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Top quality 
ventilation m 

the fug fighter 


No. 27,573 

Thursday Juse 1 1978 




Building & C|01» 7 , 


A Wmi b^r of the tr p ic y-T y.i s' G; c c/p-o f 

PC Box cv; Kir* K IaI J Kc r i"‘ P rio cs. Eve^rtVn t?'. 




rise 6.3; 

Institute predicts 

O 1 "H ifria ■wr.Ti.:. ■: 0i 

more jobless,! «. fs 

«F -'f n.vcc a«a. 

C*i ACC. SO. 



by U. 


turn fur the better la response j 
to modest buying interest. The 

to rise 

rs^ASSteSSTlteUA c, .r c V',.^ this morning. 

higher inflatitar^ sho ^ m 


Energy Correspondent but not unexpei 

The outlook for the UK economy next year is gloomy itk rises likely in bth compamif* ar * 

unemployment and the rate of price inflation, accord ig to the latest quartrly tb e prire of pJS-oi af man*? 1 ©? cent 1agt monttL 

review from the National Institute of Economic and Stial Research pubfoied Mr ^ stations b y between ip This is the st 

U.S. jolted 
by 0.9% 
price rise 


THE U.S. received a sizeable, 
but not unexpected, jolt today 
with the announcement that 
consumer, prices rose by . 0.9 per 

a II ru unucriauxiu^ iiuu uit j. . i™. R ,,n ci 0 . 

H-ouUl use the full force of its JELL®” The institute, an independent an increase of 0.S per cent next Ui with those of most tber 

military might, including stra- niu,es nuac furuier neaaway. economic research body, has year. noWhttebill forecasters. | 

tegic nuclear weapons, to defend # GILTS also progressed, the been a long-standing advocate of As a resu it. adult unemploy- 
Western Europe against a FT Government Securities Index ex P anfil0Clst Pollies. meot. expected to remain about 

Warsaw Pact attack. rising 0.21 to 70.13. But the latest review stresses its present level of 14m in 

Mr Carter told the Washin"- the tight constraints on any fur- Great Britain this year, is fore- 
ton NATO summit that the © U.S. DOLLAR continued to ther stimulus later this year, cast to rise slowly to 1.5m by the 

their stations by between lp This is the steepest increase 
and 2p a gallon over the next since February last year and 
few weeks. means tbat for the three months 

In a fresh attempt to end up to the end of April, the re- 
the forecourt price-cutting war, ta *l cost of living has gone up 



coupling of U.S. strategic forces lose ground 

me lism constraint:* uu tuiy oitai 01 u«un mis vwr. is iwic- turer h un : luus i<uer ioumi. rll * — — : 7- — - — —— — 

continued to ther stimulus later this year, cast to rise slowly to 1.5m by the w ani . ,,.. h nulrf srhedni.. Ss*. —.w 0 * n** ® gure inflation. 

coupling of U.S. strategic "forces lose ground on concern at if . , a a JEJS d j5 ,l SL en -p h g f difference with the revce current accou sur- The new move has been fed R ? ***,?. last 

■ to Europe was critical. It meant inflation and trade trends. Its § r * mme is agreed at the mid- The key difference pi,iswith the risk of <ving by Esso Petroleum, one of the S ^? uss ' tbe . President s 

an attack on Europe would have trade weighted depreciation ^ IT ?£ SE ™ “bS* 2 %£* ffl 

— — in spite of North Sea oil. m the acerbating the V In JJtta to many of its dealers of Wage ’ and stability, 

- 1 longer run “the policy prob- Details. Page 12 mflain. policy S m ° f lhe new have stressed tbat things were 

an I lems remain those of pay infla- Editorial comment. Page IS A Kirdinated p rag ran e by Other u> likely to get worse before get- 

Detaiis. Page 12 

Jems remain those of pay; j infla- Editorial comment. Page IS 

Les, Baek Page 3,1 p ma Jor countri* was 

’ neede But even if cective 

action as agreed, the “ liquid 
and forecasts, that the increase no t genuch further thait has 

the most probable outcome. 

the tra balance. 

Dec Jan Feb Mar Apr May] 

tion and renewed stagnation of Ik Baek pWe t> rn.ior SSSi.w-i theTiS tmrbetten Both laid itat ’the SbuSp 1 “to lei a‘ “STfoo 

output in face of a still pre- ***' BacK ra - e neede But even if ccCt ive April and May figures would be nriceZ 8 a ^ on food 

carious balance of payments im- action as agreed, the “U^ould foiTuVtJF* “ rt * 10 Particularly bad. 

pr M-; wlt sug « 5 «s tbat a r w .sst tsn' ■*»»««- 

brief and mild recovery in to about 7-S per cent in the next u devaiuati.” or J^*^" Uie r i “ dust, T that before soaring food costs. tive ttmg I can think of." he 

economic activity this year will pay round, the institute regards rutinr’ further detpriniOn in of y^l^ompauies In April, the food index rose J-W* Tin* could harm the domes- 

be led by private consumption a rise of about 12 per cent as rh “ -L | l ,|,„„ 0Cle no might approach the Prime Com- by 1.8 percent compared with .Industry and would 

and investment. the most probable outcome. ' ' «? iss L on for authority to raise March. Grocery store prices therefore be polincally .difficult 

The pick-up is. however, ex- It expects the rate of consumer On thhasis of present ucies, me base price of petrol, pre- went up by 2.4 per cent, beef to accomplish. 

pected to tail off by ihe begin- price inflation to move ud out the curnt account surfs this sp ntiy an average of about 74p prices by 6-6 per cent and fresh So far, the Administration has 

rting of next year as the rate of of single figures later in 197S 10 year lie x pected to babout a J 3 ^ 011 on four-star grades vegetables by 9.7 per cent received some useful -but -stilt 
price inflation catches up with a rate oF 10 per cent in the year £300m ; ih a steady irove- S(>| d In urban areas. In the three months ending in. mainly symbolic commitments 

pay rises, ending lhe rapid to the fourth quarter and to meat air the big firstiarter April, the food index has risen from some major companies to 

| gre«.#h in living sta'A’ards. about 11] per cent over the deficit. _ at an annual rate of over 18 per hold the line on executive pay 

Economic growth, as measured following 12 months. Howev. this companrith a )JlCril|12 cent - pace of increase is and prices: 

by real Gross Domestic Product, While the projections in infla- surplus £1.3bn projad by o not expected to continue, bat But last month’s consumer 

is forecast to slacken from a tion conflict with Government the instil e in its last .tew in Companies are revistne their tbere is nOW much more pea- price figures show that infla- 

rise of 3.7 percent this year to aspirations, they are broadly in early Mah. dealer snnnnrt 1. simisra on the food price front tionaiy pressures in the eGonnm^ 

the same consequences as an in VpitfS? “inh S « % .n the — — — - — and xaccrbatini the in written to many of its deal* 

“ff l M£fB , 5SL...h. iaTtfiSr css- ‘“"r- tH eb uss?** ‘ hea 01 lte - 

'■ar.r’ssa issssnis i dollar EfC»SS on 3 ^jBrjgSErr 

^FZZTL: in n s= pr s, lt SU8 « S , S .ha. a JFv? 

• ;■ d!?- ,n -4*1-1 1 1 j brief and mild recovery in to about 7-S per cent in the next cant devaiuati.” or tiiat 

i of government troop# " O j economic activity this year will pay round, the institute regards riskine further deterimOn in mi ° f year compaai 

■ai was sentenced to d .^’h aJa l be led bv private consumption a rise of about 12 per cent as rjr' ^ “ “je 1 *! approach the Prime Coi 

,D ** facc of the . W\l A fiLrfl and investment. the most probable outcome. **“ ,5alance - for authority to rai: 

rage 4 -5 t j- y u ■ f Ik fl T* The pick-up is. however, ex- It expects the rate of consumer On thhasis of present ucies, tne base price of petrol, pr 

p KyA«- IfWI pected to tail off by the begin- price inflation to move ud out the curnt account surp this seotly an average of about 74 

.' ,tffe thrown I 1 / ning of nex-t year as the rate of of single figures later in 197S to year ^expected to babout * gallon on four-star gradi 

_ -5' _ 1 L-j - price inflation catches up with a rate oF Hi per cent in the year £300m hh a steady irove- sold In urban areas. 

Charles j y pay rises, ending the rapid to the fourth quarter and to meat air the big firstiarter 

m-in was arrested aft*r a V gm**#*! in living stanfards. about 11] per cent over the deficit. 

'•e was thrown at a car in , 1977 , , , ,1973 Economic growth, as measured followinz 12 months. Howev. this ccunparenth a ^|Prll|1p' 

>. fh Prince Charles was tour- " 7 = Dec Jan Ftb Apr W ?y real Gross Domestic Product. While the projections in infla- surplus £1 3bn P™j* d *y S 

'Newcastle upon Tyne. The " * i? Precast to slacken from a tion conflict with Government the instue in its last «ew in Companies are revising the! 

• Sow splintered, but Prince to 562 wr cent from rise of 3 ‘' per eeni **"* ‘ tu aspIratJons ' the - v are broadly ,n edrly Mah * dealer support system Sminl 

Vies W3s unhurt and tnarte . „ ’ ^ ^ gt because of their concern abon 

i of the incident when, at a “® 1 J * y : ™ the faUiog value of the poun< 

ire centre in Sunderbod. he gained I.4o cents to S1-M30. 9a • 1 m against the dollar. 

to staff working behind a although its trade-weighted Am|| Sj w O M Since beginning of th< 

« screen: “Is this to stnn index was unchanged at M.4. If value of sterling has droppet 

opte throwing things at youV " ^ GOLD rose $1.50 to Si84.375. W VV b KL P "i, CeBt , h , t 

ftoyai WeddBinaf NeM i ' 0rk C ° n,eX « 1 £ I ?n "B A . • *"3 do,,ars it Is estinmted in the 

settlement price was S18*^0 1 i A17A1* Afl I oil industry that a 2 cents droi 

The Queen, at a Pnvv Council ($183.90). 1181 ill IfVCl (111 in value of the pound 

oeeting. gave her consent to the WV Vr T VI VILA. reduces the annual nrofit on 

.•reposed marriaae between O WALL STREET was up 8.14 “ petrol soId fn ^ ur b^aboui 

rince Michael of Kent and at 842.31 near the close. £6^ m • 7 

arenas Marie-Christine von „ . • BY GUY DE JONQUIERES, COMMON MARKET CORRESPONDENT Bt SSELS. 1 31. A further drop in the value 

. ‘ibnitz. a Roman Catholic © I* ALT faces a re. 1 H-; -t ■ ^ of sterline ronld nmmnia ph« 

cores®. Sh® iornorly harp increase in nmauo:. jol: s - i " rninmi«im 

arried tn Mr. Thomas Trou- new balance of payments dxificui- THE European Commission is the requirement that all North rormal proceiings bjpateh- r ° r a 

idge. a merchant banker. ties, said Si- Paolo Baffi. Cover- believed to be nearing a decision Sea nil must be landed on L.K. rag a “reaso-d opin; much BP O L ool^hn ihr- 

nr.r of the Bank of Italv. Page 2 on whether to open highly con- territory unless a special waiver beyond the uumn. _ Zl, IL ,, ne , 

iiuinftUMe. _ j ’ troversia! legal proceedings is given by the Energy Secre- There is c (c ern irussels Pgg°» setters in Britain, said 

aWIsiGlfierS saEae©} © FRENCH Cabinet has approved against Britain's North Sea oil tary, and of the interest relief that if a decion weeferred yesterday that it was watching 

ail sentences of up to 14 ’ ears tax concessions to encourage policy and France's system of grants offered by the British for much long, the mission „ marketing position closely. 

■>re imposed on five members m industry by small managing its national oil market authorities to suppliers of off- itself might bbrougo court TtM * return oil companies 

the so-called Hungarian Circle sav * rs - Pa sc 2 on the grounds that they violate shore equipment. by critics of e Fre system S etUn g from the market- 

trie Old Bailey. They were the Rome Treaty. The investigation into the charges oFjUmgenforce « “““ P *S? 1 I s a 

nvicted of inns to swindle rf~«^"|VT Much will depend, however, on French market is focused on the treaties. nreifirtniil 1 in u !^irf S M d at 

.nks out of millions 0: dollars 33)^llflOflS whether the Commission is sue- policy of allocating quotas for . France has a- ?a dyn press- .f rice ’ ^ . 

*■ using forged bank drafts. eessful in its attempt to get the t he importation and refining of | n ? fhe Coniraiion ntensify In^view or the need for an 

A s o nr 

F M A 

informlnc VhTm 1 T. ™ of Wage and Price Stability. 1 ~ 9 

mroraiiiig them of the new have tbat tMngs we ^ 

rifain and France ’ac< 
seal action over oil 

«,il‘T. u I0ur ' star grades vegetables by 9.7 per cent received some useful hut stilt 
sold in urban areas. In the three months ending in. mainly symbolic commitments 

April, the food index has risen from some major companies to 
at aD aDn “al rate of over 18 per hold the line on executive pay 
tJlCrilllff cenL Tills Pace of increase is and prices: 

0 not expected to continue, bat But last month’s consumer 

Companies are revising their I s nOW muc h more pea- price figures show that infla- 

dealer support system mainlv s |™ Isra on 0,6 food Price front tionaiy pressures in the economv 
because of their concern about then existed a couple of months are not confined to the food 

the falling value of the pound ag £: . , , ' front and will therefore require 

against the dollar The Agricultural Department wide ranging acts -of persuasion 

Since the beginning of the h , as r ® vised upwards its projec- if the voluntary programme is 
value of sterling has drooped * on , of 016 l?™ 56 in consumer to work. 

hv < r ... food D rices this vear. Housin? ensts. -for pmmnlo 


Bi SSELS. / 31. 

by about 7 per cent f°°d prices this year. . Housing costs, for example. 

As crude oil is traded in U DOw fore ? ees 311 S’ 10 Per «ws by 05 per cent, with the 
dollars it is estimated in the cent . annual rise. Two months financial cost to homeowners, 
oil industry that a 2 cents drop «° « . wa s forecasting a M per boosted by the recent rise in 
in the value of the nonnrf advance * while at the end interest rates, going up by almost 
reduces the annual nrnSt^ of Ias t y ea «* it anticipated a mere twice as much. 

MfrS^oW ** *** cenL - The housing index has gone 

E6^m e UK by about M r . Strauss was far from con- up so far this year at a 10 per 

A further dr„n -i... fident - in a newspaper interview cent plus annual rate. 

in the value of . the pound 
reduces the annual profit oo 
petrol sold In the UK by about 

A further drop in the value 
of sterling coaid prompt a Price 
Commission application for a 

ii- THE European Commission is the requirement that all North rormal proctiinas b«patch- V "Jr™*. , appUe£ 
r- believed to be nearing a decision Sea nil must be landed on U.K. ing a “reaso-d opin; much Da i l L , ^Jf e u, craas«'. 
2 on whether to open highly con- territurv unless a special waiver beyond the uumn. or oil one or thi 

BP OIL one of the top three 
petrol sellers in Britain, said 

Dollar crisis threat 


pouev ana r ranees system oi grants uilcicu vue oimsu lur raura iouy. me mission u» Tnrisrex'- ttathtaj a xj „ . Tw . -. , - „ , 

managing its national oil market authorities to suppliers of off- itself might bbrougo court The return oil companies L en inr ITS !JU te ^ t £ e . rec ?P t T ^ ly . in 

on the grounds that they violate shore equipment. by critics of v Fre system *f e gating from the market- . . that inark J , . ts * .^ e funda- 

the Rome Treatv Th „ inuoctionir.n into ihp on charges oFjilin®enforce *s mmimaL Petrol is a J este ™ a > “ ar the u^S. could mentals surrounding its weakness 

Much will depend, however, on Sefis’focusTon Z Se ueattls. J ‘ lm?enf0rce knh; it is being sold at an *** ** chaI?ged * 

whether the Commission is sue- po ii CV of alloeatins quotas for France has a?adyn press- arilfioally low Price: or even Mone? d ^ 3W _ Ti»e dollar fell sharply In 

eessful in its attempt to get the the importation and refining of jng the Coniraiion ntensify T iew ° r J be nc « d f «r an Speaking in Geneva « the Elirp Pe,3n exchange markets after 

French Government to make 0 n. This system has been in study of tbBri landing adequate returo to meet dol ]Vcame uderSSn? n!£ ** earlier dec,ine in Tokyo on 

voluntary changes in the pre-war effect for about 30 years and requirement, lis initiated investment objectives, the mr J, th P renewed concern over the out- 

- delegated monopoly'' under Brussels competition experts be- about 18 months- grhe basis P n 5. e ®f Patrol has to go up." exchange i00k for ^ ec0 nomy. 

»■ using forged bank drafts. eessful in its attempt to get the t h e i'moortation and refining of | n § fb* 

ige 6 ' Co c Fr ? nch Gpv «nment to make 0 n. This system has been in stud; 

liflUvt: UiLl OdUiS voluntary changes in the pre-war effect f or about 50 years and requiret 

•aw <rnjiffliB*<rJ! n nr w h« in , ‘ d ? l £Sa t ed monopoly ” under Brussels competition experts be- about 18 months-gthe basis 

ay gUaFO SinXDt © oKN has conceded defeat in wlilcta the French state regulates u® V e that it'mav constitute an p f a complaint y nnamed 

security guard was shot dead n r!™ the French oil industry. abuse of state monopoly powers oil com 

i a £200,000 payroll robbery at " w Commission officials are aware under Article 37 of the Rome It all 

W'MSd'S S Un K KS K i- till hope in ” 

‘Ii*™™ 1 !™?™ Court" decision r Tocking Pre Se SH2SS b25 b . A £S 2J Brussels that efforts to persuade Sf'gl 

smvsas w; siirS eset^issass^ 

markets. Mr. Kaufman, senior 

Express guard to hand over ^ ck Pacp 

inoney. He refused and was “ 0%e ' “ CK ragc 

that to act against the U.K. could Treaty. raent conflicted viticies 30 wee 

invite a politically charged con- _. . in and 34 of the I which rap! 

frontation with Mr. Anthony B JjSJ that S effnrts^to nersuade P rohibil Quantitartrictions lets. 

Wedgwood Benn. tbe Energy £ rJSmSOLiZt and other im P edi to im- « 

cwpIupu u.-v>n h-.c the French Government to adapt i -mi 

Secretary, who has said that he > - J. I u n tari h wi! I succeed P 01 ^ ^ d e?:ppr tf EEC. 
considers North Sea policy to lla rules 'duntanly will succeed. CriUc5 of rhe polim tfaat 

be exclusively a national M. Rai-mond Vouel. the Com- oil companies fro-r parts 

Ia, rnmnatitirin Pnli.’v n r .1 PPr . r 

© FORD i»- putting up car prices j, e exclusively a national M. Rai-mond Vouel. the Com- oil companies fro-r parts 
^ an average of IS per cent, responsibility. missioner for Competition Policy. q f T h c EEC are . to pav 

LrCCHt CSlrG S-A ftige a. Mcsi German car output They also think that if they is to discuss the matter on June higher Tran -port than if 
’wo men who ran tb** Biu*- Paec “ were to 3Ct only against France. 26 wirh M. Andre Giraud. the they were permitt jrrv the 

elle “ massage agency where ©PLANS to speed the develop- ?^inst which they believ they newly-appointed French Energy oil to destinat.' ‘their 

. . . - i - i j:. w : c _ . -*r mro -i ctrrtnfF the* Fronrh II rn U'nn h kn np*n nhnino 

weeks it had reduced Its dealer H?® *« ^ ke r t0 arresting compared with Y222J3 on the 
supportat Sime 30Ota4(M) the decline of the. dollar. But and fefl against 

^ppon at some to 400 out- ^ chances of doing so were the Swiss franc from SwJrs. 

ii i« ,di m .. w i *»,,♦ not ver y sreaL 1-9240 to SwJ’rsiSBSO. 

1^00 o' Shell’s 6300 sites have mSlira' !!»? tffu ^ d L45 cents 

Continued on Back Page » ; ought bavi a to $1.8330 and was showing 

Fed op. p asc °5 ajssasr gghas in »* 

lUCjr d uu Ui»ur\ mai ia « vn v W ».^ UilU.'^till 1 X 1211 ]( 

were to 3Ct only against France. 26 with M. Andre Giraud. the they were permittjcrv the 
against which they believ they newly-appointed French Energy oil to destinat.' ‘their 

discussions. Back Page the 
<t relief g against 
two compia V e been 
centres ^cations 

_ In Britain's case, the Com mis- refuses to shift it? ground, how- that it distorts cj 0n be- 

arm dim® Q ROMANIA is a'-ain having sion has been examining par- ever. Jhe Commission will pro- cause it is offered British I 

ie will be dry and mainly talks with VFW-Fokker about tlcuiarly closely the legality of babiy be unable to delay opening suppliers. 

. ;m according to the long- possible production of tbe VFW 

Ige forecast, but the latter 814 airliner. Page 4. Merger 

t of the month may be less motes gaiog ahead. Page 25 ■w'* -w a p. . ■» £\ -9 a 

Usd . AVeather, Bark Page Reed s alteMaX lOSS £l( 

_ - - — • to help the financially troubled 

/OrlCS LUP UK textile ann of Lonrho. which 

. last week issued redundancy BY NICHOLAS COLCHESTER 

>Una-MH • notices to 400 employees. It will 


/oriel Cup 
>und-up • 

Reed’s after-tax loss £16.8 


ig7S World Cup opens in extend the interest-free period reed INTERNATIONAL, the news that two of Reed's problem The chief -sour 0ss for 
jos Aire* today with a on a loan to the company, paper, packaging and publishing areas, its Canadian operation and the year was Ree . ramm - 
gh between defending cham- Lonrho results. Page 30 and Lex group, said yesterday that write- a paper mill in South Africa, to get to grips V | 0S jng 
ns West Germany and Poland ofFs of £41. 5m in the year to were making steady progress operations in Car 6 

1 front of 75,000 people in the ® CO-OPERATIVE society re- .March 31 led to an aftertax loss back toward break-even. Th P e*-tranrrfin 

m er Plate stadium plus a tail executives are concerned 0 f £I6.8m. The dividend, about which * A • taken 

jrldwide television audience about tbe trading position of l n addition to this loss, the there has been much specula- there 

imated at lhn . some co-ops because of the result of Reed's retrenchment, tion. was set at Sp. down from „ ~r 3n V "farratt 

- ict security enforced hi/Q street price war. Two of the the group incurred an exchange i3o in rhe previous \ear. and Kee '* cnairT sclosed 

•th all roads around the biggest co-ops. the London and rate deficit of £30m more. the Board said that it' expected tnat p , anly as a of cost 

idium closed four hours before Royal Arsenal, have reported Tbe Reed share price, down to maintain this rate of pay- COD,rp { measures nadian 
■i kick-off- losses. Page 5 earlier this year to its par value merit for the current year. operation was 3 'uoning 

Pl7 , _ r. t 'in a nr nrroc PontFui Cniiinn Jl 1 ^ l!!® SDnOUHL^ Th- management said that would I 

?ss the tournament at an 0 DE BEERS Central Selim, nient to close at 12Sp. News of tne dividend level was chosen a 5 return pj-Qgj 
■aing ceremony which will Organisation is cutting the sur- the company's losses were offset to be sustainable in the future a J t ^. flpancin ? cc 5ie end 
"inde the release of pigeons charge on gemstones to lo per hy a 30 per cent increase in and to enable Reed to reduce its 01 ‘ D1S - ear - 
a gymnastic display. cent, as speculative trading in trading profit in the LTC and by financial gearing. Figures. 1 

.^Ambassador in Buenos diamond wanes. Page 6. Cartier 
rested at the five-hour airport jewellery operations are to be 
■ntion of philosopher Bernard brought together and a stock 

“ CtoS,; nU ° lC SD “ Sl,t ' FaS ' “ CONTENTS OF TO-DAY'S ISSUE 

anwbile, Scotland manager 0 MARLEY made pre-tax prorit _ 

v MacLeod was fined £10— in of £7. 54m (£6.76ro> in the six European news 2 Technical page Inti. Companies 34 - g 

‘absence by Ayr magistrates months to April 30. Page 30 American news - Marketing Scene 15 Euromarkets ... - s 

s needing and Lex Overseas news 4 Arts page 17 Wall Street 

Speeding. Wnrlri hraitf- news 4 T.oarlpr nnc- IS 

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the six European newx 2 

Page 30 American news 3 

Overseas news 4 

World trade news 4 

m Home news— general 5.6 

— labour 12 

Technical page T Inti. Companies 3*3® 

Marketing Scene 15 Euromarkets ... ->, , e 

Arts page 17 Wall Street 

Leader page IS Foreign Exchan.'" 

UK Companies 28. Farming, raw m“* 22 

Mining 31 UK stock xnarke“' 

ices in pence unless otherwise 
indicated j 


.cham C62 + 7 

ots ^ • 2 

ont Chemicals 18H + -> 

own (J-) 3ifi j 6 

rr \ MUJing j* f f 

stings i® T } 

lid rive •* + ™ 

seco Mimep 162 - b 

r 2 M t S 

atb" (C- E.i ... ..... 2 i3 ■+■ 10 

nv ood WiJliarns ... 110 -J- *> 

me Charm 172 -*- 6 

tt-den I a.) -New" 14pm •> 

3. Holdings ^ t ?- 

Shoes , 2 

viand Faint .1 + ? 

•yds Bank 2W - 6 

& G. Group 12 j 4- 1 

Nat West 275 4- 7 

Nova i Jersey 1 45 -+■ 5 

Occ.m Wilsons 100 + 6 

Proi«riy Partnerships 1 111 4- 5 

Reed In ll 12S 4- 6 

Sedgwick Forbes SSIj + 12 

Sharna Ware 116 -r *> 

Spiras-Sarco 150 4- 11 

Tube Invs 3S2 t S 

Guthrie 322 4- 7 

Anglo Utd. Dev 172 4- 14 

East Drie 768 4- 44 

Gold Fields nf S.Afrira £13 4- ! 

Mount Lyeli SB + 4 

Paringa 3R 4- 8j 

Ruslenburg Plat 84 - 1 - 4 

Tara Exploration £Li; 4- \ 


Perry tH ; 204-5 

Siebens iLKj 4M — 20 

M.I.M. H!da< 207 - 7 

L r tah Mining Ausl. ... 370 — 40 

Construction equipment: A 
bard dig out of recession IS 
Economic viewpoint: 
summer report on 

Labour 27 

Business and Ihe courts: 
sizing up market abuse 16 


A test case for the Bank 
and lhe Lily's money 


Friesland: Feelings of inde- 
pendence run strong 

World Bank recommend aid 
for India 

Poland aims 

making the best even better 

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Bank of Italy head fears jj 
sharp increase in inflation payments 

BY PAUL BETTS ROME. May 31- problems 

French move to encou ragE smau- savers; 

Tax incentive should ben 



PAWS.MMay 31. 

ROME. May 31- 

SIG. PAOLO BAFFI. Governor continuing increase in labour rate of about 4.S per cent by the 
of the Bank of Italy, said today costs before the door could be last quarter of this year, w ‘to 
that there was a danger of a opened to greater credit. inflation not exceeding 14 per 

sharp increase in inflation, and While there were signs of a cent - Economic Ministers are 
of new balance of payments diffi- rec overy in industrial produc- examing a RMiber j of “•JJJgJJ 
cities 1° “aly. tion, and recent measures to l^OOb? this 

Addressing the annual meeting approved by the Government Jb*t°t£y call 

of the central bank, he indicated were expected to go some way to ensure wDai in y 

that there could be no loosening to curb the State sector deficit, growth *£thout m ^ aU ° rL . 
of light credit controls as long the key problems of the economy Sig. Filippo Pandolfi, the 
as the fundamental structural still had to be resolved. Sig. Baffi Treasury Minister, connrme 
weaknesses of the Italian recalled earlier warnings that a that Italy is seeking to negotiate 

By Robert Mauthncr 

weaknesses of the Italian recalled earUer warnings that a that Italy is seeking to negouaie rhis ^ one of the main con ™ 81 : Irom iaeir iaxaDl ® »■ 

ecunomv were not adequately growth rate of more than 3 per new loans with the internauonai c Qf OECT venues for investment in shares, 

tackled. cent oo average over the next Monetary Fuad (IMF) and ihe on -balance of payments In addition they will be able to 

. Sit. Baffi implied that there *£JTi3XLS!& P Mens. which met. here tfrdij tomreMe the Investment to 

nrnhlpms a'ROCRAMME °r .ubstontial 

pi UUlCUlS to concessions to encourage in. end of l»^ nomJ( , s rsdsing directly. ^Foremost is 

Bv „ * „ . v.tment by small savers m in- Jgfc ^day that the next the creation- of preference 

By Robert Mauthncr d ,-try has been approved by tb$ four years covered the period shares which will rank; ?s 

PARIS. May 31. perich Cabinet Parliament iS when France would, have to give priority^ for. .^^end birrwii 

tOSPECTS for an adjustment <f“’ ed , t V v ' >tc V*, P ro * , “’i ^^netSto^STM its "to B rSrSSrr 'concerns 

the payments balances of jto law by the end of June and) , p » later Government to seek funds from the market 

e' major Western industrial iey wjU be applied imme- : JJjJrf- identify different priori- without risking the losa. of 

untries are almost entirely iately. =ties in the light of chang in g management control- 

pendent on the adoption of ^ centrepiece 0 f the pro- world circumstances. To encourage companies^to 

concerted growth strategy at,^ mTTV , households ^However, the concession will raise new capital, dividends 

* Western economic summit to aias for ie rears for people now relating to newly-created, shares 

held- in Bonn in mid-July. c0 deduct -FPr 5,000 (£650) a ■ ^ ^ can can be deducted from the com- 

1 : ■ . s year from their taxable re- ^ n «.: Tiahflitv fnr sevfen 

held: in Bonn in mid-July. c0 deduct FFr 5, 000 (£650) 
This was one of the main con-? ear : Ql *j r ta ^ abl ® 

year, from their taxable re- a portfolio of shares in pre- : pany*s tar liability for sevfen 
venues for investment in shares, potion for retirement. years instead of the present- five 

lAt the moment tax law in yeazs. For. preference shares 

— o-. — . _ — — - n EEUU UU -n aiaii rp ur udvmcuu ^ win wv w • m.l iuc . - — - * ■ , r» i a 

Sis Baffi implied that there fw years was hardly possible European Economic Community ptbiems, which met here to-daM increase ■ the investment by France permits investors to de- the exoneration .is raued M, 10 
had io be concrete indications without endangering the pay- n ext m onth to view Vb* ^hher countries failed to agre FFr.500 a year for each of the duet from their taxable income years. 

of the country's readiness to take ments position, 
firm action to reduce public The Government's 


ife niwahie fnfia- yfcerday on a blueprint for joii first -two children and FFrl.000 the 
gramme and its possible Lx 0n w hich would set the I* a year for subsequent children, rec 

L&UUX LUWII lOAHWIW J XU* m k . . . . to 

first FFr 3.000 a year - they The Government is - alsoroak- 
(ve from shares or bonds in ing it possible for certain official 

expenditure and to contain the target is for an annual growth Nonary , t . dosrialised world on a 4-S p r The investment can be made . divtdencV. From now on In- loans to cqmpahies to he ^ssurn- 

He said there appeared to be - „ af >, h „ th* inid^ m or unnunted com- vestors will have to choose be- lated to the capital :by sub- 

He said there appeared to be growth path by the midc 6 in - quoted or unquoted com- vestors will have to choose be- lated to the capital by auV 
a cautious willingness on the 0 f ie |ty ear . panies, but in the . latter case tween benefiting from the share brdinatmg them for all dividend 

part of the . international • a c „h«tanH»i nmnrr the shares must be bought as purmase concession being in- purposes. " 

liougn a suosiannai nunif-. _ at4 nf . hv imi 

lid IV. OUl Ulih Wtl3 Luuuiuuuai •'toj-to- _ RAmnanv 

on the atitude of international the OECD Secretariats mo- 1 - .*****• 

ttL and Comecon agree ^ ^ *• «■ ^ * s ^l 

m . Italy is in no immediate need donestic demand of each .ofs** 

to- exchange uiformation sjffssz ^°s ssewms- - % . 

" ing at S7.4bn and with the con- of c*ncerted growth polieiejare 

BY DAVID BUCHAN BRUSSELS, May 31. toulnsstability of the Italian r =J» red illrce5 sajd today[ hat 

The Treasurv Minister con- f* 1 ® hanc ®s of the Bonn su\mit 1 1 1 
THE EEC has embarked on an tiating all the practical commer- firn3ed tfaat Government comng up with a more inepmg- 

markets to extend new credit to Tiough a substantial numf* rt Qf a ap | t— in Crease by the trodTced or the existing treat- In one respect taxation is -in- 
Italy. but this was conditional company. P . menti of share income. ' creased. Up to now ho|ders-of 

substantial portfolios .of fixed ■ 

interest investments have* faeea ■ ’ 
able to ‘pay. r sf straight 33i per *.-z -- . 
.cent, of tax onnhis income rather . 

than having, it; added to their ' 7 • 
global revenues and subject to T--: 
income-tax. For all-fixed interest 
holdings- except bonds issued- by 
<Srtain;_semIrstete Institutions ' -*■:-• . 
this rate is now. raised to. 40 per 
.cent. ■■ .j.'. ' \- ""r 

The net cost-ofc the -operation 
is Fti-lbn ti>rFc. ll2bh- and it is - - ' 
hoped fhat^iyi to Fr 5bn a year ' 

of new ihongy wiu be inrMtpd - 

in. industry 7_' ML Koiibry jaTdJthe .• : 
object was. to. reach .new^cate- V- ' 
gor»s of investors ' and “recon- -o-' • 
cile r the . French 'io~ their Indus- • 
try.” 7Tb e geuerel^Pdlicy .of >>' ‘ 
enetmraging indhstriat invest- v.i ■ -- 
inedt was' part- Of therorerall ‘ - 
strateEy .of iMsterinsr ftfeifln an- ^-- ' 

cial strength/ and respectability 
of ihdttstryi-a strategy which in- V;, : ' 
eluded the :eh<tipg of ^controls on ‘ - i* \ 
industrial 'prices protaised 'before 
themiiadle of .October. } V,-, 


BRUSSELS, May 31, 

— - _ . , Ui Uitu LUaL Ulc LlUVClUiUCUi *"» — ■ — .7 *• 

Irreversible development of its cial issues one-by-one with introduce new measures ful sgreeraent on a co-ordi>ition 

relations with Comecon. Herr Eastern bloc countries. tQ cut th e enlarged public sector e^nomic policies than tP ®ae 

Wilhelm Haferkamp, the Corn- comecon officials this week deficit early next month before « J*« la ^ summitmeet- 

Saudis will |>ack African more 
to counter Qommunist influence 

Strikes hit 




.T v _ . • : _ uuuiccvu uiiiuai^ uiin wctix uculu caxij ucai uiuuui uciuie • — r , u <% - i • ■ • i 

repeated their demand for a the arrival in Rome of an IMF '£,*,7 fS do ^? e «5f„ view SAUDI ARABIA has expressed African* countries, he said, ment, did not come • up . for 

af ff5 broad trade accord with Brussels, review team. Further measures support for joint African initia- “would 7 find responsive chords discussion.. . ] 

^n rtn,4 broad l ™ de accord wIth Brussels, review team. Further measures **?*“L£” support for joint African initia- 41 „ . 

Mr N ^ but HerT Haferkam P said today are expected to be taken next ?X n dJ v?£ 1 ^ a nH^Tapao. tives to offset Soviet and Cuban in the Arab world." Under their existing economic 

^n- it was important that both sides yea in what the Minister de- JLjnntSl intervention in the continent The V wide-ranging discus- and te chnical agTeemept^France 

f -!?I ft ™‘ n h i n , h frp toH n n ° f bad a ^® ed to respect each scribed as a general overhaul 0/ ^ £ ICI . hT l- -II, w ^ Sn'ii Prince Saud, the Saudi Foreign sions" held during the visit also and Saudi Arabia weri< carrying 

The tafte orodured SSiost no practices - structure and the economy* £ d ® ^ ril bl A^ u SS? ?4eto Minister, said here at the end of covered ihe Middle East situa- out joint research, intq flfejna- 

concrc te results and HereHa fe£ p0,icies - Th * Commission takes Sig. Baffi, in his report, dwelt or? a two-day official visit by King tion, on which the Minister said tive energy sources anddiscus- 

kamn would "ive no estimate for ^ as Uclt Comecon acceptance at some length on the insidious before giviS any ^ t Arabia shared their points of view were “very mons on co-operation on peaceful 

the SnV of °an Eventual of the EEC ar 8 ument ^ the distortions created by the auto- the baIalce o£ the anxiety of non-Commumst rimilar." "- _ uses of^udear teehnolcf^eie: 

co-oneration^a n reement He said Eastern bloc is not equipped to matic wage indexation system tnr 108 is as African countries and was pre-. “Any Initiative that Europe ^reaching a stage of icapclu- 

th? P Sbodie?iSd agreed to ta,k about trade - haviQ 8 no com - and other automatic inflationary though ^redto co-operate with them, can take," he said, “wiU 6e a" sion," ihe Minister said..*; 

bold two further round/of talks mon policy on customs > Quotas or processes. He urged the adop- f 5 ° her P His Government, however, had welcome thing in the Arab world No Arm deals .were included 

fnBmsiirSttec^S feveiS fre ® movement of goods. tion of more elastic lalwur £?i?i.Sfell not discussed possible Saudi and especiaSf in Saudi Arabia.-; during [the talks, but the Miniver 

July and political discussions in Herr Haferkamo said various P° Ilcies and referred to the L qSd Secretarit is un- financial hacking for an African On oil pricing arrangements, aid there was Tpona to mcreise 
October. Easf Eurbpean^ ^ co^ttieJ weS C0Dcept of a social pact and the E TeScTn it! P?edic- mutual defence force. The initia- the Minister reaffinnedSaudr boththe volume and wetewt^ 

u, I 51 “ ur ? pe f“ c ° . TT 88 - . - nrinrrnlf nf labour mohriitv jessimiSIlC in It preait hnwa tn /V nt n Arabia’* nnertinn that it did not FnnCO-Sattdl eCOnotOJC TelatlOas , 


Under their existing? Economic j By Guy Hawtm- 

July and political discussions in 

Herr Haferkamp placed some 
hope in the possibility that the 

led that 

for one year. It was possible signed 

that it might use its predominant Brussels this sprhiT^But ”the major national labour contracts, the ‘saYe” aTlast Vea73e effects ‘“Moves" "in this direction by from the Saudi ^Arabian Govern- U.5. had agreeu to supply./ » 
position within Comecon to make Commissioner said recent sector ^™ v . a r2 ni T ^ D ?' b ', cba ^‘ of therecent depreciaion of the \ - • — . : 

concessions. a^ z reements on steel and textiles -5,1™ i E I laI f s * I ^5f st dollar negative durinr an initial \ ' ' _ ‘ # 

Both sides have agreed that wUh sorae East European coun- Rf 1Vdl t ® ntc ' rp nse. said today period, would begin 0 exert a ^ v 1 

the first step should ^ tries had shovim a desire to come J ba [J b8 " ^ beneficial Influence on the SphlTIKlI hODGlUl OlA UTflUIUlll UCllVCriCS i 

exchanses of economic mforma- t0 terms with Brussels indications so far that moderate balance of paymeits in the kJ^iULIliUl U17|JVJ.U1 

tion such as planning targets. , policies were acceptable to the second half trf this yiar. \ wniuiu 

staustics. and environmental A permanent broadening of union rank and file. The- Secretariat ws also ex- BY JONATHAN CARR % ' i5V>1N1,, “ ay . 

policies. The July and October contacts is beginning to emerge " Labour costs in Italy. Sig. tTemeb «loomy ibout . the ’ \ ; - - . 

talks will concentrate on between the EEC and Comecon Baffi said, were on average about balance of payment prospects rTTAVrPTIOR H P t mu t Schmidt Herr Schmidt left «>r the U.S. recall the U.S. promise last year 
achieving this. Herr Haferkamp Herr Haferkamp said. Asked three tunes higher than in other for tfc? two bigjyst surplus CHANCELLOR Helmut bcnraiot nerr^cnm 1 ' j |‘ h 6 that it would not. change its 

stressed that the EEC also whether issues of human rights industrialised countries. While countri;s. Japan are West Ger- has nl SjeSSTSat the nuiear supply nuclear supply policies while 

wanted to speed up and deepen could reverse this, Herr Hafer- the increase in the gross output many. The 1978 Jipanese cur talks with President Carter on £rmd l that ^ge^earroppjy cyc i e e valua- 

its ties with individual Comecon kamp would only say that the per individual worker increased rent aewunt surplu- is expected Droblem °f tli ?he the^aaenda of ^ WaShtiirton tion talks were in ' progress; 

States. l Commission had publicly insisted by only 1.3 per cent last year, to rise to at leas, $15bn from gf enriched uranium to the the agenda of his wasmngton expf ^ ei tQ more 

This is the crux of the drawn- on the full implementation ot gross wages rose by 25 per cent, SUbn last year aid West Ger European Community. taixs. officials Herr than another year, 

out diniotnatlC two-step between the Helsinki Agreement. EFf! or 6 ner cent in real terms manir*c an mine \e. ftshn. frnni Herr Schmidt told a West AccorainR to uie oiacwjs. nerr . __ • - ’tie" 

J ¥ KU % ,1 . _ - ■ ~ _ 1 11 w ub liitiic 11 auu ■ t* * » 

with l * lc . r® 0 ®^ 3 * °f 3 number of I [ n ^hc region of 81Sb\ roughly into them. 

bu>*s 12m tor 

Moves in this direction by from the Saudi 

ss a year direct satisfied with the F15s that the 
Arabian Govern- U.S. had agreed to supply, r' 

Schmidt hopeful om uranium deliveries 


BONN. May 31. 

. . FRANKFURT, May 3L ;''L 
workers*sftikes’faiWert.Germainr'.iSz' : - 
hit the first four «oafUis’prddi»iJi,i^: - 
tion figures of thar ' count^^psv^' . 
motor- industry. As_l a? TcEadtiof^g t-'T ‘ ‘J. 
the stoppages;- in ■ js'- ' 

pay claim, car and estate frefikl^r . 
output was ‘ only slightly ihigaeb 3^. - ' 
than last year’s perform^C?v;^ - . 
while commercial vehicle prtanfr-f--;: 
tion was rather lower thanr&e gi.r. ' 
actual decline in demand."^'. 

According to the Verband.jDer ; : '- “ 

A 11 tom ob Hindus trie ’(VDA), the — 

industry’s trade association, car 
and estate vehicle; production 'I^ p 
daring the first / four ■•.months: of tf{ * v 1 
the year totalled 1*863^00 units, •** 
after .1,356,406 'units. during .the r ->v : 

comparable period - r of - loT7. . . . 
Strikes,, said VDA, cost the ;in- ' - 
dustry some- 56^00 units. : - 

UB. promise last year 1 

out diplomatic two-step between the Helsinki Agreement. EEC 
the two organisations. The EEC officials privately say that the 

% js" arsaas-K 

to the Secretariat In the case 
of the T'K the Secretariat seems 

to be arising a uore optimistic issue. 

could be reached on the nuclear the U.S. Nuclear Non-prolifera- closer/ \ He ^forecast a success 
: r tj on Act. for tb ® world eranomir summit 

for the world economic summit 

Dutch chemicals outlook ‘gloomy’ 



view than" given by the latest 
private forecasts of Treasury 

On other aspects of the U.S. 
economy Americm sources said 
that because of tie recent sharp 
rise in employment and high ire 
flation ntes. fhc U.S. Adminis- 
tration had reused downwards 
its targe; for ihe “desirable” 

He gave no details. But before But the Chancellor would also conference in 'Bonn in July. 

PROSPECTS are gloomy for the Jn recent years means that the will always be necessary to pro- ,*?{! „ ^ Q7S f Vo™ 

Dutch chemicals industry' over tempo could now be slowed. duce synthetic materials. 5K. to, n? 

,h„ few year., according to The coat of environmental DuUh chemra , produccre GKp'^-Se SiiTSS 

Malta plan 



Gunman shoots New meeting 
W. German on Aegean 

defence lawyer 

Mr. Eppie ter Horst, chairman of measures has risen so rapidly \o Sn r in V, f fd« 

2^ «» ^ ss?«:i5w s-w ^uss.^ 

... , _ „ __J , ho rfrlnmr, lova) n.f nmfitr fiCUlty In 1977. CbemiCalS is xuuuffu I Tie riJHi 1«J LUe QUWII Dy »14UUt» SCVSU J«i U5*r 

to bis annua report Mr. ter ® ‘ Jf nevertheless the second largest and May consumer price index lopment plan, which expires next 

?®” 1 l9 4LS^ e w22 Pace of recent improvements * industrial sector in Holland after in the Ui. X particularly high Maro h with the complete closure 

,cjf since the Second World Pa ot e ent imp ovements. ^ fonri«tiiffs and tohacco pro- due in rerhnilar -to the iumn in «.r h>>c« Kaw<» hppn 

lus the* IJ.S. was now aiming By Godfrey Grima 
r a G?;p increase of 44.5 per UAIT . 

nL inJiead vf 4.5-5 per cent malia. «a> 

: initially prejected. ALL ECONOMIC targets laid 

Though th* rise in the April down by Malta’s seven year deve- 


By 'Our Foreign Staff 

year since the becono worm p U1 * J- imp ovemenis the foodstuffs and tobacco pro- due in pirhdilar-to the jump in 0 f British bases here, have been 
!? e JJl? U ^ J5 r _ 0 -i“f nrSf C* tossing industry. food prtw s.lre rate of inflation | achieved. 

worldwide at only 35 per cent prices in neighbouring countries 
a year, compared with more than and prices in Holland, w'bere the 
10 per tent in the recent past, price of gas is related to the 
and says char excess capacity price of imported oil, also puts 


sii^htiv was expired to taper off sub- , . . . _ 

■ j... stantiallv in cnhKpmipnt months This was cladraftd in Paflia- 

The main problems are the a competitive disadvantage. °® ver iheless accounted _ vidJng for a review of a number 

hiah level of wage and energy Mr. ter Horst regards the long- for Pf 1 .®*®* °; ; i}L rn0 r er + a P , of bask targets set out in tibe 

cos** in Holland, the high de- term prospects for the industry repres ented one-sixtfl of total rj.-lf office original plan, 

mands made on the industry to as favourable, however, thanks Dutch exports. PP 'JUl Olll House of 

protect the environment and the to the increase in the world A number of companies made Krupp his opened a Gulf head « « muk 

volume of low-priced imports population, coupled with a rise losses in 1977. the first time this office in Dubai and expects to Kepresemauves uml suppic- 
frora East European countries, in living standards in developing has happened in the post-War open other offices throughout the ment xo h p “° . ra 

Mr. ter Horst called for a countries and the continued period. Investments rose to region in the next two years necessary oy tne woriawioe eco- 

more balanced 3pDroach to en- striving for improved comfort F12.3bn (Slbn) in 1976, although Celia May reports from Dubai, noraic upheavals of recent years. 

Minn mental protection in and health in the industrialised thils increase was the result of The office will supply industrial dld . no . t in ® ai l 0131 M,e 

H -I land, buying that the consider West. The scarcity of many decisions taken in earlier years, equipment and seek turnkey original objectives had not been 

able progress made in the field natural products means that it the Association pointed out. projects. met. 

WEST BERLIN, May 3L By Our Foreign Staff ' . 

lawyers taking part in a major ojthe Greek and Tuttasb Foreign 
urban gnerrilla trial here. Ministries. Mr. Byron Theodpro- 
police said. The counsel. Diet- Pdulos and Mr. Sukru Elekda& 
mar Hohla, was hit in the legs Me to meet in Ankara on Juljr4 
as he was about to get into his ah d 5 ,n an attempt to make 
car in the West Berlin district egress towards resolving 
of Witmersdorf. Pto b )ems over the Aegean. 

Mr. Hohla is the court- 'This was announced io a brief 
appointed lawyer _ of Bonald communique issued after the 
Friteseh, one of six suspected meeting on Monday, night be- 
guerrillas accused of the tmur- tween the Greek and: Turkish 
dcr of West Berlin’s chief Prime Ministers. Mr. Constantine 

dcr of West Berlin’s chief 

judge, Guenther von Drenk- Karamanlis 


mann. in 1974, and the Md- EceviL The two met in Mdn- 

napping of the city’s conserva- tire ux in March but the follow-up 

tive party leader, Peter Lorenz, 
in 1975. 

Mr. Hohla was taken to 
hospital but released after 
treatment. The gunman escaped 
In a yellow saloon car without 
registration plates which was 

meeting agreed between . the 
Secretaries General was post- 
poned In -April. - .at' Greece!* 
request. Public opinion ire 
Greece was incensed by Presi- 
dent Jimmy Carter’s request to 
Congress that it lift. the arms 

- At the same lime the commer-;'. • 
cial ■ vehicle sector, ••whlchjaa..*— ■ 
been, suffering 'from a substaffllal -t. /■ ■ 
drop in demand,' saw ...the jlrst 
four months’ output. '.drop -lqf W ... .. . 
per cent from 1977?s- 112J5S5._‘.' 
units, to 95JW0 utoti ' The metak- ' 
workers' strikes -&»stA4be " sector: - 

productiqii of l3,(X)0 vehicira.:' V" 

The strikes.'- witidi took placa - —- — 

during .March and;, .April thi* 

(year, cost the 

stoppages. >ohl ..laa^rai^iduy- 
try and the iraNwWS'So 
into account the totaL sales- loss 
amounted to - .DM :.4.7bn 

• Exports' suffered ^particulariy 
in April; when rfupBMnts 
abroad fell heavily In both the 
car and commercial vehide sec- 
tors. Car : and " estate vehicle 
exports- totalled^. 1(^200 . aaits 
compared' with X49,4i)7 &- tbe 
same month of 1977. while . ex- 
ports: of ‘ -commercial . vehicles 
dropped from .15,177. to .9,900 
-units. .. ' 

5 . Car exports - during ; the: diet 
four months of lflTS , increased 
by ’2 per cent to 654400, ^against 
the 640,419 units shipped during A 

the comparable period of last 
year. Comimereial vdiicle ex- jPrf 

ports'" during ’ the . same penw £ 

dropped, by .‘,23 .per cant from 
65,82fr unita-;to 50,900 units. h + r : 

- -Qn-’-ibe b^it side, -in spite ! 

■of" : the. faqtiihati the Jhdustiy ^ 
believes that -its boom peakrf Bp & 
last autunuLidomestic demand JS? 
remain |«a^-:the BR.m 

ports. ' Cat amt- estate vebic*e 
ordefs l durittg. ;the -first fowr g- J - 
months wetoT: sfiil-., nmn^Bgi 
slightly' above level for tw KS vc: j 
ajniparabl&. period of .1977. 
r the same time home demand tma g 

i K 

kc »s^. x 

found soon afterwards, Reuter l embargo on Turkey.. 


overseas interest: 

Charles Batchelor pays a visit to Holland’s “country within a country’ 

Barcelona metal 

WHrLE THE Dutch province of 
Friesland has become increas. 
ingly integrated into the 
economy and structure of 
Holland as a whole in recent 
years, it still remains in some 
respects a country within a 
country. Its independence, 
separate language — Frisian — and 
separate character are a source 
of pride to its 560.000 inhabi- 
tants. But for a long time they 
were also a major reason for its 

It is now only little more 
than an hour’s drive from 
Amsterdam across the dyke 
enclosing the former Zuyder 
Zee or across the new Polders. 
But Friesland and its two 
adjoining north-eastern pro- 
vinces of Groningen and Drenthe 
are still far enough away from 
the crowded “ Ranstad ” cities of 
Amsterdam, Rotterdam and The 
Hague io be considered distant 
destinations by many Dutchmen. 

Post Office employees in the 
Hague are putting up a strong 
fight against Government plans 
to remove their headquarters to 
the north-east. And for many a 
Frisian “ The West " is an over- 
crowded conurbation of high-rise 
flats and motorway cloverleafs. 

Friesland, with just over -KKJ 
people per square mile, has only 
onc-iifth of the population den- 
sity of the Randstad. Its exten- 
sive lakeland is a major recrea- 
tion urea in Holland. The main 
economic activity — dairy farming 
and related industries— con forms 
more to the traditional picture 
of i he Dutch 

The province’s rich pastures 
ren resent nearly 20 per cent, of 
T>V permanent grassland of the 
Netherlands and Friesland 
2v counts lor a similar share of 

Feelings of independence still 
run strong in Friesland 

the country’s milk production. 
Almost 40 largely co-operatively- 
owned daries convert the milk of 
the familiar black and white 
Frisian cattle into a wide vari Ay 
of dairy products, including the 
Frisian clove cheese which is 
widely sold throughout Holland. 

Fanning and related industries 
arc the largest employers in the 
region, although mechanisation 
has cut the number of jobs to 
22.000 from 60,000 at the end of 
the last war. The production of 
nearly 2bn litres of milk a year 
has been achieved by a pro- 
gramme of redistributing land 
to make more efficient farms 
and extensive use of covered 
cattle-sheds coupled with in- 
creased quantities of cattle feed. 

The coastal strip provides 
excellent conditions for the cul- 
tivation of seed potatoes. The 
shortage of land for potato grow- 
ing has thrown up a plan to 
reclaim 3,000 hectares of the 
Waddenzee. a narrow strip of 
water enclosed by the offsbore 
Frisian islands and the mainland 
which continues to Denmark in 
the east. 

The floodg of 1953 stimulated 
plans to reclaim the whole area 
and shorten Holland's coastline. 
But the shallow sea. much of 

which is turned into mudflats at 
low tide, is now recognised as a 
unique area of natural beauty, 
the home of large colonies of 
seals and the breeding ground for 

many sea birds. The Friesian 
potato growers’ plans would not 
take much of a bite out of the 
sea. but with the area already 
endangered by tourism, indus- 
trial effluent and oil and gas 
exploration any further threat is 
strongly opposed by environ- 
mental groups. 

Tourism is a mixed blessing 
for Friesland. Tbe flotillas of 
summer motor cruisers and sail- 
ing boats bring economic activity 
to tbe area, but tbe jobs created 
are not of very high quality and 
the ever-growing throngs of 
visitors put increasing pressure 
on the delicate balance of natural 

In the 15 years to 1965 govern- 
ment incentives and the 
province's native attractions sue. 
ceeded in stimulating industrial 
investment. Since then Friesland 
has suffered a period of economic 
stagnation. But while unemploy- 
ment has been higher in absolute 
terms in the past two years than 
at any lime since the War. the 
picture is not unrelievedly black. 
The province was losing an 
average of 5,000 inhabitants a 
year in the 1950s as job seekers 
moved to the more prosperous 
wesr. but the population is now 

All the same the economic 
situation is expected to get worse 
before it gets better. Agriculture 
continues to shed jobs while 
increased automation means the 

industrial sector is also offering 
less employment. The local 
authoritin; see the province's 
greatest hope in the attraction of 
civil service departments and 
higher education and research 
facilities f n>m the rest of the 

This posed no problems in 
boom years but local authorities 
elsewhere are now fighting for 
every job they can hold. The 
province's low level of indus- 
trialisation has spared it the 
spectacular company failures 
which have lengthened the dole 
queues in other areas. Apart 
from the agricultural industries 
Friesland employs 14,000 in the 
metals sector-engineering and 

Two important individual em- 
ployers in Friesland are the 
electrical concern. Philips, and 
Douwe Egberts. Philips employs 
nearly 2.000 people making 
shavers and other i household 
products at Dracht?n In the 
east of the province, and 650 in 
tbe Frisian capital, Leeuw arden, 
id telecommunications. Douwe 
Egberts has a workforce of 1,600 
in Joure blending aid packaging 
tea and producing -tobacco and 
instant coffee- ' 

The industrial expansion that 
has been achieved has been 
partly due to Government assis- 
tance . in improving communica- 
tions. education -facilities and. 
housing. Friesland, Hike other 

development areas in the 
northern, eastern and southern 
fringes of the country, has 
benefited from 25 per cent pre- 
miums on new investment Tbe 
precise impact of a new system 
of investment incentives, which 
assesses aid according to factors 
such as tbe number of jobs 
provided, environmental impact, 
and energy saving, is not yet 
clear. • 

In spite of the bilingual road 
signs which welcome the travel- 
ler to Ljouwert as well as to 
Lceuwarden, Friesland does not 
intend to follow the Belgian path 
to bi-linguatism. policy is aimed 
at increasing the opportunities 
for using Frisian in everyday life 
and strengthening its position in 
the education system. A recent 
survey showe dthat 97 per cent 
of Frisians understand the lan- 
guage, 83 per cent can speak it, 
an dm ore than 70 per cent use it 
regularly at home. 

Asked what would happen if 
the province were to carry out 
correspondance with ministries 
in The Hague in Frisian, local 
officials say the number of 
expatriates working there would 
ensure that the letter received 
a reply. Certainly the latest 
plans to split Holland’s 11 exist- 
ing provinces into 17 more 
manageable units leaves Fries- 
land intact. Tbe Frisians see 
this as only natural respect for 
the country which, when the 
Dutch branch of tbe Royal 
Nassau Line died out, main- 
tained the succession in the form 
of the Frisian prince of Nassau, 
Willem TV Karel Hendrik Frisco. 
Whatever may be decided In Hie 
Hague the locals are determined - 
lo remain Frisian' and free, or 
as they prefer it, “Frysk en 
frij." - ' 

strike averted 

by pay deal 

. .... . . „ j. _! . 

'Portuguese coup leader 
held by military police 

-By David Gardner 


•LISBON, May 31*- 


A 48-HOUR strike due to have 
started tomorrow in Barcelona's 
metal industry has been called, 
off after acceptance of a 
management offer by the two 
principal unions involved, the. 
Socialist General Workers’ 
Union and the Gommunist- 
dozn Lasted Workers' Commis- 

The sting has thus been 
drawn from tbe most important 
series of labour disputes in 
Spain since tbe elections a year 
ago. At one point xnOre .than 
750.000 strikers were- involved 
in Barcelona province. 

The agreement comes .after a 
warning from tbe .'Ministry of 
Labour that continuing dead- 
lock would lead to obligatory 
judicial arbitration, a survival, 
from labour legislation which 
the unions have attacked as an 
Infringement of free collective, 
bargaining. Minimum wages in 
the indnstty will be raitod to. 
Pta 29.000 a month with a fur- i 
ther Pta 800 a month from 
October. The unions had de- 
manded Pta 33.000. ’ ' 1_ 

The recent strikes, centring! 
on the textile, construction, and; 
metal industries has divided, em-' 
ployers. The employers' fed era-, 
tion in the key Baix Llobregat] 
area, had threatened, a r 243i0ur~] 
lockout for each day' lost 1 
through strikes, .bat. the mowfi: 
wa strongly criticised .by. Cat»c 
Ionia's leading employers: 
organisation. . ' . ' . f 

AIR FORCE Major Jose Ignacio point .-as T a further example J 
•da Costa. Marti nes, .one of the this -to -the dismissal last- mtug 
main leaders of an attempted of Major. Vasco Loureoco 
left-wing coup here on Novem- his- post as Governor of ¥ 
iber 25, 1975. was arrested Yon.- Lisboa Miliary Region., 
.arrival at - Lisbon -airport , tins : a more balanced 

ijioniing. and^taken by military ^ -i &B i Sirrent changes 
police to the top security Prison; ^ _. military - that $ 
of Caxian. He_ had fled the modernisation, of the- aO* 
After the coup attempt ^ outride a- political-*® 

recent expulsion ^rora Angola. tp .become both-: a capable ® 

Major. Costa Martinas’ . arrest trusted member nf NATO.- ;1 
represents. 'the.' latest in a series, -' This- view, was reflected w 

represents. 'the.' latest in a series, -• This- view, was reflected W 
of steps taken t>v Portugal's high speech on Tuesday by Ge«S 
command, to depoUtlcise " the Ramalho Eanes, the President] 
Portuguese armed forces Portugal and chief of the atoj 
■ J The gradual separation, of the forces, at the NATO spring^ 
military from politics' (no', easy mlt in Washington. “Poitnj 
task given the fact thatr the'- must be -considered “a stratg 
Port u g uese - armed " forees ^iave area- that Is. essentia l -for NAg 
been - involved in attempted- defence, ;giyen- -its- potential *3 
coups and counter-houps '• for. trot of . the. Atlantic -routes -4 
more than ' two centuries)— h as - the gentry -into the ' .Medfl| 
involved n gradual purging -dur- xanean.” he said. . - 
ing the_ past two and a half -. reflected, in his .spe< 
years of many of the /«ure was' the feeling held by the E 
0®^ Sf S -tngirese highrommand that a 

JForc^TMovwnent whlch. bMked —jrj from. NATO is not as, to* 
by civfUare forc^ aiHiceeded iii ' %min g as it might be. Keep* 

.golilirauot of Un armed fo« 
Wry of dictatorship- . . Sr. Eanes feela.-has been a ton 

Significantly the military high- business* until- nav. It is off 
command & '--Working, on ;a. Law„ NATO - now to provide ihe » 

command & '-working, on : a. Law,. NATO - now to provide -ihe ® 
of National Defence. Trith Tybich of upto-date equipment- * 
to substitute • today’s ..conatitre- money which can keep rest! 
tional ; definition, of theVPorru- officers sndb os' Major CO 
guese armed . farced ms. ; the, Martinos responsibly :_occu£ 
guarantors ' of . the L.wutrjft for Ja . long, time to ctene. ■ 

•* transition towards SogaUsm.” " • 

'■ , Cr itfssioa tbs Left here regard V.CV'.a \ v 

thr:7 “tiepnlrticWon r. of. • 

^rcted -forces xair firativ weiafated A*> 

tto:;Mghv lSwKPB.'«S5S^^0l 


Banks to 
sell new 


copper mine earnings 



From mirage to mandate 


^ May 3L 

CHASE . MANHATTAN BANKOV collateral for further finance, 
confirmed. here today that it sent'- In earlier talks with Peruvian 
a -telex message -'to - - Peru earlier" bank ‘officials, --inchidin^ a pre- 
:■ rttic momth requesting .'a gxrwizi- .president or the. central 
inent decree . to guarantee that hank. Chase and other XLS. banks 
" earnings* from . the privately- suggssted that- a la>v guarantee- 
. ovh>ed -.-Gnajone -'copper mmping thepresent system -.of pay* 
-wbnld_ continue to be pstidtOrtfil ment should he a. precondition 
: ' . Creditors and shareholders of tht£ for ’ further 'finance for the 
' Southern Peru Copper Corpnra&prtfcch. wd Chase subsequently 
: 'which operates the -Tnip-ftT^ent tfife- telex up their 
z^not diverted to pay the county^ *j tew of J»eeting. Although 
-:5ebts. ' the Peruvians at the meeting did 

sMm is described Ihemessage ^°. *b e 

. this loan and finance- whit 
■-Peruvian Government is » 

H**J*H. w -, la> „„ Peruvian 

j* finance, this referred strictly to 

~ jhakeitclear that, although the 
e telex' 'said the decree was a pre- 
-condition for further. co-operation 

g wrong, a 

rescheduling frou^- ite . ggurpg.said, to. suggest that Chase 

^X U . J.i . ijfj- . Jf . .- MlUilX^aiu, WOU 56 COI U 1 UL Uliasc 

C 7.1 r ' credit cup*; ...g - < . & . was trymg to bully the'Peruvians. 

Chase «Isp Sutthesame source admitted 

S^oaf.t^ S c1f e 3ipS:nSm^oan tbere inevitably some 
of -2S XE rub-off "between talks on finance 

/consortium, but, added, that.this . Cuaione and talks on debt 
did POtineantt W spjaktag op ^SdS^SrS. because many 
the consortu^s .b^alf- banks were involved in both. 

Is ‘ Nobile here is wilting to 
SSSy Joiiptf U.S. Speculate what the Cuajone bank- 

companies beaded py-Asardo, and 5° n3 ^ rtl .“ in d t 2° 

financed .by com- fnsed to issue the,. requested 

jm^^tibaScs ahd the Eximbank. decreed- However, it ^ under- 
The project - ■- has already : st°Pd that Chase, as sent, would 
absorbed $726m in finance; and assess "the situation and recom- 
reaufeces -the - extra 7 $53:4in - to mend a .course of action to the 
. complete the mining complex 

- and^purchase materials. Earn- indic4^ . f JJ?® 

. : ihgs from the project have, far mor^ og a negotiating ploy than 
.'more than a year, been sent via ^ wti^ gb t d eman d, th er e m a y 
the Peruvian Central: Bank to: yet Se -room for compromise. 

: Chase Manhattan in New York -•■ Meanwhile, there have been 

j” for distribution to creditors j*hd .mojdevelopments in the debt re- 

- . - , - — rJ. - • . :■■■'■. -enKruirrTiniT tn1k.c whjr.h started 

• ' sba recorders: ". .. .. >7 . 7/ . '.scheduling, talks which started 
r*. However, TIB. banks fear, that here last week. A source. close' 
the heavy debt of the -Peruvian -to-the talks said that the Peru- 1 
public" sector estimated ; fi> fbtal . vian . delegation had been to 
' $5.5bn— might proVoke the gov- Washington*. . and would hold 
eminent' to divert these earnings farther talks with; New York 
‘ to itS; own account; or use them bankers this week. 

. . By John Wyles 

tfjS. BANKS and savings 
institutions will be free 
tomorrow to start selling 
controversial, six-month sav- 
ings certificates which arc 
designed to increase funds 
available for house mortgages. 
But some economists fear that 
they could further push up 
short-term Interest rates. 

The new certificates were, 
conceived by the federal bank-i 
lug regulators as a means off 
sheltering the housing sector 
of the economy from the 
impact of steadily tightening 
credit, which has pushed 
short-term interest rates to a 
three-year high. Flows of 
money into savines and lodn 
associations, which provide 
mortgages, and mutual savings 
banks are 39 per cent lover 
this year than last, with p 
result that mortgage rates are 
rising and the rate of house 
building is threatened. j 
With their, interest rates on 
short-term savings pegged at 
5-6 per cent, savings associa- 
tions bave been unable to com- 
pete with money market 
instruments such as Treasury 
hills, and . federal of^cials 
calculate that the new certifi- 
cates could attract up to|$6bn 
in new funds. / 

Commercial banks wal be 
able to sell the new instru- 
ments in minimum donemina- 
tions of $10,000 at ihq' same 
rate as six-month Treasury 
bills, which were auctioned 
last week at 7.14 pa- cent, 
while savings Institutions can 
offer them at a rate J- per cent 
higher. However, ] some 
mortgage associations] fear a 
movement of funds /out of 
existing accounts andja cones- • 
ponding increase in the cost of 
their money. 1 

This, in turn, could push 
mortgage rates up/ from the 
level in April of 9i per cent. 
At the same tirae.pome econ- 
omists see broader implica- 
tions. in that ihi/ attempt to 
protect the hoosing sector 
from the effects of higher 
short-term interest rates could 
make the ecoppmy less sen- 
sitive to tifiitu' credit condi- 
tions and. as .-a result, force 
short-term njtes to levels 
higher than would otherwise 
be the case. . 

MB. HOWARD JARVIS, a portl™ 
^-year-old retired manufacturi 
and failed politician who vague ■ 
resembles the late. W. C. Fields 
seems an unlikely candidate fofl 
assassination. But anonymous 
callers have warned him several 
times recently that he will bm 
shot if Proposition 13 — tha 
draconian tax reform measure on 
which he is co-sponsor— passes id 
California's referendum on! 
June 6. | 

Mr. Jarvis shrugs, “ Listen,” j 
he says “it isn't just the nuts 
who are out to destroy me. It's 
the whole liberal establishment. 
That's how I know I'm doing 
something right." 

Proposition 13 is a citizens’ 
initiative. Mr. Jarvis and his 
ally, Mr. Paul Gann, a 65-y ear-old 
retired estate agent, had little 
trouble collecting some L3m 
signatures for petitions placing 
the matter on the ballot. There 
is a growing legion of tax rebels 
in California, and their revolt 
is only one among a dozen 
gathering momentum in the U.S. 

Proposition 13. also known as 
Jarvis-Gann, would roll back 
property taxes to 1 per cent of 
1975-76 assessed value. In doing 
so, it would deny S7bn in annual 
tax revenue to local governments 
and schools. The measure offers 
no suggestions as to how that 
loss might be made up- 

How can the gap be bridged ? 
The legislature threatens to in- 
crease sales, income, and other 
state taxes by 60 per cent or 
more. Bills to this effect are 
already in the works. The 
Governor, Mr. Jerry Brown, says 
that if the proposition passes 
“the State will not act as a 
sugar-daddy to local govern- 
ment.” But in fact he will have 


mT vjf rnative to support stations, parks, even zoos, fore- contingency plans to deal with 
r>nft«iV{ ’ he adr mts telling that if Jarvis-Gann passes any post-Jarvis crisis. Tens of 
ou d force hiirk “ this f acilit y will be dosed.” thousands of teachers have re- 
Lvc.™ ^ r f stIC ® c ® nom “ ! * Th e proposal is assailed by a ceived provisional dismissal 
f * levei government, broad array of unusual allies — notices. The huge Los Angeles 
laiiforaia's state and local ® ank of America. AFL-GIO, the school district reports that it 
f rnments collect some S40bn League of Women Voters, would be forced to cut its staff 
■axes annually. Proposition California Manufacturers' Asso- of 60,000 by about two-thirds— 

■ would cut property tax ciation, California Teachers' 18,500 teachers and 21,000 other 
Blues in the coming fiscal Association, and hundreds of employees. “Education as we 
| ™ M estimated $12bn others, large and small. Governor known it in California would be 
Kri 1 ' -E ut - locaJ ? overn uient Brown, a Republican, calls it “ a destroyed," according to Mr. 

heavily on property fraud, a rip-off and a disaster.” Wilson Riles, the state’s schools 
»—which now stand at Nearly all Democratic politicians chief. 

■ 3 per cent of assessed in the state agree with him. Mayor Tom Bradley of Los 
■—to pay for schools, fire Californians seem largely un- Angeles talks of slashing $200m 
B non - flood control and 

■essential services. - 

Kerty taxes are set by the A group of Californian citizens is seeking to roll 
Ki n ei E^h'co^whasiu back property tax, the U.S. equivalent of rates. 
Mr- an elected official, who But the Governor, M t. Jerry Brown, says “ the ' 

iSftmii a! s assess m en ts a have State not act 35 a sngar-daddy to local govem- 

i^Kister than anywhere in Ment. * 

t^E-- thanks largely to a 

ltH 1 ® 7 ! which requires the . „ . . 

to use the latpst sale moved . A majority apparently from the city budget firing 1,000 
□^■a house in fixing values be,ieve with Senator S. I. Haya- policemen. 4,000 firemen and 

>ut a neighbourhood kawa, a Republican, that “this closing 140 fire stations. From 
i of Prnnnsitir.n Ti nnint is 11,5 shack treatment needed San Francisco. San Diego, and 
the taxpaver; who P wfll 1° b , rin5 big Z°vernment to its other major cities come equally 
biggest break are not fi3cal senses " dire predictions. The San 

11 hnmpnwnerc . To some extent, the treatment Francisco-based Bank of America 

! J tSt break a rp not* uuc yi cull uuua. iUC 0411 

imeowners who own To some estent . Bte treatment Francisco-based Bank of America 
S of StabTe is * lready having effect - Mr - a ^es that Jarvis-Gann would 
he state Two-thirds Brow ! D - who is running for re- result in "a drastic reduction 
s cut would benefit e ? ec ^ Qn this has moderated of ecsential services or a slgnifi- 
landowners land- b ' s attac ^ s on Proposition 13 in cant increase in other taxes — 
■ramercial-industrial reCl?nt da >’ s - From “a mirage most likely sales and income- 
that's going to blow up in our tax.” 

, ’ " . faces” it has become “a man- Mr. Jarvis, a sometimes over- 

Ods ncen inrown date t0 curtail government at bearing debater, dismisses the 
of Jarvis-Fever: every level which we'll have to massive computerised mailing of 
nper stickers, bill- carry out, if the people want it." firing notices to teachers as 
commercials in Mr. Brown is now saying in "scare tactics." The state eon- 
id for yes or no public that he believes that stitution requires that the state 
rersity chancellors Jarvis-Gann will pass. finance public education. 'They'll 

nze w inners debate Many " curtailments " have find the money. Besides, whv 
public. In towns been spelt out already, in should property owners pay for 
the slate signs have horrid detail, by a task force schools that turn out more and 
at libraries, fire set up by Mr. Browm to study more illiterates each year?" 

California was ripe for a tax 
revolt. A mixture of inflation 
and speculation has sent housing 
prices soaring- Homes which, 
sold for $50,000 three years ago 
now fetch S150.000, resulting in 
property tax leaps of 100 per 
cent or more in a single year. 

Yet the state treasury bulges 
with a $4bn cash surplus. Mr. 
Brown tried to hand some of the 
surplus back through a Slbn tax 
relief bill earlier this year. It 
was halted by the State Senate. 

When it became clear that 
J3rvis-Gann had great popular 
support, the Brown administra- 
tion threw its weight behind a 
rival scheme, sponsored by a 
State Senator, Mr. Peter Behr, 
and tied to another proposition 
on the ballot. No. S. The Behr 
Bill would give property owners 
a 30 per cent tax cut, and make 
up some $I.5bn in reduced pro- 
perty taxes from the State 
surplus. Professor Milton Fried- 
man. the Nobel Prize-tvinning 
economist, who is speaking out 
strongly for Jarvis and made his 
first TV commercial on its 
behalf, calls the measure “Behr- 
faced fraud." Dr. Friedman says 
the Bill is so written that the 
legislature could find ways 
around it, and return to theii 
old habits once The threat of 
Prop. 13 was gone. The foes 
of Prop. 13 responded bv pro- 
ducing not one but two Nobel 
laureates of their own who 
oppose the Jarvis initiative. 

How will California vote? 
Latest polls give Jarvis the edge,.. 
42 per cent to 39 per cent But 
should Prop. 13 - pass. Mr. 
Brown's aides say it will be tied 
up in the courts for months, 
perhaps years. by legal 
challenges from public cmplojee 

Proxmire to fid NYC hearings I Canada N- weapons delay 


NEW YORK. May 31. 


OTTAWA, May 31. 


BP and Caitex in Singapore 
venture; Jos. Schlitz lay-offs; 
U.S. Steel inquiry; Massey- 
Ferguson second quarter— 
; Page 34 

NEW YORK City's struggle for 
financial survival takes the 
centre of the Congressional 
stage next week under the direc- 
tion of Senator William 
Proxmire and before an audience 
of his Senate banking committee. 

As chairman of the committee. 
Sen. Proxmire has scheduled 
four days of hearings next Tues- 
day and Wednesday and for the 
same two days the following 

The committee was to have 
begun its investigation of the 
Carter Administration’s proposal 
to provide $2bn 15 year loan 
guarantees last week but the 
hearings were cancelled by the 
Wisconsin Senator when the 
dty failed to line up the various 
elements of a complicated pro- 

aid. ] 

was designated an 
lition for federal 

With ■ 
to expii* 
put the < ■ 

City n® 
talks ufl 
leaders tefl 
pay deal 
months ol 
sion. I 
Sen. PrJ 
Govern met 
ment who 
pay conceq 

existing federal 
: programme due 
me 30, this delay 
[er great pressure, 
I elements of this 
pain unattained. 

rs are to resume 
lumcipal union 
| a new two-year 
r nearly three 
pclnsive discus- 

md the Federal 
I to see a settie- 
ikes minimum 
bo the unions, 
pew York state 
Ise to passing 

legislation which would extend 
the life of the emergency Finan- 
cial Control Board for a further 
19 years and which would give it 
teeth to veto transactions which 
it believed were beyond the city's 
fiscal means. 

However, the major New York 
banks and institutions bave 
warned they will not purchase 
the Slbn of securities necessary 
for the city’s operations over the 
next four years unless a “sun-set” 
provision, allowing the Board's, 
powers to wane, is removed from 
the legislation. 

This is likely to be accommo- 
dated by the legislature which is 
also trying to move swiftly on 
legislation to increase the borrow- 
ing powers of the Municipal 
Assistance Corporation 

CANADA WILL not have 
divested itself of nuclear 
weapons until about 19S3-S4. 
Admiral R. H. Falls, chief of the 
Canadian Defence Staff, told the 
Commons Defence Committee 

He said that Voodoo aircraft 
may be displaced by 19S3 by new 
fighters which the Government 
is in the market to buy. 

The defence chief also told the 
committee that the neutron 
i bomb was “less ominous," in that 
it produced less blast than a con- 
ventional nuclear warhead. 

He was questioned by Opposi- 
tion members, who pointed out 
that the Prime Minister. Mr. 
Pierre Trudeau, had left the im- 

pression, when he spoke at the 
UN General Assembly, that 

UN General Assembly, that 
Canada was renouncing nuclear 

weapons immediately. They also 
suggested that the admiral was 
adopting a line which diverged 
from that laid down by Mr. 
Trudeau in his UN speech on 
the neutron bomb. 

The Deputy Prime Minister. 
Mr. Allan MacEacheu. disagreed, 
saying that Canada supports the 
decision of the U.S. to postpone 
production of the special battle- 
field neutron weapon. Canada, 
he said, hoped that the Soviet 
Lbiion would show similar 
restraint in its deployment of 
forces. He claimed that the U.S. 
and Canada, by their stand, had 
put Moscow on the defensive. 

Air Opposition member said 
Mr. Trudeau's speech to the UN 
had left a " false impression ’* 
that Canada was moving out of 
nuclear weapons immediately. 


ernational business 
id professional . 
te advice. 

- —these demands 
Rl< rJ*Ellis have 
esta^d 22 offices around 

For a c °P®g Richard Ellis 
fraffinauo»eriy Report write to: 

^Eomhill, London EC3V 3PS. 


iBSSff*” 1 

London W1, Glasgow, Bmssetej Paris, Amsterdam, Madrid, Johannesburg, Cape Town, Durban, Melbourne, Sydney®^.^ Bris [j anei Chicago, Toronto, Montreal, Vancouver, Singapore, Hong Kong 

fchard Ellis 

tionaf Property Consultants 


»-. ' 




Financial Times Thui^ • 

•; ; • I- • K. : c 

t-'r- - ••• ■••••• -i-'. - a: .=.-■^8 vh. 

Pakistan seeks $800-$900m help 


PARIS, Hay 3’ 

tan Committee oF donor coun- 
tries meets here tomorrow and 
Friday to consider Pakistan's 
request fur an increase in its 
debt relief programme for the 
1978-79 fiscal year. 

Pakistan is reported to lie 
asking for a total aid package 
of between SSOOm and S900m. 
In 1976-77. the group of donor 
countries pledged a boat $700ni, 
including grants, soft loans and 
project loans. The amount of 
aid increased hy about 5 per 
cent in 1977-78, according to 
Bank officials. 

The committee groups H 
member 1 countries and the 
Asian Development Bank, plus 
observers! from international 
organisations, and will discuss 
medium and long-range devel- 
opment prospects. 

The committee last met in 
December after the postpone- 
ment of its regular annual 
meeting in April lasr year 
because of the Pakistani 
political situation. 

Iqbal Mirza adds from 
Karachi: Along with the aid 
commitments for the next year. 

Pakistan has requested the 
committee to provide it with 
relief in connection with the 
repayment of debt which will 
become due from July 1, 1978. 
The debt relief or reschedul- 
ing which Pakistan is request- 
ing is between $250 m and 
$300m a year. It Includes 
nearly hair of the committee 
debt while the other half is 
dne to be paid to the non- 
committee members of the 
World Bank. 

In the fonr-year period 
which will end on June 30, 
1978, Pakistan received a total 

debt reHef. of $6 50m w! 
was rescheduled. Pakistan 
requested the committee 
non-committee countries 
such a debt relief is reqt 
to maintain a net inflow o 
and ensure that its balan< 
payments- position was ; 
strained. This Is after fc 
Into . account the max* 
feasible, effort which ; 
country is expected to . 

bunl.,. ' -_e t.X 

Sales of 
Scotch to 
U.S. up 28% 

keeping ip view of ih r 

- A 

capita Income which 
mated around 8190 to;, 
with the population estr 1 
at 73.6m. 


Record aid recommended 


THE WORLD BANK has 'presen- 
ted a flattering report to mem- 
bers <of the Aid India consortium 
of major western countries and 
Japan which meets in Paris ou 
June S and 9. but has neverthe- 
less recommended substantially 
higher foreign aid. Tbe Bank 
feels that although the Indian 
Government's development stra- 
tegy will lead to a rapid rise of 
development expenditure and 
faring the economy to a more 
dynamic growth path. ** It will 
also advance the date when the 
growth of the economy will, once 
again, be resource-constrained." 

The Bank forecasts that the 
trade deficit and the current 
account deficit will reach high 
levels during the second half of 
the 1978-1983 Five Year Plan. 
“Hence, the flow of external 
assistance will once again become 
an important factor in equilibrat- 
ing savings and investment as 
well as in balancing the external 
payments." At present savings 
are marginally higher than 

has resulted largely from inward periods. Net transfer of resources rural sector and encou. ^ 
remittances bv Indians working from abroad has never been the country’s f avourabl 
abroad (mainly in the Middle above 3 per cent of GNP and of payments positic 

SCOTCH WHISKY exports, in tha 
first four months' of 1978 rosea 
by 13.3 per cent in volume to- 
32 7m gallons and 22.5 per cent 
in' value to £187.5m compared 
with the same period last year, 
our Industrial Staff writes. 

The main reason for the 
upsurge was a steep increase in 
shipments to the US, the world's 
biggest market for Scotch, in 
front of price ■ increases 
announced in February but 
which for technical reasons were 
not implemented until May 1. 

Scotch whisky exports to the 
U.S. jumped by 71 per cent in 
volume in April alone and for 
the four-month period were up 
by 27-87 per cent in volume to 
11.76m gallons and 28.54 per cent 
in value to £57 Jm. The industry 
expects shipments to ' tail off 
steeply from now on. 

For the world as -a whole 
during the four months, exports 
of Scotch blended and bottled 
jin Scotland were ahead by 10.4 
per cent in volume and 22.4 per 
cent in value to 22.5m gallons 

SWEDISH pulp and paper ex- 
ports during the first -three 
^months of this year showed a 
'^considerable improvement, tbe 
Swedish Palp and Paper Asso- 
liation says in their . latest 
honthJy report 

\Total deliveries of pulp rose 
by 16 per cent to 1.09m tons 
and those of paper and board by 
llVper cent to 1.32m. tons com- 
pared with the same period in 

East and not any longer, in fell to as little as 0-S per cent fortable grain reserves 
Britain and the U.S.). The between 1969-70 and 1973-74. stability, the bank offe warn " 

Ranfc uipu io c>mm^ h,. India’s reoavmpnt liabilities on ine. 

(worth £160m). 

Britain wins £3-5m 

Bank's view is shared by the India’s repayment liabilities on ing 

Government’s economists who past loans are estimated at “A new situation ha-? en I ■ » . ■ j HA | P 

have cautioned against complac- between S450ra and $500ui which the plentiful s ies ” I n ankll OtC plant aCalS 

ency just because of the export annually over tbe next five foodgrains, other basic 0111 ,*T 
boom and the rising reserves. It years. ties and foreign exchi cou *° 

The Bank welcomes the draft not be absorbed. Thi« ,wever > 

is likely that tbe Bank's conclu- 

sions have emerged from discus- Plan. With large stocks of food- did not prevent the :r sence 

sions with Indian officials. 

„ grains and an'improved supply of price inflation certain 

India's draft plan for 1978-S3 of foreign exchange, it says rite basic consumption 
similarly envisages continuance circumstances present a great Dulses, edible oils, r* dairy 

Foreign aid to India could rise to a record 
level of $2.4bn when foreign exchange 
reserves are high at $5.5bn. 

great pulses, edible oils, r- dairy 
products and even t- es dur- 
ing 1977. The co-er nce of i 
excess supplies in si sectors 
of the economy wi demand 
pressures in othen as P. er_ 
plexed students of '* Indian 
economy; it has a focused 
attention of policy m** 00 tbe 
problem oF how to m tbe best 

Portals lias won contracts to 
install banknote paper making 
facilities in both India and 
Switzerland, a Financial Times 
reporter writes. The Indian deal, 
worth an initial £2im. Is to 
double output at the Hoshanga- 
bad mill. The Swiss agreement, 
incorporating British equipment 
and technology valued at £lim. 
is for a cylinder mould paper 
machine at Landquart to allow 
banknote paper for the National 
Bank of Switzerland to be 
manufactured domestically. 

use of the enhanc* resources l ... , 

during the 197883 C' ear plan! A|n mini nm Study 
period." . 1 

of foreign aid on a substantial opportunity for promoting the On industry, rhi/® 1 * has 
scale to meet the resources gap. Indian economy. “The Draft noted that India # has a 
The Plan has been stalled for Plan responds to this opportunity "broad and sophist ed indus- 

When the consortium meets in 
Paris, it will consider the Bank's 
recommendation that foreign aid 
in 1978-79 should be raised to 
a record S1.2bn from member 
countries. This amount will he 
matched hy the World Bank, 
most of the funds coming from 
its soft-loan affiliate, the Inter- 
national Development Associa- 
tion. Thus, at a time when 
India's foreign exchange reserves 
stand at the high level of S5.5bn 
and the Government is finding 
it difficult to put them to profit- 
able use. foreign aid will come 
to the record level of S2.4bn. 

This suggests that the World 
Bank thinks that the surpluses 
in India's trade for the past 
couple of years are temporary, 
and with them the rapid rise of 
foreign exchange reserves which 

political reasons since the by projecting a rapid growth in base and tha^oduction 
National Development Council, real terms of both overall invest- has increased signiptiy in tbe 
of which all Cbief Ministers of ment and public expenditure.” last three years v e > on the 
Indian states arc members, The Bank is impressed by the demand side, the has been 
called for a fresh version, to be Government's strategy for the r ^ se ln incomes i increased 
considered again in November, agriculture sector. “ Rural devel- exports." But jpdds that 
But the draft makes it clear that opment is the centrepiece of ** private investmerO industry 
the Planning Commission also develonment strategy and the bas stagnated and the second 
envisages a resources gap -to be draft Plan allocates an increased half of 1977-78 t growth in 
filled by foreign aid. share 0 f public expenditures to industrial product slackened 

The World Bank points out the rural sector. The Plan also again and fell bato the low 
that external assistance to India responds to the urgent need to rate of early 1970s 
has increased in the past three reorient the country's develop- On population rowth— con- 
years, com mitments rising from ment towards improving the liv- sidered India’s ic problem 

Pechiney of France is studying 
the establishment of a S150m 
aluminium smelting project in 
Sabah. Malaysia. AP-DJ reports 
from Kuala Lumpur. The project 
envisages production of billets 
and ingots. 

Freighters for Vietnam 

I\anemat5n Gosbo of Japan bas 
signed a $L2m contract to supply 
four used freighters to Vietnam, 
AP-DJ reports from Tokyo. 
Vietnam will use a syndicated 
I Japanese bank loan to buy the 
two 10.006-dwt and two 12,000- 
dwt vessels. 

Net disbursements 
creased from 

. , in : unemployment and significant faintly planning tgramme has 

d from an avera ? e of underemployment: second, an V et to -be recantu- particularly 
SSOOn. to an average of Sl.Sbn. appreciable rise in the standards in norSe^ 

But the Bank points out that of living of the poorest sections; abandoned foljoag the 1977 
the contribution of these flows and third, the provision of basic election The tk hopes that 
to India's real import capability, need to the low income groups." the population r»th rate will 
wr.1 £ 4 inHation - .d^ 1 not Though impressed by the come down ttarid 1.1 per cent 

increase between the two Government's emphasis on the by the turn pf t'.eqAwy- 

India in Dubai plan 

Zairean i Lebanon truce threat 

general to 

be executed after heavy shelling 


May 31. 

manding Zaire Government 
troops in Kolwezi has been sen- 
tenced lo death for cowardice 
against rebels who occupied the 
mining town two weeks ago. the 
official news agency Azap 
reported today. It said sentence 
was passed last Saturday on the 
officer after an 11-hour sessiun 
or a military tribunal, officially 
called a "council of war." 

The officer, named as General 
TShiveka. was accused 'of with- 
drawing troops and fleeing in the I 
face of anti-Government rebels I 
who invaded the town in Shaba \ 
province. I 

Meanwhile in Lusaka, it was] 
reported that Zambia's President.' 
Mr. Kenneth Kaunda. would Jly I 
to neighbouring Angola forlafkV 
with President Agoslinho Nc-toj 
next weekend. A Stale House 
spokesman declined to sav what 
the two leaders would discuss. I 
But Government sources said the > 
mam topic would bp ihe recent 
figbting in southern Zaire 

More than 1,000 people. Includ- 
ing some 200 Europeans, are 
reported to have died in the 
fighting which began three weeks 
ago wheD Katanqese rebels in- 
vaded Zaire's Shaba province. 
The rebels were repelled by 
French and Belgian paratroopers. 

The invasion has embittered 
Zaire's relations with Zambia 
and Angola, with the Kinshasa 
Government nf President r 
Mobutu Scse Seko accusing both 
countries of helping the rebels. 
The sources said it seemed likely 
that Mr. Kaunda would arrange 
a meeting with President 
Mobutu soon after his talks with 
the Angolan leader. 






southern Lebanon is threatening 
the fragile truce there after 
twelve people were killed in two 
days of heavy shelling of the 
town of Nabatiyeh and seven 
surrounding villages. 

The Palestine Liberation 
Organisation tPLO) whose 
forces control the town about 
nine miles from the Israeli 
border, has warned that it will 
retaliate if the shelling con- 
tinued. A communiauo by the 
Palestinians said that five people 
were killed and 17 wounded in 
heavy pounding nf the town and 
neighbouring villages last night 
alone. Israeli gunners and their 
Lebanese Right-wing allies have 
been accused of mounting the 
artillery harraac which started 
on Tuesday night. 

The tension coincided with the 
talks today between Mr. Elias 

BEIRUT, May 31. 

Sarkis the Lebanese President 
and Mr. Hafez Assad, Syrian 

The situation in southern 
Lebanon Is expected to dominate 
the discussions between the two 
leaders in their first meeting in 
six months. 

Mr. Sarkis is known to want 
the Syrians to exercise pressure 
on the Palestinians so they stay 
out of the United Nations- 
controlled region in southern 

Last week. Mr. Yasir Arafat, 
the PLO leader, issued strict 
instructions against infiltration 
by guerrillas into tbe UN con- 
trolled zone. 

Last night Mr. Arafat sent an 
urgent note to the UN command 
here warning that the guerrillas 
would nut stand Idly by if the 
shelling or Xahallyeb and its 
vicinity continues 

Gammon India has secured a 
rupees 50m contract to build 
and install a desalination plant 
in Dubai, Our Own Correspon- 
dent writes from Bombay. The 
plant is one of the Dubai Elec- 
tricity Company's main projects 
for converting sea water Into 
boiler feed water. The work in- 
cludes untts processing 13.000 
cubic metres a day 

Japan TV sales fall 

pulp and paper 




le production of paper and 
u increased during the first 
Eer of this year by 33,600 
lor 2.4 per cent Tbe pro- 
tibn of wood-free, printing 
noted a sharp upswing 
tlso in the case of news- 
positive trend was noted, 
trast the association says 
production of magazine 
id kraft paper decreased 
sat of sulphite wrapping 

Paper and board' exports rose 
by 16 per - cent to a total of 
972.000 tons, while the 

deliveries of paper and hoard for 
consumption in Sweden 
remained at the same leyetas 
that achieved in. the first quarter 

of 1077 : - . ' 

Substantial . increases in ex- 
ports were noted for printing 
paper and material for corru- 
gated fibre board production. • 
The steepest rise in Swedish 
exports was to countries outside 
Europe while trade wito 

Sweden’s two mam . markets, the 
UK. and West .Germany only. 
Increased on a minor scale and. 
dropped in the case of. Denmark-. 

The deliveries of paper; and 
hoard to other countries in the 
Common Market displayed- -a 
favourable trend. - ' ' : r V ' 

Despite the improved demand 
for Swedish pulp, production of 
market pulp this year has been 
on approximately the same, scale 

as during' W first, three meath* 

of last year "atiff ’amounted to 
872,000 tons.' . : . ; 

W^;.grdwingr .deliveries thfr 
has .meant a considerable., reduc- 
tion of.'pulp'stockS^. This-trend 
is continuing^ during jthe second 
quarter and is expected to bring 
stock? to' : a normal leseL at .the 
end. qf the first- haiL-of -this-- year* 

. -. Tbtf deliveries' \of. chemical 
paper- pulp, shdwed the -sharpest 
-rise in "shipments, for blestthed 
s uiphite qualities.! Jlhe^deznand 
for bleached Hardwood sulphate - 
pulp was alsa Nftxon# during the " 
first three- months.^ ^Deliveries at 
mec hanical , pulp showed an im- 
provement of -xnorethan 25^per 

cent during the first quarter, of 
this year: ■ •••.-- - 

Chemical -paper pulp ^ exports 
to Westent Knrbpe /increased' by 
9 per cent. ~:M o r e ithan 625,000 
tons were delivered during ; the 
period. ■ v : - 

imania in new airliner talks 



IS once againr en- 
lks with VFW-Fokker. 
lan-Dutch aerospace 
possible production 
614, tbe sbort-haiil 
production of which 
ned by the company 
tion of a financial 
West German Gov- 
ernment last. Decern be r. 

Herr Johann Schaffler. deputy 
VFW-Fokker, con- 
circulating here 
or two that the 
614 is still attrac- 
anians. Last sum- 

the Ge 
group, o 
of the 
jet airline' 
was abun' 
as a con 
rescue by 

chairman o 
firmed rum 
for a wee 
44-seater V 
live to the R 

raer the confcany concluded a 

joint production programme 
under which as many as 1Q0 air- 
craft were to have been^ built, 
in Romania and exported Eas- 
tern Europe. ' . J - 
Cancellation of the airliner’s 
production in West . Germany 
after only 16 had been $>Ifl had 
-been assumed to spell the end 
of the Romanian coatraei.Jsince 
VFW-Fokker has no funds>rlth 
which to continue production of,, 
parts. - :-i 

Herr Schaeffler made clear 
that if some new means. of con- 
tinuing the deal is agreed, .wtftk 
on the aircraft would te-. 

suioed in VFW^oikketTs plants. 
Romania- would haye to take-fuU 
responsibility:- ^ for - .prsdnctiffli, 
and would presumably- therefore, 
have to make its own- arrange- 
ments with • -Rolls-Royce . and 
SNECMA, buildefs ntthe^SKSE 
turbo fan engine that .powers tha' . 
aircraft.' - ' ' .V - .’ ;’i 

The possible' revival of Rotoa?:.- 
nian interest in the : aircraft 
not seen in. West Germany, ax. a 
threat to the- chahces of th^ '_ 
British BAG Ohe-Eieyenf .joint 
pin) auction of which' is. also under- -' 
continuing; .7 disensrion ?' - y ~ 
British Aerospace.. . • 

wnn* ic,, ‘ 




• U* ,s 

Allied Breweries win big 
Iran cpnsultancy contract 



[\ rail: network 
I ‘set to expand’ " 

ALLIED BREWERIES has won about a third of the Iranian beer 

an engineering and technical market. , . , ; t.ihe expansion of railways in the 

consultancy contraa for a £12m It is already exclusively ] c °?"lB4iddIe East is foreseen in a 
expansion at the Ur an Malta mitted to producing Skol lager.l „„ — hv A*' 
company’s brewery V Tehran. . the brand owned by Skol Inter- 
As part of tbe Government’s national, in turn ■; 90 per cent 
industrial strategy- Vogramme controlled by Allied. -v - 
the UK brewing inSstry has Allied has long been involved 
been concentrating op selling in building overseas brewene^ 
technology overseas as* way of as well as giving a technical ana 
r ' is the quality control service, with pro- 
d us try jects in Kenya.' India, Spain and 
the Caribbean. • 7 . 

s the Skol is brewed in 15 countries 
I will and sold in 74. The expansion 
,capa- in Iran will help the brand to- 
citv"Ys Vo "be lifted'to 500.00*), wards World-Wide target of 
hectolitres (roughly 90m pints) Assies 9m hectolitres (1.6bu 

a year. It currently accounts for pints) this year. 

building up exports, 
first indication that the 
is having some success. 

, The Tehran brewery 
second largest in Iran 
remain so even though i 

By L. Epniei 

Fresh Rhodesia talks bid 


BRITAIN AND the U.S. today 
launch a fresh diplr#natic effort 
designed to pave the way for a 
round table conference on 
Rhodesia. but the mission 
appears to stand little chance of 

Mr. John Graham, a Deputy 
Under-Secrotary at ihe Foreign 
Office, arrives in Lusaka today 
lo team up with Mr. Stephen 
Low. the U.S. ambassador to 
Zambia, and these two men, 
veterans of Rhodesian shuttle 
diplomacy, will lour southern 
Africa in an attempt lo set up 
a round table conference. 

While the Patriotic Front 

guerrilla movement has accepted 
the idea of a conference, the 
parties to tbe so-called internal 
Rhodesian settlement said last 
month that such a meeting would 
be "doomed to failure." Since 
then, there has been nothing in 
indicate any change of heart by- 
the internal leaders. 

Quentin Peel writes Tram 
Johannesburg: A new wave of 
dententions of black activists has 
been launched by South African 
security police, in what is seen 
as a possible attempt to head off 
demonstrations timed to coincide 
with the anniversary of the 
Soweto riots on June 16. 

TEL AVIV, May 31. 
AN UrfiENT 'request to the 
Govemiient > cut the state 
budget/ iy lion (more than 2 
i per cent- anc to collect I£2-3bn 
| uiore m .axejon the basis of the 
! existing 'ax ries, is contained in 
! the utinial pp.ort of Mr. Arnon 
I Gafni, 'juyenor of the Bank of 
Israel, fjbm:ted lo The Knesset 
I finance tom cittee today. 

Thess sti-pd are urgent if 
inflation is rot to get out of hand, 
he war;ecL The Government has 
been uniting l£1.5bn monthly 
into tie economy in excess of 
; budgeted expenditure, and this 
has .iready caused demand 
ihflatta. [f this trend continues, 
deficit financing will rise from 
the p-^inaliy projected I£4bn to 
I£18bi or. 10 per cent of the 
budga economists warn. 

Th* injection of these large 
ainoiuiis into tbe economy has 
airedy raised prices of real 
estate and durable goods and will 
result in a new round of wage 
denajids. Economists also fear 
the expansion of exports in 
recfci months will be baited with 
the home market absorbing 
imports of such goods as cars 
and electrical appliances. Both 
trends would reverse the 
improvement in the balance of 
trade during the past twi, years, 
ffi The Israeli pound has fallen 
b;. 14 per cent against the dollar 
sintM it was floated on October 28 
ku year at a tentative rate of 
UI3.30 to the dollar. But while 
» dropped by 7 per cent in the 
following six months, it has 
fallen by a further 7 per cent 
-once the end of April and is now 
being sold at I£17.51 per dollar 
while banks buy at I£17.39. 

! Japan's colour television exports 
fell 12.7 per cent in April to 
264,418 sets from 302.882 in 
March and down 3S per cent 
from 422,867 in April 1977, 
Reuter reports from Tokyo. The 
| Japan Electronic Industries 
Association said tbe fall was due 
mainly to reduced shipments to 
the U.S. and West European 

Belem project move 

Joao Paulo dos Reis Yelloso. the 
Brazilian Minister of Planning, 
told a press conference that 
formal agreements on a S4bn- 
85 bn agricultural and aluminium 
project will be signed between 
Japan and Brazil next month, 
AP-DJ reports from Tokyo. The 
ventures are an aluminium 
smeltery with an annual capacity 
of 320,000 tons and an alumina 
plant with an annual capacity 
of 800.000 tons in the suburbs 
of Belem. 

Chinese interest in UK’s 

HONG KONG. May 31. 

CHINA is interes/ed in British Colin-- WilkiMon -of Phillips 
Nor* Sea all Jp.on.Uan ad 
extraction technology, the leader j eum ^ 

of a British trafic mission said Lorfl Glenaniara said the know- 
here to-day. /. ledge British oilmen had amassed 

“ China has Enormous oil re- during tbe search for North Sea 
serves, but noW needs the know- oil was now the information the 
how to exploit them.’’ he said Chinese wanted to use in eapand- 
on return from an 11-day visit to ing tl#ir own oil exploration and 
China. / production. # 

Lord Glenaniara, formerly Mr. During the visit, the mission 
Edward Short, deputy leader oE met Vice-Premier Kang Shih-En, 
the Labour Party, said three oil Minister in charge of State 
experts on Eiis mission had stayed Econdnic Commission, who asked 

behind in China to visit oil In- Lord* Glenamara to i ’ ' ihi^nnrt savs; on easing 

gj!2S-'« ret,uest ot the dfeSKE* ° f : »“ 

Lord Glenamara led a mission LoS Glenamara said the* transit MkaUt-i. ' - 
organised hy the North of Eng- Chindse also expressed interest 
land Development Council. The in mining machinery and had 
three men who had stayed behind aske<f the Development Council 
were Mr. David Kemp of the to se§d another mission soon. - 
British Gas Corporation, Dr. Reutia: 

By Our Transport Correspondent 
^SIGNIFICANT acceleration in 

report published today by tfro 
Economist Intelligence Unit u 
‘ -This .report,; which surveys the_ 
whole transport and. - shipping 
scene in tbe area, says there’ is' 
still the possibility of-.*? great 
rewards " 'for' companies in the 
industrialised.. world prepared to . ; 
accept the risks and .challenges 
of involvement in transport ex- - 
pansioh in'the region. • 

Most of the railway 1 Building 

an d improvement will, the report 

says, involve conventional' 
systems,; Afthough . Saudi 
may po^ibly opt t6 6*jariiH^ 
with the . latest : Jhifa*feS6_'tech-' 
oology on high-speed "rail 
Middle Eastern airlines, which 
have also showed' strong; srcWth 
rates', are -expected- to "provide- . 
more work for J-Tndustrlalued: . 
countries, with- rizeable orders 
for new aircraft over the next , 
few years. - J--r ~ - 

On shipping, the- report pre- 
dicts M3»t a' dramatic riseji wj 
and" gas:, exp orts -after 19SI ; W in ‘ 
do much to "remove". ti» surpass 
in tanker and gas carrier . 

age. '" ■ ' • . 1 ;• jV,' - 

There is no support. ior. me 
theory rtiiat Middle East-oopifc- - 
tries are likely to embark imon- . 
massive expansion of . lixeir ffaets 
to take A a large ; share' of vine 
freight inyofved: In tihat- expa?t r • 

sioiL ' • v - ‘ “ '• . . 

Tim future haulage 

services an 4he-.Teg[on is .viewed : 
optimistically- Progress is being 

reduckm transit .'fees*? .... _ 

: SSice Unit; Sp&ice^imse, 27, 
££ /ernes V- Pfeie.:- London 
■ SWiAlNT.: 


Poland aims 


i ■ ■ ; 

Burmese-Bangladesh tension increases 


SERIOUS BORDER tensions and 
strained relations between 
Bangladesh and Burma have 
resulted from ihe forced exodus 
of thousands of Moslem refugees 
from Burma to Bangladesh. Mr. 
Tobarrak Hussein, the Bangla- 
desh Foreign Secretary, said 
hare today. 

Some 150,000 refugees have so 
far arrived, he said, adding that 
no country had the moral or 
political right to expel a 
minority. He said some of the 
refugees were driven to the 
border by gunfire and there had 
been some shots fired across tbe 
border. There were no Bangla- 
desh casualties but in several 
cases army units had to fire 
back in self-defence. 

Outlining the latest position of 
the refugees, who arc being kept 
in nine camps established along 
The 200-mi Ic border. Mr. Hussein 
said the refugees continued to 
claim, that they were forced into 

leaving by the Burmese army 
and that >oung men and women 
wore being kepi behind to work 
as forced labour. They also 
claim that some have been 
murdered and many women 

Tbe refugees started crossing 
the frontier after the Burmese 
authorllies began conducting a 
census. The border Arakan pro- 
vince has many Moslem families 
who over the past three cen- 
turies have moved from what is 
now Bangladesh and now form a 
large minority. When the 
Burmese authorities started 
issuing registration cards many 
refused to be labelled as 
foreigners and it is those without 
a card who are now being 
expelled, according to sources 


The Bangladesh Foreign 
Secretary said talks he had with 
the Burmese on the subject in 
the past two months had been 

without result but he would bo 
leading another delegation to 
Rangoon on June 6. He said 
both sides had an agreement to 
seille problems bilaterallv and 
through negotiation. His Govern- 
ment's line was that the refugees 
should be allowed to return. 
Bangladesh could not contem- 
plate assimilating them, he said, 
and to this end they were nut 
being allowed outside the camps. 
The refugees who were mostly 
poor farmers had also expressed 
the desire to return if conditions 


Observers here say thev 
suspect that the Burmese Army 
is moving against the Moslems 
now because they fear a non- 
Buddhist majority in tiie 
area within a few years 
and consequent insurgency 
jjs . the F faave on oiher 
borders. They reject the sugges- 
tion that the Rangoon Govern- 
ment is aiming lor a purification 

DACCA, May 31. 

POLAND is making steady pro- 
gress towards eliminating its 
trade deficit with the West by 
1980. But future plans for the 
expansion of coal and raw 
.material industries in particular 
mean that Poland expects to con- 
tinue borrowing on Western 
capital markets for the foresee- 
able future, tbe First Deputy 
Finance Minister, Mr. Marian 
Krazk. told the Financial Times 
| in an interview in Warsaw. 

The financial authorities are 
clearly concerned about unfav- 
ourable Western Press comments 
,on -the terms agreed on some re- 
cently signed Polish loan agree- 
ments, and the doubts which 
have been expressed about 
Poland's ability to bear the heavy 
debt servicing and repayment 
charges scheduled for the early 

oE -the Burmese race. 

It is also noted that the exodus 
coincides with the announce- 
ment of the revival of political 
activity in Bangladesh and the 
campaign for presidential elec- 
tions which are to be held this 
Saturday. The implication is 
that Rangoon acted while it 
thought Dacca was otherwise 

The refugees, who are still 
coming across the land and river 
border at a rate of several 
thousand a day. are being looked 
alter by a relie F scheme co- 
ordinated by the United Nations 
High Commissioner * for 
Refugees. So far S3m has been 
committed, according to Mr. 
Hussein, and there was no short- 
age of food, water or mqdicinc 
Bnt the newly arrived njonsoon 
was making living conditions 
difficult and mass inoculations 
were taking place - against 
cholera, smallpox and typhoid, 

Unofficial estimates put 
Poland's outstanding foreign 
debt at around S13ba which is 
considerably higher than the 
| Polish authorities . originally 
planned for several reasons of 
. which the most important is the 
| series of bad harvests which have 
led to beavy imports of Western, 
I mainly U.S.. grain. 

Grain and fodder imports are 
1 expected to cost around $2bn in 
I the 1977-78 period and the Polish 
authorities made It clear at the 
. start of the year that they would 
have liked the U5. Commodity 
I Credit Corporation (CCC) to 
agree to a formal 10-year agree- 
ment to replace the existing 
| three-year arrangement with rhe 
: U.S. Agriculture Department 
' which expires next year. 

The U.S. gave a further $500m 
credit for grain and fodder pur- 
chases this ycdr and U.S. Agricul- 
ture Secretary Bob Berglandi In 
Warsaw earlier this month, con- 

firmed that “Poland has asked 
for some additional time in 
which to make these Instalment 
payments.’ 1 Talks will be held 
in Washington in July to see if 
a more long range financing 
arrangement can be agreed to. 
he added. 

The Polish authorities empha- 
sise that the bulk of their foreign 
borrowing has been directly 
linked 10 investment and import 
of sophisticated plant and 
licences. A high proportion con- 
sists of government credits and 
supplier credits. 

According to Mr. Krazk, “future 
borrowing will continue for long 
years to. come, but .at a decreas- 
ing rate, provided both sides are 
agreed.” but he added, “ we do 
not want the West to use the 
argument that we are too heavily 
indebted to raise the cost of 

There are signs, however, that 
some recent Polish leans have 
carried significantly ' higher ' In- 
terest rates than. other Comecon 
country loans. 

A case In point is- the recent 
two-year S40m loan arranged 

1 df the external debt and .we have ho attitufie to this. 
jr& borrowing requirements to matter, but we are studying the 

irough a fairly severe pluses and minuses. - We have 

f sqaceze over the first people tritined; '.thgt field, but.. 

♦ha cat, mmnlsil with a mamhepahin. inunivaa a nirnihaT- 


part pf the year coupled with a membership- involve? a. number 
major and continuing export of fhetora, including of course 
efforti . onr membership of Comecon.” . 

Acturding to Mr; ; Krasfc; . rMeanwhffe there are signs that - - 
Poland’s trade deficit" dropped the more pragmatic, reformist 
froin^S3bn in 1976 to 82bn .last elements ; wiihm the planrimiT 
y?ar -and is now expected. . "to and econontic structure have won 
drop "further to around: Slbh in the " argument for . managerial 
1978 with balance being achieved freedom, for larger 'enterprises: 
cither by late 1979 or . early. 1980, In. - effect Jt is a repeat per-, u 
■Substantial surpluses are-hoped formanee =jtf - the 1978 ; reforms 
for hi the ISSOs fcs Poland's which- were abandoned- in 1975 
massive investment programme' when ' the", centralisers argued;^ 
in -new mines; factories, - ship-- that . competitive -'.bidding . fori, 
yards* chemicals, and energy labour and other resources Vis’—' 
corne^- on stream - ■ "' ” : a major-inflattonaiy factor at4he = ; 

Th0 temporary import restric- rime- . 

tlonsJmposed at -the start of. the .Now greater managerial free* s? 
year ^helped td cut imports' by. dom is to be : allowed, the larger 
15 per cent in the first four enterprises hih; within the coir- * 
months while exports rose by text of enhanced powers for the ^ 
10 phr cent. This, reduced. -the; banking' system which will Jiave ^ 
trade" deficit over Ibis-period to tp itry.- -and keep the overall 

■^ !r ^ 

iraa? UCuCIL UYCI I ura w WU -u rci OJi . . 

SI sum compared with S7OTm tn eeonomy withln plan“parametcrs 
the same period of 1977. by greater reliance dpi monetary 

by Bank Haodlowy with a groug 

of exclusively Arab banks 
by Union de Banques Arabes et 
Franc aises (UBAF). The spread 
of 1.125 per cent over LIBOR 
looks high compared with current 
spreads on much larger loans to 
other Comecon borrowers like 

But Mr. Roman Malesa, Presi- 
dent of Bank Handlowy. claims 
that this was an atypical, loan, 
being the first with, an exclu- 
sively Arab group and specific? 
ally to finance oil and phosphate 
imports rather than a future 
export generating Investment 

Novcrthelesfs the authorities 
have been sufficiently worried 
by the Western attitude to the 

ramer man a yduuui r*- ““-r 

of imports that Polafid is looking Bank- of- Poland - is believed .to 
for its economic salvation. Fuuda- -be ; preparing set up a^special. , 

mental structural changes, such exporrfnnd, similar to the 45bn ? 
as Poland’s .conversion -from forint fund set .up by the * 
being an 'importer of cement In NatidifaF Bank of Hung ary. It s .-j 
the first five-year plan to being function . will he to . provide 1; 
an fexporter of 2 JSm tons this finance, for those schemes > 
year, lie behind these hopes. promising .a. rapid and suhstan- ■: 

wfien a - balance is- achieved, iSal^ow of hard" currency from 
Poland has plans to.develop the exerts. 

-convertibility b£" .the . ^loty, , . v Pae/black note;, however, Js - 
initially with its Comecon- that The Government is 
partiers. to be followed by some 'apparently resigned to living * 

wfthi western - currencies^ anom a l ous food • structure,' __ .. 

thou gh this is stOI a. lbwtefjto : ■'which" obliges, tte exchequer to- -7 
prosdect of ...rather" indistinct paybutmore in mwt subsidies 
outline at-present .V — — =^~. -than. 4L- spends on. air the. wtta*. 

-Ar£6t t-eport& 'rixat- Po!gT^^ Mreice5: combii»d^ : 3y ^eg:4v:^ 
considering rejoining . the IMF hopes ; ifcutt taeat and fodder pro* ■ • 
2ac,j£razk said, that - 







.:• -rv • .• o .• 

• ■ 

.- . '•’? 

.; t ^ 

- . ■ > * 

; r'Vi .• 


- Ev'tY 


gy^jbbn fjq^ l . , i 


iSkrtin*? ptaflsJTiave, received 
% «ams setback from the in* 
ability ofibe CommonMarket 
countries’ Eners'. ^istf^.to 

agree 1 on ^pwp<»ffcb??ul<iidi5fc 


c2oom'^ v ei‘ in ^“b- 

B^jsh ^ari@irta^-foT use m 


the-C 64 ^ard v ^-» : means for 

it might sell 
ibeu^Si^ IMlE'E*-. 

noii»-^?^ were about lm 
- f^triP fi^anain] vjtfl "Europe. ’ . 

: 'T&;f iEbal?i5paj : d needs - extra 
iT} : ^rfi»t '-arir, Jty' coal, partly be-' 
cause #r od uqti on is rising 

due . t6 -.ihe " incentive bonus 
schejne' an^ partly because- sales 
to ■ stbel industry Tem ain 

^-’addition*, its ' largest 
sine^ 1 • cuSto'merl. tbe ' oleetrieity 
industry. will probably cut its 
2 order] nest year by as r/uch as 
~5in tpib'es] ’ 

Comment : 


- r Jii nen-«t : 

~ 4; -^2: 

-ByvJSftOpl Rawrtome 
' • i ^BET s CWif "Service Commission 
' is .ctHJSideriiig whether changes 
gf)«ii UT - .made in the .rules 

gbvernin^dtiie. appointment of 
fecial- advisers to Government 
Ministers- At present, political 
r adrise;s jcan .be appointed only 
. aS-tehip&ary civil servants for a 
-period’ bL five- years. 

- . Several . advisers to Labour 
-Ministers' wohld-lhave to resign 
..-pest year, if the. Labour Govern- 
ment is still- in office. A Down- 
ffe g ‘ Street fspofce sma n, h o wev er. 
‘denied reports - that Mr. James 
-Callaghan^hfid initiated the 
inquiry ii|tO i th e situation. • - 
‘ Thtiugh ‘the' Civil Service 
department 1 is involved in- the 
inquiry the ^Priine Minister is 
uudemtond" to. Thave made no 
proposal Mmselfr for changes 

Street war poses dilemma 
for co-operative movement 


vear^bv^rwn °^nf 3 thl last ^^^nally fiercely independent 

JvSLJSU ,h ? . b, SS«t retail societies. 

S2S!55 1 -»2f societies, are The figures show that the 
lnereaaing the senous concern of movement failed last year to 
a nnmDer of the movement’s sustain the Improvement in raar- 
» ««“«*!«. at the trading ket share which it had achieved 
j° - s0 .? e individual -in the previous three years, its 
societies during the High Street share of total trade fell frac- 
prices war. tionally to 7 per cent. 

- One of the two societies, the Within this global figure, 
Royal Arsenal, reported a net ^ h . ich still makes the Co-op 
loss of almost £870,000 in the B T ita * n * s largest trader, are very 
year to January 21, 1978, on variations in performance, 
sales figures ' of almost £124m S u m ?- individual societies like 
and faced severe criticism from “*? worth Midland did well, but 
its shareholders. others have had a difficult time. 

The second, the London Co- , Such worries not new in 
operative Society, was forced to tte m ovement. whose autono- 
sell assets, including shares in moUs , socaeti es are ultimately 
London Weekend Television to c ° ntr oIled hy its members. But 
finance a £9S6.000 trading loss. lDe emergence of superstores— 
The London's turnover last year eac “ costing several million 
was up nearly S per cent to ~ as an Mature 

£207m.\-.(In sales terms, this °Li? e th 3roce ^ market - has 
makes it three^uarters the size S5J?, IE** s .l c,e0es nepl1 ™ ore 
of British Home Stores, which a * tl S£, Ul( ey caD sometimes 

reported pre-tax profits of £27m. ral q^ ri “ I } 1 i^ eir own - . . 

last vear on sales oF £ 274 m i Societies, even some of the 

last year on sales of £274m.) Jarger ones have bgen CriticIsed 

Difficulties faced by some of for not sticking to the financial 
the 206. individual societies in disciplines expected or them, 
competing with private traders Some in the past have p;iid more 
such as Tesco were raised at ou t in dividends than they have 
this years Co-operative Congress made in surplus and have run 
in- Scarborough, which ended down their reserves, 
yesterday. At times during the three-day 

ine feeling is that unless the congress, these problems were 
performance of these societies highlighted by speakers from the 
improves, the Co-operative platform who called for new 
Retail Services— traditionally the initiatives by the Co-op's govern- 
society which takes over others ing bodies, 
in trouble — could find itself with The congress al&o demon- 
too much on its plate. strated the unique structure and 

With profits under pressure aims of the movement, which 
tbe price war among grocers, make it impossible to judge it as 
and the Increasing need for just another supermarket group 
capital to build the really big fighting for the housewife's 
supermarkets, there seemed at purse. 

Scarborough to be slightly less In spite of the concern in some 
resistance to the idea of change quarters about individual socie- 
than there has been for several ties' results -there was far more 
years. general interest in the increas- 

Two societies in the South ^fi'y difficult question of how 
Midlands, for example, are to best to preserve the movement's 
merge to form a new single social purpose in a world very 
society with annual sales of well different and much more affluent 
over £30m — a deal which may than it was when fee Rochdale 
be followed by others among the pioneers started it 'all and the 

Co-op was part of working-class 

These two questions, as several 
speakers pointed out. are inter- 
related. because without profit 
there is no money to finance the 
movement's wider objectives. 

Resistance to change still re- 
mains extremely strong in spite 
of the murmurings about the 
aeed for larger societies. 

The central executive has 
long favoured a grand regional 
plan which would reduce the 
□umber of existing societies to 
26. but in the last three years 
the number of mergers has fal- 
len to a trickle. 

Talks get hung up on points 
which in other organisations 
would seem inconsequential. 
The Luton Society, which is now 
to merge with Northampton to 
form a new South Midlands 
Society, was previously in mer- 
ger talks with Enfield Highway. 

This would have been along 
the lines recommended by the 
regional plan. But the discus- 
sions apparently foundered on 
tbe question of what the new 
society shouif be called. 

Enfield apparently insisted on 
the inclusion of the word “high- 
way '* so Luton turned instead 
to Northampton, which under 
the regional plan is part of an- 
other regional group. 

The deal is therefore a good 
and a bad thing from the point 
of view of advocates of the 
grand plan. 

On the ::ood side, the merger 
has not come about through 
weakness — though bath societies 
must have come under pressure 
from the price war — and the 
idea seems to be to enable the 
larger group to build the kind 
of largrs tnudern stores it needs 
if it is to compete effectively 
with groups like Tesco. 

Allied Breweries workers 
given details of changes 


DETAILS OF the major reorgani- 
sation of Allied Breweries' beer 
division — which led to tbe 
resignation from the Board of 
Dr. Bernard Kilkenny in January 
— have now been given to the 
20.000 employees involved. 

The plan splits the beer divi- 
sion into 11 separate companies, 
each becoming an independent 
profit centre. In some of the 
companies, the sales and admi- 
nistration side will be merged 
with brewing and distribution. 

The companies will be given 
stronger management teams and 
“ hand-picked men will be drafted 
in to look after the finance and 
personnel functions.’’ 

Mr. Douglas Strachan. new 
managing director of the beer 

division, who was appointed after 
the departure of Dr. Kilkenny, 
has told employees there will be 
no enforced redundancies or loss 
of terms and conditions. 

So far, no talks have been 
started with the unions, but it 
must be assumed that Allied will 
be hoping to cut employment 
within the division by way oF 
voluntary’ redundancies and 
natural wastage. 

Many of the names used for 
the new companies are already 
in use by Allied — such as Ind 
Coope. etley and Ansells — and 
the reorganisation marks the re- 
appearance of Tetley Walker, 
which will be the company 
operating in the North of 

Ford puts 
up car 
by 3.8% 


FORD began a new round of 
car price increases yesterday 
when it announced rises aver- 
aging 3.8 per cent, with effect 
from midnight last night. This 
is the first Ford rise since 
January 7 this year, when 
prices went up aji average of 
4.8 per cent, and hopes con- 
tinue that the spiral of rises 
every 90 days has now been 

No other car manufacturer 
followed suit immediately but 
it is known that British 
Leyland has a round of 
increases iu the pipeline and 
these are likely lo become 
effective within four to six 

Vauxhall and Chrysler are 
holding off for tbe time being 
but it is unlikely they will be 
able to maintain their prices 
beyond ihe end of July. 
Vauxhall last raised prices on 
January 1 as did Chrysler, with 
tbe exception of Sunbeams and 
Alpines, which went up on 
April 1. 

Ford can afford to be first to 
put up Its prices as it is taking 
over 30 per cent of the UK 
market and, in the Cortina, has 
Britain’s best-selling car. It has 
avoided discounting and Ford 
dealers should be making 
healthy profits. 

It blames the rises on 
increased costs of raw 
materials, components and 

Examples of some or tbe 
new prices, with the old 
prices in brackets, are Escort 
Popular 1100 two-door £2,205.36 
< £2.122.58), Fiesta 11Q0L 
£2.611 (£2,538), Cortina 1600L 
£3J242 (£3.120). Granada 

2800 GL automatic £6.143 


THE National Enterprise Board 
was accused yesterday of grossly 
under-estimating the cost of its 
plan to set up a new semi- 
conductor plant in the UK. 

Mr, Jack Akerman, managing 
director of Mullard. the Philips 
subsidiary, and chairman of the 
National Economic Development 
Organisation sub-committee for 
tbe industry, said the board's 
calculations appeared to be 
adrift by at least a factor of 10. 

He said international studies 
showed that some £500m would 
be needed to set up a viable 
semi-conductor company com- 
peting in the market for world 
standard products like computer 
memories and micro computers. 
However, it appeared that the 
Enterprise Board believed it 
could be done for ffiOm or less. 

Mr. Akerman added: “Tbe 
amount it is reported they are 
prepared to spend will not buy 
much more than a do-it-yourself 
kit for semi-conductor manufac- 
ture. It is totally inadequate tn 
compete iu a field where tech- 
nology is highly complex and 
changing all the time.” 

Philips had invested around 
£500m in semi-conductor manu- 
facture. including the purchase 
of a U.S. company. Signetics. he 
said. Other multinationals with 
experience in the electronic mar- 
kets had invested at about the 
same rate. 


The French and Japanese Gov- 
ernments both understood that 
expenditure running into hun- 
dreds of millions of pounds was 
needed to keep pace with 
research and development and 
manufacturing teebniques, as 
well as to gain experience io a 
highly competitive world market. 

“You can easily lose £10m a 
year on a single product. Then, 
as soon as you start to design a 
new product, you find that half 
your equipment is out of date,” 
Mr. Akerman said. 

He was astonished that the 
Enterprise Board should have 
gone ahead with its plan lo form 
a nvw company without consult- 
ing any of the industry repre- 
sentatives on the NEDO sector 
working party for the industry. 

“I am chairman of the sub- 
committee for active components 
which is supposed to he working 
out an industrial strategy for the 
UK semi-conductor industry. 
Gur report will be delivered to 
the Government shortly, and we 
suddenly find the Enterprise 
Board is doing something com- 
pletely different." 

The working parlv will 
endorse the Department of In- 
dustry view that the setting up 
of a “ main line ” semi-conducloi" 
company in the UK would cost 
about £500m and prove too ex- 
pensive for the UK to consider 
on its own. 

Advisers to the French and 
German Governments and Euro- 
pean Commission oflieials have 
also concluded that a head-on 
challenge to U.S. or Japanese 
semi-conductor companies would 
he very- risky for any single 
European counrty and perhaps 
prohibitively expensive. 

The German Government is 
contributing £75m to a four-year 
investment programme of 
around £150m up to this year 
cpntred on aid to Siemens. How- 
ever. the Germans have so far 
concentrated on special purpose 
circuits rather than world 
markets for standard products. 

French Government support 
for its industry is said to depend 
upon plans for a partnership 
with a major U.S. company, 
possibly Mostek. 

Siemens, in Germany, and the 
General Electric Company, in 
the UK aJsc* believe that acqui- 
sition of a U.S company or a 
partnership with one of the 
leaders of the industry may be 
the best way to enter the U.S. 
and the world markets. 


Tax battie looks imminent 

THE Inland Revenue indicated 
cl (jrIyi''_fox''- the: "first .time this 
week" that' . it i plans . to m ove 
strongly'agaihst twbat it considers 
tax ahuses-'Sy .sriihejhembers of 
: the . car leasing 


..Harold , a , main Ford 
tngt the Revenue 
was. oppes^^e 1977, tax relief 
claimed leasing activities. 

••Aithdash5%he exact grounds 
for th*^>p2?03ition have not been 
■ dtecfos^-fW .either side, it is 
kn«WllifftRj.:ithe. Revenue has 
becfiagte/^icreasingly dissatisfied 
witirsojqfe of the uses which have 
been.raade of the favourable tax 
statM-vrH :■ 

■- It:has' nonobjection to leasing 
arrangeipgQts by . car hire com-, 
panies^but is more sceptical of 
cases- in- which companies supply 
lea^ to; their employees 
• andf^IfertoTS. • 

And/jfhe Revenue belie’.-*? that 
currehtTegislatfon . already rules 
ont favotirable tax treatment 
: ends up in the 
.hands of ih.e employee or director 
after? the Teasing^ period. 

ales have been 


offering schemes with this owner- 
ship provision. However, the 
Revenue has given firm indica- 
tions that it intends to disallow 
the tax claims when they are 
eventually made. 

Three elements have come 
together to cause the present 

First, two decisions by Special 
Tax -Commissioners in 1975 
changed the tax status of leasing 
cars, making the practice vastly 
more attractive. 

This, combined with the looser 
credit controls introduced ^st 
July, has-’ fuelled an incredible 
upsurge in car leasing. The 
value of the business was esti- 
mated at £6m. in 1976; £59m. in 
1977; and this year there are 
projections of total activity in 
the region of £200m. 

Finally, the Inland Revenue 
seems in the last few years to 
haved adopted a much more 
vigorous ' attitude to tax 

•The special commissioners 
decisions in favour of Godfrey 
Davis and Ford Credit in July 
1975 meant that cars could be 

when ifs a question 
pfqriew language-fast! 

• hundred years the Berlitz method of 

i- - : S^e-tuition has been teaching the world to 
i Quickly, efficiently and enjoyably. You 

!£: you learned your mother tongue - 

•7 v vv person to person. Ring today for full 
7 y>irtfai^ation."We T ]I prove to you that it works. 


;;7^^eaching the world to speak. 

s'if-SMWBN 01-466 »3T CROYDON 01-686 2862 
V7 *i- Ml 021-64.54454 LEEDS 0532 35S36-’7 EDWBUfibH 

treated in the same way as any 
other equipment under the 
capital allowance provisions of 
the 1971 Finance Act. 

This meant that a lessor of a 
car could : cl aim full tax relief in 
a Jingle 'year against his pur- 
chase. rather than spreading the 
relief over four years, as before. 

The decision doubled the tax 
advantage of leasing. As before, 
rentals on leased cars were fully 
tax deductive for companies, 
and deductions for a purchased 
vehicle , were ^till spread over 
four years. 

Additionally, the lessor gained 
a 100 per cent, tax write down, 
the benefit of which he could 
pass on to the lessee if he had 
sufficient profits to set the 
allowances off against. This 
requirement explains the fact 
that the leasing industry is 
dominated by the big clearing 
banks and their subsidiaries, 
■with their reliable profits. 

'The schemes to which the 
Revenue objects go a stage 
further after the leasing period, 
which is normally two years 
Clearly the vehicle cannot be 
sold direct to the company which 
is the leasing customer, since this 
would transform tbe transaction 
into hare purchase and remove 
the tax advantages. 

Instead the car is sold under 
the schemes to the executive of 
the company at a value far below 
its real worth in the second-hand 
market — typically at about 10 
per cent of the original capital 

However, the Revenue now 
looks as if it is preparing to put 
a stop to these arrangements in 
a number of ways — all under 
present legislation. 

First, it may deny the company 
which leases the car tax deduc- 
tions for the rental payments. 
Secondly there are signs that 
the executives will be taxed 
under the benefit in kind 

Last, it may hit at the leasing 
company jtseLf. It could do this 
either by obliging it to bring the 
full open market value of the 
car on .sale into its calculations 
of capital allowances, or if the 
agreements always lead to sales 
to executives, it may argue that 
the car is not a capital asset but 
stock in trade and does not, 
therefore, qualify for first-year 

•{•-V-J--- . ■ 


31; V—-—— - 

is pleased to announce the 0 P e ™§ 
of its London Representative Ofrce 

on Thursday, 1st June 19<8 

Representative: Chongbai Chon 

, The Export-Import Bank of Korea, 

Unit 13H Plantation House, 

: 31-35 Fenchurch Street, London ECS. 

trade mar 

Overseas Containers Limited was formed by four 
famous British shipping lines to concentrate centuries of 
experience in maritime trading into a modern system of 
cargo transportation. 

Today, nine years after operations started and well over 
a million container loads later, OCL has invested over £500 
million in a fleet of purpose-built containerships, containers, 
terminals, hardware and equipment and, most of all, people. 

With a route network now linking four continents, OCL 
has become Europe’s biggest container transport operator 

and a world leader in international trade, and in the process 
is helping to shape the patterns of world-wide distribution. 

Serving over 40 major ports, the OCL Group, its 
subsidiaries and agents, provide rapid, efficient and total 
transportation of containerised export and import goods, 
door-to-door, between virtually any locations throughout 
Western Europe and Australia, New Zealand, the Far East, 
South East Asia and South Africa. 

And that is only the beginning. 


The International Trade Marie 


Telephone: 01-623 1831 

Overseas Containers Limited, Beagle House, Braham Street, London El 8EP. Tel: 01-488 1313 
OCL Regional Offices: Barking (London) 01-593 8181. Southampton 0703 35200. Leeds 0532 712255. Swansea (OCL Agent) 0792 53926 
Liverpool 051-236 9911. Manchester 061-228 6373. Glasgow 0236 24922. Newcastle 0632 810261. Birmingham 021-356 6933 

a* - 



De Beers 


cuts gem 
to 15% 

Five jailed for bank drafts swindle 


THE SQUEEZE an the interna- 
tional rough diamond market 
relaxed yesterday when the De 
Beers Central Selling Organisa- 
tion told clients that the sur- 
charge on gem stones at its 
next London sale would be cut 
to 15 per cenL 

The organisation controls the 
flow of about 85 per cent of the 
world's rough gem stones on to 
the world market and holds 10 
sales a year for about 300 
selecled clients. 

The surcharge at its March 
sale was 40 per cent, and 25 
per cent at its most recent sale 
in May. 

The policy °f levying an extra 
charge on a flexible basis was 
adopted in March in a bid to 
quell speculative trading in 
rough stones. 

Stockpiles grew' in main dia- 
mond cutting centres, particu- 
larly Israel, and stones were 
changing hands at a premium 
of up to 100 per cent on the 
organisation's list price. 

The progressive reduction of 
the surcharge indicates that the 
level of speculative trading has 
lessened, and that the rough 
diamond market has returned to 
conditions approadnng nor- 

Dp Beers said that the alloca- 
tion of stones to clients would 
be virtually normal in relation 
to their demands. 

between 4} and 14 years were 
imposed at the Old Bally yester- 
day on five members of the 
“Hungarian Circle.” who tried to 
swindle banks out of millions of 
dollars with forged bank drafts. 

Judge Gerald Hines, said he 
intended to recommend that all 
five men be deported when the 
requisite notices expired 

“As people have come here, 
primarily if not exclusively, to 
exercise ibis kind of plan, it 
must surely be right that die 
Home Secretary should be in- 
vited to give serious thought to 
the question whether they should 
be sent out of tbe country as 
soon as possible.” he said. 

The heaviest sentence was im- 
posed on Henry Oberlander. 51. 
of Clarendon Road, Netting Hill. 
West London, said during the 
trial to have been a man of many 
identities and a master of 

He was described by the judge 
as the central and major mem- 
ber of the organisation and 
jailed for a total of 14 years con- 
current on each of two con- 
spiracy charges. He was also 
fined £25.000 on each charge, 
with an extra 1*2 months in 
default of payment 

He was also ordered to pay 

£15,000 prosecution costs ami the 
question of his defence costs was 
referred to ihe Legal Aid 

Francisco Fiocca. 48, of West- 
bourne Gardens. Paddington, a 
master forger, was jailed for 
eight years for his part in two 
conspiracies, and ordered to pay 
£2.500 prosecution costs and up 
to £2,500 defence costs. 

The judge told him: “1 am 
satisfied that throughout the 
period that you were here you 
were purposefully and effectively 
engaged in the work of forgery 
and playing an extremely impor- 
tant part." 


Two men were jailed for six 
years. They were Andre Biro, 
52, of Rosslyn Hill. Hampstead, 
described as the quartermaster 
and South American controller 
in the Hungarian Circle, and 
Emile Fleischmann. of Ladhroke 
Mews. Notting Hill, a stateless 
Hungarian born in Budapest, 
who also assumed many identi- 
ties as he helped Oberlander to 
pass forged bank drafts. 

Biro, in addition, was ordered 
to pay £2,500 prosecution costs 
and not more than £5,000 defence 

Jorge Grunfeld. 55, also of 
Clarendon Road, a naturalised 

Argentinian born in Romani®, 
who -travelled the world obtain- 
ing signatures on genuine bank 
drafts which the forger could 
later copy, was jailed for 
years and ordered to pay «00 
prosecution costs and up to £500 
defence costs. 

Mr. Kenneth Richardson, for 
the Crown, said when the case 
opened that the forgeries were 
brilliant and the fraud so vast 
had they gone , undetected they 
would, have ulndermined the 
banking system, of the Western 

Mr. Ashe Lincoln. QC. asked 
the judge in mitigation to “treat 
that as mere hyperbole, which 
the Crown was entitled to use 
in opening its case.” He sub- 
mitted that there was no evi- 
dence to justify the expression. 

Passing sentence. Judge Hinds 
said: “This is a case which has 
lasted a substantial time and 
about which — I do not think any- 
one would dispute — there is 
great gravity.” 

He said comment had . been 
made in the Press and elsewhere 
about the case but, as the Judge, 
he felt he must deal with the 
facts as they had been estab- 
lished in court 

In deciding the future of the 
five men and the question of 
deportation, the judge said he 
had first to consider whether the 

-case was .so grave that it mist Great skill had been.. used to 
be dealt with, bn the basis -of its ensure that the forgeries would 
gravity rather than- the interests be of a quality that made deteo- 
of the individual. - tion -well-nigh impossible. 

He. believed it was" of sueb He also. took into account the 
intrinsic, gravity that the offences fact that many articles, from pass- 
proved .could have, caused a great ports to travellers cheques, 
deal - of potential damage' to the -stamps from embassies and other 
community. . He had to have items, had been stolen in various 
regard, primarily to the public parts of the world to enable the 
interest in.- detecting conduct of plan .to be carried but.* 
this kind. The judge accepted that Grun- 

in. . .deciding - the- maxim uiOif el ii'g part was limited, but in 
penalty for- the- offences, he had&ntering the "conspiracy he 
to have regard -to the .penalties topened himself to being part of 
which would, have been imposed an offence -of great gravity, 
for. rsuch . serious crimes- as \ A very serious^ aspect. of the 
murder. -' case was the offerees under the 

“I have excluded “the possi- Immigration Act Which involved 
bilrty that this case falls wholly atconspiracy to contravene that 
into the exceptional category Act by using or possessing pass- 

in response 'to ffe 

Eleni V criticism 



PI TV,?..- ■ 

;-. ‘s ~ 


comparable with • the jail sen- P3T 
fences in such cases as the 
Richardson, trial and the Train co 3 
Robbery case in which there was a 3 
quite vicious brutality. o™! 


Extreme care 

• -“'This case, I think, misses docid 
that; though perhaps hot by a whicl 
very great margin." Notable in sepal 
the present case was thejabseoce In 
of violence for' which credit port 
would be given. - - - .'.to ti 

The frauds were planned and bank: 
carried- out with extreme care -subm 

5 and other 1 'documents. ; 
ils was not an .agreement to 
nit one isolated offence but 
lolseale abuse, of the Act in 
r to travel freely : without 
g readily traced; - . 

[was an abuse of the very 
fence of passports and such 
Aients to facilitate the fraud 
:* was the subject of a. 
Ate conspiracy, 
the judge's 1 view, the pass- 
fraud was equal -in gravity 
life conspiracy to defraud 
e# He- rejected a defence 
oSsion that these offences 

■puy tmpsulTS of two internal '’%-Tfie' "second - report^ .for *5tr 4 
one requested by the GaHaghan.- Is 'due to -be com- 
Rime 1 Minister, iSto tbe Depart- plefed byJuly X and wfltmake 
meat of Trade's handling of the 

Amoco Cadiz and. Eleni V future ha nd l ing -, gf , ppuntaon 
incidents are unlikely to be made emej^cihs.^ - . -^y- . -re- 
public. But some form or public -B«h: inquiriesVrere to be 
report dealing with the lessons condnCted- %y - dfffteUtis^'in'. the 
of the two incidents is probable- -Departments - - maimer division 
In tbe wake of tbe explosion under \^m^«ipenrfsion-; <rf : Mr. 
on Tuesday which sent .the Stanley CQnipn Davis, Under 
Eleni Vs bow section to the sea Secretary for Trade. 
bottom 26 miles off Lowestoft, 12 . Although " puhU^loii of- the 

sDraylhe vessels were yesterday -ffnttingy it ls. unBer- 

attempting to disperse a square stodd-tbata phblic repbrt-will be 
mile of oil patches and prevent prepared, .foUowmg^risitfsm by 
further coastal pollution. local people = and ■ .oyer the 


„ - „™.i- Department^- handling' ■ of- the 

Sonar surveys of the wreck, -Ei R m = - 

and the profusion of forged docu- were loot intended to harm 

meats was of considerable Britaii 
variety, the . judge said. * in cou 

but . intended for fraud 
[tries abroad. 

- Sonar surveys 01 wc 2 4-day Elem V-affalrr - 

completed yesterday, showed that • - - • • - . - 

It is ■ still basically intact and - Y esterday, the. Department of 
lyin'* 110 ft below the surface; Trade saitfaUpg ’(myths EleafV 
However, the - Department of - would b£L PflbUshedjiext /week. 
Trade’ says it does not consider Both the Depart ens^oiffErade 
the wreck to be a shipping and Ehyiforaneht ate .preparing 
hazard - advice for- lw^ authorities and 

-tTmuiries individuals.:; om-conipmisafiDa 

The first of the two inquiries dirims. The Trade: Department 
is a purely routine report pre- has aii^(ty-aiihqiinjcetf it will be 
pared by Department , officers -submitting a ;£2jn ; bfil' for inti- 
after any major incident. Such, pollution measures;, under the 
a report was already underway- terras - of industry-based; /and 
aver the Amoco Cadiz disaster. international claimirprovisfons. 

More tourists stay 

in London hotels 


of profits 
in May 

Commission acts on sa|e 1 
of cheap imported steel warning 


This gives little clue as to 
whether the amount at the sale, 
starting next Tuesday, will be 
greater than that offered in early 
May, but suggests that clients 
will not be deprived of stock as 
some were in April. 

Over the last two months, 
premiums offered on stones in 
the secondary market dropped 
markedly. Some goods have 
been selling at prices of 10-15 
per cent under the level of the 
De Beers list price, plus the ‘25 
per cent surcharge obtaining in 

Stones have also been coming 
back on to tbe market from 

Demand for polished diamonds 
—stones which have passed from 
the organisation through the first 
stage of manufacture— has been 
quiet but firm. 

■ The organisation’s flexible 
policy makes predictions about 
future pricing difficult. But it 
is believed in the industry that 
the 15 per cent surcharge may- 
be the last, and that the organi- 
sation will raise its list price to 
meet the surcharge level within 
the next few weeks. 

MORE TOURISTS stayed in 
London hotels last year than ever 
before, according to a survey 
carried out for tbe English 
Tourist Board and published 

The survey, based on monthly 
figures from 420 hotels through- 
out England, showed that an 
average of 65 per cent of beds 
and 75 per cent of rooms in Lon- 
don hotels were occupied during 

In 1976, the figure for beds 
occupied was 57 per cent and 
in 1975 it was only 51 per cent 

During last year, seasonal 
occupancy rates for beds in Lon- 
don hotels varied from 83 per 
cent in July to 46 per cent in 

The total number of overseas 
visitors to London was 7.8m in 
1977 compared to 6.8m in 1976. 
The number of British visitors 
to the capital remained constant 
at 11m. 

In other parts of the country, 
the overall level of occupancy 
remainedistatic: cheaper seaside 
hotels • let fewer beds, but this 
was balanced by an upturn in 
tbe business done by hotels in 
larger towns. 

The survey, carried out by 
A. C. Nielsen, shows a steady 

decline over the last few years 
in the number of guests going 
for holidays to seaside hotels 
charging under £6.50 a night for 
bed and breakfast. 

Average occupancy in seaside 
hotels went down from 39 per 
cent in 1976 to 36 per cent last 

Hotels in big towns and more 
expensive seaside hotels have 
been able to maintain or increase 
the numbers of their guests, 
partly because of conference 

Figures for the regions showed 
there was a drop in occupancy 
rales in the North. 

This was particularly marked 
in the North West, where figures 
for the peak season. July to Sep- 
tember, fell from 65 per cent in 
1976 to 53 per cent in 1977. 

The highest regional occupancy 
figure recorded last year was 
80 per cent for the South— Hamp- 
shire. East Dorset and tbe Isle 
of Wight. 

The London Tourist Board said 
that it was pleased with the re- 
sults or the survey because it 
suggested that the spare hotel 
capacity of previous years was 
being utilised. The aim now 
would be to achieve a more even 
spread of hotel guests throughout 
the year. 



Financial Times Reporter 

TAXABLE profits in the 212 
industrial company reports and 
account* received during May 
showed the smallest percentage 
increase on the comparable year- 
ago figures since mid-1976. 

The rise of 7.4 per cent com- 
pares with the previous month’s 
15.6 per cent increase. Some of 
the bigger companies acting as 
a drag on the overall performance 
included Dunlop Holdings and 
Guest Keen which showed res- 
pective falls of 29 and 19 per 

On the other hand, Richard 

IN NEW moves to check sales 
of cheap imported steel into 
British and European markets, 
the European Commission has 
takeD action against East 
Germany and Australia. 

Both countries are alleged to 
have been selling their steel at 
below ; the Import prices set by 
the EEC Davignon Plan. 

The commission has imposed a 
definitive anti-dumping duty on 
some types of zinc-coated sheet 
and plate from East Germany. 

Such duties are already in 
force against some other East 
German steel products. 

The move is seen as an import- 
ant development in Community 
action against the high levels of 
steel imports into EEC markets 
from the Comecon nations. 

In its action aeainst Australian 
trading, the EEC has decided 
against a definitive anti-dumping 

Instead, provisional anti- 
dumping duties already , imposed 
on iron and steel coils from 
Australia, exported to Europe 

for re-rolltog, will be extended. 
A feature of the commission's 

measures against steel imports 
is that the rate of duty is 
variable. * 


The British Steel Corporation 
and the private sector steel- 
makers belonging to the British 
Independent Steel Producers* 
Associtioo say' that the import 
restrictions are broadly having 
the intended effect 


Zt can be . reduced to the 
extent that theimporter satisfies 
European customs ' that the 
import price is* lower than the 
basic price because of the 
inferior quality ef the. goods. 

Other steel-prddudng coun- 
tries named in reflea £ EEC anti- 
dumping legislation far iron and 
steel products include Bulgaria, 
Czechoslovakia, R omnia. South 
Korea, Japan, Poland and- Spain. 

Viscount Etiennel Davignon, 

the Industry Commissioner, who 
devised a plan for protecting the 

devised a plan for protecting the 
European steel indstry and 
allowing it a breathings pace to 
stabilise, has secured ibi lateral 

Steel prices have hardened in 
Britain and Europe from the 
non-profi table levels of last year. 

; Although trade is still-bad com- 
pared with the levels before 1995, 
British producers now believe 
that the British Government and 
the commission -are determined 
to protect them from excesses of 
unrestrained eheap imports. 

The latest issue to be raised 
with the Government by British 
steelmakers is the sales -of cheap 
Italian steel into Britain by the 
small northern Italian companies. 
Known as the BresCiani. 

-tv -.-•...■"..■•U- T. • 

By Rupert Cornwell,. Lobby Staff 

steel trading arrangements 'Hor 
the Community with EFTA' mem- 
bers and other countries. '' 

. Talks are in progress between 
the Government and the commit; 
men in 'Brussels towards limiting 
this*- trade, either -by EEC action- 
or by. a unilateral British move; 



education 9 

Enterprise Board assets 

1975 1976 1977 1978 

‘should go to industry 9 


on insurance 

By Eric Short 

needed to do more to educate tbe 
public about insurance matters 
and to tell them the facts about 
life assurance, especially its 
achievements, said Mr. Joe 
Macharg, general manager of the 
Scottish Provident Institution, at 
a seminar jn London yesterday. 

Life insurance had much of 
which to be proud in its opera- 
tions. It was one of the more 
successful of British “indus- 
tries." Yet like a lot of other 
bodies, it was condemned un- 

justly simply through Jack of! 


He considered that if everyone 
understood better what ii was 
trying to do. and how it was try- 
ing to do it. it would receive 
more sympathetic treatment 
from politicians and others. 

There would be much less talk 
ahout direction of investments, 
and a general desire by politi- 
cians to run the insurance 

A DRAMATIC reduction in the 
amount of Government interven- 
tion in industry" is proposed in 
a new Hobart Paper published 
by the Institute of Economic 

The paper puts forward radical 
proposals, including removal of 
the monopoly positions of the 
nationalised industries, abandon- 
ing the attempt to sign planning 
agreements with industry'- and 
selling the assets of the National 
Enterprise Board back to private 

Written by Prof. S. C. Little- 

child of the University of Bir- 
mingham. the paper provides a 
critique of present UK economic 
thinking and policy from the 
point of view nf the Austrian 
school of economists, whose main 
spokesman recently has been 
Prof. Hayek. 

Prof. Littlcchild concludes that 
“the present extent of Govern- 
ment intervention cannot be 
justified if the aim is to encour- 
age an efficient, responsive and 
increasingly wealthy economy.’’ 


■Mr. Macharg said that the 
British Insurance Association 
and the Life Offices Association 
had produced some excellent! 
educational kits for schools and 
ocher educational centres cover- 
ing all aspects of insurance. He 
urged that more use be made of 

Parents press 
for drug 
damage inquiry 

" A more effective way of 
achieving the desired ends would 
be to promote the competitive 
process by removing Govern- 
ment-imposed barriers to new 
entry and by strengthening the 
system of private property 

Prof. Litllechild puts forward 
four main proposals: 

• The Monopolies and Mergers 
Commission should no longer be 
responsible for mergers. This 
would make it easier for efficient 
large companies to expand and 
withdraw protection from com- 
panies whose assets are not being 
used as efficiently as they might 

Patent monopolies should bo 

abolished, exposing the estab- 
lished companies in industries 
such as pharmaceuticals and 
computers to active competition 
from new and smaller companies. 

• Allowing competition against 
the nationalised industries and 
enforcing financial discipline 
would lead to more rapid 
closures of inefficient steel works 
and co3l pits, and the postal side 
of the Post Office would contract 
— though its telecommunications 
side would expand. 

• Abandoning Government in- 
quiries into controversies about 
planning permission does not 
necessarily mean that external 
issues such as the environment 
would be ignored. 

Private property rights should 
be better defined and enforced 
so that these less tangible goods 
could be transacted in the 

• To abandon the attempt to 
sign planning agreements would 
remove a potential hindrance 
from the larger companies, and 
to sell back the assets of the 
National Enterprise Board to 
private industry would mean less 
help was available for companies 
in distress. 

Employees and shareholders in 
such industries would suffer, at 
least initially, but consumers 
and taxpayers would benefit. 

Prof. Littlcchild says that 
adopting the recommendations of 
the Austrian economists would 
not immediately solve Britain’s 
economic problems. 

Though many people would 
benefit, others would initially 
experience " serious and unV 
pleasant changes in their lives." 

The Fallacy of the Mixed 
Economy; an “Austrian " critique 
of economic thinking and policy; 
Prof. S. C. Littlechild; Institute 
of Economic Affairs: Hobart 
Paper 80; 88 pages; £ 1.50 . 

Costain stood out with a 55 per 
cent profit gain, and others con- 
nected with the building indus- 
try which made good progress 
included AP Cement, up 30 per 
cent and Ready Mixed Concrete, 
up 23 per cent, while Hawker 
Siddeley, with a gain of 30 per 
cent, and Delta Metal, '221 per 
cent, were also prominent 
Dividend costs in the May 
reports showed a rise of 181 per 
cent on the previous year. This 
is below the 26.6 per cent rise 
in April reports but slightly 
better than the first-quarter 
increase of 16.3 per cent- 

ITV ex-editor 

blRECTT ELECTIONS, to . Europe 
were azf -open acknowledgement 
of . .the end. of Britain's -ria tj iafi- 
hood, and would: -reduce ^the 
status Of fhe country; ■within "‘the 
Community to that of 'the.Tfesx 
Midlands inside, the U.K, Mr. 
Enoch Pow ell^said - 1 a&t night- 
- The Ulster "Unionist . MPVfor 
South Down, .Tetanus* to; his 
favourite _axiti-Marfcet . .theme* 
argued that as a result iof EEC 
membership, Britain -had already 
lost the power .to rim its;.: own 
trade policy^ ’its 5 own fisheries- 
policy, and >agrictimtral 

policy; ’ <■ 

Britain’s existence' as Va ; ,‘“col- 
lertive entity!* vras,inow::the 
central point at issue, t! • X" ; 

Mr. PoweU told tht ^edetaaion 
of Sussex Indnitri^s^that'eYrit if 
the -fundamental- political ^dzaw- 
backs 'to memberahifr Yrere-liiM 
aside, -the ^economm caw^was ■ 
itselfinconclutavt ,rHe impitritly 
suggested, that V- ^q uanti fi able . 
" quality of . life ”; considerations 
also favooredBritain ppHinfroat 
of the Comrhnnity. ' 


"t f fo eu 



i3U}»KUUI. JafiUO ; if - 

*- Attexnptyq to "measure - - such 
concepts as me standard nf living 
and eeohoinie; growth, -ignored 
many factors; be said. ." Aspects 
of ' life; even of Ahfe.lndividlial's 
life; whichiie' VaJues more_Tngifiy 
than . some of the ones win&can 
be .measured," -l/r • •!•*•£': . 
- The question of.- 'British mem- 
bership of -the-EECL;was the 
supreme political: issne. of -.the 
time. “ That is not to say that it 
is party poaWLbU,'* he rdeclired. 
“ Sometimes It is. and sometimes 
it is not.- BoY rt can never b* 
aoswered-dther than politically." 


u. - . 

^561 BUS A 


wins a medal 

THE ROYAL Television Society 
has awarded its 1978 Gold Medal 
to Sir Geoffrey Cox, pioneer 
editor of ITN and creator of 
News at Teo. This medal is 
awarded each year for good con- 
tributions to television. . 

Sir Geoffrey resigned bis tele- 
vision directorships last year to 
become spokesman for the inde- 
pendent television companies at 
the time the Annan Report was 
being compiled. He remains a 
consultant to Trident, and chair- 
man of ao international news- 
film agency. 

r- AsWcv AalwooS-" 

Mr. Tony Boydcn (centre), campaign organiser of the British industry 1500 Club, with 
the Lord Mayor of London, Sir Peter Vanneck (left), a vice-president, and Sir John Mcthven 
(right), who has accepted the presidency of the dub- 

Midland raises 
interest rates 


^ «•* ih, 


Glasgow winner 
of yacht race 

Denmark visit 

MR. JOHN FRASER, Minister 
of State, Prices and Consumer 
Protection, is on a three-day visit 
to Denmark during which he 
will meet the Danish Consumer 
Ombudsman, Mr. Niels Enren- 
reich and members of the 
Consumer Council. He will also 
have talks with Mr. Erling 
Jenson, Minister of Justice and 
Mr. lvar Norgaard, Minister ot 

gow accountant, won the 1978 
Tomatin Trophy series in his new 
quater-ton yacht Flskery at Tar- 
bert. Loch Fyne, with a score 
of 78$ points- He beat into third 
place the reigning champion, 
Nick Stratton. 

Stratton, in bis new half-tonner 
Just Djinn. chalked up 51$ points 
to win the Scottish half -ton 
championships. 1 

asked to raise more than £1.5m 
to sponsor a challenge for the 
America's Cup yacht racing 
series in 1980. 

With the endorsement of Sir 
John Metliven, director general 
of the Confederation of British 
industry, and Sir Peter Vanneck, 
Lord Mayor of London, Mr. Tony 
Bayden, tbe campaign organiser, 
yesterday launched the British 
Industry 1500 Club, which 
the vehicle for raising the 
money and helping sponsoring 
companies to benefit from their 
contributions. Sir John .will be 
president of the club. 

Minimum subscription for each 
of tbe first 1,500 companies to 
come forward will be. £1,050. The 

general public, as well as yacht 
chfbs. will also be Invited to 
contribute. I 

By Michael Biandan 

AN INCREASE; in interes t rate ^ lc,. 

nn viArcnnal Inane til Be *2 jinnYTlTCrU 1 

The money will be used to 
buy. a new 12-metre boat, -due to 
be'^Uunchcd by builders Joyce 
Maxine, at Gosport next January 
or ^February, plus an older 12- 
metre boat from' the ' 'United 

if sufficient funds are avail- 
able. a second new boat would 
ber . built for the year . of . the 
challenge, and all three boats, 
plus, two complete, crews, and 
other campaign personnel, wodld 
spend at least 100 days practis- 
ing in -the waters -off Newport, 
Rhode Island, ahead, of tbe 
elimination series. 

on personal loans was adnodnrtd - r; : 

by the iridlaxid Bank yesterday* 

The -increase foRows ■-ShoilB' ' 
moves by National Westminster 
and Lloyds, reflecting the recent ,v; ? 
general rise .- in - the level or . 

short-term, interest rates, v Since.. • 

The effective interest - 

new personal toans- at tb e 
land from today will: be eqrnva- ,*r.. • 
lent to 16,7. per cent. for.® ■ _ - 

yeit loan. This compares wufe Y t ..' 
14.7' per cent previouslyi and f 4 ; ■•- 
equivalent to a flat-irrterest rate. 

on the initial amount of -8$ P er -1 ! 
cent . -."--w. . 

Clash as Heathrow extension Inquiry opens: 


Good start at Wateringbury 

over the necessity for the pro- 
posed fourth passenger terminal 
at Heathrow Airport emerged 
yesterday when the public 
inquiry' into the plan opened in 
London. . 

PARENTS^, who believe their 
children have been damaged bi- 
hormone pregnancy testing tab- 
lets are .to see Mr. Roland 
Moyle, Health Minister, next 
Tuesday to renew calls for ani 

. The parents, whose campaign 
being led by air. Jack Asblcy. 
Labour UP. are angry at Mr. 
MoyJc's refusal af a request for 
an inquiry during a Commons j 
debate last week. i 

CHRISTIES’ yesterday started 
one of its biggest house sales 
disposing of the contents of 
Wateringbury Place. Kent, which 
was built for Sir Thomas Style 
in 1707 and returned to the 
family when Mr, David Style 
bought it in 1945. 


Damage attributed to the! 
drugs, withdrawn In 1976 for 
pregnancy testing, include beart 
and limb defects and deft 
palates, it has been estimated 
that thousands of children may 
have been affected. 


Mr. Style has subsequently 
built up the fine collection which 
is beinE sold this week. The first 
day total of £63i,S)0 was com- 
fortably above estimate. 

Best price was £30,000, plus 
10 per cent buyer's premium, 
paid by a Spanish private buyer 
for an important suite of early 
George III walnut seat furniture 
In the Chinese Chippendale 

The buyer also acquired, for 
£13.500. a pair of George irr 
marquetry commodes. 

Other good prices were the 
£22.000 from a private Swiss 
buyer for a Swedish kingwood 
and yew bureau cabinet of the 
mld-lSth century: the £*21,000. 
from Partridge Fine Art of 
London, for an ormolu ebony 
and pictra dura side cabinet, 
c. 1830: and £20.000 from R, A. 
Lee, another London dealer, for 

a George III mahogany pagoda 
cabinet in ihe style of Thomas 

An It%li%n ebony cabinet on 
stand, of the mid-17th century, 
realised £19,000 and Partridge 
Fine Art. again, paid £16,000 for 
a George III ormolu mounted 
mahogany commode. 

The same sum secured an 
Italian porphyry and rosso 
levanto marble bust of the 
Emperor Vitellius made in 
Rome, c. 1600. It was bought by 
the Muscc de Versailles. Tn 1882 
it sold at Christie's for £525. 

A pair of late George II 
mirrors went to Christopher 
Gibbs, the London dealer, for 
£ 12 , 000 . 

Lord Silsoe, QC, for the British 
Aiports Authority, argued that 
the proposed £50m. terminal 
would be “a vitally important 

part of this country's transport 
system,” wtlhout which there 
would be a shortfall of airport 
capacity to bandle the expected 
growth Qf traffic In the 1980s. 

But "lawyers -for the opposi- 
tion, including various environ- 
mental groups representing the 
area around Heathrow, argued 
that the proposed terminal should 
not be permitted until the 

the Department of the Environ- 
ment because of the considerable 
concrn the proposed fourth ter- 
minal has generated. The British 
Airports Authority wants the 
terminal by. the mld-lSSOs, so as 
to increase the . capacity of 
Heathrow from the present 30m 
passengers; a year . to 38m. 

The inquiry is being presided 
over by Mr. lain Glidewell, QC, 
with the assistance of two asses- 
sors, Mr. Robin Goodjsan, former 
deputy chairman of the Civil 
Aviation Authority, and Mr. J. H. 
Chater, - a principal planning 
Inspector in the Departments of 
the Environment.' 

• • .. . .« "T. i 

- .. : -■ J- . 

work until the -mid to late London and the South-East-” ^ 
autumn. . Opponents, of the JenninaL v. :r '- 

J The first .three .days of -the timoover.- expressed fears that • 

*The first .three days oi «je however, expressed fears that it' •>?<.: '_ 
inquiry have been set aaid^j for would no tn ecessa rfly Tae&n.the’V?^.' - " 

Planning bodies 

There . t» r e over 400 objectors 
to the proposed terminal, Incltid- 

the. opening statements of the end of expansion at Heathrow. ; . 
various parties. Including tiie A case -for an ev^ntual fifth 
airports authority and the plan- rpln a) could be. made out on tiw ’V 
oing bodies involved. same grounds— -tiiat there won Iff 

But the broad shape of .v the be dmos^wthobVif- 
inquiry began to emerge yester- - - ■ - 
day. with the sharply contrasting t* • ^ . . . -V. 

views of the various parties. KOaflWOiKS - ; 

iLord Silsoe. for the airports , • veareoser the fears ertend#*"’?;'* • ' . 

authority,, jstrt^ed _ th^t , ^-S^effect* of a tenrinAl on%‘ - v " - - 
authority regarded timro^posed .road, - and tt-t V 

terminal ss^ essential, .-The S S tM -the 

able capa city at Heathrow. Gafr should *not go ahead . nnctil. the..^ ( , t 'i. f 

ceS - to -: ^^stiffi^iybetwsen - ‘ 

the expected, ^hortfati^to-capa- 

June. 1.-1978 





R; 1TT-; 

rclk!Stlk7Cy-> : < ,; J 


tt: "••.•: 

Taped data translated 




on lost 

, • LAjifeST conquest of 'the micro-. 
' processor is .-pie'iadustrial sew- 
inr'in^cbjue*- tater on this year 
The.- Sii^r-^Corniiany will be 
‘ -jntroducins-a tCLOdol'Jhat will be. 

• likely ’io Va ; Somatic effect 

W-.thejag .fctfA-Vi -■: 

. ‘ . Known- : SLS'‘_ffie. rcogrammable 

: CenthrioB.' the'machuie is the 

• auteouw -m- A project in custom 
■ , MOS''design-nnderteken for the 

.- company .Dyi^Sfl .Microsystems. 

Its .^mainvefeH w»H be that 
thfe- op'ejritfcbr , -wII ;not have to 

• remember' Complicated work 
sequen^.^- -AsX-soon as the 
maebiaei-lias been .^ised once in. 
the jprescribea manner, the pro- 
gram m stored, in. random access 
memory ; ‘ -.Iijom; ; then on the 

; operator for any other operator) 

: :s mipl y-haevto -^cuid e the material 
- vandjhot<Ptbe treadle down. 
Vra^arn?ent industry manage- 
meiit.^e machine .means that 
instead 'of. ; giving .- lessons to 
. operators* the sewing machines 
themselves will receive the train- 
ing, -Countering staff turnover 
and training' cost problems. 

- ...:. Regardless of complexity, the 
.' niachihV. remembers up to 50 
jobs-and repeats them. flawlessly 
at speeds^up to 100 stitches per 
, second. v- v -fv ! -- 
■ • sews --the same number of 
the' same .type, of stitches at the 
sarae speed as the operator from 
which -the procedures were 
memorise^ stopping at the same 
poipksjHP^'. the sa m e length of 
for a change of 
directioji.v It lifts the needle, or 
leavHi it. flown. :as learned and 
if starts and ends the sewing 
sequence s with the appropriate 
back tacks secure the stitches. 
As ihe : operator becomes more 
prdfieieirt in guiding the fabric, 
tbe speed of any portion of the 
cycle can be increased without 
affecting' the rest of the program. 
•>i .Three AM3 chips are involved. 

#hand tools 

One of these i? the processor 
itself, which controls and over- 
sees the complete program, it 
counts- stitches and measures 
time periods and machine speeds, 
pulling the selected program 
from the memory (RAM; and 
employing an operating system 
resident on read-only memory 
(ROM). A second chip, an 
“interrupt” unit, deals with the 
flow of signals through the elec- 
tronics circuits, while a third is 
a touch pad interface chip located 
in the operator's control console 
on the top of the machine. Th*» 
touch panel with associated lights 
is used by the operator during 
the programming work. 

The 'machine has several 
modes of programming and 
operation. In u auto learn ” for 
example, it simply learns what 
the operator has done, and in 
“auto sew” will play it back 

But in “ control sew.” although 
the detail played back is the 
same, the operator has control 
of the treadle, the delays, and 
therefore the overall machine 
speed. - 

In the “ key learn " mode the 
machine will only learn the 
actions, not the times : maximum 
speed and the exact delays are 
pre-set. There is also a manual 
setting in which the unit 
becomes a conventional sewing 

Other'modes take care of basic 
machine setting up. repair fin 
the event of a problem during 
sewing'; and the possible need to 
abort a program for any reason. 

AMI points out that although 
there are other sewing machines 
on the market offering elec- 
tronically controlled operations. 
Centurion will be the only one to 
capture data, with programming 
for. rather than simply by tbe 

More on 0793 31345. 

.’V •>* V"-" * v 


v-r M 

' 1 ' \ 

V : V 

i JmA 

scanning radiometer images of 
the UK and surrounding areas 
—of particular interest to 
meteorologists and ocean- 
ographers— are being produced 
on a regular basis by the Elec- 
trical Engineering Department 
of the University of Dundee, on 
the SE7000A high-performance 
instrumentation tape recorder 
supplied, to them by SE Labs 

Dundee started the service — 
still the only one provided in 
the UK — just two years ago. 
They have used the SE7000A for 
continuously recording data from 

NOAA5 llhe American National 
Oceanic and Atmospheric 
Administration ) weather satel- 
lite ever since. The project is 
funded by the Natural Environ- 
ment Research Council and 
images are available to anyone 
who is working on an approved 
environmental sciences project 1 
in a UK university or research 
institute. Commercial concerns 
are charged a fee for the service. 

The satellite analogue data 
signals are recorded on the 14- 
track SE7000A running at 30 ips. 

More from SE Labs. Spur 
Road. Feltham, Middlesex. 
TW14 OTD. 01*890 1477. 

r *4 

Wi:’ ? 

Versatile recording 



ft wV 


Easier to cut to shape 

T^D;thenppcuttihg tools, called 
ZTSrcio. and^TS -21.: and made 
by . th^- Werttyn Tooi Company, 
have !electriiafiy heated blades 
forlspeedy anff accurate cutting 
of rubberi.anff ’"piistic sheet, 
foam, : ftp and' rioth. .. . - . . 

' 'The - toojs^flo; mot .stress or 
cause cracks to fbrrn along the 
cut edges., says the: company, as 
the heaV seals,. Jhe'end of the 
fibres thus' preventing fraying. 

: C&nsistthg-.arya handle and 
.cuttingth?a^ U?. which: may be 
attache* )t>yi?i3e range of blades 
(hbokwE .Hflades ' for sliding 
througfr cSntet a notched side 
- Catter:f enr’ trim ming excess plas- 
:tic.- r waste ’-r-from moulded or 

diecast parts and a pointed blade 
for describing intricate shapes 
plus extra-long blades for sheet 
materials up to 50mm thick), the 
tools are powered by a 120-V 
infinitely variable mains trans- 

There are a number of special 
attachments for plastic foams, 
including a variable loop hold- 
ing device for internal shaping 
and hollowing out- A fretsaw 
attachment and bench For 
mounting the cutter can-be sup- 
plied and this enables materials 
up to 80mm thick and 270mm 
wide to be handled. 

Further from the company at 
Stonehills House. Welwyn Gar- 
den City. Herts. 

Rolls-Royce is to supply the main generating 
plant for a 140,000-kW gas turbine power 
station at Cowes in the Isle of Wight. Two 
70,000-kW sets, each powered by four Rolls- 
Royce Olympus engines driving a Parsons 
manufactured generator, will make up the 
installation. One of the four two-stage power 


PUT ON to the market by Gulton 
International is an oscillographic 
recorder with a response up to 
140 Hz and a capacity of two, 
four, six or eight channels. 

All models have an eight-speed 
push-button selection chart drive, 
with speeds from 0.5 up to 
100 mm/sec. 

Writing is by thermal styli 
on heat sensitive rectilinear 
grid chart paper, and automatic 
beat compensation in tbe stylus 
maintains a constant trace den- 
sity whatever the speed of the 
paper. The trace densily can 
however, be adjusted to suit 

tbe user. Sturdy coaxial styli 
are standard, but long life 
ceramic tip units with a two 
year guarantee are an option. 

In all there are 30 plug-in 
signal conditioners that can be 
applied to any of the eight chan- 
nels: the eight units plug in 
across the top of the front panel. 
Parameters covered include 
voltage, current, temperature, 
strain, frequency conversion to 
DC. AC conversion to DC and 
many others. 

More from Technirite Europe, 
Gulton International. Old Shore- 
ham Road, Hove. Sussex. BN 3 
7EY (0273 77S401). 


For prime power, 
standby, and the 
construction industry. 

Dale Electric of Great Britain Ltd., 
Electricity Buildings, Filey, 
Yorks. Y0149PJ, UK. 

\Tel: 0723-51 4141 Telex: 52163/ 


Watches the 

A SYSTEM for supervising con- 
tinuously operating boiler 
burners in industry has been 
introduced by Landis and Gyr of 
North Acton. London, which 
claims it is tbe first to receive 
approval from the Gas Council. 

Comprising a flame guard and 
flame detector, the system is 
called Detactogyr and can be 
used for supervising oil burners, 
sas burners and dual-fuel 
burners, and also with manually 
operated burners. In combustion 
plants where beat production 
must be maintained, an active 
redundancy circuitry can be 
achieved iii the event of failure 
of the flame supervision controls, 
says the company. 

Full details on 01-993 0611. 


Easy check on rust 

turbines that go to make a single gas turbine 
installation is shown here being positioned in 
its pedestal. The sets will he used to boost 
the power sj'Stem during peak periods and 
emergencies. AoJls-Rarrc says the sets will 
provide full electrical output in about three 
minutes at the push of a button. 

Berkeley and Co. is an accurate 
diver-beld volmieter which is 
able to monitor the corrosion 
and cathodic protection poten- 
tials on submerged offshore 

Made in the form of a gun. the 
unit has a digital display at the 
rear which shows either cathodic 
protection (if the surveyed 
structure is so protected by a 
sacrificial anode or an impressed 
current system i or corrosion 
potential relative to a built-in 
silver/silver chloride electrode. 

A hardened cone tip (which 
will penetrate coatings) is used 
to contact the structure and tbe 
reference electrode is positioned 
on the gun body 100 inm from the 
structure surface and is 
surrounded by a shroud which 
ensures a well defined and con- 
stant sensing area. 

The internal electronics are 
driven by nickel cadmium 
batteries and frequently a full 
survey can be carried out in a 
single hand-held dive. 

More from the company at 
Moorside Road, Winchester. 
Hampsire S023 7SF (0962 


The UK section of the Inter- 
national Solar Energy Society is 
to bold a one-day technical meet- 
ing on Wednesday, July 12. Solar 
thermal power generation- is the 
theme of the discussions which 
will take place at the Royal In- 
stitution, 21, Albemarle Street. 
London. Wl. Further informa- 
tion from UK-ISES. 19. Albe- 
marle Street, London, Wl 
(01493 6601). 

SIMPLE to operate and needing 
no special training, is a portable 
laboratory burner with its own 
energy source, called Labogaz. 

Introduced for use through the 
medical field, pharmaceutical 
and veterinary surgery and for 
dental mechanics, opticians or 
soil analysts, there are three 
component parts — a chromium 
plated brass burner fitted with 
perforated stainless steel head, 
a jet/tap unit and a pressed 
steel body which houses a butane 

The burner weighs 590 
grammes and measures 19 cm 
by 9.9 cm. With a burner off- 
take of 60 grammes an hour at 
an ambient temperature of 20 
degrees C it gives approximately 
3 1 - hours burning time from the 
disnosable C200 cartridge. 

More from Camping Gaz iGB). 
126-130. St. Leonards Road. 
Windsor. Berkshire. Tel.: 
Windsor 55011/7. 

■ ■ ■ i — — - 

electrical wire&cable? 

**-Vf ’.>SlK 




U : i Iftou^hds of typesand sizes instockfor immediate delivery 
LONDON 01^5618118 ABERDEEN(Qm) 323 SS /2 
• :. MARCHES TER O 1-872-4*1* 

... j . 24 Hr. EMB=1GENCY NUMBER 01 637 3567 Ext.409 

. . .. *;■ electrical fittings 

[jJanfl k Progression of the dividend on a capital 

• u-.' ."';v‘vV* increased hy 20% 

sOH-i \tT~f Ok'April 22. 1978, the Board of Directors approved 

r -st raff the accoul,,s lor ** financi ‘‘ l "™ r milu " D) 

5 ' _ . . ConseUfialeff Accounts(l) 

« : ' :7 ■ TotalvTtnni over amounted to ■ - . . < — 

• VrA^astFrs 1882.7 million, an increase of 17% „ 

- ivISa^ngVprofit totalled - --VV Vovr 

^ :fAff : ihcrease of 37.5% compared with 1976 

: . - .Th&jqet accounting profit after tax totalled 

'.v'" .. .-irMcbidipg: 

. : net appreciation on a lease-back transac- 

:’' : t -,tion for Frs.29.2 million . _ 

;:.-4-i..A provision for foreign investment on 
. - ; !■ /r - behalf of PIAL for Frs^l million 

if one'does not'take into account these two excep- g 

r : • tional .operations, the profits reached 

-"Ahincreaseof 29.4% compared with 1976 13 gjj 

-- vGaslr -flow after tax totalled _ 

• : • AntoCTease of 59% compared with the preceding 

- ’ The sales on foreign markets which Fr5 ‘ “ 2, *“ 

■’ '. - 'O: '.The: increase reached 34%, The share ! o 
' ; ;■ sales in .the total turnover increased from is-% 

• to 22% ■ 

(1) Excluding new subsidiaries: PIAL (Brasii), 

- Germany), MPE (Austria) 

. ^ Company Legrand Frs gg-ij 

- /ltltj ^HMaxflimover totaled 

X Ur ■■ An focrease of 16i% over the previous J ear Frs 1299 

? * Trading profit amounted to 

* An increase of 32.% compared with 1976 _ 

;The net accounting profit totalled Frs. 60.7 

. exceptional items mentioned above, tota 

•; t hi : E An.increase of 66.S% ■ incidence of 

. = *v", ;; ;_lf one does not take into accowt the incidence^ 

• ’ the- net.- appreciation on Jease-ba^ an ^^ 

■■■' "■ 'provision for investment m Brazi , p Frs ^ q 

• .>‘.‘5 . readied'. .■■'''1^' 

C * Anirfiirease of 15-4% compared with 19 /o Frs. 10S.5 

■ ,;V Cashflow after tax totalled 

; ' An increase of 31.7% 

The Board of Directors also deciaefl 
If Annual General Meeting on ^ ^04.50 on a 

, ^Propose tUfi distribution of 0™ btraus shai ? 

■■ .v capital increased -by the dism 0 „ tober 1977. compared 
. -r-rfor. every five old. shares held m cto wiU ^ made 

V',’ '"■! >5^ Rr&51-30 the previous year. This 

' "^Payible as from July ^ Meeting the same day 

r.V.-ii m an Extraordinanr Gener^ M ^ uillg S<{HK ) new 

■■ ^Qt fKe view of increasmg the capita y^ hayft enounced 

. . .. ^ shares;- These shares, « nCe ^fbarrlbed by a Common 

- V -preferential rights Will be DSCT y SavtDgs 
-• • • V Jvfevegtment Fund created in the frame 01^ 

: • •:>yil|58Sd'rS& 

■ ^ * # " d * E 
..?■ ^.^prov^ent In the trend. • 


(in Frs million) *, 

Frs. 862-1 

Frs. 108-5 

A non-move 

A HIGH relief, high build, 
elastic tenured finish, called 
Monolastex, which can be applied 
internally or externally, with ex- 
ceptional- adherence to virtually 
any substrate, is the claim of 
Liquid Plastics of Preston. 

It can be applied by brush or 
spray, says the company, a single 
coat giving long-life protection, 
bidmg defects and enhancing 
appearance.^ It cures to a fine 
textured finish or, alternatively, 
a variety oi special textures 
effects tan result from a simple 
roller treatment to the applied 
film whilst still 'wet 

The manufacturer says that 
usual self-textured coatings tend 
to give a low gritty relief that 
chips or flakes, especially under 
substrate movement, but its pro- 
duct eliminates this possibility. 

It also combats the danger of 
blistering and subsequent nip- j 
ture of the skin through moisture • 
being trapped in the substrate — 
a common reason tor failure of 
ordinary finishes. 

The elasticity of this coating 
in five colours, mist grey, light 
green, light blue, magnolia and 
pale lemon, as veil as white — 
cures to a silk screen, aging to a • 
full matt. J 

Further from the company at yl 
P.O. Box 7, London Road, Preston 
PR1 4AJ. Ig 


Dump trucks ® 
are quieter 

THE FITTING of a noise sup- 
pression pack that can cut uoise 
output by up to 10 decibels — to 
levels well within the toughest 
British and European standards 
— is a feature of Aveling-Bar- 
ford’s biggest-selling off-highway 
dump truck. 

The company has developed 
the pack for its Centaur 50, a 50- 
ton capacity dump truck used 
extensively in opencast mining, 
quarrying and construction pro- 
jects around the world. It meets 
the stringent new noise limits 
being set by the National Coal 
Board for all site equipment and, 
says the company, achieved out- 
standing results in a series of 
tests under the new NCB 

No additional maintenance is 
said to be necessary for the 
noise pack which is available in 
kit form and can be fitted during 
machine assembly or added to 
machines already in tbe field. 

More from the maker at 
Invicta Works. Grantham (0476 

Safer for 

ONE OF the prime features ^)f 
.an electrically powered pedes- 
trian controlled die handler, 
handling loads of up to one ton. 
is. says the maker. C.M.T. _ 
(Mechanical Handling) the ^ 
safety of the operator. 

Thus, the machine, CTS lh. has 
full wheel protection to prevent 
it being driven across the 
operator's feet: automatic safety 
reverse (eliminating the possi- 
bility of a man being trapped by 
his machine in a confined space) : 
anti-finger trap protection, and 
guard against moving _ machinery 
on the hydraulic lift in the form 
of a full length transparent 
plastic screen. 

Further From, the company at 
1281- Stratford Road. Hall Green. 
Birmingham. 021 777 976L 

j AL brings you Japan 
from yen to ^n. 



N *. 


Before you go tojapan, it’s agood 
idea to know something about this 
fas cinatin g and very different 

That ? s why Japan Air Lines have 
published two superb books that 
will make learning about Japan a 

‘Business in Japan’ will give you 
important insights into Japanese 
business practice and procedure. 

And'IntrodudngJapan’ willgive 
you a broad picture of Japanese 
history, culture and religion. Like 
we said: Japan from yen to Zen. 

When you get tojapan, you’ll 
find that JAL is on hand to give you 

more help. 

' ( ntx)duangjapdrr 

InTokyo, on themezzaninefloor 
of thelmperialHotel, you’ll find the 
JAL Executive Service Lounge. 

With everything you need 
except the overheads, it’s almost 
better than having your ownlbkyo 

The lounge has regular office 
fadfities-freeoratanominal charge 
-and the JAL staff there will take 
care of your travel and accommod- 
ation arrangements. 



They will also help you with all 
aspects of your business, including 
introductions to Japanese com- 
panies, through JETRO, the Japan 
External Trade Organisation. 

Remember too, these are just a 
part of the JAL Executive Service, 
the first and still the most compre- 

id out more by contacting the Executive Service Secretary 
>ur nearestJAL office, or mail this coupon today, 
apan Airlines, 8 Hanover S treet, London W IR oDR. 


of business aids 
for executives 
visiting Japan. 

It gives you all 
the help you need-before you go, 
on the way and when you get there. 

With at least 25 flights a week 
from Europe, and JAL s incompar- 
able in-flight service, you’ll realise 
why JAL fly more Europeans to 
Japan than any other airline. 

Wfe never forget 
how important you are. 


S A* 

Position — 

xf ■ 

t :Vf- A 

- .1 

Financial : Times Thursday- ffjSTS 


How to 

the people who can do 

• B • • + 


READERS acquainted with 
America will know there was 
nothing hollow about this 
column's early warning that use 
of generally slated educational 
gradings as criteria for job- 
selection is potentially illegal 
in the U.K. I refer to " qualifi- 
cations ” such as five pass 
grades at the Ordinary level of 
the General Certificate of Edu- 
cation, two at Advanced level, 
or a degree. 

These can easily be shown to 
be held by a significantly 
smaller percentage of. say. the 
West Indian community than 
of the population at iarge and. 
very likely, by a smaller share 
of women than of men. 

Consequently the use oF such 
gTadinys as employment 
criteria is open to challenge as 
indirectly discriminatory under 
Lhc equal opportunity Acts 
covering race 3nd sex. 

To refute the challenge, the 
recruiter would have to show 
how these criteria were rele- 
vant to the successful accom- 
plishment of the work in ques- 
tion. And even I — in that filing 
cabinet right over there — have 
more than enough evidence to 
show they cannot be relevant. 

The reason is that the dif- 
ficulty of obtaining a pass 
grade in GCE clearly varies with 

subject and. although less 
clearly, with the Board con- 
trolling the examination. Degree 
awards also plainly vary in dif- 
ficulty with subject and evi- 
dently with university as well. 
So “five O levels” and such- 
like cannot signify a standard 
attainment of anything. 

Facing a challenge a recruiter 
might. I suppose, argue that the 
criteria were relevant, not to the 
work, but to success in some 
college-supplied course of train- 
ing that was relevant to ihe 
work. Bui a determined chal- 
lenger could then surely 
demand to be shown how the 
(raining course was essential to 
adequate job-performance and 
how the criteria were relevant 
to the training course. 


In the end the recruiter 
might win the argument, 
especially if assisted by a 
snappy metaphysician. But there 
do not seem to he many of 
those around (for example. I 
can't lay niy hands on anyone 
to explain how Epicurus and his 
gang decided a thing's appear- 
ance must be estranged from its 
essence — which is much the 
samp sort of question). 

Besides, becoming involved in 
such a challenge with a deter- 
mined end scrupulously in- 
formed plaintiff, would surely 
imply litigation of a length that 

would set the average lawyer 
polishing his spectacles in 
avaricious glee. 

Bewildering goings-on of this 
sort follow naturally from the 
recklessness of starting to legis- 
late against inappropriate dis- 
crimination according to only 
some of human beings’ many 
characteristics. Thereafter, less 
discrimination by sex inevitably 
leads to more discrimination by 
class and so on until one is 
morally obliged to have a 
separate Act and attendant 
bureaucracy to guard against 
unjustified discrimination by 

Should readers still need 
convincing that every employer 
ought to institute a radical 
review of selection procedure, 
they have only to take a look 
at developments in the United 
States, which is a bit farther 
along the slippery slope than 
the UK has slithered so far. 

The Police Bureau of 
Richmond Virginia, for instance, 
has apparently now been forced 
to concede that its staff shall 
not be assessed for promotion 
by any direct employee of. not 
just ihe bureau itself, but the 
whole city corporation. As a 
result. $95,000 is being spent on 
assembling and training around 
35 external assessors to run the 
cops over the promotion hurdles 
under the direction of an inde- 
pendent company called 
Psychological Consultants. And 

thereby hangs a series of 

Psychological Consultants' 
chief executive is Professor Bob 
Filer of the University of Rich- 
mond. And I met him last week. 
And he happened to have sold 
the company to the Inbucon 
consultancy group. And It 
happened to be holding meet- 
ings of senior manpower 
managers in its London head- 
quarters. to discuss systems of 
selecting people for recruit- 
ment and promotion which will 
probably remain legal under the 
equal opportunity Acts. 

More effective 

Happily, the systems — known 
in the jargon as assessment 
centres — also promise to be 
more effective than traditional 
methods in identifying people 
who are actually capable of 
doing their job well. The best 
illustration of the principle was 
supplied by Inbucon's own 
selection boffin. Ray Jeffery, in 
the following words; 

“ If you want a good cricketer, 
you don't call for candidates' 
educational certificates or give 
them psychological tests or have 
them interviewed by a personnel 
officer. You send a skilled 
observer who knows the game 
to watch them playing cricket/’ 

Hence the assessment-centre 
procedure which starts with 
analysis of the work involved 

ip a particular managerial-type 
post to determine which 
abilities arc more or less 
required for success. The 
analysis is converted into a list 
of “dimensions,” for example: 

“ Leadership. — Effectiveness 
is bringing a group to accom- 
plish a task and in getting ideas 
accepted. Commands attention 
through respect and personal 
accomplishment ' 

” Planning and organising . — 
Effectiveness in planning and 
organising own activities* and 
those of a group. . . .** And so 

The next step is to design a 
series of manageriaiiy lifelike 
exercises during which can- 
didates’ behaviour will reveal 
their ability to measure up 
against each of the listed dimen- 
sions of the job. 

Then one obtains a team of 
trained observers. Managers 
already in a company can 
usually be given sufficient skill 
in a week. I’m told. 

The last step is to find some 
empty rooms, or book a hotel, 
and make the assessment centre 
happen. The observers watch 
and note the candidates' per- 
formance in the exercises over 
a couple of days. The observers 
then get together to decide who 
is most suitable for appoint- 
ment or promotion. . Where 
appropriate, the conclusions can 
be discussed with the can- 

didate with the aim of determin- 
ing each individual's needs of. 
training. - 

Like virtually everything else, 
of course, the assessment centre 
system is capable of being used 

If, for example,, the' “ dimen- 
sions” are drawn up so as 
to -■ clone the .jobs' present 
incumbents, instead, of related 
to /.the employing concern's 
prospective development, the 
new’systeiA is likely to prove 
merely an extra-efficient means 
of hammering managerial nails 
into the corporate coffin. 

“ A^business recruiting senior 
people, heeds to take account 
of its'position in the market.” 
said icn Brooks, Inbucon's 
managing director. “ Say It's 
comingiup against a period of 
static home demand, like the 
food industry is expecting. 
Then it Wght to gear selection 
to whether it plans to diversify, 
expand pvereas sales* . or sit 
tight and reduce costs.” 

All th£same. the new system 
offers al means to select by 
working Ability, rather than by 
social acceptability to the 
established caste. Perhaps that 
is why, as, Professor Filer said. 
President 'j Marcos of the 
Philippines.has down-graded his 
civil servants on to temporary 
appointment pending .re- 
recruitment:; to permanent jobs 
by assessment centre methods. 

c. & 10,000 

One of the largest financial. institutions in.; 
the Gty of London seeks. A_young_ and_; 
ambitious person to jont its Corporate 
Finance team which provides top manage- 
ment with back-up in projects, new business, 
financing and corporate finance. Remuner- 
ation package, which includes exceptionally 
attractive pension scheme add house mortr 
gage subsidy, negotiable around £10,000 * 
year. Preferred age 24-28.- 

Candidates will be Chartered Accountants, 
and perhaps honours graduates, with at least 
P months post-qualification experience, 
ideally in the corporate finance function in 
the Gty or in industry. An_analytical mind, 

application and sound financial judgement 

essential. Progression to general management 
and indeed to an executive position in the 

Group is open to those demonstrating leajder- 

ship and creativity. . - 

For a' fuller job description, write' to 
W T Agar. John Courtis & Partners Ltd., • 
Selection Consultants, 78 Wigmore Street, 
London W1 H -9DQ_ demonstrating 
relevance briefly but explicitly and quoting 
reference 203S/FT. This is an equal oppor- 
tunity appointment. Replies -will be ; treated 
in strict confidence. • . 

Personal Investment Schemes- 

Can You Successfully Market Them? 

c. £10,000 

Our client is part of a major financial group, which 
covers most aspects of fund and investment manage- 
ment It has recently expanded very rapidly through 
skilful, professional marketing, careful design of its 
funds to take account of financial and taxation con- 
ditions, and its professional reputation. 

The Board has now decided to recruit a Senior 
Manager, preferred age 28-40, to develop business 
within the Professions (accountants, lawyers, 
insurance brokers) in London. This will involve not 

just selling a range of funds, but advising on their 
individual relevance to investors, making allowance 
for all their personal circumstances. 

To be considered, you should have an understanding 
and experience of both investment management 
and marketing. This could have been gained in a 
similar organisation, stockbroking, or banking. 

The terms are very attractive, including profit sharing, 
and reflecting specific experience, and there are 
excellent prospects of further promotion.. 

Please contact Peter Wilson, F.CA, in strict confidence, at 
Management Appointments Limited, 

Albemarle House, 1 Albemarle Street. London W.l. (Tel: 01-499 4979). 

Management Appointments Limited 

Tax & Investment 

Manufacturing group 

from £10,000+ car 

The group has manufacturing and marketing 

experience in investment analysis. An 

interests in both the UK and overseas and has close mderstanefing of manufacturing industry gamed 

Bnks with a major European organisation. It is now from within isessential. The head office is in the 
at that see where the Group Financial Director must North West and generous help will be given with 
appoint a senior executive to help him if the plans for removal costs if necessary. Salary win be 
future growth are not to be held up. Emphasis will be negotiated to attract the right person and a car is 

on taxation and investment analysis but the post will 
also cover cash management, budgetary control 
and monitoring of results from subsidiaries. It 
represents an excellent opportunity for the 
ambitious man or woman to join a growing 
organisation with the possibttty of promotion later 
or. Applications are invited from chartered 
accountants, aged 3CW0. hoictng a degree in 
Commerce. Economics or Law They must have a 
broad knowledge of Commercial and Tax Law with 


PA Personnel Services Reference AA27:6*tZ. FT 
Initial interviews are conducted by PA 
Consultants. No details are divulged to clients 
vrithout prior permission. Please send bnel 
career details or write lor an application form, 
quoting the reference number on Doth your 
letter and enveloce. and advise us it you nave 
recently made any other applications to PA 
Personnel Services. 



Salaries £2,000-£8.00H- 

■ jK im.\ ini* v call lor on* ct our 

Free Lists 

r.i r-awti iplrd’.- ouctlv M rtf 1 
Commerce t Industry 'UK <; ***;) 

L>ii r.VJWiJ 

Part -qualified/ Experienced 

l-M Vi-iLl 9Xh£M00 
The Profession ;UK OWa 

I ■:>« I- f .vi i i ZSMOsbXiriii Off: A;x->ne? {$u:f 

:-j Sfcwjjie. £C.T t£L 

Tel: 01-638 3833 "4 nour 


Substantial Five Figure Salary 

Our client, a major electrons cs^roup. is 
embarking on a programme of automating 
its manufacturing processes and procedures. 
In addition, the transfer of advanced elec- 
tronics technology from development into 
manufacture is a difficult nut to crac^-the 
major challenge of this appointment. * 

Reporting to the Director of industrial 
Engineering and Manufacturing, the new 
Manager will be responsible for all Industrial 
Engineering and Production Engineering at 
a group level. The group employs in the region 
of 12,000 people at- a total of some 12 sites 
spread throughout the U.K. ; 

The ideal person will have expert-/ faffffijjf 
ence of Industrial Engineering at a 
senior level in a high technology mwt* 
environment. A strong engineering |||| 
base is seen as a prime requirement. 

We will be looking for high analyt/cal mBHlS 

abilities plus the management skills a job 
of this nature demands. In addition to 
these personal characteristics, business 
and financial skills are of great importance 
as the Manager Industrial Engineering 
will be responsible for a major investment 
programme. Age: not over 45. 

The job is based in Southern England- J ; 
and the remuneration package will attract 
candidates with the right international track 
record. If you feel that you can match tins 
very exacting brief, ’phone Geoffrey King, 
Managing Director, who has been retained-" 

. to... advise the company, on -this. , c - 

m appointment. At. this - staged atf. -if 
approaches will be treated in the T 
strictest confidence. Please quote: 
reference M1E. 

t t p This position is open to bothmeri' v^ 
essSI . and women. • ■ 

Cambridge Recruitment Consultants 

9 Brunswick Walk, Cambridge CB5 8DH. Telephone: Cambridge (0223) 311316. 

Charles Barker 

Confidential Reply Service 

PA Personnel Services 

v. -• 

I- •»•>'*. tv 

•r-u-iji 1 1 vi. - *. 

Hyde Park House, 60a Knighbbridge, London SVV1 X 7LE, England. Tel: 01 -235 6060 Telex: 27874 

J i. 


Merchant Banker 

Group Financial 

A wet) known and profitable British public 
group is an acknowledged leader in its 
specialised field of chemicals. Turnover is 
currently in excess of £40m, and its product 
range has wide appfications throughout 
manufacturing industry. The new post of 
Financial Controller is being created, with 
responsibifitv to the Managing Director for the 
continuous review of the financial, 
management accounting and information 
systems used within the group, and for profit 
planning, interna! audit cash management 
and capita] budgeting. This appointment 
requires an AC A or ACMA in nfe or her mid 30s 
who is thoroughly conversant with 
management accounting in its broadest sense 
and with the use of computers to produce 
accurate and timely information for fop 
management. Relevant experience in a 


: technically based process environmenl is 

clearly important, since the task will involve 
introducing a common thread where a 

introducing a common thread where a 
standard approach is unlikely to be appropriate 
for ail subsidiaries. Eamtnqs. inducing 

incentive wfll be of the order of £ 1 4-1 5,000 and 

other conditions are attractive. 

Location: London. 

PA Personnel Services Ref: AA3.6A4 1 -FT 
Initial interviews are conducted by PA 
Consultants. No details are divulced to 
clients without prior permission “P/ease 
send brief career details or write for an 
application form, quoting the reference 
number on both your letter and envelope . 
and advise us if you have recently made any 
other applications to PA Personnel 

PA Personnel Services 

Hyde Park House, 60a Kntgh abridge, London SW1 X 7LE, England Tef: OJ -235 6060 Tele*: 27874 

A major international Banking Group is seeking a young Merchant 
Banker tor its Gulf based Merchant Bank. Applicants should be 
Chartered Accountants with at least two years Merchant Banking 
experience preferably in medium term lending. They should be 
between 25-28 years and prepared to live and travel in the 
Middle East. 

Please reply with full C.V. to the Security Manager, quoting 
reference 1469. 


Tehran-lran To £20,000 tax free 

A consultancy company requires to recruit a small team if 
ipeaalists 10 carry out a wide-ranging assignment for itr client. 

a major steel corporation. 

If you feci that your experience would enable you to promote, 
design ana implement systems successfully in the areas of: - 


management information : ; 




"f “i/l a de J?. th Qf u ■ XM . rie " e * in che steel environment, 
together with outstanding ability in your chosen field of speciaiisa- 
non. you would find this challenging assignment of great interest. 
You would also require to be diplomatic yet forceful and would 
expect to work with a high degree of autonomy under pressure 
in resting conditions. 

“ 45 old " ith d '* r " “I/”' 

Interviews will be held in U.K. from B June. - -- 

Please ot*pl Y fn writing without delay enclosing a comprehensive. 
resume of Qualifications and career try Atttm m- 


Wardley Middle East is the merchant banking arm of The Hongkong 
Bank Group in that area. Based in Dubai, it operates throughout the 
Middle East, and in particular in those countries where The British Bank 
of the Middle East, another member of the Group, is represented. 

qua/ffications and career to dote, Lo: 


49 Winchester Street, London, S.W.I 


Required for Lloyd's Broken; who are mem here of 
Uie Jar dine Matheson Insurance Brokers Group 
of Companies. 

Wardley Middle East is expanding its activities and is now seekrng lo recruit 
two young graduates and/or professionally qualified .persons for its Dubai 
office, for an initial tour of two-three years’ duration. Candidates will 
preferably have some merchant banking experience, particularly in the 
fields of corporate finance or medium term lending. 

An attractive salary will be paid, together with free housing, annual home 
leave, and other benefits normally provided by a major international group. 

applicant should be qualified and experienced 
in Lloyd s Insurance Brokers accounts. 

Applicants should ivrite in confidence to : 

The Personnel Manager. The Hongkong and Shanghai Banking Corporation, 
99 BIshopsgate, London EC2. 

m Lloyd s Insurance Brokers accounts. 
Age preferred 25/35 years. 

Location: This position will be based in Chelmsford. Essex. 
TS' {S' ?? s ?,7l ces of! are SSS sSt 
hAVene £ CKenlW with *0 Pd«ibility of 

?, hle 5 Accountant win be responslbte for 

"P2 Mana S»« Director^flS 5**n* 

anil maiiagement accounts. on the. v 

Salary: By negotiation subject to age and experience. 

•KK£«?hSiJ&3; ***■'*>* Peb.iOn' Scheme/ 

* lhe * rst 

-f Cil Pi. m .Vwna 1 

-"Interviewing will take place in London. 

r„ J' Monahan. Financial Director. - 
Jar ffStJhoS « on Insur ance Brokers Ltd.. 

28 ^dowRoad,. 




■ ; 

f# i 

K *1 




• i 


Beer Production £8,000 + Car 

v Newcastle Breweries Limited is one of the 

^^ 3 h l 0 ^£ rogreSSive brewin 9 groups, laying 
Or^ d ?^ e J fr€ ^ or >P rcrfe ssional management at all 
fsrojs. Accordingly„the above post ti as been created in 
-f^grto^prdlnateaH the adrffittSroiupSrt ° 

.s^ar^stiroughout amajor brewing compfat 

production controtand industrial 
: . r .®hfl ,n ®®ring. it should therefore appeal to senior • 

f * ****** in one-or more of these 

demands considerable expertise 
. ht systems design and administration 

data ™?ysts. Man management skills wilt 
(SjEfEJS espe 2? ly In the co-ordination of the work 
experts on mufti-discipline projects and 

The holder 

^ V general Manager. The holder 

?7^J? be r ° f the Complex Senior Management 
. ieam and will be expected to provide advice and • 

- support to the General Manager throughout the whole 
range of accounting and administrative activities. 



Buckmaster&Moor**. a ma|*-<rfirm located in the 
5tc»d>. Exchange, a jK*>ition t«.* oiti-r xcackiI cip|>*»r- 
tunilif’S to those seeking to enters «.«nooi in Stockbrokutg. 

(the person* 'Appointed iviJ/.begn m a compreJieron >:• 
training in astinuitiling hi i\ ironment .ind even entoi ir.igc- 
•menttt.1 devekip a oneei tn one of utir *<pe« stock - 

v&olang dej vmmenLs. most suited l<.» iheir idlenUncT ability: 
|'|£ -These important openii u*s are at various lev els and 
gfopiiidales-iliaukl bn edu. died to ‘X level or 
•Stancfei’il with t\\ o to three years' successiul experience 
inlnduslry* or finance, Applications troin professionally 
qualified candidates aio also w ekomo- However, most 
Ve&eri&iIlY* thev must be enthusiastic, self-motivated 

iVjYfiaJcp a success in this demanding lielcj. 

^aSyafidhenef i ts arc* those associated with a major firm. 
*$feosg write, in t oritidence, with detail* or age, education 
to date to:-' 

•• •v* -.c.'i'-G.Risdon, Administration Partner, 

The Stock Exchange, London EC2P 2JT 

Lease Management 

c. £15,000 car 

§tftf£ainpafatjvely new in the U.K., equipment leasing is 
:^i^Kiding faster than any other form of external financing. 
GMCc^ehts are one of the established leaders in the field — 
a^siiic*ssful. vibrant private company with a young 

m^ffi^Therit team. The prime activity is the leasing of 
^-cpininercia'i vehicles, but other capital equipment is 
iftKWedLAs part' of their planned programme of expansion 
‘ then ext stage of Jhejr development, being the 

pf a -tendon bdseti Finance Company utilising their 
; iexfiertfse a rid market position as a springboard into the 
‘ financial wch - ! d . . 

The li^na^er wU| be'acfively.mvolvedm setting-up and 
qqickiy establishing this new venture on sound commercial 
Primary objectives will be the raising of finance for the 
. funding of leasing -arid H-.P.;agreements and the overall 
-dmg&tion of a team of leasing sales executives. 

person will be someone with leasing and banking 
’^i^friehce, contacts and respectability in the city, and. 
laqjitog for the opportunity to create a successful, 
w^jatuling profit-centre. 

lhltiaLrernuneration will be negotiable around £15,000 p a. 
^Nen will be an additional substarUial commission area, 
-prestige car and excellent future potential and prospects. 

. Please telephone John Swift, PER 
Manchester (061) 236 9401 EXT 66 

Applications from both men and 
women are welcome. 

!t is anticipated that applicants will hold a degree 
and/or a professional qualification in a relevant 
numerate discipline but it is essential that they are able 
to demonstrate a job history which Includes proven 
■administrative achievements a manufacturing 
environment with line responsibility for accounting and 
industrial engineering functions.- 

A generous remuneration package includes company 
car; non-contributory pension and life assurance 
schemes. Please send a full curriculum vitae to:- 
A W Savage Esq 
Group Selection Manager 
Scottish & Newcastle Breweries Ltd 
Gilmore Park 

*4 h»] 


'! 1 it 1 0(1 

ifll fH 

1 H ■ kTMj 

to £. 12 , ODD 

28 -* 2 . with at least 2 irs. 
relevant exp. and the flair for 
future Partnership to assume 
rcsoanslbllltr for established 
wetor ufith m»|or firm. 


„„ . <4 £6.000 

20-25 wicn 1.3 *rs. equity 
CKO.. French anchor German, to 
loin expanding International 
dept, of well known firm. 


,, £S.OOO-£7J1QO 
03-26 Graduate with 1.3 vrj. 
financial Investment research 
exp. and good verbal ability 
to assist Senior Analyst and 
then take over coverage oi 
small group of co.s lor lop 


£7.500-£ 103100 
A leading multi national oil 
co. urgently requires two 
Qualified accountants (2H-351. 
working in the Hies, market- 
ing and distribution dents., 
candidates must have hid 
previous oil or contracting 
cxprncnce. Excellent career 

Stephens Selection 

35 Dover Street, London VVHE HRA. / 
OMWittilT /A 

>■ Rixruitmwnc Cunsiltanc» rtr 


Group oF companies is in 
immediate need oF qualified 
and experienced personnel to 
fill above positions. Excellent 
salaries and working conditions. 
Please send resume stating 
telephone number to: 

2D, Westbourne Park Villas, 
London W2 5EA 

Treasury Management: 

Major International Bank 

An attractive career opportunity has arisen within our Client's expanding 
Treasury Division which has a reputation for the provision of high-quality 
advisory services to leading multinational companies. 

Candidates, aged 25-30, should have a degree or professional qualification 
and a sound practical grasp of applied economics. At least two years 
experience in an international environment is required. 

The position will involve regular client contact at senior management level 
and qualities of self-motivation and maturity are considered essential. 

A competitive salary will be augmented by substantial benefits and excellent 
prospects for further advancement 

Contact A. J. Tucker M A, AIB, in confidence 
on 01-248 3812, 

NFA Recruitment Services M 

60 Cheapside - London EG2 • TGlephoriei-OT-S^SiS&ISAS/iiS^® 55 * 32 ^ 


Heart? Goyett Ltd. have a vacancy in the 
Bank Advice Section of their Private 
Department for . an experience 
Investment Adviser. He or she sho 
ideally , have had a minimum of t ree 
years’ experience in a similai post un 
.and be more than 25 years of age. 

Salary would be commensurate with age 
apd experience. -- 

Applications, which will be ^ 

*Mct confidence, should be addressed to. 

The Secretariat, 

Hoare Govett Ltd., 

L ; Atlas House, 

■ 1; King Street, 

: London EC2V 8DV. 



London EC2 c.£7,500 + Benefits 

A recognised market leader in the oil industry, our client is one of the world s lowest industrial 
companies :uth the scale and compiexjtyoi their worldwide operations preset! !ma ., constant 
challenge lo :he-tax function. 

Promotion creates Ihe opportunity lore qualiiied accountant or graduate wuh Revenue 
pxperiencf. 10 join a department offering a breadth oi involvement in corporate tax and the 
opportune. ■ iorslructured career development. 

Candidit es, probably aged in their mid'20's. should demonstrate the potential toproureas too. 
monagemeni position in 2 3 years. They should have a year's corporate tax experience although 
candidate:, with less who are considered to have exceptional potential will be considereii 
Iniormation on the company and the appointment will be provided during the initial 
interview p r og ramme. For a personal history farm contact Nigel V. Smith, A.C.A. quoting 
reference 2049. 

Commeroa/merrm Ovison 

Douglas Llaznbias Associates Ltd. 

>•■ Acoouolarcv & t/jna^eiiieiu ?A-nui:DV?nl Ccii'jllur.u. 

410. Strand. Loodun WC^RONS M-TDI ^36^501 
12 1 . ?L ViDC-rat Stmi, kaiugow i3i 5HW. Tel 04 i ■ZJ’i ilDl 
1 J, CmIo 3 Place, Edmbiu.ja EH 3 7AA. T«l: 031- jjS 7744 

E3 Reed Executive 

The Specialists in Executive and Management Selection 

London based with 
\ International Assignments 

\ £9-1 3,000 ind. overseas weighting 

The. projects you will be engaged on with this worldwide manufacturing group will 
encompass the entire financial spectrum, including acquisition appraisals, locum 
management duties, systems development and operational unit investigations. 
These will provide opportunities to visit such places as the Americas. Far East, 
Africa and Europe. Age is less important than flexibilily and mobility, 
communicative ability and strength of personality. You will be a Qualified 
Accountant with several years wide industrial expenence, possibly including some 
in consultancy. Previous overseas involvement and spoken French or Spanish 
would be helpful but is not essential- 

Telephone: 07-836 7 7 07 (24 hr, service) quoting ref: 0460. FT, Reed Executive 
Selection Limited. 55-56 St Martin's Lane. London WC2N 4EA. 

The ab we vacancy is open lo both male and temale candidates. 

London Birmingham . Manchester Leeos 



of 70 Jermyn Street, London SW1Y 6PE ' 

Applications, addressed to the Senior Partner, are invited for the 
position of Partnership Secretary. 

Candidates should have an accountancy qualification, be aged 
between 35 and 50, preferably have had practical experience in 
administration, with particular reference to Partnership Law and 
Employment Legislation, and be available on or before 1st Sep- 
tember 197S. Knowledge of the surveying profession would be 
useful, but not essential. 

Sa la ry: In the region of £10,000 per annum initially, plus car. 

Financial Controller 

Surrey up to £10,000 

For an international manufacturing 
company, a market leader in its own field, 
with turnover exceeding £500m. A young 
Management Accountant is needed in a 
new post to assist in the rapid growth of a 
European division. 

You will apply your creative financial skills 

ir computerised information systems 

★ capital project appraisal 

★ cost analysis 

★ long range planning 

liaising with Data 
Processing and 
Financial Management 
throughout Europe 
and the UK. 

The company will use your ability to the 
full, offering rapid promotion and 
exceptional career development. 

Aged 28-35 you will be a qualified 
Management Accountant or MBA with a 
finance special! 'm, and must have 
experience of computerised financial 
systems in a large industrial concern. 
Business French would be a great 

If yo.u want to realise your potential in a 
dynamic business environment please 
Contact: Barbara Bailey, 

London (01) 235 7030. ExL 21 0. 

Group ® 

F inancial Manager 

Jefferson Sniiirfit Group Limited 

ThvCiruupi* primarily engaged in paper, packaging jnd prim, ■•pi-iute^ imcm.ii usu- 
ally and is a leader in many r«t its tields «*[’ activity. It enipUivs .ipproMiiuteh V.nou 
people, has a turnover in excess of L2UUin. and has a very suclCnsIuI cr»m ill record: 
earnings have increj>ed by more than 30"* p>.r annum on a compounded Kim-, hut 
the last ten yejrs. Ir is well structured, decentralized, and i> run h\ a strung aioup of 
independent professionals uhu work inset her well as .i team. The < iroup 
Manager will be wholly responsible fur Cus tip acsoumins. .uwl sevreiariat 
mailers. This will include the treasure function, dlo-inc iinuiivul c>*ru«. 1. c .i-di 
rnanagemeni and imaginative tax planning. 

The successful candidate will currently hold a senior linaikial position in .i unilii- 
national company and will have had several wars’ fu-si hand experience *'l mter- opera t ions and of workina in. i mulii-t.urreiK> eiivironmeni. I'uihahh .n the 
J«*wer end of the 35 lo -15 aue group and cominrLihle ■ iperai me direct Iv with pr*«lii 
ceil i re managers vigorously pursuing their Js lueieineiiis. 
responsibility of finance transcends all other discipline-, within tlietiroiip.!> a 
graduate chartered accountant with some foreign language eapahilitv. though mir- 
Ntanding experience sould be more meaningl ul than sfvcilic academic qualifkui ion -. 
Demonstrable success over a period would probably result in a main board 

Salary is lor discussion around OkOUO and K-nclitsare fully appropriate. Lis-aitou 

Please write-in conliilence - Lo H. W. J. Flannery ref. B.S3J77. 

T ), K s-i t,«w«: ; .yvff a< m. n .;i,J 




& Executive 

Applications from both men and women are welcome. 

Financial Controller 



c. £10,000 plus Car 

A Financial Controller is required for the house building division of a high I / 
successful group. The division is growing rapidly, is effectively managed, 
and is implementing advanced control procedures. This appointment gives 
Ihe opportunity of involvement in both financial management and the 
broader aspects of the business. 

The successful candidate will be a qualified accountant, probably aged 
28-35, with construction site experience almost certainly gained in houss? 
building. Reporting tothe Managing Director he/she will have overall respon- 
sibility tor financial and management accounting and the implementation 
and development of computer based control systems. Success in tins 
position will lead to a Board appointment. 

The initial salary will be about £10,000. A car will be provided and oUr-i' 
benefits include a contributory pension scheme. Candidates should apply 
in confidence giving personal details and an outline career history quoting 
Reference: FT /1 58/F to: — 

Turquand. Youngs & Layton-Bennett, 
Management Consultants, 

11 Doughty Street, London, WC1N 2PL 

Jonathan Wren • ^ Banldng 

FB The personnel consultancy dealing exclusively wi til the ban 


OIL BANKER £7.000- £10.000 

Our client is a major international bank. long established in London. The 
bank is currently expanding its energy financing services, creating a 
career opportunity for a candidate satisfying all or most of the following 

1 . Aged between 27 and 35 ; 

2. Holding a degree in either Economics or Business Administration ; . __ 

3. Having several years' international banking experience, which should 
include a sound credit background and experience in the marketing of 
bank services to both existing and potential clients ; 

4. Possessing in-depth knowledge of oil and related industries ; and 

5. preferably having both written and oral fluency in at least one 
European language. 

The salary bracket indicated will not be a constraint in the case of £ 
particularly experienced candidate, as there is considerable scope for 
flexibility in making this appointment. 

CONTACT: Sophie Clegg, or Kenneth Anderson 


This vacancy occurs within the Personnel Department of a leading 
merchant bank (Member of the Accepting Houses Committee). The 
bank wishes to engage a person who has substantial experience to offer 
in the field of Fringe Benefit Administration, and who, in particular, can 
show a creative approach to the tailoring of individual pensions while 
working in conjunction with professional advisers. The successful 
candidate will work within a professional personnel team and will 
receive a generous salary commensurate with experience. 

CONTACT : David Grove, or Kenneth Anderson 

liO Bishopsgate London EG2Mi}LX ; - 

,TOMTOm-^>»*aP , SM5)ISKi'l I 




The Cork Savings Rank, established in 1817, provides a wide range of 
banking services from its Head Office in Lapp’s Quay and eight 
branches in Cork City and County, and now has funds in excess of 
£60 million. 

The Board of Management wishes to appoint a successor to the 
General Manager who is due to retire shortly. This position of Chief 
Executive of the Bank is of major significance, responsible to the 
Board for the management of the Bank's operations and services. 

The successful candidate must be capable of continuing the development 
of the Bank's growth and of expanding its services in line with the 
widening possibilities created by membership of the European 
Economic Community. The position demands wide administrative 
experience and a successful record of achievement in general 

An attractive salary will be negotiated in line with the importance 
of the position and fringe benefits include non-contributory 
pension and car. Relocation expenses will be paid. 

Please write, in strict confidence, giving brief details of career to 
date and quoting Reference No. 1595/0 to E. Johnson at Harcourt 
House, Harcourt Street, Dublin 2. 

Stokes Kennedy Crowley 




Charles Barker 

Confidential Reply Service 

OfiasesenaMaumraet^is and sal smandclr companies In *Mch ma'sHtuUni* 

S - i~*arrivnjrm&rY**et*er&eeiKenumlKrof>lhom»Gtope3rxf 
past to our London office. 30 Famn^OotlSttOSL 
London EC4A4EA. ■ 


Financial Controller 


High negotiable salary tax free 

Financial Analysis 

Merchant Banking 

Not less than £8j000 p.a. 

Our client, a leading London merchant bank, requires an, experi- 
enced Financial Analyst to fill an unusual and challenging role. . 

In the first instance the successful applicant will join. the bank's 
highly-regarded Investment Research Department He or she wilt 
progress within a short space of -time to join -a new-Jurift being 
created within the bank to give strategic economic and financial 
advice to corporate clients. This advice will be tailored to the 
specific requirements of-the client and will be supplied on a 
confidential basis. For the right candidate the prospects for 
promotion are excellent. % 

Candidates should be aged between 27 and 30, have a good first 
degree and, ideally, an M.B.A. or other numerate post-graduate- 
degree. They should, in addition, have had at least "2-3 years' 
experience in industry or commerce, perhaps within a corporate 
planning or treasury department Familiarity with the; use of 
computers would be an advantage. I 

Salary is negotiable according to experience but will notice less 
than £8,000 p.a. Benefits include a non-contributory pension and 
life assurance scheme, 4 weeks' annual holiday, free luncheon 
facilities and a house mortgage subsidy scheme. V 

Please reply with full c.v. to the Security Manager, quoting 
reference 1474. 

V, - ‘ V ‘ ■ • ^ 

Our Client is a wel I established com pany in 
the Middle East now diversifying into Hotels 
and their Management. Two will be com- 
pleted next year, three more are already 
planned and others will follow. 

The Financial Controller will 

■ act for the Client and be fully respon- 
sible for accounts and reporting for 
hotels under construction 

■ provide feasibility studies on further 

■ establish sound accounting and 
control systems 

■ help to maximise profits from hotels 
which a re operational. 

This appointment offers the right man a first 
rate opportunity to enter an expanding 
Hotel operation at its inception. 

Applicants should be fully qualified 

Accountants with a minimum of three years 
experience at senior level in the Hotel 
Industry. Experience inproperty develop- 
ment and of operations in the Middle East or 
otherdeveloping countries would be added 
advantages. Age under 45. 

A high salary, tax free in the Middle East will 
be negotiated. Furnished married status 
accommodation, servant, car and all running 
expenses will be provided free. Home leave 
entitlement and airfares include family. 
Suitable Schools are available for up to 
9 year olds. Medical care is free and 
hospitals are modem and of high standard. 
P/ease write stating age. current salary and 
how you meet our Client s requirements, 
quoting FCHi 39421 FT on both envelope and 
letter. No information will be disclosed to our 
Client without your permission. 


From £7000+ Cor 

Urwick/Orr fr Partners Limited 

Slough SL13PF. England 



West Midlands 

Our client, a well known British medium 
engineering group with a turnover of £20m, 
requires an experienced Financial Controflerto 
supervise the operations ol its four foundries. 
Asakey member of the team, the person 
appointed would be dineetty accountable to the 
Group Chief Accountant for maintaining and 
improving the managementand financial 
control functions within the four units. 
Candidates must be quaffied accountants, 
preferably with a good working knowledge of 
French and previous experience of the foundry 

The salary will be negotiable c. £8,000, a 

c. £8,000 + car 

company car wffl be provided and there are 
excellent terms and corxfitions of employment. 
Assistance will be given with relocation 
expenses where applicable. 

(Ref: B9S4QIFT) 

REPLIES will be forwarded direct, 
unopened and in confidence to the client' 
un/ess addressed to our Security Manager 
listing companies to which they may not be 
sent . They should include comprehensive 
career details, not refer to previous 
correspondence with PA and quote the 
reference on the envelope. 

PA Advertising 

6 Highfield Road, Edgbaston, Birmingham B15 3DI Tel: 021-434 5791 Telex: 337239 


This is a career appbintrhentat the Central London Head- 
quarters of a major British Engineering Group. 

Planned expansion dictates the recruitment of an addi- 
tional qualified accountantideally with at least two years 
post qualification experience and a sound corporate tax 
background, to a u gment their exi sti ng tea m. 

Duties will include the calculation of tax provisions and 
the preparation and agreement of computations for a 
Group of U.K. subsidiaries as well as involvement in varied- 
tax planning exercises. • 

In addition to salary, the generous benefits which will in- 
clude rq-location assistance, where appropriate, are those 
associated with a forward looking major group. 
Applications in confidence should be made to theGroup's 
Advisor I.M.G. O'Hare, 124 New Bond Street, London W.1 
Tel: 01 -409 137V 


A merit*?' 1 el pa inf^n'MfionjJ 



KNOW-HOW : vital to developing countries 

Regional Economist 


To be member oF team to assist Directorate of City and Regional Planning in developing 
alternative growth strategies for .Surabaya sub-region; particularly with cost analysis: 
impact on employment and housing, and demand for transport facilities: analysis of 
Government policies: economic valuation of alternative strategies: and to evaluate total 
fresh vegetable, fruit and meat requirements. Applicants 28-50 must have Doctors/ 
Masters degree in Economics with an engineering background and minimum of 5 years 
experience in project appraisal, regional planning, including urban and rural. 

Appointment 1 year. Salary (UK taxable) £8.50C-£IG.5OG pa plus overseas tax free 
allowance £2.010-£4.22Q pa (Ref 328X). 

The post is wholly financed by the British Government under Britain's programme of 
aid to the developing countries. In addition to basic salary and overseas allowances 
other benefits normally include paid leave, free family passages, children's education 
allowances and holiday visits, free accommodation and medical attention. Applicants 
should be citizens of the United Kingdom. 

For full details and application form please apply, quoting reference stating post 
concerned, and giving derails of age, qualifications and experience to: — 

Appointments Officer. 


Rnnni 301. Eland House, 

Stag Place. London SW1E3DH. 




Foreign Exchange 

Our client, a major international bank with assets currently in excess of 
£15 billion, is looking for an experienced man or woman to join its Foreign Exchange 
Advisory Service as a consultant, to help with the growing demand for the service 
from companies in the UKand Scandinavia. 

This London-based group provides specialist advice forinternatiohal 
companies on every aspect of foreign exchange hedging policy, international money 
management, and corporate structure for exposure management. 

A sound knowledge of each of these areas should be backed by a degree or 
equivalent finance qualification, and at least three years' relevant experience. 

In should be prepared to accept a high degree of responsibility for 
client relations. 

An excellent satary, appropriate for this demanding post, will be supported 
by a wide range of benefits including lew cost mortgage assistance, non-contributory 
pension scheme, free lunches, B.U.PA and profit sharing. 

If you think you meet the requirements, please write in the 'first instance with ' 
full detai Is to Mark Ufebster at the address below, quoting reference CFE/254/FT. 

List separately any companies to which your application should not be forwarded. 

All replies will be answered. 

Benton & Bowles Recruitment Limited, 
197 Knightsbridge, London SW7. 


INTEREXEC's confidential services are solely _ directed 
to helping senior executives to secure new appointments. 
INTEREXEC provides - the most comprehensive and 
largest career advisory and job searching service for 
both U.K. and overseas appointments. 

INTEREXEC undertakes all the research, maintains all 
the information and does all the work of the job search. 

Our professional service secures appointments faster. 

The World Trade Centre, London El 9AA. 

- 01-481 997? 



Non-res idenlial « c * nc r . ' 

For further particulars end application form write by 23rd June to 

Bursar, Royal College of Millie, 

Prince Comart Road. London. S.W.7. 

DedsiQ 11 before mid-July. 



German, Banker, 37 
looking for challenging poi Irion in 
audit (bank or industry) or opera. 
com /ad minis tra cion (bank). Consider, 
able ind. experience, familiar with 
U.S. accounrinn/audlc xyitemi. 
Languages: English, Spanish, seme 
French. Relocation and travel no 
• problem. 

Write Box A, 6369, Financial Times. 
10. Cannon Street, E C4P <BY. 


Age 37. • Surrey based. 15 years' 
indut trial experience aHi«d to a real 
fcol lor consumer goods marketing 
leeks position of responsibility. For 
write Bov A.626S, Financial 
Times. 10. Cannon Street, EC4P 4BY, 



f : i * | 




Staines, Middlesex 
£7,000- £8,000 p.a.plns car 

w ) I'-i^ : U5Ste ; >'vf;.roi 

Mb mssi 


Our Management Information Service is 
expanding in Europe. : We are- looking for 
qualified personnel for - the following 
positions: .. . - • 

Organization & Methods Analyst i ; 

2-3 years experience, Forms Design, ^ - 
Data Flow, and Departmental 



3 year minimum experience, IBM - 
System /3, RP£ 1X CGP and SstotaT 
Data Base experience advantageous.,;- 

Programmers . 

2-3 years experience, JBM System /3, O, 

RPG n, 

Positions based near Frankfurt/Main, most j' ‘ 
be willing to travel 30 per cent, throughout 
Europe. v • 

Send resume and qualifications in confidence ' 

Personal Manager 
Levi Strauss GMBH 
Postbox 1260 
D-6056 Heusenstain; 

• • ■' v .- • ' -s- 

t German# 



Hertz, Europe’s leading car rentalcompony requires a- * . 

qualified Accountant to head their corporate audit ■: , 
function based at Marble Arch. The. audit team of-sozna 
11 professionals coversEurope. Africa and the MiddleEaat. ; 
Reporting to the Vice President Finance, throughthn ' 
Director of Audi ting in New York, the job entails 
monitoring the application of Hertz policies and \ . 
procedures by local management, co-ordinating extenial 
auditors and recommending improvements in both 
• . operations and financial reporting: • 

. Y nu will probably be in your mid thirties, with experience 
- in operational auditing and preferably the planning and 
controlof audit coverage. You should possess well 
developed management and communication skOlAi ' 
Travel in Europe will a mount to 30% of your time 
• including visits to the USA. 

"\\o arc ottering the successful man or woman a highly 
competitive salary and excellent benefits package 
including a generous car leasing scheme. 

Please apply to Ms \\ anda Ski nner. Hertz Europe Limited, 

: Isle worth House, Groat West Road, Isle.worth, Middlesex. 

TheNo.l Company 

Chemical Industry. 

N. ENGLAND £I0,000.-f Gar 

Chief Engineer . " 

Major Works Chemical Industry,; v. 

The advertiser is a member of an international group with- 
large-scale chemical Works in the North of England. The 
operations there involve a wide, range of specialised equip- 
ment and metals technology, as well as sophisticated control 
and process techniques, The good performance of the Works 
is crucial to the profitability of the UJL operation.- . V.- . ' 

The appoint mem demands a good honours degree in 
Mechanical Engineering, many years previous, experience of. 
continuous petrochemical process plants and ' some direct 
experience of- industrial relations. The person selected will- 
already be a trained professionaL. Career prospects. are first 


Salary will he nepotiablp but is unfikely to be Iks' "than £10,boO 
phis a car and there can be other substantial benefits.’ Any 

110 paM £ulL write briefly 

to. the Group Personnel Manager, 

Box A .6357, Financial Times; 

10, Cannon Street, EC4P4BY. 

AU rep*i« will be acknowledged and treated in the • 
strictest confidence. 


network tme* schedule d* 1 ?* !“*« » 0»oroalh -fawwtwlse rf 

« With- dan prawning. «« 

“T"' " "“2. ■■'“ta i- i™. 

!. - T Ke * B, »oO«too. - - - — ‘j.-- =• 

S ■ - Rush resomts tp: ; "-..v. 


; or teleS^IlS C m^‘ M1S f* Lo ^ R<wd - “.7 ■ 

or telephone lmmcd ate | y on - 01 . 2 q 3 <2r2 : for^ n tnccrVWw.V: . 

‘ j! [■ lllK:ilf; > jp|i g*T 

Light Engineering 
Scotland £20,000 

A'majoc role" within apoblic cdfnpany witha world 
wide reputaiiortfbr^echnical excellence whose 
products are extensively used at home and abroad. 

the effective use of resourccs with particular emphasis 
. orumproved pradactiwty throu^ mechanisation. 
Applicants wfth appropriate qualifications wilt be 
. able to'demonstratea. record of successfu 1 

£ 20,000 

general management in mass produced engineering 
products. The management skills necessary to lead an 
established plant through a major period of change 
are paramount as is the ability to achieve objectives 
through a management team. Remuneration 
will include car, profit sharing bonus and success will 
lead to an early. Board appointment with further 
scope for personal development. 

; - >7 . . .. J.C Brown, Ref: 31 350 j FT. 

■ Male or lfemale candidalesshoiiid send a written confidence or telephone for a 

. Personal Histocy Form to: 

LEEDS: 0532448661 , Minerva House, 29 East Parade, LSI 5RX. 


Executive Selection Consultants 


Chief Accountant — West Africa 

• Subsidiary of major U.S. rubber manufacturer * 

• Responsibility is for both the operating record • 

and investment in community facilities 

• This is a family posting for a qualified accountant • 
in bis early 30 : $ and with recent industrial experience 

• Company car, company school up to 11, free house, free • 
utilities, facilities include golf course, swimming pool 
and hospital. 2-year renewable contract: U.K. leave. 

• Remuneration is from £12,000 p.a. and there is also • 

a provident plan 

If you are interested, please send a hrief resume, quoting 
Ref. 7200 to John Nicholson, Astral Recruitment Associates, 
Astral House, 17/19 Maddox Street, London WJLR OEY. 
Telephone 01-629 2357 


Just retired ? — Early Redundancy ? 

Small shipowning company in Fenchurch Street seeks 
Company Secretary/Chief Accountant. This need not be 
a full-time position but would be interesting for a CA who 
has broad experience. Salary c. £8,000 + car. Please write 
to M. C. Baker. Cardigan Shipping Co. Ltd., 130 Fenchurch 
Street, London E.C.3. 


£10,400 p.a. TAX FREE with 

Free Accommodation and Gratuity. 
Whether or not you are qualified please hear about this 
3 year bachelor status contract overseas. Maximum age 45. 


5j Per Cent Loan, 1930 

Further ta the notice Of redemption concerning she ahs..r bonds wtitefi 
*»4S DU bill tied on Z7sh April 1978 the Govcfrtdr Coma.'.n/ of the Bunt- 
of England announce that the Conversion Bondi which na-c been selected or 
lot for redemption on is: ‘June 1378 and Coupon No S’, la respect o! Si/ 
manrnt' interest due On 1st June 7979 AW payable at tffo folio* .ng rares - — 
Nominal amount Actual amount at which Actual r mount a: which 

of Bond Bond Is payable Coupon No 51 ■£ payable 

£100 £ -tOS.EC £ c >1 

£500 £2.013.25 .M5.64 

£1.000 14.056 SZ £91.27 

The above values lor the Bands and Coiiecns haic bten established ev 
the BuiKJesehuldcn.crivaltung. with reference to paragraph iC< oi Art,::e 13 
el the London Agreement on German Evicrnal D*d:s datttd 27tn February 
19S3 and Article 2 Ot Arne* 1 thereto, bv recalculating the Sterling amounts 
duo to bondholders on the base al the miad'c rate ol exchange 'or sterling 
against the Belgian Franc ruling lor cable transfers in Brussels on is: June 

The Trustee has advised the Bank- ot England that it It unable to agree 
with the view ol the BundciSchuldenvcriwaUung that lor the eurporn ol the 
exchange guarantee, the Belgian Franc is me currency of issue nhicn. on 
1st June 1978. has depreciated the least since 1 st August *952. The rights 
ol bondholders to any additional amounts which mut become payable hare 
therefore been reserved by the Trustee, irrespective ol whether Bands drawn 
(or redemption and Coupons due 1st June 1978 arc orcscnicd for payment or not. 

In v<ew ol tne Possible adjustment which may be made at .1 Inter date. 
Collecting Agents should retain details oi the holders o> Conversion Bands 
lodged lor redemption and Ol the Holders pf Conversion Bonds on whose behalf 
coupons arc lodged. 


1st Juno 1975- 

Investment Analysts 

As a result ofincreased demand for our Investment Management 
services we wish to expand our investment research department. 

V/e are seeking two experienced investment analysts whose responsibilities 
will include: . - . ■ . 

; □ identifying potential investment opportunities in the U.K., 

I"! establishing and maintaining contact with stockbrokers and companies, 
f~l producing written reports and liaising with fund managers. 

A competitive remuneration package will be offered. 

Applications with curriculum vitae and details of present salary should 
be forwarded to: . 

■ D. Woodward, 

• Personnel Manager, 

' County Bank Limited, 

11 Old Broad Street, 
iv - London, ECZN.1BB. 

Young Qualified Accountants 

IRELAND 9-1% 1975/1982 UA 25,000,000 
On May 16. 1978, Bonds for che amounr of UA 3.125.000 have boon 
drawn for redemption in the presence of a No:ary Public. 

The Bonds will be reimbursed coupon No. 4 and following 

attached on and after July 7. 1978. 

The numbers of the drawn Bonds are as follows: 

19.722 io 22.846 inct. 

Amount outstanding: UA 21,875.000. 

Luxembourg, May 31, 197B. 

S. A. Luxcmbourseoisc 


To £7,250 + benefits 





e are International Executive Seardi Consultants witf offices i 

2 ;VVe are International Executive Search' Consultants wittf offices in 
*&Rdon: and' have been retained fiyran. im^jrtant bundle Eastern - 
^Financial fnstitution to identifjran ' Arabs speaking Credit and 
.^'Marketing Officer. The successful .candidate wifi report to a Credit- 
5«id- Marketing Team" “Leader and WIU b^responsifiie for handling. # 
. -in assigned .Loan Portfolio and for establishing marketing objectives 
-.■and programmes. 

Candidates should have a University tlegree plus credit training and 
at least two years practical experience with a major international 
bank. A basic knowledge of-corporate-finance and an understanding, 
of the. legal complexities - of . major lending activities would be 
important additional advantages. '..Candidates should be fluent in 
English and Arabic, familiar with Middle East banking and be ab!e 
to work easily with a wide range of nationals and adapt to living 
and working in the Middle East.-- 

•As our client is anxious to attract an individual of outstanding 
character and competence, the salary wili be commensurate with his 
experience and che required skills. In addition there will be a 
generous range of fringe benefits. '• 

Please reply in strictest confidence to:—. 

Box A;6370. / 

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


Elstini is stai. international company tothe 7 m f e l J^ i iS' , S 
field with sales in 5 continents, through 7 fully - u .. 

si diaries in UK. USA, Germany. Bel g mm HoJIaod, Italy, Brazil 
ind representatives -in ahnost all major countries. 

We are laokinR for a vouns probably 30 to 40 years of a^e, 
financial director for our international roaTketms an^^mce 
division headquarters (independent profit “JJHJ* IVhim? d for 
Financial director should take a complete responsibility’ for 
all financial matters, of the- division, Including all the finances 
cash flow financial reporting, budget control, auditing of t-*© 
subsidiaries. Since he/sho'will contribute significantly to the 
general management of the international division and the 
cornorate he/she must have a formal education in accounting. 
(CPA^and /referlbljr .Iso a degree- in finance and busmess 
administration. , . . „ 

Thp successful candidate should be uble to demonstrate a 
woven rewrf of achievement in financial control andaudrung 



Medium sized/stockbroking firm with ertabllehed and inter- 
nationally recognised capability in sewal specialist areas 

has VACANCIES for 


be ifiilable co the «ie«i*ful. candidate. - 


- - 

S „^s »=« , ..b.™*! fl«. ««- — 

AiinlteatiOH fcr..«WieF po* 1 * b» Urfct »=— 

KMC nr/S2* c/o Manway ”*“* BWwp * 8 * * 

London .K3M 4BJ . 


OVER £5.000 
UNDER £25,000 


tf'i’os' to all those, we 
am 00 % certain we can 
help you gel a bettor Job 
quicker. Wo are not an 
agency but Europe's moot 
experienced executive and 
professional career 
counseflois, so telephone 
nowtdr more information 
about, our saivicfis. 

Petty C0UTTS & Co 

01-839 2271 “ 

140 Grand Buildings. 
TiaWgar Square. WC2. 

£14 per tingle column 

Our client is one of the main national brewers in the UK wirh diversified subsidiary 
interests and expanding overseas markets. Due to re-organisation and internal promotion 
vacancies Have arisen in various areas of che Head Office finance function for qualified 
accountants with experience of large professional firms and/or industrial groups. These 
career opportunities will include exposure to computer based records, sophisticated 
management/financial reporting procedures and the review and interpretation of the 
performance of operating companies. Candidates will also be expected to act in an 
advisory capacity to subsidiary company management and to travel occasionally within the 
UK. Promotion prospects within the group are excellent. 

Applications to Miss Marion Williams 

Reginald Welsh GT Partners Limited. 

Accountancy «& Executive Recruitment Consultants 
123/4 Newgate Street. London EC1A 7A.A Tel: 01-600 S3$7 

Charles Barker 

Confidential Reply Service 

Please sera cover cfe:** end •y.'Sflft.rifin'cowwn^s :j v 

Wrjld yevr reply lVi,;e Itv Idcrtrcc r.t.rjfOcr c«J •'I '- 1 i too? C'd 

p^iivowLc^e^oitcr jOfjirngaon'iric! 

I £C -A -‘h A. 

Financial Director 

For a major manufacturing company In the Midlands with turnover exceeding 
£20 mfJlion and considera We potential at home and overseas. The Company 
forms part of a highly successful British owned international Group. 

Responsible to the Chief Executive, the position requires a personality 
capable of directing the financial affairs of the Company, making an impact 
on its existing profits, and contributing to the management of the business. 
The emphasis shortterm will be on improving management and cost control. 

The requirement is for a qualified accountant with broad financial experience, 
particularly in disciplined management control systems. Preference would 
be given to candidates who have operated in a multi product light engineer- 
ing environment. 

Salary would not be less than £11,000 with an attractive benefits package 
including a Rover car and generous relocation expenses. There are oppor- 
tunities for further career development. Reference 7 475 

General mining and finance 


• Incorporated in :hc 
Republic of Soutti Afrlcal 

&e<cntv.cightn annual ger-erat meeting 
ol the members ot Gencr.ii Mining and 
Finance Corporation Limited will be 
held in the board room 6 Hollard 
Street. Johannesburg, on Thursday 
27 June 197& ar 0900 hours lor rhe 
following purposes: 

1. To receive and consider tne annual 
financial statements for the year 
ended 31 December 1977. 

2. To elect directors >n accordance 


■ I ncorpoi j:ca ,1 thu 

! Republic oi 5:-utn Africa , 

A Member ol the BaiIbw Rand Group 
.With rclurcnco to *.nc coir-can, '5 invcnni 
reoert and dividend notice a.-ivcr-.ised in 
1 ihc Press ot 12th M.iy. 197!>. tic loiloa-ina 
inioriiistic-n is published !c-r the guidance 
' oi holders pi share warrants :o bearer. 
Tne ciwidend was declared in South African 
currcici and accordance w,:n the cun. 

■ dilians ol payment of this dividend. oa«- 
mcni Iron-, the OHi;es cl Iho Secretaries 
oi Cite rsmoan, ,n cue United Kin-jaom 

with _ tne provisions e the com- 1 1 will be mide nr United I-.ingoom curienc. 

Djnv's articles ol association 

3. To determine the remuneration ol 
me auditors lor the year ended 
31 December 1977. 

4. Special business. 

To Consider and. il deemed ht. to 
pass with or without modification 
the following resolution as j 
S pecial resolution- 

” Resolved (hat the articles ot 
association as submitted to the 
meeting and Initialled by the 
chairman lor purposes ol identi- 
fication. be and are hereby 
approved and adooicd as me 
articles of assoc i<£ ion of the 
company in substituiipn ler and 
to the exclusion of the ousting 
articles Ol associalion.' 

A member entitled to attend and 
vote at the meeting mar soao-nt a 
P’oxv or prunes to attend ana sprat' 
and on a poll to vgre m his slead. 
Such proxy need not be a member of 
the company. Instruments appointing 
a proxy must be deposited at the 
registered office of the company in 
Johannesburg or tne London office at 
least lorty-eighi hours belore the time 
oi tne meeting. 

Holders ot share warrants to bearer 
who wish to attend or be represented 
at the meeting may obtain information 
regarding tne formallncs to be com- 
Plied with on application to the London 
olftcc ol the company. 

For the purpose ol the meeting 
the registers of members ol thu tom- 
pany will be closed from 16 June 1973 
to 22 June 1978 both days inclusive. 
Ey Order ol the Board. 

R. A. WILSON. Secretary. 
Registered Office: 

S eneral Mining Building. 

Hollard Street 
Johannesburg 2001. 

London Office: 

Prmces Hoes*?. 

95 Gresham Street. 

London EC2V 7EN- 

I al Ihc tGlQ'jK^pnn: ;r,-.nslcr rate c>! c»Charig»; 

between Johannesburg and Londoii which 
'ruled on soih Mar. 1978. 

, Pavmcn: will be marie against coupon 
No. 7 s Oh pr alter 3th July. 1978 ill 
i U K curn-ntr a: the London Bearer Recep- 
tion Office Charter Consolidated Limited. 
JO. Hslbbrn Viaduct Lo-'don EC1P 1AJ. 

' oi in French currency a: Credit Lyonnais, 
il9 Coulevvrd des It., hen: 7SG02 Paris 
: Coupons must Dv- icn ior ; L i least lour 
'clear davs lor exarmn-ition and may Le 
■ p.-'.-sented an- ■vecvn.v, >3aiurdav'. 
icvccptedi between the horns ol TO.OD a.m. 
iand 3.00 p.m. 

Republic oi Souih Alii; a non-resident 

shareholders' lav will be deducted a: 
I the rate of IS Pv' .en;. I.fmcr j Kti- 
! ddin ihconic ia. will also be deducted 
; irom coupons c 1 lienled lor p.'tvmcnl at 
, the London Ecjrer Receolion Office unless 
I coupons ;,n .'ccompm-.ed h. Inland 
Revenue detlnraripns Where such deduc- 
I liens are made -hr net amount ol the 
dividend is as u lions: — 

. Amount ol di.idend 

I Less: South At hi: .m 
non-reSidcn! Share- 
holders' tax at 

Per Ehare 



Per Share 


22 03363 


Z 31257 

29 75 

13 77126 

Less- U K 
tax af 1 3' 

1J 57533 

Secretaries ol Uw* Company in I he 
I United Kinndom' 

Charter Censolidated Limited, 

JO. Holbor" Viaduct. 

; Londpn EC1P.JAJ 

'30th May 1975 
• NOTE Tne Company has been aster* by 
I the Commissioners Ol Inland Rr.,cnuo so 

Under the double ta-.e'.'on agrccmeiif 
. between the United ' I’adsm ami the 
i Republic ei Sourn Airica the Seutff 
Air lean non-rei.Cent :hareneldcrs ta* 

; applicable to lhe jiylderd rs ailpwabn* 
.Id i eredi: again:: the United Kingdom 
: r.-w pavab'e in respect o- the di.jdend. 
I The deduction cl tax ,■ t me reduced rate 
, ol 19*.. instead cl o: the /ft <■' 
34".. represents an alljwancc ol credit 
la: the rate o' 13%. 


require an Mscicuciortal Salesman/Saleswoman to join an expanding 
section specialising in: — 




Previous experience and technical knowledge an advantage but not 
essential. Attractive salary and good prospects. Candidates should 
preferably be under 35 years of age. 

Applications will be treated la the strictest confidence. Apply in writing to:— 

S. M. de Zorn, 

Messrs, do Zoete & Bmm 25 Finsbury drou, LONDON EC2M 7 EE 


Successful one man consultancy seeks similar person to jointly 
expand growing City Blue-chip and general business. 

Write Box A.6366, 

Financial Times. 10. Cannon Street, EC4P 4BT. 


Inlcrnstiorul financial organisation requires experienced financial writer, 
to wnr* comprehensive economic analyses, in repartorai style, on the 
vsrieus principal industrial countries, on a per article basis. 

The organisation will provide the research material required to write 
che articles, to bo written about various countries, as designated, bi- 
monthly. the articles to be written about a single country, in each case. 

The successful applicant will have a background in international financial 
reporting. The fee for writing each article, of approximately two thousand 
words, is £100, 

Plearc reply, sending reiume and examples of worfc to: 

D. S. Lowery, 

P.O. Box 9533, Nassau, Bahamas 


available to qualified students and 
experienced accounting personnel 
Contact Alec Moore on Of-628 2691 



1 eXustJRyXN um 

£13,250 H- tax free 

Gulf trading company seeks two 
Auditors. One to understand or ideally 
speak Arabic. 

International Selection Consultants, 
Corse lands. Shores Road. Woking, 
Surrey. Tel: 01-404 S011 or 
Woking (04862J 60919/71079 

30 Mav 1973. - 



SU 530.000.000 I 

8.75*0 BOND5 DUE I 7tte Ll ^ "me *' ^r Ser- 

JULY 1, 1982 ;!|£5m3SV 

The Commission ol the European i ^ro-r^'ca.vr^n’v "limited i^crm 

Communities iniorms the , Va T induMt.c Lirr -so k:imc eiiecii.e 
bearers ol bonds that a selection tw . " n i 3 ri1 i u) , ipproval by 

lDl ®. r «r rc ?.eT" Unn nnn a j iTic Sled holders o-> he Ih and 

amount ol USS2.0 00.000.— has been l [hc ;j „ ttl0ll 0] -i, c High Con: ol 
made in the presence of a Votary . (ri * -cord. me-: v th the icrrns of the 
Public on May IB. 19«B. at 1"C . c, nca ,e Ol A ;hc OrH.narv 

Banaue de Paris et des Pav-Bas Pour S( - £ . „ c r ii,io.aiiieri Tcba:co Com- 

Lc Grana-Duchc Oc Luremuourg — lean- L. ruled w-c ca-.-ei'ld ird iftemcr 
Luxembourg. 1 Sto:Sho!d?r« rc-rei ’C Ord narr Shares 

Numbers ol bonds selecled by lot: J Oi 2SP c-n #»ff 1 Delc-r^ Ordinary 

63751430-84 31- 1037a . d" tlr ,c® isr (.ff( "» 

Numbers ol bonds selected by lor of ( p r qi nar '^ S:ori ol "Britisti- Anient an 

1.7 76: 23155 Tobacco Co'>.» LmiiloJ lormerlv held. 

1.7.77. 6431 '6438-6546 6700-B2B3I I Share! nl SAT I niJuil verc issued 

8280-8291-9293:523. in res, stored .m«l nr: ir. ho ire* lorn. 

B369-8371-8375 73- Haiders of E.A.T. Co. Ltd. Bevwer 

Principal amount urwmcntir.d »«tcr • Wrrranls who he-n r.o! vt l. In «eort- 
July. 1978- SU3a4.DOO.OQO — ance with ,hc terms ol Inc Scheme, 

juiy. ISIS. »u*-«.uuu UU siw rendered then V»arrai.:s ro-ielher with 

From 1 JuW. 1 978. the Ponds .Talon No. 5 and Coupon Nos. 27B-283 
selected by lot will no longer bear I inclusive aii.-rJied. to Mw»aii Guaranty 

interest. 1 Trusl Compart-* of .Yew YorS. Couoon 

The bonds presented for reimburse- 1 Dcoarttrienl. 23 Lorn hard Street. London, 
ment should be accompanied By t 3 .® h ; J5 

coupons of 1 July. 1979. and U>Ho«- order- that J h c anornpria.e number or 

ing and will be Payable in accord- ® rd, £ , V T ' sn ^ M D 5, :c " cd "2 

ance with the terms and condemns ! «| p-A-T- l 1 l ^r lr ’ e 5 f Sl l J cd 1 „r’SX 
clMvwn on ihv» bonds allotted to lliem. rroc.ions arising on 

snovrn on me Don as. •allotment will be J7s'c:<a;nd arm sold in 

L" Agent Financier Mho ma*te( .-ni ihe ne* oroccids nistTi- 

EANQUE DE PARI5 ET DES PAYS- Bu’.ed raieaffly m proporiion to cnntlc- 
BAS POUR LE GRANO-DUCHE DE | riCtn l0 ^|„ !m cnt ol B A.T. 

LUXEMBOURG Industrie! L.m.ieci sb.nCf undo.- Ihc pro- 

^ . un _ iota ’ ccJmi) ref o«i abc-e mil icrminate o» 

1 June. 1978 ,, 3rd j, jU , 9 -r „ ,j K ,„ ^ -uo laced ev 

1 r.ght :o -L-e.. - a cash payment in 
i .icrc'oan • sii’h i hr srov.sians ol :he 
! s nr-rre ol A r ii-vinc-i MOnvMnle the 
: Warrm’.s cor.ler no 'urihO: r.ont on :.he 
.holders and : .inner “>e L-aoed on the 
CLUBS Slock E-Clianriv 

I By Order o! |h^ Board. 

— - — 1 C rr.yiD lprr..twv 

The bonds presented for reimburse- 
ment should be accompanied by 
coupons Of 1 July. 1979. and follow- 
ing and will be Davablc in accord- 
ance with the terms and conditions 
shown on Die bonds. 

L'Agcnt Financier 

1 June. 1978 


G. BAKER. Ser 

I EVE. 189. Recent St 7JS 0557. * , b . 7 l TihT, , 

Carte or All-in Menu Three SueclacuUr ""‘ w . ir ,,c 

Floor Shows 10.45. 12.45 and 1.45 and in 1,1 
| music of Johnny Hawt eswarth C, F< lends. | J 

I GARGOYLE. 69 Dean Street London. W.iT 


I Show at Midnight at 1 am. 

1 Mon.-Pri. Closed Saturdays. 01-437 C -455 
[MICHELLES Cabaret C,ub. Suocrb lood 
j 6 . Ormond Yard. S.W. 1 . 930 2842.3. 

1 Dancing partners. 


• incorpora'.-n in rhe Republic 
Ol South Africa 1 


"-Y ; ~ — C.A.C.I. ~ 


for Multi-National Company 

Orca £10, 000-f 14,000 

Rapidly growing multi-national corporation with offices in London, Amster- 
dam, Hamburg and Dublin seeks an experienced self-starting Lawyer to serve 
as its European co uns el. The position will be located either in London or 
Dublin, but travel will be requited. The ideal candidate will enjoy working in a 
professional environment where his or her contribution will have a substantial 
and noticeable impact and will be knowledgeable and experienced m each of 
the following areas of practice: 

* Business and employment contracts in a multi-country context 

* Banking relations 

* Labour laws 

* Company law 

Since the successful candidate will work closely with both the operating 
departments and the Corporate Tax Counsel, the poabon gives the 
opportunity to gain further familiarity with European and United States tax 

kws. _ . 

The Company operates in a multi-language environment, therefore, foreign 
language capabilities would be helpful. 

In terviews will be held in Europe in June and July. 

Address replies, including salary history, to:—. 

Dr. WdS am W. Fain, President, 

V CACI, Inc. 

1815 , North Fort Myer Drive, Arlington, Virginia 22209, USA. 

A vyll-establhhed international j»raup in the surface 
coatings indusrrjr requires a qualilicd Livrver capable 
of succeeding to the position of Company SixreLiry in 
approximately mo years. ’Hie appoinuncnc vriJl bo ar 
tie Croup’s head Office in Cent nil LunJon.Tfae Group 
has iinnual turnover exceeding fiom. from dluiu- 
licturing operations in 20 diffaent territories. 

Applicants oi either sex should be in the age ronce 
40 - 40 . Lxpericnct ill. the secretarial functiun 'is 
desirable but nut essenti-d. 

The suecewlul applicant will in due course Is: 
responsible lur - 

* 'Ihc aonuai duties of a company secretary 

* All property, insurance and pension fund mutters 

* Legal advice to ail divisions of the group 

* Parridpation in commerdalncgotiariona 

Please uritc in confidence with fall personal and 
career details to.: A. K. POSITION NO. AKCfj"b' 4 - 
Austin Knighc Limited, London WiA iDS. 

Applications are forwarded to the clients con- 
cerned, therefore companies in which vou arc nor 
interested should be listed in a covering letter to the 
Position Number Supervisor. 

(ak) advertising 


'Declaration of D-riCena No. 138 on the 
: 40 per eenl Cum.ilalive Preference Shares 
, a! R&.OO ear/i 

' Div.-icn.l r:?. 133 of Ore Rand iRI no> 
p.;r sha - ? in resper* of I lie ii< months 
: enn.nfi 30th June 1978 has been declared 
, paveblft ’C. the holder's oi the 40 per cent 
; preference Fharcs reg-Stired .n We bOPl>S 

' of she Company at ihe cJose ol business 
on LOth June. 19"8. an-f to Oviawt pro- 
I 'eotlne coupon Ho 1 7-8 deiachcd from 
, Ihc creierence ‘h;.rc iwarrant-. [O bearer. 
I a notice reaardini piimcni oi dividends 
.on ce.iO'jn t:e ji£. i-r • ,c nod from, share 
• warrant-, io hearer will be DUhiiChed m 
I ‘fie pre*s fffe Lr-ndon of the 
| Compar. , on or aC«ut 23rd June. 1978. 
Qcclara|-nn of Diri’eml No. (i On the 
8 per cent Camutall-c Second Prclcrcneo 
! Shares o! PI .90 eaeh 

. Dividend No. £ of 4 cent; per share 
jin reSBrrt ol 'he sis mon'.V ending 50th 

I Jure. 797f. hi*', been dc-clarc.;' pav.ibfn 
to the holders tf i he 8 aer cent, cuiiki- 
] iativc '.e:oid art-'e-enre ■■h-r,;s reuist.-rorf 

| in the book, oi The Coir.sanv it the close 
ol h-isiT”'— s O'. 7 p th June 1R7J. 

I For the purooir. -of these dirldcnns 
| the prriernncc ,nare cran'ler reg.-ters 
I amj reoislor'. of members will be cloved 
I Irom 1 st Julv. 1978. to Idtfi Je-i". 
|i °'8 bolb 'ta's* .'n amt warran". 
I will be posted from :he Johanptc.buro 
and Uniicd •'Ir^oro tr»".'*rr etnre' on 
or fhC"" 3rd Aun'itt. 1973 Poaiv'ered 
'.h.irohoinors c^id from the United 
ft.nm will r"Cr : .r- thw li-./.c V. ,n»‘"m 

Ci.r'“ncy enui.alcpr on 'Sin .lulv. le’S. 

Oi the rand viluc ol them diiidenrl'. iln", 
aenroeri.'.'c mr’. Any 'uch 'harehniocr 

j nnav. however. ■;!«, re h.. p 3 ,d ,n son'll 
Af-iCPh Curronr.. »hat the 
' r«i|.iwi iv icceised v. t*ir Comoan'.'s 

!t fllfrr r ,n Johaneechum Or the 
I ■-"-ft Klnerioni on or re'fv JP'fl J,.ne, 

tup r*»c oi non.rc5,cHnt Share- 

ha'-erS' »»v ic 13 eur cent 

The rtioideer'C : rc vih.iert to 

mn'ilir.-'. »■*•.<■ h (r. he fn-morlr* jr the 
varfi , 1 V- -id f pe J 01 9’hr/i e 1 Hie r_nm- 
e»"> snff a; (he Compin-.'S trrn'irr 
wire* o'rg and the United 

Ely Or , *e.' .If Ibr Reard. 
F. H^OG^N. 
Group Seerota'Y. 

j Heart Office" 

“ 6 .'? 

Klmhcrfe- S3fll. 

Fonrh Al-*rff. 

London Office 

J .< n, Hofhe'n Viaduct, 

! EC IP 1AJ 

Office ot the U-iiled Kingfsm Transfer 
C «crcv.iri« 

rra-te- Cnn'oli-a’ed Limited, 

o O Vov He,, tf: 

Charter HO'J'O. Part' Strenr. 

! AJMcrd. Ken!. TN24 CF'i 

JOth May, 10“ 3. 


Certificate? far units m the trust yierg 
costed ta sh.iri.hotdeia al Inlgmaliai'a! 
Pacific Sceurlllrs Cruibany Limited on 
29rh Ma». 1979. 

the basis of -he net asset > , atug 
at 2Sth Mav. 197£ tr.c Utsiin" r-new see 
uni! on ip at date we, .id ' ha-c neon 
Dir 10 93 Off 1157 aP-rcd 
1 Tie hnt d<a?.n3 e>3,- a JOtfi Jane. 
» 1973. 


Bleak outlook for UK economy in 1979 

A GLOOM V outlook for Che 
UK economy tit 1979 after a 
brief recovery in demand and 
output this year U predieted 
by I be National Institute oF 
Economic and Social Research 
in its latest quarterly review, 
published to-day. 

The baiancc of payments 
constraint upon re-expansion 
was not confined to Britain, 
though with floating exchange 
rates it teas more difficult than 
U used to be for countries to 
reflate unilaterally because of 
fears abont the impact of 

There was a need Tor a 
co-ordinated programme by ail 
the major countries, with the 

onus of adjustment on toe 
surplus economies. 

However, in any move there 
might be to collective 
reflation, the UK contribution 
will have to be judged in the 
light of the likely rapid expan- 
sion in real consumers’ 
expenditure this year, and in 
the light of the UK’s appar- 
ently chronic high demand 
elasticity for imports and the 
low elasticity of world demand 
for UK exports. 

The institute warns that 
without a further fiscal 
stimulus, consumer demand 
will virtually cease to rise 
next year, private investment 
is likely to slow down and 

public spending will continue 
to grow only slowly. 

There was likely to be a slow 
increase both in. unemployment 
and in the rate of consumer 
price Inflation. 

The appraisal section of the 
review, however, underlines 
(he strong external constraints 
on a further stimulus. 

ft notes that “in the longer 
run, the polley problems 
remain those of pay inflation 
and renewed stagnation of out- 
put In the face of a still 
precarious balance of payments 

“The slackening of d e ma n d 
which we foresee in 1979 would 
seem to call for further 

stimulus later this year, but 
any such stimulus would 
reverse the current balance 
surplus, with the risk of 
driving down the exchange rate 
further and exacerbating the 
rise in inflation. 

“This means that even In a 
programme of collective wortd 
reflation, file UK could not go 
much further than it has done 
already without a significant 
effective devaloation; other- 
wise our trade balance (which 
is already, aside from oil. In 
chronic deficit) could well 
deteriorate further.” 

The review discusses the 
experience under a regime of 
floating rates. It was by no 

means clear whether the 
Implicit accommodation of 
differential inflation rates by a 
regime Of floating exchange 
rates had exacerbated the 
general problem of inflation. 

Nor was it obvious that the 
positive hopes for the floating 
rate system had been realised. 

While noting the complica- 
tions imposed by the 1973-74 
commodity price explosion, the 
review says it would be hard 
to maintain that greater . 
exchange rate flexibility and price 
the Supposed greater scope for 
fiscal and monetary polley have 
helped the industrial world to 
maximise employment and 
minimise inflation. 

“ While domestic Inflation 
rates vary as widely as they 
still do, a high degree of 
flexibility of 1 parities is 

“ But the experience of .float- 
ing is beginning to call for 
careful reappraisal, against the 
hoped-for day when differences 
in rates of domestic . cost 
Inflation become _a good deal 
narrower than they now are.” . 

To ensure that the rate of 
Inflation continues to 
slow down, the increase In 
^average earnings daring the 
next pay round should be ho 

Fia&ncial Times THnrsd^^W^: 


An gr y hospital staff 

may gain 



THE 900-BED Brookwood sentatives might takeseatson the 

psychiattic fcowJteljinSiing, c0 ^ t ^ 0 e j bera - council was « 
scene of a workers council laxe . rf fortnight ago rihiiS 

including Mi-; Joe 
nurse and 

(March Projections in brackets) 

RhJ Gross 

Prod act 
( per cent 

Real (Lersonal 
income ( per 
cent change, 
year /year) 



( fourth 
million ) 

(per cent 
change In 
sterling M3, 
fiscal years) 

Comma er 
(per cent 


ha lance 
(year. Cbn) 

(fiscal year. 


0JI (-0.1) 

-1J (-2JO 

1.4 (1.4) 

15JJ (13.0) 

14J (14.5) 


5.7 (6.7) 


Z5( 2.7) 

5.4 ( 43) 

1-4 X1A) 

12-0 ( 16-3) 

9.4 ( 8 J5) 

0-3 (U) 

83 (9.4) 


!-» ( 2-5) 

1.1 ( 2-7) 

15 (13) 

11.0 (115) 

114 ( 9.8) 

Iff (13) 

9ff (9.9) 

Payment imbalances 
key to slow growth 

THE LARGE and growing rate of inflation in Japan had 
Imbalances in the external pay- been reduced, 
ments of tbe leading industrial The overail increase In con- 
countries have generated con- sumer prices in these countries 
siderable international friction should be down to about 7k per 
and been- an important cause of cent this year and probably less 
the slow overall growth of the next year, after rising to nearly 
world economy, tbe institute says 9 per cent last year, 
in its report on international Differences in annual inflation 
conditions. rates were largely due to the 

The review comments par- course of commodity prices, 
licularly on the special problems After a decline in the second 


Percentages, annual rates in real terms 
1945-75 1976 1977 1978 

(estimate) (forecast) 

(Jonsumers’ expenditure 

Public authorities' current 







+ 14 



Gross fixed investment 





Trade balance 


- i 

+ 1 







Gross domestic product 




faced by Japan as a result of its half of last year and the first 
economic structure, and suggests quarter of this year, prices were 
that these tend to be under- expected to drift gradually up- 
estimated in the West. wards over the next 13 months 

The small proportion cf total or so. 
domestic demand accounted for The Institute's index of com 
by public consumption, the modity prices exported by pri- 
■speciaJ characteristics of the -’ary producers was expected V 
industrial structure and the low fall by about 9 per cent between 
level of manufactured imports, 1977 and 197S. with a rise of 
made It difficult for the Govern- nerhaps 5 per cent next year, 
inent to alter the balance of the Prices of manufactured exports 
economy. from the industrial countries 

Greater aid from Japan to the had increased roughly in line 
developing countries could help with their domestic inflation, 
to ease pressure on Japanese and would probably continue to 
industry and its competitors In do so. 

other industrial countries. The terms of trade must 

If this was combined with therefore have been moving 
more effective economies in fuel recently quite rapidly in favour 
consumption in the U.S. and of the industrial countries, and 
a change of priorities In West the institute expects them to 
Germany, "the outlook for tne improve for the OECD area by 
world economy might look a -3-4 per cem in 1978. 
good deal less gloomy than it With the growth of imports 
does now." expected to be fairly slow, the 

Growth of output in the indus- institute predicts that world 


1973/4 1974/5 1975/6 1976/7 1977/8 

Income tax thresholds 
evalued at 1973/4 

irices* (£m) 

Rasic rate (34%) 





Iff 65 

Higher race (40%) 






Highest rate (83%) 
Effective tax races on 






personal incomef 
( per cent) 

Income tax 






Expenditure taxes 





123 { I2.0)1T 






273 f27.0)tf 

Proportion of income 


in total personal taxation 

< per cent) 





54 H 55.3)++ 

on future 
UK growth 
rate urged 

A MORE intensive and public 
discussion of the varying views 
about the future growth rate of 
the UK is called for in a special 
aiticle in the review by Mr. 
T. D. Sheriff. 

Discussing medium-term plan- 
ning in nationalised industries, 
he says that views range from 
the 4.2 per cent growth rate 
requirement in the Cambridge 
Economic Policy Group model, 
to the 2t per cent assumption 
made by some nationalised in- 

The reasons for the differences 
should be explored, and it would 
be useful to examine the effect 
of a higher guwth rate assump- 
tion on the investment plana of 
nat'onalised Industries. 

The inquiry could also be use- 
fully extended to large firms in 
the private sector to see whether 
the assumption of slow growth 
is a common one, 

“The public discussion of 
medium-term economic projec- 
tions has languished in recent 
years. This brief survey of the 
medium-term planning pro- 
cedures in nationalised indus- 
tries suggests that it is time for 
a revival." 

The study highlights a dilem- 
ma faced hv the nationalised 
industries. They remember their 
unfortunate experience of the 
1960s when they v.-cre pressed by 
the Government to plan their in- 
vestment on the assumption of 
a 4 per cent growth rate. 


The industries are wary of 
repeating this experience with 
the danger of overcapacity. 

On the other hand, “ there may 
be a certain oddity about a group 
of industries in the public sector 
each coming to Its own separate 
conclusion about the likely evo- 
lution of the British economy.” 

This involved possible duplica- 
tion of effort, and the danger that 
excessive caution In these pro- 
jections may become self-fulfill- 

If nationalised industries and 
large firms in the private sector 
plan on the basis of an expected 
slow rate of economic growth, 
then those plans could bring 
about a slow growth rate. 

“ Because the planning experi- 
ments of the 1960P were un- 
successful. it does not follow 
that there was no truth at all in 
some of the ideas which lay 
behind those exercises." 

The expectation of a slow 
growth rate, need not make a 
faster rate impossible, but it 

Current account surplus 
of £ 300 m predicted 

THE SURPLUS on the current is expected to begin to turn up ensure a current account surplus federation of Health service Surrey Area Health Authority 
account of the balance of pay- again in the second half of this of around £lbn next year. Employees, the dominant union dj./. clout lias welcomed ti 

other staff; may become toe — - - _ prllatives inciudin 
more than half the 12 per cent j hos P ital 10 modi- Fleming, ’a charge . 

rise assumed in the forerasts.' [gj* 1 SSlSpStt ontitoed by toe secretary of toe. union brands 

[fled Bullock rian onuineu uy v- ^ rtuxses . haver; complained 

'Prime Minister last week. G £ "autocratic” management. 

The plan Is believed under sen- ^ have presented a^llst;# 
ous consideration by the area grievances to the hea lth author!- 
health authorities after join* ties, including , criticisms -bf 
talks with union and staff repre- certain personalities, in. con- 
sentatives at toe hospital about of the ruhiung^tri the- 
the need for improved industrial hospitaL 

relations procedure there. Today’s -meeting. is. expertedjn- 

aB?*ss. jsis : firs 

meeting of JPjLcS problems, as proposed by Rt 

| when local leaders of toe co^ Clout, chairman; of "the 

of , *55 Surrey Area Health Authorit; 

... * dominant union ^ Qj 0U f -has welcomed the 

meats Is expected by the lnstl- year, as a result of toe recent The institute forecasts a put* a t -the hospital, mate s reconi- deci ^ on to - set up a-^worken* - 
tute to be much smaller this decline ln toe exchange rate and Uc sector borrowing requirement mendations on the future or tne council rather toan fake-indh*. . 
year to an previously projected toe assumed 15 per cent rise ln 0 f £8.3bn in 1978-79 near the present 12-member workers' actiail< which would have 
by itself and other forecasters, average earnings in the current official ^estimate and ceiling of ®o«nciL affected patient care; - ^ 

A current account surplus of P a Y round- £8.5bn 'for toe period. : If the idea is accepted, the hos=- The nurses have -yet. to publish - 

£300m in 1978 is forecast, with By the last quarter of this The -review also takes into pital will have made history in their frill list.of grievances, but; 
a steady improvement after the year, consumer prices are fore- account the extent of official toe health service which, ironi- are known .to have objected ter - 
large first quarter deficit, com- cast to be 10 per cent higher financing following toe expected cally was not mentioned in tha certain ujstrpirtions: by manage- / 
pared with the £1.3bn. surplus toan-a year earlier. A frirther capital Outflows reflecting sup^ recent Industrial democracy, ment. • ■--- JifL? 

projected in the review at the slight acceleration to a rate of port for toe exchange rate. WhitePaper. The authority or ..ward sisters • 

berici^g of March. Sfed “or” 9T9 U B "‘ *0“, ™IattTO» The logical result would he 

This is the main change in the f0r 1 , ,. ' buoyant bank lending to the setting-up of a permanent HL fixed tea breaks.' whfrh^w ' 

institute’s forecasts in toe last . persoBal ,_, ^ isp ? saij . le private sector expected as. . a workers’ participation committee maintain have b^n w^ ■ 

three months: toe broad pattern 2“®“ expected to rise by result ofihe pick-up in economic at Brookwood. with union repre- J £ regaTd to &e needstf ’ 
is still of a brief and mild re- 3 * P« cent .tois year (with a activity, toe 8 to 12 per cent sentativM joining hospital and' to toFriJSS-hiS “ 

covery this year, which will tail increase of 54 per target for:toe growth of sterling administrators in determining E es ^ tbe nhrseto .iSSLS 81 ^ 

off by toe start of next year. ce °J). but remain flat thereafter. M3— toe broadly defined money overall policy on running toe ^ ^te Sion Ss com^Uteed of - 
The forecast is based on the Zr -/ a J^ gs ratio— toe P «cqp ; supply rap, be. met with rather hospital. sackings of- nurses, without toe - 

assumption of unchanged fiscal gpt-edged stock J ^ health authority repre- presence of a union- officer. , 

J — ' 

Threat to Llanwern 

after walk-out 




with a 12 per cent 

FSf^ulSmer. “ D,0Dths trom Comparison 

kHMiuca. wiuut uww a itVJO t_ - .r . 

change in Income tax allowances J 978 * bul n “? year * °\ e level: of sales requires a 

in toe spring 1979 Budget in .J ? 5®* mcomea is rise in interest rates, with 

line with the rate of price infla- P r °J erteti to lead to a fall in the Treasury Bill rate reaching a 
tion. rano. peak 0 f 10 per cent ■ 

The estimates also assume a peT^em resSvriv* to toJ a The H inst ^L‘J e eslima . tcs % 

15 per cent rise in earnings in !S r J JoSSSS Sh iS? ?l 

toe current pay round to July. Sm on averas^ l a ^t wir P * £7 ' 9 fl bn ; lr, .,I 9 ^' 79 - would 

rent on average last year. conflict with the official ceiimg 

of £6bn. for toe period. 

- Forecasts fdr 1979-80 - would I 

The institute belives toat the A rise in real consumers’ . a sm ^f- rise in j 

general economic climate should expenditure of 4.7 per cent Is ^r borrowing. to about £9 bn. . ^ ^ . K .-- — 

be relatively favourabie to pay forecast on a year-on-year basis With some fall in bank lending IRON" AND STEEL production total labour jforce; ;©f ffiwtv-tf 
restraint since living standards, this year, falling to 2.1 per cent *o the private sector associated at BSC’S Llanwern works. South whom about 0,0^ .Ale la. numul;^ 
as measured by real personal dis- in 1979. with the ending of toe recovery, Wales, was halted yesterday by grades. •" "-7 

posable income, will be about On a fourth-quarter coml continued capitalSoutflowa and a: dispute involving about 500 The Jvo. bl^tirniace ^ has a 
five to six per cent higher in parison. the increases would be reasonable sales *f gilt-edged blastfumacemen. ; capacity of 34,000 tomtes a datft 

1978 than during last year. 4.6 and L2 per cent respSely stock - thei ^, woultfbgain be no . Unless resolved quickly it rt was commtesion ed -FgH-.. 

The review notes toe difficul- The review ,i tn y severe problem in meeting a 12 could lead to a complete shut- ruary, 1976, at a cost of E2®t 

ties of McSLe iSte rfi- ALSTS" ■ per cent monetary target . down of the plant which pro- Meanwhile concern- is grow- 

policy Buttoe* forecast 8 assume SffStoi «• review discus^the over- fern 40.000 tonnes of steel and 

that the rate will be suDDorted * . . , ..all fiscal stance by^estimating steel products a week. Wales -tfcar_ BSC-^t§- planning.— 

at about iLs n resent leveWnr the rapi ^ growth in durable the i, U( i Ee t balance atlh constant T be dispute began when about further redundanslffs^ at the 

Sert rik monS? JL, pr ? ieCted ^ ^ levd rf emSoyilnt 100 men working on Europe’s nearby Whitehead^: r^tewport, ,: 

After that toe expected down- Lrpaiision Msmd . 0x1 this basis toe p®c sector W °Pl«is are reportedly afoot to 

Sr 1 " 111 be 0nly i6 per cent respectively on a mSnSment For worWng te mle dose? ’ 

4 the t^rie. comparison— is also fhiVS ^ atier a rejected pay claim. . mill, at the workg. Whicb- makes 

fan^hv fo *^ cast ' ‘f. not “ T , 0(r7 Yesterday, another 400 blast- a number of .spedalist firilsh-iJ 

weighted index should fall by. Spending on cars and motor In the years following t h e 1967 furnacemen walked out in products, because oik the. con- 

floor menc surpluses, wnen employ- ^ opera tlon- 

Falrly strong" growth in coverings should benefit from the P 6 ? 1 P° tentlai was considered j,j 0 i j 5 at present out of com- dicate that (hey .Intend Jb resist 

private consumption and pnvate expected housing boom. higher. . mission for relining. any such move stronKl^.'.on the 

investment is expected this year, Non-durable spending is fore- Nevertheless, the stance . of All iron and steel making at. grounds that South rWalea has: 

partly offset by continued stag* cast to grow by 3R and 2 per cent budgetary policy is substantially the plant was brought to a halt already had more than Its f air . 

nation of public spending ana respectively in the two years, more restrictive than at any time However, there are sufficient share of steel job -losses. 

► within this category, drink and since 19 ^ 1-72 - supplies In the pipeline to main- The Whiteheafl^-^Workr - em^ 

• — - - Allowances in force in 1977-78 tain production, in the finishing ploys about 1.060- men -of whwtt 

were sufficient to raise toe tax end of the works. at least 100 would. -be. affected -j; 

threshold to about/' 95 per cent BSC’s Llanwern works has a by a closure of the. bar mllL ' 

“ its 1973-74 levelin real terms. 

However, because tbe higher 
rate brackets Mve been tele- 

by rather rapid import growth. 

S*S SCSI .-Mra'SlB 

1^ and by 1.8 per cent next cb ™t e as ’ r Z%» a ™ w oM t. 1873- 74 leveT 

J ’ domestic inflation 


* Applicable to a married person, income all earned, with two children 
not aver li. The reduction in child allowance in 1977/8 has been 
ignored. The Threshold is that level of gross income at which the rate 
begins to apply. 

t Income tax payments plus accruals: total, allocation of expenditure 
taxes (including rates) to consumption: calendar years. 

(TExcluding the national insurance surcharge. 

trial countries continues to trade will continue 1o grow onlyj 
lag behind their official targets slowly. 

and our own expectations." The current balance of pay- 

Acg resale production in toe n * eols pt too OECD countries 
OECD area rose by only about Bbould improve greatly, probably 
3i per cent last year. leaving ?I£n ,ns jnt0 overall surplus m 
unemployment higher at the end 18 /, a - ._ 4 . . . 

of the year than at the beginning *b e °*ber side, the current 
in all major countries except toe 

rig countries is expected to be 

Even allowing for measures of t ^n 

fiscal stimulation in most major ^iTa^^nMil 5 countr,es wlU 
countries, no significant change "fiftLu 

was expected this >^r or nest. j „ T ;S! 1 me br^ per c^t ?a" 
Growth should be fcsterin year, is expected to increase by 
Western Europe, particularly aboilt 5 per cent th!s year &nd 
this year in Che UK and next year b y 6 per cent in 1979. There will 
in France. Italy and some remain “massive imbalances" 
smaller countries. These accelera- between the countries of the 
lions would be roughly balanced OECD area, 
by progressively smaller in- i n sopite of the denreciation of 
creases in output in the U.S. the dollar in 1977 and the early 
A similar pattern emerges in months of this year, the institute 
relation to the rate of inflation, foresees little change even by 
with a gradually improving next year in the deficit of toe 
trend in Europe bul a worsening U.S.. and the Japanese surpfus 
one in the U.S. An overall could well go yet higher even 
improvement for toe OECD area after the appreciation of the 
is foreseen, partly because the yen. 



Volume Sre Sfy* 5 SsS a.™ s ACAS acting in Bank row 

On a fourth quarter to fourth hired goods after the middle of fhf re ^” clI ® n - - n * ® - 

quarter companson an increase this year. ™ai vaiue 

of 3.7 per cent is forecast during With world trade in manufac- th^eshald^ltn 
toe course of this year, followed tured goods growing by an ex- bo «pnt r* 

by a rise of only 0.8 per cent peeled 7 to 7J per cent during XiJSfaMwiS 

during 1979. 1978 and slowing to 54 to 6 per Th-ToSTJrert ,nri inrfirpnn 

The decline in the volume of cent in 1979 exports of manu- e ff«tive rate^f 2x^n oeraSS 
public expenditure is ■ said to factored floods are expected to incomes hardly chanced last year I En S Iand and the Society of tion agreement, 

explain almost the whole of the rise by about 4* per cent this _ at 97 1 De r 7« Hn t ^ Graphical and Allied Trades to- . 

continued stagnation In toe year (fourth quarter on fourth B r L JJJ; t *- •*= * 71,(8 nn,fm w 

economy last year. Q^rter) and by 14 per cent next befn'reduceTfrem ^ over 16 

Total public spending on goods to 15 per cent while the 

and services this year is pro- expenditure tax rate was raised 

jected to rise in volume terms by lmpoiTS from 11 i to 121 per cent 

only } per cent followed by an „ . exDOrt . 

increase ol almost 3 ™- «*"♦ Lotai ex P orts « 
next year. 

1 reduction in 
tbe thresholds 
d highest rate 

st under^/O^and 0 FFIC j A l S {r0XD the Advisory, the dispute arose because toe,.;.' 
Conciliation and Arbitration bank began replacing- its 
Service are due to meet repre- bers by non-union workers hi - 
sentatives of the Bank of breach of the union’s recognt- 

Institute Ej^onomic i city utilisation. 

day to discuss wavs of resolving union warned that 

the dispute at the bank's sole Pnnting and dutnbufaon woutt ; 
printing works which has halted halte ^ 

distribution of new bank notes. sta ^ were reinstated, > 

The dispute involves about The bank says SO GAT to toy- , 

, 4Vlo . m goods and 0n the basis expected ®°°Jf omen .°? te . examiners who ing to Institute « closed shop 

per cent serv i ces are projected 8 to rise by Wef recovery Jn activity, total | t^Srtber wMh drivers, binders in an area where half thaen* 

6{ per cent during 1978 
The review discusses toe rela- cent year-on-yea n and 
live strength of manufacturing under 2 per cent during f „ . . . 

inveslinent relative to projections pg r cent year-on-year) * a “ ,n 197 9- 

i j * — After allowing 

based on output growth and caps- 

■i-JELS «• continued Ml, jTl.bJS 

Revieic, . Vo. 84. May, 1978. avail- 
able price £3.00 for single issue 
from 2. Dean Trench Street. 
Smttft .Square. London SW1P 

probe grant 

of «^ ct - closed shop to be introduced 

SOGAT said yesterday that “at an, appropriate time.”- 

iy UUIIMUIITI. aPP o^nertprl r»von nftor allnui- ‘-uuimucu „iun m ui lap lauour 

For example, toe forecasting ing for the oil saving) to rise supply, 1 that adult 

relationships in the Institute’s relatively rapidly this 8 year re- u “* n, P lo y™ eft * 10 Gr ?ft Britain 

model predicted a 15 per cent fleeting the recovery of final^ -W 111 remain close to its_ present 

fall in investment between the demand. i ev t e * t n, J^ un 

fourth quarters of 1975 and 1977, An increase of 4? per cent is So..* 1 ?*!! 0 ?/ »hlS ri r?rf 
as against the rise of 14 per cent projected tor lOT ovS tte total 1Ma by the end of ** 

which actually occurred. for last year, with a rise of 34 * 

Consequently, the latest projec- per cent in 1979. reflecting the fjnpmninvinenf 
. tlons rely on investment inten- slowdown in the overall recovery. tot crnDDinv 

i tions surveys and indicate. an 11 The institute, to a limited The review discusses the y'rL ■ *. tan * s marooned which was also party to a guide* 

MRS. JUDITH HART. Minister i per cent rise in manufacturing extent, discounts the sharp uneven profile of unemployment 1 A i vls factery, • Coventry, line-breaching pay deal last year.: -; 
of Overseas Development, has I industry's fixed investment (other increase In Imports in the first and suggests that the seasonal of a pay blacklisting dis- has been told that it wiii no ^ 

approved a grant of £209,000 from ! than iron and steel) this year, quarter of this year on the pattern may have changed. pule ■ between the Government longer receive Ministry : 
~ * - - - - ' “ Midlands road 

Scorpion tanks moved 
after blacklist clash 


aid funds to assist the technical 
co-operation programme of the 
UN Centre on Transnational 
Corporations over the next two 

The centre, which studies the 
implications of tbe activities of 
multinational corporations, is at 
present financed by the UN 
Development Programme and 
by voluntary contributions from 
the Netherlands. Norway and 
Sweden. The centre's work 
covers mainly advice to govern- 
ments and information services. 


Renault entry 


Finanuil balance 









- 9.3 







— 0.259 


- 8.8 

+ 13 


— 7.387 


- 73 

+ 13 


budget forecast 


+ 200 

“ 6.0 

+ JJ 




- 5.4 


Weighted budget 
(per eent ol high employment 
Grots Domestic Product) 

High employment 
*” nf which due to 






+ 1.9 
+ 1.0 

- 0.6 


Son fee; Notional Institute. 

* Estimated br taking calendar year l*7J u tho " high employment •• bu. «,j 
assuming an underlying rate ol growth of productive potential «I l; per earn per 

RENAULT, widely estimated to 
be spending well over £lm in 
its efforts to win toe Le Mans 
24-hour race in two weeks' time, 
has unveiled a new. 233 mph 
Alpine V6 Turbo to head its six- 
car challenge against 1977 
winners. Porsche. 

The car. fitted with a 2.1 litre 
turbocharged engine, has been 
undergoing secret tests at Paul 
Ricard circuit in southern France 
and has been seeded No. 1 of toe 
55 Le Mans entries. Backing it 
will be three less powerful 2-litre 
Renault Alpine V6 Turbos and 
two similarly-engined Renault 
Mirages, entered by an American 
team, which has close links with 

The Le Mans race, in the 
doldrums daring the early 1970s. 
has been revived by the intensity 
of the Porsche-Renault rivalry of 
the past two years. Renault, who 
view the race both as a promo- 
tional exercise and test-bed for 
long-term development of turbo- 
charged engines, will have an 
80-man team at the Sarthe cir- 

Eut because toe recovery in grounds that there may have School leavers aged 18 or over “ ad haulier Defence contrac 

vwmand is expected to peter out been some stockpiling of imports join the adult register in the ° L f e n x Pirate The company was told this last 

next year, a rise of only 4 to 44 in anticipation of a fall in the summer, producing a large but by J aini ^ tr Y--}reek. ^toe itey after .it had moved ; 

per cent is forecast in 1979 on toe exchange rate. general ly temporary Increase in of Defence. two Scorpion tanks “ 

Nevertheless the base ooint total. Union officials ' and road Alvis factory, part of British - 

jjuduc seciur, me iur the balance of payments Similarly, the apparent fall in hauUera had Mid ttat the tanks 

volume of gross fixed investment forecast is lower than burned wou!d_not_ behoved jiniss 

next yea 

“includes ihe public sector, the fo"'S“bSce™of°^yi^ite i" baiuen b,rSTWrthe A number of baillieri 

™ 1 SS5c°ttlTrt£ S ‘by-ISS™ 1 by February^nd y^r m^Sly b^e ^o comp^^ Tf i» ™vl« tante trm fte ftctinj - 

& J £ proj JL i, SESSSf ^ ^ ^ ^ ^ “ ! 

_ ■ . i« , rather thao bcios due to a fall 

This still leaves toe volume Consequently after allowing jn the underlying unemployment 
next year below the 1971 level for invisibles, the expected cur- i eV eL 

and. as a proportion of Gross rent account surplus of £300m is the Inhour force continu- 

Domestic Product, fixed invest- about £lhn smaller than pre- ^ t o grow, there was no 

ment will have fallen from viously assumed. prospect that unemployment 

nearly 22 per cent in 1971 to a stabilisation in toe volume was likely to fall from the 

about 19 per cent in 1979. of imports next year and a sharp present record levels in the 

The rate of private inflation rise in export prices should immediate future. 


Financial years £m 







Sales of 
debt to 




































deposl t 
. ties 



( starl- 











" 862 
















































‘ 950 


* Foreign currency bank fending to the public sector, overseas sterling deposits, and banks’ foreign 
currency deposits (net), 
f Estimate 
t Forecast 

yesterday that the back-log of-;.] 
. . , Scorpions, about 12, "was moved .* 

Another haulage company, .early last week, before Capel's--? 
Joseph Foulkes, of Wednesfield,' ease had much pttbHcftE ' 

Bank hours trial agreed i 

SCOTLAND'S clearing banks that toe expei^ent ’j 

have agreed with the National was “fltconceived. iU-timed and 
Union of Bank Employees to illiJiahned,” but the- union had ; 
open. 16 main "branches in decided to go ahead In tbe 
Glasgow, Edinburgh, Aberdeen, public interest. 

and Dundee at lunchtime for a. 

6 -months triaL 

The experiment,' which means 
that. toe branches will be. open 
continuously between 9.30 am to 
3.30 pm on weekdays, starts on 
Monday. " 

The anion was unhappy about 
the ; proposal— by the Royal 
Bank of Scotland, the Bank of 
Scotland and the Clydesdale— 
and !.only agreed' to co-operate 
when the- banks accepted four 

These were that all staff 
would continue to have a one- 
hour lunch break, that additional 
temporary staff would 'be taken 
on to. maintain., staffin g Jevels 
between li am- to 3 pm. that the. 
working week would remain e.t 
1 28 hours and -that special atten- 
tion- would be paid to security 
oyer. ‘the lunch-tine period. 

Dadd Paterson, the onion's 

.Scottish. deputy, general secre-. 

• * ’ ' 


JJVentilation limited 

13. Dowry Square, Brbrol BSS45L' 
Tel, SWjtol »T285^ 

The Financial Times 


The delicious taste of ice-cream in Italy 
could well come from Bush Boake Allen - 
the Albright & Wilson company that is one 
of the world's leading suppliers of 
flavours and fragrances. 

These flavours are supplied to the food 

industries of many countries to suit local 

tastes and ways of life — flavours for biscuits, 
savoury flavours for snack foods, spice 
extracts for sausages, fruit concentrates 
for soft drinks. 

Albright & Wilson have manufacturing 
plants in 15 countries. In 1 977 alone, overseas 
production resources were increased in 
Australia, Canada, France, Malaysia, 
Singapore, Sweden and the USA 

Worldwide, sales last year were £338m, of 
which £1 94m were earned overseas, 
including £92m exports from the UK 


*£.( v *• — : 

m-AL v. 
-'' ,r 

\ ‘.V . : 

- ■< 


?VrA- : 


, ‘ tfL'fh li lLv ai* ’^ ^ ^v— 

Albright & Wilson Ltd 1 Knightsbridge Green, London SW1 X 7QD. Telephone 01 -589 6393 


chemicals for metal nnisning 

There are some people who believe 

that the advertising of certain products 

should be banned. 

The current favourite for the 
attention of such people is the advertising of 

Closely followed by that of alcohoL 

But the list can be extended to the 
advertising of products made from animal fat 

Or of products that contain 

And even of products that pollute, 
and collide with each other, and put their 
drivers into hospital 

Those who believe in banning the 
advertising of such products would extend 
the list further. 

All they need is time. 

But there are others who believe that 
the citizen has certain inalienable rights in a 
free society. 

The right to exercise free choice 
for instance. 

And that this, by definition, must 
include the right to smoke. 

The right to drink. 

The right to eat dairy foods. 

The right to drive. 

The right to take the risks he 
knows about. 

The right to measure those risks 
against the pleasure he gains. 

And that, providing he exercises 
those rights with a sense ofresponsibilil 
to the society ih which he lives, no 


If that belief is well-founded, ther 
the advertising agency, Allen, Brady and 

»f cigarettes, alcohol, dairy foods and motor is Am 

cars should continue. 


free to warn of risks, manufacturer 

be free to advertise their products. 


Of courseAhere should be ; 

The hea|th of the citizerishotM 
protected. / 

• ait ■. 


President Hoover, in 1928, put it 
better than we could hope to do: - 

hours after free industiy and free 
commerce die.” 





24th May 1978. 

Allen, Brady & Marsh is 

Tel 01-405 3444 

b iO;.v • . 





, tiler 

r t mri 

1 motor 




'OUlCi b£ 


^ V . s 
! * 


• ^ Mi L 

. ,tei c ' 

- i' * 


r v 

fighting abuse with self-contro 


•' FLURRY OF” protests and 
Prfeas, ; >staternents 'With which 
London f ^eeted tbe. EEC Com- 

mission’/; , r '- "draft . . directive qn 
Tinfair and nnaleadin^' advertas-- 
iiig— published nr March— -has 
died down tor the present,- td-be. 
replaced by a mood o t warines- 
wmch in. one quarter, at least, 
is' beginning to shade 'into quali- 
fied optlmiiju. 

• v That quarter is a very impart-' 
ant one indeed, occupied as it is 
by Lord Thomson of Monifieth— 
chairman of the- European -Move - 1 
meat . (the all-party. pro-EEC. 
lobby), . chairman - of the Adver- 
tisings Standards Authority and 
previously one - of< the UK’s first 

two; EEC - Commissioners. 

• Lord 'ThoinsonTs views bn the 
absurdity of European harmonis- - 
ation- for; its owp sake,’ and bn 
the pleasureless, joys pursued by 
the bureaucrats in their sleepless 
search "for; . uniformity,, have 
endeared ~him to the advertising 
and- marketing communities in 

Which Is not to say he is 
incapable of turning round and 
administering a clip behind the 
ears when necessary. At tbe 
Advertising Association’s, confer- 
ence in Brighton,. Lord Thomson 
said he was encountering, within 
We" *. . ! advertising . business, 
dangerous misconceptions as to 
.bowadvertising control works in 
Britain, plus a disturbing degree 
of complacency . as rb how the 
Brussels draft directive — which 
proposes- uniform civil and 
criminal legal proceedings 
throughout the Nine to counter 
unfair and misleading advertis- 
ing— can best be tackled. 

More recently Lord Thomson 
told me : “ I am now reasonably 
optimistic that we will get from 
Brussels an amended directive 
that will allow each country to 
preserve ite -own system of 
advertising control and still 
achieve the very worthy aims of 
the- current directive.-” 

He believes that the control of 
advertising in Britain — a mixture 
of-' rtatutory enforcement and : 
industrial seif-regulation via the 
ASA and its Code of Advertising 
Practice (plus the work of the 
IB A ) 7 is sufficiently well- 
orgam'sed at present, and suffi- 
ciently ;-successful, to be allowed 
to cQO&me along present lines. 

.HOW “LEGAL, .decent, honest and truthful” 
■fc British advertising? If the reaction of the' 
-public Is -anything to go by, it scores extremely 
welL "The -Advertising Standards Authority 
.- conducts a national .ad campaign of its own 
. eueh yeaiv inviting complaints from the pub- 
lic. The 1978 campaign is running now (see 
inset). . 

- The W77. campaign began last August and 
ran for three months, enlisting the support 
. of folk heroes like Harlorie Proops and Sir 
Matt Busby. It cost £150,000. lu addition, a 
further £64,113 worth of free space was 
• donated by 1 the media. 

According to ASA . chairman Lord 
Thomson Of Monifjeth : “The evidence from 
the ASA’s own operations -certainly does not 
show any widespread grass-roots .feeling 
among- consumers . that advertising is mis- 
leading.” - 

Following the 1977 campaign, the number 
of complaints which came in for ASA. con- 
sideration, over a nine-week period, totalled 
1,592 against a background of something of 
the order of 4Am ads published each week. . 

“Of that number*. 183 were complaints not 
about advertisements but about a failure to 
deliver goods -ordered by mail. (Because such 
goods are bought as a direct result of an 
advertisement, the ASA has special respon- 
sibility for bringing such complaints to a 
satisfactory conclusion). Of the remaining 
complaints, 295 were found to be justified. 
This, represents ISA per cent of all complaints 
received in - the period hut only 0.006 
per cent. . of tiie estimated total number of 
print advertisements published during the 
nine weeks concerned. 

Are you 
legal decent, 
honest and 

Advertisers have to be. 

the Advertising Standards Authority 1 

MxitK V-oftWni ****--ii. iimrl 

•• The complaints which were upheld ranged 
from technical breaches of the Code and 
genuine over-sighls to a very few intentionally 
misleading claims. A substantial proportion 
were concerned with questions of taste and 
decency ■* an area where self-regulation need 
fear no competition from the law.” 

“But. there Is no‘ element of 
permanence. We have to work 
at iL .- The. speed with which 
advertising _daim$ are substan- 
tiated is of the greatest import- 
ance. Second, those who work 
on the creative side must be 
willing, consciously, to work 
well within the letter and the 
spirit of the code, whereas 
advertisements are often pre- 
pared without adequate know- 
ledge of the code— the substan- 
tiation is looked for afterwards. 
There are those who think it a 
sign of creative brilliance to sail 
as closely to the code as possible. 

“The code' of' practice states 
quite unambiguously that adver- 
tisers should possess the means 
for justifying their claims, so 
that whmi the ASA asks for 
comment it should’ get a reply 
by return of post;” There are 
two exceptions, says Lord Thom- 

son: advertisers can't always be 
expected to anticipate some of 
the more ingenious complaints 
that are concocted. ’ Second, 
there are areas like hi-fi where 
the experts themselves differ 
greatly as to what constitutes a 
fair claim or statement 

In this connection it is easy to 
see why Lord Thomson believes 
the EEC Commission to be guilty 
of “pious hope” in believing 
that a much more overtly 
legalistic system of. advertising 
control throughout., the Nine 
would help Introduce quick, 
effective and inexpensive legal 
facilities for combatting adver- 
tising abuse. 

It would be a feast day for the 
lawyers, says Lord Thomson, 
whereas tbe current cost of 
administering the ASA for 
example (approximately £500,000 
a year! represents no direct cost 

to the consumer at all. 

In the ASA’s annual report, 
published last week. Lord 
Thomson warned that it was not 
only the bureaucrats in Brussels 
but ideologists at home who 
were oot to tilt the balance of 
advertising control decisively in 
the direction of statutory 

• “ If statutory control went too 
far it would quickly create new 
and costly armies of enforcement 
officials, and now and costly 
courts to administer the new 
laws. It would cost the adver- 
tising business a great deal more 
than the present 0.1 per cenr. 
surcharge : and it would cost the 
consumer much more than the 
price of a stamped complaint — 
if they were still as ready to 
complain in the absence of the 
present guarantee of confiden- 

Lord Thomson’s remarks about 
complacency within the advertis- 
ing -business are also easy to 
understand, for while it is 
important not to exaggerate the 
.degree -of concern the citizenry 
at large harbours about advertis- 
ing (matters of family, govern- 
ment and the trade unions rank 
way ahead of advertising in the 
neurosis league! it is equally 
clear that in many parts of the 
world the consumerisls and other 
pressure croups are creeping up 
on advertising virtually from 

in a great many cases they are 
now within a stone’s throw of 
their objectives. In Berne, the 
Swiss. Parliament is debating 
whether er not to ban all tobacco 
.and ‘ drink advertising. (In 
Britain, tobacco advertising may 
well be outlawed with it) five 

years, and drink advertising 
strenuously repressed.) In Wash- 
ington, singer Pat Boone, whose 
company. Coosa Mooga Inc., re- 
ceived 25c for' even- 59,50 bottle 
of Acne-Statin sold as payment 
for his endorsement of the pro- 
duct. has agreed to a settlement 
holding him personally account- 
able for false and deceptive 
advertising — the forerunner of 
rigorous new endorsement stan- 
dards now being developed by 
the Federal Trade Commission. 

In Brussels, the European 
Consumer Law Group has stated 
that in the absence of firm lesis- 
lative control of advertising 
(which it favours), self-regula- 
tory bodies should be required 
to operate under the aegis Of 
consumer organisations and 
trade bodies. In addition, the 
group wants very special atten- 
tion accorded advertising 
directed at tbe young, the elderly 
and the ill. as well as ads de- 
signed to help t he sale of “harm- 
ful and hazardous products such 
ai tobacco, alcohol, pharmaceuti- 
cal products and sweets.'* 

Tbe list is endless. In a great 
many instances tbe moral case 
for more rigorously framed rules 
on advertising . -.induct and con- 
trol seems to speak for Itself. 
But there are many a reas and 
instances where the rights of the 
advertiser need strong protection, 
too. In Britain, the advertising 
industry is fortunate that it has 
someone like Lord Thomson to 
chivy it along. 

In the U.S. recently, the Food 
and Drug Administration decided 
to crunch its teeth on the Ferris 
Coffee and Nut Company of 
Grand Rapids. Michigan, writes 
Michael Thompson-Noel. For 
why? Partly, it seems, because 
the federal agency was concerned 
that the firm's mixed nuts failed 
to comply with the FDA's food 
standard because the product 
label did not bear the words: 
“Mixed nuts.” The agency said 
the. label failed to indicate that 
the product contained up to SO 
per cent, cashews and that the 
optional nut ingredients were 
not declared in descending order 
of predominance. Tbe ■ FDA 
criticised the lack of a net 
quantity statement on the label 
and the failure tn declare the 
presence of pistachio nuts. Tbe 
FDA told the companv that the 
zip code in its address was 
omitted from the label and that 
use of the term “ P-Nut 01J ” 
was not an acceptable oh rase for 
declaring peanut oil as an 

Tale of the macabre No. 2: In 
Washington two weeks ago. 
Sen. Wendell Ford of Kentucky 
scored tbe first victory in an 
announced attack on red tape 
hy amending the National 
Traffic and Motor Vehicle Safety 
Act to eliminate an obscure pro- 
vision requiring that all 
retreaded car tvres be registered 
with the U.S. Government. Since 
1971. some 63iu tyres have been 
registered. But during that 
entire period a total of only 
eight tyres were recalled, at an 
average .estimated cost to the 
registration programme of S3m 
per tyre. Said Sen. Ford, with 
classic understatement: “ We 
found that since each retread is 
a separate, individual product, 
the chances for a product recall 
are very remote at best.” 

It is no coincidence that both 
those stories come from the 
U.S. They were supplied last 
week by Jeffrey H. Joseph, 
Director of Government and 
Regulatory Affairs for the U.S. 
Chamber of Commerce, speaking 
in London at an AGB seminar on 

It is Mr. Joseph’s belief — a 
belief increasingly shared on 
both sides of the Atlantic — that 
the consumer movement has 
gone, too far. too fast: that 
whereas the original problem, 
pursued with great vigor by 
activists like Ralph Nader, was 
to provide protection for the con- 
sumer. an even greater problem 
is now perceived to be the 
hidden and ever-mounting cost 
to society of regulating the con- 
duct and practices of business 
and industry. 

Quoting studies by Prof. Murry 
Weidenbaura. Mr. Joseph indi- 
cated how the U.S. federal 
regulatory agencies generate 
large costs in the private sector. 
In 1976. the estimated cost to 
U.S. business of complying with 
federal regulations exceeded 
S62bn. or 20 times the $3bn 
budgeted for operating the 
agencies themselves. 

Federally-mandated safety and 
environmental features, says Mr. 
Joseph, will increase the price of 
the average American passenger 
car this year by S 6 S 6 for a total, 
to U.S. motorists at large, 
approaching SlOhn. 

The Federal Paperwork Com- 
mission estimates that the total 
cost of paperwork imposed on 
private industry ranges from 
$25bn to S32bn annually and 
that “a substantial portion of 
this cost is unnecessary.” Regu- 
latory requirements imposed at 
federal. State and local govern- 
ment level are adding between 
SI. 500 and S2.500 to the cost of 
the average new house. Accord- 

ing to Mr. Joseph, approximately 
SlObn of new private capital 
spending is devoted each year to 
meeting mandated environ- 
mental. safety and similar regu 
lations rather than bein' 
invested in new projects. 

General Motors says it costs it 
S3bn (plus the full-time efforts 
of 22.900 employees) to comply 
with auto emission and safety 
regulations. The Dow Chemical 
Company says the impact of 
federal regulatory costs on its 
U.S. operations alone is costing 
SlSfim annually. 

According to Dow Chemical’s 
president: “ Ultimately, the con- 
sumer ends up paying for these 
costs, which really amount tn a 
mandated hidden tax on con- 
sumers.” According to Mr. 
Joseph, the problem is growing 
in all dimensions, although so is 
awareness of the problem. “It is 
my hope that this sort of aware- 
ness will spread to all govern- 
ments who contemplate novel, 
aggressive solutions to possible 
problems without first attempting 
to measure the cost.” 

During the seminar's lunch 
lull. Gordon Borrie. the UK’s 
Director - General of Fair 
Trading, expressed the opinion 
That consumerism had become 
the whipping boy for everything 
that business and commerce 
found unpallatable. on whatever 

But the mood now. both in 
Britain and the U.S.. is that the 
ennsumerists have to dale 
enjoyed an overkill of rhetoric 
As Harry Shepherd of Marks and 
Spencer said last week: “The 
choice I would like most tc 
argue for is the choice between 
benefits and costs— a choice not 
yet offered to consumers, perhaps 
because while the benefits are 
well publicised, the costs have 
been apparently difficult tc 

The Alliance changes 

Ban Am raises hackles 

FAN! - AMERICAN World Air- 
ways’ decision to fire Ally and 
Gargano and instigate a competi- 
tive scramble for its $32m. 
account ' has -stirred tempers in 
the, 3i&*; Earlier this year Ally 
and Gargano lost its $12m. Fiat 
Motors, business and has now 
been forced 'to sack an estimated 
fifth ofe- its -/staff.. Aljy and 

Gargano handled . Pan Am's 
domestic business worth Sl2m: 
the $ 20 m overseas account is 
handled by.J: Waller Thompson. 

DKG Advertising chairman 
Shepard Kurnit observed that 
Ally and Gargano's work had 
depicted Pan Am as a. company 
“that cares about, people, their 
comfort, - their .,, safety, ” jbe^r 

hopes, their dreams. They have 
just made it painfully clear that 
they don't care at all.’’ 

The A&G head, Carl Ally, 
received 48 hours notice from 
Pan Am. He was at a funeral 
at the time. 

-Pan Am says it wants a single 
agency to handle its account 
world- wide. JWT reportedly has 

the inside rail. Its 14 rivals 
include McCann-Erickson, Ogilvy 
fir Mather. SSC&B. Ted Bates. 
D'Arcy-MacManus & Masius. and 
Needham. Harper & Steers. A 
decision is expected by late July. 
# Campaigns aud Accounts: 
“ C’mon Column's, light my fire.” 
is the phrase employed by a 
scantily-olad nymph on a tiger 
skin in the first of a series of 
three new ads devised by JWT 
for Colman’s English Mnstard. 
She is chomping a chicken leg. 
Colman’s is spending- £400.000 on 

English Mustard this year. . . . 
National Holidays, part of tbe 
National Bus Company, has 
given its £300.000 to Bastahle 
Market Development . . . Trebor 
is putting its Sharps Extra 
Strong Mints into posters for the 
first time, via NSW Partners. 
Extra Strong is said to have 25 
per cent of the £30 m pressed 
mints market . . . Brooke Bond 
Oro is spending £250-000 on 
Dividend “D” in June. Divi- 
dend reportedly has 10 per cent 
of UK packet tea sales. 

Britain's eighth biggest, has had 
its ups and downs lately, losing 
three board members and more 
than £ 2 m worth of business, 
though the business losses have 
been more than counter-balanced 
, by gain such as Pint Size. 
Cadbury Typhoo's new instant 
milk product, and the £2.5m 
launch for Mars* new Banjo 
chocolate snack bar. 

One of Bates' losses was the 
Alliance Building Society, 
i siphoned off by Doyle Dane 
I Bernbach. 

Partly because the societies 
offer such comparable services, 
the return on their advertising 
investment is relatively easy to 
evaluate. They certainly spend 

enough. Total MEAL-type 
spending by the societies in the 
12 months to March 31. 1978, was 
£9.P4m. The biggest spenders 
were Abbey National (£1.3ra). 
Halifax (£l.lm). Leeds Perma- 
nent (£S30.500), Nationwide 
(£I. 2 m) and the fun-loving 
Woolwich Equitable f£7S0,000). 

Over the same period the 
Alliance, which is the country's 
sixth largest building society, 
spent only £306,500 a la 
MEAL. But it is now concen- 
trating more on TV, so its total 
ad budget this year is more like 

It may be the sixth biggest, 
but it knows it is not the sixth 
best known. The nicest thing 
that can be said about Bates’ TV 

work for the Alliance is that il 
was dull. The ads showed 
general manager Roy Coa 
explaining precisely what ser- 
vices the Alliance offered anc 
how investors could count ot 
good rates of interest, securitj 
and personal service — e 
strikingly different approach tt 
the jingles and jokes and bikin 
tops paraded by the Abbey, tht 
National, the Leeds and the 
Woolwich, for example. 

“ We want to retain the serintu 
approach." says Roy Cox 
“ because we want to achieve 
much more than awareness. Al 
the same time, we want a nev 
creative approach, a new styl* 
and personality." 

- / >' 

7 - 

I i 



:•] w 


i WM 


4 rnft 

■vlll l> 

Take a closer look at the man delivering industrial gas 

cylinders - he may be your M.P. .. ... 

British Oxygen is one of thirteen companies participating in ’ll 

the Industry and Parliament Trust, a scheme which aims to increase _ 
Parliamentarians’ awareness of how British industry works, by allowing 
MB’s to see things at first hand. 

There is much for them to appreciate. 

Product design, labour relations, business systems, sales training, 

• production management, research programmes, employment practice - 
thehst is endless,embracing all those technical, econOTm^ficaimd^ 

highly complex society. . _ 

1 -< 1 / 

,1 Ml 1 ' . 

fM^ hsmatiM J375BiBaecgg^. , 

For our part, we commend the M.P/s to a weekly copy, of 
The Engineer There is no better starting point for an appreciation of how 
British industry works, solves its problems and creates its opportunities. 

A year’s issues add up to ahistory-in-tlre-making of industry -a continuing 
narrative of tact, opinion and debate, charting events, ideas, relationships- 
^ tracing all the major influences on the direction of industrial change and 

And it is as stylish, lively and readable now as it was 120 years ago. 
It’s not surprising that in the engineering industries more engineers 
and engineering managers read tf* 

The Engineer than any other 
publication! - Every week. 


Motsan-Giajijpaii ^Publisho*) limited,^ Caldervi^ 6QH.Tekphonc 01-855 7777. 



Coping with the 
German unions 


NEXT TIME Mr. James Deutsche Gewerkschaftsbuud 
Callaghan . manages to get (DGB), the counterpart to the 
together for an evening's quiet British TUC,was unusually cool- 
refiection and soul-haring with Both the Chancellor, himself a 
his good friend Helmut Schmidt, trade unionist like many other 
it would not be surprising if it social democratic politicians, and 
were the British Prime Minister the Federal President, the Free 
who found himself being asked Democrat Herr Walter Scheel, 
for advice. Not, you may be sure, were subjected to some unaccus- 
on the matter of reflation, where toraed heckling when they 
Mr. Denis Healey has once again warned the delegates against 
in recent days urged bis un- yielding to luddism, or systematic 
welcome views on Bonn. Where resistance to labour saving 
Herr Schmidt could be forgiven innovation, 
for feeling a certain sense of 
bewilderment right now is in a , • 

realm where foreigners have j IXIStTsItlOn 

usually taken German success 

for granted — the social contract. seeins t0 WO rry not only 

West Germans are beginning to j^aisters but trade union leaders 
wonder whether an essential themselves is not the spirit of 
ingredient in the formula may impatience shown towards such 
now have altered its properties, homilies (all too rare), but the 
Have the unions gone sour. deep sense of frustration felt by 
Earlier this spring, _in ttie many in the movement. The job 
hitter and hard-fought printing guarantee clauses have brought 
and metal-working disputes, the no great peace of mind, for many 
West German trade union Jpove- on ^, e un fon side are fully aware 
ment delivered a costly reminder that their effect may be merely i 
of its existence to those who to make union members still less I 
might have felt tempted to attractive to employ, compared , 
assume that the logic of an tQ machines, 
appreciating currency, a stub- Similarly, calls from the 
faornly high unemployment rate leadership for further discussion 
and continuing demand weak- 0 f reducing working hours in the 
ness would force another year interests of cutting unemploy- 
of wage restraint acceptable to ment have met with a certain 
the economic establishment shuffling of delegates' feet. 

Most frustrating of all is the 
unions’ belief that they have no 
jkliApt:llSAVc way ouL The Free Democrat 

avnonciim Economics Minister. Count Otto 
The disputes were expensive ^ mbad0 rff, kee ps appealing to 
fay anyone s standards: official l0 return to th e P Concerted 
0tatisties i show d ijoss of 3m work- Action conference which, if it 
jn, days for 19iS so. J®”* worked as was once intended, 

HI?* 1 r f j A Thfm?t a I wnrk-in° ““S* 11 indeed be the right fOHim 

19 1 1 oi 4.5m. Tht to discuss the deep-seated struc- 

and engineering employers have tural problems afflict West 
•calculated that the comb nation Gennany no leg5 other 

of strike and lock-out cost them industrial societies. Yet to do 
a good DM -bit, while t^e effect s0 now W0U id be t0 bow l0 the 
on an already faltering real O ross employers' federation, whose pro- 
national product will certainly voca tive constitutional lawsuit 
be to make the government s 3.5 against the workers’ participa- 
per cent growth target for 1OTS (mtbestimmung) Act was 

as a whole still less likely to ostensible reason for the 

co " ie ,?^- , „ 4 . . . unions’ walking out The DGB's 

To listen only to the employers attempted counter-move, of seek- 
sTde of it, you would think ihe j ng legislation that would ban 
spring s wage rises of about 5 ^ ^ of ^ haled i oc k-out 
per cent, coupled with the agree- weapon, has bee* snubbed by the 
ments on job security that both Social Democratic Chancellor 
printers and _ metal-workers himself in unambiguous terms, 
managed to win for themselves. Employers or academics who 
were the last straw. Now that have been prone to blame the 
first-quarter company results are unions would, however, be ill- 
beginning to come in, however, advised to rejoice at their 
the picture does not look so over- present discomfiture. For yes. 
whelmingly black. Boards are in even in Germanv there are dele- 
a growing number of cases ex- gates to the DGB polishing their 
pressing “qualified confidence’’ rhetoric ah out the class struggle 
or referring to “ relatively satis- and counting off the days until 
factory earnings." or similar the present generation of men 
phrases. at the top take their retirement. 

It is Ihe unions, now that the doubtless amid official tributes 
107S wage round is over, who to their statesmanlike good sense. 

- seem to be gnawed by self-doubts. That is a quality their successors 
■ The reception accorded to Herr may prefer to dispense with, 

: Schmidt a little while ago at the unless it is fairly quickly seen 
Hamburg conference of the to deliver the goods. 

Sizing up the question 

Financial Times Thursday , ; 



m iws-v- ? : 

IT IS sometimes assumed that 
the Commission only inter- 
■veoes to curb abuses of market 
power in cases where the 
offending company has a sub- 
stantial market share. Hecent 
reports from Brussels inferred 
from the case of United Brands, 
which has a 42 per cent share 
of the relevant banana market, 
that a company with less than 
a 40 per cent market share has 
really not much to fear. 

Such optimistic conclusions 
are quite wrong. In the same 
way as other anti-trust agencies, 
the Commission and also the 
European Court are steadily 
moving away from using the 
market share as the only, or 
even the decisive yardstick of 
market dominance. There are 
at least two recent decisions of 
the Commission where com- 
panies whose market share was 
under 10 per cent were held to 
be market dominant. 

In its decision of October 1977 
the European Court held that 
SABA, though, holding only 6 
to 7 per cent of . -the TV sets 
market 'in Germany, was in a 
dominant market position 
making it subject to the. rules 
of Article 86 of the EEC 
Treaty. SABA was one of eight 
producers of television sets in 
Germany which together 
controlled 91 per cent of the 
market. It is remarkable 

that the Court, gave greater 
weight to the- Commission's 
view that the company was in 
a dominant position than to the 
fact that SABA had less than 
a 7 per cent share of a highly, 
competitive market for products 
which appear readily inter- 
changeable to most consumers. 

The Commission appeared, at 
first, to be in a somewhat 
stronger position when, by its 
decision of 19 April 1977 (Offi- 
cial Journal 1977 L 117) it con- 
demned the behaviour of three 
Dutch subsidiaries of the British 
Petroleum Company during the 
1973 oil crisis. The Commission 
accused BP of having unduly 
restricted supplies to indepen- 
dent distributors. The case was 
originally brought against all 
the major oil companies operat- 
ing in the Netherlands hut sub- 
sequently dropped in respect of 
all but BP, which had only a 9 
per cent share of the relevant 
product market in the Nether- 
lands. Id reaching its decision 
the Commission did not rely on 
market share at all but argued 
that it was impossible for an 
“independent” distributor to 
find a new supplier at a time 
when the oil majors were 
restricting supplies even -to their 
own outlets. In (its decision she 
Commission states: 

“Firms hold a dominant 
position where they are able to 

act fully independently 1 — in 
other words where they may 
conduct their business without 
regard to the actions of com- 
petitors and customers. This 
can happen when general econ- 
omic circumstances -and par- 
ticular market conditions com- 
bine so that firms with an 

Moreover, it contests the .Com- 
mission’s interpretation of EEC 
rules of competition in the 
European .Court,, and last week 
received hacking in. the Opinion 
of Mr. Advocate-General J.-P. 
Warner. To put it briefly, Mr. 
Warner concluded that BP was 

hot in a market-dominant posi- 


BY A. H. HERMANN, Legal Correspondent 

established market position, 
access to raw materials and a 
adequate industrial capacity 
and capital resources, find 
ithemseives in a position to con- 
trol production and distribu- 
tion in a substantial proportion 
of the market" 

The. Derision.: went on to say 
that in these circumstances 
“For reasons completely out- 
side the control of the normal 
suppliers,, their customers can 
become completely dependent 
on them for the supply of 
scarce products. Thus while 
the situation continues, the 
suppliers are placed in a domi- 
nant position in respect of 
their normal customers.” 

BP argued that it had can- 
celled its contract with the com- 
plaining distributor some six 
months before the oil crisis. 

tidn; did not abuse market 
power; and, moreover, its action 
had no adverse effect on inter-, 
state trading in the Community. 
He proposed that the -Commis- 
sion's decision ought to be can- 
celled in its entirety. The Court 
will now have the final word.' 


THOUGH the Court never reffers- 
to the ^Opinion of . the . Advocate 
Genera in . its judgment,: mne 
wishes^ would take .a. sts&d on 
a fundamental issue raised by 
Air. Wjfoueir. It concerns tire • 
legislative activity of the Com- 
mission end indirectly also that 
of the C%rt After sajingtfaatr 
in. his opinion, the function of- 
' allocating supplies in a time of 
scarcity ^-'essentially a function 
of Goy^nment, Air. Warner 
continue ik “The Commission’s 
view seems to . be, that where 

there is a lacuna in 

governmental !J!Jv 

have been taken. Article So may 
be invoked to fill it 
One could add that tiils sort 
of legislation. “ by fiUmg the 
gaps," is very widespread m the 
realm of EEC law. The Fun^ 
pean Court is not only «PPw“* 
ffie irn, % is aiso oreacrngit. 
as a sort of EEC equity. The 
trouble is not that it JS done, 
but. that it cannot be done 
properly behind closed doors, _ 
Speaking about equity m 
international law at the Petro- 
leum Law Conference in Cam- 
bridge recently, E. Laoterpacnt, 
QC, an eminent international 
lawyer, said that when equity 
rules are., being created there 
is a real need for debate, not 
only between the parties but 
also between . the parties ana 
the" court. In- his; view. a pre- 
liminary assessment of .the case 
by the court should be followed further- -argument. In the 
case, of the European Court It 
is not It legislates without dis- 

* ★ * 

T F~rc •RQCHE/Centrafaxm. trade 
mark ease No. 102/77 was finally, 
resuived -hy a judgment hand ed 
down on- 23 May. . Answering 
the question Gf- “ wfiether ■ a 
branded product, repacked with- 
out the trade mark owneris: per- 
mission, may be labelle d a nd ~ 
resold under- tiie original t^ade 

"mark/ “Court ““rilled 

that .. in : principle^ -trade 
mark rights can ; be linefeed 
against a party 1 r “.which.* 
uses the trade mark vrithwrt the ■ 
owner’s ^missions ; However 
the Court said that trademark 
rights must 'not . be alloVed to 

stop the riepacker; if-;itfegu,-i>e 
shown that in tha e ^a^ Qf^e 
owner's marketing sysfemtir^de 
marks are used -as; a- dlsguised 
barrier between natianaf-mar- 
kets -in the CommOTKMftrkgtr . 

The Court Ji^owed ther^ne 
the ' Opinion of - : its /• Advocate 
General Francesco" ""Gipotorti, 
reported earlieriin tiiisc^irdtn, 
but added *'to.-' the ..condhituis 
under -which: .suefe-:? repacking 
may be' carried out: iWffffcthe. 
Advocate ' General ‘detiSS®- 
that the product -SibtthP^eik^hr'' 
unimpaired along with hotihea. - 
tion of . repackaging 

container, the CkJHTt added .tlie 
requirement' 1 that ---Hbe^tradcr ' 
mark owner notified^-j-As 
CexLtxaiarm had not vnCooiTOd: 
Rache - _ of the ■Tepatidng; 0 ^ 
German Court, whJcff^re&iTed. . 
the case to Luxem.bqi^^nirbe- - 
able to fin d in f a vour of Leslie 
and therefore render. a ; deciSion , 
which it would , arrive. acwrdmg 
to Gennan traderma^-Iaw. Nast 
time.- however; eentrafam.wiH ' 
not fail to notify the mant*ic: ; 
turer and — in all - prohabilitjp--: 
wiH have its 'way.-- T ' : 

1 j - 

Interest in Pyjama Hunt rising 

ANTE POST DERBY activity lose substantial sums yesterday should collect the Shore- 

yesterday switched in no uncer- have had an . equal amount of ham Stakes m which Potemkm- 
tain terms to France’s Hunter- interest in Formidable, another a prounsmg_second to Twe Rich 
combe colt Pyiaraa Hunt and colt to have worked well in the in tbeMay Stakes at Newmarket 
X?uow solf ^urelving Seven last few days. . onhWO 

Borrows contender. Formidable. Formidable had some particu- ably he at prbhibrtive odds 

^Hii „ larly strong work to tackle in At today's either meeting. 

w,AL tho *^ Crow. Leonardo de Vinci and Carlisle, Faverdale should be 

bility that France * Malecite. Those who saw the good enough to open. her account 

jockey. \ves St. Martin cojud in w hich he quickened when in the modestly-contested opener, 

claimed for the rank outsider asj5;ed tQ g0 fais business the Buttermere Selling Stakes. 

■ — — . ■ came away impressed. With the ■— ■ . ■ — • 

^ M news that Pat Eddery will be -BRIGHTON • 

RACING ■ aboard him a further shrinkage 2.00— Bamstar 

in his current odds of 20-1 (in 2^0-rPotemMn* 

BY DOMINIC WIGAN some cases 16-1) seems likely. 3.00— Happy Donna 

Turning to today’s racing 3. 30-^ Acolyte** 

— — Walwyn and Eddery will be ■ 4.00 — Wanlockhead 

Bilal, the consensus is that he found at Brighton where it •" 4^0— Pickling Spice 
will be allowed to ride Pyjama seems likely tiiat the hrcuess CARLISLE 

Hunt one of France’s leasing 2.,5-Faverdale<*‘ 

. . THEATRES. *• - v ' . .i 1 ' 

fortune, m oo.°- Tmrs - s 

•. _S«t. . • •■tieaant.Tiood ^ tobwortiPBnBaatmi.'JBBfc; 

nUUL. uuc ui 1 muu a itauuift 1 —wij _ — ■ 

juveniles last season. the Portslade Stakes, a mile 

. . _ event confined to threfryear-old 

Pyjama Hunt, a a, 000 guineas maiden fillies. Earlier in- the - 

vairlino mfirn than rpnsiirT fhat . i. e 

IT a maiden fillies. Earner in- me 

yearling, more than repaid tiiat if £„ 00tli favourite -hackers 

modest investment in h is first 

season. He landed the Prix des T n l n n fnr 


2.00 — Bamstar 

2.30- rPo tendon * 

3.00 — Happy Donna 

3.30- : -Ae6Iyte** 

4.00 — Wanlockhead 
4^0— Pickling Spice 

2.15— Faverdale*** 

2.45— Roselllo 

3.45 — Come Here 
4J5 — Faseadale 

Foals at Deauville before finish- Lottery plan for Olympic teams 

ing second in both the Prix des the BRITISH Equestrian "£1.000. The purchaser simply 

Chenes and the Grand Olympic Fund Is to promote a rubs away the print on the ticket 

Criterium (both at Longchamp) tottery to raise funds to send to reveal hidden numbers under-, 
and has been clipped in most Britain's equestrian teams to neath, 

lists from 50-1 to 33-L Moscow for the 1980 Olympic - Tickets will be on sale at horse' 

Pyjama Hunt worked con- Games. shows and riding events through- , 

spicuously well on a left-handed The lottery will be organised out the country, including the 
gallop on Saturday and experts t,y Nat Op Lotteries, part of the 5 er £. 11 c ™ nty $ ho l' Buriey-on- 
are more than hopeful that he V j^ nria Cnnrtinp WrtMinac^ ^tiie-Hill Show,.South of England 

can give an extiemely good Y lctona j s P° rbn e. Holdings Show> Leicester County Show, 

account of himself on June 7. Grou P- 30(1 ^ on an Essex County Show, the City of 

Mecca and Playboy book- w *d " system with tickets at 25p Glasgow Show. Hickstead and 
makers, who both laid him to each and prizes ■ from 50p .. to . Buxghley. . 

CG — TTie« NiMtres icccpc cerurin xmflr- THEATRES *" 

cards tdephoae or at the box .oBtcc. • V o * bi 


COLISEUM. CTBcft iaim- <» -zoo 52S& Mu r! rt Agatha cKmlr/fi-s ' 

£ ”sr7^ ns S^. £ ^ u ^ 1 . ssf- 

»nlTTGART. BALLET . : - - - 

Too't . Onegin : _-Tomor. IlM.Mt; Roar. ^AKfflCK THEATRE. »>-< 

. Dor Fall Hanrtct. Requiem: Mon.. Tliefi. -Evus. S.Q. Mat. Wed. 3 .n. Sat: E 
and Wed. irexfc jnnere Not; fKw.-«Uc- . TIMOTHY WEST. GEMMA 
■ftilttan Ballet. Sqnfl of the Earth::- 96 MICHAEL KITCHEN 

balcony Seats always owl tabid ‘ frofn In HAROLD PINTER 1 

10 am 'da y al .pelt. 

COVENT GARDEN:': ' CC. ' 240, ,' Ofefi. 
i Garden aurge credit. eards 836 «>9a3J - . 


Tonttfht A Wed. mat: 6.00 . Triatoi orad , — ; — — « -r“ 

I soldo. . Tomor.- A. Tuta.. nesrttJT.Sff GLOBE THEATRE. 01-4 

Rltroietto. Sat.: 7.70 Madama Butterfly: r cos. -a.15. Wed. 3-0- S«_ I 
es Amphi 1 seats jraC.for-alt ports, yrom - pauL -EDDINGTON, JULIA h 
10 a. it. on day of. p* rf. BENJAMIN WK1TROW 

This Sunday at 0-00 TEN TIMES TABLE 

LUCIANO PAVAROTTI "TlHs must be the happiest 

All seats.. sold. - . maker. In -London." D. Tel. “A 

THE ROYAL BALLET . IMy enjoyable ovenlfia.” Sund. 


The Royal Opera House rarest that- pro- GREENWICH THEATRE. 858 7755. 

gramme changes have met to be made evening 7.0. Mats. Sets. 2.30. . 

to accommodate recent plans for the THE A CHURCH LETTERS 

television companies itnotvod." In the A play by Don Tayto*--.-. 

transmission to the United States of - the - sura Kcstebnaa Is sunerb as Acfiurch 
programme on July 22nd. ... Johan Curry is I solefldld Shaw. ' FT. 

The previously announced: DWIonnances - -- — - 

“°°" "“JJK--. *“ 



wESSitof T l 4f J, Ji!l^ r A a nastaila HAYMARKET. 01-930 9832 EI 

thumS a’y 1 V anSStasia ««»■ w «ftu»fD- b s Irgman 

Friday 21 July Norma z. . 

SATURDAY 22 JULY TV Performance WEND l” l ,“ ttR - 

(matinee and evening) FOUR SO W MA NN ranrffirY h^e 4 



UnfortunMdv tnese changes haw caused • WATERS OF- rHe 
a My 4n the return of pastaf^applfca- “ Congratulations on complete 
dons and PERSONAL / TEMPHONE and record making show. Mu 
BOOKINGS FDR JULY BALLBt . PER- tunateW hnlsb on July 1st 
FORMANCES WIIL NOT NO#J OPEN commitments M Misi Bergman i 
UNTIL JULY 1. Priority allocation TOT - Wendy Hiller.' - 

me above performances WH1 be vfles to ■ . — • — - — r 

postal aoplKatfons already recelvcdl The her MAJESTY’S. CC-' 01-930 6606. 
Royal Opera House greatly regrets them .£«enbias 8.0.-. Mata. Wed. & Sat. 3.00. 
changes and any . inconvenience caused. ■ BRUCE FORSYTH 

■„ t«.5|. m LESLIE BRICUSSE and .- 

' ' TRAVELLING music show 

MVrth Oerekr - Griffiths 
Directed by BURT SHEV6LOVE 
" It Is - packed to bursting point 
the prrsomdltv and sheer- enavv of Bruce 
Forsym." Son. "Express. “ The aochence 
cheered.” Sunday Telegraph. 

, . Radio 

t Indicates programme in 
black and white. 

BBC 1 

6.40-7.55 am Open University. 
JUS On the Move. 11^5 Cricket, 
First Test: Lornhill Insurance 
Test Series: England v. Pakistan. 
1-10 pm Chlgley. 1.45 New s. 2.10 
Cricket: First Test, England v. 
Pakistan. 3,53 Regional News for 
England (except London). 3.53 
Play .School fas BBC 2 11.00 am). 
■4 .20 Sin bad and the Flying Carpet. 


Aug. 7 with -the London PHHharmowe 
Orchestra. Tottight. Sat.. Mon.- an d Wed- 
next at S.30: Die Saubcrfldee. Tomor.. 
Sun. 6 Tue. next at 5.30s Don Ghwaiuil. 
Possible returns only. Box offioo Glrnde- 
toourne, Lewes. €. Sussex 10273 B12411) 

■ ■ Js*-- 3 

r- ;<a * 

^|£; : 

t - 

2s : - - - 

4JS0 Heads and Tails. 4.45 Laff a- 
Lympics. 5.05 Blue Peter. 

3J5 News. 

5.45 Barney Bar l London and 
South-East only). 

5.50 World Cup Grandstand 
from Argentina: Opening 
ceremony and opening 
match at 6.50: West Ger- 
many v. Poland. 

9.00 News. 

9.25 Des O'Connor Tonight. 

10.15 Spend, Spend, Spend. 

11.40 Weather/Regional News. 

All Regions as BBC1 except at 
the following times: — 

Wales— L30-1.45 pm Mr. Benn. 
4.45 Crystal Tipps and Alistair. 
C5O-5.05 Y Llewod a Mi star 
Mostyn. 5.45-5.50 Wales Today. 

many v. Poland. 

9.00 Best Sellers, part 4. 

10.00 News. 

10.30 This Week. 

11.00 Dan August. 

12.00 What the Papers Say. 

and Liv Ulhnatm. 5J» Bepon w«L 5JS 
Report. Wales. tLL88 The Late Film: 
■The Camp on Blood Island" starring 
Carl MoJhner and AndrO Morcit 
MTV Cymru /Wales— As BTV General 
Servico except: UIHL25 pjb. Fenawdao 
Newrddlon T Dsdd. 5.00-5.15 y Dydd. 
10-30 Eisteddfod G cried Laethol Yr Urdd 

1JL40 News and Weather for 12.15 am dose: Xanlhi Gardener ibts. m na Mr. and Mrs.- uyg This 



c £ l s& c ^S # " I9 d ! v Mon. to Thurs., g so. Tri..' 5 *l /.so. 



LONDON PALLADIUM. CC. 01-437 7373. 
MB9K and iNnters m«il. Tubs- Thws. and Frf, at B. Wees . . 
t and Sats. at B.IO and 8.50. ■ 



8-00 PMnn. Danciog 

RAassi?oA tzi 'i 
ana ar 1 1 o m. — , ’ - 


In. a Spectacular 

lular Comcdr Rev u« 

Prom- h 

Wales.' reads a poem fay Angelene week. X2.0P.1U8 a-m. The Cntkoo Walor. e*bs. 7. 3D. Mats. Th»rs. 3.0. Sats- 40. 

Scotland— 5.45-5.50 pm Scottish Paterson. J™. the best E S?usical 5ov:W 80 

news. 6.50-9.00 World Cup: West All IBA Regions as London 5mra" U saMJ0°Spwi'wcM. rt W 1 Ut d 01 i97«. i9fj and i97B lyric the 

Gennany v. Poland (Scottish com- except at the following times: — SCOTTISH - London's best night out.- ev- b.o^mi 

mentary). 11.40 News and ANGUA 10.D0 a.m. BaiU'j of Ibo BuIrc. 1030 1 ALREADY* SEEN ET^OVER ONE 

Weather for Scotland. Y.3B a-m. Manfred. MS Anunatri TV M brier ■■The Masndan.” US p.m. MILLION HA PFY THEATREGOERS. ■- 

Northern Ireland — 3 J3-3^5 pm CJawlr iTbc Prince And The Pauperh. .Vein and road report. U8 "Lost credit CARO bookings 836 .761 1 . MAr FA m. 

Northern Ireland News. 5.45-5.50 F-e*ture Film: "Sink The Bismarck." Horizon" starring Peter Finch. 5.D0 Scot- ; — 1 zT . — n — „ . , ~ _ „T7 Mon. to'Fi 

Northern Ireland News 1140 ^ F- m - Hoascpany. land Today, u .00 Somcthlna S ped al . alb E RY. 83 Gordon i 

w la *K ^ , e l- -4U 2 - 30 "UK HorUgn." SM LUB Late Cali. XU58 Star Maidens. b n k " i ' B “n ,9 Tue^ Wed" and M. « 

News and Weather for Northern About Anglia. ULW TV MovIcl "A Timo cnriTUmV I Tlas om! ThunL'andlat. 4.§o" and B-OO." I 

Paterson. HTV West— As HTV General S«rvl« 

All IRA Roirinnc u T ilnitnn PIWPU L20-LJ0 P-HJ. Report West Uc3d- 
A1I IBA Regions as London Ii nca _ -U\ Snort West. 


I I Kf S SUNDAY (June 43 at 5.0 "* BjO- THXATRE DFSTAIRE. 


ol 1976. 19ri and 197B 


Sunday People. 


Also Sundays Tune 25 and July 16. 
special Booking HotWne 01-437 2056. 

LYRIC ifHEATR£ CC 01-437 36&G. 
Ev. S.O^Mat. Thurs. 3.0. Sat 5.D A BJO. 


7 - 730 259*.-.,: 1 
rranvAL - , 


England — 5.45-5.50 pm Regional 
News (except London and SE). 

BBC 2 HaiTinR Dirt“^gan)c."“lJB‘lwiir , W ; V riewa. “ijO^Houseparty. ’*‘"2.25 ““■Tos 1 ! ^DaVv | jSi^ S "’wS. ed 'Si* i 

c .n - -- __ ri __ n nnnwJN 2JO “Lost Hortxon" starring Horlxon” starring Poicc Finch. 5J» Day ABLE To SEE IT again. uaKT_iwrror. Mitliaa w 

wfzTlSP B ?*. 0 P® n Urmersity. Prior Finch. SM ATV Today. UJ» or Day. 1190 Soul bem News Extra. 

I LOu rlay fccnooL Hardening Today. lUO Dan AngtisL UJ8 Danger In Paradise, ma 

4J0 pm Cricket: First Test, BORDER wlut T!w Pmrs SfU '- 

England v. Pakistan. Tjp ajm. World Leaders: Sialtn. »3I TYNE TEES 

GJO Tyrone Power in “ The Certain Women. 11_2S Untamed World. iJffl ajn. The Good Word followed by 
Black Swan." lLS <* The Undersea Adventures of Captain North East News Headlines. 145 Srar 

8 05 Gardeners* "World h ". oino - n - 2a PJ "- Ntw, IM Riders. SAB Valley of ihe Dliuisaura. 

r'm Inn»md Rrftoiv. !^ Losl n 01 ^ 0 "’" I*«*an)nnd WO-OO Moraine Movie: -*A Nlghr To 

?■” I? Deepest Britain. day. 1U» Danger In Paradise. +UJ5 Remember" starring Kenneth More. 

9.00 Tyrone Power in “The Sun Border News Summary. 140 F-M. North East News and Look- almost free. 48S uadT distant natiokal THEATfir 

Also Rises.” CHANNEL ^ e9 * S # t encounters by infan S VL, 4 Ald!5». Tires.- I OLIVHR lope^g!^ 

11.05 Cricket. First Test fhi"h- un DJn ph 9H TK.i ijinrhttrno n~™ and ^ J - ** Hwlwn starring Peier Finch ssl h.m. sans. 3.00 and 5.00 n.m. early start) brand 

Hwhtrt 1 1 " WhaT-« P 1?n 3341 L,V UkniM- S» Northern Life. No Show Mondays. s-wi byl-Geolfrer Hill. 

lights). Bhai’s On Where. Feaiare Film. nnn o-uMe Top. 12.40 An Midk>nac — — n r. pjw.) Maebeth. 

1155 Late News on 2. .1 ^ mj«K-Cbi«. mo AZ. %$>£!£? ambasiadors. w-b*» iiti. LYTracpbN (wwm 

For Lore.'’ 1245 a-m. The Living Word. 


448 n.m. Return to the Planet of Ihe 

ALBERT. 836 3878. Party Rat«. Credit 
card bkgs. 836 J971-2 fr^pj B-M i LJi.- 
B.30 o.m. Mon.. Tues.. Wed- and Fri. 
7.45 p.m. Thurs. and SJt. 4.30 and fl.OO. 

*AY FAIR. CC. 629 3036. 

!? - to -Fri. LOO. Sat. 5. 30 and Ms. aunnn nie muhni uinBR ir laiDrg.gv ... 

GORDON CHATER Erllllant ■ E.N. In . West End: -rat again.- with’ anottt*r ift-tef • - 

A compassionate funny fiercely element - — — — — - — .’* u " - r —. - •* _ ■■ 

piar.’-dST-HlIartow? E.Std. “WfcSSw v gTpK ;^-PA LAgfc. ; — .. = .- 1 

amushML E. Nnx. " duiihi^in nu Book Now. &2B ’JT.lS-fi.- HU 1317. . •> . . 



'*■ Re-enter “'ABattrm witH anoe 
dunnlt hit. Aaattia Chi 

9A0 a-m. Untamed FronUen. tutiffi Cogperfleld" starring Robin PhilHw and) OUVIN 

Morning Uatlnve: "A Talc of Two Cities*’ Susan Hampshire. .140 p.m. South..' m I wim nor HUM ag JO*N TURWfl MERmaUl 

rMni'i in ibc Liuna. ' J. - play. GHn. ’’HllarltHiS " E Std “WlekMiu VILIURIArPALACE^ - ■ . - v v: 

Apes. 045 Slobad Junior. UUo "David I MIRACULOUS MUSICAL.” Flnan. Times. amusMgi" E. NewL^-Spei'lWntilng." Obi ®«* Now. 82B 1 4735-6."- ‘B34.3337. - 
Coupe rfle Id" stirring Rubin Phillips and) olive* ; — : — ZZZ: - STRatford joHKSV /■ r- ; 



• ANNIE “ .* * • - • v ' 

gs- 7 JO. Mate, weeh-vand Saa'^JJ^ W 5* t 

«=!«>" S|v Pg«w.riham.fPsj!*^ ii 

if®, 2WS. Wednesday to Saturday 0.3CL 
Macinw wed FrI. and Sat. at 3^15. 

Every. Mon. and Toes, at g.15 om. 

4 ' _ Alec McCowens 

I Suna. at 7.30 pm. all seat* cold.) 
rt P r- J > '3 Opens June 14. 

£ VE aTtSS 5 (Or^rL V ° U R I 


Garden. 831 
Company. ■ 1 
■neroy.**— Gu. 
Adv. bkc*- A 

11.45-11^5 Closedown: Sir Hugh ^«.'“i3Si ttie ' ULSTER 

Casson talks about EieorJc Theatre Show: Richard Harris. 11.09 jutl Sean the Leprechaun. iun 
“ Interior in Venice by a-m. News and weather In French. Undersea Adventures of Captain Nemo. 

John Sargent. GRAMPIAN iP 5 A SE > 5 - »■■■ Lunch. 

non a .. ... ORAlTlX Uil’l time. 240 Feature Film: "Lost Hnrlun" 

55L„t l " L , K Ji!L. i*°_ 0fc ALMOST FREE. 48S 6224. . DISTANT NATIOKAL THEATRE. 928 U53. Evg*. 7,45. Mat. *!•*- - 

*•!? , .r- ^ e9t ENCOUNTERS by Brian W. Aid!**. Tires.- OLIViER. (open stage): Ton’t 7 <~,u> wurmitn ■%. ■" l v5: J . 

IS ‘UM Horizon” starring Peier Finch sbl o.m. Sens. 3.00 and 5.00 n.m. early ttartl BRA NO by J bsenJu a vwf £T-S3 ’ .f 

and LIV UlLman. 5.00 Northern Life. No Show Mondays. *.on hyl-Gooffrer Hill. Tomor. 740 <rw. SSb' &£*:£!?• *. 

SiS i'SSS A “^A D yi-.oo. M ' 

lost Horizon. 5J» taoiasnc voyage, upuh Jamw rjiroit uii.b c-VTiw^T I AMBASSADORS. 01-836 117 

640 Channel News. 3048 Channel Laie Wrttl Ja8Per “f™ 1 *; "■ m * Nightly ot S CO. nLma. Z-*s- 

s>on by: Geoffrey Hill. Tomor. 7.30 (r«j 
or. ptsar.) Macbeth. . . ] 

AMBASSADORS. 01-836 1171. LYTTELTON toroscenlum stage': Today 

Nightly «t 8.00. Mat WM}. Z-*S. 5 frad^or. mai.j. ron’c A Tomor. 7 AS 

Sats 5.00 and 8-00. PLUNDER by Ben Travers. 

PATRICK CARGILL and TONY ANHOLT CO il bSLOfi i small -auditorium): Toni 8 

in SLEUTH , 
The World-fa moos Thriller 


•wortahop). Tomor. 
Many excellent cheap 

Season extended.' 

Tin/-. » t«.-_i ” 0 n . UEIAil'ir LLil . time. 240 Feature Film: "Lost Horizon" "Seeing Hm play again Is in fact. .an djv at- ■mrl. Car park. 

BBC 2 Vk ales only — SJ)5 pm gjB a-m. First Thing. ULW TechnWartL BB rring Peter Finch. Uv Ulitnann and UitaMov.” Punch. SwlPrkw n? r 33 rmuLM^iV- carH 

HeddlW. 8-30-9.00 Eisteddfod Yr 10 JO Search for ihe Super. XUO The Saliy KcUerman. 5. BO Lot's Look al £2 0 ° to £4 ' 4 - ?i «t P rlf l = r p ani 7 Prt “ ! - ~ Can^itioidnc. 

LONDON £d«»: Lout Hortwo. * JSW Grampian U49 Bedtime. Mats. Thurs. 3.00. Sat. 5.00 and 8 . 00 . SEASON 

non rr . . _ .. Today. 1U» Cover to Coyer, . U-3* HrtTCTU/ inn DONALD Si NOEN rHlwB5»*59S!3l TJL rtt i? h in HIE 

9J30 am DynomutL 9j0 To the Reflections, tt-’w Streets ol San Fran- VYbol W AKL) Actor of the Year. Ev. Standard mVJ,Sr?«£S;2! :S i by . Cumili. a 

Wild Country. +10.40 “ Abbot and cl«m. uuo a.m. Grampian Lam Nighr MJw. C3uc Oib., U.1D Wmblnda. ^>5 ySi^fevK^ANO T U rfc,^<u^:^ ln n “^ 5h ' s,,aed on ■ 

Costello Meet Frankenstein.” 12.00 HcadUncs ' ot phTiui^l > ?' ii? ^ ^ Tl ; r ‘ u * think of England TcKl oei>«on^« T s iLJ 2 i? 0 *7.30. 

Gammon and Spinach. 12.10 pm GRANADA . N^aeSditai?'^ ^chwiv 

Pipkins. 12^0 Treasures in Store. 940 Am. Sesame Street. 1045 Heat "Lost Horton" stamng Peter Finch. ARTS THEATRE. 01-836 2132. 

LOO News plus FT index. L20 Wave. lUS The Lone Ranger Show. SJM Westward Diary. 1B4E Westward TQ “ ^topp ar D S T^nSB*^ wSl ifimSSy' 

Help’ 1.30 Crown Court Lao !, - m - ^ Yonr RJShl. ZjM "Lost Late News. 1LM Police Woman. 12-00 .. Hilarious Monday Times 5mj w ^ . ■ “ SyBaw 

After Noon S“ BorW Starring Peter Finch. S40 We Electric Theatre Show. 124S a.m. MoiSt'S Thi^dK ilso? OF SMmis 
rttier noon. TW« Gold Is VYhere Granada Reports. 1UN Wtuu s Oil 1140 Faith for Life. Saturday at 7.0 and B.15. r u .r?<^iS%5 N E T P UR , 

L. F “ d . “-“Jf 2SLS* s »- «“»“■ YORKSHIRE sa^-wiiir5=r; « rzs. 

oynie ana uennot Kelly. 3.00 touia,aDle5 - 9.31 lu. Dary Crockett. 1040 The Heensed Rc&raurant). 01-734 4231. qmn n - . 

—ESS? HorlZOn sLarriug Peter HTV Underact Adventures of Can tain Nemo. oQ° P m Qt Fri oo^s, TaV nights obejSSrS 1 

Fmch. 9.40 un. Sesame Street 1M0 "A 104S Ussto. HLflS Ride to a Spanish ™ rare booiS™* ® ,4S ' wwm Too^i St^St' 23s 

5^0 News. Queen Is Crowned." 140 pjn. Report virgin. 1L2S One Clnb. 1140 Cartoon . elvis Tan^taLrot y, *?i'?S!5!LJ 1ULA lehska 

5.45 World Cud ’7S- (Wnlna Wcsi HeadUnea. L2S Report Wales Head- Time. L2D P.m. Cahfndar N«*ws 240 " I nfc« jam, apnea I leg. . Kgr- itomp inB and eavto' iSIsr5i/ SA3 EIi , =iJ sra !' ,SEN - 

,.. U P e !i ine Ones. 240 Royal Bath and Weft Show. "Lnat Horton” starring Pole Finch. brart^humpiw.; Observer. HNn%MV sham' MEL£n ««!«.• 

ceremony and West Ger- 2J0 "Lost Horton" starring Peter Finch MO Calendar. U.M Danger m Paradise, seat prices Dlnner-tm-orica PH oroaL oTTXZZ ^ 

.Mary Tyler Moore Show. 14» : P.m. msier. 540 Reports. 11.09 Hogan s I 

Grampian Neirs Headlines. 2J0 Feature Heroes. US Living and Growing. I apollo. 01-437 2663. Evening* a.oo. 

Mats. Thurs. 3.00. Sat. 5.00 and 8.00. 
Actor of the Year. Ev. Standard 

" Wickedly Funny." TTmes. 

° LD V,C - w ■ - , . ■ B2B 7616. 


■"SK n “ l 62ai Turkish Players m THE 


1 American attorney joining 
board can be met by appoint- 
ment (7) 

5 Taking possession of officer 
on river <7» 

9 Under IS team meets army 
commander on way back (5) 

10 Found to be lacking safety 
connection <91 

11 Pour down restraint on ticket 
for future use (4, 5) 

12 Missile making a right line 

13 Wise men caught by super- 
natural means <5> 

35 Given • the job a backward 
parent indicated (9) 

18 Affliction cut down in the 
Pennines fa, 4) 

19 Like party to have property 

21 Permit key to become old- 
fashioned (5) 

23 12"s launcher has a drawback 

25 Military formation not con- 
fined to commission (4, 5) 

26 Turkish capital letting money 
go to river 1 5) 

27 Frank has subsequently 
ioined engineers (7i 

28 English poet sounds woolly 


1 Mouth taken to love strong 
drink with propriety (7) 

2 Reproof for addressing . . . 

t«, 2 1 

3 . . - bachcior — spelt like this 

— is fundamental (5) 

4 List provided by oriental 
good at figures (9) 

5 Lip everybody has to face f5) 

6 A price Pat varies for each 
person (3, 6) 

7 Seat attendant is useless 
female (5) 

S Gifted object to nothing and 
marry (7) 

14 Cooked soles care for dish i9) 

16 A puppet master has to use 
influence (4, 5) 

17 Try one Scots loch for short 
temper (9) 

15 PC takes notes rich in words 

20 More crowded close to the 
Queen (7) 

22 Self-starter bird finds grim 

23 Shift key in Cornish resort 1 

21 Let it be given a name (5) 

No. 3,680 

HfflBBBB .' BlEraSHHE 

S E 0 a f H 

E EE E3 E R_EnS!i HE nn 
m ra 


You Otar, drink. am smoke 
. -• Abtiltorbtm. • •• v • ---r ’ 

A Week M Sundays Jane n-17. I«(a 
Glover, Harold “ Innocent 
Ro ***’ Praoeila Scales. 
Srrv!S to Vi VW ^' T1mou,f WeM n SvBbS 

■ . Fri ORM% U 5C Y * RICH '■ ~ ' 

„ V ER Y FUNNY.^ EWlIng -jgMK.., t 

- Mjn ' CTMalley's • sntasb-btt CogtraY. 

. . ONCE A CATHOUC---L'. -V 

" Sunrgme comedy on M9c"rod retipwK" x- : . -.’I;"' - ‘ 

“ M AKES ]yo U*||?S?CE Wl ill; ■ '! % : 

*' ClNEMA5> ,. r - - 

I RADIO 1 247m Claudio Mamcvcnu IS). 1JB MbSic For" News. 3-05 Afternoon Theatre ifSI. 4J» Thun, and fn Q.OO om oerform. only? 

CS) SKreophanic hnudon Tw ° P^nos iS». U4D The Strand of News. 4JB Jock dc Mojiio PrccMciy. r J |L iKr “irit. n I oT? 1 wu I o n 

5.00 m. MMrSSi^ t no Crtck « ‘S'- U-1S Cricket: First Test. 445 Story TtaC 540 PM Reports. 5.« EVENInG sTANDAHD AWARD 

Travis, g JO Smnn 0 n'.i,. ifn England v. Pakistan: conrasemary. Sorvodiulcr. SJS WeaSwr; programme CAM8RIOGC. as«s eosfi. mot. ra Thun. 

Branvn tadndltS^ nnd summaries: clow of nlW news. ,«LI» New*. *48 Brain of Britain 8.00. Frida, n, ■ 5.4B and B.30. 

2J0 Tony BlaeKbnrnT* a^-Rld sumraa IT. 1^*0 Lifelines: Tils Wider I8T8. 7 JO News. _7J>5_Tllo Arch ers. 740 Excltl no BlaekTSfr win Musical 

Including 540 Ne^Soat i*“ cwntS HL« ld ; JSPS* Notional Ordwsnra; £“£*2 ll,L - 5ff35S£!2“*SS?* “ The 4nd 

75 4&r?n 7 Ai°R C a S"o nt ? «« l ^«SUBTto l v3Sr£B S**™'- *? Ei“beu, Jane Howard: ' KIK' 

sg.r *»* is>: *■»- z sn,"aaWria , -s .Pk,, g , s^ T J s. T , Ja 

by Andrew Sachs 'S and Bt. l£l5 Plano The World Tonight. 1040 Any Answers? CHICHESTER. 0243 M 312. 

Redial iSi. t» iw Purcell concert IS*. IX JO A Book At Bedtime, nos The a womjhu'm nn^inn..? 7,-°° 
re.* 11 an.ii rK -TrZ,t nh .. n Financial World Tonisht. 1X48 News. — 9 F _. r t°_ JMRO rtaNCT . 

in TOMB I 

Exciting Black African Musical 
1 The girts are beautiful, bare and 


DELIGHT.” E. 2^*3- Late show it a.m. 

CONTINUOUS LAUGH lift " «S - S- RIOU * »,ClrarKon Hestoo GRAY L 

"eM^ar W** IsosTcSSSF^-rti ot^ $>" 

bouncing.” 5. Mirror, 

Dinner aaq ton-price scat £8.75 iwci. 

VHF Radios 1 amd *— cm ■ m wih. oy Andrew Sachs IS and Bi. UL15 Piano ™ worn ionium. 1 UJU iw arac«. 
Radio 2. "TSSli 1^ Rechal ,S| - concert <S«. UJD A Bwfc At BcdUmjL 1145 The 

ing. 643 John Dunn U^-XL« TOBlghi'g Bchobert FinandaJ World Tonight. 1X48 News. 

Radio 2. 4401. 7J2 cmmiry Club' fSi. T„ c ' 

9J» With Radio 2. IE JO With Radio L 
12J0-2J2 a.ra. With Radio 2. 7JB w *«l« McdiUl 

Open UnlnrsirT'. BBC RsdlO IjOHdOB 

with Medium wave, xus Mahler's 

_ , Third Symphony (Si. UB a.m. Kerns.- cjjq . a. Radio 2. 6J0 Rngh Hour. 

RADIO 2 L50Om and VHF Mozart and Nletoeo i». 148 London Live. X2J3 pjb. CaH In 

5ja n-m. News Summary. 5J2 Ha* .AJ*!?’ »n»dy-hallei In a prtrimne 2JJ 206 showcase. «J3 Home Run. C.1D 
kt. *vm_ ^ and ffari'n ids. vniurir- liv Aimogu. Pro- » o.. i tm t RndAnoni 

iimimu- mmMn Tonight & June 2 at 7.00. Jv*c 3-«it 2.00 

London ™*-»X£!£E*2l 

206m and 94J VHF C eJ3?*b.oo; Tm.r 3 . 00 . s.® 1 '! 1 %. a S 5S; 


E bm£S^n@"‘ co ^ I “ r 

■ ■ w-i?.. ON PARADE • • 

E tfiaaiA®:-- 

s. ' w rr'S» a,, | s i!5If' T ifi w ^ai- - 

Tonewiam Court fw. tube}. • . 836 OJJjL -A 
t- _ATan Bates. Suaaimsh Yorit . rim. 
SHOUT- - (AAJ . Press. 2 JO. d JUL. 6.40. 

S45. Late show IT a.m. 

2: Chariton Hestoo GRAY LAW DOWN 
■Al. Preos. 1.10. SJ5. BJJS, 8J0. Lai*. , 

show 11 -p.nj. -■ ^ 

Is.Wdt Olsow 1 ! JUNGLE ‘ BOOK" 

WAHOO B<H©ur. fln.TTproga.^J-M'L - 
3-45. 6.00. S.ZO. _..'L*(e show IT g^L ■ 
FmMndev's FOX . AND HIS T WMjW . i 
<X}. German Wataguerr^oaHiit : ‘ , 

4: Bertolucci’s 1900 Part a. OQ. P ; 
J-SO- SJO- 8.15? 7 tatMhonv., M-«> 

1300 Part 1 (X); : ' ' ■— 

Margarer COURTENAY. Darmot WALSH, i 
The Hit CwnmIv Tbrlllor 

Sat. 4 .S 0 and ' 

sub titles). Pixin*. B 1-SO 

3 ^55. B.iD^aiiTiojo.-MeW mar tar-- 

Jtft Great At pnoi. 

Young is«. iiis p^?wa t iifiODrre’ J w^nj v ^ g. * Gre « ^ cs>. London Broadcasting 

OK ™ "Sre «s.' jSa “iS™ wam 0M {nunmr - 261 m nnd9 

radio 4 " . jrriSn'BSTyE’Ti.-s.tS: uag.flKas.SSi;.® -r^SSsrfigesB)''* SS3 ? 

EpOBSS wsgaaoraw ,-iTS-Sfth; •B falraas* ^ 

PDliil IMM^^ 1& S, n U N ** 5 - SJU Today. includlDE CaDital Radio ^85SPg je . 01-734 -fig- PSKSL 


‘JSIm nnd 97.3 VHF 
sjo Am. Mornlnn -Music, us a.m 
10.00 Brian Hayes Show. UO a.m. LBR 

Evening 8:0. Sat. 540. 8 30: ’hinrf S o. P £,'" , S WALES- CC. : Ol -SMTSEarT 
NOW IN 113 SerOND YEAR Monday to Friday at 8 c S. SatufSSi: 

LESLIE PHILLIPS ._..i » S SO int 6.4S Saturdays 




- Mcwi -Frt. -and all proon. Sat. nm-'S**' 

N o Irtft mpii booking. . ■ ' 


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IKL MMto ftSfil fc SSLSSS: ?! ton. 9.08 News. SJS There You 

SJS There Yob MB a-m. Graham " Dcnc’a Breakfast 

J nt- o irrm OUCHESS. _ BS6 62X3. Mon. to ThurC £ * , Vri a 9®^. 

194m and 95^ VHF Evcninos 8.00 Frl sat 0 15 and sgg. FAITH ant 
un Dcne-a Breakfast _ „ ' OH! CALCUTTA! . amt 

srw*&.rj tV ;? 

£ MS a^ELS 1 ^ «• Woman's HnV MO ** Duncan Fu.. r „ , 

' .*• • ™“ * ceks Composen News. 2AS Listen with MoU«r. Joansira's NteM Filsht «S>. - » tgg-pe to re*t t7Jft 1 . JuMjSSSffTS**, JSKtoSw, 

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June 4 .1978 

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■' : • :; ^ RON ALD CRICHTON 


i, .. former . capital . of modem,- intimate theatre across his cards on the table too soon, inconsiderable — contribution of 

*-*-• — ■--•■- • - conductor. Herbert 

was to secure con- 

A A »••■<*• • ■ ■ • ■ . • a. . _ . - m i — v — — — » W — — — — - v OVI VWW UIQ ViUUj V'll III ! lUUiW (UIJ «7VW«ii| 

'VStontiy^novronp of the principal the river, where Festival visitors In the earlv scc-nes- tension was the « 
v.-V^ft^ ^f v^^ wennany. -Has were offered a pleasant perform* already screwed up almost to Blomstedt. 

' i .zdflcxaett' to ■add to the. large ance of Faisielltfs Barber of breaking-point. Colaud (Werner tinually warm and tender play* 

- :eSmmfeKT-of-;aiiniuI festivals in Seville in place of the promised Haseleu) and Melisande (Nelly ing from the Dresdner Staat^ 

’decision was taken. Wraniteky Oberou by a Viennese Ailakowa) were both nervou 3 kapelle without covering a word 

'^iKcrrwrare .‘tMd* largely because company which failed to materia- wrecks at their first encounter, sung on stage. 
-•- : 'wlfiiK ; ;.cmicert' audiences iiave' Use. The wcalled Grosses Haus Genevi&ve T - se »*hioF n« 

Berlin Philhar- first week of the Festival. aTU i wheelchair appeared 
r ^ ' - io-maKng, their East German Of these, only Pelldos was normal. Tlicre is some 

other interesting new: Debussy's *opera was in tion for this approach. '’but be- Florestan. and Ma*. Pell^js 
retrospective of fact being given in Dresden for cause the producer held ?n little was promising, with a r-ai awa - 
- « — -- . . . r — 0 f n ._« s< 5 of th e amount of lyrical 

Covent Garden 

Madama Butterfly 

Puccini's Eulierfly arouses character. . 5 .._ e 

mixed feelings in the Japanese. In this r ®M\al. s she rcc. ■ 
one hears: respect for a token conventionally C j mp A t ' n ^ Anton 
of sympathetic Western interest, port. The conductor An * 0 
and embarrassment at the tluada?no blustered =■ . 
ludicrous form it takes. In through the 
Japan. Western music has been in? scarcely. any effort to i 
assimilated to a degree of high ate the qtiarnc warmed 

professional seriousness for the weddmg cha rade. He . . 

decades now. hut Japanese to the love duet, and the pro 

sopranos must still chase their to the final scene bad 15 * 

statutory Butterflies abroad, werian ro ° t ? M1 .^ntPlnVerton 
Puccini's never-never land is as strikingly, lieutenant P n . 
authentically Orientai as that of was Stuart Burrows, » . 
The Mikado, as oxoUc io (hem and uncomfortably sQueend nrto 

, cr#ldl aare ,o 

» sssr^wiSW 

As chief producer to the cora- 

- r i- n : £. 

. . .. 

•£ otsl 

'. ^things like afilm aretrospecti ve _ _ _ . 

: .the''lwoTkr :of v;the late Waller the first time. The producer was back the appallin 
• -Eelse ostein” r ' 4he 'influential 
-director-- ol; ^e^.Komische Oper 
;!B«a3ln;: the emphasis is 
: sra 11 ^ chamber 

ind bpep-'sLix varieties: 

. The i’decisioxL'uras a risky one. 

■-“vconwdBiitg^ '’-that-' the famous 
. jyresdep- State .'Opera -associated 
with .SdHich, -Strauss, Busch and 
'■■■• ; other’igfb&t -ownes,. was ruined in 
: tht devastation towards the end 
! r” of"tbb:War. _ Tharth'eatre is being 
‘•- jjains Takinglv Tebuilt. The delay 
was ip aBjf caused no doubt 
V^hy-the priority' given to housing. 

: '.- r ;-h'ntt partly also . because of a 
. i'deteiminaslon to . do the job 
'-thoroughly... One:, of the good 
' ,ffingfs' ' about the culture- 

- • 'conscious -^side . of the present 
.• : tipieiJs.vihat the designers of 

- , . 'Mre at last being granted 

sbmer-o£ ;the. attention formerly 
'w^ryed-~-' for builders of 
-'iit^djriils : and churches, public 
' ^ town palaces and 


. ’-.Gottfried Semper, one of tbe 
leadThg ."Ji9th century German 
. : a^itects (be was in London for 
"r! ^iin^after -. the 1S48 revolution, 

.'atia'Ms . advice was sought by 
and enquiring 
-PrineeV. Consort) designed .the 
5tate^3pera not once but twice — 
h -building (not the first 
oh 1 v tiuit‘-site) .was burnt down in 
.•";fgfl»iy.i*ter in the century the 
secahct -building was redecorated 
teter , HaJly” v by another hand. 

Sino&the «quivalents of what we 
nifehfrCafl High-' Victorian design 
are.jiowrprized again, intensive 
- T f^ar rl^i* -heiM done in- Dresden 
oh ^mpe^a.-. original decoration. 

Mwuwhile ’;the shell is already 
^sBy'iewgnisable through the 



• • ■■■■■ , «•: 


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undergoes the ceremony would 
new fix the character more happily: 

music there is in the part. His 
Florestan had flashes of fire but 
some forcing, his Max in 
Fretfchiitz sounded understand- 
ably morose. Rolf Toinaszswski. 
an interesting Arkel but a dull 
Don Fernando in Fidctio. 

managed to save quite a lot 
energy for Weber's wicked 
Kaspa'r. Nelly Ailakowa. 
Melisande who improved greatly 
during the performance, was a 
routine Agathe. i liked the 
gentle bass of Rolf Wollrad— 
Roeeo in Fidclio. Kuno in Freis- 
chtiV:. and Bartolo in l'aisiello's 

About welcome rarities like 
the Paisiello. one need not be 
over-particular, but it must be 
said, in the friendliest manner, 
that the performances of Fidelio 
and Freischiitz. thou eh they had 
their points (the first act of 
Fidefio in a by no means new 
but still taut production by 
Kupfer was almost painfully 
gripping, freedom being no less 
a matter of concern in the GDR 
than anywhere else) were not 
vocally " of festival standard. 
Blomstedt conducted Fideitn 
with a tautness in the first act 
to match the producer's hut not 
much breadth or finesse in de- 
tail. Rudolf Neuhaus was in 
charge of Paisiello and Weber. 
At the open-air stage at Rathen. 
further up the Elbe in the 
“Saxon Swit 7 erland” where 
Freischutc is often given in sum- 
mer in a real-life Wolf's Glen. 
1 caught part of Zeller’s amiable 
operetta Per Vooelhfindler — 
nicely done, but the super- 
romantic scenery won. 

There was plenty of music to 
choose from. Dresden's famous 
at the extremely- 

sought for the visual effect she 

Butterfly J Miwako Matsumoto. as it is. i’ne eu-here^ 

who wears her own costumes with seems to come from no - 
grace. The opera was revived on Of the other rfiles. the reliable 
Tuesday night in tbe antiseptic- Francis Egerton males much of 
ally pretty sets of Sophie his properly 3^' 5| r I' a j^ 
Fedorovitch. and staged by broker: Forbes Robinson s Bon.e 
Richard Gregson. Miss Mat- and William Elxin 5 

ot oflsuraoto does with winning ease Yaraadori are sonorous ^ e ' 
icked what Western sopranos generally types. _ i.iilhan Knight s s ■ 
a. a attempt with coy self-conscious- Suzuki would gam o> mpr 
ness: more, she ailies unshake- domestic detail. *buu-h s 

able dignity to tine dramatic brings due weight 10 , 
cunning, and as the theatrical dramatic crises. The U>n»ti! oi 
imbroglio de‘ - elons she creates Jonathan Summers is so fa 
her pathos without easy rears, promising sketch, full of suher 
The voice is clear, precise, a little decency and nnt much els^-"be 
drv; even at the outset it rue- might allow himself a more 
xests a maiuritv which qualifies ironic eye in the earn stages, 
anv impression or a mere child- and more elaborated distress n 
bride and !at**r she draws unon the second act. it is ien w 
a darker range to 'much effect. Miss Matsu mo to to carrv the 
Musically she sounds well- weight of the action, and she 
schooled not especially indi* does that «l UIte “f 
vidual land her Italian is less creating her own little traced! 
than lucid), but her means are among these lay^fiaures 
more than sufficient for the 

Nelly Ailakowa and Reiner Goldberg 

tower 50 ^ the Harry Kupfer, one of Felsen- Golaud's forcing the boy Yniold ^“ h ^ eoin g ceremony, sang 

-essa. jssa sjsls: Mr-ssiJa 

' The eran- tion (an existing one revised Like oiner Festival was efficiently organ 

jfSltonlwMCB for the occasion). The fact that lowers Kupfer can band ,e th0llgh for the comfort of 

tiwSf^on its spectacular site Maeterlinck's play is commonly physical a ^ 10n “ osl t visiting critics there were too 

unde™, eA ^e,.K more^not For .n„ Mn<> many W In Kdllta. 

sa&assswE SS 


ssaie etnutgratJB ssu wfJ -jA-jumbss 

mmm eh. » ~ 


.. z&ssam 
piiii n mms 

Open: Space 

; Thc Ball Game 

riSfiSSsirib ssfc* SJSJ7JS 

YbtttHiltot ask for a better insists on her gi^ng 
ugbt^MMywmpany ^an the account °f nwbi!e some 
cast of ^om Tbomass The BaU recorder.^ ^ come ifl Hen jy 
Game., - Even, I suspect, the fac- 6 bringing their 

lion: that denies that Englisn a “ Q d ther Ph yJ;; s ’ is S g to go to 
actors can play convincingly iri mo t0 ^ e ^ ° Left there for the 
American will . be won over, th rt of an act, she is 

though bnly one of the company, ben p soiled the enti 

Don ^Parker, is anything but Joond to carpet- 


Festival HaSI/Radio 3 

Berkeley Symphony 

Lennox Berkeley’s Fourth Sym- whose tone of restrained opti- 
phony, commissioned by the mism is con&adicted by pe i 

^i^asTsanSSsra >. «■<.» » 

££ 5 r sM ro ^: 2 s»?tf&r*sZ 5 Ji 

bringing to a cum con intention. The familiar 

P0Ser 5 Almosff decade and aeU«d»« h. ^S^SSt 

'■But I .was anything but von Time to let the bai^dom. 
by the play. It belong more Henry _ b M a aetu , 


over by tbe play. ““«*“*? “vp!I ^vs “wears a Superman coa- 
orVlesa to the school of Neil always wears . Phyllis 

SimS; but more unlikely and her sex 

more- dirty- V™ ?“the television while it shows 

M THomas’s level .can rue ^hnny 

Trevor Utanphnes 

Miwako Matsumoto 

against dirt when it's funny, but on tne Carson show. . At 

,Sc .Thomas's level can be the Johnny of lh rd i- 

gauged from the line^ m a.djs- tn trowel. Henry 

cussion about tobacco-pipes. laid on y « ^ cOS tume: 
^ Daddy had a- big one. flayed Pa^ phJ?I]|8 (Deborah 


, w Impurely, 



Norton)bave exchanged clothes: 
double entente. . jjJJ ia dressed as a nun,, and 

There is a level of unUkeli- ski p peri who 
hood, too; beyond which I m, beautician to watcbm^ oas^ 
imt happy. The scene of this ballf ha5 devised 1 an '““Jjg 

play is set in a respectable Pitts- hajr creation, Jadv 

burgh ■ apartment on the 20 th twinkling lights, for tht 
floor, 'inhabited by Barry and Way). 

.Janis. (John Bird and Maureen Ituprobabilities 'tbe 

Llpman) and their teeqage son nnnred ^ out. the less 

Skipper (Nigel Greaves ). X)ut- aojho p0U feJL Looking back, 
side, hell is raging, for the Pitts- Involved! Jl0Ut this . for until 
burgh Pirates have just won. the. 1 fcel ^ or % i ® d> abo ut halfway 
World Series. “Someone ' was he runs w»., Thomas 

taHed in tie street.- “Who?; rtrough Aa One,^ 

“ What difference does it make . show, taieni js not a good 

Our football hooliganism evi- after anotn fa ^ ce Thl B best 
dently bastions way to go ibeforq fo™ u1 ^ ^ o r w - tb Th e Ball Gome 
. reaching its baseball equivalent. = ^ pieces, sort out 

\ Well, first thing, Janis wants the good lines and the* good 
to go down to the street for a stations, and write it all over 
minute to see how it feels, when 

she comes back she has been A _ YOUNG 

raped by ten men, and Barry 

UOn l nihpr^flrst* nerformances reticent: their use implies praise. 

to work from 8 tii e both for the precision of thecom- 
s ^ p , a ^L e V a short poser's craftsmanship and for 

Third S>in phony 0969), a short, f manner of its employ- 

.Ing'd-movement span «hmh jne^ ^ perhaps ^ alf0 
seemed to >n dlcat f ■ implies a criticism, at least in 

sinewy strain in the composer- context Qf a sym pbony: for 

musical thought. Now Berkeley tb | rg a centra i unwillingness to 
has returned to test furtiier the claim tfae inner's attention, by 
gains and discoveries made in j Qrce jf necessary, to hammer 
the earlier work. . out an argument by demonsira- 

The Fourth Symphony is in physical gesture, as well as 
three movements of classical b thoughtful patterning, begins 
shape and influence (despite tne to feel a limitation. There 
absence of a key signature in are episodes in the Fourth 
the first two movements, it is Symphony of discreet, under- 
really a Symphony in E-minor stated beauty — the middle move- [ 
and major in the outer move- menL especially, carries an air oF ' 
jnents respectively, A minor in p 0e tic refinement in its match of 
the middle). In the Lento intro- material to orchestral colour, 
duction to the first, the bass p, ut there j S about the outer 
elarinet theme, quietly' curling movements a certain shortness 
around a semitone-before stretch- Q f bre ath, and about the work as 
log itself upwards, holds the a whole a lack of sweep and 
store of material dominating the kinetic force, of dynamic energy 
ensuing Allegro. In the middle and combat, that ultimately 
movement five distinctively con- overrides the careful symphonic 
trasted variations are drawn construction, 
from a theme of slow and muted The performance, was confi- 
lvrical character, with the sug- dent, decent m intention, conymc- 
opetion in the string part-writing ing in an externalised way. I 
and in the harmonies of a Tudor hope that in its second perforin- 
fantasia- The finale is a kind ance tie work is phrased witn 

Rondo “ kind of " dnes scant greater suppleness and considera- 

instire tT the concision in the tion for the melodic contours 
w^ the composer has com- and that the dynamic markings 
pSsefclSl fomS hotb are more closely foltowei 
here and in the first movement— 


Tim Myers, EHie Smith, Peter Styles. Mike Fields, and Linda DobelL 

Round House 


Sin City 


One dav someone will initiate to the unacceptable face of 
an award* for the Worst British British showbiz where the 
Musical of the Year and then Eurm;s:on S.-og Cnnsest rei-^ns 
shows like Bio Sin C ita will have supreme and everyone jives 
arrived While it does not quite away as though auditioning For 
make Fire Angel look like lh-.- part of Lionel Blair. 

Oklahoma !. it is not far off doing The director is Bill Kenwright. 
so. The sin city in question is 0 f his company, only Michael 
a place of coloured lights floating p r j ce as Al. given the one mar- 
indeterminately in the wake of = i na n v acceptable song of the 
TV light entertainment where a ^ Ven ,n- •'im p : . Man." makes 
hapless pop singer treks through any kjnd flf impression. I am 
a not very nasty underworld m nol convinced that it is a good 
search of bis beloved Dolores. anJl f iietter. certainlv. than Su 

When he finds her he is not even Po |j ard - s of iu ae West) but at 

gentlemen enough to share the j taS { be <>oinc 5 across. And that, 
microphone, with the result that - m a cont empnraiT British musi- 
old Dolores dies, quite literally. pa j sonie thing. 
speechless, as a nval hoodlum 
sticks a knife in her belly. 

The pop singer is befriended Rovsl Ballet 

by Jack Wild as Slic in a three- 

piece suit, a character modelled nrocTtirnme chaDSCS 
on the Artful Dodger in Eart s i <= 0 

Oliver! in which, of course. Mr. j n T..{ v 

Wild made his name. The " 

musical-spotring game does not The Royal Opera House has 
end there. Sin city is populated announced that a further change 
bv two rival gangs in a faint b as had to he made to the 
acknowledgement of West Sid-; advertised programme of the 
Story and a pasty-faced Disco Rnval Ballet during July. In 
Kid is an echo of the emcee in addition to the reversal of 
Cabaret. Having cone thus far. .4 ncstasia and the triole-biM 

— originallv scheduled for July 1< 

and 20. the performances of The 
Firebird on July 22 (matinee 
and evening » have been replaced 
by Four Schumann Pieces. 

The cast at both performances 
is scheduled to be Anthony 

Books page will appear 
in tomorrow' s paper. 

the script throws in fatuous 

E,vis rrrtta, ;.nj if* f Sd^uH^Hc. siiin^^e rest of 
punk rockers. No human life is programme : the Divertisse- 

th Mr' Wild wiup-iks avav !ik» ments and Elite Syncopatimuf. 
Mr. Wild squeaks av.a> »*• tt . 4II Mn „ in previously 

an upstart Archie Andrews. wM r e mam as 
vainlv tryinc to control our announced, 
wandering attention, while a The programme change has 
rock band perched on high thuds been made to accommodate 
t**dinuslv awav at a score bereft revised plans from the television 
of charm, talent or melody. The companies involved in the trans- 
whole sorrv affair. cr?d!t?d to a mission in the United Kingdom 
fraternal trio of Neil. Lea r.nd and in tbe United States of 
John Heather, is a dismal tribute America. 


Sadler's Wells 

Caracas Ballet 

The Ballet lntemacional de mercurial speed and a lovely 
Caracas is just over two years lishtncss. 

old. At its first London showing Te ChUdren 

on Tuesday we could appreciate Jf is le menu urnris- 

the extreme dedication shown by tj and spe nds much of its 
the dancers. And then pause to tjnitf wb ,ppj n ^ itself and its cast 
reflect that within the short j ntQ an e i b nic frenzy before 
space of its existence tbe C0 | lapsing into the direst 
company has acquired a eab2 , ret roguishness. It offers a 
repertorj 1 , and what is clearly a c ei .j, ?s 0 f Incomprehensible 
strong ensemble feeling among dan ccs led by Zhandra 
its 22 members. Which must Rodriguez. the company’s 
serve as a preamble to the fact ba ]ierina and a dancer of lithe 
that most of the dances on show brilliance whom we knew with 
prove, once again, that chorea- American Ballet Theatre. In 
graphers are very, very hard to this, and in a predictable duet 
come by. bv John Neumeier entitled Ariel 

Waives to an undainmable tor- certo. Miss Rodriguez is seen as 
rent of banalities by Teresa a dancer of distinction. 

Carreno. stands in r he shade- She also appears with an im- 
cast by Robbins’s ballets about mensely willing casL in Margo 
dancers and a piano. l>ut it is Sappington's Rodin ruts en vie 
neatly made and shows off its This presumes that Miss 
oas i well. The piano used last Sappington's choreography can 
night was a brute; ihe girl's bring anything to life: its effect, 
dresses are cut to reveal ilieir for me. was to suggest that only 
armpits, but the cast of ten he- the brief moments which copied 
lieve totally in what they do. and the poses of P.ndin sculpture had 
a danseuse in red. whom I take to any artistic vitality. 
be Marielena Mend a. has CLEMENT cri^p 

Asarco lead is the ''outs cf b3ttenes which start cars 

and other vehicles, provide emergency tock-uppo^rfor 
hospitals and industry, and energueeiectru, vehicles . Ou 
zinc, silver and cadmium are used for specialised bal 
teries which power hearing aids, hand 11a ?5 arco 

calculators, cameras and signalling equipment ASARCO 
incorporated. 120 Broadway TJew York. N Y. 10005. 

Only Ddta flies adadly non- 




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Heleguusi Flnantimo, London PS4. Telex: 886341/2, 8JS8W 
Telephone: 61-248 8800 

‘ -f i-i : 2 






Thursday June 11978 











.* 'V 

hard dig out 

THE NATIONAL INSTITUTE’S official expectation which has 
latest Review presents what is, itself been halved. The balance 
in its own words, a gloomy pic- should be better in 1979 on 
ture of the economic outlook for unchanged policies, but this 
the UK in the rest of 1978 and, goes for the industrialised 
more especially, in 1979. The countries as a whole and largely 
picture would probably have at the expense of developing 
been more gloomy still if it countries with no oil resources, 
bad been painted in the light of The balance of payments is 
the latest information available, almost the only feature of the 
In the first place, the NIESR economic situation which the 
estimate of capital investment Institute expects to improve 

of recession 

Industrial Correspondent 


The above chart, tto 

HERE WAS an atmo- who have been under pressure, the distribution and develop- of the main sectors, 
sphere of desperation In 1977 Caterpillar, which ment of construction equipment example, wheeled loa 

n .1 ~ UMlfM llil •* All ** fli 

among the European dominates the industry with 50 would be “ fully supported 

in industry might well have without intervention during j Twannfactnrprs of construction per cent of total world sales, while the studies were being 

The -above chart, though hot comprehensive, illustrates the amtpefitlve^sitii^ i w gte . r 
of the main sectors. There is a wide range of products within each - sector^ *baf liy fer- 
example, wheeled loaders, companies may specialise in the heavier machines, and apt competo . 

directly against those offering only smaller equipment.. . ? r_ 

been revised downwards if its 1979. Consumer demand will equipment who gathered in pushed sales outside the U.S. earned out- GKN-Saehs - motor components a reputation' for tearing .down much effort— -to ftooe »uB !il 

forecasters had been able to virtually flatten out. especially p^g last week for a major up only marginally from Of course, a big cut-back or merger Would suggest _• price structures whenever ;;they put - pressure; on . t^^Japaimse 

take into account the sharp drop if the savings ratio recovers international exhibition. They $2.945bn to S2.966bn. Komatsu closure by a major group like The British manufacturers are en ter a market in a serious v?jay- : to; open 'up..' thenT- market "for 

in the official statistics of ex- From the expected falL The rise f aC€ so many problems of Japan, second in the con- M-F would make a lot of typical in. this context. For the Makers of equipment in large constraction e<lujpiae^*Taetres 

penditure in the first quarter, m average eanungs wm ira and h ave suffered so severely struct ion equipment league with amerence xo tne over-capacity past three years, since the start volume ' are particularly ; " Conr will be -nnati see - ati'X meeQffig 

The high level of investment only from 15 to 12 per cent, during the recession that a 10 per cent world share, problems the industry faces at 0 £ tb e Government’s Industrial cemed about Komatsu’s plans; to Chicago either’ late 1 -in . 

intentions in relation to the in the next pay round — twice as adding something positive and managed a modest ffor the moment It is debatable strategy programme, heavy hints “The problem is," explained or. eariy iji. July;, - :" ?\ ^ -’7 . 

likely growth of output has much as needed to keep in fl a- optimistic to report gave them Komatsu) 5.2 per cent sales whether it would do much to j^ye been -dropped • by the one British executive in -Paris, ^Meanwhile, ■it,“m:hpp^d T , : tiie- 
puzzled many observers: the tion in single figures — and wm difficulty. increase to Y424.46bn ($1.9bn) halt the seemingly inexorable Department- of Industry and *ttiiat the. Japanese appear-; to: Americans can 

recent drop in actual investment work with a slowly-depreciating But the French came t0 the last year. rise of the multi-nationals. National Economic Development -want only a 2i tty 9 percent- at- 4 he-cuCTeptT 0 i^ 

chimes better with forecasts exchange rate to puss me th-v w»n» ahin tn nnint Thp mainr innhitaheiii vrfuch in the past 15 years have Office officials that some reshan- return on their investment 1 n«mtiationi*.v •- 

based on past experience 
with the growth of pessii 
about business prospects r 
ted in recent surveys mac 
the Confederation of Bi 

slowly up again. 

In the second place, the j Bonn Summit 

Jotmnnl mctihifa cafe thii enrinn 

National Institute sets the scope 

that international trade in con- reported in February estimated Th® Committee for European March, suggested that if the 19?a ; opposition to win-iwy. principle; dhanu ehftuL>opett&ig 

struction equipment would grow losses on its construction equip- Construction Equipment targets were- to be achieved among the British. But there is-: up - a -tremendous new marise*. 
at an average annual rate of 8 ment business of $60m last year. (CECE), representing manu- M and fbr some UK companies to uttle doubt that the group- will- for the.Enropeah: :e<mstzhrtMS‘7 

for UK government action to j'jj® tut^doesT not "in I compared with a 6 per cent agricultural machinery business, 

imnrove the outlook firm v in an National Institute does not, ini *• v.® i £ S J 

reason why the|P« p ®® nt in to® T® ars t0 1985 M-F. at one time mainly an 

improve the outlook firmly in an Nationa ns u recom- 1 growth expected for total trade, has been investing heavily in 

international setting, it will he these circumstances, reumi e * ' 

international setting. It will be these circumstances, . . construction eauioment manu 

strictly limited in any rase, but «en4 unilateral Thls Muied^ raised fjwbrow Sm bl ?eeS“?“™ , ” 

sinewy unmea in any case, our --- --- - — .‘T . •'77 , fact lire in recent Vears anil has 

it will be very small indeed maintain the growth of demand among the British in particular “JJ* “ 

unless the leading industrial is our high propensity to im- as this 8 per cent forecast is ^ AwilLDearRome^ 
nations can agree on concerted port A further sumulus of con- in line with what they ve^en t vas the 1974 

action to achieve a faster rate of sumption would probably cause themselves were expecting in % h ofHinomiE a West 
world trade and growth. This a sharp drop in the expected 1976 . In ^ light of ^ past gSm concern oSStinz from 
forecast seems all the gloomier balance of payments surplus coup ie of years’ experience, CT anover P s 

for being published at a time (which itself depends on North however, the British have 

6 ... a degree of industry ; 
restructuring may be heeded 
in the UK-owned sector . . . 9 

for being published at a time (which itself aepenas on norin however, the British have ■ 1 ■ 1,111 1 11,111,1 1 As- well as the UK, Komatsu" at. the moment- hecatise 

when the Economic Policy Com- Sea oil) unless there were a adjusted their expectations M-F is currently carrying out ^ looking at potential have been so- sadden, mid "tm^ 

miitee of the OECD seems to be deliberate drop m tiie exchange downwards . some studies to discover the facturers .in seven countries, survive thereafter, a degree. -of - Bel ^ um ° Holland and expected in ■: thf paat^otrafe^ 

demonstrating that its members wte; and either course would In ^ lg monlhs t0 the end ?iL“L*“ 0 “" t .xfL 1 .°“ e ?_ 0Il . C0n ; p0Ults . out that- Europe ranks industry restructuring may be Germany. So the propo- years. .The order 1 intake W 

set. up in Europe. - Its main {^pupment -m a ke te. .- j \y 
incentive is not so much ' the 1 . ■ The- , ^feel mgs 1 ^ of ^ iuan yy ~ 
avoidance of - discriminatory: mamHacfarers wer^su^aeftjrfp 
import regulations but the need - in .-.the • comine "^T^wuuldnH ■ ; 
to cut transport costs. High* sell a thing - to JapaB/^-’-Tb^' 
added value items like engines: would .only cobf rt : - aa^g gjfcdt- . 
and some other components hack ta - ine' made - .hetteri’kflll. ; 
would still he shipped out pf more cheaply.”-- : ^ ‘ 

Japan but most of the com- What- -of- -'the : Imnaediite 
ponente such as heavy castings^ future? The Brhii^are'i.wr^ ' 
would be made in : Europe. ; reluctant to make any Torecasts 

As- well as the UK, Komatsu at-the. moment because ehaiiges-._' 
has been looking at potential have been -so'- sudden; mid “’tnF'7 

- - * ‘ 

are more united on principle tend to push inflation higher of 197? ^ UK CTIlst ruction struction equipment in recent second only, to the U.S. in out- needed in the UK^wned sector - of Ko ' mat su 7 s possfble often picked .-.up. milj to tate 
than on any course of practical still. From a monetarist point eq U jp ment manufacturers saw years- This is not an easy task put terms rad produced around to ensure that suffiorat financial entry int0 Britain can' rague : and -fall- away again. : 
action. of view the prospect l s shghtly Ssolutelr no growth in demand because of th ® hl 8 h degree of £3bn worth of construction resources are available.” ■ does not iettle^ T 

worse than this. Although the f thei/ products and output mle S ratlon of manufacturing equipment last year. And, But in spite of aft this jolly- J^othmd^it will simnlv set up" ? Ut 

The dilemma National Institute believes that ! ema ; ned ,? a h QU t £SQQra a vear and marketin JS operations for because the U.S.. manufacturers ing along, the UK part. of the-.^TfSj^f’ , __ P Rrttain’s a -^ ' "i 

I he atlemma the Government can meet its SStaSiSS the farra Indurtrial and «Wt a relatively low in dustrT shows absolutely no i* '-SJSSi tones ;Comp 

The dilemma which tiie monetan- targets with the help . fim^ u-irifine ha< s^ocUon machinery lines. percentage of their production, interest in the merger' concept - d °???^? p ‘ F ‘ a _ m .^- sa ! f ? ;e P, e .^® d 

National Institute (and it is of some further rise in interest “ d The outcome of the stndies is Europe !s the world's major -be it mergers with#. Britain ? CT * t European emm^ ^ mvariah^botees'^aac- 

not alone in this, finds itself rates, its calculations imply a been, and still is commonplace. jutcomeo^the stndies is or a pan-EuSpean get-togethe«. ^ kept Komatsu on , it wnuW “&uefr better^v;^-;;-^: - 

unable to bypass is the diffi- growth of Domestic Credit Ex- The French also ha\e be*n Eur ^ an S c en e because the Bul ^ ^ statistics dis- Many companies have, shrunk -ContiiKied 

culty of maintaining a faster pansion even in 1978-79 which scattering statistics to show how hean P Qf M-F . g congtructjon guise the fact that the £3bn during the recession, bik they ?, nd supp ^ B u^ p ®-^°““populat)ioir andftirtiiertirfi^v^ 
rate of growth without stoking j 5 considerably faster than the badly they have fared. Last yea r j pment 0pera ti 0ns jc at turnover has to be shared are still there, and survival is 1,1"*. nwnts in diving standards 'will 

up inflation or worsening the commitment to the International production fell b * ‘ P® r Hanover There seems very 800 European manu- their main preoccupation* - . . . , 1 E IS T . -create ODpreisil^ -.'deoiahd - '&f 

balance of payments. This year. Monetary Fund. from the 19r 6 level to FFr 6-Sbn likelihood that these £ac turers. How are they to However, some of them are J®, Japanese njanitiacturei^ energy. fobd, >lkm6in§; 'nuflttife‘ 

indeed, it foresees a "brief Tho lttC in ehnrt is and must (roughly £S00m) and, since the , comnPtf> with the mainr raiu DS also eurrentlv npitateri ahnuf themselves at. tiie Centre a Md '^rarKsrwvrtAifinni : - dm) ■ 

indeed, it foresees a ” brief The UK, in short, is and must (roughly 

recovery” in demand and out- remain an economy 

, is and must (roughly £SQOm, ana. since tne operatioQS will be cut compete with the major groups also currently agitated about™ 0 and 'tTansportetibn^ '- More>iid : 

,■ particularly peak period of demand in i 1973, ^ none of its rivals appears to in mcil as research and another topi<j— the prospect: of md ^ e 

omnlnvmnnt in the French eon- “ ll “ tu r- m KurODe there IS resentment ..... * J -J 

unemployment lei-eliliig out ^“' co „Son thit dimestic’ ™ ^tougher to them because Pl.n.5 PerWu, euginra and “Thera hra bran much ch.tter hT^Tby tte end oift. yrar^ own doom . tightly - 

only slightly below its present economic policy will be circitm- Ihe Deutsche Mark is so highly ..5?j?P° neilt j among the Europeans about pos- So far, apparently, there has ‘“ported equipment next 25 vears to ®rovid» thi«V 

level. scribed in 1978-79 by the degree valued compared with other from other M-F divisions and sible technical co-operation deals been no formal approach by Df . Heinz-Gunter Kohlen, -a Ttw^s' 1 ’’ 

The balance of payments is of success reached at tiie Bonn currencies, making exporting J t tSU^. of «"d about swapping or sharing the Japanese to the UK Govern- director of Orenstein and K °P- JSSr sikijLjSS 5 --- 

expected to improve (as, in summit meeting in -July. And that much more difficult. How- c^re on the re« of toe group R ^ d facilities. It seems that ment.But already »me British Pel (O* K >:®(-We«t ^eRnany-^^J^r ^ .P 0 P^i^- : 

fact, it already has, from a poor that in itself, as the markets ever, they managed last year to ™ ou d suhstanUal. And the- concept of full-blooded manufacturers havfe told the and current- president of - the earth m). 

first-quarter average but to Dro- noted some time ago. has im- keep output at around the you*® “ be politically feasible mergers between companies Department of Industry in no European committee- (CECE) ^ihjoau. .. 

* lie UaiaiLLC Ul UdJlUCll^ vs omvvmu a v “viivm aw — ^ r „ f V. _ A _* -ff 

expected to improve (as, in summit meeting in July. And that much more difficult. How- ® 0 * xh ' e JfJ 

fact, it already has) from a poor that in itself, as the markets ever, they managed last year to be wMtaJBL And 

first-quarter average but to pro- noted some time ago. has im- keep output at around the would it be politically feasible mergers between companies Department of Industry in no European committee: (CECE) -2000.AD. 

duce a current surplus for the plications for the timing of the DM 5.29bn level (£1.37bn). , r , a multi-national like M-F f rom different European uncertain terms that Komatsu complained; ‘Japan , is . at t -tne Kuroperaj.^. 

year only half the size of an next general election. In the face of completely life- to close down recently acquired, countries- is not being given should not be allowed im present a ;crosed market This^.^^^^i^ve^liave very mudi .' 

less home markets. the ma - 10r Plants. - much consideration. To start On the face ofjrit the protest has to be stopped.. The' iT1 Jnand-is that nobody cai:"; 

____ _ ^ Europeans have been exporting M-F took a great deal of with, the companies themselves is a little illogical in that ether Japanese must be made to guarantee them a fair share 

' I 11 ATffTfl it/l n as never before. But eorapeti- space to display its equipment are often very individualistic multi-nationals, Notably Cater- understand that trade is a two- -^hia future growth in demand..; 

B IR r 1 I R W M ■ Bl^ III tion in the ‘active’’ markets at last week’s Paris show, called and fervently wish to preserve pillar and I International way operation!” It will require some dramatic^. - 

J- MMw' A if wMrA. %A-kJr ^#-1. has, in the words of one pro- ‘‘Expomat,*' and it certainly their independence. Then the Harvester, . already account for Dr. Kohle'n lias just, initiated changes if^to^miilti-iiation^S:.’ 

(agonist, "to be experienced to gives the impression of current mood in the EEC seems about half of UK output But the talks with representatives of the are tq ! prevented from; ■ 
J A* be believed." “business as usual.” Indeed, to put international mergers out British-owned manufacturers American- manufacturers and increasing their domination pf- 

IB I 11 is not just the Europeans Ihe M-F Board has pledged that of favour — or so the ban of the maintain that the Japanese have has persuaded them— without the 'industry;.-. 


BETWEEN 1963 and 1973 the concerns the relative importance mm E, |»S ftt U E 

chemical i ndustrj’ in the U.K. of the movement of labour from 8«f| Im IA|tS| 

increased its output per bea^ low to high productivity growth ■ ■■ ■ H 

by 8.7 per cent a year, the industries, as opposed to pro- . . 

motor industry by only 1.9 per -ductility growth within indus- wlOSG W31CI1 Oil 


by 8.7 per cent a year, the industries, as opposed to pro- __ operative Programme, which at best idea seemed s Imply to ask in a new business, with an 

motor industry by only 1.9 per -ductility growth within indus- V^BOSc WalCIl On th a t time represented “ agri- senior managers which of them undertaking to sell them back 

cent. The chemical companies tries. The earlier study showed p twl s r _ 0 -*a, B ol , enne business " within the FAO. The wanted the job. at purchase price plus an in- 

raised their employees' wages that 50 per cent of tiie total tllllllCnL rerSOnS companies’ top-level committee He told me how he first terest fee five or ton years 
faster than the car makers, but growth of labour productivity in Blood p rassures j n t h e board- aJs0 devised a strategy - to packed each manager off for later. 

showed a much better perform- 1924-aO was associated with rooms of some big international counter the leading critics of three days of intensive manage- Bank chairman Pieter Niessen 

ance in gross output, in unit shifts of employment between com paniec are likelv to loan in multinationals, among them ment therapy. A five-day session admits that Limburg's unnun- 



tivity, high wages, high exports, which have grown up in the The report has been prepared “ ^S^ir^riow^coSet write 6 a 1 **™?!)!! ^on their ex- nearly a quarter are over 50 

high investment — could be past twenty years and which by two iberal groups, the Bern J 2Kbr month^atS. rad have noted for ^rlv retiS 

»und. have been reinforced by recent Declaration 

Definitive answers are elusive, legislation. Third World 

but some useEul light on the Xhe new ^udy confirms that J„ a rf r 

ion and toe Eurone with the C o„p^es ; co^ttee per iences rad. six months later, rad have opted for «riy retire. „ . 

rorld Centre It is com- whiI ® f he Group was hearing describe how they had nnple- ment The Greater Mandiester Sf^jjpC Oil 

ar ‘ely of ietfe« Td evidence. The document also mented their ideas. Sir Mol «■ on the other hand, has UUU.V3 Ull 141LC yOUT WUC 

01 leners ana __ M+lrarl mctorHav aFtor- *>«! Kix-ficiirp unoTnnlovmnnr nnd J ■ •« 

to the 

• . . , j_ *“* “-n luuuiiiig iojoi j 4 . _ . . . reveals an active co-o Deration who retired yesterday after 25 six^figure unemployment, and is 

FJrVL «««. tfSSSZ •»? s-!!*.*?—; is? s. “s S2?» specia ’ 80vecnment 

on trends in emplojTnent. pro- Qt the nr i marv dptarmmant ““'“ s 1,,c u| *»««svn» or owuzer- ~X “I V 

ductivity and labour costa land's lar 8 rat multinational cor- °«^ 5 and Nestle and 

iQRn ion carried 01 ,aoou . r proaucww- Only Donations Mnohirtmo private firms in efforts to 

other some did not bother to reply port. 

and do it the cheaper wa^ 

between 1950 and 1973 carried 

porations (including Nestle, PJ ,vate . 

take and that by far the best report 

mgs are published in me imj fir .p„ s ^ rrrawih nf naniiai ««« mese companies i..-** m4M 

issue of the Department of per head. “It wUid appear. ,? thj t0 T !5 ssen 1113,1 


Employment Gazette. 


authors say, "that increased effi- Sjnted »r™n« h nf % 
ciency in the use of existing Gt ^^R. of , E 

capital and labour contributes ^ ersons might make 

7 . . , meetings ot property company 

asked if he wanted the job of Brixton Estate, there will be no 

.if you’ve always thought that crossing the Atlantic on tiie wodtfs 1^ 

most luxurious ship. Qiicen Elizabeth 2, was a little extravagant, kk '• -.> 

to think igain. ' 

In fact, crossing on QE2 can actually work oiit cheaper than regular '* ;| 

air fasoL ‘ . ; . . . 

The rewon is a new special air/sea fare by Cunardand British Airway* 

.t , TOJ-an- Chief executives nowadew use S° I ^% < ^, W,r S “ rie ^ t0 ■?* *“^™>™“ M ‘ 1 ®«° I >Q- E2 “><flyhoeleaUfbrCSS.06if^ni -ii 

of Eminent variety of techniqnes-even draedto SS.S5S ISSUES’? ^^.“^“““"‘'“ahomc.fotthesaraclravprice. . V- 

mu their successors. Sir Max u vr* ve-eiecaon of Marsfuu of toe New Ymk from London:- - - - 

The study shows a general just as much t0 raising pro ^“ ^ recommendations to re- mg , their successors. Sir Max Woi^ a^fed for toTjrt. He ZSTTSJ 
tendency for industries either tivity growth as toe addition of Bemrose was expkimwgyester- waftfuiygiven it As a foot- ,2S ? JSL?!? 

to do well on all measures of new investment This ZTnll o^theworid of multinationals. day X tt£7ie£e£ I St SS2L? "ff'tiS 

ro oo wen on ^ new ^vestment This does not "'7 day that when be decided . to note t0 this anecdote, I might TyX-j,;"- Admiral the I^rl 

performance or to do badly, mean that increased investment The Gronp’s recommendations relinquish the chairmanship of add that on December 31 last sir 

Lndusttles with above average is unnecessary but that the full indeed, rather meek and the Bern rose Corporation, the ,ear, Wigglesworth by himself SL S n 

growfh oi l labojii ■ bCn l fi,s of ttis wUl “M: Pranosals for , permanent ' Ind 'a, trustee had 133.621 ord- SiS ae l Verey SST.! 

growth of output and employ- practices and methods of pro- nationals were rejected. The 
ment and below average growth du ction raise all-round effi- Zurich report claims that these 
of labour costs rad prices. But ciency.” developments were due to the 

the statistical correlation be- efforts of the comniittee _ 

tween productivity and employ- Attitude* i,.jt „ . 

ment growth is apparently much ,?!' vo ea ^ n " Swiss, connected 

weaker than in the period A greater willingness to w,Ul menJbers of committee, 
between 1924 and 1950. for accept these changes, and «* re ap P° ltUed t0 the 20-strong 
which a similar study was greater labour mobility, are . u ? of Eminent Persons: one 
undertaken some years ago. The two of the necessary conditions was -Arthur Ftlrer, then general 
earlier study found that indus- for ra acceleration of produc- ? ianager and today managing 
tries with the highest levels tivity growth. But how are director of Nestle: the other 
of productivity growth also these changes of attitude to be wa ? Hans Schaffner, a former 
experienced the highest rates brought about? One small ray ® w ‘ ss Federal Councillor who 
of employment growth. No such of hope is the finding that indus- “rv® 15 as Economics Minister 
relationship was found for the tries with above average pro- ^ rwn to 3969. and who is 
1954-73 period, although the ductivity growth also achieve now rice-chainuan of Sandoz. 
later study provided no evi- higher than average increases The Food and Agriculture 
dence that productivity growto in earnings per head. If thi 6 Organisation supplied" material 
leads to a general decline in differential can be enlarged, for the Group. The Swiss corn- 
employment: while this may be despite trade union pressure in mittee’s own report on multi- 
true of particular sectors, it is the opposite direction, the out- nationals was accepted as an 
not true for all industries. look for pmdurtiviiy will be official FAO document via a 
Another interesting difference a good deal brighter. body called toe Industry Co- 

only just less than Sir Max, as yeomanry during the war. 
well as 48.000 Special Ordinary ■ . . 

Shares. His mother was a Bem- 

ros * Hard sell 

SlCIsss QE2 Air/Sea fare rtwnd flnjpv -7 

;Class Air round top- : i • ’ £748 (CojxqtdeJs,90^ 

fist Class QE2 Air/Sea iare^P 3 ^fc^p::■ , ? T 

aonay Class Air r ound trip 7 7 777 . -.y v 7,77 

Biar in mind tocr ihatonce on Board QE2 virtually the only things 

you jwjrforare drinks 5 days of superbib odand high living'axeaflmdudftl 

inthepiicc. . ■ ,\ 3 '7^. • 

• • regulidy to the Umted States op bwJmvcg.^tyv ywnyy-t fi - . 

A reader who was recently in . . *fcj ““^ v «rcgpaoytP the United States on b min«« ,^ V yft»T 
Dutch treat Greece tells me that while buy- WJt " 7 °? 011 > ‘^ r nCxt ^pand sail ohe-way on QE27&U win finditm 

.... „ _ a , tpy , log a copy of toe Financial aaio*dian^ft^tbemaalTrenMtLntjcaah.andforthecostofane 

ravSe.7 rnfta 2— ** opportunity fbrjrau 

dustrial investment away irum w ^ ^ shopowner that a enjoytbe holidayofa lifeline togethen^ 7 

comrarara. WUrtU bi ^ -JiZLVidlSSi J 

officers and bankers from Lim- nonc lcft » xhe shopkeeper y lfU ° * ^ufariubit. ~ . -j 

M As far as I can tell lt% a 
plea for ball ...” 

officers and bankers Lram Lim- none left .- The shopkeeper ‘ymrnimojregulariubit 

bnrg, an area of southern Hoi- thanked him for the inform*- -forsu the deuiii of th« remarkable otfer, ■ 

land, which juts, down '"to tio8f and jn tbe ^ ther? cpufc^Cinmd or -ivk >- qui travd .i^rn.iboutk, 
Belgium and is flanked by Ger- was a new gjg^, j 0 window: Cunia,# BenSdeySueet, LoadpaWi ::-x'. -; s - 
many. As well as financial in- u London newspapers not Tet(QI)491 J930. 
ducements, the state-backed NV M i d « i . 

Industriebank LIOF ia Offering 

joint venture capital. It -takes (JbSGYlXZT 

up to 50 per cent of the shares _ 

'•‘m; : ^ 


***•.*“ ana* 

^fhaf In', 


i^tt forcej ^ 
*?7 market for ■ 


.;^t a meeun B 

■^_a±e- in j Qa a t 

.3* i»opea tia 
^ the vafe ]eiI 
Wund of GATT 

4d. to get jj, ( 
the eur.cepr 
^Wtuniiy - 
»ut a ma*asr 05 ' 
-aBout e^niaj 

UjS cf’A' T^aj{j 

eon atruftij), 


;-:of many .jj 
«t l “ 1 'Atjuidai 

-nii £ e!^ 
jfcfftr r better a a 


■fe t media:? 
BriSsu tre v«i? 

&e any forecasts 
jfeecruse ch;c.:t: 
iRfcldcn :nd us 
m past cout:? 0 : 
piter intake by- 
qt, ociy v.- :i.\r 

css th* s*. a 
.Corttp:ny - .: 
Sitodc*' •.•.tih the 


ci-m*.* j.v> 

US -st£ •*-•.:••.• 

.V:,:c iri 

c'c if 

;re- - 

- ■ J.c’U — -.’ - %• 

V v’. V,: - •'- ’’ 

■'.v ;iWTff ; major prob- 

'.natural /or policy 
~V of .the. easy or 

' ": : ' 'w£\ It his, .ladies and 

- -- V 'ifiHssfl^nie^ftrjeeft us. the last /etc 
®?c«pt that the era 0 / 
. ‘Z-^ff^oj^ons.. is -over .”— Mwai 
\* funster of Finance and 

1 \ : ' .KannfngjT: Jtouary, 1978. 

. i ^^^^^fWords go to the heart 
i .?. V ^^ flSfe^majpr.' challenge now 
: - ^-■&c^^JKenya' and form the 
... survey. Over the 

...'• .^a&tfejfe jews the country will 
..: “ ^|&^6^ftce some very tough 
dipdsioDs kcross the board — 
"leombnically, .socially and poli- 
i Ribald’s remarks— 

;• : conference of top 

j'^K^yxwfio ' discuss the future of 
^' ^country — show that many 
-'i^jifoyeijnnent leaders are aware 
; 7£ TpfRJfife J>r 0 b] e ms facing them. 
/ -' to be seen whether 
have the political resolve 
: . means to translate 

: '^r',^and:; sounding words into 
'Hv^fective action. 
r>v/AjSi|ace-. independence in 1963 
v xXe$ya’ has chalked up a highly 
. /-■'" j'SipreMive list of achievements. 
jjftsfjGDP has grown faster than 
-^taally any other non-oil pro- 
• during African State. Jobs held 
: V -h#;« v white expatriates have 
••’• passed relatively smoothly into 
■ Kenyan hands. Farms formerly 
' ' h$Jd by British settlers have 
' been redistributed to .Africans, 
liy ^md large in an orderly 
fashion, and the country has 
_ hnQt'tip (me of Africa’s best 
smallholder agricultural sectors 
7: (although there is much that 
. ; can stilTlm .done tis*e). 

All, these achievements have 
been underpinned by the 
country’s-; stability, attributable 
; , largely^;th‘e ;pdlitical acumen 
; Kehyatta, whose 
magnetism transcends 
etSpic. loyalties. This, 
withliis careful balano- 

Political stability and a high rate of growth have given Kenya the reputation 
of a Third World success story. But it has now entered a more difficult stage 
of development and faces some tough political and economic decisions. 

ing of tribal representatives 
within his Cabinet, has gone a 
long way to defuse latent ethnic 

Yet if Kenya's reputation as 
a Third World success story is 
superficially symbolised by cen- 
tral Nairobi, with its heavy em- 
phasis bn material goods and 
its free-wheeling capitalist at- 
mosphere, the polythene covered 
shanties on the outskirts of the 
city point up a different lesson. 

There is a wide gulf between 
the have-nots and the small, rich 
elite of Kenyan society. It may 
be no worse than in some other 
African countries, but that is 
little consolation to the poor. 
What matters is that there is 
considerable grassroots resent- 
ment over the amassing of 
wealth by the elite, some of it 
by highly questionable means. 

Some of the Government’s 
policies since independence — 
such as Kenyani 5 ation of jobs 
ancr" land reallocation— have 
acted as a politics! safety valve. 
But there is now not that much 
more land to reallocate nor 
many more jobs to Kenyanise. 
With tougher economic times 
ahead, there can be no guaran- 
tee that this safety valve will 
continue to work. There can be 
no room for complacency. 

The challenges facing Kenya 
have in many respects been 
visible since the early 1970s 
(and have .been well described 
by the International Labour 
Office and the World Bank) but 
they have now crystalised more 
clearly than ever. 

Central to them is the need 
for a more eqf itable distribution 
of wealth. This is accepted 
Government policy, but there 
are powerful vested political 

and economic interests which 
could militate against achieve- 
ment uf the goal. 

Moreover, this policy has to 
be pursued against a short-run 
backdrop of looming balance of 
payments constraints ( which the 
tea and coffee price booms of 
recent years have delayed but 
not averted) and a rate of infla- 
tion which is at present causing 
concern, particularly since 
much of it is domestically 

Much uf Kenya's high rate of 
development since independence 
results from the greater utilisa- 
tion of resources which are 
relatively easy to exploit, such 
as land of high agricultural 
potential. This is one of the 
things Mr. Kibaki was referring 
to when be spoke of past “soft 
options — though in fairness to 
Kenya it should be said that 
while the options may have been 
simple to chouse, implementa- 
tion was not necessarily easy. 

The country is now entering 
a much more difficult area of 
development. where the 

returns are likely to be lower. 
And a lower growth rate will 
make more difficult the policy 
of “ redistribution through 
growth ” — the more equal 
distribution of future income 

sen Seriously 

At the same time, the Govern- 
ment has to address itself more 
seriously than in the past to 
two particularly thorny long- 
term issues: a very high popula- 
tion growth rate (officially put 
at 3.5 per' cent a year), which 
Government policies to date 
have proved ineffective in deal- 
ing with, and concomitant 
mounting pressure on the land. 

Kenyans, like most other 
Africans, have an almost mysti- 
cal attachment in the land and 
believe that it is every man’s 
right to own a plot. Leading 
Kenyans tell you that, with 
good land in short supply, it will 
be necessary to disabuse people 
of this notion. But it is difficult 
to put across this message when 
the landless man can sec estates 
in the hands of the very people 
preaching to him. To highlight 
these problems is not to say that 
Kenya's future looks grave. Its 
people are remarkably resource- 
ful. But economic restructuring 
is intimately bound up with 
politics, and it is in the latter 
sphere that many of the most 
difficult decisions will have to 
be faced. 

International politics are 
already having an impact ou the 
development process. Kenya is 
now more isolated frrnn its 
neighbours than at any time 
since independence, with the 
break-up uf the East African 
Community last year and tur- 
moil in the Horn of Africa. 
Fears of a Somali invasion of 
North East Kenya (similar to 
Somalia's abortive drive into 
Ethiopia's Ogadeni have forced 
the Government into much 
higher defence spending, which 
is going to have an impact on 
the balance of payments. 

As regards domestic politics, 
the prime issue of debate ends 
in an unanswerable question: 
What will happen to Kenya 
after Kenyatta? Given the im- 
portance of continuing stability, 
this is perhaps the most crucial 
single challenge faring the 

The President is still firmly 
in command but he is now well 
into his eighties. The Kenyan 
constitution is clear on what 

would happen in the event of 
his death: the Vice-President. 
Mr. Daniel Arap Moi. would take 
the reins of Government for 90 
days, during which time elec- 
tions for a new President would 
be held. 

However, during the past tw » 
years this formula has been 
challenged in a manner which 
points up the jostling for 
power within the elite and the 
coalescing of two loose, rival 
factions — one centring on Mr. 
Arap Moi. widely considered to 
be the front runner in The 
succession stakes, and the other 
on Dr. Mungai, Presi- 
dent Kenyatta's nephew. 

These rivalries came clearly 
into public view in late 1976. 
when politicians associated with 
Dr. Mungai proposed that the 
constitution be changed so »hat 
the Vice-President would not 
take over fur the 90-day period. 
Instead, a neutral figure, 
perhaps the Speaker of Parlia- 
ment, should head a caretaker 

The movement was halted — at 
least publicly — when Mr. 
Charles Njonjo, the Attorney 
General, declared that the 
debate touched on the health 
of the President and that discus- 
sion of this was a crime that 
could be punished by death. Mr. 
NjoDjo, one of the key figures 
in Kenyan politics, is cluse to 
Mr. Moi. as is another of 
Kenya’s most impressive 
politicians. Finance Minister 

Although shifting in nature, 
these two broad alliances still 
exist. They are based on a 
multitude of faciurs, some over- 
lapping and some conflicting. 

with very little, if any, ideologi- 
cal base. The factors include 
traditional strong competition 
between members of the 
Kikuyu tribe from the southern 
Kiambu district (the President's 
home a real and those from the 
north: rivalry between those in 
the political ascendant (the Moi 
croup) and those challenging 
them; and perhaps most impor- 
tant of all. personality factors. 
Cutting across all these issues 
are elements of straightforward 
political bandwagon jumping — 
members of the politically domi- 
nant Kikuyu and factions 
within other tribes associating 
themselves with whichever 
team they believe will emerge 
on top. 


For example, a feature of this 
jostling is an appareot. though 
shadowy, flirtation between the 
“ change the constitution " 
group and followers of Mr. 
Oginga iJdin%a the veteran Luo 
politician, who left the Govern- 
ment and ruling party, the 
Kenya .African National Union 
1 KANU). in 1966 to form the 
Kenya People's Union (KPU), 
which was banned in 1969 
during the unrest which fol- 
lowed the assassination of his 
rival for the Luo leadership. 
Mr. Tom Mboya. Mr. Odinga 
still commands widespread sup- 
port among the Luos, who 
remain divided, but to date the 
authorities have frustrated his 
attempts to make a political 

Competition between the two 
power groups was a feature of 
the strong campaigning last 
year within KANU in prepara- 
tion for elections for the party's 

top posts. The Moi group had 
been widely expected to sweep 
the board but the elections 
were called off without explana- 
tion at the last minute, after 
delegates had begun assembling 
in Nairobi. Some say the 
postponement was due to 
President Kenyatta being 
temporarily indisposed, others 
suggest that he would not have 
wanted to preside over intra- 
party bickering. But whatever 
the cause, the fact that the elec- 
tions have not been held subse- 
quently means that the Moi 
group has not been able to 
formally consolidate its posi- 

General elections for parlia- 
ment are due to be held next 
year. If they take place, they 
will provide an important test 
of the standing uf the two 
groups. At present, Mr. Arap 
Moi still appears to maintain 
his lead over potential rivals. 
He has put in a great deal of 
effort touring the country, can- 
vassing grass roots support. As 
a memher of the minority 
Kalenjin group of tribes, and 
having the backing of some 
powerful Kikuyu members of 
Government, he is well placed 
to appeal above ethnic parti- 

For his part. President 
Kenyatta remains Olympian, 
seemingly above these manoeuv- 
rings, having consistently 
refused to name an heir 
apparent or overtly take sides. 

Prognostications about the 
future stability of the country 
vary immensely, but a wide 
body of opinion believes that 
too many people now have a 
vested interest in the system to 
allow it to be disrupted — not 

only people at the top. but the 
smallholder tea and coffee 
farmers of Kikuyuland who have 
henefiled particularly from the 
bourn in these commodities. 

While obviously of im- 
portance, these josllings for 
power are in a sense a side 
issue to a central challenge 
facing Kenya — to whai extent 
can entrenched political 
interests accommodate change. 
Little can be expected in the 
short terra, but a future 
administration might well wish 
to establish its credentials and 
popularity with a more populist 
programme. But just as vested 
interests may prevent future 
instability, so may they thwart 

fundamental change. 

Kenya is, after all, a country 
remarkably devoid of overt 
ideological disputes. Although 
a vocal minority at Nairobi 
University espouses radical 
causes, many Kenyans .seem 
geared to achievement within 
the existing laissez faire frame- 
work. But there is no way uF 
knowing whether more radical 
ideas are circuiting among the 

During the past few years the 
authorities have not shown 
Themselves to be benignly dis- 
posed to those few politicians 
who have questioned the order- 
ing of society. Although some 
lively debates still take place 
in the Kenya Parliament, it is 
not the place it once w as. Some 
of the most critical MPs are 
now in detention and others are 
silent, fearing that if they step 
too much out of line they will 
go the same way. 

J. M. Kariuki, one of the must 
outspoken and popular of Ken- 
yan MPs, was foivnd brutally 
murdered oulside Nairobi in 
1975. Just who killed him will 
never be known. Although the 
national trauma created by his 
death has now faded, there 
remains a residual fear of 
potential violence lurking 
heneath the surface of political 

Since then, several critical 
MPs, including the Deputy 
Speaker, have been detained, as 
has the Left-wing novelist Ngugi 
Wa Thiong’o. Bu-t despite the 
detentions, Kenya remains one 
of Africa's most open societies 
as regards political debate. And 
it has a far better human rights 
record than many countries. 
There are estimated to be 
only about a dozen political 



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BY ANY standards Kenya’s esti- three times as- great in .1979, ■ ... 

mated GDP growth of 6-7 per when officials expect IMF aid BASIC STATISTICS ' .!• 
cent this year— albeit down on will be necessary. Area isimare' miles) ■' 244L36A 

1977’s 8 per cent -4s impressive. The deficit will be partly due ™ gfogg 

end some of the results can be to the falling prices of .coffee. Population • , . ;• H- 3 ™ 

seen In the modern, bustling and tea. The boom had a drama- GNP(1976> - '.K£L37bn 

capital of NalrobL The country tice effect on exports. In-_ 1975 „ ; v e & j 

is still enjoying the impact of the two commodities accounted rer capata 
record coffee and tea prices and for 34 per cent of total exports. Trad e'< 1876) 

every sector of the economy This rose to 49 per cent in imnorts 1 — “ K£407m 

benefited In- 1977. 1976. and to 80 per cent last — — — - - 

Nevertheless, the boom— year. This year coffee earnings Exports RE330m 

which led to the remarkable re- are expected to fa 11 about 35 imports from UK £97. 7m 

covery over the past two years, per cent to K£130-l35m. and tea — Vci V m 

following the oil crisis in 1974 down 25 per cent to K£55m. _ Es g ta ^ 

and the crippling drought of Meanwhile import licences Trade (1977) . . : . 

1974-75— is coming to an end, issued in 1977 increased some -imports from UK £118ra 

although the lag in receipts 43 per cent in value over the —=—-3—7- Tnr 

masks this fact This is likely preceding year, and some UK £l55m . 

to be underlined in the coming sources believe that the trade Currency:: Kenya shilling/ 
months by a fall in coffee earn- defic j t m 1973 cou j d exceed pound .’ £l=Shsl4.4 

ings. This year’s crop of some K£200m. • £l=K£fc72 

75.000 tonnes is 25 per cent Although foreign exchange ■ ™ . . "■ 1 

down on last year, while first reserves reached a record 

indications for 1978-79 suggest K£235m in July. 1977— then through increased - extension 
that the crop will be around equivalent to. five to six months services and access to credit 

70.000 tonnes. imports— the subsequent trend facilities, i . - 

Without the massive leap in is disturbing. Latest figures In the industrial sector, most 

export earnings from the two show that the quarterly import economists- recommend the 
crops — K£68m In 1975 and bill rose sharply during this faster development of agro^ 
K£276m last year— the Kenyan year from K£121m in the first industries, ‘ a -diversification of 
economy would have been in quarter to K£135m in the fourth exports : accompanied ' fay 
serious trouble. As it turned quarter, while foreign exchange improved export incentives, and 
out there has been a valuable reserves had fallen to K£210m the establishment of more small- 
breathing space in which the by the end of 1977, about four scale industries in the rural 
economic planners could pre- months imports at the current areas. • 

pare for the development rate. Providing job* will be one 

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will find that besides our knowledge and experience of commercial banking, we have an extra servants that the country must aid will be needed: increased elsewhere in this survey) can 

commitment to personal service. Our on-line, real time computer system is an adjunct to this, not a brace itself for a tough and defence spending. V 1 ? de mand s. _ ~ ~ 

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1979-83 plan concentrates atten- estimates, and further spending 900,000 strong modem sector— 
tion upon them: the need to com. is necessary because of an optimistic forecast— that still 
bine efforts to bring about a instability in the region and, leaves some 200,000 (in addition 
more equitable distribution of j n particular, concern about to existing unemployed) ■ for 
income; to make industry inore what is perceived as Somalia’s whom jobs must ; be found in 
export-orientated; to ensure that intention to pursue territorial agriculture, petty ; trade and 
a greater proportion of Govern- claims in north-east Kenya. other “ informal "r* sources of 
ment* and international aid The third problem is inflation, employment, 
reaches the marginal and semi- currently about 14 per cent and The majority of ; the work 
arid areas which represent 81 rising according to some seekers will, it seems, have to 
per cent of the land and house observers. In the first ten years find - 3 obs 0,1 the lan * Given 

about a third of Kenya’s 14-15 m 0 £ independence Kenya experi- that the average size:of small 

people; and to reduce the 3.5 e nced little or no inflation. In holdings is a mere 2.3-hectares 
per cent population growth. 1974-78 much of it was w* 11 *>e bard t0 P la f®" “>em. 

imported, mainly due to the oil Clearly more labour intensive 
DlSClDiine price increases, but 1977 saw techniques, accompanied by 

^ ^ the beginning of domestically technology appropriate fatfseml 

Kenyans will have to accept caused inflation when money arid Iands » small-scale raMhing 

Chat the average 7 per cent supply increased by a stagger- Md villa « e workshops wfll be 

(GDP) growth between indepen- ing 47 per cent as coffee and necessary, 
dence in 1963 and 1974 will not tea money poured in. 

be reached under the new plan. Last raon th the central bank .LflUlUlDlB 
In the words of the central bank introduced tighter measures to ■* . 

Governor. Mr. Duncan Ndegwa keep the supply in check. Over- According to one estimate, 
last month, an “ emerging all credit expansion by the com- during the 196 0s it cost 4 
resources constraint (will) force mercial banks will be 22 per capital investment equivalent 
a harsher discipline on the cent during the fiscal year 1978- " price J ttf- about 

economic choices facing the 1979. After taking into account Kf4 ’ 00 ? . £or *■*} new ^ 30b 
country ... all of us should be expected credit to Government, created in the modem sector- 
prepared to face changed this will limit credit expansion compared- to a mere' K£40 in 
economic circumstances in the to the private sector to about the informal sector. / 
immediate future." 18 per cent in the year ahead, Economists also believe that 

If this sounds gloomy, then it compared to the 33 per' cent should attempt to pre- 

should be said at this point that expansion in bank credit to the ve ° t “ e . rural-urt^n terms of 
given the right policies — and private sector in 1977. . tr ^ de returning tg favour the 

equally important, the deter- Adding to the planner’s diffi- u f ban sect ° r - 35 ®ey aid unm 
mination to cany them out in culties is the fact that the c f° p pnce ^creases In 1976. 
time — -Kenya’s reputation as development issues must be ,e terms must,' as coffee and 
what one diplomat calls “ A tackled by a series of what the pnce ^ f^l, s^mg away from 

Third World success story” can Minister of Finance, Mr. Mwai . , rural sector, but through 

be maintained. Kibaki, called “ hard ” policy pr,c | Dfi aD ^ ot PfJ 

The theme of the plan-of options. £°n S 'TEtSlS? Tie 

which more later— is allevia- As set out by Mr. Kibaki, the GV 11131 

tion of poverty through "soft options” of the past have e -« . 

satisfaction of basic needs. But included: Kenyanisation of the , Q £ 7 0jei ? n 2 

the planners set about this task public sector; redistribution of jLJEL, JV 
against a background of three the “scheduled" (white-farmed) p 

problems in particular, coming areas; attraction and protection at , terI Sl aurmg th nve- 
upon them almost simui- of direct overseas investment; T he , rate 

taneously (in addition to other development of financial and 1 “vestment is also expected to 

equally demanding problems): other secondary institutions to remain renstann r 
a widening trade deficit leading serve industry in urban areas; . 1 

to an overall balance of pay- development of the urban in- ind ° ws ? end t0 be .f 

raents deficit; greatly increased frastructure; import substitu- outflow in the form or remit 

defence spending; and a worry- tion; and extension of basic of profits. and _ , eT ld f 

ing rate of inflation. education. le ( avin S net foreign inve^ent 

It was the first of these prob- Each of these has a hard ° E zero (though fluctuates 
lems that led to the unpubli- counterpart for the future: f rom 7 ear , ^ rea «*’ 11111 ■ re ’ 

cised visit to Nairobi recently Kenyanisation of the private investment of profits accruing 

by a small delegation from the sector; raising agricultural pro- forei 5n funds runs at 

International Monetary Fund ductivity; reclamation of mar- K* 40111 ® year, ana is expected 

(IMF), and they will return ginai land; extending infrastruc- to remain at that teret. 
after this month’s budget ture in areas of marginal pro- Th ®, pl ® n . s 

The balance of ductivity; development of local currently being debatea is 6 
licit is likely to be K£I7m this entrepreneurs; development and P er ™ nt ® y ®? r ; c « ^ 

year (compared to a K£115m protection of local infant indus- m “y “ e reduced to > per cent, 

surplus in 1977) and two or tries; rapid rural development which some observers believe 

t in part through greater agricut- is a more ^^tie figure. 

tural credit; rapid expansion of Tbe reason ? ^ 

— - - domestic marketing and distribu- resources available in the first 

tion systems; development of decade are either exhausted or 
rural infrastructure; diversifica- reduced, and certain so 
tion of industry, and integral- policy options are, as Mr. Kibaki 
_ ing industry and agriculture; P^ts out, now closed. One of 

generating employment oppor- fhe most worrying consequences 
tun i ties; and modifying the edu- * s fhe‘ severe pressure on 
cation system to meet future land. Resettlement of previously 
needs. white-held mixed farms is now 

Missing from the list of 1**8® ly completed, yet one 
“hard” options, however, is a estimate puts landless' mipants 
commitment to an effective 400.000 in 1976, growing at 
population policy. Government 15,000 a year, 
efforts have done little if any- Hence tile need for exploiting 
thing to stem the 3.5 per cent, marginal lands, and' perhaps 
growth rate— yet it is an issue measures such as placing, a cell- 
on which Kenyan politicians i n B Dn l an d ownership; taxing 

of &e East African Common Govenmmn? 

•SLH Sd ^Tfbrced indus- often may , 

to jook to Europe, within the penod^et flown: -fra :. 
Slmerira and the Middle at leart the p^ 

East for new markets. > Government . 

Inevitably the inadequate direction; ; - 
export performance raises the That said, it is . ne,^a.^ e^» . 
question of devaluation. Some worth ra^nr 
the exhibitors at the repent the 
Kenyan trade exhibition m New targets-^because 
York returned complaining that some of the tough. opgns,<£^t x ..-. 
they simply were not comped- lie ^ - : - 

tive. • However, the Kenyan commitment to- - redefine ^thev, 
shilling, by being tied to the size of all co-operatrye an^iqjv .. 
SDR, -has been floating down density settlements ' 

(by 5. per cent in 1977) against criteria for' Iahd~. oWnershij^.-T, 
the EEC countries— Kenya’s as part . of an _eff orgto ;ereate..? - 
main trading partners. -' 350,(K)a new agriculrt^ sm®; 1. 

devaluafaon is its there las been S' ’tendShW : 1e. ‘ 

prices of imports, only one-urtn economy. '611' . drift'' % 

of which are direct consumer w* ^ 

■ nr/ .j.. A 4. c T} n i. :x rvniid force be c & u se there ? 

based manufacturing, and allow ; 

Kenyan exports to become more economist, ■WA. now. , 

SStivT The alternative is- more . 

^Continuation of the export ^ gg ggg # - : 

subsidy policy (10 -per eeot-of 

the value of exports provided tariff of the ^..- ^^ 1 - 
locaL content is at least 30 per . 

cent.) But this has proved ^ the vigorouSrrof^n^^^ 
ineffective. : ■ debate taking place aboiiiMI^: 1 

menecove. priorities and ta^^' irattfguiri':- . 

The planners must also, fill jggft Q f s^-criticisnr t sik}Utp&- ' - 
some of the gaps between m- fojTnanceM thepa^:: ^'^^ -^ . I" 
tentton . and achievement under , biggest - 4hciC 

the 1974-78 plan: Of course, no ; that -iiarigs "over- : the> : I?etiyan_A; 1 
government can stick to de- economy ■ is -^ .wl iS fh 'efc- 
velopraent plans to the letter.j decision-makers: : 

Economic conditions on which' paretf to implenieiir'tiie^todgtL- - 
they are postulated are almost Options '' that ,: 1 haV^' :: heim"' . 
certain, to change. As one ob- identified - ■ ; .x. i'T ' 

server, put it, the plan should i : ’ i 

be treated as a statement of* 

seldom comment in public. 

idle lnnd and subdividing larger 


/ X/\ 

For Service, Security and Continuity 

National Bank House. Harambee Avenue, Box 30271 . Nairobi Kenya 

Telex 22357 -Telephone 332690- Cables Kenyare V 

What, then are the plan's farms, while maintaining rapid 
targets? It will not be pub- growth of ' non-agricultunrl 
lished until later this year and employment opportunities, 
only Ihe broad principles are A further demading issue is 
available. But. given the inten- the requirement that there be 
tion to alleviate poverty, the a greater shift from the Indus 
plan will have to concentrate trial policy of- import substitu 
on basic needs: nutrition, tion to agro-industries, gradual 
health, education, water sup- lifting of some of the . existing 
plies. Clearly the marginal protective measures which have 
areas should have a develop- led to the production .of ‘items 
ment priority, with emphasis which would be cheaper if 
un irrigation and marginal farm- imported and a determined 

ing techniques. 

In the high 


export drive. 

So far the export record is 

areas — mainly a belt of land disappointing; Although ex- 
running from Nairobi, west to ports rose 46 per cent in value 
Kisumu and north to Nanyuki in 1977 over - 1976 • this was 
—which produces the bulk of entirely due -to coffee arid tea 
marketed' agricultural produce, sales, and at constant prices the 
up to 6fi per cent of small- growth of exports has been 
holders are currently benefit- slower than tiie growth- of the 
log from cash crops. But the economy as a whole. '.-Thls^is 
remainder should be encouraged partly because of the :bre*k«Vp. 


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•• AGiUCUIZroRAiry^yelopnient .- Planners are hoping that over 
•I s . ??& .\?£. ...Kenya’s most im-- the nest five years agricultural 
’ press ive ;aChie^raenls. Even - output will continue to rise at 
though land. -is -one of. Africa’s a very respectable s per cent 
. most^ 'obvious and crucial per annum- C7 per cent for the 
- development- resources, there - monetary sector and 3 per cent 
are 'few countries which : have.!for non-monetary). • Nevertbe- 
effectiyely mobilised the agrieul- less, the way ahead will . be 
' ttir-aJ -Rector. -Kenya- has -.done, increasingly strewn, with diffi- 
far -more' than mast, .though culties, which boiJ down to two 
. much remains to be' done. crucial • long-term issues: In 
. .. Agriculture forms' the back- Africa .the two central pillars 
bone of the* economy. Some 90 of .the social security system 

• per cent of the population still, are children and land. In Kenya 
.live , in r.tiral ^ayeas: and.-. earn there; are far too many of 
their- Hyelrij6od ; ipredominantly th<nforniet arid. there is far too 

.frdmlthe^land. The.sector. pro- .little^of the . latter. 

sbout^ 70 per-cent of. ' The population growth rate 
Kenya's foreign . esiiange.&arnr .is inCreasing at 3i5 per cent per 
iugs (coffee, the largest single ann um. An average rural 

• revenue earner; together v ftfi> household "has nearly seven 

tea, sisal: an d . pyre thrum members.'- - 
makingupjhe largest propor- - y et g 0od -quality land is in 
non of tras}^ . Agriculture /makes vygjy short supply, and the most 
UP^PWB^W. the productive allocation of what 

t ~. P- ; . ! -' • V &-J ' : ' •' ' - exists ‘ . Vis. to some extent 

.Possessing^; no ; ■•^significant inhibited by exclusivist tribal 
has daims. On particular areas. It 

^y. is often not realised just how 
h eayy emphasis .on ^grmuitUTe, Uttle . of Ken y a ’s Jand is 

and it hasten helped ^bugh inherently - suitable for inten- 

** )?: W r hat ®«ve inning. Only about 18 

SI 61 per cent of the country (most 
reasonably well.. developed in- of it stretching wes ; fron , 

^.British Nairobi) can be described as 
■ v ■■ r “ ■ having high or medium 

_ . Bhtwn.WJth these compara- potential. Much of the rest is 

only suitable for stock raising, 

■ a ^ , vr- , i , ta^ 1 r Ve ™^^ " at various levels of intensity, 

agricultural., -sector (monetary * 

and 7 jum-mortetary) had an 

annual Average: growth rate of PnnillnfpH ve per . cent per year in ^ 

^5™?. .between 1964 and Since much of the high poten- 
. . tial . areas are now heavily 

-j.iBetween . 1973 . and .,1976 the populated, the Government is 
sfCtpf. was "hard hit. by drought, having to concentrate more and 
ant V V?^l * s ‘ something of an. more efforts on the so-called 
achievement . that the growth ‘'marginal areas" — which covers 
tate ■ was T just, prevented from land of widely varying poten- 
becornihg negative. Better tial, from the semi-arid, suitable 
weather conditions in the past for certain crop mixes, through 
•two years have helped a strong to zones suitable only for low 
recovery. -Gross marketed pro- intensity pastoralism. And 
duction was estimated to have capital input-output ratios in 
increased in real tenns by some these itreas (described by one 
12 per: cent -in. 1977. over the. agriculturist as a “potential 
previous year. .. development nightmare") are 

Two particular strengths of likely to be lower than in the 
the sector need " emphasising, high potential areas. 

First, jt haf become very well Before" .looking at both the 
diversified.,. . to a "considerable high potential areas and the 
extent- pr^tectlng the country marginal lands it is necessary 
from ..the /boom-bust cycles .. of to consider ..Kenya’s land-hold- 
mohorcrop ; economies., Second, ing structure. A striking 
it has: made. ‘Kenya virtually feature of the agricultural 
self-sufficient in food, entailing sector is. the important contn- 
a : val pa^e /saving of foreign .bution made by Kenya's 1.5m 
excba^e :Cthgugfi,;some .would .smallholders, who farm plots of 
argtter^tMt/ithe Goverhmeafs'- up to 30 acres: although some 
“self-sufficiency" .. doctrine can. 60 per cent .of/tbesc*. families 
be earned to excess). hold only five acres or less. 

After* independence, many of 
the old mixed white farms in 
the high potential areas were 
broken up into smallholdings 
or co-operatives, while in the 
tribal areas the Government 
has progressively consolidated 
individual holdings and granted 
individual title to the owners. 
Many people attribute the suc- 
cess of the smallholding sector 
to the granting of individual 
title (a rarily in Africa), 
though there is an influential 
school of economists who dis- 
pute this. 

Smallholders now produce 
some 50 per cent of Kenya’s 
marketed agricultural produc- 
tion (the remaining 3.200 large 
farms, plantations and ranches 
contributing the rest). But 
this figure under emphasises 
the importance of the small- 
holders. Not only does non- 
market production account for 
up to 60 per cent of their out- 
put. but they produce most of 
Kenya’s pyrethrum and about 
half its most important foreign 
exchange earner, coffee. 

However, there remain wide 
income differentials not only 
between those smallholders in 
the high-potential areas and 
those being increasingly pushed 
by population pressure into 
the marginal lands, but also 
between farmers in the high- 
potential areas. 

Much can therefore still be 
done to raise smallholder pro- 
ductivity in the high-potential 
areas. including Improved 
access to credit for inputs such 
as fertiliser (in the past credit 
has been more easily available 
for the large farmer), better 
crop mixes (with perhaps an 
increasing emphasis on labour- 
intensive horticultural crops) 
and improved extension ser- 
vices. Although Kenya has a 
much higher ratio of extension 
workers to farmers than most 
African countries, the quality 
of the extension service is open 
to question. , 

Another important issue in 
the high-potential areas — with 
strong political overtones — is 
the future of the remaining 
1.800 mixed farms fbut not 
plantations) owned individually 
or by small groups, some of 
which are making very efficient 
use of the land, while others 
are most certainly not. 

• Kenya now has an estimated 
400,000 landless people, and for 
years the Government has been 
indecisively debating whether 

or not to ameliorate this rural 
employment problem by break- 
ing up many of the remaining 
large farms into smallholdings, 
as well as looking at the 
apportionment of land on co- 
operatives. The argument goes 
that the only large farms vital 
for the economy are those used 
for stock breeding and the pro- 
duction of high-quality maize 

As it is. a substantial number 
of the large farms have already 
been divided dc facto into 
smallholdings, and these will 
be given dc jure status under 
the new 1979-S3 development 
plan. But what of the re- 
mainder? The influential large 
farm lobby is naturally against 
sub-division and Government 
policy remains confused. 

But even if the Government 
were to go ahead, sub-division 
would only be a partial pallia- 
tive to the rural employment 
problem. given the large 
number of landless who need 
to be absorbed and the limited 
number of largo farms. The 
emphasis has to be on develop- 
ment of the marginal lands and 
on other policies. 

Given the immense variation 
in the quality of the marginal 
lands, they require an 
extremely challenging range of 
approaches, depending on local 
conditions. Three broad pos- 
sibilities stand out — improved 
arable fanning in the less arid 
areas: large, intensive irriga- 
tion schemes; and improved 
ranching in the more arid 

Development of the less arid 
arable areas is in itself very 
difficult, not least because 
farmers entering these areas 
from the high potential areas 
bring with them farming tech- 
niques which are totally un- 
suitable. leading to crop failure, 
desertification and increased 

Heavy emphasis is therefore 
placed here on integrated agri- 
cultural development pro- 
grammes for a whole area, with 
a strong accent on bringing 
credit to the smallholder. There 
are. however, some who would 
argue that in the past too much 
emphasis has been given to 
immediate credit (with a low 
repayment rate) rather than the 
provision of the infrastructure 
which has to underpin higher 

Also, much work still has to 

be done on the technical side 
of developing these areas, 
covering such questions as the 
development of small-scale 
water management schemes, 
moisture retention by the soil 
and crop mixes and crop 
strains. Crops suitable for 
these areas include drought 
resistant maize. sunflowers 
(Kenya is still an importer of 
vegetable oils) and cassava. 

With few major rivers. Kenya 
has only a limited potential for 
large-scale irrigation schemes, 
which are expensive and require 
very careful management. 
Particular controversy at pre- 
sent surrounds the Bura 
development scheme on the 
lower Tana river, where the 
Government plans to settle 
10.000 small-scale farmers, 
largely growing cotton, at a 
cost of SlOOm. Some aid donors 
argue that the scheme is just 
not financially viable. 

Kenyans, however, maintain 
that the plan has to be looked 
at as a totality and not just 
a pound for pound equation 
between inputs and outputs — 
the scheme will generate some 


There may be force in the 
argument of one well-placed 
source that the Government has 
to look after the interests of 
12m Kenyans and not “ 12 
subversives.” Stability is one 
of the country’s most precious 

But it remains debatable 
whether the interests of society 
are best served by detaining 
those who point a finger at its 
failings in a country which is a 
de facto one party state and 
where that party is not in itself 
an effective channel for grass- 
roots feeling. KANU may 
spring into action when parlia- 
mentary elections are held, but 
it does not appear to do a great 
deal at other times. Indeed, last 
year’s postponed party elections 
wou-- have been the first in 
over a decade. In Kenya ranch 
of the responsibility for articu- 
lating popular feeling therefore 
falls on back-bench MPs, the 
detention of whom may make 

hydro-electric power, it will 
allow savings of foreign ex- 
change on cotton imports and, 
perhaps most important of all. 
will help alleviate land pres- 

Aid donors are dow being 
strongly attracted to the 
development of marginal lands, 
and in the past few years 
Kenya has heavily reorientated 
its own disbursement of 
development funds towards the 
agricultural sector. The main 
problem now is not so much 
the level of funding but the 
rate at which it can be absorbed 
by the sector. Unless projects 
are planned carefully, money 
might be simply poured down 
the drain. There is not 
necessarily a correlation 
between greater expenditure 
and higher output. 

How does all this impinge 
on wider questions of develop- 
ment strategy? A central 
problem facing the Kenya 
Government is the need to 
alleviate rural poverty, narrow 
the income gap between the 
towns and the countryside and 
stem the drift from rural areas 

to the cities. If pursued with 
sufficient vigour, all these agri- 
cultural policies wiii contribute 
to this, as will a greater 
emphasis on the informal sector 
of the economy; a new educa- 
tional strategy emphasising 
technical rather than academic 
training and . moves For the 
decentralisation of industry. 
The rural— urban terms of 

trade have swung strongly in 
favour in the rural areas in 
recent years, largely thanks to 
the tea and coffee boom, which 
is now abating. . and partly 
because urban workers’ pay has 
been held down. The Govern- 
ment is hoping to hold the 
terms of trade steady at the 
1976 level, but there are some 
economists who fear a rever- 
sion and believe that unless 
inflation abates considerably, 
real per" capita rural incomes 
might decline over the next 
few years. Others, however, 
argue that these projections are 
based on far too gloomy 

Planners also argue that to 
a considerable extent the prob- 
lem of rural employment is not 

so much one of jobs not being 
available but of labour mobility. 
They point to current short- 
ages of labour in several 
sectors, including tea and 
coffee, and believe there is 
substantial scope for helping 
the “ working poor ” by devising 
sl-hrtnes-to move labour around 
the- country - from surplus areas 
to those of sh'Mlage. particu- 
larly on a seasonal' basis. How- 
ever, it remains unclear just 
how practical such schemes 
would be if implemented. 

And in the longer term, a 
vital issue remains that of 
population control. There is 
an ever present danger that 
existing smallholdings might 
eventually be sub-divided into 
uneconomical units (with pro- 
duction reverting to subsistence 
agriculture) unless the popula- 
tion grows more slowly, unless 
sufficient jobs can he found 
elsewhere for the landless and 
unless people can be persuaded 
that there is not enough land 
for all. Kenya has still to grasp 
this politically sensitive nettle. 

Martin Dickson 


the leadership more isolated. 

Corruption is recognised by 
many Kenyan leaders as a 
serious problem. Only last 
month the outspoken Attorney 
General said it was an “open 
secret " that this existed among 
top Government officials. And 
last year the official Government 
radio commentary complained 
that “the incidence of corrup- 
tion in the country, especially 
the civil service, threatens the 
very fabric of society.” 

The Government does, it is 
true, take action against corrup- 
tion. which is not as pervasive 
as in some other parts of the 
continent, but by and large it 
is the small operator who gets 


If this article points a finger 
at some of the problems in the 
Kenya body politic, it is not 

from any gratuitous desire to 
criticise. There is much to 
admire in Kenyan society, not 
least the Government's relative 
willingness to accept criticism 
and even sometimes to act on it. 

In 1972 the International 
Labour Office, in a major report 
on Kenya, pointed up some of 
the major income imbalances in 
society and suggested ways of 
remedying them. The Govern- 
ment accepted some of its 
criticisms and said it would act 
on them. Six years later, it can 
b? argued that it has not 
followed up acceptance with 
action in numerous fields, or 
that action has been too slow. 

But it takes time to change 
entrenched attitudes and allow- 
ance must be made for this. It 
is only now, for instance, that 
the Government seems to be 
moving towards changing the 
educational system’ along the 
lines suggested by the ILO and 
at last seems to be placing more 

emphasis on the " informal ’’ 
sector of the economy, as also 
suggested by the ILO. But 
words still have to be translated 
into action. 

The country's new five-year 
development plan, to be un- 
veiled at the end of this year. 
takes as its theme “ the allevia- 
tion of poverty.” Realistic 
Kenyans admit that there will 
inevitably be a lag between 
formulation and implementa- 
tion. The political challenge 
facing the country is to see that 
there is dear movement 
towards implementation and 
that the time gap is not too 

As Mr. Kibaki concluded 
after examining the “bard 
options” facing the country: 
"We can avoid, postpone or 
even rationalise these issues 
away. But sooner or later these 
and other questions have tu be 




’’ '.'"X: - / 


j’i I. Introduction 

•**/• -Kenya welcomes tocal and foreign entrepreneurs to 
'.invest in the country. Kenya has a mixed economy 
'•jin which the private sector plays a crucial role in 
. - the . estabBshmeiit- of production activities. • The 
7 : GoVernmfent supports the private sector through para- 
'• statal - development finance institutions (the most 

i important ones being the Industrial and Commercial 
Development Corporation, the Development company 
• Of Kenva and the Industrial Development Bank) which 
-provide long-term loans, and participate in the equity 
of the firms as and when considered desirable.: 

-The - transportation, and - communications system 
within the country and with other African states and 
the rest of the world, are- adequate and constantly 
improving. Kenya has good infrastructural facilities 
like roads connecting Nairobi, the capital city, to 
different centres ,within the country and to different 
African countries like Uganda, Tanzania, Ethiopia. 
^Zambia, Rwanda, Burundi, - Zaire, Central African 
Republic. Cameroon and Nigeria to; Lagos. The 
" country is also being connected to budan. Communi- 
•' cation to Europe and other western countries is easy 
and’ quick through telex and telephone. Kenya is 
connected internationally through the busiest sea port 
- on the east coast of Africa at Mombasa, and two inter- 
national airports at Nairobi and Mombasa. The rnter- 
natioriai and local airline services are f?°f: 

There Is also a railway line connecting important 
towns within the country and East Africa. 

u. The State of the Economy 

Kenya had an. estimated population of 13.8 miUjon 
in 1976 which is growing at an approximate armuiU 
rate of Z S%. The total population is expected to be 
Sreund 16 million in 19*0. and around 22 million in 
1990,. providing an increasing domestic market for 
local- industries. 

The gross domestic product has in £ re ^ff roii 
cumulative rate of 7.1% in real terms betiveen 1 ^ 
and 1974 indicating the health- , and stability of the 
Kenya economy. During 1974,76. in spite of world- 
wide recession and inflation, the 
Kenyan economy was better than most of ^e develop- 
ing Countries and even some industrialised eounmes. 

SSTSu \ forthcoming 1979/S3 

Development Plan is around 6%. 

The manufacturing sector accounts for about Jo 
of Kenva’s national income in the monetary secto ■ 
Since independence, Kenya baa developed * "ed 



HI Protection of Private Investment 

The Official ““"in «!^2£ 
:£££ ?«■! ™ ent asaina 

compulsory acquisition through provisions contained 
in the Constitution. In an extreme case of unavoid- 
able acquisition in public interest, full and prompt 
compensation payment would be made. 

The Foreign Investment Protection Act provides 
statutory protection to approved foreign investment. 
Under the Act, the Government issues a certificate of 
Approved Enterprise to foreign nationals who invest 
foreign assets or re-in vest their profits in Kenya. A 
holder of such a certificate is entitled to two major 
ranges of protection with respect to repatriation and 
compulsory acquisition. The repatriation guarantee 
permits the transfer out of Kenya in the approved 
foreign currency and at the prevailing official rate of 
exchange: (i) the profits after taxation in proportion 
to the investment in foreign equity: (ii) approved 
proportion of the net proceeds of sale of all or part 
of the approved enterprises: (iii) the principal and 
interest of any loan specified in the certificate. 

Besides the Foreign Investment Protection Act, the 
Government has recently established the export com- 
pensation scheme which is intended to eneourace 
manufacturers to increase their exports to countries 
all over the world. The scheme provides for payment 
to the manufacturer of 10‘S, of f.o.b. value or 10 1 ?, of 
the foreign currency proceeds of exported goods that 
are locally manufactured. Duty draw backs are also 
given in certain cases where raw materials required in 
the manufacture are imported. Tariffs are also used 
to protect local infant industries against stiff external 

IV. Industrial Licensing 

Kenya has a very liberal industrial licensing 
system. No licence is required to set up manufactur- 
ing activities in the country. Except in a few cases, 
anyone can establish an industry to manufacture any 
product whatsoever. Prospective local investors are, 
however, advised to inform the Ministry .of Commerce 
and Industry about the Investment proposal in order 
to ensure that there are no superfluous investments. 
Foreign investors are advised to get their projects 
approved by the New Project Committee so as to 
facilitate the issuance of the Certificate of Approved 
Enterprise by the Ministry of Finance and Planning. 

V. Taxation 

The corporation income tax in respect of corpora- 
tions (i.e.. firms and companies) resident in Kenya 
is 45°o while the rate for non-resident corporations 
is 52.5% of the profits excluding dividends received 
from resident companies. There is a capital gains tax 
of 35% of the capital gain realised on the transfer of 
chargeable property. 

New investments enjoy a number of generous tax 
reliefs in Kenya. In addition to expenses wholly 
incurred in. the production of the income, various 
other deductions for the purpose of income tax are 
permissible including annual deductions for certain 
classes of capital expenditure incurred for business 
purposes. Industrial buildings such as factories, are 
allowed to deduct 2.5% annually of the expenditure 
Incurred on their construction, or an increased deduc- 

tion where the life of the buildixig is less than 40 years. 
For hotels tbe deduction is 4%. Plant and machinery 
are allowed 12.5% to 37.5% on the written down value. 
In mining ventures, 40% of the expenditure in the 
first year is eligible for deduction, thereafter 10% in 
each of the successive six years. In farm works. 20% 
of the capital expenditure is allowed to be deducted 
in the first year, and each of the four following years. 
An initial investment allowance uf 20% of the cost 
of new industrial buildings, plant and machinery 
initially placed therein, is allowed to investment in 
manufacturing outside Nairobi and Mombasa. 

VI. Investment Priorities 

Agriculture is the backbone of Kenya’s economy, 
ami the country depends heavily on agricultural 
.products for its foreign exchange earnings. The 
emphasis on investment priorities at present is to 
shift from import-based projects into industries that 
make heavy use of labour and other natural resources 
of the country. Abundant labour is available and 
there is a tradition of harmonious employee-employer 
relationship in Kenya. The aim of this new approach 
is tu utilise as much as possible of Kenya’s own 
materials in order to create employment opportuni- 
ties, save on expensive imports, increase valuable 
expurts and generate wealth and expand all kinds of 
supporting businesses in the countryside where the 
bulk of the population resides. 

VII. The Role of the Central Bank 

The Central Bank is the principal financial institu- 
tion in Kenya, with technical powers of credit creation 
and legal powers to regulate the operations of com- 
mercial banks. Apart from being a source of expert 
advice to the Government on monetary policy and 
fulfilling the function of lender of last resort, the 
Central Bank acts as banker to the Government, and 
is the administering agent of the national debt. In 
its relations with tbe money and capital markets, it 
is the means of encouraging the development of local 
financial institutions and of guiding their operations 
to meet the broad economic goals of the country. 

The Central Bank thus supports the Government 
investment objectives specified above. It firmly 
believes that available limited foreign exchange should 
be used for productive purposes. The Bank also 
believes that economic production must be soundly 
based and industries should have a strong local input 
of labour and materials. It should also he undertaken 
by Kenya citizens, whenever this is feasible. As a 
conscious policy, therefore, the Bank is limiting the 
amount of credit that can be borrowed by foreign 
controlled companies engaged in marketing and distri- 
bution. For foreign owned manufacturing companies 
and corporations based in agriculture and tourism, 
■the borrowing limits are not only liberal but these 
sectors are also given every encouragement for invest- 
ment. It should, however, be noted that Kenya’s 
exchange control is mild and' liberal in comparison 
with many developing countries. Moreover, the 
Central Bank has usually been quite flexible in the 
way it administers the controls. 

Kenya has a fairly well developed financial infra- 
structure which is dominated by 14 commercial hanks 
operating around 273 branches, sub-branches and 
agencies, besides mobile banking units. This gives 
around 25 banking offices per one million of the 
population or one banking office for every 40.UUO 
people. Some of the banks in Kenya have inter- 
national links and the big four are the Kenya Com- 
mercial Bank, Barclays Bank International. Standard 
Bank, and the -National Bank of Kenya. Together they 
account for about 76% of total bank deposits in the 
country. The remaining ten are the Grindlays Bank 
International, Bank of Baroda, Bank of India, First 
National Bank of Chicago, the General Bank of 
Netherlands, Habib Bank, Commercial Bank of Africa, 
City Bank, the Co-operative Bank and the Bank of 
Credit and Commerce International (Overseas) 
Limited. A fifteenth bank, Habib Bank A.G. Zurich, 
has been registered and will shortly be opening its 
offices in Kenya's booming capital city. 

Kenya also has a diversified system of non-bank 
financial institutions consisting of a post office savings 
bank, housing finance companies, hire purchase firms, 
industrial development banks, development corpora- 
tions and several insurance companies. Many of these 
institutions solicit deposits from the public which are 
not disposable by cheque. The lending activities of 
these institutions are more specialised than those of 
commercial banks: yet they do exert some influence 
on the money supply in the course of their lending 
activities though that influence is not as pervasive as 
that of commercial banks. 

The monetary policy pursued by the Central Bank 
aims at managing the financial system in such a way 
as to contribute to the Government's objectives of 
increasing the level of employment and investment 
and reducing the rate of inflation in the domestic 
economy. During the twelve years that the Central 
Bank has been in existence, Kenya has maintained 
sound money, i.e., money that is an acceptable and 
relatively stable medium "of exchange and standard of 
value, and a dependable store of wealth. Available 
evidence shows that the Kenya currency is not only 
sought after and held by our own people but is also 
desired by nationals of neighbouring countries. It is 
in fact trading at a substantial premium in border 
areas. The economic growth that Kenya has achieved 
since independence owes a great deal to the sound 
currency that is circulating within the economy. 

In conclusion, it may be said that Kenya offers 
attractive opportunities to investors both local and 
foreign, seeking fast and profitable opportunities. It 
has a large surplus of labour and a tradition fur 
political stability and economic pragmatism. 

Kenya's outstanding reputation for stability and 
efficiency has played a very significant role in the 
expansion of her economy. The Government’s con- 
sistent policy measures have stimulated an orderly 
and rapid industrial development which has led to a 
gradual transformation of the economic structure. 
Domestic resources have provided a sound base for 
the development of industry. The search for new 
profitable opportunities for further exploitation of 
local resources is a major priority. 




We are one of the largest financial institutions 
created by the Kenya Government for the purpose of pro- 
moting rapid industrialisation in Kenya. We enjoy the full 
confidence of our people as well as that of the world business 

Since Independence 15 years ago, the political 
stability prevailing in the country has made Kenya an ideal 
country for investment. For example — we have established 
60 joint ventures with international and local investors. 
These investments are in the various areas of the Kenya 
industrial sector including mining, textiles, steel rolling, 
tyre manufacture, vehicle assembly, pulp and paper, 
pharmaceuticals, vegetable dehydration, plastic goods, com 
starch, and many others. 

The Corporation invites businessmen and Corpora- 
tions from all over the world to invest in Kenya and will be 
pleased to provide information and guidance on possible 
areas of investment. 

For further information please contact: — 





TELEX: 22429 


THE LARGEST overseas trade coffee prices- mean that Kenya 
fair ever staged by Kenya took now faces a tatenjOTUon again 
v ~ - tvt ~ v-J. i - in terms of trade ana the likeil- 

place m New York last month. hood a deBcit 

The aim was both to attract new nn * n c tbp vear fnossiblv 


The aim was Doth to attract new Rnf ^ 0 £ thp year (possibly 

foreign investment and, perhaps of more than K£200m), which 
even more important, to give could rise further in 1979 and 
Kenya’s exports a sorely needed 1980 unless strong measures are 
shot in the arm. taken to curb imports. It is 

in recent years the country’s Possible that before 

overall export performance has Ijj® 

been disappointing, although in ?P“* restraints on imports, 
high prices and production of which were showing a worrying 
tea and coffee have had an rise in , value terms towards the 
ameliorating short-term effect end of last year. 

The break-up of the East Britain remains the country’s 
African Community last year largest trading partner . and 
has added' to the export diffi- would be affected more than 
culties. most others by any such move. 

One indication of the sluggish Excluding oQ imports, Britain 
.performance is that between last year accounted for 23.6 per 
1972 and. 1976 exports are cent of Kenya’s imports by 
estimated to have grown by value, with Japan holding 16.7 
about 27 per cent a year, but per cent of the market and West 
most of this was due to price Germany 13.6 per cent, 
rises and only 1.7 per cent to During the past two years 
volume increase. Nor did west Germany has overtaken 
exports show any volume ira- Britain as Kenya’s largest 
proveraent last year, apart from export market, largely because 
tea and coffee. of' its demand for coffee. 

It is argued, however, that although a significant pro- 
last year’s poor export perform- portion of Kenyan exports to 
ance is in part attributable to German ports may in fact be re- 
high domestic demand and to a exported to other destinations 
substantial amount of smuggled in continental Europe, 
exports to Uganda. 

The tea and coffee boom of Jirtlpfi/v/j, 
recent years has provided the DdldllCc 
country with a breathing space A significailt feature of Anglo- 
Kenya s terms of trade improved Kenyan trade in 1977 was that 
by 20 per cent in 1976 over for first ^ biIate ral 
tbe previous year and was trade balance swung in Kenya’s 
restored to the 19 level, favour because of high tea and 
thanks, primarily to the very co ffee prices. British exports to 
high price of coffee. Kenya amounted to K£85m 

Continuing high coffee and while UK imports from the 
tea prices, together with record country were worth K£ll2m. 
production of both crops, were Tanzania used to be Kenya’s 
also largely the cause of the fourth largest export market 
estimated 47 per cent rise in and Ioss of ^ trade 
the value of Kenyan exports last through the break-up of the 
year over 1976 — from K£318m Bast Afri can Community and 
to K£469m. With imports up the closing of the common 
by an estimated 32 per cent to border was a tough blow. 
K£533m, this left the country _ .. , . .. 









Kapeq^ria Marafe! 


Bunge ma 




.Falls _ 



AM fc Kenya- 











- • - $*?«■»•-• 

t /.v • 



- • ■ 

by an estimated 32 per cent to border was a tough blow materialise unless the border is last year when the three States with > Its sadism. 

K£533m, this left the country 00 ‘ acr W8S 8 10Ugn reopened, and it as not dear failed- to approve the 1977-7B Another was^ Kenya's " greater 

with a visible trade defidt of In t 5 e short tern ^ g®® 88 ™ whether this is lfeely in the budget for the partnership's economic strefl^ compared^tn 

around K£64m, down from demand - 1116 gro w “ <« ne . w immediate future. ' General Fund sendees. How- itr partners, which ^ 

K£87m in 1976. SS2. Kenya and Tanzsmia are still ever > ^Is was largely no idphe rather' than' dimimSheff-dvOT*.ffie . 

Kenya ha, tn.ditfonl.y run JS “m **> angry each : in targ. £■■ «“ ggg 

a substantial direct trade deficit, helped offset «hn the — J. SU i£t<£ 

-- -* • 

uuwn “ um export markets and a rise in 
£8,m in 19/6. exports tQ Ugandai ^ mvd 

Kenya has traditionally run partner in the Community, have 

a substantial direct trade deficit. helped offset the loss of tbe “■» atmtmttny to the — — i ^ £ 

with earnings from invisibles. Tanzanian market and that of other the coltapa of ftp Com- 5 

witn earnings from mvisioies. Tanzanian market and that of I. J Cnmmiinltv pJfoctivelv radhed chauvmiim. ^ ' V • "7- 

fiTM? SSSS 1 ZXS225 Zambia. (Kenyan goods bound the point of no is 

but still leaving an historical f or Zambia are by and large shared transport and com' 
defidt on current account One transmitted through Tanzania > munications corpora tioijs. . 
unusual feature of last year's But a significant impact on The Community, whiah came 

exceptional performance was Kenyan 
the recording of a small current 
account surplus. 

However, falling tea and 


Iff? munications corporations. Jointly run East African Air- ^ow hoping to seelfie^stablish- 1 
ua - J _ _ . ' ways Corporation collapsed ment ofamudi .wider :cdStDins _ 

on The Commurnty^whioh came nnder a mountain of debt ^ Tnfion, eihbrac^ r -countries in • 
ZU11 into in 1967, coDapsed Kenya wWch M Contz^- imd . Sputhern 

.carried the airline for a long hgr^iheni of intent . 

time, refused further support was^signed^by nyt?y 

. . .- grounded the fleet and immed£ counM« (but not l^nzaniajm 

. . .. . ; . -ately launched its. own-inteiw “ 

national - airiine. Tanzania Kenyans- believe ,ttjrtT*r bnng : 
responded by dosing the border! 

✓"v /x <1- and impounding Kenyan light customs umonthey will beai^e 

( tTl PPT planes -and'40WiifvelucIes:r: to- 

viUUij lllQw l ' 

, / back and find a -definite' Ms- somewhat visional • 

f | ? ' toricai point in time .to date its 311(3 Ml' ' 

KlDfYlC decline. - eron -if implemented, .^ ^ , 

[||dI|N But one contributory factor .'Jg* f 

ideologies of Kenya with its free . ® 

• enterprise system and Tanzania .- •£; - ■ - • = MJa 



east af 


v 7. . .. . . T . 

PAUL NJOROGE is building a from their peak of over £4.200 
new bouse. A tea-growing a tonne in March last year to 
smallholder in Kenya’s Central about £1,500 a tonne now. but 
Highlands, he lovingly shows Kenya’s production is expected 
you over the four-roomed stone to be down by a massive 25 per 


bungalow which is going np cent, to around the 75,000 tonne 
alongside his present timber mark. One major reason is 


very heavy rains which have 

Mr. Njoroge is one of the affected coffee bush flowerings.' 

... - - ■ Y',7 ’ 

115,000 Kenyan smalibolder tea 

together with next year’s crop may £«| BENYA’S SAFARI EXPERTS 


small-scale coffee planters, have 

lower — than 

benefited greatly from the steep year’s. The industry’s prospects 
rise in the world market price of over the next few years appear 

these two commodities in 1976 to be mixed, unless, of course. 

for TOURS 



and 1977. 

A new house is Mr. Njoroge's 

disaster again 
Brazilian crop. 

strikes the 
While coffee 

biggest windfall gain. But he market prices are failing, tbe 
has been able to pay for a cost of inputs, such as fertilisers, 

barbed wire fence around his is not and there Is a danger that 
small cattle pen and a few years smallholders may neglect their 

itT a tore has endowed Kenya with the 
III best collection of wildlife left on eartj 

ID best collection of wildlife left on earth. 
But there is more to this beautiful country 
than animals. 

Kenya also provides Africa’s most 
ideal environment for investment — and 
the country’s largest and longest 
established commercial bank, Kenya 
Commercial Bank. 

Our poficy is sustained extension of 
the bank's operations in the urban 
centres and also in the rural areas where 
the aim is to improve the purchasing 
power of the rural population and thus 
enlarge the market for the country’s 
Industrial Sector. 

We provide comprehensive banking 
facilities at all our 90 branches and 
sub-branches throughout the country, 
which gjves us the lion’s share of banking 
in Kenya. 

Our subsidiary companies offer 
merchant banking, mortgage finance 
and stock -broking facilities. 

We have the necessary know-how. 
long experience and foresight to be able 
to offer the best financial advice and 
customer service. 

ago tea money enabled him to bushes because of falling 
pay for a borehole to be sunk returns which would in turn 

on his land. His neat clothes affect total output. 

(Wellington boots, grey flannel 
trousers, shirt and cardigan) T)icpacp 
are in marked contrast to the 

scruffy garments his barefooted Disease is at present not a I 
neighbour wears. problem. The last serious out- 

Oiir itineraries are designed to show you all . that! 
Kenya can offer by way of its abundant wildlife, 
dramatic scenery and. fabulous coastline. 

If, however, you have your own ideas on where to- 
go, we will help you plan your safari and look . 
after your transport and accommodation arrange- . 
ments. • • • ■ c --- '’r £? 




His neighbour has never break of coffee berry disease 
(farmed tea and now bitterly was in the late 1960s and a 

regrets it. He follows you round recently discovered bark disease 
Mr. Njoroge's new house, seems to be well under control. 

clearly envious. Wie neighbour are plans for a re]a . 

Our car hire fleet ranges front small • saloons' 
large minibuses and four-wheel-drive ^ehides /oi^\ : 
seif drive or chauffeur driven 1 hire at hconomicaj - 
iates. Vehicles are available at both ourTSTairobi-' 
and Mombasa offices with hire-it-here-and-leaye-it-_- 
there convenience. .. 

We’d like to share our 
success with you 

grumbles about his children tively small increase in coffee 
who. he complains, were not acreage and {or an ^proved 


prepa ^ d to him pl ^ at infrastructure for the industry, 
tea. They will live to regret it, jjut both these projects could 

he says. 

be hit by the price falL And 

Coffee and tea are not only looming on the horizon is the 
important for the individual possibility . that international 

'-i i i £■ 

Bank Limited 

(Incorporated m Kenya) 

Head OffiOK Kencpm House, Government Road, 
P.O. Box 4S400, Nairobi. Kenya. 
TdS^l 36681, Tdesrains KENHO, Nairobi, 

Kencom House, Nairobi, headquarters erf Kenya 
Commerrid Bank Limrfed. 


Kenya Commercial Finance Company Limited 
Savings & Loan Kenya Limited 
Over & Blair Limited 

farmer, they are vital for the 
nation, being Kenya’s two major 
export crops. Last year coffee 
exports brought in K£204m in 
foreign exchange and tea 
£K71m, together making up 
nearly 60 per cent of foreign 
currency earnings. Admittedly, 
this was a year of unusually 
high prices and production. In 
1973, a rather more typical year, 
coffee contributed 29 per cent 
of export earnings and tea just 
under 14 per cent. 

Coffee production has grown 
steadily over the years from 
41,000 tonnes in 1964 to 80,000 
tonnes in 1976, with small- 
holders and large estates now 
each accounting for about half 
of the output. Last year the 
industry was very lucky — 
favourable weather conditions 
helped boost production to 
around the 100,000 tonne mark 
at a time of very high prices. 

This year, however, the out- 
look is not so good. Not only 
have the coffee prices fallen on 
the London terminal market 


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Looking into the ln*M> Ocean fhfs * 

. esertleht hotel <s sttoaied on V>e •_ 
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WliHL nmMsieatOHta^n KXMun WMBEi Bgaia V • ' 

Industry needs to 
find new markets 

From where we are, there’s 
scope for capital investment 

■ ■' 

.Minj^S^te.;.iate of industrial 
.devs^gmaftt since indepencL 
V’eaer;-apmv it the most Indus' 
^triaiisedt; w the non-oil produc- 
■ ingii dependent African states 
-:i^t*y?ar, stimulated by record 
levels -of internal demand and 
capacity coming on stream, 
this- sector rose some 
ce A t in real terms and 
the y/paef was sustained into 

'.i'jJut the comment last June in 
the 1977 economic survey — that 
medium term prospects need 
to be reappraised — remains 

validL Industry is. approaching 
the limits of the “soft" post- 
independence option of import 
substitution. . If the moment um 
of the past is to be maintained, 
new export markets must be 
found- “Otherwise,” warned 
the survey, “ there is a danger 
that the expansion of the manu- 
facturing sector . may falter." 
•The, volume growth of 
. merchandise, exports between 
1969 ^nd 1976 was only 2 per 
cent; , while import dependence 
f defined ;• -as - ■ the ratio of 
merchandise imports to GDP in 
Current prices) has not been 
significantly reduced. At present 
only, about- 8 per cent of manu- 
iactfi^&ff products are exported. 
4 - The . emphasis in the years to 
come,, say 'officials, must be on 
exportar^ntated industries 
looking^ 'niarkets outside East 
Africat-^ 7 ;il'A : \ comprehensive 
reassessment of industrial 
sti^egyisiit seems, under way, 
and/the Jesuits should be seen 
in the forthcoming: development 
plan- for 1979-84. The main 
poinfs ip-c likely to. include: 

# A differentiated and increased 
r ejqggri Compensation scheme. 

• G^e^tir jefforts to ensure a 
. regipn^/S distribution of in- 

anstries^iV. . . 

•- jiseyaf appropriate tech- 
- TWlogy:'': ‘ 

• Rationalisation of the tariff 

• Greater use of - domestic 
resources in place of 
imported items. 

• More effective backing of 
small-scale enterprises. 

• Encouragement of a labour 
intensive approach. 

Efforts are already being 
made in some : of these areas. 
For example, both the "World 
Bank (through a $10m credit 
from the IDA) and the EEC 
are assisting Kenya Industrial 
Estates irj setting up factories 
for the smaller African business- 
man, and workshops in rural 

The existing export compen- 
sation rate' of 10 per cent of the 
fob value of the goods, provided 
the- import content does not 
exceed 70 per cent, has proved 
ineffective. There are delays in 
payments, sometimes as long as 
six months, say businessmen. 
What they are pressing for 
apart from speedy payment is 
both an increase in the amount 
and a sliding scale according 
to import content. 


Rationalising the tariff 
system will present considerable 
difficulties. Under the existing 
conditions industry is given 
little incentive to increase their 
efficiency and often the result is 
unnecessarily high prices. 

Yet at the same time, there 
are often complaints from in- 
dustrialists and trade unions 
about the threat to factories 
and jobs from foreign competi- 
tion. Adding to the Govern- 
ment's difficulties in rationalis- 
ing tariffs is its own stake in 
industry, through three public, 
agencies — the Industrial Com- 
mercial and Development Cor- 
poration (ICDC), the Industrial 
Development Bank, and the De- 
velopment Finance Company of 

-r-~- ' ' 

the south nyanza 

i • 1 

Kenya (DFCK). The first two 
are directly controlled by Gov- 

Understandably these public 
sector agencies will be reluct- 
ant to see any change in policies 
which protect them. Private 
business has realised this, 
hence the tactic of welcoming 
Government participation as a 
form of insurance against a 
lowering of protection of their 
particular business. 

Despite these and other 
problems, it should be said that 
the new development plan will 
take off from a sound industrial 
base. Although food processing 
continues to be of major 
importance, there is an impres- 
sive and widening range of 
industries — textiles, chemicals, 
paper, cement, soap, glass, foot- 
wear. tyres and vehicle 
assembly plants. 

Some 10,000 commercial 
vehicles will this year roll off 
the ' assembly lines at 
Kenya’s three plants — Ley land 
at Thika, General Motors in 
Nairobi and Associated Motors 
Assemblers (a local con- 
sortium consisting of Inchcape- 
Mackenzie, Lonrho and tbe 
Kenya Government) at 

Apart from employing about 
1.500 people, the plants have 
given rise to a growing number 
of service industries. These 
now include batteries, tyres, 
paint, wiring harnesses, trim, 
mats, glass, canvas hoods — and 
radiators and exhaust systems 
will soon join the list of local 

Unfortunately the .textile in- 
dustry. an investment of over 
K£40m and employing nearly 
20,000 people, has been under- 
going severe difficulties which 
led to the collapse of the Nan- 
yuki Textile Mill last December. 

The authorities placed most of 
I the blame on “dumping” of 
I textiles from the Far East, and 
banned import of all second- 
hand clothing and all textiles 
similar to those produced in 

But to make up for Nanyuki 
there is a string of recent pro- 
jects which are doing well, and 
others are about to come on 

stream. The K£Sm Kenya 
Furfural Company at Eldoret 
will manufacture furfural, 
acetic and formic acid from 
maize cobs. 

In Kisumu. Western Keny3, 
there is a K£2.6m 51 per oem 
Government owned plant which 
Will produce alcohol, brewers 
yeast, vinegar and citric acid. 
Cadbury Schweppes is building 
a K£1.4m soft drinks factory at 
Eldoret, while a fertiliser plant 
is due for completion at 
Mombasa where East Africa 
Breweries is building a new 

The examples illustrate the 
range of the country's recent 
industrial development. Kenyans 
are playing a major rule in new 
developments but there has 
been a marked change in this 
role over the years. 

Their pre-independence base 
was the agricultural smallhold- 
ing. but after independence the 
effect of measures such 3s trade 
licensing, Government - con- 
trolled financial institutiuns. and 
Government directives un alloca- 
tion of credit, 'led to increased 
Kenyan activity in other sectors. 
In particular these were real 
estate, passenger road transport, 
and a growing share of the hotel 
and restaurant business. 

The main areas which 
Kenyans have yet to dominate 
are construction, financial ser- 
vices and manufacturing — due 
to limitations of capital and 
expertise. But both obstacles, 
in particular the former, are 
being overcome. 

Financial syndicates. State 
economic institutions and mer- 
chant and industrial banks — 
such as the Industrial Develop- 
ment Bank (IDB) — are provid- 
ing the means for increasing 
Kenyan access. 

Currently business is boom- 
ing for Kenyan businessmen 
and their foreign partners. But 
as the impact of high coffee and 
tea prices recedes and domestic 
demand for their products in- 
evitably falls, they will have to 
make greater efforts to find ex- 
port markets — “ the major 
challenge in years to come.” as 
Industry Minister Eluid 
Mwamunga puts it. M.H. 

Kenya National Capital Corporation Limited, now situated 
on the 20th Floor of National Bank House, has been 
incorporated to provide a full range of merchant banking 
services - corporate finance, raising of capital, . 
capital re-organization, new issues, acquisitions, mergers, 
underwriting, and project finance - advisory, and 
management services for companies, corporations, and . 
government agencies. KENYAC is active in trade finance, 
import and export finance, and provides medium to long term 
finance for trade and investment purposes. 

r - -- * V* * O 

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P40. Box 30746. Nairobi. Kenya- 
T^i:3323B3. Cables: KUTANO. 

coffee export Quotas might be 
imposed again. 

The rains which have so 
seriously hit the coffee crop 
have had the opposite effect on 
tea. Production is expected to 
be significantly up this year 
on 1977, which was itself an 
excellent year — production rose 
to 86,000 tonnes of made tea, a 
39 per cent rise on 1976. How- 
ever, this year's rise will not be 
as steep as it might, since tbe 
rains have meant difficulties in 
getting tiie crop to factories 
along muddy rural roads. 

After years of virtually stag- 
nating in real terms, tea prices 
rose sharply on tbe back of tbe 
coffee boom but have also fallen 
sharply — last month the average 
price of a kilo at one Mombasa 
auction was Ksb 11.74, down 
more than half from tbe 
Ksh 24.96 at the same time last 


Kenyans expect that the 
price will remain above the 
1976 level for the remainder of 
this year and the long-term 
prospects appear reasonable. 

The organisation of the small- 
holder tea section is perhaps 
the most impressive of all 
branches of Kenyan agriculture. 
In the early days of the indus- 
try, many cynics maintained 
that tea was just not suited to 
smallholder production but 
Kenya has proved them wrong, 
largely because it has set up a 
very well integrated production 
structure, with a particularly 
efficient field service. Produc- 
tion per acre is still significantly 
higher on the large plantations, 
which last year produced 61rn 
kilos compared to the small- 
holders' 25m kilos, but the small 
man's output frequently fetches 
higher prices than that of the 

The price paid to Kenyan 
farmers for their tea and 
coffee is set by the world 
market price — a rarity in 
Africa where Governments 
usually fix a producer price for 
export crops and then sub- 
sidise farmers if the market 
price is below this or keep the 
profits if it is above. Pricing 
policy for other Kenyan pro- 
ducts can, however, sometimes 
present problems. 

Pricing policy is. of course, 
extremely difficul t i n any 
country, with Governments hav- 
ing to balance the conflicting 
demands of producers and 
domestic consumers. The 
hazards this can entail are 

shown by the current Kenyan 
maize glut. 

In 1976 the Government 
suddenly raised the producer 
price of a bag of maize from 
KSh 65 to KSh 80 and this, 
coupled with good weather, has 
now produced a huge surplus. 
There are estimated to be 5m 
to 6m bags in storage (Kenya's 
strategic reserve is some 2m 
bags) and there is nowhere left 
to store the maize that is still 
coming in. Difficulty In off- 
loading their crop means that 
fanners have been having to 
sell to middlemen at a price 
much lower than the official 

There is a strong debate going 
on in Kenya about the possi 
bility of exporting some of the 
surplus. The Government 
appeared to be on the verge of 
doing so at one stage but then 
pulled back. And tbe effects of 
the relatively high maize price 
appear to stretch beyond this 
crop. The production of 
pyrethrum flowers (used in in- 
secticides; was 23 per cem down 
on 1976 in the first nine months 
of last year, which some 
attribute partly to farmers 
switching to maize and partly to 
the rapid Increase in labour 
costs in rural areas. 

But such price hiccups apart, 
Kenya’s agricultural base is 
relatively strong and well 
diversified. Sugar, for example, 
has been a considerable success 
story, particularly the huge out- 
growers’ scheme at Mumias. 
Kenya is still a net importer of 
sugar, though the rapid expan- 
sion of the industry may leave 
it with an export surplus by the 
early 1980s. At present, how- 
ever, production costs are sub- 
stantially , above the very 
depressed world market price. 

One of the most encouraging 
areas of agricultural expansion 
is in the horticultural and 
tropical fruits sector. Displaying 
its usual commercial acumen. 
Kenya quickly realised the 
potential market in Europe for 
its beans, pineapples, mangoes 
and fresh flowers and produc- 
tion has been growing steadily, 
both on smallholder plots and 
large farms. 

More horticultural extension 
staff may be needed to boost 
output further, but one of the 
industry’s major problems is 
simply tbe supply of air cargo 
space to freight the produce to 
Europe. Lack of southbound 
cargo from Europe to Kenya 
can make the Kenya-Europe leg 
uneconomical for the airlines. 


KIL9NDINI — tbe lighter wharf and deep water berths. 


-’r '.**■*>■ • -- ...r •> . .. V* ’-jt : i.. 

Mombasa: the vital seaport of Kenya is 
managed by KENYA PORTS 
AUTHORITY. The port has 15 deep 
water berths and one more under con- 
struction, adequate anchorages, oil 

terminals and modern equipment for 
handling all types of traffic quickly and 
efficiently. The port also has full 
bunkering facilities for both water and 
fuel oil. 

P-O. Box 95009 Mombasa Kenya. Tel. 21211 & 312211 Telex 21243 4 Bandari.’ 

Grams ‘Harbours* 



ASK KENYA'S Minister of At the heart or this policy is and also carries out feasibiiityborrowing by foreign controlled manufactured mmSST Eas^^bpe^: 7 ^ 1 , &;* ■ ' \ ' 

Commerce and Industry. EHud the Foreign Investment Protec- studies of plant sites ^companies m -Kenya- were rates on nfi i and KPW « ^ North America-henc*-- 

Mwamunga. about investment tion Act 1964 which among However, earlier this year liberalised in May 1977. Until New > nd ^ e ®°;! i y v ,, a „" tec . month's Kenya exhibition* ■, -v^-’ : 

T . . a . ; r..ll n ««J thn Tn^uotrir iaiIL than fAraicm unnfvftllAJ nnwi. QranfM WtmtnlStnilVe ' V 

One is a glossy 60-page guide, over. 

African businessman. He spoke SO per cent o£ investment. But Authority (KETA) established 

“Your Business Partner hi Once a potential investor has of his concern about “ The ten- as . money - supply shaErply in 1376 is a governmei ntspon- ^ ^ Generalised: ^Ssfem. 1 ; 

Africa,” which among other satisfied the Ministry of Finance dency of non-citizens to dupli- increased during the coffee sored body S _r DM(er#ni*« 

But only a chosen few 
know how to make it 

government spo^ sions Jo. the : EEC .ftT-S ' 

teadine Kenya's under the Generalised: ‘^Ssfein r. -V' 
leading f - p rP f eT «nc^.^nvan'.^3n**ts-. i-Iv.- 

The East African Breweries Limited 
current production reaches nearly 
,a'half a billion bottles of quality 
beer a year. Thaf s the current 
production figure for the four brewery 
installations owned and operated by 
Kenya Breweries Limited 
the wholly owned subsidiary of 
East African Breweries Limited. 

Based on more than half a century 
of hard won experience, Kenya can 
now assist other countries in 
Africa, the Middle East and 
Indian Ocean areas establish their 
own domestic barley growing, 
maltings and brewing industries. 

Africa.” which among other satisfied the Ministry of Finance w oman-ciraens io aupu- K^nvan of Preferences. KtDSaxt^xjfaX- . . 

things sets out incentives, that the project meets basic cate projects already rovered boqm, foreign controlled com- export drive may receive. prefterenti^S:: : - 

procedures, taxation rates and criteria: raises the national in the Kenya Industrial Estates pames were permitted to products ab ™ ad f. —--(.-ts treatment for certain ■■ •;{;.■ 
plant location policy. The other income, brings new technology, programme,” noting that he bad incase local borrowing to a out surveys of . »’ tured goods and- asr)duJ%tcraI rh 

is a regularly updated u-yclo- creates jobs, increases exports " on several occasions called on maj&mum of 100 per cent of . One of Kenya s at tr products in' the " U.&* ".L'-an'd-" 

styled surrey of potential or reduces imports, and diversi- our larger industrialists to leave the* equity for .a period of two the past has been its posmon -Australasra^v^tsferg^^ : - J 

projects. The latest nno gives Res the economy — the Minister the small-scale sector to African ye ^J- ' . in the East African oom- E w Japan and Scanditovi^i - J -" - 

information ranging from the nia v issue a Certificate of industrialists— but it seems this yie provision is that the munitv, the association with ■ - •- - r •- ' 

number of lavatory cysterns Approved Enterprise has fallen on deaf ears." facility is used for new invests Tanzania and Uganda which There is no law -E0^J5mig'.r/. ./;■ 

imported annually to a brief ramit The minister warned that ment.-bf expansion in the agri- ended last year. The closure local pa rtacipa tios jn -cagipalng^. r . --,■£■ . : 

summary of a proposed K£20- , „ r ^L i r5™" L* "Government will critically cultural, manufacturing and- of the -Tanzanian border lost but as; the m Vtstment^; gmtfe r- _y *3- .. - - 

£25m mini-integrated steel plant scrutinise all applications for tourist sectors. Kenya what was its fourth big- tactfully - 

at Mombasa with a capacity of JL^edAf^gip aDd the PT j n ! raw materials and machinery • gest market in 1976, and also would .find it ^ . •• 

250-300.000 tuns a year. p **5, , “ 7 “*1 *,1" imports which may seek to ± OllCV .--ended access to Zambia. -to do so. 

summary of a proposed K±2U- „ r _ n Government will critically cultural, mam 

£25m mini-integrated steel plant l r ™L f r^nnS'n^^r^’hP scrutinise all applications for jurist sectors, 
at Mombasa with a capacity of raw materials and machinery ■ 

-•-* - Policy 

Sudan will help fill the gap. 


The Technical Services Division 

within the East African Breweries 
group provides a wide range of 
consultancy and management 
services including: 

□ Preliminary market surveys; 

□ Feasibility studies; 

□ Design of complete 
breweries and maltings; 

□ Design of process systems; 

□ Financing and procurement; 

□ Supervision of 
construction and start-up; 

□ Product marketing; 

□ Personnel selection and training; 

□ Development 

of barley growing schemes. 

For further information please contact: 
Technical Director (Development) 
East African Breweries Limited 
P.0. Box 30161, Nairobi, Kenya 
Telex: 22628 

-wv-uku.vuu „ n j internet nf anv I ft an wiuku. luaj Jwrsriv lu m. vjuvt . . cuucu — 

This efficient and imaginative c p { Joan duplicate KIE projects” rt . Sudan will help fill the gap. 

approach is one reason for s P etlhed ™ U'e certificate. As we]J M ICDC tbgn m OveraU Government pohqr .s but the Government is also 

Kenya’s ability to have attracted There are other incentives. ^ main Government-sponsored 1? m .°*? pnport-substitu 7 ^ ~ .' 

British and U.S. invcstmenL of Newly established companies development banks— the Indus- “ on 1DQ us tries to. those making - ^ 

£90m and $180-200m respec- can delay the year in which tax tr ja] Develonment Bank (IDB1 Sfeater^ use of domestic 

lively. and profits will start, and deduc- ^ the Development Finance Hence Kenya is look- 

Net foreign investment— tin os for capital expenditure Company of Kenva (DFCK) mg form vestment in areas such IlL<l v 

mainly from Britain and the can he made at the following jtjr 'aoart from drawin** on as ^processing, dairy pro- _ _ _ w ___ 

U.S. hut also from India and percentage of initial value: jo--] ' soutcbs 0 t finance °has ducts - c^Uig and food pro- 

Western Europe — is nil. say hotels 6 per cent per annum, jinks with the German Develop- «ss iQ S^ sugar, cotton and mixed VjHV/ W II 

Ministry of Finance officials, industrial buildings 2.5 per cent m-nt Bank the World Bank an d fibre textiles, wood processing 

because incoming capital tends per annum, factory machines EEC fiSncine SiStiws and . chemicals. -^ 

lo be matched by the oulfluw j^g pe . r cc nt per annum, trucks r or term i oa n s and machinery i^sertmides, cement machinery ‘ - T? ' 

of profits and dividends. But and tra , tors 37 . 5 pcr cent pcr [ or * rm “““ ^ manufactures, and others. - /!' 

reinvestment of profits amounts . nnmn creoits, maimy to nnance tne incentives for aaB rluJ ^ / / fk/. 

1.. Vftm» Wfjn.i. „ .far annum. foreign currency component in , Gonaitums ana mcenuyes jor 

to some K£40m a year. industrial nroiert*. investment; in the tourist iSSmzWW, 

here a bo u^tiie appeal ^o^Kenya AllOWailCe K DFCK ^ J° intly owned by the ^pt^aY hoteb^fn 

and almost invariahlv ihev 1T ** M * X ''~ Kenya Government tthrough sectors, except mar noreis m ■By M3 An' - 

begin by pointing to the post In an effort lo encourage ICDC); the Commonwealth uJ^tS ^ 

independence record of political industrial development in Development Corporation, must «e a^^aat per cent y- 
stability, and an ability to smaller centres there is an Netherlands Overseas Finance locally o^nej ^he Kenya -Tj 4K 

combine an official commit- initial allowance of 20 per cent Company and the German Tourist Development Corpora- : 

nient to “African Socialism” of the cost of industrial build- Development Corporation. It ticn dea^ investment in I ^ 

i there are over 50 parastaiat ings. plant and machinery for was formed in 1963 and has th ® mduscry. \ r 

• - ::,r • * • - * 

M -V -. r- - :<••• 

t i Li v I v dir uiu ou a.HAiui r--’» r'-.’i J — * w r -- - — _ . . . « ■ „ J, ,_ 4_1 

bodies and about 40 firms in industries sited outside the since invested over KEIlm in Protection KMOcal industries 

is provided by tariffs of up to 
local 30 per cent pE the value' of 

which the public sector has a two main cities. Nairobi and 71 projects. 1S provioea oy tanas or up io 

majority control) with Mombasa. Conditions affecting local 30 per cent ^E the value of 

capitalism. Local authorities will provide 

And in addition lo a network land, especially in rural areas, ' 

uf commercial banking services fur industrial projects at low s -wr- rt “\ 

there are several government rates, and Kenya Railways Cor- Ip ■ -I- I ’ 

financing organisations which go [juration also provides land if I T| I I 1 I | V | 1 

uut of their way to encourage the site is served by rail. f | I ^ JL 1 t I , 1 

foreign investment. Combine Tax rates are 45 per cent of . . .. . .. 

this with an ample supply of taxable profit for companies 

labour. a well-developed resident in Kenya, 52.5 per cent .V 

infrastructure and an enter- for non-resident companies. 

prising class uf Kenyan busi- Dividends are subject to 15 per /\ i^VT* A 

ness men and one can see why cent tax. loan interest 12.5 per I I II 

the country has attracted some cent, management fees 20 per kj W V-/ JL if 

of the leading names in British cent and capital gains tax 35 -.V 

imlustn-. per cent. ' 5 

British Ley land, Cadbury Kenya Industrial Estates, a TWO KIKUYU ladies, mother sector, for the them^of the 

immw itnounin 



Schweppes. She!!. BP. IC1. subsidiary of the Government- and daughter arrive on our coming 1979-83 Development 
Unilever, Lunrho. Metal Box. owned Industrial and Commer- doorstep twice a week, and, by Plan, which sets out Kenya’s 


Portland Cement, Bruoke-Bond, cfai Development Corporation ai rangement. dump their load development strategies, ixto be 
Booker McConnell and nthers (ICDC) finances .- industrial of fresh fruit and vegetables the alleviation of poverty and 
have taken advantage uf estates in Nairobi. Mombasa, { lt)m a car in our yard. From more attention is to be paid, to 
Kenya's investment policy. Kisumu. Eldoret and Nakuru, this basi , ,hey set off to hawk the informal sector to promote 

their wares round the houses its growth. 

iu the area. Moreover, the new Education 

The fruit and vegetables come ™ ferr ^ to- else where, 

either from their little shamba, “>*« ,“>« Covemmeitt to 
or plot, or are bought in the accelerate the enforcement of 
market. It is a tough job, and th / necessary legisiaUve and 
they set off on their rounds administrative measures to 
with heavy sacks on tlicir backs. ? b f 0,ish harassment of the 

coming back at intervals for L nf ?™ aI •*** * nd u,stead 
refi U S facilitate its growth. 

„ It has been recognised for a 

They are just two more of the j ong time th$t the infonnal 
lens of thousands of hawkers sector ls highly productive and 
operating one man businesses tends t0 contribute to social 
round Nairobi, m both the pros- stab H it y. Tt ^ baSL . d 00 seif . 
perous and the poor areas. In employment, and the little busi- 
never-to-be-forgotten jargon, nesses are often handed down 
created by the ILO in a report f rora father lo son or daughter, 
on work and labour in Kenya. Many roadside workshops 
they belong to the "informal employ one or more workers, 
sector. The ladies might be Their goods and services are 
surprised lo know that that is generally not aimed at the more 
how they are referred to in a prosperous sections of Kenya 
series of reports. society, but to the people with 

The ILO regard this class of small incomes, for, in theory at 
the smallest businessmen and any rate, their services arc 
women as of very great import- cheaper, 
ancc to the economy, specially There seems no question that 
in the rural areas. How are they if the Government is to iole- 
getting on? grate the informal sector into 

In spile of the Sessional t j K . process of development it 
Paper on employment in 1973, should grapple with the prob- 
when the Kenva Government Inm VPt*V cpHaiigIv nrmriflinn I 


;*■**■* -v ■ 

Thecorporate objective oi the Bank is to^romote - ■ !■ - j . 

andstimulateindustrialdeveloiHneiitinacctirdaiias , . .. 

with the Govettunent long term industrial strategy. : --•* L^. ; j 

In order to effectively piay this role in .the \ ., . ;V | n 

development of Kjcnya, IDBseekscoilabOration, ^ J"-; ;... j 
through joint ventures with overseas industrialists, 
whoarewilling to provide capital, technicalJoiow-v 
how and general management io the investment 
projea. in such fields asmining. tourism, 1- 

manufacturing and agro processing. If you are EMfcr 

looking for an investment opportunity think of - ',.v 
Kenya^ndlDB will assist youshape and implement-. “ 12 

your investment proposal. . ' . ; V - 'fc-r : • 

To date more than £20 million has been com* . r "l-5:£ir, ' 

j ouaic more tnanxzu million nas been com- . : ; . " 

miued i n 50 projects. Future outlook is good and sg. .[ - 

3DB hopes to finance morerhan-10% per annumof ~ r ~ 

theindustrial investment in Kenya during zhe-peribd 

1978 through 1981. 

AH enquiries to the Managing Director, 

when the Kenya Government i em very seriously, providing 
recognised the essential role of proper conditions such as water 
the informal sector in national and sanitation in which lo 
development, little appears to operate on a permanent basis. A 
have been done to help this recent cholera scare in Nairobi 
class uf working poor with the and Mombasa brought a ju.sti- 
kind of economic encourage- fiabie ban ori all rood kiusks 
ment given lo bigger businesses, operating in insanitary shanties. 

Many were put out of business, 
Dicrnnfpri but it was inevitable that they 

I-SJ91 tlJJICU should pop up elsewhere m the 

They arc still harassed hy IO ”f- 
city councils. Sometimes . The informal ^ sector is an 
shanties erected by them as integral part of Kenyan society, 
workshops, boutiques (if that as it Lm in many other countries, 
word can be used in this sense). an “ Jt cannot be spirited, away 
little eating places and kiosks at the wave of an economist's 
get swept away ia sudden police wa ' ld - | 

blitzes on the slums which cun- No amount of pressure frora 
tinuaily fester round Nairobi tbe formal sector can uproot 
and Mombasa. Their little s “ ch . determined and per- 
businesses are disrupted, but tinacious men and women, and 
uoe characteristic they have in ^be economic planners must 
common is tenacity — and inevitably get round to recognis- 
survival. They always spring up '°8 ibena as an economic force 
again for the simple reason that 10 reckoned with. The ILO 
they have to live and this is team, which did so much work 
the only way they know. ° n *bo_ informal sector, could 

Not by any means, as the n0 ‘ esf«mato what it-r earnings 
ILO recognised, must they be ^cre, but round there were at 
regarded as “unemployed.” In ! oas L j^O.OOO freelance trader^ 

fact they are most gainfully * n _^ rob , l i ,,fSi n ^ omb “ a ’ anc J 
emnlovcd perhaps 140.000 in the rural 

Every visitor to Nairobi has towns and viHages^ Most are 
noticed the kerbside rubber . n, ? r «! n “ l ] * ^ 

stamp makers, the shoe shine o 

boys who proliferate at every le “"jP’" 8 S ?rtiv dl ^n 

street corner, the kerbside seller JJ" ^ ldly m 

fSESSs 3Sfe 

to sell you elephant tor of the economy continues to 

1e ?K ‘h! - «iin prow under its own motivation, 

with his salon under a irei. with or no support | arRe | y 

catering f«r both men and dut . w the p red0 niinant tnflu- 
women, the b,cj’cJ crepairer. the of the modern Mct0l , ln 

; RANK LI D ' 

r -^4nL^-— 

- ."it?; ’ 

’l ' 'V' :T;-. 


National Bank House, Haxambee Avenue Box 44036 ^ r t- - ~; 

Nairobi. Kenya. Telephone 337079 " v':rr; -:v ■ -. 

TeldT22339 . - . - • -• 


Cables Indevbank. Nairobi 

For modem economic ■ f 
building system^t 

choose:- rSjr 1 

• ■*. * 

Asbestos Cement ? p 
Construction Materials 

^ , 

Super Seyen and^ fO.j 

corrugated S beets and accessories for l‘;j 
roofing and cladding. -• . 

Flat Sheets. for ceilings a nd ^r tifjoris^ 

Comprehensive * range 

products. ' ® 

fit' Co. 

garage in a waste lot wluch vjew of ^ mounlinfi evidence 
necia iscs (he has to) in beat- .u:, f., _«■..! 

Pank with wotW 1 

lerc/a/ Bank of Africa Limited 

P O Box 30437 Wabera Street, Nairobi Kenya 
Branches in Nairobi and Mombasa 

specialises (he has to) m bc^t- of lhis sector*? usefulness, 
up cars, chareoal sel eij .xn Mpetl - ially in the rural areas, 
these little businessmen belong it wjI] increasi n g ]y come to be 
to the “informal sector. recognised lhat it plays an 

They may not earn enough to ttaifC „tjaI role in national devd- 
pay taxes— say K£2a to K£30 a opnien t. and action is likely to 
month among the poorer but taken to give these people 
their money is good and goes credit facilities and manage- 

! round and round. ment and technical services. 

It may be that real .rccogm- . T « „< 

tiori is coming for the informal John norralll 

Appointed Agents in:- - , r 



KBSeOM MOUSE BQX OOees MABWMI kpmva itfljte 


r'Tixries Thursday June 1 1973 



. . on a Haramboo basis wilh 

attitude that crucial areas of the administra- budget on eaucatio . nearly 30,000 students. Many 

■ mtomaticany tion, a task which strained K£72.5m Much of th^^mnney lhe Ministiy „f 

employment Kenyan resources to the limit- goes to pnwme p Education by developing new 

»» a. «nflnt of Kenya's education from standard* one to ^auca reC ruitin 3 or 

that time four, which is a comparatively stteams ana 

to promote recent bre^throiigh- The Gov- P Softer remarkable Haram 

mya while at school,” says the report, national unity in a diverse com- ernment aims t p experiment fast gaining 

the Vocational training will need to munal and tribal background. P nm . ar £, ,, h“ c ? 2£? cround in the rural areas is the 

the be; oriented towards rural self- In 1963 the enrolment in st “"? ards 2 . ■ d ' nt Renvatta “Village Polytechnic," which 

years of independence the idea sunp^ ^ and girls whn have 
caught on fast, especially .n the ‘ d at primary level, or 
ion field in the rural wh [J P have dropped out. Village 
and brought out a bi„ h crafts such as 

Harambee Secondary basketmaking. 

711656 o/ rt C hv loS Rework, agricultural skills. 

- -=5. s* "J n ,a a .rs sSHfi 

• ^ - d^elppmenti. in rural areas sive results In providing prim- Kenyatta University college was bas ■ tn\ouneP-op 

.pgdioally,. _ are seriously *ry, secondary and tertiary edu- bora in 1972 as a secon 
:k"of workers cation for its neoole in the 14 school teacher training col 

paua« . 

I : SISwment* in rural areas sive results in providing prim- kenyatta University College was fUnds U, ° *"* " " t0 trades in° die 

are • ' seriously ary , secondary and tertiary edu- bora in 1972 as a secondary played a big part 

cation for its people in the 14 school teacher training college Secondary educa- ^i°™® c “ionev build and set 

-h<-. ; fivi-j. s . appropriate attitudes, years since independence, and has 1,200 students. J? p 2J. children who are not ties ™ sc hnoIs using local 

skills: ' Certainly it is- a better record There are two major Po^tech- tga for t0 ^ ^ 

\U.: Awhile: retailing, the formal than . most other African mcs at Nairom a^Momba« ^ Gov „^ lded over 200 village 

2*5 cvstem in a more limited ana countries. . . , ™ ,th 4i24 ° schools for one reason or scatt ered all over Kenya, 

tess- expensive form, it is Educational opportunities for them, and severjd, but t mainly the limitation P o1 * ^ development in the 

briposSHo make education the mass of the people were enough technical^ and teacher Mayiy Harambee * £ bee movement has been 

generally more appropriate to extremely limited before 1963. training schools th g schools have been taken over by ^owth of "second chance 

4T Ideas of the ‘tens of The country ^needed to produce country ^ ^ ^ ■* Govermne nt. and the ten- with the rather high 

thousands of young '.people .in a very short ume a c adre ^C - World dency now is to take on more ndin? titles of Institutes of 

, in a developing of skilled manpower to take countries va i the • inira w and more . There are 700 schools g jence and Technology. built 

.irtwre technical, over colonial jobs in many which spends one-third of its ana m bv local communities to serve 

i;and. artisan skills . ... their special needs tat the 

growing., up 
fj economy 
1 • - technological/ and. artisan skills 
li; wilt be : increasingly in demand, 
ic. particularly in the rural areas, 
i 'if ’ money incentives can- he 
I ■ ‘L provided; there. 

' - Strongly emphasised is the 
rtudaLoieed to train better and 
robn^^tiaitfieft Teachers, . with 
W^iife. aptitudes, especially- for 
' . f.»V>nnIc At nrixipnf 

Ranks as an aid 

to development 

Science *»>>»• — 

bv local communities to serve 
their special needs < at the 
sljtihtlv more advanced le '' el 
than the village polys in crafts 
and technology. About eight 
arc now in operation. 

The growth and encourage 
merit of village polys and the 
institutes of science and techno- 
la.-^ with their emphasis on 
rural crafts, science and artisan 
skills are a significant pointer 
£ tte new trends in Kenyan 
education. Some 90 per cent 
of the population lives in the 
rural areas, and on*.- of the big- 
into o,^t problems is to stop the 
migration from the rural to the 




thW^rimary .schools- At present 
nvosFteadiers brought up in the 
forpat ■ a^demic system are 
oniySfiitea' tp teach inside the 

- Wlth v the : increasing need to 

- .~.- w bf 

i‘ s " 

wmmMmmm “ m m iimm 

National Bank of Kenya. Griwl- be in region of 22 bc j n g changed to the seicm.cs. 

,ays Bank Iniernation^. Bank of tanlJ-Wbem ^ bn especiglly the sciences 

Baroda. Bank of Inja. : First P®^ c 7g After taking into re ] a ting to agriculture and tech 
National Bank of Cluca^o. the gxpgcted credit to no iogy. . . 

General Bank of Netherlands, nnienL would limit The little “Village p0, £- 

Habib Bank, Commercial Bank g ^ tD the private are to come more into their 

of Arrica. City Eank. the Co- ^about 18 per cent from nwn . In future they are to be 

operative Bank and the Bank of ^ to j une ^9 — a sharp kn own as “Crait framing 

Credit and - Commerce I° ter ' fa ii y P0D | Dar ed to the 33 per cent centres,” and are to havc- 

10 ^ K«s nt suppo ; 5l 

MS P ' - «*• - Jo’«n Worrall] 

itaiwi gart.- 

of deDOsIts rose from K£3a8m at rural are - 
the eud ofvl976 to K£525ra at the •• The authorities «Pe« 
end of 1977. and their liquidity commercial bauks - to t .^: P ‘ 

beCaiDe ° Ver ' C p^ n s e Ss S inti °tle%evelop- 

Money kept voluntarily 0* SSimtotag^thS* S urban 
banks at the Centra 1 Bank ttes w j, er e they are used 
•‘doing nothing at all, a. th Mainly for financing trade. 

Governor, Mr. Du ™f n Commercial banks which are 

put it— rose ^ 0 ™ K^lmat th ely ur b a n centred in this 
end of 197fito K£5SmbyDecem- P“ ^ should not expect the 
ber 1977. “Treasuiy b'Bs which “™JJ{ ties l0 look at their acti- 
at one time were 0.01 per cent aum^ fa ^ our Jn ^ years 
became the only attractive alter- ^ ea£ j 

aattvejor invesmem of surplus The aspect of 

funds, noted Mr. Naegwa. ^ development policy is the 
Even at these peak levels no ovision of credit to African 
bank announced lower interest farrners gad small businessmen, 
rates although generally banks ^ in Qther coun tries, it is done 
were prepared to make loans at by encouraging the banks to 
anything from 7 per cent up- j end a percentage of them 
irds. _ deposit liabilities. 

At the moment Kenya does There has been limited suc - 


In 60 enuntries around A* "’0*13, almost an}Trlier*tEwy®“™ a J" ,l ' aut 

to business. In Ken^., fonns.ance, ,re ^^ng-es^hed 
vourself money ume becaus^ 

Sps^uttonghout -world 

Head O^clOCIemenlsLMie. London EC4N7AB ■ 


Jonal money an 

has turned one 


Fifty years ago 01 Kilindim, Mombasa, the Afhran 
M^iridSneral Engmeramg CompanyLtd. 
boptnedra siift'oay. It was used by omoug othets 

. Matbfe has changed its 

J^siotly owned by the Kenya Government 

Marine has 

“Inaa^ Group ot Companies, Aracan 
■ tfirn^i^sJip way into a dry dock. 

•^iaiustride accomplished 

-«&d the help of 1,000 tonnes oixe^ns 
• ■i 8 '^» 6 : tOones<?f concrete and i ,000 p 

. - ^ lcd f or thousands 

■ tslo^ .we’ve got a service uo skilled 

workman be undertaken. ■ 


national co-opewuun 
the Kenya Government s farsighted 
policies on development. 

While possessing one of the largest 
resource of tree plantations in Attics. 
Kenya has had to import some bO.ouu 
tons of paper each year . . . because 
there was no pulp and paper mill. 
Now— thanks to the vision and invest- 


Width at entrance: 
Depth over sUU 



Toindout more:— 


" African Marine and Ge"^ a * 

- --Engine'ering Company Limited 

. ,PO Box 9046*. , rams . ^aFRIDOCK.” 

. . Telephone: 2 1651 Tdeg 

• : ;> : Telex: “Mackenzies Mombasa 5 

contact - : - 

V lnchcape & Co, Limited E _. £U 

- " 40S 88.596 

: ; Telephone : 01 -28 , 46S __ 

We throw 011 

a, lot of projects 


Ut vs throw &g« 

era- »w on your products- 

lS t.X' 

aknncALS ughting spebausts 

rvjmiwn- — 

. TELEPHONE 256 ^ 


At the U1W“ , >.“* - A licit u<u “ — — — 

not have any organised discount Despite what the Central 

market but the Kenya National described as “ excessive 

CaDital Corporation, owned M liquidity ” throughout 1976-77, jhe Panafrican Paper Mills venture sis 
per cent by the National Bank ^ June 1977 the Commercial success story brought about by inter- 

of Kenya and 40 per cent by Ean ks* agricultural credit was tiona i co-operation together with 

Kenya National Assurance Com- on i y n pe r cent of their net c nU ernmsnt's farsighted 

nanv and established recently, dep o sit liabilities. Only four of 
will be able to provide discount the 14 banks then operating 
services in bills of exchange, had rea ched the 17 per cent 
bankers acceptances and govern- tar geL There are signs, how- 
raent paper. It aims to provide eveFf that the position may be 
merchant and investment bank- improving. In til ®J* uarte ji -5, 
in« services and offer invest- ing December 1977, credit to 

” facilities for companies the agricultural sector nad risen iwq W — mania w mo 

s funds, in deposits, near i y 22 per cent, pushing up policies of the International 

mds shares and property. agricultural credit to five points I ment P° - 
There is also a wide ran S e below the 17 per cent target. 

Inf non-bank financial institu- The main problems are the 
dons' consisting of a post office comparatively high rate 1 of nsk 
satSgs £S. housing finance for the banks in lending to 
nnrrmanies hire purchase com- smallholders, but equalb im- 
Sf wo indurtrial develop- portant is putting banking 
monr\anks and two locaUy services within their reach— 

gjgf? ^rance d C t Smp" ntal "^rebi maintain a smajlbm 

iQKft binder a statute which set Not surprisingly, the past year 
JJ? f0Iir principal objectives, has seen a high level of aedvity. 

Sse are-W relilate the issue Transactions on the exchange 
I? e rt S ntP? and coin, to ensure a amounted to 9.3m m 1976 -m 
of notes t credit and compared to 5.9m m 1975-r6, 
sound monetary, ere ^ v of transactions 

fS-a-JS «* t » t. K£20.5m. The 
b Ipr^ment The Central Bank i ndes 0 £ prices shot up from 
stipulates the 197 in June 1976 to 288 a year 
rLsJ tf^the total credit that later, and now stands at around 
1 i^nment can take directly 430. ' . 

S ° V ?rtdirectiy from the Central very few compares have 
or indirectly pubUc to the past fe W 

Ba ” K - ^-orvadve fiscal policies yea rs, but the case of the ln- 
r ikp Central Bank, have been da strial and Commercial De- 
of the pe factor in inter- velopment Corporation Invest- 
an . un ^ 0 ^* denct The broad ment Company illustrated the 
nodded have remained the same potential demand for shares. To- 
^nip independence: to main- ^ the end of last year, the 
s ^ ce C ftund money and control company sought to increase its 
SySTitoH™- to check s haT e capiul tom KSh 6m to 
deterioration in the ^ 15m by selling l^m shares 
vilLice of payments, and to pro- t0 the public at the current 
i^t the kev productive sectors value of lS S h per •*»«. 
of theeconomv— namely agricul- ^ result was over Sh34m 

tdrc^anufaciuring exports and in 1 1,000 applications, 99 per 
Snail African business. cent of which applied for less 

The rate of inflation— around than 2i000 shares each, reprfr 

, 14 per cent and possibly rising- S entins 77 per cent of the 
has become particularly worry- am0 unL TT 

fng wdltrt month the governor M.H. 

-S&iof his determination to 

Finance Corporation, a World Bank 
acency, who inspired this joint venture 
—Kenya now supplies most of its own 
paper needs. Needs that increase every 
year in pace with Kenya's booming 

Kenya's neighbours have benefited 
from this industry, too ! 

This dramatic change was spear- f 
headed by Orient Paper Mills— Asia s 
maior paper producer — which is under 
the management of the Birla Group 

of Industries, one of India's largest 
industrial complexes. Orient have 
provided the management and tecn- 
nicai know-how in this K £21 million 

investment project. 

In line with its policy of progressing 
towards economic independence 
Kenya continues to encourage plans 
to develop its natural resources and 
is now working closely with Orient 
in a major expansion of the pulp and 
paper operation. 



For reliability and expertise 
1 prcrtlllioistaff contact: 


wAirsta rt^aitd^iiDfund ■ ’ > V£> : : %[ > 

me. B 747 

£Ca b i n&nd]8fg frccieck.clea hingl‘ > - V • 

*V : ; 

KENYA'S CLASSIC tourist zania is now tiring to self its This has had its effect on 
attractions are. still among the own wild life attractions, and rates, conservatively esti 
finest and most varied in the its own beautiful beaches, very by KTDC at between 10 i 
world. ' Growing numbers' of hard in the world market per cent higher in a yeai 
people come from Northern Thus the Kenya tourist others in the tour btu 

hotel mated, at about » P« 

1““!'“' : 7. . — , “ UJ me mux ousiubso,- oonornnliv 3Ud AinCHJi- ui > ui= vw—w j. y , ■ **, :r wuss&g- ^ -_- 

Europe to stay at luxurious authority is forced to spend however, are not so happy °£ . f m h P v think Idi Amin especially, in -w eafern^Ketto: #?•' . 

hnfdlc «ha n,nnv TnrJ 13 n much mOTP moitCV Oil DrO£QG- _ls_ mi.. affaifS. iney UlllUt. A w. U VJ|*JzT£ . ? y£ ... . 

hotels on the sunny Indian much, more money on promo : a b 0W rising prices. The Kenyn S continent, which has V : - 

Ocean coast Others come to turn in continental Europe. Association of Tour Operators Hi war in Rhodesia neglected in the^pasfc'~A^r <S^’ : 

safari among the game parks Britain and especially North recently expressed concern th _ road and we are hotel, the , .Su * „ f ‘ 

where, despite the depredations America: this year close on about ’‘escalating prices,” and h«h? in the middle of the Horn operied.dri Iiafe ^n^gd/neat Ji ^ 7- 

of poachers, large herds of K£lm (£1.4mj. warned that this .trend could f am «•»” Kisrunu, wiii& i^alr^dy^p^ri.' gf'.. . 

elephant, zebra wildebeeste and adversely affect the industry. * . J~‘ trtliri *t nroraotions dug too small for^fciBan^jgfe ™ j 

antelope roam, and lucky CJfiA/tfgpiilof* Mr. Gideon Kago, the chairman Blg , e L* „ in *hn US for are plans to open . ~ j»^. t:-' 

tourists can photograph lion OpeCldCUldr said it was bS^niug increas- *H*H£*J? tSmKmvS' 

with their lull. The hunting Kenya has recently opened a mgly difficult to sell safaris up |”^£L.Vork and it is hoped Africa. There is: ^58npK»- . 

safari is definitely out, by spectacular new airport at country because tourists re- ™ JL rhe Americans back, demand for more 1 - ' 

law. at some cost to profes- Nairobi at a cost of K£30m to garded the hotel rates as -pro- to J? r “. g _ . mPTHpan tourists hotels in the. Meant ; ' 
sional hunters and government, ^pg ^th increasing numbers hibitively expensive." . The oss hv thp sneo and tourism io'pu^iin^-SrS^- 'sf ’ . •. ' 

and photographic safaris are the „f tourists. businessmen dinio- » *7 . . ' is compensated for by the spec- ^ ^ 

nrAtrr of thp dnv tourists, ousmessmen, aipio- On th e W hole it seems to be ta cular increase in tourists from nor ™ **?*?.■ J - s 

order or the day. mats and official motors. ,, ,i« , wcuiar uiucmc ■ innH^ fcpvnnd'iMarsatert-t-"-;--.- ^ v:- . 

order of the day. mats ^ officlal visitors] e aSer“o seU cb^ral Tolida^ w^rVnrmnv who are now lands”, beyond ■' 

Because Kenya knows it has The old airport at Embakazi than safaris uo country which followed by 0ne coropsuatSeeiy^Silw^SHd ►- ■■ 

an unrivalled product to offer handled 1.5m passengers a year take in the big national parks British many othere is the estaidishBiait:^ : ^g- ;^ s - -- 

tourists, and tourists keep com- a t its demise, compared with and jeame resenres P . .British tmito . y for tourists .w£o .lUe0 v£b^'-ini» : ff- ' - 

ing. there is a tendency towards 250 ,000 in I960. The new air- “5g£ ^ Worries which FwJ Z New air life . 

complacency in government and port is designed to handle 1.200 m 'iS “w 5£?“i taS SkSs ot bein- tapped j n immediate prese*i<»,nf,1^^. . 

the tourist trade. The industry departing and 1.200 arriving t oSiS fanan and among ^patriates. in and its anuna^^hm^lS- 

Lfford II1I,1 iHi ! t0 'Attitude M and p ff sen . ger ® every hour - ^ dustry, which has brought a the Middle East with nowhere fires, 

a «™ l ^ ls . .atiJtude and, semi-circular passenger and great deal of foreien exchanse to go either tents 01^ wobd^rt^Bbus - J 

. . . ... *. u . , . . , . - _ xvf50ni. - recent expansion of Momoasa isuxaieu Xiauiu,' Lue : . sjsi Tgasjr. ' --- 

pete hard with other long-haul chain, Afncan Tours and Hotels, . . • AirDor t the Germans have up: the coast near-^&^SBM;: 

destinations. Many of them are Mr. Henry Daly, says: “We are Tounsm is a sensitive plant 0 weeWy flints border witfe:4ttf 'hiStdri^Aralr^> " : 

very attiactive, though distances just right on prices and can and depends a lot on internal JaminE 500 at a time on cheap Swahili traditionarAdd^l^v?^ c. 
(and therefore air fares) are compete favourably, but we are economic and political stability. ‘■^7 tn ..„ ture is losing its : 4naco^™^*'" f - v 

bigger. They include Hong having to work harder to main- Tourists will not go to troubled pj ”T ag ' wi th recnlar libht ait^^^ ; - ■ 

Kong. Singapore. Bangkok, the tain present levels." Places. In the Third World, The past year hwmt teg *&*??**$*; ■:■■■_ . 

SeycheUes, Mauritius, the West The Kenya Government’s political stability can be dis- lin K „f ^be ^aS^African One totir OncHforTr 'tfmi.'.Ti 

Indies, and soon, it is forecast. Ministry of Tourism and. Wild turbed at the stroke of a pen £l!^ ll !{L 0£ had bi" repercus- in« toms' of S?reinb&^^^ Ik'.*.'; 

s “a tt .i2“£L ifSrsSft ^ SL2LfTS5 ?L*[ V? -»»*!« . 5 * 

are cwuuum; auu pomicai SHOWiy. / “ tnn» ia lnfiinP tta : jnsnteGriiiSMu-'' • -a- 

** SST^SI' TUrt'wnld. Pa The S past year has not been with regular Jr ' '; ‘ 

?.r? S?"™^**** ** ZZFap * ?£ ~fr£S 

Tanzania. Kenya-orientated costs in almost all directions, perous tourist industry. national carrier. Kenya Airways. ; 

tourists can no longer go into from higher air fares to higher One indication of the sensi- The break up, we have seen, . . Jy h “=. >z= -•• 

Tanzania, f The Tanzanians said electricity and water costs, not tiveness of this plant is the also led to the closing by Tan- " thorou ehiSit?- r 

with some logic that Kenya was to mention tourist orientated falling off. recently of the zania of the common border, and structur “' ' 

taking the cream), and -Tan- imports like wines and spirits.- American tourist traffic, esti- a complete break with Kenya in ’ man™ ’ -SSSS^S^^s:^ - 

tourism Tour agents, my ‘^SSk ^SB^SSSSS^- 
based in Kenya, used to combine 

The end of the 

u-auu ju gxciija. buses. aiicEaft.laidldib^aOMl:- 

Kenya game and coastal touts ■ .V- 

J\enya - guuie *um tuaaiai ivuu 

with tours of Tanzania's spec- WoTc 

tacular Serengeti PJ^ns. the and bptels bave]fandiiig . 

hunting safari 

tacular Serengeti Plains, the * 

Gorongoro Crater and Mount ®J ,ps) D >t l i2SS’ 

Kiiimgnjgro. All that has DOW pilaff? lf> 

Oniy a few «*, ago the ^ 

zania Tourist Corporation «M reached w Vib«lsSSfei^“> 
the border would remain "per- but a i ot reffiainff^ b^dOTe • : ‘ 
manently dosed, as far as w i^ re a cces s to; Sni^leTrk^ger ^ 
n r ' sm “ a i™ n ” t ."fa d ; V.™. and <amp*i.. cone ia®*.. 

FOR YEARS world conserva- The next heaviest concen- The Government beiieves that, 
tionists have been sniping at tration is in Kenya, which Dr. the ban on hunting will under- 
Kenya. Where is all the wild Douglas-Hamilton estimates to line its concern about the 
life going? Is Kenya neglect- have had 150,000 in 1970, but decline of wild animals. It was 
ing this priceless heritage? It now has about half that number, felt that the hunting bhn would 
may be that time will show largely as a result of poaching, help the Game Department to 
that Kenya, in the words of the Armed gangs of poachers roam control poaching, since aTi those 
celebrated British elephant the elephant country, some found with -firearms^ would be- 
expert. Dr. Iain Douglas- coming in from Somalia. They automatically under suspicion. 
Hamilton, is now becoming a Banning hunting without’ ban 

•* model for Africa in con- men 111 ^ ie , a ^5 s vy ^ 10 J ia L e ^* e the proceeds of hunting 
serving its wild life. It is net “*■“ “j 1 J® was thought to be illogical, so 

too soon! _ _ Government’s ^step wa, 

tourism was concerned. . 

For some months Kenya 
tourism was badly hit by 

THE • IL . : 


T “7~ fho Kpnva fnvprn *0 the Far East. Almost t “ n „t a hannn tSv L „ 

Last year the Kenya Govern- nnot-tion: •»* nni.wi.t pu ^ ® , n on trophy sales in 

*7 - .a\ — . 

Iff. "oar. .. 
* ... 

xraiai. ycni. UIC rtcujc _____ WP _I. wn-.W, o_t rauffht * uu Mica iu 

ment banned both organised big b So Eers ff£ bull o?m£I th ® euno shops o£ N ® ir obi and 
gome hunting and the sale of T “* la « 

trinkets and trophies, hi fi me n are never caueht P. ecemb ® r ' and ^fian Kenya s 

The wiidiile conservation Rhino horn __ Id in Th F ’ b, SBest ivory r.ftsh as the shops 

icc.o m .H.nv imnnrtant to Rhino horn : “l?. 10 disposed of their vast stocks of 

ijMOA ie. rrtiriallv imnnrtant to _ uiapuwru ineir vast StOCKS 01 

tho tmirict inrt.wtrv P to con- ^ ast as ar ! aphrodisiac, leads to carvings, trinkets and bracelets 

SJ=£ l0 » Id* 

Kenya itself and to the Ken« ? e ^ and Shy rhLn ° S ' prices ' as did skips - and 

Aenya itseit, ana 10 me xvenja Leppard s ions are an even rarer lion’s teeth. 

Government, whose name has find, aT1 d sen f or fantastic sums ^ . . . . 

been besmirched abroad for abroad. Zebra are hunted for , 1,r !! Dl£l vvero confis- 

alieged neglect of this priceless t heir beautiful skins. cated by ihe Government. The 

heritage. question is now: what is 

Takp thp pleohanL And it T» l iiappening to the unsold ivory? 

shout? be 6 sLS P at once ?ha[ Poacher fhe Government may be intend- 

Kenya is not the only co “ nt ^ y War is waged daily on the sale to end all sales. ^ 00 
in Africa to contain large herds poachers by the armed anti- Th M . , 

of these majestic creatures, poaching squads run by the , h 2 ? JuJ kn °u 
Thpv inhnhit 33 countries from Vonwn r.4«ui nannv<maw» t’i.q “ a ‘ ; “ie final answer to poach 

They inhabit 33 countries from Kenya Game Department. The Jr ac 

the west to the east coasts. Dr. Police have a speC j a i ant i. JJJ* {* ® m “ h ^ 

Douglas-Hamilton, who lives in poaching unit based up country, -eni™, nn Hnnp 

Rnnva MVS almost all elenhant Thp Miniclw «c nnui ctonninn cemxes on nong Aong. 

Kenya, says almost all elephant The Ministry is now stepping 
herds are diminishing fast up the war with sophisticated * be elephant in Africa is 
He estimates that after weapons, radio apparatus, ? ot onl y threatened by poach- 
decades of slaughter the present vehicles and planes, including He a | s o threatened by 
African elephant population is helicopters. ™* expanding population. 

about 1.5m. r Man 'and his lust The World Bank has recently “Xj!™ 1 .“ d i l s [® r a .f r * 
for ivory ornaments is the cul- gi TeT1 Kenya KflOm for im- 11 15 na]Q that 

for ivory ornaments is me cui- given Kenya KflOm for im- ZZ,,* in fh, “1 
prit. “The quickest way to get pr0 ving wild life resources. SlSSlS 1 * 7" 

k* -- piutiug wiiu me ruuuiick. r__ _ , 

rich quick in Africa is to kill Kflm oF this is going to anti- apriT.Tmirp^Lp e !» P 5!!I lla .- l ? nd 
an elephant.” a Uganda park DOach i n E camoaigns. agne^ture are incompatible. 

The whole organisation of 

says Dr. Douglas Hamilton. 

an elephant.” a Uganda park poaching campaigns. 

Hamilton. ^ ^ D % wil^fc ta?SeewtaSw over to L ° Cal 11601)16 cannot regard 

The heaviest concentration of 7i d i[7?crr^nf T^nricm 8 a 2i ® le P hants with much sympathy 
elephants Is in Tanzania, which th? when they break down fencCii 

has about 300.000. but this ™ d ** , £SL t 2 t “J2. 1 and trampte over crops. The 
number is failing through sarae appUes . olher ***** 


■ wr 
| an 

their autonomous form Some ^ch' 7"th7buff a ro7''‘ 
game wardens complain of _ 

bureaucracy. Some in the wild . ^ e same s worst enemies 
life business allege that poach- *® drought, and losses of wild 
ing is organised by unnamed r ® n ^ n t° tens of thousand 
men in the Game Department, two years ago. Now, howevm 
Taking its new responsibilities ?ood rains all over Kenya, 
seriously The Ministry created bringing green new life to th 
a new department. Wild Life hush this year the animals hav 
Conservation and Management a chance to recover their 


Early last May the Kenya 
Government took the dramatic 
step of banning regulated game 
hunting altogether, although in 
the past certain species like the 
elephant, the leopard, the 
cheetah and the rhino had been 
protected from hunting. There 
were 2.482 licensed resident 
hunters in the country, and 
some 120 professional hunters 
operating hunting safaris for 
wealthy overseas clients. 

Gun licences were withdrawn 
and weapons had to be handed 
in. For Kenya It was the end 
of the era of the hunting safari. 

This step was both praised 
and criticised; criticised by the 
pro-hunting groups on the 
grounds that armed profes- 
sional hunters and their clients 
were- more effective in warning 
off poachers than the anti- 
poaching units, which are still 
thin on the ground, and that 
ranchers and private . land- 
owners who rented hunting, con- 
cessions would no longer have 
the incentive to allow wild life 
to remain on their property- 
Somewbat paradoxically, pro- 
fessional hunters are among the 
most dedicated conservationists. 


WORLD'S 0© br AH. FfeatJn .• i^v-r ' 

Mm onitaUa a wM* nfaoloa of,- -i*®. 


HOMO. Homo Nfilao S» M . 

•UMITIU'. r.nwMUNIC*Tim 


™ Roulette * Blackjack -fc Crajjs 

Slot Machines ^ C hem in de for * Punta v ba r. < 
c 3 ba ret, wine-. and d ine in our night club/ 

Thursday June 1 1978 


r -. v . w . *« fOflff ??> \^V 

. v.. .'.■.••iSji'/'Vr-'jSI f-.S 

■ -■ *: . 

s «r 


‘Ve A- 


7 *C: 


51 P>- 



«an* niv r -: 

1 '.W .■■_v,,trv .i .'■ - .- 



abit. ^ 
lt « 

^ tot>- ’ 

*7 W; ... 

Ot yi ?ls 


,l3IJ ^Dl v 


opeoiji .'- 

* Th, S J . 

UMorio v-.': 

and auj*- - -.' 

n access- ■ 
a-' rcraa J 

°r » oitj : ; 

c-mote ^ '. 

i. UJ’Ds 1 

j ver the 
tourist £• 
v 'JpQs-' 

now fn? f ■ 
3.‘ £ 

iv2 -JU £ -•' 

i mo* i 

* have ii£ 

J 1032'. 
of z- 
b*»e pw? :' 
i-iy and & 

W*?i !' 

3c*. tarr-d ti- 
ns to o» E: 

* sr.a^r :*». 




- w. • . , _ , I • • 

* reach; the . end of my 

e > ^mgH^ gy ^tenancy of this 
jbllx ■ have ; begun, 
^^s^ggest ;that -Hr. Callaghan 
have at" 
chance of get- 
reflected, and : 
•‘ ^ ^c^&e^innffi ent at least the. 
\ .weathei^^ggests that God is 
V^r^fipopi'TQtfir. Certainly a 
v;^&Tg\mfr-of realr incomes and 
7 aTfiB^;/st 0 Baser would provide 
5 : 4tevbest ,: climate the Prime 
: ^^inist«^(?OTW - hope for, and 
7'ge:SeeTO;4» be trying to take 
to project him- 
the; Kind of nnexciring 
c^nhefe , vho v might prolong this 
V^sasant jarty. “Cry God for 
P»e.: fitiOfr, NATO, and the 
rj^itus'\qiid7 ’ — not a rallying 
. :. cry tov.set; to , trumpets, but 
V5t7mig>t- work: .* f Certainly . it' 
is, ^ worth.- . . considering Mr. 
7X»Daghan r s. record and pros- 
tins' may be cur future. 

. ; ~ ** The- • Government’s greatest 
^ claim tocredit is simply that it 
'. has come through, and learned 
•? at., least/ something from the 
, battering, it- has taken. Inspired 
by .necessity and a monetarist 

- son-in-htw, : ; ,.Mr. Callaghan 
^.appears- tq have grasped that 
-. Keynes did -pot inveat a recipe 

. . combining ®rcWth with 
Vi egalitarian socialism, in which 
.-.Government : -deficits can take 
f ‘place of economic incen- 
. ..-tiver he showed only that a de- 
; fiett siiffideht to offset an ex- 
cessive desire inj the private 
,.^ can prevent a 
. jj^cessron * from turing. into an. 

: :dh(tright economic collapse. 

The large deficits which have 
.. been planned or tolerated in all. 

- developed ■ countries, and the 
■-fairly heriagh - recession which 
-has resnlted, are in fact a 
• triumph of true Keynesian 
■.management. It is only the 

neo-Keynesian error of suppos- 

ing that he had discovered the 
secret of growth-ra claim he 
never made — which- has been 
exploded. That secret still 
eludes us. 

Mr. Callaghan would also no 
doubt claim incomes policy and 
industrial peace as Socialist 
tnumphs. The truth is again 
that experience has been the 
best teacher. The unions have 
learned to understand the link 
between wages and inflation, 
and between inflation and un- 
employment The facts of life 
have won. 

Same crisis 

The facts of life have again 
taught the. need to control 
credit The Prime Minister took 
office at a time when lax credit 
.control had produced an ex- 
change crisis, and seems to be 
contemplating asking for a new 
term during a muted replay 
Of. exactly the same crisis. It 
was found always clear analytic- 
ally that a regime of floating 
exchange rates would make the 
control of credit far more 
important, and with a far 
more urgent time-scale, than it 
was as long as fixed exchange 
rates were Credible. Unfor- 
tunately technical mismanage- 
ment has . made it difficult to 
achieve, and technical mis- 
understanding £ .has directed 
attention to the’wrong measures. 

The money supply is only a 
good measure of the impact of 
credit policy in a. regime of 
clean floating; the bigger the 
scale of intervention, the more 
becomes^ the relative importance 
of domestic credit expansion. 
The combination of errors has 
meant that a policy aimed at 
stable exchange rates and stable 
monetary growth has failed on 
both fronts, while interest rates 

have become so unstable that 
the financial -markets have 
become almost totally remote 
from the process of real invest- 
ment Some good marks for 
effort, but must learn to do 

These central issues of fiscal 
and monetary management have 
precious little to do with 
socialism, except in the sense 
that crowding out as a way of 
life— a result of the way the 
Government deficit is financed 
rather than its sheer size— has 
driven industry into the arms 
of Government for its money. 
Stock relief, . investment 
allowances, and the various 
lame duck schemes have become 
an industrial money trans- 
fusion service. There is no 
sign that this extension of cor- 
poratism was in any sense 
planned, and indeed the 
Government has done little to 
exploit the power implicit in 
the dependence of industry on 
its goodwill; it is inadvertent 

The Government has lugged 
only two pieces of explicitly 
socialist baggage into this finan- 
cial area: exchange control 
and dividend control. Each has 
in fact helped to prevent -the 
Government from achieving its 
own economic objectives, and 
helps to explain the . very 
disappointing pace of recovery 
now — not really what the 
Government had in mind when 
it planned its economic election 

The way in which exchange 
controls have hampered growth 
and investment is difficult to ex- 
plain to a sceptic, because such 
controls, if they are kept on for 
more than a short time, create 
their own justification. The fact 
remains that the recovery of the 
balance of payments and of ex- 

Letters to the Editor 

; no ltd 

725 i 


Graduates for 


: Wandesfcrrde. 

- Sir,— The article r by Nick Gar- 
rett -of your .Labour Staff in last 
Thursday’s, paper (May .25). 
seems‘ t<Ttiiose of us who are in 
daily contact with the graduate 
Jiitotfr JB4ritet~;to strike an un- 
justifiably gloomy note; While 
it Is difficult to comment in 
detail,. -since ,lfie. Department of 
Employment’?; unit 'for Man- 

cohcW^OTS^riffi'iareers advisers' 
itr bi#ier -education, many of us 
bavi8jf;anything been surprised 
at the extent of the upturn in 
the- demand for graduates, par- 
tkfiilafly by industry this year. 
Tb'e ^director, of .our .Central 
iSSM^esfUbit Informs me that 
the. munber of jobs, appearing in 
lu^iciiriettt vacancies lists is 
40' per cent 
above jhe'-level at the same time 
last year. lt would thus be wrong 
for employers or undergraduates 
to- s iseunte= that this summer, at 
..ieast^ijfers' will bn. a large sur- 
jtlns, of ^-graduates. ‘Indeed, in 
areas Jsoi^h.'-as computing and 
enguj;eenng,.. tbe shortages are 
l&ely ‘^;he v consi de r ah 1 e. * 

^fee ^^ig^E-tternL ; situation is 
raorir^raEwiltVttt. predict What, 
is^appirent however is that the 
jobs themselves are changing as 
weli^ tbe attitudes of students 
anm'tt'flft'TO' longer sensible to 
attemptrigid- definitions of posts 
which are -ihat&bl e for graduates. 
'Higher. educational qualifications 
will priwe-\ to be nrcessary. in 
tnany-r :flelds.--:aBd- hopefully 
.gradmnesvwtil - prove to be tbe 
creators;; pf/jabs, not just for 
: -tft&h$Elvep.1«xt -for otb er s. Pros- 
. pe&ts^or^&.TijBxt ten-years niay 

*el<®ccaOTfi¥'V but - are - by no 


0<f6€roafiBa8alv!4'd.riffl)ry- Service. 



-• . T 1 , ' 1 ' ' 

Buying a house 
in Scotlaud 

rom -Mr, 3nin- Fraspr. 

Sir; - 7 -Pp<May 12; there was an. 

article on property is Scotland 
and in particular on buying a 
house by Ray. Persian, your 
Scottish Correspondent. 

As a practising solicitor in 
Aberdeen and having experience 
of about 25 years in the pro- 
perty market; I can at least reply 
from experience if not with 
.authority. ' f- 

It would seem that Mr. Perman 
has been. facedVwith a series of 
unfortunate and' regrettable cir- 
cumstances which- are moist cer- 
tainly Dot typical .of house pur- 
chase throughout . Scotland and 
most., certainly- not .in this area. 
■TKre are many firms of solici- 
tors in Scotia nd who haw part- 
ners and assistants whrr/are ex- 
perienced in the purchase /sale 
of property and cay offer a 
“ cradle-to-th?s?grave”/ service. 
Obviously Mr. Perman considers 
that l our System as be saw it; 
should b/ buried! From the 
moment a af\ contact a solicitor 
cain provide a service of advising 
of property on the market in 
any .'particular location, the 
approximate price sought, 
general information about sur; 
veys, the formation of the con- 
tract. tbe funding of tbe opera- 
tion and, indeed, every facet of 
pu rebase/sale of property right 
up to banding over the key of 
the .door: There are many 
English people and others from, 
overseas who have expressed 
very considerable gratitude at 
the service offered by solicitors 
and the speed and efficiency with 
which the whole operation can 
be carried out. 

; The term “ upset price ” is not 
one which is commonly known 
In tbe Aberdeen area and 
phrases such as “ asking price,"* 
r around ** offers over 

■ are frequently shown on 

Schedules of Particulars supplied 
to the public It would appear 
that' your correspondent has suf- 
fered . an injustice by apparent 
“gazumping,” but I can assure, 
you that roost -certainly in the 
Aberdeen area where there is a 
competition for. a certain pro- 
perty and closing time is fixed 
for offers, the representatives of 
those offering attend at the office, 
of .the solicitor acting for the 
seller and offers are opened at 
the closing time in the presence 
of those offering. It is certainly 

the practice here for the solicitor 
opening tbe offer to ask the 
authority of tbe highest offerer 
to disclose the amount of that 
offer and then the unsuccessful 
offerers are all satisfied that jus- 
tice has not only been done but 
seen to be done. Occasionally 
embarrassment arises if offers 
are identical and' then these 
offerers are given the oppor- 
tunity to re-offer. Obviously the 
system favours a seller, but the 
time may come when your corre- 
spondent is a seller. Solicitors 
and. estate agents alike and in- 
deed the owners of properties, 
cannot be fully informed as to 
the value of any particular pro- 
perty\until that property has 
been marketed. Obviously a 
seller i&out to get tbe best price 
he can gnd, a purchaser must 
be. prepaid to put his best foot 
forward and offer a price which 
it is thought would secure the 
deal for him. 

At least the system in Scotland 
holds a considerable amount of 
merit that once an offer has 
been accepted in writing there 
is then normally a binding con- 
tract and there need be no fear 
in the minds of the parties con- 
cerned that the property in- 
volved may still be unsold. 
Normally people coming into 
Scotland are surprised at tbe 
speed and efficiency with which 
surveys/valuations can be 
organised and a contract of pur- 
chase concluded. 

It is hardly reflective of the 
whole situation In Scotland and 
the system involved that your 
correspondent should attempt to 
equivocate his misfortunes with 
that of a system which would 
appear to be lauded by many. 

Competition is good for busi- 
-ness, and efficient solicitors in- 
volved in the property market 
have a good relationship with 
:and can. indeed, happily co-exist 
with estate agents. Tbe concept 
; of Solicitors’ Property Centres in 
Scotland is one which appeals 
to those looking for property 
where an intending bouse pur- 
chaser can generally find a high 
proportion of property on the 
market all contained in a pro- 
perty bulletin available 3t a 
-minimal cost. 

ternal confidence in Britain last 
year would haye been far more 
helpful if tbe Government had 
allowed the private sector to 
reap some of the overseas bene- 

Exchange controls mean in 
effect that when the private sec- 
tor achieves a surplus overseas, 
the State claims a monopoly 
right in acquiring the corres- 
ponding overseas assets. This 
means that it must not only fin- 
ance its own excess spending, 
but its acquisition of foreign 
currency. A failure to acquire 
sufficient currency, and to fin- 
ance its acquisition soundly, 
means both a sharp temporary 
rise of the exchange rate, and a 
sharp rise of the money supply. 
Meanwhile long interest rates 
are much higher than they need 
have been, and the financial re 
covery of the private sector is 
impeded. The result, so far from 
keeping investment funds at 
home, is to reduce investment 

The second stage of this 
drama aggravates .the damage. 
The rise of exchange rates to 
an unsustainable level erodes 
profit margins in export 
markets, and undermines indus- 
trial confidence. The rise of 
the money supply, and the 
relapse of the exchange rate 
from its speculative peak, does 
the same for fin aid cal confid- 
ence. At .the end of the cycle 
inflationary fears and 'interest 
rates are higher than they 
would otherwise -have been, real 
growth is less; yet the .weakness 
of the currency and the Joss 
of part of the reserves acquired 
make it appear absurd to argue 
.that we should be much better 
off wi thout exchange controls. 

This is an expensive piece of 
baggage, and we may be lum- 
bered with it for a long time 

but to specialise and condemn a 
system on what would appear to 
be an isolated occasion is hardly 
reflective of an accurate assess- 
ment of any system. 

Iain Fraser. 

PO Box 65. Investment House, 

6, Union Bow. Aberdeen. 

yet. It means in essence that 
any strong improvement in the 
balance of .payments will pro- 
duce a repeat performance of 
the kind of inverted crisis we 
have just suffered. It actuary 
drives .the Government to im- 
provident management to pre- 
vent tbe North Sea oil balance 
producing a solid surplus. Any 
talk of uses for North Sea oil 
other than enhanced consump- 
tion is largely a .waste of breath. 

The continuing limitation of 
dividends -is fry comparison a 
minor irritation, but u helps to 
complete the job of stifling 
growl)]. It means simply that 
investors cannot take i-t for 
granted that a really successful 
company will be a rewarding 
one in which to hold shares, and 
helps to explain why share 
values in read terras have fallen 
by more than half while output 
has just achieved a peak higher 
tttan the -last, five years ago. It 
is an aspect, if you wish, of 
crowding out. It ensures that 
takeover is cheaper than real 
expansion, and inhibits the- flo-w 
of new Issues which would fond 
bank indebtedness just as effec- 
tively as .the latest tap stock. 

Huge issue 

of those offering. It is certainly “ Every system has its faults. 

Numbers of 

From the Chairman. 

Advisory, Conciliation and 
Arbitration Service. 

Sir. — In his letter in your issue 
of May 25 Mr. John Lyons is 
mistaken in describing the exist- 
ing shipbuilding agreement relat- 
ing to management ' staff as a 
“ representation agreement.” ' It 
is. in fact, a collective bargain- 
ing agreement. : which enables 
CSEU unions not only to make 
representations on questions 
affecting individual members but 
also to raise collective issues 
affecting members and to submit 
national claims. 

A representation agreement as 
normally- understood by AC AS is 
one which provides only for the 
unions concerned to make repre- 
sentations on behalf of individual 
members with no right of collec- 
tive bargaining. A representa- 
tion agreement does not consti- 
tute collective bargaining within 
the meaning of the Trade Union 
and Labour Relations Act 1974. 
There is no doubt, in my view, 
that the CSEU agreement in ship- 
building provides for collective 

Mr. Lyons' approach to trade 
union representation in engineer- 
ing differs from that put to 'AC AS 
by the majority of employers 
and trade unionists in federated 
firms. Mr. Lyons favours the 
further fragmentation of trade 
union representation. Most 
employers and most trade 
unionists do not. 

Mr. Lyons is entitled to his 
view but the Council of ACAS 
cannot disregard the views of 
all who may be affected by recog- 
nition claims. 

J. E. Mortimer. 

Clcland House, Page Street, SW1. 

It is also part of t-he strategy 
which has led to huge issues of 
•high coupon debt. This means. 
Incidentally, that if another 
Labour Government succeeds in 
its treasured objective of 
.halving the -inflation rate again, 
-it will at last have achieved a 
genuine redistribution of per- 
sonal incomes. One or two per 
cent of national income will 
have been transferred from tax- 
payers to holders of private 
sector .pensions. That -is the tm- 


Prime Minister expected to 
discuss world trade with President 
Carter in Washington. 

Delegation from Building 
Societies in talks with Govern- 
ment officials on interest rates. 

Publication of two reports from 
tbe Advisory Committee on 
Asbestos covering proposals to 
license asbestos insulation com- 
panies and also suggestions for 
improving techniques for measur- 
ing air in factories. 

Officials of Shetland and Orkney 
islands meet in Lerwick to discuss 
common policy on status prior to 
meeting with Mr. Bruce Mi 11 an. 
Scottish Secretary, on June 5-6 
for talks on new clause in 
Scotland Bill. 

plication of paying 5 or 6 per 
cent -in real terms on Govern- 
ment debt. 

However, some muddle is to 
be expected from those who 
simply muddle through— and 
we have come through. We 
might have come through with 
a stronger economy, but we 
might have done a great deal 
worse, and been a great deal 
more divided and angry than 
we are. Air. Callaghan can run 
as a national manager without 
too many blushes. 

As a socialist, on the other 
band, he has a less impressive 
record. lie is probably glad 
of this fact, and counts it an 
electoral asset; but from a 
national point of new, it is 
almost certainly a pity. We 
have no need of any Govern- 
ment determined to reinforce 
trade union monopoly powers 
— about the only field where 
the present Government has 
established any legislative 
legacy; but there are some jobs 
that a socialist government can 
be expected to do more readily 
than a Conservative one, and 
which need doing. 

One of the most urgent used 
to be summed up by Sir Harold 
Wilson, in one of the more 
convincing of bis standard 
speeches, as the task of favour- 
ing those who earn money 
rather than those who make it. 
He never started on the prob- 

The present Government came 
to office with a conuniunent to 
introduce a wealth tax. which 
Mr. Healey said that he hoped 
\o use to reduce the higher rates 
of income tax. This is an jdea 
that even the Institute of Direc- 
tors is prepared to counteuance. 
but -the wealth tax was botched, 
and <the idea seems lo -have died. 
Later came the Meade Com- 

A* mi 


mittee. propusing an expendi- 
ture -ia:: i:. achieve the same 
objective. A’l'I vne Cabinet 
Minister lias said a .vord abc-ut 
it. So via! is :n still s; antis for n»» 
incentive, and need not. 

Hulling sro.i the Gov- 

ernment's Jack of ideological 
courage. Since 1 discussed thij 
recently. I need only say that 
the heaping o: fiscal privileges 
on owner-oiTt. piers ejes far to 
explain not only the oppression 
uf private tenant- — *' pro- 
tected in a v. ay which has 
destroyed the market — but it 
also explains the fact why 14 
years of interrupted socialism 
have done nothing a: all to alter 
the distribution of wealth. Sir 
Harold's nbjeetive has actually 
been stood on its Head: it is the 
earners who have footed litc 
whole bill for socialism. 

Today’s Events 

Ban on sale of commodity 
options in the U.S. by order of 
the Commodity Futures Trading 

Lord -Allen of Abbey dale, chair- 
man of the Occupational Pensions 
Board, announcing proposals in 
study pension rights on changing 

Commonwealth Development 
Corporation annua! report. 

Statement by Automobile 
Association ” Drive ” magazine on 
driving schools and road safety. 

Lord Mancroft speaks on “Evil 
Communications Corrupt Good 
Business " 2t luncheon meeting of 

. -o -jV- . «!' 

• y v ! v i: .< 

v\y- :; v 

l * ; A - f, 



City enu tttfslmin-ter Junior 
Chamber of Commerce. Cafe 
Royal. Wl. 

Lord Mayor of London attend -s 
luncheon with Institute <">f 
Chartered shipbrokers. Baltic 
Exchange. ECO. 

The Queen ami Duke of 
Edinburgh visit Institution of 
Civil Engineers ;«i Westminster 

Prince Charles attends Captain 
Cook anniversary celebrations, 

Special sestion of United 
Nations General Assembly on 
disarmament continue.? in New 

Financial mismanagement and 
a failure lo tackle the funda- 
mentals look like two very 
different charges, but they both 
have the same . root: Mr. 
Callaghan and bus colleagues 
have never thought through 
the relation between income 
flr>\vs and capital values. They 
will observe antique dogmas 
ami cause damage which (hey 
neither expect nor understand. 
They will not tackle radical 
reforms because they do not 
understand the need for them. 
Uncle Jim seems rather com- 
petent in his viJJage-policeman 
fashion. One can contemplate 
his renewal in office without 
too much dread; but the pros- 
pect is sadly uninspiring. 

Anthony Harris 


British Petroleum i quarter 
li^ure<i. Charterhouse Group 
t half-year). Coalite and Chemical 
Products (full year). Morgan 
Crucible (quarter figures). UB'.I 
Group i full year;. 

Comp any meetings 

Clive Discount. 1. Royal 
Exchange A\enue. EC. 13 i Euro- 
pean Ferries. IVijichesier Mouse. 
EC. 1 Farnell Electronics, 
Queen's Hotel. Leeds. 1. Fejix- 
ttciwe Dock and Railway. 11. 
Waterloo Place. W. 10. Green's 
Economiser. Connaught P.oora* 
Great Queen Street, WC. 12. 
Hestair, Hyde Park Hotel. SIV. i2. 
Thomson T-Une Carawns. Park 
Hotel. Falkirk 12. Toye, Con- 
naught Rooms, WC, 12. 

•: . * • 

- y.y. 




ri‘4* »r,^- 




2323!. ’ A 

Accttirntliig for capital projects 

idif.- . ■ ■ " to steer the CommisaUm, which 

«r — T^Tr-eeCat White T’aper would consist of a small penna- 
m road Obstruction. - and the neoi staff employed to fiaise vath 
finding?: of the Leitch Committee other Departments of Govern 
show that ' the Department of .meat, and to scrutinise major 
Trails pbrtTealises that ail is not proposals. The Commission 
well witiithe-method of appraisal should be separately funde<L 
used for - large capital projects preferably directly from tne 
intbe pubfccsector.Tbis problem Treasury. It and the Parliameo- 
Qtaccouniabilitv is by no means tary Committee would neea 
confined to roads as the -argu- access to experts through co- 
. meat between the steel industry option, fee payment or single 
and the ' Select Committee on project employment. 

Itablic Expenditure demonstrates. Normally a new proposal 
It is by. bow, too difficult to follow? w01( jj 5tar t with a brief, pre- 
tbd’inteiitt6bs:4>f the - bureaucrats _ are£ j by tbe Department 
and.-al^d boririfyingly- expensive j. e sponsible. This would set out 

for ^ ^citizens to ^ aijJls of t&e development and 
analySe^d^rtmeut 2 ili.-j?rOPDsais ■ pul) i] c comment would be invited. 
Mtdi-j»uVilp-,pb'uater ; prOpOsais. via the ■ Commission. Their role 
'^.TaSOhal^bserhaiti is by now wou jd be similar to that of the 
r&^^hlbTiyermls Par ha- WorJd BanK inviting proposals. 
merytafoffiVp'ff.- public- understand- occasionally study bids for 

ingftfcich enables, alternatives .to jor jntenmtionaJ develop* 

be^tssnssed'-and allows efrecuve ^ with bank funds attached, 
scrutiny.' of -in.ajor capital P r °* -Either the Department, or alter- 
- Je^s?ie;they t in roads, energy or nat j ve K, # a subcontractor such as 
oti£fc physical investment. Some- university Research Unit or 
thm^-.'ilojigxthe Tine?. independent consultants would 

dgfenqui .impact study systm enga g e d to assess and yeport 
is^ed^ but it should .ayojd tne_ on ^ ideas received- 

35 DHrelopments under various *5 L2? 

public vacant. 





and raising of objections. These 
'would be available so that those 
interested could see each other's 
comments. Tbe British Standards 
-Institution has used this method 
for comments on Codes of Prac- 
tice and such practices are 
preferable to those of Govern- 
ment Departments which also 
-jnvite comment but do not allow 
objectors to see each other's 

. Interested parties should then 
agree and report on further 
study they want sponsored to the 
Commission. Where accepted, 
the study of the alternative 
Should rank for a “grant in 
aid." The Commission would set 
'out the brief, list criteria for 
future assessment, set out a pro- 
gramme and agree these with 
the Department and objectors. 
The Department or its agent 
would be responsible for the 
■design of. the scheme it favours 
■and the -appellants and their 
advisers would prepare the 
alternatives. The Department 
-would make available all its 
special information ■ regarding 
sites, and their conditions, giving 
"both the Department and the 
Commission the same basic 

To due course there could 
therefore be two technical 
studies, both published as public 
documents, and not subject to 
the veto of the Department. The 
Commission might occasionally 
need to restrict publication but 
only where public good can he 


The Public Inquiry which 
would probably - still follow, 
should be relatively simple and 
much shorter as much of tbe 
work now frequently ar ising 
during an Inquiry will already 
have been done, furthermore, 
the public would have easier 
access to information, currently 
a difficulty. 

The cost of implementing the 
suggested procedure is im- 
portant. Only for road proposals 
is there sufficient precedent to 
gauge possible cosL Alternative 
schemes have been assessed and 
preliminary designs for highways 
prepared for approximately one 
per cent of the capital cost of the 
project. Such a sum should 
allow comparison of alternatives 
and their publication in sufficient 
detail to be of value. Potential 
savings on schemes then executed 
can he disproportionately 
greater. Overall, the Commis- 
sion. should save more than its 

It is important to widen the 
base of ideas.' drawn on before 
major resources are allocated to 
a development and it is perhaps 
even more important that the 
public and rbeir elected repre- 
sentatives should have the 
facility for assessing why and 
bow such resources are deployed. 
The Major Capital -Development 
Committee and its Commission 
should make this possible. 

S. B. Tietr. 

S. B. Tietr and Partners. 

10-24, Macklin Street, WC2. 

£70m £75m £88m £5.2m £3.5m £2.3m 

From any angle ifi r Mm 

another record vear of growth 



Year to 31 st March 





Group Turnover 

Group profit before tax 




and extraordinary items 

t5,1 57 



Group profit after tax 




Extraordinary items 




Attributable profits 




Dividend - 27.5% gross 

f Includes £5PCt 000 exceptional oreilis 




Copies ofthe illustrated Annual Report and Accounts may be obtained of ter 30!h June from 
the Secretary. Nonvest Holst Limited. 35 Chesham Place. London S\Y1X 8H8. 


total capability in c&Rstrajtbs 


•• ~z is - ;-r— T 1 

pmandal Tim« 



ahead £0.43m to peak £9. 65m 


Dnnhill finished the year to 
March 31. 1978, ahead at a record 
£9.65m against £9 .22m after a 
rise at the interim stage from Full-year figures from Reed International are accom- 
£4.2001 to £4.6m. Turnover for p!ua j e( a sharp drop in the dividends and a reduction in 
"" ** shareholders’ funds. However. Reed is sounding slightly more 
hopeful regarding the outlook. Meanwhile. Harley's profits 
are below expectations and the Improvement In France is the 
main reason behind the 11 per cent, increase in profits. Lex 
identifies the treatment of House of Fraser as an associate 
at Lonrho which has added about £5m to Lonrho's profits. 
That aside, the underlying trading performance is poor. John 
Bright shows a significant profits drop though the second half 
did show some improvemenL Invergordan’s profits are 
buoyant and Norwest Holst is also well up. BUton's prelims 
contain no nasty surprises and the market can now loot 
furward to the results of the recent revaluation. 

the full period was well up at 
£52.56m compared with £37iJ3m 
last time. 

Earnings per lOp share are 
shown as 5i.2p (51-lp) and a final 
dividend payment of 6.05451p lifts 
the total to S.71651P (7.SS08Bp) 
net. absorbing £739.000 (£650.000). 

The directors state that profits 
and losses which arise from con- 
verting the opening net assets of 
the overseas subsidiaries at year- 
end exchange rote, are taken 
direct lo reserve*. For the year, 
the amount involved was a loss of 
£114.000 (£254,000 profit). 

Tax took £5. 02m (£4.74m) and 
comprised, UK corporation tax 
£L2Sm (£3.45m) ; overseas tax 
£I.93ra <£i.03m) and deferred tax 
£0Slm i£0.27m). The attributable 
balance came out at £4.32m 
(£4.31mi after minorities £0.3 m 
(£0.1 6m) and after dividends, 
£3.50m (EJ.GSmJ was retained. 

charging an exceptional debit of 
£271,000 for the year in respect of 
a loss -on the purchase of raw 
cotton, and interest, this time, 
paid on the medium term loan of 

Also there was . depreciation- 
£412,000 (£405,000). interest on 
8 per cent Unsecured Loan Stock 
£64,000 (same), and Interest 
received 439.000 (£35,000). For 
the period there was a credit of 
£373.000 from the Temporary 
Employment Subsidy, and a 
£160,000 interest relief grant. 

There was also an extra- 
ordinary debit of £98,000 being 
the provision for closure costs of 
the Preston unit. Last year there 

Alcan (UK) 
loan stock 

Holders of 82 per cent of the 
outstanding Alcan Aluminium 

£0H5m were incurred in the two 
previous years. 

Mr. Christopher Bland, the 
chairman, says the better result 
reflects improved trading condi- 
tions In the commercial colour 
print market, with the Eastleigh 
division making a small profit in 
contrast to a substantial loss last 

The re-organisation of the 
London division and continued 

was a gain , of £89,000. 






Turnover . 20 .H73 

20 699 

Profit before tax ..... 







■Extraordinary debit 





Preference dividend _ 



Interim dividend 






(UK) 9 per cent convertible toon growth in toe Eastern^ 

SMI SMEM S=?“ “L"2 SL2S.-K 

'SSZ&rSSZXZX. S-jsya.-— • 101 

s . ___* n r The profit came on turnover of 

for Monk £■» ws l ss -jfsas 

IV.e.lU'AJUBk m British hands. The Canadian extraordina ry Iosses of £60.000 

TWO NEW non-executive directors £83854)13 stock which is to be relate^ Lo re- 

have been appointed to the Board converted. dundancy payments m the 

of A. Monk, the buUding company Mr Donald Main, finance 

London division. 

Mr. Bland says that although 

in which St. Piran has been show- director 0 f Alcan Aluminium the irW continues to operate 
mg an unwelcome interest. ,l«Ki. said yeslerday thar most ol V® .m«° P h r ““ 

well within its facilities, bank 

The two men are Mr. J. E. the shareholders who had not borrowings are still high and no 
Br water, former chairman and nrivat* indi- 7_._™ WU, ?. S are snu mgn. ana no 

interim dividend is proposed for 

and converted were private indi- 
chief executive of Sime Darby viduals. Compulsory conversion ihe vear * 

Holdings', and Mr. P. W. Robinson, will probably be used "in their Dividends of l rttwiskd were 
a director of Davy International own interest.” he said. nJd in SS-74 whennrofits Sera 

and chairman of Herbert Morris. Mean has applied to the Stock §22*68. 

In Januaiw this year. Monk Exchange Council for a listing, 
refused to accept any representa- if it is granted, dealings will start 
tives of St. Piran on to the Board, on Monday. 

St. Piran owned 20.53 per cent of 

Monk at that time but Mr. William 
Whitrtngham. chairman and 
managing director of Monk, said 
he could sec no advantage in 
haring a St. Piran representative. 
He commented: “All the present 
directors have been with the com- 
pany for a long time and bringing 
in an outsider would upset the 

List month St. Plran’s stake had 

at Causton 

J. Bright 
more than 

• comment 

Despite a profits slump of 
almost 60 per cent at John Bright, 
the second six months showed 
some improvement after a first- 
half contribution of only £101,000. 
This partly reflects the raw cotton 
market where prices fell by 35 
per cent between last April and 
November, but have since climbed 
back by some 20 per cent Never- 
theless. cotton stock amounting 
to £271,000 has been written 
down, most of this coming in the 
first six months. Demand from 
the rubber industry for the 
group's industrial textiles is still 
depressed and there are few signs 
of recovery. The tyre cord divi- 
sion. however, has escaped the 
effects of Goodyear’s switch to the 
continent and Bright is the only 
UK supplier to retain business 
from this customer. However, the 
closure of the Preston plant is a 
sign that the company sees con- 
traction as the only answer. Con- 
sumer demand is everybody’s hope 
for 1978 and this at least may 
help carpet yarns. The outlook, 
however, is not exciting and 
2 ) though the second half improve- 
ment has been maintained in the 
current year there are no signs 
of any permanent recovery.' At 
33p the shares stand on a P/E 
of 9.7 and yield 11.6 per cent 


the Half year to March Jl, “ hiKVflarto 44.000 tonuea S^} 

50.000 ^ra.c.orWjwny-plj^; 
£9S1 v. 43 «„^i final outcome We cutback meant ’vshw,- 

from last year; profit for «ie 
whole of the 1976-77 year was a 
record £2m. They say ™ e con " 

lower wages. 

like other J ^ 

producers,- Le n WckeL wHfchj.fe 

down of demand for^the 

manufacturing . orders 
any realistic forecast. 

_ * months TOe-' e^ty j of the ^^, l 

Turnover for the six. . a An is» n ™>r?rfiW iV ts- enn- - 4 

Near £ltii 
growth at 


Mr. IS. W. “Tiny” Rowland, chief' executive. of Lonrho. 



J. Bright Grp. 

John Crowther 


A. D nnh ill 

Edinburgh &- G 

Kelsey Inds. 

M & G Second 


Norwest Holst 

Reed . IntL 

H. Samuel ... 
machine 44 


Date , 














. 3.34 




July 20: 

-- 1.47 




— . 

a .ss 









July 21 


— ■ 



July 27 












Aug. S 

. 1.4 





July 14 










Dual ... .. 


July 18 

' 2.04 




1 ■ 

Aug. 7 






4. 19 




Aug. 15 




....2nd int. 


July 17 




but :the' directors explain that tne 
- -higher figure arises more, from 
increased prices paid for raw 
materials, than from a greater 
volume of business. And pront 
margins have not kept pace with, 
costs, they add. 

On increased capital from scrip 
issues and consolidation, earnmgs 
per 25p share are shown as S,5jr 

(10p) and the interim dividend . . _ . 

payment is unchanged at l-25p — AS FORECAST pre-tax 
last year's final was l.98475p. in vergordon . ©isfflleah’. XEktMhmy ' 

Net profit was £325543 continued ^to ^ -in ^ sacimd 

(£459.415) after tax took. £457,000 bgtf of Jhe. .ysgr • 

compared with £522,000. . 

Exports continue to be a-nraJor-fiLteo 1 .to : ' £ L5f m for the -period '. 7 ' , 
part of -the sales of the m&nu- |hefuH at - 

"factoring companies and. -the" £2 An -conjisaretT .wifi) £h8faa.7s-r ; 
jointly-owned company In the At 'the Interim rSfilgfe 1 when " 

U.S., BIB Hi-Fi Accessories Inc, reporting an -.hdvhtioe*>frohr'£BAh V» 
is .progressing. to. £L2 3m. the. duectffls.'Mua. -*i»B t" -■ 

The order book of the roofing they expected 'tne;- improvement' 
contractor company is in line to continue -for; the- ret Of'Mu, 
with budgets but the. amount of year.-. ->V.. 

work completed has been Sales for the 12-mii iiBw tww 
adversely affected by the long ^head S3 per,:c«htat'£lfi^art and 
winter. the directors now say .-that. tra iW 

The principal activities . of to date indicated a r "fm iheL- !w 
Kelsey are the manufacture -and- more 'modesty TiKiea^-.In-tt e :■ 
sale of solder, soldering and current.. year.- *•" - y-. ■ 

audio accessories, sea lants and Earnings per ' 25jj.. dMro'*i 
mastic compounds and carries i m-gtMua at 12.44p (7.04p^ and"tt* - - - 

business of industrial roofing ^ ■■ 

J - a 2^338^ (2.02X5^) ; ift.Z/-. - 

. After tax ' of ££ s *“ : 3 ~ 

£470.185 the iMT- 2 -' 1 r ; 

£1.06m higher af r 

• com $ 

Profits at Inveiipirioii^lbitotti 


of industrial 
insulation contractors. 

New insurance 
company rules 
from August 

-U-FS 1 " . ’ 

are . up 5$ 

small- increase- nt- -voimne ‘ 

and slightly ; better : ~ r 

Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip - issue, t On capital 
increased by rights and/or acquisition issues. £G ross throughout! 

and slightly 

NEW REGULATIONS come into exports., c ._ rat 

operation at the end of *»ly ment c9 the ^ 

FOLLOWING A fall at halfway 
from £415.601 to £101,476 John 
Bright Group, yarn and fabrics 
manufacturer, finished the year 

reached 2,695.000 shares (25 per THE RECOVERY begun in the to April 1, 1978, with taxable 

Sieff wins top 
Aims award 

Shutdown fear at Short’s 



Grays inquiry 
chief named 


second half of 1976-77 at Sir profits more than halved from 
Joseph Causton and Sons has con- £1.25 rn to £506,000 on turnover 
tinued with the trading profit for little changed at £20B7m. against 
the March 31, 1978, six months at £20.7m. 

£288,000 compared with a £23,000 Earnings per 25p share are 
loss previously. shown to be down from 5.56Sp to 

The pre-tax profit was £259,000 3.259p and the dividend is main- 
againsT £35.000 and while last tained at 2.42p net, with an 
year’s result was assisted by em- unchanged final payment of 1.47p. 

or —I in., -i: I... 

F riendly'societies 'has' appointed EjS?' subsidies T1,e directors ray that demand 

Registrar _ 

Mr c* ..L £283.900. these contributed oniy for group products became 

air. Murray oiuart-bmitn, (JL. £34 ^00 this time. Interest charees increasingly affected by the world 
as an inspector to inquire into were halved to £113,000 in the wide recession in industrial 
ana report on the affairs or the period owing to lower interest activity. The modernisation of 
tirays Building Society. rates and reduced borrowings. the industrial textile division is 

Mr. Stu art-Smith's appointment For 197677 pre-tax profit of the now in an advanced state, they 

is in addition to that of Mr Ian lithographic and letterpress add. 

Davison already announced. printer was £318.000. Losses of Results are arrived at after 

THE National Free Enterprise 
Award for 1978 will go to Sir 
Marcus Sieff. chairman of Marks 
and Spencer, at the World Press 
Centre on Free Enterprise Day — 
July 3 — Aims for Freedom and 
Enterprise said. 

A special award will go to Mr. 
Paul Johnson, former Editor of 
the New Statesman. International 
awards will go to Mr. Anthony 
Harrigan, executive vice-presi- 
dent of the U.S. Industrial Coun- 
cil .and Mr. Trygve de Lange, 
recently retired . as director- 
general of the Norwegian free 
enterprise organisation. Libertas. 

SHORT BROS, the Belfast aero- 
space company, faces a total 
shut-dowD soon because of a pay 
strike by 1,500 white-collar 
workers, Mr. Philip Foreman, 
chief executive, said yesterday. 

About 600 of the 4.000 produc- 
tion workers have been laid off 
so far because of the strike by 
technical and design staff and 
their clerical and administrative 

The dispute began over the 
widening of pay differentials 
between staff and shop-floor 
workers. A. bonus scheme offered 

to the staff was turned down. 

Mr. Foreman said: “It is.. a 
very serious situation to which 
we really see no ^solution. A 
shutdown could leafl to a loss of 
important component . orders 
from Boeing and Rolla-Royce. 

The Michel in tyre company, 
whose Mallusk, Belfast, factory 
has been closed by a . five-week 
strike by 250 employeesfover dis> 
missal of a shop steward-,, has 
warned in newspaper advertise- 
ments of “the obvious con- 
sequences M for the ^ 2,500 
workers and their families -if ttje 
stoppage goes on. ..... " 

account subsequent develop- atfon of four man -aist£Beries'aiid V ‘ _. - , 

ments and experience. ^ .other properti^ dttm ^ /fbg^ypffr ^ -^ 7 !. 

They require those affected to just ended. _ A" .surplus ' ' / 

give slightly more information was added to ehareh^dm^.fm^ ^iErs ^ 
about themselves and resolve ia last accounts, after 
certain doubts over the applica- exercise at the ? -maih?distiHery fessofe.- : 
turn of toe earlier regu lations . Mm pte, u 2@ K3r :-- 

The information is needed to pany says trading in' the cm3eut"iru>vA ... - • 
enable the Trade Secretary to 
consider whether a person con- : Z. v. 

cemed is a fit and proper person "BWWN 

to bold such a post. to maintain tfef same rale ot TT . %r ^ 

profits . ~ growth.- At ' the -- - -- - ■* 

^hareffi stand ’ofa- .V ic^jiist 1*: i i : ' 

tmder B paKT3’r:_ - . 
though most attention-fe r po?^iy -agiirn— . •• 

In pmtert aeainst prodncdoV Ija !. ; t: ;. . 

cutbacks, some 3,700 employees of pat Hawkeg ^ddeley : hgygatoftl I'-*:: 

Le Nickel in. New Caledonia hare contirpl of. Carito^Jnyec^^pS 
come out on strike. The mariage-Tparent.' ,V» -v vT.'-; lZ ■ ‘ : 


• -■ ‘ ‘ ^ = - - 5--V- .. T , 

. ' • • ' -a issr.z 

iWstCrt'r : 

»82atJ =::;&• 

■ its - : 

: . if*’ 

. .— -.T“ _- ;-*iE* j., '- L -ai- 

■: : •; ■' 

; -^ST A< 


Preliminary Results for Year Ended 31st March 1978 


A year ago the Board made it clear that a period of 
rationalisation and retrenchment was needed. 

The principal tasks since then have been to improve 
the return on existing assets and to make careful plans to 
sell or shut those operations which are either irrelevant to 
the main stream or are unable, for whatever reason, to earn 
a satisfactory return. 

Efforts so far have produced: 

Record trading results in the U.K. of £75m (£5Sm 


A number of disposals realising approximately £40m; 

A major rationalisation of the Canadian business. 

A great deal remains to be done as the real return on 
the business as a whole is too low. It is still a primary 
objective of the Board to reduce the gearing. The strength 
of the U.K. business, a strong U.K. cash position and the long 
term of much of the debt continue to provide a firm base 
from which to tackle methodically the Group's problems and 
to ensure that any further disposals are made at the most 
propitious time. 


Compared with the previous year sales increased by 9% 
and trading profits by 11%. The principal improvements 
came from Paper, Packaging and Publishing in the UJC: 
Trading Profits £m 1977/7S 1976/77 

The Board support the proposals in ED19, but have 
decided to await the issue of an agreed standard before 
adopting them. If ED 19 had been adopted, taxation for the 
year would have been reduced by approximately £5m. 

Extraordinary Items 

The principal items were £23m resulting from the 
Canadian rationalisation programme and £16m arising on 
the sale or writing-down of the investment of shares and 
loan stock of MEPC and the property revaluation in MEPO 


After giving careful consideration to all the issues 
involved the Board has decided to recommend a final 
dividend of 2.0445p per £1 Ordinary Share. This proposed 
final dividend together with the interim, will make a total 
of S.Op for the year, compared with I3p for the previous 


Paper & Packaging 
Publishing & Newspapers 



This is an increase of 33%. ' 

Decorative Products remains a difficult area. An 
improvement in the U.K. and Europe was more than offset 
by reductions elsewhere. 

Against a background of severe competition in Building 
Products, especially on the Continent, and the costs 
associated with the opening .of the £5m expansion at 
Twyfords, profitability has improved. 

Overseas. Africa and Australia did well in difficult 
conditions, but Canada suffered a major setback. The trading 
profit of the North American Pulp and Paper interests fell 
from £llm to nil in 1977. The Canadian losses in the quarter 
to December 1977 have been halved in the quarter to March 
1978 and are expected to be further reduced in the quarter 
ending June 197S. 


The taxation provision is made on the same basis as 
the previous year and is exceptionally high as losses incurred 
in Canada cannot be offset for taxation against profits 

The decision to reduce the dividend reflects: 

The need to reinvest in the successful businesses; 

The objective of a reduction in financial gearing; 

The objective of paying a dividend which can 

maintained in a period of economic uncertainty. 

In the absence of unforeseen circumstances the Board 
expects to maintain total dividends in the current year at 
8.0p but intends to reduce the interim to 3p, a more normal 
proportion of the total. 

Subject to approval at the Annual General Meeting 
which will be held on 3rd August 1978, the Final Dividend 
will be paid on 15th August 197S to Shareholders on the 
Register on 30th June 1978. 

Funds Invested 

Shareholders’ funds fell from £412m to £356m. In 
addition to the deficit of £26m transferred from the Profit 
and Loss account after extraordinary losses there was an 
exchange loss of £30m caused by the strength of most of 
the Continental currencies in relation to a number of other, 
currencies, notably the Canadian dollar. ' 

Loan Capital has fallen by £22m to £37 7m, compared 
with an increase of £l00m in the previous year.' Net short- 
term borrowings were also reduced, from £3Sm to £7m, 
reducing total net borrowings by £50m- At the end of the 
year the Group had cash and unused short-term facilities in 
excess of £17Qm, of which over £100m was in the U.K. 


v:; :.y 

preliminary consolidated profit statement 

for the year ended 31st March I97B 

• . -rf ij-Giis*: , . 

| J riontns t-.naea 1 

31.3.7 7 









2 i.'i 



r .4 





















- - 


United Kingdom and exports. 



United Kingdom 



United Kingdom 




DIVIDENDS paid and proposed. 


Ordinary 1978 aJJOOOp per share 
1977 I3.0000p per share 
Total dividends 



I Vear Ended > .■..dbrl- 

_ J . 313.78 


1 Jin *■ - 

.162 3JL, 

,r-;i*0toig£ :: 


• . i '736.2 v 

. j 


- - 9^. ^ r- - 

9 A- 


xriojj^ < s 

■ " aojr 

& 2 .V 7 Tv ! 


•• -••.47i9"r,j 



1 jfi 40^*2 % h 

- 31A ' 


. . - 52-5 . . 

" ’ *4,, 1 *. ; 


a ;:r 



•• i#;: 

^■/ZA4Sr: if 

-Vf :?A 

: if 


; 2L9p 

^ : * i 


L_ U 


- -»». w.— - 



Shareholders’ Funds 

Deferred Tax — 

Outside Shareholders’ Interest 

Loan Capital 

Net Short-term borrowings 

Fixed Assets 



Working Capital 

Notes: I. Overseas results relate to the year ended 31 December!i977. 

2. Translation of overseas currencies into «erfmg: : ‘.Prefit & Lost hems at 

will at rates at date of aoauisjrionr ocher assets. and llibilirW C appropriate- arerage 

3i jjs : 

- 31JJ7 ; 




. : S6-- v 


50 --- '■ 

:.'V. vTilr? 

I’r-I 1 

• 377.- Vi-—. 
‘ -.if-yJZZ- 


• 'ili 



- '340 -' 




373 - ■: 

. - . . JSSf - 





acquisition? odifer assets,™. Ha 

•- •' • - - : - ' ■ -V- •• 



. ;-• J(| 

j flMBg fetfSM-V-’ .v^-« 


iSijjj : ^p ^PP * 

iw Caw 

‘ r-:*-.a^S?.y.- 

^ -v> ■. _ 

t : : =®fe ; i.w ; :'.',;^- .-v 

l * 0 n ; '^®i^^>- ;t -*;>'.T-Ji': ; 

profit* -.?■•;•; ->••■ V ' • ' : H | 

bS * • •■ .-; ■ ■:•: ».■ 

it 19.78 

> l ^-a 



pnths **. "V 
i. ha{ 

£ r V3/ 

■se u 

sbait *,. 
*> andg/ 


•® w aftfo' 


•on Dtstfc, 
thanks #l 
volume ^ •: 

mar Eins « • 
capita) ic*'; 

• y*ars U w* 
■le and a ®, . 
disUlleij ij 
on stRffl 1 
w .'il nor i-, ; 
)n profit fc' 
p down CB. 
ivatinj; is ^ 
! rom a rent 
inn? the je ' 
rplus of ax 
^holders’ fmj 
» ter a smit 
main distil® 
r don. The® 
in the can* 
siithtly up * 

nay be diSei 
>u:r.e rat? ? 
Al lOlp te . 
a P E o' ff 
id 3.4 per ce 

ration i? ?«&; 
aossibdiues >*. 
ieiey hy 
n— !nvarcori» 


.::•■• .:-p 

* tit ■■•5r£?.^ T/... •■•-..;■ 

■ i a ■ i « a ^ aa/ 


and adverse exchange movements 

. . ■ -.v; ' xevtew or cne (jjiarrman. 

■™r'WyR. Henry, circulated with the Report and Accounts 
‘ %of.Coatsratphs Limited for the year ended 
3 lstDecemberl 977 .- _ ... 


youiT! beha (f J wish to thank all ourempfoyees 
the wprid for- their combined effort in 
;.:^Pff9^?cing a resultfor the year which, given the 

JT^'' Jp (s "Present indications are that 1978 profits j 

i' ■ . • ' i;V 'ti&fe/' maiiIJ Ion otHMifi An ntlif Ihiiia* 4-U^n Sh 1Q77 ■ 

|v $- 

-areas, wasa tribute to their skill arid involvement with the 
Company. . 


In the firstfialf of 1577 there were signs of a downturn in 
trade tn ma nycotintri es a h d th e second half-year confirmed 
.. strife trend t Although opr wo rid sales levels fell only 
j slig htTy f there was a markeddropin thread sales and an 
; -offsetting increase in sales of otherCroup products. 

-s Trading margins generally improved but, with a continuing 
r. ^downward trend iruhreadsales in depressed areas, a > 

• further improvement in margins wilt be difficult to achieve 
'-iff theimmediate future. - ; • •" . 

t>' ■! .V ' 


could be significantly lower than in 1977. 

Capital expenditure will continue at a 
j^^^h^^higrowth areas ? 




rrentassets overseas. 

3’.. ■-■; » ■ :•• • 

s . f . - i - ' .:r ’ 

'v SteeriDg'Committee's proposal, under whicrinp deferred 
- tax provision isrequirridfdr the liability arisrngfropn.caprtai 
-•aUowancesandstockreliefifJn the opinion pfthe 
. - Directo>s,this febi/ity isdeemed^obe inaefiriitely . 

"■" postponed. Weare opposedfo the vi'ewthat a fiabHity caa . . 

'become a reserve merely v beca usejt is uridaited; If ^ 

.. jeminiscent of tits concept thai'bbrmwfng by 
Govemmentfrom other countries somehow increases the 
nation's reserves. . - . } y 

If in a year's time the Chancelfor cancels the liability for 
deferred tax arising from stock relief in 1 973and 1 9/4 we . 
shall take credit in |he Accounts .for the apafopriat/sum. It 
-is heartening that a British S^aricellbr an#h/s advisers have 

nation thiaxarig viflationaryprofits. Brg^l knevvr this years 

Current cost accounting 

• • 7 We have included in the Accounts a statement of the 
effect of the Hyde adjustments bn the 1 977 f igures. I would 
only add tothe Directors' comments in the Accounts by 
stating that a considerable portion of the fixed assets, viz., 
spinning, would not automatically be replacedatthe - - 
preserittimeasit.mightprovemoreadvantageousto ^ 
purchase yam from third parties. For that reason and the 
others expressed iri the Accounts; I am convinced thatthe 


*“■ =, ' iC J,.S.T7 


T37 J I 

PENSIONS •:'w4;' v- ' 

. . '.-On 1 st April 1 978 we introduced a new; f unded pension * 
-Wschem^’with pensions related to final earnings, which 
. v reptact&the earlier sch ernes and offers the opportunity to 
every erppioyee Iri the United Kingdom to opt out of the 
V riewgbvernmenteamings related pension provisions. This 
. ■ mean s that w e are working towards a situation in which 
. 7 everyone who jomsthe new fund, from the most junior 
-' v employee, weekly or monthly paid, to the members of the 
-tBoariyirill have equal rights to pension related to their 

e^crangs.-,, .. .. . 

P, - Pension terms arid conditions in the private sector a re in 
l etaritcbritrasttothe blank cheque issued iri 1971 iri the 

tviiiiyuaucACu iw T 

employees, arid adopted by the nationalised Industries. 

- Whew^§u^i pensions are funded, enormous actuarial 
deficits must— and in some cases have been admitted to — 

- v existIThegedefrcitsand the increases in unfunded schemes- 
' haveto bemet by the taxpayer orby price increases levied on 
-i consumers by monopolistic public utilities. It Is invidious, 

t6 say the least, that employees in the private sector must 
help’toprovide index-linking for others, a benefit which 
ofteitcannbt be afforded for themselves. In as far as public 
'• sarvipb pension schemes are funded, they make availabfe. 

■ lar^ilirisipt investment on the Stock Exchange, which is 
i ript overburdened with new stock issues. The aggregate 
irivdstriiie'rit of the public sector pensionfunds in the 
X private sector could, under certain circumstances, be. 
unoqmf ortably high: - 


essential if we are ever to become competitive. 

Perhaps rf, when the level of unemployment is under 
discussion, it was customary to add to the conventional 
figure an adjustment in respect of the level of overmanning 
that exists nationwide, the figure might be so horrific as to 
ensure a realistic attitude to the true depth of our national 


Any apparent dearth of invention in the United Kingdom 
— or perhaps' more accurately, the failure to exploit it - 
could have various origins. First, the inventor is not 
necessarily an equally good entrepreneur. Second, funds 
may tiotalwaysbe available to the man with a good idea 
: capable of exploitation because of the serious disincentive 
to Jake risks.posed by the present rates of direct taxation. 

We, like some others, believe that large companies have 
a parttp play in assisting such exploitation of British 
in vomiqns. We are therefore willing to assess the viability 
of any idpa or product, if its development would involve 
oupexisting technological and managerial skills. 


: Trading conditions in Europe «n the first quarter of 1 978 
are not good, with Italy and Spain being particularly 
depressed, and there is no immediate prospect of 
' improvement, in North America margins in home sewings 
/;. remain poor. Latin America, Asia and Australia are more 
buoyant but conditions in South Africa continue difficult. 

in the United Kingdom bookings of yarns and fabrics are 
down, but some improvement may be seen in the second 
> half-year as a result of the Multi Fibre Arrangement 
1 negotiations. In handknittingsthere is evidence of a swing 
in customer preference towards yarns carrying lower 
.. margins. Garment sales, wrfh the exception of children's 
. wear, are ahead of 1977. 

As the most depressed markets involve Coats, our 
largest and most profitable Division, present indications 
' are that 1 978 profits could be significantly lower than in 
-1977. *• 

. : Capital expenditure will continue at a high level in 
' -growth areas, and expenditure on modernisation will 
- remain a high priority. The development of new products 
■end activities is being pursued energetically and numerous 
.projects being investigated look promising. 

The following are extracts from the Directors' Report: 


;• The Directors recommend a final dividend of 2.0972p 
'per share which with the interim of 1.1603p already paid is 
the maximum permitted. 

If the 1978 Finance Act confirms thatthe standard rate 
.of tax is reduced to 33%, it is recommended that a 

supplementary final dividend of 0.031 7p persharebemad© 
payable together with the interim dividend for 1 978. _ 


An analysis of the movement in world sales between 
1 976 and 1 977 is as follows 

1976 Sales £615,019,000 

Less decrease in volume 8,717,000 

Add price increases 

Less exchange difference 
1977 Sales 





77 1.518.000 


World volume decreased net by 1 .4%, while selling 
prices increased by 1 7.1 %.The downward movement of 
other currencies against Sterling reduced sales by 1 1 .7%. 


Trading profits rose by £7,935,000, or 1 0%; after being 
reduced by around £1 4,000,000 due to the weakening of 
overseas currencies by the et)d of 1 977. Pre-tax profits 
increased by 9% to £83,233, 0p0 after absorbing net 
increased interest charges of ££,1 03,000 and a reduction 
of £1 ,365,000 in profits of associated companies. Income 
from investments and sundry income increased by 


The reflected rate of tax was 41 .9%. Deferred tax 
amounting to £6,963,000 was charged in respect of 
United Kingdom capital allowances and stock relief, and 
£5,1 69,000 in respect of overseas tax allowances. No 
provision is required for advance corporation tax not 
immediately recoverable. 


Earnings for ordinary shareholders increased to ' 
£40,775, 000 after charging £1 .970,000 for extraordinary 
losses of which £1 ,733,000 was goodwill written off in a 
subsidiary company now liquidated. 


- The three main product groups of the Coats division are 
—home sewing products ; embroidery, hand knittings and 
crafts ; and industrial threads and fasteners. These groups 
accounted in 1 977 for 86% of the division's turnover and 
89% of its profit. Overseas markets accounted for 91 % of 
the division's turnover and 92% of its profit. The division's 

4 - 

sewing and handicraft thread sales were 5% down in 
volume compared with 1 976. The diverse geographical and 
product spread of the division produces a balance of 
strength which in 1 977 ensured that it recorded profits 
ahead of 1976 in total, in spite of difficult trading 
conditions and a temporary weakening of trading 
currency in terms of sterling towards the end of the year. 

The managerial objectives of the division throughout 
1 977 were concentrated on maintaining margins and 
broadening the article ranges in each of the three main 
groups. Trading profit margins for the division as a whole 
increased slightly over 1 976, a reduction on home sewing 
products being compensated by an improvement in 
margins in the industrial thread and fasteners group. 
Geographically a significant reduction in sales and 
margins in North America was offset by higher profits in 
Latin America. Margins in Europe and Australia improved 
slightly, but in Africa and Asia they were notquite as good. 

The turnover of non-thread items continued to show a 
satisfactory increase. The division spent £14.6m on capital 
expenditure in 1 977 and anticipates spending £21 m in 
1 978. The 1 977 figure is additional to the acquisition of the 
24.9% interest in William Prym-Werke A.G. reported last 
year, and of the entire share capital of Rotax Razor 
Company Limited. 


1 977 saw a further improvement in all sections although 
a sharp downturn in the last quarter has leftthe division 
with under-utilised capacity, mainly in the synthetic 
spinning mills. 


Jaeger had another excellent year with turnover up by 
25%. Strong demand for its products continued in the 
home market ; the growth in export markets was also most 
encouraging, particularly in Japan, which looks like 
becoming a very important market Laird-Portch took full 
advantage of the fashion swing to tartans and turnover 
rose by 40% with a corresponding improvement in trading 
profit. Country Casuals greatly strengthened its position in 
the market with an increase in turnover of over 50%, and 
shop-in-shops are now firmly established in many of the 
country's leading departmental stores. 

Children's wear had a difficult year affected bythe 
generally depressed economic conditions and the poor 
summer. Nevertheless, turnover of UK manufactured goods 
increased by 17% and trading profits, whilst still far from 
satisfactory, showed a substantial improvement on the 
previous year. Pasolds' subsidiary in Canada made a loss 
and this operation has now been closed. 

In the Knitwear Group, turnover increased by 50%. 
Manufacturing capacity isbeing expanded. 

Garment sales by Bond's Industries in Australia were 
marginally up in volume and profits continued to improve 
from the very depressed figures for 1 974 and 1 975. 


The Hand Knittings division had a much betteryear, 
benefiting from considerable growth both in its UK and 
export hand knitting sales. 

Against an overall volume increase of 25%, the division 
doubled its profits in 1 977. 


The exports of the Group from the UK in 1977 amounted 
to £59,960,000 (1976 £ 51,591,000 ) of which sales to 
parties outside the Group amounted to £47,144,000 (1 976 

«r Hit 'X 




$ . / §■ , ■ [: < 

■ ii. ?p 

i . ■ AnorneFnearteningTaviia 

{ today oitfie need for an increase r n ourproductivity to 
-achieve a prosperous Britain. The lack of it has eliminated 
Vour advantages of lower wages and a weak ppund which, 
v Instead of making us one of the richest countnes i n the 
' .world, were used as softoptionsenablmg us to muddle 

, ^^Guriow productivity is oftin blamed on lack of 
•investment, andm some instances this probably true. • 
y Investment would. be fruitless, however, rfpr°duc?rvity 
r equal-tb ou f competitors' was notachieved, and this fear 
jnay : be acting .aa a disincentive on-many businessmen. 

" so.thefeartian only be eliminated through frank and 

; open discussion's, preferably conducted between each 
company and its Employees, aimed at achieving 
-h. productivity parity with our competitors. Acceptance of the 
' need for tower labour costs per unit of production 
• coincides with a period of world recession and, because or 
) this, its fulfilment is bburid to increase tne level or 
•/unemployment, atieast initially, A ° f . 

andcorifiderice inthefuture /s required to face this, but it is 











Assets employed 




Profit before tax and loan 

interest - 




Profit earned for Ordinary 

shareholders before 

extraordinary herns 




Earnings per share 




Ordinary dividends including 

income tax/tax credit 

4.9 4p 






’>■; ** ft /if % J 1 ^4“* yiftjk **’a6 -• .. 

^ '.&3 --L z) BV ::3 - . i,v*- A i v ■ ■■£ 


^ 1^. 

J E'JS2 

Coats Patons arethe world's biggest threadmakers and leading 
producers of synthetic and spun yarns, operating 163 manufacturing 

and confidence in thefuture is required to face th.s.bunt is r _ _ • . . 1 « n nA n . 

units in 30 countnes and employing over 68,000 people 

Ib lbs KK atoflit WS'ara beblad sucb famous names as Jaeger, Country Casuals, Donbras, Byford,' Driver, DaUnith, Ladybird, Chilprufe and Baby Chic. Wa are ia general textiles with West Riding Worsted and Woollen Milts and John Hcathcoat. Our other products include diecasiings and mouldings. 


Financial Times Thursday June 1 1978 

Overseas boost gives 
Marley £7.5m. halfway 

Norwest Holst reaps 
benefits of 

UK PRE-TAX profits of Marley 
fell from £5. 22m to £.0?m but 

the properly side profit came out WITH 
at £100,000. reducin'; the loss ahead 

Lonrho 8% up 
so far 

r.r TURNOVER 30 8 per cent chairman, told the annual meet- WITH greater efficiency enabling Another major investment v =ts period last year. On file capital 

j frnm C373 ..jr, to £73-« 6m. ms- Norwest Holst, civil engineer and £2.25in in new plant for the expendiKirc side the company 

r T ariiTpri He was confident that share- building contraelor, to improve wholly owned earth moving sub- plans to buy more housing lana. 

nvpMoic nrnfita M BOARD MEETINGS ..--,1 t., rircannn <■. T ai 4<7t>ri He Was comment mat snare- ounoing conu-jcior, to uuprovtr wamiy ownea earui moving mid- pom to uuy u.»*s 

DU inttninvia brought forward to HUS. 000- pre-ias profit of Lonrho ed P ed pleased margins from 4.6 to 5.8 per cent, sdiaiy. John Jones (Excavation ). Spend more money on plant and 

^ a . 1 " 5t J?\ i £ m 3X111 1,ft ^ lhe * ot ^ „ T* companies taw notified Eaivimg* per fop share are shown g per cen[ hich er from £39m to {J.ifE e E e results /or 1978 pre-tax profits for the year to Baste earning tor the year are make an acquisition in tile current 

figure for the Six months to April dates Of Board meetings to Ute Stock at 0.a2p fO-jp )- tji im ijj the Hlarch SI, 19iS. half- March 11 107a were lifted 47 minted nr 9Kin n7ani and fnliv financial vear At a closing price 

30, 1978 from *6 7Bm to £7 54m Eacbansc. such meetings are osnaiir \ train no dividends will he paid. ,n u i. lhe Board intended to recom- nlarcn 51. 1S7S. were miea 4/ stated at ZR-3P (17.9p) and fully i Mr - ." l 5;,,,*^ 1, 

ProBte for thn u-hni. „7 tho top ,be "W* “* considering dwi- Thp ladies* cloth in e nraMrtv > var - mend a substantial increase in P er cent from £3-S2m to £5.17m diluted at 22.5p fl4.7p) per 25p of 96p the fuHy dduted prert 

n-outs for the whole of the ™* ,atlies clothing, property „ includes associate dividend , 8 „ as it was on a 16 P** Wfnt in(:rease » turn- share. The final dividend is 4.673p 4/1 and the yield Is 7.5 per cent. 

•“** ‘ over. gross for a 6.S75p (6.25p) total. 

1978-77 year were down from a able ‘whether* dividends concerned 1 ” are development 
peak £17. film to £15. 36m. Imcrlm* or finals and 

bales for the half year were ESSm? b “ rt 

ahead at £118.14m (£J02.97m). and ri “ r * today 

comprised UK £74.15m (£62. 19m) lnr»rlm«:— Ctunerbous*- Croup. T. 

and overseas £43#9m (£t0.7Sm). Cow*- Plvssunma. j. smart tc 00 - 

First-half earnings are ahead b” hU. Wolvertl3n;,woa * nA 
from 5J.p to 5.4 p per 25p share Finals:— Allda PackajflnK. Berkeley 

ana the Interim dividend is un- Hambro Property . Brown Shipley. Capper- 
changed at lp net absorbing NeUJ - Chapman . Baibaim. coalite and 

£995 000 (same) lair year's final Chemical Product*. Comben. Chnrchbury 

years nnat Doranakandc Rubber Eaaic*. 

payment was 1.49043p. Gough Bros., Mounrvievr Embics. 

Marley is an international group Norm and Ele.-rrfcal. Sanger*. Tanganyika 

concerned are urtriuiwirni *nu lutunurui .. . _ . 1 — - — — . -- 

the sub-divisions group last paid a 0-175 p interim con tn but ions of Hot. 3m 1 ici-4m). permitted to do so. 
mainly on but u, 1974/75. and profit £11. 3m (£1.4m) from 

25% rise 

this source. Associates include 
lhe Nigerian operation following 
the reduction in the holding m 
John Holt from 60 per cent to 40 
per cent 

Directors point out that because 
of the continuing increase in the 
contribution from UK .-ounces the 
£18.7 m i£17.2m) tax charge can 
only be estimated. The UK 

£10.4m at 
H. Samuel 

Some £1.3Sm (including an ■ 1877-78 tsnvn 

exceptional item of £600,000) of -mnom- 
tbe profit advance came In the Trading profit . ._.!”T 
second six months: the midterm Exut-pmmaJ Dents 

increase being £282.000 to £li54m. beforB 

Daring the year the company Net profit I 

reorganised into divisions res non- Minority profits 

siWe for their own geographical at ’ wis — 

of twmpanies manufacturing and w - Wto,eteT ' A 25 PER CENT increase in tax- ®f ^t v 

selling products for the budding future dates able profit from £387.000 to r1?„i 0 »L h aV e‘ 

_ share of profits was substantially pQRECAST in January tax 

ear. they say. 

organised specialist services. This Leaving 
contributed to the year’s success _ 

. by enabling the company to work ® com men L 




73, ESI 









• 1.687 










£0.6m jump 
at M & G 
Grp. so far 

Six mouths 

Flex? Uo Castors and Wheels . . 

. June 14 



Hanson Tni« ....... 

. Jone 




Srorlioa Trust . .. — 

. June 



... 11S 130 

102 971 

Uoltcd 5prbw aod Steel 

. Jane 




62. ISS 





Bankers' lovestmcot Trust 

. June 


Trading; proBt 

9.1 El 


Bniisb -Tar Products ... 

. June 22 

Interest payable .. .. 



Evans of Leeds 

•line 30 

ProfH before (ax .... 



Fortnum and Mason . 






Jermyn Investment 






Leluh Interests 

. June 





(jsrker • Thomas 1 . . ...... 

. June 





Trldaot Croup Printers 

. June 


...... . ... 



CKO internal tonal 

. June 


.NVt protU 

5 673 


VI w Forth iDvescraem Trust . 



To .minorities 









at £2.I5m taxable profit of 
m and G Group (Holdings), unit 

._ - able profit of H. Samuel, multiple g"™ reonng wren vne ureaier emciency and improved managers jumped from 

Jmt „ «u* . u jounce, * dm*, jsgstts it u ‘ stod ” $£ STSJPSSS! Ju." SS“ SHCLS £.5 “S " lbe Harrt 51 - 

isafg £E?«3SM ggSg£Sl SSSkSS*= 5= 


^“ihe main activities of the dividend s normally declared in 

See Lex 

See Lex 

Kwit-fit chief 
sees further 

ports rising to £1.3m. 

For a/I the previous year, pre- 

a . ,, . tax profit was a record £826,000. 

As reported on May li. pre-tax on ^ les of £8 ^. 

PT°*S* for the year to February After tax of £234.000 <£184.000) 
28, 19 J ' 8 ; n ™i r0m , £ ? 13, ^ 8 . J to ® first-half net profit was up from 
•word £947.076 and the dividend £203.000 to £251.000. The net in- 

Hanger Inv. 
off to 
good start 

sjsrwas ^asaAssp^Ka * lS-jt-elt?: 

seas "areas° which "tiieVixectors has a significant investment Ln ^ he fro fit reflects _ the heavy 
_ . „ „ . hope will eventually bring about Europe and overseas but the profit <eraand for uni to wnicn oecan» 

The foil year resultw subject a better geographical balance to contribution from it is negligible, evident m the second half of last 
to tax of £3. 18m (£3.72m). After the business. They have also Thus the margin improvement 5®ar. and which continues up a 

e ?S^S^ liary ^ ed,ts " „ , taken action to improve this must have come ' from the UK t* 16 present. 

(£99,000) profit came out at balance by expanding new areas operations. During the year £l.lm The result is subject to tax of 

1732m (£5.39tn). of activity. in convertible loans were con- £456.300 (£211,755) and -earnuigs 

Earnings per 25p share are To support this expansion In verted to equity. Some’ deben- per 5p share are shown at 6.76p 

shown at 34.72p (2S.4p) and a the last two years more than tures were paid out and the gear- (2.51p). The net interim dividend 

second interim of 8.5p lifts the £3.5m has been invested in new ing ratio was reduced to 0.86 is up from 1.3 /bp to 1.5l2p. Last 

total from 7.5p to 10p- . equipment for Keyplant. the to 1. The order book, at £80m, year, a 2-0S4p final was paid tra 

Direct ccs say expansion con- group’s plant hire company, is 27 per cent up on the same taxable profits of £L53m. 

tinues both by additional branches - 

and the extension of existing 
units. There has been an encour- 

me per 5p sfaar 

year-end decreased by £298.655 fl =nj n 
compared with a £243.790 


Meeting. Abercorn Rooms, EC, 

During March and April, sales T 
at the tyre and exhaust fitting June at noon- 
stations of Kwtt-FU (Tyres and 

Exhausts) Holdings showed an PrtSlv Pppl/ 

increase of some 50 per cent on L UllJ L CU\ 

last year, says Mr. Alec Stenson. 
the chatnnan, in bis annua] 

This trend is expected to con- 
tinue, he adds, and he is confident 
that this division will show a 

current year profits from Hanger A one-for-one scrip issue for 
t£ director, consider .he re- “ed 1 . 0 h«°hSn'!lSiw 

!tewor Ve ar fa« M th« M d& th! Period last year, Mr. P. D. Adams. The company has dose status. 

period the group absorbed the 
start-up cosrs of several new ven- 
tures. which wili contribute to 
profits in the longer term. 

Provision has been made for Full 
taxation, although lhe board con- 
siders the actual amount of lax to 
be paid will be substantially less 
than This. 

First half progress 
at Carr’s 

Sainsbury planning for more 
store openings 

I !. 

recovers in 
second half 

pping to a £23.000 loss . They add that an important H [ GH ER PRE-TAX profit 
-hair pre-tax profit of licensing agreement £436.000 is reported by C 

lUnidmni nnHnri th<> hppn coneiutfed with tbo UKAr.A s uaiin« Industries for th< 

After dropping 

further upsurge in profit. The j n the first-half ... . — , — - , . , 

group's Dutch subsidiary. Van Polly Peck (Holdings) ended the been co n cl uded 
Rooy Dorsrhan 

garage and 
merit, is 
and given 

Holland, the cnairman iceis mat mere n« .rv'",". 

it should show further improve- ■ £18.000 1. and after writing back being established to deielop this 
ment during 1978-79. a £163.000 provision for losses on invention commercially. 

of to trade well and although they 
Carr's >ay it is too soon to make a 
the 26 definite assessment it 


J. Sainsbnry has a further A current cost statement with and' when real economic growth 
139.900 sq ft of sales area due to accounts shows the pre-tax profit comes, it has a sound base from 
open in eight locations In the UK of £27.5Sm (£26. 18m j reduced to which to go forward, says. Sir 
this year, compared with the £22 34m (£20 .9 7m) by additional’ Frederick Catherwood, the .chair- 
130.600 sq ft opened on seven depredation of £5.51 m (£&27m) man, in his annual statement, 
sites last year. arm a net cost of sales adjustment Members are told that the 

Mr. John Sainsbury, the chair- of £281,000 (£658.000), offset by market for private housing has 
anne ,., man, says in Ids annual statement a £0.55m (£0.71m.) gearing been more encouraging, and there 

that while the number of stores adjustment may be some expansion m the 

Following the tax changes in total UK market, yet conditions 
the Finance BiM directors plan are still very competitive and are 
paying an additional dividend of likely to remain so for some time. 

rm ^ O.OfitHp in January, 1979. along As reported on Ma? JO, taxable 

gramme shows a greater number "ith the interim dividend for profit fell from £9-27fn to £9. 07m. 
of store openings in 1979-80. 1978-79. for 1977, on external sales of 

Contracted and authorised cam- Meeting, Connaught Booms, WC, £l90.06m (£1 66.14m). The dividend 
tai spending for the current year 3 at noon - total lifted to 2.7923p (2^p) net. 

is Shown at £33m against £3lm , On a CCA basis, pre-tax profit- 

last year. MallinCOIl is reduced to £8.39m, after adjust- 

iVidimnUH merits for depreciation of £0.73 m. 

cost of sales of £0^9m, less gear- 
ing of £0.74m. 

A geographical analysis of turn- 
over (in per cent > and trading 
profit (in £000 k) shows: UK 66 J 
joint venture with British r . (69.1) and £S,9S6 (£8.616), other 

, , J for thP pvnansion canuy from mat appncanie to me r P _ f , m ~j nrere-a ' larnpd on ' the Home Stores. 78,600 -sq ft was Although an expansion in the EEC countries 5.9 (8.2) and £429 

THE DIRECTORS of Percy Billon, sharply reduced provisions and opportumtits for the ^pan^on Wl , cks cndcd September 3. 1977. ^on interest cara^d on ^ the one sl0 re last year and total UK market may not have (£173 loss), Australia 6.4 (fi.o) and- 

property investment and develop- the shares eased 3p to IJOp. The dulMons as and when they when £50rH)? was charyL .d from U-fflle aISi?in2 Court approval on another will be opened in Kent a dramatic effect on this year's £321 (£527). Par East 38.1 (IS) 

ment, and civil engineering group, year s results hold no other sur- occur £719.000 profiL JapiVa! XtioSme this year with 65.700 sq ft of results of Mailinson-Denny. the and £2^H (£3,363), and US. 2.7. 

report taxable profits for 19u up prises, and lhe market w ' nov; dialed l.r-,t na f nmxs P Prolix* at a satisfactory level {*,“ {jarch 31 Court sanction was sales area, A further 153,300 sq ft international timber group has (0.2) and 1285 (£14) respectively, 
by 1033m to 6.74m on turnover be ’^oki ng a bo-id to nubhea cion W*™/* are w_ 3? P and achieved by the company* rt .,; t . ivPd whereby issued capital on two sites is planned for 1980 demonstrated its ability to with- Meeting. 130 Hackney Road, E, 

of £3 1.69m against £30.1 m. At the of the groups account when it 0 ».p for the 19.h-, . >ear. Tnere Stlb .,id, a ries engaged in flour mill- reduced by relumin* to and 1981. stand downward economic trends Jane 22, at noon. 

inltrim pnfltt tnr. PgKgSi # LJS ZiSXXfUtlSi !3L..?»SLJS» SB***? « iSi^SlJSr SSSfe* S 

Slower trend for Bilton 
in second half 

After i ax of £237.000 (£195.000) 
net profit for tbc period was 
£219.000 (£181,000). The net in- 
terim dividend is raised from JlCUUkil 
0.$8p to 0.96p per 25 p share— last - , . j j 

year's final was l.Top. dlVlCaenCl Mr. Sainsbury says the group * 

The directors say that estimated s . f - tn »» h test year increased its market 

lax is shown at a2 per cent of surplus tor me jear in niarrn — . r ,_ — — j n — 

taxable profit for comparative 
reason* only, while it appears un 

of Surplus for the vear to March ^;ir mcreasea ns maiwer 

3i. 1978. of Alexander Stephen share for rhe second cortSMUtive UeiUiy W€ll 
. ^ %e -mri Sons came out at £62.272 year, with an increase from 6.9 per -» 

reason* only- « hde it appears un- . , la t ti r ’ cent to 7.S per cent in two years. | j 

likely the rate of tax charge for ^ut the directors *po in t With its SavaCentre hyper- maCCC! 

the current year will differ iigniU- . . i ar a„> v resultant market joint venture with British “ 

■:r ■ 
<•' . 

adding 50 per cent to its ware- The 

jumps midway 
to £155,005 

house at Exeter ancl extended 
facilities at Heywood Industrial 
Estate. Lancashire, which gives 
Hadflelds in excess of Jm sq ft. 

A substantial part of this new 
facility Is already committed to 
customers and further contracts 

stantial losses on housing con 
tracts, the directors add. Follow- Y} 

ina the thorough reappraisal of V^HVCi IXlA 
these von true ls. they >ay it is 
clear that most of these losses 
arose, from buildin? work done 
prior; to December 31. 197C. 

In, lher-c circumstances, an 
amounl or £000.000 being the 
estimated losses attributable to nF rt . { ,.„ P R i, r rt( . , hP are being actively sought 

prior proceeds after deduction of ^ 

l%JT° p £T n SCSE? 2-.IS ^om nuu to £155.005 

relief njs been innr->ed 3-.3Jnst jtirnn\»'*r nf "Hn) a'^insi 

1,01 £l ;{ -58m and has been achieved in 
™nr« OCale lheS ° ossej> spile of (he group's continued re- 
o er pri.r years. organisation and consolidation of 

• comment it* motors division. Prelit for the 

Bilton warned at the half 
stage that it would hare to 
further loss provisions a 
housebuilding contracts dating Mr. .' 
back to 1970. In the event the chairman, 
group needed to write-off just confident 
£600.000 of the £ 1215m ir had further 
forecast ear'ier. But the market second 
was in no mood to applaud even group 

11% growth in Home 

Coats Patous to spend more 

P- .COATS .division -of-wexe .iancentrated in the - UK_ .The -minimum — Lncestmenwi’ 
Coats Patons expects capital reflecting, particularly, a sizeable £1500 and the maximum £15,00f 
major sectors of the The company is paying a O.B6p spending to reach £21m this year improvement in the garment divi- or £30.000 if investment is mad? -■ 

house capacity with a, new ware- group's business are continuing dividend, the first since 1965. compared with the £14 lm out- sion. Here, the Multi-Fibre Agree- in joint names. Age limits art. • 

layed last year. This figure ment fs regarded by Coats a* a between 20 and 55. As exarapld 
excluded the acquisition of 24.9 matter for satisfaction but not for of the returns available under this 
per cent of William Prym-Werke euphoria. At 74p the yield is scheme, consider an investor agfc 
and tite whole of Rotax Razor -6.6 per cent, with cover around 34 putting down £6.090. . At tr , 
. Company. \ - r , -. Twice on a fuU current cost end of 10 years he «raid>q>et • 

vvflFlfl rt/Q I 91>01B’B*0 Rotax, which makes surgical accounting basis- on current Interest rates tb tev, 

v3vl V liioUl dliJlL t scalpels, has already made a valu- 

_ . ' „ . , , , . , able contribution to expanding 

Premium income on all life balance of 120;!. <66 stock will be t h e base of Needle Industries' 

bUM’ness transacted by fhe Home taken up by the underwriters. surgical division, directors say in 

their report with accounts. 

Overall authorised and com- 
mitted capital spending for 1978 
is shown in tite accounts at 
£24. lm (£13.7m). 

W- A R- Hen^the slys Royal Insurance and BritanUta Gateway bflJ 

in his annua) statement that 197S Building bodety have combined tt wllJ 

Th.\ n t-u .... 1 1 .^ n . , 1 . . i...... tn rldcclnn a npw himtl Slim 

M q ri 1 bUM’nca* transacted by the li 

fi r ,3£CQnCl S^relce Insurance companies rose 

by II per cent la-i year to a 
T"k___| r T , K».r-4- record total or £t.26bn according 

UUal X illSl 10 figutVii published by the Indus. 

trial Life Offices Association. 
Taxable revenue oT M and G General insurance premiums 

cent to £533m. 

ilf-year ru ^ 1976-^1 year recovered from Second Dual Trust climbed from increased by 10 per eei 
1 make two years looses of £460.000 to £667850 to £705.672 in the May Home service in# 
3 gainst £132.920. 31, 1973 year. Tax took £257.393 where the companv’s 

n#niranve is 
nnunl nllj 

Good order 
position at 
Wood & Sons 



, J%397 hr his building sot# 

- account plus . tbel flSO . tjqiiu,' 
Assuming current bonus rates 
maintamed ' he . would xeces 

£8^79 from ’-Ms endowment jmh? 

..•Oir tdp of this hra tax rtlleff 
' the existing system would amOM 
. to almost £1,000. \ 

TTiisonnouncemcm oppeorioso meateref record only 

U.S. $50Q000,000 

Medium-term loan to finance 

BOC International Ltd’s 

100% ownership of 

Airco, Inc 

provided by 

Bank of America NT & SA 
Bankers Trust Com pany 
The Chase Manhattan Bank NA 
Citibank NA 
Midland Bank Limited 

Morgan GuarantyTrust Company of New York 
National Westminster Bank Group 

Pearl 10 Tun-iall and 
A durance Collectin': Si 
:i<:vnur.(.> for ov 
all indUftnal I 

Premium-. frorr 
branch bu*:ne?« n-- 
c.-n: to £>!3m. : he- -iru time (hat 
or -miuni< on ThN tvnc of biisin*'*-? 
ha- exceeded £.>w.m. in ili«.- 
o r d:nar: branch. jiremium> ro»c 
bv j -imibr amoun: to £747n:. uf 
which regular premium- 
amounted :o lMJlm. .single 

indu trial number or buyers, 
by 11 per 

bookings are down but some under a" 10-year with-profits either two or three 
improvement may be seen in the endowment assurance with Roy a), b® “tenthly and v 
second half. Garment sates, with Thus at the end of the 10 ^ years '* nent Uatewajrs existi, 
the exception of_ children’s year, the whole of the original capital^ ^ moome snares. ' 
are ahead of 1977. has been paid over to the endow- ar ? a m ' 

Meeting, Glasgow, June 23 at ment policy and the investment 
n00t1 ' in toe building society consists of ' jj e lecffiS»jr ^bills 

After tax Of £47.631 against O Comment ^ 

and General 

in the building society consists of „ 
the inlerest accumulated on the ^terest'on'the two-J 
n»,rct nn ding sum in the account .rSluMiSL/i o« * 
the end of 10 years, the IffiSf 
investor would receive the _ t „ ^hieh at Dtes* 

uiw interest in his building society -3S TSuS^i^Sdir n&i 'Xne 

brtn-jh— -£lm i-j: h day — and in — < ■'»< 1.HO4 10 £521,441. worst bit so far. Meanwhile the account to which would be added pg r cent above investment share 

me ordinary- bran- h payment. includes £71.954 from accounts show that stocks rose a special bonus of £3 per £lfl»0. of rate.’. 

“>-ro -4 14 in la^i year a:iiinM. s v ly rt f a subsidiary, a £15,000 jwo- somewhat last year in the face of the initial outlay, plus the The- minimum investment bi»S 

£«.4m m l!i.h. -.T>:on for loss in value of invest- a disappointingiy low volume of maturity value of the endowment been set at £1,000 though addi- 

(j nn invesimejir income from nivnts and a £15,000 transfer from offtake, but gearing remains very assurance contract. In addition, tional sums of £500 or more fin 

Standard Chartered Bank Limited 

May 1978 


ti became apparent last night 

companies canribnicd £7SUm iu 
new mvcrinifiir !a ; year. 

Ti. E. Hollanri. .-h airman of 
’he a,-‘.^c:5;ior.. sirrsod that it wa.- 
ur->r. the ojrnio-. fmm ihc-v 
invcalOH-nl.-. wiuL-i;. plac.-d and 
u.nnamp-.-.-ed by - Interfervn-.-v. 

tear til* nonu:e- allocated to that a considerable amount of 
?v;.:.’;.nr.!:!erj ricj '.-.-.dert. Good interest was being focused in the 
bor.uv.-s v ere a vi:.:l elemen: in market on the Bramah placim;. 
a.::racfini _ vu.'ur.:..ry savins;.? Bramall. :i Ford main lealer. 
tnrou;h life a->run.nce. ha^ come to the market with a 

Trnnrr-r ^ . placing of 1.33m shares at 73p 

TEBB3 I T RIGHTS each. The jobbers have evidently 

- “. had a lame number c-f inquiries 

reTnnrii^r ■!!!?* 7'7 hl ,' , ’ I ' UC of -titer stock. It now appears teat 
!l-’ nse '‘H r, - d ll,c 'bares are likely to develop 

L^dn "LulK 1. s., iu- hci-n taken a material premium when deal- 

LP a, 10 U: p L( - vent. The Mart „ ext Monday. 




. J ;- .i> . |vr • , ar 

"• " r .-I on *>« 

■ lirwir- 1: . .f 

i‘> - 1 — 1 1 

• *l.-i -ii.-io-. curronr a^sols C.2tn 
>ni-. inm.1U liabdlUi* 1'4 30m 

■ iwuit nn hfirroo'iius fH.aim 

..--..jn- m-.-kiiuin. short-Tcnu £ 2 t.Jjnr 

• ;-i "■ «' «i: ■ . :,\i (nruid tuuil"; invrb-asrd 

iltjiMti • iTlr.’.iUn) d'.-<T'.aSv Jtii'linj;: — 
ia... F.C.. Juno 21. at 12.13 pm 

-. • ..urr- :i- . 1 i t 
!:i|u 1 hin>|c 
! ' " ■ ' i: •'•in in.r-.Ufi 

HOUSE OF LERO'; c ’"l '■<= >.■>» >"■ u*ruKU 
-rr-. u- : -: :. •. . p.7 .. trust— 1 ; , u n, ior nar 10 lUni 31. 

: .-J-: _ -4ir." r. '-' „r ■ .-'."-Til ■. corrcnl assets IS4.374 

.. oTon. :!-7.. ...irri-m lubimtes IU6.SSS 

' ‘ l >roni tl iiTm. .SMi.j-i,. Ll>imdlty imr -iacd by noS.STI 

BisUoDcsaic. EC. 

SSSii.; S™ "S; ■£»: SKSEX 

n-.; Lnq w sphere investment trust— Rc- 

•jf- t ’/;j— "" J..’.. “U’l : fir rear to March 31. 197i. already 

SECURITIES ’ trust 'onimtiMJ. L-K mv.-sim.nis CiSim 

-J..T / . r . ... “ . 5tD . T ‘-m abroad £I3Jm lOiXItn': nn- 

r. Tj-.r'-' ?, -1 ar dir< ..-tors' valuaimn. 'U29m 

-- --- " '.ioi.-j l r ni-^r. anr j lyrii-iiitaral proiv-try ro.Kni 

- -"I'tii: -£•■- wn., \ii vdRvnl asfc-ts n iem 

-4tr. >t,. 'in- -III- J7T,. Inmrm.d lundn luiavu-wd by 
!• , ,“ rr ' ,l Il-i-m -In. — hi.. 31 -•.Hus. WinrtwsicE 

I :u-J 


iu 1 ; 

jViOiS EY 1VI A RK I ’ I 

Full credit supply 

Bank of England Minimum The authorities offered to closing balances taken atrimnind 
Lending Rate 9 per cent absorb the surplus, and the terms s ner cent.- - ■ i 

(since May 12. 1978) were sufficiently attractive for-tbe int nr T.-,..v 

The London money market was houses to buy Treasury bills bo- : mtertj ai i k' market over- 

quiet, but remained rather ner-a very large, scale. - n |Sbt loans, opened 8|-8f per 

vous yesterday. Doubts about the Banks brought forward siirpl us cent, and eased to 7J-7i on expec- 
likely level of the Treasury bill balances, substantial Government tations of an abundant supply of 
tender on Friday. ’and about the disbursements exceeded revenue day-fo-day .money, but rose to 
future structure of short-term payments to the Exchequer, and - ! 0 *! 2 -per 'cent during the after- 
interest rates were behind the the market was also helped by a. norm- Rates. -Ejiighed- at about 
uncertain conditions, even though slight tail in the note circulation. 8-81 per cent.. 
the supply of day-to-day money Discount bouses ’. paid 7-&J per Rales in. the table below" are 
was m aurphis. cent for secured ■ call loans, with nornlnal in some cases. 

i'-wW.I., M V.Yfj ll-rz.:,- sTC. Jim.- — .11 naan. 


ij’- -. . •• . Hnird aniKn -hnl..- jnd slcia upTcbunu Jitrt I a fra*. -re 1 — 

3-: ... ’ T r ? 5 ". . 1 Vi-v.-nur.. Results lor IBH rrpnnod Mu IB In fi<I 

• ,-ir. : y ■ r i i ln c YT rrn: Pr^Iicilrun- maicmoni. Croup flxed assets 

• ■ •’ ' r "' nau *t«. Juno il. at n.-B-m ill 26ml. ne: cnnwii assrw £3.03ni 

Brixton ESTATFr o 1 ■ UoTcmc&t In nrt litjnld funds 

r.w-.-i l Mccdas. PiccadilU 

j, j»esaiMU properties Hot-.-l. w., June ^ ^ B00n . 

Jlnv 51 


Crrt-i finite 

-e ile(<n||i 


ite|t nils 

Li>.-si A ujli, 

. tfouwr 
ilcpreira - 



- Ilkoimt 




. Eli^iMe 
: Hank 
BHiaf - 

Uveniagtii.. ... 
' da.V» anno-.. 
1 >Ibtv nr 
i ilny* ontuv.. 
(Inc inr-iirb ... 

I wn nt-iullip... 
Hirer mnutln. 
is monrtt- .... 
Nino m»Rtb-.- 

Unc ye«> 

rmi vpir» 

b;: tss 



s»,., bie 

9t, 10 1, 
10, ',1012 



BJ4-a : 

Sob 93 4 

10-10 u 

10T 8 .11 

938 BS, 
95, 86a 
big 9 

B7 a »»a 

97 8 .9i a 



9l a -9l9 



1* *a 


ai 4 -- 




e-8ta ’ 
:■ «38 



aT 2 





Sag 9ia 

Lot-J/ soThontU* and fcuw Ironw-s dJW notice, otbors seven dar*' fixed. lJuu-wna 

nonj'njllr UlTfi" par» ll,-Ht.wr ix-nr: four jn-ars 1 IMSJ pci' cent; five rears 131-1;! oer cenL 
bwnw ri.u-. rnr priiiu- TUPii- !*"?»»: raiM -[or foar-muiHli hank MIL 93 ^ per cent: faur-monb. 

Approximaii* sm-IIiO£ rales. Tor cuu-moaUu Tnwscrr bins 8: per wnr: ueo-raonth aj-94 per ~. n >- 
pot c-M Aw.r..ximjlL« «llm; rat. far oaewonte bank bills SI-3i per cent: and Ur*™olhSW‘'™ 

SUK-SJ per nidi. MM trafio bills 3i B « com. two-mcmui B ber m 

Finance House «■« Rauc ■publiJicd by lhe Finance Umisa isarniartom S^pw^wra 
Deposit Raws ti-ir small sums at atven das., notice 1 6 per ctnL Ctawbm bw L t arg. 

local authority mortgage rale 
$ Bank bill la table art 
(our- month trade bilk 9S. per cot. 

and throe-month BUSH* 7 !* 
per cent; anfi three-moutb 
per cent; and also Ibree-inonth 5I-B1 per cent. 

„ , 'Wriartoni S', per ceni from June L WIV. cuortop Bank 

leader rates of disnou 6^825 pa ce £? CiKir,Ba I« torfina B,p« cent Trearer, 

- \ C /\ 4 

-^O- i-i Gsj 


e«-t ; vU ;: f • •' s’ v: ' 

v ’V- 

^S&es-^iiu^y-^JtQie 1 1978 


On o. 





O fat 

ID* sj 


• •' VViTV".- •■■ 


TttR^^gJslatJye, framework for 
the development of "Australia’s 
uranium?. deposits moved into 
placftT?e*terday when the Federal 
Farfiaanejit passed, a senes of six 
Biflsffi^fining the' conditions for 


,a ,h * ;i es. 

f T5* ;* . 


** 'tft 

•cond h s -A 
con;; nj5j «. 


**■» > ir.<j p , 4 
e . ^fcov.-it .f- 

?}o u$: 



t ’tetrad W" 
forward, r. 
lenvoed. :jj? 

muai Ftat^ 

•e told iv 
■irate hoitj 

ourae'ns *•’ 
kcr. C35 j 
tom.^e-itire j> 
n so lor V®.’! 
on Mi;; ”, “ 
n fS27T. rt? 
e=::-rr=! £ 

■.Urn) Tb?r- 

n 2 TC*2"d «;y 

*»••*••• "---Vi t 
St.fiHr: ; r :?r~ 

of £5.»jjs. i?=; 


rr tv > .*“2 ? 
MV; ; r 
: £• 3;* • ■ 

^ "l.f: -Pi i” 

w*t r; v ■ - ; t; ; 

f.-.- T-r :••: 

i~, ii'i ■•‘“t 
:i:r.'ti , y 2: 



:CJhe‘ v 59Hff require ' only the for- 
mat 7 -«>nsent 1. of the Governor' 

, GpJieraJ't^ hecome law, „ 

"They ^cbver:: the protection of 
tlurinn^dfate enviromhent of the 
" deposits r JUtely . to be. developed, 
land rights foe Aboriginal owners: 
'aid. .the- provision of nuclear safo- 
jpfexdslpc , mining _and. export. .". 

Kr.George Meyer.the general 

jpanager fbr uranium at EZ Indus- 
tries, wie.:;of ; the partners at the 
Kxnfiet, deposit in. .the. Northern 
.Territory,'!. commented that the 
L legislation provided the guidelines 
the. companies needed to go ahead 
with ••'. ‘ their -- initial -• development 
plans; . . ' 

-As eueh, the passage of the Bills 
denotes - the .dosing phases of 
sharp -and bitter internal debate 
dating baefcr to the days, of: the 
Whitlam Government. . Uranium 
mining -has been the subject of 
lengthy official inquiry and intense 
opposition from parts of the Aus- 
tralian trades union movement. - 
Since a Commission headed by 
Mr. - Justice Fox endorsed, in 
October 1976,- a policy of the 
gradual development of ' Northern 
Territory, "uranium deposits sub- 
ject to stringent' conditions, the 
Australian- .. Government has 

moved .warily to achieve this 


' -The passage .of the bills, after 
six weeks of exchanges between 
the Bouse": of Repret|nt*ttVes and 
i>.i Senate, means that the light 
lot uranium mining has changed 

from red to orange. 

- The fact that it. has -not changed 
immediately to ?gfeen kept the 
immediate reaction on the mar- 
kets at alow key: - Pancontlnental, 

which holds the biggest of the 

Northern ' Territory deposits at 
JabOuka. saw its shares gain 25p 
to £13};- EZ Industries were 
unchanged at 205 p, and so were 

Peko-lValkend. E2Ts partner at 
Rinser, at 510p. 

What is still required is legis- 
lation establishing a uranium 
.marketing authority which will 
supervise export sales on the lines 
of the Canadian Atomic Energy 
Board and the completion or 
negotiation# with Aboriginal land- 
owners on royalty payments. 

A further round of talks with 
the Northern Land Council, repre- 
senting the Aboriginals, will start 
on June 12. The Council, in what 
Is widely regarded as a nego- 
tiating ploy, has- proposed a 
royalty of 36- per cent on gross 
profits. This has been bitterly 
opposed by the companies and 
does not appear to meet Govern- 
ment policy. 

, Australian reports ’ have sug- 
gested that Mr. Doug Anthony, 
the Deputy Prime Minister, wants 

Kellock moves 
for full quote 

the Aboriginals to receive a 
royalty from Ranger set at 1.75 
per cent over and above the 2.5 
per ccnr to which they are 
entitled under Northern Land 
rights legislation. 

The companies are anxious that 
the royalties issue should be re- 
solved quickly so that construc- 
tion on the mine sites may start, 
during the current dry season, 
thus enhancing the chances of 
bringing Australian uranium to 
the Internationa] markets by the 
early l&SOs. 


Pengkalen. the London-based 
tin company with Malaysian 
mining interests, is maintaining 
its first Interim dividend for 1977- 
1978 at lp. Its total payments for 
1976-77 were B.op. 

The directors stated yesterday 
that the rate of the first interim 
cl-idenri carries nn implication fnr 
the level of dividends later in the 
financial year. 

With the output of tin concen 
trates down to 52.25 tonnes in the 
six months to March compared 
with 84.25 tonnes in the same 
period of the previous financial 
year, pre-tax profits for the half- 
year have been reduced to £56,000 
from £138.000. The shares were 
unchanged yesterday at B2p. 

Indonesia seeks investment 

-I - .". UlSS 

he -n. -. .tss: 

r.:’» _A ; ?_ ■ r - 

L.-"yv£ : J t' 
dder :>■«• 

«r»vs™ S’' li*'.' - 

fcw h.atd;!-, 

«•’ • 

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. hr : .■' 

hi.' frt*’ z 

.. . v..- 

•way bru 
;\vo nev. 
till?" "0°"® 

:,ic ' ! 
n: : 


encourage a recovery of mineral 
exploration activity, Is consider- 
ing a revision qf the third genera- 
tion mining contracts,: writes 
David Bbnsego from Jakarta. 

In " an interview here, Mr. 
Subroto-, .the newly appointed 
Minister for. Energy ..and Mines, in 
President - Suharto's reshuffled 
Cabinet^ said that the Govern- 
irtfeitt was studying how to 
"improve the third generation con- 
tracts!"', to. make them more 
attractive, to foreign investors. 

- Since tiie new regulations bn 
trtiwing came into- force under, a 
presidential - decree in August, 
1976, Rio Tlnto-Zlnc is the only, 
company to have signed a third 
generation contract This was 
for. the base metals exploration in 
North Sulawest . . 

At the - time' the Government 
Intended the agreement to serve 
as a model for future mining 
contracts. Before signing - RTZ 
was able to secure, a substantia) 
modification _>nv_a_, , key . clause 
under which' foreign exchange 
had to be, retained by the Bank 
of Indonesia, the cgntral hank. 

and contractors had- to apply for 
permission to- use it 

Mr. Subroto declined .to- say 
what further .revisions he had in 
mind, butr said that he had a team 
within"; -bis' department studying 
the question. He. added that he 
was open to suggestions. - •• 
'The main, new feature on. the 
third generation contract were: 
A 16: per cent export tax on 
unprocessed minerals; . a windfall 
or excess profits tax of &0 Pee 
cent when profits ■ exceeded 15 
per cent of 1 * investment .over a 
three-year period, and foreign 
cbmpahtes must offer 5L per cent 
of their.'- equity to Indonesians 
within 10 ! years. 



ALUSU7SSE, the Swfc ahirnli^im 
group, is studying the possibility 
Guinea, Involving a bauxite mme 
of a $1.3bn f£ 7 l 4 fixn). proj_ect in 

based on the proven existence of 
150m tonnes of reserves, an 
alumina plant and an aluminium 
reduction plant. 

Mr. Paul Muller, the Ahisuisse 
president, said in Montreux 

yesterday that the group had 
been commissioned to draw up 
plans by seven countries: Guinea 
itself and Egypt, Iraq, Kuwait. 
Libya. Saudi Arabia and the 
United Arab Emirates. 

The first stage would Involve 
the construction of the alumina 
plant and would cost $600m. Pro- 
duction would be 1 m tonnes a 

Mr. Muller predicted a sizeable 
gap between the supply and 
demand of aluminium by 1985 and 
said the gap would widen if some 
smelters were phased out for 
ecological or energy reasons. 

Meanwhile, Swiss Aluminium 
Australia, an Ahisuisse subsidiary, 
js taking a 40 per cent share in 
Nabulco Aluminium, which will 
study the possibility of establish- 
ing an ~ aluminium smelter in 
Australia, the" country’s fourth. 
The remaining B0 per cent is held 
by Gove Alumina. 

Thomas Tilling is showing no 
sign of turning off the acquisi- 
tion trail. Yesterday it announced 
Its third significant UK bid for 
the past 12 months— a £5m iur- 
prise offer for Fluldrive. the 
Middlesex hydraulic coupling 


Earlier this year T^mg 
successfully bid for Wi.nam 
Lawrence, the furniture group, 
and Liner Concrete. At the same 
time it has been concentrating Its 
acquisition policy in the U.S. 
where it has made four major 

acquisitions in the same period, 
the largest helm* the £25m pur- 
chase of tho Yale locks and 
security side of the Eaton 
Corporation, a deal which is still 
in the process of completion. 

Yecterduv Tilling explained 
that F]u*drive would complement 
the group's existing interests n 
hvdroulic countings which comm- 
on the Antwenvha«ed suh^diarv. 

Hansen Transmissions. Hnnscn 
makes fixed speed products 
whereas Fluldrive snecraliscs in 
variable speed machinery. 

Terras of the offer are ii' - e 
chares of Tilling for every ei"ht 
Plii'drH'e. fin the basis of ve<urr- 
d«*v’s closing price of P7i» for 
TUl'ng this values each Fluidrivc 
share at 73n and represents an 
es« nA» of just under 7. 

The board of Fluidrivc said thit 
it had only received the offer on 
Tuesday evening and was still con- 
sidering it. Shareholders were 
advised to take no action until 
the board publishes its reaction. 

The key to a successful take- 
over of Fluldrive mu«t lie with 
the institutional shareholders. 
Some 27 per cent of the equity 
alone is held by five funds 
In the past full vear Fludrive's 
turnover was £R.26ni and nre-iax 
profit amounted to £920.090. In- 
terim figures to March reveal turn- 
over of £4 6m and pre-tax nrn'Ils 
slightly down nn the comparable 
pe r iod In i‘3* , 9.000. 

Conso'idat* rt n nf these ti.Mires 
within the Hansen groun wnuM 
prot'ide a si^niiirant expansion of 
Tilllne’s hydraulic interests. 
Han'en made nrofitsnf £t ~’n on 
turnover of £15.64m for 1D^«. 

The total Gram os Group salts 
are expected to he in excess of 
£3m following Hie acquisition. 


Bo os lead has sent shareholders 
details of Its proposed sale of 
Windsor (FtfS) Rubber Estate 
which was first announced on 
May 18. T^he borrowings of 
Bou.ster>d are shown as £5.lra on 
April 26. 


Gnraos Chemicals, nf Ports- 
mouth. has purchased Tak 
Chemicals. ... , . 

Th»* ch^mtenls d'vis’on of the 
Gramos Group with the addition 
of Tak brings together products 
marketed In similar fields, largely 
rwreUel bhoratory and production 
techniques, with the addition of 
textile products for which Ta* 

k-r Innn hoar, ll-*ll VnnVTl 

Mitchell Cotts 
valued at 84p 

Mitchell Cotts Group, the trad- 
ing. engineering and transport 
concern, has now reached agree- 
ment on an offer to buv out the 

22.99 pe r cent, minority share- 
holding which it does not already 
own In its subsidiary, Mitchell 
Cotts Transport. The terms put 
a worth of some £1 3m on the 
remaining shares which are the 
su hi ect of the bid. 

The offer, following an 
annonneement earlier this month 
that such a move was beine dis- 
cussed, values the Transport shares 
at 84o. rompared v»ith fifln n n 
Vav 5. the Inst business dr»v 
before the talks were revealed. 
Mitchell Cons Greim j s bidding 
two of its own shores. *n down 
at A2o last nicM. for each share 
in Transoort. whose nrice was Jp 
u n yesterdnv a' It is prnnosod 
that the aconi*' l :ion should he 
envied nut throw-h :i reheme of 
arrangement under Section 20B 
of ’he Coninanies Act 1 !mS. 

The bid values the Transuorl 
s ln res at lust ahnve the 5*2o at 
which a 25 ner cent holding in 
that companv wns so'H off. 
thrnueh a rights issue in Mitchell 
Cons Grouo ihareholdera. in con- 
nection with the launching nf 
T»-onsnnrt on the stock market in 
Mnv 1972. 

ButTransnori has nn* developed 
as an indenendent entity in. quite 
the wav envisaged when its shares 
went public in the homo days 
rears aao. The great bulk of the 
Transport shares are believed s‘tll 
to be owned hv invest 'TS v ho are 
also pbareholdei’s in Milcfw 1! 
Tons G r ou n. and around rwo- 
•h''’-' , s o r th“ 2.9on nr so .share- 
holders in Transport fin'd fever 
than 109 shares each. The parent 
group thus sees the present b'd 
as in *he nature of a tidying up 

The Transport directors, who 
hove been gri vised bv 4. Henrv 
Schroder Wavs, consider the bid 
terms fair ?nd reasonable and 
recommend them. The directors 
are backing 'he take-over scheme 
in respect nf their own hnl dings, 
totalling 6 399 shares W.l per 
ren t Mr. P P. Dunklev. Mr. J. K. 
Storar and Mr. 4. R. C. Wren, v ho 
are directors nf th° Mitchell Cotts 
Group and of Tran soon, have not 
taken parr in the discussions lead- 
ing to the bid. Hill Samuel, 
advisers to ihe group, will 
despatch the bid as soon as 

monthly journal Systems Inter- 
national, for £490.000. plus a sum 
equal to ihe net asset value of 
the company as at Ihe date of 
completion, which is expected to 
be in the order of £50,000. 

Peter Yapp, managing director 
of IPC Electrical-Electronic Press, 
said: Systems International streng- 
thens our already established 
position in this particular publish- 
ing market fitting in very well 
alongside journals such as Com- 
puter Weekly. Computer Products 
International. Electronics Weekly. 
Electron, and Data Processing. 

At the annual meeting Of 
British Steel Constructions 
(Birmingham) the chairman. Mr. 
R. \V. Aitken. advised share- 
holders that the dosing date for 
oqers for Qualter Hall and Co. is 
June 1 and the sale should be 
completed within six weeks. 

The dispute relating to the 
ownership of the company cannot 
be heard in the Courts before 
July 1979, and therefore he hoped 
that the dispute could be setied 
without resorting to litigation. 

associates deals 

On May 26. Seligmann. Rayner 
bought 19.0UU ord W. Henshali and 
Sons (Addlestone) shares on 
behalf of, and on May 30 
purchased "10.0UU at 23p. 

Un Mav 30 S. G. Warburg sold 
on behalf of an associate IU.000 
Albright and WUsou at 16Sp. 

Hill Samuel sold for discretion- 
ary investment clients 20,090 
Albright and Wilson at 163p and 
6,000 at UUp. 


Willis Faber— Mr. H. E. Glimhel 
sold on May -'3 28.C0U Ordinary 
shares at 202p and a further 22.000 
Ordinary shares at 257p. 

Lambert Hnwarth Group— 
Throgmorton Street Nominees 
I registered owner) on hehalf of 
the Throgmorton Trust t beneficial 
owner), has acquired 10.000 sha res 
making their total holding 155,000 
toJ2 per cent). 

Fairvicw Estates (Enfield) — 
Goddard Nominees (Jersey) has 
reduced its holding to below a 
per cent. 

Within two years Kellock Hold- 
ings expects to regain a full quote 
for its shares, if its plans to take 
over Bclgravc Assets arc success- 

Kellock. which is bidding for 
the other 50 per cent of Belgrave 
ihjit il does not already own has 
sent out its offer document to 
shareholders. Tt says that the 
rather complex bid terms have the 
support of merchant bankers 
Brown Shipley— called in to pro- 
vide independent financial advice 
for Belgrave ordinary and Joan 
stock holders. 

The basic offer is 3G Kellock 
ordinary shares plus 44 convert- 
ible irredeemable subordinated 
variable rate unsecured loan stock- 
plus £1.58 cash for every 200 
Belgrave ordinary shares. 

There is an alternative offer 
which includes the .issue of re- 
deemable cumulative preference 
shares and no cash clement. 

The shares of Kellock. Belgrave 
and another subsidiary Lothian 
Investment were appended ai )he 
beginning of this year after the 
status of the companies altered 
with the launch of Kellock 
Factors, in which all three com- 
panies had a slake. 

Since then the companies have 
been tidying up their relation, 
ship and Lothian was acquired 
b.v Belgrave last year. This 
blest step will enable the en- 
larged croup to be quoted on the 
Stock Exchange unlisted securi- 
ties mnrket under rule 163 12). 
This should lake place on July 

Terms of the merger have been 
based upon the net asset values 
of Belgrave and Kellock. The 
ca'h element is being offered to 
compensate Belgrave holders, who 
accept the equity offer, for the 
reduction in income they are 
likely to suffer until Kellock is 
In a“ position to increase its divi- 

The directors anticipate that 
further benefits wil come from 
the recent systems review at 
Morris — Kellock’s subsidiary 
which distributes pet- rood and 
horticultural products. 

Factors is also expected to 
continue growing- The directors 
are exploring the possibilities of 
sales or sales and lease-backs of 
Morris' freehold and leasehold 

In the first four months of 
this year Factors has continued 
to increase its turnover which is 
substantially up on last year. 

The abnormal winter adversely 
affected Morris’ business but the 
directors expect that the outcome 
for the year will be satisfactory. 

Shareholders' meetings are 
called for July 3. 

machinery and to provide working 
capital resources of £150.000- 
The Tower Group, based in 
Bristol, has interests in the 
manufacture, sale and hire of 
scaffolding both in the UK and 
the Middle East, where it is in 
partnership with two major local 
construction and trading com- 
panies — AJ Futtaim in Dubai and 
Bin Laden in Saudi Arabia. 


rPC BUSINESS PRESS is to pur- 
chase Gershire, publisher of the 

BHRA Fluid Engineering has 
bcc-n awarded a contract worth 
£78,000 by the Chemicals and 
Minerals Requirements Board of 
the Department of Industry. The 
funds, which will be spread over 
two years, will finance a pro- 
gramme aimed at developing 
scaling laws for the time-averaged 
and tlueluaiine stresses to which 
mechanical agitators and ancillary 
equipment are subjected. 

NEB now has 

18.5% of BBK 

The National Enterprise Board 
has now raised its holding in 
Brown Boverl Kent, the Swiss- 
controlled process equipment and 
Instrument maker, from 17.6 per 
cent to IS.53 per cent. It was 
recently made known that the 

State owned NEB wanted to lift 

its stake in the company to 20 per 
rent", the level which would allow 
it to bring an appropriate pro- 
portion of BBK's profits into its 
own accounts. 

The NEB is also, as already 
foreshadowed, taking up Its allot- 
ment of the rights issue of new 
shares at present being made by 
BBK. As a result of this, and of 
the recent purchase of 4S54KIQ 
additional shares at an average 
price of 53 3p. the NEB has raised 
its holding of BBK shares by 
2.2S4.734 to 10.058.672 flS.53 per 
cent). An NEB spokesman said 
last night: “We still want to raise 
our stake to 20 per cent but no! 
beyond it.'* 

The shares of BBK. 541 per cent 
or which are owned by Brown 
Borer i, or Switverland. lust night 
closed unchanged at 59p. 


The minority shareholders of 
Ed works, the South African fout- 
wear group quoted in London. &ie 
to be offered 145 cer&s per share 
by the controlling Dudo family. 
The bid "as foreshadowed two 
and a half weeks ago when the 
shares were suspended at So cenls 
per share. 

The Ed works Board forecasts 
earnings for the year ending in 
June erf not more than 23 cents 
per share t ID cents per share). 
Existing six reholders will receive 
a 4 cents final dividend per share 
making a total for the year of 
6 cents (4 cents). 

Holders of R2 preference 
shares arc being offered 132 cents 
for each 6 per cent preference 
share and 154 cents for each 7 
per cent preference share. 

Hill Snniuel has been retained 
lo act for outside shareholders. 


Industrial and Commer- 
cial Finance Corporation has pro- 
vided £400,00 to finance expansion 
within the Tower Group to meet 
demand for forklift components 
and mining equipment. The ICFC 
1 2-year term loan will be utilised 
to acquire £250,000 plant and 

Hiltons Footwear has sold the 
freehold property af 93/95. High 
Street, Guildford.- for £1.243.000. 
An extraordinary profit of 
approximately £950.000 before tax 
will arise from this transaction. 

Proceeds will be used to develop 
the company’s business. 


ik- r 
eeti . 


ill"'"' * 


Group taxable profit almost doubled 
to £6,006,000. Earnings per share 
up from 1.6p to 6.3p after full tax 
charge. Dividend increased to 1.75p 
net from 0.5p net. 

Increased profit contribution from 
construction companies at home 
and overseas. 

Products and services companies 
maintained turnover. Further scope 

^ Improved results from property 
development and investment 
companies. Now entering more 
constructive phase. 

# Further reduction in borrowings 
and increase in cash balances. 
Convertible loan repaid to 
Department of Transport. 

$ UK order book held steady. 
Overseas orders maintained 
despite increased competition. 


^ Corporate structure reorganised. 
Wide range of technical skill, 
construction ability, manufacturing 
capability and property 
development expertise in the 
service of many communities. 

1978 taxable profits expected to be 
not less than 1977. 

Highlights from the circulated statement of the 
Chairman, Mr.J. C. S. Mott, FI. C.E., F.I.Struct.E. 


1 .. f. 

k v *-*; 
%y ' >•••; -y 

* CC'-*.-.- :>!> 

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50 Epping New Road Buckhurst Hill 
Essex IG9 5TH 


An EEC test case for the Bank 
and the City’s money brokers 

Overseas Offices 
Money Brokers 

Financial- Times Thursday 




COMPLAINTS to the European and none has ever been refused, commission rates are sene rally obstruct performance of its would be 
Commission last August that The commission rates vary higher than on the Continent. “ particular tasks. u,. ° S “S2^ 

the British money broking from one currency to another though by no means in all Subsequently, members of the brokers have published a 
system is a ■‘dosed shop” have but. said the FECDBA, in the cases. Members claim this is so FECDBA have detected a higher ethical standard than 
led to a test case of whether main trade in London — that because they offer broking ser- keener than usual interest by their foreign counterparts; for 
the City's idiosyncratic methods between sterling and U.S. vices in minor currencies which the Bank in its quinquennial Uie reverse Is, in fact, the case, 
will be allowed to continue in dollars — the spot rate is very are not profitable and to small negotiations with the banks Not. for the first time, the ICR 
the EEC. low at 30p per $100,000. banks which do very little busi- over commission rates. On alleged that British brokers are 

For the first lime, the Bank j^e FECDBA requires that nes s- Moreover London brokers the other hand, the new among the roost eager to offer 
of England has been called fivp London banks should are not allowed to deal for Sterling Brokers 
upon to derend its informal spansor any applicant, but Sara- their own account and make which is likely 
Sir Harold b ex remonstrated that this was profits that way. 

regulatory system. 



Association, kickbacks to banks in return for 
to be offici- business. 

this summer, is Establishing the truth is 




"V* • 




/ 5 

i - 
































[I i 



! X 




' \ 





: d\ f ■ ★ Subsidiary' Qteso^(t^TW« 

Wilson, chairman oF the -Com- a - Calch o 2 A broker had to 
nuttee to Review the Function- hc a membcr of the aSM , ciat ion 
mg of The Financial Institu- 

set to be run very much on the impossible Tor an outsider 
The British style or control S nnte self-regulating lines as the because corruption is by nature 
differs from the continental in FECDBA. The Bank is likely covert But all the public 

mg ot me rinanciai msuiu- in the firsr n i, ce be r ore »h e mk d-uiv covert. ISUI. ail tne PUOIIC 

lions." has defended it. and b Id ° s enough ex- depe , nd ! n 3 con :[ enl and self- to- keep a more careful watch evidence suggests that London 

" - t regulation through associations sin ce the Saxabex case but it is amon8 tb i most ethical of 

other European central banks Pience of h1m on which to 

exerted I. tj.- rather 

The 15 members of the Foreign Exchange and Currency Deposit Brokers’ .Association Mf' 
nearly all private companies. Their most important expansion has been in uie last decade. 
The owners are varied hut discount houses predominate. K. P. Martin is the -only one 
publicly quoted so far but others are expected to follow suit. 

arc rumoured to have mnea hrlS( , sponsorship, it said. The 
iheu- influence in support of its FECDBA replied that sponsor- 


ship depended primarily 

than law. 
left the FECDBA 
the accusation that 
'll 1 an association in restriction of 

• vnanei mibi avia 

The most convincing argu- The high reputation of the space mission controls, com- 

Expanding overseas can be a 
The ideal .is to 

Complaints quate svstemg to oPF p r a 

The original complaints to satisfactory service. The “ Catch 
the EEC were made by Sarabex. 32” did not exist, it claimed, 
a Middle East money broker 
with an office 

whether the broker had suffi- compe[ jtion which is prohibited 

This has does not want to give up the broking markets. 

open to traditional element of regula- The m05t on,,.,^ - , . , . . . - - . 

K “ tion by consent. rnent is that corruption is London market is such that puiensed consoles keep them in risky game. _ 

The Bank believes that this s imply not worthwhile for when Bahrain and Singapore direct touch with hundreds of open up in a growing financial 

.•ient oualified staff and ade- *■““ system has proved success- British brokers. They have wanted to set up their own banks. The brokers— who hold centre, partnered, by respect- 

A qi *V"_ s! !7 a _ n ^_ ade : under Article So of the Treaty fui a nd that far fewer instances international reputations to markets they chose the London no money themselves - bnns able and influential local 

of «ome. of corruption among brokers maintain and the extra profit market as their model. The together buyers and sellers of mterests. becoming well en- 

The Bank of England. the have taken place in this country thev could make by, say. Freely more ethical standards of foreign currencies and bo r- trenched be r ore the rest of tile 

FECDBA and the British * han elsewhere. There have offering gifts as some Con- British brokers have probably rowers and depositors ofjoreign international -brokers come 

in London »>c*i-»v«o ... me rECDBA Bankers Association agreed last been no major broking scandals tinentai brokers are alleged to been one of the reasons fnr currencies and sterling. They trooping .in.. 

deny that it is a “rinsed shop. year that theSr defence on this such as the collusion which was do, would not be worth the their international success, also service the secondary^ mar- . But if -it goes wrong, the 

Members of the 

that entry to 

London's er Forei*n Exchange New membcrs can eastI >' j° in - front should be^ baseii on ‘the P art and P^cel of the fraud ai danger **to the rest” of 'their especially n(iw ' that' the "world kef in some paper instruments, broker suffers financial losses— " 
and Currencv- Deposit sn ^ e - v sa ^’* a,i as they are Bank taking more overt res- the Lugano branch of Lloyds business. has become so conscious oF such as certificates of deposit which will probably not qualify 

Brokers’ Association t FECDBA) “nonsnrerl and vetted, to ensure ponsibility for the FECDBA. Bank. Moreover, the rules under bribery and corruption after the an d act as intermediaries for for U.K. tax relief — and the ,nC 

is effectively denied to new' tba . 1 . a " d They could then claim the pro- which the brokers operate make Lockheed and other scandals. local authorities and large com- indignity of pulling oat again. 


companies and that commission sys,c J" s ; iL??!! tcct i° n of Article 90 of the 

rates arc considerably higher " lc " ll>e I rs must not be owned by Treaty which blunts some of 

in London than in other EEC b ? nk > because a broker might the teeth of the regulations 

countries. give the banks privileged access when an association or mono- 

The FECDBA countered that 10 attractive deals or mforma- pol) . ^ granted by the State view has been challenged by the own account and the only gift JL'A ‘ '%‘n 

night new brokers have been l,on about their rivals. and where application of the International Currency Review nr entertainment they may 1 p 3 ' 

admitted in the past eight years It is true that the FECDBA competition rules would which asserted last year: “ It freely offer is lunch. 

corruption difficult, in fact 
^ much more difficult than for 

a stock brokers. Money 'brokers 

But the Bank of England's are not allowed to deal for their 

SAVILLS run the farm. 

. _ .. panics wanting to . lend or The casually list is long;- Ast ley 

Few people outside the City deposit money. and Pearce pulled out of DusseJ- 

knowwhat money brokers do or Tfac J5 LondnT1 brokers com- dorf because it could not break 

recognise the succe&s that is}j lhe FECDBA have into the market; R. P, Martin, 

British brokers have had over , imited monopolies on the the only broker so far to go 

foreign exchange and currency public, threw in its Parisian 
In dealing rooms resembling deposit markets. For example, venture because it could not 

any of the 300 plus London compete against those local 

banks wanting to deal in Foreign broker* who. it alleged-, used 
exchange in London must go substantial “ kick-backs " to get 
through a FECDBA member, business: 

In return the brokers guaran- New York is the second big- 
tee not to poach the banks’ gest market after London but 
commercial and industrial 'cus- even there the business is led 
tomers. They also agree to by British brokers. M. W.^Mar- 
servicc the various poorly shall has merged with one Audi 
traded and unprofitable markets company. Lasser Brothers, to 
such as Finnish marks. make the largest money, broking 

Over the past 10 years, the company in North America and 
business of British money most British brokers are resre- 
brokers has mushroomed both sented there, 
at home and nverseas. lt is one Tokyo is being closely 
of the City of London's unsung watched at-the moment; it is the 
iuccess stones and a source nf on jy really major financial 
invisible caminss which, al- centre which has not developed 
though still small, is likely to an international money broking 
grow more significant. market 'Ast ley and Pearce 

- The primary reason for the announced last month that it 
success has been the presence would be the first overseas 
m London of all the world's broker ever allowed to open 
major commercial banks. there. . But. subsequently it has 

British brokers therefore had run into difficulties/ To begin 
a tremendous advantage in the with at least it will be 
late .sixties and early seventies allowed to deal only -in 
when the markets in foreign rx- the domestic currency but in 
change and Eurodollars ex- due course it hopes to be per- 
panded dramatically. . mitted to offer a. wider service 

Meanwhile the - domestic foreign currencies, 
sterling markets were stimu- 
lated by the growing debt of 
local authorities and the volati- 
lity and distortion* in interest . . 

rates. Local authorities obtain . ... ‘he authorities in,., 

a -high proportion of their short made it difficult '=fei Mtogfl 
and medium terra funds, via. brokers : lo set up ^shop^^ind 
monev brokers, and treasurers, pven the European ibankS^ltb 
of large companies arid multi- offices in Japan 
nationals woke upUo the fact Plained pf Ahe/coridilimr^t^ 
that the best rates were, not ■ Christopher. Tusendh'aCa^rieip’ 
exchisivcly available from clear-. of the. Eurpjjcfii 

s»on, .has been., to 
invest igaic alleged disomtpn- 
atury irpathient... /• 

Chauvinism ':is :.nnc'r'.^l ; pe , 
biggest problems which iy^rsi 
face- Whereas they 'usedTrfo 
inslsL on owning 
of any overseas office, Hhe^few 

ne ,nf 

ixiiile you run up to London. 

For most men of substance, the thought 
of owning a farm or country estate is an 
attractive proposition. 

It can also make very good financial 
sense, as any professional adviser will 

Savills have an excellent track record in 
finding farms for private buyers, and in 
providing a full management service. 

People are sometimes put off by the 
thought that they know nothing of 
farming, forestry or agricultural finance. 

Never mind. Savills can take care of it all 
for you, while you drive up to town for your 

own kind of working day. 
We prepare farm budgets, 
employ and supervise staff 
and provide a full farm accounts 
service from our local office. 

Stuck in the sticks? 

Not at all Fine farms within easy 
commuting distance of London regularly 
change hands. And if you're careful to pick 
the right one, you can successfully enjoy 
the best of both town and country worlds. 

As well as doing your financial best for 
your family and yourself. 

First steps to the country life 

In our London office we have qualified 
agricultural surveyors, who know a great 
deal about la-nd a-nri about the many farms 
within daily travelling distance of London - 
and further afield as well. 

You’ll find sound advice on every aspect 
of farm purchase, finance and management. 

The Partners responsible are George Inge 
and Guy Galbraith. 


The complete property service 

20 Grosvenor Hill, Berkeley Square, London W1X OHQ,. 

TeL 01-499 8644 

Banbury Beccles Chelmsford Colchester Croydon Fakenham Hereford Lincoln Norwich Salisbury Wimbome 
• Paris & Amsterdam. 

Associates in Scotland. Represented in Guernsey. 


inp banks. 

British money brokers have 
capitalised on Ihcir - initial 
advantages and in expanding 
overseas they have pnt the 
'stamp of London broking 
methods on several new inter- 
national financial centres and 

caused many older ones. to move recognise that il'is safer jfr-tiic 

towards London’s methods. long run to have a local paYti&r. 

Most of the overseas expan- The lead of- tht 
sioh has taken place quite brokers inlernatioj^y -^Igpks 

unassailable but tKdir-f-on^riar 

recently. M. W. Marshall opened 
in Singapore in 1972 Uhc -fii>t 
British broker there I. Hung 
Kong a year later, then Panama 
in -• 1975, Bahrain 1976 and 
Kuwait and Luxembourg last 

base in London is ■ ijrtotv' 
able because otber.i 
centres are growing, 
Most brokers Oiirik. 
wfl] keep ahead of.-, 
because the foreign Wi 

The new offices are, in one already here. , the 
sense, a defensive move to pro- England supports 
tecl the British share of total flexibly and sensitively^^ad 
world business. London is in- i^indnn is ; located in '**«»$&• 
evitably losing some of its pre- rime ») ne;. . '.Being/ | 

eminence as other financial America and the "Coni inimtj'i 
centres begin developing their City ran wrviec- botif-dA^or 
own markets. But the world-' markets in* norma! 
wide industry is still growing hours, wherei* 'New Yoril^ttd i 
and British brokers noW have a the Far East are at’tiipl.wfew 7 * 
lead internationally that will be of ihe moncy broking 'di^ ^ : 
difficult to overtake. If they The EEC Ghrapet htiui 
keep anything like their current ment is expected to *ruje" ph 
share then their operations in the Sarobex-/c^e ip 
ten years’ time will be even few " mbritiis; ‘ ^ 
more substantial. ^ '.'. loolis as' tlioush 

Three British brokers. lllar- merirs iriitial ^mp^^Swaii' 
shall,; Charles Futton arid Guy Sara he -^6 mpta . 

Butler International, can truly dwindled; , tt was fbrxiifd//Jo 
claim, “ We never close.** ^VBen rccogri ise what a - polifk^fe^t 
their London offices are shut- ..potato.- jt ^ was : ftsndtihg r -ionft*te 
ting, those in New York are in up ^gainst .the Bankro/ 
full swing, then the business with tbe Uuverrrbjent 
moves on to the West tubist .anitj he. 1 other '.erattrairbanlSs^f 
of the L.S„ the Far East— Eurppc, which arc bp ho.tttf &X ■■ 

Hnhe Knng and Slngapore-r-the keen’ nn fop 
Middle East and thcn 'back to iri^TinteU them boy folr^fete 
Europe. . their markers. \ 

-The gist ; of ihe- : tik^yrPin- 
'-r-i ' • - . ; *-■ -‘ ,'p rom i se 'is thal^/appti cknts / fo 

Jbxpansjon _ join the FtSCOZX-y»Ht jfavtf;j® 

This international .ring '.of stated and Jobjectfve't ^.teria- 
offices improves the services -.- Most of^ these’ 'taTferiaJ.; con* - 
brokers can offer. They can corning •hubjbers'-of staff, rbeir 
tell clients in Singapore how • experience and standing, and 
the markets have been behav- the capital structure .. of, tlie 
ing to the other financial company; arc already applied 
centres overniaht. And the sun by the FECDBA. The difference : 

need never set on a customer's wilt be that the criteria, will be 
order. A Bahrain batik can.' for formally staled. Any .new 
example, give instructions lo applicant will know where it ’^ '*>//'* 
try to get X per cent, on stands;. ' ■' S -v v "'V 

?10m. for three months before ‘- The new rules arc also likely 
morning ". and that order-cari to; give an. applicant. Who feels 
be transferred from office to wrongly rejected by The 
office until being satisfied by a /FECDBA, the right, to appeal . “ 

bank in. say./ San- Franeisco to the Bank of?Epaiand, '- 'V'-, a> 
while the Bahrain . banker.- is •-. The Sarabcx case has done no 
still ‘.isleepl .. . . rra! ' harm to British money v ; v 

The greatest .successes so far brokers,' Ifv greater xi^iifitaticp • s . . " 

have; been in new centres -such .rs thar ihc Bank -of- England 
as Singapore and Hong Kong has met the CompetitioaDepari’ . 
which have been growing fast, ment <m -its own- gruimd.'. the 
The sofni* has been, tougher ba Treaty 'oT Riime, aod will prnh- I 

the Continent. where ihe British .ably conte away wtih the npht 
have found it difficult to break t» . winfinue it* 'regiiiation by ; ' 

into Lhe existing establiihmcnrt. .cnoscut rather . than law. . 


,, Ji Tjtosday Jime i *978 


cut to 8p: 

Production cutback costs 
tut John Crowther 

-r-y r'lr .,'.. -mi Rped ? Uced bbmnvtngs by fSOm, The decorative products area HIT BY write-offs and 

£ 1,111 after-ttHS retained loss stem* remains difficult, directors say, dancies of 

tesviag- thtf pretax profit ning from the extraordinary with Improvements in the UK and loss of John t t howt‘«! r „ 1l r r0 p 

t0 added, to exchange Europe offset by reductions else* increased trom £12 *‘ lb 1 

1978, year. Josses of. £30m, shareholders’ where. £257,678 tn 1977. _ 

Bdt> after -lenraorditurv int»a« funds have* fallen hv rsfim tn Rnfirfm® nmdurtc omfits im- Turnover for tne_ periow 

kv nuiTWua auucu. iu exaianse Europe su 
;l^I^in Jdarcir 1978, year. Josses of. £30m, shareholders’ where. 
Bpt» aftw-^3OTaowUnary losses 'fohds have* fallen by. £56tn to Building 
ff JMS.5m £358 **n*. .. .•••.. proved ag: 

WjflYttm'V muinntir —r ■ «»9nnir tkanifnn Ko. cnvnpp mn 

p arent 

,br *£} 


> e«] |-,. ^ . 

y ‘ Vi 'K 
C in t 

/dividend; •payout, of £3-&m -against balance sheet is nowr stronger sion at Twyfords- and interest ot tii < 

end result was a than a year ago. African and Australian opera- At mi dwr^r a tiirnround f rom 

£2k*&: ^retained loss* {15.2m They say the primary objective tions did well m difficult condi- a loss of £64,038 to a prom 
'profit):' -- '••■ is rtfll to reduce gearing. The tions. ' £ 24.323 was reported. 

TThfi. wjaoriijriaxv ' losses 00 m strength of the. UK business, a The tax charge, for the year Tax relief amountedto T.UoU 
JSSiSn^ W^SntSfn strong UK cash position and the is exceptionally high because t £?o.000) for the year The 
^ mpSt long-term nature of much of the Canadian losses cannot be offset dividend payment per -j *n vh ia e 
£384ra of debt -continue to pro- against profits^ from elsewhere. ^ raised from 0.o®p to ®-®»P 

tTewure ttalany further dispo- been some £5m lower. . Sere were further losses 

_,out,th^t wben the MEPC interests caj s are made at the most Drool* At year end loan capital was incurred due to under-recovery 

•..were '.acquired -m 197Z-73 a. ^ time! down£22m to £377ro and short- ^ other inter-related fac ers 

• 526111 Sales for the year were fl tfrrm terra borrowings from £35m to considerably *" *5^ JJLJJJJ 

_ v traotf erred, to reserves. U1.49bnl with the overseas ^m. Directors say the group amount through The h y 

-following the warning of a operations contributing £736.2m had rash and unused short-tent 1 scvere production cut . mck. 

^eyie>v. of dividend policj* and the f£690.6ml. Overseas results are facilities In excess of fl»0m at The expansion \\ludi "as uk mg 

• SpaA idMdend, the payment ha* f or the December 31. 1977 year. year end. With more than £100m place pr ior to ^e s.erim^ mcrc-D . 

' been cut- from 7.9445p net -per Of the £107ni f£96m> trading m the UK. • of 1977 would have resui ca — _ 

.- El ^are 2.0445p. for a. total profit the North American side tm im 

- -of 8p against IJp. Directors say* contributed a £Sm loss against Sa iM • 1 . 6 B .3 • 

this reflects the need to reinvest a £ 6 m profit. Of this. pulp, paper uk ond espons 0 ^3 

. in the successful businesses, the and packagin? produced a break overseas 

- re ^ OCJn 5 (£Um 1 profit), the decorative - fl6 d E i fC tmolc Moehlnj- 

ftif ^jjectiVe of jayins a dividend products side a £7xn loss (same) proOt iuu non ,,"^. Jr“ us chairman, hjs dw- 

v wSiCfi can be mainramed in -a and ^ubhsbtng a £4 profit. tm : so t i Mr ‘ ?• „ f mn n(» ^ shares. 

; ,T>erk>d.o/ econtunic uncertainty. * Directors point out that the overwas ^ ' p . ^ssur 

• . Directors say that a year ago Canadian losses in the December. no 7 «.l DOS Group-^ru - • ^ 

.It was .. roade„ dear that a 1977, quarter were halved in the £f* , bc,on . tax . ; ""i;;; “3 ™ ance Group imm* holds icss^ ^r 

1 rMimtalisatlon and- retrenchment Atflrch neriod and should be fur* i*v *M 20 .S 3 per cent Ot 1 


the growth of profits dev<ei3pinB 
in the first-half figures. 

The • result of the percentage 
change of more than 15 -per cent 
in the value of sterling in the 
company’s principal selling period 
seriously affected 35 to M I>er 
cent of the total volume of -the- 
company*s business which was 
then especially competitive with 
Imported fabrics. 

This, together with the uncer- 
tainty created at a time when 
the company's shipments and new 
orders were normally at their 
peak could not have oeen 
anticipated, say the directors. . 

During the equivalent period m 
the previous year ihe pound fell 
to a low °f SI-S8 and in 1977 it 
reached a hig of S152, a rise of 
23 per cent. Imports, therefore 
were becoming increasingly 
cheaper and the company’s ability 
to trade and compete both w 
home and export markets was 
undermined accordingly. 

From the last quarter of IB .7 

onwards the. company has been 
substantially J reducing depen- -. 
dence on the type of trade 
affected by the sterling rate by 
developing different products and 
is operating at a relatively high 
level of activity in most areas of 
the group, the directors state. 

• comment 

Special write-offs, a jump in m- 

terest charges and 
pound put paid to John Urow- 
ther’s attempt to ret “ rn . t ^. tlj ® 
black last year. At the halfway 
mark it posted a. £24,323 
profit after reeordmg losses total- 
ing £474.16S in the previous two 
yelre. Since the trouble in the 
second half the company has been 
progressively reducing depend- 
ence on trade that is affected by 
changes in the value of the pound. 
This essentially involves develop- 
ment of different products. The 
share price was unchanged at 32p 
- Urine ■ yield of 4.9 per cent 


Interim Statement 

2S weeks to 27 weeks to 
4th March, 5th March, 
1973 1977 

E £ 

13,137,000 13,031,000 

53 weeks to 
3rd Sept., 


11^23,000 11,787,000 22,105,000 














r *!*■■ 

• ■."lo!" ■ 

*abi\ 7»,jj ‘ 

v.v';' " ^ . 



i -- OV n: 

: ' >' -IM H;. ' ■ 
ct K. p 

lC ' : lit"- 

' :n ‘i 

ii(: !tl- 

!, 1^t L’ou _ 

- i‘ie t*»* 
f'e: Ljsi- 
C -vwj. 

■ cr* a*;, 
;tJ *\-xk 
'■■■" or.'x? 

^It • was made, dear . that a 1977, quarter were halved in the 
*.rMioTva3isatio.n end- retrenchment March period and should be fur* cx 
period was needed. Efforts so iar ther reduced in the June quarter. ii\vrv*s ..... 
have produced a record UK trad- These losses were expected to be Jf"*' •••• •• 

; jng profit of-.£73m (£58m>.» num* no less th30 £llm for the year. dcblls 

ber of disposals realising some On trdding results, much of. the preK'irncc divide 
£40m and a major rationalisation UK increase came from a 33 per ord'narv .... 

ber of disposals realising some On trdding results, much of. the preK'irncc dividend! 

£40m and. a major rationalisation UK Increase came from a 33 per ord'narv 

of the jCTanadian business. cent rise tn £65nt by the paper Kr * a f £‘j|| t 0E ’ • 

These ■ actions combined with and packaging and publishing and ■ ^ • 
exchange- movements have re- newspaper operations. Be< 

UA (Ha,* and Electronic Mochlne-- 
‘IS'! Mr. E. Marcus, chairman, has dis- 
47 !? posed of 100,000 shares. 

33,4 uds Group— Prudential Assur- 
In 5 ance Group now holds loss than 
31 f per cmt ot the issueO 
15 - 6 capital. 

^ London United Investments — 
Mr G C. Thompson, director, has 
o.5 jO.MO shares at l«0p- 
•«- Monument Securities— Mr C. -J- 
Armstrong, director, has duposed 
of 50.000 ordinary shares. 

Mooloya InvestmnelS — Mr. 
CiimbeQ. chairman, has purchased 
3,251) shares at 56!- p. 

Fine. Art Developments — Mr. 

D I Barnes, director, has dis- 
posed of 250.000 shares reducing. 

. ... i. i Mm Mr. 

. CambeH. Chairman, uas 

iMGU ‘poor record’ criticised 

' • Results- over the past ten years Earlier Mr. Broughton Pipkin for the 2.R7m shore s q S b° Barnes, director, has dis- 

^t- Biee,. the UK's leading cable had stated that it was still too After the making Mr. Broughton u. ^ 2 - 0 000 sh ares reducing 
jnamifaemrer, - suggest that there early to be commenting further Pipkin Mid BICC bad not yet p intercst t0 1 . 59 m shares. 
iis : a lack of effective individual on the-orospects for the full year, been notified o( tiie Ub company s Mixed Concrete — Mr. 

incentive ' within the company, in his statement to shareholders decision. Aston director, has sold 

■■major shareholder claimed yester- in th* annual report he had said -J,; ; hare s 

““■day. . ■ : he believed the company would F. MILLER Smiu FaSr-Mr K. N. Bowes. 

*•:: Speaking at thV annual meeting, VSSSf'SlM to PREF. SCRIP director, has sold 75.000 shares at 


§R^ffalrs^ BUrMr Albertor^who of world trade the- 1978 results ^uiaUv^p reference £t shares stag Furniture Holdings— The 
Sd^h^'epwrented a hoShig of could he substantially better if with a coupon of n per cent, following 10 per cent preference 
- sa :r. *2rSr - ^L:»«s . there- was an improvement m that T+1 - v w ni he issued on the basis shares have been sold. K. Hdd 

Trust — Commercial Union Assur- S 
ance Co. has sold 140.000 shares I 
reducing holding to 1.05m snares 1 
(10.5 ner cent). _ , 

A E. Electronic 1 Products Group ] 
-—Stockholders Investment TW . 
has acquired interest of 200,000 . 
shares 16 .OI per cenil- : 

Empire Stores (Bradford)— Mr. 

J Fattorini. director, has disposed 
of 30.000 shares. 

Provincial Cities Trust— tiornhill 
Insurance has acquired a furtner 
32.000 ordinary shares bringing 
their total interest to a09,wv 
(10.51 per ccnti. „ _ r 

Regional Properties— -Mr. F. G. 
Cotton, director, purchased 1.000 
ordinary shares ond Mr. M- =■ 
Hardie. director. 101.000. 

Crosby House Group-M. ^ 
Newby, director, has . sold 30000 
shares, M- D. Goodwin, director, 
jn 500 and F. Jamieson, director, 

12.500. AH at G'Jjp. 

De Vere Hotels and Restaurants 
— L. Muller and A. T. W. Han'ey 
have sold 256.000 shares out of 
their joint holding. 

Bultough — Following recent 

rights issue. Air. and Mrs. I. 
Bloolm's holding has changed to 
, 600.451 shares <7.68 per cent). 

William Press and Son— Mr. 

, w A Hawken. 3Tr. D. D. Decarle 
; and Mr. A. J. Gravelius, directors, 
have, as trustees of the group 
<;hare incentive scheme trans- 
' ferred to participants 14,400 ord 

: Sh Kevser Ullmann— Director, Air. 
, G. A. Nag gar, on May 24. sold 

22.000 ord shares at 4S.5p. Mr. 

Naggar had a non-beneficial 
interest In these shfrej: 

Midhnrst White Holding— GCT 
Investments on May — . *°J5 

100.000 ord shares and on May 2a 
^SOOOO. Reducing holding to 

330.000 shares ( 7.32 per cent). 

Idris Hydraulic Tin— •Fengkrfen 

has reduced its holding from 6.64 
per cent to less than 5 ner cent. 

H 35anT; of Scotland— Kuwait In- 
vestment Office has ac< ?uired a 
further £ 10,006 of S 

making a total holding of 
£1915.000 ( 5.938 ner cent). 

Olives Paper Miff Company-— 
Mr. A. S. Ro scow's shareholding 
has increased by 15.000 to 
Ordinary shares f*.18 percent). 
Tore and Co. — J. B- Hayward 
1 and 'Stm (Medal Specialists) now 
, hold 1S4.000 Ordinary shares (5- 

' P C C A. n Sperati - Mr. R. Marsh no | 
1 longer holds 7.140 Ordinary shares, 
r registered in his name per 

f L-eht). having disposed of R-a0J of 
his holding. Namei of holders 
C holding 5 per cent or ««««*“ 

. company are: Robert Mar sh and 
1 Mrs. M. -T. Marsh (trustees of A D. 

Sfarsh, deceased) 7.406 (I ASl per 
. cent) shares. A. J. S. Orriiard 
* 3 4W (7 per cent) shares. ». »■ 
Walker 4.547 (9 09 per cent) 
j shares, and Mrs. K. D. Bramham 
- 2.785 (5.57 per cent) shares, 
i Energv Services and Electronics 

F. G'. Rollason has purchased 

■. 75,000 shares on May ^ and a 
a further 25.000 on May 23. 

Sales 13,137,000 13,031,000 Z4,WO.uuu 

^£332? 1WC0 ^000 2,451,000 

11^23,000 11,787,000 22,105,000 

Profit before Taxation 456,000- 376,000 7 1?'^S 

Estimated Taxation 237,000 195,000 50,000 

Profit afterTaxatlon 219, 1B1.°00 669,000 

Net Profit Attributable to „ ecn ^ 

5f,e Group 219,000 181,000 669,000 

The figures for the 26 weeks to the 4th March, 1978 (and for the 
comparable period of the previous year) are unaudited and show 
estimated taxation at 52% of the profit for comparative purposes 
only. In my view It would be misleading to estimate the tax charge 
on the basis of each half year as many factors affecting this can 

only be assessed over the year as a whole. 

However, having regard to the Capital Allowances and various 
reliefs available to Group Companies it appears to be unlikely that 
the rate of charge for tax for the current financial year will differ 
significantly from that shown for the 53 weeksto the 3rd September, 

Profits at a satisfactory level were achieved by the Company s 
subsidiaries engaged in flour milling and the manufacture ofanimal 
feedlngstufts but a loss was incurred by our frozen foods factory. 
This operation started a year ago and with rapidly Increasing sales 
it is not unrealistic to expect a contribution from Society Fare Ltd. 
in the next financial year. The major sectors of our business are 
continuing to trade well and although it is too soon to make a 
definite assessment it appears that the recent reduction of capacity 

in the bread industry will be beneficial to our bakery interests. 

If the present control of dividends by legislation continues it will 
be necessary to limit the total dividend to be paid for the year. With 
this is mind the Directors have declared an Interim Dividend on the 
Ordinary Share Capital of the Company for the year ending 2nd 
Seotember 1978 of 0.96p per share (Interim Dividend 1977, 0.88p 
ffirdMMdM will absorb £48,000 of the profit 
and will be paid on the 3rd July, 1978 to those registered as 
Shareholders on the 23rd June, 1978. 

Cartisle, 1st June. 1978. lBn c - 03,7 (Chairman) 

lan C. Carr (Chairman) 

■ ■ 

»i: - ’s " H_ 

IS worse." Additional capital, he company was makmg progress in The directors or fcnerg> sales, less aupiiroiiuij>. - . 

dairaed, appeared to have been- those matters which _« could con- anU Electronics state at prices between RD.Mp nnd ioup. 

srient without commensurate troL or: influence. With regard was a small error in stag Furnitare Holdings— -1^3 

retiirn' while the record suggested' to ' world eednomic conditions, ^ uk tax charge in_ the preference shares in which V. iv. 
■that there was a iack-of effective however, he could not see any preliminary figures for 18 m due Radford had a beneficial interest 
■ individual .incentive. — ■-■■■■.■ • positive- evidence or the recovery a miscaiculation of ACT on ‘the jj ave ^een sold at 102Jp. 

.. Wr Atherton's" f 01, 'which, everyone -was hoping, dividend. . . Crossley Building Prod iicts—UR 

....- .Rcplyiikj. to- - ■ • _ n T, ■»- answer to a question about The correction of this has the a nrt General Provi* 

^i^ThcrSLSl -IS'fi JSSTwCS'-lS SE nJ S',— . *t dror 

■good as it -should v. tter con ,pany couldgct a higher jince anc i a reduction In earnings per j has a n interest in 189JioU 

STEa^JS^SfSffiSfte SWJff p^cent Stake if the io P share from l.Sp to l.G.p, jg* ^ centl . 

■?5" *J #e »KlS,’"\Vv5n 'have, some "American- company does not take pnAoc Finance and Industnal Trnst— 

* incentives in the-company'iin.the ^ / t f °|? on . b ^.? he . eS ^ Biy dBle The proposed merger betweeen Harmer Finance g b h oi d riig 

; ' ■ •: ; r - . AK ' ■ 'V‘ ‘ - f * *• ‘ " ! ‘ ' 1 ” “ ,6 ' ' \ 


New Jisue 


: :• J = 

■’ j M ' 
.. .... :.«*• * 

• ■ : ■ . .. . s- 

<’* ‘ jf- 

-I- - - ;il 

c '-" 


tjciL _ , :■ 

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fet 11 - v' :r: 

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me 1 ■; . 

These floods baviog teen sold, this ■m»°n c, i ne ii l uppeara as a matter of nsoml only. Jm 


1 Tokyo, Japan 

f DM50000000.- 

Convertible Bearer Bonds of 1978/1985 
Issue Price: 100% 

Interest: 3« % p*m pay»bfc semHuumaUy on April 1 and Octi er 1 

0^ August 1, 1978 Into shares af Common Stock of Nippon Shinpsn Co.. Ud. 
at a amverslon price of ¥ 738 pe* share 
Listing: Frankfort (Main) 

Daiwa Europe N.V- 

Berliner Handels- nnd Frankfurter Bank 

Sanwa Bank (Underwriters) limited 

Credit Suisse White Weld limited 

N.M-Rothschad&Sons Limited 

Smith Barney, Harris Upham & Co. Incorporated 

Jane 1, 1978 

AJgeuwne Bank Nederland N.T» 

Bancadd Gottflri* 

Hank Lea International lid- 
y«w[m» de rindodrine et de Sock 

Banqne de Paris et des Pays-Bos 

Bayerfsdi« Hypotheken- ond 
Btjth Eastman Dllion & Co. 
Jmenntioiui Linked 

M iWiiji wllwfiWt 

tiaHchi Securities Ce^Ltd. 

Deutsche Bank 
Ak tleapwB wtott 

Drtsdner Bank 
AI.rii ■gfifllrrtinff 

GitwHitinle nod Bank der 

osterreidtoehea SpaikasselL 



Behnmt, Benson 



Morgan Grenfell & Co, 


The Nlkko Securities G>^ 
(Eorope) Ltd. 

Sodete Geaenle de Btequ 


A. E. .Ames & Co. 


Banco Ambrosian o 

BankMeesAHope NV 
Banqne Internationale 
i JLnxembonrg 

Banqne Eotb^chM 

Bayerische Landes bank 
Cabse des Depots 
et Consignations 

Credit Commercial de Francs 

Dahra Europe 
t Deutschland) GmbH 

DG BANK _ . . 

Dentscbe Genossensdiartsoank. 

Rrst Boston (Europe) 

Amsferdam'Rotterdam Bank N. V» Banca Co mmerdale Indiana 

Bank of America International 

BanqHO Bruxelles Lambert S. A* 
Banqne Natiimale de Paris 

Baring Brothers & Co^ 

M. M. Wtrtmrg-BrfndaWBti, 5.G. 


Williams, GfrnJc Co. 

Goldman Sachs 
International Cwp. 

Indnstriehank von Japan 



Kredletbank N. V> 

Man ofaefnrers Hanover 

Morgan Stanley International 

Nippon European BankS. A. 

(Mon Bank 

Salomon Brothers International 

Swiss Bank Corporation 


Union Bank of Switzerland 


S.G. Warburg i Co. Ltd. 

Bayeriscbe Yerelnsbank 

Chase M anhatt a n 

Credit Lyonnais 

Dsuwa Securities (HE) 

Deutsche Gtrozentnile 
— Deutsche Kornmnnalbank— 

Robert Fleming & Co. 


GTwrpement des BanqnierS 
P rives Genevois 

Inter- Alpha Asia (Singapore) 

Bank ffir Gettwinwirtschaft 


Basque Gene rale du Lnxemboorg 
Banqne de Neuflize, Schlumberper, 

Barius Sanwa. 


BHF-BANK Iolemational 

Citicorp International Group 


DBS - Daiwa Securities 



Dillon. Read Overseas 
GoDOSsanschafl U iche 

Zen ml bank AG - Wivn 

Dambros Bank 

Istifuto Bancario 
San Paolo di Torino 

SmUd1**S.A.l«™b.«W0i» Slim Loel Ubmrni Brolhm -4sia 
M T.vnrh Tniemational &Co. B- s “ , * S#tal &C °’ 

Merrill Lynch International &Co. 

Alidd cpMands bant N. V. 

Nomura Europe N.T. 

Pierson, Hcidring & Pierson N. V. 

J. Henry Schroder Wagg* Or. 

Tajyo Kobe Finance Hong Kong 

Verefns- nnd Weslbank 

New Japan Securities Co*« Ltd* 

Osterruichische Iindcriank 



Soririe Generale 

Tokai K; ovra Morgan Grenfell 




'Wood Gundy 


Giroamlrale *'***** 

jy Yamaldii Inte ri t af i o n al 

(Europe) Ud. 




E5ot( tejjg 


■ . ' -■ A - 

*•**•/•- ,■ -,-kSS 

•^riancfc£ Times ThresP 



Fewer new Labour cutback underlines 

U.S. Steel 
in SEC 

BP and Caltex in $11® 

projects problems at Jos. Schlitz inquiry Singapore 

JL niTpcnnncn Man 11. 

•By Kevin Done, Chemicals 

THE U.S. chemicals industry has 
sharply reduced the number 
of major capital expenditure' 
projects announced in the first 
quarter of the year. 

Accord ini; in a report from 
Salomon Brothers, the New 
York stockbrokers, far fewer 
new capital projects were sanc- 
tioned in the first three months 
of the year than in any 
quarter for at least five years. 

There was not one announce- 
ment of a large chemical plant 
df.sliug more than S£5m from 
any ot the top 40 U.S. chemi- 
cal companies, from U.S. 
cung I oilier ales with chemical 
interests or from foreign 
chemical companies operating 
in the U.S. 

Only the oil companies were still 
active m launching major in- 
vestments. including Shell 


NEW YORK. May 31. 

JOS. SCHLITZ. one of the bis 
five U.S. brewers: which is fight- 
ing a losing battle to keen its 
share of a fiercely competitive 
market, today announced from 
its Milwaukee headquarters that 
it would start laying off workers 
at its eight breweries over the 
next two or three weeks. 

It gave no precise figures, but 
said the lay-off would affect “ less 
than a per cent" of the work 
force, which numbers 7, ISO. 

The announcement is the 
latest symptom recently dis- 
played by Schlitz that all is not 
well wilh its operations. Only 
three years ago the company was 
in an undisputed number two 
position behind Anheuser-Busch 
in the 150m barrel a year U.S. 
beer industry. 

Now. it lies a doubtful third 

after Miller Brewing, which has 
made spectacular gains since it 
was taken over by Philip Morris 
m 1969. Schlitz's sales declined 
last year for the first time in a 
decade, and earnings or S20m 
compared to 1973's record 

In retrospect, it is clear that 
one of Schlitz's big mistakes was 
its failure to perceive the rapid 
growth of so-called “ light beer." 
a lager-like brew which has shown 
the fastest market gains in the 
last four years. In contrast. 
Miller Brewing was right in on 
the start with its own brand. 
Lite, which it brought out in 

In the last 15 months. Schlitz 
has been grappling with mount- 
ing problems, including an ill- 
conceived advertising campaign 

which is building a new ethv. 
Idle plant in Louisiana. Four 
large chemical plants were 
announced by oil companies, 
l<u: even for this .-cctor the 
number of new initiatives was 
sharply reduced. 

Salomon Brothers forecast that 
capita) spending on chemicals 
in the U.S. will he virtually 
ila\ in absolute dollar terms 
during 1976-79. Chemical 
capital expenditures m 1978 
will iniai tome 5S.5bo. consist- 
ing of 85:5bn from chemical 
companies. $L.5bn from oil 
companies. S'l.Obn from 
foreign companies and $D.5bn 
( rnm " U .S. conglomerates. 

Over l ho four years to 1979 the 
building of new plants will be 
excessive, outstripping the 
growi h in demand for the 

However, if ihc low level of new 
announcements continues, as 
i* expected, new plants will 
only he adding 1-2 per cent a 
year lu industry capacity in 
tin- early l9S0s. ’ 


Strong demand 
for NatWest 

Massey-Ferguson lower 

TORONTO, May 31. 

By Francis Chiles 

THE MARKET was fairly active 
yesterday, with price:, somewhat 
mixed. Some dealers are begin- 
ning to feel that short-term paper 
might move up a little, and 
report some investor demand. The 
floating rale note sector was very 

The National Westminster issue 
was priced last night: the SI25m 
floating rate note tranche was in- 
creased by $23m to $l50ni as a 
result of very sirong demand and 
priced at par. This is the largest 
floating rale note ever. 

In the Deutsche Hark sector. 
prices moved up again yesterday; 
the recent Industrial Bank of 
Japan issue has seen its price 
move from 97.3 to 98.4 since the 
beginning of the week. 

IN LINE with predictions of 
hard times ahead for Massey- 
Ferguson when It reported a loss 
of some 53Sm for the first 
quarter, the company has 
announced a second quarter loss 
of SI 6.7m against the net profit 
for the same period last year of 
52.1m. This was on sales ahead 
by 17 per cent at S777m. The 
company reports its figures in 
U.S. dollars. 

Looking ahead, Mr. Albert A. 
Thornbo rough, the company 
president sa>s that profitable 
operations are not expected to 
resume "until sometime in the 
fourth quarter." However, while 
the outlook for the remainder ot 
1978 is tempered by indications 
of softening markets for farm 
machinery in many parts of the 
world, as the second half pro- 

gresses- programmes now under- 
taken “will progressively 
improve operating costs and ihc 
balance-sheet." . 

For the first half as a whole, 
this brings the company's net 
loss to S55.5m against a net profit 
of 55.2m or 1 cent a share for 
the same period of last year. 
Sales fur the half are 14 per cent 
higher at 81.31bn. 

While the outlook for farm 
prices appears to “justify 
cautious optimism” for the rest 
of the year in Nurth American 
farm machinery, industrial and 
construction machinery is ex- 
pected to show little improve- 
ment over 1977. 

Efforts lu dispose of part or 
all of the construction machinery 
business continue, 


I Ml 

General Mining and Finance 

Corporation Limited 

(Incorporated in the Republic of South Africa) 

Chairmans Review— 1 9 77 

The turnover of the Group, including 
associated companies, has been rising 
steadily, .md for the year under review 
amounted lo R2.044 million. The distribu- 
tion of thi? amount is illustrated below. 


General Mining and Union Corporation, 
whose activities are complementary, con- 
tinue U» retain their separate identities 
and organisation structures. 


Group income before taxation increased 
from R106.S million to R113.9 million and 
after luxation from R7S.0 million to RS6.3 
million while income attributable to 
ordinary shareholders increased from 
1134.5 million to R43.3 million. Earnings 
per share rose accordingly by 25.3 per 
c>*nl from 415 cents to 520 cents. The 
total dividend for the year increased by 
7.1 per cent from 210 cents to 225 cents 
per share, the dividend cover being 2.3 
a; compared with 2.0 in the previous year. 
There was also an increase of 19.7 per 
cent in net asset value per share at the 
j ear-end from 4,553 cent« lo 5.452 cents. 

During 1977, General Mining repaid 
K4S.0 million of iU own loan capital. 

the Group were experienced during the 
year. The asbestos market which had 
shown strong growth trends became static 
towards the end of 1977. The markets for 
other minerals and metals were affected 
by the continued unfavourable economic 
conditions particularly in the case of 
products related to the steel industry. In 
general, however, the Group was able to 
maintain a satisfactory position. 

The activities of the Group's indus- 
trial .subsidiaries cover a wide field and 
arc. therefore, affected by a variety of 
factors. In general, it has been found that 
the economic recession has placed the 
profit margins of all the companies under 
considerable pressure. The steel industry 
in particular was adversely affected in 
the export markets where the expected 
recovery of the national economies of 
the Group's important trading partners 
has not yet occurred. 



The production of gold remains an 

important aspect of the Group's activities. 
Tne increase in the price of gold during 
the past year resulted in a significant 
improvement in the profitability of the 
.-old mines. The demand for Kruger rands 
has increased and al present there is a 
cm Hi- ido ruble demand in Germany and tile 
United Slates. 

Production of uranium increased by 
22 per cent during the year mainly as a 
result of higher production by West Rand 
Consolidated Mines Limited. Considerable 
progress has been made in renegotiating 
>ule» contracts which were concluded at 
a time when prices, in terms or current 
levels, were iery low. This process is 

Labour supply, particularly during 
the second b.ilf of the year was satis- 
factory and it was possible to maintain 
juwlucMun ai a high level. The eleten- 
shift fortnight, however, had an adverse 
effect on working costs as additional 
ljimur i-t»Ls were incurred in order lu 
maintain production. 

Jl i-* expected that supply uf Black 
labour will remain satisfactory in thu 
immediate future. Considerable attention 
i> being given lo ihe iraining and stability 
of labour. 

The present level of the gold price 
is encouraging and eases the problems of 
marginal mines. 

A pnwpwunj trench was excavated 
in the Longer Heinrich uranium deposit 
bieated near Swakopmund in South West 
Afnea. The purpose uf this trench is to 
provide Further geological information on 
the nature and type of the deposit and 
to provide ore for a pilot plant which has 
been established at the Group Labora- 
tories at Kruger dorp to determine ihe 
optimum design parameters for a future 
recovery plant. Related marketing and 
financing investigations were also con- 

The Group's coal mining activities 
continued to expand, wilh sales from the 
Group's collieries increasing by 7 per 
cent over the previous year's performance 
lo reach 27.5 million tons during the 1977 
calendar year. 

To provide replacement coalfield* and 
sustain the <le»ired rate of growth, 
regional projecting of potential new coal 
ureas, as •■veil as detailed geological 
jnvc?'Up&tiMii> uf ihe coal- reserves in the 
Htghvcld. continued unabated during the 
pas I year. An interesting discovery in Ihe 
Northern Transvaal includes a coalfield 
containing a metallurgical low ash frac- 
tion and a power 'station middlings 

Varying conditions in ihe markets 
for the minerals and metals produced by 

The results for 1977 were better than 
could have been foreseen at this time 
last year. This was mainly due lo a higher 
performance by industrial subsidiaries 
than was expected anti a more stable and 
higher gold price. 

As far as the gold mines ;«re con- 
cerned. the trend of the gold price is. of 
course, the most important factor. In this 
connection, the foreseeable level of the 
gold price will depend largely on the 
extent of confidence in currencies and 
the international monetary - system. The 
price could also be influenced by the 
decisions of* the American government on 
programmes of sales of gold from their 
reserves. The indications of greater 
stability in the gold market referred lo 
last year, materialised and it is particu- 
larly pleasing that the industrial demand 
for gold showed signs of permanent 
growth. The marketing by the industry of 
Kruger rands was also continued with 
particular success, and during the part 
few months approximately 30 per cent 
of the industry's total production was 
marketed in this manner. The gold price 
in the traditional markets remains to 
^J'lne extent sensitive lo reduced supply. 
The gold mining industry must, therefore, 
actively pursue its attempts lo create 
new demand for gold through the con- 
tinuation of the promotion campaigns 
which have been successfully carried out 
in thi* past. 

Tim increases in production costs in 
the gold mining industry continue to be 

a matter of serious concern. Daring the 
.last number of years increases, particu- 
larly in price-controlled costs such a*; 
electric power, railage and' steel have 
caused unit production costs to escalate 
above the rate of inflation. In addition, 
wages iD the industry’ have also risen 
much faster than productivity. In fact, 
productivity has shown a decrease in 
recent times. All these factors constitute 
a danger to the industry and it is neces- 
sary that the utmost discipline be 
exercised in this regard in order to retain 
the vitality of the industry. 

The possible effect on the gold mining 
industry of a continued high rate of 
growth in production costs needs to be 
thoroughly considered by the State and 
all concerned. This includes all the 
resultant effects of a possible reduction 
in the number of mines which will be 
able to produce gold profitably in the 
future. Possible unemployment resulting 
from the closure of mine? and ihe 
decrease in foreign exchange earnings 
are particularly important 

During the year a decision was taken 
lo establish the uranium plant, referred 
to last year, which will produce uranium 
from the accumulated slimes of the 
Buffelsfontein and Stilfontein gold-mines. 
Satisfactory financing and marketing 
arrangements in this regard have been 

The Group’s coal mining production 
is expected to remain static during 1978 
except for Matla Colliery which will start 
producing on a small scale lu build up 
the stockpile for Matla power station 
which comes on stream in April 1979. 
Ermelo Mines will expand U» its full 
commitment of 3 million tons per annum | 
of export steam coal during 1979. 

The .substantial reserves of Trans- 
Natal and Union Corporation place tbe 
Group in a sound position to meet the 
expected marketing opportunities in the 
domestic, power station and metallurgical 
markets, as well as in Ihe export markets 
for which the further expulsion of the 
Richards Bay Coal Terminal facility is a 

Exploration and evaluation of the 
new metallurgical coal field as well as the 
new bituminous coal fields in the 
Northern Transvaal is continuing. Por- 
tions of the bituminous c-oal fields arc 
uranium-bearing but Ihe economic 
viability of Lhis occurrence has yet to be 

Application of turnover of General Mining/ 
Union Corporation Group 
and Associated Companies 

7 ‘ Incomr 
' retained 

O „ Dividends 

- 2 — , 8 paid 

a .. : ~T“ | Ta ££" 


1,400j d 


! > 
tOOO: O 


! n ! Salaries 

: ; and wages 

I o > . 

200 ' ' ’. 

I i “ < - «• . 



1973 1974 1975 lg76 

The world demand for other metals 
and minerals remains weak. A delayed 
weakening in the demand for asbestos 
also occurred as a result of the world-wide 
recession although an i mi to vent cot in 
the medium term is expected. The 
demand Tor chrome ore ts weaker and 
income from ibis source in the current 
year is expected to be lower. There con- 
tinues to be much world-wide surplus 
capacity in the Ferro-alloy industry, with 
low demand. This, of course, creates 
problems in respect of tbe new plant at 
Tubatsc Ferruehromc where two of the 
three furnaces are now in iteration. 
Technically, the plant is operating 
extremely satisfactorily but the financiul 
results arc unsatisfactory owing to the 
low level of turnover and. in particular, 
the fact that power costs al this plant 
arc now R3 million per annum higher 
than expected when it was decided in 
1974 to erect the plant. 

Owing to the continued restriction 
of State expenditure and ihe low level 
of other capital expansion work, the 
prospects for a number of industrial 
subsidiaries remain unfavourable for the 
current year. 

With a slightly better operating profit 
for General Mining itself, together with 
the expectation of a somewhat lower level 
of taxation in the Group as a whole, the 
results for 1978 should, however, once 
again bo satisfactory. 

W. J. DE VTLUERS, Chairman 

2 May, 1976 

U.S. STEEL has disclosed that 


which tried to bully drinkers into 
buying Schlitz beers. It has also 
been charged with violating 
Federal Income Tax and Alcohol 
Laws, though it is contesting the 

The company's uncertain posi- 
tion has given rise to a spate 
of takeover or merger reports. 
Earlier this month it confirmed 
that there had been talks with 
R. J. Reynolds, the tobacco com- 
pany. about a possible merger, 
but with oo substantive progress 
so far. 

However, in an effort lo get 
back on the road again, Schlitz 
has been overhauling its man- 
agement, and last month it hired 
Mr. Allin ProudfooL marketing 
head of Coca Cola, to head its 
own marketing division. 

»t is under investigation by the BRITISH PETROLEUM, Sloga- BP, which could invert between cusaon 

Securities and Exchange Com- rore Petroleum Company and ISOro <$54.5m) and a new pneessm* remery ton* _ 

s and Exchange Com- pore Petroleum Company and £30ra <$54.5m) and oanv^ fey Staewo re PmS l — > 

(SEC) "to determine the Caltex Petroleum group are C$63.6ra) in the project, ported P^yjjy 

iiuaaiun (aikvi ig-usmuimj. me uaiiex reiroicum group are tatw.oraj in me c-or win hold 4Q nertBnfc. irf'53 -:v 

sutraf SNawE: $£ k 5ss,' ,i £s&'E& a.'srfi-Jfs- “-ssss 

mental matters. 

The steelmaker is discussing 

v-iovlil. [uujcvicu _ ■ , . " - _j n nr 

BP and Caltex are to take a ducts in South East Asian ana p 

er ana usucx are id taae a aucis in ouuiu _5 js t h» mfimmi anH 

stake; in Singapore Petroleum’s Australasian markets. The addi- 

>uc Mnuwnci » siaKe in Singapore reiroieum s - hf-iwn m!ilo> 

possible resolution o( the 70.000 barrels a day refinery at tionai output could eventually. S°o» 

matter through a SEC puiau Merliraau. Singapore, and replace existing capacity at. BPs compatue&-Stenaard OH. of Cali- 

nrn^^i.rr " i —i j _ j ’ * T-u oniwi k /ri rpflnerv in forma ana lexaco. 

— *■ — — — — * Uldu IIIUdM, dlUKII'UIV, auu ICU 1 M 1 z __ -nrf Ta* 9 m • - - . 

"administrative proceeding." become- involved in a project to small 30.000 b/d refinery m foraia - ^ 

The company said this could add a further 100.000 barrels a Singapore. „ , ‘ 

invoice an “offer of settle- day of new capacity. The British company added ■ 

mPtJt " by U.S. Steel, wbieh The proposals come at a time that the Far Eastern pl «£ d „ Ebon Teiki 

might include commissioning when there is serious refinery differed from Europe in that its _Mr. tan »oon 

of an independent study of over-capacity in many parts refining capacity would he fully of SPC and cMiraan-deag^te 

environmental-compliance of- the world — particularly in utilised by the 1980s. Europe s of toe new 

costs and establishment by the Western Europe — and when over-capacity was expected to ml Jhe paruciprais Jegardedthe. 

company of procedures "to Middle East oil producers are remain for the foreseeable d^lopments as sign^ant 


company of procedures "to imuuic &u»i on wiuuuvuis aie rniuiu i«i — - — . >_• *. -. — . 

ensure tbe adequate disclosure expanding their own refinery future. , .. s,e i* I°£'^„? 1 wL for t ^ emse ^ T8S • 

of environmental matters." capacity Tbe arrangements under dis- and for amgapore. _ -*• 

The SEC Investigation was . * 

initiated last year, and has 

involved subpoena of some ' 1- 

company documents relating l^y ■ Iftll'V’l 

to environmental matters and L 1 1 ™ v/ RJf|( f y 
testimony from several U.S. » 

S n“,£ES disclosed the BT ROB£RT GIBBENS 
investigation in a Form 8 THE SNC Group, Canada's 

3“i ‘s, ‘the sec. \t en - 

the same time, the company Rlnct?nnR an( ^ Project manaco- 
amended other, non-eiiviron- men t concern, has aizquired 
menial details of Its business. Sing master and Bryer of New 
These changes offered addi- York through SNC Corporation, 
tionai information about the its U.S. boldine company 
market distribution of the Last year- SNC acquired a 
company s steel products, and major interest in Hensley- 
more detailed summaries of Schmidt, of the U.S.. forming a 
recent market conditions affect- joint company operating from 
Ing U.S. Steel’s chemicals, re- Atlanta. 

development and fabri- sing master, and Bryer offers 

eating and engineering subsi- specialised expertise in the 
auines. metallurgical and chemical in- 

saj| * dustries in the U.S. and overseas. 

SNC buys New York concern 

Simpso os-Sears,. ’Canada’s 

THE SNC Group. Canada's shares of the Vancouver realty Simpsoos^ra, _ Canals - 
second largest consolUnc en- concern Block Bros, at CSS a 

KineenoR and project manace- otomnia already owns 23 per store chain, has = bought , the r..-- 
ment concern, has acquired cent of Block and about 15 per former Electrohome, home elcc-L.’./j 

Sin gni aster and Bryer of New cent of oustanding stock is held tronics plant at SteUarton, Nbya 

York through SNC Corporation, by senior officers Arthur and Scotia. It will- be ; nsed aa a dis^-, 

its U.S. boldine company. Henry Block. The offer is being tributton centre for same Seamy,-.. . 

Last year- SNC Sired a made for shares held by the pand Uaterv^- .. 

its U.S. boldine company. ’ Henry Block. The offer is Deing mouuon centre oor same *eaa,- , 
Last year- SNC paired a ^ for shares held by gl*SfE?T- ^ 

Schmidt“f , S t ui“ foSSSft Vancouver stock exchanges for clearing centre. ’ - . 

joint company operating from — : \ - 

Atlanta. ■ 

J^T r JSoriSP' cr i, oB ^ Campeau slips Increase at 

metallurgical and chemical in- j|| J q deficit TV>f nnonnti 

Steel’s business segment 

amendments were the result name " ^and^^MaRemenL ^No By Our Own Correspondent By Our Own Correspondent 

MONTBEAL, May 31. *■" .|) 

segment reporting by large, Toronto real estate development CAMPEAU CORPORATION, the MONENCO^. Canadas largest i/v 
diversified companies. He said company Olympia and York ma ^°f Ontario and Quebec Teal engineering and project' manage- 

these amendments had no re- Developments, which recently estate developer, showed a first- ment group, earned CSL5m V-‘- 

lation to 'the SEC investigation moved into the New York market, Quarter loss of CSI.wn. fiLSW5m) or 82' cents' a share 

of the company's environ- plans lo make a bid through the (U.S.S1.7m) against a profit OF s ^ valfr asaiTK+ ^i v™:, ^ : 

mental disclosure. .VP-DJ facilities uf the Toronto and C$ 544,000 or 6 cents a share a ™ .■; 

= year earlier. There was a cash - or 41 cents .a' year. earfi*r.*_.- 

flow deficit of CS539.000 against Operating revenues were CS24m 
C$544,000 or 6 cents a share a (C$20m). The company hsa"Sif=^- 
The loss was attributed to slow jjosed of its shares fn -B anis ter- - - • 
housing markets in Montreal and Continental, the western 1 pT&e-"” - 
Ottawa. line group. - : -.'i 

It will continue under its present 
name and management No 
financial details were disclosed. 
Meanwhile, * the growing 

Increase at 

By Our Own Correspondent 



mental disclosure. 

The covered wagon 
theory of advertising 
in America. 


Some people advertise in America 
as though it’s 1848, not 1 978. 

In those days, small bands of settlers <. 
set out across the vast continent in 
covered wagons. But the bulk of the 
young nation’s business was in a few 
Eastern states. 

Advertise on that basis today, and 
you’re apt to get scalped. Not by Indians. 
By your competition. 

Some 90% or so of all Americans - 
live west of the Hudson River. And 
American business is scattered from, 
coast to coast. So when you advertise 
to American leadership, you’d better 
advertise where the leaders are to be 

That’s all across the U.S.A. Which 
leads you to The Wall Street Journal. 
America’s national business daily. 
Reaching millions coast to coast With the 

JSaverische Vereinsbank finance ’ 
Company B.V. 

U.S. $30,000,000 Guaranteed 
Floating Rate Notes Due 1981 

For the six months 

1 st June, 1 978 to 1 st December, 1 978 
the Notes wHJ carry an • 
interest rate of 8£ per cent, per annum. 

The Notes are listed on the Luxembourg Stock Exchange. 

By ; Morgan Guaranty Trust Company of New York, London 
-: Agent Bank. • J 

I : ' T 'S"w hr 

Weekly net asset value 
£LZ3 on May 29 7978 

Tokyo Pacific Holdings N.V. 

U.S. S49.02 

same news, on the same day. 

Advertise in The Wall Street Journal. 
Where prudent advertisers stake out 
their claim in the Western Hemisphere. 

Tokyo Pacific Holdings (Seaboard) N.V. 

U.S. S35.72 

s min 

The Wall Street Journal. t 
The all-America business daily. 

Listed on the Amsterdam Stock Exchange 

Information: Pierson. Haldring & Pierson N.V.. Henmgraeht 814, Amsterdam 

1 1 » I > - 

m "‘- i-i. i 

Koprcbcuied by DJIMS. In London, rail R.iy Shnip sif 
353- 1847: in Frankfurt, call Jonchim Htl61 1 ) 74-57-40. 
Otlu-r D.liMS uffio.'s in major huMia'w* centres around the 


PRICE INDEX 30.5.78 

DM Bondi 105.71 

HFL Bauds & Notei 104.67 
U.S. S Stri. Bond* 99.37 
On.-Doflir Bondi 100.00 


23.5.7B AVERAGE YIELD 30.5.78 
105.77 DM Bands 6.611 

lM.95.-_ HLF Bood» & Now.yjdT* . - 7.411 

U-S- S S«rt. Bond* B.811 . 
Cm. -Dollar Bonds' . 9.284- 

7 3 A% US$ 35,000,000.- Bonds of 1978/1985 

- Private Placement - 

Guaranteed by 

Volkswagen werk AG 



* ^ June 1 1978 




FINANCIAL and company 

- • A ■ •■ - 

- __ -«YlpRi#aS JSHtcE ' 


6e Montte^toaiaiog ^SQm 0 n 
a cent over tbe 

inteitoft : .-:rsie~--fop 10 years 
.Oto tenttfi iackrfe a three-year" 
gr*ce,|teEiioiv:^art;d£ the pro- 
cttwfe^J^-loaq, wfaidiis fceine 
iK^waaed ;% Otase 
«‘v' ]rattani^Sa®,-herip refij&ikce ' at 

e‘^ 8j*’ totbe boi^wec 

rBr "' a §20&tt SCTen^ear lo^n raised 

lasr^ttoBoer .y J- 

paid on that 
oets&lon.^spijt spread of'li per 

four years 
rising*© 1 . 2?- per cent The grace 
pemd^.'-ithe new loan is also 

raising $ 250 m 



±ru} . : *. 

uc w I > 


lb- r, 

* *.H 

T <*. ■•] 

-e k . 

more generous — -three years com- 
-pared, with IS .months last year. 

«wm .-'borrowers are also 
active in the market Two loans 
• car Fently being arranged 
whale a third an much larger one 
tor me Italian State Railways is 
expected very soon. 

Rnsirior, me state steel hold- 
ing company, is raising S55m for 
• y S?„ re 0tt * spread of if per 
cent Other teams include a three 
year. grace period. 'Rtere is no 
guaran tee { ortitis loan which is 
bemg arranged by Bank of Tokyo 
ana Detroit and Banea Kazionale 
del Xavorb, . ‘ ’ 

The other loan — for Fiame- 
canica — is a two-tranche opera- 
tion and is being arranged by 
BAH. A $l5a tranche is for 
five years with a two-year grace 
period and carries a spread of 
3 if per cent. Tbe other tranche. 
$35m, is for three years with 
the same grace period and a 
spread of 1- per cent There is 
no guarantee. 

The Commonwealth of Aus- 
tralia is raising F1300m for 10 
years on a fixed rate of interest 
through a group of banks led by 
Amsterdam Rotterdam Bank. 

l-»v _ 'ta*. 

*• •■‘JD-.'jo, ' 

Nar" . vc-. 
5 2:u», 

s / e "’^ 

: for .$< 

Three-way Spanish bank deal 


5l ; Ce - 1 \— — 




J * C6' a .: 

DDIA r r X L ' 
«et> jnoQ c 
»e 'i.sti ■ ■’ ‘ 

t-r. J •* 3i 

-fV* ****£. 
iUn «5 asi 
‘ 1 CbuC- 

? at 



EAL. M i} J 


carrej n,.- 
5 - ccr.!: t ,j. 

; >■>-. 

“ I'fc-r «».- 

*»« •■■.«« c> 

COT.Asr.V ay . 

arc, ..v'si* 
e •A^'.ex - 

of . - • Spain’s . “-big seven * 
national banks, has bought a 
majority, . holding .in Bahca 
Joyer, an old-establish Catalan 
ftmJy bank, , - from the 
B a rcelona based " industrial 
Bankumon, ~ " which holds 
approximately, 55 per cent of 
the Joyer equity! - •-••• 

;The sale; was confirmed at the 
Bank union: annual- meeting yes- 
terday for a reported price of 
ei gnt times; ihe-r nominal value 
of- the shares, which Babkunion 
president, , Sr: -Jose Ferrer 
Bonsoms. - estimated at more 
than tvyice : 'tiheir real .value. 
Bankunion ' is: therefore likely 
to.receivePta 3tfbn ($4.7m) for 
its portion of .the Jover equity. 

The announcement ends 
weeks of speculation, following 
the annonnannent that the sale 
of Jover was being negotiated 
through a foreign intermediary, 
which turns out to. be Roth- 

sdiilds. it is thought that 
Santander will be offering 
similar terms to the holders of 
Jo vers 45 per ' cent minority 
equity, or an exchange for 
Santander shares. . Tbe final 
price will therefore be around 
Pi as fibn (S8m). 

Tbe raecbanics of tbe pur- 
chase — an. approach through an 
intermediary empowered to 
make a: single, but- substantial 
offer— cuts, out .any rival bids 
from other, particularly Catalan 

Banca Jover is a small com- 
mercial bank with Pta 12bn in 
deposits and 'some 20 branches, 
located almost exclusively in 
Catalonia. Santander has thus 
extended its national coverage, 
while increasing, its presence in 
Catalonia, Spain’s most impor- 
tant industrial area, and tradi- 
tionally the * region - which 
generates the highest level of 
savings. ■ 

Bankunion is left with the 


Banco de Gredos as its main 
commercial arm. Gredos was 
severely hit by the collapse of 
the Banco de Navarra/MPI group 
at the beginning of the year, 
prior to its take-over by Bank- 
union. Invex tbe company which 
owned 53 per cent of Gredos, also 
has a 13 per cent stake in 

At the time of the Gredos pur- 
chase. Bankunion increased its 
stake in Jover. It 3lso extended 
its capital increase earlier this 
year to Jover. Bankunion itself 
expects to make good its lost 
coverage by opening up Ten new 
branches this year, three of 
which are already in operation. 
The bonus from the sale of Jover, 
will permit faster expansion. Sr 
Ferrer said yesterday. It finished 
last year with profits of Pta 926m 
{S1.2rn). 2.7 per cent up on 1976, 
total deposits up by 14.2 per 
cent to Pta 63bn. and capital and 
reserves up by 5.9 per cent to 
Pta 8.7bn. 

YDO acquires Saphir watches 


THE "German • company VDO 
Adolf rSchindllng AG; which 
recently -acquired IWC ..Inter- 
national . Watch Company, of 
ScbafEheuseh. ' has . obtained 
control of another, well-known 
Swiss watch concern. VDO is also 
contemplating, a. rights . issue.. 
Working thisugh. its Zurich sub- 
sidiary Inistek AG, the VDO 
group has taken up over half the- 
cxpllal of the Geneva-based hold- 

ing company Saphir SA. 

The company owns .the high- 
price-bracket brands Favre- 
Leiiba, Lecoiiltre . and Jaeger- 
Lecoultre, with production units 
in Geneva and Xe .. Sen tier. It 
recorded a small profit last year 
after a. loss of SwFr- 5.6m in the 
4976 period. -A capital re-struc- 
turing was carried out to improve 
its financial situation. 

A; number of shareholders are 

ZURICH, May 31. 

now said to have sold their 
Saphir stock to VDO. 

Meanwhile, Sifca Flnanz AG 
has acquired 39 per cent of Sika 
Chemical Corporation, of New 
Jersey, from the Dow Chemical 
Group. Tbe Swiss company thus 
becomes sole shareholder in Sika 
Chemical, which ds currently 
expanding capacities . for 
concrete additives in Los 
Angeles. Dallas and Illinois. 






Bayemverein for City 


BONN, May 31. . 

WEST GERMANy’S fifth largest customers wanting . to invest in 
• bank, Bayewsche -Ycxeinsbarik; ■ Britain. But the bank ‘will also 



at home and abroad. . 197L The- bank has total assec 

The XoDdon .branch business of -DM " 37.3ba, ' nearly 400 
will- chiefly focus on -German- branches ^ and lb,000 staff. 

Outlook now brighter at Perstorp 


PERSTORP, the Swedish 
chemde^s 1 -group-. • is - ' more 
optimistic at. the end of the first 
eight months of its financial- year 
(September . 1977 to April 1978) 
than in earlier forecasts. Group 
sales amounted to . SKr 773m 

.. ■ v STOCKHOLM, May 31. 

(S166nO ‘ ‘ compared . with 

SKr 6S0ih in the same period in 
therprevious year, and the -fore- 
cast for the whole of this year 
is that sales will rise to SKr l.lbn 
compared with SKr 930m in the 
previous year.- •_ . . 

Dutch insurer 
sees increase 

By Our Financial Staff 

HIGHER profits this year are 
forecast by Nationale-Nederlan- 
den, .the largest Dutch insurance 
group^wbose profits at the after 
tax leWl rose by 15 per cent in 

At theV annual meeting yester 
day, the 1 , company said first 
quarter 1978 revenue was 9 per 
cent higher and would have 
shown an increase of 12 per cent 
but for the adverse impact of 
the appreciation of the Guilder 
in foreign exchange markets. 

- Actual profits for the opening 
three months are not available. 
For the whole of this year tbe 
company expects the Dutch mar- 
ket to improve in the non-life 
sector. Outside the Netherlands 
an increase in non-life profits 
“seems unlikely." 

aboard) N.V- 


’ Earthenware Manufacturers 


TAX'UP . ' 20%. 

— • 16% 

.i : “* 

l Bifc;^y^any : continues, to maintain a strong market 
positien ^or ali jts mam producfe, aad a healthy order 
book-Sbodld -ensure continued prosperity for sbare- 
h^ders'in 1078;- 
In ^Buetuatidas in the valtie of tbe '£ making our 

p rkeSff^s^com petiti v e, ^ the" value. ..of . export orders on 

our-Eooks- is an all-time record. 


Yeabj^^d 31-:Decemfaer 
j^iSn'Qver . 

^ after ITax . 

• ;• V ” 

‘Earnings per 5p share 

'.^.'^Htax. permitted. 

H. FRANCIS WOOD . Chairman. 











>. S-:? 



" Export Sales- we re; up by 3SJ% contribut- 

ingrfea profit increase of 35%. . 

per share are up from 5.93p to 7.99p. 

, X-'Afciougti the first half of 1978 has proved 
diffictat sales are now good and the increase m the 
capacity of the non-ferrous foundry now trading as 
PeS Castings Ltd is being filled. A warehouse 
hj bSm opened in Vichy Prance » JgK°w 
in Ei^bpe. The. results for the first half . of _ 197b 
ma^not show an improvement on 19i7 but the 
y^ -as a whole will show a satisfactory result and 
thelong term future is faced with confidence. 

• - .-. : ■-. — .... wrr 

' Sal^T^ i • v-v----v****vr ■ : 

Profit- after •;■■ ■; 

Dividend per: Ordinary Share Neir 
-Di^Bend 1 eoyer • 

- i94 







Shutdown in Sardinia 

RUM1ANCA SPA » chemical 
company linked to tbe SIR 
chemical group, said it intends 
to- close down its Rumiauca Sud 
petrochemical plant in Sardinia 
temporarily because of lack of 
raw materials, Reuter reports 
from Rome. 

The plant normally obtains 
supplies from SIR’S Porto Torres 
petrochemical plant in North 
Sardinia, but SIR’S financial diffi- 
culties have caused this plant 
to reduce output, industry 
sources said. 

. The Rumianca plant is to 
close down progressively from 
next week and about 930 workers 
will be laid off, Rumianca said. 

Olivetti sales rise 

chairman Bruno Visentini said 
the group sales in the first four 
months of 197$ rose by 11.4 per 
cent from 1977 levels to L372.3bn 
(3430m;, Reuter reports from 

Parent company turnover rose 
14.4 per cent to L142.7bn, he 
told shareholders. 

Orders rose by 10.3 per cent 
WoVld wide and 20.7 per cent in 
Italy, he added. He made no 
forecast for profits or for a 
possible resumption of dividend. 

Deutsche Shell loss 

German unit of , the Royal 
Dutch/Shell group, reports a 
loss of DM 34.5 (Sl7m) For 1977 
compared with a net profit of 
DM 240.4m in 1976, writes AP-DJ 
from Hamburg. Sales fell 2.1 per 
cent in 1977 to DM I2540bn 
from DM 12.508bn. However the 
company expects - to return to 
profitability in 1978. 

’ The prime factor behind the 
better 1978 prognosis, is the 
expectation that the company 
will be able to reduce its oil 
sector losses to DM 11 a ton from 
DM 19.30 a ton losses in 1977. 

CIGA in the black 

THE . Compagnia Generale 
Grande AJberghi . (CIGA) SPA 
posted net profits of L295m 
(5340.000) for 1977 after three 
straight years oE severe losses, 
AP-DJ reports from Milan. 

CIGA had posted deficits of 
L9.6bn in 1974, L4.1bn in 1975 
and L2.Stm in 1976. 

The company, grouping Italy’s 
most luxury hotels, reported its 
1977 income amounted to L41bn 
up 36 per cent from the 
previous year. 

_VS ! 

Cartier to 
go public in 
New York 

By Davfd White 

PARIS, May 31. 
Jewellery empire is to be 
brought together again into 
one group and plans to launch 
its shares for the first time to 
the public 

In Paris, where the concern 
began in 1847. Cartier said Ute 
separately-run operations in 
New York, Pails and London 
would be regrouped under a 
single holding company. It Is 
envisaged that the new joint 
company will apply for quota- 
tions of It sshares, probably In 
New York. 

Cartier began drifting apart 
at the beginning of the cen- 
tury, when It had already 
established itself as one of the 
leading jewellers in Europe, 
and sister companies were set 
up in New York and London. 

The structure that tbe trio 
of Cartier brothers left behind 
is a complex one. Cartier is 
basically broken np Into three 
divisions: the retailing and 
distribution network of Cartier 
Inc. in the U.5.; the Luxem- 
bourg-based European opera- 
tions. including Paris, London 
and Geneva: and the manufac- 
ture of pens and cigarette 

Sales from the different 
branches last year are pat at 
just under 5100m. Of this the 
European group accounted for 
rather more than half, with 
the remainder divided roughly 
equally between the UB. group 
and the pen and fighter opera- 
tion. Net profit last year, on 
a consolidated hasis. Is esti- 
mated at $7 hl 

Various alternatives are now 
being studied for the site of 
the holding company and the 
launching of Cartier shares, 
but New York is considered 
the most likely, being the most 
actire market. 

An initial introduction is 
thought likely on the American 
Stock Exchange and possibly 
later on the New York Stock 

VFW-Fokker: no mass redundancy 


VFW-FOKKER, the troubled 
West German-Dutch aerospace 
group, bad aot “ come w tbe end 
of its existence •* because of tbe 
cancellation of the VFW-614 
short-haul jet airliner pro- 
gramme. tbe outgoing executive 
chairman, Mr. Gerril Klapwijk, 
said here today. 

Although he stressed that the 
company remains committed to 
the West German Government's 
proposal for a merger with 
Messerschmitt - Boelkow - Biohm, 
Mr. Klapwijk said that work in 
prospect had increased, so that 
There was now no immediate 
danger of mass lay-offs. This 
breathing space, it can be 
assumed, will be used by the 
VFW-FOKKER side to attempt 
to secure more favourable 
merger terms than those reliably 

understood to have been offered 
by MBB up to now- 

Talks with MBB are still con- 
tinuing, but the VFW-Fokker 
chairman offered po indication of 
when he expects them to be 
concluded. He said that they had 
centred around the West German 
interests of the group, but also 
stressed that the Netherlands 
Government had *he Dutch 
shareholders and the manage- 
ment 3 free hand — a move that 
appears to leave the way open 
for the considerable degree 
of cross-frontier integration 
achieved by VFW-FOKKER to 
remain in effect. The manage- 
ment haa been arguing for some 
time to both the German and 
Dutch Governments that much 
would, be lost if a politically- 
imposed solution were to attempt 
to unscramble the group. 

Herr Johann Schaeffler, the 

deputy chairman of the central 
operating company, said that the 
VFW 614 programme had cost 
the company some DM 200m 
($l09m) and the West German 
government as much as DM SOOnt 
(S400mi before VFW-Fokker 
closed it down last dccernber, 
in the form of development sub- 
sidies. ioaa guarantees and pro- 
duction aid. 

In keeping with its under- 
takings to Bonn last December, 
when the government provided 
a DM 540m assistance package, 
VFW-Fokker has drawn down 
DM 150m from its reserves to- 
wards a DM J57m operating loss 
suffered on its 1977 activities. 
This virtually exhausts the 
resrves of the operating com- 


For 1978, Mr. Klapwijk said, 
the group hopes to balance its 
books, and should be able to 


earn a small profit in 1979. 
Work in progress includes 25 per 
cent, of the European airbus— 
a 300 programme, with the 
prospect of increasing the labour 
force in North Germany the 
largely Dutch-built F-27 and F-28 
airliners, the Dutch part of the 
F-16 fighter and subcontracting 
work od the MCA Tornado. 

In addition, VFW-Fokker is 
expecting a go-ahead for the 
proposed Franco-Dutch Atlan- 
tique marine reconnaissance air- 
crift, with initial orders worth 
DM 200m, as well as further 
military work from the West 
German government as part of 
its pledge to spread the present 
balance more fairly. For this, 
Mr. Klpawijk Said, VFW-Fokker 
was still effectively in competi- 
tion with MB ABB the indepen- 
dent Domier company. 

Streamlined Varta sees recovery 


THE RADICALLY reorganised 
Varta group appears reasonably- 
satisfied with progress since its 
reconstruction. The battery and 
plastics operations appear to be 
doing satisfactorily, while the 
pharmaceuticals operation got 
off to “ a shining start.” Only 
the eleOisai and air purifica- 
tion concern had a tough lime. 

Varta, a major industrial 
holding of the Quandt concern, 
previously operated as a group, 
but last year its three major 
components were hived off into 
independent companies in order 
to allow them to reach their full 
potential at their own pace. 

While it is obviously too early 
lo comment on whether the 
policy has proved a success, 
shareholder do not appear to 
have suffered in any way as a 
result of the arrangernenf. 

Hans Graf von ’ der Goltz, 
chief executive of the newly 
constituted Varta batteo' and 
plastic concern, said that for 
1976 holders of 10 shares is the 
old Varta concern saw earnings 
of DM 70. Their 19 77 stake in 
the newiv constituted group 
brought ETiem DM 69, plus, if 

they paid West German income 
taxes, the tax rebate coupon 
allowing them to offset corpora- 
tion tax paid t : i their dividends 
against personal taxes.. 

In 1977. Varta saw world 
turnover increase from the pre- 
vious year’s DM I.15bxt to 
DM 1.2 bn i$96Smi. In the first 
quarter of 1978. the concern 
saw sales remain unchanged 
from the comparable period of 

The turnover figure, however, 
had been depressed by currency 
fluctuations. Sales of its over- 
seas subsidiaries rose by only 
2 per cent in Deutsch e-mark 
terms, whereas, when accounted 
in their home currencies, their 
real growth was 15 per cent. 

Altana, which operates in the 
pharma reel; ties L and dietary 
products field, reported 1977 turn- 
over up from DM73S.6nt to DM 
805.7m. There are signs that 
expansion will also he strong in 
1978 and first quarter sales were 
up 7 per cent, to DM210 m. 

CEAG, which operates in the 
light and power technology and 
air purification sectors, had a 
difficult time last year. Turn- 
over fell from DM226;2m to 


DM202 22m. However, things 
started well in the first four 
months of 1977 with turnover up 
21 per cent 

Although this puts the group 
on the way to a return to profita- 
bility. 197’S is also expected to 
produce a loss. The group's 
1977 loss totalled DM202im — more 
than double that of 1976. 

Meanwhile. YEW. West Ger- 
many’s second largest electricity 
producer, expects profits to rise 
this year Reuter reports. In 1977 
net profits fell to DM SS.9m 
(S45un from DM J32in. 

Turnover in the first five 
months of this year was S per 
cent higher and electricity sales 
were up 6 per cent. The company 
said it expected gross profits in 
197S “to exceed the DM 200m 
level," compared with DM 193m 
in 1977. 

Last year's lower net profit was 
due to higher natural gas costs, 
special depreciation for the delay 
of the building permit of the 
nuclear power plant at Hamm in 
North Rhine Westphalia and the 
fact that authority' to increase 
prices was "insufficient and given 
too late." 

West Germans 
make CD offer 

By Our Financial Staff 

THE West German Government 
[is making a tender offer in 
three- and four-year certificates 
of deposit, Kassenobligalioncn. 
The offer closes at noon tomor- 
! row. 

Dealers in Frankfurt were 
suggesting yesterday that the 
terms of the offer — a minimum 
rat'’: of 5 per cent for the three- 
year paper and 5j per cent for 
the four-year notes — were on the 
“tight side" but that the sudden 
revival in local bond markets 
had created a relatively favour- 
able background for the tenders. 

The renewed strength of the 
Deutsche Mark at the expense 
of the dollar yesterday lifted 
domestic bond prices by up to a 
point at the long end and enabled 
the Bundesbank to reverse its 
recent policy and sell what w'as 
thought to be a substantial 
amount of stock. There are 
apparently signs of a renewed 
inllow of foreign funds into Ger- 
many. notably from Switzerland. 

The last offer in Kassenobliga- 
tionen (in March » raised around 
DM l.Tbn for the Federal 

For seventy- eight years we’ve traded as The 
Associated Portland Cement Manufacturers 
Limited and APCM is our familiar name in 
the City. 

But for many of those years we’ve been 
identified by our famous Blue Circle symbol, 
and Blue Circle is what we've come to be 
called by customers and the public at home 
and overseas. 

From now on it’s the only name to know. 

On June 1st, The APCM Limited became 
known as Blue Circle Industries 
Limited. Under our former name we 
grew to be one of the largest cement 

manufacturing organisations in the world, 
with turnover approaching £400 million, 
and with 12,000 employees in the UK alone. 

Over 50% of our profits come from our 
manufacturing interests and investments 
overseas, and we also have a substantial 
export business selling to over 
100 countries. 

We are considered to be world leaders 
in cement technology and, with 
our new name, we expect many 
more years of successful 
growth both in this country 
and overseas. . 

Blue Circle 
Industries Limited 

197 8 


' Financial Times Thursday 


JAL restores payment in 
spite of lower profits 


TOKYO, May 31. 

JAPAN AIR LINES has written freight out of Japan but says craft per year from 1980 to 
off the last or a YITbn ($77ini the “high Yen" (the Yen around 19S5 at an annual cost 
toss incurred in 1974 and revaluation) had a *' detrimental of about S400m. Decisions nave 
restored its dividend after a effect " on this. yet to be taken on how to finance 

three-year suspension, the airline JAL's financial history aver the these purchases, 
announced lodav. past four years, as set out in JAL has nu comment to make 

The company also announced today’s report, starts with a on the profit outlook for 197S-79 
after tax profits of Y8.l4bn for massive Y17.7bn loss in 1974 but the airline faces the major 
the fiscal vear ending last March (when the airline was one of task of absorbing the high cost 

—a slight fall from the Yllbn the biggest losers among ail of operating through Narita 

profit registered in the previous major international airlines), airport (the new Tokyo inter- 
fiscal year The airline reacted by embark- national airport). The higher 

JAL says it had to face a in? on a rationalisation pro- landing charges at Narita could 
“ major inc ase " in uncon- gramme spread over a three-year cost JAL an extra SI 00m during 

t Tollable costs in 1977 resulting, period which was concluded, the coming year and will not 

among other things, from a 100 slightly ahead of schedule, when initially be covered by revenue 
per cent, increase in landing and the final Y5.5bn worth of accu- increases, since Narita flight 
navigation charges on its mulated losses were written off frequencies are frozen at the 

Two more 
add to 
the gloom 

after slide in earnings 

By Yoko Shibata 

TOKYO. May 31. 
TWO MORE of Japan's major 
shipbuilders report serious 
profit setbacks. Following 
yesterday's disclosures of hefty 
downturns at Ishikawajima- 
Harima Heavy Industries 
(IHI), Hitachi Shipbuilding 
and Engineering and Mitsui 


KAWASAKI STEEL, one of services rose. 1 while -sales of had been held at :Y5 every ’year 
Japan's big five Integrated steel actual , steel declined. Service since the early laws, 
producers, suffered a 90 per cent earnings amounted to Y14J2bn exception of 19 fl 
fall in profits for the half year in the six months to March 1978 the Japanese steel industry 
ending March 19713 compared compared with earnings, of labouring under tne jmpac 
with the same period of the Y3.0bn tn the same six months the first yen revaluation n 
previous year. of last year. Overseas know-how domestic recession. 

Income before the inclusion and consultancy sales are A , thotlIlh half-vear busi- 
of extraordinary items totalled expected to represent ^ a .fast Althou&i a gnrii one for, 
Y1.4bn (?0.3m) r down from growing portion of Japanese tow jj™ w ” ? e for ot ber 
Y13.6bn In the six months end- steel company s export earnings {“mata ‘f“ £ ; mD anies) pros- 
tns Mnrr>h tow 'Th® iQTR nrnfit dim ne the next few years. Japanese steel compaimssi riw 

puts Milt- 
on Tisdo 
dividend ; 

. By X. K. Sbarma 

NEW PELHS,iMhj ji- >j. • 
INDIA'S. largestTprivat^j^wn’wi’ ^v r . - ' 
steel plant, Tafeilron ana.jsj&j 
ecunpwiy..- (Tisco)7 dras^besn >#*"* ,< c. 
• Ordered by tiieiGdvetBtQ^^- ^ 

limit ‘its! .iiiviiIi>THl ~tn' -I,.™* . TZ 

Shipbuilding and Engineering, without which Kawasaki would tion in the six months ending in section P of the •• 

Mitsubishi Heavy. Industries apparently have had to report a March w aR down 13.5 oer cent as *_ P market are .SS22S5® £ - vV' ' ■ 

steel prices by a_ Jjefty ’ JKsxts *- r - - 
(520:7 ) a- tonne, on; average. ■ 

navigation charges on its mulatea losses were written on frequencies are trozen at me 
domestic Japanese flights, towards the end of last year. As same level as at the old Haneda 
Domestic traffic, however, rose part of the rationalisation pro- international airport. JAL says 
bv 16.S per cent, during the vear cess JAL suspended the recruit- it will have to “work hard" to 
(by 23 per cent, in the first half ment of new employees Tor two cover the Narita costs but gives 
of' the year alone) while inter- years and delayed new aircraft no indication of its precise 
national traffic was up 12.5 per purchases. strategy. 

cent. Tbe completion of the pro- JAL plans to start a fortnightly 

J.AL’s international cargo gramme leaves JAL financially service tn Sao Paulo in -Tune (its 
traffic also rose bv 7.5 per cent, sound but with a backlog of air- first service to Latin America), 
during the vear but this appears era(t purchases to be undertaken A service is also being intro- 
to have been due solely to a rise over the next few years. The duced to Abu Dhabi and Sights 
in incoming freight tup 19 per airline is expected to buy some to Baghdad will begin later this 
cent.). JAL gives no figures for seven or eight wide-bodied air- year. 

Japan Line loss near $100m. 


JAPAN LINE, tbe financially It was announced on May 22 outstanding balance oF bonds it 
troubled tanker operator has (hat — as part of management has already issued is nearing the 
announced a Y2l.41bn <$96. 4m) changes associated with the plan ceiling, the bank added. 

,1 to- salvage the company s -The banks bond issues have 

financial .rear to fi nanceSi jjr. Takeshi Kitagawa, been rising in recent years 
March 31. compared with a net vice-president of Toyu Soda because of the need to finance 
profit of Y772m in the previous Kogyu. and a former executive increases in medium and long 
year, and of Y2.6hn in 1975-76. with the Industrial Bank of term lending in yen both at 
The company, which has been Japan-r-Japan Line's principal home and abroad, 
hit by tbe slump in the world creditor — had been selected as Earlier, the bank reported that 
shipping market, and had debts president, in place of Mr. its profits after tax for the half- 
of some YISObn at end- Histaashi Matsunaga, who was year ended March 31 last slipped 
September last year, has in appointed chairman. from Y9D8bn to Y9.Q3bn 

recent months reached agree- The company reported a net fWMnri. The interim dividend 
ment with lenders to postpone ]oss close t0 Y 5bn at the half- £ maintained at Y2.50 a share, 
repayment of about Y30bn stage. Reuter 

(S130ni) in loans during the , . , * 

current fiscal year, which started * * TOKAl BANK, the Japanese City 

on April 1. THE Bank of Tokyo is asking bank, has announced an increase 

The first year’s plan to the Finance Ministry to submit a of 7.7 per cent in net profits in 

is maintained at Y2.50 a share. 

TOKAl BANK, the Japanese City 
bank, has announced an increase 
of 7.7 per cent in net profits in 

reconstruct Japan Line’s finances Bill to parliament to double the the half-year to March_ 31. to 
is understood, as reported last amount of bonds it may issue, YS.3hn (53.7m.) from Y7.<bn in 
week, to mvoire measures includ- the bank said 

the same period a year earlier. 

the selling of assets and The bank is at present allowed reports AP-DJ from Tokyo 

securities, and the reduction of to float bonds up" to an amount The bank forecasts that net 
operating expenses through pay- of Y1.34 trillion (million profits will be maintained at the 
r/>)I economies and negotiations million). representing five times Y8.3bn level in tbe current 
with labour unions. its capital plus reserves, but the half-year. 




Net profit 

1978 1977 

Ybn Ybn 




Ybn ■ 

Kawasaki Steel 






Nippon Kokan 






Kawasaki HI 

Heavy industry, shipbuilding 





Sumitomo HI 

Heavy machinery, shipbuilding 





Nissan Shatai 

Vehicle assembly 





Toyo Seikan 

Metal products 





Sankyo Electric 






Takeda Chemical 






Mitsui Toatsu 


- 438 

- 9.13 



Sekisui Chemical 






Mitsubishi Oil 

Oil production 





Nisshin Hour Milling 






Nagase & Co. 






Japan Airlines 






Japan Line 


- 21.41 




Mitsubishi Heavy Industries apparen 
(MHI) and Kawasaki Heavy pre-tax 
Industries announce reduced Sales 

earnings for the fiscal year to SSE? IL 
last March. "Eg 

The current worldwide glut acco , m} , 
of vessels,, coupled with cent) s 
weakening international com- earlier 
pclitiveness caused by the year d ‘ r 
surging yen value led to a { 0 yg_g] 
tapering-off of new ship orders p er cen 
and order backlogs held by all A hr«« 
five shipbuilders. Sharp price- SeuT ^t K 
cuffing competition in order- 
taking and declining operating from « 
rates (around 30 per eent of 

capacity) weakened profit- 

ability more than expected. 

The largest heavy machinery "IWT ■_ 
manufacturer, Mitsubishi, |^|£J 
whose shipbuilding accounted v yL 
for 343 per cent of business, 
lifted current profits 28 per by 

cenf to Y45.7bn but net profits 
fell 16J3 per cent to Y15bn THE j 
(567m) on sales or Y1.38 meat is 
trillion (million million) its pres 
($6 .2 bn). guidelin 

SIHI’s new ship orders. The 1 
declined by 27 per cent and sa '^ the 
order backlogs were cut by be tiestg 
46 per cenf from the precious t* 1 ? di* 
year's level. As a result MHI e 1 * lst £o 
expects a deficit for the first “ ere W! 
time in 'the current six months 1D ^‘ 
of the fiscal year ending ‘ Ther 
September. compani 

Kawasaki Heavy Industry’s 
brisk sales of plant machinery r, 

(up 34 per cent over fiscal ‘ 

1976) did not help tbe group's t AJ 
earnings. The poor perform- Mr How 
a nee in shipbuilding reduced . 

current profits by 53 per cent ve i 0Ded 
to YI4bn and net profits by had he 
26 per cent to Y9.7bn (S43m) tporesen 
on sales or Y566bn ($2.53hn), panies^ a 
up negligibly by 5 per cenL subject 

Even though HKTs setback bv the ( 
In new sMp orders was ’Mr. H 
retained relatively small 
among other shipbuilders 
(down 8 per cent) and its 
order backlogs were. In sharp 1YJ 
cont rast, higher by 8 per cent, 

KHI expects a farther profits by O 
decline for the carrent year 
due to shortage of profitable CSR. thi 
ship orders. building 

The fall In profits recorded group, iil 
yesterday by Ishikawajima- 7 per i 
Harlma Heavy Industries — SA43.85rr 
recurring profits fell 33 per to Marcl 
cent to Y35bn and net profits entirely I 
51 per cent to Y5.7bn on sales chemical 
of Y763.4bn, up 9.7 per cent— sugar an 
was particularly savage. Ship- struction 
building shrunk to only 27 per returned 
cent of the company's business result w, 
in fiscal 1977. New ship orders lower ta: 
declined to one third of the The d 
previous year’s level and order cents a s 
backlogs held by the company earnings 
dropped by 38 per cent from comparec 
the previous year. Profits 

p?2S D liss haVe ^ t0 reP ° rt “ waa down 13 ‘ 5 per “ Japanese domestic market are the-bS 

Mnt the company strove to reduce moving steadily up and pnee • j n the public ; sector/: ' 

durh!? d ci? *25 excess Inventories. (For the full increases held over from last xh e 2m tonne Tisco . 

I'irlhn frnm Y5tflhn fn the year, production 8.7 per-cent year on contract ; by T»ta: although ^iubstaatQ .i.”-' 

«~i% ^ L«-r on’?** ‘steel ^ 

=7ed e for P S n (3 lY°pe; 'SSZtf ^SSS^ * SS SIS.-, W?' C 

eent) again,! YISiba a year ianeMed.the.iaUo^of orarhnd ” '*<L „;?rket) ar^ all> -SBtoSS-SSlihSiSfijRi.:..'* 

cent) against Y184bn a year mtiicaaeu uie.iauu ui u«biuc«u market) are also - - ^ 

earlier. Net profits for the full and fixed costs to operating s ?i l __?^5 rs t e n aS | lirn UD following ’ ' 

year dropped by 12.2 per cent revenue and thus worsened -the ^® c 0 te jL treasury Depart- ’’ ' 

to Y6^bn (S30.6TO) on sales 5 company's financial po'sition “JJfa b) _ the Treaswy ^Depmi ■ 

per cent down at Y935bn. during tbe six-month period. ment to raise tne.xrggr.p - ^ tore G overnment .--v.-. . 

A breakdown of exports sales Reflecting these and other Production appears to pernor _ do u bluetts 
figures reveals, however, that factors,; Kawasaki decided- to cut Ing slowly upwards m tbe^;nte- 

Kawasaki’s overseas earnings its dividend from tbe traditional grated sector of the Japanese to ^oe a«epteii- srare th* 
from engineering consultancy Y5 per share to Y3. The dividend steeL industry. - ’ ' ’ ’ ’ ■ n 

New investment 

to be' accepted-; eft^e’-the S' 

.present policy is Jh^t any addt ' 

tio rial s leel-biiildine :&pacity .dfl 
must .be in the -publie-sarto^- 



THE AUSTRALIAN Govern- was tu relax but not to under- if it was fell that a genuine effort 
ment is considering an easing of mine the essential features of was not being made, 
its present foreign investment the Government's foreign invest- The proposal is supported by 
guidelines. ment policy. the life offices and sharebrokers. 

The treasurer. Mr. Howard. 

Jardine flnit , 

to expand 
UK Insurance' # l1F 

By An tho ny Rowioy 


HONG KONG,. May .311 - 

The basic proposal is that com- The Treasury and the Foreign LOMBARD^ -INSURANCE,-— t 

said that the relaxation would panics which have an Australian investment Review Board are re : 
be designed to remove some of public shareholding should be port£d!y opposed fo it as. are 
the disadvantages that might granted Australian status when feveral major Australian' com- 
exist for companies in which the level of. local equity reaches panies, including CSR, , Broken. 1 
there was some Local sharehold- 15 per cent At present a com- Hill Proprietary' Company : and i 
ing. party is classed as foreign if an Peko- Wall send, which argue that 

“There is a view that some individual foreign party -bolds 15 it would lead to excessive over- 
companies in which there is a P er cent or more, or if the seas control of i^ustraiian re- 1 
majority of overseas sharehold- aggregate' foreign holdings total sources and squeeze Australian 
ing as well as a not insignificant 40 per cent.or.more. , companies out of the local capi : 

local shareholding are dlsad- The proposed changes also tal market, 
vantaged under the existing envisage that companies which However, the proposed changes 
foreign investment guidelines," declare their intention to reach onlv apply to direct investment 
Mr. Howard said. a 51 per cent local equity be and joint venture agreements. 

The Government had de- granted Australian status once The existing rules will still apply 
vcloped some proposals which they reached , a minimum Aus- on company takeovers. If a corn- 
had been discussed with a trulian shareholding of 25 per pany granted the conditional 
representative group of com- cent. There would be no time- Australian status made a take- 
panies and the matter was tbe table on reaching the 51 per cent over bid, it would have to follow 
subject of further consideration level, but the Australian status the current procedure and sub-' 
by the Government. would be subject " to annual mit its hid to the Foreign Invest- 

Mr. Howard said the purpose review and could be withdrawn ment Review Board. 

wholly-owned subsidiary 0 f 
Jardine, Matheson, the trading- : 
conglomerate, plans to -extend ■-* 
Its . activities 'substantially 
tbe London insurance rmarket; : - 
Via. its _ subsidiary Lombard 
Insurance Company (UK); "v r -. - 

annual repiort today. - Xqmbazd>' 

Minerals & chemicals keep CSR steady 


SYDNEY. May 31. 

. Insurance ■ (UK) — formerly ;.y<' • 
called Maltese ; Cross Insarance c ’ 
—had anl: 'Issued capital ■ 

. increase (to fl.Um) . last year : 
and has been granted a Depart: % 1 " 

ment of Trade licence^ to 
write all clashes.; of general 
insurance. Previously it cohli ; . 

write only mkriiie, aviation “ 

" and transport insurance. 

Lombard bas also set trp a new * , ... 

underwriting agency ^ in -Lob- j . . 
' don — ■ Dunedin. Underwriting 
‘ .'Agency — Jointly r with Jhe ik “‘ ’ 

National Insurance Company of 

•New Zealand and has begun a — * 
direct participatin' in £ T. 

‘ Bowring underwriting services. 

CSR. the major sugar, mining, dipped from A15Jnj to A$14m. production was either exported .-“Other new underwriting acti- [frtVjM 
building products and pastoral the third successive decline since _under contract' or sold in the -vifies, both, intecaatiomd- and HU.’U- 
group, lifted its profits by almost the AS18.5m earned. -in 1975. home market, at stable prices. in the UK are undecconsidera- . 
7 per cent from A$41.0m to Profit of the building- and con- Activity in new dwellings, and t tion," Mr. Newbiggihg’staiteA''"' : “ 
SA43.85m (U.S.849m) in the year struction materials division fell ih ' indnstrial -production in J Lombard as a whole •mate -net - ' • 

to March 31. The gain came from A$13.Sm. to ASllfim,: but Australia had been slack but an 

entirely from CSR’s minerals and the minerals and chemical divi- improved contribution from in- 
chemicals division: both the sion lifted earnincs from AS12m sulatidn materials helped the 

chemicals division: both the sioq lifted earnings from AS12m sulation materials helped the 
sugar and the building and con- to AS17.9. The directors said building and contraction division; 
struction materials divisions that profits from coal were steady ’ Group revfen tie rose by 5.2 per 
returned lower profits. The but all other major activities cent, from A$876m to AS922m. 

result was also assisted by a within the minerals and chemi- The- tax^ provision, was down 15 

lower tax provision. cals division reported increases, per cenfV from A$22.85m to 

The dividend is held at 15 Commenting on the result, the ASlS-ta)*,' . largely, reflecting ar. 
cents a share and is covered by Board said that world sugar AS7.4m In vestraenf allowance for 

earnings of 34.9 cents a share, prices fell steeply, but that CSR expenditure on new plant and a 

compared with 33.9 cents was cushioned because a sub- A$5Jm rebate on dividends 

Profits of the sugar division stantiai proportion of raw sugar received. - 

after-tax profits of- HESU-fim -•- 
(USS2J6 ih> in 1977, againsl.- 
HKS7.5m in 1978. The solvemry, - ■ 
margin reached 66 per ten t, 
partly ^reflecting the capiral -' - . 

-increase in tbe tJK- subsidlaiy 

Most countries and classes of 
the ’ .group's operatibnsS 
improved, including AnstitfH*, ;! ; 
its bigegst single market,! 
although ' the' - marine "huff:' 
account remains “a matter of’; 
serious conceni,'" , 

Canadian Imperial Bank of Commerce 


Hambros Bank Limited 
announce the establishment of 


International Investment Bankers 

51 Bishopsgate, London EC2P2AA 
Telephone: 01-638 0701. Telex: 886337/8 

Representative office in Canada 
Commerce Court West, Toronto, Ontario M5L1A2 
Telephone: (416) 862 4561. Telex: 065-24116 . 

Managing Director 
T. A. J. Boyce 

Associate Directors 
W T. Hodgson, R. P. Mountford 

Representative in Canada 
C. G, Osier 


Shareholders: Canadian Impend Banket* Commerce (51i.) andHambros limited ( 49 ;:). 





Akan AusinHa SSnc 19® 



AMEV !»dc 19>7 



Australia Sloe 19TJ .... ... 



Australian M. £ K. nine '9* 




Barclays Bank Ripe 13K... 


Bowalcr 91 dc 19ffJ 



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ECS 91 pc 1997 


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Norway 7! pc I9fi2 


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SvvtUMt Slltc Co. 7JPC '82 


TO 1 

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Ti-nneco 75 dc 19S7 May ... 



Volkswagen 7;pc 1S87 




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Citicorp IBpe 1993 



ConnaoJds 9;pc 1999 ... 


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94 : 




EIB B!pc 199! . 



Kioancc lor Inrt. 9?nr 1857 


‘ 9J1 

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R.-cli-mer II PC loss 



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ni: i 


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•HetliO KOC 



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93! '• 

9 1 



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■ 963 




Beatrice Foods 44pc 19K .. 





Cec chain 6ipc 1991 

96i . 




Borden Spi? 1992 





Broadway Hale 41pc 19S7... 





Carnation 4pc 1%7 





Chevron 5pc 19TO 


1U . 

lli-ucral . Electric 4ipc 1887 
C Lllet it- 4{pc 1887 

Calf and Western 5PC.-1 
Harris 5pc 1083 .. — ;.i.. 
Uoneyiscll 6oc 1898 

1CI 02pc 1993- 

TSA fide '7997 

Xnchcapc 63PU 19M 

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Jusco dpc 1892 '. 

Koinalsu 7 1 pc 1990 

J. -Bar McDermott 4{pc ^ ■ 179 “ : 1S1' .. 

MatsusMia 05pc 1990 

i;-’- Mitsui 7Jpc 1890 1M) 

Source: Kidder, Peabody Securilies. - 

m-. . 

World Leaders in the Manufacture 
of Valves and Boiler Mountings 

Mr. I. G. Hopkinson reports highly satisfactory earnings achievement:^ 


Tb l c °r n s ?^^ trading profit for the year ended 27th January. T97S amounted-'^ *K . 

f °4 97 'fi ono??Q 77 9 rI whilst the Group profit before taxatton was T : = : 

£4.276.000(1977 £4,363.000) on a turnover increased hy 7.7% accruing entirely 
° u " n 9 second half of the year, tn my interim report I stated that the secorid .- ij 
5 a " ? f Y ear '' vo 4 * d . show a marked improvement in profit compared with the 1 \ t: 
first half but not sufficient to bring the full year's results up to last yeaf 5 . record^ i - 

level. In the event, d^prte the difficult world, economic coriefitiorrs prevailing, :.^ v** ■ 

■"! ma,ntaining ^"0* Per share at: the mJch- highec^k r. 
level achieved m the previous year-an achievement t regard as a highly satisfactory, ~V * ! - 
outcome in the circumstances. .. , - T . : - - 


JJSJKSX ^° r,d ^rkets did not materialise during iSrRS & ^ 

m the energy markets ta which Group products are sold: However, dunno tha-. i: i-: 
fust few months of 1978 several large orders have been received for-maje^i s : . m - 
projects in U.S.A., Brazil, Nigeria and South Africa, it is still my firm belief J 

! n demand for Group products wifi emanate, from overseas * ' V 'I S 

market* anri th ^ Z * tor woup products wifi emanate, from overseas .?.: 

toeseMTiaricets. 6 “ U,Se We Sha " 560 results 01 the sales efforts b«n9 


The very limited growth in recent years of the industries the Grauo 

meant That our efforts have been directed towards obtainhig a kmJSESEftf 

work available by the introduction of new products and 

factoring efficiency to maintain our competitive abilhv With thA h«hefi» 

.»SS l e r r6 ™-'-«. Ui PPed toene^^^g^S^ 

t -.19.78:. 

».* Special 

_ .' No. 001538 or IKS 

uoanfcry Division CompanJos Court. la 
»nc Manor M AN C MOSS LIMITED and 
“ ™B Alailer of Tho Companies .Act.- 

neiiuon for the Windipa up of mo abon 1 - 
named Company by ibo flush Coon of 
was on foo llih dai' or May 
197s. presented to the said Court by 
whoso resin arce! office ts at t>ld change 
House. Caiman Street. London. - E.C.-1. 
and ihat rbo said Petition Is dln.-i.ned 
to bo . heard before the Court ilium; at 
the Royal Coons of JusDl-l-. Strand. 
London WC2 a 2LL. on ibu 12th day of 
June ]9TS, and any creditor or caniribu- 
tory of iho raid Company dcsirom to 
support or oppose the matanc or an Order 
on the said Petition may appear at the 
'i™ of hearing. in person or by bin 
counsel. for that purpose: and a copy , 
of i be Pennon will be furnished by the 

Merchants,, and rb*f me Aid Pctalen^s c * n “ #l - ror tint purpose: and a copy 
d/rawd to be heard Mon the Coun 01 p “ , " on vm *>e furnished by the 
•• MlDm! at the Royal Courts of Juiw? undorsUtood to any credhur or comribu- 

“prence Strand. London hysa r vk. UHT ° r Uw said Company reuiriring surh 
Dot *- l«h day of June Tfire and anr nwtitw f° py °° P 3 *™ 001 M lhc regulated charge 
13?8 • w -contrtbnrary of ih e iw?™ for ^ Bame - 

OURS 55 mA 1 SLSeTfw ufS'iMM 'SS jm a 3P* ^' 1, ’ ,ie p h NiUorior ' lls 

ftratrihmw+ir foeuM ^ WrVe , w - ^ P®« 10 «*■ 

hat the iKMcwamSn tfSeKHtaM S&&"" 1 "* 1 ■K toe .J B wrtllM Df h,s 
Company. charge for the same ' w c alwl JMMWMI so w do. The notlw must srate 
> up, arc Bra ry foe name and address or the person, ur, 

|i h c 3r t i5„ f - • - :-'3/arHlnd Coori ER * if a fira - lhc najnc a ntl address of the. 

'SlS • • HteM aSSw am BDd raus ’ sutned by foe person 

or - London EC4A 0)5. 

und^,^} Ref: F/TTH. - Tel: 0X-3S3 Sail. 

Chartered Solicitors for the P&ikttontr. 




With companies interested in establishing or expanding 
commercial or industrial activities. 


If a firm, the name and address of the 
firm and must be signed by Lhc person 
or firm, or hia or ibdr solicitor Mf any I 
and must be served, or, ll posted, must 

, miicimwb .nr sou by 0051 in' sufficient lime W 

w fSS? NOT . .n I”** U,L ' above-named no! later thaO 

** ' kS- -awb ft si *l en,QOn Qf J! 

foiled, above-named notice 'Id writing of hit >-ANO and new developments 

or claims uttcniion so -to do. The notice uniat stale f .„ ff . i in.nri.t.nn-! 

* h details Lr°a“fi™ *0? addrcss “I ,, £ t paISon - or. notice Ys hEr£by given isunuint 
ham itt i a firOJ . ,hc ■nuna. *nd address of the to Suctions 290 ana Mini ot the Com. 
e h*iM^ -Ann. and mwe be aizrutd tw the nersoo Act. t943) mj r a itm \i Goacw 

of firm, or his or itm solidiar ilf anvi Mtttlno ot the mcmbors of Above 

purely formal oc r-" 1 by post in sofSeu-m lime to 10 a.m. on 4th July. 19?B. lor the 

r will h* reacl] the above-named noi laier than P“ rD «»« of. having an account. laid before 

ILENTON Tour o'cloek In the aTlL-moon of foe th . e, 3. ‘howlno the manner In which the 

, N igtf. dsr rf Ji,™. iqtc aJ’Lrnooo 01 me wlndlno-uo has been conducted and the 

IBtn aay ot June lBiJ. property of the Cnmoanv niirmuiii of. 

We can provide industrial land and buildings plus financial 
and administrative support. For personal callers, we will 
in Hamburg, Germany, from June 3 to 9. 




wlndlno-uo has been conducted and the 
property of the Company disposed Of. 
and oi he arlno any explanation that 
may be given by the Liquidator, and 
also o< determining by extraordinary 
resolution the manner in which the books, 
accounts and documents «i the Company 
and of the Uouidasor Thereof sh »ll be 
disposed of. 

W. M. T. FOW'.E. Liquidator. 

Dated 23rd May. 197B. 

No. Mil 015 0 / 197.* 

Chancvry Division Conipunii-s Court. In 
and In tiro JM alter of The Companies 
An. 1948 

Pniiltm for the Winding up or ihe abow- 
j named Company by ihe High Court nr 
'Junta; was on lhc l“th day of May 
te:e. nn.x.hied in the said Conn by 
of Sixiiou House. Harrow Rond. Wi-mbley. 
.Middlesex, and ihai the said Peiltlon it 
dirvuicd to be heard h»-furc the f.'onn 
*inim; at the Royal Conn* of Jusiuv, 
Strand. Loudon WC2A ‘ILL. on lhc 
I9ib day of June 197*. and any erertiior 
or von inhu lory ot foe said Con many 
iji-sirous 'Q support or ‘anna#: the making 
or nn Order on ihe said Potltuu may 
appear at ihe time of te aring, m person 
or by his counsel, for ihat purpose: and 
a copy or lhc Petition will be funusiud 
by rhe andiT.cisnvd lo any creditor or 
comrtbuiory of lhc said Company rrqn'r- 
ibji such copy on payment of the regiHaicd 
charge for ihe same. 

B. M. WALKER * CO., 

Swayland^ Home. 

High Street, 


Solicitors for the Petitioner. 

.VOTE.— Any person who WWrrf* to 
appear on ihe he a not of the said Peliuon 
must serve ou. or send bg.posi io. the 
above-named nonce in wrlimfi of his 
i intention so io do. The notice niusi siaie 
i be name and oddreas Of the person, or. 
ir a urm. the name and address of foe 
firm, and must be signed by the person 
or firm, or his or their aultetior ul am-, 
and mast he served or. If posii-d. must 
be Seat by post In sufficient time io 
reach rhe above-named not later than 
four o'clock in ihe. afternoon of ihe 
lfith day oi June 193. 

No. 001*39 of 107* 

Chancery Division Companies Court ■ In 
LIMITED and in the Matter of The 
Companies Act. IMS. 

Petition for the-Wlnditw UP of lhc abov«- 
named Company by the High Coon of 
Justice was on the Kod day of May 
W7S pr. sealed W the sa id Conn by 
r.giaurcd office Is situate a< Two Elms. 
Beckenham Place Park. Beckenham. Kern 
and' that the saw Petition ts directed 
to be beard before the Court slicing at 
the'-. Royal Courts of Jusuro. Strand. 
London WC2A 2LL. on the 26fo day of 
June tyX. and any creditor or contribu- 
tory oP the said Company desirous to 
support \or oppose the making or an 
Order on, the saW Petition may appear 
at the dmc of hearing. In person or 
by his counsel, for that purpose: and a 
copy of the Petition uriil be furnlshvd 
by the undtrsipned lo any crcdlior or 
eontrfbutory of the said Company requir- 
ing nteh copy on payment of ihe regulated 
charge for the same. 

Win. 9. PRIOR fc CO.. 

Temple Bar House. 

23'1!8 Eloet S:n-ei. 

London EC4Y 1AA. 

Ref: PO-TTOS. , 

Solicitors for die Petitioner. 

NOTE.— .Any person who intends to 


Expanding Group of Companies 
wishes to purchase a property 
far own use as head office. A 
facility of £300,000 is required 
for a period of 7/)0 years at a 
fixed rate of interest. Tax- 
favourable repayments. 

Apply to Box C. 202-1. Financial Timet, 
10, Cannon Street. EC4P ffly. 


Are you obtaining the butt price (or 
your low-mileage prestige motor-carf 
We urgently requite Rolit-Peycei 
Merccdea. Daimler, jaguar. Vanden 
Mas. BMW. Porsche. Ferrari. Miscrati. 
Lamborghini, jenaen Convertible. 

Rover. Triumph and Volvc- cars. 
Open 7 days a week 
Collection anywhere in U.K. Cash or 
Bankers draft available. Telephone us 
for a firm price or our buyer will call. 


6 rook wood (04867) 4S67 


We are a well established, successful public company, with 
many happily run otlshoots. 

We are now seeking to acquire further companies for cash. 
We can consider those which: 

(1) Show net profits exceeding £100,000 p.a. {subject only 
to taxi. 

(2) Are wed established with a progressive record, long 
term prospects and capable management willing to 
continue to run the company after sale. 

(3) Are preferably in one of the following areas; 

(at Wholesale electrical distribution. 

(b) Toy manufacturing or importing. 

(c| Wholesale hardware distribution. 

(d) Machinery. 

Ample finance is available both for purchase, and for injec- 
tion into companies where necessary. 

Please apply to Derrick Cowan, Chairman. 

All replies treated confidentially. 

11 John Street, 

London WC1 


Job loti, cleirartce line*, remnina 
and second* required by Urge 
independant specialist Mad Order 

Write with details to Box C.2029. 
Financial Time s. 10. Cannon Street. 
EC4P 4BY. 


A Nigerian Company Director based 
In the U.*.. with bname and office 
In Lagos, traveling to Nigeria tortr 
nightly. good contacts, is interested 
in a sound lolnt venture with 
European, American. Middle East firm 
or businessmen or any nationality who 
want to take this opportunity in a 
fast developing country. Send full 
particular* or telephone tor appoint- 
ment to; Atteniian JB. 34. Milpas 
Road. London SEA IBS. Telephone: 
01-691 0884. 01-C91 6788. 


It you manufacture a product or market a service, we can help vou. From 
a simple leaflet to a 64 page lul r colour catalogue: ti-pm 1 000 to 2 million copies. 

Wo ve thought uo lots ot alternative ideas for publicising goods or services, 
but in the long run nothing can beat a orinted brochure ... for impact, 
durability, oersuaslo: selling Dower and. or course, economy. 

100.000 32 page A4 catalogues in lull colour lor less than iso each 7 

503.000 2d page A4 catalogues with 180 transoarcncies In lull Colour 

throughout lor on ly 7.Sp each 

2.000 lull colour pesters tor under ESOO 1 

Yes. we arc continually acntevmg budgets suen as these while maintaining 
a very high standard ol quality to the point where many pi our clients already 
enjoy a substantial increase in turnover, our results prove this. 

Remember, we produce foe whole package— lull creative studio design and 
artwork, i .besetting, photography and modern 4-colour presses to ensure 
efficiency and accuracy right through to delivery. 

Colour folders, catalogues, travel brochures, product manuals, glossy 
Corporate brochures, stationery ranges, posters — thty’re aff our business. 

We aim not te cost you money but to make money tar yqu. as we have 
done tor so many of cur clients already. 

it vou would like us to do the same lor you. phone or write: 

Simon Nutt or Michael Norris. BBS DESIGN PRINT. 

194 Camoden Hill Road. London. w.B. 01-229 6G3Z. 

dTOSUT-Sy.myrkM sailor: consumer pods, invesonent ,oods, * St Tt 

intermediate goods (materials and fuels), engineering ouipuL above-named notice m wmiim or tm 
ao etal.rtnami factor e , textiles, leather and clothing (19,0=100); 

io using starts ..(OOOSv monthly average). . ... u eo If a firm, the name anti address of the 

L ‘-■1. Consumer .lnvst- Intend. Eng. Metal textile riOUAg. firm, and mini be sisned hr ihe person 

oods goods goods output mnfg. i»_?SE I’iVJlft.TAi Si 

be scot by post in sufficient time to 
roach the above-named not later than 
four o'clock in the afternoon Of the 
JBrd Jay of June 19TS. 

,\'D. 00163ft of 19TS 


*n 9 Chancery Division Companies Court- lo 

“ the- Matter or NICK EZIEFULA -LIMITED 
and in the Matter of The Companies 

Act. -1948. 

Petition Tor foe Winding up of the above- 
named Company by the Hltth Conn of 
Justice was on Ur- 15fh dai 1 of May 
I87S. presented to >br ' said L'eurJ by 

w., v ......r — ; . . , _ „ mubfie »s midland commercial 

B HNitf.- -.*pR A.D& — Indices of export anu -.import volume ; services of f. coupbu street. Nonhamp- 

airrent bahnce^oil balance; terms- Z* n ’Z?S m g 

t&rifSktS— 100): exchange, reserves. - „ Rp?v «itiimt at the RoyaJ room of Justice. 

StEsnort Import-. Visible L.urrent -Oil Terms Resv. Straml Loodon wcl\ sll. on foe 

^•S&^e-Ybliiine balance balance balance trade USbbnf 2 6th day of June m$.v* « «;«•* 

. ywoioore. vuiuuii. — - or contributory of the said Comoany 

tie si rous to support or oppose the uuXJnu 
of an Order on the- said ‘Petition may 
appear at the- time of hearins. in person 
or by hi* counsel, Ibr that purpose: and 
a copy of the ."Petition will be furnished 
hy fbs undersigned in any creditor or 
comribwory or the said Company rt-qulr- 
imt such copy on oaymem of the resulated 
charge for the same. 


<rf a Gold Street, 


Ri-f: DN. 

1 Solicitors for me Petitioner. 

NOTE.— Any person who intends to 
appear on the hearing of the said Pei lit on 

- . i owe iis iiia.ii w.ini must serve on. or eeod by post to. the 

-126.3 102.6 +236 +336 ** aoove-nam.'d ttotiee In writing of his 


wishes to purchase controlling interest 
in successful trading company which 
allows for part-time working participa- 
tion. L>p to £150,000 available. 

Write Be* 0.2 02 2, Financial Timet. 
10. Cannon Screet. EC4P 4BT. 


in Dorset wishes to acquire the protection of " Big Brother " Group, to 
capitalise on a ini ol hard work and effort. 

Excellent new products, well designed, competitive and profitable, selling into 
expanding markets. 

Frospeca £40.000 plus for 1979 and £100.000 plus for I9AC net profits. 

A vase input n not required, but mceltigentc and capable finance advise i*. 
Serious enquiries only please from Principals tor— 


Lansdowne Chambers, 2 Lansdowne Crescent, Bournemouth 8H1 1RU 

Principals only write Box G.2021, 
Financial Times. 10 Cannon Street, 
EC4P 4BY. 

Pauline Marks LuL ore now 
operating the first full-time telephone 
selling service open ted loatily 
in-houM by full-time people. 

W Totte nham T a in e, London NB- 
■ : Tel: 01-348 4294. 


Successful company tailing on Architects. Developers. Local Auth. eet.. i* 
willing ra take on ocher products/ systems compatible with the,r existing 
accivif'et; which include factions of che Heating. Ventilating and Air Condition. 
ing fields. Will, act as distributer for UK or overseas co’s. Merger considered 
Write, in confidence, to Boa C.2019. Financial Timet. 

10. Cannon Street. EC4P 4BY. 


Sily firnSSTSSm building societies- net 

^“e^Vedit: all seasonally adjusted. Minimuoi 
lading rate (end period). ■- . .. . 

. BWlK. ' «iTi 

M3 advances DCE _ 




+ 769 




- +365 








+355 . 


. .401 

17.5 +1,819 

■or Arm. or his or thefr solicitor ilf anyt 
'anti mu3i far scrrvud or. if Do&iixl. must 
he sc ox by post In safEc-iem time to 
rpaeb the above-named not later than 
four o'clock In foe afternoon Of foe 
33rd day of June 1978. 

Ho. 1101591 of 19ifi 

Caianccry Division Cambanles Court. In 
Jhe Mauer of MOHLAR LIMITED and 
Ifn foe Matter ol The Companies Aci. 

.Petition for foe Wind! ns up of foe above- 
named Company by foe Hisb Court of 
Justice was on foe l>fo day of May 
1078, preaenird to foe aaid Court by 
GESSES Of foe -London Borouffo of 
Karins cr of the Cfvfr Ct-nrrc. Rieh Road. 
Wood Green. London N.22, and foar foe 
said Petition 18 dircded to. bo heard 
before rhe Court silling al the Royal 
Conns of Jnsuce. Strand. London WC3A 
ILL, on Ihe I9fo day of June 1978. and 
any creditor or roniribtnory of foe said 


in certain sections or the shipping 
industry, sound long-term investment 
opportunities still e«ist. Old established 
Operating subsidiary ol malar British 
shipping group can oner one or two 
investment projects complete with 
management or will manage vour 
vessels on worldwide basis with same 
care and thought as entrusted to tlwir 
own fleet. 

Write Box G-f 275. Financial Times. 
TO. Cannon Street. EC4P 4 by. 

Overseas Engineering/ Fabricating Works seeks contracts for 
light steel fabrication. 

Due co special cercumscances very competitive terms can be 

Wrice Box G.198^. 

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


Approximately 900 unused galvanised 
stcei window frames, various sizrs all 
suitable industrial use. Buyer collects 
from Fxrtory in South Essex. Bargain 
in one lot at £2.000 O.N.O. 
Phone Company Buyer 
Guildford 69922 


30 Gey Road. tCl. 

0I-62B 5434/5/7361. 9936 

CEMENT BSS. 12/58 

available for delivery, subject to 
contract on C & F basis agamst firm 
arderc and confirmed letters of credit 
thipmencs. tonnage dependent upon 
(hipping arrangements, discharge port 
faciiltiot and delivery requirements. 
Order details of tannage requirements 
and delivery port to Genera Export 
and Trading Company, London. 
Telex 23312. Telephone 01-580 4B30. 

Old Established 

vritn I ansi- capnal bast- soi-ks trading 
situations preit-rably In export. Aqui- 
smon or fliunjur Lunsiden/cf. Please 
write in confidence io Chairman Box 
i;.-_*tWV Hnanetal Times. 10. Cannon 
Street. EOP 4BY. 

coDVwnting.Transiation and 
Tv peseiring for Aavertisem enrs. 
Poinrof sale. Brochures. 
Contact; David Mealing 
pan-Arab Publications Limited 

01-439 3303 


Factory reconditioned and guaranteed 
by IBM. Buy. save up to 4D p.c. 
Lease 3 yeari from £3.70 weekly. 
P.em irom £20 per month. 

Phone: 01-641 2365 

A ^nq ?U 4re NV v? u L ' "SSeriee^AT txMml °ViSn 40 ’ 0 ES 0 Ta!lVsh 0 mI NTs” 0 

Inn uit distributor ol an American Tlr..... ESTABLISHMENTS can be 

mens'' Are vou Intora tiers tn becom- 
ing the distrloutor ol an American 
manufactured Ultra Violet Electron* 
Water Purrtieation system? Prim: I oats 
only Sox C.2O50, Financial Times. 
SO. Cannon Street. EC4P <BV. 

COMPANIES requiring tumJS £20.000 
uowards. Writ.? Box G.202&, nnaneiai 
Times, 10, Cannon Street. ECJP 4BY 

NO capital required. Established over 
io years. Clients in SZ countries. Send 
la roe S.A.E — Wade Dept. f.. P.O. Box 
g. Marlborough. Wilts. 

PHEASANT SHOOTING Scotland. England 
and Wales. See Field or Shooting Times. 

create a new Interior for vour oihCe. 
retention, board roam, shop, restaurant 
or hotel. We design, plan and manage 
vour araicct from Start to finish. Phone 
Gordon Lindsay Group. Of -995 S44B. 

Executives £20.000-' SO. 000. NO FEES. 
Palmer. Banks Associates. 402 6691. 

TELEX — Why spend ES00 D.a.7 For lust ' 
£25 P.a. subscription, use our Telex : 
Bureau. Telephone: Ol- 458 8056. 

If you are a sliardu »lder in an u*c:ibli>hcJ and 
growing company an J \ ou. « h yi «ur u »m p.u v.; 
require between K.kj and ^Uhuuh) tor .mv 
purpose, lint; David Wills, Qiarrerhousc Development. 
. Jnvftin’ng in medium sisecomp.inio :is 
minoriry shareholders lias been our exeliisis c 
business tor over forty years. W'e .ire prepared eo 
invesr in both quitted and unquoted companies 
currentiv making over / '?( ),t k.d.i }X.r annum 
pre txi profits. lX-vcInpiiienr. I P.t£cnH«srcr f\ei\t. St. I’.mK 
Lt iildi in U.C. iM 7DH. fekpiii me 1 1|-2 IX y >. 

Our business is 
merging your business, 

36 CHESHAM PLACE. LONDON SW1. 01-235 4551 

200 used!. Typewriters 



The Purchasing Manager 
3 Westland Raw, Dublin 2 ' 

' or phone 001-716402 


Our client-— a multi-million dollar company-— due to the succ e;s of 
its invention in the above field, is currently offering 



Write Box G-2028. Financial Times. 10, Cannon Street. EC4P 4BY. 


Far Hotel Companies wishing" co raise cash for buildinp work jr for 
redeployment ol Funds but preierring not ts sell shares or the- hotel trccho.d 
an answer could be a complete pscLtge deal Sy Cormiq for r Fosm Lcalc or 
Condominium Scheme. Capital requirements £0.2-£2m. ore ideal, subject to 
type end location ol hotel. 

Write in strictest confidence to The Chairman. 


Entech House, Bridge Road East. Welwyn Garden Gey. Herts. 
Telephone: Welwyn Garden City 30633 /4 


Established international com- 
pany wish excellent contacts in 
Saudi Arabia, Gulf States. 
Nigeria. Ghana. Kenya and Tan- 
zania seeking additional special- 
ised processed foods for existing 
markets; allied ' lines also' 

Write Box C.202&. Financial Timej. 
10. Cannon Street. EC*P 4BT. 

I GROSS FUND ■ require: income m large 
| quantities Any Ideas nu learned Write 
Box <1.2075, Financial Times. fO. 
Cannon Street, EC4P 48 V. 


Full Service is r,ur Business. 
© Law and Taxaii'tn 
© Mailbox, telephone and 

telex services. 

© Translations and secre- 

tarial service* 

© Formal ion. domic-ilia lion, 
and administration of 
Swiss and foreign com- 

Full confidence and discretion 

3 rue Piorrc-Fallo, 12204 Gene -.a 
Tel: 56 05 «. Te'cs.JJJ-'J 


reached by mail The Educational 
Addressing and Mailing Service. Derby 
House. Redhill. Surrey. RH1 3DM. 
Merslham 2223. 



Close to Aberdeen 

Modern JO Bedroom Hotel with 
conference fttiliuti are. 
High Occupancy, Turnover 
and Profits. 

Fall detail* from: 

' Chartered Surveyor! 

8 Randolph Crescent 
Edinburgh EH 3 7TH 


Old esublished company approx. £1,000.000 P-a. turnortr manulaccur.ns and 
supplying specialised chemital and other products CO the tteel end found-, 
industries available for saie. Sound management team. Freehold factories. 
Principals only writ: «n st-ict confidence to — 

■ Box G.2020, F'nanaal Timet. 13, Cannon Strret. EC4P 4BY. 

f 1<3VT1 — 100)- retail prices and tooa prices hcanfi/t In . person or by his Gonnsrf 

.T^ivw , 'iTs«tAir f TillV- 1952 — 100); trade weighted value of f 0P mat purpose: and a COM’ of the 
commodity ’• ° Pertuon wfo bc-turnlfoctl by the uuder- 

sterling (Dec. 1ST1— _ rirri* sisned io any creditor or coiurlbmory 

T3am-- Basic Whsaie. . ‘ „ , * ^ i*.. c ^i„i & d"? said Companj- requiring such w 

Xiallk ■. 1 7r\r\Ac* i^AWiritV STTlC* — . .1 «h.. uAHUf All nhorm Zap 


123.0 : 326.7 218.9 IW * 

1213 .3243 .. 2<*-l , J2J. } 

-12? 7 '-t 334.2 2i9,2 . 190.^ 1. 

iso ms 280.5- I9t8 J 

;282.8 194.6 2i 


r>rp» sisned lo any eredtior or concrlboiory 

, „ x J. o I foe said Company requtnng such copy 

Foods* COffldty. Wig., on payment of foe regulated charge for 

foe same. 

T. P, NEVILLE; Chief SolkUnr. 
Civic Ccnirc, 

□ish Road. 

Wood Green. n.M. 

Solicitor for foe Petitioners. 
NOTE.— Any person ufoo inteods id 
appear on foe hcarins or the said Petition 

. must sene on. or Si-fid by post in. the 

194 8 234-20 63J8 aboveriiaacd noun- in u-rlting or his 

intention so to do. The notice most suie 
, - MOC . e . - foe name and address of foe person, or. 

J0/.3 238-b I 64-S tf a fom. the n*mr and address of the 

198.1 ‘ 226.41 66.0 firm, add must br signed by ibc person 

944 sc - of firm, or bis or their solicitor ill sup 

■ e-i'c and 7HU81- be served ■ or, jI posted, must 

198.4 2jo.d 1 . W* be sem by post tn sufficient time to 

201 e 238.94 - 61A reach tht? above-named no;- Infer than 

. - ■ - : ' four o'dock in fo«- afternoon of foe 

ri 14th day of Jmt 1815. 

Business end investment 
Businesses ForSsle/llinted 

Every Tuesday and Thursday 

Rate: El 6 per single column centimetre. Minimum 
3 centimetres. For further information contact: 

Francis Phillips, Financial Times, 10 Cannon Street, 
EC4P4BY. TeleX; 885033. 

01-248 4782 & 01-248 5-161 





Very long esublished; small, but with 
ou«jn<ling reputation Excellent 
connections si . Chairman level oi 
numerous Putin: and Private Com- 
panies. Substantial potential. Chair- 
man willing to remain for a « as-etd 
period on Consultative basis 
Write Bo* G.ZflJf, Fiaeocia' Time;. 
Tfl, Cannon Street. EC-fP 4&Y. 

Expanding Engineering and 
Construction Company 
For Sale 

Main activity comprise; provision gl 
stiiicri labour including coc;? *elcl%r; 
lor The pctrerhcirucdi an. 1 At: ;a tit3i.s- 

fries Current vear'j ternp>c appip.icn- 
.ng £1 m Greater turnsier possible 
■with ■ nice l Ion Ot -ere I no 
Write Bex C.2000, 7ici»i, 
10, Conner Sue?:. £C4? -fSi. 


producing In Oorset a wide range 01 
plant and fabricated constructions up 
to 2D tons. Skilled labour force. Fuiiv 
equipped Isctorv ol 19.00b so it- 
freehold. Sale for cash required. 
Replies in writing to Clement Kc«H 
£■ Co., Nettleton House, Birminghara. 

m loss 


Write Ba* G.2Q.19. financial Times. 
10. Cannon Street. EC4p 4 BY. 


Over 400 sets in stock 

Buy wisely from the manufxetD'ers 
with hiD after tales lerviee 

01-906 8231 
Telex 8977B4 


New 500 ktfA Roils- Floy cc diesel. 
400/<S0 volts. 3-Phase, 50Hz. 
Suitable for al! elmuces. Immediately 
avails We. 

(Newj 35 kVA. 25 kVA. 18 kVA. 
Perkms diesel sets. 400/415 vdln. 
3-Pfi**t. 50H 1 Suitable lor UK amf 

oveneaf. fmmedixtely available. 
Tel.: M.B.K.: Motor Rewinds Ltd., 
Covencry go £10. 


wish to acquire a business which 
needs leisure or retail flair and c*n be 
controlled from the N.tfV. of England. 
Substantial funds are available to 
purchase or acquire a controlling 
shareholding m a small public company. 

Write Box G.20JI, Financial Time*. 
10. Cannon Street. EC4P 4BY. 


With ro acquire similar concern 
preferably in Northern half of England. 
Order book/ profitability /cash How 

Write Bo* G.2023, Financial- Times. 
10. Cannon Street. E C4P 4BY. 


With own packaging and warehausin,' 
facilities wish to purchase ior cish a 
similar situation Could sail owns- 
looking ior retirement. 

Write Bo' G.201 7, Financial Time!. 
10. Cannon Street. £C<P -rBf. 


Well qualified energetic executive, late 
thirties with substantial capital avail- 
able seeks partnrr*hip/3rq u i*if»on in 
either electrical goads. builders 
merchant* or do-it-yourseli business 0 - 

Write Bo* G. 2027, Finnncioi Timet, 
10. Cannon Street. €C4P 4 BY. 

Early 7 rise despite adverse news 


SIfRT. 7 RCf.VG ASIDE a report that officials last week had led Wall OTHER MARKETS 
inflation increased at a double Street to believe. — 

dr-sit annual rate in April, Wall 
Street moved steadily forward in 
active early trading today. 

The Don .tones Industrial Aver- 
age was <i.S 4 higher at £ 41.04 at 
1 pm, while the NYSE All Comxnnn 
Index rose 32 ' cents to S 54 .B 2 and 
gain? outpaced declines by a near 

The market also faced other 
bad news this morning. The 

TOKYO — Stocks made a bright JJJ" rtn J, r er . 

NEW YORK, May 31 . 

SwFr 1.90 against the Swiss franc 
and also falling quite sharply in 

Authorities - sold a nominal while Bougainville Copper. ASL 35 . the afternoon in terms of the 
DM 7 S. 7 ra of paper, compared with CRAr.SA 2 . 60 , BUM, SA 2 J 25 . and Japanese yen.Gennan D-mark, and 
purchases of DM 3 m the previous Spargos Exploration. 38 cents, sterling. 

day. Mark Foreign Loans were wore each about 9 cents down. Disappointment at the UJ 5 . trade 
also firmer. . Central Pacific Petroleum come deficit announced last week and 

. • . Gold Bullion. . - . - - • •3- -■ 

•The U.S. dollar continued to lose touched a best level of $ 184 J- 185 t $ia 4 -lflW Tgg&iaau 

ground in the foreign exchange in the afternoon. opening. — [si 84 W-ies Tfiai.iau, 

market yesterday, falling below Mamin* fix 


□HQ news una mornum. lae , ~ i r 3 Hini* oplnori *«*•»»« i. . ucucji announced tasi ween, anc 

dollar declined on the CPI figures. s ,,owl "r _ ™ t PARIS— The recent advance in back 80 060,3 t0 SASJO while the concern about the rate of infia 

while sources said the U.S. is by the lifting of 10 per cent ™ ki»— ine recent . ddvMce m flther QU ghalc . Son them tion has nut increasing ■ nnssun 

Closing prices and market Conference Board economist to 8 per cent from 7 J prompted Industrials showed no dear 

reports were not available Albert Sommers stated that he Despite the yen strength against some investors to fake profits. trend, with BHP giving up 8 cents . . . _ 

for this edition. expects a U.S. Prime rate of 10 ^ dollar in Tokyo, exportr Bonks; Foods, Hotels and A$7.00 but Costain Australia lercl recorded by tie D-mark was 

per cent by the end of the year, orientated issues advanced. Electricals were generally lower, improving 10 cents to A 31.60 and rj?*® 8 ® 0 ' an “ !t ' a * 

lun-to-nne ratio. Trading volume compared with the current 81 per followed bv Constructions, Foods, but Portfolios, Publishings, David Jones 6 cents to AS 1 . 36 . DM 2 . 0910 , compared with DM 2.11 

was up sharply to 10 . 89 m shares cent. Oils and PUirraaceutica-ls. Oils and Chemicals were CANADA — A further improve- Tuesday. The Swiss franc 

from yesterday’s lpm figure of Th „ _ Hitachi moved ahead Y 9 to firmer-inclined. ment In stock prices took place c,0 ® 6 p at SwFr L 9240 on Tuesday, 

13 . 72 m. iniiiufioiST activity tSdavai Y 252 Toshiba Y 5 to Y 14 R. TDK Jacques Borei were slightly yesterday morning in active deal- Japanese yen finished at 

The U.S. Labour Department blocks of 100.000 shares or more Electronic Y 20 to Y 2 . 020 . Pioneer easier of FFr 122.8 alter announc- ina*..tiN 'Toronto Composite Index Y Thf 5 d ®£Jstta&eichted de 

said the Consumer Price index were traded in Bclblebem SteeL Electronic also \20 to Y 1 . 71 . 0 . ing reduced parent company net adding 2.7 at 1 . 123.9 at midday. hL - 

rose o.n per cent in April after Central Tck-phone and Utililies] Matsushita Electric Y 10 to Y 728 sales in the first quarter Golds, advanced afresh by I0J to E r ^w > ?: iia »*, 

a gam of O.S per cent in March, General Motors and Southern and Tnyoto Motor Y 16 to Y 981 , Loeafrance. Financier© de Suez. 1 . 413 . 1 . while Banks gained 0.55 ^i' CURRENCY RATES 

which put the increase Tor the Sarnia Edison. while Sekisui Prefab added Y 17 Saunier-DnvaL Redoute, CEM. to 271 . 63 . Utilities 0.33 to 173.46 ** U ^ 

last three months at a 10 per _ . ... . . at YS8S. Eir-Aquitalne. Rbone-Pouicnc. and Metals and a#inerals 3.6 to . ...1 

cent annual rate. Heda Mining fell 1 } to $6;. GERMANY— Further widespread UTA. Imetal and BfC were 989 . 9 . Sterling also benefited from the — a=m 7 ,". x 

However, analysts said ihc pace Superior Oil has dropped plans occurred following good significantly easier, but Cie du Simcoe Erie were up ] at C$6j 

of in Fla non uas not as bad as to join Hecia in buying Lakeshore institutional buying, lifting the Nord, OUda. Kail. Pocluln. on higher first-quarter earnings, 

statements by Administration Copper Mine in Arizona and to ommerzbank index 3.4 more to Hachelte. Galeries Lafayette, CFR BONG KONG — Market con- 

buy a substantial stock interest in 732.8. and Lefebvre were notably higber. tinued in firm vein in moderato 

777^7: .. — Hccla. Motors were narticularlv strong, trading, the Hang Song index 

estimated earlier. 

volume expanded to 330 m raising of the Call Money rate touching *A 15 , 

closing at SwFr L 8980 , and- to 

jted Industrials showed no dear Y 221.10 against the yen, before 
trend, with BHP giving up 8 cents closing at Y 22 L 40 . The firmest 
and at A$ 7.00 but Costain Australia level recorded by the D-mark was 

CANADA— A further improve- Tuesday Tbe Swiss franc 
ment in stock prices took place closed at SwFr L 9240 on Tuesday. 

Oienltur. JlMk-l® ■ 

Morning fix'gS 184.90 --.'- 

(£ 101.4631 (£ 99 . 961 ) 

Aruin’n llx'e S 1 B 4 . 16 ' - fUBiSO ’ 
“ *| (£ 100 . 845 ) kBioojsao) 

GnldCoin— -..j -. • ^ 

domextlf&llvj • “I • ‘ 

Krwemnd ~ 1 J? XS 1 tg - 1 B 31 & . 91671 ^- 189 1 1 

^^ - - ll£ 104 *- 106 i) (CIOS-KM) ■ 

S'wSciriffiBjfiMb-SS 1 ! ■ 

|C£g@Js- 30 iU f£ 29 - 8 ‘A 
OU.Sov'rsiis.ifiSeiarSSM 865 f*: 675 * 
^i(£ 305 4 . 313 4 ) t£ 5 p 3 «r 51 ?,)- 

Gobi C-ilna I .• I . .-“ 

I [nternat'lly) .• • I- 

KewSOT'iE*wjS 53 >a- 54 J* : 

- - [(£ 281 * 1 - 2914 ) _]f£ 29 - 30 y_-^ - 

.920 &)|l«.-iiWV 38 g) $377 >4-2601, 


. Bunk 
May 51 Bate 

• - % ' 

Harlot Eaton : 

Sterling also boiefited from the 

Oil has dropped plans ^ains occurred following good significantly easier, but Cie du Simcoe Erie were up ] at C$6j the dollar, rising to 

•cla in buying Lakeshore institutional buying, lifting the Nord, OUda. Kali. Pocluin. on Maher first-quarter earnings- * 1 - ! » 3S 9 ’.LS 335 at rne dose in Lon- 
line in Arizona and to ommerzbank index 3.4 more to Hachelte. Galeries Lafayette, CFR HONG KONG — Market con- “ on ’ _i* TIse I-™ 8 cents on the 



Slocks Closing on 

Arlon Ri’nliy -irr.soo 

n.-ncn.-i Consol. . 4 I 0 .'l(kJ 

Suu:bi> C.Vl.tOO 

Bally .... itt-iiM 

.1 R.iv .McDermott i 2 S..’M 0 
R.'llJIlO- L-IM.-J 00 

tradt-d price 
-trr.soo i> 
410.000 41 

=.v:.IOO 273 

HOjOfl :n’. 

Bally lost 12 to 532 J. although 
it said that it has no reason to 

‘- T believe the U.S. Justice Depart- "steeds "had^Mannesiiiann up relinquished some ground 'as the Whampoa “put‘ % oii“s *cems“to and continued to rise after the ■ KSWin-w 
«r C ?K S ln ' es J , e atl ° 0 DM 2.60 and Electricals had recent heavy buying abated HKS 4.625 and Hong Kong Land London market dosed. 

y W SiemciLs DM 2.40 firmer. yesterday j „ 10 cents to HKS 7 . 90 . alLhoueh Ste ding's ^ade-wei^ited index, 

□ mount to anything. Federal Government 6 per cent Metals Exploration retreated 11 Hong Kong Bank, Swire Pacific on Bank of England figures, was ruuim uw.... 

tl*V 50 

Slay 29 

0.670253 j 0.670889 
1.31738 I 1.21922 




1 1.36231 
18 . 53 S 1 

New York. J 7 
MonumL I 81* 
AmBLerdani A ' 

Bn— WL— 

Copenha^ea B 
FnuiktiirL.. 3 

Liatwn IB 

Sladrid 8 

Milan™ Ill; 

1 J 1 BS- 1 J 3 S 

tt.ua8a— -Q 5 # 
| 4 .( 13 i 4- ,J 4 


MBB 4 L 067 B 
I 4 . 11 - 4.18 

59 . 0 S- 8 ft.lB L 58 JftSAffi 

nms^iir. 3 S 

3 JI 24 C 85 - 


M 3 A 84 - 

03 . 00 - 83-85 8 A 55 -d 5 .BB. 
148 L 45 - 1 ©J» 1 «J 6 -MB 36 

Ills) l.S 7 S-U *7 }«U»TJNI 

amount to anything. 

■JI'-t-'IdlKl El. 
T.-lrx . .. . 

148 JQO 192 
14 : 1.5110 s: 


in; non 4ss 

THE AMERICAN SE Market Value Loans were 

Federal Government 6 per cent 

good demand, cents to S 3 cents. Mining Houses and Wbeclock 

Index improved 0 . 4 D to 144 .SS at while Public Authority Bonds. 13 cents to 32 cents, Northern unchanged, and Jordine Matheson 
the noon calculation on volume of after recent weakness, were up Mining 20 cents to AS 1.60 and eased 10 cents to HK 313 . 1 D. 
l.GSm shares ( 1 . 48 ra). to TUT 1-40 harder. The Regulating Renison Tin 30 cents to ASS. 20 , Elsewhere. Hutchison Proper- 



Rises ac<i ^ City and Urban 4 rents to 

i Mav 30 Muy w • Mur * HK ?1 JB. Hong Kong Hotel 40 - _ 

1 B32 . 1.870 1 906 t0 HKS 15.20 and Hong EXCHANGE CROSS-RATES 

'SS; $8 131 HK^i^ elepl,Me 23 “ ms t0 

^41 4 fl' 4 ?o JOHANNESBURG— Market was tninki.m ! ( 2.090155 [e. 

and Wbeclock Harden were unchanged throughout at 61 . 4 . Jaiianne ven. 
unchanged, and Jordine Matheson Gold remained firm, rising Sit »un»*vkitw 
eased 10 cents to HKS 1 S. 1 D. \° S 1 S 4 -M 4 *. The weakness or the 

Elsewhere. Hutchison Proper- d° ,Iar was. probably behind 4 he 
tics rose FIK 5 L 20 to HKS 10 50 deoift n ‘i fw the metal, which — i 













Oalo.. — 7 - S-rf-s^S 3 . 94 - 8.15 

18 . 53 S 1 Pki-l»_..^.... flifl 8 -« 84^.«4 ?A 4 - 8 . 42 * 

40^768 . BirUioim— 7 8.434.B0 8 : 43-138 

6.93239 . Tok^i.,;,; : 480419 v ' 4064 ^ 07 * 

2.&7717 Vienna.. &lfi 27 . 60 ^ 7.70 27 . 62 . i 7 . K 

Zurteh .-. .1 • -BAW-LBUl IMi-S-Alj 

. t Rates given 7 or -corrreHlble tranrx. 
Financial francs - 80 - 806025 . ■ 


Mur M«v 
50 ' 26 

2& ! 23 


■J2 Hicii 

Si nee wnipum ii 

84.58 54.14 54.24 54 . 56 . 55.68 

. : 17 . 6i 

l*su*n iru-leil i 1.832 

Hues 1 748 

Full* ! 631 

(Tiivliuue-i ! 465 

S.-w H i"ti» ■ 41 , 

1 .S 70 1.906 
588 648 

829 1 BOB 
453 ! 452 
39 . 10 

62 . 62 

Khv 51 ii- miifemit i.Vu Viii-k 

Liiihumi j. 4 1 * 1-4 'I’m 1 

i SS** 

Closed for Republic Day "" Sw.Yml.-j * 7 . 23 .2fl j - AJ >*67 . l ’ jWMBB IlAl^lW «. 17-19 t oUMO 

AMSTERDA&^haS- 7 .n , 4 Sj 5 & 

indecisively failing to maintain Lu, r inn...i 3>85B# ! l .52B-W55 8 .*U « 2.i -& 8 .S 5 95 t - . 4 -U-I 8 i 

the general upivard momentum :tm*irf»im.. ; icr 7 .ia 5 2564^*97 itftS jo . oi -88 le-KTo-stajJ-ioiwoes 1 - , lia .22 27 

Of recent sessions. 4 im>h .SWAM-BIA I .8 18 SC M. l& 5 - 2*2 ,a. 7 S 8 rt- 7184 3 . 4588 - 6529 , 54 .ezs- 4 o 3 i — 


lii.ln-(rMi... 054.20 351.69 835.41 857 . 92 ] 845.29 855 . 4 Z 858.37 , 742.12 f 1051 . 7 ft' 41.22 

i j 1 'lifli ■•*.:! 1 1 It 'till i£.j.j2i , , 

H’'i, .!•.*. 68. 14 83 . 19 ! 88.23 88 . 19 1 88.51 88 . 51 1 83.14 ’ - ! - In.liutnm 

- : ; 1 4:1 1 ] I 3 ftt>| ! , t-Miihine -1 

r ran 224.09 225.70 224.14 224 . BB. 227 .M. 25 1.50 1 25 1 JD l«.al i 2 J 5.38 13.24 

j j CSA - ( 9 ;li j (TMi ' iM«El I 0 K 0 NT 0 *-■■■•«»- 

V Ml ilk- 104.87 104.47 104.51 104.03 104.56' 104.67 110.M 1 I02.B4 165.52 1 10^8 — - „„„„„„„„ 

; • i 3 .li I . 22.-21 U'OAsn, . 334142 ) JOHANNESBURG 


Nous Rne* . 
87 - 28=1 

55 - 40 - 
K 2 - 03 S 

19 . 25481 ' 
S. 50-846 
8 L 784 A. 

56 - 72 
4 QM 2 S 

742.12 • 1051.70, 41.22 
iZt.Ei -a 1 1 ■ ( * 75 >| i£. 7 ' 52 i 
83.14 ’ - ! - 1 

| 50 ;S| ; , «■ 

Ik .a I i 275.88 13.24 — rTT 

( 9 / 1 1 j ( 7 ^ 01)1 < i 8 .-' 7 / 32 i TORONTO 

: 130.95 180 . 74 , I8D.8I 181 . 71 ! 183.61 ( 2 S 6) 
: 180.07 190 . 01 : 186 . 97 . 190 . 65 ' 192.88 [ 2 >. 5 i 

lb2.nO ilh.2) 

170.62 ( 50 .) i 

C-nii-rriu- 1123.2 1122 . 8 ' 1122.5 1123 . 4 ! I I 3 G.& -| 234 >| 

of recent sessions. 

Among Dutch Internationals, 
Philips put on 0.80 more to FI S 7.20 
an heavy demand, but Roval 
Dutch came back 1.10 to FI 126 . 40 . 

l'r»-llna ini.’ i . 1 

•AW- 4 21.040 21.410 28.410 31,450 53.230 28 , 700 ' 

b( 4 .i 


212.4 210 .B > 210.7 : 211.5 
225.0 223.7 i 224.6 I 224.8 

218.7 (I Si 
225 J] ( 30 /M 

183.0 < 90 , 4 . 
194.8 1 15 /M 

• •I ln>li'.\ i liMn^Mil i nun A i 

Mm : l*i e- I l$ 7 e I 19 ir 
31 i i-iiiti* j Hu(li i iytir 

lll'l. *liv. v i«i.l t 

Venr iH|i|,r>i\., 

Auscralia‘ r j ^SS.OS ooI.C* £ 01.05 44I.W Spain 
iSO/oi ( 1 i 5 i 

Remain ,l ’) ui.i" ue. 4 j Swedi 


Mhv i Slny M«V 

I "V . 

22 i Hl K h ; Liu 

'lint* i mu 1 1 .iixi n 

:l'i.liinlrmis 107.08 106.78107 05 , 107 . 58 ' 108 . 47 ; 109.70 110.31 

, 1 1 , * 170 * 

{|,«iie 96.86 91.58 96 . 8 (T 97.09 98 . 05 ! 99 . 09 ' 99.90 

l . < ! I ; • i l«( 5 i 

> 5 . 5 . • 134.64 ; a.K 

Beutiam >«) *>.Ji 
Denmark'** 9 e .46 iio.ll 
Franca < 4: > * 1-8 
Germaa;i-ii *'2.' 777.4 
Holland Z£.l 

ui.i" Bc.4j Sweden 
1 « 2j;ci 

105.16 103 . 41 , 1 10 . ir. 

I ( 9 | 3 > 

If M'J.bS : 369.93 : 397 .% | .}£>.(* 

SvriL erl'd'7 EFS.l ' 290 ^ 525.7 27 : 4.0 I and or scrip issue. C Per share. 

NOTES : overseas pnera shoirn Delow 
exclude 8 premium. Be La lap dividends 
arc ’ilier unrhhuMinu lax. 

• DM 50 rtenom. unless otherwise staled; 
yield* based op ner dlvhienrti plus lax. , 

V Pias .500 denom. unless otherwise stated | »6i"»rttcnu... ; sij in 
A Kr.IOO rtenom. unhs* otherwise siaiert I 7 ><a>» reuini S^-iO 
•1* Frs .300 denom. and Bearer shares 
unless otherwise Staled. I Yen 50 rteirarn 
unless otherwise staled S Price at lime 
of suspension. n Klunns. h Scttllllnas 

* Cents rt Dividend afier pending nehtn 



45 flft*a 


4 Sr •• <H 

! i I 4 . 2 i j i 2 S. 4 i 

Indices and Base dares tall his- value.. 

o Crass div %. U Assumed divid*.-nd alter 
scrip and/or ruhis issue t Alter local 
taxes. m% tax tree, n Francs: iQCliidliu 
Unilac dlv. n Norn, u Share spill, a Dtv 

W> except Nt SE AU Common — u* .md yield exclude special payment, t Indi- 
Standards and Puirs — 10 and roramu ealed dlv. w Unofficial iradina n Mlnorliy 
3 m-i.iKHi. ihe las' named na sen on l» 7 Si holders only, u Morarr pendlna. * Ashed 

limiurruu t Bid. ! Traded I Seller, z Assumed 
in.ince and ir Bi rlglru. xd Ex dividend xc Ex 
AH nrrf scrip issue, xa Ex alL a Interim since 
.‘iijr-nnaSNi increased. 

Iii'l. div. yield ^ 
lll'l. P K Ithll" 

Singanore 3 li.i 4 £ 16.40 ' 17.54 262 .*' 

• Ii.lll. Ifcviil s Iflil 

flam. Indusinal I 97 fl iSli Ham; S'uy 
Bank 31/7*64. f||||i Milan VI /73 HJI Tonyi, 
New SE 4 » 1 /* k . i m Straus Times twn 
Closed itft Madrid SE "Pl'tZ'Tt 
>ei SriK-khoini lunusrnai i/l'jsf </■ sww* 
Rank Corn «M I ln:*villabla 




NEW YORK I ! v £ ' 5 S' I ! "S' ^ 

Inv. § Prcm. $ 2.60 to fr- 106 J% ( 108 %) 
Effective rate ( 1 . 8330 ) 45 J% ( 451 %) 

•.■■ramp l»i*. 

L’l'C iui’ii'tlivia ! 46 -a 

.A lil ■> >il bit- 

A.lil rtre— -iifHi .. 
AetiM Life .V C»*r 

Air l*n»liu-l* 1 S Bl * 

Ani-nnU Hen*. .. 


liner. Aimin'*-...; 


Auiei. Umn'l-... 

4 y 

Ainvi. Ur.-n.l.-fi-l 

493 , 

A liter. Cull 

4 UI, 

A liter. C Viiiih niu 1 ' 

28 t « 

Ainer. Kuv. P<>» 


Ainer. E\j+e— ... 



29 ij 

Ainer. .lleilieai..., 

2 j 

. Iiiiii . MiHnra. .. 

5 * 1 . 

Amrr. AhI . tiH-.. 

45 tj 

Amir. Mnnilnpt. 

45 i- 

.liner. St* 'ie- .. . 


Ainer. Tel. A I'ei. 



341 , 

Alii'li'ir Hti-UliU' 
AnlififM Hii-'li 
. IhulumwI ,., . 

L'mne 3HSe 

Lnvkcr.tM Z6ti 

An mn 4 eiiert«eli. a 5 »* 
Cumiiiiu. b'ugin* 40 U 
null- tVojibl..., 181 a 


llsrl I ii. I mi rle».. <42 l B 

Deere 29 ; 9 

IV MniUv i6 

Dehi'lm 1 3 £ig 

l.*entK|.ly Intel- . 181 ; 

Del run bli^«n... laif 
DisiiiMinlSliRnirk 284 s 
Dietii|>b"iie lbl< 

IJigiia I -in 1 1*.,. .. 47 ia 
Uiwm iWnllr.... 4 Li( 

iMier i.'-.rin 43 i; 

16 'ii i .' Ih - oikhI .... BS 58 

Dim 28 63 

Onerxer. 42 

Du It-ni 1 L 5 U 

D.vnm Imiii'.l rif- 30 '* 

Ksii'i- P teller *3 4 a 

LaM Airlines 10 

bLNiniau Ki-inh. o 5 
Eaton 591 b 

Julius Man* 1 lil .... 1 a 2 
4 'ilntvoii; * 71 * 
I' Miiimii L'uuinn.l a .0 
J«.\ Maliuiaelui'u 35 lj 

K. Man Chip 2413 

uhImtA •jiniiii'in 325 * 

ksiM.-i li»tu*liiei> 2 

hitinei Steel 22i 8 

*»".* 12 tj 

heniiKO'lu 2Sn 

Kerr M *f 7 >i 

hiil.le Wa in.. . j dI 4 « 
hliulwi'i Oeiv .1 47 H 

I Ur* ".11 j 461 * 

I He* n.jl.i. Petal..' 31 ls 

' i(-rii..i..« . 58 is 

| Hw.'irun Merreli. 24 14 
j Ii*. -hnvli Inier.. ■ 33 ij 
iiuliniA Hass.. . 1 335 < 

ilM.rai Liiiifh j 56 >4 

( t 27 g 

iSzT i !?"=■•: • 

25 :, J '.sis. b.-*;* 

*171 . I Kv <ei ^v-leiii. .. 
3 lj, -aiewiy Si-res.... 

•tTip W.J*«- MiiiKini*.. 

-2U I r«. Ueai* Paw . 

195 a . 80 

H'vir • 47 B I 6 

\an*t — ' S 2 ! 52 U 

AtpitJi • lavs i 154 s 

/aautli Jla>liM 1 155 s ; 16 ia 

L. -.lit* - 4 ^ Is*- . — I 194 , j 

L'rf.Treo- 4 l* 7 ? & — I i 80 >* 

U.S. 4 JIMV l.iM .! — | 6.681 


•trait • ATij 

nmger Cn | 03 5s 

L-a-euai Trans., do.; 

lA'il Minus. Obi; 

Ijhli* l>w.P.»«l,..l ifilj 

j 'Hula tV liuls 35 U 

UcKit liitqil- allj 

IJll.1 ■ Ell ' 44 as Inn Jd ' Iii - i . ... iBss 

UiehUreiAiiiT'ii. 23 14 


iBIi'l Mil.. 




• l‘n 

A*'*u I'lulu- 1 - ... 

Umii ti.iv Lie i— . 

53 ', 



25 i« 

llaiik Aineri'-a. ■■■ 

24 u 

24 i- 


36 JQ 

UMI<n,r Mil. .. 

28 'i 

281 , 

lktAlvr Travel, '' 1 .. 

4 1 1; 

411 - 

241 ; 

U *>4 

llo'l'UiDi -ki-ilsi.n 

58 Js 

381 *, 

Dell A H- *,*€■!! 

191 , 

19 J« 


39 *: 

39 as 

Ueucuel t."iis 'P' 

4 1 , 


Uui**lcln-u, •*>,***•• • 

23: 0 

23 i, 

Uia-kJ Iteeker .. 

19 it 

187 s 

K.U.UI • 261 . 

Kl Pss« Ami . l>«. 165 g 

Kura • aa 

Kiiiriv.iu tlei'lne 1 a65g 
i-.ti lervAirFr'ielii' 4 t»Vg 

l-.niiiiti < 1 a 5 s 9 

K.M.I... a»a 

l'-lluellinrd ' 23 

E-liMrk .1 28 Is 

htii* I 2114 

1 47 

I'nirvliii'l 1. Miner.: 355 s 
Ki»i. Heju. 38 ^ 

b'irvKii'iii' lire....' 131 ; 
7 %i. Ami . Lh'-iiiii.l 29 

r'l*-*i Imp is2ij 

Plinik'-l-- I 645 « 

PImi - Mm l%»uer.. .1 30 
t'llew .. ..J a 74 s 

bme&liil lu.lf... 20 
bill 4 l-iMiiu Ij . i . iBr? 
lAiui'iana L*nii'.., 24 14 

ijilirtmi 595 t 

1 -u ai'jie> 13 

l.'he Y'ullu-l'mi 7 115 . 

4 luir\ 1 L H 405 * 

MU'*. Hun.- l>l .. a6>( 

>l.|w 3 a '4 

Mann linn 43 ij 

Marini- Mi-iiau>i.' I 5 -* 
Miu'lmi' Kiel. 1 ... 21 U 

Ha* L*ew. 'll TP* 


Metienmui 1 

M IMuueii LIihic . a 35 $ 

244 , | 25 

'I i*ni» Hi* 


tie* h 

lie* n l.tiieli.... 
1 timii IViio-tuui, 

3253 ■*'*** 

03 i t ,n '‘' 

aa ; 4 I tMeuuiK. 

z6[ - 1 ^-■h'unil'erv'T 

a 144 i Mi'lt i'aier 

Wl; 1 -'i-r*' Mr» ' 

18 ! Sne Liiu.ier 


19;. I TeitVi 'in Miiier-... 

iH 5 l 

2353 ! ™ T e f- l '--r • 

, "rt- liMPlilli*|| 


H-i, '.Mip' lian-i-ui... 


36 1 r ! vtan'.leA.Ti*. 

iaif ■ Mni|.-i.'iir P<u.„. 

1- ,7 ^ . Vinaei 

lbij 7 ""H*h "ie 

i 05 . 

: V'.-xi*.i-'««** «* 

xam, ' ; '■■dheiu Cal. f«i 

S,? 3 rhsilliein Li* 

1 Mini. ... 

., . ; r.'iiiiiem iv,. tu . 

0 ^ : " , t -"UlliernkaiinM* 

Xiilul'i I'a (ci : ibAs 

A emeu Engle - 4 . 9 j 

ilean tiumlniiniii 3 Ha 

\ 11.1*111* aiee- ' 20 1 « 

Aulwiv > 39 h) 

Hank ■» Mom**.* cl 
ItanV A"* a &--iim lO/s 
U nii. Hew Mil* e<-. , ta*i 

ik'U feiephnne....' a* 5 g 
ik ur Vane, I11.1... 281 ] 

May 50 . May 23 


HI' Lancia ; 13S4 

limsuaD | lti; 

L' Hiilv I * 4 . 6 / 

1354 1 15 <a 
1 C 34 1 lbbB 

Oi| 3 *n P"«ei 375 g J . 371 s 

K.M.t I 

K.inl M-H.-r 

Iineni'r-i Mvh.... 
1-*l«'n- . .. . 
Krauk'iii Mini, i 
Kreein'fl .Mnu-ra , 

Kmclmnl ' 

I'd-IIU lll'l- 

*!••••* llii-j,'. Mi# i 2 .j 

M' 4 *|l t "iv 

t|*Mcitn 4 . 1 * 

Iltd'ini-a .......... ' 

ttnr|il)« 1 *(■ 

A «i'l*o' .. 

Ai*i.-"l. benil-ai... 
Aaii-'iiat Lan • 

1 “i-erry Hiiieli^. 

■ Siiern- Umii- 1 


i ilan-iar-i linuM* 

jt'tM.' Hue 


I* tv U'ninet . 
Mr** ill** Ini... 
Ura- UH - A*.. 
Ori-i"l t|»er- 



lieu. Anin. Im.. 


•*eu. Cm K n 

'• hi . IVnainn-. , 
i'«l. hie*lne»..., 

lii-iien*' tl»*i«..., 

lien. Pm«. Cm.., 

tied. ?i«uai 

tiv'l. 1 'ei. Km ».. 
til'n. T »'ii' 

• *e*li'**' . 

ImitSt* IN11I1. . 
"till Mil 

j A-tl. Lllslii-civ.... 
I A*l, ser»i.-e I nil. 

saii.mai Me«i.... all 8 

Celaiie*** C"i'|n* .. 

59 14 

39 v 8 

Central A S.M .... 


Cert*niiee*l. ...■■■ 


23 Ss 

L'er-na AiP'inll... 

31 U 

315 s 

I. 1 |R**«, AlKIlltMl 11*11 

3 H, 

31 i 8 

UiHitriiTii Hk,.N V 



Ctie-efirKli l*'*n»l.. 

K 4 Ss 

24 >4 



1 In .itcn ISn.isse-- 


5 S 


181 ; 




4 i 2 

41 ; 

28 ii 

274 , 

L'll ll-KI • 

23 A* 

231 s 




151 , 

42 &s 


i'nlgaiu I'm ■■■ 


21 Jo 

Cnl'tui> Alkuiau- 

117 E 


L a >^iiin^R 



Ciilnintim l'lei .... 

19 S, 

I 9 ia 


181 * 

C'Hiitni* ti"ii Knt. 

39 *, 

5 B 

167 r - 

16 «e 

C'ni'w’tli 6li-'n 

27 *s ! 

27 Ss 

L'+nVlti'Ml IM 

2C- . 



4 1 Js , 


*. * »iti 1 6 kl if r rue* 11 1 1 H "r 


C ■ hi 11. Lit*' ln>... 

35 +, 

3 fisg 

U ■ 1 lei ic- 2754 

-...rfn.-l. It. F.. . 22 

Omlyesi Tiie. .. l? 1 j 

tiOUM 28 lj 

I'fai-e tv. i; 264 , 

111 . Allen It,- In O 
Cm. A'nrtli Inin.. 22 . 's 

< ire* lunn-l 13 5 s 

tint! X W«»ltn»..- 14 

liml Mi. ; 23 -'j 

HaltlMirt'H* bll; 

Hninut Minnie..... 4 b 
IU« ill*. liitsH'r. ... 131 ; 

I 1 «m> l'"i,«r 335* 

I loin* H. 4 . . . aV*» 

HeulMrni 28>s 

lieu 1011 Paehanl. 77 1 « 

1 1, "h la o Inn 17 ?s 

H>niie-iMhe 365 , 

H'. iii ' Vuh . 36 

I 1 ..'*«SI - ' 12 

275 , 1 27 

22 2a U 

17 l e i 17 I, 
28 l 2 ! 28 -‘j 

264 , • 27 

Aaliuius 451 . 

AC Ii 54: 4 

Ae| -I ime I in 1 1 19 Ij 

Ae» KiutlalHl Kl. 211 ; 
Aim l-.n^iMinl fol 6313 
ViisarM Mi'liatiL 14 I t 
Aiavorn '•Imro. ... IOIj 
A . 1 . liniislrie*. 184 , 
A'irl"'kX\t e-t« n, 2 m 
Anriu Aai.Ua-... 39 
■Mini staler Pwr 255 ; 
.MliiTesI Airluu-M 28I3 
A Unreal Unu-MT). 2 ai.j 
Anitun -Slnum. ... 1912 

M leuta Pein.l- 24 . B 
Ucilev tUthet ... 9II2 

Mhln KlMin 1 175 , 

Dim 1 154 , 

f.? 3 ' niailliem L'u. ... 

1 ■Mlin. Aat.Ue .. 

... . ; %'iiiuein lv in 

t*’* .=.-iUliem Kailua 
c 3 | 

j ■Mmtlliali I 

jft’J | 7 '«T Uan-iiare-. 


*41? j 5 »«rrr Kmii - i .... 

fa'* !>!'"'• 

cr-. 1 iian-!ar.i drain 

"2 , .« 

rs!f . >t'i. On in liana 

us"' 1 -M. Mi- Ml,v... 

cm. 1 -:A iift f.'lieni'i'M 

4S 4 ? I ’*rr'in^ l*»n B .. 
• Jr ,? , lelBhoi .. .. 

. 'nil » trwn.1 . ... 

I a me* 

77 * IMMMW 5 # .... 

j I'eUi.-n'* 

1 leieivra- 

45 *, 1 | t ., r , 


Laiiill-in- .Mniee...' 15 lg 1. on ioni. . 10 U 

L 4 bn,... 105 , 

unliup bnhuun : vBi, 

uanaibi I iMliiht iBOlg 

ean Paeihi- 18'fg 

van. I'll, the Inv. . tOta 
Can. 3 ii|-ei Mi ... 36 

Ca* unc C»‘ Koine. i.4Q 
uaHMii Aiwstim../ 10 

, lneium 181 ^ 

C0inu*csi ' 285 (i 

wu- uaLUuru... 275 , 
liuimiojci Caj>... ■ li fg 

Ci*H‘hn llev-uioo. 54 s 

C'-ntain K10I1 134 , 

Deo-nn 81j 

Den win Mum. * 69ia 

Dnm Mine* j 87 

LK'ine Peirnieum. 60 U 

104 , j 105 fl 
<8i, . 28 ia 
20i& . t! 9 i = 

iS'fg I 19 
20ta ; Z0i t 

- ' 


! ■ \+ nt 

Mm *1 

AuaL S . — 

.U'M II. f2»renn 
Aentu Aii-itn:ui J 

tO.TO • . — 
14 . 81 ' 

Veen 11 a ...| LOS . 

jmini 1 in Brazii.—I _ 2.26 > — O, 
t»DuiIuii~ ! 1-ud * 

LOS f-O.O 

Aer**** .Vii-im:i« J Ij.hi ; „ 1 \«rr 7 ITV«i!!l o'To 

Atue*i Mira- lri:*rlnit" Si rE -25 — J.u& ,'detau OP| , 8 J 7 . 
A iii|Mil'E -cpbtrmt !• *11. -L...— ! tl .34 !+J .'4 f'H 

Ufa I n f * 

Aiiipn' Ptlrnlenm «... ; 

A*e«*. Mio-yja- 

-Verne. Pulp Paper 

A*ane. Con.Tiriifln'- J 

Ann. P'MDdatiim ln»«w.. . 


Audi men— 

Ansi. Oi: A tin ' 

nine Metai lurt „f 

UuUKBinville Copper v ; 

Hmken Hil' Propnetarr-..- 

0-0 UH Wiuth.;.' 

Carlton Umtol Hremfri'— ' 

■f -2 1 C 8 jt it»i)_ ; 

j CtHil. GotilHeht- Au't ' 

21 li.uuiainer cSli 

Cun rino ' 

I ‘-'jsiain Aiihimlla > 

j lluultq> liolHer(Sl) 

; K 8 C-OK.... ! 

'. tliler-auit! Ii. ' 

1 — 4 . IndiMrin ! 

'■rn. JJrnperty lm*t-... ! 

Kamersler 1 


1 C I .Vistralu* f 

lu(er-CbH«r ; 

•leoninffa ImtiiJnei ' 

J--tfies1U11v1.i1 ; 

iMUiowni Un 

Meta. la Kk[><>niLu.*ii.. 

MIU Hnklluaii. 1 

Mver Empnrhim 

Aeur»_ ' 


A'urtb Ureben B'ltillus fai- 

'Jablrlilue 1 

Dilaeaivli- • 

inter bixfjnniihui J 

t'uiueei CnuiTrt*: ' 

Itn-kiU .V CfHinnn. ' 

•1. CC.bleiich 1 

^■niLbtaiHl Mlmiu 

?|arpm E\vHjnUaiii ! 


io si ' ’ hnm» PP—.-l 8.BZ 

TLSO +0.M Ww*"; jLM 

. „„ , srai-a Cnir OP....I. 3 . 1 Jr 

»J -*0 l •• •• Unip PK. ' 935 

tlM v‘nie Kh* I haw PI J 1.31 

10.97 S-f.M 
11.42 i-i.'.-S 



1 X 50 -’J.ti 2 1 

von cr- 163 j» m . Shares 
Source: Rio de Janeiro SE. 

ih . ui: 4 n«r • 70.50 ,-O.OS 1 __ _ . 

lie Uetai ln.1 iLl 3 j-fl. 01 1 OSLO 

Si ^3 ill 

PriuT + dr fUir-lfiE 
Kroner — 1 ». 



J 8 . 4 S !- j ! o 2 I Kretaiueren 

■ 68 I — . 

ioe.oL: u bji 

B 40 id-f 2 .fi 2 U 
10SJ— 1 11' luJ 

inn '■ ..d v ia .rftn 

; :.60 - 0.09 { .Vunk llydlrokrj<l 192 ' +« 

• 1.-59 lu - ,u 'lorehrend .1 93 . 5 tfi+flJfi 

11.40 + 3 . 0 ! I — - — 1 . “a. 

72:iO • I1 1 JOHANNESBURG . 

* 2.18 • ' NINES ' 

taa4 ^ W ' Had 

tj’,4 nj Ansto American Corpo. ... 5 J 1 

tS'aa Chnner ComoUdated t 3 J 1 

ru S EaSt Driefooiein 12.» 

ii 35 Elsterg L 9 ( 

' — Hanuony 3 .E 

* 1.36 W 46 Kinross ... 8.01 

fOJ2 -I. 3 Kloof SJJs 

10.35 - 0.11 Rustcnbum Platlnunr 

12- AO . y 
9 9.7 _ 


12.25 — 0.08 St. Hetena tlj .40 

11.74 South Vaal “ 7 .S 3 

14.35 1-fl.OSfCoJd Fields SA 21.73 

- nJ.bS ,+0.112 1 Union Corvaratloo • 445 

*L 27 - 0-03 j De Beers Dolerrcd ft . 90 

* 1-77 * 0.02 IBlyvoonUmcM 5.60 

j 8 Mi. n« II* 'DivB 

Di'ininmn Hndu* ICO 

. M'l. On in liana. 
1 '«•*. Mi. Mliv. .... 
1 -tantl f.'lieni'i'M 



ta'i-nn'BC Aiekic. 
Kin*1 Muior Can. ! 


UIKIII lei'll kill!* 
'jin* IJ„ Lana, in 

Hanker . mi ■. Can. 

rt**. maci. 

ili'nie Oil M .. .. 

, Iii.ihui M,,»- 121 s 1 

I’a-.-ilic D;liiiiij! ' 
Pa .1**11. jl U ...1 

|i.L*iiv. tniei .1 43 

H'Hj'trai Ami . I.ih i 26I2 

HiiiitlPh.AiCInii! 1 l5g 

Hull in* (K.l.l i 16 

I.C. lmi«»lnc> ... Zfii', 

I A A 40*3 

lilueiiM'II IlMinl... J 61 Ir 

liiiaml -sicei I 39 >C 

1 null' 1 : IbJs 

2ai s Ueilrv Malhet ... 

17 Ir Hhln S||*,|] 

SB-'-j Uim 


8 MieraeasabifM..... 25*2 

231 , M«4>||> Ui , mills.. 1 405 s 

135 s i.iuen* IiiiihiI -...., 215 s 

14 llaeiil ■ Das 24 

23 7 g I’a iin.- Ci-cliiniu . 

615 c Pa . 1 ‘m.i jj... 

361, PanAinWnrfaiAii 

15 vg Parker HnimlUn. 

634 ; I'ndvi* im 

a/*« l*Hi. I'i.ilj... 

28 13 Pen ii .* J. t. 

7 Pen n/, »ii 

i7*. l*Hi|iiei. Il|*l'{... . 

a 61 ; ['"'III*' Das 

Sbl 4 n-'psNw 

1 Z 

43 lfl j Perkin Klmcr 

26 1 ; 1 Pei 

11 5 a J Ph/vr 

165 g Pl* el 1*. Uni-si-....! 

1 fe-,'1. - Pen*.,e,iu. tt:» 

! 1 »•«<•«" *•»>* 

leMt'anit Kl), 

I l-\M' lu-i.m 785 s 

, lesa-Un.V Hits.. a2l« 
J Ii -’ SIt l lilil ipv ... 20 

, tune lie.'. 4 3 Sr 

I * 1 inter Jllrwr 29 i« 

Timken • D 05 , 

Vrane : 37 la 

Tran-miinra.......; 16 

, Imnsc-j- 18 

J I'nns Cninn ' 355 , 

1 lran-nav liltr'n. 26 14 

’ I'mita World tn.. 19 74 

j l'ra teller ' 3 ssa 

Ir* Uuiiiemain. 1 195 , 

■ lij.lsin U»1_* 

I rin 1 still Oil.A (.,11. 


1 raoiun 

■ ■njieruii t»n 

|ln.ia 1 

• niail-i Aai. laas,.! 
iiiCj..vPi{ 4 .' I.ini .1 

.vaiMrt lieanurvn.! 145 s 


Uitnaw t-om.-C... H .25 
Me'imii’n unwii.i lB*a 
I .ilasfcHF'V Kenfii«a,! 

tlisliitriv , 

3 l. » •!+ .-. 1 . i> J 

197 a I 18*3 
365 a ; 35 l a 

I’anAiuMiirkiAir, s-i* 
Parker Haniiilin., 25 ms 

l'ndM.-i> im 24 . e 

l*en. I'« . A I j ... £ij a 

Penu.t J. L eft:, 


Pmiiipa Hni's... .f lt*ie 

l'eii|>le» Uas ad MR 

Peps iv>.' 29 ia 

. l.ll.W 

19** I-' <li*fmiin-1"» 

24!? i i Mp:::::.7::;;;:" ■ 

21'» **• *•'•'* er 

66 U ' 1 '*’•***•» - • 

D; . V..I.MI IMIkl rp. 

10 '« • *' , "’* n ••• 
a ^i, • v - iii.ui Ci'iinnen.-i 
2g;, 1 1 miihi Oi ■_ A |l 

f V III' HI I-JU.-III,.. .. 

Mouu lainStaieHtl 3.5 1 . ! 5.50 
.*.1—1 - 31IMO...J 285t I zais 
Aorceu Knervy... 15 , 14 *a 

• vUiil . Iriiu.m... ! 295 s . 29 ^ 
Aunnu Oil A <•«■ 331 a 1 * 41 ; 

„ fl „ Artn .1 2.425 +100 - - ftmihlSi*;.... I."...'.'” 

I Pn.-c [+ or |b,|. Bry. !+20 j 72 4.5 Waiuuik. ! 

111 ** [ tV'eRl 4 H 7 | illllinu ftli* ITJlts 

t-.u.U. Cement... Jl. 160 id +4 ,l*Ju 6.6 Wuiiikorilu.. . . 

Ci *.-ken ■ 1 4**8 !+30 1 — j - — •' 

HUH.' [ 2 . 2 Z 0 N— 1 U jl '17 1 8.U 

Kk»1 rnfkji ' 6 . 38 J 43 w f 6.7 PARES 

1 U .13 — . 1 East Rind Ply t 8.75 

ra 37 - 6 JW Free State CedaW 2 fl.G 0 

11.68 + 0.01 President Brand 15 JQ President Stern 12.23 

tu .'.4 - 0.01 Sulloiuela - 4.00 

t 0 .» 6 + 0.01 Wrikom ; T ,, 4.45 

10.38 -0.W West Dnclontoln 37.08 

* 1-92 Western Boldines 29.70 

tu. 4 - 0.01 Western Deep 13.00 

1 i;J 8 - 0 .W! IMDUSTTRIALS 

- '-' rr: AECT A..** *X 30 

AnKlo-Amer. Industrial 9 JO 

< 45 * / 


*441 5.2 j KatirtqiiL' Aal 12.595 1 + 6 •i'fu 

6.0 ti.M. Iiinn-Uiii ( 2 , 0.0 ,1 . 15 | 10 U | 7.5 

0.8 di-ram 3 t) 0 v - 8a 1 c-,6 

6.4 Htilmkpn 2.360 450 ill*/ : 7.5 

7.1 1 Inicr-tini..- il .730 1—10 ,142 I 8.2 Itcitle**- | 736 '^-7 

154 b ) + 2 
139 . 6 - 1.7 

Kreiivll.nk , 6 . 71 U ;-30 |J 6 ; 3.6 J! 722 m 

Im « Miwnte Ueme.. b .790 I + 80 I .- 52 5 -' 5.6 ■'''“*}“”■ 

Pan Hi mi uim d.aoO <-30 1 **.*-! a.i Anuttalne. — 

iVtiullna 3.855 ,-16 ; 1>4 i +.a 1 

w-iiim Hanq ue.. 2.965 .+ 15 Idu 4 : 6.9 

fit «• lien BetKiiuH 1.930 |-20 | 14 U [ 7.3 - 

’Mina. -] 3 .u 90 ; + 75 -210 t 6.9 

in >»V 12.525 +25 AdUti 8.3 

Barlow Rand 3 JB 0 

Pri™ •■X 7 .r"ir.r<vrr CNA Jiwwuneins 11 -Bo 

Pra + :^‘. Currie Finance 0.87 

■ • ■ ‘ - - - De^ - Beers industrial- ^-..-.. 

736 - 7 ai ,<Tk Edgars Conxalidatod lav. «J3 

« - 4'i 1 stank- =°s 

3 xd 

WM'lieti tia nq ne.. 2.965 .+ 15 liU4 j 6.9 
fi,«* lien Beici-tue 1.930 |— 30 |14U [ 7.3 

JMlna. 3 .U 90 ; + 75 -210 1 6 .B 

in v»y 2.523 ( + 25 !.A 2 Ul< 8.2 

I rectum Kuxt 2,776 Il7u I 6.1 

l-CB 948 - ■ -- 

I n Mm. f 1 / 10 ] 798 *3 ! 50 | 6.3 

VieUie . 550 1 + 20 ' — : — 

Aqutalne....- 468 

ult... — j 557 

Hou\aue- \ U-.8 

itkJ.omt' — ; 589 
Lnrre<nii> - .......... 1,603 

C.CJL- 37S 

V.Q X icl- _ u‘ *■*« w™i a.* l.*u 

468 -M 9 c D 2C SB ! ^' fdcrak? VoBtsbrieCsinss. 1LS0 

557 la 'fa'S f l ! n pp “'* rmjlM Stores 13 .JS 

557 -IB .J3.S6 f .5 , RoartlM, ABSUronce (SA) L8S 


* Cnardist ABSUnnce (SA1 1.8S 
J Hnteits 1.15 

cceT " 1 1, 17I rl 7 ■ m * : « a! tS 

SI-423S: ‘-in ;i° 

otfaafcg 7 ?|? SS 5 ' SS 5 - -- US 

'atm. * ■ aKjfiar r= is - . 

QJffl - HLttfJ ' - i . 
2.47 ' -Mtr, . 

6.38 *d + 8 * 1 *. 

- e! 2- 5 l 7 5 1 7-5 ; ilb ] - ii 

fr ,S?I Menuwandt Cnn® Sjj 


Inirui I 

Jacques Bittri—; 

Daknitai Pei'm.l a . 65 

i^uiacCoppHi M S .00 | 1 JS 1 

•'icilicl'etim+t,m, fi 5 U 

Pan. On. Pei 'in.; 32 ij 

! 1 ‘•linn 1 lfil, 

1‘1’ipri IX' i - ia ...! 4.13 
■ 7 ice i Ok . 1. 5 
'i+vci-Deveiu, m. c 4 l, 
.'•» w C--r|».rHi 'i.; 1350 

22 v inn-val 

■* 2 l; ! «■ nilf'l 

321 a ■> Haliv+Iu 

PhiiBiH'lfililii Me.- I'/', 

i k'li* LMim ! 26 

a 21, ' 3a 1 s 

1 1 'lillhinPcinii'm.i aasa 

liilen.iuil t-.ili+n 

Pi I si hii *• ' 

Pitney Un«e- ; 


I uM 1 1..;.! 261.12 260.75 I Liu A l* Hi ' 17U 

1. un. t* 1 ,»>n A.V 
Cnn-.i'l ¥'■«»*• .... 

t '.,11—11 Aai.lifl", 

Inti, riii.tiri...^ *3 
lull. Hnrvv-iier.—! 32 :« 
luu, Min A Clii'iii' 39 

lull, lliltt Il'«l>... s* 2 l; 

Incu ' 164 

lull. Pa pel Il’l 

IPU 3 ft. 

InL ISntihpi . ...| 135, 
Ini. TW. 2 lei... -ll'fl 

ln*«il ! Ha 

[,m a heei ; 35 Tj 

11. liiiHramniini. llig 
Jim VVslwr....— i 31 

32 i-, I I'niHr-.n I 37 1 q 

391 . i PutiHimc Kiev 145 r 

24 I Pit; 1 ■I'lu-in^'. ! 2 B*i 
17*3 I I’ptin iiamhle.. 84 i a 
41+4 Put' 'vrvi' Kurt.. 223 « 

17 s 4 is.-hf... 

65 Ir 1 1,0 Dive- 

a3>] • U. revlilimuck.?. 
37 i« | 4 V induMneH.... 
23 i '■ ikihIii Kiwi.. ' 

22 , W Me, ecu. 1 

17 Is : rt -inier- Cmnnui 
**' • run -[mi ml v* 
, ei l ^ laic-Man'men' 

49*4 1 ■JuH*C XiarifWi'j 

48 i| j "',ii|iu Oi- 

ilml .- i*iji 1 

Kin A lc 'll, I 

B ;S ii»yal t-.k.-i Cm.! 

f |! 8 lru “ 1 1 

27 " ■n-eitreRV+iree,- 

SSbs «*Kraiiie- 

data ; 48 >3 

•’li(i Canruia ■ 135, 

14 W I rte'ik-Fa.^*. 27 1 9 

obj , ! rt« 8 nu Ibtu „ip. 45 la 

Piuinuin ‘ 3 U 

. Wi-iern A, Am., 27 
I' npm l.-nii-n,. ' lfc 5 a 
1 " - iiiiicIjmi K-im 21 1 ? 

• ker <hu- ^ 249 , 

| llapi'l Amerauu' . 

linvlhwi : 

til A ; 

itepuhkM 84 eel„„ : 

‘Veiva... I ugj, 

1 I' *** vrlineiiM* ... ■ aji 2 

I B 27 a 

! * 4 11 net.* hi . tin...' 22*4 
,4V' lata 

Miernu U.Miii*-, 

*it'i+-n* <J. ii 

! 'iilllwn* 1 

[ *lee< 01 Camuln... 
IfW* It'k-k l>,ai 

l.-lm*-. t-BIllflH ...J 

| In, 1 +111* Hiini.Hk., 
| t‘>Milsl«ul’4«'Cli! 
; Iran- M.uul li„‘ 

j 111/Jv | 

! + llimi tm> j 

1 1 t«t. ■ Ii '.' vIIhh - j 
I 4 V+.KC* Hiram .. | 
I rt’eni t.*B*ai ira- J 
t* — I'K* t, — 

+ 14 I 12 


Plreui sip tK.lJJ 270 

j a-l 

I*k IVrts CeriM *,72 

j 3.3 


1 i 2 

->-lilii.iiei-Cii>r l'.Oj 495 
niivpr Cl* 1 P. IO.M 53 fi 
lmimii'iKr. HKnl 827 

Secarities Rand U.S^fi.73 
(Discount of 36 - 5 %) 

<r. Petnrtc- J 133 +3LS M.lf tO .6 553| 

••en.V+1'lMiar 189 8.23,4.3 JtokUDga ZZZ:'". 7L« 

•«««•» 1 68.0 - 6.8 5.7 8.4 SAPPI 139 

Jacques tfc+td — 122^ . .1‘, — C C. StmUi Sugar «....« S.JS 

Laintge — ...; 202.0 - 2.5 U/I 0.3 SA Breweries ..." T..L....'.. L2s' 

LVimi..- 786 —4 IS .87 ah j T mer Oats and Nac Mi fig B.40 

Le^niiid '1.730 - 29 3n./a *.» Cnrtec .. ... .. 1.07 . 

Sass.^KL^tJSS Si:l' seomuK'-a.^ v«k: 

lluel Bennaay— 5X7- .*—1 124f 3.4 

*Inii(!n« ... .... 166.0—4.1 3 1.8 

Hurt!** — 160.0 - 1-5 ld4h|2.Si . . 

PcdittKiy.,^„: 95.1+0.3 7.6 719 < -SPAIN 9 ■ ' 

PerniMt-Uicntri 278 *1 7.S 2.7 f ,. ■ 

%% -* . - - P ^+“ nt 

Kddta Techui'iue^ 477 1 27 •' 3.7 

Kalixnn I 966 —19 27 1-4.8 

uhune PnuicK' — 102.0 —1.5 g 1 88 

-u.-f-lcAMhi*. 154 *1 m,mi u.a 

*tkla1tian.lcn'.>l — . L650 aft • a i 

anee... 278- . B - 25.5 9.2 

I f^emevNie^ue — }. 764 +2 . 35S; a S 

Ilhnwni L-n.ii. 1 i ; 199 ^ + L 0 11 s .|5 7.6 
l- sliyr — . — _ 26 AJ +0.3 


I rTl-e . in , U.vjl U. 

! % ! - i ?* J 4. 

WiicnD*:a Elect.., 27J« 

Ciwliigii+Mii J 342 t 

Peri iih use. | £62 I 

rt'if-u | 589 + 1 

temper it j 94 +2 

* 53 : fTtzflcd. in ™ 1 Vm | , sE 1 S CM*.""-, 240 -1 

10 2.9 
9. 3.« 
38 8.1 

; ' 4.8 
ft ' 4.9 
V 4 - 8 .fi 

1 _ ' _ Per cent 

_ . Ill . 

Bflbao 3 VT'-‘ 

AUantica fL008> 23# 

Crairnl "307 .* 

Exterior 27® . 

Ccnerai • 28* . 

Granada 11 .OQO}' 156: . 
Hhonno'. J 22 B = 

Ind. Cat. tidnoi- -m 
. Medtlerruco .. 209 _ 
Popular .. 2.4 

SaotJDdrr 12381 

l-romio 1 1.000 * 

t ypc^\wjS^ 

. .': •" # : :. : . . . . « 

JitneJ 1978 



• <* * ■ ■. ; 

Sv 16 ^ 1 ’ t 
fees 5&y. 


P***. *3$. 


C-2-S6’- •" ~13»V 


?**’«■ ^ 

Sr**.*-’ s?« 

5r*-aii s . „A* 


• f • • • * » *» ♦ * » 

Own Correspondent 

tire first 
this year was 
•> <Wq*$aojr fciHed in London at 
" Weekend, • the Ministry of 
.teported yesterday. 

' : ;^PS JgeH* was fouxitr in a load 
' v Teget^les bought at 

S^^Sv? lt ,i ire H market. 
" vK:j^S;'^ifled-rwith -a household 

•in^ogprgy;. In - HarapsteacL 
•Ministry vC^eials. are trying to 
.-discqyer from; Ydtich totmtrvthe 
■be«teicam^;. • . . uy ‘ 

• which severely 
- TedaceS'^tato .yields, has been 
jwiped'jEfat; 'm^^ritain and strief 
■ * on’ “vegetable 

^-ii^ertS-^ApiUreveiit its re-intm- 

* 4 oction - liere -;' - .. . .. .. 

:Lastryear.-the .Dutch.. Govera- 
~ Ta_ebtias^d.-to:}igbtoa its cqa- 
’"trbXs;^tgr r - a- afiipload 7 of grain 
_ ^anae^oij tgntaln from Holland 
was'fonhdflo he’ heavily. infested 
• rwith UreiheefTe.' • '• 

on London coffee 
market continues 


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fsugar tender 

By'Oor Owi ^Correspondent 
‘ A'i^GiERMA^r ■ '•iorqplajnt before 
tbe.v£uropeah:iGoun-'.of Justice 
eaused the ^can cellation of the 
■w'eeMy /'Common Harfeet sugar 
r export tender in Brussels yester- 
day. Aa a resuit noliceijces were 
issued forjixports of white sugar. 

- in .recent -weefe about 50,000 
tbnnes^cTh^e .’ been approved 
.weekly hy the sugar management 

-committed' i *^o 
.. Hans ■QttD'Wagner GmbH had 
-. ^omplfllneiT that the method of 
'.t rans lating 'ejqiort subsidies set 
in units of: account into national 

curtOncies/led to .a reduction in 

subsi dies paid to Germ air sugar 

■ -. The court is said to have ruled 
. that, the regulations governing 
xfie. .weekly, tenders need to be 

U.S. futures 
to retire 

'MR. William T. Bagley, chairman 
of the Commodity Futuxes Trad- 
jiig Cofemifisioh,- ' will retire in 
three dor tour months, pending 
re-ai£thoTisatitHL of the ^Commis- 
sion. ') c . i . . ■ . 

- .Two Bilisiibw before Congress 

would .. Rescind . his- five-year 
.tenure, Tahd make the office of 
chairman subject to the discre- 
tion of the ■President^ The legis-- 
latUm-'if Spe eted to he passed 
with thie. CFTC re-authorisation, 
and -Would probably be effective 
^ the beginning of the. 1979 fiscal 
year. . October -1. ■ . - 
Reuter^-'..- 1 •••--! 

boo^teTtLi^lSr^Sn - wSS’c^SSb?- 3 fr0St "' cre cr01) , c ° m set 0,5 world coffee 
market yesterdav Hfrin 0 nfl ^. ™T uy overQOne - market on an upward spiral even 

prices above f/dOQ t fnnS ^ TIus > ,ear ‘ s ftrsf frost scare greater than that following the 

one suSe ThT'lfe, iXTL! ^’ ay ] 0 ' ^ lisr "° t0 ™ u5 1975 '™SL *Ttat 

tiOn was traded at 050 iimnl “an usual, and though it was disaster cut the Brazilian crop 
during the morning” before ShS of h ? nd by The by mCire than ihree-quarters and 

ping to expire at fl 9K) a rnnii 11 " 11 had a Profound effect forced world prices up by more 
l Thfl SSv. i a ! onoe - ° n some speculators. The result than 1,000 per cent in the next 
f- me strength of May futures has been 

a very nervous market, two years, 
nervousness was assra- Brazilian 

tion. whi^h rfi°«S ’jRI* nervousness was aggra- Brazilian production is still 

dn ft tip Tated on 22 when light fn-sts recovering from this setback and 

f®? ^ ere reported In southern Brazil, another comparable frost could 
I jS?v f t0Me * trade sources said do permanent damage to world 

neariv TsSn ? advanced these frosts had not touched the coffee supplies. World stocks 

1 sln £ e lhe coffee growins areas but market were seriously depleted after the 
7®®^ and speculators nevertheless adopted 1975 frost so there is little coffee 
kt? Janus™ bIBhest level 8JD « aa eveo wore cautious attitude, available to act as a buffer 
f • ,vT U ”^' ... The latest blow to confidence against any new shortage. 

ax xne start of business yester- came last weekend when several On the other band consumption 
day there were 14.00 uncovered cold fronts threatened southern has still not recovered from the 
lote of five tonnes each for Brazil. All veered away before unprecedented prices reached In 
delivery against the expiring doing any damage, but hte scare the middle of last year and many 
c0 ^* rac t- a figure one helped to confirm the wintry dealers argue that current world 
trader ^described as “extra- mood of the world coffee market, prices are still far too high, 
ordinarily high-*" The traditional hich-risk They Point lo recent estimates 

fcjf 0 * 1 - of “ese lots were Brazilian frost period is not due world coffee demand is still 
oeueved to be held by a single until late Julv Many traders some 10 per cent below p re-1975 
operator and the “bullish” believe a great fuss is being levels as evidence that prices 
effect on prices was enhanced by made about nothing. But it is wil1 have t0 fal1 considerably 
rumours that this operator was understandable that traders before the world coffee market 
rail bojrag May coffee during should be cautious as the caD set back on an even keel. 

_ Brazilian crop has alreadv ruf- • Reuter reports from San Jose 

_ Wiht physical coffee command- fered a serious setback through a that Costa Rica's 1977-7S coffee 
“g a premium of more than prolonged drought which cut this crop totalled 93,085 tonnes. 
£100 over nearby futures dealers year’s expected crop by more according to Sr Alvaro Jimenez, 
expected ‘‘long-holders” to delay than 2m bags (60 kilos each; to Coffee Office executive director, 
their covering purchases. But about 17m. Sr. Jimenez expressed concern 

most were surprised that the un- A frost now, say some experts, about the amount of Costa Rican 
covered position had. not been could do untol ddamage to the coffee being smuggled out of the 
reduced to a more manageable drought-weakened trees, severely country, mainly to Panama, 
level before yesterday. cutting next year's crop poten- because of the disparity between 

Concern about tbe Brazilian tial. alhtcugh most of this year’s domestic and export prices, 
weather continued -to be an crop has already been picked Last December the Coffee Office 
important background factor and is now safe. estimated 1976-77 coffee output 

though most professional traders Major damage to the Brazilian at 1,120,000 60 kilo bags. 

World food price pact sought 


Halifax, Nova Scotia, May 31. 

CANADA and three other major its exports of wheat, meat and was particular interested in an 
food exporting countries will dis- dairy products to exorbitant agreement Mr. Bob Bergland. 
cuss the creation of an inter- price increases. the U.S. Agriculture Secretary 

national pricing agreement for “ We are only interested in was in favour, although the U.S. 
key agncultural products. getting security and a decent Government had yet to take a 

Mr. Eugene Whelan. Federal profit for our products and to policy stand. Mr. Whelan expec- 
Agrj cult ire Minister, told a see that no-one benefits or ted difficulty with U.S. aecept- 
f oqd fndastry conference here sacrifices at another's expense, ance because of its concern 
be 'bad a favourable response to We are not looking for in- about a free market philosophy, 
the idea in preliminary con- creases of 400 per cent or more, 
tacts with the agriculture which OPEC subjected the 
ministers of the U.S.,. Australia world to. But we mean to get a 
and tbe Argentine. • fairer deal than we are receiv- 

They were interested in set- ing at the present time.” 
ting minimum ’ world . selling Similar attempts to get a pro- 
prices for grains, beef and ducer nation pricing agreement 
dairy products. The matter at an FAE meeting in the Philip 

Fear of cut 
in supply 
lifts copper 

By John Edwards. 

Commodities Editor 

FEARS OF cuts in copper 
deliveries' from Peru and 
Zaire, pushed copper prices to 
new highs for the year on lhe 
London Metal Exchange yes- 

Cash wi rebars closed £10.5 
op at £778.5 a tonne and 
three months tri rebars traded 
at £804 before profit-taking 
trimmed the dosing price to 

Unconfirmed market 

rumours were that Zaire 
would declare a 70 per cent 
force majeure on its contracted 
shipments. Earlier it had been 
claimed that only slight 
damage had been caused to the 
Kolwezi mines. 

Meanwhile Reuier reported 

from New York that Minero 
Peru bad cut the amount of 
copper cathodes available in 
June, although it might ship 
blister copper instead. 

Three more U.S. copper 
producers — Phelps Dodge, 
Anaconda and Copper Range — 
announced increases in their 
domestic selling prices from 
64 cents to 67 cents a pound. 
Other U.S- producers made 
similar increases last week. 

Anaconda said it was study- 
ing new pricing methods — a 
reference lo lhe move by 
Kennecotf to abandon (he pro- 
ducer price system and base 
iLs prices nn the New York 
copper market spot quotation. 

Silver and free market 
platinum prices rose to new 
peaks. The bullion market spot 
quotation for silver at the 
morning fixing was 4.55p 
higher at 299.75p uu ounce. 
Values eased in the afternoon 
and the spot prices on the 
London Metal Exchange closed 
l-35p up at 297 Ap. Free 
market platinum rose by £1.4 
to £138.9 an ounce. 

He would not be drawn on the 
extent to which the prices of 
grain, beef and dairy would 
rise if minimum selling levels 
were introduced. But had 
1 fairer prices ” been in effect 

last year, Canada’s S7hn pri- 

would be. discussed In detail pines three or four years ago DSlSjSS 
when they-r'rt in Mexico City failed. beneEUed by another Slbn - 

on June 12 to 14 for the World World food prices were The proposed pricing agree- 
Food Council'meeting sponsored higher than in relative terms ment will almost certainly be 
by tbe UJV. Food and Agriculture and there was little interest among topics discussed when 
Organisation. among the major food producers Mr. Whelan meets Mr. John 

Mr. Whelan siud It was not to regulate' them. World reces- Silkin. the British Agriculture 
Canada’s intention to exploit sion has changed, that Minister, in Ottawa this week 

foreign consumers by subjecting Mr. Whelan said the Argentine during bis visit to Canada. 

Cocoa export 
quotas study 

ABIDJAN, May 31. 

A special committee of the Cocoa 
Producers’ Alliance is consider- 
ing a system of stocks and ex- 
port quotas to help boost world 
prices, it was reported here. 

Provisional ideas on export ex- 
port quotas include Brazil 
228,000 tonnes. Cam croons 
100.000. Ivory Coast 230.000. 
Ecuador 70.000. Ghana 320.000, 
Niaeria 160.000 and Togo 15.000. 

The special committee is con- 
tinuing its review of the 1975 
World Cocoa Agreement, and 
hopes to suggest ways to over- 
come clauses which producers 
feel have a negative effect on 

Reuter * 


Exports restrained to 
supply home market 


THE GIANT bins of the Irkutsk 
fur stock house hold pelts from 
all over Siberia— the skins of 
foxes, mink, otters, wild dogs, 
muskrat, sable and squirrels. 
Irkutsk is the largest of the 
dozen fur sorting bases in the 
country which service the 
world’s biggest fur exporting 
business. It is supplied by 5,000- 
odd hunters and scattered fur 
farms in the Siberian region. 

The sorting bases evaluate and 
classify the Soviet fur output. 
The Irkutsk base is unusual not 
only for the volume of furs it 
handles but because 70 per cent 
of the pelts processed there are 
“ wild ” furs delivered bv 
hunters. They include such 
exotic furs as Siberian polecat. 
Lynx and the beautiful 
Kamchatka fire fox. 

Wild furs were the basis of 
the Russian fur trade from the 
time of Ivan the Terrible to iust 
after the Second World War. 
but thev renresent only about 20 
per cent of total Soviet exports 
today and their volume share of 
both exports and production is 
pxDected to decrease. Still, wild 
furs are the tyncs increasing 
most raoldly in value. 

Before the war the sale of furs 
abroad by the Soyuzpushnina 
foreign trade oraanisation was an 
important source of hard 
currency for the Soviets and up 
to 90 per cent of exports con- 
sisted of furs caught by 

After the war. however, indus- 
trialisation in Siberia drew 

people from isolated areas into 
the cities (while driving fur- 
bearing animals deeper into the 
forest) and few members of the 
younger generation chose to 
become hunters. 

The demand for furs did not 
abate, however, and to satisfy 
the export market and the vast 
internal Soviet demand, the fur 
industry was completely re- 
structured. The answer to the 
decline of the hunter was the 
development of fur farming. 

The increase in breeding 
farms was dramatic. Between 
1960 and 1975 the number of 
farmed mink skins, for example, 
increased from 250,000 to 10m. 

There are now 120 state fur 
farms in the Soviet Union and 
200 co-operative farms. In 1976 
SO per cent of Soviet fur output 
— SOm skins — was produced on 
breeding farms. 


Soviet fur output is to increase 
15 per cent to 20 per cent during 
the 1976-80 five-year plan with 
almost all the modest increase 
coming from farmed furs. The 
shift to fur farming has affected 
exports. At present only 20 per 
cent of Soviet fur exports are 
wild furs so, with the increase 
in farming, the wild skins col- 
lected at the Irkutsk base may 
become rarer and more - costly. 

The most important wild furs 
for export processed at Irkutsk 
include white polar fox, which 
is found by hunters in the tundra 

north of Yakutia near the Arctic 
Circle, red fox and the prized 
barguzin sable, which sells for 
up to S30O a skin at the famous 
Leningrad auctions. Eighty such 
pelts are needed for a full- 
length coat. 

Although the price of Soviet 
furs generally has doubled in 
the past five years, prices have 
at least tripled for wild furs 
such as lynx, blue fox and white 
fox. One lynx skin recently 
brought a price at auction of 
Sl.900. Other Soviet wild furs 
for which prices are increasing 
include red fox. racoon, white 
fitch, black fitch, wolverine, wolf, 
marmot and squirrel. 

The Soviets have no plans to 
increase the volume of their fur 
exports, which bad held steady 
for a number of years. Tbe value 
of fur exports last year was 100m 
roubles compared with S2m 
roubles in 1976. 

Officials believe the Soviet 
internal market could easily 
absorb double tbe current volume 
of production, but tbe desired 
increase in Kir production is 
limited by a shortage of meat and 
fish for the farmed animals’ diet. 

Almost everyone in a city like 
Irkutsk has some article of fur 
apparel and many fur items arc 
made privately. Before the war 
60 per cent of Soviet fur produc- 
tion was exported but in rhe 
years ahead the percentage of 
fur exports and particularly wild 
furs, will shrink steadily, making 
those wild furs the Soviet Union 
does export all the more prized. 

Bigger world wheat crop forecast 

WORLD WHEAT production this 
year is tentatively estimated by 
the Food and Agriculture Org- 
anisation at 405m tonnes. 5 per 
cent more than last year, but 1 
per cent below trends in the past 
17 years. 

An FAO report says larger 
wheat and coarse grain crops 
are forecast for all regions ex- 
cept North America, where plant- 
ings were reduced in the U..S. 
and in Latin America, where 
drought has affected the Brazilian 
maize crop. 

It expects world grain imports 
to rise 3 per cent in the 1977-78 
season to 142m tonnes, with 
wheat imports reaching a record 
69m tonnes. IS per cent, more 
than last season. 

But in 1978-79 wheat imports 
could fall to 64m tonnes and 

coarse grain imports to 71m. 

The fail in wheat imports 
would bs due to a recovery in 
crops after setbacks last year in 
a number of areas, including the 
Soviet Union and China. 

Early prospects for wheat and 
coarse grain crops this year are 
mostly favourable, the report 

ROME. May 31. 

says, although widespread delays 
in spring sowing are causing 

Production prospects could 
still deteriorate as the season 
advances, but the large carryover 
slocks should provide a buffer 
if this happens. 


Chinese deal for Argentina 

ARGENTINA has agreed to sell 
China as much as 3m tonnes of 
wheat and maize and 75,000 
tonnes of raw cotton in the 
three years starting next year, 
Argentinian sources said. 

Tbe sales provisions were con- 
tained in a pact signed by Sr. 
Jose Alfredo Martinez De Hoz, 
the Argentinian Economics 
Minister, and Li Chiang. the 

PEKING. May 31. 
Chinese Foreign Trade Minister. 

The sources said Argentina 
would sell wheat and maize for 
a combined total of between 
800.000 and lm tonnes each year 
from 1979 to 1981. China would 
also buy 25.000 tonnes of raw 
cotton a year during the same 




COMMODITY market reports and prices 

. r'f* A CTT?-~ TIiCTT'T* A T g' •’ market awJns to rumours ofr : » possible CatbodfcSL cash 1759. ^ree mouths V799. 

force majeure declaration by ‘Zaire. Thrt Kerb: Wax- bars, three monibs ZJSS. Si, 
■COPPER— Sironr in active trading on level attracted profit-UKlng. however, and 87.5. 88, ». 8S.5._ Afternoon: Three 

th*- rwtfon MeLfli Exchange. Forward the price dipped, to fTN on ihe morning months iTSb, m.j, Si, S7j. S3. W. 9a. 
- • — -- — tt« i i K in thn « ft preftivt ronArtu nf cilt- 96. 37. 954. • 

•• C •• Twills £27.35. £27.73 ind £27.96 for 
lhe respective shipment period. Yarn and 
cloth very Him. 

F. W. TairrrsalL Most of the inicrest 
centred on African and LarlD Amen can 



5 ■ 


*-•* “ . 
«: - — r: ' 
i :! i 

9*5.: Is- 1 1' 

.SSSS : 7 ; 67.ia'-5 

3 month 777 t8 —5.75 

. Satrt'm’htf 9BB : . 1—5 

. . _ : 751F-.5. -1—6.5 

. <3 nwmtfaa. .j 77S-’.5 : — 6-6 

The price then moved further ahead to. . Tin— slightly fbutcr. A fall in the 
touch £S0* f on renewed talk of the possi- Penang price saw fonrord metal open 
ijliity of a 70 per cent to rw majenra . tower at £6. 390 hnt lt tiec^lurOeDed to 

Prices closed barely steady despir:- 
modest consumer demand as the spo* 
month expired ouicUy, reports CU1 and 
Duff us. 

, i u Lilly or >a «u per lcuc *i/i ic . aw**., .as t — 

778-9. '+1D-5 declaration by Zaire- But values cased on £6.400 following some fresh buying — 

798.6-9 ffcfl.75 ^ w ju, fresh profit-taking, both cash and forward material. Values 

. — . i . jeariae forward material at £7».3 al the drilled in the early afternoon with forward 
• cVnsfc Turnover; 26,825 tonnes. ' metal easing back to £8.380. However, as 

773-4 +14 C ^ e ' , ’ copper rose sharply, forward metal gamed 

■a mhnttw t • prTftjJi . — 793-4 . 1+14 * Amalgamated Metal Trading {*•**”“ ground in sympathy touching £6.420 before 
769.6 't-6.a — ....... that In the morning cashtijircb are traded eislM , u, dose at £6.405 on the late Kerb. 

esTfiBiLj.:; — - ~ UV-Tl •66.5+J8 ' at I7W. ihree_momhs * Turnover: 

. _ ~~ . — — - S6S. 86.. So, So, BO.j, S3. WJ. _ 

■Yesterday’s + or 
COCOA 1 rtmu | — 

" Bu«ine»* _ 
D' 'tie 

y.v«rtnfr-t; 1 1 

May i - 1 ' 


SLIGHTLY STEADIER opening on the 
London physical market. Little jnim-si at 
higher levels, dosing on an caster note. 
L-u- 1* and Pear reported ib3r the 
Malaysian market was 224 C26. cents a kg 
■ nominal buyer, Juno. 

>•>.} | Ve*' 'fiteT'e Vre\ivue : Su-iueas 
h.s*.S | i. !<ae | eloke | done 

July 1726.0-28.0 ■ — 9.5 ■ 1755.0-05.0 

close at £6.405 on the late Kerb, ^etn ........... 1660-0-63.0 , 25.6 1636.0-58.0 

i»S Dec 1818.0-40.0 1—21.0' 1658-0-89.0 

March 1615.6-19.0 '-25.6 1BS7 .0-20.0 




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BLOHDT1NE ART, -Sf-J^fcvHle ST. 

01-347 .1230.- MAXVy^£LL BLONO-r- 
8atatwrs and Watercolours. Until 3 June. 
Monrfrfr lO^. Sats. 10.1. 

•ROttfCRTON CAtLERY. 1 Mb Century 
8/ltWi Wrterro lours- Ontll lOCh JuW! 
- £□ -R1.- 9JO-SJ0. Wad. 7,. IA3 D - 
77, : WhlMf -Streak ’.S.W-3- . 389.6848. 



“ORAIN.* T 10 . 0 ft S.»o 

T 0.00-1 2 JO. — — — p 

Oniat S3 
















f fttmpiprefal: and Industriad Property 
Appcfintmeirts - . 

Business & Investment Opportunities, , 

Qmjorarion Loans, Prtiductjon Capactty, : 1600 

Businesses for Sale/Wanted . 

Education, Motors,. Contracts & Tenders, 13,00 

Personal, Gardening 275 10.00 

Hotels arid'Travel : ■ ■ - 7.00 

Bpok PubJ^^ftrs 1 . . positions available 

fMinhniun size 40 column ans.) 

•- El 50 per single eohnun cm. extra 

- _• For Jttriher details lontpto. / 

Classified Advertisement Majia^r 

FinattCial^OTes, 10, Oumqn Street, EC4P 4BY 





iffh Grade £ 
ash ;l 

Cash ..;6500-10 

3 mvntha.j6405-15 




3 mom lie. 
Sett lem'T- 
3 traits E- 
New Yiu'k 





-50 >t+or 
Uni.Qtciatl — 

6496-506- — 45 ! 
6400-5 1 — SO' 
6505 -45 

:S165Q -21 

£ I £ 
6515-25!+ 5 
6420-30 4-2.5 

6415-20,+ 5 

Slay 7596.0-/5.0 —22.6 75/2.0- 1600 

July — 23.6 1600.8-1885 

Sales: 5.576 * 3^248' lots of 3 tonnes! 
International Cocoa Organisation (U.S 
corns per pound i — Dally pnee May M: 
734.16 1 136.04 Indicator price* May 31: 
13-day arc-rage 138.63 tUUMr. 23-day 
average 142.69 <143 66-. 


-\iiv ' 

Auu i 

Ol'l - J Hi: 
Jan- Mr. 
Apr- -I lie 

Cm- lit-.- 

Jan- Mar 

67.15- B7.80! 

58.16- 68.701 
64, 15-64. SO 

69.70-59.60 63. 
E0.80-B0.86 : 61. 
61.86-81.80 62. 
62.86-62.0QI 62. 
65.85-64.00' 63. 

fl4.ED-64.86 86. 

66.00-66.06- 65. 









1 Mooting; Standard, cash £0,490, 16.500. 
three months £6,400, £8,395. 90. S3. 90. 
£6.400. 95. £6.400- Kert: Standard, three 
months £6.400- Afternoon: Standard, three 
months £6.385. £6.400. 05. £6,400. 05. 10, 
20. High Grade, cash £6.390. Kerb: 
Standard. Utree months I&410. 

1 LEAD — Barely chaMKd. Prices reflected 
the movements in copper with forward 
metal falling to £312 in ihe morning rings 
beiore recovering u> dose at £315^ oo 
Ibo late Kerb. Turnover: 2.725 tonne*. 

or!' r«.tn-’~~ ;+ 1o r 
Unofficial — 

ROBUST AS showed early utrenatit. 
whuh stemmed from further short cover- 
log in spot May but slipped later due io 
mixed profit-taking. A firm performance 
from New York prompted further buying 
and at the close values had consol Mated 
In mid-range as much as £35 higher on 
the day. After crossing tbe £2.000 barrier 
lit the morning the May position expired 
quietly at a premium of £200 over July, 
reports DtcxcI Burnham Lara bon. 

Saks: 305 f 420» lots of tonnes. 
Physical -.losing prices < buyers I were: 
Spot 58.5p -57.S-: July 55.75P tab— JG 
August 5C.05|» (57.25). 


LKAD OffieM 


i £ - 


i: i £ 

304-5 : + -25 
3 14.. 25 {-./» 


Cash | 3033-4 

3 mtiufhii.-i 312.5-3 
Sett'lm'.iit 304 I-.25 . 

CA 8 |» rJ __- - L 3 ir 83 _‘_..”" 

Morning: Three months £313. 12. 13, 12.5. 
Kerb; Three months £313.5. Afternoon: 
Three months £313, 13.5, 14. Kerb: Three 
months £316. 15. 15S. 

ZINC — Unaltered oo balance and quiet. 
Forward metal cased to £328.6 in the 
morning rings but moved ahead In the 
afternoon, la lino with copper, to close 
at £3313 on the late Kerb. Turnover: 
34150 tonnes. 


Vmralv’ii | 

L|.:«e ' + nr I Puihir-ts 

£ l*r tuuut)' j 


i 2030- 1960 

Sept ember... 


1632-1633 4-29.5' 1650-1616 
2570-1574 + 15.5; 1595-/5W 
1530-1538 -t- 08.51 1560-1650 

n-y— j 

1481-1495 -06.5! 1510-1405 


Sales: 6.1fi 

9 13.5911 lots or 5 tonnes. 

'Yeatenlay + «e* | Business 
• Cl. -M- ! — '• 

'£|iertnnne i 

June 150.00-51.0 +0.26 161.00 

August 151.7041 3 -1.05 136.00-52.00 

i_i.-n.N-r 132.20-02.4 —0.85 136.00-32.20 

Dci-emlwi- .. .150410-30.5 + 1-20 152.00 29.30 

feltrumj. ...130.00-52.0 •‘•1.60 151.50 

April I29.5O-32-0 +0.73 — 

June 1129.60-33.0 + 0.75 — 

’ Sales: 200 i I07y lots of 100 teoncs. 



a.m. :+ or 
Official ! — 

P-tn. jt+or 

■Uncrfactnl | — 

' £ i 

£ ! 

318-9 t — .75 


3 months.. 

S28-.5 i+l-5 



319 Ul 

]• >■•■■* 


„ “ —I"’- 

89 ! 

^Morning: Three months OZB, 29.5, 28. 
28.5. Kerb: Three month* 13284, SB. 
Afternoon: Three months £328.5. 29. 29j. 
Kert: Three months £330.5. 3.1, 32. 51.5. 

* Cents per pound, t On previous 
’ affirm dtfe. ? &M per picul. 

ICO lad) cm or prices for May 30 iU.S. 
Lillis per pound •: CotomblaD Mild 
ArabJcas 192.00 (previous not available-': 
unwashed Arabics* 1644)0: other mild 
Arablcas 172,00: Robuaas 143.00. Daily 
average 137.30. 

ARAB I CAS were dull aod featureless 
until the close when dealer profii-iaklog 
caused values to slip, Dresel Burnham 
Lambert reported. 

Prices fin order buyer, seller, change, 
busmessi: Jane 2O12MKC.0O, +-1.60. 201.50- 
01.00: Aug. 787^5-87.30. +2.C3. 1S8J0- 
S7.»; on. 17S.W-J7J0, +-0.83, 177.10; Dec. 
773.00-78.00, 41.30. 174J0: Feb. 163.00-67.00. 
+2.50; April 153.00-61. 00. +530; June 

755.0^60.00, . 47.50. Sales: IS U6) Jots of 
17.250 Ulus. 

flOl.Ou iXLOj.00 ) a 1’iooe cif fur Mav-Junc 
shipment. White sugar dally price 
tised at illu.OO (santui. 

l he intprnveioeot uf surllnfi against the 
dollar cau-cd itu.- market to ease at the 
opening cjil. but the volume of business 
was nnly -light. Prices cuotlnued to drift 
and losses »t as much as 100 points were 
recorded in the aflernuon bcfnrt- shnrt- 
cuvoring cii i day trade basis lifted levels 
ar the rinse, reports C. Czarnilcow. 

(sugar | : 

Prof. :Ye«ti’r>l*y’a Prnioui 
Cmiiin. 1 l. I'M Cluso 

Biixi upss 




£ per l.sntie 

Aug.....; 104.964)5.001 106.40 08.50 106. 

Oct 107.06-07 .76 1092S-06.50 109. 

De<.- 1 10.76-10.85 1 12.05-72.10 112. 

jUareb J|I8. 75-118, 85 120,50-20.40118, 

3Ia\- 1121.75-22.00 125.50-25.75 123. 

Aui..... 125.00-26 JS 128.80-26.90 126, 
Oct 128.25-28.60 129.6030^5 128. 









Silver was fixed 4.55p an ounce higher 
for spot delivery in the London onllioir 
maxfret yesterday, at 29B.T5P. U.S. cent 
equivalents 'if the fixing levels were: a poi 
549.6c, up 10.6c: three month 3MJtc. up 
10.6c: six month 5A5.9c. up 9.6c; aitd 12 
month 587.6c. up ll.Je. The metal opened 
at 297.7-2fc.7p 1 5424-5*320! and dosed at 
296-aVp (5421-S44C1. 

country movements helped value to open 
16 points lower but losses or as much as 
43 palms were registered as profit-takers 
appeared. Some professional buying was 
seen at the lows and barley in particular 
dosed Btrady. Wheal dosed with losses 
of 25-30 points. Tbe barley complex was 
5-15 lower. Adi reports. 




BiiUltm |+ nr 


L.M.G. j+tf 


nxiaR I — 

el use — 

troy nL 

priaujj j 


iYcsi relay 

V 4- or lYiMenbA 

'*! + ,,r 


j Vlu^G 

i.'Ji we 

1 - 






Xni . 


- — 0-3Q: 


L— 0.10 






31* r. j 



1—0. IS 

Sal«: 1.710 >12451 tots of 50 tonnes. 

Tate and Lrle ex-reflnen’ uricc for 
graruiated basis whnu sugar was £5C.40 
i itamei a tonne for tome trade and 
£IC.C0 (fltf.00' tor erpert. 

International Sugar Agreement: Prices 
lor May 30. U.S. cents per round fob and 
stowed Caribbean port; Daily 7.51 <7.32). 
15-day average 7.29 isamei. 


LONDON— 'The market was dull and 
featureless. Rache reports. 

i Pence per Mloi 

Spot... 2flfl.75 P +«fi. 287.Sf 

Jmoutbs.. 306.95 p 44.46J 305.05p [+1-2 
6 men tbs.. 314.35p 1+4.15 — 

12 mouth*. S31.25p 1+4.85: — | 

LHE—' Turnover 1S4 i 302»‘ iots^of 18.M0 
oes. Morning: Three months 307.4. 7.1, 
7.2, 7.3. 7, 72, 7.3. Kerbs: Three months 
387.7. 7.B, 7.8. 7.7. 7J. 7.5, 7.4. Afternoon: 
Three months 305-7, 5-fi, 5.8. 5.7. 5.5. 5.6. 
52, 5,3, 5, 4.7, 5. SJ. Kerbs: Three 
months -384.5. 4,4, 4^; 42. 


DUNDEE JUTE— tin let. Prices of new 
crop e and f- UK fnr Sr m, -Nov. ship- 
ment: BWB CS7. BWC £254. BWD B43. 
Tessa:- STB £357. BTC £355, BTD £M3. 
Calcutta so ode easier. Quo tat Ions c end f 
UK for prompt shipment: 10 oz 48 Inch 
S.SO 74 ox £7J1 per ICO yards. June 
£9.71 and £7.73,. July-Sept £9-71 and £7J9. 

I M PO RTED— Whcai: CWRS No. 1. 131 

per cone. May X9S.50 Tilbury. U2. Dark May 

Northern Spring No. 2. 14 per cent. June July., 

£90.50. July £91.08, A.Ufi. £31.50 tranship- October .— -i* 

tnem East CoasL Uerember...|269-0-4[I.O -D.6Q — 

Naira: UA/Fronch JuneOuly 00525 llarcb ! I — 

transhipment East Coa&t: Souih African " ' ’ n 

White Jnne-July £81.50 Glasgow': South 
African Yellow Jnne-Juiy £5120 GlasEow. 

Barley, Sargtnrai. Oats:- AH unouaied. 

HGCA— Ex-farm spot prices for May 31. 

Feed barley: Hertford £52.70. 

The UK monetary coefficient for the 
week from Jane 5 is expected lo be im- 
• chance d. 


COTTON, Liverpool— Spot and shipment 
gales amounted to ISO mas. brine tog the 
total for the. week so Tar to 329 tots.. 
Small purchases did little to Increase 
rhe general turnover and buyers were 
UDwfiling to loot far ahead, reports 

Australian iletfenl ja-j- wi Buiiiieas 
Greasy Wm4| Chwe | — j l>une 

V B28-0 I I - 

tv '228. (L3B.0 -2.0250.0 

tuber +1.0 238.0 

rember... 259-0-40.0 '-160 — 

__ jrdi! I - 

May L245.1W8.D _ 

Julv _ 

October p47.B-60J | — 

Sales: 3 mill lots of l.soo ksT 

SYDNEY CREASY— tin order buyer, 
seller, business, sales 1. Micron Contract: 
July 34'. 8. 344.0. 314M42.3. 41: Oct. 
JM.S. 34JJf. 347.MW.8. D«i Ml .J. 
35aO-33t.S. 57; May JJT.S, 238.H. 33*3- 
.Tv>.n-SSl.S. ii: May 337.8 330.0. 35S3- 

as8.0,--j4; July 360.2. KO.o. 36l.D.Su03. 33: 
rift. 362.0. 3W.Q. 363.5-363.Q. S. Total 
sales: 240. 


SMITH FIELD {Pence a ponitd 1— Beef: 
Scotch billed sides 5LQ to 57.0; Ulster 

hind quarter 0 70.0 m 74. n forequarters 
33.0 10 r.'.u: Eire hindouariL-ri 78.0 to 

72.0. forequarters 3:;.0 10 3S.0. 

Veal: Euuliah fats 72. u to 76.0 
Lamb: Enqlish small new season 8S.0 

to 74.0. medium M.l» to 7*2.0. Imponcd 
frozen: N- PL 51.5 to 52.0. PJ1 50.U to 


Perk: English, less than 100 to S>.0 to 

43.0. I00-12U lb 28.0 10 44.0. liU-lCO lb 36.0 
to 42.0. 

Correction: The Central Markets Cron- 
mitt ue said the minimum quotation for 
Eire beef tort-quarters on list for 
May i'J should have read 35. Op a pound 
mot U7.0pi. 

MEAT COMMISSION— Average fatslocl: 
prices at representative markets on 
May 31. CB— Cattle T0.43p a kgtw UK— Sheep 153.0 b 1 is eti. 
dew 1 —2.5 >. GB — Pigs 5S.3p a kglw 
1 — £.5». England and Wales— Cattle down 
7.2 Pit rent, average Price n.ISp t-0J0». 
Sheep up 6.0 per cent, average price 
I37>p i-2.0i. Piss down S.6 per cent, 
average price 5S.5p »—3.3i. Scotland— 
Cattle down 11. B per cent, average pnee 
6S.30P • - l.S3i. Sheep down 12.4 per 
*«ni. average price 155.0p 1 + I.B1. Pi as 
up per cent, averate pn« 64. tp 

i -2.9-. 

MEAT COMMISSION— Forecast rates 
of UK. mm.-larr compensatory amounts 
for ibe wet-k from June 5 (previous in 
brackets •: fresh or chilled beef car- 
cases: 34.20 a kg.>, green bacon 
sides £2.44 06 a lame >CS44.06>. 

COVENT GARDEN 1 sterling a package 
unless m a t«l —Imported produce: Dranscs 
—Cyprus: Valencia Late: 20 kilns 3.40- 

4.00. 15 Mlu-' 3.20-4.00: Jaffa: Valencia 
Lates 5.95-1.40: Egyptian: Valencia l.ares 
2220: Murucean: 2.70-3220: Calllorman: 

3.30- 4.20: S. African: Navels 3.10-4.00: 

Spjula: Valencia Laics 3.30-3.00. 

Ortan tunes — Jamaican: 5.60-6.30. Lemons 
—Us) tan: IOO J20‘6 Jfcw crop 
Spanla: Small riavs 23'50's 1.30-1.60: S. 
African: 195 5.00-520: Spanla: Large 

box 2.SO-4.0H. Grapefruit — Cyprus: 75 
klliifT 2.30-3.00: -20 fcttos S2JO-4.O0: s. 

African: 3«'3« 235-3.60: Jaffa: 20 kilns 
S2.1V3JS. Apples — French: (jolden Dc- 
HcixUS 20-lt> M s 2.30, 72’s - 3Z0-3.60. large 
boxes 5.30-72:11: Tasmanlau: Jonathans 

3.00. Granny Smtlh £.00. Golden Dclidous 

7.30- 7.50: Italian: Rome Beauty. Per lb 
11.17. Golden Delicious 0 14-0.16: S. African: 
Granny Smith S.nO-8.20. White Winter 
Pcartnain 6.SO-7 jO. St ark mg Delirious 
7.50-8.20; Chilean: Cranny Smith «.SO-7.aO: 
New Zealand; Stunner Flppins 163 7.60. 
175 7.60. Graruiv Smith 8220: Dani<h: Per 
Jt>. Spartans run. 11. 15. Pears— S. .African: 
Carton;, Hackhain's Triumph 9.00-9-0. 
Boor re Bn*c 7.10-8.00. Winter NeUs 7.50- 
7.SO: Belgian: Conference 0.234). 75: Dutch: 
0.15. Apricots — Spanish: S hduo —10-2.50. 
Bananas— Jaruaican: Per lb 0.15. Avo- 
cados— Kenya: FtKrte 14. 24’s 3.SO-4.00: S. 
African: Puerto S.Sfi-LOO. Strawberries— 
Callfonuan: 0.90-1.00; Italian: 0. 28-0210: 
Spanish: 0.30-025. Charles— French: Per 
lb O.KO-O.65: Cyprus: 0.60. Onions— 
Chilean: Cases 3.50-4.00: Canary: 4.00- 
4.-20; Dutch: 2.50-2.80: Israeli: 422D-4.30: 
Texas: 4.30: EflVUu: 4-10: Spanish: 
2.80. Capsicums— Spanish: Per lb 0.18: 
Canary: 0.18. Potaww— Egyptian: 4.70- 
5i0: Cyprus: 5.00; Jersey: 22-Ib 0.18; 
Valencia: +304.50: Majorcan: 5.50-5.60. 

English prodace: Potatoes— Per 56-lb. 
Whitc-'Rcd 2-20-2.40. Lettuce—: Per TJ 
1.40-1.50. Cns 1 220. Beetroot— Per *fi-lb 
5.30. Carrots— Per bag 0.00-1.40. Onions 
—Per o(Hb 2.60-3.0IJ. Rhubarb— For to. 
outdoor 0.05. Cucumbers— Par tray 12/24‘s 

1.30- 2.00. Musbrooms-Fcr lb 0.30-0.50. 
Apple— Per Jb Bromley’s O.lfi-pJO. 
Tomatoes— Per 12-lh English 3-3D-3.60. 
Greens — Per cratr. Kent 1.30-1.50. CaulU 
(lowers — Per 12 Lmcufa 1.30. Kent 1.50- 

2.00. Celery— Per l’-' IS 3.00-3.60. Aspara- 
gus— Per bundle aionre. 2-lb liO-1.50. 
Su a wherries Per j-lh u.20-uj15. 

Feed grains 
pact opposed 


Prices per tonne unless otherwise 

Metals 1 1 

Aliiiiiiaiam... -£680 I 

Free market. ld»)ifil. 000-10 

Copper each W.Bani!t:778.5 I- 10. S 

J month* ii>.\ do. £798. JB + 9.75 

Cosh Cathode- K773.5 j + 14.0 

5 month* do. do. £793.5 | + 14.0 

WoH Troy i-z. $154,675 + 1.5 

tend Cash £3 j4.5 1 + 0.25 

i m.mths £814.125—0.125 

Nickel ; 

Free Market («f ib) SL95 ' 

! -2.05| 






l 702. 75 




» 1.9*5 

Platinum troy oz.. £122 I- 

Frw Market |£13B.9 it 

Vuick5iiver i7fiib.»'.' 127-32... 

Sliver troy nz 1299.75 | i 

3 m>.>Dtlu. '306.B5p.+ 

Tin Cub {*.5.515 

fi imnitha |£6.417.5' + 

Wrot ra l n22.04il. < jri s 13 1-36 ... 

Zinc ca»h £320 't 

S mnntbb £329.75.. 

Producer 15550-600 .... 

Oils I 

Coconut (Phil) |S670g 

G round nut. £749 

teu~eed Crudeiv).j£385 
Palm Malayan (8640/: 


Copra Philip. |s>455y 

-’soyabean (L gj.j l$307.i 

1.5 £ 120.5 

1.4 '£li9 

. .. <127 52 
4.55 375.91. 
4.45 281.55V 
4.m *6.237.5 

5.0 ib6.238 

, . .. la7-42 
0.5 '*’301.25 

tal .'.75 


2.5 .5610 



15.0 .-570 

| £407.5 

: 298.5 


barley BBC i • 7 

Home Pnturea.... £83.3 l—O.l *80.6 

Maite i i 

l'r uxd* No. a Am'BlOS^&r' £106.75 


Xu- 1 Met 3pnuii]£98.5 !+|.0 £93.5 

XoSUaru Winter. ; ; 

KitRltab Jill linn.. |£ 102 ‘ flu 2 

Ccoia Shipment lilt .789 —10.0 £2.074 

Future July £1.726.5 — lb.5l£l.»74 

CoOfe Future. ■ 

.. Jul -V I £1.743.5 +34.5 £1.391.5 

Cott.ju -v | n >le\...| 70.9r — j.5 69.7>" 

ICuniavr kilo J 66.5t. l.u 52.7Si. 

miliar (Kaw) iei*,2 — I.O'iIjI 

tVooltops b4s kilo... | 28Up i 279p 

j z 'Otouoted. a Mxr-June. 

JMsy-AnguBL ft August. iiJudp. h April- 
Jtme. tr July. vMay-July. r June July, 
r Per ion. 


THE U.S. Feed Grains Council 
6aid it opposed negotiation of an 
international commodity agree- 
ment for coarse grains. 

Mr. Harold Smedley. council 
vice-chairman, said previous sup- 
port in the domestic feed grain 
industry for a pact appeared lo 
have disappeared. This was 
because of little, if any. prospect 
for obtaining commitments from 
importing countries to ease or 
eliminate import harriers to U.S. 
rnm and feed grain imports. 


Mat 30| U*\ 26, 

jlomti * : *J ir*r w 

254.57 '252.93 1 

I 239.05 j 266.52 


Mat 31 Mbi aC 

Uuuib agr 

Year au» 

1307.4 ! 1508.5 





M-v 1 JJnv 



30 ! Eg 



4 C" 

t-nftiro ■ 358-72 35 b!70;546.9B 58b! 45 
lAwnSQ 1824-25-26=100' 


-Uh. , yi,* i 


30 ( 26 j 

ipie A'i"rim'\ 


902.3 920.5 

iiiMetnner si, uoi 


on price 
index rise 

NEW YORK. May ro. 
PREC/OUS METALS closed sharofy ftighcr 
oa aggressive Commission noun.- buying 
and sbQrt-cniv-nnB following a weaker 
U.S. dollar and expectations of a sharp 
increase in the consumer prlc-:- Index lor 
April. Copper rallied on trade arbitrage 
buying. Commission House short-covering 
following the sirouEib In Sterling. 

Cocoa— July ID'J :ii ll“5.25'. S-pt. 130.30, 
<I3J_^.. Dec. Uit.65. March lii.sO. Mav 
121 SO. July 120.20. Sept. 11S.7U. Sales: 

Coffee — "C” Contract: July 16? -iu- 
16P.OO '148.50' Sept. 10I.23-162.3rt 1 162 70'. 
Dec 155.00-135.25. March 151.50-132 nn. 
May 14S.7i-149.U0. July 146.75. Sept. I42.rt0- 
144. IK). Sales: 530. 

Copper— June C3.20 tsanic'. Julv 65 90 
isaruci. Aug. C6.5U. Scpi. OI.IU. Dec. fli.TU. 
Jan 65.20. March T0.20. May 71.20. July 

75.20. Sept. 732JH. Dec. 74.70. Jan. 75.20. 
March 70.20. Sales: 7.000 lots. 

Colton— Ao. 2: July 'BO.'-li, 
Oct. 02.42-62. 43 <62.55'. Dec. 6-.:. 05-64. in). 
March 64.55, May ti5.50-6.i.53. July ta.&O- 

66.20. Oct. 63.13-61.48. Sales. 363.0 00 bales. 
■Gold— Junt lS;.9u 'liB-SO*. July 1&3.I0 

lIM.UU'. Aug. 1S6.S0, Ok-t. 153.30. D<*c. 
in2.40. Kvb. 195.40. April 19S.W. June 
201.40. AUg. 204.40. Oct. 207.40. Dec. 210.40. 
Feb. 213 40. Sales: 11.500. 

t Lard— Chicago loos*.- not available. 
New York prime steam 24.25 asked >24.23 
t Ruled i. 

tMulZU— July 2701-270 I2h6j». Svpl. 2S9i- 
270 i2C6! '. Dec. 274-2745. March 26U-2602. 
May *3. July 256. 

Last nights North American closing 
prices were not available when this 
edition went to press- 


GRIMSBY FISH— Supply good and 

demand Rood. Prices a stone at ship's 
side /unprocessed;; Shelf cod f3.50-H.lffl. 
codlings £2.60-13230. large haddock £350- 
H.40. medium pialeo CLSO-Et^o, best 

haddock £2.00-£3.0a, large plaice £4.20- 
H-40. niudjum plaice f3.30-fi.5u. best 

s-maU plaice SJB-C4JB. skinned dorii'h 
i large* ZS.OO f medium 1 £f.40. lemon , 
role? ' large * W.50 ' medium i £3.35. rock- 1 
psh fl.20C.00, reds Jll.60-C.20, iallhe 



0IL * London— CiiwJiic: June 

JX).00-^SOM, JtUy 3fiil.(Hl-:V3O.U0. AU9. 
aW.Ofi-330 00. SvPt. 290,00-3:10.00 Oct. DD- 
M0.M. NOV. 2M.on-ai3.Ofi. Dec. 
aiO.Dfi. Jan. unquok-d, Feb. unuuoicd. 
bales: fliL 

§pi aim um— July 251.20 '*. uci. 
255.^0 bid <243.60 i. Jan. 25U.6U bid. April 
237.50 bid. July 25?.9U bid. On. 202.DO 
bid. .lari. 2&4.20 bid. Kjlci: 1.066. 

■Sliver— June 340.70 '524 To<. July 34’. 90 
l.V'r.JOi. Altg. 547.60. S-pt. 551.20. Dw. 
5*L:.0". Jan 307.1 k. March 573.34. May 
3f4.IO. July 592 JfO. S<pu 601.70. D»v. 
A| j.29. Jan 619.90. March G29.4U. Saks: 
27.00 u. Handy and Harman spot bullion 
539.30 '524.50'. 

Soyabeans— July 74C-.744 «7 Cji. Aug. 
753-7341 <724). Sept, 7119. Nov. 6745-6,.. 
Jan. ere-679:. March 6S4-6S6. May 6«. 
j uly K35. 

Soyabean Oil— July 23.95-29.00 i2S17i. 
Aus. 2S.1V2SJ50 i27.57i. Sept. 27.50-27.60. 
Oct. 2C.65-26.75. Dec. 25.*5-2J.M. Jao. 
25 55-25.34. March 23.25, May 24.90 bid- 
24.95. July 24.60. 

hSoyabcan Meal — July ]S5.00-is5.20 
UiABOt. AUg. 1H JO ll?4.W), SeP/. 1S4.1IO- 
rs3.s0. OCL 179.00-178.50. Dec. 176.30-177.34. 
Jan. 177.fiO-17S.lJO. Mar* 173.50-17j.50. 
May 179.00. July 1T9.00-17S.M. 

Sugar— No. II: July 1 7.51*7.52'. 
Scpl. 7.79 « 7.76-7.77'. Oci. 7.59-7.91'. Jan. 
g .56-5.50. ifarch S.7V. May SSS-SM. July 
9.IHI. Scpl. 9.03. C'«. 9—0. Saks: 2-608. 
Tilt— Nut available '540.00-555 00 asked'. 
•"Wheal— July 319-3591 <S33«i. Scpl. 54.1- 
34 li i32dI. Dec. 249. March 531-550. May 
I'jO-m July y;7',. 

W1NK1PW. May so. TtRyc— Mar JOB nn 
r 107 j»i. -July 110-30 i M7.MV asked*, del. 

110.10 asked. Nov. 109 aU bid. Dec. 109.50 

rfOats— ■57.50 < 57 00 bid*. July 82 9u 
iS2.IW-V2.50r. yet. SOM ashed. Deo. 7 tj.SU, 
March 79.00 nom. 

SBarley— May 60 40 ivo.40 hid'. July 
50.30-S0.3U <Sd.50l, OCI. >0.60, Dec. 50.40 
bid. March £0.50. asked. 

SSFIaxsced-May 270.00 asked 1267.50 
bid), Juhj 27130 asked i26ff.3tf 6id(, OcL 
26S.04 asked. Nov. 266220 asked. Dec. 

205.10 asked. 

SSWheat— SCWRS 13.o per cent protein 
comeut elf St Lawreuce lb8.sH' 1 166.79). 

All cents per pound cx-wa rehouse 
unless utlKrt*!6e stated. *ss per troy 
ounces— 100 ounce lots. 7 Chicago loose 
ss ror 100 lbs— Dept, of Ag. prtcus pre- 
vious day. Prime steam lob, .NY bulk. 
,ank cars. I Cvois per 50 lb bushel ex- 
warc-bousc. 3.000 bushel lots. S Is pur 
uqy ounce for 50 o t units uf W.9 per 
(,-m puriiy ifc^vcred NT. ■ Cunis Per 
troy ounce 1 ex-ware house-. |: ‘few ■■ B " 
comraet m #s a i*hori ion lor bulk lots 
oi 104 sbert tons delivered f.o.b. rars. 
Chleagn. Tulcdo. Sr. Louis and .Alton. 

Cents per i® in bushel in store. 
- Unis p-.-r 24 lb bushc’ : : Ccpk ptr 
46 lb -ushsl es-warehouss. 57 Cents mv 
5<i lb bushd t'vwa rehouse. 1.U0B bushel 
OIS. SC Dvr luniic. 

1 ^ 




Industrial leaders respond to modest buying interest 

Share index up 6;3 at 478.8-Golds improve afresh 

Account Dealing Dates 

'First Declare- Last Account 
Dealings lions Dealings Day 
May 15 May 35 May 26 Jun. 7 
May 30 Jon. 8 Jun. 9 Jun. 20 
Jun. 12 Jun. 22 Jan. 23 July 4 

* ** New lime ” dealings mar lake place 
from 9JO u.m. two business days earlier. 

British Funds and the Indus- 
trial leaders took a turn for the 
better after the recent spell of 
subdued trading. Reasons for the 
change in sentiment were difficult 
to find, but a small demand for 
lending shares found the market 
short hf stock. Final gains, which 
ranged to 5 and sometimes more, 
were out of proportion to the 
amount of business transacted. 
The late tone in equities was 
helped by better-than-expected 
annual results from Reed Intrr- 
national, up 6 at I2Sp. and the 
FT 30-share index closed at the 
diVs best with a rise of G.3 at 

The absence or any furlher sell- 
ins: was the main factor behind a 
small improvement in short- dated 
Gilt-edced and. with the longer 
maturities rising in sympathy, the 
Government Securities index 
picked up from the previous day’s 
107$ low to close 0.21 higher at 

Elsewhere, take-over specula- 
tion revived, particularly in sernn- 
darv Engineers, following Ihe 
surprise bid from Thomas TiUins 
for Fhiidrire which lumped in to 
74n. Companies making trading 
statements also holoe^ to creole 
a little interest. Conditions over- 
all. however, remained ouiet as 
rpflpcted in a furlher fall in 
official bargains to 4.342 compared 
with 4.575 on Tuesday. 

Gold mining shares continued 
to make headway in the wake of 
n fresh rise in ihe price of 
bullion and the Gold Mines index 
improved 2.5 more to 156.1. 

Gilts better 

Still overshadowed by monetary 
worries, conditions in the Ciift- 
Fd«?ed sector remained extremely 
thin and sensitive. Nevertheless, 
scattered demand and *he 
absence of anv further selling 
pmmpted a revival in the shorts. 
Gains in this sector ranged to 
with the rap. Exchequer 91 
per cent “A" recovering that 
amount to P3'.. Interest >n the 
longer maturities remained at a 
low ebb, hut prices again moved 
in symnathv with the shorts and 
final ountations recorded r ; «»s 
extending to I. Corporations wire 
quiet and rarely altered. 

In complete contrast to the 
previous dav's paucity of business, 
dealings in London Traded 
Options yesterday were the 
second heaviest since the start of 
trade on April 21. 906 contracts 
were done com oared with Tues- 
day’s 349 and the total was rnly 
77 short of the highest achieved 
on May 5. Courtaulds with IRS 
contracts were the day’s m*irt 
active stock, while ICI totalled 
180 and Cons. Gold 109. 

In line with sterling and Wall 
Street influences, the investment 
currency premium opened at 
around IDS per cent then drifted 


lower on evenly matched two-way 
trading to close the day a net 
1 per cent down at 106? per cent. 
Yesterday's conversion factor was 
0.6878 (0.6847). 

Insurances better 

Recent dullness in Insurance 
Brokers caused by Alexander 
Howden’s surprise £26m fund- 
raising caH gave way to firmer 
conditions yesterday. A modest 
demand in a market short of 
stock prompted some sharp gains 
and. although closing levels were 
In some cases a couple of pence 
below the best, Sedgwick Forbes 
still achieved a gain of 12 at 396p, 
and C. E. Heath finished 10 higher 
at 273p. Howden moved up 4 to 
160p. - while the new nil-paid 
shares added 5 at 14p premium. 
Miiiet rose 7 to 193p as did Willis 
Faber, to 2 Kip. Composites moved 
in a similar direction with Royals 
7 higher at 360p, Sun Alliance C 
to the good at 524p and General 
Accident 5 harder at 215p. 

The major clearing Banks made 
progress in thin trading. Following 
the announcement that the group 
is to increase its personal and 
other loan interest rates. Midland 
closed 5 dearer at 385p. while 
Barclays firmed a like amount to 
335p. Lloyds gained 6 to 2S2p and 
Net West 7 to 275p. 

News of improved production 
in April he7ped Breweries into 
slightly higher ground. Elsewhere. 
Invergordon hardened 2 to 101 p 
on the increased earnings. 

Moderate demand developed for 
Building issues, but gains were 
usually restricted to a few pence. 
Heywood Williams advanced 6 to 
llOp reflecting the approval of 
the company’s purchase of Inter- 
state United of Chicago, while 
small demand lifted Ibstock John- 
son 4 to 170p. French Kfer im- 
proved 2 to 31 p after the chair- 
man’s confident remarks about 
profits and Norwest Holst Armed 
2 to 9Bp on the annual results. 
Marley however, were lowered a 
penny to 76n following profits 
below market expectations. 
A. Monk added 4 to 98p on re- 
newed soeeiriative interest and 
Mllbury finned a couple of pence 
to 1I2 d. Buyers came In for 
Ley land Paint which responded 
with a rise Of 5 to Tip and for 
J.B. Holdings, 3J to the good at 

ICI improved 5 to 39?o on small 
buying in early dealings and, 
similarly, Fisnns added a like 
amount to 361 p. Elsewhere in 
Chemicals. Brent, 186 d, and the 
new shares, 167p both closed 5 
higher after renewed investment 

a rise of 5 to 273p. Shoes were 
noteworthy for strength in Strong 
and Fisher, 4 up at 60p. and K, 5 
to the good at a 1978 peak of 72p. 

Early interest in secondary 
Engineerings was enlivened con- 
siderably by the surprise 
announcement of a bid for 
Fluid rive from Thomas Tilling: 
the former immediately Jumped 
19 to 74p. thus matching Tiiiing’s 
share exchange terms, while other 
old bid favourites in Lhe sector 

sharply forward to Touch 13lp 
on the much better-th&n-axpected 
showing before closing 6 up on 
the day at I28p. Other rnisceJ- 
Janeous Industrial leaders met 
with an early modest investment 
interest which was enough to leave 
improvements of up to’ 7 by the 
dose. Beechom ended that much 
dearer at 662p, while Boots. 193p, 
Glaxo. 5R0p and Pilkington. 4S3p, 
all closed 5 higher. Elsewhere. 
Mitchell Cotts Transport edged 

F.T. “Actuaries 1 Index 

1Q ll977l 1 1 1 1978 I I I 1 ~~ 


GEC good 

GEC came to the ■ fore in 
Electricals, Improving 8 to 264p 
despite reports of unwanted com- 
petition from the National Enter- 
prise Board in the semi-conductor 
industry. Higher interim figures 
lifted Dubiller a penny to 19 ip. 

Home Charm continued firmlv 
in Siores, rising 6 to 172p for a 
two-day gain of 14. H. Samuel A 
responded to increased earnings 
and the scrip issue propose J with 

started to attract fresh specula- 
tive attention. Splrax-Sarco be- 
came particularly favoured at 
159 p, up 11, while Tecalemit rose 
3 to 137p and Victor Products 
(Wallsend) gained 4 to 136p. A 
dull market of late after the abor- 
tive bid discussions. Castings re- 
vived on hopes that a new suitor 
will appear and closed 4 dearer at 
40p. Hill and Smith gained a simi- 
lar amount, to 66p. as did Delson, 
to 32p, the latter still benefiting 
from recent investment comment. 
A combination of revived specu- 
lative and investment demand 
ahead of forthcoming annual 
results helped John Bruwn to 
advance 6 to a 1978 peak of 37Bp. 
Tubes gained 8 to 382p and GKN 
3 to 264p, after 265p; sentiment 
in the latter was unruffled by 
Ihe late announcement that the 
group has dropped its bid for 
Sachs AG. 

Foods attracted a better 
business and closed firmly. 
J. Sainsbnry were supported at 
18Sp, up 5. while Fitch Lovell 
hardened 3 to 65p and Associated 
Dairies 9 to 236p. Carr’s Milling 
rose 4 to a 1978 peak of 47p on 
the satisfactory interim figures. 
Other firm spots included J. 
Lyons, 2 up at 95p, and W. J. 
Pyke, 3 better at 33p. 

City Hotels figured prominently, 
rising 7 to 131p. Other Hotels 
also moved into higher ground 
in the wake of a report that 
hotel occupancy was at record 
levels last year. 

Reed Int. please 

Having moved nervously 
between extremes of 124 p and 
l20p in front of the preliminary 
results, Reed International moved 

forward a penny to S3p in 
response to bid terms from its 
parent Mitchell Colts Group, a 
fraction easier at 42p. Renewc-d 
speculative support lifted Sharna 
Ware 6 to ll6p and Talbev 1} 
to 214p. Foseco MJnsep attracted 
buyers’ at 162p. up 6, and Sale 
Tilney were notable ior an 
advance of 8 at 26Sp. KeLsey 
Industries, on the other hand, 
cheapened 2 to 99p following the 
lower interim earnings. 

Motor Distributors recovered 
most of initial falls which followed 
news that Harold Perry, the Ford 
main dealer, is facing a tax test 
case over its leasing arrange- 
ments. Perry ended 8 off at 204 p. 
after 20 Lp, while T. C Harrison 
finished 4 easier at 116p. after 
114p. Godfrey Davis, which has 
already won a controversial case 
agarnst the Inland Revenue, closed 
only a penny off at 92p. Oliver 
Rix, a firm market of late, eased 
3 to Sp on profit- taking following 
the interim statement. 

Newspapers and kindred trades 
displayed several notable features. 
Thomson, 248p, recouped nearly 
all of the previous day’s fail of 
8 which reflected reports of less 
favourable North Sea Oil pros- 
pects. East Midland Allied Press 
A firmed 3 more to 93p in con- 
tinued response to the annual 
results. Speculative demand lifted 
Melody Mills 8 to 91 p. 

English Property recover 

After moderate turnover. Prop- 
erties closed with a firm appear- 
ance with Enelish recovering 2 
to 46p after the previous day’s 
reaction of 4 on Press comment 
and pending developments in the 
talks with an unnamed Continen- 

tal group. Land Securities firmed 
3 more to 2L2p ahead of next 
Tuesday's preliminary results.' 
Speculative favourites Property 
Partnerships and Bernard Sunley 
had contrasting movements: the 
former adding 5 more to IlOp 
in a thin market, but the latter, 
6 higher the previous day on b.'d 
rumours finishing a penny off on 
balance at 21?p. Evans of Leeds, 
results due ' next month, suc- 
cumbed tn profit-taking after 
recent speculative interest and 
closed 4 down at lOOp. Percy 
Rlltoo, 3 easier at 160o. reflected 
disappointment with the results 
and the accompanying disclosure 
of substantial losses on housing 
contracts. In contrast house- 
builders Rush and Tompkins 
advanced 6 to 112 p. 

In a continuation of the pre- 
vious day’s quiet trade. British 
Petroleum, at one stage 4 high*', 
closed without alteration at S76p 
awaiting today's first quarter 
figures. Shell, however, managed 
a modest improvement to 560?. 
but Burnish drifted down a penny 
to 70o, Speculative buying Ufled 
Oil Exploration 8 to 246p hut, 
despite a favourable Press men- 
tion. Siebens UK succumbed to 
further profit taking to close 30 
lower at 404p. 

Gill and Duff us moved up 4 to 
270p in Overseas Traders and 
investment demand led to a rise 
or 6 lo lOOp in Ocean Wilsons. 
Lonrho eased to 65p on the in- 
terim statement before rallying to 
close without alteration at 67p. 

M and G Group featured late in 
Investment Trusts and Financials 
with' a rise of 7 to a 1978 peak of 
125p on the sharply increased 
first-half profits, while London 
and European continued to attract 
speculative demand and improved 
2 to 29p for a two-day gain of 5. 

Lofs attracted late interest in 
Shippings and closed 2 harder at 
35}p, while interest was also 
shown m Reardon Smith “A", 2| 
better at 37$p. 

Textiles provided a modest 
feature in Nova Jersey which rose 
6 to a 1978 peak of 45p on small 
buying in a restricted market In 
Tobaccos. A. Dunhfil closed with- 
out alteration at 350p following 
the results. 

Australians erratic 

After being marked down 
sharply at the outset of trading 
following sizeable profit-taking m 
overnight Sydney and Melbourne 
markets, Australian minin g issues 
staged a good rally in the after- 

The recent high-flyer. Northern 
Mining, moved within extremes 
of llBp and ISSp before dosing 5 
cheaper on balance at 125p, while 
the other members of the Ashton 
diamond joint venture also ended 
with minor losses. Confine RJo- 
tinto dipped 5 to 240p, while the 
London-registered “Tanks” eased 
2 to 171p. 

As interest waned in Northern 
Mining, speculative buying was 
directed towards Faringa Mining 
and Exploration which advanced 

S iXQ a 197S high of 38p; Paringa 

has interests in the Mount Lind- 
say tin prospect and the Que 
River - zinc-lead -copper prospect, 
both in Tasmania. 

Also attracting a fair amount 
of speculative buying were Mount 
Lycll. which rose .4 to a 1978 high 
of 36p. 

. Uraniums. were steady reflecting 
news that the Federal Parliament 
had passed six bills backing the 
Australian Government's decision 
to resume the muting and export 
of uranium. 

On the other hand] base-metal 
producers failed to recoup all of 
their Initial losses. MIM Holdings 
Were finally 7 off at 207p, after 
204p, while falls of 3 - were 
common to Bougainville, 127p, 
and BH South, 97p: 

South. African Golds again 
moved ahead in response to the 
bullion, price, which was finally 
SL50 better at $1844175 per ounce. 
The Gold Mines , index gained 2.5 
more to 156.L . . 

Hopes of increased June divi- 
dend declarations lifted East 
Driefonteln 44 to a year’s high 
of 768p. and West Driefontein j 
to a high of £22. 

The recent strength of the 
platinum price prompted a modest 
London demand for Rusteuburg. 
4 up at 84p, and Btehopsgatc, the 
same amount firmer at Sip. 

Elsewhere, Anglo United 
advanced 14 more to 172p; on 
Tuesday the shares were sus- 
pended in Canada but the sus- 
pension was lifted shortly after- 
wards following a statement from 
the company that’ it knew of .no 
reason for. the recent sharp rise 
in the share price. 


Up Down Same 

British Funds’ 64 — 12 

Corpus- Dom. and 
Foreign Bonds ..... — 3 S 3 7 

Industrials .. .. <20 2U 912 

Financial and Prop. ... 156 » 314 

Oils 6 7 21 

Plantations 5 5 22 

Mines ..... » 28 C 

Recent Issnes — 6 6 16 

Totals 312 L399 


7149 72.1 

6.9 E 








- 1 race Compilation 

Low | Hiffb 

78.58 69.92 

(5/1) 130/6] 

81.27 7L74 

<H/1» <22/8 i 





Denomina- of . Closing Changi 
tion marks price (p) on day 
.... £1 17 392 +5 

£1 12 335 +5 

£1 12 876 — 

Stock tion mark 

ICT £1 1J 

Barclays Bank £1 12 

BP £1 12 

Howden (A.) 

“New" - Nil/pd. II 

Shell Transport ... 25 p 11 

BATsDeJd 25p 10 

Boots 25p 8 

GEC 23 p S 

Courtaulds 2ap 7 

Distillers 50p . 7 

Dobson Park 

“ New ” Nil/pd. . 7 

Paringa Mining ... 5p 7 

Commercial Union 25p 8 

Harrisons Malay. 

Ests. 10 p 6 

Reed Inti. £1 6 

on day. 
+ 5 
-f 5 


'.lew.. . - . (i 
. • 328- «' 

r 729^:P : ... « 

. re. 

‘ 14pm 
125 ‘ 

" 14pm. 
586 _ - • : 
■296 ■- 

278 . 


> .2SR .-erJc. . 
•- IW- V-rf.: ' 

■ 2 » : 

tiSpap -rfjl 

Financial Thom 
[iitvimnil -Sm 70-WI 
Fined Inw*re*f 72.401 
IrrlurtrinlOrri. 476.6 
GoM Mluw.... 140.6) 
Omlingi* mM. 6,22l[ 

F-T. Actuaries 

Indirat. Or|V... 20031? 

600-6haro S332g 

Riiulucibi uri 166.22) 
'All-Smut* 1660) 216.28) 
Kod.Duba 67.77| 

j May April liar, j Feb. 

7SL47) 76.111 74.78 
76.8W .77.87 77.91 
46o!» 464,9! W1JB 
146.1 160.0? 146^ 
4^ 4J37[ 6A26 

199 ja 105.19 106.55 
22O.&0tai6^ft 216.72 
160.85? ISZlaal 169.93 
20027) 199.78 
OLfid toM 6L6S 

(SB wr ' 

Imlufltrlal IjixI 488 J (12th) 1 *88 J (22nd) 

At!-' i hmw : 218.62 tl&th) '200^5 (2nd)-. 


Electrolux chairman change 


• ' . v 

These indices are the feint compilation of the Financial Tones, the Institute of Actoari^ ^ 

and the Facility of Actuaries ....... ” 

Sir Alex Page, a director of 
ELECTROLUX since last Novem- 
ber, has become chairman in 
succession to Lord Luke, who has 
been elected life president Sir 
Alex is chairman of Metal Box. 

Mr. R. G. Baynham has resigned 
from the Board of SLIMMA 
GROUP HOLDINGS and its sub- 


Mr. Ronald G. Hooker. U’ho 
became a director of DUBILIER 
in 1R76. has been appointed to the 
non-executive post of deputy 

Mr. M. J. Pyle has been 
appointed a director of M. W. 


Lord Sackviile has retired as a 
director of R1LNSTER ASSETS. 


Mr. R. A. P. Jackson has been 
appointed to the Board of C. G. 
PAXTON, a member of the 
AlcKechnic Group. 


Mr. A. J. O. Ritchie has been 
appointed deputy chairman of 
joined the Board in March last 
year and at the same time was 
made a direr tor and deputy' 
chairman of Grindlays Bank. Mr. 
Ritchie is also chairman of Union 
Discount Company of London and 
a member of the Export Credits 
Advisory Council. 


Mr. Gordon E run Lon has 
become nnn-execulive chairman 
place of Sir Max Beni rose, who 
ha« retired Trom that position, 
but remains on th Board as a non- 
executive director. Mr. Brunton 
is _ also managing director and 
chief executive of the Thomson 

Mr. W. F. Younger has been 
appointed chairman of JTAY-MSL 
in place of Lord Mata, who has 
retired from that position but 
remains on the Board. 


Mr. John Glannopnulos has 
been appointed by PATERSON 
ZOCiTONIS AND CO. as director 
in charge of affairs in West 
Africa in succession to Mr. N. D. 
Phnros. who resigns following 

his retirement from active service. 
Mr. Alan Whittaker has been 
made finance director in place of 
Mr. H. S. Stafford, who remains 
on the Board. 

Mr. Anthony Hayward has been 
appointed chairman oF FA1REY 
man and a director of Fairey 
Marine, at Harable. Fairey Marine 
(East Cowes). Fairey Exhibitions, 
and Fairey Yacht Harbours. Mr. 
Howard Atkins has become 
financial director of Fairey 
Marine Holdings and Fairey 
Marine at Hamble. Mr. Jim 
Caldwell has joined Fairey Marine 
as marketing manager -and will 
be responsible for the safes md 
marketing of the two boatbuilding 

Mr. Geoffrey J. Chib belt, group 
finance director of DOBSON 
PARK INDUSTRIES, has laken- 
up other responsibilities within 
the group as a divisional chair- 
man. Mr. Graham H. Edwards 
has become group finance director 
(designate). Mr. Edwards was 
previously with Linread. 

Mr. John B. Hodges, under- 
writer, of CAMOMILE UNDER- 
appointed a director. The com- 
pany is a member of ihe Matthews 
Wrightson Group. 


Mr. _ David Sinker, deputy 
managing director and financial 
director, has taken over os manag- 
ing director of HUNTING 
on the retire mnet of Mr. r. D. 

» r - . , G - D - 'Vragg has 
relinquished life portion as 
Finance director of FIRTH 
BROWN to concentrate on 
divisional activities. Mr. M. A. 
Brand ha? been appointed finance 
director and secretary. 


Mr. P. M. Bunco. Mr. J. Grant 
and Mr. D. J. Herod have been 
appointed to the Board of 


Mr. John H. Goodicr has been 

appointed managing director of 
joined this company in 1973 as 
deputy managing director. 


Mr. J. M. Fethcrston, of Thomas 
Meadows and Co- has joined the 


The Secretary of State for Trade 
has appointed Sir Kenneth Selby 
to be chairman of the AIR 
AGENCY for a further period of 
two years. Sir Kenneth is chair- 
man and managing director of the 
Bath and Portland Group. 


Mr. Hamish DL Buchanan has 
become New York agent of BANK 
David P. Oram has been made 
deputy agent. New York. Mr. 
Buchanan was manager in London 
for six years. 


Mr. G. G. Tidman has been 
appointed production director of 


Sir Rex Richards, vice-chancellor 
of Oxford University and Warden 
of Merton College, has been 
appointed to the Boards of IBM 


Mr. Michael Jefferson, pre- 
viously sales manager for the 
Midlands and Wales areas of 
been aopointed sales director. The 
company is a member of the MK 
Refrigeration Group. 


Mr. Richard Caldwell has 
become secretary of the ELEC- 
in place of Mr. Peter Holmes who 
has been acting secretary. Mr. 
CnWwell was previously with 

A corrected announcement from 
MORGAN EDWARDS states that 
Mr. Roy Seamark is joining the 
Board on June 5 as managing 
director and chief executive, not 
joinr executive as published 

flOo : F.r. ! - Ibi-I>4! 
lJOri K.L\ 

£98 (£10 22(9 K-i, 

I . . .r*. i • 

tt£97.BS£10 2B/7 ! 10‘4? 

— . ; \|» ! - i „ii : : 

£99 £50 . 35.8 [ «*i ( , 
' ■ ; F.P. - - j 101 | 
— • r.l*. i 9 b i«r>i , 
lOOu- - |25,6 ! l'»n- 1 
• * > F.r. ; — I to? 
ClOO F.l*. |26(6 I 101 j 
£98V£lJ f 1/9 i 10 i 
“ • F.P. 16-6 : ltiliri'i 

-w1i|Aiiih. t£*|>re* I 111 flu. VariaMt! 82 

lOTiprArniiiavK ir..i IDlj'J rti.l I'uoi'. Prrt. ...... .. 

10*|8*mrt U:% K«l. 1967 

lUOu ).*»•*••• " *!•<••* •.Iim. Hi-'. Jkl I'll..., 

lOklKoo Watvr Ij ttnl. I*tvf. 1983 — . 

2P | »■ -«k »l*i»*. lOl l«*. M-it. •A*-' 

oei^ -ltvcnwi-li Ih-tTvoii JlJ^Hetl. 

M Liberty i. Cm. Ptf 

liUi iMeiUHi <J.t MfJ *. iimi. » , iv« 

47lsit*rt»'*r- 1 I Mi". i*n 

100 iQmkW (Hi X J.i 10* l*rf 

100U l>* Cm. t no. Ln.lsSl> 

e iTiw £ H.*r l£t. IM. t'te' 

10l| IW-irt* ivaiw'c* IVKt’n-i 



The Followlns table sliowrs the 
enlly kcidm oT the FT Acuiartes 

CdM Mlnet F.T. 


Ovrneas Traders 

Minieg Finance 

Office CqoltHncot 


Toys sod Comes 

Mechanical Engineering 

Engineering Contractors 


Motors and Distributers ■ 

Newspapers and Publishing 


Other Oronps 

Metal onfl Metal Forming - 


•.apital Goods Group 

Mi Share InUcjt - • 

Wine* and Spirit* 

Packaging ood Paper 

1 nous' rial C.njuo . ■ . 

nnnvnrur r..wd» -DuroMet Group 
VH.Sh*f IniJ.-t . . . 

Contracting ond Construction 

‘?hlS? t i25ir5S - " , l?*Ii.!J' ,, !5!i ,ak< " * 4|, “ December 30. 1977. 

Share Indices. It also contains tfce Gold Mines Index. 

• Pharmaceutical Products ... 

- TifS Bol’dhig Materials 

T’rrJ; Consutn-’r Goods iNaii'Oorjblci Grona . ... 

Eniertalnment and Catering 

* Electronics, Radio and TV ... . 

T Insurance {ur«j 

+ Mechant Banks 

'-5* Investment Trusts . ... 

- t H? Electricals 

"T rti Insurance Brokers 

* I'Z Household Coeds 

t f Banks 

■? Food Manufacturing 

- J pr «nerty 

•• • * J*™ Stores ._ . 

Shlgging ... 

T tnsoranc* (Composite) 

' " .' T X Sfi Pnrcbtoo 

- ’ “ 521 . . I’- rtviujRc reaugvS bavd or. Tuesday. 

— mdi.v*. 

In Hie principal 

- 0«1 

- 1J7 

- 1-42 

- 245 

- 2-28 

- 242 

- 240 

- 244 

- 340 

“ 342 

- 346 

- 3.63 

- 342 

- - 4J0 

- S-50 

- 7.40 

“ *40 

- 846 


. ... -U4) 

.. -1225 

May 3u. 


Late, i 


: ■ 

liPUiint. ! IU/r 

■ V 1-rttUat 

Lisle ' ■ 1 

j PruT 


9 ' Hiri. . Id'« j 

. , . „ 4 Wed tteVa 

British Government May. change 
31 * 

lbbtioi UiVMt t 

, 4d Onmn h* »l 

I JJfrtP t nns> linn t HliK.... 
‘ 5<pmt>ntml MamihirUiriiiu. ... 

1 23pm lUMwon rnrV ln*l» 

17|nn G..|*l Mining.. 

«l 'Hnrt.m Ai nn.i 

| Opm HoniUt (.MeAurlori 


| ut|,»u|ini 

; IdS Tumor £ X»M1I 

| iiiuiiVtilkv 

1G7|HII; + S 

69 i 

43pm' — 2 
34|>ui I — 1 
Z8(ni’' + 2 

lOrwn +6 
. 402 4& 

6* ifl 
. 184 ] 

.1 6um ' 

HeniiucijrKHi ciai* usuallv l*« *« di-alimt m-o or «amo amv- a | f )*‘ Jr Y 1 

irasin * iii omsoenij* nsiimsie. o Assumed rtivulwui a Of VMM. u Fnrucagi niem ena- 
cover naswi nn pmnmis. veata •'amifnts. r DivinerM anil vinin based on (maua-'w 
ill orliej olfiola 1 vU'iniii'’-’- lot I9’ B a Gnwb i MgureS assiimefl ; i.nnr * imr- 
iar cimviTsion of siun-s uni now rarunn* *or flivMewi or ranking only Mr ranicien 
m-MeMJs : PImhu- urn-* lu uubHt: 1 " Pwuv ji'Mb ‘rthcrwiac itirlidU’-d J 'aBuen 
n* t.-iidiT •• Od-.-ml iq Raldrnt Oi '.iFima" «h-rns *s d *■ nuBm * 

by wav o( caDiiJ'isaiiim. rrimrumum fenrier nnce. as Relnrmiiic«l. W IssniM 
in cnnn^ctiop won renruamsatiun merspr nr >ak^i«rr i|ll InrmnucUnn. -TIMn-rl 

in iiinn-r Prvi.-tr.irt. huid.-r*. p tunimpm mnrrs tor (itlly-iuul). • Preoswnai 
or partly-pujd *Uuuikm icUcrt. * wsiratux- 

is SO-yr. Rod. Deb & Loans (15) s7J4fu2.9S 

16 Irivestment Trust Prefs. (15) 52.9 1 1 1S.44 

17 CumL and Tndi. Prefs. (20) tlto! i2J>x 



*- > ModfttFnntfo^, 870 . 

:* ..^ibbs^u 

; =- 

-Ser.4. 33i 
is;Etf-_Scr.*_ UU. 


i| -f 


184.7 ~; 





^ricro’rtKajrao. vitoitToh D^SbT-ll^y fc*P d - b 9» k Sc* *«' 

TTOIim 48. tirnccchurc U Bt, LOT U Hit . 01-6234200 

MADa^cd Fund .„... |149.9 156j| +3.9] - 

Wees June 1- No\( dealing July J. 

. <. Co. u* - 

* *'« -VivJgffiS2!!»“*,a^« "" ~ «-■ 

saw5tcv , “<*i=i- 

Gresham Life Aw. Cnr ■* m 

JJg“ of wale* Bd„ Biauuuj. 0202 twsss In *' C °~ (U -^ 1 

G 'i.Pply.FuDd_„^l T lBlll+OJ 




168.1 1 

MalUand House, Sou I bend SSI 2JS 07026395 

_ Klul Key In* Plan . 

Small Co‘* Fd tlOll 


£*tra lac. Fd . - 

American Fd. 

ZZ Growth 8t Sec. life Ass. Sue. Lid_y FarEastFd 



C -*S. Super Fd. 

Guardian Bqyal Exchapge SgSttS^Z. 

°J-t3755C2 ^yal Exchange, E.CJ. . 01-2837107 PropwiyFund 

rrojwtty Bonds .....pycg - 282.0) +0.4| — FUed InL Fund .— 

Henabro Life Assurance Limited V 






106 4 

io4.n fO.a 

US. 7 







♦oi 1 


OtdFark Laac. London. W1 

Fixed InL Dep, „ lzajj . 

fgujiy-- 174.7 

Property wia 

Managed Cap 085 

ManaredAcc _ 170.4 



klhaay Xife Assurance Co. Ltd. 

S/XHd Borilngton St. W J. 

FlAcc — OU . m* __ 

iiU U97 ” 


MS.7- ; JWi - 
BeoJftLAcc. 2U.S 22Z7 " 

. 171.9 188.9 ' 

*igK- -So : 

(• 109.4 lim 
T _.jLi>lZL5 jgfl " 
lBVJ>*LAcc,[m9 M64 “ 

tMEV life Assurance Ltd.® - 


I 3£S s 

8 . 119.4 

K2 ■ 

loro +6' a 

102.9 +o|l 
1S3J +03 

■■J-MlTOjM-..' .196.9 . . 1 b £2 + d 5| 

i- U» * life Assurance 

•iVxbridttBdwl, WJ2 

rf.injd-Cp.UnL.gO.5 «. 

fo&r'®"*- 102.! 


cPMO^nrJ 1 Z Norwich Union Insurance Group 

Jl £7.870 PO Bo* 4, Norwich NR1 3KC. 080333200 

120*7 219 M +0 4j 
«04 3 St 31 +11 

Do posit Fund. 

Jior. Unit May 15—. 

125 4 13221 +0.1 

148,1 155.* 1-0.4 

low noil +o.i 


GlftSM g ed- n ...._^ I1 |n2;7- 

American Arc Jiao a 

Jggpep-?!?- koA 

gea.Pko£. Xcc!^. 260.3 

Pea. Man- Cap. 205 2 

Pen. MaaT Arc. 2433' 

P4n.CiUEdK.Cap.. 1203 
Pea.OUEd*,A«ft. 124.4 

«TLRS.Cap.... 123.9 

Pen. B.S. Aee. L«7 







1CJ ..._. 



1297 „... 

UM.7 ... 

1347 +07 
1541 +05 
2131 +Di 

274.0 +3.1 

216.0 -11 
277.4 -1.0 
12E.7 -0.7 
U3J -QA 
mi +05 
147J +10 


Phoenix Assurance Co. Ltd. 

+-5, King William St-,EC4P»HR. 01-8286673 

WcallhA**.,. ...1111,4 11751 

Eb-r.Ph.Ass — 74.6 

EbY. PhJEfl.E. |751 

Prop. Equity & life Ass. Co-V 

1 10. Cra*1ord Street, Win 2 AS. D1-438D85? 

B Silk Prop. Bd I 1788 

Do.EqaJiyBd. J 72 8 

Flea Money Bd I 1477 




Property Fund __ 

Property Fuad fAJ- 

AKri cultural Fund . 
AtfricFundlAL— . 
Abbey Nat. Fund-.. 

Abbey Nat. FtLCAl. 
L-eatmont Fund — 




Hearts of Oak Benefit Society 

01-7400111 SL 7 ^ J 2r kWa sy ciH *2 r -1 oiJ875oao iSSSSRffxr 

I _ H«arWofOak .13M 38.4) | — Equity Fund 

■■■•■■' - Hill Sanmel life Assnp. Ltd.¥ 

NLATwr, Addijcombe RjL. Ooy. 01+B8 4355 Money FUadlAJ. 

lardaysXifo Amur. Co. Ltd. - 

PMa&rdRd,£7.. - {ttussu 

■ arelaybODdr* ' n j? «; 

. flttiiy — T 114.L 

flt+dged 189.4 . 

wmiw - - IOZ 6'-- 

: toagod- M « 


O. Initial 

Ui Bd|Pen*Acc. -Si 

. O- InitinJ ___.HU 

97 2 

gwpaiyl'alli QLS3L0 

P^pertySerieaA.. 108.0 

Managed Units 163J 

Uanased Series A. 96.4 
Tjanoced Senes C_ 943 

Mnaey Units 119.9 

Money Series A — 96.9 

PlxodlnLSer. A 9L9 

^s. Managed Cap. 140.7 

Pna. Menaced Ace. - . 0483 
Pn*. G'teed. Cap_IIfiSI 


Pn*. G'teed. Ace 110 J 

Pens. Equity Cap_(973 

Pena. Equity Ace _ MO 
Pns.>-xd.LiJ_Cap__t " 

"Current unit value May 28. 


Pns .F xd. In C_Aec__. 95.0. 
Pens. Prop. C*p.__ 95.1 
Pena Prop. Acc.^ (55.4 

Property Growth Assur. Co. U&V 

Ueoo Mouse. Croydon. CKfl 1LIT 81-880 0608 





Jena 6 AnnlUes Ltd. 

I1Z7J 133 a 

Actuarial Fnnd..._„ 

Gil Indeed Fund 

Gilt-Edced Fd.lAl- 
* Re tire Annuity 
+ Issued. Ann'ty. 

— PrwJGtMth Penal 

— AnVtber Ac. Uts.1 

— 9 All Weather Cap. .0204 _ .127.11 

— ¥lnv. Fd. Utn 

ledire Life Amur. Co. m o 
•" I. Lombard St. ECS. oi-d23 1288 ^ n *P erial Asa. Co. of Canada 

- Ik. Horae June 1_| ’ ’ "* ” 

Pension Fd. Uls.... . 

CoS v. Fern. FdL. 

Ciw. Pns. Cap. Ul. 

Man. Pcoa. Fd. 

Man. Pons. Cap. UL 

Prop Pons. FA 

Prop. Pens. Cap.Uu 
Bdgg. soc. Pen. Ut. 
BJaTSoc. Csal'L.. 











12836 h-051| - 

8arii life Assnrancc Co. 

5 High SL, Potters Bat, Herts. PJBar 51122 

j ::::| z 

kamon Assurance LttLf 
(HympieWy, Wembley HAflONB 014M2887S 
,-CM - 

Imperial House, GtdldZORL 71235 

Growth FcLMay a8_[72J. 78.4* 1 — 

Peas.F<LMoy28. £65 71-fl | — 

Unit Linked Portfolio . 
Managed Fund ,__J93.9 9i.fl ...... — 

fixed Li L Fd k55 1MM — 

Secure Cap. V«L 1955 108.71 1 — 

Equity Fuad ~H53 10051 1 — 

Provincial Life Assurance Co. Ltd. 

222. Blsfanpcgate. EC 2, 01-247 SS33 

^Bxec.. q.l-91 

'aL'at/Etl^jni£ ni.91 

•posit Bond 110J 

qolty Aecum. 174 

«„ y __ _ toperly Accum. . „ . £12.44 

31 *hg l ^r. T !;-7- fn y t Aeenm 1 5M 

*i. I.c-don KSaSSSsdzf* 4 ' 

ir^qsaoriw. .-I' adManaf*_ 


L™’ :? ; ?-'a5fia(SBK» 

Capital Life Awonncef 


97.6 -03 

109.8 ..,Z[ 
-102.6 -Oil 

932 , 

995 -Oil 

mi -□ — 

1033 -Oil 

Prov. Managed Fd.. IU35 H9.3| +151 — 

Pnw.CaahFd -1045 lio.fl +o1l - 

CUr Fund 20 |U45 mW +05| — 



Prudential Pensions Limited^ 

H(d bora Bars. EC1N2NH. 01-4059222 


Itelfance Mutual 

Tunbridge Wells, Kent. 0602 22271 

ReLProp Bda. 1 198.1 I +15) — 

Rothschild Asset Management 

Sl Swi thins Lane, Loudon. EC4 01B28 4358 

Irish Life Assurance Co. Ltd. 

lLFinsbnry Square. BC2. 01*8288253 

BtueCbnMar26_.|7]7 * 75^ 4 *-50 

Managed Fund 12285 

Prop. Mud. May2_fp55 
Prop. Mod. Gtfa-_.__PCL1 

King & Sbaxson lid. 

SS.CwnUH.BC3. 01-6235433 

Band FA Exempt - J18638 187.73) . — | — 

Nest denling date June 7. 

Gort.Sec.Bd.4--_5l9.62 125.91f-HJ.10f — 

Langhmb Life Assurance Co. Ltd.. 

t^ngVnww W« HrimUTfurit nr. Mwt 01-2039211 New Hall Place. Liverpool. 
Langh^^Plan_£«^. . — Royal shield Fd._jmi 

MiZFd P55 .. w3| — Save & Prosper GronpV 

Legal Ac. General (Unit Assur.) Ltd. A GLSUteieu's. Lndn. Ecap 3 ep. oi^t ssss 

WngBWOwl House, Kings Wood. Tad worth. BU.In»-Fa- (125.0 132. 

‘ Heath 53458 

N.C Prop. Mar. 3L..ttl4J 1ZL64 1 — 

Next Sub.. Day June 30 

Royal insurance Group 

051 227 4422 
1405) 1 - 

J j * , 1 _ — - ,«yuM UK WWUU1LXT 

■« r U--L-. laalstoa Saase , Oiapel ASh Wtan 0002285 11 

fkisir cr\B , r 3iarter hanse Magna Gp.¥ 

WWO r UK ip, Cbequen Set, tlsbridge UBS 1NE 

hithse Euerry — :p84 - 40.4 

brthse. Money. 29.4 . 315 

hrthsSManaged., M5 495 

hrthxe- Equity 5 M 36J 

- - jwna BW. Soc. - 1246 

C ‘ 1 -A’; W \ l (axua Managed — . 1505 ... -HL2j — 
’it: ‘Sty of Westminster Assur. Co. Ltd. 
!U ‘- '* inxstead House, S Whitehorse Rood, 
roydon CB02JA- 

Coahtnltiai:-— 195.4 

Do. Aetna. 96.9 

Equity Inltlah. 1285 

SaAectm: 1215 

Fixed InRUL 115.0 

DoiAecum .— — 1157 

InaMUal 950- 

-Do-Acnmn.— -.950 

Ini tial ... . 1157 


_ Do. Aeenm. 99.1 — 

— - Legal a.Geaeral (Unit PenstauJ 

— Exempt Cash ML J965 

— Do. Accuse. — — — 975 
Examp* Eqty-XniL- 1185 
Do. Aeenm. _______ 11251 


V- _■ - - looey Pond 



».f* * 

.. (u ... m-AFond_-__^ 1652 
anaMUgA Cap^ — 3153 
«“■ Jto«d. Acc — [1285 

ew. Money Cap— 


— '**». Money Acc._, 

" ' -ens. Equity Cap. _ (545 


Da Accarn. — -j 10S.1 

01-6840084 . EmhupI Mncd. Infl. U56 
DaAccum. ^6M2 

Exempt Prop. Init:]958 
Da Aeenm. 1915 

1020 -I — ■ 


123 1 +51 
122.1 • - 
3AL1 -0- 
10U - 
122.9 +0J 
1257 +0J 
184.4 . , 


DepasIlIMt 1122.7 

B 129.3 
0 269i 

0 14 

B 2272 

Prices on May 34, 
tWeekly dealings. 

Schroder Life GronpV 

Enterprise House. Portsmouth. 

Equity Kay 18 I 723 2. 

Equity 2May 30..- 2150 227JS 

. IMS 

Fixed IUL May 30__ 1442 
InL UT Hay 30 ...— 1352 
K Sc S Gilt Me/ 30 1415 
K5S Sc. May 30..— 1195 
Mngd. Fix-May 3d - 1382 
Managed Ma* 30— . 1432 
Money May 3D P859 


Legal A Central Prop- Fd. Mgra. Ltd 

~ • «.«ue*nVlcwri»Bt,Eb6N4TP- Ol-M 0678 Property May 30— HSU 

=r - imshsm 

boa. Equity Acc. _!565 

. . Fttnd currently dosed to 

m MM ^ rton * a L a * 1 f^— fc- '• ■+ 

Up of Westminster Assar. Sac. Ltd. 


enmerdal Union Group . . 

.. .Hdea^.i.Underahafl. K a. . 01-3887500 

W»e ln>ii*w r ’WfTCTM tSB- l:d - 

oofedcratfon life Insurance Co. 

A Chap coo- Lane. WCJA IKE,.. 01-2630382 

Life Annr. Co. of Pennsylvania 

3B4SNewBootfSt,Wl?aBIJ.- 01-4838305 

LACOPOnlt* 1906 ; ,:U»5) ) - 

Lloyds Bk. Unit TsL Mng ft. Ltd- 

71, Lombard SL.EC3-—- . - .«■« 

Exempt—— — .1958 M*L0| -4 

FxdJat _ 
Prop-Peo. Cap B — f 

01-6231288 bop-fen. Acc-B — 9510 
^ Ttlfl Mbney Pea Cap. B .|95.1| 

Lloyds Life Assurance 
»: cuaon St, EC2A 4MX 










Bbb.- FA 1 

.i— — — 1SSS2"’ 


-0J — 

+4.7 — ; 

+ 0.6 — 
+154 — 


Opt 3 Dept-"fcUy25'^^' 

Landinilndeamit^ AGnLIn& Co. Ltd. 

18-20. The Forbury. Heading 56351 1. 

ar«aed§| ' K , 

Fixed Interest, p40 35.9| J — 

Money Pan. ACC. B_(9520 
ScotQah Widows’ Group 
PO Box 802. Edinburgh EH16 5BU. 031 4555 6000 
InvFlc^erieal — .' ’ 

Inv. Ply. Series 2.__ 
In v. Cash May 38- 
ExUtTrAcc ManlT 



- ExUtTrlnc Msyl7ll3Al 



1 KM 


102. 6j 
145 .6] 
263 il 

MU - 

Solar Life Assurance limit ed 
1002 Ebr Place London E.C2N8TT. 0124229051 
Srfar Managed S —0265 1332) +0.4) 

Solar Property S— (1102 

?• L«^&Maneh«ster KWStidm 

-. Cap, Growth Fiiud- 









: >*:=- 

In: Pol 

Urnhlll litaurance Co. Ltd. 

iS.OoreWn.BEG* . 

n.^hJ^So_p& 177. 

A Comidfcrce Burarance p^FWon' 

>d2MIBtlt,aM ML ||HR5CT. - 111-4387061 Conv. DopOrir. 0175 

Z -w- 'ACM^Kl PflJ^IUM - 23201 =_,( - EqulIrBong;. B»J 

Z<mvn life Assurance Co. Iiif ■ " ! -F5^y8iB6” 

■-W-’ lifa Hst..'Wo*dn+. GU2I1XW MBS2 

, iEipt. FU 

0145205410 Sv.’r^t+^DtiZ'. - 

Property Fund 

M&G Groupy 

Three Quay*, Ibwer HOI EC3R 6BQ.01-828 4588 






.110.9 -■ 


82 2. 

Solar CashS. 


■ SoIsrlnil.S {995 

Solar Managed P._ [126. 2 

Solar RupertjrP. — 11102 

Solar Equity P. 

Solar Fxd-InLP — 113.4 

Solar Cash P 99.5 

Solar lntLP 995 

X711.B +02 

139.1 +0.4 
1050 +02 
1057 -0.4 
132.9 +H.4 


1*9.7 +L2 
119.4 +05 
1052 +02 
10571 -0.4 

12351 +0.1| 

lb 1 =>' 




: : 


A cc:r _ . i g-o 
_incnL~ gar 
. _F«.iaa._..«2 
•Op«rtyFU_A<X— <ES 
‘ ritoai»_53 

«. ML “ 

>>«d IntFd. Acc. . 952 

'1 ? toOBii 955 

- _ ^;*LF4incm. ,995 

^ ;-«ren p«. lwrt'A*--ll?51 

S:* .'^•uaader tnranuce Co. Ltd. 

;■■■-■ ^ ; mmIjLHopre.ToWBrPL,EC3- 01-6288031 

■ ZH ; 1 b.?tep*.May2t_167.5 765) _2-| ■ — 

h' : 'gh Stir hmu^fldiuii Am .. J. 
£-Ehr*adn««BBSCJSC2. v -i 01*8082212 
.^gleUCd. mdla— j52J • 54.0) +05f 

Utility St Law Life Ass. Soc: Ltd-V 

< strsham Bead, HigttWycomba 

rnlljFd . — ; — 139 

1050 +02J — 
1MJ ‘ * — 
1856 rift.7 


IDO ■ +021 — 
1003 +02) 55 
1044+02] 541 



105? """ 

*£4 +0J, 

. if; 

cm on ’May 11- ■’May 25 —May 28. 
Merchaut laveatora Assurance 
125 High Street. Croydon 

_ JB&V 1535 
Recovery Fd- BjL"- g-J 
American Fd-Bd-". B.O 

JagauFd. Bd-*_ — ffL5 . 

Son Alliance Fund Mangmt. Ltd. 

Slu Alliance Houae. Honham. 0403 64141 

Kxp.Fd.Int. May 10.|Q45W^S650j ...,j — 

. InL Bn. May 30 

'Son Alliance UaW Life Ins- Ltd. 

San Alliance House. Barahan 040364143 

.Equity Fund 0354 

FlxedlaterestFd. ... 1825 

Property Fund 1854 

International Fd. _ 104.* 

Deposit Fund —.—(952 
Managed Fund — (1056 


Property Pena. 


Money Maricel — 
Money HkL Pena — 

Deposit Pens- 





_ 10 


- 1793 

. 336.9 

- 1922 



Managed Pen ■— 


BB Managed 

NEL Pensions Ltd. 
MlUon Court, Doddng. Surrey. 

Relax Sq.Cap B03 

Relax 5q. Accum. -IU66 

Sun life of Canada fU.K.) Ltd. 

2.6ACock»purSU SWI 3SBH 01400 5400) 
O1-6B60171 Mapleli-Grth— — j 196.6 

^ oi+Boaw 

— Target Life Assurance Co. Ltd. 

£3J H ° u ”' “•“"“ASS'SSg’iM 

Man. Fund Inc 
Man. Fund acc. — 
Prop-Fd inc... ..... 
Prop. Fd. ACC. — — 
Prep. Fd. Inv. __ 

Fixed InL Fd. lntTl052 


I/ 2 1351)^ 

5 27 JVala*McneyCaA-j6lJ 


• -iu '.lOparty . _ 

' ted Intereit F.— 


Nelex Mon. Acc. MB 
Nelex Gth Inc Acc - 493 
04B4 33377 Netet Gth IrcCap- 49B 
Nol Mxd. Fd. Cap— 2-“ 
N«iMxd.Fd. Acc..(402 ^ 

+021 — Next Sub. Day May 25 

lSj -6.7) — 



5L6 ..... 


Dep. FcL Acc. Inc ... . 
5811 BeLPUn Ac-Pen.-[ 
He LPJ an Cap-Pen— f 

<hlt Pen. Acc. 

GUI Pen. Cap. 

TransinteRtatfonal Life Ins. Co. Ltd. 

2 Bream Bldgs. EC41NV. 01-4056 407 

FW Nm» 

.RaUatchild Aasct 

Tulip Invest. Fd- — 
■ Tulip Mangd. Fd — 
Man. Bond Fit 

Man. Pen. Fd. Cap.. 

Kan. Pen. Fd. acc. . 

- ‘ •' +*■ 

Trident- Life Assurance Co. LtdV 

iBenalade House. Gloucester 04523S54J 


IR—2t r AJB.N.- sink H.Lll’.tJ 9 % BHiU Samuel § 9 % 

- 3= AlUedlris^Banfes Ltd?/} % z. Hoare & Co. 

Julian S. Hodge 

f 9 % 

10 % 

• ri^-* - r -Z fi -AroericanJExprfess Bk.,9% ■ . 

US ; -"5. -£: ^ttro Bank . Hongtong & Shanghai .9 % 

• '• *. A r. *J . . - Q Of r ° - - — -* - — 

! 2^-;: -V- ii A P Bank Ltd. 
imm ■ ’»£■ h - :--.t v-Henry Ansbdcher 

Jndus trial Bk. of ScoL 
Keyser Ullmann 


"Brown Shipley 
Canada Perm't. Trust 
V: Capitol^ & C Fin. Ltd, 

' Cayzer Ltd. i.l.'.i.. ........ 

'.'Cedar Hbi.dings 

Charterhouse Japhet ... 

t‘ Choulartons 

•: C. E. Coates 

Consolidated Crediia... 
/Co-operative Bank ......* 9 % 

■/ Corinthian Securities. . . 

9 % 

9 % 

9 % 

9 % 
10 % 


: Edward Manson- & Co. 10i% 

jlidland Bank 

I Samuel Montagu i..... 

■ Morgan Grenfell 
National Westminster 
Norwich General Trust 
.P. 'S. Refson &■ Co.. ... 
Rossminster Accept’cs 
Boyal Bk. Canada Trust 

. Scblesinger Limited ... 

E. S. 'Schwab 

9 % 
9 % 
9 % 

9 5 

9 % 
9 % 
9 % 
9 % 
9 % 

.'.Credit Lyonnais ...... 9 % 

The Cyprus Pop'ularBlc. 9 % 
v Duncan Lawri® 4 9 % 
.'.Eagil Trust : -9 % 

^English Transcont. ... 10 % 
First London Sees.^...; 9 % 
First Nat Fin. Corpn. 11 ■% 
First Nat Secs. Ltd, .."11 


Security Trust Co. Ltd. 10 % 

Shenley Trust n % 

Standard Chartered ... 9 % 

Tftade Dev. Bank ...... 9 % 

„ jo Trustee Savings Bank 9 % 

g % \ Tw-|3tieth Century Bk. 10 % 

United Bank of Kuwait “ K 

Whiteawav Laidlaw .... 

Wiiliamk A-Glyn's ...... 

Yorkshire Bank 

Members of ihe Accepting 


7-4U7 de peril? 6ft. l=n»»Oth deposits 


7*day depusiis on atnns of flO.MO 
and nailer (TO. UP 'O 
and. over £15.000 6i9>- 
CaU deposlis over £1,000 Sft- 

9 % 
9 % 
9 % 


£25.000 SS« 

Antony Gibbs *"■■•. 9 . % 

Greyhound Guaranty... 5 % 

« /“ ■ rir-uCr + o £ - * ‘•v* 1 y,w 

Gnndlays Bank - ® %■ . j ucmaad deposits os®. 

Guinness Mahon % j also applies to stcriine 

Hambros Bank '—..... 9% 'secwiies. . 



.022.1 - 

rtciia — 

OX Equity Fund _ 



High ' 

Gift Edged . 


Xotei Mtiaail . 



Growth Cap — 
Growth Acc- 

_ 110 13 


P«m Mold- Are. _L 



Pens. Pty. Acc 

TWi-Bobd— — 
TnlLGX Bond — . 
*C«h value 

1253 -0S| 

154.0 +02 


w -5 

1331 -Wl.fl 
1452 +0J, 
1273 +n!d 

128.9 *o!y 

107.1 . 

132.4 +0J, 

131.4 +03( 
1353 +0S 


32*3 .... 


119.6 .... 
1242 .m . 


for £100 premium. 

Tyndall ASBiuuce/TeasionsV 
lH.CaayageRoBd.BrUtoL 02723241] 

3-wxy Pen. Afoy 15- 
U4M3 Ipv. May 25.. 
MikPnJ-w May 2 — 
Do. Equity May 2— 

Do. Bond — — 

Do. Prop. May 2_— 


K' r .x H 











Tjuibrngh Life Assaraace 

41-43 Maddox St, Ldn-WIRBLA. 01-4904023] 

Managed FU. 

Equity Fd-.—~ 

lotaLFund - — 




Fixed Interst Fd. —.1163.4 

Property FA— - 


15Z.1I +0.1 
242.? +L5 — 
1053 +L5 — 
33« +03] - 


Vgnbragh Pensions Limited 

41-43 Maddox Sl, Ldn.WlKOLA 01-489403] 

Managed _H52 U>M+P? 

F&eo Literart. (92.0 

Property — - — —(963 


Guaranteed tee ‘Ins. Base Bales' table. 
Welfare Insurance Co. Ltd-V 
the Lea*. FoUrerime, EoaL 0303 57333 

Moneymaker FA— | 2025 ? -—I — , 

For other funds, please refer to The London Se 
Manchmcr Group. 

vnxulsor Life Assur. Co. Ltd. 

1 High Street. Windsor. Windsor 88144 

Life Inv. Plans ........ 

Future AuACtiKa) . 

Future A«8d.GUi!b>. 

BaL Assd. Pbm — 

Flex. lav. Growth — 

688 , 72.4 

- 24 13 


, £24.61 

1848 1090 






Abbey Unit Tst., Mgrs. Ltd. tai 

72-80 Gaiehouse ftd . . Ay k-aburv U206 S94 1 

Abl+i-CapIlol MB 3*3+031 JOJ 

Abbey income 392 «171 +03) 5.68 

Abbei-lnV.Tsi.Fd.. 54 6 36 i -0.R 427 

Abbey Gen. Ts: (45.6 48.S t-0.5) ^90 

Gartmore Fund Managers V (augi 

fti xeyjr&i 

Allied nambro GroupV tai (g> 
HambrnHar . Hunon. Bri.ntwod.E-s<-< 
01-088 5851 or Brentu-ood (0277. 2114S6 

Bafoacd Fuads 


592 >0.6 
171 7w -SS 
3<« *0 3 
62.9 >0 3 
771 *0s 
14 7S-0W 
940 >06 
33 9 -0 b 










Allied 1st.--- — (655 

BHu lads. Fund — (617 

Gnh- at lnc. .. - - 

Elect. It Did. Dev. 

Allied Capital 

Hamfara rutuL-j — « ~ 
Hapibro Acc. Fd. —.(116.9 
luesme Funds 

High Yield Kd. 

High income - 


lfltereaUsul Fands 


Sees- of Awwea — 

Pacific Fund 

Specialist Fuads 
Smaller Co.'s Fd. — 

2nd Smlr. Co s Fd. _ 
Recovery S l 

3721+01} 231 
56.9EI -0 li 2.02 
42^ >0.5| 237 

2. SL Mar: 4\e Ei~« \ 8!tl -. 
uiAinencanTM 123 2 
Hni l»h TaL . Act . . -BOjl** .(159 7 
(si FbrEJ* Trust 31.0 

Hich Income T»t B6« 

Inronic Fund [717 

In^. Agencle* .. -13 83 

Inil EsemplFd 36 3 

d jail Tat. i AcC.» 131 5 
Gibbs (Antonyi Unit Tst. Mgs. Ltd. 
CX Blomfteld SL. ECJMTNL. ul :BB A II i incdoK* [42 0 44 01 . ,| 8 20 

taiA.G CfWtthtT .19 1 42 0j 5 00 

<aiA G. Far EaM*. 1223 2451 030 

[k'jllni; ‘Tuts. ftWed. 

Govelf (John ft 

77. London Woll. E.C2 (11.S88562fl 

s"hldr May 13 U364 145 9| ... ,| LB0 

Do. Accura Unit.... (2656 1745| .{ IBS 

Newt JtaflTu; d:i»- Juni; 21 

Gripvpson Management Co. Ltd. 

Perpetual Unit Trust Mngmi.V la) 

*W Han ft - llrnlev wiTnintK 049128868 

PpnualGpGih.. . (40P 43 0| .[ 331 

Piecadilly Unit T. Hf«. Lid.y tattbi 

Warileiellrt- ,09a l*m>lonWail EC2 6380001 

EvU-j Int-ome... - 
Small GiVFit — . 
Cspiiul Fund ..... 

InL Fmv. b Awtb 

Pnrete Fund 

Acnimllr. Fund — 

Technolots’ Fund . 

Far East Fi I - . .. 
American Fund 

BL6 330 

410 439 

-0 2 

468 500a 

-0 2 

47 b 509 

374 40.3 

610 660 

573 U.7d 


27 7 290 


25 0 366* 










Met ill n- A Cdiy—Kj 

903d + 

Overseas EsrningxISB 7 




59 lireihun ft , EC2P2DS. 
Bamncion May 31 •B?? 
lAccum- Uulsr- - 
lAceom. U oils 1 ... 
Endcav. Mat 3>i — ! 

(.Vceom- Unit*.* - -I 

i3i*flch.-rtr. MavCS - .£ 

Expt. Smlr. CWd.-epUJ 

Anderson Unit Trust Managers Ltd. 

158FencburchSLEC33I8AA IC39ZJI 

A«fer»BU.T...^}4850 S230| ... .( 4.43 

Ansbacher Unit Mgnic. Co. Ltd. 

iNobloSi.EC2V7JA 01-6238376;' 

Inc. Monthly Fund. (162 0 1720) . ....1 B60 

175 7 

feS 7 


01-608 4433 

231 « +1.4) 

1S4 0 





■ 3 F 


2 01 
4 32 

Practical Invest- Co. Ud-V (yKei 

44. Elcujmxbury Sq. Wl'USRA 01-6338892 

Practical May 24... 1147.0 1562} J 421 

Aeenm. L mu |M7 9 220 8) 4 4A1 

Provincial Lite Inv. Co. Ltd.V 

322. BUlutpbiial**. t" Cl UI-2476S33 

prolific L'nibi 1817 875I+-0J) 321 

Hiphlucome )U02 llBls) >0.b( 7.43 

Prudl. Portfolio Mngrs. LliLV (aMbHCl 

Holbtro Bars. EON '2NH 01-4050222 

Frudcnllal — (1S5 133 0) >1S) 4.<6 

Quilter Management Co. LuLV 
T besik. Exchancr. EG2.Y lHP. 01-6004177 

(Accum Unitsi. -)9B 6 
Ln iBrsls May 31. [70 1 
(Accum. Units*)— .. [72 6 
Guardian Royal Ex. Unit Mgrs. Ltd. 
Rural Exchange, E'.'aPSDN. b 1-628 8011 

iagj Guard hill Tst- 189.6 92.81+6.8) 434 

Henderson AdnunistratioaiagcHgiV 

KrndCKoa Administration ia< >ci <c.> Premier' 
ITT Admin.. 5 FUytcigb P.oad. Hunon. 

Quadrant Gen. Fd. .[104 8 
Quadras! Income [124.1 

10811 .._.J 423 
129.0) -I] 755 

Reliance Unit Mgrs. Ltd.V 

ReKance Hse- Tunbridge Wells. Kt. 0802 22271 

gsss-ffi'fedii SHid ]| 

(ACC. 1 
SetfordeT. Inc...^ 

Arimthnot Securities Ltd. 
37, Queen SL London EC4B I BY 
BXire income Fd._[l05A 1135 

HlRh Idc. Fund 4L4 

♦(Accum. Units)...- S 8 
fSijlL Wdnrl.Ute.) 55B 

Proto-cnce Fuad 2Si 

/Accum UnJUi 37 8 

Capital Fund 

Commodity Fund ... 565 
(Accum. Units) 1 


<1(>S Wdnfl.U! 495 

Flu.itPropJ'd 17.2 

Giants Fund 39-9 

I Accum. Units) <61 

Growth Fund D.9 

(Accum Unltsi 399 

Smaller Co's Fd. ... 27.4 
Esslftru b InLL Fd.. 241 
(69i WdrwLUts. L - 18.9 

FnreiCD Fd B2.9 

N. lot. Fd. J0.6 

0277-217 23B. 

453] —0.41 3. 
45 9j -0 < 3. 

34.3] riu| 6 

hi Set * 43) 

S9.9| -*0H 

253d) -0.11 

29.11 +0i| 

Archway Unit Tst. Mgs. tuty (aiict 
317,Hlgh Holborn.WClV7NL. 01-831 8S33. 
Archway Fund. ,885| ...J 5 78 

Brentwood, Essex 
V.K. Funds 

Cap. Growth Inc r 52 - 5 

Cap Greuth Acr. .[4J l 
Income iAi'Cts— 1322 
High Income Funds 
Hlfh I nco me . . 59 4 
Cabot Ejdralnu — 156.4 

P«MClal b ITU 123 B 

Ol] & Nat Res [273 


Cabot . 03 S 

Luc ms Ilona] . ... .315 
U’rtd WideMoy26.. . |7< 7 
Overseas Foods 




North Amer . — . 

CabotAmcr Snu'o 

Bill Samuel Unit Tst. Mgrs.t ia> 




0 43. 9( +0. 

Ridgefield Management Ltd. 

PO Box 419. 3840. Kennedy St . Manchester 
061 236 8621 

WdfirfieldtoLl.T.199.0 M6.g j 2.42 

8 88 






Ridge). eld income. [96 O 303. 

Rothschild Asset Management (g) 
7240. Gatehouse Rd.. Aylesbuiv. 02965941 

C. Equity Fund . |1655 176D 

N.C. Engy.Res.Trt. U23 USfl] 

N C. Income Fund.. 14&D 
N^.IntL Fd, i (nr .1(88.7 
N.C. Inti. Fd. (Acc.i|8i 7 
N.C. smllr Ceyt Fdjl53.0 


... . +dB 

157.4a| -vL? 








K m 




5 S 8 



33 S 






39 2 


120 9 


50 0 









lc&Bi +0.B| 
Rothschild St Lowndes Mgmt. ia) 

SL Swi thins Lane. Ldn . EC4. O1B20435B 
New CL Exempt.... 10220 129.01 . ... 1 361 

■Trice on May- 15. Next dealing June 19 

Rowan Unit Trust MngL Ltd-Vta) 

City Gale Hse. Finsbury Sq. EC2. 01-606 1006 

pnees at Nay 25. Next sub. day June 1. 

Barclays Unicorn Ltd. uKglVlci 

UaJcoro Ho .252 Romford Rd.E7. m 53455+) 
Unicorn America— DOS 36 th 

Do. A ud, Acc.. 71.9 77/ 

Do. AusL lnc ... 57 .0 61.i 

Do. Capital. ..663 7 

Do. Exempt Tst 108.8 113 

DO. Extra Income .. 278 30 

Do. Financial 59 5 64_ 

Do. 500. 7Z1 77 

Do. General 330 33 

Do. Growth Acc 40.9 -H 

Do. Income Tst.. ..838 90. 

•Do. Prt- A’ns. Ts. .. 137 2 144.. . 

Prices at April 2 Next sub day May 31. 

Do. Recovery 1423 455) +021 5.60 

Do. Trustee Fluid s 1327 1210 +1 il 5 09 
Do, Wldwldc Treat 48.9 52 « . 159 

Bt4Jn.PdJne 628 654al +0.d 481 

Do. Accum (718 748| +0 b| 4.81 

Baring Brothers Sc Co. Ltd-V lauxi 

88, Leadcnhall Sl. EC 3 01-^882880 

Stratton TsL [1678 175 ffl ..j 420 

Do. Accum |£a2 Z17 .o| [ 420 

Non sub. day June & 

45 Beech Sl. Ei^P 2LX 
(b)BritUh Trust — [1492 

igllntlT+oft i<4 

HI Dollar Trust ... 77 7 

i bl Capital Trust . 29.9 
ibj Financial Trust- 907 
ibi Income Trust . 27.3 
'Trust- 523 

Ibi HfoMpTald T«_ [29 6 

320 +05 


American May 34.... 
Securities May 30 - 
High Yield May 25. 

•Accum. Units) 

Merlin Mav3i 




+3 4' 



4 69 

7 65 
4 01 

Intel* fang) 

15. Christopher Street. 2. ni-2477243 

Intel Inv. Fund ._|B87 955] +0.7] 620 

Key Fund Managers Ltd. laHgl 

25. Milk SL. EC2Y 8JE 

Key Energy inFd . 178.9 


eKryClunRfd - 
Key Income Fluid- 
Key Fixed Im.Fd . i 
Key Small Co's Fd .. 





33 0 +0.9) 
73 3tf +05 
154 1 ... . 

8J3 >38 
642 .... 

98 t +05 






69.0 725 

1620 1720 -L0| 

WO 57.0a 

76 0 80 D __ 

, . . H8 8X7 -0.8] 

'Accum. Uoftai _.|9SX 998) —0.7 

Royal Tst. Can. Fd. Mgrs. Ltd. 

«. Jennyn Street. S.WL 01-6388252 

Capital Fd |6SS 723) -Oh) 3.61 

Income Fd PZ.9 7651 -X^ 7-32 

Prices at May 31. Next dealing June 15. 

Save & Prosper Group 
4. Great Sl Helens. London EC3P 3EP 
E8-73 Queen SL. Edlnburgb EH2 4NX 
Dealings to: 01-554 £893 or 031-228 7351 
Save & Prosper Securities Ltd-V 

Interna decal Funds 

Untv. Growth ....|66.B 


70.7| +03j 




Bishops gate Progressive Mgmt. Co.V 

0. Btghopsga le. E.C— . 01-5688390 

B'c«ePr."May23... 1184.9 197JM ... ..) 3.40 
A<£ftAa.-*Hay23..g202 234« ..J 390 

B‘gme InL May 31 _(173.7 1B4* -3.g UM 

(Are am. J May 31 (l9L6 203 « -J 3 124 

Next sub. day 'June IX “June 6 

Kletnwort Benson Unit Managers? 

20, FenchurchSuEC.2 OJ-623BOOO 

KB. Unit Fd lnc. _ [84.4 92J| 5.06 

4KB United. Ac... 106 0 1152 5.06 

KB.Fd lov.TAs.. |525 575| _..[ 438 

L St C Unit Trust .Management LULV 

The stoel: Echange. SC2N lHP. 01-588 280 0 

UkClnc-Fd - . ... 1 1361 1404] ) 7.40 

lAiCIoll Jc Gen Fd .(%5 99 sj J X04 

Lawson Secs. Ltd. via»n 

83 George SL. Edinburgh EH22JG 031-226301 1 

Increasing Income Fund 

High -Yield 1533 

High Income Foods 

High Return— [656 

Income . — (4X7 

UJL Funds 

UK Equity |432 

Overseas Fnndstn 

Europe — - ,..(5j3 

Japan (WJ. 

573|+05| 7.11 




463(+05) 4 81 

906) +0.9) 
100.3 -oi^ 


Bridge Pond ManagersfuMcl 

King Will lam St.EC4R9.LR 01-8234051 

American 1c Gea-{_ 34.7 

Income*. 49.9 

Capital Inc.T 352 

DoTAcc.T 38 7 

Exemptt ™ 

Imereti.' lnc.t.._.. [15.6 

Do.Acc-t 117.1 

Dealing *Tucs. 


_ J= . , 366 

twed. tThurs. Pnees May 


543a -0.K 
16 6 

432 .._. 


3U ..... 

262 — 0.11 
272 ~03^ 










Britannia Trust Management (a) (g) 

3 I'*'*” Wall WMiMin gt, London Wail. 

London EC2M SQL 

Assets 1721 

Cspltal Acc.. 

Commie led 
Co mmodit y 


R»»» [n w T ...... 104.9 

Exnaincooae 344 

Far East 195 

Financial Secs. 64.7 

Gold & General 87.4 

Growth 7B.8 

Inc. & Growth 732 

lari Growth....— 58.4 

IttvaiLThLShareg - 94.7 

Nat. High lne.__ Tf775 

New issue 353 

North American — 23.9_ 
Professional — .. — 506.7 
Property Shares _ 133 

Shield 45.9 

Status C h a n g e . 303 

TJpiv Energy pCL5 

01-438 0478/C478 
77 6) +02) 527 
552 +QJ> 4.06 

60.6 +0.4 437 

832a +02 5.04 

40.40 +0 5 459 

1103a +05 742 

424 +02 931 

ZLC +0J 3.44 

69.6 +0.9 4 43 
99.0 +2B 105 

S45c +0 8 4.07 
7&Ba£ +03 6.99 
628x +03 231 

483 —02 3 67 

384 +12 339 

835 +0.4 821 

32 3 +01 422 
3Un . ...• lit 
5224 +45 413 

143 2.60 

49A +06 4.40 

32J +02 455 

So] +01) 253 

9Raw. Materials — 130.7 
LAccum Crutxi- .W7 
•Growth Fund... - |5J 9 
*i Accum U nlts < . [59 9 
TtGift and WarnmL 136 4 

iAmene&n Kd [24 4 

i Accum Units'-- [25 4 

“High Yield M 71 

"lAccum. iJoiLS'- .]66.1 

DeaL SMon. *TuCi. rtWed. tTliura- **Fn. ■ 

Legal & General Tyndall FnndV 

18. Canyuge Road. BnatoL (E7232341 

DIs. April 12 ..... _|56 a 602j .) 527 

lAccum Units' 1 722 76.4] | 5.17 

Next sun. day June 14. . 

Leonine Administration Ltd. 

2, Duke SL. London WIMftJP. 01-488SB91 

Leo Dirt (74 0 77.?d| -20j 508 

<. ww Fonds 

Commodity.... [753 

Energy.. . - — ... _|6E-6 

Financial Secs (705 

High-Minimum Funds 

Select Internal (249 0 

Select Income - {534 








2627) +0.71 
563| +03| 

Scotbits Securities Ltd-V 

Scotblts [385 413) +0.4) 

Scolyield B02 53AH +03/ 

Scauhares.... B5.9 6Q2ri| —0.71 

Scot, Ex. Gtb*4 12413 2527rf 

Scot Ex- YkL'O. |lb5.6 1734 









54 JM 

695) +03) 
83 4, 

Leo Accum -[8X3 85 8| -22] 4.62 

Lloyds Bk. Unit Tst. Mngrs. Ltd.V <a> 

Registrar's DepL. Goring-hy-Sea. 

Warthlnp. West Sussex- 

First (Balncd. i 1503 

Do (Accum.) 692 

Second (Cap.1 5L4 

Do. (Aeenm.)- 64.7 

Third (Income! 823 

Dai Accum i 1126 

Fourth (Exlnc.) M3 

Do. (Accum.) 660 

Lloyd's Life Unit Tst. Mngrs. Ltd. 

72-80 ,G *le house Rd.. Aylesbury. 0296 5041 

Equity Acram |15».l 166.4J +2.5/ 403 

MiG GroapV MfeKil 
Three Quxy^. Tower Hi, EX3R 8BQ. 01886 4688 
See also Stock Exchange Dealings. 


*7LJ ri].4[ 

+03! 4.46 

+0M 627 
+53 627 
+031 002 

22. a 

29.4 +02 
27.0 b .. ... 
26.7a +02 
SL0» +0.1 
421 +02 
321 +02 
523 +02 


31.4a +83 
295 -02 


27 J ..... 

228ri +02 

aun +021 







Prices at May 24. Next sub. day June 14. 
Scblssinger Trust Mngrs. Ltd. ia»z> 
(Incorporating Trident Trusts i 
1+). South Street, Dorking 

Am. Exempt 1217 

Am Growth 273 

Exempt High Yld.- 25.7 
Exempt MkLLdrs- 25.4 

Extra InC-Txl 28. B 

Income DisL 39.4 

lnc. IOli Wdnrl M3 

IntnL Growth , 48.6 

lnv.TSL Units 24.7 

Market Lenders 292 

•Nil Yield' 27.1 

Prei. & cat Trust — 24.0 

Property Shares *5.9 

Special Sit. Tst 207 

UK- Grth. Accum 212 
UK.Gfth.Dirt. (l07 

J. Henry Schroder Wagg & Co. Ltd-V 









The British Life Office Ltd* (si 

E^fonceHse, Tunbridge Well*. KL 088222271 

BL British Life. (49.7 526) +04) 5.57 

BL Balanced* [45J 49J8 ... 5.63 

BL Dividend* (42 2 54jj — 4 9.40 

•Price* May 51. Next dealing June 7. 

Brown Shipley St Co. Ulf 

Mngrs; Founders CL. EC2 01-80086=0 

BS Units May 30 — 0117 228,6) J _5.12 

Do.(Aec.lMaya._ft6L4 284.9( ..—I 

fte u nlr TniaU M) 




Growth Accum, 

Growth Income 

High Income 293 

LTX3 1200 


Overseas . 

P erforma nce — 

ExmpL^prU T6 ZZ \ 

56.61 +0^ 
29.9 +02 
43.4 +0.2 
383 +02 

21 2 J 

273 +0 4 
203 +02 
629 e +12 
23.1a +01 





4 A0 

Canada life Unit Tst Mngrs. Ltd-V 

2*8 High SL, Potters Bar, Herts. F. Bar 5 1122 

Can. Gen Dirt. B02 402J +0^ 436 

Do. Gen. Accutu — +o 3 434 

Do. Inc. Dirt 1334 352rt +031 777 

Do. Inc. Accum [0.7 46JJ +03[ 7.71 

Capel (J antes J Mngt Ltd.V 

100 Old Broad St, EC2N 1BQ 01-6880010 

S&===gK a -d 55 

.American 150.0 

lAccum. Unltst 51 0 

Australasian 53 4 

i Accum Units) - ._ 54.4 

Comroodiiy — 75.6 

(Accum. Units' E-3 

Compound Growth. 1048 
Conversion Growth 612 
Conversion lnc..-.. U.6 

Dividend— — — 1206 

lAccum. Units/ — T. gll 

European- 4SB 

lAccum liniis* 49.4 

Extra Yield B38 

f Accum L’mtri 1221 

Far Eastern.., S41 

(Accum Units) 593 

Fund o! Inv. Tfls — 59 9 
(Accum Units/, — 732_ 

Ge+jcral 1672 

(Accum Units' 2552 

High Income . ... — 10Z3 
t Accum. Unib) — 1609 

Japan Income HSt 

( Accum Units > — 147.1 

Magnum 1993 

lAccum Unite' 24S fa 

Midland 1662 

(Accum Uniui . — 2752 

Recovery BO 5 

(Accum Uruts/ n.4 

Second Gen. 169 7 

i Aeenm Units' 253.6 

Special 1593 

lAccum. Unite'., -PCO.7 
Specialised Funds 

Trustee [1443 

(Accum Unite' p783 

533) +02 123 

543 +02 123 

56 9 -03 122 

57.9 -03 182 

813 -01 4.05 

87.6 .. . 4.05 

1127 -0.1 336 

658 280 

607 +03 831 

1242a +02 789 
2353 +03 789 
52« +08 341 

526 +08 5.41 
893 +02 041 

119.4 +03 0.41 

57.6 +05 2.19 

63 2 +0.6 2.19 

64.4a . .. 434 

707 ... 434 

1824 -03 5.76 
2709 —0.6 5.76 

1092 +02 8 62 

1773 +02 B82 

156.0 k + 0.7 1.24 

137.4 +0.7 124 

2233 +02 329 
2600 +02 3.99 

177.0U +05 6 84 

2932 +0.9 6.04 

85.7 +0.4 439 

807 +05 459 

1841 +02 521 

2752 +03 521 

169.4 +02 4.19 

213.7 +03 419 

120. Cheapside. E.C. 
Capital May 30 — 
■Accum i 

lnfflMMay30 — : 

(Accum Unite),,.. 
General May 31 _ 

I Accum Units i. — 
Europe May 18,. ... 

lAccum Units) 

*Spee£x. May 10, J 
•Recovery May ] 

prices on May 17. Next dealing June 
Carliol Unit Fd. Mgrs. Ltd-V iaMc) 
MiTburo House, Newcastle-upon-Tyne 21 185 

Chart bond 109.1 




. 641 
-0.d 10.44 

7 83 


r= BS 





Do. Accum Units 

438d — 03[ 

Do. Accum. Unl«_E12. 537]-0.7] 

Next dealing date June 10 
Charities Official Invest. FdQ 
77 London Wall, EC2N1DB. 01-5881815 

= 1-1^° 

OOnauth. Only available to Reg. Charities. 

Chwifd. Mai- 20 (1443 

(Accum. Unite- 1179.1 . „ 

Pens. Ex May30_B»2 1403) 

MannLife Managenwnl Ltd, 

SL George's Way. Stevenage. MSB 56101 

Growth Unite. 1510 54 5] | 3.73 

Mayflower Mana g e m ent Co. Ltd. 

l-VIBGresh3lliSL.EC2V7AU. 01-0068080 

Income May 23 0053 11029 j B2B 

General May S3. — [698 73 3 518 

Mercury Fond Managers Ltd. 

30. Gresham SL, EC2P2EB. 01-8004555 

For tax exempt funds only 

Scottish Equitable Fnd. Mgrs. Ltd-V 

28 St Andrews Sq . Edinburgh 031-5069101 

Income Unite M9.8 53.0] . ... ) 5.10 

Accum Unite — -,(56 9 USf 4 5.20 

Dealing day Wednesday. 

Sebag Unit Tst. Managers Ltd-V 111 
PO Box 51 1 . BckJbry. Hse . EC 4. 01-238 5000 
Sebag Capital Fd.,|33.1 34.7] +03] 383 

Sebag IncwueFi .J30.1 Slit +0X| 830 

Security Selection Ltd. 

15-18. Lincoln's Ina Fields. WC2. 01-83180389 

Uml GXbTBt Aec — P41 25.71 J 230 

Uovl Gth Tst Inc . — pi.0 2224 4 2-50 

Stewart Unit Tst. Managers Ltd. (ai 

45. Charlotte Sq.,Ediaburgh- 031-2203271 

TSlewart Ame rican Fung 

Standard Units [642 60b] 4 1.42 

Accum Unite |692 74.1 

Withdrawal U nits, |512 54. 

•Stewart British Capital Fund 

Standard J133-0 144^ .1 030 

Accum Unite (132.4 165 0| [ 430 

Dealing tFri. *Wed- 

Sun Alliance Fund Mngt. Ltd- 

Sun Alliance Hae.. Horoham 040384141 

3 S+d IS 

Target Tst. Mngrs. Ltd.V laMg) 

31 . Gresham St, EC2. Dealings: 0298 5841 

BehI “ 


Charterhouse japhetV 
1, Paternoster ROW.EC4. 

C J. Internal *1 03 A 

•am. Units. Z7.8 

CJ- Income J4J> 

CJ. Euro. Fin 26 2 

Accum- Unite 30.4 32 j$ 

CJ.Fd.Inv.Tst 208 

Accum. Unite pa* 328. 

Price May 31. Newt dealing 



362) +023 









Merc. Cen. May 31 » 
Acc. Uts. May 31 — 
Merc -I dl May 31 — 
Aetna. Ute. May 31 „ 

Accum-Uis. Apr 27 . 

082.2 193.9 

2307 253-9 

63.4 67.4 

601 72.4 

214.1 223.0 


255 5 2601* 







Target Commodity 
Target Financial 

Target Equity 

Tarest Ex. May 31 - 

♦Do. Arc. Units 

Target GUlF'ucd .... 

Target Gro+li — 

Target Inti. ... 

Do. Reinv. Units. — 

Target lur — 

Toroel FV May 31 

Tgt. Pref. ... - ,13.7 

1353 300] +031 

59 0 641 +0.7[ 

57.4 „ 402 

206 9 2144a 

= :if 2922 

115.0 1203 . . , 

28.8 310 +0.4| 

3 0 302 

306 ' 32.9 ,, 

298 32.0U -02) 

1505 164.7 

(29 0 312 +02] 

Coyne Growth Fd , 


w 3+02) 













Midland Bank Group i , 
Unit Trust Managers Ltd-V <aj 
Courtwood House, Silver StreeC Head.’ 


Chieftain Trust Managers Ltd-VUXg) 

UNftwSL J9C2M4TP. 01-2833532 

A m eric a n— — krt23-4 252] ... -| 159 

High Income W03 43JB +02! 9.43 

ki24.4 S3 ... J 322 

|206 23M -03j 427 

Sheffield. Sl 3RD. 
Commodity &. Geu. . [642 

Do Accum 74 0 

Growih_ 5*9 

Do- Accum 29 6 

Capital J27-5 

International Trt — 
Basic Rosrce. Tat 

Confederation Funds Mgt. Ltd-V (ml 

50 Chancery Lane, WC2A 1HE 01-3420282 

Growth Fund— [413. 43.4) +0J| 439 

Cosmopolitan Fond Managers. 

3a Pont Street. London Sff LX 9EJ. 01-2358535. 
Co*nwpoln.GLhJ0 J27.9 19.0] +02] 481 

Oeseent Unit Tst Mgrs. Ltd. (a Kg) 

4 Melville CTOs.. Edinburgh 3. 03i-z»«oi 

Tel: 0742 

79.6 +0. 
396U -0 

425 +0.; 
294 . , 

32.7 . . 
55.0 +0 
b2A +0 , 
527 -02] 
547 ..... 
653 +0.7 
692 tO 









CreKent Growth — g-0 

Cres-InfernoM. 56.4 

Gres. High. Dirt, — 432 

Cres. Reserves — [40,4 

433) +03| 

Discretionary Unit Fund Managers 

22, Blomfield SL.BC2U 7AL 01-8384485 

Disc Income (1629 173Jtefl 4 5^ 

K, F- Winchester Fund Mngt. Ltd. 

01dJewiy,EC2 01-6052187 

Great Winchester,. (104 201] — j - 6.08 

Gt-Wtach'er 0'sea»)19.7 215) ) 456 

Emson & Dudley Tst, MsgmnL Ltd. 

20.Ariingi*nSl.,S.W.L 01-SS87S51 

Emson Dudley Tst. (648 69.7) 380 

Equities Secs. Ltd. (a) <g) ix> 

41 BIsbopxgBte. ECS 01-5885851 

progressive [66 1 69 Ad +0-4] 4.08 

Equity & Law Un. Tr. M-V (aWbkc'i 

Amersham Rd . High Wycombe. (HOi 33277 
Equity & Law [66 6 7(Ll| +0.7) 431 

Framlington Unit Mgt Ltd- (a) 

5-7, Ireland Yard, EC4B5DH. 01-^180871 

Ahacri c a n JJ02 ,50^ ■— J 100 

CapliaIXst-u (116.5 124. W — 3.82 

InwmcTSt. M35 110^ 5.95 

InL Growth Fd. P72 ~ 1 VS 

Dq. Accum p20h U76rtj 4 220 

Friends' ProvdL Unit Tr. Mgrs.f 

ptxham End. Dorking. 03065053 

Friend* Prof. Uls. -(422 451nj+p( 426 

Do. Aceum. — *9 6 

income 514 

Do. Accum M3 

InlcmXLlcnal .. — +78 

Do. Accum 50 4 

High Yield - g3 

Do. Accum . . So* 

Equity Exempt '■ — 1036 

Do. Accum.* 1033 _ 

•Prices at April 28. Next dealing May 3L 

Minster Fund Managers Ltd. 

IHnrtcrHse, Arthur SL.EC0 01-8231050 

Minster May »- -135.7 37.7] . .1 5*7 

Exempt May 31 [9(1.7 94.7)+3.6j 5 48 

MLA Unit Trust Mgemnt. Ud. 

Old Queen Street. SW1H9JG. 01-0307330 

MLA Units B9J 413) 4 *» 

Mutual Unit Trust Managers V (aXg) 

15. Ccpthali Are, £C2R 7BU. 01-6064803 

Mutual Sec. Plus --620 54M 4021 6.« 

MuOteJlDC.TA-— J«3 JJXj +01] 736 

Mutual Blue Uhip^j42.7 46514021 6.4S 

Mutual HlRh Yld,. 65 8 59S[ +03( 074 

National and Commercial 

31. St Andrew Square. Edinburgh C01-558 8151 

Income May 31 MS 

(Accum. Units i BffllZ 210U +7.W 000 

Oaptltol'3! Sgf 120|-J3 

(Accum Units' — I25L2 1563) -4.4] 347 

National provident Inv. Mngrs. Ltd-V 

48, Graceehurch SL. EC3P3HH 01-8234200 
NPJ Gth Ln.Tst (45,0 4.» 

1246 13L9 r”j 280 

(132.9 140.7) .. .) 2.60 

—Prirti on May 25. Next dealing June 29. 
■Prices on May 17. Next dealing May 3L 
National WestminsterVfc) 

161, Cbeapude. £C£V 6EU. 01-606 6060, 

Target Tst. Mgrs. (Scotland) faXb> 

IB, Athol Crescent. Edln. 3. 031-228H631C 

Target Amer£aglrf273 2931 -,.( 130 
Target Thistle. _ [40 4 43 43 +04 589 
Extra Income Fd. ...I&A 642} +0.H 2022 

Trades Union Unit Tst. Managers* 

100. Wood Street, E.Ci 01-638801 1 

TUUtMay2 149.0 502* I 5.42 

Transatlantic and Gen. Secs. Co.V 

81-80 New London Rd. Chelmsford 00*551651 

Barbican May 35— J757. 

(Accum Unlte.i 1114 1 

BartxExmJiaySJ., ~ " 


'Accum Unite) 

CofeDO ltay 28 

(Accum Unltsi — ... 

99. D 

Cumld. May 31 1515 

(Accum Unite) 

Glen. May 30 

Marlboro May 30._ 

( Accum Unltsi 
VxnCwth. May 30_ 

( Accum. Unite; 602 

Van'By3tay30 713 

Vang-Tee May 31 _ 44 4 
< Accum C aim l 45.1 


(Accum Unite) 

Wick DL May 26_ 
Do. Accum 

[53 J) 





804» +181 
83 7i< 

545U +ai 

59.7 +03 


723 — 

52.7 __ 
603 .... 
513 ... 
636 .... 
753 , , 
47.0 -02J 
478 -02) 


















65 f 





Tyndall Managers Lt<LV 

10 Canynge Road, Bristol. 

Income May 31 [1000 

(Accum Units) — 0802 

Capital May 31 025.0 

lAccum. Unite) (1744 

Exempt April 3i... , 

(Accum unite) 



Cinyn«c Mfy 3l„- 980 
(Aceum Units; 

(Aeeum Units;* i 
MP1 O' seas. Trust 
i Accum. Unitsi" - 


Jut-EsroMayai 2440 

(Accum. Unite) - — 2722 
Scot. Cap Hay 31.., 139.8 
(Accum. Unite)— 166.4 
Scot Inc. May 31.. .. 162.0 
La oden Wail Group 

Capita! Growth [81-9 

Do. Accum . [837 

Etna lnc. Growth... {37.4 

Do. Accum. 1540 

G.T. Unit Managers Ltd-V 
10 Finsbury Circus EC2U 7DD 

f03[ 436 

G.T. Cap. lnc.. &5 

[Du Acc. — — (770 

G.T. lnc. Fd. Un.^-|159.7 

G.T.U5.fcGen.., — 1426 
G.T. Japan* Gen — 2W.4 
*GtPetmEx0-d — 1E1 

ST.Inri. Fund 110.8 

G.T. Four YdsFd— [533 _ 

G..& A> Trast.teXgfe) 

iRaylelehRd. Brentwood ' .(0277)227300 

G- * A = P2.4 34, trt) +03] 079 

Capital (Accum) — 66.0 

Exfralnc BA 

Financial., »-f. 

Growth lav B9.8 

Income — - ml 

Portfolio I ov.Fd— 70-3 
UniverwJ Fd td) 506 

NEL Trust Managers Ltd-V <aMg> 

Milton Court, Doridus. Surrey. 5911 

Nolrtar - — |g2 “3+°^ *42 

fjemar](ii;hlnf.-.oOA 53 | 7,98 

For New Cou rt Fluid Maaogos Ltd. 
see Eothscbild Asset Masagenteni 
Norwich Union Insurance Group (b) 

P.O.Box 4. Jforwtcfi.NRlSNG. 000322200 

Croup TsL FA P*4-9 363.1] +1.2) 4.92 

Pearl Trust Managers Lid, fajfgKz) 

2S2Hl^h Hhlbora. WC1V 7EB 01468441 

Pearl Growth rd- -123.0 24 8) -^0.1] 4.92 

Aceutn Unite 270 29 

Marline.— .,,— 515 33 

Pcnrt UnitTsl M3 38 0 

l Accum- Li nits i 5.7 49. 

Pelican Units Admin. Ltd. (g»x> 

81 Fountain St , 51 a he better 061-Z36M85 

Pehckn Unite— _ [83.0 89 J] +0.6). 5.10 

Do. Accum — — [43.1 

Financial PCrty U6.1 

Do. Accum ... (19-7 

105.8) +0.4] 006 
189.4 +1.0 
L3L4 -U0 
1835 -L6 
113.0 +2.6 
1596 +52 
103. B +00 
1208 *+1.0 
257 0 +o r 
2860 +04 
1408 ..... 


1702 +0Sj 

S 24 

87.6 +02 
893+0 2 
402 +0.1 
46.3 +01 
175 +0.1 
211 +02 

67.7 +DJ 
333 +0.1 +03 







Highlnc- Priority,. J63.0 

International QUO 

Special Site.. [305 

TSB Unit Trusts fyi 
Sl, Chantry Way. Andover. Hants. (G646SJ88 
Dealings to 02fr) 03432-3 

(biTSB General [44.9 

(b»Do. A+cum. , 569 

(bl TSB Income 59.7 

fh( Do Accum 62-3 

TSB Scottish BU3 

(bi Do. Accum. |871 

Ulster Bank? (ai 
Waring Street. Bed as L 
IbiU teteT Growth ... (37.8 

48.11 +02 
60.9 +0J 
63.6a +03, 
663 +031 







40.61+0.41 522 

Unit Trust Account & Mgmt. Ltd. 

King William SL EC4H8AR 
Friars Km. Fund„„!1490 
Wider Crth. Fnd... 09 3 
Do. Accum. .... [34.0 

Wieler Growth Fund 

King William Sl EU 4R 9 ak 

0J -623 051 

157.0] j 432 


II El 

J nconte Unite [29 3 

Aeeum. Unite . 

30 9) ... J 4.36 
35.81 — 4 436 

Mr £“f “ W 


r t«J 

Australian Selection Fund NV 

Markit OpponunLiev. to Irish Young & 
Ouihwaiie. 127. Kent Sl.. Swincy* 

U SSI Share <; ^ , ] SUSlSi 'l J — 

Rank of America International SA 
35 Boulevard Rojol. Luxembourc G2). 
Hfdiorest income JflHHH 1MH( ... J 056 
Prices- at May 25. Ncsi^sub. day Nay 3L 

Bnk. of Lndn. St S. America Ltd. 

40-66. Queen Victoria Sl. EC 4. ' 01*93)2313 

Alexander Fund ]SU>7U — | J — 

Net asvl laliji; May 24. 

Banque Bruxelles Lambert - 

2. Rue De 1 a Rcjcncc B 1000 Brussels 

Renia Fund LF |UM9 1.906] +1] 7.B5 

Barclays Unicorn InL (Cb. I01 Ltd. 

!. CJwnng Cross, Sr. HeJier, Jrsy. QS3i 73741 

Oi ersras Income 1407 51 H I 10 90 

InldoUar Trust,. . ii'SUfl U«-0Jjl 425* 
Umbood Trust- „[HSUU7 lOO^+OiO] 8.00 
■Suhfect to fee and withholdlnc foxes 

Barclays Unicorn InL <L O. Man) Ltd. 

1 Thomas Sl. Douglas. l.o.M. 0634 4850 


Unicom Aust. Ext . 



Do.Aurt. Min 




Do. Gnr Pacific, . 



Do.lnll. focome . ., 




Do. I. of Man Tst 



Do. Manx Mutual,, 






Bishopsgate Commodity Ser. Ltd. 

PO. Box «. Douglas. l.o.M. 0824-23811 

ARMAC 'Mar 3. BVSZ7D 7916 

CANRHO**rtay2. O.OOS 1.069 
COUNT**May2.„ ,|£2337 2.479 

Onginally issued at *S10 and 

Bridge Management Lld. 

P.O. Box 300 Grand Cayman. Cayman Is. 

NTathi May 3-. _| Y15542 ] ] — 

G.P.O. Box 5M. Hone Kane 
Nippon Fd. May 31 ttPsisn UUj>0.41| 076 
Ex Stock SpliL 

Britannia Tst. MngmL iCI) Ltd. 

30 Bath St-, SL Heller. Jenny. 033173114 

Sterling Denominated Pds. 

Growth Invest 

In ml. Fd 

Jersey Energy Tsl . 
UnivsLSTaLSlK. .. 
High InLStigTst.*. 


Arbutbnat Securities (C.I.) U mi ted 
P n Box 204. St. Ilelier. JrrbC) . 0534 72177 

ifop.TsL 1 Jersey 1... .[115.0 119 M I * 20 

Neil dealine date Jun» 7 

EaxiAIntlTsL'ai .|U40 12101 J 3.10 sub. June 8. 

King & ShaxStm Mgrs. 

1 Chan no Cross. Sl Heller. Jersev (0534 '73741 
Valley Hsc. Sl Pi+cr Pon. Crn*y. (0481' 247DB 
lTfaoimu-Siroel, Douciac, 1 0 III . iC8!)i5ffi6 

Gill Fund 1 Jersey '_|924_ 
Gill Trust' I o Ml... 103.7 
Cill Fnd. GuernSvy|C9 71 
Inti. non. Sect. T«. 
First Sierl inc,,,,,. [18.17 

S2t( .. 



tmi . | 12 00 

781+0011 12, CO 


Firitlna [18303 184 13| 

Klein wort Benson limited 

ZD.Fenchurrh St . EC3 

01-623 8000 

Eunnvm. Lux. F. 
Cuemsev lnc..,.,, 

Pa. Aeeum. 

KBlntl Fund, ... 
KB Japan Fund . „ 
K.B. l LS. Gwlh. Fd 
Slcnet Bermuda _ 

63.3 6711 

78 2 83 0 

51. 'Sl 0.62 
SUSU 40 id 
, SUS4 83 
1020 19201 



- 0.01 


KB act as London paying agents only. 

3 31 

4 17 

Lloyds Bk. 1C.I.1 U/T Mgrs. 

P O. Box 135 . Sl Helier Jersey. 0534 27561. 
Lloyds Til 0"«eiii, .[55 5 S84| ._ .,1 220 

Next dtalini, date June 15. 

Lloyds International MgmnL SA. 

7 Rue On Rhone. P.O Bc-\ ITS. 101 1 Geneva U 
IJoyds InL Growl h |671M» 3MSC1 . | 180 
Lloyds Ini. Income. |SF7 WN BIlKII 





M & G Group 

Three Quais. Tower Hill E'^R OBQ 01-426 4568 

AUanilcMa) 30 JTttff 3.5J) 

Ausl Ex. May 31,. . 5USZ24 
Gold Ex.MovJl ... . JL'fflB 

Island 125.7 

■Aieiunlfoiui 177 8 

10071+0 431 — 
133.8 -0.1 ‘ ‘ 
109 2 -0 2 



_ n Samuel Montagu Ldn. Agts. 

114, Old Broad Sl . E '."i 
Apollo Fd. Ma> 24. jSF4920 

Japfesi May 15 IHDJ1S 

Jl> Grp. May ]7 Rums 
117 Jersey May 17. . £512 
1 17 JrsyO's May 10.. 02.14 




501 .... 

12.78] . . , 





Murray, Johnstone (Inv. Adviser) 

163. Hope Sl, Glasgow. C2. 041-221 5521 

■Hope St Fd. [ SL‘S3207 | [ — 

-Murray Fund— .1 SI.:S1048 } — 

-NAV Mac li 

32.7 35 

732 791 

142.: 153 7 

£123 2.35 

— 1.00 






Neglt S A. 

10a Bouleiard Royal. Luxembourg 
NAV May 26 ,„| SUSUJ6 1 1 — 

U5- Dollar Deaomluted Fds. 

Univ&L JTai ISI SSJ0 5«| [ — 

InL High InLTsL-. ] — SISLOO) | 9 00 

Value May 26. Next Dealing June 5. ‘Initial 
offer closes May 31. 1078. 

Brown Shipley Tst. Co. (Jersey) Ltd. 

PO. Bax 563. SL Heller. Jersey. 0534 74777. 

Sterling Bond Fd. „|£9.96 9.99| ) 12.00 

Butterfield Management Co. Ltd. 

P.O. Box 199, Hamilton, Bermuda. 

JVegit Ltd- 

Bank of Bermuda Bldg*. Hauulloa. H raid a. 
NAV May IP . |£471 ~ ] | — 

Phoenix International 

P0 Box 77. St. Peier Port. Guernsey. 

Inter- Dollar Fund ,|2J4 253], .( — 

Buttress fncume Bl 

Buttress Equity [2J3 2|5J .j 1.76 

Property Growth Overseas Ltd. 
28InshToun. Gibraltar (G:b'61M 

U S. Dollar Fund. 1 SUSB5 89 |, | - 
Sterling Fund . | 024.05 | [ — 


Prices bl May a Next sub. day June 12. 
Capital International S.A, 

37 rue Not re- Dune. Luxembourg. 

Capital Idl Fund,, | SUS10B6 | 4 — 

Charterhouse Japhet 

I . Patera Oiler Row, EC4. 

Richmond Life .Ass. Ltd. 
40 Alhol Street. Douglas. LO M. 

0324 22314 

ix'.The Si berTruu. 11141 
Richmond BondB7 

Do. Platinum Bd 

Do. Cold Bd 

Do. Em. D7:02 Bd.,, 


116 9[ 


199 7 


137 6 

106 9 




01-246 3M0 

Adiropa .... 
Adi verba.. 

DM31 M 

DIM. 71 



+ 0.20 


a J 

33 on 






Rothschild Asset Management iCJ.l 

P.O.Box 50 Si. Julians Cl. Guemaei 0481 26331 


Fond is, 

Emperor Fund 


Clive Investments (Jersey) Ltd. 

P.O. Box 3*0. SL Heli er. Jersey. 0534 37361. 
Clive Gill Fd. (C.L > . |9. 90 9.91|+0.ra 1100 

Clive Gill Fd.' Joy i.[987 989|+0.^ 1100 

Cornhill Ins. (Guernsey) lid. 

P.O. Box 157. SL Peier Port Guernsey 

Into!. Man Fd (1600 183 0| +05) — 

Delta Group 

P.O. Box 3012. Kauau. 

Delia Inv. May 23„|SL78 L87| 1 — 

Dentscher Investment-Trust 

Postfacfa 3685 BiebercBaae 010 6000 Frankfurt. 

Coucentra [DUHU 2130) | - ■ 

lnLReatenfonds,,|tnfW2fi 7140) | — 

Dreyfus Intercontinental Inv. FA 

P.O. Box N3712. Natsau. Bahama*. 

NAV May 25 |SISMS li») -..,] — 

Emson & Dudley TstJUgtJrsyXld. 

P.O. Box 73. SL Helier. Jersey. 0534 20501 

ED LC.T. . — J117.2 124.« 1 3.00 

F. & C. Mgmt- Ltd. Inv. Advisers 

1-3. Laurence Pountney HiU. EC4ROBA. 

01-623 4680 

CenLFd- May 24,, [ SUSS22 1-089) - 
Fidelity Mgmt. Sc Res. (Bda.} Ltd. 
P.O. Box 070. Hamilton. Bermuda. 

Fidelity Am. Ass— [ SUS25.12 

Fidelity I pL Fund,) SUS20.B5 
Fidelity Pac F«L,_( SUS44JI2 
Fidelity Wrid Fd_„| SUS13.97 

Fidelity Mgmt. Research (Jersey) Ltd. 

Waterloo Hoe, Don SL, SL Helier, Jersey, 

0534 27361 

Senes A Omni 1 — | £3.66 

Series B 1 Pacific! — j . £7.41 - 
Series O iAm.AM.j| £1739 

First Viking Commodity Trusts 

8. Sl. George'* Sl. Douglas, Lo_M. 

0624 4682. Ldn. .Agts. Dunbar & Co. Ud, 

53. Pall Malt. London SW17SJR 01-600765. 
Fmi. Vlk. Cm. TSL 1137.1 39 U I 230 

Frt.V0DblOp.Trt _|79 0 84 0rfl +2.0] L28 

Fleming Japan Fund SA 

37. rue Notre-Dame, Luxembourg 

F*lmg. May 16 1 SUS45.04 | — 

Free World Fond Ltd. 

Butterfield Bldg- Hamilton. Bermuda 
NAV April 28 SUS17389 ] . . .| — 

G. T. Management Ltd. 

Park Hse, 16 Finsbury Circus. London EC!. 
Tel. ill-038 B13L TLX: 888100 

O.C.Eq.Fr. Apr 28. 
O CJnc.Fd. May 1 . . 

O C Inll.Filt 

O.C. Commodity* , 
O.C. Dlr.Coradiy.r_. 

J51 1 


Price on May 12. Next dealing May 31 
: Price on May 22 Next dealing June 7. 

3 01 
7 30 

Royal Trust id) FA MgL Lid. 

PO. Box 1B4. Ro.-al Tsl Hsc .Jersey. 0534 27+41 
RT. Int'l. Fd., , .(SL'SUO 9i9*J ... . I 3 00 
RT fell. Osy. 1 F0.I91 95*9 I 5.21 

Prices at May 15. Next dealing June IS. 

Save St Prosper International 
Dealing to: 

37 Broad St., St Helier. Jersey 
U5. Dollar-denmnl dated Fluids 
DlrFxd1nt**May31 |9S3 1G 101-3.1 






foie mm- Gr.*t 

Far Eastern *t 

North American*! 

Sepro**t — . ... 
Sterling-deaoaUaaieil Foods 
Channel Capital*..|229.9 242 

Channel Island-^ 

Commod. May 25 . . 

SL Fixed May 25 ^ 

Prices on "May 30. —May 21. 

tWeekly Dealings. 


7.27] -002) — 
4056 +032 — 

4 02 -0 041 — 
N7I+0.06 — 

1406 154.1 

\J2R2 120. S 

116.6 117.0a 

05) LI 
051 S.( 

' - I ai 



. 1188 
■May 25. 

Schleslnger International Mngt- Ltd. 

41. La Motte SL. St. Heller. Jersey. 0534 73563. 


1^:3 - 

Ik&r.— :z 

GUI Fd „ - 

IntL Fd. Jersey,. ... 
"Far East Fund..,.. 

81 B6| +10 

084 Ottj+OOll 
223 22.54 

[105 US 

51858 1124/ +0W| 


Next sub. day June 1. 






Schroder Life Group 
Enterprise Boose. Portsmouth. 
XaieraaUoaal Pood* 


£Equity_ - . 

-5 Equity . 

£ Fixed Interest 

$ Fixed Interest 


J Managed 





123.5| -0.61 


143 7} -05 

120 0 



J. Henry Schroder Wagg St Co. Ltd. 

120. Cheapside. E.CJ2. 01-5884000 

Cheap $ Mar 28 

Trafalgar April 30, 
Aslan Fd. May 15, 
Darling Fnd 

SUSU4.06 , 
5CSHM 15 W 
SA187 1.9» 







Japan Fd. May 18,.. |K 5015 

'Sentry Assurance International Ltd. 

London Agents for 
Anchor *BT-'ni is — 














_ jscsirt ais 

Anchor Gill Edge., [£S 70 976 

Anchor int Fd ggsin 4 31 

Anchor In Jsy. Tst. (24.5 202 

Berry Pac Fd. 1 5US4106 

BenyPacStrig, — B4200 253.76 

G.T. Aaia Fd BaKSOJ »45a 

G.7. Aria Sterling., (£1256 13.45 

.G T. Bond Fund [SUS 1230 

G.T. Dollar Fd. SUS782 

G.T.PacificFd 1 SUS1257 

Gartmore Invest Ltd. Ldn. Agts. 

2. St. Mary Axe. London. EC3. 01-233 3531 

Gartmorr Fund 3HagL (Far East) La L 
1503 Hutchison Hs^lOFforcoa rt Rd. H.lfoop 

UMH ' \ 0.700 

5CSIW UjW-tJteJ 1500 

mats 11375] 1 080 

Garunore Invesunent MagL ltd. 

P.O Boy 32 DouglasJotL , 0624 238 } 1 1 
Internal local Inc .|ZL0 22.4rt -0 4| 1120 
Do. Growth. 1618 65 M .. . .! 400 

P.O. Box 326. Hamilton 5. Bermuda 
Managed Fund .... ]SU516» LEN| ) — 

Singer Sr Frledlander Ldn. Agents 

20. Cannon SL.EC4. 01 248B646- 

Dekafonds - . [24.M 2028|+O J0j 046 

Tokyo Tsl . Apr. 28..] Sl'SJM# 

Stronghold Management Limited 


P.O Box 315. SL Helier Jersey. 0534-71460 
Commodity Trust.. 19080 94.951 1 - 

Japan Fd.,.-- ... - 
N. American Tsl... 
Inti. Bond Fund — 

Sarin vest (Jersey) Ltd. izi 

Queens H*e. Don. Rd Sl Heller. Jsy. 053427343 
Amencan Ind-TsL,|£82B B45)-0 05| — 

Copper Trust — QL91 12.191-0 061 — 

Jap, Index Tsl (£1125 11.4*1 +0J0) — 

TSB Unit Trust Managers (C.L) Ltd. 
Bagatelle Rd.. Sl. Saviour. Jersey. 0534 73404 
Jersey Fund — [46 4 48 8j ... j 4.92 

Guernsey Fund K6 4 . . | 4.92 

Prices on May 31. Next sub. day June 7. 

Hambro Pacific Fund Mgmt. Ltd. . 
2110. Connaught Centre. Hong Kong 
FarEaatMjay3l._UBKU.l7 UM-*D20j — 

Japan Fuad (SUS6M 717] [ — 

Hambros (Guernsey) LtdJ 
Hambro Fund Mgrs. <C.L) Lid. 

P.O Box 80 Guernsey 0481 26521 

Tokyo Pacific Holdings N.V. 

Intimis .Management Co N V. Curacao. 

NAV per share May 2ft. SUSAdCC 

Tokyo Pacific Uldgs. (Seaboard) N.V. 

Inlimis Management Co. N.V, Curacao. 

NAV per share May 20. SUS39.72. 

il" sb4l(M04 10788| 

[142.4 151 7rt 






C-LFund .. 

Inuil. Bond . . 

InL Equity SUS[1O09 HOi 

Int Srga. *A’ susta.02 1.0W 

hlL Svgs. -B' SUSllOB 1.11J 

Prices on May 31. Neat dealing June ■. 

Henderson Baring Fund Mgrs. Ltd. 

P O. Box N4723. Nassau. Bahamas 

Japan Kd ISVHfiM 1781 .1 

Prices on May 24. Nest dealing dale June 1. 

Hill-Samnel & Co. (Guernsey) Ltd. 

8 LeFebvre St, Peier Port Guernsey. CJ 

Guernsey Tsl 1 3492 1596a^+34| 353 

Hill Samuel Overseas Fund S.A. 

37. Rue Notre-Dame, Luxembourg 

(SI-SUM 14CJ‘0.05( - 

International Pacific Inv. Mngt. Ltd. 
PO Box R237. 56. Pill SL Sydney. Ausl. 
Javelin Eqn*tyTsl..|S2.09 2.19] . ...| — 
J.E.T. Managers (Jersey! Ltd. 

PO Box 1M. Royal Ta. Hae.. J«*rsey0534 27441 
Jersey ExtrcL Tst., [160.0 170 01 . . | — 

As at April 26. Next sub. day May 31. 
Jardine Fleming Sc Co. Ltd. 

46th Floor, Connaught Centre. Hong Kong 

Tyndall Group 

P.O. Box 1256 Hamilton 5. EermudA. 2-27G0 



CH erseas May 24 [5TS1 15 

lAccum. Unite' — [SLSl/i 
S-Wuy InL May 18.. ISIS2S8 
2 New St, SL Rdier. Jersey 

TOFSL May 25 |C7 « 

■ Accum Shares) _ .l£U45 
Amen can May 25 ._ 62.0 
lAccum shares'. ,[620 
Jersey Fd. Mmr24._hn8 
/Nob- J Ace. Ute « .1269.8 
Gilt Fund May 24, u05.6 
lAccum. Shares) .1136 4 
Victor) 1 Hon re Douglas, Isle of Man. 0624 24111 
Managed May 18.. .(1290 155 S| I — 

6 CO 


Utd. lntnl MngmnL IC.I.i Ltd. 

14 Muicasler Street, ft. Heller. Jerre: . 

U.I B. Fund 111794 76 l»lCi] .| CIS 

United States Tst. Inil. Adv. Co. 

J4. P.ue .Udnnger. Luseribuur>;. 

US. TSL Ini. Fnd I SUS10J9 | I 094 

Net nsset May 24. 

Jardine EsulTs... | SHK240.99 
JardmeJ-paJd.-., 5HE31066 

Jardine Si; A SHKI3.4a 

Jardine HenLlnL ..] SHK9 46 
NAV May 28. ‘Eaniralenl S 
Next sub. May 31 

;S68 10 




s. G. Warburg & Co. Ltd. 
30. Gresham Street. EC2- 
Cnr.Rd.Pd May 30. 

Mr.Eur. May 24., _ 

JUS6 85 , 

18 38 *.050| 

1] I -600 4555 

Warburg Invest, ltfngt. Jrsy. Ltd. 

j. Charms Cron. Si Helier. Jov Cl U534 ..>741 

Keyselex MngL, Jersey Ltd. 

PO Box 98, SL Helier. Jersey. . (Sag. 01-6087070) 



Keyselex Int'l 

Keyselex Europe,, 
Japan Glh. Fund. .. 

Keyrelex Japan 

CenL Assets Cap 

>0 40 716) 

085 4Jl 


aO.70 1L7T 

UhS- 0'95] 



CMF Ud. May 25 
CUT Ltd- May 25 - . 
Metals Tsl. May 18, 
TMT May II - 
TMTUd. May 11. 

£12.58 1290 

ili-88 1217) 
styu:* an, 
no 37 1D.&4' 


World Wide Growth Management# 
10a. Boulevard Rei'al. Ltltembours. 
Worlduide Gth Fdl 5US1401 I I — 


Prices do not include S premium, except where indicated f. and are'n prtic 1 .* vihcrwlie 
indicated Fields % ishcwn ia last coluimn allov, lor oil a^twered^pnee* 

include aJ] expenses. - - J " 

open In e price, h 

fSOA b Trwlav's nrirei c Yield based on offer price d Eslimoied. g Tp-dJV's 

Distribution lree P of UK. fo>*«. p Periodic premium tnMirancc »in«s Singfo 

premium insurance, x Offered pnee include* M expenses except mi - c 

y Offered pnee includes all expenses If bought through managers x Prwious d«j » ' pncc. 
V Net of tax 1H1 realised eamtal sains unless indicated by 4. 1. Guerafey gro>s. a Su. pended. 

Wield before Jersey" ISU. t Ex-subdirtsiMn. 

I.G. Index Limited 01-351 3486. Three moRlilb Copper 736.0*802. 
29 Lamont Road. London. SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 



1 Royal 

index . . 

Clive Fixed Interest Capital 
Clive Fixed Interest Income 

ival Exchange Ave., London EC3V SLU. Tt*!.; 01-2SH 1101. 
Index Guide as at 23rd May, 1978 (Base 100 at 14.1.77 i 
Clive Fixed Interest Capital 1-7 .$7 


CORAL INDEX’: Close 476-181 


t Properly Growth 

t Vanbrugh Guaranteed 

; A'ldfNs shmrii unrti.-r Inf.urjncc and Prnp'-rty Rend TuMv. 

9i ir o 

9 ^ 



V-> : 

fwmamia fl y ttiHfrrfc J madahcs. 

WadLin Machine TooH. Wrnlod> Woy. Loltotlor LE4 7HU. 
TdepJiotie:,0533! 7695*1. ToJm: 3^81. 


Egh Low 


Low I Stock . | £ M W-T 

u Shorts”(lives up to Five Tears) 


US. $ & DM prices exclude inv. $ premium 



5.01 - 

fl.759 3.' 






1353i U9i« 
65 63^ 

*01; 82lj 







Hire Purchase, etc. 


... . 87 

45 % 

59 4212 

55 38 

53 43 

171* 16 
7m* 59 
84 58 

101 58 

94 71 

35 21 

17 35 

39 31 


, 89 
72 54 






&E. Ust Premium 45V* (based on 92-0487 per £) 



BdTLwl stock | Bice M !5 |c*r|S5|p/l 


, 1250 
74 1252 
9% 12.93 



67 , 

92 {+2 




Tdsx: Editorial SS6341/2," 883887. Advertisements: 885033. Telegrams: Flnantimo, London PS4. 

Telephone: 01-348 8000. 

For Share Index and Basin ess News Summary in London, Bi rmingham. * 
Liverpool and Manchester, Tel: 246 8S26 

40 32 

70 62 

12 10 

WJ n 
1-5 92 J 77 
H 58 |42 
4.7 boa h46 


71 43" 

7J S* 

85 *89 

H 20 

W» 17 

lfe' 17 



s j|ll|| 



2.9] 95 
5 3 \ 82 


273 +5 
23 +>* 

13 ] 

154 1+4 

L68 « 

520 4 

225 * 

525 l 

8-51 § 

4.8] 72 

59 49 

65( 25 la- 

i$ lw 



Amsterdam- p.o. Box 1296. Amsterdam -C. 

Telex 12171 Tel: ZAO 555 
Sioicgbim: George Rouse. George Road. 

Telex 538650 Tel; 021-454 0922 
Bonn: Press bans 11/104 Heu Malice 2-10. 

Telex 8339542 Tel; 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel- 512-9U37 
Cairo. P.O Box 2040. 

Tel: D3S510 

Dublin: 8 Flm-iiliam Square: 

Tele-i 5414 Tel: 785321 
Edinburgh- 37 George Street. 

Telex: 72484 Tel: 031-226 4120 
Frankfurt- Im SachwnJ niter 13. , 

Tcitx; 416283 Tel: 555730 
Johannesburg: P.O. Box 2128 
Telex 8-6257 Tci: 838-7545 . 

Lisbon: Praca da Alegria 58- ID. Lisbon Z. 

Telex 12533 Tel: 382 508 
Madrid- Esproneeda 32. Madrid 3. 

Tel: -Ml 6772 


Birmingham- George House. George Road. 

Telex 323SS0 Tel: 021-454 0922 
Edinb-rsf:- 37 George Street. 

Tvitf.x 72484 Tel: 031-228 4139 
Frankfurt: In Sactucolagcr 13. 

Tcltx 16263 Tel: 554687 
Leeds: Permanent House. The Headrow. 
T?lr 0332 454959 

Manchester Queens Honae. Queen Street. 

Telex 606813 Te 1:081-834 0381 
Moscow: Sadoro-Samotechnaya 12-24. Apt. 13. 

Telex 7900 Tel: 294 3748 
New York: 75 Rockefeller Plaza, N.Y. 10010. 

Telex 68390 Tel: 012) 541 4825 
Paris: 36 Rue du Sen tier. '75002. 

Telex 220044 TeL 238 5743 
Rio dc Janeiro: Avenlds Pm. Vargas 418-10. 

Tel: 2S3 4848 

Rome: Via della Merced* 55. 

Telex 81032 Tel: 878 3314 
Stockholm: no Srcnska Dagbbdet, Raalambsvoccn 
Telex 17803 TeL- 30 80 88 ^ 

Tehran: P.O. Box 11-1879. 

Telex 212634 Tel: 682898 
Tokyo: 8th Floor, Nihon Kelzai Shim bun 
Building. 1-9-5 Otemachi. Chiyoda-ku. 

Telex 1 27104 Tel: 241 2920 
Washington: 2nd Floor. 1325 K. Street. 

■Jf Washington D.C. 20004 
Telex 4402Z5 Tel: (202) 347 8878 

Mancbestcr- Queens House, Queens Street. 

Telex 886813 Tel: 0B1-834 9381 
New- York: 75 Rockefeller Place Jff.V. 20019 
Telex 423029 Tel: 012} 489 8300 
Fans: 38 Rne du Sen tier. 75002. 

Telex 220044 TeL- 23888.01 

Wl 1 " Building. 1-8-10 Vchikanda. 
Chijoda-ku. Telex J 27104 Tel: 285 4030 

161 +1 
37B +2 
292 +4 
U1 -1 



45 !+l 

SUBSCRIPTIONS obtainable SE"" *“ 

i 23 
I 73 
9 A 175 
m 272 
B2 85 
12.4 116 

, 278 
103 29 
9.« 8.7 90 

7.9 73 131. 

4.9 9.4 325 

6.9 ♦ 60 

6.7 83 184 

5.0 £5 *202 



53 204 


A 242 

S3 S 

la 7 « 

M 50 33 

5.4 41 33 

7.7 39 33 

124 [88 
_ 322 260 
91 105 86 

53 -W* 20% 

5.7 54 42 

117 19 .14 
53 133 122. 
OJ 276 146 



223 180 
116 104 
93 68 

272 225, 
056 £116 
65 55 

56 37 

134 106 
61 46 

43 32 

124 Ul 

3LU lAddatatlOp 




I IB; 

109 101 
181 59 

llffa 13>* 
40 32 

97 72 

*34 26 

135 1.99- 

6.8 103 








10 . 

4.4! 83 
9.5 4.1 
75 8,4 
4 3.7 * 

8- 1 9 

4.9 4.B 6.4 
7.6 22 93 
33 53 73 
|9|_8 3 63 



23 IS* 

100 79 

115 92 

169 142 




90.05 iii 

33 A tfi 




>a ,ss 





4 . 0 , 



( 5^1 90 

15 59 

— — Mm otherwise Indicated, prices and net dividends an in 

Lfl 5.1 pence and itonandnatiana are 25p_ Enbnaial pricc/earnlngo 
L0 1.8 nttot and covers ere baaed on latest annual reports mud aceomata 
1 7 51 and. where poaatbfe. ere updated on half-yearly Bgnres. P/Es are 
12 m caicnlatod on the basis of net d d tDi oa «b! bracketed figures 

* o 7 indicate 10 per cent or more difference If caleniamd an -mil" 

1 a jg distri bu tlan. Covers are based on u naxfaani > ' dUrOwtiaL 
x_0 Jg Yields are based on middle prices, are grow. adtnatedto ACT af 

9-9 34 per cent and allow far value af declared dlatzibatlen* and 
~ l i rights. Securities with d momtnat lona other than sterling an 
9^ qaMed Inclusive of the Investment dollar pscadnin. . 

4.4 4 Sterling denominated securities which include invekment 
4> 4.7 dollar premium. 

31 L4 • -Tap' Stock. 

2.0 4.6 * Highs and Lows marked thus have been adjusted to allow 
L9 3 0 p)r rtRhls Issues for cash. * 

t Interim since increased or resumed, 
t Interim since reduced, passed or deferred, 
it Tax-free lo non-residents on application. 

4> Figures or report awaited, 
ft Unlisted security, 
d Price at tune of suspension. 

9 indicated dividend alter pending scrip and/or rights issue: 

cover relates u> previous dividend or forecan. • 

** Free of Stamp Duly. 

♦ Merger bid or reorganisation in progress. 

4 Not comparable. 

a Same interim: reduced final and/or reduced earnings 

§ Forecast dividend-, cover on earnings updated by latest 
interim statement 

I Cover allows lor conversion ol shares not now ranking for 
dividends or ranking only for restricted dividend, 
i Cover does not allow for shares which may also rank for 
dividend at a future dace. No P/E ratio usually provided. 
9.0 J 4.7) 8.1 F Excluding a final dividend declaration, 
n. T _ . * Regional price. 

8TI Lanfca • || No par value. 

___ ,, . , , , __ a Tat free, b Figures based on prospectus or other official 

210 |1Z3 ]Lunnva£l 1 180 )-5 | 55 | 15) 4.6 estimate. c Cents, d Dividend rate paid or payable on part 

of capital; cover based on dividend on full capital. * 
. e Redemption yield, f Flat yield, g Assumed dividend and' 
■ , yield, h Assumed dividend and yield after scrip issue. 

* |14.b j Payment from capital sources, k Kenya, xn Interim higher 
4 (2JLo than previoos total, d Rights issue pending 4 Earnings 

based on preliminary figures. r Australian currency. 
s Dividend and yield exclude e special payment ( In dic at ed 
dividend: cover relates to previous dividend, PIE ratio based 
on latest annual earnings, n Forecast dividend: cover based 
on previous year's earnings, v Tax free up to 30p in the £. 
w Yield allows for currency clause, y Dividend and yield 
based on merger terms, s Dividend and yield include a 
special payment: Cover does w* apply to special payment. - 
• A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude profits 
of U-K. aerospace subsidiaries. E issue price. F Dividend 
and yield based on prospectus or other official estimates for 
1977.78. G Assumed dividend and yield after pending senp 
and/or rights isuue. H Dividend and yield baaed on 
prospectus or other official est i m at e s for 1070-77. K Figures 
based on prospectus or other official estimates for 1078. 

M Dividend and yield based on prospectus or other official 
estimates for 1978. N Dividend and yield baaed on prospectus 
or other official estimates for 1970 P Dividend and yield 
based on prospectus or other official estimates far 1977. 

Q Gross. T Figures assumed. P No significant Corporation 
Tax payable. Z Dividend total to date ff Yield based on 
assumption Treasury Biff Race stays unchanged unto maturity 
of stock. 



□__ Rush & Tompkins 

Q Builders & Civil Engineers 


Thursday June 1 1978 

Carter gives pledge 

’s defence 


gave a firm undertaking that the 
U.S. would use the full force 
of its military might, including 
strategic nuclear weapons, to 
defend Western Europe against 
an attack by the Warsaw Pact. 

His statement to the NATO 
summit here was regarded as 
The strongest reaffirmation of the 
American commitment to Europe 
yet made by the Carter Adminis- 

The coupling of American 
strategic forces to Europe was 
critical, for it meant that an 
attack on Europe would have 
the same consiliences as an 
attack on the U.S., President 
Carter said. 

Mr. James Callaghan, the 
British Prime Minister, told a 
news conference that while he 
bad not doubted the U.S. com- 
mitment he was very greatly 
reassured to hear it so clearly 

Mr. Carter’s pledge was in 
response to increasing anxiety in 
Western Europe at the growing 
power of Soviet nuclear delivery 
systems, such us the Backfire 
bomher and the SS-20 missile, 
which are targeted on Europe 
rather than the U.S. 

In a speech to the summit 
Herr Schmidt, the "West German 
Chancellor, expressed growing 
concern about the increasing im- 
balance of such medium-range 
weapons in tbe field, particularly 
since it could not be corrected 

in the present round of strategic 
arms limitation negotiations— 
SALT n. 

President Carter spoke on the 
summit's second and final day 
as beads of government approved 
the strengthening and stream- 
lining of tbe alliance's conven- 
tional and nuclear forces over 
the next 10 years and more, under 
the so-called Long Term Defence 
Programme. This programme 
was an impressive answer to the 
challenge facing the alliance, 
Mr. Carter said. 

A survey of East-West rela- 
tions approved by the summit 
forecasts that the Soviet Union 
will continue to give top priority 
to its military build-up despite 
growing economic problems. The 
study predicts that the Soviet 
Union will continue to increase 
defence spending by almost 5 per 
cent a year in real terms in the 
coming years despite a decline 
in its conomic growth rate to 
little more than 3 per cent. 

African views 

The economic problems this 
causes may oblige Moscow to 
choose between repressive econo- 
mic measures at home and seek- 
ing economic aid from tbe West. 
The West should be prepared to 
offer trade and credits but only 
at the price of a Soviet commit- 
ment to cut its military build-up 
and refrain from provocative 
activities in Europe and the 


Third World, the study suggests. 

Mr. Callaghan warned Western 
governments against responding 
too hastily to Soviet and Cuban 
intervention in Africa. Before 
the West rushed in with instant 
solutions, it must be quite sure 
it had correctly analysed the 
problem and listened to the 
African viewpoint, he stressed. 

The Prime Minister appeared 
to be- directing bis remarks at 
governments like those of France 
and Belgium which would like 
to see the early creation of a 
pan-African peace-keeping force 
for Zaire. Tbe UK is unenthu- 
siastic about the idea. 

Attempting to clarify the 
American position, Mr. Hodding 
Carter, the Skate Department 
spokesman, said the concept of 
stationing African forces in 
Zaire's Shaba province was 
worth considering. 

The proposal will almost cer- 
tainly be examined at the five- 
nation meeting on aid to Zaire 
in Paris next Monday called by 
the French. 

Mr. Callaghan said that in the 
long term, Moscow's African 
ventures might not bear too 
much fruit. Whether the Soviet 
Union made medium-term gains 
depended on the intelligence of 
the West’s response. However, 
he did not want African peoples 
to be subjected to a period of 
enforced Marxism if that could 
he avoided. 

ev accuses West 


Soviet Presideot, responded 
yesterday to Western criticism of 
Communist involvement in 
Africa and fears over the 
Warsaw Pact arms build-up by 
accusing the West of ‘'cynical 
interference " in Zaire and of 
“ trying to mar the process of 

He told a select audience of 
Czech party and state officials at 
a rally in Hradeany Castle, 
Prague, that NATO circles "are 
trying to avert attention from 
the cynical character of this in 
tervention by mashing it in a 
propaganda campaign about sup- 
posed Soviet and Cuban partici- 
pation in these events” 

Mr. Brezhnev — who looked 
tired and delivered his speech in 
a halting fashion — avoided 
criticism of the V.S.. France and 
Belgium hy name. But be 
attacked “political circles which 
ore openly trying to mar the 
process of detente, not only in 


SUNNY and hot. some thundery 

London, S.E„ Cent. Southern 
England, E. Anglia. Midlands, 
Channel Is. 

Sunny spells, hot thundery 
showers. Max. 26C <79F». 

S.W., N.W., Central Northern 
England, Wales. Lakes, 1. or Man 
Sunny spells, hot thundery 
showers. Max. 23C <73F>. 

East N.E. England 
Coastal fog. Sunny periods. 
Max. 22C (72F1. 

Borders. Edinburgh, Dundee, 
Aberdeen. Moray Firth 
Sunny spells. Very warm. 
Max. 20C l6SF>. 

S.W., N.E.. N.W. Scotland, 

Glasgow. Cent. Highlands, Argyl, 
X. Ireland 

Sunny spells. Showers. Hot 
inland, cooler on coasts. Max. 
23C t73F i. 

Orkney, Shetland 
Dry and hot. Max. ISC (65F1. 
Outlook: Hot and sunny, some 
thundery showers. 

Forecast Tor June: Dry and 
mainly warm, but with some cool 
and loss settled interludes, parti- 
cularly later in the motnh- Rain- 
fall mostly near average. 





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Europe, and to return, if not to 
tbe Cold War, then at least to 
a lukewarm war." 

He also complained that 
Western leaders at the current 
NATO summit in Washington 
were "discussing plans for new 
warlike preparations for many 
years in davance " and con- 
tracted this with Soviet plans for 

“ There does not exist any type 
of weapon that the Soviet Union 
would not be wiMdng to limit and 
ban on the basis of mutual 
agreements with other states,” 
be said. 

However, disarmament had to 
take place "without damaging 
the security of anybody and 
under conditions of complete 
mutual agreement between those 
states which own the arms," 

Turning to internal politics, 
the 71-year-old Soviet leader told 
his Czech audience that they had 
stood with honour the difficult 
test after the 1968 intervention 
by Warsaw Pact troops. 

He praised Mr. Gustav Husak. 
the Chech president and party 
chief, as "an outstanding son of 
the Czechoslovak people ” and “ a 
prominent personality of the 
world Communist ■movement.” 

Mr. Husak responded in kind, 
thanking tbe Soviet Union for 
“ fraternal international assist- 
ance which in 1968 saved the 
country from counter-revolu- 

He added that “ ever-closer 
integration with the Soviet Union 
and Comecon is the main line of 
Czechoslovakia’s future economic 
development" and .coupled his 
remarks with a sharp attack on 
the “ dangerous and adventurous 
policies of tbe Chinese leader 

The ceremony was televised, 
but half of Mr. Brezhnev's 30- 
minute speech was blacked out 
by a technical breakdown which 
unconfirmed rumours circulating 
in Prague attributed to sabotage 
of a television cable. 

• Dissident Czech sources 
confirmed that at least 14 
prominent human rights acti- 
vists. including Dr. Ladisiaus 
Hejdanek, a Protestant theolo- 
gian and one of the three princi- 
pal spokesmen of the Charter 
77 movement, were taken into 
custody in a pre-dawn police 
raid on Tuesday, a few hours 
before Mr. Brezhnev's arrival 

The latest round-uo appears 
to be the largest police action 
since the movement began 17 
months ago. 

Continued from Page 1 

Petrol likely to rise 

been recently involved In 

If competitors Increased 
prices in highly competitive 
areas. Shell would almost 
certainly follow suit 

A general increase in 
petrol prices has been on the 
cards for several weeks. 
Several top industry executives 
have expressed concern about 
tbe effect or a continuing 
price war on company profit- 

Last month BP. the third 
biggest brand name in tbe 
UK. said that prices would 
have to rise by about 10 per 
cent over the next few years. 

The company claimed that in 
real terms petrol prices were 
now the same as in 1973 when 
crude oil costs were raised by 
40ti per cent. 

Sluggish market growth, a 

general over-supply of oil pro- 
ducts and a bid by big com- 
panies to hold on to their 
market shares against renewed 
competition from smaller 
groups have combined to make 
petrol retailing particularly 

In April last year, many oil 
companies were given Price 
Commission sanction to raise 
petrol prices by 1.5p to 2p a 
gallon. But the level of com- 
petition. has meant that this 
increase has been largely lost 
in discount offers. 

The industry is hoping that 
petrol sales will rise by at least 
2.5 to 3 per cent this year. 

Companies say that, given 
higher prices, the petrol sector 
coaid help to Improve their 
financial position at a time 
when the markets for most of 
the other main oil products 
continue to be depressed. 

GKN concedes 
defeat in £55m 
bid for Sachs 


THE £55M bid by Guest Keen 
and Nettlefolds to raise its 
holding in Sachs, the West 
German components manufac- 
turer, from just under 25 per 
cent, to 75 per cent, has failed. 

The British engineering com- 
pany's lawyers conceded defeat 
yesterday, withdrawing an 
application to Count Otto 
Liunhsdorff, German Economics 
Minister, asking him to reverse 
the decision of the West 
German Supreme Court which 
blocked the merger. 

“ Having considered tbe 
written judgment, we do not 
think it is worth pursuing the 
application any more," GKN 
said yesterday. 

West Germany’s Supreme 
Court had decided La February 
to uphold an appeal by the 
Cartel office against the merger 
because of the do mina nt posi- 
tion it would give GKN in the 
market for clutches and the 
overall financial power of the 
ombined group. It also required 
GKN to show that it would be 
in Germany’s economic Interest 
for the merger to go ahead. 

The appeal , to the Minister 
was lodged In March, but 
Sachs did not formally identify 
itself with it No ruling was 
ever made by tbe Minister bnt 

It is thought there was little 
chance of a reversal if GKN 
had gone ahead with the 
ap plica tion. 

GKN stOl holds 24.98 per 
cent of the Sachs shares, which 
it considers a profitable invest- 
ment, bnt the- company is look- 
ing for expansion opportuni- 
ties, at home, in Continental 
Europe and in North America, 
and is thought to be less 
interested in investment share- 

It is primarily concerned 
with strengthening its position 
as a trans-national components 
group with the resources to 
compete with American and 
Japanese manufacturers. The 
Hnk with Sachs formed a major 
part of this strategy. 

The German court ruling has 
raised doubts about the future 
of mergers between the major 
European component mannfec- 

GKN has high hopes of In- 
creasing its activities in the 
U.S. wben a plant to make 
constant-velocity joints for 
front-wheel-drive cars begins 

production next year. 

Although upset by the Sachs 
setback, Mr. Barrie Heath, GKN 
chairman, said recently: “ We 
have quite a lot of other irons 
in the fire.** 

Guarantees blamed 
for Meredew’s fall 


GUARANTEES to the tune of 
£13.7m for borrowings by other 
companies in the collapsed Bond 
Worth group were blamed yes- 
terday for the failure of D. 
Meredew. the furniture-making 

Unsecured creditors of the 
company, of Letchworth Garden 
City, Herts, were told at a 
liquidation meeting in London 
that they could expect not a 
penny of the £2.0S6ra owed them. 

The picture of the company’s 
affairs outlined by Mr. Norman 
Saddler, the Official Receiver, 
reaffirmed earlier views that 
National Westminster Bank was 
unlikely to recover all the £15m 
borrowed by tbe group. 

Mr. Anthony Charles Brown, 
Meredew's managing director, 
blamed the cross-guarantees for 

his company’s collapse. The 
amounts owed directly by Mere- 
dew, £819,000 to preferential 
creditors and £883,000 by way 
of an overdraft to National 
Westminster, had proved that 
Meredew Itself remained com- 
mercially viable. 

Now the cross-guarantees 
meant that the bank would take 
all Meredew's assets valued by 
the Official Receiver at £3.07m. 

Bond Worth as a whole is said 
to have an assets deficiency of 
more than £2Sm. though sales 
of subsidiaries may reduce this 
level to a degree. 

The century-old furniture- 
making business of Meredew. it 
was learnt, has been transferred 
to a new company. Meredew 
Furniture, when the Receiver. 
Peat Marwick. Mitchell has 
begun attempts to sell it 

ACAS faces challenge 
on union recognition 


THE EXTENT lo which the 
Advisory, Conciliation and Arbi- 
tration Service should take 
individual wishes into account 
when making union recognition 
recommendations will be 
examined in the High Court next 

A hearing has been arranged 
for Wednesday in a case where 
the United Kingdom Association 
of Professional Engineers will 
seek to set aside an ACAS 
decision at W. H. Allen Sons 
and Co. a Bedford engineering 
company. ACAS failed to recom- 
mend recognition for the associa- 
tion. which is not a party to the 
engineering industry’s national 
agreements, although a survey 
showed 79 per cent support 
among the W. H. Allen staff it 
wanted to organise. 

The outcome of next week's 
hearing is likely to have con- 
siderable implications for the 
handling of recognition claims. 

In a number of decisions, 
ACAS has taken the view that 
the opinion of employees directly 
involved is not the only factor 
to consider wben making its 
recommendations. Both estab- 
lished unions and the Engineer- 
ing Employers Federation have 
argued that an outside union 
should not win recognition in the 

industry simply by gaining 
majority support in one 

One of the first cases to he 
affected by the decision will be 
another ACAS finding against 
the association in the water in- 

ACAS says in its report, pub- 
lished yesterday, that the main- 
tenance of good industrial rela- 
tions in the industry depends on 
continued successful working of 
the existing negotiating 
machinery and “it would 
appear inevitable" that this 
would be “damaged and pos- 
sibly destroyed " if the associa- 
tion were recognised. 

In a survey conducted by 
ACAS, 73 per cent of employees 
decrihing themselves as profes- 
sional engineers said that the 
association should have a place 
in the negotiating machinery. 
In a wider survey of all 31,500 
staff in water service. 55 per 
cent of the 52 per cent who 
replied opposed the association's 

These results led Mr. John 
Sampson, general secretary of 
the association, to say yesterday 
that ACAS had "came to the 
conclusion that the wishes of a 
minority of the non-lnvolved 
people should carry the day." 

Petrochemical aids run into trouble 


INITIATIVES to speed develop- 
ment of the petrochemicals 
industry based on North Sea oil 
and gas appear to be foundering 
in joint Government-industry 

Several proposals were made 
last winter in a confidential 
report from McKinsey, the 
management consultancy, to the 
petrochemicals sector working 
party as part of the Government’s 
industrial strategy exercise. 

The working party, co-ordi- 
nated by the National Economic 
Development Office, consists of 
representatives of the major 
chemical companies, the trade 
unions and the Industry Depart- 

The McKinsey recommenda- 
tions included a national 
authority to develop petro- 
chemical sites, financial incen- 
tives to the chemicals industry 
by low-cost gas feedstocks, pos- 
sibly through a reduction in 
Petroleum Revenue Tax. and a 
commitment from the Govern- 
ment to build a gas-gathering 
pipeline system for the impor- 
tant natural gas liquids ethane, 

propane and butane. 

The aim was to increase the 
UK share of the West European 
plastics market The plastics 
sector >is the biggest single user 
of base petrochemicals, which 
tile Government and trade unions 
are keen to expand with new 
opportunities offered by North 
Sea oil and gas feedstocks. 

The Industry Department, 
which has prepared its response 
to McKinsey, has ruled out the 
use of Petroleum Revenue Tax 
as a way of offering cheaper 
feedstocks to the industry. 

It has rejected suggestions that 
the tax be reduced in some eases 
to cut the cost of gas feedstocks