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Specialists in Reinforced Concrete Design 
4 Suppl,’ ers of Reinforcement 



No. 27,650 


Thursday August 31 1978 




15p 


,«*r 

w 

1975 



CONTINENTAL SELLING PRICES: AUSTRIA 3th IS; BELGIUM Fr ZS; DENMARK K r 3.5; FRANCE Fr 3.0; GERMANY DM 1.0; ITALY V SWi NETHERLANDS FI ljBp MORWAT^Kr 3J; PORTUGAL Be 20j SPAIN W» «; SWTOl K t- 305; SWITZERLAND Fr U; EffE^lSp^ 



GENERAL 



force 


Vi*i Security Council will meet 
today to consider a proposal 
nj Dr. Kurt Waldheim, sec- 
retary general, that 7.300 
troops should be sent to assist 
Namibia — formerly South 

West Africa — in its bid for 
Independence. 

In a written report to the 
rouncil, Dr. Waldheim proposes 
the despatch of troops, plus 
1—00 civilian officials and 360 
civilian police. Their job would 
he to maintain law and order 
and arrange elections. 

The move would be the 
largest by the UN since it 
became involved in the Congo 
in the 1960s. Back Page 

Vaccine queue 

Thousands of people flocked to 
vaccination centres in Birming- 
ham as police continued their 
search for two holidaymakers 
who have been in contact with 
Mrs. Janet Parker, the .smallpox 
victim. 

Sithole adamant 

"Rev. Ndabaningi Sithole. one ot 
the Lhree black members of 
Rhodesia's executive council. 


BUSINESS 

Equities 
slip 2.8; 
gold index 
up 8 

• EQUITIES attempted a small 
rally before extending Tuesday's 
downturn. FT 30-shair Index, 
up fl.S earlier, finished 2.8 down 
at 503.0. Gold Mines Index rose 
8.0 to 1SI.G on a sharp recovery 
in gold shares following rises in 
New York. 

O GILTS shorts lost to }, due 
to upward pressure on U.S. 
interest rates. Government 
Securities Index edged 0-1 
tower to 70.42. 


220 , 


GOLD rose $li to S206J. 

** *STpe^!rtc‘ounce , ‘‘^"'^"'" 


London 
210|_ GoId Price 


2D0r 


_ 1978 

160* ■— — *— * 


& 


International 
union bid 
to save jobs 
at Chrysler 


BY ALAN PIKE IN GENEVA 

Trade union leaders from several countries yester- 
day pledged themselves to international pressure — 
“including industrial action” — if the proposed 
Peugeot-Citroen takeover of Chrysler’s European 
operations results in loss of jobs. 



rates 

Up i% 

in U S, 

BY JOHN WVLES 


MAR APR MAY JUN JUL AUG 


August settlement price closed 
at 206.90 (207.20). 

• STERLING fell 45 points to 


said in Salisbury he was against $1.9410. Trade-weighted index 
fresh all-party talks and asserted was unchanged at 62.4. Dollar's 
his view that one man. one vote depreciation was 9.2 (8.9) per 
elections must go ahead by the . 
end of the year as part of the 

internal settlement. Page 4 0 WALL STREET closed up 

0.52 at 880.72. 


Trial by U.S. 

An East German who hijacked a u.s'njuiunaUonlil semiconductor 
Polish airliner to Tempelhof, company, plans to set up a nevt 

plant in Europe. Central Scot- 
land and the Irish Republic are 
at present the most favoured 
areas. 

Back Page 

Britain agrees 
to join Airbus 


... . c 10 , \5.. _ company, plans to set up a new 

. foci s by an n | :in f i n Eurnou. Central Scot- 

Americun military court because 
Tempelhof is a U.S. base. The 
hijacker surrendered and no one 
was hurt. Page 2 

Korchnoi move 

Challenger Viktor Korchnoi. 1 — 4 
down in the world chess cham- 
pionships, has threatened To puii 
out unless a one-way mirror is 

installed between players and COHSO Fill! Ill 

'spectators to block the alleged , __ . . 

influence of a psychologist work- • BRITAIN has agreed in prm- 
ins for Anotoly Kafpov. the c*ple to join the European Airbus 
champion consortium with France and 

Germany, but Industry Secretary 

Mirinio-hf mYAPcc Eric Varley is understood to be 
Mianignt excess unwilling to force British Air- 

Distributors of the film Midnight ways to buy the new A310 Airbus 
Express, set in a Turkish jail, as an entry condition, 
have agreed to cut from the Back Page; FT aerospace con- 


. The International Metal- secure guarantees that jobs will 
workers Federation decided to be safeguarded, but ensure “ by 
embark on an unprecedented use of fiscal and taxation 
campaign to protect workers measures if necessary " that 
from the effects of a cross- some plants do not become mere 
border company takeover. assembly sires. 

Union leaders see the ramifl- Strong fears were expressed 
cation of the Chrysler decision to that without strict guarantees to 
pull out of Europe and the the contrary, Chrysler plants in 
Peugeot-Citroen offer as an Britain and Spain might be 
important test of their ability to redneed to assembling cars from 
influence the activities of multi- kits engineered in France, 
national companies. The Continental unions gave 

The federation last night sent strong support to the Amalga- 
telegrams to Peugeot Citroen and mated Union of Engineering 
Chrysler managements demand- Workers' demands for direct 
ing an early meeting. They also Government representation in 
intend to ask the EEC Commis- any company which takes over 
sion to investigate the iroplira- Chrysler UK. 
dons of the proposed takeover 
which, they fear, would increase TlpfpIUCivP 
capital concentration and restrict i^CACliaiT t 
the consumers choice. M We s trong]y suggest to the 

ta a declaration after the British Government that it will 
meeting the union leaders said bave been dupetJ by Chrysler 
that it was “ intolerable that a unless it acquires equity shares 
multinational company such as and receives representation on 
Chrysler, deeply in debt to its Peugeot-Citroen Board of 
host Government in the UK, directors." 
should be allowed to evade its Mr. Terry Duffy. AUEW 
economic and social responsibili- president-elect said that union 
ties to workers by selling out leaders at yesterday’s meeting 
and running away.” had set up a defensive structure. 

, It Was also unacceptable that The unions were not adopting an . 

TEXAS INSTRUMENTS, the t Peugeot-Citroen, which occupied attacking role but had to warn ■ after a Gotetruient report that 

‘ a key position in the French that "rationalisation undoubtedly ! new factory orders declined 


NEW YORK, August 30. 
THE GENERAL cost of borrow- 
ing m-the U.S. was -rising to the 
highest level since February 1975 
today when several prominent 
banks increased their prime 
lending rates from 9 per cent to 
94 per cent 

The move was triggered by 
Chase Manhattan' Bank - tbds 
morning and was not unexpected 
in view of the increase in the 
banks' costs of obtaining; funds 
since the last prime-rate increase 
on June 30. 

Since then, the economy's mast 
important short-term interest 
rate on un commuted bank 
reserves — the Fed funds rate — 
has risen in several stages from 
73 per cent to 8j per cent last 
Monday. 

Several 7 , important regional 
banks followed Chase Man- 
hattan's lead, as did Chemical 
Bank of New York. Citibank, the 
nations second largest, may 
follow suit on Friday morning. 

Initially, news of the interest- 
rate rise was poorly received in 
the stock market which looked 
set to record tis third consecutive, 
daily decline. .However, the 
market railV'd in mid session 



BY ANTHONY ROWLEY 


HONG,KONG, : August 30. 


CHINA is to be the 'majority man of both Hongkong Land and Building is forecast to beam in 

partner in a joint property Jardine. KSl. wittcompletionm 1983. ^ 

devetopmewt venture in the New - The quadripartite -joint vezh HcragKbug Land ana jarame 
Territories of Hong Kong, worth ture, established with the appro- Maihewm a . will be minority 
more than JaoOmTt val of the Mass Transit Railway ■partners in the venture, it is 

..... Corporation here, will develop believed with 5 per cent each. 

The deal, whah Involves the ^ndsell Luk Yeung Sun Chuen, while Kiu Kwong. which is a 
Hong Kong land Company and ^ townfliip to built on the Peoples Republic of Chma-con- 
Jardme. Matheson and Co., is the p^ ,,^ ab^e the Mass Transit trolled company incorporated m 
latest, and In . some ways the Railway depot in Tsuen Wan, in. Hong Kong, and Sun Company, 
most significant, of a senes of Territories. which has “dose ties" With 

capitalist ventures m which go-vear Crown lease an the China and is also Hong Kong- 

China has become involved Here BrtS incorporated, will be the 

recently. - signed With the Imperial Chinese- majority partners. 

Because the deal is longterm. Government in 1898 is due to -The precise 
it is seen as an indication that expire in 1997. and while Peking vehicle to undertake we develop- 
Peking is ready to. see Hong claims not lo recognise the agree- F*f. nt J 13 ®. “J IpLzS? 

Kong remain as a British .colony meat entered into by a former a M 358 - j 

well past the expiry date of regime the expiry date has legal 
Britain's lease on the colony, significance for the grant ' of 

which expires in 1997. . •- . ” leases, for development purposes H? e =,viX e opecs was ilkely t0 be 

Chinas Interest in the new .- The Bank of . China '. and 

venture will be through two -com- . 42nK A/blcl- . . .. . Nanyang'Comraercial Bank, both 

panies, the Kit i Kwongr Invest- • OLuUUIj Chma-controtted entitles, are to 

ment Corporation and .the' Sun The development will be-the provide 100 per. cent financial 
company.- • &hst In the New Territories' in guarantees for Sun Company and 

-The deal appears to establish which Hong Kong Land has been Kiu Kwon g , . 
an operative framework for co- involved. Luk' Yeung Sun Chiien . The development- contract is 
operation between two of the .will comprise approximately 5.400 likely to be a “ multWmndred- 
coJohy’s biggest expatriate com- sq metres of commercial space: -million-doUar” project. . 
panies and eorporate 'interests . The complex will include two was first annotmeed an June 
controlled from China, which schools, a cinema and parking,- that' China, through her cum- 
might be used in. future develop- with additional commercial and meroiaJ vehicle, Kiti Kwong m- 
ments inside China.' ■ community -facilities to be re- vestment Corporation, was parti- 

Hotel and .tourist development tained by the jwgfi r; Transit Rail- dpating in a joint venture with 
in China is one suggested area, way Corporation. the Sun Company to develop 

The development ' follows the The developed* value of the 4.000 flats at the Moss Transit 
recent visit to Pekifig of Mr. complex, is expected to be Railway Corporation Tsuen Wan 
David Newbigging, who is riiair-. between HK$Ibn and HK$L5bn. depot. in 1981. - • 


U.S. steel groups protest 
at imports 



BY JOHN WY1£S 


NEW YORK, August 30. 


fcreucc Page 5 

• ITT, the U.S.-based multi 
national, is to undertake a £5m 
investment programme at Us 
■semiconductor plant at Footscray. 
South-east London. 

Page 5 

9 MINERS' leaders are to resist 
»ie?c of Cardinals, admitted ho efforts by the TUC to stop their 
inexperienced in central attacking the social contract at 
•ch government and promised next weeli's Trades Union Con- 
collaboration with his gross in Brighton. The Govern- 
ment is facing the first public 
sector challenge to its Phase 
Four guidelines from 9,000 
atomic power workers in State- 
owned concerns whose pay claim 
The daughter of former !WP includes 20 per cent rises for 
John Stonehouse, returned to some grades. Page 10 
jail on Tuesday after hospital 
treatment, surd that jail would • BURillAH OIL is selling all 
kill her father. “I don't think its remaining oil and gas explora- 
, he'H be able lo lake the mental lion and production interests in 
\ strain,” said Jane 5looehouse.29. Australia, in a deal worth about 

r-’O.Soi. to a group headed by 
TUq Inner iflia i4- Bond Corporation Holdings and 

l ne lung w «*>■* Endeavour Resources. 

Long-haul flights out of London Back Page 
Heathrow faced delays up to _ „ „„„ n 

nine hours us the effects of the • FLUOR, the U.S. engineering 
French air traffic controllers’ sr°up ( has taken the UJi.OOO sq 
dispute continued. One flight for ft of available space in British 
Corfu finally left Glasgow after Rail's £32ru Euston Square 


'Ulch version a scene in which 
irkey is abused. The move 
•Hows 'protests from Holland’s 
00,000-slrong Turkish com- 
n unity. 

ope’s promise 

pe John Paul, speaking to the 


.nals. But he gave no clue 
future policy. 

..tonehouse plea 


a 25-hour delay. 


development in the biggest 
central London office letting for 
many years. 

Back and Page G 


Briefly . - - 

UK residents originating in the f*nupftMire 
New Commonwealth and Pakis- UUmrisiiiEa 
Ian numbered i-S5in in m id-1977. • BTR INDUSTRIES is to raise 
an increase of 76,000 on the £24.1tn by a l-for-7 rights issue 
previous year. at 2S5p a share. Page 32 and Lex 

• B0C " re - ,as P rofits Ml » 

£Ib9,JaS trci5S f4S.Sm on group sales 

i-I6i,3bi net). o{ £917^ (£499 jin) for the nine 

A group of doctors says months to June 30. 
transcendental meditation should Page 33 and Lex 
he available on the National # pEaMi Assurance general 
i1ealU1 ' branch first-half taxable loss 

Murder hunt hegan as fire which increased to £1.17m (£220.000). 
killed two men in Tottenham, Exceptional growth occurred iu 
London, was found to be anion, ordinary branch new premiums. 


GRIEF PRICE CHANGES YESTERDAY 

1 Prices in pence unless otherwise Excheq, I2pe '99-02 


4- 2 


Hi 

IT + 7 


..... 73 + 5 


indicated ) 

RISES 

BOC Intnl 

jjyjj 

Cement-Roadstone - 
Farmer (S. W.) 

Grippcrrods 
Ilaggas (4.) ■— 

Haw- Par 

Mowat (Wm.) ....... 

Travis and Arnold . 

Siebens (UK) 

De Beers Dfd. «*-■'- 

Vaal Reels -"M 1 \ 3 

Westeni Deep J 4J 

Winkelhaak 1- » 

FALLS 

TreaS. Sipc 19B2 J30!2-i 


fill 
:«o 
104 
14: 

Iff 

ss u? + 

73 
27 

376 *r 7 
382 + 24 
415 + 7 
937 + 79 


(£.W pd.) ^541 - I 

Akroyd and Smithers 21S - S 

Blue Circle 289 -5 

Bourne Hollingsworth 273 -7 

Burton A “ S 

Cableform « 72 — 4 

Cullens A ^ 142-8 

General .Accident SO — 6 

Grove bell 2G - 4 

House of Fraser 162 — 4 

DlDthcrcaro 158 - 4 

Pearl Assnce. 252 — 12 

Rncal Electronics ... 316 — 10 

Rank Org. 2S0 — 10 

Slough Estates 119 — 7 

Sun Alliance - 566 — 30 

Tarmac -.-.7. 162 — 6 

Guthrie Corp. nwu.v ST0 — 10 

Central Pacific 47a — 75 

Southern Pacific 195 — 10 


economy, should be allowed to will mean collision." 

•• pursue market strategies in the There are about 250,000 people 
sole interest of maximum profit employed by Chrysler and 
without accounting for employ- Peugeot-Citroen in Europe and 
ment objectives throughout the the federation yesterday 
whole group.” appealed, to them for support 

to construct a “vast network of 

Determined S,- ?nd “ labour 

„ .. ... Union leaders made it clear! 

Peugeot-Citroen directors will that if they have to take in- 
announce their detailed plans for dustrial action to prevent 
the Chrysler takeover -in Paris redundancies in Europe they will 
today against a background of look to Chiysler’s employees in 
trade union determination to the UJ5. for support, 
ensure -that «hey are not accwn- British union leaders were 
plashed at (he cost of potentially keen to stress that the U.K. 
vulnerable plants like the one Government was still in a posi- 
ln Lmw.ood, Scotland. tion to veto the Peugeot-Citroeon 

Mr. Herman Redfcan, secretary offer which, they believe, puts it 
general of Che Metalworkers i°- 3 strong position to demand 
Federation which represents guarantees which the metal 
unions with more Shan 13m sir seeking. 


niombexs, sa id after the meeting 


The metalworkers’ federation 


that Peugeot-Cteoen would no I s ® n international coordinating 
doubt say ibhat ‘Mhe sun will be |^ y ^ 1 ^ fin 1 "i iri t F c 

oZe in the French 

? S Peugeot-Citroen factories 

Ibaiiis wail he ^ 0e5 not compare with the 100 
touched. per cent organisation of manual 

The un+ons, however, were workers which the British unions 
sceptical as experience of pre- have achieved and it is ques- 
tions mergers showed how easily tionable how effective the 
eoi'Ptoyees could be made the French union leaders would be 
wetims of ratio nali sation . in demanding industrial action 

The unions are demanding in support of Chrysler UK 
that, before considering giving workers getting work which 
approval to the takeover, the would otherwise be done in 
British, French and Spanish France. 

Governments must not only Lucas urges link. Page 2 


SB per cent in July, and . closed 
narroivJy higher. On the foreign 
exchange market, the dollar had 
a better day than expected. 

The malaise of the dollar, with 
a 'iarger-than-expected 1 growth 
in the money supply ' during 
August, is thought likely to keep 
pushing up ULS. interest 
Some economists forecast a 10 
per cent banking prime rate by 
early next year 

Mr. Henry Wallich. a mem- 
ber of the Federal Reserve 
Board, acknowledged today that 
fiscal and monetary policy had 
failed to reduce the U.S. infla- 
tion rate, which was now “in 
the S per cent area.” He gave 
warning that inflation would 
continue to accelerate unless 
further action was taken and 
he returned to his advocacy of 
a tax-based policy to offer incen- 
tives to labour and management 
to curb wage and price 
increases. 

He admitted that such a policy 
would be difficult to administer 

Continued on Back Page 
Economic Viewpoint, Page 31 


A SUBSTANTIAL increase , in Consequent adjustments in emphatic in saying (bat the - 
EEC steel exports to tbe'UJS^ in trigger prices- this year appear latest import figures “revive the 
July brought a crescendo of pro- to he making it easier f or less - need for its to take appropriate 
tests from ILK steel companies : effident foreign producers- to self legal. actions under the existing- ' 
today, and a warning from the Into the. . . U.S. market below trade laws.” 

UB. Treasury \&f possible anti- domestic U.S. prices, but abpve : The trigger-price system was 
dumping complaints. trigger prices. . supposed to remove the need for 

Steel imports to the U.S. in As a result the Treasury is anti-dumping compUiuts by the^ 
July jumped 31 per cent over the considering whether to change rodustry because of . its premise 
June total, largely, according to the basis for calculating trigger' of faster Investigations of cheap 
the U_S>, Treasury, because of a prices, either by focusing bn imported stceL A resur^ort <jf ■" 

72 per cfent leap in . EEC -ship- another lowcost producer or -by antidumping sorts would tend, * j 
meats. introducing a twoAier "system most people's view, to make the 

This prompted the chorus of with a set of prices applying sysrtem irrelevant. , - ■ 

complaints from US. producers, specifically to European steel. : Although imports now look 
who doubted the effectiveness of Mr. Peter Ehrenhaft, a Deputy likely to take substantially more 
the trigger-price mechanism Assistant . . Secretary . at the than the 14 per cent of the U.S. 
which the Treasury acknowledged Treasury, said, today that .while market which was expected when 
might be weakening because of -European T»rodui*rs (Irere selling the trigger-price system , was 
the appreciation of. the yen above trigger prices Jo the U-S„ Introduced at the start of the 
against the dollar. many did not appear ro be selling year, the Treasury .is not yet 

Under the trigger-price system, at fair value ' - ' ; . . - disposed to conclude that the 

steel importers charging prices “This might make thpm rtrlner- mechanism has failed, 

below a certain level .face a able to anti-dumping, suits from Mri Ehrenhaft stressed that 
specially speeded-up anti-dump- domestic steel companies," he U.S. company shipments and 
ins investigation. said. profits were well up on last year. 

Trigger -prices are based on Mr. Harry Holiday. "president and that- inventories did not 
Japanese costs ■ of production, of Armco, said today that his-’. appear, to .be reaching unduly, 
which have been judged to be company wanted to goon honour- high levels, 
the lowest and most -efficient, ing -the Administ rati only wishes Moreover,- the Administration 
Treasury officials now doubt to avoid .using antidumping laws -had not. committed itself - to 
whether. this continues to be so at this time, but it was telling reducing imports to , precise . 
in dollar terms,, following the the hWite House -that . some levels, but was more concerned to 
precipitous, fall of;-the dollar action -should betaken^'. - • . prevent in jury to the domestic 
against the yen. ■ Republic. Steel was -more industry through unfair pricing. 


£ (n New York | 

- 

Aug- 30 

Fxwrtoos 

Spot 

SLBsaoas* . 

SUA46-M8B 


0.63-0147 dis 

OJULSdls 


U84-UBdb 

-US-1.16 4b 

12 months 

4^6-4.45 din 

4.40420 oUb 


U.S. bank ‘critical of BCCI’ 



BY DAVID LASCELUS 


NEW YORK, August 30. 


EVIDENCE THAT Bank of wrest from Bank of America a were- inadequate. These should 
America, a major shareholder in credit report it prepared on be increased by almost six times 
the London-based Bank M Credit BCCI ^Holdings (Luxembourg) lo $17m. 

BCCI had engaged in the 


m 

substantial I 


and Commerce International, SA, the parent company, last 
was critical of BCCI's manage- autumn which it expects will , 

ment and loan policies- support its case that BCCI is 
uicluding loan loss provisions — not competent to run an insmer ^oans. 
has been presented to a UB. American bank. • BCCI's reair estate loan port- 

C0 HT t . . . , . Mr. Kraus savs in his f° Uo was “unsatisfactory.” A 

This provides a new clue to ^ he ** - Bho S; Bank of America official told Mr. 

S S o rt Sh a ra Kraus thnt “Iheamount of BCCI's 

viausly to reduce and evei 
sell off its BCCI shareholding 

The evidence^ comes in an . "->■“*«= i^iuscu tuieiuun . «ank of America” 

affadavit filed with the district a copy an the grounds that ^ SjSd a po5(^ rSSg 

SJ n Si" 610 " b ?™I; LuoT 1 COQfident,al ^fftS^bfdlrSore^S 

acting for Financial General However Mr. Kraus saw it for ^ 

Bankshares, the bank holding enough to retain its mam es “ . 

company which is trying to fight P£|np. . which he lists in his « r KraS savs that all these 
off a takeover by BCCL affadavit as follows; Mr ‘ lJwa mys ^ ^ G ^ 3e 

The affadavit supports # BCQ's loan loss reserves of 

Ftnancial General's attempt to approximately 83m (£1.54m) 


When we feD you that we are the Gty^Ieading dealerin Australasian cu r renc ies, 
li tis do idle boasL and thenis real benefit in it for wil V^L. . , 

Ghirp rime jp ^witir pn in th<» mnrlcrt- means tnat webring the Same fleXPUluYtO eXCnapflS 
rates, as^ we do to all our services As al50 year bid Australasian bank,^ we know theropes. 
hJr KW^- bs beWer placed tn deal fiTrynn in Australian and'New Zealand d o l lar s. A ls o weare 
expemini^uaNewGiinea Jam and 1^1 dollars-Ncfcodycperates fasten -.- 
Using us fcryourcnrrebty needs is way of testing our services withoixt any 
cammitnientOTiytHirpait.Ourovvn comm itrhg nt - to customer service - conld well 
persuadeyou to trytis for other brnkingsemces. Ufe would bedd igh te d toassisL. 

Ymp nptn date xyrm the la lec t in rnrre ncymaixetS by rmging 115 QQ. 

01-623 3123 crcansult.our 
Renter manilorANZX. 


dou need pre- raeeting ^thBank ofAm erica real estate loans in the Gulf was 
^hniHrS 3 ^ S LSSdorearhTrlhismoSh fairly high, a pd the market is 


continents were underlined in | 
Continued on Back Page 


CONTENTS OF TODAY’S ISSUE 


European news 2 

American news 3 

Overseas news 4 

World trade news 4 

Home news— general S, 10 

—labour 10 


Arts, Page U 

Leader page 14 

UK Companies 3344 

Mining 34 

Technical page 35 

Management page 35 


Inti. Companies 36-37 - 

Euromarkets 36-37 

Money and Exchanges ...... 37 

World markets 38 

Farming, raw materials ... 39 
UK stock market 40 


National Enterprise Board's 

future 14 

Economic Viewpoint: The 
$ no time for despair ...... 31 


FEATURES 

Selling np yoor own print- 
ing shop 32 

An object lesson for entre- 
preneurs ; 37 


Algerian development: 

Focus on hinterland ...... 

FT SURVEY 

Aerospace 15-30| 


Aiwoialinents 

App wtmo nts Adns. 

Crossword . . ___ 

Ecttaomic Indicators 
Entcrtaliwiicn Guide 

Euro- options 

FT-Actuorica Indices 


4 

12 

« 

02 

38 

« 


Leuar* 

Lex .... 


Lombard 

Mon and Mnuers _ 

Racing 

Sham lotonufoa _ 


XL 

* 

32 

U 

u 

8243 


Today's Evens — 
TV and Radio 

Unit Trnst* 

Weather — 

Base Landing Rates 


31 

32 

04 

38 


London UuL Invest. 
Weir Grp. _ — „... 


m 

& 


INTERIM STATEMENTS 
BOC IntBnwtlanl - « 


ANNUAL STATEMENTS 

n 

S3 



E laum c w npaannts 
AW Carpets u-« 


AUSTFtALJA ANDNEWZEALAIMD 
BANKING GRCXJP LBVHTtD 

PncripqratalinBttiSDtetiVKti^toliA wB ilR fftE tltoiBv) 

71Comhi!l London EC3V3PR Teh 0tti23 TUI 'fefexes: SS12M/9.' 
Chatsworth Housa LeverStreeLMandiffilfirMlrlWD •• 

Tel; 061-236 4303 Telex: 6fcSi&2 • , ■ 


For latest Share Index 'phone Qi-Z4t> 8028 


I 


Sr 


O® LjkGk 









2 


EUROPEAN NEWS 


U.S. court 
willtry 
Tempelhof 
hijacker 

By Leslie Ccrflit 

BERLIN. August 30. 
AN EAST GERMAN who 
hijacked a Polish airliner to 
West Berlin's Tempelhof Airport 
today faces trial by a U.S. court 
in Berlin. Tempelhof is a U.S. 
Air Force bas ein the American 
sector of the city. 

The hijacker is likely to be 
given a stiff prison sentence, as 
the U.S. has long been advocat- 
ing tough international measures 
against the offence. The U.S. and 
six other Western countries 
agreed on joint action last month 
against any country that 
harboured hijackers by failing 
to extradite or prosecute them. 
Nevertheless, the American 
authorities will not return the 
hijacker to East Germany. 

In 1969 a French court in 
West Berlin tried two East 
Germans who hijacked a Polish 
airliner to the city, and a British 
court tried a West Berliner who 
shot a Soviet guard at the 
Russian war memorial in West 
Berlin. 

West German officials are 
relieved that the aircraft in- 
volved in the latest incident 
landed in Allied-control led West 
Berlin and not West Germany. 
The Bonn Government has come 
under heavy criticism from 
Czechoslovakia for refusing to 
extradite Czech citizens who 
hijacked airliners to West Ger- 
many. 

The hijacked Soviet-built TU- 
134 of Polish Airlines took off 
from Warsaw and after a stop 
at Gdansk on the Baltic was due 
at Shoenefeld Airport just out- 
side East Berlin. Instead it 
landed an hour later at 
Tempelhof. 

The hijacker, whose name is 
being withheld by the U.S. 
authorities, is said to be in his 
thirties. He drew a pistol and 
threatened to kill a stewardess 
unless the pilot changed course 
to Tempelhof. 

The man was first off the 
plane when it landed, together 
with a young woman and a 
child. He handed his pistol to 
waiting police. Seven other East 
Germans have chosen to stay in 
West Berlin, and are being 
housed at a refugee camp. The 
remainder of the passengers, 
mostly East Germans, have been 
returned to East Berlin. 

' Reuter adds from Stockholm: 
A Croatian nationalist lawyer 
sought by Yugoslavia on ter- 
rorism charges has fled West 
Germany and asked for political 
asylum in Sweden. Mr. Damir 
Petrie, aged 29, is one of eight 
Croaiians whose extradition from 
'West Germany was requested by 
Belgrade after Yugoslav police 
seized four suspected West Ger- 
njar* urban guerrillas earlier this 
•year. 

In an interview with a Swedish 
newspaper today Petrie said be 
was vice-chairman of the Croatian 
student organisation. He dis- 
missed Yugoslav allegations of 
criminal activities as absurd. 


FiMsria TiMi.i. piiWutwii tlnlfr ciccm Sun- 
days and IkiIhUx. U S. jutncnptloni 5^05. nil 
lair Irciiihii S.St>5.n(i iarr malli per annum. 
Se.'-nd claw jHxiaef raid ai New York. N.Y. 


DUCELLIER TAKEOVER BID 


BY DAVID CURRY 



Lucas urges link with Peugeot- 


THE LUCAS motor component It will then be in a position to Government’s efforts to create a • Establishment or a joint horae parish m the Aw/eigne} 

concern has seized on the pro- judge what weight it should give French component indurtry of electrical components concern and develop French exports, 

posed takeover of the European the affair in assessing its own international dimensions. Ferodo with Ferodo/SEV in France, 

interests oE Chrysler by. the attitude to the Peugeot-Citroen fears that if Ducellier ioes to Ferodo itself is apparently 

Peugeot-Citroen group to press agreement with Chrysler. Lucas it will become tie man insisting that it should control 

the French Government to British officials have already 5n * e middle- between he two gg cent of Ducellier, but 
authorise its seven-month-old raised the Lucas problem with hig European groups o; Lucas describes Its willingness , h 

project to acquire the 51 per cent th e i r opposite numbers in the and Bosch. _ to concede only a 2Sj per cent - 

stake it does not already own in Anglo-French industrial co- 
the French component maker operation committee set up after 


The British company is in i 
difficult situation. In - the 
interests o£ peace and harmony, 
it would like the French: Govern-! 
meat to accept its case without 
application' of - obvious 
British pressure. Bat. at the 
same time it is campaign 
hard to ^ persuade. British 


co- Li an attempt to reach a com- ^ maximum to which 
„ - u^auuu -ter prfcnise with Ferrodp. Uws has lt is prepared to go. 

Duceliicr ’ the Giscard d’Bstaing-CaUaghan * Lucas insists that the acquist ministers to treat the' Peugeot- 

While the British Government summit meeting last December. cessions - * . . tion of Ducellier is .vita! to its citreon and the Lucas-DuceUier 

has given no promise that it will Lucas’ French company is seek- • A® to split uie Benmx plans to develop a second major deal as parallel, cases,, even 
establish a definite link between mg to buy from the Bendix Cor- stake m 5Q:aJ with source of supply in France. It though it points out that Du cel- 

the Peugeot-Citroen takeover of poration's subsidiary, DBA, the Ferodo - claims that the French' motor Her has had none of the public 

Chrysler's UK business and 51 per cent it owns in Ducellier • Joint Lucas/Ferodo ettnmer- industry favours its bid because subsidy Chrysler UK has 
Lucas' attempt to purchase, the for 828m f£13.4m). Lucas already rial operations in certain it itself needs more than one received and represents a. much 
whole of Ducellier, it is quite owns 49 per cent of the French markets. •- source of supply. Otherwise, smaller. British acquisition .in 

clear that Whitehall is fully concern. • A promise to ' limit the according to Lucas, it would be France than Peugeot-Qtrben 

aware of tire French delay in This move is opposed by the DuceUier-Luca* market stare in obliged by common prudence to takeover in the UK. 
replying to Lucas’ request French group SEV. which is starter motors and alternators seek an outside manufacturer to On the other hand, observers 
Indeed, the UK Government is itself owned 70 per cent by the to the 1978-77 level fox three Cumi 11115 rDle - feel that if the British Govem- 

understood to have privately French component concern or four years. In support of its case. Lucas meat obtains ' the probable 

urged Lucas either to -push Ferodo and 30 per cent by the m Making Lucas* word-wide argues that its takeover of promises froih the French group 
through an agreement with rival West German concern Bosch. service network availatle to Ducellier would . rationalise the to assume Chrysler’s commit- 
French interests over the fate of SEV brings together a number SEV. French market, increase employ- meats in the . UK, including 

Ducellier or make a public state- of ailing French component • Establishment of j oint sub- ment (it notes cannily that it employment, it may .be reluctant 
ment that the negotiations have makers under the tutelage of sidiary with Ferodo/SEV in has created substantial employ- to bring Ducellier into the dia- 
reached impasse., Ferodo as (part of the F-rench Spain to compete with Bosch, ment in Giscard <TE»talng's cussion. 


Dutch warned 
of need for 
spending cuts 

By Charles Batchelor 

AMSTERDAM, August 30. 
DUTCH EMPLOYERS’ organisa- 
tions have Warned of the dangers 
of the rejection by trade unions 
of Government plans for spend- 
ing cuts. 

Unemployment will double to 
400,000 by 19S1 if the cuts are 
not carried out Mr. Chris Van 
Veen, leader of the Confedera- 
tion of Dutch Industry (VNO) 
said. The Christian Employers' 
Confederation (NCW) warned 
that delays in implementing the 
programme would only make a 
solution more difficult 
The precarious situation of 
much of Dutch industry means 
that many companies trill have 
difficulty surviving even if the 
FIs. lObn (£2.4bn) of cuts are 
carried out in full, Mr. Van 
Veen said. 

The Christian employers 
criticised the unions for ignor- 
ing the enormous economic 
problems facing Holland. The 
unions themselves bave put for- 
ward no alternative solution, the 
NCW said. 

Commenting on the unions’ 
rejection of the plan to restrict 
the rise in public sector ssjaries 
and social security benefits, the 
NCW said that without curbs 
these salaries and benefits would 
rise more quickly than the aver- 
age industrial wage. Nor will 
Government plans reduce public 
sector jobs, the employers 
argued; they will merely restrict 
their growth, which would other- 
wise be at the expense of jobs 
in private industry. 

In an address to the Metal 
and Electrical Engineering 
Industries’ Association, Mr. Gijs 
Van Aardenne, the Economics 
Minister, said that support for 
narrow sectoral and short-term 
interests would harm efforts to 
achieve economic recovery. 


Mauritanian minister in Madrid 


BY ROBERT GRAHAM 


MADRID, August 30. 


THE MAURITANIAN Foreign tanians tentatively suggested an weakened the chances for a nego 
Minister, Mr. Quid Mohammed initial compromise wherebj Pali- tinted settlement But the Mauri- 
Lagbdaf. begins a three-day visit sario be allowed to' contro. that t an ; an Government is understood 
here today as part of the new part of the former Spanish nressine Wh f 0r a neeo- 

Mauritanian Government s colony at present in Mauri Unian “ "* p; re “ J “ e J 
efforts to achieve an end to the hands. tiaited settlement. The Mann- 

conflict in the former Spanbb At the ,«no Ume. Present |SSS£^"SiJ5»'5?tt? t iSS 

Houphouet Boigny of Ivory struggle against Polisario will 
Coast has been attempting to gradually isolate King Hassan 


Sahara. 

The visit completes the round 


of formal and informal discus- act as mediator, promoting the f nd °2 MomSaTmUitST- 


Spanish colony that the Mauri- 
tanian Government initiated a 
month ago with all the major 
parties connected with the issue. 
This inltiatvie, which has been 
encouraged by France and well 
received by Algeria, has come up 
against - strong resistance from 
Morocco. 


countries directly Involved in the 0n the diplomatic front 
conflict — Algeria, Mauritania 
and Morocco. 


Although France has not pub- 
licly put pressure on Morocco, 
it has nevertheless gone a long 
has subse- way to patch up its relations with 
rejected, at Algeria which in recent weeks 


Morocco, at first silent over 
these initiatives, 
quently roundly 

least in public, both the idea of were seriously damaged by 

? summit and that of establish- French military backing for the 

As a means of breaking the Polisario in the Mauritanian Mauritanian - Moroccan anti- 
deadlock and preventing further P®rt, o* the Sahara. A Polisario Polisario stance. Spain, too, has 
clashes between the Algerian- mini-state remains anathema to improved its relations with 
backed Polisario indpendence King Hassan. Algeria and is anxious, for an 

movement and Moroccan and This strong Moroccan opposi- honourable solution in the 
Mauritanian forces, the Mauri- tion has - for the moment Sahara. 

Strike called over Cadiz jobless 


BY OUR OWN CORRESPONDENT 


MADRID, August 30. 


employment 
The Cadiz region Is one of the 
areas worst affected by 'un- 
employment and funds provided 
by the Government six weeks 
ago for public works employment 
have been exhausted. 



THE MAIN trade unions have than 16 per cent of the active months. Cadiz has been the 
decided to call a strike of all population. scene of several violent clashes 

agricultural workers in the The Government decided on between unemployed and the 
Cadiz region of southern Spain July 15 to approve a special security forces 
to press the Government to pro- grant of Pta 2bn' (£13.7m) to # Soanish ootice today reacted 
vide more special funds for un- ease unemployment throughout * £?{“"{? {Er muSK? 5 four 

ft n*. of Aadflluoia by oftr; fffit by^MIdj S? 

liir! ata SSZJ 0bS Of pn tff Winning the Government far 
^ failing to act against guerrilla 

Pta 172m (£1.2m) was earmarked vinipm*p ■ • 

for the Cadiz region. - ° ™ 1 .. , _ 

However, by this week this Policemen s_ Association, 

sum had been exhausted, with which^ represents 85 per cent of 
. roughly 70 per cent having been the 40 000-strong armed police, 

The unions are especially con- absorbed by the costs of the *■“ 11 was grievously dis- 
cerned at the plight of the materials in the ‘public works satisfied at the alarming lack of 
jornaleros, those agricultural pro j ects . The unions estimate Protection suffered by society 
labourers recruited and paid by fi.-; an nvppa p„ n f -pta *R m which we are entrusted to 
the day. There are 7,100 such />3S5 m\ j, ™ needed each defend. That defence is not 
workers in the Cadiz region who ^ ' } **** possible when weakness of public 

can find no employment and the strike is intended not only contempt for the law 

general level of unemployment t flraw cnvpmmpnt attention tn reach levels current in 

ghere is row believed to be more j° Spain." 

obtain more funds but to per- The strongly-worded statement 
suade the authorities that the was seen as a retort to the killing 
scheme should cover employ- last Monday of two policemen 
ment for a six-day week and- in- and two members of the para- 
clude those under 18 years old. military Civil Guard in separate 
Other parts of Andalucia are but . apparently co-ordinated 
almost as seriously affected by attacks across northern Spain, 
unemployment. In the Granada The extremist group GRAPO 
region, for instance, there are has claimed responsibility for 
20,000 unemployed agricultural two of the murders, and police 
workers of whom only 9,000 are suspect that ETA, the Basque 
covered by public works special separatist group, was responsible 
employment In the past six for the others. 


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Conservatives 
denounce 
da Costa team 

By -jimmy Burns- • 

LISBON, August 30. 
PORTUGAL’S " Conservative 
Party (CDS), whose disagree- 
ment with the Socialists led to 
the collapse of the Soares 
Government last month, today 
criticised Sr. Alfredo Nobre 
da Costa, the new Prime Minis- 
ter. 

A party statement Issued 
after the swearing-in of the 
new Government by President . 
RamaJha Eanes confirmed that 
the fate of Sr. da Costa and his 
team remains in the balance. 

Only last week the Conserva- 
tives were the -first to warm to 
Sr. da Costa's nomination; Now 
they accuse- him of having 
formed a Government to the 
left o( the Socialist Party. The 
Conservatives, who were absent 
from yesterday's swearing-in, 
regard three new ministers as 
pro-Communist: Sr. Carlos 
Correia Gago, the Foreign 
Minister, Sr. Antonio Costa teal, 
the Labour Minister, and Sr. 
Acado Pereira Magro, Social 
Affairs Minister. 

The conservatives are also 
angered by a statement yester- 
day by Sr. da Costa indicating 
that his Government, fan from 
acting as a stop-gap Adminis- 
tration. was prepared m carry 
oat major policy decisions. The 
conservatives say the “absolate 
and limitless" character 
assumed by the new Cabinet is 
incompatible' with democracy. 

The Socialists have already 
declared their aversion to an 
administration of political inde- ' 
pendents' and technocrats 

Against this background of 
discontent, Sr da Costa has Jess 
than two weeks before he had 
to present his Government’s 
programme to Parliament 


Rome bomb blast 

A bomb exploded yesterday 
outside the entrance to Rome’s 
main anti-fascist war memorial, 
tbe Fosse ArdeatLne eaves, 
where German troops shot 335 
Italians in a reprisal wiling 
In 1944, Reuter reported. The 
heavy iron gates to the caves 
were badly damaged in the 
explosion, hat there were no 
casualties. 


in Denmark 


a- 


BY HILARY BARNES COPENHAGEN, Atigitft 30, 

PRIME -MINISTER Anker political stability, 

Joercensen has announced that background of a Parimrent in 
his new coalition government- of. which there. are- 11 parties and 
Social Democrats and Liberals no natural majority oa*ither th B 
will put up the value added tax Left or the Right He stated that 
from 18 per cent to 20 per cent an imported economic- balance 
and will impose immediately a was tbe main- aim or-tiie^new 
six-months' freeze on prices. Government, which has the hack* 
wages and profit margins. ing of S8 members el the 
He also May presented his -■ ^ 

Cabinet of 14 Social Democrata sb T ^ combination nf tocreased 
and seven Liberals to Queen VAT arHl j^dia-ed government 

Margrete, 

Greenland. 

Mr. Henning 


m oeoair w yueen ^ ^mreoted to bring: down 
currently visiting ^ current balance of payments 


Mr. Henning 1 Christo ff e rs en /aiuint rfilflmV next 

(38). the Liberal leader.and an ^ 

economist with no experience of ^ aforSm. deficit this 

.SSTorDKr 7-5to «6d:DKr l»n 


deficit- to a- m axim u m of 


economist ^ 

Minister. Other leading Liberals gf®* 
the Cabinet include Mr. 


KjjTsga- jssstz 

MtaSIr of SnS’S iS p arttte ^ sc^sUqs 

o N f't— ^ f ° ed “ MiniSter fiSTt W' 

° f 4 Soeifl Dttnocrats retain gfSSMSn’SSSTi'JS 

affisfeSsiS 

£ 8 S£sesn& 

stressed the contribution which networt! Sea 

the coalition can make to. natural gas Will go dhead. 


W. German Cabinet fails 
to settle payroll tax row 

BY ADRIAN DICKS BONN, August 30. 

THE West German Cabinet put are intended to come into force 
the finishing touches today to the on January 1, 1979. _ 

DM l2J25bn package of ' stimit- In addition, allowances for old 
latory measures which it decided age pension contributions will 
in broad terms at the end ot be raised, and child payments 
July in compliance with its further increased, on January 
pledge at the Bonn- world 1. 1980. Part o£ the overall cost 
economic summit meeting. of shifting the - tax burden 
V ' , appreciably from personal to la- 

in spite of long hours of dis- direct taxes will be met by 
cusslon, however, Chancellor raising the standard rate of 
Helmut Schmidt and his col- added tax to 13 per cent 
leagues- were not able finally to from jyjy i % 1979. 
resolve the increasingly shrill while most of these provi- 
domestic political row over their siohs- have not been changed 
plan to abolish the payroll tax from the July 2S original draft, 
levied on businesses by some the Cabinet and. the Finance 
state governments. Ministry have been wracking 

A* a result the overall Bill brains to devise a_ formula 

In which the tax' cut measures c “^hSriSes * for^he 

will be presented to Parliament H&m®? 1 -, 1 tax 
this autumn are likely to ran . of whilh the 

into influential opposition from 

the Chancellors own Social Uon “ fuUy 

S Herr H'ans Matthoefer. the 

*nnm5rimf Minister, flow has the 

Chnstiaa Democratic opposition, delicate task of persuading the 

The main, features of the state and local -authorities to 
package, already fixed in July, accept a complex deal to com- 
are a DM 10.7bn reduction in pensate for the DM3bn hole in 
personal income tax through their revenues that would be 
higher baric , allowances and left by abolishing the payroll 
reform of 'the “tax trap" that tax. The SPD-FDP— governed 
catches medium income earners, state of North Rhine — 
introduction of a DM 9,000 tax- Westphalia, which would be 
free - allowance for family hardest hit by the reform, is 
support, . and increased . child however showing no' inclination 
allowances. All these measures to compromise. 

Bonn spy claim inquiry 


BY OUR OWN CORRESPONDENT 


BONN, August 30. 


M$230, 000,000 and S$245,000,000 


MEDIUM TERM LOANS 


MEDIUM TERM LOANS 


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ASBmmKEBS M4UY5M BBMdD 


THE PERSONAL aide to Herr -involving the aide, Herr Joachim 


Egon Bahr, business manager of 
the West- German ruling Social 
Democrat Party (SPD), is tinder 
investigation following allega- 
tions of spying in Bonn made 
by a high-level Romanian 
defector to the West - 
An SPD spokesman said today 
that “ vague statements" had 
been made by the 


Broudre-Groeger. No - charges 
bad befeu made and Herr 
Broudre-Groeger, aged 34, re- 
mained at hLs post : 

The SPD statement foil owed a 
report in the newspaper Bild 
that Mr. Ion- Pacepa, a Romanian 
Government official who -vanished 
earlier this month in Cologne, 

. had passed information to .the 

r. Oman 1 an CLA about espionage activity in. 


which could be interpreted as Bonn. 

Metal industry wage costs rise 

WAGE COSTS in the West Ger- and high"wage^eorts "a^^arnSiig 
man metal industry rose by the industry’s international com- 

?v 4 - per cent V 1 * rst talf of petitive strength and threatening 
this year, against 3-5 per cent a Sobs. 

year ago, while productivity rose It noted, contrary to the rising 

S.*3 Ij h£ 5 -. SKi J2. this 4” costs - that prices 'arc 

“etal industry em- increasing more slowly and show 
S?!* 115 associatlon GesamtmetaU a 2.4 per cent rise in tbe first 
sa iS: , half against a 4.2 per cent rise 

The association said in a report in the same period, a year ago. 
that unsatisfactory productivity Reuter B 


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Finan cfeg Times Thursday August 31 197S 


AMERICAN NEWS 



l China may sell crude oil 
to obtain U.S. equipment 


Pressure on 
Toyota for 
U.S. plant 


rise 


BY JOHN \VYU-S 


jOSW'YOBKi August 30. 


WASHINGTON, August 30. 


A GLIMMER of hope was cast began which, though rejected by ning by about^b^f-^^Tbe^new^ 
on the New York newspaper the pressmen's union, aPPfais _to Papers claim that 
stiihe by an agre^r* te „P«L^ some basis cortjigen 


which is preventing them from. 


By John Wyl« stiike by an agreement of “ PJSH™* some 08315 m StfiZTSnAi&mlm 

BY DAVID BUCHAN WASHINGTON. August 30. NEW YORK, August 30- pushers and union leaders to iS^^men’s union leader. co^ttag effeSve® with ffubur- 

^ _ f v . cottinue talks which began M rwi!iBm]^ini!dv"wdcQmed ban newspapers in the New York 

is considering selling exploration and produ ction a time when the Carter Adminis- A TEAM from ^ New yesterday. . tod’ay the fact IhS^a proposal “48- 

crude oil as a means of paying equipment it hopes to buy from tration is keen to improve and New Jersey Fort Autijoruy federal mediator Mr had been made and said that bis Since the stoppage began, . four 

for the purchase of offshore oil one or more U.S. oil companies, relations with Peking. is !? Toyota Kenneth Moffet, has called the' Snwoud counter' with its own other unions whose members 

equipment, which it is discuss- But they also pointed out that. Meanwhile, there are still a bid to persuade ^Toyota ot £w2 pSposaltoday.'Se pressmen’s were refusing to cross thepress- 

mg with four UB. oH companies. while China hadfqrsometlioe reported rumblings of serious ““‘« r hl ^ 0B “W SJ^SjJnS ocewions sSe pubS-atSn 15, m members at the three men’s picket lines and whose 

The four companies invited to sold limited quanMies of refined discontent among some senior ®“® rably p,ant near y New York’s three daily news- daily -newspapers, the New York contracts expired at the end of 

£ekmg for talks this summer are petroleum products to neigh- Administration officials about w- oaten was hailed on August 9 Times' the Dally News and the March have called their members 

Phillips, Exxon. Union and bouring countries, Vu - amounts President Carter's decision a It is not dear why the port buf hitherto contacts 1 have New York Post, 'stopped work out on strike. This raues the 

Penzou. or crude they could offer would couple of weeks ago to allow the authority is doing so. because pr0Ve d increasingly - inconso- when the publishers unilaterally possibility, that the publishers 

But reports that a fifth U.S. be marginal to the needs or ootn controversial sale of a S144m Toyota is insisting that it has 5 U(n tiaL However the Pub- posted, reduced winning levels, will have to reach settlements 

ml company. Gulf, had actually the U.S. and U.S. oil majors- oil drilling bit plant to the Soviet not even taken a decision m i^jers Association of New York They are seeking a new three- with others' in addition to the 

nP.Pfl nnovafl n m I .■_*! f 1 * U! n nr*A A 1*1 T ib n T" nflllPn ATI TTn!i*« IPV ^1. J £a 11 «UllA^ • ■ _ rtn faint II MV A 9 rC .1 . . « ■ ■ _ ■ ■ IK (<■ _ -‘ — *- - — A ■■AfllllMVlf'llYH 


— - * f i fti.nAi.AW*,* 7 v y w — : iuk cton — i iisnjri j noouuduuii or iicw J. onv ■ Alley are secruug a mi* hjucu- i»»w — ■ — — 

been offered a quantity of Chinese crude production Union. That decision followed principle to manufacture cars L^erday tabled a proposal for year contract which would ulti- pressmen, before a, resumption 
Chinese crude were today denied, amounted to some 90iu tonnes Mr. Carter® earlier veto on the i n f^e VS. A spokesman for ^ flnrt time since the strike mately reduce pressroom man- of publication can be assured. 

A Gulf spokesman said that no last year. Quite apart from aa i e 0 f a Sperry Uoivac com- the company in Califronla i J y 

such offer had been made, growing domestic needs. Peking puter to the Russians.- said tiMlay that Toyota had 

though Peking was known to be is also committed by its agree- Mr. James Schleslnger, examined no potential sites in 

keen to increase its oil exports, ment with Japan earlier this the Energy Secretary, and Mr. the U.S., nor had it invited the 

and that the company bad in year to increasing its sales to Zbigniew Brzerinski, National authority to submit proposals. I.VX IV 1UWWJ 1U1 UHilUtW 

StrCSMS S iSir-iK WASHINGTON. August so. 

aUhemomeT 0raiC Proposition cr ^ e e v ^g le ^’ uld a h J V e apoliti- d^ii^piam sal? by SeT^sSn ijLS^aDpreciJSon'of the yen PB^^S^CARTER. who left day. about chances for Coagres- be P £S2® J^Preside ntiS 

SL'SSS contribution 0 to ttMESiir M *"" 1 * ** m pn * 


Carter to lobby for natural gas Bill 


Officials at the National Coun- cal importance going beyond company. Dresser Industries. “3jL a ?j£ dollar and many °J £* ago fiional approval of the gas prio- Senators, saiff ,one Pr^dendal 

ell on U.S.-China Trade said to- their economic contribution to with support also from the s!^ s m DhJJvere**- thinking he had .finely, achieved mg Bill . , _ “de* ^ . ■f u *25*-.«£SSSS 

day that China was lookine at U.S -China trade — which in any Defence Department, both have motor indi ostry onservers e* a na turai gas pricing com- Another Administration offi- Carter and other Administration 

Srt.“ ™7“lSlhS ende Si Tweeted to show a apparSitly S. on peot , Jajaoes. M aofag;^ jnoml* nium. har^aj -to cial said chet.ee, of Senate,?.*.- official, wffi tty to enhswte 

sales, to pay | or the offshore marked increase this year — at political grounds, the sale should eventually to s tart .assemm ang ^ agam to salvage this key sage of the measure hinged on rapport of. various interest 

not go ahead while current ten- cars 10 ibe UJi. m oraer ro e ] emea t in Jus stalled energy the votes of about two dozen groups and urge them to lobby 

stuns with Moscow contnue. and, preserve their mareer ner&. pj^n. Senators still uncommitted on Congress on the White House’s 

TWT- a •! ~ JU °n security grounds, that the Honda has taken a decision in 

[Vl^orqmio cfrivA CTirPyiri^ inclusion in the Dresser deal of principle to budda plant along 


Nicaragua strike spreads 
and violence intensifies 


an ultra-modern 51m electronic 
welder is unwise. 


MANAGUA, August 30. 


BY JOSEPH MANN MANAGUA, August 30. ing back to Washington from bis 

, . . Western holiday, might react to 

A NATIONAL strike, initiated in Masaya and Dmaxnba. Outsiaers these arguments. But propo- 
Nicaragua five days ago in order entering these areas run lb e risk nen ts inside the Government of 


element in his stalled energy the votes of about two dozen- groups and urge them to.lohby 
plan. Senators still uncommitted oh Co egress on. the White House’s 

There are doubts, inside the the issue. “There is a big un- behalf. . ^ . - 

White House and on ; Capitol decided 7 'segment in the Senate Tomorrow and on Friday, tbe 
HtiU abbot whether the Presi- and the whole thing rests with President may meet a group of 
dent will succeed in persuading it,” the official said. Governors, .as well as represen ta- 

There was no indication of wn,w -. *«»•“» ~ enough Congressmen to approve Cutting short his Western -fives of farm groups and major 
how President Carter now head- seco "A, 1 ® r B est the controversial gas BilL Tbe vacation trip by two days, Presi- energy users - to discuss the 

ine back to Washington from his ** V.S^ u completino a feasU ^033^ would deregulate the dent Carter will try to convince natural gas , ;BiH- r Some key 

iS?_ - blllty study on the possibility of newly discovered those nncommltted Senators that economic oESclals, including Mr.' 

of manufacturing here- natural gas.by 1935 and permit the . gas pricing BQl .is essential Robert Strauss, - tbe inflation 

Toyota, on tbe other band, sizeable price increases in the to help bolster the . UJ5.'. dollar, eounsellor. and Mr. G. William 

. interim. ■■■.-. ' among other reasons. . Killer, tire Federal Reserve 

“ It’s going to be a tough, ' " With Congress in recess, and ebairman; plan to meet top U.S. 
close fight but we remain most legislators out of town, the banking officials today to try to 
cautiously optimistic.'’ one President intends to do his lobby-;, win support for the Bill. - - 


to nres* General Anastasio of being fired on. and many a tan on Dresser deal regard has been more reticent on the interim. among other reasons. Killer, tire 

Lmo« into resigning the families who support the Somoza actl0n ^ e u ^ent u ItSin subject although It acknow- . . Jt s fl gohig te be a tough, With Congress in rwe». and garnnan^ 
presidency is gaining momen- regime have left the area. technicians have now arrived in ledges that general discussions close fight but we remain most legislators out of town, the banking emi 

fum 35?-. ,JS m ° Th, scenes of ^ Te^ to be briefed. by Deeper b,ve bee. S .ib g .b «» ggj-g^ SSS^t 


1, „ . towns are reminiscent of street industries on tbe plant 

transport, jj atUes ,- n Beirut. Up to now, 1 ’ — - 


Although public transport, batUes in Beirut. Up to now, 
banks, petrol stations and hotels t|j 0U2 h, Nicaraguans are not 
continue to function, a tour of usua j] y employing weapons 
shopping centies in Managua heavi / r ^ machine guns and 
yesterday and to-day showed r. otn bs 

that many shops had shut down, »pjj e strike and widespread 
the owners of some of them v j 0 i ence u, Nicaragua come on 
havmg told their employees to the heeIs ot a highly successful 
stay home until next week. A m, err ii] a attack last week, in 
of businessmen are * hich the sandinist Liberation 
^“S workers food or partial Front took control of u, e Con- 
remiMi Htion for the duration of ^ held more than 1,000 
toe strike. people hostage. The Sonioza 

Reports from the provinces regime, the target of sporadic, 
indicate that adherence to the violent protests for almost a year 
anti-government strike is even now, made humiliating conces- 
g rearer than in tbe capital. sioas to the guerrillas. The 
The government, while seek- administration allowed them to 
ing to play down the protest, has leave the country safely, along 
obliged government workers, with a group of newly-released 
employees in essential sectors political prisoners and $500,000 
and foreign and domestic banks in ransom, 
to stay on the job. The Sonioza regime, in power 

Most Nicaraguan industrial through various members of the 
concerns, however, have not yet f aiB dy S1 ?®® 1933. rode out a 
joined the strike. If this sector general strike earlier this year, 
moves to support the anti-Somoza h.HL J s currently facmg the 
action, much of the national stiff est and most widespread 
economy would be shut down. opposition in its history. 

„ . , . Reuter adds: At least 10 people 

At the same time, bands of have died in pitched battles 
anti-Government protesters in between anti-government denion- 
tbe towns of Matagalpa and strators and the National Guard 
Esteli have taken control of tbe jo Mata gal pa, eye-witnesses said 
downtown areas and are meeting today. They said that tbe air 
only sporadic resistance from force bombed the town yester- 
Government troops stationed day before an assault by crack 
there. troops. As fighting continued 

Youths wearing masks or nylon overnight into its fourth day, the 
stockings over their heads patrol town was described as a battle- 
tbe streets of the two towns, ground. 

firing shots or throwing home- “There are quantities of dead, 
made bombs at soldiers and We are still carrying them to 
police. Exchanges of shots occur their relatives." according to the 
almost daily between troops and local Red Cross Chief, Sr. 
anti-Somoza forces in a number Eulogio Reyes, “So far we have 
of other Nicaraguan towns and moved 10 dead, but there are 
cities, including Jinotepe, Leon, more, as well us wounded.” 


Peru emergency declared 


company for some time. 


Pqst row 
mediator 
named 

^ By Our Own Correspondent 

NEW* YORK, August 30. 
THE FEDERAL Mediation and 
Ccncili atioik Service haS named 
Mr. James -Healy.-.h Harvard, 
professor, . to mediate in. the 
postal dispute which Is still 
deadlocked though less close 
to a strike than last week. 

Mr. Healy,‘ a professor In tabou r 
..relations and -an 1 experienced 
: mediator -fit many industries, 
will, have to bring, the postal, 
management and the unions' 
together, at which 4 point the 
two parties will have 15 days 
in. iaw to thrash out the main 
issues of pay and job security. 

. If at the end of 15 days -there 
Is still deadlock, Mr. Healey wilt 
have to decide the issues him- 
self. ■ 

These talks, which were agreed - 
On by both sides to avoid the 
. possibility of a. strike, are ex-, 
peered to start by the end of 
the week, . .. 


Merrill Lynch talks 

Merrill Lynch is holding pre- 
liminary discussions on acquir- 
ing Huntoon Paige, a mortgage 
banking and brokerage firm,. 
Reuter reports, from New York. 
If the acquisition is completed, 
Huntoon. Paige would become 
part of Merrill Lynch Hubbard, 


U.S. COMPANY NEWS 


Chrysler looks for 10. per cent 
rise in ^ new car soles: FTC 
probes Chemetron gases sale; 
Japanese stake for Data General 
— page 36 ' 


THE PERUVIAN Military 
Government took another step 
. towards a confrontation with 
striking miners today when it 
put five more mining provinces 
under a state of emergency. 

An official statement Issued at 
the end of a cabinet meeting 
said that the central Andean 
provinces of Huiinuco, Junln. 
Pasco, HuancaveUca and 
Ayacucho were placed under a 
state of emergency and constitu- 
tional guarantees suspended. Two 
other provinces were put under 
a similar regime last week. 

It accused unnamed elements 


LIMA. August 30. 

of trying to disrupt law and 
order and worsen the national 
economic crisis. The Govern- 
ment claims tbe strike is costing 
Peru 52.5m a day in foreign 
exchange earnings from exports 
of metal, at a time when it needs 
every dollar it can get to main- 
tain payments on its foreign 
debt. 

Miners are insisting that some 
330 union militants fired over the 
past IS months be rc-instated to 
their jobs. But . State and pri- 
vately-owned mining concerns 
have remained adamant in their 
refusal to agree to this. 

Reuter 


MEXICAN ECONOMY 

The oil that soothes 
but also irritates 

MEXICO CITY, August 30. 

DESPITE HUGE oil reserves in Bangladesh. loco me distribution 
Mexico the cancers which have in Mexico is among the most 
eaten away at the economy lor unequitable in tbe world, 
years are still afflicting the Of all the ills, unemployment 
country. is worrying Mexicans the most 

The shsr pincrease in lhe oil ™ e government concedes that 
reserve estimates has restored *\ a * work 

Mexico’s international credit _ “J. ^nrt C nff£lS: if 

sat ^ b t D o r'BuSss sss-sl-mk *sss 
St >s ® “s-SSS 5V.SS ffi’S^’SS 2 

needed to create jobs continues h^ofigTS reversal 111 Uie first 
10 lag, Mexican workers are rais- DJ ‘ t w .,, ’ c . „ . 

ins their wage demands and call- J* r ; Alfonso Sanchez, a senior 
ing for more and longer strikes, official in the Confederation of 
the population growth defies Mexican Workers, believes that 
solution; and farm problems «»c immediate need is for 5m 

new jobs. He adds, we are 
pers u ... hoping that with the exploita- 

It 15 becoming clear, m me |j 0n 0 r 0 ji the government can 
words of a U.S. State Depart- cre a uj new jobs 
ment economist, that “the prob- g ut sceptics contend that em- 
lcmsi of Mexico will not be solved payment is not easily increased 
by oil, and its major problems jj y extractive industries like 
may well be worsened by it” that qj petroleum, in which 
Indeed, adds a Commerce Depart- creation of one job requires an 
ment analyst in_ Washington, investment of some $100,000. 
*• there is a growing school r.f Moreover, feeding Mexico to- 
thought that oil could be harmful day j s only half the job it will 
to Mexico now. It provides an become. Already tbe 10th 
excuse, a crutch, not to wive | arpest j n the world, the Mexican 
the basic structural problems.” population is expected to double 
However, Mexico has plenty of by 2,000. This surge— due to a 
oil to sell. Probable reserves are high birth rate and a relatively 
estimated at 31bn barrels and low death rate — is lhe worst 
possible reserves at 120bn. problem, and the one least 
Among other things. President soluble by oil money. After 
Jose Lopez Portillo is expected tVcades of governmental urging 
to announce another sizeable of Uie populace to reproduce, 
increase in reserves during his initial official efforts to promote 
annual state of the nation birth control have met with some 
address on Friday. success in the part couple of 

But other comparisons paint a years. But most experts credit 
different picture. The age that success to acceptance by 
mttern of the population oF 64m educated people and express 
—almost half under 15 years of little hope of convincing the 
, ce — is matched only by masses, 
countries like Pakistan and AP-DJ 





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OVERSEAS NEWS 


Sithole takes tough line 
against all-party talks 


BY OUR OWN CORRESPONDENT 


THE RHODESIAN nationalist 
leader, the Rev. Xdabaoingi 
Sithole. today declared his 
opposition to new all-party 
peace talks on Rhodesia and 
asserted that one-man. one-vote 
elections must go ahead before 
the end or the year as planned 
in the country’s internal settle- 
ment. 

Speaking at a Press confer- 
ence. Mr. Sithole said tbal if 
only one sixth of the estimated 
oiu black voters turned out at 
the elections planned for Decem- 
ber. the country would have a 
black majority Government. 

Flanked by senior party 
officials and before 500 cheering 
supporters. Mr. Sithole took his 
toughest line yet against the 
British and U.S. plan for an all- 
party conference involving 
Rhodesia's Transitional Govern- 
ment and the Patriotic Front 
Cucrriliu alliance led bv Mr. 
Joshua Nkomu and Mr. Robert 
Mugabe. 

“NVe are satisfied that the 


reason for an all-party con- 
ference is to wreck our agree- 
ment and we are not prepared to 
wreck our . agreement." he said. 

Mr. Sithole. one of three black 
leaders who joined with Mr. Ian 
Smith, the Prime Minister, in the 
Transitional Government, in- 
sisted that December elections 
would he held. " Elections 
according to the Salisbury agree- 
ment must be held or else there 
is hell." he declared. 

Mr. Sithole ducked or ignored 
reporters' questions on how an 
election could be held when some 
7,800 guerrillas throughout the 
country were pledged to disrupt 
the polls. 

‘He accused the foreign Press 
of attempting to denigrate the 
domestic agreement and said be 
was satisfied that two million 
people would vote. 

Asked what had gone wrong 
with the transitional Govern- 
ment's roasefire efforts, Mr. 
Sithole said: “ Nothing has gone 
wrong. We know the war is 


SALISBURY, August 30. 

bound to come to an end before 
the year is out" ... 

Most observers regard Decem- 
ber elections as an impossibility 
and believe that Salisbury will 
be forced to attend ail-party 
talks. 

Meetings held in tribal areas 
by Government Ministers in the 
past few months have drawn tiny 
audiences. Some meetings have 
had to be scrapped because no 
one turned up. Officials blamed 
guerrilla intimidation. 

Another of the black leaders 
in the transitional Government. 
Chief Jeremiah Chirau, has. in 
effect, urged all-party talks. Mr. 
Smith and Bishop Abel 
Muzorewa have said they will 
go if it is in the national interest. 

Mr. Sithole echoed the anger 
of other local black leaders at 
recent praise of Mr. Nko-so by 
Dr. David Owen, Britain’s 
Foreign Secretary. ** If Dr. Owen 
is so 'loyal to Mr. Nkomo, then 
he must crown him not King 
of Zimbabwe, but King of 
Britain," be said. . 


Angola and 
S. Africa in 
PoW swap 

South Africa and Angola are to 
exchange prisoners or war, accord- 
ing to an announcement by Mr. 
R. F. Botha, the Soutli African 
foreign .Minister. John Stewart re- 
ports -from Cape Town. 

The exchange is to take place , 
with the help of the International ! 
Red Cross at a dale to be an- 1 
nounced. I 

At least seven South African ) 
prisoners of war are held ini 
Angola, while publicised in Forma* i 
lion in South Africa indicates that 
a handful or Cubans and possiblv 
a targe number or Ancolan Gov- 
ernment troops are beinc held in 
South Africa and South-west 
Africa. The prisoners were taken 
in late 1973 and early 1D76 during 
South Africa's involvement in the 
Angolan civil war. 

.Meanwhile, about lino refugees 
trying to escape from fighting be- 
tween Government forces and 
l-nita rebels in the southern 
Angolan town or Calais, were re- 
ported to be stranded on the 
Angolan side or the Kara 112 c 
river 

Vorster in hospital 

Mr. John Vorster. South Africa's 
Prime Minister, who is « 2 . is 
suffering from physical exhaustion 
and bronchitis. Reuter reports 
from Pretoria. Jlc was admitted 
to the Tygerberg hospital in Cape 
Town on Tuesday Tor an annual 
check-up and will remain in 
hospital for at least a week. 

Rennies chief fined 

Mr. Charles Fiddian-Creen. chief 
executive of Rennies Consolidated 
Holdings, was fined R 10.000 
<X-i.S0Q) in the Rand Supreme 
Court. Johannesburg yesterday, 
for contravening South Africa's 
exchange control regulations. 
Reuter reports. He was convicted 
on Tuesday. 

Kenya rehearsal 

A full dre*> rehearsal was held j 
yesterday Tor the funeral today 
or President Jnmn Kenyan* or 
Kenya. Quintin Peel reports from, 
Nairobi. The coffin w ill be borne | 
from State Mouse to Parliament 
on the gun carriage used at Sir 
" ms ton Churchill's funeral. Con- 
tractor;, have been working every, 
night for a week to complete the 
mausoleum 


Shah faces demand 
for return of exile 


BY MICHAEL TINGAY 

WHILE CLASHES between 
police and demonstrators have 
continued in towns in Iran, a 
campaign has been mounted 
against the Government by some 
parts of the Opposition, demand- 
ing the return from Iraq of 
exiled Shi'ite leader Ayatollah 
Khomeini, who is the real and 
symbolic head of Iran's anti- 
Shah religious extremist com- 
munity.' The campaign is partly 
orchestrated and partly spon- 
taneous. 

Following reports in Tehran 
newspapers yesterday that the 
new Prime Minister, .laafar 
Sharif Eniami. had authorised 
contacts wiLh Khomeini, the 
Government was advised to 
issue categorical denials or any 
contacts. Yesterday's evening 
papers printed a report with 
prominent pictures of the 
Ayatollah, the first to appear in 
public in 15 years. They were 
quickly cut out Df the news- 
papers and plastered over walls 
and windows in the bazaar dis- 
trict of Tehran. 

After the new Prime Minister's 
assertion that hi.s Government 
would permit political freedoms 
offered in the Iranian constitu- 
tion. it was predictable that new 
political parties would be formed 


TEHRAN, August 30. 

and that demands would be made 
for Iran's five ayatollahs (reli- 
gious leaders) to take tbeir 
places in Parliament What was 
not clear was the speed witb 
which demands would build up- 

Yesterday's Iranian papers, in- 
dulging in their third successive 
day of dc facto Press liberty, 
continued to pour out details of 
opposition demands, both secular 
and religious. 

For a picture of Khomeini, to 
appear anywhere in public would 
have been unthinkable in the 
very recent past. The ayatollah 
was exiled in 1963 after opposi- 
tion to the Shah's decision to 
give women the right to stand in 
elections. 

Meanwhile. China's Chairman 
tfua today began the first full 
day of his three-day state visit 
to Iran. 

Discussions were held between 
Chinese and Iranian delegations 
and Chairman Hua held a private 
meeting lasting more than half 
an hour with the Shah. 

The delegations are under- 
stood to have discussed the 
ironing out of details of two 
agreements on cultural and 
scientific co-operation. The two 
leaders are believed to have dis- 
cussed security in the GulE. 


Lebanon deaths inquiry 


BY IHSAN HIJAZ1 

A SECURITY drive hy Syrian 
troops of the Arab peace-keeping 
force in northern Lebanon has 
turned into a crisis within a 
crisis after an undisclosed num- 
ber of soldiers have been 
referred to a military commission 
of inquiry in connection with the 
killing or civilians. 

President Elias Sarkis met with 
Mr. Selim a I Hoss. the Prime 
Minister and other officials today 
to discuss tiie situation. The 
President yesterday rushed Col. 
Sami al-Khatib. the Lebanese 
commander of the Arab peace 
force, tn Damascus for consulta- 


BEIRUT. August 30. 
lions with Syrian leaders. 

After his return here a com- 
munique by the forces command 
announced that an inquiry is to 
be conducted into the murder of 
six civilians from the Maronite 
town of Bsharri in the Cedars of 
Lebanon area some 70 miles 
northeast of here. 

Two of the dead were the 
nephews of the town's member 
of Parliament. Mr. Habib 
Kairouz. who heads the most 
prominent family in Bsharri. 

The six were said to have been 
3bducted earlier by a unit of 
Syrian soldiers. 


Quality 
control 
in Chinese 
industry 

By John Hoffman 

PEKING, August 50- 
CONCERN ABOUT the qtfUty 
of Chinese industrial produets 
has brought a signldcant 
organisational change iu the 
nation-wide machinery-building 
industry. 

Orders have gone out from 
the central government's first 
Ministry of Machine Bui'ding 
for the rationalisation of 

factories and production 
methods to ensure specialisa- 
tion and efficient co-onlination. 

The ministry Is responsible 
for the 'manufacture of ann 
machinery and motor vehicles. 

Provincial authorities 

throughout China' have been 
told to set up specialised com- 
panies and consolidate manage- 
ments, • re-grunp factories 
according to their products, 

and' raise the technical quality 
of manufactured goods. 

Machinery plants are *ow 
widely scattered under diffuse 
management. Most operate 
inefficiently ■ because they 
attempt to integrate all 
processes from forging to parts- 
processiiig and assembly. Com- 
petition for materials and 
markets has led to wasteful 
production delays, poor quality 
and high costs. 

The industry's reorganisation 
means that provinces in north- 
west China will be responsible 
for building 50-hp tractors and 
northern China centres will 
manufacture the 55-hp modeL 
Eight coordinated motor 
vehicle plants wtll be set up 
and affiliated with nearby fac- 
tories producing specialised 
parts. 

In Peking. 147 autonomous 
machinery factories hate been 
brought* together under the 
city's new machinery industry 
department. Twenty group 
companies have been set up 10 
co-ordinate supplies and pro- 
duction. 

The new China news agency, 
reports that the nation-wide 
reorganisation of the industry 
would take from three to five 
years. 

The change Ip the industry's 
structure will overcome the 
growth-slanting effects of 
excessive ‘•self-reliance" which 
became China's preoccupation 
during the “great leap for- 
ward" of Ibe 1960s. Small, 
.self-contained and inefficient 
back-street factories mush- 
roomed all over China. 

The official newspaper, the 
People’s Daily recently pub- 
lished an account of a com 
mune's disastrous experience 
with three tractors It bad 
bought from . inefficient 
factories. 

The first tractor worked 
sporadically for a year before 
its faulty gearbox failed com- 
pletely. The second had its 
cylinder head fitted back-to- 
front and the engine seized 
the first time it was started. 
The third was so badly put 
together that it never worked 
at alL 

Mr. Chou tze-CItien, the 
First Minister of Machine 
Building, travelled to the com- 
mune, near Peking, to deliver 
his personal apology. Be 
repaid the 15.000 yuan the 
commune had spent on one of 
the tractors and promised com- 
pensation for the repair of the 
others. 

The minister admitted to the 
farmers that some factories 
were producing inferior 
machines. 


WORLD TRADE NEWS 


Japan plans drastic cut in air fares 


ALGERIAN DEVELOPMENT 


Focus on hinterland 


ALGERIAN planners are cur- 
rently taking Mock. The third 
four-} ear development plan, due 
in start next January, will prob- 
ably be MibnuUeil In the congress 
of the ruling KLX party when U 
meets some lime this autumn. 
This year — proclaimed a " year 
nf relloelion" — has been rjevoied 
tn examining the results of the 
las! four-year plan (1973-1977) 
and while there is much to tie 
satisfied with, a change of em- 
phasis is expected. 

Algeria is one iff the smaller 
OPEC, oil Tirudueers. but with a 
population of ISm. and one nf 
the highest birth rates in the 
world, it has plenty tn spend its 
income «»n. Even lie fore the fiver 
fold increase of the price of oil 
in 1973-74 it had embarked on a 
very ambitious plan Ip develop 
its natural gas resources and 
establish a sound industrial base- 

Developing its gas resources 
fast, which meant operating in 
the vanguard of the new and very 
expensive technology of cas 

liquefaction— was a gamble. Bui 
with oil production having al- 
ready peaked and with some of 
the largest reserve* of natural 
gas in the world it was one which 
appeared lo make sense. 

Meanwhile agriculture, badly 
disrupted during the bitter war 
of independence, was neglected. 
Production fell although it 
appears to have stabilised in the 
past two years, Tile country is 
short of water and arable land, 
but President Houari Bourne* 
diene, who is of peasant stock 
himself, knows that more money 
and help must be given to agri- 
culture if Algeria is not to 
become entirely dependent on 
outside feed supplies and if the 
countryside is not to be de- 
populated. 

However, the development of 
the oil. and particularly the gas 
induslrv (liquefaction plants, a 


LYONNAIS 

eflasueux h*i bean 
of ill the international 
Credit Lyonnais. His 
y will be Mr. Gwkvm 

: succeeds Mr. T. dc 

lauvin. who h»s retired 
nidi it Genera* 

omuil U.K. branch**. 




BY FRANCIS GHlUS 

pipeline under the Mediterranean 
to Italy and a host of other pro- 
jects! will remain the highest 
priorities if only because oil and 
gas. until the end of the century, 
will be by far Algeria's largest 
hard currency earners. Oil will 
remain Algeria’s most lucrative 
export until the early 19S0s. and 
then gas will lak e over. 

In Industry other than oil and 
gas. the emphasis will be on 
increasing efficiency (a number 
nf factories from sheer ineffi- 
ciency are working at a hour 
one-third nr capacity) which 
means ensuring better co-ordina- 
tion between the string of slate 
monopolies which have sprung 
up in reecm years and various 
ministries. 

The results of the last plan 
are. by most Third World 
standards, remarkable. Invest 
ment was SS^ibn. more than 
double that during the first four 
year plan 1 1970-1973) and. 
aceonling to a recent World Bank 
report, unemployment in the 
no n-agrt cultural sector has been 

reduced by more than a third to 
10 per cent. 

Since 1970, investment has 
grown on average more than 
twice as fast as consumption, and 
Algeria now enjoys one of the 
highest ratios of capital forma- 
tion to GDP in the world. 44 per 
cent during the last plan period. 
How long that pace can be main- 
tained is an open question. 
Pressure for wage increases and 
greater access to consumer goods, 
of which the vast majority of flic 
population has so Tar been 
starved, is growing all the time. 

A massive effort has been 
made to develop infrastructure 
and water supplies, especially 
Inland. The lack of infrastruc- 
ture has hampered efforts tn site 
industry inland hut the Govern- 
ment is determined to press 
ahead ns it wants lo prevent 
most nf the population and 
activities being concentrated 
along a narrow coastal strip. 

The symbol of the will to open 
the hinterland and provide 
greater opportunities to those 
living in the south remains the 
Trans-Saharan highway, started 
in 197J. Some WW km of the 
UQ 0 km which will eventually 


link Algeria with Nigor-and Mali 
are now open to traffic. 

A more balanced growth in 
regional terras will be helped by 
tiie decentralisation which the 
World Bank report says has been 
vigorously pursued, not leas' in 
the socialist agricultural sector 
where each farm is now respon- 
sible for its cropping patterns 
(the amount of field, tree and 
vegetable crops it produces). 

Despite a slight sbift in its 
favour in 1976. agriculture was 
the poor relation in Algeria's last 
two development plans. With 
irrigation, it only accounted for 
just over 15 per cent of all invest- 
ment against 53.8 per cent in the 
first four-year plan and 45.5 per 
cent in the second plan. As a 
result, the growth in production 
has been sluggish. 

The index of agricultural pro- 
duction had ouly reached 135 in 
1976 from a base of 100 ip 1961- 
1965. Go a per capita basis the 
relative decline is even more 
striking: the index has remained 
at SS since 1970. 

Witb improving standards of 
living the average consumption 
of food per capita has risen. 
Algeria therefore imports food- 
stuffs on an increasingly large 
scale. In 1977 the country im- 
ported one-tbird of its eercaJ. 
Demand for cereals is expected 
to double by the end of the 
century, so that the need to 
increase production is pressing. 

Imports of foodstuffs now 
account for one-fifth of the 
import bill and the cost to the 
State is much higher if one adds 
in subsidies paid on bread.-sugar. 
coffee and tea. In the early 1960s 
Algeria was still a net exporter 
of food. 

Improving output on the land 
also means improving the stan- 
dard of living or the peasants: 
in a number of areas Ibis is 
happening, if slowly. The process 
will have to be speeded up if the 
drift of people into the cities is 
to be slopped. 

Any minor civil servant in 
Algiers enjoys a higher standard 
of living than those who til] the 
land, and pay in the new indus- 
tries is very high. The lure of 
the city is powerful, despite 
impossible living conditions in 
places like Algiers: its attraction 



President Houari Boumediene 


is not explained solely by higher 
pay. but also by me centralisa- 
tion of power which 'has been so 
characteristic of Algeria since 
independence. 

Another major but ' very 
sensitive problem is the free 
circulation of information. The 
newspapers, radio and TV seldom 
allow any real debate on topical 
issues and content' themselves 
with singing the praise of the 
Revolution. 

This lack of freedom of debate 
is having another serious con- 
sequence: a number of Algerians 
trained abroad. either :n 
universities or on the shopdoor 
of factories in France and 
Germany are refusing to go 
home, even though their 
situation is precarious in Europe. 

These problems of social 
organisation are increasingly 
important, and liable to prove a 
much greater burden than short- 
age of funds. 

Although -Algeria's debt is 
fairly high (S13.3bn. at the end 
of last year of which S7.Bbn had 
been disbursed t jt is not 
dangerously so. Furthemore 
figures or debt and debt service 
ration do not take into account 
— lo give but one example — the 
helping hand of Libya, which 
earlier this summer "lent close 
to sibn on concessionary terms. 

So far Algeria has built a 
potentially powerful industrial 
machine. The next stage is more 
delicate. It will have to make 
that machine work, improve -the 
output of the agricultural sector 
and ensure that the basic social 
needs of an industrialised 
society arc meL 






By Charles Smith 

THE JAPANESE Government 
has made up its mind to propose 
a "drastic” reduction in inter- 
national air fares out of Japan 
in order lo remove anomalies 
caused by the upvaluation of the 
yen, according to the director 
general of the Economic Planning 
Agenev. Mr. Kiichi Miyazawa. 

Mr. Miyazawa told the Diet 
(Parliament) yesterday that pro- 
posals to cut air. fares would be 
laid before the International Air 
Transport Association {-LATA) 
this autumn. LATA is likely to 
welcome the proposals since 
several of its member airlines 
have been pressing for agreement 
on a new air fare structure which 
would bring the cost of air travel 
out of Japan more Into line with 
casts in other parts of tiie world. 

Prices of international air 
tickets sold in Japan are at 
present converted from the dollar 
rate for the same journey if a 
ticket is bought outside Japan 
using an exchange rate of 
$1 equals Y2B6. Since the actual 
yen-dollar exchange rate is now 
in the region of SI equals Y190 
this system results in air tickets 
for journeys out of Japan costing 


far more in real terms than 
tickets for the same journey hack 
to Japan bought at the other end. 

The full tourist class fare 
from Tokyo to London is 
Y300500 one-way at present 
whereas the London-Tokyo air 
fare is £552.50.* At tiie current 
rate of exchange this works out 
at about Y214.000. 

Air travellers who are “in the 
know” about this situation and 
who are paying the Tull fare have 
given up buying return tickets 
for journeys out of Japan 
because of the savings involved 
in paying for the return portion 
or the fare outside Japan. Japan 
Air Lines says tbal its ticket 
agents are ready to explain the 
situation to customers "if they 
ask." but tiie unwary will be told 
nothing. 

JAL, which until recently 
followed a policy of strenuously 
upholding the existing system, 
estimates that it would lose up 
to 40 per cent of its revenue 
from international passenger 
flights if a simple switch were 
made from the Y296 to the dollar 
exchange rate to the current 
market rate as the basis for com- 
puting air fares. 


JAL points out that SO per 
cent of its staff are paid in yen 

and argues that 1 .ven-denominalcd 
costs must be matched against 
yen-denominated revenues if it 
is to stay m business- . 

Despite this. JAL officials 
admit that changes are needed. 
One proposal is to split the 
difference between fares into and 
out of Japan by raising those 
denominated in other currencies 
and lowering yen denominated 
fares. . . 

The absurdity of maintaining 
an almost 50 per cent premium 
on standard air fares put of 
Japan is made worse by the tact 
that virtually no progress has 
been made to date on the intro- 
duction of cheap individual rares 
(as opposed to group tares 1 for 
Japanese travellers. 

Japan has nothing correspond- 
ing to the Laker Sky train for. 
would-be travellers to the West 
Coast of the U.S. (or to Europe, 
for that matter). The result is 
that whereas It is now possible 
to travel from London to Los 
Angeles for approximately the 
equivalent of Y35.000 00 a. cut- 
price individual ticket, the 
Individual Japanese air traveller 


TOKYO. AuguftSQ. 

has to pay Y150.8D0 for the much 
shorter journey fro® Tokyo to 
San- Francisco. *. - - ' 

JAL says it la in favour of 
introducing a system correspond, 
ing to the Apes faro on Allantic 
rmtics which would offer ^55 per 
cent discount to passengers .who 
hook three weeks in advance and 
agree in travel on a specific day. 
If it docs so and if there Is a 
simultaneous adjustment m. 
standard air fares out of .Japan, 
the individual Japanese, 'air 
traveller .may be Liced . witk. a 
situation in which journeys tn 
the West Coast of ihe U.S. or lo 
Australia which . have hitherto 
looked prohibitively expensive 
suddenly become; . comfortably 
affordable. . , " 

The effect nf Ihi 5 » on. the 
numbers of Japanese, who tray el 
abroad can only be guessed at. 
However, it must be borne in 
mind that, while Japan has lagged 
behind Europe in cutting indivK 
dual air fares the group discount 
system is highly developed, It 
may be no coincidence that the 
average Japanese . tourist at 
present seems ro.. be happier 
travelling in a group lhan on 
own. 


New Soviet deficit with West 


BY DAVID SATTER 

THE SOVIET UNION built up a 
2bn rouble f£lfi3bn) deficit in 
trade witb the West during the 
first half of 1978, according to 
the Soviet weekly Ekooomiches- 
kaya Gazeta. This was one of the 
worst results in recent years* 

The sizeable deficit was par- 
ticularly striking because it 
reversed the trend apparently 
implicit in the Soviet achieve- 
ment of a 230m rouble (£17a.6m) 
surplus in trade with the West 
during the last six months of 
1977. 

The figures- show that during 
the first half of this year Soviet 
imports of Western goods 
increased 9 per cent to a value 
of 5.9bn roubles (£4.5bn) from 
5.4bn roubles (£4.12bn) during 
the comparable period of 1977. 

At the same time, • Soviet 
exports to the West decreased to 
3.9bn roubles (£2.98bn) in the 
first half of 1978 from a value of 
7bn roubles (£3.05bn) during the 
first half of last year. 

The result was that the Soviet 


deficit for the first half of 1978 
rose 43 per cent to 2bn roubles 
from 1.4bn roubles during the 
first half of 1977, a year In which 
the annual trade results were 
greatly improved by the in- 
expected Soviet surplus in 
Western trade registered during 
the last six months. •’ ' 

Witb the need to purchase 
expensive machinery 10 help in 
fulfilment of the 1976-80 Five 
Year Plan and no early prospect 
of a decrease in sizable Soviet 
grain purchases, it now appears 
unlikely that the Soviets will be 
able to go into surplus witb the 
West during the second half bf 
tills year as they did in 1977; 

Industrial purchases normally 
increase toward the end of a 
Five Year Plan and despite the 
prospect this yesr of a good 
grain harvest, the Soviets will 
still need to buy grain abroad 
to feed cattle for meat produc- 
tion. 

The prospects therefore are 
for 1978 annual deficit lo far 


MOSCOW, August 30. 

exceed the 1977 deficit, which 
stood at Rl.llbn, the best result 
in Hie last three years. 

. The figures published today 
show that overall, the Soviets 
posted only a modest R700m! 
deficit in trade out of total turn- ‘ 
over of B3-L5bn. 

Much of the deficit in trade 
with the West was made up by 
traditional Soviet surpluses in 
trade with the Socialist countries 
and the Third World. 

Total Soviet trade volume 
expanded 7-3 per cent during 
the first half of 1978. From 
R::2.1bn during the first half? 
of 1977 with the share of the | 
West declining to 2S3 per cent j 
compared to 29 per cent during I 
the first half or 1977 and thej 
share of the Socialist countries j 
increasing to 60 per cent from; 
58 per cent ! 

The share of Third World) 
countries also declined to ll.Sj 
per cent in the first hair of 197S 
from 13 per cent in the first six 
months of 19 m . 


UK recovers ground in France 


BY DAVID CURRY 

BRITISH GOODS recovered 
some of their lost market share 
in France during the first half 
of this year. The UK share 
of the French import market 
improved to 5.6 per cent (5.2 
per cent in 1977) and. if they 
continue at the present rate. 
Britain should notch up sales 
oF around £2.49 bn this year, 
some 1343m better than last year. 

However, this will not be 
enough to close the trade gap, 
which was £284.6m in the first 
half of this year, compared witb 
almost £2 50m for the same 
period of last year. Nonethe- 
less, some S1.4 per cent of 
French sales to Britain were 
covered by transactions in the 
opposite direction, compared 
with less than 68 per cent in 
1974. when the British market 
share reached its low point of 
4.4 per cent 

If the figures are adjusted to 
make exports to France 
(reckoned in f.o.b.) and imports 


PARIS, August 30. 
Ihoir 


Drive for 
investment 
in Ulster 

Financial Times Reporter 
MR. ROY MASON, the Northern 
Ireland Secretary, is Hying Jo 
Tokyo next week as part of a 
new drive to attract furugfl, 
investment in Ulster. 

The move follow's a visit to 
the ' province this week by Ihe 
Japanese Ambassador, during 
which he studied investment 
prospects. 

Officials at the Vnrthcrn Ire-, 
land office said that the relative 
quiet has begun lu make it 
possible to seek new investment. 
Some American companies 
alreadv have announced their 
intention of setting up factories 
in Ulster. 

Mr. Mason recently visited the 
U.S. and his Minister or State 
visited West Germanv and Scan- 
dinavia as part of the renewed 
push fur investment in Northern 
Ireland. 

Our Own Correspondent writes 
from Dublin: The Ridxc Tool 
Company of uhln. in conjunction 
with the Industrial Development 
Authority, is to invest over £tihn 
in a new plant in Cork tn manu : 
facturc pipc-workins Tools ahd 
eqitinmcnt for international 
markets. 

Initial activities are scheduled 
sales : to begin in September with fuH 
production set for 1982. when 
the labour force is expected tn ? 
total 250. Already a number of* 
workers arc receiving training. 
The company manufactures a 


(c.i.f.) comparable the covdr is vehicles, where 
closer to 90 per cent. beiween 1975 and 1977 moved I 

British officials are hoping that from £165m to £36Ira. while 
next year, aided in some measure British sales to France last year 
bv-the build-up in'sales of crude were only £137m. 

oil, UK penetration could reach _ »- ■* • - 

5.9 per cent, which would trans- . if! E?‘i widc r,ul!Je nf PlP** T.ooIjl under, 

late into sales nF just short of *ucc. Britain is very much .the brand names “Ridgid" and 

£3bn. allowing for a 10 per cent J 3 ?®?™ amongst France s EEL ■ « Kollmann;" It has manufactUr- 

inflation ralel trading partners, except for : ing and warehousing locations in ' 

Exports 0 i crude moved from Denmark and Ireland. Last year, n sites outside the U.S.. and it* 
a fairly negligible £10m in 1975 Germany look IS .5 per c 6 nt oflsaics totalled £Iin in l977o,.' 
to £92m ..last year, and were the French market, with sales 

approaching £46m. at the half ^orth almost £7.5bn, while Italy 

year in* 1978. Agricultural pro- * ook ^.6 per cent: Belgium/ 

ducts were another strong factor Luxembo rg 9 per cent: and 

moving from £226.5m last year JJnl land 6.1 per cent. Only the 

to some £160m in the first six U.S. ( 8,9 per cent) and Saudi 

months of this. Arabia (6.1 per cent) figured. 

These two areas, together with l ^ e EEC countries amongst I 
components, are expected to be lop scv en suppliers to 1 
the best growth sectors over the f’-ranee. 

coming yars. particularly if the The period of British improve* I 
EEC can agree a sheepraeat ment has been one of steady! 
regime which will favour exports depreciation of the pound , 
of mutton and lamb to the highly against the frank. From £1 = 
protected French market. Fr 9.51 in 1975, it declined in I 

French strength continues to £l=Fr 8.53 
he in cereals and ‘.in motor year. 


El AI charter 
subsidiary 


EEC quotas against Asian shoes urged 


ITALIAN SHOE exports slumped 
7.2 per cent to 121.99m pairs in 
the January-May period this 
year from the. year earlier and 
Italian makers, among the 
world's largest, again urged EEC 
quotas on Aslan exports in 
order to prevent a further slump 
of their sales in the remaining 
months of the year. 

Sig. Odoacre Mercatanti, direc- 
tor of the Italian Association of 
Shoe Manufacturers, told tbe 
annual assembly that the present 
situation was "worrying " follow- 


By L. Daniel . . 

TEL AVIV. August JVL 
EL AL, the Israeli airline; has 
formed a fully owned subsidiary 
company for charter (tights 
which il will operate as f torn 
this autumn.. . . S'-~ . . 

Initially the flights will .be 
in ♦»,! frnm Britain, vari'ous. cities* in 

in Arch of this ] | Germany. Italy and Greece. 'On 
addition to its own fleet * of 
Bneinss, El Al will have" at its. 
disposal two BAC one-elevens 
| hitherto used by Arkia, the 
domestic airline. 

The El Al management is also 
awailina approval by the Minis- 
terial _ Economic Committee arid 
the Knesset Economic Comni.H- 


MILAN, August 30. 


ing slackened demand and grow- Korea and Taiwan are started. . tee or its recommendation that 
mg competition on the domestic for a voluntary cut of their El AI buy 1 wo 'Airbus airlines 
and foreign markets vzpons to Europe: then- the This will be tbe first time that 

He emphasised that under situation of the national makers) El "Al buys non-Amerkln It 
such conditions, control by EEC coaid be g reatly relieved." be approval granted 
regulations on imports from said. Such negotiations might • Wong Su!on« 

Taiwan and Korea was an un- be started- next autumn, be dis- 
a voidable and urgent measure. closed. 

Sig. Mercatanti said the How While urging quotas on Asian 
into Europe uf the Asian surplus imports in Europe, Sig. Jfer- 
of shoes, as a result of quotas catanti criticised the long-stand- 
on Asian shoes imposed in the ing Japanese quotas on Italian 
U.S. and Canada, would greatly shoes which are cutting to 300,000 


bu .r t Tr tt ^, rt . aIii ‘P shoejnduMry a year a potential market of [ related equipm Pn r w 37 rslima 7 i«d 
If bilateral negotiations with 7-8m pairs for Italian makers." 1 at Sllom. was esumama 


^ , _ writes from 

Kuala Lumpur: Malaysian Air- " 
line System, MAS, announced. 
| today it would buy three Euixkt 
pean Airbus airliners to replug 
its present Beet of Boeing 707$. ■ 
The cost of the three aircraft, • 
including engines, spares and 


BERLIN FAIR 


Emphasis on Third World trade 


BY MARGARET HUGHES 

BERLIN'S 60 tb Overseas Import 
Fair was opened here today by 
Dr. Detiev Rohwedder, Secre- 
tary of State at the Bonn Econo- 
mics Ministry. 

With Partners Tor Progress as 
the theme, the Berlin fair aims 
to promote trade between 
Western Europe and overseas 
countries, with The emphasis on 
developing nations. It is 
supported by the EEC Com- 
mission and the International 
Trade Centre in Geneva. Some 
LOOfl organisations are participat- 
ing from 60 countries in Asia, 
Africa, Latin America and the 
Near and Middle East, as well as 
exhibitors from the U.S. and 
Japan. The exhibits are mainly 
consumer goods, such as textiles, 
carpets, leather ware, handi- 
crafts. jewellery and food, 
though there are some more 
technical items, such as elec- 
tronics products. 

Given that most participants 
are from the developing nations, 
tbe need to maintain free trade 
and keep the industrialised 
markets open to exports from the 
Third World inevitably domi- 
nated the opening speeches. Dr. 
Robwedder placed particular 
emphasis on the important of 
a North-Souih dialogue. This, 
he said, was “indispensable" far 


} 


the improvement of world 
economic relations. 

Dr. Rohwedder stated that the 
intensification and further 
growth ok trade relations with 
the developing countries offered 
the best chance* For their in ley ra- 
tion in the world economv. 
Exports were by far the must 
important source of foreign cur- 
rency. and provided much more 
dynamic growth than aid. It was 


as partners on an equal basis in 
the world economy. 

Trade policy with regard to 
the developing countries W 3 S, 
therefore, “a test oF the credi- 
bility of industrialised nations. 
IF industrialised countries 
restrict access to (heir markets, 
then this can only be interpreied 
as a repudiation or iBe aim of 
the economic development of the 
Third World. On the other hand. 


The UN Secretary-General. 
Dr. Kurt Waldheim, endorsed 
the move for greater exchanges 
among developing countries to 
improve their economies, re- 
ports K. K. Sharma from 
Buenos Aires. Speaking at 
the opening of a two-week 


conference on technical co- 
operation among developing 
countries, he said there was a 
need to accelerate exchanges 
so that Institutional facilities 
were, available for . increased 
trade, monetary development 
and financing arrangements. 


a prerequisite for the industriali- 
sation of developing countries, he 
said, that the industrialised 
nations opened their markets 
Further for products of ihe 
developing world and accepted 
the resultant -structural changes. 

The developing countries had 
built- up their industrialisation 
largely with eapitai and know- 
how from the Western industrial- 
ised nations on the assumption 
lhat In the long term they would 
be able to integrate themselves 


a decision not So -close markets 
represents an important pre- 
requisite for giving the develop- 
ing countries a chance to make a 
suitable contribution to the 
general restimuiation of world 
trade in increased growth.” 

He placed particular emphasis 
on the expansion of special 
treatment for developing coun- 
tries. such as improvement of 
preference schemes, special 
advantages favouring the poorest 
countries, and technical assisl- 


B ERL IN, August 30->/ 

ance for the better utilisation of 
preferences. 

vr^Vf- ,Y'? W waj} endorsed: by : : 
m. Michel Hauswirtii, Deputy- 

Ftrrw?* f0T - Development ot tbe. 
t&c Commission, who said tiwtr 
one of the aims for 1979. must be; 
to improve utilisation of pre* . 
Terences through introduction of 
differentiation lo allow fhe 
poorest countries to take greater 
advantage of the system. $b far 
only those m a more favourable , 
financial position or those Wffii 

♦i? ,namic economy, had* 
utilised the opportunities fully:^ 

„J. n addition, trade must ie 
actively encouraged, and tho 
yarded tiie ■ Oversea*- 
F ? ir as “one of the pre- 
rerred places” for helping. Xb: 

frade an d economic 
deveionment. As a result, more 

j° . of J h ? repfc- 

finTn'i,! 1 lhe fair h3W received 
financial support for their 
participation from the EEC. .-V 

M. Rauswtrth admitted tlMf 
from exports from' 
08 c ® unlri ex represented 
a major problem for the EEC In 
^ c ? nomic crisis, bp* this'; 
fhould not jeopardise freedom ot 
ti^de. He said the solution- to - 
these problems must! be sought', 
in an open dialogue between the 
partners involved. 


t/ 


\ 






liHIiMT-i 


Tifiies THttrsflay august 31 1975 





Thatcher 
starts 
Scottish 
ipaign 

By Ray P«rman, 

Senttirii Correspondent 

MRS. MARGARET THATCHER 
amv«d ia the Scottish Borders 
last night to begin a tour which 
effectively opens her party's 
election campaign in Scotland, 
where significant Tory gains are 
cooskfereti possible. 

Although lagging badly behind 
Labour in the opinion polls, the 
Conservatives could profit from 
the slump in support for the 
Scottish Nationalists and win 
back five or six of the nine seals 
lost to the Nationalists in 1974. 

Also, dn Berwick and East 
Lothian, vacant since -the death 
of Professor John Mackintosh, 
Tories believe they have a 
diance of regaining the seat lost 
in October, 1974, when Labour's 
majority -was 2,740. 

Mrs. Thatcher will spend most 
of tomorrow in Roxburgh. Sel- 
kirk and Peebles, seat "of Mr. 
David Steel, the Liberal leader, 
where the Conservatives hope to 
overturn the 7,433 Liberal 
majority. 

Richard Evans, Lobby Editor, 
writes; "‘The Conservatives can 
afford to care. Labour can’t.” 
was the theme last night of the 
third in the series of highly pro- 
fessional party political broad- 
casts made for the Tories by 
Saatcbi and Saatchi, Garland 
Compton. 

Instead of an outright attack 
on Labour policies, the broadcast 
acknowledged that the Govern- 
meant meant well and was full 
of good intentions, but had not 
developed the resources to pay 
for improvements in social ser- 
vices, education aDd health 
care. 

A related message was that 
since the war every Labour 
government had increased 
income tax, whereas every Con- 
seravtive government had 
reduced taxes while increasing 
social services. 

Mr. William Whiteiaw, deputy 
leader, summing up the broad- 
cast, said that the Labour Party 
was always talking about caring 
but talking was not enough. 

It was a fundamental part of 
Conservative policy to encourage 
people to look after themselves 
to the best of their ability, but 
those wbo were loo young, too 
old or too sick were entitled to 
expect all the help and com- 
passion that we could give 
them, he added. 

Today the Tories will launch 
a cinema advertising campaign. 


Lords urge changed 
attitude to boycott 

BY MAURICE SAMUELSON 

THE GOVERNMENT is accused Byars, the Liberal peer, who was prospects, and companies are 
today of condoning some of the also one of its members- urged to pursue all business 

most discriminatory aspects of It decided unanimously not to opportunities with courage ana 
the Arab boycott while verbally ^ acl tbe back t0 Lonis enterprise. The .Guvermneni 
deploring it. The charge comes for a Thlrd Reading, because of should help by assisting trade 
from a Lords Select Committee, lts potential damage to Arab- promotion, rather than by djs- 
which proposes sweeping changes British trade and the widespread "“waging compliance with the 

SJtaSF - aUi, “ deS ‘ »E5L2l * am °° g Briaail ™«1d also urge copies 

The committee wants the But *f t !eft opeD D0ssihle receiving boycott reqaests to 
Foreign and Commonwealth flltnre i e jri s i a tion if the report them voluntarily to the 
Office to cease authenticating Sseddo notreducl Trade Oepartmcnt 

negative certificates of origin the boveort's imoact This could enable publication 

required by some Arab coun- *j^j e » yers cm was modelled statistics to monitor the boy- 
tries. and calls these documents on toe to the «tL but otherwise informaUDn 

M among the most discriminatory u c Emort Admin Utration Act c ° m remain c ? nMeDt ft. „ 

-be p =* s -ms 

s& ^ - pS uMbi.“» SBTS eri-ffl 

Public funds should also be lessons {ro ™ l !: S ’ Two members. Lord Boyd- 

witbbeld from companies .seek- ^f Carpenter, a former Tory Agn- 

inf* 'iwfifannp to secure con- j-assandra-like prophecies _ OE niiture Minister, and Lord 

tracts with boycott clauses. toe tore effects of UJS. legislation McCarthy, a Nuffield don who 

This was the only suggestion had 001 materialised. takes tbe Labour whip, said that 

on which the committee's nine Tnt*»r«»«rfc it would reduce Britain s export 

members. headed by Lord **■*««»*» potential and penalise companies 

RedclilTc-Maud, were not In the past. Governments have legitimately exercising their 

unanimous. verbally deplored the secondary commercial judgment. 

Britain should bad: an EEC and tertiary aspects of the The majority says that corn- 

initiative for liuramuuity-'Aide Arab boycott, telling companies panics needing help to secure a 

action against the Arab boycott to decide for themselves bow to contract including boycott condi- 
and there should be stronger act on their commercial interests, tions, they should go to the open 
diplomatic intervention with The committee says that market, not the taxpayer, for that 
Arab States when British fin- Parliament and the Government money. 

panics are in trouble with ihe “should set the political con- Report of the Select Committee 
boycott text” in which companies make on the Foreign Boycotts Buu 

The committee spent four such decisions. (SO): Report and Mvrwtes £ 26 0 ; 

months stndjocg the Foreign The boycott does not neces- minutes of Evidence ££60. 
Boycotts Bill, sponsored by Lord sarily seriously damage trade Editorial Comment Page 14 

Jobless rise ‘not so sharp’ 

BY DAVID FREUD 

THE SHARP rise in unemplny- into the problems of adjusting nine months from last September 


Building 
material 
sales 
up 21% 

By Michael Casdl, 

Bunding Correspondent 

SALES of building materials in 
the UK were nearly 21' per cent 
up in June compared with toe 
same month last year, 
to ibhs National Federation of 

BiaWcts’ and Slumbers* Mer- 
chants. 

Sales by builders' merchants 
an tlie 12 months to the end of 
June were nearly 5 per cent up 
on the previous year. . 

The federation sadd that the 
more buoyant picture was 
evident in alt nations, with parti- 
cularly bright ^)ats . in toe 
Midlands and tire North West 
Mr. Reg "Wllteams, <feeotor of 
tire federation, commented: ‘The 


More home news 
on Page 10 


ment over the last two months the figures, concludes that if the 
may have been largely artifici.it components were separately 


adjusted the summer total 
“would rise less sharply, if at 
all.” 

Separate adjustment would 
even out the summer humps, 
although the decline over the 


would have started later and 
have been less steep. 

Tbe Statistical Office says that 
the studies described in the 
article do not imply that changes 
should be made in tbe methods 
of seasonal adjustment used by 
the Department of Employment. 


according to Economic Trends, 
published today by the Central 
Statistical Office. 

Standard statistical adjust- 
ments made to eliminate 
seasonal factors seem to be nut 
of date because of changes in 
the labour market structure. 

This means that there has 
been a summer unemployment 
“ hump .” in 1976 and 1977 in the 
seasonally-adjusted total, exclud- FINANCIAL TIMES REPORTER 

^cially h °regarded S ’ as W ?be h best DAILY CRUDE oil production maintenance work on production 
indicator of the underlying from the UK sector of tbe North platforms. 
t«nd. Sea feU b, = per rent in July 

, Fo L this _ £ r 5. se [!f compared with the previous a da ® compared 1, with 1,114,155 

month. barrels a day in June. 

The drop in average produc- Total production in July was 
lion last month by 21.827 barrels 


Sea oil output falls 


rise in unemployment is thought 
to be due largely to inadequate 
seasonal adjustment .and mirror 
the experience of the previous 
tw.o summers. 

The article, which describes an 


This brings 

. • , , . , . the total for the last 12 months 

a day was largely due to a cut t0 45,379.475 t0 nnes of crude oil, 
in supplies from Shell/Esso’s which takes tbe UK about half 
investigation by the research Auk Field and Mobil’s Beryl way towards ■ reaching self- 
branch of the Statistical Office Field, to allow routine summer sufficiency in erode oiL 


trend is rood encouraging. For 
the third month in succession all 
regions hanre- shown on improve- 
ment 

“ At this time of. year one 
would expect, an decrease in 
building astxvfety. os contractors 
take advantage of the fair 
weather and danger boars ci day - 
light — bat the increase in these 
figures exceeds tire usual 
seasonal upturn.” 

The federation’s figures reflect 
the trading position of 95 per 
cent of Britain's bucklers’ 
merchants and confirm q. brighter 
picture for construction output 
Work levels are expected to rise 
by about 2-3 per cent year, 
tbe first increase in output torn* 
19 73. 



Terry Kbit 


At the conference (from left): Hr. E. B. BbuMonn, Mr. E. Kahytton and Lord Beswiek 



FINANCIAL TIMES REPORTBl 

LEADERS of tbe British - and tintring civil programme as well titm would be significant only if 
French aerospace industries dis- as in a specific new civil project, matched by similaT actum rn 
agreed tb e wteitf - Collaboration was not to be West Germany and fianct. 

to winch cooperation with title confused with subcontracting.- He emphasised the strength 01 
(LS. would be an Europe’s long- Britain wanted and welcomed British Aerospace. Onj« 
term interests. the opportunity fully to exploit day, when private British air- 

General Jacques Mittenrand, its proven civil aerospace craft companies were formally 
rtainwan end chief executive of capability. - , taken into public owneramp, the 

tbe French Aerospatiale group. Last December, Lord Beswick order book stood at £l,500m. It 
told delegates atlihe Financial signed a memorandum of under now stood at f2,500m and was 


Times World Aerospace Confer- 
ence London that it was • ■ ■ ; - ■ •- 

unrealistic for Europe’s aero- • _ , • ' • 

space industries to attempt com- ITT WORLD - 

promise on f atone projects by a - 

paying European in one .pro- •*. ..$• ACpn^PACE 
ranrne Sad playing* American ." 

Europe’s makers must either CONFERENCE 

develop their family of aircraft - • 

or jam a ILS. maker. There 


Top steel 
finance man 
forGKN 



The real 
Cheddar 
fights its 
way back 



Sir. David Higdon (right) during the Cited daring process 


SOMERSET lias its own version 

of cheese lore: the origin of the Robert Barctav 

Cheddar species, so the story 
goes, can be traced back to the 

interior of a Cheddar Gorge were down tn little more than a association, used calves’ stomachs curds from the whey tbe curd, 
cave. On a summer day in the handful in the late 1940s, have to get cheese-making under way. the embryo cheese, goes into a 
mists of time, it is said a young secured a firm niche in the UK Then the process was somewhat large cooling tray the whey is 
shepherd, tired from trailing his market for a product which, at a haphazard. drained off and ’will soon be 

charges through the spectacular price premium which may vary “There are still a hundred served up to the local pigs 
two-mile crease in the Somerset u p t 0 15 per cent on factory- things that can go wrong even It is at this ntna* that the 
countryside, threw himself down produced Cheddar, sells itself on today; cheese, after all, is a actual “Cheddarma*’ tak^ 
for a nap without touching bis an image of extra flavour and living thing,” points out Mr. place: Green’s staff of three— his 
bread, or the milk stowed in a sophistication over the factory Alvis. But the inability to con- son has also joined the business 
newish pig’s stomach vessel. , cheeses. trol temperatures, changing cows’ _ cut the curd, now looking Like 

Tbe boy slept on, the pig s Thus of the 166,000 tons of diet and hygiene problems — all a Di aD t portion of scrambled pgb 
stomach seeped its rennet, the Cheddar produced in the UK last of which can have a tremendous into oblong blocks which are 
milk mutated, and presto— lunch year, some 17,500 tons came impact on how tbe cheese turns turned by hand end over end, to 

- help them compact and to drain 

off the remaining wbey. 

JOHN GRIFFITHS in the last of our Three^hours a/ter the process 

Working Britain series finds oot about SSTci wSS 1 uaZ at e °thte 

stage has tbe consistency of a 
nice bit of chicken breast," says 
Green, Again the curd is broken 

hack at least to classical Greece, from {be ng farmhouse makers— out— conspired to make the and all being 'w'ell^e ^u^is 


By Roy Hodson 

MR. WILLIAM G. McLUSKIE. 
a finance controller at the 
British Steel Corporation, is 
leaving for a financial post with 
GKN, the private sector steel- 
makers and engineers. British 
Steel said last night that the 
move was “a logical business 
promotion." • 

Mr. McLnskie, who has special 
responsibility for BSC’s Treasury 
operations, is one of three con- 
trollers responsible to Mr. Claude 
Osborne, tbe BSC director of 
finance, who in turn. reports to 
Mr. Frank Holloway, the manag- 
ing director for finance. 

His departure is the latest in 
a series of middle and. senior 
management resignation^ from 
British SteeL 

The trend has gathered pace 
in recent months as Sir Charles 
Vllliers. the chairman, has made 
clear that it is the corporation’s 
policy to make drastic reductions 
in white-collar staff as works 
are closed and shojfcfloor jobs 
lost. 

Some 15,000 steel working jobs 
have gone in tbe last year. 

A number of head office de- 
partments providing services for 
the steelmaki n g divisions have 
been run down to staffing levels 
only half the size of five years 
ago. 

Some of the biggest staff re- 
ductions have been in tbe finance 
department, the legal depart- 
ment, and information services. 

Wherever possible specialised 
work is being contracted to out- 
side consultants. For instance 
the BSC legal department will 
cease ■ handling its own 
conveyancing' 


CTUUnl- Uti 1HJ dUuUiUilhi^o. A WU - “ . . _ - - _ * > ■ 

aircraft, even of different sizes, standing with Aerospatiale, the taking place Ur desigusforair- 
wouW Compete, • German MJLB. and the German- craft with 230 seats and fewer. 

The comments were a thinly Dutch VFW-Fokker. That 'mm- heu ibad l tor long been, on 

disguised attack on possible Own- toned plans to continue defini- ^ lb 

fold eulMwaMw by Britain Uon of the BIO Airbus and ®eiow the ao.ooo-au.uuu to 


th™* bracket, new engine 


says head of Boeing 


for a hundred generations of 
ploughmen. 

As with most folk tales, there 
is probably a crumb of truth 
there somewhere. But the fact 
is that in the world’s family of 
cheeses, Cheddar is almost an 
infant 

Cheese has a history extending 


Somerset cheese lore 


when Olympic athletes trained 24 0 f them in the Avon and cheese-maker’s life an a dven- Packed into tub moulds which 24 
on the goat's mu* variety wiin Somerset areas, two in Dorset lurous and unpredictable one. hours later will turn out a eheese- 
its pre&e™* wB “ n and two in Devon. Each draws its Pasteurisation—' “that knocks cloth-wrapped 60Lb cylinder of 

an ox. Cheddar, on me outer ^zifk from its own and neigh- out 90 per cent of our problems y°uog Cheddar. 

hand, has been made in -me bouring farms. Effectively, they for a start.” says John Green— Tbe process is similar at the 

countryside surrounding me are suia u co-operatives. and a variety of mechanical aids other farmhouse cheese-mkare’s 

Gorge only since the late ism Between them they process now help keep the Cheddar on creameries, although even among 

century. some 33m gallons of milk a year the straight and narrow, although the traditionalists John Green’s 

Since then, and particularly f rom a total of 200 farms, and these days It has got six lanes great rounds of cheese have been 
during this century, the manu- despite the depressed cheese and heads due east to, notably, giving way rapidly to the more 
facture Of the nutty, densely- mariiet have tended to butt Harrods. easily handled 20kg blocks, 

textured cheese has ■ spread against the limit of their. Milk The cheese-maker’s day starts Blocks now account for 70 per 
around the world. The Canadians Marketing Board-imposed quota, early: on John Green’s farm, at cent of the farmhouse makers' 
are particularly good at making Their representative body, the about 5 a.m. The milk collected production, and John Alvis, 
it; there Is even a Chinese Cheddar Farmhouse Cheese- by a 1,500-gallon tanker from whose own creamery turns out 
Cheddar. But, say the core of makers’ Association, met this Green’s neighbours, plus that 7,000-8,000 lb of block Cheddar 
farmers producing the cheese by we ek to discuss ways in which from hi s own herd of 200, is a day. insists that the difference 
traditional methods within a 30- foey might gel the Quota in- passed through the pasteuriser between farmhouse and factory 
mile radius of the Gorge, none of creased, but given the state of and into the cheese vat, a stain- Cheddar lies in its handling and 
it is quite like the real thing. the market were not over- less steel, Brobdingnagian bath- the individual attention it 
John Green, whose Mulberry optimistic about it happening, tub which can hold 2,500 gallons, receives rather than the form it 
Farm near Glastonbury, turns Farmhouse production remains Strater milk, containing a finally takes, 
out an average of a ton a day of a far cry from that in the large bacterial culture to increase the John Green Is not so sure, 
farmhouse Cheddar, believes Express Dairies, Unigare and milk’s acidity— in other words, to With the traditional barrels of 
that the answer ties largely in Milk Marketing Board turn It souiv-is added, and with cheese the maturing process — 
the soil: that the limestone of creameries, at which milk eaters the milk at blood temperature the average age for a good 
the region imparts to its grass one end of devices like the the further addition of rennet mature Cheddar is nine months 
-Trid water a fine balance of trace Cheddarmaster and sees the light coagulates it into a junket Steam or so— takes place in the open 
minerals which leads in turn to of day again only as pre-packed passes through the side of the air. the cheeses need to be turned 
Trank particularly suited to the 20 kilogramme blocks. tub to heat the junket and auto- almost daily and there is a weight 

rhftddanng process. But even in tbe farmhouse tnatic knives then slice it into loss of about 10 per cent between 

Tt fa all highly subjective, of creameries techniques have come small pieces— “chop it too fine, manufacture and maturity. With 
.vmrqp But with the help of the a long way from the days when though and you can lose the the block cheese, maturation 
MUtMarketing Board the farm- the grandmother of John Alvis, batch, warns Green. takes place entirely within 8 

izouse Cheddar-makers, who chairman of the cheesomakers' This serves to separate the sealed polythene wrapping. 


£ 


Iberia; predicts 
40% loss in 
Gatwick move 

Bjr James McDonald: •' 

IBERIA, the Spanish airline, says 
it might. lose at least two-fifths 
of its total revenue from British 
traffic next year as ja result of 
the British Government’s 
decision to transfer scheduled 
air services, to the Iberian 
peninsula — Spain, Portugal and 
Gibraltar, ajj d their islands — 
from Heathrqw Airport to Gat- 
wick on April . I. 

In a fnll tyear tbe loss in 
revenue of UK-based business 
might reach 1 ’ three-fifths, Mr. 
Mariano Salinas, Iberia’s general 
manager for the UK. Eire and 
Iceland, ' sajd in - London 
yesterday. I 

Although toe matter was to 
be discussed by toe British and 
Spanish Governments, Mr. 
Salinas emphasised that .Iberia 
was not a “100 per cent” holi- 
day airline: p7 per cent of its 
traffic revenue came from busi- 
ness travel ahd freight Much 
of that could not be accommo- 
dated at Gatwick. 


Street credit facilities, follow 
closely on Marks and Spencer’s 


decision to Introduce a trial 


t, according, to how much between two and five per cent 


credit scheme in six stores from they; are prepared to pay each from the store; 
tbe end oT this week. -Several month. .Fine Fare, however, will The Unicredit scheme is likely 
men’s dotting stores sucti as aliow the card to be used only to prove more Sa<Sve^to 
Hepwortos, Burtons^ and Harry 0D non-food items. retailers, who stand to get the 

Fenton have_operated their own Etam, . the women’s fashion fun amount back from the credit 
credit card schemes for some group, plans to have credit cards card transaction, hut less attrac- 
time. - - ‘ in about, half its 100 stores as ttve to consumers, who have to 

■ But with the boom in con- well as in its new upmarket pay more ih interest, 
sinner spending, retailers are Orlando chain, 
anxious to ensure that c u st om e rs Ur. . Bryan Cbeetham, 
have every • opportunity, to director of Unicredit, said yester- j 


Cavity wall standards planned 

BY MICHAEL CASSB-L, BUILDING CORRESPONDENT 

MOVES TO improve standards Tbe Institution said: “These cavity wall s and that more than 
in cavity wall insulation were new measures should not only a third of total heat loss in the 
announced yesterday by the set the standards for the manu- average house escapes through 
British Standards Institution. facture and installation of the the walls. 

The activities of some foam basic materials but should also Foam insulation, which much 
insulation operators have, m the emnire that work carried out by ^ tte past concerned 

past, provoked widespread BSKyrtifled flnns will be 

criticism from the public and ^accordance wrto the speci- ^ ^ ® 

Until now, there have been no The scheme has been devised " filt0 “^-fonnaMe* 

British Standards on the cavity In consultation with the Depart- Ioam * 
wall insulation, but the Instftu- ment of the Environment the The Institution’s standards will 
tion yesterday published it Agrement board, the National epYfcr manufacturing and instalU- 
standard and a code of practice Cavity Insulation. Association tion aspects and will require 
to cover this work. It also plans' and the Structural Insulation detailed records 10 be kept of all 
to introduce a scheme for regis- board. checks and tests carried out 

nation of companies involved, in It is estimated that 40 per during ever? stage of the con- 
cavity insulation. cent of UK homes have external tract * ■' 


V 

Jilt 



[Hfeea 

{year 

I Irstjkai mtflkmgof yensloionn the . 

| Italian nwfhk we nai far oar prosiico § 

ISpSeS-Ei 

1 Oampnay 


ASdrasE 




i 


still rising. 

However* four-fifths of tbe 
orders were for military aircraft 
and weapons .and 69 per cent of 
the total -was fexpotted. British 
Aerospace wanted ;.ta improve 
the baluice between the military 
and civil side. 7 

Speaking on aero engines. Sir 
Don Pepper, vice-chairman .-of 
RoUs-Royee, said that .the 
greatest new developments were 


- variant developments were called for. In 

chainzMa of Those- discussions had con- toe long term, those would be 
the oS^d BS^tS toued, but agreement on a 

space Camoration. ' said that matter involving many millions engines more numerous in the 
whS ‘®t Pounds and affecting British short term.. - - 

PoteSS of .«fewwe policy for the next 20 Sir Donald predicted that 
Europe wiki be at impor- t0 30 year ® mus *- take rime, he supersonic flight would reach 

rant points with tbe immense - " profitable levels of performance 

resources of the ILS ” a - Lord Besyndc gave warning from - continuing research. 

Racmiek helievefl it that . any imminent .decision by Routine four-hour Sights over 
wnra? 0 a fortrei tte British Government about a 6,000 miles would be possible 

Se or ftoSSes? commitment -to. future collabora- in tbe longer term. - . 

mentality. He had always 

preached that narrow -w- •' ' -w ' ' ' 1 

M Less demand for speed, 

air transport. •' 

General Mdtteirand 
there were 

choices for toe European 

MR- TEX BOULLIOUN.-Presi- That growth, Mr. Boullioun 
cialeffort that did not -exceed dent of Boeing, told ihe con- said, would create an “awesome, 
national capabilities • ference that speed was no longer traumatic. profound and 

Tbe risk was that its success one of world airlines’: prime immense” impact on eartbbound 
would depend on penetrating a requirements. portions of society. Threats 

market held strongly by thn Additional range- also had from conservationists to current 
U.S. However, sales of the Air- limited application; - Payload 'airline services and future 
bus suggested that such an improvements were . always expansion had to be countered 
objective was not stupid, he said, needed, bat Hr. Boullioun said with wiser policies. 

there was no great demand for “We must give greater recogni- 
LSnh-ronfractor • • aircraft much laigerihan those tion to tbe impact we are causing 

available to-day. upon other aspects of society. 

The second solution for future world airlines were demand- and- more important, prepare 
projects was safer in that It took j^g “ every ounce of improve- those leaders who must manage 
advantage of the strong commer- men t in aircraft • operating solutions.” 
cial position of U.S. aerospace efficiency that a manufacturer The world air travel industry 
companies. However, that advan- ^ squeeze from his design.’’ was overwhelmed by structural 
tage would have to be paid for. , Manufacturers, suffering under and political changes. Manufac- 
A European partner would very inflation since the airlines* last turers and all interested in the 
probably be seen ‘as a junior spending spree, had to produce Matty must act together, .or 
partner limited to tbe role of aircraft with running costs low others would decide the 
risk-sharing subcontractor. . enough to offset the increase in industry's future. The industry’s 
^ pam initial investment— a formidable foundations most be re- 

arm the Netherlands had chosen |- or makers. Design designed more permanently. 

^ti^ r0 t , n ea 2v^3 e th* emphasis concentrated entirely The main object must be to 

decided to extend the Airbus Qn refinement. establish a strong financial basis 

fa Rrit«£ in- Boeing planned twa or three for operations. The politics of 

join^at p^n^a^d «wa5?r£t whtie present pro- low fares had to be regulated by 

General 111 Mitterrand? saidr “We J uc JJ on Un« were fiUed-md pro- 2^ 'SrafiSSes® 

should know in the very near Auction rates rising . Atrimes M subsidies had to be mim- 

future if our British friends have wanted to be able to match their ™“ en - . . 

chosen to accept ibis invitation markets ever more closely -with • A second object must- be 
or join a U.S. partner” aircraft. - . improvements in passenger 

- Lord Beswick, in a prepared • . Air traffic was growing at an handling and security. The 
speech after toe general’s Com- average world rate of 6 to 7 per benefits and appeal of air travel 
meats reaffirmed that. British cent a .year, a rate tint -would were betng lost in The discomfort 
Aerospace had- decided '-‘ha prln- -continue for. the next decade, Mr. of the ordeal, Mr. Boullioun said, 
cipie to opt to join Airbus Indus- Roy Anderson, chairman of the- There' Was a case for govern- 
trie. There would not be a short- Lockheed Corporation said. That ments . extending toe special 
term advantage in doing so. but new market would -contribute credentials of diplomats to en- 
there might be long-term gain, greatly to the SIQObn aircraft able more qualified travellers to 
British Aerospace wanted in- equipment market .expected. until , move more freely with: less 
finance as a partner in a con- 1990: _ clearance processing, ; 

Credit plans for High Street 

BY OUR CONSUMER AFFAIRS CORRESPONDENT • 

HIGH STREET retailing groups finance their spending through day that a feature of the credit 
are planning to cash in on. the* credit schemes. cards they provide was that they 

consumer boom by offering The Bradford-based Unicredit would be accepted instantly by 
customers special credit card company, - an - offshoot of the s tores upon proof of identity^, 
facilities. . J 'Provident Financial Group, is This was to overcome the often 

Already, Fine Fare, the spearheading the drive to provide lengthy delays for normal credit 
fashion group Etam, and tbe High Street retailers with their oards while a customer’s credit 
Lasky*s audio ffrain, are p lanning own credit cards. Unicredit rating was established. - 
to introduce pilot schemes before offers a complete package for -The amount of interest 
the end of the year. And Mr. retailers waiting to introduce customers -will pay on the cards 
Leslie Porter. Tesco rfruirman, their own. card. will be at least two per cent and - 

said yesterday that Tesco was F “ e Fare » one '<* Unicredite possibly more, according to the 
also considering Its own schemes, stonier* plans to introduce Its arrangements- made with- the 

own credit card system into 20 of retailer. 

J £2!!K its stores from early November. Barcl ay card charges .customers 

Customers will he able to only L75 per ceot on outstanding - 
nd up to an . agreed credit loans,, but takes discount of ' 


A 




’t, 


A 


g za a r t:.-’: 










"Financial Times - Tlfaisflay August 



-Speaking AHA. 


Berkshire 

Our client is a major subsidiary of a leading 
U.K. bolding company, manufacturing a range 
of specialist engineering products in the UJC. 
and W. Europe. 

It is currently undergoing a substantial re- 
organisation to increase market share, profits 
and return on capital. This has created a new 
and challenging position for an ACA in the mid 
or later 20's. 

Reporting to the Divisional Finance Director, 
the role encompasses a wide variety of re- 
sponsibilities arising from the restructuring; 
for example monitoring the treasury, tax and 


To £7500 + Car 

legal implications, and implementing new 
financial and commercial arrangements, 
in addition, you will visit the Continent regularly 
to ensure satisfactory adherence to pre-set 
targets, preparing progress statements forthe 
Board, to advise and train local managers on 
refined accounting and reporting requirer 
ments, and to improve the overall quality of 
financial management. 

Hence the main essentials are an ability to- 
speak French, a keen commercial awareness, 
mobility, and an ambition to join a large British 
Group, operating in theCommon Market. 


Please contact Peter Wilson, FCA, In strict confidence, at Management Appointments 
Limited, Albemarle House, 1 Albemarle Street, London W.l.Tel: 01-499 4879. 

= Management Appointments Limited 


UNIVERSITY OF THE 
WEST INDIES— 
TRINIDAD 

Apolicatloos are invit ed f or 
the CHAIR in ACCOUNTING 
in the DEPARTMENT OP 
MANAGEMENT STUDIES 
with specialisation in Finan- 
cial Accounting and. Manage- 
ment Accounting. Salary scale 
177 /7S — TT836,72SM5 ASO P*. 
(fl sterling =TTS4.02). FSSU: 
unfurnished accommodation if 
available at 10% or furnished 
a't 12^% or housing allowance 
of 20= of pensionable salary. 
Family passages; study- and 
travel grant. Detailed applica- 
tions (2 copies) with curricu- 
lum vitae and naming 3 
referees to be sent direct to 
Secretary, UWL St. Augustine. 
Trinidad as soon as possible. 
Applicants resident in the UK 
should also send one copy to 
Inter-University Council. 90/ 
91 Tottenham Court Road, 
London W1P QDT. Further 
details may be obtained from 
either address. 


MANAGING 

DIRECTOR 

Major Consumer Products Manufacturer 

N.W. England c. £20,000 + substantial benefits 

An outstanding opportunity to join one of Britain's most successful Groups • Carry 
through a major factory re-organisation and capital investment programme 
• Develop the future of an important division. 


The Company: The parent Group, has trebled 
iis results in the past 10 years. They dominate in 
a number of fast moving and dynamic markets, 
as a result of product range and constant new 
innovation. The Division manufactures d wide 
range of consumer products — with world 
famous brand names With a turnover of c. C6m 
and a work force of c. 500 they are poised for 
renewed growth. 

Your Opportunity: Assume complete responsi- 
bility for ail functions, including • Sales and 
Marketing • Re-Organising Production Facilities 
and Plant / producing a wide range of small cast, 
pressed, turned and plastic moulded products in 
high volume, using flow-line assembly 
techniques) • R & D for new products • Overall 
cost reduction programmes designed to improve 
profitability. 


Our Ideal Candidate: A successful businessman 
and man manager with a proven track .record- in 
running a company in the light engineermg, high 
volume, multi-product consumer or industrial 
goods fields. Strong financial and industrial 
relations skills are essential. An understanding 
of marketing /selling functions is desirable. 
(Age 38-481. 

Your Rewards: Generous basic salary + Execu- 
tive car + Pension Plan + 4/5 weeks holidays 
+ BUPA. 

ACT NOW! Write or telephone lin the 
strictest of confidence! to the Company's 
adviser, David Bums, s Sc.t£ngi. c.£ny.. r 

(Director) on 01-388 2051 or 01-388 2055 (24 
hour Ansaphone) Quoting Assignment 
No. 258. 


jppoirtmcit: h open to mole ■ lem/e candidates. 



[ ‘ MERTONfA-SSO CIATES (CONSULTANTS) LIMITED 
r , Merton.flo.use;. 70 Grafton Way, London W1P 5LN 
f ;Execofiy(f^afchj,and Management Consultants 


Financial Controller 

Qualified Accountant. Age around 30 

to £9,000 + benefits 

A natioiiiil Ic.idcr in it* specialist industrial manufacturing field, oiir client 
v i.-lies to rill ,i m-w po sition of Financial Controller because of retirement, promotion 
and u-orsumsaium. 

The person appointed will have stall - responsibility for all- financial and 
administrative pcrMinncl .md direct responsibility for costing, budgets, cash 
resourcing and ••vlt.-u.-u-* uper.it ion*, and therefore we are looting for experience in 
any or all nf tln-sc areas. Candidates \\ ill be qualified accountants with strong 
personality able to inriticncc * -nior as well as junior management and looking for a 
Hoard appointment in three or four years. 

Salary and benefits, including relocation to Cheshire, are excellent. 


Apply in confidence for an application form quoting 
reference C.197, to ERP International Recruitment Limited, 
Clemence House, Sl Wer burgh Street, Chester CHi aDY. 
Telephone 0244-317886 (Ansafone after 5.00 pm). 

Offices in London, Chester, Jeddah, Amsterdam, Brussels, Milan, Paris 



.» a 1 

M 

INTf.RNATiONA/ 4V.I 





Senior 
Financial Executive 


£12,000 p.a. 

This not an appointment for which a currencies for major trading negotiations 
qualified accountant is necessai-ily in commodities, day-today control ovpr 
required. Jt calls for a senior financial borrowing and deposits in U.K and the 
executive with broad experience of trading appraisal of the financial position of Group 
nnance. preferably with commodities, and development projects and potential 
.unds management. Our clients, a major investment opportunities. Some travel 
international Group, will require their both in UJC anti overseas will be necessary. 
Financial Executive to be responsible. Candidates will be considered up to the ace 
inter aha. for decisions on terms and of 55. Normal large Group benefit-. 

Applications in confidence quoting Ref. No. 6279 to E. A. C. Griffin. Merwn 
Hughes Group. 2 3 Cursitor Street, London EC4A 1NE. Tel: 01-404 5S01 1 24 hours!. 


City 


Mervyn Hughes Group 

Management Recruitment Consultants 


Jonathan Wren ‘Banking Appointments' 

The personnel consultancy vlcalicii; e\ctuM\oS\ ^iili die banking profession 


JUNIOR EUROBOND DEALER £ negotiable 

An international investment bank seeks a young person, ideally aged 
between 1 9-24, to develop his/her involvement in the market within this 
growing company. Applicants must have a little dealing experience either' 
in the primary or secondary market together with some- knowledge of 
settlements, etc. Fluency in German or French would be an advantage. 
The successful candidate will be given full in-house training, including a 
residential course. Foreign travel is possible in the future. 

1NVESTM ENT ANALYST C. £6,000 

An international investment bank seeks an experienced Analyst to assist 
in developing Its activities. The ideal applicant will be aged between 
22-26 with about two years' analysis experience gained mainly in the 
U.K. market, but with knowledge of South African and Australasian 
markets. Flexibility is essential, forthe successful applicant will become 
involved with other work including private U.K. company investigations. 

JOINT STOCK BANKER/ 

TRAINEE LOAN ADMINISTRATOR to £5,000 

An international bank seeks a young person aged in his/her 20’s, with a 
good education and a few years' banking experience preferably gained 
within a management trainee scheme. The position is as Assistant to the 
Loans Manager who will personally give full training and, as the majority 
of the work is with the French-speaking world, the successful applicant 
must have a good knowledge of French. Experience of international 
lending is not essential, but applicants must be prepared to work hard in 
a very active department. 

Please Contact: RICHARD MEREDITH or ROY WEBB 


170 Bishopsjpite London EC2M 41 A'. 01-627 1 266/~/X/0 \--s 


Project Manager & 
Product Development 
Manacjer (Banking) 

Up to £8, 0p0 Peterborough 


Why commute to London? A senior banking 
appointment does not necessarily mean having to 
work in London, with all its attendant time-wasting, 
and travelling costs. 

Thomas CooK Bankers Limited, the company within 
Thomas Co ok — the world’s largest travel 
organisation — specialising in travel-related 
banking services has two positions available in the 
Development Division where technical ability and 
negotiating skills can enable candidates selected 
to make a major contribution to development 
projects for expanding world markets. 

Project Manager 

To be responsible for investigations into the 
technical, legal and commercial aspects of new 
banking projects and for co-ordinating 
implementation on a worldwide basis. 

Candidates should have a general banking 
background which includes experience of 
international money transferand foreign exchange. 
O & M experience would be useful. 

Product Development Manager 

To be responsible for the conception of new 
banking products together with the necessary 
feasibility studies to justify them, including liaison - 
with the marketing function and undertaking the 
role of Project Manager for specific projects. 

Candidates should have experience of product 
development preferably in the banking/finance . 
sphere. Some knowledge of systems and O & M 
desirabla 

Starting salary for both positions is negotiable, 
depending on age and experience, with an upper 
limit around £8,000 per annum. The complete 
package includes major company fringe benefits 
and relocation allowances where applicable. Both 
positions apply to male and female applicants. 

To apply, please write specifying the positron, 
giving details of your career and present salary, to:— 

Personnel Manager— Banking, 

Thomas Cook Group Limited, 

P.O. Box 36, Thorpe Wood, 

Peterborough PE36SB. 


LEADING 
MERCHANT BANK 

requires an 

Assistant to the Manager 
of its Scandinavian Department 
to work in London. 

The successful applicant should have a Danish 
or Norwegian background with fluency in a 
Scandinavian language as well as English. 

He/she should be aged between 25-30 years 
with economic, business management or legal 
qualifications and preferably with some 
experience of banking or shipping finance. 

The Bank; intends to fill this position some- 
time between 1st October, 197S and the end 
of the year. Salary will be negotiable 
according to the qualifications and experience 
of the successful applicant, not less than 
£6,500 pa. 

Applications should be made in writing to 
Box A.6453, Financial Times, 10, Cannon 
Street, EC4P 4BY. 




Editor — Export Journal 

Part or full time editor required for new export 
journal. Must have extensive experience in 
exports, particularly outside Europe. Based in 
Central London. Excellent pay plus bonus. 

Write with c.v. to Box A.6446, Financial Times, 
10, Cannon Street, EC4P 4BY. 



MANAGEMENT AUDITOR 

City Merchant Bank 
circa £7000 + low cost mortgage 
.+ benefits 

Supervianga small staff, the Auditor will develop a site of 
computeraucStpi'ograrnsfof use infesting the procedures and^^ _ 
tunctionsof the Bank'ssoon-to*becomputetised systems. Reporting to 
the Head of Operations, he dr she will ccmy out critical audit re"®*®**, 
all banking activities and have regular contact with the Directors Audit 


Planned futuregrowth will providepromotion opportunities forthe right 
canefidata Applicants, age 23-26, should be recently qualified 
accountants wlthspedalist computer audit experience. Please 
telephone orwrltefo David Hogg, ACA, quoting referencel/1733* 

EMA Management Personnel Ltd. 

Bume House. 88/89 High HoIDorn. London. WCIv 6LR 

Telephone: CH-242 7773 




Taxation Manager 

Richard Costeh Limited, a leading UK-based international construction 
Group with substantial operations overseas, wishes to appoint a n ew 
Taxation Manager for the London-based (Waterloo) Taxation Department 
Responsibilities include dealing with the taxation affairs of all the 
UK companies in the Group including those operating overseas and also 
advising on taxation matters affecting overseas companies with a view 
to minimising total liabilities. The Taxation Manager is also i Qkeiy to be 
involved In contract drafting and advice on relevant taxation aspects. 

He orshe is required to be familiar with UK and overseas tax legislation 
so far as it affects UK employees operating for the Group overseas. 

The preferredappiic ant will be creative and imaginative, with a 
commercial attitude to world-wide tax planning. 

Importance isattached to maintaining a good relationship with the 
taxation authorities and this can involve overseas travel. 

The appointee must have a first rate professional training and experience 
in corporate taxation with a subsequent period in a senior position in the 
taxation department of a large commercial organisation having major 
overseas interests. 

The salary is negotiable and will reflect the importance of the position. 

A car is provided and there are other benefits including a first class 
pension scheme. Where appropriate, assistance will be given with 
relocation expenses. 

Please apply in writing with full details to: 

The Financial Director 

PflQTAlU Richard Costain Limited 

UIIU mill in Westminster Bridge Road, London SE1 7UE 


up to £8,500 


Central London 


Our clients are a lead ing mul ti-na tional e ngrneering construction companyivitll . 
TJKoffices in Central London and subsidiaries throughout Europe: In order to 
roebt the demandsof such international ryppfalinn* thtyarp cnmfrtfly Innfciflgfop 
an experienced Tax Specialist. ” 

ProvidingapIaiinipgmtherthanacomputafiaufanctiontfaepCTSonappohited 
will deal wim all maiteraxdaLing to Personal and Corporate lax Within a 
European context ’ 

at 



date, and luting any co m panies to whom you do not wish your application, 
forwarded, to Peter Phillips. - ^ 


Riley Advertising limited. 

Old Court House, Old Grart Place* .. 
Kensington, London W8 4FD. 

'A member of the Rex Stewart Group 
LONDON BIRMINGHAM BRISTOL EDINBURGH GLASGOW 
UVBffOOLMANCHESTER NEWCASTLE NOTTINGHAM PHTTH 


Financial Pl anning 
Manager 


Central London 


to£9500+car 


Business-minded accountant?, who are eager to have their abilities fully extended, 
win find this position of exceptional interest Our clients are a highly profitable and 
expansion minded Group (T/O £50m). Reporting to the Financial Director and 
working closely with other directors and senior management the successful 
candidate will be responsible for preparing periodic forecasts, reviewing the 
Group's financial plans and cash projections and conducting specific 
investigations. Applicants, maJe/femate, aged 28-30, must be qualified, preferably 
wth a degree and a knowledge of French or German and have gained a minimum 
of three years' industrial experience in a major international organisation. 

* Apply to R ' p ' Carpenter FCA, FCMA, ACIS, 3 De Vlfelden Court 

85 New Cavendish Street London W1 M 7RA. Tel: 01 -636 0761 


Antony Gibbs Holdings Limited 


t0 r^ :ti0n 0f Group of Unit Funds, 

. Antony Gibbs have a vacancy for a Fund Manager 

with experience both in the U.K. and Americanists. 
Applications, which will be received in the strictest confidence. 

should be made to:- . 

, The Personnel Manager, 

Antony Gitbs Holdings Limited, 3 Frederick’s Place. 

• Old Jewry, London. EC2RSHD. - 

^Antony Gibbs 












f! 

w.m 



=7 V §F 

it 




* l* 

r < o * t r t 

i uuISt 


£ 


■=>?inin£ 

L C. 1 * * * 


. t - h //.•/ 
: i? : #*'* 



ExportFinance—City 

This, new appointment springs from the rapid growth of a well 
established subsidiary of a major international bank, and the 
successful candidate can earn appointment to the Board 
within, one year. 

Candidates arannlikely to bounder 35 and will have a 
conlprehensive knowIedge of ECGD Programmes and of 
their practical application in the mediiim/Iong term financing 


Salary is. negotiable around £15,000 plus car, profit share, 
non-contributory pension, mortgage facilities, etc. 

Please write - in confidence - to J. M- Ward ref. B .41345. 

Thii dfppiuimfM is npiti tomat jnJ swim. •• . 


United Kingdom Australia Belgium Canada 
France Germany Holland Ireland Italy 
New Zealand South Africa South America 
Sweden Switzerland U.SA. 

International Management Consultants 
1 7 Stratton Street London W1 X 6DB £ V 



for a subsidiary of a Worldwide pharmaceutical operation with 
UK sales of approximately £1 lm. The Director, as chief 
accounting and administrative execurive^ directs all financial 
accounting procedures, management accounting and 
particularly administrative services of the Pharmaceutical 
Division and will also provide an administrative servicefor UK 
operations. The appointed candidate will report to the UK 
General Manager, control a staff of 100 approximately, be a 
senior member of the Management Committee, giving policy 
advice to fellow-executives. Location, South Bucks. 

Candidates, aged up to 50, should be professionally qualified 
and have successfully controlled a financial function, witha 
major administrative component, preferably part of a 
worldwide corporation. / 

Negotiable starting salary, car^and usual benefits. 

/ 

Please send relevant career/salary data -in confidence - to 
S. W. J. Simpson ref. B 3^93. 

t 

Tat affiKHBRMu i'pin «? mcr. ard war*.-- 

I 

United Jfingdom Australia Belgium Canada 

3 Germany Holland Ireland Italy 

land South Africa South America 
Switzerland U.SA. 

international Management Consultants 
Management Selection Limited 
17 Stratton Street London W1 X 6DB 


YOUNG ACCOUNTANT + U.S. BANK 

=C. £8,000 + Banking Benefits 

Our Clicnl. a large American Bank with itr London branch being 
a major contributor to bank profits, requires a qualified Accountant 
to develop and control management information procedures. Using 
o thorough knowledge of ILK. tax laws and two to three years’ 
post-qualification experience in the financial sector, be oiv.she will run 
the Expenses Control - and Management Reporting Departments and 
report direct to a Senior Operations Manager. FantEbanty with 
management information systems is necessary in order to -develop the 
cost accounting system. This is a fine career opportunity to enter a 
progressive and meritocratic organisation in a functional rflte. . Location: 

•'Cay- - • 

Please dp ply in confidence to: Jack Pine, quoting ReJ. JP/33/l 




NICKING PENTECOST & CO LTD 

r . CROUP SECRETARY ,1 - 

Hicking Pentecost & Co Lid is a Public Company In the Textile Industry. Tha | 

I Group operates .eleven factories with fifteen hundred employees and has a - . S 

turnover in excess of nine million pounds. - I 

I A Solicitor, Chartered Secretary or Qualified Accountant aged 30-45 fs now | 

required. to fill the post of fiiotip Secretary- The Group Secretary >s based | 

in Nottingham and- is direct^ responsible to thB Chairman of the Group for | 

j; the control, of secretarial; share registration, pension and insurance work | 

1 for the Company and its subsidiaries. He/she is also required to advise the | 

! Managementon iegaJ ?rid piiopertymattKS. ; . ■ v j 

i The commencing salary willrbe about £7,000 per annum and there will be . 1 

i the use of a company car. Applications should be made in wnbng giving | 

I i full details of education, qualifications, experience and salary required to .1 

j the Group Secretary at Queen's Road, Nottingham. : | 


Orion Bank' . 1 ‘ c. £9,000 

Manager- 

Accounts Department 

An Excellent Management Opportunity in. a. 

Dynamic Environment 

Orion Bank is anruhi-nanonal investment bank in llic City 
which gained an enviable reputation vithia the international 

sector- ; 

Following recent internal re-organisation, the Bank requires 
a mauire disciplined person with the ability to lead and rruuagc an 
ccpandi ng Accau nu Department with the emphasis on proven 
managerial abditv. - 

Candidate should possess a comprchcndir knowledge or 
accounting systems witliin an jntcmatiooal Banking enriruument, 
•a relevant professional qualification, and &ould demonstrate a 
sound tin dmUind ing oT roai lagenten t accau n ts prepa rat ion, 
computerised uccotin ting sy-oems, and poAibiy Eurobond 
accounting principles. 

In addition, the successful candidate, who will probably be 
aged 35-45 years, must have the personal attributes essential to 
lead and motivate ateam within an enthusiastic and dynamic 
atmosphere. ’ 

This is a managerial appointment, atm the importance 
attac lied to tins function by the management is reflected in the 
competitive salary offered, tcgcliier wjthah attractive fringe. . 
benefits package which includes preferential house loan facilities, 
non-contributory pension and family medjeal insurance. 

Applications, which will be treated in strict cuuJidcnce^ should 
be accompanied by a curriculum vi lac and addressed 10 : - 
Tlic Personnel Director, 

Orion Bank Limited. 1 London Wall* London EGJY SJX 
Tel: 01-6006222 



As a resnlt of a recent promotion . a vacancy now exists within 
our Finance Department for an experienced Accountant 
veU-versed in management aocou firing. badgering and tariff 
cal eolations. The main responsibility of the job is to help one of 
oiirmajor departments to prepare budgets, live year plans and 
cash forecasts, interpret monthly reports, monitor and revise 
tariffs and set standard labour costs. There Is also i nvol vement 
in the prepare non of capi ud expenditure proposals, and. as the 
link between Finance and Settlement Services Department, in 
advioe on financial policy, preparation of ad hoc reports on 
accounting matters, and interpretation of guidelines and 
instructions. 

Tbe job cfiUs for a qualified accountant < ACA. ACM A, 
ACCAj, probably in his/Tier thirties, and capable of accepting a 
high degree of independimee. 

Salary is likely to be in the region of £8.500. Other benefits 
include non-comribntory pension.lifc a»urance and disability 
schemes, free membership of BUPA, LVs, five weeks' holiday 
ami season ticket Joan. 

Please telephone for an application form, orwrite fully to Phil 
Mountford, Manager. Personnel Services, Tbe Stock 
Exchange, London EC2N 1 HP 101-588 2355 ext 8086). 

s 



The Stock Exchange 


Financial ' 
Controller 

S.W. Essex, to £9,000 + car. 

The very successful transport services sub- 
sidiary of a major UK group seeks a Controller. 
This is a total modem controllersbip, with 
minor exceptions. There is considerable scope 
to improve operating efficiency and profit- 
ability. Existing staff (and EDP) support is 
good. Salary will be augmented by a company 

car and ‘leased’ car if required. 

Candidates should be Chartered Accountants 
aged 27 or over. Essential experience is.(a) the 
pre pa ration, of statutory • accounts; and (b) 
performance reporting and cost control in a 
reasonably advanced environment. The com- 
pany is a recent group acquisition so.it is not 
yet possible to forecast movement to the 
parent company. However, planned local 
growth should provide more than enough in 
the -way of prospects. This is an. equal 
opportunity appointment. 

For a fuller job description write to' John 
Courtis* Partners Ltd., Selection Consultants, 
76 Wigmore Street, London W1H 9DQ-, 
demonstrating your relevance briefly but 
explicitly and qno ting reference 795/FT. 

.jca?p. 


INVESTMENT 
> MANAGER 4 


Fidelity Management are seekingan experi- 
enced Investment Manager for its London 
Office. An oportunity arises for a man or 
v/oman who has had several years’ solid 
experience of managing internationally 
diversified portfolios on behalf of institutions. 
Specific responsibilities will include coverage 
of the major Continental European markets 
with special emphasis upon equities. This is 
an opportunity to join a major investment 
management firm at an exciting time in the 
development of its international ■ business. 
An attractive compensation package to 
include salary, bonus, pension and other 
fringes is wide open to negotiation. . 

Applications, which will be treated with the 
strictest confidence, should be submitted 
to: — 

Jim Tenner, 

Fidelity Management & Research (U.k.) Ltd., 
.64 Cannon Street, London E.G.4. 

(Tel: 01-246 4891.) 


Cambridgeshire 


Cs L 


Up to £32,000 -hear 



FINANCIAL DIRECTOR 


The Client The potential of fftis rapidly expanding company, which. 

. ■ wiamrfartnges and markets y yell known consumer product, the 

leader in its field, is demonstrated by its dramatic growth over 
the past 5 years. From sales of less than £0.2 million in 1973 
turnover is currently Tunning in excess of £6.5 milli on a yean 
Profits have been consistently good and prospects of substantial* 
future growth, both at bo me and overseas, are excellent. 

The Job Reporting to the Chief Executive of the ILK- division with a 

ftmctwmai link to the Group financial Director responsibility is 
for the financial and manggemorifc accounting junctions. Tbe 
initial emphasis will be on- ensuring that standard costing 
systems are property developed and implemented. 

Tbe Candidate Must be a qualified accountant with substantial prodactinni and 
management accounting experience, gamed preferably in an 
engineering environment, preferred age, eany 30’s. Male or 
female. Amatore and lively approach vrSh an ability to motivate 
people and get things done is essentiaL 

Brirfbut cranprehensivedetaiisof career and salaiy to date, which will be treated in 
confidence, should be sent to J. G. Cameron. Executive Selection Division at the 


confidence, should be sent to J. G. Cameron, Executive Selection Divirion at the 
address below. Please quote reference CF344 and include if possible, a daytime 
telephone number at which ynn i-in ^ 

COOPERS &LYBRAND ASSOCIATES LTD. ' 

Management Consultants 

Shelley House, Noble Street. London, EC2V7DQ. 


financial 

controller 


Volvo Group, part of the Lex Service Group, 
comprises Volvo Concessionaires, sole UK 
importers of Volvo cars and parts, and Lex 
Brooklands, a chain of retail Volvo dis- 
tributors. It has an 'arinual turnover in excess 
of £100m and an impressive growth and 
operating record. 

As a result of interna) career advancement, we 
are seeking to appoint a Controller who can 
demonstrate an outstanding financial track 
record, good business acumen and who has 
the potential to progress to the highest levels 
within the expanding Lex Service Group. 

The Controller will be responsible for the 
development of financial policy within Volvo 
Group and for providing a financial control 
and information service. He or she will advise 
and assist the Group Management on all 
financial matters and negotiations, with parti- 
cular regard to the optimisation of profits and 
cash flow. He or she is also responsible forthe 
DP function, which is an integral part of the 
daily operation of the business, for controlling 
the Capital Project Appraisal System and for 
foreign currency dealing. 


Aged 33-40. candidates, male or female, 
should be qualified chartered accountants 
with a successful career in financial manage- 
ment. Previous line responsibility for a DP 
activity is highly desirable. It is unlikely that 
anyone earning less than £13.000 p.a. would 
have the appropriate level of experience for 
this important position. 

Benefits include a Company car, B.U.P.A.. 5 
weeks' holiday and non-contributory pension 
and sickness schemes. The position is based 
at High Wycombe, Bucks and generous 
relocation expenses will be given where 
appropriate. 

Please send a detailed qualification and career 
profile, obviating the need for an application 
form.to: 

MrR JTidey 

Group Personnel Manager 
Volvo Group 
Volvo House 
Lancaster Road 
Cressex Industrial Estate 
HIGH WYCOMBE 
Bucks 




VOLVO 




GENERAL MANAGER 


Large Trading Group in Middle East 


■ An opportunity exists in the Middle East for an outstanding 
senior executive of genuine provable ability with a track record 
of at least 15 years in management of trading or similar entre- 
preneurial concerns. 

Candidates must have a wide ranging knowledge of all 
aspects of international trading and particular skills in organis- 
ing and running a multi-divisional company with branches. 

The post will be that of General Manager and the rewards 
will be extremely attractive to an appointee of the right calibre. 

Terms will include incentive in the form of profit sharing. 

Applications in writing with full curriculum vitae to Box 
.A6455, Financial Times, 10, Camion Street, EC4P 4BY. 


Jonathan Wren * Banking Appointments 

The personnel consultancy dealing exclusively with the banking profession 


CREDIT INSPECTOR to S21 ,600 

1 00% Travel -f-1 00% expenses 

A major International bank wishes to recruit a young banker 
with credit analysis or credit inspection experience to assist in. 
conducting detailed examinations of the bank's loan portfolio 
throughout its global branch network. 

This will include in-depth anafysis and evaluation of risk 
assets ; pinpointing undue risks and exposures ; recommending 
corrective action and improvement; and generally assisting in 
the improvement of credit administration procedures. 

The position involves 1 00% travel ; applications are therefore 
invited from candidates prepared to be fully internationally 
mobile. 

MONEY MARKET Substantial Salary 

Negotiable Instruments 

An active London merchant bank seeks to expand its already 
considerable dealing operations by establishing a Negotiable 
instruments desk within its Money Department 
This opportunity is open to a person with four or five years 
dealing experience in the Dollar CD, FRN or Eurobond markets. 
To an energetic, sales-oriented executive the position offers 
excellent scope for personal development. 

P/ease Contact: SOPHIE CLEGG or KEN ANDERSON 


170 Bishopsgate London EC2M 4LX 01-623 1266/7/8/9 





TAXATION SUPERVISOR 

Banking 

London EG3 ’ ‘ c£8500 + 

major benefits 

Oardientis a major international commercial banking group 
with a comprehensive rangeof activities. TheTaxation Sipen/isor will 
co-ordinate UK compliance work forth© Group, reporting directly to the 
Group Taxation Manager attheir Head Officein the City. 

This appointment will suit candidates with wide commercial tax 
experience, preferably aged 35 upwards. An excellent benefits 
package includes subsidised mortgage and non-contributory pension 
scheme. Please teiephoneor write to Stephen Blaney. B.Comm.,ACA, 
quoting reference 1/1734. 


EMAManagemenf Personnel ltd. 

Bu me House, 88/89 High Holbom, London, WCtV 6LR 
Telephone: 01-242 7773 . 


- ROWE & PITMAN, HURST-BROWN 

Analyst— Food Manufactoring /Tobacco 

Rowe & Pitman, Huist-Erowu are seeking an analyst to develop 
their research effort is these sectors. Applicants should have 
bad at least two years* reteraot experience which will probably 
have been ^ined either in stockbroker] g or with a major 
financial tot a tatfr m. 

We are offering an attractive remuneration of salary and profit 
sharing bonus, together with a non-contributory pension 
scheme incorpo ra ting good life cover. 

Applications in confidence with full curriculum vitae to:— 

p. n. Snath, Esq, Staff Manager, 

Rows Sc Pitman, Hurst-Brown, 

1 st Floor, City-Gate House, 

3945 Finsbury Square, London EC2A 1JA. ■ 


Financial Times Thursday August ^75 




GROUP ACCOUNTANT 


RecentlyOualified 


to£75Q0 + car 


London W1 

ccxrpCT^.^Accounhy»lwiB also have 

0»oupfirx»KMlconiholcndsfrategv.Wori«ingdos^yv^freya«gR*^^o ^ 

GonfaoRerheofshe wffl be Irwolvedin systems development. cash managem^i . 
the review of potential aoqubffions. 

A ato-group erfa dwBrsiffed pttolta qi oup, ourfcadtoo 

tunrmverofE50mi!Bon fS^profitsc^isgroHHrQtothof^ntic^y^aW^S* 1 

acquisition. Aged23-26.cppTicants should be rec^quofifieridjatoea 
accounfmteprefeKriiyvrifh me#* professional pracficeexpa^ice. Please . ■ 

te^3horear write to Da^ Hogg. ACA. quoting tefwertce 1/1 7uv. 

ement Personnel Ud. - 





International 
Investment Analysis 

Bank of America International Limited has vacancies for two investment - 
analysts, specialising primarily in international equity investment- one with 
responsibility for North American markets and the other for European markets, 
principally U.K. and West Germany. 

The successful candidates will undertake analysis of a wide range of 
economic and financial trends with view to providing inputs for cumency and 
interest rate forecasts in their respective areas. The major part of their work will b« 
formulation of equity investment strategy, including specific sector and individual 
stock analysis in each market 

These positions call for considerable adaptability, and a high degree of 
ability in communication in both verbal and written form. Travel will be involved 
for both positions. 

Age is not a limiting factor, although the agegroup is envisaged at 24-30; 
candidates should have a minimum of two years relevant experience with an 
Institution or brokerage house; an economics degree or similar qualif ication 
is desireble. 

An attractive salary will be offered reflecting experience and ability, and 
benefits are in line with normal banking practice. 

Prease send complete career details, in full confidence, to the Director of 
Research at the address below. 

International Investment Management Service 

BAN K^F AM E RI CA international Limited, 

St Helen’s, One Undershaft, London EC3A 8HN. Tel: 626 2772 



SENIOR FINANCIAL 
EXECUTIVE— U.S. 

A highly successful and rapidly growing company 
on the West Coast requires a senior executive with 
8-10 years' first-hand experience in the functions 
of controllership. 

Background experience should be international, 
most probably in a major U.S. consumer goods 
company, where judgment, integrity and the 
ability to administrate effectively and to make 
tough decisions under pressure would have been 
essential. The accent is upon a strong background 
in control, but knowledge of the treasury function 
world-wide would be helpful. 

An extremely generous salary in the upper 
five-figure bracket with' additional fringe benefits 
is offered and, as it is envisaged that the successful 
candidate will have the oportunity to become the 
Chief Financial Officer of the company, candidates 
should have distinct style and an attractive 
personality as well as the necessary technical 
competence, initiative and diplomacy. 

Please send full details of career background, 
which will be treated in confidence, to Box A.6454, 
Financial Times, 10. Cannon Street, EC4P 4BY. 



WOOD.MACKENZIE&CO. 

Member;- ol'Thc Slock Exchiuuto 

MATHEMATICAL 

ANALYST/PROGRAMMER 

Due to continuing expansion a vacancy has arisen within the 
computer department for an Analyst' Programmer with a sound 
mathematical background. The successful applicant wtU be 
required to contribute at a high level to special mathematical 
projects « hich are being developed on our ICL 1902S/2U5U 
mainframes and via terminals to remote mainframes. 


Location m Edinburgh and conditions of employment are 
excellent with stoning salary negotiable up to £6,000 p-a- 
depending on experience. The firm operates a profit related 
bonus scheme and contributory pension scheme. 

Please apply givitts details a f your career to dale, to: 

Com put a- Co-ordinator, 

Wood, Mackenzie & Co., 

Erskinc House, 68-73 Queen Street. 
Edinburgh, EH24NS. Tet 031-2364141 


FINANCIAL CONTROLLER 

required by expanding home building company. 
Must be a qualified Accountant with commercial 
experience preferably within the building industry. 
This senior post commands 'a top salary’, company 
car and other benefits. The position offers scope for 
initiative and the successful candidate. Who should 
be of board material, will be responsible for all 
financial aspects of the company, including the 
preparation of company accounts, forecasting and 
site trading accounts, up-dating of site appraisals 
on a regular basis and comparisons of actual costs 
and appraised costs. 

Please apply i» witing Kith curriculum, vitae m 
strictest conjideua? to: Mr. I. Fisch 

ARNCUFFE 

holdings ltd. 

HofbS^cSmbeS.^TheHeadrow, 

LwdsISl 5JW. Tel: 445051. * 


Company 

Secretary 

Designate 

For a public company, providing a range of industrial 
Services through a group of subsidiary companies both 
in the U.K. . and overseas. The Company Secretary 
designate will report to the present incumbent and also 
-to the- Group Managing Director and will be appointed 
Company Secretary in due course. Responsibilities 
include the usual range of company secretarial -duties 
together with the preparation and Vetting of legal 
contracts. This appointment offers the opportunity to 
* make a positive contribution at top level to a corporate 
management team. Applicants should be. qualified 
Company. Secretaries with considerable experience in 
financial and insurance matters together With a 
knowledge of group pension schemes. Salary 
negotiable, together with excellent fringe benefits with 
Company car, based in a small Head Office west of 
London. 

Preferred age 30-40. Reference 112. 

Telephone Philip Egerton on 01-409 0434. 

Philip Egerton Associates 

Selection Consultants 

178*079 Piccadilly, IxsidonWlVOQF 


CHIEF ACCOUNTANT 


circa £9,500 -f- car 
INSURANCE 


CITY 


A general insurance company, part of a large U.$. group, 
requires a qualified accountant, aged about 27-35, for a new 
appointment. He or she will have gained management ex- 
perience. ideally in the Insurance industry. With the help 
of three managers, the Chief Accountant will control the- 
accounts'department, which uses fully computerised systems, 
and will work closely with the Financial Director. The 
company is growing fast and offers an attractive opportunity 
to participate in a dynamic management team. - 


Please apply: 

Sir- Timothy Hoare, 
Chichester House, 

Chichester Rents, 
WC2A 1EG. 

01-242 577S 


COMMODITY 
SPECIALIST I 

c A leading International Investment Group has an < 
S exceptional vacancy based in London for the person f 
S with matching ability. The basic requirements ? 
| include successful completion of the U.S. National f 
| Commodity Futures exam, experience in trading ? 
5 commodities on all the U.S. futures exchanges and ? 
c expertise in money management: fiuenev in various s 
5 Indian dialects including Hindi, Gujrati and fault- | 
| less English. A knowledge of Persian or Arabic $ 
I would be highly desirable and a knowledge of J 
? Italian, German and French would be ad van- < 
? tageous. The ideal candidate will have existing ? 
s commodity clients in the Middle East /Gulf areas 5 
I as well as India and be able td develop new pros- \ 
| pects in those areas and carry them through to | 
| completion. | 

< Salary is circa £12,000 per annum with usual big \ 
? company fringe benefits. If you feel you can handle ? 

1 this challenge, please write, in strictest confidence, ? 
s enclosing, curriculum .vitae, to Box A.6456, S 

2 Financial Times, 10, Cannon Street, EC4P 4BY. < 


Manager-Finance Systems 

London, c. £9,000 (incl. bonus) + car 

Our client is the highly successful UK subsidiary of a major and control systems, liaise with the accounting EL)P 
international corporation involved in the records and music functions at die design stage and take full responsibility tor 
iriaustries.The subsidiary's growth overthe pastfewyears the subsequent effectiveness of bis/hcrschcmc*. Candidates 
has been exceptional and they nowemploy 1800 and have aged 27 -30 and qualified accountants must show a hroad 
a turnover in excess of £50 million in the UK. Through accounting background with a strong involvement in 
creativity and leadership,' the successful candidate will computerised financial systems.The ability to communicate 
identify user needs in financial and management information clearly and influence senior management is essential. 

G. E. Forester, Ref: 18167/ FT. 

1 Mare or female candidates should telephone in confidence for a PcrsonaT History Form tor 

' A ' LONDON: 01-734" 6852, Sutherland House, 5 }6 Argyll Street, W7E6EZ.: 



Bowers 


Executive Select ion Consultants 

BIRMINGHAM. CARDIFF, GLASGOW, LEEDS, LONDON, MANCHESTER. NEWCASTLE jikI SI ILF FIELD. 


RETIRING MANAGING 
DIRECTOR 

OB 

CHIEF EXECUTIVE 

desiring further active career 
is invited to enquire for 
inform ation re top vacancies 
in growing international 
charity. Salary and expenses. 
London or U.S.A. based. 
Entrepreneurial ability/man- 
agement men and affairs 
indicated. Example: Overseas' 
Project Director, ' London 
based, with three overseas 
visits yearly. 

Telephone Founder's Office, 
01-493 3397 or 01-499 6652, or 
write: Help The Aged and 
associated charities, 32, Dover 
Street, London : W1A _2AP. 
Readers- willing to help 
worthwhile cause please draw 
this advertisement to the 
attention of recently retired 
or retiring top businessmen. - 


Hill Samuel & Co. limited is expanding 
its activities in the Corporate Finance 
field in the UK, and as a result, there 
are two new appointments to be made. 
The first vacancy is for a Young 
Accountant or Solicitor, aged between. 
25 and 29, with a good honours degree 
who baa bad relevant post 
qualification experience in fields 
related to Corporate Finance. 
Alternatively similar experience may 
have been obtained in industry. 

The second is for an Acquisitions 
Executive whose responsihOitieswill • 


include the initial identification of 
possible acquisitions and any 
necessary financial appraisal. 
Applicants in their mid to late 20’s 
should demonstrate that they have 
gained sound practical experience 
either with a firm of stockbrokers or in 
another financial institution. 

An attractive remuneration package 
will be negotiated including mortgage 
facilities. BUPA and an excdlentnon- 
contributory pension scheme. 

Please write with full career details as 
soon aspossible to . ' — , 


K. C. GE : Gardner, Chief Personnel Officer, HHTSamud.& Co. 
Limited, 100 Wood Street, London EC2P 2AJ. 

AH applications will be treated in the strictest confidence. 




PAMUHE GORDON & CO. 

INVESTMENT ANALYST - 

We. are looking for an analyst to join our 
team covering chemicals, pharmaceuticals and 
■ textiles. A university degree (or appropriate 
professional qualification) and some experience 
~ in investment analysis, not necessarily in related 
fields, are the minimum qualifications required. 
The successful candidate will be expected to 
acquire a broad expertise in these sectors and to 
become a specialist in textiles and fibres. - „ 


Applications with C.V. should be made to: 
G. F. Hailwood 
at 9 Moorfields Higbwalk 
London EC2Y 9DS 



DREXEL BURNHAM 
LAMBERT INCORPORATED 

A vacancy has arisen in our London Office for an 
experienced person to handle the settlement of 
our American Securities business. 

This is a position of great responsibility and 
applicants should be familiar with securities 
settlement procedures, dealings in currencies and 
UJjC Exchange Control regulations: 

Please apply in writing to: 

Mr. A. L. Forward, 

’ Winchester House, 

77- London Wall, 

London, E.C.2. 

Replies will be treated in the strictest confidence. 




CHARTERED SURVEYOR 
WEST AFRICA 

c. £16,000 plus allowances 

Qualified Chartered Surveyor, probably over 30, 
married and with considerable experience in West 
Africa or simil ar area to manage office in large 
urban centre. General management, valuation 
project finance and construction experience at senior 
level desirable. Usual free housing, passages and 
fringe benefits. 

Please send curriculum vitae to: 

The Advertiser (Ref. JM) 

19, Grdsvenor Place, London 5WIX 7HP 


ASEA Limited, the UK subsidiary of the International Swedish 
electrical engineering group, has a requirement for a Legal and 
Personnel Administrator who will report ' to the Financial 
Manager and Company- Secretary and advise on legal aspects of 
CwnW* work in commercial matters and take respon- 
sibility for personnel administration. 

This is a new position, based in Central London, and offers a 
first class opportunity for the successful candidate to -become 
involved In the UK development of the Company and enlarge 
his or her responsibilities in line with future growth. 

The person suited to the position will probably be a qualified 
Chartered Secretary aged 27-30 with up to date knowledge of 
commercial, employment and pensions legislation. 

An exceptionally generous remuneration package, whh additional 
large company benefits, is negotiable. 

Please write in the first instance to: N. Jenkins, America Square 
Associates Ltd- 34 Queen's Gate Place Mews, London 5W7 5BQ 
or telephone 01-589 1589. 


NEWLY QUALIFIED 
ACCOUNTANCY 
APPOINTMENTS 

21st September 

The Financial Times proposes publishing three 
pages of Newly Qualified Accountancy Appoint- 
ments on 21st September following the 
publication of the results of the Finals 
Lxanuuations. 

If you are expecting to qualify, the Financial 
Tunes intends to publish the widest possible 
range of opportunities open to you, - 

If you are recruiting “Newly Qualifieds" the 
advantages of advertising in the Financial.: 
■nmes are considerable— the cost is £14 per- 
f, 1 *?} 6 cen ^ imet re — copy can be accepted:. 

- , e r^? ay before publication — and th& J 
Financial Times has established an enviable 1 
reputation in this field. . • " 

For farther details. Including reprints of 
previous features, contact: . 

James Jarratt 

on 01-248 4601 (direct line) . 
or 01-248 8000 ext 588 

FESANO^TIMES 

EUROPE'S BUSINESS NEWSPAPER . . ; 


L m 








ft ” l-"- -b* 

H s £*!*«< 

,JT •» * i i i 




- V> r “- **' 


f * tj‘ 


*,-.■•• — .• — j 


£UfcV; 

C;*-;* hyiv. 

;*K. 1 f i5f S ^ 




..vV* 7 


c^: k " 

T ,1^ ! 



©Battcra! ^fifties THai^Uay August 3 X X 978 


BUSINESS RESEARCH 

Up to £7,000 negotiable + car 
Age : 25-30 Central London 


Our client Is a medium sized profitable quoted U.K. company operating in the health care 

sector. They wish to appoint a Business Research Assistant to their Group Planning Unit. 
The appointee will have the specific responabirttyforinvestigating and analysing a wide 
range of business research projects proposed by the operating divisions and will play a 
key role >r> implementation. 

Candidates should have a good Honours degree and 'must have at least three years 
relevant experience in a medium or large company. This experience could have been 
acquired in a specialist business research, development or planning function. Some 
tra veiling within the U . K. is involved. Thera are attractive prospects for promotion to a line 
management position. 


™nd a comprehensive career rfisumfi. including salary history and quoting 


W.LTgit, 

Touche Ross & Co., Management Consultants, 
4 London Wall Buildings, London, EC2M 5UJ. 
' Tel: 01 -588 6644. 


Security Analyst 


International financial institution, located in Paris, 
seeks an insurance industry analyst: 

—28 to 35 years old; '' 

— At least three years’ experience with . a 
good working knowledge of Life and 
non-Life accounting methods as practised 
on the Continent; 

-—Must speak French; a certain fluency in 
German would be a plus. 

Job function will be to write in-depth reports on 
the major European insurance companies with, 
special emphasis on comparative judgment and 
stock market appreciation. 

Remuneration in function of experience and 
indexed to cost of living. ' . : 

Send c.v. and photo: No. E.12.967 CONTESSE PUBUCLTST 
20, Avenue de 2'Opera — 75040 PARIS CEDES 01— FRANCE 


FOREIGN EXCHANGE DEALER 


The National Bank of Detroit has an immediate vacancy for 
an able dealer with a minimum of three years' experience in 
the following areas: 


Canadian DoUar/TJ.S. Dollar 
and a major European currency 
Preferred age range -25410.' • 


Salary commensurate with experience. Other normal bad: 
benefits. Please write giving full details of experience tu: 

The General Manager, National Bank of Detroit, “v 
28 King Street, London, EC2P 2AU. 


UNIVERSITY OF NAIROBI 


A roll canons are inrtod tor ibr fallen-. 
Inc posts IB far DEPARTMENT OK 
BUSINESS ADMINISTRATION. 


ASSOCIATE PROFESSOR. AppIumHU 
should hold a Doctoral? in Bmttwss 
Administration ■ preferably Market- 
uisi. Mona summit nr a related Social 
Sclent*- field ami musi have ton- 
aMrnbfe teachins and n -search 
taperimer. AophtaWa should have 
a remsaist-d pubHAmic n-curd and be 
capable of wovWin* boih academic 
and rumeoinm {fevclopm-nt feaiter- 
dup la Ok- mure lunior Faculty 
memlHTs . Tire appatmec will Ik* 
p»«iM to teach in om- of Ute 
fofJowinK areas m cilhrr tbe muk-r- 
fieadnate iBCnm.' or Ihe Rradual-.- 
IM.B-A.i pnin-amme: .Mortal ins. 
Organisation Theory and Behaviour. 
Btauicfls Policy or Labonr .Relation* 
and personnel Adnurasj ration. Tan* 
apoointcr- wHl also be expt-cied to 
pUkfe the rra-arrh activities of 
Students in the M.Bji, proaramme 
amJ also Hus-feW- to cither Rtuiness 
Policy or Personnel Mjnasi-na-nt. 

SffHIOR LECTURER. AppllcanU 
mould have at least a Masters Dcwee 
ift Business AiirnttiSsuanoii. Manage- 
ment ur a related Social Sctumv and 
machine. research and siKUtficant 
adunnistvative eftpcrience or prolev- 
sxinal qualification*. The appointee* 
viM be m peeled to teach at (he. undcr- 
nraduau- and postgraduate level and 
havo the capacity to siiv academic 
and lYiirarcft leadership in some of 
rite. faUowlUR arnu>:— PvrvoniKl 
Adm i Hi sirs i mo. Labonr Relation*. 
iDtcnuitonal fiiuiitefc*. Omntsanun 
Theory and Behaviour Marta tins. 
Public ILnii-rpriv MuuaacsK'iit. 


Salary scales: Asuviau- pnrfi-swr 
lR3.bX44.4Sft pa. Sopor lecturer 
iK2.MtU.tt4 pa iEKi = EIJW slcrtlnsi. 
The British Government may suapfc* 
men! salaries in raws' M.mD-S&S! pa- 
■sicrlxu’ for married appointees and 
£;. 252-3. -Its pa isu-rtinfi' for single 
appoint i renewed annually and 
normally tree of all tax.' and provhh- 
rfaHdn-n’a edneauan allowances and 
holiday vtsn paxtoura- Kannly Pav 
sajcet: JWSK or KSSUj non-contBbu- 
lory nu-du-al jcDi-inc: RUbstdWed houv 
ms- Detailed application C comes* 
vnh eurriculum vitae and. nanUou 3 
reirrecs lu hi- win direct to Rreinrar. 
I’ntvcmty of Nairobi. Pa Box 30197. 
Nairobi. Kenya l>y 2d September 197*<. 
Appbeaul.s resident in ihe l ! K should 
also si-nd one i-opy ia die Inter- 
Unlivrsiiy Couih-ii. 90 91 Tom-ntuni 
Conn Road. London W1P BDT. 


CONTRACTS AND 
TENDERS 


ART GALLERIES 


FiriD»OUW£ GALLERIES. 65. Owccns 
Grorr. St. JORII S Wood. S&6 SSOO- 
LANDSCAPES tv Rovai Academicians. 
marble Carr Inns TOMA SA58UKGH. 


PINE ART SOCIETY. 14*. New Bond 

W^ 01*629 St 16. SUMMER EXHlBl- 


OMELL CAUXR ICS. Fine Britan and 
French MODERN DRAWINGS IM 
Modern British MARITIME PICTURES. 
42. Albemarle- Street. Piccadilly. W.t. 


CLUBS 


CVfi. 119. Resent Street. 734 05ST. A- 1* 
Carte or Alt-in Menu. Throe SoectseaUv 
Floor Shows 10.45, T2.45 and 1*5 and 
music Of Johnny HaMrerrartn & Friends. 


COMPANY 

NOTICES 


MASON LtMITEO 


'Incorporated under the Laws or Canada! I 
NOTICE IS HEREBY GIVEN that the, 
Board m Directory at t»» CaniMiir ha* 

decloixo a Quarterly dividend of twenty- 

nvr cents (25 Cents) .per share lm , 
United States rondo! on the Company's 1 
CUv. A. Class B. and CUM C Con- 
vertible Ordinary shares without nominal 
or oar value, parable October 31. 197a. 
IO shareholder* at record ■! Ihe close of 
bus.net* an October 1. 1971. 

The dividend eavantc on CUM A 
Convertible Ordinary Share* represented 
by share warrants to beater wHl be paW 
only jmiimi su> re nder or loch bearer 
warrants (with coupons serial Not. 184; 
160. noth Inclusive. With talons attached] 
in eachanoe (or .hearer, liftsrnaxMnat 
Depositary Receipts issued by Morgan 
Guaranty Trust Company at New York 
at Brussels. Belgium, la recoect of Clou 
C Convertible Ordinary Shares af We 
Company or (or rtghltret chare (nt*. 
«»<:<■ o' me Company. Bearer, a mi rants 


i will* coupons aeries' Nos 164*160. both 
mlusl.c and talon* attached) may be 
iiir* rndcrrd tor cKAanue ML 
CMC. 

h*t. KW de Namur. 

1DDO Brands! 


Or 








Morgan Guaranty Trust Comuny or 
New York, 
ift Avenue de* Arts. 

1040 Brussels- . , • ^ 

Dated at Toronto. Canada. Hie 29th 
■ wki. i97iT 

rdcr of the Be*rU 
L. A, ALLEN. Secretory. 
The Trantier Agero of We Company 
fere l|nto«i< Trust Cent Pa hy. Limited. 
Toronto. Montreal. Verson* or. - Canary. 
Wmnfprd fend Ha I INK. Canwta.and Cm. 
•banr. (LA- Nw YWL *i.Y.. llLA. . 

Chfenoea or . address HoM far t»MAed 
Bromrfiy to National tYus* Company. 
Limited, at 51. Kms Street East. Toronto. 
Canada M5C IBS. 


9.237 


2 667 


ELETROBRAS 

E5CELSA AND C£L£SC J 
COMPANHIA AUXILtAR DE -■ 
CMPRE5AS ELETRICAS BRASILEfRAS 
tCAEEBl 

NOTICE TO PROSPECTIVE SUPPLIERS 
BRAZIL 

SOUTH - SOUTHEAST POWER 
DISTRIBUTION PROJECT • 
LOAN 1S3B-BR 

E so In to Santo . Centrlas Efetncaj S.A. 
ifciCELSA. and Centrals ENtrlcos De 
Santa Catarina S.A. .-iCELESCi fere 
partKioatlng through • wiral* EletriCU 
Braslfefra Safe. (ElETROBRASi m a 
loan from the World Bank In 
various currencies* equivalent 10 
USS130 Million, and ESCELSA and 
CEL ESC propose lb apply H*elr share 
in the prsctcu ;oi tm* loan to the 
purchase of eqd , P* n '' nl Jn d materials 
lor their capaoxon programme* for 
tne years l97B.1hrough 1981, 

ESCELSA and CEL-ESC have ton- 
tracted Compendia Auxlllar cc Emoresas 
Eletricas Srasileiras tCAEEBl id 

iD-orolnate ? the application oi We 
loan funds.' 

The Djegramme will carer the 
expansion -m the suh-transmbaton and 
dlitnbuupn systems of the oforc- 

mcntlomtJ companies. Doriiw the 

neat l » months this will Include the 
procurement d the undermentioned 
am up* oi equipment and mfeterlais; 

J Estimated 

Valaa 

Material »U5< 1 .0001 

1*— Aluminium Cable and 

r Conductor .... 

2 — Disconnect and Power 

, Fuse Switches 
■ 3 — fuse Cutouts. Oil. Tilting, 
and Vacuum Switches 

4— — Power Caoacltors 

5— Power Capacitor Switches 
and Controls . . . . 

6 — Voltage Regulators (Sta- 

tions and distribution 
Tvocsi 

7— Automatic Sectionabsers ■ 

ft — Reelosars 

9 — Luminaries and Acccssorl es 

10 — Power Transformers and 
Distribution Transformers 1B.235 

11— Orcidt Breakers — 3.735 

1 2 — Metal Clad Swltengcar . . B30 

13 — Control and Protection 

Switchboard* . . 464 

14— LWhtnlnn Arresters ■ . I2JJ 

15 — instrument Transformers. 2.057 

16 — Wannour Metres. Tingle 
Phase. Polyphase and 
Demand ......... 9.109 

17 — Battery 'Battery Charger 

set 334 

18 — Test and Laboratory 
EdUlpment i instruments) 1.615 

19 — Hot Line Maintenance 
Emilpungnt 

20 Radio Communication 

Eoulpmcnt 

21 — Mantle Substation 

22 — 4t»I suuuufes ■■ 

23 — 600 V Insulated Con- 
ductors 

24— Relays 

25 — Insulator* ISusoeroion 
ami Pedestal types) .... 

26 — Cooper Conductors ' ■ ■ 

27— Grounding System (Steel 

CoOici 

28 — Various small 'terns 
Including Meteorological 
Station. MvcroMm fcqulp- 
ment. Filters and Oil 

Purl Station Eqidcmom, 

TraveilliH Crane. Portable 
Single Phase Generator. 

Generator 


3E6 
1 354 


134 


1.329 

453 

1.141 

5S2 


1 -293 


3.648 

562 

1.477 


1.101 
1 SC7 


1.977 

2.9S6 


590 


Emergency tienerator 

SO KVA mounted cn 
igw-boy. Drstrioation 

. Transformer mounted on 

tow-boy — 


2.049 


TOTAL . 71.900 

Remarks) Concrete Dote* .J," - *J n ¥r 
lures tor this protect ' «ot be 
fm ssced from the proceeds a tM 

lQj n 

Invitations to Bid will Oe fssuod by 
CAEEB at least two months before 
the *U opening date and will b o pa th 
to any manufacturer or sportier 
located In any member roontnrof The 
World Bank oi Swlterrtand- The use 
bt row. aenu-maiwiPCturer or wiawa. 

^^o^eWn^taSriaS-J^S 

bC Eacn n, inSwdu«1 bW InirttaUon^ wm 
be aortwiised In Brazil In The 
jpnial do Brasil when . bidding 
documents become available. ana 
appUcaUcm lor - puttdBalUn h* 
mdirtdujl bids will be conshforao when 

they are received. - „ . 

In the moaminr. -urmUtra and 
monufacitncrs who wlsh to be Included 
in a mailing list, add to rrcelve the 
aceraoienlioneif bid Invitartons are 
requested to write 

signed.- indicating In which fro up of 
contracts they are Interested. 
CwMoimMI de Com Pro* 

CfeUS. 

PA Boat BBS. ___ 

Rio de Janeiro ZC-OO. 


The letter* from prespecrire 
Mitrttievs ana manutacturer* - should 
Include the undermentioned Informo- 
tiaic »• . . 

Ul. A. record of CKpertreco and wt 
performance in ine mMORnwr of 
. tt»* oaulpment and material they 

00 SuafeCue?* and drea-lpflre , 

tore ot the tyoes of material and 

• csUMimn wnlen the manulocturev 

.. gre poae s to bid! 


OBITUARY 


REVNCLL. on Ml# ftsBIIL- 1M1, 
Ethel Hevpcll. • Wwtf funeral wi ll take 
p(kc an Friday. 1st September. N# 
fiinrn please, Doiuttoos If wished 
£ Ihe variety Artists waias and 
Childrens Cults. 18. Charing Cross 
RojSl -W.C J. Memorial service to be 
'*.«* •» Methodist Crntrol Hail, small 
SToef. wSSiSswr centra] MU. W«- 
.rnimrer.-on Friday. ISth September, at 
1 1.30 a.*.. 


CHRISTIAN AIR Invites applicatiom from 
qualified accountants for the oast of 
Chief Accountant of this overseas aid 
charity now handling £5m annually. 
Duties Include administering finance 
department of 10 people. Christian 
commitment and desire to help needy 
of Third World are sought in applicants 
who should write I tv details to the 
Director. Christian Aid, P.O, Bex No. 
1. London. S.W.9. . 


INVESTMENT MANAGEMENT/RESEARCH 
Mid to late 20's 


Our client, a major and well respected financial institution, 
wishes to expand its investment staff. 

It is currently seeking graduates or those professionally 
qualified with two to fiye years’ experience of investment work. 
The job to be filled combines assisting in the management of 
portfolios invested around the world and researching for 
others in the organisation making investment decisions. 

The remuneration packsge will stand comparison with any 
in the City. ' . 

Please send a detailed career resume, includingsalary history, 
quoting ref. 942, to: . 


W.LTait 
Touche Ross &Co., 
Management Consultants, 
4 Lontfen Wall Buildings, 
London, EC2M 5U J. 
-Tel: 01 -5886644. 



COLORCON LIMITED 


FINANCIAL CONTROLLER 


We are the UK subsidiary of an American parent' engaged in the 
manufacture and supply of a range of speciality products to the 
pharmaceutical, food and allied industries. 

Applications are invited for this Senior Managerial position: 
Reporting on a direct basis to the Managing Director, the successful 
applicant wit) be responsible for .ail aspects of the Financial 
Management of the company. 

Duties will include: 

.■ PREPARATION. AND PRESENTATION OF BUDGETS. 
FINANCIAL AND BUSINESS PLANS 
• ■ MONTHLY PREPARATION OF MANAGEMENT 
ACCOUNTS 

■ CASH FORECASTING 

■ COSTINGS 

■ LIAISON WITH USA PARENT AND ATTENDANCE AT 
ANNUAL FINANCIAL MANAGEMENT MEETINGS 

■ CO-ORDINATION OF MANAGEMENT-INFORMATION • 
SERVICES IN ACCORDANCE WITH ESTABLISHED 
PLANS TO INTRODUCE A COMPUTERISED SYSTEM 

■ INVOLVEMENT IN COMPANY AND PRODUCT 
ACQUISITIONS. 

Applicants must be qualified accountants with at least 5 years 
industrial experience- A strong personality and self motivation are 
essential requirements. 

The successful applicant will be joining a dedicated team of pro- 
fessional managers and we envisage a total remunerative package 
of £9.500.00 which includes a company car, pension scheme etc. 

Please write in confidence, enclosing a detailed curriculum vitae, to: — 
Miss Irene Scorer. Colorcon Limited. Orpington Trading Estate, 
Sevenoaks Way. Orpington. Kent BR5 3SR. 


International 
Senior Accountant 
i for Europe's Nol 


We have a challenging opening with considerable promotion 
.prospects as well as the opportunity to travel extensively for 
an ambitious and welt qualified Accountant with Hertz, 
Europe's number one Car Rental Company. 

The successful candidate will be based at our West London 
European Headquarters, spending some 60%-70% of his or 
her time abroad, mainly in Europe. Responsibilities will be 
varied and include the review of European subsidiaries' 
monthly reports, the co-ordination and preparation of 
budgets, and ad hoc analyses both in London and Europe. 
The job obviously calls for someone with wide experience 
who has worked and preferably trained in a sophisticated 
accounting environment. At least 2 years' post qualification 
experience is essential and a working knowledge of at least 
1 European language would be art asset. 

A starting salary in the region of £8,000 pa will be offered 
plus all the usual benefits associated with a major 
international company. • 

PJease .write giving full career and personal 
details to Ms W Skinner, Hertz Europe 
Limited, isleworth House, Great West 
Road, Isleworth, Middx. 




©THE Nol COMPANY 


COMPANY NOTICES 


McCarthy group limited 

UlWDTporeted in me Republic o I Souw Ainu) 


NOTICE TO SHAREHOLDERS 

PRELIMINARY. PROFIT ANNOUNCEMENT AND DIVIDEND DECLARATION 
The directors announce ttJJt me unaudited group prokt far the rear rndrt 
30th June. 1978, irrth comaoretlre figures tor the previous year, a os folio***: — 


Group operating . 

Less: Interest 

Taxation 

Minority interest 


Croon net pnu 


issued ordinary shares ........ _ . . . 

E ami ngs per ordinary share 

carter tax and preference dividends) 


Diwdefld* declared tor the rear: 
Interim ordinary 


Filial ordinary 


1S7» 

1977 

Uns Bfairb 

Audlfeb 

ROOT 

ROOD 

9 418 

7 223 

3 468 

4 149 

2 542 

1 24G 

267 

262 

3 141 • 

1 S66 



16 937 415 

16 9874)5 

1B.4C 

9.1c 

3. DC 

24C 

4.5C 

34c 


owy at the lerel o> the prenous rear sales increased appreciably artee the 
budget to March. As a result, th- total dealer market tor the year was 
12 ahead of the orexioos year and new unit sales for the group showed a 
corresooodlng increase. 


Group turnover tor the year rose 21% ana. as a result ol maintaining 
fired expenses at the previous years level and reducing interest part, earnings 
per share increased by 102%. 


a comprehensive reoort concerning the group's trading aetbitms wilt be 
? l ^* ir,n ■ 0 '* rertrw and the resort o« Uie directors 


to be issued at the end of September, 1978. 
Final Ordinary Dividend No. 7S 


NOTICE IS HEREBY GIVEN that the final ordmarr dividend No. 7S at the 
rata ot 45 clear comma five) cenu. per share has been declared by the 
director tor the year eitoed 30tb Jane. 1978. payable fa holders of ordinary 
*l«res,registerea In t he books of the company at the close of business on the 
22hd September. 1978. 


_ The dividend Is declared payable In the currency of the Republic ot 
Sooth Africa and dividend warrants wfff be posted in South Africa to all 
shareholders on or about the 20tb October. 1978. 


For the purpose or establishing the shareholders entitled to participate 
■o this dividend, the transfer register of the company will br closed from the 
22nd September. 1978. to the 29th September. 1978. both days inclusive, 
sharcbomzn art advised that any change of address and or dividend insavetions 
must be lodged with the transfer secretaries on or before the 22nd Scot wn bar. 
1978. at tnelr address given below. 


In terms ot the South African' Income Tax Act 1962 (as amended). Uie 
Non- Resident Shareholder’ Tax of 15% writ be deducted br the company 
from' dividends payable to shareholders whose addresses in the register of 
members are outside the Republic of Sooth Africa. 

•* Order ot the »oare. 

B. J. CLOUSTON. A-C-l-S.. 

Secretary. 

fteototered Oftcer Transfer Secretariat sad Cert] fiction otke 

1101 NedtwnV circle, . . Hill Samuel Registrars -S.A.) Limited. 

S77 Point Road. PA. Box 62318. Martha Urown Z107. 

□URBAN. TRANSVAAL. 

-2B4.7B. 


LEGAL NOTICES 


Nos. OOC572. mSX and MSpTa ol i«S 
In tile HIGH COITRT OF JUSTICE 
Chancery Division Comoanks Coon. In 
Uie Matters of ftJIDANDER SECURITIES 
LIMITED. FRAMES (MUSICAL INSTRU- 
MENTS* LIMITED and SAFFRON HAIR 
DESIGN LIMITED and in tbe Matter ol 
far Companies Act. JMv 
NOTICE IS TCREBT GIVEN (bat 
I Petition* far far Winding-Cn of the above- 
named Companies br the Hreb Court nr 
Justice were, on tbe 34tft day oT August 
1971. d resented to fhe said Court by' far 
Commissioners of Customs and Ezcirt* or 
Ring's Beam House. 3941 Marir Lane. 
London. ECSR THE and fast lie said 
Petitions arc directed io be heard before 
die Court sitting al the Rural Court* nr 
Justice. Strand. London. V/C2A 2IX on 
the lttb day of October 1BTS. and any 
creditor or enumbutorr of any of tbe 
*»Id C om panics dcririms :o- support or 
oppose the making of an Order on any 
of ihe said Petitions may appear at the 
i time of hearing fa person or by bis 
Counsel far that purpose: and a copy of 
the Petition will be furnished bv ihe 
tmflerrioed to any creditor or conirihu- 
»ct or any of -tbe said Companfes 
reoulring such copy on payment of ihe 
regulated ebarue far the samo. 

G. F. GLOAR- 
Kira's Beam Rouse 
3M1 Mark Lam* 

London. ECSR THE 
Solicitor for tbe ppnnowr* 
VOTE.— Any pereoo .Who intends to 
appear on ibe.bwiag or any of the said 
Petitions nim'sWe w, or send her post 
la the above-named notice in writing or his 
■mention so to da Tbe nonce most state 
■ tin; name and address. of ibe person, or. 

, if 9 firm, tile name and address of tbe 
! fim. and mast be signed by the person 
or firm, or his or their solicitor HI auy» 
and tatwi .be served, or. U posted, most 
be sent by post fa suffic-iem time to 
reach the above-named not later than 
four o'clock In fhe afternoon of fae 
13 fa day of October 1F7S. 


intention so io do. Tbe notice must state 
fae name and address of the person, or 
IT a firm, fae Dame and address of the 
firm, and must bi- signed by fae person 
or firm, or his nr their solicitor (if anyi 
and mnsi be served or. If posted, tnusi 
be sem by posi In sufficient um v 
reach the above-named not fait-r than 
4 o'clock in Ihe afternoon of lbe I3ih day 
of October 1975. 



Are you a Stock Exchange Investor? 
Does your interest lie in the Far East 
or Europe ? Is gold your particular 
concern? Maybe you're a 
commodities expert or a forex 
speculator? 

Are you hungry for the FT Index or 
news headlines? 


Whatever your interest.. 
Wherever you are ... 

Ring London, Birmingham 
Liverpool or Manchester 


246 8026 

for the 

FT INDEX 


and 

Business News Summary 


No. OEM* or 187S 

In the HIGH COURT «JF JUSTICE 
Chancery Division Companies court. In 
the Matter of SOUTH LONDON AGENTS 
I IMPORT A EXPORT* LIMITED and in 
fae Matter or The Companies Act I9tt. 

NOTICE IS HEREBY GIVEN that a 
Petition rtir the trtodtnjr up of fae above- 
named Company by tbe High Coun of 
Justice was on the ifitfi day of August 
1978 Presented Io the said Court by 
H- h R- JOHNSON-RICH ARDS TELES 
LIMITED. Tttrraaan. Stofec on Trent, and 
that the said nation is (firmed ro be 
heard before the Court Butins at fae 
RWM Courts of Justice.. Sirawi. London 
WC3A 2LL. on tbe lUh day uf October 
19W. and any creditor or contributory 
or fae said Company desirous io -sunpon 
or oppose fae making of an Order on the 
said Fotitiun may^appear at the inne of 


No. 0TC603 ol laifl 
In ihe HIGH COURT OF JUSTICE 
Chancery Division Companies Conn. In 
the Matter of BEER KELLERS LIMITED 
and io ti>c Matter of fae Companies Act. 
IMS 

NOTICE IS HEREBY GIVEN that . 
Petition fnr lbe u'uidmg-up of far abore- 
oamed Company by ibe High Conn of 
Justice was. on the 261 h day ol August 
197$. presented io fae «ah) Coun by fae 
Commissioners of Customs and Excise of 
King's Beam House, 3841 Mart; Lane. 
London. ECSR THE. and fasi fae said 
Petition Is directed to be heard before 
ibe Conn sitting at tbe Royal Courts of 
Justice, Strand. London, WGA ;lL on 
lbe 18 !b day of Oeiober 1879, and any 
creditor or contributory of the said Com- 
pany desirous to support or oppose Die 
making of an Order on ihe said Petition 
may appear ai fae time of bearing in 
person or by bis Counsel for (bat puroose: 
and a copy or tin- Petition will b* 
furnished by fae undersigned to any 
creditor or contributory of tbe said Com- 
pany requiring such copy on pavncoi of 
tbe recot aicd charge tor fan some. 

G. P. GLOAK. 

King's Beam House. 

3841 Mart; Lane. 

London. ECSR THE. 

Solicitor io fac Petitioners. 
« n TEL— -Any person who intends to 
appear on fae hearing of fae said Peutlon 
must serve on. or send by post lo. the 
abOTc-oomed notice in writing or his 
intention so to da Tbe notiev must state 
the name and address of Ihe person, or. 
If a firm, fae name and address of tile 
firm, and must tm signed by fae person 
or firm, or Ws or rheir solicitor iif any i 
and most bo served, or. tf posted, musi 
be scut by post in snfBcfcni time so 
reach the above-named not later than 
four o'clock in die afternoon of lbe 
Ufa day of October 1978. 


APPOINTMENTS 


Reorganisation 
of Davy group 


DAVY INTERNATIONAL is lo Board, Mr. David McKenna wfll 
create two major operating continue as chairman of it* 
groups— engineering and con- environment pane] and of its in- 
struction and engineering and ckis trial design panel, and sscbair- 
m a nuia during. All the present man of the Board, of British 
companies will be within one or Transport Advertising, Mr. 
other of these two groupings. McKenna will abo remain for the 
It is also proposed to change time being to represent the Board 
the title of Davy International to on the Societe Internationale pour 
Davy Corporation. This will le Transport par Transcontainers 
release the name Davy Inter- llntercontainen. 
national for use by the new * 

engineering and construction Mr. Peter N. Blackaby has been 
group and the engineering and appointed as a member of the 
manufacturing group trill then be HOPS MARKETING BOARD for 
called Davy Engineering Indus- three years. He is head of 
tries. The new names arc business planning for J. Lyons and 
expected to become effective on Company. 

September 26. * 

At Davy International Mr. A. N. TC*T BUSINESS SYS" ns MS UK 
Whiling win be chief executive; has made three senior appoinl- 
Mr. S. Burns becomes chief execu- merits within the group. Mr. John 
tive Europe and will also deputise Khqs moves to Brussels as 
for Mr. Whiting: and Mr. M. J. European director of business and 
Milner will have the new position market development, ITT Business 
of corporate development officer. Systems and Communications 
Davy Engineering In us tries will Croup, and is succeeded as 
| be managed by Mr. I* Ashworth marketing director of TIT 
las chief executive; Mr. E. P. Business Systems UK by Mr. 


Mcmghe as deputy chief execu- 
[tive; and Mr. J. U. Eccles. 

* 

Mr. C. G. N. Ryder has been 
appointed deputy chairman of the 
CHINA NAVIGATION COMPANY 
From tomorrow. The company is 
a member of the Swire Group. 

■* 

Mr. D. Lewis Macdonald has 
j been appointed production direc- 
tor and Mr. Trefor J. Watkins, 
'financial director, of RACAL- 
(DATACOM. 

★ 

Mr. J. G. McMillan has been 
appointed area manager at the 
inner city area office of 
NATIONAL WESTMINSTER 
BANK on the retirement of 
Mr. U Jt CamelL 
★ 

Mr. Peter ShulUewortti has 
| been appointed a director of 
| LENDUSTRIES from tomorrow. 

★ 

Mr. Charles Pearce has been 


Peter Bensiead. at present 
marketing manager. Mr. Geoffrey 
Meadowcroft becomes head of Uie 
group's data systems division at 
Cockfosters. He succeeds Mr. 
Jim Foord. who was recently 
appointed chief executive. 

-tt 

Mr. S. A. Briggs has relinquished 
his position as company secretary 
of BERNARD MATTHEWS but 
remains financial director. He is 
succeeded as secretary by Mr. 
J. G. Brown. 

★ 

Mr. Robin Nash has been 
appointed BBC TELEVISION'S 
head of variety, lie takes over 
tomorrow* from Mr. Terry Hughes 
who is leaving the BBC at his own 
request to return to production 
as a freelance. 

The Secretary for the Environ- 
ment has appointed air. Ronald 
Graves and air. Lewis Rose to be 
members of the board of the 
NATIONAL BUILDING AGENCY. 


i appointed a director of TI jjr. Groves is chairman and chief 
I ACCLES AND POLLOCK and Mr. executive of the International 
K. L T. Richardson has become Timber Corporation. Mr. Rose is 
director of marketing. a solicitor. 

★ ★ 

BRITISH RAILWAYS BOARD Mr. Hugh Rafferty has been 
states that followiDg tbe comple- appointed manager of the city 
| tkm of his term of appointment office of the BANK OF IRELAND 
as a -part-time member of the in Coleman Street. London. 


UK ECONOMIC INDICATORS 


ECONOMIC ACTIVITY— Indices of industrial production, mam** 
facluring output engineering orders, retail sales volume <1970= 
100); retail sales value (1971=100); registered unemployment 
(excluding school leavers) and unfilled vacancies (000s). All 
seasonally adjusted. 


tearing In; wria&ek'nr h>* Cwnsd for 
: snq.b copy or fae IVtraoO 


Out pur pose 

mil be fufiKfeiu-d fey fae nndernsned to 
any creditor or cantrlbiiuiry ol fac said 
Company mroinnS -sorb copy on punanat 
of fae reg ulated charge for fac same 
JEVJOXS. DOCGETT & CO.. 

£ MuKonfa) BVd , 

Tadlcr. 

BastogEtoKP, 

- Hants. KGSfi SJQ. 

NOTE. — Any person who Iniends to 
l appear on fae hcantw V fac said Pennon 
I most feen-c on or send by post lo tin- 
aborc-aoBK-d noUee m- ununa of bis 


PERSONAL 


BATH SERVICES 

Bathi, rcAurfaced in*»ii u 
In whru: and nnM slanjanj 
cukxirs at a I ractkin of the 
replacement cobt. For expert 
guaranteed serv ice contact:- 
Badi Services, 

26 RamiUy Street London Wl 
Tekphone 01437 813^8713 


Telephone Sbcffidd 661690 
^Telephone Winchester 66587 J 


GOLF CLUB MEMBERSHIP. Company 
membership also available. Drift coif 
ft Country Club. Surrey. Phone East 
Hors Lev 4641. 


BUSINESS OPPORTUNITIES 
BUSINESSES FOR SALE 

All Advertisements scheduled to 
appear in to-day’s paper will be 
- published on 

Tuesday 5th September 



Jndl. 

Mfg. 

Eng. 

Retail 

Retail 

Unem- 

Vacs. 


prod. 

output 

order 

voL 

value 

ployed 

1977 

2nd qlr. 

102.1 

103.2 

106 

102.5 

222.0 

1.330 

163 

3rd qtr. 

103.0 

104.0 

106 

104.3 

234J! 

1.418 

151 

4th qtr. 

102.4 

103.4 

106 

104,4 

239.4 

1431 

157 

1 1978 

1st qtr. 

103.5 

103-8 

98 

106.3 

246.0 

1,409 

188 

2nd qtr. 

10L3 

104.8 


107.9 

254.2 

1,367 

213 

Feb. 

103.7 

103.7 

116 

106-8 

246.5 

1,409 

187 

March 

103.5 

104.4 

103 

107.0 

249-8 

1,400 

196 

April 

105.4 

105.8 

104 

106.7 

250.3 

L387 

204 

May 

103.3 

103.6 

117 

108.4 

2553 

1,366 

210 

June 

July 

August 

10L2 

105.0 


108.6 

110.5 

257.1 

1,365 

1.371 

1,331 

217 

211 

208 


OUTPUT— By market sector; consumer goods investment goods, 
intermediate goods (materials and fuels): engineering output, 
metal manufacture, textiles, leather and clothing (1970=100); 
housing starts (000s, monthly average). 



Consumer 

lnvst. 

Intmd. 

Eng. 

Metal 

Textile Housg. 


goods 

goods 

goods 

output 

mnfg. 

etc. 

starts* 

1977 

2nd qtr. 

113.4 

98J 

105.2 

99.2 

803 

100.2 

25.1 

3rd qtr. 

115.5 

98.6 

104.9 

100.1 

83.3 

100.7 

23.4 

4th qtr. 

117.0 

98.0 

10L9 

99.4 

74.8 

100.0 

20.7 

1978 

1st qtr. 

116.1 

99.6 

104.6 

100.7 

76.8 

99.7 

17.8 

2nd qtr. 

J16.8 

99.0 

106.9 

1013 

83.1 

100.5 

26.7 

Jan. 

116.0 

100.0 

104.0 

10L0 

75.0 

99.0 

17.4 

Feb. 

117.0 

99.0 

106.0 

101.0 

78.0 

100.0 

15J) 

March 

117.0 

100.0 

104.0 

1024) 

78.0 

100.0 

20.6 

April 

117.0 

100.0 

109.0 

102.0 

85.0 

105.0 

2 5A 

May . 

115.0 

98J> 

106.0 

101.0 

S3.0 

98.0 

25.L 

June 

118.0 

99.0 

106.0 

10L0 

80.0 

98.0 

29.6 


EXTERNAL TRADE— Indices of export and import volume 
(1975 = 100); visible balance; current balance; oil balance: terms 
of trade (1975=100); exchange reserves. 



Export 

Import 

Visible 

Current 

Oil 

Terms 

Resv. 


volume volume 

balance 

balance balance 

trade USSbn* 

1977 

2nd qtr. 

118.0 

109.8 

—764 

-365 

-745 

100.3 

IO 

3rd qtr. 

124.1 

106.4 

+ 54 

+537 

-602 

101.0 

13.4 

4th qtr. 

117.9 

102.6 

+ 45 

+486 

-657 

102.4 

20.39 

1978 

1st qtr. 

102.3 

114.3 

-574 

-305 

-646 

305.1 

20.63 

2nd qtr. 

122.6 

110.0 

-139 

+ 221 

-420 

104.4 

16.75 

Feb. 

127A 

11L3 

+ 43 

+ 132 

-203 

104.8 

20.7 

March 

121.4 

HO 

-279 

-189 

-209 

104.8 

20.32 

April 

125.9 

104.1 

+ 187 

+307 

-149 

104.0 

17.04 

May 

119^ 

114.1 

-218 

- 98 

-155 

105.1 

16.66 

June 

121J) 

11W 

-108 

+ 12 

-116 

104.1 

16.54 

July 

12B.9 

117.1 

-150 

- 30 

-229 

10-L8 

16.74 


FINANCIAL — -Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months' growth at annual 
rate); domestic credit expansion f£m); building societies’ net 
inflow: HP, new credit: ail seasonally adjusted. Minimum 
lending rate (end period). 


Bank 



Ml 

M3 

advances DCE 

BS 

HP 

MLR 


% 

% 

% 

£m 

infiow 

lending 

% 

1977 

2nd qtr. 

24.8 

14J 

5.5 

+ 769 

1390 

1,047 

8 

3rd qtr. 

28.0 

30.4 

20-3 

+365 

1JW4 

1,149 

7 

4Ui qtr. 

23.2 

12 JB 

8-8 

+698 

1.565 

1.189 

7 

1978 

1st qir. 

24.7 

24.0 

1TJ5 

+1,818 

1.049 

1260 

01 

2nd qir. 

8.7 

15.9 

2<L8 

+2,893 

694 

L393 

10 

Feb. 

26.8 

25-5 

17.9 

+963 

353 

418 

6* 

March 

24.7 

24 J> 

17a 

+597 

308 

413 

6J 

April 

19.1 

24.7 

12.6 

+ M32 

335 

463 

7 

May 

13.2 

17.4 

18J3 

+1,124 

212 

471 

9 

June 

8.7 

JSjt 

24.8 

+337 

147 

459 

10 

July 

9.3 

9Jt 

25.9 

+ 114 

180 


10 


INFLATION— indices of earnings (Jan. 1976=100); basic 
materials and fuels, wholesale prices of manufactured products 
(1970 = 100): retail prices and food prices (1974=100); FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971=100/. 



Earn- 

Basic 

Whsale. 



FT* 


1977 

lugs* 

matls. v 

mnfg. M 

RPI* 

Foods* comdty. 

Slrig. 

2nd qtr. 

114.5 

347.7 

259^ 

18L9 

191.1 

250.0 

61.6 

3rd qtr. 

116.1 

340.5 

267.7 

184.7 

192J 

239.9 

$13 

4th qtr. 
1978 

119.9 

330^ 

272J 

187.4 

1S3.3 

2342 

63.3 

1st qtr. 

123.1 

326.7 

279.0 

190 j6 

197^ 

238.61 

64.6 

2nd qir. 

329J) 

340.7 

2U& 

195.8 

203^ 

24237 

61-5 

Feb. 

122.7 

324J 

2792 

190.6 

197J 

224.86 

66.0 

March 

125.0 

33L0 

280.6 

191^ 

198.4 

238.61 

64.1 

April 

137.2 

337.4 

282.7 

194.6 

20L6 

238.94 

61.8 

May 

I29A 

34L5 

284.6 

195.7 

203 J! 

250.67 

6L5 

June 

133.1 

343.1 

286^ 

1974! 

206.7 

242^7 

61^ 

July 

August 


340.2 . 

288.7 

198.1 

206.1 

237.68 

246JS 

623 

62.4 








LABOUR NEWS 


Financial Times Thursday 'August 31 1978 


Court to decide 
technology ban 
on UK concern 


ITT plans 
to invest 
£5m 

at British 
factory 


BY JOHN LLOYD 


By John Lloyd 


, ITT. the U.S.-based multi national, 

A COURT in Dallas. Texas, Is to been director of memory design ^ t0 undertake a £9m iovest- 
hear a plea next week that engineering since 1976. m ent programme at its semi- 

Inraos, the U.S.-based micro- Dr. Richard Petntz, another conductor plant at Footscray. 
electronics subsidiary of Britain's Inmos director and the creator g 0Ut u East London. 

National Enterprise Board, be of the company, founded Mostek . . . . .. . 

restrained permanently from in 1969, though he had severed . ft ,s understood that negoua- 
acquiring and using trade secrets his connection with it for some p on * °° Government ala of a 
claimed as belonging to Mostek, years. further £lm are nearly complete, 

a Texas microelectronics com- Dr. Petritz and Dr. Schroeder _ Th e expanaon. is part of a 
panv. believe that victory for Mostek European investment programme 

J . . , , . would place Mostek in a nosition more than £10m. About ±5m 

The hearing has been delayed define trade secrets for itself wiU also he spent on a wafer 
for Mostek to collect more _ qffliWy C0V ering a broader area fabrication plant at the com- 
mence. An adverse judgment 'f^^edge than Sat which panys lntermetall plant in 
might jeopardise Inmos s future ",*^22,5 secre? Freiburg, West Germany. 

Operations. >n.,.a inlnmurinn .nnil-ihld on. _ ..... ..>11 



Miners fight TUG bid 
to halt incomes claste 


BY OUR LABOUR EDITOR 

MINERS* leaders are to resist while income control must he at aJL’* • e 

TUCefforts to stop their attack- opposed, the social contract as This did not mean in UMoa 

ingr the social contract at neat suehfunder whatever nameJcan was 001 gjjjj !? tK GtoSni 
week’s Trades Union Congress and should continue. Thetrans- Labour virto^ atwowwiu 
.in Brighton. - \ - are trying to mini- 

The . executive committee . of raise 1 the risk of . Congress’s after - “ Congress. too- are 

the .Nationdl Union: of Mine- formally declaring the social con- entitled to criticise your lnsnoa, 
workers- refused yesterday to tract ended by substituting the he said. - • : 

entertain an amendment to their words “incomes policy." -Yesterdays : execunve cored 

main* motion, for, Congress -put • Exnlaioing the onion’s motives, with concern the fwiure 01 a 
up by the Transport and- BirTuoTmley said; -We -Think -mlrera' nomkme lo be adopted 
General Workers? Union and that this question of the social for the ParfiamrotMTr seat of 
designed to take the heat ouf infract has been dehiding a lot Pontefract B^mmtag vm. Mr 

THE rnST rapid tradsport M^rarC-bov.) « . Go^. *JSfl « SglAp; 

the Tyneside yesterday by Metro-CammeU of B irmingham . the miners’ president, -did not S^not making W progress was losing seats. 

Altogether, 88 of the ears will operate on the £161m Tyne and . rule out tins possfbQtty-tfiat fcheyj' 


ftilKi 14 •* 


IlilM: 


c:v,urutc. -a auvw« n f knowledge than that which panys lntermetall plant in 

might jeopardise Inmos s future ",*^253 secret Freiburg, West Germany, 

operations. Thus information available The new Freiburg plant will 

Mostek may also seek to have f rom a variety of sources would be used to make about 4.000 
Inmos restrained from employ- be debarred from use by Inmos wafers— the backing for inte- 
ing Mostek personnel, including specifically, putting It at a severe grated circuits— a week, 
four former Mostek employees disadvantage in relation to Footscray, which specialises in 
now contracted to Inmos whose Mostek and to other advanced the manufacture of micro- 
resignations from Mostek gave microelectronics companies, computer memories, will expand 
rise to the current case. which would be able to use such its production, especially of the 

Mostek succeeded this week in technology. 16K RAM (random access 

gaining temporary injunctions Mostek has become a success- memory), the most advanced 

against Inmos on two counts ful company, employing 4.500 memory in mass production, 

relating to trade secrets, but people , with a turnover of S70m The compahy recently won a 

attempts to stop Inmos fairing last year. It -specialises in £500,000 order for 16Ks from 

Mostek employees, or continuing advanced computer technology, Europe. 

to employ the former Mostek including the manufacture of it is also thought likely that 
workers, were rejected. micro-computer memories, an the company will develop its own 

™. . fHa area in which Inmos will version of the 64K RAM. the 

The former Mostek men at the conC entrate. next generation memory, 

w r i *£5 .* he dlfipu i e . ^ ' Inmos plans to produce a This expansion will probably 
ward Parkinson, a senior design ranse n f microprocessors and take ITT into the ranks of 
engineer; Mr. Douglass Pittman, the most advanced random access volume producers of micro- 


brication plant at the com- " Wear Metro. . . 

lot's lntermetall plant in ' " The Initial phase was due to open next spring, but because 
reiburg. West Germany. oTiirter-umon dispute It will probably be delayed, says Tyneside 

The new Freiburg plant will Passenger Transport Executive. 

i used to make about 4,000 Rail and bos drivers’ unions are arguing over Who should" 
ifers— the backing for inte- drive th.e “Super-trams,” although they have agreed in principle 
uted circuits— * week. . that work should be shared. 

Footscray, which specialises in • There have also been spasmodic delays oil construction 
e manufacture of nucro- W ork for the light railway, believed to be the first of its kind 
mputer memories, will expand 


Monday Club urges 
direct tax cut 

BY DAVID F*EU1> ' ' , : ^ ' 

A BIG cut in direct taxa tion is incomeHax should be examined 


might eventually have to accept - : - m _ 

Z>u nnaoit Pay rise far 

That . would leave Congress : ** 

with little to argue about In its - THE EXECUTIVE of -the 
economic debate, ' since - a very '••• National Union - of Mine- 
large majority of the - TUC .workers showed Us appxeaa- 
uniozu appears to «ree os atlon of the latest pay pbUcy 

policy Of- passive resistance to :< yesterday by voting itself nig 
the Government’s ". : Incomes pay rises lo take effect eight 
policy. months after the last increase 

As it. stands, the miners^ for the union’s full-time 
motion is probably the most officials. - , . 

tm^tiip to the Government on the . ' . Salary increases of between . 
agenda. It asks Congress to 6 and 20 pm- cent will be paid 
declare its total opposition to j from next March, in a move 
any proposed extension of .the ' linking union officers* Ray with 
social contract. into. Phase. Four that of ■ National Goal- Board 

Many union leaders argue that -'.'management grades. 


Pay rise for NUM leaders 


. Mh. Joe Gonadey, NUM 
president, will receive more 
than £10,900 a year but the 
president’s salary ' taw*' will 
have a maximum of 13,3,600 
a -year.. 

Area president like- Mr^ 
Arthur ScazgUl of Yorkshire 
will be on ~a band’ of £7.393 
rising to £9,400 after threo^ 
years. Junior officials will get 
between £6,500 and £8,300 » 
year. .... 


r. t the most ad vancea random access volume producers of micro- £L * r-,* L 

a draughtsman; Mr. Dennis memQry _th e 64K RAM-which processors and micro-computer «J ed ..SLSaSS L?^. e S I Siii^ ne 

Vidson. a design engineer; and has a capacity for 64,000 “ bytes " memories, though definitions of **“ ^dependent Conservative surdiarge, should be aboUshed. 
Mr. David Wooten, an applies- or of information. what constitutes a volume pro- P ressure group. Two tax changes of consider- 

Hons engineer. Only Mr. Mostek, with ITT and other ducer vary The ff rou P said in a PO Uc y able advantage to people run- 

Parkinson bad held a senior companies in the U.S. and Japan, 1 paper released yesterday that the ning small businesses would, be 

position. are designing the next-generation j i m cut should be accompanied by a the indexation of capital gains 

However, one of three Inmos chip. Large profits will go to L/Ouipiltcr SlSLU simplification in the administra- tax and an increase in the busi- 

di rectors. Dr. Paul Schroeder, the company which can first pro- * *-—**— — — ir *•*“ 

had until recently played a key duue a RAM that performs well 
role In Mostek, where he had in a variety of functions. 


TIPpHc: stlldipd this meaht increasing direct transfer tax. ABOUT L500 BL cars bound the first pubUo-aector challenge creases lor raww 

uccua aiUUlCU ^ ^ groap said ^ wrpon . ^ the U.S. joined the growing to its Stage Four 5 per cent craftsmen’s - JwnMir J S reed * 

b u i.k. Changes in taxation were put tion tax should be abolished storii of stranded cargo in wage settlement guidelines mm is a rise per cent. ■ 

By John uoyd forward as the main way to because very little of its was paid Southampton docks yesterday as 9,000 atomic power workers In The claim is msg tor a 

FUTURE MANPOWER needs of revive the economy, through en- currently. Instead, the authori- the strike by nearly 2,000 state-owned concerns, whose reduction m the worKing wecK, 

the UK computer industry will couraging individuals and cor- ties should rely solely on dockers went into its sixth day. claim includes increases of JO an increase in aomidi; noima. 

be studied by the Electronics porations to create and expand advanced corporation tax. Further talks between strike per cent for some grades. entitlement to tour woeKs, a 

Sector Working Party of the their businesses and employees • The Tory aim of cutting leaders and port employers pro- The success of the review of .allowances, snut pay- 

National Development Office. to increase their output. Government expenditure would duced little hope9 of. a 1 solution. -Governments pay policy in the meats’ being related to basic pay 

The £30,000 study is aimed The issue of shares to improve employment prospects. The dispute began with a minor private sector rests on its effec- to give automatic rises when 
at assisting the improvement of employees was a valuable incen- not worsen them Sir Keith row over spilled ou a ladder tive application to its ® wn wage rates are increase, -ana a 

the UK’s position as a producer tive and called for a reduction Joseph, opposition spokesman on but has ““e gr™ In 10 * d*® 1 * workers. Ford workere have realignment of pay dates to 

of computers and computer tech- of the public sector. The National industry, said yesterday. 0TCr general safety. , submitted a 25 per cent maim April 1.. 

nology. - Enterprise Board .should be Sir Keith said wasteful public With 11 containfcr ships bavhig to lead the private sectors Although the industrial atomic 

• HONEYWELL is to start UK abolished and Government equity spending was paid for through be 60 far ®ted to cancel calls at diajlenge to Stage Four. workers are numerically small, 

production of its new Level 6 participation in private industry higher taxes, additional borrow- P 01 * smc e the strike began, Mr. Mick Martin^ public u tt j e tradition of militancy, 
range of mini-computers at its ended. ine and printing of money “ In fears ^ growing that shippers services national secretary for ^j G j r position in the wages 


The group said in a policy able advantage to people run- 
paper released yesterday that the ning small businesses would, be 
cut should be accompanied by a the indexation of capital gains 
simplification in the administra- tax and an increase in the busi- 
tion of direct taxation, even if ness relief provisions of capital 


, Dock strike State workers fight 
S exports ' 5% Wage 8 Uideli,ieS 

s Cal Ca FI l \ & by PH1UP BASSETT.; LABOUR STAFF 

i *7 Parfliw Clark, Labour St?lf GOVERNMENT is facing to £S4 -a wpek, with -pro rata in- 

ABOUT 1,500 BL cars bound the first public-sector challenge creases for lower grades. Tn« 
1- for the U.S. joined the growing to its Stage Four 5 per cent craftsmen s increase, IT agreed. 


increasing direct transfer tax. 


By John Uoyd 


Land-Rover meets 
expansion target 

BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


THE FIRST phase of an expan- Currently, the company claims Scottish plant 
sion programme at BL's Land- around 15 per cent of the world Strathclyde, our 
Rover subsidiary is on target and four-wheel-drive market, but pendent reports. 

should raise Range-Rover caps- faces increasing competition 

oily by 50 per cent and add 10 from the Americans and 

E er cent to Land-Rover output Japanese. . ■ w 

y next spring. Productions now stands at ■ lf( li 

Mr. Mike Hodgkinson. Land about 300 Range-Rovers and 
Rovers managing director, gave 1.350 Land-Rovers a week. 


uuiu-raimpuusra *i ii» enuea. ing and printing of money. . in .Vi To M «i uieir 

Currently, the company claims Scottish plant at Newhouse, The concept of a negative other words, the Government has ^^*6 confidence in-Britain S the Tran^ort and xound gives their claim, special 

ound 15 per cent of the world Strathclyde, our Glasgow Corres- Income tax should be revived been reducing personal spending *xth largest cargo port- Workers union, one ot tne significance for the resr of the 

ur-wheei-drive market, but pondent reports. and a single low flat rate of in order to spend more itself.” Yesterday, a Norwegian vessel, thre e m ain umens mvwved public sector and . for the 

ces increasing competition was' unable to pick up the ZtL i^ust^ workers *unploycd by Government's hopes of- making 


cars for export to the U.S. 


United Kingdom 


this news to the 9.000 employees 


Mr. Hodgkinson said that £8m BY RHYS DAVID 


yesterday, when he also provided „ t a !L v 

i detailed breakdown of bow the ?! wSta sJu 
drat phaa. caah of X30m 1. to 


be spent. 

ll is part of an overall £2S0m 
investment aimed at nearly 
doubling production of both 


doubling production of both B * Rinuinnham and Solihull British Importers Confederation He said: “Cutlery is a basic meeting the demands of the 
fe^d-Roverg and Range-Rovers Nort j I worlw will get £5Jm. said yesterday. domestic product and the user home market”. 


= cars for export to the U.S, the United Kingdom Atomic Unfit 

Cntlery prices ‘could treble’ June total * gSSr«ES 

*“■ Ifi Wflflr 3 men and craftsmen in the Weapons Research Establishment 

111 TTUIA i industry to increase rales from at Aldermaston. where. 1- 

U n 1 An r 10 T7 f- the lower-paid upwards. workers were found -to; be con- 

iree 8,000 jobs would be created, as EPNS- King’s pattern cutlery, UclU vV 1// /- ■ , The claim includes an increase tiiminated with plutonium earlier 

if being unsupported by any long delays were common. THE- NUMBER at, people for - craftsmen from £70 a week this month. . ;v 

the evidence. The figure would imply . “It is meaningless to talk employed in production indus- ' * : ;■ " ' ’■ * 

ion high manning levels which could, about unfair competition if the tries rose in Jttoeiover May, bu* HP -T nff 

the result only m increased prices. British industry is incapable of stilt lower than in June last . I 11 OG StFIKCS G3XICI1 U-LL 

1ot» TTp cairi* “f!ntlprv is q hncip nn^Hno the ripmandt nf thn : - A M.MV KJiiX USVU ***** 


spent at the South Works. Soli- CONSUMERS could pay three 8,000 jobs would be created, as EPNS - King’s pattern cutlery, 
hull to expand painting faciii- times as- much for cutlery if being unsupported by any long delays were common, 
ties and improve Land-Rover pressures from sections of the evidence. The figure would imply . “It is meaningless to talk 
bbdv build tines. industry for greater protection high manning levels which could about unfair competition if the 

Axle manufacture at Perry from imports succeeded, the result only in increased prices. British industry is incapable of 


June total 
in work 
below 1977 


by 19S2. 


involving expenditure of £250m Jp increase production of future which has already seen a For so 
will be submitted to the BL Range-Rover gear boxes at J“^ 0 r _ e St in Sheffield, home of imSorl 

boajd in .he n«. few week,.. greley Niunber Two plant, “ft Sue It IK 

They are likely :o receive Birmingham. protection out iu 

sympathetic consideration given At Acocks Green. Binning- * ^ importers, who have as to spe 

that Land-Rover can sell all it ham. a new VS engine assembly much M g 0 per cenf o£ the afford, 

produces and the waiting list for track has been installed with a in son r e products now Mr 

it, vehicles stretches up to two capacity ot over 2.000 units n ", 55J „ i„^ s , 


llihull ori ““ u uu|iuriBi.B vsUUKuatfuuu xie saiu. v.uueiy la a uaaic mectmg me uemauus ui ure year - — 

lm said yesterday. domestic product and the user home market” ProvdsioiwL ..figures for the tHE' THREAT of one day ground and other measures intro- 

siient Th e warning is the latest in should be given the opportunity Meanwhile, the leading figure number of disputes in July show s+riires on London's Underground duced by management ■ 

. the dispute over the industry’s of exercising freedom of choice, behind the manufacturers, Mr. a large falti over previous months, L-v* woot hoc nnw been ’ Mr - Kettle said proposals for 

_ future which has already seen a For some people the absence of John Price, head of the Binning- possibly affected by ■ seasonal .™“. “Jr 1 , cuts on overtime and rest-day 

r»iant major split in Sheffield, home of imported cutlery would mean ham -based Arthur Price of factors, and the number of work- Bfted. Mr. B.on Kerne, secretary WO rking had been withdrawn by 

v ^ the industry, over the issue of that they would have to go with- England cutlery group, is making ine days lost in stotipages in July of the National union of Katir jjondon Transport. - 

protection. out unless they were prepared further inroads into Sheffield was the lowest for a year. waytoens London transport Senior management and 

minQe mi ■ I . . 1 . ... . _ u. •> n._ J J fliirfeiitt (■Alinrol COlH lOCt Ol tit IfTm — 


The importers, who have as to spend more than they could with the acquisition of Sanders! Provisional figures show a district council said last night- national 


officials 


Records go 
in Scotland 


much as 90 per cenf of the afford.” and Bowers, producers of top dramatic fall in the number of The decision was made after scheduled to begin -further talks 

market in some products, now Mr. Statham also criticises the quality kitchen . knives. disputes, beginning in July this talks between London Transport on -economies designed to prune 

want to put their own case to the industry's delivery performance, Mr. Price, whose company year, at lOi against tile June and staff representatives over £8m from- London .Transport's 

Government and have asked Mr. claiming that even in areas already operates two Sheffield figure of 18L overtime cuts on the Under- operating costs; . 

Michael Meacber. a junior where it remains strong, such factories. ■ elaims that the take- : — - • . . 

Minister at the Department of as the production of traditional over could result in 50 new jobs. . , . . ■ . 

Trade, for an urgent meeting. ■ r mm 7 ■ T ^ „ A . . . _■ _ _ 1. 


The confederation, so far, has 
C ALE BOOM stayed largely on the sidelines, 

«jnki.i\vviii but has now been provoked into 

BY ANTONY THORN CROFT action by a memorandum circu- 

lated by the recently-formed 
■ ■ ■ ■ Federation of British Cutlery 

Water Lilies.” painted in 1903 Manufacturers, which is cam- 


British ships set record 


TGWU accepts pay deal 


BY IAN HARGREAVES, SHIPPING CORRESPONDENT 


Ait ULULiailU la ted by the recently-formed _ _ BY PHILIP BASSETT, LABOUR STAFF 

Federation of British Cutlery ** IAN HARGREAVES, SHIPPING CORRESPONDENT . , • „ . 

SOTHEBY’S annual August Bank - Water Lilies." painted in 1903 Manufacturers, which is cam- BRITAIN’S LARGEST union, the lary health workers _ £1750 leave, an emphasis ou flat rate 

Holiday sales at Gleneagles by William MacGeorge; £3,300 paigning for a phased reduction BRITISH SHIPPING again made Total earnings for the industry Transport and General Workers’ behind. Public admizusttation rather than percentage increases. 

Hotel in Scotland were a great for ''Washing the Creel" by of the market to less than 50 per a record contribution to the last year were £2.6bn, an in- Union, yesterday accepted a workers in general earned only and pay maintenance guarantees 

success, bringing in I293.S03 Robert Hutchison; £3,200 from cent. country’s balance of paymeats crease of £143m, including gross Stage Three pay settlement for SI per cent or the average pay to protect the lower paid against 

over the two days, with five the Fine Art Society again, for Mr. Dennis Statham. the im- last year, although the 'rate of export earnings of £2.1bn. tta 90,Q00-i)lhs members in the for all maiemanual workers. price rises during the course of 


success, bringing in I293.SQ3 Robert Hutchison; £3,200 from 
over the two days, with five the Fine Art Society again, for 


artist records among the pic- "The Edinburgh Academy” by porter’s chairman, claims that if growth slowed down sharply In Mr. Ronnie Swayne, president] industrial 


Service 


Pay settlements over the next a pay agreement. 


tures. Tbc lop price, and a John Wella: and £3,000 for import restrictions were intro- the face of the industry's world of the council, acknowlegde the titunciied a major campaign on few years should press a nuna her . • The union asked for a planning 

record, was £10.000 paid by the “Portrait of the Artist and his duced they would be used as a recession. part inflation had played in public service pay ana employ- or points, including consouaauon target of at least an extra 100,000 

According to figures from the creating the new record, but ment designed to create 500,000 of pay policy supplements n»to public service jobs a year for 


Fine Art Society for "A Wife" _ , w . 

Promenade” hy George Henry. 1910. Industry would hide at the General Council of Brltisji Ship- added It is still a remarkable job& 

a portrait nf two Japanese ladies. Apart from the records. £5,500 expense of the consumer without ping, UK-owned merchant ships and encouraging achievement Union represeiiatives from all 

first exhibited in the Royal was paid for '* The Ghillle's any real improvement in effi- earned £l,035m net last year, an to have increased both receipts over tiie coiintty mef at a lay 

Academy in 1912. Sojourn" by James Hardy, and dency. increase of £2Im'-iovef 1976, and contribution to the national delegate conference-- v 1 of the 


John Aiken, dated harrier behind which the UK 


basic rates, increases. In, holiday >the next five years. 


Academy in 1912. 


Sojourn" by James Hardy, and dency. 


The other records were £6.500 the same sum secured “ A Geisha I He also challenges the in an ufac- representing a 2 per Cent economy in the face of a deep TGWU in London yesterday and 
from the Tryon Gallery for Girl,” also by George Henry. I Hirers’ argument that about 5,000- improvement and prolonged recession.” voted unanimously to accept the 

'l i Government's final pay offer to 

183,000 industrial civil servants, 
which would give consolidation 

Expansion rate likely to slacken SS 

-The TGWU ucceptawce of the 
• offer will lead the way Cor the 

BY PETER RIDDELL ECONOMICS CORRESPONDENT u otlier unxofis. io Ole joint co- 

ordinating committee! Mr. Peter 

THE RATE of expansion of the However, both the Henley widely differing views of export is Henley which expects a small on the conventional basis of r qpresCTteta ite of the 

UK economy is likely to slacken Centre and Chase Econometrics and import prospects. In general, decline and is also the most constant 1970 prices to show the Blectricaa and Plum ping Trades 

next year though the growth, expect some extra cuts in income the forecasters are Fairly bullish bullish on growth next year. underlying volume changes. A umou. said yesterday his 

inflation and external perform- tax in the next Budget, this may about the export outlook in 1979. The figures in the table are on switchover to a constant 1975 «nwo would mao be . officially 

ante should be better than in the largely explain why these two Comparisons of unemployment the basis of average growth price basis is now under way accepting the offer.- 

period 1974-7T. groups are forecasting a faster are not included in the accom- comparing one year with another and this will tend to boost overall Mf. Frank Cottam. - secretary 

The slackening is indicated by rate of expansion next year than panying table because of the but the expected slowdown Is growth rates because of the of the trade uhioxt side of the 

a comparison of 10 forecasts of shown by the other projections different basis on which the pro- shown more clearly by looking sharp rise in the relative price committee, said" the TGWU 
the UK cconomv carried out by on Present policies. jections are made But there is at rates of expansion during the of oil in 1974-75 and the recent acceptance -of the offer was 

various official, academic and Otherwise, the main differences fairly general agreement that course of a year. build-up in North Sea production. “ encouraging," but was ip itself 

commercial organisations in the projections concern the the UK adult unemployment The National Institute, for For example, while the London not enough for- a full and final 

. ", . . current account of the balance total will rise slightly by the example, .expects the rate of Business School is projecting a acceptance. The. Ixidugtriai civil 

Tne mow feature is a wiae nf payments. A surplus of end of next year, after declining increase in real Gross Domestic 2.4 per cent rate of expansion in servants are the main group still 

measure ot unanimity aDouiinc £1.9^ expected by the National during the first half of this year. Product to slacken from i-2 per total output this year at 1970 to -settle under the Government's 

prospects for me next i- i o 10 institute next year contrasts But the rise is not expected to cent in the year to the fourth prices the increase would be 3 Stage Three guidelines. " 

months— -a consumer ica mini- w j th the small deficit projected be more than 50.000 to 150,000 quarter of this year to Ofi per per cent at 1975 prices. The One problem still to he 

boom this year lonotrea oy by u, e London Business School, from the present level of around cent in the following 12 months, respective figures for next year redolved under the - sdttlempnt 
sltghtiy slower eSjowth m^979, The esp j anatiori is ^ L4m> ^ only main exception Almost all the projections are are l.S and 2JS per cent formula, though, £ fa position 

— — — iarS* 1 ^ 

!K:S3SS Sti “ to COMPARISONS OF FORECASTS ■ 


He also challenges the manufac- representing 
hirers’ argument that about 5,000- improvement 


Expansion rate likely to slacken 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


BMH 


Dfls, 40 ,000,000:- 
*;■ 5V*%tiearer "notes 1972 
; - due 1976/1979 

of 

BANKMEES &HOPENV 


explanation 


their 1.4m. The only main -exception Almost all the projections are are l.S and 2 JS per cent 


This degree or agreement does eh ,__ 

ot mean, of course, that this is p " c * nta ** 


:„L, t uriir h-mnpn hut f ho unrip. T oar 00 Y* 3 * »»wwurjr hbhc-w m«na 3CIHKM ventre uraw me* 

Spread «pSion of this iut- U 1™ P»«> (April)- (Aopm) Quly)- Qoly) (AuglMt) (Ion,). (Atig-sO (Aogurt) () 

come will influence both markets Grots domestic product 1978 2J)0 3.1 2.75 2.4 2.1 2.40 2JW 2.7 

and policy makers. 1979 1.60 2J1 1.75 2J5 3J lfiO 3A0 2.1 

The main conclusion drawn by Consumer spending 1978 5.00 5.1 SfiO 5.1 4.6 4.60 5 JO 5.4 

most analysts is that neither the 1979 L20 2J 3J 3fi 250 4^1- 23 

balance of payments nor public Exports 1978 3J0 3fi 5o» 2.7 4J 290 3.90 3fi 

sector borrowing and monetary 1979 580 2.9 4.00 1-6 3.1 470 4.70 4J) 

constraint allow much scope for Imports 1978 7 -50 6fi BSD 7Jt 9A 7AO 630 5.1 

a substantial fiscal stimulus in 1979 8.70 3J) 4.80 1 A SS 6A0 5.30 .. 3.1 

the Budget next spring. Indeed Current account (£bn) 1978 0.75 0.6. 0.9S below 0.5 — 0A5 070 0.4 

some commentators have sug- 1979 0J0 T.9 1,18 *— — —OjOS 0.16 0J) 

gested that existing spending Public sector borowing 1978-79 8^0 8-1 “ — — 7J0 7.7S 8J 

plans may have to be reined (£bn) 1979-SO — k4 — — 9JO — 8.7 

back, though the National Insti- Price inflation average 1978 — 93 8.75 — — 8J80 8.40 8J_ 

tuie has called for further re- inereawt 1979 — 1U 7A0 — — 11.70 9J0 10.9" 

flation. 

The forecasts are generally on * Treasury and OECD figures for 1979 are for first half of year only and are changes compared with second 

the basis of existing policies, half 0 f t 1978 expressed at an annual rate, current account also at an annual rate, 

except that direct tax allowances | inflation comparisons are for consumer prices except for Wood Mackenzie and Hoarc Govett" where 

are assumed to be increased next — retail prices are used. 

spring in line with inflation- ^ 


1978 

1979 

1978 

1979 

1978 

1979 

1978 

1979 

1978 

1979 

1978- 79 

1979- 80 

1978 

1979 


Treasury 

(April?* 

LOO 

1.60 

5.00 

230 

3J0 

5-80 

7SO 

8.70 

0.75 

030 

8.50 


COMPARISONS OF FORECASTS 

Chase Lor 

National CBI Econo- Busi 

Institute OECD Staff metrics Sch 

(August? (July)* (July) (August) (lur 

3.1 2.75 2.6 21 2/ 

20 1.75 25 33 U 

5.1 SfiO 5.1 4.6 4 A 

23 1J» 33 34) 24 

3-8 54» 27 4 3 2! 

29 44J0 U 3.1 4J 

64) SSO 73 9 A 74 

34) 44» 2.4 S3 6J 

0.6 

1.9 

8.1 
&4 
93 

ua 


0-95 below 03 
1.18 — 


London 

Business 

School 

(June) 

2.40 
1-80 
4.60 
250 
290 
430 
7M 
6-40 
0A5 
-04)5 
7J0 
9 JO 
8-80 
11.70 


Henley 

Centre 

Augirtl 

290 

3.40 

S30 

430- 

3.90 

4.70 

630 

530 

030 

0.16 

7.75 


Phillips & Wood . Hoare 
Drew Mackenzie Govett 
[August) (June) (August) 




formula, though, is the position 
of pieceworkers, who . work 
mainly in Royal v Ordnance 
factories. Though they are on 
higher levels of pay, under the 
current formula they have been 
offered a settlement eaual to 
that offered to workers. on the 
lowest band. 

Union officials will discuss the 
pieceworkers* 1 - position' at a 
meeting at the TUC' on Monday 
if nothing is resolved this week. 

The TGWlPs booklet. launched 
yesterday, called Our Policy for 
the Public Sector said that the 
farce ^ of .the industrial civil 
servants negotiations for 1978 
highlighted the need for “an 
urgent look at bargaining pro- 
cedures in the public service.” 

The union, which tas around 
220.000 members in its public 
services group, said that public 
semee workers faced serious 
and unresolved pay problems. 

Local authority workers, whose 
Stage Four pay claim will be 
drawn up early next month are 
£20 a week behind workera in 
production industries, and ancii- 


As provided m the Terms and Conditions of 
the- above mentioned notes Redemption 
Group No, I, amounting to Dfls. 10,000,000.- 
has been drawn for redemption on August 23 , 
1 978 and consequently the note bearinEoon- 
: secutivemirtber I and all- notes bearing- a 
. consecutive number which is 4 or a multmie 
• ; ' 01 4 higher than i are payatte on- - 

'■■■■-V- a pcStobfer2, 


3ankMees&HopeNV 
.. (Central Paying Agent) 

" ■: • " to Amsterdam 

. . Bank Mees & Hope N V 
. in Hamburg ' - 

Banqiie G^neralc du Luxembourg S.A, 

...*•■ . in Luxemburg " - ' 


Neue Bank A.G. 

in Zurich 


August 31,2978 


>1^ 



Ruf 










1 V ks 


1 v tnr M V . 


'vorker^ 


)1> P‘l) 11 Art* 





Asgast 31" 1978 


in 


Albert Hafl/Radio 3 


by RONALD CRICHTON J^gg BOTeadCS by RONALD CRICHTON 


■lii his Journals of a landscape 
pointer m Albania and Illyria, 
Edward Lea r wrote with enthu- 
siasm of the country round 
Ohrid, which he calls by the 
older same of Afchridha. as " a 
scene of placid splendour.” In 
the middle of the last century 
that part of the Balkans was still 
Turkey in Europe. Boundaries 
were hazy; races intermingled. 
Lear calls the “great sheet of 
water” which is said to be the 
eldest and deepest 4s Europe 
“ the first of Grecian Jakes." but 
Evidently considered himself in 
Albania, a country whose savage* 
splendidly attired inhabitants 
were a source of contempt to his 
Italian 1 servant, Giorgio. But 
there were Turkish governors 
and officials' to be called on, and 
many Greeks and others, dis- 
tinguished by variously gorgeous 
and. colourful costumes — small 
groups of such people often 
appear in Lears water-colours. 

Ohrid now lies in Yugoslavian 
Macedonia, the Southernmost of 
the country’s republics. The 
further shore of the lake is partly 
Albania — Sylvie - Nickels sum- 
marised the complicated history 
of the region in her travel article 
of August 12. Much has gone 
since Lear’s lime. The fortress 
crowning the hill is an empty 
shell — 40 trace of the Turkish 
governor’s -serail. The “ majestic 
plane " in the middle of the town 
is still standing— just— but the 
people grouped below it no 
longer represent “every variety 
of picturesque human beings.” 
There are, though, fezzes on the 
heads of the older males of the 
Turkish community, and though 
the land is hardly “ spangled 
with minarets” there are still 
three or four mosques in Ohrid 
with their pale, pointing fingers 
a wonderful, elegant way of 
fixing the attention both of the 
faithful Moslem and of the 
curious visitor. 

The glory of Ohrid, however, 
lies in the lake — deep turquoise 
In- sunlight' and beaten silver 
under the full moon— and in the 
numerous Byzantine churches. 
These have suffered great 





Rameau died in 1784 while his may not be the tiiyh drama and .Jennifer Smith sang the 






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though Rameau’s was well the pagan earlhiness of The Feasts Apollo. The Sun-God finally 
advanced. Rameau was old °i But there are many intervenes and puts the *wd 

fashioned long before be died — orher things prophetic of the sons of Boreas, god of the Norlh 
something that matters inconi- future, like the overture passing Wind, in their place. Miss Smith 
parably more in Paris than in straight into the action, the burn- was strong and touching in 
London. He was also, as a n ” horns wafting through the Aiphise’s solo scene in Act 3, 
powerful and articulate person- opening scenes, the virtual join- and adept ar the often cruelly 
alrty, someone to be feared. by ^ of the third act to the fourth, tortuous recitatives, 
lesser men jealous of his long There are in addition remark- Abaris was a young lennr, Paul 
reign as France’s leading com- oWc embryo ensembles, one Elliot!, who sustained a long and 
poser. So Les Boreades Ian- especially in Act 3 where the difficult role remarkably well, 
guished in the archives, unheard two Boread princes are involved with lone that remained almost 
in its entirety until John Eliot with a cello continuo I hat uniformly clear and sweet. Jean- 
Gardiner gave a concert per- sounded on Tuesday as if it had Claude Orliac and Christopher 
formance in tbe Elizabeth Hall been provided by Thea Musgruve. BopihJones sang the two 
in 1975. The opera still awaits But also other things not quirky Boreads. Alain Fondary. a bass 
staging and publication, but tbe or eccentric — a marvellous like a young Jules Bastin. was a 
second London concert perform- short duet for the finally united resonant Wind-God. The cx- 
ance. at the Prom on Tuesday lovers through which a solo horn perienced but on this occasion 
night, drew a fair-sized audience winds its way, several animated rather rasping Pierre- Yves Lc 
and aroused ninch enthusiasm, choruses, two virtuoso simile- Maigat doubled Apollo with his 
A second hearing confirms first ariettes and a mass of wonder- own high pricsl. Anne-Marie 
impressions that Leg Borcades is ful, characteristic dances, some Roddy and Emma Kirkby filled 
an extraordinary achievement for of them familiar from the ihe as usual rewarding fringe 
an octogenarian composer, orchestral suite made by Mr. parts. Trevor Pinnock. Jonathan 

whether his style was out of date Gardiner. Hinden and Marilyn Sansom 

or not- The opera is carefully it was he. of course, with the supplied the cuntimio. They, 
planned, with the customary Monteverdi Choir and Orchestra, with the orchestra and choir, 
divertissement in each of the live who gave the performance, with cun Lri Puled handsomely to a long 
acts plausibly introduced. There his usual drive and energy, but stimulating evening. 


Philharmonia in good shape 


* ■ ■ 

••*** .... 






St. Sophia, Ohrid 


Conan e CocfcrrU 


The Philharmonia Orchestra Hie world premiere of Rodrigos i.'idon Kremcr and Yehudi 
has “ never been in better shape ** Concierto Pastoral,” which has Mcnuhiu. 
financially and artistically,” been dedicated to. and will he A.T. 

according to its president lan performed by llautist James 

Stoutzker who introduced the Galway, plus new works by r’VriHnrrJvi-in • in 

Orchestra’s plans for the 197S-79 Cristobal HallTicr and Tadcusz Vyitiiilifc.il Idu ill 

season yesterday. There was a Baird's Symphony No. 3. residence ’ at 

surplus of £4.000 during the past While lan Stouuker reaffirmed 1 c TT . .. 

season, bringing the accumulated the close relationship liulween ollSSeX University 
reserves to nearly £80.000. This the Philharmonia and Mini, The ilhi lineman String Quar> 
good result was achieved by which he expected to last for tel. the new •• quart et-in-rpM- 
working on ISO recording many years, he said the replace- dence” at ihc Gardner Centre, 
sessions and performing nearly ment for Gavin Henderson as University of Sussex, begins its 
100 concerts. Subsidy provided general manager may not be term of office in September. 

1S.7 per cent of the income and announced for some months. South East Ari> is promoting 
private sponsorship 5 per cenL in November, the Orchestra the Quartet during its residenry 
The new season will be built will go to Japan for the first with concerts throughout the 
around three major cycles— time in eight years and next region These include : Mai hurst 


residence * at 

Sussex University 

v Chilinginan Siring Quar- 


Huuicxvus w-aune enurenes. around three major cycles— time in eight years and next region These include : Mm hurst 

xnese nave suffered great performance of all six month tu Linz. In 1979 trips arc Arts Tru.-i, Wadhurst. October 

indignities in the course of and music administrators ftom composer called Avramovski, Unfortunately the first two behaved admirably). During the Chaikovsky symphonies, under planned to Barcelona, the 13: University of Surrey. Guild- 

history and are much restored. 0 tber countries are invited two hut it hardly stood a chance evenings and to a lesser extent Gogol, one fractious tot and its the Philharmonia’s principal con- Lausanne and Flanders Festivals, ford. December ti; Farnham 

At least. one of the major ones. or lbr _ e at a j OTer . between large helpings of- the third were bedevilled by mother were kindly but firmly ductor Riccardo Muti; the ten Germany and Austria. Guest Maltines. Farnham. May 24: 

v .iff 1 ®? 1 p0 T e - a “ lUtop ’ lanru-H wiih a fniic>»mif» (rnm Messiaen. Brahms, Bach-Busoni television cameras. It seems that addressed by the director of the Mahler symphonies, with the pianists for the season include Breads! airs Music Club. Broad- 

hMS lost .its soul in the process, a colleague non aQd Liszt jjj ss siejanska *s part at least of each event is festival with a few short sen- principal guest conductor Lorin Emil Gileis, Andrei Gavrilov and stairs. June 13: Folkestone Arts 

though it is worth seeing for the L<? higaro and one of the a thoughtful, serious player, photographed for use in a tences which ensured complete Maazel: and the major orchestral Sviatoslav Richter and among Centre. Folkestone. June 15; 

outside and for the icons within, organisers of the Warsaw hut a hint of decreasing power feature on the festival put out silence. Towards the end of a works of Elgar, under Andrew the violinists arc Nathan Horam and Vines Cross Music 


Hie old and histone cathedral of Autumn. The financing of tbe as tbe evening went on (partly later. Well and good, but the three-hour Hamlet without inter- Davis. Other highlights will be Milstein, Kyung-Wha Chung, Club. Heathfield. Sussex. June 16. 
St. Sophia, on the other hand, festival, we were told, is purely due. X suspect, to the fierce tele- lighting is crude mo doubt the vals (sensible for adults, hard 


i . - , . . itmutaif tiu weic turn, 19 v- uuuc i uu uuuui uic ,7T ’ 1 

a Macedonian matter. Nothing ™ ion Ijgbtias, of which more artists suffer even more than the on children) the director of the ■ 
of hideous scars. It is a basilica- R«w->rii. AhAi.tn.-i, ,ater) shotted she was wise to public) and the cameramen Skopje company, a giant of a 


type building curiously situated comes from Belgrade. About two- 
with the West front facing a hill, thirds of the money is provided 
This front, added in the 14th by the official cultural jFund 
ceirturv to the main body of the raised by each republic within 
ILmu ^ososlavia. une source being h 
mwpri wWowc ^ tax on the profits of commercial 

siory of blind arches and firms. The remnlnlng third conus 


NOTICE OF REDEMPTION 
To the Holders of 


SSSSSS SSi S3S =sr- us ■ jssj? « 

to make sense from ground level, tmnk. Auaiences are aoou na„ s 111T , elinip5 one feels tbe smooth referred l0 ^ lhe BroGramrne as never officiously, kind and help- 


:s£?slj. , s«s 


leading fnl - f 11 ® festival office lent me an 
it short Englisb-Macedonian dictionary, 
harpsi- not, alas, the other half which 
miripn would no doubt have included 
ntioned vital key to the Cyrillic 


ENTE NAZIONALE IDROCARBURI 

E.N.L 

(National Hydrocarbons Authority) 

7 % Sinking Fund Debentures due October 1, 1981 


* B ure or vne virgin, wnn tbc ,a “TJ'riL” ' u Ti be ” cr Victoria. On the ih-v heard Tt an ear ier alphabet. French. German and 
narrow, observant eyes and . heard three concerts. Pa ulos other hand, Morlev's “Fire , S ,- 4 *, r Italian are all useful The 

long, delicate nose oT a Byzan- Rapti* a Greek ten/r living in fire! ” was given with a spring!- l onn Z* T generation, even' better 

u. ....... • v. _ i . t . l . f.i. TDai. -..I..,, n.n.i.ti, ne5s . excused the use . Of thWBht linguists than their* elders, make 

houses the musical events of the antfehe and 19th century operatic n , ore than one voice to a part. In remarKaDi y S° oa - a point of jumping abruptly from 

annual festival of music and arias, including by Alerca- the second half come some effee- Drama is given in an open-air one to the other. Then there are 
drama, which started tn 1961. dantc. He is a A' nc tenor with tive pieces by contemporary theatre on the hill above SL the lake trout firm-lieshed and 
The acoustics are splendid. Even strong metal iivnis voice. There Romanian composers: Pautza. Sophia. I saw the Skopje Drama deep pink in colour, corn cobs 
a grand piano sounds perfect, wasn't a woafcJy supported or un- Moldovan and Marbc. The RttunL Theatre do Gogol's Gocenttnetu grilling ’ on charcoal in the 
resonant without trace of echo — steady note from beginning to for thirsty - earths o r tbe latt- fnspeclor and Hamlet in lively streets. oriental sweetmeats 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the Sinking Fund {or the Deben- 
tures of the above-described issue, Morgan Guaranty Trust Company of New York, as Fiscal Agent, 
has selected by lot for redemption on October 1. 397S at tbe principal amount thereof $1,666,000 
principal amount of said Debentures bearing tbe following serial numbers: 


DEBENTURES OF U.5. $1,000 EACH 


I was told ftbough hJ>d od chan, deputised fur a string quartet encores, some folk-song arrange- language being a closed book, markets are full, among other 
to prove the fact) that stringed from Zagreb which had promised men Ik more conventional but one was the more conscious of things, of sheep's cheese and 

instruments, alone or in consort, music .by Yugoslav composers equally effective and brilliantly the involvement of the audience, honey in the comb. The local 

come off equally well. unknown to us. Stela Siejanska performed, by other Romanian Only one or two children got wine is wholesome and goes down 

The leatival spreads itself over duly flipped in a modest “Con- composers whose names I failed slightly out of hand (children at easily. One must be wary or 

five or six summer weeks. Critics fessqr s prayer ” by a Skopje to catch. concerts, on the other hand, Slivovitz at unexpected hours. 



Berlin Theatre 


Ruffled Feathers 


bv MICHAEL COVENEY 


Comedy, Satire, 
Irony.., 


•They’re adoring every minute 
of watching otir marriage dis- 
integrate " wails Bridget Boni- 
vinni t Judith Paris) in a AY eat 
End cinema bar on tbe night of 
a rojal premiere. The film, 
starring Glenda Jackson and 
George Segal, apparently a 
sequel to .A Towft of Class, has 
been scripted and directed by 
her ex-husband Douga! Young 
iJobn Castle). He joins her 
beneath a blow-up of Clark Gable 
to resume hostilities and reveal 
that the George Segal part, a 
slob and a bore, is based not on 
himself, as she thinks, but on 
her frailties and shortcomings. 
He is Glenda Jackson. 

This slight lunchtime piece by 
David Sullivan ..Proudfoot and 
Andrew -McFarland js an odd 
nco-Cowardian confection to find 
on tbe London fringe. As many 
Li ties sparkle as ' fall flat, but 
there is one particularly good 



RONALD HOLLOWAY 


'. -y 




Books page will appear 
iii tomorrow’s paper 


sequence of dialogue climaxed 
by Miss Paris’s defence of havfng 
auditioned 50 nude men for her 
work as a sculptor by remonstrat- 
ing that tbe escapade was a 
justifiable part of her research 
on a Paraguayan, war memorial. 

Apart from that; there are 
amusing flashbacks to a 
flamboyant matrimonial period 
of alcoholic bad temper, nick- 
names and putting the children 
to bed. 

Under Billc Brown’s direction, 

the playing of Mr.' Castle and 
Miss Paris (who, incidentally, is 
currently appearing in Aitme as 
War buck's secretary) « well- 
controlled' and cleverly paced. 
The writing’s flimslly soft centre 
is nearly disguised, in fact, bv 
the guarded energy on stage as 
the contestants stalk each other 

before flaring into combative 
life and. eventually, settling- for 
compromise in .the. shape of 
, working together on the next 
cinematic raid of. their not very 



j Christian Dietrich CrabUe's tion of Grabbe is twofold. There's 
I Comedy, Satire, Irony and great fun in store when actors 
Deeper Meaning (written in can bite the hands that feed 
! 1827) insulted Goethe and them: all the clichc-s in German 
: Schiller in the same way as theatre, particularly the classics. 
1 Cyril Tourneurs The Recenger's are hammed to the limit in this 
I Tragedy pot down Shakespeare’s ghastly portrait of a provincial 
• tragedies. It's a grotesque play town with a barbed-tongued poet 
aimed at the literary world and in rags (named natteogift), a 
1 social manners in Biedermeier drunken schoolmaster who slurs 
1 rimes one of the best satires in trivia in literature, and a devil 
i German literature and achieving who gets even with Goethe for 
’■ in one deft swoop all that the writing the wrong ending to the 

■ disgruntled poet Heinrich Heine Gretcben fairytale. Any actor 

■ tried to accomplish over a life- worth bis salt knows where the 
; time in his Parisian exile, pitfalls lay— to jump head-first 

■ Friedrich Beyer's production at into them (at Bever's urging). 

: the Freie VolksbOhne in West But there's also the conlem- 
: Berlin fits in with the trend to porary angle in the play. This 
! revive Goethe and Schiller on j fi a rowdy -modern-style comedy 
} the 100th anniversaries of plays whose grim— nay. black— humour 
. they wrote. holds true today. In one scene, 

| Beyer comes from Heidelberg. Spitzweg's “Poor Poet" painting 

I wfapw he Dradueed Goethe's enrinn. m -Ufa ■>, 


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J productions ran on consecutive another, the devil engineers a 
■evenings, preceded a similar carnival-like. shooting-ducks 
, dnalsalute to Goethe by Claus execution scene in a pact with a 
, Peymann in Stuttgart, and was love-sick hunter with little else 
! matched only by Hansgunther on bj s mind. Both scenes have 
jHeymes l.rfoust and Faust II slark im me diacv of political 
, in two parts in Cologne. Since caricature. 

; Grabbe's inspiration lets loose a Ooe o[ Lhe; year's best produc- 
J character thrown out of the fur- tioDS as lj3t season bJonds ^ 

• - ta,0 ! l K D S1 u p ;’ *rv ymZnf tfac curr ent one. and Beyer 


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j P CV ^ "* throughout Comedy, a p pears t0 b ea masterful director 
! Satire. Irony ond Deeper Ueoir comedy. 


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1172 5301 7110 8901 11281 13151 16314 2826S 30991 34935 37966 39576 41597 43309 459B2 48308 49955 
3187 5318 7115 8885 11308 33359 16318 38206 31021 34938 38015 39601 41610 43370 45908 48319 49963 


tnfl- Beyer and bis borrowed 

* Heidelberg ensemble on the 

• voiksbtihnc stage are able to Howard Brenton named 

| parody a monster of their own _ ,, 

! making. This released pressure Creative Writing FellOW 
ISffif h c*S“i at Warwick University 


On October 1, 1978. there n ill become and Lc due and payable upon each Debenture the principal 
amount thereof, in such coin or currency of the DnUcd Stales of America as «m date is legal tender 
for' the payment therein of public and private debts, at the option nf the holder, either (a * at ihc 
corporate trutt office of Morgan Guaranty Tnut ConrpHny of New York, 15 Broad Street, 
New York, N.Y. 10015, or lb» subject to any laws and reputations applicable thereto with respect 
to the payment, currency of payment or otherwise in the country o[ any of the following offices, at tho 


.( theatre 25 a whole. A new one-year Fellowship in 

} Grabbe. in turn, was influenced Creative Writing has been set up 
• by the young Goethe and Byron, at the University of Warwick. 


the main office of Krcdictbank A A. I.mcniLourKcoise in l.iiveinbour^-Viilt'. 


! also by Shakespeare whom be with the financial backing of the 

1 nHn r«l- #w4 5 n^irno*lv in hie AHc PminHI an r. nnni. 1 


John Castle and Judith Para 


; Treatise on Shakespearo-Mania meat has been made — Howard J. 
! (the venom was, in all proba- Brcnton, tbe playwright. 

I biiily. aimed at the Schlegel- Aged 35. Mr. Brcnton. a 
! Tieck Romantic translations), graduate in EnRlish at the 
! Born in Detmold, nis attempts at University of Cambridge, has 
1 actios and free-lance writing, in* already uon two professional 
i eluding plays, bronght little in- awards : the John Whiting 
come as he hardly fitted the. Award (1971) and the “Evening 
mould : Tie was a forerunner of Standard * Best Play of the Year 
Realism and Expressionism, Award for Weapons of Happiness 
} whose heroes were given to (1976). In. 1972-73. he was 
irony, violence, and a pessi- resident playwright at the Royal 
mistic nihilism. He died of Court Theatre. London. Mr. 
alcoholism at 34. Brenton will Take up the Fellow- 

The magic in Beyer's produc- ship on October 1* 


for redemption. 


August 24-, 1973 


ill cca°c 10 accrue on the Dcbcn lures herein designated 

ENTE NAZIONALE IDROCAKBUKI 

By: MORGAN GUARANTY TRUST COMPANY 
of new yoke, Fiscal Agent 


NOTICE 

The following Debentures previously called for redemption have not as yet been presented for payment: 
DEBENTURES OF U-S. 81,000 EACH 

SC 2300 B62T 34113 14116 14118 14119 281*5 H81B7 3304 0 33313 43332 43314 









Ttrandal Times TEmrecfey: Ango* SI i§?5 


How not to take 

'I • • TASTING YOUNG wines is one as these wines are. Ideally all French wines, with which most The 77 clarets have not had annual trade tasting deluded the^ good 

ff AA1C1AV1C of the occupational hazards of wines should have a few weeks of ns are more fa mili a r They a very good press so fiir. but 28 basically TTS an« ^ with the 

1 1 . I N I i l||\ wine merchants who must assess to settle down after being flown are fruity, somewhat plummy with the now but w ^^_ a lan „«iv the 76s showed much -belter 

UVVllJll/Ua them for the purpose of purchase, here, but this is seldom^Sssible. wines. I prefered the tTocals- w m The 77s are ^nve^ the ‘M ^ j particularly 

« ESsg *j S a.igS5£ i 1SSSS STviSSS SssSjS fatagrtsrs 

s ss.’stmx'ss ssssssisjs <peut‘ -sr-g sr-av&fiMras fsss sw? » «• « ssjassssssss g« st^Sis: r»w 4 ip! 

proposed civU airliners waa most responsibility to those inlhr* a H* on the tasters, who may start with Graacher about £4— the dearest wise on 

likely to be successful in world duals and organisations whose a dry wbite wlnB - go on to one - rnSmirfreleh Auslese. • They offer at the lasting. AlM.ee 

markets, one would not imme- commercial survival depended £2.>. m ^f^*j2!S« pa ii2Srai? or rnare re ^ 5, ***** a uiiuf 5fSJ c retail at around £430 to wines are generally more full 

diately think of Mr. Eric Varley on getting the decisions right *»£ K and , fiSIffl'mSSPSS «"** white ^ ncesA t0 , ^ WINE wS iSSndlfmuch bodied and alcoholic than Ger- 

or Mr. James Callaghan. No •'Unlike the AEA,” Mr. Bum bered by substantial meak, they S9ar mtg wine, often the special ' ? *?£!?««» ™ Hf^kastrier man Wines. but they can be 

doubt both men have many writes, “a competitive company ^°_l ead *° ^ilf^nomaUv Pride of-fhe producer; and then BY EDMUND PENN1NG-ROWSELL Auslese. from the largest distinguished and are not rrta- 

splendid qualities, but neither could only survive in the bust- <5 JSKS the same .sequence must be • ■ VSE. 1 i£gSi SvelySpensive. I am often 

of th«*m ha.*- more than the most ness if it could do what it Iaade ^ or expertorahon— j though sTar ted again at the next table. ■ SSLaiL nrinhard a splendidly surprised that they are less 

superficial knowledge of the air- promised the utilities; produce 55 C5 , jsas. < s -o« recent of these tot-' _ - _ ^SStSS SSSFU. «ta» they *«*L . 


Perils and pleasures of tastings 


piupuacu u>u AJiimves naa moat responsiuiuiy to uiose incuvi- 7 7 — ,, — r" , , - on me labels, wuu may suut. mm 

likely to be successful in world duals and organisations whose ®‘“ ers Jmagune. Usually held m a dr y w fcite wine, go on to one 
markets, one would not imme- commercial survival depended * mon| l n £i when palates are or jQQrg reds, and then after a 
diately think of Mr. Eric Varley on getting the decisions right ? ^ stomae ns unencnxt gweet white proceed to a 
or Mr. James Callaghan. No * Unlike the AEA," Mr. Burn bered bj substantial meals, J sparkling wine, often the special 
doubt both men have many writes, “ a competitive company can lead *° J?“ e ° Pride o£ ae Prodocer; and then 

splendid qualities, but neither could only survive in the busi- c0U T se , Ptovaion is nonnauy ^ game sequence must be 
of th«*m h 2 > more than the most ness if it could do what it n 5?“ e * or . expeetorano a— tnougn sTar ted again at the next table, 
superficial knowledge of the air- promised the utilities; produce ®J£? v?i £ f?I? The most recent of these tast- 


BY EDMUND PENNING-ROWSELL 


DUHciubwi ouumcuBc oi luc aii- prumueu luc uuuuw, proauce «..* „„ « Tne most recent OE tnese TasL- „ wine -in aroma and popular nere iihui 

craft business or of business in a competitive plant. Its judge- J? Q ^JSSSSiSi® hv iogs was devoted to the wines the sparkling Proseccos were unexpectedly well, including de % ^“uxSte^y to Mst FinaUy, a ono-wine champagne 

general. Neither ha* any long, meats of competitiveness, of its «« LTbSteand oTttwSo in the VenSo. when, fresh. Veain-tasttag and satis^- Luxe's own property, de Malleret **vwr,* tasting. Pol Roger launched its 

term personal commitment to own and alternative products, ° read * DISCUltS 300 in the proud words of the press ingly dry. Prices cannot be Among the half-dozen classed muclj ^ less tnan 1073 a Thames launch. That 

British Aerospace or Rolls-Royce, had to be objective; when its ... hamHiaL “35 versions of nine quoted, as they were not given, growth . cask-samples, Du era- JLftr+l- 'wintrier the boat did not reach Green- 


Vi «vuuwb>si auiuuiKBuiv » > ■» * m.u. vuw. *i I Cnyilo 

decide become apparent, they was wrong, it suffered, flnauci- 1 


planned was- not the 
excess consumption, 
z to the necessity of 


will have moved to another job, ally and in loss of business.' 
or be in opposition, or have j t ^ 0 f teQ said that the T 
retired from politics. too small lo afford the luxu 

competition in high-techn 


enormous m 
wines—about 


« Ttalv n reduces an They mduded the white xucai area nas enormously mcreaw? aoiy irui^. unronuuaie.y prices , retail prices but owing la me necessity w 

number of different and Verduzzo del Piave, the in the last 20 yeps, and qualig for the 77s are no less titan for nu&lyM.W and returning under Westminster 

St of them bea? M white Pr^ecco h^risen.^ough they are nrt the superior 76s. with thf^s more Bridge, before high water. I 


particularly like rather fruiW but 
dry champagne, and Pol Roger 
is one of these, with the 73 true 


orgamsea on a piovuivm “ 7 “” . , _ «hev are worth taste, lor uiey are less aicommc wine uerman- wrae auuiicuia «> -- --- 

nic^itlliTIPC industries. The Americans can with pr j vate arms and co^pera- onglnally imported from France, money wines they are worm re tQ ttg h0 u S g ^ fnilpr but 

U ISCipiineS «su« tiyes. P each showing their range to .axe not exactly customary 7 , swe^ess makes S become S£rlties,.as in this fresh. ^ Before _ 


fresh. Before berthing, at 

Tt is another example of the nu = lear systems and competing of on ’separate tables This 77 to -72: quite i a steeple- xou^ m J them agr^eabfe: Yet sweet wines ^Sjnr“ti^y soon'idlL ' Lambetir Pier, aj full 

monopolies and the Ministers This is an assumption which is do not show at their best within I like best tiie Merlots throat— before the wine is of the early puppy-sweetness, intention is not to depreciate and skittles, thetr ardours are 

E KsS -.’“sns 1 vss taM ssrft ssrp- ssrjsssrss gi t r at - before the wlae a-ura-a agw «. ^ ^ — 

normal commercial disciplines, adequately examined, to break — ■ ' ■ ■■ ■ " . * 

Much improved Abdu napped 

more accountable, as Members ti 13 * .the domestic market for M. 

of Parliament have been doing certain products is too small to .« • i 

to win his seventh victory — — : — 

requires Ministers to take in- in several of these industries Is t-W tTUI v •/ . 

dustrial and commercial decisions fl >r international groupings • cx— These thestm accept certain cram THEATRES THEATRES 

of this kind which do provide scope for main- MANOR FARM BOY, astutely getting up close home to defeat cards hr wiephoM or * met bon oam. , 

. Another striking .illustration is ^ nln 8 competition. p lace d to land seven of his U General Atjr in £ ^ YARMOUTH . • . VBSSXPtJtfft 

the decline and virtual collapse two-year-old races, took - Am Stakes on the Midlands cou 2J.5 — The Bedford** OPERA & BALLET harry ^Smbws ** ^change ' oi^pRWSRAMMt 

of the nuclear engineering iodus- TlicintprP^fpd »d?w?b! Driven mto a chaUengmg 2.4S— Fast Bowler eieamorswin.^evor peacocx .. fiHOULD “*g“ L B ^ A ^? D .“ om. 

try. As Mr. Duncan Burn argues UlMlllCl ColCU year a^o at B -2 on ana it will oe position behind the heavily- Rniw 

Look* m| 0 S rt ?S?q P uSrn iV te ' ne underlying problem is SffiSS?U,tanffl£ caL f do the 3.4^-Irish Noble 

St^SrMW^SSSm toe dee,«eated distrust, by no trick again through Abdu. gjff fogiveSoS of Shake 6 lb 4.15-Ahdu*» 

many mistakes for so long, but 5? ea “ s c ? n 5f‘^, a L°, : ^ ?vl The Newmarket trainer, who in Goodwood’s New Ham Stakes 4.45— Ellldiana* 

“why did Ministers and civil Pa jH’ rides many of his young . horses, —Abdu, ridden by O’Gorman, 

servants and MPs and most profit motive. Many people seem has proved equally astute in his forced his head In front a few — — ■ l , M«rXfir'M|tairfTi*':“C’ipf“iS| — — — £EM 


ENTERTAINMENT GLIDE 


Much improved Abdu napped 
to win his seventh victory 


YARMOUTH 
2J.5— The Bedford** 

2.45— Fast Bowler 

3.15 — High Roller 

3.45— Irish Noble 

4.15— Abdu*** 

4.45— EHidiana* 


CC— ' These thestm accept certain credit | 
arris by telephone or at thet Box Offecc. 


OPERA & BALLET 


THEATRES 


THEATRES 


HAYMARMT. S30 S832. EfpS. 8.00. SADLER'S WeLLS IHUIM, mSP'yjo 
Wednesday & 8.M. Araige. 



A n«w play by RONALD HARWOOD — — - 1 ' 

DlreowJ bjr CASPER WREOE SAVOY THEATRE- 01-838 81 

-An admirable Ptoy. honest., well con- craj.t cards 7M 4772. Mmti Conri 
cclved. prtiperty worked out. freahly and WHOSE LIFE IS IT ANYWAY ? 


SAVOY THEATRE. 01-838 8888. 

CrS.t urST 7M 4772. Torn Comi la 


fittingly written, richly saUsfvIng. Paul with JANE aSMER 

Scofield at bfa best" B. Levin. S. Times. - A MOMENTOUS_PLAY 1,0 


aci rdma diiu inrs auu liiuai : t.i ; „„„ ,1 _ 

advocates of the mixed economy K v ^ Cl- 

ever think, and despite all that 
happened go on thinking, that £“ fe £, 

Hwiners could get the answers Jf nl s™ n“ to 

_ , ...... gain or lose financially from the 

ttc?*‘ £ Urn s jjf°V s . ^ at . ,D t ^ ie decisions they make. Accord- 
U.S. the Administration en- jng ^ this school of thought, it 
couraged manufacturers _and , ook odd fQT Ministers t0 be 


RACING 

BY DOMINIC WIGAN 


HER MAJESTY'S. CC 01-930 8606. 
Evas. BJ3. Matinees Thar & Set. 3.0 


TO SEE IT." GuwtlUtt. 
Evge. et 8.0. Frl. and SaL 5^5 


and Sat. 5.45 A 8.4 S. 


strides from the post Radetzky. now fully recovered rom VAL hall, szb 3191 . “ ,NiT ^| N S3™S3S« OMew nfecr 

The pair were followed home from a burst blood vessel, a comedy nv Tupratgp m mb.. ’ Beg* swtemoer 

by Cap Ferrat, himself a winner suffered in Deauville’s Prix Last m«? n swan lake. Toniebt DL t rei.*Fm a iimMmTsesson until oci? 1 *. dracula 

four times from six attempts. Jacques Le Marois, will be AMn »' 0 - * telly - *«*■*» a wiwd Bin. — — wm. demk cod 

Provided that Abdu is none syndicated by the British Blood- J ^ a 0 2 oi«? sham, oi-sho isoa. i 

the worse for his hectic cam- stock Agency. Judged on his . p«er Terson.. soldier toy. e***. 7jo. vtantm j« t.svL&l* & 

paign, he ought to have few exploits of late, he could wind 
problems from Foetsjie, Superb up with a full book next year, in THEATRES 


LAST 3 DAYS. 


IHAFTESBURY. .. CC. 01-836 6596. 
01-838 4255. Halr-pricr Pnnnews rraoi 
Sepumner 7. Oocrr. ScpicniMr 13. 
TERENCE STAMP 
DRACULA 

with DEREK GODFREY 

MAW. 01.388 1304. NatioMl YodMl 
Theatre In a new play by Hbr ImA 
ENGLAND MY OWN. Evgi. 7.30 LAST 
3 DAYS 


utilities to make their decisions SdiSe which ciril airiTne? to campaign with Abdu, and this Lady and Quantum Major. For contrast to the handful of mares 
on nuclear reactors on the basis £ ui , d a new steelworks afternoon the much-improved forecast purposes, the lightly- who visited him last year. 

of commercial self-interest; com- be located or what tvS Balidar colt wiU be attempting raced Thatch colt Quantum 

peting approaches were wel- oudear eStor to chooi h^ to notch his seventh virtoil Major, a bay son of the five- “ ~ 

corned. The British Govern- ^decisions ofi this ma“ after wins at Cattertck, Bath, times two-year-old winner Smart Unf rjnpng ,|,o V 

ment. by contrast, was the sole Sp tSn imnortant te Lingfield. Folkestone. Newmarket Sheila, looks to be the answer. X1UI a pi 1X1 g XlldJ 

arbiter of reactor choice. It i e rt to industrialists. and Leicester. Looking ahead to Ascot, Henry Iia»«ap 


THEATRES 


ADELPHI THEATRE. CC. 01-836 7811. 
LAST 7 WEEKS. MUST END OCT. 14. 


sS*™5m!’7”. *18: STRAND. 01-838 2660^ E^MfJ B.M. 
THE ROCKY horror show Mat. Thun. 3.00. Saturritir* 5 JO & S.3&. 


THE ROCKY HORROR SHOW 
DON’T DREAM IT. SEE IT. 


NO SEX PLEASE— 

WE'RE BRITISH 

ew: wapjiap <UF ^ ■'TafffiR. s&k™- 

THE BEST MUSICAL YHK MAX BYGRAVES SHOW GOOP SEATS tA^o-»l.au. 

of 1976. 1977 and 1978' ' _ 

IRENE IRENE IRENE ~ “ ' , “TTZT ST. MARTIN'S. CC. 01-838 1443. Cm. 

“LONDON'S BEST NIGHT OUT" LONDON PALLADIUM. 01-437 7373. s.00. MitlnN Tuu. 2 AS. Sab. S and 8. 

Sunday People. Sent 25. For O ne We ek Only. AGATHA CHRIST! rs 

CREDIT CARD BOOKINGS 836 7811. LINA MARTELL _ THE MOUSETRAP 

tRtoir own oooKmua ro.i. MICHAEL BENTINE. WAYNE KING WORLD 5 " LONGKT-CWR RUN 

2Glh YEAR 


and Leicester. 


depended almost exclusively on . 4 .. In his last two races Abdu, one has decided to gi 1 

lechnlcal advice from the Atomic Th e on Jy way to counter these of mQSt i mprove d pe r- Queen Elizabeth II Stakes 


Looking ahead to Ascot, Henry L aq l 

scil has decided to give the Deal nOlDcS 


Energy* * Authority, discouraged 8 oast or the seasonl'has sur- with the Eclipse winnerr Gumi'S S^SSJ S ^boiStig e w e ate^found ^Bs^oyr-S^^BJo aE^iSS ?SS 

competition and showed a detati the consequences of past prised a 300d many experienced B, who has now been earmarked under a Nottinghamshire town. ’^tSS^JSXl Jjo n oo m 

marked preference for British- Ministerial decisions and by racegoer first on the July for the Valdoe Stakes at CO uid be niped direct to local a thousand^imes welcome is: 

designed reactors even when the demonstrating how other coun- C0U1 | e ^Newmarket and then « Goodwood. factories o? homw LtOH £iJ& Prr& r 

leading manufacturer and the r ®‘7™8 “®™ Leicester. However, Newmarket Is Government researchers are ^ R RSv L Hi^i^!^ c; ioAN n TURrSR 

main utility, the Central Elec- ttave achieved better After winning by a comfort- certain to have at least one preparing a report for Newark Tonh der h youhself j lucky tq>jie 

tricity Generating Board, wanted results. able 2i lengths from the odds-on resolute diallenger for the District Council laying that there T0 SEE IT AGAIN -" n,ilv ^ I 7 or 

to go for the American-designed -nuclear power and tne Wixoe Belle over six furlongs on Ascot race as Clive Brittain is probablv enough heat to supplv f 

light water reactor, as most other energy cwm, by Duncan Burn, the July course, Abdu showed intends to saddle Radeztky. 500 homes. Alternatively, the AU ^^Pu"^.k^UtiSI? 4 B36 “ 3a 

countries tad done. Macmillan for the Trade Policy that there is no more determined This will be the final race for the boiling water could go to Indus- royal shakespeare company 

While in the UK Ministers Research Centre. £12.00. two-year-old in training when Queen Anne Stakes winner. trial sites tomum. TomBr.YSiTs^-iw urn 7 . 30 . 


B3B 3878. Credit ant bkM. LYRIC THEATRE. 01-437 3688. Enjs. 8.0 


>36 1071-3 Tram 8.30 am. Party ratn Mat. Ttmrs. 3.0. SaL 5.0 and 8.30. 

lion.. Tues.. Wed. and Frl. 7.45 an. JOAN FRANK 

Thurs. ana SaL 4.30 and 8.00- PLOWRIGHT FINLAY 

A THOUSAND TIMES WELCOME IS- p HLUMENA,, 

LIONEL BARTS t>V Eduardo de Filippo. 

OLIVER “ Directed by FRANCO ZEt-HRELLl. 

MIRACULOUS MUSICAL-'* FID, Tine. "TOTAL TRIUMPH." EV. News. "AM 
ROY HUDDaSd JOAN TUR«R EVENT TO TREASURE " D. Mir. " MAY 
CONSIDER YOURSELF LU«Y TO>.RE IT NU THE LYRIC FOR_A HUNDRED 


" Mrt. Tburr. 3.0. SaL 5".0 ami B:|Q. TALK OF THE TOWN. CC. 01-734 S0S1. 

JOAN FRANK Air CondiBoneri Iren s D ntaa-Dancibfl 

PLOWRIGHT FINLAY 9J0 SUPER REVUE 

F1LUMENA RAZZLE DAZZLE 

by Eduardo de Filippo. , At 11 PETER GORDENO 

Directed by FRANCO ZfirFlRELLI. 

tdbIcm’be .. THEATRE UPSTAIRS. 730 2554. E*l. 7 JO 

EVENT TO TREASURE □. Mir. MAY PRAYER FOR MY DAUGHTER 

IT FILL THE LYRIC FOR A HUNDRED ' Y by TWmas Babf 


ABLE TO SEE IT AGAIN." Dally Mirror. 


YEARS." Sunday Times. IMWI ., »«■■■ . 

1 — VAUDEVILLE. 836 99B8. CC. Evert. E.O. 

MAYFAIR. 629 3036. Air cond. Evs. 8.0. Mai. Tues. 2.45. SaL 5.00 end 8.00. 


TV/Radio 


BBC 1 

6.40-7.55 am Open University 
(Ultra High Frequency only). 9^5 
Paddington. 10.00 Jackanory. 10.15 
Help- It's the Hair Bear Bunch. 
10.35 Big John, Little John. UO 
pm On The Move. 1.30 Mister Men. 
1.45 News. 4.18 Regional News for 
England (except London). 4J0 
Play School (As BBC 2 11.00 am). 


fYOL U 36 6 *j>4._ JlriO_ 836 5332 SaL 5,30 and 8.30. Wed. MaL 3.00. Dinah SHERI Pan. Quiet*:. GRAY 
nvA! F «SIiA«^Bb ,0 ^MPANy • • WELSH NAtiONAL .THEATRE CO. ^ A MURDER IS ANNOUNCED 
OYAL SHAK ESPEARE COMPANY *• DYLAN THOMAS'S The newest whodunnit by Afiatba Christie. 

. , ’ n - r !S* r c^5*^ nn i ta UNDER MILK WOOD " Re-enter Agatha Christie with, another 

phLTonicrr. 7 JO. SaL^JO and7.KL whodunnit htt. Agatha Christie 1* ltalk- 

a mrrmaid ni us 7ccc ln E West End vet again with another 

TH " grgiyeg. »» .a^wondermi Piece mermaid. 01-248 7656. Rtttaufnt of her ftendibhfy Ingenious murder 


Tonlghl, Tom or. 7 JO. SaL 24)0 and 17.30. 
Final petfs. Strindberg'* THE DANCE. OF] 


32 - SaL 5.30 and 8.30. Wed. MaL 3.00. 
. WELSH NATIONAL THEATRE CO. 

' . DYLAN THOMAS'S 

„ UNDER MILK WOOD 


of work " Times. With: Shakespeare's AS 
YOU LIKE IT (from Tues.). R5C also at 
THE WAREHOUSE tsee under W). 


i AS ,248 MM. Ewmh. 7.30 and9.is: t 


logon tads murder 


EVERY GOOD BOY 
DESERVES FAVOUR 

ArJiSLlE **“» and orchestra by TOM 
STOPPARD ami ANDRE PREVIN. Seas 


Evening N 

Al R CONDITIONED THEATRE 
Limited Season: October a-Decembcr 2. 
AN EVENING WITH DAVE ALLEN 


ARTS THEATRE. 


5.55 Nationwide. 12.00 Weather Regional News. 

520 European Athletics Cham- Ail Regions as BBC-1 except at 
M " PionshipS- the following times: 

Dr. Who. WALES— 5^5-6-20 pm Wales To- 


7.10 Top of the Pops. 


day. 8.45-7.10 Heddiw. 12.00 News 10.00 News. 


Sidney James and Diana 
Coupland. 

9-30 Great Expectations. 


7A0 European Athletics Cham- and Weather for Wales. 


ptonsblps. 


10J50 European Athletics. 


SCOTLAND— 5J5-620 pm Re- 11.00 This Sporting Land. 


8.10 The Hollywood Greats : porting Scotland- 12.00 News and 1120 Night Gallery. 


Charles Laughton. 
9.00 News. 

925 Most Wanted. 


Weather for Scotland. 


12.00 What the Papers Say. 


4.45 Graham's Gang. 5.10 Boss Cat. 10.15 I, Claudius. 


525 Captain Pugwash. 


11.10 Checkpoint. 


5.40 News (London and South 11.40 European Athletics Cham- Ireland. 


_____________ oDrrY LINEN HIGHEST COMIC ART CAN POSSIBLY 01-828 4735-6. 01-834 »317. 

.. H iuh b ,* - n^^Ludav Times. MISS THIS PLAY." s. Time*. ' Ailast Stratford Johns 

7.45 “Bless This House." starring il« Ryan. 12J5 mn a Little Night wJrSv imi LiSSi Xv ■■ a, cirvS r,l ^^ ai NY M 'SS? *nnie - 

Sldnev .Tamoc »nH ni-n» Monte. Samrriy « 7.00 and 9.15. POlM g^fe«R5 l, 5 s ^Sgber N ^. ^ EraUng* 7.30. M^Wrt. A Sat.: 2-45. 

UL20 am Death Dnmu Along The River, ambassadors, ct 01.836 1171. national theatre. 928 2252. V g»!S1 ou Im saSa" RMU^Sek^Sw 

3-29 pm Report West Headlines. US NlfcMr « ago. Mitlnew Tues. 245. W «»• cS^iW. TwhIm "a 00 

Report Wales HeadMoes. UO Om of Town. PATHlc 5*CT<5f LL a Q tony^nhalt 52” bT VdArd ™EJAlL diary wauwsHch? , m 

2JOO Women Only. 3 JO The Electric PATR,C * CA "ffl L aiu§H ONV A HALT the cherry orchard. ^ wtdw 7J0 ^5 «?- AlSv Airiwych. Student 

Theatre Show. UO doe Chib. 6JB The worid-F.mous Thriller L TTI E ‘- TDN ■proKeulum lupej- Tomorrow n * naw 

Report West 7JB Report Wales. 7J5 _ . by anthony Shaffer b^ 5 n^r7'«h5r Tj ™ E •'H'LAndErer _ 

Backs U) the Land. 1U8 The Law "Seeing the Olay again 1* In lad an c o tt k iof 1 , , _ WHITEHALL, CC. 01-930 6692-7755. 

Cnnrre “tter «*>d total lay.” Punch. Seat price* , awtltgrlum); Prom. E»gs, HJO. Frt. and Sat. 6.45 and 9.00. 

irro’ f rut^y a„ o™ £2-00 and 54.40. Dinner and tap-price n2S?r»«, **■ ^ Ust 3 pwf »- THE p * u1 Raymond presents the Sensational 


bUny cjw aema an a theatres 

“*> “t P *T*- »rfc- Restaurant 928 
2Q33; .gredl l card bkgs. 828 3062 . 
AJr Conditioning. 


East only). 


pionships (highlights). 


F.T. CROSSWORD PUZZLE No. 3,758 



NORTHERN IRELAND— 4.18-4J0 12J5 am dose : Michael Burrell rty* c-mr*,/WaU*_A» htv “- 00 "« sajo. Dinner m tap^price fggtaH***- ®- •-* 3 the 

pm Northern Ireland News. 5^5- reads a speech by one of SeX mrmSEl ”* £7 ’ SD - •" 3 theatres 

t20 Scene Around Six. 12.00 Shakespeare’s Kings. Newyddion y Dydd. ajo aim Mawr. ftns* ^^t^ca?d bka^BTn 

News and Weather for Northern All EBA Regions as London w«u»thna- jLaLTJO y Dydd. aikjllo. 01-437 2663. Ewoings 8 . 00 . ait conditioning. 928 3DS2 - 

irelancU . except at the following times: „£££ pS^STwist 5 SS ^ ^donald s/nmn 500 ~ — 

ENGLAND— L55-&20 pm Look iVf. r* llnea! ims sSon “*«>' SWn ‘ ,Brd p&spect at the om vie 7616 

East (Norwich); Look North nun an, dip PtoWp STOTTl'sH SHUT YOUR eyes AND B»n Reidand Anthony Quale In 

niiaianus Today (Birmingham)- LM Tile Entertainers— Tony Monopoly. Jnnlor Matinee: "Rosnea or Sbenrood Wa Btolr. Kenneth Gilbert. Carol Gllliu 

Points West (Bristol); South To- Forest" starring John Derek. US pm . . Martr'cS?«oSt Ma g". Tiyw 

ISu. »s p rii M TOt saa «a.*s Ja£-a.wffl fe«P£8 


ENGLAND— 5.55-G^O pm Look 


Sex Revue ot the Century 
DEEP THROAT 
7th GREAT MONTH 

' WINDMILL THEATRE. CC. 01-4,37 6312. 
Twice Nightly 8.0 and 10.0 
_ Sunday 6.0 and 8-0 
PAUL RAYMOND presents 
RIP OFF 

THE EROTIC EXPERIENCE OF TUB 


MODERN ERA 
unprecedented limits 


South West (Plymouth). 

BBC 2 


ChumpioiutilpB. HAS Oiopper Squad. 420 Doctors Senss on the Loose. 5JB 
1240 am Tho Llrinc Word. Scotland Today. 08 G smock Way. 7J8 

*-r«/ The "21" Show. 8J8 Thlnynmmygy 489 


Fri. and Sm. 6.00 and BAS. (Buffet 
food available). 


6.40 7.55 am Open University. UJ n am Music at Rarewood. ia.es 

1 LOU Play School. Bacilegroand. 11.111 Spidennan. UJO 

Open 


vu-u, „ A1V Somrthing Extra Spoctal imradueed by "JS* 1 Sumd^Sd hSSw? 

M2D am Music at Harewood. 10.05 Gordon Honey com be. 114M Law CalL fbi?°ieiS ^ no the Broadway STAR." □. e*p. 

Battleground. 1U0 Spidennan. 10JC U_U Richie Brockohnan. aWe "** J2' oSTiS!,. F SYLVIA MILES _ 


University. 

7.00 News on 2 Headlines. 

7J)5 The British Connection? 
7^0 News on 2. 

7A0 Gardeners' World. 

8.05 Top Gear. Le Mans sports 
car race. 


now,, UJ3 me Aavenrares or cmiTUrDlW 

Parsley. UB pm A TV Newsdesk. ua 5UU 1 H tKi\ 

England Their England. 200 Sommer UJB am Woody Woodpecker. 


: seats £3.00. Man. -Thun, and Frl. 
6 om pert. only. 

BEST MU5ICAL OF THE YEAR 
EVENING STANDARD AWARD 


Mattbovr Guinness. Mel Martin, Treror permissible on our stage " Erg. News. 
Martin, Christopher Neamc. Opens Sot. THIRD GREAT YEAR 

4. 700. Previews today. Frl, Sat 7JO. - - 

— ~~~ WYNOHAMnS. 01-836 3028. Credit Card 

, PICCADILLY. From 8J0 a.m. 437 4508. 9S** - 1071 ,rom 8 30 P- m - Mon.. 

'Infectious. awmaSi^root stamping and S r T* 5 2*5 fWL ThUr ' a ‘" ENORMOUsLy rich BJ0 - 

leart-thumplna." «-«- • rtig*wjta Snffi VERY ^UNN^v^^ews. 

the BROADWAY STAR." D. exp. Mary O’Malley's smash-hit comedy 

__ _ SYLVIA MILES . ONCE A CATHOLIC 

"Towering periormances." D. Mall. "Supreme comedy on sex and religion.* 


- SYLVIA MILES 
Towering D. Mall. 

.-wprK BraV KUBTKm. 


After Noon. 225 BatUe for Survival. "Abbott And CosieDo Go To Mart" .. S*??* h ,“ IIK>re raasfyirm 

32°Thc Fllnmonea. 3J0 Three Por The *-» pm Southern News. UO Survival. 8°^' fh C comic wihti mti m 8 S 7 YOUNG 

Road, ta ATV Today. 720 CrowroadlL WJ Women Only. K5B Day by Day. ™ Bm °°- ip^timSbi luS Le P» ™ 

ILuO Dan August 7J3 BadtS to tbe JAOd. HJO Southern ExeltlngBlack African Musical "DIVINE INSPIRATION^- 

DOimrn News Extra. HJO Danger In Paradise. "Packed wTth variety." Dally Mirror. ...of . His humour — ££^<5, 

BORDER 1220 am What The Papers Say. Seat price* £ 2 -Oo-£ 5 . 60 . - hypnotic EFFECT." a Mali* GL 


_ Dally Telegraph. 
“MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 


■Lrt I Dan August 723 Bads to the -Land. HjBQ Southern 

Dminro News Extra. UJO Danger In Paradise. 

BORDER 12 20 am What The Papers Say. 

M20 am Lassie. U>.« Animated TVNP TFF5 


car race. „ MJ P !m Lassie. ifl.« Animated TVNF TPF« Oimer 7 5 >„h — — — 

8J50 BC : The Archaeolocv of C]a8 ^ ,i8 iMyaerious island), mo wild- __ J __ 8 top-price scats * 8.75 inct palace. cc. 01-437 6834 . 

o-ui. T 01 iif 0 cinema. TUB pm Border News ,JS Im The Good Word followed by — - — — Mon-Tbur*. a.o. Fri & Sat 6 * b ?a 

Biblc^ Lands. aj8 FiintstODiS. P 6.M Lookarouai NorUl E * sl News Headlines. flEJO CHICHESTER. 0243 bis»» su perstar 

TO.OO Films of the 40s: “The Thursday. 720 Crossroads. UJO PoUco Mo ™iu« Movie: "A T» 1 « ‘^- Twro ClU«s" Today at 2 - 00 . September i°*”ae 7 S 0 S: b 11 Rk ^ ntl *«b*w Ltavd-WetaMr. 


.„ j—. . VIC. 92 B 6363. Opens 17 Sept. 

"Se* running like an deMc c^rttr JSL. 2 O* 11 *- ^ PETER -BROOK'S 

Fin Times. "DIVINE INSPIRATION— e. Alfred 

AUbACITY OF HIS HUMtHJR — VS* S 

HYPNOTIC EFFECT." D. Malh WB ^ ****■ * 


? tare. UBU (In French). Eras 7.45 
-*^7.151. AD seats £2-50 07 


a.o^Frt a, £ , t- 4 6 37 * 6 B B i3: 


SSHLSSf''* StaJ SSf J n San!,;0n - BOfder Ne,ni S,umnwy - &%if~ t ESZJ?3S3. ToolUh, aT^O^^m^st 2.00.' 

Greenwood, . _ Rosamund CHAIVNFI combers. 6 J 0 Northern Ufe. u look after ujlu 

John and Lilli Palmer. 1M __ rh n ^:^rV..„ . 7 ^ „ „ Rafferty, izas epHokiw. — : 


jo nn and lud palmer. jjn D _ ^“T, Rafferty. 12M EpHosnN. 

m ,i> i n.: B _ 1-28 P m Channel LuiK-nthne News and 

10 jU Are You Being Properly wturs On Where. 420 Fanfare. 6 J 5 TTT Xl h 


Sereed? U ^ Kd UX^ER , ^^n.-FH. 

News on 2. 7,29 edward^ootward 

11.40-IL50 Closedown, reading. 

T nivnniv Show, mo European Athletics. I2J0 T« t - fay Rnsema ry A nne Simon 

LDWDUIN News and weather in French. OM iS. nmkS 


EDWARD WOODWARD 
BARBARA JEFFORD in 
THE DARK HORSE 
by Rosemary Anne SUson 



T nivnniv Show, mo European Athletics. 12JM W^nt » Rwrairv Anne Simon 

, Newa aud weather 111 outejoHm JjaSTUTw ra* «.nce ed 

si!Si“to^25S? uSS rc -£S GRAMPIAN WESTWARD ,^‘"0^"-^^ ll£ 3 U\ s 

aKlllltJ in soccer Wien Jack 925 am First Thing. 1820 Tandarra. 1K20 ■» Untamed World. 18.48 Tree 9. minu te.;' P . TeL ■■Opportunities brti- _ NOTE ( 

Gharlloo. 1020 The Undersea UJM World Leaders (Franklin D. Top Tales. 1U8 Ctaiweitoard. ll^o The A ~ From 

Ad ven lures of Captain Nemo. 10.25 Roowwlti. UO pm Grampian Nows Gene Machine. 1Z2J pm Cns ajneybun's and entcrtainiiig evening. E.n. by y. „. 

Skiooy. 10^0 Some of My Rp<«r Headlines. UO Tho PUnutones. 630 Birthdays. 120 Westward News Head- — Wrw 

Friends are^ ramZh ifS rl? ?™5 plaa T S* ur ' J£P Varmlag News. Uma. 4J0 Fanfare. K85 Westward criterion. 930 3218. CC. 836 1071.3 

tnfl^T?m. ra i«M^ taSll oid 0 &S?Bi2S2-e£* ■ & - 58 -^g r ?yan Athletics. 7J0 Eras. B-O. sat. S30. WO. TW,. 3 .S; PRINCE ' Of 


ONEMAS 

ABC 1 «, 3. ShattesiMtry Ave. 836 8861. 
5ep. Peris. All Sm» Bkble. 

5 SPACE ODYSSEY lUJ 70mm 
film. WK. & Sun. 1.30. 4.3S. 7.55. 
i CONVOY (A). Wk. & Sun. 2.00. SJO, 
8 JO. Late Uuw Frt. & s«. mo, 

2 BP " Town 

Opbula greattM* 

Pirn LOLA MONTES IA>. 4.20. BJD. 
8 JO. ENDS WED. ’ M - 


“Excellent family emartnininent anyone gjn sndc wen * _2 °' uo * 

of any age Is nimy to enjoy," s n-l PRINCE Edward, cc nriroierty casino) DS WED ‘ 

“SinSVrn.— 1 8 °?r , Bumtrej" Sun. Times. 01^37 B87Y. PeafertTiaMus T^ls Week' ' " " — ■ 

■ n ,n GBn ' “ A laugh Ew ID. Mai. Thor. U. Sat. 3.D. BTO CLASSIC 1, 2. 3. 4. DxftM Street 

”OpportunltlM brll- NOTE CHANGE OF SAT PERFS. Tottenham Court Rd. Tuteif i s3£ t oSS’ 
by hpn-rata cast. A most From Sent 2. SaK.-2.ao and Bm Special Season Of Film Ernemrtnmeirt 


. _ _ EVTTA 

by Tim Rice and Andrew Lloyd-Webber. 
Directed by Harold Prince. 


ACROSS 4 Communist beast accepting 

1 Rendering lor each to endure ringleader and bird (9) 
inside (7i 5 Bird from the south is un- 

5 Bus returning team to settle relenting (5) 
down (7) 6 Boast about doctor in charge 

9 Prize instituted by inventor being pompous (9) 
of 25 (5) 7 Paint may be unsuitable (7) 

10 Dread to accept man erabrac- S Agree to sign one's name (7) 


toon Time. 12.00 Little Blue. 12.10 The Bob New hart Show. 1225 am ReOcc- Crossroads. 1028 Westward Late News. 

4 Communist beast accepting pm Rainbow. 12JS0 Doctor! 1-00 tians * 12ja Grampian Late Night Head- ujo Down The una._ mo Tho Andy 


NOW IN ITS SECOND YEAR 

LESLIE PHILLIPS 


ringleader and bird (9) News plus FT index. L20 Platform. Unes - SSiflSLSi™' 

5 Bird from the south is un- 1.30 Young Ramsay. 235 Break- GRANADA vSSSo.^Si'am p2Eh pSr ug? 

relenting (5) down. 3.20 Quick on the Draw. 3.50 isja mi mmirntn rim pian« nr re. VDRK'SiWniP 

6 Boast about doctor in charge The Sullivans. 4J0 DynomutL 4£0 Apes, wab Tho^Jr iSL^Hb hub »» wute stone 

being pompous (9) European Athletics. Beatles. llJS Sklmy. XL* a Handful lUS The Woody 


Wtf MnS r BiM",: 

E*B* 8 . 0 . satimdayi 5J0 and 8 . 45 . 


Williams Show. UJO Enroptan -Athletics a Half dozen* hIlmioik ..... . b __._the hilarious * 

« HA ^-»s iE « L fiV5is. ve * m ■ Ro * o r A L Svi"af D 5 n ^'="- 


“BURY LANE. 01-816 8108. Mon. to 


__sta i nrltio__ ROBIN ASK WITH 
EDIT CARD BOOKINGS 930 0846. 


035 ZTN News. 
&50 Crossroads. 
7.15 SurvivaL 


IB# uni iBtaDOS. ilh Tne HUB am Tama, n •»" The White Stone I Sat. 0 DO Mafti. 5 m in u V . 

W H *“dful ilk The woody WoodpeOwr Show.! ... _achowh line 3 oo. oumre credit <Urtg. ^ 01-7M tigs. 


®f J™ ? 10“ Kight UO pn Calendar News. 420 The Beach. 

CranatU N COT. combers. &J0 Calendar fEmley Moor, 

ure^L c S S0!>eri «^ d Belmtmt eds.). 1UM The Streets of San 
NortU West. UJO Wnat The Papers Say. Francisco. 


?L Vl m ^^nmtntJur 

Oiiltfrtn (and Adults). One prk» son. 

Tu. E GYPSY «»■ SKY 

y and -A groat. CMIdren haH-driee. 

VURN'NG POINT (Ai. FWTsterw- 
ftagfc. Sou nd. P roga._ i ^>5. 3.3a b oo. 

ft ff Wd THE. SONG 

f 'ft VS. SAMK ,<u - S^*"**^ 

?* «rt» Krtttofferson CONVOY «Aj.'PrM». 
1^0. 4.00. 8^20. 8.40. 11 p.mv - 

*« ™ l&m the.waitbrs (U>. -Prots. 

1-00. 3.30. 6.00. 8JO. Late shm 11' BA. 

Herbie wavro. 


■ >S combers. 6JD Calendar fEmley Moor, Wnwiar ' 5an '™ rl “- *•* GREAT Year, roy dotrice ««»«: chakiris chainsaw Ma^SACKaC-GLO iuw£ 


CUR 2 CN, Curean 

u^£rfif!°IT9, 




ing student in imaginary 14 Have a liking for employment imLa ourvivaL North west, mo what The Papers Say. Francisco. duchess, asa am 

place (9) in ornamentation (9) — — Evening* a.oo. pn.. sat. 6.15 nn 9 . 00 " 

11 What irresonsible drivers do 16 Plot requiring everybody to RADIO 1 247® aewa ' “0 New. UO Brain of Britain “The conn? 1 * mS!*o»tiy Mad! 

13 * 3 ™ “ chaot,c ,7 ( !L ta , , * lasrjr-- SsMjffl a — — ■ _ 

12 Player is PuttiHB ai™an to gw but it's only a pme (9) « s S.“.S!“°£oo 7 S«’E,« B ?''SS; O' — ,}"■ . S>° M^Stew« OT ^M. c "wS!g!! «' v™fi.^ pi-ase 51I z i»ymqnd mnw cc. n-ra, ■ - - 

13 DemonstraUon of sirensth of “ STffW«ftja."BrS --renre W 

W spirit” (!) 20 Mn worth only a whit (3. 4) SS ZSJS’tTSZ S-.'t” % &®o^3S, ffi'V. , iSJS SS «Srt. , ^SJ 1, "■** BBl if If^dS? &3tS ISSS W Mg M 

15 A ^pad returned to board is 22 Enough drink to surround sSS nSTutoas toai» ™K!2!£L. Cal J^*!L ■?* sis, w. __ J1 ” «ws«Tiwr*L via,. s.l * s.n. l«, NuIfSiSf?- 

versatile (91 poUtician (!) ^ «*w an Aa Radio a. SS^-, 3 r , ;3aD?.r,“»S , Sf: SS BBC Radio London ^ ™«nt 

18 Send to South African pro- 23 Doctor that is receiving direc- RADIO 2 l^OOm and VHF <*a“bcr ““ic <sj. no# -rue 20Gm and 944 THF foktiimf sts , v * s ' take /amuS? IS- bo ° : 5!l DH,c 3 , T W.° a S? »S*r 

vince after one’s arrival <«> tion for a wiper <5> »«*» ^ Mi . “ JV" 110 *»*• seSSr^o SS £ba T '" ,n ‘ s ’ the :«E£t *%'$& J5 ft* 

19 Soldier retnrniuE in vehicle 24 Part of one verse? &> “ ® L S.*? SS X*2 &, "» IS aiTSSeiS'- rig M KS1.£^i.T“vMt“^IKL L J."' 'SSj^“n»SS*T l 1 »a,. nbk. ” ™ V“.*riSi?W SS 


raSaTOTft SOUAW THEATRE 1930 5252) 

'®Kr assfSiafyi. 


for a smoke (5) 

21 Gland has nothing to change 

23 Made an appointment outside 
school and set off (9) 

25 Half expect to lose about four 
and could blow up (9) 

26 Estimate the worth of prize 

(5) 

27 Wave right inside chemist’s 
glass vessel (7) 

28 Harass people appearing in 
legal offence (7) 

DOWN J _ . 

1 Drink out of bed and fignt 

(5-2) a , 

2 Aspiring to suit a mob I 

organised (9) ^ ^ _ „ lt ,- v 

2 -Claw those cards not dealt 


degree! (S) 

SOLUTION TO PUZZLE 
NO. 3,757 


QS3HSIHE BS0S3J3S 
E B 0 0 n S E 
EEQ5E QEEQSESCiQ 

II S E5 B 55 S 

!30!3EESH 


0 ■ 55 a 
SBSQSCiSES QE?7i0?l| 
E ■ • B 
HBGElRQg EEEIEE0B 
E'E I !I-.D BBS 
1IEGEH00G3 f35EDE 
53 ' 0 0 O B 55 
rgRassnQGratramsn 


Muriel Pavtow u MISS MAAPLE 
MURDER AT THE VI CARA G« 
FOURTH GREAT YEAR 


TriE GREAT AMERICAN 

M backstage musical 

. “A little lewei." FiiMneiel TH«m. 
Smart “swell snow" dm* innu 1 
"_5fl wluyiible," Sund»v ! 

“Lyric* hare more eiream* 

Mho .those for evita l 

muslr more bite I 


T5 u *i" Sa * s ’ Su i**~ doan 

bkbll. , "™ B Bt 1, -*» pm- Wi 


Wom (S) idclud- Radio 3 VHF no,*— A80.7JM im and Jazz AHrel 7 JO Blade Londoners." SJD fourth great y*ar "^EL 5*^%- 

1225 pm wasaoaops* Walk. 1228 Pota RADIO 4 U0B *‘ “ a(UD Garrick theatre, CC. 01-836 4601. "'mM&Tmare htte ,TA 55X^95. ! *. INK PANTHER fAV 

i^d^etd*# sss «s? mo London Broa ^“ st !2? ww b^i'n c ^:?, v tste- 

ssswMf issasss sa , a , aT urd&S SEr ss — ^ m-- : 

John Dnnn fSi Including 5.45 Sports DealL JPL^^^'^J^S-WTodBars News, nop news, taformaiion. trawl, sport. « rijr! l l LU * Krr - A T AUT AN0 PtceL. Previews 29 Au^^Sep. 7.M BJn S3 THE IT 7. l ?r.T7. % ’-;. . 

623 Sports DtHfc. 722 Comuiy Oub 1S1 i^S nB 5» ni riH- 8 if«i mm™ a afSuP’iein’ 45 10 - 00 Brian Hal6s Shflw - ^ ** LBC nfu u’Ji >c^^?v UC 3?^ 'i Tel. CHANGELING. Director PETER GiLU °? n E ° |l, J, MARBLE ARCH. w.Z. - ( 72 * 

Inchi fling 7.30 Sports Desk, 1JB2 Fota- *£* “SS Reports.^ M6 aeorge Cate's 3 O'clock ■ ISUtf 5 


TiMVAv^^EfifeA^ON^ SafM - t^2,' E JL5E2L y 


TIMOTHY WE5T, GEMMA JONES. 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
...... . .THE HOMECOMING 

“BRILLIANT. A TAUT AND EXCEL- 


Credit Card booking*— 5?an from E 2 ‘ 

RIVERSIDE STUDIOS. (01-748 3354,1 
PreytewaJKI Aim- 3 Sep* 7.M s-m THE 


iSH'-HZ' Ogwii OMn 1.49, -m.'. 

XmH" tg a ?B ,hW ^ Wi. . frl., sat. Oootfft 

!” !CJ , aS‘ 


iiivjuv taaan -HUIU »»ta*— van rvia- OM irji^ — » , : TO™*— — ™ uv..^ U«n , * W CIOCIC 

weave < SI. SSS Sports Dosfc. HUG The “^L y S!L5 a J2_ L ?J ed CalL AOS LBC Reports icpnflnywi. 8,03 

ra Show. UL3B Star Sound Extra. JXJE Jur Own Aner Elebt 9.B0 NlEhtUne. LOO am rflffhi 

Spans Desk. 1L15 Brian Matthew intro, g”**”*”^ n U- * E**™- 

duces Round MWnlahL lucliidioa 12.08 

News. MM News Summary. W* ^ Capital Radio 

n * r»rn 'i dfilm Gtarofi * VtiF oack w ^ career, lira Nows. I2J2 pm 194m and 95-8 VHF 

ivAUID J **»*“*• aiewvu o, ' ni You and Yours. ZL2T I'm Sorry I Haven't AM am Graham Denn's BreaMaa Shaiv 


Guardian. '"NOT TO BE MISSED." TimVv 

'Globe theatre. 01*437 1502 
ftev 8.1 S. Wfd. 3 . 9 . Sat. G.00 a an 

PAtll (nniuirrnu .i.TVV “-“0* 


ewasp 


“ UL fBBSira%fifHra W ‘ i, s* Mil * : “ oril Ww”!. U? 5 ;, '”«• 

ALAN AVCKBOURN‘5^ New Comedy **teo1. William un lit John. Ortorrur* 

1 ■!* TtMQ TABLE — — — 


INADMISSIBLE EYIDENC 


BUS am Weather. »J» News. 7.B5 Over- A Clue 1 S 1 . iiSS Weataor: proorannno (Si. UO Michael Aipel (S>. 12.00 Dave mafee ? 1 ”V^& le ^I au S | . l1 “ r - I —■■ ■ »». pern. Sally ihS! Sun^aA* * 1 *' 

n «». eJtePfcws. i®"® 1 “£**“*•, Con- news. LOO The Wortd AJ One. L30 The Cash rs*. XM pm Roger Scon 1 Si. TJO ibtv enJoyabSeSrenlng."^ sui^y h T?2!2* ROYALTY- CredK Cards. 01-405 8004 bimte FH " * Set,H-W. S«tt» 

■rt fSL 9 JO News. 9JB This Weelc 5 Archers. 1.45 Woman's Hour luolodlm; Lori GeoreoBrowil s Capital Commentary Tm **- 1 Monday Thursday Even) no tLoo. p-w.J B ™e, Uc d. Bar, 

... _ “ - - * -- — 5J0 and IMS. Saturday 3^» and 8 . 0 ST 


Jure (5). BJO News. 8,05 Morutes Con- news. LOO The World At One. L30 The Cash (S>. 3Jo pm Roger Scon <Si. TJO 
cert (SI. 9 JO News. 9J5 This Week's Archers. 1.45 Woman's Hour Including Lori Ceoree-Brawri i Capital Commentary 
Composer; Sullivan (SI. 9-59 London Ltext 3.054.02 News. 24S Listen With Mother. (Si. 7 JO London Today - rsi. TOO Adrian 
Festival (S). LLU Words . . . tiaik*. 3 JO News. 3.K Afternoon Theatre (Si. Love’s Open Due (S'. 9JM Nicky Horae’s 
1405 BBC Stagers tSi. 1L50 a Recorder AOO News. US Jack de Monte Precisely. Your Mother Wouldn't Like Ti rfii. 1LC8 
Recital (Si. UJO pm Lunchrune Prom, SJ5 Story Time. 5J0 PM Reports. 5J0 Tony Mpan's Lata Show (Si. 2J0 am 
part te Arnold (sj. LOO News, us Serendipity. SSS Weather: programme Duncan Johnson's Night Flight (Si. 


a» sp ats tumia. — ^ 

PRINCE CUARLSSv L«c. So. 1 
...JMdi tneu' 

HIGH ANXIETY (A) 
5?"* ilSDl; Son. 1 a 


a me 1S1I Uve’s Open Due fSL UO Nicky Horae's GREENWICH theatre. qi.aSB 775s M-N'ShB In' STUDIO 4. c , 

Precisely. Yanr Mother Wouldn't Like It Ml. 1 L 08 W 1 LLI I^? AR jm 'ftA «iSs ' ■ 

EL JS2 ,S" - . ™« JtL. ■"aSs..:™™?? 'Sit.™.. m inU&SBeA&.ta. . . 


THE EDITOR REGRETS 
EWKIInas 6.00. 5aturda|d5ud B. 


TaL Bookings aeeamed. Malar credit . AN Unmju?ribd^vSoS£1i<'>v« 
cants. Reataorant^ Reservations oSSs MoTsSs? 'bta Umm 


JnK 


■IS© 




. ;%?■ ’ 

«• ^ 




SuppSOfflK 

at| 








The Financial Times 


DalaroD Limited. Westoo- super-Mare 


Maun Industries Limited. Mansfield 


-*».V 





I jf i V < » I 'iff' 

/ / ; s • --y 


i 



Blew Knar tlaltoH, Bnrfi^| CT 


* 



^7<ti *V; 


V f 


sase. 


■‘!tV 


Electnc convection airing 
improves product quality 

Low-cost installation 
with electric vat heaters 

Electric infra-rod oven 
speeds paint drying 

Hafl and Hall limited, Hampton 

Jobn £ Webster Limited, Shepherds Bush. London 

Compra Trim & Nameplates limited, Dunstable 


■,' 7 ' '. v : 









s 






Xk- 



J *' 


& 






/T. 


Sapplt inenta > dec ric steam, 
raisiiigatpoiirtofiisesa^niori^ 


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14 


THE NATIONAL ENTERPRISE BOARD 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, JLONDQN tlAP 4BY 
Telegrams Finanlimo. London PS4. Telex: 886341/2, 8S3597 
Telephone: 01-248 8000 


_ Financial Tunes Tfiin^ay August 5X1973 

BY JOHN ELLIOTT, Industrial Editor 



s new 



counter to 


D URING the past few trial and other issues by the Leslie and his colleagues have from the fact that they have foe example, with Faircy and, had made only a limited- impact, 

weeks the National Enter- Prime Minister. Mr. Callaghan, been able to do so far is to set caught the eye and im ag ination more recently, with Monotype). The BTB (Engineering)! project 

nrise Board has rerpived . * , . _ it un with new tan management *- > .1 j Spnior staff from the NEB Will emerged . from continuing 


received ^tenTo «*■* with new m management * ^ ^ ‘^Tdo^ Senior staff from the NEB will emerged . from eorrtinuing 

of pub- “tends lo make the NtB and ^ ve u a ^art. Among or . ^ then keep in regular touch with informal contacts between the 

'sMa and a central feature of the indus- * “ fhpr „ biw dnrkK’* fhtf senior staff who help him spend *v. Mmiumr to monitor nro- NEB’s Liverpool office and the 


Thijrvrfflv oj 1070 -1—^ prise Board has received who in tho un it up with new top management D t Sir r«sU* and the Ha ^ Senior staff from the NEB will emerged . trom continuing 

I hursday August 3 1 19<8 a considerable amount of pub . “*■ f *° and give it a fresh start. Among * “f, “j! then keep in regular touch with informal contacts between the 

- — - ' ■ Hdty, some of it favourable and a Mature of the indus- the other “lame -ducks* the semor staff who help him spend ^ company. to monitor pro- NEBV Liverpool office wd the 

A some highly critical. It' has trial part of his general elec- Alfred Herbert : machine tool the £lbn state cash he has had . ICFC in Manchester. The-,North- 

r> if. td -a, ■_ d d ■ been attacked for being reckless tlon strategy. business is still in trouble and available. The NEB’s 1 ability lo assess the East snail -firms schemcv was 

fl ® flfi (0 H HE S Til . with public money In investing -He showed how he rates it Rolls-Royce has several lean The NEB however sees its viability of companies and the alw a local NEB irutlativp. 

tCJL IvT ,,p fo in iu ne Z 739X06 when he threw an unusual )«» » 1,ead * • - work, as falling, teto-deatiy capabilities of businessmen, as e^ablishM a l nk betwem toe 

micro-chip company based on Downing Street dinner party for There have also been some defined areas: helping its lame well '.ast to find new top execu- NEB and ^individual ■ * 

t _ the. skills of three electronics about 45 people early last month failures with the* NEB’S early ducks; boosting exports', by tivfcjTvas a major attraction to Bank managejre andjnay soon be 

1 § A A engineers, and it has won at w jj JC h he made Sir Leslie the investments and attempts to encouraging overseas markeQng financial institutions in recent extended to iuersej-sioe. 

i\ |1A¥TAT|TF acceptance from- -two clearing ^ jhe guests included woFk out ihdusto'al strategies, ventures:' filling, what tt sees as deals. These involved Barclays The most siguficant e xamp le 

||rJ III f f & ,« Si I banks and the firmly private- Tory MPs (Sir 'Keith pleaded In particular there has been toe equity gap for small and. Bank' joining up to rescue the of toe NEB finding entrepre- 

^ Vjr w w enterprise Industrial and Com- other business), top CBI and controversy over is intervention medium-sized businesses, esped- Monotype printing machinery neurs and top directors to tun 

w merclal Finance Corporation in TUC leaders, and senior Cabinet in the tanning industry,- while ally in areas of high unemploy- company, toe Industrial and its businesses is the INMJOS 

THE ARAB boycott of Israel is boycott conditions in negotiat- throe investment projects. Ministers and civil servants, as efforts to reorganise large ment: and fulfilling an Commercial Finance Conwra- micro-chip company sot up -Bath 

designed to ban trade between ing new contracts. Hence sup- While it has won tois respect- we ]; ^ representatives of the industries such as electronics industrial strategy role by tion jointly investing in BTB one UK and two American 

Arab countries and foreign porters of similar legislation in ability and acceptance as a NEB's parallel agencies in Scot- and power engineering have not rationalisms industries and (Engineering) of Blackburn, micro-electronics experts. :5rr 

companies which arc deemed to the UK hare argued that Arab commercial organisation, its Jani Wales and Northern succeeded. encouraging new technology, and the Midland Bank forming Lwne believes it is essential ?o 

have promoted the growth oE countries would be reluctant to pub'le sector status ha? led tn Ireland. After a fairly quick One NEB company — - ESventThis is the. basis of its invest- a. new joint company based o& motivate people financially and. 


the Israeli economy or lo have enforce the boycott against a fieire arrnment with the 
strengthened her war effort. British companies if the British Commons Public Accounts Cnm- 
-M though the application of the Government showed a firm mittee which is trying, so far 

boycott has been inconsistent determination lo resist black- ""toout success, to make the 

and unpredictable, it poses m* 11 - . r ^T Rj detail* of ’ « wn- 

serious moral and commercial Th* weight of evidence given mnsartons 

problems for companies trading the Select Committee, how- ^ r. ,, 

in the Middle East. Some have ever - , was unilateral action ^ 

fplt ohliTPd tn n-iiliHrui' frnm n, ‘ X, R wn*i|tl damage mute «Mfn>lv for an nrtamsa- 

^ M h “ t r r inras - tim 

Y . , , , . i.«.an jifon,' rhfi UK was a vRars nv “r, Anrnnji/ 

lwVin- 0 for ra i<;raelT busTncS ,ess im P ortant supplier to the Wed-wwid Benn *n State 

‘S’ , nnrm.lv in-LrS Arab wo rid than the U.S. and ownerahip mm nrlvate 

which would nornulli inverest that It would be much easier for indnriTv and which has been 

Ihcin. BuMnessmen are heartily lhe Arab? tn switch from British flireatcned w«»h the axe— or at 
skv of it and would fully tQ alternatIve suppliers. The lea-* th* nmnln*? chearc— of Sir 
endorse the comment in the Government supported this posi- K^th .7-»«ep v « ip ** Own- 
report published yesterday by tinn and the Select Committee *ive« win the next General 
Uic House of Lords Select Com- concluded that the risks of the Election, 
mil tee on t he proposed Foreign proposed Bill outweighed any 
Bjycutls Bill: “ It is objection- possible benefits. The Commit- • _. _ , 

nble for those who are not tee rightly pointed out that such ivOOQ C|15JllCe 
party to the Middle East con- legislation passed by only one 

diet lo be drawn into it and European country would not SlllviV/ll 

for the exercise oF legitimate have the effect of dismantling Htfli 

economic activity to be made the boycott apparatus. . indeed & s a reS iilt of its activities, 
subject to extraneous political it would add a fresh layer or f lb surviring 

conHiijons " statutory rules to be complied *“ wm , . .. 

The question is— what can be with and make trade with toe 35 an example of s ate ovme 
done about ii ? So far it has Middle East more difficult. ship with an entrepreneurial 
been the U.S.. partly because of face under a future Conserva- 

its powerful pro-Israel lobby. Half-hearted rive administration are now 

SiuH This docs not rucan that the ****** ^ were iust 

tioii Wndmpnr A^Tlf^fo— BrlIish Govcramenfs present over a year ago. when Lord 
mnkes it ilkcai forVu.S wm- PQ^e of half-heaned hostiUty ^der vacated the Board’s 
pary to re Fuse to do business *? ^ le **• ®°i ^ s . satJsfau 5° ry - chairmanship in favour of his 
with Israel because an Arab kovemment officials, as well as cleput3 . Mr (now Sir) Leslie 

country demands it. In addition. cSmb Murphy’. 

frmn rurnfshin^ certaln'kind^nr of Arab bus ‘ ness th9t the * Durin ^ the 3 W Sir has 

infonnation abm,t their dealing y ohintarj ’ compliance with the „ se d skills learned in earlier 
with blacklisted firms or with boJ T ott J? 1101161:653817 len2 ‘ ls - iobs as a civil servant, business- 
boycotted countries where that ?’?. .. n ? aa . c M „_JiT®® sure . - 10 man and merchant banker to 



sir KErra 
JOSEPH: 

. . . some slight 
lowering of the axe 
with which he has 
threatened toe NEB 


SIR LESLIE 
MURPHY: 

• • . operating a 
flexible policy 
with a low 
. public profile 



individual countries may bring 


man and merchant banker to 


'purposes' 1 of boycort^enforce- about somc relaxation of lhe ® perate .f. flexnllle p0,1 ?f W1,h a dinner. Mr. Callaghan said be — has been dosed down in the ment and management corporate the North-East to experiment in SU ^“ 5S ?® ® f t _S] t,! ? 

ment! boycott rules. As the Select low public profile. lVlnle Ihis * N Xorih-East and there have been plan, which it submits to toe funding small firms. - industry, nor has it tned to 

Committee points out, it is not has led to criticisms that his wu{ .’ gnd Jbm Jf uncl ^ ° , rumblings over the private Government each . November i n the case of Monotype, toe S® 

Reprisal fears nwenarv wr toe Uoveramvnt to phuosophv and strategies have . session involvme sir medical care intercsis of Uni fed identifying priority sectors of r NEB analysed the company’s S ^ d iJv ri ^ P n 

r_ involve itself in the process of rareI .. been spelt ouT ( f or session involving bir Medic;j] Eoterprise « in w |,| C h industry for its activities-- future and then found it two e ri>ected Lord Kjder to 

Although the Act is not as “ legalising ” • the negative exarap i e when the NEB sue- u ‘ sIle inakms a shorl speech . in-ested to boost micro-electronics and computers .new top directors, in the attem Pt- Nor has it developed 

strong as some opponents of the certificates of origin required cessfu i Jy ’ bid £20ra for the ^ answering questions. })OSD , la , eouhunent exnorts for example, were at the top of Nonh-East, the Midland wants “ a national holding company 


. as a result, the three founded 
1 of tNMOS and other key eni- 
ptoyees will have the opportu* 
nity to purchase up to 27.5 peri 
cent of the company's voting 
shares. This is not the first 
time_that toe NEB has used 
State funds to boost the busi- 
nesses — and potential personal 
profits — - of entrepreneurs. It 
has done the same thing with 
Sinclair Radionics and INS AC 
Data Systems. And. in a some- 
what different situation, it has 
approved the purchase by Mr. 
Derek Alun-Jones, who it 
appointed managing director of 
Ferranti, of a sireable block of 
shares in his company earlier 
this year. 

But toe INldOS initiative is 
the biggest example so far and 
is thus the best demonstration 
of the new sort of mixed eco- 
nomy business that Sir Leslie 
and his colleagues are designing 
in place of toe more traditional 
nationalisations of the past. The 
same formula could not of 
course be applied to the NEB’s 
loss-makers, although the pro- 
posed BL incentive scheme for 
manual workers could be ex- 
tended upwards to top 
management. 

Nevertheless, the NEB has in 
the past year developed a 
signicant type of state interven- 
tion. In so doing, it has not 
followed the early Wedgwood 
Benn hopes that it would ruth- 
lessly buy its way into the 
major successes of British 
industry; nor has it tried to 
take over and reorganise 
industrial ginnts as some people 


strong as some opponents of the certificates of origin required Gess f^i y bid £20ra for the and answering questions. hosnllal eouiD/nent exports ror example, were ai me iuy ut norm-oasi, tne Miaiano wants - — 

boycott had hoped, there were by some Arab countries, con- ^ companies last The event was more *2- ThPovonrtsfiPld also sawtwo last November’s list. . 7, the commercial and industrial fj*r ail state industrial mterven- 

i?2L l S 0 !!?,- bl f "5S2i “f* £S November), industry and the nificam for the fact that it look earliertotiuresinjumS con- Apart from special arrange- experience of NEB staff to com- t- the ^ «yit has steered 

it would lead to reprisals in tion were not made in Israel fi i l inst itutions have been place Uian for what Was said, tractin- when consortia includ- ments tor small firms., the plapa plement the more general clear of Chrysler both three 

r^T.rw„ n i T 5 S sssssa ^ rr:«ri;i iE ^ sssjsr morere “ nuy 

™v C „ Sir Keith JWrph a,, S 

cations are encouraging: some of dealing with the boycott, but fellow Conservative politicians if ever, complained about NEB the NEB is generally keeping ^ Sent As it said in its la*t the NEB' becoming accepted by invciitiveuess and ambitions «f 
Anh countries hove .tended in the meantime the American non .see some future role tor a ^^dhT’S^IIEB T, * "!*. "T .“FI S-ST^Wt. « has a -firm flnaneud iusU.u.mSs iu S SSnSKS? and 0n“n,uJ 
their requirements to accom- example should encourage a NEB. Like leaders- of other d ' nner called for more NEB |,aisons and ts mslead looking of nnV interfering in meats', that mav well not have with the financial nower of 

modete the U.S. legislation «id rather more determined stand groups ttat Uidude Libendand ^ n^lStirin beto Ior - m °,? L a f 5ange ‘ matters of -da^-today manage- been. «mceirable a .year ago. State fun*? Of course there 

individual companies have been in support of toe principle of Tnbuoc MPs and the ASTMS «« pmni i tnat De-m ments bke lhe rnedicaJ com- ment ~ It sefs ^ a system of This is important not only Jor will still be those who argue a* 

able to secure the removal of non-discnmination. trade union. Sir Keith has been La ^ !V J h !j* $ i tu,ny - These inc,ude a rC o U r aT sporting from practhsl business reasons but a matter of principle that the 

entertained and talked to by Sir Lve teS ,i iraKl ^i 11 - J or a 1 ta .7 M “ ,e the company and' usually ako because it may make it private sector of industry 

• j Leslie (himself a knovm ”«SS l ima^huUdln" bui,dere ™Grchants .business m requires /a five-year , strategic harder for a future -Conserva- would do better . left, entirely 

B5-g fa Ayn ■ Labour supporter). While such * f ™ ^ .Teddah selling UK-made build- plan up-da T^H each year, h also tive Government to unscramble alone. 

IS ^S.1 I iO S peopte all have their own ideas JJ on J ° thev hive yet l0 ing materials and components to seeks toe right to appoint one the NEE’s entrepreneurial acti- The INMOS venture may well 

A OF W of what the NEB ought, or “Sc ^a^major co^s^ ** ^ntracto^^ or more directors the Board vfries In line wtifi ^.preferred turn out to be ?£$£ K in 

^ ought not. to be. they have all cta , or induslria | ach i eve ments. ’Such a range of diverse and^n some cases, to approre policies of Sir Keith Joseph. three or more years time, in 

become less strident in their Wctoap.-, tne.r mam success so sctiriiics prompts toe^major certain senior management Two of rhe deals, are also deciding the outcome of that 
W criticisms. far is th «; turn-mund in the criticism about the NEB that, appointments. important because they have argument — if a Conservative 

V At the same time, the low- forrunes of Ferrami, which will apart from its “lame ducks.’ Often toe selection of new top helped to estehlish the reputa- Government does not try to dis- 

v key approach has fitted in with d«> flnaling off some of its shares it is little more than a motley management is the NEB’s maj^r tion of the NEB in the regions, mantle both it -and the NEB’s 

THE NEED to improve the rate however, appears - to have the cautious, non-controversial shortly. But BL remains a assortment of businesses that contribution to the running of where up to now its local offices entrepreneurial activities in the 

of productivity growth has been been more efficient than front adopted to sensitive indus- problem, and tbc best that Sir: have -little in common, apart its acquisitions ’(as happens.- (backed up by . regional boards) meantime. 


able to secure the removal of non-discrimination. 

Barriers to 
efficiency 


THE NEED to improve the rate however, appears - to have the cautious, non-con 

of productivity growth has been been more efficient than front adopted to sensit 

the one constant in the recur- most in this respect since its - • • 

rent British planning expert- underlying rate of productivity 

ments of the past generation, growth has fallen back by more a m wm » g m i 

Yet. as figures in the latest thin the average. ffjf£ fm £1] BS , 

Department of Employment . There is no clear-cut explana- 
Gazette indicate, the UK’s pro- non f 9T ^ut rather a setof 
ductility performance has ?'■!??? P S’SiJ'S. , , ■ 

deteriorated rather than im- J" )l ^.' J! 1 „ " * The Chinese 


. ■ rr h _ industrialised countries gener- 

upstage Canute 

p uduction and manufacturing the effects both of Anything the Soviets can do the 

industries in -*une anu uic wr jous employmeni-suppnrtinc Chinese can do better — or 
broadly fiat Trend since last mr . a .» ir p s an q the lags between vice versa. That has long 
autumn point to only a slow rise changes in output and employ- seemed the case in the colcl war. 
iu rei'p*!' p-r ho ”«l. ment hut may in addition reflcci between the two so I suppose 

Over the first-half of this year «nme switch in demand to the it was inevitable that, once 
n:i::v,ui;ciu: mg pioduetuiiy lower productivity service Moscow talked of diverting 
appeal's to have been less than industries." The UK’s poorer rj vcrs t0 run southwards instead 


upstage Canute 


Bjston 

Station 


1 per cent, htjhcr tiinn a year than avnrase performance can of northwards, Peking would 
ctrlier. while ri-ing ourpui m in part h<? explained by its rela- respond Its answer to lhe 
the capital intensive North Sea »*v«ly larger job Drescnstfon « ' - . Siberian schemes is ro 
oil .sector has ensured a gain of scheme* — currently keepina dred .. c up | ts own plan Z w d- 
:-ruund 1> per «n, in prpdne- around snn non noonle direr-., y in rhi^^ .he ri™. 


lion in^wtri"* v-.-ner.tily This nff tho unemnlnyment register Yan ^ c ' 

is hardly much reward fnr In i addition, the cT.ciont use of nor ij, wart j s not southwards 
tlic self-fin an ring productivity J* hn ur has not been helped by T} prQblen) j or Ulc Chinese 
K •«»« Stowed under the pay fSonr wnent 1 various is s ° lhnf S 


r&re& 

tm- 


^ Sunda^'meT™^ EJUS country has a mplc water but the ^ ?*»****J* “ Not at aU S 00 *” 


agents . . 


“London’s most exclusive ihlc." said one of the two 
hotel,” for two people at a mere spokosnien empowered to 
£216. handle the delicate subject r.f 

That price includes breakfast the alleged slush fund: “ " c 
and dinner but continued to stick by the rules. -• Ask the 
seem daunting even when the Inland Revenue." hP went nn. 
hold told me that it repre- adding a trifle Ira'cibljt; “There 
sented a discount of 35_per cent I s no slush fund, 
on the normal room rate. Why I asked him whether^BL pro- 
was such a discount necessary posed taking legal action over 
in the high autumn season? I a newspaper article a fortnight 
asked — only to be told that which *Heged. with the 
business was not as bright as It n3ir,f "' °f to* . Swiss h^nk 
had been in Jubilee year. accounts involved. *w-t paj 
U.S. businessmen arc staying of ■ 9n d ■'* f 

fewer nights and toe hotel wants tr l , a . '’’’’’Zotriir/alrt rsmnplj 
to 1-ncourage Us U.S. busmen of h'^ n U»/rioK and 

clients to bring their wives ln - han A e. a r < 

along for the weekend. And ™ney suppnsMiv report a. a 

what has been the response io 

an offer so hard to refuse? ’ ' . ... . 

“ Not at ati good.” 1 was tn W that BL did not 

w^h to make an announcement 
■ ■ — - ahnnt that Just now. .And was 

. IV . there any comment on the. con- 

ClSini aIlOW6Q . tents of the article? “No.” 


aide to the 


Boat 



2 per cent to the increase in iww hhi. r.T. the co.ofort of your rery own w ’to to make an announremcnT 

i.art.in«K in the oast vCdr as,,le th<? d!rp ^ an ^ indirect nor to l °o little. Bui now _ |p** in - 1 ahnnt that Just now. And was 

tanuitos in tU past ,CJr. j P ,*nrr of industrial aid. our Peking correspondent, John 0HW letting . thereanvcnmmentonthe.con- 

TUa thiimrinvnirnn Thn« measures could be Hoffmann, tells me that waters ^ ’ ’ ’ LrlailTl allOWed . tents of ’the article? “No.” 

me ulii. regarded as an acceptable price rrom !h e swoUen and wasteful nnto fatt waa . . nn . . ' 

This has ocirurrcd at a time which the rest of the community Yangtze are to be pumped dynasty’s two monarebs. While w , _ aD0 ® r 

of buoyant consumer demand in j$ prenared to pay temporarily 1.000 klometres to the thirsty Yang Di was messing about with - - nes «,orti? n t cia Mit-^UnleHAn 

the UK and at possibly around — thrnueh taxes and higher environs of Peking. boats, his Tang enemies were ^wher^brihp ra !WISC3iClll3tl0n 

toe peak of a cyclical upturn, priecs-to reduce unemolny- The scheme. China’s most using their energies to build ™ J . ^ ™ The corporate face of Toshiba 

The dc tenoral ion is shown even ment and to ea* longer-term ambitious hydro - engineering arm.es. m" ate «oen « for la ? nS n££ (UK) is still a trifle red over 





1 per cent higher than the pits- 


water is to he raised by 30 Th is will involve the re- 


trast between «riy 1971 and on t i, e efficiency of -toe labour but will ul^ onlv one-thirtieth ism hector^ n f smiwm ■ power, add-on/discount', memory 

toe end of 1873 productivity market as a whole from toe ^ the Yangtze’s flow. drained. ^mTe tollsmertat evenronS calculations.” Whatever rh e 

rose by nearly 125 per cent, apparently permanent policy of It is almost a disappointment * hi P L Lw nama Canal missions that could be looked at unities of this cunning device. 

The UK has not been alone m employment support. The result to find out that toe project, like J £! L." 1 or p'thanTb bWl5 askance in another quarter the name that appears on it in 
experiencing a sharp reduction has been to ossify existing so many larger-than-life Chinese T 7 riJirmim Man nf courae would n"t necessarily be exdo- the photograph is” caluculator” 
in -its rate of productivity structures, both directly and m- achievements, has been done Z ' ^ thP .iqnos ded — tboueh the inspectorate <sic). Toshiba tells me the alb 


in -us u-uuu anu naa ■jbcii uwiiu ... h - t Tnrr . »hp -IdtOs OOd — tDOUEh Uie lnsnectorate 

growth since 1973. With toe directly, vis the influence on before. The new waterway is «jV- n the blo^sin” of Chairman misht want proof that such pay- too-buman mistake was intro- 
exception of West Germany the attitudes of managers and to follow toe course of the his- tV.. ° meats were actual! v made, and daced .by a photographer doinu 

there has been a similar trade muon_ leaders throughout tnri c Grand Canal, dt'2 about nua 1,15 yc "* . -the name of the nersoh con- a. spot of .touching ud: “h 

phenomenon of firm or rising industry. The slow growth of AD 600 by the Sni Emperor, . — “ cerned: “ This might be a does not niatler." said a spokes- 

employment and slow output productivity m this way exposes Yang Di. tie van ted tn by able CheaD at the practical difficulty,” said a‘ map. “You cannot get this 

growth in most other major the inherent contradiction in lo travel comfortably from his W spokesman. ' model in Britain anyway" 

iiidUStriaUsed countries. This the Government 4 industrial capital at Uang.'hmv to Lnyanq nj-ice BL. formerly British l>yland. why- the advertisement? “There 

has. prompted the Organisation policy berween its short-term fo see the flowers bloom in the . . took four days to process my has lien same of mix u/nt 

for Economic Co-operation and desire to preserve jobs and the. "Pnne. He drafted a million I* is American Express -an, question of how its famous “ex head ofilce in Tokvo ’ »" up at 
Development to note that efficl- long-term goals of improving neasants to excavate toe canal, nounces. a “ Very Special Offer gratia payments” were entered . 

ency at creating inefficiency pffidency as enshrined in- the Such extravagance was soon to Indeed": no less than three on tax returns. “ Any mm mis- 

has been widespread. Britain, mduslrial strategy. . make him toe last of the Sni nights at the Carlton Tower, sion payments are tax-deduet. XJ'US&TVBIT 


phenomenon of firm or rising industry. The slow growth of AD GflO' by the Sni Emperor, . ■ 

employment and slow output product Ivity in this way exposes Yang Di„ tie wanted tn be able Ch©3Q at tHfi 

growth in most other major toe inherent contradiction in to travel comfortably from his '■’"’‘'“re at - 1,1 y* 5 

industrialised countries. This the Government's industrial capital at rangchnw'tn Lnvang rjri^P 

has. prompted the Organisation policy berween its shorr-term fo see the flowers bloom in the v ■. 


sssssgssss'ass" 

i=ta-s~asaS 

S2““ 

liferafts— WDula yours fet you down 5 Pln« a ' 

the Roimd Britain Race and all our usual 

AJI in Septembers . '• 



55p Out now’ 


. ^ 




He 











W", 

‘ i' %% 

* ^"O^Hav, 


-Financial 'Times Thursday - August 311078 


Thursday August 31 1978 


lisfsPS 





vv.' ’v^vi* 

ife' .’ : V-7‘ 

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o.v.t' -9.-V : 

* vsf* -&<■ 




yi w '£•'#>; fa? 
->.•--■••; ^ ■’ '• 







By Michael Donne 

Aerospace Correspondent 

AMONG THE most significant 
of the. aircraft manufacturing 
decisions already, taken this 
summer include that by Airbus 
Industrie, the European con- 
sortium building the increas- 
ingly successful ' A-300 Airbus, 
to launch the hew A-310, .200- 
seater version, ba<3c&d with sub- 
stantial ' orders from such air- 
lines as Air France, Lufthansa 
' and Swissair, with options from 
such U.S. airlines as Eastern. 
The launch- of the 3t0 -was 
swiftly followed by the decision 
of United Air Lines of the UJ3. 
to buy the Boeing 767 twin- 
engined airliner, effectively also 
launching that programme on to 
world markets and providing 
Airbus Industrie with a power- 
ful competitor.. \ 

More recently, -Lockheed of 
the U.S. has made it clear that 
it is also in the battle for The 
big “ 200-seater markets " of the 
future., with the Dash 400 ver- 
sion of the TriStar. but 
McDonneli Douglas of the U.S. 
has decided not to compete in 
this section of the 'market, and 
has shelved its original DC-&200 
design, preferring instead to 
concentrate on its plans in other 
areas, including tire continued 
development of its highly 
successful DC-9 series, further 
versions 1 of the DC-10, and 
development of .the sbort-to- 
medium range Advanced Tech- 
nology Medium Range (ATHR) 
transport. 

These decisions are likely to 
be supplemented soon by 
further major developments. 
Britain has been discussing at 
government levei with France 
and West Germany for several 
months the terms for a UK 
resumption of membership of 
the European Airbus Industrie 
consortium, to help develop the. 
A-3JO. . This .also .carries with 


This has been a dramatic summer for the world’s aerospace and airline 
industries, and they go to this year’s Famborough Air. Display conscious that the 
decisions already taken 1 and those that are likely before the end of the year will reshape 
the. manufacturing and' operating sides of world aviation for the rest of the century. , 


it the longer-term question of 
whether ~ the . European con- 
sortium will , develop- a new 
series of short-to-medium- range 
airliners in what" is called the 
Joint European Transport- (JET) 
programme, and - whether . the 
UK -would also -share in. such 
developments. These latter air- 
craft would be competitive, with 
twdmajoryMtar^pr&poSied. in 
the’ - U-S.- 1 ' j twiB^ngined 
Boeing ‘767: and'the- 'MsEiwineH 
Douglas^ ATMR—iir either of 
which Britain could have a stake 
if it did- not wish to participate 
in the JET programme. 

At the same time, formal 
Government approval for -the 
development of several .new 
Rolls-Royce -aero-engines- . is 
awaited— the Dash 533 version 
of the RB-211 which, is on offer 
for both- the 757 aud ATMR 
ventures, and the. proposed 
RB-432 “ Spey replacement "and 
the smaller KB401 engine for 
the nest generation of business 
jets and other light' transi»rts. 
All of these engines are ofyital 
significance for the longterm 
future of Rolls-Royce in Mprid 
aero-engine markets. 


Approval 


These are not the only actual 
nr potential developments - this 
summer on the aerospace manu- 
facturing scene. In Britain the 
Government has given approval 
for British Aerospace to launch 
the £250m Type 146 “ feeder- 
lioeri" at the same time giving- 


British Airways pentiission, to 
buy 19. Boeing 737 short-haul 
jet airliners for the immediate 
replacement of • Its -ageitig 
Trident Ones and .Ttyios, .and' 
One-Elevens in .it? fleet, - with 
the additional" requirement that- 
the airline also negotiates with 
British Aerospace for purchase 
of between '.^hree «ind 
One-Elevens^ ' - ’ 

While thi sr latter <ie cisidh .may" 
ha^e appeared -py-be V blovr to ' 
the longer-term -prospects of the. 
One-Eleven, that aircraft in f act 
now has a. secure future as a 
result '. of the ' deal ■ between 
British ‘Aerospace and Romania 
for the eventual provision of up 
to 80 aircraft for the latter over 
the next .15 years, 6f . which 
tnost writ, be buUt under licence 
in Romania, while 1 British. Aero- 
space is also now exploring the 
prospect of a. major One-Eleven 
deal with Japan, also involving 
some manufacturing' under 
licence . there. 

The main ; - reason for this 
flurry of - activity- in- the aero- 
space manufacturing scene is 
the realisation that 'the world's 
airlines are now moving closer 
to a period of major re- 
equipment with new aircraft, as 
a result both of a recovery in 
the rate of growth of world air 
traffic, and new government de- 
cisions In the U.S.. and else- 
where that have .tightened up 
noise regulations in such as way 
a* would make many of the air- 
lines’ eri-vting ' fleets unaccept- 


able at major airports in the 
mid-1980s. This situation has 
coincided with the fact that 
many of the existing short-to- 
medinm haul jets are ageing 
anyway, and are becoming in- 
creasingly expensive to run as 
fuel costs rise. The net effect 
of all these factors is the seed 
to replace the fleets. 


Outlays 


This re-equipment tide that is 
just about to flow through the 
world’s airlines is expected to 
involve outlays of some £40bn 
up to the mid-1980s on about 
3,000 or more airliners. While 
this demand will be spread 
across the entire spectrum of 
types, from the existing Boeing 
747 Jumbo jets down to the 
small feeder-liners of the 146 
type, most of the demand 
seems likely to occur in the 
shart-to-ipedium haul field, 
which is Why there is so much 
emphasiS on the new generation 
of 2Q0-5eaters and smaller ISO- 
186 seaters’ Thus, the manu- 
facturers are heading for a 
sales bonanza- that could rival, 
if not exceed, the inflow of tbe 
new generation of jets that re- 
placed the piston-engined and 
turbo-propeller era of the mid 
to late 1950s. 

The genera] belief is that this 
reequipment tide is likely to, be 
swift and that within a little 
more than five years or so, a 
substantial proportion of the 
orders.for the rest of this cen- 


tury will have been placed as 
airhhes scramble for places in 
tiij* delivery queues so as not to 
beT left at a competitive dis- 
advantage, or without adequate 
ngy? equipment in 1985-86 when 
the J '’iiaew noise regulations 
bBCdiah.; effective and render 
obsolete much of todays fleets. 
Tbes&atfter. there ' will be 'a 
rate of growth, hot 
HsfcttgB^less sales should remain 
at. 't Seasonably . high levels 
through the rest of the 1980s 
and lnt'6 the 1990s, if traffic 
growth continues' at even an 
average of 6 to 8 per cent a year. 

But if as a result of traffic 
growth, and new governmental 
regulations that will enforce 
fleet obsolescence, the manufac- 
turers seem headed for A long 
pOriodpf good business, the air- 
Upes themselves have some con- 
siderable problems to overcome. 
Among these is the mounting 
pressure' from the public for 
eVrr-chbaper air fares— as 
evidenced by the undoubted 
popularity this past summer of 
such cheap-rate fares os Sir 
Freddie - -Laker’s Skytrain and 
the competitive scheduled air- 
lines Stand-by and Budget Plan 
fares. But while these cheap 
rates have been popnlar with 
the public, there is still some 
doubt as to their impact on air- 
line profits, especially on inter- 
national routes such as the 
North Atlantic. 

While inside the U.S. there 
seems to he little doubt that tbe 
rapid spread of cheap fares has 


improved, load factors and con- 
tributed to profitability this 
past summer, on .the 'inter- 
national routes a much greater 
degree -of caution prevails and 
most airlines flying the North 
Atlantic believe that there is 
danger in pushing the cheap- 
fares revolution too far too fast 
and they are not yet prepared 
to admit ^ttxat cheap -rajes’ are 
generating new traffic; a nil thus 
profits, by filling seats that 
would otherwise remain empty. 

The exception to this is un- 
doubtedly tile Skytrain. which 
has been a resounding success 
in terms of full aircraft long- 
queues of would-be cheap fare 
travellers outside Victoria. 
Station in London and profits 
in Sir Freddie Laker's balance 
sheet. So strongly has the idea 
of Skytrain prevailed that the 
U.K. Government felt con- 
strained recently to uphold the 
earlier Civil Aviation Authority 
decision to award Laker Air- 
ways another Skytrain route,, to 
Los Angeles. 

While this cheap-faro revolu- 
tion has been in progress a 
quieter revolution, but a revolu- 
tion nonetheless, has been . in 
progress within, the scheduled 
airline industry itself, with a 
radical revision of the regula- 
tions of the world’s airline 
“ Parliament *’ — the Inter- 
national Air Transport Associa- 
tion— designed to enable the 
scheduled airlines to cope more 
effectively with rapidly chang- 


from higher profits that the air- 

1 ' lines will be able to meet the 

re-equipment bills that they 

_ know they are going, to. face in 

7 the 7 -years immediately ahead. 

While there is currently much 
preoccupation with the civil 
aerospace scene, the military 
. ./aichrdTt picture' is. also bright. 
Despite efforts by the U.S. to 
de-escaiatc the arms race. 
.... demand for jmiiitary aircraft 
7 ,worid-wide remains strong, and 
^ .in NATO alone there is consider- 
able-: pressure to build up com- 
bat aircraft forces particularly 
to counter the current NATO 
Imbalance against Warsaw Pact 
■ of 2.4 to 1. In Western Europe. 

\ ■ * production of the General 

; Dynamics F-16 is building up 

" rapidly, while the Anglo-West- 

>■* German-Italian Panavia Tor- 
. • . nadn is in full production to 

l rCSllSlDC meet an even™* 1 requirement 

_ for 809 aircraft. 

m+iirt 7 Beyond the Tornado, work in 

^11 LUXy* ■ Britain is under way on the 

evolution of a new advanced 
. .... ... v . . tactical combat aircraft, in- 

ing. conditions in. the market tended as a replacement for the 
place. • -• Jaguar jet strike-trainer and 

■p„w 5 r Harrier vertical take-off aircraft 

nf Pe /h h ^ vlv ^ significant in th(J late 1980s known at pre . 

- D ^ eS i are lh ^ e sent only as Air Staff Target 

x 403. This is eventually likely 

^ . **1. 3 . n< ^ to be a major international 

tha d, h 0Tt w ° f in service collaborative venture, involving 

?earJ Several hundreds of aircraft and 

‘ jj j costing several billion pounds in 

hSnt ^arch, development and 

eniern'fnpn*! of *h° a'Vi»n‘ quantity production. Current 

governments "of the airlines con- rv . S' . . 

cerned— has come from the 'nnnit t n m Iff n 1 !!^ I 

governments themselves ^ sign concept to meet not only 

Lt least the U.S. Government. 
which have shown themselves ^, nDefuIlv a,s0 ^ ose 
increasingly iin patient with the ^ ur °P pan countries which might 
cumbersome procedures. ? ave . a reoiiireroent for a simi- 

lar aircraft in a similar time- 
These changes are still being scale, thereby enabling an 
discussed inside LATA, but they international collaborative pro- 
are expected to be finalised this gramme to get under way. 
autumn, and to go fo govern- Also in the military field, 
ni'ents For approval later this Westland Aircraft of Yeovil, is 
year or early next,- -with full preparing a new design for the 
implementation expected next replacement of the big Sea King 
summer. If they fulfli the hopes helicopter for the late .1980s, 
of many of tbe world’s major known as the WG-34. Here 
airlines. • they should: revolu- again, a major programme is en- 
tionise the competitive- ability of visaged. with international col- 
the scheduled operators, and labnration being sought from 
help give an impetus to traffic the start so as to ensure the 
growth, which in ttmi is likely widest possible market and the 
to stimulate demand for new air- greatest spread of the costs 
eraft equipment in the period burden. 

immediately ahead. The big Apart from all these con- 
worry behind all this is that siderations. there are some 
tbe airlines do not know just other major long-term areas of 
how far this new era of cheap vital significance for the UK 
fares win go. and whether aerospace industry' that the 
greater competition is likely to Government needed to consider 
generate traffic growth, and thus in planning future programmes, 
stimulate profits— for it- is only Of especial significance in 
CONTINUED ON NEXT PAGE 




means business . 






w'V*% V 


^'.'Westland. -l.yrpC"Sea' King, Command^ and .Gazelle • are 
production for NATO "countries arid the armed forces of the world! Lynx, 
designed by Westland and built with European collaboration, the world's fastest 
helicopter with a hingeless rotor system, has been ordered by 1 2 countries. 

New business includes a large new military helicopter and a second generation 
remotely piloted helicopter.: '' 






novercran British Hovercraft Corporation hovercraft have carried over 
20 million passengers and completed 300,000 hours of operation in 50 countries. A 
The SUPER 4, now in service, is the largest passenger hovercraft in the world and ft 
carries up to 60 cars and 416 passengers across the Channel in half an hour. gl 


OySTCII IS engineering Normalair-Garrett is the European 
leader in environmental control, hydraulic, pneumatic and life-support systems 
fdr aircraft, submarines and fighting vehicles. 

Experimental & Electronic Laboratories and F.P.T. Industries Limited are specialists 
in the design, testing and manufacture of emergency flotation equipment and 
crash-proof fuel systems for the aerospace industry worldwide. 






Westland Aircraft Limited England 


The Queen's A ward to Industry has been won 7 times by Companies in the West/and Group 




16 


FifcmefeT Jitaes TfiarsS&y ’Attgust 3X;33?S’ 


AEROSPACE n 


New name 





ONE OF the major changes that 
will be apparent to all the visi- 
tors at this year's Farnborbugh 
air display will be the emer- 
gence of a new name, British 
Aerospace, in place of several 
famous names that have 
'dominated the show for many 
years past — British' Aircraft 
Corporation, Hawker Siddeley 
Aviation. Hawker Siddeley 
Dynamics and Scottish Aviation. 
These companies have now been 
nationalised, and. their indi- 
vidual identities merged into 
that of the new organisation, 
which now represents the big- 
gest single entity in UK civil 
and military a tr frame, -guided 
weapons and space research 
affairs. 

It. is important, however, to 
make that distinction, for 
although - British Aerospace, 
with nearly 69,000 employees, 
is a dominant voice, it does not 
represent the entire UK aero- 
space industry. Operating inde- 
pendently of British Aerospace, 
under the separate aegis of the 
National Enterprise Board, is 
the State-owned Rolls-Royce, 
with close on . 60,000 workers 
and a turnover of over £700m 
last year, of which £318m. were 
in exports. In addition, .the UK 
aerospace industry ' includes 
Short Brothers and Harland, the 
lluht transport aircraft, missiles 
and general aviation engineer- 
ing company of Belfast with 
about 7,000 workers, now also 
state-owned but operating 
under the aegis of the Northern 
Ireland Government. 

Totally independent of these 
State-owned organisations, how- 
ever. there are many private- 
enterprise companies. Promi- 
nent m the manufacturing Held 
is the Westland Aircraft Group 
of Yeovil, which includes West- 
land Helicopters and the British 
Hovercraft Corporation as well 
as the specialist engineering 
company. Normalair-Garrett. A 


smaller, independent light 
transport aircraft manufacturer 
is Britten-Norman (Bembridge) 
of the Isle of Wight, building 
the Islander and Trislander air- 
craft. and which is- now being 
taken over by PilatusFlugzeug- 
werfce. of Stans, near Lucerne, 
Switzerland, which is part of 
the Oerlikon-Buhrfe group. 


Supporting 


In addition to these direct 
manufacturers of aircraft, mis- 
siles, hovercraft, helicopters 
and space equipment, at least 
another 60,000 workers in the 
industry are employed in the 
equipments, components, sys- 
tems and other ancillary fields 
directly, supporting the air- 
frame, engine and missile 
manufacturers,- through such 
major private enterprise groups 
as the Dowty Group, GEC- 
Marconi . Electronics. Group. 
Lucas Aerospace, the Plessey 
Group and Smiths Industries, 
with Ferranti also a major con- 
tributor but which is now a 
subsidiary of the - National 
Enterprise Board. 

Collectively, all these com- 
panies comprise the UK aero- 
space industry, which with a 
total of close on 190,000 em- 
ployees, and a turnover well in 
excess of £3hn a year, is the 
second biggest aerospace indus- 
try in the Western world, after 
that of the U.S. The industry's 
collective exports continue to 
run at record levels, and for 
the first six months of this 
yeaT they amounted to more 
than £500 m. indicating that for 
the year as a whole they are 
likely once again to exceed the 
£lbn figure. 

So far as British Aerospace 
itself is concerned, the group as 
a whole achieved in its' first 
year of operation up to Decem- 


ber 31. 1977 (which -included 
results for individual companies 
in the three months immediately 
prior to Vesting Day in April), 
total sales .of £860m, of which 
62 per cent, or £536m were in 
exports. The trading profit of 
the group amounted to £65m, 
with a profit after tax of £29m, 
representing a return of 8 per 
cent on sales. Orders in hand at 
the end of the year amounted 
to £2 ,283m. 

These are 'the bald -facts 
behind the initial performance 
of the nationalised aerospace 
industry. While some of the 
credit for it can go to the newly- 
established Board of British 
Aerospace, under the chairman- 
ship of Lord Beswick, much of 
the foundation for the financial 
success of 1977 was, of course, 
laid a long time' before, while 
the constitutents of the new 
group were still independent It 
is now the main task of Lord 
Beswick and his team to build 
on the foundations laid by their 
predecessor Boards- In ' the 
original companies. 

Much of the first year's 
activity of the new. group has 
been dominated by reorganisa- 
tion, without interrupting the 
flow of work in civil and mili- 
tary aircraft, guided weapons 
and space research upon which 
the group depends for its future. 
The day to day operational 
responsibility inside British 
Aerospace is now delegated to 
two groups — the Aircraft Group, 
responsible for all civil and 
military aircraft work, and the 
Dynamics Group, responsible 
for space research and guided 
weapons. 

Below these two groups, re- 
sponsibility is further delegated 
to divisions formed partly on 
the basis of geographical con- 
venience and partly on func- 
tional or product factors. The 


s - 7 ’ v '•* •’ 7 v 7 7 .-. ] 



Although production of Concorde is now nearing completion, the arcraft will remain in service for many years until a 

generation” supersonic airliner emerges, perhaps in the 1990s. 


second 


aim of Lord Beswick and his 
team is to encourage the maxi- 
mum of local initiative whilst 
securing the benefits of corpor- 
ate strength and overall utilisa- 
tion of resources. The group as a 
whole has 23 factories through- 
out the UK, with 11 airfields. 
Since the Second World War. 
it has bailt no less than 224.000 
civil and -military aircraft of all 
kinds, from Concorde super- 
sonic airliners down & small 
Bulldog light basic trainers. 

Military aircraft currently in 
production include the Harrier 
vertical take-off fiighter; the 


Tornado multi-role combat air- 
craft: the Jaguar jet strike- 
trainer and the Hawk basic 
trainer and light combat air- 
craft Givil types in production 
include the last of the Con- 
cordes; wings for the European 
A-300 Airbus; and full produc- 
tion of the HS-748 feeder-liner; 
the HS-125 executive jet and the 
One-Eleven twin-engined jet air- 
liner. The last. Trident has left 
the production line at' Hatfield; 
but its place is about to be 
taken by the 146 feeder-liner, 
discussed later. 

The contract for work on the 


Plessey: an i 


in aerospace 


From long-range three-dimensional 
radar to a service which helps plan 
maintenance programmes against an 
optimum time scale - Plessey is 
contributing to aerospace development 
around the world. 

Current projects range from electronic 
countermeasure systems to extensive 
airfield development programmes. 

The ever more demanding technical 
and performance requirements of the 
world's civil and military aviation markets 
are being met in such diverse fields as 
mechanical components and weather 
radars; weapon systems and actuation; fuel 
management and radio communications; 
generation systems and avionics; aircraft 
landing systems and data processing. 

Visit Plessey on stands N5 and U13 at 
Famborough. 


Q PLESSEY GROUP 



wings for the European A-300 
Airbus, is a particularly signifi- 
cant development for British 
Aerospace. With firm orders for 
over 108 aircraft; and options 
on more thaH 50 aircraft, the 
Airbus is selling exceptionally 
well. British Aerospace not only 
provides wing-sets for the B-2 
and B*4 versions of the aircraft, 
but also has a design consultancy 
and support role. The Hatficld- 
Chester Division -has so far 
delivered more than 80 sets of 
wings to Europe for completion 
in Bremen and final assembly in 
Toulouse. In addition, British 
Aerospace has provided design 
services and marketing, product 
and flight-test support, and the 
whole venture has been worth 
over £200m. Five British Aero- 
space factories are involved 
(Hatfield, Chester. Brough, Man- 
chester and Hamble) and 
around 2.000 design, administra- 
tive and production personnel 
are employed in this increas- 
ingly successful and profitable 
programme. 

Among guided missiles in pro- 
duction or development are the 
Rapier anti-aircraft missile; the 
Seawolf ship-borne point 
defence guided missile; the Sky- 
Flash air-to-air weapon; the 
Swingfire anti-tank missile: the 
Martel air-to-surface tactical 
strike missile; the SRAAM short- 
range close-combat air-to-air 
weapon: the Sea Skua light- 
weight anti-ship missile system, 
and the Lahd'and Sea-Dart area 
defence system against high and 
low flying aircraft- 


Satellites 


The Plessey Company Limited 
Ilford, Essex, United Kingdom IG1 4AQ 


Space activities include a wide 
range of satellites for both 
scientific research and commer- 
cial applications, including the 
Marots maxtime communications 
satellite for- the European Space 
Agency (as part of the Euro- 
pean MESH consortium); the 
[Intelsat rVA series of satellites 
(under contract to Hughes Air- 
craft of the U.S.): and (as prime 
contractor) the recent European 
Space Agency's GEOS-2 scienti- 
fic satellite. 

A major contribution to the 
group's business is now also 
being made -by the sale of 
expertise to foreign, countries 
under what are called “ defence 
support contracts.” -whereby 
both specialist advice and hard- 
ware is made available in 
package deals ” worth in some 
cases several hundreds of mil- 
lions of pounds. Examples of 
tbis include the deals with 
Saudi Arabia, wbereby the 


original British Aircraft Cor- 
poration took responsibility for 
tKe pilot and ground crew train- 
ing of the Royal Saudi Air 
Force, for the maintenance and 
support of aircraft, for develop- 
ing and operating ab efficient 
supply system, and for the con- 
struction and maintenance of 
buildings and plant. A big 
follow-on contract- was signed 
some months ago with British 
Aerospace, and now there are 
some 2,000 British Aerospace 
personnel in Saudi Arabia, in 
addition to another 2,000 com- 
prising local labour and sub- 
contractors’ staff. Furthermore, 
as a result of contracts awarded 
in- 1974 by the Omani Govern- 
ment to BAC for Jaguar strike 
aircraft. One-EIevcn jet trans- 
ports and Rapier air-defence 
-missiles, further contracts have 
been signed for British Aero- 
space to manage a comprehen- 
sive modern air defence system 
for Oman. 

7 While much interest is 
'currently being shown in the 
.civil airliner manufacturing 
side of .the British Aerospace 
groups activities, and especi- 
ally in the question of a share 
in developing' a new short-to- 
medium range civil aircraft for 
the big markets of the future, 
it is a fact that the bulk of 
the '• group's activities lie 
currently in the military, 
guided -weapons and space 
fields, accounting for up to 
about 70 to 75 per cent of total 
current turnover. On the civil 
side, much of the slack that was 
being generated by the run- 
down of some major pro- 
grammes of the past, such as 
Concordes and Tridents, can 
now be expected to be taken up 
by the 146 feeder-liner pro- 
gramme, and the continuation 
of the One-Eleven production 
through the recently-signed 
Romanian agreement 
The latter provides for the 
licensed production of 80-plus 
One-Eleven twin-engined air- 
liners over the next 15 years. 
The programme, worth many 
millions ■of pounds in exports 
to Britain, will move in phases 
towards the eventual complete 
assembly of One-Elevens under 
licence in Romania in parallel 
with production in the Bristol, 
Weybridge and. Hiirn factories 
of „ British Aerospace. Over 
£l00m of the agreement is also 
concerned with the joint manu- 
facture of 225 Rolls-Royce Spey 
engines which power the One- 
Eleven. Eventually,, about half 
the Spey parts will be produced 
in Romania. The programme 
will begin with three One- 


Elevens ordered from British 
Aerospace, and then continue 
on a reducing scale of UK- 
supplied parts in seven stages 
for the first 22 aircraFt. The 
industrial transfer will be com- 
pleted by 1985, and thereafter 
manufacture of complete air- 
craft will continue in Romania 
at the rate of six aircraft a 
year into the 1990s. About halE 
the total output will be for 
Romanian domestic use and the 
remainder for external markets. 
Eventually, customers will be 
able to buy identical One- 
Elevens from both Britain or 
Romania. 


Versions 


The other major development 
with long-term importance for 
Brutish Aerospace was the 
Government approval this sum- 
mer for the full-scale develop- 
ment and production of tile 
original Hawker Siddeley 
HS-146 four-engined short-haul 
feeder-liner, now known as the 
British Aerospace 146. This 
£2 50m programme envisages 
two civil versions of the aircraft 
being built (with some foreign 
participation in manufacture), 
the Series One model seating 
70 to 90 passengers and the 
Series Two which will- he- a 
little larger, seating 80 to 109 
passengers. A military version 
of the aircraft 'is also mooted. 
The engines will be provided 
by Avco Lycoming of the U.5. 
The aim by British Aerospace 
is to fly the prototype in 1080 
and -to have aircraft available 
for delivery from 1981-452. The 
group is hopeful that it can 
win orders eventually for"up to 
350 of these aircraft, out of an 
estimated total market of about 
1,200 aircraft in the broad 
“feeder-liner” category, it is 
likely to be an arena of fierce 
competition, however, for many 
second-hand existing twin-jot 
airliners of the One-Eleven, 
Boeing 737 and McDonneU 
Douglas DC-9 category will find 
their way into this market as 
their original owners, equipping 
with bigger aircraft, pass their 
oWer jets on down the line to 
s ma-Her operators in the Third 
World. • Nevertheless, British 
Aerospace remains convinced 
•that it 'can find a market and 
‘its salesmen are on tihe road 
already, with the hope of some 
con tracts before the end of this 
year. 


Michael Donne 


Growth 


CONTINUED FROM PREVIOUS PAGE 


calculating the future strategy 
[ for British Aerospace and Rolls- 
Royce is the volume of invest- 
ment required. ' 

The programmes currently 
envisaged collectively are likely 
to account for investment of 
jraore than £lbn — the 146 alone 
will account for £2 50m, any 
share in the Airbus A-310 for 
more than £200m, with over 
another £200m for a share of 
any smaller short*to-medium 
range aircraft io the JET/ 
ATMR/757 category, while the 
Rolls-Royce RB-2U-53S engine 
will cost over £250m, and with 
at least a further £2Q0m needed 
for the RB-432 “ Spey Replace- 
ment ” for One-Eleven develop- 
ments and the RB-461 engine 
for smaller aircraft. Much of 
this investment Will be gener- 
ated internally' by the industry 
itself, but nonetheless the 
Government faces a major aero- 
space spending programme. 

With investment- of this 
magnitude at stake, it is impera- 
tive that the TJK ■ industry is 
steered- along the most potenti- 
ally profitable lines; Over 
recent months, however, there 
have been strong indications 


that the three major elements 
In UK aviation— British Aero- 
space, Rolls-Royce and British 
Airways-^have been speaking 
with disparate voices, with 
British Aerospace anxious to 
link with Europe, and Rolls- 
Royce and British Airways 
anxious to link with Boeing on 
the 757- venture. This has un- 
doubtedly delayed decisions on 
future policy. 


Harmonise 


What is clear is that there is 
a need for some machinery that 
could try to harmonise these 
disparate views well in advance 
of Government international 
negotiations on policy, so that 
a coherent programme can be 
developed without delay. A 
Central Aerospace Policy Co- 
ordinating Committee, for 
example, ought well be estab- 
lished that would in no- way 
interfere with the day-to-day 
running of British Airways. 
Rolls-Royce, British Aerospace 
and the rest of the industry. 

But it could harmonise their 
views, together with those of 


the Government through the De- 
partments of Industry, Trade, 
Treasury and Foreign Office, 
and those of other elements in 
Jr . aviation, including the Civil 
Aviation Authority and even the 
Ujntral Policy Review Staff (the 
think tank") itself. i n this 
w * y J? n E-tenn coherent policy 
objectives could be formulated 
often well in advance of emer* 
mg market trends, and an over- 
all uk aerospace policy laid 
much In the same way 
the former Transport Air- 
craft Requirements Committee 

of the late 1940s and 1950s 
lay 1110 groundwork for 
the Viscount, Comet, and other 
early post-war civil aircraft, 

A similar kind of loon-tcim 
strategic body has been set up 
this summer to consider future 

anrtTi p ? licy in ^ country, 
18 e s ver ? reason why 'a 

ShTt!f? aaisa !i on ’ sma11 * nd 

fcmt. could be employed 
to solve problems, in aerospace 
SJkZ anse ’ orating much oF 
the indecision and divergencies 

have characterised 
2 * aerospace scene not 
only this summer but also for 
years past - 





""“TV 





\ 







PSy£~ -T, . ■ 





H8ha3ti£8[ Tisms Thursday August 31 1978 


AEROSPACE HI 


Engine makers gear 
up for battle 

WITH THE long-awaited re- begin negotiations to tween 25,000 and 85,000 lt>s — of short-to-medium range jets- least a part of this ran it has 
equipment lade now on the verge “strengthen” the international which means that they will be All of these UK and U.S. been workine fnr some tim*. on 
of flowing through the world’s export credit understandings, in- capable of competing with the power-plants are designed to be engines the rb- 4 oi an h 
airline and aerospace industries, eluding those dealing with air- Franeo-U.S. CFM-56 at the lower ultra-quiet, so as to meet the 

tne major aeroengine manufac- frame and engine exports from end of the scale, and both the increasingly stringent noise TZS!*' in th/Tienon ik nC * 
II!r» rS K are ge ™8 “P for wha t Europe to the U,S. He suggested RB-211-535 and General Electric requirements that will become HoS? it thmidi 
mllial “22 ? , « blggest com ' that M otter countries did not CF6 Series at the upper end. mandatory at many world a* “ffil ScthS? b?? Srav 
mercud struggle they have seen agree on export credit re- Initially, development work has ports in the mid-1980s. They are replacement engine for toe 
for mam’ years, to win srrainfe rho ti-s might j e replacement engine tor tne 




mM 





’* yea ^’ ^ s train ts, the OS. might be begun on a power-plant sized at also designed for improved fuel fSure, suitable for*a new twin 6 

contracts for the forced to retaliate. This implied 32.000 lbs takeoff thrust, desig- efficiency in a period when fuel aSSd^SS/S to 100J20 

ZZ J£?i l° n 2 je, -L now ‘h™ 21 <* retaliation, liowever, is rated JT-IOD-132, with certifica- costs are expected to continue as weU as lor 

25Hfiy toe airframe not detemng the European air- tion planned for December, to rise and when energy-saving SJKninB carat afrcrSt 

builders project offices. craft and engine manufacturers I98L This engine is specifically programmes will become major S2dasI S 1 " rcraft ,n 

For with only very few excep- ^“.continuing tiieir ounpaigiis aimed also at the Boeing 757 and social and political issues in Below 
tions, all the new-geneS to wa sales m *• “■ ™ ^crafL Pratt and Whitney many countries. . to*™* 

airframes being proposed on Another factor in the current “ undertaking to® bl J? k ?, f ^ T>1„„ programme to develop ’an 

both sides of the Atlantic are engine scene is that because of work OD new family of Pja ilS engine' starting at about 5 100 

being offered with a choice of the high cost of developing &ni . . lbs thrust that would be suitable 

engines. This is deliberate entirely new jet engines, the »t is an international collabo- But apart from concentrating no t only for business jets hut 
policy on the part of the air- trend is more and more towards rat ^ v ® venture, with Motoren- much of its existing and also for a wide range of military 
frame manufacturers, as a means the evolution of “ families " of 4 Dd ’ Turb ^ en . Union of West prospective resources on the projects, such as ground attack 
of widening their eventual sales, engines. All three of the Germany having about 13 per development of new versions of 0 r light trainer aircraft or even 
It represents a significant “-giant” manufacturers, have u£ the work and Fiat of the RB-211, Rolls-Royce has remotely-piloted vehicles. The 
change from the days when an taken their basic big-thrust per „ ce j - • pIans *°r °, ther ncw engines to engine is designed to have 40 

airframe maker chose one aero- engines, -origin ally developed Ttle toird contender in this meet a variety of new civil air- per cent better fuel consump- 
engine partner, and stayed with tor the first-geoeration wide- category of powerplants is frame opportunities that are tion than engines which power 
him throughout the life of his bodied jets, and are developing the General EIectiicCF6-32, a likely to arise in the near the first-generation of business 
aircraft programme. Today, them both upwards in power derivative of the CF6 series of future. The company has for jets. Both the RB-403 and 
however, the airframe maker into the 50,00(^60,000 lbs mark, engines already widely used in long been aware that it has a RB432 engines have been 




iSS 




gg§ 

1111 


as possible a variety of power- possible spectrum of airframes Dash 32 engine js also being the lower - end of the RB-211, 
plants capable of achieving the an d range-payload performances aUPed at the new generation the Dash 535 engine. To fill at 
range-payload targets he has toat toe manufacturers and the i“" 'mamm mm 


M.D. 


Production at Rolls-Royce Derby of the 4S,000-lb thrust RB-2 11-524 engines 
selected by Pan American World Airways to -power the Lockheed TriStar airliners 

it has on order. 


Brands 


This competition between the 


set himself. airline customers may desire. 

For the new generation of 
Brands short-to-medium range jets now 

i/iuuuo on Qgg,. or p r0 p 0S ed, the choice 

This is already resulting in of engine is being left absolutely 
some major types flying the 10 toe customer airline. Prob- 
world routes with ‘different ab iy- toe only significant 
brands of engine— the Boeing “Option to &is broad rule of 
747 Jumbo jet. for example, uses you waat il » you can. have 
all three of the “big thrust ” ,t »” is in toe proposed Joint 
engines, the Rolls-Royce RB-211 European Transport l JET) pro- 
the General Electric CFB Scries S ramme ’ where toe various 
and the Pratt and Whitney V0rsit>n * of toe twin-jet airliner 
JT-9D. It is also resulting m P lanne d in this series are being 
some bitterly contested battles specified at least initially with 
, tor engine contracts. The Rolls- ** new genera ™“ 

Royce RB-211, for example, (Snecma-General Electric^ CFM- 

although the original “ launch ^ eOoine. 
engine " for the Lockheed One immediate result of this 
TriStar. had to fight hard to win wide availability of choice is 
the contract this summer from that the airlines which already 
Pan American for the engines have a specific manufacturer s’ 
in that airline's new fleet of 12 engines in their existing .fleets 
long-range Dash oOO TriStars, of first-generation wide-bodied 
for Pan Am closely studied all jets, will also be able to specify 
three possible engine-airirame derivatives of those same power- 
combinations before deciding plants for any of the new- 
that the RB-211's performance generation airframes now 
justified it in departing from coming forward. This applies to 
its long-standing commitment to toe 200-seat A-310 on offer from 
engines from Pratt and Whitney. Airbus Industrie as well as the 

bigger B-2 and B-4 versions of 
t In that particular competition. ^ Airbus; t0 ^ Boeing 767 

Rlnie fi S a ^ nS i t '! 1 T S by twin-jet airliner, now formally 

Ro ls-Rojce played a sigruhcam i aunc hed with the big order for 
Sf'to winning the contract 30 aircraft from United Air 
for the RB-211. and it is becom- Lines; to the Boeing 777 tri-jet; 
mg a new fact of life in the a nd to most'of the other designs 
commercial aircraft and aero- on 0 ff er in the smaller 130-180 
engine market worldwide that grater category, such as the 
where competing projects are proposed Boeing 757 twin-jet 
balanced on a knife-edge so far and ^ McDonnell Douglas 
as performance is concerned. Advanced Technology Medium 
the order may well bo won by Range ( aTMR) programme, 
the project whose maker can 
offer the best long-term financial Erprpp 
arrangements. The UK aud 

European manufacturers have m. - 

quicklj’ latched on to this situa- th l ^ £££ 
con, and it is likely that finance ScEwot^S STfaeTme 
win conimue to play as much a SJTJJ £. Ind ^me 
“ performance m settling substantial sums have been, 

H e e ” n,e “ S . tia ‘ »<> still ate betas spent by 
i au«.aa. the engine builders to perfect 

There has been some criti- toeir entries for the battles now 
cism in U.S. political circles shaping up in world markets, 
recently of the 'way in which In the UK, Rolls-Royce is 
airframe and engine deals won already strongly placed with the 
by European companies in the RB-211, which in its Dash 22 
U.S. market have been sup- a'hd Dash 524 versions has 
ported by government or other already won a considerable 
financial guarantees. The impli- reputation in both the Lockheed 
cation is that some .of these TriStar and, with the Dash 524, 
deals have been won unfairly also in the Boeing 747. Now, a 
by the Europeans. This, of new version of the engine, the 
course, is nonsense. The OS. Dash 535, is under development, 
aerospace industry itself has aimed at a thrust level between 
for Jong recognised that Euro- 304)00 and 36,000 lbs thrust, 
pean and UK airframe and en- thereby widening the sales 
ginc products are of first-class opportunities of the RB-211- 
quality, and that where those This version of the RB-211 
programmes have been sup- has been designed to meet the 
ported by Government develop- need for a fuel-efficient quiet 
ment money, it is only natural and economic engine for the 
that Governments should help new generation of medium-sized 
to underwrite sales. Moreover, airliners proposed for service in 
with the U4S. industry itself al- the mid-1980s, and in particular 
ready possessing more than 80 the proposed Boeing 757 twin- 
per cent of the Western world's engined and 777 three-engined 
air transport markets, it cannot jets. As a “derivative” engine, 
complain if some European the Dash 535 retains the proven 
counter-attack is launched to advantage of the RB-211, but 
win back some of the ground has lower launch and introduc- 
lost 6ver the past 25 years or tory costs than a totally new 
more. Nevertheless, both the design. It has a low fuel con- 
engine and airframe makers on sumption, and a thrust-to- weight 
this side of the Atlantic arc well ratio up to 16 per cent better 
aware that the political ground- than for the earlier Dash 23B 
swell caused by the European version of the engine, 
victories in the U-S. market (the A amount of develop- 

Airous sale io Air ment work has already been 

Lines, for example, and. the done on ^ at Rolls-Royce's Derby 
Roils-powered TriSiam for Pan Iaclory and Rolls-Royce is work- 
Ara) may result in moves to j^g closely with Boeing of the 
block such sales in fu lure on the u s t0 offer ^e engine as a 
exu-jjtw. oi “unfair comoen- prospective •’ launch engine " in 
two-' the 757 twin-engined aircraft 

Earlier this summer, for which Boeing is planning as 
example, a U.S. Treasury official Part of its new family of jets 
involved in international trade tor the rest of this century and 
policies, told a . House of Rcpre- beyond. The eventual develop- 
gentatives Ways and Means Sub- m ent cost of the pash 535 is 
Committee that the UB. Govern- ^gpected to be in the region of 
ment was concerned over some E25DB1, but Kolls-Royee argues 
of the financing arrangements toat this investment will be 
on recent European deals tor ^ ore than adequately recouped 
engines and airframes in the from tfa e big market that could 
U.S-, -‘lich he described, as e f Perg e worldwide for the <57 
having " gone beyond an inters aircraft in the years ahead, with 
national understanding on ex- ■*» of toe engme ^rbaps 

port credit terms for com- reaching as much as Iiba. 
mercial aircraft." He said that But the competition is un- 
at a meeting this October, an doubtedly formidable. Pratt and 
export credits panel of the Whitney, for example, is offer- 
Organisation for Economic Co- ing the JT-10D— in itself a 
operation and Development "family” of engines, spanning 
(OECD) Will provide a forum to a take-off thrust range of be- 



We’re world 1 
in gas turbine 
techn 1 





Somewhere around the world, during the 
next two minutes, a Rolls-Royce powered aircraft 
will be taking off. 

A Concorde. Or a TriStar. Or a Boeing 747. 
Or any one of the 10,000 civil and militaiy aircraft 
with which we're currently in service. 

A remarkable statistic But what's even 
more remarkable is the outstanding record of 
sheer reliability and performance currently being 
achieved by Rolls-Royce aero-engines. 

It's a reliability and performance that’s 
backed by an international product support 
reputation. 

That’s why today, we're seeing . 
derivatives of those same Rolls-Royce turbines . 
being chosen more and more for demanding ' 
industrial and marine applications worldwide. 

Already, Rolls-Royce provide pumping ' 
and pipeline power for the oil and gas industries 
of 14 nations. 

Marine propulsion power for 60 per cent 
of all gas turbine warships, in 24 of the world's 
navies. 

5,000 megawatts of instant electrical 
power, supplying anything from the small 
industrial installation to entire cities. 

Unrivalled experience in gas turbine 
design and development has made Rolls-Royce ’ 
one of the principal suppliers of power in today's 
world 

Vife’re all set to meet the demands of 
today’s world and tomorrow's. 

Rolls-Royce Limited, 

65 Buckingham Gate, London SW1E 6AT 







y 




lyi#'’ 















mm 


Wm : 




ROLLS 



ROYCE 


Progress is 
our tradition. 











18 


% 

Financial Times Thursday August 31 1978 



Novv. Were 'prepay fig 
a gi ant I ightv^eig_ht;srep.-iajE^^ 
.space; ' Tt leGr'Jrnrna n 
BuPder. witi beabln tot&f'.ti-. i0» 
facrurc 16 niHes Qp]trmiduf1i : ' ; ' •• 
beams -ip orbit ffom-a single 
space shuttteltight aDoi dg a Way ' 
svjth building Large.sfrugtprss... I"; 
PR earth.and then transp.orting : - 
them into Space.' ; : pip' g\ 
As you 'Can see-,- it: ia kps. xsrtv i. 
, more t ha n an j d aajo: con qtier' = l.; . 
iompr rote&eha? Sehges.; 1; 1 tafe'. : 
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.experience, l.t .takes .Grumman- 

At Farnborough Chalet A-24/25 


i<^'Rightpov^.we : ro!inv6i-ved,l ri •; 
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otilF'iMItwn fisa : 
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: tiffpl cgvt A ncJiGrumipan^as 
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AEROSPACE IV 


9S ^ *J6y » r 7 . yy^ ' y v . 


aircraft sales 


THE MARKET for military 
aircraft throughout the world 
continues to be strong, with 
every sign that demand may 
increase rather than slacken in 
the immediate future. Esti- 
mates of likely sales are difficult 
to obtain, but with growing 
emphasis on conventional 
weapons most reliable forecasts 
indicate that between now and 
1990, several thous and new 
military aircraft of all types are 
likely to be added to the NATO 
inventories alone, including, for 
example, more than 800 Panavia 
Tornado multi-role combat air- 
craft 

U.S. military aircraft produc- 
tion alone in the current 
financial year is expected to 
amount to close on 1,000 air- 
craft, although this includes 
such widely diverse types as the 
McDonnell Douglas F-15 Eagle 
and General Dynamics F-16 air- 
superiority fighters, the 
Fairchild Republic A-10 close 
air support aircraft the Boeing 
E-3A Airborne Warning and 
Control Systems and various 
helicopters such as the new 
Utility Tactical Transport 
UH-60A (of which over 1,000 
are eventually expected to be 
built). 

One of the main aims in 
NATO in maintaining such a 
high production flow of military 
aircraft for the immediate 
future is to try to redress the 
imbalance that has emerged 
vis-a-vis the Warsaw Pact for 
in the central region of Europe 
alone the Warsaw Pact's fixed- 
wing tactical aircraft fleet now 
outnumbers that of NATO by 
2.4 to one. 

At the same time. - despite 
efforts by the U.S. and other 
countries to de-escalate the 
so-called “arms race" through- 
out the world, and especially in 
the field' of strategic nuclear 
weapons, many - countries con- 
tinue to spend substantial sums 
on weapons of all kinds, with 
conventional tactical combat air- 
craft taking high priority. Some 
of the most lucrative contracts 
for Western aerospace manufac- 
turers in recent years have come 
from the Middle East, where 
various countries, including 
Iran, Israel, and various Arab 
nations such as Saudi Arabia, 
have been steadily building up 
their air power, and are likely 
lo continue to do so for some 
time to come. 


Indeed, some of the countries 
of the Middle East have been 
especially vigorous in develop- 
ing not only their air forces but 
also tbeir own -indigenous aero- 
space industries is- recent years. 
Israel, for example, now has one 
of the world's most active aero- 
space manufacturing groups. 
Israel Aircraft Industries, which 
although perhaps small by the 
standards of the UK and US. 
aerospace industries is nonethe- 
less formidable in its technical 
achievements, having already 
built the Kfir supersonic com- 
bat fighter in substantial num- 
bers. 


Arab 


ify.' 5 V- !'■ *“.v • . s's -': 

: 1 ~ • in' r I ''fa i iii fm rX\ yWilf.#i' » if ^ — -*■ — 

The US. General Dynamics F-16 air-superiority combat aircraft is now w* qmntity traduction on both sides of 
the Atlantic /or the US. Air Force, and for the air forces of Belgium, Denmark, Holland and Norway, under 

d joint international manufacturing programme. 

French Dassault Mirage 2000 meats. Many so-called deriva- fuel efficiency. But the heaviest which 


Among the Arab nations, 
plans to develop a military air- 
craft production capability con- 
tinue Through the Arab Organi- 
sation for Industrialisation 
(AOI). and in recent months 
some substantial contracts have 
been signed with Western Euro- 
pean countries to help develop 
aircraft manufacture in Egypt 
on behalf of a consortium of 
Arab nations including Saudi 
Arabia. Qatar and the United 
Arab Emirates. Companies in 
the UK which have benefited 
from this include Westland Heli- 
copters. which is selling its 
Lynx multi-purpose helicopter 
initially to Egypt with the 
eventual aim of the aircraft 
being assembled and then manu- 
factured there, along with the 
Rolls-Royce Gem engine which 
powers that helicopter. French 
aerospace interests are also 
negotiating weapons deals with 
the AOI- 

Also in the Middle East. Tran 
has been steadily building up its 
air force, with substantial pur- 
chases of U.S. combat aircraft 
and helicopters, and is now 
also establishing an aircraft 
manufacturing capability, for 

technological support because of the increasingly high craf t* liTvelo'p ment the tendency . . . aircraft that the Warsaw Pact 

It seems likely that, so far as ««*■ nf Aweionment and nroduc- «■* ha oIca «ii„ ^ or long-term future, is expected to be able to deploy 

the West is concerned, the 
major aircraft already in 
development or production 
today for the immediate future 
will be the combat types that 
will dominate the NATO 
armouries through the 1980s 
and beyond. These include such 
types as the UK-West German- 
Itaiian Panavia Tornado multi- 
role combat aircraft, the new 


Tomcat- the McDonnell Douglas decessors. But where an efficient sition, identification and track- trial responses 
F-15 Eagle: the General and. proven combat capability ing procedures, for improved Air Staff Target 403, embodying 
Dmamics F-16. the combined has already been established guidance systems for weapons; many conceptual studies of 
McDonnell Douglas / Northrop with a given design, increasingly and for better all-weather and what such an aircraft ought to 
F-1S Hornet, and such other the tendency is likely to be to day-and-night operational per- include in its design and per- 
aircraft as the McDonnell develop from it and adapt it, formance. It Is In these fields formance. Many factors have 
Douglas Phantom (of which rather than throw it away that innovations wffl be sought shaped the Air Mails ideas. 
5000 have now been delivered), entirely and start again from in the immediate .future and First, such an aircraft would be 
and the famous long-running scratch. where much of the available de- needed to support the Tornado, 

line of French Dassault Mirage Although very little is velopment cash will be spent and it would be required to 

m fighters and Mirage 5s. revealed about the detailed D n , rAlw l m ^ 

But it can be expected that jhiio snphy nf Soviet combat air. JoCVOnCl hl^h-performance ground attack 

icause of the increasingly high craft development the tendency „ ,, . 

cost of development and produc- there appears to be also for this . For th . e ■ onr, '!5 r !I !. urur T; 15 ex Pcctea to oe aoie m acploy 
tion of entirely new military Stio^ratiier ttfan revSS f° L w ev t er - “» V™*** 1 '™*!! the battlefield in the late 
aircraft most of the new Uonaryc^cept to be adopted.. eSjSin«2n I98 ° S ^ bey0ud ' 

ESES**" 3 Jr One contributory factor to this a mijor ^ogrJnme „ S f. c .°" d ‘- V - « ncc * to be a 

Li ^cpmPfL^irP emphasis on derivatives sterna to determine the possible per- fl x h,e a,re 5 ri ’ n 2*?°^ 
from the belief, expressed fey formance capabilities uf null- man . l «- capable of undertaking 
likely to be derivatives of emst severa | 5enior Air Force tary combat aircraft for the * wido 'anoty of rolos indud- 
tag or proposed new lyp^ from ^ QQ both sides of ^ 19£ ^ g ^ b d called ,n " b " th a»rto-mr -combat and 

the. list above, ^ m no vmy Atlantic in recent ^s, that HiMAT, for- Highly Menoeuvr- Swund altack. with a ^secondary 
implies that any such combat aircraft performance able Aircraft Technology, (lus snnolinrn-c role. Thirdly, it 

tiyes will incorporate only may now be 0I j verge 0 f a programme is being run by the nee d K* be capable not only 
minor changes or improve- ,^ iatKait .,, wbare refinements pt National Aeronautics and Space of using bard runuay%. biti.«lso 
' ~~ 1 existing capabilities, in terms of Administration in conjunction rough airstrips in the forward 

more devastating weapons with. with the U.S. Air Force. HiMAT battle zone, rather “like, the 

improved delivery systems, are has two objectives — to Harrier today. This* implies 

likely to be of considerably more accelerate aeronautical design either vertical take-off and land- 
importance than improvements advances from the research >hg capabililv. or at least very- 
in absolute speed- The aim from laboratories into flight testing, abort take-off and ^ landing, 
now on seems more likely to be and to expand design tech- Filially, although it- must be 
to try to. '' find the most cost- tuques that will permit able to carry a wide variety of 
effective .balance between what quantum jumps in performance armament, it must be simple 
is undoubtedly aerodynamically from one generation to the next, and rugged, fur it will have to 
achievable in terms of faster Rockwell International of tile operate in a very uusnphisti- 
speeds and greater combat alti- U.S. has designed and built a cated environment, 
tudes, with what is actually remotely-piloted research Considerable emphasis is 
desirable in military terms. vehicle about half the size of being placed on Ibis venture in 
.Factors which have ‘to be a “°deni combat aircraft, that the RAF. for it will be crucial 
borne in mind in .Calculating wil1 be fll sht-tested later this to that service’s - overall 
this extremely complex equation y ea f over M|tiave Desert in capability in the IBSUs.' It. will, 
include the continued rapid ™ °? ect - supplement * the 

build-up of Soviet and Warsaw T ? t r 1 ua,Jo - and the two together 

Pact conventional forces, with a SfSSffe J!? “?i®i tl l?S 2! ' vM1 “?? ke U P o f the RAF's 
heavy emphasis on battlefield h ^f ® front ‘ l, ne combat forces, 

support and an increasing SSILnvniiil/flohip -.n^i A £ C0ldll,8ly ' considerable 
superiority in terms of numbers efforts are being made to get 

of tactical combat aircraft, to- advflnr^ P romnosire r °matmai<; s P eclflc *Hon right, and an 
gether with what new types they ^ i s “ttessed ^tbat this 7s a ljr,8iniU r batt-h of more than a 
are likely -to develop in the rLwreh OTMramme Md th at T™ diffen?nt buttons to 
years ahead. There have been Ju- tjs if not about’to embark the probIem hav ® already been 
various reports emanating from upon Wahr a* design embodying Pjo^f^sively whittled down to 
.he Soviet Union nort, unsub- T v ^ ndvlS teoh^ie! about th ™- 
S mmh»f ,d J“ tint HIMAT itself will test It t . 

Se S&rrepia*“ "" some , 1 , i sre "' ba£ »« Studies 

k.. „■?* ep ” cfr designers can utilise even some 

althoueh an v *2=?^ of simplest of the new ideas This small number of possible 

SK? version ^ HiMAT will test and It is solutions is now being Increas- 
S w t0 likeJ y t0 ^ at least a decade iugly discussed with the 

wbiM strike aiSSt lik^rtS before ? ey 10 take shape f ° rc ^ s ^ aerospace industries 
ci.Jh^cio v the in combat aircraft on the draw- of the NATO countries, to" dis- 

2 Sin 9 f en ?jf r ing boards and in project coyer if there - is a hy comparable 

Se tr o ffices - HiMAT, however, does requirement emerging with 

m tbe WAT0 represent an attempt by the them, and if so whether 

U.S. to look well ahead of an international collaborative 
existing concepts, and seek to effort on the AST-403 can be 

llfinildv tod solutions to problems which evolved. The Defence Ministers 

V/dUUUUMj are only now beginning to sur- of the UR France and West 

So far as NATO is concerned, ^ ig ^ _speeci . co ™ ba i. a i r- Germany have already broadly 

future- aircraft developments ° iS* n agr !f d such studies should 

must also take account of 5 f?? e ves unperfeatJy under- continue, but there is so far 
standardisation, both as a means stotra- little indication of major West 

of saving costs and of improving The emphasis on trying to German and French interest in 
overall military efficiency. The get greater value for money the venture, and it seems so far 
RAF itself makes no secret of seen in f ® w new that the UK has the most press- 

the fact that it believes that in that beir tS prepared in S requirement for such an 
today's more stringent economic for service in the late 1980s and aircraft, 
climate it must take forward ^yond, to meet specific require- International 
iufflps cautiously - that K »«U which can already be seen on suS ’a “Uu, ™ U l b ™“° r n 
well - tried techniques may be emerging. In the U.S., both seems inevitable Tn Z i 
still be capable of adaptation Defence Department and inflation between now thTi.to 
for new tasks, although in Air Force are studying de- 1980s. whVn^ASriS^ i? likel v 
accepting this philosophy this is ^S 115 £ ° r a new ^ low-cost simple to arrive the nwraii 
not to suggest that .the radically ground-support fighter for the development anrf n L,,S 
new is not likely to be accept- , 1980s called “ Bu^. cost of uTwomimKiHC 
able or even essential to meet wha cker" or M Bushfighter," to be several hfiitaJS 15 # * likG ] y 
the emergence of new or swiftiy could he used as a tank- —probably ^matchtiT- ° or P °S 
changing requirements. buster in the Central European exceeding the* ** tl 

Thus, it seems likely that fS° n ° f N ^ T0 - PreHminary Tornado multi-role combat air* 
many of the types listed above b !!” con ^ l,cted b * programme itself. It is 

are likely to be seen in service, SjnwhJL G^man, likely that the UK will require 

in one form or another, for y°“f h f . 411(1 Rockwell, upwards 0 f 400 aircraft done 

much of the rest of this century. tbe is \°. P rodu ce an to meet its Harrierand Jaxuar 
In any event, only in the late that * Duld be cheap— replacement needs, so the ?ro- 

1980s or early 1990s. in the light SUne no more than auction programme is -?i£ 

of the military, technoiogi^l ^ ^ unit— and able to be Ukely to be a on? ForthS 
and economic circumstances pre- p , 1 °, ced J n large very reason, it seems uniikelv that 

vailing at the time, will Iny would be a mini- the UK could we “SnSmtfat 

radically new designs begin to of , sophisticated new undertakmg the venture atone 

emerge for service in the next ^ ul P raed t *• and international coltoboratian 

century. Thus, for the imme- The U.S. Navy has also begun therefore be essential -IF 
diate future, most of the basic a competition to find a new 11 does n °t prove possible To 
demand for improvements in cheap trainer aircraft, of which aebl ® ve such collaboration with 
combat aircraft technology will it will need 1,000 or so In the c ° n ^uental countries, because 
be felt in the avionics (airborne years ahead. of differing time-scales of mili- 

electronlcsl and weapons fields. In tbe UK work is being tary ^craft replacement needs, 
rather than in the airframe field, pressed ahead on the long- a ? d pressures on budgets in 
although it does seem likely that discussed combined replacement Sr 1 ® 1, directions, it is nosslbl® 
“® ® naine , “idufacturers will for the British Harrier vertical the UK might seek collab- 
find ■themselves under increasing takeoff aircraft and the Anglo- orat, °u In the U.S. 
pressure to improve things like French Jaguar jet strike-trainer, MJ) 



Ftoanciar Times Thursday August 31 1978 


AEROSPACE V 


M 


The next generation 

of airliners 


ALL THE signs now are that lack of adequate cash reserves the 200-seafer category, and m seating 136 passengers and 
the long-expected re-equipment among many carriers. effect a direct competitor for JET-2 seating 163. Other con- 

tide has begun to flow through A more significant factor has the 310.- The Boeing 767,- cost- tenders in this field include the 

the world’s airlines, and over also been that many ' of the mg $25m per aircraft, won an proposed U.S. McDonnell 
the next few months there is existing types of airliner, such order for 30 aircraft worth over Douglas advanced Technology 
likely to be a steady inflow of as the Boeing 737 and $L2fon from United Air Lines Medium Range (ATMK) jet 
new orders, some of them sub- McDonnell Douglas DC-9 short- o£ the U.S. (the biggest airline transport, and the Boeing 757. 
fitantial, as operators move haul jets, and the Boeing 727 in the Western world) — a con- All of these designs will be twin- 
quickly to secure their places in medium-haul airliner, have con- tract for which the Airbus engined, with a variety of power- 
the delivery queues for a new tinued to meet more than Industrie group had also fought plants. 

generation of short-to-medium adequately the needs of most hard with the 310.. The JET family, for example, 

range civil airliners. airlines, and have continued to Recently, too- Lockheed of is being designed round the new 

It has been estimated that be- sell so well that Boeing has been California staked a claim for a Franco - U.S. (Snecma - General 
tween now and the mid-1980s, obliged in recent months to step share of this 200-seater market Electric) CFM-56 engine, while 
sums approaching $74bn or up the production rate, of the by confirming that it was now the ATJfiR and Boeing 757 
£40bn, will be spent by airlines 737 and 727, while McDonnell making firm offers to airlines specify any one of the three 
throughout the world oh up- Douglas has found it worthwhile of its new .version of the Tri- “ new generation' 1 cropped-fan 
wards of 3.000 new airliners of to launch a new version of its Star, the Dash 400, based on all engines derived from the pre- 

all kinds, both to meet the con- ubiquitous DC-9, the' Series 80. three of the big- thrust engines sent generation of “big thrust” 

tinued rapid growth of world But all these aircraft the Rolls-Royce RB-211-22B, the 535 ^ived from 

air passenger traffic (it is now can jj e expected to continue to Pratt and Whitney JT-0D and tbe K.oIls-Rnyce 11. the 

expanding at an average annual scil weII over ^ next few the General Electric CF-6 series Genera] Electric CFfr32 
rate of about 8.7 per cent a yPar5i for the i ong ei-renn. a all of aroimd 42.000 lbs thrust, developed from the CF6 senes, 

year) and to replace rapidly new-generatiori *' of jets will Lockheed said that the Dash 400 Pratt a P d 

ageing fleets that will become be ne0( j e£ i t 0 carry the world's TriStar would be able to carry JT-10D (a new engine), 

y ^ a ^ Cept ? bl * m air trafiBc into the 1990s and 230 passengers over ranges of 0 , 

mid 1980s as fuel costs rise and beyundi t0 mc€t tb e needs „ f 3,200 to 5.050 nautical miles. SDread 
increasingly stringent noise airline who will need to be Lockheed claimed that lie Dash * 

regulations are introduced at ab ]e to carry larger payloads as 400 would contain “every tech- The problem with most of 
many of the world s major air- we jj 35 meet the governmental nological advance that will be Uiese new airliners, however, 
P°^ lS- , and environmental demands for available on any transport in is that their development costs 

An analysis of this expected q U j e ter and more fuel-efficient the next ten years," including he so substantial that the 
expenditure shows that more aircra ft automatic thrust control at take- manufacturers will need inter- 

than half of it. or ?47bn «_- w off, and a new fuel management national collaboration to help 

ti2bbn> is expected to be spent „ F ,, Jrif system. spread the burden of costs and 

on new aircraft in the sborr-to- generation of sliort-to-medium widen the market Boeing has 

the d S majSiw o^Sie' world's fart, forborne time, in the J»pe faccurer, McDonnell Douglas, has 'beei^d^soissing 

air passengers already travel. f^Ai.-bn^hk-h hffinth? DC-X^TO 0 bu t wit ^ Japanese aerospace 

and where most of the growth A_300 An bus. which has m the a -t^srater, the DC-X-Z00. but industrv plans for substantial 

in the future is likely to »A ye« or so begun to sell has shelved l Us .ptan « c 0 n tYi b U 1 1 « n s from both 

occur. The rest will be spent “jpemeiy well, winning ma^r £ tow section of the future countries t0 ^ 767 pr0 _ 
largely in the long-haul field _ ord ^ rs _ and ^ aircraft market gramme, while in Europe tbe 

The battle of the 200-seaters question of UK participation in 
is now joined, with the B-10 the development of the 310 
directly slogging it out in worid wilh Airbus Industrie has also 
markets _with jfhe -Boeing 767 b een under discussion for most 

of the past summer. 



mMmmm 

.vx’.vYr 


The Boeing wide-bodied ficin-engmect 7G7 is one of the neit> generation. of short- 
to-medium haul jet airliners for the mid- 1980s and beyond. " This 200-passengcr 
aircraft , capable of flying over distances of 2.30ft statute miles, has been ordered 
already by United Air Lines, the biggest airline in the Western world. Thus 
launching Boeing's #1.5 bra development programme for the jet. It is the first 
new Boeing aircraft design to go into production since the 747 Jumbo jet in I960. 


(about §24bn. or over £13bn.l, ver sious worldwide, 
with a much smaller sum of _ v j 

about S3bn going on cargo jets IjSlIIilCnGfl 
to meet the growth in this 
sector or the commercial airline But the real battle is expected and the Dash 400. 
business. now to come in the smaller. 

It is thus in this short-to- 2lK)-seat category of 


Below this 200-seater category At the same time, there is 
, „ , . of J ets - however, yet another the question of collaboration on 

medium range section of the where Airbus Industrie, the new family of aircraft is in the the smaller family of jets, 
market that most of tbe interest European consortium mat gestation stage — those seating Boeing has offered the UK a 
has so Tar been concentrated, builds the A-300. this past variously between about 130 and collaborative deal on the 757. 
with manufacturers on both summer formally launched. its ]80 seats> ^so for short-to- involving work on up to about 
sides of the Atlantic busy over new A-310 version of the Airbus, medium ranges, but serving as 40 per cent of that aircraft, in- 
recent years preparing designs with orders ana options from complementary aircraft to the eluding work on the wings, 
with which to woo the airlines, sfuch major airlines . as bigger 200-seater types. The landing gear, engine nacelles 

The latter for a long time Lufthansa. Air trance and n \arket here is estimated at and part of the rear fuselage, 

appeared to be extremely hwiawir. and with several other anything upwards of 1,000 air- The possibility of UK collabora- 

reluetant to commit themselves. European airlines also con- cra f t by 1990. These pro- don with McDonnell Douglas 

however, for a variety ml’ sidering contracts. grammes include the proposed on the development of the 

reasons. Among these has been The A-310 launch was quickly J»int European Transport ATMK has also been discussed, 
ihe slow recovery of the world's followed by the long-awaited (JET) venture, which is also Even if the UK does eventually 
economic situation from the announcement of the formal under the aegis of Airbus rejoin Airbus Industrie, and 
recession that followed the oil launching of the Boeing 767, Industrie, in which there would participate in the development 
crisis of 1973, together with also a twin-engined airliner "in be two types of air 


what to do about the smaller 
family of aircraft will still have 
to be settled — but in a less 
urgent fashion. The main, 
emphasis at present in world 
markets appears to be on the 
bigger 200-seaters, but it seems 
clear that some decisions on 
the smaller jet family will also 
have to be -taken by the end of 
this year. The question is who 
will move first — Boeing with 
the 757, McDonnell Douglas 
with the ATMK, or the Euro- 
peans with the JET series ? 

Most observers believe that 
Boeing is likely to formally 
launch the 757 by the end of 
this year, but whoever moves 
first is likely to spark off an- 

inVhk ansinwirtnw world market estimated at medium-tn-lnng range “ tri-jets." for over 4.500 nautical mile'; 
srcroggie m in is smauer jet mar- aboul * ^qq ^ cn £ X o£ typ* the sh ape 0 r the McDonnell range, with a smaller version of 

There are various other area* over the Pe" 0 * 1 U P t0 about Douglas DC-10 and the Luck- the 777 for medium-range 
wherothe^uture^e^auiDment 19W) ’ 11 is an ambitious pro- heed TriStar. Here again, the work. 

situation r"e V s , 3 ^ investment required to develop s,. Tor. no orders liovo Iwn 

so-called ” feeder-liner ” market cra ^ t,and on . e ls . to successors in cither of these air- placed for these “lone, thin " 

for example in which sm all 70* marketing capabilities craft is such that virtually no types, hut they are nonetheless 

to hOlSeater ^Sline^ are °f I Bnt l sh Aerospace consider- other Western manufacturer is developments which some of 
needed to provide “bus stop” a ^ y ‘ . far> 00 k? ve likely to contemplate it. Both the mamifaciurers seem keen 

™ P ,a(:e ?. " de « for 1ms "feeder- Lockheed and McDonnell an exploiting. But. for the 

tiL^Sdthew^ridwS^h^e ^[—^tit isa market that Douglas have plans for long- immediate future, it seems 
them bSm? and to 11115111 wo11 t,ecome ver >' term continued improvements tn likclv that the major manu- 
fwScfZ sniju atefleid!- F rawded > Wn 5 adequately met these tri-jets, with the latter factiirers will be s.» committed 
into bluffer “hub” aimnrts is m many P af ti» tiie world by company in particular planning in terms of money, manpower 
now becoming a lively is'sue second-hand twln-jets such as to " stretch” the DC-J0 from its and factor)’ capacity cm their 
wfth some manufarhirere Boeing i3i s, McDonnell Douglas present 282-seat configuration to mure immediate objectives — 

_ . Trtr f,' DC-9s and UK One-Elevens. 363 passengers, and it seems winning the biggest possible 

There are some other new likely that these manufacturers share of ihe large markets in 
UliJiriB* SvffS types of aircraft that are will have tile “ big tri-jet ” field the sh or Mo-medium range field 
wsSfrSlp iS ^ already challenging the 146, to themselves for tbe rest of this —that it may be some time 

wSjSSr dU 2ta deluding the Dash 7 already century at IeasL before they are able to divert 

bX IS^’two ^eing built by de Havill^d in But ^ m some ^ of ' ^St^SE. 10 th ™ 

Series 100 carrying 7(W0 and “ d ^ Proposed new ne w opportunity- that do seem to olher ’ sma,ler - markrt >. 

the bigger Series 200 carrying development of the Dutch be emerging. One is for what is Apart from all these ventures. 
80-109 passengers. A military Eokker-VFW F --9 twin jet. e aJ led a “long, thin” aeroplane there are some other significant 
version of the aircraft is also Thus, the 146 may not have — tbat is. an airliner seating new developments now under 
mooted. . things all its own way. perhaps ut> more than 200 or so, w ®y, one nf which is the 

The plan is for the 146 to be At the upper end of the much fewer than either the 747, Lockheed programme to pro- 
pushed ahead rapidly with some market, in the long-range field, DC-10 or TriStar, but which dute ,ts Hercules niujli- 

foreigtt participation in manu- the way seems dear for a con- would have very long range, purpose turbo - propeller 
facture. Some work has been tinned, very long run of success This type of aircraft would be P° we '' ed . transport aircraft as 
done on it over the past four for the big Boeing 747 Jumbo useful on those very long routes a , e .„K . airlincr .? eatl [ 1 " 
years while it has been kept 400-plus seater long-range jet in where traffic density is com- “P to nib passengers. Already 


crisis and subsequent industrial invest enough money to develop plane, therefore, i* something at . .. . _ 

recession. Now, it is intended a challenger to the position which a number of manufae- ? !rl 
to build it quickly to fly in 1980. Boeing has secured for this turers have been looking, ““ 

and be ready for delivery in giant jet. and it seems that 
1981-82. If this timescale can will continue to win a steady 


it including Airbus Tjf 

ly itself with a four-engined B-ll ?f ilh KifiJni v- 

be met, the aircraft stands a flow of new orders through the to carry 180-200 passengers over , 8 n h l ‘-. 
good chance of winning orders rest of this century. 6,000 nautical miles: while „r 0 i rnK !r, s 1 

M.D. 


ftir up to 350 aircraft' repre- Underneath the 747, however, Boeing is proposing its 777 l ' pes tlf aircraft. 


aircraft: JET-1,, of the 310, the question of senting about one-third of a lies the market for the big three-engined 200-seater aircraft 


, . i a- s* 


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1 „ a'ncLii now operatini; the fokker f 28* air angLia now operating the fofefcer f 26 « air angLia now operating the fokker f 28 - air angtia now operating the fokker f 28 - air snglia now op 

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• Financial Times Thursday August 31 197& 





/„ jiSfonneiy ability .make the RAF s selec- 

■ ^ ‘ -bon of the Chinook a prime 

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AEROSPACE VI 







. ■ * ■ .*>|A /> * 


• ••- 


A Westland Sea King of the Royal Navy. A total of 200 Sea Kings has been ordered by nine nations for 
anti-submarine, anti-surface vessel, search and rescue, transport and VIP roles. 

Big market for 
helicopters 


THE HELICOPTER is now one 
of the fastest growing areas of 
world aviation, both in manu- 
facture of aircraft and in the 
use of the finished civil and 
military products. While the 
number of flying hours per- 
formed by helicopters is still 
nowhere near the volume of 
that by fixed-wing aircraft, it is 
nonetheless rising at a spectacu- 
lar rate, especially Throughout 
the countries of the Third 
World, and is expected to con- 
tinue. So far as sales are con- 
cerned, It Is estimated that 
these amount now to more than 
£lbn worth of aircraft a year 
world-wide, and most of the 
major manufacturers remain 
convinced that this figure will 
continue to grow, probably 
doubling every three to five 
years, with special emphasis on 
the development of new types 
of aircraft for the expanding 
civil market. 

The major growth areas for 
the helicopter are in the oil, 
gas and mineral exploration 
and development fields, execu- 
tive transport, agricultural 
applications, law enforcement, 
emergency medical services of 
all kinds, and “ heavy lift,” for 
example in the construction and 
forestry industries. 

So far as the oil, gas and 
mineral industries are con- 
cerned, as the frontiers of 
exploitable reserves are 
extended, so is demand likely 
to grow for vebicles and equip- 
ment to exploit those reserves, 
especially in the immediate, 
offshore areas in many parts of 
the world. The helicopter is 
ideally suited to help exploit 
those offshore development pro- 
grammes, in view of its 
inherent flexibility — its ability 
to land and take-off from small 
platforms which fixed-wing air- 
craft cannot use. 

The corporate executive 
transport area is another that is 
particularly significant for the 
helicopter. The rapid increase 
in demand for smaller, comfort- 
able civil helicopters to take 
executives directly from 
factory to factory, especially in 
the U.S.. over distances of 
between 200 and 300 miles, has 
encouraged the manufacturers 
to either convert existing 
designs to civil use or. to “cus- 
tom design” new aircraft for this 
purpose, especially in the light 
twin-engined area. 

Emerging 

But a number of other major 
new uses for the helicopter are 
emerging, especially in the agri- 
cultural industry, where their 
flexibility is ensuring a growing 
employment m crop-spraying 
and supply dropping, while in 
the forestry field they are in- 
creasingly being .used for log- 
ging operations and fire-control. 
In engineering, they are being 
used for .such widely varied 
purposes as electric transmis- 
sion line construction, and aerial 
surveying work. 

These specialised uses for the 
helicopter have helped con- 
siderably to bring this branch 
of the world areospace industry 
to maturity. Coupled with this 
has been the fact that the manu- 
facturers have devoted consider- 
ably increased attention to 
improving the technology of the 
helicopter, with more reliable 
rotor-heads, more efficient com- 
posite materials, improved 
power-plants and airborne elec- 
tronics systems, thus giving the 
vehicle a new capability, 
broadening its range of uses, 
helping to bring down costs, and 
thus helping to improve its pro- 
ductivity. 

At the same time, the 
military uses for helicopters 
have also been expanding, with 
the U.S. armed forces In par- 
ticular tactically and strate- 
gically restructuring their 


plans round the helicopter as a for the coming year is already 
logistics, work-horse, troop high, with production of some 
carrier, and combat weapons- models sold out already, includ- 
ca trying system — the “helicop- ing the single-turbine model 205 
ter "gunship” concept As a and the general purpose twin- 
result, significant new military turbine model 212, with 
helicopter design and develop- deliveries of these expected to 
ment programmes are already be up about 15 per cent from 
emerging and more are the 1977 level. The sales back- 
expected over the next decade, log is repotted to be strong for 
Spearheading these develop- the Beil light singleengine Jet 
ments are the U.S. helicopter Ranger series. Bell expects to 
manufacturers. During 1977, deliver about 110 helicopters to 
they collectively delivered about the international market in 
950 aircraft, with a total value 197S. about the same . as last 
of about 3400m, compared with ye» r - „ 

775 aircraft, worth about 3305m, Hughes Helicopters antiei- 
in 1976. The U.S. industry’s own pates that this year it will 
estimate is that in the current deliver about 365 civil aircraft, 
year it will deliver over 1,100 compared with 334 last year, 
units, with a value of 3425m. with continued emphasis on 
The manufacturers say that they such models as the piston- 
ivere not able fully to meet the powered 300C three-seat light 
demand that built up in 1977, helicopter and the larger model 
and it is likely that this pres- 500D. The ■ latter • is 
sure will be sustained in 1978. especially prominent in com- 
pany and executive markets. 


Battles 


from the mid to late 19S0s. 
including a new anti-tank heli- 
copter, a new tactical transport 
hencupter and a bigger replace- 
ment for the Sea King heli- 
copter. Each of the four main 
European companies has ideas 
for aircraft m one or other of 
these areas, and they have col- 
lectively been studying the 
possibilities of collaboration on 
an industrial basis on one or 
more of these new types. At this 
stage, following the Defence 
Ministers’ agreement, the aim 
is for the Chiefs of Staff of the 
four countries, in conjunction 
with the helicopter industries to 
produce a report on the' co- 
ordination of requirements and 
timescales, to be submitted to 
the next meeting of the Defence 
Ministers in early 1979. From 
that meeting, it is hoped that 
some decisions will emerge that 
will crystallise much of the cur- 
rent thinking into firm indus- 
trial design and development 
programmes. 


One of the major commercial 
battles that ,.is developing is 
between the various types of 


while the 300C is of Interest in 
agricultural aviation and pilot 

The smaller U.S. companies PPITlPIlt 

are also reporting strong r 
growth. Enstrom Helicopter 


2“ Corporation year plans to 

general-purpose ^^mpter deliver 120 aircraft, against 102 


notably 

Sikorsky 


the 

S-76, 


19. ns cun dpi* 

and tiie Bell last > ear - with ** Crease in 
a international deliveries to about 


-•p-w* lfftWAl OOO V-.SV. micuiauuuoi vu auuui 

eight-passenger Model 222, both ^ . . total Droduction 

KffiauawgM -ar-JS 

world, with several major 

0 j corporate use. 


280C Shark for 


models. The S-61 series __ 
commercial helicopters is widely _ So far as big lift capability 
used in many versions for off- * s concerned.^ the commercial 
shore oil and gas support and market is limited to the 18,000- 
other transport purposes. The 20,000 lbs capability offered by 
S-65, developed as a troop and the Sikorsky S-64E Skycrane, 
cargo transport helicopter for but orders are slow to emerge, 
the Marine Corps, is also used Boeing-Vertol is considering a 
by the USAF for search and civil version of the military 
rescue operations. A com- CH-47 Chinook of 28,000 lbs lift 
mercial version of tbis aircraft, capability for the civil market 
the S-65C, is under considers- There is a growing demand for 
tion. The CH-53E, an upgraded “ big lift * capabilities, 
version of the S-65, js being especially in the offshore oil azuf 
developed for the U.S. Navy gas industries; and in the con* 
and Marine Corps use as a structfon and logging ..industries, 
heavy-lift transport Equipped. The Commercial 'Chinook has 
with three engines, it is more already aroused the interest of 
powerful than the S-65. and has British Airways Helicopters, for 
a payload capacity of over 16 use in its extensive North Sea 
tons. oil and gar support operations. 

The S-76 is a new all-weather and. Boeing-Vertol has said that 
helicopter designed for com- it could get certification for the 
mercial applications from the civil Chinook some 27 months 
start, including executive trans- after a customer’s decision to 
port, offshore oil support, and buy tfie aircraft, thus launching 
general utility. It is claimed to the programme. Boeing is 
have major technical advances believed to feeL that it could sell 
which result in improved speed, at least six commercial Chinooks 
range payload, fuel economy, a year for North Sea oil opera- 
and reliability. The S-76 also tions alone, every year through 
has potential non-commercial to 1990, with many other sales to 
operations such as in search and operators in the “utilities” field, 
rescue for the U.S. Coastguard, 
where a competition for a new _ , _ 

helicopter is now in progress, lanfiirPfl 
Orders for the S-76 already " 
stand at well over 100 aircraft. In Western Europe, four 
In the military field, Sikorsky manufacturers dominate the 
is developing a new utility scene — Westland pf the UK, 
tactical transport helicopter, the Adrospatiale of France, Messer- 
Black Hawk or UH-60A for the schmidt-Bolkow-Blohm of 
U.S. army. This will be one of Western Germany and Agusta 
the most significant helicopter of Italy. These four companies 
programmes for the 1980s, with' have already captured substan- 
a stated requirement for 1.107 tial shares of world helicopter 
aircraft, representing over business, especially with the 
$2.5bn over eight years. A collaborative - programmes 
variant of the Black Hawk, the between Westland and A6ro- 
SH-60B, has also been selected spatiale on such aircraft as the 
by the U.S. navy for the Light Lynx multi-role helicopter, the 
Airborne Multi-Purpose System Gazelle liaison aircraft, and 
(LAMPS), calling for a produc- the bigger Puma tactical trans- 
tion run of more than 200 air- port helicopter. These three air- 
craft worth more than $750m. craft have been developed 
Lamps missions will include under the long-standing Anglo- 
anti-submarine warfare and French helicopter package, 
end-ship surveillance. Sikorsky through which over 1,800. air- 
has plans for commercial . craft have ' now been built, of 
derivatives of both these air- which over half have been 
craft, the 20-passenger S-78-20 exported outside the UK and 
and the 26-passenger S-78-29. France. 

Among the other big manu- Other major collaborative 
facturers, Bell has already done helicopter ventures are now 
much testing and customer being planned. The Defence 
demonstration flying with its Ministers oE the UK West 
new model 222, and expects to Germany, France and Italy 
have the aircraft certificated for recently signed a Declaration of 
customer service by May next Principles for the future 
year. So far as other Beil development of several new 
models are concerned, demand types of helicopter for service 


Already, however, the com- 
panies themselves have begun 
to move in these directions. 
Westland is now working on the 
WG-34, intended to be a Sea 
King replacement, with inter- 
national collaboration in its 
development firmly in mind. 
Little information is available 
about this prospective aircraft 
as yet, but it is expected to be 
roughly of the Sea King size 
and weight, and will carry 
advanced electronics for anti- 
submarine warfare as well as 
having a major search and 
rescue role. It is expected that 
it will also be suitable as a civil 
transport helicopter. The 
planned date of entry into ser- 
vice is 1988. 

As to current programmes, 
Westland's forecasts are that 
future sales of Sea King and 
Commando' helicopters will 
sustain the company’s present 
production capability of ljr to 
2 aircraft a month for some 
time to come, with follow-on 
orders. from Sea King 
customers- likely. The company 
is also confident of more' sales 
for the Lynx multi-role heli- 
copter, .especially of the .Navy 
Lynx; with interest being shown 
in Spain as well as the Middle 
East-. ■ 

Out of total orders for the 
Sea King to date of 183 aircraft, 
over 150 have been delivered, 
-while of 32 Commandos ordered 
23 have^ been delivered. ' Of 
Lynx -orders for over 280 air- 
craft, over 65 have been 
delivered, while in the joint 
Anglo-French Gazelle pro- 

gramme 800 aircraft have been 
delivered out of more than 900 
on order, while close to 
Pumas have also been delivered 
out of 700 ordered. 

In the meantime, a number 
of other new helicopter de- 
velopments are under way in 
Europe. France and West Ger- 
many are jointly developing 
their own PAH-2 armed anti- 
tank helicopter, between Aero- 
spatiale and MSB. Aerospatiale, 
now rapidly emerging as one 
of the world’s major civil heli- 
copter manufacturers, with 
over half its output for civil 
purposes, is working already on 
the Super Puma, a higher per- 
formance derivative of the exist- 
ing Puma developed under the 
Anglo-French package, and also 
on a new- -version of the twin- 
engined, 10-passenger SA-365C 
Dauphin-2, which it intends to 
submit to the current competi- 
tion in the U.S. to find e heli- 
copter for the Coast guard Ser- 
vice. In Western. Germany, 
MBB is working with Kawasaki 
of Japan on the BK-U7*. an 
eight- to 12-seat multi-purpose 
tight helicopter.. .- . 

• , ..... m 


V 




... 


ers 




^ Financial Tunes Thursday August 31 I97S 


« f 



AEROSPACE VO 


programmes 


0 \^ER THE past- few years, craft in Lunai'brtiit arid' 34 in while Fecentli«the Soviet [Union based telcoro muni cations net- In. addition to telecommunica- 

following the completion of the -Solar dr planetary, orbit.' has been making extensive use" works. In addition to carrying tions, weather forecasting, and 

most spectacular space miss ion So- far as manned spaceflight °f Its Salyut 6 space station — a portion -of existing Intra- earth resources monitoring func- 
«ik Y-ii programme j s -concerned, by the end of 1977 Among other new develop- European telephone traffic, - it tions, the role of the geo- 
^ ■ d ns se « era the total' of man-hours' spent in ments in. space now under ‘ wil1 Provide an improved means stationary sateUite (that is. a 
and^eir ^ had reached 3SJ44.4. serious study in the U.S. is 'a of exchanging television pro- satellite in a fixed position 

M LSr return to Earth with the U.S. accounting for plan f 0 r launching massive grammes between the members above the earth’s surface) can 
“SUL. e “Pbasis in space 22.27S.4 and ,tbe Soviet Union satellite/space station complexes of the European Broadcasting be extended into other areas, 

activities has changed. for 15,866, although . both that would collect electrical Union. The ECS system will be Studies now in progress in 

Now, with funds much tighter countries had achieved thesame energy from the sun by means owned and managed by Eutel- Europe include the possibility 

than in the past, the objective number of flights at .31/each. 0 f vast “solar arrays” — blocks ***> an organisation set up by of extensive data transmission 
is to get the best value for every . of panels many: miles square— ^ European post and tele- at high speeds, for example 

spat* dollar spent, and more Jr 1*0 DCS for transmission to Earth by communications admlnistra- between computer centres or 

and more unmanned satellites microwave beams. Initial studies -tions. The European Space databanks, or the transmission 

are being launched fora wide growing emphasis upon have been funded by' Congress Agency itself is expected to of' information to be printed, - ^ _ rr „ ‘ , . 

variety of both scientific and deriving the greatest possible — $2 5 m. is bein° spent in 1978- su PP ! y- launch and maintain in such as documents or news- -All artists impression oj the US. Space Shuttle — <2 programme for the develop 
“applications technology ” Practical benefits from space 79-^but any ultimate ventures satellites required papers. Direct satellite broad- merit of a re-usable “Space Transport System ” now under ivuy in the U.S. The 

missions. The latter are jn-.°oes not mean that .interplane- 0 f this kind would clearly cost fa y Eutelsat— it has already casting — that is, the trims-. manned Orbiter vehicle shoton here, would, be boosted into orbit carrying a crew 
ereasingly becoming dominiim. tar - v ‘ exploration has been dis- majiy billions of dollars, take approved production of two mission from satellites straight which would live and work • in space for several days at a time In this picture 

as the pressures increase on missed as being of no value. Far years lb complete, an<i would satellites — while individual into TV sets in people’s homes the Orbiter is shown Carrying the SlXlcelab maflhed orbiUll workshop in its curao 

governments to ensure practical, from i it. for thg "MJHlgete become major international countries own postal and tele- -is pother area under study. bay—Surope^-contributioH to tile Space Shuttle programme 

usable returns from space. The *be U.S. National Aero- -gp^g spectaculars” eclipsing communications organisations Shipborne receiving stations are . “ ^ ' ^ 

list of unmanned satellites nautics and Space Admin is- even ^ manned Moon landings ^ be responsible for the con- already making possible the TTC . - „. . . . . . ■ - 

grows longer virtually daily — tration includes funds for j n significance and IonMerm struction and operation of their direct' communication via satel- , ' Space . Shuttle, and the tion station. SPOT, and will be pleled,"’w+ll.be flown back inin 

for telecommunications, weather several “deep space probes,” in- importance for mankind ° respective earth stations. lite -with ships at sea (through ™ arots niantime satellite. The paid for by France, and the fifth, the Earth's atmosphere by its 

- .U r-lnrfinc t h> 'Pionur umuwuu. r . _ UK has Onlv a Small Stake , . ■ • Vniv -inH than - 



Jesoure^raonitotSg” (rJgSg en route to Saturn, Tricon- f 0 ^® Goal Mari^t ^enTa^d” tTe & fort£ bSk ^thT^h constructed runway at 

from mineral survey to the tinuanon of . the current cations technol^sSitefii ^ coming European Marots sys- programme, will be finan^d by Cape, Reno cdv. Florida, where 

identification and tracking of Voyager mission in which two ^ long term is the European But whilB the launching of tern). Today, more than 125 ESA member -states. - Thus n vslll , Iand rather like an ordi- 

lioVi chne1c\ Mivifa QDJiMV mft VioVp Vifion rlocni^f>Viar4 ' _ • C n ■ _ r : .. j u6V610Dni6Qt ( IffS 3.4(XlI&T&CiT3ur a * ‘ * «. ... 7)9TV laPPA aiPPPofi a ml 


the already functioning U.S. only a sma11 . 51 operational Ariane. a reserve crew., and then down to a 


me u.o. ana tne ooviei union ui.hhhi destroyed last September when in Europe is to win a share of Because of the current - ■ 

and even “ hunter-killer “ miles through space, and was its u s Puncher exploded what is expected to be growing emphasis on unmanned satel- “ p „ , . TJ 5) 

satellites designed to seek out due to approach Jupiter nearly s j lortly af ter lift-off. The OTS-2 market for regional sateUite lites.for a wide variety of tech- 

and If necessary neutralise or next March, while Voyager 2. h int ; nded as a pT e Cur sor of systems throughout the world nological and commercial jjjj saSteellSS' Th^Ari^^ ? The UE. Spa 
destroy satellites being [used for iJS^JSSlS °P € ratiooal telecoiLunications in the years ahead. The ability applications, considerable signi- J ro^emioiairo^t laSie? sente a raditS 

military purposes by the other had flown over ,09m miles and and mer nteUltes for tte to offer complete “packages” ficance attaches to the methods P the conventio; 

s up. was due to close on Jumter^arlv , - —that is, the satellites are >7 veuuo ‘ 


while on some occasions it will 
carry the European Spacelab. a 


total n 
various 


launched from Earth had J *» JgJ- whEb Sr vision of ground stations and ^u°esnowunder Tev^opm^t vehi^ that TetiwiU go^o ^mveWcle.cXdanOrbter. in f iDcre f 

reached 2.146. of which 827 were Wit h Saturn in late 1980 and fionaJ rpiatpH infrarfmeture that M l . ea .. wm s ° ™ 10 . 77 ,, satelhles. and 


ing the increasing numbers of 


missions (36 U.S. and 33 Soviet tinue to be the exceptions in — 
Union), mostly unmanned but future space developments, as ba 
including the U.S. Apollo series the emphasis upon utilising, the wh 


of manned Lunar landing space- “near frontiers” of space for the ing a wide variety of payloads leave it to be won by the U.S. make . Europe independently ing year. The ESA has already prescribed orbits, rescuing and ° the ,p. com ]^’ es ,a hnch their 
craft. Deep-space planetary long-term benefit of mankind nn different missions for many European companies, through capable of launching satellites approved the production of even repairing satellites already , re haye been tears 


probes totalled 40, of which the continues to grow. In addition years to come. . the work done on the OTS-2 


U.S. had logged 13 and the to the development of specific The future European Com- and other programmes, a 
Soviet Union 27. satellites for a wide variety of municatinns Satellite (ECS) as on specific national sa 

Of the total spacecraft uses, renewed interest is being programme itself is scheduled programmes in their indr 
launched, the number still in focused upon manned ’near- tc start operating in 1981. It countries, have already sh 
orbit at the end of 1977 Earth orbiting ‘ispace will be used by the members of high technical competen 
amounted to 956, of which 3 SB laboratories." The U.S., for the Conference Europtenne des the telecommunications sa 
were of U.S. origin and 480 were ^example, has been studying the Administrations des Posies et field, which they must 
Soviet craft. Most were in Earth possibility of reactivating • its Telecommunications (CEPT) to translate into a comm 
orbiu but there were still 15 own Skylab for further use, curapleraent the existing land- attack on world markets. 


i different missions for many European companies, through capable of launenmg satellites approved tne production of even repairing satellites already Z , ,h V I v. ■ L 
ars to come. . the work done on the OTS-2 throughout the rest of this cen- five operational Arianes. Three in orbit, and conducting a wide kI h a, per , launch rai «ht 

The future European Com- and other programmes, as well 'tiny. It represents one of of these are intended for and variety of research experiments Sf P t T c i? ed e T en 11131 

- - — — - .... - r tne u.&. might effectively come 


Europe’s contribution to the for the French Earth observa- Orbiter itself, its mission com- 


M.D. 





The unequalled capability of British Aerospace is evident in 
the range, variety and content of its current programmes. 

It is the only company in the world to cover the technological 
extremes of VSTOL combat capability and supersonic 
passenger travel and embrace a broad spectrum of 
aerospace activity . . . from swing-wing and supersonic 
combat aircraft to conventional subsonic aircraft and 
piston-engined primary trainers . . . from missile systems for 
land, sea and air defence to space satellites . . . from 
intercontinental jet airliners to propjetfeedliners and 
executive transports . . . from sophisticated high-altitude and 
low-level reconnaissance aircraft to marine and submarine 
engineering, reinforced and microwave plastics, gyro-based 
precision products, and electronic and avionic systems. 


WEY8RIDGE ENGLAND 


utiomistff&cf in fts> ran&& ofaer^o^pacg programmes 






22 



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The Lockheed Dash 400 version of the Tri-Star, Lockheed’s contribution to the fight for the growing world market for 200-plus seater 

airliners of the future. 

The revolution in 
air transport 

THE WORLD'S scheduled air- the pacemaker route for much towards cheaper fares has been reactions of governments to plans have frequently been 
lines over the past few months of what happens throughout the too rapid, and that rather than those events — in particular, the vetoed by individual airlines or 
have been passing through one rest of the world airline in- generating new traffic the cheap reactions of the U.S. Govern- by governments — and again 
of the most traumatic periods in duslrv, came last autumn, when rates ma >’ have been drawing ment. which increasingly over especially the U.S. Government 
their history, in which virtual iv after' a long battle. Laker Air- travellers away from higher recent years had shown itself —with direct inter-govern- 
the entire shape and even the ways, headed by the ebullient classes of fare, such as economy hostile to the basic tenets of the mental fares policies being 
concept of scheduled air trans- Sir Freddie Laker, was finally class “d even perhaps 1ATA, and to the principle of negotiated and introduced 
port as it has developed over the able to start its cheap-fare Sky- Advanced Purchase Excursion nxing fares in major 'narut con- instead. It could, if adopted, 
past thirty years has been under- train, no-frills, walk-on, walk-off ra ies - Most o£ 016 scheduled air- ferences." mean that in future some air- 

goiog change. This revolution, service between London and on North Atlantic have as a result of Mr. Hammar- lines may revert to arranging 
for it is little short of that, is New York. In this context, it ar £ucd that they would like to skjoid s warning, tne lAiA set their own fares policies among 
by no means over, and it seems is worth remembering that for wait at least 11115 ® ummer up 3 amaij nve-memuer lasts- themselves, instead of having 
likely that the scheduled car- all its current vigour in pro- season 15 over before anally iurcu to analyse tnc problem governments do it for them, 
riers will have to face an ex- moling cheaper fares, the U.S Pass^nS judgment on the ultra- &uu 10 propose solutions, j - ms iu 
tended period of uncertainty. Government for years deliber- chea P fares espe* 4 ™* 11 * of turn resulted in tne special 
mu- u atelv blocked Laker's nlans fnr recent months. general meeting of tne Aasocia- iVUICb 



• • ' ■■ T y <"* AY. 

••...'Tf *. . 'Jim 

••• ■ f. •*«■!» 


The revolution alel y blocked Laker's plans for ro^ 111 months. ge... rai meeung of tne Associa- IVUIC5> 

sparked off by X intension- Skytrain ' and were ' oni * „ Thu * a ““** «*» * n “o^eal this summer. ^ 

Govenimenta] Pressures in nw£v finally a PP roved under the influ- Governmental meeting is due to At that meeting, the delegates f P hb farcs-makim: 
^ th™Sr S ™“ ot A*'”* Kahn, the newly- be held in October, at which a «pruv«i by a .dew ol iioilu, 

ratin® a»as of the world° but a PP° inted consuraerist chairman post-mortem on the past summer ^ most lar-reacning changes ^ ’ nossmiluv f * 

moSnotSSv inW^ Fnr™ ai the Civil Aeronautics Board, on the North Atlantic will be m ^ ^aacious men*™ 01 2!“ “ H ‘ 

and the U S .infeTOS™fm™eh with '"Mastic support from held. It expenence has snnwd ^ration since it was first -. d 

cheaper tare's. wSe it would Pr “ ident “ 19*. hasieauy ***** £ 

be wrong to areue that the _ _ generated tramc without duu^ me p ruaratnIlle M reforms wul fiKrntc Uith»rfA ma 1 4Td mlac 


^vinglet Britain s latest verticalt^e-bfffighter. tfie Sea Ffeifter; a : ffr 
' report on theTornado cc-mputerisedattack system! arid a Btgfctsiudy pf the$3i 


mnvt nntahlv in w«tr«-n «“ V.1VU ACrOnaUUCS Boar a, uic nuuu .txuauuv nm m me JUBOCiaUUUS lueUiOUS OX J, 

and the US . in So™? much with enthusiastic support from belilfexpenencenas sflowa up , ratl0I1 5mce it was first “ d 

Cheaper tares” WUh k wouM Pr “ ident “uer^d JSS” 'wiSt’S M 19 «- STJ? S 

be wrong to argue that the „ revenues and reducin ’ or me programme w reforms wul fllgnts Hitherto, me 1ATA rules 

;£*** S PliQe J nd h USLry is Popular Sii e ^pront?, t^en^Jy Sersmp 1 ^ me^ToneTeld havc la,d down the * reclse 

not and has not, been in r is liKerTm be clear for some f. a p “ me ' 1Al ^ m une ievel quaUty and Quantity of meals 

pioneered 0nce the Skytrain scheme had consolidation or even extension. * ,u ^any^Sg^ hnLciaT in economy-class sections, 

developments m thris a L r begun ’ howcver . * was inevit- of such rates through the com- a “ y S v maS lugether Wlth stal « «f charges 

tL „,S h ab «e that the major scheduled ing winter and into next spring ^ c n al * Dd *5 tw ar,nks and ^Ughl enter- 


»4«ptriptetobtirvey Of British AarospOCQ. 7-pag^of hiatooCJ^i'gMailsAfay'dr^wrigs^. the past til ny veart-it £ true a - bl ? 0,81 ^ “« or ^beduled ing winter and mto next spring £ nfac“ account for up to *** ajl " k6 ? nd 1 ?* iUgW . en T 

C< maqriifkien? COhxir flying pictured and -rof : coursri — A M* gu^dleto'frieF'^/ . mat it hS Sways Si?ed?P “ rIin ? on *•."«*■ *ould and summer. |f however, as "* ™ ^ taimneo^ while also tong the 

•vV.’- • . • . Farnborough Show.- :■ ..= •• -■.:. ¥ r™ v; t ... more cxnti™? JET “ move tomeet new type of some airlines trankly . stul ove ^ ievel comfort, for 



v - . • . ."'«>• . ■ •"k'5 " • 

• . • t '.v < * • 

. . .'I ... 

‘"I*./:!' • '■ 

' "%*•••"*.■ «x.!% "t- •. . 


in ?t competitiotrrwiDr theinUoduc^ “^ve. me"rasui'ts" hive 'not ^ ia ^ on ; ^ me 

pace of its own P choosin^ lith tion of th eir own Stand-By and been as beneficial financially ^ ‘ ,seat pitch”— the distance 

the result mat it has sometimes Budeet Plan fares on ^ SSLmB ^ been ^°P ed tsome charter *' * pa L r a Jf“ between me top of one seat and 

bSiTlSier to nSonl o i route ' Subsequently, mere can airlines are believed to have fSS ** ***** iL This has meant 

deveIoDiuer>r nf market trpnrit be no doubt t*»t these cheap been b3dU r hit), me outburst of are crucial to the smooth func ttat - on mo6t ma jor aLr routes, 
man some Governments 1 such as fares have pr0Ted consumanst lervour that marked “® nin f ^ ^ J airlines often have been flying 

me US have wanted to see popular with the travelling pub- me beginning of me summer transport sytem. They ^ aa . me equipment, charging 

have wanted to see. Uc But while j^jf c]aims ma y well have to be toned down include, tor example, suen ^ same £^ 5 ^ 0 ff erifl e the 

The breakthrough in me in- that it is making profits on Sky- in favour of a more rational things as stanaaraisauon of same quaUty of meaJs ^ 
troduction of cheap fares, train, mere is still some reserve approach. tickeung and. baggage handling drinJ <- d in.fli^ivr entertain- 

especiaily on the North Atlantic on me part of me scheduled air- Along with mis move towards Procedures, the Bundling of air meQt at ^ sa ^ prlccs Tde 
air route, for long regarded ^ lines as to whether the move cheaper fares on me North L 'Wgo» w traffic control teen- j j f in P whlc i 

Atlanti ^ ttere has becn a SrViZZSS' have been to "cSS. *2 

■v-. 7 move towards cut-price air le ^ attai f b and . JW J t been me somewhat ephemeral 

>7-V\ travel domestically in the U.S., f a p ^“ all,P ^?!! aU0 ^ u b ? one of "personal service." Now, 

and this past summer virtually clearing House througn It ig boped ttat ai r jj nes 

every airline flying on domestic wlJ icn virtually aU inter-airline ^ able t0 compB j e more 

. routes there has been carrying financial transacuons are pro- on a effective 

record traffic, with load factors cessed, amounting to several basi ^ with tbe passeMers ab] „ 
•V ' •• rowoe to heights undreamt of tnousana umtum uoliars worm lo a rouno P ior^ne best 

^ even a year ago. fre 5 £r,^ quality of service 

.IT-; PnmmQnrl to-day activiues of me As sou- u cy can get. 

v^U mi l l dliU stmn wh K*h nrp p.<spnn.if to rhp But me big question still to 


. At yoor newsagent's now. 30 p. 


man some governments, such as 
me U.S., have wanted to see. 

The breakthrough in me in- 




1 air route, tor long r 








- 


; -* 
• •* * 


Th e progress made in manned flight has been little; -v / V r .. . 
short of phenomenal. . : V.v;\; 

So too has the increase in the size and number of risks : •.*' • • 
involved; risks which must be covered before an aircraft leaves 
. the drawing board, let alone the runway. 

At Willis Faber we devise and place insurance and reinsurance 
programmes for some of the world’s largest airlines, manufacturers and 
aerospace companies. We also arrange cover for the individual pilots 
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• “pgpgi 






and development needed to secure the future for us all. 


t' Utill d l iU - jinon, winch are esssnuai to the But me big question still to 

This has also been in larne whole airline business and for be resolved in how far all these 
measure due to Uw effort? of which, if IATA were to codlapse, refar ^ s » favour of fareshxing 
Mr. Kahn, who has taKen^rm Sovemmepts would fie hard put the 

command of tfie CAB ood has » And alternatlsss. «f e **%£“$£ 

shown mat he Intends to use it ' The. second planned new Montreal meetinn has been 
as an instrument to benefit me category of memfiersmp is more wor jang out me details of the 
consumer rather more than the complex in its operation, proposed changes, and is due to 
. lbe wide-ranging Broadly, it will give to those consider them at its next meet- 
nature of me cheap fares that airlines who are members of ing ^ mid-September. It is 
his efforts have produced on the Association .the right to probable, therefore, that by me 
UJj domestic air services over decide whether or not they wish time the JATA airlines go to 
me past summer have resulted -jo participate in .the complex, their next f ull annual meeting 
in peak loads — but mis time, time-consuming business of fix- in November in Geneva, they 
despite earlier gloomy forecasts jng fares and cargo rates will have a clearer Indication of 
by t 7 e . ae> „ ve bee . n through what are known as how these reforms are going to 

matched with good profits. This » traffic conferences." Hitherto, be Introduced. It must also be 
would appear to show mat, so Association’s rules have borne in mind that the govem- 
far as internal U.S. air services required that all its members meets of all the airlines con- 
are concerned, tne move to must participate in all its cemed have yet to approve the 
cheap fares in me u.b. has been including fa res-fixing. changes in detail, and mat mere 

a success, and mat they have N(W it lg fcgia* proposed mat are some airlines, and govern - 
generated sufficient new tidffic a t eacii end of a given ments, who are not in favour of 

' to enable the airlines to improve North Atlantic the changes as proposed in 

their load factors and make between uk the U.S.— Montreal, - It is possible mat by 
money unce again, however, need nflt be i ong t0 theTelevant the time the Executive Corn- 
many of me airhnes concerned ^ coaCereflce ^ can, if mittee meets in mid-September, 

they wish, opt out, and fix fares of the Moetreel deeieioes 




mm 










Ihber 


International Insurance &Mein$urance Brokers . -.S 

iftfiis, Faber & Dumas LtcL Ten Trinity . Square, London : EC3P.3AX 






to refrain from commentuotil ^^routeby^tiSTon- “ay have been substantially 
tne summer season's results can : Li„ modified. 

iTKj ^nnes^rS ^prov^ ie^vernments. . is cl^ from al! this 

have benefited financiaUy from ,^^_ dual ai J U ^ {jjjj try is undo-going rapiTchL^ 
tne widespread introduction of will thus get the right to retro- ^at by the end of 197S it 
cheap fares, not only will Mr. duce new, “innovative" fares not - be the same as it was 
Kahn’s consumerist doctrines between meir respective conn- at ^ beginning of the year 
have been vindicated, but also tries without recourae to i^e impact of cheap fares on 
they will be more widely accept- the previous cumbersome maEl y WO rld air routes, coupled 
able outside the U.S. machinery of the IATA traffic ^th both an increasing rate of 

Coupled with this continuing conferences. - This, it fe Wt traffic growth if world economic 
move towards cheaper fares, -“uid make it possible for the conditions continue to improve, 
have been the measures’ to get maJor on .“J route to and the internal changes that 

rid of many of the rigid ruies r «Pond more quickly to me these factors, together with 
and regulations which have rapidly cha n gi n g circumstances more radical governmental 
characterised the scheduled air- °* . e 'market-place, without attitudes to civil aviation, have 
lines’ body, the International having to run the gauntlet forced upon the airline indus- 
Air Transport Association, for far€S . conferences at which try, will all ensure that the 
many years. Only Last Novem- small airlines with no direct industry is being set upon a new 
ber, at the IATA annual meet- interest in' a given route might course, ^lie wind of change has 
ing in Madrid, Mr. Knut Ham- otherwise be able to block any been blowing throughout 1978 
marskjold. the director-general proposals the bagger airlines in the boardrooms of the world's 
of the Association, recognised make. major airlines, and the confer- 

the signs that were emerging Jo effect, this seems to be *mcp halls of the IATA end the 
and warned the delegates that only giving recognition to what dust 11141 11 hss-ritised will take 


they would 


move has become a de facto situation, 




quiddy if they were not to be especially on the North Atlantic, set * le * 
overtaken by events, and by the where previous JATA fares 


considerable time 


MJX 


- r ■ , S 


V ' - 














Financial Times Thursday August 31 1978 


AEROSPACE IX 


MPALPINE AVIATION’S 

Big Fleet Means Business 

‘jyelcome aboard. This is one of the magnificent 
HS 1^26 -business jets in M c Alpine Aviation’s big fleer. 
M c Alpmeb=?Britain's largest operator of executive aircraft — 

■ V'-Asnd determined to be the best 1 . 

. * ■ ■ For more infnrmat ion ring 

Marketing Manager John Keeblc on G5S2 24182 ur Telex 821S5, macair 

\ ■ imkalpeve avi atioV limtted . 

‘■-J-Uam Airport, Luton Llr2jpNT, England. 


Events overtake UK 
airports strategy 


THE G O VE RNMENT strategy met by one of three options: At Heathrow the rising 

for meeting the need for addi- There could be a major demand for air travel has lifted 
lional airport capacity in the development at Stansted, con- the total number of passengers 
South East of England may well version of an-' existing military to be handled this year from a 
be overtaken by events as a airport which could be . de- forecast 24m to 26m. The 
result of the recovery in the veloped as a civil airport," or demand has been met by the 
rate of gruwth in air travel. a new airport could be con- introduction of new and larger 

The last official statement on structed. wide-bodied aircraft, such as the 

airport plans, published by the Outside the London and Lockheed TriStar and the 
Government in its White Paper south-east area there was now Boeing 747 Jumbo jet, which 
un Airports Policy in February, excess capacity. The Govern- have coped with the rise in 
said extra capacity in the South ment proposed that services traffic without straining runway 
East to meet rising demand should be concentrated on fewer capacity. The strain instead 
from air travellers up to 1990 airports. The national airports has been transferred to airport 
could be met by expa«ding systems should be rationalised terminals, 
existing airports. There would into four categories. J Wilh th DOSSi5iIitv o5 uD , Q 

be nu need for-or possibility There, should be Gateway sJ palsen^ each veJ? at 
of— a new airport until then. International Airports provid- South-East airports by the late 

The plans were based on a wide range and frequency issOs. and with new airports 
short and long term estimates of international services, includ- needing a 12-year “ lead time ” 
of the likely demand from air ing intercontinental and u> develop, the BAA is anxious 
travellers and of the capacity domestic services. Regional air- that there should be a minimum 
which should be made available. Ports should operate as a second 0 f delay with the expansion of 
In the short term, up to 1990, tier by providing' short-haul capacity at existing airports 

the Government strategy en- international services, a range . .. .. . 

visaged four ways of providing of charter services and domestic °{Jf e Ij 1 ? 0113 

“ capacity in the South linked with the Gate- ■“£ S“ rt " 

First, I he British Airports On top of this primary 2“£,‘ 

Authority's proposals for a structure, there would be Local j~ t r . ^ 5®??’ J* ® 
ruvrth .wrmlml M Unto. Airports. m«un» the traffic ^ a 

Airport, London to raise capa- "rrds of scheduled passenger hl £ dll % proMcms whfclT Me 
city by 8m to 38m passengers a services operated by aircraft reRard J i^vitablp in thl 

year should be examined at a "»th less than 25 seats. They 2JJE^“ n .X mid 1980s ^ 
Public Inquiry. This is now would also handle general * oum *** ,Q “ e m,d 13S0s - 
silting and sifting evidence from aviation, domestic feeder T 
the BAA. environmentalists and services and some charter i/lSCUSS 
local lobby groups. The While flights. _ _ , 

Paper said there should be no At the - bottom of the Hy bringing together repre- 
fiflh terminal at Heathrow. structure, and essentially out- sentatives of the Government 


that delays to the expansion 
programme, including particu- 
larly the fourth terminal at 
Heathrow (likely to cost over 
£33mj, would mean -the need 
for a more rapid increase in the 
transfer of flights from Heath- 
row to Gatwick. 

All “whole-charter” flights 
now have to use Gatwick, and 
the BAA would also like to see 
more scheduled flights using 
the airport 


SSI 


The UK Government, after 
attempts at persuasion, has now 
directed Iberia of Spain and 
TAP of Portugal to move to 
Gatwick — a decision that is 
inevitably having political reper- 
cussions — but the UK intends 
to .persist with this policy, and 
discusions have also been held 
with the Canadians, with the 
Scandinavians perhaps next on 
the l ist. 

Lynton McLain 













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Paper said there should be no At the - bottom of the Hy bringing together repre- 
fiflh terminal at Heathrow. structure, and essentially out- sentatives of the Government. 

side the demands of most air Airports Authority, local 
Prnnncolc travellers, would be the general authorities, trades unions, air- 

* 1 upvlortl j aviation airports. These would Lues, environmental groups and 

, . D |. . , be concerned with business. °Hier interested parties, the two 

ihf ' pi f , i P 7 for recreational and flying training Jodies should be able to discuss 

toe BAA to bring forward pro- ^_j^ c ui detail tbe problems involved 

liosals for a second terminal at These nreanisational changes * n prospective new airport 

raise capacity from i 16m to 2om of a]1 of Britain's airports. But «> 0 sunjins delays such as Public 
passengers a year. There should f 0r the air traveller the airlines Planning Inquiries can perhaps 
be no second runway there. 3 ^ the airport authorities in !> e either abided or completed 
Third, extra capacity to 1.890 ^ Soulh Ea8L major Jssue « gTOd lime so as to prevent 
could be provided by a limited ^ ^ o{ pro rtding extra capa- unnecessary hold-ups m provid- 
dcvelopmeni at Stansted Air- city l0 match the forecast “ g “ e new terminal capacity 
port Essex, boosting the air- gnnvth in air traffic to the end £ at ^ likely to be needed in 
ports capacity from Ini to 4m 0 f century. ™e nud to late 1980s. 

passengers a year. . The BAA ^ Heathrow Airport alone ^ -the mea ntim e, BAA has a 
was urged to bring forward growth in passenger traffic so £243ta five-year programme (at 
these limited plans for develop- far year has outstripped March 1978 prices), of develop- 
ing the airport. the 3 to 5 per cent increase nientat its sov.en airports. Most 

The White Paper -recoin- forecast last year. Tbe British of HHs Is in the South East 
mended that Luton Airport. Airports Authority said it is Major'" redevelopment at the 
which is owned and operated by now running at an annual Scottish airports run by the 
1 he local authority, should have growth rate of 8 per cent, 3 rate Is now' complete, 
a maximum passenger handling of increase likely to continue at The traffic forecasts used by 
capability of 5m passengers a least for the foreseeable future. the BAA in its five year plan 
year. In this scenario only the reflectVthe gradual recovery of 

These developments, if car- Government appears to have- the XJK economy. Terminal 
vied out in a planned and pro- conservative views on the pros- passengers at the South East 
gressive way would give the pects for air traffic growth. The airporta are forecast to grow 
four London airports a total British Airports Authority, from 30.6m in 19 1 1 / 78 to 44.1m 
capacity of about 72nt passen- which owns and administers i n l®8?/83. At the Scottish air- 
gers a year. This compared seven major airports, including ports fee growth is expected tn 
with a total forecast demand in Heathrow and Gatwick. is con- be from 4m in 1977/78 to 5.4m 
1990 of between 66m and 89m vinced the recent acceleration in J9§2/83. But demand at the 
Passengers. The Government in the rate of growth is not a South East airports could range 
suggested that the uncertainties passing phenomenon. from ,39.7m to 4Sm in 1982/83. 

at the higher end of this range The Authority responded to Over.An could be the top figure 
were such that the proposals the White Paper by saying that for the Scottish airports, 
would be sufficient to accommo- the Government policy carried Cargo traffic is forecast to 
date the more likely air traffic a strong risk that capacity would grow -at South East airports 
growth in the London area not be adequate to meet demand from J575.000 tonnes in 1977/78 
throughout the 1980s. in the late 1980s, and that there to 9£4,000 tonnes in 1982/83. 

In 1 he lunger term, after 1990, was a strong likelihood that one At the Scottish airports the 
the Government accepted that of the longer term options in forecast over the period is from 
then? was 3 likely need for addl- the White Paper would be 39.00$ tonnes to 48.000 tonnes, 
lional capacity. This could bq needed before 1990. The Authority has warned 


Forecast Demand and Airport Capacity - South East Airports 


Passenger Throughput - Millions 
90 -, 


While Paper - Capacity Forecast 









Current Airport 
Capacity Including 
Heathrow Terminal 4 


Passooger Demand 

BAA Mid-point 
Forecast 


BAA- BRITISH AIRPORTS AUTHORITY 



^^Sno«T toU catf 


We supplied the fuel for the Wright Brothers’ first flight. 
We developed the 100 octane fuel used by the Spitfire. 

We produced the first commercial synthetic jet engine 
lubricant. 

We supply airlines in Britain with a quarter of their needs. 
We are the major supplier of fuels and lubricants to 
Britain’s Aerospace industry. 

And we bring a world of experience to meet the industry’s 
future needs. — 


The worlds leading oil company 






Financial Tunes Thursday 'August StMSTS 


. A 
#* * 



aerospace X 



Advances in airborne 


avionics 


£<■---■ 


In •situations where bearing quality 
really matters, it's nice to know there's 
someone whose pnxlucts and reputation 
are u-usted worldwide. 

Concorde, IriStar, Trident, Hawk, 
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performance of RHP aerospace bearings- 
RHP design and make aero-eneine 
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bearings for all applications, RHP has a 
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Flying as a 



^ HtZ 157 


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CONCORDE 


*' V' 


tinn filin'*' Muljs istics-eommon to -ajvflrtei*.jnstsl - . 

OME OF the most significant eq^pmw^^splayid wHS ‘ 

decade has been the rapid twn and radar - The ante nnae and much of the 0,** ^the £ ars developed as r iiwat .venture 

growth of the airborne equip- £8am ' „_ nera ] aviation sector, electronics for the conipanj s will tall . ^ a nd as with the Department Of Ittdns- 

ment sector, with particular In the *e. Weaihertout l system- is ahead “ ^ ^ * *>*.*** tested on 

emphasis on avionics taxation enjbracin a k p tailor-made to fit inside the design and P u o{ MW:a British -AerospacS:. Jetstream 

electronics). . fro “? ta*«» “mofcb. leading edge of the wing of ruques take advama e o X operated by 

■ in many eases the advances in s> n .S 1 ^^ , . n( l m ^r L desi g n arc small aircraft, swing warnings advances in electron cranfield College of Technology, 

electronic aids have been so weight and “XL criteria of nearby storms and thunder Tq daLe , t be growlng use of Bed£or{ i shtr0 . ■ V .. 
great and the potential benefits among the P" 1 ®* - ■ clouds without the .penalty, of wcather ra dar has been the only Right test work 

m> cost-effective that airframe governing cho«* 0 3 high drag-inducing radar pod. plication of cathode ray tubes ^ be c ri The British 

manufacturers have been able ment. Mizuetun , a ; r borne The Weather bcout . 2 ' in 'light aircraft. But these Am s ^; HR ?4S, which will 
to update, and almost redesign tronic circ “^ . a ^gat launched this summer at less miniature television tubes can ^ ^ production 

from the inside. weU-esiablished equipment has done a srea cs.oqo, is one of ibe cheap- “~ bine a variety of indicator - autbwlots. 

aircraft. This has extended the deaI to increase g* conventional radar sets yet ^ clions , including weather ^ aJg0 lhe 

life of the aircraft and disposable sp helicooters offered. . information, navigation data and llser ,. in - thn general 

the development of derivatives w , n g aircraft and h P ^ Communications equipment is „ e 0 f cockpit and engine 8 p ? a J*®[ M . expensive 

essentially similar in externa ^ has opened almost essential for all types of ■ ”£r* ance da u. Moves to aviaUtm -WJ-* 

appearance but housing radical even the f mal ^ v X7d v anced small genera! aviation aircraft. f equipment with tint' wsting 
innovations in the avionics fitled w uh relamel> advanc ^ major maQU f ac turers tn- « ■ of versatility is well ^ With tiies^ MW 

equipment. avionics. dramatic dlude Collins and Benda. m the particularly in the mure V. mtU 

The manufacturers of avionics. Some of the most dramatic ^ CiEC . Maiconl in g* where Bendix and RCAat overfMOOQthere « J 

SSW.«™ ^ and bearing inTorma- -0 0- ^tSSr. ^ " 

mSor air displays like the forth- Equipment can vary from the in digital form m Britain ^ tteUe . Te qmremeat for the 

coniin 0 Farnborough display veiy simple to expens^ u to . j n units now on the market, work is P rt J gressi "5°" c li Srawins range of complex fuel 
next week a valuable show-case complex items offenn^ up^^ gome raade i s provide additional cra ft developments management sj-stems. perform- 
er their wares, and in many ilie-mmutc fe3tu ^®’ . .. . 0 " facUiues including vertical as autopilots. The Sm i w v computers and ground- 

instant-Js ihev secure substantial colour radar screen tndicalors tac^ ^ ^ navigation. Digital tries 1 SEP.10 is a new digi^dA -^ vimity wrains systems, 
business either directly because even for Ugtt by distance measuring equipment analogue characS SSoSf <he latter could be 

of whaL Is exhibited there or as prehen sue system designeo oy ^ available now at a frac- gysicm with many cnaraqie^ . .. 

a result of the new contacts with the V& ® e "* x u ° [TsSO OW tion of the cost of earlier equip- CONTINUED ON-NEXT PAGE - 

foreign purchasers that they he BX^lOO. " p dl tavt meat, 

make during the show, t.nnsc- including nau^ation ai>pi*. 
qiientlv. more than in any Miner 
area of aerospace, the avionics 
and equipment companies use 
the Farnborough f and Paris) air 
shows as launching platforms 
for new products, and this year s 

Farnborough display is no excep- - .. 

tion. with a vast number of new silent 60 per cent of them offer wceK- 

develnpnients likely to be seen. student has com- emphasise ine)o>s fient jv. long holiday courses — tho 

With equipment and systems THERE CAK ™ p weJ his taste and the msd.8 of 3 s m above S «SSm wa^tn learn in *V » 

nt all kinds already effectively the popularity of letsure n> s h ures 0 f examinations in the swujin 0 , There can ghder. according to the onu. 

representing up to as much as when as many as 50.000 enthu- p easure ^ > oi* at leis ure mutate of ^re can t Associatl0 n which is 

onlthtrd of the value of a com- s lasts each year take to - the «r W h fl e ne ° r of e the 5l7 gener^ aSnse^of pleased to supply details, 

plex modern aircraft land even for fun. “•?>* flv in aviation aircraft owned and end a > than one sen se. It- requires, about 50 launch ^ 

more in the case of some of the from watching °^s °. operated for pleasure ftymg by-re falls back to. for, the student pilot to 8*»n 

more advanced military air-powered or Britain’s flying clubs and ^ ll _, the experience needed to ^o 

craft), this side of the worlds g | id ers. under hang _ There are n0 w approxl- eart i. falling away solo. Costs are around ±o *n 

aerospace industry has expanded h ot air or helium balloons. mate i y 21.000 to 22.000 holders bnt t a line. ^ ^ onI y hour but many e nthuaasts join 
rapidly in recent years, aod is Powcred private flight is the Qf British pilots' licences corn- from ^ together in ownerehip syn- 

becoming of increasing impnr- mQSt expe nsivc of the aenal ed witil ^ estimated S-OOl) sou 1 tc of m; n rra^ v* ^ dlcates. perhaps buying » 

• nphasis grows in Uonj . open to the would-be 9000 professional pilots, J 1 *” ^ c hal ienee' for the second-hand glider for as little 

h things as auto- fly £ r _ It is also the most aCCOr<Ung t0 the annual report «*P rcm * . t ch s ^®g aloft with as f 1,000.. This compares vuth 

- equipment, new ^e^nsuming in hours of f the civil Aviation Authority, of Vis^ ^ crmals can t|» to 

navigational aids, collision- “ t0 obt am a . ° if unpredict-. to buy a - wo rid 

avoidance and storm-warning , i( f ence but it ea n give a far TJirill .• * “ : gUder of the standard used 1 b> 

systems, and improved com- , rMter degree 0 f freedom AUlUA 4 t r nn Th^are' other chaUenges Mr.. Lee last month. The 

munieations techniques. other forms — although For those interested in is search for rising cheapest new glider costs 

.-a? s.%r,S 5sws uzfspx&s 

however rudimentary. 'depending on the aircraft no longer confined to the Viest out Y . sDort 

faemries iS for n °the Sh0 Sdin°g ^e^Sch^Ieisure flying 

?n e „,f Action has almost .gf'Jnthusiasts for the powered for the second successm tin .tsw. _ , „ udin „ 

!12bS& B 2- ’•!" SffS! gjfi- Wl U brfeF &r.St/^n«- over J£u, MU. or a cloaed »<*- 

‘SBS "“VSsfe 5 ? ! n® , Ssia- ,, SS 

s?ss ssssst 

SsfsrSS SrS^fi 

Se^ows to get this, the British Gliding Association, clouds. Over 100 clubs axe only slowly, 

Bnal choice depending on time wllich — — — arniind carefulIy ch0Sen ‘ T — — 






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V7- 

AVM 


15 «>» which Controls ii»«s ■■■ j**— - — . — B 

available and the degree of Britain, is careful not to over- locations m cntain- 
application of the individual 
studenL 

The first and most formal 
scheme involves training at an 
approved school w *^ . a 
minimum of 35 hours of flyins 
to be completed within six 
months. On top of this students 
have to take a written exarmna- 
ion on technical subjects includ- 
ing navigation and a general 
flying test. . 

This scheme or training is tne 
must appropriate for students 
with all the time in the world 
for a concentrated hurst of 
training. For those who would 
rather take their flying train- 
ing more leisurely, the CAA 
lias authorised a 40-hour stan- 
dard course which can be com- 
pleted over any length of time. 

Intending solo pilots must be 
over 17 years of ag®, hold a 
valid medical certificate and 
students must complete a mini- 
mum of 10 hours solo. 

The one constraint is that 
tbe student has to complete 
the mandatory three written 
examinations within 12 weeks 
of each other and within six 
munths of completing th« 
required 40 hours of flyin. 
training. 

Interest in the spnrf, or the 
obsession as it can become to 
some enthusiasts, shows nn 
signs of tailing off, according 
the Aircraft Owners and 
Pilots Association. This is 
despite the estimated' cost of 
between £S00 and £1,000 for 
lhe competent student to 
acquire his ticence on a single 

internal combustion-powered 

aircraft in the group A weight 
limit of up to 12,500 lbs. 

The majority of British flying 
dubs cater for the student who 
wants to take his time over 
obtaining his licence. For the 
typical student, the exercise is 
a hobby and time is not of the 
essence, so long as the trainee 
pilot enjoys the exacting 
disciplines required in a fully 
competent pilot. 


At least 


Lyhfou McLain 


>. < 


n 


Alidair specialise in the maintenance, ovediaul and refurbishing, 
of executive jets, particularly the Hawker Siddeley H$1 25 & Gulfstream 1 • 
Alidair provide a reliable and competitive service to their customers^ / - 
which include some of the forem ost names in executive jet aviation; j 


■ IVVlvlllV'*'. ■ - 

K leasing a Viscount from Alidair with a maintenance and crew package _ j 
tailored to your requirements could be theanswer. Alidair .offer areliablej 
L service on competitive terms-and can show a good record of successful 
lease arrangements. Aircraft configured to your requirements, 

' offer up to 60 seats or 6 tons freight payload. 

All operations to full U.K. A0 C standards ' j 

For these services, the answer to transport or executive jet maintenance { 
and purchasing requirements,' please contact— ' 

Captains, Roger Dadd or TreforJonK • 







Financial 'Times Thursday August' 31 fifflf 


W 


AEROSPACE XI 



The Tornado multi-role combat aircraft, which will form the main strength of the RAF in the 1980s. 

Operational boost 
for the RAF 

THE RAF is now preparing is an all-weather, swinging-wing for the ADV in 1978-79 prices. Victor tankers. Hawk trainers 
a major step forward, with the supersonic aircraft, produced by The overall production pro- are also now moving into ser- 
d el i very in early 1980 of the an international company gramme of 809 aircraft is not vice. In the transport field, the j 
first of what will eventually called P ana via, comprising likely to be costing the three Hercules fleet of tactical and 
become a force of 3S5 Tornado British Aerospace, Messer- countries much less than about strategic transports are being * 
multi-role combat aircraft schmitt-Bolkow-Blohm of West £7bn, while research and reconditioned to enable them to 
This aircraft, coming in such Germany and Aeritalia of Italy, development has to be added to serve at least until the late j 
numbers, represents the biggest The aircraft is powered by two this. It seems likely, therefore, 1980s. The Sea King helicopter j 
boost the RAF has had for new-technology RB-199 engines, that the eventual overall cost is -coming into service with the 
many years, and it is likely not produced by Turbo-Union, a of the Tornado to the three RAF for search and rescue 
only substantially to improve its joint company established by countries will be in excess of duties, 
capabilities militarily, but also Rolls-Royce, Motoren-und- £7.5bn, and it is not surprising So far as the air defence of 
do much Id boost morale which Turbinen Union of West that the RAF is treating the this country in itself is con- 
has suffered in recent years both Germany and Fiat of Italy. Of aircraft with immense respect, cerned, it has been recognised 
from a lack of adequate the 809 aircraft planned, 885 ~ •»,«*. that the development of long- 

new equipment. successive are for the RAF. 324 for the iTSTbS^Svet sera ran 8 e strategic bombers by the 

reductions in spending through German Air Force and Navy S TSnitLw Soviet Union is resulting in an 

Government cuts in overall and 100 for the Italian Air £ increasing threat to theUK and 

defence budgets, and failure on *orcc. The ’ number of dU c?io^rate over ttt SSt’SS the Western seaboards of other 
the part of Government to keep production Tornado aircraft ^ wffl be enrol NATO European countries — 

] T^°Zi knble fiss ES5 !* "8- "S ™ ****** n 



witn mose in civman life. lunncr oaicnes are planned Aerosoace 6 000 at sSuhn Just as much a possibility as 

The result of these problems progressively over the years f nd emnnS an attack across the Central 

hac been not only a steady drain ahead to bring the eventual European land-mass itself, 

Crun the service of a substantial total to 309, while the prospect d ?rertlv it^rin^mnlov^Sother especially ™ that the Soviet 
number of its most highly for export orders cannot be ^^TLSSriS ^on has the Backfire long- 

qualified personnel, but also discounted. - talkTA range supersonic bomber to 

considerable difficulties in _ . • rJ™» service. 

Basic ' and* moo^m ItalT^' p F “ considerable 

the gaps. Recent pay awards Of the UK’s 385 aircraft, 220 ^ Sd°hiTOlvin| SonthTon toe SproveSiem'of 

by the Government, although will be of the basic version (the -JJJJJ tSnSoco ^ the UK’s own air defences. The 

going some way towards type that will be delivered from more tf,an ^ com P anies * Air Defence Variant of the 
meeting some of the complaints next year) that will be common The Tornado is not the only Tornado coupled with the Air- 
in the service, have certainly to the three participant Mw aircraft joining the RAF in borne Early Warning Nimrods, 
not gone far enough, and both countries in the programme, tiie near future. A fleet of four- the Sky-Flash air-to-air missile 
the drain on technicians and called the Interdicter Strike engined Nimrod anti-submarine and t j xe improvements in the 
recruiting difficulties .seem version (or IDS) and intended warfare aircraft is now being tanker force, will do much to 
likely to persist for some time primarily for battlefield inter- modified by British Aerospace help improve this situation, but 
to come unless further signrfi- diction: close air support; a t its Woodford, L an c ashire, j n addition, measures which are 
cant pay rises are permitted counter air-strike; naval strike; factory, to undertake the Air- being taken at home include in- 
soon. air superiority and reconn ais- borne Early Warning role — creased numbers of surface-to- 

It is for these reasons that ranee. The remaining 165 the detection at an early stage ^ missiles, including Blood- 

the Service chiefs are putting aircraft for the' RAF will be of °* enemy aircraft approaching hound and Rapier, hardened 
considerable emphasis on tbe a different model, the Air the NATO airspace far out over shelters for aircraft and other 
introduction of the Tornado, for Defence Variant (ADV), which the North Atlantic. The AEW key installations, and wider air- 
in it they can see tbe oppor- will be intended for interception Nimrod is the British eqoiya? craft dispersal, 
tunity of improving the RAF and the air defence of Britain, lent of the U.S. Boeing Air- 
both quantitatively and for which purposes it will be borne Warning and Control TT Till SHIPP 
qualitatively, at a tfme when equipped with a UK-developed System (AWACS), which is -LUIulUtC 
the build-up of Warsaw Pact air-intercept radar, and with being used both by tbe U.S. Beyond this, the RAF is look- 

conventional forces, including Sky Flash and Sidewinder air- Air Force and is planned for mg at a wide variety of new 

tactical combat aircraft, is; to-air missiles. The ADV is other NATO nations, and is in- developments to enhance its 
gathering momentum. designed to loiter far out over tended to be compatible with combat capabilities in the 

As Air Chief Marshal Sir the North Sea and Atlantic the Nimrod. For the anti- future, when increasingly com- 
BJichae! Beetham, Chief of the approaches, to be able to detect, submarine warfare role, the piex technology is bound to be 
Air Staff, commented earlier identify and destroy enemy e x isti n g Nimrods in RAF ser- matched by continued or per- 
this summer: “We are still short aircraft at distant ranges. The vice are being progressively baps even Increasing financial 
of numbers in both aircraft and ADV will arrive later in service modified and updated to im- stringency. The RAF makes the 
missiles. The 3 per cent growth than the basic IDS version, prove thei r submarine detection point that it is not necessarily 
in the Defence Budget will give being delivered early in the and destruction capabilities. in business to perpetuate 
us the welcome opportunity to 1980s. The prototype AD Vs are In addition, a long-standing manned aeroplanes as such and 
push more resources in this now being built, and will fly RAF need for a medium-lift that there arc many other 
direction, but we still have a during 1979. helicopter has been met by an developments than can also 

good deal of_catch£ng‘Up m do, ' The Tornado will be capable: orde rly 30 of the big Boeing prove useful These include im- 

if we are to match the growing of ' speeds of more than twice VertotoGH-47 Chinooks, costing proved methods of low-level In- 
threat to our country.” that of sound at high altitude,’ some 3200m in all, and with trurion, perhaps by “ stand-off 

The Tornado is a multi-role with its wings - swept back, deliveries due to start around weapons such as Cruise Missiles, 
combat aircraft, designed to while- the aircraft will also be mid-lfis}. Also, earlier this year, together with improved "elec- 
replace a number of ageing able to land and take off at it was announced that the tronic counter - measures." 
aircraft in the service, including slow speeds on dispersed sites RAP's long-range strategic and better techniques of target 
principally the Canberra with its wings swept forward, tanker force for refuelling com- identification and acquisition 
reconnaissance aircraft, the .Inevitably, an aeroplane of riicb bat aircraft far from base, was and improved weapons accu- 
Buccaneer strike aircraft, the high performance will be expen- being strengthened with an in- racy. The possibility of such 
Lightning - strike ■ and air- slve. Detailed costs are not fusion bf up to nine VC-10 air- revolutionary techniques as 
superiority aircraft, the Vulcan available, but the most recent craft, bought from airlines and “in-flight re-arming” is not 
interdicter-strike and recon- figure given by the UK Ministry now; 'feing refurbished and being overlooked, although this 
naissance aircraft and of Defence for the aircraft is a modified for tanker duties by might prove technologically dif- 
eventualty also the Phantom unit production price of £7.9m British Aerospace. These will ficult. 

combat aircraft. The .Tornado for the baric version and £9.4m supplement the present force of At the same time, conrider- 

able emphasis is being placed 
.. * • behind the scenes on the 

development of the so-called 

w Jaguar-Harrier replacement for 

*■ - ' the late 1980s. Currently known 

CONTINUED FROM PREVIOUS PAGET’-.' Target 403, the 

CONTINUED FROM rKsvwus primary aim is to try to evolve 

. , a light-weight, fast, highly 

used with advantage by many be available on tire general working, with a HUD weapon manoeuvrable strike-attack air- 
aircraft of' oH types for addd- aviation market within two aiming -computer system taken craft capable of also holding its 
tiomd flight safety. . years. The company is expected from . /the American - A-4M own in air-to-air-combat 

m the military field British to aim the greater proportion HUDWAC production line. The aim is not to develop just 

companies have a world lead of. sales of the new system at Ferranti is also in the fore- an improved Jaguar or a Super- 
dn certain soeciallsed areas. *** North American market, front- of British avionics deve- Harrier, but to try to identify 
-Tow, Tv*,-, wldp»tttc_ Coaorenv through Canadian Marconi, alt lopmeats on show at this year's the possible tasks confronting 
faM aaXlyl KswSl? 1 ViAtepric* of sll^tly more Farnbwough Air Show. The the RAF 10 to 20 years ahead. 
<vuwn<ot- fwm British thwi’17,500. company ■ has received the and to develop an aircraft that 

wSSi Marconi Avionics which is a ,nitlaI order from Panavia to will be able to meet them. This 

wSTofc^DoiSier navigatS parr of the GEGMarconi Elec- S3S«?«. ,1 T t “5 *5222 means ^*5 RA *? 

ironies ETTOUD is expected to displays for the Tornado. These must try to forecast not only 

Sre iSSef S3E Sw prochictTw this * combined m ovi ng, what the enemy might be doing 

,w wmr’c FamborDush Air Show map dkplty with superimposed 10 to 20 years from now. but 
p n mnanv has acquired a radar, far the navigator and a also what the “ state of the art " 
Aerospatiale Gazelle heticopters moving-map display for the will be in such things as micro- 

arid similar systems have been reputation tor pilot?: dectronics. comnoslte StSSl 

fitted to the Tornado multi-role ?Jj ndlitarv applications. ^ ne of the cctnpasy’s recent guidance systems and weapons 
combat aircraft PeKa say s the re LzL„.,S ’it S P esnected xna i° r ' successes was the award capabilities. It is a formidable 
is export of a «»*>»« to supply its chSuenge. and one in which a 

for the JDMpter S) s&tm ; o * COMED 2035 moving unap great deal of effort is being 
Over 1,400 of. the. eariaer- ^ -Ei'iSS ’ The bonzontal displays to McDonnell placed. The detailed conception 
Doppler 70 systems .were made, “JJ Douglas for the U.S. Navy A-18 of this new aircraft is. proceed- 

and fitted to some 88- different ?as ^enu*o Hornet strike/fighter. The work ing slowly, with strong emphasis 

types of Axed and rotary wag J* ■ - Marconi has win ^ carried ont with the being placed an the possibility 

aircraft used by 45 caaaAiis&. r nroduii? 1 head-UD display oys- Beildix Corporation of tire US. of international collaboration. 
Marconi Avtoaks is^ treating terns ifor use ’ia a number of which^ will work Mder licence But that such an aircraft will 
ivf a fout^veftr'DW>- ; -TTq ihwaft • ’ from Ferranti. When the air- eventually emerge is inevitable, 

teAD craft ieaci,8S tte Paction for it will be essential to 

S^Sv araiWiavfc'ation system 16. traantiS ** ase ’ Fer ra nti is confident that supplement the Tornado in the 

hS JSPS5 ^ ^ brinB a RAF-s front-line capability in 

tire of .using esdritag. European air forces., ^ ** probably CTett 

aircraft i^rumeidatioo. and will use the HUDSIGHT unit txyonO. 

M arcon i vhft ^pde«i to and a new head-up dimity - '• • ’ LdVlCL. iWUl/.l 



When 
economy counts 

'i count to IQ. 


You can 7 1 be sure what the future will bring to your 
route system. So, to be sure the aircraft you choose today 
can handle whatever comes along, we urge you to count 
on the ID - the McDonnell Douglas DC-10. 

The DC-10 is the most efficient and versatile wide- 
cabin jetliner in the air. Ready to carry today's loads 
economically on any route structure - peak times or off, 
across a state or across an ocean. 

That's one reason why the DC-10 has been chosen 
by more than 40 airlines around the world. And why the 
U.S. Air Force has chosen the DC-10 as its new KC-10A 
Advanced Tanker-Cargo Aircraft. And it certainly is why 
when you begin planning your next order, you ought to 
ask our route analysis specialists to show you what the 
DC-10 can do for you. It's an aircraft you can count on. 
Now, and for years to come. 


TheDC-lD 


MCDONNELL. DOUGLAS 





aerospace xn 




isrraassiia 




Get above it all 


• ••• 


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Costs may well be comparable with 
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a ■■ tofcmg off on its maiden fUght earlier 

The U S National Aeronautics and Space Administration s Qui et Sho n-BaMResearO^A^ ft ^ methods of reducing the 

ms — r from Boeing m ^ Th* f^rXnents will be essential fornem atrlmers of the 

noise of modem a, rimers and of slu>r temngtheir^e^n a ^Ton “ bus-stop ” type air routes. . ■' ■ 


; 1 



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Telephone 01-623 7511 



Well set f or „ 

because of an expected fall in figures, although it t c ^p^Sre > but'a!toB' : talw was" announced in August with 

demand for the world's most surprise many ohsenrere if j potential' reward.-It is Tthe- Italian state manufacturer. 

llUITCVh OTJITSTC successful commercial aircraft. McDonnell Douglas finished [toe. »r »e IP new aircraft Aeritalia and this is expected 

UNITED STATES the Boeing 727. To some extent year with more tiian last year's Un “ advaI1 ced wing to be followed by an agreement 

this expectation has proved record 128 orders. J-Hmolocy increased use of with prospective Japanese 

correct as U.S. airlines com- M a result of this strong IfS-t weiatit materials and high partners. Such agreements not- 
plete replacement orders for deman d, Boeing's order book at * u iet engines. withstanding, Boeing could be 

s « « wa,ras 

{.“MSSTJlSS- ord„ for Baton* 

sss^tsiv-^ smokes SWA® M ^ 

traffic is helping to maintain a offset by a hefty increase in Lodged was still far short of tw ® 2 .000 miles the 200*eater A-310 version of 

good order rate for commercial orders for the 737 and J 47 a^- its best year. 197L, when it had t with *^ ^ passengers the A-300 Airtius has led 

airliners while general aviation craft. Boeing lias not booked ordera ^ 1(W aircraft and its and seatnu McDonnell Douglas to abondon 

SSSM mOUHT .ales are mo re th.n 39 orders : » year for toU1 at the end of June » a mm ** «. 
also climbing steadily. the <3, since 19i4 butbllat * amounted to a modest 31. ? ^ ^ fuselage, version of this i W 

The industry’s total sales last August the tally * ^ ^ u ^ “ *5 passengers and »^Lo^eed h^he Dash 400 

vear amounted to a record impressive 89. The *4i is enj y^ aaalyst with Drexel Burnham lranscont mental range. - version ot “ e low 

i«, , hn whirh thouch welcome, ing no less of a sales boom, witn ' reckons that commer- a u drawing board. Because or low 

^K'HSL ta r«Sa^-^Sr^ r -Third 

asss jr. was SSS&S?-* 

==« < SS moh . , r-TEMsag 

“SW 1 --- z a«. &»*?**& ~ SSSTWfiS £JWK I tt£T£ l %£2!- 

percentage of sales “creai | orders, which was more than in In contrast however it is ^ ble deliveries m Howeve r, competition between 

from 3.4 per cent to 4.2 per orfle«. » ^ ^ ^ ^ senertoly J*‘ 1983-84. ST two " cut tote profit 

M thP increase in the pared with just two last yew. the risks facing these compands ^ launcb costs 0 f the margins which means that 

inJIixfrvN ^rder book from ? The order rate at McDonnell are greater U»am they ha « £ thought to Boeing is unlikely to gain the 

S«-H| MSS. SSS rS£f« 

btonper ™e .for Boeing, hedtofier, forfifiDM »« -JS *5“ » John Wjks 




Business 
a growing fleet 


Comnirate of the first kind 


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Electronics Weekly repons in depth on all 

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- 52% of its readers are in financial or 


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hnofina on every factor importanimseoieFAflendrai management -which makes 
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Competitor activities . . .prices v- vBew > < -Teadmg for you. but the natural medium 
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communicates the facts 

Published by IPC Elecltical/Electnjnic PfKS Ltd. 
Dot set House. Stamlwd Street. London $£1 3 LU 
A membs ot IPG Business Press Ud. 


THE USE of small transport 
aircraft for business and execu- 
tive travel is now expanding 
rapidly throughout the Western 
world, as companies and their 
executives come increasingly to 
appreciate the greater comfort, 
convenience and cost savings 
that this form of communica- 
tions can give them compared 
with normal scheduled air 
transport. In Britain, particu- 
larly, the demand for both jet 
and propeller-driven aircraft for 
use by executives is expanding, 
and all the signs are that a 
healthy demand will prevail for 
some time to come. 

“ Business aviation " is part 
of the broader field of 
“ general aviation," which 
involves all types of flying out- 
side the public-service transport 
operations conducted by the 
scheduled and charter airlines. 
Thus, general aviation includes 
not only business aviation, but 
also private, leisure and sport- 
ing flying, gliding, and such 
other aeronautical activities as 
"hang-gliding" and ballooning. 
But business aviation is one of 
the most rapidly expanding 
areas of general aviation, which 
in itself is now growing rapidly. 
According to recent research 
by Frost and Sullivan, market 
research analysts, spending by 
companies and individuals on 
over 20,000 general aviation air- 
craft during the next decade is 
likely to top £lba. 

While in the period immedi- 
atelv following the oil crisis 
of late 1973 and the subsequent 
industrial depression there was 
a slackening in demand for air 
transport, business aviation 
remained one’ of the stronger 
elements in aviation; and 
recovered much more quickly, 
especially in the- U.S. In the 
UK the recovery was slower, 
but is now very strong, and in 
the first six months of last year 
general aviation aircraft 
were sold compared with 83 in 
the whole of 197.6. 

All the evidence from aircraft 
manufacturers and representa- 
tives of general aviation 
operators suggests that this 
improvement is likely to con- 
tinue. 

One of the most quoted advan- 
tages of the business aircraft is 
the freedom it can give to 


executives who cannot afford to n^d to demon- Aircraft Users’ Association has 

waste time m waiting for con- tvve *°ul ^ mtton of a 57 corporate members, which 

ventionai, scheduled airline jtrate that tiie oj»rau 01 a * business aircraft, 42 

services, and wish to avoid the business jet wuU-SWJ m jets, 

problems involved in transport saving . transport The Association believes that 

from airports to perhaps widely mmol method. J^fTbuSoeso flying to 

scattered factories or offices. and not just to here to stay; and unlikely to 

Whereas the scheduled “SJo SceOTtiws. 3 The- fall suddenly, unless there is a 

lines are served by '38 airports must be a dramatic downturn in business 

in Britain, titan' ‘“52' Si ^mSement and not a fortunes-when the 
400 or so airstrips and airiields tom 01 , aircraft is often the first item 

used solely by general aviation chairman y. t0 ^ ^ Occasionally the 

aircraft In assessing the costs of buy- cllttJnlfOUt G f the aircraft and 

In addition, throughout ing and_ flying a Dusmess^aix- however, is little 


Morale 


It is really this operational 
flexibility, of the business air- 
craft or helicopter which, when 
translated into time saved, is 
accounting for the growing 
success of this branch of 
aviation. Allied to. the direct 
savings in cost and convenience 
is the less-quantifiable but none- 
theless significant morale factor 
in that a busy and much 
travelled executive spends less 
time away from home when he 
has the use of a company air- 
craft than when he is ohiiged 
to use the -conventional 
scheduled services of the public- 
transport airlines. 

British Aerospace, which 
manufactures the successful 125 
business jet, estimates _ that 
there are over 1,000 business 
jets in service around the world: 
A small number have been, 
bought by rich individuals for 
their exclusive. personal use, but 
the vast majority have been 
bought by companies after 
detailed evaluation of operating 
economics and other likely 
benefits- 

For a business jet to be 
successful purchase or lease, a 
potential user wculd typically 
need to travel extensively 
throughout the year. The 


Anglo-American Conference 
on Energy and Aerospace 

- extaflt of MgMr ra_l_ U S and Uk 

lavemnufflE inter** In rbfc eexiferewe 
li shown by -die fact that on the first 
day chare will he statements M senior 
government officials and It ra anw- 
pated that there will he a panel dis- 
cission including e 1 *®* 11 reprown«n»a 
of the House of Commons and of *e 
US Senate and. Hone of Represent!- 
elves. 


Jointly sponsored by the RAeS and 

the AIAA at the Royal Aerooaatkal 
Society, 4 Hamilton Plan, London 
W1V BBQ. 5th to 7th December. 
197i. 

The increasing importance of finding 
mid- and long-term solutions to dm 
provision of energy . lor mankind Is 
reflected in this important and unique 
conference. The historic, .association 
between but RAoS and the AIAA in 
■significant areas of amwpace science 
end technology will ho estended Into 
the domain of energy by this con. 
fercncc. Papers have been invited from 
speakers from government, industry 
end university from both nations. . 


For detailed Information please apply 
to. — 

Mrs. L Montagu, 

The Royal Aeronautical Soewqr- 
4 Hamilton Place. 

London W1V OBQ. 



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In addition, thruushout ing and_ flying a its expenses, however, is little 

Western Europe, there are many craft, a « jnl P? n y iS'more than a -gesture, for corn- 

hundreds of similar small air- depreciation; insurance jot jne have been known to sell 

strips or local airfields that are airframe and an aircraft one day and lease 

available for business aviation, third parties: nanger^cu^a^, it bac k from its new owners the 
many of them having customs crew salanes and expenses nexL 

facilities laid on or available maintenance; fuel ana 01% benefits, however, 

at short notice. If a helicopter landing fees. i can be considerable, as the 

is used in place of a fixed-wing Against these must.be set the 0^,^ - Aviation Manufac- 
aircraft, this operational flexi- nee( j fo r a greater number of Traders Association 

bility is considerably enhanced, 0V emight stays if the executive bas ported ouL The Associa- 
stemming from the ability to ba ^ been obliged to use sche- tion bas estimated that on a 
land and take-off vertically— duied airlines, with reduced direct comparison, the seat mile 
often from confined spaces that fl es n>iiity and greater total C £ a European scheduled 
no fixed-wing aircraft however travelling time. airline and an air taxi, hired for 

small, could negotiate. The extensive use of a specific occasion or for a 

husiness aircraft is to be found period lease, with a full load of 
in the U.S, where the leading passengers, can show a saving 
1,000 companies alone now of U p to 25 per cent in favour 
operate over 1,360 aircraft, of 0 f the air taxL 

which 550 are business jets. In Tvnton McLain 

Britain, where development Lynion 


’.M 




1 













HaanciaT 'Hines Thursday August 31 1978 

\ 


27 


AEROSPACE H 


WWi 


New ring of 




FRANCE 


even point of sales, and a new go-ahead for the 200-seater 310 self as well as the McDonnell- tend to regard as the great 
version of the Airbus Is to be version of the Airbus has been. Douglas project for an Advanced post-war massed opportunity in 
developed. In the military received there seems much more Technology Medium Bange the same way as ifce British 
sphere the Franco-German doubt about whether p'-Euro- regret the failure of the Comet 
-- V f , _ ' 1 • Alpha-Jet trainer is selling sub- pean competitor in. the 13B-180 in the second place the JET l ° captolise on its technological 

■BBBHWHHPMHHM statitially and an agreement has seat class of aircraft can be 5 as always 'been designed ad Z? noe ' „ __ .. 

• ' ihst been signed with ^Lockheed justified commercially, with or around only one type of engine. The Question of British parti- 

TBEKE-S. begiinilngr to be a under which the U.S. company without British participation. tb e Franco-American CFM-5& «P»tion .in the 310 is not essen- 

new ru^’ of : confidence about will sponsor the Alpha-Jet in the Essentially tripartite discussions whicb ^ a civilian derivative of tiaL British Aerospace wul con- 
the. French aerospace industry;. competition to find a replace- between the British, French and **,„ E leetri P eneine !™ ue ^ inake the wings for the 

Tbe -twd sodr episodes of the ment trainer for the U.S. Navy. Germans on such a project, the intended for the B-l bomber *“£ versions and, if 

past couple: of years- axe behind Still ini the military area the JET or Joint European Trans- ’ there is British participation m 

M: rixedefBatof .the Dassatilt prototype of the latest Dassault port, have been going on for The only company t o sh ow the consortium, will undoubtedly 
Mirage 'in the "Anns Deal of Mirage, the 2000, is flying while more than a year, but the pro- positive interest in the JET is make the new wing for tbe 310 

the Century ” -against American “ the helicopter sphere A6ro- ject still seems a long way from Air France: it was authorised to as welL If not, outline contracts 

competition to - supply fighter spatial e, the State-owned con- jelling. lease 13 Boeing 737s to replace exist for other suppliers. 

Aircraft: .to. TTerway, Denmark; cern. now ranks as a substantial ___* th , s r. v™.,,.. 2c «v p Its Cara veil es on condition that . 

Holland : and Belgium; - and tbe -world producer. With its three ^'“.Tdefidi^iSnie' “ »ecame the bunch airline for Doubt 
long guejnrillp war ta gain accept basic versions of the Falcon. c r a i tarn* for the aircraft With tt»® JET- At- the time of writing, ^ J _ ... 

trace -for Concorde in the UJS. Dassault has also made its a 1S6 ^^ t . the Drooosed both parts of this scenario are The big doubt over tbe Airbus 

Instead, ihe-French now *» the market for the company’s pilots a ™Vs° ■*«; 

they1«vaa>mei«rvdnner a ln 1 ’ u ‘ illeEJe “- would be in compefition with » ■ to operate the 737 

There remain, of course, deep the existing and strong-selling men U P fro Q t 110 



•trsav 
ip-ii4n?'3 ■■■ 


Hgjjirt-ry' - ■ 



EKr.r : t ■ • . • • .r- J -: 

Sr'. -tv v ;~r- -Lna 





the International battle for mar- 


kets. Since the turn of the year uncertainties. The foremost of Boeing 737. As the”*. aircraft rather than three and tbe com- j® ^-S. that of the pur- 


the orders for the Airbus have them is whether the aim of de- goes up in size it bumps up Paoy is refusing to order the air- *5^?® 

rlntiVlArl :a v * I _ £ r ■ i * ; ■ it i e aaciimvI aF 4uia_ rWUUUUlU o UCWoiUU 


doubled making it possible for veloping a full family of air- against, in turn, tbe existing craft until it is assured of two- 
the French to claim that they craft around the Airbus consor- 727, the 
will pass the minimum break- tium can be realised. While the and eventually 

the delivery queue. 


An A-300 Airbus in sc trice with Eastern Airlines of the U.S. The Airbus is now 
attracting an increasing number of airline customers throughout the irorld, and 
firm orders and options stand at over 150 aircraft. 


srrSS ^ ss 

rin» aeiitrarv ow,e l®? 3 * something to the two countries in com pv; it ion. and 


Partnership the 



jet projects. Herr Mairtin pany Deutsche Airbus), are Pride of place 


State-owned, has developed the Dassault itself booked some 
S3 engine for the new Mirage. FFr lO.Tbn export orders last 

... -fimpeniion. and with the CFM-56 still look- year of which some FFr Sbn 

_ , ... provision by the Europeans of The Traasall mil i tar:.* transport, ing for a home its health was military. 

There is relatively tittle cut-price financing which has which again has been meu to depends significantly on the On tlie Airm.-mral side the 
development in ttie French raised protests from U.S. manu- airfift troops to Africa, is ability of the new Mirage to Government is still vrarki ng out 
aerospace sector which Is not facturers. United finally opted Franco-Genua n and r-r-viueriun follow its predecessors onto the the methods uf its acquisition 
shared with other European for the Boeing 767 rather than Unes have recently b*vn re- export market Certainly, if the of a blocking minority of one 
countries. The Mirage 2000 is the Airbus, and it is dear that opened to try to Ui«? U.S. Administration, present or third in Dassotiit. though it has 

the only big unilateral venture, every order gleaned from the workforce at Avr.vci uale s future, takes a much more dis- now got if.- .uvn men on the 
partly because Dassault is, by U.S. will be a hard struggle, plants at Toulouse where th? criminating view of exports of Board. It foil that Dassault’s 
tradition, a company intensely commercially, financially and Concorde series is criming to high technology weapons there role was sr> pivotal to the French 
proud of Us know-how and politically. an end. Aerospsikiio's new will be a lot of pressure on the industrv itiioueh it only em- 

notably “ unclubable ” and The other success story in the Fouga-90 twin-engined trainer French to fill the gap with the ploys 15.1100 of the 108.000 in 
partly because the company is dvil -aircraft field is that of has just flown f.ir the ;irs! thue new Mirage. the sector) that the doser 

crudal to the maintenance of Dassault’s Falcon series of bud- — on example of a unilateral The success of the 2000, to- co-ordination it felt was neces- 
an independent defence ness jets. The new tri-engined venture — but about 2 rier uf gether with the continuing saiy could not come about 
strategy. Falcon 50 which exists in several A&rospatiale's turunver in sales of the Mirage FI, is also without the exercise of control. 

The French aerospace Indus- 


W. GERMANY 


Gruener, the Economics Minis- very careful to play down such tive ventures must 



try ar the moment presents a 


try state Secretary, who is the .suggestions. There are likely Airbus. Total orders stand at fS° H ult™ JifnS n+h' JrT • , Dass n for “ e se ”® s mixed profile. The strand of 

official “ coordinator" for the to be no strategic decisions of 108 and options at 53, including ducts include Milan. Do.and and w well as the Falcon The unilateral development is still 

industrj r , is quite simply not this son before the outstanding orders and options for the 310 ° ra t!i 0 w-rt e M , Am mflfk coast- HOT. build-up of production of these important: the theme of Euro- 

y«t convinced that either of domestic problem of the Indus- Seventeen companies have now s 00 ?.^® 0 business Although the criitir.^ series aircraft, together vn.th 

the proposed jet aircraft would try is resolved — when, and on acouired the Airbus and extra- s ? ld ’ J i S ,mpeD ‘ of Mirages hsv ; - far from higher rhythm of output of 


important: 

the pean co-operation is very much 
the at the forefront of French con- 
Mercure reached the end of :h- road the Airbus, the re-launch of the ceptions: but, because of the 

_ _____ _ _th* r*\ ti**t«* — - — idful are company is invesemq much Transall transport and its heli- importance of the US market 

been decisive in on wha't 'hM'the best ehtmce'of woufd' give the Geraw ’ ‘aero- *W SSlhSII ope ” ted by a slasie “"W, effort and hopn i ;] -h ? 2.Vr>. a copter work are necessary to a nd the need to maintain the 

1 path it is likely success. space industry a “ single voice ” gre ornbablp an/if tS Ilr ^ . return tn the delis-v.,:.? guarantee employment at Adro- country’s technology at com- 

to take jn the next few years. In fhp Gflrman Government's comparable to British Aero- L! Probaoie. a nd if the order in the military area again of earlier Mirages. Th.. iVen.-h spatlale which for years had petitive levels, the motif of 


FOR THE West German aero- 7 market He would prefer what te^Vthese two = L e^ r’oZ' a S? ,OT ^ 

Z™"***-**.** “ to concentrate limited resources merge. Talk of a mergerTSat g^SLSSSn S3S.JT55 airixner, of which a handful 


months have 
setting out tlie path 



VFW-6H, the exhilarating ^^the^u's'maniifapnirei^fn tw?comDMies hoto H in sheer numbers sold, than the tions in Africa, is a British christened the • T.-io <-ncs ne orders of which a half was for 

launch of the smaller A-3I0 ^ pilst or two s0 mnc jJ yet he has lacked the power to which the French Aerospace - Dassault Breguet manufacturer S-i^nr:. ..hich o.mplete aircraft and airframes. 


veKion of the European Airbus, interested in seeking co- force their hands. 

?v d optative deals with Europe in Last December, Herr Gruener 

the indusirj x fulure .tructure. ^ ie c ivil sector of the industry, acquired a more direct lever on 

vvict rfSL,? ! !!l! even though the European the situation when he brought 

\\est Gernian aerospace and the shart , of rhe wor]d ajrjiner mar- Slate aid to the rescue of VFW- 
Government m Bonn agree that ket cema } ns relatively modest. Fokker. in severe difficulties 


thL furoie lies m strengthening Bonn is not against co-operation after It had been obliged to 
European aerospace 1 - 0 -onera- -u.,- .< , , - . , , , ..... . 


.. . - . . ’with the Americans, but it does shut down the commercially un- 

S!l n ' s •• e T,' mean to make sure that Europe successful VFW-6I4 short-haul 
man indtistiy is involved in all not merely used by tbe U.S. jet airliner programme. Serious 
the major European consortia g! ants as a subcontractor with- merger discussions with MBB 
companies— Airbus Industrie, 01 ,j d eS jg n leadership or res- Mere made a condition of 
the ranavia group building ine possibility of its own. That is Bonn's rescue operation. Yet 
Tornado Mid li-role Combat Air- exactly what the Germans fear these have still come to nothin*? 
craft. Euro-missile, and the might result from deals such as concrete. A1BB suffered a heavy 
newest international grouping Boeing’s offer to Britain. blow when its new chairman, 

wlneh will develop a generation Military co-opt. ation with rhe Herr Helmut Lang/elder, heir 
-nf advanced military ^helicopters u.S. is a very different matter, to Herr Ludwig Boelkow, was 
[” y 1 he nu d- 1 980s. h hat is true Here, the German Government tragically killed in a helicopter 
Tor Uie tVc.vt German airframe j s jceeniy interested in seeing crash. On the VFW-Fokker 
mu mi lac tine vs is even mure a reality made out of President side, there was indignation at 
muvjtit 10 the engine coin- Carter’s promise of a “ two-way the condescending terms offered 
panie>, likewise deeply coin- street,” and in making real by MBB. and continuing uncer- 
imned 10 international co- progress towards joint develop- tainty about how the Dutch 
operative programmes. went and procurement for interests should be financially 

West Germany’s absolute NATO. An immediate issue is protected, and how the cross- 
faith in partnership among that of a version of the Airborne frontier integration achieved by 
European countries is different Warning And Control System the group might be preserved 
in 0 : 1 c important respect from ^ AWACS) for the European where possible. 

Thai oi jis principal associate, allies. A German consortium 

France, in that there* is little headed by the privately-owned 

vii the. strident chauvinism still Dornier company is ready to go OircU^lllcju 

to be heard in Paris and ahead with the complex avionics ... 

directed mainly or the U.S. That an d instrumentation of the air- °“ c . e “ 8ai °; 

Is not to sjv that German offi- craft as soon as a political t>e t0 s ^ renfi ~® n 

ritiSfe do not ultimately regard decision on costs is finally In flow of work for the Air- 

the development of a truly reached. bus progranmiebuildsup.More- 

Luropean industry as a political Similarly. German manu- °J re1 ;* t“ e German VcVV factories 

libsil they do. But they do not facturers are already involved *“ s *L ; sla , t0 f 3111 fro ? 

want to pursue it except on in exploratory talks on designs J sai . es 

II i'n is tiiat make business sense, for the advanced tactical fighter Fovuwr-dcsigned F-27 and. F-28 

aircraft which NATO wilL airliners and from subcontract- 
Pitfallc require at the end of the next mg outhe Tornado, -iet It seems 

A Hiailh decade, and they are keen tu unlikely 1 hat the Germ a n-Dutch 

During the talks this past make this as much a trans- gfoap, hailed at its creation as a 
summer ' on whether or not Atlantic as an inter-European pioneering multinational 

Britain rejoins the Airbus venture. The biggest of the merger, can .maintain its 
sroup West Germany's voice West German aerospace com- independence indefinitely or do 
has been persistent in pointing ponies, Messerschmitt-Boelkow- more 'than strike a slightly 
out what Bonn sma :i s the Blohm, has already signed an better, deal for its shareholders, 
longer term commercial pitfalls agreement on joint development To that extent, time may be on 
for Britain of " going Boeing.” of the new technologies that in 1 side. 

And in appealing to London to such an aircraft will require MBB. in addition to filling the 
rejoin the Europeans, it has with McDonnell Douglas. void in its top management, 

stressed its own need to be con- Further evidence that, tech- needs to resolve a tussle going 

vince'd bv tlie manufacturers nically. Europe has much ^to on among its shareholders that 
that the 310 project would be offer in such a partnership has has. at times, set the two state 
a s i Ks success before it would come from the multinational governments of Hamburg and 
commit fund*’ Had the 310 Spacelab consortium, in which Bavaria (which hold some 40 
not won an impressive array of a complete orbital laboratory per cent between them) at odds 
launching orders in July, from for use with the U.S. Space with . the big industrial com- 
airlincs known for their inde- Shuttle has been developed in panics that own the remainder, 
pendem-e ^ from - governmental w* co-ordination by The two state governments, con- 

intcrfcrcnce (including Luft- a subsidiary of _ tire cernpd about jobs, endently 

hans-ri it is not certain that German — Dutch veremigle mean to hang on to their hold- 

Se' 'German government would Elugrechnische Werke— Fokker ings -iong enough to have a 
L Hard, group^ The /utu^e of the ron dire^say in how t he inevitable 

As it is Bonn has quietly' dis- soruum. and of an enduring rationadisation is carried out— 
sociated’ itself from the Airbus European contribution towards the ultimate purpose of the 
ESSoST* m^nufacrorS? America’s manned space fligit mergef with VFW-Fokker. as 
claim that joining in the 310 programme appears, however, Herr Gruener and the Federal 
nroSaS muS a?so mean less than certain once the mitia Government see iL As a first 
Britain's signing up now to help SSSf 1 * JSS5SS — — stop towards shaking out SlBB's 


develop the smaller Joint Euro- 
pean Transport narrow 


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it xiuru- include European astronauts) capital structure. however, 
, --bodied have been completed. Boeina has sold its 12 .per cent 

With the n» - o main military s rake; fo Siemens, the electrical 
programmes, the Gennaii- giaat^ which in turn is hoping 
British-Italian Tornado and tbe T0 gejj jj. to -an industrial con- 
Gcrman-French Alpha Jet. now spr t], lm 

in fttil production and the Euro- It remains to be seen 
pean Airbus ringing up a steady whether a merged MBB-VFW 
flow of .orders for the 3 10 nflu group. -perhaps also drawing in 
for the B-2 and B-4 types, the Fofcher. would be able to bile 
work prospects for the west ttie bullet of painful cIdsutbs of 
German aerospace no longer gxnaller works and rationalis- 
laok as Weak as they did a year ation ^ wor y orcB that, at 
ago.. .There is even intermittent ^r min it is- smaller than 

talk of. the possibility of capacity ^ or p rrac b industry 

being expanded. If the Airbus yet ^ pro bably iod bis- 
programme picks up to the Donuer.'Uie third company in 
point'. where output might be industry. Is firmly resolved 
raised to four aircraft a month; independence -and. 

why . not then have a second wfth a, e Alpha-Jet and a 
production ^toe. and why not in number of profitable smaller 
Germany? ' programmes, it can probably 

MBB and VFW-Fokker. the ^rd to 
two German parents in Airbus Adrian Dirkx 

Industrie (via the Jwldihg: com- Aorutn uicish 


David Carry 



rt.t Farnborough Stand N-27 


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aerospace XIV 


w&*&z- ."^jgs .-v::,. •••■ 






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The armoury hides ^ 

its power ^ 


SOVIET UNION 








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E/139 




THE SOVIET aerospace indus- 
try is not only one of the two 
largest in the world, matching 
that of the U.S. in size and 
.scope, but also one of the most 
secretive. Virtually no details 
or statistics of its locations, its 
total labour force, its volume of 
output and its plans and pros- 
pects are published in the way 
the the aerospace industries of 
the West reveal themselves. 

But its sheer size is indicated 
by the fact that Soviet civil and 
military aviation remai n s 
largely self-sufficient, with 
virtually no imports beyond a 
small quantity of high-tech- 
nology specialist equipment and 
an occasional interest shown in 
some specialist areas of 
Western aerospace develop- 
ment, such as advanced aero- 
engines. 

At the same time, the indus- 
try su ports an airline the size 
of Aeroflot (which last year 
carried more than 100m passen- 
gers, and which in the five .years 
from 1976 to 1980 is expected 
to carry no less than 550m, a 
rise of 30 per cent over the 
1971-75 five-year plan goal), 
while it also keeps an air force 
supplied with a vast array of 
different aircraft ranging from 
small helicopters to the most 
advanced supersonic combat 
machines such as MiG-25 Fox- 
bat and the Sukhoi Su-19 Fencer 
Supersonic attack aircraft 
sow being seen increasingly on 
the NATO / Warsaw Pact 
’ borders in central Europe. 

Visits to Soviet aerospace 
facilities by Western journalists 
are firmly discouraged, and only 
a few visiting dignitaries such 


as Heads of State or Ministers 
involved in aerospace affairs 
have been allowed to see Soviet 
civil aircraft production, while 
military production plants 
remain a closed book to . the 
West. 


But for all this secrecy the 
West has been able to learn a 
great deal about Soviet aviation 
in recent years— and especially 
about its civil capabilities— 
from the aircraft that have 
been permitted to visit foreign 
air displays such as those in 
Paris Hanover, in bids to pro- 
mote foreign sales, and on the 
military side from occasional 
defections, such as that by a 
Soviet MiG-25 Foxbat pilot. 
Lt Viktor Belenko, to Japan 
two years ago with his aircraft. 

Information thus obtained in- 
dicates that while the Soviet 
aerospace industry may from 
time to time adopt compara- 
tively simple solutions to some 
advanced technological prob- 
lems, the quality of research, 
design, development and pro- 
duction remains exceptionally 
high, and all those in the West 
who have had any kind of access 
at all to Soviet aerospace — for 
example, the U.S. scientists in- 
volved in recent joint U.S.- 
Soviet space activities — are 
under no delusions as to the 
competence or quality of Soviet 
engineers, designers and 
scientists. 


Famous 


Broadly, the Soviet aerospace 
industry is based on ten basic 
“ design bureaux,” originally 
founded by, and in some cases 
still run by, some of the most 
famous names in world aviation. 

In alphabetical order, these 
are: Antonov, specialising in 
transport aircraft and heavy 
long-range bombers and recon- 


naisance types: JRerlev, involved 
with amphibious aircraft; 
Ilyushin, founded by the late 
Sergei Ilyushin, and also a trans- 
port aircraft design bureau; 
Kamov, specialising in heli- 
copters of various types; MiG. 
founded by the late Colonel- 
General A item I. Mikoyan, ms 
partner Mikhail L Gurevich, 
specialising in the famous line 
of MiG combat aircraft; . Mil. 
founded by the late M. L Mil. 
also a helicopter specialist with 
“heavy lift” capabilities: 
Mlasischcv, a bomber specialist, 
whose most significant develop- 
ment has been the long-range 
four-engined jet bomber known 
by its NATO code-name oE 
Bison: Sukhoi, another famous 
combat aircraft specialist 
bureau, its latest product being 
the Sukhoi Su-19 Fencer 
variable-geometry attack air- 
craft - Tupolev, both a transport 
aircraft and a bomber specialist, 
whose most famous product tu 
date has been the TU-144 super- 
sonic airliner, the so-called 
“ C-oncordski ” because of its 
design similarities to the Anglo- 
French Concorde supersonic air- 
liner: and Yakovlev, a versatile 
design bureau which has pro- 
duced not only all-weather 
fighters, basic trainers and heli- 
copters. but more recently also 
three-engined short-range trans- 
port aircraft, such 1 as the Yak-40 
and Yak-42. 

That the Soviet aerospace in- 
dustry is not without its design 
problems has been proved by 
the comparatively poor per- 
i fo nuance of the Tu-144 super- 
: sonic airliner. Although begun 
r at about the same time as the 
; Concorde, with the prototype 
: flying a little in advance of the 
, Anglo-French aircraft, the Tu- 
, 144 suffered a number uf prob- 
[ lenis during development, not 
i least the crash of the demon- 


stration aircraft aft the Paris 
Air Show in 1973 which delayed 
its entry into regular airline 
service, and although it is 
operating on a Hisitnl number 
of domestic air routes, the air- 
craft is still rarely wen outside 
the Soviet Union pvpn tun de- 
monstration flights. - Although 
eventually it is Intended' that it 
should operate regularly be- 
tween Moscow - r and Havana, 
Cuba, the Far East and points 
in Africa, so far no such regular 
overseas services hare been 
established. 


Bigger 


A more significant Soviet 
transport aircraft development 
has been the production of The 
Ilyushin IL-38 wide-bodied four- 
engined " airbus,” given the 
NATO code-name Camber, and 
designed to carry up to about 
250 passengers over sbort-to- 
niedium ranges. Thus it is 
approximately comparable in 
performance to the European 
twin-engined A-300 Airbus. This 
is the biggest -Soviet passenger 
transport aircraft in production, 
but while so far there are no 
reports of anything larger in 
prospect, there, is little doubt 
that because of the vast dis- 
tances in the Soviet Union, and 
the increasing .volume of In- 
ternal air travel, a need will 
eventually arise for a transport 
comparable to the U.S. Boeing 
747. 

Considerable significance also 
attaches to such other Soviet 
transport aircraft developments 
as the Tupolev Tu-154 three- 
engined medium-to-long range 
airliner, and the more recently 
developed Yakovlev Yak-42 
three-engined short-range trans- 
port. Well over 100 Tti454s 
are in service with Aeroflot, 
ami others are in use by various 


CONTINUED ON NEXT PAGE 





Long-term promise of 
the Boeing deal 


ITALY 


* 




Small economy model. 






•• *— V, 




•• ■.. 


Large economy model. 


ITALY HAS just fulfilled its 
wildest ambitions in the civil 
aviation field. After some seven 
years of discussions and stop-go 
negotiations, agreement was 
finally reached this month 
between the giant Seattle Boe- 
ing group and Aeritalia, Italy’s 
State aerospace company, which 
will see Aeritalia participate on 
a risk-sharing basis in Boeing's 
767 programme for the con- 
struction of - a new medium- 
range passenger airliner. 

In many respects, the deal, 
which will give Aeritalia a 
share ofg some 15 per cent, 
valued at about $2bn in the new 
Boeing project. Is expected to 
dictate in large measure the 
future shape of the Italian aero- 
space industry. In the next five 
years the weight of civil aero- 
space is now likely to increase 
substantially in Italy, gradually 
eroding the dominance so far of 
military production. 


Merger 


The A300 is in service worldwide, and proving to be 
far and away the most economical aircraft in its market 
Now the A300 is joined by the A310, the aircraft 
airlines have asked for. A 200-seater with the same 
wide-body fuselage cross section tailored for the iower 
density medium haul routes. The A310 has a new wing 
optimized for this market 

Both the A300 and the A31 0 incorporate the 
technology of the 80’s. The two models and their variants 
are the basis of a new family, enabling Airbus Industrie 
to maintain its leadership and airlines to operate profitably 
in the medium haul market 


Airbus Industrie 





For the past decade or so, 
since the creation of Aeritalia j 
through the merger of the non- ] 
engine aerospace activities of 
the private Fiat group and the J 
aerospace sector of the UU- ; 
F inm eccanica- State holding in 
1969, to give Italy a national 
areospace industry capable of 
participating in international 
oint ventures, the emphasis 
has focused essentially on mili- 
tary production. Indeed mili- 
tary aircraft currently account 
for as much as three quarters 
ofltaly’s overall aerospace turn- 
over, which last year totalled 
L740bn (about £450m), repre- 
senting a 4J2 per cent increase 
in real terms over the previous 
year. 

This overdependence on mili- 
tary sales has proved a severe 
handicap to the development of 
Italy's national aerospace 
industry, and is forcefully 
reflected in the L20bn losses 
reported by Aeritalia last year 
and the group’s constantly ris- 
ing indebtedness. The absence 
of an adequate Government 
aerospace policy, and in par^ 
titular the absence of the sort 
of financial backing required for 
the development of a national 
aerospace industry, have been 
serious obstacles to growth. 

The low level of defence 


spending has exacerbated the 
industry’s problems even 
further. Defence expenditure in 
Italy last year, according to the 
International Institute for 
Strategic Studies, amounted to 
some $4.4bn — or the equivalent 
of 2.6 per . cent of Gross 
Domestic Product— the great 
part of which was eaten up in 
wages, salaries, and current ex- 
penditure of all kinds. At the 
same time the Italian Air Force, 
the single biggest customer, 
accounting for about 70 per cent 
of Aeritalia’s sales, fs notorious 
for deferring payments which, 
as a result of the disastrous, 
bureaucracy, can take up to 24' 
months to settle, forcing the 
aerospace industry further into 
debt .. 

The absence of a comprehen- 
sive defence programme has 
forced the induriry to look else- 
where, to export markets. But 
until recently the lack of Gov- 
ernment export support and the 
reliance on predominantly U.S. 
engine licences has severely 
limited overseas sales. Last 
year, exports totalled L330bn 
and represented a drop of 7 per 
cent in real terms over the 
previous year. 

Aeritalia’s G-222 militaw 
transport aircraft is a case in 
point It is currently fitted with 
General Electric T64 engines, 
but a-U.S. embargo has blocked 
a sale valued at an estimated 
$400m of some 20 G-222 aircraft 
to Libya. The Italian industry 
has long suspected that U.S. 
embargoes are not wfaoljy moti- 
vated by security reasons, but 
also by more mundane commer- 
cial considerations, especially 
since the G-222 is a rival of 
‘ sorts to the larger Lockheed 
; Hercules transport aircraft— 
[ itself the subject of a notori- 
[ ously controversial sale to the 
Italian Air Force. 


delicate radome or nose cone, 
and with the continuing con- 
struction of McDonnell Douglas 
DC-9 and DC-10 body paoels and 
tall units, Aeritalia eventually 
hopes to see its- activities more 
evenly distributed by the mid- 
1980s between military and 
civil production. 

Sig. Giuseppe PetriJli, the 
chairman of the 1 giant 33U State 
holding company, said the 
Boeing deal, which will directly 
generate some 1,000 new jobs 
in the depressed South of Italy, 
would neable Aeritalia to build 
up a significant presence in the 
medium term in the civil avia- 
tion market. Under the terms 
of the agreement with Boeing, 
Aeritalia will manufacture the 
wing control surfaces of the 
new medium range passenger 
aircraft, the wing trailing edge 
flaps and leading edge slats. 
wing-4ips, elevators, the vertical 
tail rubber and the radome. 
Moreover, Aeritalia personnel 
will take part in the . overall 
engineering programme- of the 
new aircraft 

Meanwhile military produc- 
tion remains Aeritalia’s main- 
stay. The Italian company in 
the shorter term is pointing 
particularly to its participation 
with British Aerospace and he 
West German Bdesserschmidt 
group in the Panavia pro- 
gramme for the construction of 

a multi-role, variable-geometry 
supersonic aircraft, the Tornado 
MRCA. Aeritalia will manufac- 
ture the wings of the 809 air- 
craft to be built for the Air 
Forces of the three ’countries, 
and it will assemble directly 
and test fly the 100. aircraft to 
be delivered to the Italian Air 
Force. 


Approval 


Aeritalia, however, is now 
hoping to get round the embargo 
by fitting the heavier Rolls- 
Royce Tyne engine on the G-222 
by next year. Negotiations with 
Rolls-Royce are understood to' 
be at an advanced stage. 

Against this general back- 
ground it is ndt altogether sur- 
prising that the national aero- 
space industry ih" Italy has 
sought for some tmie to achieve 
a better balance of its produc- 
tive activities by reducing the 
weight of the military sector on 
overall . turnover. With the 
Boeing programme, in which 
Aeritalia will be responsible for 
- most of the moving parts of the 
new TeTs wings as well. as the 


Parliamentary approval of the 
LL265bn (about £350m) 
modernisation programme for 
the Air Force hasr given the 
Italian industry some breathing 
space, especially since in the 
‘Tornado programme some 100 
-other Italian companies are 
participating in one. way : or 
other with ^Aeritalia. Together 
with the Cr222 military trans- 
port’ aircraft, -Aeritalia also 
produces, among, others, the 
G91Y twin-engine single-seater 
tactical fighter-bomber . and the 
F104S fighter equipped with an. 
integrated air-to-air Sparrow 
i missile weapon system. - 
• In the space sector, Aeritalia 
t currently participates m S 
! number of international .space 


projects. Among them Is the 
Spacelab programme. Aeritalia 
operates within the framework 
of a consortium headed by the 
German ERNO-VFW Fokker 
group and Its space engineering 
sector designed the module’s 
structure as well as the thermal 
control system. 

But Aeritalia. which employs 
more than 10,000 of the 32,000 
people working in the Italian 
aerospace industry, is only one 
aspect of the country’s aero- 
space sector. At the other end 
of the scale there are a host of 
smaller concerns both in the 
public and private sectors. 
Unlike Aeritalia, however, they 
tend to specialise in a specific 
range of products and have the 
characteristics of' Italian 
medium-sibe enterprise in their 
flexibility, market aggressive- 
ness and general profitability. 

A field in which these 
relatively smaller concerns 
continue to do well, especially 
in export markets, is that of 
helicopters. One of the most 
active companies in this sector 
is the Agusta group which has 
won sizeable orders both for 
helicopters like the Augusta 109, 
designed specifically for civilian 
rather than militar y use. Other 
active concerns are Aermacchi 
and Piaggio. Aermacchi is now 
working on its new MB-339 
trainer-fighter to replace its 
successful MB-826, while 
Piaggio has updated its standard 
P-166 light transport aircraft 
None the less, the focal point 
of the Italian qorespace industry 
remains Aeritalia. It is the 
instrument with which the 
authorities intend to ensure 
the overall long-term, develop- 
ment of the Italian aerospace 
sector on an international JeveL 
The State aerospace group, for 
its part, is now looking towards 
, the recent collaboration agree- 
ment iwth Boeing in the civil 
■ aviation field and to the 
• Tornado MRCA programme on 

> the military side to build up a 
. substantial presence in the 
) international market. 

> The political awareness of 
r the Importance of the aerospace 
r industry, alongside electronics 
- and suctar engineering, for a 
j country like Italy- is "certainly 
s there.' The . big-; question Js 
r whether this awaretiess/wn bfe 
e put into prexiti‘cC'apd 4 /f the 
3 . aeropsace industry ?wiH Tf ’ tyPS 

v lost be given t^e -, adequate 
support - which; . it^ has/.'SO far 
a cfironlcaUy - /: 

t Paul Betts 


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AEROSPACE XV 


Long debate oyer a new fighter 


the front rank of the small actively engaged is promoting tension about its effect on the bluntly states that “a small 

produce^. aerospace products abroad. military balance in South country has to buy the know- 

1 CD h Cl Aviation and aerospace Pride of place goes to the America, vetoed the sale. Other bow. A11 the research and de- 

iwnrtLh basically means one company, Kfir, or Lion Cub, -which has interested Latin American velopment resources in Israel 

Israel Aircraft Industries, (IAI), been combat proven in the States now look elsewhere. would not be enough to develop 

which employs 20,000 people 1973 Middle East war and is President Carter recently such .an aircraft. from. scratch.” 

making civil and military air- expected to play ah important gave clearance for the sale of Because of fears that ' the 
ISRAEL'S AEROSPACE effort, craft, missiles, radar, communi- role in the Israel Air Force well 48 aircraft to Taiwan, an order Aryeh would not get the green 
which underwent dramatic cations equipment and a host into the 1980s. believed worth 8500m, but the light, and because of the lack 

growth in the past decade, is of interrelated and peripheral It was president Be Gaulle’s Taiwanese appear to have been of Kfir exports, IAI tried, to get 
currently marking time while items. arms embargo during and after intimidated . by. all the publicity a share in producing the U.S. 

the politicians debate whether - Created 25' yearn ago as a the 1967 war Which convinced 1 which surrounded the "deal. IAI General Dynamics’ F-16 fighter 
to approve the development of maintenance shop, the past Israel that it heeded Its own has not given up hope that the which has been. promised to the 
a new fighter for the 19805. decade has seen it flower into combat aircraft - Combining' a deriUwjth materialise, hut is not Israel Air Force. - General- 


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The industry is -equally the country's largest military Mirage' body with' 1 a General banking on it 
anxious about the prospects of industrial complex meeting a Electric engine, the men at fAI ... . 

export orders for the Mach 2.3 wide range of domestic needs refined and adapted the hybrid n rt]nntanf 
Kfir combat fighter. After the as well as capturing a growing until they today argue that the IVcUitlalll - 
Americans vetoed sales to export market Kflr . is essentially a new v.>s w 


Dynamics opposed any produc- 
tion deal because it fears IAI 
would .apply the technology to 
go into competition. 

The success abroad ;of other 




wm 


Americans vetoed sales to export market Kflr . is essentially -a- new . Anjftria has oostooned its The s 11 ®* 38 abroad .of other 

South America, hopes hinged on The success of IAI has fed creation. decision on an order for 24 IsraeIf products which incor- 

Austria and Taiwan, which dozens of smaller plants, some However, : it was . , that ai _ craft for a year , porated US. technology created 

showed serious interest but are of which have moved from sub- American powerpack thrusting itg - wa _ . considerably ^ ear - The Shafrigr air-to- 

dragging their heels because of contracting to independent pro- the jet -to supersonic speeds inwpr fhan that of thp Swedish air mi ssile produced by Rafael, 

the political implications. duction. In the past year the which also grounded the high -vigEen: ^ main competitor the D ®f enCe Ministry’s- arma- 

It was politics which, created Government has begun to speak hopes for major export orders f 0 , Vienna's aneanon. but say ment development authority, led 

the aerospace industry in in terms of an aerospace in- from South America. Ecuador Jh _. A«Ktria?s 60 c k aEges 1116 Americans 

Israel and war which gave it d us try and tibe Export Institute placed an order for 24 aircraft n.. nwl ]L -Rnirm Ttreickv ic re. ft was a Sides 

«... « i _ Lnanceuor isnino isreisay is re- orhca. 






t* 

• 7 . ". ' A 


thenimpetus that pushed it into now has a special section but Washington, voicing appre- hu , tant a hand- winder - nnssile winch subse- 

7 ...... -iiiciani IO give sucu a qtien yy competed for the same 

some .wder to a country of kets The Defence Ministry. . >■ .•$$ 

# •, whose foreign pohoes he js so haa rit ^ pri this but ^ ■ 

C /^T r-a S\{- ." ^Th^disanoointinent over the A ^ eric * fl Praters’ fears do Israel’s Kfir fighter , whose proven combat ability held out hopes of useful export . 

rSnVlnT ..... faSrn. to Mdei not appear to have been allayed. safes. But results hove so jar been disappointing. 

UV/ T AVI' CONTINUED FROM PREVIOUS PAGE “v* 1 ? < ? port orders But while the combat aircraft “ 

■ f derives not. only from the loss « the .showpiece of the industry 

, , . , . , . of the money which could hav^ T » T *_• *, r w 9 \ no a nn^ from a* 1 American company in furbishing Boeing 707s and section, admits that this is a 

^hnes in^the JEastera Woe. currently being given, however, submarine force. It is largely p^. tbe Kfir .project- 'into ^dort coSSiy Budgeted ** late ims - After selling 50 720s. Today there are 36 Bedefc- formidable task. • especially- as 

This aircraft is thus one of the to the Sukhoi Su-19 Fencer, a to counter the Backfire tii tb e profitability, but also, because outnnt this year is I£92bn original aircraft, IAI refurbished Boeings of all types the civilian market is mainly 

« amSl !i S 0f dV ^,iT 5a ' attack air- UK is buying tbe Air.D^ence tbat pjpney might have made it raobrt)s5matety- : $6l3m) includ- modified and improved it to flying around the world. The in North America and Europe 

taon, and is still in -production craft which is being seen -in Variant of tiie Tornado ^ to persua 4 e the Govern^ jpg s&m& i£Sbn (aoororiniatelv create' the- Westwind. of which division also provides main- where there are plenty of 
in various versions. - gwauBtai ““ *£%: meut to -appro* the plans fhr a actual dSJS?? 7 ^ ^craft have been sold, tenance for Boeing aircraft of domestic producers. But he 

The Yak-42, seating np to 100 ^ European region of NATO, which wiHiterif oe eapatte of second generation “fighter of ^without a single overseas mainly in the highly competitive is airlines, though not for El believes that there is room for 
passengers, has been designed On the bomber ride NATO is at greai^ the 80s.” sa le ^ the Kfir IAI exported North American market Al, Israel’s national carrier highly specialised Israeli pro- 

•by the Yakovlev bureau with especially concerned with the “J ' Tbe company's designers Have $i45m worth of its products last The Arava got off to a shaky which has resisted all blandish- duets being produced at less 

the aim of providing a simple, Tu poles Backfire, a swinging- T”™5 l. Su Su ' already made some detailed year, and is forecasting $250m when production com- ments to close its own main- cost because of the lower 
reliable and cheap aircraft for wings supersonic aircraft with f ° t , n .S.^Y ii+Tp P lans for new aircraft, but export sales this year Total fenced in 1970 but subse- tenance department and hand price of labour while meeting 

local-service use in remote very long range— estimated' at ic Jt 5^ Government approval is needed export orders on the books top quently has notched up 60 sales, over the work to Bedek. the most stringent international 




Israel’s Kfir fighter, whose proven combat ability held out hopes of useful export 
sales. But results have so Jjpr been disappointing. 


areas of the Soviet Union In over 5,000 miles— which makes I™"; Tor the S500m-S600m outlay to S400m. The company asserts mostly to South America. This Heliennter overhaul ic a prow, standards, 

widely differing climatic condi- it a formidable addition to the ■“ J** mf- prodttCe a prttotype W toe ^ ita P rodurts a ^today b aircraft has yet to pass the ^ « 

tinnq 7* ha« hopn caiH that lm .QAtriot militartr invpittnrv rtn- military D61QS, Dtlt p35t SX rraft ichiAh bnc ulrparfr hppn .... s-. ao hmaV^rrPn nnint hnt TAT dovtd . La aaa. j. 


encouraging development 


civil air transport for many this year, more than 100 Back- 


uMue.uic vauvcruiucuL iieauaus export -Jiepn is roe uaonei sea- & • • 

[ .for .thrte years. Some fear the tn-sea missfle for .which over- ^lirpriSlflS' 

rfaloit r> I r*a o rl T7 maono thof tbo .Iaa J . * O 


uoiHiwu «/« uufl Jew, iuvic Li i«u nnlncm 1 9W» that nti «mTn - u .UUCC.iwbl ouiutr icai inn im&iii? IO r .WHICH uver- 

years to come, and can be ex- fire bombers had been delivered ,l™ »«»«{„’ dda y Steady means that the s ms aafes-and orders now total _ t - 0 . 

peeled to be developed into to the Soviet Air Force and proposed advanced fighter- §S30m. - r The Israel Navy used Other export items range trained manpower, 

any different v'ersions. Navy, with production con- _ ° bomber could be obsolete by the^ Gabrirt to. sink 13 Soviet- fr °m radars to electronic The high pace of 

On the military side, very tinuing at a rate of about SO SIS the time it come off the draw- made missile boats in -the 1973 fences and include surprising tary demand for the 


many different versions. 


is Bedek will be able to supply money will be available for the 
trained manpower. research and- development 

, , , ... needed to capitalise on the skills 

The high pace of local mill- which grew out of thecottiitiy’s 


On the military side, very tinuing at a rate of about SO -SS/UiS the time it come off the draw- m'ide ra ^s Ue boats in -the 1973 fences and include surprising tary demand for the products of mi ] itary ... 

little detailed infdnnation is aircraft a year, with an eventual andmdita^tira^ d^elop- ins boari ' - artfVit is ndw being pro- items like the 65 foot Dabur the aerospace industry which The nmsnect of 


available as to the volume of force of anything between 250 


Others are doubtful that muted '-as 


anfift is nhw being pro- items like the 65 foot Dabur the aerospace industry which The prPSpec t fa mmaM the 
muted -as ” the . free world's Patrol boat and tbe RBY light followed both the 1967 and 1973 Middle East has made tfe todus- 
ottfy' conibat-proven sea-to-sea aimoured reconnaisance vehicle, wars has been slowing down ^ more awar e of tht heed to 
rnKSile.'?..-;;-;, The progenitor of IAI was as needs are being filled. Io ^ort. and even if^e goal of 

:Healti33f.export sales have -also Its Bedek maintenance division order to prevent recession in a 50-50 balance between'militarv 
been achieved by the company’s founded in 1953 and enjoying the industry major efforts are civilian exports- is stiff a 
ta»titlwr.aj'rcraft.the West wind a steady if unspectacular growth now underway to find export <jream there are few 1 in Israel 
executive .;|et and' the Arava until 1970. Being outstripped markets for military products, w h 0 doubt that it wtit be closer 
.STOL . transport by the rapidly expanding manu- and to develop items for the ^ forther wars in the region 


duction. with a variety of ver- their view could become an , desiBag eme rein B in the jt 311 unaidei .STOL transport by the rapidly expanding manu- and to develop items for the u further wars in the region 

sions already known to the even greater menace to allied jggo^ Mr. Zvi Alon, long-time head The Westwind was developed facturing division. Bedek civilian market. can jj e avoided. 

West inducting tbe latest shipping in time of war titan of procurement and production from tbe Jet Commander pur- received a pajor boost in tbe Mr. Uri Segev. head of the _ .. _ 

Foxbat-D. More attention is the large and growing Soviet iVI.LJ. at the Defence Ministry, chased lock, stock and barrel early 1970s when it started re- Export Institute’s aerospace Uavid LeifflOH 


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In this, the 75th anniversary year of 
powered flight. Shorts salute the Wright 
brothers— pioneers extraordinary and 
fathers of the world's aerospace 
industry. 


firsts and placed them among the earfy 
leaders of the Industry. - 


It was from them that our company, in 
1909, received the world's first aircraft ’ 
manufacturing contract. We made their 
first production drawings and we built 
the first Wright Flyers for British 
customers. 


For Shorts it was the beginning of a 
tradition 6f innovation and co-operation 
that produced many notable aviation 


Tqjday, combining traditional skills with 
modern technology. Shorts remain in 
the vanguard of modern aerospace with 
projects such as the 330 30-seat airliner, 
firet wide** body aircraftdesigned for : 
cofnmuter operation; Skyvan, the : 
wdHd's largest and most versatile light 
aircraft; Blowpipe, shoulder-launched 
supersonic missile, the most advanced, 
weapon of its kind currently in service; 
and Seacat/Tigercat, the world's most 
widely used missile system. Allied to 
these in an expanding programme is the 


company's collaboration in a range of 
international aircraft projects, involving 
pods for Rolls-Royce RB.21 1 engines 
on the Lockheed TriStar and Boeing 
747; the design and manufacture of 
wings for the Fokker F28 Fellowship; 
the manufacture of the main landing- 
gear doors for all 747's and the 
production of a variety of flight and 
structural components for the TriStar. 







Aircraft and Missiles 


WINNERS OF NINE QUEEN'S AWARDS TO INDUSTRY 




Shorts are proud to be part of today's 
international aerospace industry. And 
we acknowledge our debt to the Wright 
brothers/ who started it all 
three-quarters of a century ago. 



3-10 SEPTEMffiR 1978 


STAND N20 


SD 3-30 


SKYVAN 


ENGINE PODDING 


AIRFRAME COMPONENTS 


BLOWPIPE 





SEACAT/TIGERCAT 


tel* 

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30 


■ Financial Times Thursday August 31 197S 


“I WORLDWIDE 

TRADE FAIRS & 
»lf EXHIBITIONS 
I^Pl^ERVieES 

Official Forwarding 
Agents for 
FARNBOROUGH 
AIRSHOW 

VIA SCHENKERS 

INTERNATIONAL FREIGHT FORWARDERS ' 


'FAIRS & EXHIBITIONS DEPT..- • , 

51/53 HATTON GARDEN,- LONDON EC l. 
•TEL 01-242 3344? TX, 29S39I / : V y '• 



METMSEAL (SOUTHALL) LIMITED 

LEADING IMPREGNATION SPECIALISTS 

are pleased to announce that all castings impregna- 
tion processes used at their HAYES, Mx. works, 
are approved to the latest M.O.D. Specification. All 
companies who utilise their unique service do so 
with the knowledge that quality processing is in 
very capable hands. 

TEL: 01-573 3553 


AEROSPACE XVI 





SWEDEN 


THE FUTURE of 4he Swedish 
aircraft industry hinges on an 
order from the Government to 
Saab-Scania for a new tight 

attack aircraft, currently 
designated the B3LA. This has 
been the situation for the past 
two years, during which injec- 
tions of Government cash have 
kept the project ticking over 
but with the final decision to 
go ahead with development 
being constantly postponed. 
Without this order Saob-Scanla 
cannot fully employ its design 
team and will almost inevitably 
have to abandon its capacity to 
develop and produce its own 
aircraft 

In January the coalition 
Cabinet appointed .a commis- 
sion to examine the alternatives 
to the new aircraft and the 
economic consequences of a 
decision not to place the order 
with Saab-Scania. The com- 
mission is due to report this 
autumn. Saab-Scania has been 
allocated funds in the 1978-79 
budget to continue design work 
on the B3LA, but shortly after 
the commission has reported 
the three non-Sociahst parties 
in the ruling coalition will have 
to decide whether or not to ask 
Parliament to commit funds for 
full-scale development. 

The political background is 
complicated and contentious. 



The Social-Democrat opposition, 
which according to the most 
recent opinion poHs is well 
placed to return to power in 
the general ejection of Septem- 
ber, 1979, is against the B3LA 
project, as is the small Com- 
munist party. Within ttte 
Government ,fhe moderates 
(Conservatives!, who hold the 
defence portfolio through Mr. 
Eric Kronmaik, have been 
energetically supporting the 
industry. Both the Centre 
Party of Prime Minister 
Thorbjdm FHldin and the 
liberals contain factions, 
principally in their youth move- 
ments. which wo aid prefer to 
abandon the B3LA- 

Evens 

In . July Mr. Krbnmark pat 
the betting on a decision 
favourable to Saab-Scania at 
evens. He underlined that the 
Centre Party had still not made 
up its mind despite remarks by 
Mr. Faiidin at the party confer-' 
ence which coaid be interpreted 
as indicating scepticism about 
the B3LA. The aggravation of 
the unemployment threat in an 
economy which is already fac- 
ing severe contraction in ship- 
building, steel.' textiles and 
other industries has been 
advanced as an argument for 
placing the B3LA order, but 
Mr. Krdnmark has stressed the 
importance rather for Sweden 
of maintaining a foothold in an 
advanced technological field. 

In fact for the past two years 
the Swedes have been facing up 
to a situation which implies a 
radical change in their whole 
defence philosophy. Since the 
last war Swedish neutrality has 
been complemented by a 
defence based on conscription 
and with sufficient weapons 
potential to deter a possible 
aggressor. The credibility of 
both the defence posture and 


the neutrality has been under- 
pinned by a policy of manufac- 
turing key weapons domestic- 
ally. On the aircraft side the 
result was Saab-Scania’s Draken 
and Viggen series. 

In the post-1973 economic 
situation, which Sweden shares 
with other industrialised coun- 
tries dependent on large energy 
imports, it has become evident 
that the country can no longer 
afford to develop and produce 
advanced weapons systems on 
its own, unless it can procure 
substantial foreign orders for 
the weapons. 

Saab-Scania notched up its 
biggest foreign orders with the 
Saab 105 trainer and light 
attack aircraft The subsonic 
B3LA has been designed as a 
replacement to the 105 with a 
more sophisticated weapons 
system. The industry has been 
arguing that for this very 
reason it has much greater 
export potential, particularly in 
the developing countries and 
those outside the major power 
blocs which cannot afford to 
invest in sophisticated aircraft. 

However, even such an ardent 
supporter of the B3LA project 
as Mr. KrGnmark has acknow- 
ledged that it would probably 
be the last wholly Swedish air- 
craft to be built The Swedish 
aircraft industry cannot expect 
to continue in its present size 
and it is fairly evident that any 
new interceptor to replace the 
Viggen in the Swedish air force 
in the 1990s will have to be 
purchased abroad or at best 
developed in co-operation with 
foreign manufacturers. 

Mr. Kronmark has already 
been marking out a fall-back 
position on these lines which 
would preserve as much as 
possible of Saab-Scania’s design 
and development capacity 
should the B3LA decision go 
against the industry. Discus- 
sions have started with the 
Italians about the possibility of 


a joint venture light attack air- 
craft project Aeritatia and 
AerMacchi have been working 
on a design known as the AMX 
which is similar to the B3LA 
and whose preliminary time 
schedule coincides with that for 
the Swedish .aircraft 

The Italian project has been 
stimulated partly by a request 
from Brazil, but the Italians are 
understood to be interested in 
producing . a rather more 
advanced design than that 
demanded by the Brazilian^. 
They could also supply an 
engine, for a joint Italian- 
Swedish aircraft. The project 
has been at least mooted to the 
Swiss, who are still looking for 
replacements for their Hawker 
Hunters and who have in the* 
past cooperated with the 
Swedes in arms procurement. 

Mr. Krbnmark’s Italian 
soundings have not been wel- 
comed wholeheartedly by the 
B3LA’s opponents in Sweden. 
The political consequences of 
co-operating in weapons manu- 
facture with a NATO country 
would, it is argued, undermine 
Swedish neutrality. On the 
other band it is obvious that if 
the preliminary discussions 
with the Italians could be 
firmed up the export prospects 
for the aircraft would be con- 
siderably enhanced .and the 
sharing of development 1 and 
component costs could entail- 
significant budget savings. 

The B3LA has, however, 
been designed not primarily as 
an export product but as one 
element in a hi-lo defence mir 
for the Swedish air force along- 
side Saab-Scania’s more powers 
ful, more sophisticated Viggen 
series. The Viggen will safe- 
guard employment in Saab- 
Scaoia’s aircraft production 
division until well into the 
1980s. The interceptor version 
has only* just, started to come 
into service with the air force, 
and finance for a new attack 


version, now known as the A-20, 
is one of the factors under con- 
sideration by the current com- 
mission on the aircraft industry. 

The Viggen’s failure so far 
to win export orders underlines 
the industry's dilemma of how 
to maintain a design and devel- 
opment potential when it is 
limited basically to building 
series .only for the domestic 
air force. The Viggen is at 
present contending for orders 
from Austria, India and 
Australia. Recently the Carter 
-Administration hinted that it 
would “ react negatively " to the 
sale of the Viggen to India. As 
the Swedish aircraft is powered 
by a modified Pratt and 
Whitney engine and incor- 
porates other U.S. components, 
Washington can effectively veto 
its export The Swedish Govern- 
ment is contesting the U.S. alti- 
tude to deliveries to India. 


Replace 


The B3LA decision is funda- 
mental to the future of the 
whole Swedish aerospace busi- 
ness. Domestic missile develop- 
ment is hanging fire until the 
issue has been clarified. Saab- 
Scania hopes to replace the 05 
and 04 missiles, production of 
which is now closing down, with 
a new range for the B3 LA- 
Work . on the 372 nir-to-air 
missile, which Saab-Scania has 
been displaying at international 
exhibitions, is no more than 
ticking over. 

In tiie meantime Saab-Scania 
and Bofors have formed a joint 
company, Saab-Bofors Missile 
Corporation, which will be 
responsible for future Swedish 
missile development. Bofors is 
currently delivering to the 
Swedish army a dose-range 
laser-guided .air defence missile 
which is claimed to be “the best 
in the world within five kilo- 
metres in daylight” A night 
version is under development 


Saab-Scania's chances of 
moving into “alternatives” to 
military aircraft production 
have been widely ventilated in 
public debate within Sweden 
over the future of the industry. 
The company has developed a 
promising remote-controlled 
submarine robot and is into 
wind power, but most progress 
ha^ come recently on the civil 
aircraft side. Sub-contracts 
hare been obtained for delivery 
of components for McDonnell 
Douglas’ new super SO airliner, 
while the British Government's 
decision to proceed with the 146 
short-haul feeder jet could 
mean orders worth some 
SKr 600m <S133m> for Saab- 
Scania if financing arrange- 
ments can be settled. 

Sweden has a foothold in 
space technology by reason of 
its membership of the European 
Space Agency. Through tho 
State-owned Rymdbolaget Saab- 
Scania is involved in computer 
parts for the A none rocket, 
while Volvo’s aero-engine sub- 
sidiary, Flygmofor. is working 
on its combustion chambers. 
L. K. Ericsson has received 
order for components to be used 
in the satellite itself and the 
general impression within 
Swedish industry is that the 
telecommunications company is 
better placed to benefit from 
Space projects than the aircraft 
manufacturers. 

So the Swedish aerospace 
industry goes on living in a 
state of uncertainty pending a 
decision on the B3LA. Whether 
or not that decision is favour- 
able, it will have to shrink in 
size. It is also becoming 
increasingly obvious that its 
viability depends on greater 
co-operation than before willi 
foreign aircraft builders-wind 
that raises political issues which 
the Swedes have only just 
begun to face up to, 

William Dudforcc 

Nordic Correspondent 


More State money needed 


NETHERLANDS 


THE PAST YEAR has produced 
a number of disappointments 
for the Dutch aircraft industry 
— but also an occasional glimpse 
of better things to come. The 
Dutch airframe manufacturer, 
Fokker, has now accepted the 
failure — of its ten-year-old 
merger with the West German 
Vereinigte Flugtechnische 
Werke (VFW) group and halted 
construction of the VFW-614 
jet Britain has opted to build 
the HS-146 feeder airliner, 
which will be direct competi- 
tion for Fokker’s F-28. 

The good news is that Fokker 
expects to make a small profit 
in what is probably its last year 
of joint operation with VFW, 
and demand for the European 
Airbus is finally picking up. A 
Dutchman stands a good chance 
of being the first European 
astronaut, while a large body 
of opinion wants a stronger 
Dutch commitment to space 
research. 

Despite notable Dntch success 
in cross4)order mergers in 
other fields of industry the 
decision to link up’ with the 
VFW group proved an unhappy 
one. Close Government involve- 
ment in the aircraft industry 
and concern for. jobs meant 
Fokker could not switch work 
from factories in one country 
to under-used plant in another 
even when economic logic 
dictated. 

The failure of the VFW-614 — 
only 16 of the short-haul jets 


have been sold compared with 
a break-even total of 250 — 
put strains on the partnership. 
It was claimed that the 
Amsterdam-based sales organisa- 
tion was not putting as much 
effort into promoting the 614 
as into th4 Fokker 27 and 28. 

The German Government’s 
decision to take a more active 
interest in the fortunes of VFW 
now seems certain to lead to 
the creation of a unified 
German aircraft industry com- 
prising VFW and Messersriimitt- 
Boelkow-Blohm (MBBl. Talks 
now being held are expected to 
lead to an outline agreement by 
the end of the year. 


Worried 



Fokker is worried it will be 
left out in the cold and is 
insisting on at least a blocking 
share in the new group. It is 
determined that Holland should 
retain its position as one of 
only six Western countries with 
a self-supporting aircraft in- 
dustry. Fokker now hopes that 
after the initial MBB-VFW link- 
up, more talks will be held 
aimed at Fokker rejoining the 
new group as a full partner. 

Fokker has been a staunch 
supporter of. a strong. European 
aircraft industry. It sees failure 
to co-operate in Europe leading 
to tile European companies be- 
coming merely sub-contractors 
to the big U.S. manufacturers. 
It was therefore doubly dis- 
appointed by the British deci- 
sion to build the HS-146. Before 
stepping down in June in the 
wake .of the breakdown of the 
Fokke r-VFW link. . executive 
chairman Mr- Gerrit Klapwijk 
was scathing of the HS-146's 
prospects. 

The new aircraft not only 
represents a challenge to the 
F-28: it signifies a continuation 
of the belief in purely national 
aircraft industries n Europe. 
Fokker has sold 132 F-28s to 35 
operators and orders are often 
only for one or two aircraft 
Maintaining a spares network 
for such small numbers is expen- 
sive enough without another 
new aircraft to fragment the 
market even further, Fokker 
reasons. 

After the company’s worst- 
ever financial result in 1977 
prospects are for a return to a 
small profit in the current year. 
The Duesseldorf-based central 
holding company made a loss of 
DM157.6m <£79m) in 1977. It 
drew an all its free reserves of 
DM150m to cover most of this 
loss. Fokker's net result has 
shown a pratically unbroken 
downward trend from a profit 
of DM18-2m ($9m> in 1969 but 
moving into such a heavy deficit 
has weakened Fokker’s nego- 
tiating position In talks with 
MBB and the German Govern- 
ment. 

Increased demand for • the 
previously slow-selling Airbus 
and the breakthrough in the 
U.S with the sale of 23' aircraft 
to Eastern Airlines are en- 
couraging developments- for 
Fokker. The company has a 
6.9 per cent stake in the project, 
producing moving parts for the 
Airbus wing in Holland and 
parts of the fuselage in 
Germany. • ‘ 


The development of a new 
version of the Airbus jet, the 
A-310. would also bring more 
work to Fokker's plant Sales, of 
the new aircraft have been very- 
encouraging and orders hare 
been placed by a number of 
European airlines. Until Britain 
decides on its role in the new 
aircraft Fokker’s position will 
remain unclear- The European 
consortium has opted for a new 
fuel-saving wing designed by 
Fokker in Germany. 

Fokker has also been tenta- 
tively. chosen to build the wing 
but if British Aerospace opts 
for the Airbus then the construc- 
tion work would go to Britain, 
which already builds wings for 
the B-2 and B-4 Airbus versions. 
The UK firm might also decide 
it wants to design a. new wing. 

This would appear to put 
Fokker in the position of pick- 
ing up only what the major 
partners do not want But if 
Fokker were to get the wing 
contract this would involve 
considerably more investment 
on the part of the Dutch 
Government than has gODe into 
the present versions of the Air- 
bus. Given the competing 
claims for funds to develop a 
super F-28 and- the Govern- 
ment’s plans to ^ cut public 
spending it is questionable 
whether the extra funds could 
he found. 

. In view of the check — tem- 
porary, it is hoped— to Fokker’s 
co-operation with the German 
aircraft industry. Holland is now 
looking for closer links with 
France. The French are appar- 
ently willing to take a risk- 
bearing -share in the develop- 
ment of the super F-28 and even 
have a motor, the CFM-56, which 
could bfe modified to go into the 
new aircraft 

Interesting . 

On the sales side, France 
offers interesting prospects for 
Fokker. . It has said it will 
order 12 F-27s for use as 
trainers by the French Navy if 
Holland decides on the Breguet 
Atiantique as a replacement for 
its fleet of marine reconnais- 
sance Neptunes. The Dutch 
Cabinet has not yet decided 
whether to opt for the Atlan- 
ticnie or for the American Orion, 
although It has eliminated the 
British Nimrod. 

The French hare also hinted 
they are Interested in a mari- 
time version of the F-27 and 
also in the F-28 as a possible 
replacement for the ageing 
Caravelles now flown by . Air 
France and Air -Inter. 

Fokker’s British-born market- 
ing director Mr. Alan Buley 
hopes to sell 30 aircraft this 
year. Talks are continuing with 
JaoanV domestic airways on the 
sale of an undisclosed number 
of short-haul airliners. Fokker 
■is offering a stretched version 
of the Mark 6600 F-28 which 
would seat 100. Its main com- 
petitor is British Aerospace’s 
BAG One-Elcren. 

Two significant sales break- 
throughs have already been 
arhipyea in recent months, 
Fokker sold its first F*28s in 
Britain with* the announcement 


in May that Air-Anglia, which 
already flies F-27s, had bought 
two of the jets. Fokker also 
recently sold four aircraft' to 
KLM. This is the first time for 
many years that Fokker has 
made a sale to the Dutch 
national airline, which normally 
buys American. The four F -28s 
will go into service with NLM 
City Hopper. KUTs . domestic 
subsidiary. 

Holland eould be the first 
European country to put a man 
into space following the short- 
listing of the 31-year-old nuclear 
physicist Dr "Wubbo Ockels for 
a spacelab mission. Dr. Ockels’ 
personal triumph is perhaps not 
surprising considering Holland’s 
strong involvement in research 
programmes. 

The strength of the country's 
electronics and aircraft indus- 
tries form a sound basis for 
space activities, while the spin- 
off from space technology is 
seen as a useful stimulus for 
companies such as HoUandse 


Signaalapparaten — a Philips 
subsidiary — and Fokker. The 
Netherlands Aerospace Insti- 
tute (NIVR) is nevertheless 
worried that not enough - is 
being done now that the initial 
stages of the spacelab 
laboratory and the Aria no 
rocket programmes have passed 
their peak. Lack of agreement 
within the European Space 
Agency (ESA) is delaying 
decisions on new work. 

If Holland were to put the 
same proportion of its Gross 
National Product into ESA pro- 
grammes &s other countries it 
wouJd have a stronger voice in 
decisions. This would require, 
however, a doubling in spend- 
ing, says NIVR, on which Gov- 
ernment, industry, users and 
research institutes are repre- 
sented. Whether Holland's cost- 
conscious Government would 
agree to raise spending now is 
doubtfuL 

Charles Batchelor 

Amsterdam Correspondent 



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ECONOMIC VIEWPOINT 








THE MARKET'S despairing 
reaction to the latest batch of 
apparently cosmetic or even 
merely irrelevant U.S. “defence 
measures' 1 on behalf cr£ the 
dollar, coupled with .figures 
showing a still widening trade 
gap. suggests that chickens and 
perhaps vultures are flocking 
home to roost In the moral 
tone which market men love to 
adopt, dealers talk of the 
effects of -years of improvidence 
working through ' now that 
foreign central banks are' no 
longer willing to finance folly 
without limit However, the 
external value of the dollar is 
not a moral issue; and a dif- 
ferent, possibly immoral 
analysis points to a very dif- 
ferent conclusion. 

The simple fact that halauce 
' sheets must balance remind!: us 
first that a large flight from 
the dollar can only occur if 
someone is willing tti finance 
St: that role has clearly been 
played, willingly or not, by 
foreign central banks. In the 
IS months up to .March Thev 
a'-quired some Sfiflbn — far more 
than the U.S. current account 
deficit in th*» period; it follows 
arithmetically that the capital 
account was also in large 
deficit. 

Then the dollar rallied for a 
perfnd. and in the latest episode, 
to judge from all reports, inter- 
vention has been on a relatively' 
modest scale: • 

The first imnart -• of this 
dramatic policy chance has been 
on the exchsnee rate. Hut this 
is only the beginning. The new 
situation will in due course pro- 
duce chances both in U.S. 
internal pnlich*s and markets, 
and in capital flows (asaln. this 
is arithmetically inevitable). 
Provided there is not another 
policv lurch outside the U.S.. 
the dollar's decline con Id he the 


beginning of its salvation. 

This view may seem very 
odd to those who argue, as does 
the stern Bank Credit -Analyst 
in Montreal, supported by the 
former U.S. Treasury Secretary, 
Mr. William Simon, from his 
holiday home, that the dollar’s 
undoing has all been contrived 
by the Fed through gross per- 
missiveness and an obsession 
with low interest rates.' Indeed, 
I have argued rather strongly 
before now that excessive 
domestic credit expansion gives 
a good measure. . of what is 
wrong,, and that the Fed? which 
has hardier even heard ,of this 
measure, misses the point by 
basing its poQcy entirely on the 
growth of the UJS. money 
supply. 

However, measuring an effect 
is not necessarily the same as 
identifying its cause. DCE, as 
is well known in any country 
which has had to -submit to 
IMF disciplines, is a measure 
which adds the whole private 
sector deficit across the.:. ex- 
changes — current and capital 
— Jo the growth of the money 
supply; but as we have already 
noted, the private sector . can 
only go into deficit if it is 
financed from the public sector. 

When Britain was in trouble, 
the Bank of England and the 
Treasury provided most of -this 
finance by running' down --the 
reserves and borrowing from 
abroad. Where the dollar, is 
concerned, nearly ail the fin- 
ance has been provided . by 
foreign central banks. 

The question, if moral ques- 
tions must be raised, is how- far 
their role was a purely passive 
one, mopping up dollars 'im-' 
providently created in fhe-U&, 
and how far an active one, hold- 
ing down currency values and 


incidentally financing net ex- 
ports from their under- 
employed economies. Interven- 
tion, after all, can be seen as 
a way of financing extra demand 
without actually going into 
debt- In addition, Britain is 
not the only country which' bas 
befen glad of the opportunity of 
acquiring reserves for their 
own sake. 

There. is no need to believe 
that the Germans and Japanese 
were .consciously engaged in 
coven reflation, that the British 
bad turned mercantilist, or even 
that the Americans were 
consciously trying to drive down 
the value of the dollar. 
One need only remember that 
central banks have after all had 
some freedom of choice in their 
intervention policies to see that 
it makes some sense to regard 
intervention as one of, the 
causes of the turmoil surround- 
ing the dollar, rather than 


*U S ECONOMY 
UNDER raESS*Jf*E 


Labour-Market Indicators: Stress Ahead? 


GNP: Actual and Potential 

10(79X2 



simply as one of its effects. The ence t0 ltlB U.S. money supply, last March, it cannot be doubled active or passive) has had such 
results of turning conventional because when the Bank of that the resultant rise in rates far-reaching effects until now. 
thought upside down in this England or the Bundesbank buy and complaints of crowding out the results of cutting it back 
way are Suite interesting. U.S. Treasury securities, the would have rivalled those heard are bound to be dramatic. The 
One of the great arguments Treasury has to sell in an earlier period in London, motives for stopping interven- 
about the dollar in recent co ^^°numgly fewer securities It is only too easy to draw a lion are probably as confused 
months bas revolved around t be on domestic tuarket. moral , from ibis story about as the motives for intervening, 
effect of intervention on the This is in fad .a pretty pulling. chestnuts out of fires: There is disillusion with the 
U.S. money supply. Central accurate account of bow the UJ5. its real interest is technical. It results, as central banks have 
bankers in other countries Treasury operates; but it does is only because ini erest rates in re-I earned the old truth that the 
sometimes like to argue that not mean that foreign interven- New -York have been so much more finance speculation, 
they are in effect doing the tion makes no difference at all lower .than they would have uie more* speculation there is’. 
Fed’s ‘ dirty work for it by 'within the U.S. Intervention been uta clean float that private anc j Ui ev j, ave j n effpL .j 


mopping up surplus dollars, and makes no difference to the U.S. capital has been able to flow b rreaTinn'hnr mnnev Pnii. 
H-sncXan-na *K«* nmnpv cnnniv hnMnm 7i e out as wcJJ. Intervention has - ■ ° 


ticians may prefer to inflate 


transferring the excess money money supply, because the U.S. 

into their own currencies. They authorities choose that it sball not merely financed U.S. th _j„ 
are. in effect, importing U.S. not. merchandise imports, but has Xh L™ Elm 

monetary inflation (presumably When quantities are in effect mucked so much money out of , Th „ !L: co 

!’«*“« “*!»»« "therflxei, one roust .on* „ the tb« Eurndolbr maiMltat « ^ 


import it than stand the price’ What intervention has in battks havc found it profitable feeling thatthe Americans 
consequences in the exchange fact done S to enable Ste^ed W «ome S32bn to their oow- be left to sort out 

markntcl .—.i • «._ . _ fnreitrn branches; Doficit LnPir OHO mess. 


markets). to .control Uie money supplv foreign branches. Deficit . 

U.S. analysts, notably the without driving up i merest countries arc usually borrowers; Many Amencan economic offi- 
arch-monetarists at the St. Louis rates. If the U.S. Treasury bad 15 onl Y intervention which ciaJS probably agree with this 
Fed, have always denied this, bad to sell SBObn of additional bas enabled the UJB. private assessment privately.. 

They point out that foreign securities on its domestic sector to lend as it overspends, there are dear signs that the 
intervention makes no differ- markets in the 18 months to Since Interveniion (whether US: economy, in its fourth year 


of rapid growth, is nearing the 
limits of capacity. The Council 
of Economic Advisers has been 
trimming its own estimates of 
what is possible, and outside 
academic measures of produc- 
tive .potential arc still lower. 
Labour market indicators, once 
women and teenagers are 
eliminated, show sharply rising 
pressure, which is being 
reflected in wages. Some goods 
— notably in construction — are 
scarce and rising sharply in 
price. In • short. . ordinary 
demand management suggests 
that ii is time la cool off a bit. 

Foreign central banks, v.iiich 
have so assisted the U.S. expan- 
sion in recent years, may now 
help to impose a measure of 
deflation while sparing the 
President and his advisers any 
awkward political decisions. The 
U.S. Treasury is approaching a 
heavy funding season in which 
it may not be able to rely on 
heavy buying fsom overseas. 
Interest rates are likely, initially 
at any rate, to rise sharply. The 
process is already beginning, 
witness yesterday's increases of 
prime rates. 

This rise will assist the turn- 
round in the private capital 
account which must in any case 
occur in the absence or inter- 
vention. for the central banks 
in the capital markets are like a 
whole herd of elephants chang- 
ing sides in an ark. The rest 
of Ihe animals will in due 
course lurch the oilier way, 
though there may be panicky 
talk of a capsize. -The U.S. 
Treasury's Iasi “ defensive mea- 
sure,” the suspension of Regula- 
tion M to facilitate foreign 
borrowing by U.S. banks, only 
makes sense as a measure to 
help capital inflows and limit 
interest rate disruption. 


Sceptics in the market may 
wonder whether the dollar can 
possibly stabilise, let alone 
recover, purely in response to 
private capital flows. Experi- 
ence wilh sterling should give 
ihem siime reason to suppose 
that it can: hut in any case Ihe 
trade account may well he 
deceptive. 

The weakness of the dollar 
has no doubt provoked not only 
leads and lags in .settlements, 
hut also hedge buying. Con- 
stant talk of oil impun quotas 
is likely in have inspired some 
stockpiling. Trade in manu- 
facturers — the real heart of the 
deficit — should now begin to 
respond to exchange rate move- 
ments through import substitu- 
tion (Volkswagen Rabbits from 
Pittsburgh, (or example) and 
export opportunities. If net 
foreign demand rises, deflating 
domestic demand is less un- 
palatable. 

Tn he Mire, a promising 
situation can he spoilt by 
wrong-headed policies. As long 
as President Carter retains his 
acute di>t.iste inr high inlcrc*t 
rales (though the ri»e would he 
mainly temporary ir allowed tn 
work through): as long as he 
believes that lectures from Mr. 
Robert Strauss arc an anti- 
in nation policy: and as long as 
he is assured by the OECD that 
U.S. credit creation (deliberate 
or not) has been perfectly 
moderate, he will make mis- 
takes. But at least, and fur the 
first lime, foreign central hanks 
are allowing financial pressures 
lu argue for deflation, and the 
domestic economy reinforces 
these arguments, while the 
trade situation almost certainly 
looks worse than j( is. This is 
not the time i« despair of the 
dollar. 


Anthony Harris 


Letters to the Editor 


Schedule D 


On radio hazards, the HSE 

advised the Secretary of State 

. that if tbe local Radio Forth 

taxpayers transmitter were resited there 

r if n c „„„„„ would be no danger. Any ship- 

Front Mr. G. Scotion borne, radio problems could- be 

Sir. — In his letter (August 29) sorted out by appropriate hut 
Mr. J. Andrews criticised the undefined safeguards. Tbe Shell 
article (August 24) wbteh con- report they quoted as a refer- 
verned the possibility of a ence analysed only two radilo 
change in the basis of assess- sources In detail and emphasised 
ment for Schedule T> taxpayers, that many other sources would 
He stated that tt was “simply „eed investigation before a firm 
not true that many self- conclusion could be reached. 


radiation monitor at the National 
Radiological Protection Board's 
Unit at Harwell. This fact neatly 
underlines both the importance 
obviously attached to the use of 
such a monitor as well as its 
absence at Aldermaston. 
i (t i ur'-nfl 

31. Fens Way. Hexlable. Kent. 



Sunday 

trading 


an example of a business which’ This Is the organisation on 
had a financial year-end on April which Mr. Mill an has to rely 'in 
5. In this example, it was judging a planning proposal of 
correctly slated that the tax on which he has said that public 
profits for the }car to April 5. safety must be the over-riding 
J9S1. would be payable in two concern. Its views are sinii- 
instalments — on. January 1 and jarly sought as ,, autboritative 
July 1, 1982. . opinion in comparable proposals 

I .col that Mr Andrews is thraitehnut the UK On -ov ro-ji*- 
seriously under-estimating the mg, thev are totally unfitted for 
intell'gence of Schedule D tax- this rettwnslbtiify. and there 
payers, and their advisers, by must be a .strong care for a 
assuming that they would search-in? rovin'-’’ nf ifvvr funr- 
arrange ihetr affairs so as to tion and <he wby they -fulfil it 
have a financial year-end on the j, r Sutcliffe * 
worst possible date for tax $ Seaside Place. •Ibrrdour, Fife. 

purposes. 

For example tax, in two instal- — j 
meats, on profits of a business |_y3|1fl 
with a financial year-end on -“-'****** 


April 30, 1981, wnuld not become flrippc 
payable until January 1 and fsIIk-CJ 
July Z. 1983, approximately 24 From Mr. J. P. Pickering. 
months in arrears. Sir, — - In my experience, tbe 

I know, from pracfcal ex per l- farmers who are finding tbe 
ence. that many self-employed do going tough are those who missed 
in fact have a financial year-end fhe bus of low land prices of 
on April SO. and therefore enjoy 0 i»iv a lew years ago. These 
a considerable cash flow advan- people, many of them modern 
tage which would most certainly whiz-kids, are caught up in the 
be lost if they were to be cost of servicing high loans or 


From tile Director General 
The National Chamber of Trade 

Sir.— Before the Association of 
Metropolitan Authorities decides 
to press the r.overoment for a 
change in tbe law relating to 
Sunday trading may I suggest 
the authorities ask sbuokeeuers 
for their views on the subject. 

The National Chamber of 
Trade represents about a quarter 
Of a million shnpkeepers. among 
a rich variety nf other businesses 
and Professions, and our ex- 
perience suggests the vast 
mairirity want nothing at all to 
do with anv widtssca’e extensinn 
nf Sunday trading. Anri I believe 
the same view is heTd by the 
trade unions reprerentins the 
riislributfve trades workforce. 

L. E. S. Seeney. 

Enterprise House. 

Pack and Prime fame. 
Hcnlettort-Thames. 


raer suppliers, but rather to Could we begin, perhaps, with 
•-■♦.we ih‘ tr roles in an up-to-date the “ elevated *’ section of the 
perspective. This must be lo M4. and the Birmingham M5/M6 
provide support for the pro- complex, which, judging hy 
cessore and end-users — assistance current repairs, will soon equal 
which can range from advtce ’n the total, imsi of a bridge, 
the^ development of special •£. Baitlay. 

Clearly the polymer supplier cSiK™ ou fh. 
will aim at encouraging a greater ^ " 

use of his materials and extend _ 
their potential by innovation. livnorflll^ 

Btit it would be wrong lo suggest Jr'-** 

that tbe polymer supplier should I^non 

carry the main burden of appli- ILI 

cations innovation. ; This must From the International Director, 
come ironi the proees-Jug Thorn Go* Appliances. 


seel or and the end-use industries. 

it must be recognised, how- 
ever. aii concerned with new 
developments are subject to a 


(rniematidnaU Ltd. 

Sir,— In attributing the meagre 
level of Japanese imjwrfs from 
the UK to the inadequate export 


GENERAL 

Statement expected in Paris by 
M. Jcan-Paul Parayrc, head of 
Peugeot-Citroen, on his com- 
pany's plans for Chrysler'^ 
■iperations 

Bank of Sweden may cut bank 
ratr. 

M. Joel, le Theule. French 
Transport Minister, in Bonn for 
talks with Herr Martin Gruner. 
Slate Secretary for Economic 
Affairs, on A-310 version of Euro- 
pean Airbus. 

Prince Charles and Dr. David 
Owen. Foreign Secretary, attend 
funeral of Jo mo Kenyatta, late 
President or Kenya. 

Prime Minister opens new 
Triple* windscreen factory at 
Kings Nnrlon. Birmingham. 

Mi-s Margaret Thatcher. Con- 


Today’s Events 


servative Party Lender.' Inuring 
Berwick and East Lothian con- 
stituency. 

Meeting of Trades Union Con- 
gress general council. Met repute 
Hotel. Brighton. 

Announcement hy Mr. A. 
Wedgwood Benn. Encrey Secre- 
tary, on new energy course by 
Open University. 

Cereals management committee 
of Common Market Commission 
to consider export tenders for 
wheat and barley. 

OFFICIAL STATISTICS 

Publication of Energy Trends, 
by Department of-Energy 
COMPANY RESULTS 

Final dividends: Cswtrli Group. 


l.infood Holdings. Sobrnme 
illotdings). Interim dividends: 
BBA Group. Bnusted. Bridgewater 
Investment Trust. Church and 
Co. Doraml.-i Holdings, fotdbrake 
Group. -Inlin ljiing. Macfariane 
Group t Clansman ». Matthews 
Wrighispn llntriings. Mixconnrctr 
(1 foldings). Scottish Agricultural 
Industries. Small (John Cl and 
Tidmas. 

COMPANY MEETINGS 
CH Industrial. Carlton Tower 
Hotel. S\V. 12. Caird (Dundee), 
Chamber nf Commerce Buildings. 
Dundee, 12. Initial Services, Con- 
naught Rooms. WC. 1215. 
MacDonald Marlin Distilleries. 
Qliern'.s Poi'k. T>*ilh. 12. Syltone, 
Cost Huusp Hotel, Rramhnpc. 2.30, 
Yinien. Angel Hold, Bury St. 
Edmunds. 12. 




Sni. 1977 (1970) 
(Source 


Planning for 
L, mers 


poly 


assessed on an actual basis. 
G. Section. 

203, West Barnes Lane, 
New Malden. Surrey. 


Problems 
at Brent 


ever-increasing rents. Those who 
were firmly established as owner- 
occupiers at the right time have 
nothing to complain abonL 
Mr. Anthony Rosen (August 
24 K tries ±anf to .-.make 'bricks 
using milk and vegetables and, 
of course, fails. The food manu- 
facturers are disturbed, and 
rightly so. by the fact that the 
EEC imposes enormous import 


From Mr. J. R Sutcliffe. 

Sir, — In your article (August tar jff S 0 q the r**aliy important 
18) on bhells probleuts witii the materials of their trade. 
Brent field, you named - no . \viieot, harrley. ' maixe. sugar, 
villains, and Mr. Mehta has cast c h e e S e beef. pork, chicken and 
Shell in that role in his letter baco0 a! j baVe l0 pay these 1m- 
( August 24). _ Shell are by no tariffs and there, not milk 
means blameless for their anrt vegetables, are the imoortant 
present plight, having wasted items of our diet and nf the food 
live years before storting their manufoctitring industry, 
search for an NGL separation Boren's remedy of paying 

plant site, and they have thereby fcj C her industrial -wage* is merely 
forced Mr. Mitlan info an :ex- to increase inflation overall. No 
tremely difficult position How- one . not even the farmers tirm- 
ever, far more culpable in my selves, would really profit bv such 
view is the performance of the policv. I think lhat Mr. Rosen. 
Health and Safety Executive in many other rarmers. should 
the Mossmorran issue, and this realise that the role of farming 
ought ro be of national concern, is to serve the public and not the 

TJmir written evidence to the public to serve the fanners. 

1977 Public Inquiry totalled 64 j. p. Pickering-, 
pages, of which only 4» pageti Qtvfianl Place. Hcxiitim, 
related to the applications lo (Yorthuinber/and 
queatiun. In one page on the pro- — 


Radiation 

monitor 


posed ethylene cracker.- the HSE 
Inspector concluded that there 
ought to be no unacceptable 
risk, although be said he. had no 

details of the size Dr type of __ nr F R Turton 
t plant He rather curiously added HJh-r *1 n av id Fish- 

that there would be a residual , B V a tc cleariv 
Tisk despite safety precautions; ;V^ f Aumist ■*«» 

there should therefore be addi- a whole bortv 

..on, I WK.OUOK. Hi« *Kron SoXr 1.5 

colleague said that if the NGL a tR» M. the it U' having 

: plant were designed and -ctalYsd.intil 1079? 

: operated to currently acceptable wHv^must vou print a phnw 
isafety standards f a ublquitious -renh S.ch a momtnv 7 This 
«HSE expression i. - there will be »hp misleading 


.no 


intolerable situation 


only gives the 
impression that it * s . ^ at 


-imposed un local .communities. XtriermattSm. which is not the 


.£He said that the safety of resi- r^\. vour photograph 

■rlr>nfc H'llhin ■ ILm nf •• o • . 1 .. 1 .. 


odents within lion of a w' a VtakP»i aTtheAtnmie Enersv 


^fefrigeraled LPT, storage tan kps Establishment at 

Mossmorran was questionable, w»nfrith— ■ thensh vou do not 
• tad that they ought to ,be re- ten mr readcre this. 
housed. At the- inquiry, he said j ca auot phare the optimism 
Ifuit this concern did not extend 0 f vbbt correspondents about 
to. residents or Aberdour and ^rhe extraordinary lengths” ro 
, Dalgcty Bay within lkm of a which - - Aldermaston has aUeced’v 
rcfrigi'rated ethylene . tank p 0n e ^ protect its workers from 
'.because, unlike ‘Mossmocran, plutonium radiation. 

. BraefDOt Bay -was -not a process Whole body radiation monitors 
' plant, have . been used at Windscale 

-The HSE gave .no eonsidcra- (since HW") and r DounreRV 
:.tUm to hnaarfs bes*und the load- (since 1971). As- from January 
; ins jetty, and (heir evidence this year, jr has been reported 
: const ituivis ^ix pages Ot the 429 that Aldermaston has br«n 
page Inquiry Keport, .jraakiofij. usc.-of ihc whoic body 


From Mr. G. Christopher Karas 

Sir,— Dr. Caudle’s letter 
(August 15) has a simple mes- 
sage ~ commercial viability is 
essential for an expansion ; n 
petTopbe.nticals capacity. A con- 
.ventiqnai wisdom which, by and 
larg£ has been observed by most 
operalipn* r— even if judgment 
w3S sometimes clouded by bver- 
obtimiatfc hones for e»-o/iomw>s 
from - scale and process improve- 
ments: _y 

If .1 - understand Mr. Dingle 
correctly (August 22) he believes 
that, because petrnch era 5 cals 
facilities are In the bands of a 
few powerful suppliers they ran, 
and should, materially influence 
the development of the market 
structure for polymers. 

One wonders what he has in 
mind. Certainly, on the supply 
side, there may be further scope 
for rationalisation — and indeed 
the chronic low rate of growth 
in demand we are now experienc- 
ing makes capacity planning 
extremely difficult. tn the 
absence of such rationalisation 
we may yet have to face up la 
and reluctantly. EEC intcr- 
venitQp in tbe whole issue of 
petrochemical rapacity. 

If. however. Mr. Dingle re Fere 
To demand then it is very d'ffl- 
eult to; see what could be done 
by the^polymer supplier. There 
is no doubt that in the early 
years hf . the polymer industry 
individual materials producers, 
through their applications 
development efforts, exerted a 
5reat J deal of influence on the 
development of the market. 
Have we not. however, now 
reached a much more mature 
state? 

In. 1978 consumption of plastics 
in fbe'UK exceeded 2m tonnes. 
Accordfog to the British Plastics 

Federation some 80 per cent of 
this Was used in industrial appli- 
cations.* — most of them very 
mno.to. from the direct influence 
of the materials-producins 
majors. . In economists’ terms— 
we are-in a “derived demand” 
Sitoat'op. . 

One could argue that much of 
this stems from the- applications 
work within the end-nse indus- 
tries. Certainly this must be the 
case for-the key uaer sectors uses 
in packaging and building areas. 
Moreover, the independent plas- 
ties. processors have made a 
major .contribution in new pro- 
duct development across the 
Wb^fo field -of a optica twins. 

Thix is not hi the least *n 
minimise .tbe work. of tho_pply- 


uJ.n whSTinv"^ JSS/t efforts or British industry. 
I'lUvrhPf^in^ihil^ neither of JW*r correspondents. 

depends^ w the abilnv and Me “ rS- Miyashi and IVwn,Bn *' 
strength of the end-users to apply Save explained just why in that, 

focm^in the case uf poVmSrs rtE 

?ShSr nS lhe UK eC0 ““ y “ SSJSU elc* hive 

. , . f ur me live vears thP UK similar, y f al>ed to make a satis-. 

plastics processing industry has fa ^I° ry im P aLl in Ja P ai t- j 

had to survive on a Unn gruel of Tb6 relevant trade deficits j 
markets whose own capacity fur with Japan iff some leading in-; 
u..i. u pm L uL ujs oeen sapped by (lustrial countries are as 
national economic uncertainly. Is follows:-— 
it any wonder therefore that 
there arc weakn«»es to the UK 
j .- ic* prucrasiug industry? in- 
deed, might not one argue that u.s 

its ability lo survive and grow France 
at aii on this diet is on unrecog- w. (form any 
msed strength. Netherlands ... 

A resuiiciiirins of tbe market uk 991 

for polymers will only grow from , 
the roots of the market itself. Bntaiu* record com- 

The role of the polymer industry. P^ros favourahlyj w-ilb (bar of 
and m particular the processing otiier raaustnaJiSed countries, 
sector, must be essentially that Using dollar figures, Britain has 
of the careful husbandman— maintained her percentage share 
tending and nurturing the Japan’s imports ai L4 per 
development. Jt is surely up. lo c *fot over the period 1974 to 1377 
the various Sector . Working whereas that of^Wesi Germany 
Parties to . concentrate their has dropped from 25 per cent 
efforts on ensuring tbe necessary to — -1 P®r cent .and of the U.S. 
skills and resources are avail- from 20.4 per cent lo 17.5 per 
able. cent. Japan's owri trade figures 

In a stable and ordered market show that British exports lo 
place polymer capacity planning Japan are among thu.re showing 


7.321 

443 

L288 

1007 


OECD) 

(4.054) 

f42tf) 

(LOIS) 

(834) 

(5551 


wilt took after itself, 
ii dis Karas. 

30, KiUester Gardens. 
Worcester Park, Surrey. 


Company 

donations 


the greatest growth in the first 
half of this year, rising by 14.3 
per cent (n yen terras compared 
wilh 7.G per cent For West 
Germany and a drop of 1021 per 
cent for the OS- 

Mr. Nichols, in his letter, sug- 
gested a number of factors which 
caused frustration to our ex- 
porters. Many, of these stem 
from the dajia, apt so long- past. 
Matters wh ’ e ? Japanese industry enjoyed 
was a considerable protection. Japanese 


From the Editor, 

l*u .■ju.i iHj-tnlicl 2. 

Sir. — In Men and 

(August 21) there 

inference to figures produced by business leaders have acknon- 
the Labour Parly’s research do- judged that Japan has i« change 
parlment on company donations bf r indiisirral structure to meet 
lo tbe Conservative Party. The the new lalenwtional economic 
General Secretary of Ihe Labour environment. - Your newspaper. 
Party in a loner (August 24) ffir instance, has published 
reterred to these same figures as reports of a rrasfc programme to 
“ research done fay the New increase imports. — We hope that 
Slat e-mian.” In facL the source “ Iese a °d olher measures will 
of. these figures is an article due promote a generous growth in 
to be published in the September imports and not just lead to . the 
issue of “ Labour rteiearch." the stockpiling of raw materials, 
monthly journal of tne Labour Mr. Newman’s description of 
Research Department, an inde- the crucial need to cultivate lona- 
pendent trade_ union ^ research term business .relations and 


centre, founded in 1912. 
Brenda Kirscb. 

7S. Mnckfriars Road, 
London, SE1. 


Motonvay 


tolls 


understandings hj Japan is 
correct It is a pity that he did 
not mention that there has been 
for many years fo Tokyo and 
Oreka a large body of expatriate 
Brinsh businessmen from our 
maiorenneerns- and the UK irarfo 
companies, working to this verv 
end. 


Although Mr Miynsbi indicates 
that in hit, opinion short-term 


From the Mnnnging Director, 

Fine Tubes L(d. 

Sir. — ^“Lombard” (August 24) visits lo Japan are inadequate, 
arcues— 1 cannot say ” makes they are not when new mnova- 
the case for instant decision by ti.on is the keynote/ for I recall 
Ministerial Gat- in this instance a planned operation which rifo 
on an increase In the toll charge find a partner in two weeks’ 
for the Severn Bridge. travel, and draft agreements 

Whatever the merits of bis were exchanged for business 
care, there arc none for the valued at 5,000m yen. 
example he select-. -It bas never . »«.. .. \ Uo 

'SjfssiS^r issk* «"X 

the HnniLw ,■„!!!? Xp. “he “J/"' “ Ur objKlives " 

impost more readily , if we- foil a >•“»■«**• 
our metrnpnliian onnsinv were Road, 

prepared to share the burden. h'tech/prd, Birmm&ltum. 



WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


Jn Thailand- No other British bank offers you more than Srandard 
Chartered. We've been there lor over SO years and are an important part of 
commercial life. 

Our branches are reached direct fromyour nearest Standard 
Chartered branch ah the U .K: This gives t our business thccombined advantages 
of a British bank here and an established bank in Thailand. And our si-stcm is 
not only a lot quicker and more reliable, it saves you money too. Good reason to 
ring Keith, Skinner onOl-623 75C0 today to discuss ihis. 



Standard Chartered 

Bank Limited 


helps you throughout the world 



Head Oliicelfl CletncuuLaic r Lundqn LC-i.N r,\B. 


nctni £^ r l(JU rajJJj » 



An ice-cream millionaire turns 


his talents to 



.materia! from a Uiah Street Prontaprinl. was launched hy a rnMirin^eh $hnp continues lo the shop operarur. 
print shop, whether mi a man with cunsiricrable expert- increase its business. Where necessary, lie 


domestic or business scale, ary ence of franchise operations. 


probably unaware of a revolu- Mr. Fd« m Thrri\v.-I! made his D ns<?ihiv r«.i- th* tifnr* q sources of finance to supplement materials; and group discount? 
Hon that has taken place in ihis first million in the ice cream p e ’ r jod " of -rcat stre-s* and their own capital. This usually on equipment, motor vehicles, 
pari or the printing industry in business, and saw no reason ,,, enli j _ re " r e hut in burin* takes the farm of a hank loan insurance and health schemes 
both lech nullify and manage* why the success fid franchising „ ^ I and/or leasin R urhi re Purchase etc _ As well* legal and- 


went. methods lie used cnnld not be comnanv^savs” tha^miicli^nf ihis to obtain the necessary equip- management advice., other back 

•« Therp have hrrn Tew changes used rqinlly well in the print* <,* hv the standard ment. But all licensees are U P services include relief 

in what might he railed Ihp mg business. systems, training marketing "quin* .« have a subsiantial managers for holidays a*; III 

hash- printing method, letter* Me rrnis.rl.Ts ih.it I he anrl lllinM1 , mpn , hark-up ava ,f. amount of their own capital 5 per cent n- 

press, .since llic days of Oxl on. essence nf success is a full and , h ._ tn thfl invested in the business. This tne rn J. a,t J ntrone is used fo- 


press, .since llie days nr Oxl on. essence nf success is a full and aWp tQ Th(? ], ccnspe invested in the business. This tMe royalty income is used fo 

This applies pariieidarly tn lhe ciiruinnur-' relationship with ' .... is ennsidereri an esseniial ele- promotional activities, such a 

methods used m the small print each licensee, starling with a rne town of interest w visited man , Fl , r clin « ce n f the Yellow Page advertising anr 


methods used m the small print each licensee, starting with a The town of in l erest is visited mpm for success of the bellow Page advertising anr; 
shop. Because little change training emtrse and continuing with the prospective licensee; so n p Prflt j on other marketing aids. 

Junk place for some »oo years, with marketing and publicity *hat tlie business potential nr The |j CPnsnE \$ Eicen a fnur- By the cnd_ of this year ther* 

printing h.is hreome a highly support, qualify i-untrol. a«sisi- 1:116 a r* a can he assessed am! w pek training enurse. The first should he 75 shops operatin' 

cnn'iervnlive iudusiry. with a ance will) <tafT and supply of suitable premises found. The )wn cover alt aspects of in the UK. with total sales top 

strong rpsi.sianee lo new ideas equipment and materials. overall design and appearance rMnn j n „ a Pronraprint shnp Ping the £2m mark — a sub j 

.1 Attempts to introiiiue n-w ° r lhe ^ 1,,p is fUmdartiswl l«« rron , basic product knowledge slantial turnover in jobhirt; 

te.»'ii'.to7v i n Ih** np» ,- c P pn**r TTranrilUp makc llicm instantly recognis- tn preparation of artwork, printing Target for the char. J 

industry have caused consider- ridi«U*l.iC able. simn'o nfFsei printing, customer is 4(io shops, 

able problems. The impart mi There are now some M shop? The name takes up f<» 40 per relation*, product knowledge. f* rt , th ® value of such a 

the tniall printer has h»*en just j n || 1C prontaprint chain, and in rer »l *> r thp window area, and a recruitment of staff. . basic npnvnrk is that it enable*, 

as aroat. though less speclaru hr. Um years nr operation "Poinl nf sale” feature is a aceonnring. sales promotion, rise customers to prepare act wort 

and lias lb crcfore pissed largely xjn. r ,.' j s no record or a >hnp cartoon character printer of ancillary equipment, etc. in one place and then print 1' 
unnnijeed. having m close through failure , embodying the "fast and The final two wepfcs are epent tn the shop nearest the flisfri- 

For the small printer, rcfus.il Mr. ThirlweM claims. ’ friendly" slogan nf the com- in an operating shop to pain button point. One Fleet Street 

fo adopt new technology ha- ,-\n interesting aspect of the pany. Customers are offered practical experience. A train- publie relations consultant 1 ? 
proved suicidal. Shops which business is ih.il none of tiip free coffee white they wail. The ing manual is supnlipd for use produces^ finished artwork for ? 


riiu --- 0 |r hion-r! pristine licensers were nrevi- “payment on collection " terms diirinc the course, and is City firm s house magazine. Thif 

methods found them -elves n ii-lv primers. People taking a are displayed on the till fronts, retained for future reference, is sent by rail (“Red Star") ti 

unde mu by those using the new Pronin print franchise have which is a feature of the Pronin- Advice and a«i«tance arc give n Darlington and SOO copies are 

prn.'rpfjos, and went bankrupt. r(im «, from a variety of mmnier- print system. By tasisung on with the purchase of comp, printed tn the local Prontaprin - 

The new method^ heing used t *i»i. managerial and professional payment at the lime of coJJec* mP,u - an d a Package of items S,10 P for distribution to thr 

hy successful small printers backgrounds. The company Non the company says most of including till rolls, point nf sale plant s workforce just down tbf 

arc nm. i*i fjici. -•» wrv net 1 — « a ys «hr idea generally appeals rhe problems associated with material, standard invoice errs, road a Newton Aycliffe. 

offset litho priming ha- I'cpn i„‘ rhn ■ business nwiitive " ra*h flow are eliminated. and il »n accounting kit and standard Benefits claimed include sav- 

a round for a lone time in jype warning In go into business helps to maintain a competitive P rf>, ii n * ,r ’n«*I artwork is also ing in transit posts tflat artwork 


supplied. rather than bulk copies) speed 

. of production — two colours in 

•nnse t nai j oiinnli ,w » flays: and a post saving or 

c not all IjduUUl go per cent compared with 

r J '7^m qto fTce the shop is fitted out printers serving the Fleet Street 

, ' d ri ! p and equipped, a launch cam- are *- 

. fh paipn is organised, after a Plans are already - well 
1 . . r>eti)ing-in period, and is paid advanced to take Prontaprinl 


.fftff^rpnf forms, find olr^frn- on ih^ir n^n. Tvpiral onnntors price <imcturp. .supplied. r?»thpr than bulk copies) speed 

static copying machines arc imw include an archil pci. a chef, find Ck(1(I tha . nf production— two colours in 

in um* in most offices. a new-paper adv*rtisrmcnl . T qiinoll 1wo fl»‘ s; anrt 3 fnsi sarin? or 

-In recent years bmh tpc h - manager. E - T , i k h ^UIILU 60 per cent compared with 

ittntics have been considerably Inwrmeiil required « J' sl J""* fhtce the shop is fitted out printers serving the Fleet Street 

refined, while rhr skill needed around £ 10.000 to op-n a Pmnfa- on need in Have an arcuiate anrf cq| 1 ipp Pr} a launch cam* are*. 

to produce good quality print print shoe. This h.q* allowed P , ‘ K<? 3n ' 3 -'tiaran ce imc pa ^ n ls organised, after a Plans are already - well 

has been greatly red u ■■r*d. These ihi» compnnj to expand rapid’ v ten t ib Jn "i p ^ 6 ?etiling-in period, and is paid advanced to take Prontaprinl 

factors, coupled with a new wiHumi having In relv on -heps work rrom a stamiaraiseu f or hy Prontaprint. The com- into Europe. A pilot operation 

approach to establishing prim generating its own funding lo pr,CT ,sl- pany has regional directors tn is already running in Australia, 

shops, has brought about a opnn n<»w -hops. The holder of Typical jobs include letter- keep in touch with licensees, and is planned for the Middle 

revolution behind the scenes in the franchise deals with tfie heads, business card*, account* j»?id provide help and advice. East. The company says that 

the High Street printers. retail management problems, as in? stationery quantity <urvey fr C r example, the cosls of basic development in Europe could 

. Tt- all started in 1971 when ihp owner and oppratnr of Hip reports, right through tn raw materials are monitored, well result in print jobs being 

fi' e ..offset lithn-based onnf print shop As ihr company collated fioo page documents and new price structures are created in Birmingham for 

s’ nns -".■(> nni*n -i| m !h«*Nnii|i relic- on a continuing 10 n«*r All can. be accurately envied -iigge^ted when th» retail printing in Dussetdorf by the . 

Easl. starting in Nevvrastle-upon- cent royally un sale*, if ton r.i> ind timed. Prontaprinl list* margins arc heginmng tn be early '80s. 





iv ^ •: . % y ■ 


Womstmor 










1^' 




. 







» ’‘4-1 4 








V 


mL 


■tBr : ^ c„ ; • 






t&mm 

ms 







• iL- J .;* 






:■ ’ Jjjni 






u® 


' • -FisanlciaT jiraes 




■ r- . . . .... -J.*.-. . S, 


V - NOTICE of redesiptioiv 

’ To tJie Holders of 


BY TONY FRANC1E j 

PEOPLE WHO b U y printed Tvne. T'ip company concerned. a strong vested interest in over 2nn b'pical jobs to assist eroded by cost and overhead 


COMPANY 


increases. 

licensees Prontaprint - obtains grour 


6*4% Guaranteed Deienturea 0iiel982 


business. «n generally be introduced to rates on paper, ink and other 


'NOTICE IS fiEREFY GIVEN that, puriwapt tp the piwwons dl the Indenture dated as-o£ 
September 15, 1967, jbeeween Tha'Procicr^ Cambio LtleraaSonal Conijwajv The Pwctor fr GutU» - 
Company, as Guarantor, and Morgan Guaranry Trust Coropany of-Nenv York, as Trustee,-51^5,0ro 
principal amount of lhe aboye nAequireB has been Selected bjr liit.for ledemp lion.. on Sep tembftr 15, 
1978,.tbraugb opecationof the Sitildus Fund, at the redemptiob pricE-of 10057 of U« priiwiWU^WOUnt 
thereof, together with accrued interest' thereon to said redemption date. The .numbers of tno said. 
Debentures derignated for -redemption axe as follows:.. . : 

SI i 1785 3375 485& 0160 7750 «40 10C8 1 IW54. .13231 1^06 15M7 17533 13824 20163 MOM 80® 



public and private debts. Payment will be made upon presentation and surrender of die above Debear 
tuxes with coupons due September 15. 1979 and subsequent coupons attached at (a) the corporate 

■New York. 15 Broad Stmt, New York, ' 


referred to tn (b). will be made by- check drawn on a dollar account, of by transfer to a dollar account 
maintained by tbs payee, with a bank in New York. Gty. 

Coupons due September 15, 1973 should be detached and collected in the usual manner. 

On awl after September 15, 1978 interest shall cease to accrue on the Debentures selected, for 
redemption. ' , . ■ ■ ■ 

THE PROCTER & GAMBLE INTERNATIONAL COMPANY 

• . By; Mobgazt Guakastv Trust Compajtt 
. .. of New Yoan, Tiwtes 

Dated: August 15, 1978 .* 


. NOTTCE 

The following Debentures previously called for redemption have sot as yet been presented for 
payment: ' ■: ' !. ‘ 

DEBENTURES OF Jl,00fr EACH 


X19R 348 2 111 3132 4370 MW7 1P345 3133»- 133X5 '1MS3 13811 20164 00198. WO 20365 38320 

.Zfr* 356 2121 2183 4M1 ■ 9128 10857 11360 13504 13391 2O130 20165 20UM 30221 C027D 32S64 

287 1505 2125 3194 661)4 10438 10362 11363 M IMW 20132 30174 20137 20232 20276 2ZB70 

338 1EMT 3103 8195 6633 • 1082B. 10065 11366 13767 18790 20144 20175 21H93 20334 202S3 229M 


331 2043 3158 31 OS 6636 10831 US 13 11057 14547 1978B 20149 WITS 20206 20261 20300 


315 2101 3161 3306 8589 10633 11356.12684. 17440 19809 2015? 20191 20213 20263 20315 24435 



limited 


1978 RESULTS 


Turnover increased 47% to £33.6m 


Exports up 39% 

Profits up from £4.54m to £7. 60m 
Earnings per share up from 26. 2p to43.4p 




Total dividend S.OSp— the maximum 
,;f permitted for this year j 


Scrip issue of l for t proposed 


w Whilsj:tumover has increased by 44% and 47% respectively in the 
last two years, the- company's reputation for superb stock availability • 
and secohdrto-none service has been maintained and indeed improved. 


The increasing use of electronics in industry and our widening. product 
ranges are reflected in the substantiaLsalesJncrease. 


\ have no doubt that the current year, which- ?s progressing very well 
wjll shoyrstiH further profitable devefopment.W 


R. A. MARLER, Chairman ‘ \ 


Copies of the. fuN Report arti Accounts for the year to 3Tst March. 7978 an available from the ' 
.Secretary, Bactrocomponents Limited. 37^5 City Road, London EC TP ?HX. 


Britain’s biggest electronic components distributer 


















T&H»wirai fifties fhnrsflay "August 31 1978 


COMPANY NEWS 


BOC profits down £12m to 
£48m for nine months 


INDEX TO COMPANY HI6BUGBTS 


Company 

Alginate 
BOC Inti. 

8TB „ 

Cement-Hoadstoim 

Ce n trov i n cia l 

Pavy InU. 

F raser Ana toc her _ 
Grippe rads Hidgs. 


Pag e Ce l. Com pa ny Pa ge Co l. 

~33 5 Howden Group ' 33 f 

33 ■ • i J ohnson Matthty , 31 .. 4 

' 33 ~6 London Utd. fay. 33 1 

—33 6 Nu -Swm : 33 2 

“33 i \ Pearl Assnce. 33 I 

”34 ~ 7~ Quick (H. & IQ 33 5 

"33 4 ~ Slo ugh Estates 33 4 

— 33 5 Weir Group 34 1 


ISSUE egMW£NTj[ i I ,lr 

BTR i^tet^r^selE^I 

—plans for dividend boost * 


WITH group -ft ini quarter profit 
®WPS5ed by' poor results of the 
ferro aBoyy business of the U.S. 
aibsitfiajy Airco and of the 
mrtak busjnee»ws in Europe and 
Atmca. pre-tax profit of BOC 
International feU from £B0.4m 
to £4S5m m Lhe nine months to 
June 30. 1978. 

There^ was also tittle sign or 
Improvement in the leved of 
aotirity-of the Rroup's other main 
businesses in Eurojpe, the dree- &. 

Lons report." . 

After aiix month*, pretax profit 
wai .down from £36-5an to £26.2m. 

AdjiKitang for lavt September’s 

rights roue, earnings, par £1 & 
share are dioron ro have fatten 
from 8.7Ctp " to . 5 GOp. 

The. revolts of Airco. which 
became a wholly-owned sub- 
sidiary ■ hi May have been eon- 
«n) klaied Tor -the first time in the 
ninc-morulhs’ figures from Ootober 
l. 1977. In rhe eorrespondin? 
period and for the year to 

September 30. -39i 1. group results VunoHii« 

included only 34 per cent of Sir Leslie Smith, chairman of Available 
Alrvo's pretax profit. BOC International . . . depressing , . 

Of the £42m (£15. 7m) contanibu- third quarter with poor results ^ 



extended progressively to rover 
further classes of asset* finciud- 
mg idhose of Airco) so that most 
of the group's assets are now -g 

shown in the balance sheet on a miiavitai* 

"srtsu. ariane .. m First quarter drop 

the revaluation of further classes 

of assets during the current year - -m "* fW »» \ 

at Johnson Matthey 

months, which has been charged ^ V 

in arriving at the group Cradling . _ . 

profit. FIRisT QUARTER profits at also be me affected by the over- 

S’lnc months Year Johnson Matthrv and Co. fell from capacity m petroleum refining to 

1977 -7S 1876-77 uni-77 g. ^ to w j n j un e 30, the U.S. and has shut down its 
L« 9i70 as 1 CTOs 1978 period, on sales ahead from catalyst «jfarmLng operation in 

*»tin r«"" SEl “:« M5.J£103.16m to £1 13.73m. bales that .country. . The ’baaUi« and 

DiwiKian *.i m.» ss .7 exclude Johnson Matthey Bankers, trading division had a fairly flat 

hwijws share .. i7.7 23.0 \ftcr tax estimated at — 32m period; the level of metal trading 

adtaB profit ...... ffiJ 7S5 ibi.s (12 and minority interests was relatively unchanged from the 

FEE* " ff T or £33,000 (£43,000), profit was last quarter of 1977-78. Elsewhere 

unencas .” «:£ is!: 19 9 £2.17m t£2.6Sm> before a £38.000 operation* arc starting to look 

ttia 3^ a.« 4J <£34,000) exchange gain. Retained brighter and the third quarter 

’aeifk- ms is.t 3>.a rofil C9me through at £2 Jim. should see a recovery on last i 

ToaiUusaneDt . M.4 - ( £2.71m). years very poor result Overall. 

antboForoftt '.! «!t to* BJ The result is artcr debenture it looks like being a good year 

x 24.4 six i3.i and other interest of £i.05m for the group. 

i profit 24 4 ».i 4T.i f£ 0 . 74 m) and depreciation of 

■gH? — ,S , a 4 £1.04m (£0.77m). 

allab,< ; . . -j". At June 30 net assets were 

At June 30 this £l80.32m (£147J4m). with fixed | i-FITinPTrOflC 

^SrS? assets at £35. 77m <£2S.«m). VJI ippCl i UU> 


tion to trading profit from lhe from Europe. Trim 4m "it "March 31 197B). ? sseis ai JSXnoml’ i. JL~ — — - 

». ys- - — - returns to 

s*Sp,pw s^uT*- “ :“ u jsfss « fflsa ^ sfs .ss: * -J? 

which i< aMTEbutabie lo outede The groups policy includes c „ a . arri .-.m 7 _, Var hnrrnw- i .1 iu WFlil T3Q 


from Europe. 


Sales 

Od*-- ratine cons ... 

OcDIKlallDD 

Aasodaus share .. 

TradlnE profit 

EaroBc 

Africa 

Americas — 

Asia 

Pacific 

Airco adjustment . 

Interest 

Profit before tax .. 

Tax . . 

Net profit 


9r7.0 499.1 

7X2.2 41S.6 


exclude that part of Airco’* profit material. 

which i< awrtbuLaWe fo outside The group’s policy includes 
pharehcridcrs in the period before revaluing asset: on ro a replace- 
Airco became 1 a subsidiary. merit cost bans and charrng 

Sterling strengLhened only mar- depreciation on the revalued 
ginally over the three months to amounl*. The practice has bi.cn 


growth path 


See Lex 


WITH 
ea mines 


INCREASED 
of £373.180 


taxable 


Pearl life premiums well ahead 


rw« Mi, w. .-r*- ”, earn in vs or SI73.1K) asainst 

profit of the precious metal £228.857 coming in the second half 
refiner, banker, chemical manu- cripperrods Holdings improved 
facturer. metal profit for the year to April 30, 

colours, pigments and transfer I97S frMn a depressed £483^17 
producer was £lS.S«rTi f£21.^m) to rftji.410. Sales bytheCToun 
and dividends or 13.6153p net per w r>icla makes carpet grjpperoand 
£1 share were paid. edging devices, rose £2.4Sm to I 


WITH ITS underwriting loss rapid growth is however expected part of the year Rate increases ^ coinme nt £SiHm 

£l.05m higher at £2. 96m, 5ie tax- in the industrial branch. were introduced in JUiy. Johnson Matlhcy's latest first Stated earnings per lOp share 

able loss, of the general branch -n^ j nter j m dividend is mam- 9 Comment quarter is 18.6 per cent down on wr® ahead from 85 P to 12.48p 

?Lo eari A S 5 ’^ an ” J “ fc lop f a tr0 ™ taj-ned al 3.S5p net per 5p flhare. Pearl was not expected to do welt last year's record bgu re largely 3 ° th^ota1^o 4 S4n 

£0:22m to H.17m in the June 30. i n iqr? an c7-Ui fio Hint wa* i>aid am of its general business this because of reduced demand from --^P • lU 4- 10131 

1078 half year. General branch ^ a^illClI proS o £«47m r with the foUi weatt?r and U5. motor manufacturers for the «£*«■ l £&*'5£2™ inn on 

premiums written totalled on d 1 the fireman’s strike or the first group’s car exhaust fume reducer. snares. 

JE20.32m compared with £1824m. General branch directors sjy q uart e r sending up the incidence In 1977 its major client. Ford. A tax charge of £321495 
Directors "oF the general hrnneh resuits art- disappointing and Jp c]jji in ^ raotor an d decided to take more than the <£260.102) left the net balance 

say^ Tha°^^i h prlvIalSaJ b TS?r that , * imost 83 J* r c iD l of {lK property accounts. Moreover, the normal quarter total of auiocata- £3i0.nio (£223.413). Presaire on 
. Wiw.1. tocal ,oss was incurred on LN ren , ed iai measures • already lysts. In the latest three months margins was responsible for the 

\ Jltr Cr th1c K!Ln h Jh business, which is predominanily announced are likely to take the demand has fallen back to fail in profit in 1D76-77 from a 

\ E^lSJgS property and motor Thc.c to^ork through in more usual levels. The group is peak of £0.72m. 

’ s . :° .T* 3 -? a , poslll «® accounts suifered undenvntms th s haoe of hicher premiums. 

con tribuf ion to the group’s profit losse .s of £l.Sm and £0.Bm re- Xl| fh| P *ame the ri£ in the „ , 

estimates " ***" ° f ^ ^ haU spcct,VeIy <finm and £0 - fami - first half underwriting loss from pfnrni* A Tlch^lpflAl* -Pi 7lTl 

* They say the marine, arlauon £1.9 Im to £2.96m— barely short of Jl 1 A UiJvl x Xxil^A> M- vllv A I i mt ill 

On the -life side, ordinary and tfa^ort business is in- the £3.lMm l«s recorded for the 

Premiums written in cluded in ^ p romiums written whole of 1977—knocked market i _ __ J| 

tte half jumped from £4.8m to but excluded from the underwril- confidence, and. the shares lost 1)2111 KITH? ill fTI mil Tiff 

£7.o m, . and new sums assured ] ng and trading resuits as firm 12n to 232p. This was despite the lUtlllUUUU 

r£nV £196 ^ m compa f®^ wiUl B cures are not available. Their evidence that the life side has ASSISTED BY a turnround from ha* been made in respect of 

£lS0.7oa. . New annuities per effect on results is. however, been doing vveH. at least m ]asse j. to prn ji Ls 0 f unsecured lending to it. 

annum were f!6.1m (£64m). expected to be marginal. ^333-000 from its banking side. To meet this a similar amount 

investment income of £l-79m Snfbusines^ A»*bacher reports a has been transferred from the 

ttl-aam) excludes income on return to profitability at the pre- u nr located . general . provision. 


FOR THE third consecutive year. 
BTR, engineering group, is making 
a rights issue, this time to raise 
124.1m. Terms are one-for-seven 
at 283p compared with yesterday’s 
240p Jo the market, up 7p on the 
day. 

Along with the issue comes a 
dividend forecast of a 30 per cent 
rise this year to lip gross- mid 
half-year results (to June SO) 
showing pre-tax profits of Jd74m 
against £i8.4m. Hie interim divi- 
dend is 5.5f). 

Since the last rights Issue In 
March 1977 the group’s operations 
have shown substantial growth.- In 
addition there have been several 
large acquisitions, including 
Andre SHentbloc and Allied 
Polymer in- the UK and three re- 
cently announced purchases In the 
UJS. — Worcester Controls, Hamil- 
ton Kent and Lindsay. 

The latest cash call brings the 
total raised by the three issues to 
£42m. 

The cost 'of the Hamilton atid 
Lindsay acquisitions was covered 
by cash of $94<n (£3 .3m) but tbe 
large r Worcester bid has meant 
BTR taking out loans of 3434m 
<£234m). 

About £9m of the rights pro- 
ceeds will be used to repay part . 
of fhe S43.8ra loans while the re- : 
mainder will be used for future 
expansion. 

The rights document shows that , 
on June 30 the company had out- 
standing borrowings of £39m and 
there was cash and short term 
deposits of £14.1 m. Since then the 
loans relating to the Worcester 
acquisition have ’been arranged. 

Half year figures Show sales of 
£1 66.4m compared with £122 4m. 
Last year BTR made profits of 
£29m an sales of £240.7m. 

The greatest increases were 
registered in Europe where sales 
Jumped by 49 per cent to £120m 
and profits by 41 per cent ■ to 
£13.7m. In the Western 
Hemisphere sales are 6 per cent 
up at £18£)m and profits up by 
33 per cent to £2. 8m. Turnover 
in the Eastern Hemisphere is 1 
higher by 22 per cent at £304m 
and profits are unchanged at 
£1.7m. 

Had the three recent U.S. 
acquisitions been included profits 



Sir David Nicholson, chairman 
of BTR industries . . - 30% 
increase In dividend forecast. 

would have been higher by £fm. 

For the year as a. whole growth 
in pre-tax profits. should continue 
to be satisfactory and future 
profits should also benefit from 
the employment of the proceeds 
of tbe rights issue.. 

The. issue has been underwritten 
by HiU "Samuel, brokers are 
Cazenovc. 

Dealings in the new ? hares start 
on September 4. 

See Lex 


Compensation 
stock issue 

Some £674Sm of' 9J per cent 
Treasury Stock 1SS1 v.as Issued 
yesterday as - compensation for 
nationalisation of parts of the 
aircraft and shipping industries, 
’nri* issue is being made In 
respect of the unqnoied securities 
of Hawker Slddetcy Aviation. 
Hawker Siddeley Dynamics and 
Anslin and Pidcersgiii. 

The issue will be at the rate of 


£100. of stock per flTAr «< 
compensation. 

Dealings start today. 

Howden £ 2 . 4 m 
cash call 

Howden Group, the Glasgow 
engineering company, is P*®* 
posing to raise £2;4m from share- 
holders by way of a rights issue. 

Terms of tire' issue are orts-fm- 
four at 55p each. In the market 
tbe shares closed at S4ftp. • 

The rights Is conditional upon 
shareholders’ approval for .an 
increase In the authorised capital 
at a meeting called for Septem- 
ber is. . 

Tbe directors state that the 
continued growth oF the “ com- 
pany’s business both at home and 
overseas will require, extra 
capital Against this background 
they believe that an »roe « 
desirable If the company is to 
maintain a. ** satisfactory relation- 
ship between stockholders' funds 
and borrowings.” , t JJ . 

They expect to pay a. dividend 
this year of 4.7p per share— an 
increase of 15 per cent 

• comment 

Howden is not giving much away 
as to why it is making this Issue, 
but with a rise in its share price 
of more than a third since the 
preliminary results six weeks ago 
it appears to be takfeu: advantage 
of the market. But evidently 
growth both at home and abroad 
wiU require financing and In par- 
ticular the prospects in Canada 
for generator equipment look 
promising. In the short term the 
cash will be put on deposit- Last 
April's balance sheet sfiowe d 
borrowings of 112.7m and on tbe 
other -side of the com there was 
cosh of £74m. Shareholders’ funds 
amounted to £15 Am. However, the 
company lakes m substantial pro- 
gress payments and in the Iasi 
accounts there was some £14j6m 
included In the creditors figure. 
Still profits growth this year coefc! 
be more impressive than in the 
recent past and at 84fc> the 
ex-rights prospective p/e is prob- 
ably around 5} while the.ydeld is 
3.7 per cent— not as e x pensi v e 
rating. 


Cement — Roadstone near £9m. midterm 


— . _ - 7 — . j — fju.bami excludes income mi -n„~ i l.., return to nroniaoinn ai me pre- .wwaicu scr.ri piuiumn, 

f'Irp frt^ r ^Si 0 97m f i 0r 111 stockholders' funds brought H^tiv reorient St how^er bix level w?th a vnali surplus of while the balance of the im- 
were £6.04m f£327m). directly into the profit and lc»- u ^ P Th ?neu b uSness S ures £14.000 for the year ended March allocated provision, now standing 

With the industrial branch, new account. Reflecting the generally ■ ^ . h ~ ar unlikely to have 31. I5"S, compared with a at £600.000. is available to meet 

annual premiums were £S.7m lower interest rales in the period, n „._i DP p P i r j-, huze £1.112.000 deficit for the previous any unforeseen contingencies, the 

f£S.3m) and new sums assured this is estimated at £654.000 (and j n the case of the industrial’ U months. directors add. 

were down £0.6ra to £I23.1m. (£708.000) before tax. branch, •sluggish) volume of low Attributable loss was cut from 


directors add. 


were down £0.6ra to £123.1m. (£708.000) before tax. 


^ — V acuiUK IU IUV 1C3U1L? VI uiv. pi i-flic LIIC ucuciai Jtui ro wnvui^ LlJU,WU IHI1J irainfltr LrOIfl f y-v -W- 

be unreasonable to expect the car and commercial vehicle Stock Market that Pearl is no general pro vision and minorities hlf U Ar I 

rate of growth of the ordinary business mainly owing to the high longer the prisoner of its fobs time of £2.000. U Y A UC J • 

branch to be maintained. More incidence of claims in the early history. The directors consider the full ^ . ¥ 

year results mark an important f lVIir k lf 

T •■■■■• ff TT ^al stage in the progress towards a y/UldV 

Insurance side lifts London Umted wsiX'Sh’s's u™ ««*«, ^ 

... tinued during the current year. £29.93m against £22. 12m, pre-tax 

WITH INSURANCE activities absorbing £214.000 (£180.000): start. So the shares at 184p yield Full-year Joss per 10p share is su^Iw of H. and J.QJrt Group, 

increasing their trading contribu- They say that since the year- a prospective 44 per cent, and sh0 ^ n . . al 0-lP(2.06p),and again 
tion from £147m to £1.76tn and end properties with a book value sland on a prospective v'e of 74 1,0 d v,d . end “ to J*® , pai n Ivw- e 

easily offsetting a £93.000 decline of £l.D3m and rental income of 1™ ® n If S P* 3 ™ 6 "! wasasmge 0.032ap net £6b9.0SS for 

from other sources, taxable profit £95.000 have been contracted to be ^ on ? r T h T c . s ™ upa ina “ ra " c * in .«W« °L a the ™ *2 For . a ! ! 1977 ’ P E°& S JSS ** 88 ^ 

of London United Investments sold. The net proceeds of some interests H. S. Weavers (Under- end-AprU. 19/B, when a £406.000 cent to a peak fSoOJWO. 

climbed 30 per cent from £l44m £j.09m will be applied in paying wririnz) Agencies showed a rise in pre-la* deficit was incurred. First-half profit was strut* after; 

to £1.61m ’in the Jane 30, 1978 off part of its debenture debt and taxable profits of over a quarter The results of Eastwood Marine interest of £215,852 (£245,464) and 

half year. expanding its other interests. *0 £l_26m on the hack .of the (Essex)^in receivership, havenot SU biect to tax of £345.000 

Turnover for the period was groups specialisation in excess been^ consolidated m 1977-78 (£233000), leaving net surplus 

£8.0flm compared with £6.93ra last • comment casualty underwriting, where amt button ?een ^ ead Srmn £210.558 t0 £324,088. 

time and the profit came after there is a shortage of capacity, made for sums totalling £Ua.000 , 

group - overheads of £224,000 London United Investments is yet Likewise the Walbrook Insurance advanced by the group during the Eanungs per lOpsbare are 
(£210,000). another company that intends to Company with a third Increase in 7®® 1 - „ . ®- w P. 3 J 4 -‘rP^ “““L,”}* 

Directors are confident that take full advantage of the relaxa- net premiums showed a rise in ,.In furtherance of the policy of interim dividend k jMEectweiy 
full year profit-will -show- a satis- tion. of dividend controls. Profits taxable -profits of around- 80 per disengaging from non-banking raised to O.Sbp (04P) net. Last 
factory’ increase. are set to climb by comfortably cent to £500,000, mainly because activities, the directors have year s total was 1. top, adjusted for 

The interim dividend is stepped more than a tenth. Indeed the more capital has been injected agreed the sale of R. Fraser a on e-form) e scrip Bsue and a 
up from an adjusted 2.10298p net first half trend is expected to he into the equity base and more Sec . ur '£ cs f° r a nominal sum and consolidation from 5p into iup 
per 20p share to 2.5p, and maintained which could give a business can be handled. Mean- a further provision of £150,000 shares, 
directors intend applying to the full year outturn of £4.5m com- while tbe group continues to dis- 

Treasmy. to take full advantage pared with £3.4Sm at the pre-tax engage Itself from property, which • •!£•••! 

of the recent relaxation of level. The group’s dividend cover now accounts for only 20 per cent ff A Tll 1*01/1 nAiQl THIICnPC 
dividend controls. They expect was at a high point last year go of the capital employed, compared V villi U Y lULlill XllUU^liWCa 
that the increase in dividend for perhaps a 30 per cent dividend is with 36 per cent last year. The 

the year will be in line with the on the cards. Certainly an 18 per group has often been linked as • j _ |_ A AAA 1 

increase m profits.. Last year, .cent increase 'In. the.net dividend -a possible, bid- .candidate --W. the Willi T ^1)4 I VI II 1 lACC 

when profits - -werbr-'iSABm, a- atthe halfwiiy stageis: a confident shares fctavpv.theirappeaL' ' - 11 iiU "•“'/“jV/vv 11/kJiJ 

2.ffl29Sp ^nal was pahL-.’ . • ■ •-•••■ ... ’ ’ • ■>: 

rTax foe the . period was £804.000 - . _ „ nnl ’- . : ’ FOLLOWING A half-time loss of Australia and South Africa of 

(£S14^Q08). and -after extra ordi nary l\] f1 f/xfin l.| | £k m in - ' £9.000 against £52,000 profits, £0.3m and £L2m respectively, 

losses -of £1.000 (£12,000) avadable I X Xt II I L(|DS XUa Jl/ITI 1(1 .• Centro vlncial Estates ended the Group net assets per share. 


SALES OF Cement-Roadstone 
Holdings for the 28 weeks to July 
12. 1978. increased from £68.64m 
to and pre-tax profits were 

higher at £843m compared with 
£6.62m in the same period Last 
year. 

For the second half, the direc- 
tors say the delay in granting a 
price increase already means that 
the results of the cement com- 
pany will be inadequate, but they 
expect the non-cement manufac- 
turing side of operations to record 
a good profit increase. The 
favourable trend in overseas 
operations is expected to continue. 

First-half tax charge is £893,000 
(£538,000) giving earnings per 
share of 6.0Gp against an adjusted 
4.7lp. The interim dividend is 
effectively raised from 1.17p in 
1.52p — the previous total was 
equal to 2.964p from pre-tax 
profits of £14. 6m. 

The acquisition of J and W. 
Henderson, Scottish builders' mer- 


chant. cost £a.65m and 36.43 per 
cent was satisfied by the issue of 
2.57m ordinary shares in CRH. 
Details of the deal, to take effect 
from August 11, were announced 
in June as was the purchase of 

Amcor Inc. in the U.S. 

The Amcor acquisition is 
planned ro take effect from 
November j, 1978, and is !=ubject 
to lhe approval of the share- 
holders of the parent company. 
Diversified Earth Science.* Inc., 
and to audit together with the 
consent of the appropriate regu- 
latory bodies, the directors soy. 

See Lex 


Allen Harvey 
& Ross 

The discount house Alien 
Harvey and Ross is following in 
the footsie*» of iti. competitors. 
King and Sbaxson and Clive, by 


setting up fixed interest portfolio 
management services for private 
and Institutional investors. 

In the UK, the discount boose’s 
investment management sub- 
sidiary "proposes to offer two 
services to private individuals 
with more than £10,000 to invest: 
one win concentrate on securing 
capital gain, while the other is 
designed to produce a high level 
of income (initially estimates to 
be 12 per cent). In the Channel 
Islands a now Jersey-based sub- 
sidiary— Allen Harvey and Sow 
GUI-edged Fund — has been sot up 
to produce income for. both 
private and institutional clients. 
Here the minimum investment is 
£1.000. 

The managers of the new 
services say that, while gilt-edged 
stocks will form the core invest- 
ment for each, they will be 
supplemented as necessary by 
investment in local authority 
bonds. Treasury bills, and Sterling 
CDs. as well as cosh depmuts. 



profit • came- iput 
{£010,Q0O>, .....with 


at, £807,000; 
. dividends 


-- Limited 

51 Comhlll ECS 3ro 
.* Gilt Edged Portfolio Management 
Service lodoc 30.1.78 
Portfolio I Income Offer 81.H- 

Bid ai.lfl 

Portfolio II Capital Offer T30.0I 

Bid 130.00 



Group Results for 1977/8 

1978 


■- yy ' g%rk w.nw » • . • FOLLOWING A half-time loss of Australia and South Africa of 

IVI f i WireTiTf' rAflC 1FI ’- against £52,000 profits, £Q.3m and £L2m respectively. 

X Xll“kJ TT U.l' HIUj XiyoJJIII. HI Centro vlncial Estates ended the Group net assets per share, 

" year to March 25, 1978. with a including the revaluations are 
; ’ 11* £ m A. 1 IP ■" pre-tax deficit of £264,000, com- shown at 145.4p (142J5p) per share, 

cn^irlriina lir^ir no IT • : pared With a £259,000 surplus last At the year end. medium and 

dJJdll MlUg JLil llaJJL f.:. : time. short-term loans were reduced by 

RESULTS OF Nu-Swift’ Industries Earnings 'per share a^e shown fl £J l ItS. ^ *° 

are at record levels for the first at 2.75p against 257p and th6 2S5L“? 

half of 1978 with turnover up 22 Interim dividend is lifted from |,55SL*? A Imnofo Tn#lc 

per cent to £544m and pre-tax Q.G6p to 0.725p. The total last muqqq ?cb^ ^S? iSSn^relaf AlfflUMlC JllUS- 
profits showing a 7 per cent rise year was L566p on pre-tax profits 7?;™’ 

from £514,000 to £351.000. of £908.000. \ S® e ^ s Certa,n developments m W «rniflCT 

^ t ^ Ve f K t0tal C Tr P i l l^ d i n°the r fil?t a ^ hajf 1 ^ ? T a?Sok 094.000 (£235.000) and PrOIll & 

£389m «£3.Mm) home and £1.46m jj jne «ret half was up 16 per after , £397.000 transfer from Alginate Industries, yesterday 

(£1.3m) export. foliar dm -the the director "serve equal to provisions relat- wanfed that its profits wtil be 

_1 meet a mitilSSS dealing properties less tax affected as a result of a strike at 

of ord2?in^herecondrf?monftx relief hereon, the loss emerged its major extraction plant at 

The SiSec^tS drtlTbook a^ f161 - 000 compared with a Girvan Ayrshire which has already 
f £660,000 Is still at a relatively ' «^ ap ' tal T m r suffe ^? troubles Wlth 8 

fw wmf Mb* level white service contracts - ^iJSnTfvT^iSSii of new RlW system " 

tttWW being received from the UK The group, which extracts 

market are at unprecedented 5® alginates from seaweed— used by 

rfeAAlfi levels, giving that profitable totalled 1-wop f ood manufacturers and the 

1 BC I ^ division an active base from 5£!LEJ r 2015 share “ respect of te3rt jj e printing industry — said 

which to continue its successful thI rne that as a result of the stoppage 

L 1 ,mitfld MWMWBMWl operation. „ „Jr«^ rp i us ^ and earlier difficulties it would 

UdHUnHU The group 1 is m 9 vi ns positively Soo f °f£8RiMof ^S M an not *»« able t0 meet production 

by more direcr involvement to ^i^J 000 ^lSt?’ 000 V targets and some orders would 

achieve a higher and faster profit deficit of £726.000 ^ j ost 

ir 1977/8 • 1 °' V,h ov “ seaS ’ UM> dlre «“» 3!s'mS.000lSd The group warned that profits 

Tfie Span, ah _ murtetlng »«« fmom. •y^2j£ d a- ,V“JSS 


THE WEIR GROUP LIMITED 

INTERIM STATEMENT 

Results for 25 weeks ended 23rd June, 1978 
Subject to Audit * 

CONSOLIDATED PROFIT AND LOSS ACCOUNT 


£3.89m I £3. 04m' 
(£I.3m) export. 


£000 

Sales 25.053 20,138 

Trading profit 1,972 798 

depreciation 989 680 

interest 284 347 

Pre-tax profit/(loss) 699 (229) 

Earnings per share 3.8p 1 -5p 

Ordinary dividends 

per share 2.5p- 0.9p 

"Sales for the first quarter are well ahead of those 

of a year ago and I remain confident that there will 
\ be a rewarding outcome for 1978/79." 

\ James Hartley 

\ Chairman 

Copies of the 1377178 Report and Accounts un be obtained 
ffom the Secretary, Deofne Miffs. Darton. Barnsley S7S 5NH. 


1977 

£000 

20,138 
798 
680 
• 347 
(229) 

1.5p 


S3 V -A--V.UWW, u.o. ujotvvu aim ^ ^ _ 

The Saanich markeilne £138.000. would be affected. I d the year 

subsidiary Nu-Swift Seguridad Y ^ revajuation of all UK Invest- to December 31 19W group 

Dofensa Aetiva SA. which was Properties shows a net sur* profits fel1 frtwn ^ 

formed and commenced operation i J ,? ok - va , ues of about t0 . tba rinrtn 

In the second half of 1977 is now 5®. after allowing for any neces- Alginate that the Girvan 
starting to come into line with ^7 Provisions aqamst UK de- plant had. been strike-bound for 
expectations velopment properties. From this two weeks by the stoppage 

While establishing its market, te . .deducted the deficiencies involving members of the 
the subsidiary traded at a £40,000 ar, 2- ng £rom revaluations ol pro- Transport and General Workers' 
loss (not consolidated). .In the I*™ 63 *hd developments in Union, 
period, but the Board anticipates- 

it will start to earn profits In the. CTd a . ■» 

last quarter of this year. ’ \lAimh L ClntAC AVHQIinC 


TURNOVER 
The Group 

PROFIT BEFORE INTEREST AND TAX 
The Group 

Associated Companies 


Interest payable less receivable 

PROFIT BEFORE TAX 
Estimated Tax 

PROFIT AFTER TAX 

Profit attributable to Minority Interests 

PROFIT BEFORE EXTRAORDINART ITEMS 
Extraordinary items: Add (Deduct) 

PROFIT ATTRIBUTABLE TO 
THE WEIR GROUP LTD. 

EARNINGS PER SHARE 


25 weeks 
to 23rd 
June 1973 
fOOOs 

25 weeks 
to 24th 
June 1977 
£*0005 

52 weeks 
to 30th 
Dec. 1977 
£’000s 

87,542 

81,380 

160.432 

5.236 

540 

5392 

576 

10722 

1717 

5,776 

7.260 

5.968 

1,438 

11.939 

2fil6 

4,516 

1,800 

4.530 

1.900 

9.123 

3.197 

2,776 

85 

2,630 

14! 

5.926 

188 

2,631 

359 

2.489 

1158) 

5738 

(2744) 

2.990 

2J31 

2.994 

TO^p 

10. Op 

23 .Op 


HAZLEWOODS 

* | ,1 T | J 

(proprietary) in healthy UK market 

The large reductions in direc- ** 

tors’ shareholdings at Hazlewoods AGAINST A background of verv 1977 was 2L265P- 
iProponelary) la?t year were in encouraging UK demand, particu^ New building is in hand at 

m JW 4»ri? I1 i977 1 ,ar i at Slough, for factories and Slough. Aberdeen, Aylesbury, 

m April 1977. This was not warehouses, slough Estates Birmingham. Carlisle, Reading, 

(hi? l VSnm\P^m!eSi* * r * pDrt ° D - further growth in the Weston-auper-Mare and.Yate and 

the group s prospects. first half of 1978 with taxable construction has started on a» 

As known, roHowuis the revehse profit moving up from £3,148,000 office block of 14,700 sq ft at 
takeover of two private pickle to £3,700,000. Watford for completion in the 

and beetroot groups, OseeU and-. Declaring an increased interim second half of 1979. the directors 
Humber, Hazlewoods came back -dividend of Ip (Q.75p) tbe direc- report 

to the market early last year. At tors say they remain confident The tax • charge was a.ftm 
foe *ame ^e tbere was a pla?- that the outcome for 1978 will (n.45m) leaving the neL balance 

^ P« al < £6-97m attained higher at f2.l9mlil.7mj for stated 

the venoan*, i-auttufej of Osoett and. last year and forecast a maximum earnings per 23P share ol 3JJ6p 

permitted final Total payment for (2^3p). 


INTERIM DIVIDEND 

An interim dividend of l.8634p per share 
(1977: 1^94p) will be paid to Share- 
holders for The 52 weeks ending 29th 
December. 1978. Payment, absorbing 
£465.000. wifi be made on Srh j.nuary, 
1979 to Members on the Register at dose 
of business on 4th December. 1978. 
TRADING AND PROSPECTS 
Profit before tax for the first six months 
of the year was virtually unchanged from 
that earned in either half of 1977. This 
result was achieved against a background 
of difficult trading conditions, particularly 
for our foundries where profits were 


adversely affected by the lowest level of 
United Kingdom demand experienced for 
several years by the steel casting industry. 
However, our main engineering subsidiary, 
Weir Pumps Ltd., performed weli and 
good progress was made by Weir West- 
garth Ltd. in their programme of desalina- 
tion plant ’construction. 

As predicted at our Annual General 
Meeting, the incidence of contract com- 
pletions should lead to improved profits 
for the second half and ic is therefore 
expected that 1978 as a whole wifi show 
an improvement on the resuits of the 
previous year. 


The Wfeir Group Limited Cathcart Glasgow G444EX 


THE WOR GROUP HQ 


\\ 











■ 34 


Weir holds £4.5m at midway 
but sees better second half 


AFTER 

£1.28111, 


INTEREST lower at larly for the 
acainst £ 1.44m. weir where profits 


roup's foundries same as last time with the UK 
were adversely Pnlvnop mm nan v srrfferlne 



at the 


■ &!!£ ineer,D !L sub ; about £2.5m. Meanwhile" earnings 

annual .whanr.. weir Pumps, performed f rom r ht desalination side reflect 


last time. 

predicted I, - ■ ■ • • u uui U««i»iauuu amc ism.» 

meet ms the incidence of contract y , ' e ‘\?. n . ttood progress was made higher work load and the 
completions should lead to by V\cir westgartn in its pro- anticipated completion of Middle 
improved results for the second sremme or desalination plant East contract stages should pro- 
half. The directors, therefore, construction. vide much of the improvement in 

expect the current year as a _ the second sis months. Profits of 

whole will show an advance on w wiiiihbiu about £lfl.5m look possible for the 

the record £S.9Sm profit seen for Unchanged pre-tax profits from year but the group badly needs 
all 1977. the Wefr Group are perhaps an overall recovery in demand 

Turnover for the half-year by slightly disappointing although for capita! goods. Much of the 
the engineering group was ahead the company did indicate a better recent investment has helped trim 
to £S7.34m t£Sl-38ml. Tax took second half. Foundry profits have costs but there may not be much 
£l.8m (Xi.iimj leaving earnings almost halved at £lm with scope left here. At I25p the 
per 2op share 0.6p belter at HJ.6p, demand for volume sensitive steel shares do not look over priced 
and the net interim dividend is castimta still ]ow — the valve and standing on a prospective p/e 
raised to l.SG43p (l.tiMp). The earth-moving equipment indus- (based on last year’s low tax 
final last year uas 3.509 p. tries have been the most charge) of 4.S (against a sector 

The result was achieved in diffi- depressed customers. Elsewhere average of just under eight) and 
cult trading conditions, partial- the picture has been much the yielding a prospective 7 per cent. 


Davy Inti, orders at £1.24bn 


to 


THE CURRENT order book at that demand will be restored to £48. 15m. with the balance sheet 
Davy International is £1.24bn and former levels for .some time, total ahead from £99.84m 
prospects arc quite good: Sir John Zimmer and Davy Powergas of £lH.51m- 
Buckley, the chairman says, hut Cologne will In future operate as The current cost profit 

the sluggish world economy one company. Germany is now shown reduced to £2U57m by add! 

continues to make the winning Davy’s highest cost centre, but tional depreciation of £SL22ra and 
of contracts hard. Sir John is confident the cost of sales of £1.99m, offset by 

He points nut in his annual companies there will meet the £0.49m gearing adjustment, 

statement that it will be the challenge for higher levels of Meeting, Duchess Mews, IV 
enterprise displayed in world efficiency. September 26 at noon, 

markets that will determine the The UK companies are hoping 
group's future success, and says for further successes in obtaining 
this will require a presence large contracts, 
through association in some The equipment design and 
further countries and. as oppor- manufacture division — -to be 

lunilies allow, acquisition in known as Davy Engineering 
others. Industries under the new. rwo about the immediate trend in the 

Dosnite the uncertainties there division regime— was expanded in world economy. This slight 
kZrrSSKE the year by the acquisition of contradiction may be explained 

the company wilt continue to 
make good progress. 


comment 


Davy International exudes confi 
dence about the future but at the 
same time strikes a cautious note 


bv the 

Herbert Morris and Head by doubts about the rate at which 
Wrightson. Foundries were the the group will book new 
only trouble spot, and immediate business, with the order load 
Or the order book, the ensin- prospects there remain depressed, showing no growth in real terms 
eering and construction division Foundries will not earn satis- during 1977-78. Still, Davy is 
—which will be known as Davy factory profits until manufacturing optimistic about its prospects of 
Iutcrnat tonal following the industry becomes more active, but gaining further large jobs in 
proposed change of Dnvy’s name Sir John says there is ample scope countries like Brazil and 
tn Davy Corporation — accounts for for improving efficiency. Venezuela, and is negotiating 

At balance date fixed assets of over a £o0m project in China 
It contributed £13.Sm i£]3.4m» the group stood at £53. 09m against Meantime several of last year's 
nf the £25.4m (£lS.78m) pre-tax £41.43m. and net current assets problem areas have been the 
prnfit reported for the March 31, at £47.13m (£32.9Sm). with bank subject of management attention. 
197S year, with the non-UK balances, deposits and bonds with the loss-making man-made 
companies, particularly those in comprising £73.S9m (£B9.S2m) of fibres offshoot merged into the 
Germany, doing less well. In the current asset total of £218.75m other German operations, while 
Germany, demand for Zimmer (£lS7.06m). On a current cost Head Wrightson has now been 
synthetic fibre plants was highly basis fixed assets are shown at reshaped. At 2S4p the shares 
depressed and as it is not expected £64.64m and net current assets at yield 5.8 per cent 


BOC 



BOC International Ltd 


Airco became a wholly owned subsidiary in May 1978. In the results for 
the nine months to 30 June 1978. shown below, Airco has been con- 
solidated as from 1 October 1977. The results for the nine months 
are therefore on a basis different from that of earlier periods when Airco 
was treated as an associated company. 


Group profit, unaudited,forthe nine 
months 1.10.77 to 30. 6.78, was:— 



A 

B 

C 


Nine months 

Nmemonihs : 

Ye<ir 


1.10.77 

1.10.76 

1.10.76 


to . 

lo 

to 


30 &.7S 

30.6 77 

30.9.77 


£ million 

£ million 

£ million 

GiouD'alEr. 

917.0 

499.1 

670 6 

Operating toils 

783 2 

4156 

656-1 


134 a 

83.5 

114.5 

Depreciation 

49 1 

26.0 

35.7 


85.7 

67.5 

78.8 

Group share of associated com- 




panies proiili. les 1 . 

28 

17.7 

23.0 

GROUPTRADING PROFIT 

38.5 

75.2 

101.8 

binopc 

17.0 

29.7 

39 5 

Ulrica 

1 7.5 

11.1 

1G 7 

Amciicas 

42.0 

157 

199 

A^id 

32 

3 6 

4.9 

PdLlllL. 

14 8 

15 1 

20 8 

GROUP TRADING PROFIT 

R3.fi 

752 

101.8 

L'\,j AifuO uojUjtnieiit iiiute 1 1 

20.4 ' , 

— 

— 


bo 1 

75.2 . 

101.8 

intcesi 

ID.) 

14.3 

19.6 

GROUP PROFITBEFORETAX 

-:g 3 

60 4 

32.2 


24.4 

31.3 

35.1 


24 4 

29 I 

47.1 

MiiiomI'CS 

u.J 

5.7 

7.7 

AVAILABLE FOR DISPOSAL 

13.1 

2 J 4 

39 4 


= — = — 

' 

"■ -rc 

C -Minna, P>?r -.liaio jad justed lur 




RijEllil^.ue) 

5.u0p 

8.70p 

14.49p 

Condensed balance sheet. 


unaudited as at 30 June 1978 


Ai 

Ai 

At 


30 6.78 

31 3 73 

30.9.77 


£ million 

£ million 

£ million 

Shareholders.' funds 

blto6 . 

397.0 

384.5 

I- 1'iiunry iliarc-holders’ mfcfPSl3 

66 8 

o5.3 

61.7 

Dc-ierrtd taxation jnd capital gianr-. 

19 6 

13 1 

19.3 

Ntl dorr owrngo and imance loui>c3 

&12 9 

230.7 

153.6 


1 1153 

7120 

619 1 



• — - - 

T ~ 

F'-t-d ariifiK 

8U9 4 

. 433 5 

401.4 

Associated companies and 




mvciinicuii 

24 5 

152 0 

97.3 

IVoii-mp capital to .eluding 




cionl. DaLnois and shon roim loan:) 

2SI 9 

126.7 

120.4 


1.1158 

7120 

519.1 


\QTES 

1 ) The results of Airco have been accounted lor as iolloivs: 

1977,78 

fo) In column A, a -i 3 subsidiary company. Group sales and trading profit therefore 
include 1 00% cil Airco lor rlw full nine months. 01 the trading profit of the Americas 
(L42.0 million). £40.9 million relates to Auco. 

(b) The Auco adjustment eliminates that pari of Airco s trading profit aimhuiable to 
Outside shareholders m 'he period belore Airco became a subsidiary. 

iL'tti- ?7 

(c) In columns B and C. as an associated company. Group 'esulis therefore include 34% 
c«: the proin beiore ta* of Airco tor nine months and twelve months respect ively. 

2) The Groups ihird quarter profit was depressed by >hs poor results of the feno alloys 
business of An to and ot (he metals businesses in Europe and Alrica. Them was little 
sign o! improvement in the level of activity of the Group's othei main businesses in Europe. 

3) Staling strengthened only marginally over the three months to 30 June 1973 and the 
ohcci on Gmup piofit before tax v.as not material. 

4) The Group's policy includes revaluing assets on to 3 replacement cost basis and charging 
deprec.ur.icn on me revalued amount's The practice has been extended progressively io 
cover further classes ot cwoclj i including tho-se of Airco) so that most of the Group's 
assets aie now shown in the Balance Sheet on a revalued basis The depreciation arising 
ironi (he revaluation Of further classes of assets during rhe current year (including those 
cl Auco 1 is estimated at £5 million for the- nine months, which has been charged in 
ainving at the Group trading prohl of £88-5 million. ‘ 


Further copies of this report may be obtained from the Secretary, BOC Jntemationaf 
Ltd* Hammersmith House. London. W69DX. Tel. 01 -7432020. 





BIOS AND DEALS 


3 


Dixons Photographic withdraws 
from Holland and Belgium 


BY CHRISTINE MOIR 


In 


also admitted to problems 
DnAnn urrTiUPC "Westons • the chemists ‘which! 
BOARD mkcTING? j t took over fa 1976. 'Profit si 


_ The second covers financial 

■mo foumnns compiwes bare notified at Westons' have been stMffi^jtntematioaal regime^ to control arrangements for mining. 


DIXONS PHOTOGRAPHIC has 
pulled out of its £lSm retail 
business in Holland and Belgium 

with the admission that the ... 

operation bad not produced a dales of Board meennss u» the stock slipping and Dixons has now 
reasonable return and profit- t «>«pletely changed the manage- 

ability ms worsening. HSUS '’MSrStaSnTSTS ment, and Mr . iShna s ees lint at 

The company announced y ester- available whether dtvMends concealed arc Dixons only problem area. 

thp S tmertms or amis and Ok sntwurfsians However, “there is every 
* JS 2 sbown bctow fiised raaMy « *** indication that ive have now 

Dutch subsidiary — which ran m year's .u_, _„ a T nmhipm mpot 

shops in Holland and a further 10 today JFtSSi auST 

concessions in Belgium— to Hoi- imerims: BU iCrww , *™*^™*£ 

lanri'e loroost retail chain Vroom Estates. Orerefa Benda. Ladbroke, baUon side, Mr. KaJBB 

John Urns. Matthews Wnstaon, Mb- “and Wc have tackled 
and Dree smarm Nederland. ^onueic. Scottish Acrfcnimral industries, dramatically. - - - 

V and D is to pay £2.63 in for c ™“* 51018 Elsewhere, the company was 

the Dutch chain which has net “ d ADen ' s £&?n£'e “going fairly welL” Mr. Kahns 


said, 

that 


, FUTURE OATES 

assets of £l.a6ra and a property interims: - 

surplus on a recent valuation of Garar Smtblur 

£390.000. In addition V and D U to < Edward I — . . ... 
will assume responsibility for loan tedi ", 

capital of £25ra owed by the sub- p^aJs ..r/AT-.TT 

sidiary to the. group. pnxteouai Assaniiic* 

Yesterday, Mr. Stanley Kahns, Rctertex Chemical* 

Dixons' chairman, said that the 

sale would release *ome £35m ** uuaL. Trust 

which would be used as general r na.m auc&ardi 

working capital for the group. Decca -... 

He admitted that the Dutch ousanu investments 
company bad never produced 


a Hasan < John i 

Savilie O.i Cordon 


said. Dixons would be opening 14 

sept. 4 more photographic shops in Ihei 

" ' * UK before the year end. The U.S. 

>7. Sept. 13 was doing exceptionally well and 
. .. srpt. 8 beginning to show meaningful 
" profits for the first time, tfaoogh 

■— 172' „ the weakness of the dollar would 

— 11 have an effect 

— Sept, is Dixons is not the only retail 

— f®**- l group to have found the going 
125* f rough in Holland. Only in May. 

77 sent u W. H. Smith, the newsagent and 
- Sew. 3 bookseller, pulled out of Its joint 


JSSSSrnL Tn 1977 G ' saam * vmai “ retail operation in Holland after 

nrofits from it were £348.000 but lo ^ s 

last year they dropped to £223.000 ^hons of guilders In its seven 

and he expected they would fall 51 n 

again this year. An important element of _ “fa previous month, A. G, 


In terms of turnover the Dutch yesterday’s sale, Mr. Kalins said, s ! a ?|2[«JS jl ? i25SS i, 05 ®^ 8 

company last year represented a was the agreement that V and D £ E *100,000 from its three Dutch 
third of Dixons’ total overseas would have the exclusive agency home decorating stores and 
operations but only contributed fi rights to Chinon in the announced the sate of two of 
per cent of overseas profits. The Netherlands. In .this way Dixons them and the planned disposal of 
remainder came from Dixons’ sole would retain part of the profits the third. - 
distribution rights In Europe and from Chinon which is the brand Both companies blamed the 
the U.S. of the Chinon range of leader in the Dutch photographic lack of buoyancy in the Dutch 
photographic and optical market, Mr. Kalins claimed. economy and a simple lack of 
products. Only 10 days before, Dixons had sales. 


CAI pays £3m for U.S. manufacturer 


Cope Allman, the packaging. Sunbeam, which operates two which $4m has been borrowed by 
engineering, steel and leisure factories, in Indiana and Florida, Ihstock Johnsen from Midland 
group, has acquired Sunbeam showed net tangible assets of Bank and has been used to sub- 
P las ties of Indiana for £3m cash S 1.71m (£881,000)- scribe common stock in e new 

Cope is paying around £2m out whoily-owned UjS. subsidiary 
of its own cash resources with called Ibstock Corporation. The 
Sunbeam specialises in the tee balanre to be met out of balance of 95m has been borrowed 
manufacture of child-resi slant 5SSJISL "by the new subsidiary from 

plastic fasteners for containers ^° pe European American Bank, 

used by the chemical, pharma- duni1 S the negotiations. 


the group's first major move 
Into manufacturing in the UB. 


ce utica I and toiletries industries. 

Mr. Philip Case, group financial 
controller for Cope, said yesterday 
that the acquisition would extend 
the group's plastic container and 
closures activities and .provide 


IBSTOCK— DETAILS 
OF U.S. PURCHASE 


A pro-forma balance sheet, as 
at December 3L, 1977, shows that 
the Marion acquisition would have 
increased group loan capital from 
Ihstock Johnsen, the Leicester- £4B5m to £9.8 lm. and fixed assets 
shire-based brick maker, y ester- from £l&2m to £30.6m. 

„ .. „ , - day dispatched to shareholders its The fixed assets of Marion, 

Cope with its first manufacturing letter detailing Its first major which include seven brick plants 
capacity in the U.5. purchase in the U.S. increasing Ibstock’s capacity by 50 

Packaging interests account for The group completed its per cent, also include an undeve- 
around half group sales which in purchase of the Marion Brick loped freehold site of some 
tiie year to July, 1977, rose to Corporation, the sixth largest 240 acres at Sheffield . In Illinois, 
£146m - brick maker in the U.S. and a have been valued at June 1, 1978. 

Last year Sunbeam earned pre- subsidiary of the Medusa Corpora- In its last financial year ending 
lax profits of 8336,056 (£173.000) tion of Ohio, on June 5 for a total December 31. Marion showed pre- 
but the company *s forecasting consideration of S9m (about tax profits of Sl.78m, unaudited 
Promts o[ not less than $900,000 £4Jm). For an audited five month period 

(£464,000) for the current year. the deal has been financed by ending May 31, 1978 Marion has 
At the end of last year two loans aggregating $9m of shown, taxable prafitS',of $503,000. 


Erskine House leaves “Chorus Line” 


Erskine House Investments is of the sale will be used as working; uarae out at £184,731 (£88,563). 
pulling out -of its interest in one capital: Comparative figures include 

of the current top West End stage On completion of the sale Mr. eight months of the bureaux de 
shows. Chorus Line. ’ The direc- Michael White will resign as a change business, 
tors have entered into a condi- director of Erskine. Aficha el. White, which has teen 

tional contract to sell Michael Profit of Erskine Itself for the behind other hits such as Oh 
white Ltd. the theatrical and film year to March 31. was ahead from Calcutta!, the Rocky Horror Show 
production company behind the £179.796 to £250,849 before tax of and Monty Python and the Holy 
show, to Orcle Investments, a £67.403, against JS20O1. Turnover Grail, became^ a wholly ^ owned 
gJKK *2* corporation, for jumped «.59m to Of subsidiary in . 1974 ThwSTit 

£-09,504 cash. this £12.<4m (£fi02m) came from to represent a Varge propor- 

The sale is conditional upon Jbe bureaux de change, acquired thxn of the parent group's turn- 
certain Bank of England and 0TOr its record vres erratic, 

exchange control consents and *rom_ the toeatneal -side and known, Erskine acquired 

upon the approval of the trustees f 3 ®! 171 (^-780) from net deal- pp R Security Services in March 
of Erskine’s convertible loan stock. CSaS^ntrlbutcd *“» Empress Sei^s 

Net asset value of - Michael £2^078 (£7oSs? to profit ^d (itoWings) for a total of £141,000. 

ye «f V / 35 net dealings and other revenue vvitff unwiT 
£203,444 and pre-tax profit for £20,179 (£28 079). MOVvAT 

W3S down from £81,1S ® t0 Earnings ’ per 25p share- are Shares of William Mowat. the 
stated at 7.09p (S.4p) before the property and wood treatment 
The Board believes that, having loan stock conversion in Septem- company, were not suspended on 
regard to the capital requirements her. 1077, and 5J02p afterwards. Tuesday, contrary to the report 
of White’s and the unpredictable The net total divinend is raised in yesterday’s paper. Mowat has 
nature of the profits of the to l>1072p (1.72p) per 25p share received an approach, which may 
industry, the sale is in the best by a final of 1.25072p. After lead to an offer. Its shares rose 
interests of Erskine. The proceeds minorities, attributable surplus 5p yesterday to 27p. ' 


Opposition to Oliver Rix merger 


A GROUP of small shareholders August 21 Charles Ernest Turton, interested in 255.000 (12 73 ner 
ia Oliver Rix. the British Ley land Norman Ashton HU1 and Richard cent). ^ 

dealer, is mustering opposition to Charles Turton RLG account sold wy Dart S Marks rfir 

tee proposed merger with 276^93 shares. R. L. Greensmith, has sold 23 0W sSSS’iTacevme’ 
Manchester Garages, its Ford director, sold shares m which be of whiriiS Marks is » direS’ 
counterpart. held beneficial interest at 43p has roM23 0M v® 

Mr. Harry Wakely of Blackwood as follows; On August 21 Ronald dkeSor has 
Gwent, who is spearheading Lei vers Greensnuth sold 213.620 . 50 „ /V „ ares ’ 

the opposition, last weekend shares, also on August 21. Mrs. expanded Metal — Britannic 
circularised shareholders owning Muriel Daisy Greensroith, wife ^ ssl ^f an £? facreased its hold- 
10,000 or more shares and now of R. L. Greensmith, sold 357,000 ^ by 25,000 shares to 1,245,000 
claims “verbal support” for his shares. . t®- 08 cent). 

attempt to quash tbe bid Ben Williams and Co. — Miller, Hume Holdings N.E.H. Taylor 

ram shareholders representing Rayner and Haysoxn has bought director, has sold 14,000 “jr 5 
approaching 10 per cent of the 7,500 shares making total 95,000 ordinary shares in the ordinary 
eq JV ty '„, , , . , . (8.6 per cent). course of his investment policy. 

Mr Wakely said yesterday that Bank of Scotland — Kuwait In v- currvs— \ truer oF n 

the dissidents proposed to hold a vestment Office has acquired In- 

meeting next week. terest in further 12,500 riiares MHwi’-hCffivTfS: is_tmstee, eold 

Although the group's main aim making total L99L500 (W75 per fj** t!SSSS&mSn^ 


Futan&S Tuxes iBur^ay'Xu©^ 3 T 




mining 


cross- 



BY PAUL.CHHSEWGHT 


PROSPECTS FOR negotiating ; an 

SSSffiUTfS. fisnwg-j. .a . »m 

deadlock between the developed AuthoritK - 

and developing countires at the •' The third deals with tins 
United Nations Conference on the Authority— how It should be 
Law of the Sea has been dis- composed and what procedures 
cernoL ! should be. adopted in tbe making 

me ^ench ^Vfc-SpjsBr-Si-ssa ^ 
^T“ ae rec S!& VB a of m 

week, but the delegates 


more' than 140 countries -have so tight control ovM'^ mining ramo 


ssk. i»Lar: 

rea^in Genava during April 

and flsay. uhcontroUed "rtniny , of the 

Sources close to the Conference sea-bed would bring metal prices 
[described it variously aa “bavsic down. 


ZSStlSSt The . U.& has 'meanwhile 


as “ redrawing its normal battle itere I. m 


astotooriTs 


around different ide» and tech- S tec 


niques for interpreti ng a nd of ^ oiulside areas of 


at the 


applying the universally accepted national jurisdiction 
notion that the wealth of the sea- preterit time - 
bed— contained in manganese ^ ,u us 

nodules holdlnz iuckeL man- Mr. Elliot Rimtardson, Hie u.a. 
coppered coteS-is the nesotiatorat the Law of the 

^common hStage of beSS 

The problem is how to reconcile tegiafati on enrrentiy oeiorn 
the needs of the private sector was eitiwr f * 

groups from the developed world, or ^ amagJn ” 10 

those who have the resources and Conterence. 
technology to exploit the sea-bed, He was responding to charges 
with tbe developing countries' made by Fiji, on' behalf of the de- 
demands for rigid int era ati onal Vdoptog countries, that as the re- 
controls. ' sources Of the sea-bed were the 

The position has been further heritage «rf mankind they were not 
complicated by the fear of subject to appropriation or the 
mineral producers in the exentee of natronal sovereignty. 

of land-based products, despite an uum 

the facts that even under the ^ mfaS 

most favourable timetable sealed. ■“J»“ trith 

rnlnin® on anv hut - the need also to proceed «un 

S&ento? scalfte seveSye^x and devctopme.it But a 

away and that generally its cSts -Spoke^m later ■pomted out that 
are likely to be at least as higt * wouM be several yea ra before 
if not higher. any permits for commercial 

Talks in ' New York . are granted, 

concentrated on three negotiating ATiIS- BIH to regulate national 
committees: sea-bed mining groups has passed 

• The first deals with sea-bed through the House. Another has 
mining as such and -involves recently emerged from lhe Sacra to 
issues like the transfer of Foreign Relations Coin mi tic e. 
technology from the • private . Although a fina l U.S. Bill is sull 
groups to whatever organ is some .way -away, the legislative 
established by tbe Conference to activity in Washington haj 
mine for the UN and the length prompted a movement among EEC 
of time any sea-bed treaty would countries to work towards national 
obtain; laws to cover sea-bed mining. 


Quebec doubts about 
asbestos takeover 


There- is. 'some confusion at stretch 
Asbestos Corporation, the second period, 
largest fibre producer. .in Canada,! 
about the . intentions, of the 
Quebec Government for a take- 
over. Sources at the .Corporation 
cannot confirm the statement fast 


out the pre-negotiation 


CONSOLIDATED 
TO MAKE MOVE 

„ m4wA . . pbj.™, Consolidated Mines, the Philip- 

^ phies -group, is. reported to be 

planning a takeover Of operations 


IKi’tSK!? "22.ru,— >■. — ....... 

GMm/S&oiSS. i n Zante tes PrOTince. reports Leo 

Asbestos Corporation is 54 per _ The property is presently 
cent controlled by General operated by Benguet Consolidated 
Dynamics of the. U.S^ Which does under contract to Consolidated, 
not want to selL The sources mad The reports- have been neither 
that nothing, had' changed for confirmed- nor- -denied by the 
several months and that there had parties Involved, hut have gained 
been no word either from the currency because of recent earn- 


. at its refractory chromite deposit 


Quebec Government or from 
General Dynamics about' impend- 
ing negotiations. 

The Government announced its 
intention to takeover the company 
several months ago. It has re- 
ceived a valuation of the 
business, prepared for • It by 
Kidder Peabody, the New York 
Investment house. 

However, it is thought to the 
industry that the Govemmentmay 


fags performances. 

Consolidated gains most of its 
income from the chromite 
property although It has a copper 
mine which came to production 
at below planned capacity last 
year. During the 1978 first half its 
net earnings slipped to Ps 2l.06m 
(£1.48m) from Ps 23Bm in the 
same period of 1977. 

On the other hand Benguet's net 
profits in the 1978 first half at 
Ps 48.45m (£3.4m) were 64 per 


be having second thoughts about cent up on the 1977 first half, 
its position .despite Sir. Although- the increase was 
Parraeaufe statement that «t in- primarily-' due to an Improved 
tends to go ahead with a take- performance by an engineering 
over. It is believed that the price subsidiary, a substantia] portion 
for a takeover might te so expen- of -.eantings came from the 
rive, that the Government would chromite operations. The com- 
be prepared to settle ’ for par- party's gold operations ineurred 


tidpatiom 
Industry analysts point out that 
Government - takeover • of 
Asbestos Corporation would 
create no new jobs. If the Govern- 
ment did relax its stand on a 


a loss. 

In. spite of the fact that 
Benguet’s ■ contract with Con- 
solidated does not expire until 
1981, it is understood that Con- 
solidated' is seeking either an 


takeover then it might then par- early termination or a revision of 
ticipate -in Brinco’s Abltibi Ha conditions. At present Benguet 
asbestos .project, which would be receives 25 per cent of the excess 
a 'large job creator. Meanwhile of revenue over disbursements, 
General Dynamics is -content' to including capital expenditure. 


is to keep Rix independent while rent)?" ~“S«se consioerauon £114.297 

« continues to recover profit- Son Lire Assurance Society — . Francis Industries— Temple Bar 
ability. It is also incensed at what Kuwait Investment Office has Investment Trust has an interest 
it regards as the poor terms bought 25,000 shares making total 450,000 shares (6.18 per cent), 
offered to Rix s shareholders by interest 5.03m (8.76 per cent). Godfrey Davis — Roths-hilH 
comparison with Manchester b. Bridgend Processes — A P. Investment Timk? fflSsSS* 
fa particular bte letter asks why Stlrllnfdlrector, has sold 76,104 o!roe?tf 
Manchester is offeraig its share- shared London Trust Company, cent). OI stores tlS^ per. 

holders a double dividend this foUowing purchase of 300.000 
year only if the offer — 


. , tbher Walker— Daily Telegraph 

lhMI1B L - „ T , w . . . . Sues shares and acceptance of recent has acquired 49,000 shares making 

te is indicated eSra right 3 ^ now owns 3m shares - tot ^. 378^00^17.78 per 


payment would come as a result 
of Rix's contribution to the new 
company's profits. 


Automotive Products — Cam way cent)- 
Investments has bought 100,000 Throgmorton Trust — D. E. 
shares. E. G. Barratt, director, is Fl ?f 1, Vi?*„J? ire ctor 1 on August 15 
a director of Cainway. sold 100.000 shares at 82 Jp and 

LUleshai] Company— Nominal on August 23 further 100.000 at 
Ltd has bought further 32,000 83{p from nan-beneficial holding, 
shares making bolding 132,500 Howard Tenens Services— E. C. 
(8J per cent). Morris, director, bought 10.000 

Lcsney Products— Temple Bar shares on August 18- P. E Morris, 

holds’ 1,911.692 ""ordinary shares In vesiment Trust has bought director, bought 17,250 on August 
and 1^87,124 3.5 per cent conver- furteer 30.000 restricted voting 18. R. Grier, director, sold 50,000 

ordinary shares and is now on August ,24. 


SHARE STAKES 

Rothschild Investment Trust: 
Shield Trust, a subsidiary of 
N. M. Rothschild and Sons, now 


redeemable 


tible cumulative 
preference shares. 

Bifurcated Engineering: Britan- 
nic Assurance has bought 168.000 
Shares making total 848,000 <11.27 
per cent). 

Initial Services: London and 

Manchester Assurance Company Current 

and subsidiaries own 107,000 payment 

585 per cent cumulative BTR fat. afiS 

preference shares (26.75 per cent). Cement Roadstone ... fat 1.52 

Forward Technology Industries: Erskine House 1.25 

Following the sale between June Gripperrods 2JJ9t 

13 and 26 by Estate Duties In- Grovebefi Group 0.5 

vestment Trust, Industrial and London Ufa. In v fat. 2.5 

Commercial Finance . Corporation Lonrba jnL 2.41 

now interested in 677^00 shares Nu-Swift"""""!"""" JnL 0.73 

and Estate Duties Investment p W | Assurance mt. 3JB5 

Trost in 20aB33. H. &. J. Qnick inL 0B8 

Bonscr Engineering; N. Ashton slough Estates 1 

J™- Th0 ““ **bixson ... int. 0B2 

05 follows In non-beneficiai »rhiiTWj«p Dardex int o ■? 

capacity . as trustee: _On August fat ?S6 


DIVIDENDS ANNOUNCED 


Date 

of 


payment 
Nov. 27 
OeL 7 
Oct. 20 
Nov. 1 
OCL 18 
OcL 19 
OcL 3 
Oct 3 

Oct, 13 

Oct 2 
OcL 16 
OcL 12 


Corre- Total 
spondlng for 


18 


Jan. 8 


dlv. 
4 2* 

LIT* 

L72 

1.93 

0.5 

2J* 

253 

0.66 

3B5 

05* 

0.75 

0.74 

0.3 

1.69 


year 


LSI 

4.64 


Total 

Iasi 

year 

8.4* 

2J8* 

1.72 

3.58 

1 

.451* 
6.55 
1J7 
1L59 
1.63* 
2J7 
3-42J 
0.68 
5J 


as trustee: On 

Norman* Ashtno^H a«mun! D « ridends , shown pence per share net except where otherwise staled. 

SSd^lSsSSo m «£SL Ate? £ , s Equivalent after adowing for scrip issue, f On capital increased 

wm ^ rights and/or acqitiaibon issues, f Gross throughout §3jp final 
STonKS F™ “ H Includes addltloiul OJMOlp for tax chiu^e, . 

account sold 950,707 shares. On 1 


MffiSSASITO COMPANY AND SDBSID1AR0ES 


Statement of Consolidated Ineonte 

. /Dollars in imUians, except per^ share) - 

- Three Months . . ;£br Months- 

Ended - 
June _3^, . .; . 


Ended 
June 30. . 
1978 187T 


1978- ■ ■• I977 ,: 


Net Sales 5U85J) SU22.1 82^27,7 $2:4212 

Cost of _GB0ds S0ld ..r— - mi 819.4 1.78&5 L690.6. 


Marketing and 
Administrative ' Expenses 
Technological Expenses ... 


1103 
42 J) 


94-7 

4L0 


22^2 

95.4 


•19&9 

tsfl.l 


~ ^ . . . * f 

. ' . '. a _ , 

1.087J 

935.1 

2.I05J.- 

1,97SjS 

Operating Income :.... 

147.7 

167.0 

422.6^ 

-449.8 

Income Charges (jCxedits): 

• - •' - 




intta^ expense i.- • 

- Kk5 

21.9 

4441 

:48.8 

Other— net:' 

frLS) 

<8J) 

W 

(S.7); 

• >*-f: "■ . 

VILfi 

18.0 

46.1 

37.9 

Income Before income Taxes 

135JI 

14fi.fr 

376B 

4LL7 

Income. Taxes:- 




r <■ 

Current 

4L5 : 

44.7 

144LB 

1.457 

Deferred 

18^ 

225 

19 Jt 

Sf-8 


• 59JS 

WJS 

104-7 

^3- 

Net Income 

¥ 76J 3 

8L5 3 21L8 5 . ^ -4 


Earuings per Common Share: 

. Primary .. 8 2.(8 $ . 231 1 s^0>8/ fi32 

Fully diluted . 2LOT \2A8 ~ 5.74 /i fii3 





from this Authority teould exercise 





ii.: 


?? ■* 


: : TV 

:, q'i 


.. \ 







\ 



V 





J 


•Vi’. 


'■'Urr 


It '{9\\ 


Skol 

tonic 

for 


IN THE FIRST significant 
account change of what could 
prove a record autumn for 
■ hirings and firings. Allied 
Breweries has switched its £2m 
.Skol lager account out of BBDO 
and into D ’ Arcy-M acMan us and 
Marius, writes . Michael Thomp- 
j-sou-Nael. 

Masius has. had a. quiet: year 
=to date,-, but Joint managing 
■director Mike Johnson- says the 
Skol gain has proved an " enor- 
mous boost-" to morale and that 
'the agency Is oh target for 1978 
killings of around £59m. 

Things are hotting up in lager. 
-Total MEAL-type spending on 
'Skol in the 12 months to March 
SI wds £958,900 (MEAL does- not 
-Jog posters) compared with 
.Harp’s £960,200 via Ayer Barker 
^HegemaUn. Carling's £1,407,700 
via McCann-Erickson, Carlsberg’s 
£697(500 via KMP, ana Heineken’s 
-/l. 258,600 via Collett Dickenson 
"Pearce. 

. Masius, formerly known as the 
grocers of St. James's Square, 
will next year handle ho Jess 
than an estimated £8m. worth of 
.drink . .advertising, including 
Baby Cham, Harveys, Giants, of 
St Janies, VP wines and- Allied's 
.other larger brand. ; Lciwenbrau, 
now in test in the South. 

The Skol loss is particularly 
painful for BBDO. Although the 
account is already worth £2m., 
significant increases in advertis- 
ing expenditure -are expected 
iater on. 

• KELLOGG’S IS BANKING 
£750,000 on the launch, storting 
tomorrow, of Kellogg's Extra, its 
first-ever hot cereal. It marks 
the company's entry into the 
£9m instant hot oat cereal 
market. By next year Kellogg’s 
aims to capture 25 per cent of a 
market at present led by Lyon's 
Ready Brek. Kellogg's Extra Is 
the company's third national 
product launch this year, follow- 
ing Fudge Mix and Cracklin’ 
Bran. Advertising is being 
handled by Leo Burnett, not 
Kellogg's main agency, which Is 
JWT. 

• DUNLOP SEMTE£ (Retail 
Division) has appointed Borland 
Advertising. The account is 
expected to bill more than 
1250,000 nest year. Dorland has 
won 14 new accounts this year, 
including Lfptons. Caterpillar 
and Toshiba. . Semtex was pre- 
viously with Roe Downlon 
(Gloucester).- 



Building a disposable business 


SomehopeS - ■ . 

ttd you Ir.iatTfi urfbmed My B bom *1 Brfc*i 
■ Mery few mlnuagi . 

Thetraijl, agratdalMfertt Kara taby 

itanyMtfetafc^qKcfciyiyBunfajciiann 

Arran taten dunce tfhe just hopes the gMScn 
rntpiviiMC ■- 

AjjriateidMmr w d ai MelfshepBhdpKheC 
..-trth^(AinBsaiKdmaiXan»i<>v«chdnw 
■nd then don't And wen Hie does Mdnfo* you cm 
ndgaprrsung. 

“ Marketing techniques exist: 
everyone is affected by them 
to some degree. It is illogical 
and Inefficient not make use of 
. those which -can be adapted to 
the social marketing of contra- 
ception." So says •' Wendy 
Smith, author of "Campaigning 

for Chotce/’ a review of the 
role of . media-based publicity 
in providing contraception 
which the Family Planning 
.Association published this 
week (£1). 

; According to the author: 

•*. Responsible publicity for 
birth control, using everyday 
language and patting-, contra- 
ception into the context of sex, 
love and family security, 
should be allowed on TV. radio 
and iu all newspapers" — a 
delicate reference, presumably, 
to . the absurd . coyness with 
which some newspapers have 
in the past refused to 'can? 
family planning ads. 

The report dies two major 
barriers. First, the- “ lingering 
pseudo-fastidiousness of the 
IBA, London Transport and 
others ” whose restrictions pre- 
vent advertisers from effec- 
tively using the mass media. 
Second, the campaigns them- 
selves, which in the past have 
often wasted money and effort 
"simply because of the 
sponsors' naivety, distate for : 
commercialism or plain lack ■ 
of adequate funds” 

- There is absolutely no room 


Hyw'rc i man u lean adttho gri frhrt anifcapl 

andweriaaicriaefzJwfchCi not. toucan buy them 

ftnmdml^burterscrifcicmadanesL . 

V)Ojfc»£HyouahHjUne«errelyenarnn, - - 
■fcw can ga *fooe and ten contractfitMs from ’ 
rirocn er ferity Hannmj Qn»- wtafteryou an 

- mated or no*.' 

^u'B.ftidcMaktcdlnyun'tcitfSiQmibocfc- . 

ft The Health Education Council 

Hlfe.OUMlM.lAll.nWWI. 

for fastidiousness in . the 
author's book, . According . to 
her, the most successful cam- 
paigns. of the past were those 
which related directly to the 
every-day fundamentals of sex," 
love, family and security. 

The. two-palrs-of-feet adver- 
tisement shown here was -part 
of a £75,000 Health Ed ncatl on 
Council campaign run last 
year via Saatchl and Saatchi 
—more accurately, ran partly, 
for both the. Mirror and. the 
Son refused to have any 'truck"' 
with it, even when offered two 
alternative visual treatments. 
However, It did appear in a 
range of teen magazines, some 
of them owned .by IPC. 

One of the case studies In 
the report looks at the HECs 

- £100.000 cinema campaign pro- 
moting awareness of contra- 
ception - services - available 
under the NHS. The: 45-second 
ad was shown in lAOO 
cinemas in - 1973-76. The 
cinema was chosen" as the best 
medium for communicating 
with a yonng, sexually active, 
mainly unmarried audience. 
This campaign and; its atten- 
dant evaluation, says the FPA. 
was arguably the best designed 
and funded of its kfnd. As 
il happens, tests indicated that 
the campaign had-no effect on 
awareness of NHS contracep- 
tive ' services, though the 

- awareness level seems to have 

been remarkably high to start 
with. M.T.N. 


INDEFATIGABLE . trades 
unionists will be mortified to 
learn that employers are not 
legally required to supply toilet 
paper for their workers. They 
must, however, under Acts of 
‘ i&Sl and' “1963, provide “soap 
and dean" towels or -other means 
of cleaning and drying." "With 
the' soap and towels must go a 
legally specified number of wash 
basins: approximately one per 
10 male personnel, more for 
- females (a fine example of super- 
abundant detail inadvertently 
leading to discriminatory legis- 
lation). . 

The celebrated Health and 
Safety at "Work Act (HASAWA) 
demands that every working 
environment should be “so far 
as is reasonably practical, safe 
and- without risks, to health." 
HASAWA’s minutiae -insist, for 
example, that all floors should be 
cleaned at least once a week. 

In spite of all this concerned 
legislation, a small survey car- 
ried out last year for Kimberly- 
Clark's Industrial Division sug- 
gested that a massive 41 per cent 
of UJC office and factory workers 
arc dissatisfied with the stan- 
dards of hygiene and cleantinese 
at work; and 48 per cent feel 
them to be inferior to those at 
home. The main causes of com- 
plaint rest in the washroom: 
dirty washbasins and toilet seats 
arid — despite - the legislation — un- 
acceptable soap and hand drying 
facilities. Thus it was less than 
astonishing that the £ame survey 
showed that 21 per cent of fac- 
tory workers believe their bosses 
to be. wholly, unconcerned about 
employee welfare in these areas. 

- It was against this legislative 
and altitudinal background that 
Kimberiey-Clark’s Industrial 
Division began, some two years 
ago, to plan its first major 
national advertising campaign. 
KC is the leading UK manufac- 
turer of . disposable hygiene 
products, and has been supplying 


Hi-Dri disposable paper towels 
to industry since the 1930s. 

It was not, however, until the 
1960’s that the parent company 
put significant resources and 
thrust into its industrial market- 
ing operation. To its Hi Dri 
towel range were added Kleenex 
hospital "products, toilet tissue, 
and Kim wipes disposable wipers 
— with the result that over the 
last decade its volume sales to 


The Assessment of Industrial 
Markets. A wide variety of trade 
and technical media were used, 
backed up with direct mall and 
product card advertising. 
Broadly using direct mail and 
product cards generated inexpen- 
sive Inquiries for KC's sales 
force to follow up, whereas the 
trade and technical advertising's 
prime functlou was to increase 
prospective customers’ awareness 


analyses showed that a tight 
schedule of six national maga- 
zines, including the Sunday 
supplements, would reach 
approximately SO per cent of the 
target at a gross insertion cost 
of £6,600 and with significantly 
reduced production costs. In 
addition to which, the use of 
major national media would 
generate spin-off-advantages in 
terms both of sales force 


WINSTON FLETCHER describes the success of Kimberly-Clark's 
first major national industrial advertising campaign 


Industry, commerce, government 
and "hospitals have grown by 
more than- 300 per cent on a not 
insignificant base. (Sterling 
sales have increased by an 
inflation-geared 1,000 per cent" 
plus.) Chicken-and^gg-like, the 
growth has both been caused by 
and resulted in an ever widening 
target market 

Probably the most funda- 
mental angle difference between 
consumer and industrial market- 
ing is that whereas consumer 
products are bought by 
individuals for their own (or 
their families') use with their 
own (or their families') money, 
industrial purchases typically 
Involve. the spending of other 
people’s.- money on products 
which still other people will use. 
Thus -• each industrial buying 
decision is inherently more com. 
plex and inevitably involves far 
more people than a consumer 
Buying decision. 

From its start, KC Industrial 
Division addressed its marketing 
efforts to the multiplicity of 
people involved in purchasing its 

B roducts — the Decision making 
nit, as Aubrey Wilson first 
defined them in his now classic 


of -KC Industrial Division and 
its products. 

As" the business grew, the 
people directly or tangentially 
concerned in purchasing the 
company’s products increased, as 
it were, geometrically, via the 
Decision Making Units involved. 

Snowballing growth meant that 
by 1976, when at the agency we 
came to plan the following year’s 
campaign, our estimate of the 
buyers, specifiers and decision 
influences involved in purchas- 
ing KC products was 545,000, to 
whom could be added an un- 
quantiflable number of indirect 
decision -infl uencers. 

Approximately 2,000 trade and 
technical magazines are pub- 
lished in the UK and 750 of them 
could have made a case for 
carrying KC’s 1978 advertising 
to some periperal part of that 
wide target audience. A cost-per- 
thousand analysis ent the 
schedule to those 60 publications 
which covered the majority of 
buyers, specifiers and infiuencers 
most economically. Nevertheless, 
a single whole page in all 60 
would have cost £14,700 (with 
huge concomitant artwork and 
bln'-k changes). 

By comparison, computer 


enthusiasm and of covering the 
indirect Uncle Tom Cobbley pur- 
chase infiuencers who could 
never possibly be reached by 
trade and technical magazines. 

The arithmetical justification 
for using national consumer 
magazines, while crucial, could 
only make sense within the con- 
text of a total campaign pro- 
moting the benefits of all 
Kimberley-Clark products to the 
publications' heterogeneous 
audience. This was the anti- 
thesis of the very specific trade 
and technical advertising upon 
which KC had built its growth. 
The narrow readership of most 
UK trade magazines allows 
advertisers to define the creative 
content of their advertisements 
with considerable precision 
(though surprising few indus- 
trial advertisers seem willing to 
invest the time, trouble and cost 
necessary to do so). 

Each of the KC advertisements 
used was therefore pre-tested and 
amended as necessary in the light 
of the findings. Before the cam- 
paign began an awareness check 
showed that only 4 per cent or 
the target market associated KC 
with “Health and Hygiene at 
Work." Follow-up research after 


New products as a way of life 


BY PETER KRAU5HAR 

THOSE WHO are cynical about 
the value of new products and 
find it difficult to launch any 
should study the new product 
development performance of the 
frozen food companies, for whom 
new products are absolutely vital 
in their need to move from com- 
modity lines such as frozen vege- 
tables to added value convenience 
products. 

I Birds Eye has recently met 
success with China Dragon, 
cheesecake, and many other 
frozen cakes. United Biscuits 
recently surprised the industry 
by • announcing a launch in 
Southern in the retail rather 


than the catering area and, if 
the initial results are satisfactory, 
it is certain that a considerable 
hew product development pro- 
gramme will follow. Findus, 
which had X5 per cent of frozen 
food retail sales in 1977, has also 
paid much attention to new pro- 
ducts and claims that as much 
as a fifth of its current turnover 
is in products launched during 
the past five years. The activity 
has undoubtedly been helped by 
the retail trade which has 
increased enormously its re- 
frigerated space and which is 
keener on new products in frozen 


foods than in any other grocery 
market. 

Against this background, 
Findus has organised itself by 
having, under the marketing 
director, a new products market- 
ing manager responsible for 
development activity, while the 
existing brands marketing 
manager looks after current 
business. The former, Peter 
Trirolngham, has the task of seek- 
ing and evaluating new oppor- 
tunities. carrying out the rele- 
vant planning, developing the 
products, implementing the plan- 
ning and launching new products 
into test market or nationally. 


Findus continually seeks many 
sources for new ideas. It operates 
in 49 countries and makes a point 
of having an up-to-date dossier 
on new frozen food products all 
over the world. Thus it felt 
that the French liking for crepes 
could be adapted to the UK and 
launched in 1973 a range of 
Crispy Pancakes which in 1977 
had & sales volume of £5m 
at msp. 

In general there has been a 
search for new and different pre- 
pared foods of all kinds; the 
trick, as usual, is to find the 
right balance between the dif- 
ferent (possibly foreign) and 


Techalcal News 

EDITED BY ARTHUR BENNETT AND TED SCHOETERS 


• RESEARCH 

Magnet 
for high 
field 
studies 

OPERATED AT close to absolute 
zero temperature, a supercon- 
ducting magnet, designed and 
built by Thor Cryogenics of 
Oxford and destined for the 
University of Geneva" in 
Switzerland has been repeatedly 
tested at the high magnetic field 
level of 155,000 Gauss. The 
magnet is wound with the 
filamentary niobium-tin super- 
conductor invented and further 
developed in the UK by British 
industry supported by the 
Department of Industry and the 
Atomic Energy Authority. 

-In designing and building the 
magnet, -which weights - only 100 
pounds but contains 12 miles of 
superconducting wire, the Thor 
engineers led by Dr. David 
Raynor supported by magnet 
specialist Francis -Brown had to 
design to contain magnetic forces 
of some 60 tons and circum- 
ferential stresses, on a conductor 
of only 0.4mm diameter, of over 
25,000 prig. 


When fully energised, the 
magnet, which has a contained 
energy of 150,000 Joules, can be 
maintained at its full field with- 
out an external power supply 
because of the zero electrical 
resistance property of super- 
conductors. This is to be com- 
pared with tile continuing power 
requirement of several MW 
by a similar, water-cooled magnet 
wound with conventional 
materials. 

The stainless steel former and 
the electrical insulation had to 
be- designed to withstand 
temperature . changes from just 
under 200C. the temperature at 
which ■ the niobium-tin . super- 
conductor is metallurgically 
formed in the wound state, to 
-289C, the temperature at which 
the magnet normally operates. To 
avoid possible conductor fracture 
. under either differential con- 
traction or magnetic field stress 
(niobium-tin is extremely brittle) 
a . vacuum impregnation process 
with an appropriate -thermo- 
setting resin also . had. to be 
devised. 

Development work is proceed- 
ing, world wide, on the metal- 
lurgy of superconducting* 
materials to sustain magnetic 
fields as high as 600.006 Gauss, 
and the present magnet is to be 
employed In this research by 
Professor" Fischer at the 
University or Geneva." 

The niobium-tin supercon- 
ductor used by Thor ih the con- 
struction of this * magnet has 
intrinsic thermal and magnetic 
stability and is produced in a 


wire form of circular or similar 
cross section. These properties 
are of extreme importance in 
that they allow for the full 
mechanical support of the wind- 
ing to contain the extremely high 
forces generated when ibe 
magnet, is first cooled and then 
energised. 

Thor Cryogenics. Henley Road. 
Berinafleld, Oxford. 0865 34Q6QL 

• ELECTRON 3CS 

Voltage to 
frequency 

INTRODUCED by National Semi- 
conductor is a new family of 
voltage to frequency converters 
witb a guaranteed maximum non- 
linearity of 0.01 per cent at 
10 kHz. 

The rdevices, .designated LM 
121, can b« operated in either 
direction (v to. f.or f tev) and- 
from a sincle power supply that 
can- lie,.anywhere between four 
arid 40. wits. 

The standard device has a gain 
temperature coefficient that will 
not exceed 150 parts per million 
per deg. C and is typically 30 
ppm /deg.' C 

The premium grade devices 
have a - guaranteed TC of 50 
ppm/de£- C -maximum and 
would h*r used in analogue to 
digital dodversion, precision fre- 
quency ao voltage conversion, 
long-term .integration and linear 
frequeriSf modulation. • 

National Semiconductor is at 
30L Haraur Centre, .Horne Lane. 
Bedforfl-MK4fl 1TR (0234 211262) 


AUTOMATION 


Retrieval of many parts 



AT ONE of the key plants directed to the required bin degrees C and up to 95 per cent 
JbJ'Ol^ed in the production of the position by an operator using a humidity. 

- Tornado " multi-role combat simple keyboard which has a five lrmut/outnut drives include 
aircraft at the Preston works of figure location number. TLiih * 

British Aerospace, a fully auto- According to the co-ordinates of P “iterface Ttiow riv- 

raated system for storing and entered on the keyboard, a plat- rnffS, odUm! llStJon Sable 
retrieving small parts is now In form on the stacker travels to £? “vironm?nt? A 

Cfi^.Conserv-a-tneve, the appropriate vertical position commSSfeSSf unit allows inte^ 

hJrilt^nrf STOJS 2 nd - , st y k e r,ti* ej f to the facing to equipment such as ter- 

bum apd installed by. Vickers horizontal. An extraction device minals, printers, VDlTs, data 
Automated Systems Division, PO pulls the container on to the links, etc. that use the V24 fElA) 
Bps**, Swndon » Wiltshire (0793 platform for delivery to the pick- or 20 mA current loop interface 

1) -. . . . ingstation.- standard with speeds up to 9600 

me tony-automated system The average time taken to bauds. Analogue modules are 
has replaced, and combined into retrieve and return a container available for both input and oul- 
oue. two existing stores prevl- is 47 seconds, and the current put Special units include a 
ously in separate locations. The transaction rate is estimated to watchdog system, and a tele- 
vacated floor area amounted to be 1,140 operations per man per me try device developed to use 
10.350 sq ft— the new automated week, compared with the old the CEGB standard procedure, 
stpre occupies an area of 4, ISO storage rate- of 972 per man/ RAM or FROM memory can be 
sq ft, a raving of nearly 60 per week — an increase of 17. per .cent chosen to suit the application up 
cent. _ . per man. •/ to 32K in total, and floppy disc 

.Four of the newly-introduced drives can be provided to give a 

machines handle a total of 22,900 r | ' _ J A back-up storage where required. 

ZTJtor&Zr ^SSfJSSU 1 ailor-maae systems installed or on order. 

, delude telemetry (substation 

parts fbr other British Aerospace _ J_ infinr control), compensated weighing. 

35 Ja ^S r in flllSrry conveyor control, plant simula- 

fighter, the V ti on railway signalling and flap- 

Lightomg fighter and the , board display. 

Provost 3et trainer. CQUtlOl ICfS Application programs are pro- 

components range 'from yided by Vaughan in PROM 

bulk-bead frames d own to the DEVELOPED for control and form, alternatively a module is 
smallest rivets. The largest is automation applications in in- available to plug into the multi- 
42 in x 15 in high and the weight dustry, the Vaughan 4M System piexer that allows customers to 
limit is 300 lb. The entire store offers an extended range of black condition or copy their own 
consists of about 6,000 con- boxes based on the Texas 16-bit PROMs. Built-In test programs in 
tainers, 6, 9 and 12 in high, and 9S00 chip. These compatible FROM are incorporated in ail 
the largest size of bin can hold modules interface either tD a systems which, in conjunction 
parts up to 18 in in height. memory highway, or to a simple with a Control and Monitor 
The machine consists of facing multiplexer highway in the same panel, allow first line main- 
banks of storage containers crate. , tenance to be carried out by 

which rise as high as the build- The system can rater for up trained, but unskilled, staff, 
tng allows. An electronically- to 126 channels of input and out- Vaughan Systems and Pro- 
controlled mini-load stacker runs put, using extension crates. The graraming, Amwell End, Ware, 
between the banks and is equipment can withstand 0 to 55 0920 2282. 

• MATERIALS 

Aids diesel-engine to run in frost 

LOW TEMPERATURES create reduced deposition of hard national Paint's laboratories 
problems in diesel engines that carbon and maintenance costs where it is now being manufac- 
result in higher running costs, are reduced Cbalbar asserts, tyred. 

The fuel “geUs” and this can By preventing -oxidation and The coating is already being 
cause blockages and reduces the pmymerisalion. the diesel fuel is used on the inside of phenolic 
efficiency of the engine, simul- stabilised and -the formation of impregnated fib reboard covers 
taneouslv increasing the volume gums and resins in the fuel for the hacks of television 
of fumes emitted through, the pumps and tines is inhibited, cabinets to prevent the build up 

Ignition delay is reduced, result- of static electricity. The eleo- 
Chalbar. a British company hag in complete combustion of trical specification called for a 
ihatsmSatises in ibe fonnula- the f neL In this way a smoother resistance of lera than too ohms 
that specialises^ power generation is provided and tw0 . pomts 14 mches 

many types of combustion for economies are made in fuel a P*£- ^ 

^XSer details of user «*>». Out the pl.t ™ « 

sw? cfls i ssrtasuas™ — » ° r 


degrees C and up to 95 per cent 
humidity. 

Input/output drives include 
digital input and output with a 
variety of interface options giv- 
ing full optical isolation suitable 
for noisy plant environments. A 
communication unit allows inter- 
faring to equipment such as ter- 
minals, printers, VDU’s, data 
links, etc. that use the V24 fEIA) 
or 20 mA current loop interface 
standard with speeds up to 9600 
bauds. Analogue modules are 
available for both input and out- 
put. Special units include a 
watchdog system, and a tele- 
metry device developed to use 
the CEGB standard procedure. 
RAM or FROM memory can be 
chosen to suit the application up 
to 32K in total, and floppy disc 
drives can be provided to give a 
back-up storage where required. 

Systems installed or on order, 
include telemetry (substation 
control), compensated weighing, 
conveyor control, plant simula- 
tion, railway signalling and flap- 
board display. 

Application programs are pro- 
vided by Vaughan in PROM 
form, alternatively a module is 
available to plug into the multi- 
plexer that allows customers to 
condition or copy their own 
PROMs. Built-In test programs In 
PROM are incorporated in ail 
systems which, in conjunction 
with a Control and Monitor 
panel, allow first line main- 
tenance to be carried out by 
trained, but unskilled, staff. 

Vaughan Systems and Pro- 
gramming, Amwell End. Ware. 
0920 2282. 


wissTsw:* Ha* »s ^ ***** ^ h 
LteJW * 7 7AL * ^ "*■ ins^ancMs ?va« ST 5T5 

contains^mppunds that JtaUbtt Pnofjrip rhfrfr dri£ i StaS! 

the growth of large oMc V^UdXillg dried for 10 minutes at 120 

wax formations in fuel oil that ° degrees C. 

are ibe f A /'Ilf" Although it was originally 

at temperatures betoft freezing. Ilf Llil formulated for use in the tele- 

This makes it - possible for • vision industry, the company 

engines to function jit: high effi- Il 0 701*110 envisages wider applications for 

mency ^t temperatures below IIIC J 1&4£LgLm. Uij the coating where its special 

mrnus. 16 degrees C A GRAPHITE water-borne paint anti-static properties could be 

Exhaust smoke emission is cut with anti' static properties, P ut t0 S 00d advantage, 
down and corrosive action of believed to be the first of its More from 1P-IC, 380 Richmond 
sulphur trioxide la. almost com- kind, has been developed in the Road, Kingston - upon - Thames, 
pletely damn^ted. There is a wood products ‘section of Inter- Surrey KT2 (01-546 1234), 


wax formations in fuel oil that ° 

are the root cause of blockages » n i. 

at temperatures below fre ezin g. LU LUl 
This makes it . passible for 

-engines to function at high efS- /- g-^ |« n ' 7 nf*r|ci 
riency at temperatures below U|C W cLJ*4l\ Uij 
minus. 18 degrees C. . v * 


• OFFSHORE 
INDUSTRIES 

Works deep 
under 
the sea 

A SUBMERSIBLE jet pump 
system which can be suspended 
from a vessel or stand on the 
sea bed is introduced by Alluvial 
Mining, Northgale House, 2 High 
Pavement, Basildon, Essex SS14 
1EA (0268 27382). 

Divers can use the jet 'pump 
dredge in underwater clearance, 
maintenance, trenching and off- 
shore mining operations. It 
consists of a tubular frame 
within which are mounted an 
electrically driven high pressure 
water pump, mixing chamber, 
diffuser, 18-inch stilling tube and 
suction and discharge ports. 
Weighing about 1.5 tons, it can 
easily be handled by a 5-ion 
derrick. 

The system can be used in 
depths down to 1,000 feet, can 
handle particles up to 6 inches 
in diameter, and has a maximum 
designed output of 60 tons an 
hour of free flowing sand with 
zero elevation when fitted with 
a 100 feet flexible suction pipe 
and a 100 feet discharge. 

The jet pump has a mild' steel 
body with wear resistant 
materials for the mixing chamber 
and diffuse; to permit such 
abrasive materials as sand and 
gravel to be dredged. It is 
designed to allow 6-inch particles 
to be passed and incorporates a ] 
hatch so that blockages caused 
by irregularly shaped objects or 
entrained trash can be easily 
removed underwater. Similarly, 
the stilling tube has a stainless 




. \f 

* '• ; v. ^ «*><--■. ^jjoo 

„ IL**-* 

lMi"hir.fl ; f . h,i.u ih 
fN*. ctjch. »».*■.. pcA»j d nu 

T|WH i good p-tHu.ifv «na li t V n ,o-jTei ,crir 
ei*® it* omi s-*-. i-.im 

OffHJf. 

Ctf thooraotebr.ffnc 

WDAHngtons Ho^bo Csrds 

**k»l*»Kua&Ua'* tt. to. 


l the first burst of the campaign 
- showed this awareness level to 
t have been quadrupled. 
i More to the point, in a less 
s than booming economy with 
t unemployment — which directly 
r reduces the usage of KC's pro- 
i ducts at work — running at over 
t 1m throughout the year, KC 
l Industrial's 1977 sales showed 
i substantial growth above the 
■ 1976 record levels. Hardly 
surprising then that the national 

• Press campaign has been con- 
tinued and developed along lines 

i gleaned Trom continuous research 
and testing. 

Ail of which sounds like an 
unmitigated paeon of praise to 

• the use of national consumer — 
as against trade and technical — 

, publications for major industrial 
’ advertising. It must therefore 
be stressed that unlike some 
other leading industrial market- 
ing companies (Dexion and Colt 
for example), 1\C used trade and 
' technical publications almost 
exclusively and extremely 
. successfully for over a decade: 
and these publications are still 
used to convey, most cost- 
effectively. specific communica- 
tions tn particular audiences. 

Finally, it is incumbent upon 
the advertising agency to men- 
tion that ihe use of national 
media for industrial advertising 
can only make sense within the 
context of a clearly defined total 
marketing and communications 
strategy: that at least a morsel 
of KC Industrial Division's 
success has been due to its 
exceptionally effective sales 
force, and even, perhaps, to 
some small extent, to Kimberly- 
Clark's development of the 
right disposable products to 
meet the ever more stringent 
demands of its customers, their’, 
workers, and last but not 
nowadays least, their lawyers ! 
Winston Fletcher is managing 
director of Fletcher Shelton 
Delaneu. 

the familiar (traditionally Eng- 
lish). 

Findus has developed the 
Something Special range, which 
was worth £4m at msp in 1977; 
it consists of lasagne, cannelloni, 
rigatoni, chicken Espagnoie (all 
somewhat Anglicised), while 
other recent new products in- 
clude much more prosaic mar- 
kets such as toad in the hole. 
Cornish pasties and cottage pie. 
They sell because they are con- 
venient as well as or good 
quality. 

Another ambitious develop- 
ment is that of Findus Calorie 
Counters. Findus carried out 
three years of consumer re- 
search info slimming and con- 
cluded that there was a large 
potential market: 50 per cent of 
adults are over-weight and 25 
per cent claim that they do 
something lo slim. 


-Hie big new 
name in 
engineering 


NORTHERN ENGINEERING INDUSTRIES 


a '• . 

GCAftiCE CH^p.VlAN 
& REY30LLE-PARSC\S. 


steel screen to prevent entry of 
over-size trash. 

Two suction points are pro- 
vided: one has a vacuum adjust 
to regulate production and pre- 
vent collapse of the hose line. 
In addition, a take-off point for 
a remote jetting lance is pro- 
vided so that divers can break 
up compacted material. 

The first production unit is 
being supplied to a Scottish-based 
offshore maintenance company 
and will be used fur offshore 
maintenance tasks in the North 
Sea. 

A unit is currently operating 
in the North Sea in 600 feet of 
water on a pipeline maintenance 
contract removing silt from a 
trench prior to the replacement 
or a damaged section of oil pipe- 
line. 


LHC 

for 

PRESTEL 

(Post Office Vrewdata) 

SERVICES 


• Programme planning 

• Routing systems design 

• Graphics design 

• Data input, editing, 
and update 

• Complete programme 

management & maintenance 

• Personnel training 

• Demonstrations 6 seminars 

• General consultancy 
services 

Enquiries la: 

Managing Director 

Link House Communications Ltd., 

Link House, West Street, 

Poole, Dorset. 

Tel: Poole 71171. Telex 417109. 









|M 




NORTH AMERICAN NEWS 

Japanese £ 

stake 

for Data ri 

General 


Chrysler looks for 10% 
rise in new car sales 


BY JOHN WYLES 


NEW YORK; August 30. 


FTC probe 
for gases 
sale by 
Chemetron 


Saint Gobain plans to 


raise 


BY DAY1D CURRY 


PARIS, Augwfe'Mi 


WESTBORO, August 3Q qjrysusr TODAY forecast a front-wfaeel-drive small cars, the ment of new vehicles. The huge U-S Federal Trade Cem- 
DATA GENERAL has reached recovery in. demand for its Omni and Horizon, and a new task of raising this money, which mission said it is investigating 

agreement in principle with vehicles during, the 1979 model front-wheel-drive model from jg double the company's normal g proposal by Allegheny 

shareholders of Nippon Mini- year . and committed itself to Chrysler’s Japanese associate, investment rate, was an impor- Ladlnm Industries to seU the 

Computer of Japan under which meeting lush standards of Mitsubishi. tant factor in persuading the industrial gases division of its 

the U.S. companv will acquire a Quality and workmanship. Sales Chrysler claims that ■part oftis company -to divest its European chemetron unit to Liquid Air, 

50 per cent interest in Nippon, of new cars are expected to nse sales weakness this year was atm- operations. yhich is French controlled. 

This will he in exchange for about 10 per cent and help boost butable to its inability to com- r . r , 

zr an tine it an exclusive licence Chrysler's sagging share of the pete with redesigned full-sized t 5® n ®F^ In Chicas®* meanwhiie.a 

fo Sl&uSe md Ell dIS U.sT market from about 13.5 per fare from General Motors and ** “ * « 2S ttiml district judge accepted 

r' a „.,T !nL!,! (a r n mHMr t e !n cent in the current model year Ford. But it adds that its new }£0k for car and truck sales and an agreement between Cheme- 

Janan^ P P in to 15 per cent Chrysler New Yorker. Chrysler ™ iron and iRUnechem. a nmtof 

Ja j* , v .J The company , today unveiled Newport and Dodge St. Regis Presidentfor Bayer o£ West Germany, that 

Mpprm will also be licensed its new l979 models and STOg ht should bring its share of the hi ^ r will delay the proposed sale of 

on a non-exclusive basis in ccr- i 0 present a picture of a vigorous full-sized car market up from £ ' Chemetron's or^nlc pigments 

tarn other countries in the Far manufacturer confident oF meet- around 3.5 per cent to 7 per cent. division to the Bayer unit 

East, including India. China. ing increasingly difficult chal- These new cars are consider- J£_ b ® combmed The FTC’s bureau or com- 
North and bouth Korea and Uie j e nges. Senior executives are ably smaller and more light- 58 ^ year on record - petition in Washington 

Philippines and will receive C | ear i y anxious to counter the weight than their predecessors However, most analysts would declined to give details on its 
licences of new Data Gpneral impression of growing weakness so as to meet the Federal be surprised if next year matches study ' or the proposed 
computers on an ongoing basis brought about by heavy financial Government’s increasingly strin- the anticipated 152m cars and chemetnm-Liquid Air sale, 
for a 10-year period subject to i osse s. a declining market share gent fuel economy requirements, trucks which will be sold in 1978 Aileabeny Lndlum, in its 
automatic renewal upon mutual j n the u.S. and the recent sale Chrysler claims that the new full- and the pessimists who expect a second quarter report to share- 
consent oF the parties. «r ji s European operations to size models are 37 per cent more serious decline in consumer holders, disclosed the FTC 

Completion of the transaction Peugeot-Citroen. fuel efficient than the 1978 spending are projecting total act j on is an item that referred 

i«s subject to’ necessary approvals The most important features models and return 4.7 miles sales of less than 14m. How- l0 investigations of both 

by various Japanese govern- of the model range, which will more to the gallon. ever. General Motors who last transactions, 

mental authorities and certain go on sale at the end of next The redesign of this model year called the 1978 sales year ‘ , . 

rulings from the Internal month, are redesigned, more range represents a portion of the pretty accurately is predicting . AJiegneny ’Lnttium announced 
Revenue Service as Id the U.S. fuel -efficient, full-sized cars, new S7.5bn which Chrysler expects to 15.5m sales of cars and trucks in in June mat it agreea *o swap 
lax consequences to Data two-door versions of the Chrysler spend by 1982 in the develop- the 1979 model year. Chemetron s “ dn ^ fial f 85 ** 

, _ ’■ • division for an interest of 

General of the transaction. i ai. 


Lodlnm Industries to sell the 
industrial gases division of its 
Chemetron unit to Liquid Air, 
which is French controlled. 


iron and Rhinechem, a unit of 
Bayer of West Germany, that 
will delay the proposed sale of 


>■ IN LAUNCHING the largest the fact that in the long term Gobain itself moved up to a P*a* 

vviif vnxtR. Ammst at riehie iftfiup the French stock the group needs to replace some of FFrsl55 during the summer 

NEW iOBK, August 3ft. rights issue the urench stock ^itional but lncreashigiy before, rumours of the impend- 

THE U.S. Federal Trade Com- ® ver seen ’ Sai “ t ‘ obsolete activities. He has cited, ing frights issue eased the shares 

mission said it is investigating { Gobain -Pont*M.ousson is to be- arftHS optical fibres and fine back to their current level, 
a proposal by Allegheny j come the ^ird leading: company ^^^5 as the sort of areas In a separate development. 
Ludlnm Industries to sell the i ia rc< * I f we€j *f* 0 tafte . ai *f an ‘ which might be appropriate. . Jacques Bore I International, the 
industrial gases division of its i of the nse this year in share holidays Com- fi naCi ^ ly troubled hotel and 

Chemetron unit to Liquid Air, price values. Before Uie joHaag ^om restaurant chain, reports a net 

*T h a 594ra, or SlffiS^The^iKue *e flS £bc2>nths o/^S^oipaied 

2^SiSL , 3± 5££SU.; 

wifr delav the urenosed sale of Gobain share price. • Behind this activity is the nse against FFr 57m. 

Chemetron’s organfe^gments The new money will be in share values since the begin- la December last year, at the 
division to tiw^SperwSt. devoted to reinforcing the com- 1 ning of the year, coupled with time of a 

SF: hrtSS- ts — 40 

Chemetron-Liqoid Air sale, group’s president M. Roger per cent ou their end-0 f-y^r -W 1879- 

Aileehenv Lndlnzn. in its Martin has made no secret of . levels for many companies. St. *** 


Nippon's net sales for iti> fiscal 
rear ended March 31 were about 
$2 1.4m. 

AP-DJ 


Bendix dividend lift expected 


Reliance chief BENDIX IS expected to chalk of Merrill Lynch predict that subsidiary, DBA of France. 

up its ninth consecutive year of Bendix 's automotive sales and Mr. Phil lip pi reckons that 

£>(yra£tC f .-V record earnings in fiscal 1979, operating profit will continue to DBA's losses will trim Bendix 

d-gl CC3 IU despite an anticipated decline in advance next year. earnings by about 25 cents a 

, i North American car production Mr. Phillippi said that spare share in the year ending . Sep- 

COlirt OrQCr * n 1116 rew model your which parts volume was likely to be up tember 30. 

begins on Friday. about 10 to 12 per cent world- He said Bendix was aiming for 

By Our Own Correspondent Securities analysts also expect wide in fiscal 1979. breakeven results at DBA in 

7 the quarterly dividend to be But about €0 per cent of fiscal 1979. It plans to sell DBA's 

NEW YORK, August 30. raised to at least 60 cents from Bendix’s automotive components aerospace and automotive elec- 
« nvnrno v. ■ the present rate of 57 cents this business is in original euipment, trical divisions and retain its 

5IR.hAUL STCh\ BERG, chairman Autumn. and he expects 1979 model-year brake parts business. 

oF Reliance Group, the diversified Last vear, Bendix derived more car production in North America He believes that Bendix's 
company which includes Deasco, lhan g£ per ccnt of its t 0 be n a t or up to 5 per cent automotive pre-tax profit will 

yesterday agreed to a court order opera tinB net income from auto- lower than this year's 10.25m reach S187.4m next year against 
barring him from Future violations motive products, including brake units. an estimated $175.2m in fiscal 

of the anti-fraud provisions of the an( j si eer i n g systems, oil filters, Both analysts believe that 1978 and $lB5.3m last year. 

Federal securities Jaws. spgrb plugs and other com- Bendix will also benefit from For the company as a whole, 

Steinberg had earner been accused ponen t^ as we n ^ recreational price increases and greater analysts, are projecting earnings 

by the Securities and Exchange vehicles. market penetration in North of S5.70 a share in the year end- 

Commission. together with Mr. Analysts such as Mr. Joseph America, along with higher inter- ing September 30 and 88.10 in 

James Randall of Los Angeles, or pj^uippi of Dean Witter national margins due to improve- fiscal 1979, against $5.29 last year, 

violating these laws. Both men ReynoI(l8 an ^ p au i Malian ment at its largest overseas Reuter 

declined to admit or deny the . 

charges. 

The SEC alleged that Mr. Stein- RESULTS IN BRIEF 
berg Induced Mr. Randall and 

sSiFSnS Genesco leaves heavy losses behind 

and September, 1976 on the basis _ * . 

or misleading statements about a NEW YORK, August 30. 

rj"?£“® d GENESCO. the clothing and concern Omark Industries also and building materials concern, 

ntcil- r«rrJrafinn U Thi shoes concern, emerged from the recorded a sizeable gain from increased its first half earnings 

Basic Economy Corporation. The J(Ms ZQnc last yean producing $1.91 to $4.10. In the consumer from $1.86 to $2.28 a share, while 

nilnnin* ia ?Ln hta earnings of 90 cents a share electricals sector, Tandy Brands Simplicity Patterns, which pro- 
stemberg was planning to seu his compare( j W | t ij the record 1976-77 advanced from $1.70 a share to duces clothing patterns, edged up 
puite stock. deficit oF S11J.2. $1.82, while Servomation, the from 48 cents to 49 cents. Kings 

Mr. Steinberg's lawyers said he But Cook Industries, the com- object of a bid tussle between Department Stores moved up 
agreed to the court order “solely modities group, remained firmly Ligget and GDV, went ahead 10 per cent to 55 cents during the 
to avoid the distraction and in the red, although its per share from 88.75 to $3.50 last year. initial six months, 
expense of protracted and point- loss came down sharply from After its first quarter, H and R Clothing company Palm Beach 
less litigation.’’ The charges, he $22.07 to $4.34. Block, which provides income tax went ahead during its first nine 

said, concerned “personal invest- Also reporting for the year, services, reported a slightly months from $2.39 to $2.68 per 
ment transactions conducted in Northwestern Steel and Wire higher per share loss of 21 cents share, while metals, textiles and 
good faitb and with no intention earned S3.97 per share against against 20 cents. chemicals concern Whittaker rose 

of impropriety." $1.84. while tools and equipment McDonough, the shoes, tools to Sl-61 from 67 cents, 


CHICAGO. August 30. 


The FTC’s bureau of com- 
petition In Washington 
declined to give details ou its 
study ' of the proposed 
Chemetron-Liquid Air sale. 
Allegheny Lndlum, in its 
second quarter report to share- 
holders, disclosed the FTC 
action is an item that referred 
to investigations of both 
transactions. 

Allegheny Lndlum announced 
in June that it agreed to swap 
Che me Iron's industrial gases 
division for an interest of 
about one-third in Liquid Air. 
which is 79 per cent owned by 
L'Air Liquids of France. Last 
year, the UB. concern earned 
$194iin, or .82.75 a share, on 
sales of $294L5in. 

AP-DJ 


See Lex 


Uddeholm forecasts a 
return to profitability 


$700m West 
German bond 
placing 


RESULTS IN BRIEF 


Genesco leaves heavy losses behind 


NEW YORK, August 30. 


unison i«r an uueresi. oi BY JOHN WAUtER By Jeffrey Brown 

about one-third in Liquid Air. J ^ ' . , 

which is 79 uer cent owned hv " . « AFTER an absence from the 

L’\lr Lianlrie ofFrance. Last UDDEHOLM, the Swedish steel year showed an increase of 21 public bond market or more than 
vear, the U& coneera arawl and [ores ^ industry group, reaper cent over the same period four months, the West German 
S 19.9m or .82.75 a share, on ports a somewhat less depressing jn 1977 at SKr 356m ($80 in). Government is to issue DM1.4bn. 

of smim. picture at the half-way stage The result in the steel section ($7ft0m) of new paper spread 

hSj this year. The pre-tax loss for. showed an improvement from a between two tranches of six and 

the "first six months ’of 1978 pre-tax loss of SKr 113m in 1977 jo years. 

amounted to SKr 178m (S4lm). to a loss of SKr 21m in the same The six-year tranche (o-f 

U C compared with a pre-tax loss of period.this year. DM 900m) will carry a coupon uf 

,J, ill VCoLlUcill SKr 213m in the first half of The last five months of this 6 per cent and the 10-year bonds 

» j 1 last year. • year -should give a positive re- will be fixed at Bl per cent. Both 

abroad Slows Group sales went up by 20 per suit, particularly in the steel issues will be priced at 99. and 

cent in the first half of this year and power divisions. The pre-tax in each case DM 100 in of the issue 
WASHINGTON, August 30. to SKr 5bn (S340m) compared forecast for the whole of 1978 will be available in the market 
TT c nnvrr ■- — * with SKr 1 - 2bn in 1077 * takes in a SKr 200171 recover y for regulating purposes, 

ti-*- investment rp^g f orest industry division against last year, when the loss An issue by the rcdcnil 

abroad— defined as ownership sa i es during the first half of this amounted to SKr 320m. Republic has been expected for 

or 10 per cent or more of a s - some time following the recent 

foreign company s stock— rose : — recovery In the domestic bond 

per *£° t ^ y** 1 t0 rilPrtPfiMIHl market The latest issue is the 

Sl48.8bn, trailing the 9J) per tUICVBUriUa firat bv Federal authorities 

at ^ /J f 1976 10 rtm tn-i d\d\ since April, when DM1.5bn in 

Department said. jEJGK OOfTl issue priced (three tranches ranging from six 

Equity and Inte&company .to 12i years, met with a very 

outflows, which include loans BY FRANCIS GHILfeS muted response, 

and advances to affiliates and Since then the Federal authori- 

branches, increased by 25 per The dollar sector of the bond, the first public dollar denom- ties have concentrated their 
cent to S4J)bn at the end of market was dominated yesterday inated bond to be floated In funding programme on the short 
1977 from $3.9bn at the end of by the rise in the U.S. prime Japan. The smaller tranche is term paper market, allowing the 
1976. rate: prompted by Chase led by Credit Suisse First Boston public bond arena to settle and 

AP-DJ Manhattan, which moved its Ltd and will be placed outside find a new yield level. This 

prime rate up by \ per cent to Japan and the U.S. .. appears to be the present ciTcum- 

Grand Union offer (oiiowed C ^it. m *Fed™ e i r f2S£ J * ™ KStaii d^Tco^ 

GRAND UNION. p»rt of Sir -ft .“SbV‘ V oX « 6 P « ^ 

,. m „ Go.dmlth ? _ ? v f dh.m gfit»SSfihF At S2grL3£&L SI O..I 


U.S. investment 
abroad slows 

WASHINGTON, August 30. 

U-S. DIRECT Investment 
abroad— defined as ownership 
of 10 per cent or more of a 
foreign company’s stock — rose 
by 9.1 per cent last year to 
$l4&8bn, trailing the 9.9 per 
cent gain at the end of 1976 to 
5136.4 bn. the Commerce 
Department said. 

Equity and inte&company 
outflows, which include loans 
and advances to affiliates and 
branches, increased by 25 per 
cent to S4J)bn at the end of 
1977 from $3.9bn at the end of 
1976. 

AP-DJ 

Grand Union offer 


with SKr l^bn in 1977. takes in a SKr 200m recovery 

The forest industry division against last year, when the loss 
sales during the first half of this amounted to SKr 320m. 


EUROBONDS 

EIB $100m issue priced 

BY FRANCIS GHIUS 


James Goldsmith's Cavenham 
group,' said that as of Angzxst 
29, it received tenders for 
about 3.33m shares or about 88 
per cent of Colonial Stores 
common stock, at $35 a share. 
Reuter reports from Elmwood 
Park. The offer, worth over 
8130m, has been extended to 
Friday. 

Grand Union said that all 
shares properly tendered will 
be purchased and paid for as 
soon as practicable. All shares 
properly tendered during (be 
extension will be purchased on 
a dally basis. 


Ui a poiUL to o; per sxuy, ui uuc an h QunPP( i vpiterriav was a 

point touching Sft per cent. • DM40 m convertible for Stanley Sllll/PT OrflfTS 

Trading was minimal, but Electric Company. The coupon ui uvi j 

dealers marked prices down by understood to be '34 per cent L«l Anr fiurlrrat 

an average of a quarter of a but other terras have not been UcIU W UUUgCl 

NOlC S ,nfl " ued ' T1 I t ead manager is ZORICH, August 30. 

^ DrCSClner BaDk ' ' ' Incoming orders of Swiss 

® 100ra V ie * r i°f engineer Gebrueder Sulzer are 

the European Investment Bank - _ DOw running about 25 per cent 

J2? r •TPiA—SST* rnimnn'of Airlines Stake below budget and the quality or 

cent It will carry a coupon of . • . . tiie business is in some cases 

9 per cent and yield 9J. per cent Texas Interoational Airlines said taking the company into areas 
Of the total amount of this issue, it now owned: 1.55m shares of of low mare ins 

S80ra will be placed in Japan National Airlines— about 182 Discussing the effects on 

and the remainder in Europe, per cent of the outstanding stock. Sulzer of the franc depreciation. 
The larger tranche, which is led at the close of trading yesterday, chairman Georg Sulzer told the 


by Nikko Securities, constitutes Reuter reports from Houston. 


This announcement appears as a matter of record only. 


June 1978 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


Societe Nationale deSiderurgie 



U.S. $13,700,000 

Medium term loan 


Guaranteed by 

Banque Exterieure d'Algerie 

Arranged by 

United California Bank 


Funds provided by 

United California Bank 

The Cleveland Trust Company 

First National Bank of Oregon 

The Mitsubishi Trust and Banking Corporation 

The Mitsui Trustand Banking Company Limited 

Pierson Heldring & Pierson (Hong Kong) Umited 

Riggs National Bank of Washington, D.C. 

The Royal Bank of Scotland Limited 
UBAF Arab American Bank 
Pacific National Bank of Washington 


STRAIGHTS 

Alcan Australia Sipc 1B89 87J 

AMEV 8 pc 1887 . — Mi 

Australia Sipc U92 M 

Australian M. & S. 91 pc TH 951 
Barclays Bank Sine 1893 ... 95i 

Bowatcr Sipc 1993 — 9S4 

Can. N. Railway Sipc JflSS 931 
Credit .National SHk me . 97i 

Denmark Sipc 19S4 98 

ECS 9pc 1993 99i 

ECS Sipc 1897 — 93| 

EIB Sipc 1993 961 

EMt 9iuc 19S9 9S1 

Ericsson SJpc 1989 97f 

Esso sue nwa Nov 99 

Ht. Lakes Paper SJpc 19S4 9Si 

Hamcrsler 94 pc 1993 1MI 

Hydro Quebec 9 pc 1982 ... nt 

ICI Sipc 1957 931 

ISE Canada Sipc lSSfi 10S2 

Macmillan Bloedel 9oc 1992 973 

Massey Ferguson 84 pc ■si 8S 

Mlctaelld Bine IKS 99i 


Agent 

m 


UNITED 

CALIFORNIA 

BANK Member of Western Banco rparation 


MKOaniJ InL Fin. SIPC VI 

97& 

95* 

National Coal Ed. Sw 1B97 

93f 

94* 

National Wsimnstr. 9pc "SB 

1001 

1011 

NatL Wstmnstr. 8pc ■S6 - B’ 

10LJ 

102* 

Newfoundland Spc 1889 . 

ton 

tOOi 

Nordic Hit. Bantc Sipc IKS 

97k 

Ml 

Norges Kom. Pk. SJpc 199S 

951 

96 

Norplpe S?pc 19S9 

m 

07* 

Norsk Hydro Sipc 19M ... 

95 

953 

USfa) Spc 1933 

99i 

100* 

Poru, ADtonomes Spc 1991 

981 

m 

Prov. Quebec Spc 1995 

97 

87* 

Prov. SasKardwn. Sipc ’S6 

973 

981 

Reed International Spc 1987 

921 

94* 

RHM Spc 1563 

943 

954 

Selection Trrot Sipc 1SS3... 

91i 

92* 

Shell InrL Fin. Sipc 1990... 

95i 

96 

Stand- EnskMa Spc 1991... 

991 

100 

SKF Spc J9S7 ... 

913 

921 

Sweden tK'domi Sipc 10S7 

951 

tlfl 

United Biscuits Spc 1939 . . 

RS 

sts; 

Mi 

Volvo Spc m? March 

9S( 

NOTES 

[Australia 7ipc JSS4 

«i 

94 

Bell Canada 7'pc 1987 ... . 
Br. Colmnlsa Hyd. 7IPC ’33 

951 

K* 

WJ 

Mi 

Can. Pac. Sipc ism 

971 

983 

Dow Chemical Spc IKS ... 

90 

96T 

ECS 7ipe 1932 

95 

93! 

ECS Sipc 1983 

9U 

95 

EEC Tipc 1992 

051 

M 

EEC TJpe 1934 

941 

UI 

Enso Gutxcir Sipc IBM _ 

93* 

96* 

Gotaverfcon TIpe 19S2 

fiai 

K 

Kockmms Spc 1983 

961 

»7J 

Mtchelip Hpc 1983 

8IU 

93 

Montreal Urban S3pc 1981 

991 

■ 180 

New Brnnawlck Spc 1B84 

961 

97 

New Bruns. Prov. SJpc 'S3 

98 

Ml 

New Zealand SJpc 19SS . 

953 

»b; 

Nordic Inr. BlL 7Jpc 1984 

94 , 

943 

Norsk Hydro Hoc iss* 

93! 

9W 

9.i: 

Norway 7Jpc 1982 

94! 

Ontario Hydro Spc 1987 _. 

953 

94* 

Singer Sipc 1882 

99 

993 

5. or scot. Ekr. S}pe ibsi 


99 

.Sweden tK'dom' 7JPC 1BS2 

931 

96 

Swedish State Co. TJpc 8! 

933 

9Hi 

Telmex 91 pc 1BS4 

«1 

w 

Tenncco 7Jpc 1887 May ... 

913 

921 

Volkswagen 71 pc 1887 

Mi 

954 

STERLING BONDS 

Allied B re aeries Wipe ’W . 

m 

Mi 

CUiraro lDpc 1993 

91i 

92* 

ronrtanldji sjoc OSS 

88* 

98! 

ECS 9Sdc 1880 

92* 

83* 

EIB.SIdc 19SS 

B67 

97! 

K1B 93dc 1W2 

927 

933 

Finance for Jnd. Otiw 108# 

903 

913 

Finance for Ind. Wpc 1980 

34 

95 

Flams Wine 1987 

371 

383 

Gesteioer line 1388 _... ... 

921 

93* 

INTA Wpc ISSS 

91* 

921 

Rmrntrce 1«w I9S3 

92 

93 

Sean Wipe 1985 

0LJ 

921 

Total Oil Sipc 1954 

89i 

991 

DM BONDS 

Aslan Dev. Bank 5jpc 1SS8 

«i; 

W! 

BNDE fllpc W99 

so: 

972 

Canada 4ipc lflSn ... 

97S 

981 

Den No rake Ind. Bk. Bpc *90 

as: 

33! 

Deutsche Bank 45 DC 19S3 

97} 

98! 

ECS ShK 1990 

92 

9.1 

EIB Sipc 3990 

Tli 

Ml 

Elf Aquitaine Sipc 1988 ... 

W 

34 

Euro tom S«pc 3987 

37* 

94 i 

95! 

Finland SJpc 1383 

35* 

Forsourts Sipc 1990 

Wi 

93! 

Mexico hpe JS9S 

933 

ws; 

Norwm 53pc 19S9 

BS 

39 

Norvay t.’pc lSSs 

981 

99} 

Norway 4ipc 1983 

H 

97 

PK Banken 35 k ISSS 

941 

93} 


Vftr BM 

Prov. Quebec One 199fl 9Bi 

98c RautarnnUu 3Ipc 19SS 9.3 

931 Spain 6pc 19SS 95 

MJ Trondbclm SJpc MSS 941 

991 TVO Power Co. 8oc 1888.. M 

961 Venezuela Spc 1888 941 

991 World Bank 32pc 1998 ...... 961 

96 

98 FLOATING RATE NOTES 
,55? Bank of Tokyo 1BH 84 pc .. 99 

1004 BFCE IBS1 97| fi pc 981 

BNP 1883 8 >16 pc 991 

■1, BQE Warms 1983 9pc 8S 

“4 CCF 1935 Sipc 9Sj 

2, Chase Manntin. ’93 95|6pc SR 

Creditanstalt 18S4 8) pc B9 

DC Bant 1983 9pe 991 

10» CZB I9SI si UPC 99* 

intL Westminster 1884 Sue 991 
Lloyds 1993 SUupc 99S 

Jf* Midland inu FS ’87 8 »ispc 981 
Midland lot FS TB A7 U nc' • 9Si 
*22: Kat - Wstmlnstr. W BSwpc -"BS: 
OS* ORB 1833 SJpc 99; 


Offer BM Of 

Iff* Ford Spc 18SS fc! j 

>* General Electric 44 pc 1887 m L j 

■5 Cfllene AJpc 1887 7fij - ; 

*2* Gould Spc 1997 u*s 

Source: Kidder, Peahodr Securities. 


weekly newspaper Weltwoche in 
an interview that the prices 
obtained . for many deal® are 
below cost The business mix 
is getting steadily worse so that 
the average margin is on a pro- 
nounced downward trend, bo 
said. Sulzer is taking on “bad 
orders " to avoid short time 
working. 

Reuter 




Source: White Weld Securities. 

*j* CONVERTIBLES 
ajL American Express 4jpc "S7 911 

95; Babcock & WUcox 7po "92- 101 
1804 Beatrice Foods 41 pc 1993... ' im 
nt Beatrice Foods 4lpc 1993... 1171 

972 Bvectuno Sipc 1993 Itn 

jgj Borden ape 1982 97; 

Mi Broadway Hale 4Jpc 19S7... ,4i 

054 Carnation <pc 1997 7fi 

ooi Chevron 5pc 1983 .... lXii 

* Dart «dc 1987 - 82 

im Eastman Kodak 45 pc 19SS STi 
hi Economic Labs. 4jpc 1987 7n 
go Firestone Spc 1988 <8 


Weekly net|as$et value 
on August 28, 1 978 

Tokyo Pacific Holdings N.V. 

U.S. $70.45 

Tokyo Pacific Holdings (Seaboard) N.V. 

.U.Si $51 .33 

Listed on the Amsterdam Stock Exchange 

Informanon: Pierson, Heldiinx& Pierson N.V. HerensrachdU, Amuenhtm 


YONTOBEL EUROBOND INDICES 
14JiJ6=lQ0% 


PRICE INDEX 22.8.71 
DM Bonds 103.09 

HFL Bonds & Note* 102.39 
UJ. V Strt. Bonds 99.07 
Can. -Dollar Bondi 99.23 


22.8.78 29.8.78 
103.09 105.24 


AVERAGE YIELD 
DM Bonds 
HFL Bonds & Notes 
U.S. S Stn. Bonds 
Csn.. Dollar Bonds 


22.8.78 29.8.78 



NOTICE OF REDEMPTION 

U.S. Rubber Uniroyal Holdings Societe Anonyme 

Gii% GaaramieeA Sinking Fund Debentoxes due 18^ 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of 
April 1, 1967, there will be redeemed for account of the Sinking 


April 1, 1967, there will be redeemed for account of the Sinking 
O he “Re demption. Date”) S401.000 principal amount of tho 6ti% 

Debentures dne 1982 (the “Debentures”), at the redemption prict 

amount thereof plus accrued interest to the Redemption Date. 

The serial nu mbe rs of the Debentures which, have been selected foe redemption 
(eachTrearing the prefix letter “M”) are; 

26-1539 2508 3189 3810 4214 4933 7528 9580 
33 1553 2518 3159 3S34 4223 4943 7595 9792 

1» 1M1 2527 3265 3852 4228 5007 7732 S825 

283 1669 2534.3359 3882 4240 5125 7B5S 9898 
345 1703 2553 3389 3913 4249 5172 8037 9915 

§62 1851 2601 3409 3917 4425 51SS 3197 9938 

375 1862 2625 3440 3924 4477 5255 8569 9946 

465 1905 2632 3446 3931 4498 52S8 8616 9930 


Big 1913 
52S 1959 
647 1970 
S74 1977 
698 2029 
747 2040 
788 2182 

915 2202 

916 2256 
976 2399 


I 



3449 3934 4502 6416 8670 9976 
§483 3946 4534 6444 8755 . 9981 
§481 3968 4535 5649 3790 1002* 

3495 4041 4539 568* 8347 10060 
3S1S 4060 4587 569* 9027 10080 

•5525 4067 4609 6767 9033 10087 

§53* 4071 4621 5976 SO 61 10185 
3M6 4077 4637 6088 9095 10233 
3582 4126 4655 6230 *100 1(Bl3 
3532 4133 4703 6403 9143 10317 
1107 2417 3060 3639 4143 4708 6736 9155 10355 
1182 2427 3068 3643 4185 4820 6781 9293 10389 
1224 2434 3078 3644 4177 4862 6270 S31T 10381 ' 

1325 2444 3088 3702 4178 489g 7093 9318-10425. 

1452 2478 3123 3775 4201 4921 7363 9393 10482 
1468 2801 3131 3787 4209 4628 7389 8440 10549 

On and after the Redemption Date tfceDebentares destena^ abd re.ffffl become doejmd 
payable upon presentation and Surrender thereof, with aXTcoupcos mstetrtRf? subsequent to 
October 1, l : attadied. either, a£ the option of the holder, aiihe office of Chemical Bank, 
by mail: Ro. Box 25983, Church Street Station, New ^Sbrfc, New York 10249 or Jar 
hand: Corporate Tellers, 55 "Water - Street— Room 234. 2nd Floor North. Building, New 


Limited in London, the office of Banque Generate 


SJL taLuxembon^, tins 


office of Banco Naasonale del Lavoro in MHan' arid the office of Credit Lyonnais in Paris. j 

interest on the Debentures so designated for redemption shall cease to accme on anc 
after the Redemption Date. All coupons maturing after said, date which appertain 
Debentures shall be void. Coupons maturing on October l» ribould fie detecte d fif 
sorrenrtcred for payment in the iisoal manner • r -• 


DATED: August 31, 1378 


US. Rubber Uniroval Holdings Soddfd Am 

Bg; Ctuxmical Bonk, : 


*i ; : r r's;. - . 




• ;v'H 


t 


i 


<’ 




In 


% 




Financial Times.. Thursday August 31 1978 


, 37! 


IJSiTL. FINANCIAL AND COMPANY 



ClififijsPSGY MONEY and COED MARKETS 


Toray 
forecasts 
return 
to orofit 


BHP sees some signs of 
improvement in demand 


Dollar closes 
below best level 


THE POUND SPOT | FORWARD AGAINST £ 


“j Thiw>m>Hith" % pJ'- 


BY JAMES FORTH 


SYDNEY, August 30. 


By. Our Financial Staff 


BY DAVID BUCHAN - 
The U.S. dollar closed below its jog 


Tuesday’s 


L'.S. * 
I'lnadiu ( 
miU.Irr < 
Belgian F. ’ 
IMni-Ji K I 
U-M»re 
IVw B*r. i 
s>f»n. JVa- | 
Lin i 

selling I 5- ! 


7*4 l.:565-1.361Q I JUDO- 1.S420 0.5S-D.4Sr.l>lii 2.97 1,72- l.lSr.pni 

9 2.2240-2J37D l2.ZiOO-2.2S20 0.i0-0.40.-.|.m. 2.42 , 1.20- 1.10c- P™ S.BS 

4«1 4. 17~4.au 4.-1M2U n-i-ILiMWi 5.71 -6Jp.54ai-.piii I 6-60 

S . 80.55-6 U5 60.6&-£0.75 20-10 .-.in.. ■ 2 97 i60-SOt-.|.in 3.62 

B | 10.E4-1Q.B86 lB.6Bi-lB.6B* i«r-2 i.n* iIji .—1.13 .3i-8j »**• I— 1 - 7 " 

i \ 3.85 -5.8BJ 3-6Bf.-3.86i 5 2 •■■■■ 7.77 8-7 14 [-in 7.77 

18 > B7.50-8B.76 B8.0B-88.6D 30-150 .In 19.03 WWW v. dis '—».** 

a 1 142.50- 145 -W 143.00- 143. 15 50-150 -8.35 ; 160-250 .Uf- -5.57 
11*2 1,618-1,626 1J2B-1.621 3* 5* lii* 1—3.33 15-16 Hr* ills S.58 

7 >10.15-10.2# ,10. 16i-10.lt* jorruu»l:>li>- D.23 2i i pm 0.48 
9 >2 1 B.44i-B.50 1 8.4&: -B.46f 2i- 1* r.pi.l : 2.84 3A-4* r. |«i. j 2.56 

ci.- •«••• i « “ ' 3;-l; on.- | mi S.I4 gj-oj ■ «? |.ni : 2-32 


A STRIKING turnround from THE directors of Brolcen Hill production dipped slightly from ore and coal. Iron ore shipments best levels against most major triggered by the July trade £*2?' i ?!=' »■«»■■■? 
|ufem to profits was forecast yes- Proprietary Company, Australia’s 7.47m tonnes to 7.36m tonnes, were in line with those of the curren.de? in yesterday’s foreign fi g S re s Trading was described y« , al ?i ‘mum 
terd3y by Toray Industries, the largest company and its sole and despatches to the domestic previous year. The directors said exchange raaiket with conditions as verv moderate Aum™ g-‘- «- 

largest producer of - synthetic steel producer, were cautiously market were almost unchanged at the marketing . programme for described as being fairly active. L at g yesterday the dollar was Ff - 

libres in Japan. optimistic about the outlook for 3.75m tonnes. Exports of iron the Deepdale iron ore project in Early trading saw the U& -cur-- nllotei the mark at 


AtiUnn SeJi| 41 s . 27.90 2B.06 


ibres in Japan. optimistic about the outlook for 3.75m tonnes. Exports of iron the Deepdale iron ore project in Early trading saw the LLS: cur- nUQ ^ d -against th^ mark at 

The company made the predic- the group in 1978-79 hr. to-day’s and steel fell from 2,77m tonnes Western Australia was con- rency slightly weaker but nens Duiq9 ., s 'iDMlASSn last niehti 

ion when unveiling ite consoii- annum ronnrt They said the to 2.54m tonnes, which assisted tiouing, but the recession in the that some l'.S. banks had 


i 8.46: -B. 461 
I 8.60-3.61 
t 366-566 
f 27.90-28.06 
> 8.1S-3.20 


3.10-2.75 yl'i» 
17-7 Rt" i'.iii 
57-2; 


9.56 id. 25 7.90 jrpin’ 6.60 


5.15 '56-26 Bn. I'D. 
1 1.27 ii-7; c. pm 


tion when unveiling its consoii- annual report They said the to 2.54m tonnes, which assisted tiouing, but the recession in the that - U S - hanks pad SwFr""" Trass 

dated results for the year ended importance of government significantly in maintaining the world steel market meant the increased their pnme rates by § p iw235i aeamst the Yen 

achievements in redudng the level of operations. B immediate outlook for additional * P er . c “* to „3 posted ***** 0 fY& S « d i ulntt 

compared witt^rofite in uflS remateS^dent^^ete^ InSu rapine r ° D “* Was - - DOt telow uf be” &“iB iSlis SI 937o1&L.9460>. 

to prjffitTof YTbn is expected. “ eoononuc activityhad a des most of the year, although there On the oil and gas activities. inBa oon rate cwld^continue to n31f diuSscSbSSIS wi th I 

However, the company’s losses pressing effect on both local and was an -encouraging upward the directors pointed out that the accelerate. mf l.^parlfer *-*•« 

last year underline the extent of overseas demand for most of movement iir prices for orders proportion of Bass Strait crude Against the Swiss franc, the of mi * raaf 

the recession that has gripped the BHP* products. _ , booked in the later months. This receiving import parity, less a dollar touched* SwFr 1.6570 at one 50 me sources su«cested that the 

Japanese textile industry. Toray*s “None the less, the Australian followed production cuts by the production levy of AS3.D0 a bar- pointafteralowofSwFrl.6220.lt dollar mav stahlli^ arni nri it* 

consolidated sales Itftmr dipped economy does continue to grow Japanese steel industry, the pel rose from 19 per cent to 26 “ curreni leveJs Sad of any 

by 3 per cent to Y484.4tm while slowly, and some signs of im- introduction of a trigger price per cent on July 1. The report* I , so H *ia»>»»iE H .«n, 1 further news out of the 135 

proved demand .for steel -are now mechanism for imports into the was written before the 1978-79 ■r 2 ’**| rpciirzil 1 1 I I oXcSl intervention \vas not 

appaTent - Ex P° rt Prices for U.S. and minimum prices stipu- Federal Budget, which imposed | F REllCfif J_A*— J detected at the fixing akbou"h 

Grou^S^er fo? the St^l have risen.” they said- lated by the EEC. These im- a much -heavier levy on H con- ^ 

ve^ is exMcted to emerce at . BHP . previously reported a proved prices occurred too late stimers on remaining production 
Y490bn ■ • jump in group profit ‘for the to have much effect on the year’s to lift all oil produced to world 

Toray’s results compare rela- y Mr ^om A552in to AS84m results. Moreover, the directors parity, 

tivelv favourably with, those from (DBB97m) mainly due to a lift said that demand levels overseas The directors said they be- 

Kanebo. where a consolidated loss in earnings from ail and gas from remained far from buoyant.. with lieved the government's recent 

of Y9.35bn, or S4.9m, was incurred A$79m to A5104m, and a reduced strong competition for the avail- decision not to impose a secon- \ I ZURICH— Although above its 

for the year ended April. Unlike loss of A$43m from steel able business. dary tax on earnings from “old - a: - r 7 - worst levels/ the dollar was some- 

Toray, Kanebo declined to pro- operations. Continued recovery in export oil was correct, and to have done -• _ what weaker against most major 

tifriliy r?^S!ri?t l r V rf SSSSi? 1 ** The report. ^ disclosed that prices and a higher level of so while imposing an artificially - 11 currencies in moderately SSe 

ite fuUy w^hdated aceounte. orders for steel from Australian domestic demand were the factors low selling price on crude pro- ,tL ~ trading. Recent measures to 

E$iS£ fihre customer s rose per cent dur- looked to in the immediate duced would have been unique - improve the dollar’s position have 

divisions fnvinn aervlie and na\V. *** *** year * ^ he automotive future for improvement in the and. in terms of national objec- 1977 ibtb been nullified by recent trade 

/.hirh SLrT industry, - historically a large group’s steel business. tives of facilitating exploration 12 -- /s-d'Jd'j 1 , l »‘ hVj ' jV '- 1 figures for July. The authorities 

account for some S3 per cent of ® ar l cet * was particularly affected The lower contribution from and the financing of subsequent “ had declined to intervene early 

total sales A relative newcomer and orders were at their lowest the minerals division was development, counter-productive, closed at SwFr 1.6460 compared on in the day and the dollar was 

to these markets, Kanebo is level for four years. primarily due to the world-wide The report showed that the with SwFr 1.6350 on Tuesday, quoted at SwFr 1.63171. up from 


Belgian rale Is (or co avertible francs. 
Financial franc 62.69^2.70. 


Six-month forward dollar 2 4>C.We pm, 
12 -worth 4.50-1.4UC pm. . . 


THE DOLLAR-SPOT 


FORWARD AGAINST 


FRENCH 

4 FRAMCJ 


One mantti p.a. Three months 


BJ18-0.D6C dfs —1.1# 0 J2-0.MC dll 
B J9-0J4C pm 3- B9 1. 73-1. 88c pm 

flJCcdls-JUcpin— 0AV 0.tM.Hc pm 


hB7B ■*“='»«»' 

l — l I — L-i-J— I..J 

0 J f M A U J 


Official intervention . was not 
detected at the fixing although 
there may have been some support 
through interbank dealings. In 
later trading the US. currency 
stood at DM 1.9927, an improve- 
ment on the fixing but below its 
best level of DM L9975. 

ZURICH — Although above its 
worst levels, the dollar was some- 
what w;eaker against most major 
currencies in moderately active 1 
trading. Recent measures to Aus«m » 
improve the dollar's position have I 
been nullified by recent trade 
figures for July. The authorities 
had declined to intervene early 


B.7*4.71pf pm 4.29 2,»i54pr pm 5.19 
4J04.79llrtdii -5JM 12.75-li3uiredic -5.9* 


DJ242ZC dip -853 D.lS-8J5c dis 


LIM-Mr pm 521 3.HU.BSy pm 


UA-lJBc pm 7A1 3J2-3J7C pm 


CURRENCY RATES 


Special European 
Drawing Unit at 
Rights Account 


. .generally reckoned to have been Steel imports also affected downturn in demand for steel group’s liquidity at the May 
_ forced into price cutting on a more some of BHP*s subsidiary and industry raw materials, which was balance-sheet date was sou 
' substantial scale than most of Us associated companies. Raw Steel reflected in reduced prices for with liquid funds of A$233m. 

competitors. . . : ! ; - 

Toray said yesterday that a 

sluggish domestic synthetic textile MEDIUM TERM CREDITS 


el imports also affected downturn in demand for steel -group’s liquidity at the Mav 31 1 The West German murk closed Us morning low of around 

of SUP’S subsidiary and industry raw materials, which was balance-sheet date was sound. I slightly firmer at DM 1.9690 from SwFr 1.6300. 

iated companies. Raw Steel reflected in reduced prices for with liquid funds of A$233m I DM 1-9910 having touched PARiS-^The dollar staged a 


market and a drop in export sales 
due to the yen's sharp apprecia- 
tion against the dollar were re- 
sponsible foe the sales faM. Factors 
contributing to tbe year’s lasses 
included a sharp fall in parent 
company net income and a slump 
jn some overseas subsidiaries, in- 
cluding a Hong Kong-based opera- 
tion. By contrast domestic com- 


Further small loans for Spain 


compared with 8.9 per cent 
previously. 

Sterling opened at $1 -94:50- 
1.9445 .and with an initially 

, , . „ weaker dollar, * touched a besl 

SPANISH companies are con- arranging a $45m 10-year loan four years rising to i per cent level of $1.9510. However, posi- 
tinuing to raise relatively small through a group of three banks, with three years grace. tions were reversed during the 

The 8500m 10-year loan for afternoon and tbe pound 


BY FRANCIS GHll£S 


a lDW jioint pi. um iJOBs. currencies following moves by Pc»i* v.us 

Using Morgan Guaranty figures some u.S. banks to increase their Swrod.sh krona samm 

at noon m New *ork. the dollar’s- prime rates to 91 pec cent' from 9 Swlss trmt ■ — 2 - n,m 

trade, weighted average deprecr- per cent. In early trading the 

ation widened to _ 0.2 per cent dollar was quoted at FFr 4^6321, 
compared with 8.9 per cent up f rom FFr 4.3475 earlier on but OTHER MARKETS 
p reviousl y. • dow-n on Tuesday’s late level oi 

Sterling ojiened at $ 1-94:50- FFr .4.3750. 


\ CURRENCY MOVEMENTS 


Bunk or 

Morgan 

August 30 

England Cuaraniy 
Index changes °o 

Sti-rUns 

Mm 

-41.0 

li.S. dullar 

.. 84.2 

- 9.2 

I'jnjdun dulljr . 

81. S 

-15.4 

Austrian M-hilllng 

... 100.4 

■MS.l 

Ki-lrt.in frjm- 

.. 110.S 

+ 12J 

ram.sb kron>- .... 

. UlS 

* n.b 

neutsebe Mark . 

.. 141.7 

+36J 

Skis< franc 

100.9 

+9X8 

t iuild.-r 

. llD.ft 

+ 17J 

Fri-rnil Irani- .... 

99.7 

- 4.2 

Lira 

... S5S 

-47.0 

Y.-ii 

164.0 

-f 52.7 

Based nn trade 

wi-ichii-1 rlMncPS frem 

Washington aicivo-rm ni Di-rvmkKr. 1911 

(Sank of EncJand 

Index = ion i. 


TOKYO— The U.S. dollar con- 
tinued lo suffer the effects of 


£ 

Knli-* 


panies owned joiotly With foreign loans in tbe syndicated credit PK Banken. Svenska Handels- 
partners “ performed well.” market: the latest of these is a banken and Hambros. The 


>'«>- i u Jv*< eSSOhn trario anrt AvxwittiiA IW»... 1.610-1.614 ( 629.46-63 l.S5,.\u».n« 27.30 2B.SO 

during the J r “* ®!r?L , and Aurt»U«l)olUr.....;1.6B4O-l.e.910 0.e«85-u.a69fl 62IC-63I- 

und fell to fel * 10 V 88 - 20 al 0 " e P° jnt before Finland l Markka.... 7.9370-7.95S0 4.C96O4.C960 'Hpnumrk 


Setback at 
Steelbrite 


MILAN— In early trading the K™-ah i wTk'iV. o.526-o.b36 o.Z7ioti.a76o NrtTX'Ji.V'"”'." 


10.6U-10.75 
8.42-8.52 
3.80-3.90 
1600-1630 
37a 380 
4.13-4.23 


3 Ok Jll cent for the first three years under 1 per cent.- which is the largest ever raised' Bmrtf of England figures, ... *®!s j KunttiiimrikDi o.526-o.bS6 o.27io-o.a7so •Nt4i»*rian>i 4.13-4.23 . 

aLA. dl ridn. tn : n.r PMt fnX»mnL ^ sterlings trade weighted index dollar continued to lose ground Fmi* 60.65.fc0.75 ; 31.26 3129 l.w*** • 10. 14^ 10.24 

1 •! nsn „to t per cent for Com pan 1 a jj, South-East Asia, the b F the Province in the inter- unchanced at 62 4 havm* a = a ! ns t the lira as economic u«'«vmi iwi«r..... ■ 4.454.46'? 2.2980-2-3(.20 i , .. r ui l ;«i 85 92 

b„te SSST*. JSffi p= “ SSW.b»-«£S5Sr SssssfSSS^ay 4 3$SF* &X& 

bubg August 30. hattM Ltd . SS od rscjts of" p2 '£% *2* *“ «*-«• * * ££ 7 0 Z - Tbe r h a d , V ^ 5j® rifA^?SS?»:i:S253-.l?Sg J5E4S 

SESSION in South Other Spanish utilities wiU be cent for tbe first five years rising pe T r ce ?\. SI J / h ?. d 8 the P reT,0llsr ^ oi 

•uilding industry is rais i ng ]0 aas in the months to to 1 per cent. Part of the pro- ■ . In L “J ro . America. Empress better than expected day follow- LS4o.3u. 

in the preliminary come, but one major operation ceeds of this loan, which is being Lineas Magmas Argentina s *s - — — — » — — — ■ -■ - ■ 

n one of the country s f 0 r the Kingdom is widely led by Chase Manhattan Asia. a rr an 0 mg a S50m. loan for II 

hen equipment manu- expected. will help refinance earlier loans ?S ars 't 1 ^ 1 a SH rea ? * p £r EXCHANGE CROSS-RATES 


JOHANNESBURG, August 30. batten Ll 
THE RECESSION in South other i 
Africa's building industry is ra | S ins ll 
reflected in the preliminary come, bu 
result? from one of the country’s f or the 
larger kitchen equipment mauu- expected, 
lacturers. Steelbrite. After a _ 

flrsl-halE net loss of R152.000. PI 

the company has now reported a ? , a . 


142-1451- 
3.15 3.25 
1.93; -1.95 
39.0a42.00 


Rate tires for Arsemlna in free rate. 


lacturers, Steelbrite. After a ‘ . hn fnr ac arranged by this bon-ower. throughout. The loan, which is 

first-half net loss of R152.000, This operation may be for as ® -• co-led by Commerzbank and Bank 

the company has now reported a ]? uch » ^lbn. but any higher Korean Airlines is raising of Montreal, carries a sovereign 

further d«u priora r inn and a ln« figure is firmly ruled out in S124m for eight years carrying guarantee, 

of R695.000 ISS00.000) in the Madrid - Spain is expected to a spread of 3 per cent The pro- The Republic of Liberia is rais- 

second six months to June 30, borrow about SI bn less this year ceeds of this loan which Chase ing S60m for eight years. M-ith 

iQ7S than was expected last spring. Manhattan Asia is leading and three vears grace, on a spread of 

‘ 4fter the first half Steelbrite. ^ Kingdom has already box- Korea Development Bank is it per cent This is the second i ntfM ^ K _ ne 
which is 637 per ient owned rowed S1.4bn so far this year, guaranteeing, are earmarked for time this borrower has come to 5EM ?' lu 

bv Johannesbure Consolidated about S400m more than over the the purchase of aircraft. lh e market; the first time was* 

Investment, predicted no second-. sanie e *fibt month period of last a loan of 832m for eight in January last year when il 

halF improvement despite a >'?a r - years has just been signed for raised a 530m seven year loan 

rationalisation of its manufactur- Another European borrower is the Kingdom of Thailand: lead on a spread of 2 per cent. Chase U*i»d«n (toiAr 
ing divisions. The same predic- currently raising money: Assi manager is Grindlay Brandts, Manhattan has received the man- **»■ «> 

tion is repealed for the cnrrenl AB. the Swedish state-owned and the borrower is paving a date for the latest loan, as it did 1 • 

period, and with lilUe likelihood producer of sawn timber, is spread of J per cent for the first for the first 

uf new building starts recovering 

in anything but tbe medium 

:» ws ,o - profl,ibimy is Seacorp first half rise ami reduces 

Richard Rolte adds: The indus- UIOI UUU 1WV 

trial conglomerate Calan, whose • » .mmim * . fllVIflPnil 

interests range through lighting. BY WONG SULONG KUALA LUMPUR, August 30. UIVIUC11U 

SSl iic n fi«t irofivT’srthLek SOUTHEAST Asia development sluggish results. Harper Gilfiilan By Our Own Correspondent 

ERA !?..= i SSI CS “2SS- J'JS'aM SYDNEY. August 30. 


SltrJinj; 
L : JS. U,.||*r^ 


| JVuii'J Merlins, 


l»eui»cHeJliri.jJrt*»Me Yen | Kreooli Knutcj s»wiw Pnuie | Uutcli CJuiMe/j lialun Lint , Can«Ua Di-llar Helumu Fran 



Seacorp first half rise 


BY WONG SULONG 


KUALA LUMPUR. August 30. 


AMI reduces 
dividend 


EURO-CURRENCY INTEREST RATES 


Oinvlmn 

JCluilar 


IV. IJWhr (l»uuhGmlJw 


(■emu 

Mirk 


French Frano 


JafMDwc Yen 


the Berhad. 


Malaysian-based , 


1’» months in luni» ’in On hirn. maiaysiau onaucc mu 

over up from Rl2lm‘ tn RI32m the^Ma^sbare 

(8153ml. income before tax fell on ^ b0 ®? 1 P 
from RS.Tm to R6.9m <SSin). ^ l 
After adjustment for minority in 

interests and tax. net income was com P? n - v bas a -i® 


By Our Own Correspondent 

SYDNEY. August 30. 


Malaysian finance’ and invest- trading and travel group, has, ^ ou. 

ment company, continues to ride produced an encouraging set uf j ALSTILALIAK Motor Industries 
on the boom in the local share half-year results, with pre-taxi * £MI». 

market , and the high liquidity profits rising by 45 per cent to Sridend^from’ 

in M, bunking yym. The 4-lm ringgits (SISm.. f|T jSfS*5 SS 


ttilwrt Urn i ; 12-13 

1 DM l< r| lu- 1 1 

Unillfa ' 10^-11 >4 

riin-i- iwinth»... llia.111-- 

s« ■ii.-.ntflf 1 11 it- II. 2 

Oiw Zllz-i I if 



7 >8-746 
7 56 -?7 fl 

si* -a* 

8ig 8 if 
M-HI4 
10- 10 >4 


32-3S 

1Z1-13N 

1314 

13i = .t4>j 

14-15 

J4U-13I, 



The foUmrin; nominal rates were nuoied lor London doUar cerlificait* nf deposit: One monih S.4M.S0 per cent: three inonUu 5.66-8.76 per cent: six month* 6 66-8 65 
■ cent: one-year l.iun per ivni. 


Long-term Eurodollar d-rsj&iis- nip Tears &l-#l per omt: three years 91-91 per tent: four yea re BSis- 97,6 per cent: fire years 91-9} p’r cent nominal clnslne rat-i, 
5bori-icm rates an- call tor sterling. U.S. dollars and Canadians dollars: two days’ notice for guilders and Swiss francs. Asian rates arc closing rales in Singapore." 


interests and tax. net income was po ypa n> nag reporxea a per Sales dtmng the six months 1 a 3 per cent fall in profit for the 
down from R5.7m to R4.5m. On £!?. 1 b - v . on ‘y cent t0 : year to June 30. from $A5.87m 

this basis earnings per share *!!£ J? 2233m ringgits (S96m). . to 8A5.6Sra (U.S.S6.6m). 

were down from SI cents to h5 , q tSI’ !unt tn The group said there was! Turnover for the year edged 

61 cents, but the income state- P J ceni 10 Ba,in every indication to believe tballup 1.1 per cent From $A252m to 

ment lakes m net attributable «nngiis umiiuij. results for the full year would jSA255ra (U.S.S294m). Earnings 

income of associates of RU-7m The interim dividend is un-. show a satisfactory advance over per share dipped from 47 cents 


INTERNATIONAL MONEY MARKET 


GOLD 


for earnings, by this reckoning, changed at 15 per cent. 


down from 88 cents to 70 cents, i Meanwhile, alter three years of 7.25m ringgits. 


last year’s pre-tax profits of; to 37 cents — leaving the dividend 


| covered more than five times, 


U.S. prime rates up 


MR. YASAR’S TURKISH CONGLOMERATE 


Firmer 

tendency 


Object lesson for entrepreneurs 


Several U.S. banks, including Call money quoted for the Belgian by the same amount to 7 ic- 7& per B y y 

Chase Manhattan of New York, franc (commercial) eased to 51-7 cent. Six-month was unchanged » 

have raised their prime lending per cent from 7-9 per cent, and at 7J-7J per cent, and 12-raonth r „, H . «. a . 

rates to 9J per cent from 9 per one-month money fell to 6J-6I per declined -ft per cent to 8.V8& per y ® ® unc 5 In 

cenL This is the Gr>t rise since cent from fij-7 per eHL Tfarefr- cent K ^ ""itt 1 y ^1 r \ 

the 9 per cent level became month funds were quoted at 7i FRANKFURT imprbanir cone tum* , e 1X1 P ta . 

general ai the end of June. The per cent compared with 7J-7* per -.Jnev^^Fket rates ieSun tllJ a H d r “ cl l ed 

U..S. Federal Re»rve entered the cent prev.ouSy. »bite eix-momh 


BY MET IN MUNIR IN IZMIR 


iervv enierea uic cent previously, wane sjx-raonui r Kj«nD»ri from Ui nor rant fnr ^7Z ’ " 

money market in early trading and 12-month were unchanged at S a n monev°to 4 15 rent for StrThJ 5 £Ofi$-20t4. How- 

yesterday, to make ovenught 71-71 per cent and 7J-7& per cent c?Y-mnnth y 1 41 1 * f er lhe .? orn ‘*J R t Vf. tns proved 10 

repurchase orders. This injected respeclive/y. s ^ something of a dissapointment 

liquidity into the market and . SINGAPORE- — The Bank of with a pnee of $206.60. The after- 

helped to relieve upward pressure AMSTERDAM — Call money Tokyo is to raise its Singapore noon fixing reflected the easier 


AMSTERDAM — Call 


DENMARK can boast an unusual Turkish 


500.000 capital trial paint needs and 30 per cent 


personifies 


and in 1 rig u mg figure as its ($20,000 at the present exchange of construction paints. strongest and weakest traits uf 

honorary consul in Izmir— Mr. rate) he started off. Gradually Thanks to Mr. Yasar’s pioneer- most Turkish industrialists. Like 
Selcuk Yasar. It may seem odd the small family workshop was ing work in the field Turkey is lhe biggest three, Sabanci, Koq 
that a man whose consolidated transformed into a high-powered now Virtually self-sufficient in and Eczacibasi, he- was Tar- 
sales went well over 3100m last factory’. paints. sighted enough to see an open- 

year should concern himself Mr. Yasar’s new enterprise. * a 196S Mr. Yasar went into ing at a time when Turkey manu- 
with issuing visas. But an established in 1954, was the first another profitable business with factored almost nothing- The 
examination of his 20-year-old 0 f its kind in Turkey. It now the Danes, establishing the characteristics of the market — 
business empire shows that he is supples the national market with Tuborg beer plant with United high demand, protection from 
the idea! man for the job; Mr. auto and construction -paints. Breweries. 'Working' round the outside competition and lack of 
Yasar's fortune was built on -his Coiofan. paint brushes, under clock* the Izmir Tuborg plant is any industrial base — led Mr. 
Danish connections. licence from Britain’s L. G. °o w bottling 450,000 hectolitres Yasar and other industrialists 

In the early 1950s, Mr. Yasar: Harris, and micronised minerals, of hew annually and has a 840m “to manufacturing high volume 
went to Denmark to buy licences Last year the sales of tbe paint expansion programme awaiting ?od -high velocity consumer 


as federal funds traded around remained easy at 4-4 per cent, prime rate to 74 per cent from trend at $204.80. However some 
34 -S$ per cent Later on rates w,th one month quoted at »-5i per 7 per cent from tomorrow. The buying interest developed later 


strongest and weakest traits of continued to rise to 8ft per cent. cent, compared with 5-5* per cent last change was in October last on during the day with the U.S. 


National 


yesterday. 


month eased V.: per cent to 7-flr was dealt at S3 per cent, com 


change has not been expected. 7,v per cent, and three-month fell pared 5} per cent previously. 


UK MONEY MARKET 


In Frankfurt the 12J kilo bar 
was fixed at DM13,143 per kilo 
($205.97 per ounce) compared 
with DM13,000 l$199.94) on 

Tuesday. 


shop in Izmir. At first the The two companies, DYO and Turkish Government looks But Turkish industrialists be- 

Danes did not take him very DYO and Sadolin, manufacture askance at the expansion of 9? me addicted to ihe no tiop that 

seriously but eventually they more- than 60 per cent of majority forcign-owned firms. 

agreed lo do 3. deal and with a Turkey’s printing ink and indus- „ Last year Tuborg grossed 

— — — ; 368m Turkish Lira (819m). bothered^ te export. ^ ^ 


Very large help 


Guhl Bullitm \jl imp 

"Uncci 

r '° 8e - - S206-JU6J ;S204;-20fc 

OiwiiJK S20B.2M-J ;iUaaA-l8fll 

uornultf lixiOK_ S 206. GO 'sihIm 


SUSSSff “5SS7. S2^l 


“To tel! 


the trulli." 



Bank of England Minimum 
Lending Rate in per cent 
(since June 8, 1978) 
Day-to-day credit was in i 


circulation. 


surplus balances carried over by expected today. 


modest ing the overall shortage of funds Aftcmooii luini;.... s204.eo 


1X106.005) !i'X1B4.D60i 


the banks. A very large amount of help ^nm^TuViiv 

These factors were outweighed wa# given by buying a large K’niBcrrami 

by the unwinding of a purchase number of Treasury bills from the . 


•C106.5B3I .£105.975) 


Tj -r * T VIZ ■ tive confessed, “ex porting for us ««y-w;oay wemt was in un- oy tne unwjnomg ot a purenase number or Treasury bills from the 
bv d tt^anSi nrP Thii fhereis ** D ° mSethan a bobby.” The f^^5 d ^ rin ? v 0, l a s “ pp! L !" * h f and resale agreement of bills, and disct>UJ1 t houses, and a small 
the -JUU? ^YuOM (GoSeS es P° rta of Turkey’s 10 biggest yesterday, a net take-up of Treasury bills. amount of local authority bills. 


,*210*413* 


.iXluaO-IIO,,..l;l06Mo9; 1 
New boificIsH — »53j-61i jSM:-S0i 

. iX30A-i1ji -i£SU.51i 

UW Jjorerelen# *5B; 61J jSSaj-fil* 


The Republic of Panama 
U& $70,000,000 

: FloatingRafe Seriallsfcifes due 1990 


the^AJtin Yunus (Golden lit SeTSK lowing a forecast of o slight ITie amount of ass^ce given ? Q&SL 

Dolphin) tourism complex, the than^seoin 6 ^ s 5?!?lus on the day. The excess by the authorities was probably 8 ‘® , per C.8d cv*m* 4 * ,-C30j-ar.i 

biggest in Turkey and also a ,n cent ^ total of Government disbursements over rather more than the market .! ,,,ern * , " , »“i*.v : I 

joint 'venture with the Daxios. ^ 661,1 °* “ eir revenue payments to the should have required, however, day. wJUiMriy money command- xrufiemiu,i MJS MS iS2io-s ia 

whiaf grossed over 40m Turkish Exchequer was not as larce as and once again banks are expected ing “I" 8 ’ percent. Vew 

The complex is at --SSSSeTSidB^B hreom? In to bring forward surplus balances. Rates ^ the table below are *” .juTS* Lombii 


vhifif groased over 40m Turkish 
Jra f?2m). The complex is 


‘“ c ‘ ^ “““ revenue payments to the should have required, however. ? ay - e 7^V “ ODey wniniana- 

Exchequer was not as large as and once again banks are expected ing p€p cent - 
conceivan.^roe present g-ave expected, although the market was to bring forward surplus balances. Rates in the table below are 
ono “i c Cr ¥ ls “ also helped by a slight fall in tbe which may go some way to reliev- nominal In some cases. 


SJS’iASirAS-s-L-fc as S 

near hmir * ^ ■ « r • 


For the six monflis . 
3 ZstAuguffL 1978 to 28 fliFebruaiy, 1979 


ne 5T **™* r _ .. . . Turkish private business. ’ The 

The -Yasar group, which cele- 3C vte foreign currency shortage 
brates, its 10th anniversary as a final! v begun to bile into . ■ 

^ 0ldl S? S? mp3ny : ls ° Q Y QQe °j the biggest groups by diminish- LONDON MONEY RATES 

the 10 biggest in Turkey and Oieir imports : 

consists of 19. diversified com- Yas ar Holding's paint factories, . ' r^SJES- I . 

panics and two foundations em- fDr instance, are working at half- ^ ' ' 

ploying 3^00 people. The overall capacity because the government — 

results. . show a spectacular does not have the S7m to spare ,,v «iqhi — 


IUd Sovt-rt-lRno -569?-61,' 

'*30t3MlV 

SIC fc» c lv*- ilbl-lfcB 

S? Engirt. 5111-116 


(£38,1-3041 

SSBJ-BI/ 

SUU-SQ7 
S 160- IBS 
SUD-115 


'Iriwwl 


i,<ll ;L,»nl AuLb. 
Intettocnk ArtUontj- ; qeftOMibto 
rtCfi.ii.tl' 


Finanrr 

Hww 

Dejxwit* 


i Div-Minl ' 1 Xlijphle [ 

Ccwiproy 1 uimrtteL \ Ttttaaiy ! Bask {FItoTMI* 
UrpoaliE I KepofU I Bill, 4 . I Bills 4> I UiUnf. 


MONEY RATES 


growth, typical of most large tor their import requiremems. ? "I* 1 **- “ 

n?iuato imfnotnol - owAtinr inri n _ j .i I i ^ Ul 




Inaceordan&a wfth the provaiona of die Notes, 

- notice is hereby g*venfhalthe xa» oSaaereat 
has boon fixed at lOi per coni, per bxmum, and that the intereat 
payai>l& cm tha r ©lavanl ssHeaust payment dale , 28th. 

' Febriwxy, 1929aganwt'Coi5xniMo.lwSni>o-irABBiS-3S 


Private ..industrial groups and go far both Yasar and the other 7*v- ww. ' - 
paradoxical in view of the biggest holding companies have One a»mfc ... • 9 ^- 9 ,;. 
economic crisis. * continued in make fat profits, , 2^’S 1 ? 

Consolidated sales: in 1977 their import channels staying 
rose by,. 38 per cent compared open, due to th'eir long- sw mam fa... si,' 9 .*; 
with the -previous year to reach established supply lines and — — | sia 

2 -lbn Turkic lira (Slllia). equally important— to the sharp lu<> *'«■»*•—- - 

The increase in profits was 85 increases in their sale prices. u«i aoibotiir and 



NEW YORK 

Pritie Rale 

Fed Funds 

Treasury Bills MT-Mef*? 
Treasury Bills i2B-i,-erki 


GERMANY 

uisconm Rate 

Overuifihi 

One month 
Three months 
Six months _., 4i 


FRANCE 

Dtseount Rjio 


The Ihdi wte jtel Bw k ofjgp w, Uta S M 

. .XgtfftBaadq 


I tile increase jn pronts was eo increases ill their sale prices. Local aoibortiy aas finance boust-f. seven days’ notice, otbers' seven days fixed. • Louser-tertn local anmontir HiD Ht 3 » utscoont Rjic 

per cent to the equivalent of But given Turkey’s bleak wm .aa^a mnr duev yean. u;-ii* eer.-: four rwn m-llj p* ■arn: five yeore 12 oor crat. ® B»nk WU rales In table hnnrn,.lii 

S12m • chnrT term outlook neithor nn “* baying rate let prune pera-r. Buying rules lor loar.jnonlh bank Mbs 93jb-8lS2 her ccnr. four -month trade bills s; per <*Sil v 

. . • , . soorr-term OUUOOK, neither can Approximate s^iuns rales lor ora-mooib Treason- bills suit per cento and two-im»ntb &3sj^ per otm: «ad rhrvtn^Ih Iff** monr,1 ' i 

Total assets ID 1977 stood at last long and, in the words Of fi«-SUin per cum. Apprmumdtc seams raic lar onr-mrrcit Dart; bUte per cent: two-mouth 9! 11-9*33 per eeirti aodrhtnv stl viontUa 

’L3bn Turkish Lira < 5120m J. 30 another Yasar executive: We Siit-Wss txsr ttsm. fine-rponih trade bills V. vrr cent: twcMMUO 9* ocr cent: and also tltrire-tBootb 94 per cent upAu 

pcr ceot bigher tbu the previous will e.ther l«m bow » wort Sw gr ^°".^T. L J^- c ^3 

year, . * . • or expire. Tresmy eiap: Average u-ndrr rates ttf tiacoant 8J0(C pt-r ccM. W anL £?.P. f j ncondjt ionti ■ 


93 

7 

72$ 

7A75 

7.S12S 


BUlfc biiconn; Ran ^ 

































Financial Times Tlftn^^:^ugust133? TfSTS 




Wall St. firm despite increased Prime Rate 


Indices 

NEW YORK-do* joses 


16 Asturieirae. 


INVESTMENT DOLLAR day to await the delayed report on emment authorisation for a Dom tar at $21* and" Pacific Pete at Industrials, Daltons gained .1? 

PREMIUM leading economic indicators which Comsat led consortium to set up 8371 added 50 cents. Imperial cents to AS1.6Z on the .revised bid CocjrenlU Gejacrt, and Comwfc 

S2.60 to £1—01% (901'Vi) was oriainally to have been pub- a domestic satellite service. Oil “A*’ at $205 and Seagram at by Carpenter, and rose SoJvay fell BFra lonna amma 

Effective $1.9410—12;% (422%) lished today. . Steel shares weakened on a re- §28* put on g while Xvnm S cents 10^74 on Unalj; g 

SHAKING OFF a rise in the Prime .Speculation in earnim? issues Pori that steel imports rose 31 per gmsy at J 0 ™? 1 ** _ t A g2o* buP'cs^raefi l C cent to AS3.30 Pelrofina was unchanged but Its 
interest rale, stocks finished nap- continued to be heavy, causing cent in July despite the trigger Ml i and Moteoa A at $205 tat, <SR firmed \ US. and Canadian uniLs eased, 

rowly higher in active trading on some concern An internal memo price mechanism. edged up 2a cents. and TNT 2 cents to ASL27. ^ ^ “ 

bargain hunting after two days of to brokers at Drexei Burnham American Stock Exchange Dofasco "A" at $27 and Uraniums were quieter, with r prrnnnv 
fiorlimvc Lambert urged “extreme caution” prices rose sharply in the heaviest Hudsons Bay Company at $22} Queensland Mines losing 25 cents u,au J 


I I » • 1 i • 1938 •bllW l fiir.pilat* 

%Sjk i*5M sr-I'sp i ■*[!*. i-**. 

nd Sofina 1 • “** i ! • A 

were firm iminrtrt*i_. sH.rcsnjtf a»u*«sii.6£ B97.BfiS87.no: aw.it ; . wsi.fft «i.» 

on fixing. i ‘ ' ’ UMJ f <a«2} p f-sa 

U5 . i . ! *ili I tU;7> ' • 1 

eased. TtmnKMft.... ?«.S7 2«.«. 24s. 7a; atf.Dfc sm.ii, 2&1.GG; 2ai.11 \bs.si 27S.38 is. ^ 

• ; - ' i 1 1 |E*,W ; >9/1) ; ; «J7 .«* 


ai;7) J 1 

tKf.il 875.88 li.'t 
-9/1) ; ; «J7 .W* 


declines. 


Lambert urged “extreme caution” prices rose sharply in the heaviest Hudsons Bay Company at $22} Queensland Mines losing 


UUliUfK.... 10S.4j 106.16; 1K.W OUL IDMBj W-86 1RW ' 182.84 i 1BJ2 ' 10J-O 
; 1 ’ i • • ti;li • tfSffl 'EM.WiatM'Wj 

is- t i l 


lod. dir. yield % 


However concern that U S infla- on gambling stocks and expressed trading in two and a half yearc. shed 50 cents while 'Wesicoast to AS3.65 and Kathleen Invest- Share prices were mixed in T «Kv5 to! * » ™ » 3 J » » th! 
ti«m°maV ? nrove C u!uahIfr to control a] * rm at their market The Ames index gained a sizzling Transmission at $12 and Latent mmts 3 ^nts to AS3.10. Peko dSin? trading with demand *** ■ ®* zw ! 

than had ^cn honcd caused some behaviour/; 2.13 to 167.73. the second highest » A ” at 2i'J gave up h and EZ Industries were steady resist ered particularly among 1 ^ 

weakness hie in the day Nevertheless. Bally Manufacturing one-day rise since its inception in closing volume totalled 728598 and Pancontinenial gained 30 cents foreign investors on account of Haw of lnrfra coined iww a 

4o ,11" 1nrW bounded ahead $9} to $66. September 1973. Volume of 7.j2m h ” n * vo,ume ‘ to AS1650. Central Norseman the weaker dollar. GHH led 

The po* Jonosjndustnal Index Caesart World $3i to $49 S, shares was the highest since S.Som , , j r0 se 50 cents to A$U20 on the Engineerings DM2.50 higher while . . ! A'*-® < Aug.W J 

^ . I .-Iro n!in/ Harrahs S6 to S40J. MGM $31 to shares changed hands in February Toronto ihvem i *'» 1 higher gold price. CRA recovered Veha led Industrials DM1.40 lower. lod. dir. yWd 5 ; s ' 3 r" ~I ' ' end T 

popuU'r Pierages showed eamn. ^ and Ue , K Wcbb w t0 ^ 1976. Yesterday's turnover was higher in active trading « gams aftep iu drop , n half-year in Motors. YW and Mercedes both : — L 

Advances led decImesSrt- 10 bu Thft yojyme i eat jer Ramada B.Wrn shares. ,n Pa P* r . a " d 0,15 pushed _Hie earn j ngs to close 1 cent down at shed DM2. Banks and Steels were 

° n a , 3 ' ' , ;I h H -o ? tons, heavily traded in recent Kaiser Industries topped the £!? m P9 s,t€ 1! J d “ ^ ne i. r ' y 5e '’® ^ • AS3.42. The Sydney index moved steady, with the exception of BTAITOAXD AND FOOBS 

naamst a^/sm shares on Tuesday. da „ s ^ weakened $5 to 812. It active list adding 4 to S2i. Resorts The Paper Index, up *i.» points. up t0 a 197s high G f 53859. Mannesraatm. which gained DM2. ; | i » 1 l I 

Thc ,. f r S- nsp ° J rt L -. . cx put ® n __ , was the subject of bearish Press International “A" climbed five posted a record single day rise. l n stores. Karsfadt eased DM1 1 -i«u. 1 

Sl0t J <s J 0 S wj ' a comment. Wurlitzer added Sli points to $117 and Golden Nugget Advances outnumbered declines nTfdrvn against the trend. The two- -0 la 13 | a ! ?■-») 

tn Vnr al U * ,PS edSed ahea “ 10 *M5 despite denying rumours rose S5J to S40J._ Its president 250 to 191. The ’ rorontn Indus- I UKjU tranche German Federal Govern- IM.81 Hfi.t711B.Z7: 118 » 118.W 


Advances led declines Srti to 672 
on a volume of 37.75m shares 


volume 


Aug. 13 [ AUg. 11 f (Vcar «Rn HppmEl 


‘Siam CiiRipihL'n 


1 ; 1 J t p r«i« 

I A Hi;. * Aiiff. : Aiig^f Aiiic^ i Au*. Aug^f— — — ■ — - r ■ 

j SJ I 29 I a j 2» •; 24 ; 25 j Uigtfl Lcnrj Bij*b I \m 

IlDdufllhute, 114.65. 114.81 116.17: I18.Z7: 116.W IIB-Ttf, 116.38 j 1*»J4 : iM 

I > ! Man mid '.•Itil/Zb iUE.:, 


P per cent previously. The SL2im damages suit against the 

came sooner than expected but had s j^ avv 


been widely discounted. 

The market was under pressure 


National Airlines tumbled S3 3 


Canada 


I IIC Ill.lIhUk M d9 fl 1 1 11 Li NlWflUIC . Ann m A _„ n A i- 

in ihc morning from the early ^id^ nlw “old" a™m 

prime rale move nnd Trom Tues- cenl of National - s Common and 

d.'> s rcoort of a widening or the inIends to buy t he 25 per cent 
U.s. trade deticit m July, but bar- maximum allowed by the Civil 
gam hunters and some short-cover- Aeronautics Board. Texas Air, on 


plain the stock's activity. Among U p 6.99 at 422J34. U P 10 pfennigs. 

iS?3M Constructions, Cements and Amufpnlnm 
issue, rose $U to $16- on 16-^04 otber nubile works shares sained rAJTlSlCrualll 


| AugSS 

Aug. IE 

ln.lHiv.yteW? j 4^9 ' 

4.70 

| lod. H-K Katw J 10.02 ( 9J99 


Reserve Board member, said in- American, which also seeks rose , . J . ' , 

flatinn could he in the 8 per cent to acquire 25 per cent of National. Gulf Oil Canada climbed SZ* . tc 
ranee this year and might rise was unchanged at $8i in heavy 830!. while Price Company at 8181 
further, leading to some investor turnover. Canadian Cellulose at 8891 anc 

nervourseness later in the sesion. Communications Satellite ^nd B. C Eorrat Proa acts at Sir 

Some buyers may also have dropped SSJ to 844]. A Federal rose Sl Macmillan Bioedel at 
moved to the sidelines tatc in the Appeals Court overturned Gov- and Abitibi at $165 gained & while 


- - AirTon Khirun^» « WM ta growth target for 1978. Export- declines among Dutch inter. J.Y.S.E. ALL COMMOK __ _ 

ina lifted prices m the afternoon. lbe American Exchange, eased 25 ‘ The ComoDosite Index 1 . i- orientated shares including Elec- nationals, closing FI 1.60 and 90 [ [ \ 1 lwa 

Mr. Henry Wallich, Federal cents to S15i. rnsp 17 to 205 61 Australia tricals. Vehicles ■ and Cameras, cents lower, respectively. Else- a«* I Aoa J Amg. Am-.',- 

T7 ”' ro ”” °" ’- A * * — -’so seeks r ' ' ' ' .. . . Market* were mixed with dosed higher after recouping where weak shares included & ; 2a 1 as | 35 ) H,ga | u*w 

National. Gull Oil interest wntringon firmer Banks initial losses following the yen's Elsevier, VMF-Stork, OCE-Van M4B ' u .38! 88.78! B3.22 1 M.M I 48.4/ 

n heavy wh'ie^M Companyat S1SI imer^t renu^ng on ^ ni | r ^ Q J f fres h appreciation in Tokyo. Grinten and Dell. Shippings and “| | ^ | S 

Canad^n CeUidose « :MBi and and Uraniums. ibe inu 01 ha nnaceuticals. Ceraroi ^cs Transports were mostly firmer 

Satellite *nd B. C, Forrat Products at SIS NSW gained 4 cen.ts to A86^o, ine rJ hl« wi»r e with KNSM FI sub hitrher on 


Vrar wpi ikpprnx.i 

«7 


Siam and Falls 

| A ii£. 3Q) Auii. 2? Ana. 


68.4B 1 68.38- 68.78! 68.22 1 68.28 
III! i-MSil 


Comm un iea( ions SaLellito b. u. romt . rnmu 1 »ms to 48187 and the and Electric Cables were also with KNSM FI 350 higher ou — ■ 

dropped 885 to $44]. A Federal rose $1 Macmillan BIqedel at M2] CBC 3 cente to A5L97 and tne ^ ^ announcement of results MuaxuEAL 

Appeals Court overturned Gov- and Abitibt at Slbi gained 2 while CBA 3 cents to A$2^3, Among Pakhoed, too, was firm. 

— Paris 


lMnnind«L..J 

Kail* 

t'notuiigwl. 

NeffHldu.. ! 

Mew UMM....»....i 


1.S76 I 1.9 IS 1.9 18 
802 ! 551 1 469 

672 974 i 1.114 

402 587 J3S 

— ; _ 109 

. 7 


AjiS- Aus. I -Aug. Ail*. ' 


NEW YORK 


Aiiin-t, W». . ... 36 

. 29 1 

Ariun l.iii \ l,V 4i<z 1 
Al' i-nalm-li. 291, 

Alinn VliimiMMiin SOI4 ! 

AI.-im .. . 4Si» 

Alli-u- l Ji.l linn. . ‘ 18 -A 
Allt-SllMIV Pii«t*r. 18i# 1 
,\ lliisl 1 hrnn.-al. 39^4 
>\ ’>,nn^ 27U 

Alii' 1 lialiners .. 371* . 

AMU 431- 

Ainrinitn Hi-*-.... 2Bi] 

A hut. Airliii** - l 17 
A ■■«.'<. Btvittl- . . I 50 >6 
Aiiii-i-.Rnmilin-i ..! 59 1- 

Vmrr. Van j 42V. 

Aiin'r. *! VHnmni.lj 3 1-"* 

A . I':'i . T.-I..I 54jji 

Anu'r. Kiwi ,IVi-» j 23 l * 

K %|>, 1 361* 

ATiiiT.n»lii'*l'n.»l 31 
Ai.'»*r. Mnliitl ... 28.11J j 

Aiiirr. Jh-iui-*... 6'h 

Aini-r. >ai. I«h»... 45 i® 

Anici. .-inn><nnJ. 52 
Aini-r. 37 

Aini-r.lfi. A Tt4. 605* 

A'lii-li-U 35 1 1 

A V K IB'* 

A 111' 371* 

Aim v : i 18 1 a 

\n.-li..' Mi-.-t.inu.> SOS* | 

Anli.-ii-.r Hii»i- 1 i.| 255* 
Vi-iji.-. MmfI ... .1 305 1 | 

A. 4. \ j 26, 6 j 

Aimiik-iii Hit I I6I2 r 

14, .» 

AmiIhii I I'll. .. . 38 1/, 

A,l. .. . 31,0 

A Hi.* Ilain I’n*. .. il<: 1 

AM 13 U 

A* 31,e 

A* mu I'l.-tiii-l • . 58J« 

Pii!l. liF- kl« l . 275* 

Hank A iiM-i icA . 27 i* 

Bunki-i-* Tr. .V.Y. 371jt 

Rill la-l OH ... . 27- s 

Ma-n-r Tnm-u**r. 47'n 
m-nlri-'i- !'■ »■!... . 27'* 

'll I’ll k« , ll->*ll 38-S ' 
H.-U a tlMKeil... . 23 if. 

Hi-ii'ii 40, . 

ii.-n^K.-i V..II- *ir 4:* tt 
Hi-Ilil* , In*iii n*l*rt. 24 
Illm-k A iNvkvr., 20w 

It. -.-mu 68 

It 324a 

ll**nlt n 29Sn ■ 

H,.ry Hmiii-i 3 2 is 

HmiiirT Ini 17 

HrnM-an'V 14'j 

H-i-li*i Mjm.. . 575* 

II IVt \ Hr:l i:. .. 17N 

lim Uff lab*-.. 321-j • 

limn r. i- l .. . . 161* 

1l>.i rni. Kru* 19 

UhI.-Ii— . • 8/s ! 

Kin lillCl'ill \11111. 425* 

]iiiii,ii!«li.. 83 -'3 

« nn*.lM-il -*i-ai|.. . 37 ' 

1 ami-linn I'a.-iii.-. 191* | 

1 .--i/il 11 Vi 

'■«rim:..ll . . . . 301; 

1 m u r.v 1 •.'■■■'■ill 1 1 .j 

i rsi«-i llni' i--i . . X9J* ■ 

1 -all ■ [--lliir Tru, I- 593.1 

1 1I-. . .. 59 in 

i . Inin-- .• 1 •■r|-n 41,c, 

1 .in *nl .1 >.\l ... 16 In : 

I 2lJV| • 

is \ .11 oil 44*| . 

« ->H . v In Him inn 33 
I Mt.-al ll'-.W . 40SS 
1 1 1 . i'. ii-I. 25 

M-I--L 29 -f 

1 *... < L .- II.I.I-. . 57i» 


£|ih-fc 

Auk. ! 
SO 

a na- 
si 

Slnr-k • 

A lift. 

30 

Aiftt. 

29 

I'.-rtlill-! 

6GU ' 

60S* 

.(nhnti Mauri lie.. 

321* 

325, 


511? I 

5U? 

J-'-hnwra JnhDH-n 

85<« 

853* 

i.'nmi* 

34 ! * 

341* 

JohriMin 1 itnrrriJ. 

27i* 

28 


29 - 

29 1 8 

4nv Mamilai-tur'e 

341, 

34Sa 

^mn'Vft/elJ^rliHHi 

361; I 

36 

K‘. Mar t.«rp 

271, . 

371? 

1 'unimiii' Knftiue! 

39i, i 

40ig 

kBinerAlumlin'iD 

36 

35i* 

I'urtu* II Halil ..- 

17 , 

161? 

KAiner EmliiMtncw 
Kaiw SipH 

2'» 

26), 

2 

29 m 

Daiia | 

29i« • 

30 lg 

Knr ! 

12 

12J, 


1 I Unn lnilii.irii~.. 47‘* 4€sa 

“2, Ihreri- 33Aa ! 331* 

! I VI Vl..ni r 38 hi 371; 

47 , llr-lli.im 1416; 14S B 

j lli-ui.'j.lv IntiT... 215* , 211* 

Zo : b It'-tmii Kill** hi. . 16if. - lfiJg 

165* i iliaiiH.ii.l Slu niii-k 27^ 27Jg 

Wb j llii-taiilinnp .. . 191; , 181; 

595, uplift Fj|ui|l .... 49J, ; 4gsg 

421a I OUncj- 1 Wall).. . 44 1 3 . 44 

315a ! [Inver r.111.11 49 49 1 g 

341* j lii.v. VliHiiii.iil. . 275} 271* 

33 la i Umi.i Z7>« 271* 

36 ,r. I lnvM«r 42s* 421* 

3 I Vi j Huniiii 125 1231; 

265* | Kftj.),. i*,,,.!,,., 23 J3 I 23 

6i* | Alrllm- 14 >n . 14 ig 

45>- Kh«i iiuiii K.-Ink.. 64i* 6412 

62 I 391. 40 

371* 

60 in ! K. fi.Ali 30ln I 301* 

56 - Kl l’au> Aa(.jU*'i 177* 1 17lg 


lau | Kina. 


371* 36 ,ai 1 kiiwiv.il Klwiru-i 36ia . 36ig 

18 1 r I 171- ■ Knwr.vAiiPi'iabl[ 27 ■ 26U 

30S* i 301* i Killian 4H; j 41i« 


311; . 325a 


j K.JI.1 1 2Tg 

; Klwllmnl • 24 tj 

Iwniai-k 29 

1 Klli.vl J 221* 

I K\ v*n 1 49Ag 

. >"«in-lillil l inner* I 35->* 
Fnl. Ll«f|ii. M<ire- ( 38 
Kin.-t.iin- T, n- 12sg 

K-l. Aat. HioU-ii.' 31 1* 

Kl-\i \an ' 22 if. 

rijnil.i.|v. ! 341, 

Fluriila r.ntvr....' 311; 
Plu.ir 38** 


Kennemn i Z3ia 

ken M.-fiev 49 Sg 

Ki-lilv Waller 1 37 1* 

Kunhrrl.V flvrfe.^ 47ig 

Krippeni! ; 225a 

Krnfl • 46 J* 

Kingprl.il>... ..j 34>* 

l^*«enay Tram*... 385* 

l*evi M tini>* 35ifl 

Libby U*'. Fot»l..| 26ia 

LwH (irnuti ! 351* 

Lilly 1K.i1 | 49Jg 

Litton Iniluri 25 >b 

L*>ethewi.\in-r'ri r 3 3Je 
l/>ne dial 1 nil 11-J 24 1; 
l«*UI l-lanil i*lr1.: 191* 

L*ini«lana Laml...' 231* 

LubnKil 453* 

Lul-U.v 18 

L'hv Y’una^'on.- 105e 

XIhl-.M MKin : 11A« 

Mae, K. H 431* 

Mil*. Haiwi'er..,.* 39 U 

Mai*-.. 341; 

Alnnuh.ni 1 * 1 1_ — 461a 
.Ujinne JI hlinml.. 155g 
Man-hall Klei.l ' 227* 


ifeiion ' - 55, s : 55ij 

Ke.vnnlilb MeMl*4 32 , n • 33 
KevnoJii!. K. J.—- 5Big ; 581; 
Kieh'win Merrell. 29 29 

K.h'kwell Inter...; 34J* . 343* 
Kuhni A Ham. [ 355a ! 353* 

lineal DuVeh • 62, a ; 621* 

KTK I 145* | 14 Ig 

Ku» L->e» • ’ 115* 12 

Kviir* .S.vatein....; 28 . 281* 

Saleirni- Stores... 1 43>i 1 43>g 
Vt. Jne Ahoernla.. 27&g I 2712 
Si. Kefiia Pnpei... 325g ; 321* 

4*dm Ke Inrtt I 355* \ 355* 

Saul InveH .j 7 7 

auin (n.la 1 65* , 61] 


-•>CM ■ 


: Aut;. 

| 

Aiic. 

> Am:. 

29 

Stork 1 

30 

iS 

551* 

iTou worth — ;J 

211; 

■ ZOS, 

33 

Wvhv ! 

6U 

6Sfl 

581; 

XflTOX.—. ! 

581' 


29 

Zapua 1 

163* 

161* 


The market remained weak 

with the bourse index 0.7 lower Prices dosed generally higher - p — — — | „„ J.„ J „„„ — - 

at- 73.7. Among Banks. Credit du In fairly active trading. However. TOKONTO C«unpi»itv , 1216-7|-T.208.9) 1227-8 } 1258, 

Nord lost some ground after market sentiment was still joHAmfESBUBG 1 

announcing a cut in its base rate influenced by Basiogi Flnanriaria Gold 1 2S4.9 I s«.9 244.7 245.1 

to SL90 from 9.05 per cenL SL SPA proposed incorporation of- indmitr*i | 282J | «s.4 261.8 ssu 

Gobafn Pont a Mousson eased Beni StabUL Both companies 1 — — — ■ .... . .. — 

70 centimes after announcing it sbares closed lower. ■ Ahi-. i Pte- ; lafj i 19ft! 

intended making a capital issue. Fiat, both Pirelli and Olivetti I 50 I TO>U “ Hl ^ { L>«* 


Milan 


In>Iu-lri*1 

ContMiwd 


IB7^8_T9B.76| 1 97^9 TS9.71I 20LB4 
205-Sl! 204.44! 206. 10f 2D*. IB, 289.82 (UJlSl 


227* [ 225a 


3 Bog i 38ie 


F. M.l' 26sg • 365 b 

Ki.nl Mni..r 43i« 44 

Ki.rvnii-i. Ma-L,... 221* ; 22i* 

, 371* 375a 

Kmnklm .Umi . . lO.g 1 9.* 

Kiw|*i~i MiiivihI, 271* 264b 

Krut-lwiii 33 33 

Kii.hu. I ii. I J 12 !g 13 

G. A.K 14 i 141* 

trail him i ; 471* ; 471* 

■•vn.Aiiivr. I nl .... 11 I 11 

«i.A.r.4 • 3K; ; 31Sg 

tivii. rabli- 19a* ! 19 

[<■•■11. 1)«- iih hi n-»..‘ 86 . 85i| 

I Civil. Kln-rrli-., 541* | 55 ig 

1 1 vii. K»*l* i 33 ■* • 331* 

liem-nl Mill-. 305, | 307 a 
ifi-uerxl 621* I 62,* 

I* vii. I* I til.. ! IBlg | 18 ig 

■ •*■!. Mciial 31Ja • 31 

lii-ii. Ti-l.bin-r... 301* ! 30 1 g 

•Ji-ii. T*tv , 291* | 291* 

I.IMH-Mv • 61* , 61* 

•ivind* 311*: 31 

>.«nyiiil 38;» 396a 


i tiillvii#: 

fi.-ulrii-li II. K....- 
ti.uNl.imr Tliv....| 

I Ill 

linu-vW.K. . .• 
■ irl.Allmi I’m-’l n 


2212 May Llr-nt.7i.-m. 1 26 2b<8 

495b MCA. 59 ^ 585* 

341* Ali-Hermau 25 24»a 

3177g M lhrrvnei' lloujti 37>* • 37 

12t« .M-HnwHill : 25lg ’ 25 

231* Merck 59* ! 59i S 

33*ia Memu l^n>-ti...., 217g j 2l5g 

31i* lies* Petroleum. 34 34 

383a VI CM 1 531* 491-4 

Minn ILiriiiA V14-; 621g 63 

26 Sg Vlobn 66 , 655* 

44 55&a 1 56 

223a .Murjjin J. P 501* • 505g 

375* Motorola 485* , 49 

9r* .Murray oil ; 474g 47tj 

263g AaliliKO ; 263a 265s 

33 .\*hvi ClivinUalh.i 291* 30 

13 National Can 20l« 203s 

141-5 Sal. l»i*IH lci>....- 215* • 22 

47t« Ant. Servn-e Itnt^ 17i* 1 171* 

. j ‘ Aaiionm Steel... 331* i 33 ig 

,it, Viriiaw 455* • 42!* 

19 8 NCIC ; 621* ■ 623* 

ocj. .Neirtiiiieliiiti 261* I 263g 

5u K.iKi-n.l KlJ 241, \ 24 
i?,® New Kiiuiiti.lTell 345, ; 345® 

307 - Niaenra M.^jaakl 14'* [ 141* 

go;. Niagara >h»re....- lii* j Ill's 

mu A. 1- In.iiii-ine-.- 223» ! 2Zij 


65* 

61* 

12 -j 

13 

89 

B7*e 

21'i 

2U, 

167, 

167, 

225, 

22 

85h 

8* 

29 

283, 

241* 

243a 

141* 

137, 

233, 

233, 

421; 

41t, 

34U 

331* 

441* 

45 

55', 

551* 

38U 

38 

121, 

121, 

191? 

193, 

96i* 

97 

41, 

3,, 

44 

431* 

261, 

26 

155, 

155, 

34J* 

385, 

32 

3 IT, 


Scuadei Uuu.i.'a| i 8 

■eii L-nntainer 29 

anenm 24 


Mwr- Koehuek.... 

-KiKX' 

shell I'll 

sUelllran-pnrt..- 
SIC1UI 


sinner ; 

Sinn h Kune. 96ig 

ailllmn 41j 


Slim. Nnt. K*-..., 343* : 38s, 
smithern Kiu.-iHcj 32 I 31Tg 
SoutbemUailwsy! 54 i 53 

.iNithiaml | 321* : 325* 

3'w’t Baosliarer . 265, j 26Ig 

7‘perry Hutch..... j 197 b ' 191* 

-(♦nj- Kami : 46,g 46 

Squib. | 321* 3 IS* 

aian-larrl brand*! 285g ! 2812 

-'t.lAAilUililoniM! 445* J 43 5g 
Mil. »»u liuliana.i 495a I 49 t b 
; i«t. Dll UhKi..... 371- j 371* 

SUiill Cbemirah; 45>- : 45 7g 
-Merlin* l»ru-_. 18<* | 18 1* 

Mu-leiaker ».! 655* r 655* 

,un U-.... 44»« I 44ta 

7undrtiaml I 531* 535* 

■■syntea— ‘ 33ag. 331* 

recbnwnlor.^ 13ig 12i* 

lektmnix 43 jb 42 

ieledyne. 1051, ! 104'* 

lalex | ?7g | 7ig 

I'vnwx- 1 3058 • 30 

I'eaoro ('eVHiieum' 10U i 101* 

I'easui I 24Sg i 245g 

I'rwfulf. ! 21 • 215g 

ieuw Kaetern. ...! 38 ig | 38>* 
I'exaa Jnai'ni.„.„; B71g , 87»* 


Xfnith Badio 17, g , 18 

C.S.Treas4* I9TO tS5 . ,95 
KSTr*aafli&75fifr t8Ha «8Ht 
U.S. 90 rtav Wlli-. 7.47°, 7.30? 

Abltlbi paper j 161; 15Sfl 

V*> nl--; Kaeie 1 6lg 6 

VhaJiAluiniaiuni| 345a 35 lg 

Abgoma Steel.—.; 225* 22*g 

Ailwtirv. I 451* , 46 

Hank nl Montreal! 23U 235g 

HfuibNiwaS'-mja 22 21>s 

Hast- Nesnumi.. 4.05 . 3.95 
Ueli1'eiephnne...l 59,* 1 59, a 
Bow Valley IndJ 375* 355* 

UPUnuiti 17i; ' 165* 

Biasean 165* 1 16 

Urlocn 7.62a ' IB.D0 

LAlaaiy Power... 40 393g 

Lam How Min**... 154a ! 157e 

e-mail* Cernent.J 10, 3 10 ig 

Canada Ml’lan. 11U I 1H» 
(JaiJ.lrap.Blc Com 28lg ■ 281- 
CsoAila liulint... 22 j 225* 

Can. Pacific. 221.1 - 22<* 

Can. I 'Kellie Inv.j 221* I 221; 
tan. bu|*r Oil. ..I 991- 1 581* 
Car lion iJCeele.-! 4.65 4.65 

Caaaiar Asbealw* 10 10 


Gold 

Iruin-tnal 


2S4.9 S43.9 344.7 245.4 , 
| 282.5 -368.4 261.8 ( 26U | 


Ail!-. 1 Pre- ! IS7J 
30 | nous I Hi*-b 


1238-4 (UI18) 


272.0 fl*/S» j 
2M J (23/8) I 

i Am;, i Pre- 
f 30 ' vi.ra- 


>67.90(162) 
170.62 lilVli 


l«.C,2l"4) l 
T94.Hili.-3> 


SJ?. 7 “ Electricals and Construction were Privileged gained in mixed Indus- S S ' S? w' r ,o ; , u 

! ; I* 1 “«ed. L'Oriol and Aquitaine trials, while Mediobanca in Banks Austtahatli; . mM, MBxB ; wi.w Spun 


both lost Frs9 while Carrerour and Assicurazioni 

and Gervals each fell FrslO. Insurances were 

Peugeot Citroen declined by FrsS higher. 

while Pernod Picard was FrsO 

lower. BIC fell Frs21 to Frs4flS Qwi<7Prl9nrl 

and Cie Boncalre lost Frsla lo ^ w *L£eridHa 

Frs404. Prices dosed bai 


Generali in Belgium tt)< 98-26 98.54 hJi-ib 90.43 Sweden 
marginally 1 (81S) 

Denmark r* 87.95 , ViJBB 9U3o 94 MO SwitEer 


41.19 Spain trfii 102.48 1 1D2.C6 i 110.it> . 

tl«A| 1 • ili.Ji 

90.43 Sweden (r<! 390.M 1 3*6.25 ■ 401U38 ' «p.V* 

S4* I ^ I ! 1 : ..-vi I 

94AU Switaerl'dt'! 287-S I 268.4 I ; L'it*.ii 

IWI . -| ! I iias.61 . .Co.*) 


p .. , , France ««. ».7 i 74.4 i&b \ 4 m, 

Switzerland ! I I34fl \ (6A Uia. «I Bans Seng Bank 31/7/84, UK Banca 

Germany ilii S20.0 I 820.0 i 8CT.B '■^8.4 Commerettle HaliatU lira. nVokya 
Prices dosed barely steady in ! • ! (23«> ! (17.oj Mew > SB iruea. o strain Timm iosh. 


c Closed. dHadrid SB SO/UAT. e Stock- 
bolm Industrial l/l/SS. t Swiss Ban): 


generally quiet dealings. Leading Holland («); B1.7 | 92.3 ; ffiB 76n ^c™“8j_^iiiirtrid sk so/k 
B russels Banks and Insurances fluchiated Honff R on g 1 ^ Onrooratinii. a Unavailable. 

narrowly, while more active ^ (Vn ( dSiei tidib • 

Belgian shares were mostly Motor-Cohimbus and Oerlikon- Italy ut'' bb.ss j G6.l« 68J7 te.4b * 

wer in the wake of Wall Buehrie closed steady. Industrials , ®W»1 f‘ u »i> WEDNESDAY'S ACTI VI 

reeL Among the losers were followed the general tread. Japan - tui <22.64 > 42L94 4a«Ji MW 

Singapore «S-11 ] 4C6.68 405.89 S82JD 


lower 

Street 


in the 
Among 


(29(8) i .(9(1) 


CANADA 




33 i* i" 331; 


lu» i— i me. 

. n|..I i I - IT- . 


16'* ! iin. \i.itl» Iruii.j 26'r 

2 1 •* iin-Ali»iinil 141, 

44 w '"i 1 ' A UvMvrii..- 15,* 

53.1, Lull i»il 24 

40 1; HhIiIhiiioii ; 72 

25^ Hail na .Minina ... 36<p 

29. 4 • l!aiiu-u-|iltv.|. - 221, 

58 j llai ■ l*. .. . 67>( 

11,, I Hem/ II. .1 ; 431* 

4i, IK-itla-m , 271, 

1 1.-* I.* I’ai-bai.l,..* 871; 

49i„ lli.lulnv liui' 23 1; 

161* lb -i in -.lake 36. g 

ci,„ rinnvA Hv|| 68 


Ninth Nal.Uft ... 357g , 365g 
Mini. Mall* Kwri 261* I 265* 
Nilittvi Airuuv-i 321* • 321; 
NLlmn-l Hann.i|( 265* , 25, g 
Norli.n 195* 1 191* 

LNiraivnini I’Mnilj 205, j 201* 
"nHvy .Mai her...! 265* ; 255* 

Uhn- K- 1 iv . hi 177, ! 177, 

k)IID..„ ; 165, .£,165, 

overaw bliii»,..j 281, 1 271* 

"«nn Curmnc., 341* i 334* 

i inviib I liui.i, : 22ag [ 22^8 

l*a ill.- (.in- - 241* 1 24>* 

ftiriH.- Uithiiiig.j 18'.'g I 19 
I'au I'nr. A Lla—- 217* . 215* 
I’aii Am WrtftlAlr 8!g • BU 
Parker HbiiiiiIIiiJ 30 1* 30 

IVaiwiy lull ! 27ig i 267, 

IVn. !■».*. L.....I 221, ; 22ig 

IVinu J.r 381* 38 , a 

301, 28, a 

L’vhiiIvm L'nijt 13*, i 131* 

1‘er.jilv, fia- ; 34, a ! 345, 

1'eiMhvi | 31&g ! 31, g 


18>b I 19 
217g 215* 


21 r • Hir[i I'.HH tiller 411 
,oi. - I Hml'l.'ii Sal.linsl 26 
“ ; llmili I'll .Ait Inn 14J, 

27iR j lli.iii.ii iK-K.i.. . ' 21 
»9>n l.i . Iii.iii'irn-..,. SOl- 
lSh I I \ \ . . 443^ 

■*5** | lii-i-rH.ll I.hii.I.../ 58 

15 1 I iiIhii.I 4| n .| ' 371' 

' In'll... 15;, 


IVrkin himer i 

t’rt 

PhZL-r ’ 

l'lll-l|«i Ik.lKV 

I’ll i la. It-.) Jim hi.-. 

PIiiIij. U.an* 

LTiillifa- I'etn. in.- 

I'l.alHiry 

I’ll iih*' Ik ■Hr'.... 
I'U I Sl'l HI. 

Kiouh-v I4«l AlIK 


544, I 545* 


t-.i-. if \1 
'J. I 
■ I \ .i: 

■iie'lllilJ lei) 1 . 
llli l|lA> i'll.- 
iiicii? ill I rlr 


\ii\l 

Ii nl. Klm.'iii!... . . 

lull. Harmu-r . 

lull. II hi . v 

lull. MiiIiiiihhI'.., 

III.-" 

lull. I'aia-r ' 

111. 

• hi. Kc.-tiii.-r 
1 in- I"l. a Ivl... 

1 1--«« m,-r. .. 

I II.' luviiiain.iiHl.. 

I J llll ttallt-r 


293.12 292.75 ISmuimi ; 53'* 


L‘- Him i vc hip.- 14; 

1*1*1 i liktiihtrm.. 29* 
I 'rta-lvi I •luiihii'..' 86 J 
I'ub Urn* KU-h., 25* 

I’m I man 451 

I'iiicx. 19 V 

tjuahn nms ; 27 

l(*|.|ii Auienmu .; 151 

ltit\ i 1 ic.hi 52 

HA 4 321 

I.'vihiI.ii.- >«»*i.. 1 .| 251 

I.V~ir1» Inti ’ 117 


431* j 42*, 


I (hum Ltlluiea....| 21Sg [ 21-ig 
Linien Ina. 495* | 495* 

limea Alirmr. 33^g ( 34 

I nuked 611* I 51 

1'rana. ! 441* ; 441* 

Iransmeni-a 18>g | 185, 

imwu....- : 21 ; 211, 

Intu. l.nKHi ' 34 : 345* 

inn-u ay Inir'ii- 25 [ 245, 

l'rnn» W.irlrt Air.- 27 | 267, 

I'mvelers ! 58 | 381* 

In A'Milinenlnl^i 195g * 19>g 
Tril.'n Oil A Gas. 5** | 61* 

t KM 40ig I 40>, 

4nlit'«uiurv h..\- 38A* • 375g 

L.A.L. 405, : 395g 

LAKCO 2Si 2 251* 

bill 20l 2 : 20 

L ill lever 43U ; 43 «a 

Lniiif>erN\ 591* 1 57 5* 

biiinn Hancorp... 26,8 j 26); 
I'Ui.m Carl fide-. 405* ; 407g 
l nmni-'ammerw; 11 105, 

LnlnnUil L'alil...| 49s, i 49 *g 
Lniun l^u*U'.-_..i 515* j 501; 

Lmroyal ' 7Ja 71* 

I’mied UmiKbi.,.J 127 b 13 i* 

L Uanv.rp. j 331, ; 331g 

1 ^i.vpaum. ...... 305* ; 301-. 

{-MM** I 28oa • 28 ig 

L S steel 265g I 27 

IS 1«.-Iiuoj.i*:ib-.; 475* ! 481* 

IV liHiiMrirv 1 22 Zli* 

V uy;i>iia KlecJ — - 145, ' 141; 

Maui veil ! 2750 07i* • 

Mnmer-Uiiumn.. 1 543g ; 541, 
Manirr-l*iuiU.-n.! 28 is 1 291* 
"avU-Alan'iuenil 301* • 305; 

321* { 32'; 

MvMvni Uanvon'i 42Jg | 421* 
Hnimi.N, Amerl 36 36 

Mevtvrn l-nhar...| 215g ’> 205* 
M v-lmith'M. hlm-j 23lg 23'lg 

"win- ' 28 Ig .' 29 

"vjMliaiHn«r....l 301* • 301* 

"lnr 'I «»■»..: ; 225, 1 226, 

M i.iirt.,,,. Im!.. ' 211; 1 216, 

M llliani t.c 211* j 21 lg 

M 1— .in-in hlvt.. 28 281* 


Chivtlain^... 261* 1 255, 

Cnrauira - 29&g I 295* 

Lons. Bat hurst... | 321- ! 31 1* 
Consumer (it.'-..' 191, I 185* 
Uraeka llcuourcv 57 g j 5Sg 

Ooatain « 13 f13 

OaonDerel ; 11 '■ 11 

Llenlii'n Mio»....t 805* ! 79ig 
Own Umes._„..| 92i* | 92 
Dome Ketmieum: 775* i 721* 
Lkanimoa Brithte- 261; . 265* 

Uomtar....: 2! I* , 205g 

Oapnnt j 145* 145* 

Kaksm'ce Nurke'i 8B * 275* 

Ford Motor l*n..] 80 . 801; 

(lenviar^ 30ig 31 

Giant Yel'nauile. 141; 14 1* 

Uuir oil miumaj 30>Z 28 

Hawker'id.Can. 8s, 8sg 

Holl(njjer„ 4ll* i 41<* 

Home On 'A'....; 39l« . 384* 
HuilaanBavliiu; 19 • 19 


Iuumo. — ........ j 367, 

Imperial Oil .....J 20s, 

lncoL_ 18i*J 

Idilal — — 15 1* 

Inlau-I B-at. (iaa. 115* 

I ni'p, v l*ipe- Une- 16,, 
hauer Kewamsea 148, 
LauijFid. Corp.. 88, 
LuMaw Com. >8'. 4.25 
Ml-hiiII'o Hicertl. 221* 
NUausy Fejniacm. Ill* 

McIntyre. 26 1* 

Jlri-re Corpu 34,, 

HouniaraSuiieKij 3.40 
Nnmnda Mines... 311* 
Nmcen Knei^y... 15b, 
Nl IiilTbIpj im ...' 36>; 
N'umac Oil X Gs> 21 1* 

■ iak wool Hetrl'm 4.65 
Pacilh. , I.Hi(ipei U. 1.95 


NOTES: Overseas prices shown below and/or scrip Issue, c Per share, t Francs. Indices and base dams taO base values P*n Am Air 

■jxdude S premium. Belslan dividends a Gross dlv. %. h Assumed divtdeod aRer 100 excepi NV5E AH Common — 30 Del Webb 

are alter withholding tax. scrip and/or rights Issue. It After local Standards and Poors— ID and Teraato ^AUr Mnlrg 

♦ DM 50 decora, unless otherwise stated, taxes, m ri rax free. *> Francs: mcludlna a»— 1. nou. tbe last named used on 1973), X Man 

yields based on net dividends pins tax. Urn Lac div. pNom. c Share srilt. aDiv. r Excluding bonds. ■ :4M ■ Indiat na lS. aUcb Air - 

V Pta 30o decora, unless otherwise staled, and yield exclude special payment, t Indk 1 40) Industrials. 49 Utilities. 40 Finance National Airlines 

4* DKr ioo denom. nnlcss otherwise staled, ^aieri dlv. it Unamoal trading, v Minority and 20 Transport. 1 Sydnes All Ordinary. Holiday Huts 

4> SwFr 500 denom. and Bearer shares holders only, v Merger pending. * Ashed, g Betslan SE 31/12/63 — Copenlmneir SB F^st Airline 

unless otherwise sated, f YJD denom. tBid. (Traded. ♦ Seller. : Assumed. \n/TZ ft Pans Bourse 1961 nConnnen- com Plrt 

unless otherwise slated, i Pnoe at 'ime xr Ex rights, xd Ex dividend, sc Ex hnuk Dec-. 1933. *9 Amsterdam Tndosuial - 

of suspension, a Florins, b Scblllhns. scrip Issue, xa Bx alL a Interim since 

u Cents, d Dividend after pending rights increased. - -- -- 1 


WEDNESDAY’S ACTIVE STOCKS 

llhaup * 

Slocks Closing on 
traded prki- dav 
Ramada lnvs. 1.M2.M0 l=i - i 


568.10ft 
4K*.0M 
477.200 
402.700 
429900 
.. 403.100' ' 
373.400 
353.600 
3M.9M 


GERMANY ♦ 


Price + or , Uiv. . 
Dm. — ! S I 


83.3 - I - 

492 1+3 i31^f I 3J 

221 L_1 128.121 6.‘ 


TOKYO U 

Am;. 50 
.VMibi Gbua— 


i AUSTRALIA 


AEG 83.3 — - .WhiGtara- ! 326 

Ailwoz Varmeb... 493 +3 |31J? 1 3 J& Canon 442 

BMW - * 221 L_1 128.121 6.4 C»=io„ „..! 800 

BASF J 137 1+1 IUI.W 6.8 Ohlnoo I 445 


I — * 

1+4 14 


Bayer™ 

BnrerJlypo. — 


ContGummi : 

Ualraler Benz. 

Ueeuwa. 

Deirag , 


140.5 +0.7 |18.7B{ 6.7 Ifrl Nippon Print 555 ' -~3 
288 : 128.12) 4.9 Fuji Photo I 515 ; -l 


78.8-1.1 - | - 

315 ,-1 1B8LIS1 4.! 
258.5-2.5 1 17 3.i 
167.1—0.9 ! 11 | 4uJ 


Drexiner Bonk- . . Z42J1-OJ (28.1 


Hitachi, ............ 

| 231 1—1 

Honda Mol ore.... 

. 515 • 

House Food. 

i 1.170 | 1 

U. lioh... 

1 240 '• — 3 | 

Ito-Yokmlo 

*0790 ,-30 1 

Jam 

! 682 , + i ; 

4-KJ^ 

2,040 • 

Kan wit Klect P« 

1.190 ;+i0 : 

Konuif mi... 

! 321 1-1 l 

Kubotau. 

280 1 1 

kjouHJetmniic .. 

3.530 +10 1 


168 • *18.72, 9.S Miwubiahi Bank.! 279 .—1 

134-.5 +0.7 1 18.76 6.7 MiUubwbi Heavy 125 j... . 
493 -OJ; 4 i 4.0 JfitaubtBhiCorpJ 442 ,-l 
»■ 1 308 |—1 


H* png XJovd 1 119.0 — OJ ■ 14JM; 5.9 

Hirpvoer..„ ! 168 ■ jIB.72 1 , 9.5 

bueehtt 134-.5 +0.7 1 18.76 6.7 

Hoeach. | 49J5-OJ; 4,4.0 

Horten _i 159J5 +2 |9.63; 2J9 

Kali u nd 5aU ' 152.5 +3.5 ;14JM' 4.6 1 — 

Kanrea.il 328 i-1 j25.44[ 3.6 JJP**® Den«..-.;3 

Kaufbt4 236.5 +0.5 il8.7a 4.0 ShiO(*n.J 

Klociner DMUki. S4.7.-0.4 1 - ] - 


159J5+2 i9.63:2J9 ! 308 

152.5- + 3.5; 14.04 4.6 MiUuk«hi 570 

338 i-1 j25.44[3.ti N ippon Uaneo.....; 1.380 
236.5 +0.5 i 18.7a 4.0 J»PPon bhmtmn.J 725 
•a4.T— 0.4 1 —1 — NiasanMraora ' 732 


4.25 HHD j 180.5 +1.5 |18.7E« 5 J2 £«“«.; '1,390 ( -10 

2iu‘ hrupp J 104 - I — — *»uyo Kleeuic — 242 - 

Ill* Linde. 263.5 +0.5 - 25 4.7 ®*“i0 Ptetab^J 975 j+15 

254) Unvenbou* UR_..!' 1.690 25 7.9 .f-IJO 

35 LniXbama I 107.8 —2.7 i 9-d6 4-3 v: 1 1 -??? +?° 


t'acificPetn>le(in)| t37 
K»n. Uin. IWni'i 37l* 

Patino 161; 

reoptes Orj*. 5.J 5.62 
Place Can.* tlh. I 1.73 
PiacerDeveiopnn 231, 
PimerCoTixrat'Di 19i a 

Prwe...: 18 

Quebec iMur^eon] 3.11 

■Unger i'll 17 

livtri aWfihnure.j 1 1 

UtaAleoRi [ 341* 

U> ivAiBk.nl Can. I 33 

KojaiTnid ....>..[ 187, 

SiepW K’foun-ef 664 

Spai-iwu* 28 

shell Caru-iA 14J* 

slierrin li.Mi/iee 6i* 

smlwtis ii. 356* 

SllDpM.41 7 

-neel ui CjuuuU.. 251; 
?ie«{> Kn-l Imn. 3.55 
l'toai-a 44i* 

L'nrrtuto DnmJgk.. 20 Ja 
rran*Canl'ipeX*i 171, 
rrane MuumOpr 9i* 
Iri/w.' 1 14-ie 

laiofl Uih I 111* 


LaLfbuMt ......... 

MAN 

Man oeimiaai].. ... 

Ueuuige> 

Mil nctiener Buck . 

iKkumiun 

I'mimtcDM 100 
Kbein TCeauKtee. 

sviienn*; 

■Siemens...™...... 

su-1 Zucker.^..^.. 

L'byuenA.ti 

Van* 

rKBA 

Verein'AWntHii 
Viftknfaavn 


.... Lai*ho Mari no _..| 231 

177.5 +2.0:17.19 4.B fUK — 2.090 

247 -—1 | 10 | E.U , 

600 | + 2 I 18 I 1.5 J*Um..... — 115 

lb8 : + 1 — — lokyo Marine^...; 484 

136 ->-1 I — . — lokyo If led Powr' l l, 100 


+4 14 8.1 ACSULBi cents) 

12 1,4 Antnr Australia 

-i- 10 25 1.6 ^ MATH. 51- 

+8 20 2JZ Am pel Kxpiomtioa....^^;.. 

—3 18 1.6 Ainpd Petroleum..; 

— 1 15 1.5 's-oe. Miaeo»l*„ 

-1 12 2.6 AwKV.rulp Paper St 

1 J® 'J»2 A*nc.CVm. I ndiwtriee »....) 

f® J-f Auat.Foundaiton Invent.-.: 

I 12 2.6 A.&M - 

1 1 30 0.8 Aurtuneo. ' 

; 14 1.0 Au« Oil & Ga». i 

— — Bamboo Creek QoM j 

: J2 S I 5,eT *' 

‘ 1U 3.8 boucainrille Copper.... ' 

15 1 2.7 Uminhlea (ortartriw 1 

1 35 I 0.5 Broken Hill ProprieUir-.l 

M 1.4 BH booth ; 1 

10 1.8 Carlton Uuiud Brwrery | 

.. 12 4.8 (MR (flu ; 7..J 

J5 J-5 lAteaburn Ceraem 

14 2.3 ColealG.J.l J 

- 30 1.8 Uona. GokUeida Aust—...[j 

'■ n -5 CpniAiner (SI) _...) 

I J? I ?•? ISooatne KlotTnto...„.„.„..J 

! oS 1 M Cort * in AnatnUia. ^ ■ 

I 12 I p'fi J-J^PtobtariSl) ; 

! u, n“ KWer-^mltli | • 

•J I ?‘a Keaourcea. 

i 7? 1 H “A Itnluainea. 

! 15 1 18 u” 1 ' p ™P«vVTni«. ....... 


+ ™ .. „ J*rv«0 + ur j Lit v., ri r. 

— • Aug. 30 kroner — 1 % ! o 

8eiW»HaOk_ SiS J 9 )Xl 

79 ^|— 0.6 [ - - 

Dwaittbenft.-....;. 114 11 e.S 

+0016 K?»m» 270.0. + 2.5 20 7.4 

-!£ 109.0' 1 11 1 10. 1 

gwyH—afl— j 92.sj— 2.5 r 7 [ 7.5 


r-uwv ,TV»M --v- nau-vuu. 

tL35 | Storebrand. 

tJL82 . — 

tL13 1+0.01 BRAZIL 
tl.69 l 
to.45 [ ...... : 

10.98 1 A lift, j 

10.32 1 -41.111 


30 .1.5 
BO O.y 
40 I L3 
11 1 2.4 


■ „ j Fnw \[+ ..r jCrtu Y-“ 

10.38 1 A lift. oO I C>w ~ ! Dir. I «»: 

1032 1-8.01 > !— — l ■_!. 

fl.27 -aJI Aoestia OF.._ , 1.00 '-0.0 IU. 12! 12 00 

tl.53 +0.02 Banco do Bran I _. 1.86 j— O.B2, .16, 8.60 
11.91 Banco ltaU FN._I 1^8 +0.wlj>r26 8 I 

1008 -6J4 Behtb MlnetatOPi 1J» ). ijutfiiw 

11.26 1+0.01 loja* Araer. Or_i 3.58 -+0.D3. ilsL's'ss 
11.79 ' ’+0J1I -JJWtbeaa PP.._... 044 1+0.04; J.ldislaO 
13^0 +0.01 1.53 | + O.02.J.lt:iO.«5 

tl.36 *-B3 -oisj -.B2I7.80 

t2.16 «... y®*** JpEZ :-KK +0^0.25'4.D9 

13.55 MSJK Vn)e Hln Dow p» 1.28 1 + 0.011 .Ifcjia.OS 

ItiZ U5 Cr m3m - Volume 69.7m. 

tll76 ■ S 001 ^- Ri® * Jamdro SE. 

Jiao :::: JOHANNESBURG 

12.42 -riUH 


r- Mlires 

Aacu«30 

Anglo American Corpn. ... 


290.8+0.3 16 ii 
253 .-2 26At 6J2 
120 1-0.5 [17.1b 7.2 
19L5-1.0 I 14 3.7 
129.3 -1.4 I 12 : 4.6 

292 j 18 . 3.1 

255 j— 2 I 26 : 4.9 


•Wk-.. 2.090 , ! 30 ; 07 Uorawr-..!--!!!-”"; 

leijin. 115 •_ 1 , 10 14.3 IOI Auatialw I 

lokyo Marine^...; 484 I 11 I 1.1 I nter-Capi «r j 

Loky o Bled Poor'll. 100 j + 20 ; 8^3.6 Jeoninga Inrtualriea I 

lokyn 330 j + 2 1 12 i 1^ Jones (Uavfd) 

— —..I 147 i + 5 ! 10 13.4 LennaiM Dll 

loahiba Corp 135 j 10(3.7 Metals KxptoraUon ...... 


BRUSSELS/LUXEMBOURG 


AMSTERDAM 


i - Price - 1 + « 


Source NlkRo Secnribea. Tokyo MlBpn rilltll> '~ "'‘~ "~” 

Xichnlae InteroalkjnaL ...— 

BRUSSELS/LUXEMBOURG 

Dll Search. 

*■** j 

I F ■ Net % UeotatL fcOdraan^t,.— 1 

Attic) — '0496 1+15 , - - 

Bekers -B" 10185 11B 5.3 AUnraK 

C.B.K. Lament ...1 1.220 ......... 100 8.2 


J ( DiwJ 

I Pnco +or 1 Kiv.|YkJ. 


A bout <FiJki 

Alio (FI20) 

AlaeinBDk(Fl.LQ3l ^ 

AMKV(KI.IO) 89.0i+0.2 [ oO j 5.7 .JJ. In no- Urn 0295 

Amirouink iFl^oJ 80.9«d>-0.1 |A255 5.5 Gevser) >1.314 

bl>jnk--rt_ I 100.3;— 0.2 I 26 5.2 UBL (Brux L* .'1,666 

BokaWeet miF.I0)[ 130.31-0.7 I 82*! 6.3 Unb-iken 2,555 

Buhmi TMterodel ■ 75.7]— 0.2 ! 26 j 6.9 Intercom — 1 1.760 

Ulsevier V tFIJB.)! 314 (—6 j 27 H 1.8 KrciivUnnk ,7,050 

KnnlaN.V. Bearer 143 I— 0.8 , 37 Jtt 6.5 U Bovaie Beige.. 6.050 

Bnrt'omTittFl.ia 68.8*4' ,94^5.1 t*au HoVtin* 12.930 

Gutal Brocades rL 43.S 1 — 0.5 ] ZO 4.5 L’em-flna <3.830 

He'neaen iFlJbnJ 107.8)—0.5 I 14 13.0 *m>- (Jen Uanque.J3,050 


Uocfcenli — ; 470 J— 4 , — — 

113.8.. ! *28 4.9 HUBS 2.290 L 177 7.8 

34.1!— 0.91 — - Electro bell 16,800 [ 440 6.3 

375a! 1 -A 238 7.6 Pal-nque Nat ; 2.820 I— 170 6.0 

89.01+0.2 [ oO i 5.7 .-B. Inno-Un. >0295 150 6.4 

80.9m >—0.1 !a 23S 5.5 Oewn >1.314 [—26 ! 85 6.5 

100.3;— 0.2 I 26 5.2 UBL (Brux L* .'1,666 +5 1 164; 10.5 


1030 Us CwwHMaied u'm 

ilnni East Drteloateta 1475 

10.81 +4.111 Etebura 

In' 19 ' 1 Fufflenbors Platinum 1.T0 

L +J-M St Heleda J5 54 

1Q-3T +0JJI Boutttvaar jq qq 

19-22 FS Gou Fields 8JL“n 

lo'af Dmtm Corporation s.43 

!n'S9 1)0 Deferred 7.40 

l9-?2 '« S B, T»iJo«iiWcbt e.ia 

♦Ml inf ££ and *?*F- 0.10 

tl>85 -«-(« Free 9a te Geduld - 23.00 

-JG-1S- Resident Brand .. ........ u-s 

.^5*— President Stem — „ jtTS 

+6^02 StUTonleto 540 

IS'-SS- WettUM , s.70 

-8J)1 Drhioitteln 43.30 

~ Woslern Holdiuga / t37.00 

JfSJ tta'ai WanGin — - «-75 

10!S6 INDUSTRIALS ' 


r-ISX ri'- iuu ° Booth (S'-- I fl.93 +0.01 

iu^jfliaoo i-!-!!450 63 IHmn* (SOcenm-j. tL64 +0.03 AEG 1 . — 120 

Nat. 2 820 - 170 6 0 "°° ln ortbtl - ! 11.64 1+O.ltt Anglo-Amcr. Industrial ... 1010 

+ Uni 0293 L_ 15Q 6.4 . Ttaai — - 4.38 


|170 6.7 

'142 8.1 


U utal Brocades P L| 

| he'neaen iKI-2S)J 107.8)-0.5 
HoosEOveua (FL^Oi 39.8—02 
Hunter D.iFLIllW 26.1] — 0.4 
K.L.NMKI.IOO).... 154.5—1.0 
IhL Muller (IBS). . 50.0'— 0.5 
N Barden (Kl. !&>... 56.0:— 0.3 
Nnt.NedlnMFUu: lu9.L— 0.3 
S ertCred Bki FiJ 62.0 - 0.5 
KedHiiJ bkiFUW, 210 [ + 0.5 


1 Bid. 1 Asked. {Traded. 
II New stock. 


EUROPEAN OPTIONS EXCHANGE 


«:i ab *- m 

i-J K-ute 4+ 


-a 6.3 U Ucrvalft Beloe.. 6.050 +50 >225 5.4 AfttoueCk^SK 

5.1 Pau HoWiQg...-.l2.fl30 ! 2.7 

H4.5 I'etrr-fliu [3.830 J+5 'l80 4.5 £,m£l£ e "“ 

U 73.0 w fclen Banque.J3.060 6.7 aw , 

39.8—02 - - "Sac Lett Ueieh|ueJ2.035 -5 ,14o 6.8 h nu™-'*” SSS 

26.1! — 0.4 12 4.6 wfin*.. 3.280 [-20 216 b.S sis 

154.51-1.0 a 5.2 »)**>- 0450 -10 \21u 05 u£«ou^ “’ll 730 

50.0 — 0.5 IB 7.6 twrtloo Bievl J058O -10 17 U 6.6 ugi? 1 4, ,22 

36.0- OJ! 12.5,3.5 bCB 1,100 - - - tiTAtalirt — 

>u9.L — 0.3 48 4.4 Mn iiin.(l-IO) 772 -4 SO 05 cieHtoSr?”"” 

62.0j— 0,5 21 6.8 Vieiita Alontnjrae 1 1,8 10 -40 J — _ ci«h»r 

10 [+0.5 22 5.2 laaJteSSTKSi 


6 -® U.G.E 3701-3.8 

G. I. T. Alcatel 1.060 -2 

Cie Bsneaire 404 —15 


BASE LENDING RATES 


Dee (Fi.UCi) 17051- L3 I 36 , 4.1 

ft®”- ,S-Zr2-?I 23 6,9 SWITZERLAND • 

•an Oramertfl.... 150.O‘ + 2.1 1 — j — 

AdJioe.UKiJKn... 42.6- +2.9 — 1- TTri 




\»l. 

I*iM 

Vi 4. - 

Ijiir 

V..I, 

ia.t 

Si..* 

\li\ 

K3 70 

_ 

__ 


— 1 

2 

26 

P375 

a nx 

K380 


- 1 

5 

11 




x h/ 

K27.50 

2 

7.10 

1 

8.50 

10 ' 

11 

K34.3Q 

Vk/ 

K50 

14 

' 4.70 

18 

6.30 




\K/- 

K32.50 

21 

2.70 

16 

4.20 

38 



•\K/. 

K35 

35 

1.70 

56 

3.30 

37 

3.80 


Mill 

F75 

S 

6.50 

- 

- 

__ 1 


F 80.90 

M» 

S50 

6 

14 i* 


... 

_ ’ 


!i64i* 

IK 

>60 

5 

6X, 

3 

81* 

_ 


KK 

>70 

3 

1>i 



' 



KM 

>2S 


- 

3 

2-n 



S26I, 

i-M 

>60 

1 

45, 

5 

S'r 

_ ; 



5621* 

t.U 

>70 

- 

- 

l 

l'A 

— , 



H'i 

152.50 

2 

7.50 . 

— 



_ 

K39.80 

111) 

K40 

— 

— • 

— 

— ; 

3 i 

5.30 


lltti 

>£40 

-• 


2 

59 . 

- • 


>2921* 

Mi't 

>280 

4 

201, 1 

1 

26 

"■ 1 


1 11 XI 

>300 

1 

8i? 

25 

151? 

5 1 

191, 


Ki.'l 

K. 152.40 

1 

9.40 

4 

16 



F.164.50 

h l.vi 

K.I60 

- 


10 

11.10 j 

.„ 1 



KI.M 

K. 16 1.90 

5 

5.50 


_ | 

_ | 

— 


kl.U 

K 170 

— 

- 

-- 

f 

4 

13 


k I.U 

V. 171.40 

41 

2.80 

5 

7.60 | 




kl M 

K.1B1 

6 

1 

— 

. j 

I 



KL'I 

r. 190 50 

— 

— 

15 

3 1 

— 1 

— 


X\ 

y. i ie.90 


. - • 

2 

3 

— i 


K. 109. 10 

fill 

1.22.50 

1 

6.30 


_ 

— 


K.2B.60 

rill 

K.25 

60 

- 3.80 

46 

4.50 . 

0 

6 


fill 

K. 27.50 

143 


1S1 

3.20 

80 

4.30 


till 

F.30 

SO 

; 0 50 

209 

1.70 

52 

2.50 


I'KJl 

>45 

1 

■ 10 

-- 

- 

— 



»63i. 

I.T» 

r.120 

-- 

1 — 

1 

15.50 

— 

. 

F. 134.70 


V.130 


■ - 

36 

6.50 






I.U 

K. 140 

10 

1 

56 : 

2.70 

4 , 

4 



>65 

-• 

■ — 


- 

6 

1 

FfiOts 


F.120 



S , 

8 , 

4 1 

10 

F. 126.90 

l M 

h 130 

5 

3.10 , 

66 

3.50 • 




NUN 

S45 

N 

■V, 

11 . 

Kri 

6 1 

Ma.\ 

" 

S49I* 


>70 

3 

6i; j 


- 1 

. 

— 

>677, 


>80 

— - 




10 1 

71* 


"I.U 

>90 

— 


4 

6'* j 

[ 


F8?s« 

3.J.H ? 100 • — 

7<>r\l. ' K|,l M K IN 

1 — ( — 1 
•riXTII \t Ts* 


1 \ 

5U 

1.535 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit A Cmce. 10 % 

Bank of Cyprus 10 

Bank of N.S.W 10 % 

Banque Beige Ltd, ... 10 % 

Banque du Rhone 101% 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley 10 % 

Canada Perm'r Trust 10 % 
Capitol C&C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10J°n 

■ Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 

Co-operative Bank *10 % 

Corinthian Securities 10 % 

Credit Lyonnais 10 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 

Eagil Trust 10 % 

English Transront. ... 11 % 
First Mat. Fin- Corp.... 13 % 
First Nai. Secs. Ltd. ... 12 % 

■ Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindiays Bank tlO % 

■ Guinness Mahon 10 ^ 

■ Hambros Bank 10 % 


■ Hill Samuel 510 % 

C. Hoare A Co. flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

KcyseT Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 ^ 

London Mercantile ... 10 % 
Edward Manson & Co. 111% 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Ross mins ter 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11}% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of- Kuwait 10 % 
Whiteaway Laidlaw ... 10} % 
Williams & Glyn’s ... 10 % 
Yorkshire Bank 10 % 

■ Members of Uk AcL-epiinc Houses 
Committee. 

■ 7J*y depoalm J%, l-month deposits 

t 7-day dpposfis on sums or no.ooo 
nnd under 6j%. np to £25.000 7j =«. 
and over 12 S.no 

t Call deposits over D.OH 7%. 

S Demand and deposits 


l iFi. 10) i 

itm.-x-b VwiFliOJ 87 

Uobeu-o (Fi^jiA P 177 

•swims* (KiJUi.... 142 
KurenUMKijO).... 123, 
Ki-.i-alDuirhiFi^C 134. 
sLaveubun; 259, 

Mwirrfirp iFi^U, 127 
1'okyo Psc.Hkli-.S 146 
Unn«ertFi^Cn... 126. 
Vibine He..Mi£li 41. 
rt'i^f.t rr.Ryphii 39 L 


CNA Investtnenis- ; r.ue 

Carrie Finance 0.88 

Price +- orj llli-.ii'id. Oe Beers lodpsrrial tU.25 

Krm. — Fra. I % Edaarg Consolidated lay. . 2.78 

J — — Edgare Stores 131.00 

7305—2.5'! 41® 0.6 EverMeady SJL JS.M 

420.0 -5.2 iZhia 5.0 FederaJe VoUcsbefegglngx . 1J3 

323 —6 1B5 5.1 Groat crowns Stores 3.15 

642 —9 2026 4.9 Guardian Aranrauce tSA» SL30 

468 -21 10* B.B T1.SS 

828 -11 42 01 W» -i-- 12.10 

525 —10 405 7.6 WcCartfay Rodway 

.730 —10 75 4J NedBank 2.85 

3701 —3.9 31.6 03 OR Boxaars +7.30 

.060 -8 76.50 12 Premier Milling 6j5 

404 —15 12 3.0 Prerorla Cement «.« 

408-8 —12 njffi 2.7 Protea Noidlmur 1.40 


42.6; +2.9 — |- 

aB.5; — 0.2 17 5.9 

87 '— 1 I — l - 
177 Uo.5 [AZbhi 7.2 


Pnoe | +or I DivaYur. Gen-OocafenialeJ 206. 
Fra. — i A Imuoi ei 


' [—0.5 [A26bj 7.2 

1-42 — 1 — - .uuralnium il,170 | — 10 

123.9 +0.1 3.8 hHC -A' 1*10 -5 

134.6 —1.6 |53.7Sl 7.9 ai*Geiffv Ir.tOft 1.033 -25 

259.0 +0.5 4b ; 7.6 Do. IMrtLwt. 783 +5 

127 +1 27j>4.S K*s„ 569 +1 

MS 1 — 4 _ jso.dw) 0.5 L-imlit 6ul»e. 2.260 +10 

126.7— 0.5 142.6 : 6.8 Ki**tmnt( 1,935 —5 

41.0-0.5 iso.ffl 1.1 Ftjcher ti+ei'ten. e20 -5 
ao 1 n _a n ul-11 u-v ■>. f u mn iftnn 


GltrbiUeiiiter.— ... 408-8 -12 1(^ 2.7 Prate* UokUage l. w 

Credit Uorn. Fricei 120 —1 12 10.0 Kami Mines Properties ... 

Oreorot Loire...... 91.5—1.5*'— - Rembrandt Croup 3. 

Darner. 655 -12 33J6 6.2 R «l«* & 

Fr.Fetroles. 131.8-1.4 M. IB 10.7 $«» Holdings 1. 

Uea.Uoci>fenLale4 206.4|+0.4 B2b 4.0 SAPPJ 

■mete) 63^-031 6.7 9.1 R* °B2S!SJ! UWr *- f 

Jaraum K.wni I Ian. a _ “reurertes - 1. 


o I metal 

Jacques BoroL 

_ _ Duarsse 

f'J L'Ureri 


lu an yvnmi . — 730 T-9 116,57 2.2 

no I “■? L»buk1 11,812 +12 ]S6.K 2.0 

ou | H Haisraw Phentx..! 568 -8 . 39.e 7.0 


Si * »'»- UJ; +..I. 

9 1 16,57 2.2 +0-01 

fen- 2.0 Securities Rand $11^.75} 
(Discount of 

la.sj 2.5 — 1 LLZL : — 

isVuii SM|N * 

7.5[ 03 Ahgnst 30 * -Per cent 

10 2^ Asla'nd US - 45 

L7J2S 3.7 Banco Bilbao 3U + a 

- - Brdcp Allan tiro ti.BOCI) 245 - 

27 | 6.3 BWvo Central . . 322 +6 


a5 fo MKhcl,n •‘ H,, $.* 

16 36 5 

in U I Moulinex. 1 

l ° S g Karibu y 


39 L5 -3.0| 53 1 4,1 Uoffnuu)PtC , «ta.l65 1 300 1 


ifuoJiion! t’? 1 BO 

IBWh LlOOi 1.7 Petoort.ltiftftjd, 269.! 


Da (bnu.ll) .6.525 lOOillU 1.7 PnifteMrCitrnen.w _ _ ... m 

lot ertood H_ 5,900 MU 2,6 I'ofclAin. J 207.5— 1.7 P- - Bnnca Allan tiro U.BdQ). 

JelraolilKr. UH)—[ 1.930 j— IS j 21 * 1.4 Itailiu TectuiiqueJ 430 —8 J 27 j 6.8 gWeo Central. 

N'estir tKr. UWl....|3.430 — 10 05 Kwloute l. 683 : l! 30 i 5.2 Banco Exterior 

Do. Kec 3-B flbone Poulenc „ 105.5—0.7 9 j 06 Banco General 

Uet1itotiB.(FJftOI[Z.785 +15 | 15 1.3 ’L LoOaln. | 146^—07*14^510.0 Binco Granada tlJMi 

Pirelli tilPtK.lttt 289 —1 | lb 6 J2 jLIji MnesiKtioi. ... L675 *-l 39 102 .Banco felapam 

as ndo! (FrjSffl... '3.620 i+lO 2b 1_8 5uez 293 —9 * 2b.tj 8,7 Banco lad. Cat. (1,000) 

Un. FartOeru..! 424 +4 26 3.1 leieroromlque^,, 813 —15 Si&.& 5.1 04 IwL Meditcrrenoo... 

sc&tndlerL'cKia: 283 —10 12 4.2 ihoraron Rnuvti . 2300 — 3JS 16.1^6.8 Banco Papular 

sulaerLttFrlOJ). 305 1—24 14 4.6 Lunar 207 —0.4 — Bahcq Samander iSSOl 

5<n»str(K^)0)... SOT -4 10 4.3 '■ MMo UrqnOo . 

biriuiink tK.IOO) 383 10 06 STOCKHOLM Vkea*a 


1,300 -29- dr^aJ 2.3 

510 -3 ’ 12. Gi £.5 

14 SM -2 d. 2.1 
179.0 —1.0 l4$S'll.l 
I 90 -1 . 7.5[ 0ff 
I 269.0-9.1 W 2^ 
J 470 -8 17 3.7 


COPENHAGEN * 


[AndclUunlien.— j 1421;' +1* 


Danakft 8snk. MM .- 1282*1+ >; 
Ka*t Ajualm La..; 1631*1 + 1* 
Kinanet-ankeiu^..! 134 .—3 
Bnmcerier. J 3773*1+13* 
For. Psplr ....,[ 93 ;— 3* 

Handeisiunk ! 1201*!+ 1* 

D.N’th'n H.iKrtCi 275«i+2 

Ntml KbIjvi J 1943*' — t* 

Uiiriatinb ..J 115 —6 


- - HerliLnnll.(KJiW;Z.785 +15 | 15 1.3 

Fritse +or Dlv. fl id. pireill SIHlK.lOOll 989 —1 | lb 5.2 

troner! — % , % W(ld0£ (FrJSOi...!3.620 +10 2b 1_8 

[ ! j Un. Fait Oeru-.l 424 +4 £6 3.1 

1 . , scalndlerCtKUJC 28S -10 12 4^ 

I iZ'i sul«rCttFrl(M). 305 [-24 14 4.6 

f JS . H JWiwalrfK^W)... SOT -4 1J 4.3 

ill* 4 ' * JS nS SwiMBnk (K.10O) 383 10 06 

22.17?, i- 7 Swiss (JtelfFkBM 4.660 +2B 40 2.1 

3 22 J4 r + I 13 « ** *■* ItowpRm* 13.230 -10 > EO 3.1 


.Stml KbIjvi J 1943*' — t* ; iz • o J2 

HiiHaiirifc ..J 115 '—6 ■ — t — 

Kriratlnnk „..| 1341* +3* ' — 9.0 MILAN 

PmvinimnL.. l 14ii*;+ta ill. 7.7 _ 

sopti.herengan '• 409 : iz I z.9 

super! on. 1841* —1 | 12 ! &5 Aua, i 


i 12 I 8.5 ZurK * lM " 1 11 ' 700 "* 50 

! 12 [ 3:9 — * 


430 -8 . . 27 | 6.3 Central . . 322 

683 : U 30 I 5.2 Banco Exterior 2» 

105.5-0.7 9 1 08 Banco General :. 283 

1463 —07' ISjsS 10.0 Bdnco GWuutda (UMI W 

1.6*75 *-1 39 i 0a Banca HUsana lib 

993 —3 2b.6| 8.7 Banco Ind. Cat. (1.0M) IM 

813 —13 25.K 3.1 B * lBd - Meditcmnao... in 

2300 —05 U.i 6.6 Banco Popular 2S9 

22.7 —04 — _ Bahcq Samaoder iSSOl 315 

1 ■- bwco urqmto . 2&a 

Banco Vfeeajra 256 

■— — Banco Zaragoxano . — 2» 

f"™ **'- or -Olv. j STbrtT Bantam] nn - IS 


I B.Y 

! 25^ 5.1 
jih.isje.e 


krone I 


AMD 

Uutuxl .......... 


Price + ur ; Oiv. l'<u. 
Lire — | Llrej % 


, J 105.23— - - 

Zl 639 -23 


AUA AUK.Alj... 210 
A.ta UvaHrKrtO)| 143 
A3U.\ (Ki--nU]...iJ 90, 

AUtaeCatcuKiaiJ 227 

Uillerud 67, 

Before 11B 

Carta. 190 

Ueiiulosa- J 227 

Hieet'lux'B'fKraq 144 
KncMon'ifrKrbLi 142 


910 

143 L....... 

90.01-0.5 
227 i+l 


% Bonus Andabci* 
— * Habcnck WUcax ~ 

2.6 CIC. , 

3.B DrasMa*' 

5.6 inmebiAir ....„ ... 

4.7 B. I. Aractwesn 


VIENNA 


fi -41' 


Ure-i ujraKia.it 242 |...— . 10-2.9 liontediaoii-,.— . 179 +9 — I — 

PammoMr. 280 ' .*. 9< 3.2 U.iretu Fnv. 1,156 +18 — j — 

*««■» 631 : + i 38 I 7.6 Pirelli Co 1.718 +10 130)7.7 

Serapenl J, 87 ' -j- PireDl ~pa 921 +9 80 07 

■terr Daimler ...| 218 I [ 8a 1 3.6 sum 910 +20 — — 

\>tr tiaanren 230 ,--l f 10 >4.4 


Usahn r — — it* 

Fiat - 2.038 + 73 160 7.4 baaeltfl "B"— J 302 

D+Pnv- L640A+64.5! 150 9.2 PajaasU. 100 

Fin-.ider....._ 17l.a+3.S| — Uningca (free)_... 61, 

ibiieent+nt 108OOj+33oj 600j 4,4 Haudieabaaken... . 387 

lUiBid«r tl „ 329 + 7 I — I — Uaranpu... — 115 

Itedtatanc*-..— 36.300' + 300, 3,4 llo Ocb Ussw^,. 67 


67.5 -J 4 ! 09 Bsnannla-Zlne ...' 

115 Jb 4|3.5 ExtiL Rin'TlalO 

190 +4 1 5.701 3.0 Fees* il.fltifli 

227 +2 '[ 10 i 4.4 Feimsa (UWOl ... 

144 —| 6.5 | 4.4 Qai Predados .... 

T42 ‘ t+‘l :! 5>[ 4.4 Cn»n Vclaaquex. 

302 1+1 ' 

100 

61.K— 1_0 


201 — 

...- 2V +> 

a — 

-1.- 2a + 2 

..._ 67 r * 

SBJS -07S 

— iu - —• 

a . * -«# 

— «* • . — 

— . w - - -Jl 

77 + 


smUvtlr A_H,_ ... 
S.K.K. -B’ Krv— 
jUand EnakiMa.. 
DuulKia-S' K16C 

Urldetmlm 

VoTto i Kr. SOi ! 


+ 3 ' 8- 7.0 

+ 1 — . -. 

J 3.7s 02 

+ 2 [ 4.b 00 

I 8 4.S 

,:.f 3 I 08 


5 - 04 Gnwn Yclazqua. 715 - 

9.6 3.8 ®<lrbla* — tiLSS 

4 23 Iberduero 3dLA 

_ _ Olarr-i US 

16 4 1 Phjlet«^s Rena Idas ... C 

*g. S-* Pdfioitbuf. • i» 

" * w Petroleos *. 2Q3 , 


n r, sorrio Pwalera 

“ Solace 


r 
£- 
f- 2 


Tm Stweftsa 

2a 7eWinniea 

B - a Tnrras Uastencb. 

* Tntwvx • „:... 


84.si— 2. 5) 6 1 7.-i Tinta^ec . » j .+■■ 


iiiiwa";;"'.'.!!! 39 f — 

:EEE ’i rJ 

tench. • « i -•! 
;... n / +3 


1 


•r.^ + 6. 

r.? _ • 


K 




in* « 






FinandaT Times THursday August 1 31' ffiE 


39 


FARMING AND RAW MVII RIU.S 


Locust 
threat in 
Ethiopia 


GENEVA, August 29. 


SWARMS of locusts are threaten- 
ing crops in three north central 
Ethiopian provinces already 
affected by drought, the League 
oF Red Cross Societies said here. 

The Desert Locust Control 
Organisation for East Africa is 
trying to combat the swarms 
with aerial spraying but is handi- 
capped by insuffiicent planes and 
bad flying conditions. 

The drought causing severe 
food shortages for nearly 2m 
people in Ethiopia, especially in 
Western Wollo province, now 
affects all eight districts of 
Tigray province and three dis 
trlcts of Gondar province. 
Reuter 


Kill hens to 
save egg trade, 


say farmers 


BY OUR OWN CORRESPONDENT 


U.S. palm oil 
imports fall 

WASHINGTON, August 30- 


U.S. IMPORTS of palm oil dur- 
ing July fell to 29.1m lbs from 
26.4m in June and -were down 
from 35.0m in July 1977, census 
bureau figures show. 

The hulk of the July imports 
came from Malaysia (19.0m lbs). 
Other suppliers were Canada and 
Liberia. 


In the first seven months of 
1978 palm oil -Imports were 
219.7m lbs, compared with 333.4m 
lbs in the comparable period a 
year ago. 

Reuter 


THE EGGS AUTHORITY is 
under pressure from farmers to 
introduce a subsidised slaughter 
scheme to kill off 2.5m surplus 
laying hens. A decision is 
expected at a meeting on Thurs- 
day next week. 

Appealing for action yester- 
day, Mr. Mike Weller, chairman 
of the National Farmers* "Union 
poultry committee, said egg pro- 
ducers should be compensated 
with a payment of 20p for every 
bird killed. 

Tbe cost, he said, would be 
boroe by the egg industry as a 
whole. A special levy could be 
collected on every laying chick 
sold. 

Otiier proposals before the 
Eggs Authority, the industry’s 
main marketing add advisory 
organisation, include a plan to 
sell off 11m eggs a week cheaply 
to processors. 

This would reduce the glut 
of eggs depressing the retail 
market and push up prices in 
the shops. 

But Mr. Weller said it would 
not get to the root of the 
problem. Many more young 
birds were approaching the age 
when they would start', laying 
and “in no time we would be 
back to square one.” 

Egg industry representatives 
have had a series of meetings 
in recent weeks, and Mr. Weller 
claimed there was general sup- 
port for tbe ben culling option. 


However, he added, some sectors 
had doubts because of the neces- 
sity to have such a scheme 
blessed by the Government and 
then by the EEC Commission 
in Brussels. 

There were fears that by the 
time all the proper channels had 
been negotiated the crisis would 
be out of control. 


Bumper jute 
crop brings 
price slump 


By Our Own Correspondent 
CALCUTTA, August 30. 


However, Mr. Weller insisted 
that if all interested parties were 
to back the plan and the industry 
itself bore the cost, there was a 
good chance that 'the scheme 
could be in operation by the 
beginning of October. 

Egg producers 'have been 
losing money for more than five 
months although they have con- 
sistently ignored warnings that 
they were over-stocking with 
young birds. Now. the NFU says, 
losses are costing farmers lOp a 
dozen. 

The cost of culling 2.5m hens 
would be about £500.000, he said. 
Compared with tbe industry's 
current losses of £2m to £2.5m a 
week this was “ chickenfeed." 

A culling scheme was first pro- 
posed in June, when Mr. Denis 
Cummings,, chief executive of 
the Eggs Authority, suggested 
that the slaughter of 500.000 old 
hens would restore balance to 
tbe market 

But a meeting of the authority 
decided such action was 
premature. 


A BUMPER Indian raw jute crop 
variously estimated between 7.5m 
and Sm bales has brought prices 
crashing in the growing areas 
(North Bengal. Assam and Bihar) 
to much below the statutory 
minimum of Rs.I50 a quintal. 
Only a month ago raw jute 
prices ruled at R&300 a quintal 
as against the official ceiling of 
RsJJ25. 

According to West Bengal's 
Minister of Agriculture the 
prices ruling in most of the grow- 
ing areas in West Bengal (which 
grows more than 50 per cent of 
the Indian crop) are now 
between Rs.125 and Rs.140 
quintal. 

The Jute Corporation of India, 
which is to make price support 
purchases, has been asked to 
intensify its purchases by itself 
as well as through its co- 
operatives. to boost prices in the 
market. The Jute Commissioner 
has also raised the limit for. raw 
jute stocking by mills from four 
weeks to eight weeks. 


EEC sugar 
exports 


BRUSSELS. August 30. 


Brighter hopes for British wool 


BY OUR COMMODITIES STAFF 


THE British Wool Marketing 
Board paid out £2.36m last year 
to keep British fanners’ returns 
up to the guaranteed level. 

But the Board is quite happy 
about the situation. “For the 
third year running we shall be 
making no call on public funds 
to maintain the wool guarantee,” 
Mr. Brian Bunn, the Board's 
managing director, said. “We 
started last season with a surplus 
of over £7m in the special 
account after having paid back 
everything that was due to the 
Treasury from previous years. 


agreement with the Government 
runs out in 19S0. 

Tbe Board is hopeful, however, 
that there will be" no further 
drain on its resources in tbe 
present season. Auction prices 
have picked up recently and are 
now close to the guaranteed 
level. 


‘Now, even though prices for 


our wool at auction last year 
averaged almost Sp a kilo below 


the guaranteed price (llOp a 


kilo), we have been able to 
meet the shortfall from our own 
resources." He said , the Board 
still had more than E4-5m to 
meet any future deficiencies 
before the present financial 


“If this trend continues,” Mr. 
Dunn said, “it means we shall 
take very little, possibly nothing, 
out of our reserves to support 
the wool guarantee this year." 
British wool exports have been 
buoyant so far this year with 
first half sales reaching £204m. 
A record £41m-worth of British 
wool was exported In June. 

However. Mr. Dunn had one 
note of caution- “We cannot 
really detect any sustained 
upturn in the economies of the 
world’s major wool-consuming 


countries. So while we welcome 
the present improvement in 
market prices, we do not see 
them as the start of any major 
move upwards." 

Tbe Board’s annual report 
shows that the 1977 UK wool clip 
was 325m kilos, 15m or 3.9 per 
cent below the 1976 total. The 
fall was particularly marked in 
South Western regions of 
England (down 7.1 per cent) and 
in Scotland (down 5.4 per cent). 

At April 30 there were. 86.57S 
producers on the Board's 
register. 890 or 1 per cent fewer 
than a year earlier. 

However, the steady fall in the 
number of registered producers, 
which began in 1963. now appears 
io have levelled off and the 
Board expects that producers 
coming-back into sheep will off- 
set those leaving the register 
because of farm amalgamation 
and other causes. 


THE EEC Commission authorised 
sales of 43.G00 tonnes of white 
sugar for export at its weekly 
lender today, reports Reuter- 
Last week export authorisations 
were granted on 45,000 tonnes of 
whites. 

The maximum, export rebate 
was cut to 25.640 units of account 
per 100 kilos from 25,649 ua 
the previous week. 

Our Kingston correspondent 
writes: The current Jamaican 
sugar crop has so far yielded 
286.941 tons, and there are indica- 
tions that when the crop closes 
in a few weeks this will have 
reached 300,000 tons. 

Production so far represents a 
recovery after an uncertain start 
| to the season when several fae- 
I tories were closed by strikes, 
j One of the Island's larger fao- 
! tories is now closed hy a strike. 


Zinc price up 


TORONTO, August 30. 
[HUDSON BAY Mining- and 
: Smelting Company said it raised 
j its prices for ail grades of zinc 
isold in Canada by 1.75 cents a 
1 pound, effective immediately, 
i The company said the new 
1 price for high grade and prime 
■western zinc was 35.75 cents a 
pound, continuous galvanising 
; grade with lead added. 36 cents 
and special high grade and gal- 
! vanising grade alloyed with lead 
i and aluminium 36.25 cents, 
i Reuter 


■ ;v : ; " V- .. \\ > : • * • .v ’ \ •;«.**+£* . *?¥ \J : ; . ; t !-.| / 


Anarchy in French potato market 


BY CHRISTOPHER PAR ICES 


THE DIFFICULTIES faced by 
British . potato growers pale 
almost to Insignificance when 
compared with the hazards con- 
fronting French farmers and the 
organisations set up to put an 
end to the anarchy ruling in 
their market. 

Tbe evidence to support this 
view is published at length in a 
report, released yesterday, which 
can only strengthen the British 
Government's resolve to insulate 
the UK market as far as possible 
from the unwelcome disruptive 
pressures which plague the Conti- 
nental potato industry. 

Fraud; the author declares, is 
commonplace among those in 
France charged with supplying 
marketing and statistical data. 
Other vital market information 
is simply not available because 
of a lack of interest among 
many growers and merchants. 

“To many, growing and 
handling potatoes is seen as a 
gamble and is often welcomed 
as such," tbe report says. 

But the main underlying fault 
in the Industry springs from the 
multiplicity of interests involved. 
At the. last count in 1970, there 
were 900.000 farmers growing 
potatoes in France. About 750,000 
of these grew less than half a 
hectare (about 1 acre). These 
small-scale producers see little 
benefit in co-operating with the 
authorities or even joining a 
producer group or co-operative. 

They can stop and start potato 
growing at will since they have 


no heavy investments jo 
machinery or storage at risk. 

And although the private 
wholesale trade is “ portrayed as 
haviag few virtues, being cir- 
cuitous and costly, as well as 
exploiting farmers ” it is still 


in its own potential may well 
have been seriously shaken.” 

The author is quick to draw 
the comparison between the 
dismal failure of producer group- 
ings to reduce the disorder in 
the French market and the pro- 


THE POTATO Marketing 
Board yesterday urged all 
growers in Britain to take up 
its offer to hay 10 per cent of 
their crops. Reluctant farmers 
were warned that the Board 
might not be able to raise 
market prices folly (o the 
guaranteed level over the 
season. 

“Mnch will depend on the 
size of any surplus and on the 


outcome of the pending case in 
the European court regarding 
the import ban in the UK,” the 
board said in its weekly market 
report. 

Market prices have steadied 
a little this week.' although 
supplies are still adequate, and 
average returns are still well 
short of the guaranteed level. 
Lowest price recorded is £20 a 
tonne and the highest £43.50. 


handling the bulk of the French 
potato crop. 

Government-backed coopera- 
tives and similar groups have 
had a singular lack of success in 
attracting the growers. 

“ Interest in co-operative 
activities appears to have been 
waning since the end of the 
1960s with some organisations 
disappearing and the member- 
ship of others declining." the 
report says. 

“This- result is unfortunale 
and follows mainly as a result 
of a short-sighted policy to pro- 
mote producer groupings as a 
means of organising a particu- 
larly anarchic market. 

“ In failing in this role the 
co-operative sector's confidence 


posals drafted by tbe EEC Com- 
mission in Brussels for a 
Common Market organisation 
governing potatoes. 

The structures proposed would 
depend entirely for their success 
on producer groups which would 
be responsible for market 
management and the application 
of support measures. 

The Dutch, the author con- 
cludes. would doubtless favour 
an unfettered free EEC market 
in which competitive forces 
would finish off the inefficient, 
small-scale producers. 

But since there are some 
750.000 of these in France alone 
to be considered, the social reper- 
cussions preclude such a ruth- 
less approach. 


So the final resolution of the 
difiiculties facing the potato 
sector in France must await the 
improvements in the agricultural 
industry us a whole begin 
engineered by the French 
Government. 

“In the meantime, however, 
the proposals put forward by the 
Commission of the EEC are un- 
likely to provide any substantial 
alleviation from the problems of 
instability and it seems that the 
Community' is a Iona way from 
insulating itself from the poten- 
tial disruptive effects of the 
French maincrop potato market." 

The report, which was spon- 
sored by the Porato Marketing 
Board, is puhlished at a time 
when the ultimate Cnrnmnn 
Market weapon — action in the 
European Court of Justice — is 
being hrouaht to bear on the In- 
tractable British Government, 
which has ignored entreaties and 
refused to obey an order from 
Brussel; tn open its frontiers and 
allow free trade in maincrop 
potatoes. 

If is perhaps a pity that ihe 
wealth of evidence it provides 
was not available to Whitehall 
earlier this year when it wa« 
pleading its case with Brussels 
and before the force of law was 
brought to bear. 

The French Maincrop Potato 
Marketing System, Publications 
Department, Centre for Euro- 
pean Agricultural Studies* IV/wj ( 
College, Ashford. Kent. Price 
cash with order. 


U.S. farmers attack futures 



SOME MAINE potato farmers 
are petitioning Congress to ban 
futures trading in their principal 
product- “We should get back 
to marketing potatoes rather 
than playing around with paper," 
one farmer declared. 

Theoretically, producers - and 
users of a commodity can pro- 
tect themselves against price 
fluctuations by selling or buying 
contracts for future delivery of 
the commodity — the practice 
known as hedging. 

In practice, farmers tend to 
be “suspicious that futures are 
doing them no good," according 
to Mr. Jim Lilly, editor of Prairie 
Fanner, a publication based in 
Oak Brook. Illinois. In a recent 
survey, the magazine found 55.9 
per cent of more than 200 
farmers said they didn’t know 
enough about hedgiDg to trade 
futures. 

I think lack of understanding 
is definitely the biggest reason " 
for farmers’ apparent edginess 
towards futures trading, says Mr. 
John Helmuth, an Agriculture 
Department economist in 
Washington. 

In a survey Mr. Helmuth con- 
ducted for . the Commodity 
Futures Trading Commission. 
95.1 per cent of fanners said they 
did not buy or sell any futures 


contracts in 1977. Of those who 
did. only 397 per cent traded 
commodities they used or pro- 
duced themselves. That means 
the majority of farmers who 
trade futures aren't hedging but 
speculating. Mr. Helmuth says. 

The latest effort to have 
futures banned is a BiU before 
the Senate, sponsored by Maine 
Senators Edmund Muskie and 
Mr. William Hathaway, both 
Democrats. It would ban all U.S. 
potato futures trading, most of 
which takes place on the New 
York Mercantile Exchange. 

The Bill is not likely to get a 
hearing this year and many ex- 
perts think it has little chance of 
passage, but its presentation 
indicates the deep-seated feelings 
among Maine’s highly indepen- 
dent farmers. 

Some growers claim that 
because tbe exchange's contract 
covers only Maine potatoes, 
rather than the much more 
widely-grown Idahoes. price 
movements are exaggerated. 

But other growers, particularly 
larger, more successful ones, say 
futures do benefit farmers. These 
fanners tend to trade futures 
more than smaller ones, one 
study found. Many experts 
believe participation in futures 


trading increases with a farmer's 
acreage, education and income. 

Some analysts say potato 
farmers, like growers of other 
commodities, use futures ex- 
changes as scapegoats for low 
prices in the face of rising costs. 

Much of the controversy 
centres on the role of specula- 
tors. for whom growers use such 
terms as “ big-city, fast-buck 


art i sis rambling on the hoard." 

Analysts counter that specu- 
lators play a key rule in futures 
markets by assuming a risk that 
hedgers are not willing to take. 
Speculators make markets more 
liquid by bridging gaps between 
buyers and sellers, analysts add. 
Without speculators. prices 
might be more volatile, some say. 
AP-Dow Jones 


Coconut oil output 
expected to rise 


WORLD COCONUT OIL output 
in the 1977-78 marketing year 
ending next month increased by 
only 45.000 tonnes to 2£m. tonnes 
from just over 2.75m last season, 
the Hamburg-based weekly pub- 
lication. Oil World estimates. 

The increase largely reflects 
a 22 per cent rise in Philippines 
output to L175.000 tonnes from 
962,000 in 1976-77 which more 
than offset a 15 per cent drop in 
Indonesia's output to 520.000 
from 610.000 tonnes last season. 

The publication notes that in. 
an effort to make up for its 
smaller domestic production this 


season. Indonesia had imported 
large quantities of coconut oil 
from the Philippines. 

It also reports that the per- 
centage of coconut oil making 
up total Philippines exports of 
copra and oil has continued to 
increase. Its coconut oil exports 
this season are expected to rise 
to 950.000 tonnes from 743.000 
last season, while copra exports 
are forecast at 505.000 compared 
with 534.000 tonnes in 1976-77. 

Oil World expects the trend of 
oil over copra exports to con- 
tinue. 

Reuter 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS 


good covering. This trend was reversed rise lo £8,888 in the morning nogs with 
in the afternoon, however, as stop-loss j feature of t radios being the absence 
selllni; on Cooj ex caused the Price hen? at the usual hedge selling- The firmness 


COFFEE 

ARAB ICA5— Close 


COPPER— Lose ground ao the London to faU to IW4. Fresh baying -eoieixed extended into the afternoon with forward 5.jr""busa^s ^iso nt^oe! 
irs of overnight at. this level pod I forwart metal Wi led to metal BtUlb; £0.700 on the late herb. 


£38-56. Glasgow. Sooth African Yellow taeouarters 35 .il to 38.0 PRICE CHANGES 

Sept.-Oct. £38.00. Glasgow sellers. Veal: Dutch hinds and ends SO.O to SM. p nev per lpn ne unless otherwise stated, 

buyer. low Unowned. Lamb: English small S2.0 to S!.n. 

- ^ ummowo. -medium 54 .O to 5S.0. heavy 52.0 to 56.0; 

EEC IMPORT LEVIES— Elective tor Scotch medium 32.0 to M.fl. heavy 52.0 to 


Metal Exchange. Rumours 

Cl line* purchasers saw forward metal OG Wore cKb u; back 10 at Turnover J.350 tonnes. KA0*72.M. t>$.0fl. 3: ' K-b.. ArriiT June Awmst 31 in order currtnu levy plus 56.0; imported frozen; NZ PL 53.0 to W.O. 

pw»c up n £733 on ihe pre-market and f74S.fi on the latv kerb. Turnover — Slo _ ami aus. all unquoted- Sales: 3. SePt-. Ocl and Nov. premiums, 1 previous PM as.D to 54.0. YLs 50.0 to 51.0. 


bold steady at that level loitering some tonnes. 

Amalgamated Metal Trading reported 


COPPKU 

n.m. 

Offirtnl 

+ " r 

li.m. ,T+nr 

CuuHtdsI j — 


£ 

Z 

£ | £ 

WlTBtoxJ 
CWi 

734.5-6 

-7 

7312 |-4-5 

3 nuaUi*., 749-b 60.5 

-B.re 

746-J '-7 

Seril'm'nt 

73s 

-7 

rare ; 

Cathodu 


• 

... - 

Uw.h 

724-fi 

-9^:720.5-1.5 -5.5 

S munch... 

741-.6 

— ID? 

73B-.5 -6.25 

SrUl'm'nr 

786 

-9 

1 

I'.ti. bun j 



63-66 [ 


TIN 


LUI. 

OBH»l 


■'ll £73a. three months £754. 53-5. 53. 52. Tjr,e»h fin H* j .. 1 4 * ^ ■■ 

Hi. 51. 50. Cathodes, three months 1741- HjehGr*d| - iJ:' ; * 

Kerb: Wnebars. cash 17343. 32, three 24?* « -r 2 ? 6 


oionthsjtia. 49AJ3. 45. 47 -i! After- tSEeU It*!° 


EhT iCZ.CZ .«A «l gwidani, 

• CaUwd «* ,hrw -I 


Kerb: Win-barn.* three months £740.5. 47. * *-i 

«... * 4U. 47. 47.4. 47. «. «. 


TIN— Higher in fairly active trading. s^wToric! 
The steadiness ol the Petianu market saw 




in brackets 1 all in units of account per Pork: English, under 100 lb 27 0 10 44.0. 
tonne; Commas Wheat— 80.20. rest nil I00-I2B to 38.0 to 42.0. 120-160 lb 35.0 to 
181X4, reel nil). Dnrnm Wheat— 121.53, 41.0. . 

niL nil. I5J <124.48. nil. nlL O.lfii. Rye— Crosse: Young host 1S0.0 to 190.0 each, 

81.25. nil. nil. L29 <82.6. ng, nlL 0.83 1 . old 100.0 each. 

Barley— CSL rest ml <82.94. rest nil). HEAT COMMISSION— Avenue fatstock 
Oats— 70.44 rest nil ro-74. rest nfli. prices at representative markets 

. , ... _ Mate (othe rthan hybrid tor seeding) — August 30: GB — Cattle 

+77.56750-70 -*■ 105 Jonuarv | 139 p- 14CO + 11 1400.1556 75.77, nfl. nU, 9-32 < 76.90, refit n<]>. (+0.40C UK — Sheep 

I ■ ahuii. — ., 1556 38 —3 1 1340-1560 Buckwheat— nU nfl tall nil). Millet— ta.est.dx.w. I+Jhi: GE — Piss «2.2p per 


Aug. SuJ + or . Month 
1976 — J bro 


+ 60 ,6715-35 :-5a 
+ 76 1 - - I...... 


COFFilE 

, Yi-jientay't 

L'lu.-e ' + nr J 

Buslnrre 


i £ per innae 1 


>epU-:i»iH.-r 

Nutvm:«-_ 

■ 1520-23 i — ZB j 
1466-69 ; + 12 I 

1550-I4B2 

1468-1450 


Aluminium (£680 1 Jl'683 


Free market w:sj. 3 1 . 076:95.' + 10.0 £1045/55 
Oippprcaab W. liar 11731. 5 ,—4.5 X721 


ittle 70_27 d Per ke I w 3 month* .in. .<bJ£74&.0fi'— 7.0 ,Ci41.2o 

£ HUP ix'r Caali (.'alboie JK7Z1 -5.5 E7 11.15 

▼47 A 6695-700 T 50 .• mssjo —a i i«v- law »«»aiiHir»u au iau oui. r»»»*v— ithK GB — PlftS «2.2p per 5 month# di.. dn. £73a. 25—6^25 i.' 732. 35 

+ 7a| _ I May — ! 1305 10 —7.5 1 1300-1275 41.84. rear nfl t44J2. rest nilr. Grata ke4-W. <-D-5t. England and Wales- GoU ,...' Tmv c«JSM6.575^ 1.625 SMZ.875 

+ 2 ■ ! ... " J'llt 12B4-93 ' — 6 1 1293-1256 Sorstwm— 77.S. rest nil <78.78, rest nflt. Cattle numbers np 4.0 Per cenr. average f*** 1 ~2'£* 

1*592.50 ... . **P**m , *r..; 1271-1300 +16 (1260-1242 Floor Levies: Wheat or mixed wheat and price 70-?4p i -4-0.43 ■: Sheep up )2.6 per 3 months.,, |K347^S;— 0.5 .£o-l.»6 


forward standard metal open at 16.630 uUd Momios: Standard, c a sh X6.72i),.3D. 25. 

three months re. 670. 90. S5. 90. 95. Kerb: 
Standard, three months IE. 639. 85, !*. 


I.G. Index Unified 01-351 3466. 3 months copper 742.5 to 749.0 

29 Lamoaf Road, London SVVIO OHS 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


COMPANY NOTICE 


UNION CORPORATION LIMITED 

(Ittcorperoted in Che Republic of Sooth Africa) 

SHARE PURCHASE SCHEME 

NOTICE 15 HERESY GIVEN tee a General Meeting of member* of the 
Corporation will be held on tbe Ground Floor. Union Corporation Building, 


74/78 Marahail Street, Johanneibuix on Thursday 14th September 1978 at 
the ptirpow of considering and if d< 
or without raedificaxlc 


9,30 >.n. for tbe purpose of considering and if deemed fit. ol parting with 
lion the Ordinary reroiation full derail* of which hare been 

pO*Wd to member*. 

. Holden of share warrants to bearer are advised that topics of the 
document poised m tbe registered shareholders are available from the office 
of the London Secretaries. Details of the procedure to be foHowcd should 
any holder of share warrants so bearer desire to attend In person or by proxy 
or to vote as eb« general meeting are obtainable from any of the undermentioned 
addresses. 

Lloyds Bank International (France) Limited Credit- 5uiue 

43- Boulevard dcs Capucioes Paradeplacz 8 

Paris 2(e) . . 8021 Zorich 

Bsnsua de I'lndocbine «t de Site* . Swiss Bank Corporation J 

96 Bmlewnl ' Hnmura l Aercbenvorttaat 

Paris 8(e) Basle 

London Secretaries 

Union Corporation (U.K.) Limited 

Priooas House 

95 Gresham Street 

London. EC2V 7BS 

ptr pro UNION CORPORATION (U.K-) LIMITED 
London Secretaries 
L. W. HUMPHRIES 

30th August. 1978 . . 


European -American j 

[COMMODITIES CONFERENCE! 


I 


I 


I 


October 2 and 3,' 1978, London Hilton 
An essential conference far all who use. regulate, effect 
and are affected by commodity markets world-wide-food 
processors, farmers, brokers, bankers and traders. 

This is a unique opportunity to hear experts, advise on 
current trends, forecast significant developments and provide 
critical analyses of the U.S. and European markets. The 

( conference is -structured by New York University and the Chicago 
Board of Trade to encourage maximum participation from and 

I discus 8 i 0 n between delegates and speakers. 

Course fee: $US 310 (including V.A.T.). 

For further derails complete this coupon and return to the 
| address below: 


I 


I 


I 


Name 


Position 


Company 


Address 


Telephone 


TfT; 


New York University 

\ School of Continuing Education 

_ J Divisiori of Career and Professional Development . 

34.Stanford Road,. London WB-SPZs Tel: 01-937 3163 


I 


rye ttoure-12X17 024.64). Rye Flow— cent, average I42.3p <4-3.1 <: PIrb up h'rtvl.. 

12420 tl2M0). 10X per cent, avenwe 62. 2 d i-O.Si F w M arie* (uif/<lb)j8 1.80 

ScDttaad— Cattle numbers down dj pvr I >-» 

cent, average TO.STp ( +0.33i: Sheep down 


S1.70 

O.l ; 1.85 


Sale*: 2233 iJ.IQi lois of 5 tonnes. 

. . . ICO Indicator prices for AUg. 29 lU.S. 

Alternafln: Standyn. t**™ 2 con ’- s twnudi-. Calaaunau UiM CAV ARPAN TUT 1 Y tn.R per wot. average price iSO.flo platinum imcta '£150 £128 

-6.6to. 90. I8.M. EflJSS. Arabicas 1^4.00 '1>5.U0>: unwashed X A-DtAJ. v JILcAjLi rigs up 1LI per cent, average 60.1p Free Market £136 1 l-^b Bfi tlo8 45 

LEAD— Barely changed. .After rising To Arabicas ’.49.39 rULMi: other nUM _ ^ i-B-S). OuS£5 ? \ rflSs.flD* 

The market opened H down following COVERT GARDEN— Prices In sterling Oliver ‘ 18S ^ 50 


jwe-market refleenns the ArahicaS 153 SJ '152.>3i: Robustas ICA . ; — — — -r~' _ — — uuvtsn i mhiiveii — nn.ua ■■■ weruuii tillver trae ax. -«{84 45i , + Mi. 

early BcadJness in copper and some hedge l97 6 W.OO *:i0-7li.; Robustas ICA im Pw except where staled: 'aai's^ ith-wa'Z 

buying and chartist support forward KL25 usi.uOj. Daily average 147.17 »Wns drove Prices to the lows of the imparted produce: Orannsc — South — 'ZtinZX > 

raetti toU back to OW« toe late kerb ,146^7., J ^ 5 AtoSTvalSSIut. dSS Brazilian: -*2“ 

ai Ob.j. Turnover +.409 totmes. , . . ronraged by steady Chicago opening VaJeoda *«- isuh^ni. _*rK>otJia. tc.b«7 ;+ 50.0 tti.44B.fi 


> --- JEW™ *s«l “j* -ass. “ in** -TthrsrJ ffi Aiii wXS'teaSSS i '+io"i l 2iS 

7- full an: JOO/iM's new crop 5.08.5.20: I Zirrktiil'K 


GTO ? I , *+ w : + w sell mg and long UqnUaDOD losses! riosing on -tbe highs of tbe day^ 

] Official , — DnoOteia., — Iron: Tuesdays easy close. Drerel Burn. SNW Commoditua reported: 


ham Lambert repaned. Under-pLnuJng 


Spanla: Trays J- 80-2.40. Grapefruit— 


.. . ! L I *• ' - trade suppcrt halted tie decline and a 

Late. 541.6 [-tlS^U-S '—.26 fitna p\.rionnat:cc m Xcw York "C con- 

o nao^ElM. .; 346.fi-7 i+.85j 547- J ,-r.S irac: prompted a rally to a lost night's 

■en'ai'nt .i 341.5 1—1.5 — , closing k-teta m nud-aliernooD. Trade 

U- .wvi.' — . I — .J Afil.Pd ...... sboxi-co’-vriag uu the dose pushed values 

Morains- 'Three naoths~£3isr4B. 49-3. tllg ' Icr ^ Scat levels were 


Three;inonihs £346, 48.5. Afternoon: Three cllJS ' ; - 
monte £3w. « i. 47. -17 -S3. Kerb: Three - 
monte £347. 44-5. 

ZINC— st igbny firmer, and following the RUBBER 


trend, In copper and lead. Forward metal f 
movadop io C28-3 In toe morning rings SUGKTLY EASIER opening on the 
but _tnea cased owing lo profivtiktog Linden poi'ical market. Fair interest 
wblcoJcft the price around £327 on the turn mho or the day. dosing on a slightly 
late ten. Turnover 3,525 tonnes. ■steadier trite. Lewis and Pear reported 



XeHetttayj + or 
Ctee j — 

Business 

Done 


Cpertoonel 


October 
December. _. 
Fettrunry _—i 
April 

114.7 -ft fl.fll 

11551163-0.50 
1165-117-0—0.05 
1 77^-118^1-0^0 

1 

1(11650-116.00 

'i = 



October 

1155.105!— 1.0 | — 


Zinecaah |£319 !+0J75;£312.5 

Sooth African: 27/72 3J0-4J3: JaBa: 40's $fw, 6 ' 76 rr *- STS ^r,]' 6 ^ 5 

4.00: CaUtorman: Marsh Seedless W 3 an. *625 saau'txiu 

56 3J»: Jamaican: 27/« 2.704.80. Oils | i 

Tgnpe Hue s ■ Brazilian: Per box 3.00-3.20. CoccniitiiPbiD 8740u -S652.5 

Apples— French: New _ crop Golden Groumlnut ;u678 i X6+e 


WEEB353M 


Strong finish 
by cocoa; 
copper falls 


IU331 ; £334 

»5S9r | + 9.0 S532 


Sales: 14 (28) lots of 100 tonnes. 


ZIND 


£i -r ~ ■ — -v — - — — — T - * MalajJtaa cod'iwn price of 2 C isamc) CrifrAR 

tn cents 'inner, Scpt.i. JUUAA 

*0 ; i Iffictal i — Il noitM-ai — , . u _. u _ 


Delicious 28-n> 72’s 2.65-230; Portuguese: Uiuetri Crnrtt- (vi..). 

Golden DeHdoas per poood 0. ID-0. 12. I'aJm 31ata}-an 

Pears— French: Guyot 28-lb bos 4.00: per 
oo and Italian: Cuyot 4-10. Wilhams 0210- 
fl’t: French: ViTUltams 28-lb 4.80. Peaches Seeds 

— Italian: II trays 2.60-S.M: French: t.f»- torra Phillip ;g480s +5.0 $435 

2.00. Granos— Per pound Cyprus: Cardinal bovubeau tC-5..t $258r L- 2.0 5258 

0J8. Thompson OJS. ftosakj 0J3: Kalian: 

Regina 5 Is L9D-L38. 5 SB Cardinal 4.00. . 

Phims— Italian: Per pound Stanley 0.15- ’ . | 

0.18. GUUil Prunes 0.10-0.12: Buncarian: «me.t 66G c 

Switzens 13-lb 1.80. Bananas— Jamaican: H<*ne futures... : ,£8Q.55 1—0.1 ,£82.5 

Per pound 0.15. Avocados— Kenya: Fuel'll 1 „ . V I 
14'24’s SXbAXO: South African: Fuerlc „ French Xo. 5 Ain LIMA.; L98 


VoKrtayY Pre»l.iu* 
t. iiv- : Clove 


318.59 | — .5 !3ia5-9.5+J73 flai. ' i.. Uu - 

0 0^11^.1326.6-7 —.6 I 32&S-7 ,+^75 ZL. . • 

s'mete.J 3)9 ' £ \ — • 1 I 

Frita-titti; — ! 1 29.31 . . sew • 5;.7tJ-57.E3 57.00- 57 -5ff 57.70-57.65 


3^5^. t xSb- , Th^ CSlUc- ItS-HjO. IsIoO^lLfl 53.60 



Q2s,.S 7. Kerb: Three montbs 1326. 5. 

* cams per oouoa. t su per wcaL 


SjELVER 


AiT-Jnr E2.fiD-62.G5 62.15-62^0, B2.75-62.tfi 
Jr- ?ept, E42» 64.40 63.8044 M 64^-64.40 
tl-.+-r»i3.- E5.B0-M.10 B5.40-6S.60 65.60 — 

Jsn-tisr E7.C0-G7.60 S7.05^7.)X 67.25 1 

Ape-Jut- 63.00-68.15 68-70-60.75) — 

May — 
4utt — 



1J0. Webbs 1.00. Cucumbers — Per era? Lnff«# Future........ 

12:14's new crop t .*50-2.00. Mushrooms— Xuv— £1.468 4; + l2.Q;£l. 137 

Per pound 0JM.M. Apples— Per pound torina'A' Indi-r^... j74.au ■ ;72.4- 

Grenadier 0X3-0-04. Lord Derby 0.06, Ku«wr fcllu-...- I;8i. > 1.5 !a3.25i. 

G corse Cave 0.07. Bratnley 0.08-0.10. ?u*ar tkau j £04 | 'lie. ra 


surer war. fixed IJ^p an earn bteher ?&*'■ *«*. •* 5 t0MCS y«*. , 

for tel delivery in tbe London bulbi-n iI *» , loti o. la tunucj. Dec.—, 

mate* yesterday at 264.45*), UX cent «»»r-l dryaainaa U ten wens 
equrefiteis of the fixing Juvcla were: '-jj:; Ocl *-ip laS.O). Nov. 

Spot 163. Be. up Me; three-mouth 5»2.7c. - is - il -. 
up UMfe: sa-monUi 473.5c, op in.;: and 
tt-ni ' 


Discovery 0.08-0.10. Tydemau's 0.10. Paars Wi rirog gta fcllo— le7Bp i* 

3.7Q-05.7a[ 84.7W2.4fl —Per pothhJ Dr. Joles 0.06-0.12. Williams . . 

i.40-bfi.*&l U8.ifi.feE.20 o.ls. Plum*— Per pound Laxtona 0.06. . T . N . eM |L . croD - _ : Uaouoied 


£ per tonne 
93.W- s.ra 93. 

JS-65- fi.Su flS.40-bfi.4fii _ 

LIB. Cara iutT pSSSZ 0 M. SfiESll? 8, qS *I l r ? CL 

1 Tnmataes-Per 12-lb English 1.40-1.70 ^ Per «“>. 

cabbaaes-Per crate 1 .» Celerv-Kr ilnatetor prtce. 

II1JS 12.40 112.00-12^ — head 0.0M.10. CanlHImren— Per 13 

1 ISJihlBJ allfi AB-lfl.26.^ — Lincoln I "0-1^0, Roimer Bean*— Per 

Sales: 1.734 ri, 7061 lota Pound Stick 0.18. Peas— Per pound 0.06. 

Twfid Lr e e^JSterT Sgf \or Beetroet-Pcr 28-lb 0.70. Canwis-Pcr 
grannUted bate waaCBL^ Capslmms-Pcr pound 0.1S- 

"iSe to? *££ re^ta^ «■=?• Pvuml o.eMO?. 

£154.00 f samel for export. toun r*r la* Siredas — Per 


596.7c. up 10.5c. The metal , isjn 

^1552-55^10) and dosed URAliXS iwnteul 'svsjw^ftarunmem m S. «*.SW£B. Turnips— Per 28-tt» t.i 

at ^ 84 > 28 d>p lAvMci, , FUTURES fCAFTA'i — Tbe cents per pound fob and stowed Carfb- Parsnips— Per 28-lb 1X04.00. 


BlLVEH l BuUInn Hh a 
)w£ J — 

troy pa. | fincmc 


LONDON .... 

martrci npentti JifP higher on n-be+t and bean port)— Prices tor Abe. 29: Dally 


L.M.E. -+■ or barley, tfheur m gond i-pinote rallied on 7-32 (7J7): 1 5-day avenge 7J8 (7.16). 

cUne ' — bu^tae tuppari to dcr>e about stoady, ' 

.. . M-99p higher oa the day. Barley In a 

-J-J.U1P.- %o:uiso uk tome Initial support Tt/nflf E'l I'l’I ll>L,‘C 

I be: i-rlbrw pnetcorv Ln the afternoon eased ” V UUD FU 1 UIUjCI 

>FM.^i.._|2a«.«5u +1.2S Z84,05(- f-vO.4 Hi", awrfcer sLshtiy io dose 10-20 up. 


nK>ote_j a9l-3fc i+ 1.6 291.85c VOJ Acfl reported. 


(Pence per Kilo) 


, 298. 7p 1-6 — 

Id niootlnl 31*.Zp i+LB — 


WHEAT 


A osmium 

KARLEV Grnuy IVc 


tox Mtirtunu: Three mtmrhi .281.7, J.n. 
1-5. . Serbs: Three months 291.fi. L5. 
AfierxKbn: Three months 280.9. 9*. U; 


281* V. 


COCOA 


Ycfterrtay' 

| + or 

1 'fftertty'i 

K'l»C 

-for 


Z53J3-K2JI 

;4. 

1 83.55 

-■j.90 

77.8D 

+ 050 

December — 

240JM45 
14 15-485 

3iu- 

B8.B5 
' 30.45 

•tD.BB 

-rG.Efl 

85.2 J 

+0.10 

Sjrz: 

1445475 

>45550.0 

3U 

, 94.00 

r 12.65 

68.10 _ 

*OJ6 

cAtober 

December — 

♦65-625 

.485-525 


— I Dune 


Israel stops 
sugar subsidy 


TEL AVIV. August 30. 
ISRAEL MAY have to increase 
its imports of sugar as a result 
of a Government decision to 
stop subsidising local sugar 
refiners which hitherto received 
the equivalent of 3600 a tonne 
on a cost-plus basis, while the 
— world market price is about $220. 
Since farmers have already 


Wheat: Bc&t. R3.454L85, 

sOJS-eiJ.Vi Jan. 5.K.£k&.40. March ~gatny~vn Mm, r 

Shontevrins combi wd with tonrart f-z -n . SYDNEY GREASY-Oose Ha order . 

manufacturer buying k«n jj.'kvs fuL'v ,‘y. rS*V- SiSK? - Iteer. seller, bnsliiess, sales/— Micron started preparing their land this 

te do,. GDI and Dudus ^ BC* SSTS ^^0^0^^^^ 

HGCA— Lororion ci-rann ipot prices, »4.0. 384^-30.0, 17; Hay 3M.6, 368.8. tbe “EC pnee Of 3460 a tonne 
Peed wheat: Shr«p«hire 77.M. Esse* 7fl.lt 367.tM«3LS. M; July 37tLS, 371^. SS1E- for this Crop. 

Other BiUUtis wheat: Shropshire 54*0. *?L2. B-. Oct. 33S.5. 37X9. umraded: Dec. 

E-44X S3. 73. Feed larky: Shropshire 37s fl - 3T6-&. mnnded. Total sales: 45. 

72.se. E-«S 72 JIB. NEW ZEALAND CROSSBREDS— Closo 

T7» UK :nidwrary cwffieKBt for the ,lfl orOtX. barer, seller, bnslness. sales >: 
wcrk be^.TORS Sest. 4 u. topeded to JfC- IM-fica. ttiL nil: llareh lSl*WA. 
remain uinJiuianl. 5.3. n0; Ifw Tlri 5-84 fi nU. nil: July 183.9- 


FINANCIAL TIMES 


Au«. 30 I % ii--- . 28 | lltnil h +^n] ftv »yu 


24SJ>5 l 246.83; 2S6>.49 I 239.99 
(Ba«: Jnly i. t9S3=l(Hii 


REUTER'S 


A in'- 50' \ iic 8P j It.inili ,..ij Year 


1458.0 • 1460 -91 1421 . 3_| 1485.9 
«8ate: Setuember tx lB3f=t0ei 


DOW JONES 


Uo* 


30 


All". 

29 


i it. mill ! Yeai 


Mh* ....(374.71 370.97 383.39368^0 
i *'itnre-} 376.30;36B.89 343.43, 384.84 
(Averoco 19I4-iiJC=x0u^ 


MOODY'S 


UrvHv'n I 

■- Aii“. 
5-5 28 



\ *Zn ♦».• 

io<e (AKnniLi : 

S355 1 937.9^916.9 835.6 


NEW YORK. .\UKUit SO. 
COCOA llnith'.'d rirnni: nn agtiri'Sive 
Cnituiiriklun It "lust- ami dun'll:: buying. 
Pri-cn.'iJ:i nii.-ials dusvd steady uu cuii- 
l mu>.-4 speculative buying nn rvneivril 
fears >A acceJerattn^ inddljja. Capper 
elused luvier t>« c-nnunuod sp>.-culattvc 
linuidauon and stop-loss selling. Soyabean 
lutnrt- and grajns closed higher, baehe 
repurted. 

Cocoa— S.-pt. 159.10 il5X25t, Dee. 15G.7D 
1 152. ID). March 153.'jS. May 150.7U, July 
149.40. Sbpl 146.10. Dee. 143.53. Sales: 
JJ06 Inis. 

Coffee— ■' C ■' Comraei: Ss-pL l3r..M> 
il5tti!3i. Dee. I49.75-1-19J0 il4S.ni. March 
1J9J.0-139.30. May 135.90. July 13.". je.1TI.S0. 
Sr pi. 130.00-122.00. Dee. 125.00- 130.00. 
Sale-: 92* l«.ii. 

Copper — Sepr. 63.63 <G3.45i. OcL tw.llf 
"4.151. Nnv. 63.!e. Dec. 64 jO. JaiL 65.UO, 
March ot.uO. May bfiNp. July 67.75, Sepl. 
d>.i>U. Dee. «9 .m. Jan. 69.95. Starch 70.70, 
Slav 71.40. July 72. 1U. Slice P.000 let.-.. 

Cotton— No. 3: del. 0J.5i-R.65 iS4.tS), 
Dec. ii5.70-U5.75 <66.12 1. Mare-h 67.70. May 
fo.45-fir.50. July 85. 35- PS. Ml. On. 6i.504S.63, 
Dot. fj.00-63.80. Sales: 5.430 bales. 

‘Gold — Sept. UUH.Wi i-i07 "U>. On. JOS.BO 
' -'05.40 1, Nov. ^10.10, Dee. 211. Ml, Feb. 
•-■14.70. April -17.00, June 22l~0, Allg. 
jU 50. Ocl. 227.90, Dee. 231.40, Feb. 
234.90, April 2SS.«, June 241.90. Sales; 
19.0110 lute. 

ILartf — Chieai;o IhOm 1 pul available. 
VY pnmc xteam 27.R traded 127.75 
traded'. 

TMalze— Sept. 215:-Ci3; r.'i45». Dee. 

"3J-J25; i=2l March 232-2321. May 
JJ7M37;, July' 2401. Sept. 2421. 

J Platinum — Ocl 281 “0-262.50 i IC.fiO ' . 
Jan. JR.SO-Jfil.jO ■ 26a JO ■. April 2W.50, 
July 2fi5.SD.2tS.O0. Oct. 271.30-jri.50, Jan. 
274.40.274.60. April 277JJ0-27TJO. Sales: 
S£>9 lots, 

r Silver— Sept. 546.60 1 547.301. Uct. 552.30 
1 551. OU i, Nnv. 536.40, DCC. 580-50. J an . 
S«4jn. March 572.90, May 561.50, July 
390.30. Sept. 599.30. Dec. H13.00. Jan. 
0)7.70, March 627.10. May 636.50, Juty 
643-90. Sales: 12.000 tuts. Handy and 
Harman kpoi bullion: 549 90 i348£0i. 

Soya beans — Sept. Si i- 658 i 645!>. NoV. 
fi43*44S: i«355). Jan. IM&t.fl4»l. March 
GS'i- May tri0;-66l. July 681-862. Auk. 6571. 

I iSayabean Meal — Sent. Hf3.O0-lia.3O 
jilfin.501. i ict. lfiS.TB-ira^fl 1 186.401, Dec. 
170.40- 17U-0U, Jan. 171.W-1J«^9. March 
173.30-1 72 jU. May 175.0)-] 75.50. July 
I7*>.o0. Au^. 17ij.ULM7K.iO. 

Soyabean Oil— Sopi. 27.00-26.95 <26.42 ■. 
I'«. 25.70-25.es » 25.37 1. Dec. 24.34.24.40, 
Jan. 24.13-24.05. March 23.70-23.75. May 
;:i.40. July 23. in. auk. —.S3. 

Snsar— N0. It. fiepi. 7.19 i?.13i, Get. 
7J21-72a 17.20), Jan. 7.50-7.60. March 7.64- 
7 Si. May 6.03. July S«l-S^3, Sept. S.43. 
Ocl. 6.5.'-Sj3, Jan. unquoted. Sales: 
2 j 50 Ini'.. 

Tin — 5H4.OO-uO4.O0 tllltll. 1 555.00-600.80 

IIVD1.1. 


— -Yertemay'iy . ... 
COCUA.-. Cte* ; — 


COTTON 


Na.aocmt>'t| i 

rei*- ,1045.0 50.11 1—21.5 ■•fi&.b-l&S 

Lh«. 1841544J0 kttafi lefifi.^ t£K 

Uarcli.-.^...183fl. -51.- +194) iBSS. -1815 

Hny: :^JTB1J.*-S0.e 4 12.73 1LZ4. -12C5 

July. — , — ^,'INfi.VI .0 .+17^6 -BIS. -1795 
!l/fl5->94.u I+-17.G177S.IM155 


LIVERPOOL COTTON— Spot and ebla- 
meni sale* amounted lo 100 tonnes, briniT 
tor the week so fir to 239 


"Wheal— Sc pi. j: 12 -3321 <32c:i. Dec. ssj. 
229 1 3431 1. March 325;. 324:. May 321. July 
31 1-31 U? . Sept. 313:. 

WIKrrnPEG. Anaa.t 29. +, Rye — On. 
90.50 - 31.T0 hull. Nnv. 91-41 asked '92.00 
a-ked>. Dec. 9D.30 a-ked. May JM.CO bid. 
Jlllv 94. uo 

ttfiats— i)ct. 71.30 hid cTI .-SO'. Dec. 71.45 
a:-Ked 171.40 bld>. March 71 uu aiked. May 
“l.aO asked. July 71.00 d.-fcod. 

_ 7. Bar ley— On. 76 Jo .70 7(", Dec. ?:.O0 
hid <71.56 bidi March 72.10 bid. May 
2.10 Ud. July 71^0. 

tiFlBkficed— Oct. 247210 ■ 247.301. Nov. 

1 24720 bid (248.MJ htdi. Dec. 24850 bid. 
Mai' 251.10 asked. July 230^0. 

'■wheat— sewn s u.5 per emt protein 
omtenr cif 5L LauTCnet 1(59.03 . 

.Ul cento per pound cv warehouse 
unless mhcmiie Mated. * ft pep troy 
ounce — IDO-uuncc Jots. * Chicago loose 


ttj |_ • j _ ■ ■ lotto R8, V. F. Taticreaii ivponi-d. Minor 1 **■ IW 10fl Iks— Dent nr An. prices on.- 

n PCprVOir hirrh rcnkmislunein ordcre were- report «1 u-itb 1 r,n S 1 “ d3J '- Hnmc stt-am fitb NY bulk 

T vU 111LW11 most etnpbasib on African, Tnilclfib j tank cats, z Corns pci" 56-lb bushel cr- 


uUd UU. A a. ' 1UJ. uu • VUI^ W.v rnlmtthKt. mo* 1 . 

.MPORTED-wtem: c v» Nn. i. i» Si£&. ,, te 0 S. ,S3jM8A ^ W Dec. COMPLETION OF the £113m ^ * 

aer L-cn:. swi. moo, Tilbury, vjs. Dark Kielder reservoir in North mu be r- grjmsby fish— supply 


uw. ii«..-w I+7.S :i/S5."'.! 755 land, which will serve Teesside a). shiovtee innpnreSa3“ 

SaJcsTjffls 14.E03. infs w W umwi mt^" East Ccvial .'wii«. MEAT/ VEGETABLES ^ n, * 0Str J* wUl be delayed by a SSt 

futcrnatfoMt Cocoa OrsaafeatlM tL'.S. Wlmrr ordinary unaonivd. AttaraDu year until late 1981 because of CJ.4D-f4.00. miji 

BriWi ABE. Wheat UMWnted. DK imnnM SrerrMFIELD hww M ..nnli-M- tv- WaiCt- 


\ 



uarehnnse. 3.000-bUKlwl Ms. Sfe per 
troy nunc.- for aN» units nf 90J pt> r 
rent purity delivered NY. r - Ccnis per 
tray ounce C 2 - warehouse. !' New ■■ R ” 
ciin tract in Ss a short tun fur bulk lute 
nf too slWri tons delivered fob cars 
Chicago, Tiibdo. SL LouJf. and Alton. 
*T 2 CU,S > w »-«> bushel In shore. 
-♦Cents per 24-lb bushel, scents ncr 
4*-lb tpusftel a-Hari-iniu'.i.'. JJ Cetit* »«■ 
.•fi-lb bushel cs- -.rare house. l.ooo-budHl 
lots. T.*) SC Ptr tu one. 




• ( 
i 


Financial Times TTfnTsflay Xugnst 3X f5 



STOCK EXCHANGE REPORl 


Golds enliven otherwise drab session in stock markets 

Short Gilts lose i— Equity share index down 2.8 at 503.0 


FINANCIAL TIMES STOCK INDICES 

— i nsf- ; r^- 1 t t 

6omT.mronJtc.ZT. W.J 70.63; 70.66| 70.65. 1 70.66 TQ.&' 70.8* 
Fixed bidwt 1 7a.asi: 72.42' 72.421 72.«oj 72. wj to-™ 


Account Dealing Dates 
Option 


Phoenix, to 254p. Royals re- 8 for a two-day decline of 14 at lost 10 of the recent good rise easier. Associated reacting 3 to J? 

linquished 5 to 390p and GRE 382p. GEC became an active and which followed news of the A.4 to 3-Jp. ' c a „ 


•First Declare- Last Account ended 4 off at 230p. Higher interim erratic market, moving between inint television venture »*-«^ ***« "V^y 

s» s-jf -s " snass’s £Sfe.vflg 

U: a it a s a s SSS E&EK® s a sua. oas *>&* “Jms ss as 

ssv . til jsjs- - arj ss af’-.aasssa sasswjsa* 

A recovery in South African Movements of any consequence Engineering s was small and interim results helped BTR to to close with small losses on . , 

Gold shores in line with sharply were hard to find in a lethargic features were scarce. S, W. the >nterim result nrnpea o loaose vnmsraaii on were marked upsubstan- 

hlgher overnight UJL advices banking sector. Fraser Ansbacher, Farmer attracted further buying advance 1 to «40p. wh^ Gnppe balance. British Petrohrain UalIy at ^ outset and edged 

provided some reiieE in dull stock reflecting the return to’ profit- Interest and closed 7 to the good JjJ* I Jg|® 40 fflflp wMe Shdl higher throughout most of the 

markets vesterdav. Eaufties abHltv. hardened a fraction to at 147p. while Howden improved the higher unqtf earning ^“*^^.**"5 *,* « renewed overseas interest 


Elsewhere. CoUett ickenson, 1 had been widely suggested as an 


n»n mieroi. 1 ■( 1 _ 

IwturiTUi Ordlamv i *** MO.ft 513.4] 602.# 519.C DM.fi; 800 9 

GotdjUneP J I8L8; 173.6- 176.9} 177.3j 175.2: 182.4j 111.9 

OkL Utv. iteW j S.3li B.28 G.ZOj • Wl| 5.15} .5.13; 5.19 

Kamln^rhlScrolbn 1 «' 8 » 15.75! 15.541 15.85] 15.38! «.S1| 14-72 
if, K Itaita I 8.30 ML* *B.u| a.M| 8-64| 8 . 66 } 9-82 


Equities abHlty. hardened a fraction to a * 147p, while 


trade some 
ed a slight 


* iicaid, a uunimuu, n uut -iuMu ui nc*i t urauaj a jurerim — T v*„ _. — r .; invneEmnnf huvintr nn closing unaltered on balance at UJ * ** 

edged securities surrendered their results. Provident Financial eased and gained a £45 ^Elsewhere news that the reaction and prices generally 

recent stable trend because of the 4 at lllp. penn y more to 88p. the latter stilj consideration of the groups ree g fraetion below the day’s 


recent stable trend because of the 4 at lllp. 

fresh upward pressure on Ameri- Small selling ahead of the pre- 
can interest rates. liminary results due soon left 

The absence of any positive BeU 7 cheaper at 276p. 
news regarding the Government’s Several features in the Build- 
election intentions enabled lead- jug sector provided some relief 
ing industrials to regain a little from the prevailing dull and quiet 
composure. As soon as the conditions. Cemeut-Roadstone re- 
demand. most of which repre- sponded to the increased interim 
sen ted bear-closing, was satisfied, dividend and profits and acquisi- 
however. fresh small sales from tion news with a rise of 5 to 104p 
the public led to a return of the while Travis and Arnold, up 7 
previous day's uncertainty. further at 176p, continued to re- 

High ly satisfactory third-quarter fleet approval of the acquisition 
figures from BOC International. 0 f Ellis and Everard's building 
a net 2 higher at 69p. momentarily supplies division. Demand in a 
steadied the market but after the market none too well supplied 
official close quotations were drift- with stock left Hilbury S to the 
ing lower again. The FT Indus- a0 od at 55p. In contrast. Tarmac, 
trial Ordinary share index, after ig2p and Tunnel “B." 290p gave 
being 0.8 up at the first cal cu I a- up 6 apiece and Blue Circle fell 
tion. was SB down at the final 5 l0 289p. Phoenix Timber came 
count of 303.0. on offer at 143p. down 7. while 

News of increased U.S. Prime Nottingham Brick eased 5 to 30op. 
rates confirmed earlier worries j_ Lahig “A" closed a shade lower 
about short-term interest rate at 213p ahead of today’s interim 
levels m that country and British statement 

Funds reacted accordingly The ICI hardened to 400p in the 




110 V *. •. t 1- * ■: M 


IllOO-fi 


Cooper Basin natural gas fields of highest^ levels. ,, , ___ 

Southern Australia prompted The bullion price added *Lo«> 
firmness in Burmah CM! which t® $206375 per ounce, 
touched 80p before settling at 79p Among the heavyweight issues, 
for a rise of 3 on the day. West Driefontoin were outsranf- 
Revived speculative demand ing and jumped £13 to £24j, wh“G 
pushed Siebens (UK) 24 higher Vaal Reefs put on £1 at flai- 
to 3S2p, but Ofl Exploration, down Western Holdings and Free State 
4 at 206p. encountered profit- Geduld were both } better at £21 t 
taking following the encouraging and £lSt respectively. _ 
results from its latest appraisal Trading in South African Finan- 
well on block 16/17 in the North cials was subdued refiecling the 
Sea. fluctuations in the investment 

Investment Trusts made another c?s ^New^VV'S 

0 De Beers featured with a 7 


Kamln^rklXtfulbCV »5-8Sl SB-Ts! 15.54' 15.85] 15.38! *5.31| l«-72 

if, K Itaila I 8.30 8.4 L J *B.8 b| 8^8] 8-64| &68j 9-83 

Dfslinp mwlML \ 4.7361 4.34S] 4.8971 6.03BI 5.896j 8.7971 5.041 

EnuityDunmr£m n .j - j 74.0T| 64.53- 73.34] 88.02(106^7! 85^3 

Kt)u»y bMgslo* — 1 14,737 1 18,530! 16.386! 3L8B7! 90888) 18,03 3 

U am 306. S. U am SOU.- haon 563. L 1 sun SPSJj 
- ru 543.7. 3 wu S33.7< 

LMtK index iUN Ui, 

* Ita-yxJ on 52 wr cam curpnraltoa lax. t Ni!-SJV 
BAihi 1W Gotl Sees. U/Wr.'u. Hud IM. lkHL tat Onl. l/7/D*< GoM 
tlines U.9.-M SB Acnvior Job-Dec. 1343. 

HIGHS AND LOWS s.& ACTIVITY 

“I ! ^ 7^'| 

i HtRh | tow j - High | - ki* | | 5v> ; 

7^66 68.78 { 127^ 49.18 (niSS&rfJ 152.7 j 145.3 
| (3,l! (ferti) (9/l|36j j (3,14-75) j j 157.9 

n»ed lot....! 81.27 70.73 150.4 j 60.53 ; ap-vntauvr ..: 30.6 | 31.7 

1 (9.'1) {6/6) .(Stull »7lj t3ll,16) j Trtota 107.8 1 99.0 

iniL Old j 523 J 433.4 j 649.3 49.4 | S3S2SEI5 7 j 135.2 

| (2W) ! fflUl I ilWT7)j tfiW* j wis I 208.2 


bold XIdm .1 206.6 

. 4W*> 


130.3 442.3 


JipoctUatlre..-! 35.4 


iS,n I (8aaffb\j(2«, 10.71) ; Tm»i- i lia.O j 123.5 


OPTIONS 

DEEMING DATES in Audiolronic, London Brick, 

D-ki Deal De*£ra- sStlc- SS- clSlSS* Plantations 

Vi VS “ST 53r 


count, Benwlek, Geo, Sinrla. 

UVUm Mininn UUnlOa. 


WUfiw.WS ’I;’..- • 

JAN FEB MAR APB MAP JUN JUL 


ing 4 to 27p and the capital shares £ “Zed Sep - 26 ° ct * 9 Uec * 7 Jan - 3 Duple International and unnon 

]osL "f. JLJSJS’TwS^SJSSlSr The continued uncertainty in For rote indicntioiis see end 0/ A. Sangers was the subject of 
hSSeveT iSondedto^soeculative o^rn»Sht Sydney and Melbourne Share Information Service a put . while a double w.is 
interest with^a rise of 2 P to Tin. markets coupled with the erratic money was given for the caU aranged in Corinthian. 

Apart from Isle of Man Steam movements of the investment 


shorter maturitiwespeclaUy bS eaSrde^lngs & drif^back „ , .. ^ , ft35L‘ 10 rat *H5p,sS 

gan to look susceptible and few «q7 n hefore' settling ar *?o«in helped by favourable comment, growth potential lifted Ricardo 4 pings hovered around the open- trahans, although the market had 
fund* appeared to be available to ,, nn i» < .™rf D nn t-herfan 8 Weir, on the other hand, gave up more to 302p. ICL touched 38Sp ing levels and closed little ® 5. nn undertone. 


fund* appeared to be available to una |tered on the day Wosten Weir, on the other hand, gave up more to 302p. ICL touched 38Sp ing lev 

counter the offerings which even- h-ime R rm ed 5 to a peak for the 3 to 125p in reaction to the dis- on an investment recommends- changed, 

lually brought falls extending to year 0 f appointing first-hall profits, while tion but then reacted to close a 

i. Support was also lacking at Peter Brotherhood came on offer net penny off at 385p. Grovebeil Golds 

the longer end of the market Rnrtnn Inwor at 126p, down 4. fell 4 to 28p following the interim 

where loses ranged to J. uuxiuii iuwci Casualties in the Foods sector profits setback. Johnson Matthey Among 

Although interest in London Having risen sharply on were largely confined to retailing dipped 8 to 453p and falls of 5 resist™ _ 

was limited. Gold shares Tuesday following a Press concerns. Cullen’s Stores “ A,” at and 7 respectively were seen in ns * a£ * 

benefited from a noticeable mark- suggestion that Sears might make 142p, gave up 8 of the previous vinten, 201p and De La Rue, 453p. Tobaccos 

■up in New York overnight: this an offer. Burton Issues retreated day's Press-inspired gain of 10. Motors and Distributors were lvrt . h ,.. 
followed the dollar's slump on the with the A coming back S to 16flp. J. Sainsbury eased 2 to 223 p. wbDe quiet and little changed senti- finJSh3n5 

announcement of the U.S. trade the Ordinary dipping 6 to lBOp Associated Dairies. 235p, and ment aooarentlv UttFe further Gii^n 

deficit in July. During the late and the Warrants finishing 4 off Bishop's Stores “A,” I25p, shed affected by the critical labour on bld s 


Press concerns. Cullen's Stores “ A,” at, and 7 respectively were seen in 


changed Conzinc Riotfnto edged up a 

* penny more to 290p despite the 

finlffc sharnlv hiffher sharply lower profits and reduced 
UUlUb bu«trpi,y uiguer i nre rim. The coal producer Oak- 

Among Textiles, John Haggas bridge fell G to 157p. 
resisted the easier trend with a The Bundle oil shale partners 
rise of 7 to a 1978 peak of I17p. fell heavily in overnight domestic 


LONDON TRADED OPTIONS 


JtiaL'rvisr Ocala? 
i prk-e offer 


on bid speculation, fell 30 more 10 to 195p. 


Tnc tallowing securities erected In the 
Share Information Senricc ycuarday British Borneo 


contracis completed numbering J ™ J ^ 

fiS3 compared with the previous c,osin » 2 dearer at 163p. 
day’s modest 2S7. Another Dealings in the Audlotronic’s 
reasonable business ahead of the new 12 per cent preference 
interim results on September 7 shares got off to a brisk start 
helped activity in ICI with 119 con- and, after moving between 
tracts, while Land Securities and extremes of 141p and 13p. closed 
Cons Gold were close behind, re- at 14p compared with the issue 
cording 114 and 112 deals price of lOp. 
respectively. Up 6 the previous day in 


shares reacting 2 to 61p premium, attained new Highs and Lows tar 1978. 
Nelson David, a dull market of vr-ur mruc /as\ 

late on the poor preliminary „ 

figures, revived with an improve- l'dooi 5 -«pc ■76^7b ,on 
ment of J to lOJ-p in response to Anux Americans cu 
news that privately-owned com- „ beers 01 

pany called Convey has acquired Ma “ IIan ‘ G<W ButLDiNGS i*j 
a 30 per cent shareholding. Cemeirt-Raecrstoite stum & Fisher 
Newspapers were inclined HendefSon ^cHEMiCAiS^st Arnold 

Halstead Women hoi me Bronze 

ThurBar Bardex 

STORES IS, 

Bolton Textile MFl Fnrnlture 

Ubertv 

ELECTRICALS (21 

a . • Lee Relrloeration Newmark (Louis} 

A nnronnppc engineering mi 

Apprentices CtottinHl SBrayj 

compete — tG - F 'J££i ± « 

*■ Centrewav Renwlcle Group 

ELEVEN YOUNG British 

apprentices left London yester- penws watson ir. 

day to take part in the 24th NatlBlwide *■««*•««» 

International Apprentice Com- NEVfsrAPtRs m 

petition which is being held this ,nlll!J * c,uI<,,, paper «ii 

vpnr in KnrPa Collett Dickenson 

year in ivorea. . property an 

Competitors from 16 countries HK Land Westminster Prop. 


OILS (2i 
Burmah 


lrom me oesi wu w»enii iieaiy- umci eased a penny 10 sup. ^muou problems. Lex Service were UCW UirilC ANH I nWC COD 1Q7Q 

weight issues registered gams to continued to be overshadowed by held steady at 160p in front of notablv-dull the ordinary lo*in™ NEW HIGHb AND LUWb rOK 1378 
a point and more. the London Business Schools’ today’s preliminary figures, while oi )n min j. nr i th® nw/nii naw »oita*“ng securities msco in the oils ( 2 » 

Volatile* ronrlitiiinc oendeted in forecast that Consumer spending fur, har pnnsidarotinn of the “2 . u „ u _‘ Jl£,,u Share Information Senricc ycsoirdty British Borneo _ Burmah 

voiauie conaiuuns persisted in u m X L „ n .1,^“ turiner consiaerauon ui ine shapes reacting 2 to 61p premium, attained new Highs and Lows tar 1 978. overseas TRADERS m 

the investment currency market. " |I1 slacken considerably by the interim statement lifted G. F. welenn n,ria « rinif mori-.f Bensrord (s. & w.i 

Early demand found few seUers end of the year Mothercare, 2 further t0 a i 97S pealc of getaon i Davri. a dull maAet of NEW HIGHS (48) MllKOrp M,N ¥eSU.e« 

operating and the premium re- lo 8 p. Gussies A, 308p, and House 50p fi*? ™ " *5®, P r ^“ inar y corporation loans ti> MincorP Pcrakaien 

corered to 931 oer cent but of Fraser, 162p, all lost 4, while p . 4 _ .. . figures, revived with an improve- l*pqoi s-«pc Ye-ra NEW LOWS (4) 

sS vSned 'and InStutionS UDS “ftened 2 to 9Sp and Marks „ Qoeen's Moat Hom« hardened ment of J to 10}p in response to ^ Americans cu K * 

tnioJJL thi 1 and Spencer eased a penny more 2 to equal the 1978 peak of news that privately-owned com- beers m _ British funds cu 

on? h^her on K „ to 8!p^ El.e“.rft ffo abSn« 43!p in. bolnted responso to pa „y call.d Con.oy has acquirod 14) T ~»- ,5, “JJ|S,„»s ca, 

i a «■ a L»« of further news of the bid the interim results. Jacques Borel a 30 per cent shareholding. cemeitt-RoKfstoite shu™ * Fisher celt industries General Elect 

refsiorfactoVJaJ 07m UlS discussions prompted a faU of 7 edged forward j to £25) on the Newspapers were inclined «■— ^ industrials cu 

Sivitv in Traded OnSfne to 273 P Boume and HoUingS- encouraging statement which Hjirteud o w“««holme Bn,n» 

nirkrd un «hn ,25J°S worth. Liberty, stfil on bid hopis. accompanied the interim figures. murgar oar** 

contrarK P '«Imnleied mimhfrini hardcne d 3 to 173p with the N/V but Ladbroke remained quietly coiton Textile "mpiSmmhic RISES AND FAI 

S -arruT a—s SIKrS Anorentices EL+Em— yesterday 

reasonable business ahead of the new 12 per cent preference mJwiS!!* Jt&Sn /VpprCIIilLcS ^ Farmer cs.w.) Up Dm 

interim results on September 7 shares got off to a brisk start clipped 7 from Myddleton at 248p. rr Ene. Card Ctotnmq Hill & Smbit rhiMi. Fund, _ t 

helped activity in ICI with 119 con- and, after moving between ^ COIflDPtf lo»ch (G-f.* Ca £H%L. and , . 

tracts. whiJe Land .Securities and extremes of 141 p and ISp. closed BOC better LUUipciC CtMlCn . wav INDl,STR ^ l SGr 0 uD rnSSSs^!!.. ..“T.'. in a 

Cons Gold were close behind, re- at 14p compared with the issue . . t . ELEVEN YOUNG British <--misa* & Williams Russeii ca.j Hnaodai and Prop. ... 33 2S 

cording 114 and 112 deals price of lOp. Against the quietly dull trend rJirenticM left London vester- fe ki oUs 1 

Up 6 .he .preytop, d,y In .gKl K? t° U "to Mr^fn the Mth <1 ; 

Pearl disaonoint tWi.'iSiSS iSf-Sfih ffBSJtid'ffi " IV ' SPA ”" S ™ — -"—LJ 

reari aisappoint speculative support and closed a third-quarter figures which were Pf^oowhjch to being held this fnlIrtt Dictpnso j: A P“ «» toui* az sa 

The disappointing interim further 5 better at 27p, after 28p. deemed to be highly satisfactory, year in Korea. property o> „ - - 

figures prompted a fall of 12 to Electricals contributed a fairly Still reflecting the previous day’s Competitors from 16 countries HKujjd w«tnnin*ter Prop. 

252 p in Peari and served to under- lengthy list of sizeable losses, announcement that talks have will have their skills put to the ’ shoes <i) 


OVERSEAS TRADERS (U 
Beristord (S. A W.i 

MINES (2) 

Mincorp Pcngiuiefl 

NEW LOWS (4) 

BRITISH FUNDS (II 
Treas. IS'ipc 199S 

AMERICANS (2) 

Colt Industries G eneral Electrical 

INDUSTRIALS <U 

Evode 


RISES AND FALLS 
YESTERDAY 

Up Hewn Same 

British Funds — 68 9 

Carpus.. Dim. and 

Ferrim Bonds 2 15 47 

Industrials 153 514 874 

Financial and Prop. ... 33 25* 227 

Oils 5 10 M 

Plantation ......... __ 2 8 21 

Mines *2 27 37 

Recant lasses 4 13 21 

Totals 262 90S U57 


HP | 750 

BP BOO 

Ul> ! 850 

DP : 900 

BP 950 

Lem. Tnion! 140 
Cum. ViuodI 160 
L'tim. Union) 180 
L'ntM Gold : 160 

Uons.Ookl ! 180 
Coa«.t>atri j 200 
Courtaulri* i 100 
L'lntrtJiuKln ! 110 

L'nurtauld* i 190 
LinjrtauJda ! 130 
liKO ! 220 
GKU I 240 
GEO 260 

i«K0 I 280 
GEC I 300 
GKO j 330 
Grand Met. I 100 
Hranl llet. i 110 
tirand Met. | 120 
ICI 330 

(Cl 360 

ICI 390 

ICI 420 

ti.nrt Set*. 180 
Liml Sw*. 200 j 
I nnri decs. 220 . 
In ml Sot. 240 ! 
Mark^ & Sr- 5° j 
ItarLn A rip. 70 
31nrks .V rip. 80 j 
JlnrksASp. 90 > 
rihel) 500 

*hell ' 550 

'hell 600 ! 

TntJil* I 


64 i 11 
55 I — 
18 ! - 
9 1 4 

; 4 

>55 : 10 

| 22 I 15 
i 12 lg j 17 
’ 19 > 2 

I 12 . -• 

,|7*1 

, 4 : 20 

! 55 ‘ — 

40 i — 

I 27 | 1 

' 15 Ig I — 
1 I8l a 

; ioie j s 

■ 7 , 4 

! 74 - 

43 I 23 

! 28 i - 

i 17 S 

i 56 ! 

. 39 j - 

j B2 ' — 

1 UI 2 ! 33 
; 27 ■ — 

: 17b . • - 

i 9 ; - 

>5 13 

y 87 1 — 

! 49 I — 

1 26 { t5 


- : aat-p 


— ' 120p 


— : 3o4p 


— ; 67®pi 


SHOES (l) 


> Fashion 
& Tldmas 


dipped 10 tn .jfifip. while General Cabieform. 72p, and A.B. Elec- improved 2 more to lS2p, after plastering, automobile engineer- 
Accident gate up fi 10 226p as did tronic 124p. Thorn Electrical shed 163p. Rank Organisation, at 280p, ing and ladies’ hairdressing. meomonon" 


TRUSTS 13! 

Haw Par 


FT-ACTU ARIES SHARE INDICES 

These indices are the joint compilation of the financial Tunes, the Institute of Actuaries 

and the Faculty of Actuaries 



LONDON UNITED 


V J 


INTERIM RESULTS 


Turnover 

Operating profit: 
Insurance 
Other 


Group overheads 

Profit before taxation and 
extraordinary items 

Taxation 

Extraordinary items less 
transfers from reserves 

Profit available for distribution 

Cost of dividend 


Six months Six months Year to 

U>30June,78 to30June,77 31 Dec., 77 

£000’s EOOO’S £000’s 
8,055 6,930 16,718 


1,756 
80 

1,836 

224 

1,612 

804 

808 


1,273 

173 

1,446 

210 

1,236 

614 

622 


3,279 

546 

3,825 

347 

3,478 

1,929 

1,549 

118 

1,431 

360 


An interim dividend of 25p net per share (1977 — 2.10298p) will be paid on 
1 9 October, 1978 to shareholders on the register as at 20 September, 1978. 

Copies of the Interim Report maybe obtained from 
The Secretary, 20121 Red Uon Court, London BG4A 3ED. 


LEADERS AND LAGGARDS 

The W awing table «fc«m the peeuiiuje changes* which have taken place since December 30, 1977, 
equity ttCtlHi; B» me ft Acluarin Share Indices. It also contains ibe Gold Mina Index. 


Geld Mines F.T. 

Hiutng Finance . .. 

Mechanical EB9l"M' ,,B 9 

Engineering Cnntracters 

Toys and Game# 

Office Equipment . 

Overseas Traders 

Cnnt radios ami CnnttnlCUon 
Etocironlcs. Radio and TV .... 

Capua) Goods Group 

Building Materials 

Newspapers and Publishing .... 

Electricals 

Tobaccos 

Packaging and Paper 

chemicals 

Consumer Goods fDuraWc) G, 

Investment Touts .......... 

Moure and Distributor* 

Wines end Spirits 

Industrial Group - 

am* Share Indus — 

Metal and Hrtal Forming 

Other Groups 


dishing ff Cj 

eeeeJ 

urable) Gr«J m 


ACTIVE STOCKS 

No. 

imina- of Closing Change 


Denomina- of Closing 
Slock tion marks price (p) 

ICI fl 14 39S 

Audio time. 12pcPC. lOp II 14 

GEC 23p 10 304 

Rank Organisatn. 25 p 10 2S0 

Barclays Bank ... £1 9 352 

BOC Inti 25p 8 69 

BP fl 8 S86 

Distillers 50p 8 194 

Beecham 25 p 7 705 

Berisfd. IS. & W.I 25p 7 IBB 

Courtaulds 25p 7 114 

Lucas Industries... £1 7 322 

Shell Transport:.. 25p 7 STS 

Trafalgar House... 20p 7 131 

Unilever 25p 7 56S 


RECENT ISSUES 


Change 
on day 


EQUITIES 


as 

W 
us 

115 I F.f. 


FIXED INTEREST STOCKS 


10pf - 

t9s.t V.Y. 

" * F.P. 
C99J, K.P. 
U100 £60 

• ■ F.P. 

■ * K.P. 

• • F.P. 
1 F.P. 

• • F.F. 
£994 F.F. 

-.1 F V 
lOOp Ml 
EIjo F.P 
*IOOp F.P. 

• 1 F.P. 

• * I'd*. 

■ * F.P. 
K99s 4 ; r.F. 
£9934, F.P. 

tyy v f.f. 


“ W*2f 
*l« 
8/9 JtOa 

- ICO 

i IS/ 14 51J, 

1619 Ub 
29/9 ft- 
.29 {9 l 99p 
I 7/9 98* 

1 29/9 100 

— 99 Ae 

— kM 

7/9 I 2lpl 

__ | V 

1/9 j 101p 
29/9 \ 101p 
la/9 I to ia 
15/9 99 

— 1UU 

- 991J 

- tf’Bi 


I3p Aurtlntmnie 12J Gone* Prf.... — 

Birmingbara Var Bata 63-66.............. 

96 Caffyiu 10% PrM._ - - — ...— 

jMt Cnmdea Tar. Bate Bed. 1983 1 

SOifl Po. lied. 1355 

Vti Central & Sbetmood 10i Pnrf 

98 Crculy Spring lnurlan log Pref 

flip B.B.F. U^Ciim. Fret. 

98 But Aug Its lVnter 1% Red. Pref. 1983. 

9ci4G.lL HuldLngv 10,% I’ref — — ... 

991* KemUyttno and Ciielsen Var. Bate. 1983.... 
ob [Uratloya 12g Partly Corn . Uns. Ln. "SS-'S! 

lBpJN'cgretti and Zambra 9J Cur. Pref.,., 


Stfft NorlbanipUitt Var. Bate Red. l&33„. n ...... 

991g 11 Pitman lO^l-um. Pref 

9B4i-RaylwA lO^ Ciuu. Pref....^ 

841b Kottirk 94? L'uni. Pref 

801 b riuthehy Parfcc Bernet 9a* Cum. Pref...... 

1 MI 4 Se/lira Var. Rate Bed. 1883 ..... — 

991b Strathclyde Var. Kata 1®3.. 

d» 5 a WnndaWorth Variable 1983 


.. 14pi 

. 99 

. 08ia 

.. 99 14 

.. 601b 

- 9B +lg 

,. 98 

-99p +ll 

.. 98 

.. 100 +i 2 

.. 994 -Ig 

Sj to 

' .Jfl’h 11 

» 99ft 

.llOOip— la 

■I 100^ 

J 95 

-I 9 S - i = 

■! ®9bg| 

.1 99 4|+ ifl 
-! 997 B | 


EQUITY GROUPS 

GROUPS & SUB-SECTIONS 


Fri. I Tburx. Wed. Year 

Aug. j Aug. Aug. ag» 

3* 23 (appreO 



Flgurea in parentheses show number of *??** ,? ajr s 

stocks per section No - Lb ^ e 


CAPITAL GOODS (179) 

Building Materials (27) 

Contracting. Construction (27)... 

Electricals (14) ._. — 

Engineering Con tractors (141 — 
Mechanical Engineering(72)._.. 
Metals and Metal Forming(lfi)_ 
CONSUMER GOODS 

(DURABLEU52) 

LA. Electronics, Radio TV tl5) „ 

Household Goods (12) 

Motors and Distributors 


(NONDURABLE) (175) 

Breweries (14) 

ITlncs and Spirits (6)™ 

Entertainment, Catering (17) 

Food Manufacturing (21 ) 

Food Retailing (15) 

Newspapers, Publishing (13) — 

Packaging and Paper (15) 

Stores (40) 







FINANCIAL GROUPdeOl 173.11 

Banks(6) 193.13 

Discount Houses (10) 217.82 -0.1 

Hire Purchase (5) 162.06 -L2 

Insurance (Life) (10) 145.77 -L4 

Insurance (Composite) (Y) 132 JS -1JS 

67 Insurance Brokers (10) 354.48 -0.1 

68 Merchant Banks (14) 85.59 -05 

69 Property (31) — 255.75 -L2 

70 Miscellaneous (7) 133.33.1 

71 Investme at Trusts (50) 23235 -L0 

81 Mining Finance (4) 107 J6 — 

91 Overseas Traders (IP) 332.91 +0JL 

99 j ALL-SHARE INDEX(673) 232JI7 


FIXED INTEREST PKICE INDICES 



— 17457 

620 193J3 

— 217.96 

8.78 164.06 

— 147.85 

— 13422 

19.79 35476 

86.02 
258.94 

134JQ 



17635 175.94 

194.43 19179 

21834 217.62 ( 216.46 
16738 36631 168.72 

15030 1 

33631 

8636 

260.44 

114.97 


37.71 23*72 
M73B 10832 
35152 


23638 I 235.79 



eh rz*m 


FIXED INTEREST 
YIELDS 

Br. Govt. Av. Gross Bed. 


Tues. Year 
Aug. Aug. into 

30 . 29 (approx.) 


“RIGHTS” OFFERS 


hrasest which have taken place nnca December 30, 1977, 1 In the principal 
c. It also ceatatau Um Cold Hiaca index. 

+ 30 J3 All-Share Index + 8.93 

I Consumer Goods (.Noo-Darabkl Grain - — + 732 

MM + 20-71 | stores + 732 

rnH + 203* Food Manufactanog + 734 

i]m -t- 1931 Oils + Mt 

+ 1835 Pharmaceutical Prod OCM + 6 JM 

» • + 1*37 IWbrance Brekara - -i- 5.94 

BM + U*.W Prepert* + sgi 

BM + 1637 Insurance (Life) - - + 5.0 

W... + 1636 Textiles + S32 

{$».. + 1S3J Merchant Banks •*. e.c 

H.... + 25.11 Pood RataUlnv + jjj 

8 .... -+■ 1439 Eutertainmont and CatertH + 263 

+ 1431 Breweries ..... + 

1 + 1436 FinancUl Group + 136 

|. + 1X91 HoatohoM Goods + 030 

1-.^. + 1337 Bh* Purchase — l _20 

t. + 12.96 Banks — ua 

+ 11.91 litswaM* (Coomssitc) — zm 

....... + 1148 Discount Houses — 3,00 

+ 1 ILSS Shipping — n •x 

+ 4.9S 

+ 441 1 PoreeMSSe Chances baaed on Tuesday, Ausm 29, UiB 

+ 9.73 Indices. 


_ . . 1 LOW . 5 yparc 

British Government Aug.' d fp pt To-day ? Coupons _ 15 years 

30 % to date 3 25 years..,.-. 

I 4 Medimn 3 years. 


66 I Ml 
Kii 



6 pm 

34 

-^4 

67 jDlacknnod Hmige 

7D 


Vi) (Lrecn (Wm,)i.u..wi 

94 ' 

-1 

—2 


461c 



111 


56 dutcliffe ttpeakraan | 

13# Tecalemif..^ 1 

119 (WHUanu J'in‘aKaJ9i)2 C vCmUdPfl 

W iVnrkshtre Ghcmtaala- j 

63 

155 

121 

100 

— 1 
-l 

—i 


1 Under 5 years — 10453 -038 — 

2 5-15 years 1ML87 -0.46 — 

3 Over 13 years 120^8 -0J6 — 

4 Irredeemables 126.% -(04 — 

5 All stocks UZ76 . -035 — 


5| Coupons 15 years. 


7.04 JJ 

921 7 | fiS** 1 


Ml i 9 


o I 23 years.. 

7 High 3 years 

8 Coupons is years....... 

j_ • - -23 years 


772 ho | irredeemables 


Wed. Aug, 30 Tu«. Friday Tlilir. Wed. Tnw. Mi-n. PrHxy Yrar 

%T\ y T> ™ * * A ^‘ A ^’ A Sf* mg* 


Renunuanoii date raaillj last dar lor deaUis tow at stamp auo. D Ktsurea its 20-vr. Red. Deb ds Loans f 15) 57 Blltia nu. mb, kvm 
based on gnaoCdTu. oMUnaie. a Assumed diridond and me Id. . Forecast dividend- J * * 1 ^ aB5 lAS ' ***** B7 - 82 “T- 82 B7^2 A7.B2 87.8 

cover baaed on nenoiia reaps ciamuwii. • Dividend am view baaed on onxHMctns is Investment Trust Prefs. fl5) si or iv an si ao R , 

« otber offl<-u>l esnmaia tar 197B. 0 Cross. rPlnm uhpml ? Cover allows unwwwH n« 51^7 13.60 51-32 51.32 0L42 81^2 B1.3 

for ranvaraum « shares wu now renfdiu tar dividend or nut* mg ontr tar resorlcted 17 Cotnl. and IndL Prefs_ tsm iok um •»«. ... ^ 

ruvutemls. 4 Placing price 10 puWlc vt Psnre <ntet mlwrvrtw indicated. 1 (Brood ■ u TO - 75 12 08 ™-®® TO-B2 70A2 70.87 70.8 

b* tender. (j Offered 10 bidders ot ordinary stuns as a " rights." "• rssaad 

by way of capitalisation, tf MinUBum tender price- H RetmralDcnd. n issued in tiMMMirB v^m. “tate and lew rerwrit ■— _ . _ 

wtr h rewganl MHo n “™rror takeover. M rmroomaloa Q ** *** isuw^ A list rf tte ceSem. !TwMlS2‘»£m «*«W» 


57.81 1 12.84 57.82 57.B2 B7JI2 *7.82 8 7.82 07.78 .57,79 

51^7 13.60 51.32 51.32 5L32 81^2 81.32 51.« . B1 [ 73 

70.75 12.92 70.82 70.82 7DA2 70.87 70.82 70.14 *70.15 


I CTUWtiUUU MM I II ICWSHfllMIlOa IUC1 bVX W im IIMIMUUDW1. 1 I town 1 H JUM - A |i£l ff IlM L gtollskfa fbnm sb. TT ~ CR|ftOM MWfj n U i|Il,1__| n.' «e 

« 14SSST“ tor f,,u,<,ald, • «*■ ^ «« ap. • Fta * n:, -‘ *»*■* 





























































DB 



Financial Times Thursday Asgust 31 1978; ~ 


41 


AUTHORISED UNIT TRUSTS 


ihbey Unit Tut. Xgn. Ltd- (M 

rJO.iiMphoune Rd . .Vvldburr- ' DS965MI Framlingteti Unit M*t. lid (a) 


.hbev Capitol. .. 

,bhey Irrotne -...mz v 
bbey Tni. T«t. Fd .553 
.hbeyticn Tn . .. |*7.* 

tlllctl Hambro GroupV <a) (gi 
laabmHw .Ilunm, Hr+ntumod.i>i»ex. 
1M 2851 or Brentwood ilE77i 21 MSB 
lahmred modi 
lOMId. 

IrtLlmb Fund _ i 


5-7. 1 reland >i nrd. EC4B SDH. 


ft tan. 


Capful Tat. 

incoanTst- - . 
IM. Growth FdL _ 
Do Arcum... 


556 

1272 

[Sw 



Minster Fond Managers L*d. Provincial Life Inv. Co. Ud* .*■»* * Prwper roaunaed 

Minster Hsc.. Arthur St. EC 4. 02-6331050 323. BMoftfcaie.Z.C 2. 01-T47 6533 Scotbils Secnri ties Ltd. V 

Winner Aucu*21. |»S *051 — I 5 S* Prolific Cull* 191* soil -D-3j 296 .Scot bit a (40 5 4JSM-03, 

Exempt iub 31 hr} in3| 55t High Income |l225 13121+0.21 701 SeotyteM . lS3T 5771 -Or 

Stoubaita . -. - a! 1 Mm -0.4 

MLA Unit Trust MgemnL lid. PrudL Portfolio Mngrs. Ltd.* (aWbHcl Scot Ex Yld/^ „‘|iai5 iwi3 

«. d » Q M e ^ S,, * e *- S Sia WG - xo,| 01S f'^- »olboraB.«.eriN2NH “ 

MLA Lolls (468 - 49J( 1 3.15 Prudential.. ,_|13*8 


371 
b*» 
* 39 
199 
fi 7b 


Target Tot. Mgr*. (Scotland! fa Kb! 
18. Athol Crr'cenr. F-din.a. 0SI- 
Target AmrrEa(ldnl 
Targe* Thiatlc ...W2 7 
Extra Incocne Fd — (fid 5 


31 « -0.3 1 M 
4&d-03) 550 
M.M -0.ll 9.94 


I! 


1277 


Mh.lt Inc.. . , 

■ Sect U Ipd Dev [364 

tilled Capital 

UmhmF'aod 
-Umbra Arc Fd.-.'. 
■came Faptt 

iigh Yield Fd. 174 7 

fiieb Income . — 170 1 
V R E*, Inc. —{408 
Umalmil ItiMh 

ntcrnaiionnl.. 1279 

“afillc Fund IS3 B 

ices (H America. . B7 6 
l .-S.A. Exempt* . —|97.L 
“ Specialist Food* 
tnslWr Co'* Fd. — 


Ifct Bin *C'<h,i 

.itmrii Earning*. 

ExptSmlr. Co's. ®J2467 


399 

*27 

497 

53.2 

990 

- 105.1 

438 

461 

612 

65-51 



Friends' Pravdt. Unit Tr. Mgrtp 
Pixham End. Dorking. 03065055 

Friends Pmv L'u.-|*65 497J-DJJ 3.86 Mutual Unit Trust Maaagers¥ (aHg) 


Do Accum. [&02 6*5j 

G.T. Unit Managers Lid.® 
16 Finsbury Cirrus EC2M TDD 

CT.Cap.lne 

Do. ACC _.... 

G.T. Inc Fd I'd 

GT L'.S.kGcn ...... 

G T. Japan ft Gen... 


MS 

965 


DM* 

1160 


172 7 

183 7 


149 5 

159.0 


1456 

3637 


SB? 

1592 

-0.6 

p*9 

60*1 

-0.8 


3.84 

01-6288131 
3.40 
340 
750' 
220 
«.*0 
, 4.09 
138 
730 


13. Copt ball Are. ECaR 7BD. 
Mutual See. Plus..- 152 8 
Mutual Inc. Tst . .mi 
Mutual Blue Chip., (47 6 
Mutual High Yld — (42.4 


National and C onmie reial 

3L St. Andrew Square. Edinburgh 861-3860151 

Income Ang. 84 __ 11543 174.41 | 529 

tAceum Uafca* £302 238.0 -.1 529 

CaptAugS* nftS.4 uei J 315 

(Accum. flnlui 11789 764 9 ] 335 


. _ 140, South Street. Dorking. 

o,~«b Q outer Management Ca Ltd.* Am. Exempt 

566} -03} 438 'TheStk. Exchange. K3NIHP 01 -6004177 Am. GrowOi - 


oi-tosflzs ■ pne «* “ A "8““ » otbTday sept. is. Trades Union Unit Tst. Managers* 
1445J .-..I 605 Schlesinger Trost Mngrs, Ltdja) Izi '*£ 6i«a»i 


55.4} 1 530 


S uadraal den. FtL .11228 
uadraal Income- [1323 


sai-i 


4JC 

7.73 


UlAmericautTxt-— _ 
British TSt (Acc.i_ 

C annodity Share. 

44T Extra Income Tst ... 

•M g'TJr East Trust,. 

hnderatm Unit Trust Managers Ltd. ~ fe? 

166 Fetichurrb St. KC3M 8AA 6238231 Ins. Agencies — 0431 

Aniferaon L.T. . _.[563 M.7] } 3M JlHtJSff* ?*-■■■»* 


G. & A. Trust la} tg> 

5. Rayleigh Rd.B ml wood 
C*A- [34.9 

Gartmore Fond Managers V l*Kg) 

<«i WIW1 h-P I. Gth.Un.Tst 149.7 

01-2882931 i Are uni. L’niUT E 7 


Reliance L oft Mgr*. LtiLT 
Reliance H*e .TunbndSe WelK KL 06822 
77J 

Sekforde T. Inc.__k53 


2. St Mary Axe.EC8ASBP. 

^L7 


337 -0.4 
453a -0 5 
ltt.fi -0.1 
275 -0J 
431 +0.3 
tUt -0 2 
835a -0 2 
15 £3 -DID 
99.8 -0.6 
38.4 -05 


1 601 
2 as 
2 tt 
831 
0.58 
835 
5.85 
280 
532 
6.96 


1304. 

Bldftfield Income. (94.0 




<02771227300 ' Ridgefield Management Ltd 

372J-0.2} 444 National Provident Jnr. Mngrs. Ltd V »40. Kennedy Si , M.ochester 
48. Gracecburrb St- EC3P3HH 01-6234200 SSW'H!! 1 .*? UP 4 - 0 

JS 

NP1 Cr&eai. Trust _{U£ 2 1433} +5 8j 220 

IAccluu. Unltai** 11452 15371+7.3} 220 

•^Prices on August 31. Next dealing SepL 28. 

-Prices on August 23. Next dealing Sept. 6. 


Exempt High Yld - 
Exempt Hit. Ldrs... 

Extra Inc Tat. 

Income IHst.. — 
Inc. 10% Wdrwl__. 

Intnl. Growth. 

Inv.Tst Units _ — 
Market Leaders — 

■Nil YlfW 

Prof, ft C l 

Sneefaf^ttlTsL __ 
lOL Gi 


23* 

251 

-0 2 

262 

294 

321 

-oi, 

1 70 

27.7 

. 292 

-oft 

735 

275 

29 0 

_n 51 

391 

31 1 

33 4d 

-oft 

088 

409 

44 S 

-oi 

917 

310 

333 

-02 


524 

563 

-0.4, 

T<n 

284 

30 5 

-o.a 

391 

313 

33.5 

-oft 

415 

29.6 

31 ft 

-0 1 



24 2 

... .J 

12T3 

285 

39? 

-0 3 

197 

311 

33 4- 

-01 

222 

236 . 

254 

-oft 

469 

200 

22.4| 

■0 3 

469 


Transallantic and Gen. Secs. Co.V 
81-90 New London Rd Cb»ItMfordn24l 51851 


Barbican Aug. IT. - 
■ Accum. Units ■ - - 
Berb Fjpt Aug 30. 
Backm. Aug. 24 .... 
lArrum Uollxi. . 
Colemo August 25 
< Accum. I - nil* i . . . 
Cumbld. August 30 
lAreum Unitsi .... 

Glen. August 20. 

(Accum. Cnitn. . 

Marlboro Aog 2 B_ 
Accum Units* ... ._ 


Rothschild Asset Management (gl 

T2-80.G«tcbouacRdL, Aylttbuiy. 02965841 income Augu«29_ POLS 


933 J. Henry Schroder Wagg Sc Co. LtdV van.Gwth Aug 29. 
12B. Cheapside. ECi _ 01-2403434 ‘ A ' c ' lwt t ’ n,u ' 


ixiIntL Tsl f Acc.1 _ P5.7 

Ansbacher Unit Mgnd. Ca Ltd Gibbs (Antony) Unit Tst. Mgs. Ltd 
Th'obleSi. EC2Y7JA. . 01-023 BT/tt. 3. Fredenck'b PL, Old JewQr.EC2. 01-588*111 

IUAG. Income- [442 

Cal A.G. Growtbtt— Go.8 


EBr.MoathlyFund.lXn6 185 Dxt } 9.02 

Arbatknot Seen ri lies Ltd (aHc) 

37. Queen St London EC4B 1BY 01-2365281 


Extr* I rrcome Fd — 1170 
High luc. Fupd — 42.fi 
♦ Areum. Units'-.. 59 6 
i8lj% Wdn* LHix 157 3 
Pieto-encn Fund.. . 24 2 

(Mem Ullllsl 37.4 

Capital Fund 212 

r- nmm mnrp Fund .. 62.9 
(Areura. Dnitai.. — 98.4 
- OO-'iWdrwn.'.t .. 559 
FraAPropFA - — 18.9 

Giants Fund 402 

■ (Accum. Dnjisi— — 472 
Growth Fund — , _ 365 

»&$£•:: 8? 
Eastern ft luiLFd . 292 
' ,fl"4 Wdrw-LUU. 23.1 

Foreign Fd. 979 

(LAsaer. ft lot Fd-hh 2 


1194} -02} 


45 9u 


^QJ\ 


495 

229 
*7.3 
973 

20 4 
433} 
506 
393 
471 
3X3 
315 
24.8 
1053 
357 


^03 

il 

3k 

^oi| 


taiA. G. Far East*.. (269 

Dealing Tula TTWi 


aj=j a 

292m — J 030 


National Westndnsteripta) 

161. Cheapside. EX3V ECU. 01-608 6066 
Capilal CAceum.l^-jfi8.9 74.M-0.fij 439 

Extra Inc. _[693 74.T -0.4} 7.49 

Financial 5*0 38 7o| -0.4 528 

Growth Inv., 190.2 9t« -0.7 4.91 

Income (38.fi 4L4l -0.*l 619 

Portfolio Inr. Fd. _ {732 7* 1| -O.fcl 3 87 


Universal Fd-td}.— 


X. C. Equity Fund- IX80.fi 
N.C. EqEyJtes.T»L|ll4 b 
N.C. Income Fund 057.8 
NT. InlL F<LOac.W94 0 
N.C. Inti Fd 1 Ace. i(9S 2 
N.C. Smlir Coy* FdJlM.9 



Rothschild & Lowndes Mgnot- (a) 

5L Swithins Lane, Ldt> . 2ft 01 


3.18 (AccnmUiau) — 2994 
244 General Aue. 30 — 913 

673 (Accum Uutat 114 0 

1.46 Europe August 24_ 32 9 

1.44 1 Accum Units* 3fi4 

449 ■Pu*l*haFdAug30.177 7 
-Spec Ex. Ao rust 1.. 264 fi 
Recovery Aug. 1_ 1980 

•For tax exempt Lunds only 


1174 


224 

1411 


2.24 

20B.E 


666 

310J 


666 

95.1 

-L2 

336 

U67 

-1.5 

316 

35.fi 


228 

383 


225 

1831s 

•ii.2 

4.25 

272.7 


371 

204 Is 


4.67 


013 865*1 

1261 134 2 . , 

89.4 921 +D.4J 

862 905 

1847 1X2 5 

1386 1465 

1&73 2767 

55.1 58 | -1.4 

(0 4 644 -1M 

577 614 

74 1 78.1 

55J 511 

U 7 . 661 

S3 Z 560* 

6&1- M.7 

74 9 789 

465 49.C -0 9| 

482 50.! -0.9| 

668 M.7* 

Accum. Llnitai 79.3 S3 7 

Wick Di. August 25. 70.9 754 

Do. Accum. HI 864 


Van-Hir Aug 20 _ 
Yang rwl llg. 30 . 
■ Accum. Units 1 ... 
Wick‘rAug.24 


SOI 
581 
*80 
445 
445 
527 
527 
685 
685 
413 
413 
263 
263 
316 
316 
776 
598 
598 
4 56 
456 
7.73 
7.73 


Tyndall Managers Ltdf ' 
18. Canynge Road. Bristol. 
Income Aug 30 1 185.6 


l Accum. Units) 


1193.8 


(di 


^ »» *wsa?friretd2a's 


18.54 
B.93 
693 
693 
12.60 
12.60 

790 Griereson Management Ca Ltd 

4 50 50 Gresham SLEC2P2D5. 01-001 

4.90 BairlngtonAugao.. 

2.76 (Accum. Units! 

7-58 BtngH.Yd Aug. 24- 

758 (Accum UnUsi 

230 Emlt-av.Au 


NEL Trust Managers LidM (aRg) 


sin Rowan Unit Trust Mngt Ltdfla) 


}&a -J is 573 

xmt de,iin ‘ *«*■ 8 Norwich Union Insurance Group <b) JS&M® 

• p n n— a u«o..v 080322200 Merlin Aug. 30 


I 417 Scottish Equitable Fnd Mgrs. LtdV capital Aug. mIU 135 '* 

Sept 15. 28 SU Andrews Sq- Edinburgh 031-5568101 'Accum. UtiUxi^ xw.fi 

5 — jmk — jsi ffa -I Su 

Accum. Units... — |M . 63 8} — 4.95 int Earn. Aug.30- 265.0 


4X8 

788 


City Gate H se . FI labury Sq.. ECX 
American Aug. 23... 

Securities Aug.30 


230 

396 

122 

122 

155 

1.00 


Kndeav. Auc as — 
(Accum. Units) — 
Grachstr Aug. 25 _ 

lAcrum Unitsi 

LoftBrslA Aug 30 


rai 

233« 

-3.7 

244* 

2S5J 

-3* 

1935 

202.7 


2225 

2331 


223 s 

233.1 


7T1 4 

242.1 


1459 

UU 


107.9 

U2J 


719 

75J 

-n 


79.fi 

-u 


4.48 


728 

720 


2.79 

679 

3J6 

•386 


‘P.O.Box 6 Norwich. NRI SNC. 

-I37L2 


1.71-33] 4.88 (Accum Untui. 



Deal lag day Wednesday. 


(Accum. Uni tsl (295 0 

PrW. AUB. 30 hoo 8 

■Accum. Unitsi [125 0 

11*1* 


52 Sebag Unit Tst. Managers LtdV (a) < Aecum Unitsi 7Z 
fi? PO Boxill.Bcklhry. Use.. E.C 4. 01-2366000 S cot Cap . Ang 30— 

3'ifi. Sehig incoemFi ..{332 
356 


Sebag Capital Fd. - (36 0 37 7[ -D^ 346 ‘.Accum UnlUi...„(l768 


756 


£eoUncAug.3°-~"h7L« 


027232241 
11101-281 7 75 
202! -5 0 7.75 
1422 —3.2 3 99 

2002 -44 399 

120.6 -24 753 

171 C -3 6 7 53 

278* -64 4.60 

309.1 -7 2 4.60 

106.11 +0.4 1030 
ZJL4 +0 6 1030 
1560 -2 fi 5 12 

185.1 -2M 5.12 
inn -Eh 8.62 


Pearl Trust Managers Ltd (aMgXi) 

252 High Hoi bom. WC1V7EB 01-4058141 

Pearl Growth Fd— 124.9 26 N-6.ll 451 

Accum Uni la |2f J 3L» 451 

Pearl toe. -.5x2 14.3 -9 2l 492 

Pearl Unit Tst U7.6 4o3 47S 

(Accum. Units) (48.7 52.4} -0.4} 4.75 


Wall Group 

Security Selection Lid M££?' rth — ffii 

J5- 18. Lincoln's Inn FielcL.WC-2. 01-B71 68369 Extra Inc. Growth.- 40 4 
tincIGthTtt Aee— 1255 273 +02) 217 Do Accum 47.8 

Unvl GtbTstloc. — 122.2 23.7J +02} 237 Financial fV.rty.-_ 16« 

Do. Accum 20 7 


Guardian Royal Ex. Unit Mgrs. Ltd Pelican Units Admin. Ltd (gXx) 
Archway Unit Tst. Mgs. LtdV fage) Royal Exchange. Et3P3DN. 01-8288011 81 Fountain SL.Mancb«ei 

3)7. High Hn)bom.WCT\'7NL 01-B31 623a 1 ««> GuirdhjU Tia . 1% X 995u( -69} 437 Pelican Units }91.7 

Archway Fund- _ .1896 953} ..—.} S 62 Henderson AdminstrationV IsHcMx) : 

morn m August sTnokI sub day August 3L lrj ArfMiw 3 j^iaigb Hutton. Perpetual Unit Trust Mogul. V fa) 


Royal Tst. Can. Fd Mgrs. Ltd 
54. Jenny o Street, S W.L 01-6388362 

Capital Fd. J74.7 78 R — J 3.38 

d-Saxul. ™ sicvnxt unlt Tst - ******* ^ ™ 

. 46. Charlotte Sq., Edinburgh. 031-2383271 SpreudSrm-ZZ^lM'i 

iStcwait American Fund 

Standard Units (703 7S_ .-... — „ . __ 

Ar cum^Un ia.-j— |g 7 ... J — TSB Unit Trusts (y> 

•Stewart Brtd*b Capital Fan* 

Standard—. (1442 1565} j 400 


91.1 -1.W 
955 -1 01 
43 4 -0.F 
503 -0^ 
174 . 
221 —03. 

72.1 -0.4 
351 -G.5J 
361 -OZ 


5M 

563 

914 

914 

475 

475 

7.49 

237 

4.91 


Barclays Unicorn Ltd laHgWci Brentwood, Essex. 

iVtcom Ho 252 Romford Hd. E7. 0153459*4 V.K. JPkndh 


TbIkbii America- 

DoAusLAcc 

* ■ , Wo Jkllsl. Inc 

imrapiiaL 

' Da Exempt TsL . — 
I*o. Extra Income . 

Da Financial 

rxi.MW ■ — 

Da General 


Do, Growth Are... - M3 6 
WalnromeTsL - 191 6 


-Da Prl A -ns. TSL . 


1262 

es 

791 

339 


1453 


3871-0 41 
85.7 +0.4 
675 +03 
75 te —0.4 
221 0 -07 
321 -0.1 
703 -02 
855a -03 
366 —0.3 
471 -04 
990* -04 
1527 +1 1 


120 
A 67 
167 
*21 
528 
7.76 
467 
5.61 
3.72 
394 
5.66 
528 


Cap. Growth lac. b 

Cap. Growth Are 

Income ft Assets { 

High. Income Fends 

High Income _.|64.9 

Cabot Extra luc. — (64 9 
Sector Funds 
Financial ftlTU_p68 

Oil ft NaL Res P99 

IntereaUmia! 

Cabot FB.2 

International 


52 

37. 


69. 


0277-217238 48 Hart St, Henley on Thames 04012 MB 

• rpeiaalGp.Gth (443 47.7} 4 3.60 

PIceftdUly Unit Trust faKb) 

Aauay Gibbs UaU Tm* Kjmagtxn U1 
739 3. Frederick's Place. Old Jewry. EC3R SHD. 
827' 01888 4111 


Save Se Prosper Group 
4. Great Sl Helens. Loadoa EC3P SEP 
0B1-C38S6B5 0873 Queen SL Edinburgh EH2 4NX 
966} -0.8} 649 Dealings to: 01-654 8800 or 031-226 7351 
Save & Prosper Securities LtdV 

Interest tout Funds 


Chantry Way. Andover. Hants. COW 6BI88I 

Dealing* lo 096* 634224 


aa=a 


Prices alAuguat 31. Next sub. day September W1±WldeAug 28- 



Do. Recovery 

naTnideeFuiid.. 

DaWldwldeTsL. .. 
mstJn.Fd.Iac.... 

Da Accum. 

KuviBg Brothers & Ca LtdV l>Hx) 
86 Leaden ballSt.ECX 

farxlton Tst. .— ... 1193 8 20181 | 

lu. Accum....- .(240 2 256 3 j 

Next sub. day August 31. 



O rei a rea Fonda 

Aostralian 1406 

European 44.9 

FarEasL 856 

North Arorr— 43.4 

NJkmGmAog. 18- 135 3 
CaboLAmerSmCo, jfiO.T 

oiMSfflso HUJ Samuel Unit Tst. Mgrs.f <■> 

. _ 01-8288011 

172.91 -L31 509 
42-0* -0,7 Ltt 

89.6 -1.6 2.70 

353 -05 4.47 

1643 -0 8 433 

30.6 720 

59J -03 525 

33.7 -0J 7. 


Extra Income.— 08.0 JIM . 

285? -031 3.91.' Small Co s Fd. 416 45J . 

3L8»4 +0J( 230 Capital Fund 455 5«.C -8^ 

lot Erux. ft Assets- 502 5C2 

Private Fund 370 398a 

Accumltr. Fond 665 71* . 

Technology Fund— 42.9 683 -03{ 

Far Ea*Pd -.29.8 32J „ 

American Fund — P65 2X7 „... 


9931 -0 6) 265- 
4l3 -oil 168, 


9.60 

4.90 

4.40 

230 

430 

260 

IN 

0.90 

130 


Univ, Growth. — - 

Increasing Ucnr Fund 

High-Yield [576 

High Inriisir Fuft 

High Return I&8.S 

1 ncome (442 


4U -0. 
303 -0 
78 0 -0. 


I 


299 

3J6 


Accum UnMAr — 1662 1794^ 

Dealing fFri. *Wod. 


4.60 


(biTSB General (412 

(biOaAmm 620 

ibi TSB Income 612 

rb> Do. Accum— ... 65.9 
TSB Scottish 98.1 


2 .g 5 San Alliance Fund MngL Ltd ... 

Sun Alliance Hsc.. Horsham (M03MI41 lb,Do - Atc * ua “ 



SX^-OA} 674 


9 .(£231.7 
[107.4 




388 

323 


UEEquhy (45.9 


Europe [896 

Japan 005 4 

PA (77.7 


Practical Invest. Ca LtdV (yXc) 
44. Bloomsbury Sq. WCU2RA 

Trxrtial Aug33. h.70.4 . lH.li ....J 

Accum Units. (2417 2560^ | 


CoTTunodl ty [83 J 

Energy [128 

Financial Sera. ..-(762 
01-038883 Blxh-Mlnlmsm Funds 

387 Select 1 ntcreaL 12702 

3J7 -Select Income Bfi.7 



f-f* Target TsL Mngn. LtdV (aHg) 


412 

4.12 


45 Beech SL. EC2P 2L.Y 

(b) British TruK 1616 

(glint 7 Trust 392 

Igl Dollar Trust— 81 7 
Biahopsgate Progressive MgmL CaV tali' »p«alTro»t — 3U 

ftBWswmc.Eca, filESSS&S?:. Sfi 

-fa I bl Security Trnsi„ 55. < 

(b* High Yield T*t...^,5 

iA&uhvVAuvS2- |2092 { L93 lUteLV (aKg) 

Nml sub. day -Scwcmber a -September 12 35 . Chridophcr Street. ECZ 01-247724} 

Bridge Fund ManagersViaKc) Weltar.iW— 1«.9 1909} -o.6| 6S 

King Will mra SL Er-tRBAfl Di^334i»i Ke 7 Pond (Managers Lid laHg) 


American ft Gen J 

lacwne* 

Copital Inc.f. .. 
no. Acer — 

Exemptt .... . 

Intern ti Inc.t 

Da Are. T 


il 


< 20.6 


l- 

1M.0J 

Ml ... . 

22* 


Britannia Trust Management (a l (gi 
3 London Wall Building*. London Wall. 


London EC2M SQL 
Akieta . .. .. ,. 189 
Capital Are ..57.8 

Cmtunftlnd 611 

Cwnmodilj 843 

Domestic. 412 

tamnl... — 1284 

FitroJnrotnc *0.7 

For Boat--.. 24.2 
Financial £e« ....68 7 
GoW & General .— 1816 

Growth 874 

lochUrewth 782 

(nil Growth — L— 6 *2 

lirevaLTREhaits.. »8 

wioaub. 4L9 

Nw High luc. 873 

New Issue JB7 

North American — 31 J 

Poifcssional 5578 

PjWWrty Shares 14 1 

Sblrifl *83 

S lafus Cfasiec ... Ju 
i'niv Energy , .... _ jj 9 


DI-63RIM7&047B 


0».g -o.t 
652 -0 4 
657* -0.5 
912 -03 
444 -O 1 
1266 -12 
43 tt -02 
261* *0 3 

109 j 

940 -05 
8*1 -05 
.743 +0-1 
54 Bn -03 
451 +0 6 
93 9 -O.e 
41 7 -0 2 
335 -DJI 
5751 -4 0 
160 -01 
520M -0 4 
36 2U -03 
365m -0 1 


470 

360 

429 

460 

392 

686 

155 

432 

263 

368 

687 

211 

524 

289 

7.74 

421 

176 

39 

412 
4 61 
243 


871 

769 

ittf 


983*1 
1243* 
67.6 
67 6 
519 
SL9 
• 511 
511 


01-0007070. 
-03) 335 
-0.« 4.75 
. 5.43 

-0.4 838 

.. . 11.93 
-07 S45 


130 25, MllkSUECTY 8JE. 

52 EryEnertailn.Fd...)tt.4 
278 Rev Equity ft Gen.. 723 
278 - *Ecv Exempt Fd- . 16X9 
535 Key Income Fund-. 833 
3.04 Key Fixed InL Fd .. 61 1 

- ... - -.304 K,y Small Cos Fd_fl04.7 

Dealing *Tue«. Klein wort Benson Unit ManagersV 

20. Fenehuitb SL. EC2 01-03 8000 

KBCnltFd luc. ..(904 
0KB L'nitFrLAc.... 1144 
KJ. Fd Inv. Ttu . 62 2 
K.R Fd InTrt Arc 622 
XBSmltCo sFdlnc. 4*4 
KR Sci I'rs.Fd Are 494 
High lid. Fd lBC_ *80 
High Yld. Fd. Ace. (480 

LAC Unit Trust Management LULV 

The Stueh Ecbange. ECZN XUP. 01-688 2800 
LftC luc. Fd_ - -1145.2 149 7*} | 7 53 

131 


519 

529 

3 

3 

6 

629 

645 

645 


LftC Inti ft Gen Fd lUXO Hi*] 

Lawson Sees. Lid. V(a)ld 
37. Queen'* St. Loudon EC4R1 BY. 01-238 52fl! 


*R»w. Material* 

*1 Accum l, nits'- _ 

'Growth Fund — - 
lAcrum. L’nilai - 


662 


TTGiIl and Wxrrant.j40.fi 
lAtnenran Pd...... [25.0 

ii Accum v ni in. - 
•■High Yield . 

”t Accum UiuU> 


6.10 


2 

2fi0 

174 

050 

058 

10.9* 

109* 

■Fri. 


The British Life Office Ltd.V (*» 
Reliance lire.. TUuhndge Well'. Ki 08023=271 
BLBntixh Life— 1536 567] -021 541 

f LBalanccd* m 8 5 5 ft .. 7I 5 03 

BLDindcnri* ... [453 484| . , | 903 

'Price* Aug. 3U. Next dealing Sept 6 

Brown Shipley A Co. Ud.V 
Mngr*. Founder* CI. EC2 
H& Units Aug. 39 ..079 4 
DuiCC.lAut20.-Bia 

Drerelc Truau pu let 

Financial Hfi 4 

General— |J9.4 

Growth Accum -14X4 
f rojth Income— B89 
Hjjj*} Income-, ,..Ej 

l«ilrt~.tIIir.Bb 1 

Di«se«s _..1»5 

Pertortaaoce [62 0 

9szz«5i dh 


•W--J 


38 6.1 —0.3} 
21 1 -O.li 
511 -D3J 
412 -04 
341 . 

Ml -Oil 
28 4« -oa 

«l : 011 


5X1 ..._| i 10 
Ml 
712 

43.1 

270 — 1 41 
26 0 280 -1.4 

k72 5LDn .... 

J67 7 73 2d .. . 

Deal (Won. •Tues. rrWed IThura. 

Legal & General Tyndall FundV 
IX Uanyage Road. BriaoL 027=33=41 

Di* Aug )U2 66.8) ) 4 63 

(Accum. UniLsi. _.|794 84.W ..^.J 4.63 

Next fub. day Sept. 13- 
Leonine Administration Ltd. 
ZDukeSl.. London WIMflJP. 01-4869601 

iujmkm 1798 8401-031 4.71 

01-8008520 Leo Accum |87.4 92 B| -0j| 420 

Lloyds Bk. Unit Tst. Mogrs. LltLV W 
ReciMrars Dept.. Goring-by-Sca, 

Worihing. West Stiwex- 018C3128BJ 

Fir* 1 Rained 1 . . . 153.7 57.71 -X4 

Do (Accum) 73 9 794 -0.6 

Second <Gxp i._ _ 57 4 61.7 -03 

Do I Ac cum. 1 722 77.7 -03 

Third (laeomeL. .. »5 952 -0.7 

Da i Acre bl* 1210 1301 -1.1 

Fourth (Exlnci-. . 63.7 6X4 -0 3 

’ ■ 725 774 


467 

4.67 


451 

512 

497 

4.97 

928 

326 

4.23 

306 

42* 


4.19 

429 

201 

2.01 

556 

556 

737 

737 


D 0.1 Arcuro' . . 1725 779} -03) 

£J§ Lloyd's Life Unit Tst. Mngrs. Ltd. 

t. . .. „ „ 72-80, Galehoure Rd. Aylesbury . 0306 SMI 

C0B8da Life Unit Tst. Mngrs. LttLV Equity -Accum .. |3692 17811-42) 3.77 

H “ 1 i > 5 I‘« MAG GroupV (yHcHz) 

“ 0 ^ Three (Juayv Taw+r Hdl EC3B CBQ. 0104588 

BalncDixt. ”. -iM 6 ~ ' ~ 

Da luc. Accum MS3 


See also Slock Exchan^e^Dealingj- 


Capel (James) MngL LULV 

J00 Old Broad SL.EC2N1BQ 0t-583«SW 

. rartud — («.8 96V... J 514 

Inrowe- (87.1 917/ . | 702 

Prices on August Id Next dealing Sept X 

ParUol Unit Fd. Mgra Ud.V <W(d 

MiibtiniHouw.NewcuUe-uwu Tvne SUM (Accum Units) 

rariiol ...... W5 77.g....'| its Riropeaa- 

Oa Accum UMta.-fait 91 7) .... j 3.65 

High Yield 1*55 4X01 | 7.67 

Dq. Accum L'nil.i . .f56.fi S9ll ..J 7.67 

Men dealing dale Replr (Tiber « 

ChaaUca Official Invest. Fd* 


American 525 

(Accum Units! - - . 53.7 

Australasian 55.7 

1 Accum foils'- 56.9 

Commodity. BL5 

(Accum Unitsi .. 890 
UompottndGixiM'th U60 
Con version Growth 70.4 
Cnmccrion Inc. . .. 698 
Dividend. . . — . 127 9 
2425 
514 

Accum Unitsi ... . 52.5 

Extra Yield ;. 916 

< Ac cum Units* 122 4. 

Far Eastern M6 

(Accum Units).. . 71 4 

Fund otlnv. Trio... IM 

■ London Wan. EC3N 1DB. 03583 IBIS LtUMJ ma 

htroiM Ananst 19.. (M2 17 - [ . . ..) 628 l-nlbii" "" JB29 

. .o-sj t *Lk HsE b 

Charterfaqnse Japttetv J.pan Jn«mw- t — 172* 

1 FxlJl iijL. i_. p. 1 |w«. n.ftinnn ^AfftOJU I'HlW J2J-5 

. «. ™enwctcr Row 1 , HT4. 010493890 jficnua Z273 

■SySBS3~Hf»'g|4i iS «'» 

cJ KTR.— Si S! IS 

.asBftenis e; J ?g 

Accum. Units. n»4fi 37fij -0.2 3.95 

*7VTrs Angus aa Next dealms Ncprrnitmr e 

Chieftain Trust Managers LUlftiKg) 
l! NewSLEC=U4TP 01-1S32BC 

AmeriCM. ifisfiB* 25 « -8« 1.57 

Jliehlwwoe ... Qii4S3 47 M -U2( 8» 

IniiixialKMia] Tsl- Hr 067 287i ‘ 

Basic Bren*. Tst [i:j28.5 jo 


MlilUnd. - 
lAreum. Units'.... 
RecorefT . 
im Utu 


(1888 

312 8 

... 883 

(Accum Units*. -- 911 

Svereid Gen. JJ9 3 

(Accum l 'nils i 2876 

Special - 1783 

rActumLiun*.. .(227.4 

Sperta l lao d (baft 

Trustee . (160 7 16951 +03} 

(Areura. C rots'.— U13 6 330.4 -*1.1 

Oimi band Aug- 9.r 1092ft . 1+0.1 


57.7 
593* 
60.6 
868 * 
94.1 
125* 
351 
743* 
1375 
260.7 
55 8 
562 
974 
130.4 
6X1 
760 
732 
89.fi 
1972a 
3061 
1166 
1962 
1812 
1851 
2422 

3H 

3332 
. 94 ( 
*7.0 
2054 
3120 
198 4* 
2422 


4«f -air 171 


-ai 

-12 

:Si 

-L! 

- 0.2 

-0.5 

-as 

-Xfi 
-8.7 
-01 
-03 
+ 0.1 
+ 0.1 
-02 
-0.3 
-12 
- 1.6 
-03 
-04 
-05 
-OS 
-22 
-22 
+02 
+0.4 
~1 
- 0.1 
-08 
-12 
-0 4 
-0.4 


in 

172 

172 

4.07 

437 

3.43 
291 
751 
74* 

7.44 
2.96 
2.96 
739 
739 
181 
i_: 
419 
<39 
537 
5.47 

7.95 

13 

X.9S 

xn 

391 

6.45 
645 
406 
406 
460 
460 
996 

3.96 


687 

607 

738 

535 


*3 "Stl Hwinoun Aug. 20.1 1092ft . j +«.i 

xj+Oli 4*8 TA^:vS3r7;|S3 a s53:” 

Confederation Ftmds MgL Lld-V ta) rata. Px. Aug [ISO 5 15X8} 

M cimnccTy Lane. WC2 A ihe 81-3438282 M a a uLi fc Naaagenient Ltd. 

Growth Fluid .1*65 488}... ( 391 St. Geroxe'i Waj.sieveaagb. . 043850101 

Cosmopolitan Fond Managers. ' w*. „ t 8 fj. 'iVj 

3a Pont Street LniuhmSWIE PEW OI-335852S. **VOOWr Management La LUL 
Uawuspnln Clh.FdjM.0 205} . . .( 446 IftWCreftiamSL, EC2Y7AU. 0l-O»8Wi 

DalnrerocFil 1493 52 3 — J U33 IpeomeAug 30... .U114 1373rf -X.a 7.98 

Crascenl Unit Tst Mgrs. Ltd. taH*> SSmL AwuVtni J\ 3*5 

4 HelvilleLres . Edinburgh 3. O3l-22n40M Mercury Fund Manners Ltd. 

JJW Arorr Fd. (27« ^3 J* 30.Grwhan.SU EC2P2EB. 01-40045SS 

442J-OlJ 877 
I4M-02I 474 
26^-05} 1.97 
Discretionary Unit Fund Managers 
22. Blendii Id St ,tT2M 7AL 01 63S44HS 

Dik ( ncroae (182 8 195ft . ... I 467 

K. F. Winchester Fund Mngt. Ltd. 

• 'MJpxny.Kl.'? 

Gn-ju Winchester . }18 8 ... , 

‘•i.Winch'cr O'scax|20.8 22 ft ... ,| 3*2 

Ktns oa & Dudley TsL MugnwL Ltd. 

SLArlinglnaST SV I. O1-4S075S1 

Lmsau Dudley Tx (64.9 JS ft ..] 3*0 
Efiuius Secs. Ltd. (a) (g) 

41 Bi-Jii+wcale, EC2 01 -£682851 

Itngmiin — (707 746} -Oft 382 


•rex. Intcrut'L . . 
'<+•- High Diai. , 

Rrena 

r iw.Tellsn. ;. ... 


.Mere cn. Aug. SO. 2088 
Are.Uu.A0C 30 - 2703 1F.M ..... 
Here. to. auc » - 18.1 75lft .... 
-Are. UU Aug. 30 .. 763 Sift — 

MeroExUufvM . 037 2434ft 

AJumUts. July ^24. (283 8 29661 ..... 

Midland Bank Group . 

Unit Trust Managers Ltd.> (a) 
rmuiwuuS Hnure. SiUer Street. Head. 

Ul dMSlAT BhcftiefdSI 3RD. - 

30-51... | 4 73 Commodity &<;cn- Mt 
D o Ar cum — . «6J 

Growth— 18 6 

Dm A ream 0 .4 

Capital 298 

Do Atom.. . 52.5 

1 acmr 55 2 

l». Aecom . 64.4 

luternaUcnal 486 

Dq. Accum' . 51 


4.15 

4 

2 

2.M 

432 

432 


nrku. 

Tel 074278042 


. High Yield _.. . .to 9 
Equity Se Law. Un. Tr. M.f (aKbXeKtl ■ feSoi 

Aiaierr-hum K'l- High Wreombe 04M333fr7 DoSrwiVV. ' 

Lquui ft Law (713 7Sft-0.fi) 389 . *Pncea at July 31. 


,n«i 


81 4| 

4J3 -«3 
443 -03 
311 -0.R 
348 -Oil 

■as* 

52 6-0 4 
568 -0.4 
703 -03 

74 4 -03 
1341 -2.1 
1141 +2 3 


4.85 


Neat dealing Aiigiut 31. 


CLIVE INVESTMENTS LIMITED 
.1 Royal Exchange Ave.. London EC3V-3LI'. Tel.: 01-283 1101, 
Index Guide 2s at August 30. 1971? (Base 100 at 14.1.771 

Cine Fixed Interest Capital 1^9,40 

Clive Fixed Interest income 114.12 


CftRAL INDEX: Close 502-507 


INSURANCE BASE RATES 

t Property J 

t Vanbrugh Guaranteed . ... 


I0b% 

9°.. 


tAiMram shown under Tumrance and Property Band Table. 


to Yl.GreahamSt.BC2. 

„ — Tarfft CoauBDdit>'.|39* 
4.87 Target FmntjriaJ. ,.[fiS3 
Target Equity— _.|J9 2 
3 22 Target Ex. Aug.30 I22J9 

030 6Do. Are. Units 304 0 

137 Target Gtlt Fund.. U66 

Target Growth 129.3 

3*S Target IntL — [284 

170 Do.Reiuv.UuUa-.pi6 
[m Target lnr . — fol 
TgL Pr. Aug 30__,.[l65.4 

TRIuc ...__. ....SlA 

1*7 TP- Fret to.4 

6.96 TELSpeelal Sits. — (213. 

I 


Ulster BankV <al 

Waring Street. Bellaat. 


Dealt ate QSP85M1 l hAJ later Growth — (395 


0832 3531 
425*( -03} 4.95 


42.91 -0.1J 
70.8 *03\ 

232.0 

315.0 

1223 . . , 
315c -01 
305n -0.4. 
340 -fli 
37.7 -0ft 
1743* 

J4 Q -03 

MM , 

22.7c -0.1 


3.55 

439 


s 82 Unit Trust Account & Mgnt. Ltd- 


614 King William SL ECAR PAR 
Friars Hae. Fund._H6«0 
3“ Wirier Grth. Fnd. — [32 J 

5-5* Do. Arcum. [373 

238 
238 
333 
399 
760 
1179 
4.83 


eJ 


456 

3.96 

3.96 


Wrier Growth Fund 
King WUliamSL EC+RBAJt 

Income Uulta (323 

Arcum. Units — (373 


01-0234051 

34 ft J 3.96 

39ft ,| 3.96 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd- Crown Life Assurance Co. LULV Lioyds Life Assn ranee 

1-5 SL Paul's Cburt byarti. YC-L 01-2439133 Crowo Lile H*e^ Wota»g.GU21 IXW (MM25033 20. ClUtaa St. ECXA 4 3*X 


Equity Fund 395 

Equity Are.. 13.9 

, Property Fd. 1503 

iFropertj- Are 1562 

SriMireFund 95.1 

Convertible Fund _ 1323. 
fMoneyFuod- 1228 

f Prop. Fd. Ser. t 12X4 

9MHU. Fd Ser. 4... 13X7 
J*Equit> Fd. Ser 4 _ 375 
*C«iv. Fd. Ser 4.._ 1128 


money Fd. Ser. 4_|Ufl3 


4Lft .... 
35.7 
1583 
16*5 
1803 
1595 
1295 
1352 
1461 
595 
11XJ 
1267 


Maug'd Food Are.. 2073 
Miag'd Fd. In cm. .. 187.1 
M*ng-d FtL LniL — U60 
Equity Fd. Ace.— 1017 

Equity Fainas 1017 

Equity Fd. In iL 10L2 

Property Fd. Are— 96* 
Property Fd. tncm. 964 
Property Fd. Inil - 95.7 
lnr.Tst.Fd. Arc.... U9.fi 
lnr.Tn.Fd.lnrm. 1096 
Inr. Tn.Fd.lnR... 10X8 


fefiee* at Aug 59 Valuation " normally Fixed lot Fd. Are. .JJXfi 
Tuesday. Fad. InL Fit Jans. J91 4 


lnttr*L Fd.Acr — 
Inter']. Fd. In CJB— 


Albany Life Assurance Co. Ltd. Money Fd. Are 

TI niH Rnrlineuin ST W 1 01-437 9082 KoM Zf l1 ' lnc « — (967 


31, Old BnrliugtouSL. W L 
VEqaiiy Fd. Are— . 
VFUed Ini. Arc — 

WGtd- Money FiLAc. 
ytntl.UaruFcLAcm. 
9‘Prntuf'd-Are— — . . . 

jyj’ptel ror. Acc (172 3 

Equta Pcn.Fd.Xre 

Hire L Pen - - . 
GTdMon.Pen-Acr. . 
ImlJJnJPtiFdAcc^ 

Prop J*cn -Are..—.. . _ 

lTp’c Int.fta.uc..|ai* 


AJHEV Life Aasurance LltLV 

Alma H*e . Alma Rd. Reigate. 


COO 3 

2308 


1413 

148.7 

. 

1152 

12L2 

„ mmm . 

114 6 

120* 

J n|| 

1893 

115.0 



1723 

3813 



> 

2513 

..... 

rwTj 

1B.I 



137* 



328* 



IM* 



223.7 

— 


Dial Fd. luem. .- 


11X7 

ZY 


U07.6 


1127] -0.71 
1127 -07 
1115 -0.8 
107 # -0^ 
107.0 -0.8, 
10*5 -0.8 
10X4 -0 2 
1014 -02 
1003 -02 
1153 -0 7| 
1153 -D.7 
1145 -8.7 
1037 
1037 
124.9 -Ofl 
124.9 
101.7 
1017 
1152 -Oft 


Crown Bn. lav. A"-. [163 8 

Crusader Insurance Ca Ltd. 


MRGth.July3l— nj67M 968 

621 OpLYA'Pr. An*24. 139.7 147.1 

— OptS-A-Eqt. AUg54 1435 1511 

. OjrfO-A-HY. Aug. 34 157 7 1660 

568 OptS'AKan Aug 34 158 2 1666 

— Oplff AUpl Aug 34 1223 12XS 


Schroder Life GronpV 

Enlerpriae Home. Portsmouth. 

Equity Ang. 29. .[ 2457 

Equity 2 Aug. 20 [233 8 


one sms 


Equity 3 Aug 20 — 1272 
Fixed InL Aug 20- 139.0 
Fundi m3 Aug 29. 1494 
InL UL Aug. 20 — . 137.0 


Zrr . London Indemnity & GnL Ins. Co. Ltd. 


18-20. The Forbuiy, Bending 58331 1 . 

Monev Manager 05 9 38.81 - 

If ti Pl«db(r_._pZ t) 33 

Fixed Interest [34 .7 36 


m e 


Mngd.RlxAug70... 1373 
Msnaged 3 Aug. 29. 1510 

Mousy Aug. 20 10X4 

Money 3 Aug. 30 — 11X6 

The London & Manchester Ass. Gp.V p^^«y3 au'x»' i»* 
— • ----- IOC 52156 BSPn.CpB.Aug. 39.. 1224 

BSPnAccBAn C .2g.. 133.9 
MnPnCpB Aug. 20 .. 207 B 
MnPaAccBAogSB- 34X4 
Fxrf.lm.Pen.Cap.3 972 
FkdJM.Pa.Acc.B_. 9X2 
Prop. Fen. Cap X-.. 9fi.l 
Prop. Pen. Acc. B_. 972 


Winslade Park. Exeter. 

Cap. Growth Fund..! 

*F1*X Exempt F*L. 

* Era mot Prop. Fd., 

OExpLlm-. Tit FiL) 

Flexible Fund . — . 

Imr.Tr uit Fund — 

Vincula House. Tower PUEC3. 01-8288031 SSnSSwtriTi: 

Gib. Prop. Aug. 8 — (721 fl.ft — | — j| 5 g GroupV 

Eagle Star Insnr/MidUnd Ass or. Tta-re Wnar*. to-«t Hill EaR 8Bp oi-sao -urn 
]. ThreattneedJeSl, EC2. 01-5881212 IV rs. Presto n—. J 2545 

Eagle/MiX Units _|552 57ft -Oft 5.97 Cou*. Deposit* 1190 125l|+0.l| 

Equity & Law Life Ass. Soc. LtdLV F^mi^ tmo*- 173.9 " 4 

AmershamRosd. High Wycombe 04M 338T7 - — ft**-® 


2*54 

S& 
1228 
1543 
84 7 
1003 


. Money Pen. Cap. B. 963 
Money Pen. Acc. B_ 97.4 
Overseas * [962 


245.41 —42 
133.9) -ZJ - 
+07 

a +02 — 

-1.4 
+O.U — 

-Ml 


158ft 

114ft 

124.1 


2646 

1205 

1406 

21X9 

2616 

282.4 
2835 
1013 

102.4 
1015 
1026 
1013 


♦Oft 


16771 *lo) ~ 


Xft 

+0ft 

+flft 

+0J] 

-ti 


OFFSHORE AND 
OVERSEAS FUNDS 


Alexander Fund 

3T. roc Soln Dame. 
Alexander Fund I 
Net asset 


Arbuthnot Securities cf'.Li Limited 

prt Box 284. Helier. Jersey 


Cap. TW [Jersey 1 ..111*0 123 ft . I 4.03 

nc dale September 1- 
-1100 103) .. | 12.00 

. . Jn S <Jalc ■‘iepiemher 4 

East ftl nil T»i <n , |125 0 U3 0| .( 2.84 

.Next dealing dale August 31. 

Australian Selection Fund NT 

Market llppnriunilie*. r •> Inaii Youog ft 
Ouihwaiie. ILT. Kent Si . Ssdnev 
US51 Share*. 1 SUS165 '! ....I — 
Net Asset Value Augusi 34. 


Keyselex Migt., Jersey Ltd. 

1-1 1 B*1S «X Sl Ih-lier Jerse?. -Eng O1-0O6TOTO: 

- 'KiS 48S 2 “ 

|£7 09 7 97 

,13 81 421 

p'C«a mi 

£l5 37 16 74} 

£136.05 


(jisembnurg 

5VS7 60 j-01ft — 
>nlue Aug. 3U 


Bonds ul 
Kcjsi-lcs Int'l - 
Kqselri Europe . 
Japan Glh Fund . 
* Keyielei JPlun ... 
053472177 t eOL Axictsl'kp . . 


■0.03} 


3.71 


Kins Se Shaxson IHgn. 

I Charing Cross SI Heller. Jerses iQSHi 73741 
Valles- Hsc. Si peter Pert. « Inwy. (MBl 1 3470S 
I Thomas Street, rwoclas. 1 51 <(41241*85* 

[.■ill Fund < Jersey 1 . |£9 12 9 141 .. .. | 12 00 

UitlTrusl iloKi U032 105*i* 1 ““ 

lillL Fnd Uuern.se> (£9.51 953( 1 12.98 

latL Cert. Sera. Tat , 

First Sterling . IU806 14 2ft — 

First lull (5186 93 187 8l| | — 


Bank of America International SA. Klein wort Benson Limited 
:e Ron leva rd Kuyal. lalsemhvurg l!.D. 20, FenrhuTch Si , Ei/3 

Wldloveai I oronie |H’(U2*1 lDMJ ..[ 7 52 EunnieM. Ijii F. 

Pnregat A ugurt 34. Next sub dale August 30. Gucmsei lor. ... 

Do Sci-iin) 

Banque Bruxelles Lambert 

- Bue C*e la Regenre U WOO Rnissela 
Renta Fund LF IL9Z2 1.901 [ +3} 769 

Barclays Unicom Int. (Ch. lxl Ltd. 

.Charing Groat. 5t. Helier. Jr»>-. 053473741 

Overseas lnreme . (47 1 49 .... 1 12 01 

C □[dollar Trust IfCSUR l£3 1 3 70* 

Unibond Trust .jnisuiu ifi«) 


KB Far Easl Fd 
KB-lnll.Fund . . 
KB Japan Fuad. 
KBl-S (Iwih Fd_ 
Signel Bermuda , 
■LnlfondiCDM- 


1.127 

— t 

fi7.9 71 1 


ns 881 


St'SUW 


SL-S12.39 


SPS3859 

+0Z’ 

JIS1Z38 

lfcl 

JUSS29 


19 45 2051 


ion paying agents o 


IU423HWU 
311 
3*3 
393 
1 S3 
116 
0 65 
0 72 
170 
■29 


Lloyds Bk. fC.I.) ITT Mrts. 


■Subject lo Jee and withholding taxes 

Barclays Unicom Int. (I. O. Man) Ltd. 
Thomas SL. Douglas. I o,IL 

L nlrorn AusL Ext. . 

np. 4 list. Min. 

Do. Gnr. Partflc... . 

Dn. Inti. Income 


X00 pu Bov UK. Sl Helier. Jr rtey. 


0534 27M1 

LiujdaTU ii>il 162 6 65 9| . .} 0.6S 

Next dealing dale Sept. 16 


Do. I of Mao Tst _ ( 
Do. Manx Mutual ‘ 



Btshopcgate Commodity Ser. Ltd. 

Pp. Boa 42. Douglas. I o«. 0024 53011 £JlK ! 


Uoyds International Mfrmnt. S.A. 
150 e Ru(l jyjpne. pii hiit I TP. >211 Urneva 11 
IJnyds 1 01 1 Irani h ISV3530 356ft . ... 1 160 

Uoyds I nl. lnreme. IbFT969 3075ft 4 *30 

M & G Group 

Three Uua>*. T-orr Hill F+3R 6FhJ Ol-Gfi 4S4B 


ARMAr •Aug. 7 huaiu JL5U 

fANRHO-. Aug, 7. (£1.047 1311 

COUNT “AUg.7- .S2.432 25M . . 

Originally Issued at *SI0 and **tl HO. 


ildExAieAUfiJO 
Island . . 

1+3 i,\crum Units' 


ISI'S! 15 
WSJ 55 

usu s 

1387 
196 1 


287) -0011 — 

CW-lft - 
14TU -Oft 43 24 
208.7} —1.3} 93 24 


Bridge Management Ltd. 

P.Q. Box SOX Grand Cayman. Cayman Is. 

N'baahi July.lt _ „| Y 15.934 ( } — 

r. r.o. Box 50D. Hone Kong 
NipponPdj4UB-30-|ft i &t47 2UHr0.5k| 0.77 

Britannia TsL Mngmt. IC1) Ltd. 

30 Bath St. St Helier. Jersey'- 053473 U4 Murray, Jobastoue (ItlY. Adviserl 


Samuel (Montagu Ldn. Agls. 

II4.UIH RmadSi .l;.-2 .itl M88446 

Apollo Kd AUg 'J3 
Japlesl Aug IS 
II 1 Grp 4ug 3 
I IT Jer«ev Aug 23 
ilTJrrtyu's Auc. 2 



Sterling Pemulnsted rda. 

Growth Invest p74 

InlaLFd _SJ0 

Jersey Energy Tsl [140 4 
Unlrsl. 5TsL stg. ...K2J9 

High lnLSUg.Tst [9B 4 

t'JS. Dollar Pen etalnsied Fds. 

Unitsi I Tst- ISVSSSO 56M 1 

- “ JUSUfl 


| 3» -Hupei 

100 4 ] 100 -Uurrni 

1518 — ■ 7-50 

2 52 _.... 100 

3 02 ...... 11.80 


183. Hope Kt., Glasgow. iT. 

Kd I 51 ’N4Q SS 

Fund | SUS1ZU 

N.VV August 15. 


P41-22I M«t 


9.00 


InLHigb InL Tsl... [ 9* 4 
Value August 25. Next dealing September -L 


Negil S.A. 

Ida BiHileixrd Ruyat. Luxembourg 
NAY August 18 { SUbll 90 | I — 


Negil Ud. 

Brown Shipley Tst. Co. (Jerseyi Ltd. ®* nk ri Bermuda Rider., HsidiIihr. Brmda. 


P O. Bog 583. SL Helier. Jersev. 0539 
Sterling Bond FU... (£9.97 lO.BLft I IE 70 


74T77 NAVAug ll |UB8 — | 4 — 


Phoenix International 

H0 Box 77. JU Teter Puri, Guernsey. 
Inter-Dollar Fund -(52.45 2 65} .....) — 


Butterfield Management Ca Ltd. 

P.O. Box IK. Hamilton. Bermuda. 

Buttress Equity ..—ISUSZ.45 253} I 1.65 

Bunreu income — pusLW 2<t| 739 Quest Fund Mugmnt. (Jersc>) Ltd. 

P.O Box 194.*- Helier. Jersey. 1 6.14 27441 


Prices M August 7. Next sub. day ScpL IL 


Capital International S_A. 

87 roe Notre-Dame. Luxembourg. 
Capital InL FOWL...] SUS1934 | . 

CharterheBSe Japhet 

l. Paternoster Row. BC4. 


nest Stlc.Fxd.InLj 

ill. Sj 


U 

I lull. Sect . ... 1 »wa j J — 

Best Inti. Bd - _._J Jt.-Ml | . ..[ — 

nee at August 21 Next dealing August 30. 


Adutipa 


Adirerba.-_ - 

Fonda k 

Food Is 


[DM30.46 

mm lo 

DMH76 

racEu 


Di-ataa 


32.M -tuft 

5156 

3330 .. . 

2111 -0.10 

Emperor Fund BITSJ17 327 . . 

Hiapano — UU54129 GH +0 21 


BJcfamond Lire Ass. Ltd. 

-48. Athol Street. Douglas. LO.M. 


4 78 ixlTheSiherTrusL 107 7 
430 Richmond Bond 87. 179 0 
4.98 Do. Platinum Bd . 128 0 

5.09 Do.<ioldBd 1115 

— Do. Em. 97.U2 Bd .... 166.2 
261 


0024 23816 


110 3) +0.3 - 
188ft . ..1 10 71 
134ft .. 
U7ft+lft 
174.91 


nzr 


Clive Investments (Jersey) Ltd. 

P.O. Box 380. SL Helier. Jersey. 053437381. 

Clive GUi Fd. iC l.i . J9.77 9.81*4-002} 1EOO 

■i-|974 


Rothschild Asset Management (C.I.) 

PO Box 58. *L Julians CL Guernsey 0481 2833 L 


CliraGlltFd.fiJiy.l 


ComhlU Ins. (Guernsey) Ltd. 

PO. Box 157, SL Pcler Pore Guernsey 
Iuwl.Man.Fd. (169.0 IM.ft ( 


GL.EqFrJulv-11 . 

- O.L.Inc.Fd AuK. 1 - 
9.7tft-0.02j 1L0O U1. lnU.Fd1 

OC6mCoFdJl>3l_ 

OC Comioodil)" . 

OC. Dir Corndiy 1 - . 

Price* on Aug. 14 Neal dealing 4u 


1580 

1514 

n.«3 

154 0 

1427 

[52HB2 


6Lfil 
160 4 
152 
163 B 
1518 
29 80 


— *pnres on August 2L -Next dealing SepL 7. 


2.64 
730 
215 
308 
425 
0 67 
31 


Eqmiy Fd 


AMEV Prop. Fd - . 
AMEVMgcLPeo Fd 
AMEV MgdJ>*n.‘Bl97.4 
Fleriplan— 


JJ*-! 

1560 



1163 

114 a 


1058 

1114 


1200 

1265 


925 - 

975 


97* 

102.8 


967 

1019 


975 

1026 


960 

102.0 



Property Fd 

Fixed ImerestF— 

— Gtd. Deposit Fd 

— Mixed Fd. 


12L1 


[1873 

!083 

188.0 

(1136 



Gill Bond-**.. JlOfif 

Imematnl. Bond**. 1118 
Managed Bd.— — 1491 
Property Bd**. — 159B 
Ex. Yield Fd. Bd.* .. 872 
Recovery Fd. Bd*. (69.0 


— General Portfolio Life Ins. C. Ltd-V 

— Kn n.nk-1 JapOB Fd Bd * — [592 


OO BanholDBew CL. Waltham Cross. WX31971 

Portfolio Fund | 147.6 

Portfolio Capital —l*ZJ 44 

Gresham Life Ass. Soc. Ltd. 


4:-J = 


Arrow Life Assurance 

30. Uxbridge noad. W.li 
Sri.Hk.Fd.Cu 
SriJtk-FcLSU 
Pen. Mg ± Kd. 

Pen Mgd.Fd. 


2 Prince at Wales Rd.. B moulh. 0502 707055 Property Pens. I 

GL Cash Fond — [97 i 202.7] +021 — Equity 

01-7498111 CJ* Equity Fund .. 11*2 120 2 -EH 

G L Cut Fund 113 1 119jj-0ft 

C.L IniL Fuad 124 J 131 ft -3.5} 

GJU Ppiy. Fund 973 102 ft +0.ft 


112.4 

117.5 
15A.fi 

W.J . . 

9lft -0 8) 

72ft -0.ft 
53 S 
622 

Prices un "Aug. Sl **Aug 24. —Aug 25. 

Merchant Investors Assurance? 
Leoo H*e. 233 High Sl. Croydon. 

Property — __f 


Scottish Widows* Group 
Pt» Box 8(C. Edinburgh EHldSBU. OSI-855 8000 

InvJPIy-Senea I 11132 

Inv. Ply Senes 2 — U63 

Inv Cash AnggS 908 

ExUtArc Aug. 10 _ 146J 
ExUUncAng 18 ._ 143 1 
Hgd-Pen. Aug.23— P84.4 

Solar Life Assurance Limited 

10(12 Ely Place Loudon E.C.IN *TT. 01342X805 


1^71 

U32 


•ITT* 

1123 


961 

104.0 


1461 

1533 


M3 1 

149.2 


284.4 

2S4.fi 



E* z 


Barclays life Assnr. Co. Ltd. 
2S2 Romford Rd. E.7. 01- 

Barclaybooda* 


Equity Pros. 

Money Market 

Money MkL Pens. ... 

Deposit .1 

Deposit Pena 

Managed 

weir Bank. Bray-oo-Thame*. Berks. 083*34284 Managed Pens 


Growth & Sec. Life Ass. Soc. LULV 


Property 

Managed 

Mas^en&Areum. _(1S42 
Do. Inibri _t 
GUtKdgPeaxArr.- 

l»o. Initial 


Mm 

1382 

131.2 

-L2 

[ULO 

116.1 


1053 

1161 


1 * • L « ■ 

120.7 

-09 


104J 

+0.J 

184 2 

1067 


ion 

106.5 


. id 

1021 



99.4 

1069| 


JQl 

1030 



Money Pena. Are 

Do. Uufial .. . . 
•Carte D i unit trine August SL 

Beehive Life Assnr. Co. Ltd-V 
71 . Lombard gu ECTL 
Bit Horse Aug. 1—1 


m 


Flexible Finance-! OjONI 
Land bank Seen. — I 5*J1 

Lacdbank Sex. Acc.ni*2 219. 

G JcS. Super Fd.— j 17.910 

Gnsrdian Royal Exchange 

Royal Exchange. E.C3. 

Property Bonds [1S02 1F7 7J | — 

Hambro LUe Assurance Limited V 


1557 


1632 


62* 

1B0.S 


3425 

1844 


1297 


142.0 

.. 

109.4 


HU 

113.6 

109.4 

— 


Inti Equity 

1ml Managed i 

NEL Pena jo ns Ltd. 
Mlltoo loan. Dor lu ng. Surrey. 
NelexEq.Cap . — IB3 9 
01 -2*1 71(77 NelexEq Arcum. ..|1241 


Solar Managed S._. 1323 
Solar Properly S — U3.0 

Solar Equity S 1742 

01-6803171 Solar Rid. InL S 116.7 

Solar Club S__... IMS 

SolarlntLS 102.7 

Solar Managed P... 131.8 
Solar Property P — . U27 

SoJar Equity p 1737 

Solar Fid. I bl P. — U6.4 
Solar CaihP — lM.fi 


_ Solar 1MLP 


182.7 


139 3| -Oft — 

119.0 — 

1*34 -IS — 
1229 -04 — 
lflTi . ... — 

109.1 —2.4 — 

138.1 -1.0 — 

m.7 — 

182.5 -1.6 — 

12Z.fi -6.4 — 
186.9 .. . — 

1891 -2.4 — 


Fixed InL Dep. |12fi2 

Equity 1942 

Property 1*4.7 

Managed Cep 1503 

Managed Are I860 

Oi erica 131.7 

01-6231288 Gib Edged 12S 8 

13288 I I — American ,4re. 

1 - - 1 PenF.LDep.Cap — 

Canada life Assurance Co. 

2-6 High Sfi. Fatten Bar. Herta. PAar 51122 **e.£wscc . — 


Z 7 old Pm-k Lane, London. Rt 01 4 W 003 1 %>J m*3lfa (Spul 


EqtyCthFdAng 1-1 
RecmL Fed. Aug. 7 . 1 


>22 

233S 


1=1 = 


Cannon Assurance Ltd.V 
L Olympic W*. Wembley &A90NB 


Equity Unlta_. 
P r op erty Unha.... . 


Bal. BdJExacnjnii. 

Deposit Rond 

Equity Aocum, 

Property Accum. 

Mngri Arena , 

2xo Equity, 


II 


2nd Property 

2nd HanagetL-,... 

2nd Depoeit 

ZndGlU. i 

25dEȣfn*JAee. 

2nd DepJtomoAcc 

2nd ctit PeaaAre 
LfcES.I.F-Z_z!T. 

___ . 

Cortxni value August 54- 

Cnpital Life AssnranccV 
Coninton Houxe.ChspcJ Ash wxon 
Key Invest. Fg J 306J27 1 

Pacemakerfeej-'d. .1 106.06 I 


joaa* 

to0J4 

K13.47 
U2334 

p2J 
j!98 
12.91 

lAfiO , 
Z00L5 1I>M 

1057 111.9 

1MI 186.7 

97* Wi) 

90.9 96ft 

103 1 109 1 

1D9.9 llift 

1037 109ft 

w ® 

si 


3 = 


-d 


-oift 


-J-? 

-0.7 




Pen. Man. Cap. 

Pen. Man. Act 

Pten. Ctit Edg.Cap, 
Pen Gilt Edc. Are.. 

Pen. RS. Cap 

Pen. BA Are 

Pen.DA-F.Cap, _ 
Pen. D-VJ-' Act— 


(185.4 
1052 
150 fi 
2063 
267 0 
216.9 
280 7 
1238 
1311 
024 8 


1023 

2043 


1321 ....J 

2045 

173.4 ... 

158.3 .... 
1950 - 
1387 
1323 .... 
mt . 

U0 8 

151* 

2173 
2812 . . 
2284 ... 

2955 .... 

130.4 .. . 

134.8 _.... 
1514 .. . 

1582 .... 


Nelex Money Cap . 62 7 
Nelex Mon Are 672 
Nele* GtblncCap- 53.9 
Nelex Cthloc Arc- 553 

Ml 


5011 

933| 

130 6 -12) — 

65 9 
706 
567 
584 

586 
Sl* 


L 1 =1 = 


Nel fitxd. Fd. Are - |493 

Next Sub day September 28. 

NPI Pensions Management Ltd. 

4a>7rocechorL-hSUEC3P3HB 01^534700 

Managed Fund (156.1 1626! | — 

Prices August 7 Next deni Inc SepL L 

New Zealand Ins. Co. (U.K.} LULV _ 

Mail land House.Sc-uLhentiSSlSJS 070S629SB Per * D i- Pn.Fd- 

Kiwi Key Inv Plan.-’ 

Small Co-» F«L._ 


Sun Alliance Fund MangmL Ltd. 

Sun Alliance House. Horsham. 0408 Ml 41 

Exp.rd.lnt.Ang. 0-10562 1*21 

iHLBnAag. 2B £14 A3 

Sun Alliance Linked Life Ins. Lid. 

San Alii auc« House. Horsham 0405 64141 

Equity Fund [1312 13A2J -0 3 

FixedlntereMFd. . 106.7 112ft -0.4 

Property Fund ULO llfi-ft .. 

International Fit- 189.6 115.ft -0.6 

Deposit Food 97* 102ft . 

.Managed Fund — (113.4 119.ft -0 J 


Snn Lire «f Canada OJ.KJ Ltd. 

2. 3. 4. Coekspur St., SW1Y5HH 01-988 3400 

Maple l/.Crth 1 2134 

Maple U. Uangd ._ 1302 

Maple 17. Bart ' 137.0 

~ ' “ 1 2133 


! = 


T rrhDolsu Fd_ 

Extra (nc.r'd. 

America o Fd 

Far Easi Fd 

CiKEdcedFd. . . _ 
CotL Deposit Fd (97.4 


ISO* 

1553 


1045 

110 D 


1145 ..• 

1235 

“ll 

995 . 

.7844 


U49 

1209 


119.9 

1262 

1M ,„ 

1043 

1095 


J97.4 

1(8*1 



Hearts of Oak Benefit Society 


Norwich Union Insurance GronpV 
PO Box 4. Norwich NR13NC. 0603 22200 

15-17. Tavistock Place. WC1H 9SM 01^873020 Msnxgrt Fubd _...gl9 7 232»-Uf-— 

Hearts of Oak (36 6 38 7} |- aBJgJJSfc-.—SW* - 

Hill Samuel Hie Assnr. Ltd.0 ?i*ci?n?FundTZl"ji535 . ifirL^o 7 
NLAHer. Adducombe Rd. Croy 01^884355 Deprejt Fond^. - 

Phoenix Assurance Co. Ltd. 


Managed Units 

Msnor+d Sene a. 

Manaf ed Series C- 

Mooey Units 

Money Series.* 

Feted Int Ser. A — 

Pus. Managed Cap.. 

Pus Menaced Are.. 

PstCereCt; . 

Pns.lrieed.Are. — 

Pen*. CSqnityCap — 

Pens. Equity Are — , 

Pas.FxdIcr.Cap [95.7 

PnsFsd.lnLArc_i9fi.fi 

0002 3 8811 Pens. Prop. Cap [95 ■ 

1 Pens. Prop. Are 196* 

Imperial Life Ass. Co. of Canada 


1570 

1649 


1033 

1M5 


17*8 

184.fi 

-0 8 

U32 

101* 

-0.5 


1B5.( 

—0 4 


128 J 

+01 


3635 

-ai 


96fi 

-0.3 


358 C 


rTTf* 

159/ 


104 a 

111* 

T -,_ 

1124 

1184 


1024 

107J 


1035 

1061 


45 7 

1INU 


96.6 

15L7 


958 

1W9 


|46.fi 




~ 4.3. King wmiam $u EC4P4HR. ot+e»0BT8 TnuislaternaHonal Life Ins. Ca Ltd. 


Wealth Ass. 
EbY.-Ph. Aas. . 
Eb'r. PKEqX. 


=cr 


^ = 

L 

0I-S28BB 

33 = 

Co.V 

ni^BSos 

I+J = 


Target Life Assurance Co. Ltd. 
Targri House, Gatehouse Rd- Aylesbury. 
Bucks- Aylesbury 1 0 208) 9 041 

Han. Fluid Inc f 

Man. Fund Ace 

Prop Fd. Inc ... 

Prop. Fd. Acc. 

Prop. Fd. luv 

Fixed InL Fd. Inc 
Dep. Pd. Acc. Inc— 

Ref. Plan Ac. Pen. .... . 

ReLPlBnCtpiPeo — |6S* 
--ilbtinaiiMan.Are.-Q35 9 
RetiPJ»nMan.Cap.. 

ClItPCD. ACC. _ 

Gilt Pen. Cap (123.1 


|?9.4 

J04.fi 

I 



1229 

129.4 

I 

— _ 

109.7 

USA 

”!’j 

— 

140.0 


— 

1060 



— 

pm y 

106* 

„„ . 

0 — 

K.9 

aoo.ft 




- 06® 

+03 



712k 

+03 

— 

n'l* 

HM 

Mlil J 



128.9 



»TiTH 

136® 

-15 



129 ft 

-15) 

— 


— 2 Bream Bldgs- EC* INV. 


Tulip Invest Fd. 

Tulip Maned. Fd. _ 
Man. Bond Pd. 


R fi 
1 
5 


lfiO.Tf 

1274 

1320 

SS3 

100.9 

2093 


01-4056407 


kb 12291 -2 
815 

83 

Prop. Equity & Life Ass. Co.V hre, 

110 Crawford Slreri.WlH2AS. m-4B80BS7 Are IftSl 

3Si Uol = BtngdJnv. FiLacc— 

Property Growth Assnr. Co. LttLV Trident Life Assurance Ca Ltd.V 

Leon Houm. Croydon, CBS 1LU 01*000808 Rnnxlade House. Gloucester M 52 30641 


Charterbosse Magna Gp.V 

aepfiCMmjhe. Brunet CaStre, Blrirhley. 
Milton keno 00 J 641 272 

Chrthxe Energy M.S 413| j 

Cbrthse. Money. ... 29 * 

Chrthso. Managed- *0 0 

rTuth.vo.gq3y 57.0 39 ft 

Magna Rid. Soc. 1336 

Magna Managed - 350* 


t-uperial Rouie. Guild lord. 
tin. Fd. Auc 23 _-J760 
Penx.Fd.Aug 26 — (Tl.9 


Property Fond , 

Property Fundi A). 
.Agn cultural Fund. 
Agric. Fund (At 


tS-' 


Unit Lrokfjd Portfolio 


Silrd = 


71255 Abbey Not. Fund-., 


Managed Fund 

Fixed InLFd _ 

Secure t>p.Fd.>. [96S IDLft 

Equity Fund 1 1067 106.ft 

Irish Life Assurance Ca Ltd. 

1 1 . Finsbury Square. EC2. 

Blue Cbp. Aus-25— 


City of Westminster Assnr. Co. UdL 

WsfR f ri H— ae. 8 Whitehorse Read. E iemlrf . Man. Fd.. 

Ooydoa CRO 21 A. OI484S064. rtsp.Mml.AU61 - 

6 63.7} — 


44* ,_.J • Lnehawi-A- Flan.. (65 1 606) .. .1 — Bdeg Soe Pew ft 

33- J — WVrop Bond 11438 1£L3| } — Bldfr Sor. Cap Id . 

62 S -021 — wisp jsPi Man Fd |76 7 ooM — I — Provincial Life 


West prop. PtemL... 

Managed Fund .... . 

Equity Fund _ 

PanslandPteRd- .[73.7 
Money Fund [lZ2 1 

Gill Fund M2 6 

mn_4 Bog .. Hm 7 
Pens Mngd Chp...|l30n 
Pens. Mnsd. Are.... [1233 
Pens. Vloney Can ,W1 
Pros Money Acc. _ Ml 
Pens. Equity Can. — W Z 
Pent Equity Are. ..JfilS 64.7} -0 2, 

Fund cjurontiy closed to new invesimrnt. 

Ptirftu mUnltg j 211* ■ I 1 _ 

Surrey KROOEU. 

CashhulUxL |96 8 

Hot Accum *90 Z 

Equity Initial 0107 

Da Accum. - _fl332 

Fixnilltllml (117* 

DoAmuc It203 

InlL Initial [106.9 

. So. Arcum 1107 7 

01-283 7500 Managed Initial 123.5 

VrAjj.\cUlAuw23_. I 6163 | ._.| — ■ Do. .VccBm [1263 

Do Annuity liSl_ 19.06 . 1 _ 



180.8 

151 

2373 

249 S 

1067 

114* 

1889 


1967 

209.ll 


.Abbey Nat. Fd. (Ai . 
loTestment Fund. _ 
Investment Pd. 1A1 

Equity Fond 

Equity Fund 1 Al .. 

Money Find.. 

Money FtusdiAi 

Actuarial Fund .. 
Gill-edged Fund, 
01-0288253 Gift-Edged Fd. IA>- 

5 00 * Re U re Annuity 

i 6lBMi Annly 


ffl^ = 


All Wlher Ac Ult 

VA1I Weather Cap.. 

King & SJnxson Ltd. pi^wFKE;m “ 

a2.ConthiIl.EC3. 01-405433 Coar.Ptens.Fd. ... 

Bond Fd. Exempt . pK O IW 46J-J 13 _ Cnr Pnx^Cap ru 


Man Pena 


Next dealing dale SepL & 

Langbam life Assurance Ca Ltd. prott prin 

raagham Its. Hotrabrook Dr. NW4. Dl-aoasStl Prop Pens Cap uts[ 


Man. Pens Cap. 11) 


1*49 

1*32 

7692 

7623 

1354 

15S2 

70S 

705 

1«53 

1823 

1417 

K0.9 

1159 

123* 

123* 

1*5.7 

1473 


-m 


~ Legal Se General (Unit Assur.) Ltd. 


City of Westminster Asanr. Soc. Ltd. 
Telepbono 014S84 8«« 

First Units- jUS3 .-..4 — 

Commercial Union Group 
Helen's, 1, GodersbaXL ET3. 


Kingswaorf Heine. 
Surrey KT20 8EU . 


KiBgmwd. Tadworth. Prov. Msnaged Fd 


Prop. Growth Penslona * Ana allies Lid. 

13L4 
1490 
1337 
144 7 
1362 
1482 
1341 
132.4 
1212 

Provincial Life Assurance Co. Ltd. 

322. Bisbopsgale. E C2. 


Managed 

GldMgd 1 

Property 

Eqaity/Amerlcan . . 
I'+C Equity Fund — 
High Yield. 

Gift Edged 


,128.6 

}14SS 

JJ513 

Gi'. 

1424 


Money ... 

International 

Fiscal — 

Growth Cap 

Growth Ace 

Pens. Mngd. Cap. ... 
Pern. Mngd. Are.—. 
Pens Gld.Dep.Osp.. 
Pens Gid . Dep Acc . . 
Pens. Ppty C«L 

Pens. PIT. Are 

Trdt Rond 


Z "IkdLGJ. Bond . J992 — 


+Cash value 


1229 


1240 

108.9 

1300 

127* 

1322 

139.7 

(1254 

1024 

108.4 

115.4 
1209 
37.2 


13621 +0.71 

157.6 -02 
1*02 +L0l 

94 7 -lft 
1222 +0. , 

150 I +0.1 
1302 -Oft 

138.6 +0.1 
1133 -0.7 

137.7 +0ft 
135.1 -fljj 
340.0 +0ft 

126.7 +4.5) 
132* +5.1, 
209.fi +0*1 
1142 +1^) 

1222 +0.P 

ft!*” 1 


(or £100 premium. 


Tyndall Assnrance/PensimisV 

18 Canynge Road. Bristol . 0CT23294I 

3-Way August M 


:iz 


P ro p erty f alia I — US 1 

DsL.xreum (1524 

legal * General il'Ait 

,, _ Exempt Cash In J. . W7.5 

50, Chancery L kjc.WC 2.AIHE. 01-2420282 Do Aicim (996 


Confederation Life Insurance Ca 


VBqttltyHte 

4 Managed Fond . 
VPlPFond-.^-. _. 

Pinal. Pen Mnyd. , 
Jilaflcri. Wiurd Pti._ 
Groan Kngd. Pen. J 
Fisrd InL Pica—. . 
Equity Pension . 
Property Fenslea... 


16S1 7736} 

mM 

isi' 

^ UT.fi* 13 
sno 

2308 
340 0 


Eienpl luqt>. In«t. (137* 

Do. Accum — ... *1345 

Exempt Fixed !mLll42 

Do.ArcBin 1168 

Exempt Mngd I mi. 127 9 

Do. Accum . 1308 

Exempt Prop. ImL. 975 
Da. tain 996 



b Heath 15456 Prov c^hn... _ 

Gill Fund 2a 

Propert y Fund 

Equity Fund 


(121 5 
105 2 


Equity August 24 

Bond August 34 
Property Ann S4._ 
Deposit Ang 24.. . 
3-Way Pten July 20, 
rrseu lrrr. Aug 24 
(it -247 8533 MB-PilS-W AOC 1 ... 

Do. Equity Auc I-. 
Do. Bond Aug. 1 — 


127 9 
U0B 

1259 -05 
1014 I 

, . 1152 - D 2) — 

KuL Int Fund . . (96 J 101 4| 

Prudeatial Pensions Uaitedft 

Hoi boro Bara. EON2NH 
Equtt. Fd. Aoc. It. 112716 28021 

F\d InLAuK IS 619 40 14 661 

Prop. Fd. Aug 18 .[£2636 2738} 

Reliance Mutual 
Tunbridge Wells. keffL 
Re! Prop Rrtv . .. ,| 190 9 ( | - 

Rothschild Asset Management 

Sl Snntfclns l+ior, I^ndoo, EC4. t 1 ! OB 4358 Equity 

NCProp 1117* 32S0I ..} — 

Sell Sub. da* September 23. 

Royal Insurance Group 

Newllall Flare Uterpoot. 0M 257445= 

Royal Shield Fd. .{144 4 Z52SI -OH _ 


127 7 


. _ 

1782 




167.7 


__ 

1058 


__ 

1287 


_ 

1485 


__ 

84.4 


, __ 

1742 



27 IB 



ueo 


— _ 

- *7.8 

— 

— 


Vanbragb Life Assurance 
41-43 Maddox SH, Ldn. WIRBLA. 
Managed Fd. 115X8 159. 

ot+mms gaJSSrf— ;SI? 

Fixed lutorxi Kd 1*00 

BSWSRriri Ki! 



!7I 


Vanbrugh Pensions Limited 
41-41 MlddexSL. Ldn WtRSLfi 01-493 4B23 
Managed [lOOS 1BJ « -0J| — 

- . !14 r - -| 

102.1 
203.1 


Flvad Jotarost — . — 
Property 


Delta Group 

P.O- Box 3012. Naxaan. Bahamas. 

Delta law. Aug.34_|SUS224 23ft ._..J — 

Dentscber Investment-Trust 

Portfach 3885 Biebergasac 10 B00O Frankfurt. 

Con centra |Diffii50 2llft | — 

InL Reuten/onds — |Ofiitt50 70ift | — 

Dreyfus locercontinentai Inv. Fd. 

P.O. Box N37I2. Nassau. Bahamas. 

NaV August 17 ISUSIUI lfiJft ...... | — 

Etason Se Dudley Tst.MgLJrsy.Ltd. 


Koval Trust (Cl) Fd. Mgt Ltd. 

P.O. Tku. ]M. RojulTix. Hie . Jersey. OSM *7441 

RT lul l. Fd .. . |SL«97t 18411 J 3 DO 

KT.Iot-l.iJs>' 1 Fd. |93.99 -il ] 371 

Prices at Aug. 28. Next dealing September 5. 

Save & Prosper International 

Dealing in- 

37 Broad Sl.. St llelier. Jersey 


0534-20501 


t'A Del Ur-de Dominated Foods 

Dir F*d Int ”}_... 

Inlcmai. Ur.*J 

Far Eastern *t 

North America (ft Moa 
Sepro-J |lS37 


P.O. Box 73. Sl Holier. Jersey. U53420S01 Arrllag+leocsninaied Fund* 

nel Capital*.. .1249 fi 



EJ>1C.T. 


-1131.0 


Eurobond Holdings N.V. 

Handelskade 24. milemxtad. Curacao 
tende te Agents: Intel. 15 Christopher St- EC2. 
TtL 01-847 7843. TWn: 8S14408. 

NAV per share August 35 SUSaoJW. 


139*1 ) XBO Chaw 

Channel lblandsd...(15) 9 

Conutioct ■”J 

(fit Depo.ii 

Si. Fixed —t _____ __ 

■Prices on August 30. —August 
8*. 

1 1nitial offer. (Weekly Dealings. 


262.1 

, — , h ? - 1 

1271 133. 

108.0 
114.3 120. 



•■’August 


F. 4 C Mgmt. Ltd. Inv. Advisers 
I -a. Laurenra raunmey Hill. EC4ROBA. 

Dl-823 4880 

CenLFd.Aug.23_.} 5 US* 29 | ...._| ~ 

FideUty MgsM. Me Res. (Bda.) Ltd. 

P.O. Box 670. Hamilton. Bermuda. 

Fidelity Am. AB — | SUS30.17 

Fidelity InL Fund I SUSS-79 
FidelttrPap. Fd. .- SUS55J4 
Fidelity WrldFd— | SUS17.05 (-007 

Fidelity MgmL Research ( Jersey) Ltd. 

Waterloo Hao. Don St, St. Holier, Jersey. 

0534 275*1 

Series A dotal. >. [ - £4*1 

Series B (Pacific!-. £9 80 
Series D (aulas* 4 £20.73 

First Viking Commodity Trusts 

8. SL George's Sl. Douglas, l.o M 

0824 4882. Ldn. Sett. Dunbar * CO- Uli . 

S3. Pall Malt. LnndoaSWlTSJR. 019007KTT 

& 


= 

-0H7| — 


El r 


Scblesinger Internaiionri Mngt. Ltd. 

41. La Uoue Sl. SL Helier, Jersey 0S34735ML 

&aJ I ” 

SA.OL-. 

Gill Fd... 

Inti. Fd Jersey. - 
In ml Kd. Limbrc _ 

■Far East Fluid ... 

■Next sub. day August 30. 

Schroder Life Group 
Enterprise House. Porumoulh. 
lolrnulional Funds 



£Squil> .... 

1 Equity _ 

£ Fixed IniereM... . . 

SHxed Interest . 

LMonagrd 
SMaoaged 


+18 9 
1*2.4 
1397 
1063 
UU 

1242 


1264 -?5 
1514 -02 
1486 + 04 
113.0 +0 1 
140 0 -1] 
1320 +0.1 


F*L Vlk.Cm.Tw_ _ B3J 
FxLVkJ>bl.Op.Tat..|7UI 


J. Henry Schroder Wagg Me Co. Ltd. 

120. Cheapside. E.C2. 0I-5B84000 

233 


Fleming Japan Fund SJV. 

37. rue Notre- Dame. Luxembourg 
Fleming August 33.| 5US5S31 | ] 

Free World Fund Ltd. 

BoReriield Bldg. Hamilton. Bermuda. 
NAV July 31 1 JUS! 90.79 ] _... ( 


CheoSAue =0 IUM746 
Trafalgar July 31 . SL:.9153 01 

AyiaaFd Aug21. - RSM9 ZJS7 
Darling Fnd — _ IA147 3 09 

Japan Fd. Aug. =4 - JLW.J9 U 


238 

4.90 

0.47 


Sentry Assurance International (Ltd. 

PO. Box .130. Hamilton 5. Bermuda 
Managed Fund [ft'suu 2B8| | — 

Singer & Friedlander Ldn. Agents 

20. Cannon Sl. EC4. OI 2400MS 

tFloIXX iu? TL^WeioS 1 ' U>f ' dOB Ha ■KSoSl Aiifri 1 ( W »US9» 1.57 


G.T. Management Ltd. 


riklo 

108 


E980 

9J& 


UIS58Z 

533 


299 

311 


SUS5L98 


315 00 

329*1 


traaaa 

1112 


06 49 

17.71 


YU. S 03 58 

+007 

5U.S7.73 


SU 506.44 

+ 0 «gj 


l.qt Stronghold Management Limited 
12*8 pr. Box 315, Sl llelirr. Jersey. 0534-71480 
Ctemmodily Trust _|90. 13 9487] | — 

0.77 

0 9\ Snrinsest (Jerseyi Ltd. (s» 

1 11 H * r r,on - W St- Heller. Js>- 0534 S734B 

c « American IndTiL. 

0 65 y'^Pp er.Tru gi 
0 97 Jap. Index Tsl 


«n. nu neitcr.jQ- unaasm 
I Tit — | £8 01 8 18} xO 191 — 

-iJijj sitei z 


Aacbdr'B Units 

Anchor Gilt Edge . . 

Anchor InL Fd 

Anchor In-Jsy. Tst 

Berry Par Fd 

Berry PfiCSttl* 

G.T Asia Fd 

G.T. Asia Starling.. 

G.T. Bond Fund 

GT. Dollar Fd 

G.TJPoclQcFd 

Gartmore Invest. Ltd. Ldn. Agts. TSB Unit Trust Managers (C.I.) Ltd. 
2, SL Mary Axe. London. EC3. 01 283 35.11 Bagatelle Rd .St. hai lour, Jersey 0534 73404 
Gartmore Fond Max'- IFXr Gaol) Ltd. Jersey Fund ... . ISO 7 53.4o( . . I 4.49 

IS03 Hutchison Hsc. 10 Harreutl Rd. H.Rons Guernsey Fund ... B0 7 53 Gift . | 4 49 

HKfiric. U.TB...BKJM fiZEft I 2.00 Pnees on Aucusi 3u. Next sub doj- September 

Japan Fd. KISU57B UMfid , . 1 0 bO 6. 

-V American T*S Bl5ms 13ri»J-*(W} 150 

toLBom.FU-d^Km.B^ 3* 570 ^ ^ 

P O. Box 32. Dou t i» s, l oH. 082423811 Inlinu* Hanicemeni la .% v., , Curacao. 


Gartmore loti. liK-.lh 4 
Gartmore loU. GnhttS 7 




+0 1| u 


00 

2.60 


NAV per share August 28 3US70.45. 


Tokyo Pacific Hldgs. (Seaboard) N.V. 

Intinux Management to. \ v„ Curacao. 

NAV per shore August 28 jussi.ta 


Hambro Pacific Fund MgmL Ltd. 

21 10. Connaught Centre. Hong Kong 

For East Aug. 31 IHK1S7Z lfiJft-0221 

Japan Fond |9US9f7 MfiJ ...TT| — 

Haahns Bank (Gnmucyv LUL/ 

Hambros Fd- Mgrs. (C.L) Ltd. 

P.O. Box 88. Guernsey 048128521 L a 

C.l. Fund ' H563 1663} J 3 70 ^ 


Tyndall Group 

P.a Box 1254 Hamilton 5. Bermuda. 7 37*0 

Overseas Aug 23,..(Jl'S13» 


3 

Intnl. Bond si -sDea 13 
InL Equity SVS0233 
InL. Brits. 'A* JUfip 05 

InL. Begs -B' SUSL24 L28j .. . ( ISO 
Prices on August 30. Next dealing September 


J30 2 New Sl, !h. Heller, Jersey 


M.V- 


iso TDFSLAng 24. 

8*0 'Arcum. Sharesi . .. 
American auk 24 
iAccumsbarea> 
Jersey Fd. Aur 23 
iNsnJ Acc I't* i 
Gilt Fund Aug 23. 
'Accum Shares i 


(£810 
£13 00 
930 
93.0 
219 4 
3104 
185 8 
140 6 


B 731 
1193 
100 ft 
100 ft 
232.fi 
329 ft 
IDS* 
i«sft 


Henderson Baring Fond Mgrs. Ltd. 

•QO. Gammon House. Hong Kong. 

Japan Fd Auc. a, BYSZ1JI OH ... [ — 

Bannr Hend. Bond Fd. Aug 24. Sl’ftlDJSS. 

■Exciualiw of any prelim. Chant ca. 

Hill-Samner& Co. iGuernseyi Ltd, 

LeFehvre St . Peter Port Guernsey, l^l 
Guernsey T*l 11639 . 175 4J 1 3+1 

H1U Samuel Overseas Fund SJt. 

37. Rue Notre-Damc. Luaembourc 

|WS»» OJH ™.-| 

International Pacific Inv. Must. Ltd. « c . 

PO Box FC37. 50, Pill St. Sydney. A^ ^ | ^ f^P 0 ' UtL 

Jm-etinEqum-TO-.IJAi 23 i>H I - 

J-E-T- Managers (Jersey) Lid. aam JuifaV 

PO Box Itt. Royal T« Hte . JerseyDSM 27+41 HerrJEhdFd Auc30 

Jersey EkUtil. T-a. J 1 B 6 0 197.0} I _ 

31. Next — J - *- 


0534 37331(3 


14-U 


Victory House. Dooxlas. Isle af Han. K24 24 1 1 U 
Managed Aug. 1 T_ J 13 J 4 i +2 6 | 

Utd. lnlnL Mngmnt. (C.l. I Ltd. 

14. Mulcarter Street. SL Helier. Jersev. 

V.UB. Fund _|H.'SUU 7 UtJfl J 7.92 

L'nited States Tst. 1ml. Adv. Co. 

14. Roe Aldnngrr. Luxembourg 
L -KTsl Im Fnd . | $11 3] 1-006} 0.88 

Net assets August 20* 


01-W0 435# 


SU.S 9 67of (-0161 _ 

SVSTJ? '" 0n ^ *“ 
i(l AUJB 


](S3+O«H0 2*56 


As at July 31, Next sub. day August 31. 

Jardine Fleming ft Co. Ltd. 

46th Floor. Connaught Centre. Hoop Kong 


Guarantied sec 'In*. Baae Bales' ubte. 


Conzhfll insurance Co. Ltd, 

32. Corn bit 1. E.C3. 01-ffiSMK) 




Cap Feb- Aug 15 11365 — -.„ ( — 

GSSpev.Anc.l5_.b70 - _ ._ _ 

Mnifth>M Aus20_&U.e 191ft J — 


Credit ft Commerce Insurance- 
ISO. Regent St, London W1R 5FE 01-43B7B81 
C&CHngd. Fd U22* . UiflJ 1' — 


. L*GPrpFdAug.4.H*7 10171 I — 

»* <*4y. Svpt. x. 


Next nl 


“ Life Assnr. Ca of Pennsylvania 


Hal. Im- Fd. 

Property F«L- 

Gill Fd. _ . ^_._ 

llepoitt FdT 


3042 New Bond SL.W170RQ. 0HW8396 E2SR5£SFdi': 

L.4COP Lmts — - (990 3040} .... I _ . SS553vi?l - 

Lloyds Bfc. Unit Tst. Mngrs. LUL <-‘lt>tens. 

7L Lombard SL.EC3. . 01-Cai3» 

■Hxempl ^.4MZ.2 107 J? 1 7*2 


Fd. 

Yu.jwv. awii VJ 1 . 

•JVii-ei. 


(133* 

mi 

2U.9 
195 0 
2309 
«l 
icon 


141 6] —0 5| 

use, 

133.5) -81 

m3 


223 x 
205ft 
243 7 
99 ft 
105 V 


-iO 

-14 


-H2\ 


.in Aumiat li. 


Welfare Insurance Co. Ltd-V 
Wmlxdr Park, Exeter 038Z-5219 

Uonerm+terFd | 1309 I .. .. | _ 

For other I onds. please refer to The London* 
UiHhtain UiMip. 


tW 6 fei|y rifthlmjc 


Windsor Life Assur. Co. Ltd. 

Royal Albert Hxe-SbretSL. Windsor 

.IJfelnv Plans — (692 

FtnureAMdGihiai 1 21.00 

Future Assd.Ot ht b(. 

Ret: Aisd Pteni _ 

Flex. lav. Growth 



Jardine Eat n. T«t.,. 
JirdineJ'pn Fd.*.. 

i*ril*S.E,v 

Jardine Plem.lBL. . 
TnlLPac See* Unr \ 

Do.tAceum.1 

NAV Aue IB 


HK3312 95 
HKS400 7S 
SUS19B2 
I1K3U40 
HKS14 56 
HK147D 

.. — 'Equivalent f, 
next sub. Aupust 31. 


2» 

100 


WarburR Invest. MhrI. Jrsy. Ltd. 

l.'-haniij'i.YoMi.SLHelier.Jsi ti 0S34 73741 
Lid. July-:. ~ 13 1R 

CMTUd Juli 37 .. fol 2 D 13 45 I 
Metals T»C. Auc 17 . £1222 1252j; 

TOTau*u*« 11 . .. .. sisiLR U38 


170 TAITLld Auc i:"__[C13.40 

™ World Wide Growth Manaenwnt* 

SB4.0L 10a. Broilriard Ruya!. IjKemhoure 

Worldwide Ulh Fdl SL’*J669 (-0WJ _ 


NOTES 


SdiSS ■ 

Include all expenses. ffrSimUi" SmS? 1 " 1 yifiri T ^t ** bojits e*pea**» a LHfered prtcei 
opening price, b DlHtnhniion I ‘ r ’ rr d r+'nnatcd q Tn-day * 

KB™- triroranre « 1 «™i pritr lactiMte? aTl 

r OHtered pm-e indudes nil expenses ii wj, vxrepi .ireniv. o>muussion. 

* NB of Ux os realised ea r ,i.| ttinTunli5lSd,.m2d ro 6^"??."- 1 «*« » Pnre! 

. ♦ View 6PUWl * 





MWnchestePBOsSKe^t .. . 

Management Course 


)$* ^£v.pr6bably the 
Ifinest short course 
Ifnthe world" 


g ^t muei al Times Thursday*' August 31 1373 
FOOD. GROCER IKS— Coni. 


FT SHARE INFORMATION SERVICE 


lO | 

|ij;h li«* : 


I «■ f.1 * JlMf 
- , V; it.ViUrMf 

,-u ■iw^j s* sr-s as- 


thi xihawciaj ram- 


BONDS & RAILS— Cont 


but we’re working on it 


Aon 1 -* no* fat ’Ft Ctlabrr'TB Count rg- Sylwo Piieitlf II 
*>BS Be wMi Mb' XtamlrrricrMIJftPB frl 0*1-2^30778 


IK* 

Rith lo» 


+ arlDir. *7 M. 
— I G»*< VIHd 


BRITISH FUNDS 


IK* 

Hi’b low- 


U orf TMd 
I - | IM. | IM. 


“Shorts'* (Lives up to Five Tears) 

1051: lOUTn-.*^:'.^ ^- 101 %d II .32 
°7 °4<« Tr>:.i« ir> 3p-7H2 _ - 45&d -* 3.24 

a 5% Elu.tr 95%id 443 

lOi" $»': Twuo-nn Itf.-jvTSKS.. 100% _ > 1042 
<%., 94% Elertrv.V,pcT6.7P._ 95% -% 3 67 

10?i i 96, X Tr*a.- iuj P ju* iWKl 99%«d -.1 9 09 

J02-.; 471- Tm-urytfjr M».__ $9 -,£ 9.60 

»5l'r *?•! Tp.a-tir.rf-pc 77 JW - 93% -4 3 73 

03 ‘ 4 Kunrtiv.^-TSJinfi.. 94 5.59 

310% 1C3A urimwr LTpc lSftftj 103% -% 1255 
1064 99ft Tn-..,'in Il*,pr 1981*. 100ft - 4 1142 

7!'- SP% Tr.-^s-.ir> 3=-j>r I9T9-F.L 897 a -h 389 

2 Ml 4 954 Trwjo-9-'4pcl9fll3„ 96\1«J 10.06 

91« ftchfltatlM! 93% -*j 8 . SI 

3(1(5% 94% Em*. EC jpc 198 1 95% -% 9.92 

a: 1 ’ ?5% Etch. 3pc 1981 86 ,', 3.49 

97’. 95'' Prefc Variable ‘ 8 IH— 95% 9.75 

211 102% F.ich. 12 : «pr 19H1 ^l— ■ 103% -ft 12,33 

99' : 91% rratartlMBtt 93% -X 9.13 

85 2 52% Trcjrur. ::pc'82tt 84% -% 354 

215* a J 0 *ij Treasury Up? T££t 1H7.M ~ l i 13.03 

9tf- «% Jtaf '.ariableH^J- W, 9 85 

96% 69% rre.«*ur78%TV82 90tt-% 9.07 

lOOy 41% SaclLftipc !9fC 92ft of -% 10.01 

9b 1 -; S» a EsnAWipeOT--^. TO%-% 9.67 

SS% 7°% t .uhlJpu 33... - 81% -t; 3.67 

114% 3 001; Treajurv 12ac 1 983*? .. lOJljrt -% 1182 
100': 39% Tnaoq 9%pc B3_ . 91ft -% 1024 

Five to Fifteen Years 

. °5.L I 9? |E\,h !0pc 1983* L 94%!-% 110.73 I 
S'*- S0% iKuftlinv^.pu'EStK 83 1 ->« 6.68 I 


; 55 a: llimc.'J4.V* 50 

* 77 65 ki i4na6>]pi.' Wflft 66 lH n. 

i 38 82% irrl.imi T^-n. HI-83 -. 83% ..— . 7% 

?1 79 [>.9'.p .tfT9G__ 79%id 9% 

425 2b5 laiwi4r»-'|ftAs*_. 385 

: 87 68% DmjprfHflB 72 

|160 140 [’em V'iSpr .. . 340 

75p ?5li 4fiI.(Bjpr;igft| 75p 

1599 394% Turing 1»L__ S94% 

, |!'M91 UM8l Turin fl ip: I9W„ D.\l9l 

* J 97 94 f'niTJJij 3 ',tc 97 

; U.S. S & DM prices exclude nv. S premium 

1 AMERICANS 

5“' ins 1 | 1 + «{ Pir. { hid 

'IJ. Low | Slock £ I — I tirass ]CVT| 


High Lo* 


BANKS & HP— Continued 

! i+oH Dh J [ru 

j Price j — I Nrt ( Cit I <Ir's 


CHEMICALS, PLASTICS— Cont 1 


ENGINEERING— Continued 

• 1 I^MSkK 


; j5? 

! S ■ 


; v A : ". « 

J3B l-l ill* >2 ; 6.^ 

! 1-2 x * i-’-IT? 

1 *.< I ■ J- • 4 J i Tj( a 

1 A6'*l „ il 1 ?41 «.5J |t 

I 153 >1 M »• 1 *! 83 * 

I 1:4 

I 76 : . Wj ittilo} 74 
i ^ 1-1 :M» j 31? 4.3 9.5 

1 hft , :>4* a« 73 75 

S* "1 i»E?3{ 32| 4^100 
‘■v 1 i I 2 ^ 7^ 74 

CATERERS 


9T2'211i 13*2 AS\ 

7 54 ; 60% 60% AMF.i'iCiM’ ‘87 

971,32% 22 AmavSl 

1011 50% 21% Ann-nciinEcwp<5. 
7 25 24% II Imer. ihaiir Inf 


94 5.59 8 93 ; 15% 969p .%awo!nr._ 

103*3 -h 1255 1106 29% 18% Bakirlmr.l iV.rp Si. 

100ft -h 1142 11 11 19% m Biimeslirp W, _ 

897„ - 1 , 389 811-3313 22 Bend^Corp 55 _. 

96\txd 10.06 1118.231* 13 Eeth.Si«iS8 . _ 


4&t -I* 8.81 10.95- 12% 625p Brown 1 " for ui^ 

95%-% 9.92 1123 14 857 p Bnmsa-icki'orpnIL 

86.% — ■ i 3.49 839 1 65% 4T% BuitourHs C« p. 55 

95% 9.75 9.95 51 30% >:BSS!aQ ^ 

103% 12.33 11.41 42% 28% rj*£S% 

93J C -X 933 1097-49% 32?« Cderpinari 

84% -% 354 814 28% 17?a Chase IF hruillS- 


-Ii 

84% -% 354 814 2&L 

107,'iid -% 13.03 11.41 22 

Wj 9 85 1L05' 11 

90\i -% 9.07 11.20:221 
92. id -% 10.01 1165! 14 
«%-% 9.67 11571 25 
81%-% 3.67 7 92] UH 


11.41- 22 13% Hiesehrou’hS]^. 

1105 - U 765p ChnsI*rM% 

11.20 1 22lg 13% CiiiuoroK 

11 65 r 14 733p Cin [n\.5L3r! 

1157 1 25 14% Do, Cm. Prf. B5I .. 

7 92 1 18% 12% CnljaLe-P.Sl 


68% 6G 1 . [Tran, •■purt 3pc 7858 .. 
7?' 3 t-l 1 * fTn.M.-tin “SU® 


115% 101% 


cariirj l.'.pc 19914? - 

ti-urj-. ^3790*1 .. 


'- r ‘6-; 64% Tr.?a*i(n-l0pclJtt: 85% - 

113 I ?7% IEjcIi I'JjpcVl | 98% [- 

Over Fifteen Years 

na% °t>% ■nei iuj iai.pcTotr-. 101 - 

72 "j b 0‘ 4 h'unriinuOiK 1993ii ... 61-ad — 

.l^j'4 1041? TreaNUU- n%pc 1993X 110 > 4 - 

■128'c 110 “j Trex-nr- lll%d - 

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s?- ; 7 p- 4 r^>ur>Sc «tt — 8i% - 

l%i 93 Tr..-xuf> lltoc 95 97%- 

51 '3 45% «..i-.;pu ftJffii 46% - 

82% t.:rh. i0%pc!895 86 % - 

314% 93V rrea<ur5'l2 : 4pcH5S.. 104% - 

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317 '-: 101% Ei.-lK?jU'.-rU%iw'96S} 107% - 

50 42% Rni(mp!icni3pc JSK-96- 43%d - 

3 100% Treajjin li^pc 9Tt?_ 105% - 

98% 85 Erehcquur i(M?pr 1997. 86% - 

-38% 74% Tru„,un 8 ^ l997» . 74%d - 

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13 Vs 117% Tte.* ISi.pc ‘98?* 117i«d -* 

«».% oji. F.-.r-h. ripe 1909 98J 4 -% 

90% 77!-. Trejiur;. !T?pc 1999t?._ 80%-% 

Wj S3% Tru.-L.UQ' Id-p.- 1939... 88 %-% 

55* c ?4-'c F.uh.l2«'9SMeL55M*_ 541? -% 

42 V 34% [Fun-linetU^pi- WJ>i.... 36%-% 

70% -% 
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913. -% 10 14 1L65 i 26 15% Cunt IllinbisSlO— 

m Voarc :Z5% 17 ConL*JilC- 

en rir 31 ? ,„■» -,-,«l 2V * 20% CnwnZdl S) 
94**-% 1073 11 75 47 % 20% Cutler- Hammer 55. 
83 -% 6.68 9.801321* 22 Eaton i.7p SOSO — 

88 % -% 9.72 10.92:261, 17% Esmart 

80% -U 8 34 1042! « 28% Ewun'l 

81% -% 9.60 1109j 12% 670p Rr-iione Tire 1 U. 

63% -1% 4 72 854 j 19 % 11 % First Chicago 

67 s -% 7.58 1017: 32 % 20% nuorCorp.Ps 

105%-% 12.49 1230 '41% 26% Ford Motor K 

81% -% 1036 JJ 43 . 25% 16% GATX 

97%-% 1228 12.42 : 44% 40% 'Ten. ElecUd; 

67% -J« 8.84 10.92! 24% 15% Gillette SI 

102% -% 12.60 12.54 i56T» 2B Hon^-»cli515)— 

85% -% U.70 12^2!17i 4 750p Hutton EF. 

98% -% 12.48 1253 32 171 LBM Cure. 55 

tl Vpnrs 52% 34 Inscraull-Rfi— - 

0 ->*» 735p lni-t wero-iConSI 

l 0 ,! 1258 1259;998p 705pI.C.JnlumaliK«ily 

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20 % - 1 - 1 % 80e 
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32%d +% SI 75 
27 j 4 -1% SI .40 
19% -1% 3k- 
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23%xd -lij 64c 
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17%xd -% 5100 
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12 -% 70c 

61 -% 5100 

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241, -% S 
18% -% 

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32% -1% Si 
23% d -% Si 
40% -% S 
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76% ! 62% fTroaMo 7apc'L;-LVi 65 -% 

' 57 '4 J 93% (Eicli l'Jpc 'l3-'!7 .... 97%J-% (12.60 

Undated 

"^3 20% O»niok4p‘’ 32% 1251 

37i; 3% ttarUvmJijpci; 31% LL47 

35 «%i m s.?pcm AIL. 341, uf 10.06 

28% 2W. ThswinapueeAft 25 1261 

■:4I- 14% CuaM-lsJljpc 20% . . .. 1220 

24 19% Treasury 'Jirpc 19%d 1252 

INTERNATIONAL BANK 

SS | EJ% [ap.-Stni-it 77-<C_— — l 84 | | 5.95 

CORPORATION LOANS 

9S 4 o?% BmtiTiam»i4p..'-W8l- 94-% 9.83 

9J% SS*4 EnrtulTUpL'TMi 89% : 8.68 

107 ioo%i;i.c i2i : pcie_ ioi -i? 12 J7 

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47% 90'; GlibCOwOlgp. »C- 91% -% 10.11 

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302% 40% Lv. 95 1058 

24 4 25% foyjKlrred 26% 13.68 

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97% 04% L.VtSpc'TvS 96%»d 6.22 


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1 . is.E. List Premium 42%'x- 1 based on l!S$l.S391 per £l 

32% -,% 1251 — ? Conversion racier 0.7002 (0.70601 

U:« =!■ CANADIANS 

“ ! *16% 10% HtMooirenlS: — 14%«r -% SL12 

- — 16% 102 BLNmaSwL 13ft -A %c 

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kl T/IAVG ! 37*' 50% Do 4pcleh.£l(i0. 33% 

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89% ; 8.68 11.84 31% 16-b Hoijtiuer Sa _ — 26% ...... S2 

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132 20 STani.Han. VSS75U 

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17% 12 Nonvfl Siraon Inc SL 
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J “S 40 227, fin* Inc. 

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4 1‘ 21% fid. Tech St'S$._. 
9 “ “ ?8 24J, 17% CS Steel SI 

S-S SR 1 17 33b hsO;— 

“iHS & XeiwcCotpSl — 


215d -2 51152 
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891 pd -13 95u 

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33% 

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23 1 , d -% 12.92 - 15.V2S.E. List Premium 4Z-\^ (based on $2. 

9^3 -u IS Si! BANKS AND HIRE PURCHASE 

102 -% 12325 1138 . , 


637 1087 ?^' al Gk -': a ’ L 4r- 

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2 7 2 17 h 

3 87 82 
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5 48100 
2 7 4 5 IS 

6 90 6.6 
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7 B.9 4tt 


C0M0NTFEALTH & AFRICAN LOANS ! *** 


iOl'.i, 45*s Au-i,M?p.-7.v78 

°5 j *2*: Cm.!U?pcT:A> 

88 % 82% Di* 7;pvR!4C 

99%. ?o*4 N.Z.4pi‘ , 7|}-78 

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LOANS 

Public Board and Ind. 


FRICAN LOANS [ l »«4 imrI-im 

101*A 5 51 5 <n '300 184 AVZSil 293 +3 *QJ 8 c 

Ml. 589 in 84 293 210 AtoandorsU £l 265 14.55 

85% lLMiClWj £90*, Aleemeneaino 0271* - 1 , K0&, 

Sail 4 08 10^-334 269 Allen Hanxytl. 310 ...... thWJffl 

J3 °d 641 10.66 216 150 allied Irlnh 216 +1 7.61 

82% 9!Z2 irS 165 150 .VrtuihnrilL£l_ 156 . — 1023 

95 10^ C22% £13% Bank \mer.SL565. £20% -% Wc 

5 ? 1 '■ 418 315 Bk. Ireland £1„. 408 £.3 

78 Z — 089 £137 Da I0pc«.nnv._ 089d +1 Q1(P% 

— 21 15 BL Leumi I£l.._ 18 Qltth 

' 170 150 RtLeumiil.'KiEl 160 7.47 


+ arf Die 

- | Net Cw GrtlP/E 


frit, F3J? ixr. 1 l: 

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?? , 27% MiL*ttr.5p; - B* 2 

-1C7 * <M< V19K-’- - 3 

c ;<. ; S7 L'O «iih»-ul U'.irr.mli .. 

Fi nancial 

:-T7^|,-ifwi — 1 

2 :.' I T 1 r >: *•!■!?.• 7!»_ 1 

3 ■■ ^ I i , '«*:ii.M Hs-w 1 

si l :*■; i.iv.va» n.' 6 .-»i«:. ai 

1 71 4 KrtAoiDb Sl«.._ 

| F4i ; r-.. im,pcUn.*lJi S 6 _ 

40% in* lip. Uns.Ln.- 88 — 


598 380 Bk.N5W.Sti_ 575 TQ30c 

315 255 Bank So-tlund £1 284 1L05 

£32% £21% Bankers NY.SIU. £27% -7, gSSOO 

.55 368 2% EUitlayiil 352 0323 


841, +1; 12.M 1330.237 200 Bru»nShii)lfj£l_| Z36 9.41 J 

27%d -% 10.78 1230 280 232 Ld-?rK) d.-r£l _ 278 -2 hl7.17 

W» ,- 84 b7 i.liicUi:- ni'Jip.. 80 4.85 

,91% 10.06 12.40 *230 171 1 omlAus iSM». 235 Q16c 

tl I *£19 £12% onnzhkiwrax. £16^4 Q18% 

1021, 12.69 1174 ^ £15 1 'han.HbkJirlOO OS'* Q12% 

106 " 1384 1310 3® IS Cnnniinan I0p_.. 28 0.71 

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80u3 I S U40 <6 7 Dansp; R.i _ . 18 - 

78 8 22 UM'iVT.EW DwH-.be Back MHl E1U Q18% 

92 " ' ii 62 12 'ao 83% 58 F C Finance — 70 4-2 Z03 

931 , 12.01 12.40 3% 3% Fust Nat. 10 p_. _ 3 — 

96 ....:: 1231 1Z70 l % Do.Vt^.TSW. • % - 

65 i. U.46 13.00 32*; 9% Frier Ans. ll^j_ 10% +*2 — 


Brown ShidfJ £1- 


301% a 0': i * 11 *p.' *. n : .Ln W . . 
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931 , 12.01 1240 3'* 

96 1251 1270 ,A 


65t 4 u.46 13.00 L 321 ? & 

62d 1269 12.90 PS 


74d ...... 1216 1290 1 |4 

71%xd 1237 1280 ,255 


FOREIGN BONDS & RAILS 


l'C' 

HicJi l* , K 


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— I Grew Yield 


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12*; 9ii FVaser.Ans.10p_ 10%+% — 

196 15? tierrard NalnL— 190 829 

I 54 37 r-ibtn i.U 53 223 

255 195 Gillen Bn».£|_ 227 15.41 

|29 19. I'-node D't Mry.6p 22% -1% 0.13 

138 % Unndljjs 137d 2.79 

260 185 'iuinncii Feal — 256 tlO.li 

1217 155 HambrtN 188 -4 9.76 

j 100 81 Hill Sara wl. 99 4 97 

:ft00 325 ■ Do Warrants ._ 425 — 

[360 203 HoncShn.'SIW. 330 +3 h059, 

I 69 52 Jejjel Toynbee.. 62 h3.?i 

215 160 Jo^ph'Lw'U... 200 8.74 

52 37 Keyxcrl Hmann. 47 -2 0.67 

74 5o Kin-: & Shat 2)p . 62 3.44 

114 90 KtaHVMtt B l. _ 106 4.18 


| ft 1 * s 
215 160 
52 37 

74 5e 
114 90 

i297 242 


Lk*d>£I 264 


FINANCIAL TIMES 

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C \) ^ ii 


























































































































































1ST* 

High Low 








gSa 




NEVV JAPAN SECURITIES 

Tokyo, Japan 

•New Japan Securities Europe Limited 


1. IWliM-ii'-. L .-'n.l.'n f • . .T-. C'M 1 

• FiJTikluri Ollier: Ti-i. 


. ; h’llrS'ePi 
nVI . *0 


MINES— Continued 
CENTRAL AFRICAN 


177 +2 1350c 

[ L3 24.1 

19 0.57 

65 - 

170 010.0 

87 IM". 

37tj - 1 .. ftjVijc 
34^ ... - 

7X «5 

X2 59 
163 B 3 
X4 17.1 


-4 2J4 I 3.(n 2 6(29 2 1 


178 OiJExpJ lOp 

12*i Premier Cans 5p 

713 Ranferftjl 

1L Reynold, Dixie 
£35*, RyL Dutch F130_ 

424 Sceptre Ret 

484 SheUTrans. Reg. 

57 DaTVPLll — 

226 nStfMuil'.KjLI 
£55 Tnaco44&Cnv. 

130 Tnrenuol 

182 IHlramnr 
120 D&7{KCnv.£l n 
86 WeektXaL lOrts. 

86 Dand.Ord.Kc-. 160 1-5 IQ15VI — I 5.01 — 
57 ffoodadeASfc.. 70 (-1 [ - _ _ _ 


Minin-J itfc 
'reek 3k:-- 


.. .. ITIISS 2.4 58 7.7 
+1 — — — — 
-4 15.94 41 4 1 5.9 

4.9-1 11B2 11.8 - 

+24 _ _ _ _ 

0474% - J8.7 - 

134 58 1215.8 

. — - - - 33 

..... 7%Z4.5 7.0 - 

-5 qu%c ~ s B o- 


tins 


OVERSEAS TRADERS 


224 African Lakes .„ 310 
60 AnS.Aj8rif.50r- 106 
96 BeritfiHiiiS.6W.i_ I66«l 
45 BortMricliTOo&'jOp 57 
25ij Boosead [JOpi _ 57 

B3'> Finlay tiamesi — 108a) 

95 GilltDitfibs 155 

£49 ia.MbQ.riO £63 

325 RTw'us.Criw.CI. 538 
66 HoffmragiS.J 77 
350 InchcapeLl 
21 Jacks Wm.. 

9 jjamaka Sugar 


19 D 17 31 
U 2.0 45.1 
4.6 3.8 63 
1.1 lb 6 (78i 

* 4.0 * 
103 69 4.7 

32 4.3 9.6 
2.4 L9ZL7 
Z2 61104 

* &7 * 
21 5.7 9.9 
63 - 4.2 


Amal Siirru 
Ayer Hitain SMI ~ 

B+nHTm 

Benmuai JMl — 

Gewor — 

Gold & Bl-c 12.;p- 
GopeogCuns. . 

Hong tame 

Idris I Op 

Janiarj;:..p 

KarountincSMOjO. 

KiUinebaJI 

Malay Dredging SMI . 

APabang - 

PenKkalen l Op 

PmajingSMl 

Saint Pi ran . . . 
South Croft* lOp . 
South KintaSMO 5(1 
StiuiMaiajanJMl- 
SungeiBesiSMl _ 
Supreme Carp. SMI 
TanjroR lap- _ 
Tofickah Hrhr SMI 
Troflob SU1 


26 t-3 
385 . ... 

57 +1 

280 

140 

10« 3 .... 

315 *5 

210 . ... 
88 +1 

9 

82 

625 .... 
455 -5 
75 .... 

' 75 +5 
270 

58 +1 
58 ... . 

230 -5 
320 -5 
235 


Q3e | 4> I i 


2.55 1.6 14.6 

aglak 0.9 £ 

3 81 4.4 10 4 

QllOc * 8 4 

0.04 « 5.4. 

15Tb 03 73 

*12.0 L6 ~t 

Q12IJC ♦ T* 
Q125 4 20.0 
«J95u 08 4 5 
JQlTSc 0.5 £ 

6.60 13 13.1 

TiMOc 16 68 

703 « 5 3 

4 19 20108 

W70r 6 7.0 

KfBlJe 13 8 8 
Q65c 6 5.9 
ZQlOc - 2.7 
660 0.6 10.9 

«»sr. u * 

ZQBSc 1.6 7.7 


40 r«erSems.3>p. 58 
£87 Do.8pcCnt.8l. £97 

41 l>. City Mere. lOn. 70 

41 Jta.JopcLa.Jftp 69 


6.65 23 

3.45 U 
13.40 « 
292 29 

$7.82 73 
$7.82 73 
*4.43 13 
B- _ 
hi .78 33 
6 60 4.4 

3.15 27 

08% 18.0 
th0.76 1X0 


15.5 i32i 

11.5 (63) 
93 4 
4.5 8.7 
6 7 3.0 
69 29 

* 5.4 


COPPER * 

| 70 1Mm5imRD 30 } 88 J-2 j«f3Dc) 1.91 * 

MISCELLANEOUS 

35 Barmin - 52-1 - - — 

9 Butina Mines ITLp 13 — — 

215 Cons. Murrh. 10c-, 235 -5 tQ30c 2.6 t 

245 NorthcateCSl . 355 -25 ■— — — 

164 R.T2..._. 241 +1 9.5 2 8 5.9 

30 Sabina Inds CS1 — 55-3 - - - 


1750 iTara EAptfl. SI 

I 43 |Teh*dy Mineral* lOp, 
(l20 |>ukooConsCJl— 


55 -3 
837 -25 

68 

155 -3 


RUBBERS AND SISALS 


+ orf Div. rw 
- | Mat Cn Gr* 


NOTES 


101 75 Anglo-Indones'n. 

127 65 BertamConiJOp 

17 llij BirdiAiricai 
62 31 BradwiiIUi 

30$ 165 Castiefifld 

49 26 Chersonese I 

52 2P4 Cons. Plants I 

12*4 Biz Grand Central lOp 

400 211 Guthrie £1 

129 6$ Banians Kir Eti. Up. 

135 56i? Highlands M50c... 

89 4I*z Koala Kepong MSI. 

59lj 29 ttKohniMSOc 

1E3 69 Ldn. Sumatra lOp. 

83 36 Malakofl MSI _ 

54- 30J 2 Hoar River lOp 
81 55 Plantain® HldgslOp 

84 37 Sunjjei Kriaa 10p~ 


370 -10 15.23 16 

127 414.06 - 

118 tgXlffc- — 

83d -1 . Q13 Ijc U 

H'z qiLSc 0.8 

181 44.06 U 

80 +1 hQ15c 1.9 

51 d ... .. 0.48 4 

76 $221 28 

89 bX52 1.9 


z 70 an t-'oless «*h*r»\w iwflrattxL prim and net dividend* art in 
fee ic u P eae,? 3nd deuomtaark** art 25p. Enlmaird prict/earnlnca 
AJ +.S rattofc and covers art bastd M lalrat rmniul report* and arena nt* 
“ — and. where p<»ribW-. an- updated cm tudt-vearty Knm. PIE* are 

L73 1.0 4 5 calculated on the bub at net diKtrlbatien: bracketed Rjuim 

.'2.84 10 1.6 indicate Ifl per cr»L or mutt dirreronct II calculated on -nil” 
hX4D 12 4.4 tfiurt button, t'osera are based 00 -marina m" distribution. 
hQ3.0 L2 8.9 Vlelds are ba««d an middle prices, are Kress, adjusted to ACT of 
056 4 jj 3 14 ptr e«ot. and allow for value ml drcbrtd dUtribatfau md 


TEAS 

India and Bangladesh 


250 175 .UamDwarsEI- 
385 280 Assam Frontier £1- 

123 104 Assam ln«.£l 

30<2 20Jz Empire Plants lOp, 
350 338 La*rie Plants £1 — 
245 180 McLeod Bn*wl£I- 


420 365 
29l s 22 
249 181 
183 138 


Uamn £1 

Singlo 11 Idgs. I Op — 

B arren Plants 

Wtlli ancon £1 


305 -5 hi 650 
118 -1 7.11 
29 -1 42.01 

338 bl5 

228 U3.7D 

365 1531, 

29 4F1.75 

213 -1 1489, 
173 9.14 I 


B 3 M pet cent, and allow for value of drclsrtd distributions and 
t, 3 rljthta Securtliev with drnanJuatieiii' other than sterling am 
4 B 4®°*ed inclusive of the Investment dollar preadum. 

3§ A Stcrliiu; denom noted secuxlLict. which Include investment 
■J-t dollar premium 
<•7 • Tap” Svneh. 

3.4 • Highs and Lous marked ihus have been adj'uidpd to allow 

4 J lor right* issue' for ua.%h. 

1.4 T Interim since increased or resumed 

4.3 t Inttrira since reduced. pa«cd or deferred. 

2.7 £t Tai-free id aon-residenu on ajqtlicauoa. 

0 Figures or report awaited. 
t+ Unlisted s«uriti. 
p l*rice at tunc of suspension 

f Indicated Ui videed alter pending scrip and or rights issue;, 
cover relates 10 praviou' dividends or forecasts. 

* Merger hid or reorganisation in progress, 
cot Not comparable. 

o'l 4 Same interim, reduced final and or reduced tunings, 
"•i indicated. 

in a 5 Force ant dividend; emer on earnings updated by latest 
* a interim statement. 

* Cover allows for conversion nf shares net. Dow ranlang far 
9.D dividends w ranking only lor restricted dividend 

63 H Cover does not allow far shares which may also rank fur 


Sri Lanka 

225 |123 iLunuraE] J 225 

Africa 


|Blanlyre£1 1 


29 I |4F1.75| 32) 93 dividend at u future dam No P.t ratio usually provided. 

213 1—1 1 14 89 1 4.9110.4 9 Excluding 3 final dividend declaration- 

173 | 9.14 4-fl 7.9 * KPgional pnee. 

I! No par value 

[llO, a Tax free, b Figures based m prospertus or «her official 

estimate, r Cents, d Dividend rale (Mid or pa,vablc on part 

225 | (558 | 15J 3.7 capital: cover based on dividend >wi full capital 

e Redemption yield. I Flat yield, g Assumed dividend and 
:<L . yield, h Assumed dmdend and yield alter scrip issue. 

. , , j 1 •By mtnt Irani capital source*, k Kenya m Interim higher 


185 (130 (RaoEstaitt — _( 180 


MINES 

CENTRAL RAND 


442 1140 [I'urtwnlwpfU ... 426 +39 — J — 

420 244 (East Randprp Rl 345 +17 - 1 - 

£42 £29> 4 Rawtfonl'n E*i. R£ £37** +*, «j350r 25 

178 | 78ii 1 West Rand R1 132 +9 t<[13c| 6.7( 


EASTERN RAND 


105 57ij Bracken 00c... 

37 IB East DaggaRI 
416 235 E.R.G.D.R0.S0 
152 76 Grootrlei 30c 

444 1271 KinnwRI 
Leslie ffic. 

sua ac Mariei'ile R025 
73i 2 37 S. African LtL35t. 
56ij 31 Vlakloalein BOc 
365 517 VTinkelhaakTO 
63 31 BiLNigelSSc. 


>20 1 1 50.761 6 J12.2 than previous total, n Righu issue pending q Earnings 

LflO 1320 l 2,4(10.9 hawd on preliminary figures, a Dividend and yield exclude a 

special payment I Indicatc-d diridend. cover relates 10 

B previous dividend. P.E ratio based no latest annual 

earnings, tt Forecast dividend* cover based on previous year’s 
earnings, v Tas free up 10 30p ra the t w Yield all own for 
n rn currency clause, y Dividend and yield based on merger term-, 

KLAvi U 1 Dfndend and yield include a special payment Cover does not. 

apply to special poyment A Net dividend and yield. B 
126 +341 — | — I— Preference dividend pa-+cd or deferred. C Canadian. E Issue 

145 +171 . — j — I — price. F Dmdend an d y ield based on prospectus or other 

37% +5g tD35IJr[ 25j 5.6 ri fielal estimate' lor IflTMU. C .Assumed dmdend and yield 
32 +9 I tO 13c I 6.71 X9 jdter jwndinp scrip and -or nciiLx issue. H Dividend and yield 

' ’ 1 1 based on prorpectus or other official estimates for 

1078.79. K Figures based t-n priwpeetus or other official 
D Akjn c.aimaliai for IB7R M Dividend and yield blued on pnarpeeius 

or other official estimates for I5T7E N Dividend and yield 
47 1 41 . tn? F r lClu based on imupMut or other official estimates for 1079 F 

?ii ii Figures bused on prospccliui or other offirini estimates for 

ifc 2 1a 2 Ss nf T t , ®™- 7 9- 0 G »w‘ T Fisurc* assumed Z Dividend total to 

vi r Lffir ; data if Yield based on assumption Treason- Bill Rale stays 

.14 +5 tQ19c 18 10 5 unchanged until maturity of nock. 

ITS +12 Ttj34c li 5.4 

65 +4 WJ3c X2 28 Abbreviations- oJev dn idend; me* scrip issue: ee* rights: a ex 

73 tQ46c X0 50.9 off; t> ex rapnai diMribatioa. 

44 +^4 YWx, 17 "^9 “ Recent Issues M and “ Rights " Page 40 


Recent Issues ” and ** Rights " Page 40 


FAR WEST RAND 


445 288 BlyvoorS 

£11*4 764 Buffds 

108 71lj DwJlwIR020 — 
401 214 DtMmitinlein 81 ... 

920 589 East Drie R1 

280 163 ttandazHdCW Me . 

153 92 QsburgBl 

£16 8*0 HartebeestRI 

657 408 Kloof Gold HI 

652 432 UbanuaRT 

602 419 Somhva*150r 

330 206 SlOfomcinSOc 

£ 17* £U VaaJ Beefs- 50c — 
289 123 Ventmpuftai — 
£29*c 065* W.DneRI — _ 
241 152 Veaern AressBI . 
970 589 Weaern Deep R2 - 
268 163 Zandpan.ru 


349 +101 Q63c- 1 6 111.4) 

927 *50 Q170c « 10.8 

98>j +3 1 - 1-1-1 
349 +17 
S26 +93 
242 . +4 
126 
£13*-. 

610 ” 

565 
558 
298 
£151; 

235 

£24Jg +lWQ385c ♦ 9 9 Herlam 20 

202 +5 ltql3cl 27 3.8 Ldg W Em. Sup 315 

881 +70 W^25cl 2.4 5.6 Clover Cr«fi_... 26 

231 +18|Q415c] 4i 10.7 CraiKiH^CI 520 

Dyson iH A - A 3B 


This service is available to every Company dealt in on 
Stock Exchanges throughout (be United Kingdom fora 
fee of £400 per annum for each security 


r., oo REGIONAL MARKETS 

<6 1X1 

6 4.1 The lollowing is a selection ot London quotations tri share* 

d> 111 previously listed only in regional markets. Prices i>f Irish 
1 0 22 issues, most of which arc not officially listed in London, 
13 4 4 are to quoted on the Irish exchange. 


O.F.S. 


310 75 Free Stale Dei". 50c 

£20% ZWt FS.ncduldaflr ... 
121 59 FS Saw plans Rl.. 

456 279 HarmonviOc 

134 66 LpraineRI - — — 

^ £13% 750 Prex. Brand 50c — 
-3, £104. 582 Pres. Stem 50c — 

£10{ 703 SLHeleoaRI 

240 144 V nisei 

374 190 ffeUwaSOe 


100 td Q32c 7tt 

U8Jj -A, ty2«0c 27 
91 -17 ? _ — 

411 +8 Q55c 4.7 


Ds-soniR A -A 3B 

eftis&McHdy.. 63 

Ere red 22 

Fife Forge 52 .. .. 

7 ^ Finlay Pfc*. 5p. 21 .. .. 

j 7 <7raig 5hip tl_ 120 

Higson*- Brew . 77 .. .. 

T n I O.M. Sim. £1 .— 145 -10 
HoUtJo*i25p.. 260 


£24^|£L3 1j|WJ!q 1 dings 50r~ 


+10 tQ35c 
+1* TtJ280c 


Conv. 9»„ '80 -82. £921, -i 4 

Alliance Gas 62 

Araotl .. 36B 

Carroll i PJ.i 105 

Clondalkin 95 

CcmeretcProda.. 135 

Heilon i.HIdgs.J 48 

liYS.Corp 160 

Irish Kupcs 130 

Jacob 63 

Sunbeam 34 

tmg 177 a; 

Lnidarc 110 _____ 


FINANCE 


710 424 
372 246 
£2Wt£l«, 
950 621 
159 119 , 
204 163 
454 17 

£2<P:Q4 ■ 
£16S £304, 
£18 £10 
235 138 1 
40 22 

197 126 I 
153 « 

£117, Mil 

58 53 
474 3.5 
237 161 

59 

m 
182 
330 238 


.ADg.Atn.Cos/50t_ 
AngloAimr.lOc.-. 
Aug. Am. Cold R1 - 

Ang-Yaal 50c. 

CharterCons.. — 
Cons. Gold Fieidi- .. 
EaS Rand Con. iOp 
Geo. Mining R2. . . 
GaidFkHiJsSASr 
Jolmis Cotu. m. - 

SHWleSilSe 

Mfacotvlirp— — 
MinoreoSahLtU^ 

NewWitSOc, 

PattnoA'VFlsa . 
'lard Loudon lac.. 
SelertinH Trust — 

SeclrarilOc. 

Slhcniine5>p_ 

Tit!tl.Copa.LtiJlL 

L'.C. Invest Rl 

Union CerpB.lSc. 
VagdsI.'C^., 


660 id +10 

336 +4 
£18 +ly 

900 

150 -1 
289 -1 
2tti 2 

az\ -i, 

£14m +1, 

£15^2 

190 -20 
40 +2 
190 ... . 
128 Ed +26 

^ :i 

454 +2 
220 +11 

50 

£14 -t A 

250 

300 

68 id 


5.5) 

7-°l Industrial* 


OPTIO 
3-month Ca j 


^ : luwipumwf j £. 

73jA. Brew ... 6ji ‘TmjK' v .L'~7. 

7 8 5-f « emeot ■■ 1 ® f-C L- 

73lgl H r ' ? Inver wk,:.. 

Babcock U J4 ca. 

|.g Barclaj-sBank. 25 LadbnA»7 

fi|B«chb m 35 Lettaiitisi: 

111 IXt . ii 


.1 CM 

'Traps 1 ' , 


? [inveresk, 

ia {kca. . : 


DIAMOND AND PI 


£4B>< £30 
114 64 

464 285 
£11*925 


irnnd Met 




40.9 — 12 Lucas Imia. 

4 7 Cadburvs 5 Lyonf.j 77 

8- 1 nSh^v! 1 ^- P ... 

7.61 8 Mrks. A Spn 

4lin U Si — 15 Midland Ba 

7 *-EI 

■77 c\i r ll " r — » 2r 

7T}£-M.I ... , J4 Pr R'lirr^ 

DP'Gco. Acctdeui 17 

trie. IB FTo'M-y— — 

D tl ll . 


me. re 1 - 10 - 4 -.*— ■ 
40 R.H.3L 

h 


- - S 5p.HVW- ■ 

v«j*r: g 




























































































































































FINANCIAL TIMES 



Thursday August 31 1978 


13 Upper Broc4< SttWE Lomkm, W1V iHS 

My<, Jv>w 


01-629 9232 


Waldheim proposes 7,500 Britain agrees 
UN troops for Namibia to join 


THE LEX COLUMN 


The rush to raise 


BY OUR OWN CORRESPONDENT 


UNITED NATIONS, August 30. 


UNITED NATIONS Security bankruptcy. Both South Africa permit an accurate assessment of “ FS ^ ' w_ (J ' w_ ft.ll B ^ I B. W | H B 

Council members will meet and the South-West Africa the cost of the operation to be ^ ml ^ 

behind closed doors tomorrow to People's Organisation (SWAPO) fennum a* the UN Transition V 

consider how to proceed with want the UN's help, and the UN * as „ LYNTON Md-AIN 

Plans to mount massive UN troops’ function would be largely ^istaitce Giro up, UNTAG. but Rights issues have crossed 

military and civilian operations to monitor a cease-fire between 5E«i| aEi!? S S BRITAIN BAS agreed in priori- A Government announcement the English Channel in eamesL 7 nr W fell ? ft tn SOI fl 

de | iBn /w d \°.- he ' p Jp?* Namipia * e South Mricans and the t 7fi“ Jce Si pie to join the European Aibns about joining the Airbus pro- Sfthinone holiday weeklhra ““ ** f ° 

-pSoutft West Afnca-to m- guerrillas and use force only consortium with France me is Ukely - intlude »*-- ‘ 

dependence from South Africa, in self-deFence. the terrfta ™ he t rid ^ t0 West Germany. But Mr. Eric sanctioning of development funds P P f2 

In a written report to the a The Namibia settlement plan “ e territory, he said. Varley, Industry Secretary, is for the D^h 535, 5 o that British P a ° me Francaise des Petroles, L , v 

council today. Dr. Kurt Wald- drafted by Britain, the U.S., understood to have told Mr. Joel industrv can benefit from the now Sutnt Gonain, nave ffQftC . minion 1 — 

heira. Secretary General, pro- France. West Germany, and rnSOnerS Je Theule. the French Trans- expected British Airway's Boeing launched rights offerings to | j r>T .~.vT^c rccin?C ! 

posed the dispatch to Namibia of Canada, the Western members Under the -Drooosals the South port Minister, last night that he 757 order. raise a total of Frs. l_2bn H Klirfl 1 o : 


airbus project 


BY LYNTON McLAIN 


equity in Pans 


i-penuence ironi aouen Ainca. in seu-ceience. ----- ' — -~r 

In a written report to the The Namibia settlement plan ^ territory, be said. 


council todar. Dr. Kurt Wald- drafted by Britain, the U.S., D . 
heira. Secretary General, pro- France. West Germany, and JrnSOBerS 


heira. Secretary General, pro- France. West Germany, and 
posed the dispatch to Namibia of Canada, the Western members 


7.500 troops and a civilian team ° f . the Security Council — on African authorities must scrap is not prepared to force British Mr. Varley, in his talks last (£i42m). This is a larger sum 
of about 1.200 officials and extra which Dr. V aldheira's recoin- existing discriminatorv laws. Airways to buy the new A310 night with the French Transport tha n quoted French companies 

Etnfr if i.-.ill n r- “icn m enactions were haspfl fallen ** .... . ■ . _ _ _x A IrKmr or- -» anriAiileiw* n r anfm> lfinictAO Te nnHarctn^ tn bova . . _ - . 


RIGHTS ISSUES 

: MOUTH LY FIGURES 


_ ’ — _ . . .... ,u.j cumuli; uiduiuuuaiuit . . , - — — - ... . ; — ” » . - . _ . ■ mau uuutcu i itiiui uviuuauitn 

staff, as well as 360 civilian f 1 ”.?! K release political prisoners and Airbus as a condition of entry Minister, is understood to have have from their 5^^. 

police. for the withdrawal of all but en b , exiled to return to t0 th ® project. impressed on M. Le Theule the ,^-mT 

. 1 - 500 South African troops from participate j n electoral pro- T* 10 formal British Govern- right of British Airways to * n 

Operation lhe ternt0 *?‘- T^ 1S residue would raent derision to join toe Airbus choose its aircraft for commer- . t ^ lc re-emergence of 

27. . , tJ v . be confined to one or two bases c “ s ; # . rt||int programme is still ejected rial reasons. The airline was as somethu« more 

Their task would be to mam- in the northern part of Namibia Dr Waldheim said elections - few davs varlev granted permission bv the Gov- than a purveyor of pubhc debt 

tain law and order and arrange, —which is larger than France couW !be held seven monUu 1 after - s fcop|llg ^ agreement with eminent in July to buy 19 Boeing to French investors, 
supervise anjl connol electioris sod Italy together. thp Security Council gRve the ..... ftontinuari r, aQ _ 7*37 aHiner^ to rpolaep a rt ein® m. _ * • 

to a constituent assembly, which. The UN troops would monitor word to get UNTAG under way. ^ Tridents ST a cmtrSt worth ^ “ arket 15 now fuU of 

in turn, would formulate and the withdrawal and restriction of He also said that any idea of P™ BMti9h Airways over 11s f _,__ speculation that other French 

approve a constitution leading to the South African forces, prevent independence by the end of this poucy can do - - - companies— Aquitaine, Michelin, 

Namibian nationhood. infiltration and maintain border year now was out of the question. J?**ed l before the end of the Tta- ui^e w^ ateo given per^ £ name a few-wiU 

It would be by far the largest surveillance, and monitor the This was the South Africans' «*r show on mission to buy s«Bnbsh Aero- ^ folio wins suit TMs 

operation by the UN since it demobilisation of citizen forces, target and also specifically called September 10 space On^Eleven jeG fwOOra eft ^tora a little 

became involved in the Congo commandos and ethnic forces for in the Western plan. The M - Theule flies tu Bonn a move to placate Britain s talk has left in estors a utile 
fnow Zaire) in the 1960s. But and the dismantling of the cbm- Secretary-General said delay in today to repent to Herr Martin ai ES/" a ^L wor ^ en Vv-,. . . „ nervous and P^ces yerterday 

it urn«u . i.n k. mrv riiffavant rparhinp itTeemunf insula u im. I Gniner the W«t GmnriTi sixtn ibe rrenctj, untisQ and uer- continued a slide which has 


1977 


1978 


litis I'UHsnlidafwn by takfn? in 
Airco's fixed at replace- 

ment cost raihor than their last 
U.S, book value which inofo to’ 
have been ni tiiu oi'iier of • 
£140 m lower. This ho* been 
enough to prevent the gearing, 
ratio from appearing as 52 per 
cent or ml but at liie same 
time the group’s p ami I 
account is being biirdencil by.. 
a stiff depreciation riiarge. 

On the. iradins front, BOi! i* 
hoping for an .improvement in 
the UK hut it is questionable 
whether this will show up in 
the final quarter. Apart from 
South Africa, which is pick in i: 
up. the picture elsewhere c> 
unexririnE; and Airen, despile a . 
buoyant U.S. ecomuny. is hem? 
held hack by lusses on if< 
alloys business. 


Burmah sells Australian 
gas and oil interests 


BY KEVIN DONE iN LONDON AND JAMES FORTH IN SYDNEY 


. — , nmFraTtimp nmvrrlprt thi» nlhor “ eilu OI 1W* / auui largest limiRitrt.il cuiup.im . 

tbe 1 B?rin^ 1 757 y IiSr for^ts diffiSties ' ran be resolved. In the wake of the March ings have risen from 02m to seems sc I for another record 

needs into tbe 1980s instead of Britain is likely to contribute up election it was Compagnie £25.9m and loan capital has year. Yesterday's interim figures 
the Airbus. The airline hopes to - 10 0 m . equivalent to 20 per Generale D’Electricite which led more than doubled to £4S.ain. reveal that prr-tuv profit. 1 - are 
to make a formal decision to rei1 * the total A310 develop- the way with a rights issue rais- Compared with shareholders’ up 35 ppr coni nt £S.9m. 
buy the 757 early next year ment programme. It may also ,- n g Frs 300m. The election had funds of £119m this level of tfospilc a decline 111 the eenlri- 
after Rolls-Royce has been P«*y a token sum towards the removed the threat of nationali- gearing does not look unduly tuition from (he douiiiiant 
^ ven ^e expected go-ahead for . ^T 31 ^ sation which had made such an demanding but BTR is keen to cement division. Forecasts for 

of ae issue impossible over ,he r.mtmue espendinp el a fast full .vear re.itro aro.iml 
Mwer tbe B^fn" ^ , preceding £vo years. The French clip and wants to koep ils flS.n at I he P re-tii.v level, com. 

90 "Si Government’s subsequent drive balance sheet flexible enough to p; , rcc j W w, £l4.Sm lust tune. 

Free choice SSed and manuSSuSS’ ' £ for a free raarket eco no”y has « commodate future aequisi- Dliring lhl . past seven years 

a icc cuuicc for ^ A30Q made # provided further encourage- ti-ms. since the group was formed 

The engine is backed by the substantia! profit From the ven- menu Specifically, the govern- Since 1970 BTR’s pre-tax Oment-RnaiUtone has reported 


BURMAH OIL is selling all its By contrast, the sale of tbe is made up of Bond 


_ National Enterprise Board, the without incurring any ment has allowed French profits have risen from under an uninterrupted growth trend 

Corporation Rolls-Royce holding organisation, development costs for the whole citizens to deduct Frs 4.900 of £3.0m to £29.0m and with a j n profits, turnover. earuini!« 


£20.Sm areas, Che company said y ester- Industries 5 per cent and Leigh- 

The sale takes in its sharehold- day. l °n Mining 5 per cent, 

ings in three quoted Australian • [ t j S understood that Burmah The Bond Corporation Is 
companies engaged in oil and has been open to an offer for headed by jMr. Allan Bond, a 
gas exploration and production some months facing tbe pros- West Australian businessman 
in the Cooper Basin. South pect ^ ^vestments in the “<* yachting personality. H e be- 
Australta. Burmah's interests at cooner Basin of £5m to £6m over came known internationally for 
being bought out by a group th bis attempts to win the Americas 

headed by Bond Corporation nexr years ' Cup. 

Holdings and Endeavour Burmah is selling its 37-5 per 
Resources. cent interest in Santos, its 30.9 ResoiirfM 

rK(ori ,,„ per cent interest in Basin Oil 

that the h sale w?s^ot H^ke^to ^ and its 67 P er cent interest The de al marks a major move 
temnJ oL^SfoS “ Reef on NL- T* 1 ^ interests back into natural resoruces for 
Its programme Of selling OH . m h R, lrn , a h AnctTaUa thp Rnnrt firm in urhinh oorlior 


Euston Square oflSce 
let to U.S. group 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


relief on dividends paid on plus in the current year. BTR io.46p. On nnlv two ms-asinns 
newly issued shares. French reckons that roughly half nf its during the period has (hr divi- 
bankers are now talking about growth is coming from its old Hpnw 'increase been l.-ss Than - 
the need for an orderly queue established businesses and the 20 p Pr fen t 

to keep the flow of rights issues rest from acquisitions. So far it “ Dominating the counm’s f 

under control. has proved far more successful building materials industry j 

DTD , other companies ip (wjtp a monopoly in cemeni> 

BTR S tnple ' combining rapid organic growth cement-Roadstone has been one 

Here in Britain BTR has nolfcv aSSreSS1Ve acquia,tl0n «>F the prime beneficiaries of 

assured a place for itself in Ireland’s recent economic boom, 

recent rights issue history by nnn IntomotJAnnI Tn the curren t year, for 
announcing its third rights issue a,v/v * Bf «cruauuna* example; the volume of cement 


which included the sale of its the end of November next year. 242 P er cent of Endeavour Square development in the It was started after 150 years of on the face of it looks a rather trading profits outside the U.S. could be a fifth better. Dif- 

in teres ts in the North Sea Last year the profit attribut- Resources. largest central London office negotiations and abortive plans strange reaction. But then BTR have eased slightly — but the Acuities in obtaining a cement 

Ninian Field and 65 percent of able to the Burmah Group from ^tae Cooper Basin supplies letting for many years. for commercial buildings on the has at least demonstrated in the statement is notable for its price increase since January ; 

its share in tbe Thistle Field, this investment was ASl^ra. “gjlii- Sydne - V and n m 1074 ^ at »t can use the money inclusion of a group balance 1977 have prevented a good part . 

Investments Jt h V«W 0inPanieS t t08 Mh er ° f about 3 tiinion (Si™ week plans to move to^ioo put^ togelheVby Peachey profitably and the 30 per cent sheet consolidating Airco for the of this boom showing through; 

luvc^tuicntb control 46.64 per cent of the m | Uion ) cubic feet of ' and London staff into Euston Square Property Corporation under the increase in dividend will put first time. With total debt now in profits so far this year. Still, • 

A year earlier, its disposals c ?? p ® r . Basin joint venture, a j, ou t a um barrels of oil and next spring. direction of the late Sir Eric the shares on a yield of just topping £500m the group's gear- the group seems optimistic that -J 

included the sale of £179ra worth wmra involves ll parties includ- natural gas liquids. The groiw, advised by White, Miller under 5 per cent. ing has inevitablv risen sharplv: the case for improving its \ 

of shares in British Petroleum. ,n S * South Australian Govern- Burmah sold its other Austra- Dr uce and Brown, is believed to Peachey brought in Norwich Given the group’s heavy borrowings represented 25 per return on capital will shortly '< 
The disposals were necessary mem aumonty. lian exploration interests in the £ a Y* agreedto pay just under Union to finance three of the spending on acquisitions in cent of capital employed last find favour with the Dublin - 

to help Burmah cope with the The consortium that has North West Shelf natural gas British Rail’s asking rent of four office blocks m the develop- North America ($55m in six September and were ud to 46 authorities At 104n lh P shares ■ 

financial crisis ni 11175. 5c„ s 5t nu, the Burmah interest prujee, in I** ” SS*’ &SlS2i<Ptg't £ St ££££'$?%. | 

— slight rental concession until its finance the rest of the £32m Andre Silentblnc and Allied Airco purchase. As expected, about 84 on a 10 per cent tax 

move to the building next year, project The funds leased-back “olymer here in the . UK, the BOC has added a little sugar to charge. 

_ a " 1 1 • 1 ^ Tpr British Rail, whicb was repre- the offices to British Rail’s ■ ■ - 

IQnfl PAYlCmOr^n F.YTirPCfi seoted by Edward Erdman and Property Board for 134 years. 1 

v\7 ft^ J. tfU.fi. Cll Company in tbe letting nego- In 1976. Peachey’s interest in 

1 • • tiations. plans to move its own the scheme was taken over by 

f] headquarters staff into tbe rest its financing partners. 


financial crisis of 1975. 


bought out the Burmah interests project in 1975. 


Scotland considered 
for new Texas plant 


BY JOHN LLOYD 


TEXAS Tnsirunicnls. the U.S. Industry) and are the largest it 
liiuilinatinnal .semiconductor has bandied for several years, 
company, plan? to set up a major The sites are in the Kyle, 
plant in Europe. Central Scot- Carrick and Motherwril districts 
land and the Irish Republic are and at East Kilbride. Cumber- 
the niiMi favoured areas. n air Id and Indue New Towns. 

The company would not con- Bale Cunningham, vice- 

fiim a choice or site yesterday, president -in charge of facilities 
nor would ii say what the plant at Texas's Dallas headquarters, 
would produce. However. Mr. said yesterday toat the company 
Rubb Wilmot. manuring