_A. 

37 rue Notre-pame. Luxembourg. 

Cspiuil InL Fund — | JI S1924 (-0.1H - 

Next aub. day Sept, il Quest Fund MngmnL (Jersey) Ltd. 

, „ . PO.BoxlW Ri I teller. Jer-e>.. 0534 27441 

onai Quest RUg Fad lol | Il | .. | _ 

Luxcmbi>urg. Quc« InU Sees .( SI'Sl I . .. 

51’ S3 924 1-012 — QucllnU H.I . | JL'Sl 1 l - 

Price at August 23. Next dealing August 30. 


7-50 Abbey Life Assurance Co. Ltd. Crown Life Assurance Co. Lid.? Uoyds Life Assurance 

1-3 Si. Paul’s Churchyard, EC4. 01-24891U Crowa Life Hie, Woking. GU21 UCW 040835023 2a Ctiftpn St. EC=A 4 MX 

W.Aec.t _ . --„(».6 2IS. . I 3.04 Key Fixed InL Fd. JfiU 
leaUng Thee T»ed ribun Prices Augutf Key Small Co's Fd..(ll0J 


J JJ Key Income Fund... 
I N Key Fixed InL Fd. . 

01447730 Equity Fund 39J 

-0.9| 620 Equity ACC 13.9 

>uvt ' Property Fd iso.l 

property Acc 1562 

01-0007070. Select) re Fund 93.1 

-031 3.13 Convertible Fund .. 132.1 

-131 671 VMoncy Fuad 122 .0 

. 71 5.43 9 Prop. Fd SeT. 4— 128. 4 

Klein wort Benson Unit Manager*? 

Iritannia Trust Manage m ent (a) (g) ao. Faucbtnrb sl. ecj. 

Unden Wall Buildings, London Wall 
«WdooEC2M5QL - 01-0300478.0478 

tfU _|793 . B3) *0.11 4 67 

■pital Acc. — .. _ . BS2 62 « -0 41 358 

omm bind ..—... fil 5 662m -04 <26 

niDotiiiy — __fc2 913] -oil 450 

KA Unit Fd. Inc. 

•KB. UoltFd Ac-1344 
KRFd.lDy.Tttx .1622 

-0.4 426 

^ 5S 
V: Sg 

y j » 

i £ *. r 

bamot 1216 12811 -0 2 680 

aSSinwoie ...„ *0 4 mom -tn *92 

^rEatt 219 2SJbt -0 1 2 80 

rUnciri 5ee* . - 6M 742 - 0 5 4 36 

k 9* 6 General .. . UQ4 1081 +07 2.66 

Simth -. C4 . ... 070 R5 Ob 3b* 

MMwiBC-fc Grmrthr \ -{7*6 04 6 -07 '6.8* 

.mr.itnrlh:.! ... 691 -»< -04 212 

nvctf 1*1 Share* 512 551a -03 322 

. -. T Afimral* 414 445+01 292 

J .1 VK-Rigbloc- . v . «70 9*3 -02 768 

! !* Vcwlfue 984 <11 419 

■ , . • v <vth American . 314 331 -11 174 

YrfrMtona! . 5617 5791 -31 4.27 

*toiwny Share* . 14 9 161 2 55 

■hlrid .... . . . . 087- 524a -03 4 09 

■i at at Change — J3 9 36 5« .. 4 57 

nn Energy W.O 3**ri -08, 242 

rhe British Life Office Ltd.? (a) 

tribute? Hw . Tunluidne WelU. KL 0082 2S271 
[Lgrttuhldte. , ,538 56* -0 3, 5 39 

Igakoced* 510 . 55 d -0* 5.03 

il.Diyidcnd* [« 3 - 48 <( -U| 903 

"Pricci Aug 3U. Next dealing Kept. & 

frown Shipley A Co. Ltd.? 

l»gK- Fouadcrxi't . ECS 01-00085=0 

* L’altjAug 30 . .(3294 2«66rf -J* 4 « 

» lt;cj Aug. 20.. .^5R 307J] -4.7] 4 67 

creak Treau uiW' 

inaBrial &7 309ul -02, 4 49 

^wnl. -■ ■ — 200 212 -0J JJJJ 

rawtb Accum. , r 09.1 52.1 -03 4L96 

mwtb Income. 300 41 a -0 1 4 96 

IA Income na Ml . . 928 

TV l. 12.8 242 -02 3JH 

idex 263 . 7B6» -0 2 4.22 

5 ri«S 20 0 223 -0 2 3.06 

ertqrmMwe 62.0 *7J -o j a t* 

467 KRFd.lnv.Ttts . 
330 KR Fd In-TtfAcc .. 
426 KBStnliCoxFdlnc. 
458 KBSnCMFttAcr 
3 89 HlgbYId-FUInc... 
680 HighYld Fd.Acr..| 


._. 1 521 
-J 54* 

: [393 4141+02, — Kang-d Fund Are... 

33.9 35 7 +0J — Hint d Fd. hem.— 

150.1 158.1+01 - Mang'd Fd. InIL — . 

; 1562 1643 _ Equity Fd-Are.. _ 

nd 0.1 ' 1002 +03 — Equity Fd. Incm— 

Fuad .132.1 139 J +0 2 — BjurtyFd. InU. — 

d 1222 129J +0.1 — Property Fd. Acc._ 

er. 4— 128.4 1352 .... — Property Fd. Incm. 

a- 4 — 138.7 1461 +0.4 — Property FiLIniL-. 

Ser 4. 373 393 +0J — Inv.Ttf. FA Are — 

er. 4. 1122 1160 +0.2 _ Inv. Tst. Fd. Incm. - 

5er A.. UBS 1167 +0.1 — Inr T*L FA IniL 

Aug. 2S. Valuation noTWaify Fl^cd lnu Fd Acc;. 

Tuesday. Fid. InL FA IncBL 

7070. Selective Fund _ .. 01 ' M02 +cj — 

5.13 Convertible Fuad . 132.1 1391 +0 2 — 

671 VMoney Fund 17? ft 12*J +0.1 — 

5,43 ?Prop.Fd Ser.4— 120.4 1352 .... - 

8J3 Wtaa. FA Ser 4 — 130.7 1461 +0 4 — 

jrej BFquit} FA Ser 4_ 373 393 +0J — 

VConv. FA Ser. 6— 1122 11M *0.2 — 

fMuney FUSer A..[110B U67, +6l] - 

*? Prices si Aug. 20. Valuation normal 

WJ - Albany Life Assurance Co. ud. 

6?j "" . si 98 SI.OIdBurlingtooSZ-W.L 01-437 

51.1 619 VEquin- Fd. Acc — ,2003 210 tf ... 

519 ... . 61* VFlxedlnt- Acc. — 1413 10^ . .. 

03 645 4KndJ0oi>ejF*Ae.. 1U2 12121 

51J, .. .. 64$ elnlLM a a J-'d . Ac m . ,1546 1206, ..... 

imo ?Pvop Fd Arc -|1W3 115.0, 

113 4,-04 
113 4-0 4 
1123 -0 3 
1070 -02 

1072 -02 

1073 -02 
1816 -02 
1016 -02 
100.9 -0 2 
216.1 -0.4 
136 0 -0.4 
1152 -03 
307 . .. 

103.7 .... 
1255 -06 
1253 -06 



1135 —0.4 

— MlL.Gth.JiUy 31 03672 

621 OpL5'A*PnAafr24.. 1397 

— OptS-ARqL AniUH 143 5 

. . OptS'A'HY. Auf . M 157 7 

560 Opt S’ Allan Auc=4 1502 

— OptB’AUpl Aug =41223 

Schroder Life Gronp? 
Enterprise House, Porumou tb. 
Equity Aug. 22.... 

Equity 2 Aug. 22. 

EqntqrS Aug.22. 

Fixed Idl Aug. 22 
FixcdlnU Aug. 

sou iJpLB-Aiian — FixedlnLS Aug. 

— OptB ADpl Aug 24(122 3 120 H .. ,.| - InL UL Aug. 22. 
T .01 Loudon Indemnity & GnL Ins. Co. Ltd. Ksfs^A^fe^ 2 

— 18-30. The Furbury. Reading 583511. NngdJllx. Aug 

— Mosey Manager — ,562 39 1| , _ Managed 3 AUt 

553 MJL Flexible. |32J 34 il ._ .1 _ Money Aog.2S_ 

L & C Unit Trust Management LML? Ua^ c re -R?1i 

• 38 The Stock Ecbange. EC2N 1HP 01-50 2800 1 Equity Pen.FdAcc. 

InteriL FA Acc 1193 1255 -06 _ Wins! ode Park, E 

Money FA Inca_ 07 1012 950 r pd 

Ditf.FAIomn. 1079 1135 -0.4 027 „ 

Cron Brg. lor.'A'... 163 1 - 1 -4 - FSlbteP^JT 

Crusader Insurance Co. Ltd. Dw.TnmFto L — 

Vincula Hooae.Toirer PL. EC3 01-820 0831 cuLDc^cSFd" 

_GtKPrep.Ang.8_W3 ILB|....[~ V, a. ?7_ 

— Fixed Interest .[34 7 36.6, .... J — Money 3 Aug. 22 

1233 T** London ft Manchester Ass. Gp.? ^^3 a 5^22 
Winslode Park. Exeter. 0321-52 lift BSPn.CpB. Aug-25 

2.66 EfcCInc.Fd _ .. [1452 149.7*1 

,566 I*CI«l*K«lFd |1090 1124| 

2® Lawson Secs. Ltd. ?(a)l ci . 

322 37. Queen'* SL. Londno ECU! 1BY. O1-230B201 

Prop Jen Acr 124.1 lftoAj — 

M pie Inr.PeruAcc. [212.* 223 H — 

“3—1 AME\’ Life Assurance Ltd.? 

43* +0 1 


US *0.1 2 92 *Ra« Materials 

1*5 -0d 7 68 H Accum. Units! 

Si . ,] * 19 -Gnjirth Fund 

MB -111 1-T* *tAcctira L'cllii . 66 

ilt and Warrant. 40 
orrlcon Fd ... 26 
Accum Uaitai .... 77 
•High YWd .... 47 

lAcriua UniUI [67. _ _ . . 

Deal. Woe. Turt TfWeA tTtiura. — Fri. .AMEV Prop Fd . . 
ce way lai . . . - AMEVMc4.Pen fa 

.'nii« kl 0002 asm i Grne ™ TyndaU Fund? ametv MgAPen B 

56* -DM ^39 16 L'nnynge Road. Bristol. 02723=241 Flcxiplan- — 

554,-0* 503 DU Aug 16... -- [BJ 66«....| 4.63 

«* -1.31 983 lAeeum UaiuL _ DM _»4o{ — J 463 Arrow life Assn ranee 
iealing Kept. 6 heal iub day sepL li _ 30.UxbndgcRoaAW.l- 

Vid* leonine Administration lid- .seUtk.FACp.Unt. U76 

n.anoreftf 2. DukeSL. London W1M 0JP. 01-4085061 SelJa.FASLUnt_nM5 , 

W 3 fS Accum ”B.> 8 4.3 5 S RffltW dBB 

^ n Lloyds Bk. Unit Tst Mngn. Ltd.? (a) . if#> , 

vupteiov. ACC. IIIJ UUJ ... — i-rop. Aug.O—JiSA SL.DJ .... J — u 1 r nn u 

2000 Equity Pen. FAAcc. 238 6 251-3 .... — V-_l_ c., r I.nWWUlnnd Aunr » & G GTDBp? 

753 Fixed I.Peo Acc... . 1794 1MJ .... — Eagle Star Insur/Midland Assur. Three Qoayx. Tosrev mn ECHO UfUJ Oiaas tsae 

IB KW.StonJ'en Acc . 130.7 X37.6 ... — l.ThreodncedleSt- EC2. 01 588 1212 Pen Pcn«iua— , 2545 - 

Utli^PitWAcc _ jai UU .... — Eagle, Mid Usu*_|555 • 57 7J -O.IH 5 0 ' Cant.D»preH*.J_rt389 125 0... _ 

. • Prop .Pen Arc . 124.1 1SOA — . . _ .... _ . Lqaity Bond” [150.8 1M4 _ 

8201 M'ple lnr.Pen_4cc.j21Z* 223 7] — Eqnity ft Law Life Aft 5- Soc. LtfL? Famib'7R80" ll7L9 — __ 

*U Amertham RoaAHigb Wycombe 0494 33377 81 06- 6fl3.o - - 

^ AMEX' Life AKuraace Ltd.? JgH SS : I 

2*0 Alma H»e.. Alma RA.Reig*tc Reigate 4010L 7 1U4 ^oi Z Minted Bd.*~ . _ 099 1 1566 .. . _ 

X.74 AMEV Managed .... 041 0 156.®.. _ c3M!tfEiniZ.Booo 1M2 loi Z 

I ■ ul 4 .z uaS-oii _ EuSgHSvfc "i :::. z 

o 126.5 . . _ General Portfolio Life Ins. C. Ltd.? American Fd. Bd • B7^ ftil .. . _ 

* ini : z 'T 31371 , Wo“A.V3 »A 0 «.2r''.turi 

l AMEV MttLPen B'197.4 iozi * I" Z Fordoiio Capua] . ,|n3 4*4 "zj _ Merchant Investor* Assurance? 

“*• up.? property 3 Aug. 22. 
U3B2-SIS& BSPo.CpB. Aag.3 
_ BSPnAccBAug-22 
"... - MnPnCpB Aug. 22 

_ MnPnAccB Aug22. 

_ FxdJnL PetLCap.B . 

_ FxAlnLPuAccjL.. 

. .. _ Prep. Pen. Cap » 

.._. — Prep. Pea Acc. B 

_ Money Pen. Cap. B 

Money Pen. Arc. B 
Oversea* 4 

Charterhouse Japhet 
I . Paternoster Row, EC4 01-24 

Adlrepa UlU3i5i 321* .. | 

Adi verba IrutOIOS 515M-62IU 

Foods k DK51 7B J5J®-020] 

Foedla Him 71 SW-fl id] 

Cmpcror Fund (SUSHI 57JI I 

Hupeno-. PUMIOZ 089+077, 

Clive Investments (Jersey) Ltd. 

Siam Richmond Life Ass. Ltd. 

477 48 Athol Street. Unuglai-. I.U M 0034-3014 
450 ixiTheSIbeM'nirt. 1074 1101,+in - 

4.98 Richmond Band 97 179.0 1804 +0 2 18 70 

507 Do. PlBllnum Bd. 1200 134 7 -0 6 

_ rio I To Id BA . llo 5 1163 . 

2.82 Do.Em B7.U2BA-. 1662 1749 -0.7 1L27 

_ aive Investments (Jersey) Ltd. Rothschild Asset Management (C.I.) 
— IPO. Box 330. SL Hriier.Jer+ev 0SM3736L P.O . bos S8 St Julian* c 1 Guem+et D4B1 2B3S1 

W = 

050 AMEVMgrt -B'... 

050 AMEX Money Fd 
10.94 AMEV Equilv Fd 
10.94 AMEV Fixed InL 
Fri. AMEV Prep. Ftl . . 

. AHEVMgd.Peil FAN6.7 
' AMEV MgAPen 'B' 97.4 

3=41 Ftmolan_ -—1968 

I ;• -r 

Merchant Investors Assurance? 

— 1 — Gresham Life Ass. Soc. Ltd. Uren H«e.. *33 Higb-SL. Orevdoa. oi-umbi 

2 Pnoce ot Wales Rd_ B* mouth. 0282 787655 lY o p e r ? PV na~Z! Jui ~ 

G L. Cash Fund __ [975 182.6,.. .1 — Equity 625 

01-9480111 GJ. Equity Fund ..US 9 122j — EqoityPeox 180 8 _ 

....I — G.L Gilt Fund H13L2 •* Ufa. . _ Mcmey Martel . 1425 .... — 

G L. IirtL Fund np2 IS*?... - Money MkL Pea*. . . 1844 .... — 

G l. Ppcy Fucd (974 1025, , _ Depaitf 1297 — 

- - Growth ft Sec. Life Ass. Soc. Ltd.? JgS ; Z 

j . Weir Bank. Bruy-on-Thames, Berks O02R34284 SUnaged Pen*. — 1432 — 

W Hz ISSS&zz 2 IS ::::J z 

.= ansswd^.i^-d z ' 

— ■ _ . . . Mihoo Court. Dorldng, Surrey. sa 

_ Guardian Royal Exchange Nrie*Eq.Cap tea.* 935, .... .] _ 

- Royal Exchange. E.C J 012837I(rr A <vam- J2S5 UL8 +0.4 _ 

Z Proper Bood»_. 11002 1*7.71 . .1 - ^ Si . 5o 6 Z. Z 

— Hambro Life Assnrasce Limited ? S2 5*7 ... — 

Z 7«drtrtU»e.l^aWI 01^0031 N^Mad^dcip!:®!. M*."- - 

— &“»£**• OPR— IBM J5-2 - NelMxd Fd Acr.-Kj 51.9 . - 

- fe-r-IzSi rai Z. Z v , Dr *'" *>* «*>*■#'*'>' » 

Managed cap jisoj 1585 . _ NPf Pensions Mauagemeat Ltd. 

L? * CC 1^7» ""'I Z 48. Greece hurch SL. EC3P2HH. 01-52343 



S.4| Z> - 

SStT^itf lorK.?.. 645l j 455 Li^Tufe Unil Tst. Mrtgrt. Ltd S'SffiTl^Z 152 9*4, .:;; 

ftarnh Life Unit Tst. Mngrs. Ltd.? Tgft), Gatehouse R A. Aylesbury 02003041 N“ I W,?w ,, Acc.-.UoU 106* — 
0 High Sl. Ponew Bar. Hens r Bar 3112= Equity Acciun - 1173.1 182.2, _...J 3.68 uiS^relue AugMl‘23. 

!SI nJSiH IS M ft G Group? (yHeNzi . 

O SlDhl^Z (347 Zo j] 743 Tkrre 9»«>W Ttwer Bui EC3H 8BQ. 01638 4588 Beehive Life Assur 

4 99 Registrar's Dept. Conng by-Sea. 

5 JO Worthing, West Sussex 

4.96 First (Balncd-l — Ml Sal 

4 96 Do.lAremnJ- 74.4 80 J) -0.: 

920 SecondlCspl CT.7 ttO -0J 

3JH Do. lAccumJ .725 700 -CL 

4 22 Third (Income).. .. 09.1 95.1 -0. 

3 06 Do. lAccum. ) 1221 1317 -0' 

4 24 Fourth (Qtlnc. 1 61.9 617,-0.. 

6g Do (Aeauai 728 712 

Barclays life Assur. Co. Ltd. 

01-6231208 232RomfenHU!..E.7. 01 

S6U -0 61 4 IS Bardarboads* 13L2 13821 .... 

06.0 —0 7 4J5 Equity 125.7 132.4 ... 

So -05 2J4 GiJt-edied ULO 136.9 .... 

700 -07 Z0A Property 1D53 UD9 .. , 

£0 -67 5 51 Mansged U49 12L0 ... 

6il dj.3 733 M^SiAreim/.: W 2 109 j| I!: 

. - 101 1 

ns-4cc. . 97 4 

-oil] 753 I Do InitiiLl 

o Inr. Dm. — 134.7 36* -0 1 743 

e Inc. Arrum - MS 3 -97 7| -0 l| 743 

■pel (Jatnejci MngL Ltd.?. 

noid Broad M..Fi3*lBQ 01 5880110 

•Jtfil. 191 0 96* I 5 14 

rtwe - [871 92. n . ) 702 

*ncoa cm Aafurt 16 Sell dtaiiRK S**pt 4L 

arJW Unit Fd. Mgrs. Ltd.? (aHc) 
dhura House, Newcattle-upttn-TYne 21165 

■riiol 1 74 5- 7751 | 3*5 

' Arrum Units . |M2 91 7|... | 365 

Sec also Stock Exchange Dealing 
rican B32 5lJd -05 

Beehive Life Assur. Co. Ltd.? 

1 High Vie, A jttJ . «B .... | 7*7 Extra YldA.-ZZ.. 

• 6cnia i. nit-; . [566 ^ 59.1^ . .J 757 1 Accum Units! — ., 

. Next dealing date September d FarEretern- 

urities Official invest. Fd? 

l^ndonWtflECSN IDB. 013881815 HSlSuSlSoZ: ' 

remcAusuMlft (W17 — |. J 628 Ceariil _..Z 

rein. Augutf IS 127666 ~ J . ..J ^ (ArcumUnits).- 

tnauih.uuiy available 10 Reg. Charities. High Income _.. . 

American 532 

•Accum rnltsi- - 54 4 
ft Ann Australasian - ... 57J 
8 ® 1 . D i Accum. Unit*).... 505 
iiz Commodity .. _ 520 
(Accum. Units) — 895 
P* 4 Compound G rant b. 1161 
roaecretod Growth 715 
HCJ Convcrsian Inc 70 0 

21105 Dividend-. 1291 

365 lAccum. Units! — 24S.I 

3 65 European 5Z.0 

_ ,, LAccum Umtai S3 2 

7*7 Extra Yield 917 

757 (Accum Units! 122 

Fsr Eastern 645 

lAccum. Umtsi .. 715 

BIBI . Fund otlnv Ttfa.. 660 

Scottish Widows' Group 
pn Box WEL Edinburgh EHlfl 3BU. 031-BBft t 
Inr Pfc Series l:.. nJ32 1132,.. . - 

Inv. Ply. Sene* =-. 1068 11251 ... 

Inv.CaihAugJtS. _ . 968 104JI - 

ExlLAcc Aug. 10 -- 1465 151U . .. - 

ExUllnr Aug 16 . 143.1 149.3 - 

Mgd. Pen Aug.23- P84.4 2044, - 

Solar Life Assurance Limited 
l«i 12 Ely Place Loudon ECJN 6TT. 012432 
Solar Managed S.... [133.1 1402] -05, - 

Solar Property S (113 0 114 ■ . I - 

Solar Equity £ . .1175 7 l«3.€l -L3l - 

Clive Gilt FdiCJ » [9.79 
Qive Gilt Fd. U*y. i f» 76 

Coruhill Ins. (Guernsey) Ltd. 

P.O Box 1S7. SL Peier Port. Guernsey 
lalnL Man. Fd 11*9.0 1«4.0| | _ 

Delta Group 

P O. Box 3012. Nassau. Bshsmss. 

Della Inr. Aug. 24 -|5US21f 2JI| J — 

Deutscfaer Investment-Trust 
PUtfsch JOBS Blebcrgasse 0-10 OMO Frankfurt. 

Concentre — 1 MOD 50 213«-0J« _ 

InL Rent eafondi — lDWiS5> 7IMj+lL2oJ _ 

Dreyfus Intercontinental luv. Fd. 
P.O. Box N3712. Nuuii. Bshaovu. 

NAV Augutf 17 PISUO 1619] , — 


.. .. 264 


-.... 758 

1 52 

.. 115 


... . 3.88 


.... 4.25 

29 001 


III Eq FrJubai. 500 616 .... 264 

I'C'Inr Fri Aur 1. 1514 160 4 _.... 750 

DC.Iotl.Fd * . . 5143 152 .. 1 15 

DA. SmCuFdJl>31 . 154 0 163.1 .... 3.0S 

!!«■ CoDimodirv- ..1427 1510 .... 425 

uriKrCnmdtyt B2B 02 29 Ml 067 

■PH.-ev un AuC 14 Next dealing Aug 31. 
•Pnres un August 21. Next dealing Sepl. 7. 

Royal Trust iCTl Fd. Mgt. LttL 
V IA Box IIM Movnl Ttf ll%e .JcraCy. 053427441 
R T. Inf I. Krt . Bl 59 71 UtlJ-0031 300 

RT ltat‘1 iJ-j- . Fri fe 99 -2, J 2l| 321 

Pnrcs si Aug. =9. Next dealing ftcpiember 5. 

Save & Prosper International . 
Dealing to 

37 Broad SI . St llelier. Jcraev 0534-20301 
I'-S. Dollar-dcnominaled Funds 

Ulr Kxd.Im ...[932 9 SB] | 7 29 

inicrnat. Gr ’U V 05 S 71 1 _ 

Far Eatf ero-J . 5170 55 90 - . 

North .UDrnnn'l |* 12 4 46, . . I - , 

Bmson ft Dudley TsLMgt-Jr^y-Ltd. N«nh Aram can- 1 U 12 4 m 

PD. Box 73. SLHclier. Jersey 053420591 s fP rD "t - ,15.37 1601 

E.DAC.T. 1 1320 1395) -lJj 3.00 Jherliug-denemiiiated Funds 

Eurobond Holdings N.V. 

Handelikada S4. Willemstad. Curacao 
London Agents: Imri. 15 Christapha- SL. ECS. 
Tel. «l **r 7*42. Telex: S8I449S. 

NAV per share August 25 ftUSaci.EO. 

O1-OU0I7I SolsrFxd. InL S._. 

Solar Cash S _. — loo k 
Solar loll. S .. 1049 

Solar Managed P— 1328 
Solar Property P . 1127 

Solar EqtdtyP 1752 

Solar FkdlnLP — U6I 

Solar Cash P 1806 

Solar InU. P [104 9 

1 40 21 -0 
1190, . . 
105.® -23 
1073 . . 
1115] -1 4 
139 H -0.4 
113.7] .. 
EM 5, —1.4 


un* iaa.ii ...1 — 

— [io4 4 m_s| ~LtJ — 

Sun Alliance Fnnd MangnL Ltd. 
Sau Alliance House. Honbam. 04010414 
ExpFd.lnLAo* 0-[O5*2 162® ... J - 

IbLBiLAug.20. 1 04.43 ,-059, — 

~ F. ft C. Mgmt. Ltd. Inv. Advisers 

— 1 -8. Laurence Pountoey Hill. tC4k DBA. 

— O1-0SS 4080 

— CeoLFd.Auc.a_l SUS629 l+DOll — 

— Fidelity Mgmt. & Res. (2d a.) Ud. 
_ P.O. Box 070. Hatmlwn. Bermuda. 

— Fidelity Am. am. ~| SUS30.17 I . ...| — 

— Fidelity InL Fund- SUS25.79 _ 

— Fidelity Par. Fd..... SDS5584 J+OBU _ 

Fidelity W rid Fd —| SUS17J2 -0J^ _ 

Channel Capital* [251 B 2651,-01 

Channel ltfand>* . [155 0 163 2 -0.4 

Cora rood ■••j _ . . 127.1 133 9) .... 

tSl Depo-.11 - . J 100.0 
S Fixed- "i .1114 3 120.* 

•Price* on Augutf 22 •■Augutf 23 —A 

Ilnillal idler. (Weekly Dealings, 

I Capital* [251 B 2651 

lltfaiMbe- 1550 1632 

ft-.. «7.1 1339 

*-il _ . 100.0 

i—t .114 3 120.4 

Schlesinger International Mngt. LUL 

4I.IJI Mode SL.St Heller, Jersey. 0504 73588. 

SAM |BS 88 dJ -1| 634 

S AO I 0 93 - 0 9«-0 01 4.59 

GiltFtf. 225 227tf .. 1211 

lull. Fd. Jervey — U9 294 

lulnl Fri Umbrg 51160 1229,-009 - 

-Far tail Fund. . 101 107, +l( ZJ0 

•Next sub. day August 30. 

Schroder Life Group 

-1 624 

-0D1 4.59 


-009 - 
+ 1 ZJ0 

San Alliance House. BtvbmT^ 04004i«i PWellty MgmL Research (Jersey) Ltd. ■*”*"**• 

[ Waterloo Hse. Don St, Sl Heller. JeiMiy. 
,0534 27501 

Proper Bonds.. |1B02 107.7,. ,| - • C % r 

Hambro Life Assurance Limited? NriexGihincCap. 539 

Overseas — j 

- u 76 Lombard 5t_ EC3. 018331288 Gill Edged 125.1 

Jg BRHureeAunl. , 13100 , J — y 

169 Canada Life Assoraace Co. pSprep^on^L 

=-e nigh Sk. rotters Bar. Hem. PRar 5)122 Aes- — £67 g 

II SSSISISM &i l -j - BS&SS--.B? 

2.92 re<l.AU8 ‘ -l 1 1 — P-n fJilr SWv Can » 

ii BBEKtttiti lot l:;J z 


789 Cannon Assurance Ltd.? 

Z-S 1. Olympic Wy„ Wembley HA90NB 01-0028878 
2 5 EqaltyUnitB 10048 - | J _ 

75 | Propert y Bala 

Pen.5tan.Ckp 2169 

Pen. Mas Are 280 7 

Pen. Gilt Edg. Cap.. 123 8 
Pen. Gilt Edg-Are.. 1311 

Pea. RS. Cap 124.8 

Pen. RS. 1425 

Pen.DJLF.Cap II 

Pea. Da/, acc — II 

29551 . — 

130 4!... — 

13B tH _ 

13L4J -. .. — 
150J ...... — 

BouftBxec .102.34 

— Hearts ol Oak Benefit Society 

Nd Mid Fd.Acc... K9J 51.6, . — Deposit Fu 

Next Sub. day September 25 Managed F 

NPf Pensions Management Ltd. Snn urc 
46. Grace* hurth SL. EC3P2H1I. 01-9334200 3 + . r „i, 
SUnaredFhnd.. 0561 162 M l - 

Pnres Augutf 1. Next dealing Sepi. I. SjPfeH-f 
New Zealand Ins. Co. (U.K.) Ltd.? Maple u i 
Maiilend Hoo.«e. Southend SS12JS iwne are ^ -Pervol. Pa. 
KivtKcylnt.PlBn.n506 15531 ... — __ 

Small CO's Fd 1043' uo.o _ Target 1 

Technology Fd UU 1211 .. _ TlnH u nl 

Extra lac. Fd 992 1P4 4.. _ SK 1 Ho1 

.American Fd 1145 120 4-15 — ' . 

For East Fd. U99 1262 +20 _ 5JtIhK n 5 

GUI Edged Fd 1043 109 8 . _ 

Con Depute Fri.. . [97.4 1C2. I| ... — TT^FiA 

Nonrich Union Insurance Gronp? Pmp-Fd.u 
POBox4. Korvieh NH13NC 060322200 n^^r.l 11 ! 

Snn Alliance Linked Life Ins. Ltd. 
Sun AUiaaca House. Hon bam O4CO0414I 

Equity Fund ..[1314 138.4) -D^ — 

FixedlnlarestFd. ... 107.1 1U* +02 — 

Property Puna 111.0 . 116*. .. — 

International Fd.. 1102 116.0) -20 — 

DepoaitFund 976 102*.. — 

Managed Fund - . UJ.7 U9 q -0.7] — 

Series A natal. l_a. | £451 — 

I Series BIPmiCci — I £9.80 -0B2 — 

Sene* D iaxb-am-M £20.73 ... — 

~ First Viking Commodity Trust* 

SEquity- ... — M2 6 
IFived Inleretf... . . 1393 
XFbcedlmeresL . 106 2 

{Managed 1329 

SManagrd 124.0 

Snn Life of Canada (U.K.) Ltd. 

2.3.4. CoekspurSt .KW1V5BH 01-08054(1 
Maple Li. Grth_ ...| 2154 | . I — 

Maple U. Waned. _ 1302 +0.4 — 

Maple Li Eqty 137 8 +1.1 — 

Parse!. PaTFa. 213.0 , I — 

8. a George a Sl. Douglas, I oJI. 

0*24 4082. Ldn. Agio. Dunbar It CtK. Lid . 
53. Pall MalL London SW170JH 014007 
FiLVihCm Tn- -B33 35J*1 .... [ 2 

Ftf.VX.I>bl.OpT*t-P4 0 78.01 1 

-0J 5.44 

—0 21 544 

nrteritousr Japhet? 
’UrnxetK Roe. EC* 

■ Iaterntf‘1 KB 4' 

cum. {.'nils .. 29 9 

1 cramp 362 

'.Euro Fin... 27 B 

rota Volts 322 

Pd Inv Ta »1 

cam. U art* JS2 

(Accum. Units).-.. 

Japan income 

01-2483000 (Arrum Units) .. 

2 Cl Magnum - 

201 (Accum. Unit*) 

740 Midland - - ■ ■ 

402 l Accum. U nite) 

4.02 Kccorerr.* 

*73 (Arcum Unit*) 

373 Second Gen - — 

non Augutf Next dealing August 30 SperLa^ . t ‘' n ^ 5 ''Z 

lfeftain Trust Manager* LUL?taHgl (^ra.Uniut! - 

New Sl £C2M 4TP 0l a0=d= Specbdleed Fttnda 

U6I . . . 

1966 -0.1 
IMA -1.1 
1863 -1.1 
2445 -0.7 -oj 

200.4 +03 
332.7 +0.6 
941 . 

2062 -0.6 
1132 -01 

.906 2062 -0.6 451 

BB7 1132 -01 458 

,792 190 .8a -03 3 96 

970 2426 -02 396 


7.93 yreperty 

ID S3 


3jm peoMJAcc 

4.06 Pep.PentfAcc. 

ts ?££££?“* 

ij* L6ERLF.3 

3 96 - oorrent value Aug 

15- 17. Tavistock Place. WC1H053I O’-3ff75CC0 Maiutted Fbnd |g0.7 2323) -OfeJ — 

Hearts of Oak 966 3671—.., - '* - 

Hill Samuel Life Assur- Ltd.? pu^d'_ p54.‘ir = ~~ia?Sr” A _ 

NLATVr.AddnrombeRd,^ *°j Z 

Target Life Assurance Co. LuL 
Target House. Gatehouse Rd.. Aylcabury. 
Bucks. Aylesbury iO200« 5041 

Man. FUnd Inc |99.4 104A| — 

Mao. Fund Are- _ 122 9 129.4 - . 

Prop. Fd. Inc - 109.7 USA ._ . — 

Prep. Fd. Aec 140.0 — 

Prop. Fd. Inv. 109 0 — — 

Fixed InL Fd. Inc. ULS 1061 — 

Dep. Fd Acc Jnc-- 95.9 200.9 — | 

Ref. Plan Ac. Pen- - 1*9 15.7 _ 

Fleming Japan Fond SA_ 

37. roe Notre-Dome. Luxembourg 
Fleming August a. 1 SU55851 | | 

Free World Fnnd Ltd. 

Buuvrfielri Bldg., Hamilton. Bermuda. 
NAV July 3L SUS190.79 J . .| 

JL J. Henry Schroder Wugg ft Co. Ltd. 

i OIM07IB7 I3).Cheap<ide Ei'2. CI-S884M0 

53*1 I 2 60 VhepS Au* 38 . SUS1247 |+0D3j 2J3 

- fH Traialgar July Sl . SUS133 01 [ .. Tj - 

'“■ 0| 1 AsiauFd AUC21 u>azn Dill] . . 238 

Parting Fnd . .. JA197 2091. ..( 490 

Japan Fd. Aug. 24 1«W99 Bn| | 0.47 

Sentry Assurance International Ltd. 
P.i> box J=8. iiuml llv>n ft. Henruda 
Managed Fund _ . pltUU UCfi] , - 

NAV. July JL.... 1 SUS190.79 J ■ I — Singer & Fried lander Ldn. .Agent* 

RT MihummkI Tatf =0 ' jnnnn Sl. K* 4 ni-2480640 

ts.i. management lm. . |D«»42 oh | ih 

),8 FiBxbary Circua. London EC2. TukyoTsL Aur 1 - I SUS39 30 | | 157 

OPropeny Untu 
Property Series A 
Moused Valla 
Managed Scries A 
Managed Series C 
Money Vatu 
Mooey Series A 
Fixed InL Ser. A 
Pox Managed Cap 
Pns. Managed Arc. 
Pn*. Creed cap 
Pa*, deed. Acc. 
Pros. Equity Cap 
Pep*. - 

chiucoB»Z!.zllS^* : 25.3 ^ t« t Acrenu Un tti) .-..|1126„.«*1 . 

imstlamlTtf.. kZ)268 »M+0.D 2.93 Otmvbwd An*. 23 L-WiJ nrA ' 
t,c Rrerco Tmfct- -O.Jj 409 $ | 

mfedaratian Funds Mgt Ltd.? (a) P«sRA«t#-|lMJ 150.01+02, 
rhancery Loan. WC=A 1HE Ol-StSOSB Manulife Management Ltd. 
□uthFurid. .J46Y 4&I, -05, S.M SL George’s Way. Stevenage. 0*381 

•smopelitan . Fund Managers. .CnrotbUulta |568 f 

Pont Street, Lamina SWlX OBJ. 01255 8525. Mayflower Manageroent Co. Ltd. 
amopaln Glh Fd J190 29 3 . . . | A<6 W18 Greshnm St . ECSV 7A1 1 - _ „ OldM 

Income Fd (490 52 £4 - 1 1 1J5 loeemeAug-15-.. HIS 4 12151 1 

154 Trustee , 

IH (Accum Uni tis 1 

OiartbOBd An*. 23 
Chari td Aug. 28 ... 

602 1691 

X26 329.1 — 0 


572 159.6c -0 

9C3 2015 — 0 

Capital Life Assurance? £Sjf* 

rwlnrti.Hu— .Chapel Ash Wren ooo2aBn gen* Prep. Cap 

Key Invest Fd I 

19j| Paccmakerlac TO .] 

iz:J z 

10681-0 5 — 
109 If -0 J — 

ma -03 — 


mu .. .. — 
110.3 . . - 

in| .. _ 

1M.J _ 
201.7, ... — 

— Phoenix Assurance- Co. Ltd. 

Ret. Plan Ac. Pen- - 71 9 05.7 

jjeLPIanCapJUq..- 65J 70.9 

0Hk-F1enMan Arc. . 133 9 140.9 

ReLPlanManCap... 1225 128 9 

r.ili Pan .Acc 1325 1395 

Gill Pen.Cjp 1243 13 LJ 

Tel. 01428 8131 TLX.' 806100 
Londna 4(011* for 
Ancbor'B* Units .. (SI’Sl 13 Ua 
Anchor GVU Edge - E980 9.86 

Anchor Ini Fd HJSUO 5 J5 

Anchor In J*y Ta 299 31.9 

Berry Phc Fd. SUS51 90 

Brery PacSulg .. SU 00 329 68 
GT.MaPd.. ._ .. DfiGUfi UU 
G.T. Asia Sterling £26 49 17 70 

G T. Bond Fund .. . JL'S1351 

«:T Dollar Fri... SUS773 

_ ' 51516 

+5. King William St., ET4P 4JCR 

Wealth Ass I2XB.B 12521 ..r...| — 

EbT Ph. Asa .[ uj ] . [ — 

Ebr PbXqK Mu 054, . | — 

Prop. Equity ft life Ass. Co.? 

OMO00078 Trans international Life Ins. Co. Ud. cT - fceUtar- ' 

195 Strong hold Management Limited 
1288 PO Box3l5.Sl llelier. Jersey OS34-7I40O 

1»7 Commudiu Trusl ..[90 13 94 071+0511 - 



on Snrlnvest (Jersey 1 Ltd. (xl 

U5 Quecnr H«. dan. Hd Si Halier. J»y. OR34 =7340 
eS| American JndTM . [£821 837,-0 )4[ 

n 7? I'opperTrutf C1144 1171-01) 

. 097 Jap Index Tsl £21.72 1L96 -0.0« -- . 

— = Bream Bldgs . EC41NV. 

— Tulip Invest Fd .—0526 

Tulip Maned. Fd. -[121.1 127.4, +1 1 — 

Man Bonn Fd . -P255 132 ® +LM — 

71 °]'JJ ,58 “ 7 G»rt“o>» Invert. Ud. Ldn. Agts. TSB Unit Trust Managers (C.I.) Ltd- ' 
=. Sl Mar) Axe. laindon. E> 3 uj a. „• . «»•'•" 

110. Vrawlord Street, W1H2AS. 01-J880BS7 sifan^ Pen Fd^ Acr 138.1 I45J +15^ Z 
R bilk Prop Bd— l . 1*4.6 I. I - SScdUv Fri fall '..iSi ^ ti'H - 

Do Equity Bd. 

Flex Money Bd - _| 

■I — Mangd Inv Fri lnll 11035 
+0 7 - KngdJn'v.FcLAcr —(103.9 

100.3+0® — 
Mia+0.« - 

— Property Growth Assur. Co. Ltd.? Trident Life Assurance C-o. Ltd.? 

Leon House. Croydon. CBS iuj 01-6800000 Aeniladr House. Gloucester 04033834 1 1 wUMr^atf°lqS!-!!f^i!3 < ' 

Property Fluid 

Property Fund 1 A>_ 
Agricultural Fund 

15W1 +02, 5J5 Charterhouse Magna Gp-? 

lid. grataOHM Hae. Brunei Centre. 

1 _ Ml hoc Kerne* 

043836101 CtrihooSacrgy. 

59? .... 1 3.78 CbrtS£»£££-_ 

t Ctt. Ud ' 

Bietch ley. 

amepoln Glh Fd 1190 

' 14718 Gresham St .ECSV 7AI'. 

Income Aug 15-.. IDS 4 121 51 1 

General Aug. 1ft . ....|».l ■[ 


I 7.78 

— J . 5-3® 


Mapaa Managed 

«L3J -021 - ™ 

■ 311 - n - Fw 

42.0 -06) — 

391 -0 5, — E* 

1 - Jri 

506 1 — .. . 

Pets*. Prep. Arc- 

Imperial Life Ass. Co. of Canada Jg 5*58'^“ 

Imperial House. Culldlord. 71255 Abbey NaL Fund .. 

Gn-Fd AucSS --.[768 «3M . ..[ — Abbey Nat .Fd. (A) 

Peso. Fd. Aug. 2ft- Hlf 7*2) , _ Invotftuent PumL. 

L'nte Linked PDrtJobo ImrwMaFdiAi. 

Managed Fnd 199 0 VHX — — 

Fixedte Fd __W7J 10z3 J — Equity FaitflAl — 

Secure Cap Fd. — S68 1M 3 . . . , — Money F^nd.. 

Eqwij-FUad [1002 106 Bj . ...[ — Money Fnnd fA| — 

Irish Life Assurance Co. Ltd. ffiSESrtvSSsrZ 

11. Finsbury Squmre.EC=. O'. -828 8253 GUvMfedPtt tAi_ 

Blue Chp. Aug2S M08 B5.1|+0I| 5 00 ■ 

Managed Fund. — ©73 2493-’.® — *lmmed. Annty — 

Managed ;... 

Cul. M a d 

Property- . - 

pmiibr'Anerlraa . 
U JC- Equity Fund- 



1355 . ... 

157.7 - 

1592 . . — 

95 4 -0 0 — 

1226 -U — 
150 7 — 


1305 . . — 

114.0 -0.6 - ■ 


Gartsmre Fnnd MngL I Far Eaati Ud. 

1503 Hutch mm ll-e. lu Hun-oun Rd. H K>>nc 
HKiPar.U Ttf ...pKIIH ISM ..I 200 
Japan Fd. .. , 51*515 5» UIM -0 105] 0 6D 

N American Ttf.. _ULHU« U405a . . I 150 
IntL Bund Fnnd .. . IIUSU21 107itf . . , S.70 
Coruna rr lswaant MngL Lid 
P.O Box 32. DouglavlvM. 08=4 S»1 1 

Coruna re Inti lnc..B33 2401 . I 10 10 

Gartmore lnll. GrlhlbS 7 69 6, . [ 260 

m aailWl Baiiuielle Kd . Si S.-inour, Jersey 

Jersey Fund ... 150 7 53 4tf -0.R 4 49 
4-rag i.uernsey I-uihI ,50 7 S4a| -0 7) 4<9 
2 00 Prices un AubusI 30. Next sub. day September 

0 6D 6 

Ol MngL IML 

ewent Unit TsL Mgrs. Ltd. (aHg) inrereau Sgl. JW» « jj-- .1 3 00 city of Wntminstcr Assur. Ctt Ltd. fflS ST -fil - 

■rhiUeCm.iiftiitorBfci ou-asem Mercmy Fund Managers Ltd. Bingwen d Hmue. e Whitehonr Road. Ktrom* Man.Fd..jicB.7 IN? . \ - 

=* 4mcr Fd. ..B70 W« -05^ 50, Grrtfwro St . EC2P2EB. 014M4S56 Croydon CROSJ A O14840864. Prep Mod. Anti - B».9 1*4^ — 

Inrnrnol l |rt« 5*g-09| Jrt Merc Cm. AufeSO J»0 S*3 IS — - - - “ 3 

me 2213 +6.1 

r02 2875 *71 

10 75J -0 1 

£3 012 -0* 

07 =43 4tf . . . 

01 296fiJ.... 

=• --IS* HSZnol art SaGlwtamSt.BCaPaEB. _ OW 

iSf - IS fl 

5t"ST- -6s i-s Si^S 

sSsstjsrjt - : : : 

cmrerer J1820 1«0| I *67 LW.V t«> 

F. Winchester Fnnd McpL Lid. Cmmrood Hmiae. silver Street, Head 
Ucwry.KL'J Dl^OtfSIfiT SbcdDelSsi 3RD. 

-atWIncbestec (IB S 20 B I 4 73 ComuodltyAGra 7S 0 80W -0J 
WlKta’er UacanBOft 22?}. ( 3« DaAmuo 065 931J-0* 

nabn & Dudley Tst.' MngmnL Lid. naAmmZZ ci ■’ ■ 

AviMKooSt . k_w t attfsavAfti capital — , — 303 324, 

264 Pn 

VHU xmbi * - vne. T 

JSirt SbSSSSsiw' S,,V " "‘^cl'^TOSiS 

fssSRfr.m H*| Vr 

Pena Hngd.Cap 
Pena. Mo ney Cap 
Pena Equity Cap 
Peas Equity Ace 

66.5 -0 3 — 

775 ... - 

1292 .. — 

661 .01 — 
173.1 . — 

184.6 — 

^.2 ...:: -z 

51.6 .. .. - 

625 +OJ — 
64 9, +OI 

O1404 0064. Prep Mod. Aug 1- 000.9 190® .- All Wther Ar Cl* 

6371 J — Prep. Kod. GIP- tf90 7 209 1, . ) - v.AII B eal her < ap . 

183.4] 7- I - King ft Shaxson Ltd. 7 

ft2.CombiU.EC3 01-023 M33 Tanv Pmj Fd . . 

Bond FtfExeinja. -1102.23 1035ii-D01| - Cta. Pn» -Cop uv. 

Next dealing date Sepi S JJ° n Pe«® Fa- -- 

Langham Life Assurance Co. Ud. Si RSIt? _ 

Prop. Growth Praalou 6 Ansuilie* 1 ’■* 

All Wther Ar ClJ 1354 uS« I — 
V-4 1 ! Weal her 1 ."sp 126.9 1335] . — 

Man Pens Pel. 1 

Man Pens Cap l’t 
Prop Pens, rd 1 

__ Langbam Hx. Holmbreok Dr. NW4 0: 303 Mi: PrepfiVnaCy LVi 

Langham A plan . MS 1 
VProp. Boad — .. - 143 8 
tf'irrp iftP> Mon Fdp67 

MS 1 60 6, . | - 

143 0 15l3 . ] - 
767 80S .1 - 

— Bdeg Soc Pen I'L 

laiernatlonal 1095 116.0 -0.6 

FiscaL 1291. 1375 .. 

Growth Cap 127 7 1352 

Growth Acc. _ - 132.0 3391 

Pens, fifingd Cap U5 4 1=7.2 .... 

Pens. Mngd. Arc. . . 120 6 1271 

Peos.Gtd.Dep Cap 1029 109.0 .. . 

PenvCld.Dep.Aec ID75 1131 . 

Pena Ppty Cap ... . U9 7 121 9 .... 

Pens Ply Are 1199 126 9 

TrdL Bond . . _ .. 37 2 398 . 

•WLfi.1 Bond ,99 2 — 1 +0.2 

•Cash value lor £ 100 premium. 

Gartmore (ml. Crtb|65 7 69 6,. , 2i 

Hambro Pacific Fond Mgmt. LuL 
2110. Connaught Centre, Hong Kong 
FsrEaMAUg =4-..|HKUJl 16 W [ — 

Japan Kued. [il T S9B7 9ftq I 

Hambro* Bank (Gncrnseyl LUU 
Hambros Fd. Mgrs. (CJ.) Lid. 

P.O Bo* 00. Guernsey iwsi ass 

Tokyo Pacific Holding* N.V. 

Inlimift Mjtucemrnl '.‘o \ V . Curji'no. 

NAV per 'hftre AutfUM 2! Sl'SOB.ftZ. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 
Imimi' llintfeu.'nl >'•■ N.V. Curaran. 

NAV per .hi. re Ausutf 51 5V-SS0 73. 

Tindall Group 

P.O. Box I*S6 Hamilton 5. 

d. * ■■ ersen* Auc =3 KCKIM 

•uni toii ■Accum Unlln... . JW-'Sl 9S 
-nw a 7Q 3-a'sylnt. Aur it ,S17N277 

0 lot R so 2 New jh. Si. Heller. Jersey 
5o=f ISO TnFNL A_u« =4 . [£0 10 

I B 50 1 Af+uni •■hares. w 13 DO 
' , i an Mnenraii Aug it W3 0 

Bermuda. 2-27M 

Mil tm 

• - Prices on August Wt Nexl dealing (September ■ Accimi share.' 

— I « Jersey rd Auc =3 

Tyndall As&urancc/Pcnsions? 
IB. Canynge Rood. Brltf ul K 

3- Way Augutf 34 •- 127.7 | . .. 

Equity August =4 17X2 | .. . 

Bond Augutf 31 . 167 7 

Property Aug. =4 105 8 [ .... 

Provincial Life Assurance Co. Ltd. 

.FuudSSeSt cfced to ««W Vn^UuL l **» 1 * General (Unit Assur.) Lid. at 

ArimgtnnSt ,s.w i 01-480 7ft? l CW M . . . sa tr. 

aonUtmieyTtt (699 7ft 7} - I 5I ® ~ lli 5943 -tf)jJ 1® 

lUiUS SWC*. UdlallV “5 g? ~ Q2 |5 

Buq,op«ate.EC= . 01980=891 nS*5S?Z: ‘ ’ S 8 57.1 2? 

ssre«ivc in 4 75 41 370 hS^yS-Z : . Si 701 _ . 7.S 

laity ft Low Cn. Tr. M.C iai(hHcKri yt$ffGSS*r. Si m!s .... IS 

irrtfiani Rd. Kish Wyeooibe 08M333C7 Do Accm*.— . U61 112W-. -1 5- fil 

uw*Law me 75 61 -861 306 ’Prires at- July 31 Se»t dealing Augutf 31 

269 1 Pertorm Units. 

I 212.6 • J .1 ■- Kingsuwod Home. Kjaggsoud. Taduonh. IToi Mauu>edFd_L 

3Z.9I X.B7 Surrey KTCO0El‘. Burst Heath 3J45d Prei ' +tf» Fri C 

594a -oj IS CI^ ofWcrtmiz^er A«.nr. Soc. Ltd. 85 

693 -0J 604 Telephone Blow BW4 Eqaitj-InaU) 13U 158 li -0i| 

53.7 .. _ 209 Flrzt Untu. H2S5 U151 I — De Aicca [U4 2 1«LA -Oil 

.. . ?s . *S-4 - swaar 1 — K5 

mi t67 Commercial Union Group DS*M<to.IZ''Z^5 UAS-ii 

112 « .. . 1 569 St . Helen 1 * l-UMletahaft.ECS. O1-S03TW Managed InrtiaL . 1242 1»1 -0« 

«ltnB August 31 \YAnAcVtAag83 I 61 U | .. Dn.Acctf B..— ; — g270 1»J -0 « — 

Do Annuity LAa. j 1906 . .. . ^aparty lattal . -JM01 105 4l -cl 

* Do Accum - . — [1024 ID 7 3 +02; — 

C oriMwft a Life Insurance Co. . 

. ■ SO. Chancery Lane. WC2A 1HE 01-242 «S2 Do Accum. _ -Mb. Utt* . . — 

nm 1101 ¥Equireft , tald-i:. -U6S5 1716j.^. ] . Exemp* Eqt> loll -MJ 6 1386) j -- 

■+" nut. assinagiaj Fung 1777 1865 .. .., - Dn.Aeeura .. .. [1545 i416> • — 

7JI - onpr?iad!z_. . 489b - • •• & e “ p,r: '" 1,,UL 5iSi HSl - I - 

(V- Psnal Urn. Mired... 770 « b — Du Accum - .-Sj65 1235, , •- 

V* StuAgcl.Mnrd Pn. - 77.0 I2M I - Exempt Mngd Ia:L|U79 134 7?.. ., 

69J -02 6S4 

537 .. _ 209 

57.1 3 04 

704 ... 7 60 

74.6 -8.1 7.(8 

112.C 557 

USD ... 569 

fJ) +8 1| 
»?+0i - 

. - 

U4.U -1J 


I Royal Exchange Ave.. London EC3V 3LU. TcL: 01-283 1101. 
Index Guide aa at August IS. lflW (Base 100 at 14.I.TJ I 

Clive Fixed Interest Capital.-. 132.07 

Cl i vc Fixed InterOsI Income 1 14 85 

CORAL INDEX: Close 505-510 


TPmporty Growth 

tVanbrugh G«araiiteed a ® ?i . 

vAddrcire shou-n under In uu ran re and Property bond Table. . 

Prtiprrti Food . 

ESYafftid; . ISj 1 - - Vnnbrngh Life Assurance 

Prudential Pensianx 1 4i-*3Mad*.xS._utii wirsla. ni-4«« 

LhnIlCt-0 Mauagrel Fd 1S25 1M 6| -OS\ 

H«1] boro Bars. fcX I MVH. o:-4rBBS=2 Equity Pd 249.7 262.9 -17 . 

EAtttfFd Atts-lfl KZ71I 38B21 ...1 Itfnl Fund . . 1882 111.9 -13 

F*d Tnr Ang. 16 .. p9 40 34^ . Fixed Intwrw Kd.. 160 6 177 J +0 2 

Prop. Fd Aug IB N2636 27IS .. . , - Property 6d . . 144 J J51* +0J _ 

Reliance Mntnal L-aahFuod U98 1262 + 0.1 

r« I ,A 3-weyPeo July 20 
L«. Ltd. u was Inv Aug 24 
Ot >247 5533 MnJJia-WAua I ... 

I Do Equlh Aug I . 

Du Bnml Auc I . . 
'■[._ Do Prop. Aug 1 ... . 

rw . ... _ 

r K 

1C -1C - Va 

j Henderson Baring Fund Mgrs. Ud. 
y [BOB Gammon Huuve. Hong K-Miy 

! Japan Kd nun 23 )5l'9U) a3B I 

027232241 Banue Hand Bond Fd \ue 24 SI'S lutes 
1 ■Exclutfve ol any prelim, rlurse. 

7 Hill -Samuel ft Co. (Guernsey 1 Ltd. 

0 LeFehire Si . Peter IV»rt <;uern«ey. ■ • 1 
... -• GuermeyTiL . ;i63 9 175 4). i 3J9 

- ;- Hill Samuel Overseas Fund S..V. 

37. Rue Notro-Daipe luirmLHir^ 

-... - pi-sac ani-oisi 

0534 37331 /X 
0 79 6 00 

1395 .. 

100 0 2.00 


232 6 .. 6 77 

329 2 

100 0 . . 11.11 

uxrt-oi — 

1054 Ml] 
1Q7J< +0J - 

Confederation Life Instuaace Co. Wi 

SO. Cbaucort Loire. WC2A LHE 01-212032 Dp Aretun.' - _{99b. 

OEquityl-nad-i: ,11*53 1716) . - Exempt Eqt> loll -S37 6 

Exempt Eqty loll .1137 6 
Do Accum .. .. U3*5 

Exempt F: red IiulCHJ 
Do Arana . _ - ?1M 
Exempt Mngd la:LilZ79 

Do Aec am. [130 8 

Exempt Prop. :mt N7S 
-Do Accum. [99 6 

SluRgil.Vncd Pn. 

Group Majid. Pen | 1876 ! _ . I — Do Accra. . _ 0300 

Fired IfliPen . _ } 201 a J _ - J - • Eiempf Prop. Ml K? S 

Equity Pcuiaon. _ ] 2300 f .| — Oo Arcum — 199b 

Property Penman _[ 190 B ]_.._[ - Legal ft General Pr 

Coruhill Insurance Ctt Lift !icBSi2*rt «3i“ 

32.Cons6iU.ECi 01-GMS410 Next uk da 

SWaV/i f:W J ■ '■j As “ r - Co - 5 

MilCthFd Aug SO ...(1030 143 Of ] - Ntw Road Sl.W17(i 


Credit ft Commerce Insurance Lloyds Bk. Unit Tsl 

12P. Resent. tt-Uomlbn W1R5FF. ' 01-4337381 7\ UmbalMSL EC5 - 
.ffftf Mm* F4_4_H2L0 132 JU [ - . Elettp; ;iQZ2 

as- z 

«£ : - 

1203, . . : — 

m-r: :• 
J55 . .. j - 

104 9) 

Fxdrnr U B .!6 gl9 40 M id " . 

Prop. Fd Aug IS |£2636 ?7JjJ .. . , - 

Reliance Mninal 

Tunbridge Wells. Kent. • nam m i 

Rel Prop.Bdx | 190 9 ; . 

Rothschild Asset Management 

■*»■' ftirlt hint Lane. London. EC4 ni Jricx-ixa 

N.C Prep 1U7.5 12S 01 I - 

+exl Sub [lay Sm_iJ +0 

] International Pacific Inv. MngL Ltd. 
ni-MV4m|^° Bo< ** 3 ‘- f 4- p»w St Sydnrj-. tu-i, 

_l,a Jjavellii Equity Txl |SA> 23 2ja|tf)IH| 

TilFSL tat 24 ..[£810 0 79 6 00 

■ Aieuin Shares, KUDO 13 »ft 

Mnrriran Aug 24 [93 0 100 0 2.N 

. Arrum share-.' |93 0 100 0 

J+rrey Fd Aug 23 [719 4 32 6 .. 6 77 

■ Vtf-J Air I'ls. BIO* 329 2 

■ ■ill Fuurf Aur n [2 Oft B 1080 .. 11.11 

. M rum Shares - |l40b 1432 

Virtury Hauv. Uoual». loir ol Man MBt 24111. 
MobJUCdAug IT .11354 1426| . I 

I'ld. lnlnl. Mngxnnt. tCM.i Ltd. 

14. Mu|..n-ter sire- 1 SI llcllrr J»r-r\ 
t ! B Fund. . IDNU2J? 1MU) .. I 7.92 

United States Tst. Inti. Adv. Co. 

14 Bur Al.lniigrr luimirrur;. 

I.SltfliK l-nd | 51139 |-0071 ■» 

Nel x+ri Aucu-I 28. 

S. G- Warburg & Co. Ltd. Street EiTi DlAUOLftftft 

Mrii Sub day Septra her 20. . 

Royal Insurance Group . 

>c» Hall Piarc. Uverpool <K1 227+02 

Royal 9hiddF<i..^ 11453 . 1537, _ j . 

oassm Vanjjmgj, p nS j 0 i» Limited 

_. ' 41 -43 Maddux ft.. Ldn WIR0LA 01-40048 

“ Managed. [100 7 106 Jj -0 1| - 

H-82643M Eqato U095 1U J -0 4 

I - Fried InterM . .. N8 0 lSSa-01 

S. . Property . .. 902 103® . . 

'■ua rant red see ’Hi*. BMC Kales' table. 

J.E.T. Managers t Jersey 1 Lift 
PO Bax 104. ftuyal T»« lire.. Jerreyu634 2T1 
Jei+cy Kxtrnl T-l . |Ub 0 197 V .1 

A“ at July 31. NeM auh. day Ausuri JI. 

Jardine Fleming ft Co. I Ad. 

4®h Fluor. I laugh I Centre I { Kulig 
lardine Etfn Ttf . HK33U.95 1 . 12 = 

ixrdlnc J'pii Kd • .. IIKM00 7s 01 

iurdinc >£a 3l'S19 02 ... I li 

I online Flein Ini . HKftll 40 I | ■ 

loti Phi See-., In. . TTHSlaj* I ! . 

Do. 1 Arrum . I1K14 70 I | . 

M' Ang Ift 'Kquivalent ftCyMul. 
Nexl nub. Augutf 3t. 

Cum Bd .4112 25 if >9 83 -001 

Fit- In Auc, 25 .. SL-S1B61 -038 . 
i.rsiftvri July 31 ftl 'SI 51 

~7 W1 Mert tbrib’d ,\ui«J Jftl Siaa UJtj .. 02t 

Legal ft General Prop. Fft Mgrs. Lid * f r ° 5 > 5r Cftm P» 
I !. Queen Victoria St EC4N4TP 01-24B0878 *’ Ln ?"; Ec3p 1 

Welfare insurance Co. Ltd.? 

Warburg Invest. Mngt. Jrs)'. Ltd. 

1. Clurti.g I'l+e-.M I letter. J A ll 05M 73741 
i'll FI Jri JuN-JV IB'.qlW UI|[ . . | 

1 VTIJil July M7 U13 2D 13551 [ - 

Uvlai>Ttf. Auc IT ,£1222 12.52 .. .. -- 

I 2^0 Metuj»Ttf./ 
{ nan 1MT Augutf 
I ) 70 t\IT fatal. ,4u 

ECB> -iff at sm man R, B»I«dcPark.Ejtclce urcoari.o 

2^10^1 "n^n 4 S9CMSB»i»r Fd. ..,1 U89 I 

7 iSS'S? ’ For other lundi. please tel*r 10 The Luntlau k 
0 rSil . - ManrhcMcr Gronp. 

0302 Ji2iro 

World Wide Growth Management? 

III*. K'-ulMaru fti^al. Ijhrnii»urc. 
Horiilairi+ <ith F.l, SI S16.M j-O.ftSj - 

L*GPfpPii.Aog4..96 7 101 »! ..._., - rn£m Fd ; ’ ‘ S7 

Nexl utx day Sep!- - GiliFd^ _ 124 0 

Life Assur. Co. of Pennsylvania i*epo»it Fdt _ — [1245 

L.\COPt pits. W0 10*01 ! - Prop PenfioFVf " {2300 

Lloyds Bk. Unit Tst. Mngrs. Lift * i l _ 1 i Pe Sg Ft *. - 

-i i DepaoJMnsJ d.*. — Ura.B 

• l Utfrart5L EC3 6.43138 *TTi 

Eftertp: — _;i0ZJ 1075, 752- iWcc 

1680 +05 
130.6 -0.1 
1311 +0 2 

2073 -21 
2407 +84 
UUP +8.2 
105 3