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No. 27,574 

Friday June 2 1978 



0604 34734 

' 19,8 060434 


■. .'".r J a?. . . — — — — — _ 

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li-Con l rift j 

6 over ^ 
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supports £ 



■ns.r.iQ of ^ . ; ■ .... 

S Period. T “ • 

Wfc-tax ams, w«^i ' -• 

T°^ rt0ne was Thre e UK missions will visit China in the autumn to tour steel works, make! 
miTfa recasts and'di&appointin^ P ro P®sab for their modernisation, and discuss possible financial arrange- j 
figures from bp, and the ft m ©nts with the Chinese. I 

sends up 

■i ■« Goverranent SeoSSWuiE Baffin SSffi 

: r^. ; , . closed 0-3 down at 69.91), its substantial steel plant contracts Mr. T: 

WESteel-sf our ** conditions ” lowest in 1978. f rom China. to Britai 

* «nt. % -Z ■ « i nvi * U ? n “*•«* that mistic about pros pea or British tire. 

a i s eo ^ eXt ele<N ^vernment Securities index Britain is well in the running for steel equipment sales to China. It has alreadv supplied plant 

. ... f ,osed p- 23 dow “ at 69 - 9U ’ lls substantial steel plant contracts Mr. Tang Ke’s recent mission on this basis 'to Mexico and 

Mr. Steel's :four “conditions” lowest in 1978. rrom China. to Britain resulted from an invi- Venezuela 

are: An; end" to the “confronta- ~ cirBD ! I1Mfl . .. ^ Sir Charles Villjers. chairman talion from Sir Charles at that Rjli . Thp 

.tiflft mentality " regarding trades ® joints to of British Steel, and Sir Julm time. Chine- areinx.Lsfn' produce 

in?etW •«, Turioiis; retention of the National Sl.S26a, Tint Bank of England Buckley, chairman or Davy Inter- a ne-V miPonal olai for the 

- Entezprisei. .Scottish and Welsh support helped to keep the national, who boih visited China tt_ (u\ur\- exn-inJion of tiicir sicS 

' c :*« Sufic Development boards; Assemblies pound’s tracTe-weighted index last autumn, are likely to take 1 3F£Ct indusirv fo- the end of this vear 

Vv clear tha : .3ff^ScpUand. and Wales; protec- unchanged at 61.4. The dollar’s P=»n in the Forthcoming visits. 0 That exr.iains ihede-rej or 

(till. ‘3‘Ji. * .0 5.72 1 Mr. C'c,. man;,^ in ^S SSS 

fiitor throutc,. 
SLiL'ips-ed c-nir ; : 
.0 . Toed, 
atir.g that m 
by aroc' 

l:n Gut it ^rjvr 
j* are .■‘ts!? ! : ij 
The 1976 !er- 

to: ysa’f, aj; rt 
*&?*•■ KK f,E= 
and vi t<- i: 

) a ? senary w 
d Fro sen .ht 
j lit- £ 

j a £ ; ' -Tin ?r>±; 
o :• r.:: 25A; 
■ther -;7iTp 

■ a ►* cl w : r ;ss ^ 

a •:. 

it.; per- r:cs: 
Clanac.iTi n:>: 
,p>-- ra irsm 

ptr “ nt <us> - sr5.»:i.srssL,t; ^ 

• GOLD feu *1 town i, steel MS, ^tatSTSUS 5S SSJAIi 

?l^ ori *i t,1 i an J ie has been ^° nd0II » ■ nd . tl ] e Ncw ^® rk indu5tr} r colleagues are continu- once which is relevant to their about three weeks in China. | 
with Labour. Back Page Comes June settlement pnee - inf , European tour witli own needs. A second mission, composed of 1 

• — . . was 30 points off at SI84. in West r^muav nnd ^..1 engineers, is due to follow in 

with Labour/ Back Page 

Guards ‘should 
not be armed’ 

Comcx June settlement price j 
was 30 points off at $184. ; 

not be armed’ cIos " 1 °' os 

The British Security .'Association 

rejected suggestions that security • COPPER fell £13.50 for cash 
guards should he -armed after wi rebars to £76L25. its slide 
three raids in 24 hours. A'^uard being stemmed by reports that 

was killed - at the- Daily tfiirmr . 

bLtiJding on Wednesday and there fcoo , £perton?e 
were - two more armed raids yesr ow _ . 

terday. but the Association said - |uf|BJ||ED 

that guards carrying guns would - |a|li B j , r|j | 

only encourage more criminals to t — 

do so. • • 758 7 W KlSdfiiS h — 

NoN^ws at T en _ t— 

COPPER fell £13.50 for cash SsS^hMSejeTi?! £e 2 °°° is Sald l ° 100m tonnes ‘ The' ’th/rfSiwon of the series 

irebars to £7605. its slide room f 0r a number of different A! .’ Chinese crude steel- is being arranged to visit China 

sing stemmed bv reports that suppliers making facilities are at least 20 as soon as possible after that, ft 

T--- ‘ . Austria which the Peking - vears oId - Pekin " bas clearly will be composed of top man- 

C00, £perton?e ^ mission visited before it came to declded tha t only imported agement ami will seek to con- 

ttUU _ Britain is likelv to send a equipment can speed the growth elude financial arrangements and 

- Punnrn - similar' t Q ani to^ China The of Ifae industry enough to make to provine the Chinese Govern- 

F bilmH A i Japanese have already contracted the targel a reality." n.«,t with a ^package 

to build a 6m tonne steel plant British SLee! International, an d ® a , in..oiporation in its 

on the coast near Shanghai. offshoot of British Steel, is J p n ’ 

When Sir Charles Viliiers was equipped to supply complete Staff cut^ plan. Back Page 

di-T.v !•: 


!ipp' >: . 



-I- <e-. 1 

.er; -- ■ 
‘->z : iv’S 

It . News at Ten failed to appear . * a r* 

:>: on .ITV After- the dismissal of / UI T7 ■ 1 IILhl ^ ^ 

22- two technicians dprlng a dispute L f ~ JL H H 

over World Cup coverage. Mem- & • • A. Jl, B 

. . hers of the mens union, the ' -- .-. . m — -**“ •- * 

ACTT, which has been seeking 65GI-A - 

special payments for the cover- -■ -rl A. f — - — 7 U f| 

‘ age, were called to a mandatory — toH| r ~ JT\ sffc B 

rr/ meeting which coincided with Ihe -. ' ~ 8'1 I 

•~z World Cup opening ceremony. / nn Jtgro 1 4 - 1 ,_t • 

West ■ Germany, and Poland I v feb iwait apb may jum , 

* o d r'ic 0 0 tO ^^7^ 3 l>^ wODlrtfaimflnlySU p.r B T JOHN LLOYD 

:: Aires. cent bf its copper delivery con- 

tracts from July. .THE WORLD'S larg 

Egypt telephone 

- . r,_ V* . VBV. (.UlUAJLMIlVUb Wi 

*" * “ ‘ A ITftS, 

r-.- r: ::- .- - tracts from July. THE WORLD'S largest telecom- de Butts, chairman of AT and T: to 7m telephones) over the next 

|j-an-U.S. tireatv • _ „ , ^ raunications contract— to develop Mr. Charles L. Brown, president 20 years. 

* : 1 • v ***. 9 . • UA. FEDERAL RESERVE and the Egyptian telephone network of AT and T: Mr. Donald E. understood that the nrn 

- 1 ' n-/;". Iran and the JJ-S- are likely to Treasury support for the dollar _j s likely to go to a consortium Procknow. president of Western DOS ... riiw . ' hv PfS5i£nt 
,rc ' r; ' :n 1 ' L : agree .a: -draft : nuclear non- continued at near-record levels 0 f American companies. Electric; Mr. John J. Douglas. , nrf th J “JJJ 

- «7* proliferation treaty in the next in the three months February to The contract will be worth at vice-chairman of GTE; and Mr. consortium was for a eon t reel 

for.-. 5 few weeksr-clearing the way for April, Back Page least S3hn <£l.t55bni over the Charles Wohlstetter, chairman of cover : n< , r he fttii -’0 vp-ik * 1 

-n.. the resumption of. commercial ^ Tr _ .. . . ■ next five vears, and could be Continental. _. “ * ' , 

1 . . ., • • n.iw talks providing Iran with up to ® }? K may re . Cei -^ e , a ,lf 10 j t worth $20hn over 20 years. Their proposals were based on .T! 1 * .^ 0 P S0rt . 1 .H i ni .^ 0U L d !,ro ^‘ 

' ‘ eight nuclear power stations. The consortium is the AT and T the recommendations of a report *kly*ork with the domestic 

!,p l Page 5;. . . - the flSto investment needed to sllbsjdiary . of western Electric, recently completed for the inanufacturer. ^ the Egyptian v, - • •• establish a p the world's biggest teleeommuni- Egyptian Government by Conti- Telecommunications urganisa- 

tt, ^ Car cost survey Bridgend*; South Wales. Back ca ^ ons manufacturer; General nental. which calls for the tion, on manufacture and mstalla- 

Telephone and Electronics Cor- immediate injection of $3hn into ? on ir 2, F ri equipment, upgrad- 
The .cost -of runprag a new car in i_. t,i- an nr.ration. the second bieeest the notoriouslv erratic Efivntian in 8 ETC from electro-mechanical 

mo J- 
r is > * • 

F!5r 7 

e*. ' ■ 

: •. eight nuclear power stations. 7v 00 £i ow' ^ n C P J n tl! 
• , the £lS0in investment needed to 

rage. a.. . - ...„nina nl-mt ->t 

Car- cost survey • £ r i. a8ena * soutri cations manufacturer; General nental. which calls for the " on - on r manuiuciure ana mstaiia- 

Telephone and Electronics Cor- immediate injection of S3bn into ? on ir 2, F ri t ^, equipment, upgrad- 
Thc^cwt of runznng a ney; car m - earners h ave taken poration, the second biggest the notoriously erratic Egyptian in 2 ETC from 1 electro-mechanical 

theTJK.>16.4 6 pp^ml4e a rise ® ^ ^ners have taxen ^ and contmlntal telephone system. manufacture to the manufacture 

of 64 per cent compared with a steamiy railing snare 01 loiai _ , . rnmoratinn th* of fully electronic systems. 

1974.^ I according to' a survey by personal incomes over ^the years SSSSSSSunNcSons consiaJtanS t-i • Western and GTE would 

Herte_ Gar. v : Leasing. .. J»age 8 betwe?niy9 andthefinana^ te.ecommuni cations tan. EXDHIlSlOn jointly co-operate in production 

< . y. aar • 197 ^ 6 A..„ a ,* c . ord i?* „ t0 gF iSE w-dovn thp Hp a i F U With ETO. as well as supplying 

Police - : ih /Don caster 1 - who bid a § li)W PAID Price Index, 

Government statistics' Ifaee 8 For' Western, the deal would “ r « ith ET0 - a . s . well as supplying! 

Government siausucs. rage o - de the faig breafcthr0URh stage one of the project would American-built equipment too- 

, into the world tele com munica- aim at making the present tinental would manage the 

•resnitant ^lm diid. discovered a shows that retail prices Tor uie the American market no longer nve years, wouio concern uie , 1 “ 

feUow -ofac& '-'nmning 7 around jAore’st 10 per cent of wage matches its capacity. expansion of the system from its the U.b. Senate approval lag 

naked; Idokibc for his wallet It earners rose 4.6 per cent more Mr. Anwar Sadat the Egyptian present total oF 370,000 lines to “ 10nth of ^ f ^ of , f, ■ 
had^be^Sert • / .than the average in the last four. President, met top officials of lm lines by 1982-83. fighter-bombers to Egypt It is 

. 7.7.,. •' ■ _ _. /years. Page 8 - the companies in Cairo this week The study goes on to reconi- said mat because ibe^^aiis_ a 

Rhad^iia dieBthS / m i T rrr to discuss their proposals for the mend that the system should be quid pro quo, the contract will 

K,? P?“- ^ “ ertin5 / 0 BUSKIN COLLEGE trade teleph0TJe system. further expanded to a network not go out to competitive tender. 

Combined: Operations Headquar- union research unit has attackea. present were: Mr. John D. of between 4m and 5m lines (6m Ericsson deal. Page 6 

ters 'itT&iiisbuiy- announced t»at as inadequate and misleading a 

46 hLackfr hacL died in -tiie /past Department of Emplojinent 

few/'daysV-.df worsening assessment adv0 ^°S rort ^ r n R ; M m „ £*irhS\ 

BP s net uicome falls to £ 80 m 

members: of /the security forces. ^ TRESS ENGINEERING, which -*-*-*- **■**%, 

Four members of; Mr/. Sitho.le’s was taken over by the National ' 

inre?P ?c;Cl 

ZANU parft: are afnong 2p civti- Board ‘in January is 

ums who have been - killed by tQ clo ^ e and 5ts 330 employees 

§ iT^LiS^ -Britfeh envov Mr atNewburn near Newcuu^u pour in " co " e “ fell to £80. 6ra. in the first last year although the company’s against the results of the final 

Tohn aSfS^iS'vhd £r nrivS ^y 116 ^ l0Se ^ J te ‘ F 61 *ree months of this year against trade in chemicals products three months of last year 

Cprcenia^alks.wiii^hlin officials about 9 BSC has begun its drive to cut £144.8m in the corresponding improved by 3 per cent. i£43.9m». .. . 

P er .^ rr gg^the Rhodesia s^uatton: Page 5 - Se number of its white-coUar period last year. There was. however, a marked The h ror 

iHv' ; . staff with the announcement that .-■Thit; was partly due to a small increase in income from the com- p een 1 ‘1° , e . . 1 e< i. nu i 1 

V - • -.v' its Gower Street office, central Io j s £ rom stoc fc depreciation pany’s U.S. interests. Standard increased losses m France and 

^Briefly London, which employs 400 staff, which contrasted with a sub- Oil or Ohio, in which BP now h-wer proc.eds - f ™ ra c0 “' 

' - _7 ■ . is to close. BackPagc stantia] benefit from stock appre- has a controlling stake, contri- pany *. b ua 0,1 

-afres President,. Mobutu has ciation in the first three months buted £llm to the first three operations. 

-ft g-eprieved the; former- general m p* up ■ h ice of last year. months* income while Trans- BP ^ e p 52" 

Charge of 5QTOWJ»rent , forces ip UUHr#4 " ,M has :The company also felt the Alaska pipeline activities pro- Queers of North Sea crude and, 

Cpheerf.-wholiad been sentenced. ® HONDA ,*°™ K „ pnt in ! effects of general depressed vided more than £20m. as a result, has been among 

0 death for.” cowardice.” . announced a 13.9 tn trading conditions in the oil in- The increased contributions those which have been particu- 

330 BRITISH PETROLEUM'S net corresponding three months of rise in net income when viewed 

Newcastle- ll|. OUT rail in CHfi Km in tha JuBt vpar ->1 thrill oh thp (•nmnMiv'a against the results Of the final 


vtOweri, -wh 0 bad. been sentenced. # HONDA 1 

0 death for " cowardice.” . announced a 13.9 per ve trading conditions in the oil in- The increased contributions Jhos e j.yQicn nave neen particu- 

tu RAF pilot is ffeared dealt after crease la record Y‘>749bn. ^ustry with sales proceeds falling from U.S. interests, together by the faUjng value of 

.is jet. . trainer crashed ihto Febraaix-StiJ a said ' it is from £3.6bn last year to £3.47bm with some improvement in oil UK oil. 

[louthwadte reservoir, Yorkshire.- The .fP mv SLwl^ em ov er half Sales of both ca’ude oil and operations m most European Page 24 

rXplosions rocked a Gulf Oil 1^3 ^SJuS! for replace- natural gas were down on the countnes. also accounted for a Lex, Back Page 

2flnery near Toronto and it had w 7 nt nf a casket cart. Page 32 
) be evacuated. There were no r 

asualfies.:. " _ ® INVESTMENT TRUST -o - _ M 

J MG CiamaLGU. . wws MV ^ 

asualfies.' " _ ® INVESTMENT TRUST -or- 

^wo Britons, "Mr, .Dpn Cameron p oration's mar ^?I_y a ^ T if4l° Se the ’ " * • CON 

1,bA Major Cbriaopher Davey, more than -_ nrnac h by European news 3-3 

111 set out next month to become announcement ot an f American news 4 

i& first men to cross tfoy Atlanta an unnamed oiauer. ** Overseas news 5 

Y balloon. „ . and Lex. World trade news 6 

World trade news 6 

Home news — general ... 7,8,10 
— labour- S 


3-3 Technical page 12 Inti, companies 30, 32, 33 

4 Mana gement page 19 Euromarkets 30, 33 

5 Arts page 21 Wall Street 29 

6 Leader page 22 Foreign Exchanges 29 

7,8,10 UK companies 22-28 Farming, raw materials ... 37 

S Mining 27 UK stock market 38 


(prices in pence" unless otherwise 

indicated) ... 



*•**■*,.* 1 


i . lied Colloids 
'•'On Rubber ......... 

-fX rkeley Hambro - ... 

1 La Rue 

•rada ; 

er Ready 

rnell Elect. ........ 

^ovebell ... 

,l ! ^~ wthom Leslie ....... 

V L'* ywood Williams ... 
ereuropean Prop. 

Tst Corp. 

1 gh Interests - 

. c 1 »*.“■' Kay Secs. ....,.— ... 

: ■*' -mand Electrical... 

i-a t Jersey) ......... 

yan Wilsons 
/ ,-atOS — 

80 + 5 
188 +'-6- 
no + .5 

76 + 5 . 
340 + 10 
, 80.,+ 4 

. 133" + 5 

.276 -h g 

2fr +: 6 
. - 74 +: 6 
116 + 6 " 
; 32J +:2i- 
245 + 42. 
170 + S 
220 .+ 30 
. 50 + 5 
•J07 • +' 7 
-•'-S9-+ 5 

Samuel lH.) 5S + rs 

Siebe Gorman . u 

Spear & Jack&nn J § 

Trust Houses Forte ... 

falls __ _ 5 

Beecham ^ I! 4 

Coalite & Chemical - ’ 

Morgan Crucible _ , 

Reed Inti Jji _ 6 

Whiteley (B. S. & W.) 3* j 0 

Conzir.c Rlotinto _ 16 

East Drie. 7 ?- _ 3 ° 

Metals Exploration ... ** __ , 

Mid-East Minerals ... ™ 

Northern Mining - _ 5 

Tanganyika Con _ ? 

Tzsminex 2 10 - 5 • 

Tronoh _ g 

West.Rand Cons. _ s 

Whim Creek bU M 

Trades unions push for a 

35-hour week 22 

Politics Today: what to do 

about Africa 23 

Energy review: King coal’s 

hunt for a realm 11 

-Tlic House of Commons 

bites back «... 14 


Around Britain: mid-Wales 20 
Colombia scene: doubts, 

dregs and denials 4 

The Polish economy 2 

The NATO summit: Schmidt 

praises Carter 3 

U.S. insurance profits upset 
the customers 30 

Court rules on Herstatt; 
sigh of relief from banks 33 


Marin? and aviation 
insurance 13-17 

- 4 





- 10 

Apptuotrrnts Advts. 




Bsnk Return 


Men and Matters 


Book Reviews 


Money Market .. 


— t> 

Crasswoni .. 



U, 34-38 

- 4 

Entertainment Guide 


Racing — 


- 20 

Eero. Options Ex.... 




Faed Prices. 


Share Information 

.. 4041 

FT-Actuaries Indices 


Today's Evens .. 




TV and Radio ... 


2U» - ? 


Unit Trusts 39 

Weather 42 

Base Lending Rates 34 


Avan Robber 30 

Barclays Bank Inti. 2fr 

Charterhouse Group 20 

For latest Share Index ’ phone 01-246 8026 


Aquasciittim 2T 

C wealth DvpL Cpo. 27 

European Ferries ... 6 

F am oil Electronics 27 

Honllncx 28 

Sparrows Inti M 

Sees. Tst. at Scot. 30 


FEARS OF ;i Brazilian crop 
di-sasler sciM differ prices soar- 
ing on i hr London futures 
market yesterday. 

Values jumped by more than 
£160 a tonne at une stage — 
the biggest rise since last 
summer — after news that tem- 
peratures in ilir country's 
eoffet-.g rowing areas sank 
below 2 deg. C un Wednesday 

Temperatures snill were well 
below average during the day 
yesterday and there seemed a 
possibility of a damaging frost. 

1: is unlikely that a frost 
now would h*» as serious as the 
one in July 1973. which wiped 
out three-quarters of the 1976 
crop aud forced world prices 
up more than tenfold. 

But. world stocks are seri- 
oush depleted and a relatively 
minor frost could have a big 

The Brazilian coffee areas 
have escaped frost since 1973, 
hut production still has not 
recovered front that year's 

AN INCREASE in the mortgage 
rate next week seems more likely 
after talks between the building 
societies and the Government 

The societies will meet neict 
week to decide whether to 
increase interest rates. They 
expected strong Government 
opposition at yesterday's session 
of the Joint Advisory Council to 
any move which would raise the 
cost of home loans in what could 
be an election year. 

! But they were surprised lo 
(find that officials from the 
.'Department of the Environment 
iand the Treasury made no 
I attempt to influence neirt week's 
j meeting of the Council of the 
Building Societies' Association. 

I The association has already 
.‘said that in the absence of 
political intervention societies 
would almost certainly go ahead 
with interest rate increases next 
week. The tone of yesterday’s 
meeting U likely to have in- 
creased the chances of higher 

The investors' 51 per cc-nt net 
rate and the Si per cent mort- 
gage rate might rise about 1 per 
cent if societies do recommend 

A Veto Dime nd at ion on whether 
to raise rates for the first time 
since October 1976 will be made 
I next Thursday by the associa- 
I tion's home policy committee and 
| considered by the full 36-man 
council on Friday. 

Government officials made it 

U.S. protests m 
of Government 

clear yesterday, however the. 
they would wunt to know ihc m , i 
come hi the Thursday m-;--'!;..' 
iE it was of “ potential Mimsl-.-rul 
interest.” In spite of vestcrd.iyV 
low-key approach the door h 
been left upon for lati-minm-- 
intervention. But it i* known that 
some Ministers believe it wuuld 
be best to get any mortgage r.*te 
increase out of the way 
a possible election canii?.ij^:i 

The societies' are mc 
unanimous about whai. jciicr 
they should take. They f.n.-vi 
with declining receipis — trr •, 
month they couid o- u"Vi- io 
£150j)j compared with n..-.:;iv 
£60um last C'ctobcr. Tm-ji- nnie 
prospect of jnj sui'siauti-jl im- 
provement in the inilov/ {unis 
with ibe present inti-r-.s; rati- 

Advances for ii;e next f*/ 
months arc likely in continue *'• 
run at more than 575Uin a mmti.. 
ref lectin? earlier conv.niinv.-nti. 

Comniinnems for n.*.i rmn.-i- 
purchase are running at ^b.jat 
£620 m a month. The j-.i.-ic 
will need a higher lc>-el >•;' 
new receipts lu mjir.oKi tb:> 

It was made clear at i- 
day';. uieetinv that the contro- 
versial restriction?- mi lending 
will be phased out. 11 k y •. ». t«.- 
introduced in April for \|nv? 
months after Governmeni con- 
cern about rising house p. ieev 

Editorial cwnmirnt. Page 22 
Lex. Back Page 

~T> trrr 

: i* l w 

Tree ‘burn’ 

To make matters worse, the 
crop has suffered badly from 
drought i Iiis year leading to a 
cut or 2m bags — of 60 kg each 
■—to 17«n in the official produc- 
tion estimate. 

Frost is the main anxiety of 
Brazil's coffee-growers, who 
normally produce about 30 per 
cent of the world crop. 

It attacks the liowers which 
produce the following year’s 
beans ami, in severe cases, can 
“ burn ” the trees themselves 
so badly that they have to be 

July delivery coffee on the 
London market rose to £1,845 a 
tonne at one stage yesterday 
before profit-taking trimmed 
this to £1.818.3 a tonne, up £73 
at the close. 

July coffee has gained 
nearly £270 a lonne during the 
last .seven trading days and is 
standing at the highest level 
this year. 


THE U.S. has made strong pro- 
tests to the UK over Britain's 
role in securing a £115m con- 
tract fur Rolls-Royce in the 
American market* earlier this 

At a meeting with Mr. 
Callaghan, Mr. Michael Blumen- 
tbal, the U.S. Treasury Secretary, 
today expressed “serious con- 
cern ” at the scale of Govern- 
ment finance made available for 
the deal, in which Pan-Arn 
bought J2 Lockheed 1011 Tri- 
Stars, equipped with Rolls-Royce 
RB-211 engines, in the face of 
stiff American competition. 

The Americans have been 
angered by the decision of the 
Export Credits Guarantee De- 
partment to provide credit in- 
surance cover for the Rolls- 
Royce engines and the U.S.- 
made airframes. 

Mr, Blumenlhal suggested to 
the Prime Minister that in 
future, there should be much 

WASHINGTON, -time 1 

operation to end the ermor- 
credit war. 

Mr. Callaghan. n-:-ii'.r;ic--. 
emerged from the tidi i f 
cued by progress j n i J ; v •• : • . > ■: r 
main area of discussion— re- 
parations for the Jo - : 
Bonn economic* summit m mid- 

He is confident that the U.S. 
will try to contribute to parki- 
age deal of measures in Bonn :r< 
bolster world economic rccov^i;. 

The Prime Minister be'- 
that the American administration 
bas accepted the idea of arrang- 
ing a package in Bonn, rather 

Continued vn Sack Page 
Editorial comment. Page '22 

£ in New York 




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f--. s i * 5 • 


■ 30,G00sq.ft. banking a nd officeacron^l§aii^^^ 
:be let in one or two units.:; 

Situated in the centreofttie 

SectoL ? : v- ® 

■ Prominent building finished to tbe;Wghe||^eci|B 
ation with full air-conditioning partiflbr^ to^bfwiftr 
requirements and c3rpdted througHp|^ 

v further details fro mjbintsoleagents'ri 



4 FREDERICK'S PLACE EC2 01-6067601 






Industrialisation at a cost 


HE COMMUNIST myth of an 
imipotcnt and omnipresent 
arty is hard to maintain in 
country like Poland where the 
overnment cannot muster even 
le authority to raise the price 
E meat. 

This is one of the major 
Uemmas facing the Polish 
egime at a time when seven 
ears of crash industrialisation, 
mbarked on shortly after Mr. 
hi ward Gierek had replaced Mr. 
Vlndislaw Gomulka as first 
ecretary of the Polish United 
•Yorkers Party in 1970, has 
■ndowed the country with an 
mpressive array of new fac- 
ories, shipyards, mines and 
lousing estates — hut also with 
ong queues outside empty 
JUtchers' shops. The queues to 
some extent are a backhanded 
.'ompliment to the way real 
incomes have risen since the first 
the Gierek five-year plans 
started in 1971. 

It is possible to detect a 
wistful note us Poles describe 
those years of never had it so 
good. Poland even managed to 
do rather well out of the post- 
1973 energy crisis. The country 
had steadfastly -stuck to coal 
throughout the period of cheap 
oil. so that the terms of trade 
moved in Poland’s favour as the 
effect of higher international 
coal prices on export receipts 
outweighed the higher price for 
imported oil. Most oil imports 
came from the Soviet Union 
which delayed raising Comecon 
oil prices to world levels, so that 
to begin with ihe effect was 

The fate of the second Gierek 
five year plan period has been 
very different. A succession of 
poor harvests, exacerbated by 
heavy floods, forced Poland to 
step up imports nf grain. 
The continuing recession in the 
West reduced export markets 
and jed to lower prices than 
expected for Poland's principal 
raw material export*;. Delays in 
the commissioning of new' plant 
has led to supply bottlenecks 
and domestic energy shortages. 
One major consequence has 
been a significant increase of 
external debt which is now 

estimated to be. in excess of 

What is probably of equal 
significance however is a detect- 
able change in the national mood 
and the self-confidence of the 
regime itself. The honeymoon 
came to an abrupt end in June. 
1976, when the Government 
announced a series of swingeing 
price increases for meat and 
other foodstuffs aimed at 
remedying a situation in which 

the subsequent industrialisation 
appear to have changed these 
basic factors which limit the 
powers ot Government and party 
and. guarantee a degree of de 
factor p>- alism. 

This is counterbalanced by 
the fact that Poland with a 
population of 35m is a strategic- 
ally most important member of 
the Warsaw Pact and an integral 
member of Comecon. ft depends 
on the Soviet Union for SO per 

The Polish Government has emphasised indus- 
trialisation in its development plans. But there 
have been many problems along the way. 

the Government was spending 
more on food subsidies than on 
the entire social services budget. 

But the government was forced 
into a humiliating retreat as 
workers in the industrial town of 
Radom and at Ihe Ursus tractor 
plant in the industrial] suburbs 
of Warsaw took to the streets 
and Poland looked dangerously 
close to a repeat performance 
of the 1970 riots which toppled 
Mr. Gierek's predecessor. At the 
same time allegations of police 
brutality and . the arrest of 
workers involved in the rioting 
led to the formation of new dis- 
sident groups .'pledged to the 
defence of workers' rights and 
greater respect for civil liberties 
and greater political freedom. 

The riots heavily underlined 
the limits and restraints under 
which the Polish regime is con- 
strained to operate. The reasons 
why it was not able to impose 
its will, do much to explain why 
Poland is such a problematic 
member of the Communist bloc. 

Alone in Eastern Europe 
Poland has a large, independent 
peasantry and a powerful Catho- 
lic church. It is also a deeply 
nationalistic country which has 
traditionally tended to look 
West rather than East for its 
intellectual and spiritual values. 
Neither 30 years of Communist 
government since the liberation 
by the Red Army in 1944-4S nor 

cent of its raw materials. 
Furthermore, while Poland has 
been busy taking up western 
credits, importing western 
machinery and seeking markets 
in the West through compensa- 
tion and other trading agree- 
ments. it has also been 
increasing its trade with the 
Soviet Union and its degree of 
integration within Comecon. 

Perhaps the most important 
symbol of the latter is the rail- 
way line now under construction 
from the Soviet Union to the new 
integrated steel mill being built 
with both western and Soviet 
machinery and credits at Huta 
Katowice in Upper Silesia. The 
line is being built to carry Soviet 
iron ore. The line uses the 
Soviet rail gauge throughout. 
This avoids expensive and waste- 
ful trans-shipment of ore at the 
Polish-Soviet frontier. It is not 
lost on the Poles that it could 
also bring Soviet tanks into 
Poland's industrial heartland 
with the same speed and 

The desire to avoid any such 
eventuality is shared by the 
Government, the party, the 
Catholic Church, the dissidents— 
and one can confidently assume 
the Soviet Union. Poland has 
suffered invasion many times — 
and it has usually fought to 
defend itself. The wish to avoid 
a similar fate in the future is 

in many ways the most sobering 
• factor in a country which has 
tended throughout its history to 
oscillate between a realistic and 
romantic assessment of its 

A shared belief in the desir- 
ability of keeping social and 
political tensions within manage- 
able limits also underlies current 
relations between Church and 
state. Ever since the 1976 price 
riots Mr. Gierek has made 
valiant efforts to rebuild his 
damaged standing in the country 
by old fashioaed barnstorming 
around factories and townships 
and! by a determined effort to 
come to a modus vivendi with 
the church. 

Mr Gierek went to Rome last 
year for a highly publicised 
audience with the Pope. The 
church for its part, under the 
leadership of Cardinal Stefan 
Wyszynski. responded cautiously 
and in exchange for co-operation 
in reducing social tensions and 
combating serious social prob- 
lems like alcoholism, demanded 
permission to build more 
churches, unimpeded rights to 
hold catechism classes, an end 
to atheistic propaganda, access 
to the media, and an end to 
discrimination against Catholics 
holding public office. 

Both sides are aware that a 
delicate balance has to be struck. 
Mr. Gierek cannot afford to moke 
too many concessions ‘ which 
offend against the ideas of his 
own party ideologies while the 
Cardinal who has cleverly 
turned attempts to suppress the 
Church to the Church's own 
advantage, is deeply aware of the 
dangers implicit in too close a 
relationship with the state. 

Meanwhile the various dissi- 
dent groups are activly working 
to enlarge the area of de facto 
pluralism within the Polish 
society. This does not yet extend 
to the formation of political 
parties, although a multi-party, 
parliamentary system appears to 
be among their long term aims, 
but involves the setting up of 
their own Samidzat Press, sup- 
port for the idea of independent 
trade unions, and the reaction of 

Poland has: 

of $220m 

U.S. links in 

By Christopher Bobinski . 

electronics field 

Mr. Edward Gierek 

“ flying universities."’ The origi- 
nal “flying universities” were 

set up In Tsarist times to keep 
Polish culture and the idea of 
Polish nationhood alive when 
Poland was divided up among 
Prussia, Austria and Russia. Over 
the past IS months or so students 
and intellectuals have revived 
this tradition by meeting in 
private fiats to bear lectures on 
Polish history, culture and con- 
temporary problems- 

It is at least arguable, 
although also*of course, hereticad, 
to suggest that 'the Government 
would not have been taken aback 
so easily by the reaction to the 
price hikes in 1976 if it had had 
a more reliable means of gauging 
public opinion than Its own party 
hierarchy and the official trade 

On all levels Poland appears 
to be Involved in a delicate 
waiting game and balancing act 
The Government is basically 
crossing its fingers and hoping 
that by 1980 the economy will be 
stronger, food supplies more 
regular, and export markets 
easier. Politically it is hoping 
that caution and a certain degree 
of mutual tolerance will head 
off any direct challenge to the 
party's role as leading political 
force in the country or any 
other act which could provoke 
Soviet intervention in the name 
of the Brezhnev doctrine. 

As for the Soviet Union Mr. 
Brezhnev himself recognised 
the difficulties attached tn 
“ strengthening socialism on 
Polish soil " when he pinned the 
medal of the October Revolution 

Fly to the 

on Mr. Gierek's chest in Moscow 
in April, President Carter 

demonstrated the U.S. Govern- 
ment's interest in Poland by his 
own visit at the start of the vear 
and by the subsequent agreement 
to increase grain supplies on 

For a country which has 
always been delicately poised 
between great powers Poland’s 
present position is not un- 
favourable. provided the realists 
take some inspiration from the 
romantics and the romantics 
remember that railwayline, to 
Katowice. , 1 

. WARSAW. June t. 
POLISH foreign trade -figures 
published for the first time for 
about a year, broken 1 down 
country by country, 1 show a 
12.6 per cent drop, in imports 
and a IDA per cent' rise' In 
exports during the first, three 
months of this year .com pared 
to the same period last year. 
This means that in the first 
three months of 1978 Polish 
trade has; gone into credit to 
the tune 'of S22Qm against a 
total turnover of $5.82bu. ; 

Poland also went Into: credit 
with her Comecon partners to 
the tune of j3S0m with Imports 
dropping by 9.3 -per cent and 
exports going up by 10.8 per 

Polish - Imports - from- the 
OECD countries dropped by 25 
per cent ami exports went up 
by 10.8 per .cent. 

Polish Imports from the EEC 
countries dropped by 20^' pbr 
cent and -exports went np by 
15.1 per centi — 

Poland was m the first three 
months oF this year still run- 
ning a minimal deficit with the 
hard currency, countries- .- * 
Polish financial . sources.- esti- 
mate that thf deficit by the 
end of the jyeai . will have 
reached around ?lbn but the 
figures for me . first three 
months are sken by Western 
diplomatic ^observers as 
evidence that She economy & 
able to give priority to Improv- 
ing the trade tjjtiauce. 

On the other hand,, cuts in 
imports have contributed, .to- 
raw material supplies shortages 
and subsequent stoppages in la- 
dus trial production in the first 
two months of this year. 

The figures show tbat-.ta the 
three mouth period as com- 
pared to last year, Poland's, oil 
imports dropped by 42.0(H) 
tons, natural gqs imports by 
69m cubic metres, iron ore 
imports by 297,009 tons and 
rolled steel imports by* 137.000 
tons- • , 

A recent article in .the 
weekly Polityka questioned Un- 
economic feasibility of 4.«utting 
imports and raising- exports by 
administrative ©reieis This 
system It said is “ rigid and 
doesn't take into 'fccount 
special cases.” t' 

Losses are also caused when 
cuts in Imports are ordered as 
the yearly plan is beiite ful- 
filled rather than before U was 
fixed. rt *. 

0 Meat prices in W^aiv's 
commercial shops were' wised 
today in a move fchleh 
presages a plan by; th& 
auihorities to raise meat prices 


PARIS.' June 

FRANCE’S electronics industry 
is waiting for a move by the 
Government which will deter- 
mine the future course of .its 
vulnerable semi-conductor activi- 
ties. - 

In contrast to the UK, where 
the National Enterprise Board 
Is setting up its own company, 
France is -expected to encourage 
links with at least one of the -big 
U.S. concerns which dominate 
the. sector. ■ 

..In both cases, a restructuring 
is considered necessary in view 
of the heavy costs involved in 
developing ' integrated circuit 
technology, the size of operation 
required to reduce unit costs and 
the commercial challenge of com-, 
peting with U.S. companies -in 
their own markets and with the 

The French Government ■ has 
.already "earmarked FFr 600m or 
about £70m for the semi-con- 
ductor industry. A third of. this 
will go into the Thomson-CSF 
group, which last year bought 
control of a smaller, semi-coaduc- 
tar. manufacturer SSC and which 
specialises in linear circuits. 

Another third is for Radio- 
technique, a subsidiary of the 
Dutch Philips group, which 
specialises in rapid bipolar- cir- 
cuits for Computers. . 

The . remaining slice; so far 
un designated, is for the develop- 
ment of the so-called Mos circuits 
which .have a variety of appli- 
cations; including motorcars. It 
is in. this area, in particular, 
that a U.S. or other foreign link- 
dp is pending. 

■■If the Government pursues 
This line, as indications to date 
suggest it will, then be taking 
the opposite course from the UK 
where, as spanner has apparently 
been put in the works of GEC's 
I approaches to possible U.S. 
i partners. 

France .has all along stopped 
short of trying to go It. alobirfir 
computer-related fields/ t Whoa ' 

it set up a state computer com- 
pany. CIY.M2 years ago, .after- 
Machinehull was taken 1 over 1 by 
General Electric - of the- U3< 
(GE's computer interests -Were - 
later acquired, by Honeywell}, V- 
pool arrangement ..was agreed 
with Philips and West Germany# 
Siemens. '- Xyr - 

When this agreement. Uni 
collapsed. CI1 was. mergeff joth.-' 
Honeywell Bull . to forta^a' 
bi-national venture; “Combining' 
the advantage of. French majority 
control and UB. know-how. . \ " 
Compagnie Generale dc..j£ieo- 
tricite. the third French: conp 
pany involved alongside Thomson 
and Radi ©technique- anditself an 
Indirect shareholder . ; in -J'Cn- 
Honeywelf Bull, has-j ometLother . 
state and- private 1 A . interests to - 
form a company specifically, to 
look into the question . of a U.S. 
acquisition: Its partners include' 
Renault, the car company. . ; - 
One solution being mentioned 
is the purchase -of a blocking, 
minority interest in MoStek,- 7 ^- 
U.S. company based -on _ Mos 
circuit technology’: "" *;■ -;V . 

A further move might be the 1 - 
setting Up of ’joint production 
facilities ih~ : a' country .such - la- 
Taiwan, one industry source- has 
suggested. • ■ : •, • .. 

Thomson-CSF has been talking 
on and off with Flessey tit the - 
UK since 1972 on the possibilities • 
of joining forces ' in'- : serif- 
conductors. Taut this' plan fseeiUk- . 
to have fallen ;by the wayside' 
with th eNEB’aan noun cement- 
of its £3Dm to £50m new venture. 

. An agreement with Motorola 
of the U.S.,'' with 1 Which 4 ^ft. r 
already "has a -parts -exchange - 
pact, is now rtme&r more oh the 
cards. - .... . . • 

Butch poll confirms trend 



The- Christian Democrats, the 
senior partner in Holland's two- 
party ruling coalition, made 
further gains in local electrons 
yesterday. The junior coalition 
.partner, the right-wing Liberals, 
did less well, however. Far both 
parties the poll in 829 munici- 
palities continued the trend 
established in provincial elec- 
tions two month# ago/ 

Labour the largest opposition 
party, was unable to maintain 

the- small gains- made lb. the prri' 
vinciar elections and .saw its 
share pf the vote fall slightly. -In 
contrast with the general elec- 
tion In May lari -year, when many 
small parties sustained losses, 
the left-wing Democratfi-flff party 
and the Communists made gains. 

-The. outcome was. in line with 
the latest- opinion poll forecasts. 
Early signs of a high tuntfrat 
were not-- -honie out* with many 
voters apparently preferring to 
enjoy the sunny weather. 

y —V 


77ie jE. E.C headquarters, Bntssclsl' ■’ /; *•. -. v -i - " 


Jgk 1 



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IVe are the ABECOR bank in Belgium. Martifx?aa»24, 3050 Brussel Tel 02/ 515 M. ft, Telex 25392 BBUN 

J • > . S’ A 

• Times Friday June 2 1978 



alar-i . 

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feat (.'.r. r - 

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rone:, . 


igsifi.-. T; 
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I3F "• 

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sp<?r:r i'.'c 
SS l;or. . 


n,r“ • ; 
tju : 

|C f V?-'t 

uZ? lit. ijv 

li:l. /.M 


bankers divi 


sg->. ^ .. 

V "-' -.--..A'. 





fSSri 5 v n0t ^ ins new « aDd the 
h il creased since the 
Jtftk 2j I ^? dco - Until recently 

a 3 appeared to tarn 

a bund eye, so much so that it 

^*0 doae with 
with the money 
!n . a briefcase to 
wte there is n peseta 

jT? e * ole . inconvenience has 
fx 16 *,* 1 ?? o£ ti,e moneys, 

S^-^ e K hl ,1 hest pweta domina- 
Uort is a bulky Pt a 1.00Q (S12.5) 

t0 , * aT * ofBcials ' 
na lm in l.OQO-peseia. notes 

weighs ij» kUos. 

-J 1 A a , s therefore caused con- 
siderable interest and a measure 
of controversy that the authori- 
ties snou.d choose to act now by 
charging three men with breach 
of exchange control regulations 
particularly as one of them, Sr. 
Enrique Minarro Montoya, hx 
been closely linked to one of the 

best-known banking -families that 
prospered under Franco, the 
Cocas. He is a former senior 
Board member of the Barlca 

The banking community 
appears to be divided on the 
significance of these events. On 
the one hand, there are those 
who regard tough action as 
essential, and who welcome the 
prospect of the system being 
cleaned up. Others fear that 
there are political vendettas 
involved and that too many 
revelations will be deeply 

News of the apprehension of 
the three men coincided with 
reports of Ministry of Finance 
officials investigating property 
deais carried out by companies 
in which Banca Coca is alleged 
to have an interest This investi- 
gation is still continuing accord- 
ing to highly placed sources. 

After refraining from com- 

ment for a week, Banca Coca 
last night issued a five-point 
statement denying any involve- 
ment in breach of exchange 
controls. The statement further 
said that the bank's silence had 
resulted from a desire not to 
comment wbiie the .various 
investigations were still in pro- 

The bank also said that the 
various inspections being carried 
out on Banca Coca were solely 
designed to finalise its proposed 
merger with Banesto. currently 
the country’s second largest bank. 

These events have caused 
considerable confusion over the 
proposed Banesto-Coca merger, 
which if formalised would make 
the Bauesto group once again the 
largest concentration of banking 
interests in Spain. 

A senior Banesto spokesman 
has been quoted this week by 

the national newsageney, EFE. 
as saying: "We have not yet 
merged with Banca Coca. We are 

waiting to get to the bottom of 
this matter befiriv we make a 

decision/’ The mercer was 
hurriedly agreed last December 
when Cancan's chief rival. Banco 
Central, announced a merger 
with the medium «Sred Banco 
Jbcrico. controlled by The Fierro 

HilhcuitiCa in assimilating Coca 
have already delayed the merger 
date even though the outlines of 
a merger agreement have- been 
approved by the shareholders of 
bulb bunk*" Under these terms 
the Om-a familt .-.miMi! become 
the single largest shareholder in 
Banesto. with approx' matt ly S per 
cent of the equity, anti Sr Ignacio 
Cqi a. the group’.- v i-:---Lh airman. 

Senior bankers beiieu- ihiil the 
margur lias passed point of 
no return, hut ’.bat present 
events could emoarra^s both 
banks. Sensing erads m one nf 
the chief remaining bullions of 
1 hi- Fran co iit power structure, 
the liberal Press here appears 


determined to en.-crc tba: tins 
happens. The au:uciriii< • for 
their part. v. bet her i- be the 
Finance Msa-sir;- presiirg m 
introduce tighter control rf "taxes 
or the Bank .if Snain. insisting 
that they arc deteriniacd to 
clean up wo system. 

This attitude turn has drawn 
bitter comment "reni the Right- 
wing Prc-s. They have coo cen- 
tra led on highliahtinn the Bank 
of Spain's handiinj of ihe Banco 
Contahrico v.hica col lapsed jt 
the end of .Ian nary :n the wake 
of ihe d- of an ether bank, 
Banco d>.- Navarra. 

Fore son.e time, i.'antahriru's 
chi if i.'vccurive. Sr. Alfred n *J:. I !v. 
who CTiirnIs d‘/ !>•.■:■ cent o: the 
bank's e-iuiiy. ha* b.-en ctialleng- 

inar the action thi- Bank of 

Spain in taking over the bank. 

Initi'j!::' the Bark of Spam 
bought Cant ar- rice /or a nominai 
price ar.d liion. once it had 
formed u “ bank hosnitai "■ — the 

s*abIisH £ 

'lABrjD. June I, 

Corporation F. a near: a — v.'ilh the 
rest of the S?: num banking coni- 
imniiy on u 50/50 basis, trans- 
ferred Caniabricci for a similar 
r.cMiina! sum ’.o the iatier. Sr. 
Callc claimed the takeover was 
illec il and the n(; price 

This v.ees the pstties involved 
failed to reach an out-of-court ' 
Set Li enter.; on the mailer. Sr., 
CaHe promptiy anr.r-unced he' 
v.'ii • prufe/Rr.j charges 
usairsst certain senior Bank uf 
Spam otneiai- for aiiczed mis- 
conduct »n handling the Oanu- 
brict lake ov t r. 

Although the Bank of Spain 
ha.; received no formal notifica- 
tion or rue': aciiano. senior 
oiiiciais m p rival- hotly deny 
any sugiestion "f »r*i scon duct. 
Indeed, they point ;t» criminal 
charge- lodged with the judicial 
cuthorttic; or. May ltf against 
Sr. Call* for fraudulent tnunage- 
mer.c of Banco Cantabrico. 


Schmidt praise for Carter 

■% gm 


SCHMIDT, reporting to the 
Bundestag today his satisfaction 
at the outcome of the Washing- 
ton NATO conference, went oiit 
of his way to emphasise the 
success of his own personal con- 
tacts with President Jimmy 

In a formal speech on the 
NATO meeting and on his visit 
to the United Nations’ disarma- 
ment debate, he said that Die 
alliance had shown fresh proor 
of its ability and will to con- 
tribute towards the maintenance 
of peace on the basis of a balance 
of forces. He paid tribute to the 
reaffirmation by Mr. Carter of 
the American commitment. 

Six weeks before Western 
heads of government gather for 
the world economic summit meet- 
ing here, however, Herr Schmidt 
also stressed that his talks with 
Mr. Carter bad '‘made unmis- 
takably clear that we and the 
American Government agree not 
only in ail major political ques- 
tions hut to a great extent in 
the details too.” 

The atmosphere and content 
of his talks, said Herr Schmidt, 
'“have again strengthened the 
solid partnership and close 

friendship between the two 
governments.” He had given the 
President an account of the 
recent visit here of President 
Leonid Brezhnev, and had beard 
from Mir. Caner the current 
state of the strategic arms 
limitation talks. 

Herr Schmidt added that the 
U.S. President had also shown 
“great understanding” for 
European — and in particular 
West German— concern that 
current East-West disarm am enS 
initiatives should deal with the 
problem uf medium-range 
nuclear weapons. 

Mr. Carter had promised, the 
Chancellor said, that be would 
make further efforts to steer the 
transatlantic “dialogue” on 
NATO equipment into a “ con- 
crete direction" as part of the 
long-term defence programme 
agreed upon in Washington. 

Herr Schmidt also told the 
Bundestag that NATO heads of 
government reaffirmed their 
determination to co-operate in 
stamping out the “ international 
scourge ” of terrorism. 

Making his first comment on 
the* series of developments that 
have- once again brought 
terrorism to the forefront of 

BONN. June 1. 

the West German domestic poli- 
tical scene, Herr Schmidt said 
he bad been “scandalised ’’ at 
the escape last \reek-cnd oF the 
alleged terrorist Till Meyer from 
a remand prison :n West Berlin. 

Herr Schmidt publicly thanked 
the Yugoslav authorities for their 
help in apprehending the four 
wanted West German terrorist 
suspects whose presence in Yugo- 
slav police custody was first 
revealed on Monday. 

It became known last nisht 
that Herr Han^-Juergen Wisch- 
newski, the Chancellor's personal 
trouble-shooter, had paid a visit 
to Belgrade after the four Her- 
mans were held, but before their 
capture was announced. Accord- 
ing to news reports, however, 
he did not succeed in having 
them extradited without the 
politically complex “deal" that 
appears to have been done with 
the Yugoslavs. Although both 
Governments reject the sugges- 
tion that a swap has been 
arranged, this involves West 
Germanv's banding over several 
of the aoti-Titoist Ustaehi ex- 
tremists held In Germany for u 
series of violent attacks on Yugo- 
slav diplomats and premises 
going back several years. 


THE SOVIET economy, whose 
output grew only o 5 'vr o-nt last 
year, largely bei-aus- uf poor 
agricultural output nip 'i per 
cent compared wi»h ihy planned per ceDij. is aiming a; a 4 per 
'coot growth rale itiis :■. 

Achieving this l a rid will 
depend «m ouu-u-ndiRe Soviet 
I crop production, accord m.' to an 
analysis of i lie .Soii.H economy 
I issued hy she German Institute 
of Economic Research in 


The Institute noto; that the 
! Soviet target figure* for this 
year's plan show shut Industrial 
production is io ;i:- t-h.-c 4.5 per 
cent, or .-.lower than <n ibe pa*t 
two years. Both caiui.*..! .-cods and 
consumer goods sectors are 

However, agriculture is sup- 
posed to expand l y o > per cent, 
.which the repori say*’ is a “goal 
which can only he achieved by a 
i record grain ium-esi." It notes 
that agricultural inve-imeats are 

to grow by 2 per cent. le*t- ;:._n 

Spendin; on construction is lu 
increase by 6 p-.r vent, and 
spending ub "ran '■port 5.5 7 >or 
cent, which. i:;e analysis -ay*, 
ill cans that, r.y contrast to V.T7. 
ytrnv.Tr. is. no* jo '.>•:■ concentrated 
on industry. T!',e in-riau* neM-t 

that the^e -v.-'.or? arc ihe t.-.u:i- 
ional “ ; roi ". 'i: cl: i I dren " ■«.' ihe 
Sot let c-c r . 

The l n%i it tile's ‘ 
says that :n the y;:st year. Soviet 
industry gr.-v. by r, pt-r cent. 
compared -.vlt;-, 5 per cent I:i 
1^7(5. He'- e-er. Soviet agriculture 
pull-d tii •.»•;•, i;; ;• overall 
rule i-y .••:n.inj:ng only “ 
cent, corn ^a red vith the 7.5 pct 
cent laract figure for 107T. The 
Suviei grain rurvest of 
tonnes'.*.", dew;: f rum the r eco r d 
197G h-rv-;;; i. : f 'J'J-i rn tonnes opd 
below th» average yearly target 
for tiie current Five War Flan 
of -15-220 m tonnes. 

Tlte anuiyfis notes that !a.;t 

BERLIN, June 1. 

year'; growth of ;; j f *r cent in 
grOiS c:: I irvestmeni in the 
Su; let Union wj s Ad per cent 
la- low larger, and under the 4.5 
Per cent average annual invest- 
ment r.; r e .".'r-u.'aieu under the 
Sovset Five Year Plan. .Acricul- 
Uira! investment? expanded ii” 
only '2.5 per cent, com part'd wiili 
4 per cor.’ in IP7o. and & per 
cent :n ii-75. 

Soviet n:e-t consumption 
invreiiae-l by i per cent last year, 
to 55 r.'iO? per eapiia. eoui pared 
with SO I- : I Per head :r. East 

i.Ierivi-r.; and Cgcciio Slovakia. 
Egg pr:.i J iU?:i..n ro.-e hy 11 per 
eer.;. _r.d r.,:pioes and vegetabies 
v/oie u:.- 7 per cent. 

The- me re .lie ir. industrial 
i.iho'.ir preducuvlty. as measured 
; *.y cress output per v.urfcc-r. was 
4 :»er '.■eiil. a*-- against the 5 per 
c*r.i target figure. The analjsis 
noses th; r I -n proved productivity 
w a.< esientjc! f->r achieving the 
targets of t;-,c Five Y'car Plan, 
which ends in 1SS0. 



is expected within the next few 
days to issue instructions re gu laz- 
ing the Indemnity Law. in a.n 
attempt io attract much-needed 
foreign capital, as Weil as 
stimulaie the Portuguese private 

Thi? was suggested during an. 
inteniow today ny Dr. Alexandre 
Vs:-. Pinlo. chairman ef the 
Portuguese Investment InstiLuie. 
which acts as an oHicial lnouih- 
piece for tin* Government mi 
nutters related to foreign invest- 

Ha told liie Financial Times 
i ha r The Govern. acnr tvuld next 
week go bey on a what until now 
have been only verbal assurances 
that ;he problem of indemnities 
would be’ft-uled. 

He said the Cabinet was prepar- 
ing to issue forms through 
which thi 'SC ufi\ cteri cuuid uppty 
for the puynienr of 'til* 

The esr:ih;i?'ni::ent of sn cill- 
eient procedure f ar compensating 
private cm pa nits and farm.- 
» foreign amt national! that were 
nationalised nr expi'-'oriaied 
following the downfall of ihe 
Cuetana regime un April -5. 1374. 
has iut.^ been ;i'.tvp:ed here a* 
a necessary ineaiure to re-estab- 
lish hi confidence in 


Since ihe nil’ng jlli.uj'.-e »:f 
Socia list; .and Christian Demo- 
crats took otfic . in January, 
several Government spokesmen. 
whose a'.lhjecis Vel'e a tie': ted by 
nationalisation, have made direct 
; approaches to the authorities on 
the sunjccl. 

The vy-.r of ihe British 
Gove rnsne- ill v;a> stated earlier 
[ibis year in no uncertain terms 
lb; Lord Morar. the Erit:sh 
Ambassador to Portugal. Ills 
[main reference was to the 
I British farmers v hose property 
wa.- seized the tl'oin- 
ntunlst-spon sored land reform in 

: To dale, with one exception, 
l none of the foreign farmers have 
; received compensation or restitu- 


LISBON. June 1. V 
A firmer policy on the question 
of indemnities is thougni to have 
been decided upon by the Gov- 
ernment ai a meeting on Tues- 
day, where the nue? conserva- 
tive Christian Democrat. (CDS; 
mem hots of tne Cali no* arc said 
to hate been par’icuiarly persua- 
sive m ; heir arj iimeois for t 
jnere practical siand on th? 

O Sr Eii m undo Pedro. ^ member 
of Prime MiuiMer Mario Soares's 
Socialist Pant's natioiia! .secre- 
tariat. and chairman of iTie 
national television network, v. as 
today freed pending comir.ittal 
forxrial on July 1ft. Sr Pedro v :s** 
arrested in January ciiaritu wiih 
possession and transportation of 
illegal weapon?. 

Two activists 
released by 
Czech police 

5y Paul Ler.dvai 

PRAGUE. .Tune 1 
begun releasing to da;, •some '.if 
the human rigbi-- uciivists vn< 
had been -taken into eu->;ody ?t 
»J:,.ep I.R Tile.-'!.:;' .. l£w i'U'iiJs be- 
fore the arrival ,.f Mr. T.-renid 
Bre/.imev. the Soviet President. 
According v.i lii-- latest, but sc!: 
inccmnlete, informal io a. .-t lease 
25 people '-vc- re s« by the 
police i;t Mtuuliap'.'Oi.s raids. S-- 
f:u., only the release of 
Mr. ?a‘. a pront'ner.t 
..on -r. and M:\ L. F-eiun ?ki. ?. 
journalist, ha; bo.-n confiv.’it-tL. 

Too-.-;- detained include Mr 
LadisLv HejdaneK. on;- or iii-? 
litre*? j « ;* i :v?!;-|? ?.: i »-j -• r • i * f 1 1 ■ 
C:;. it ter 77 inavem,;-,:. Mr. Vaclav 
Harei. the , ly !::y*wn 
playwright, a mim !.•?:■ of '■ miter 
promineni jeurnalisks and scien- 
tists. ami a priest and fi-. e non 
musicians h amassed earlier by 
the police. 

Meanwhile. Mr. Brezhnev 
today in BratisLuvia. the capita! 
Of Slovakia. 

Standing up to Moscow 


THE U.S.- - Administration is to him. The 3 per cent increase 
showing considerable public will not match the pace at which 
satisfaction with the outcome of the Soviet Union is increasing its 
this week’s NATO summit. In military .-spending, which is 
inviting his colleagues to Wash- nearer 5 per cent a year. But the 
ington 12 months ago, President atm i»' to make the money go 
Carter made it clear that he further by making serious efforts 
wanted this year’s spring meet- to .-avoid duplication through 
ing to provide the platform for a joint planniag at alliance leveL 
major relaunching of the alliance /if the allies are finally taking 
both militarily and politically. He action after years spent mainly 
seems happy with the results. deploring fbe Soviet build-up, it 
Concluding statements at inter- is largely because the realisation 
national meetings almost has sunk in that Moscow is not 
invariably, stress bow positive going to change course. After 
and constructive the talks have one of the most comprehensive 
been. Mr. Carter’s verdict was, studies of East-West relations 
characteristically, far more ever conducted, western goyern- 
fulsorae than convention ments are now fully convinced 
requires. The meeting, he that the Soviet build-up will con- 
believed, bad been “the most tinuo, regardless of the economic 
comprehensive, productive and and.;- social problems it may 
candid ever.?* He felt, he said, provoke. Mr. Brown’s analysis is 

.... «... op a m.N . 1 A Alt. 1Ar««Kn.» UnAf lin 1 1 nnii T 

“much better" about NATO. that the Warsaw Pact will now 
Of coarse, the alliance has not concentrate on improving : its 
solved all its 'problems. The past v./aponsratter^an 
four dam herp have shown con- the si 26 of its forces, 3I1Q ^ ^ 
siderable confusion over how the ps chosen to follow broad y the 
West should respond to Soviet / a, " e P a “' . .. , 

and r Cuban intervention in/ There is. at the same time^ 

Africa, and there is no sign of aiV growing awareness on the NATO 
end to -the problems For the side that it would be wrong to 
alliance's southern flank caused concentrate too exclusively on the 
by the Greek-TurWsh dispute art d military biuld-up in Europe. In 
the UJ3. arms embargo /on the words of General Alexander 
Ankara- But the past two Jays Haig the Supreme Allied Gom- 
bave demonstrated an ov&rall mander Europe: Yesterday’s 
stiffening in the alliance's resolve necessary preoccupation with 
to stand up to the Soviet Union, force balances in the central 
The main vehicle for trans- region of Europe can become 
la ting this’ resolve into action is today's dcluction." In an article 
to be the. new 15-year, long-term soon to appear in The ^aio 
defence programme. ■ now form- Review, be argues tiiat soviet 
ally . endorsed by the Heads of military power has been fundar 
Government The allies have mentally transformed over the 
reacted with unusual zeal to the past decade. ". 

U.S. appeal for a 3 per cent Soviet power is now global in 
annual ' increase in defence scope and offensive in character, 
spending 1 ' in real terms, and last General Haig maintains. “And 
night- Mr. Harold Brown, the U.S. if Soviet military capabilities are 
Defence Secretary, confessed that no longer limited in geography 
the . full extent, of the allied to the confines of Eurasia, neither 
response: had.come as a surprise are they limited in application 


Continuing In policy of expansion abroad. BANQUE NATIONALE 
DE PARIS has opened a Representative Office in the Swedish capita . 
The opening of this office, on 2nd May. 1978, has widened the scope 
of -the BANQUE NATIONALE DE PARIS as it is now represented 

in 68 countries, 

This 'new BANQUE NATIONALE DE PARIS Repres.nmive Offi« 
i„ Stockholm will help compiles with their contacts 
»„d multinational companies as well as with local bod '“- 

Moreover, thanks to BANQUE NATIONALE DE PARIS, hw 
international network, the Stockholm Office will be able to ,.« « 
distance to all Swedish, firms and orgamsations wishing to widen 

thflir international contacts. 

The BANQUE NATIONALE DE PARIS’. Stockholm Representative 
Office, managed by Mr'. Jean-Louis Signorino. ,s mtuated at th 

following address: 

Malmskillnadsgatan, 41 
S . 1 1 1 57 STOCKHOLM (Sweden ) 

Telephone: 212701 or 2 I 2 B 0 I 
Telex: 12655 

to a classic overt seizure of 
Western territory. Rather, the 
threat has become more subtle, 
to encompass a variety of intimi- 
dations, interferences, and inter- 
ventions derived from the funda- 
mental fact of global Soviet 
military capabilities." 

General Haig does not believe 
the West's task to be impossible. 
Indeed, be believes that the 
Soviet Union, in spite of its mili- 
tary might suffers severe limita- 
tions. “Hiese he lists as: failure 
to roarsbal resources for the 
benefit of its society: failure to 
capitalise on the potential pro- 
ductivity of vast agricultural 
areas; failure to adapt its 
economic institutions to the 
efficient absorption of new 
technologies; and failure to 
cultivate and harness the 
imagination and dynamism of its 
own people. “Confronting poten- 
tial labour shortages, a possihle 
energy crisis and simmering 
social unrest, the Soviet Union 
faces significant problems of its 
own.” he concludes. 

Y’et as Africa has shown, the 
West is still undecided over 
what it can or sbould do to 
counter the new wave of world- 
wide Soviet expansionism. The 
East-West study approved by the 
summit suggested a possible 
scenario for the years ahead. 
Slower Soviet economic growth, 
combined with a continuing high 
level of arms spending, according 
to the study, are likely to 
exacerbate the Soviet Unions 
problems to a point at which it 
will need massive economic help 
from the West. This would give 
the West leverage to insist on 
a cutback in the Soviet military 
build-up and a general curtail- 
ment of “ provocative activities." 
It is bard, however, to envisage 
Moscow accepting Western aid 
if - that were the price. It is 
almost as difficult to imagine the 
West applying such a policy in 
a concerted manner. 

Whether or not such a policy 
can succeed, it can only he 
attempted, in the study's analysis, 
from a basis of continuing mili- 
tary strength. Here, the launch- 
ing of the long-term defence 
programme is only a beginning, 
jtffort people in Washington this 
week are fully conscious that 
statements. of good intention are 
no use without practical follow- 
up. As Mr. Brown points out: 
“If we stop here and lose 
momentum, we will bave to 
climb the same hill all over 

Financial Times, published daily citcDi Sun- 
days and holidays. U.S. sutncripiion S3H0.WJ 
tatr fttfebU JJ60.00 fair mail I prr annum. 
Second etas pwwb* paid at New York. >-■«. 



The undersigned announces that 
the Annual Report 1977 of 

wtfl be available in Amsterdam 

Amsterdam-Rottendam Bank NV 
and further at: 

Atgemene Bank Nederland N.V., 
Bank Mees & Hope NV. 
Pierson, Heldring & Pierson NV 
Kas-Auoriatie N.V. 

Amsterdam, May 26th, 1978 

This announcement appears asa matter of record only. 

i May. 1978 

The Kingdom of Denmark 

DM 400,000.000 

Eight Year Loan 

Managed by 

Compagnie Financiere de la Deutsche Bank AG 

Co-Managed by 

Badische Kommunale Landesbank Banque Generale du Luxembourg S.A. 

International S.A. 

Banque Internationale a Luxembourg S A. 
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Banque de Luxembourg S.A. 

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

Interested? Write for 
MAPCO's lastest report 
It’s good reading. i 

TlnaiKSlal"- -Times m 




indicators rises 0.5% 



c-n-itive to Mr. William J£Uer, cbaira*n. 
THE CARTER Administration, prices Ufluid assets and of the’ Fed. is Well aware of ftw* 

uutTJMi ftuuiiBHLiau™, . liniiM assets and OI me reo, is v«- 

which is currently pre-occupied demuid, /JnJSred gSdZ-can criticisms, but be has argued 
with, inflation, received some shipment of orflereo go^-v^ nbIicly privately that until 


with- inflation, received some shipment or K inj . pnb iicly and privately that until 

comfort t6day when the Com- ^expected to ahead the Administration moves to cut 

merce Department reported the up again, the deficit and to reduce tafia- 

indes of leading economic indi- “i^SSKiodes “on. it must f.ll to. the Petto, 
cator. rose 0.5.per ce« aecort- t0 ^^“ b fSuragmg in do what it am to .redoce the 
ing lo preliminary figures “ ^e tounediate future- „ . recent starp rise to prices. „ 

Apni-. i* there* is ODtimism about jj lt . *,-«• ftfeen ■ Ja»iuifna 

drugs and 


there is s< 
Liberals a 

mg io preliminary figures in Se immediate future. . recent sharps rise *n prices. v 

A th« whfrti prouns to- But if there is optimism about But he ._ hay. been' sending 

•S^SEKrS fisua. ao«sr.-s«a 

More complete figures for current tight money monetary : 

March— which bad been expected DO iifS of the Federal Reserve. President had i^^ted tl»TOd 
to show nr increase in the index po ££f griSnltee said that the io cut the federal budget deficit 
— instead show that it fell— by restrictive money policy But within days, the Fed .had. 

0.1 per cent during that month. .. to slower growth in a g a in pushed up the- federal 

a rather worse showing than production and employment ;in funds rate, the iiatttUTs shore 
some analysts .had been expecting, (he rest of the year." It said OMrt terra, basic interest rate,- reacting, .. 

Today's figures, which could be Administration" should com- '33 "in the past, to -another bulge . 
revised upwards in the tight of bine an attempt to reduce soil ln money supply figures. - 

1 .‘- ■ . 


i . - :4?r 

and their candidate. Sr Julio most important indicators — level of short-term interest ntes wan a ^ ne 

Cesar Turbay Ayala. has a tight manufatcuring, housing, the stock was increasing the risk that ' JSSSmumTSS 

hold on the electoral machinery. market and Lhe money balance m investors would take their money he 

1 but the Conservative candidate. 0ew dollars.: : - out of savings and loans and opt PPtf for his policy the 

Sr Belisario Betancur, has The four ; aat feti— contracts for shorter-term Meial busm^ 

been picking up support from new plant and equipment, and notes, the Committee said* he m stiU new to the 

dissatisfied splinter groups. - - 

Most people still believe Lbat , _ . . ? ... ■ >"-• _ 

Steel heads wary of price plan 

known: the rate has varied i v 

between 48 and 68 per cent in 
recent years, and few commen- 



tators are prepared to estimate slecl ^ du t j ust largest steelmaker, who said last steelmakers would: .generally 

how many of the country ^ SttefSuSe welkThtt he did not feel “bound” make a contr^ntion-tok^phig. 

12.6m electorate w»r oTe - As the recovermg ^ President's call to. prices down.. However, the Ena* 

ilast stose or lhe National Front 1 increa5in gi y unwilling to go along decelerate price rises even though poll s^ows that ..this ■ js. -nqt 
Liberal-Conservative power ^har- . n ai-v vninn.-.hp tni»nv «nnnnrt«d efforts to necessarily the case. .• 

al-Conservative power soar- . . President "Garter's 0 volnh-"he totally supported efforts . to. necessarily tiie case. - - 

I SI hold, down prices. ? _ 

Ihe two ; ^“ U and“Vhir«ild seriously SX pir ' "cent In February and stood by his. earlier , statement 
“ dd cons,derably 10 undermine the Administration's" another -of just over! per cent th«the ‘unique situation and .Iqyr- 

fais power. 

SfferenTwho* 1 i'ins beciSl operation of indust^' ^ and drew top* leveT^tiri^ in to”afeorb prite^eas«:T;;: 
fath eandi^fi. thll sav Sn A poll of six major steel com- spite or its small Size. . . Ap^rt fronv the. rising costs -. 

be^v oeefed 3 to 5 * rem aln loyal to panies by the U.S. Press this week Mr. Speer's remarks- were with which they . ere . grapplmg. 

PtitQ 1 shows that no top executive sharply attacked by Mr. Hobert the steel ..companies are , stUJ..... 

In tS lSs presidential would commit himself to the Strauss, President Carter’s anti- unhappy about some aspects of. 

»ipptinn a cniir Liberal vote i President's price declaration pro- infiatien counsellor and the lead- the- trigger . price mec h a nism , : :• 

aiiftwed the Conservatives to take ' gramme, which would tnnit total ing figure in the Administration's which- brought progress on the + ' 
over and led to a Iona and I steel price increases this year to efforts to coax industrial_Jeaders -problem of cheap Imports. . 
bloodv civil war. Memories oP^ie 8 - 5 P er cent ave ra®e of int o joining the voluntary pro: Now that domestic- market : 
the ** violence” still are a strong past two years. gr amm e. .prices . are better protected 

Dolitical force Hence Liberal They all appeared to fliare the Mr. Strauss declared that U^; against : entside ; undercuttitigi 
voters will be’ loth to forsake views of Mr. Edgar Speer, chair- Steel was being exceptionally, they are clearly, out to restore 
iheir party, even though the man of U.S. SteeK the country's uncooperative, and that other, profit margins to decent levels. 

candidate is controversial, but : •' 

some at least will be switching r 

jSSraass Carter Section finances‘quened’ 

to Sr Turbay's reputation by 7 . . , • • 

suggestions of his involvement in BY OUR OWN CORRESPONDENT- . WASHINGTCW, June 1. 

cocaine trafficking included in a ' ■. • - 

U.S. television documentary in WELL OVER a year after Tresi*. % cainpaigo (President Ford re- By contrast the Ford campaign, 
April which drew on a report dcril Carter moved into the White helved roughly the same). which "has been audited, listed 
produced by the White House House, the Federal Election According to ‘.the Journal, 590.000 of such “ misfeellaneous 
narcotics adviser. Dr. Peter Commission is still a long way several people listed as recipients expenditures.” 

Bourne. The U.S. Ambassador lo from completing an audit of his of money from fte Carter cam- ^ p aper ^ reported there 

Colombia immediately published campaign, according to reports paign are positive, they never . fieeotieism -urithin the 

incomprehensible and absurd. In a long article, the Wall amounts listed in, the campaign’s ^ 

an H rvr,, ntinn ..... .u„« .i-- TT c d t OnDHto.i nMtempr* tho umn Ot Wi»,uw i or rmsceaaneoue 

and pointing out that the U.S. Street Journal reported today financial statemertt . At the same C e esra ensS ’ " and o earW 

Government had no evidence to that the Commission, which' over^ time, some of the ujes t6 which Y or unaoecMed ‘‘ set 

snmmi-T . umh •» nWma Tkn ...... tha m.i-n af o thf> mnnAT "wac nut annoar vapne o auu.uuu ior uuspet-iiiKU get. 

support such a chaise. The sees elections in the wake of a the money was put appear vague • • 

church, the industrial groups new law providing for federal in the extreme. 1. 7 , . „ -- ' 

and even ihe Conservative candi- funding of election campaigns. Some $603,000 is not 'accounted The .explanation for all this-. 

date joined in defence of Sr has uncovered a series of anoma- for in any way on the.firounds. xnay not necessarily be sinister-'- 

Turbay, who has denied the lies which could prove damaging according to^ ^the canip^gn staff. ^jj e mstom or^vinR- money^W ‘7 

allegations. to President Carter ’ in the that it. was all disbursed }n sumA ' . ;y: 

A Libera! party businessman umnths ahead. of less , than 8100. Under the Jo^ 1 Statwai*tA to 

commented that standards in! Mr. Carter received S21.Sm of law, sudlv. contributions dp not them get. Jpe , vote,, out- is tinr^.. ; 
Columbia have declined so much Government funds ta finance his .have to be itemised. honourem f a. •" . .1 

that an association with drug) ■ . . 

trafficking would not necessarily 
be a disadvantage. Liberals and 
Conservatives have openly 
accused each other of using 
drug money to finance electoral 
campaigns for Congress. 

President Alfonso Lopez 
Michelscn has always claimed 

Brazil puts off 

river meeting 

By Robert Undley 


Canadian Steel 
strike move 

Fraser starts 
tour in NY 

that drug smuggling is essenti-JTHE ARGENTINE Foreign 

By Robert Gibbens . 


By John Wytes.. '£' 

. NEW YORK. JuitE 

ally a U.S. problem, and he | Ministry has expressed its *• sur- CO-OKDJNATORS FROM.-' 17 , Australian : Prifne . Mi niste r. 
commented in the television prise and perplexity ” over a local, branches .of United Steel- >. arrives here ^i6*day-, at the start 

rlAMiimAni.. .... ! .... ii. I ^ , . ■ 1 _ lumdrarn*.' AT ‘ lit ' fha -lC -> fnnv 

documentary interview that “we uniiaterai decision by Brazil tol workers- Of -America in the :' of a ftree-wedk rftXoiSh tourij. 

3PP nnf Prirnmlinn tlia .11 .. 1 * .1 t- : i ftnphprJF.afaradnr frnn mining '1 urlll alcn-iviMtiflo vidtc t n 

are not corrupting the Americans, call yff the meeting of Foreign QuebecJLabrador iron mining j which will also ^ in elude ; visits to 

than 600 tons of marijuana stored Argentine proposals for a idle 10,000 ^’orkers for more General- AssemWy fiisanfta- . 
in warehouses on the Caribbean - definitive solution'' to the long than 12 weeks. - merit. j : .- '1 •' . 

coast, earning President Lopez a haggling between Argentina and Each local branch negotiates — M '~ I ; ... 

congratulatory message from the Brazil over the use of the waters with the mining companies 1 COW'ATW JiHEIVS 

year which the country earns (hydro-electric scheme should bet Company of Canada, usually [coal mifle ...plan; 

The Falklands 

trafficking 1 ^ 3110 ^ cocalnc on the Parand 1 set the tone of negotiations. 

The authorities resent what _ _ ■ ~~~ - ■ ■ ■ ' 

The Falkland^ 

American democracies, so close JL ft^JLM3kJL44.JLl.«JLk7 . . - 

lo the elections. But Colombia's ■ 

democratic pretentions are _ ' 1 

__ widely ridiculed by the unions, ■" 

■ the peasant, and Indian ussociu- llllll 

tions, and the opposition politi- * W l/R/BMA- 

I cal parties. Even ari official of •- . ” ' ■*' 

the Conservative trades’ union BY OUR PORT STANLEY CORRESPONDENT - • 

I federation called the country “ a 

caricature of democracy” last BUENOS AIRES is only five islands and: that- rf-.'^the Argen- 

I weelc. Given such widespread hours' Bylng time to the north tiniarrs- are 'allowed to continue 
criticism ol the administration, and hundreds of the Falkland in Thule, their next step might 
it is surprising that the non- Island's 1.900 inhabitants are of be a M . back-door occupation” of. 

I traditonal parties cannot draw Scottish descent, but only two the Falklands 

the votes of discontented voters, islanders expect to be in Argen- The talks between Britain and 

I Normally split into numerous Una to support Scotland on Argentina have taken on a ney^ 
factions, the Left has regrouped Saturday in the World Cup. The dimension with the possibility 

purchase iW 7 Page 30 " 






I into three coalitions for the majority of Scotland fans have, that ojl might be found -offshore . 
elections— fielding virtually un- decided to stay at home — for and with the proof . that the 
known candidates, who, despite safety.. . region’s . fishing resources . are- 

Known cantnaates, wno, despite safety.. . region’s- fishing resources are^- 

their constant attacks on the All the islanders are almost abundant. 

system," call for support constantly aware of the dispute while it would' be some years . 

with in it. between Amen tin a -and Britain hDfnMi 9110 <iii. mnis TqnrWf • 

- system, can ror support constantly aware of the dispute while it would' be some years „ ■ ; — - 

9 witiun it. between Argentina ‘and Britain before^ -*»'»>■ 'be tanAvt . : - ; , x— 1 — ';■*= 

■ General Alvaro Valencia Tovar,, over the. future sovereignty of from tir& savage seas around the ' g:' p jail— off -'3 

■ leading the National Renovation the Falklands- and -that the- next iijanfh', * immatiate.iiinnfr : = y psgSgB}.| ;^ 

Movement* in an anti-corruption round of talks on the issue is tary boost und a' benefit .to the ’■•■■■ - ■ 

I campaign, has the dubious due inter this month. • British, economy could - come' , 

advantage of being remembered Discovered by John Davis, an from- the fisheries. At . present to . improve. Internal GpnmugUC^.Tf: 
for his prowess *n fighting Elizabethan navigator, . in ..1592, nQ commercial fishing is done tions. A large alice. of rt yi gog rj 

■ Colombia’s rural guerrilla move- the islands .were settled at mainly because of the distance of used forth© building 

paid me. whoever it was.'’ of a succession- of' wverclgnty fi-urtw research vesselx. trawters Jhaintatn-. the high 
a Bogota shanty dweller said, from Spain of alt lands- south and factory ships. Russian. Polish ' hvulg. .enjoyed by the 

I a uogota snanty awener sam. from Spam of ail lands- soutb aad f^orv ehips. Russian. Polish "''ins e«jaye« oy roe isianw^^ 
Though votes were reportedly of the River Plate from, the and West German vessels are 'eompared - w*th _ -residenter. 
bought for as much as a week's Andes to the Atlantic Ocean. freauent visitors, with occasional !9“ t ^ rn Argentina. 

■ wages in the congressional The islanders bavg recently gaTtobeinemade^ bv-EahtG^maiL^” 1 ^^ seaweed, ftrtmd. bdng i 
■ •'Ir-eiions In February. President become aware" of Aree.ntiha's t> : : i 1 anee aXOTiiac. the - 5 J-fi>n£L 7 OiTeraw® “j 

TaftfUnim I w ag« m me congressional inc islanders oayg -. recepuy callg being, made bv-East Gerihah.^^^ scaweccL ipuho, ^ 

k < WuMatTMa mrnmWM " elections In February. President become aware of _ Argen lib a 's Romaniair and Jananese ^travricr's ^aTpundthe^ ^islaaorwrera^^y 
^***tT»*^” J Lopez has called for a damp occupation of the south Sandwich to°™ake o^pitnrtstons ' ‘5PP?^B 1?ar as alginates 

Dflut p. IBM s. MnnM 

Tutu. OWttwma 7<T!9 

down on all forms ■ nf vote 
trafficking. Both Liberals and 

occupation of the south Sandwich to ta fce on . provisions or . land .oPP^t^lty as alginates 
island of Thule, a dependency of natimits for treatment. - - duced from this plant are 

the Falklands.- Tbe Argentlnians U^cr^.beer and cssmetW^i 


Conservatives are, naturally, pro- have been -installed 1 on this Espadments "are. being^ ^cmied^Triftls-' have_-JWen .conducted..- 
dieting their own cverwhelming island since late 1970- and remain out -with the drying-of fly "jQt* Algtaaie ' Industries. but-dt^-'S^ 
victors*, but both are ulso pro- in spite of Notes of protrat from human _ consumption ami _ the tiie recession, i-during - - the: 
paring for the possibility of the British Government * Falk- establishment ot a fishmeal plant," throe yeaTs- and ^th e nneerai ^-: 
defeat by claiming that their landers believe that it is a move The _ British Government political situation. the- trials. 
opponents are resorting to fraud, in the political game for their recently made a .grant of £3ai not been pursued. ... • : - t - 

- «• m* - W -nr - r r r— 

rfr» S !■ - «<■ &p&-; : 





*^uce Jf , 
! '»ta I* 

1 Prices. • 



wigetd^ - 
*?' f M Us 

Y figures. 

>on has *„ 


-med intejJ 
*»en l 0Ul i 
'»derable £ 
y within * 

■fie job. 


■K June 1. 

l{ * afinerait 
on to keepie 
ever, the PiS 

ifiis is B5 . 

fr Le*- S For. 
fileht-m St# 

. out by Jt 
it co-operatiot 
He* srateoor 
■nation and u 
Z the steel » 
it in a posfia 

e rising cos* 
are ;reppiiaj 
tries are m 2 
)me aspects tf 
:e mechanism 
regress on la 
i imports, 
iueslic rnysf 
tier protectee 
nut to resup. 
* decent icw 


TON. June ! 

Ford •.oL'.x^i 
audited. Ixd 
" • a r.i5vc'.i22su 

j reported \z 
•ism within v 


N. Zealand 
budget tax 
pact cuts aimed 
at unions 

[Mesh goes to polls 


sion cs:: 

J! i r - 



i ar.i 




iun far 

all t 

jftiy re 

giving iuonei r 

10 «' 

,oie on'. 

is is 

IRAN-^AKP^tfie .-DnitecI States- nuclear countries, will probably said there had definitely been 
are. tik^^rcacE- final agree?' -'fifi reserved. far au occasion such compromises on the U.5. side. He 
menw^^drait.xiorlear a .compromise spoke of the "positive spirit." 

prhiifmafoaT Gvtaiv ‘ wrthin tfr»- : countries’ annual with which he said the Iranians 

ne&f&eiire&s * ftfczrreHmtnW -w*. Ministenal commission ore clearly approaching the final 

thfc summer. stages of the negotiation. 

^ G pU ^- /^Mter over -two years Of nego- On New Year’s Eva Presi- 
li ^ t]oas ' diplomatic . sources dent Carter revealed in Tehran 
, tbe ^ fi«$ : at . last, ieen . reached with that there had been a break- 
ne * ot, .?“ Um over .the- touchy ' question through in the long' pro- 
IraQ l of-;- nuclear, safeguards. Iran is traded and troubled talks with 
UJsKSSS* f!r«5 Iran. In the five months since 
of-'i^SS ^i^^-^PwrceMUJSO^ spent fuel then, minor obstacles are believed 

■-2£i5$r^® ■ nucle ^- JM>wer. from US. -supplied reactors, to have been encountered, and 
<•• •;■•!•. wi^out ;. American . approval overcome, but there have been 

apply to U&. no major changes. The longer- 
' ^supShed^fue 1 . used m other than-expected last phase of dis- 

Wk c0 ^ t? l! s - power plants - cussions is believed to have been 
wtb .ZLoa- Itf return*' an. informed, source taken up mainly with ensuring a 

"... * '*■&:? t ? - ■ ; * ■ ■ ■ • ■ .* mutually satisfactory agreement 

■•• ■• - •’ • . ’ ■’ ^ . t to cover any future changes hi. 

“ v - the nuclear energy scene world- i 

• . Kankers dgiigvg yen - ^though ^ has apparently 

•. ■:■• ■■:■ ■'. w given up its reprocessing option 

. • m . ..i • ,• for the foreseeable future, no one 

'Hill' remain strong -a •s jttr.«s 

*.* ipi<l'VIIg| fuel f rom tJieir nuclear reactors. 

_ ' - * 'i The first four, now under con- 

- -BY DOUGLAS RAMSEY j *> TOKYO, June 1. struction. will come on stream 

. . - - .* \ ■ ■- - - within the next six years, and 

TKE r JAPANBSE ,Yen looks set the Jat^nese Finance Ministry wt r l t in T dus | ry observers here 

SSSf ?»5lSdt Sund P a5 

Ta^-ote recent days. . ne “ “ KSS" ^e£ode“ JXSS&SS« 

. Tfi®. dollar:' declined sharply; ihcrease tfiflects the' remark able on Qi. storaEe of Austrian 
this morn.hig, from Wednesday'S' degree of Stability on' exchange nuclear wastes 8 in Iran's huee 
dosing rate' of Y223.1& to Y220.A markets ii? the market or lend- desert arew The nron^l waf 
By the close of, trading, the U.S. ing large ■ sums of foreign ISt dis?SISd in l9?6 
currency -inched- back up : to currency to the commercial banks Accordinp in hi TTn^iich 
Y221X blit- the . flurry of. acUnty to repay dollar loans. But the i an ^ £G Lyhan ?nter»Sna? 
surpassed the Wednesday level. -rise lain staric contrast, neverthe- aetSoaDer Iran IS n h 
The toot volume was $567m' up \*u.- M**- huge SLTbn SS3ST55S. rep?oce«ng itsoiJn 
from the previous days S549m. reductio^'.ia ; reserves durmg spent fuelf Sn t p he the 

Many analysts point out that A P“ 1J - •_ U.S. gives the go-ahead to any 

the .market was, affected by the 'Th'e!o recurrence -of wide other country. Since last spring, 
recent announcement ' of U^, fluctuafions in the yen-doUar rate Washington has attempted to 
umation . statistics for April. coincS^ this week with work in- bring about an international 
which showed prices rising at 10 side^.tbe Bank' of Japan and moratorium on commercial re- 
percent oh an annual level (com- Finaiaie Ministry on lifting some processing, in order to prevent 
pared with about 4 pen. cent in. of. tiie, short-term, currency con- the spread of nuclear weapons’ 
Japan). Bui whatever .the troisjl implemented on. March 18 capability. ’ 
immediate cause for the yen’s toj&puhter, the. flood of hot money • The Shah last night warned 
renewed, attraction on- foreign inth: yen. Although' rumours that Iran would fall- under the 
exchange -markets, .a consensus h aye. .been circulating. for-! days sway of Communists-if patriotic 
seems, to have emerged 'among that a relaxatfon .‘of rules is groups such as the armed forces 
leading Japanese " bankers that imminent, no announcement has and himself were not there to 
the -yen will rise further! been made and some market defend the country against 

“Most of us think the yen will analysts fiear the jen r s rise yester- current challenges. • 
grow much stronger unless dajjfxand today could spike the in an unusually- clear refer- 
American • policies • change reflSans before thejr' happen. ence to outside interference in 
or there is a major reflationary Aftlmu^- govemment officials the current unrest, the Shah said 
package • in Japan very soon.” say- that Japan's trade surplus in that only two centres abroad 
according -to one of Japan's top. May Weems' to-.^have stayed "were pulling the strings that 
bankers. He predicted that the rougfljlyat the April level, many led to riots and disturbances.” 
yen could rise “ veryHyUcWy,” .to banker^. rand economists '. note The Shah spoke against a back- 
the benchmark level of Y200 to that in 'aren terms-. Japan's dm- ground of continuing trouble 
the D.S. : dollar, ! a' 54 per qent,I>orts have%een fe%tg -in treceut among Tehran’s large student 
appreciation from , its Smjth-.mohtbs. T^tjrepd.'l^y. reckon, population. Fresh violence broke 
sonian- parity.^ .CAsked/t^ define wiff^ponttan^kinlesa.^eiie is a out again to-day around Tehran 
“veiy ; quickly.’’ *-he : suggested: massive' stitm^ation.i-of:' private Umversity’s halls of residence. 

“ Much before September." demand an Japan-r-ait option not Clashes between students and 
One soft push to the" yen was partfculari yLik^ by Mr* Takeo Imndreds of riot police left large 
delivered this _ afternoon when ^Fufaisda^ ' the Pn^e Mjpi^ter, _ [numbers .injured- ^ 


By Dai Hayward 

EXTENSIVE Income tax cuts, 
which Mr. Robert Muldoon, the 
Prime Minister, expects unde 
unions to accept in plaee of 
high wage demands, and a 
substantial package to help 
New Zealand’s hard-pressed 
fanners were the main fea- 
tures of New Zealand's election- 
year Budget announced to- 

Salary and wage earners 
with an income or NZ$80 a 
week receive a NZ$2-80-a-week 
tax cut. Redactions are 
greater on higher incomes. In 
addition. New Zealand's com- 
plicated tax structure, with its 
19 separate taxation stcos, is 
replaced with five graduated 

New Zealanders have been 
paying too much in direct 
taxation, Mr. Muldoon said. 
The new rates were designed 
to help lower income groups 
and reduce the penalty on over- 
time earnings. He made it 
clear he expects trades unions 
to accept wage restraint in 
return Eot the tax cuts. The 
new lower rates, along with the 
5 per cent reduction in income 
tax Last February, were, he 
said, the equivalent of a 9 per 
cent wage increase. 

In an obvious warning that 
the government was prepared 
for a showdown before the 
November election, if the 
unions persist with high 
wage demands. Mr. Muldoon 
declared: “Increases sought 
recently by some groups of 
workers have dearly bc?n 
excessive. Sneh increases 
would threaten free wage bar- 
gaining. Unions, employers 
and government must seriously 
consider the implications.” 

The Federation of Labour 
has a 14 per cent wage claim 
before tbe Arbitration Court. 
The Government has already 
indicated this is too high and 
would seriously affect efforts to 
bring down the Inflation rate. 
In his Budget speech. Mr. 
Muldoon revealed that inflation 
for the March quarter was 
down to 2 per cent — the lowest 
since ‘December 1972. 

The package of measures' to 
help New’ Zealand's bard- 
pressed fanners will cost over 
NZS200m. They include direct 
cash grants of SO cents for 
each sheep, NZ$2 for each head 
of beef cattle and NZS5 for 
every dairy cow on their farms. 
There are also subsidies for 
fertilisers, irrigation schemes 
and farm transport. 

The budget also brought a 
petrol price increase to help 
reduce consumption. 


to be held in Bangladesh on 
Saturday is expected to be wan 
by the present leader, General 
Zia-ur Rahman. However, the 
43-year-old soldier who still rules 
with the aid of martial lav.- is 
facing a strong challenge front 
a coalition of parties led by 
another soldier, 60-j ear-old 
retired General AtituI Chani 

The election is part or General 
Zia’s programme of re-introdue- 
ing political life intu Bangladesh 
after the period of military rule 
which started when the first 
President, Sheikh Mujibur 
Rahman, was assassinated in a 
bloody coup in August. 1975. He 
has promised to hold parliament- 
ary elections in another six 
months and has -said that he will 
step down if General Osmani 
wins on Saturday. 

On the surface General 
Osmani’s chances appear quite 
good, for he has Sheikh Mujib's 
old Awami League in his front 
of six parlies, and the League is 
acknowledged to have the finest 
grassroots organisation of any 
political body. 

General Osmani has also been 
getting big crowds ai his rallies. 
One held on Wednesday in Dacca 
attracted the same size of audi- 
ence as the rally held in the 
same place by General Zia the 
day before. There is also frustra- 
tion with General Zia's regime 

General Zia-ur Rahman 

which came to the surface a 
month ago when there was a 
strike by 600.000 low-income 
government employees protest- 
ing at recently-revised pay and 

grading scales. 

Only the barest outline of 
policies has emerged in the 
campaign. Instead the main 
issue -is whether Presidential 
government should continue or 
whether there should be a 
change to the Parliamentary 

General Osmani has indirectly 
accused General Zia of only wish- 
ing to perpetuate his rule. He 
says that if he wins he will 
immediately take measures to 
abolish the -post of President 

DACCA, June 1. 

Such a move could face opposi- 
tion from General Zia. who will 
still be chief martial law 
administrator and therefore, the 
final arbiter. 

Although both men have 
support in the army. General Zia ! 
is thought to have the edge. | 
Observers here who consider: 
General Zia's victory inevitable, 
say only its size is in question. 
When General Zia held a 
referendum on >tlic popularity of 
his rule last year he won an 
embarrassingly large 9S per cent, 
endorsement. Counting oE the 
potential 3Sm votes is expected 
to be completed by late Satur- 
day or Sunday. 

The parliamentary elections 
later .this year could give a more 
uncertain result. General Zia's 
recently-founded Jagoda! Party 
is still small and shares a plat- 
form with a disparate group 
including a conservative Moslem 
party and the pro-Peking 
National Awami Party. Although 
Allis group might hold together. 
General Osmani's equally mixed 
coalition has already said it will 
contest the election separately. 

General Zia Is therefore being 
able to campaign on the .theme 
of continuation of stability. ]□ 
spite of an attempted coup last 
October Bangladesh has been 
spared major upsets. In the past 
18 months there have been no 
natural disasters and the har- 
vests have also been good. 

System of rule undecided 

is a contest with iu, oddities, as 
can be judged by reading the 
election kit kindly supplied by 
the Government. This lists all 
sorts of interesting pieces of in- 
formation — contestants, party 
symbols, voter breakdowns — but 
omits -the term of office of the 
newly-elected President and the 
system under which -he will 

This is because no one really 
knows. There is a conun on 
assumption that it will ibe a five- 
year term, based on the fact .that 
previous constitutions have main- 
tained five-year terms in the best 
British traditions. But the con- 
stitution under -which the Presi- 
dent will work will only be 
decided by the President and his 
advisers after he has won the 

The election has been billed as 
“The Battle of the Two Generals” 
because the two main contestants 
are both generals and each has 
held the job -of Commander-in- 
Cbief of the Bangladesh forces. 
In reality it will be more import- 
ant for settling some of the 


unfinished business of -the 1971 
struggle out of which Bangladesh 
was created. 

General Osmani was Com- 
mander-in-Cbief of the Bangla- 
desh forces during the liberation 
struggle and was subsequently 
Minister of Defence tin -the civil- 
ian government of Sheikh 
Mujibur Rahman. He looks the 
model of an old-style general 
with bushily jutting moustache, 
brisk manner and pepper-hot out- 
bursts if things are not done 
promptly. For this election he is 
carrying the banner of seven 
groups called jointly the Ganga- 
tantnik Oikkyo Jote. The main 
force behind this is the old 
Awami League. 

General Osmani is calling for 
the rehabilitation of Sheikh 
Mujibur Rahman. He also wants 
to see a Prime Ministerial rather 
than a Presidential form of 
government and objects that 
martial law is still in force. “Zia 
will concentrate power in his 
own hands,’’ he says. “We did 
not fight for liberation to estab- 
lish dictatorship.” 

General Zia’s platform is to 
stability he has created by his 

control of law and order and 
better discipline. A series of 
good monsoons have also helped, 
keeping the economy afloat with 
growth rates above 3 per cent in 
two of the past three years. 

In a sense the real questions 
will come after the election. Most 
observers believe that General 
Zia will win, since he is 
genuinely popular. But the first 
question will be whether the 
size of the victory is credible. 
As one retired army staff officer 
said of last year’s referendum: 
“I told Zia that I could under- 
stand the 98 per cent Yes vote 
for a Presidential system but not 
the 85 per cent turnout. It was 
incredibly high.” 

The next question will be 
whether General Zia can make 
any new system of politics work. 
He has been trying bard to form 
a credible political party and 
has by now attracted a motley 
crowd from both Left and Right 
under his banner. But whether 
he can mould them into a party, 
or even perform as President 
when politicians are carping in 
the National Assembly, is another 
question altogether. 

Presidents Hafez Assad of 
Syria and Elias Sarkis of 
Lebanon have agreed at the 
end of two days of talks that 
Lebanese troops should cuter 
south Lebanon as part of a 
“number or measures adopted 
in order to consolidate (he 
authority of the Lebanese legal 
Government nil over the 
country.” This statement came 
at the end of the talks at the 
northern Syrian port of 
Latakiu, our Foreign Staff 

While the reasseriion or 
Lebanese sovereignly over an 
area In which Israeli. UN and 
Palestinian forces are operat- 
ing is undoubtedly what Syria 
would like to see happen, it 
wonld seem to be a statement 

aimed mainly at Syrian domes- 
tic opinion to show Hmt (he 
Syrian presence — in the form 
of 30,000 troops in the Arab 
peace-keeping force — and its 
policies towards Lebanon in 
general arc successful. 

However, tension has been 
rising again in south Lebanon, 
making it more unlikely that 
the embryonic Lebanese army, 
in the process of being re- 
formed after the civil u:>r. 
would be in any shape to assert 
its authority — with or without 
the help of other forces in the 

Envoy arrives 
in Zambia 

Mr. John Graham. Deputy 
Under-Secretary at the Foreign 
Office, arrived in Lusaka to-day 
to join Mr. Stephen Lou. the 
U.S. Ambassador to Zambia, in 
effari-s to convene an nil-party 
conference on Rhodesia. 
Mich j el Holman reports from 

Although there is lit lie 
optimism here, Auglo-Z.imhiun 
relations are more cordial Ilian 
they have been for many 
months. Zambian suspicions' 
that the British and American 
Governments supported the 
Internal Rhodesian agreement 
were removed during Presi- 
dent Kami da’s discussions in 
London and Washington last 

Martin Dickson adds: Mr. 
Joshua Nkorao. co-leader of the 
Patriotic Front nationalist 
organisation, yesterday again 
strongly rebutted suggestions 
that he might be persuaded to 
return to Salisbury lo take part 
in the ‘internal” settlement 

Passing throagh London, be 
told a news conference that 
tbe internal nationalists who 
had joined Air. Smith in 
government were now realising 
that once “you join the 
monster, his deeds arc yours.” 

■ ■ . 



YORK- ^ : 
« FRASw 5 -.. 



Doubts over 
for Japan 

Canada row over Arab boycott 


OTTAWA, June 1. 

INDUSTRY and TRADE Mr. Horner's report makes said today (Thursday) that] 
Minister Ja,k Horner, has been' minor conges in the rating Wertmghouse (Canada) is | 

M.niw own jQ^ScourMse compliance among companies the Govern-. 

mtiL'ised ,n ihe Canadian Com- ,P.. „ A with a rah ment has not named in connec-i 

£20m Iran 
for Vickers 

Ericsson nears 

| mans a, 
' in unity 

& y Kenneth Gooding 
Industrial Correspondent 

I projects 
has won a 

By Terry Dodsworth. criticised m inc Canadian Com- by CaTladian companies with Arab ment has not named in connec>| - Kenncth Gooding 

Motor Industry Correspondent (mans and by the Jewish com- requests that tbev sever business tion with the Arab boycott of industrial Corresnondent 

i inunitv because of his policy ic r 4 e L Israel. Inu, “ “ 1 

BRITISH MOTOR components statement this week on the Arab Under the lS-roonth-old guide- The newspaper says the; T j| E DESIGN »nrt projects 

companies are unlikely to have boycott of Israel. However, he lln p g ny company signing with Government withdrew all pro-j (U * isitm of Vickers has won a 

J?“ ch ! continues to claim that Canada’s “ Arab nation a contract con- moUonal and financial support; £2^ wolract to supply Iran 

the Japanese. Mr Malcolm anti-boycott policy is working tainin „ a boycott clause un- from Westuighouse last August WO rkshoD Tor (be over- 

Norgate finance .director of Asso- well. acceptable to the Canadian after the company “agreed to VSSSSd veBcteT 

mated Engineering, said .ester- The Min j sler was attacked hy Government forfeits all govern- comply with the boycott In a orde _ h « bwn placetl 

ni a sominar in Conservatives and New Demo- ment assistance in relation to $25ni deal to provide pipeline MHIhanfc Technical 

London. Mr. Norgntn sa id that was modified this i° ThTG^menM. to remit ^"ices. Ute wlrulujd arm 

although Associated Engineering __ Z. . * 7>.‘ V #»..» in «*» n*rt nf the 35 uer cent jmiiort for the British Ministry of 


London. Mr. Norgate said that 
although Associated Engineering 

reason to resist buying. ’ ment that it was to campaign was promised by external affairs made parts, agencies report. It 

His coin merits i come at a time nationally for a tougher govern- Minister Jameson in I9“6. is also to alter levies on crude , 

when several UK companies are raem anti-boycott policy. The Toronto Globe and Mail oil and oil products. 

increasing efforts to sell to Japan 
in an effort to counterbalance 
trade between the two countries 
in motor cars. About a year ago 
a delegation of .Tanune«e car 
company buyers visited Britain 
to discuss prospects. 

Mr. Norgate said that Asso- 
ciated Engineering, one of 
Britain's largest components 

Brazil shoe exports to U.S. up 



currently being negotiated by 
MTS in Iran. 

Vickers Design and Equip- 
ment will be planning and 
supplying the complete equip- 
ment required for the work- 
shop facility and says it will 
lake in some 24,000 separate 
Items ranging from engine and 
gearbox dynamometer facili- 
ties to machine tools. 

As many as 300 British 
companies will he involved in 

, L. M. ERrcSSON. the Swedish 
I telecommunications company, has 
j emerged as the favourite to win 
la contract -to supply electronic 
i exchange, equipment worth be- 
tween £30m and £40m to the 
Brazilian government. 

Under the terms of the con- 
tract, majority voting rights In 
the Ericsson subsidiary in 
Brazil, Ericsson do Brazil (EDB), 
will be Taken by a Brazilian 

Between" them, Ericsson and 
EDB will supply equipment for 
50.000 lines in Sao Paulo, and 
will sign a letter of Intent cover- 
ing a further 180.000 lines. 

Ericsson yesterday requested 
the suspension of dealings m its 
shares on the Stockholm stock 
exchange. .- This move was 
thought to have been taken to 
avoid speculative buying during 
the final negotiations on the 
contract. . „ 

Ericsson emerged as favo.urea 

supplier In competition with ITT 
and the Japanese company of 
Nippon Electric, both of which 
have Brazilian subsidiaries.. ■ 

The Swedish company - has 
offered its AXE electronic 
exchange with the intention of 
manufacturing the system, 
thro ugh EBB. Ericsson presently, 
owns 92 pec cent of the suh-. 
sidiary, which is valued at 
around. £47m. ' - 

Ericsson said yesterday that It 
had sought increased Brazilian 
involvement in EBB for some 
time, independently - of --, the. 
present contract. 

A Brazilian insurance group, 
Atlantica Boa Vista, is negotiat- 
ing the future ownership struc- 
ture of EDB, which will -be 
subject to the approval of the 
Brazilian and Swedish govern- 

Ericsson anticipates that 
Brazilian participation' in EBB. 
will comprise less than 51 per 
cent of EBB’s total shares,. 

though the Brazilians would take 
majority voting . rights in any 
future .arrangement- ; " '• 

Diana Smith writes from Rio 
de Janeiro: Having been placed 
at the . top of the. list: Ericsson 
will now begin negotiation? with 
Telebr&s, the State telephone 
agency: The'BrazJHHXLGovem- 
ment Is insisting that the wa- 
ning bidder guarantees a "high' 
degree or nationally. ina^L com-: 
jjonents in the sew exchanges, , 
and ample technology transfers. 

Cia Atlantico de- Seguroer, the 
Brazilian partner of Eriesaon ki 
the bidding, is -owned by "the 
major Brazilian bank; BradCsco. ' 
The Ministry of Communications 
has announced that if Ericsson 
cannot, fulfil the requirements, 
it will call in Standard Electric 
for negotiations. 

Equally if -Standard Electric 
does not meet the specifications, 
then the third bidder op the list, 
the Nippon- Electric Company, 
will be invited to. -negotiate. 

ment market For their cars the first quar ter of 1978 in the “Coverall “ exporla^ofready- U£.~ Treasury wilf decree the 
ihJ I UK Ca h\ rfo^lonin" British knowled - e thaI the Y an ^ lheir made clothing up by 16.4 per countervailing duties equivalent 
mad. narisNhat cnmnatible counterparts in the textile in- ce nt to S87Bm. to Brazilian export incentives 

ivithJananeve c irs then «ellin« dustry will shortly face a dei-lara- This week’s open accusation which, the U.S. sa>s, violate 
5£m th P rnS n S 7he wJrld ° tion from the U.S. Treasury that of Brazilian subsidies by the U.S. American legislation. 
countervailing duties in the 

Canada cuts £ Dutch export aid studied 

VW imfmrt dlltv be introduced to protect U.S. * 

▼ IT a BSl*- 1 TJg *. Ul!lj manufai-turprs from Brazil’s ex- ...... .. ..mum \ UCTVCn & Ilf Inns T 

Canada cuts 

Dutch export aid studied 

T\ T nT7qTRV°^'rv'iqTFp ne inrk Brazilians prefer to replace by HOLLAND is studying further view or social and economic than £50m and would require 

Tinnier “aid the Government -incentives.” ways of helping its hard-pressed policy, it has already extended the division to take on around 

was to allow Volkswagen of After an outcrv in 1976. when exporters but the first aim of the range of export facilities bui too more people during the 
Canada to reduce import duties U.S. shoe manufacturers government policy is an overall is studying the further wLsbes ex- coming year compared with 

il pa vs in return for using more appealed to the Administration cut in industry’s costs. Specific pressed by industry. Difficulties the 280 currently employed. 

Canadian-made parts. for help. Brazil reduced its shoe measures to help exports would thrown up by the existing system 

Th* Government will remit exports there from 26.7m pairs “only cure the symptoms." not of guarantees for exchange risks TTCCp j n . Malta 

part of me 15 per cent import in 1976 to 17.6m pairs in 1977. the basic malaise. Mr. Karel on long-term contracts are being IB IViaiia 

du tv levied against Volkswagen But this year, it apparently Beyen, State Secretary’ at the reviewed and a possible exten- THE SOVIET UNION has sent 

for iraported cars and parts. The decided to close ihe gap and sell Economics Ministry with respon- sion of cheap credit facilities is an important mission to Malta to 

j manufacturers from Brazil’s ex- 
port subsidies, a term the 



ment Ls part of the Vickers 
Engineering Group but is inde- 
pendent of any manufacturing 
unit within the company. 

Mr. Chris Chesler-Browne. 
managing director, said yester- 
day tbe Iranian orders was “a 
major slep forward In the 
Design and Projects drive to 
obtain large equipment supply 
contracts around the world." 
It took tbe order book to more 
than £5(hn and would require 
the division to take on around 
100 more people during the 
coming year compared with 
the 280 'currently employed. 

UK ‘not needed 9 in new Airbus 


BONN, June 1.7 

for help. Brazil reduced its shoe measures to help exports would thrown up by the existing system 

exports there from 26.7m pairs “only cure the symptoms." not of guarantees for exchange risks t TCCQ j n . Malta 
in 1976 to 17.6m pairs in 1977. the basic malaise, Mr. Karel on long-term contracts are being m ividiid 

plan removes duty from Cana- 1 a Jf it could before the axe fell, sibllity for exports, said. under study. discuss ways of improving eco- 

rlian-made parts in an imported Brazil is not the only country The priority is to improve costs The possibility of granting nomic and trade ties. Godfrey 
car. to rush into the U.S. shoe market in industry and raise returns on mixed credits, comprising dc- Grima writes Trom Malta. The 

6 The Government is also to this year: Hong Kong increased investment, he told a meeting of velopment aid and commercial move, preceded hy recent negotia- 

artjust levies on exports nf crude its shoe sales there by a stag- the Metal and Electro-Technical loans, is being considered while lions on maritime and civil- 

oil and oil products to take into paring 210 per cent, apparently Industry Association in Rotter- a study group has begun work nn aviation affairs, indicates both 

account a recent gain in the filling the vacuum left by the dam. The strong expansion of the potential of combining the countries’ willingness to normal- 

Canadian dollar relative to many voluntary restraint of South Derailed measures to stimulate experience of Government de- ise relations Ibai have been Jew 
other currencies Korea and Taiwan. exports will be considered when partments and private industry to since Mr. Mintoff's Labour Party 

Agencies Brazilian textile manufacturers the Government concludes its re- promote exports. came to power in 1971. 

DEVELOPMENT of the scaled-' 
down 510 ve&ioa of the Euro- 
pean Airbus A300 will go ahead 
irrespective Of whether .the 
British Government decides to 
! commit the funds that would 
open the way for participation In 
the venture by British Aerospace. 
That is the view-expressed by Mr. 
Gerrit Klapwijk. outgoing execu- 
tive chairman of -tile VFW-Fokker 

! But in common with manufac- 
turers already 'involved in the 
Airbus consortium, Mr. Klapwijk 
also emphasised at a press con- 
ference in Dussekiorf that the 
1 European aerospace industry's 
clear preference is for going 
ahead with the British, rather 
than without them. 

He said that until the British 
Government had decided it would 

pot be possible to.apportion work could afford to fond-. the BIO and 
on the B10 project.. Bat by impli- the two projected Joint Euro- 
cation he confirmed a possiHe pean Transport (jet) programmes, 
overlapping of interests between Hr. Klapwijk said -thal B Britain 
VFW-Fekker and British Aero- threw in its lof with ihe 'Euro- 
space in the venture by saying peans, taking design leadership 
that his company would seek as for at least one JET type, ade- 
technically advanced a share of quate finance Would be available, 
the job as possible. * Midland Bank has 'concluded 

ca^tSTff BriS?* negotiations with .Airbus Indus- 

remaln in the project, building. '^e m ' -Toulouse to -finance, a 
tbe wings, as il does for existing £2L8m contract 'te British - Aero- 
Airbus types, VFW-Fokker would space for 15 sets of wings for' the 
try to secure the work for its A300B. Much of the- loan, avail- 
own' under-employed’ Bremen- able in U.S. dollars, .carries the 
facility. -support and guarantee of the 

Work on supercritical wings. Export Credits Guarantee Depart- 
for the airbus and for the com- ment the rest being provided by. 
p ally’s projected Soper F28, has a commercial Eurodollar facility, 
been going on for some time in This- is the .fiat time an. Airbus 
the Netherlands. wing sale has been conducted in 

Asked whether Governments foreign currency. •*' 


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. . 

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t-' ■■ ■ ^ 

Thailand likely to buy 


BANGKOK. June 1. 

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Rt No. 


New York 

1 100 





New York 






New York 














PA 125 








Los Angelest . 












San Francisco 















PA 107 



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accepted a proposal from Boe- 
ing to buy three wid^bodied 
747s with options on -Another 
four aircraft. i-- ■. 

Company sources are- confi- 
dent that the Government; which 
has just received tbe airline's 
recommendations, will approve 
the deal. If so, the first aircraft 
is scheduled fpt delivery in 
October 1979 and the other two 
in the first quarter of 18S0. The 
price is “ between $50m and 
$55m ” exclusive of engines. \ 

Tbe Thais are considering put- 
ting Rolls-Royce RB-211 engines 
in the Boeing 747 aircraft which 
can also take engines made by 
General Electric or Pratt and 
Whitney of the U.S. fndustiy 
sources say the Thais would give 
Rolls priority If the British 
Government were prepared to 
improve Thai's traffic rights to 

At the moment Thai Inter- 
national is permitted to fly to 
London only after making at 
least one other European stop 
— presently Frankfurt Thai 
would like to see tide restriction 
lifted so it can carry a higher 
proportion of the growing tourist 
traffic pool in London who want 
to fly directly to South-East Asia 
where the tourist industry is 
growing rapidly. The airline 
argues that if it is to expand 
and buy British products then 
the British Government should 
be willing to give Tbai Inter- 
national a larger share of the 

Last year Thai bought two 
McDonnell Douglas DC-1 Os, but 
tbe purchases now being recom- 
mended indicate that Thai is 
switching its wide-bodied fleet 
entirely to Boeing. To facilitate 
the switch, Thai international is 
asking Boeing to alter the cock- 
pit design more in line with the 
McDonnell Douglas layout which 
Tbai pilots arc familiar with. 
This accounts for the price spread 
now quoted in Boeing's pro- 

The Boeing purchases are part 

of a five-year expansion plan: at 
Thai. Last year the airline, sold 
its six DC-8 generation aircraft 
to an American leasing company. 
Last year it bought four Airbuses 
series B-4 at a fly attay price 
of 526m and has placed a firm 
order for another two for 
delivery in March next year. 

Thai is a Isa said to be consider- 
ing further purchases of Airbuses 
linked with a scheme outlined 
recently lit. preliminary dis- 
cussions with a representative of 
a Japanese bank aimed at reduc- 
ing Japan's tr add surplus with 
the EEC, ' -. ■■ -•*- 

Michael Donhd, Aerospace 
Correspondent, writes: Boeing, 
which has now collected orders 

for nearly 400 747 Jumbo jets, is 
planning to . raise the production 
rate of these wide-bodied- aircraft 
-to seven aircraft a month by 
late next year, from tbe present 
L5 units a month. 

This production surge is being 
dictated by the -rapid Inflow _o E 
new orders for tbe .747-in all its 
versions — passenger, . combined 
passenger/ freighter, : r and - all- 
freight roles, together*. with the 
Special Performance veiy-long- 
rasge version. 

• Air Anglia today ordered two 
Fokker F2S 4000 aircraft from 
tbe German-Dutch company 
WW-Fokker. The airline wifi he 
the first British operator of the 

Annual Generai<MeefihgT June 1978 

Year to 
£ 000 . 

Year to 


Italians win 
Pakistan order 

Profit before Taxation and 

Extraordinary Items 2L771 71.074 

Attributable Profit after 

Taxation and 

Extraordinary items ; .* ■ 20,514 ,1£44 

Earnings per Ordinary Share 
. before Extraordinary Items '20 Bp 72.6p 

Dividend per Ordinary Share ; . 2-fip ;• ZOp 
Points from the Chairman's Statement - 
Our shipping operations continued to provide the backbone 
‘ of the Group's profitability. 

We have introduced another new freight ship 'European * 
Enterprise* to our large Dover fleet; added Felixstpwe- - - 
Rotterdam to our network of passenger and freight routes; 
enlarged our Portsmouth services to complemBnt thdse of 

Thelnumber of tourist bookings indicate that the current 
year wiB show increased carryings over 1977.' r* 

Major capital expenditure programmes are underway at 
! Larne Harbour and at Felixstowe Dock, each -of which 
. returned record profits during 1977! : 

The 'acquisition of English and Caledonian investment' 

. Co. Ltd has added cons! da-able strength to our balance sheet,. 

The Shareholders' Concessionary' Scheme stiff ^ awaasT “V v 
wide support and. will continue in 1S79. . .. . ."i. 

For the Report end Accounts, details of atl Townsend - ~- 

. Thoresen services and the Sharehcftfers'concessianary 
fare scheme, write to the Secretary.' European Ferries Limited. : 
Trafalgar House. IT Waterloo Place. London SW1Y 4AS. ' ’ 

V-. _ ■ ' 

.. ■' 


By Paul Betts 

•From June 30m. t From June ifim. 

Not surprising, seeing we own the worJkfe largest fleet of diem. 

Anyone who makes regular trips 

across the Atlantic will know that its 

worth choosing an airline whose people 

care about vour comfort. 


With Pan Arris people you get a 747 
every time. And nothing Jess. 

Not to mention a superb choice of 
food in Economy. An exclusive First 
Class Dining Room. Two great movies. 
Eight stereo channels. (A small charge 
has to be made for these to comply with 
international regulations.) 

And last but not least, a service that 
only Pan Anis people can offer. 

If you're making a trip to the States, 
ask your Travel Agent to book you on a 
Pan Am 747 And fly out with the worlds 
most experienced airline. 

ROME, June 1. 

SNAMPROGETTI, the engineer- 
ing and planning subsidiary of ; 
the Italian State bydrocarbon 
agency. ENI. has signed a con- 
tract to build a urea fertiliser 
plant in Pakistan. Tbe plant wijJ 
represent an investment o£ more 
than S200m and is to be con- 
structed at Goth Macchl in the 

The financing for the S200m 
project will come from the Inter- 
national Development Associa- 
tion (IDAL the U.S. agency for 
international development.-, and 
the Kredifanstalt fut Wlederauf- 
bau, the Italian company said. 

Following the contract with tbe 
Pakistan Fauzi Fertiliser Com- 
pany. Snamprogetti will provide 
the know-how and planning for 
the project, while the Italian 
Sfatr-con trolled chemical group. 
AN LG, will train the personnel 
for the new fertiliser plant. 

The Bu&dingand Civil Euginecmg page : - 
is published in the Financial Times every 
Monday and carries news ifgms r^.ln tfrig tn J; 

the Construction Industry. 

For details of the advertising space . 
available on the page each week, and costs, 
you are invited^ telephone ... ^ 
01-2488000, ExL380 . % 

; or write to The Advertisement Jlirectot: 

Financial Times . • 

20, CansonStreet, Ldadoti- 
EG4P4BY, >>**: 

Pan Ain’s People. Their experience makes the difierence. 

Turkey steel study 

Kaiser Engineering, of Oakland. 
California, has won a contract 
to prepare a feasibility report 
for Turkey’s planned fourth iron 
and steel complex, to -be built 
in tbe eastern province of Sivas. 
according to Industry Minister 
Orhan Alp, AP-DJ reports, from 
Ankara. Hie complex is to have 
a capacity of 2m tonnes annually 
and » estimated to cost $1.4bn. 
of which foreign currency won Id 
amount to S476m. 


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' vSmaiHnarTmi^ FriiTay June T TWT$ 

home news 




AN unprecedented wrangle has 
started between two major 
accountancy bodies over the 
standards of accounting in local 

Public FkS'and AcSuntimev* ! 0f l0 > mcn ^ ** inning at ing 'app^isai - or The *7hort"term acquired TVy^ihc ' NEE^'rom ‘ the i ^ 

2 reSresenS? «? L future of the receiver fu 1305m. Ill 

closes Tress 
330 lose jobs 





THE 330 employees of Tress that trading losses had risen to employment In the 
Engineering, taken over by the £lra. a year. revealed that negotiations 

National Enterprise Board in Soon after taking Uie chair, taking place with comp 
January with other parts of the Mr. Murray ordered 
Fairey engineering group, were investigation into the 
told yesterday* that the company of Tress and a review 
is to close immediately and they available alternatives, 
will be made redundant. The conclusions 

The move is bound to provoke lernal investigation were so ploynunt prospects will be unj ofljcja’k^ 'of thj'iwu autluirilics 


a political row because Tress is serious that it was decided to a reduced scale, 
based at Newburn, near New- retain outside consultants to Tress was the only loss-making. 
castle-upon-Tyne where the level carry out financial and market- business among the 'll companies] 

; EQUITY Capital for industry, special study as ** possibles " forj 
THE ORKNEY and Shctlamls i set up by investig ailing jostitu- investment. 

. “ a 'rej islands' i-o unci N di cidt-il yoter- i-jons in "lftTS to channel capital " la about half oE these cases. | T he Irish Government shippinj 
anicsj tli*- compromise ;uo companies unable to raise it ta ere are special factors— for j C0 | n p an y, B and I Line, ha: 

.1 *nv™.rf ... i... -u.. . example, a depressed share price i ordered a £6 6m B oe i Dg Marin. 

large family holdings, lack of i gvstem Jetfoil for its Liverpoo 
dividend cover— which would , ^ Dublin run. 
make recourse io the market diffi- 1 j S fl rst company ir 

cult and approach lo Equity ; Europe to buy the craft, but tht 
allina more likely,’ he says. j st .cond to operate it on Britist 

Of ri'slicrif' snnlie:itinns 

annual general meetin° o f|T^f/ a ^? r f 3^ 0U £ <f .® r0up ^ or °. on ‘ Prospect for the company to Fairey group collapsed. At that; Mr. Jo (irinumii. m withdraw I have offset meet oF this los 
the -Institute of Chartered I - . ® i* aire> companies, become economics Hy viable," stage union and employee repre- his successful a men dm cm ! Ip his statement with 

Accountants In England andl ,n * en - i t0 “PPly strictly com- employees were told yesterday, sen tali ves were given a warning the Kill, which ■ avounts. Lord PInwden. 
Wales. i mercial criteria to irs new “The market positiun of Tress that the company’s performance compel*, ih,.* Gof •.-rnnu-nl to set '• Lhairman. ^ays that E 

tjivi., were made in realistic applications | waters. 

resterday ii 
model, thf. 
Eighi earlici 

„.. o „ .... , vl , , ullulil .... ..... . , around tbe 

tha? D ^NEl to whSh rk w“i C °“?S7finul conclusions were j ^ Z made 0 n Wednesday P & 0 Jet 

imi r.r th a «»•»— >"«»>• i- ~ ' •• - - - * *— ’ — * - Hie Mr. Ala r Barrett, Equity Capi- 1 its first year operating a Jetf oi ! 

the tal’s chief executive, said yes- , between Tower Pier. London. 
Equity terday that up to six further I and Zeebrugae. Belgium. The 

_. . engineering business. r '' ‘ ” ' ' " * - - - 

Ihe ICA Ttnouon -calls fori Tress makes valves and 
legislation to “raise the mini- (gauges and was in financial 
mum- standards of accounting and’, difficulties long before the old 
accountability required of local [Fairey group crashed and was 

authorities at least equal to those I solr] - off by the receiver. __ 

f^'^ ed ir°v' i:0 v nr,aD '" S ^ U0Ie ^ oa ! Mr * Angus Murray, appointed immediate effect.” Mr. Murray was announced tv.u weeks ago. J said: “Mr. MilhnV proposal men t a so.. companies valued deep discount beluw market price I two or three craft. 

Uie block Exchange. (chairman of what is now called said. The NEB takeover enabled this | r.iei tl„- sanir iv<|>oiim- from 'between £l:o and £40m. at which smaller companies have P i O Jeiferries. with a 20*»- 

But tile Chartered Institute ( F ® ire y Holdings in February. Fairey promised that efforts investment to go ahead, it was; boih Ort-m-j j;nl >(:*.■ i lam!. t\'e «.i; the 1.500 in this category, to issue shares if they are to (seat craft. tarried 50.000 

says this motion reveals “a ladC' rewea J®® employees yesterday would be made to preserve some stated at the time. i want a couimi^ivn *•-! up.” 15u hare- been picked out for raise cash through a rights issue . • passengers in its first year. 

of detailed knowledge of the law| ' 

and practices affecting account-! 
ing and accountability in local! 
government." It argues, contrary! 
to the terms of the ICA motion, 
that “there ]s a degree of open- 
ness attaching to local authority 
accounting and accountability i 
which is unparalleled in the 
private sector." ! 

The ICA motion has been pro- ( 
posed by Mr. Jeremy Cripps. a' 
chartered accountant and the! 
prospective Conservative Parlia-J 
mentary candidate for Hammer- 1 
smith North. Air. Cripps has for, 
some time criticised local autiori-! 
ties for being too secretive in 
their accounts. 

He blames Tbe lack of pro- 
visions for reliable accounting 
standards and detailed pro- 
cedures in the loeai government 
acts. "The presentation of local 
government accounts is consistent 
neither from year to year nor 
from authority to authority," he 

Last night Mr. Cripps said he 
was surprised at the Chartered 
institute criticising his motion 
for the ICA annual meeting. He 
said it was unprecedented for a 
professional accountancy body to 
criticise openly another body’s 
internal affairs. 

The ICA does not usually 
comment on individual motions 
in advance, of the annual meet- 

Heathrow terminal 
underground link 
would cost £20m 





V *"**«i. TERMINAL 



The Chartered Institute, how- 
ever. maintains that there are 
adequate controls and standards 
governing local authority 
accounts. It points - out that 
the 1972 Local Government Act 
contains detailed instructions lor] 
the conduct of audits. 

IF THE proposed fourth ter- fourth terminal resumed 

minai- at Heathrow Airport is County Hail, Westminster. 

built, it could be linked with „ The fourth passenger terminal. 

the PvisW underground rail wax- t0 be • c,led on the southern Side 
the existing .underground railway Qf Heathrow . is sought b y the 

serving the airport for a capital British Airports Authority to 

cost of £20ra.. . enable it to raise the capacity, of 

The Government would have to Heathrow from the present 30m 

provide this cash, since it could *«» 38m passengers a year by the 

not be found- by’ London mid-1980s. 

Transport; ... One of the arguments against 

Thu was made pWar Opsum-h.-iv fourth terminal has been the 

.Transport and the Greater would pul °n the easting road 

“ The -CLPFA -long ago look the London /Council, as the public 
lead in tlie standardisation of planning inquir?- into the re QUjring substantial expenditure 

,«««.«.’ It pakMsmf. ' desirability of the proposed tamj'ort ttnw »y. 

that with the Piccadilly Line 
underground rail link already 
operating into the central area 
of Heathrow, via Hatton Cross, it 
would be possible to extend this 
further, looping round under- 
neath tbe airport to a station 
serving the fourth terminal. 

Mr. Ralph Bennett, chairman 
oC London Transport, said : “The 
popularity of the extension of 
the Piccadilly Line to Heathrow 
Central, opened nearly six 
months ago. has already under- 
lined the value of an Under- 
ground link to the airport 
“Discussions have started with 
the British Airports Authority 
on the feasibility of the project 
“Our present estimate is that 
the operating costs of the exen- 
sion could be met by London 
Transport from the fare revenue, 
but not the capital cost of about 

Mr. Horace Cutler, leader of 
the Greater London Council, said 
that he welcomed the London 
Transport initiative, “although 
the £20m of capital would have 
to be provided by the Govern- 
ment outside the ordinary 
moneys made available for 
Loader's transport.” 


(Incorporated in the Republic of Singapore) 


On 31 st March, 1978, United Overseas Bank Limited 
C’UOB") announced a Bonus Issue of 15.565.264 new 
ordinary shares of Singapore dollar one (S$1 .00) each 
on the basis of 1 new ordinary share of SSI .00 each 
for 10 ordinary shares held by-shareholders shown 
on the Registers of Members,as at 12 May, 1978. 
Accordingly, the conversiaoprice per share which 
would be effective on bondholders who may exercise 
their conversion rights has/been adjusted in 
accordance with the provisions of Clause 5 (G) (d) of 
theTrust Deed dated SthlJovember, 1973 from 
SS6.60 to SS6.00 on 12 May, 1978. 



United Overseas Ban^c Limited 
Dated this 1st day of June. 1978. 

iff Savile Row.Nmnber One jjsl 
Naturally:.. S§F 

Many Genliemca jj j* that traditional '\'/l 

/preFer the excellence of 4=--- ?-^— craftsmanship and the 
our bsepoka tailoring i nritish rfmhs 

73k service, but for those in 3 ^ ^ 

a hurry,, we offer the H '■» 

Xf/J superb qualities of gyJite gaii 
Chester Barrie 
ready-to-wear clothes. 

\zf( Whichever your - - * 4 , . ,, 

( preference be confident p urchase -naturally . . . 


of No. 1 Savile Row London WI. Tel: 01-434 2001 1 

plan ]g Lime Street. London EClTftL 01-263 <914 

finest British cloths 
are combined to creal cjf£i 
clothes that others — 

Our splendid selection 
of shirts, lies and shoos 
will complement your 


Wc British are a peaceful peopje.^ When a war L« 
over we like to consign it to the history books - ana 

for some the uars li\e on. The disabled from 
SS'*: both World Wars and from lesser campaigns, now all 
& too easily forgotten ; the widows, the orphans and tne 
^c*j children - for them their war lives on, every day ana 
. ••-.! all day. 

Jn me nv cases, of course, there is help from a 
pension. But there is alimit lo what any Government 
*‘1 Department can do. , 

' This is where Army Benevolence steps m. Witn 
understanding. Wilh a sense of urgency . .. ana win 
practical, financial help. _ * 

To us it is a privilege to help these brave men-ana 
women, too. Please will you help us to do more - wv 
must not let our soldiers down. 

The Army Benevolent Fund 

for soldiers, cx-soidiers and their families in distress 
DepL FT, Duke of Yorks HQ, London SW3 4SP 




NEWSPAPER wholesalers were 
given a clean bill of health 
yesterday by the Monopolies 

After a two-year study the 
commission concluded that a 
complex monopoly existed in the 
wholesale supply of national 
newspapers and periodicals in 
that the three leading whole- 
saler^-W. H. Smith. John 
Menzies and Surridge Dawson — 
accounted for more than a 
quarter of the market and that 
they refused to supply retailers 
in circumstances which restricted 
competition. But the commission 
decided that the wholesalers 
were not abusing their monopoly. 

The commission thought that 
in certain circumstances whole- 
salers were justified in refusing 
to supply retailers. They con- 
sidered that increasing the 
number of retail selling points 
without a sufficient increase in 
total circulation would tend lo 
increase the total cost of the 
distribution system. 

The original reference was 
partly prompted by complaints 
from retailers which wholesalers 
had refused to supply. But the 
commission accepted whole- 
salers’ claims that it was in the 
public interest for them to limit 
the number of retailers and to 
select them on the basis of loca- 
tions and the standard of ser- 
vice they provided. 

Mr. John Fraser. Minister of 
State for Prices and Consumer 
Protection, said yesterday that 
the report emphasised the need 
for wholesalers to deal fairly 
under existing procedures with 
retailers’ complaints and to be 
seen to be doing so. 

a vo 'lip 

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ti.r.uriiuut Wales, the Tbe report noted that educa- Other recommendations in- 
f juad overwhelming lion was crucial to the weil-being eluded strengthening present 
io^dvil- towards the language — of Welsh us a living language, policies for bilingual education. thought it should i>e left Tbe Government should take providing bilingual forms and 

steps to enable local authorities other documents as well as hi- 
Tne cmncii concluded, though, to establish continuing provision lingual signs, special cousidera- 
a definite campaign was for bilingual education — starting tion fur 'the language in all 


THE WELSH language i- in a 
state of crisis and w ill only be 
saved from extinction by a posi- 
tive, coherent Government policy 
to promote bilinvu.iii.-in in 
Wales, tbe Govein.nent-spon- 

i-.esi he made needed to reas-ure the people of with adequate nursery education planning matters within Wale r . 
says in its final report to Air. up o: ;m: mimgua; cib-.a- Waies particularly young — which should become tbe norm and adequate provision for all 

John Morris. Secretary of State lion, ff-iq ; maini aimr.g ninth.'.'? op -urn? fundamental throughout Wales. adult? wishing to improve their 

n. ^ command of Welsh as well as 

for a comprehensive Welsh main);. v, Lr.gueg-' pro- Mr. Ben .rones, chairman, said SitillgUSl forms those wishing to Ie3rn. 

language policy- ^ _ i granninv .-nd -.'I-n f-u* [he u-c of I hey had -i-und that fears of hi- ^ 6 r The immediate reaction of Mr. 

The ' . ' * 

by the 



Cardiff ... . . — , — .... — - , — 

Government to make I'ISni avail- ir rc-vaivhc*.. •.•.hich was cu'v perhaps becoming some- and additional children's pro- 

able within two year? to promote include;l o <r.ric? id public meet- wha: .i-Jtdated. 

grammes provided. 


Twenty-five years as;o Her Majesty The 
Queen became the latest of a long line of sover- 
eignsto dedicate herselt to God andherpeople 
in the ancient coronation service in 

Wesnuinster Abbey as we know it today 
was founded inthe middle of the litli centuntlnvas 
decided to re-build the chmchin the middle of the 13tli 
century but the work was not completed until tbe early 
part of the lath century.The addition of the western 
towers in the! S'di l enturj r completed the Abbey as i t is 

The attack of die elements and the pollution of 
London’satmosphere have seriously decayed large areas 
- ofthe in 1 972 the West mi nster Abbey Tru st 
■ was founded to raise funds for a restoration programme, 
j TheTrust has commissioned die Royal Mint to strike a 
medal to celebrate the anniversarj'ofthe coronationand 
as a means of augmenting funds for the restoration work 
The medal Jus been designed by Mr. Michael 
Rizzello. OBI'.. Pj esident of die Royal Socien-of Britith 
Sculptors, and t eat u res on the obverse a view of die west 
front of the A bbey.and on t he reverse th e Coronation 

The medals are being minted ill two sizes, l 3 1 " and 
ZVf diameter. and will have a strictly limited issue.Li each 
size only 50 veil l be struck in platinum, 1,000 in, 
E_t n ra m 2,500 iii gold-plated silver and 10,000 
Ea ESuLJ jn sterling silver.Each medal will be 
supplied in an attractivepresentation case with a des- 
criptive leaflet and will be hallmarked at the Goldsmiths 
Hall, London. (Silver hallmark shown.) 

In view of the limited size of die issue it is advisable 
to order without delay.Please complete the coupon 
below and return it with your remittance io die Royal 
Mint Numismatic Bureau. P.O.Box lO.Llantrisant. 
PontycIun.Mid Glamorgan. CF7 &YT. Ple,tse allowup to 
todays for deliven*. 

In celebration of the 25th anniversary of the coronation 
The Royal Mint presents the Westminster Abbey Medal 



Ho: The Royjl MinTNunii-nuiicBureJU.P.O.BoxlC’, j 

Llanirixjni.F'oiiwcluu.Mid Glamorgjn,CF7 t ; iT. j 

Please send me: , 

[tVAri] -lar^e platinum Wes: niinsier Abbey I.Iedalis) ■ 

f.veight 5.76 on at E1.2iW each. \ 

(WAPS) small platinum Uiestminsier Abbey Medal(s) J 

i weight 3.45 oi) ai £700 each. . 

(WGIP) l.nge gold-plated silver \\'estminster Abbey ‘ 

Medaifsl (weight 2.81 oz.) atiSUeadi [ 

(W'CSP) small gold-plated silver Westminster Abbey -J 

Medal(S) (weight 1.63 oz.) at £3 5 eadL | 

(WASL) large silver' WestminsterAbbeyMedalis) 


p.veight 2.81 oz) at i30 each. 

-small silver VttsaninsierAbbeyiUedjJfs} 

\ W iKJ 

** \ M-.v 

(weight I .<58 oz) aii20 eaclL 
Undercurrent exchange comrolrules.ihe 22cr.soIid 

: v v- ■ t: <: I gold medals may be purchased only by non-residents of 

SL *A- 'J \ ./ ' ■ .."v r J J the Uni ted Kingdom ordering lor direct export by the 

-Uv. I Royal Mint.Non-United Kingdom residents interested in 

Royal Mint.Non-United Kingdom residents interested in 
these medals should write for details toThe Royal Abnt 
Numismatic Bureau. 

1 enclose a cheque po.-tai order made out to die 

Royal Mint lorL .All pnees include VAT.postege 


Name (Mr/Mrs.'Miss) 



(8 lock capiulSypJeaset 

County, ’Postcode 

This oirer applies to the UiC. only. Plear.e 
allow up to !-'0 days for deliver} - . 

StruckbyTheRoyal !V&it 




Financial Times Friday June 2 '1978 

asbestos work 


G RESTRICTIONS covering future cheap rates and cutting corners 
use of asbestos for insulating on safety to keep prices down. 


buildings were proposed yes ter- There hud been a “large 
day by the Government’s increase ” in the number of such 
advisory committee on the disreputable companies. the 



a f 















The committee recommended 
that the Health aod Safety 
Executive should license com- 
panies involved in asbestos 
insulation and should buve the 
power to ask for notification in 
advance of any jobs involving details 
work with the material. 

Spraying of asbestos should be 
completely banned and it should 
no longer be used for thermal 
or acoustic insulation, the com- 
mittee said. A code of practice 
Tor companies handling asbestos 
should he formulated. 

“ Cowboy ” companies with 
little or no experience of asbestos 
had been turning the recent 
cancer scare to their advantage 

committee added. 

Under the proposals, which 
now have to go to the Health 

found it very difficult to gel 
companies to comply with exist- 
ing regulations. Both the insula- 
tion and demolition industry, 
according to the Executive, 
employed large numbers of 
casual workers who bad a tradi- 
tionally careless altitude to 
and Safety Executive and Mr. safety and health- precautions. 
Albert Booth. Employment Sec- 9 Most new. non-domestic build- 
retary. companies in the Insula- ings will in future be required 
tion business would have to give to have adequate thermal insula- 
about their workforce, tion a.<? a result of amendments 
protective clothing used and to the Building Regulations 1976 

training procedures. published yesterday by the 

In its report, the committee Department of the Environment- 
said that the application and The amendments are the first 
stripping of asbestos for insula- regulations made to conserve 
tion had given rise to the highest fuel and power. They will be 
incidence or asbestos-related brought into operation on June 
disease. Asbestos fibres could 1. 1979. 

exempted from the 

EEC transport 
policy failing, 
says Rodgers 


Transport Secretary, has accused 
the EEC of “failing to grapple 
with the central questions of 
transport policy" and concen- 
trating too heavily on harmonis- 
ing domestic and Community 

Writing in the magazine 
Socialist Commentary, published 
yesterday. Mr. Rodgers, one of 
the Cabinet’s staunchest Euro- 
peans. takes a critical look at 
the Community and Labour's 
approach to it. 

A democratically-elected Euro- 
pean Parliament and the "suc- 
cessful working together of 

cause fibrosis of the lung, lung Buildings exempted from _ _ 

cancer and a rare cancer of the new provisions will he those with .'European socialists” will “help 
lining of the lung a floor area of 30 sq metres or ; ra | se the sights of the Com- 

K was an area where the less or those requiring little or i munity," he says. 

by stripping out buildings at Health and Safety Executive no space heating. 
















.1 z 

1 03 

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r i 
iv £ 

* I 



7 1 


Top salary earners 
income share falls 


THE TOP salary earners have highest pre-tax incomes 3nd the 
taken a steadily falling share of growing impact of tax on middle 
total personal incomes over the to upper incomes lessened the 
whole of the period between 1949 inlluence of income-tax in re- 
and the financial year 1975-76, it shaping the pattern of income 
is shown in the latest issue of shares. 

Economic Trends, published by Considering the factors unrter- 
the Central Statistical Office. lying the change the articles 
The most noticeable trend is refer to a study by the Diamond 
the decline in the sharp taken Commission which found that 
by the very highest incomes. In changes in the lower 90 per cent 
1949. the top 1 per cent of lax ? f th? income dtsmbut.on wen, 
units - broadly defined as either ,0 so ™ ext * nt the , re „ s , ult of , d ^t 
a married couple or an unmarried ? ra Ph ,c dnd changes such 

individual — took 11.2 per cent as changes m the pattern and 

extent of marriage, the rise in 
the proportion of ciderly people, 
the rise in female employment 
and the increase in numbers in 
fun-time education. 

Study of 

of personal income before tax. 
By 1975-76 this figure bad halved 
to 5.6 per cent. 

Although the most marked 
decline was at the top of the in- 
come distribution, others with 
high incomes were similarly 
affected. The pre-tax income share 
of the top 10 per cent /ell during 
the period from 33.2 per cent io 
25.S per cent. 

The main benefit of the redis- 

Spanish tour 
costs to rise 

This would enable the Com- 
munity to deaJ with the “larger 
issues " including those in 
transport policy such as the 
relationship between the public 
and private sectors, the balance 
between road and rail and the 
relationship between transport 

Mr. William Rodgers : 
narrow focus on minutiae.'' 

e P ne^u P ?lles eDVir0nmCnt ^ ««nu.l pamphlet analysing the 
Mr? Rodgers said he felt the effects of Community member- 
impact of what he describes as sbijj on Britain. 

Community’s “narrow focus on The pamphlet examine official 
the minutiae of harmonisation' fi ? u ^ s 0n J? 

in the issues of tachographs and the common Agricultural Policy 
Communitv driving licences. This Community Budget and Trade, 
emphasis often rests on a com- The com nurtee says the direct 
mi intent to federalism which cost of EEC membership this year 
Mr. Rodgers rejects and he calls will be about £lbn, mostly 
instead fur greater flexibility and accounted for by CAP. During 
liberalism. thc next Bve - ears Britain will 

However, the tone of his anicie pay ” a staggering’ net £3.8bn 
i* optimistic. Much has been more into the EEC budget and 



M-i h..tinn <■«»* i„ tho mi^ii Bjr Arthur Sandles | The Board was handicapped it 

Site SUBSTANTIAL rises in the: the start by the lack of informs- 

r? C .°h« P ^i price of P a< *age tours to Spain .[ lion concerning present practice, 
per cent of Ihc dLhtribution saw Britain’s favourite foreign h«:>li- It would therefore carry out in [ comrmtiee 
I s share of pre lax ,nc °™e n -' c day destination, are likely for [inquiry into current practice. A 
from 43.1 per cent to 49.9 per the surmner 0 r 1979. Spanish ! comprehensive questionnaire was 
.1.1 . . .. , infiation and hotel industry wage I being sent to a number of com- 

At the lower end of the scale c [ n i ms have more than cancelled : paov pension schemes, 
the gams were more modest, with out t h e continued weakness of I The current remit covered 
the lower half of income earners the peseta on the international ] areas which overlapned with its 

By Eric Short 

LORD ALLEN of Abbeydale. 
chairman of the Occupational 
Pensions Board, yesterday invi- 
ted organisations and individuals 1JUI3llk> ulBkl . 

to submit their views on further [ achieved aD d Labour Europeans the committee calculates that 
measures to prevent the loss of; have “little of which to be Britain's total trade deficit with 
occupational pension rights and j ashamed ” * year ago it looked the Community has risen from 
expectations when an employee; as thou"h the Common Market £2.2 'nn in 1975 to £3bn in 1977. 
changes jobs. 1 WQU i d “ e a gain become a polaris ; While not calling for Britain* 

Mr. David Enna Is. Secretary of I ing issue in the Labour Party." withdrawal from the Com 
State for Social Services, asked! This danger is now passed, he munity the committee urges 
the Board in March to examine j says. series of reforms which it wants 

transferability o? tho pension There are those within the accepted into the Labour Party; 
rights and expectations of em- party and thc Cabinet who do General Election and European 
plorees who change employ- not share Mr. Rodgers’ views. Direct Election manifestos, 
ment ! One of them. Mr. Anthonv M'edg- Mr. Benn emphasised that 

lord Alien nninted nut that! wood Bonn. Energy Secretary, although there were differences 
this reink bad farranein^imon said yesterday th'at he was of view within the Labour Party, 
iaAms anri d covered ^ many I “ confident " Labour would enter on thc issue, the Labour Party 
aspects of cooioanv pension fund !the next , J eneral Etetion with a was ihe only party examining 
nX!-2?r,S« P 3 P ° \ manifesto committed to “ funda- and discussing the effects of 

mental reforms " in the EEC. membership. On Monday the com 
Mr. Benn was speaking at a mitlee plans a demonstration in 
meeting held by the Labour London to protest at the Common 
Common Market Safeguards Agricultural Policy and the 
to launch its third “ food mountains" it has created. 

achieving only, a rise in their OTOney exchanges, 
share from 23.i per cent to 24.3 A re view „f the position in 
per cent. both Spain and Britain by Travel 

After taking account of tax the Trade Gazette reports that a 
changes in the distribution masji meeting of Costa del Sol! the Wilsnn Committee examin 
showed a similar pattern, but hoteliers this week voted tojinc financial institutions, 
with the benefit of the redistri- ra ise summer 1979 rates 10 tour 
bution being more evenly spread, operators bv 60 per cent. 

The share of the top 10 per cent Wages rose £27 a month on 
in net income dropped from 27.1 average under recent agree- 
ments and more pay rises will 
almost certainly be conceded 
within the year. 

per cent to 22.3 per cent. 

Over the period as a whole the 
reduction in the share of the 

other remit from Secretary off 
State concerning the solvency of 
pension schemes. It also had 
areas of common interest with 

Lord Allen indcated that ihe 
report oF the two inquiries 
would possibly annear under the 
same cover. Publication would 
probably take longer than the 
two to three years envisaged by- 
Mr. Ennals. 

Timetable urged for label change 

1 forced for home trade,; 1 u < e of the opportunities offered r ; p > rn “lf n __bui were 

Mr Pipe ruled out Govern- \ by the Community. “ pra-mX and ad hoc" 

■“ >»*«t backing, since no publicity That, of course, was a political -JL^K L. .the Nine to 
■ to make was planned for the new task which required political Ju r ™fdiflk-uUies a home 
lest op?or- system. i skill, he toid thc City Conserva- currcm a,mcuu,es nome ’ 


A CALL for thc Government to programme is running behind the enforced for home trade.” 
produce a firm timetable tor the proposed schedule. 

proposed changeover to the EEC Mr. Pipe said it was important ment backing, since no publicity' 'That, nf course, was a political 

system uf labelling bottles and for the manufacturer to — • ■* * - - • 

packets by average quantity has the change at the earliest 
been made by Mr. Bod Pipe, tun] tv or he might suffer rum 
operational research manager of petitively. 

Cadbury Schweppes, the food » 0n the other hand hc lnav 
manufacturing company. lay himself open 10 the charge of 

A timetable would help dispel exploiting the consumer by 
manufacturers’ uncertainty, Mr. putting less in the pack, while 
Pine says in a paper to We still declaring the .same amount." 
delivered on Monday at the Standards of diligence and 
Metrological Control Systems enforcement on labelling varied 
Conference in London. acro*« the EEC. British industry 

The Government should also worried that these different 
produce codes or practice Tor slandard.-, would nave an effect 
manufacturers and weights and 

EEC Commissioners 
‘should meet voters’ 


THE EEC'S 13 commissioners Mr. Tungendhat laid great 
should adopt a more openly stress on the initiatives taken 
poJitira] role and carry the case by leaders of tbp Nine at the 
for the European Community last European council meeting 
directly to the national elector- in Copenhagen to co-ordinate 
ates to which they are their growth and monetary 
responsible Mr. Christopher policies — "The most exciting 
Tungendhat. one of Britain's and potentially the most rig- 
two Commissioners in Brussels, ni Scant development in the 
argued yesterday. short Tune l have been 

Mr. TugendharL a former Tory Commissioner.” 

MP. said he and his colleagues However Mr. TugendJial 
snould persuade voters to bring w - arn ed -that lhe Copenhagen 
pressure to hear on member derisions did not represent a 
Governments to male proper SJ ,dden surge in enthusiasm for 



! tlve forum in London. ” But then An empirical approach lo- 

Ferry discounts ; be — practising politicians. VV8S 10 he welcomed. But if gov- 

* 1 “ IF we are to succeed m indue- emments continued to use the 

means of 

e- t-i ! ’vaen regarding the Com- future progress would be seri 

hinanciai limes Reporter munity scene, we muri be ready ouily distorted. It was uo lo 

EUROPEAN Ferries’ share- ; lo step outside the corridors of Brussels itself lo spell out thc 
holders will qualify for dis- power and r-ihinVy enter the Common Market's advantages 

domain of public debate.” and opportunities. 

cbarphn9/!nrc' in " Governments lo discard the Community only aj a mean: 
3U<iI t-SiUiUd o ; hiinV:ers they all too often put dealing with emergencies. 

would be 

measures inspectors, and spell 
out how flexibly thc new 
standards were to be interpreted. 

A five-year transition period 
from the traditional UK system 
or labelling by minimum qufcnli- examining UK 
ties, to he completed by 1981. important that 

was recommended by a recent is done since it amounts to 
working parly report on uiutru- unfair competition if the 
Inrica l control systems. But. the standard is poorer than that 

cum Is on two more of the. 
group’s sea routes next year. 

The company said yeriurdjy- 
that holders of 300 ordinary- 
shares for not less than a year' 
likely that little lime would ho offered a 40 per cent ’ 
available for the reduction in the fare for the 
Fe I ixstow c-Rotterdam route and] 
25 per cent for The Larne-' 
Cairnryan route from January 1. 
European Ferries already offers [ 
shareholders discounts of up to: 
50 per cent on seven 
Channel services. 


on inter-state trade, or that 
miJ> - standard batches from 
Europe could be sent back. 

*’ It is 
will be 
examination of such hatches 
because of the pressure of 
products. It i* 
some checking 

Car running costs rise 
to 16.46p a mile 


tr05i ‘ A NEW car in the I K now costs any component nf our estimate 
'about 16.4ijp per mile to run. from 1974 to 1978 was a 167 per 
Hertz Car Leasing ^aid yes ter- cent increase in all insurance, 
day that inis is a 64 per cent Mr. Richard J. Weishaar. general 
increase from 1974. when average manager of Hertz Car Leasin, 
costs were 10.02? a mile. But said yesterday, 
in the last year thc rise has Hertz says thc British running 
slowed down, due 10 moderation costs compare with an average 
of new vehicle prices, cheaper of 16.52p a mile in the U.S. 
petrol, and lower interest rates. American drivers’ expenses are 
Hertz has based its calculations reduced by lower petrol and 
on a norma lly-equi pped four-door interest charges, 
saloon such as the Ford Cortina But In the UK, the price of 
1.6L. kept three years and driven petrol has been kept fairly 
10.000 mile? a year. A similar steady for the last four years, 
vehicle co-t 15.2ap a mile to run according to the study. It shows 
in 19n. it says. that the cost per mile for petrol 

Expenses ia thc estimate in- has risen by only 26 per cent 
elude petrol, oil. parts, service, in this period, 
repairs, licensing, insurance, in- At present petrol costs account 
terest and depreciation, but the for 3.0Sp a mile, going up to 3.7fi 
figures exclude costs of garaging, when oil. lubrication and other 
towing and breakdown recovery sen-ice charges are taken into 
ciubA f account. This compares with 

"The larges: single increase in 4.00p in 1977. the study says. 

Confirmed Reservations • Choose any 
flight any day • Stay between 7 and 
60 days • Book only 21 days ahead 

Call your travel agent and ask about TVVA's new Super- Apex Fares to America. 
Effective late July, subject to government approval. 

TWA mrrles morrsdi.: riJcd p-is .cnc-r-i iL.-n the Atlantic linn anyollwr airlini. 

No.1 across the Atlantic. 

Real Ale company grows 


CA.MRA 'Real Alct Investment?, il.624 on turnover of £41S.<H9 in 
the pubiic emtio.! ny ciosely allied the year to the end of January, 
to the Campaign for Real Aie. is In the previous years it made 
expanding again after a period net losses totalling £56.299. 
wben it put Us finances in order. Last financial year’s profit was 
_ It is about to complete the pur- accumulated in spite of a 2 per 
chase of its sixth public house cent rdop in sales volume in thc 
— the Village Blacksmith m company’s pubs. 

Woolwich. South East London — Mr. Christopher HutL the 
from Courage. executive member of the board. 

The cpinpgn;. says negotiations >ai yesterday: “The profit pic- 
for the acquisition nf tarn more ture in the first few months of 
pubs are at an advanced stage, ing current year has been sub- 
One is in a Worv'^ershire .-tuntiallv better.” 
village and the o:ber in a city It wnuld he necessary for 
centre in the mirth east of CAMRA Investment? to eriahlL-h 
England. -- rv tunable profits ” in the next 

CAM R \ Investment?, tiel up iwn or three year.: before it com Id 
jusL over three years ago. made embark on another period of 
us first annual iu.-t prufit of major expansion. 

offer for 

By Pauline Clark, labour 5taff 

THE GOVERNMENT has told : 
union negotiators for Britain’s 
420,000 nurses and midwives that 
it is “very ready" to consider 
a case for special payments for 
nurses provided this is based on 
comparisons with, for Instance, 
other health service workers. 

Although Mr. David Ennals. 
Social Services. Secretary, made 
it clear that a claim for com- 
pensatory payments in lieu of a 
productivity deal would, not be 
acceptable under the present 
pay . code, union leaders were 
“ pleasantly surprised 11 by the 
alternative offer. 

This effectively gives staff 
negotiators the go-ahead to 
present a favourable case for 
special payments based on com- 
parisons with medical staff as 
well as hospital ancillary 

Doctors, Like nurses, have been 
limited to a 10 per cent increase 
in their latest pay deal, but the 
Government has accepted & 
recommendation by . the Review 
Body on Doctors’ and Dentists* 
Remuneration- -that pay should 
go up by 28-5:per cent by 1980. 
.The staff ami employers side 
of the nurseri Whitley Council 
agreed during their recent pay- 
negotiations- that -compensation 
should be claimed because it was 
inappropriate in view of the 
nature of the job for nurses to 
ask for productivity bonuses. 


parity deal 

ABOUT 400 workers at Clelands 
Shipbuilding Company on Tyne- 
side are to get an average pay 
increase of £12 a week, back- 
dated to January 1. in a deal 
which gives- them parity with 
Swan Hunter. 

The award, by the Central 
Arbitration Committee, will give 
each man about £350 back pay. 

Mr. George Arnold, Tyne chair- 
man of the Confederation of 
Shipbuilding and Engineering 
Unions, said that the deal 
featured guarantees by the union 
of similar flexibility of labour 
arrangements at Clelands to 
those agreed at Swan Hunter 
shipyards in the wake of the 
Polish ship dispute earlier this 

Although part or British Ship- 
builders. Clelands is indepen- 
dent of Swan Hunter Ship- 
builders. and is the only other 
new shipbuilders on the Tyne. 

The Waiisend yard specialises 
in the construction of ships of 
up to 6.500 tonnes, and is work- 
ing on three vessels. Clelands 
said yesterday that the deal 
would apply to steel workers, 
joint outfitting trades, and 
ancillary workers. 

Inquiry to be 
held into NCB 
opencast plan 

A LOCAL public inquiry is to be) 
held into an application by thej 
National Coal Board to mine l 
coal by opencast methods at the 
780-acre Buckhead site. County 

The inquiry will also cover the 
Board's associated application for 
an order temporarily suspending 
public rights of way across the 
land and consider the compulsory 
rights order made in respect of 
certain parts of the site. 

If Ibe proposed work is 
authorised, thc Board expects to 
obtain 1.5m lonnes of good 
quality steam-raising coal from 
the site over about 7i years. 

The inquiry will be held at 
the Scarth Memorial HalL Stain- 

Low Paid Price 
Index launched 



TRADE UNION appeals for a Price Index is in the expenditure 
separate index to monitor move- weights' used. Since the How- 
ments In the cost of living paid spend more on necessities 
for lower-paid workers were than other households, the new 
answered yesterday by the index will reflect relative changes 
launching of the trade union- in the prices of goods such as 
backed Low Paid Price Index. food and fuel.. 1' 

The first results of the index The index - for ^his April was 
show that retail prices for the. 201.9, based bn a January 1974 
lowest-paid workers — the poorest figure of 1QO. This .’ is-, an 
10 per cent of wage earners, increase of 2.1 per . cent on_ We 
earning £55 a week or less — previous month and S;7 per ceixt 
increased in fouryears by 4.6 per on April last year, 
cent more than the average. introducing - the index. , Sir. 

The index, jointly calculated by Ken Thomas, general . secretary 
the . largest eivil 'service union, of the -GPSA. said his union Had 
the Civil and Public Services backed it because the - majority 
Association; and. : the Low Pay 0 f its members were low-paid. 
Unit pressure group, is based on More than 167,000 members are 
price information collected for bn a basic rate of £49.15 a .week, 
the Government’s Retail Price- He smd the trade' union move- 
index. . meat needed the index ' to see 

Tbe index does not include -what -was happening to the lower 
information on large proportions paid and so that-- pay 1 . 1 claims 
of non wage-earning households could be more .aptly fitted to 
to make sure that it is fully fhe effect, of -inflation- -on low- 
acceptable as an instrument , in 'paid. woAers. 
collective bargaining. Mr. Lea Lever. _CPSA presi- 

*No account is taken of possible dent, said the onion would use 
variations in quality and price of the index to' prepare for its 
goods bought by low-income 1979 wage claim, incomes poli- 
households. although. if this “con- des showed that the poor got 
sumer detriment " exists then the 'poorer, -and he said: ** For next 
index - probably nnderstates the year we are quite determined 
true effects of inflation on the to see the pay battle of the 
low-paid. century if the Government tries 

The niain difference between .to -get something through on a 
the new index and- the Retail softly, softly basis.” 

Inland Revenue Staff Federation . „ rnnm irit 
a closed shop. Tbe proposals J^^y^^oSL lSlot of Si 
include wide exemption pro- «0$0 basic graded rivtt servants, 
visions, reminiscent of the 

agency shop proposals, including S^^hf^t^cautt^sSous 
a charity option, in the Conser- !V~’ Ser 0US 

jave 197! Industrial Relations Ittempt t0 

. interfere In union machinery 
Mr. Moody, writing in his which carried grave implications 
union's journal, said that the going beyond union membership 
Government proposals amounted agreements. The moment a trade 
to " a thinly disguised rejection ” union allowed an employee to de- 
of . the closed'' shop, claim ode when there should be a ballot 
submitted .by the. throe, unions, on any issue the union would give 
“The Government would have up a crucial part of its freedom 
been more honest if it had and independence. 

White-collar section 
prevents union merger 

A SUGGESTION that the While this Could be interpreted 

Amalgamated Union of Engineer- 
ing Workers might have to 
complete a full merger of its 
sections without its white-collar 
group was made yesterday by Mr. 
John Boyd, general secretary. 

as a violation of their existing 
contracts of service it was “really 
a small price to pay ” for tbe 
opportunities which full amal- 
gamation would bring. 

“ As one who has stood in more 

Mr. Bqyd raid in the union's elections than any other full-time 

journal that the continuing 
refusal of TASS, the wfaitecollai 
section. " to submit their existing 
full-time officials to a democratic 
vote of their own members ” was 
the chief reason for the failure 
of full merger proposals. At 

Firemen protest 
at royal visit 


' Mr. Boyd said the engineering 
section “ must forge ahead with 
whatever amalgamations are 
possible, including our foundry 
and constructional sections." 

At its conference last week ESSEX firemen were handling 
TASS gave quatiBed approval to only emergency calls yesterday 
drop. Darlington, Co. Durham, on J a ballot on a full amalgamation in protest at the expense of a 

t„._ * but is insisting that there must reception p lann ed f or i a t cr uj I5 

be no future use of the law to month when the Duchess of 
change the constitution of the Kent opens a new brigade head- 
new union. quarters. 

^ - ** "M® J Mr ' , B °y<» The men say the reception for 

criticised TASS teders for not 600 people at Brentwood on June 
... . . accepting that their fall-tune 12 is a “waste of money” when 

three owners of land comprised 1 officials should be subject to a the fire service and other nohlir 

the site, and 50 individuals. 1 ballot vote of their members, services are short of funds 

July 12 at 10 am. 

Objections to lhe Coal Board’s 
proposals have been made by 
Durham County Council. Tees- 
dale District Council, Cockfietd 
Parish Council Council for tbe 
Protection of Rural England, j 

Electrical fault ‘could endanger jobs’ 

THE si.v-week-old strike by elec- jobs at risk. “Lay-offs would be muni eat ions, and ' Plumbine 
tricians at Nairns Floor Factories inevitable and there would be Union strike committee, said 
could delay installation of £14m serious long-term effects on the yesler day that non-union fore- 
worth of plant, tbe Klrkaldy future of the company,” a spokes- 511” **** doing work normally 
company said yesterday. man said- . Th e ^ aBdSPHlf"' 

A major electrical breakdown Mr. Tom Jones, leader of the company's refusal* ° VEr - ^ 

during the strike would have put Electrical, Electronic. Telecom’ paying” l^allj^^ed 10 beneflt^* 

Tate buys Style family portrait! 

The second d^v of the sale ah Anglo-Indian ivory- laid yesterday totalled £Vi *;nn ■ 

of the contents of Wateringbury clothes press of the late 18th of the highest l 



1 is 

1 of 

■ no 
f last 
ip to 

ax of 
d on 

Civil Service unions may 
see PM go closed shop 


THREE Civil Service unions rejected the claims outright, but 
pressing for a closed shop in the that would have been enrbaTrass- 
service are considering approach- ing for a government that has 
ing tiie Prime Minister ta try to taken so much credit for enact- 
get the Government, to improve ing legislation .to permit union 
on its closed shop offer. Mr. membership agreements in in- 
Leslie Moody, general secretary dustry." . 

The proposals put to the three 
unions were so “ludicrous" that 
the Civil Service Department 

of the Civil Service Union said 

ss tsA “ 

Services Association and the would be ejected. 

The Government's demand that 














p , 









official in our union. I can testify . -» 
that nothing brings greater satis- v-; 
faction, confidence, independence 
and inspiration than to know you ; 
have submitted your work to the 
tribunal of your own members • 

. , , and have received their endorse- !*•* : 1 

T ^ A e « at fmfnd?i <m a S nd IIS SS5Si , ® ent ° f y0Ur ^wardship. This &SJ. 
TASS, foundry and construe- ^ r^i security.” 

tional sections operate as a loose -.‘g 

Place, in Kent, by Christie's century; and a New York’ bu^er were“for* J ^^T« P I?i Ce ^ realised: 

brought n £539.824 for a tw^nlay acquired a pair of George m with a! 

total of £1.1/1,634. comfortably ormolu-mounted marquetry table bv Louis Bint HaiL^ c *rd tarot/, 
above forecast cabinets for £20.000 ^ 6 Sin i SrSTOV 1 ? 00 « 

In the morning session pictures Other high prices were the 52-card pack Hp niot 1 u ^ 

sold for £lbi.515. with a top £19.000 from Redburn for a pair scenes of batu fif 

price of £20.000 iplus the 10 per of Regency simulated rosewood war on the a™, ran 2 >_ ^ rtia SiaiJi 

cent buyers* premium), paid by £75 realised £ioo esUinatet * af- 

Leggatt Brothers on behalf of 
the Tate Gallery for a portrait 
of William Style of Langley, 
painted in 1636. Tbe Style family 
built Wateringbury. in its 
present form, in the early 18th 
century, and it is a d escendent. 
Mr. David Style, who acquired 
thc house in 1945. who has now 
disposed of both tbe house and 
its furnishings. 



and parcel 

realised £100. 

* saJT'S-isrsatef 

^”8 the menial oc™,”* 

feiSed 1 VX JSSSaSSS- 

antiajmg pack attracted tif« 
bidding. Portrayid- 


arcel gilt bergeres which various drugsaid^ rt u .-£ 

.j™ Northumberland was estimated at # 

id London, and the £17,000 £80. at but so,d ft* 

for a Queen Anne scarlet laenuer At SotliPh%iv v 

In the afternoon, a Louis XV cabinet on chest. The new onwer of jloan?S?n^ auctio ' 

boullc bureau inazarin. in the of Watenn^bury. an Iranian whj book? tSS 1 t tcc >' ' o' 

manner of Jean Beram. sold for paid E250M0 for the estate, also nriee £23368S - The best 

£42.000; and Partridge Fine Art bought two beds, the GewSe TV fS a y »^? ay , was the £5^00=. . 

gave £34,000 for a suite of early “ Ashbumham - bed for £8.000 > book illustrated . V' 

furniture, and a Queen AnneWd for £7 So’ AAlSl’ yU V V"* 9 * in lm - n 
“ Stanley Gibbons' .uSS’ of £30 & S ?^ he ^X ^de VI/ > 

held in London ESSei&gS 1 * “ ' a * 1 *™'* ' V 

Cotirgi? II seat 
ttributed to William Kent; 

Woods Wilson paid £22.000 for playing 


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6 \vere \ f 



tins ;hroj 

jit* 0Jir ; 2ai,; 


-cen escaia 



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cred:- for e: 


pcraa £■ 


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ban an.- ••'•." " 

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1 £ '' 



less pollution 



Gas is the best fuel for premium usage. 
Economical/Versatile and efficient it will improve the 
quality of your products. 

You'll get higher and consistent quality and less 
rejects. And so a better looking balance sheet at the 
end of the day 

Find out more by ringing the Industrial 
Manager of your local British Gas Region and hell 
arrange for a technical representative to callOr send 
iii the coupon today 

To: British Gas, Industrial Sales, 326 High Hojbom, 
London WQV7PT 

I would' like to know more about how gas can improve 


Ibsition in Company 



Ac announcement was published in the Press on March Tl 
197S advising members of a forthcoming private placing by 
the Company with certain South African financial institutions 
of R25 million 10.5 per cent redeemable cumulative preference 
shares. The issue is expected to be effected on July ] 1978 and 
the proceeds wifi be used to reduce short term borrowings and 
to finance new investment commitments. The new preference 
shares will have an average life of approximately four years 
and will carry no conversion rights, nor is it' proposed to 
obtain stock exchange listings for them. 

In order to place the Company in a position to issue 
redeemable cumulative preference shares on the announced 
date of July 1 1978. for the capital amount and at the dividend 
rate referred to above, it is necessary to hold a general meeting 
of members to approve special resolutions to, change the 
Company's preference share capital structure as well as -o 
amend the Articles of Association insofar as Jhey contain 
conditions relating to preference shares. The 'meeting will 
also be ashed to pass an ordinary resolution empowering the 
directors to issue the preference shares. J 

The Companv presently has an authorised $hure capital 
of R28200 000 divided into 22 200 000 ordinary shares of R1 
each and R6 000 000 7.5 per cent redeemable cumulative 
preference shares of Rl each. In order to avoid the expense 
of creating additional preference shares it is proposed to 
sub-divide the existing Rl preference shares into 60 million 
shares of 10 cents each. No fixed dividend!- rate and no 
redemption terms Hill be specified in the Articles of 
Association but the directors will be empowered to fix the 
rate and redemption terras at the time of issue. 

The amendments which it is proposed to make to the 
Articles of Association will eoable the Company to mahe the 
necessary changes to the preference share capital structure and 
provide for the determination of the dividend rate and 
redemption terms of any issue by the directors or the members 
in general meeting at ibe time of issue. 

Tbe directors propose to make a private placing of 
25 million of the 10 cent preference shares at an Issue price 
of Rl a share (i.e. at a premium of 90 cents a share) such 
shares being entitled to a dividend of 10.5 per cent on the 
issue price. It is also intended that the shares to be issued 
will be redeemed in four equal half-yearly tranches com- 
mencing on July 1 1981. The balance oF 35 million preference 
shares will remain in reserve, and there are no plans for their 
issue at the present time. 

Since December 31 1977, the date of the last financial year 
end. no capital of the Company has been issued for cash or 
otherwise, nor have any commissions, discounts, brokerages 
or other special terms in connection with the issue or sale of 
any capital of the Company been granted. No capital of the 
Company is proposed to be issued or is under option, or agreed 
conditionally or un condition ally to be put under option. 

general meeting of members of Anglo American Gold Invest- 
ment Company Limited will be held at 44 Main Street. 
Johannesburg, on Friday June 23 1978 at 10.15 for the purpose 
of considering and, if deemed fit, of passing, with nr without 
modification, the following special and ordinary resolutions 
in terms of the Companies Act, 1973, as amended: 

Special Resolution No. Z 

“That the Articles of Association of the Company are 
hereby amended in the manner following: 

(a) by the deletion of existing Article No. 56 his and the 
substitution therefor of the following: 

*56 bis Subject to the provisions of lhe Statutes, any 
preference share may with the sanction of a Special 
. Resolution be issued on the terms that it is. or a i tbe 
option of the Company rs liable to be. redeemed.' 

(b) by the adoption of the following new Article numbered 
62 A: 

*62A The Company may from time to time by Special 
Resolution convert any of its shares. ivhPther issued 
or noL into shares of another class or classes and 
attach thereto, respectively, any preferential, qualified, 
special or deferred righto, privileges or conditions.*" 
Special Resolution No. 2 

“Subject to the passing and registration of special 
resolution No. 1: 

That in terras of sections 75(lKe) and (it of the 
Companies Act 1973. as amended, and .Article 60 of the 
Articles of Association of the Company, the 6000000 
7.5 per cent, redeemable cumulative preference shares of 
RX each in the capital of the Company, be hereby divided 
into 60000000 redeemable cumulative preference shares 
of 10 cents each which shall be subject to the terms and 
conditions contained in the Company’s Articles of 

ment to the holders of ordinary' shares and the holders 
of other shares in tbe capital of tbe Company not 
ranking prior to or pari passu with the preference 
shares to the repayment of an amount equal to the 
price at which the preference shares were originally 
issued together with any arrears in the preference 
dividend (whether declared or not) calculated to the 
date of commencement of the winding-up. 

(iv) Save as set out in (i), fii> and (iii) the preference 
shares shall not he entitled to any further participa- 
tion in the profits or assets of the Company, or on a 
winding-up, in any of the surplus assets of the 

(v) The registered holders of the preference -shares shall 
not be entitled to vote, either in person or by proxy, 
at any meeting of tbe Company, by virtue or in respect 
of the preference shares, unless any one or more of 
the following dr cu instances prevail at the date of the 

fa.) tbe preference dividend or any part thereof in 
respect of the first period or any subsequent 
half-yearly period remains, whether declared or 
not, in acrear and unpaid after six months from 
the due date thereof; 

(b) any redemption payment remains to errear and 
unpaid after six months from the due date 

(c) a resolution of the Company is proposed which 
directly affects the rights attached to the 
preference shares or the interests of the holders 
thereof, including a resolution for the winding-up 
of the Company or for the reduction of its capital. 

fvi) Subject to the provisions of paragraph (vii), the 
terms of the preference shares may not be varied, 
and no shares in the capital of the Company ranking, 
as regards rights to dividend, return of capital or 
redemption, in priority to or pari passu with the 
preference shares shall be created, without: 

(a) the prior written consent of the holders of at least 
three-quarters of the preference shares; or 

(b> the. prior sanction of a resolution passed at a 
separate class meeting of the holders of the 
preference shares in tbe same manner, mutatis 
mutandis, as a special resolution, and the pro- 
visions of these presents relating to general 
meetings of ordinary shareholders shall, mutatis 
mutandis, apply to any such class meeting, except 
that a quorum at any such class meeting shall be 
three persons holding or representing by proxy at 
least one-third of the preference shares, provided 
that if at any adjournment of any snch class 
meeting a quorum is not so present then the 
provisions of these presents relating to adjourned 
general meetings of ordinary shareholders shall, 
mutatis mutandis, apply. 

(vii) Subject to the provisions of the Act, the Company 
shall be obliged to redeem the preference shares «t 
par plus a premium in an amount equal to the 
premium at which they were originally issued, at such 
time or times as may be determined by the directors 
or by the Company in general meeting at the time 
of issue of any such preference shares. 

(viii) There shall be paid on any preference shares 
redeemed all preference dividends (including any 
which are in arrear) accrued in respect of the sanv\ 
down to the date fixed for the redemption thereof, 
and the preference dividends thereon shall cease to 
accrue from that date unless upon surrender of the 
certificate of such preference shares payment of the 
redemption moneys shall be refused by the Company. 

(Lx) The Company shall not be liable to a preference 
shareholder for interest on any unclaimed redemption 
moneys.’ " 

Ordinary Resolution 

“The subject to the passing, and registration of- special - 
resolutions. Nos. 1, 2 and 3 above, the directors are hereby 
authorised to allot and issue all or any portion jf the 60 000 000 
redeemable cumulative preference shares oF 10 cents each, 
at such time or times, upon such terms and conditions and to 
such person or persons, company or companies, as they may 

The reasons for proposing the special resolutions are 
contained in the circular to members which' accompanies thin 
notice of general meeting and the effects thereof are apparent 
from the texts of the resolutions. 

Special Resolution No. S 

“That subject to the passing and registration or special 
resolution No. 2 above. Article 169 of the Articles of 
Association of the Company be replaced by the following 

*109 The following terms shall apply to the redeemable 
cumulative preference shares of 10 cents each (the 
*' preference shares ’’) in the capital of lhe Company: 

(i) The preference shares shall confer the right to- receive 
out oF the profits of the Company, which it shall 
determine to distribute from time to lime, a fixed 
cumulative preferential dividend (the “preference 
dividend"! calculated on the f ssue price, in priority 
to any payment of dividends to the holders of ordinary 
shares and in priority to the holders of other shares 
in the capital of the Company which shares, as to the 
right to payments of dividend, do not rank prior to or 
pari passu with the preference shares. The rate of 
the preference dividend shall be determined by the 
directors or by lhe Company in general meeting before 
nr at lhe time of the allotment of any such shares. 
The preference dividend shall be calculated and 
payable, half-yearly in arrear. on 30th June and 31st 
December in each year in respect of the half-yearly 
periods ending on those dates. 

tii) The first preference dividend in respect of any new 
issue shall be calculated nn a daily basis from the 
date of allotment of the preference shares until Lhe 
next due date For a preference dividend (both days 
inclusive), and thereafter on a half-yearly basis. 

(till Tbe preference shares shall confer the right, on a 
winding-up of the Company, in priority’ to any pay. 

Holders of share warrants to bearer who are desirous or 
attending in person or by proxy or of voting at any general 
meeting of the Company must comply with the regulations of 
the Company under which share warrants to bearer are issuea. 

A member entitled to attend and vote at the meeting la 
entitled to appoint a proxy to attend and speak and, on a poll, 
to vote thereat in his stead. A member personally present and 
any proxy appointed to represent a corporation may vote un a 
show of hands. A proxy need not be a member of the 
Company. Proxy’ forms must be lodged with the Company's 
transfer secretaries not less than 24 hours before the time 
for holding the meeting. 

By order of the Board 

Sec ref ones 

per M. J. NAYLER 
Senior Divisional Secretary 

Transfer Secretaries: Registered Office: 

Consolidated Share Registrars Limited 44 Main Street 

62 Marshall Street Johannesburg 

Johannesburg 2001 2001 

(P.O. Box 61051 
Marshalltown 2107) 

Charter Consolidated Limited 

P.O. Box 102 

Charier House 

Park Street Ashford 

Kent TN24 SEQ 


June 1 197S 




in million DM Liabilities and Equity Capital 

in million DM 

Ship mortgage loans 

-long-term 1,8J6.7 

— medium-term 

Trust loans 

Cash and due from banks 


Other assets - . . 

Ship mortgage bonds and loans 

- long-term 1.849.9 

— medium-term 814 

Trust loans 49.7 

Other /labilities 67.6 

Equity capital 77 .5 

Dividend 1977 3J 

Total assets 2,1304 

Total liabilities 2,1304 

Guarantees 97,9 

Volume of business 2,228.3 

The Annua) General Meeting of the Shareholders, held on 
1st June 1U7S, passed a resolution determining that the ba- 
lance sheet profit for the year ended 3 1st December 1977 in 
the amount of DM 3,300.000 be appropriated for the di- 
stribution of a dividend of 10 ft. 

The Annual Report for 1977 is available on request from the address below. 

International Ship Financing * Domshof 17-28 Bremen * Telex: 02 44870 


MR. EDMlnro DELL, Secretary w such an Important route had 

nmunvvi/r for Trade - has been told by been given to an atrhne vijich. cttomitioatal ---iax 

WSimiUff ‘ British Caledonian Airways that in. its view, was short oimosed. to^ SkxFtridifctW*) ir- 

*’ m mil ft tbe decision of the Civil Aviation broadly based . hot 

. . Authority , granting rights to fiy structure — a earner unlikely to 

- b*. rt.n to Los Angeles to Laker Airways be able to support a Los Angelas ' • 

By Ray Darter, **j s bad and requires review, service under the terms licensed. # Laker s costs are aet.refiaWe 

Energy Correspondent . The authority has erred gravely. “I feel sure that if Laker is —Caledonian^ says "niat in tiSe 

and the decision must not be permitted to commence opera- hearings on. the case^Lgketfrdid 

vadtti cita _:j nermitted to stand.” tions on their shaky proposals, in not have a timetable of the p®- 

NORTH SEA oil -operators either T»oi«d : AtiEMtf on did_ riot. Jam** 

By Ray Oaf ter, 

Energy Correspondent . 

nv *ifr Mr. Adam Thomson, chairman ve ry short order they will either posed operation. .dixLMVJshtjw _ 

daTtiia^iS USS of theTairiine^ yesterday JSe operations, or be ..back ige ■ 

da> mar its latest proposed nn the mIM and ass is- the mateine. but did not know 

The UK Offsbore Operators’ ro ute licen® to Laker for a Sky- bad the better case, but-fears that There is some cfoufrt^aE ?to 
Association protested to senior train operation was ** shabby and Q, e authority’s mind, for what- r^ ^^ aKiriry to<oippnri-g -fcrfn 
Department, of Energy officials unconvincjnf'." and the airline ev p r reason, was made up before Angeles:, licence. 1 :', ; CsfedtFntAn 
about many of the draft condi- would “fight the decision m the bearing. We seek to expose Maims ttmt.the TAker eakar bhth 
tions for- the sixth round of every possible way.” the decision as a grave error of ag to - traffic and/ costs/ ^has 

licensing. Mr. Thomson said the airline judgment, one that requires been demonstrated- tp be-. 

Mr. Anthony Wedgwood Berra! was asking^ the Government urgent review and one which can- ^^peqt- The -chances 
Energy Secretary, has told the either to reverse the Laker deci- ^ permitted to stand. succeeding . '. on " the ' terms 
industry that he wants the' new sion, or to order the whole case Mr. Thomson said the airline licensed are sdieht .atidrit ban 

industry that he wants the new 
licences to strengthen British 
control of offshore oil resources. 
He hopes that private corn- 

new sion, or to otder the whole case Mr Thomson said the airline licensed are s&ght.Midf :i* ban 
ritish to be rehem-fr by the CMI Avia- :was appealing on eight basic only - be a^octrtraie ibefoce 
trees. -r, , j fci' points: .. . ‘ relieving - -amendments' 

Above alfc-Ualedonlan seek? ^ The authority’s decision was ^ught’ 

: s ,'s: 

shnE i^r r 


During yesterday's discussions 
tbe operators accepted that cord- 

on a stopping Service too. 

these .terms on particularly p repared> baselnot on fact but 
attractive blocks. «»«*- i"* 1 * - r >- * — — - 

before tire auth'drity in this case. 

added, the terras would tend 
draw funds away from the l< 
attractive concessions. 

on guesswork -4 and totally un- 9 The Laker service represented -I “,The. Secretary :. Jnf -State 

1 " I . IT «. _ GnaTViAflvu itinurvA trt ffn/iTi ita#iaim] 

i t0 convincing sutWork at tbaL a gamble, and that the Secretary, should inquire as to such gederdl 
less whereas Caledijian’s case was of State ought not to gamble policy of the a uthonty- in order 


The sixth round licences 
covering just 40 blocks were 
too restrictive. There was serious -g 

concern within the offshore H 

industry that tbe momentum of J| 

exploration coaid be affected by 
the Government's proposals. 

It was important that explora- _ 
tion and development should be 
maintained If the UK was to V 
remain self-sufficient in oil and 
energy into the 1990s. the p 

Association said. 

There is not total accord THE 

based on sound bconomic reason- with national- rights. . . to determine : whe&ec or hot 
ina and judgment.” • The wider bilateral issues at such is -An accordance with tbb 

Mr. Thomson went on to say stake required a full review by guidance (as laid, dowjy- by~the 
that the airline Wanted to know the Secretary of State. -Government). - 

Extra cash needed for stocks 

' • . . * . # r ’ 

of finished goods reduced 


E additional amount of issue of. Trade and Industry _ The figures Jor the change jh 

There is not total accord THE additional amount of issue -of.. Trade and industry The fignjres ijor we cb4nge.n1 
within the offshore industry, finance required by industry for magaaine. - . physical - stocks -, wexe_ published 

however. stocks of finished goods :and raw The decline in the amooot ^ -w&A-ago.-:' -r- . ^ 

Smaller, independent companies materials was smaller in the first required for fin ana dgthradm- -mvLa 

have welcomed the Government three months of this year than tional value of stocks reflects 

suggestion that licence groups in any quarter since the late the slowdown in the rate of price 

should have the option of chang- summer of 1975. ' inflation during the past year. 

inz opera tine companies when J; ' „ Indeed, the additional amount. «™t_ P Mja-the first .three 

suggestion that licence groups in any quarter since the late 
should have the option of chang- summer of 1975. V 

ing operating companies when Tha in „ D . 1QO 

t ht> hoot vain* 

exp lora tion wort fa replaced by f The * the t vs }L tte of money V^d Sfcr. months, of this^ year.: compared 

a Me ve loom ent° project! They see “ a “^ ct h. re * r w S _ a * n l in the first quarter /than pra- ««ta /fa /the ; p&riops 

Lius as* an oppuriuniiy iur uieui wa - romnared' with - r. 7 f n - 1»77 at a whnto • V . 

I to gain experience as operators to ih* thre? 30 °PP<«ite trend in the physicsl.» 1977 aS « w h0,e - . 

for at least part of the offshore ™ths ond £4 55hn dSrini^977 VQ - lume of stockholding at 1370 The physical volume qfinyesf- 

montns onu aurmjisn where there was . a raent by these sectors declined 


Larger companies able to carry 
out both exploration and develop- 
ment work have questioned the 
need for this innovation. 

There is a feeling that British 
National Oil Corporation might 
try to gain a greater foothold in 
the North Sea by assuming the 
role of operator for the develop- 
ment stage in fields found by an 
independent company. 

as a whole. .*:. |;i decline of £4Sm and a -rise oE sLightly . . between - the j • tv 

This is disclosed in the'Jatest £I75m respectively: ' V' - quarters.-- '■ ■ • ' " 

First-class mail users 

i on I 


As a compromise, offshore oil M 

companies have agreed to urge THE POST OFFICE is to offer Post Office error, and I per cent |JP|T0f riSG ' 
the Government to insist on local timetables at its counters by travel accidents* qr hold-ups.' Mf- . r 

exploration and development giving last posting times for •The first receiver -for View- rqy HATTERSLEY, the- ' " 
operators being designated, at next-day deliveries, in a cam- data, the Post Office system pj-i^ secretary, was asked -. 
the outset. P^gn to help customers make which enables information to be yeste rdav to mbunt an urgent" ■ 

TT: wfl nualitv : 

1 I If f I H Rl U P M Y posted too late . to be delivered • An improved service for^aver- : Mr. Stanley CohezL- Labour MR. " 

0 *■. * on the next week-day. seas payments through National for Leeds South West, said:-.. 

1 • j j The Post Office claims that Giro was started by ,the ^ost “ Before the -Suggested increase • .1 

arCniTCCTUrf* per tent fi rst * c ^ s s letters Office yesterday. Is permitted, I think. the petrof-- , 

^ are delivered on the next work- The new money transmission, companies ought to be required 
/, - ing day. Of the remaining 7 per sendee, which replaces the nld to justify in practical terms the? • 

QWQrn cent 2 per cent are delayed by overseas money order, service, reasons for this. ] 

JLU.1 M. TV 41 U being posted too late, 2 per cent offers both wider availability and ' >1* j 

by customer error. 2 per cent by lower charges. Minima] return 

High quality 
tor award 

By H. A. N. Brockman, 
Architecture Correspondent 

Minimal return 

THERE ARE 64 applications for ,SlI Patrol .companiea^wbo.ic&iTed^, 

this year’s Financial Tiaies TT lliij V'V/IAil llvi ljo the' fact that .they- are jeceiv^^- 

Indus trial Architecture Awarn* BY KEVIN DONE, CHEMICALS CORRESPONDENT Ing-'only ai '•-miafBiaS-TB'Clint -oi?. 

and the quality remains hi^h. . their investment 

In spite of the low ebb of build- SIM-CHEM has won the main including compounds. “My. immediate j reaction is 

ing activity, the attraction of the contract for the construction of UKF, the Dutch fertiliser com- that they must* ^bc crying ail tlid-".' 
award is firmly established. three plants as part of UKF puny owned 75 per cent by DSML, way to the bank..' ■ - ■ - ■ 

Industrial works outside lhe Ferti{isers ’ f25m expansion at the Dutch state chemicals group There ought lo be L a. dear.- 
norraal category oF Tactory build- **£*&&. . , and 35>P*r cen t by Shell,- has statement in terins of the profits- 

inns now occur more frequently , The Lhesb ire-based chemical been planning the expansion, at at present being enjoyed -by 'the-. 
The award conditions specifically P ,a °} engineering rompany will Ince since 1975. various ..petroleum- companies, , 

stale an interest in structures build “ nitric acid plant an It has been held up for before the Govertunedt agrees 

_ ... _ r . ammonium nilrale snllllinns «f>v,>ral vuisw hv n n rprtn 1 n I V mror 1 t.. catuiKnvi' «« <*: . 


“I, note -the ; comment .-Qf' k. 
senior official of one \ of;- Jhe .* 
petrol . companies, ^who -referred 7 , 
■jo the' fact that they- are jehen£-. 
r ing-'only a minimal- return -0 tt>. 
. their investment * _ • - 

“ My . immediate reaction is 

stale an interest in structures build “ nitric acid plant an It has been held up for before the GoVeriraiezit' agrees 

I which are of practical help to a { nnion,u J ra Qilrale solutions several years by uncertainty over to sanction' an increaSb.’-V . 

industrial production. Therefore p aDt an .., an treatment gas feedstock prices for the UKF - TWx. 'Kei ViTaiten, -Conservative 

I dams, roads and bridees are all E 1 " 1 : ? 11 w * u . be . h ased on ammonia plant, also at Ince. MP for Hastings, said: “It is 

dams, roads and bridges are all|K!■“ ,, ■; 6 11 w j ,l u be 1 based on ammonia plant, also at Ince. MP for Hastings, said: “It is 

included Stamlcarbon technology. The This problem was resolved last j scandalous the oil . companies 

f-rmtm-t i S worth -ahout £15m. year when a new supply contract should permit price itses^ when- ' 

thp Acnsincinn nm_ u— nannti-itnrl ,,,S*h f>>, I - _ n r. 

. . . . . contract is worth -about £15m. year wheii a new supply contract should permit ptice rise& when- 

. J" c ® , . x ' , sc J 1emM e w V- ,c . h hav S When the expansion pro- was negotiated with British Gas. there is a world' -fiKit* ef : oiL it 

£ ™ S- e 5 cd aS a i ,sts ’», and ff r » 1,l,l,e ts completed in 1980 the UKF is building a 200,000 is ahout time they talked about 

r ' OD ^ h,C ? w J „ he ch0iW , n r " ce Pfaois will have a capacity tonnes a year nitric acid plant, bringing- down the" price ' in 

™-iid srp- er ° f t l,s years of raor ? t ^ an 700.000 tonnes a which will bring capacity at the response to' the normal laws of 

Bradrord^Tnmsporl . n ir r rh, nr r. yMr ° im,8en ° us tcrt ' llscrs - sile U B *° 47 °-°°° to °° K ° rer.Uupply M d demind." , ■ 


Bridge Street. Bradford. 
Designer: Regional Architect's 
Office, Chief Architect's Depart- 
ment. British Railways Board, 

Builder: Taylor Woodrow 

(Northern), Wakefield. 

Greta Bridge, Keswick Northern 
By-pass, AG6. 

Designer: Scott Wilson Kirk- 
patrick and Partners, Basing- 

Builder: Tarmac Construction, 

Brentford Refuse Transfer 
Station, Brentford. 

Designer: GLC Department of 
Architecture and Civic Design, 
County Hall. London. 

Builder: Bov is Civil Engineering, 

Computer Building, IBM United 
Kingdom, North Harbour, Ports- 

Designer: Amp Associates, 


Builder: Taylor Woodrow Con- 
struction, Southall. 

RMAS Maintenance and Support 
Centre, No. 3 Basin. 12-15 Dry 
Dock - Support Buildings, H.M. 
Naval Base, Portsmouth. 
Designer: Amp Associates, 


Builder: Mears Construction. 
Southampton. George Wimpey 
and Co., Southampton. 
Replacement Boiler Plant, 
Dlngleton Hospital, Melrose. 
Designer: Peter Womersley, 


Builder: Melville Dun das and 

Whlison, Edinburgh. 

The architect assessors (or this 
year’s award are: Leonard 
Manasseh RIBA and Michael 
Manser RIBA The lay assessor 
Is Sir Charles Troughton, chair- 
man of the British Council. 


Confirmed Reservations - Choose any . I ^ 0|$ 

flight any day • Stay between 7 and ; ! 

60 days • Book only 21 days ahead ■ j 

Can your brave} agent and ask aboutTWA'snew Super-Apex feres lo Los Angelfisahd r ‘ - v ! * 

San Francisco. Effective late jnJy, subject to governmentappxovaL ; W*-. . ( Slj * 

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^^fCoaFs : hunt for a re 

t)iat the smoke may go up producers. Ili net effect would three new pits in the Vale of enjoys over oil — presently 
‘V^ffiStBed j. Mr.; it ' just the same. have been partially to close the Belvoir has taken the form of around 10 per tent — is in- 

/ Jftwme, ; however,. expects S a P between imported coal — at preparation for a root and sufficiently attractive, and that 
.unoer^cret ary a t , the Bepart- gj^t thi ngs of this market, in around £17 a lornje — and EEC- branch attack on the entire the future capacity of the CEGB 


wo ui^i^ve st SQm.l 11 & resyarc^ ^r atti e effort could yield much Quite willing to complete the sensing that mere environ- or presently under construction 
programs to. "ensure ‘that-poal./ y^ f^. j^nrAs—in the general process by subsidising its own mental self-interest (the basic are fired, or oil/gas fired, 
substantially replaces cdi and industrial markets — there is sales abroad by as much as £8 reason for their dislike of the or nuclear powered. Only 5 
gas by the end of th e century. y a reluctsmce to switch, or a tonne. In brief, it would have proposed developments) would per cent — excluding Drax B 
: .-TiHs: pfiMic endorsement of ^ 1 ^ hack,' to coal, . sold its coal at a loss in order be unlikely to attract much —is coal-fired. 

the 1 "ideed* 1 ;for, CoaI‘ r Haturaliy J OThe k^y-tO tire NCB market- to ?^t rid of it. sympathy, have retained the “The public electricity 

pleased . the National Coal jpg strategy is the electricity It was prevented from doing services of Mr. Gerald Manners, system in Britain will snbstan- 

Board: few. ’industries, public or SSeratingj'; industry, which so. On Tuesday of this week, . 1 a “i r , 1 , n Geography at Unrver- tially increase its absolute and 


Sam Hnw wmsv 

lem: 20 ’years is »■ JterriTjlrlqng d&e b£ thb sort of relation- producers insisted on linking Mr. Manners, taking a variety importance of coal-fired stations 

time, even in th e;-coaI industry, smp, ' vut at the moment, the the proposed subsidy to a of what he considers to be reix- w»i fa/J during the same period 

wh«re lead times for major .pro- Wth5..iinds.'il5 partner, the demand for greater control over able forecasts, estimates that f 1 ^" 1 65 per cent to just over 

jects are ; aron , nd 10. years.. Here cAtra* Electricity. Generating . 50 jer cent of total capacity.'" 

and Jkrvir, itbe_NCB: sees difficul- BXrd, *cting coolly. ■ ■ Mr * banners goes on to argue 

tie? m^etting rid of its coal: Tn- tht surface, all is weir f~“ ertp ^ n/v . *«* ¥ ' Cn these figures over- 

^ IS weii. I MARKET FOR COAL estimate the importance of 

V Tbe>p&blem o £ ^ securing mar- th^-NGb. and the CEGB have {— =1^= - — = ==== yH coal: t “cause of the relative aee 

beS linked together publidy -v - •<•■ •: . - ■ Sd keffiden^y S^much cJfl 

Bo^jiLLesa than a year ago, the forjoo* enough to develop a ■ -y. .. ■ , 5 *3K . ='. : .; .>>• fired plant, it will be retired 

cfairf concern was to increase faciSty for outward shows of £av;-;V . = : - ! • ■ earlier, and when in use used 

production, In, a p- effort, ulti- affe&ion. JCore substantially. less, tlmn other Ratlins 

mattly euccesgful. to persuade the SEGB has said it will take ; V.V ^ / Nuclear stations, he thinks, wili 

f f^^workers.rthat. 'the pro- 3-4mJ extra tons of coaj tins \ .7^ V -V/ y / take much of the base load, 

auctmty bonus scheme was a year,! brlnghig its take to gas X \ -. -Vf ?.-. • ••/• . . / S 

good idea, the NCB, aided by arouiffl 75m tons— on condition iso jwwg \ \ ->v^V : . / 

the. majority, of the. Executive that /Stetpnce of coal does not \\ / gBSEM* Ppjl I* fipmiinH 

of the National Union of Mine- go irp|again This year (it has A ca *v UCillailU 

.^ge^oannounced that only alread|£ne op once, by 10 per \\\ ^ The CEGB does not associate 

*wo4ia e t»wrt» - ceno. X- . / ... itself with Mr. Manners' conclu- 

rauld the lnduarys future be But wrvately.- the CEGB is a ^eSies srSnwis I — sum*, though some of its officials 

se^ed and_with.Tt, thar of its utti e rSfnl its own gene- Xx //"" know his work and respect if 

Workers. - -But now ^tnat ^ the ros jty thinks, it unlikelj' 50 - XXVv Jr - (without necessarily agreeing 

miners are SJ vin g the Board th e rt ^ irfri^epeated. Much with it). It sees a strong pos- 

extracoai. TheBoard is finding of the. egtraicoal taken this year we sibility or an increased take of 

itself embarrassingly short of will be stp^jilcd: the more of n domestic^ coal (in relative, rather than 

markets. ^ the b^T the relative price **0 ‘ ^ ‘ Wto 1 mo ‘ 1990 ' 2000 ' 2010 1 2020 absolute terms) up to 1990, 

Steel is the first to be blamed, of .dSUtodfck; The .CEGB’s prime when it reckons demand wilt 

The industry; is taking less: than respirtB&ility, by statute, is to peak at a maximum of 90m tons. 


j / 

— •' 




Mr. .banners goes on to argue 
that wen these figures over- 
estimate the importance of 
coal: L “cause of the relative age 
and k efficiency of much coal- 
fired plant, it will be retired 
earlier, and when in use, used 
less, than other stations. 
Nuclear stations, he thinks, will 
take much of the base load. 

Peak demand 

The CEGB does not associate 
itself with Mr. Manners' conclu- 
sions. though some of its officials 
know his work and respect it' 
(without necessarily agreeing 
with itJ. It sees a strong pos- 
sibility of an increased take of 
coal (in relative, rather than 
absolute terms) up to 1990, 
when it reckons demand will 
peak at a maximum of 90m tons. 

The further problem which 
the CEGB foresees is that of 

at K-E A s r u we/p: 

Matters will probably not get ,.\T A1I j c vr D ». estimaip of some 470m tce . emissions, which are one of the 

better, in the sense of retnnv JN 6W DiarKet So the NCB has lost a that ener4 dSnands side effects ^om coal and oil 

mg to previous levels of sales,' v market which it estimated to be -Assunune, tnat energy oananas stations The CEGB 

although they may stabilise at There is one, ; largely new. as large as 5m tonnes by 1981 rienart reckons that the EEC might 

the present-level, or even rise market which might solve a though it is continuing to push wish to impose similarly strict 

marginally in the next year or consaderable part of the problem exports as vigorously as it can ®fj***: * L v ;=_ e ' controls in the near future. That 

so. 'It is- qtrite possible, how- y 6f surplus coal’production. That and, indeed, expects that over- b y will mean either using coal with 

ever, . .that instead- there. -will fcL exports, which at present seas sales in the current year wiU be in the order of 415m tce a very low su i p h ur content (1 
be a gradual' decline-: . adcount'.. for'.-.xthe negligible W1 ^ stand between 14m and 2m • - * • A*‘ the estimates imply pej . cent Qr j ess * and in 

The domestii- (house' coal) amount of lmhtons-a year. But tonnes. But it is unlikely to highly competitve domestic g iv j ng ^ NCB an electricity 

S^e/conntriesvof .the Euro- 5 ?]« many ' problems: the for energy, and a ^ Qf only 20 ^ 

market has. shown .n surprising it me. connmes- ui .iuc r.uro- 
uptum "rh the last two years: Peafr«G6mniun^-could be per- 

soive many prooiems: xne uuuivci jui «« i b .v, aim a auu- nf , smnnd ->nm 

NCB’s miketing dilemma stantial challenge to the coal ^ e J r ?J bi ^T ^ 
seems set to stretch over the industry’s plans and planners.” at a high capital cost (it is lower 

are urortne relatively popular.- EEC SuBasiQver (fee, next three ™ ax nuners proaucuvuy mar jj eti ng and production chimneys takes care of dispers- 

The Solid -Fuel AdviSoiy..Ser- years to^tisidise' the sale of bonus scheme has produced too strategies: but it is sharpness ing pollutants, but the Nor- 

vice is -energetic: in ite pro- power. statfdh (steam) coal was mucf1 ’ 100 when applied to the NCB’s wegians disagree. They claim 

These conflicting arguments 
— and others— must in the end 
be resolved by government. At 
present, the Government 
remains “pro-coal/’ in the sense 
that it still gives full backing 
to the targets in Plan for Coal 
-Hhat is. that the NCB will pro- 
duce 135m tons a year by 19S5, 
and 170m tons a year by 2000. 
Last month, it was made 
dear that it was prepared to 
subsidise the sale of coal to the 
electricity industry in order to 
ensure it was competitive with 
oil, and to keep the level of 
take up at 70m tons, or more. 

Its reasons fur doing so are 
summarised in the graph on this 
page. This shows the market 
for coal dipping down in the 
early 1970s. recovering slowly 
in the late 1970s and early 
1980s, Then more sharply after 
1985. The underlying assump- 
tion is that oil will begin to 
price itself out of markets from 
the mid-1980s — though Depart- 
ment of Energy officials now 
think that might be an over- 
optimistic or (depending on 
where you stand) over-pessi- 
mistic dew, and that the sharper 
growth may he delayed until 
1990, or thereabouts. 

Thus, the Government argues, 
while it may be true that there 
will be a short term, and even 
a medium-term “ marketing 
gap.” it is essential to carry the 
industry over the gap in order 
to ensure that there are 
abundant supplies in 20 years' 
time and into the next 
millenium. The national 
interest, seen in the long-term, 
demands that market criteria — 
like those applied by the CEGB 
— must at times be overidden. 

It is a powerful case, which 
will soon receive its own form 
of public “ scrubbing " in the 
planning inquiry (or even 
planning inquiry commission) 
which will inevitably follow the 
NCB’s application to develop 
the Belvoir pits. In the short- 
term. however, it seems likely 
to involve the Government in 
paying a subsidy to the largest 
domestic customer, while — if 
the EEC subsidy plan does go 
through— the NCB itself will be 
paying a subsidy on exported 
coal into a market which the 
Government again, as a member 
of the EEC. is helping to subsi- 
dise in the first place. 

A funny way to run a coal 
industiy, no doubt. The argu- 
ment, which still has to be 
disproved, is that it is the only 
sane way. 





; wm 

A mi 


In re 

INC., etal.. 


In Proceedings for an Arrangement 
No. 77 B 1513 through 77 B 18B8 
Inclusive, No. 77 B 2003 and Nos. 77 
B 2005 through 77 B 2015 Inclusive 


PLEASE TAKE NOTICE tha I the Composite Consolidated Plan da ted March 9, 197S 
(the "Plan 1 ) filed bv United Merchants and Manulaclurars, Inc. rthe Company’), 
guarantor of the S'o Guaranteed Sinking Fund Debentures due March 1, 1982 
issued by United Merchants Overseas Capital Corp. N.V. (“Overseas Capital";, 
pursuant to and under a Fiscal Agency Agreement dated as ot March 1, 1970, is 
proposed fa be modified as follows: 

’Schedule It attached to the Plan is modified by fimrtjng the guarantee of 
United Merchants and Manufacturers, Inc. to the payments to be provided to 
tha Class V credit ore under the terms of the 9% Guaranteed Sinking Fund 
Debentures as modified by the Ran. Those holders of 9?i> Guaranteed 
Sinking Fund Debentures who do not elect to accept payment under the 
Ran and elect to accelerate amounts due under such Debentures and the 
guarantee relating thereto wffl be deemed to be Class I Creditors’’. 

The effect of such modification is to li mitlhe liability ot the Company to the holders of 
such debentures to the obligations undertaken by the Company under the deben- 
tures as modified by the Raa which Ran provides (or payment lo all such holders of 
lOCfti of their claims, both principal and interest, payable at the times and in tha 
manner provided form the Plan and in the notice previously given underdate of April 

PLEASE TAKE FURTHER NOTICE that an order has been entered by Honorabla 
Rov Babitt. Bankruptcy Judge in charge of the above-capboned proceedings, that 
June 15. 1 P7B is the last day tor fifing a written rejection of the modification with tha 
aloresaid Bankruptcy Judge at the United States Courthouse. Foley Square, New 
York. New York 10007, and any creditor who has accepted the Plan and who fails to 
file a wnrten rejection of the modification by such date shall be deemed to hava 
accepted the Plan as modified. 

Dated; New York. N.Y. 

May 25. 1978. 

s/ Roy Babitt 

Bankruptcy Judge 



- Suitable for Industrial ; «r 

• . ■ •: '’■••••* - - Warehouajfe purpose's 

• . fronting. 

•j'; • ' , Chancellor ^ tajae, 

v , : Anlwick^ Manchester 

/ 2 short d Stance of 

- . the Fairfield Street junction 

SITE AREA: 5.200 SQ. YfDS. or thereabouts 

'V 79, Mpsley Stree^Man Chester M2 3LP 

• v£! j.-fiV:'.-/.' °^ 1 '? 28 6 - 411 



Prestige Modem Offices 

\ 6.005 SQ.FT. 

Thomas, Deal & Partners 

104a Park Street, Mayfair, London W1Y 3RJ . 
Telephone; 0140S 15S2 


8.Q00 - 

— 45,000 sq ft 

iv’>C j il’rt ; 



7«i JULY, 1978 


- W.9 

Valuable Freehold Shop Property 
tn busy trading, porition 
Shop Floor area >bout 1 ,300 *q. ft. 
Basement Storage about 490 iq. ft. 

Spacious Upper Parr 
Partial fan. conditions of safe and 
form of tender from vendor’s afeirt: 


LONDON WII 3HY - 01-727 44 3 3 



4.670 SQ. FT. 

'. Central heating, life, car parking; 
prestige entrance 
- 01-492 1607 Rtf. NJF 



Modern Warehouse/Factory 
8,725 SQ. FT. 

Yard/Car Park— 5,900 SQ. FT. 

Good Access to M.d., North Ore alar 
Raid & Western A*. (A.40) 


! 41, The Broadway, W JS. 

01-579 9282 

BROMLEY — Warehouse 19.000 so. it. let 
i to National Freight Corporation £12.500 
per annum FRI 10 Years 1976. Review 
1981. Freehold gl 25.000. Baxter Payne 
& Lapeer. 20 Wslbeck Street. London. 
. w.1. 486 2849. 

Estate, adjoining Boots. John Menzles. 
Wigialis. GKN & Telefusion. Superb 
new Factory 'Warehouse from 5.500 to 
\ 44.000 so. ft. Competitive rentals £ 

\ hn mediate occupation. Cavanagh William 

4074.? M,^, M Fr1ar LalW ' Notti,10,,am 
CITY FRINGE — Lilnd. I.TdO so. It to let 
or freehold. Bruce Alterman 267 6772J 
HOLLOWAY — Ground lloor 5.000 '10.000 
so- l lnd. to lot. Bruce Alterman 
267 677 2. 

LCl— 4.00d sq. ft. Ulnd. £1 pj.f. 
Brofi* Alterman 267 8772. 

• Road,5LW.l. 

' : : t€ti 01-834 689ii V . ' ■ 


7 ^" F‘ : $&93 sq. ft 


+ Extensive cold storage ■ 
jl.- ExceHehf covered yard and loading 

4- OH fired heating . . 

4. Good canteen facilities 



> . ' 1,600 sq. ft. 


; ■■ ' ■ E.C2'. 

$87 S sq. ; ft 

. ,01-248 3751 , 

’freehold' or Office • building— Hove — for 
.‘Sale, Rent rail £20.000. Oilers invited. 
- •Write Box. T.4B97, • Financial- Time*. 

TO. Cannon Street-- EC4P 4BY. . 

. Position nr. Woohvortiis and ether 
'.Multiples. Clw Retail Area 1.100 
.. Sq. .Ft. SIC Maisonette over. Fully 
: Vacant. ■ To Let on New 15-ycar Lease. 
.. JFARR BEDFORD. 41 The Brctdwav. 
; Vts. 01-579 9232. 

Pf.W. LONDON— 2.200 30- ft s.'c offices 
y. X4.000 p Bruce Alterman 267 6772. 


. two-man selection consultancy seeks 
■ about 250 so. tt.‘ Would share recep- 
. tlpo facility /cost. One year tenancy 
-would suit firm of accountants or similar 
professional. Write Box T.489&, Fliun- 
eial Tmies, 10, Cannon Street. EC4P 




- Tel: 61^ 100 r 



PAGES 34p 35 AID 36 



Unbroken Freehold. 
Block of 50 Flats with 
considerable potential. 


Contact David Reynolds 
‘39 Crawford Street, W.l. 
01-935 S341 




3 of B 

6 miles Aylesbury. 

Rent roll £7,500 per annum. 

5 ft 7, Market Street, Aylesbury 
TeJ. 88111 

S.W.E SHOPS. Industrial, commercial and i 
residential premises for Investment/ 
refurbishment freehold. Bruce Alterman . 
267 6772. 


Big crane 
in action 

WORK ON what is believed to be 
the world’s largest portable crane 
has begun at McDermott's off- 
shore jacket fabrication yard at 
Ardesier. near Inverness. 

a McDermott concept. , 
detailed design was by Sctamidl- 
Tyclisen in Germany, and the i 
crane was fabricated in Europe. 
Erection is being carried out by 
Rigging International Europe, of 

No overall figure for the cost 
of the crane has been disclosed 
except that it is “ in the region 
of several millions." 

The crane, a tw in-boom luffing 
derrick, will be able to lift 1,800 
tonnes at a radius of 50 metres, 
and 1,000 tonnes at 90 metres, to 
a maximum height of 70 metres. 
The frame is 70 by 40 metres. 

When the crane has to be 
moved, built-in jacks at the 
corners of the frame enable it to 
be lifted on to four rubber-tyred 
transporters, which are towed by 
crawler tractors. The crane 
should be in operation next 


Edinburgh, specialists in ship 
motion control, have secured 
orders in the first four months of 
this year for seven sets or ship 
stahili scr equipment worth over 
£2.5m. Five sets have non- 
retraciable fins. Three have been 
ordered by a foreign government, 
one is for Yarrow (Shipbuilders) 
for the latest MOD (Naval) Type 
22 Desrroyer and the fifth s**t is a 
prototype, designed to suit the 
U.S. Navy's FFG 7 Frigates. The 
other two sets of stabilisers are 
of the Denny-Brown-AEG folding 
fin design, to be fitted to two roll 
on/roll off ferries. 


Bournemouth, is to erect 183 
dwellings at Canford Heath, for 
Poole Borough Council. The work, 
valued at flBm, will take 27 
months to complete, and includes 
roads and sewers. 


Shell L r .K. has placed an order 
with PRIEST MAN (an Acrow 
company) for two Sealion 

pedestal cranes. The cranes have 
a maximum boom length of ISO ft 
and a maximum load limit of 100 
tons. They are for the new pro- 
duction platform in the Fulmar 
Field, North Sea. It is understood 
, that, including spares and installa- 
tion costs, the total value of the 
; order is in the region of £lm. 


I FERRANTr has received a 
£500,000 order from Conoco North 
Sea Inc. to supply and install a 
computer-based supervisory moni- 
toring and control system for the 
Murchison field in the North Sea. 
Conoco act as operator for a 
group consisting of itself. Gulf 
Oil Corporation, and BNOC 


contract worth about £733,000 to 
build the first two detached 
advance factory units for the 
Milton Keynes Development Cor- 
poration. Sites are 33 and 39 
Burners Lane. Kiln Farm, and a 
key feature is ability to expand 
both the office and production 
areas l from 21,692 to 32;022 sq Tf 
and from 35,465 to 50,813 sq ft). 



CAPITAL, FULLY-PAID; L. 20,000.000,000 
RESERVES AND OTHER FUNDS; L. 63 .982,736 ,940 

00198 ROMA VIA PO 28 

The General Meeting of Shareholders, convened in Ordinary Session on last 27 
April under the presidency of Cav. Lav. On. Prof. Antigono Donati. approved the 
balance sheet as at 31.12.1977, showing a net profit of L. 2,500 million and resolved 
to assign to Shareholders 6% dividend, in payment as from 2 May 1978. 

The chairman further informed the Shareholders that the increase of capital to 
L. as approved by the General Meeting of Shareholders convened 
in extraordinary session on November 30t!i, 1977. has been fully covered during 
April 1978, 

Progress of balance sheet main items 

(million lire) 

Current funds 
Domestic loans 
Export- ered :t financing 
Foreign loans 
Propen v 

Furniture and equipment 
Other assets 

'Entirely depreciated 













4 291 










22S 981 














4 "Do 


























. 15,000 





, Reserves 






Special contingency fund 






Various appropriations and unpaid profit 






• Certificates of deposit 








23&,?1 2 




Other deposits 


22 335 




Madiocrodilo ■ 






Other natalities 






Net profit 











Engagements for loans 






The Organs of the Bank result composed as follows: 

Board of Directors 

Chairman Antigono Donati; Vice-Chairman Alberto De Vincolis and Ettore Lolli; 
Members Luigi Ciobca, Ciro De Martino, Alberto Ferrari. Fabrizio Gianni, Florio Gradi, 
Franco Mattei, Luigi Mennini, Flavio Orlandi. Carlo Pesenti. Luigi Piccolo, Emilio 
Ranallj, Carla Tomazzoli, Mario Torchio, Lino Venini, Domenico Viggiani and Sergio 

Board of Auditors 

Chairman Pasquale Minuto; Standing Auditors Fabio Mannucci, Mario Politr, Carlo- 
Robotti, Carlo Vigo: Alternate Auditors, Cesare Cesaretli and Oscar Parroni. 
Management: General Manager Paolo Ciancimino. 

Vice General Manager: Aurelio Lai. 


Anglo American Corporation 
of South Africa Limited 

(Incorporated In the Republic of South Africa) 



An announcement was published in the press on March SI 
197S advising members of a forthcoming private placing by 
the Corporation with certain South African financial institu- 
tions of R40 million 10.5 per cent redeemable cumulative 
preference shares. The issue is expected to be effected on 
Juiv i 107S and the proceeds will be used to finance ongoing 
commitments of the Corporation- The new preference shares 
will have an average life of approximately eight years and 
will carry no conversion rights nor is it proposed to obtain 
stock exchange listings for them. 

In order to place the Corporation in a position to issue 
redeemable cumulative preference shares on the announced 
date of July 1 1978, for the capital amount and at the dividend 
rale referred to above, it is necessary to hold a general 
meeting of members at which holders of ordinary shares ana 
the six per cent preferred stock wiil be entitled to vote to 
approve special resolutions to change the Corporation s prefer- 
ence share capital structure as well as to amend the Articles 
or Association insofar as they contain conditions relating to 
preference shares. The meeting will also be asked to pass 
an ordinary resolution empowering the directors to issue tae 
preference shares. 

The Corporation presently has an authorised share capital 
of R30 000 000 divided iuto 240 000 000 ordinary shares of 
10 cents each. R4 758 750 of six per cent cumulative preferred 
slock and 1241 250 cumulative preference shares of RJ . each 
with a fixed 6 per cent dividend rate. In order to avoid the 
expense of creating additional preference shares it is proposed 
to convert and sub-divide the existing Rl preference shares 
into 49.65 million redeemable cumulative preference shares 
of 2.5 cents each. No fixed dividend rate and no redemption 
terms will be specified in Lhe Articles of Association but the 
directors will be empowered to fix the rate and redemption 
terms at the time of issue. 

The amendments which it is proposed to make to the 
Articles of Association will enable the Corporation to mak«* 
the necessary changes to the preference share capital struc- 
ture and wifi re-designate the existing unissued 1 241 250 
cumulative preference shares as 49.65 million redeemable 
cumulative preference shares of 2.5 cents each and provide 
for the determination of the dividend rate and redemption 
terms of any issue by the directors or the members in general 
meeting at the time of Issue. 

The directors propose to make a private placing of 
40 million of the 2.5 cent preference shares at a a issue price 
of R1 a share (i.e. at a premium of 97.5 cents a share) such 
shares being entitled to a dividend of 10.5 per cent on the 
issue price. It is also intended that the shares to be issued 
will be redeemed in four equal half-yearly tranches com- 
mencing on July 1 1985. The balance of 9.65 million prefer- 
ence shares will remain in reserve and there are no plans 
for their issue at the present time. 

Since March 31 1978, the date of the last financial year- 
end, no capital of the Corporation has been issued for ctsh 
or otherwise, nor have any commissions, discounts, brokerages 
or other special terms in connection with the issue or sale 
of any capital of the Corporation been granted. No capita! 
of the Corporation is proposed to be Issued or is under option, 
or agreed conditionally or unconditionally to he pur nnd«*r 
option otherwise than for the purposes of the Corporation's 
staff option and incentive schemes, for which purposes a toial 
of 851 300 ordinary shares is held in reserve. These schemes 
were approved by shareholders on June 13 1969 and May 24 
1974 respectively. 

general meeting of members including holders of the six per 
cent preferred stock of Anglo American Corporation of South 
Africa Limited will be held at 44 Main Street Johannesburg, 
on Friday June 23 197S at 10.45 hours for the purpose of con- 
sidering and. if deemed fit of passing, with or without modi- 
fication. the following special and ordinary resolutions in 
terms of the Companies Act 1973, as amended: 

Special Resolution No. 1 

“That the Articles of Association of the Corporation are 
hereby amended in the manner following: 

(a) by the deletion of existing article No. 5 and the substitu- 
tion therefor of the following: 

‘5. Subject to the provisions of the Statutes, any prefer- 
ence share may with the sanction of a Special Resolu- 
tion be issued on the terms that it is. or at the option 
of the Company is liable to be, redeemed.* 

(b> by the addition to article No. 57 of the following new 
sub-article 57(c): 

*(c) to convert any of its shares, whether issued or n»r. 
into shares of another class or classes, and attach 
thereto, respectively, any preferential, qualified, 
special or deferred rights, privileges or conditions'-” 

Special Resolution No. 2 

Subject to the passing and registration of special reso- 

lution No. I: 

That in terms of sections 75fl)(e) and 75(1 >(i) of :he 
Companies Act. 1973. as amended, and articles 57(aMii) 
and 571 e) of the Articles of Association of the Corpora- 
tion. the 1241 250 6 per cent preference shares of Ri 
each in the capital of the Corporation be hereby con- 
verted and sub-divided into 49 650 000 redeemable cumula- 
tive preference shares of 2.5 cents each which shall be 
subject to the terms and conditions contained in the 
Corporation's Articles of Association." 

Special Resolution No. 3 

“That subject to the passing and registration of special 
resolution No. 2 above, article 3 bis. of the Articles of Associ- 
ation or the Corporation be replaced by the following article: 
* 3 his At the time of the adoption of Ibis article the 
authorised capital of the Company was R30 000 000 
(Thirty Million Rand) divided into: 

(a) 240 000 000 (two hundred and forty million) ordinary 
shares of 10 (ten) cents each, and 

(b) 49 650 000 (forty nine million six hundred and 
thousand) redeemable cumulative preference shares 
of 2.5 (two point five) cents each, and 

(c) R4 758 750 (four million seven hundred and fifty-eight 
thousand seven hundred and fifty Rand) of preferred 


(A) The following terms shall apply to the redeemable Jiumi- 
laiive preference shares of 2.3 cents each (the “prefer" 
ence shares ") in the capital of the Company: 
ti) The preference shares shall confer the right to receive 
out of lhe profits of the Company, which it shall deter- 
mine to distribute from time to time, a fixed cumulative 
preferential dividend (the “preference dividend”) 
calculated on the issue price: 

in priority to any payment of dividends to the 
holders of ordinary shares and in priority to the 
holders of other shares in the capital of the 
Company, which shares, as to the right to pay- 
ments of dividends, do not rank prior to or 
P3ri passu with the preference shares, 
pari passu with the preferred stock referred to 
under (B) below. 

role of the preference dividend shall be deter- 
mined by the directors or by the Company in general 
meeting before or at the time of ibe allotment of any 
such shares. 

The preference dividend shall be calculated and pay- 
able half-yearly* in urrear on 30th June and 31st Decem- 
ber in each year in respect of the .half-yearly periods 
ending on ibose dates. 

The first preference dividend in respect or any -i-w 
issue .shall be calculated on a daily basis from the date 
nf allotment of the preference shares until the next 
due date fur a preference dividend (both days inclusive), 
and thereafter on a half-yearly basis. 




(ili) The preference shares shall confer the right, on a 
winding-up of the Company, in priority to any pay- 
ment to the holders of ordinary shares -and the- holders 
of other shares in the capital of the Company hoi rank- 
ing prior to or pari passu with the preference shares 
but pari passu with the .-preferred stock referred to 
under (B) below to the repayment of an amount equal 
to the price at which the preference shares were 
originally issued, together with any airears in the 
preference dividend (whether declared or not) calcu- 
lated to the date of commencement of the winding-up. 

<iv) Save as set out in (i). (ii) and (Hi) the preference 
shares shall not he entitled to any further participation 
in the profits or assets of the Company, or on a winding- 
up. in any of the surplus assets of the Company. 

(v) The registered holders of the preference shares shall 
not he entitled to vote, either in person or by proxy, 
at any meeting of the Companv. by virtue or in respect 
of the preference shares, unless any one or more of 
the following circumstances prevail at the date of the 

(a) the nreference dividend or any part thereof in 
respect of the first period or any subsequent half- 
yearly period remains, whether declared or not, 
in arrear and unpaid after 6 months from the due 
date thereof: 

(b> anv redpmptinn pavment remain* in arrear and 
unnaid after 6 months from the due date thereof: 

(c) a resolution of the Company is proposed which 
directly affects the rights attached to the preference 
shares or the interest* of the holders thereof, 
ioc’udirs a resolution for the windins-un of the 
Company or for the reduction of its capital. 

fvi) Snhiect to the provisions of paragraph fvjit. the terms 
nf the preference share* may not ho varied and n« 
share* in the canital of the Companv ranking, as 
reeard* rights rn dividend, return of ran* fa 1 or redemn- 
tinn. in priority to or pari passu with the preference 
shares shall he created, without: 

(a) the prior written consent of the holders of at bast 
three-quarters of the preference shares: or 
(hi the prior sanction of a resolution passed at a 
renara** cine* meeting of th* hnhfero of the prefer- 
ence shares in the same manner, mutatis mutandis, 
as a Special Resolution, and the provisions of these 
presents relatine to general meetings of ordinary 
shareholders shall, mutatis mutandis, anoly to ?r>v 
such c'ass meeting, exrepr that a ouorum at eny 
such class meeting shall he three persons holding 
or re nr eventing by prorv at i^ast one-third of rhe 
preference shares, provided t^at if at anv adjourn- 
ment nf anv such class meeting n eeoriim rot 
so present then the provisions presents 
relating to adinnreed general meetings nf ordinary 
shareholders shall, mutatis mntandis. apply. 

fviii Sphieet to the provisions of the Act. the Company, shall 
he nhlbed to redeem the preference shares at par' pins 
a Premium in an amount eoual to the premium at 
which they were originally issued. at such time or "times, 
as may be determined bv the directors or Bsv the Com- 
pany in general meeting at the time of issue of any 
such preference shares. 

(viii) There shall he paid on any preference shares redeemed 
all preference dividends (including any which are is 
arrear) accrued in respect of the same, down to 'he 
date fired for the redemption thereof, and the orefer- 
ence dividends thereon shall cease to accrue from that 
date unless unon surrender of the certificate of 5uch 
preference shares pavment of the redemption moneys 
shall be refused by the Company. 

(ix) The Company .shall not he liable to a preference share- 
holder for interest on any unclaimed redemption 

(B)The said preferred stock confprs on the holders thereof 
the following rights and urivileges but no further right 
to participate in the profits w assets of the Company, 

(i) The right to a fixed cumulative preferential dividend 
at the rate of fi°fi (six per centvinl ner annum which 
shall he cainilated half-yearly up to the 31st December 
and 30th June In each year. and will he payable as 
nearly as may be early in February and August in each 

(ii) The right. In the event of the winding-up of the 
Companv. to be paid in priority to the holders of other 
sharps but «nri passu with the preference shares 
referred to under (A) above the arrears (if any) of the 
preferential dividend aforesaid to the commencement 
of the winding-up. and to a return of the capital paid 
up on such shares before any return of capital is made 
on the ordinary shares. 

(iii) The riEht to vote at general meetings of the company 
uoon any proposition for the sab of the Company's 
undertaking, or for altering the regulations of the 
Company so as directly to interfere with the rights Tnd 
privileges of the holders thereof, and the right to 
notice nf and to attend at general meetings of the 
Company. - 

(iv) The said preferred stock shall only be transferable in 
amounts of Rl (one Rand) and multiples of that 


Ordinary Resolution 

“That subject to the passing and registration of special 
resolutions Nos. I. 2 and 3 above, the directors are hereby 
authorised to allot and issue all or any portion of the 49£5 
million redeemable cumulative preference shares of 2.5 cents 
each, at such time or times, upon such terms and conditions 
and to such person or persons, company or companies as they 
may determine.” 

The reasons for proposing the special resolutions are 
contained in the circular to members which accompanies this 
notice of general meeting and the effects thereof are apparent 
from the texts of the resolutions. 

Holders of share warrants to bearer who are desirous of 
attending in persoo or by proxy or of voting at any general 
meeting of the Corporation must comply with the regulations 
of the Corporation under which share warrants to bearer are 

A member entitled to attend and vote at the meeting is 
entitled to appoint a proxy to attend, speak and vote In his 
stead. A proxy need not be a member of the Corporatfen. 
Proxy forms must be lodged with the Corporation's transfer 
secretaries not less than 48 hours before the time for holding 
the meeting. 

Every person present and entitled to vole at the general 
meeting shall on a show of hands have one vote only, but on 
the event of a poll every ordinary sbare shall have one vote 
and every Rl amount of six per cent preferred stock shaD 
have ten votes. 

By order of the board 
J. T. Goldfinch 
Managing Secretary. 

Transfer Secretaries 

Consolidated Share Registrars Limited 

62 Marshall Street 

Johannesburg 2001 

(PO Box 61051 

Marshalltown 2107) 

Registered office 
44 Main Street ■ 
Johannesburg • 

Charter Consolidated Limited 
PO Box 102 
Charter House 
Park Street, Ashford 
Kent TN24 SEQ 

June 1 197$ 


■ 1 \> 

Financial Times Friday ^/L;. j ? 




THE ABILITY of a skid steer 
loader to turn in Its own length 
meant that while drainage 
trenches were being laid and 
filled with, shale :«n a section of 
the M4 motorway, work- was able 
to progress without the closure 
of any motorway- lane. - 

The skid steer loader' was one 
of a range of three models in the 
Beaver range - -front Reaxden 
Plant (member of the Fairclough 
Group) who Is sole conces- 
sionaire for the UK. Middle East 
and Scandinavia' for the Italian 
manufacturer,' Macmoter S.P.A. 

Available in three power rat- 
ings, 2S; 40 and 60 hp, the 
models are called R25, R40 and 
R60, and apart from construction 

work, should have many applica- 
tions .in industrial and agricul- 
tural areas.' ' 

Each model in the range is 
specifically designed and made 
as a separate unit with a' bucket 
tailored to Individual 'models and 
a whole series of attachments in- 
cluding a post-hole auger, pallet 
forks, grapple forks, add a bafrk- 
hoe with Side-shift facility. All 
the attachments can -he changed 
in aboat a minute -without the 
driver havi&g to leave his : cab. 

Apart fiam its capability of 
pivoting 360 degrees within its 
own lengthen, principal feature 
of the loader Is its application in 
confined splices. a great advan- 
tage, says the company, for use 

in poultry houses, market gar- 
dens and narrow-aisled, ware- 
houses. The models are m cur- 
rent use for digging out and 
carrying loose material ana 
rubble trench digging, post-hole 
boring, topping out 
handling palleted loads of bricks 
weighing h tonne: . 

The company is offering a free, 
two-day course on product 
familiarisation and basic main- 
tenance as well as a free, three- 
day fitters' course for purchasers 
who wish to carry out their own 
repair and xnaintensuice pro- 
grammes. _ 

Further from them at Beaver 
Marketing Division. I*>rd Street, 
Choriey, Lancs. 02572 3651. 

We shine in a 
> power cut! ; 

>%'" i' V ■■■i'l- J % , 

■’ generators- from 21 cV A 

. To' ■ 2CI0pI< '/A lhr sa if: ar.d 
. '' ‘ bir o - worldwide* 


• packaging. 

Prints on 




ONE DRAWBACK- of - convert 
tiomal foil printing, techniques 
using heated bead units,.- says 
Markem Systems, is its -unsuita- 
bility !for overprinting hmait. 
cartons due to ' e nsui ng . aitfe 
culties in mounting a. hot. fell 
overprinter in-line. 

Now. the company: has inttg* 
duced an air-operated : "over- 
printing machine w hich pri nts 
“cold." Using hardened steel 
type and carrie r-supported Jnk; 
these impact printers operate. at 
rates of up* to 150 impressions 
per minute with no loss r . of 
quality at higher speeds; 

The maker says its Model £62 
is the first cold faB '-printer; 'to 
be - avail able -in the UK. Iffwill 
print up to three lines of in- 
formation; including date .' or 
code, . price, size and -i-batch 
number and, mounted in-line on 
the filling or packaging- machine; 
it applies information to.lhe^i 
of the carton, prior to sealing.-; 

• The printing, head measures 
| jn by 3 in and the overpriflter 
can be. synchronised- rio'-fillihg - 
lines on a wide variety of car- 
toned goods including ^phansa- 
ceuticals: foods; hardware, elec- 
trical goods and stationery.- - 

Further -from the- company at 
LadyweH Trading Estate, Ectfies 
New Road, Salford. *061 7S9 82SL 

f -.. 

' * 

<\ . 


{.; y " 



Kills off 
the rats 

A special scat adjacent to a separate set of controls enables the operator of this machine to 
have full vision when operating the hydraulically actuated back-hoe attachment. 

Lifting and stacking 

A NEW generation- of fork lift 
“ reach ” trucks— designed for 
warehouses and supermarkets 
and with new “order picking" 
capabilities — has been produced 
by BT Lifters, of Sweden, and 
is now available from its wholly 
owned British subsidiary, Rola- 
truc of Slough. 

A feature of the machines is 
the safety elements involved 
which pre-empt future legislation 
under the FEM and Health and 
Safety at Work regulations. 

The machines, which can pick 
up and move any form of .pal- 
letised goods. . anticipate — the 
maker claims— standards that 

are expected to be introduced 
internationally over the next two 
years in the fields of safety, envi- 
ronmental improvement;' labour 
relations and productivi'ijr. 

Among the new BT trucks is 
the NT 1000 narrow ai^e- truck 
which can operate in; ■(£■ ware- 
house aisle of only I-5rfnetres, 
stacking and removing pallets on 
platforms up to 6 metres Jxigh. 

Mr. Roland Green, chairman of 
Rolatnic. said during a demon- 
stration in Sweden last weckrpf 

we -were at the expensive end 
of the market" 

the machines, that BT fork 'Oft 

trucks bad become much ino_ 
competitive, .in the . British 
market as a result" of the* Swedish 
kroner revaluation., .“Befqre.that 

BT — (Bygg och Transporte- 
konomi) — is Sweden's largest 
manufacturer of fork lift trucks 
and, in turn, it is a member of 
the large Swedish co-operative 
society, the KF group, which 
operates over 2,500 supermarkets 
and stores and more than 70 
manufacturing companies. 

BT ilsclf employs 2,700 
people, mainly In two factories 
in Mjolby. has a £70m annual 
turnover and operates with sub- 
sidiaries- in 20 countries with 
Rujatritc-.- Us largest overseas 
auh sidiftr-y- ' ■ 

• h ■».' James McDonald 

A POISON which is said to offer 
3 OP'.' per cent, effective control 
ag ains t all rats and^ mice, includ- 
ing the “ super M strains. Is 
available from Sorex (London). 

Because of the rodents' 
apparent immunity to most- con- 
ventional poisons, - extensive 
trials, have been -carried but in 
conjunction with the Ministry of 
Agriculture. Fisheries and Food 
and the company says total each 
trol was achieved by . giving each 
rat only five grammes of “halt 
containing the product Brodi- 
facoum at 20 parts per millian. 

At the moment, the product 
will he available for sale to loral 
authorities, pest control firms 
and to owners of industrial and 
commercial premises for indoor 
use only. After further tests, 
it is hoped that clearance ' will 
be granted for : outdoor- use and 
subsequently for tisb" by ffis 
general-public. i-.V*-' 

More- on. 01-902 -8688; 

•-•••* ' : •- ■ '-*3 

i)/1 1 

.Htv'*’ 1 ' 



Solves false 



THE INCREASE of raise alarms 
from automatic fire alarm 
systems has caused costly head- 
aches to local fire brigades and, 
as tbs number of installations 
has grown due to recent legis- 
lation, it would seem that the 
problem will escalate. 

One of the major causes of 
false alarms is due to the fire 
sensor, or sensor wiring, becom- 
ing short circuited. Most systems 
wUl delect an open circuit 
sensor and thus produce a fault 
signal, but the majority of exist- 
ing systems rely on a contact 
closure in the fire sensor to pro- 
duce a fire signal and, therefore, 
any fault which produces a 
short" will result in a false 

Photain Controls of Arundel; 
Sussex, believes it has solved lhe 
problem with its system called 
Fi rezone which measures the 
resistance of the fire sensor cir- 
cuit at ail times so that any short 
or open circuit results in a fault 
signal only. Designed to produce 
resistance between 50 ohms 
and IK obms in the fire condi- 
tion. it will only emit a genuine 
fire signal to activate the alarm. 

More from the company at 
Unit 18, Hangar No. 3. Ibe Aero- 
drome, Ford, Arundel, Sussex 
BN18 QBE. 

Expanded Metal, the. . can . Is 
called the Valor Explosafe and 
is packed with a honeycomb of 
thin aluminium foil which 
breaks down a gallon -of petrol 
into 20,000 cells — each able to 
disperse heat so rapidly as to 
prevent build up. 

Aitbougb the foil is presently 
in use in the tanks of military 
and police vehicles, leisure boats, 
and for industrial applications, 
this is the first time It has been 
incorporated in a consumer 

More on 03S4 66463: 

Easy board drilling 

Stops car 

MEGA Electronics has a mains- 
powered. low-cost drilt designed 
to effect smear-free holes in 
copper clad printed ... circuit 

Known as ■ the Variramic, it 
includes a precision drill stand 
accommodating boards up to 10 
'< 9in. 42W drill motor, drill bits 
and ac mains powered control 
unit, the latter providing con- 
tinuously variable speed control 
up to 15,000 rpra. 

Thus, the drill is fully control- 
lable to achieve optimum cutting 
speeds using a range of drill 
sizes. . Its two precision-made 

collets, which are designed for 
low inertia and-, ex act drill rear- 
ing, accept standard tin or 3/32J& 
HSS or solid carbide turbo drill 
shanks. ... . V. 

Extremely low out-of-balaHee 
forces and an accurately defined 
drill rotation centre ensure 
vibration-free drilling and .con- 
sequently, * smear-free ' holes. 
These factors combined with the 
use of the heavy stand and pro 
cision collets ensure long drill 
life, important in applications, 
using brittle drills such as solid 
carbide types, which are sus- 
ceptible to vibration and drilling 
inaccuracies. More on 0799 21918. 



Safe petrol 


ON _ THE same day that the 
British Safety Council deplored 
a million people who currently 
store petrol in old oil tins and 
plastic containers in garden 
sheds, garages, etc.. Valor 
Partridge launched what the 
company claims is the world’s 
safest petrol can. 

Developed in concert with 

THE theft of a car every minute 
in the UK is Increasingly occupy- 
ing the minds uf security 
device manufacturers — not to 
mention car owners and the 
police — and the latest unit io be 
offered is from Flexion Engi- 
neering of Southampton. 

Called Sccnrelay, the device 
isolates all lhe low tension cir- 
cuits of the engine, over 
riding the ignition circuit. It 
consists of a small box with a 
multi-contact edge connecting 
socket oo the front panel .into 
which is inserted a key card 
which takes the form of a small 
printed board with “finger" 
edge contacts. 

With the key inserted the 
ignition works normally, but 
without it the engine cannot be 
started, the company claims,' hy. 
any method whatsoever, even by 
using jump ieads or skeleton 

Two cards arc issued with 
each unit; the code is known 
only by the manufacturer who 
will supply spare or replacement 
curds only on production of the 
number of both Securelay and 

The company states that any 
competent D1Y motorist can 
install the system using straight- 
forward connections into exist- 
ing wiring in the engine 

More on 0703 36933. 

Pipe cutting 
by laser 

A MACHINE has been developed 
which, using a 4 00 watt Ferranti 
MF400 COi laser, will automatic- 
ally cut thin wall metal tubing 
tu precise lengths without the 
need- for the tube to rotate. 

Jointly developed by. the Laser 
Application Group of Culbam 
Laboratory. United Kingdom 
Atomic Energy Authority Re- 
search' Group. Abingdon, and 
A.I. Welders of Inverness, the 
machine is said to be able to 
cut most metals and. because no 
mechanical cutting forces are 
applied to the workpiece, fragile 
lubing can be accurately cut by 
this -'process. ' The - smallest 
diameter-., tubing cut by this 
method is 10mm. 

Cutting lime is dependent on 
tube diameter and wail thick- 
ness — a ■ typicaL time for 38 mm 
diameter by 1.5mm wail steel 
tube is three seconds. The laser 
beam is folly enclosed , at - all 
timer and interlock guards pre- 
vent unauthorised access to it. 

More cm 0382 89311. • . 

industry for high efficiency/!) Igh 
performance - combustion equip- 
ment. - 

It is made to operate- oh the 
self-proportioning - principle 
which ensures accurate metering 
of air and gas volumes to- the 
burner nozzle. This,., together 
with the thorough mixing prior 
to the point of ignition ip said 
to promote high intensity com- 
bustion within the burner tunnel 
and. a resultant high discharge 

The company says ■ that -the. 
noise level -is below. that of any 
comparable burner witiiQUt detri- 
ment to the overall performance 

Further on 021 558 3I5L 


.' *r , 

i :'■■■ 

K i. 



1- ... 


£ ■ 




High duty 


Identifies prospects 

MAKING use of basic company 
data arising from its commercial 
credit reporting business, Dun 
and Brads treet has developed a 
computerised databank called 
Market Facts File which can 
provide immediately up to 20 
different facts on over 200,000 
enterprises in 1S3 different types 
of business. 

Data for each company in- 
cludes its address, line of -busi- 
ness. estimated turnover, forma- 
tion date, name of parent, cbier 
executive and number of em- 
ployees. The information is 
updated every two months and is 
available in various forms in- 

cluding tabular listings, mailing 
labels, sales record cards, mag- 
netic tape and microfiche. 

Users can select companies on 
a geographical basis, and in 
many cases on tlie basis of a 
postal code — useful in direct 
mail campaigns because the 
mailing can then be organised 
to qualify for a postal rebate. 

Lists can be compiled in other 
ways: for example, ail the 
makers of a particular product- 
makers nf ;■ particular product 
a particular area; -or sales terri- 
tories can be established accord- 
ing to sales potential. More on 
01-247 4377. 

Midlands Research Station of the 
British Gas Corporation, Welk 
man Selas of Manchester (a sub- 
sidiary of the Wellman 
Engineering. Corporation, Lon- 
don) bas introduced the type 
391 burner to meet demand from 

A SMALL MILL is Just. on.ib® 
market from Glen Cresfon..tfh<> 
says its product is suitable -for \ 
instantaneous grinding of 'any - . 
thing fibrous, spongy, eja^te; 
fatty, oily, ..rubbery, gluey or 
neat sensitive, Indodlng rnpa t_ 
fish., fresh fruit anfl vegetable,., 
foodstuffs, tobacco, nylon^rubbgr; 

Since g rin ding is so rapid- says : 
the company, the standardTUllra.' 
Centrifugal Min, is cap qWe . 

Dandling - marry heatrsensftfva-'' 
sab stances without rfcwgirifftor.. 
caking. . r T^T-v.. ; :-- 

It can be. used - for M&V 
grunting itt volumes as smalLat 
1-2 grammes up to' a maximum of* 
L000 ml per batch and. fbr'eoiK 
nnuous grinding, a cycIohfc^S 
available. The grinding mecft&K 
ism consists of stainless jRIS*T.. 
and. says the mariufactiirer. isr" 
specially designed to facilitaW" 
cleaning and recovery. of grocoa- 
material. - “• ' 

More On 01-200 1666. 

electrical wire &cable? 





tmmoN oi-56i &ns 

MANCHESTER f) 1-372‘4 n 7 t i ' ,v 

gasas aaMgBgpft 

S-/ 4 -- 


fcflrXVv ; 

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This island now 


a 001 k- -. 

l>Rny fa as ta W " 

operated Z? 

& which " 

* a «raes^£ 


150 imprteiii 

th na ]qsT^ • 

^speeds. 11 

tbeVK. j* - 
ree lines i £ 
toAins, 4*2* 

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S^ ,as a «Sl 

n?oon to ih E fc 
"or to seaC 1 

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ff-fte overprg. 
jnsaed to 
te,yar;et v oTe 
^“^“s Ph^ 

i. hardware, 
d station try. ^ - 
a the compel:. 
mz Estate, 
ford. 061 789 § 


9 ff 


lich is said to t& 
effective ccur.- 
t3~asd mice. ia^ 
nt»er ” strains, 
h. Sores tLoaoKi 
oF tbe rodE: 
s unity to mcstc 
jmsons. esteis 
ieea carried cut; 
with the Mninr' 
Fisheries ana?* 
p*n> 5 ays total r 
lived by chiKt- 
e gnuRmcs of i. 
the product tv 
J parts per mliiic 
toner.-, the ;ra 
Able for sale tot; 

pest control ?. 
ers of indusrnilr 
jirnrises ?;r ur 
■After f' i= 
that ciearanK: 
lor ‘’.‘ui-Jm: ’J«: 
T • F-T use b? t 

il-9 02 SSI 

. .• -; ..;.-.x:; •'f‘; j'rtr V r -v.' , : - • : 

By':'c^i;silow ' • • 

„ -■ •' Vj '' , ."/ reseafeheg, - and. ' while he deals entirely justifiable sharpness, the 

CuuvMge between the hxi-Vpith the retrospective heat of a Oddest thing is how long, among 
- lie?- ,J£ : ’ ' Ctdlffli^vgMsloiMte, , period* , still fair politically conscious people, the 

• £6.otL 258 ^pa&£s . • r ; poinded. , Once or twice he shows devotion to pacificism lasted." It 

' . ' .V. ' ,' ?-■ . '. ■ ■■-■— * ■: <[ faint inclination not to let the now seems both inexplicable and 

." s>ifeX82Qs. Cambridge JSf 1 *® s •««.*• of it mad. It did much harm. Yet 

wm qiiitg » ~ irmaii imtvwr^w though he writes- pleasantly the climate was pervasive. I 
VrtiTsomethins: over 4,000 unde? V oddities, one don't think that I have often 

graduates, not much larger ftah- f® 111 - 1 S 0 ?® 8 fr0D L *“» bo ? k *>«*. accused of succumbing 
sun* bf the' American liberal- ^ that not -only- was Hprdjr s the easily to mass opinion, but 
' arts' colleges, -such as 'Dartmouth. elegant of minds, it was Howarth points out that I. 

At the' same time It containi^ *4?® - ti**-?*® 0 ** generous.. I say together with friends usually 
men -Who, beyontfc any conceiv- -IS? 1 deliberately, from intimate . more sane in their minds, signed 
able' controversy, -.were >.-recop 1 ^ ,wle ^ c# . k ' * letter Protesting against the 

nadd -ah '.-over .-the;:- world •='' as 4§inee the, university -was so us .® ^ scientific research for 
among ' the tTeaty.inlellectaal- sn&JVnpyone-ltving'in the place, ^“tary purposes. We signed 
figures of their thne— Rutherford -assl- did: from- 1928 up to the that letter as late as 1935, and 
la experimented physics, wkh a wah had the opportunity to meet "S? 1 * - lt eveF aftcr - . . J 
whole' group of coming young abwrae else, and In- fact I knew There was no excuse. I tried 
men : r-; Chj^ . > -fcari&a* mo*t irf the people I have men- t0 . wbat amends T could. 

in, bftchemiatxy;-'/ Hardy and Hoiwrth's / judgments appear frieQ ds- We were preparing our- 

lJttlewpdd” ‘ ; :ih - mathematics; senroie mid wise. Occasionally selves for wartime jobs a couple 
Adrian in physiology r-Keynes In .he wccepts popular opinion of >'©ars hefore the war began. 
.econdHiics, his ..-reputation,- eon- r*t|j# too ieasily, as about J. B. S. ^ ne moral of that episode is 
fined to'.'the weatem'.worldl but Haldane^ ' and he leaves out a “ever to sign collective letters, 
illustrious- there; .Wittgenstein few wopTe; of major Intellectual There were other discreditable 
and G. E. Moore in philosophy, talenfesuch iur Waddington. But Phases in Howarth 's penod. .and 
with - similar-qualificatidhs; Hous- it is 'difficult to imagine a con- he ^deals vvith them just as faith- 
man ih classical scholarship. The spectuaof this kind being better * u Hj'- T 1 **? years after, it makes 
Kst could be prolonged. done. 4 - v>. 00e s head swim to have the 

It : was - an asthmchinHv nn.iJL' , . .. . story retold of how compara- 

creattve- period.- Great h “ general tively sane men behaved about 

aaateis-'lSi^KutSSioSr ml .pohtocaJ climate, tbe place of women in the 

u_.“ 1 ^i OT . a -^ ia It -is a afereotype that Cambridge university. 

maaters^ Kutherford^ ^and r.SHS?’ ^ P ] ? ce of w omea Jn the ness " or "The British Disease." ! h f * ni *. ^ .tf® .Government 

Hardy usually have no usi for tK un A Ve ^ lt ?u , , . BY RACHEL BILLtNGTON Mr. Calvnroressi does not pre- introduced legislation lo deal 

professional critics, and in fact fiSSSt Jmv'SSm.. ^ « ?°w ld they bo gr ? nte , d ' judge his subjert. He also «'th Us o verm igbty Mibjcc * 

those two said so Tt U hard tn immense in Mandat* politics, and not degrees, which was clearly reco-nises that 30 vears is both nbat ,s t the lra de unions, only 

believe” that a small university ^ fere | the out of the question, but the titles perhaps inevitable that the story and the weirdness of the a j 0 n g “and a short time. It is a w find lhat * h ? Iaw WM *y 

is likely again to- hold so muc* ' John Masefield* Selecieri Poems standard or poetry fluctuates setting work in Masefield's |i ong time For those who live n * t ;?? s ' 111 reS i ,e, f, te 5; 

ability of the very highest class. SjS^SSSSffM'S^* in Hi!?!, in a U mpnV= rnifppS °The »-tth a Pr'efuce by John wildly. Sonic or the descriptions favour, clothing the theme of through the period, but a rela- 1 

T. ' EL a B. * Howarth saw it alL scnipufew . cir€- By the J® dioe in 2 mens colleB®- The vr iri pc qa q[ nature uv lifi'* at sea ari* coud and evil in subtler more tivelv short lime for an ® h^berbolo, and the comment 

a -little -later when he was at of rthe M90&... there really first tune, on a unique celebra- Be^enian. Heinemann. £5,90- ioo o d evocative. From i'niasinative dress than he usually historian It is ihus possible lo SQIiares odd, - v wilh lhe s,ate " 
Clare. at the stei^of a ^as a hagfe^lice oE the under- lory occasion wa6 in Christ's in JJo P^«*> . ^ lbe r: allow®. 21=2? «iinultenraix?ly That ,s,ter ™ . Ul * book 4,15,1 ** lh ®: 

which took him' 'to ihe Hieh graduai^pputetion vehemently *9-5- ■ but that was not to be — . . . r wav and On the other hand, allowing , Retain has not rhanced enough si *** est remar * i °f the century 

»SUT«S?paAd?a {SSSSf^BUSSSSffi ......... " w “ d sc •£%*«*- r«s» Lisa? 5SM«i5 “ ,l £*!X . ,n !" ..SUL'S? 


1 Empire in the first place. Tbf 

'The British Experience 1945-75 majority of them went or 
by Peter Calvocoressi. Bodiey potterin? about their gardens 
Head. £6.50. "J56 pages much as before. It is also ve* 

|» marked that tbe British consli- 

I Mr. Peter Calvocoressi has tution has something in common 
[spent much of his working life with that of the Roman republic 
j involved in and writing about — “? bizarre balance ^hic 
I international affairs. He has worked so long as it was nu 
turned now to 30 years of British under too much pressure, but 
I post-war history more or less as a the analogy is not pressed, one 
layman. The British Experience js t0 assume that in Britdi 

1945-75 js nor the book of a the pressure would have tobe 
participant: nor is it the book very great indeed for the break- 
of a journalist in the sense of dow ’ n to occur, and that to 
someone who went round and probably right, 
asked questions behind the Mr. Calvocoressi does go off 
i scenes. Still less is it the book at times with recipes for chaise 
of an academic researcher, if 13 f hJs own. There is great 
[only because most of the official stress, for example, on the 
documents for the period are not failure to develop industrial 
vet available. It is rather an democracy as a counterpart tn 
extended essay. the political democracy already 

There is milch to be said Cor achieved. A similar pnint is 

this approach, the more especi- made about the failure of in. 

I ally if the writer, like Mr. Calvo- schools and umversiUes to 

coressi. is imelligenL civilised respond to industrialism m the 

sane anti well able to make inter- wa >' tl} 3 * 'hey once responded 
national comparisons and judg- 'he inipenal adventure. Also. 

John Masefield: born 100 years ago ments * between past and ' h p judgment occasionally 

present. Even the neutrality of falters; witness, for instance, the 
the title is telling: The Britisli comment that the Industrial 
Experience suggests a more Relations Act. I9il. was one of 
fl C* 0 Iff* 1 7 balanced view than anything '{j e mnst s^mficant measures of 

Li J /l/C/ L K called (say) -The Decline uf cemury. It is true that 

✓ Britain.” "The English Sick- '^c writer means significant :n 

ness" or "The British Disease." ? h f Sf n « ,«|»e. Government 

Mr. Calvocoressi does not pro- introduced legislation lo deal 

judge his subject. He also ,*' s overmigbty subjects 

recognises that 30 vears is both <,da ' jf! trade unions, only 

perhaps inevitable that the ston' and the weirdness of the a i 0I1 g and a short time. It is a . 1Q find lhat laW was no 
standard oF poetry fluctuates setting work in Masefield's hong time for those who live l? n .^C necessarily respected. 

Masefield’s mercy 

back to SmbridfiVolwe more ° Spanish jtSfrii' . War polarised Perhaps, daring minds suggested John Masefield wrote his 

55 ? n«wa , ssi ,r R r - srs s^msridsSi 

«o it was.. As a . token of*giati- aT ! SHS.-S, 1 '!?,!. .™F. ."“iJS 

On the other hand, 
for a few cood verses. 

“ And the Tog drew away and 0n J hc . other harid - a,, ° win ? j Britain has not changed enough. 1*0 

h 1 1 n n litr, lo^ri 3 fpvv cood Y<?rsi?s, I found i uThiia a((niittin n lhat for nianv of Inal Britain in InG IBfHs 

Like fn -hu Cliffs it shaoed ^ simplistic morality. of “The L was becoming ungovernable. 

-Everlasting Mercy" uninteresting I V *. pe °¥hai S one of the Equally, there is liiUe to be 
sullen and red. jnd uoconvllM . ing ^hiie “Key- [ Sf e ' m British^ nolitlcs ” Mld for ,he ,,ip r ° otno,e lhat 

Although out uf context even nard , he Fox -. is unendurable. “refiation is no different from 

between the two wars. 1 . ."T* • until the entire university hV»i» Mv mother wmiW h w UereV : 

Iris an admirable .piece of ^Wftb hindrifiht, i aiidHowarth cricket team threatened to resign ™ "Sl-EmSnd Poet?v reef- “By this ihe 
work, witty,-, judicious, weU-.'.bHM* ..out -tto. point with on his behalf. ML 1 imier. 

^hillniS innrnach^tLat i^n taf temrert to s^id 
U likeW to enfS by stating ‘Tat "S^'ior ? £. jdt^telK 

?I Mr CaliSn biu Tt is not 

iremojea use a Ma; in nia — inrouqn unwiooi r-asiures io this hnob nrit amount In :nr - ^anuKiirtu. uui u is uuv 

bath. My mother would have Merey : Nonely Stevens ^ythine much mSre thTthLt 'b^feticaily true, 

won an alf-England poetry reci- By i his ihe sun was all one ,\nrt a way to Poltrewood St Britain § is a nrettv odd nlace ^ or the raost P art * however, 
ration contest judged by Mase- ... ... Jcvons' f i ie maioritv of whose citizens’ Mr - Calvocoressi has wTitten a 

field— -if she hadn’t slipped on TilP . 11 lP . birds were all in canno t make up For the hunts- aj l e not „' re atly discontented book whicb ,s hoth detached and 
tbe rostrum. The whole of my twitter: man's “Clear voice carolling.” t hpi r 5 lot The hic^est wise. It may not he a very 

generation ieamt, ** I must go course .Masefield was in the 


- ■ — '• ' ; d^-.had it nof^been for “the mentation, a whole era ended. ’. *1° ry of a youn? painter who This line is, in 

The Wineuiastors ; by Tfi<;hplas BqrfeauX; scandal’ in 1973. Though the. "scandal” pro- . - 1S audl °- a PP e ?> should make 20es t0 sea j n nr der to paint but dictated by the ne 

Faith. Harnlsb Hamilton £7.50. whether everyone loves a lord vides much of liie climax, the h, f d mor * ,f_ ce T' at i 3 i Inie ® n ^ s * s fi S ht i n 5 a battle to w itla the previous 

328 pages - •• •. •. •.. .• may. X certainly -^hese days be coverage of this well-researched 1 JSi * B0 ™; P rove himself both to bis ship- -. The dark gree 

* rr — ; — questioned, bot'-a. sreat many book is much wider. The story ^ ce «ho ^«c. a #» Uent Rlrt/n r ,a,es 1 w ?°. l1ink him at best a bright green holly. 

Bordeaux- . ia : not .only ..lhe people Jcpre a winejfcandaJ, which really begins with the arrival of lee * laek or a , !11 iiecka 1 P 00t ? Rhyme is another of Masefield's [ 

largest fine^ wiito region in -th^ seems tdiiow up^ite pretensions the foreign merchants, mostly Sf/ e LJS, "“init-i 1 ! ”^2St^ W and . at .Y orsl 3 w, ly salt mis- problems. When it 

world; it is alstf' the most interest- of the ^Kfiberts’^m a socially Ansln-Saxnn and German, in the c il uarcn -. sll0ud carnage and eventually to him- j n the storm scene 

Jcvons' the majority of whose citizens J lr - Calvocoressi has written a 

mnot make up for the mints- are not greatly discontented book ,s h °tii detached and 

ian's - Clear voice carolling." with t b e i r lot The biggest wise. It may not he a very 
Hark, Hollar. Hoik,” or Ed- coslll ic chan n e which caine over striking conclusion that British 
oick ! Eleu ! " Nor bis idiocy m id -twentieth-century Britain, it democratic instincts and instilu- 
hen they hreak into English. j s no t e d was the fact that the tions have remained intact 
“0 glorious God," he said, COUT] trv ceased to have and to be despite 30 years nf rapid change, 
low jolly.” an em pire. But even that did not but it seems to have been what 

his line is, in fact, clearly ve * ry rauC h difference, if the majority of the people 

ictated by the need to rhyme on i y because few British people wanted. There may have been 
ith the previous line, bad“ been much involved in nr few great successes, but there 

world; it is a 
jog, on accoi 
in style 7 and 
dtrets, • cit th 
trading, and 

essentially foifegnyins 

depression that followed the 

as much concerned for prestige, trating and entertaining. In delv- , «™ with the recent specu- Poems with a Prejace bv John poor Daubers state of mind. relief. . 

as for profit' CMouton-Roths- toe intir the pasK and near- faoo<n 10(1 subsequent bust Beijeman to celebrate the cen- “The splitting crojick not yet Since few of the poems in this 

chi Id's' century-long campaign for presents of a relatively smaU the merchants so tenary of his birth. A centenarv gone to rags, volume are dated and a poem on 

first-growth status Js-' the out- «jmiti^itv of tradine firms and ba dlfr--but the growers far less memorial service* was held Thundered below, beating till Gallipoli comes near the end, it 
standing example); between the fabiiSra. uniauS at least in tbe — tba^the trade wdl not be the yesterday in Westmin ter Abbey. something gave, is difficult to judge how Mase- 

growers and the merchants, the wStrt n f wine: same a^ain. For the traditional The first most obvious barrier Bellying between its buntlines field's talents developed. How- 

latter gineraUy halting; had the . ii ««' n r “wcbjmts have lost much nf to a modem reader is the great into bags.” , ever one can see that as the Poet 

^ best of It, hi indicated by the ..j -HiatoncaMy co ncentrated on o their mdependence and some of length of many of ins poems. F.vcn the use of dialogue, Laureate in later life he would 

title df^ 'iMfr book;^ "ana - vT lhe ^ mStlS forelSIT^Jho “ The Everlasting Mercy”— a daring in Masefield's time but have been well advised to eschew ■■ sa and • hence . Known as tne big grouds, mostly foreign, who moral tale of a bad hov's 

tor Dauber 6 slate of mind. relief. 

“The splitting crojick not yet Since few of the poems in this 
gone to rags, volume are dated and a poem on 

Thundered below, beating till Gallipoli comes near the end, it 
something gave, is difficult to judge how Mase- 

Beliying between its buntlines field's talents developed. How- 
into bass.” ever one can see that as the Poet 

: -At- enough ' within; 

C ;V - i glimpsed . at by 

Bordeaux, aod"-*«Iveti. At their apex 

panegyric to Dame 

autiful, most gifted, 
st wise, | 

ill man word the ; 
lhat you were." 

;o have been helpful, j 
of republishing the j 


er.s'JTv ^ 

oriact ' 

swe ct 

'Jr j' , r ,~f--u'€ C 

Mde »** - 

jjfcrtinn-.r.; _ .. y. 
isbirc^ act”. 

v =-ST*f 

pOOiW ; . , s - 
s-tlmry iu- 3 * 


Announcements below are ■prepaid, cuioerUsements. lj 
require entry tri lfre ?™ 

be, mate & Vie Ateeriitemmf Department 
10 Caxmon Streei,£C4F4BY. '^lephone 01-248 8000, Ext /064. 

TTie Soviet Union— 
nd K-= v A Gnjdebook . 

V*. iAibvik^^and 

kh&> t- j—"\ L. SlooldaiiLy .T^y . _ 

b'P b 1 - 1 ■” 230pp.. -paperback containing 

ontijin '(’.c^-'- photographs, -distances chart, 
route 'maps^ ' city plans ■ and 
it- much general -information. 
ediuj'J-'?*’ . '*•'>£•. The main' .parr of . the guide- 
fj*el *•' * c - a'::**’, book .is a gazetteer of the 
jgjU? buri main Soviet towns with 

tiu* statistics and historical , sur- 

■ tin- 

ier. yn c “ 

Collet’s . 

£ 2.00 

• Moscow, Leningrad, Kiev- china institute 

Ifl 0.11*25 A Guide “A timely, objective anc 

formed assessment of the 

f Deana Levin. , . nomic situation of China . 

if* krj . 192pp. paperback . containing tool . for all concerned 
three double-page sketchmaps working relations with 
{LL : V'ri ;: Of the town centres and three' ; Chinese,” Far East weel 

SsfeH 2S2S&T.£g sSpt; -]S5W I 


T places, ol interest and excur- Property Law 1977 

SSttvr.. *55 1* sions: ; -■*"■ . rna - -Now in its third year. 

»v r-— Collet’S £0 Jra snatc tn nrntnrlo A 

Bldody Mary 
GaroHy Erickson 
This superb, absorbing bio- 
graphy of Mary Tudor takes 
an unconventional look at one 
of history’s most remarkable 
and misunderstood women. "A 
dazzling achievement 
literally couldn't put it down 
Jessica Milford. ■ 

Dent £ ‘- 95 

China’s Economy: 

A Basic Guide 
Christopher Howe, 

Head of the Contemporary 
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“A timely, objective and in- 
formed assessment of the eco- 
nomic situation of China . . .a 
tool for all concerned vntii 
working relations with the 
Chinese,” Far East Week by 

just greatly overpriced, but it is ing the exhausted huntsman's circus whose failure and misery convinced preface. 

valuable to have his account on “Tber’ve been few runs longer.” is counteracted by the arrival of However there is no doubt that 

record. In such reams of poetry it is a stranger. The unreality of the it is an excellent idea to make 

available the works of a poet who 
was a major popular figure 
before there were any of our 

Ffi»+inn modern aids to mass communi- 

rituoii cation. Who knows bow be has 

influenced us? 

Perhaps if John Masefield were 

• j jf living now we would be enjoy- 

Loming tO£[Gtl7£7' BY ISABEL quigly {J| Velevision *Verse Serial. 

Coming together 


story separate and sequen- had stood unchanged for 

Antfoufties hv Val Mulkerns tial * a bead on a stri ng. yet form- centuries.** 

AnSd Deutsch, £3 50 134 in S a Pattern with the rest. What ds remark able and con- 

pages The Stone Arrow, a first novel vinci ns : about the book is Its 

by a young biologist. Richard description of a way of life and 
_ . . t.. , „ . Herley, comes with a warm com- a landscape. The place at a 

The Stone ^ Arrow- by Richard memJa tn on fjom Anthony Bur- distance of five thousand years 
Herley. Peter Davies, £4.aa gess n0 it takes a land- >'®t recognisably Sussex is shown 

220 pages scape ^ au^or knows well— with beauty, force and care: 

— — ■ I.. M I ,—— thg Cuckmere Valley in Sussex -plants, land formation, soil and 

nun., ami ti*nv in an Amnnri and tile coast further west— <and swamps, coast and rivers, the 

a TSII“y d AlS Ifflsrie B oSley P uts il back inlD ^ e New s,one f ncrria . cb,, ?« f ° rest With . lt * 

y Age, peopled with three emerg- layered Ufe, human, animal. 
Head, ±4.»u. p ges ing civiLlsations that overlap and vegetabie. 

- ■ - ■■ ■ oft hi fight for dominance; the It is a highly satisfactory first 

Th*. -f«™ nf Vat Tifni terns’ farmers, who live in clearings; novel, full of information and 
AnttatfttoTmakeJ one wS * e nomads, who hunt in fte Interest, atmospheric yet solid. 
S fiKe be“een Q S ^ a ° d rich entre- suggestive yet almost weirdly 

and short storv Val Mulkerns preaeu™ w5» quarry flints with recognisable and credible. 
resar£heS?l7'as ashorts?^ captured slave labourers. An About another first novel, 
writer but these stories dS ambitious young farmer seeking Allen Massie's Change and Decay 
together ° havetbe SheSveness leadership dn his village raids a In All Around l See. it’s not so 
and weieht of* Seir jotot nwnad dement and kills much a matter of having less 
presence; making a tale that's thinks. But the to say as of being less positive 

freer in timeT space and ^8^ survivor swears revenge, and confident in saying it It 
atmosphere than it would be in The story then has a double sends up a small firework of 
i straightforward .novel, more excitement: the Crusoe-like taleiJt 0131 may b p ™ e P r ® lud ® 
loosely knit and more sparely tbeme of lonely survival, using V? more m . a y splutter out and 
told, but one that gains in point, whatever comes’ to hand; and the d!e> , , producing a derivative 
In the relative value of this or technical problem of implement- sparkle (which suggests above all 
that event or feeling through ing Xhe vow of vengeance and an ancestral early Waugh), but 
its connection with others, single-handedly wiping out, with 0I J e w *tii what seems real spirit, 
earlier or later. the most primitive weapons. Bits are very funny; others less 

A middleclass Irish familv every person, building and trace so- The jacket is misleading and 
DubliKS ^ though soin” of Of life In a large, prosperous, rather dreadful: it suggests loud 
Se stories are set in France well-fenced village with the most Jaughler. whereas the book 
anS one £ in an EneHsh nrison modern conditions and equip- brings smiles, a sort of purring, 
tt tSen acroa X S '- ^nt then known. By the end Atwater, the hero, launched 

15 d<m ?' “ In a matter r>f penniless in London after a spell 

the oue hand oereonal events nionths no trace of them would in gaol, finds himself involved 
on the other’ ^writing \s remain,” the hero realises as he with recognisable figures of 
Quiet. mainstream and l° oks dt>wn on lhe smoking, modern life or perhaps fiction: 
thoroughly competent: the corpse-filled jruin. “Tbe forest boozy Australian, intellectual 
observation keen A widowed would take over, the fields would black. Labour peer with invented 
aunt goes out for the day from become overgrown, unrecognls-- background at V mill, Lesbian 
ah old people’s home; a sister able, and then indistinguishable moral broomstick, girls both 
is visited in the wan hope that from tbe virgin woodlands that luscious and available, 
she’ll lend money; a child is h — - *■ 



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Someone could do with a bit of 
refurbishing byBovis 

Refurbishing is about fitness for purpose, and that's 
something, let's face it, which some buildings just aren’t 
bora with. But generally it becomes necessary because 
ideas about purpose have changed. And it’s not only 
Victorian office buildings that need conversion. Take the 
theatre: ideas here have changed a lot too. 

Thai’s why the Theatre Royal at Nottingham was 
such a challenge to Bo vis. Wing space, scenery dock, and 
dressing rooms all had to be replaced completely. The 
“gods” had to be given a less vertiginous rake. There 
was a need for a complete ventilation system (it’s been 
squeezed into the gaps above the ceilings), a new 
orchestra pit and a new stage lift. 

None of it was made any easier by the caves which 
threaded the sandstone subsoil, or by the need ro fit the 
whole fob in between one panto season and the next. In 
practice this meant that work on stage one had to begin 
while shows were still going on, and roof props had to be 
positioned to take account of the choreography of 

theatrical production and still to fit into the old theatre 
envelope , is one consultant's comment. But, if we may 
quote one of the others, “Bo vis are doing jolly weU”. 

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Fifty years of j 

;>■ , \ professional building: | 
1.;. - • 1928-1978 j 

“It has been difficult to allow for modem methods in 

Oegussa reports another 
successful year 

Both operating sectors, Chemicals and Metals, contributed to overall result 


Degussa, an international chemi- 
cals and metals company, with IS 
production units in West Germany, 
close to 13,000 employees and . 
more than 30,000 shareholders as 
well as facilities in most major world 
markets, had another successful 
year in fiscal 1977. Satisfactory op- 
erating results were achieved with 
overall sales showing a moderate 

Corresponding to its main activi- 
ties, Degussa is structured in two 
corporate sectors: The Metals sec- 
tor with its divisions Precious Metals 
Trading and Refining, Dental and 
Semi-Finished Gold Products, Tech- 
nical Metal Products, Metal Joining 
Techniques, and Durferrrt and In- 
dustrial Furnaces; and the Chemi- 
cals sector with its divisions Chemi- 
cals, Pigments, Ceramic Colors, 
Carbonization, Catalysts and Phar- 

Degussa's foreign production 
units - mostly in specialized fields 
and operated by subsidiaries - in- 
creased their sales substantially 
and contributed 16.7% to total 
Group sales. This favorable devel- 
opment is expected to continue as 
new plants start up production 

In Mobile, Alabama, Degussa's 
Aerosil plant went on stream in 

December 1976, followed by a 
methionine plant at the end of 1977. 
The second construction stage with 
its cyanuric chloride and hydro- 
cyanic acid plants is expected to 
be completed during the second 
half of this year. 

In Brazil, the Company inten- 
sified its investment activities by 
increasing its capital contribution to 
the subsidiary in Sao Paulo. Further 
sizeable investments were made in 
Iran where Degussa holds a 40% 
participation in a new joint venture 
for the production of frits and glazes, 
and in France with the purchase of 
50% of the Rexim SA stock, a 
company operating in the field of 
amino acids. 

Assets acquired totalled DM 79.3 
million as compared with DM 81 
million the previous year. 

A dividend of DM 8.50 per DM 50 
share was established. 

81.7% of total financial require- 
ments for the parent company 
were covered by internal financ- 

The balance sheet structure re- 
flects a sound financial position with 
capital, reserves, and other long- 
term financial resources exceeding, 
total fixed assets by 55%. : 

Highlights of Fiscal 76/77 

Group sales increased from 
DM 4.3 billion to DM 4.5 billion. 

The Metals sector accounted for 
almost 51% of Group sales with 
DM 2.3 billion - only a slight 
improvement over the previous 
fiscal year. 

The Chemicals sector recorded 
a growth of 10 . 1 % with total sales 
amounting to DM 2.2 billion. 

Net income for the fiscal year 
was DM 36 million as against 
DM 41.5 million in 75/76. 


During the first months of the 
new fiscal year total sales increased 
as a result of buoyancy in the Metals; 
sector. The weakness of the US $ 
slowed profitability in the export of 

In view of pending wage nego- 
tiations and continued international 
monetary unrest the outlook, 
though promising, must be tem- 
pered with some cautioa 

For an English version of our 
1977 Annual Report we invite you 
to write to: 


Abteilung Offentiichkeitsarbeit 
P. O. Box 2644, D-6000 Frankfurt 1 

Degussa <§► 

Progress through Precious Metals and Chemistry 

The Commons bites 


THERE HAS been talk for years 
now about reforming the House 
of Commons, and the need to 
make it a more, effective' insti- 
tution in dealing with govern-, 
meat. Although some reforms 
have been undertaken In the 
past ten years, the' Crossman re- 
forms being the most notable, 
there is still as much talk as ever 
about the need for change, be- 
cause it is widely thought that 
the House of Commons to-day 
is not much more effective an 
institution in holding govern- 
ment to account than it ever 

What is often, overlooked in 
this discussion is that the House 
of Commons has in fact become 
a far more effective institution, 
certainly in’ the sense of in- 
fluencing a government policies. 
Moreover/ it is likely to remain 
so whether- or not there is a 
return to majority government 
The need for reform now is, at 
minimum, not to make the Com- 
mons more effective as an agent 
of influence, but to enable its 
growing influence to have bene- 
ficial rather than detrimental re- 

A main criticism of the House 
over recent decades has been 
that its procedures and decisions 
are too much dominated by the 
Government The picture many 
have painted is clear: it is of a 
House of Commons that has 
become largely subservient, one 
that almost invariably gives way 
to the power and will of 
government . 

Governments could indeed 
exercise this degree of control 
in the House of Commons for 
two decades following World 
War H, at least until the middle 
1960s. It was hardly ever 
defeated. This is. best appre- 
ciated by looking at four 
reasonably typical years during 
that period (1947-48. 1958-54. 
1962-63 and 1904*651. Over 
those years, one can almost 
count on one's fingers the total 
number of times the House 
altered government policies 
over the Government’s objec- 
tions cither in standing com- 
mittee or on tfm floor. It 
happened a mere 11 times o^er 
the entire four years. The 
Tr^ate-at number of defeat 6 «n 
any «*n?le year was four. It is 
hanflv surnrWmr that "lobbv 
fodder ” is what MPs soon came 
to bp called. 

How docs this record before 
1966 compare to the situation 
today? The change to the 
1974-78 period is fact drama- 
tic. This period has found the 
House defeating the Govern- 
ment in committee or on the 
floor on no less than 122 occa- 

sions, on average about SO 
times a year. Moreover, as we 
will see shortly, "a- substantial 
part, of this, cannot be attri- 
buted. to the., minority status of 
the Government throughout 
much of the period: 

I- am not referring^, here to 
just a few isolated, defeats. 
Take the standing committees, 
for example. Over the past 
three years, the Government 
has actually been defeated once, 
twice, or more on SO'- per cent 
of the Bills that have come 
before the standing committees. 
Whereas the Government used 
to lose oh only about one divi- 

66The:House is 
no longer the 
compliant place 
it once was. 99 

sion in every 200 in standing 
committee, its: control has so 
greatly slipped; that it is now 
defeated on about one. division 
in every eight Surveying a 
sample of these defeats found 
that almost 90£per cent were 
either completely sustained- by 
the floor of the House or sus- 
tained so as to closer to the 
committee’s original viewpoint 
than to the Government’s. 

Whether in committee or on 
the floor, many of the defeats 
over the past four years have 
been on matters of significance. 
These include a : series of sub- 
stantial amendments made to 
three of the last four Finance 
Bills and force*! upon the 
Government. Alsb involved are 
all the major Bills- on constitu- 
tional reform, both devolution 
Bills and the European Assem- 
bly Bill. It took three sessions 
for the Govemmeot's Aircraft 
and Shipbuilding Bill finally to 
pass. The Government, too, lost 
the entirely or the guts- of -its 
proposals regarding energy pric- 
ing, redundancy rebate payment 
reductions, and dock work regu- 
lation. Additional key iamend- 
ments were forced on . the 
Government’s policies relating 
to pension benefits, racial dis- 
crimination, industrial strategy, 
farm prices: in fact so /many 
areas and matters to be £npo§- 
sib’e briefly to list. ' 

Clearly, the- House is .no 
longer the compliant place it 
once was. Yet. might 
not the renewed assertiveness 
and influence of the House over 
the past four years be almost en- 

tirely due to 

ment and thus W»J ferity 
passing phase ' onC e 

government is remstftieo 
again? In fact, this Is not um 
case. The tendency we ha 
seen since 1974 beg f n ^ > togos. 

as far back as the later i960* 

The later 1960s were 
which Labour had an 
whelming majority 1 ° a _ rris 
House of Commons of upw gj£ 
from 80 members, and the Co£ 
servatives had a reasonably^ 
majority of 28 in the 

1970-74 Parliament. Neverth 
less, while two or three G^ ern 

ment defeats were usual m the 

years prior to 1966, from 
70 the Labour Government, even 
with its enormous majority. 
handed 10 defeats a year, 
the Government was &>reed * 
withdraw two of its major BiUs,- 
one on industrial relations and 
the other on reforming the 
House of Lords. The subsequent 
Conservative Government j 
1970-74 was defeated even 
more, reaching a zenith of “ 
times in 1972-73, including issues 
as important as counter, in- 
flation. fair trading, and 
immigration. . ' 

It is worth noting that tne 
1974-78 period itself was not one 
of minority government alone. 
For about a year (fro™.. 1 ?® 
October. 1974 election until to- 
ward the end of 1975). Labour 
actually had a small majority 
in the House. In of JIS 

majority, the Government was 
still defeated 26 times over the 
year in committee and on tne 
floor. This number of defeats 
under majority government - is 
approximately the same as the 
average for the rest of the 
1974-78 period under minority 
government. Nor can the reason 
for this be the presence of only 
a small majority in the House in 
.1974-75. For the 26 defeats the 
gover nmen t suffered in 1974-75 
compare with only four times 
that the Labour Government was 
.'defeated during 1964-65^ -'just a 
decade earlier, when it had an 
tonally slim majority in the 

It is essential to note, too, 
that the defeats of the Govern- 
ment In the House are now of 
an entirely different character 
than they previously were. Not 
so long ago. crossvoting with 
the opposition was taboo, pure 
and simple. In the rather few 
defeats the Government tasted 
in the Hnuse before 1966, only 
two daring the four years 
sampled were caused by the 
Government's own backbenchers 
crossvoting to support the 
ijpimsrtion./ How things have 
changed. ..The famous Ronker- 

Vfise amendment iff i the-1977 - 
Finance Bill is not the highly- 
unusual case of crossbench, 
voting that it is sometimes, 
made out to he. Instead, fully 
04 of the defeats handed . the- 
Government by the floor, or by 
the committees of the Commons : 
since 1974 have been, a direct . ' 
result of back-benchers of the . 
Government’s parliamentaiy •' 
party crossing over tprvote .with - 
the Opposition. -Backbenchers - 
have simply became nnucfc less - 
predictable in the House ithan 
they used to be, much; less tied 
to party discipline.. - It is not 
just a few rebels: from, tiw: ■ 
Government's backbenches .Who-.: 
have been involved. .-Ob'- the/;., 
standing committee .alone, 7 no’ ' 
less than- 62 Labour, >.l»cte:. 
benchers have beenVparti&t- 
pants in defeating the* Govern-' 
ment since 1974. . -They coioe - 
from all sections and“ wings.of-- 
the party. The numbers run 
up to well over lOOT^eir'drvK' 
sions on the floor are laeladed.,: 
And, again, little of thishas io. • 
do with minority gpvenimeut . 
It simply fonow^a^tresd. that;- 
began under maj orityr govern- 
meats prior to 1974;. in. this case: 
under the 1970-74 Conservative : : 
Government, wh eti-.' an. 'astonish^ . 
ing 73 per. cent- of the defeats-- 
it sustained in committee Of on / 
the floor were cansed-by .cross-. : 
voting. . 


)l Af.l ' 

The House of Commons since; 
1968 is a very " different, 
from the House thatgotent 
meats used to deal- with'. It is -a . 
more forceful and .a less pre- 
dictable body, lt-has --been - se ' 
for some time, is likely to ,, 
remain so even if majority gov- 
ment is reestablished;^' This 
does not- mean- that -.reform is' 
no longer needed Precisely; the/- 
reverse. For.: as" : the' Wate- BdU:-. 
recently inustrated, : .:srtien;on 
one occasion .MPs pfrriotudy did. > 
not understand what- they Were-- 
voting about^ when ■; they ^dev . 
feated the Government/ to - be. : 
more independent and: more in- .. 
fluehtial are not necessarily! the 1 . 
same as to be /knowledgeable '. 
about what one is doing, 
cause ' the House of -Commons 
now has far greater impact in 
determining the /contents - -of \ 
legislation than it used to. -and / 
because this is likely to: con- , 
tinue, there is all the ./mpre ;- 
need for the House to effect re-; 
form to equip jtseif to addTess 
this ; important task'rVitb the"-" 
competence and care that sueb a^ 
task surely warrants and that Is/ 
the right of the public to expect' 

■ j ■ 

Mr. Schwarz - is AssokMt - 
Pro{essor ;of ;P critical Science, 
at the- -University of Arizona. 

This announcement appears as a matter of re coni only 












FRANCAISES — U.B.A.F. . . ‘ 


BANK (Berhad] , 

B. AJ.I. (Middle East] Inc. 

(London Branch] - 












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- - Overcapacity continues to be the bugbear of the marine and aviation insurance 
-Sectors, leading to often unprofitable premium rates, severe competition and increasing 
c complexity. Lhe only solution will be a renewed shortage of capacity. 

: 'Sustained ! trend in heavy In the aviation markets un- 
LvRath'er is Jt' the excess derwriters’ capacity has grown 
eriyntibg capacity which faster than the demands of the 
‘sWSnpei the market at a airlines, which in turn are 
rSrS^rt the volume or bust- building their fleets around 
/ particular]! y"‘ in the aria- larger and ever faster aircraft 
has hot "kept pace such as wide-bodied jets and 
: th^-' ! grctwtb- of insurance more -recently Concorde. Fleets 

will* in +V,r.+ h TTTf» Iflinor and t-Vlic hoc 

By John Moore JJ2- 

“ v>.; v : v of 

1 TH^WOR^ trading coridi-.'unsbj 

The result is that have become leaner and this has 
rates' have been led to a reduction in the num- 
d to often unprofitable her of major insurable units, 
ip an effort' to beat the although the value of the risks 
tidn andT capture what- has soared. A jumbo jet can have 
J*lnegj.\is . goitvgl ah insured value of around 

i ipfcOMem -dates back to 550m. But again premium 
rly -TDs." in 'those years ntes ate ver J’ weak and there 
able" underwriting experi- I s growing concern that aviation 
id' to a rapid expansion »“«» could suffw heavy 
lily , from technically j^ses m the eveirt of a large 
cated: " gve.rseas In- 

ca ti strophe 
iCven the 


tibn^ since the War " is hoW Mr surer?1^.o.«ded to develop Bnn the air disaster a, 

marlnS »£wlation accounts. Tenenffe in March last year— 
Ke^fli Williams,- chairman -of the . t 0 - ^ 'fl^ey andercut exist- the world’s worst— failed to act 
Institute -Of- London .Under- ipg ral^ and bit deep into as a .corrective Off premium 
writers; recently 'described the jourkets such as' Lon- rates, much to the amazement of 

state of the marine insurance many of the over- some aviation insurers. For 

market The aviation under- eM?^|n£urejii were perhaps after the disaster it was widely 

ibe^ tparine and avia- expected that there would be 
markets they were suppor- some hardening of . premium 
during ttjeix;:years of devel- rales. But whatever 'firmness 
by w^ established non- there was lasted only three or 
’Ine accounts. ' . four months, and once again 

pressures proved 

a .total year's premium income. 

There are some signs, how- 
ever, that the newcomers.. to 
both marine and aviation mar- 
kets are themselves having 
second thoughts about the long- 
term. viability of these classes 
of. business. Although there is 
little evidence they are quitting 
the markets there is perhaps -an 
easing of their aggressiveness 
in competing for- business. 1 

The newcomers have now 
been in the markets long 
enough to build up a claims- 
experience. • What they have 
experienced in the way of 
■claims is not entirely to their 
liking. ■ •- '* 


writers, would doubtless agree 
that the -same 1 is true .of their : 
markets;- for during- the past- 
year there- has been - tittle sign 
of any real" improvement hr 
both these .sectors \ of. 

• insim^^piieir entry .into marine competitive 
v. .-v^Biarkets; hil .thhse more experi- irresistible. 

ance. • _ .. 

'^of a- 'bad time. How aviation insurers are 

and aviation insurance busiire^^World tTaci/e;.Was depressed — as going to cope In the future is a 
isnot due-lo'_any eraergenro.itls now,Xrmmd22m tons gross matter for some conjecture, 
ot “a : whdTe run oF' “ catafr- of shipping* vaie laid up and Commercial viability in the 
trophe*’:{ or otiier^ '- Jarge-’ the shipbuilding order book is long term looks, questionable 
unexpected Iossesr.-^The rnarkd^Toughly less^gah a third of the when a single disaster can 
have been mercifully free from>tevel of four^years ago. absorb in excess' of a quarter of 

Many of the claims iii marine 
hull insurance take up to ten 
•years to Orystallise. The new 
overseas ' capacity has been 
largely prepared to write busi-. 
ness on the assumption that 
income from premiums invested 
before claims settlement will, 
offset any pure underwriting 
Joss and give an overall profit. 
But premium rates are now at 
levels which make this increas- 
ingly difficult to achieve. 

. .Cargo insurance requires 
much documentation and has 

pushed up the operating 
expenses of the insurers. Ia 
the aviation markets the litiga- 
tion involved in the various 
classes of liability business, 
which lengthens the time for 
the settlement of claims (as well 
as placing a question mark over 
the eventual payout required), 
has made the usual reserving 
problems particularly thorny. ' 

In these sorts of competitive 
markets, although both insurers 
and the professional associations 
speak out openly about the con- 
ditions and acknowledge that 
there is need for collective 
action to stop the rot, there is 
little that can be done to pro- 
duce any semblance of order. A 
former chairman of the Liver- 
pool Underwriters Association 
said recently that a feature of 
the competitive whirlpool was 
that “it put intolerable pressure 
on market agreements which 
over the years have been volun- 
tarily entered into by under- 
writers to ensure proper control 
over the conduct of our business 
. . . what is deplorable is a 
cynical and deliberate turning 
of a blind eye to such agree- 
ments. Unquestionably this 
attitude is growing as some 
underwriters and some brokers 
alike look for means of circum- 
venting normal methods of 
rating, or policy conditions, to 

The end of another tanker wreck. The forepart of the Eleni V blown up In the North Sea. 

secure some temporaiy advant- 
age over rivals.” 

“If a market agreement 
happens to stand in the way of 
such action it is often conveni- 
ently forgotten.” 

Even the influential Joint 
Hull Committee in the London 
marine market has been forced 
to relax some of its more 
onerous guidelines. However, 
the committee stilt insists that 
it does carry some weight. There 
are now fewer reductions being 
given on renewal business in 
London, although it is probably 
still true that some of the re- 
ductions were not being 
balanced by compensating 
increases where the results 
were bad. 

For the aviation insurer the 
answer to the weak premium 
rate problem has been to 
arrange an increasing level of 
reinsurance back-up. This in 
turn has meant that the total 
insurance package is often 
highly complex and this can 
bring its own troubles. As each 
new party is brought into the 
insurance package much 
depends how each individual 
understands and is informed of 
his liability on the risk. 

This does not always work 
out satisfactorily and the result 
is a lengthy and costly legal 
dispute in the courts, often 
over an issue of disclosure, or 
rather lack of it. Often the 
dispute may arise because of 

reluctance on the part of an 
insurer or reinsurer to settle a 
claim where there is any 
reasonable grounds for repudi- 
ation. With premium rates 
depressed settlements are now 
made very cautiously on the 
larger claims. 

The marine and aviation 
markets are only likely to 
recover once many of the new 
insurers have written them- 
selves into a loss. When that 
happens they are likely to with- 
draw from their non-traditional 
markets. This will create a 
fresh shortage of capacity which 
in turn will harden premium 
rates. But as yet such a 
development looks some way 



• ■ rir - ■ 

... — '..,i t. 

.. ... 

INSURANCE IS'. *: game for 
experts* .and pos&ibly where the 
greatest expertise is' required at 
the jnbiqent is - in the marine 
hull , market. During. 1977 
battle manfolfy with aTjWffl- 
stantly reducing volume of bBSi- 
ness on offer, cut-threat^fcom- 
petition both- for huILan^°cargo 
business; . I aid-up tonnage, con- 
gested ports, ;and a heayy year 
on .the casualty fringe ■.:; . 

. The gloomy, pictizre -.was not. 
brightened fey the Jn^eraational 
Association. / * bf ^-Independent 
Tanker Qvroexs, 'which, .said 
r e c entl at* in Octob er-T97 7 

the point; .had 17 (b&h. Tea'fihed 
where; ^ tanker •. strappings 
exceeded “ deliveries, '- and tha.i 
much’oTthe easting: tanker fl 
was laid; up. ' -. ; - . ;• . 

The overall shipplfig recession, 
has left.tlie world inerchant fleet 
growing, at below 'the rate pre- 
dlcted in .the early 70s. So the 
aggregate" wbrid hull premiums 
paid .by- -owners: continues to 
shrink,-... •'/' ■ 

The few -glimmers of tight 
that .do ‘show, through are faint 
indeed! .’Although if had looked 
last year that, the total tonnage 
lost might exceed ,1976’s record 
figure,;: the - actual result was 
marginally dowo.ron 197B. 

Some --£08- , ships, -compared 
with 20S, were los’t, aui aggregate 


grois ^lnries compared 
.21m. L'Vffiat was encourag- 
about thfT latest figures was 
durinfythe year there was 
increase of 20m tons in world 
afloat, and so last year's 
residts represented a reduction 
in ttte overall loss ratio. 

, .The nthm - encouraging , sign 
was that although the cost of 
.repairs continues to rise the Tate- 
pf ijicrease- slowed along with 
the/ rate of inflation. The 
average worldwide increase was 
reduced to 4.6 per cent cbm-, 
pared with an overall 18 per 
cfnt for the. previous year. But 
ipowners have been seeking 
ays’ of reducing their insur- 
er costs, which in turn .has 
meant a. iossr of ^premium to the 
marine markets. 0 - - v 

Another factor which has' left 
ithe hiill, account vulnerable is 
pressure on other classes of 
.business. In the past the hull 
all-risks account had tradition- 
ally been buttressed by other 
sections, notably cargo. Cargo 
rates are under pressure and 
the market . has taken some 
knocks from shore losses. • 
Another section "which used to- 
be' seen as supporting 4 he hull 
account was disbursements ®ud 
freight insurances, which some 
owners have ’ now ceased -to 
insure. ... 

..The problems of rates. have 

b^»n further compounded by 
currency movements. While 

premiums may have been paid 
in oni. 

currency, repair costs may 
very well have been incurred 
In another, and the cost of “the 
repairs may have been increased 
not onl£ by inflation but also 
by currency fluctuations. The 
weakness of the dollar, in which 
a large proportion of the marine 
account is written, has been a 
worrying factor. 

But - by far the biggest prob- 
lem is the marine markets’ 
ability to take on what perhaps 
was once regarded as incidental 
business. The underwriting of 
large drilling platforms is now 
presenting the market with a 
very - serious capacity problem. 
Not only are' the values of the 
platforms themselves reaching 
figures in excess of ?800m; it 
is also- a high technology risk 
requiring a detailed under- 
writing experience. As yet there 
is little experience to go by. 




- 7 Represented by:". • . • 

A1 Bager . Establishment' for .Trade' 'and ' General Agencies . 

: . if Khobar, CJL 1405 ■ ‘ • - 

v - ,.i. ,. : .P.O. Box 700; Tel: 46803:'--' ' ■ 

: - ' Al- iOiobari-Saudjar Arabia : ■ _ 


For defailedinfdTTncdi&n. contort: 

American International Underwriters (London) Ltd. 
120^Fenchurch Street, London EC3M 5 BP, England 

Member 1 Companies of ; 
American Intemolignal Group 

The Institute of London 
Underwriters stressed that this 
was an important development 
in the marine market, but to 
meet the ever-increasing value 
of insurance depended on future 
underwriting profit ability 
f Only by retaining part of any 
underwriting profit to build up 
reserves for the future can 
underwriters hope to have suffi- 
eient funds to enable them to 
provide the increased capacity 
required,” said the Institute. 

Market forces are now haying 
an effect on the traditional dis- 
ciplines and relationships that 
existed between agents and in- 
surers in the placing and insur- 
ing of'buB risks. The brokers 
are pulled in two directions. On 
the one hand it is in their Iong- 
term interests to operate in a 
stable market with adequate 
rates offered by competent in- 
surers. On the other they must 
look to the best interests of 
-their clients whose own viability 
is suspect in current market con- 
ditions. This is the source of 
much controversy. 

‘ But the essential difficulty is 
that of trying to get across to 
the shipowner that the percent- 
age he pays out for insurance 
cover is a very tiny proportion 
of the total value of the cover. 

Looked at from the hull under- 
writer’s viewpoint these per- 
centages are, under current con- 
ditions, nearly always pitched at 
too low a level, and no insurer 
will nowadays admit to the ex- 
pectation-of -a profitable outturn 
to his hull portfolio when all the 
future claims have been settled 
at the inflated cost anticipated. 
Why then do not underwriters 
charge the right premiums? “We 
all know the answer— competi- 
tion,” explained one marine 
mail.' '• 

John Moore 

INTERNATIONAL LSMITEO internationaI insurance brokers 

Specialists in all types of Marine Cargo, Hull, 
Yacht and Aviation Insurance with a worldwide 
network of associated companies. 

Lloyds Chambers, 

9/13 Crutched Friars, 
London EC3N 2JS. 
Telephone 01-709 0575 
KUHsWsUN Telex 884633 




marine and aviation insurance n 

financial Times Enday : Jjpe: L 2; ■■ -c -:'l . 

Spread of world competition 

'RING AND aviation are two At Lloyd's in recent years a result a number of insurers in Apart from theold- established end of the sole, where there about 550 m for the launch of a tecttonist jS? t^somif extent^taMn^a 

>'ses oF insurance business there has been an influx J new different parts of the world have marly* in London, there is a ta.un « »£* SSSk^SSS inScS fiFS. CSl -Sffb! S«”Ta Sr rate Jto 

■ ich are essentially interna- b^nor^inai 2T > £Z£S? l * a 2SmZ ES&~ST&2 m 2S£ t“r^L tor s^ 

■^.iJsssjK-sa 1 !! srz^^Sfsssas^ w sestls r“ ."A.7" te ^ sJh-m-2 

entries may write their own Qver other markets, rates No doubt their view is Their reason for -coining to elsewhere in connection -with- Throughout the world London retain- only a smalipart of the- business transacted_y aw 

- nne and aviation fleets, m ^unS^Mne ag^ts hive SatUile ihfeexereise may not London has been to wriS on offshore risks, in the main -the is looked upon as ' the leading risk, and the . balance Is ?e- 

;e y S SScient C «Sd» w reteto foiJid the marine Srket toe prove profitable in pure under- a direct basis the international London mttet is veiy much market for J£th marine and “ thSr iSiSnSS !^Wofth£ 

' whole of thi risfc whteh £ most difficult for placing new writing terms there is the pos- business available in London the leading market for that W aviation insurance. Other in- "hero, ^ - - -^ 

®2fSSS SESS E?;OTSSSri "S— Defensive . _ . &-*&£*£* MTSST M ^JSSffSKffiF 

■«n“H^iLSSSt»"r MM SMS a^^ Y 5iS£S * «» «*a» *« iA» «« u *.,?«»•<? ^ »«. * ^-sslsSb**' 

' can build up a reputation for 011 a wait-and-see basis, so that, establish themselves. for a large number of American • In the aviation market there 

. irnise. Over the years the ^ev^can^ise 'those insurance cm^an^ has not huJ1 ledge of worldwide conditions, increasing significance ' is tection. " ; They are, 'however/ 

■ ndon market has been Uraits lQ b ‘ t ^vantage Under- been quoting bdow what it has Jeadin g underwriters in the When shipowners and airlines- security. If there are tough . prepared to' plabesuch business ■ 

Ichwider spread^frisk^hrte * standably. a syndicate under- It is easy to talk about the £?“ y ting^j uSne^L^It London market have adopted an leave *® London market for times ; ahead* for marine and through a broker_6nly if the 

■SnSviS^SS writer feels that his fin* “ London market " as if it were essentially defensive attitude in ^cheaper cover, whether this is aviation insurers, secunjy .will broker can -provide mwaifls - 

rthufbS been a^ toSe aUegtiance is to has “old" a single entity. Admittedly, on ^ aimtog.being offered I on the Continent, be ; particularly important business, vfaM’dl^ir 

* broader view ^f 1 the business 6 names, and he tries not to take important matters there may "**f *® P rimartiy to retain • business, hi the Far East or^el^ere.Some broker?, are pomting out ^surance. As a result, ttere is 

* te^rawbackls°that whenburi- °° “new" names unless there not be very much difference of. E**" SSJL'SS"* 4 There has been much -less com- they W tb^ahould they run l0 their cheats toat^ wjule/pressure -<ra- JMwfc to place 

s«s is international there are wi*? be arufiSdeot premium view between leading under- uneconom * c P remwm petition for liability business, into difficulty, ^they can -come cover may be obtained tnoTe.:j, us j ness: with shed, .companies’ ’ 

1 entv of cnTnoetitors income for them without a writers for syndicates at Lloyd’s The severe competition, and and products liability for manu- hack to London; because,. what-. cheaply outside- traditional -which in other circumstances/ 

: *wl resulting decline in the amount a nd those writing for traditional thus the loss of. business by facturers is stall -very much * ever may happen, the London markets, the security will nor -fhey might have chosen not 1 to ’ 

available for "old" names.- BritiT marineinsurance com- traditional markets has been London risk market will always, be there. be so good. It is then tor the ^ e . - : . l; - 

* is exnanded more^dlvtoan Alongside the over-capacity in pa mes. Nevertheless, within confined mainly to “bread and in the -field of sateUite mser- While many deretopmg -client todeade; somechooseto ~ - Tn tiih f/awlw 

.J X % h™SU?2tad to the insurance market TmaSve ttat group of experienced butter” business. At . the top ances, where world capacity is countries are adopting a pro- pay a higher _preimiun .for first - ^ .. doua 

i sure This expansion has been amount of shipping is laid up underwriters there have been *- . ■ ,i- ' . - ' 1 r ‘ 

’■ought about in a number of aod many vess^is at sea insured differing views about writing ' ■ ' . . . " 

ays Inevitably, after some f° r relatively tow figures. An- individual fleets. Some under- . • .» ' 't i i • . -g. . -f • . a . . - . " - * 

ofitable years existing insurers other difficulty has been the writers have felt it best not A _ T . ^ ^ ^ -w A4- ft IlTtir " 

ant to write more of the changing patterns in shipping, to write business at potentially f\ \/T T] £ \T| fl T | 1| 1 I If I I I /i I I I I 

ffiiness. which appears to be relatively few large vessels uneconomic levels, whereas - A“\ \ \ £jk ft |1/| ft ft# 1 W \JL LLv Lr 1A liU XXX* V IT - 

■ofitable, and many new in- effectively replacing a much others have been prepared to - " -*• w-«- ... . .Mr.'. 

irers enter the maricet — higher number of small vessels, write -the risks for premium ^ v 

irtly with a view to earning World airlines have had prob- income, also taking the view ■' : v .'J-:.-' ■■•■• •> 

■ng-term profits, but also Iems - although it looks as that to renew at what may be INCREASINGLY the world’s inevitably from time to time whose equipment was involved the prospect is horrifying and it 'that cover for- say five . to Jten, 

?cause they feel that they though many may -be emerging uneconomic premium rates now airlineSi an d m(> re particularly throw up faults in equipment— in an accident themselves suing .cannot be ruled out of: any air/ minion doUaxs, or cv&v poundB,.. , 

tould be represented in those «®m a difficult period. at least should ensure the oppor- ^ world's aircraft and compo- in design, in installation or in the alleged offending maaufao- line.’® thinking, or. of, the manu- is acteqaaie. By the staodmds of ' 

larkets. even though it may Naturally premium costs have tunity to write the business nent ^,3 Equipment manufac- performance — that probably turer of the faulty item. Which: facturers of all the parts that go some recentrClaims and .awards, - 

ike years to build up profit- been of considerable importance when there is an upturn in are protecting them- even the original designers and ever way it is looked at, the to make iip a modern airliner,- it is ; not. But . this is.'wfctft the 

bility. for shipowners and airlines. As rating. selves' asainst oossible litiea- manufacturera of the items in likely outcome Is a bill for for the outcome in damages insurance brokers; are. aMO to ' 

■ ■■ ■ 1 — — — ■— ■■ f tion and substantial damages question could not possibly have many millions of dollars, if not could be so great as to cripple advise .on. . jy 

” “ "' ~1 5 for any failure involving their foreseen. That does not pounds. For with the rising any airline or manufacturer not Another factor which is of 

products by taking out what is save them, as some com- costs of today’s equipment, and covered by product liability as. importance ensure - 
_ called “product liability insur- parties have found to with the rising levels of insur- well as' hull and passenger that -fuH and- comp^k records 

\ / jHr ance." In simple terms this their cost from litigation by ance on individuals' lives, ■ the" insurance. . are toepjtof evety.«tagje of manu* 

1 means taking cover to ensure passengers who have suffered bills for damages themselves are The .importance of product faotuxe. of 'evefy Item, because 

lL that if in any accident or equip- injury or mere inconvenience, escalating. liability insurance in particular very often the ahiEty to prove 

ment failure their products are or from relatives of those who . . is vitai for a “ y airline ormanu- that, an item ,was^ thoroughly - 

(INSURED 7 found to have been in any way may have been killed. fac hirer whose products .or tested An$ ipspecteS, at . ^eyery 

/tTwt|muJ responsible, however remotely, .Sometimes, moreover, ' those uuiaivu operations are likely to stage .can .mejan’tiie ffiffferenee , 

they are cushioned against accident investigations' can pin- The Turkish Airlines’ DC-10 Jh®® to .operations 'in the JtS... between, winning ,orIbaing in" 

. . .lllinfllJH 1 hlf Amorir-in 1H me dVJ«UDIl UllUAeL uiclc — — * . 

ror a luge been most competition for years of experience and know- An aspect which is taking on ably require' reinsurance pro- 

Ct/ZZZZ/dQlcS. HRS HOT. —mm » f c - J;i *- — — ? ; * ** - — 4n • m — - ■ -~~~ - ffmMMMa * 

h2 hull insurances. Here many ledge of worldwide conditions, increasing significance Mtection.- 
been , quoting oeiow wnatj it tias underwriters in the When shipowners and airlines- security-. If. there are tough prepare 

JolitL Ga$ele& 


for shipowners and airlines. As rating. 

EST 1903 




Plantation House, Rood Lane, London ECS ) ft1 R9 , 97qi 
Dunster House, 17-19 Mark Lane, London EG3 J ’ 


Birmingham, Bristol, Glasgow, Leeds, Liverpool and Manchester 
A Member of ffie NORWICH WINTERTHUR tap of Companies 

Small boats 

Is there a name for a company 
that's 61% life assurance, 32% general insurance ~ 
7% mortgages, personal loans and property- 
and 100% keen to get to know you? 

Ermia were formed in 1969 from 
the meryer of two long established 
Dutch insurance companies, the oldest 
. of which was founded in 1859. 

And, though we aren't exactly* 
new, it's true to say that the insurance. 

and holiday centres — Where our 
marketing strength, expertise in 
investment analysis and property 
management can be profitably 

Life assurance accounted for 61% 

financial and business worlds probably of our business last year, gross receipts 

know less about us than is good for 
either them or Ennia. 

We are, in fact, one of the largest 
insurance groups in the Netherlands, in. 
terms of gross receipts. 

Be tween 1973 and 1977 total 
receipts have risen from DtlPOom to 

having risen from Dfl.bSlm inl973 to 
Dfl 3,125m in 1977. 

General insurance produced 32% 
of our income inl977and has increased 
from Dfl.242m lo Df 1.596m in the past 
five years. Our general insurance 
interests are divided between the 

Dfl.l t 850m, an annual average increase Netherlands, the UK., other countries 

of 20%. 

Profits have come along nicely* 
too: from Dfl.22'2m to Ofl.42*9m over 
the same period. 

tVe propose a dividend tor 1977 
of DfL7'5p 11976: Dfl.6-50J per 
ordinary share of Dfl.20. 

Three main activities 

We operate internationally in 
three main areas: life assuranc&gcneral 
insurance anil some non-insurance but 
related fields such as personal loons, 
mortgages, property development 

and inward reinsurance. 

Non-insurance activities have 
•grown to 7% of our business from 
Dfl.33m inl973 to Dfl.l2Sm inl977 

Gathering strength .internationally 
At the moment, most of our 
revenue is generated within the 
Netherlands, a home market that 
provides, overall, a sound and 
profitable base. 


Balanced growth, internationally! 

But our overseas business is 
developing well. 

We have offices, subsidiaries and 
affiliates- in the United Kingdom, 
Belgium, the United States, the 
Caribbean, Republic of Surinam and 
the Middle Bast. 

They already contribute 20% of 
our total gross receipts, and we plan to 
increase that percentage. 

Overall, Ennia have a record of 
producing sustained balanced growth 
at home and overseas to the benefit of 
both shareholders and policyholders. 

If you have an interest in the 
insurance world— from a business, 
investment or consumer point of view 
—you should have information about 
Ennia on file. 

Well be happy to send you a 
copy of our Report and Accounts if 
you contact the Company Secretary, 
Ennia Insurance Co. (UK I Ltd., 

330 Fenchurch Street, London £C3. 
fTel: 01-488 3111), or our head office, 
Ennia nv, ChurchillpJeinLThe Hague, 
The Netherlands.Tel: 1070) 727272. 
TJcx; 32652 

they are cushioned against accident investigations' can pin- The Turkish Airlines’ DC-10 P 1 ®™ in operations m ine between. winnUlg; or losing in" a," 
claims being brought against point with absolute precision crash close to Paris some years m carrying TJ.S. citizens, for ‘ court, battle .over a claim.- ThU- ; 
them in the courts — and especi- the cause of a particular acci- ago has already resulted in a the 'jurtsaicnon of tne lks>. wauiffr appear ^ to beu mere 
ally the U.S. courts where the dent indicating" the specific item pay-out . running into hundreds. commonsense, bttt it is- not diffi-r 
tendency ie for such claims of equipment that is held to of millions of dollars, and. there sP re ^ -it has been ported ° ut . CT lt.-i.ta find ihsuranoe "brokers- ■ 
to be more frequent and the have been the root cause of per- are other similar substantial tha t evei T. lnter ? 1 -??2: -T - e who iah tefi stories- of : clients 
assessed damages much higher, haps a chain of events result- insurance and legal liability '■ *na mm : domertic airimes frmn who 'ho^ laotjbepiad . to -tilce^* 
For the trend in aviation now ing in an aircraft crash and cases outstanding—f or example 5° I ^ ela ? d ar® subject to elementary ^ precautions. 

is for each and every acadent. casualties. In such cases the reia- those arising from last year's jurisdiction of the U.$. courts au means is- that- r 

no matter how minor and no tives of the deceased passengers, collision on the runway at evCa ' r J 1 ®? gnyone venturing in any way 

matter what the size of the air- or the injured, are even more Tenerife between two Jumbo ***** T „; “ r 1 ® U b -.'. t ®* e r noce :.i Qt ^. amtion- today, whether^ 
craft involved, to be investiga- likely to begin claims for com- jets belonging to Pan-American D0 JJV. . ^'.scheduled service' nubHc tnms- -' 

w far more thoroughly th» pummtlon «.!«, the munuEao and KLM . eyea^riva^.^:. 

ever before. The objective of turers of the component m- There has yet to be a. major , • riTy n ,, 3 ww „*5h S' *v*»vrr»*** to ensure that he 

these Investigations is purely volved. collision of two Junto* 

safety—fo determine the pre- The claims, moreover, are jets in mid-air over a big city, hSS^iSS 1 all the cooti^nri^tiwt c4h 

rise cause of any accident, unlikely to be small, and not with the wreduge falling on to Z *** ul ' J arLT connns,, ? a “ ~ 
especially thbse involving pas- necessarily confined to pas- business and residential prop**- ^ IS dsh^heSS «e aifHnek, with ftide- ' 

senger fatalities and even more sengers and crew It is not un- ties be ow. causing. perhaps^ ^ boaCff Sels c(«^ah^thii^--up'- 
so those involving such fatalities usual to find, other companies stautial further damage., S« as ja?anere d£S to'W-o'r-tooi^antf®^' 

m scheduled public air transport- . ... kU]ed jn Russiat pfUish-madp' «nyfiriag f bfetween4o(f iuffi- 4d0' ! 

°iw" Cl -IT 1^ ^ ^ : components, French engines, passengers, and with supersonic ; 

JJ2?* ^ I I TQ * * "-And even a case against one air- airliners costing- ground $aOm, 

£ D rerent d anv recur 0 1 1 1 Ct JUL UUdlO - line alleging that- some pas- file investment; in new fleets 

nopeiuny prevent any recur ' sengers it had carried had later can already anMHinttntiioosaiKls ; 

re nn ( ' erh «,«♦ hijacked a flight of anatiier air- of-millipns of do_Dars. But_-&e; 

But such Invemeations must AATMf Une - . - .TOlume ; «t prb&et Bahigty 

{ \ 1 \f r* I ... The London - insurance, - mar- amount to even more.' . While 

▼ X/J. ■ ■ ket is now highly skiUe.d in 4he premrams-payaWe on this 

answering ail questions renting may appear to . be stfbrtantial,': 
MESSING ABOUT in boats has unreasonable and the under- , to product liability insurance, there is "no doubt lhat they . are ' 
now become a major leisure writers do not seek "proof ’ of and can offer. advice to riwn- only a fiacfi.diLOf^ '■&<£. find ot. 
industry, with more people seek- experience. A badly sited moor- panies contemplating this kind damages ihat caai' he . imposed 
ing recreation sailing yachts or ing, or a boat badly tied up can of protection. But- probably the- upon any company, or niriinc " 
driving power boats or cabin be far more of a menace. prime advice, after stressing tt^e -unfortunate enough to findliself ’*■ 
cruisers on both tidal and in- There has been a mini-boom ne &d for such cover in today's on the losing side in a^ products 
land waters. But while engaged in the provision of marinas increasingly- expanding aviation liability - .V- - 

in such pastimes, there is still around the country where boats activities, is .to ensure that it is ll/I'*il» 1 'rt ' 

the risk of damage and there- can be moored in the care of an adequate. Many airlines amt JYIICtiael 1/OME 

fore third party liability. While attendant Some marinas are companies tend still- to believe Aerospace- Correspondent, 

the boat is moored, there is the run extremely efficiently, others ■ — r . - 1 *" . " ■ r : '. . t , 

risk of theft loss and storm are regarded by the under- . ■ .• • -,••• . 

SlirSTlCCL ^ damage. Although there is no writers as virtually uninsurable. f 

Jiuuiivi/ j e g a j liability to insure, even The ones in between carry very f - •• . - . _ V , 

for third party liability as is high mooring excesses. It is I 1 

iperry- required for driving a car, it usual in any insurance contract | . \ • • : • . I - 

* * would seem obvious that insur- covering boats to impose an Mr Io/m. . -\ • 

«lY ance is necessary in order to excess of varying size to cut 1 ■ ■ ■■ -| i- 

avoid possible financial loss. down on small claims. I . -fl. 

The cost of a boat can be Underwriters do, however. I XQp ' 

measured in at least hundreds check up on the seaworthiness ■ W ' ■ . f-; | - 

of pounds. A new small rowing of the boats being insured. As - " - k J \ ( - - . - 

dinghy used for fishing offshore in motor insurance they do not I - 1 ’ \ J . ; J- 

would cost at least £300, and a check every case which is put I ' ' *:•. . : | ' 

... new racing dinghy could cost up to them. It would be physic- | -H • W-ssisTl • |- 

ir overseas business is 1 £1,000 while a four-berth, ally impassible. But they do * 7 • - - - :■ : 

veil. _ 24-foot sailing cruiser is worth check up where the boat is some ■' “ .) V - \ . . ; . ; . 

ve offices, subsidiaries and £4.500. years old or where the sum at I jt - * ’ J ' : J - ~ 

he United Kingdom, These days, many yachts and risk is high. It is usual to get I • /7\ ■ j [' AV |* r 

t lniipvt boats are being equipped with a survey report from a qualified I * / l '" "7<2>c -' 4/ V •' - ' -I' 

urutKJ states, me raore highly sophisticated and inspector. ( ‘ S '■ ' : . 

republic ot burinam and technical equipment and gadgets Insurance for boats used for . • / • *• " 

last. — sails, engines, navigational sailing on inland waters is dealt I ’■ ." ..u,, : ,. r ^ r-j " ’ 1 "• 

ilready contribute 20% of aids 30 on * These items with on a separate policy. It | ; - t; - ' ; 1 ‘ : : i ~ 

ss receints. ind we nlan ^ expensive and their loss provides among other cavers, | *vk hxx : .'■•X 'i I 

pts, e pan to would involve the boatowner in protection against accidental ■ _• : ... . ■*' • ■ ■. J 

.percentage, considerable costs. incursion of private waters. ■ . ■ • . • i " * ■/& 1 - ~ - 

II, Ennia have a record of The main yacht insurers on Some owners are very sensitive I . : : . •" I • 

istained balanced growth. the insurance company side to boats sailing on their own' I * - ' r ..." fl 

overseas to the benefit of offer a series of standard private waters. naturally | ! . - • » " • I 

.[Hers and nnlirvhnlriprc policies which cater for almost enough, and take action against ■ ^ ‘ I . 

aiders and policyholders. ^ classes of boats. For example, such events. The policy imposes . : ' . • . . . - ; 

have an interest in the ■ Navigators and General In- restrictions against sailing on I ■■ -*•>>- £V\ \ -/ - 1 

>rld— from a business, surance, a member of the Eagle tidal waters, unless a dual type | *- *'r .. ' • ■ ' I 

>r consumer point of view sta r Group, have three basic contract is effected! to no more | . . , . ’ . * '* ■ I 

i have information about contracts. The first covers than 14 days in a period. This ■ More and more influential misinCss and professional J * 

private and pleasure craft of enables boats to move from one ■ people are regularly takinff-ihe ; 

16 ft or under in length, the inland waterway to another. I . v .v. - /-' . • I -*■ 

e happy to send you a second for private craft over At Lloyd’s, contracts tend to | Vl) -. j'ti V : 1 » ' • ' " ' ' ' ' - I ’ 

: leport and Accounts if 16 ft and the third, commercial be more on an individual basis, I /mm WOftlilxIAlSi I KAnIl f W 1 ’ 

iie Company Secretary. craft such as passenger tripping with ratings depending riot only « yyil ilj | - 

nee Co I UK l Ltd boats. on types of boats but on areas ■ Vjg* ir . RBjPQiRT?. _ 

, c . v, , _ These policies are tlien sub- in which the sailing tikes place. I .. i ; - I .;.■■ 

n street, London £C3. divided into the main classes Higher rates are charged for I '§ 

111), or our head office, —speedboats, racing dinghies, sailing in Scottish Western 1 """""7"""", — ii^— il . 

jrchillpleinLThe Hague, pleasure cruisers, and each has Coast waters for example.' 1 produce by JETNANCI^;5 TWjES ^BUSINESS » ■ 

inds.TH : 1070) 72 72 72. its own specifications. The Lloyd’s operates a no claims v NEWSLETTERS where f Sbecialis£ subWre ' - .' w * 

policies are all-embracing in the bonus system, but the maximtun J - ;■ - • . • wioj^cts - ¥ ^ 

type of cover provided — third discount is only 15 per cent | receive Specialist attention , ; ; ' ■§ 

party liability, accidental after five consecutive' claim-frie I I. . 

damage and loss from theft, years. With motor insurance, 1 If your" ^business interests deriiand regular information. 

The damage may occur while discounts are usually 60 per 1 nbniir the TvnrMV mmimnrf. A,,ml A,u nu.... l a 

the boat is being sailed or cent ' | aDout me worlds msu^ncedeyek^me^its, please- I : 

driven or it can occur while it Contracts are usually for 12 I. complete and forward tnis advertisement, ape? we will . I 
is moored. And here there is months, but credit is given if I send; you a free sample cot?- -- - I 

considerable variation in proce- the boat is laid up ori land fdr * ». . fl . - 

dure. part of the year. This obviously ' | Name- — 

The underwriters report that cuts down .the chances' of I Organisatjon — '■ • ■ ' : ~ . 

more damage is done while damage from winter storms. I Address 

boats are at their moorings Although there is no legal | . ““I ^ ■" •• — L"" ?? 11 - - 

than while they are being used compulsion to insure, most a ' — 

in the water. Although much is yacht clubs insist that" their I ~ ■ ' — ■■ ~ v - ■- 

written about the danger that members have third party Send m- SulscfinHnn. rw runO\‘ c«. : t —1 « j I'-#- 
amateur sailors are to other sea cover, usually up to £100,000, R :'r, ( WIR financalTuhcs Ltd., / re- 
users, in practice claims are not before their members are V raclcen nouse. Gannon istreet* Lpaba;EQ4P 4BY». ' J j 


More anc? more influentiai bi^incss and professional 
people are regularly cakmg^ihe ’ 


i produce d by EC NANCLAL.TIMES B12SIN , ESS 
' NEWSLETTERS where ‘Specialist subjects 
receive specialist attention*. ; 

If your business interests deriutriti regular information 
about the world's insurance- devekijmusnes, please- 
compiere and forward this advertisement, a nr? we will 
send^ you a free sample copy--; 

Name- " 

Organisation — “ J '• ■ ' r - ' 

Address . 


Send to: Subscriptions Depr ( Wllt h Hrancial Tupes Ltd., 
^Bracken House. Cannon. Street* Londte-EC^P 4BY.; - ;; J 

^'■0, "• 

iga* 2 1978 


r- - 

" •• ' • - . £'*?/• i -« -’i'Vjj 

i-; • • -• 

* ih e 
V* *ith. 

J -so 06 

say of 

yew * 


*•» prace 

sen no t ta 


clause for ships’ cargoes 

five to ten' 
wen pounds, 
Standards of 
and awards, 
is what the 
are able to 

which is o! 

.is to ensure 
?>ete records 
"age of mam- 
tem, becaure 
■lity to prove 

b. thoroughly, 
led at eveiy 
|*e different 
or losing in i 
a- claim.- X&u. 
to . be mfrt 
: it is not din- 
ranee broken - 
ties of client 
tiie red to take 
paeans is ite 
t in any war 
aday, whether 
e public trsns- 
ensure that hi 
try way against 
meies ihsi ei 

KS, with wide- 
fug. anything us 
Hi -and csn yisg 
en-iCO 2nd 400 
with supeisw 
g- around 55hn 
*'in new Sms 
bus t to ihoascfi 
dollars. Bar tie 
tact liability es 
3i . more. Vjji 
payable on fe 
> be subsiaaiE- 
pbt that they r. 
a of the to* * 
can be inspass 
npany or sitob 

tough to 
side in a ?rcfc* 

tehaei Doibji 

of - Corr^por^ 



;SI> ,£55 


-fej* .,[ 

eatfrt* Ltn - 

haan CJ ^ -aV. 

^g^^^^KSp inaa^ee:iSLjVcsselA in better purpose than,- Underwriters appreciate that the new clause and advisory number of such cases (but by tinues. often with the idea of liability for the carrier, and in voyage) the sea earner wi 
- to ducharge this wiU not solve all their prob- schedule of additional pre- no means all) involved Greek shifting the responsibility for some circumstances a liability have no liability. Insurance 

' i«fe.'.hull^at a * -jyteddtel East port Often leas. Earlier in the year Mr mi urns will receive substantial vessels which put back to small liability. for delay in delivery of cargo, also likely to be needed in vie' 

. this' is partly been only the F. H. Burner, the retiring chair- support from many overseas Greek ports. A delegation from Earlier in the year, at a four- Nevertheless the monetary limit of the earner’s right to lun 

has-been: man of The Liverpool Unde- insurance markets, in addition the London market visited week international conference of liability is comparatively liability. 
^W7»^g^hriHJ€i^ifth^usedf^t^-trade.Fox insurers writers' Association, said “the to the British market. In some Greece to discuss the situation in Hamburg, a convention on modest One leading underwriter ba 

J g^ter^teim^e^^Mfig^)een repercussions, badly managed, insufficiently underwriting quarters it has with Greek Ministries. They the Carriage of Goods by Sea Considerable opposition to taken the view that in the earl 

:^K^SssS5!S^ au ‘ :: ^^|^nce. j ftf'5n&y‘ cajses prolonged manned, but comparatively been ffelt that the modifications promised their assistance in try- was formally adopted, the roles changing the liability pattern years shipowners may try t 

v**®* 1 * has diaas- modern and perhaps fully have not been sufficiently far- ing- to eradicate the practice so to be known as the Hamburg was mounted by insurers, who avoid liability by every mean 

^or , ^cataS;- . on ■ cargoes. classed vessel will probably reaching, and there has been far as it affected Greece. Rules. One of the main features said that it was preferable for — even if only to test th 

twk '-on. escape. the net" comparatively little criticism on Over the years there have from the insurance point of shippers to make their own reactions of cargo owners an- 

oe^ ^ and s a me^ the grounds that the changes been plenty of efforts towards view is that the rules take away arrangements for insurance and to establish legally the roeanin. 

mule ' «n T IlllmoWTl are too radical. simplifying documentation. In the carrier’s exemption from to be able to secure credit for 0 f such expressions as “reasor 

, ^ometimes.the ... ■ .... ■ Another problem which has some cases underwriters have liability for nautical fault, un- good claims experience brought able .measures to avoid occut 

considerably ^gorg^^aa /jhfr^ ^ ^^^ ^ after 0ne <* the problems .faring been concerning British in ticised fox insisting on Iks proof c^n tie p "d | ,« v_ 0BAn u.4tatvim< ' 

Eii 4 'IiJmmU insurers is that the almost surers and other world markets certain details. Their point is all reasonable measures were remains to be seen whether all delay settlement of liabilit. 
eargo ia -iasirted^ot only ■ a as SStinn universal use of open policies has resulted to some extent simply that, to evaluate risks, taken to avoid the occurrence or even most major maritime compensation, cargo owners Wil 

.•^ff*w?^SpJ^?to3re8viifc ‘-lii* 'iidtdinw 'or' contract* for cargo business from the financial plight of they must have information; and its consequences. The countries will ratify the new lock to their own insurers fo - 

^ n»mw (whereby cover is automatically shipowners and charterers, only with that information can exemption from liability for Convention; in any event it is prom pt claims settlements. I 

co n siderably. Vmore -.than v the^|| 
v ^stSk 

cargo fa- iaatfedinot only -vritil€r*s 
afloat .but^^^^^red'in ' ^ 
- Warehpui^ -a?ivaitihgL “shipni &t; H 
-. ^upment • ■; 6^teo P - 
becanse of imhalanpe of supply 
and .ffqmaiMl, 'icpnjaderi*le -con- 
;gestS?ni.^ads;^ pjv^wifh -the :. ;■ 
refiiUt; - there. 1 : are .large Hi 
- accmmiXati onS. of risk. - !- Dining ,is 
the. la^i.few. years- there have ap 
been hn^fe' firCs atr Jiffta on the ** 
Hussian/TurkSsh border - and on. ce 

-MiKir nwmfnrne (whereby cover is automatically shipowners and charterers, only with that information can exemption from Hammy »r uun^ouon , in any event iun prompt claims settlements. I 
icS^'^SedJn^hips 1 ^ P rovi<ied and shipments are coupled witii discharge delays equitable rates of premium be fire can be removed^alftougb ^Ucely^to become .effective for has^even been suggested tha : 

simply declared ta insurers) at some pints which have been charged. u>6 «»«s «* h‘««* « “«*■ vu »«»■•« uncenuuuw ran« m 

means that the identity of the badly affected by congestion. Some years ago the idea of claimant to establish that the If it does come into operation, crease the overall costs oj 
p .will be effec- carrying vessel is often un- The delay has resulted in an insured bill of ladiog never ^ re arose from fault or neglect while it will put more liability maritime insurance and sflip 

afrom JFuly l next Its effect known to the shipper or under- liability for demurrage being really got off the ground- Large of the carrier or his servants, on the carrier it will not owners' liability cover — witt 

ffiat ; foe premium rates will writer until the risk is almost incurred by charterers, who shippers with good claims ex- and similar failure to take all eliminate the need for eonven- the cost of the latter reflected 

*T:fJpa^-Vy mere cargo is past — if it ever comes - to have not always been able to perience could arrange their in- reasonable measures to prevent tional cargo insurance. For in the freight rates charged by 

the onus of proof is then on the several years. 


is by * vessel classed to ug^t 
specifications by listed insurers are. 

reasonable measures to prevent tional 

meet it. In this situation- a surances more cheaply in the 
therefore, shipowner may order the ship market. Nevertheless. the 
shippers to to some other port where per- search for simplification con- a 
aor aualitv mission is obtained from the I “ — 

insurance. For in the freight rates charged by 

l P^ us serious aa s^a lPon sogroes, provided urging their insured shippers to to some other port, where per- 
flooding at'-Haniburg. - ‘ I - 5111^5^88^ is mot over 15 years recognise and shun poor quality mission is obtained from the 
. wiileitmig^be thotzgh^that of or} if ovet 15 years of tonnage, although they appre- local authority to discharge the 
the large influx of materials and age. i^or.ov^r 23 years of age ci a te that the lower freight cargo and sell it. so as to recoup 
goods tbjthe Middle East would and h*s eStaMSshed and main- rates offered by such tonnage the money owed. On many 
have been welcomed by both tainect^ai regofer pattern of can have attractions. “Action occasions, the whole procedure 
shipowners and insurers during tradinffir bn- an - advertised on these lines/’ said Mr. Hunter- has been completed before the 
a world trade .recession, plenty schedSfe'toloadand unload at “combined with more severe cargo owner, and his insurers, 
trf-^roblcans. have arisen for both 1 specif^?; ports.. ^An important penalties for over-age vessels have been aware of the 
paTties^because^ of the serious point chartered vessels, and hazardous commodities, situation, 

conges tion a t Thany. ports. • j - and al^ryeas^^of nnder 1,000 holds the main hope of remedy- A few weeks ago Mr. Keith 
Understandably, where pos- gross hm^ j^Sst 'be classed as ing a very dangerous situation Williams, chairman of the Insti- 
rsible ewners -of modern tohn^e sperifiedf ^i^may: not be over for underwriters.” tute of London Underwriters, 

have preferred to employ their 15 yub^ bf^age.- . Certainly it is expected that reported that a considerable 

parts of the overall transit (e.g. shipowners. 
Among the other changes are land transit prior to, and sub- 
more extensive period of sequent to the end of the sea 

John Gaselee 

- . 


FREBQUM -RATES in the. avia-^lloons, hi action to personal pared with the sheer volume of Meanwhile, some under- 
tiqn insurance market have coo^iccident cov^jfor all who fly. civil air transport aircraft move- writers are looking at new tech- 
tinued to mqve dbvimwards in^ But the Londonmmrket is now ments. which now, amount to nological developments in aero- 
recent months as a result of tiie^encounterin&.aTpig increase in more' than 10m- separate flights space, to discover whether 
intenBifyli^'7W^d^de ;cqn^tiie nuntb« : qt^^petitons seek- every year. What gives cause there are any opportunities in 
pet^dn for buKness- and thereMng aviation^fi^urance business for concern about any given them for boosting insurance 
is 'iab. sigliipt. ;ltt-;iniproveineiit0worid^d^.'. attractions accident is that the number of business. One area that is show- 

in the near '/uture. : ^ enever^appear.|6 be.®®,-high levels of passengers tends to become ing promise is the satellite 
the London mkticet has tried tb^premium- avail^Dle (where one larger, because of the increasing field, where an increasing num- 
increape rates,- ¥t has tended to' "Jumbo jet cai§cbst up to 450m size of the aircraft and conse- ber of satellites is being deve- 
lop businfes to other markets^^^^there are^vexal in any one qnently the bigger loads they loped and launched for a wide 
notably tto and ' the 'Con- aftSoe's; premiums can carry, while hull values variety of functions, such as 

tinent But- the i view of -the payable .can "be^considerable— themselves also continue to rise, telecommunications. weather 
market 'is-. tiiy.. pr em hi m ; rates' Tmt^without jtjiy-. comparable This could lead to some public forecasting and earth resources 
aTe mow fined' down to surii- am slgrui^g®>t imd^Sanding by the opposition to the manufacture monitoring. Space has now 
eiriqnt-tl^ th^ o^y al)<w: for newcomers of t^problems, and of bigger individual aircraft — moved out of the early develop- 
ordina^y/ /losses, vand . proride the pflMfile hoards. At one the idea of the 1,00 0-sea ter meat era, and the satellite is 
tittle or no- margin for -.Miy stage uSttoabfed^- some good Jumbo jet first mooted some becoming a useful tool of man- 
major catasteopbe. : V profits wera,^miiie ; in aviation years -ago. now seems to have kind in its own right 
The latest statistics frem insurance, ^it 'fee . poor years died. But there are already air- Bllt satellites are expensive. 

Lloyd's show that fqrtb£lj9<4 have recentlx Pi^umbered the lines throughout the world regu- M muc h as $18m for a 

S°^' -t- • /-A- J larlyjjacking between 400 and 5ingle 1arge telecommunications 

f oj ipcome v.-.-v; , ■ ; yiv f .v , .! 1 * - • 500 passengers a time Into ^tpnite of the Intelsat IV 

and. icSpU*: 'figures^ are avail- // .‘f - » ‘Jumbo jets, and the insurance variety foT example. The risks 

» bI 2rS ti0 tn P SS. mt Sh * : 'K Dity . on *** aightS \5 0th involved in launching them into 

>- ; -Qiie^esult-!Df s «hIs inflow of ^ and Passenger, is substan- orbit reduced over the 

something ^. , t • , . years as knowledge of the tech- 

for basiness I^s almost certain, however. nology involved has improved. 

The o^erati'Jevbl-of prendui^^^ 351 *^^®. rates ' ^isXt fleetT irin rise in ^ are therefore ideal 

has Ween /rising 'steadily,., froio^ 3 ^ Up bigger undenwating ^ ^ number of passen- candidates for insurance, as the 

abbut*^&^ Vjtl" S!33“ta ft® European Space Agency proved 

been attributable to * major *hed.ule«f airlines with S«» . deSv travelled when it collected the insurance 

of raetbra rf the genor^el SomoSSdiu^rSge sectors ™ ^ ^st Orbital Test Satellite 

of lnflatiQh twhieh has.pnt up. baire ..moved away to otil€rs of +he markets. This will gener- which was destroyed within 

aircraft hulLval 0 es. ch^ge^in ^^te^are more °te^cS5ed demand for iSi"- seconds of being launched from 
exriiaifye -nt&flinff «D&cre^PWtree... > Th ? trend is re^ig C*Pe Kennedy last September. 

dvmfc ym in the. London maricet “J " As more civil satellites of all pointed our^ttat Vi? Sons remain kinds are put into orbit there 

tine fleets whose T insurance is so^ of the newcomers have, mot ^ ^ ^ pressures on rates is likely to be a rising demand 

*St.y gedJg.~ l W r fi“r5 « for insurance some uuder- 

But clalms.lare^oTjeeiLri^ J£S. 'SSK^Ste -ii they are today, forcing them liters in London are ready to 

ing. and tile; world; arafioii m- J^“ 4own t0 what man y believe are meet - 

mranrp vinarket "has suffered aJuacung tne new iu llnrM ii e HMiiif lnw TpvpIs and Cn far t.ho Tjinilnn martpf 

ing. and the world ariation in- jpn« 

suraneb, sufferad ^th p 1 h n np^hat wnrid unrealistically low levels, and So far the London market 

some severe knocks, in recent gusiness i s ,ine ope whether there is a continued im- appears to be out in front with 

yeais -r-^e;IK>16. Turkish Air- J”«vPn thoueh tba Provement in the safety curve, this kind of business, demon- 

lines. crsish.. outside Paris, for/ come SQfer t *v n. * . _ which in turn will dictate the strating once again its inherent 

example. 'arid. iast ycaris colli- number cd peop e ■ . volume of claims. Many of the flexibility and its readiness to 

sion pn the iunway.-at Teneriijp creases -steadily at tneratep^ underwriters and brokers be innovative. It is not likely 
between : J nnibo^Jefsf pwne d by abopt 0 per cent a ye - handling aviation insurance to be long, however, before 

KLM and Pan Am. These have ismVt. 7®® business today only stay in it others move in where London 

made heavycaUs on:the London record of uie woriasc eauie they believe that better has pioneered, and rates in this 

martcet, Tint: have: been met be* air transport manstry is i^- come eventually, but business could also come under 

cause the' risks . were "well proving, in terms of passet^a- some baV€ withdrawn from this pressure. 
spreadL > ;• - f a ^al lQ ^ ^ or 100 “ pa " D type of business in recent ^ 

Thfe' Lbhdbti market both miles _ ^.“ d . Sontiis. Michael Donne 

Uoyd^Hiderwrtters. brokers, attention is 1 being paid threap 

and the kidatTon insurance com- out .tiie industry to the safety __ . 

sasr^ssas ** f Sinai boats 

StinS-^ir -equipment, pas- ati the regulationsjovernt^ itir. LllllClll kJKJsX LO 

sengfcrsr ittnd^ djixn;.'bot also for transport is djrectd s . 

aircraft ? manufacturers, re- safety in one form, or anomer. CONTINUED FROM PREVIOUS PAGE 

jSSEfc'**- ■.'wWtfc': aix-wd whUe it is induridi **t. ... 

ports. - private . P wn ® rs : °f -.° ccasl0 “J“^f^f :, 5f_f wh p n eom . allowed to race ot perhaps even a marina and burgle boats 
powered ■ alrcrafL.’gliders and occur, they ar g7^^___ _^^__ | s a iL • Many marinas insist on furthest away from the land- 
~ ^ li-baving necessary insurance ward side, and therefore 

ess isth e ho p>ethat woSd 3SS*tt J-J*- J5. 

Small boats 



[cover as a condition of using farthest away from security. 

the marina. So there is 

The yacht and pleasure boat 

-active, market in yacht "and account is not normally a highly 

pleasure boat insurance. 

- Insurers have experienced 

profitable one. It is expensive 
to run, since it has to be under- 


AnEgyptian ErecZone JointStock Co- 

. - Licensed' to transact manne 

; ;■ :. : and nonMaj^fiis^ 


. TALAAT'HARB ST. . '■ . 

..TEL. : 20700 • 2850S 
. 7p.O. BOX 2012 - 

4- -M.TPT ; 

information contact: 

American International (London) Ud 
. : : Lond<ni;EC3M SBP, England : •; ; 

■difficult winter with the severe written more or less separately, 
storms in January. ’ Damage This is a time-consuming pro- 
came in two main forms— the cess. In addition, handling of 
boats ' battered at their moor- claims can be tricky, because 
tiigs and . even being tore off unlike motor insurance, there Is 
their moormgs and cast ashore rarely a policemen's report or 
or against the marina wall The standard procedures for assess- 
other type is' boats flooded at ing damage and repairs. Most 
their moorings. Since the boats insurance companies dabble in 
are unattended, a severe storm this type of business, and there 
means that water gets into the is considerable rate-cutting in 
boats from successive waves, the market The converse of this 
the covers are torn off and the is that it pays yachtsmen or 
water is not baled out The power-boat owners to shop 
boat's hull may survive intact, around, 
but the fittings are likely to be Now. that the years of 
damaged. However, although it austerity appear to be coming 
was a poor winter for claims, jt to and there . are. signs, of 
is not regarded as catastrophic an upsurge in sailing and power- 
by underwriters. boat use. The insurers will 

Losses from theft are a major always provide this type of ser- 
source of worry to under- vice because there is a need, but 
writers. There is a ready made because It only accounts for a 
market for second hand items small part of the marine port- 
of equipment fuelled by the folio there is never strong pres- 
high cost of new items. Boats sure for it to be particularly 
are left unattended for long viable. 

periods and security in many Here Is an example of the 
cases is virtually non-existent, post of insuring. An Enterprise 
It is easy to break in. dinghy, valued at £1,250 with 

‘ Cases of theft are reported cover to include racing and 
even from marinas where transit to and from the sea with 
security is first class. It is easy an excess of £15, would cost 
to; prevent access.from land, but about £530 a year to insure. Not 
approach from die sea could be much for peace of mind, 
a different matter.. It is not n • 51.. 

unknown for thieves to row into ahllC OflOn 


( tu~. 

§§p&^^‘ raue ^ 


71/rLLiiv (ft 

ju/ujtu/ f y\- ^ 

itedaf- J^an— 


■■ X rS/irili 

This Marine Policy was issued by Koyal Exchange Assurance in 1745. 



1 Guardian 
inp Royal Exchange 
1MB Assurance 

Head Office: Royal Exchange, London EC3V3LS. 


One of the world’s great insurance companies. 



for aviation insurance 
around the world 

J. H. Minet & Co. Ltd, Aviation Division, Minet House, 66 Prescot Street, London El 8BU 






Managing Director 


To lead a major operating Company with 1.500 employees 
in three locations -and a growing turnover of £20ra- which 
is part of a long established and highly regarded British group 
with extensive and expanding interests at home and overseas. 
The Company has a dominant market position in serving mayor 
national retail chains-in domestic and export markets-with 
a broad range of specialised food products. Growth and market 
penetration will continue from technical efficiency and 
financial strength. 

The key tasks are to improve profitability by efficient 
direction of" the total cost line and to support profitable growth. 
Tempo is exacting, performance standards stringent and success 
relates to delivery on time, to quality, and to cost Accountability 
is to the Chairman. 

for die expanding British subsidiary of a multi-million pound 
Dutch group. 

• tn tttat- emphasis on product and sales development -will be 
followed by a broader responsibility leading, it is planned; to the 
•managing directorship when the present chief executive retires. 

• a' successful record of .marketing related to improved sales 
performance is required, allied to evidence of n umera te skills. 
A g rad ua te who speaks French or German would have an 

A record of sustained career progress is sought in the 
direction and management -in manufacturing, distribution, 
development, personnel, administration, and financial control 
within successful food or related manufacturing companies. 
Equal emphasis will be placed on the record of cost line 
management success and progressive achievement in man 
management and the utilisation and development of human 

o salary: around £9,000 plus a car. Preferred age: mid 30s. 
Location: London. 

'Write in complete confidence 
to N. C. Humphreys as adviser to die company. 

Challenge, scope, and opportunity in this appointment will 
bo attractive to with progressive and professional 
management competence who seek to direct the dynamics 
and the performance of a complex business. 

Age: probably lute 80s. Salary will be for negotiation in 
five figures with attractive conditions of service and car 
provided. Location: rural SouthWales. 

Letters from suitably qualified men or women, should include 
a detailed curriculum vitae including salary progression to date 
which will be handled in confidence by Dr A G Roach. 










with general experience on con- 
tracts and particularly banking 



UP tO £10 # 000 PA. 




Bachelors preferred. 
Write with C.V. to 
P.O. BOX 2578 

Opportunity in 
Business Management 

Circa £6,000 

An opportunity to join an expanding major 
financial institution is presented by this 
vacancy for a Chartered or Certified 
Accountant who has had experience eta 
sen for level Inacomperableorganisationand 
is skilled in managing and developing staff. 1 
Reporting to the general manager responsible 
for the fu notion, the successful man or woman, 
(who will probably be between 35 and 4 5) 
will be in full charge of all accounting and 
should have practical knowledge of. 
computers end related systems. The work is 
demanding and often carried out under 
considerable pressure. 

The salary on appointment will be up to 
£1 0,000 p.a. a nd other benefits include 
generous assistance with housing finance 
and a first class contributory pension scheme. 
Please write with full career details including 
salaries to S. Crosbie, B.Com., F.C. A.. Genera! 

Manager (Finance], making 
the envelope "CA-. 
Confidential", at: 

The North of England Open Air Museum is being 
developed in 200 acres of parkland and requires a Business 
Manager to take over and develop commercial and financial 
aspects of its operation. 

The Manager will be expected to join an informal and 
deeply committed team of professionals working to make a 
significant contribution to the development of the Museum 
as an international tourist attraction maintaining the 
regional heritage. 

The Business Manager should have a sound business 
background preferably with a financial bias. A management 
or financial qualification is desirable. 

This post, reporting to the Chief Accountant, the senior 
financial executive in the U.K.. has been created as a 
result of rapid growth over recent years. 

APIA established in 1917 is an Association of 10 leading 
U S. insurance companies operating in over 80 rountrie* 
with 230 branch offices. The Homo Insurance and the 
St Paul Fire and Marine Companies are the AFIA mem ® er , 
companies registered in the U.K., which is one of AFIA s 
principal business centres. 



Affiance House 
Hove Park Hove „• 1 
East SussexBN37AZ 

Application forms and JTa i ia «« 
further details from: Lif Tfli'ii 

The Director. 
North of England 
Open Air Museum, 
Beamish Hall. 

Co. Durham. 


The post-holder, who also deputise for the Chief Accountant, 
will be a qualified A.C.A. or A.C.C.A.. with in depth experience 
of management reporting, profit planning, scaff management 
and have a sound knowledge of insurance gained within 
the U.K. market. Experience of working in a U.S. 
multi-national organisation would be an advantage. 



Applications from either 
male or female 
candidates to be 
returned by 1 6ih June 

Terms and conditions of employment are as 
associated with a multi-national 
organisation, and will attract 
senior applicants. 


afia | 


Replies lo F. D. Campbell Personnel Manager, 
.•mill AFi A Worldwide Insurance. 

Ill I ~s££S 

fully versed in all aspects of Sterling and FX Accounting including 
B/E Returns, Management Reports and Returns and all connected 



Telephoned -025 8744. 


Apply in confidence to MR. N. E. WIMPEY 
with full curriculum vitae. 




• liKOr l >oi'..rcd unrer ol Canada 

Bt.irfl Ol D.rtOVi O'- Ih.s Conisjn, hjs 
4-:cMr*rt au«r;<.ri> ar-.ncnd ol '.weniv- 
n.e ccnrs '^5 ccnti) .md in c>:ra di.i- 
fltii o’ ipi lo eentsj per r‘i,rc 

■ in (.'ruled S'.Y,ci finds' o-< the Comojfir's 
C'ass A. Clast E. and Class C Con.eiti'blc 
Otrinar* Share. -iilmi: nominal cr oar 
•awe. oaracie jure ji. 1973 . :o shori- 
hefoers ol rcicra jr sue close or business 
on July 1 1 373. 

The dividend capable c« Class A Con. 
vertible Qrd'hir , rcp'cseni.KJ bv 
Share warrant hearer will be oj.d 

onlv against su -render ol Such hearer 
warrants 'With coupons serial Nos. TSd; 
160. both inclusive, with talons attached] 
In exchange lor bearer International 
Depositary Receiots issued br Morgan 
Guaranty Trirat Ccmoany ol New York 
a> Brussels. Belgium. •» respect ol Class C 
Convertible Ordinary Shares ol the Coin. 

pan. or lor reo S'.ercu shire tr.'.iri. i.k 
o' She Company. B-aicc warrants 'v«.;h 
coupons srriai No', tfd ISO. Oo:n ■ 
si c and talons attached' may be Jurnn- 
du reo lor c.rchanae to. 


S'* Rue de Namur. 

>DO0 Brussels. 


Morgan Guarani, Trust Coop. 1 ' • cl 
N.» Yc-rfr. 

35 Avenue Oca Arts. 

10-10 Brussels. 

Dii.-4 at Toronli. Caeadu. the 30:1 day 
ol Mav. 1976. 

By Order cl the Board. 

L. A. ALLEN. Secretary, 
The Transfer Agents ol tnc Company are 
Nation'll Trust Company Limited. Tcfontc. 

Montreal. Vancouver. CalQflry. Winnipeg 
and Halim*. Canada, and Citibank. N.A.. 
New York. U.S. A. 

Changes Ql aoorets thould be notified 
promptly to National Trust Company. 
L 1 miied. at S J King Street East. Toronto. 
Canada. M5C 1B3. 

Subordinated unsecured loan 
STOCK 1930 

register cf noider-.. ol the 7': per cent 
tO'iyerttbfe inter,, gated unsecured loan 
1 stock 1990 • • 'can Mock ’ ‘ •>■» be closed 
1 from 17th June to join June 1973 ibotn 
• dates r.;.u;,.ei to -mablisn the itfentit- 
] ol those ioan stoc’ hciders entitled to she 
1 hall-ycan v .nfcresl oavrtent, payable on, 
■ SDSh June 1973. 

. In *n niialllv f r. r rJin i.ltrrr'.f 


In order td auallty ler the interest 
paiment aH transfers, actomaanled bv me 

■ relevant loan stack certihcatcs. must be 

■ lodged with the company's registrars. 

'Central Rcalstras.on Hong Kong ltd., net 
{liter Lhan 4.00 o.m. on 16tn June 1975. 
Br Order o! the Boar-1. 

• Incorporated in tnc Republic ol South A!rica> 

7"„ UNSECURED NOTES 1975.84 1 “ THE NOTES "> 


NOTICE IS HEREBY GIVEN that the fourth capital redemption, being 1 ; 10rh 
ol the capital amount ol me Notes outstanding at 1 July 1974. will be paid 
to me holders o! the Nates who are registered in The company'! rnglsrer ol 
noteholders at tne close ol business on 16 June. 197B. The registers of 
noteholders .n jon.inneshurg and Urn United Kingdom will oe closed from 
17 to 3} June. 1978. both days inclirti»«\ 

CapiUf redemption payments will be made on 30 June. 1978 -to those 
noteholders ™ho have surrendered tnclr certificate, to tnc Company’s registrars 
lor jndorsemefil by that date. Therealier, capital redemption payments will 
be effected against receipt of certfhcabcs lodged for endorsement and the 
attcnt.on of noteholders Is drawn to condmon 3 id; on Mia reverse side ol 
the Notes' certificate. 

Hong Xom. 

1st June 1 97B- 

Camsany Secretary. 


of Sooth Africa, and the rate of exchange at which the payments will be 
converted into United Ktnwtom currency, tor the payments br ffte United 
Kingdom registrars, will be the telegraphic trawler rate el exchange between 
Johannesburg and the United Kingdom ruling on the im business div otter 
16 June. 1978. 

The attention of noteholders who are residents or the United Kingdom 
'including the Channel Islands and Isle of MartJ, me Republic of Ireland and 
Gibraltar Is drawn 10 the special conditions of the United Klnpdom Exchange 
Control Act 01 1947 relating to capital payments, details ol nntdi will appear 
on the warrants. 

mfw MANAGING director of has been Midland . Bank prof essor 
TmxniGTON ■ BROIBHKS. Flat -of money and ;hankmg. University 

Glass Europe Division is BfcD- N; Of Notti ngha m, since 19fi7. 

CJedwyn-DavIes. Be succeeds Mr- - . had Kia* 

R W. Crosbie, -who has. retired. ; Mr. Riteme. Har rison has b«a 
Mr Cledwvn-Davtes was pre- - appointed' marketing and sales . 
vfously production director. Mr. - director r JOHN ~.BLA yisA -AND 

/j -a •• Dickinson - has .been SONS. In- plane ~ 6 f Mr,- BrtenAVWJV 
appointed - production dfrector. wfcp.has herame marketog dhec- 
designate. hut- Will continue- for. tor of Imperial Tobacco. VrJUb 
the present as technical director. Lancaster is *ow general maiSet- 
- . *. ' . - .4 - r mg' manager- at- John- Pfayer and 

y,r-*M ixATJTrrr-w "mtttwftj, Mr. Mike Brayiey « became 

general sales manager when Mr. 

and TOMPANY announce that reti^t ilS'lnd^ 

from. October B. . J- Cwifi. th - vear. - 

trom uctodw u n *‘- this vear. ' "■ 

Mr. S. H. IngalL Mr^R- L. *• 

and Mias P. W. will jvjr. J. Myles has become chair, 

admitted as Parwe™ m v ^ man of ANDREWS MACLAKEN 
Londfm office ana w- e. and eonthmes as managing cUrec- 
Scamaa will be atomed as a ^ Mr x Na sb has been 

PeaC appointed deputy managing dime. 
Marwick, Mitchell and Company ™ r - 

SS^PkfPSSFlffj:?'- M^- L R MaedomM has been 

admitted as parmers. jg,. Trew; executive 

' directors of STEN-RE, : h 'subsidiary 
Following the appointment of 0 f A. R. Stenhouse Reed Shaw 
Mr. Michael V Irian, previously Partners. Mr. P, J. Bethell 
group director, safety s erv ices, as bas been made managing director 
CIVIL AVIATION AUTHORITY 0 { member company. Sir- ’W illiam 
deputy chairman, changes nave Garth waite CRemsurance)- 
heen made in the Safety Services * 

Group. Mr. Geoffrey Chouffet, pre- Brian Davison, general 

viously ■ director-general opera- manager of the Clydach nickel 
tions, has been appointed group refinery of INCO EUROPE, has 
director safety services with over- -been appointed a director, of the 
all responsibility for both oper- company 
atlonal safety and airworthiness : ‘ 

functions. . Mr ; ^R°y Mr-" 'Brie Parker, group manag- 

vtoosly deputy ^ rec tor-Reneral fng diirector.Trafal gar House, has 
operations, succeeds as director- ^jng,} the. board of HR Shipping 
general operations. ““ and International Services division. 

Walker, previously director ° £ oT BRITISH -RAID for three years, 
flightcrew licensing succeeds as 01 1 ^ J 

deputy director-general opera- Mr . w. t. F. Aostin has be^n 
tions. appointed ..president 7 of the CON- 

CRETE SOCTETY for 1978-79, 
Mr. Peter Sannders, a director succeeding Mr. Bryan Jefferson, 
of Associated Newspapers Group, . * . 

has been appointed to the Board ^ Conrad Martin has just 
of SOUTHERN TELEVISION. Mr. been appointed to the Board of 
Vein Harinsworth has resigned. TAUNTON CIDER as sales direc- 

tor- .. 

Sir John Terry, ma n agi n g \ * ' 

director of the National FUm Mr. George Garbyr formerly 
Finance Corporation, who will .genera] sales • manager for. the 
shortly be reaching retirement Foxboro Company In Canada, baa 
age, wffl continue as managing been ■ appointed director of sales 
director until December oL for FOXRORO EUROPE* Be takes 
* ■ over from Mr. Aime Fux, who Iris- 

J**™, «»: ' T«ON 

SS™S. bSn w'potatri n non- ' listra,,1 • 

executive director. Mr. Cooke is a Tlon - ■. ■ 

director of EUerman Lines and of - r - ^ 

SSS 01 th ' ir 


. PANY from July it on the retire- 
• Sir Richard Smecton will be ® ciowes. 

retiring from the SOCIETY 0 F m ? nt 

BRITISH AEROSP ACE COM- u. * r Pedlcv has joined 

PAMES on January 2h 1979: He COX Is dUSS 

will be succeeded as director by PDI- plastics dis- 

Air IIXM Sir MnNA Sfn dlrtlo™ H? 
senior executive, Rolls-Roy^who vjousJy w1th Sfqcklire Plastics, 
will be leaving the company at the ^ .★? 

end of the year. ' Mr. K. Al Wflliatns has resigned 

■ - 4c se VnAnawingr itiMetoe nf HOUBI- 

ena oi me year. ' Mr. K. Al WQliatns has resigned 

* as managing director of H0UBI- 

Mr. Cedric Brand, managing GANT in the UK. . \ 
director of Tilbury Contracting - ■ 

Group, has relinquished his posi- Mir. P..SL'Biwc?, Mr. J. Grant 
tion as managing director ’ of and Mr. t>. J.' 'Herod Tiartj' been 

TILBURY. CONSTRUCTION, a "apDoirted for -the Board ■ til 
subsidiary, bat continues as chair- SCHLESDKHER LIMITED, private 
man of that company.- Mr. M. C. bankers, and not Schleshger as 
Bottjer has been made managing published yesterday, 
director of Tilbury .Construction. ... . ■*. 

s * l®r. Roger T. Elriihlrst has-been 

Sir Leslie Smith, chairman of mohried pre^entbf UHAHTOR- 
BOC International, has been HOUSE S the Tre nch develop 
elected chairman of AIRCO INC. roe*t capital subsidiary of tha 

Cipvicu uiauuioii. tea nauw , • „ . _ _ 

of the U^. He succeeds Mr. Charterhouse Gropp.^Mr. Mi^el 
George S. Dfilon, who has re- KnibbeIer _has. become director 

signed from that company which general, 
was recently taken over py BOC. „ 

The following outside Airco direc- Mr, A 

Mr, A. J. 0. Scott has been 

to the Airco Board are. Mr. 'femes Mr;. N. E. -Nibloe vrjU bet jql<j7dg 

G. Baldwin, group yicerpresiient. Countryside Pnjperties'.im aJgL? 
Mr. David J. Cnus, group vice- as ™araginsr director 
nresidimt, Mr. Donald Heicb. TRYSIDE BUILD ~ 

president, Mr. Donald ‘'-Rdcfc, THYSIDE BUIU3 - (Spu^ppHori 
newly ejected executive rice-presi- a subsidiary- , : r . ■ - 

dent; and Mr. Paul Bosonnet, « Y J: « 

director, of BOC International Tifr.H. Bertmaux aniTMt:K. J.T. 

* TVyitmans have resi gned a s duw- 

director of R0BT. BRADFORD 

(HOLDINGS). t. jir, Trevor Tammiin. haa hi^ n 

„ „„ - .. appointed to tbe Boartt.PlEXTKL 


By Order ol the Baird, 
W. C. Warrlner, 

7 June. 1978. 

6^% Guaranteed Bonds 1986 

S. G. WARBURG & CO. LTD., announce that the redemption irmalmenr oi U.S.S900.000 
due 1st July, 1973 has been met by purchases in the market to the nominal value of U.S.$562i0OO 
and by a drawing of Bonds to the nominal value of U.S. £233,000. 


Barlow Park. 

K attic rind SDMI. 

Sandlon. 2199. 

Sot>:n Africa 

'P.O. Box 78-2248. Saneion IU81- 

Rand Reoislrars Limited. 

2nd Floor. DevanaMrc House. 

49 Jansccn Street. 

BraamfonUMn, _ 

Johannesburg. 2001, 

South Africa. 

Lloyds BanV Limited. 

Registrar's Department. 

The distinctive numbers of the Bonds, drawn in the presence of a Notary Public, are as follows:— 

7642 to 7650 
7714 771S 

8032 TO 805 1 
8242 to 8247 
3470 to 8475 
8617 to 8621 

7652 to 7655 
7726 to 7730 
7841 to 7847 
8093 to 8101 
8275 to 8277 
8370 to 8372 
8541 8542 


7658 to 7664 
7732 to 7738 
7855 7857 

8103 8104 

8280 to 8304 
8377 8395 

8567 to 8569 
8668 to 8672 

7678 7679 

7743 to 7740 
7966 to 7975 
8129 to 8133 
8308 to 8310 
8406 to 8408 
8674 8675 

7690 7631 

7784 7735 

8019 8020 

8156 to 8163 
8315 to 8318 
8431 8432 

8576 to 8586 
8708 to 8717 

7703 to 7706 
7824 7827 

8226 3223 

8326 to 8341 
8443 8444 

8722 8723 



Hambros Bank Limited addie that 
tnc redempton due on inc above loan 
Ic. If. 5 . ? 2 . - 150.000 nominal, on the 

July 197B. has been effected bv 

S. G. WARBURG & CO. LTD. announce 
that bonds lor the amount of 
UJS-S1.B75.000 have been draurn in die 
presence or a Notary Pa bile, lor The 
redemption Instalment dun 1 st July. 197B. 

The numbers of the bonds so drawn 
are as tallows: 

12680 to 132B5 

144 IT to 14546 .. 

On 1st July. 1978. there will become 

On 1st July, 1978 there will become due and payable upon each Bond drawn for redemption, 
the principal amount thereof together with accrued in rerest to said date at the office of 


30. Gresham Street. London. EC2P 2EB., 

or one of the other paving agents named on the Bonds. 

Interest will Lea;e to accrue on the Bonds called lor redemption on and after 1st July. 1973 
and Bonds so presented for mutt have attached all coupons maturing after that date’. 

U.S.S7.200.000 nonvna 1 amount of Bonds mil remain outstanding after Isi July, 1976. 

30. Gresham Street, London, EC2P 5EB. 2nd June. 1978 


TRANSFER BOOKS lor the Tt*,. Dettf-n- 
!ure Steel. 1993-93. al the above named 
Comomv V»:l< be CLOSED f-om ISth June 

lo T »>*•» June 1978. Ihtiusivi* *:r the pre- 
Diiraticn ol Interest Wflirant'- 



Genefa- House. 

SneWeitf SID JFJ. 

B - PEC CENT. BONDS 1 98 1 
■ S'-es np'-ite that tha requirement* 

Sf the 30'.*f June 1978 Redemption fij-e 
been sat'tl.ed by purchaser ol 15.000. DOO 
nominal bonds. 

due and payable noon each band drawn 
for redemption, the principal amount 
thereof, together With accrued Interest to 
said date at the antes oi. — _ 

5. G. WARBURG 4 CO. LTD.. 

30. Graham Street. 

London ECZP CEB. 

or one ol the other paying agents named 
on I he bonds. 

Interest will cease to accrue on the 
bonds called for redemption on and after 
1st Juhi. 197B. and bomb so presented 
lor payment must fume attached all 
coupons maturing alter that date, 

U.S JT 1 075.000 nominal amount ol 
bonds Will remain outstanding alter 1st 
July. 1978. 

The following tpinrls drawn lor redemp- 
tion 1st July, 1977. have not v« been 
presented lor payment: 

_ no.'s 20«52 to 2682 B 

SO. Cresnam street. 

London EUPlEt. 

2nd June, 1978. 

iJiauci-ry Division Companies Conri. In 
Lbu Mailers erf 

No. mum i of iers 

No. (HUMS of 1 5fTS 
No. 001645 of l»m 

No. 091630 Of I6TS 
No. 901651 OT 19iS 

and In tlie Mailer of the Cump antes Act. 

PeUiioiu for the wUuUnu-Up of the above- 
named Companies Os the Huth Court of 
Justice were, on the 32nd day of filar 
1973. pi-nemod io the said Coon by 
AND EXCISE of King's Beam Sense. 
3941. Marie Laho, London ECSR THE. 
and that the said Petitions are directed to 
be boom before the Court stain? at the 
Rural Coons orf justice. Strand,. London 
WC2A SLL. on the Sfith day of June 
1973. and any creditor or comrlbatory 
of aru' of the said Companies desirous 
io support or oppose the making of 
an. order on' any of Hie said Ftitfttons 
may appear at the time of bearing in 
person or by his Counsel tor that purpose: 
and a copy of the Peri Lion win he 
furnished hr ihc underalsnud to any 
rredhor or contrfbtiuiry or any of the 
Mud Companies rewiring such copy on 
payment of the regulated charge for 
the game. 

«. F. GUJAK. 

Kiw'g Beam Roost. 

3941. Mark Lane, 

London ECSR THE. 

• • ■ SnHclur for the PetlUonen. 

NOTE.— Any person who intends to 
appear oo the hearing of any of the said- 
P jiii ions must serre on. or send by post 
to rtm above-named, notice tn wrUina 
of Us Intentions an lo da The rmJca mao 
stale the name and address ol the person, 
w. jr a him. uw dame ana address at 
the firea. and must be signed by the 
person or Arm, or -ms or their SoUcftor 
i It anyi. and onun. . be served or. if 
posted, mum bo sent by post in sufficient 
tunfc to reach the ibave-oamed not Id tor 
■ban tour o'clock in tlic ailnraooa of Ihe 
23rd dsy of June 197B. 

come chairman of BRITISS . “ f " 1 1 TT . : 


succession to Mr. A. Paul Braauer, IJ/jn Iff* 

who has been elected honorary- lACaUI* 

P Mr. James P/lHochler. has been WOtkcrS . 

appointed vfce-presldent-^-fnter- ’ -• : ''v ' 

national group. PARKER HAN- fr, CTtiiQ u Allf • 

N 1 FIN CORPORATION and vice- tt# ^ 

presj’denl sales and marketing of- PEOPLE 'working In 
Parker Hannifin Europe. p He- will Health Semce/’were" 
be based in Watford, UK..; . - the. OppOSitlan's ie^Tth/^^fes- 

‘ „ * , • • man to identify weak arbitff S#W»- 

Mr. • I. P. darfee has been in lhe service that neededHJTgcnt 
appointed company secretary oE ac tion - -Urir '■ ' ' 

WEETABIX -following the recent Dr . ’cerard Vausfcur tOW S»e 
death of Mr. J. A. Zankec. - ■%.* 

ORATION and vice- tt) SpGSfe OUt^ 
is. and marketing of- PEOPLE 'working In |hfr tf&teoiA 
fin Europe. He- will "Health Setyioe 'were - 

death of Mr. J. A. Zankec;. . Surgical.. Specialists Soia«y^ 

Mr Nfaei Sim* has been the North Tees Hospital; Tebfr 
appointed managinq dirceior de- side: “It is 4^ 

sign ate and Mr. Roland - Cnrney. watinn ^ 

a director, of T. \Y. T.\lfPLL\ stood up for their, .tfalbtng apd ,W U 
AND CO. of Die Wigham Poland explained *Ahat they feel is gojag • 1 H-,, 
Group. wrong.” ; r *. 

* - He* said lie was- pleased to see .unit. 1 

AB STATENS SKOGSINDUS^ the -Royal ; Co liege of Nursing's (“{Will, 
TRIER has appointed Mr. Vie report earlier this week spell out l 
R eid as UJv. tecluiical director the pro Wem of staff shortages ii ffi.l '■l 
( chipboard). • “ . London hospitals which was cao* (•«),» 

, ■ „ *. . . u ing a fall in the standards of «aW - ..Jh t - » 

Mr. John K. Warburton Has rut ri mix ^ - jflfi V J» ) 

become director of BIRMINGHAM for __ ; .. « ■ ’ • My, , * 

CHAMBER OP INDUSTRY ANt)_ — . 1 . t J| 'U|h , 
COMMERCE. He has been secre- I ’fnCP pnf’ftl iillCT - T4i. 1 ^ U I 



SgfS?^ has bC€n encounter u u 

Mr. Frank Sbeklcfon has bcen : ..]' evidence .. - 
appointed deputy president direk- “ i'-i •' iii. ^ • 1. ,-t 

leur (packaging) .of Reed COrtpi 1*011 lO- WlfT- X* Hi' '• ' .V^Sf-r 

gated Cases Nederland BV from . >yu W- W IU Win . , , 
August 1. He. is at prese nt opera- ;A!£Im PRI^E for anyone w|«r- ' 

tions director of REED CORRU- can provide evidence that Demgs j., v 
GATED CASES and win remain a -from other planets ; oa a travel, to 
director of 'that, company. Iff**-. ’Earth - has -been -offered by * f-V .. 
A. van Knyfc. president dirokteur British whisky company. ' ■' » \V 

: Gaft 3 r ^rk Whisty w*U. S& 

lj . nd B ^- ^ ^ . anyone can produce a i .. - . : 

craft which has . transposed 

Cu6 StlllJC QBtPi ifl^ AJGX Sw kttoil A --f - . iii^hiT hrfxvnwa - to ‘t’ 

is to be a director of Reed Corru- ? 6 l, n m wmpF'refflU- \ • 

gated Cases and will succeed Mr. ■Of - 

Shekleton as operations director nalssanop vehicle, a missile v«r |V 
trom July l. any- arte&rt. - .-’./V 

* Mr. Res: Taylor, Cutty S«k 

Mr. David Auty has - beep., director,- said: "We.are d«B»y 1 1 . 

appointed staff director, systems serious about' this.. "A coririoeT' . - 
for SP INDUSTRIES. ‘-He was pre- • able . body of scientific ' opinion j 1 ^. 
vfously development director of is convinced that we ate .nw.- v. \r .... 

Duport Computer Services.-. - -rv' alone In the umvecse.". . ...... _! 

„ „ , *. . . The company,, which n**" '.J 

Mr. Chris Cowling has been insured -esainst the possiWltty b* J 
appointed managing director ^ -of- having to pay rfiut, effered^a.... I v 

iMTVun’ mixrr eim rv . * J H 1 • 

i-Y: .X 

RsgMfored Office: 33 Cllflards inn. FMter 
Lnnr. La noon EC4A 1 AH. 

to Section 293 oi the Gffnw*ai«s Act. 
1948. Uiit a MEETING of lbe CREDITORS 
gf the aiinv^-named Cornpanv will be heto 
nt 33 ci hi oris Inn. Potter Luo, Lontfon 
EC4A 1 AH. on 21st Jana. 1973. at 
11.30 4.111.. lor tno nurpoM moitNdiMO 

ING PAINTS, one of the group ' con e re tfi evidence of the erf**': [% ' 
companies of InteroatmnalTPaim.- AVss Soaf]* . >, X 

P mfi-ncnr RWan Taw hna- All- CShlbitS . wUi b« !■. •• 

in section 294 « M 9 Ol -the Hid ACL 
DATED tfilf 3001 a*r V Moy, 197V. 
Bv enter ol tno Board. 

J. F. ALLEN. Director. 

BANK REVIEW. Mr. J. R. Sargent. Science Wtfseum, London- 
who is Midland , Bank aroup jornpaay •-» ek" offenig x •• 
economic adviser. • wID mahnaln- fSl, titner.mattew. ■connected \ 

his dose ltiiks. the Review. -■.UEOfi^‘h , c*udtns 1™^l . 

through • hia - memberehJjr of - tftcr. fee-.i csdentmi^. J r. 

editorial panel. Professor Tear subject; V-'.-'-: V - ' ‘ ; 

Vlanagement Page 

m li .^15 


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Carlo de -Benedett i — m o r in g on, to become deputy chairman of 
Olivetti as WeH a* its sn^gfe largest shareholder. • 

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industrialist who 
fell out with Fiat 

-C&Rtb 0E* BENEDETTI, 44, 
Turtaese Jmkiiiriaiist, recaaEJy 
, n wia lnated by 441 ®' Weekly in aga- 
•zine'R.lfpnSo as '■'“ manager of 
r Hie jear " in Italy, established 
■bis niaBagerial reputation back 
•in 1972^ when, be took, over a 
small . Turin-based, tanning con- 
.mrpi called .Giianflini. ' then 
/.emplojang ' .oidy . -some ; 100 
peopte. In -a inatiter of' four 
years he 3iad' built it iip anto a 
group employing 1^500 people 
and with an annual turnover of 
some' ,li40bn, foUowing t be 
incorporation of a number of 
small and; medium-size Italian 
. and foreign . . meobawiical 
concerns, . • ,:- 

His activities both as a man- 
ager and , as . president ofi the 
Turin Incfusuial ists' Association, 
' where; he v appeared to . have, 
.’opened '.a successful dialogue 
with the Gomnuinist Party, did 
iiot go unnoticed" fhr long. ; In 
the. summer of 1976, the Agnelli 
Brothers,- - Giovanni and' 
Umberto, head;of -the giant Fiat 
.car conglomerate; .turned to Mr. 
de Benedetti as .the - man. Fiat 
needed for Its ambitious reorg- 
anisation ..programme.'.- This 
involved, the. decentralisation of 
, Fiat’s, operafiopgl .activities, and 
- the setting np -of a. strong. ^seh- 
-tral corporate njanagement body 
with, overall control over . plan- 
ning and- finance, . 

It seemed, an. ideal -marriage 
between, two" of Turin’s leading 
industrial families. * Elat took 
control, of Gilaydlni.. .and. . in 
re mrn“Mr^(ie^ehe d^ i hebame 
-the seama' largest shareholder 
-in the.. car. group,: wittf a 5 per 
5 cent stake o£ Eliat’s equity, and 
was appointed: managing' direc-^ 
tot . Is this, sense, .the- arrival, 
of Mr. de Benedetti at Fiat as 
manager: and shareholder was 
iri OIivetti : this year. '- : 

' But 1 hit stay 'with Fiat was 
nnh aphy 3nd short-lived. His 
"abrasifje .manner made . him. 
unpoi^ar f com the beginning 
with tbe established Fiat mana- 
gers. -£o. Fiat:they. still claim 
today, 'at. least in private, that 
Mr. De Behedetti moved too fast 
and too far, and that he did not 
have the' necessary experience of 
runnings a r major -industrial 
group like- I3at,- /Italy's largest 
private concern, with an annual 
turnover -,v of . more than 
lilO.OOObn^v- " . 

. Foilmwng a major clash of 
personalities and - policies with 
Mr r . T3mberto.: Agnelli, barely 
three months after joining Fiat, 
MS j)e Benedetti resigned, He 
sold 7 ‘backH-at what is ■ under- 
stood to be ; a handsome profit — 

. his state in Fiat -to the Agnelli 
-Brothers. ' Then, 'in December 
1976, he ' bought-' control^ of 
another' t timing" contem, CIR, 
-and proceeded: to repeat the 
Qjlardini operaiioh, buying into 
a; range of Italian and foreign 
; companies., andjfecivasing turn- 
- oyer from L26bn to L55bn last 
year- - 

But all the time4e was clearly 

aiming much, higher. Earlier 

this year there: was talk of h is 

joining £the . ailing. . Milan-based 
Chemica&Hand -' fibre's group. 
Monte ASon. . A financial com- 
pany of.v:-his!,' -EuromobUiare, 
effected an- operation which saw 
the U.S. Quaker Oats group take 
a minority partTci|fafion in a 
troubled Italian :,(oo‘d ^.concern, 
•Chiari E Fb^-rep^eSentlng-tBe 
first' case - a£"a U-S; invjestmeoq 
id Italy irf recent years: - His- 
efforts and ambitions have now 
ijeen cwWned witif the Olivetti 
fieal'.jNot bnly^has he appar- 
ehtlg^ot his own back on the 
.A^ellis; bi|f he has now 
xcturned to 7 the big league of 
J&!alian industry. 

TAKE AN old-established 
mechanical engineering com* 
pany. Add the need to make 
major financial and manpower 
investments in new technology, 
in order at least to keep abreast 
of competition from the big U.S. 
multinationals. The end product, 
in the case of Olivetti, is a 
twentieth century, corporation 
in terms of technology, but one 
desperately short of capital, 
with shareholders not overwill* 
ing to respond to rights issues 
where the recent dividend track 
record has been poor— and in 
the last two years non-existent 

Enter a leading Italian entre- 
preneur dedicated to holding 
back the State's increasing in- 
roads into the private sector, 
mainly because the latter, can- 
not survive unaided. The re- 
sult is Olivetti today, and the 
man, Carlo De Benedetti, who 
spent three months as managing 
director of the giant Fiat Motor 
Corporation and disagreed on 
all known counts on policy with 
the Fiat Agnelli brothers, now 
proposes with a stroke of his 
magic wand to rejuvenate the 
company with his provocative 
managerial style and to un- 
tangle its dire financial short- 
falls by injecting some of his 
own money. 

The top management and 
long overdue financial recon- 
struction of Olivetti, to be 
approved by shareholders at an 
extraordinary meeting on June 
5, “is likely to represent a 
test case for the private sector 
in Italy.” At least, this is how 
Mr. De Benedetti sees the 
operation, which in large 
measure is his own brainchild 
and has had the backing, from 
the beginning, of Mr. Bruno 
Visentini, Olivetti’s executive 
chairman. ... • 


On the surface, the Olivetti 
operation looks like 'any other 
fairly . commonplace capital 
increase, certainly less dramatic 
and considerably more modest 
than its much larger neighbour 
Fiat effected last year after 
clinching the now celebrated 
£250m deal with . Libya. For 
more than a decade, Olivetti 
has been grosgly undercapital- 
ised with its share capital un- 
changed at L60bn, or about 
£40m, since 1962. At the same 
time, the group has seen its 
accumulated debts swell to 
L912bn at the end of last year, 
costing Olivetti some L142.5bn 
in annual interest repayments 
or the .equivalent of about 10 
per cent of the group’s con- 
solidated turnover of Ll,365bn. 
last yeaV. . ... 

Yet 'Respite the relatively 
small Increase, of the company’s 
capital ifi-om L60bn to LlOObn. 

the operation in many respects 
is unique in Italian corporate 
history. It involves a L40bn 
two for three rights issue of new 
ordinary and preference shares 
both with a nominal value of 
Ll.000 each, in which Mr. De 
Benedetti will personally sub- 
scribe to the rights of the 
Olivetti family for a total of 
some L15bn. Mr. De Benedetti 
will thus become the single 
largest shareholder in Olivetti 
and will simultaneously be 
appointed deputy chairman, re- 
placing Mr. Roberto Olivetti 
who resigned earlier this year, 
and joint-managing director of 
the company, together with Mr. 
Ottorino Beltrami, who to 
recent years has increasingly 
been responsible for the run- 
ning of the company. 

The basic concept of the 
operation Is a simple one. albeit 
unusual m an Italian context. 
Mr. De Benedetti puts it this 
way: " I am joining the company 
-both os a manager and a capital- 
ist. or rather a large share- 
holder, because in order io 
retain one’s own entrepren- 
eurial credibility one must both 
invest one’s own money and 
also be directly involved in the 
running or a company — facing 
ail the risks that this entails.” 

On the other hand, there 
were not many alternatives open 
to Olivetti if it were to remain 
private, and avoid being gradu- 
ally absorbed into the public 
sector. And in Italy at present 
there were few private entre- 
preneurs in a position io invest 
directly in such a venture. For 
some years, the Olivetti family 
has been increasingly unwilling 
to put money into the group, 
since the financial structure has 
steadily weakened as a result of 
Olivetti’s entry into the elec- 
tronics and computer data pro- 
cessing- field. 

In the mid-sixties a consor- 
tium — including Fiat, the two 
state medium term credit insti- 
tutes. Mediobanca and XM1. 
Pirelli and La Centrale. the fin- 
ancial holding group — was set 
up to enable Olivetti to go ahead 
with its ambitious industrial re- 
conversion programme. 

With the exception of Fiat 
and the Olivetti family, whose 
presence in the controlling syn- 
dicate amounts to 9.04 per cent 
— but which clearly holds a 
much bigger slake of Olivetti 
equity — the syndicate members 
are all expected to subscribe 
to Ibeir overall L5.7bn share of 
the L4Qbn capital increase. Mr. 
De Benedetti will subscribe 
L15bn and the remaining 
L19.3bn will be underwritten by 
a consortium of banks led by 
Mediobanca. Mr. De Benedetti 
will subsequently enter the con- 
trolling syndlieate, while Fiat, 
which currently holds 7.17 per 
cent of Olivetti ordinary shares, 


A man’s bold gamble 
to revamp Olivetti 

By PAUL BETTS in Rome 


Group workforce 
Consolidated turnover (bn lire): 


Profit/loss of parent 
company (bn lire) 

Group indebtedness (bn lire) 







































Percentage of 
Ordinary Shares 

Olivetti family 9.04 

1MI (state medium-term credit institute) 7.40 
Rat 7.17 

Mediobanca (state-controlled medium- 
term credit institute) 5.02 

Pirelli SpA (Italian financial holding in 
Dunlop-Pirdli union) 3.35 

La Centrale (financial holding company) 0.96 

Total 32.94 


De Benedetti 

Pirelli SpA 
La Centrale 


Percentage of 
Ordinary Shares 







Current Olivetti share capital: 60bn lire (36m ordinary shares. 24m preference shares) 
After capital increase: lOObn lire (60m ordinary shares. 40m preference shares) 

. x U 


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Faceto face 



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offer a unique national debt collecting service 
through a network of local branches. 

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A subsidiary of London Scottish Finance Corporation Limited 

has expressed jhe intention of 
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o£ these charges is shown in the 

There has never been a great 
deal of love lost between Mr. 
De Benedetti and Fiat. Indeed. 
Giovanni Agnelli, chairman of 
the Turin car conglomerate, is 
believed at first to have opposed 
the De Benedetti-Olivetti opera- 

Barely two years ago, Mr. De 
Benedetti resigned as manag- 
ing director of Fiat — a position 
he had held for only three 
months — following a bitter clash 
of personalities and policies 
with his predecessor, Umberto 
Agnelli, the younger brother of 
Giovanni: Umberto had gone 
into politics as a Christian 
Democrat Senator. 

However, the Fiat group, 
which is increasingly finding 
itself isolated as a large private 
company in Italy, was clearly 
reluctant to see yet another 
major private group being 
pushed into the public sector. 

For Mr. De Benedetti, the 
Olivetti operation represents a 
gamble. He claims the forth- 
coming capital increase is as 
much a political as a corporate 
test case. He recognises that 
lAObn is small change for a 
group with the financial pro- 
blems of Olivetti, but he hints 
that it could well represent the 
beginning of a steady flow of 
fresh capital urgently needed 
by the company. It is well known 
Lhat Mr. De Benedetti has well 
placed connections in inter- 
national financial circles, includ- 
ing, it is understood, the Roths- 
child group. At the same time, 
he stressed that there must also 
be the pnliticaJ will in Italy to 
enable Olivetti’s current opera- 
tion to succeed without recourse 
to the customary and unsatisfac- 
tory formulae which would 
largely involve the intervention 
of the state-controlled Italian 
banking system. He emphasised 
that without a revival of a 
caiptal risk market in Italy there 
was little scope for the long- 
term development of private 

Yet Mr. De Benedetti’s gamble 
is a carefully calculated one. 
While Olivetti's financial 
difficulties cannot be under- 
estimated, it has retained mucb 
of its prestige in its traditional 
mechanical typewriter field at 
the same time as building up a 
sizeable presence in the flourish- 
ing electronics market Exports 
now account for about 75 per 
cent uf the overall sales of the 
group, which over the years has 
built an extensive commercial 
and industrial network in some 

24 countries. In all. Olivetti 
currently employs 66.000 people, 
more than half of them working 
outside Italy. 

In Italy. Olivetti has enjoyed 
relatively good labour relations; 
it was the first large private in- 
dustry' to build a plant in the 
depressed south of the country 
at Pozzuoli, near Naples, and 
the first to introduce in Italy 
the concept of integrated 
assembly units. These units, 
more commonly known as 
“ labour islands." which con- 
sist of independent working 
groups each responsible for the 
entire assembly process, includ- 
ing output and quality control, 
replaced the traditional assembly 
lines following an agreement 
with the unions five years ago. 

With its reorganisation pro- 
gramme now completed, the 
group says it has strengthened 
its operational base as the latest 
balance sheet of the parent 
company shows. Last year, the 
F-rcnt company, Ing. C. Olivetti 
Spa, reported a profit of L5.3bn 

compared to Llbn the year 
before and a loss of LS.6bn 
in 1975. But the reorganisation 
programme has entailed an 
enormous financial strain — and 
one which it will have to con- 
tinue to sustain to keep up with 
international competition — with 
some L2ISbn spent over the last 
five years on research, develop- 
ment and planning alone for an 
entirely new range of products, 
mainly in the data processing 


Olivetti's new range of stan- 
dardised distributed processsing 
systems started to appear on the 
market at the end of 1974, and 
Jast year they already accounted 
for 42.5 per cent of the group’s 
overall sales as against only 14.i 
per cent in 1966. The curreni 
aim of the company is to bring 
the level of distributed proces- 
sing systems sales to 50 per cent 
of overall annual turnover, with 
the other 50 per cent represent- 

ing traditional office machine 
sales, which currently accent 
for some 57.5 per cent of tl 
overall total. 

At the same time, the cor 
pany has had to reorganise i 
entire commercial network t 
meet the demands of marketin 
more sophisticated electron* 
equipment. Having huilt up th 
stocks of its new product range 
it is now confident it can cmr 
pete with the large U.S. an- 
other European electronic 
manufacturers. Indeed, Olivet! 
has recently negotiated a serie 
of important contracts involvinj 
its new TC S00 modular pro 
grammable terminal systen 
designed for a variety of appli 
cations like banking, insurance 
and transport Among the con 
tracts is the supply of 1400 TC 
S00 units to the Canadian 
Imperial Bank of Commerce, an 
entire system for the Nor- 
wegian Railways and another 
system for the South African 
Post Office. 

Against this background it is 
generally regarded here that 
Mr. de Benedetti is joining a 
company with potentially pro- 
mising long-term prospects, if 
in the shorter term it is abb? 
to consolidate its financial 
structure. If he succeeds it 
Olivetti, the company's tradi- 
tional typewriter image is 
bound to change even more 
radically. But the challenge his 
presence poses is not only limi- 
ted to his personal ambitions 
and to the group but to the 
entire future of private enter- 
prise in Italy. 

What Mr. de Benedetti propo- 
ses to do at Olivetti is undoubt- 
edly a tall order for the group's 
smaller shareholders. He wants 
them to subscribe to a capital 
increase to revive the concept 
of private industry in Italy but 
at the same time be makes it 
quite clear that the sacrifices 
will be heavy. The company 
has not returned a dividend in 
the past two years and Mr. de 
Benedetti says explicitly that 
it will not do so this year either, 
despite a return to a profitable 
ti-end. The financial position of 
the company, he says, does not 
permit any kind of “ handout." 
Nevertheless, there are some 
encouraging signs. The shares 
of the company have recently 
risen, mainly, it is understood, 
as a result of purchases from 
West Germany'. 

Mr. de Benedetti may yet 
win his gamble. 

Some of the biggest 
names inhosiness 
are on the side of 

out lo impress. 

However, it isa sign of Iho 
tiraes.Thefactisraore.and more 
companies are now going in foe 
j. truckleasing. 

RydarCon tract Hire. 

. ’ Here's why. «0k 


. ! V.v.v'.; .v:U J 

lid Ryder truck everbreaks 

If you need anothenvhiieyou're 
\\ aituig, we'll give you anathec 

When it wants oil, we'll pour itin. 
Diesel life’ll pump it in. 

In fact. well doallthe things 
you shouldn'Lhavetodoyoui^lt 
From thetop.thatnaeans 
paintingdownlo paperwork. 

ThecxstofitaliTlusta known 
munddy tax-deductible chaise. 

.4 capital xvay tosavecapitaLAndget 
the trucks you want 

Anvrlum bee anysize.any time. 
They're yours fbratwelveraori th 
renewable con trad. All looking the 
t way you want themtotoyour own 
k liven; 

H Ring your nearest Ryder 
nurabec Or send the coupon. 
gUk )bu. too. could soon be on the 
i|.VV side ofRyder trucks. 

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pnCtf® * As shown on TV j 

- Pearf Assurance, one ol Britain ’s / I, 

. leading H£e-i6surance comwrues. . I w /-J 

i£w . introduced a new PtrsoofllPension Plan / Jju 

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. V financial Times . ' V 

ote catchin 

Firing the 


ERE IS a strong bint of an British interests has almost cer- 
■roaching general election in tairrly been exaggerated. True, 

I Brussels air these days. Not Mr. Siltdo fought hard to save 
tog the Belgians themselves, the milk boards, hut perhaps not 
: among British ministers who quite as hard as he claimed. He 
rttle to and fro at regular enjoyed strong support from the 
»rvais on EEC business. While European Commission and even 
■ word “elections” does not of the British dairy industry 
I irse pass their lips, ministers accused him of sounding the 
iear to be taking more than alarm bell more loudly than was 
lal interest in ensuring that necessary. - 
, ! roles which they play in the At thg cnd o[ fjje day. agricul- 
mmumty s deUberaUons are ture ministers are compelled to 

nSihin L hi! reacb agreement because they 
< L n , I,_ ,,0SSlW c a blt are responsible for running a 

' S^MTlm. suddenly ZSgSJfZSS tfflSS 

• =?”; s; .te whis'xs; s’!®. ™ ™ 

: 22? Jmttaxfhv rmra-Sf the lhe most modest framework for 
SShlSS “JrpJTS past eSnst«en5y 

^ela'TdSlS’ W "“ 03 on differing national 

5 St at iff EEC Will be an issue to aid the coal industry through 

■ 5“ b!l has" 

i f KBTSg 

ipear to be tugging in several suc ^ action possible notably 
1 rectlons at once. On the one French and Italian demands for 
1 ind, the Prime Minister and he’P for their troubled refineries, 
l hancellor of the Exchequer are ^ . 

* aning towards a conciliatory Potfillt W63D0H 
ne. Mr. Callaghan has even * ultul 'ivnpvii 

*Tced to meei bis fellow Mr. Wedgwood Ben n portrays 
ocialist Party leaders from the the refinery plan in angry terms 
EC in Brussels later this month as a commission hid to muscle 
>r a “mini-summit", where j n on national policy-making, 
t tempts will be made to devise There may be a grain of truth 
Joint platform on which to j n this, but the scheme is a 
ght next year's European direct lot \ ess Draconian than he i 
lections. implies. It is hard to see, for 

„ instance, how the four-year curb 

rrnno^l^ on new refinery construction! 

g. 1 upuaaij which It envisages would have 1 

Mr. Healey, with an eye to any real effect on the UK. 

'«l month's western economic ln ^ty Mr . Weduwood Benn’s 
ummit, now app>?ars prepared to In 

■urrency ™ The ^ “JJB 

F%5^*'V2 e £ l Z tb 

'ronnmir crowth rafp inyshC3l slgpificsDCP ^0 . tb£ 

On the other hand.' Mr. John « ps " F British Public opinion. 
Silkin, the Agriculture Minister. T, J observers In B™***“- 
ind Mr. Anthony Wedgwood sometimes seems to be l '^8^ 
Benn. the Energy Secretary, windmills. But It is probably 
remain impiacabiy hostile to the not t0 .° hard to persuade a 
EEC. Both men seek to present domestic audience that h still 
it as an excessively meddlesome highly sceptical of the EEC that 
body, 3nd themselves as bulwarks there really are marauding 
against the Eurocrats' tireless foreign 1 armies bent on pillaging 
efforts to undermine British sov- Britain's national heritage, 
ereignty. Situated uncomfortably Mr. Wedgwood Benn may be 
somewhere between these two handed a much more potent 
poles is Mr. William Rodgers, the political weapon if. as now seems 
Transport Minister, a convinced possible, the commission acts 
pro-European who stands accused later this year to compel the 
in the European court of justice UK lo modify aspects oF its 
of failing to enforce the EEC's North Spa policy. He has already 
tachograph laws. indicated that he will view such 

The two particular betes nolres action a c an invitation to a con- 
whlch have been exercising fronlation. If there is an 
Messrs. Si I kin and Wedgwood Ociolier election, the campaign 
Benn this year have been the could find him fighting a pitched 
future of the milk marketing battle against the EEC. while Mr. 
boards and EEC Commission Callaghan and Mr. Healey are 
proposals for cutting surplus Oil busy polishing their public 
refinery capacity. In both in- image? as modrls of stai .'man- 
stances, the threat posed to like international co-operation. 


WHEN THE Development 
Board for Rural Wales took 
space in local papers to adver- 
tise a pilot training programme 
for very small businesses run 
in conjunction with the Man- 
chester Business School, it 
hardly anticipated the response. 
It was thought that perhaps 50 
people would inquire about the 
two-day event and probably 20 
would follow through to the 
school itself, held recently in 
the Victorian watering spa of 
Llandrindod Wells. 

In the event, the board 
stopped entertaining applica- 
tions when the figure had 
reached 110 and eventually the 
number showing an interest 
reached ISO, of whom S5 were 
welcomed to Llandrindod. Some 
came from as far as London 
and the Home Counties: others 
from the Midlands, while a 
three-man team of . design 
engineers came up From Cardiff 
since in a week or two’s time 
they face redundancy when the 
British Steel Corporation doses 
the East Moors works. 

The board’s geographical area 
covers the whole of mid-Wales, 
stretching from the slate town 
of Blaenau Ffestiniog in the 
north to Ystradgynlais. at the 
tup of the Swansea valley in 
the south: from the English 


border to the coast at Aberyst- 
wyth. It is full of small towns 
such as Newtown, Welshpool, 
Bala and Brecon. Zt has few 
large concentrations of industry 
and while its area covers prob- 
ably half of Wales it contains 
only 7 per cent of the popula- 

There is a large number of 
small companies — many of 
them one-man businesses — and 
if the area is to prosper and the 
drift away from ft is to be 
halted these concerns have to be 
nurtured. But how does a one- 
man baud turn into a trio or a 
quartet? It was in order to 
attempt to answer this question 
that the board decided to join 
forces with the Manchester 
Business School and see if it 
could put these small companies 
on the road to growth. 

Many of the small businesses 
in mid-Wales are concentrated 
in the gifts and crafts sectors. 
By their very nature, they tend 
to be founded by people trans- 
lating their hobbies into their 
employment — a potentially 
dangerous policy. 

However, it has been esti- 
mated that S5 per cent of the 
craft goods sold in mid-Wales, 
largely to holidaymakers, are 
brought in from outside. Max 
Boyce, the popular entertainer. 

is not the only one to tell 
stories of how Japanese visitors 
take back Welsh dolls to Tokyo 
made in Hong Kong. According 
to Dr. W. Ian Skewis, chief 
executive of the board, there 
should be considerable scope for 
local producers to cash in on 
this market since most people 
buying a “ local " product want 
it to be genuinely local. 

According to Professor John 
Phillips, who launched the 
Manchester Business School’s 
new enterprise group a year 
ago and who headed the 
school's team in Llandrindod, 
the ideal unit far growth is a 
husband - and - wife team, of 
which there were seven on the 
course. He was equally pleased 
to see 13 other women — almost 
a quarter of those present 

One of tbe couples, Michael 
and Rosemary Rainger. under 
the names Celmi Candles and 
Arian Celmi, make candles and 
jewellery in Ffestiniog. The 
Ralngers moved to Wales 
nearly eight years ago from 
Reigate, where he was an en- 
gineer and she a librarian. They 
took over a shop from the Co- 
operative. bought a house next 
door, and started making 
candles. The jewellery fol- 
lowed last year. 

They were lucky in that 

Top U.S. jockey turns down 
Derby ride on Hawaiian Sound 

NO JOCKEY has yet been 
secured for Mr. Robert Sangster’s 
Hawaiian Sound, and it dow 
seems doubtful whether a top- 
ranking jockey with Epsom 
experience can be booked. Tbe 
highlv successful U.S. teenage 
I rider' Steve Cauthen. has, 
| reluctantly, bad to turn down the 

Cauthen, whose agent had 
reportedly made a provisional 
booking on Monday's Concorde 
[fight from Washington, has been 



persuaded not to ride himself by 
people connected with Affirmed. 
It is this horse on whom Cauthen 
will be bidding for the Belmont, 
lhe third leg of the American 
Triple Crown, three days after 
the Derby. 

Still on the subject of the 

Derby, John Dunlop says that 
be would like a good spell of rain 
at Epsom to enhance the chances 
of Shirley Heights, who until 
inkerman sprang into the picture 
was the clear market leader. 

There is no doubt in his mind 
that Shirley Heights will prove a 
considerably better colt If there 
is some cut in the ground. At 
present the ground at Epsom is 
riding extremely fast in spite of 
a good covering of grass. 

Inkerman, the Derby mount of 
Lester Piggott, has now settled 
in most ante-post lists at 5-1 — a 
price which may well be avail- 
able on the day. 

Piggott can he seen in action at 
Kempton this afternoon. He 
begin’s the afternoon by partner- 
ing his brother-in-law Robert 
Armstrong's newcomer Winter 
Wind in the Rivermead Stakes 
before going on to ride for 
several other stables including 
Jeremy Tree’s Beckhampton 

His ride for Beckhampton. 
Catechism is among the runners 
for the first division of the Kalli- 

ford Maiden Stakes and looks 
one of the days better bets. I saw 
this son of the American stallion i 
Cougar II, run a particularly 
promising race when finishing 
Third behind Nicholas Bill and 
Valdee at Newbury six weeks 

Although he has since 
disappointed I intend giving 
Catechism another chance to 
prove that he is a useful middle- 
distance performer in the 

Earlier, it will come as some- 
thing of a shock to many if the 
procressive Stepbano cannot 
defy a 4 lb penalty in the ’King- 
fisher Handicap. 


2. M — Winter Wind 
2.S9 — Sfephano* 1 ** 

3. (19— -Giah j 

3.3ft— Perfect Fit* 

4.00 — Habcrdashor 
4.20 — Catechism** 

5.00 — Commander Bond 
5.30— Norfolk Arrow 



when they set up there were 
not all that many makers of 
decorative candles and so their 
early lack of professionalism 
was not serious. Rosemary 
Rainger does not think they — 
or anyone else— could get away 
with it now. “It took about 
two years for us to become pro- 
fessional and get- ourselves 
established as a business. In 
that time we learned a lot” 
What they did not learn was 
to walk before running. They 
took on staff, expanded output 
and by tbe time they were em- 
ploying seven people they had 
nearly run themselves into the 
ground. Now they have three 
employees, though with their 
jewellery side running well 
they hope to take on two more. 

Three main groups were 
represented at Llandrindod: the. 
small businessman who had 
moved in to. mid-Wales: the 
small local producer, and those 
without much-^or any— business 
experience. John Pryce was in 
the last category. Yet even 
within a year he. like the 
r lingers, was looking to take 
on workers. - 
Pryce sculpts: porcelain and 
pottery figures-: Most sold are 
originals, though' some are mass- 
produced from, casts- He has 
sold t o Selfridges as well as 




CC — The*e r neat ret actm certain credit 
cards by telephone or at tte box oAce. 


COLISEUM. Credit Cinu. Ot-240 52S8- 
Rc&orvjtloru Qi-836 Jlfil. Until JWIt TO 
6*0*. 7.10 Wau W«d* ft SatS- at 3. 

Ton't. & Tom or. Flore. Dcr Fall Hamtet 
I Requiem. MOD.. Too. & Woo. Inner® NoL 
New Madwwia Ballet. Song at tfta 
Earth. Thur. net l Ebb Tide. Canaan, 96 
balcony seats always available from 10 
am pay ot Peri. 

COVE NT GARDEN. CC. 240 1066. 

'Garsencharae credit card* 3JS 6903' 

Tonight and Tues. next 7. 30: Rigoietto; 
Tomorrow 7.30* Madama Butterfly; Wed, 
e.oQr Tristan gnd 'wide: Tnuts. 7.30* 
Fa (staff. 65 Amohi* seats avail, tor ail 
oorti. from 10 am 00 OSV Of oerf. 
Thu Sunday at B.QO* LUCIANO PAVA- 
ROTTI. All seats told. 

The Reyat Opera House regrets that oro- 
eraoime changes have had to be made to 
accommodate recent elans for the tMe- 
vls‘On com name* >n»«*ed in tbe trans. 
mission to the United States- o< tbe 
programme on July 22nd. 

The DrerlouUv announced performances 
have had to be altered and tbe. rev'seo 
nroorammo for the week of July 17 Is 
as follows: 

SATURDAY 22 JULY: TV Performance 
f mar nee and eyenfnol FOUR SCHUMANN 
PIECE5 ircnlsrea Firebird'/ DIVERTISSE- 
Unfortunately these change* have' caused 
» delav in 'the return o' oostar aaoiica- 
tons and person alitelEPhone book- 

My i. -.■.**. 

Priority allocation tor the above pertdr. 
-* 11 *- — ‘ — to postal applications 

great ty rrareta! 

locally. He is an example of 
the man who has turned a hobby 
into his work — and so far .be 
is succeeding. • 

The time-consuming part of 
sculpting is painting and he 
would like to take on one or 
two, painters to. do this side of 
the work. He is also fortunate 
that; . though his.' wife does not 
contribute to the business, he 
has a sister-in-law who looks 
after the- administration- ; 

Both the Raingers and Pryce 
typify the .sort of expa n d in g 
firm that mid-Wales needs. They 
have an entrepreneurial drive 
that Dr. Skewis finds missing in 
the Welsh. "When I was with 
the Highlands and Islands 
Development Board, in Scotland- 
some 5,000 projects came before 
the board and over 4,500 origt- ; 
nated locaHy.- The Soots are 
great entrepreneurs. In -Wales; 
people don’t give a hoot; where 
jobs come from so long as they 

To develop the' potential of 
those among whom, there is the 
entrepreneurial spirit, lhe 
board is to hold a second,-, 
rather longer, weekend in Lam- 
peter next month. Some of 
those on the Llandrindod course 
will be'invited; there will also 
be places for those squeezed 
out b y its very success. And ip- 


FORTUNE. 436 2238. ErSL B.OO. Thor. 3, 
Sot. 5,00 Md B.OO. 

Muriel Pivlow IS MISS MARPLES ra 
. Thlr-tf Great V—r. 

GARRICK THEATRE. CC 01-836 0601. 
Evgj. 8-0, Mat. wed. 3.0 Sat .5.30. bjo. 

Grin. •’ NOT TO BE M/SSEP-" 


Evst 8.16. Wed 3.0 Sat 6.0. 8.d0. 

“ Thlt must be the huxuesr . laughter- 

mater in London D. Tel. Alt 

loly wnoyaole evening.'* Sunday Timet. 

Evenings 7.30. Mats. SatS.-2.30 
A plav by Oon Tifior- * 

■* Sure Kestelman is superb as Acnurcb 
Julian Curry IS a splendid Shaw. , FT. 

HALF MOON THEATRE. 480 -6*65-468 

23 Mar-17 June «.8 PW 

HAVMARKET. 01-930 9832. Ergs. B.OO. 
Mats. Weds. 2 JO. Sat. 4.30 and 8JW- 



. " Congratulations' on complete caoaotv 
and record . making show. Mur untgis- 
tunat«Jv- Bmsh on July 1st onlng ter 
commitments- ot Mus Bergman ahcf OOtaf 
", -•• Wgndy Hiller-”- . ,' ■ 

HER MAJESTY'S. CC. . -01-930 &6A6'. 
Evenings B.OO. Mats- W«l- & S*L 340.- 
in LESLIE BRICUSSE alt*-.- . 

with Derek Griffiths— _ • 
•-“If .« oatketf. ip bprsting oWnf with 
_1he Personality. «nd sheer- c werB i o* Bruce 
'-^rorsWhT sort! -Express. - -".TbfcrAflBlenc* 

Dr. W. Ian Skewte— -hoping 

- to help attract 'people bade . ' 

to Wades* ..- 

order for the business school 
team to work; more closely with 
the course members . the num- 
bers will be limited this tinrt 
to 48. 

- Then, in the autumn. between 1 
dozen and 20 people : will. be. 

invited to participate in a -foiir- 
month programme which .will- 
go into business methods far r 
more deeply. Clearly, this 
would be aimed- at- those- with 
established small - -businesses 
with potential for growth. 

The board wants to arrest 
depopulation <md : encourage' 
people to move back to mid- 
Wales; azid this de m ands viable, ' 
small units able ; to work within 
small - communities. ' providing 
economic health for those; com- ' 
m unities. - ' 1 


ROYALTY; CrwJt: Cxras- r&l -405 8004. 
Monday -TbondaT evNtlnsa 8210. Friday 
5.30 and 8.45. 5azurdavi 3.00 and 8-00. 

■ London cmte-Mrtr 

- Best Musical of 1977.'. ... 
Booking* noMni. Motor .credit CBfda. 
Special reducud rat* for. moHnaes for a. 

' limited^, pertoa -gnty. - 

ROYAL COURT. 730 1745.' Lart 2 MdL 
. TOnt.-B-Off. Tomor.-.-xt • BJO. 


-by 5uoo WUson. World Pigmterit:'- - 
. BHinaaH comic writing.- 1 ..Times. - 

SAVOY THEATRE. - . 0-888 88 88.' ' 

: * A M0ME^m>U3 N PLAY H ^ R URGE; YOU 
TO SEE <T. Mr <Sdn; 

Evgs. at 8.0. Art: and and 8 as. . 

SHAFTESBURY. - . CC. ■ 836 6S9G 

ShaStWhury Aye WC2 (High Holh »rti cnd> 
Ew. 1 t 8-00. . 'Mata. Tues. A 'Sat- 3.00. 

DON and JO 

EVERYTHING." S. Mirror. 


SHAW. THEATRE- . ' .01-388 T394 

Lwt -Jk ^Perfa.-TMitan^vmd TomorrOv 7 ‘JSO-. 

■ . Arnold WoSkcr’a Clastic _ ' . 

-- ■ " StUL stirs, the heart.- D. T«l. . 
Lott on cat, toy Parktag* 

STRAND. - 01-836 2880.- .EVHrfnga 8.0ft. 
MSL Tfiurt^3JQ^5»i yM y» SJM A 8J0. 


• - JSPOD- SEATS - M.OO-ICI vSO, ^ . 

Thflitre. - rearti 

- imtoaUotclr antfoole '■ tor- HSC In THE 
. TAMlhC W THE SHREW -3nn< 14. 18 
. Itnat) 23 i mat.). THE -"TEM PEST JsM 
: 12,13.- IS. -29. -ReooAtcdr^booMrib mto. 
(0789 6919TL -, 

t Indicates programme In 
black and white. 

BBC 1 

6.40-7.53 a.m. Open University. 
11.25 Cricket— First Test: The 
Comhill Insurance Test Series— 
England v. Pakistan. I JO How 
Do You Do? 1.45 News. 2.00 
Interval. 2.10 Cricket— First Test; 
and Show Jumping (CasieUa 
Cigar Stakes). 3.53 Regional 
News for England (except 
London). 3.55 Play School. 4^0 
Scooby Doo. 4.45 Playhouse. 
5.05 Horses Ualore. 5 JS Roobarb. 

5.40 News. 

5.55 Nationwide (London and 
South-East only). 

6.20 Nationwide. 

7.00 The Golden Fiddle, 

74)0 It's A Knockout. 

8.50 Porridge. 

9.00 News. 

9-25 Stars ky and Hutch. 

10.15 World Cup Grandstand. 


All Regions as BBC-1 except at 
the following times: — ■ 

Wales — 1 JO-1.45 p.m. Bys A 
Band. 5.55 -630 Wales Today. 
7J0 Glas Y Dorian. 8.00-8^0 
Tomorrow's World, 



1 Move on board and throw fish 8 
< S) 

5 Stupid Fellow going round the u. 
south-east? Yes, and shut up! 

(61 15 

9 Shallow vessel containing 17 

bread is rather odd <S) 

10 Disinclined to write a bit of , a 
poetry (6) 

12 The poor require yens 
initially (5) 

13 RJver fish to the French is 

detestable (9) 21 

14 Charm a stubborn creature 

with a bit of tact (6) 22 

16 Natural growth when climbed 
puts one in desperate straits 24 
(3, 4) 

19 Common army chief (7) 

21 Push around in returning to 
chastise (B) 

23 Singer is more peaceful about 
notice (9) 

25 Swear to heal Pole within f5) 

26 Lands in eastern country (6) 

27 Party going to race for a gift 
of money (S> 

28 Left snake and its game asso- 
ciate (6) 

29 Lay down platform to start 
netting fish-food (S) 

Wash using brush (5) 

Act about eastern writer 
became more profound (8) 
Ask to receive direction in 
raountaiD (4) 

A singular spectacle? (9) 
Coach the remainder outside 
with artistic control (9) 

Type of paint for food con- 
tainer (S) 

Wager about an old penny on 
female (4) 

Fish to couk but not com- 
pletely (7) 

Flag showing bird has no pole 

Reproved sailor getting up 
and going to editor (5) 

100 links more or less or 
precisely (5) 

No. 3.681 


1 Scrambling fish in ghee 
initially (61 

2 Voice of the wheelwright? (9) 

3 Money is sweet (5) 

4 North American bouquet 
coming into being (7) 

6 Sick servant? (9) 

a ET H E3/J3 :.Q' a B 
B-'H'-.P ' ED Ei' >. : Pi: v F3 E 

52O9H0 ? SEESOEQae] 
B Q : - 

. . -rlSESSQ 

S a 

a -q- o 


3^:0 : 


Scotland — 5.55-6.20 p.m. Report- 
ing Scotland- 

Northern I reland — 3.53-3.55 pjn. 
Northern Ireland News. 6SS-6J0 
Scene Around Six. 

Engiand — SL55-&20 pjn. Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham); 
Points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

6.40-7.55 ajn. Open University. 
1L00 Play School As BBC-1 3.55 

4J0 p.m. Cricket — First Test: 

England v. Pakistan. 

&35 Open University. 

7.00 News On 2 Headlines. 

7.05 That’s The Way The Money 


7.30 Newsday. 

8.00 The Money Programme. 
8^5 Inside Story. 

9.25 Cricket — First Test (high- 

9.50 Fireworks For A SUver 

10^0 The Devil’s Crown. 

11.15 Late News On 2. 
flJJS. “State Fair* - starring Janet 
Gaynor and Will Rogers. 
1.00-1.05 a.m. Closedown. Sir 
Hugh Casson talks about a 
portrait of h is daughter 
" Dinah,” by Philip Sutton. 

BBC-2 Wales only — 7.05-7.30 p.m. 
Heddlw. 8.00-8J5 Eisteddfod Yr 
Urdd. UJ0-I25 a.m. That’s The 
Way The Money Goes. 


9J0 turn. Canada Five Portraits. 
10.25 bjil World Cup 78. 12.00 A 
Handful Of Songs. 12.10 p.m. 
Pipkins. 1220 Andy's Party. 1.00 
News, plus FT index. 1.20 Help! 
120 Beryl’s Lot. 2.00 Merry -Go- 
Roand. 2JS5 “ A Queen Is 
Crowned.” 3.50 Swderman. 4.15 
Four Idle Hands. 4.45 Magpie 
In Ireland. 

5LI5 News. 

5.30 World Cup 7S; France v. 

RADIO 1 «7m 

(S) Steroaphtmic broadcast 

54J0 XRI. As Radio 2 7.02 Da'.e Lvp 

Travis. 9.00 Saaon Bales wnft ibe Radio 
1 Roadshow. 1L31 Pau'. Burn<-tt ln'-ludlna 
12J0 p.m. Xearsbcai. 2J3 Tony Blacfc- 
burn. <L3l Kid Jt-nsen liL-ludim: 5 JO 
KtrnbNI. 7 Jo \ai wmrwonb and I be 
?i».nr Mlllun Airs >S> ijuiit- Radio 2>. 
10.02 John <Si. 12J0-2.02 jjd. a« 

Radio -. 

RADIO 2 1,500m and V1IF 

s.00 a-m. NvWS Summary. 5.02 Kay 
Moore wi:b The Earlv Show <S> includ- 
ing EOS Pause lor Thnughr 7.J Titty 
W oean iS> Indud'.ng SJJ7 Racing BuReiin 
and a.45 Passe tor TlKkusht. U.gz Jimmy 
Young fS<. 12.15 p.m. Waggoner-C Walk. 

'1 Mundi's OUt-U RniMi- 'Si 

twmdtna L45 Sports Desk. 2JD David 
llumuitu. <b> iikiu-linc 2.45 aud 3.45 
Spans tX^t. «J4 WaagaaerV Walk. «-«5 
i Spans Desk. A55 John Dunn <S> Inclod. 
ins 5.45 Saom Desk and L02 Cross- 
Channel Mu' nn« InlormangiL ft33 world 
CUP Sport', Dnzk. TJS Nai Whitworth and 
ih? Ww alHUdh . IS- :n Bai»f Parad>_- 
litcludlng 7J0 snorts Desk. 1.02 John 
*;:csor> co:.aiic:s :n-. BK«. Radio Orcbev 
’ rra ■ S ■ . MS Friday Nisb: is ;ju°ic 
KiRht «S». 4J5 Soona Ortk. 10 Jt 2 Free 
SpHL 18.30 L*;‘5 Go Laim with Carlo-. 
Romanos Big Band. 1UZ World Cup 
R-.-nort. 1US Brian Mariftcw inrrvlBv-es 
Roimd Midraghi mduduu 12.00 News. 
US a-m. Arx,.n:iu v Uongary ( report ■. 
2 .08- 2 .02 a.m. Sws Summary. 

RADIO 3 464m, Stereo & VHF 

Wl Quadraphonic hroadcatt 

ftS5 *-m. Wea’ hi r 7.00 Ni-ws 7.05 
Ov-.-nurc <S-. S.OO No-s. S.OS Mamaz 
Concert t s*. yjB Si«i t.os Tn's nri.-.dr\ 
cwgmr: Caodia Kc::i:vltt!i i5'. 

BBC Nartheni Ireland orchestra i S3. UJS 

7.45 Winner Takes All. 

8.15 Soccer Celebrity Squares. 

9.00 People Like Us. 

10.00 News. 

10.45 Russell Harty live at Tbe 
Royal Albert Hall. 

11.30 police 5. 

11.40 How To Stay Alive. 

12.10 a.m. Stars On Ice. 

12^5 Close— Xanthi Gardener 
reads a poem by Angelene 

All IBA Regions as London 
except at the following times:—' 


9 JO am Animated Classic. UJ pm 
Anclia News. JJO valley of lhe Dino- 
saurs. 4-45 Aboni Anglia 10.40 Probe 
Special. UJO Friday Laie Film; ••The 
Defiant Ones." startlns Tony Curds and 
Sidney Pouier. XJO g.m. Your Music 
at Night 


9J5 am Salellites of Um Sun. 9J5 
Boncy. UD pm ATV Ncwsdesk. JJ1 
Today's People. 3J0 The Sullivans. 4AS 
ATV Today. UJ# The Oliver Reed .Star 
Movie: "Zero Population Growth." 


9-30 ftm. Animated Classics iTbc Black 
Arrow). UL20 The Undersea Adventures 
of Captain Nemo. tlJO p.m. Border 
News. 3J8 Dynomun— Dog Wonder. 4.45 
Look wound Friday. 10j40 Borderers. 1UA 
Love Boat— 1. H2J5 a.m. Border News 


148 p.m. Channel Lunchtime News and 
Wbat's un Where. 3 JO It's Ability that 
Counts. 1C Valley of dn.- Dinosaurs. 
03 Channel News. 10-28 Channel Late 
News. 10.42 Late Night Movie: "The 
Naked Runner." Li-25 tm. News and 
Weather in French. 


1B.28 a-m First- Thing. 1-20 rjw. 
Grampian News Qeadlinus. 3J0 Paint 
Along with Nancy. US Grampian Today. 

7.45 The Entertainers: Tony Monopoly. 
10.40 Reflections followed by road report. 

10.45 The Friday Film- "Alcairaz 
Express" starring Robert Stack. 32.40 
a-m. Grampian Late Night Headlined. 


9.38 o.m. Clue Club. 940 Clapperboard. 
L28 ».m. This Is Your Right. L3B The 
Amazing World « KresSdn. 3J50 Return to 
riu Plaovi at the Apes. 4.45 Granada 
Reports. 10.40 Reports Extra. 111218 
Great Films of tbe Century: " The Lady 
vanishes." starring Margaret Lockwood. 


9.25 a.m. Sesame Street. 1-28 p-nt. 
Report West Headlines 1.25 Rrpon 
Wales Headlines. L30 Look whn's Talk- 

Young Anisia Recital iSi. 1L3 Cricket: 
First Test. England v. Patman: com- 
mentarv. eommenis and summaries. L35 
p.m. NfWE. 1-40 Playbill. 2.00 Loncti- 

iiijh- sem-board. 2 .BM.O Commuttarr 

with iratime and elose ol r<lav s umma ries. 
bM Lif-.-kD-.-s: Leisure and KeL-regllun. 
7.40 Philudclphlj Urt-hestra <S>.- 9-40 
Philadelphia — A Habllabl-r City lialk by 
Pct’-r Sbi-phenl/. a.» Samuel Barber 
recital 'S'. 4.25 Pearl. ISO linerPKta- 
tiom on Record iSt. 1430 Music- Now. 
1US S .'jri. ll.4s-ii.J5 Tooighi's Sdwbert 
Song iS>. 

VHF-MO a.m. Open Uorrersily. .■ 7.00 
With M W UL2S Throe Royal Choirs 
Sins Coronation Muse >S and Q>- 
2.00 p.m. News LOS Playbill iSi. 1-25 
Howells' Piaiiu Quartet iSi. ZJM Royal 
Rejr.-rtfi/re iS*. 4.00 Song Recital tS i. 
4.45 The Youus Idea iS>. 5.45 Open 
University. 1M with M w. 


434m. 320m. 2S/im and VHF 
405 a-m. News. 4.17 I- annum Today. 
4-35 Ud to the Hour. 7.00 News. 7.10 
Tvduy. 7JS Lp io ih.; Hour (conuniKdi. 
B.n News. 840 Today ireludlng 8J5 
News tu-MUmr*. weather, papers, sport 
use^pi sw :ml East 1 . 845 a Handful of 
Dusl 9.00 S.-JS. *UH L-J. jl Time. 945 
* Har for N-nhlnr inpQ News. 

18. 05 Checkpoint. 1040 Dally Servlet!. 
iJ-45 hi i/r> UM "Vetrs. 11.05 

The i.ouuirvsid.- in Early Sunimvr. HJO 
I 'lt-.-rs ir-Mi Evervwn>re. 12.80 News. 
12.02 p.m. Y.iu and Your-. 12.27 Quoie 
. . L'n.iJuie .Si. 1155 '.Vi.allier: pro- 
SWIffl- If-ee 2.00 1.33 Th.» 

Archers. 145 Woman's Hour from Blnnlns- 
li-:n ine(uili:u s. 2.45 Listen 

■- uh Mother, a DO Nea*. 3.05 ITicrnoon 
Tneaire <$■ 4h0 Nein 0.05 Royal 

<< ’casrooB Asm . 4JS Sinry Time. S40 
PM Reports 543 Ennuir.- Wuhin. 5 J 5 
Weaibui programme news. UO News. 

mg. 2JJ0 Women Only. 2-25 The London 
Nobody Knows. 340 Royal Bath and 
West Show. 4.45 Winner Takes AIL 7.45 
Report WesL B.BO Report Wales. 1DJ5 
David Niven's World. 32J5 The Late 
Film: " Wiichfinder-Gcnera!." 

MTV Cymru /Wales— As HTV General 
Sem-rc escepi: L2&-L25 p.m. Penawdau 
Newyddion Y Dydd. 445-4.45 Camau Con- 
lamlL 7A5-8-B0 Y Dydd. 10J5O1JB 
Eisteddfod Genedlaeiho) Yr Urdd 1B7S. 

HTV Wen— AS HTV General Service 
except: 1-20-140 pjn. Report West Head- 
lines. UMJ5 Report West. 


10-80 ajn. Tbe Bishop's MUL IJS p.m. 
N»wa and Road Report. L30 Mr. and 
Mrs. 340 paint Along with Nancy 4.E9 
SeoUand Todny 1848 Ways and Means 

II. 10 It’s Friday aod I'm Sieve Jones 
12.20 a-m. Late Call. 12J5 Love American 


945 un. Sean lhe Leprechaun. 9JB 
Rhubarb. L2Q p.m. SouibcrD News. 140 
The EJecinc Tbeairv Show. 240 Women 
Oaty. 3J0 Adventures In Rainbow 
Country. 445 Day by Day Including Week 
end i channels fi, U. !<. 42. 58 and Mi. 
4.45 Scene South East Including Weekend 
iremalnlnc channels!. UL43 Opinions 
Unlimited . U.10 An Aadtcnco wlLb Jasper 
Carr mi. 11.43 Soul hern News Extra. U48 
The Late. Late Show: " The While Wall." 
starring Ramct Andersson- 


948 a.m. The Good Word followed by 
North East News Headlines. 9.25 star 
Riders. 940 Phantom Pilot. 143 p.m., 
North Easi Newe and Lokaround. 140 
Out or Town. 3.50 Funky Phsmtom. 4.45 ( 
Northern Life. 1840 Sponsilroe. 1145 
The Friday Film: "The Night Strangler." i 
1245 ajn. Epilogue. 


LB P.m. Lunchtime. 340 Master Chets 
448 Dodo lhe Space KJd. 4.13 Ulster 
News Headlines. 445 Cartoons. 540 
Reports 540 Police Six. U.40 Two 41 

I II. 39. 1048 Fnday Film: "It" Marring 
Roddy McDowell. 1240 a-m. Bedtime- 


948 a.m. Wuoblnda. 1840 Inner Space. 
1248 o.m. Gns Roueybun's Birthdays. 
148 Westward News Headlines. 341 It's 
Ability (hat Counts, 445 Westward Diary 
and Sports Desk. 1041 Westward Late 
News. 1848 Late Night Movie: "The 
Naked Runner.” starring Frank Sinatra. 
17-is a jm. Faith lor Life. 


*9 JO a.m. Tarzan. 10.20 Tbe Undersea 
Adventure* of Captain Nemo. 148 p.m. 
Calendar Nrws, UO Houscparty. 348 
Funky Pbnatom. 445 Calendar.. 1348 
" Pretty Maids All In a Row.” starring 
Rock Hudson and Angle Dickinson. 

540 Going Places 740 News. 745 Tbe 
irehecs. 740 Pick of the Week from BBC 
nlio and Tele vision lS». 840 The 
Colourful Hinory ol toe Balkan Thrones. 
340 Any ijUL-snoitf,? 4.15 Lellcr from 
Amcnva. 9J0 K.ik hloscap'. 944 IVeaihcr. 

19.00 The World Tonl«h!. 10J8 Week 
Ending . . . <S>. U45 Mr Dv light. UJR 
A Book at Bedtime. 1145 The Fin xu rial 
World Tomxbl. 11.10 News. 

BBC Radio London 

206m and 94 J VHF 

5.80 a-m. As Radio 2. 640 Rush Hoar. 

4.00 London Un-. 1243 p.m. Call In 
243 206 Showcase. 443 Rome Run. 040 
London Snort* Desk. 646 Good FUnm*- 

7.00 Look. Slop. Ustcn. 740 Black 
Londoners. 848 Track Record U48 
Laie Nlghi London. 1248-Clasa As 
Radio 2. 

London Broadcasting 

291 in aod 97.3 VHF 
540 a-m. Momlns Music. 6.00 A-M.: 
non-stop m’ws. Infarroation, travel, span 
and review. 1040 Brian Hayes Show. 
LOO P.HU LBC Reports. 3.00 George 
Gale's 1 >3 Clack Call. 440 LBC Reports 
■ cvntlnuesi. 840 After Elgin wtib ran 
Cileflrirt. 940 N Inhume with Alan Nln. 
140 ojoi. Nlnhl extra with Hugh Williams. 

Capital Radio 

(94m and 95.8 VHF 

6.80 a.m. Graham DeiK-'s Ureakrust 
Shuw iS< 948 Michael .laoel «S«. 12.08 
Da re Cash »4>>. 540 p.m. no err Scon 
ig.. 740 London Today <Si. 7.30 Head- 
line DcO j i O'- f':nee — Ikies Britain Stand 
a Flshnnn ChsuirV 9-80 Nicky Horne's 
Yoer Mother Wouldn't Like it tSi. 11.00 
Sfike Allen'S Late Show »5i. 2.80 a.nt. 
Iso Davidson's London Link luiertmuanal 

Aug. 7 with - the .London- etillharmonit, 
Orchestra TgnlphL. - SundAy. . Tues : & 
Thun, next at 5730: DOB . dpvsniU. 
Tomocro* Mon.. & Wad ai 5-30. Die 
ZauhvrBOte. Povslbla. rertirns on)V. - Bag. 
Office. QvrKfetjourne. Lewes. E. Sunni. 
•0273 gTMifJ. 

Ano.. EC1 B37 1B72- Las* Pnrfs. 
Ton'* ft Tomorrow 7.30: The Moon ang 
The Ch'lrfron It Possessed. Our Waltzes. 
Ariel Rodin MIS En Vie.' -ToWor. 2.30: 
Shadows Weevil. . Scriabin.- The Riv-r. 
Mon next to June 17 GONG SWAN- 
Music and dancers Irom Ball 

OPEN AIR, Repent's Parle. Tel.- -B6 1441. 
Price prevt: Tonight nt 7.45. Tomorrow 
at 2.30 ft 7 AS with PULA LENSKA. 

ANTHONt sharp. 



'* a. S haftesbury ' ave, '6m 

8BS1. Sep. - PerB. AtL SEATS BkBUL 
1- CRAY LADY DOWN I A!. Wlc. ami 
1IJE0. ' 5-a °' 8 ’ i0, Sri. 

* ™8JBOOOBYB. carl (Al. wk. ind 
Son. 2.00. 5.10. 8.10. Late Show Sab. 

DUKE OF YORK’S. 01.336 

Evgi- 8 00 Mat. wen.. f an * 


BnlJijnlty winy . . . re one jeou/d 

It “ Harolo Hob>en fOnma) Insranr 

credit tarn fmsrvili on* Dinner and 

top-price abac £7.00. 

PtCCAPm.T. 437 <508. LndK card tkBL 
«3B 1071-3. 8.30 ajn.-S.30 P.m. 

E*g*. 8. Sar 4 as ft S.tS. wed.- mat. X 
Roval Shareware Comeenv ln- 
. . — by Peter Niche!* • . . . 

" Rioroarinc trlmnnh." s. Evoneu 
_ Ev. Sid- Award and S.W.E.T. Award. 
Pij.ue note: from 5 j one e*rt. tunes 
*v»!i be -a*pn.-Fr». 7.3o. Sat. 4 30 and 
S B.m. wed. Mat. at- V 


P*INC*~ T eDWAwb.~ : CC OT-*37' 8877. 
P-d. prlro'nnM June 12 13 and 70 at 
a O. June 17 1 "1 ’W 830. . Open* 

■ EVIT ft ■ • . 

PVINC* OF. -WALES. - CcT 01-930 Eftflt 
Monday to FHd™ at ? »» Satnrday- 
.. —at 5-30 and a.H 

-eOt-rlim - ROBIN AIVWITH - 
Otilr EvOroac. 

bllffWl -THflATIW CC. 01-714 11«t 
Eva*. B.OQ’ w-4 -3.00 Srt .5.0 & 040 
-and RATHEL kpypton .- 
Ptm", -pair P>avm '•’"f—i Cr:>:ro A«an 
a*v«|awg atvi'tFHLrc. m -714 i«a> 
At 7 p.-n . * pm. 1* «.«i, ionm% Sunday] 
-PAUt BARMOJJO «•— «en-l 
' “ -Wl orrwal or 

Fully Vdn may drink 

iwUWi m tar judltOTium. 

BErigNT theatre; -‘ _ ssr 9S* 3 
Eras. BJO.T.Frl., and Sit. Y.O- and 9 9 
■■ E‘WW*.4»Od^Mj»i^ro^edBMhiB" Sdn 

. ii : * new nmi.eal _ ‘ 
^CM8QE-'«eri Comte. '- Tlffirt. ' 

— snow. nwtJ I* adnoa-" TJ. Tat 

(Sort.’ Rd.^bmej! 

- siHandah - Yorfc THE" 

■ * "at**- - 

a Oniitaa Heaton gray lady DOWN 
-1-1P. 345. 6415. 640. La» 
*W"- 11 DvRn. - - - 

B-tX), -Progft.^...:, 

240. 540. 8 .I 5 . Late show - IT. ID ojb. ■■ 
1900 Thwt 1 fXi. ' ■ - - 

“fHHSJ*. Cumon Strom. VIJ. 489 3737.."“.:. 


WfBcJri .mW/NI prop*. Sat. awd . 

No late than bonking. j 

HAYWhARKET EBSO--2738I2 7Ti£C' '» 
Jar*- Fonda. VaneMa Meemrawin a-firiT- 
bnaamarm Mm JULIA iSj. Sra . 

ySiVi B.45. Feature DJy- — “ ' 

•-.“Sw-S-OO. late Show Sat. prog- Coru*- 


fljw fa;, sea. progs. CHy. Doors oovff • 
J45i 4.15. 7 AS. LBK Must- Frt. ft ^ 

o pen 11.15 OiOV All MES ri MKT-^ i-T 

M WCTM . '- . ■ .• • .;w ft-.; 

OS»NIWAR«.E ARCH l723 20lt®*" : -' 
«raY-UJ>.. ha. props. 

1 .3ft f AS. 6 13 - 5m. S.30-. 740-' IW ■- 

Fri- ft Sat. 11.48 p.m. . AU-WSW*^ 
t*me. except 1.10 yen. Mw. x« -• 


•1 MEL BROOKSt - : ".. 1 

" '* KfGH ANXIETY (Al U":? ’ 

.fX'- - 
PST51&5 4'.',!:' 

rTHmg’j." ?-.-i * 

- 7 AS-- 

S*£=VK5*;s ; :'-’’ 

L v - ■ \ 

e-Fred'?- -■•yV-p- 

ro**r , -■ 


■ . 

• . -. '-l; 
t-* i*‘l 


ST . __ 



e dosew 

etj xtf 

The Shont f AA)- . ’"-. Warner 2" *?;* film, however, it is not 

-M« y 

ff^rlM.O)DWy^U.Sj\_ ^A) ' Sc^a at ' work,' produciiig sounds in 
films ' National -W* “ studio by scraping a 
. Film Theatre V10 ^^' *»** *«®» the wreck 

1 . r >"/• -j-.-- . ' >.. . .v. .- .'•?•, .'pf a' sardine tin or putting a 

'.'• RobeW'GraVeS! iS24 stOrv The into a bottle with a. trapped 

Shc^^cara IQ .20 pages -W its «*tp.- The sound of Crosslcy's 
cj^teht v^eaguin ; etiitipn, which shout also seems electronically 
-now'rboams'.on tb^-front covrt an , enhanced- one could take this 
mtpfe'nat^ry ■'picture' of-' Alan- 25 * «S» Of the film’s -inevitable 
. Bates, shouting the . optimistic faiIurc Id. satisfactorily describe 

■i.yuuu w 

ruiis--' to' ; S6 minutes, which ^. imagination)*. ■ «- * *« 

these days of elephantine produc- ** 8 pointer to . the contrast 
tions isvhrief indeed- anrTn^r- repeatedly-, made in he film 


.■umn, bffw elusive happenings, of the narra- ! . ^ Crossley and 

»enpi;^ Uvi.' Aid wlulS’d hesitate to £^5 n ££*!? 3r , l^kenngs. 

Wy] k annly fho ■ afLianti'wn '' tfunnvno u At^thE- he art - Of Thff StlOut is 

* w£ a > ^t^pe^^too^for confrontation which 

,e ^iiich ta. - that.’ 'it* - : w^iirhV 1 -9 *«„ featured in _: Nicolas Roegs 

Clearlv. .£ 

£ l hose 5 

f srowth.^ 

2* ?0 a* 

w. , er * c °utte 

- back to jjjj 

to work yig 
■*‘ e s Provide 
for those o£ 


■£« Slices h. 

WWnfli a an *3 

«i« i 
nrsi io;* ' 

INltkS 1 * 

WWN Sugar 

at a! •. q-7 

Wctf only, '1 

i L u 

<■ .re* S ? 
«t asheV' AV! 

Gs« ,JWa * 
ga 5 »v 5 j- tn . i t 

CC. IJC ca, 
'€2 IH sh 

A tv Tus-. & -I, - 

&S t -p 4fI Dlisn. 

-this Musical «, 

KL S M.T3? ” 

IOCK1WSS «It a ; 

n-:u a 

V-Mkcr 1 Css.: 

,»U- !*o»r. c. Ty 
t ' Pan,m;. 

i 2fc&3. £,e---a «• 

- Vi’.Li-ci5‘, S.lific 
X n.lASE — 

E #RI:iSH 
in to 0 >l: iz 

si- AVON. =r,u Sa 
-tavas t27u. :■* 
r!A»w ;«■ 5iSC c * 
St SHREW Jurt u: 
. *«a s«j nwus 

C 835 ml E»a.u 
*S- Sei.-c»s» Sni 
«a cnaisitfs 
, LONC'.^ pvn 
.11 YEAS. 

f < wn. c:. rua 
wicrra a>“ «c?- 

VJiC» nf«™. 
avi OA2ZUE. 

fi y.T, 
mu STEVfcKS 

for wn- time.. i. 7 ’.. ra««n, 

f|£n S 'BatS"j! S .experieiew beyond 

Uv^rtihob It The- film marks a welcome 

'pSSsSuSdSskf a?ter "SS 


than Robert graves Seligbring, -in- the bizarre, 
hmself ■ f impersonated m a- i rpa f in ^j si d e ]if e T he 

efr^ ?n e ^ 0f /^ 3 >' Tira WlSSseMM *» iull Of tWs 
Curry)^ln-lna-^tory he disrupts — _th e cricket, match blandly con- 
^ c; ;,l e T^ l!fe-sWe if tihuing -jwhilei- peacocks strut, 
hy . Tbe cows fliunch. v.*ihd an. inmate 
cuslomardy - .-excellent ^ John collapses hackMards off his chair 
p“22j‘ wh® ii ye« with ^ bis wife in pastoral; long-ahoL The story 
Racqel ,<Susapnah York) and a proper contains more unhinging 
lot v of electronics^ details; bikes and milk bottles 
Anth&ny. ; h ears the shout, early. are . hnSpiely knocked over: 
one morning- out on the sand Rachelr-naked- - .on- her bed, 
dunes: sheep and a shepherd keel suddenly freezes ~6n all fours, 
over., dead;- Anthony, himself »s duplicating r pose in a Francis 
extremely disorientated, and BaaSTpIcture. pinned to a loud- 
Rachel ...comes - more and more speaker in Anthony's studio. In 
under the- power,, of their retrospect, parts .of The Shout 
mysterious visitor. ... " may- seem much! better than the 

Skolimowskr and his co-author whsie, hut it is-, still a film to 
Michael Austin have made an ec- catch ‘ • ' . . 

celte nf . .job : .of .’. .fleshing out ■.*■?*'_ 

Graves' skel etal plot with cine- "'Shout jng’of different . ki nd 
matic. detail. In- the story the occurs in .ffctrtei County ' U.S -A. 
husbands .. daily occupations Barbara Kelpie's Oscar-winning 
receive' ' no-.' mention: : It fs'-fllin about " striking miners* in 
enough, to say;- Graves’, narrator East Kenfheky; Twhich appeared 
comments, -.. .“tlmTr. he . Was ' a- ar iast. year's .London Film 
musician,' not a .strong man but -Festival and how -provides the 
a lucky one:*’ - ."Opening attractmh at the Scala 

Theatre, 25 Tottenham Street, 
Wl— premises previously occu- 
pied by the other Cinema. The 
shouting here is concerned not 
with Aboriginal magic foul with 
workers’ rights— in particular 
the right to strike after their 
employers refused to agree to 
their union's coniryyt terms in 
1973, which ushered in 13 months 
of hitter wrangling and violence. 
People shout their fury on the 
picket lines; singers shout their 
protest songs on th,.- soundtrack. 
The film itself is one long shout 
— an impassioned, completely 
partisan war cry on behalf of 
the striking miner*;, not to men- 
tion their ebuliier< wives, who 

Book Reviews appear on 

Page 13 

form their own pickets, wear 
placards, rattle tins and gener- 
ally fill the screen with their 
concern F or their husbands' 
health, safety and pay packet. 

Shouting however, has never 
been the best way to argue or 
convince: if one I u were the deci- 
bels and pursues j wider line of 
attack the results arc often more 
intelligent and persuasive. Cer- 
tainly there can be no doubt 
about the* miner- ‘ appalling con- 
ditions: neither can there be any 
about the blithe corruption and 
wilful ignorance of those ranged 
above them — the right-wing 
union chief Tony Boyle (ousted 
in the 1972 elections), who was 
capable-'of arranging the murder 
of a left-wing opponent; the com- 
pany people who -can reduce the 
number of minors suffering from 
“black lung" to infinitesimal, 
tin worrying proportions. But 
Hopple assails the audience so 
heavily with emotive ammuni- 
tion that there's a real danger 
sympathetic viewers may retreat 
disgruntled rather than march 
alongside her. The shootings of 
Boyle’s union opponent .Toe 
Yablonski and (during the strike 
itself) the young miner Law- 
rence Jones provide occasions 
for unseemly gloating: take, in 
particular, the weeping and 
collapsing procession of friends 
and relations past Jones's open 
bier. And all the indignation 
about pickets being opposed by- 
hired gun thugs becomes a little 
suspect when one crucial con- 
frontation takes place in the 
early morning gloom, usefully 
shrouding details of exactly who 

is hitting whom and with what 
lethal weapon As the reason- 
able Brookside sheriff says to the 
wives* spokeswoman, blocking 
Ihe road with a car. ’‘this is not 
a one-sided thing, Lois." 


The week's saddest cinema 
event is the destruction by fire 



A dutch of new players leave PcKgy Mount, who has taken 
Michael Biakemore’s production over Mrs. Hewlett, does not make 
oF Plunder, the most uigeniouslv- This mistake. Nothing that she 
plotted farce L can think or. as does is nQt in character, and 

“ “ *« > «*<*'• ° f 3?S%XSti£l u & £" n J£ 

years ago. suitable mother moreover, for 

The principal changes axe in Trevor Ray. who repeats his dc- 
the parts of Freddy Malone, the performance as her son 

— -« — - * - uswald. Prudence. Freddies soi- 

= a V raCtSm - a ° d disant sister, is now in .he hands 
Hewlett, tne mountainous biga- 0 f Penelope Wilton: but neither 
mist confidence-lady. Freddy is Prudence nor Joan Hewlett, 
now played by John Standing. D'Arcy’s intended, is much of a 
and played as he should be. as P«*L and Miss Wilton and Polly 
a gentleman before be is an Adams need only look winsome, 
event is tne destruction 03 »“:j adventurer He fils antlv into save n0w and Then ' vhea 
of can upon can of material,^ mn n c mn \r,»npi Af„;iq h-a« Adams has to look conspiratorial 
... — ~ Annals^ lus as we n There haVe m be girls 

is at Scotland Ya rr) under* in- 10 a P |av <* This kind, but Mr. 
terrogatujn "‘for K p f 0 P t ' ,h “ 

larv and murder, he treats the 1 f 1 a> r ^ p101 ' 

Chief Constable (Robert Howard) The. _ production 

runs as 

House near New York. Details of 
how many — and which— -items 
have been lost are unclear, but 
10,000 tides I most} v ailents) is 

SiS”.* .f « : rea » aik. .nd Ik. 

SSS&SL »f«y r "2c t '°.h n er n e| DArcy TuA his asinine eon- gjf 

rxflf 1 !*}?' *1 3 f a * n Pjayed by eiudLing eight servants? Mr. 

Dinsdalc Landen. Something Biakemore handles it all with 

ha L s ?. n v wron3 bere - P A^y ! s ability, treating some of the 

a foulish young man. but he is “extras” to some pretty busi- 

not a comic. The- comedy is in ness 0 f tpeir own. I am think- 

the lines and the situations that j ng chiefly of the police short- 

c-ould be much rarer than the I Ben Travers has generously hund-wr.ter. to whom my eves 

material on show at the National j given him. There is no call for kept wandering during D'Arcy’s 

Film Theatre this evening: short jail the business Mr. Landen interrogation by the ferocious 

van be no guarantee that treasur- 
able gems from the past will be 
there to be treasured in the 
future. Meanwhile, we should 
catch all the rarities we can — 
and nothing, for British filmgoers, 

Vara cam 


At i «*} 

;-'f *• csftL. 




U i-i-M- r 

s >’• 

— i'c!’!-; 1 
't/m “•*“* 
— : *•*& 

53-’ T 

Se- r * 

- ss> 



-S3-* - 


: 7** 


is r*. ■. 

. 5T*- 



films made by the Munich 
comedian KarJ Valentin, lovingly 
collected and restored by Enno 
Patalas of the Munich Stadt- 

Valentin's name may well mean 
more to students of Brecht than 
to students of film. In a 1949 
interview Brecht listed koine of 
his influences thus: “ As play- 
wright £ have copied the 
Japanese. Greek and Elizabethan 
drama; as producer the music- 
hall comedian Karl Valentin's 
groupings and Casper Nehcr's 
stage sketches.” Certainly the 
“groupings." as seen in Valentin's 
silent films particularly, are dis- 
tinctive: characters and props are 
bunched together against a spare 
background — the style even 
appears when cameras get out on 
location away from stage sets and 
scenery. But more important stjll 
are the antics which take place 
within the “ groupinss " — knock- 
about clowning which exerted a 
strong influence on Brecht's 
earliest work as a playwright and 
became one of the many ways 
through which the alienation 
effect could be achieved. 

Valentin duly appeared in 
Brecht's one fling at cinema 
direction — the 1922 Mysteries of 
a Barbershop, full of the 
rowdiest humour. 

But what of Valentin himself? 
As a film comedian his gags may 
be drawn from the same reper- 
toire which every early comic 
used. But as with Laurel and 
Hardy, workaday material is con- 
sistently made fresh by the grace 
of its execution and the un- 
bounded charm of the per- 
formers. Valentin looks extra- 

decorates his parts with, and the inspector Sibley (Derek 
fact that it raises some extra Newark). His difficulties in 
laughs is no excuse. If the lines noting down such a stream of 
were played simply as the author incoherence ultimately lead him 
wrote them, the laughs would to crumple up the whole thing 
come ju*>t ihe same. They came and pitch it into the waste- 
in plenty. 1 am happy to recall, paper basket, 
for Ralph Lynn. B. A. YOUNG 

Purcell Room 

Sioned Williams 


/.ix nwrrt Burl 

Penelope Wilton, Dinsdalc Landen and John Standing 


Peter Allen 


The supper rooms that have variations in pace, that make his 
sprouting up all over act so appealing. Peter Allen can 

A brilliant young harpist. Sonata, was totally convincing in | 

Sioned Williams, proclaimed her the flamboyant music of Andre; been 
gifts on Wednesday. As a Caplet’s two 
distinguished recent graduate of one in French 

the Royal Academy of Music, she Spanish style. |™ '-" eJ5C “ a " Q a « w *““*"«* «' to hear the music”: and the 

was the principal artist in a The new work of the pro - 1 Camden Lock — have provided bouncy “l go to Rio.” and cad 
presentation by the Westmorland gramme fell to Ingrid CuIIiford.jwork for a steady stream of perform them all powerfully. 
Concerts. named after the flute, and her piano accompanist 1 1 under - employed American Probablv Peter Mien has per- 
Academv's founder and spon- Shelagh Sutherland. A Moment's I - - ‘ 

Divertissements. | London _ weII> Country Cousin wri \? ^ mot ! n > “J honestly love 
and the other in , - . ♦ you : the sociological She loves 

in Chelsea and now Madisons at 

founder and 

sored by that institution. Madness by the young Cuban- 

As an amateur musician of the American. Odaline de la Mar-; - , . . • * Mni |i. n u„ r 

early 19th century, the Earl of tinez (also ex-Acadeiny) proved j-' 1 ^st one has surfaced whn is rres j iness . jn ‘ d a n j ceness which 

cabaret artists whose greatest formed an identical act in every, 
attraction has been their novelty, cabaret bar from Alice Springs 

Westmorland himself would have to be richly inventive in decla- 
been familiar with one element matory style, allowing Miss 
in Miss Williams's selection — Culhford to demonstrate mastery 
those classical or near-classical of advanced flute techniques 
sonatas in which a minor com- (including the sounding of two 
poser struggles to do with the notes at a time) while the pianist 
harpist's two hands what he bent over the instrument to 
could better do with those of the coojure poetic rumblings from 
harpsichordist or pianist. Given its interior. Bach’s flute (and 
Miss Williams’s precision of piano) sonata in E flat was less 
rhythm and sense of line and successfully accomplished, the 
shading, even such worthies as last movement tending to an 
Krump'holtz and Philipp Jacob undifferentiated scramble. 

Mayer became tolerable, and a Finally, flute and harp were 
sonata by Roessler-Rosetti posi- agreeably united in William 

tively charming. Alwyn's Naiades and Ibert’s 

But it was the 20th-century fiery Entr'acte. But it was 

French repertory that best Sioned Williams's evening, and 

brought out the soloist's variety - I rejoiced that 

nrriinarv with hi« aninHlv frame » qruu * ul " Ul ,,,e 1 lt: Ju»L.-t:a uiai a .VOUDg per- 

SErSiuS 1 face «E!?.tedTri£!° f ton? 3nd hpr abi,il >' t0 va?e former wh0 * e persona lily I had 
Jnrulv whlikm .«?!”?«! nose wi>h ch " rds -C * v ' eD PVl?n bought somewhat inhibited a 

eight notes. Her expressive year ago has now blossomed as 

^ 1 0 !^fi t 2 n r 1 n t V Ac ^fith P ower - which missed one or two a rare catch on the 

,hchp« coml? S . i" tomai ° c Tailleferre's platform 

its objects seem permanently 
against him: take his attempts 
to successfully adjust the 
respective heights of a writing 
desk (too large) and a chair (too 
small) in the 1915 Der Ncue 
Sdireibtisch. His partner in 
most of the films is Liesl Karl- 
stadt, who provides the foil no 
matter what sex or age the sketch 
requires: in one she appears as 
an orchestra conductor, in 
another as a young confirmation 
candidate. The fi.15 show is 
entirely devoted to the silent 
films: the next session at SR 0 
takes us into the sound period, 
where dialogue (unfortunately 
for English audiences) dominates 
over the visual fooling. But no 
student of film comedy (or 
Brecht) should miss this chance 
to see the work of a man who 
up until now has been just 
another obscure name in the 

streak, ahead ■ of the pack - lrrertftWe . Wbelher he is 
Peter Allen, handing 11 out at p j a ying, joking, dancing, or just 
Madisons for the next three staving with those bright eyes he; 
weeks. is entertaining. Madisons, too. 

Peter Allen is hizarre, and not |, s ; 001 offering a chewy 

only because he is an Australian. 

He Is a sophisticated manic, eyes 
gleaming, sweat oozing, fingers 
banging the piano like a 
demented Mrs. Mills. Yet the 

chatter is cool, quirky, and smart. . , , „ ^ . .. 

Allen was picked up in Hong 1S a n,or * intellectual provider 

dinner with your Allen for £9. 

This is quite a week for new. 
sung writing piano players. At 
Morions the American Bruce- 
Roberts made a stylish debut. He 

Kong by Judy Garland and his ihe studied at the Juiiliard 
song “Quiet please, there’s a lady School in New York) and looks, 
on stage," is a tribute to his jj ke a rath er earnest librarian. - 
patroness, and he subsequenily But hls son , s> inc | uding “You're 

M foe Hi. BuMf they gave him moving out today" which he co- 
the early experiences his own wrote with Carole Bayer bagt-r., 
song writing is more recent; and are either witty or reflective and 
concert I tremendously varied. It is the there is a cult somewhere wait- 
i mixture of styles, .the sudden mg to adopt him. > 


After a week ,-pf, $baw ; came 
Elgar's turn. In thli-the second 
of the revived Malveru-Festivals. 
his music Jsi thougiitfuiiyj’pre- 
sented among hls'cohfempbraries 
and compatriots; The. first' re- 
cital was -by Ihe -JuUaDr -Bream 
Coasort of Engiisfr -Music under 
the two Elizabeths.- The second, 
of simgl an d / spoken - poems per- 
formed by = Johtf'.-Sia-rfgy^Quirk,’ 
Peter Orr and ' Ri’charii; Hi ckbx, 
was to word? by-:R:3i:SteyeDson, 
whom—’ El^T.'- icorBi dered . “so 
healthily gaocTto .’ofie^-soui .and 
body." . . and Housmabi. Elgar’s 
almost-, ’exact.’.- contemporary, 
which:. madei-therittrik^S point 
that ffe . 'never set- eitber-'freluc- 
tantty missed this, concert^ 
beidg. it Tewkesbury, . though the 
two/ Festivals ; interlock mpre 
thah .tbey: 1 c)a^i.)<. Afspjlhis week 
were chamber ’ works 'composed' 
th? saine year' by the ^ageing. 
Elgar and .the young ^ alto a: 
and ;J next . week - Vaughan 
WiHiaras’s * Five 'MystKai. Songs, 

(1911), alongside Elgar's Music 
Makers (1912). performed by the 
Malvern Musical Society. On 
.Tune 11 Liverpool forces wlli 
give King Olaf. a work still not 
in the repertory, but composed 
in Malvern, and Elgar’s first to 
gain more tbaa regional recogni- 
tion. It is good to see a festival 
strengthening its local roots.- 
planning .around musical refer- 
ences’ rather- than star perfor- 
mers, and presenting works out 
of. the common run. . • • ' 

• ''Orf' Sunday, the first of the; 
LSQ's two concerts (packed m 
spite of -high prices) placed 
Elghr with Holst. Delius and 
-Bruch. Young Nigel Kennedy, 
'trained at the Menuhin SchooL 
performed the.Gimibor \ ioUa 
Concerto. Though not magneti^ 
his playing was sweet, unaffected 
:and secure enough to remind 
one charmingly of * be b .°y 
Menuhin's association with 
Elgar. ADd it was the Bruch Con- 
certo, in sound and senument; 


5 ’;f;€aracas — 2 

kk seems -very? .m ueb the .mix: 
ture--aS:befnj , e. V i )' tl second 
programme- by the Rallet inter- 
nacioaal. de Caracas: masses of 
energetic-enthusiasm; acceptable, 
local ' choreography? -aha:- some 
“ bought in J V items of variable 
nuaUty: .The . two works- by. 
Vincente Nehrada vere; set-to 
piano music;. -all the more - re- 
grettable that the instrument- on 
which Mark . Richards played 
had a bass like the growl of an 
Alsatian, and a general ai r.v 
having been left; out - overnight. 

For Shadows the' "score was 
Debitssy preludes, ,plns Reflets 
dans' Veau; a; sometimes mist* 
filled stage; f assy- Ughtingr and 
a decent-sequence, of . numbers ;in 
«hS the dancers did what, one 
might expect under the clrcum- 
slalces. There was' sm - intr^ 
spective feeling to much of the 
activity, at its best in a duet for 

Zane Wilson and. Ivan Michaud 

ip which- the -two mens bodies 
curled and curved- overr each 
other. To a trio of ^ariy Skyya*, 
bin preludes; Zhandra Rodnguw 

and Zane “Wilson were. caught up 
in' the ecstatic lifts and surges 
of emotion in Lento— predic- 
table, but predictably effective. 

Of the other two pieces m the 
programme. Alvin Alleys The 
'Ritter is well known from Ameri- 
can Bailer Theatre’s repertory: 
brash jazz from Duke Ellington. 
. and no less brash dances, which 
the present company give with 
the utmost dedication. I was 
most impressed with Dale 
Talley's insouciant brilliance in 
“Main Stream,” and the power 
he and his three companions 
generated in. the male quartet 
of “ The Fails." It is all. ulti- 
mately, gimcrack— and 1 disuse 
it— but its theatrical, efficiency, 
cannot be denied, any more than 
can the willingness of the eom- 
panv to give- it their very best. 

- About, the . addled sextet of 
Marco Sappington's Weems I 
can. but note that because of a 
fault in the sound recording sys- 
tem: ' the piece started, was 
stopped, and- then began again. 

?** “t 

that Jay closest to- Elgar's style, 
a sharp warning against reckon- 
ing bis music exclusively in an 
English context. 

The concert closed with the 
Variations. Op. 36. Jerrold 
Northrop Moore, in a talk that 
afternoon; stressed that Elgar 
called the theme only - enigma." 
evoked the personalities en- 
shrined — some of whose descen- 
dants were in bis audience^ — and 
came down firmly on the side of 
the enigma's being in Elgars 
person a lity. not an unheard 
counterpoint. (The authority for 
a tune rests with Elgar’s first 
biographer. Buckley, who stated 
that facts in his 'book were cor 
rect: though a reading of his 
correspondence makes it believ- 
able that, in all good faith, he 
might misrepresent the com- 
poser. Elgar, however, let the 
statement stand unrefuted. 1 
Sadly, but for Elgar’s sake it 
must bo said. Christopher Sea- 
man’s. conducting of the Varia- 

F estiva l Hall 

tions was too theatrical aod 
splashy for festival standard. 

On Monday, before Dvorak's 
romantic yet earthy Serenade of 
exactly the same date, the LSO 
Wind Ensemble gave Elgar’s Six 
Promendades and (another Ger 
man iink) Harmony Music JV of 
187S-79. only recently revived. 
Domestic, conversational and. in 
this engaging performance, 
witty, the music is packed with 
individuality but yet quite un- 
recognisable as Elgar. Was he 
setting himself exercises? In the 
Harmony Music he plays surely 
and inventively with iStb-century 
tags, while the’ brief Promenades, 
a little more fanciful, suggest 
rather Schubert or Mendelssohn. 
But they are to be enjoyed for 
themselves. How warming to 
know that this mao, to become 
at times so divided and down- 
cast; could in hls early twenties 
write music as open-hearted, 
blithe and thoroughly happy as 

Make stre you 


Forest Philharmonic 

The forest in question is 
Waltham Forest, and its Philhar- 
monic Orchestra is an essentially 
non-professional body. They 
ventured boldly inlo - Festival 
Hall on Wednesday night with 
Mahler’s Symphony No. 2, the 
“Resurrection:" with the odd 
professional player tucked into 
their ranks aDd the Philharnionia 
Chorus on hand to raise the roof. 

The Forest Philharmonic has 
been conducted ■ by ^ -Frank Ship- 
Way for 15 years now, and this 
long-standing working relation- 
ship is clearly a happy one. 
There were no clumsinesses to 
excuse in their Mahler, and -the 
breadth of their sound was solidly 
"Satisfying— they exercise the 
hamatcurs’ ’ prerogative of un- 
limited numbers, of course, and 
this symphony thrives with 
massive forces. Shipway’s tempi 
were judicious, dramatic, well 
held; there was a suspicion of 
stop-go only in the dangerously 
sectional Fifiale, and at least the 
offstage brass kept their nerve 
and their cutting edge better than 
in many another assault on these 

apocalyptic heights. If there was 
a small, endemic weakness in the 
playing, it was an inability to 
sustain an orchestral pianissimo 
without bulging or witting; in 
forte, their confident vitality was 

The misleading smoothness of 
the Ldndler Andante was under- 
characterised and tame: perhaps 
only professional strings can 
point it sufficiently without los- 
ing their balance. In the 
“Urlicht ” movement Jean 
Bailey, replacing Anna Rey- 
nolds. sounded thoroughly un- 
familiar with the music, which 
went - for nothing; she rose 
better to the pleadings -of the 
Finale, strongly seconded by 
Elizabeth Harwood. The Pbil- 
harmonia Chorus, iu magnificent 
form, made a deep, full sound 
in the hushed invocations, and 
an inspiriting blaze at the 
climax. This devoted and 
thoroughly worthwhile per- 
formance was sponsored by 
Langham Life Assurance with 
the Borough of Waltham 

To make sure you get the most out of the 
Poznan Trade Fair (11-20 June) you really ought 
to come and talk with Bryan Humphrey our 5 
expert on International Trade between the U.K. 
and Eastern Europe before you go. 

He can brief you on the regulations and 
procedures that affect your business. 

He can advise you on who are the right 
people to talk to over there. 

He can make sure you’re fully prepared to handle business 
with Eastern Europe before you go. 

You can talk to him on 01-606 9944 ext. 4306. 

And he’ll be at the Fair to provide any further advice and 
help you may need. You’ll find him at the “EBIC House” in the 
Open Space Area, UL Swiedckiego, near Pavilion 38, telephone 

Bryan Humphrey, 
International Division. 

We deliver. 


Midland Bank International i 

MidlandBankLiniitcd, IoiMnalionalDiviwon, 60 Ciaccchureh Slrecl, London EC.»P.*BN. Td. 01 - 61 * w+J. 



A controversial cure for mass unemployment Christian 

~ Financial Times Fritoy, Jna^ 

, Labour Editor, reports, : ; , 

Telegrams; Fiaaatimo, London PSt Telex: 886341/2, 883887 
Telephone: 01-248 8000 


Friday June 2 1978 

Overheating in 

the U.S. 

shorter working week 

1 HE SHARP rise in retail 
.'ices in tbe U.S. reported on 
; /ednesday, which caused such 
' mce m domestically and in the 
larkets, and the signs of 
■' mewed weakness in the dollar 
' hich followed, are a sharp 
^minder that the American 
liracle — -the rapid and sus- 
jined recovery in output which 
- as been achieved in the past 
'■ -iree years — cannot go on for 
: ver. The actual causes of the 
i urry this week are probably 
: elatively trivial and may not 
s ast; but the warning signs of 
uture trouble continue to multi- 
' >ly. U.S. growth will perforce 
1 low down, and probably more 
J iharply than at present forecast. 
■ This slowdown is not only to 
je expected, but it should be 
A'elcomed. Such a sentiment 
nay seem sadly out of tune with 
the chorus of growthmanship 
being orchestrated in advance 
of the Bonn economic summit, 
but growth is not the sole 
objective of economic planning 
at present. A reduction in the 
U.S. inflation rate and trade 
deficit would do fkr more to 
create the financial conditions 
in which other economies could 
recover than almost any other 
single development; the level of 
U.S. demand for imports is 
important, but secondary. 

Prime reason 

The prime reason for a U.S. 
slowdown is simply that the U.S. 
economy itself appears to be 
approaching the limits of pro- 
ductive capacity for the time 
being. The official volume 
indices still show some room 
for expansion, and the average 
forecast based on these figures is 
for a growth rate of 4H; per 
cent through the rest of this 
year: but there are disturbing 
signs that the official indices 
may be deceptive. 

A rapid rise in wage costs, 
especially among the non- 
unionised labour force, is the 
clearest sign. The strong re- 
vival of credit demand after 
the enforced winter pause, 
which is now affecting tbe 
money centre banks, is an- 
other. Physical shortages have 
appeared in certain broadly sig- 
nificant sectors — aluminium, 
paper and board are on alloca- 
tion. Meanwhile investment 
spending by major companies 
is now expected to rise by some 
15 per cent in money terms 
this year. 

All these symptoms point to 
one remedy: the time is clearly 

ripe for a check to the growth 
of consumer demand. This 
would relieve pressure, and 
make room for the rise in in- 
vestment and for some rise in 
U.S. net exports, which should 
be eminently possible after the 
sharp depreciation of the dollar 
last year. Indeed, given the 
weakness of the U.S. trade 
balance some check to the 
growth of real demand is In- 
evitable. The question is 
rather whether it is to be 
achieved by economic manage- 
ment. or through inflation. 

Recent policy moves — the 
postponement of the proposed 
tax cuts, and tbe rise which has 
been permitted in interest rates 
— are in the right direction, but 
have not gone far enough. While 
the growth of Federal borrow- 
ing has been checked, the fin- 
ances of 6tate and local govern- 
ments. which were until recently 
in large surplus, are moving 
tbe other way. Governors do not 
raise taxes in an election year.' 
Since State funds will no longer 
be available to finance the Fed- 
eral deficit, the load on private 
sector savings will be corres- 
pondingly greater. A further rise 
in interest rates, especially 
bond rates, is generally ex- 

These developments will in 
due course check investment 
demand, as they have already 
checked the housing recovery. 
They will have little direct im- 
pact, however, on consumer de- 
mand; and here market pres- 
sures seem already to be a direct 
cause of price inflation. The rise 
in food prices, a result of winter 
shortages, is the most dramatic 
example, but price disciplines 
bave generally slackened. 

Normal development 

Within limits, this is a normal 
development, and a necessary 
part of the adjustment implied 
by the fall in tbe dollar; if infla- 
tion peaks temporarily at 9 or 
10 per cent, and then falls back 
to recent levels, the Administra- 
tion will he able to claim a suc- 
cess, if an unpopular one. How- 
ever. this will only be achieved 
if deficit spending and tbe 
growth of domestic credit are 
kept under much tighter control 
than is now the case — a real 
test of the Administration’s 
political resolution in a mid- 
term election year. If that test 
is not passed, present fears of 
faster inflation and a renewed 
dollar slide can only increase. 

Leaving well 

ing encouraging signs that it 
may have learnt the lessons 
from the muddled interference 
of both parties in the interest 
rate decisions oF the building 
societies in 1973-74. There are 
obviously even greater than 
usual temptations for ministers 
to interfere in a probable elec- 
tion year. But leaders of the 
Building Societies Association 
apparently faced no particular 
pressure at a meeting at the 
Department of the Environ- 
ment yesterday and left with 
the impression that any deci- 
sion would be free. There is 
tbe important proviso that time 
has been left for a further 
meeting before the final discus- 
sion by the Association's Coun- 
cil next week. 

The days of independence 
for the building societies from 
outside interest and involve- 
ment are now. of course, 
clearly over, as Mr. Gordon 
Richardson, the Governor of 
the Bank of England, indicated 
in bis speech to the Associa- 
tion's annual meeting a fort- 
night ago. Official contacts, 
and probably supervision, are 
bound to become both closer 
and more continuous. not least 
because of the greater relative 
importance of the societies in 
the financial and monetary' sys- 
tem. But there is an important 
distinction between these struc- 
tural questions and inter- 
ference in the societies’ opera- 
tional decisions, where Govern- 
ment involvement has not 
proved to be beneficial. 


number of times changes can 
be made. There might be a 
case for government help if 
there were good grounds for 
believing that a rise in general 
short-term interest rates was 
temporary. Even so, the 
societies' reserves of short-term 
deposits are partly intended to 
cover such a possibility. In 
any event this does not apply 
now as there is what looks like 
a longer-run shift upwards in 
short-term interest rates. 

The consequences of White- 
hall interference in interest 
rote decisions have generally 
been counter-productive. The 
move by the Conservatives in 
1973 to limit the interest rate 
paid by clearing banks on de- 
posits of under £10,000 only 
postponed a rise in the- 
societies’ rates, while the 
Labour decision In 1974 tem- 
porarily to lend £500m to the 
societies pushed up the borrow- 
ing requirement at the wrong 
time for the markets, as 
it would now. 

T HE DOCKERS’ union 
leader Tom Mann wrote in 
1SS9: "Six hours a day, 
five days a week is quite enough 
for such work as we have to do. 
We must not rest until there is 
not a single man out of work.” 

Tom Mann argued for a 30- 
hour working week. To-day, 90 
years later, the standard week 
in Britain is 40 hours for manual 
workers and around 38 tor 
white-collar workers; but Bri- 
tain’s chronic enthusiasm for 
overtime means that actual 
working hours are nearly 46 for 
male manual workers on aver- 
age. In some parts of manufac- 
turing industry overtime is 
eight or more hours a week. 

The arguments of the 1880s 
are returning in force today, as 
British and Continental trade 
unions, with some encourage- 
ment from the Common Maiket 
l Commission, look for an 
answer to high and persistent 
! unemployment which shows no 
j signs of abating hefore the mid- 
j 1980s. Worksharing is on the 
agenda of most European 
Governments and of tbe tripar- 
tite employer - Government - 
| union s ummi ts in Brussels. 
There are some 6m unemployed 
in the EEC countries, of which 
one in every three is under the 
age of 25. and as many as 7m 
new people could join the 
labour market in the next four 
and a half years. 

Faced with these kind of 
forecasts, unions are beginning 
to doubt whether reflation 
alone would mop up the large 
and demoralised pool of the un- 
employed. They want .direct 
action; and in Britain, along 
with countries like Belgium, 
the most popular union answer 
,is to fight for the shorter work- 
jing week, simply because — 
more than job subsidies, early 
I retirement, longer holidays, or 
ieven cutting overtime — it could 
j channel large numbers of 
people into jobs. 

I 'Both sides of industry in 
Britain agree that whether or 
not the next wage round sees 
i any negotiated inroads on the 
40-hour week — and here the 
shape of Stage Four of incomes 
policy will be crucial — the issue 
| of the shorter week has come 
to life this year, and will not go 
away. The CBI, for example, 
j has started to research the cost 
consequences of the unions’ 
claims for a 35-hour week and 
to devise a policy for meeting 
those claims not only in the 
next wage round but in the 
years ahead. The Department 
of Employment has been pub- 
lishing a series of articles about 
| the different ways of tackling 
unemployment — including the 
35-hour week. Meanwhile 
Government, employers and 
| unions are watching with in- 
terest recent developments in 
the rest of Europe, for example, 
the success of Belgian public 
sector unions in winning from 
their government a 38-hour 
week from next year. 

For many years, the trade 
union demand for a shorter 

week — and even, it has to be 
said, for action on unemploy- 
ment generally — has been a 
routine battle cry. In the last 
12 months or so, and with what 
appears to be gathering speed, 
sloganising has given way to 
real alarm among unions. 

Much of the responsibility for 
bringing the shorter working 
week into the arena must go to 
the Transport and General 
Workers Union and its former 
general secretary Mr. Jack 
Jones. He — as with so many 
other things — started the ball 
rolling about two years ago. 

His first tangible success, per- 
haps little noticed outside union 
circles, was to swing the Euro- 
pean Trade Union Confederation 
behind the policy at its Lon- 
don conference in April. 1976. 
Since then, the TGWU has been 
collecting statistical ammunition 
for the case, and pushing it 
under employers’ noses In nego- 
tiation. The Ford Motor claim 
last year contained a long analy- 
sis, prepared with the help of 
Mr. John Hughes, director of 
the trade union research unit 
at Ruskin College, Oxford. The 
building and civil engineering 
employers were asked to con- 
sider the case this summer. 
Many more employers will face 
the claim this winter. Other evi- 
dence of the way in which the 
argument is crystallising came 
from the Scottish TUC in Aber- 
deen, where union leaders told 
their audience, in effect, to stop 
talking, get off their backsides 
and “negotiate more people into 
jobs,” while Mr. Albert Booth, 
the Employment Secretary, 
pointed out the high cost of 
cutting the week without loss of 
pay and suggested that to cut 
overtime working was the better 
solution. The theme is recurring 
at the summer conferences of 
individual trade unions. 

At tbe bargaining tables of 
industry itself there has been 
little movement since 20 years 
ago. when 44 hours — including 
Saturday morning working — was 
Standard. From 1959 to 1961 
there was a general move to 42. 
and between 1964 and 1966, to 
40 hours. Outside clerical jobs, 
a week of less than 40 is uncom- 
mon although underground 
miners are on 374 hours over 
five days (and are looking for a 
four-day week). This January, 
the firemen — not a typical case 
— secured a commitment to 
bring their standard week from 
48 hours down to 42, and an 
offer fulfilling that promise but 
with strings attached will be 
made to the Fire Brigades 
Union today. The nurses, as part 
of their April 1 wage deal, won 
a qualified promise that they 
would move to 37i' hours by 
1981, after they had claimed 35 
hours. This promise was partly 
in response to the Halsbury 
report of 1974 which, recognis- 
ing that nurses work a longer 
week than other non-manual 
employees, said a reduction to 
38 should be made “ as soon as 




Cut to 35 hours Cut to 38 hoars 

Registered Labour Government Registered L abour 

nempjo^ment cart* expenditure unemployment casts expandrtu e 

A Urge 

employment effect 
B Medium .employment 
effect, low productivity 
C Medium employment; 

high productivity 
D Small 

employment effect 

Swire; D £ Gazette. April *978 




Original estimate 

Increased Reduced 

employment unemployment 

000’s OK’s 

+738 -880 

+538 — 150 

+385 “SO 

+154 -t00 

Revised es ti mates 
Increased Reduced 

000 's • . 











Source; Trade Union Research Unit. Rasfcln College, Way t97t 

The only well-publicised case 
where blood is being spilt over 
the shorter working week is that* 
of tbe Post Office engineers, 
who. in pursuit of a demand now 
seven years old, are applying 
sanctions to new telephone 
equipment with considerable 
effect. There is no sign that 
the Government will allow the 
Post Office Engineering Union 
to make a breakthrough that 
would quickly be followed up 
throughout the public sector, 
and it looks as though the 
union’s negotiators will not even 
be able to tell their conference 
delegates next week that a 
forward commitment is in the 

The POEtFs case is not, of 
course, mainly based on the 
desire to keep or create jobs, 
even though the union is un- 
easy about the staffing implica- 
tions of new technology. It is 
for comparability with clerks, 
who work 371 hours, and re- 
cognition for the members con- 
tribution to productivity over 
the last ten or 15 years. 

As the TUC'S last economic 
review makes clear, trade unions 
are well aware that reducing the 
working week will be expensive 
and they do not disagree with 
the Department’s estimate (see 
Table A) that the cost could be 
up to 8 per cent, on the wage 
bill. They are aka aware that 
to the extent that extra produc- 
tivity recoups some of the cost, 
the extra job opportunities will 

Nor do they discount the 
argument that unless there is a 
joint EEC move to shorter 
hours, a cut in the week would 
put Britain at a competitive 
disadvantage and increase the 
risk of closures and redund- 
ancies that would pull in the 
opposite direction to that in- 

Where there is plenty of 


insurance contributions on T n*W 
employees. - •*- 

Secondly, it toasts that refix- = y.} 
tion without a sharp and stand- ■ 
taneous reduction in unemploy- t 
ment will not work; the . cure, y 
Companies : should be - efccour-- j 
aged to gear up with extra ' 
labour — for example ^ to intnK- ? 
duce two-shift working instead . r --y 
of- single-shift— ahead -of ,the__ 
demand the reflationary injecs 
tion wtit create. For the reflation :» is. 
to be sustained;, so the aigu- 1 Y-i 
ment goes, there must be spread-- ~ 
ing both of the work *nff - . 
the growth in incomes. “ ~ • £ 

The cost of increasing the ' - 
labour force, it. says, could, be. 
largely, met "byraising product = ■'[ 
tivity. .Indeed, -the; union beK . p 
lieves, not only would’ genuine i,- 
productivity - .bargaining , : ' ; be , ; r 7}_ 
spurred by negotiated cuts-, in 
the working week, but . that 
without it productivity bargain- - 
ing will begin to dry up as "■■■_ 
unions become- increasingly re^ 
luctant to sell jobs in esrchange ’ - 
for money. As if is^ there are = ; 
plenty of restrictive practices V 7 
left in British , industry . that _ 
could be! eold.-fiack^fo the em- ‘ . i 
ployeri Its maih complaint Hbout * . 
the Go venjment’S- 'rpspotise' ' Ur & 
that it. encourages what one Jr 
union official called * > (life - : “b£-_ 
numbed, ' negative land - protect -;>• 

tionist Bttitude .of reanagemant . ... 
today.” Overtime, too,' should be 

room for disagreement is in. the 
assumptions about how much 
extra overtime would result 
The Department of Employ- 
ment’s assessment in the April 
Gazette has already been 
attacked as misleading and in 
some parts wrong by the 
Ruskin statisticians, who gene- 
rally take a much more opti- 
mistic view ebout the “ afford- 
ability” of the shorter week. 
Indeed, the Transport Workers, 
states qnite categorically, first 
that a shorter week does not 
increase labour costs per unit 
of output and second, that re- 
ductions in the “ normal ” week 
do cause similar reductions in 
actual hours of work. 

The union, in other words, is 

trying to force employers to 
question their own assumptions 
and ’.to \Shtw . that' WhitebalT 
tends to be too pessimistic about 
the case for the 35-hour week. 
It believes that there are strong 
economic arguments to holster 
the moral case for this kind of. 
work-sharing. First it: points to 
the benefit to the Government 
(less unemployment benefit to 
pay plus increased tax revenue) 
— which, however, accounts for 
oaly about a sixth of the: total 
cost to industry — -to arguei that 
the Government should not jmly 
take a lead with its own .em- 
ployees, but could also share 
some of .that benefit with em- 
ployers, by* for instance, "re- 
ducing . or waiving national 

“bought oat” as -much T ; as -pofc- * - 

sible -except where' -ft 7is gentt- -> 
ioely .needed for flexibility in, * : .... ;r ' 
production- - '.r. 

This line of ai&umerit prtwnfc. 

.ted not only by the UK’s L35m - ' - : 

regiri:ereA- unemployed, but also- 
by the' suspicion that the auto- .. - % _ ■ 
matioh -scare of the 1950s i$ at- r 
last coming true-— that "tech- • 4 — 

DolOghaT - ; unemployment^ “is T ^ 
coming over the horizon. " De- 
partment of Employment offi- 
cials are sceptical, and tims are . 
loath to recommend : “irrevm-. ^ hy j j] V 

Jble” job creation measures, like'- • 

this shorter week jn case Britain; .♦iimp 
finds itself . in seven- or eight " -** 01, 
-years with ;a labour shortage; : *■'' ■ 

when the effects of the contra- .re- 
ceptive pill and of a fejhcg jT . ■- 
birth rate begin tosbow-through. 

■^Whatever the arguments, the " . 

GBI and Whitehall----«hd some ' * “7 " V 
trade ' union leaders too-^-ddubt , ,. c . . • 

that the shopfloor really wants: >' ;1 i • 
a shorter week., unless. it. is to . J <; • 

boost - overtime ^earmngs, -and -t i--. 
that there ■ will he - tittie - reaL r ^ : '. . 

— i- ^1-J- I- tn-,. - - 

pressure for It tM^year^Afcfcard- -p ^ :* - 
.tog to'uther'ireoTitttk.ffidfe.ts a; ^ - 

real demand for 38'or’35 fiour^ l* 
—■especially town, shiftworkers Zr. 

and even ;*;•* 

Friday • night: -7 shiftworker/.# ^ - 

Whether the campaign produces ; } * 

results in 1978 hnd^l97fl WiiLt. ^; ^ . *. 
depend ' on : the Governments - # - h,- - . . 
^design f or. pay restraint- .*f[dr •: ^ ^ \ 

July 31- and its discussions with . - 

-the TUC. ^;^^’ljs;5;+: 
whether negotiators • wHh • he . ■ - 

asked to trade increased leisure; so : . 
for part of their pay rise under : . 

an incomes policy " norm.” Bat > ; ^ _ 
no one doubts that' Europe:# + i; ' 

unemployment hasstarted some-f“> ; v : J'- 
thin& and that -Tom Mann 's V,- ;y : 
30-hour weelris edging, closer, ^ v 


„ ' . i.-;,. - ... - --v;. 

- , . ■ 

Blueprint for a 

Congo invasion 

Moiee Tshombe’s name is rarely 
mentioned in the current inter- 
national debate about the causes 
of the trouble in Zaire. But 
few people know that after be- 
ing spurned by the West, he 
sought help from the Soviet 
Union to stage an uprising 
against President Mobutu, long 
before the latest wave of com- 
munist activity in Africa. The 
detailed plans tbe former 
Katanga leader put forward as 
long ago as 1966 may well bave 
been taken down and dusted in 
Moscow recently. 


There are objections on 
grounds both of principle and 
of practical consequences. 
There is no reason why home- 
buyers should he protected by 
the Government from the im- 
pact of a general rise in in- 
terest rates. Purchasers of 
consumer durables on hire 
purchase are not similarly 
cushioned. The only equity 
achieved would, perversely, be 
wilh the other major sub- 
sidised group of local authority 

The only half-way acceptable 
argument for intervention re- 
flects the societies’ cumbersome 
and costly method of altering 
interest rates. This limits the 

At present, the societies’ net 
inflows are falling sharply — pos- 
sibly down to £150m this month 
compared with £335m in April — 
while their liquidity is also 
dropping steadily. Consequently 
the Government’s indication 
yesterday that earlier restric- 
tions on lending would be re- 
moved is completely gratuitous, 
as was the move in March to 
cutback the previously agreed 
level of advances. 

The societies may have to res- 
pond to the generally higher 
short-term interest rates if they 
are to avoid sharp fluctuations 
in lending. There are divisions! 
within the Association on 
whether to increase rates now 
or to wait for a month -or two. I 
Ironically, some within White-! 
hall believe that if there Is to 
be an increase there are political 
advantages for Labour In a 
move soon rather than relying 
on exhortation now, followed by 
a possible rise in the early 
autumn. Either way. the Govern- 
ment should resist the tempa- 
tion to make a last minute in- 
tervention next Thursday after 
the meeting of the societies' 
home policy committee and be- 
fore the final decision is taken 
a week to-day. 

The man who during his seces- 
sionist days in Katanga was 
supported by rightwing groups 
and had close links with 
Rhodesia, made a dramatic — but 
secret — switch while in exile. 
Realising that Mobutu, who had 
ousted him from the Congolese 
premiership, was being heavily 
backed by Washington through 
the Central Intelligence Agency. 
Tshombe decided to try his luck 
with the Kremlin. From his 
hideout in Madrid he sent an 
appeal for money and arms, 
'claiming that for his uprising 
he could rely upon “ 11,000 
Katangese gendarmes previ- 
ously attached to the Congolese 
National Army." Some of these 
tribal supporters oE Tshombe 
may well have been in the rebel 
force that recently took Kol- 

I have a photocopy of 
Tsbombe’s secret memorandum, 
which -he- signed on every page. 
It was taken from Madrid to the 
Soviet Embassy in London .-by 
Dr. Gaston Greco, a West Indian 
from Guadeloupe; he had 
formerly been a counsellor at 
the Congolese Embassy in 
London, but lost his job when 
Mobutu came to power. Tshuinbe 
told the Kremlin: “ We would 
like to establish a Congo which 
would be closely allied to the 
Soviet Union, as well as to other 
socialist countries." He attacked 

"They usually have labour 
troubles. It's like sticking a fac- 
tory out in our Indian reserva- 
tions. As soon as you have done 
it, you want to come back to 
tbe cowboys’ side.” 

Ideological idiom 

At a rally of Catalonian com- 
munists in Barcelona, the 
guest of honour, Italian Com- 
munist Party boss Enrico Ber- 
lin guer. scored a linguistic 
triumph this week. He addressed 
the crowd in fluent Catalan. In 
the part of Sardinia where he 
was born, it is the local dialect, 
because Catalonian armies once 
occupied the area. 

“ Seems to be a case 
of nature following tbe 
National Institute ! ” 

American influence in the Congo 
and said that once he was back 
in power the Russians would be 

But when the Spanish Com- 
munist leader, Santiago Car- 
rillo, stood up and tried to fol- 
low suit, fate decreed other- 
wise. A freak gust of Barcelona 
wind blew away the text of his 
Catalan crib. 

wooing some of the same custo- 
mers he dealt with in his South 
Coast days. He now runs 
Vosper limited— the bit of the 
business left in private hands 
after nationalisation. Vosper, 
with a shipyard in Singapore, 
is in particular trying to sell 
more boats to Kuwait Re- 
cently, Vosper Thomycroft lost 
a $5 00m. deal with tbe same 
Gulf country. After months of 
effort and the near certainty of 
landing the deal, Shaw’s men 
were apparently told that their 
boats were too fancy and that 
they should design something 

This almost certainly puts 
Shaw’s team into direct com- 
petition with Rix. The latter 
will shortly, I understand, be , 
strengthening his senior 
management — with at least one 1 
recruit from the board of 
Vosper Thomycroft 

^ The exception 
^ that could prove 
, I I to be your rule. 

Touched up 

But Tshombe never got back. 
The Russians did not give him 
the BFr 510m be wanted (about 
£4ra at that time). Nor would 
they give him arms, which he 
planned to move in through 
Anyoia on the route used by the 
rebels more recently. A year 
after Tshombe sent his secret 
memorandum he was hi-jackcd 
over the Mediterranean; it has 
never been explained w’ho set it 
up. He died under house arrest 
in Algeria. 

Naval manoeuvres 

Latest arrival in the board- 
room of Vosper Thomycroft. 
tbe South Coast warship 
builders, is Vice-Admiral Sir 
Anthony Troup, 56, who not 
long ago was running NATO's 
submarines in the Eastern 
Atlantic. He becomes deputy 
to the chief executive, Andrew 
Shaw, w'ho is 38. 

Bury his heart 

Richard- Jacob, burly chairman 
of Dayco. the US? plastics and 
rubber engineering company, is 
in Britain as part of his search 
for a site to build a new factory 
in Europe. But he appears to be 
able to do without any help in 
Iho way of incentives. Grants for 
going to special development 
areas “just don’t figure," he says. 

Shaw himself arrived drama- 
tically at the top in January 
from Vosper Thorn ycrofCs 
little-known engineering sub- 
sidiary. It was forecast then 
that more boardroom changes 
would follow. I gather that 
one or two resignations are now 
on the way. although whether 
these signify disenchantment 
with Shaw's style or a more 
deep-sealed dislike or working 
for a nationalised industry re- 
mains unclear. 

From Singapore comes news 
that Vosper Thornycroft’s for- 
mer boss, Sir John Rix, is 

“ Flesh and spirit " is the 
enticing title of an article 2 
have just been reading in what 
Aer Ling us describe as my 
“ personal copy ” of their in- 
flight magazine. Cara. The 
article is a polished piece of 
purple prose about the joys of 
the island of St Honorat This 
is just off Cannes and the writer 
extols the situation there with 
people lying M topless and beau- 
tiful like shiny mackerel on the 
silver sand outside the hotels." 

But St. Honorat. I learn, is 
a holy place. The monastery 
where tourists can stay was 
founded by the Cistercians, and 
both St. Patrick and the Vener- 
able Bede boarded there. So It 
is only right and proper that 
Aer Lingus should have kept 
Up the tone by very obviously 
painting a bra on a ’^mackerel ” 
with whose photograph they 
illustrate their piece. 


•1 D tf. .1 ’ 1 

Perth, Scotland 

\\***&va in ieoo at me sm*£ 



197 S 

'•*- Financial "Times* Friday June 2 1978 




• 4 «. ■ mSi» 

" Our alliance centres on 
o s . Europe; but our vigilance 
" * cannot be limited to that 
^ continent.” - 
ir ? snci THOSE WORDS of President 
’•! Carter’s to the NATO sum- 

'•j rK 'I / 1 in it meeting this week epito- 
vl mise the debate that seems to 

^ have sprung up almost every- 
;; V: "here one goes: what if any- 
or ^: : thing, should the West do about 

‘ v Soviet and Soviet-Cuban inter- 
vention in Africa? 

' Only a few years ago the 
question would scarcely have 
' rr,: ' W-.£' ariseni The Soviet Union simply 
? ’v«.r : ; not have the capability to 

project military power so far 
. afibld, and if It had tried on 
-- .•^-. 3 . anything, it would have been 
-" 3 ,, i fi nnly checked: the U.S. would 
? : K have warned that detente was 
‘ ; indivisible and could only be 

v a V . harmed by extending East-West 
: “^petition to new parts of 
£ '.r c . the globe, in all probability, the 

. ./dt ... Russians would have drawn 
mvv.vry -.j-T" back. 

3 n v Three factors seem to have 

3--U 1 The steady build-up of 

■ *- ■: ’.b-.r; j Soviet military power has meant 
trici:-. ■ that the Russians can now inter- 
*h vene on a world-wide basis, 

Uaer' V-. ,i,/: especially if they can use the 
n imp’ll Cubans as proxies. 
r:r. ■' 2 After Vietnam the U.S, is 
.trie-- v.'sjI' «o longer anxious to act as the 
cali “i world’s, policeman: it will not 
; aV.ii"'*! automatically respond to Soviet 
•*. expansionism. 

_nc. t } t 2 has become clear that 
d , • ,^ J large parts of Africa are funda- 
'•.•mentally unstable. A large 
j. amount of trouble can be caused 
J lj bv introduction of only 

i ar . Vj ,. N SD »I 1 outside forces, as the 

'/-.-.-second invasion, of the Shaba 
.“1.4}’.. -V ’ ; 'Province of Zaire within IS 
; Tu .;— months has shown. 
i C "- 0 i ! = There is no reason to believe 
4 ... .“ -."^V that any of this will change 
■ 1 .again in the near future. Indeed 


the invasion of Shaba could well 
become a recurrent event until 
such time as the invading forces 
succeed in gaining control. 

That is why the question of 
what the West should do about 
it can hardly be avoided. In 
seeking the answer two princi- 
ples must be borne firmly in 
mind. The first is the need for 
the West to be as far as possible 
united- The second is that there 
must be a reasonable chance of 
whatever the West decides to do 
or not- do coming off. 

Both principles are more 
complicated than they look. 
Western iinity, for example, 
need not mean NATO unity; nor 
does a collective western 
response mean that ail members 
of the Atlantic Alliance need to 
be actively involved. There does 
need to be. however, a mini- 
mum level of agreement that 
whatever is done by some mem- 
bers of the alliance will nol be 
attacked or undermined by 
those members of the alliance 
whjch do' not participate. In 
other words, the West's Africa 
policy should not be one which 
causes dissension among the 
allies to the point where the 
functioning. of the alliance else- 
where is impaired. 

In this context it should be 
noted that the argument about 
NATO being prevented by its 
founding treaty from acting 
south of the Tropic of Cancer 
is a red herring. That particu- 
lar article of the treaty was 
included only as an interpreta- 
tion of Article 5. which obliges 
members of the alliance *■ to 
consider an armed attack on 
one or more of them in Europe 
or North. America . an attack 
against them all." The treaty 
says nothing at ail to prevent 
NATO action in Africa either 
collectively or by individual 
members, and there have long 

been contingency plans for 
such action to be undertaken: 
for example, in the Indian 

The second principle, of the 
need for any Western action to 
be viable, also has longer-term 
implications. For instance, the 
French intervention in Shaba 
last month seems to have been 
effective up to a point. It was 
reasonably popular, too, in that 
it produced plaudits from Wash- 
ington and that there was very 
little opposition from French 
domestic opinion, Bui there 
remains a series of questions. 
Are the French to go into 
Africa every time a pro- 
Western regime is threatened? 
Do they have the capability to 
do so. even if they wish to? 
What are they to do if the rebel 
forces and their Soviet and 
Cuban hackers simply switch 
tbeir attention lo another parr 
of the continent? 


Besides, the embarrassing 
fact is that the French may 
have succeeded in checking the 
latest invasion of Shaba, but 
they have not succeeded in re- 
storing production «,f minerals. 
Yet it was the We-t's depend- 
ence on African natural 
resources which w;,s supposed 
to be one of the reasons making 
Africa, and especially Zaire, 
strategically import ant. 

There is again ihe wider 
question of the effects of wes- 
tern intervention in one part 
of Africa on oilier African 
countries. The only country, 
apart from Cuba and the 
eastern bloc, that can really 
be pleased by what is going cm 
at present is South Africa. Yet 
if the West is to intervene to 
defend any regime that is being 
attacked by the Cubans and the 

Russians, ought it not logically 
to defend South Africa itself V 
That is, no doubt, what the 
South African Government 
hopes. It is also what Mr. 
James Callaghan, the British 
Prime Minister, fears. Not 
least, there is the effect of such 
action on Nigeria, by any stan- 
dards a regional super-power 
■which the West ought to be 
cultivating, and which the 
Carter Administration has been 
cultivating. Is intervemiun in 
Zaire worth it if the result is 
to alienate the Nigerians? 

Again in the longer-term one 
wonders how long western pub- 
lic opinion will accept western 
military involvement in Africa. 
Probably it will be accepted just 
so long as it works, rather as 
American public opinion might 
have accepted U.S. involvement 
in Vietnam if it had paid off. 
But [he problem is to define 
■what one means by working. 
Does one want to defend the 
regime of President Mobutu Df 
Zaire in the name of western 
democracy or because of de- 
pendence on that country'-, raw 
materials, or both? 

There are problems either 
way. In the first plan-, ihe 
regime is undemocratic and cor- 
rupt. Jn the second, the persist- 
ent fighting means that the £ lip- 
ply of raw materials dries up. 
There is not only ery hule 
present production: there i- also 
no possibility of new invert men t. 
If this kind oF situation con- 
tinues. it does not seem so me 
that it will be very long before 
western public opinion <a;> that 
the game is not worth the 

What is more, the side-effects 
of losing public support could 
be very considerable. France, 
for example, lias already lived 
through periods when its exter- 

nal policy caused problems at 
home, and 11 w:-.* not a very 
pleasant e::pe,-;.‘ncc, So ha.- the 
U.S. Jurist, Uic Vietnam war: 
there vas unrv.-r. and 

there was :• -harp deterioration 
of Eurnpe.ii;.A.ncnc:.n rela- 
tions. It i-- for tnose reasons 
that one stre-ses ike n-.-c-c! not 
only it"’ Vi».-s tern puln-y to- 
wards Africa i<i ov based on 
consensu*-, i.n; jj.-ij :W i; it, be 
viable ins •• ,-.y that u.S. policy 
towards Vietnam ne*.er was. 
The U.S.. :n lac-, never knew 
whether i; »■. a.- v. timing the 
Vietnam war «ir n*ji. becau.-e it 
had never a- Ji.r-i'aciiiniy defined 

why it wa- :'i\ -;.i in ihe first 

place, nor vgnr.iuc; meant, 
and there ( -.vp-i'c range 

of factors — !;>■:..• mii-he opinion 
Or the sifii— .iTvcts o; American 
involve me nt — -.riven were 
never full.' 1 . n in;.* account. 

The curie! n«... ■ n from ai! that 
is that the V.-ii "ecus to be 

very careuii iick-cd m deciding 

how far .\fnca. yr parts of 
Africa, are -'rat /glumly import- 
ant. The l\s'.i .’liter a!? case docs 
not seem l-w. -. nan*, partly for 
the reason alreaiiy jj-.en that 

production nor 7 ^ place 

in are:'i 0 : -1 .,:!■■■. on: inn cm 

lighting, hut a ' • j : ’eca:rsf [bere 
a re 11 »ua ! iy ^ : . . : ->a ; • \ ? on rces 
a vai la l> Ic- ; •.*ve . ueci a ! 5y 

m the d- •• • i p..-,‘ v.ji-id. Free* 
market tc.":;.n:-i- at 

shuuii! r-.-cci:i.'-.- :: ii only 

a ca.-c • 77 'jrsc. and price ad- 

What m.,:.- faded "the 

trade ruu'e-- -.or the stsa- 
tegic impo. -: ; 1 :.. . 0 . Africa i- 
also siispcct the simple rea- 

son that i i : !i .• -'c :. i Navy were 
suddenly :e ■. lure i.-ayj parts 
of tile :i prohibited 

to vestcris the West 

could per; iy •••.•>! rctaliaie 
closer to ih'. viv;./; i. uion where 

tile Euss, . - ■> 7 1 i t* really be 

hurt: for example in the Baltic. 
One assumes that the Russians 
know that: if they do not. there 
i< no harm in their being Toirt. 

And yet if all the above Sug- 
gests that the strategic import- 
ance of Africa is minimal, and 
that the chances of a viable 
lony-t'j-Tn Western support 
operation being mounted on the 
spot are even le.-s. the worry- 
ing question remain? of the 
overall effects on Soviet policy 
of the Russians being allowed to 
spread their influence through 
the continent almost unopposed. 
Will they not conclude that they 
can get away with almost any- 
thing and go for something big- 
ger? And will not the rest of 
the world draw ihe conclusion 
that the West has lost the will 
to resist Soviet expansionism ? 

The cynical answer is that in 
lime the Russians will dig their 
owu grave. They will prove no 
mure capable of running Africa 
tlun anyone else. The African 
involvement, in short, will be- 
come the Russians' Vietnam. The 
problem with that is the problem 
posed by Keynes: 'in the long 
run we shall all be dead." And 
ir may take s very long time 
before the Ruiiians' African ad- 
•.enuirv turns against them. 

1 1 M?vm> to me. therefore, 
ihut the re- pun sc iu the ques- 
tion ■* \\'h:‘t should the West 
■jo about Arriv?. "" e.innot quite 
be nothing. The real mistake, 
however, would be always to 
meet Soviet advances where 
tney take place. There are. in 
ijcl. plenty of areas where wes- 
tern displeasure at Soviet in- 
tervention in Africa could be 
effective!:- expressed. Fur in- 
stance. the document on the 
basic principles 01 relations be- 
tween the U.S. and the Soviet 
Union signed in 7*1 ay l&7ti says 
that "both sides recognise that 
effort* co obtain uni lateral ad- 

Richard Nixon : a shield 
offered against attack. 

vantjge ar the expense of the 
01 her. directly nr indirectly, ore 
i neon si >, tent with ihe ubjeciites 
(uf detente 1." That document 
has noi been invoked, and be- 
cause it has nut been invoked 
the Russians are encouraged to 
go on doing they aie 

It would a 1 m * be possible for 
the West to itep up iis own 
armament.-, programme even 
more than it ha.* been doing 
at this week'.- NATO summit. 
President Carter could receive 
his d Cel si on on the NATO 
n outrun bomb, and he could 
pi a* up the growing rcludam-e 
of tlie U.S. Senate to ratify a 
second ,-iralegic arms JiniiK:- 
ti on agreement (SALT 2t. Ni»i 
there could be it quite 
different it no on western 
credits 10 the casu-rn bloc and 
the tran»ier of technology. 

In Africa itself the We*.t 
could do worse than to revert 
to the doctrine of .1 L'.S. Presi- 
dent now riy fitly discredited, 
but who was one of ihe original 
aichitecis of detente. The 
Ni::on Doctrine <v lyift'i said 
lhat the U.S. would keep its 

■ j*/tar-v -A'. • 

Jimmy Carter: \ igilanee not 
limited to Europe. 

treaty ei'iunmineiii % and 

" would pruude .1 shield it a 
nuclear power threatened the 
freedom of a nation a'lied to 
The U.S. or stirviiA , 1 k:i/ 

con si tie red vital ei liter to ihe 
security uf the U.S. or to the 
security »«f the region as 2 
whole." It added: "In cases 
involving other type* uf aggre-.- 
sion we shall uimi.-h military 
an*! ecuhomic aisisianv-? when 
requested and apio-opr'.ne . " 

The point •.-..I* in ihe 1 :<■ 1: ' Bin 
v.e --h»li look in tin* nation 

direct!;* cried ?.• ;.:*uiue 
the pribi.iry iv-poii* 1 !.•’• I iiy of 
providing the manpower fur its 

Thai 111 1 tin not be had d"c- for ih-. West :■> a w:ui|.? 
to apply to Alnca. Vie -hail 
help iiv ( *e vrim help theiu- 
selves,. 1 ju ; we .ball ir.lM vene 
ciirectly only when there is a 
clearly established need »o do 
></ and we know w hi- we are 
doing. Mean -a hih'. we shall 
*Kiiv.l up to the Russian* at a 
place uf our eii'io«:n.'. 

Malcolm Rutherford 

• • - 

Letters to the Editor 

W .;c . ■ 

; A rose by any 
other name 

* .: 


~"vcmt Afr. K. T. H. Graves 
Sir, — A rose by any other 
riame will smell as sweet. Here 

- A-«* are with the Bank of 

.. 1 ■ •- — England Minimum Lending 

tate to be fixed by adminisrra- 
ive decree (as was latterly the 
“ Id Bank Rate), ralher than 10 
: e automatically determined as 
: ae product of market rates, 
his had of course already 

* ecome the position de facto; 

- : ut now we have d.e jure a move 
. tiack to* the "old Bank Rate 
. .'.lechanisin: the Bank Rate hav- 

‘ ig been (at least in theory) 

■ v rie determinant of other short 
: ’rm rates, rather than deter- 
•.* 'Ined by them. There were df 

■ mrse occasions on which there 
as not enough elbow room 

;;'.. 3 tween the Treasury Bill rate 

■ "id the Bank Rate, so that the 
ank of England was not able 

keep the whip hand. We 
.Therefore had “technical 

• Ijustments” of Bank Rate in 
‘der to restore some required 

...It had been hoped that 
-..anges in MLR would not 
tract the same attention as 
.r:‘ anges in Bank Rate had done. 
- nnk Rate had, as a syrhboL 
me to command a measure of 
sped to which it was not 
'titled, and had come to indi- 
te major shifts in Govern- 
mt policy which' were' not in 
taking place. It was as 
•ugh the trqm peter were 
mting an imeertain sound 
ch left the troops in some 
^fusion. It had ceased to be 
penal rate for the Discount 
uses when they were forced 
nto the Bank.” The tail was 
igging the dog. In practice, 
las come to attract as 
attention, and market 

.?! -Cl 

hv'Ft 5 
\vc *• 

p ••*... 
vT •* : . 


ff.": :■ 

Ij:- 1 - 

• rr ■*" 

thi- * 


C-n ‘ 

: «• 


ago the Prime Minister told us 
that he had taken personal 
charge of the foreign exchange 

Though I am essentially a 
market economy man. I am no 
believer in pure laissez-faire, 
and I have much, sympathy with 
some forms of Government 
Intervention- when it "pursues 
certain economic and social 
ends, rather than party political 
ends. It is for-jthe. Government 
to control its own spending if it 
wishes to keep interest rates 
down; but we appear to be 
attacking, once again. - Ihe 
symptoms rather than the 
disease. It is the IMF which 
is seeking to attack the disease 
—and all power to its- elbow! 
Holding down the level of the 
mercury in the thermometer 
does not alter the temperature 
K. T.H. Graves. 

259 Teehey Lane, 


WirroL Merseyside. 


has come" to attract as 
■yxKrJa&ch at 


... . :J*ji 

ffieik would at- present push it 
1*4 levels which are; politically 

y C S 2 W Sways. argued that 
lpetition and Credit Control, 
oduced in September. 1971, 
, of which "SfUl came (in 
.ober, . 1972 f. to be a part, is 
[fair weather set of ihstru- 
its. At the time ot the 
.oduction of QCC, I delivered 
paper to' the-V Institute of 
akers In Liverpool in which 
irophesied that we would end 
with an,. old type, credit 
ieeze. Either- we have -free 
rkets or we. have not As it 
Iwe have an ambiguous posi- 
in a> number of areas. . We 
„ an administered “ market- 
irmined." MUR: : we have ah 
linistered. "floating” ex- 
ige fate; and we have the 
idrawal of support from the 
market (save for those 
_ .. no more than a year to run 
“" •'Maturity L while, at the same 

-‘••■Ae, the Government is reluct- 

to pay the gpmg: rate in 
er to fund its debt We have 
a measure of competition 
very little credit control, 
real credit control has come 
n the stagnation of the 

Tiat now seems alarming is 
'"attempt to fist both the level 
interest rates and the volume 
he money supply. A^previ- 
notorkms attempt to ao this 
er Dalton’s chancellorship 
. to the monetisation of the 
;onal Debt; the authorities 
Z : *' ag control of the money 

?£? . - ,o\y and the Treasury Bill 

. . ^raing. in the words of “ 
'er (now Lord) Franks, 

»>•- ^ijer (now Lord) Franks, “ the 

counterpart of the 
df ;,ting press.” 



Producing oil 
from coal 

From Mr. W. C. R. \Vhdlley. 

Sir. — Current interest in the 
production of oil from coal 
seems to ignore German and 
British experience during the 
19305. : The Germans took 10 
years 10 work up to a production 
of 7m’ tons of oil per year. The 
plant at Billing ham made 
150,000 tons a year of petrol, at 
a cost of around 3p a gallon, 
from coal with a pithead price 
of 87p a ton. The newer pro- 
cesses are expected to make 
petrol at 50p a gallon from coal 
at around £30 a ton. These 
figures do not indicate that any 
dramatic advances have been 
made, in what in any case can 
only be ah "uphill struggle. Bone 
and Him us’ Coni (Longmans 
Green) 1936, gives a good 
account of the hydrogenation of 
coal as it was then. 

A notable point is that the con- 
version of coal to oil demands 
the addition of some 5 per cent 
of its weight of hydrogen. The 
manufacture of this hydrogen 's 
a heavy burden on the process. 
If it is made from coal the con- 
sumption of coal is doubled to 
some four tons per ton of oil 
produced. If on the other hand 
nuclear power were used for the 
electrolytic manufacture of 
hydrogen, two tons of coal would 
suffice for one ton of oil. This 
would provide an ideal steady 
load for a nuclear station: 2.000 
MW would generate the hydrogen 
required for Ini tons o»I a year. 
Naturally an outlet would have 
to be found for the concom- 
itant production of S tons 
oxygen to every ton hydrogen, 
i.e^ 800,000 tons oxygen in _ the 
case considered. The obvious 
solution would be to use this 
oxvgen to produce more hydro- 
gen by the water gas process, 
thus reducing the consumption 
of nuclear power al Ihe cost ' f 
increasing that of coal. The 
long-term nature of any such 
programmes is apparent. 

W. C. R. Whalley. 

J05. High Street. 

Hungerford. Berks. 

have looked into the hearts and 
minds of each man, woman and 
child in the county 3 nd have 
seen inscribed in letter large: 
"Welcome. KC-135." 

God, it *eems. is no longer 
unique in His omniscience. Two 
mortals at least are just as all- 
knowing as He. They are Mr. 
Richard Body. MP for Holland 
and Boston, and a spokesman for 
Lincolnshire County Council 
(unfortunately anonymous in the 
television coverage of the issue 
and in the Press to which I 
have access on holiday 1 . 

I congratulate them. Omni- 
science is far cheaper and 
quicker and much less trouble- 
some than the usual ineatis of 
gathering opinion-consultation, 
debate, purvey and referendum. 
Let sociologists, market re- 
searchers and those who conduct 
public opinion polls spend 
thousands on tbeir complex and 
time-consuming games. Lincoln- 
shire's leaders have no need for 
these outmoded methods. Quicker 
than a streak of lightning, faster 
than a flash of JP 4 aviatioo 
fuel: they know. 

They know W£ would welcome 
the shattering roar of the world's 
noisiest aircraft, the stench of 
dark smoke and kerosene, the 
terrible bazards involved when 
huge quantities of aviation fuel 
are transported or stored. 

They know we would welcome 
the resulting traffic jams, the 
loss of agricultural land when 
runways are extended, the 
physical and financial threat to 
our properties, the noise-stress 
imposed on hospital patients. 

They know that Lincolnshire 
folk are different — quite unlike 
the tens of thousands who have 
protested in other parts of lie 
country — that Lincolnshire folk 
are willing to barter their health, 
safety and sanity for a few jobs 
and a little extra trade. 

Yes. gentlemen, we. ihe people 
of Lincolnshire, would welcome 
the KC-135 tanker aircraft. Not 

William J. Romford. 

2. Club Yard. 

Blacksmith Lone. 

Hormston, Lincoln. 

Cost of the 
water supply 

From Mr. IV. L. W olseu. 

Sir,— The letter in your issue 
of May 27 from Mr. R. K. Thirkell 
made interesting reading point- 
ing out that the increase in the 
water charge from £ 10 . 0 fi to 
£13.30 and sewerage from £7.90 
to £11.40 did not tie up with 
the council's statement that Jess 
would be payable now the 
charges have been separated 
from the general rates. 

Many people under the Welsh 
Water Authority must fee! 
unfairly treated if and when 
they see figures like those given 
by Mr. Thirkell. 

My chalet-type bungalow here 
in Penmaenmawr has a rateable 
value of £143 (as against Mr. 
Thirkell's quote of £190 RV) and 
my account is: 

Water supply £21.16 

Sewerage 22.SS 

Environmental services 1.QH 
Fixed charge (water) 5.00 

Total £50.10 

Based on my RV £143 as com- 
pared with Mr. Thirkell’s RV 
£190, if charges were uniform 
throughout the country l would 
be paying about £17.50. Surely 
these charges, by any criterion, 
should be uniform throughout 
the British Isles. 

W. L. Wolsey. 

Bleasdnle. 9. Gogarth A i-cnue, 
pL-nmaenmuivT. Gwynedd. 

With strings attached 

[#">■*• ’Vi hat is perhaps even more 

£.-•/*- \ r Joining is the constant erosion 
.■.-vv' he authority of the Bank of 
- And. Bank is (or ou^* 
' ' - y V. r ie) more than J’ us t a 
s* *sch of the Treasury- 

'. - V ,t to bo able, as the fit 
jrnor of the Bank said, 

AvfAM tn 1 rw» nrti 

iKT Bank is (or ought 
^ y V. r ie) more than J’ us t a 

of the . Treasury- ^lt 


1 its advice even to the point 
ago joe. The old Bank Rave 
* to be movable only after 
tiultation with the Treasury. 
1 aU* we have MLR. Some tune 
4. /- - 

n r v-‘* 

No welcome 
for Yanks 

From Mr. W. J. Bomford. 

Sir,— Lincolnshire, states your 
Parliamentary Correspondent 

John Hunt (May 27) is keen to 
give a home to 15 giant u.t>. 
Air Force tanker aircraft- The 
KC-135S, adds Aerospace Corre- 
spondent Michael Donne. ” tvould 
be welcomed by the locals. 

Clever fellows. Messrs. Hunt 
and Donne; cleverer still their 
informants. These gentlemen 

From air. P. Court ucy 

Sir, — I feel David Bell misses 
the point completely in bis other- 
wise very interesting article pub- 
lished today (May 31). 

Surely the point is. that ever 
since Bretton Woods the IMF 
suffered from a quite mistaken 
economic principle built into the 
framework of the LMF and that 
is that chronic deficits are to be 
subject to penalties, whereas 
chronic surpluses were to be 
free from that obligation. 

The American multinationals 
have thus grown up all over the 
Western World, financed with 
moneys which originated out of 
chronic surpluses and which 
strictly speaking should never 
have been allowed to belong to 
them. The German chronic 
surpluses are again the result 
of American multinational 
activities one stage removed. 

Since these multinationals 
kept growing at a pace which 
could not be financed indefinitely 
out of chronic surpluses alone, 
it led to the setting up of the 
Euro-Dollar Market in London 
on the one hand and inflation 
on the other. The Eurodollar 
Market provides local currencies 
for American multinationals and 
truly huge windfall profits for 
the British banking system with- 
out affecting the American 
balance of payments and infla- 
tion provides that part of local 
currencies for Ihe multi- 
nationals. which cannot be prn- 
vided without upsetting the 
equilibrium of the foreign 
currency markets. 

Bearing that in mind, it is 
surely a travesty of justice that 
the Third World countries who 
provide the basic raw materials 
for the seif same American 
multinationals should he forced 
to devalue their currencies as 
an IMF condition for further aid. 
because all that means in prac- 
tice is that the multinationals 
get their raw materials cheaper 
and the IMF will ultimately have 
to write off billions of dollars 

as bad debt, leaving two-thirds 
of mankind in a far worse 
position than at the height of 
the colonial empires, which the 
American people aimed to 
“liberate" after the second 
wo -Id war. 

But before we leave the sub- 
ject there, let's have a look at 
the rather slanderous words — 
bad debt. Here we have two- 
thirds of mankind who can least 
afford it. having to pay highly 
inflated prices for ail their most 
basic requirements, whereas the 
one product which can redress 

the balance, thoir own basic raw 
material export moneys must be 
pawned to the .American multi- 
nationals' financial muscle 
power in order to receive further 
“ aid." 

Is it any wonder that more 
and more Third World countries 
look towards Moscow for a help 
in? hand, but Moscow can't pro 
vide it either, because the 
Russian economy is constantly 
being pushed to the limits of its 
resources to keep pace with 
American armament production, 
which is the only market the 
American multinationals can rely 
on. since their ow'n financial 
policies are bringing capitalism 
to the very edge of an abyss. 

We are in fact witnessing a 
self-perpptuatin? war machine 
being accelerated to its ultimate 
conclusion, just because nobody 
is prepared to face the facts. 

A prosperous Third World 
financed with libera! credit 
facilities amounting to at least 
5-10 per cent of the developed 
countries’ combined GNP is our 
only alternative to uller 

Britain with its newly a ecu mu 
luted truly hu;ae wealth— not the 
Britain recently portrayed in a 
series of articles in the Sunday 
Times under the heading “ihe 
day the pound ncarlv died "■ — 
must lead the world back to 

F. Courtney. 

96, Sundown Court. Soutbnurt. 


T\.vr.iy-:ifu, :i!im-.(.-r*ur> of 
ihe Queen - '/-u-onMiun. 

Prime ,«ior addresses 

Univ.-d ::.i .--.vcio! session 

on di-iarm;.m.::i:. New York. 

UK offiem! iMayi. 

Mr. Leer.-J CieJmev. Soviet 
Presidcm. or. J- four-day iitaie 
ris it 10 Cte:h Slovakia. 

Special conference >»f National 
and Local Government ultiirer.-' 
Avtoci&iio'i i - * ALGO 1 on tuy 
no I icy. Centre i !l.iU. Westminster. 

General r-e-.vetaries or the four 
main print unions meet at TUC 
headquarter.' 1 in attempt to 
restore orcL .- *0 Fleet Street 
industrial re 1 .; 1 ions. 

Second arci linal day ol World 
Bank’s Prikis\jn Committee meet- 
ing :n Fans t*. consider Pakistan's 


request for an increase i:i its debt 
relief programme .for fiscal year 

International Forex Dealers’ 
Association annual congress con- 
tinues, Munich. 

End of three-day International 
Civil Aviation Organisation con- 
ference in Geneva 3imed at rais- 
ing new funds for civil aviation 
development in Africa. 

UK visit of Chinese agricultural 
mechanisation mission continues. 

London Chamber or Commerce 
trade mission continues tour of 
major Spanish industrial centres. 

Second and final day of con- 
ference organised by EUROPMI 
1 Organisation for Small and 

Medium Sj:.ed Enterprises in the 
EECi on "The Future for Smaller 
Businesses in ihe EEC." Kensing- 
ton Close Hotel. WS. 

Sir Peter Yamieck. Lord Mi>yor 
of London, and his Sho rills attend 
Distillers' Company dinner. 
Mansiuti House. EC-t. 

Football League annual meet- 
ing. Cafe Royal. Wi. d .iO p.m. 

Robert van Hirsch art collect ion 
on view at Royal Academy of 
Arts. Burlington House. Picca- 
dilly. WJ. until June s». 

Royal Bath and 'Vest Shun con- 
tinues. Shepton Mallei. 


Capital issues JUKI redemptions 
during May. Public sector borrow- 

ing require .in- iv. and deva.!.’ or 
local a uiho my borrowing 1 first 
quart'? 1 •. 

tiamfords. White Hart, ltotei. 
L'uoxeter. Id. He -her 1 1 Allred 1. 
De Vi.-iv Hotel. Co\ entry. ]*J. Lee 
Refrigeration. Shrioney Works. 
Bog nor Rc-.-i.- - . 11 . mi. I.illi-y 

iF. J. C.L i.'eniml Hol-d. Gla-go-. . 
12. Sfi'Ui«h TofewMori 
i'owcaild'*n*. Glasgow, id, Steel 
Brn--.. Snnrlgs Place. W<:?lodt 
Road. Dorking. VJ. Wad kin 
Green Lane Works. Loice-ier. 3 


Cricket : First 'IV >( * second 

d:.yi. England . Pakistan. Edg- 
L-aston. 1 .'.or.': British Air.-, a;. *- 
Avis toil n lament. Jersey. Tenni<: 
Surbiton inmnament. Show 
jumping: Hickstead meeting. 

"Our Nationwide Capital Bond pays 6 ?, worth mors than 9 1 : i gross 
and a regular monthly income’.’ 

Nationwide Capital Bonds guarantee extra interest and a regular monthly income 

r z~a ”” t“.”- ” -T\ : 7jir u T 1 

LjO.Oee in ;t jomr account} tor tL.\cd terms ■ ibiThH.'lb-rn.L':.J»""Ci'. -KW 
vt’2 1 .'orn wars. The twu vea r Bund olYers I j w,,i U iv--.'dw.;u<i."-L 
e.\trjimerv-t above Share .■Va'unt rate, | iMKifi'cToLfiN -'"* 1 ‘"J'- ,:i - L 



* i r j-l !■' • pjl'l III 14 

p. [ .„,.r i|’f :< 1 v ■ I f I ir •”». -[ .lUr.T 1 he 
fii .. iliri-" ■ Ir JmiJTi '■i' j*: Akufljur fjic 

the three 11 nd four vear Bunds utfer l‘ 
extra imcrot.Thv Share Accuuut rate 
m.iv fluctuate hut the extra interest i.s 
guarantee J for the lull period. Yuur 
i r. teres t can either he compounded liall- 
y early : paid hulf-\ earlv warrant t-r 

traii'ierrcdevere month to vour b.mL 
Natiunu ide Bonds offer vou 
;in excel lent return w ith complete 
security. There arc n«uv ui er 325 
Nationw ide branJies'VUu’ll 
1 in J the address of % our local 
branch in 'i ellow Payes or 
jus*, post the coupon 

1 . In :I wr t-ipii 1 ! b>.na lu.> Njri.'ii" i Jr Share .'..a- JV. l. 

® :.Ira ’ lw«resi i"hi ■.OTMiMKinJrJ *— * 

I ... fr . .1 -l-n-jr t-4pc Ivn.-J _T rji.i.i- iiiJi.i JimcariJ 
I LV..rm v rr c jib e >r J 

1 t.',,pi: ,il K. r. J ini , :«si : 0 Pc pai J ji n J ois*- h iK-ni i'. iTT 

I |v-[ ] iC-.iJ. .miIiu.m iril*»J,1ci ; Jt-rh 1 



The Building Society of a lifetime 

Fluid -c 

l J.’KV « i ik. 1 1- m i i n iii i « c*.?-i>.''ir t 


Slower start for BP as oil sales slip 

AFTER a small loss from stuck 
I lepreclation taxable income or 

British Petroleum Co. for the first 
huarter of JUTS was £4S6.Sm. com- 


huarter of JH7S was £4S6.Sm. com- 
, pared with £BQ»i..‘im for the similar 
period last year when there uas 
* substantial benefit from stock 
; appreciation. In the final quarter 
Jof 19<< profit amounted to £339.4 m 
prinsins the lota I for the year to 

I I In comparison with lilt- fourth 
Jquarter of last year, uhen there 
;was adverse currency--t?ichanue 
•movements, this time increaied 
Jronlribu lions from the croup's, 
-.U.S>. interests tuiethtor-with some 
iirading improvement in oil npi-ru- 
! lions in mosl European cnunt'ries 
' ! was offset -by lower proceeds 
’ Trom North Sea crude oil and in- 

• f creased- -losses in France. Chemical 
■ operations were marginally bet- 
ter. the directors report. 

Total volume sales for I he 

■ three months slipped 0.2m. to 
4.1.5m. tonnes, a tl.3 per cenr. fall 
on last year's firs! quarter. "Within 

■I Ihe total crude oil sales were 3 
' per cent lower at 17.nni tonnes 
: but sales of products including 
1 chemicals were up '■) per vent, at 

• . 26.2m tonnes. Natural Has sales 
•'.eased n.3rn to 12m cubic metres 

a day. 

i In May Sir David Steel, the 
/chairman. >aid that an improve- 

■ merit was expected in many areas 
1 of the croup's activities during 

' • i P78 but i hi-* would depend in 
. pari on the success of sovern- 
. ments m stimulating increased 
; industrial growth throughout the 

• world. 

Atida Packaging 



N armand Electrical 



Barclays Intnl. 






Berkeley Hambro. 



Pickles (Wm.) 



British Petroleum 






Capper Neill - , 



RileylE. J.) 



-Chapman (Balhaml 

• ■ 26 






25 " 


Sang ers 



Coalite & Chemical 



Sears Holdings 



Combcn Group 



Sidiaw Ind. 



Cowie (T.) 






Church bury Estates 



UBM Group 



Gough Bros. 



Whiteley (B. S. & W.) 



Morgan Crucible 



W'hampton & Dudley 



Mountview Estates 



Young’s Brewery 



The book value of this holding 
as at September 30. 1977, was 
£244.145 and no income has 
accrued to Pleasurama in respect 
of Lhe investment since 1974. 

Cowie up 
38% after 
six months 



no dividend 

•T.iii Mar .Ian /.Mar 
| ■>7- 1«7T 

Sa|n< priii*. -iit- 
t'uM'ini, rtm ir- v* 

N-'i nr'ii-M' 

Ollvr inr'iim* 
rn - i- . 

fin. anif iiH.ini‘1* i' 
Incline bet ore la* 
Over u-a •• lav 

Net men mi- 

I A A I IW* 

- US'' 

frrlclil. r<*hiilli- aurt >-liciiil*'Sl Ilia mlf.lC- 
lurina. } f»iirihnli..n. -• lima, a'limlil" 

iraUmi aii'1 "Hut iMi.-n-' • irmn 


After uverseav t,iv of £2S5.iini 
I £247.7 n] i and l : l* tax uf I12S.“»m 
i£]jftmi. net income came out at 
£77 ,7m t£l4S.M. For last year it 
was £359.3m. 

Comparative figures have been 
restated to rolled adoption of 
ED 19 on deferred tsis in place of 
SNAP 11. Net income Tor the first 
quarter or 1977 was previously 
stated at £9tl.3ni and for the year 
at £250.Gnv 

Due to uncertainties in com put- 
ins rhe charge foe UK tar; for less 
than a year the figure for the 
quarter has been estimated. 

See Lex 



Sir .lohn Lawson, chairman of 
Fairbairn Law -oil. the engineering, 
packaging and office furniture 
group.' said at the annual meeting 
in Leeds that "llu* slowdown in 
earnings experienced in the 
second half of 1977 has been 
reversed. Haw ever, the pick-up 
has been slow. 

"We therefore expect m achieve 
greater profitability in the second 
half or this year than for the first 
six months." 

Group pre-tax profit fnv 1977 
increased by 25 per cent to a 
record 11.34m on lurnover up 
5 per cent, to £t3.3flni. 

With losses deepening ru£1.84:S35 
in the linal half. B. S. and W. 
Whiteley ended the March 31. 
IM7S year with a pre-tax loss of 
£241,791 against a £266,743 profit 

After passing the interim pay- 
ment lhe linal dividend has also 
been omitted. Last year an 0.5p 
final w as paid. 

At half-time, when a £56.956 loss 
was reported, directors said re- 
sults had n»i met budgets, owing 
to a reduction in global demand 
for press hoard products, with 
both home and expurl sales be- 
low target. 

After making a proportion of 
the workforce redundant, revert- 
ing fmm four to three shift 
working and oilier economy 
measures, they believed the com- 
pany was moving towards a stabi- 
lising position. 

Turnover for the year dipped 
from £6 112m to £5.2 sm. and there 
was a £105,799 tax credit (£151.869 
charge i 

The loss pci 2 5p share is shown 
at 34.429p compared with earnings 
or l .93711. 

Com pa rat iv e figures for last 
year for the electrical insulating 
pressboard and multiply press- 
paper manufacturer have bec-n 
adjusted to conform with new 
accounting standards. 

9 comment 

After what B S and W Whiteley 
says was its worst year so far. 
things seem to be looking up. 
Orders in the first two months of 
the current year are well ahead 
nr the equivalent period last time 
and there is enough work on 
hand to last until August. There 
are also signs that depressed 
paper and paper board prices 
may be moving up. Much oT the 
damage last year was duo to the 
low lew! of export sales — only 
£2m our of a total turnover of 
£5-301. compared with a contri- 
bution of over half previously. 
Competition for Whiteley s wide 
range of specialised products has 
been intense, particularly from 
Scandinavia but also from other 
Western European countries and 
•lapan. Overseas the Canadian, 
U.S and South African opera- 
tions ail traded profitably 
although power cutbacks were 
responsible for losses in India. 

After several . disastrous years 
Whiteley 's stake in its Japanese 
associate has now been sold with 
a net surplus nf £42.000. Mean- 
while the company continues ro 
diversify and has high hopes for 
a new product aimed at card 
stationery manufacturers. Des- 
pite the recent redundancies, 
recruitment has even begun an a 
limited scale. The share fell 4p 
yesterday to 36p. 




ON TURNOVER up from £i.3om. 
m £3. 53m. taxable profits of 
Pleasurama were lifted from 
1548.000 til £481,000 for the hair 
year ended March 31 . 197S. in- 
cluding a higher contribution 
from the associate company of 
£79.000 against £12.000. Profit for 
the whole of the J97S-77 year was 
a record 11.5m for ihis entertain- 
ment and amusement company. 

The interim dividend is main- 
tained at u.75p net per 5n share 
— last year's final was I273p. 

The company is exchanging its 
49 per c^nt holding in A. M. 
Casino, which is operated bv lhe 
associate company, for a 23 ner 
cent holding in lhe new Flit/ 
C:*«inn in Piccadilly. The A. M. 
Casino will close simultaneously 
with the opening of Bit/, in July 
or ihis vear The directors believe 
that this wilt he an advantageous 
transaction for enhanced profits. 

ANNOUNCING A 38 per_ cent 
advance from £Q.51m to £Q.7m _ln 
lhe six months to March 31. 1978. 
Mr. Tom Cowie. chairman of 
T. Cnwle repons that the second 
hair has started "very well." but 
that momentum will largely 
depend on the availability of 
vehicles, particularly from Ford. 

Turnover rose 29 per cent from 
£17m to £22 ru. Tax took £0.34 m 
(£0.21 mi leaving net profit up 
front £0 3m to £0.37m. 

Stated earnings per 5p share arc 
up from 2.59p to 3.00 p. Net 
interim dividend is raised front 
0.66 p to O.TSfip at a cost of 
£79.000 (£65.000). 

Last year the chairman waived 
dividends on 1.800,000 shares. For 
the current period, he has waived 
£8.377. being half his net dividend. 
Last year’s dividend total of 
1.7044p was paid on a record pre- 
tax profit of £1.4m. 

At the ACM in March Mr. 
Cowie «aid that with profits for 
the first five months running well 
In excess of last year the group 
was on target for another record 
12 months. 

Now. referring to the motor 
division, he says record levels of 
lurnover and profits were 
allaincd in the first half. But for a 
new vehicle shortage these levels 
might have been even better. 
Good progress was made 
generally, but the Ford dealer- 
ships were again outstanding. 

Finance division results were 
excellent with profits showing a 
substantial increase on last year's 
record. The contribution of this 
division rose from £131. 000 to 

Recent increases in interest 
rates have no I inhibited the 
volume of new business, he adds. 

Financial Times Friday June 2 1978 

Better performance 
by two breweries 

?, jfr 


. _ j n f The net interim dividend is 

THE SIX months to the end of im m . - . . timo 

for two of the smaller brewery was 4.05&«p. — „ • cr 

groups now reporting. Wolver- Mr. Thompson says that now the- mVt 
b&mpton and Dudley Breweries packaging ball is established the.*, 
pushed its first half taxable earn- company has moved on to the r% 
ings up from £2.6m to £3.06m and next phase, of its brewety develop* . _ 
Young’s Brewery finished its year merit programme which, will in- 
£49.000 higher at £l.o4m after crease the capacity o» its 
being marginally down from breweries at Wolverhampton and- > 
XS5&36S to £847,845 al halfway. Dudley .lo produce the draught 
The directors at Young’s are beer needed to meet' the con : _ 
now proposing a one-for-six tinuing strong demand. 
capitalisation issue of 1.04m T%vo new licensed, houses ,werfc.-vt 
cumulative preference sh^s ot opene(J durfng tfe half year and- 
£J to each of the A . B ana improvements to existing outlets 
non-votmc ordinary shareholders. 

In. November they said that . _ . it, 

trade had increased and prices . . '-t 

had been held for the 30 months • comment r - 

wolver mam ptok amd dudlev Brew - er ies generally, and. 5m ali‘ 
breweries— 1*7 rs 1976 -?* brew ers 1 n particular.* look .set . for' ' '/C 

Half year a good 1078. The results therefore 

r — from Young and' Co. and AVolvea 1 '-'*; 

Sa'" - ^ hamplon and Dudley are a taste ' 

Sale* .. 

Pre-tax H-tflt ..... 


■ Nel nriiBl 

Extraord. creftlisT 
Prvr. dividends 

Prd. dividend* 

Vguju 7.U3JH8 “““'J r*® “ 

iJsxmo 1 J54.0M of things to come. Although pnv- 

1^93.000 1^154.000 OC Uiuigs w euiue. rtiinuunn prv : .- t.249.008 fits are only just ahead Young's- fr 

137.0W 110,089 trading has much improved - irt rt; 

322.97s 'J7L329 second six months to March 

C U “ neiproitis on dispoia. of 31 bur fltel benrfts were reduced 

prw-ruS ,£67.0001: ^pius on by £450.000 in repair eosts. -I 
redemption ui debcnnnx str-c y nil 'ti.woi; volume increased - by . more.: than 
and orafiis on sale of invesrmenif T12S.8W g pgr' Cent. OVBT. the year just 
<£42.aoo i . ended and this - trend has ■■con- > ,7 

to July 1977 but their efforts bad tinued into the current year'.'-; 
been eroded by rising costs. ; where margins will- benefit .from-- . 

Stated* earnings per 50p share the lp price increase in March^ •* 
for the year were ll.42p <ll.!3p) Meanwhile profits at Wolverhamp-f ■, - 

and the net. total dividend ' is ton and Dudley are up- 17.7 per.C - ' 
stepped up to 3.17786p (2.SS97p> cent in the first six months ahd - r .‘ \' 

AillWu A’-hwoOd 

Sir David Steel, chairman of British Fcfroleuita — lower North 
Sea oil proceeds and increased French lossesiiffsot Increased 
contributions from elsewhere in the’-groap. 



o comment 

Like most motor distributo*-s. 
Cowie is riding high on the cur- 
rent hunvnnl Imriinc enmlilions. 

15»::.7% I97IV77 1976-77 
row fOOfl Sim 

Tradlnj! sm 4I 
Shar- of 3«-ociiiie9 
Prc-la* pmnt 
T-x . . 

PlcawrantiJ ... 
X-.-i profii 
Mmori'r imc-r* -sis 

IniiTini dividend 

S.:uj 7 i»P7 

::■!« l -24 1 

t5 si.-: 

M 1.501 

But m rhe interim, paiienc-e may 
be needed to enable the business 
lo be built up in the new pre- 

Terms or settlement have been 
agreed in. respect of the litigation 
in relation to rhe company's 25 
per cent holding in Mayfair 
Casinos. The shareholding has 
been sold for a total of £1.15ni. 
including imprest, payable as to 
£0.35m Forthwith and the 
balance, which has been secured 
by a first mortgage against the 
whole of lhe share capital of May- 
Tair and certain guarantees. ov?r 
a period of 11 months. 

rent buoyant trading condilions. 
The group, however, has the 
added advantage of a significant 
interest in the finance field, 
which has been reaping the bene- 
fits or stable interest rates. Reflect- 
ing a near two-thirds rise in 
finance earnings and one-third 
growth in the motor division, 
interim pre-tax profits have 
increased by some 38 per cent. 
Cowie has again scored with its 
Ford dealerships and margins 
have improved due to a new 
vehicle shortage, which remains 
largely unresolved. Nonetheless, 
the motor division is pushing 
ahead and profits for the full 
year could be triple the 144)4.000 
(£560.000) recorded for the 
interim. The finance division may 
incur higher costs following the 
recent rise in interest rates but 
profits could still be close to the 
first hairs earnings of £240.o«Q 
(1150.0001. All in. Cowie is looking 
for pre-tax profits of about £1.8m 
this time against £1.4m in 1976-77. 
At 43 p yesterday, the shares are 
on a fullv taxed prospective p C 
of 5.9 and yield of 6.7 per cent. 


Dale CorrfS 

of sponding 










Alida Packaging 


July 24 



5.66 - 

Berkeley Hambro 





Capper Nell 





Charterhouse Group hit. 


Aug. 10 




Chapman and Co. 


July 2S 




Churchbury Estates 


July 22 






July 31 


2 7Si' 


Comben Group 


Aug. 3 




T. Cowie inL 


July IS 




Dooranakande Rubber ... 






Gough Bros. 


Julv 7 

1.82 . 



Mountview Estates 


Aug. II 




Nnrntand Electrical 


July 20 


2. S3 


Petaling Tin int. 


June 28 




Pleasurama int. 


Oct. 3 




E. J. Riley int. 


July m 


— t- 




Oft. 2 




Sidiaw tnds. int. 


July 26 


— ■ 


Tanganyika Concessions . 


Aug. 2 





2.3 IS 

July 21 




B. S. & W. Wbitelev 






Wolverhptn. & Dudley inL 


June 30 


— ■ 


Young's Brewery 






with a final or 1.577S6P the company says it is borrowings; 

•After tax of £814.t>41 (£784,044) i„ fund planned developments.. ins '-'li- 

the net balance emerged at brewing capacity. Sales volume,.-? 
£724878 (£706,621). Net gains on has continued to. grow at last-^ < ! 
sales of properties amounted to year's rate— estimated' at about- 
£33.237 (£59,246). 10 per cent.— and the February, ;. I 

First half sales at Wolverbamp- -price. increases should more than 
ton and Dudley rose 1S.7 per cent restore margins to their m jd-1937.i- • . • .• . 
to £23.7m (£19.44m) and Mr. E. J. level. With Wolverhampton’s raw' i. 
Thompson, the chairman, says that material cost fixed until the year. 
the company's trade has passed end. this augurs well for profits . ~~ A 
previous record levels . and At 177p Young's -shares stand op.* . * 
although costs still rise the direc- a F/E of 15.4~ and yield 2.T per - -.: ' 
tors are confident that' present cent while Wolverhampton shares. U > 
progress will be maintained foe at 207p. based on profits of . ' 

the rest of the year. For 1976/77 stand on a P/E of 10.1 and yield;. . 
profit was a peak £5.77m. ' 4.6 per cent. '' 

Morgan Crucible £0.5m 
off in first quarter 

Dividends shown pence per share net except where otherwise staled. 

• Equivalent after allowins for scrip issue. fOn. capital 
increased by rights and/or acquisition issues. $ Forecast 1.5p final 
payment. $ On capital increased by placing, II Malaysian cents 
throughout and gross. 


SALES FROM all divisions of 
Morgan Crucible Company- 
increased during the first three 
months to April 2. 1978 and 
totalled £24 .39m against £22J»m 
last lime, hut profits fell 
from ' £3.12m to £2.66m at the 
pre-tax level. Last quarter profits 
for 1977 were down from £3.21 m 
to £2.74rn but for the full year 
the company achieved record 
results of £11.94m. 

In April the directors forecast 
lower first quarter profits, hut 
they said that the second quartet 
shoiild show an improvement over 
the co (responding period. 

Trading margin was, down to 
12.9 per cent compared with 16 
per cent. 

Sales and trading profit. £3.15m 
f£3.6m). were split as to: carbon 
£9.48m (£8.S7m) and fl.ISm 

(£1.39m); thermic .. £10ASm 

106p. With the exception of -Lhe * . 
UJ5. most markets have been-dis-^g 1 .* '• 
appoinllng and trading margins'- 

have come under further ‘pre^v? 

mm eliMmnfv That nwvm fhon fKen«7' _ 

Likely 15p 
premium for 
C. D. Bramall 

When dealings start next Mon- 
day in the new C. I). Bramaii 
shares a premium of at least lop 
over the 75p placing price looks 
I likely according to market sources 
last night. 

A total or 1.33m shares were 
nlaced by Ford main dealer 
Bramall. Of that figure some 
353.000 was offered to the two 
jobbers. Bissoori Bishop and Wcdd 
Durlachcr Mordaunt who in (urn 
pass on all but 10 per cent to 
the brokers. 

Dealers last night said that 
market interest was building up. 
and buying demand probably 
exceeds the amount of slock in lhe 
market by at Lhe very least 20 

dale of such issue s-o as to ensure 
that after the scrip Issue (to 
which tbe--c new shares will be 
entitled) the issued capital will 
become £lm — giving trustee 

An EGM is called for July 21 
to consider on increase in the 
authorised capital. 

Ttarr** . - 
months Year 
J9J7> 1977- 

£080 £900 £000 

Sale* ..*. -4JS3 22.W5 S925S 

Trailing profir ...... 3. ISO 3.596 13.626 

Investment income ... — — 206 

Net finance dursea ... 436 474 .1.883 

Profit before uuc 2.M4 3.122 1X.W1 

Ta* _ 1.1*4 1232 3-4S4 

Mel orofit ... . J.. . . "1.528 l.SBS 3,457 
Minorities * Prf. dns. 112 • «a 2n 
Esirjurd. deMU ) !B 

Amihmable l.Wt USlfi 7J9I 

(£9. 52m) and £1.45m' (H.72ni); 
acorn £3.6/ m (£3ASm) and f0-35m 
(£0.4im); other products £l.06m 
( £0.77 m) and £57,000 (£6.000 loss), 
and holding company ■ profit 
£111,000 (£87,000). Exports 

accounted for 57 per cent (same) 
or total sales. 

First quarter earnings per 25p 
-hare are shown as 3.4p f4.4p) 
and I9i?p for 19n. 

Tax on the ED 19 basis for the 
period was £1.14m (£1.23m) - and 
comprised UK corporation -tax 
£0.88m (£0A5m). reduced by 

relief for overseas tax; overseas 
lax £0-33m i£0^5m). less grant? 
for capital expenditure applicable 
to the depreciation provision of 
£68.000 (£69,000). . - 

In April the Triton ceramic : 
fibre factory in Liege was partly ' 
destroyed by fire. However, mar- 
kets are being supplied to a very 
large extent from other. Morgan 
and Babcock ceramic fibre 

sure, slipping by more than three-’- 
points to almost 13 per cenr, com-- " 
pared with 14.4 per ce»t in the'V.. 
previous three months .aod 15.T-— •• ; - 
per. cent in the ' third quarter ■ 

0/ 1977. In the thermic 
sion (crucibles, refractories)-, the c 
low level oif demand has been . 
due to difficult conditions in the . 
worldwide iron and sreei industry,- 7 - 
vriiich has been postponing -* . 
capital expenditure.- Elsewhere. 1 i ■ 
the carbon side has .been affected , ■ ' 
by the lower level of consumer, : 3 . ." 
spending on dom&stac. electrical ■ 
appliances, although there has 
been. some support from the more..:; •. 

buoyant specialist errgineenni-v 

sector. Morgan Ls a major exporter,^ 
and the company says there, are " . . 
signs of a revival- in France;,- L .. 

Eastern Europe. and Australia. =l£ UJ 
th-is- happens,- profits: of : .anmna ,* - 



125% SCRIP 

Statistics compiled by Midland 
Ban k show that the amount of 
'■ new money " raised in the UK 
by the is-sue of marketable securi- 
ties in May was £7U.8m compared 
wilh £231.!)m in the corresponding 
month of 1977. 

Public bodies accounted for 
£30.5m of the total, of which 
K 13.7m wax raised through bond 
issues by 27 local authorities. A 
Turther £4fl.3m was raised by nine 
company issues, of which seven 
were by way of rights amounting 
in £43.0m. The largest was a 
£37.3m issue by Rowntree -Mackin- 
tosh. the second call 10 its share- 
holders in under two years. 

Blue Bird Confectionery Hold- 
ings proposed a live-for-four scrip 
issue in ordinary shares 

The directors of Blue Bird 
inlnnd lo make a small Usue of 
1,175 new ordinary shares (<j (he 
trustees oT ihe Blue Bird pension 
scheme fur cash at rhe middle 
market quotation current al lhe 


The rights issue by Horizon 
Midlands raising Cl.Utim has been 
taken lip as lo 97.26 per cent. 

this- happens, profits - of .around,;. 
£12Jnv ate possttji^fpr tfe ; •, 

year, against £II54m last time. Onj. 
a full tax charge the prospective^ 
p/e is -7-9 while the weld fa-8.1-', 
per cent on the maximum ; divi- 
dend payouL ' 

Davies and 

,r.±r-r a 

• • » m 

Mr. F. E. Newman, chairtnan hf ; 
Davies and Newman Holdlngs-reo 
ferred at the AGM to the terniNj 
nation of the lease of a Botiiif!* 
707 freighter^ He said that further 7 
negotiations had taken place and;;. . 
contracts hare been, entered into.'r . 
for the sale of the two 
i07->32IC convertible _ aircraft, • - 
which Dari-Air were currently*., 
operating. . . ^ ., 

The sale would produce a net', 
cash amouni after repayment of 
loans .of $6ni and also 'show' -a. 
useful book profit on the sale’ fir ' 
the assets. The remaining fooi- 
707-S21 aircraft would cojitinue^ 
to be operated this year but 
expect to phase them out cine-:, 
pletely by the spring of jUOTr.4 
said the chairman.- . % 

Optimism at 



! \\««l||6 -"i\ I !!■*. 6-f-l 1*1 

W*v 5t IV,-. —I 


Mitchell Cods Croup is advised 
by Samuel Montague on connec- 
tion wilh its bid for the shares 
i| does not already own in Mitchell 
Cults Transport, not by Hill 
Samuel, as inadvertently stated in 
yesterday's issue. 

The difficult conditions . for 
.Morgan Crucible in the ..last 
quarter of 1977 continued into the 
first three months of the current 
year, and profits are', almost 15 
per cent lower quarter to quarter. ‘ 
.Vi though a shortfall was expected, 
lhe' shares' still shed 3p to clpse- 
justt 2p above the year's low of 

Mr. T. A. Maher, chairman. <*?•' . 
Penlos. told the AGM ■ that th®. ] 
group's prospects continued 10 be- 
good and he believed that 
next few years -would be (Wf 
rewarding. -- 

However, be reminded boldew^ 

that the increasingly - season®> 

nature of the group's business- 
meant lhai in lhe current y^r': 
any Improvement would be con-r 
centrated into the second half." 7" 4 


f.lAJII.lmi-* A' Jt 


“iili'U- l,tr|»»i|. . S5.707.UsH - !]i...,7h 

l»ri>-u*.. l.SRA<K».w0 
risiik*>' *.’l . 1 MjM.'JtT I 

ljKV"%|f 1 IMllKlI 1 

A - ia«J4iSAUI I 

Another record year for Sparrows/J 

£1,478,000 Pre-TAX PROFITS 

i.g>«.63.hta HM.7ftS.lC0 


I i.iiii. w^inilio.. 1.32.^. Jil.'.iSJ - - kp,2rt.9H 
l I ui- <«1 A Mill w 

, \ iei>S43AM0 Ui?O.I» 

I \ -Slier 22£5«r.ft47 T «WAb5***- -- ae> 

;.JIU - 133.741 - 11 . Sill 

Extract from statement by Mr. A. W. Sparrow, Group Chairman. 

1977: The Year’s Financial Highlights 

Jt5 cr 

- ra.i ftr>.seo I 

1*Sl K.liKI'HTMKM. 
MTi/ltk I i»v>' r 

I'mimI 6.S7ii,iWa.iJUJ ¥ 

In ' 8.2i9.4Uc.A)l >■ 76.2 £ -ills 
In IMink'c Llufil l6.6dl.UJA-- S.'t'.ol’J 


i..wl. ... . II.0IMU0" 

Oihw 1. — m.97K'i%> 

1 lib«i‘ >et;iirill^. l.iWI.Md.tOb t 2i4.-J7S.72o 

o:^.LKW.i\V -r 70.IW.CXU 

Brasilvest S.A. 

Nel asset value as of 
31si May, 1978 
per CrS Share: OS29.0S1 

per Depositary Share: 

per Depositary Share 
(Second Series): 

per Ucposliary Sliare 
(Third Series): 
U.S.512, 121.75 




• % 

Turnover (excluding VAT) 


£000 '■ 


United Kingdom 





U.S. Subsidiary (1976 Part Year only) ......... 






' -305 . 





. 3JM7 

J6 ' ‘ 



Pre-Tax Profit 



. _ . 166 

• 33_- 

Earnings Per Share (assuming a full tax charge) 
Net Tangible Assets 

1234 p 

ii.64p . 



(before deducting tax equalisation) 






'V ’ 


- *K fc - * • - 

Where appropriate, figures have been amended to take into account the scrip issue in 1977- 
A copr of the full report of account* » available on request from the Stcrcniy. 


WfiW// s P arr0W5 . UftiagSpedaiists 

Lower Bristol Rd, Bath. BA2 9ET, . 
Tel: 0225 21201 Telex 449246 

^'d^^Jurie:^ 19?8 


25% and Capper 

by over 

tewJ? in ’ 

i •. u ‘j'du * 


•emir., '** k 

»*i»i i.,. 

. "flu, 

<*C n* i/ i. 
i c.- f »u*: 


tU'ar , . d .? «p- 

r* *' 

J c7, ta £b*£ 
“j*. v-vf 1 ' 4 * 




b - v tni:^ 
a ^ :■> •• 

• h ^-5 : - 

^i*y ; 

ilfV 1 ’■'■6l| t £ 
-t ‘‘. r ' Ba iff. 

.; ‘ 5,a fton-h,.- 
“ w,t *"*£. 
! «V 



tl4 i ''Sit-. ^ 

; :o xr.*., 

V * 

-an - -!»v r * 
•i-.-o urr.iiji* 

i?-; :?« <*i 
r;W a ;^- 


J?" oroiiv. of ?. 
i o: in i j al . 


DESPITE XHE d eiayed connnenofr- 
ment of the 'receipt of oil 
revennw from the ThlstfeTteW in 
the North S^iax&ble profits of 
Charterhouse Group: rose by 25 
per .cent trom .JfcSSm to £4A7ra 
lot the' half-year- to March .SI, 
1078, oh turnover^? 14 per cent 
to f77.1fcn.irofit:fof;th'e.fnll 1976- 
1077-year -w^_ a .record fS^lm. , 
Production . from '_. the Thistle 
Field Started In late March and 
second-half results bf.the group 
should .benefit accordingly, t t a 
T he directors ray the outlook 

for the remainder of 'the year- con- 

taauesrto be' promising. They say 
that; prospects foe many of the 
group's ■_ activities are excellent, 
with: a reduction in a number of 
last; year’s ■ problems, : and oil' 
revenues being received from the 
Thistle oilfield; ; , = - • . 

The director® confirm 7 the state- 
ment in last years annual report 
that,, subject to fhert-. being no 
unforeseen- .circumsances, 1978 

should- shoe's flj gnjjflr-anf 'frifi- Bg Sf 

in profit, f - ■ . 

Operating -profit, £7m (16.32m) 
was -split ; as - tci 1 (£000); develop- 
ment capital 1,425 (L293) ^ . bank- 
ing 875, -'(727 -.after transfer, to 
inuer reserve), insurance broking 
3J122 - (1^51) ^ engineering 2,471' 
(1,013), construction products- 323 
lew 1 CSUjv "distribution- and ser- 
vices 1.984 (1,963 lossj central 
activities 456 loss (418). '■;• 
Pevdopmant- profits have been 
maintained -at a satisfactory level, 
the directors- 'comment, and in 
banking, Charterhouse Japhet- 
, started the year well with an im- 
proved profiL_ 

Insurance broking profit' fell be-' 
cause of increased development 
costs and reduced , currency bene- 
fits, they explain.: . . 

In . the . engineering sector 
New age Engineers performed 
outstandingly - *• wed, directors 
state.- ‘producing an Increased 
profit. And it now has a very 
healthy order book. 

' . Alenco continued to experience 
dull markets at home and abroad, 
but the ^introduction of pew pro- 
duct ranges for “the oil and petro- 
chemical industries is progressing 
satisfactorily, they say. and 
promises well; 'for tire future. In 
France the .benefits of the 
reorganisation ; should result in 
improved profitability, they add. 

In ’ : construction ^ "products, 
declining markets ' were still 
'evident. Charcon Structures, the 
major loss-maker of the previous 
year.- "was sold ’• at the end of 
January. The results of this 
sector ' include the. losses to the 
date of ^ale. 

" In distribution and services 
Edmondson Electrical had some 
difficulty in - sustaining thfe 
marked-' improvement in profit- 
ability ’.of the -previous year, but 

is operating, from a considerably 
strengthened base; 

Napcolout .- ■ experienced the 
traditional lower levef of activity 
of .photographic business 

during the - winter months but 
increased, profits .are expected for 
the full-year. - . 

" Spring Grove made an excellem 
Start to the year and strong profit 
growth ts -expected- this year. 

The interim dividend is 
increased from ‘3 .Up to t.45p net 
per 25p share-r-last year's final 
was 2.175p; : . The directors Intend 
to pav a second!- interim dividend 
of 2^2405p for the year to 
September- 26 1978. The year-end 
has been 'changed -to December 
31 so next 'accounts will be for 
15 months to December. 31 1978. 

Future dividend payments will 
be adjusted to take account or 
this change. final dividend will 
be recommended payable in June 
1979 in reipect. of the three 
racmibs from. October' to December 
1978. ' , . 

It is also ’ announced that 
Charterhouse'.' Det^lopmen t, the 
development '.capital, subsidiary, 
has acquired SO "per w*U °f La 
Pierre Liquide; a- French manu- 
facturer of building materials. 

This company currently has a 
turnover of FFr 80m. 

This is the fourth major invest- 
ment by Charterhouse's Parts 
office this year and follows 
quickly on the announcement of 
its investment In Flnanci&re de 
Developpement et de Conseil, a 
French finance company. 

Half year Year 








67 .099 











1 ,585 










2, non 









UK : 


Net profit 

asinonty interest ... 

Atirlbuutile . .. . - 

- Excludes ftp development ejDlral and. 
banning ‘nctivltieB. ton FD 19 bads. 

• comment 

The Charterhouse group is wefr 
on the way To achieving the signi- 
ficant increase in profits forecart- 
by the chairman in the :977 
annual report. Although a diversi- 
fied group, its performance is very 
seasonal and its most recent 
acquisition, the photofinisher Nap- 

colour, . increases rather than 
decreases the seasonal nature of 
its results. Napcolour is doing 
very wOIl and this, combined' with 
two turnarounds, suggests that the 
second half result will be well 
ahead of the first half and an 
improvement on tbc last six 
months ' of the . previous financial 
year. The turnarounds will occur 
in the construction products divi- 
sion and the French subsidiary of 
Alenco, a member of rhe engineer- 
ing division. Last year the con- 
struction products division recor- 
ded u pre-tax loss of £1,03^.090. 
In the current year U is cxner^od 
at least lo break even. Analysts 
have lifted their estimates of the 
group's full year pre-tax figure to 
£11. 5m. The share price rose 3p 
to close at 66p yesterday giving a 
yield based on a net dividend 
forecast of 3.6P05p a share for the 
12 months to September 30 of 8.7 
per cent. 

Barclays Intk £5;.5m so far 

;’Lr V ^' :o ' f ' A £55M INCREASE in 'pre-tax'. 

profit to £6Llm is reported by 
Barclays Bank International for 
u ?-* r ! - :; ":'j’the March. 31, 1973, six months. 

- m Profits rafter interest on loaA capi- 

J tal of £7.1in compared, .with £5m 

l-l-l r.f-: previously. 

■cv -;.;r Directors say it is difficult to 

ii t::o s-iTd -.ij forecast the full year’s figures, but 
n vw '.ferrs ; they hope the first-hall trend will 
So. "C be continued. / 

F t:e:v.jTj !;i- For all last year profit was 
:u:» . . riJ : . fllSJm., while the totel pre-tax 
;.r. : profit of the parent Barclays Bank 

be : ■*. :•? — was £267. 6m. Last, year’s half time 
tend. ’u": Z'-Z - contribution of the: international. 
.-m t - hj- c---s r arm compared with. a total profit, 
of £lS15m. by Barclays, .. 

The hall vear. result includes 
- . .£ 11.5m. (£8.4ra.) from associate 
. companies, and js before tax ' q f 
£3fl.7ni. (£27m.), minority interests 
' of I5m (£4. 7m) and extraordinary 
‘-eredite of £2ra (nil). 

- : jv £7m (£»Ah) deficit on net 

" / -assets TieJd overseas: and Torelgn 
' currency Sorrowings' ' Used- -for. 
' -"acquisition expansion- has 

■ been taken direcSy to reserve* 
: All other exchange profits and 
"'■Aloises, have been dealt with m 
-. . arriving at the operating profit - 

cr . 


o«?V ! 

ia*? - 
mpj! -- 


, re po 
a- (• ■ 

w? .■ : r - : • 

i rv !; 3 s 


ies and 


. ' • ‘ ’ 
j Vwr.;..: 

•.hr A : 

l! it 

‘XT. :v - ■■'- 

- \ ' 


.t : 

imism a* 

iviVKi - - • '■■■;. 

r.r - ; 

E. J. Riley at 
£241^27 in 
: first half 

'PRE-TAX .profits of E. X. RUey! 
'Holdings for .the. halt year ended; 

■ January 31, 1978 were £241,927 op 
'turnover of £2;44m: are- the 
first results of the company-since 
•its formation last July upon .the 
-merger of E. J- Riley-and Head- 
crest Investments, whose com- 
'bined results for the' year- to- July 
31, 1977 artrshown as £462^598 pre- 
: toy , on turnover of £*.79m. 

The directors have' declared an 
-' interim dividend per lOp share of 
•lp net, costing £50,087, and also 
r: confirm the forecast of a nnai 
r payment of 1.5p. ■ : 

Snooker manufacture and main- 
; lenance and-, the operation of 
. -snooker clubs contributed £114,000 
tq profits, an' increase for the 
period, and the same amount was 
yielded by the furniture .'-division. 
Hr. J. W; Hindle, the chairman 
says that the opening months -of 
the current year were difficult for 
this division, and expresses 'no 
‘surprise that profits .were not as 
high as last year . - 

-■ The gronp’s retail, shop added 
£3,000 and management services 
£11,000 to the total. - ^ •■-.■y-- 

At the end of 1977 it wfc 
sided that subsidiary, U. Bi ef 
.-(Contracts),, contract furnishing 
-. “ornpany. would cease trading, as 
it had incurred losses for the pre- 
vious two years. - There, will be 

terminaJ- losses amounting to some 
£10,000- which will, be.. written off 
as ah extraordinary item. 

Sidlaw well 

PRE-TAX profits for The half year 
to Mar chill, lS7d. of Sidlaw Indus- 
tries' slumped from .-£966,000 to 
£111.000 which included associates. 
£92 000 agiinst £73,000,' on lower 
turnover . 6tK £l&9Sm against 

£20. 45m. 

• But the directors say that trad- 
ing conditions in textiles 'are now 
better and a substantial improve- 
ment in results' can ! be^ expected 
in the second, hall Profit lor the 
full .1976/77 year was £l~10m- 
The textiles division made a 
loss. tbey 5tate. k the main reasons 
for which werp a depressed mar- 
ket for the natural fibre based 
fabrics of .Sidlaw Textiles and the 
continued -sow progress- of the 
UJS: marketing subsidiary. Sidlaw 
. of Scotland. GiJIs/bouth MjII^ 
however; increased sales and 
profits- from its synthetic spin nin g 
operations, they add. 

The hardware division, in con- 
tinuing poor trading conditions, 
made a further small loss, but the 
oil services and engineering divi- 
sion, despite a loss from Orkney 
and .Shetland earners, increased 
profits due to a higher level of 
activity in the winter months. 

- Within the associates Skeau; 
Dhu - continued to expand profit- 
ably and Colox Corporation made 
a sm all-profit, while its activities 
Were reduced by selling parts of 
■ the business at above book value. 

The interim dividend payment 
•is maintained at 1.5p net per 50p 
.share costing £S2,000 (same). Last 
year’i' final, was 4.51942p. 

The directors say that interest 
-charges, £264,000 against 
.: £485,000,;. were lower because of 
lower .interest rates and, in the. 
early months, lower borrowings. 

However, with the current pro-, 
gramme of capital expenditure, 
principally, .concerned with uie 
completion of the modernisation 
of the weaving activities of the 
textiles, division, and. further ex- 
pansion of the oil services and 
engineering division has required 
a greater use of financial re- 

exc esse of Chose achieved in the 
first six months of the previous 
year. In yesterday's report on tbe 
AGM the comparable period was 
implied as being four months. 

The figures so fair achieved do 
not include any oontx-ibuItfOin from 
VJI. Selftirive. 

falls £0.7 9m 
to £ 1.65m 

CHANGE I.N the. trading pattern 
for pharmaceutical wholesaling, 
especially during the last 12 
months, has adversely affected 
profits at Sangers Group, whole- 
sale chemist group. For the year 

an ADVANCE from £4^m to 
15.28 m in pre-tax profits JS 
reported by Capper Neill for the 
year to March 31, 1978. on turn- 
over of £69.13m against £50.52m. 
\t the interim stage directors 
revealed profits ahead from 
nsim to £2.06m and said that 
they, expected the full years 
figure to be somewhat in excess 
of last year. 

Export sales represent 34 per 
cent of the total, and the order 
book, both in UK and overseas, 
stands at a record level the 
directors say. 

In the past year £5m wax 
Invested in fixed assets to support 
the group's worldwide operations 
and Capper is aiming to reach -at 
least the £100ra sales mark during 

19S0. ... . ' 

The group is increasing Its 
raiv’e of activities through ever 
widening fields and the director 
continue to view the future with 


Earnings per 10p share are 
shown as 20p (14-09p) and thB 
dividend is effectively raised from 
1 9021 p to 2.6513p net with a final 
payment of 1.5972p. The directors 
state that they are well aware 
that dividends no longer reflect 
the substantial progress made 
over the last few years, by the 

Tax, on the ED 19 basis, for the 
year is totally deferred at 
£601,332, compared with £978,681 
last time, of which £565,681 was 
deferred. And some £2 .8m has 
been added to shareholders funds, 
representing provisions no longer 
considered necessary. 

Some £8.587 (nil) went to minori- 
ties and there was a capital profit 
on sale of fixed assets of £16.816 
(£7.6911. The amount retained 
came out at £4.13m aeainsr £2.$m. 

The company carries on busi- 
ness of design, manufacture and 
erection of pipework, siorage and 
process plant for industry. 

• comment 

Trading conditions in the UK, 
plus the completion of several 
major Middle East contracts 
restricted profits growth in the 
second-half of Capper-Nelll’s last 
financial year. At the half-way 
mark profits were up by 36 per 
cent, but the gain in the second- 
half was held to only IS per cent. 
A near competitor. Whessoe 
reported a profits fall in the six 
months to March 31 and the basis 
of the downturn was a slump in 
profits from heavy engineering. 
Whessoe is pessimistic about 
performance in the six months to 
September 30. but Capper-Neill is 
optimistic about its results for 
the same period. The important 
Kenana contract is now on stream 
and the UK order book is very 
strong. At 76p the shares have 
a p/e of 3.7 and a yield of 4.3 per 

from £231,66S to 1275,743 in tils 
March 31, 1978, year. 

Alterf six months profits w - as 
down from £126.954 to £122,591. 

The final dividend of 2.S77p 
takes the total to 4.63p net per 
25p share compared with 4.1S41I5p 
last time. 

Second half 

Estates higher 

Subject to tax of £144,434, 
against £188,223. profit of Chnrch- 
bnry Estates, property investment 
and management group, advanced 

by Comben 

FOLLOWING A £41. ir.w advance 
at half-way io £ii41.0uu, virtually 

unchanged second-half profits 
have left the pre-tax results at 
Comben Group up from £l-2Gm to 
flim on turnover ahead from 
£lS.8m to £24.60 m. 

Directors say the demand Tor 
new homes has accelerated signifi- 
cantly in the early part of 1978 
and that after four years of de ' 
cline increased margins are now 
being obtained. 

11118 should be reflected in the 
current year’s trading results, 
provided there are no additional 
political influences brought to bear 
on the industry. 

The group has a land bank of 
more than 6.000 plots, providing 
a firm basis for future trading, 
they say. 

The final dividend is lifted from 
lp to lip. taking the total to I.7p 
ll.45p> net per lOp share. 

The result is subject to tax of 
£326.000 (£85.000). Retained profit 
emerges at £549.000 (XSO^.OOO). 

Earnings per share are shown 
at 3>!|J (4.63p> ba^ed on ihe 
actual tax charge, and 2.46v| 
(229p) based on a notional oi. 
per cenL choree. Net asset ^vajue 
per share is shown at 30 50 p 
(27.7p) reflecting the purchase 
and cancellation of £4.1m of the 
7.75 per cent unsecured, loan 

Gough Bros, 
drops to 

After a £6.728 downturn in first 
half profits to £70,450. earning- in 
the final six months at Gough 
Brothers dropped a further 
£83,000 leaving pre-tax profit down 
from a record £305.146 to £215.183 
in the January 2S. II'TS year. 

Mr. R. C. Gough, the chairman, 
says It was difficult to achieve any 
real growth in sales in 197S. In 
common with the experience of 
‘the retail trade as a whole in- 
creasing pre 4 sure on margins de- 
pressed profit. 

Turnover in the period rose 
from £13.21m. to £14.76m.. and 
the profit is -ubject to tax of 
£55.322 (£1C5.073) and before 

extraordinary debits of £15,000 
(£2,449 credit). 

An unchanged final of 1.82p neL 
per 20p share leaves Ihe divi- 
dend total at . 2-3p, absorbing 
£71,708. Earnings per share are 
shown at 6.2p (5.4p). 

Edited by Denys Sutton 

I uE© ICUl 

H la 

Published Monthly price £2.00 
Overseas Subscription £28.00 
Annual Subscription £25.000 (inland) 
USA & Canada Air Assisted S56 

Apollo Magazine, Bracken House, 
10. Cannon Street, London EC4P 4BY. 
Tel: 01-248 8000. 

to February 28, 1978, P re-l “ P r0 ‘ 
.... — -- £1.65m. 


In. the first four moitfhs of tfie 
current year, profits from Hanger 
Investments were materially m 

fits fell from £2.44m. to 
on. a rise- in turnover of over £10m- 
to £90.Sm. 

Ah the Interim stage profits 
were Xown from 1132m. to £0.82m. 
and directors * said they did not 
expect any significant change in 
the levehof profits for the second 
half, compared with the first. 

Competition for business has 
become increasingly intense forc- 
ing Sangers to take aciion appro- 
priate to market conditions, tire 
directors state. These changing 
conditions have also been exacer- 
bated, in the company’s case, by a 
reduction in slock profits as a 
result of a lower rate of inflation, 
and by an increasing change in 
the company’s sales pattern to 
lower margin business. 

It is the long-term aim of the 
company to become a' balanced 
health care group less dependent 
on its traditional pharmaceutical 
wholesaling business- Although 
there are difficulties in pharma- 
ceutical wholesaling, the Board is 
confident that the problems can 
be met. „ . . 

Although it may well take a 
little time for the benefits of 
actions they are taking to have a 
significant effect on profits, 
directors are expanding the retail 
optics business quickly and 
devotine considerable resources 
and effort to that end. They 
believe there is a lot of potential 
in this area which, they say, 
will be reflected in the current 
year’s profits. 

-. After tax £0JS9m (£1.3m) earn- 
ings per 25p share are shown as 
8.6p (lS.Slp) and tiie dividend 
payment is maintained at 5-Sp 
with an unchanged final of 4p net. 
Pre-tax figures were struck after 
a number of exceptional, and non- 
recurring, items amounting to 
£240,000 (£45,000). 

lai-ro* 5 





Uneven credit supply 


Bank of England Minimum 

-Lending Rate 9 per cent 
*’-• (since May 12, 19TB) : 

The London money market was 
te a state of general disarray 
yesterday, with some discount 
houses finding money very di»- 
iii t to come "by,' while others naa 
^■-substantial surplus and were 
looking for intereention from tbe 
authorities to absorb funds. 
tbe time the whole situation was 
straight, and the houses timt were 
jbort had managed to balance 
their books, any houses hopmg to 

boy some -short-dated hills frou! 
the authorities were disappointed. 

Therefore the market dosed with- 
out any intervention, .from tee 
'Bank of England, aJthough there 
is probably a very substantial sur- 
plus “ money left in tee bank- 

^foney 'did come on offer very 
late, and some funds may na^a 
been picked up at 1-2 percent, 
although dosing balances for the 
houses were generally In the 
region of 5-7* per cent. Earlier 

Se S r the C 1me?banic ma^t over- 

■ night loans opened at S*-&* per 

cent, and eased to 7J-7} per cent, 
before rising to 8} per cent, but 
closing at 1-4 per cent. 

Banks brought forward surplus 
balances and the market was also 
helpbd by a sizeable fall in the 
note circulation. On the other 
hand there was a slight net take- 
up of Treasury bibs to finance. 

Longer terra fixed period 
interest rates were generally 
firmer, reflecting fears about 
economic events on both sides of 
the Atlantic. Discount houses 
buying rates for three-month 
Treasury bills were also firmer, 
ahead of today’s bill tender. 

-■Jane I 
2 i tf?5 


- RP 

OBeraiflht.. — 

i days notice.- 

7 day* notice- 
. Djle" month— 
’’ two mrmthc-, 
Uirec month*. 

Six month 

Nine man lbs 
One you ....... 

T*ro y»r*— - 


oi deposits 



91s -**B * 


8-SSf. - 

1O30-1O ft 
1050-1-0 6 b 

- <fiw n days’ Lona-lfrwi iwal auilwriiy mortiaxe raw" 



Financial Times Friday Juiie ' 2 T978 

Charringtons aids Coalite 
in jump to peak £ 16 m 

INCLUDING A £4.U7m trading 
liroHt from the newly acquired 
Cliarrin;uon division. taxable 
profit o[ Coalite and Chemical 
Products jumped from £10.22ra to 
a peak fl6.32m in the March 31, 
1U7S. year. 

Including n07.S4m from Char- 
rin-’tnn. turnover of the group 
a d va need r r o m £37 .43m to 
IlliS-T-ini. The profit came after 
a reduction in interest receivabie 
from II. 43m to £O.S»m. 

Charriirgton results have been 
consoiidaled from October 24, 
I!i77. and lor all the year its turn- 
over was £l99.6m. and profit 
£6.37 m. 

in the second half. Coalite is 
reasonably optimistic about im- 
proved market conditions for 
smokeless fuel and fuel oil this 
year. The shares fell 4p io 75p 
yesterday where the p/e is 5.6 
and yield is 5.7 per cent. 

advances to 

PROGRESS WAS sustained at 

n r f l ‘^ ,f 5K?“ Mountview Estates in the year to 
ahead from £4 .99m to i-6^a]m ji are |, 3^ 1978, with profit atfvanc- 
di rectors said that witn signifi- {n2 f r0fn £790,064 to a record 
cantly more production capacity £.957,734, subject to tax of £497,996, 
operating stocks of coalite for a gainst £334.705. Turnover was 
1 he winter were lower than ui the £ tter at £2.09m. compared with 
previous years, while oil and £j gy m 

chemicals continued to make a Stated earnings per 5p share 
substantial contribution to profit j m p,- 0 ved to 9.l9p (8.14p) and the 
In line with its acquisition total dividend is lifted to 
forecast the total dividend is j^235p (I.19625p) with a final of 
lined to 3.771 >Cp net per 25p share 0.S735P- 
rrom last lime, after adjust- 

ment for the consolidation from 
l np lo 25p shares. Dividends will Tumov, -‘ r 

increase has Treasury approvnl. 
Earnings per share are shown 

Ahead from S.S2p 

(O 13-OGp. 

1977. 7i 




1 ■irnuv.T 


u7 (J7 

i.haIII" ;<ritl <.'lt>-mn.vM 


37 lii 




t*-pp -Will lull 



Truillii-.! prulii 




11 ■■jn 

r 7-9 

■ lirfrrm--K'ii 



Iniirre-si pm-iisW'- 


1 .CJC 

Profit before lax 




T : J'J 

.1 lUa 

Nut pnilil . 


3 |IB> 



1 i)3u 

Rvuiii'.-J h'jl'iin^ ■ o. 

i n;.: 

Siik-. nls. j«n.uin 

1 irtl 







1 .696,537 






1 644 








59 XU 







tin -licurdaijiv uilb KtllJ. 

9 comment 

With ionic live months’ yontribu- 
sion from Uharnn gl on. Coalite 
and Chemical Mas increased sales 
nearly three Told and pre-tax 
profit by about GO per cent. 
Stripped of (Jharrinrrion's 
figures. ihe lalcvt results 
show ilm Coalite - '. profit 
margins have benefited from its 
recent rationalisation of produc- 
tion processes. First half sales 
growth of some 17 |ier cent has 
been offset by a flight downturn 
in the second half, t'.tiarrinpton 
has also been unable to iiff fuel 
oil sales although valid fuel dis- 
tribution held its own. With 
cheru icafs showing some recovery 

Iniurwi rectovd 

tniiTL-st cJiuracs 

Pit-ui profit 


r,«.-i protlt 

■Jrd. dividend* 

Surplus an subBidwrrf 
To n-si-rvos 
■ On hcpuduUiHi. 

to £0.64rn 

TllE RECOVERY at Twinlock 
which resulted 'in an £31,000 
profit azaitvst a £334.000 loss in 
the firvt half has co-mimied with 
taxable profit for the March 3. 
197S year at £639.000 compared 
with a £157,000 loss last time. 

Turnover of the unquoted loose 
leaf equipment, systems and filing 
products group climbed from 
£22. 5 4m to £2fl-57m. The company 
is one third owned by the 
National Enterprise Board. 

Mr. A. K. L. Stephenson, the 
chairman, says 'the results and 
the £l.fim working capital reduc- 
tion confirms bis interim fore- 
cast,. The traditional Twinlock 
and Shannon business continue 

10 expand with exports ending 4he 
year strongly- , 

Overseas companies, including 
its Dutch associate, tiki iota in ed 
satisfactory profits. 

Directors look to substantially 
■improved results in the current 
year, when the group should 
return to payment or dividends. 
Dividends totalling £37,000 were 
paid in 1975-76 when a £0.46m 
loss was incurred. 

Profit is before lax of £304,000 
(£140.000 credit). minority 
interests of £37.000 (£15.000) and 
extraordinary losses of £59,000 

Earnings per share are shown 
at 1.39p tO-ISp toss 1 and after 
extraordinary item* at 1.12p 
(2.43p loss). 

Peak £lm 
at Normand 

A JUMP in second half earnings 
from £187.000 -to £659,000 has left 
taxable profit of Normand 
Electrical Holdings ahead from 
£0.41m to a record £l.U4ro in the 
February 25, 1973 year. 

At halfway. profits were 
£153.000 higher at £331.000 and 
directors forecast a sign i lira filly 
higher full year result. 

Turnover for 'the year cLimbed 
from £I0.Gom to £13. 15m. and 
directors say that *0 far in :bc 
current year order books are 
more Wghliy loaded but do nor 
give cause for concern. 

' Tax takes £497.000 f£174.(Ki0l 
and last year there were extra- 
ordinary credits of £4,000. 

Earnings per 20p shire are 
stated at 7. op i33p> ami -the final 
dividend of 17617p lifts the total 
the maximum permitted £rom 
2.3544-p to 2.S26 p TCI. 


The Pension Fund Property 
Unit Trust has completed the 
£3.4m. purchase of 10 Rue 
Montover/47 Rue du Commerce, 
a 6.000 square metre office pro- 
perly in the Quatier Leopold. 

The general level of rents is 
BFr 2,750 per square metre, giv- 
ing the Trust a yield of over 7J 
per cent. 

Richard Ellis acted for the 
Trust and Jones Lang Wootton 
for the vendor. 

Alida slips 
in second 
six months 

AFTER A second-half downturn 
from £391,401 to £»LS80 Allda 
Packaging finished the year to 
March 31. 1978, with taxable 

profits ahead from £661.703 to 
£722,086- Sales for the full period 
advanced £1210. lo £9. 14m. 

The directors say that results 
were achieved against a back- 
ground of depressed market, 
unstable raw material prices and 
price cutting by competitors. 

They add that the national 
economy and the company's own 
particular industry are still 
operating against a background 
of sluggish demand and little 
market growth. 

Overcapacity m the plastic 
industry has been partly instru- 
mental, they say, in creating a 
highly competitive market. These 
conditions make it difficult to 
forecast for the current year they 
add. But they say that the 
group is better equipped than 
most to take advantage of any 
improvements in markets and/or 

After tax of £182,300 compared 
with £55,700 stated earnings per 
lOp share are down from lS.69p 
to 16.9p and the dividend is 
stepped up to 6.3206p (5.65S9PI 
net with a final of 4.l206p. 

The croup's polythene packag- 
ing division bad a difficult year, 
mainly due to the poor market 
conditions. The reprocessing divi- 
sion continued to make excellent 
progress, however. 

Freehold properties were 
revalued and resulted in £249.316 
surplus over book value, which 
has been credited to reserves. 

Second half 
upsurge at 
Chapman & Co. 

Despite a jump in second half 
profits from £207.000 to £3110,000, 
Chapman and Company (Batham) 
was unable to make up its Interim 
shortfall, ending the March 25. 
1978 year with pre-tax profit down 
from £371,000 to £343.000. 

The profit of the envelope 
manufacturer was after interest 
receivable and debenture interest 
payable, and is subject to tax of 
£35,000 (£41.000). 

The steady final dividend of 
2.446p leaves the total unchanged 
at 3.924 p. 

UBM £lm better with 
expansion overseas 

AS 'FORECAST in November, 
UBM Group maintained its 
improving trend of profitability 
in -the second baH to end the year 
to February 28. 1978. with tax- 
able earnings total 34 per cen-t 
ahead from £2.B9m to £3.lm, but 
stilt weH down on the peak £7.75m 
seen in 1973/74. Halftime profit 
was £2, 59m, ag3mst £1JJjh. 

The current year has started 
well and it seems that -in the 
UK building sector there is 
greater activity an both -the 
renovation and new building mar- 
kets which the company is par- 
ticularly well placed to service, 
says Mr. Michael Phittips, the 

Overseas merohanting activities 
are continuing to thrive and the 
scaffolding and 'motors divisions 
are making further progress. 

Trading results for the opening 
months of the year were 
encouraging and in spire of >Bhe 
economic clouds on the horizon 
they are confident of the outcome 
0/ 1978/79 as a whole. 

In recent years ‘the group has 
suffered from the decline in the 
UK building industry, from which 
the majority o nils profits were 
derived. T-he Board -is now review- 
ing corporate strategy and work 
is currently well advanced on 
plans to expand -those businesses 
in which the group has particular 
expertise both at home and over- 
seas. with the object of reducing 
the proportion of profits produced 
[Torn its UK building industry 

Turnover for the year reached 
£192.fira (£1 65.5m) and after tax 
of £137m (£800,000) slated earn- 
ings 25p share were 5.2p 
i4.7p).‘A net final dividend of 
2.5142p lifts the total on capital 
increased by the placing in 
February 1977, to 4.3p (4.2p). 

Extraordinary gains amounted 
to £111.000 (£263,000) and re- 
tained earnings were lower nt 
£406,000 (£472,000). 

The provision for deferred tax 
is i naccordance with ED 19 for 
both years. 

Mr. Phillips says that activity 
in the building industry remained 
at a very low level during most 
of the year and showed a real 
decline in a number of areas. 
Exceptionally severe weather con- 
ditions in the north in January 
and in the south-west in February 
seriously affected sales at the end 
of the period. 

The southern and northern 
regions achieved encouraging in- 
creases in profits, the latter par- 
ticularly helped by a recovery by 
UBM Rye roft which made heavy 


Tbe toS owing companies have notified 
dates of Board meetings to the Siocfc 
Exchange. Such mce Limes an usually 
held for (he purpose of consWoruw divi- 
dends. Official Indications arc not avail- 
able whether dividends concerned arc 
Interims or finals and the sob-divisions 
shown brim# are based mauds on last 
scar's timetable. 


Finals: British and American Film, 
Century OUa. Cutter Guard Bridge, 



Btuemet BroLbers June la 

Hardys and Hansons Jane 23 


Airflow Streamlines — June 3 

Dundonian . June 3 

Cecra Grow June * 

Harnsoos and Crossfleld ... — June • 

Henderson <J. and W.i - June 8 

MK Electric J«“* 28 

Oceana Development Inv. Tst- June 7 
Rowtlason Constructions - Jane SI 

losses in the previous year. 

The results of the western 
region were disappointing, made 
worse by a three wreck unofficial 
strike by ' local delivery drivers 
based at Bristol, and the Midlands 
region had a difficult year, and' 
suffered a severe cut in profit 
caused by stock write-offs and by 
adverse trading conditions depres- 
sing gross margins. 

The overseas merchanting 
business increase; both sales and 
profit bad' been achieved, and 
plans to expand overseas activities 
are at an advanced stage. 

As reported at halfway. UBM 
Glass bad been badly affected by 
torses incurred on certain long 
term contracts by the group's 
specialist window factory in 
Birmingham. Action has been 
taken to reduce, and in due 
course, to eliminate Lhese losses, 
which marred otherwise good re- 
sults from the division and 
profits fell substantially, the chair- 
man adds. 

UBM Motors had a record year 
in which proGts. after interest 
charges, increased some 2j times, 
and UBM Scaffolding made much 
higher profits. 

UBM Engineering returned to 
profitability and is expected to be 
better in the current year. 

Sec Lex 

future. Mr. Rubin says, 
directors see great scope for the 
The group- has bought, a three 
acre warehouse complex' and . this, 
together with its entry into the 
sports and leisure market, gives 
the group plenty of new growth 
area for 1979, he says. 

A current cost statement shows 
profit reduced to £0.47m by addi- 
tional depreciation of £40,000 and 
a cost of sales adjustment of 
£165.000, Offset by a £61,000 gear- 
ing adjustment ' ■ 

Meeting, New Barnet, June 26 
at noon. 

over £lm 

THOUGH GROUP revenue fell 
from £12J26m to £7.93 m. sharply 
lower outgoings on property, 
management expenses and Inter- 
est charges at £7.02m, against 
£12. 96m. enabled Berkeley Hambro 
Property Co. to step tap taxable 
earnings for 1977 from a de- 
pressed £675,000 to £1.07m. 

At half-time profit had been 
down at £362,000 (£558.000) but 
the directors had pointed out that 
the majority 'of deals were rot 
completed until towards -the end 
of the first six months and -they 
expected some improvement in 
the' second half. They also said 
that the full impact of reduced 
borrowings should start " to 
become apparent in 1978. 

Stated earnings per 25p share 
for the year were 4.9p compared 
with losses last Time of L&p, and 
a nec final dividend of 222p takes 
the total to 3.22p (2.6 lp). A re- 
valuation of investment properties 
at year end resulted in net asset 
value being enhanced by 13p to 
195p. ' _ 

The tax charge amounted to 
£419,000 (£805,000) leaving a net 
surplus of £654,000 floss £130,000): 

1977 1976 

1 ' .' E .: 

Good year 
ahead for 

Group revenue 

7 JTO 


Property autxoioas* 



loterest received' 



Share assoc, lost 



Pre-tax profit 






Net profil 



Extraord. debit 



From re^e^ve5|| 






.•-V-i; "-j; . 




Interim results for the half-year 
ended 31st March 1978 

The Directors of Barclays Bank International limited announce that the unaudited group 
profit for the six months ended 3 1st March 1978 and the comparative profil for the 
corresponding period last year is as follows: 


Balance sheets at 31st March 1978 



The group 

The Bank 





Operating Profit 



Liif Interest on loan capital 




47 -2 

Share of profit;, less losses of associated companies 



Profit before taxation and extraordinary itcras 

61 -I 

55 'b 

Less Taxation 


2? 0 

Profil after taxation 



Pro] it ai iribuiable to outside shareholders o (subsidiaries 



Profit before extraordinary items 


23 7 9 

Lxtrjordinjn.' items 



Profit attributable to the members of the Bank 




The Bjnf: is a whoJJc owTied subsidian' of BarcJavs Bank Limited but has its ovra 

quoted unsecured loan capital. 



The charge for taxation comprises: 



I'nned Kjnqdom Corporation Tax at 52 °/li 



Leu Relief for overseus tax 





Ch ersejs 


1 7-7 

• 25-0 


•Xr^idated companies (including prior year tax charge 
of£U'7m (1977 inil)) 





5 Cash and short term funds 



li Investments 



7 Advances and other accounts 





8 Investments In associated companies and trade 




8 Investments in subsidiaries 



Premises and equipment 






9 Ordinary Slock 



S Reserves 



Stockholders’ funds 



Outside interests in subsidiaries 



Loan capital 



Capital resources 




Current, deposit and other accounts 





5 Cash and short term funds include: 

British and other government treasury bills 



Bilb available for rediscount with central banks 



6 Investments include securities of or guaranteed bv Lite 

United Kingdom and other governments 



7 Advances and other accounts include trade bills 



3 Extraordinary items comprise surpluses on disposal of a trade investment and on part of 
the group’s holdings in certain subsidiaries. 

4 Surpluses and deficits on realignment of exchange rates arising from the revaluation 

at 3 1st March 197S of the net assets held overseas on 1st October 1 977 and on any foreign 
currency borrowings used for acquisition and expansion have been taken directlv’io 
reserves as being outside the group's normal trading aetiviries. These amounted^ a net 
dedal ol £7’0m { 1977 net deficit of £6 - Sm.). All other exchange profits and losses which 
arise from normal trading activities have been dealt with in arriving at the operating profit. 

S Investments in subsidiaries and io associated companies arc stated in the balance sheets at 
the group's or Bank's share of the book value of the net tangible assets of the relevant 
companies. In previous years investments in subsidiaries and in associated companies have 
been stated in the Bank’s balance sheet at or under cost or at Directors’ valuation. 

The effect of the change in accounting policy has been lo increase the book value of 
invcsiniems in subsidiaries and in associated companies in the Bank’s balance sheet at 
3 1 st March 1978 by £99m and £2 5m respectively. The total increase of £l24ra has been 
added to the reserves of the Bank to the extent of£3m in the current half year and £121 in 
as a prior year item. 

9 Capital authorised: 1 30,000,000 ordinary shares of £1 each- 

All ordinary shares have been issued as folly paid and have been converted into stock. 

10 Acceptances, guarantees, indemnifies and credits for account of customers for which there 
arc counter liabilities of customers amount for (he group to £1,61 Inx and for the Bank 

to £74Sm- 

J. F. O. Gibson, Chk} Accountant, London, 25ihMoy 1973 



Mr. R. S. Rubin, the chairman of 
Pentland Industries; says . in bis 
annual review that trading is 
currently running ahead of the 
same period last year, and that 
1978 should be an excellent year. 

It is the intention of the Board 
to expand the group's overseas 
connections both in exports from 
the UK and in inter-continental 
trade between group overseas 
subsidiaries and outside 

In 1977 when profit jumped 
from £0.36m to £0.62m. all group 
subsidiaries progressed, although 
import restrictions hampered 
some of its shoe importing com- 
panies without helping: its 
Priestley factory. 

Unfcan Foods excelled' and is 
now expanding production of both 
wine and beer concentrates. 

The distribution and warehous- 
ing sections also began to make a 
contribution lo profitability and 

< Properly outcome, management ex- 
pense*. and Interest paid, r In respect 
investment properties in ■ coarse of 
develupmeai. (Gain. S Loss. T Credit. 
I! RcUUns to extraordinary Ueou already 
reflected In valuation at end of 19Tit. and 
" credit of aw unis relatms » current 
year, n To reserves. 



Rolls-Royce Motors Holdings 
announces that forms of election 
to convert on. the improved terms 
the 8 per cent convertible 
unsecured loan slock ' 1997 '2002, 
have been received in respect of 
some 98.6 per cent of the con- 
vertible slock in issue. . 

As a result. . shareholders* funds 
have been increased by about 
£5.S9m. All convertible stock 
which remains unconverted (some 
£0.9m)„wUJ. fall to be converted 
or redeemed In accordance with 
the original terms applicable. 

' Our specialist loss 
assessors will take a look 
-- at yuurpresenf insurance 
cover on buildings, _ - 
plant, machinery, fixtures . 
and fittings and negotiate 
your claims - including- > 
■ any consequential loss.' ; 
... Can you. afford totake the:, 
risk of not consulting us? •- 

Beecroft Sons 
& Nicholson 

21 South Audley Street, 
London W1Y6HD 
Tel:Dl-6299333 Telex' 261988' 

, -Established.l $42 - 

Association JWfc Bamrgio n Lsrn. am 

for the half year ended 31st March 1S>78 N 

Encouraging first half 
Good prospects for the year 
Increased dividend 


Satisfactory progress from development capital and banking activities. 
Excellent performances from Ncwage Engineers and Spring Grove. 
Significant reduction in losses in the construction products sector. 
Second half results will include first time profits from North Sea oil. 


- ^ 


fooo ■ 

Half year 
31.3.78 ; 

Half year 
• 3M-77: 

Pull year s 
ended . 

• 30 . 9.77 • ' • 


77,^54 ‘ 



Operating profit 

7 ,oo 5 

. 6,517 


Interest payable 

2 ,535 


5,*70 ' 

Profit before taxation 

4,470 - 

3,575 . . 

8,506: ^ 





Attributable profit 


. .. 2,141 

; ...'5,161.".^; 


Change of year-end 

The Directors consider that there would, be advantages if the financial year wens - 4 ' 
to coincide with die calendar year which should produce. a more even. haJfyeadjr ' 
split of the Group profit. The accounts for 1977/ 7S\rill therefore run for fifteen’ ; VV 
mondis ixom 1st October 1977 to 3rst December 1978. : " '.vS 

Dividends \^S s 

The Directors have declared an increased interim dividend of 1.45P (1977—' 

In die absence of unforeseen circumstances it is die Directors 4 present inrcndocb^i^. 
pay, in February 1979, a second interim dividend cT .2*2405^(1977— a.i 75 pE" ~ j 

making a total payment for the twelve months ending 50th September 197 8 
3 -6905P (1977 ~ 3-3 5 5 p)- .... 

Future dividend payments will be adjusted to take account of the changed year 

Copies of the Interim K xbori of The CkirterhdUsc Gn*p limited are tbtab&ole front Croup Coatmrautaiioos Jftpfi { 
The ClutrterhoHse Croup Limited, i Putmotter Koa\ St. Pauls, London ECfH f jDH Telephone 01-Cji ' : 


,e 2 . 

S?SS Times Friday June. 2 1978 











-t j-i . - 

-J. .y .'it’tK gasLVh'^ • v. . r . 

^tST^AElM'I " ijramum - mining 
' — “rday received a 

the Government 
«fi export -eOn- : 
irt ^antbority, for 
— :3ms. apt yet. 
L%^Sd.;. - ; t : -.;■ 

^Anthony, the Deputy 
mister, told Parliament 
prodmmr^ idU need Ills' 
before making: any legal 

entson exports. Later.he 

Jizl£need adyice from theauih- 
;toiU,$v-jbe present he would 
^ jetfioartracts. without 1 advfce. 

vCT^VjiStebi£dunept^ W export 
aothbrity fo peeded;40* complete 
.^he :packa^eirie^tsfetJoTi govern- : 
m fc tjie^devaf opmcnt and - overseas 
sales-- of,- tire' potential . Australian 

mmes.^Syt Bffl»- -P3Ssed : through 

Parliament on Wednesday: ' 
£Th<^':^ffect6f Mr. Anthony’s 
statement ;is to. make dear that 
-g tepo rt-^ contracts may be nego- 
tiated even without the. existence 
authority. - This 'is dearly 
"aga interim measure, using- powers 
already vested in the Government. 

An embargo-, on - Australian 
uranium exports 'Was imposed in 
1972 tout partially -lifted in' 1978 
m' cover eon tracts entered Into 
before- 1972. -.' - :. ~' 

'. l.Tba Atistranan’ Government, has 
regard edthe establishment of an 
export authority .$s a matter of 
urgency; ah essential adjunct to 
die - legislation: coveringthe condi- 
tions of -mining. But the legisla-' 
tion has been difficult to frame, 
partly- toecauso 7 .' of: -anti-trust 
investigations ■' into the uranium 
industry; 'Which recently finished 
in r - the 'U JST-- •=' 

Mr. Anthony stated -that there 
would be 'consultations, -with state 
Governments before he proceeded 
with federal legislation. The need 
for this . ■ is not Immediately 
apparent, because the Common- 
wealth Government is const! tu- 

pave way 

Leah years ahead for Canada 


ver cr. 

ui^C3 z.T.z.'.zT THE Canadian ininfng . industry 
- C 'rJ~z ^ will have two -or three -difficult 

_ ‘‘■years before-, recovery in.-, the 

war'll.: early to mid-1980s- according to 
f OU nncri’o^.-Mr. Mervyn Uphaaa, the president 
, — Clof ' the Mining' Association of 

" ^Canada, speaking yesterday at. the 

Association’s annual meemng in 
p., Ottawa. - .i' 

ZJLJ-Uil “ Certainly over the next; two 
it' i i or three years, the overall. per- ■ 
^11 P H H QMormance • will . most likely-, be 
^ '-^■‘■■‘■'^'■toJvcharacterised'.by- familiar-difficult 

tionaSy responsible for inter- 
national trade. : - 

However, the 1 States showed 
particular sensitivity on the 
question of their rights in the 
framing of the six bills which 
have just passed through Parlia- 

The powers over the signing of 
am tracts which the Australian 
Government is exercising are not 
different in substance from those 
adopted by other exporting coun- 
tries like Canada. 

• Mr. Anthony;- said that there 
would be control over the quanti- 
ties of. uranium toeing . exported 
and that contracts must be con- 
sistent with- the Government’s 
nuclear safeguard policy. The 
supervision extends to the terms 
of the contracts including 
methods of shipment and modfe of 
payment The terms and condi- 
tions for -any contract would be 
made known - to the producer 
before' it was signed.' Mr. Anthony 


UiAS. the state-owned Swedish 
mining group, is expecting losses 
to increase tlns year, writes John 
Walker from Stockholm. 

The forecast is for a loss of 
SKr 67pm'(£79.4m) compared with 
SKr 645m , tet year. The deficit 
for the -firsr; foeir months of the 
year, before' appropriations and 
taxes, were SKr 272m: (£32ra) 
against SKr lSIm in the same 
pexfoxl of 1977. 

Over the .whole year it is 
expected that '"‘stocks will be 
writ-ten down by SKr 113m, while 
sales are expected. -to decline to 
SKr L6bsi~#oai ‘SKr l.fiobn in 
1977. . 

The Canadian miners strike Is 
said to. have increased .iron ore 

demand from other producers and 
LKAB expects .to see deliveries 
climb to‘ 21m tonnes this year 
after 19.5m In 1977. But prices 
are now 15 per cent lower than 
last y«ar. 

Tanks reduces 
its final 

(Tanks) yesterday declared a final 
dividend of 6p compared with 7p 
for the 1976 financial year. Total 
payments for 1977 are lQp, against 
lip the year before. 

The reduced dividend accom- 
panied an announcement of net 
profits for last year of £2 ,25m., 
slightly down on the £2.3Sm earned 
in 1976. But attributable profits 
were down to I1.7m. after an 
extraordinary hem of £521,993, 
which included foreign exchange 
losses on the revaluation of 
foreign currency assets. 

The 1977 figures include the re- 
sults of Elhar Industrial for the 
first time. Eibar contributed £2m. 
to the pre-tax profit of £4 .4m. 

Revenue from Tanks 17.6 per 
cent, in Union Mini ere. the Bel- 
gian mining group, was reduced 
in 1977 to a. 79m. from £2^m. in 
1976. This was predictable in the 
light of the 26.6 per cent faU in 
UM*s 1977 net profils and the 
lowering of its 1977 dividend to 
BFr 500 from BFr 600 in 1976. 

Like 1976, Tanks last year re- 
ceived no dividend from the 
Benguela Railway Company. 

The stock market yesterday 
took a glum view of the Tanks 
dividend and profits announce- 
ment, dipping 5p off the shares to 
166p. Recently, however. Tanks 
shares have been at a 1978 high 
of 175p because of Us 8.4 per cent, 
stake in the Ashton diamond ven- 
ture in Western Australia. 

“ By the early-1980s progressive 
moderate increases on the 
-demand side should provide a 
better foundation for' the indus- 
try’s expansion,” he dommenled. 

' -art- -iTp ham , cited, concentrate 
production ras one ; of the best 
opportunities for -the Industry in 
the -1980s. For the next few 
years, toe argued, the efforts of 
both Government .and industry 
should be directed towards the 
^development of new mines and 

.juUi A: tz" Lr-Oconomic^rircumstances both at. . - 0 *5: .concentrate 
r r ; .... --v.vhome and abroad,”. Mr.' Upham : production,^ 

*■-•»— »«}/! ." !• 

....... _ -said. . ... .. _ 

i~.z I: But he . thought the prospects 

S or recovery were' improved. . in. 
lart bedause 1 of the V underlying 
trength of. tbe.' : international 
iemaud for'; a. abroad - range ot 
Jninerals: Y : Demand-* - was not 

__ Increasing in all cases at the high 

- - . - . -ate of.tgn yesys.ago. .hut funda- 

--:--.nentaJ v^femaud '^hrerigth .was 
^v/de.nti, .. ■ 

Op the Question of relations 
between the';. Government and 
industry, be’ felt, that ^.a' dialogue 
ovfer the- last tear had -increased 
understanding and co-operation. 

The inddstiy has been vexed by 
taxation policy and the' 'level of 
the burden." imposed at bbfli the 
federal and' .provincial levels..’ ft- 
has placed before; the Government 
to series of proposals ’f 05- wide-. 


.A . 

■ -rt 





| Mohrs offiie dothzngfor men and xamtn sbx: JSjr 

Highlights from theSlatmtni 6? tta CfaZrtniuij, 

Mr. Gerald M. Abrahams, C3£-jat (fejearauMsistjaiMajy jyyS . 

^ Earnings highest ever at^OT^OOOt 

^ Dividend 1.525p pei^Sp Share fxifxn 2^866p last 
year. .. 

Overseas trade 66% of total turnover which 
<V exceeded £20 million. ; 

-Jf Eiqjorts up 32% at £9 miHiop. 

Confidence in the filtirire. 

1 Nor: 

- uw- 

Copies of the Report tmd Accounls ate eamlabtcfr&ri the Stcrelarj, A quasculum 
and Associated. Companies. Lid., 106 Retail Street, London Tl’x -4 sAQ. 

ranging tax reform. Change is 
necessary to encourage invest- 
ment, it believes. 


This year an additional CS6m 
(£2.9m) will be spent by the Cana- 
dian Government and the Nova 
Scotia provincial Government on 
assessing coal reserves off the 
coast of Cape Breton Island, 
writes John Soganich from 

This is Nova Scotia’s main coal 
producing area, centred on the 
steel town of Sydney. Seven holes 
will be drilled in the seabed 
around the Sydney mines, the 
New Waterford, Glace Bay and 
Donkin areas. 

. Nova Scotia is seeking a major 
expansion of its coal production 
capacity and is receiving help 
from "St he federal Government’s 
Department of Regional Expan- 
sion which is putting up 80 per 
cent of tie funds. 


Petaling-Tln, the Malaysian pro- 
ducer, is paying a sharply in- 
creased interim dividend for the 
year to October. It is 40 cents 
fiUflp 1 gross of both Malaysian 
and UK income tax. In the year 
to October 1977. two interim divi- 
dends of 17.5 cents and 62.5 cents 
were paid. 

.. This year’s interim reflects a 
dramatic gain in net profits. The 
group announced estimated earn- 
ings for the six months to April 
of M$2.53m. (£581.809) compared 
with M9787.000 in the same period 
Of 1976-77; Petaling reaped the 
benefit of higher production and 
sales at a time of rising prices. 

In London yesterday the shares 
were unchanged at 210p. 


EX-LAMDS NIGERIA— Production of tin 
ore for April, as tonnes tiiwctt 2Sionnc3>. 

WATER COMPANY— Results for year to 
U&rcfi 31. J0TS. already known. Fixed 
assets CIS.SSm tta.flm*. Net current 
babil hies Xn.Sm '£0.3lm assets ■. Auditors 
■ay company does not depreciate cost of 
its major capital assets bw cbarsca the 
cost of assets replaced against contingency 
fund. Wortans capital decreased D.Lim 
< £D.33a)>. Meeting, Sunderland, June 21. 

Farnell Electronics 

Record Sales and Profits 

cisfiSi"- 1 

- v 

' '* ‘ 

Extracts from Chairman ‘ s circulated 

Your Company has exceededthe 
ant'cipated expansion and produced 
record sales and profits. ; 

Turnover has increased by over 
£4 mil lion, an increase of almost 29%. 

If 1 end profit before tax has increased 59%. . 
to over C3 million. 

\z in Novemberyour Board paid an 
interim dividend of 3.5p gross a nd 
propose to pay a final dividend of 6.5p 
gross to increase the dividend to tKe 
1 Op gross approved by the Treasury. 

Year at a glance 

Results: Yea tended 31 st January . 



Profit before tax 
Prof it'after tax 
Retained earnings. 














Earnings per share;. 24.07p 15.04p 
Dividend per share 6.60p 3.07p 

Times covered . 3.65 4.90 

Assetvalue per share 126p 94p 




V -TV; 1 

* Your Board has every f 

;onf idence in the future of *— j — 1 

he Group and r given any reasonable degree of 
iconomic stability, is certain that the past record 
if continui ng growth will be maintained. H 
- 7 L A. E. LONG,Chairman 

' Distributors and manufacturers of electronic 
- and electrical equipment and accessories 

Copias of tbs Report and AttWints are available from 
. ^ UtSeustSif, Ftraell House, fl KirhstaU fioad. leads IS3 1HR. 



Canada unable 
to meet target 


CANADA will not be able to meet 
the Federal Govern mem's target 
Of lm barrels per day of oil 
production by 1990 from oil sands 
and neighbouring heavy oil 
deposits. Mr. C. William Daniel, 
president of Shell Canuda, luld 
Montreal financial analysts. 

"The best that could be 
realistically achieved, given 
optimal phasing of projects, is 
about 700.000 barrels. This is 
mainly because of the size of the 
project and the current alow 
pace of progress towards imple- 

“Even that level of production 
by 1990 requires more urgency in 
negotiating suitable commercial 

The third tar sands plant now 
planned by Shell and a consortium 
of oil companies would cost S4biL 
and this could be raised Trom the 
private Sector if the rate of return 

MONTREAL, June 1. 

is sufficient to cover risks and the 
world price is assured lor the oil 

If industry cash flow is 
sustained, g3s supply in excess of 
domestic demand and existing 
export eommuments cun be main- 
tained for more than a decade, 
more Canadian ?as should be 
exported from Western Canada 
on a short-term basis to help 
Canada's balance of payments and 
industry cash flov. s. 

In . an interview Mr. Daniel 
agreed that Quebec's target of 
reducing oil's market share in the 
province from the present 70 per 
cent to -to per cent could mean 
the shutdown of two Montreal 
refineries. But he did not believe 
such a target was tehieveable 

Also the industry i<? pressing 

the Federal Government For the 

resumption of exports or refined 
product to the north-east U-S. 

Wm. Pickles confident 

Mr. C. H. Buckley, the chair- 
man of William Pickles and Co. 
tells shareholders in his annual 
statement that he is very opti- 
mistic and confident about the 
future of the group. But he says 
that it is always difficult to make 
any firm predict ions about future 
trading conditions, particularly 
for the textile trade. 

The retail trade, he adds, is by 
and large, not bucryanL However, 
the group is soundly based, and 
subsidiaries arc well diversified 
in their business of garments, 
household textiles, soft furnish- 
ings fabrics, sportswear, uphol- 
stery fabrics and neckties. 

As reported on April 27 pre- 
tax profits for 1977 fell from 
£S76.13S to £S!7.0S2 and the divi- 
dend is lifted to O.fiSfip iflfijlipt. 
Mr. Buckley says thal the down- 
turn in sales in the last quarter 
hod an adverse affect on profits. 
Margins were constantly under 
pressure owing to competition 
from the Far East and elsewhere. 

In December 1977 the EEC gave 
its assent to the Multi Fibre 
Arrangement and 25 countries 
have agreed to limit their exports 

to the Community of these pro- 
ducts which were currently caus- 
ing disruption. These agreements 
however do not provide for a 
reduction or even a standstill in 
total rmporLs from developing 

The chairm.-ifj s.i.vx that there 
are po^itivi.- hcr.etii < which con- 
firm the directors’ belief that it 
is essentia) fur the future of the 
group that it ,'hould maintain 
its manufacturing presence in 

An assignment, in :he Autumn 
of 1977. to carry out a reorganisa- 
tion In Earner Textiles t Scotland! 
has still some months la run. Mr. 
Buckley says, but i? is already 
evident that beneficial results 3rc 
accruing. Directors have also 
approved capital expenditure for 
further modernisation in this sub- 
sidiary and one of the Banner 
factories in Ireland. 

Negotiations arc also near com- 
pletion for tire centralisation or 
two knitting plants of Uwln 
Sportswear, into one larger, more 
effective, single operation. 

Mr. Buckley is retiring, to be 
succeeded by Mr. Denis S. Green- 

Sears seeking $100m 
acquisition in U. 

SEARS HOLDINGS, the stores, 
footwear and engineering group 
ij, looking for a U.S. takeover 
deal worth more than SlOOm. 
Mr. Geoffrey Maitland Smith, the 
chief executive said yesterday it 
was seeking something substan- 
tial. preferably in retailing or the 
service industries. 

In Sears terms substantial was 
likely to be a bid invoking more 
than SlOOm he said. "It must be 
a company that is in a growth 
«irea. sound and extremely well 

Because of its large UK interests 
the prospects of the group being 
able to launch a major UK bid 
without a Monopolies Commission 
reference were remote. 

Il is therefore turning its 
attentions overseas, and the U.S. 
—where it is already looking at 
a number of groups — is not the 
only prospective buying ground. 
Europe is also being considered 
but the investment there is 

likely to be below the American 

Ideally it is looking for a small 
chain store operation to expand 
its footwear or .Miss Selfridge 
operation in Europe. The group 
is looking at a number of possi- 

In the Netherlands. Sears is 
now one of the largest footwear 
retailers, and the chairman says 
that in due course the group does 
not wish to be represented only 
in the UK and the Netherlands, 
but also throughout Europe. 

Mr. Maitland Smith said the 
group hoped to make a move on 
these expansions, either in the 
U.S. or Europe, this year. 

Sear’s last year extricated itself 
from unprofitable knitwear manu- 
lacturins operations in the U.S. 
incurring extraordinary losses of 
£3.-}m on the disposal and trad- 
ing looses of £2. 55m up to July 
31. the disposal date. In the 
previous year losses were £9.97m. 

Mr. Leonard Sainer. the chair- 
man, says in his annual statement 
that excluding the knitwear 
losses the U.S. side would have 
contributed a £1.3m trading profiL 
He me remaining activities 
in the U.S., while comparatively 
small, should show an improv- 
ing profit position as years go by. 

Its newly acquired Miss Erika 
ladies’ wear operation contribut- 
ing satisfactory profits while the 
Consolidated Laundries division is 
concentrating on the hospital and 
industrial uniform markets. 

Mr. Sainer says the group is 
making efforts to sequire busi- 
nesses to augment earnings and 
to enhance the future growth of 
Sears Industries Inc. 

“It is your Board's imention to 
continue our present policies of 
consolidation and expansion of 
our businesses, enlarging them 
where possible, particularly in 
Europe and North America.” 

For the January SI. 1978 year, 
when overall group pre-tax pro- 
fits were 54 per cenL up at 
£65.51m, Europe contributed trad- 
ing profits of £?.66m. (£4.15m.) 
while the US. and Canadian loss 
was trimmed from £9.Sm to 

For the current year Mr. Sainer 
says that if the UK economy im- 
proves the group should benefit 
in all aspects of its business, and 
he looks forward to an increase 
in profit for the current year. 

In the footwear retailing and 
manufacturing division Mr Sainer 
says the group derived consider- 
able benefit from the tourist 
influx into London, and while this 
declined in the last quarter rite 
group is making good Che fall 
off in tourist .trade from increased 

home demand. 

A programme for the improve- 
ment of the working conditions 
and general modernisation of its 
shoe making factories has begun. 

With departmental stores, 
jewellery and other retailing the 
signs of improvement in con- 
sumer spending should offset any 
decline in tourist trade at 
Seifridges. The modernisation 
programme has been accelerated 
aod will soon allow the group the 
benefit from greater selling space 
and improved selling conditions. 

Directors are confident the 
Lewis stores will produce an in- 
creasing profit contribution. The 
profitability of the Conley division 
is now “ most satisfactory." 

On the engineering side the re- 
sults of the rationalisation in the 
Bentley group will be seen late 
in 197S. and vhile a recovery in 
the textile machinery industry is 
not expected this year the. group 
should now be in a better position 
to trade profitably, even in the 
prevailing difficult market con- 
ditions. Mr. Samer says. 

Prospects for the Pickering 
carpet operations are not good 
but it should end 1978 profitably. 
The Pegson mining and quarrying 
machinery operations continue to 
do well with an improving order 
book. Elsewhere in engineering 
the group is reorganising and in- 
vesting in new equipment in 
anticipation of an improvement in 
the UK economy. 

With motor vehicles, the con- 
tract hiring operations are to be 
further promoted while a Ford 
and a Bedford expansion are ex- 

pected to produce a noticeable 
improvement in long term profits. 

Present indications show a con- 
tinual ion of the improvement in 
demand For new housing where 
margins improved last year. 

At year end current assets of 
Sears stood at £2G4.77m 
(£222. 14 m) including £43.29m 
(£30.ii2m) of short term deposits 
and cash. Current liabilities were 
£142 A 7m (£127.9m) and fixed 
assets were £444.0Sm t£333J>lm). 
Loan capita] was £135.S5m 

Loan instalments of £21.3Sm 
are due for repayment this year. 
In March this year £l5m of 1CL25 
per cent sterling foreign currency 
bonds were issued and will be 
applied to repaying certain 
foreign currency debts of the 
group, principally Deutsche marks. 
At balance date debts denomi- 
nated in this currency were 

Meeting, Selfridge Hotel, W, 
June 27 at noon. 

High speed 
parcels service 

By Michael Donne 

Rail are collaborating to provide 
a high-speed transatlantic parcels 
service, using the High-Speed 
Train and Concorde. 

The aim is to enable shippers 
to put parcels on the High-Speed 
Train through the BR Red 
Parcel's service, which would be 
associated with the BR City Link 
van collection service, and tbe 
BA Concorde departures for 
Washington and New York daily 
from Heathrow. 

This could mean, for example, 
that a company in Darlington 
could send an urgent consign- 
ment in the morning, and have it 
available for collection in New 
York before 5.30 pm the same 
evening local time. 

Jetiink. it is claimed, will offer 
van collection from tbe shipper's 
door within an hour of a tele- 
phone call. 


6 CDC continued to concentrate its 
efforts in the poorer countries and 

rojects in 
rural areas, so as to help in improvin 
the lot of those most in need 


Newcommitmentsundertaken in 1977 amounted to 
£45m, spread over 25 projects in 13 countries: \ , irtually the 
whole of this was in the poorer countries and70°o was in 
projects for the development of renewable natural resources. 
Projects financed by these new commitments covered a wide 
spectrum of agricultural activities, includingthe growing 
and processing of sugar-cane, rubber, oil palms, tobacco, 
tea, wattle, pedigree food-crop seeds, wheat and maize, the 
production ofwood-pulp.. forestry and training in 
agricultural management. There were also commitments to 
industrial ventures, low-cost housing andthe supply of 
water and electricity. 

Estimated total commitments at 51.1277 were £S33*9m, 
and investments were £260-6m. 

Rural development and training 

The agricultural projects which CDC is supporting, 
particularly those which set outto help smallfarmers to 
become more productive, have involved large numbers of 
some of the poorest members of the community; other 
projects in rural areas, organised on a plantation basis, offer 
the landless a living wage t hrough regular employment, often 
Including housing and welfare amenities, and achanceto 
learn new skills. Both types of projects, by their grass-roots 
nature, have real meaning for those living in poverty. 

CDC believes that the transfer of management skills is 
as importantfor developing countries as the transfer of 
technology and of capital, which is why agreat deal of effort 
is made in all projects under CDC management to train 
nationals to fit them for appointment to management 
positions of responsibility. Several of the larger CDC- 
managed projects have a specialised training managen 

Sir Eric Grif6th-Tones.KBE. cmg. qc. Chairman 

Muchinitial training is given “on the jobj* supplemented later 
by attachment to other enterprises or by external courses. 
CDC itself finances and runs the Mananga Agricultural 
Management Centre in Swaziland which provides training 
in planning and control in agricultural management. 

1977 results 

In 1977 most CDC projects achieved s at isfuctory results. 
Agricultural projects producing crops for export again made 
significantcontributions to the foreign exchange earnings 
of host countries, far exceeding the cost to t he developing 
countries of senicing the capital invested by CDC in 
those projects. 

"While the ratio of administration costs to commitments 
h as progressively risen over the years, i t was still only a 
fraction over one percent in 1977—a modest figure in view 
of the management, technical and training services provided. 
On the other hand, the ratio of total revenue expenditure 
to gross income fell to 15.5% in 1977. compared with 1S% in 
the previous year and an average of 17.9® b over the three 
years 1974/76 inclusive. 

The Corporation’s financial results were satisfactory. 
After charging administration costs and provisions for staff 
pensions, the operating surplus was £25.S5m. and the surplus 
for the year before tax, after charging Treasury interest and 
provisions against bookvalue of projects, was £12.59m. 

After provision for tax, a surplus of£5.97jnwas appropriated 
to General Reserve. 

CDCsAjrmml Report and Slatanent ofAccozmisl977 
is available from Government Bookshops and HMSO 

Government Publications Agents, Price £150 

“The success of our first assault; gentlemen, is now 
overwhelmingly clear. 

“200.000 sqit of warehousing and light industrial 
premises in the superb, new Eurolink complex at 
Sittingbourne, Kent have now been occupied. 

“Heartiest congratulations! 

“Your next task is therefore obvious: immediately 
occupy the remaining limited number of units available from 
5.000 sq.ft up to 30.000 sqit Your orders are to capture the 
next 100.000 sqit as it becomes available during the next 
12 months. 

“Once established, you can expand at will across 20 
acres of planned future development 

“I need not remind you of the vital strategic position of 
the site. Eurolink is minutes from the M2 motorway, 55 miles 
from London. IS miles from Dover, and within easy striking 
distance of the roll-onfroll-off facilities at Sheemess. 

“Movement of transport and supplies is supremely easy 
due to the site ‘s size and parking facilities. Eaves of all 
buildings are 20 ft high. 

‘And local transport services and amenities will suit 
your troops down to the ground. 

“Gentlemen. Eurolink and success is at your feet” 

For further information contact HQ below 

■ To: Fuller Horsey Sots & Cassel 52 Bow Lane. 
I London EC4M9ET 
. Please send me full information on the 
I Eurolink Industrial Centre. 

1 Name 

J Company- 
1 Address— 

— 1 — — — — ——— 

Fuller Horsey 

Sons & Cassel 

McDaniel & Daw 

Chartered Surveyors 

The Eurolink Industrial Centre is a joint operation by 
The London Life Association Limited, and The Blue Circle Group. 

This announcement appears as a matter of record only 

National Bank of Hungary 

(Magyar Nemzeti Bank) 

US. $300,000,000 

Medium Term Loan 

Managed by 

Continental Illinois Limited 
Bank fur Gemeinwirtschaft Aktiengesellschaft 
Barclays Bank International Limited 
Compagnie Luxembourgeoise de la Dresdner Bank AG 

- Dresdner Bank International - 

Co-managed by 

Bank of Scotland Bancpae Nationale de Paris 

Creditanstalt-Bankverein Credit Commercial de France 
Hypohank International S.A. The Long-Term Credit Bank of Japan, Limited 

Midland Bank Limited The Mitsui Bank. Limited 
TlieTokai Bank, Limited Landesbank Stuttgart 


Provided hv 

Continental Illinois National Bank and Trust Company of Chicago 
Bank fur Gemeinwirtschaft Aklimgcsellsdiaft 

I.'indon Mrauii 

Barclays Bank International Limited Compagnie Luxeinbourgeoise de la Dresdner Bank AG 

- Urvsibirr liunk - 

Bank of Scot land Banque Nationale de Paris 

Creditanstalt -Bankverein Credit Commercial de France 

Hypobank International S. A. The Long-Term Credit Bank of Japan, limited 

Midland Bank Limited The Mitsui Bank. Limited 
The lokai Bank. limited Landesbank Stuttgart 

(Wurtli-nibiTiPM'hi-KjuiidiiunaU- Lamk-Alank (iinuifilralf) 

East-West United Bank 

(lianqur Unit* Ksi-* hirst SA) 

International Genossenschaftsbank AG 
Lloyds Bank International Limited SFE Finance Company N.V. (Curasao) 

Japan International Bank Limited Nederlandsche Middenstandsbank NV 
Allgemeine Sparkasse in Linz. Linz/Austria Bank Mees<& Hope NV 
Banque Canadienne Nationale (Bahamas) Limited Barclays Bank SJV. Paris 
Berliner Handels-und Frankfurter Bank Credit du Nord 
J Henry Schroder Bank and Trust Company Sparekassen SDS 
The Toyo Trust and Banking Co* Ltd. Wozchod Commercial Bank Ltd. 





Eastern brokers come out 
against H & C offer 

Financial Times Friday : 


Banks Boris HcDoogah has sold 
Gardner H orison, the Robert?* 
bridge. Sussex, based- animal tged 

millers and general agricultural 
merchants it no 


BROKERS IN the Far East are 
coming out against the Harrisons 
and CrosfleM bid for Harrisons 
Malaysian Estates but the offer 
junks likely to succeed on UK 
acceptances alone. The first clos- 
ing date of the offer is on Mon- 
day June 5. 

The most vocal eastern oppo- 
sition comes from Mr. P. J. 
Sutherland of Lyall and. Evatt 
(Pte) in Singapore, Behind him 
are seven other leading Singa- 
pore and Kuala Lumpur brokers 
reported to have advised clients 
against accepting the terms of 
one H and C share for every a 
HUE shares. 

Ironically, this may be a posi- 
tive boon for H and C since a 
large slice of HME will have to 
be put into JocaJ hands anyway 
under the Malaysian New Econo- 
mic Policy. The Far East holders 
account for only about 20 per 
cent of HME and so could not 
frustrate the bid. 

The British holders meanwhile 
are expected to come up with 
enough acceptances to see the 
bid through. The brokers are 
divided. Laurence Prust has re- 
commended clients to reject the 

bid and sell part -of their hold- 
ings. while Montagu LoebI Stan- 
ley has given different recom- 
mendations to different kinds of 

Mr. David Hopkinson of M and 
G. the unit trust group which 
holds. about 8 per cent of HME, 
said yesterday that his group 
would probably accept for most 
of its holding. He said- that dif- 
ferent funds under management 
had different objectives, and 
acceptance or rejection would 
depend on those objectives. M and 
G funds also own about 2{ per 
cent of H and C. 

The attitude of many institu- 
tions, if not private investors as 
well, is coloured by the fact that, 
like M and G, they hold shares in 
both H and C and HME. This 
means that even If the terms of 
the bid are not considered suffi- 

ciently generous, the Investors 
d wi 

left hand will receive a large part 
of what the right hand loses. 

Such investors want to be sure 
that H and <3 does not suffer the 
incalculable consequences of fail- 
ing to consolidate control of HME. 
Moreover, - as Montagu LoebI 
Stanley puts it, “In no circum- 
stances should holders of both 

securities retain their entire HME 
holding since this action could 
help to defeat the merger terms 
and in this eventuality the fore- 
cast H and C dividend might well 
not he paid.” 

But the -Far Eastern broker. 
Lyall and Evatt, is concerned that 
UK investors who only hold rUHt 
shares should realise that HME is 
likely to attract a much higher 
rating when its residence is trans- 
ferred to Malaysia. And on top 
of that it will attract the dollar 
premium. “I do not see why HME 
shareholders should be invited to 
sell out at a substantial discount 
to the overall rating of the plan- 
tation sector in Malaysia, says 
Mr. Sutherland. 

Back in London, Baring, 
advisers to H and C, countered 
yesterday that Lyall and Evatt 
had not sufficiently taken into 
account the increase in dividends 
which H and C would pay after 
the merger. And an Institutional 
fund manager commented that 
there was still some way to go 
before HME was Malayanised. He 
wondered whethed it would im- 
mediately get a high rating even 

- -JOghfin 1970, The 
price is £54Q.®0 and tne cadi 
buyer is Southern Counties Agri- 
cultural Trading Society, a farm- 
er-owned co-operative based in 
Winchester which ix. well estab- 
lished as an agricultural merchant 
in the Kent, East Sussex and East 
Surrey areas. 

Gardner Hod son was apparently 
becoming a problem for RHM lo- 
calise the limited size of its milT 

meant high production crisis^ is' 
producing -the fuU RHM animal 
feedsmffs range. ‘ 

Rather than build a new ™nv 
or expand capacity, at. a time! 
when RHM already has a new. 
tt»i under construction in Pooi4 
in Dorset, RHM decided, to . sell ; 
the company. - 

SCATS wjU use the existing. 
prill to produce Its own; brand' 
feedstuffs which comprise' a nar- 
rower range. • • * 


The bid for the minority share- 
holders of Ed works, the terms of 
which were reported yesterday, is 
the latest of a series of what hav^ 
been termed “leveraged buy-* 
outs ” in Johannesburg: The tiling 
ber of family con trolled 'com- 
panies there is considerable. With 
the recessionary climate of the 
past .few years, - earnings of many - 
small companies have stagnated; 
or declined, and share ~ prices 
have fallen to a fraction' of net 
asset value. In Ed works’ case, tak- 
ing the “A" ordinaries’ 1977 low " 
of 31 cents, the discount was over.. 
90 per cent at one time. 

Newey gets £1.9m German bid 

Terms of some of. these deals 
have occasioned, adverse - com- . 
ments because ; of the big dis- 
crepancy -between, net worth and 
the _ exit terms offered. . In 

AN AGREED takeover bid for of £45,000 in the same period last Brown, Boveri and Co. acquired 

Newey Group, the haberdashery year. a further 5.91S.401 ordinary shares- count worth ip 

concern, is being made by William Morgan GrenfeH will despatch and now holds 29.592,008. ' _ r°- 

Prym-Werke. of West Germany, formal offer documents on behalf jcsseL Toynbee and Co: Save ^.^*****1 a ? a , ~ ir ”™SSP- 
which already holds some 25 per of Prym as soon as practicable Prosper Group now holds °V?f 

cent of the Newey capital. The after satisfaction of the lire- ggO.OOO (6.4 per cent) ordinary . ,Tr e “J™*™ “Works 

offer, of 65p a share in cash— condition. shares. These shares are „ y ^ er ^ ay ‘ 

compared with last night’s dosing registered in nominees companies. £5^ ,£ SFJf?* 2J? 

price of 5op, up lp-^values the er*n:« n^elytheBankofScotiandand baA - at “ ecZoseto7s PP ershare ' 

whole of Newey s ordinary capital artAKt diAhu Royal Ranir of Scotland. 

at £1.59m. An Armstrong Equipment «nb- Mining Supplies— Mr. A. Snipe, 7 7 

It is a pre-condition of the offer sidiary bought on May 31 a further a director, has bought 50,000 ' rvK'WAtuj' ■ 
that the directors of Newey and u.500 Cornercref t shares at 65p ordinary shares. TECHNOLOGY, 

certain other shareholders should per share. This makes total hold- Mount Charlotte Investments— 
enter into irrevocable undertak- j n g 972,160 shares (38.89 per cent). Mr. K. M. Renton, a director, has 
rngs to accept the offer in respect Electronic Machine Co: As a purchased 30.000 ordinary shares 

of not less than 15 per cent of result of purchases of 60.000 Dawson International — Wood- m 

the Newey shares which, together shares on May 24 and 30.000 shares bourne Nominees has sold 55,000 Jr ^ 

with the 608.665 shares already on May 25 by Roldvaslan, a com- shares reducing its holding to " .JF 43 „ 

owned by Prym, represents pany beneficially owned -by Mr. 2.714.237 shares. ' uver pasi nTB years ■ 


approximately 40 per cent of the and' Mrs. J. P. Lobbeuberg. that BeSox ^Holdings— W. M. Kudsi, «£?££ 

ordinary capital. The Board of Mr. Lobbenberg has increased hts director, holds 282,498 ordinary f 

Newey. which has been advised beneficial interest in Electronic shares and 75,000 new ordinary ,n v* 77 - J? .|” tra ~ 

by Kleinwort Benson, will Machine to 375.000 Stares (15.3 shares making 29.9 per cent of generators >" W- Germany, 

unanimously recommend accent- per cent). capitaL Mr. R. D. Barnett, had a mo re chequered career. , 

anee of the offer to all share- Alpine Holdings: Mr. P. B. Kaye director, holds 27,000 shares. Mr. Profits of DM 864.000 m 1974 were 

holders and is of the opinion that has sold, on behalf of himself and F. R. Moore, director, holds 10,400 propped i to DM 3^000 m 1975 

the necessary undertakings will family interests, 10,000 ordinary George H. Scholes and Co.— tl,0 “Sh last yrarmey had hfted 
be forthcoming. Prym does not shares . Britannic Assurance Company on to DM 9HUM0L __ 

at present intend to make an Charles Early and Marriott May 36 were interested in 390,000 , Fo I ,0 'J rt I 1 l l ™ 

offer for the Newey preference (Witney): Mr. J. B. Crawford, a ordinary sares (9.1 per cent). JT® w ^ w 

shares. . director, has taken up his option Wilkinson Match— Notice that has 

Prym. a partnership based in on 20,000 partly-paid shares issued one of the accounts in which Mr. thrown up a surplus of £810,000 

stolberg,- acquired its holding in fo' hlm^deT Tshare incentive D. ' Randolph, chairman, has "a ^ 

October tft77 at about fop a share ^heme. non-benefleial interest, has sold surplus wi t ) be con^liaated m 

nnd subsequently made loan 

r ui xt o- Automotive Products. Emmott 55.000 ordinary shares, 

finance available to Newey. Since Foundation has purchased a fur- W. and J. Glossop— Throg- 
that time Newev has esperjenced .. qqq or< jinarv shares, morton Trust is now the benficial 

mereasingly difficult trad-n- cen- “? er directors of EmmotL^ owner of 280.000 ordinary shares 
ditinns resulting in further losses. Tr F r M K^hi; and (6 per cent!. * 

nnd it has become clear that the B - ? mm n tt ’ g^ratt George. Sturia and Sons— 

future of ? qewey depends upor | ^ 0 r AiSomotive ^ ■ Menteitb Investment Trust has 

increased financial and technical Jpy HMdlDga- Sh^fau Stewart P urchased 200.00Q ordinary shares 

the next group accounts. 

£913,000 FOR - 

_ R enfokfl Group! " 1 has ■ 'paid-' 

supnert from Prym. The Boards • ^ ' £nd now, with its subsidiary, has £913,000 . f*1.7m) Tor Mighty 

of Newey and Prym consider that cJSnnn°’°Tni Interest in- 500,000 ordinary National ExtermliHAors tff PtotSda 

ibis can only be achieved by a J£ J Jf er , ” nt share-ri (5S9 per cent). U.S., together wfth its pest cbn&oi 

full merger of the two companies. unsecured loan stock Franris Industries— West . City and fumigation subsidiaries, tpifl 

Newey manufactures hard M Securities has sold 20,000 ordinary purchase price is payable m cafcb 

haberdashery' including hooks and Me “ l "**: shares thereby reducing its ttold- over a ten year period, substan- 

cj^s, snap fasteners, hajrqoods, K- D. bcott. a director, has sold j ng to 830.4)8 shares (11.45 per tially representing goodwilL 
pins, safety pins and cover but* 11.000 ordinary shares and Mr. N- cent). • - The combined turnover of the' 

tons. Butterworth has sold 5,000 shares. British Mofxair Spinners— Mr. Mighty National .companies for. 

Newey's turnover in the 52 Brown Boven Kent: Following j ^ Clough, a director, has sold 1977 was S3.7m (£2,O36,0OO> .and 
weeks ended January 1 1078 was recent rights issue Mr. J. L. 40.000 ordinary shares and Mr. profits before tax were $U4,0» 
113.2m on which it incurred a Lutyens, a director, has acquired c. a. Little, a director, has sold . (£63.000). 

pre-tax )»>s^ of J464.M0. In the a further 2.394 ordinary shares 4,399 ordinary shares. * Hentokil already has pest con-; 

period ended March 31. 1978. the and now bolds 11,974 shares and Regional Properties— Mr. M. S. trol operations in New York an®, 
unaudited management accounts Mr. J. G. Vaughan has acquired Hardie. a director, has acquired timber treatment interests " -'id?, 
showed n loss before tax of a further 250 ordinary shares and 1.000 shares, not 10LQ00 as Spartanburg, South Carolina ^amL 
5137JJ00 compered with a profit now holds 1^50 shares. BBC reported. r Richmond, Vlrgina. . • ", 

m s 



Travel permits from 
post offices planned 

SENIOR CITIZENS' free travel 
permits bearing photographs of 
the holders are to he introduced 
on October 1, if a recommenda- 
tion 10 the Greater London 
Council's London transport com- 
mittee is agreed on June S. 

The new-sly li: permits would 
be issued at Post Offices — not at 
borough council offices as in 
the past — on Mondays to Fri- 
days during the eight weeks 
beginning on July 31. and will 
be valid for four and a half 

From April 1980 they must 
have a renewal stamp attached 
by ihc Post Office each year. 
Existing permits remain valid 

until September 30. 

Dr. Gordon Taylor, commit- 
tee chairman, said yesterday: 
“ The introduction of the scheme 
was delayed while detailed dis- 
cussions were held with various 
interested parties. 

“ Now these have finished, we 
want to press ahead with our 
plans to make it as easy as 
possible for people to obtain 
their permits. 

"Although the scheme has 
operated adequately in the past, 
there is a need to improve the 
administration. 3nd what could 
he easier than to collect your 
travel permit at the same place 
as you - get your pension?" 

Conf erence? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 

Are you a Slock Exchange Investor? 
Does your interest lie in the Far East 
or Europe? Is gold your particular 
concern? Maybe you’re a 
commodities expert of a forex 

Are you hungry for the FT Index or 
news headlines? 

Whatever your interest.,. 
Wherever you are... 

Ring London , Birmingham 
L iverpoo I or Manchester 

246 8026 

for the 



Business News Summary 

Therms no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 50F people Full 16mm film 
projection facilities. National Panasonic 'h* cofourl 
video tape and Philips 1501M video cassette 
viewing. Eiectrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


All enquirierto the Press Officer, 

Financial Times, Bracken House, 10 Cannon Street, 
London EC4P4BY. Tel : 01-248 8000 (ext 7123). 

W J 

Leading European Manufacturer of Small. Eleeirical gyy 
Domestic Applisuices . 

10,800 Employees in 12 .Plants 

Leading French Exporter of Domestic Appliances 

Exports account for more than 60% of the turnover 

The Annual General Meeting of MOULINEX was 
May 20. 1978 under the chairmanship of Mr. Jacques ’Vizioz,.;*. ' * 

Chairman of the Supervisory Board. The Board' approved^ 

results and accounts of (he 1977 financial year presented by % 
ML Jean Mantelet, 'Chairman bf the Management 1 - 

Net profits for the 1977 .financial year, taking into .account 1- 
the rectifications of the; complementary '^taff partlrlpatioo. . « ^ 
amounted to Frs.65, 422,100 compared with Frs.55,514.571 .in?- r ; . 

1976. ,.■■■. 

It was derided to distribute a- divtdead of .Sr&2.00 'suPP^ L S 
men ted by a tax credit oT Frs.1.00 bringing the overall revenue ^ 
to. FrsU.00. - This dividend, the same as for the previous y 

will be paid on a capital increased -by just ovct^ 10% thr^^ \ 
the distribution of bonus sharesrtn January 197* bttl besrw^ r ;;t i v 
effect as from January 1977. This . dividend will be payahWi* p,;. •_ 
as from June IB, 197S against Coupon No. 7. ■ ' \ 

In his address, Mr. Jean , Mantelet, Chairman of. the ^ *' 

meat Committee, recalled ; tiie .announcement recently, gtaoe*; ^ , 
which.' stated that there -will be a distribution of -boniis sh3r^-* ' 

for every ten old shares held, bearing effect as from-tfaouaov? j y,r 
1978. He also stressed . that encouraging results f 

obtained on the American' market allowing the Company ■ 
look. at the future in n very optimistic. way. He also empnvpfg! 

V ? 

look, at the f uture in a very optimistic. way. He also em pnasw^f. r,= , 
that MOULINEX total sales for 1977 represented half oLAw:- ?; 
French sales of the small electrical domestic appliances 

It exports of p . 

and its exports, two-thirds of' the Freach 
branch of activity. 

* - -' .i * 


: uj 7a mm „ 

iHOo'jM*, ' ^-^flS^figfaKnmes 

^ Jufie 2. 1978 




,us »JS 

■ii Ruj,H; 
2 i!c! a ^ • 

n:y, * 

?* b£“§ 

-cuor EC 

dwi ^ ta V 


^ fc 

^ Us n* 

rtod yeajji 

csbui’*' tl t 
ca cc ?o!!^ 


another heavy trade 


Dollar recovers 

«3^ 33 ^ t>U R MfALL street correspondent 

NEW YORK. June 1 . 

Manv operators said the draft law recently gained ground on profit- 
was very complicated and may be taking. 

difficult to put into practice. North Broken Holdings advanced 

...... „ . .t,- hm,. S cents to, M 1 M u cents to 

ss-isy rw^ftS 

s ^ eet “°y ed expected' the Federal Reserve to ■ »» ■■■■■ ■ ~ ■■■ 

another report that U.S. money supply ATHPD MADKPTQ 
nwys.tratte befose finishing on a crew by about sibn In the latest w 1 ■■tK m ARCHE. I 
. v . ' reporting week; but after the stock 

W ■^r.fcnpb-tag' v MML *»•«*«■ . . •' ? ' SVlae^SaKScS ta-STST the irWagTin* fi «• 

5B5M^.ar-^:,VSSSS- m^SSTLSSa^ATS ss -? - — w =“ A S iums 

T^-NYSB A3I Coannon Index session 

__ _ the overnight Wall 

, . to-day's Yen," leaving stocks with admixed Street rise. below the 

^ :----— muwBg the dollar’s appearance on balance. The Most Banks. Portfolios. Rubbers, continental 

f. .. cents .UP At 234.59. llflDrOVSJnAfir AT?/) J> Whlta Vfftnca Tdrl l tAi.r)/tw T/vnnP J nnA Unfair 

were higher hut 
day's best. Pan- 
ending 60 cents 

cents at 

.^^a^ysts rai dtheraarkei; moved authority" 
hesitantly through crosscurrents. 

They sag. some investors abroad DUnTOnd Sh^nroek feH 3* to 
were -skiing, early in the session t?!L ®“ ^ Per- 

on'^idedine irr the dollar, but the formancc 

so far this year is Jagg- 

taking cut Central Pacific 

y,- . u j w , v nra back AS2.20 to Sfi. while the other 

CrwUt d ri^?'ToW ^ e f^r»o^ Oil Shale speculative. Southern 

— issues geenne, Pacific, reacted 30 cents more to 

recorded .net losses. TDK Elec- Saralcr-E^aijppi.^^ ^40 Diamond Exploration 

tronic ending Y30 down at YI.990, SSS*, B f? ? ul favourites susiained sharp losses 

Pioneer Electronic Y4U oft at DBA, Usjnor, Esso, Lefebvre ana iaTV B,,a p 

log 430m shares (330m). 
Most export-orientated 

forward-looking- .economic 

CSttoTfi: ; rows .-"by 0.5 


selting. ; Bally. . 'Mannfacttirfng easier at Y975. 
retreated,- li- to ■ 5302- Caesars Constructions. Foods. Pharma- 

to retreat 
GERMANY— Market 

was con- 

Alkane 8 cents to 20 cents. 

mnM - bv ns ru, I. -sumiiw; AT IU wn. varaars v.uiiauuvuuua, ruuua. ruaiuia- — — - _ ... ... The Sydney Stock Exchange 

AuriraSer a deellni^T n i *'«M 2 to mi and Playboy If ceuticals, Oils and Public Works solidating J announced an inquiry into 

- shares, however, held up well, still and closed with mued maveraent^ Atherton Antimony. the Fiji gold 

cant- m March. «»»»» fortified by the abolition of the after the recent strong nse. prospector, and the shares, fell 

10 per cent cash reguirements for .BMW came back DM l d 0 m l3 t0 gg cents, 

margin trading, which became Motors, while Bayer shed _ 80 Industrial leader BHP shed 

canf . m March. .However, some , , 

economists ■ had looked for a ShaJdess stamped 4 to 1192 in 

stronger April gain. . heavy trading after announcing 

that its earmmss.wOl .'not be as 

ahead of .the weekly money supply *£?“?*«*- 

figures. Analysts said CewraJ Dynamics added J 


■ — • •'•••■_• Change 

. “ . ~ .Stocks 

• - • traded 

Bafly Kfg. . 425,000 

Reliance Group .:. 284.000 
iJmcTtcan- Motors 250,000 

Sjhatiee 820,800 

Diamond Shamrock XCJOO' 

s«iTin>& j. i m.40o 

Garter B»wJ-y KO.lro 
Sear* P.ocbnck* 2R0.wra 

t-aesars World 2 W.H 0 

PepsiCo *02 900 






■ m 



-• 24* 


it-_ vjuuuivg luum 3 8 t 

“ ey SGI and Boeing $1 at *50 — Defence 
Under-Secrptaiy . WUtiam . Perry 
said both companies may be asked 
to bidld -the cruise missile. They 
were preparing’ competing ver- 


“ 1 * 
- i 

+ * 






Brothers rose lj to $ 6 |. 


N EWi.Y Q RK -row jojtes 

^d works' i^, * 
discount v.; 1 '' 
put time. 


* “ advert ^ 

nis offered ^ 1 ‘ 

■ the", 

worm a; 1 * 4 * 
kv'.- to be j, 
as a fa- 
eornin»; ^ 
listing 0 f ^ 
>?5ien:sj •. 
Ptr s.a-e i' 
io :? 3 Pfcrt 

ZD . 

1 f\T\- Indu*tri»l...l 140.7QB40.Bl ;834.20 ! 85t-SB 835.41 837.92 858-57 ! 742J2 KKUOl 41-22 

L ' XJKj 1 n ._ _ J w ^ __ . j _ _j J __ j u?£) | <a«i- fiiiin&y, a/liin 

- s of Forward^ 
atpan-fs. Raar^ 

J-l- ?cr HhbsEn; 

■ Acnl. 

H'jfl y 

■ohf? hart e y ’ 
i £ j xr-.ofjti >o 
wh’.cn ~?kt.v. 
tors rn W. C?4 
>re cho-i-jorei r». 

I w •■> to . 

•i\! Sf ltMO 3 . 
year :h?y h;ir 
3 r ‘-’.C-..vj 
; : re ra-t '■.«*> : 

h,. - i7Cjt«j ; 

ilurC ir.i 

>ta •• •'•: nss - 

\ he csr. 4 ?iea 

•j:> . 

effective on Wednesday. 

limit uu ncuuKUG,. pfennigs among Chemicals. How- 4 cents to av,<h',. although mixed 

Kyoto Ceramic rose Y80 to ever BBC advanced DM j 5 in Elec- Banks had A \Z up 3 cents at 
YS.630. Diesel Kikl Y60 to YU550, tricals, and Babcock moved ahead A S3^3. 

’ DM 6 in Engineerings- CANADA— Markers displayed 

Public Authority^ Bond s rallied irregular movements following 

Kaken Chemicals Y35 to Y1.030, 
Morinaga MUk Industry Y27 to 
Y235, Nippon Chemical Condenser 

further, registering Sains to 45 another active trade, having 

Y25 to Y725. Nippon Unlvac pfennigs, ana ttie « e RU!atinfl failed to maintain Wednesday’s 

swt” .0 V7«. and M v=3 mb sr-A/sffl ssrt.r-u'nssss sra 


at 144.80 following a 3j5m share jtesdy undertone prevailing. AUSTRALIA— Some major came back fi.s to 1.411.1 and Oils 

volume. (3 J?m). The market was partly under- Mining stocks showed renewed an d Gas fi.9 to 1.343.7. 

Active Resorts International A mined by light sales following the strength aTter Wednesdays easier Canray Resources gained 16 

lost .24- -to. $35. but Goldblalt publication of the draft law to performance, bur markets other- cents to CS1.S4. Combined Metal 

encourage share investments, wise reliquished more of the 



Juno )Uv May Mrt I- ■ ■— 

1 - Jl ! M 1 24 ! High J 

| Ia'V 

54.59, 54.62, 54.50! 54.14 55.B8 


1 i 1 I17--OI 


Itfuvii trailed .. 




N«r Hluli« 


■a • i» l • H , 

June lj Mnv .m 

Mnv 30 

1.693' : 




928 , 












44 i 




1 June ! 

; \ I 








H’meB’mltf j BT.Eft BBJl'l 88.14' 88.19 



180.93 180.95! 180.95; 189.74, 
190.451 190.20; 190.07. 190-Olj 

185.51 <23.31 
192.86 i25 W 

lt2.:U •IS.-2I 

im.?: •li.'iii 

Mines 2 cents to 34 cents and 
Calvert Gas and Oil 7 cents to 60 
cents — the three concerns said 
drilling will -tnri immediately on 
their Saskatchewan uranium pro- 

HONG KONG— shares made 
further headway 

Hung Kung Bunk ro?c- 20 cenis 
to HKS10.70, Ili:tL-hiv}]i Whampoa 
12.5 cents to HKS4.73 and Jardinc 
iUatheson 10 centj ;o HKS]3^(i. 
while Swire Pacific and Whe clock 
Harden put on 5 cents apiece to 
HK$t>.45 anti HKS2.575 respec- 

TORONTO iwn^uW 1198.8 1120 .81 

Tnwtuig soL, 

0W> 1 . • 20-76828.068 j 21 ,040, 21,4117 28.4 HE 51,450^ - 


ticl.l I 2 13 A t <Lj 

In*li»irlafa 1 226.0 [ to 

1128.2’ 1122.0, 1 136.5 123-3» I -9».2 W’h 

212.4 210.6 
226 0 225.7 

2IB.7il r, 
226.0 t 1/Ai 

184. a 

-0.4 1 

IS /31 

*Ba 1 iis of loflan dgmjj fam Auuust 34 

Iuii.-div. ytel<i% 

May 26 ’ lUy.t? ‘ .Uy 1£ j Yaara^rf’ 

■lunc I Rnr 
I vum» 




Juuu I i*i r- 
J 1 r»/u- 

NTs I 
Hi all ! 


Is. -a 


5.48 • 1 5.51 


Auscraliai^i 4^.92 4W.CC K'LUS ■ 441.19 
: I f3uti ; 1 1 i) 

Belgium (iii; aC'.Tu ! 95.97 



juuei Jl^y'l M«.v 
if im 

1 1 


lln v 



-Since tiompilar'n 

Denmark <** *.8fl : 95.46 
France Wt. l, il-1 ^ 71.1 

24. -jirfilgb Low »- Bifib j‘. lew 

rlnduitriafs. M»7.8ffl I07--51 1 .107.08, 196.70;167-flS, 107.89 710^1 



97JC4," aejus| "Si 

3S.E9] 37-0: 

99J , 

sB.W'- i - 
(6/3) W 
®8;» f • 
1 6 /S) 









Group ri! 

* *.7c * ■'-•■. ? 

.Icrrr.iuauxs ?i :i 
(.t with *.f L'6- : .:- 
•1 tort ;-L: c 'ir.ii 

-i.T. -C. H'.eJ 1 

r rr 

-T* r 'T 

brrvti :ur-';« ‘ 
^.Trr. ' 

May dl 



V«ar«fio (api'ros.) 

Ind. div. yield ■ ' 

a.Ol y 




Ind. P«l£ Hat I-* • 

.. 9.89 + 

- B.53 , 


... ■ 10 *2 

L-ir-j Govt. Bkred jleid ' " . 

8.BX ;; 

8.48 | 

| " 8.4V • 

7.78- ; 

Gennany^i. TE3.8 

Holland (4i>! 65A 

aoisiim Hongr Rone 37T.25 ! 472.57 

4.48 |*«5 | 

<1-6/52; Italv t0l> 62.93 j 69.01 

Japan> - 

I 71.2 
i <50/D) 
782.8 !el2.( 

94 .CO 
15 C 1 

Spain 105.06 105.16 . IK’.i- , i-'ijk 
j N-3, . <17-4; 

Sweden <Gi 569^4 . JO.tb ; iy > .v? 1 jia-i- 
;5o> • 

Swit2erl , d(/’,2Ei-7 -SeS.l \ 525.7 ! £79.0 
; 1 I « 14 -Ci i fC5i*> 

(IGP* 1 <I7i5i 
€?i.5 1 7b.O 
<H6 • i«(4> 
47/^5 ! 5*i.44 
(1.6) 1 (l4/ll 
64^5 55.45 
(22/6) J flt'/li 
1 ,.. 409.61 1409.94 1 4 16.11 ; 564.C4 
L I f (*>«». ! (4. C l) 

Singapore ! 31 A 28 ; 317.54 1 518.28 262.0 

lt\. i * (1(6) ; <1<8> 

Inoiees ano 02 5 f dates (all nase valuer 
Itn exceo' NVSE All Common- 51 
Sianaaros ana Honrs — 10 arxi rerontc- 
3H0-1.00V. tbe (as> nararfl nasen nn 1975) 
1 Esdutium DontU. 1 4nn (ndusmaU. 
{. «ju tuds.. 40 UuilDes. 4ii H7nanc* am 
20 Transport. »8>Svtln<v AU *'t»i 
•ll> Belgian SB 31/13*63 4**> t'.np«nl>ae-l 

SB lh/*3 itn ParW Hours^ IM1 
ini CommenEoank Dec.. 1953 <5*> Amstei 
dam. InHusiridl 1970 (Ml Hbok Srn«! 
Rani 31/7/IM. i||U) SUiao 2/1/73 -n> mxy- 
New SE 4/ty«a. roi straits Ttm«i iMfi 
10 Closed idi Madrid SE tt'12/W 
rei Sioekhntm inousmal l/l/M «n 
Rann (Toro (mi tJnavallsftle 

NOTES : uv.>r->eas DriTes. sn own beiMv 
xclude S pn-iti-um BelKian dividends 
rc alier Wiiht’i'lami tas. 

DMS 1 deinm. unless nttierwue vtate-t: 
ieWs based on n*rr dividend 4 Dint- (a* 
V Pui5M rtennm. unless oriierwise staled 
j. Kr lliv d?nom iml.*ss otherwise sia-cn 
I* Frs.500 rteonm. and Bearer share; 
unless Olh-rwise i-ated. 8 Yen 50 dennm 
unless oiiwrwi»» srat.?a. s price ai time 
I susnenslmi .1 Unrrns. n SchOlinu 
Ceous e Dividend artor pendine nchis 
aud'or serin issue. Per share. 1 Francs 
Gross, aiv '• Assumed dividend after 
vnn and 'or rirhfs issue, k Alter local 
faxes, to 1 st (reo. » Kranes: induame 
'/nilac rtiv. i' Nom q Share spilt. » Div 
dnd yield exclude soetiai oasTDeni. ( Tnilt 
cati'd div 11 Unufflcla! iradlnR n Mttioniv 
nnlilers onh. uMenw o-ndinv. • Asfc“d 
Bid. c Traded. : Seller. : Assumed 
« Es riBhis zn Gs dividend. rc Er 
imn n«ue. xa Ex alL a Interim since 



Inv- S Prem. $2.60 to £—105% <106*<^) 

Effective rate (SL8265) 44% («J%) 






v~ 1 

Vt-. 1 


A'Awtt -Lsbe 
.Vjdresspctaph -.j 
Aeuw LMfrk C*«»L 

Air Ppoiiwfe | 

Aiitsu — 

‘■J- It-*- AldahAlumixiiinii 
, t -„ *i :: : Alcoa....'.—— — 

AUbr. Uudlum— 

r..~- Allegheny Power 
-- r " J Alllftl Chemical _ 
A Wed Scores,-.-— 
Allis Chalnusw-. 


Amend* Heat 
A mar. Airline*... 
Amer. BranJ*...- 
Amtt. Broadcast 

Amer. .-Gan. - ; 

Anur. Alec, tyw 
ArSjjr. focjvresfc. 
Amer Jlotne Proi 

Amer., Motors— 
Amer. NaliOw, 
Amer. SbuidanUj 
Amer. Storea..--] 

Amer.-TeLA Tel 

Amerefc — 

A HF 1 


Ampax — • 
Anchor Uoakmu-| 
Anbeinar Busch. 
ArmcQ' Steel— 


Amnen-OiJ — ~i 
— — ■ 
Autoiwl Oil 


BadH» Data. Pro— 

|avc — — * 

A vco_— — ■ 

Aron Prwiucu- 
Gt te meet — 

AiiTCnr^.: r 


Oil— — 

Baiter Xmveool 



_ . ; Cons 'B' 

|Beth.iefeao* Steel 
(il lank * Decker J 

Harden- ... 

V Warner — ■ 

'Snaitt int— - 

irbrtoJ Slyora... 

JriL Pel. ADR. 
Jrtck way «la» 

Jncyru* Hrte.— - 
In Lora Watch — 


iomnigbe — J 


^laOAdian Pkeiflej 

(anal Uaodolph. 

larnataoa — 

Carrier ft Cl eneml 

tarter Havriey..-| 



“ ...ffWaneMCorpn-, 


'ft' ■ r -iertalnteed- 

n:. 0- 



. , jRl^Ieeana Aitra 
i;K :ha*e Mania EUn 

v>;. ; ^temkar Bk-NY! 

•••. : ' \ '.heeebtsbRwri. 

. -.'.Of . lfiwieay»toai- 
- • rbicsgo Bridge- 
r:\itomnUoy. — 

••.r« T >.:bomJer..... — 

,;> '.ttwrarna... — - 

- line.- UlkadW- 
Ikfmiti— i«m- 
'iv'-Scto. Service.... 

■ ittyluveatlng— 


jpWePwm — 
-A MoIUhb Ai Fman- i 

... K . 


i 1 -. 

1 / . 

. • • V 

JJN- 1 ... 


41 ■ 


£7 5a 

18I fl 



23 . 




ia>4 -j 







34- - 






•■13 *4 

« 8 fi 






8 B 1 » 

. 42 1 * 1 
IS 68 
39 la 
. -4U : 

36 . 
16T B 

. 16 

: “Ji , 

-3058 - 







101 * 

. 36 


23 -- 
4078 : 

: 43i* 
405* . 

. 516* 







”3019 - 
lfli* ..' 
171* . 
7^4= • 

20Sfl ; 


17. - 
28T* - 

25 SB 
. ,366b 
. 281*. 

-846« 4 
. 183* 

- 241* 

■: use 
131 b 



. 161* 

, 6M 

~ 391* 











LV'rflifla 55)* 

CPC LntYTtadDail 49A; 

Lmne...' — .jr: 301* 

. jL'reeker Nai— ^i-.- 264 
■ChjMHiSeWwleco! 331* 

Ub min hi iKn 

L'urtlw- W 


l)*iT' IniUislrieB-! 
Uaeravi— — ..... 
Del Monte.-’™. 

Del ton* 

Uunl^dy filler.. 
Detroit BriLan-l 
Dwruoni iShs mrl 
Dijtita. fiqnip.— . . 
Diaper (Wall).—. 

Dover Uorjui — -| 



Hmcxnoc Electric; 


Rmhm-t : 




Ethyl ..i — - — | 


1618 Y 16*8 

22 is 















rdrn‘ ! - ; 

• Ji-" . 

i 11 *; 



" Jotambin 0*8”" , 
Umnhia Pwt.— 

..."' ■'•"*nn.liir.Co-o tVm | 

‘ ‘embuBtion Kni<^ 40 
r ' ^mlNiaciOD 
*' - :-l'mVth Kduonj 28 Js 

: lorn- w’th Oil k3- J}* 

'.'.-tomputeraciencej xui 

; & . <xm. Life Ina.... 3834 

’* . 'name : - ■! ““*■ 

: - ' on. SdiBOU S A’^ ,g|4 
-ensoi Food*.—. ■ “■> 
' wwo* Kat-Gas- |9 

• . '■ oenuner fi,* 
' .oatxnenRri firp- 30is 

pottaenttiOtt- 2|se 

bnrinfflUlWeJ 16U 

«.-:: : «SwlaABhj3 535« 

























115 S 







297 8 



: Stock 

: . June's!- liny 

I -• V- i 31 

Do L’out 

Dyino Jniliixtrlcrj 
Bajji’u Picbtr-.~n 
East A i rl ine*- — ■ 
fcaton ' 5SDa 

K. W. tt (T . ™.i 

Kl Paao N m. Ghs| 


. IflJ* 

56'1 ,, 


so. »; 

2 ? 








- - £63 4 

421* T '4258 
.3036. ; 303a 


' 13 

18 " 
«<7 8 .- 
-45 ' 

; 286e 

Fairchild Uimerai 

Fed. Dept, dtorw 

Fitesujne- Tire ' 

Kst. Max. Ben on 

Meal Vain ... 


Florida Power 

Fliior,—.— ..— , 

Bord. Motor....' - 
Foremen t Mck.... 

foathoKi — | 

FeanbiLo Jilnl._ 
Freeport ~M hi em 
Proehauf.—..— — ! 
Fuqua IndB— 


tianneK. . 

Gem. Amer. lot— 


Gen. Cable. 

Gen. Dynamle*— 1 

Ueu. Rleccr1ca> 

General Foorfs- 

GenaxaJ MiIih 

General Motors.. -| 

Geo. ¥ot± Ucfi-.. 

Gen. Signal 1 

Sax. Tet. BtocL.. 

Gen. Tyre: j 


Gew'la Pacific-. 
Getty Oil— - 

' 341* 1 



211 * 










‘ 95* 
111 * 



J7i a 
a2 7 S 

257 B 
30 U 


■ 49 lg 

36 U 



















Uoodrk-la B. F — . 
Goodyear Tire.., 

Gmre w. K. ...... 

Oft. Atlan PncTw 
GrL North livn.-J 

GreyboottL — 

Gulf A Western - 

GuU Oil — 

Sal I bun on : 

B«nna Minina.—] 
HaraiMbfwer. .. 

Rami Corpt)-... 
Hein/ H. J. — , 



Holiday Inn* j 

Bomanake. — ™ 

Honeywell.. — .• 



Houston NaL.Ua.- 


Hutton (t,J^J™-i 
l.a todustrie* 

lugenoll Hand- 
Inland Steel..—, 
luailoo— ..— 

Intercom hooray 

IBM ....... 

InU. Fiavonra.. r 

loU. Earvoner— 
httC UinACbem 
taEL iiOKJtOOilii- 
Inoo.i— - 
lntL Paper 

luu HecbSw.. - 
mu Tec k TuU 


low* Beef——*; 

IG intemulcmal-j 

jlm Walter 1 


217 B 















771e | 
24 Sb 



ll 8 
lUft , 





87i a 






61 fig 













111 * 























Jrthnaon JobmoDl 

Jubiiws Control 
K. Ala it Port*. 


Kbimit <odu»lrioiJ 

Kay — ... .J 

KeQJlfO'H— . 

K«n- Mvtiee. — — ] 
Kidde Mailer.... 
Kimlieriy Ctcra . 

U-TBlt — 

K rv^ur La — 

Leasevm.v TraaaJ 

Levi 8iwiu...,.J 
Ul'hy Ou.Fiairt..^ 

LLutct Uioup—i 

Lilly (Kill 

UiU'U induct—] 
Diue otar 1mlK..f 
Lnnp iMan.l Lfd.’ 
Uuiiriniia Lao-lJ 

Lutiriv>i — 

Lucky shw es. 

L'ke Vum^i’wBj 


Slaty II. B I 

Mire. Hamiver— j 

Un |»fi 

UarailiOD l'n I 

llarioo Midland: 

llarahall Field... | 

.May Dept, store* 

JIi-UennolL...— . 

UuDonnoll Di-uj! 
MoG raw Mill — .] 

ilcmurea — , 



Ucn Petroleum., 

UGM — - 

Mint! Mtp 

Mobu cun-; 


Morgan J.P.— j 

Mobttuia — ■-., 

Murphy On 


Mako L'hemkal.". 

National Can..— 

Nat. DikLiiieia,.- 
Jl«t. dervn.v ln>l. 
Nmiiduu steel — 


NCK- — 

Neuuiue Imp..— 

New Konlauil 81. 

New UnniBiid T'el 
NiaftuM S hart, — 
N. L. in-liistrie*- 

NortoikA Western 

North Nat- G**~ 
Mbn State* Fwi „ 
Nth west Airiiaet 

NUiwesc ManL-orp 

Norton dinioo. — 

Usuuleouu Petrol 

Ojillry Uaiber— 

Ohio Bniaw 



iiwoiii Oornins.. 
Um»i Hanoi*.... 
IMflc ^ 

Pa,-. Pwi. & 
PanAmM'orid Air] 
FarKer HannitinJ 

Pefthody tnl < 

Pen. Pw. 4 U-- 

Fenny J. D- 

Penn /col-.— —~ 
Peoples Dim: 
Peonies flu.— 
Papeioo. — “i 

Perkin fiima— 


Pfizer— ■ > 
Phelps Dortufc- 
Ptuiadelpbi* Llf-j 
Pbilllp* Petrol mJ 

Pilabuty - 

Picoftf Bnwea— .. 


Plenuey tM ADK; 

PolaroHJ..— -j 

Potomac Klee— , 

PPG iuduriritt-l 

Procter Gwnblft., 
Pub serve Hied., 
Pullman — ... — 

Pnwx - 

Quaker Ota*-- —, 

UapM American 




. a2 

£3 1* 

licviuu ] 

| KeyuiAla Metal*, 
i lleynoiiis If. J— .. 
Kich'&oo Jlorrellj 
: liu.-J.-n el I Inter... 

| l(f»hni k Hunt..,.. 

1 Koval Dutch .1 

I Hum Ukp 

Kyiler System — I 
saiewsy Stores... 

| sc. Joe Mincralf. 
St. Ke«ir. Paper.. J 
Santa Fe ln.1s.-J 

Saul In rest— 

Saxon I oil*— 

seWii/ UrtwidK. 


soon Paper 

Widl Mr"........, 

one Ouoder. 

sea Container.—. 



sear-- Kuehia-k— . 

SHDCU — .... 

Shell Uil | 

shell Trsuspurl... 
Signal — 

Slitnode Coni_— . 
SlmpH.-ity Pni 
Sun-er — — 

Smith Kline™ 

SollLron — ... 

southdown - 

Southern Cai. bl 

Suubbero Co 

Sib a. Nai.Ue.— 
southern PsciBi-j 
south emHaiW 

Souilmuai... .— ..I 
S'w't baiut»it»J 
sperrv Hutci,— 
spetry Uan-i— .. 


1 suuKisni Uranit., 

| Skl.u ilCai normal 
std. Oil Indiana . 

1 stri. Uil Uhw — 1 1 
^tauff Cbennca . 

| sterling l/rus— 
vtudebeker. — .... 

| son Go. — . 



1'eie.ivne— .. 



Te»oro Petroleum 
lex* 00 

rnu. 141111 1 -. 

! l'eauu Imsum.., 

1 l'exao Oil A Gaa..j 

Cesaa Ulilltlf»_. I 

time tnu. n . — J 

I £imca Mirror— 1 





IB 1* 

37 1, 

Bl . , 

Ilepnblie bteol— 









121 Z 






| ynmiwu 

IranK Union 

rum-way Inir'u 
i'rant. Worht An 


In Connemain. 


I iUlh Century Fial 

I (I -A.l. 


UUt — — 


cuuever.,.— .. 

I'Llnluu Uamvop.. 
Union Lartnkb.— 
i union Cere metre! 
| Union llii Up m ,.| 
union Piellii 1 

| UhuuyaL. 

Uuiittl UntiKh.... 

, Us haocoqi 1 

UsCyiHum.— — 

' us shotf— — — . 
us sien — 

U. I cUuioli'ciir-. 
gV lialualjm.... 
Knilnia UIki.... 

I Waisirai 

Warner* Cmnniii. 

! iVuiuer-Laiuiieir. 

| WiBUf-UBti'mein 


I Wmiteiii B*rhi.ip| 
Wi-ftlern S. Aren 

WvBlorn Una 

Wind toe hot- tiln .1 


Weyetbaeuiie* ... 
Whirlpool — 

WhiieCw, Ind,.: 


1 M’iaccinain Elect*. 















75 ia 


lb 1 * 




2a 1 0 
33 (ft 
70 U 








88 1 * 


*7 1 ft 







787 S 

2c l* 
45i 3 
36i 8 
26l a 


38 Sg 

soi 8 
14 89 

39? a 






26I B 

£ai B 







3UI 8 









i. 31ft 
19 l S 


















14 >s 











4u >a 



69 8* 

45 4 



41 s ft 







■7 8 id 



29 <e 
16 <8 

« 7* 

. 3358 
481 b 



26 >8 
42 >a 













1Vt<o‘U(irU> I 19*4 

Wylv..— 4., 

Xeros ] 52lft 

2ar«ia 154a 

2euith Hartip I634 

U.S.lrav«% l*!-. 1 94-1 * 
CS.Trcai4|£76,8f fSOss 
U.S.flO Day hill.. 6.60^ 


AbiUbi I'D per • 

Asni.e Laaie......! 

\ la ulna steel.— . 


Liu nC or Moutrtn- 
Hank Noi* S^niH 
data- Kerwn-m.. 
lieu Vpleplit,nc— J 
b.?w Valiev ln>l... 

UP Co uu. In— ...... 

Hrasca u 

IJriucu. - 

cai^ai-t Powei— 
U» inflow -VJIum... 
Cana-ill Ceu nun., 
Canaila XIV ban. 
CmoI 111 p Uni. Coin' 
Canada (a-1ubt_. 

Cau Par 1 lit 

Can. PK’-ltic luv... 
Can. Super On.... 
Car liny O'Kreie. 
Caasdir Abeatof— 1 
Coieita in 

Coaimco - 

Cuu» Hat buret... 
Consumer G*u>... 
CcAekB KMOimses-l 

‘.Vwlnlli llleh 

Hunu Dev ' rat . — 

LKjmeun Mine".. 

Dum .Ulne>- -j 

Hume Pjtrvh-uiii 
L*ouilui-<a Urfdyt 


(■aJ-x-n 'ye Xivble. 
Pi«l Mol ur Can. 


limul leJ'wknile 
Cull Uil Caoaila .. 
HattterSIrt. Cau. 

Hull my er.— 

dome Uil ‘A’ ..... 
aiauen bnv Miiyj 

du-laon I Say. ..J 

tfinismu Oil'nuiui 

1 .ax : 

I nmii | 

Imperial Uii 

I mx>' I 

I ml* 

iiiiBO.1 Nau Guo- 
Int' p.v Pipe Line, 
ivakei Kespurcei.| 


Lei-iau Com.'U'.J 
.Uu’nilH'n Hioedi.' 
Vlamey kereusoh 

11 L-] my TV. 

Unori- i lin'd—.. 
M o untainsuiteHb 
.^unui.ia Miucx. 
Noiceu Kueryy,. 
XUiu. 'leleceiu— 
XuuiaL- uil k Ua- 
i.hibwouii Pei’-'m 
L*ad Be Copper M 

Pan. Can. Pel ni 

Pallpu. — — 1 

People, Dejn^.. 
t'law Can ± Uii. 

rnw — —... 

/uct'ev stiirye-u 

iUU#fci Oil 

lirtrt Stan 

(do Aly.m 1 

Kuyai Uk.pi Uhu. 

I.'itpi IraH 

amptre li'souree* 


Mipn Can* O h 

ilksmtc G.Minet 
iieLetia 0. G— ... 

new «l Canada.. 
■Leep Kick iron . 
fexaeu CriuiJ » ... 
Ljuinuj Uuiu.Uk. 

t'luuaUsuPlpe Ln 
I'lMue .Unuut Ul-- 


Union Cm 
L'tiL citojellinet 
Wiuei Hiram..., 
Weal t*«al Itmp. 
Weston Geo. 



zij > 8 
59 <g 
201 s 



2o, a 


.i c58 



aa? 8 ' 







6 ll a 

£3 fi* 





2 Li 60 

1« + 
141 3 

33 . 





l.u 0 

£41 B 


«I S 






0 u 






2 s * 




11 1£ 








2C 3* 
Bl 1 ? 

20 i t 






I-. 1 * 






651 4 



I 8 I 4 

291 3 
IS 1 * 
69i z 





£53 ( 









IMS * 








141 S 

8 i 











344 * 











317 a 

317 8 















77 a 





June 1 


Gold Bullion.! 

The U.S. doUar showed little Gold fell SI to $183-183*. after ^"IWxssi. ’s 184-184:, 
change on balance against most touching a low point or S1S2J- yp e , 0 j^..;,.„siB5Si-i84i8 »i84i,-iB5 
major currencies, but recovered $183^. 

■ 4a— -p-yksigj^ 

quite strongly from the lowest 
levels recorded during early trad- 
The currency fell to 








602 L 






r w 


“ tftlBy l«Bit PS.(niii ■ — - 


Jan Feb Mar AprMsyjJ 

ing. - , 

SwFrs 1.8750 against the Stviss 
franc, but Closed at SwFrs 1.S920. 
compared with SwFrs 1.8930 on 
Wednesday. TTie dollar touched 
Y220.75 in terms of the Japanese 
ven during the morning, before 
closing at Y221.45. compared with 
y 32 1.40 previously. Tn terms of 
the deutsche mark the \j£>. unit 
fell to DM 2.0S10. but closed at 
DM 2.0902}, compared with 
DM 2.0910. 

The dollar’s trade-weighted 
depreciation, as calculated by 
Morgan Guaranty of New York, 
widened to 5.72 per cent from 5.62 
per cent, while its index, on Bank 
nf England figures, fell to S9-5 

Sterling onened at about its 
firmest level of the day. at CURRENCY RATES 
91.3335-1.83(55. It fell to 51.8200- 

at lunch, and continued to 1 

decline to Si .8275. where there i 

may have been wine interven- 

tion by the authorities. The_ 
nound touched a low noint of 
SI 5240-1 8250 in the afternoon tvJVwSa;"”" 
and closed at $1.8260-1-52(0, a fall tftwutiau ...... 

of S3 points on the day. Auum «cn ... 

Support for sterling by the ivutian iraun 
Bank of England helped to keep 
the pound's trade-weighted index iJSSSfreoViuS- 
unchanged at fil.4. It stood at Kteu,.li 1 ran, - . 

81.4 at noon and at 61. a in the lum* iua.... 
morning. Jei*nww. 

Longer dated forward sterling >o-«y krone 
was weak, with the 12-roonth dis- 
rotint against the dollar widening i,,,,.. 

lo 5.17§ cents from 4.90 cents. 

Mum i dc fixe S183.ES 

.Vftem'n fii'ji'PlSS.Q- 1 


!l£ 101.465i 
j[£ 100^43.1 

(■old 0> >in.... 
ECni4ftTren>1.. S 183 190 
VwsovVn'.. S52l;-54i3 

•.'id (MV'tsib .Sb6>s -- EU2 






|. £30^-31^*! 

l!-iH Coins 1 


KrucemiQ. 1 .. S 188-190 S1S9X2-191 1 * 

(£1-3-1041 i£K-3i- Ii34i» 

XewSov'rens >‘S2 1 2-S4is S52 'd-54 1 c 

(£29-30 ■ i£E8i2-29>?i 

UW Sov'nra?iS56l5^8l<! S56U-5Blft 
.i£il-42i :i£3Dift-311ti 

S20 Eagles.... S277l 2 -2B0l; S277>,-280i, 


Mark?' Hater 

apt-eta 1 

Unit 0 ; 

•IllUL- 1 


Kale . 


June 1 ■ June 1 


1.1:2 46 5 








lOtB. 65 




















New York...- I I.8S40 l.tUBS I.S560 l.t270 
Mod trail ....' Sb |Lt42J- .i.53fi.3.( 440 2.0450 
Aui-irrlanii 4 ,4..8l- J .l1 4.03-4.10 

liru-.e-:.—- 51; ; bft.8j 59.90 53.70 59.60 
(.'■•IwDli-iftit-iii 9 10.20- lb.: n If. 29 >k.;0 

Krunklurt ji I 3.B3, 

Li*rnn. ....... I 19 I 95.10-1.4.00 es.15-:i.6i 

Ms-Jri.l I i 1146.40 U7.15 i4o.45-U6.55 

Milan ! 11>s, 1.576- 1.5-7 , 1.:7ii-l.579 

«i I 7 ; =.:6-r«ft 

i'Hri' 3l2 | 

Mi.-li'inlm.. . ’i 1 9.45{-9.50 

'I ok vp 3 1* : ft'iu.ftiO 

Vipitoh j si* ! 27 40 57 55 

/.nn -li I I ! 5.4,i.?.47 

9.9S:-S 872 

3.39; -r. 89; 

5.45'. -3.461 

TRaies ilvcn lor vonvertlblc- 
FiURiilI (canes 59.95-60.05. 



June 1 ji .ML.i'in j \h,i ii.r« 

.‘■'arii | fru *-+■'» 

L.iriwi jlri-i i"ni • /.uri. i. 

. reiiLiL-n 1 - I 7.C?12-22 

Sen Verb 47 9.' 94 1 — 

1‘sn- i is 37-11 -.lcr-z3i 

i#ri>fti-el < ....| le.Sl-fA 3~.5i-7i3 

L, -lii'-'-n .. 1 '■-* 1 ft .-1 * l.i 2+A-70 
•.in«r wm.. '107. If. 5-20? ^.I3?i-72 

/nn-! l.iSlf.j0 

- l ».f/>-Wl itf,P44(A 
21.19 "1 |i.-:5f.'-:eoj 1 
14 .'jC4-lo: 13 

■ iSBb 391 i ??.7C*-80 
16.776435 if.i53iw^3- 
.1.18*7-2*18 3.it26-7?99 

J. 25 -23 1 fe.33-45 

1.2210 saa 

i_"A5c- 15& 

T3.73-85 | U.?7-6V 

- 1 -.09-10 


3.4c64-AoM'44.i91- ? 9« 

Ilf. 626-675 

L iu '|.jiMnt<-i=lll.8l 84 'laua-iutii i-eiiu. 

(,;,,.. U I! s ;u Ni-n V'-rk ssJ.42-44 <-un, t >. S iu Milan rt4.40-70. 

Sierlins in Milan 157£".tto-l07t.EO. 



I 1 ifm*‘ 

Aiceni'-wJ I.H5-1.419 Auem mu .'1500- 1400 

til- tin ha.. 1.6054 i.Ti97-4n:ltia ! 27-25;- 

Itnuil I 51.71 52.71 -li-v'uni ...I 5 : i-bl 

F-umm.I. 7. C i. 5 IU-J.--I ; 57 *2 

■.iMM oT.5£5 i 8.997 h.’^um.Iji ,2.0a-';. 2 b 

U ; -iiftlivnu J.4;D-i'.5l5 ;Heiu,mrk..l 10.25-40 

lixu.. j '16 151 -I'-Jiki 3. 50-11.45 

Nui'im I 0.5C2 ?.5 12 ■ ..j 5.75-5.' 0 

LiiSeini,'r; I 59.70-53.50 'iiitis.. .. 66-72 

.UaiHV- ii>... ; -».--54j-4.:b65 ll-l- ' 1550-16 10 

S. /lailHi'-'l.ib'SO-l. 07 D-Is|thi I 4i0 415 

>ii- 1- 1 1 .*-■-». ■ ( 9.' 8-6.16 I Ni.-i?i,-r: 'un-4. 05-4.20 
Si lien I* *i r -;4.2400 -4.1525 \--iv.n ,...[3.v5-iU-05 
>. Ai:h.-a...: 1.5806-1.6062 l' | .-tiui;j' ...I 
r.-« j , -|wmi ... ..-.ll-<54 146* 

t r.u:<-ift .. . ] ■' •' Imiu! 5.40 5 55 

■.SI I I i..‘2 1.-i* 

I ,i. will-.] 6S.29-6t.J2 V»i^. .-In ft m| al-57 
Rat-, u-v-.-n lor Arscnuna is a free rate. 

June L 


l^livrl ler-Ji.... 81; B 3; 

? ii*\ * iMicv 8 3",’ 

M-.mli ■ 9Si-lu 

rbiw ni"iltiii. Itlift -1D5J 
Sis ni-->iuii».... 11-ill^ 

line 1 car. 1 1 1; ■ 1 1 ■ J 


6I-: -7-4 

B v-Viy 

t 1 " 9U 





Euro- French deposir roic-s: two-day 91-91 per cent: seven-day 91-91 per cent: 
oneniomh Mil*' a; per ivm: ihree-month 91-92 per cent; six-month 9t-10i per 
one-year lOMw-’Hic per eenr. 

Lonc-ierm Eurodollar deporiu. iwo vears si«l per cenr: three veais S15 i*.£15js 
per can: four years S!-0 per osm: five scars 8i5(*-9i|* per tent. 

The rnllawins nominal rates were Quoted for London dollar certificates of decostr- 
one-tnonth 7 65-7.75 per ccni: tiirw-monih T.HW.OO per cere: stt-momh A2O-S.30 
per cum: one-year S.JJ-S.55 per cere. 

Sbort-ierm rates are cal 1 fnr sierlinc. U S. dollars and Canadian dnllars: two 
days* notice for guilders and Swiss franc*. 

New 1 k. D.40-0.30--.|'i 
MnllllKft' . J.50 U.fiO-.l > 
An 1 - (Mi m 21 .|i:n 
Kru>'i-<-.. 25-15 • . i *n i 
L'op’nligu. 4'i -6 iin-iii- 
I luukKiH £ 5-.- l:-a i<t t u< 

Li-t> -i> 2a-lbo ■•.ni? 

Ma-lri.j .... JS-U5 

Miiau 2 5 MV'lw 

(.Mi.- 2 'ft 4ift r.i>- iii* 

Fan* 'ft . fi"--: ivu 

?i'vl.L”lri . -re ('it i- 1* • *i 
Vlfiiu# ..... l3-5 ^i>- -.-i 
13-2 v. i -mi 

1 1.20 1.10 1,.1-m 
1 1.15 1.05, -.i-m 
.61; -blft * . i-m 
7o-6b .-. ( in 

■ i B 61 * h j-ni 
1 US.O.^i- 
150 23 m .--ill' 
7 10 ii-t-i'ls. 

5 7 niv iii- 

1 i. i io 

I S'ft- lift nlc yin 

I J '-i / yi - i-m 

l&l2-7»2 !-. |.ni 

S:\-mor.m forward dollar 2.10-2.300 pm. 
12- month 3.2 j-l-lOc pm. 



Price 1 


! IV. ' 

June 1 

Din. | 


\ ! 


\LG , 

70.7 -0.3 | 

_ ' 


467 l.b ! 

20 ; 





a.08 1 


139.9— wt.l 

1S.7D 6.7 

139.6 -o.a 



270u3 +1 

28. M 


1 BNi-er.Vcreiii«tii.. , 29651ui l +0.2 : 



t Libel ot.Ned.wru 

lbn . 




1 Cmuincr:l«ti>k 218.0'.e 

17 ' 3.9 





304.5 — 0.3 1 

SB. 12 



-l < 

17 . 




14 : 


1 DeiitMrbe llAiik.... 291. Sal. + 1.2 • 




! 28.12 


Djvkei lii-fi Zc-inL., 


+ 4.5 1 



Grit ebutJiiuiia • 

193 , 

-1 1 

LA i 



12 i 







133.3 -0.7; 



47.4 +0.9 







139 ' 


y ; 


5 v.6. 5 +1.5:23.44 


2Jo.u, 1 4.5 

97 , 

+ 5 




176 ' 




235.2 -0.5 

lo 1 





Lj ill bmi'a 



9.36) 4.2 

MAN — 

18*.. 5 




\lannv nutini 


— 1 



Mela n ji. 





Miiiieheiivi li’wli. 





N+CkCriilHIlK — - 









187.8 +U.3 











241.8 + 1.8 1 26.56 




+ 0.1 



l aria 


— 1.5 


4. J 

\ Lit A 

10b.6 +U.1 



V erf in -A V.H-8V 











+■ •-'* 


June 1 



\bOlH «f'--Vl 

105.8 m 

+ 1 


a 1.0 

— u.7 



VUjviti bill* ■ h’Milfi 




A M tV iF'.lvi 





.Vnin-lMii:- iF'.SOl 


— j.J 




- 1.2 



LJt'kM Weal "in l6 Ilf 

1 '<7.01 + 1.8 



74. 6« 

+ 1.5 



Bh+vnsr V .F'-20i. 

282.0 <01 2 


l Lj 

bonia N.V.Liatrei 













+ 0.2 



1 dtom^ven: it*' *JS0|" 36 . l> 







K.LM. iK'.LWij... 








35.0'— 0.5 




XI l.t 




Ne-ICrt-l BuF-^O 




Neil lli.i bk if'-P. 







Vau Dnimeiea.... 


+ 4.5 



Fakliucu li'.lMI 





I'blliyv (Ki. I0> — 



li'jnscbleiif l J0Q 







iloieinc, < f-l- Wfl- 



o 8 


1+6 SB 







MCvlIi Iri-jut'l^J 



e 4 


106 iff 



Lnilevrr i Ki. !aji 


+ '-».2 







408.0J — 1.9 





+ ut 

Div.iTi i. 

June 1 



Aurei-'MUfce* 1 . 




Uunn'-er St 

*i68i = 

+ 131® 



Uau-die liiua-..-. 


+ *fl 




+ 14 



b'lUHU imnh.ei 

1241* xr 

4* L-> 



iTr.i. IfVsjsoner.... 





For. F«i'n 





+ 4 








Nunl Kati-i— — 

+ 1 








Fr&vin»i'-Hii6.. — 




:«>p8. BertjO'iwiO. 


+ 1 









rOKYO n 

June 1 

■Fri e>| 

Yen I 


t Bid- : Asked. 0 Traded, 9 New 


June 1 

CrediuiiiBUii ..., 


■eip t* 

■Haaperii — , 

itayr D» inner ■■ 
Veit- Mairoeail. 







j 9* 


« U-l i - 




\«j0i Lilas* 3S5 —2 

.'lua-'-n 466 —10 

'.Viiio 590 

v 'binuu.._ 558 

Dai Niii|od Fnnl 534 

t’nri rum ; 672 

diriM.*li« ' 251 

Hvnrt* Motor*- • 574 

ri.'uw Fi-n-ni. 1.140 

... Imh 221 


la.ii. 668 

I.A.L. 2.65 j 

ah u vi i Kle-i. lift.: 1.14.1 

AOinKiMi I 3il8 

IvuK'-ui 273 

nyoiir Ceinn • i<: ... 3.630 
ilareu-liiu liiit... 7^1 
Uicx-ul'u-Li tjink.. 276 
IliUut'icUi tfetr-i, 126 
»flt-iltiuJii i_..rj-. . 45 J 

■lit-lil A L'm I 327 

llltSlIXielX d63 

Nijij.n LW.iifO 1.37 . — L. 

Mjifin 3li|Qpan.. 706 —5 
M ^au Moior-.. .. 785 ' — 6 
Fioneei ;1.75 —40 



+ 12 
+ 10 

+ 80 


— U 

II VO tlftVll'W. , 

JeLi-ui rreiacu... 



iim'liM Mamie.... 
La Lola i.ll.i-n ucai 
• Uh 

1.76 i 

-■-‘i>*» I i 2 

oliii.' Mamie i89 

,tikioL.iei.'i F>-"« i 1.. 6 

nAjlii j 016 

iuu\oSn>>'wiira...| 145 
, . -rav | 14 5 

uvula ilmui i 975 




— I 

- j0 
— 2 
— 3 
- 1 










































0. a 










1. t- 

Source N Helen Secunnes. roar a 


June 1 

Crier- J 


| L'iv, 
♦ "i I i>*. 
— i Nei 

iri+ii 12.415 -lO,- 

t-n. L’-i v. Liinij....l 1.593 ,, — 10 | 72 

IVteit **U" m '1,06 —10 116 

Cemt-ni.—.. 1.168 UJ.i- 8 ll-JO 
-Ltni -w... »i 440 — 8 j — 

LBL-r I2.Z2UB] '177 

Mmiii4e--._ I „,.6.:B +1 • 43u 

tMLniftiie Nat ,.!i.660 +65 1/U 

ij.U. liKK>-Uru n ...i 2 iul 6 + lo JloO 

(.ieveeil 11.3 id| 

H.iiioHeo 2.255 

linen •>»« 1.745 

KreDielliaiUt 6,65 j 


U Kovale Ueiue.-' 

i*bd Hoiilin^.... | 

('em >A l ia 

2,s6 J 

ora.- iji-n bJiagi>- J2.^8o 

vx Geo UeiaiQue, 

X'li DI— 

30 ray 

L i net inn Lie>,-i_.. 


t'u Miu. '1L0‘.„ 
YieiUe 11c>nia^ne 



1-6 3 


+ aU 

t— 5 

1. t 20 

2. -,66 

1.55 J 

! 85 







+ 20 iduA 

+ 30 
+ 12 






1 + 20 * — 



















June L 




\.umiuiuui...™.|l.-'65 — 5 

BUf.V 1.65b —30 

aratieuMiki.a.ll.i30<: + 1& 

Div Fan. Ceil- 86 SmI + S 

L»o. lies 600xH+ 12 

Ci e-m ->ui»e 2. 105 — lu 

EieeiiP*™ tt 1,640 

Fln.-iiei lUftKirgei.J 650 aO 

UoUuuu FiCen-J 75.600) -r750 
Du. ■■!>uia!:i....i7.b7S +7= 

1 1 1 lento i U. - [5.825 — 

Jeiraoli iFr. liMi .1.400 —10 

Nestle <Fr. (U>i-. p.ilAJnt 1 

DO, 2^'..: |4.175 tfll+ 3 

UeriUiMi8.fF,ft»h:d.47 i |+10 
FirtHi6lFiF.10.| 2il +1 
■MiiiiacfFi. £di..:3.71 ■ {+10 

Dift'.ik* i 



















Do. Farts Uensj 
4 hin-iierCuvldW 
■suiter Ua {F.lUty (Fr. WJl 
5wlu lhnk(F.iuC| 
s wire (Ite. F.'jUi. 
t moo Bank.... 
3ur1cb In* — . 

+ /Sftdi t3 

495 ! 

637 0-1 
3 *0 *ol— 2 
14 67a ]+li 0| 

[4.1 05 al| — iO 

l0.2J5xr; + 1U0; 

55 | 0.7 
4U I 2.3 


Via. c 

ii n.l 




















June 1 











ihisloKi — 






1.827:, -c 

+ 1 





Du. Fnv..„„„_. 
f-iu.-i'ite — 





12.020r— 80 

178.761 + 6.75 





+ 90 








uhveni Pris 


— 22 



Pirelli £ Un,„„... 









'snia 7iva»a_..— . 




r «" 

June 1 






\lliH Un". Tide- 

lo l- Tit' 

12.20 ( 


A nii»ii Exfiioraciou- 

1 1.34 




Amukt. Pulp P*rwrfil 

il.22 1 


1»boc. Ore. Iii. lust rift- 

f 1.61 , 




U.43 : 




A UK. oil Alia- ... 

*0.49 1 

Blue .Here i lnd.... 


.. .. 

Ik'ujie i n v ille Ofipi+r 



dtvken KIM Pniprieurv ... 



BH .S.ulli 



1 1.85 


C. J. Lillee 



L-blt iSll 

. .. 



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Cft-.ntaiuei (Sli 


LV.u/mc 1,'nniuti. . 




UuxjImu JfuW^r (SI) 






h.i.. (a.tufttnee — . 

12.28 , +0.10 

Geo. Froneny Tnibt 


Id. a2 





il. 1 AuilrnlLa 

12.25 +0.01 

1 Hl 0 r-t_i.ii .per 

7J.28 • 

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7 ft. 35 





tO. 36 




| JUvr Lmtp.riuoJ 






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June 1 

Kw a 

— i bo. 

I.Vute fti. 





VtnqneO-.ei.i't* i 



dl.lj) 6.3 

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+ 9 



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— 11 








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Lie d«ncaiie 





UiuL> Ueditei_... 



11. ftb 


i tsrv nwTnijffl; 


+ U.5 



l.reM-Jt L»,lre 


+ 0.3 



Dual ex— 





(•>•. Peltclc*..— .. 


+ 1 

U. 1C 


Lien, u viiiemrn# 


a. 2 £ 


lm«)U ..... 


+ Z.3 



laciuen Dirt -1 













I3.b7 d.l 

Ltr^mud ... 


+ 8 

3S.7& 2.i 

lldiu-iub Pbemx.. 


39.3 3.9 




32.55, 2.2 

Mon* benuessv... 

Sl 9 

— 8! 2-5 




1 1.0 


X59.5 — 0,5 

Ufe 12.5 



— J.2 

7.6 7.9 



+ 1 

7.5' 2.7 



17,26, 4.6 




. - 

Utdl* leehimnii. 


— 4 


1 5-7 

'ie-iuute — 




1 4.8 

IHj-ree Fuuleuc ... 

100.8'— 1.8 


1 9.u 

152.8 1.2 

14.h* 8.4 

?ai* HccaiCDOi .— 








is.s, 9-0 

teifiOHxiaiihiue — 



ttji J.4 

1 b, real ni innnili. 

197.4 — 2.4 

la.l? 7.7 


24.6, -1.4 






i L ‘ ■ 

June 1 



1 V 



| 2.6 

AilaLoVai tUknt 




i ?7 




j 6.0 

Arlss CupctvKra- 

123 at 



. t H 

+ Z 







DeHuloe — 




Llect’Ure 'B- iKtC 







+ 2 


4 6 

K 'eile 


+ 3 



raaernta — ... 

90 oil + 2 



(J ranges ((reel—. 





34 Do 

+ 2 



1 BrWrWlBifwjfSS 




'I A 





Sbathi Bu-kuda.. 


+ 5 



1'and-tiL *11' KrW. 





Uddebuim — . 







1 8.2 



June 1 

| l-Vi.i 

! + *■ 


—a lien .In Bri.i .. 


•Vico Miueim "1 

Lina. Ante'. ■.■I'. 

('em 'Lira- FF 

t'n— m 

•uu a «. ni.- OF.. 

1 nil. FI 

m-i .- i-i 

1. u7 liv.Lt 


1.46 .. 

4 20 !+u.'S 

4.30 I+J.Ij 

2. '»a ;+. 

1.75 ' + 0.0i 
[ 3.10 I-L..S 
! 10.30 10.4a 

i..o :-u.j 


I. lu/ 


u. It 
. 1.1 


12. iu 
10 00 t’r JOs.Mii Share* 4S_ni. 
Suuree: Rl" dc Janciru 8E. 


.lime 1 



+ ”i 

Pi. . 1 HI. 

'ft "o 

9 9.5 

11 9.2 

ii.. lui-n Uii ii ►. 





T 1 

zv 8.3 

11 li-.5 

12 5.0 

9 9.7 

IftllftlllkK -+II .... 

Vir k Hftllmkl ./■ 




+ 2 



June 1 Rand +or— 

Analo Amencaii Corpn. 5 IS —0 03 

Charter Conseiidnied . “i 10 

East. Drk-lonloin 12 80 i-o 30 

tlsburs - 1.93 +0 03 

Harmony 5 3D — u.03 

Kinross . 6.10 +0 10 

Kloof ssn -o.ns 

Rusienbnrg Platinum 1.45 +0 10 

Si. Helena 14.00 +0 40 

Souih Vaal 7 so —0.05 

Gold Fields 5A 23 00 +0 23 

Union Corporaimn 4.45 

De Beers Deferred 0 irr +0 02 

BljToennirltht 5 60 

East Rand Ply s on +U.20 

Free Slate Geduld 26 60 

President Brand 13 ';0 —0 20 

President Sieyn 12.10 —0 15 

SitUnntein 4.05 +0 05 

Weiknm 4.45 

West Drlefoutem 3T.;,u +0.30 

Western Holdlnes lO.Oti +0 30 

Wt-sicrn Deep 13 40 -o.iO 


AECI .2.70 

Anglo-Anier. IndusunaJ . t9 3u 

Barlow Rand U.i>5 sd 

CNA Investmenrs 21. S3 

Cume Finance li.oT 

Dc Efeears 

Edsars Consold. Inv 2.00 

Edpars Stores 24 73 

Ever Ready SA 1 ”i> 

Federate VolksbeleRsmes . v| 30 

Creaiermane Store* 2 23 

C.uartlian .\ssur. iSA> 


LTA . 

McCarthy Rodwoy 


OK Bazaars 

Pn-nner Milling 

Preiona Cement 

Protea Holdinjss 

Rand Rimes Properties 

R mbrandi Group 


Sage Holdmes 

SAPP) . 

C G. Smith Swear 
SA Breweries 
Tlfier Dais and Uat Mills. 


Securities "Rand U.S.S0.73 
(Discount of 36.5%) 

+ 005 
+ 0.05 



+0 U6 


+ 0.02 
+ 0.01 
-It 02 
6.60 sd +0 10 
3 40 

1 23 +0.03 

a .v. 

0 13 

;i 45 



1 Ji 
1 OS 

'.1 Ml 

1 95 
*0 50 


4-0 01 


June 1 Per 

Ail and U2 4- 1 

Baum Eilbau 31i> +3 

Banco A»lan i ico tl.OWD 230 — 

Banco Central 304 - 3 

Banco Esierlur 268 - «■ 

Banco General 288 — 

Banco Granada (J.iWU) 156 — 

Banco llisnano 22n — 

banco lnd. CjL il.Omu i« 4-2 

B. Ind. Mcdiicrraam . 209 — 

Hanoi Pupular . . 237 - 2 

banco Samander i-.'jOi 4W — 

iianco tirauiiH n.OW* 2t4 + 3 

Banco Vttosya 2M - 4 

BanFimiun 153 - 7 

Banus AOdalncu 216 — 

Babcock WllCOX 29 — 

CTC - 76 - 

Drasados 280 — 

Inmobamf 89 — 

fr |. Aracnnesas 58^5 — 

Espannla Zliw 104 — 

Espl. RF» Tinio 9650 - 250 

Fepsa H.OOOi 7250 + 0.75 

Fennsa <1.000' 75 — 

GaL Pn?cladn* 79 — 

Gmpn Velaouez (400' 165 — 

Kidrnla 79J5 4- 0.50 

jeerduern 83 4-2 

OUrra 128 +4 

Papelerai Reunidai ... 78 — 

Pe+roliber 130 — 

Pctrolens 2W + 2.S0 

Sarrin Papalcra .... 61 — 

snlsi+ 50 - 2 

Snceil-o 125 — 

TeWi-mcy 59.75 + 0-75 

TniTa-J Hnstench 100 — 

tobacex 109 .25 4- 2JS 

Union Elec 76 — • 


Financial Tubes 





Decision near in SCM 
court fight with Xerox 

New link in 
for AP-D J 




NEW YORK, June 1, 

’ t 

ONE OF the longest anti-trust 
- cases in U.S. legal history, lavolv- 
: iag Xerox and SCM, another 
maker of office copiers, finally 
. reached the jury stage this week 
..when the judge presented its 
] eight women and two men with 
i no fewer than 76 questions to 

> But even if they come back 
: with unanimous answers to them 
i all. the case, which is a year 
old this month, will be far from 
over. Damages must be con- 
sidered, and so vigorous are the 
i litigants that they are bound to 
pursue the matter to the highest 
courts in the land. 

At issue is a charge by SCM 
that Xerox maintained illegal 
patent monopolies of office copy- 
ing machines and engaged in 
marketing practices which 
violated the Sherman Anti-Trust 
Act Part of SCM’s allegation 
Includes the claim that Xerox 
formed “ cartels ” with its sub- 

sidiaries Rank Xerox in Britain 
a ad Fuji Xerox In Japan. SCM 
is a New York-based corporation 
with about $lbn in annual sales 
whose widely diversified pro- 
ducts include food, chemicals, 
paper products and electronic 
equipment— -on top of the office 
copiers which put it at odds with 

In 1964. SCM was refused a 
licence by Xerox to make plain 
paper copiers, a refusal which 
it now claims prevented it from 
entering the copier market In 
1967 and making several 
hundred millions of dollars in 
profits. Instead, it made losses of 

SCM’s suit is aimed at recover- 
ing these losses as well as S480ra 
of additional damages Tripling 
this total as provided for under 
the Sherman Act. SCM’s total 
claim is for S1.47bn. 

SCM’s lawyers claimed in 
court last week during the 

summing up that Xerox bad the 
power to exclude competition 
from the copier market, and did 
exercise it. They contended that 
Xerox had withheld machines 
from the market, and then sold 
them for unfairly high prices. 

Xerox’s counsel based their 
counter attack on the argument 
that SCM was in a bad way when 
it decided to enter the copier 
market with plain paper copying 
machines. Management was in- 
decisive and lacked the drive to 
compete in the copying business, 
they said. 

If the case goes against Xerox, 
it conld face dismemberment of 
its office machine business, as 
well as whatever damages the 
Court cares to award. However, 
the final solution is clearly a 
long way off and the only people 
who have profited out of the case 
so far are the lawyers who are 
said to have earned over S50m 
from the case already. 

By John Wyles 

NEW YORK, June 1- 

Larger loss 
at Chromasco 

Canada coal mine 


MONTREAL, June 1. 

By Our Own Correspondent 
MONTREAL. June 1. 
CHROMASCO. a major ferro- 
alloys producer in Canada and 
the U.S. posted a C?752.ono 
fUSS672.00D) net loss for the 
first quarter, against a lass of 
C$402,000 a year earlier on sales 
slighrlv higher at CSlS.9m. 
f US$1 6.9m l. 

Unfavourable market? for 
ferrochronie continued in the 
U.S. and this situation is 
expected to prevail through most 
of this year. Inventories are 
being adjusted in line with re- 
duced volume in Canada. 

However, demand fur ferro- 
sitlicon and ferromanganese and 
adhesive products is now show- 
ing signs of strengthening 

SHELL Canada will develop a 
new coal mine in south-eastern 
British Columbia for about 
CSlOOm tvhen sales contracts 
are completed, according to Mr. 
C. William Daniels, the company 

Reserves arc of good quality 
and [ogisticaily well pfacecf to 
serve the coal markets the com- 
pany has in miml. he said. The 
property is owned by Crows Nest 
Industries, acquired by Shell 
Canada for about 0365 m earlier 
this year. 

“Through Crows Nest, we 
have now established a strong 
position in metallurgical coal." 
he said, adding that Shell's 
thermal coal resources are 

primarily located in Alberta. 

Total capital and exploration 
spending this year will hit a 
peak C$400m. against CS380m 
last year. The investment pro- 
gramme. plus slow gas markets 
and depressed refined products 
margins. will mean Shell 
Canada's earnings will be little 
changed in 197$' from last year’s 
C$154m tUSS 136.6ml, or CSl.54 
a share. 

Meanwhile. AP-DJ reports from 
Wichita Falls: Moran Bros, has 
completed the previously an- 
nounced sale of u 70 per cent 
interest in its operations in the 
Norwegian sector Df the North 
Sea to Norcem A-S. the Nor- 
wegian concern. 

economic and financial news 
agency has signed a five-year 
exclusive distribution agree- 
ment with West Germany’s 
economic news . agency 
Vereinigte Wirtschaftsdientste 
Grabft (VWD). 

Following an initial 
approach from AP-Dow Jones, 
the West German economic 
news agency will takeover 
responsibilities for marketing 
and operating the American 
company's news services In 
West Germany from January 
1 next year. 

As a result, VWD says, the 
current news exchange agree- 
ment it bas with Renters will 
be terminated from the end of 
the year. 

Mr. William CJabby, general 
manager of Dow Jones News 
Services said here today that 
the arrangement is similar to 
other distribution agreements 
AP-Dow Jones has with news 
agencies in Japan and Italy. 
AP-Dow Jones would maintain 
Its five man editorial team in 
West Germany but the agree- 
ment with VWD would allow 
for the expansion of news 
coverage on a joint basis where 
it conld be advantageous. 

“This Is going to be very 
lucrative and profitable For us.” 
be added. 

ALTHOUGH THE recent an- including Ndw York, . operate a which the insurance industry was Commissioners . . crack down on 
uouncement of moves in New mixed system. . grappling- • . .. *w. «,«_ 

York to set up a local equivalent During the earlier bout ofinfla- The change was swift In mid- The signs are that this i Process 
of Lloyds of London gave the tion in the-UJS. around 1974, the 1976. underwriting results . and has already s tart ed. According 
impression that' the insurance states used these powers to freeze loss ratios took a sharp turn for. to some : estimates, property- 
industry Is straining for more premiums, since they had few the better,- and the Insurance casualty insurance rates gener- 
al the action: the U.S. insurance other, means at their command Information Institute’s .figures ally Jiaye risen py so per cent 
business as a whole is In fact which could exert such a direct show, the industry back in a since L97R. and car insurance 
passing through one of its Influence on the cost of living. . profitable - position fnra.- I the rate* Jy.*™ P 1 cent oyertbe 
periodic highs. Premiums are They had strong political back- middle of last year, for the first same period. Ana the industry 
going up, underwriting losses are ing over this since public resent-, time in exactly three years. as *..£bwe ' wants raise them 
rising more slowly, so profits are ment had grown up against the The recovery was welcomed in by_a fiir^er 6 per ccrit this year 
• * size of insurance company profits the industry, not least because it with 7 per cent for cars. 

going up too. 

According to the Insurance 
Information Institute in New 
York, which collates returns 
from 90 per cent of the property 
and liability insurance industry, 
earned premiums were up IS per 
cent. to. just over $15bn in the 
first quarter of 1978 compared 
to the same period last year. 
Losses, by contrast, were only up 
11 per cent Allowing for other 
transactions, the companies 
covered turned last year’s net 
underwriting loss of 8318m. into 
a gain of S136m. 

Although figures are not 
collated in the same way for life 
and health insurance, this side 
of the business is also on an 
upward path. Judging by the 
quarterly reports so far an- 

Analysts of the insurance 




- ‘ • ‘ 

First quarter 

1978 W7 

Earned premiums 

In cvr red losses : 

Net underwriting gain (loss} 







148 . 

Policyholder dividends 


Net investment gain 

Net income 

Policyholder surplus gain (loss) 
Policyholder, surplus 





1261 ‘ 

(630) ' 

Note: Figures are for about- 500 companies reporting to the 
Califomia hisurance Department. ,7 „ . 

' Sotiriei Intunmea Information Institute. Now Tore 

In recent months there have 
been widespread demonstrations 
against insurance premiums. And 
since inflation has begun to rise 
again, a repeat of the freeze of 
•1974 seems inevitable. 

' Grounds for this conclusion 
were strengthened earlier this 
week when Mr. Robert Strauss, 
President Carter’s Inflation 
Counsellor, said he hoped for co- 
operation from the insurance in- 
dustry -in . holding dam pre- 
miums. "One or two' major, in- 
surance companies? had agreed 

to co-operate, -hie. -indicated; _ 
The 1 : industries -main ; hope . Is 
that - This- time - rbund, . the 
authorities vilL -recpgn^' ih^ 
Insurance coinpaniesjthems^hre& 
have to fight wifli rising! priMs 
that reach them Through inflated 



purchase row 

Securities Trust 
of Scotland Limited 

A member of The Association of Investment Trust Companies 


for year ended 31st March 1978 



Total Assets 



Per Ordinary Share- 
Nee Asset Value 









Geographical Distribution : 

U.K. 62.7% U.S.A. & CANADA 28.0% JAPAN 7.0% OTHER AREAS 2.3% 

.Extracts from the Statement by the Chairman, Mr. J.G. Wallace F.FA 

• Revenue growth continued 

• 1 3% increase in dividend proposed 

• Satisfactory increase in Net Asset Value 

•Welcome abolition of 25*o surrender and reduction of Tax on Capital Gains. 

• Danger of drift towards tariff barriers and isolationism 

• High personal taxation threat to continuing efficiency of U.K. Stock Exchange 

• Outlook for profit increases in U.S A remains positive 

• Best long term interests of shareholders served by well spread portfolio 

Copies of the Report and Accounts may be obtained from the Managers and Secretaries, 

Martin Currie & Co., 29 Charlotte Square, Edinburgh EH2 4HA. 

NEW YORK, June 1. 
COLUMBIA Broadcasting Sys- 
tem, iu response to a Depart- 
ment of Junstiee announcement 
regarding its acquisition of 
Fawcett Publications, said that 
while the radio and television 
concern has not yet seen the 
complaint. “ we understand 
that its thrust is directed to- 
ward potential effects of the 
Fawcett acquisition on the 
moss-market paperback book 
field. The acquisition does not 
violate the specific merger 
guidelines laid down by the 
Justice Department and we 
believe it complies fully with 
the anti-trust laws.” 

CBS adds that it “fully in- 
formed the Justice Depart- 
ment o> its intention to acquire 
Fawceu several months In 
advance, co-operated fnly with 
all Justice Department in- 
quiries” and “the Justice 
Department indicated that It 
would not seek to block the 
acquisition “which took place 
in January Iasi year. 

CBS intends to “ defend 
itself” against what it terms 
an *’ unjustified action,” on the 
part of the Justice Department 

1972-73, the last time the was broad-based. All major-Unes.clauns. Car insurers^ fo^tnsto*^ 
industry was .''going through a began to make profits, notably point out tpatn while 
industry point to many reasons boom. auto insurance which represents an increase of 7 pev-cent-T^j»^ 

for this upturn which consoli- But t hi s move by the states by far the largest single slice of hiiums, the *ost; of-ca? repapy.. 

dates the improvement which turned out to be one side of the business In the U S. ... and hospitaJ treatine^ at^riaH*:; 

began about 12 months ago after pincer squeezing insurance com.- .. Jn _ 1977 . property-casualty :at-air -annual nto-of 
nearly three years oF heavy panles. The other was the fast- insurance reported record profits cent, respectively-^ 
losses. The most important is rising cost of settling claims, of just over Slhn. with life Although- the r jnsuraifce- 
the increase in premiums sane- notably auto and building insurance (helped by what is industry . -must hg-TOymeni 
tinned last year. repairs, and health insurance. , described In the industry as -■frorri i ttiej-' reirentT - 

U.S. Insurance laws vary from Times got tough, and several “.favourable mortality”) also Sbort-Uyed_rally^ott 
state to state. But they all give insurance companies were hard turnips in record earnings. - e seueraL conclusion thapifis, 1 
the state authorities strict powers pressed to survive, a conspicuous Despite this spectacular turn- profits : t^-.jrear_ ar? j»nn<lL^w 
over the levels at which near-casualty being Government around, the insurance industry turn wit below iMtyear's, though, 
premiums are set In some states Employees insurance Company as a whole can hardly be ^ptsharply so, becau^Anmnew: 
— New Jersey for instance — the (GEICO). the country’s 30th described as facing the future is still increasinj&v. Buviz-We, 
State Insurance Commissioner largest property casualty insurer, with' glee. For one thing, their pattern _or three years up, tmee- 

must approve all new premiums In 1976. however, the states experience in the not-too^Jistant years dow n, „ c0 ~i?, ue ^L, 

before they are introduced. In were finally prevailed upon to past is a warning that once 

others, the Commissioner has the relax their hold on premiums, insurance company profits _ start . year ana tnen neaa aown to .a . 
power to challenge them after and they permitted increases in soaring, the public gets indig- new trough, somewhere after 
they have come out. Some states, Itne with the enormous costs with nant, and the State Insurance 1S8L 


■ r . 

iZCiu U 3 


Tyco issue increased 


PRICES in the dollar sector of watching the performance of the 
the market were steady yesterday National Westminster bonds, 
in light trading as the market which are due to start trading 
staged a technical recovery. The today. 

convertible issue for Tyco - The preference many Investors 
Laboratories was increased by show for shorter term paper was 
$5m to $25m and priced at par illustrated by the shortening of 
to bear &5 per cent the maturity of the] $100m 

The $>30ra floater for Banque Yankee for Finland to five years 
Worms, which had been priced from the initial seven. -This also 
at par, started trading at 99? enabled the lead manager to 
but ended the day somewhat offer better terms to Finland, 
weaker at 982-99. The coupon was set at 8} per 

The only issue on offer in the cent and the price at 99.40- to 
dollar sector of the market is yield 9.09 per cent on an AfBD 
a SSOin nine year placement for basis. 

ECSC carrying a coupon of 8J The Banque - Nationals 
per cent, which is being arranged d’ Algeria's Kuwaiti Dinar bond, 
hy Banca Caminerciale Italians, was priced at oar atter beinc 
Issue price is expected to be increased by KDlm to KD 8ni 
SSL by the lead manager, Kuwait 

The market will be closely Investment Company. 





■Vsian Di-v. Eanfc jjpc WSS 



:ana<Ja 41 pc ISS'1 ... . 



Den Norsk-.* Id. BK «D». DO 


D*.-Hls<?lt*.. Hank 4;pc 1SS3... 



SCS 5:ne i«iri 



SIB 3! no IMHO 



9.i i 

Eir Aquiiuil!!.. JJp-? 10SS .. 


Enrorom j.pc 1.<S7 



h'mlanrt .--pc lSg« 



F'Di^nurlu: 5 :pc IWH .. .. 



Mcsun npc . 



Nnro-m .Vp. 



Xnruay ^;nc ins:: 


Norway rrv iStt: 



[n: Hjriken ".:nc l&ss 


■rov Qn, h.M. i.po VVij 

97! "i.m; I3.-S ... 


s' -pc l'*''S 

" 4 ; 


Trondh-im .'i.w 19SS 

lit . 

tv< i Pon-er Co. i'n'. Ite? .. 


97 ; 

ilpo 19>S 



V'nr'-J Rank "pc WO ... 



This announcement appears as a matter of record on// 


Rotterdam, The Netherlands 

The Royal Adriaan Volker Group embraces a substantial number of construction 
companies, which operate on an international scale and have branches or 
subsidiaries all over the world. 

The Group’s activities are spread over five divisions - a dredging division, a civil 
engineering division, a pipelines division, a building division and a general diviston. 
Tumover in 1977 amounted to 1,011,000,000 guilders and the Group has more 
than 6,100 employees. 

Listing on the Amsterdam Stock Exchange. 

The undersigned have arranged the listing of the share capital of the 
company by way of an underwritten offering of 250,000 shares. 

Pierson, Heldring & Pierson N.V. 

Algemene Bank Nederland N.V. 

Amsterdam-Rotterdam Bank N.V. 
Bank Mees & Hope NV 

Amsterdam, May1978 


Alcan Australia Sine 

AM BY Sue 1SS7 

Australia S’ pc i»-J 

Australian H.SS. »ir>r '82 
Barclays Eanft *Jpv ISK... 

Coivatvr 8.' pc 1802 

Can. N. SCpc 10S6 
fn-Jlr National S'r*. iifia .. 

IJcwnarfr S;pc J3M 

liCS Rite IW:: 

ECS s:pc iw 

EIFt S>: l 1 ** 

EMI 3iPl- I9M1 

Enifsrni |3 r ti . .. 

F.tsn *tw li'wi Nnv 

Cr. Litf-t Pai H -r sir* 
If.tirii'fW}' S'm- IW2 
Hylm Ow-hi e Opc 19*12 .. 
in its: . . • 

JSE Canada 1!W. . 
M.n-miHan *n<7 laP2 

Mwy Ki-tviinin B !pc '9> 
Vlih.-lln I9«i .. 
Midland l»r. Fm. v'pc T2 
<\ar»tnal Coal B»l. Sftc 19-7 
National K'simnxrr. Ppo 'Sil 
Ni-uriuun'lland 9(< 19>9 
.Vontic Inv. flfc 8T no 1RR9 
5 Kum. BV. SIpl- J9K 

Vonttpr S!pc l'.Wt 

NorsJi llj-ilm S'nc 1W? ... 

n«to 9nr ior 

Purrs iuronnmi-s Spr 1MJ 
Pm, fin. hur 'ini? I'M.'i . 
Prov. Sasknrvlwn. s;pi? 'Rfl 
R -. il tnri rr.iinjujl 9in. 19?i7 
RUM !lnr 1P92 . 

Sri- ctlon Trufl *”»»• llitp .. 
Sfjnd. En«trilda 9pc Ml . 
RKK ypi IHT . . 
s-ri-don ilfilnmt 8Jp'- iW7 
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Vulva Spy I0S7 March .... . 


Ailairalla 7*pc 195< 

Ikil Canada Ttpc IM7 .. 

Br. Col umli 1. 1 llyrt. T'.ni 'SS 
Can. Pac. SI pc 1991 

Dnw Cfu-mtcal Spc IW6 ... 

71 pc tw«2 

EXS nine 1M9 

EF.C 7!pc 1RR2 . 

KEC 7!p^ 19S4 — .. • ■ 

Enso Hipwit Slpc 1MI .. 
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Ntrrsli Hydro r’rv )9S? 

Norway T*pc 19' i l! 

OnrarlQ Hydro Ppc 1KT ... 

Sinecr Sine 1VS2 . 

S. of Srof. Elec. S>nc 1R->1 
Sviilen rK’domi 7’oc tWv 
Swedish Otaic Cn. 7IDC *33 

Tvlirwx 9’pc li^l 

Ti nnrro 72 pf 1997 May . 
Valkswaircn 7|pc I9S7 93* 

MIUmI BrowcrU:‘i Ifllpc V# 

Cltteorp 10w I99S 

r'nnrtaulilB 9’pc 1988 

Rrs 9Jpc IM 


^■rr; v?pc 19!W 

Flmnme tor Ind. Pine 1997 
Fmaiw? tor Ind. ]9pc I9S9 

Kiaona l*!pr 1897 

ni-Mctorr line IMS 

i\‘A inpc \w 

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Sran lOIpr t9S.c 

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Ban* nf Tnfcvn 1984 8*pc... 

Ht-TB 18W R4PC — .. 

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CCF 19S3 SJpc 

C'lMF 1994 71pf — 

CrivHuiUtalt 1994 9* DC 

CTidlt Lyonnais 1892 Spc . 
DO B.tnfr MN? 7IJ,r.oc . .. 
nriJ '“Si s«ienc 
In- 1 . wr«rminvrpr 1984 Spc 
UuyiH '991 T'pc ... 
J.TTB 1B«I 4JJC ... 

Midland 1992 «Pc 

mm i8*i 7! pc 

SN-CT MR* H4pe 

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1 n. 1 i 


B.MMICP Poods 4!|K- 1982... 


Hi.airlci' Foods 4’.pc 2992.. 



R-ivbam 6 !ih IMS 



Borden ' 3pr 191*2 ... ._ . .. 



npiudway Hal> 4:pc 19s7... 



Carnal um * pe 1097 



Cli-vnw Spc 1SJSS 



nan 47pc I0S7 


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ri-onoroio 47/Ji' MW7 


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in 67 ik* 1M7 



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lnchcapi.' e:m; 1992 



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Sr.ialvik '■•Ipc 19SS 



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T y Co. Sir 1051 

7*- 1 

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Warner Lairito-n line *917 



v-'anwr lainUvri IW 



Xi-mi 5PC 19^4 



Soiirm- Kidder. P.’nhmlv 


See aGamma standing still 

You might catch sighiof the exciting new Landa Gamma at trafffclfghtSL 
You could scour trie country* ear partsforjutfa gBropee of such atosivo 
luxury Or you couW awirpty contact PortmanOBfagetLlMihiiveoUw- 
Lonciaa from the versatile Beta ranges ending still In our sriowroo ms. 


Drive aPortmaa. 


108 George Street LQndonW.i.oi<3S54lB 


tAU\. » ;; 

"’’S'l .-” , C ^ 
.L&l wwt 


Half year 
£ ‘000 . 
56 971 ' 

Haffvear ■yfearKkted 
toZAJT 11077 
: £‘000 £’000 
54.324 ‘ T0a020 

■ T . 

Trading Profit 

Share cf profits (tosses) of 
associated companies 

Profit before taxation 



2,376 . 


Profit after taxation 


2,135 • 

4,676 . ' I 

Minority interests \ 



. • im 1 

Profit attributable '* 

1,960 ; 

Z074- : 

Earnings per share 294p .. 

Comparative figures for half-year 1977 reflecCihe Gti&nge; jv/T 
in treatment of deferred taxaiioh. . . ; 

Turnover of £57m in the haif-yearto 1st April 1978 is 
£Z6m above that in the comparable period of last year, but 
profit before fax has fallen by 5% due mainly to the extremely 
competitive conditions resulting from the world wide excess 
df lyre manufacturing capacity! Our tyre related businesses - 
continue to trade profitably but at red uced margins. 7he 
increased volume of low-priced imported tyres especially from 
East European countries, has added to the market problems. 

Progress has been maintained by Avon Industrial 
Polymers. New factory investments have increased capacity 
and improved efficiency. , ’ . . 

• - For the remaining part of this year, whilst there is as yet 
no evidence of any improvement in market conditions which 
will benefit our tyre business, the out took tor othergroup 
activities is encouraging. However, U now seems unlikely that 
the year end result will equal that for last year. 

The half-year dividend on the 4.9% Cumulative Preference 
Shares at 2.45p per share, amounting to £12^50 wifi be paid 
on 30th June 1978. 

An interim dividend oMp net per ordinary share (4p) • 
will be paid cn 10th July 1978. 

Avon Rubber Company Limited 

Melksham, Wiltshire, SN12 8AA, England. 
Tel: Melksham (0225) 703101. 


Source; Whits WfcW Securities. 

Financial Corporation Ltd. 


Consolidated after-tax earnings in Uie Ihree month period ended March 31, 
1978 were Can. $1,612,000 compared with Can. $1,643,000 in the same pe- 
riod last yean Earnings per common share amounted to 33.0 cents corrpar- 
ed with 335 cents lastyear. 

Laurentide Financial Corpora Bon Ud. with Head OfBce in Vancoovec British 
Columbia, Canada, is a major Canadian /financial corporation providing di- 
versified financial, leasing and specialty-insurance programmes to Canadian 
consumersand businesses through 200 offices across Canada. - 




Finance receivables ‘ Can. $ 493,270,000 
Cross income ' - 19,822,000- 

Cost of borrowing 8/541,000 

Net earnings . 1,612,000 

Earnings per common share 33.0 cents 

332 cents 


Uv ■ 

i ! I v 

^ frit 

i’ed. r’r 

-one u, i 


e srric- 



bi 11 " 

*. £r ath ri 

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p 7 ■ 

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f ‘ W?Cft?Sf r 

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37!c ° ?4S?v 

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or \h>." 

thrt»ipji ' f; t^'- 

* .^rlC 
i'- R or* n ?: . 
Carter's ,*. 

b* aiK-fS- 
im the 7:.^ 

e or 7-^- • 


ompanres -£*« 

K- vrwh -s£?* 
bem ibw*.* 
insurers £r * 
bar wh?i:°> 

Qf 7 >»*%: 

. co«; 0- C J* 

» trean^en, . J* 

aBC ' bav* tS 

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rally oa 
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r sx .Vvia'-ehJ' 

then h?ad 4*, 
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ting still 

Pfise j: ^ .” ,Y" 

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a ou* &.*••: •■■::'•. 


ny Unit 

Hi!! 5*2: 

1 - « ji "v? < •* r> 
v t- w 1 ‘ 

The Financial Time -37 


■ JA S’ 


drive (like most Lancias since the legendary Lancia Fulvia), 
sensitive power steering and hefty power braking. So 
although it’s big and spacious and comfortable, it drives 
like a car half its size. 

If you like luxury, the Gamma has it to spare. 

With thickly padded cloth covered seats, of which the 
driver’s is adjustable to give you the perfect driving 
position. An adjustable steering column. And carpets 

During the next twelve months, about 800 new 
Lancia Gamma Berlinas will appear on British roads. 

The Gran Turismo version will be even 
rarer. Somd400 will be thinly spread over the 
length and breadth of the U.K. 

. , This isn’t we hasten to add, the result of 
some devilish plot to make this very desirable 
Italian car even more desirable by making it 

Lancia Gamma Gran Turismo £9.185-67.* 

you’d be happy to lay in your own home. 

It also has a quilted roof. Adjustable head rests. 
\ A remote controlled, electrically adjustable 
overtaking mirror to keep your hands dry. 
And electric windows on all doors 
to impress policemen, hotel porters 
and petrol pump attendants. 

- So if you’d like a car that 

Land a Gamma Beriina£7^t35*83r 

UUL * 24S 

is unlikely to appear in your 
neighbour’s drive a week after 
you’ve bought your own, then you are now looking at it 
Of course, if you want to be the 
first of the few, you’ll have to move fast 
But that’s probably your 

style anyway. The most Italian car. 

Lancia (England) Limited, AJperton, Middlesex. Telephone: 01-998 5355 (24-hour sales enquiry service.). 

very difficult to obtain. 

It’s just that ever since the 
arrival of the new Lancia flagship was 
rumoured, the world and his wife have 
been queuing up to put their names down 

for one. 

And in the face of this somewhat 
embarrassing demand, Lancia have had to im- 
pose the strictest rationing since the days of Sir Stafford 


But has this regrettably exclusive car been worth 
waiting for? Is the new Gamma as good as its svelte 
Italian looks? 

If you like sheer speed, it certainly is.The new 
Lancia 2^ litreboxer engine provides you with 
a highly illegal maximum in excess of 120 mph 
The five-speed gearbox enables you to reach - 
more reasonable speeds in most unreason- 
able times. 

If you like magnificent handling, the 
Gamma should please you. It has front wheel 

“Prices indude VAT at 8% and car tax, inertia reel seat belts and delivery charges (UK mainland), but exdude number plates. Personal Export* If you are eligible to purchase a Lancia free of taxes, contact our Export Department 



% Kk’J 



Record year as exports soar 40% 


TOKYO, June l. 

HUNFJA MOTOR. Japan's fa^i- 
ur owing car uiukpi-. announced 
today a 13.# per cent increase in 
consolidated net income for the 
year lu February US. to YU7.4Stan, 
a new record, and a o5 per cent 
rise in dollar U.Tiiie. to 5115m. 
Kill almost simultaneously, the 
company said tonight that it Is 
recalling some 455.000 Civic and 
Accord passenger cars lover 55 
per cent in the U.S.) to replace 
a gasket pari which, while "not 
defective " according to Honda, 
enu Id result in gradual loss of 
engine power. 

Honda's per forma nee, however, 
largely nut weighed the adverse 

publicity caused by the com- 
pany's first major recall. Its 
success in 1977 was achieved 
despite a slight reduction in 
domestic car sales, from 246.000 
in Uti.GOO cars. Honda offset this, 
however, by selling 40 per cent 
more cars abroad in 1977. and as 
a result, the foreign component 
of Honda's car business went 
from 55 per cent in 197C to over 
63 per cenl in 1977 — a reflection 
of the internationalisation of 

Consolidated net sales for the 
fiscal year rose 1R.9 per cenl 
to Y9S3bn <54.1bni. Of this, 
Hnnda's overseas earnings 
accounted for 66 per cenl of the 

total, up from 64.3 per cent in 
1976. In unit terms. Honda sold 
L\4m motorcycles I up 14 per 
cent i and 661.000 cars in the 

The net income of Y27.5bn was 
a substantial improvement From 
Honda's previous record perform- 
ance of Y24.1bn in 1976. After 
adjusting fnr the 10 per cent 
Free share distribution made on 
March 1. 1977. net income per 
European or American share 
leacb representing 10 shares of 
common stock) amounted to 
Y476 (up 6.5 per cent), or to 
SI. 99. 

In U.S. dollar terms. Honda's 

performance is especially strik- 
ing. In 1976, net income was 
SSSm at the exchange r3lc pre- 
vailing at the end of term. The 
equivalent figure for 1977 nr 
5115m thus represent-; a massive 
35 per cenl rise in net earnings, 
as a result of the upvaiuation of 
tbe Japanese currency. 

The results are based on 
figures from Honda’s 67 consoli- 
dated subsidiaries. Honda also 
counts a further 28 aon-consuli- 
dated subsidiaries and 37 affiliate 
companies. Only equity in 
income of non-consol ids ted sub- 
sidiaries and affiliates is covered 
by the company's consolidated 
balance sheet. 

plans to 
tax foreign 

Ceat to expand in spite of 'f 
idle Indian tyre capacity 



Pharmaceutical makers advance 


TOKYO, -June 1. 

JAP A. VS lop seven pharma- 
ceutical manufacturers have put 
in profit performances far ahead 
of l heir original targets for the 
year ended last March, largely 
as a result of brisk sales of new 
medicines such as ecphalosporin- 
allieti anlibiolic. 

They bad c.v peeled the iJuvern- 
m mil to eul drug pri ces with 
effect from December r.f last 
year, and sel I heir sights low. 
IIh'.vpvit. The new pricing sy«U*ni 
by th»* ii'nvernmenl became effee- 
livc only from February 1 of this 

yon r. '.villi ac-’ordi n.? I.v less 
i.i;>ae|. Five uf the seven — 
Takeda. Fujisawa. Shiuiiogi. 

:«iui f'i.'ci- i '.stiil record 
current i*;? fnr lh rt >ear. 

SJiionogi re;»'>r:eU -jlrs up 4.7 
per cent at YllU.Thn l$512ml 

rent liigher at Y6 lihn. Sales of 
S’linnogi's .miihintir.s stayed 
around tiie previous year's level 

a' II.— i.-u'i-. !'•« coi>i- iniprnverl profi's via 
exchange gains on imports of 

raw materials (Y>.5hn> and 
financial income from hond 
operations. Shionogi is paying a 
Yl.23 special dividend to com- 
memorate Us centenary. 

Japan's largest pharmaceutical 
producer. Tafceda, showed (he 
highest recurring profits among 
the seven at Y24.8bn. This was 
up a full 47.6 per cent, rellecting 
Hie rise in operating ratios 
thanks to brisk sales of its new 
syniciCih: penicillin. The com- 
pan»- I'-iid SlflljV mm pencil 'on 
n r Y-lSSm. which was accounted 
for as a special loss in u n n- 
rorurnns items and also 
appropriated Y2.5bn for special 
reserve for future compensation. 
As a reeu!l nei profits fell by 3 
per veal 'O Y7.Uhn 1 532 3m » on 
sales or Y335.1bn (■■51.5b n». lip 
10.4 per cent. 

New products boosted Sankyo's 
:inrl f.l-iii's profits. Sankyo's 45.5 
per cent jump in recurring profits 
in Y -I .Klin was attributed lo brisk 
sales of it. 5 new cancer receive 
" K-resiin." which was marketed 

last June. Sankyo’s net profits in- 
creased 3S.9 per cent to Y2.5bn 
(Sll.'iin). on sales of Yll2.Sbn 
(5506m ) for a gain of 25.6 per 

Steady sales of EizhI's highly 
profitable cardiac medicine mar- 
keted in 1974 provided an im- 
petus for I he company’s record 
n*rurrin" nrnfits. Kizai posted 
sales or YTO.Shn tS315m». up 15 
per cenl. and net profits of 
Y2.Shn (812.6ml. up 75 per cent. 
t)u iichi Sc/ya ku improved recur- 
ring profits by S.7 per cent, to 
Yfi.i»bn and nel profits by 9-1 per 
cent lo Y2.4 bn tSl0.Smi on sales 
n f Y54.Sbn (up S9 per cenl J on 
the slrenglh of brisk exports of 

Banyu Pharmaceutical recorded 
a gain in current profits for the 
first lime in three years, with a 
rise of 7.7 per cent (o V5.6bn. 
supported by sales of i Is new 
antibiotic which was introduced 
in Mtiv la-i year. Ranyu's sales 
were Y 45.2 bn 1 8203m i, up 6.6 per 

ICB going 












Kobe Steel 



11 JO 



Misshin Steel 






Sumitomo Metal Mining 

Non-ferrous metals 

- 2.18 




Sumitomo Metal 






Mitsui Mining & Smelting 

Non-ferrous metals 

- 4.59 




Maruzen Oil 

Oil production 



977 J6 


Tokyo Elccrric Power 

Electric power & gas 





Mitsubishi Estate 






By H. F. Lee 

THE industrial and Commercial 
Bunk (ICB). an established local 
bank in Singapore, will be mak- 
ing a public offer of 5m of its 
shares and seeking a listing on 
the Stock Exchange of Singapore. 

The offer of the 5m SSI par 
value shares will be made at 
SS2.70 per share. 

The issue, which will raise 
SSI 3.5m (U.S.S5.8ni) Tor ICB, 
will increase the group’s existing 
issued capital of S$l5m to S320m. 

ICR. said (hat the purpose of 
the issue is “ to provide the 
inventing public an opportunity 
lo participate in the equity of 
the hank and enable the bank lo 
be listed on the stock exchange.” 

Group pre-tax profit fo>- the 1 
year ended Decemhcr 1977 was 
SSS.lTm tV.SJf3.6ni) compared 
with 5f*S.43m. in the previous 
year. At the after tax level, 
group profit was SS3.S9ni against 
S34.5Bm. previously: 

ICB said that current year 
profits - will he maintained at a 
satisfactory level.” It expects to 
declare a gross dividend of not 
less than 71 per cent, on the 
enlarged canital for the year 
ending December 1978. 


Daiwa Bank 






Fuji Bank 






Mitsui Bank 






Mitsubishi Bank 






Sanw? Bank 






Sumitomo Bank 






Fuii Photo Film I 

Fuji Photo Film Company's net 
profit fur the half-year ended 
March 31 fell by 21.7 per cent 
from Y 5.53hn (S2onil. from 
Y7.06bn in the samp period of 
the previous year, A P-D.I reports 
from Tokyo. 

Sales during the half-year, 
however, rose 6.7 per cent to 
Y137.42hn (8610m J from 

Y12S84hn. Exports totalled 
Y34.70bn. up 4,1 per cent from 
Y.13.34lm, with those to Che U.S. 
amounting to Yll.4hn. down 5.7 
per rent from YUM bn. and (hose 
to Europe up 11.8 per cent to 
YllSobn. from 11.S per cent 
front YlO.Bbn. 

This announcement appears as a matter of record only. 

Empresa Lineas Maritimas 
Argentinas S.A. 

US $50,000,000 

Medium Term Financing 
Guaranteed by 

The Republic of Argentina 

Lead Managers 





Provided by 









Agent Bank 



By James Forth 

SYDNEY. June 1. 
ment intends to impose » 
branch profits tax on overseas 
companies operating in Austra- 
lia. Legislation is expected 
(o be Introduced next week, 
but will not be passed before 
ihe winter recess of parliament 
!o allow comment and repre- 
sentation to be made to tbe 

Tbe branch profits tax arises 
out of controversy last year 
after Utah Development, 
Australia's most profitable 
company, remitted more In 
dividends to Us U.S. parent 
Tor the. first nine months or 
1977 than it earned— and 
without paying any withhold- 
ing tax. 

Ford and Esso (a sub- 
sidiary of Exxon or tbe U.S.) 
came in for similar criticism. 
All are incorporated in the 
U-S„ making them branch 
operations of a U.S. company 
and therefore not subject to 
withholding tax. If they had 
been incorporated in Australia, 
(be dividends would he sub- 
ject to this tax. 

In the case of Utah, no with- 
holding lax was payable by 
any companies when the local 
operation was established, ft 
was Incorporated in Ihe U.S. 
because that was the only way 
advantage could be taken of 
U.S. depletion allowances 
under which a percentage of 
mining income or profit is 

It Is Inlcndcd the tax will 
be on taxable income because 
of tbe difficulty of Isolating 
remittances. It would not 
apply to other income or non- 
residents taxed under provi- 
sions of (he tax law, such as 
film royalties, shipping profits 
and Insurance premiums. 

The Treasurer, Mr. John 
Howard, said the Government 
wonld give further considera- 
tion to representations that 
might be made about the 
detail and the mechanics of 
the tax. 

CEAT TYRES of India has 
decided in go ahead with the 
expansion of automobile tyre 
production facilities despite -fall- 
ing profitability and substantial 
idle capacity in the tyre industry. 
Profits of Ceat. Tyres declined -to 
1.79 per cent of sales in 1977 
frqm the peak of 1L29 ner cent 
in 1972. Tbe 1977 profits were 
the lowest since 1970. when the 
company had to contend with 
the after-effects of a prolonged 

The installed capacity of ihe 
tv re -industry now exceeds, the 
demand, which has been 
slueeish partly because of heavy 
taxation- on road transDort and 
partly because of the improved 
efficiency or nationalised rail- 
wavs. New imposts on fuel, 
newer and other raw materials 
levied in the March Rudget have 
)*w»n absorbed bv the railways, 
imnmving thrtr enmoefitive 
position. This has enabled them 

to wrest bads business from road 
transport . . 

Against the lyre industry's 
capacity of 7.92m units P&r 
annum, production in 1977 was 
5.94m— an increase of 6-39 per 
cent over the previous years 
level. On current -reclaming, it 
will take at least three years for 
the industry to reach full utilisa- 
tion of its installed capacity. 

Ceat Tyres, the market leader, 
however, sells all that it produces. 
The Rs 54 m expansion pro- 
gramme Is to be completed by 
end-1979. At current priees. sales 
in 1980 are expected -to be.Rs lbn 
and will go a (on? way in improv- 
ing its profitability. 

The total income of the com- 
pany in which Tata has a stake, 
rose by only 5 per cent to 
Rs 761.40m in 1977. but profits 
before tax ' dropped ■ . from 
Rs 20.09m in 1976 to Rs 13,47m In 
1977. After-tax profits amounted 
to Rs 13 per equity share, in 1977 

as compared with Rs 59 in -1972 ■ 
and Rs 24 in 1976. The company- .“V- 
exparted. Rs 47.50m worth of - 
tyres in 1977-to- meet the export • 
obligation . laid down by the 
Government. The export prices \V 
realised were uneconomic against A ’. • 
competition from multinational •? 
tyre manufacturers. . \ 

Ceat Torres raised the prices 
of rayon tyres by 10 per cent and ! ->'• 
of nylon tyres by 2.5 per cent. 

Since other tyre-manufacturer* 
followed suit, the Government has • 
proposed to take action under the . 
Monopolies and Restrictive Trade 
Practices Act’ . V • 

The introduction nf radfej jyr&r' ' ' 

on the Indian market is under-' , L 
consideration by the company. If / >m 
road Tests prove satisfactory. CeatHl*-'- 
will apply -to the Government for/ •* 
a letter of intent, which will 
converted ' ' in to - an industrial 
licence when -the tends and con- 
ditions for obtaining knowhow -. 
are settled...- 

Triad takeover of SPP delayed 


THE EGYPTIAN Government’s 
derision to cancel the Pyramids 
Oasis project at Giza, to have 
been carried out jointly with 
Southern Pacific Properties here, 
will delay takeover talks between 
SPP and Triad Holdings Corpora- 
tion in Luxembourg. 

Triad, whose Saudi entre- 
preneur chairman. Mr. -Adnam 
Khashoggi. is a non-executive 
director of SPP, is the largest 
shareholder in SPP and is 
negotiating to buy the remaining 
shares. SPP's shares bare been 
suspended here since . May 17 
pending the outcome of ^take- 
over negotiations. . 

Mr. Peter Munk. chairman uf 
SPP. confirmed here before Ms 
departure for London and Cairo, 
that the cancellation of the Giza 
project would inevitably delay 
the takeover by Triad. Sir. Munk 
safd at SPP’s annual general 
meeting here on May 31 that 

Cairo’s action had come as at. 
complete surprise and. effectively 
stopped bis cotopany's current 
o perati on in Egypt 

SPP was to have carried, 
out the Egyptian deveTopment- 
th rough its 65 per ccnt-owned 
Middle East subsidiary'. SPP 
(Middle East), which in turn 
held 60 per cent of Egyptian 
Tourist Development Company. 
The Egyptian General Organisa- 
tion for Tourism and Hotels 
bolds the remaining 40 per cent. . 

Tbe Egyptian President Anwar . 
Sadat, personally called off the 

: • ■; .- ; HONG KONG, June Z. 

. HK$2:3bn . (US$4 95m) Pyramids ■ 
Oasis; project xlose to Jthcf fciOL 
Pyramids.. ypHowfag ' opposition^ 
to' the. development by codserva- - 
tionists and b there:. ' • ” *. 

.- The . proposed , tourist .derelonJ'-- 
mentL included five hotels pnrvid- 
ing- 1800- rooms, in alt and -a goli : 
course,: among other amenities. 

.Mr. Munk said at the SPP.- 
mceditg he bad no ' idea biw -T 
much, money had. been -invested 
in . pianxjing and rofrdstriicttire 
for the Giza Development SPP 
had guaranteed loans to SPP 
(Middle East). 







Copies of 3 Bi-annual Report for the period to 59th 
March 19-^8 are available to shareholders at the offices 
of the Managers and Paying Agents named below. 

Managers: Barclays Unicom International (Channel Islands) Ltd ., 
P.0. Box 152. St. Helier. Jersey. CHANNEL ISLANDS. 

Paying Agents: 

Tbt H snqlcaag >od 
Shanghai Banldag 
Co^dijiios. P.D. Bbx SI 
Ssndai Seri Bsgawao. 

BonUjri Bank (Heog Kwp) 
Noniuc; Lid- 

D. P.O. Bar Ne 205 
Connaught Centra. 

1I0RG XDN6. 

BanV Bonn D»y». 

Jilai Juretlj No. ?0 
Jakarta. INDONESIA. 

E. mque Internationtlg 
a Luiamfaang, SA . 

Bone Poital* lin. 

t Boulnrari 

Mid- Med Bank Limited. 
Saving* Office, 

233 Republic Street. 
Vaffnu. MALTA. 

Bank e( Naurs. 
f 0. Bos 2BS. NAURU. 

Papua Near Genes 
Banking Coqwrnree. 
P.0. Bos 78. 

Pori Morestty. 


Barclays Kol 6 Ce. N.V., 
Pssibus 160. 
Hejwijrarb! 500. 

InlemeiioBal Bank ■( 
Singapme Limit ad. 
Podtuat 107. Ul Floor. 
DBS Building, . 
oHeBtai Way. 

Australia Ir Utrj Zeal and 
Eaoking Group Linultd. 
P.D. Bus 1886. Walbngton. 

Socieli Bancairr Barclays 

(Saissal SA 

Casa Poitiie 221. 

Cti-UU genera II. 

Barclays Bank Limited. 
Sncnriues Scrvicw DepL. 
SfebwI Rear. 

S< Lombard Strut. 

Lend a a EC 3 P 3 AH. 

unrren kingdom. 

U. S. $30,000,000 Floating Rate 
Capital Notes due 1984 

•7- For the six months 

- 2nd June, 1 978 to 4th December, 1 978 % 

-■ the Notes will carry an 
interest rate of 8i_per Gent per annum. - 

The Notes are listed on the Luxembourg Stock Exchange 

•By Morgan Guaranty Trust Company of New York, London 
Agent Bank . . 


Ente IVazionaJe per l’Energia Bettrica(EML> 

Guaranteed Floating Rote Loan Notes 2989 

In- accordance with the provisions of the above Notes, 
Bankers Trust Company, as Fiscal Agent therefor, has 
established the Sate of Interest on such Notes for the 
semiannual period ending November 30,^ 1978 as nine and 
one-quarter percent (rSVi^per annum. Interest due on such 
date will be payable upon surrender of Coupon No. 17. 

DATED: June 2, 1978 


Fiscal Agent 

The. A Jvcruacipcni complies »Uh ihccequitemeatoottiM! Council of Tbt Slack Exchange in London . 

National Westminster Bank 


U.S. $75,000,000 9% “B" Capital Bonds 1986 


U.S. $150,000,000 Floating Rate Capital Notes 1990 


County Bank 


Credit Suisse White Weld, 


Orion Bank 

- limited 

Bunque Rationale de Paris 

Banque de Paris et des Pays-Bas 

Banque Populaire Suisse 
S.A. Luxembourg 

Girozcntrale und Bank der Osterreichischen Sparkassen 

• -- Akticnge>eitechaft • 

Socivtc Ccnerafc de Banquc S.A. 

Swiss Bank Corporation (Overseas) 

Limited ■ 

Union Bank uf Switzerland (Securities) 

- Limited 

Wesfdeutscfcc Landeshank Girozeotra le 

. The Bonds and ihe Notes of U.S. $1,000 each constituting the above issues have been admitted to- the 
Official List of The Slock Exchange in London. The issue price is in each caseTOOper cent. Interest on 
the Bonds is payable annually on 15ih June; the first such payment will be. due on 15th June, 1979. 
Interest on the Notes is payable semi-annually in arrears in June and December, it being. exported that 
the first such payment will be due ou2lst December, 1978. ’ v ‘ 

Particulars of the Bonds and Notes are available from Extel Statistical Services Lumted, and may be 
obtained during normal business hours on any weekday (Saturdays, bank and public bolides excepted) 
Up to and including 1 6lh June, 1978 from • 

County Bank Limited, 
i I Old Broad Street, 
London. UCZN IBB. 

Strauss, Turnbu/i &Co:,. 
3 Moo reate Place. ' 

London. EdR 6HR. 

Cazenove &Co., 

1 2 Toketthouse Yard, 
London, EC2R7AN. 

1 2nd June, 1978 


s 0{ 

30m ■ 

"«t u>. ' 

*"*3 |> 

« ®»p-J 
oanautA . 


tht K 

»??$ ; 



£S?ft - 

ai. wnich^.; 

* »n 111,1“ • 



■ KtJNa Jao8 . 

3SW5mi p,- 

*'** & 
10 w -a? oJL: 

S. b! S 

ud toun«; (W 
l five hotelsT 
is in all anj, 1 
3 R lhtr imij. 
said at tl#, 
nad no 
had ii«r. 

^ntl ;nf 

Development , 

ved loans & 

.:. • ; ■ - • a . ; ■'. 1 ’ ■ •’ 

■ UM1 

^t®&ilDr;aflpdersi^j:- . 


IPjSurrcfflt year 

• >>;*T J : • 

- the West Qermaa 

' '. J?™™? tool, process plant sad 
c. *.3nediagtea], engineering group 

SSgW* 4 -by HannesS 

anawmeed that orders for 
-v^tM&rtovemonths of 1978 were 
K'.-epapt - S -per- - -cent lower at 
4ft B»>87Dtt aesiox 
r^r-B^t.-fierr ; Otto Blank,: the 
^chairman, stressed that the figure 
p^eflected only, contracts -that had 
^wen ;fnlly.-compieted, and said 
taJte' « ^t4 »o» still under negotia- 

already- agreed in prin- 
- wpre to he -included, the 
could be Increased by at 
.» .•;* l n?st: DM:-20Qin. . .. - 

s^ tj.Wr tbe year as ,& whole, said 
'HenYBMk, the - company. Is 
'a*'. ejecting An. increase in orders 
ZZi oTlO-lfcper tent, with particular 
o£fup2iA&i5 r on. those from oil- pro- 

plans $lbn 


A sigh of relief from the banking systei 

BONN, June 1. By Our Finintial Staff 

(hieing countries and from the 
socialist bloc- In addition — as 
Mannesman □ Itself has already 
reported— Demag is expecting a 
continued brisk demand for Its 
“off-the-shelf” product lines. 

Last year, improved operating 
results in ibis area, coupled with 
other factors, helped Demag to 
raise its profitability appreciably. 
Aftertax profits were up from 
DU 11m to DU 28nr(S13m) on a 
turnover that rose from DM 2.1 bn 
to DU 2.3bn (JLlbn) a develop, 
meat that represented an 
increase in the rate- of return 
from 0.5 per cent to 1.2 per cenL 

Of this sum, said Herr Blank, 
DM 24m was being paid to the 
parent. Demag is to change its 
same to Mannesmann-Demag on 
January 1.-' 

Saint Gobain forecast 

*J. -- ^ 1 Y Q Ma FINANCIAL staff 
- vANOTHEBc -disappointing per- 
formance for the home operations 
wag. forecast yesterday by Saint 

f - Gobain, . Pont a Mousson, the 
i largest- private industrial- entity 

jirirFlsanceO/. ; ■ 

-Speaking 7 at the annual meet- 
ing in Paris. M. Roger Martin, 
chalrinan, said he expected the 
. French companies to -trade dis- 
Jv appointingly in 1978 but that the 
oversea^ operations — which last 
' year accounted for just over half 
■' **hf- 'total. -Sales — would produce 
another satisfactory performance. 

■ Specific mentionwjis made of the 
_;••• U.S, Gerinany,' Spain and Brazil. 

■ ' M-Martin would make no pre- 
else reference to profits at the 
** glass aiid packaging group. He 
was able to confirm, however, 
-•* that sales in 1£>7S would rise by 
_ around 10 per cent to FFr 35bn, 
"or $770m. -r - 

Last year net income rose to 
FFr 642m from FFr 471m. : This 
'increase . of more' than .a third. 

represented- a partial recovery 
for the group: in 1974 earnings 
topped FFr 700m. French com- 
panies accounted for just 6 per 
cent of profits last year whereas 
the U.S. and Germany ^contri- 
buted 20' per cent and 17 per cent 

In 1977 the group increased its 
capital spending by almost a fifth 
to FFr 2.5b n. Shareholders at 
the meeting were told that invest- 
ment in 1978 would probably rise 
at a faster'rate. 

*■ f*. '■ . .+ 

PROFITS at" Le 7 " Materiel Tele- 
phonique SA-LMT should grow 
at least asrfast as sales this year. 
M. Jean - Pierre ' Bouysson ni e, 
chairman, told analysts in Paris. 
Reuter adds. Sales are expected 
to grow by between 12 and 13 
per cent on a comparable basis. 
LMT - made a net profit of 
FFr 8327m (8lS2m) in 1977 
against FFr 60.14m on net sales 
FFr- I.77bn. ■’ _- = 

Brown Boveri sales rise 


'ZURICH, June L 


sting Rati 

nber, * 97 3 


er anr.LW. 



. SWISS-BASED. engineering can-, -v Most of the foreseen “ quite 
cem Brown BovertY expects high ” targets had been under- 

* higher group tnrnovet' and order she t as a result of cootinued 
inflow In 197S thait last year, weak demand and sharp competi- 

? based on end -1977 exchange tionL- He' Indicated that possible 
rates. Group sales' declined -by seasdsal shifts 'could change 
;- 3 per centin 1977 fdiSwFr 8-19bn -tfiftJater in the year, 
f ($42toh). while . ‘.the. value of . • - '■ :• ' ' 

new orders rose 8 per- cent to . . :<.* . * 

i Sm’s S niStSSSS!? P £E UctoLi r ucen*i 

■ He * tiSretore ' pSSned fr l ^ sales.: 'the total [group turn- 

i fas® 

’ Sn?“ > Sf , SlT ^ b5a£d^ n of°*^SS r »^ls of 

• b Mr Cimp eSti Fmolcej <ooe> of -^the world's iead- 

th?le SSAr ..... - ^B producers^f chrome^mclgl 

Although ."=' Brown.' T' Boven goods, riSows that fwo-tqiros 
: expects a rise io sales: and orders . J? tte J^ s ^S 0UXrted 

this yeaf.TTerr Lutert>acher told, tll _ 

the annual. meeting that group Tbe group, which since tpe 
figures for the. first- four -months- sfar to Ufa a year- has been beaded 

■ had been ■ at about- the same by -F rahke Holding AG, booked 
— levels' 'ai' for the' eoreespobdmg' gnrap' caahflnvr .equal to 9.9 per 

period of 1977. - - ’ .-cent of sales in 1977. 

PLANS for a substantial capital 
investment programme together, 
with some major redundancies 
were yesterday unveiled by 
Svenaka Staal AfB, the semi-state- 
owned Swedish producer of com- 
mercial steel. 

. The company Is to spend 
wound SKr 5bn ($1.0Sbp) over 
the next ten years but -at thej 
same time could well reduce its' 
workforce by 2,000 to 17,000. 
This amounts to a cutback of 
about an eighth, hut the com-, 
flan y gave oo indication of the! 
timespan over which the lay-offs , 
would take place. 

The company, which begau 1 
operations last January, said Jt 
sees these measures as necessary 
to create a competitive and 
profitable enterprise. 

SSAB includes the former 
iron -aiming, transport and com-, 
ntoreial steel production facilities 
of the private firms Graenges 
and Stora Kopparherss Bergslag 
as well as the state-owned Norr- 
bottens Jaernverk steel mill at 

The company said it plans to 
close the Bloetbercet and Haaks- 
berg iron mines in central 
Sweden, shedding S00 jobs. A 
closure date has not yet been 

The survival of mines at 
Danneraora, Risherg. Strassa and 
Graengesberg depends on ore 1 
sales within Sweden and abroad. | 
thongh 400 jobs are scheduled 
to disappear at the latter mine. 

SSAB said it proposes to 
reduce its Luleaa workforce by 
450, wbile Kopparbergs’ Dorn- 
narvet facilities will lose 500 tut 1 
Hraenges’ Oxeioesund steel works, 
will gain 300 jobs. 



THE Burmeister and Wain 
shipbuilding and industrial 
group yesterday announced the 
acquisition of two companies, 
Dannebrog Elektronik and 
Meyco Embellage. a packaging 
company. The combined sales of 
the two companies are some 
DKr 300m (S53m). 

At the same time, Mr. Jan 
Bonde Nielsen. managing 
director and chief shareholder 
in the Burmeister group, an- 
nounced that his family company 
has acquired De Danske Boznuld- 
spinnerierne, a cotton spinning 
and textile company. 

Dannebrog has lost money 
over the past couple of years, 
but has a large stock of orders 
in connection with component 
production for the American F16 
jet aircraft. Meyco’s net earn- 
ings in? 1976-77 were DKr. 34m. 
-The purchase price of the two 
companies was not revealed, but 
reports here say it was between 
DKr 75m and DKr 100m. 

TbeXacquisitions continue the 
policy diversification which 
has been, pursued by Jan Bonde 
Nielsen Since he took over the 
Burmeister group in 1974. 

not the only ones breathing 
easier following the German 
supreme court's exoneration, 
earlier this week, of the central 
bank’s handling of the collapse 
of the Herstatt Bask. One of 
the key issues in the case — 
whether three German 
“universal" banks should have 
had advance knowledge of 
Herstatt 1 s impending closure — 
had major implications for the 
role of German banks as a sort 
of financial safety net for German 
industry. German banks have 
often used their rather 
privileged position to mount 
discreetly assembled rescue 
operations for failing German 

When Herstatt, a small 
Cologne-based private bank, first 
got into trouble in mid-June, 
1974, there was no reason to 
suspect that the affair would end 
with a number of its senior staff 
on trial, for fraud and the 
Bundesbank sued in the courts 
by Hill Samuel, the British zne» 
chant bankers, and Merck. Finck 
and Co., one of Frankfurt's lead- 
ins private banks. 

Herstatt was merely small fry, 
with assets of DM 2.075 bn 
(S1.04bn) and 31 branches. 
Admittedly, it was ambitious. It 
had a Luxembourg subsidiary, a 
representative ofiiee in London 
and was heavily involved jn the 
foreign exchange markets. But 
when it reported that it was 
heavily in debt as a result of 
soured foreign exchange trans- 
actions, there was no reason for 
the West German banking 
authorities to think that it was 
anything the system could not 

Four day’s before the closure 
the Bundesbank drew three of 
West Germany's major bank's 
into talks to save the bank. 

Negotiations, however, broke 
down on June 26 with losses of 
over DM lbn ($500m) and the 
admission that foreign exchange 
transactions which had prompted 
the closure "appeared incorrectly 
in the bank’s books.” 

The closure took the banking 
community — with the exception 
of the banks that had been 
called into rescue talks— by com- 
plete surprise. Indeed, on the 
day it shut its doors, Herstatt 
bad been doing business as usual 
in the foreign exchange markets 
and many of its trading partners 
were in the process of clearing 
large spot deals on its account 
The Frankfurt subsidiary of Hill 
Samuel was one of them. 

Hill Samuel bad a 321.5m spot 
deal in the clearing process when 
Herstatt was officially closed. At 
first it seemed as thougb Hill 
Samuel would get its money back 
as the deal had not boon com- 
pleted at the time Herstatt offi- 
cially closed. Then on July 15, 
1974, less than a month after the 
collapse Hill Samuel announced 
that nothing would be forthcom- 
ing,. “ What we feel is that 
through the action of the Bundes- 
bank we’ve been caught." Pro- 
ceedings were instituted against 
the Bundesbank on October 12. 

The Frankfurt civil court 
wbicb heard the action found 
against the Bundesbank and 
awarded Hill Samuel damages of 
DM 10m plus interest and costs. 

Not unnaturally, by the end of 
the original bearing a number of 
banks which bad lost money as a 
result of similar dealings were 
following the Hill Samuel case 
with avid interest. If Hill 
Samuel won its suit the way was 
paved for a whole host of other 

The Frankfurt civil court 
severely casu sated the Bundes- 
bank for dra-.ving the three major 


» banks into an attempt to save 1 
f Herstatt three days before its 1 
> final collapse. This, it said, gave i 
■ them an unfair advantage over 1 
l their competitors when the 1 
? closure finally came. 

According to the civil court, < 

• the Bundesbank bad failed in its j 
i '■ clear legal duty ** to warn banks ? 
i involved with Herstatt of its i 

• impending closure. The Bundes- t 
t bank, it said, knew of the “un- t 
t fortunate" timing of the with- i 
I drawal of Herstatt’s licence by s 
» the Federal Banking Supervisory I 

the Bundesbank only announced 
the closure of Herstatt at 
3.30, and formally informed 
Herstatt three-quarters of an 
hour later. 

At appeal, the higher regional 
court agreed with most of Che 
lower court's findings. In what 
must be the severest condemna- 
tion of central bank officials 
ever recorded, it said: ‘‘The 
culpable negligence of the 
president of the Bundesbank and 
some Bundesbank directors has 
been held against the Bundes- 

An American banker commented: “In an argu- 
ment between tbe private sector and tbe system, 
the system always wins — and Hill Samuel should 
have known it” 

Agency and knew that no 
measures had been taken to pro- 
tect other banks from this. The 
secrecy seemed intolerable 
because several hundred million 
Deutsche-marks were paid into 
Herstatt 's accounts on that day, 
a large part being pre-payments 
od foreign exchange deals. 

The court rejected the Bundes- 
bank's argument that it had only 
a technical function to super- 
vise clearing operations. The 
central bank, it said, organised 
the clearing and took part in it 
under banking law as a legal 
participant. Therefore it had 
certain duties to fulfill. 

By 2 p.m., at the latest, on 
July 26 the Bundesbank knew 
that the rescue talks had broken 
down and also knew then that 
Herstatt's losses could be as high 
as DM 620m. It also knew the 
type of deals that Herstatt had 
been undertaking. However, 

bank in the rejection of its 
appeal against the lower court 

The argument of these courts 
that the Bundesbank had given 
unfair advantage to the three 
big banks involved in the abor- 
tive rescue talks bad serious 
implications for the German way 
of providing cash infusions for 
ailing businesses. Tbe banks 
are so central to the German 
corporate sector's finances that 
they often are obliged to put 
together rescue financing. In 
tbe process they inevitably must 
be put into a privileged position 
vis a vis other creditors. If 
a rescue plan succeeds nobody 
suffers: if it fails it can be 
argued tbat tbe banks have had 
unfair forwarning. 

The courts, of course, decide 
on points of law rather than 
resolve philosophical questions 
of which course will yield the 

greater good. Therefore, it wa 
particularly fortuitous for the 
German way of doing thinys thal. 
tbe situation was saved by Uiu 
Federal Supreme Court’s decision 
that all the debate in the lower 
and appeals courts about the 
timing of closure announcements 
was irrelevant 

The Federal Supreme Court 
took the view tbat the Bundes- 
bank's duty was to ensure a 
smooth currency clearing system, 
but that it had no responsibility 
to undertake measures anticipat- 
ing decisions to close down a 

There was no obligation on the 
Bundesbank to withdraw HersLitt 
from the foreign-exchange clear- 
ing operations on the day it 
closed. If the Bundesbank had 
removed Herstatt from the clear- 
ing system it would have pro- 
tected some banks in the system 
but disadvantaged others. It 
would have also affected Herstatt 
customers who could still have 
counted on satisfaction from 

If the German banks are now- 
breathing more freely, feelings 
in the foreign hanking com- 
munity are mixed. If ihe supreme 
court's verdict had been predict- 
able, so was the cynicism with 
which it was received. An 
American banker commented: 
“In an argument between the 
private sector and the system, the 
system always wins — and Hill 
Samuel should have known it.” 

For Hill Samuel the case is 
now closed. Defeat was 
bitter but the overall cost was 
not particularly high. Hill 
Samuel’s net loss on the 321.5m 
transaction including legal fees 
and lost interest, amounted to 
3 560.000 after tax relief. This was 
provided for in the bank's 
accounts before March 31 last 

Dutch brokers urged to slim operations Spain rules out loan 


MEMBERS OF the .Amsterdam 
Stock Exchange must streamline 
their activities in order to 
improve profitability, the Ex- 
change Association said. Wages, 
which form the most important 
cost Tor member firms, are rising 
Faster than turnover on tbe 
Exchange, it said in its 1977 
annual report. 

Improved profitability is 
needed to guarantee tbe con- 
tinuity of member firms which 
depend solely or mainly on com- 
missions oa share transactions, it 
said. This can be achieved by 
streamlining members’ research 
and information departments, 
and by standardising procedures 
for carrying out clients' orders. 
Average wages rose 7.5 per cent 
in 1977, compared with an in- 
crease of less than '5 per cent 
in stock exchange turnover. , 

The number of member firms! 
fell by three to 167 at tbe end of I 
last year, while the number of 
individual members' . was 10 
lower at 300. This decline was 
solely due to, a fall in the num- 
ber of broking firms. 

Government local authority. 

banks and insurance companies 
continued to dominate the new 
issue market. These funds were 
for the most part passed oo to 
businesses which were unable to 
make a direct call on the stock 
exchange either because they 
were too small or because their 
balance sheet or profitability 
excluded tbem. 

Figures from the Central 
Statistics Office show a 42 per 
cent rise in new public issues to 
FIs T.OSbn <S3.13bn) from 
FIs 4.97bn. Mortgage and com- 
mercial banks also placed a large 
amount of mortgage and savings 
bonds. Investors took up 
FIs 2.Sbn iSl.24bn> in 1977 com- 
pared with FIs l-3bn the year 

Demand for fixed interest 
securities in preference to 


shares continues. The effective 
turnover of these two forms of 
paper was around FIs ISbn each 
in 1977, compared with FIs 12bn 
of shares and FIs 3bn of bonds 
in 1969. 

★ ★ ★ 
CHEMICALS AND pharmaceu- 
ticals group, Beiersdorf AG 
reports a decline in net profit to 
DM 30.Sm for 1977 from 
DM 39.3m. despite an 11 per 
cent Increase in world sales, the 
management board told the 
annual Press conference. Tbe 
primary’ causes for the lower pro- 
fits were labour and material 

The supervisory board had pre- 
viously announced that it would 
recommend a 1977 dividend of 
DM 6.50 per share 
AP— Dow Jones. 


SPANISH borrowers continue to 
be active in the medium-term 
market, but the possibility of a 
large loan for the Kingdom is, 
for the time being, ruled out. 
Those in the Ministry of Finance 
in Madrid who have been arguing 
all along that the current level 
of Spain's foreign reserves <s 
sufficient seem to have won the 
day. The figure for reserves, 
which stood at $7bn at toe end 
of last March, Is expected to in- 
crease following the summer, 
when over 30m tourists are ex- 
pected to visit the country. 

The state telephone company, 
Telefdnica. is raising 350m for 
eight years on a spread of 3 per 
cent throughout, a marked 
improvement in terms on their 
latest loan raised only a few 
weeks ago which boasted a 
spread of J per cent for seven 

years. There is no guarantee for 
the new loan, which is being 
arranged by Manufacturers 
Hanover Ltd. 

Meanwhile. Empresa Nacionnl 
Hidrelectrica del Riba Gorzana is 
raising 330m for eight years on 
a split spread of 1 per cent for 
the first three years rising to 11: 
per cent, through a group of 
banks led by Chemical Bank. 

Argentina is raising SlQOm. for 
10 years for Comision Tecnica 
Mixta de Salto Grande, whi'-h 
is a joint Uruguay-Argentina 
project. The loan, which carries 
a sovereign guarantee, carries a 
split spread of 1 per cent for the 
first five years rising to 1J per 

Hamersley Holdings. oF Aus- 
tralia. is understood to be raising 
8150m. but final terms are not 
yet known. 

This anooimcemeutappears as a ma tt e r of record only 

letirica ©S 

i Notch 19*9 

t .f iv.e aw**/ .* 
sriC-i Noss*; 

• git. :i»7£ 

JT/vfCi- - *: 7 - ' 

'-..4 . . 
•Vi' ••• 

This announcement 


U.S.S 90,000,000 

(final Repayment 1988} 



Eldnwort, Benson 

Samuel Montagu & Co. 

Provided by 

Uoyds Bank International limited 

The Chase ManhattanBank, N-A. 

Chemical Bank 

Citibank NX 

Orion. 15 / 

.Gir^' nir; 

Hankers ItotCompany CrockerDiatw 

iV y^tmfarhm ^ Hanover Trust Company 


Crocker National Bank 

Midland and International Banks limited 

Midland Bank Limited 


US. $30,000,000 

Euro currency Loan 

Managed by 

Banque Europeenne de Credit (BEC) Chemical Bank International Limited 
Kredietbank S A Luxembourgeoise National Westminster Bank Limited 

Sumitomo Finance International 

Provided by 

Banco Espanol de Credito (Banesto) Banque Bruxelles Lambert S A 

Banque Europeenne de Credit (BEC) S A Chemical Bank 

International Westminster Bank Limited Kredietbank S A Luxembourgeoise 

Midland Bank Limited The Mitsubishi Trust and Banking Corporation 

The SanwaBank, Limited The Sumitomo Ban k, Limited 

The Sumitomo Trust and Banking Company, Limited Toronto Dominion Bank 

v 'i’- 

rt.J U*.'i “■* 

71 ' 

r J 1 .. 

: V- 


Samuel Montagu & Co. limited 


Agent Bank 

Chemical Bank International Limited 

JHeQOTort, BensonXimited 


March, 1978 

The Property Market 

-.w • • • : v.v.- v :■ • : : • .. . .• • ... . . 

Mel renl per sqtt per annum £ sterling 

- >'.Vrfv}> 

.• . :wx: 

A new development phase 


THE international cycle of 
property activity now seems to 
be moving steadily into a new 
development phase. At the recent 
international property confer- 
ence organised by Jones Lang 
Wootton, and in a major report 
on the world’s property markets 
published this week by Richard 
Eliis, two features are common 
to most of the established 
markets: a gradual absorption of 
the over-supply of speculative 
property developments started in 
the early 1970s. and a sharp 
recovery in property investment 
values us an ever-growing volume 
of Institutional money chases a 
dwindling supply of suitable 

Both features combine to lay 
the foundations for another wave 
nf development activity, though 
it seems probable that it will lie 
a significantly less powerful 
wave than five years ago because 
or the still fragile state of the 
world economy. 


The Richard Ellis report illus- 
trates the impact of increased 
institutional buying pressure on 
prime office yields throughout 
Europe. In Britain, although 
■higher interest rates might 
logically have been expected In 
kill the market for a time — and 
funds are -now standing back 
from smaller deals — there is 
growing evidence of the price 
insensitivity of really prime 
Investment properties. 

The agents question the wis- 
dom of some low yield purchases 
in the past TJ months. But they 
sufficient potential rent 
growth in retail space. City, but 
not generally provincial offices, 
and in welt located warehouse 

schemes id justify historically 
low fit per cent buying yields 
for industrials, and 4j per cent 
for prime shops and central area 

Buying yields ia Britain 
remain the lowest in any of the 
developed property markets- of 
the world. Bui the picture of 
increased investment and letting 
interest, and of little develop- 
ment activity, is common to most 
of the rest of Europe. 

The lead in commercial pro- 
perly investment on tbe con- 
tinent bas been taken by the 
asset hungry Dutch institutions. 
The Dutch funds now buy local 
residential property on yields 
down tn 4 per cent or less, central 
offices and shops down to 6 per 
cent and prime industrial space 
for between 71 and 8 per cent. 
But the shortage of institutional 
grade investments forces the 
funds overseas and they have 
been active buyers of office pro- 
perties in France on prime yields 
of around S per cent and are now 
running into increased com- 
petition front local French 
investors who have turned from 
their traditional residential hold- 
ings— -selling dowD to between 
5 and 8 per cent — to commercial 

Dutch buying is also evident 
in West Germany and Belgium, 
where comparative prime office 
yields are now 5J to 6t per 
cent and 75 per cent respectively. 
There is a continuing over-supply 
of office space in Brussels and 
other Belgium centres — Ellis 
estimates a total of 4.4m sq ft 
nf empty post 1965 buildings in 
Brussels with an annual take-up 
rate of 2.15m sq ft a year — but 
as the letting market moves 
back intu balance a five year fail 

in the real value of office invest- 
ments is beginning to stabilise. 

Further afield Eli is echoes 
JLW’s enthusiasm for the North 
American market But the firm 
does leave a question mark over 
tbe longer term health of the 
Canadian economy. In the U.S. 
the tax benefits of property in- 
vestment, the increased weight 
of properly development controls, 
and the growing interest in 
equity holdings of real estate by 
local ‘institutions add to the basic 
appeal of holdings in an economy 
of such basic strength. 

Buying pressure in the U.S. 
has ‘pushed initial yields on 
prime offices and retail centres 
into tbe 6 to 7 per cent range, 
and industrial property to 
between 7 and SJ per cent 

■■ ■ 

/•ia. . o ’• in ;• 

:--f . -:-S :\3-: 5 

a. .. xa. • £ 

ll'l y.‘. ** . ‘ . X ... A A* A A*»..*.V» W*A«V.*A .< \\ 

Net rent per sq ft per annum £ sterling 

V. ... • iVA fV.V,’A< JP .VwM 


professtrewl - «tandwdhv 

under dfccawnoa at the ^Con^de^djp^roT-^cacbvffiw 
•eress of the Federation Inter- of the property industry.^ Dj£* 
national? des Professions 1 -Int* gates freai Canada joag the,TX& 
mobiliers (FIASCO which opens are saying that their ^respectiv* 
’in Hamburg tomorrow. Sixteen- Governments- are- linuung^their 
hundred people from- 36 coun- activitieswith; pLumm&eiiVirow 
tries are to attend .the coaigress, mental.and rent controls.... 1. 
which is the laigesL annual FAXBCI -will also. :be . nn3er 
gathering of the property world. - gf&t .pressure to. -tak? - a long 
Critics of the Congress, and hard look at‘ its objectives ■iKnch 
there are plenty within the have changed lUtle ana? r the 
FIABCI membership, have felt organisation, was- foondtiv » 
in the past that the annual meet- years ago. The Worthy Amwrtpaw 
ing has been little more than are calling for arcsut$n»t of 
a property junket. Previous con-; those objectives and want jto s®* 
cresses have been held in exotic FIABCI put more naiacte^into 
venues with many of tbe sudi- the promotion of, its npDtatf 
ence made up of members' wives cause. . ■ V 

enjoying a tax free holiday. C* Qn J ftn J c 
Leading member countries* or OlaUQarus 
national chapters as they are . As • an international hwjy 
termed within the organisation. FIABCI . cannot make' •' direct 
have been painfully aware of representation to national 
past Congresses’ shortcomings, governments.' that ls TeftTto.. the 
and at last year’s meeting in individual national chapters^., in 
Amsterdam the range and depth Britain, . for -example, Vtbe 
of congress discussions helped to naticmaF chapter is sponsored by- 
weed out the holidaymakers the Royal Institution ' of .-Chare 
from the active delegates* acred Surveyors and anyiobfcy- 
. . ing of Government here is^m?. 

Environment through tin? msmuti&o. ^aw. 

At this year's Congress »■». 


.. „'.f - ; fojydL:'. ■ ; V >i r ■:* J :- .. v- ; ii >. Source »Riri«rtl Elji»;' 

Even the long troubled com- 
mercial property market in 
Australia now seems to be on 
the. turn. The oversupply of 
offices in Brisbane, Melbourne. 
Perth and Sydney is at last 
filling up. And in Adelaide all 
the modern air-conditioncd space 
has now been taken up- Ellis 
expects a very sharp rise in 
office rents over the next few 
years and a new development 
phase in two to three years to 
meet the eventual accommodation 
shortage. With an end to the 
over-supply in sight, and in- 
creased property investment by 
local pension funds and life 
offices, prime office investment 
yields run as low as 7i per cent 
in the central areas and SI per 
cent in the suburbs. Central 
area shops sell down to S per 
cent and the increasingly popu- 
lar suburban shopping centres 
change hands for between 9j 

and Hi per cent 

In tbe Far East the shortage 
of development -land in Hong 
Kong bas, as the chart shows, 
pushed industrial rents to (he 
highest in .the world. And tbe 
insatiable demand for modern 
accommodation in every sector. 
from residential to retail, has 
already fuelled a renewed de- 
velopment boom. 

Most new buildings tend to be 
owner occupied or developed for 
investment by Hong Kong based 
international trading groups. 
But local life offices have begun 
to build up investment portfolios, 
and even the Red Chinese 
Government is understood to 
have been active in the market. 

In Malaysia new office building 
in Kuala Lumpur appears to be 
laying the basis for an acute 
over-supply problem before the 

end of the decade, and Govern- 
ment controls limit the scope for 
external investment in the indus- 
trial market, where rents remain 
firm. Government controls also 
restrict the scope for overseas 
investors industrial and residen- 
tial schemes in Singapore. But 
foreign capital is generally wel- 
comed, and Ellis feels that the 
fast-growing tourist trade will 
spark a period of new hotel 
building by the turn of the 

The scope for growth in the 
South East Asian property mar- 
kets is matched by the long 
term potential of South America. 
Ellis reports modern office yields 
of 12 per cent in Bio dc Janeiro 
and 13 per cent in Sao Paulo, 
where recent planning controls 
scent likely to prevent the hap- 
hazard new building that created 

a glut of space in the early 

High inflation in Brazil hnd 
hyper-inflation in Argentina are 
not. however, particularly appeal- 
ing. and despite the economic 
potential of the mainland mare 
kets. Ellis sees greater immediate 
scope for the developing property 
market in the politically stable 
and. since the discovery of . oil 
reserves, economically expanding 
islands of Trinidad and Tobago. 

.at mis years operate „ n ao internatipnaraewl 

the main discu si on. Papers .will during -that representation, k 
be given ** *{j® made at world orgartaratiBatoseb 

planner. Dr. Stanley Hamilton, United Nations^-- ' 


question of alien ownership.;’ 

As the conference « group^and a 

held in Germany tooal finanoal gSustry** views. The Sedmtfor 
and business speakers are exception to Ms hasu&aeh 4fce 
heavily represented. But. on the *Tr -■ 


lnternationalproperty markets 
and the problems facing the 
industry around the world as it 
comes to grips with increased 
state intervention and pressure 
for cross border recognition of 

heavily represented. Bat on the fnvmiir 

increasingly sensitive area of Ko Wfce^ v |K5 

environmental protection, ..dele- 

gates will Jh » Sk BulshStenli^te^efiW 

SUSS! Ship -are critical oTtfieworirtS 

formerly Barbara ward tne ptautt ** r.-.M-Tia*.’'- 

Sjf ■ Intei ?nt i01 ^ national bodies wtuare tirenr^toi- 
In statute for Environ meat and sation j,- to : bee h tittle 

Development m London. : ~ • 

A debate on the increasmg^ 
degree of Government- interveh- 

™“the ESS* * aJS ° -SSSSm^^SSit^^e. 

North American delegat^ ar'e 
trying to force the congress to niiiformltv of 


Britain, North America is only • Property- Deals appearsri&\ 
now beginning to experience the : ^ ■ ■‘r 


ON PA6E 11 

.• * -i * 

lligs, ifigg i 

' £, ’i ■ * 

{.■•"5 • ■ 

' : -'V- ■ -"i 7 

a:,,.-,,... _> 

£•-; ** I/*-'. . 

*'V * ■ 

r.a , t r 

? TTie Inter-City Building 

( i -s? '91 


83,990sq.ft Prestige office 
developmenttolet Air-condltfoning. 
Fully carpeted.4 lifts. Car parking. 

Joint Agent: Lalonde Bros & Parham 

Contact Breton Street Office 

London House 

London ec 3 

62,000 sq.fL of air-conditioned 
offices to let 

Prestige entrance hall. 4 automatic 
passenger lifts. Basement car 

The Wyvem Estate 


-Warehouse units 15,000 sq.ft, to 
53,000 sq.ft to let in units from 
5,600 sq.ft. 

John Agent; Fussed Cash 1 Co. 

. Contac I Bruton Straet Office 

V'; *: ^,2'j i^r.tx 

'■ - ( Zx’j*' ~ * , 

•t ■; 


■■ . .- .* ■ - • . “ , ... 

-107Oheapside . 
& 2 Honey Lane 

'?V-> • 

S '" Vi' * ' . r . j .* tv 


* "M 


superb office 
accommodation . 
to let’ ; 

Contact ComhRI Omen 


Contact ComhW Office 

m ■ ' 

ris Beaver House 


in town-centre location, 30.000 sq.fL 
prestige, air-conditioned office 
accommodation to let 
48 car parking spaces. 

Joint Agent: J. R Slurge & Sons 
Contact Bruton StroalOffln 

Milestone House 


105/T09 Cannon Street, EC4. 
Newself-contained air- 
conditioned luxury office 
accommodation, 13,31 0 sq.ft to let 

Contact Com biB Offico 


90 St Vincent Street 

Merton Industrial Park ^ 



A major new factory and warehouse 

development of 300,000 sq.ft to let , 


Joint Agent: Michael Laurie & Partners j 


.' v : 

Contact Bruton Street Office i 

Essex House 

Gants HilLo* 

54,660 sq.ft modern headquarters 
office building to be let 
Adjacent to underground station. 
Parking for 110 cars. 

Joint Agent: HiHierPaikeT May &. Bowden 

Broad Street House 

London ec Z 

Contact Bruton Street Office 

New prestige air-conditioned office 
building in floors from 5,909 sq.ft to 
23.636 sq.ft, to fet 
4 passenger lifts. Prestige entrance 

Joint Agent: Hampton &Sans 

Templeton Street 


On the instructions of British 
Capets JLimltedAmUti-purposa . 
industnatf commercial complex of 
3S7.000sq.ft approx, oh site • 
of 4.11 acres approx, for sale . 

Contact ComNfl Office 


A development by Commercial 
Union Properties Ltd. of high-quality 
extensively refurbished offices in 
the finest city-centre location. 

5,000 sq.ft to 25,000 sq.ft on five 
remaining floors to let 
Immediately available. 

Co ntsctGtaHow Office 

Midmark. BroadwickStreet 

London w.i 

3 52,000 sq.ft High-quality air- 
conditioned office accommodation 
to let Car parking in basement 


Contacts niton StTMtOtflcs 

Richard Effis, Chartered Surveyors 

' 64 Co, mhiil, London EC3V3PS 
Telephone: 01 -283 3090 ■' • 2 
Telex: 887732 V '> r-O - .. 

6/10 Bruton Street; Londcn WlXoDlJ- 
Telephone: 01-439 7151'.’ 

Tetex^ 262498 -: ; .T V ' : - . ■ .. 

75 'HopeStreet. Glasgow G2 6A. 
Telephone : 041-204 1931 
ie!ex: 7786-^7 ■ . ■ . 

,arjtsce,>r.,-i* W-lsreitj^r-.v V« 2 :'.d. Jcnan-.sstL'^'Cai.: To'wr; Duitar. vL'jcu-.t, W, 
.".rafo’Us. Mcri:r«el.\b'r ,cc S-ngapo'e. Her.; Kor p. •' - 


35 - 


TolSl ,hortly 10 b ® constructed 


Single Storey Factory Units 
5.000-25,000. jq. ft. ■: 



Warehouse, under construction 
■24,000 sq. Ft. 


ERD 1 N 6 T 0 N 

last remaining Unit 15,474 sq. ft. 

Good yard and parking. 


, S.E.8 

factory Lease for sale 
■4JJOO sq, ft. 

Nomina) premium 


-Two Storey Factory ■ 

9A00 sq. ft. 



Modern Freehold Factory 
22J0ff ;Sq . ft. ; ; 



.Factory Premises 
9.320 sq. fc. . 


Chartered Surveyor? 

1 Snow Hitt, London, EC1 . 

01-236 3000 Telex 885485 

Manchester, Leeds and Brussels 

Buckingham Street WC2 6,000 sq.ft. 

Hill Street W1 .whole building 

High Holborn WC2...self-contained building 

Pall Mali SW1 ...... prestige building 

Westminster SW1 .-750 sq.ft 

Furnished suites Centra! London 

Clients' requirements 

Covent Garden WC2 freehold 

Central London 30,000 sq.ft 

West End 2,000/2,500 sq.ft 

Mayfair W1. 1,300 sq.ft. 


(Junction I-M3) 



160,000 sq.fiapprox. 
on 7*25 acres 

5, St. Bride Street, London, EC4A 4DE 

TEL' 01-353 9761 


Modern well fitted offices 

8,670 sq.ft, 
to 17,340 sq.ft. 

To Let with Early 

At attractive rental terms 
Private car parking. 
Fitted lighting & carpeting. 
Flexibility for internal 

Sole letting Agents: 




103 Mount Street 
London W1 Y 6AS. 
Tel: 01-493 6040. 
Telex: 23858. 

-Colt ci & t/odoe 



26 King Street 
London W.C.2. 

A new development constructed behind 
original mid Victorian renaissance style 
elevation in the heart of fashionable 

Covent Garden with excellent communications 
lo the City and West End. 

Prestige Office Building 





To Let 

approx. 10,S00 sq. ft. 
with, modem amenities 

3#*^ •**«:: •<%!>•> s?-** • : ? •*»* 

... ■■■ .... .MotAffatt 

1 » y 1 i 

n frf i 

: ■■ 

PEPPER ANGUSS §%' U : H\t£. 

&ymwood I 

I - 

; •V'.V R . : : 

.... . . . -..i 

K>PVv ,; 4 

. ' - t. r y r \ 


Superb Air-conditioned offices 300,000 sq. ft. 
Can, be phased. Principals or Surveyors with 
named clients only. 

'Write Box T4896, Financial Times, 10, Cannon 
Street, EC4P 4BY. 

rp Philip j. 

PIS (Sinclair & Company 

Radnor House, 93 Regent Street ^ -70 >1 "7-104 
London WTR 7TE. Telephone: U t r l /O I 



Estate House, 1 30 Jermyn Street, Loncton SW1Y4UL 

Planetary Industrial Estate 

Remaining Units • ii 
e; sq. ft. 


A superb situation between Wolverhampton (3 miles) and M6 Junction 
10 (3 miles) ancfi.n the heart of the industrial West Midlands. 

Debenham Tewson fullerHOTSeV » 

JErCfiin nocks _ Sons &■ Cassell * 

Bancroft House. Paisxnoster.Square. 

Loadoa tCAP 4ET- 

Ttl: D1-23E 1520 1 ' 

Sons & Cassell 
52 Bow Lane. 

London EC<f.1 SET 
Tel: til -243 7954 

53 Chapel Ash. Wolverhampton 
Tel: Wolverhampton 25768 



on instructions from 


* 2 Automatic Passenger Lifts Boardroom St 

•Jc Full Central Heating Entrance Vestibule 

-A- 44 Car Parking Spaces Efficient Layout A: 

-A- Staff Restaurant Excellent Natural Light ^ 

20,000 sq.ft.Tb Let 

Mallinson House 
Southgate, London N.14 


S35Q SQ. FT. 

(inch Offices — 7,750 sq. ft) 


Warehouse — 40,000 sq. ft.- 
Offices — 15,000 sq. ft. 
Yard — 16,000 sq. ft. 



41, The Broadway. WJL 
Teteplwnw 01-57? «282 

Modern Office Suites 
Worthing, Sussex 
500/5,000 sq. ft, approx. 


* Car Parkins.* Auwmitie life 
■ Fined Carpets * Central Heating 
* Wired for Telephones ■ Light fittings 

Stiles Horton .Ledger 

2b Ch3pel Road Wcr.hmg anil :sj 
T el: {,0903V 37092/3 

High Yielding- 

Long Leasehold Investment 



Fonsmouth'i largest ant most modem hotel. 

120 bedrooms— 54 bedroom extension in course of construction. 

Fixed ground rent. Let w public company for whole term at 
current rental of £50.000 per annum. «ct. subject re seven year 
rent reviews. 


4 cuumn xieE»xu»no> »ix ul 

01-734 1304 

Trustee Sales 


‘A’-dass road near Reading Town Centre 
Producing £5.300 p.a.x. lo 1986 
21,000 sq. ft. workshops & shop on 0.78 acre site 


Offers miited by Joint Sole Agents : 

16/18, Friar Si., Reading 
0734*583945. Telex: 847386 

34. Kings Road. Reading 
RG1 SAL- -(0734) 62296. 

rtartS&'T ante* 

A development by the Sohox Investments Group of Companies 
in conjunction with Guardian Royal Exchange Assurance Group. 

New air conditioned 

Approx 25,000 sq ft 

Triton House 

Tabernacle Street, London 

Situated immediately north of Finsbury Square, 
a new development providing air conditioned 
offices on first, second and third floors 
with ground floor reception hail, basement 
storage and parking for eight cars. 

Cn ri/te rfi cf : S ii rv'e'V o r s d.;d- d 

.■London ECAP^ET' • ' • - . v.V : -- - •. d ' . 

07 - 236 i 520 : Telex; 383749 ; -.-.v.. 

Brussels Hamburg Bahrain Dubai Toronto New York Sydney 


500,000 sq. ft. 



immediate access to M.8 
Motorway with direct link to the 
Central Scotland Motorway 
system and to the South — 
Glasgow Airport 3miles — Site 
fuffy serviced — Includes 15 Acres 
of undeveloped land. 

Enquiries may be made (o eftheraif ■ the 
Joint Agents : . 

Matthews, Goodman S Postlethwaiite, 
Malvern House. 72 Upper ThamesSt, 
London EC4R 3UA. Tefc 01-248 3200 

A /so Uve rpool and Pjr/3 

James Barr &Son Chartered Surw/ars 

21 3 St. Vincent Street. 

Glasgow G250H.Tel: 041-2483221 ; . ■ 


.•». . 

, « 

42 Lots of Commercial Investments > 


For Sale by Auction 
' 21st June 1978 at 11am & 2.30pm 

Grosvenor House Ballroom, Park Lane, London W1 



Chartered Surveyors 
103 Mount Street, London W1 Y 6AS. Telephone 01-493 6040. Telex 23858. 

11 & 14 MOORFIELDS E.C.2. 

Prime Airconditioned Banking/Office Suites 


No 14 1st FLOOR 4045 SQ.FT. 

2nd FLOOR 8865 SQ.FT. 

12910 SQ.FT. 

Noll 5th FLOOR 5470SQ.FT. 


St Quintin 

^ Mini & Staulev 

Cli.tnerrtl Sun vwwrs 

VnW House Queen St Place London ECJ.TfiKJK36-HW0 



i ®-«r 5lr~i, Ijrj; •». EC’N IV> OI-S2BOSI 

AisccarEO ornc?s rams, brussus. i jeisey 





Refurbished Office Accommodation 
£7 per sq. ft. : — 2,613 sq. ft. — 5,368 sq. ft. 
Lifts “ Kitchenettes * Central Heating 
Carpets # 24 Hour Access ¥ Partitioned 



Chartered Surveyors & Property 
Consultant. 5. St- Bride Street, 
London. ECdA ODE TW; 01-353 9161 

Forebrotfier Ellis & Co. 

Chartered Surveyori 
29, Fleet Street. London EC4Y 1AL. 
Tel: 01.353 9341 



7 well located 


Fitted as Food Stores 

Available as a package 
or separately 



Tel 01' 834 8454 


S6.'62V/>IiooR 3W London SWU'TDH 

Send now for your 
"brochure to: 

The Industrial Adviser, i 
Thamesdown Borough Council, 

Swindon SNI 2rH 
Tel: 0793 26161. Telex 44833 


Has hrcentivesrwgoMernfiiert can offer. 

sejfSf' 1 





rranln * 


WORLD WAR 111.) 


/Property Consuftsmi to the 
Leisure Industry) 


Tel: (0273) 722795, 


From tea 

■r ■ ■ 

to property 

The outcome of the bid laUcs 
between English T^operty Cor- 
poration and an unnamed t.onn- 
neotai institution remains tne 
main focus ot attention in tne 
Stock Market at the moment. But 
al "the other end of the scale 
considerable interest has been 
generated by events surrounding 
a former tea company which Iasi 
year acquired a fifth stake in a 
property portfolio worth £2om at 

The company, writes Christine 
M-oir, is Rosehaugh- It is just 
under 50 per cent owned by tax 
expert Godfrey Bradman whose 
main vehicle is the private 
London bank "London Mercantile 
Corporation; which is itself a 
property developer with a **■*■* 
acre 'industrial site In Croydon. 

On Tuesday Rosehaugh asked 
for its shares to be suspended 
while it revalued its unquoted 
investments, a move which may 
take a month to complete. 

-According to the Board the 
revaluation is likely to affect, the 
company's future, a statement 
generally thought to mean that 
it will become rather more 
openly a property company 
rather Than an investment group 
with residual tea connections' as 

Rosehaugh's character changed 
dramatically in mid 1977 when 
it became a partner in a con- 
sortium headed by Bernard 

Sunley Investment _ Trust-- 
another target for' bid r§n6w»- 
this week— which paid ilam. for 
a portfolio of L200':flats i®ffii 
shops and offices belonging to 
Legal and General It-fixeb 
bought the . 115,000 .sq ft.Hapie 
'House on Tottenham; CourfROad 
■for £lt2An. r KoSehaaigh -.paid ■ 
only £52,850 for a 20 per cent 
stake in the flat-owning company 
and a 23.3 per cent ststke'ia tbe 
Maple -House vehicle, . . NeiQajr 
it, nor Sunley. which has- nxto&- 
jng holdings, have any -lialalftieR. 
for the deals which. seem -to - have 
been funded by a bank IparL 
There is no ihstitutiDnal partner. 

Obviously the portfolios 
very heavily geared but they stall 
provide a hefty asset- backing ‘ftr 1 
Rosehaugh (Maple House,- alone, 
at cost, is worth over £2. a .shu* 
to Mr. Bradman and RosehaHgfc> 
deals are thought already: to- hatf*. 
gene rated sizeable - r ’-. surplus^ 
Maple House is how.faUylet-afla;: 
a proportion (though howTTnticfc 
has not been disclosed). • of 
flats portfolio has been: sold it' 
a profit 'No wonder Roaekaughs 
shares have soared from 18p 
early last year to.l82p inst prior 
to suspension. ■ Z0 . 

If all this activity;, were ink 
enough for- one. monh in ;the, 
market there . is also : die fact ‘ 
that another property " company,. 
Chaddesley Investments, -has had - 
its shares suspended sihee early 
May- awaiting «heoateome;of.6id 
talks. Cbaddesieyi£i47 7 |Wff cent - 
owned by -the French griRfrCste- . 
pagme . Ausdliarie. . pouf - 
rindostrie: One tof- its'directafe 
Mr, R. J. Wade,-, is . chairman of : 
Rosehaugh. • ' 


Offices In the London Central 
YMCA development in Great 
Russell Street at the Oxford' 
Street end of ToUenham.Court 
Road have been taken by. the . 
North' American broadcasting 
organisation NBC for £7.70 a.' 
sy ft NBC will 1 use 8.000' 

:: -sq. ft of -the tqncd H-'lfe 1 
European headquarters, leap- 
ing 5,355 sq ft in the JusfeL 

■ and conference centre Mwek , 
for jolnt lettiiigageiit&Debcn*. 
bant Tewson and GMnnocis 
: and -Jones Lang Wootton ta 
market , Gross Vbie Krei^r 
; Chalfeu arted for: NBC; -/r-'c 

: ‘ v ~ y i-. ; 




Frontage 137 ft. 6 ins. - v 
Depth 1 ISft.O ins ^ 1 - 

Approx. • 

sq.ft. - 

Including customers car 
loading bay 



EstabGshed 1820 in London 
29 St George Stnwrt, Hanover Square, 
London W1A3BG OV6299292" 

By Orc/er of the Joint Liquidators 

FOft SALE . 



in premier position close to sea front and th^atf^ 

: 9S Bedrooms. 26 Bathrooms. Two FIaferTSli 
■ I-° un S es - Dining Room and AuXfliaiy.Ro<Mn^ 

' r For Full Details . 

' Apply Joint SoTe Agents 

KSfjgiBBBBIgBga - . 

- ^.'r J. 8 k GBdredgfi Road,’ [ 


Eastbourne 36244 : 

S8, Grosvenor Street, . ‘ 
London WTX OOD ^ 
' 0T-4» ;«iS1- . 



1st Roor OfSca ; 6j>67 sq. -ft; - . - 

Floor, Offictf 3 js 67 jri. ft, ' 


- ^nd-biis, -stations >•-' 

p 2 .. - * v v.‘ 

'jtnrirf cbetos ? i if’/' . 

AvaRable^^ WReJejOr-iri jjart -x:“ v r " 



- RMjfflrroNE, Ksvr - - - - 

Tel. 0303 S1S31 

- ‘ ..Chvttr*4. IimTnv- . "V *, 

•• ? -y. -43. Trtrtr Jvvgfc • V 

. 'FOLKClTOta;- ONT- 

: • TeL B»prn -•■Lz JbS. 

:■ ■■ : + y 

" At* J 



15 PsO ' 

? ob^. 



and £' 


i 5 T^ 


: e "^ 



4 ‘ ^r,i 

. group g 

*? **£ 

^ troubles impact on ® ad „ start . 
icoBper underestimated’ Stamps 

f^ c# ™ R > ARKES ' ■ the soviHrmSioN ta?«L«««t 

dealers h.1 exported a TO per S'vbsTvl tffhnSJ 

gia SSkea^^fodS tJffe "*“« '", 1 1 '™“!* , , are having to contend with bad 
wderest^mated the impact w news ° S * lho „ Mai L k . Webst ? r . wrllcs from weather, according to Pravda. 

° f ^ W"* **• "SSSUln S& JRU S^SSS* ^ ^ 

£2®-*** ’jS“ d ‘- ^ a report mcraths SbaS^ were doS pro ? uctI £ n - ha<i . already storied weeds, pests and crop diseases 
• uK?* «S S »M“25 were said to_he «iM» 


Japan draws line on quota cuts 

rJX:.^m‘stp?flER PARKES ' 

^^3001000 . tonnes of copper n But others believe these figures The papcr sa id 137.3m hec- 

g.ptluetion itl a .fuli-Year.equ&a- nr ^L' ' 'Sf 3 ^ t£ b SS.hinnf P iS to be over-optimistic. They point lareSt representing 93 per cent 
j f°t:;tp : ; neaflr- 5 per cent of SSSSd wh2? m,t t thal u th f w f 1 Vunocan of the planned spring crop area 

te* yror ^ d 0 ut P ut - • SoaSm ?he“ « a 1» wo . rk * rs * ho . l " ft , Kolwez ! wh f n was sown by last Monday. | 

■•‘JrTlie price of sood auaiitv r~T- ra ’ ' rean state rebels attacked from Angola, irhi S .-om paros with 144.7m. 

• J»Tu n SS “PWjmpofM positions. hectares by May 30 last year. j 
levels “yit con- father notice only 50 ner cent Nonetheless, the rebels did In W*sMn 2 ton. meanwhile.! 
^i ed -. „• •• ■F&snszr K ver >' “«'• da "> a S e 10 llw !*■«* Mr. Bob Bersland. US. Astl- 

*c-^£r trader remarked would h!>- fulfilled '• ' plant and machinery used for the culture Secretary, ♦.uni Tor the 

tnattoe- market was" aware that a plea of Jorce wajeure open-ra® 1 mining. U.S. to use the U.S.-USSR grain 

reaSn^ in S" 8 * ♦*?' “ H Dd?ri becau “ of ihe recent fighting. • Major U.S. copper producers s«pp‘? /wf SJSJ 1 , 

. totally trans- damage at the Kolwezi mines and yesterday raised their prices by against the Soviet U nion m pr 
^situation- in the copper the absence of senior engineering 3 cents a pound. Copper alloy tes * , at that country s military 
'• t u •" staff— mostly white— had been producers in Canada, the U.S. and activity in Africa would have no 

A?' ea ”F.I several largely discounted before yester- Japan also increased ibeir prices iniDact. ■ . h 

hectic. dais trading and renewed- dav's announcement. 'But some by a similar amount » The USSR had ij* be dealt with 

.~i~.--.i-. •, — - .__■ • un a one-on-one basis. 

~ ■•_• :i. . Mr. Bergland. whu has just 

^ 1 _- "| 1 • : -• 1 _C • -a 1 comnleted a three-week tour of 

f rench lamb deience r elected 

• said there was absolutely no 

r BY MARGARET. VAN HATTEM BRUSSELS. June 1- mention of any political or milir 

THE EUROPEAN Commission when, acting on complaints from peeled to be delivered to the His talks with Soviet agrictil- 
has .rejected. French arguments the British, it gave France one British shortly. mre officials centred mi that 


THIS YEAR'S annual session of 
the International Whaling Com- 
mission. which begins in London 
later this month, could prove to 
be one of the most difficult yet 
as pressure for furl her cuts in 
the world whale catch runs up 
against a slime-wall defence by 
the leading whale-catching 

In a policy document issued 
ahead oT Ihc talks Japan, easily 
the world s bi^est whale catcher 
and d “ rciuctani " member of 
the commission, has warned thal 
it will not retreat any further 
qu the question of quotas. 

The Japan Whaling Associa- 
tion. which issued the document, 
believes that conservationist zeai 
throughout the 1970s has 
resulted in a tightening of whal- 
ing restrictions “to a level 
beyond that which i«. necessary." 

Japanese supplies of whale 
| products have dropped to one- 
elevcnth uf their former size, the 
association claims, and about 
10,000 people in the Japanese 
whaling industry have lost their 

Last year’s stormy commission 
meeting in Canberra led to quota 
cuts which forced Japan tn 
reduce its whaling effort by two- 
thirds and the Government is 
evidently determined to resist 

any further scaling-down of the 

“The traditional whaling 

industry of Japan is a vital food- 
providing industry for the 

Japanese people.” the association 
declares. “Whales have deep 

roots not only in the Japanese 
diet but in culture and customs.” 


Any further attempt to reduce 
whaling quotas would cause 
serious disruption, threatening 
l be livelihoods of the 300.0110 
Japanese who depend directly 
and indirectly on the industry. 

But the country is anxious to 
avoid confrontation with its non- 
whaling partners in the IWC and 
is calling for a “new dialogue” 
aimed at reaching a "peaceful 
and realistic settlement." And 
it is keen that the basis of the 

commission's operations should 
be strengthened rather than 

To this end it is proposing that 
greater efforts should be made to 
persuade non-inember whaling 
nations to join the IWC. 

But the success of such a 
policy would require •*> more 
"even-handed and stable” 
atmosphere within the IWC. the 
association warns. “It must be 
said frankly that some of the 
extreme proposals offered in past 
years have made these nations 
unwilling to join.” 

Japan has. through its 
domestic pulicy. offered some 
encouragement for whaling 
nations to join the IWC by acting 
against whale-product imports 
from non-member countries. 

These imports are expected to 
cease altogether in the near 
future following an administra- 
tive instruction by the Govern- 
ment to stop non-lWC imports. 

Japan will also seek funda- 
mental changes in the IWC 
quota system. The most 
important of these is a proposal 

that quoias should lie set fpr 
three years instead o£ one as at 

The association claims the 
annual selling of quotas 
jeopardises the stable manage- 
ment of whaling enterprises as 
forward planning is made nearly 
impossible. The new propo>al 
includes an annual review sff 
that quotas could he modified in 
mid-term if necessary. 

It also claims a three-year 
interval would allow more 
Thorough scientific deliberations 
before new quotas were set. 

The IWC is on organisation 
which depends upon the acqui- 
escence of its members in iK 
restrictions so if the Japanese 
and/or the Russians were to 
flatly refuse to accept further 
cuts there would be little the 
other members could do about it. 

In the past some sort of com- 
promise has always been worked 
out a: the last minute but if tho 
Japanese are steadfast m their 
demand for no quoia cuts th? 
future of the commission itself 
could be in question. 

V - 

l * .J.V. 

i : ai 


r BY MARGARET. VAN HATTEM BRUSSELS. June 1- mention of any political or milir 

THE EUROPEAN Commission when, acting on complaints from peeled to be delivered to the His talks with Soviet agrictil- 
has -rejected. French arguments ihe British, it gave France one British shortly. mre officials centred r»n that 

defending its restrictions on im- montb to justify its system of Tbe Commission, having failed country's needs for U.S. com- 
nottine British iamb and muiirtn variable.. .Import toxe* used to to get its proposals for a Coni- modifies and co-operation be- 
7 ra ; lll0 “* block the: ; lower-priced British inunity shecpmcul regime tween the iwo countries in 
^ l . he products, - - accepted during ihe farm price agricultural trade and research 

this -veal^ tf Q thk FrJSh ‘ " ^ similar : case= pending review last month, is keen to fields. 

SE - d0 not against Britain over import con- Push them through before the - Senator Robert Dole is con- 

.. •. . t _ ... trols on potatoes, following com- start of the I97y-S0 marketing errned about reports that the; 

The, Commission's hetioa cohsti- pi-tints frorri XSe Dutch, and the year. U.S. should accept maximum 

tutes 1 be "second stage- !of -legal CommfssiohV■' , ' • ' “reasoned An early ruling against the and minimum prices as part of 
protMediuBS i 'begtin‘.T&-?’^>iTiary opinion’^'" on the matter is ex- French would, it is suggested, an international wheat pact. 

’■ increase pressure on them to He said the Europeans want a 

■ m ' ■' ■■'■rw- • negotiate. wheat agreement which includes 1 

niil ' • So Tar they have been reluctant maximum and minimum prices, j 

1 Yl /j ll Ij llg-rr n H jly ii to do so. Having rejected the a coarse grains agreement and an : 

■. .. • — - i. '• - ^ Commission's proposals as understanding on rlairv products , 

> r - 5 UR i ! S 5 S."SSIiiti 2 SL u,s - h “ #pp#,rt | 

Public asked to help 
track elm disease 

Beet growers seek cuts 
in EEC sugar imports 


NEW ~ZEALA ) ND farmers are to the* price. of lahjb-^ in Britain and wheduled for the farm council 
bc'-helped cauater.tbe effeefs'of cause a decline ■ in. consumption, meeting in Luxembourg later this 
thdr ffisastrbuS _ summeiv^droughf .“Tb/s co'uH efFecifvely destroy month. _ 

and' ihe problems of ! .selling their: Zealand , trad ft built up _ T . Fren ch claim that the 

prbdtictC^'abTDad, ; vptfc- special civerf- generations.: A iS 6 per cent British, who have access to vast 
GoT»«nb^rit •' ! -'subsidies; ■'■Mr-' ■ .price increase 'would- price Jamb quantities of New Zealand lamb 

T> Vi — rJ ^ -• ig?-> -U ■ D h u;»i. fnr thpir HnmDdin nvirlrol nrn in 

Scots farms 
vield more 

Financial Times Reporter 

fnripere^. ,f ;Tfeasbi]iaWe,' , '--rttui i n, ^^ O^h Mr. CaUaghao. the UK imposing levies equal to almost ^he annual farming report or 
Mri Muldotini singled but -'{he-'FTtjngV MUtister?,". and Mrs. half the British price to raise t h e Department of Agriculture 
EEC.Md-'Jis^as coaniries.paj'---TJKrtCher; leader ;of.the Opposi- pfrees to French levels. an£ j Fisheries for Scotland 

in^dhjy^lipJservhrevlo-tlie need lion, assured Mr/ Muidonn The French also periodically showed that the biggest increases 
tn. reduce protectiohiam in farm that , faiey.. understood the suspend UK imports altoaether. j n value were in mutton and 
markets: ■ V--.' ■’ ' v ^ seriousrress of ■ the threat and Almosr half of British sheep- iamb, which rose 20 per cent, 

" The .- *EEG -sheepmeat “pro- would- take action; 7 .'.. ;. meat exports to the EEC go to woo j up 28 per cent despiLe a 

posal- -represents a far greater New - Zealand's past - experi- France. Last year France took slight fall in the quantity sold, 
danjppr to r the : Ndw 1 Zealand enc.e. with EEC. .-regulations was 19.300 tonnes. poultry up 40 per cent and eggs 

economy' tbair.anythljjg we bave far from reassuring, ffiriMuldoon But the UK did not take action U p 20 per cent, 
faced in the field of -dairy pro- i‘onwiMit < ‘d.'"^ - . imtil oarlier this year, when the Potato prices dropped 20 per 

ducts." he sgid; ; • Mr. HBrian^alboys, the. New French agreed to waive all cent below the 1976 level. But 

-V Our UK b»mh frade is vital- Zea land Deputy. Prime. .Minister ro«q rictions on Irish imports— cereal production reached a 
to our' whole industry. The pro- and Minister for Overseas Trade. 1.300 tonnes in 197» — in return record and the crop was worth 
pnsaLs at’ present beinjEi' tfon- wi^l pay a further visit’io Europe for Ireland dropping charges £96m. LO per cent more than m 
sidered *wTir Tnbvffabfy Ihctea'se 'W'rtlft'sf in Lohaon^on~JuRe 10." pending in the Court of Justice. I9i6. 

Mr ; Wfttidoon;. singled out -the: Pr^ne'. Mmisterr,' and airs. na» iue omisn pnve v 
EEC,and''?apffAas countries, pay--: T^raWer; leader of. the Opposi- prices to French levels. 

- ■. ... -• ... . ■ . ... .. . 1 ■ i. O. TfVir. C.nnAt. nlrn nr.pir 

space b t 
luanen. te 
in th* te 

agents Kfc 
nd Citmso 
g Vi OvttS i 

Fine Rraf 
for NBC 



mmmuuaC Taymen^":, to give hiimy specialised- product”. Consequently, they have been report published yesterday. 

f.trniiorTi-?£ ^TfeasOoabla.' , '.'retui i n, :.%^h Mr. CaUaghan.. the UK imposing levies equal to almost The aTinua i farming repor 


DUTCH ELM disease has kilted 
about a million trees in sum hern 
Britain since the death mil was 
last assessed in the autumn nf 
1977. More ihan h 3 lf the 23m 
elms in ihe region have now 
succumbed, the Fore-try Com- 
mission said yesterday. 

The tom mission reminded 
timber merchants of the penal- 
ties for breaking the new laws 
governing the movement of dm. 
with the bark attached, and 
warned that police were carrying 
out spot che-.-k* on lorries loaded 
with timber. 

The public have also been 
asked in help foresters track 
down new cases of disease and 
keep an eve on movements of 
wood m their neighbourhood. 

The bark beetle which carries 
the killing fungus is on the move 
again as the weather warms up. 
and the commission says the next 
few months could prove crucial 
lo the safety of the remaining 
elms in the south of the country. 

“The public should let us 
know of any instances of the 
movement or elm with the bark- 
still on from the heavily affected 
to lightly affected areas," the 
commission said. The dividing 
line between the zones runs from 
the River Mersey to The Wash. 

The rules apply not only to 
whole trees but to rouah-sawn 
timber products like pallets and 

logs for rustic furniture. Fire- 
wood. too. may be infested. 

Officials have given up hope 
in the worst affected zones, 
mainly in ihe south and easterly 
areas. Virtually all the etuis 
there are either dead or dying. 
But they are still eager to hear 
of any new cases in the less 
affected places. 

As well as restricting the 
movement of the wood, the com- 
mission i- taking other steps to 
protect the remaining elms. 

'■ Sanitation " felling of dis- 
eased trees helps slow the 
spread, and in cases where 
infected elms are especially im- 
portant to the landscape or 
general amenities of an area 
injection treatments can have 
some limited success against the 

The disease is still spreading 
In the north of Britain, although 
Dr. Derek Redfern. who monitors 
its progress from Edinburgh, is 
cautious about putting a number 
on casualties. 

There h 3 s bec-n no overall 
survey in the north, although it 
is known that several thousand 
uf the two to three million elms 
in Scotland have been killed. 

The disease has been found as 
Tar north as Dceside. More sick 
trees have been found all along 
the eastern coast of Scotland 
with the greatest concentrations 
in The Borders. 


base" metals:-- dteAWr cocoa 

j I “ - — . I I nunwrmi , tin— F irmer. Forward standard metal • . __ 


meeting here nexi week are ex- 
pected to adopt a strong platform 
designed to protect their. interests 
when Lite present EEC sugar mar- 
keting agreements expire in 19S0, 
according to conference sources. 

The four main demands on Hie 
list of the members of the In- 
ternational Federation of Euro- 
pean Beet Growers will be: * 

• Reduced imports of sugar from 
third countries and a clear-cut 
distinction on the part of the 
EEC Commission between agricul- 
tural policy and aid policy. 

• A continuation of the system 
whereby EEC beet, production is 
regulated by national quotas.. 

• A total quuta from 196U on- 
wards which is equivalent tu EEC 
sugar consumption. 

• A continued EEC tax on iso- 
ylucuse corn sugar substitute to 
ensure that beet remains com- 

Next week's conference will be 
attended by 800 delegates from 
13 member countries, the EEC 
plus Sweden. Switzerland, 
Austria and Spain. 

Informed sources said that Mr. 
Olav Gundelach. the Finnish EEC 
Agricultural Commissioner, is 
likely to come under attack for 
failing to “ come clean ” on sugar 

There is a 3.6m tonne suxur 
surplus in the EEC. about 1.3m 
tonnes stemming from guaran- 
teed imports • 'from - Asian, 
Caribbean and Pacific lACPi 



CCtPPER^Uwl •raumi- in active trading — tt -j C~, — i~~~. _™5rtT«2 

aiFttie London Metal Esch^nne; A lower . > ! £ l 1 - j £ j £ ibo prebiiarkci 

owEMbM cothw - saw torward inotsU fall 769 . 5 1 . 15 : 76 , 75.8 •-in'? *«« of Nnh ci 

to t7» on the catty. pre-maikui hm. IW-'j, >UBj 78S-.5‘.5 

Price then' rantHTwroiiKty 10 " S797~owInji Settibn'm. 769.'S“ + l.S - cmmnaiee sUl 

Kj.'shorr covering followun . news of the . Cathodes- - L . ' ‘ liotully. Ren 

Su'wa- cent torte- roalcurc dcdaraiiou on^V““' a. + ‘A* 5 22;'' 'I noon ihcn pro 

LOWER ouL-nin^ un the London physical ’ F“ r E'-Q.*; aVl '2'* a<: 121 ‘ “i® 1 ' 

*L 5 r & jar « — «* «»»*! 


limp I -4- j Mi ml 1 1 
III — 1 


Mr. fiundc-beh must speak the 
truth and that is that EEC beet 
sugar production will have to he 
cut if the Community is to go 
on helping the AGP countries by 
importing sugar. 

The conference will instead 
call for a firm lin«- on EE'. - pro- 
duction 3 tid propose that most 
AGP sugar is kept out of Europe.' 
A proposal likely to he 
discussed is a »>ptcin of 
‘deficiency payments to A CP 
countries — the pavnients would 
he equal to the difference 
between the EEC sugar price 
and the world market price. 

The AGP enuntrios would then 
be free to expori their sugar to 
anywhere except the EEC. leav- 
ing European growers to satisfy 
European needs. 


Financial Times Reporter 

Ghana mid-crop cucoa purchas- 
ing may begin to-daj. Lundun 
trade sources said yesterday. 
The first purchase u-turn would 
then be expected on June 9 or 
possibly the following Mondav. 
June 12. 

Last year mid-crop purchasing 
started on June 17 ami finished 
on October 6 with a total nf 
14.495 tonnes. Main crop pur- 
chasing ended on May 4 with a 
reported total of 263.214 tonnes. 

Copper up, 

■t iily 1668.0-39.0 —23.0 1717.0-1666 

nmHuiHnF . n ' >i* rtiR-mornIwi itirec nii.TOhs wire- Higii Grade £ ■ £ ■ L X •■“'v 1535.0-99.0 .0-7.0 1576.0 

&wi«c immML fueuwr uroBwaWnff. In tahl 1P>dfld a , 3 , j |. «t5, SS* ..".£335 45 +35- 6535-40 -17^ »•“)*. 1500.D-90.D 156S.0 

lh* -anernoOB.anil Wc once dlnped lo* 80 , Caihodes. liirec munlh' £732. KotV-'S n.umln..S435 45 > + 30 , 6450-60 -36 “-sSrt- — 3jSrTj"3:inois''6r = _ lorm^ 

ask* .law or. £733 before rccovcnns , on W'lr.etors, Three -iminths £7S9. M.3. so. SenlenTt. 6545 +35. - In [Croatian af Cocoa Organisation . ■: s 

ihq Iai.v kerb.owinjj lo wicrearire bur- SML-K..MA OT. tS.5. Afternoon: Wire- standard coma pound ^Daity mre Mav :| 

InCr from on-j quarter whlcD lirred « in ban. cash £TC5. S. 7.5. threj' i.mBith? r u 6530-5 +52.5 6530-40 -, 20 m |B» Indicaior ™ i™ ' 

m ri Ite clow. ..Tmi,pye>..!IL#» Imms.'. I7S3- 7. * 3.3. Cathode. Hm a’ri.un.I.J 6425-35 +27.5 6442-5 j + 26 Sft. 'SSjrSe 1WS0 ll»B: »d.» 

■ i ' — i ■■ — ■ . SettWm'ta 6535 j+30! — BVurase 142.23 > 1-12.69 ■- 


Mornlns: Standard, cash £6.530. 40. 35. 

•i -* -:i- . ' jutv - . ~. V “0(3.' : l. - Jnu.* fc<i«iy f Itwe- months ttAIO. 13. 20. 30. 40, 39. 35. Rububras opened sharply futtftcr fn v«rv 

Onilnii . l" PrkTr i lw ' V«i. • Close Vol.. l Clnse Vi.|. . clme I 30. . Kerb: Standard, three niunUis. IBA20. 6W „i volume. Drexet Buriiliam Lanibt-ri 
1 - — S ’ -• - j — I 35. 45. 41*. 30. A/iernoon: Siandard. repnrin. Esiansivc Commission IIouw 

Itw -I-I- |.> ijn PU .-, 0.1 lu ;.l n. Pork: Eiul-sn. Metals I I 1 

“ — under Juu 16 .•.mi (u IJ.O. ir.0-130 1 h ;ls.U A'tninininii CoB'J .. . 4bfaO 

ill 4-1 <l I ju. | till lh :!hD ill 4Sll. fr«- nmrkei h.-im.S-.-WI' *:b9-000j 

r i UMEtu „ n COVENT CARDEN — i Prlcvt In si.-rlms « •nwr.-«-di\V.IW»iC767.75 -10.75 C*>9S.75; 

■tidr.. . 56.40-56.50 a7.75-5i.8D 56.50 56.40 |lor naa - JC ,. t . s , vpt „Ikto mh-.m-lsc J ni..nili-, S7B8.55 - 10.5 I / 14.75 

.\" a |Z‘?5 eo" t,™”,,,, 14«lt. Imported produce: Oranges— *’*i*>h ».h» limit* le761.25-l2.2S v 6 B 6 

ai.^s-57.50 58.15 5S.70 57.60-57.25 o-Drn* Vak-neia La(.*g , . , n Kilns r. -MM nn. A i.H.iulif ■!». .In. .L'781.25- 12.25 «7uS 

sugar an 
cocoa ra 

NEW V'.iRL. luni- I. . 


v-.., u -b-_iu -iwiun: iiw n?\\- crop + nn-.i ini: ■, . ■ ... r T, „i : 

Sales: ::J5 i 305i lots nf 13 win,* Spanu- Small :r*y\ 23-fus; , li.!d J- Uie J r IM ' ' i f 1 

,pn mfv ' b ^Vn rS, --'-- C -' >,N c4lMii!!r£Li^ f U I*i»*(n»n»> in«v .ir.. 2122 1 . .ulEO.5 |.n? i« .ce fixuip a ,‘,d sUnr'i-Xr... " 

Auausi^p lain. J ,aa ' ,; ”' Si, . 7 ^ 3 # y>ee IlirM «■ 136.3 -s .6 1 120.85 M a mi «7 ...iu»im..u ll.-uw bus- 

AUSUSI Sop I3S.M-. Mtos ^ ^ . . la. 32 j ma d,. M „ -.ri ., 11 m- 

?ark ; 

- * • ' . ) Jul.v. ^ • - 

Optlfid'. ;} PtHt- I t'jw AVn. 

•ATT ' S9»'-'i 6I 4 J'’V- 

-\TT .560 ;i 'li« | - 

•AIT !B6 l U l . 

iClttcarp ' . MO > 37g . ' — ■' 

Clticerp ' S25 p :-t- 

a K'rtafc- • MU' j 16’- {. . 

& Kuttot \ ' . ’645 - ■ 10»a i . 1 . , 

‘.V “0(3.' • : l-. JbuI* 
Close Vol.-. I Clnse Vi.l. 


t. Kodak “• I - 550 
6 . K«-lAt *6.1 , 

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fiu -I isso- •• ix«a , ■ ■■■* •. is 1 * — j i2i a 

'GM' • ' S 6 J ;--2S* {• I ; *l4.y - •.{ •-- 

ti v£ s7o ..'*..1 — . ®4- - ; lie 

ic« ' *840.. .215* ' ... 2 .- -l .,2Bi« 

IBM ! :-. : .- , t^a60r'.-744'l - !■’ 13-' •/ — 16’* 

LB.U • • j .81 I 51 b F 32-c.r Sia 

Sears rf-, 3. -. '-rr 5M '. ' . F- & . 

6 «re • • :**&_ •. a«>. J io -?*r- - f ?: 3 

* 1 * 

2»8 I - 
' s« 1 ; — 

• 45*. I - - 

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161* , _ 

C/A\' i RI7A IV UCi r t-95. Apples— French: rioWi-n Delicious S 'j U *‘ r l ,V' V iSo‘2 6 *' ~ , -2! *•' * l:r -’ :n '■ 5* *•' 1 -“*M 

vivll ADtA3l l»ltAL 20lbS4n3.rat-2.50 72» 3.50-3.60. larec bnp-s ^ "i-" 1 !" “63-65 1 . > 1 lD..'Si Dec l.« 4 • Mjrvh l.nii Mjv 

. rf „ . BiO-T'in- Tasmania- Innaihans R-Hl »"• t ■-I' ;g6.555 -*■ 2D.O. -D.&05 ; I22.2U. Jiii. Uo ti.". . lie |(t. Salw 

« rUt a, # S d “■ 2 K 2 ; ri '";£ ^ S l i hu:i - 

radnallv rtnlied^wer on luou llmnrlarinn. hallnn: Rome fleauiy. ner pound V" ! r "" 130-^5 — 1-0 13. . Colloc— • C f-..i,irjci— JuJ> HI W 17.-. n.i 

• 6 U'-T U VJ -.'73* r-. - 
■Ii* ' 1 .)• 3‘»j 2 

“ ' 1*7 •• t .Il.i - 

: i - — ■. I 7'4l- 

I '3»8.i 

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- ’■ 1-1 la l 121* * — 

121* *- - 
41* r — ; 

- > 

niontiis 16.4*0. 50. *5. 40. Ktrh: Standard. chariiM buying mulled by local dealer overnum Chlcano market raluc-a f.rannj Smlih e no Golden Dell, ious T 30- «. m "” 
three months 15.450. BO. short-euvcrlnu held values Ann ihruupli- gradually drilled lower on lunu Ifyuida'lon. ” ’ £, ‘ Imllnn; Rome fleauiy. ner pound ' 

LEAD— Sharply higher oivtns io a Ulikc nur ihe day and a llniii-up oneninu in ]„ j>,p | : .:e aflernoon session easier ® *'■ tinlden O.-heious 0 14-0 IS: S. Afn- ■' n ' 

Hi a in ax lollmnnit ihe expiry of ihe New York added lo bull scmlmcni. chicapo trk-es enuplcd wlih siop-loss S? n ‘ ‘-runny SmuhhaiMi 4°. while Wim-r 

uompiray’S labour contra ct. Alter trading Advances nf .u-BO were rewsiererl nn 'he or()l . r L; . u s.rt she market io dip sharply Fearnwm 7 un-T.30 Siarkins Delirious ' 

around E3T5-U1J oo ihe pre-marker for- hay and the volume was Hie UUhetl since aiP f c |^. near the lows of ihc day. SNW **• , ,,oWen . D ' llci,, " s _J W-o JO: Oils 

icard me: al rose ouickli' lo I32S on October. _ _ Commodiin's repnns Chlli'an- Granny Sntnh 6 Ml-.. 30: New (. w nn 

rumours ,ol a Mrikc ai Umirvco Lanacia — .Yvivntay'i. ! Y»i«nj-s +.,i b.^uk-- ' - * 1 ' ,n 1 5„„ ,n .'" * ;7 * s 

and Ania*. ConnrtUBlIon of a Wrtfci- al ! iw + nr | Hiimhcss l l.«. — Ji.,nr ^ AA Patiish Ptr Un**,, i tu .| ei , ,.., 1:383 

iho lailcr prompted some owiressive buy- LMl l fcK | _ 2° U V?', s Pa na f' 0 .i r oij. Pears— i'hhii Mniaww s630/. 

ins which look rorward metal up lo a t Ji per i'oiiui- • ginrit..iiiie o n = CarTW, o Pj . -^7 2, 

hreb-of £3311 in ihe afternoon before I — — , j uo „ ....127.54.27 8 — 2.35 128.50-27 50 ^Vn^'e- UU ' " ln Vl r 

prrtl-latiJW sou. II <tnr M llm dMalo j lllv 1817. 18E0' t 76.0. 1848 1770 Aujji.m -3.90 131.50-27.60 £ n'un'h C n ^ ftr-.n^^Vr.^Tn" ,® eeds 

at fSSi. 7^irnoier. 11SD0 tonne*. ..... t nir. i -rrli . umuniin to imu. a u ,n u 0 Ja. DU>>. n D l.i. Grape* — 5. African. I-H 

hs!..* 1 *“■ .^ nr ;. nm : 'e|.»em.*.'V.'i 1720-1723 -If-'g 1740.1678 o£Z{ " nMi^ULUn Bartini's V Nto-n® 'FTS^aSEEL * 50 

n-iil. '+ nr! 

+!•■? N«j\om'K:r... j 1655- 1658 + 64.S. 1670- 1620 LUn-vnilv ..127.00-27.6 — 2.95 1J0.S0-27.50 SnanKh: 'j Inins ti.-Jn-'i SO. 

SlB F 32- C- r 81* : 

BM -f S : ’ i 

-2\r '*•- - { 2'8 1 

Amreni . - - *r w.tiwu- — l , - ■ T 8 J t 1.20 j. I 3-00:1 

KL3T- J-TX60 26JJO 8 '34.50. 

JO.M. - ] PWO J 81.00' — JiS.SO j 
hLJI t Fiao! 14:00 . 51' 1 . 22.00 \ 
kLU ■ .1 fl«0 ■: 12.00 t • 3 . . i- 17.30 

KL.YL ; . -F200 1 9.SO ;:48 .-12.50. J 

KUI |"F220 8.00 ' 42 _rll.OOj 



Nai..\«rt.- -t-yiOO [-13.00 
XafNevl .- IT1IO 4JOO. 
X*t .TcJ • . .FI20 r -1.30 

Hbilius ■■ - lF38."507i 4,70 
PUilUr. lF2fi.00i 2.40 
Philife. - --:-P27.50"' 1.00 '. 
R-D.ShW I.- it 120 1-fT^O 
U- D. Shell :! FI 30 1 .1,70 
JL. OL .Shill . I . P-140 1 0.30 
L'TUleverVvj M#i' K .00 

^ 3i1 ^ I 



mio; a. oo 

F 120 • — 

fT.30 f . - . 

51- 122.00 26 

3 :i-17.30 ‘ 12 
48 ' .-12.30 \ 15 
42 _r«.OQj .13 

— -14.00.: 2 

'• l - .T.OO ;• - 

-V :. 2.30 j - 
>: ; 3.30 : -- 

r 3.10 ; 63 
10 '.1.80.: 13 

10. - '10.00 ; . — 
3 .4.00 1 - 

— ‘1.20 J - 

10 . 7.t)0 j — 

— ' . 0.30 - 1 - 3 

^ 0.30 ! — 

{ •- - f 2 ' 8 I 6 

. - t H» : 15 
I: -— j 30.00 ■ 

J — . 24.00 ' - 

— 17.00 ; — 

10.00 - 

.F . 8.30 .- 

i — 2.50. - 

'■ 41JJ0 4 

— • 34.00 1 - 

-i 26 ' 24.00 > 5 

1 12 23.00 ' -- 

1 15 • ! 17.00 : 7 

j is - i - 

■ 2 1-15.00. • 2 

• 8.00 • -- 
i -r- J 3.00 • - 2 

• -- | 6.20 I — 

' 63 J 3.70 ,101. 
: 13 |2.30J.e8 
‘ — . .12.50 f 10 
i — ' 5.80 ; - 

[ - s 2.80 ! - 

j — — . I 8V00 - 

1-3 [ 2.30 ‘ 

• - - I 0.30 ! - 

-LK.\I> I i.'ltii-iMl I — I Cn.iUH-inl — -Intnmi.t • 16 15-1620 + 83.SI 1630-1577 »l.runr,i 128.06-20.0 — 2.00 130.D0 

■ ; Haleb -. 1580-1386 +76.5| 1690-15*0 A».nl 12738-29.0-2.50 — 

j £ ' £ . r ! £ May 1545-1550 + 69.5! 1560-1525 June I2B.OO-41.0 -2.50 

“ h; ,309.5 10 +6 3134 +9 July 1500-1525 +29.5,1550-1530 Sa i cs: «280» lots ol !«' tonnes. 

'*1749 1748 \Uit. SCDI Ui. > [>u !>• 

l.ui'Ci'i 1'ru.leii i..,£38p £363 *an. t.O .Mjrcli f'S-.-.o, M.n- :n.i,ii. l:ilv 

I'hIiii Mnia\an S630'. —10.0 *571 ■> Mt Siiii. TJ tij. n«-i 74 in. Jan. 74 nh 

,- March 75 nrt Sales; 7. SHI' 

Canon — No. j .luft io .t.o 42 . On 

Seeds I I :.| I.Vj.I Jii .rc..:5. Dee •■-Mi*-*.. - 7V * eh 

f.i|.nt Plulii*., ...... f*>460 - . - -^5.0 -4 10 d'S.f.i. Mas ■*'4.J$'i>4.iii Juft i. i-.'5-K' 5<i. 

N*l'al<eait tL'.3.i....|. -t 3u3.6r. 296.5 j Ori ul 4n>ut Sn. Sale* .I;'"* Will bale.. 

i £ .’ £ , £ : ij 

Cuh: ! 309.5 10 +6 . 3134 +9 

3 mod thf.-l 3 19.5-20 +7- j323.5-.75;+9.B 

Sttit'lni'nii 310 ' t 6 I — 

V.S; 8 |«*i' .1 — I 31-83 ■ 

Sales: bAfiS 1 6.100' bn* »f -1 forme*. 
ARABICAS were steady as ihc market 


Jamaican Per pmind n.]3 Avocados— _• . ( 

Kenya: Fuerle 14 INs 2 uun»: S Afrie-nir Grama. I 

Klli-r**.- I.‘IHW Strawberries: Cali- l*«ile\ L'kC ' ■ . .. ; 

(•■ml.-in- n Italian 0J7!-0.."j: ti*nw Kurunw.... CA5.7 t 0.4 t'80.2 

Spauwh. mo-o.-.i Cherries— Frerr-h- p*?r H«i* 

uniind n rn: Cvprus- O.w. Onions— Pi nch Mo. o Am £105.25.- £106.76 

rhlli-jrj- Cases a 2U-4.0u; Canary: 4 no- " hem 

4 . 20 : Dui-h: 2 .an- 2 Su. [<tra*-ll- 

Vs I .>iiiih k .£ 98.5 
N-'iiHiirii Wuncf ; 
hiiuU-i) Miiiiii-j.. 1*102 

I 'Cold— June l si Oil .Isjiui j ;ift' isi?0 
,J *:Aj..ip,. \Ua I 'CTii l'M wl. Per. 
' l4J.Sn. Keh. Auril I'l^.’ii .lime 

.'flli-41. Auj. JO 4 Tli. On Jill mi. Pet. 

Jill Ki. Kell 214 i»0. April 217.IU Sjle-i 

-Lard— riin'a mi ftuie n*>: ;ii.n|jii1c SV 
prime *ieatn 24 Ja n*«n. - 24.2 "> irn'K-rt* 
Maize — .Inis- jWl-JisS; > •. s.-i.i 

Jil.; -•J60 ij»i; i. Dee. js*,'-2..s_. March 

>■« Sliumh-in.... CI.7H -25 0 l 2. DM. 5 273. M.iy 274-57*’.. .lull 27H 

Kiitnn- .s>e|4 Ll.b60.5 -5.5 el.999.5 

1 .ibhe 1 hi nr.- 

iPlaiinum — luft 2S1 .OiVjSj 40 .-jJa 

I'Wt. J'4 Ofi-JjS Sn >2 5<l Jn*. Jjn. W» 

F 126.30 


I - 

. \e ii3. w 

6. 7.5. 7, 7.3. S. (La. S. 

ZINC — Gained ground 1 
lead. "Alter openlna aro 
mcul muved un io a d. 
bni subsea ueuity eased l 
on. Ihe tale kerb. Turito 

. i JC •' £ ’ 

fi«h, I 323.5-4+5.25. 323-4 -+3.S. 

3 monriia..! 333-.S +5 I 533 .3 |+3.5 

ij'inoil ! 324 , + 5 | — 1 - 5 !_ 29 J 

lUoruins: Cash £3233. three mnn:ha 
£532. S. 4. 3.5. 2.5. 3. 3.5, 3. AftcrnPOii: 
Three mnnihs £332. 32.5. 32. 33. 333. 
Kerbi -Tlirec- months £335. 3U ; 33. 

Nant.'s 261 b haxeS 2 fill. 

^■|t - £ 1.721.5 i- 82.0 Cl. 40 1.5 I April 257 in'* .lull 257 Sl». 

. IiH \\ 

... .\i-a.5 

. . 1 0 


7.42 nf* 

W...ll..|. KJ, k . 

it..- £8 1|. 

-1.. 280|' 

1 ttfJiO 

i >*.■*, 

* Nominal. 

f Lino.Hn.-n 

•i Mat -June 

j‘M Al. 

i Mjv- A ugust 

■r- A UK list 1 

.lime t. Aunt 

I r..-J un. 

samet. Doily average <same>. - — p#-r ssm ■» sn.- mi oh..k.,i.' 

Aiij;.... 106. 60-08.75 104.86-05.0D’ 106. 75-05. DO JJLf! CuMmho^P^rlt- v^i "?7 
/-I) i |\rC IM. . •• 109-20 05.25 107.05-07.75; 102.55*07.60 ° a »..5“- C "-- b - Cr ^ ~ Pl:r lra \ '“.V^ 

U K A LN 5 lire 1 12.aO-12.6o 1 lfl.76- 10.55 1 W.35- 1 1.00 0 ii!"' ULd'ppmlJs ! S 

LONDON FUTURES i CAFTAt-Wbeat y^ 1 ' ' {^w3}j{£ l m^!g;S||g , j{ 'g ‘}j S^*,. iVlb Enoi.«h 

neiH'd Uta hicher and in thui tradlna ". aj 1 - Greens- per trail*, hem oon- 

pril J57 in'* .iiilv 2.17 sn. *.»,. l. in 
Jan. jit : la-Ji-:! .lit '.al*--- 1.41.:. 

' Silver — Si ml 7JS ;u ''4ii-ii>. Jiin** 

J nf* W.MI- Jill’* Al.'.Jn 1 j.’!- L*l ■ . ■ mi.. 
S.!MJ ?• ;*! 552 fin. Dee. 5ia.4i. .l.ii*. Marti! “7 ifn M.iV 7u. .In I 
'4 *V>. Se|'l W'7ll. L'vl i*|7.X JjI.. 

•j lilt. Mjrt-li *;:ti.r*u. Sale*. 7 jftu 
Soyabeans— Jiilv 7.:|-7"|j .7..;. \u« 7J.V 

financial times 

•hint* 1 ;■ Ilii. 3l'»l*.iTu', r . 1.-11 • 

250.34 .250.67 241.66 i 263.71 

tBaSe: liilv t. ISSJslinii 

iTJr.i n. i«i •.s , i-cti , i. N"*. 


I.7i:-:7J. M.ireli 





Soyabean Oil — Juft 




J7.S6-J7.4A .27.71.1 

-. Sept 



-jC.j0-2ii.2ti. £'e» 

24 ?!►. 



March -21.50-24.7 


■2 1 



I Soyabean Meal — 



offici^ dose- ;*S4 per pieuL m-rtf'lif" aaw‘"wllMr'n M.93. Adi IUB.M nl.TJ.W, for «i«n. T ITT „ r L Aft j. 

reports. lniernaituual Sugar Ann.-i-nu.-m; Pno-s I I IV W iSPyir 

CII vr» — lor v,a> :n. LT.S. tsuis per pouud loh and ttiivai 

JIL r L*V WHEAT BARLEY siovivcf Canuturan pari— Daily 7 4S t *. 

Silver was fixed 4.7n an ounce lower tVeMenlOy's + i-r . Yesterday + *>r 3i ^ ar 3 ' L 1 Mniei. acreage up 

for spot delivery In. rhe London bullion ll'niJil ciirc • — . t-k« : — tt;nni ' ETf rnri TD i~C * 

market yesterday, ut 293.0jp. u^. ivnt : — : — — — — - VYUUl- JTU.lUlvt .0 By Our Commodities Staff 

equivalents Of the fixing IcvoK were: syiil. -86.80 . + 0.30, 81.00 . + 0J5 , , Vrv ._ ... |.,, _ , ..* down B.JC! Ihrefr-momh 34S.0C. down \, n . 89.05 -,0.30' 83.70 .+-0.40 *:*_?_ !. . __ BRITISH FARMERS have 

ii.4c; : six-monih e0l).2c. down 3. Tier and J*n. 91.75 +0.40 86.30 +0.40 Ximniiian Ywteftt'r*4- *.i- ]tu>hi(*** planted 13 DOr t-ent morr wheal 

12*monifi SS2c. down The metal llBt . 94.25. +0.7D 91.35 +0.45 l j l ll vW “. 1 | 1 Lhmt, - Li Ln il lilt V 

optnied at 29j-2S6u iSM-Stilii and dosed >i aT ■ 96.B0 ; ”~- 1 ' ‘ JS * he*ti»on and about a per 

ai.29q.3-2M.3o i53fli-54ic». — •* - ; - ~ | cent less barley, according lo 

: — : — I Husnuas done: Wheat; Sept. S6.kO-sB u. .... 'jialLjnii nrelimtnnra- results nf a siirvev 

i* J !, Nov. H8.I34fl.Dj. Jan. 9190-91.65, March :’«{»; oig'n^nn “ pr ,™ in,Jr ; * w “” s d 5Urve> 

srLTKit j Hniiiim + .-H l.m.k. •+ «.r Ma y 8B.flj-98.9a. Sales: «. aari«r: - earned out by the Home-Grown 

-|K?i- * * *' rislim i — : •■kmc — Sew. dl.23-st.DB. Nov. Jan. * ftr|111 "' 1 •• c^'n ~ Cereals Authority, 

trny «!•■■ Jirk-liu: i I 80«fl0 3D. Marth bS.H0-Sit.73. May -. JJ«+ ; ~ . . „ . 

— ■ Sales: 1«. iHfHH *n ; - Al,d 96 P er cent - of wheat 

; IMPORTED~Mai«: USrFrench June J . u - 4,0 ~~ acreaup is olallTpri with hiph. 

Spot : 295.05p -4-6 295.55j* -2.35 and July £103 23 iranshipaicni EasL Com. \ jHokvr - • . ” v «ld5|o winter oriin Thu nrn 

3iii*.ruIii«..!3UZ.2u -4.75:3U2.75ji -2J S. .African White JuncJuly £>130 GlaSEOw. Uevfeiiil'pr .-i24S.0-52.0 : Jieifling Winter gram. LheprO- 

Binoiulitk. 1 309.6p -4.75. — 1 S. Afncau VaLow Jaue-July A»l jo- STDNEY CREASY un ->rdcr buyer, portion of the barley acreage 

ISiimuiJj*. 1 3S6.Sii -4.75 - Glasgow. icller. busin«*s. Micron Cojilrut: nl anted with winter hnrlpv is 

-rO- *- , oniu , Barley. Sorphum. Oats: All unowned. Jub' 344.0-3H-L 3UW43.5. 31: Ori. 346.0- \ l, ,J S 

t-Mfi—Tnrnovcr .* «1M» lots of wfluo WRS .vmnix-r une W mr s*6j. is: i>c 33«,7-ii&» 9. 33/ j- a,s0 htgher thdn Just year, the 

(HS. Momlnc: Three- months SIC.U, >.>■ — . i-n,.. rnu ■ uc n-ii-v- -.1!UUl "V.i IL1!J i un- curvmr rKnii'c 


ii ... -IV 

4 1 i i ,.«• 

-C L + 


rincoriadraiea in ‘the Republic o> South Alritil 
• 2 . JU urasecuitto NOTES 197S.f* 


NOTICE IS -HEREBY GIVEN that interest at the <■»“ ®**^"“ CwiJ. 0 ”®? the* 

SUU^S. •SJS9? JU- 

- At tsst.-WB 

and united Kinsaom rea J*'.'? r ? n ofr°*he 2 S«BuSHC oI 7 South Africa. 

wirtffl wS wniwtSSt M conwrted into United 
. ** 

mw^SidSw ^c'. of rten Sef -centuml rus been impooed o- ■"*«» 
i P * Y9 ^|* persons other- than^ companies not ordinarily resident in South Ainea. 

and file. Sg«S^®SSr 7 SSa« « 

for spot dulivi-ry In. rhe London bullion .M’niJil clinc • — ■ :i*kvc : — 

market yesterday, ut 295.03p. U^. ivnt ; — : 

eouivalrnls Of the fixing in'ols. were: s«fil. - 86.80 .4-0.10. 81.00 +0J5 down B.uci Ifttvfrinomti »49,Se, down . 89.05 -,0.30' 83.70 +0.40 

ii.4c: : six-monih 300 "c. down 5.7c: and j B „. 91.75 ' + 0.4D 86.30 14-0.40 

l&momfi SSSc. down S. 6 c. The metal n« t . > 94.25. +0.70 91.35 ’+0.45 

opened at 29j-296o i.til-542:fi and closed j| ar • 96.90 ; 

ai - 393.3-3M.3 d i33flj.3*tct. ‘ ... 

■ . - ■ — : fiusiniiss done: Wheat; Sops. Sfi.wt-sB u. 

I* : !. Nov. KS.l3-tfl.0j, Jan. 0190-91.65, March 

-,0.30' 83.70 +C 


ilVnce our kilo* 

94.25 . 


Hnlliim + i'i' 1 


LM.K. |+ «ir 

riving ; — : 

i-Iihk; — 


jiricinc t J 


fimy«i.\ iirii-inu t J I 80 40^0 30. March SS.Sti-SB.Tj. May -. ; 

. * ’ Sslvs 108 Z4a.u-4B.fl ; 

• i IMPORTED— Maize: USfPhafl June J “!>: SS’SjSHI ~ 4,0 

Sunt : 295.0&P -4-6 2B5.55j* -2.35 and July 1105 21 iraiisbipaicm EaflL Coast, ^lolwr ... ■ ^f-u-ao.O 

3 munilin..! 3U2.2p -4-75: 302.75ii -2J S. African White June*Jnly JSI jO GiaSfiOw. Ueefenil er ..^43.0-52.0 : 


(irwy W.. 

VwMM'ri 4- ~ 

. t I'.mt. — . 


L 1 * HIP 


I 48 .fl-Sn.fl . 


Uiveml'i-l ■ 



245.0-4fi.D • ! 

246.0-48.fl ' 


i-tDJ-46.0 —4.0' 


tii'lulwr ... 



oar. Morning: Three- months 302.0, 

?0 W riMe , “Nl ta-M» «■«» »» « euB,de 


Bv Order ot the Boare. .a*na Registrars Vn«it«B. 

W. C. Wjrriner. 2nd Floor. Devonshire House. 

Secretary. - aq larissen street. 

(Base: liilv t. ISSJ=1HU> iSwabcan Meal— Juft 1 yj .vi 

■ i 7u>. \n- ’*•--■ .'W-lj-J 1 Is: in*, s.-;,: 
REIITFR'Q ' IIIHSl ad 0»I. 1 m.(«M*. hi. Dec. 177 III- 

_ 3 1 |75 on. Ian. 17.7.UU-173 ^0 .’-friri-ll 17*. Ill- 

June 1 \| n , 31 Vft*ii; ii It**, ■ ^***> ] ltd All. M.V 177.0H. Juft- 17:.7iii 

— - Sugar— Nn. 11: Jut! 7 74 .7711.. S.-j.t. 

_150B.5| 1507.4 1456.1 . 1638.8 k.Hi-T.SU '7.7-*. '.‘cl ? I'J-S M. Jan ■ 4.:- 
■ Base: Stpt'rmbif js" i<|-|i = i«hi ■ ' w- llartli *.‘j::-S.9l. Ma; hhS. July W-tl, 

• * !sepi. 9.JL «Vi. P.-HW-f*. Srtlv T.J-.ii. 

DOW JONES i Tin— .W.fl( L »jO On ..iM 0 B-.Wn.mi*. 

"!»■»« ’j June i IN " , N- Wheat- J,.ft SfrjKd: .Tt is Sc,,i. 72t-> 

l 1111M I ?! ; . I -wO 1 -to. 1 - Wl. .IM», . "dfUl 

1 01 I y\_ ■ .717 ?. May .C*J. Julv 222. 

■*;»o .. 355.74357.21*63 52418.05 WINNIPEG. Jum l. ‘Rye— July 107 Jfl 
356.74 S5B.72l349.o5 38o"9 ’"d .IMjM \ hot > Oc>_ 1m..j 0 .lu>.i.u hid-. 

r*.. ^ * Nuv l n * Ou n^Ad. Ptr. liii.iKI ii-kvtl. 

i Average I924 a «.i-2d-liHl) ! ‘ OaU— Julv s-i.irt iSJ'Jn hid. .i.*:. :» 'fl 

* . Mi 20 hid-. Dec. 7S.10 a.fci.11. il arch 7a UO 

MOODY'S _ _ j :i.i,n 

i June INi i i|..iii‘i..\.« I : ‘Barley— Jnls NMht hid ■?! ?»•. Oct. 
' l 1 3] • , : lj; I su.20 a -Fed <*4'W bidi. Dec. in mo H-f.ii 

_' ! March Su.5f a-iked 

“I" 1,1 927.6928.8' 904.2 912.S j >IFIa*secd— Juft jTOjO t-id i-jK'jSft 1ml. . 

lOeremher 3t. Ifcit = |im. ! uti 'JSSfnf hid i2nS.OO>. il-v. Jon un. Dv<. 

; J.Vi-'JO ast'ed 

^ i . 'iWheai— CWK-5 1J3 j.-r o in pr..r. r, 

)e»n:>-iu in .*i»ri- Si. LjoTvikc 1'jK i'i 

GRIMSBY FISH— Supply gaod. demand j * ft't.roi. 

ooii. Prices at ship's sirl.- mtipnii.i'^cd' .Ml teM- per pound »\-warehyns % - 
If-. 6015 *3.6O-I4.0H. ojdliiiKs ! unl.-ss ollurmsv. aloft d. ’ ?s f«.-r troy 

L.bfl-rf.sO: lartw haddock u no-iJ-nD- iouiiccb— ICO uuuu- lula. Chicago Itni.w 

goad. Prices at shin's sid>- i iitipniu-^cd' .Ml cci.l- per pound 
Sf ti??? 1 6041 rtidliiiKS | unl.-m ollirrnisL sloftd. 

suggest that ihe I r®?' S3,5 £ 1 „ *? rKB haddock u uo-c-ino- iOlHUVB— ICO urniu- luls. 

Z June.. 1W8. .. -.- 


I Barferr l 

I KaiMrmo.Street, 

i ^Jo.' bW tI^UO.' SWtdtnri, -2146) 


.Rana Registrars Liirnua. 

2nd Fl»r. Devonshire House. 

*9 jorisicn strccL 

BraamJonieln, • 

^O^^VlS 0 Vaam^tmn. 2017, 
Lloyd* Bantu Umltca. 

RMlsrrer's Departm*"*. . 

The Caucewav- . 

; Gerinp. Bv*Sm. 


, Sussex . BNI 2 BDA. 


HGCA— Location ts-Tarm -,’pui prices Sales: 17H. 
• TTinrC for JUQi! 1: F«d wheat— Sculh Lincoln . 

dvl C £56. CO. Peed barley— S. LineatuaJilre MrA 

, , ££.' 70. Wiltshire £84.20. ' *1 . 

DUNDEE JUTE— QuIcL urtces i* and f . Uff monetary ctwfiieiriiT fur the MEAT t 

3. s: Dec. 3tt.'.o-365.o, uniradod. tiiL intrease in wheat drillings was r=r,tE,::<,: ! t r * 1 i 4 ' ni-r !(lfl lh '— Dept, of a«. unto ru- 
les: its. nrt , * hi " . JC *' i “::Li t. ? lai ft «■»«■•». “'-■vlumi E-J5ii.i4.oo. bi-i I nous day. Prinn- foh hulk 

* t 1 ixir-s* r-rr. * “ ^ dS es1,mate ^ earlier small -3.60-M.SO: Juroe Kkmncti di.ciiih [an n airs .«:««% i«-r :.i> u. uum« l 

MFAT/VEGhTAKI FS 1D Ih© year and Ihe fall in mrt }j“ni £o.j 0 : larpi- k-mmi S"hs n-art-hunv. .-I.fiuu oushi-l loti, i -is p.T 
_ _ rniJU ir CI „„ . barlev plantings Jess several it?? riAt:£,sfl | troy ournr for jo <■* units *>r nso p v r 

HEAT COMMlWtON— Ateraac lulstork _ * . . rrt1 ' -l-SO-C 40: saithc n.:»o-£l.iiv. i cent jiunty ddr.i’rod NY. ■ I’cnis per 

land cieUt_ very .firm. 

unq noted, Leh. unquoted. Sains: Nil. 

last year. 

+ jiroy ounce i-s-wart-houxi'. ' \..-.v - u 

jcomraci in <s a Khori ion for Unit: |i>(.- 
COTTON— Liverpool. $po! xhip- of 1 «U short ions delivered f.o.ij. ^;«rs. 
nicfli sales amwmi.'d tn ijj ;pu« brumiuk Clilcas". Tolwls. St Lnpis and Alien. 

Ihu tOUl for (hi- week >a Tjr to 1?:. lulls. ••Cents per bB |h hush.. I , 1 , . 

reporii K. W. Tainrs*ll. aiijvuj on ' Cents per ,'l lb bushnl, i. rmls p. 
a rel.tlttrly small scale. Uvr* -reri- 4S Ifj buslhl cvwar«-hnu“'- ” i'.-ius p. r 

onlv uil'.rviteil in nttiiur reuk't.xhnt.-m ."it. lb hiistn l rj'.-\i .ir.-ltniiv. l yf.u i.tishcl 

needs mostly for Middle Eastern qu.iliiiiri. 'ms. SC per tonne-. 


quities resilient despite gloomy NIESR review 

idex 0.6 off at 478.2— Gilts drift lower 


■*i Jane- < *31 sr I 
! L SI « 

i mining 

l "sur— — tstatrjussr— atswff ns. s S£‘J¥sC, 3 f2HZZ m " 

at-ar js.*w Jttw sar ;je e=f P£~~ ~/SS ’SsJSp^. 

'toy 15 Stay 25 JtaySS Ju». 7 yesterday. The continued lack of lQwer a « I,l,p ' . . . „ Lf/ j S 3 b?ttw at Si a nd issues. Berkeley Bambra, stand- most of attention lit muung 

May :>0 Jun. 8 Jun. 9 Jun-20 any fresh initiative From the Breweries ignored Alnrac Soft Drinks 6 to the^fiood ing a couple of pence easier ” ia 1 Tj wts --. The 

■Tun. 12 Jun. 22 Jun. 23 July 4 authorities over the money supply Pr oss comment on the industry s P 10 - 8 of 130p e j n ahead of the annual results. Ashton diamond all 

. „ „ couplet! with the gloomy economic prosects and closed better where o n _ rmar i {e *_ Kwik Save rose 3 rebounded on the announcement lost ground fonowing peislst.nt 

y*m TJZ r precasts from NIESR kept changed. Young A edged forward Supermarkets. Kwik Save rose 3 ^ dose - hisher at 11Qp< vvhile profit-taking. Northern .Mining 

1 ‘ potential investors 'on the side- 2 to lnp on increased earnings Hote)s made frefi h headway in small improvements wrere seen dropped -0 to 105 p. Comoc Rio- 

I Equity slock markets put on a lines and resulted in a downward and scrip issue proposal, while (u lilCP reS ponse lo reports of in Cburchbury, 237p, and tinto l(Mo 2S0p, after 22Sp, and 

show of resilience yesterday in the drift in prices. The reaction in investment demand raised Whit- . . trading Trust Houses Moimtvlew, 58p, both after “Tanks 5 to 16dp; the last 

face or l he gloom economic fore- sterling was also an adverse Building descriptions traded p or f e closed 5 better at *»lfip figures. Marler Estates, 30p, held named were additionally weak- 

made hv the M.ilinnal farlnr in I hr* shorter maiuriifns miiativ with nrinrs liardlv movinc ^ mo« ns*.. nli.iJ ttoaHv ripcnito Inwpr or n fits. Else* ened by tne lower 1977 profits a&u 

GuvproinenL brea,^-... 69.90 
F uteiJ Interest 71-70[ 71:77 
Industrial Ordinary.... 478^j 478.0 

Gobi Mine* 153.2 1S6J. 

OnL DIv. Yield.- i 6 -5 s | 6 - 5a 

&rnUiR»-\''MWri»IIU1 16-43r l6.40i 
P/E Katlo inetH’tl [ S.1S 8.19 

‘ May I -May 
28 25 

69.90 70.13 69.92 70JC 

71.70 71:77 71.76 72^91 72. 2 1 
478J!| 478.8 472.5 476.ij 47 7. E 

16.69 16-52 

8. id 8.13 

-JUy .1 A pn 

153.8 119:8 
5.56 6.11 

16.82 1K70 

7.93 9JM 

Hotels made fresh headway 

Decline* m*rVed._ 4.831 4.348] 4,576| 5.568 4,479{ 4.667 4.942 

Hfuttyturaonr**.- . - 64.69^ 49.53 88.09 82.32 64.87 66.88 

knotty twratina w.. - . 1 4.36» 12.3871 16,848< 16.5 9 91 15.1181 15,241 

10 am 412.3. 11 am 478.8. Npob 481:0. . 1 Pm 461.1. 

2 om 431.1. 3. pm 419.#. 

Latest Index W-**- 8026^ • . 

• Based nn S3 per cent corporation tax t NB=8.0& - . - 

Saris 100 Can. Sees. 15/10/25, Fixed lax. 1B2S. . hrt- OrtL 1/7/Sfi.. Cold 
Uiued 12/9,35. SE Activity July-Dcc.. 1«2- 


l Research in its latent quarterly losses of A and occasionally more, smattering of news items failed f^nrovement of 9 Grand Metro- In tereuropean 2* to 32lp, and. Among the more speculative 
■ » review. The Industrial leaders Falls in the longs ranged to 3 to draw any real response from ‘ ij laD interim * figures next similarly. Property Partnerships stocks, falls of 5 were common to 
: were lowered a shade at the open- with the tap. Exchequer 12 per dealers despite the good respec- Thursday touched 117' o before firmed another 5 to 115p. McKay Tasminex, 75p. and Whim Creek, 

ing of husincss. but little stock cent. 1998. reacting that amount live performances from UBM and finishim* ’ a penny better on were marked 30 higgler to 220p 60p, while Mid-East Minerals gave 

came on offer and prices soon to U3i. Comben Gruup. The former. K a i a nco°at l!6p after a couple of buying orders up 4 to 46p. Metals Exploration 

' made a modest improvement in Traded Options were fairly slightly firmer ahead of the 1 and Percy Bilton, recently dull declined 3 to 3«p. Paring® 

i response to the occasional buying active with 617 contracts made, figures, closed marginally tower |-» | D-. nn on disappointing results, recovered Mining and Exploration were 

order. This compares with the previous at 72p. while the latter, initially uc , - u - c u r •> to i62p on the chairman’s actively traded and finally 2 

.i , h ^ irti-rnonn day’s second heaviest traded total marked a penny mgher at 3lp, re- The gloomy economic forecast optimistic statement. cheaper at S6p. 

i n n mi nee trie m of sli^hilv dis- of 906 31111 Tuesday’s 349. Grand mained unmoved by the announce- from NIESR led to a reversal of . , Basc-metal - producers were 

. •HNnnin tin« first -ouarter Vi-nirtis Met and Cons Gold featured with menl. Buying i nalh»n 2 as ^J te J the previous day’s firmness in the Rr Pp.tTQle uni disappoint mixed, with North Broken Hill 

I — ' • ■ a ilia LVIU|4U> IT >U| uic pLCYlVU^ " t — — - * - . — ^ tu iUep via v**— — — a 

. I Himi-v.-r Jhf> nri.-monn day’s second heaviest traded total marked a penny higher at 3ip, re- The gloomy economic forecast optimistic statement. d 

announcement of vli-ht v SI of 906 ^ Tuesday’s 349. Grand mained unmoved by the . announce- from nIESR led to a reversal of H 

i' appointin'' first-quarter fimires Met and Cons Gold featured with njent. Buying ina Ihm market the previous day’s firmness in the gj- Petroleum disappoint n 

, -mri un N.ntni>K m^ivir lifted Heywood Williams 6 to a uicrpii nn «, u « Industrial leaders. " , 

| 1378 

Slew OonipUntkrtJ j 

dlKil ' 







1 VB 1 

19/1 ,<5^ 











16 , 1 ) 















J r If'. 


Gilt- Edged- 141:5 
ludastnes.— . 173. S 
fipeculmtlTO— ' 41:7 

Totals tJO.O 

6-da.V Av' cage 

141:5 143.2 
173.3 148.5 j 

3.5 Spaculatlve-J 40.1 38.2 

10/7 h focal*. — — J 100.3 107.5 

- rise nr 2.3 at 2 pm. closed n.6 ward drift and closed the day 15 , ' V mentinn o - . . Q d only 2 news mat me reaerai uovern.- 

lnwcr on balance 47S.2. Never- down at S103 per cent, taking its '. . . . , c pme > r ■»» 7 Q«i» > J j p ®*, axo ® aSip. Reed balance at S78p Other ment statement about the signing 

1 1 thi-lcss. the undertone in the final decline on the week so far to 5i. . ICI ' K iSc LlflS International opened easier at up on tniaacea t s urn ot export tvntiacis. 

' dealing 1 ' w;m being described as Yesterdnv's conversion factor was ,n subdue^ d ^ * n | '" 12op following comment on the * ' =■ «nc.htlv disappointin' 1 1° contrast . with Australians, 

; *«Kly to firm. 9-8880 , 0.6378,. "ttST £ “WSfB ISLZl SB? taSffiS ^8 South African Golds showed an 


Denomina- of .-.Closing Change 
tlon marks price (p) on day. 

British Funds drifted lower in , . . 

a low volume 0 f trade. Sentiment B<UlKS QUJGl 
was not helped by dullness in — h .,r 

to close 2 lower on balance at douTl on the day at 12-Ip. Metal statement, bbefi initially 10 aoum a ica uoias .n m n BP ~1 

390 p. while FIsons held a small Box. on the other hand, improved harder at oiOp. finished only 4 ° sS^he' h^fitosTorice l? 1 

improvement at 363p. Coalite and 2 to 304p: the annual figures arc up at 564p. Elsewhere. Slebeos 81 ^ ^ pnW "i”’ ?? p 

>anKS qiuet improvement at 363p. Coalite and 2 to 304p: the annual figures arc up at 564p. Elsewhere. Slebeus w iVa? rra oelT mmTJ 

The volume of business in the Chemical t eased 4 to »p despite clue next Monday. Elsewhere, buj; VK ^uchedj^p before setting toWBJW £ 

Securities index which closed 0.23 

down at u 107S Jon- of Juta an^'SrowB Shlplw* 230 p-’ news of tbe . U S ‘ act i uisition dull market last week on the' dis- Proceedings in Investment -™ 0 * . o- n 

Elsewhere, secondary equities the lat te A preliminary result^ a ?e National Group. appointing interim results Avon Trusts and Financials were The Shares HoSdS caM® 

encountered selective demand, due on June 8. Keyser Ullmann Tr „. n _t A j re . r .y c 4. ^ a .. rlse . of _ c enlivened in the late trad e by a ig to 7520 The Gold Mines iwptai rIv n 

while fresh speculative interest continued firmly at 52p, up 2. H. SaflZUCl M-ailtGu to 18Sp. 8'hjlc GroyebeU met sup- jump of 4^ to w45p m Investment j-j-, re-nstered a 0 9 fall at rw.Tri WHcnns 20o 

wav again evident in some of the and Antony Gibbs edged forward c f}ll reflecting the record results PO* and closed sum ariy dearer Trust Corporation on an approach registered a u.« at Octon Wilsons ... 29p 

!»**"*: Rises were a penny to 30p, Home Banks Jf* "2 ^ ^HSFSS. "outh African Financials were Dl ^ [e ^ .Jgg 

were recorded in Guinness Peat Ren,oW l* 59d - ' verc unmov ?^ . b y Leigh Interests add 8 to J7Qp. A firm Overseas Traders 

were recorfiva 111 viuuiac&s 1 eai, tVl _ .;c .miiktlnn j..iT in 

m 235p, and Brown Shipley. 230p: 

Elsewhere, seenndary etjuilies Lhe latter’s preliminary results are 

wjis again evident in some of the and Antony Gibbs edged forward 
i:«ke-o«er favourites. Rises were a penny to 30p. Home Banks 

to 5l83.3<a per ounce. shell Transport... 25p 

Trading in Golds remained sub- tlEC 25p 

dued and losses were usually rjz .!....! 25p 

restricted to around i in heavT- BATs Defd. 25p 

weights like West Drlefontein, Barclays Bank ... £1 
I21J. t . . Midland Bank _ £1 

Among the . medium-priced Intj £1 

in a majority over falls by 3-1 in drifted gently lower on Tack of c„ ran0 | 
FT-quoIed Industrials. There was support. Barclays softened *4 to 
a suuill improvement in the level 333p as did Midland to 363p. 
of turnover at measured by Insurances displayed no set 









363 _‘ 

107 • 

1S3 - - -. 






330 ■ 
166 . 

.= 9pm 

two-day gain of 12. Gtl 
closed with modest rises 

ier Stores SSKd » 5» ‘o' Tlo »p 2«S”“ 



June 1 Week ago 
£ £ 


Danish A.l per Ion 1.090 1.090 

British A.l per ton 1,005 1.06.1 

Irish Special per ion 1.065 1.065 

Ulster A.l per ion\ 1.003 1.065 


NX per 2U lbs 11.41/11.32 11.41 11.3: 

English per cw tv 69.GI 69.61 

Danish salted per cwiy ... 71.50.-75.S8 70.10/72.4 


NX per tonne 1,161.50 1.161.50 

English cheddar trade per 

1 nine 1.202.10 1.246.78 


Home produce: 

Si/e 4 — 2.711 3.40 

Size 2 — 3.90 4.50 

June l Week ago 

P P 


Smiiish killed sides rx- 

KKCF 54.0 37.0 54.0 58.0 

Eire forequariers 30.0. 35.0 36.0/3S.0 


English R4.0 70.0 — 

V2 FLf-PUs 50.0 52.0 .» 0.0/31.0 

MUTTON — English ewes ... — — 

FORK (all weights, 36.0 45.0 3B.0 45.D 

POULTRY— Broiler chickens 35.5 .'37.0 35.5/37.0 

* London Egg Exchange price per 120 eggs, 
t Unavailable. For delivery June 3-10. 

.Kll-.F • uvffliO- 

11.41/11.32 11.41 11.32 11.41/11.52 



Moitih ago 

71.50- 73.S8 70.10/72.41 70.15/72.42 II Tillins’s 

Electricals contnouieo some - . In anri omission of .. . ot zzsp, wnue institutional »uy- 

firm spots. Substantially increased 3 . .. . nividend and j>I organ Second-line Shippings un< J® r_ ing lifted Gold Fields 2 to 178p, 

earnings lifted Normand 4 to 50p. “IV u! 3 to U3 d on went a modest re-rating on hopes after 180p Charter hard ened a 

while Farnrtl Electronics closed 8 S? dLSJSnS* first-ouarter ‘ hat **».* md '£ lr L 1 pr ° c sp t^ P^ny to 137p in front of next 
higher at 276p. after 27Sp, follow- dtappcniui. first quarter improv , nK Reardon Smith “A weeks annual results. 

ing the annual meeting. Henry p „ J n ' nf 1hn nrn , n . PT of a moved up 2* to 40p. white i n Coppers Mlnoreo responded 
Wlefall were good late at 2l4p. Reports of tn c prospect ot a common Bros.. 129p, and Hunting t0 ^i.S. buying and closed 3 -het- 
up 9. on renewed speculative sharp rise in the P°ce of petrol Gibson. 144p, put on 6 apiece. t er at a 1978 high of JS3p. 
interest. {a 'led to unsettle Motors and Textiles had contrasting move- The further improvement in the 

Sneculaiive interest for Distributors which were better ments \ n sidlaw. 3 off at flip on f ree market platinum price 
secondary engineerings waned changed. Dorada. recently the first-half profits setback, and prompted a good demand for 

after the previous day’s increased — ?. n J* u en, i pt e°mi a £ e °-?, r Nova Jersey 1 , up a more to »0p Rustenburg and Bishopsgate 

activity which followed Thomas l ^ e ® ri p 5 ^ School of Motoring. on continuing speculative sup- which both put on 2 to 86p and 
Tllili’s wUpriS offer Tor returned to favour and closed 4 port . j. Orawther hardened la 84p respectirely. ElsewherTA^Io 

Fluid rive: the latter improved 2 better at SOp, white Wadham penny to 33p on further consid- United, at 180p. relinquished 12 
more to 7 Rd making a two-day Stringer. 46p, and Airflow Stream- e ration of the preliminary results, 0 f t he previous dajr’s ini pro ve- 
iuwp ot 21 The increased divi- lines ' 85 P P ul on 2 and . ° while gains of 3 were seen in me nt of 14. 

dend and higher annual profits respectively, while continuing Tern -Consulate. 55p. and Parkland 

together with reports of record support lifted Reliant Motor J Textile A. 82 p. Coats Patous, how- AIVTI PAT T Q 

?rS? hJto h.,2SSoiILe™lfll further to a 1978 peak of 10Jp. .. ever, closed a shade easier at 73 ip KIMlN AIN1T t\LLb 


The- following securities oooted <n the 
Shane information Service yesterday 
attained new Hrtlhs and urns for 1978. 

NEW HIGHS (158) 

BANKS 131 
BEERS (7) 



FOODS (4> 






SHOES (1) 





' RUBBERS (1) . 

TEAS <33 - 

- MINIS |S1- . - r- 

- ■ NEW LOWS (22). ’; 


Treas. 9 pc 1980 ' Tress. 3PC 1982 ' 

Tneu. 9*>oc 1980 . Excited. 3pc 1983 

Excheg. 13JX-19B0 . Treas. Stipe ^ TNI . 
Treas. BJ.DC.19Q1 ' Gas 3tK "BO-BS - - ' 
EtfcHeg. 8 i«pe 1981 RodemP. S»c '8S9S 
Excbea Bfipc 1981 ' Tress, sispc 1 08-12 
EXChM. 12><PC 198T ConsaK. Z^SK. 

Treas. 8 'jpc '80-82 


Cafaa Glcav 9'ittc '82-9S 1 

, ncwniDMMh' ./• 

British Northrop 


Bodycotc IntL - Oentsphr 9pc Con*. 

. • 9346 

Caravans inti. . Whitriey (B. S. & W.) 
„ . _ shipping (T) .J: . ... 

Rnndman tWf.i 

2.711 3.46 
3.90 4.50 

Week ago 

54.0 58.0 


36.0 45. D 

Month ago 

36.0 45-0 

t Delivered. 

order books buoyed Cappcr-Ncll! further to a 19. S peak ot iu»p. ever, closed a snaae easier ai io iP 

which moved up 5 to a 197$ high Li Newspapers. North Sea oil 0 n the bearish comments on cur- YESTER 

or 76p Spear and Jackson pui favourite Thomson reacted b to rent trade contained in the full 

on 6 to 1 3 Op and improvements of 242p aDer the announcemcnl of repon. Tobaccos had a firmer 

around 4 were seen in Burgess the first quarter figures from inclination with R«*Jmjinsa shade Dam. and 

Products, 42p. Molins, I30p and British Petroleum. better at o6ip and BAT industries F-rel9B Baais 

T. V. Hard. 73p. Still benefiting Trade in Properties remained Deterred 2 harder at 293p. — • 

from recent investment comment small and, as business tailed off Following ihe 14a ceI | l J* c f-h Fjranaal and Prop. 

Dclson edged forward 2 more to further towards the close, a per share tor tne equity not p, flnta ^ 

34p. Of the leaders. John Broun s ii 2 Jiiiy easier tendency deve- already owned O) me ijoqo Hlnes 

reacted from a firm early-morning loped. English Property, steady family, Edworks touched 82rp rkm issues 

level of 37Sp lo finish 2 easier throughout. eventually eased before closing at ifrp compared t»ui» 

on the day at 374p. while GKN ^ ^ ^ ^ m 
cheapened 3 lo 2filp on further 

consideration of the group’s deci. ■ ONDQN TRADED OPTIONS 

sion to drop the bid for Sachs AG. LUWUUW I ICMUC.U uriWWG 

Shipbuilding concerns came in 

Tor some sunport which left | . Jui> DcM-er Jwiumt , | 

nawthorn Leslie and Vosper 6 I . v I 


Last jf Last For 

„ 5 DEALING -DATES .* Stocks . favoured for the call 

up sown sam« Last / Last / For were Compton Webb, Burmah 

Deal- Deak-^ Dcdaxa- Settle- OU. Western Areas, City Hotels, 

‘ » ings inss lion- ‘ ment Sicbens Dll (UK), J. Brown, 

S May 23 Jpn. 6 Au&17 Aug. 30 Adda International. Reardon 
8 a u Jun. 7 Jun. 20 Aug. 31. Sep. 14 Smith A. Cods. Gold - Fields, 

s 8 2 L Jun. 20 July 4 Sep. 14 Sep. 38 Premier Consolidated Oil, and 

® For rate indications see end- of UDT. while double . was 
602 33s iA8J Share information Service arranged .in Dorada. " . 

5 6 21 

XT 40 5Z 

1 ■- 23 

602 3» 1AU 


higher at 74p and 168p respec- 
tively. Yarrow hardened 3 to 
273 p. after 275 p. 

■t.i’ririsfc CLjUlit 
1 -PJrr "Uf 

1 Cbnlntl 
. uller 1 

These indices are the joint compilation of the Financial f pme s, the Institute ot Actuaries, 

and the Faculty of Actuaries 

looks to the future 
with confidence 

• wide-spread diversification 

• wide geographical spread 

• Jtnow-how in many geographical areas 
and economic sectors 

• sound financial structure 

these are the reasons why Van Ommeren looks 
to the future with confidence. 

Recent years of recession have affected all 
sectors of the world economy and 
Van Ommeren was no exception: but we expect 
the business climate to improve. 

Van Ommeren’s experience goes back more 
than a century and it is a name lhat is known 
and trusted worldwide and that is why we have 
faith in the future. 

Recently. Van Ommeren structured itself into 
four main divisions in order to strengthen its 
flexibility. These are: 

• marine division 

• bulk storage and inland distribution 

• agency and transport 

• trade and insurance 

The major result of this new structuring is 
increased decentralization. The management 
sees a positive effect here particularly in the 
new enhanced return on shareholders' equity. 

Principal points over 1977 are as follows: 

in millions of guilders 

turnover jnn 

Cash-flow eg 

net income 2 

investments 67 

shareholders’ equity 510 

tong term loans <>11 

ralio of own funds to borrowed funds on long term 1 : 0.4 
net worth per share in guilders 542 


Van Ommeren’s certificates of shares are listed 
on the Amsterdam, Brussels, Frankfurt and- 
Hamburg Stock Exchanges. 

“Full details are given in the 1977 annual 
report, which will be sent to you upon request. 

Phs. Van Ommeren N.V. 

Public Relations DepL 
P.O. Box 1923 
3000 BX Rotterdam 

Telephone: (010J-64 21 27 i 

Telex: 21435 / 





I'uii. I'nii.n 
Unit. L'm.iii' 
l-'HIL I I • 
l-'l .111. I'i.-’M . 
I ’in r-1 it n tit, . 
(...III II mu i< Is 




<»ixml lf*t. 
firan-t M«-l. 
V-raotl Jl«t. 


IH i 


Lflml :»««.•*. . 
Uiii‘1 1 


Dirt,- A 
'lm U- L S|i. 
Marks L s|,. 


M ieH 

13 3 
. 67 
36 ‘ 

• 2 + : 

311 - , 
• 24 • 

: n 

1 141* , 
■ 63 
461;; ! 

; 24 »; 

i 18 ; 

131* | 
73 I 
I 51 j 
l 33 
! 39 [ 

251* , 

I 15>2 

12 ‘ 



40 ! 



Thurs., June 1, 1978 



I’m-v = — “ ,X ~ — • 

i : ’ ■ ~ .hirI. l,t 

100 V.V. ■. 3’7 - l:.'s 14C •Eiuxilliprni T48 

Ftpires in parentheses show number of 

stocks per section °" 


2 I Building Materials (281. 

3 | Contracting, Construction (2ft — 

Electricals (15) — 

Engineering Contractors 1 14) 

Mechanical Engineering (71 

Metals and Metal Forming f 17) 


11 <ZWBA8LEr<5& 

12 Lt Electronics. Radio TV, 15) 

13 Household Goods (12) 

14 Motors and Distributors (25) 


21 I.YON-DirRABLE) H75) 

22 Breweries (14) 

23 Wines and Spirits r6) 

24 Entertainment, Catering <17) 

25 Food Manufacturing (22) 

26 Food Retailing 05) 

32 Newspapers. Publishing 03) 

33 Packaging and Paper (15) 

34 Stores (391 

35 Textiles (25) 

38 Tobaccos (3).. 

Toys and Games (6l 


Chemicals fl9) 

Pharmaceutical Products i7) 

44 Office Equipment (6) 

45 Shipping iIOl 

46 Miscellaneous (55) 

Index Index Index' 
No. No- No. 

556 &01 214.79 ZLL% 21252 

5.67 7,W 19087 18956, 19031 

3.W 7.43 34263 33952 340.91 

3.91 9:38 45552 444.4* 445.47 

656 735 31814 314.95 317,71 

6.67 7M 173.98 J3223 172J7 

8.49 7.87 16512 163.73 16460 

4.34 832 

3.73 932 

635 R47 

6.15 7.M 


5.76 6.70 J 18854 

5.68 8.19 f 20Q21 

631 7.79 

3 92 U.03 | 262.79 
474 6.77- [-136.72 

730 637 

6.25 8JL6 

17633 I 136-52 
124.05 J24M 

23437 (mitt! 
2506 | 257.49 

2.64: 4.0' 2.7-14.1 

. 1 f-iu^ ; .':iT7rTTW— p-iti .l.-'R*'--' , 'v ByTiTni 


ilUj ) K.P. ' — 1 jmWi| 

ijoj. r.i'. \e <* nor. i 

£98 £10 22,9 I 10i», 

1 l li. r.l* ) — ' l'»,i 

ft£8/.55 £10 23-7 ( lPi<. 

• lie I - iiiK 

£99 £50 26/8 | asi,: 

* • . F.P. * — ! 101 ■ 

— ■ *-•*. | 9-6 i l-’s, 

lOOi.: - 23.6 • 100,. . 

• • ‘ T\P. i — | 102 I 
C1QO ‘ F.P. 26 6 i lul 1 
£96 '4 Clu I 19 : lu ; 

•* F.P. . 16-GIC-1*»|! 

TiMSiIAmer. ini 'rill. YmikOiu 82- 

ICiJii>‘An>iitiu-<- di.i IVi?4Vi»i Uiim. Prof 

10,-JUeruut 12:5i K«d. 1987 

Lixii. lor-iijii'i -iLniiv. min. Ut«i. -ua fret. . 

I&'i 'Ewi Wjtler 7^ Rerf. l*rol. 1983 

2r [>>«•■••£ ui»ix.\. IDS. lii. *li«l. %■>-»■ 

W'iiUri'i-n* l- h il*in. ft'm. ofi lli*^ Kel. 1986 

W Liberty L Cu. WJti% I'rf 

Iif/i Uciiti*-. fJ.i /( <4mi. Prei 

4l>:i’inapl Vi Cum. Pri 

39 yuK-k IH. Si J., Prf 

37 1 Ice'll IcjJCnv. l.n<. Lu.IHUa 

£ llVnoL Wear Iffl; Knl. 1966 

KiI r :iV«iJr P>.tlcr1i> 10» Prvf 


125.73 | -0J3 



U.63 - ( U59 [ 

Tfaors-i Judp I 

Firtiluy Thuw. 1 Wed 

Kenuriciaann dale usnallr Iasi day Tor deallnu iree of stamp flu!S. P Plsum 
ins -11 nn oruswnui KHnM'4. a Assumed dividend and yield, a Korueasr dividend- 
imd MSwi nn umvinm year's earnmas. r Olvulentl and yield Based on prospectus 
01 orh-i riTicia 1 «'*niak-« lor inrfl u Gross 1 figures asumk-d. tCneer uNw- 
i'ii itiiueman oi stum imi amr raosme W alvuienn or ranking only lor restricted 
(ivui>-ik1s. 4 Hi.ii:iini uriev ■■■ public in Ki-ntu ■iiiL-o ulln-ru'ise indii-idi-U, 1 iexiihh 
ov lender, u OITerre iq Rolders o> Ortmarv uhhres us a ~ name ’’ — Iwi-vi 

D> way 01 caoiiahsannn, «* ^UOimuTn tender once, ft) Ruinirodinrert. Bl Iwnrri 
io connection u r«b reorsanlsation tnefser or rafre-owr mrroducDCfl. “I tssnerf 
10 former Preirn-nce hoirtrrs. | AMo'nren, (■•tiers cor ruily-nalcl). • Prorisuinai 
or pinli-oaid aliounont letters. *■ WiLB warrams. 

15 20-yr. Red. Dpb & Loans (15) 57.34 jfl2.95 57 34 1 57.35 j 57.37 j 57.55 ) . 57.39 57 .SQ 57.08 

16 Investment Trust Prcrs. (15) 5351J 13.44 i| SL75j 51 . 70 ! 5U7oj. 51.75 »1.68 - 

17 Coinl. and Indl. Prefs. t-0> 71.56 j 12.94 71.72 i 71 . 79 : 71 : 95 . 71.83 j 71.90 ea.8& 59.98 7»**! 

1 i ■ ! . I ‘ ' 1 .' v ' , • • ' ' •' ? 

T Redamptlm rmu. nig fit surf lows record, base dales aiM vatocs sod constdoenc chUtnef aw-Mblirtcd In So n * *? . 
sutjt. A now N 11 d Hie constituency is mHdda from tbe PnnUsben. Un Financial Tlm«.' Bracken uiake. C 8 H 1 M ®*"5 

Issues. A now Hu d the constituency is mHd 
Udden, ECCP CUT. prlu Up. tar mm 22p. 




!£ «! .; J ! 
<4 Si " 

*5V 'V 

• '^12 

A % 

pl.S . 

J ifi jg 

**•*. i 

i:9.j . 
i;a .- h ! : 

R 1978 

6TS- .;•> 

' 'lA3iR3 •;. 

asus -*, 

NE5 .65 
W* (-jj 
IUN35 »J. 


*.' .«» t 4: 'v 


l»:: V.c 1 s. L* 
Ai.-.-. v ::;• - 
• IK. i L’ 

’**1 ■ :.• 

’.'jii'klij 0- 



K .%i3B 


‘ .1 #. ^j2> ■ 

ii" "" 1 

111 • ■, 325’’ * 

" i , — s- * 

x • P «*v 

Fpicjacial" Tlferey Friday Jtme 2 197^ 


' 'r: : - : . bonds 

SSsaaivas ksst — — “ 


Abbey fcnit Tst.. Mars. Ltd. fa) 

73"BU. Ual^hnuM- Kil.i A' Icaburv. K? 
Abbey Capital - Jtt-9 35 Oj +0 Ij 

Gartmorr Fund SlanoKcrs * uifg) Perpetual Unit Trust 31ngmt.V (a) 

ClC!»5Wl 2. vi. Hjn' tj.rjlKH'. 
+011 a 02 irUm.’inMn Tm . <tzi 

i>! HX’JliSSl JtHortM.itar.lo+o:: Thames 04812 69PS 
39 3<!r+t-J| Dia e'PMuolGp Gift. . -139 3 42.7! -03} 3.52 



/SSSiEzi: 1 


' SSfiSiT 1 F 1 ™* 5 ~ 

. Convertible Fond- 

jfrrajklec tfteZZ 


Portfolio Fund I 13fc3 I | _ 

Portfolio Capital _|qL7 ejjj .,".[ __ 

Gresham Life Ass. Soc. Ltd. 

&^K2ffri?5 if™ = 

CX. Ppty. Fund Kj im _ 

■w. Cmewhnrefa St. EC3P aH 1 1. 01-8Z34200 ' 

MamutedFund — (149.9 154 lj ....( - Ailid Hambrc 

A “* Juoe *■ "« -««"« »» 1 STu:: 

New Zealand Ins. Co. (UK.) Ltd.* s® 51 w hl 

■faiUftsdHouae. Southend SSI 2JS 070262855 BilMtri Fund* 

[^nM7t-apililT Ct< o r * .;amd -a'jcrri+i* -i uiu . r««anpuui.. . WI a 

Im '.S hari- 11562 169 S3 U 179 Piccadilly t'nil T. M£rs. Ltd.* U)(b) 
Abbey lieii.T* .. . 45.4 4S Bj +0J| '» farfcht. Tri/.i .pi C Jd j: -ij 1 Q <K Ward^ H rf.SOa Uadoo Wall EC= 8M 0801 

HlCh Inwar Tit _!»«, M!|*9J BJfl ln«.imr .1319 34 21*0.?] 4.« 

Ailid Hambro Group (gi (zi iSrjUfon^ ,1 V:?! ^U'.wjPJ ;UJ 

aatfc'rsss^ss '.x&jxz. Is; . ntm » dil s 

3d j: -0 1| 

bj ji 


0« V-'-irdrituH rf.SOa Uadon Wall EC2 8360801 
BAfl K«» Inc/imr . -|319 34 11 *031 4.40 

PJ <UJ 4d3+0-J a.M 

i»piulKar«l ... 47 0 5033*03 334 

S5Sl-gy HI Kn< £ A-rcii- 472 

341,-0^, 135 iTivawhaad .. .27.5 

■ fcKt ^ il ■ ■■ ■ ■■ 

■ P* 1 ®* "tMbrM. Valuation SyTi 

Albany Life Assurance Co. Ltd. 

;; ;;] — Growth & See. life Ass, Sue. Lid.* 

■ WeirB*nfe.Br«y^\.ThAJi«ss,S5crlci. 0e2&34284 

— fl«jble Ffainco ..j £3j*l I *111 _ 

■- — ijSdtoki^ASStd ufl^ - Norwich Union Insunnce Group 

JyTuesdw. G & S. Saser FdlTTl £7.954 ]rf»3 _ PU 4. fWr«rtcJi Mill 3NG. 

, " r u MMiaged Hind — R097 220.71* 

Ltd. Guardian Scyz! Exchange r^juitjFund. 341.7 3597 * 

01-437 S8C2 Ea«hM«.g.C3. 012837107 ISSSSuS^T" S3 " 

_o«-^ imi 4- S3: 

Z. ®aabro Life Assorance limited * Mor.umtJtajris— 20&6 . 

- . — 70idtytLaae.LoiaJira.wi oi^aa deal Phoenix Assurance Co. Lid. 

n»£ IfJI ~ «. Kins WIUIBIB ».. EC4P4HR. ( 

zz- sfer— 1^3^= — wu„m. 

142, H - AllfJd l*J • . ■ - K 2 

1059+05 _ iMMmivFund.. .. 62 - 

109.9 *02 — Cnh.ft Inc - .360 

1063 *0 6 _ EI«L & Ind Kcv 312 
UA2 +0.5 — Allied Coin Ul.. - 715 

114.7-1.6 — liomliro iudiI 1M.2 

108.5 +0J — HambroAcc Fd... 1*3 9 

M1J| — Incumr luodi 

- Norwich Union Insurance Group ™ W? 

fC ]^ “ PUBom.NomrtcliNltlaNG. 08U32220D A.% h l^‘“w " ' 'iM? 
MftMjeedtVnd— 13097 220.71+1.1 - i n i#rnad«Bl Kuuh 

--ISJ-J 351 6 ’J3- iSfflffniTias 

« 1 -®-‘«RSsa , »::::Si g. - PI 

* - DepocHFOBd ..... 10« 110! .. - . ‘ "r\ ‘ 

sited V Kor.UaitSteylS- 206.6 .... — Speflftllrt Knmh 

FAMlk-rLA.r.l . 349 
. Ind SmJr. Co's P'd. . 43 0 

n|jm»» Rcvoi-crySIb. 047 

OHCB 9870 MrLMin .4 C j ly 433 

— Omwa> EamiiW- 5B.7_ 
+3.i — ExpLbmlr.L'o's—OlZliS 

43 = 

AMEV Life Assurance Ltd.* 

BMe- Hoi gate 10101. 

4-9, KlnsWUUunStMlXliPWR. 

MU +1.2 — 

128.7 +14 — 
2293 +03 — 

103.7 -zj: — 

134.1 _ 

156’ - 

2 7«4 — 

23 ad _ 

277.3 ..... _ 

12671 ..... — 

— Wealth Am 111.4 11731 - 

“ EbT.Ph.Ass. 77.7 1+33 — 

~ Eb"r, Ph.Eq.E. p53 789J | — 

, n , f Gibbs I Antonv, I nit Tsi. Man. Lid. Aerumlir Tun.l -.;g.2 

wSif : :;. IS ma-Mw B « wl . feB?sr^.S 

g|- • 18 SrfeftTt; ,|8i a*- .1 88 £"- a -r-“ - laa 

753j ...... 43* ui.V'i F.irF.a.t-. j22 0 :ssj . ,.| 030 Pradical Invest. C 

11.53 513 t'«. lime -Tl-.-.' >1 Pcc 14 RlnambLn M V.r<, 


2711 I 

« II ... 

453 Govett ijohni* 

Bno - LondiT i'. ,.;i. i. oi -Ml 

?Sa SfiWr ■.!..•■ r- U2J 1155. | 

?S Du ASKIIP l ...; Ii65 d 374 s| j 

‘t 'leauM jj. J ,r*. “S 

^51 Grieveson Management Cn. Lid. 

2.02 saOn.'bar.ix.KCirs!']-. GIG, 

2.V Uamndton M.i- 5! 13)42 21341 i 

lAecum. I 'nil'.. J2214 231.91... 

669 B'inC.H.1 d Jur- ; I 176 l IK 51 *3* 

r»7 I A«uai. 1 'nil.'. .. 737 5 21211 *5.6! 

-0 4! 135 in vaii? Fund .. . |37.b -M 3-41 

CS. Lid Accumlrr Tonil _.;U.2 6fci *0.6 3 0B 
u Fund IS? 7 61 40 *0.J 4 84 

61 56B4 ! 1 1 Far e5,i ► <* • - 3 2921-3 4 J3» 

j 8 20 Aincr.cza Fur.d -125.1 26.7o +0* L?C 

::| 6 jo Pradical Invest. Co. Lid.* lyjtcl 

44 Blnonsburi »'.01A2KA MfiSIBffl 

Praclic*] Ma;-24 '147 0 I552| I 4 21 

u 1-585 SG20 A«um l‘a:ifc : 2D74 222 81 4 21 

] Provincial Life fnv. Co. Ltd.* 

I 1 BO rsg Ss-hopscttle >:0i SI^KiU 

Fn.l.f,.; I nit* . 82 3 88 2; -0 71 3X6 

Lid. nn:n Income -U10 113 5d -0.a| 736 

IS Ecd«M«. r*t. ... 179; 
531 ita'im . If 5 5 
446 GmclHlrUitzS. 95 7 
ci4 lAcnifli- .. 93 6 

Ln.l JI r]?. MjyJi.. 75.1 

Plop. Equity St Life Ass. Co.* 

llS.Ci*wlonl Street. Wihzas. 01-4880857 

R- Silk Prop. Rd. — | 178.B I J — 

I)o. Eoiiltj- Bd. 728 ._..} — 

Flex Moiuy Bd | 147.7 ] — 

231.9| . .. 
IK 51 *3- e 
2121 *v.e! 
1ST 2 . ..I 
lijcj .. I 
lOOi ... 
JO? 31 ... 1 

75 7] | 

Gi-G|'9i 4437 Prudl. Portfolio Mngrs. Ltd.* laiihHC) 

| .2*0 llulliom Bar.-. D.TV 2N il 0MC6OSE 

7 65 1^6 0 134 01 -10| 4.43 

I ]j$ tjuiller MauaRemcnt Co. Ud.* 

177 Tho s,uw E\cho-.«e. EC2N- IKP. 01^00 41“ 

2 SI ouadraniGcn. Fd. .1104 8 103.11 . I 4.23 

Vt-jfirant laconic.. (1241 126D| 7^5 

a 12 Reliance Unit Mgrs. Ltd.* 

- Property Growth Assur. Co. Ltd.* 
~ l^on Botae. Croydon, CHBILU. 01-880081 
~ Property Fund- I 1381 I ... I - 

Arrow Life Assurance . . 

'SSSS&« ~ 

Fcn.M8d.Fd. Bo... 0373 X2L3I ”'.fSs, £j^ ; ; ; j _ 

Barclays Life Assur. Co. Lid. 

J52Rfmrfotxl HtL.E.7. 01-5M iSM 

” ■— * j 129.0 { _ 

| . us +o4 — . 

Hearts of Oak Benefit Society 

15-17, TuytsUy* FUc*;, WC1H BSM Ql-3873020 
Hearts of Oak- .J»A 38* . | _ 

Hill Samuel Life Assur. Ltd* 

Cray. 014384355 

17l|+ 0 fc| Z 
Co l Z 

due May 

Beehive Life Assur. Co. Ltd.* 

TL Lombard SI. ECX 01-8231=88 

BDl Bane June 1_| 12876 J ... . | _ 

Canada Life Assurance Co. - 
20 High St_, P«urs Bar, Herts FBor 31122 
Kqty.GthJtUonna.j I +20t — 

RetBaJed.Apc.8ul llfii J . „1 _ 


IA90NB 01-9028876 

Anderson tinit Trust Manaecrs Ltd- <Aeeum. Units-.. . |72 6 75 7] | 4 12 Reliance Unit Mgrs. Ltd.? 

Roj'aJ El. Unit lifers. Lid. 

Aiutenon t'.r. fit SO Stiff I «« “2+d 5« 

a u h »■ i. t n t.J lBftCaa«th.l.. 1 i jSO.l 937| *0j] 431 SckJorticT. Ir.c. — |4L4 44j] *0.4| 549 

S2Kt^‘ wa* gf nderS0B AdmjC[S:iS:i0a ta1 iC) ® Ridgefield Management Ltd. 

lac. UoQlhly Fund. 1162.0 172.01 1 &M H endee;an ALnsrirfration -a. ,d if. , ;) Kj [Be* 415. 3&40. Kennedy S8.. Slandwoer 

Arbuthnot Securities Ltd. (axel Brcntuiiill; T fil™' n ° r “* rl, ’- ch r ^t;Si 7CT nid.-elieid jm fT.|«o iojM-ib z.72 

37. Queen Hi. London EC4R 1 SY 01-2365281 VJL Food- Rld^.eld lecoaw ,93 0 99 od -4.0| 10.49 

F.<tia Incwnc Fd ... 1058 113 Bn] *0.2 US rap. >;ro:u J .rr .142 5 45j| .. . ( 554 KolhMrmfd Asset Management jgl 

Hi i:h Inc. Fund 414 44 &[ JK f a P ljn l 1 'v^ ir ' : -35“ - a 5^j 354 mm m v-lofibi;r- 02PSWI 

^lAccum Umfei. . M.fl +0.1 407 |n-.-oii»i . j32 2 34j] .. . | fc_25 .7 , -ll ,^^1' -5 m* l-Ani ^ ^ 

Wdrol.fl* '553 60.: +01 407 High Income r U ad> vr - T% il* 1 rq§ ' ' f jn 

PwION-nrc* Funrt.._ 25 4 274 - 01 U12 m?h Ln-onu- 1594 gjscI | SOB , Eac ^ thn «7 ic 658 

lAcruKL L'nlls' . 37 7 40 (J -0.1 12 12 ,'Aot Kctn< Irr &,? 843 *: ^ Income r«„d JJ° 1571c .. 658 

CaniUI Fund. 18 0 19 51 11 •> f. ; r ? • • f '. ,r :- S 4 21 ii iZf 

37. Ouci-n Si. London EC-IR 1 8V 

F.ctra Income Fd ... 105 8 113 1 

flinh Inc. fund 414 * 

piAccum linitsi. .558 61 

igi,»«* 1 553 61 

PMort-nrv Funrt.._ 254 z 

iA«ura. Units' .37 7 41 

Capital Fund... ... 18 0 1< 

Lummo-Ji" J-'und . 56 4 60- 

V 01-236 E281 f.BL Fuods 
3 Bid) *0.2 US i-ap.'.ro-.un.Tr .« 
44 61 9 07 Cap ijiunLl W-: 'J 

60.1 +0.1 9 07 Inwinrt . ij 

60.2 +01 9C7 High Income Fuads 
27 4| -0 1 1212 nigh Lii-Offii- |« 

Pl"ft Growth FcwdMW A AnaulC 
All Wther Ac Ut*. 127 i 133.B 
VAli Weather Cap. 120 . b 127A 

Wnv.Fd. fls 13X6 

Pension Fd. Uts.._ ' 1288 

Corn-. Fans. Fd 144 8 

Cn« Pns. Cap. Ut J3LS 

Man. bean. Fd. 142 7 

Man. pens. Cap. I'l 1322 

Prop. Pens. Fd. 1445 * 1 

Frap fnu.Cflp.Uti. - 1324 

Bdpfi. Soc. Pon. UU 129.9 I 

Blde.Sw Cap UL 1196 

lAceum Unit-' 813 
_ [(If.n-dml U.i 49 S 

~ FmiPmpFd. .. 17.2 

■Ijanta Fund 40 1 

lAn-ura. ,'mlsi . 46J 

Growth Fund 34 0 

lArcum. L'ml.-'i OD.D 
Smaller Co < Fd 27 6 

— Eastern A Inti. Fd 24 1 

— ifl'.wdrwl fit ■ .1*9 

— - Koreifln Fi| 82 9 

— N. Amcr & tat Fd. 30.6 

274 -01 

40 b -0.1 
19 5 

60 4nl -01 

S7 8X 
18 6 

43 2 +0.2 
5BJ +0.1 
36 7 -0 1 
452 +01 
29 7u +0 2 
25 3 
70 b 

41 1 

33 Ok 

-O.’J 12_1Z 
-01 fb2 

“ “ High LHWirt- 

12 12 r a bc>t Kstisi lr.- 

— , Set- 1 or Fuod> 

S?S Financial* IT‘- 
|g Oil* Mil. Re 
iM InlernallaBal 
?n Cahoi .. . 

5 Si inicrnattonal 


2 - 91 I'rrirErBi Fund* 

a 3H 4u«trali.-in 
1.49 Eurnuenn 
149 Fbr Fu-.i 

inn NunbAiwr. 

r2S V In, r.n: W:,.~5 

|32 2 

*J| .. . 

' 54 Jj .. . 





154 4 

63 5d 


l5o 9 


8 41 

• I+J.6 

25Jk| .. . 


29l| . 

1 44 

IS] S 



J1 5 

13 5| 

79 41 . 

1 62 


4 50 

'35 S 

38 j; 

1 77 

138 5 

<1 Cl 

5 11 

-JM 7 



Jiff . . 


i 1209 

125 Vq . 



57 6) 


Rothschild & Lowndes Mgmt. 0, 

5iL Lane. Uj . Ed. G1-C26 4358 

Ncu-.'LV*esi7l 0=2.0 124 0! .] 3 bl 

Free on 15. Nr;i dealing June 15 

— Archway Unit TsL Mgs. Ltd.* ia)(cl Hlli Samuel Unit Tsl. Mgrs.t 12) 

Imperial Life Ass. Co. of Canada Provincial Life Assurance Co. Lid. 

%% z 


9891 1 — ■ 

»o3 _ 

100.7] .. . — 

100 ij ...J — 
Irish life Assurance Co. Ltd. 

U. Finsbury Square. JBC3L 01-6288253 

Blue Cbp Jurat 1 [71-9 1 7S.7I+02J «50 

Managed Fond ,E2a& 23Z2] +0.11 _ 

Prop. Mod. JoxwL- (177.1 U6.41 +LH — 

Prop.Mod.GOtL_.llMl VBA I - 

King & Shaxson Ltd. 

SS,ConihiQ,EC3. 01-8235123 

Bond TO. Esempt-SObja 107.731 J - 

Next deal we date June 7. 

Govt S«c. BdlZZpMtt 325 l91| | - 

l.irngbatn Life ASSUTOIlCe Co. Ltd 
Tjh^imii Hu, Hrimlm flj: nr.lfWM. 01-2030211 
WjJ j - 

71255 2Sa.BWu>p»e»te.E.L-i. 

_ Prov. Manured Fd. [113 2 

_ ITov.CsflhFd ftoas 

GiltFGndm 1114 4 

. Property Mind . — 954 

_ Equity Fund 47 9 

_ Fxd. &t Fund. . -_|V53 

Prudential Pensions Limited!* 
Holborn Ban, ECI N 2NH. 01-4039=2 

01-8288253 EqulL Fd. May 17...1E25 07 2S8S .... I — 

75.71 +021 A SO FKd InLMay I7_. .10874 1899| I — 

Prop t\ May 17 — |I2S 45 2bi* ... . I - 

01-8288253 EqulL. Fd. *«»y 17... 1E2 
+82J a SO FKd InLMay 17 _. ..pi 
+03 — Prop F. May 17 — [£2S 

TiZZ| Z Reliance Mutual 

Tonbridge WnlU. Kent 
01-823 603 Prop, Bib I 

_ JIT.Hish Hnlbom.Wi.'lV 7NL. n I-R3 1 8233. isaiwli.i:. f.'rrr> v 
’ — Archival Fund . |82.b B7 9m] -0 6[ 5 88 1 bl Eritiuti Tru . l ;iA4S 

.... — Price- at .lime I Next Fub dav June 8. (gilnl'ITniM JTJ 

Z. Barclays Unicorn Ltd. 1 a Kg 1*1 c, iScapitoi t-jk 

„ T Unlrom Hrt 252 Romfcrd Rd. E7 ni KM 5544 ib> Financial 

CO. Ltd. pmcora .\nienc.i...p3 6 351rt1 +0.1J LU jb'ln^Truv ,2.4 

01-:4THK13 Do. AUM. tee m* 77 rj -Oi 1A5 *2 fSSSv 1 .., L + ’. 

... - Do AuaLliW |Sb.b hi SI -0 ; 1*5 ihlHIRh irf1 T ,: 1 29 2 

. . — Do CopiUiI .-[66.5 71 9. +0 4 4J6 Intel.* C.llCi 

-0.1 - Ik. F.ii-mwDi ...109.6 11a itf +0.4 610 ' 

— Do. Kxlro lru-umc 27 9 . 302 +8.2 8J3 15 ; Chn»l-..p‘ E. 

... — LH> Financial Bj.b 64asi ,01 5i07 Intel. Im Fu.-.-l. ]S8 7 

... — Do. 500 .. .. - i/2 b 78 5| flO.b 585 i(a« Fund -rr 

' . Do. General . . 31 2 • 33 7^ +0 2 6 06 "*?, ' ' . ,“7,~ 

t ed* Do Growth Acc.. -[42 1 tU.kl -0 2 417 25.41/Jt.Nl SJF 

m-anso"-" Income TsL . ...1545 91 4 +0 8 6 04 KeyFnen:- 'r Fd |796 

s 01 T 3 -DoHrLA.^Tst |lJ75 lJ4i| 502 KevFquuyi ko 5 

5 — ■ I — Prices .n \pnl 2B Next sub. d.iv May SL OKey E««rr-i Fi 14a 4 

3 I — Do. ReeniTrr. . . M2 6 4t D +0.a[ 555 Key Income Fund |7t 7 

I— -I — Do. Trust ee Fund. [113.4 122 6 +05 5JDS Key Fixed in! !'d_lyu.4 

Do M idwide Tru'4 49 2 53.2 +03 15H Key Small CiV F.1 ft3B 

B'141 laJ'd.Inc 163.3 *5* +0.5 4 78 jn+lnwor' B+n«.>n 1 

0BB2 22271 Do. Accum. . ...P2.4 754|+0 6 4 78 ILiemwor. Wnw.n fl 

11 __ 20. rcncburch .-ii. H<_ ? 

Baring Brothers & Co. LUL* inKXI kb. U ro lr,. . im 1 

Fcvun Dos M» M ,1 62. 0 
Hich Yield June l - 545 

■ Ic-.-un f rau . - '76 S 

Merlin Mav 2! .i77 8 

■ Aecum. 1'n.u.-. .145 0 

72.51 ... D 94 
1720) . 4 40 

S7 4f+0j 758 

BO.W +0 4 758 
81.7 . . 4 01 

JJg Intel.* 

"102 +D‘4?[ 8J3 15- Chnal-sjihw Sirve: Ell 01 -247 72« fwjl.nts :o. 01-EM ffli* 
64 aa ,01 507 Intel. Inv Fur.- 1 . JS87 9551.. I 6^0 «i! av e & Prospe- < ?C 

■337 +0 5 606 Key Fund Ltd. langl Wu-rnnUccat Fucdx " 

04 4 -0 2 *17 25. 3£iJJr At W.JVWF 01-8067/177. CapiaW . . 354 

41 4 +0 3 6 04 KeyEnen:- «r F«j 1796 8a 61 +0.7| ’22 I TD U42 

OMSSBOtl 'Aecutn.fn.lh-. .195 0 99 8], | 4.01 

240Jtf-+0Ti SJJ Renal Tst. Can. Fd. Mgr*. Ltd. 

S3S ZoM 242 54. JelTOJTl S>WecL 5 W i . 0I4S29ES51: 

32 0 4b4 Capital F..1 .. . >5! 5 72 31 . . | 3.61 

*5 5 _r. jl fi ?o Income Fd 1729 76 51 .. ] 7.32 

. :9 4sz +D if 7 4b Trice* ;u Mae 3J Sect dealws Jure 15. 

Ju3l8: 0 03 Save & Prosper Group 

4. r.rva: 5‘. Hslt.-J, L-m-Jon KC3P SEP 
SB-77 vjueen S'.. E-tno-jrah EK2 4NX 
2 0174T7L« iMMlincs :o. Ol-SW film o.- 021-228 7351 

9551 . I O Save * Prosper Securities Ltd.* " 

444J -0?| 417 25.5LJJt.4l i\.>YSJF 
414 +0 a 604 KeyEnen:- lr Ffi |79b 

502 Kev Equity *•— 1. 505 
■SL OKcy Evetnr-I FJ '’4a4 

Nuxl sub. d.iv May SL 6Kcy E«e:nr-i F i '14a 9 
12 6 4b0|+0.a[ 555 Key Incomt- Fu nd 7L 7 



4 65 faJv.GrW»:.l_ 1661 
S'* lucre =slaE Icirome Fuad 
jl 5? Hifih- Yield ... ■ !53 7 

Rothschild Asset Management B8.LcadeniuiiSL.EC3. 

SL Swithina Lane, London, EC4. 0) -828 4336 Strallon TsL 1167.8 

NAT. Prop hlnr. 31- [114 3 12LM I - Do-Accum. [2082 

NC. Prop Mir 31- [U4 J m.bri I 

Nett Sub. Day June 30 

Royal Insurance Group 

New Hall Place. Liverpool. iXil — 

75 41+0 61 478 EfeiBKOrt Benson Unit Managers* 
20. Fcncburvh .-ii. H<_ 7 01 -G2? KK 

LUL* laKXJ KB.l5r.iird lr.v. .|W9 42.3| . I 53i 

01-5882830 5K.B I'niu'd \c .1106 0 135 2| . 5 m 

175 Dj .. | 4 20 K-E Fd In-. T ... JK5 575| . . ,| 43, 

633 Itlsh la cone Funds 
.n Ilifih Return - ... J66 3 
_L. Income 1*2 1 

135 2 ' 5 “ I'KEounr - - 

573 ..'.I 434 ii'iwtu Kundxc 

3911 +0.3 :w 
2b 0 .. a 02 

710+8.3 204 

5771-0 4] 7 21 

712J -0.7/ 
4b 51 -8 4 

46 61 -+0 31 4.7E 

Do. Accum. 1+08 2 237 o{ | «.20 L &: C l r nit Trust Management !3d.W jjm 

Ncan sub day June R. -me Sloe* EcKincc ECJS HIP. 91-588 25^0 V i'. 

f±°5!!! - . te t ^ Rr “ SJve iflS&IWigV «l I Ik ^ 

Furope Isa 5 

Jonon 03.3 

rl- '74 3 

Rijp (SPl Mon FdpS5 79*1 1 - Jto7aJSb(cldFd.>..fUJ.l 140Jf [ _ 

Legal & G enerai (UnrtAssur JLU. ^ & Gnnpff 

HodSmSm *■ OtSLHetan's, Uidn- EC3P 3EP. 01-554 8a» 

Capital life Assurance* 

Coniacon House. Chapel Aab W*ton 000228313 

Pocemakerinvjy. .j 10434 | J — ‘ 

Charterhouse Magna Gp.* 

18, Chequers Sq-. Uxbridae UBS INS 63181 

'Cbrttaso Energy B8.4 4U.« — ' 

Cnrthae. Money 29.4 31 jS — 

Cbntae. Managed- Bi2 ' ‘ 

Chrthse. Eqnity 34A 3b3 — 

Magna Bid. Soc. 1245 H ■— ■ ” 

Magna Managed 1500 | — 

City «f Westminster Assur. Co- licL 
Ringrtead Honoe, 0 WhKdniN Rood. 
Croydon CKQ2JA. 01-4860061 

Ringttead Honoe, 8 Vblldim Rood. 
Croydon CROXJA. • 01-4 

10021 -031 — 
101.9 -OJ — 
1265 +0J — 

128.7 +0.4 _ 

120.5 -0 6 — 

122.7 -02 - 

1008 -03 — 
lOLO -0J — 

122.6 —03 — 

3244 +0J — 

1025 —03 — 

Bui. tnv.l-'d 1255 

Property Fd.* 150.7 

Gill TO. 1375 

DepoaitFdt.. - 122.7 

Comp.Pens.Fd.r 199.0 

Equity Pena Fd 181.9 

Prop Sens. Fd.* 2154 

Ciit Pens. TO. 9L2 

Depos>ciis.Fd.t [910 

001 2274422 9. Blstiop+Kntc. ECU. 

I — B'cateFr. ' *#tav23— U84.9 

1 Acc LTls.”MDj , 21-bffl-Z 
B'catcfnL May 31. .J173.7 
m lumn -. Accum. 1 Miiy 31 .. (191.6 
01054 8EU9 Scxl day . Jun|f 

01-6888380 ru t 

297.M •• ■ I 3.90 LawsoD Seen. Ltd. Vfertcj 

Price * on May 24. 
IWcekTy dealings. 

Schroder Life Group* 
Enterprise House. Portsmouth. 

U29)+as[ — 
1595 .. ZJ — 
123.7 -DJ| - 
129.2 . ..., 
2095 .... j — 
irf+O.fl _ 
2275 — 

96.0 -0^ - 
1072 +03 - 

2500 ft'- 174 3 

7*0 Sectnr Fan*: 

2 04 r.vsmodriy [751 

Kr f crsr (68 4 

FmanciafSccs |705 

90.81 +0.71 
1M J +Q2 
W.4| +03) 

CD 7) -OJI 
74 ol +03 
75.6ra .... 1 

234.6 .. 3* SJ C«jrK+ Si . fil.rir>ur4h EH22J1J. 101-226 2S1 1 Hlsb-Mlnlmani Fuwit 

203 - ? ' l!S ftow-Moiyr-n-.. :3«7 « 21.. 623 Scl.-c: InlcroaL (249 6 263 4J+0.7J 

ir-liucl - Jg? I|| ; ! ■ Sc,«iL,c«nc ..fs3.7 Ebb) +0 j) 

+03 1.79 


Bridge Fund Managers*! auo 
Kinc WUlibui St, EC4R BAR Ol 

American & den ±..124.7 26 U 

Income*--. *9.9 54Jaf 

'Capital lnc.t 353 37 U +0 

Du. Acc. 7 . 38.9 41.41 +0 

Exempt!-. . - - 136 145.8] ... 

IntcmlL lnc.t 15.6 16.61 . 

Do. Ace.F . 173 1B1| 

*■ Accum. t.-n:t>i 

;« Scotbits Securities Ltd.* 

Arbuthnot Securities iC.I.) Limited 
P.O. Doi aw. SL Helier. Jersey 05W 72177. 

Cap. TK-iJcrwyi... 1115 0 U9<h4 1 4 20 

_ Sen doaltric dale June 7 1H40 1Z1C| ... 4 330 

Next sub. June 0. 

Australian Selection Fund NV ’ 

Market Opponurutiet, *0 Irish Youni: L 
■Inirbwaite. 127 Kent SL, Sydney 

USSl Shares I S17SX53 I I - 

Bonk oi America International S.A. 
35 boulevard Ri+.-al. Luxemhoux^ ti.D. 

Wlrtl m„ : lneeiiM!.|U:*ann 130H1 I 6 56 
Pnces ci May 2i Next suh. day May 3i. 

S afc- of Lnda. & S. .America Ltd. 

«M)b.((ueeiii'icMnaSt ,el'-L 0I -8302312 
.Mcxon-lcr Fund.. [51. S«« - 1-0 2l| — 
Net av-ei. value June ! 

Basque Bruxelles Lambert 

2. Rue Do I:. Ri-jjunce K 1000 Brussel* 

Rema Fund LF.. (1,049 l.M6j . .| 7B6 

Barclays Unicom Ini (Cb. Is.) Lid. 

l.ChannRCrou SL Holier, Jrsy. D5K 73741 

Overseas Income _|4S 7 5L31 1 10.9G 

frn do) Jar Trust Kl'SinM li« 1 425* 

Unibond Tnui p.SM67 10035] \ 800 

*Subjeci tu Ice 33d withholding taxes 

Barclays Unicom XuL (L O. Man) Ltd. 

I Thomas SL, Dougina, 1.0.U 0424 4890 

Unicom AuttExL. 1535 5724 +T II 1.60 

Do Aim. Mm 33J 35 6u -3.1 L70 

Do.Grtr Pacific 6LL 65.7 .... — 

Do. lnll. Income 315 415 fl.40 

Do l.ofMauTst .478 515 . .. . 850 

Do .Manx Mutual ._fjs.6 Z7.b| . .. ICO 

Btshnpsg&te Commodity Ser. Lid. 

P.O. Fox 42. Dou Lies. Lo5l. 0024-23911 

ARMAC'MayS ■ 14*1 I - 

CANRHO— May2._ OXaa 1.0691 . . 4 — 
CPU NT-Mpy 2—..[g 377 2.4791. . 1 2U 

Origuiall? iHued al *$10 and ■■L1.00. 
Bridge Management Ltd. 

FO Bc-x ICG I'.racJ Cayman. Cayman lx 

N'basM May S . .[ Y 15542 ] 1 - 

iJT.O Bo-. GOO. Hon* Kcnc 

S.ppunFd.llay3T Jpi.Sl5.72 lt«l 1 0.76 

Ex-Stock Split. 

Britannia Tst. MngmL (CI) Ltd. 

SOBalh SI.. St. Heller. Jersey. 6aTn'^MI4 

Scerllnx Drnombui+d Fdx- 

■Irowth Im-eal 132.7 - 35 4| ... 4.90 

InmLTO .|73J 793 . 100 1 

Jersey Energy TiL .1142.2 153.7 150 

Univnl.5Tsi.Sic - [£2.23 255 . . 100 

HichlnLSUc.Tr.L* ) — 1JM[ 32 00 

UA Dollar Deuomiwileil Fdi. 

Univ&l.STU- ......JSUS520 5.471 .. 1. - 

lm.Hi«hl.-.iT«.-.t — SrSL!»| . . I 900 
Value Mcj- 26 Nett C>ealinR June 5. ’Initial 
oiler doses June 12. 

Brown Shipley Tst. Co. (Jerse.\ 1 Lid. 

P.O. Bon 583. sl Keller. Jersey . («M 74777. 

Sterling Bond Fd .(£4.96 9.991 I 1200 

Butterfield Management Co. Ltd. 

P O Bex 105. Hamilton. Benmida. 

Euuress Equity. _.|233 235! .. .. I 176 

Buttress Income ...-[20» 1.961 . I 73fi 

Prices at May 8 Next uub. day June 12. 

Capital international S-A. 

S7 rue Notre- Dame, Luxembourg 

Capital InL Fund... | Sl’S16.S6 I J — 

Charterhouse Japhet 

I. PaternesicrKew.EC4. 01-248 33f9 

Adiropa- MCan 3ZM| .. .. 556 

Adivcrba 084043 H-« 525 

Fen dak DMT.40 33M .... 6 06 

Fondlie _ . DKZLn 22.78 .. 5 68 

Emperor Fund . . .*(.'52.91 3BJ+OJO — 

HiapWKi .. E*'.!S4U6 4230f 234 

Clive Investments 1 Jersey I Ltd. 

P.D. Get is. SLKclicr. Jersey. 053427301. 

Clive OillFtL.CJ 1.19.90 9 911 .. I 11 00 

CllveClltFd.iJsy.'.|9B7 9291 - -I 3100 
Corahill Ins. (Gnemsey) Ltd, 

F.O. Box 1S7. Sl Peter Port. Guenuey 
Inlnl.Mnn Fd. -1168.0 383.01.. I — 

Delta Group 

PO Box 2012. Nassau, Bahamas. 

Delia Inv. Slay SO.. (SL7S l*4]-05i| — 

Deutscher invesriuent-Trust 
rnttfjch £SB5 BitbenaxK d-JO 6000 Frc.-ikfu.-l. 

King & Shaxson Mgrs. 

1 Chari ns Cross. St Heller, Jersey. ‘C-gt'iSiZ 

Gilt Fund JenwyJ-1934. 92H ..-. Jig 

illUTrutt'Lo.M.i— 103 7 106 43 liO 

Gill Fnd. Gucrn*ey|S.71 9.72| . • I 12.0 
InU. Govt. Secs. Tsl , 

Flrw Sterlinc -0537 3S26| ...... — 

First il .... .[183.63 IWlI] .. I - 

Klein wort Benson Limited 

20. Fenehtinrh Sl. EC3 
Eunnves, Lu-:. F 1.05S 
'Juomscy Pi- .. 633 673 

Tie Accum. 7U2 83.0 

Fir Za-.; Fd 51.51862 

KBInll. Fund. SfS1132 

KBJanan Fund. . SUS30.19 

K.B. fiu,h. Kd ■ SCR11MM 
Sutnet Bermuda Sl S487 

■ IT. L' pads . DM* . 18 20 19.20| 

! -1 332 
4 17 
-0.16, 2P3 

+0W 164 

*KJB an a.-. Lonuon paying agents only. 

Lloyds Bk. 1C.IJ L7T Mgrs. 

P.*.* Eos 195. Sl Holier. Jerxey 0334 27581 

Llo> dsT.<i Owns. [555 58.4| .. | 2.20 

Nw. ocaliuc dale June 17- 

Lloyds international M grant. S.A. 

? Rue du Rhony. P.O. Box ITS. 1211 Genera 11 
LJa+ds InL ijrowlh .ISFULSa J6SOB-7501 160 
R302.60 [S3SJS0 jUJOf-Uq 6.43 

M & G Group 

Three (tears. Tower Rill EC3it 684 01-836 l r 88 

.MJar.iii: Kuv W EI SL7J JOS — 

AusL Ex.Mav31_.. JVS2J? zlS .. . - 

Gold Ei. May 31 SL'S9 92 1007] — 

Island— 126 4 1345| +0.7 9334 

1 Accum Units' R.7B.4 190.l} •*■09 f33« 

Samuel Rlontagu Ldn. Agts. 

1 14 Old B.-Oid Sl E.CJ2. 0 1 -5SS C464 

■Vpollo Fd. Uoy 24. . SK4930 53 «j 351 

Japlcst Mbv 15. _ . SHiaoil II (C L17 
11. Crp May it .. 11 JUS 11B . 1-98 

1 17 Jersey Mav 17 . C5J2 5.61 0.75 

117 Jr? jiJi's May 24 £1218 1252 +004 — 

Murray. Johnstone linv. Adviscrl 

1 ra . Hope Sl Glamour. 171 04 1 -221 5521 

■HopcSl Fd i 5L'S3Z25 1+0 1M — 

'Murray Fund - I SUS10 88 -010| — 

-NAV May si. 

Negit S. A. 

10a Boulevard Beval Luxcmhoure 
N Al ' May 2d .. | 1CS102& |. ...| — 

Negit Ltd. 

Bank of Bermuda Bldc«. Hamilton. Fnndi. 
NAV May 10 |£471 — | .. .. | — . 

Phoenix latenutiional 

PO Box 77. Sl Peter Port, Guernsey. 

Jnier-DeJJar Fun-J- ',23* 253/ . / — 

Property Growth Overseas Lid. 

SJ Irish Town. Git-rallnr tGib' 61DS 

U S. Dollar Fund... I 5l ; SC559 j. | — 

Stcrlicc Fund - .. I U24.05 I .. I — 

01-248 35679 

SMI .. .. 556 

H-« 525 

33K .... 606 

Z2.W .. 5 68 

3 01+010 — 

oa 234 

Richmond Life Ass. Ltd. 

48. Athol Street. Dougina. LOJ4 0334 23816 
»x Che Silver TrjsL 1141 1169J .. . - 

Richmrad Bor-.dST. 1311 190 7 .... 10 86 

Do. PlAtaiura iW. - . 130 5 137.6 .... — 

r-o iloldBa -106.4 1226 .... — 

Do Em. ST'IC 3-1 . 165.8 17451 . . . U-63 

Rothschild Asset Management tC.I.i 

P('3jx S8.SL Jubans (XGlierosej-. 0481 26331 
0 1 ; y r. May 55.2 58.71 +4 277 

OC.l-.ic Fd. June I .. 147.1 155.9 b -4.5 751 ' 

O.C.lnUJMi 1 S1.27 134 131 

O.C SmCoFdVyJl — 3463 155 6 ... 3.25 

O.C. Coi.iUfcvdily' — 13T_B 145.7 +0.7 458 

oc PlrComdv.1. (C5 22 27.46/ - 

■Price or. nay 3L Next dcalinc June 14. 
'Pnce en Stay — Nett dcaJins June 7. 

Ro>al Trust (CIi Fd. Mgt. Ltd. 

r O. Box 194. TsL Hse.. Jcrw. OaM 27441 
RT.Inl'l. Fil .. _bl.'S92J 959tt . I 350 

It T. Int'l -Jry.iFd.j91 «s5| . 1 3.21 

Prices bl May 15 Next deal I uc June 15. 

(cm222H Schlesinger Trust Mngrs. Ltd. (aRz) 

60J! .. . I 537 ilneorporati.-.s Trident Trusts) 

76.C .. 537 140, South Street., Donnng- i03PSi8S441 

n irujj .._.j — 

£L2] +031 ' WLAce un L- ^ -i- n yyj. .. . 10251 4 — 

77.4.;.:, V Legal & General Prop. Fd. Mgrs. Ltd 

fii ~ ' 11, QuOflm VlcturbLSL, EC4NCEP 01-2489678 

37L5 ZZ - ’ UtGPrpJd.Mayi.hflaJI 18131 — 4 — 

• 1224 — Jvext sub. day -June L 

1^3 — - — . Life Assur. Co. (rf Pennsylvania 
saj ZZ — 89-S2 New Bond St-,WX70RQ. • 01-4B3B395 

S7J +0J :.L_. .LACOPUuiU 1986 M08l..:_4 — 

10 <JwdB Bt Una Tst. MngSS- LUL 

- | «flC8. ; 1 J - . 71,XxxnbanJSM3Ca • / 01-8231288 

City of Westminster Assur. See. lid. “” 4 

WephoneOi-OMWU > - SSSlfS 

Firw Units— pwi - TTH'O • I *0, Clifton EC2A <MZS 

Telephone 01-0M 86S* 

FirttPnlto..— -... ..0223 : 321*1 I — 

Property Ualta_^,j545 - S-4 --4 — 

Commercial Union Group 
Bt.Heten-a. 1. Ucderahatt. EC3. 01-2B37S 
VarAnAcDLKaySSr.l 54« I _...J — 
Do. Annul r+uta: — | 17.91 . [-0J71 ~ 

CoofederatiaD life Insurance Co. 

SO. Chancery Laae. WC2A 1HE. 01-20(0 

fKquity Fund— —0515 1592 1 — 

WMrna Red Fund— 177.1 3864 .._.J — 

i . -; 9oaal Hra. Fd_ 726 7639 

Equity Pen. Fund-. 3273 | 3. — 

Fta-d InL Pen. TO .198.4 — 1 — 

Do. Acc t... 173 IB'S ‘ !.| 3.66 ta Conynfe Read. Sn+lol. (IC7232241 akjnies.nger .rust m 

(Dcalinfi Tues.1 Wed. tThura. Prices May 30131 His. April 12 .... '5oH 68J{ .. . [ 537 .Incorpcratir.S Trident Ti 
1 June 1JZ (Accuul UniL--. . 172.2 76.4] .. J 537 KO. South Street. Dormng. 

_ ... N-:m Ntb. day June l4. ."an.Kvcmpi 1219 

Britannia Trust Management la) <g» Leoaixe Administration Ltd. 3^ cr?wh . ...... bj| 

3 London Wall Buildincs. London Wall ** DukeSL-Lontiar UTM81P 01-4885C9I g** a, P* ~ _ - ggT 

L.jdo.KBMSJL ‘ DSftt^S? ' jhhTjS SSStfW^L-il 

: S'Stnal not LeoAccum |si7 86.0) +02J S6U income Dbt...._ -S?J 


Opt. 3 Prop. June 1. 

16 J30J 

Loudon EC2M SQL 

Assets 72.4 

Capital An- 517 

Comoifc Ind 568 

Commodity 772 

Domestic..... 375 

Exempt — 107 J 

Extra Income.. 393 

Far East 196 

Financial ISec-i 635 

■Told £.- General 863 

Growth. — 793 

Inc. & Growth 73S 

inl'l Growth 58.6 

InveiLTitShansS- 448 

Minerals- 35.9 

Nat Hlehlne- W.0 


Profesnonxl 510.i 

Property Share* _ 13.4 

Shield 463 

Statu* Chance. — ... 

Unlv Energy (32.7 

6L1] +0.: 

831a -0. 

4J3 Lloyds BL. Unit Tst. Mngrs. Ltd.* UU Inc ic>WdrwI_ 

“2-J 5 Registrar « Dcpi . G-artag-by-Sca. 
+9-2 2-57 Worthing West susses. 

First (Baincd •_ 
2-g Do. I’Accuni.i- .... 

Second (Cap i.. . . 
S-si Ho. (Accum. •. _.. 
Third (Income.... 

r>o. lAecum. 

SS FourthtExDK . ... 
TxZ Do 1 Accum. 1 . 

. IntnL Growth..... . 48.9 

■ S * 1 *• Inv TfcLfnttr _... 24.7 

01-G23 1288 fiarfcci Lcaacrs. 293 

MM +D.M 4J3 'JH! field -..- 27J 

. •2-3(-*75 4J8 Pref.diGii! Trust... 24.0 
55.5d +C_i *20 Property Sharov.. - 26.1 
69,ft +0.3 3.20 Special Sit T-i. - 27.2 
MS +0.4 6.09 iCKTOrth Accum 213' 

*8-1 622 f-K-Cnh oust ..];c.s 

632fld +0. 


23.01 -S.2 2JK 
2961+02 L73 

27.14 +03 823 

25.93+03 427 

3lia +02 9.60 
42.g+0.1 9.65 
33.0} +0.1 — 
52.61 +03 25S 

26.6d . 4.39 

3154 -*0.1 4.54 
293 +0 2 — 
25 3{ 1 UU 

ZHJ +03 229 
292, 4 05 238 

2flii +8i 535 

7.90 J. Beary Schroder IVagg & Co. Lid.* 

jj6 Lloyd’s Life Unit Tst. Mngrs. Ltd. 12t1.chcarw1de.EC2 

14.« +0.1 
49.ff +831 

OliZBSTSOO QpC.Hr.Jnae I... —1152.5 160.(4 - 3.3; — 

j _ Opt 5Han_ June 1 .047.4 155ri +4)3 — 

■837} Z - QptBDepi.J1n1el.pzU 1277] +OJj - 

„ q, London Indemnity &GcL Ins. Co. LteL 

-■-I ~ r Z 

= Scottisi ■ W^ « ,ows, G ^ bu . The British Life Office Ltd.* M 

1*61 | _ Reliance H vl, T unbridge Wolla, KX.088Z2S 

ins'll.. ..J — BL Briliab Life—. [49.9 5281+031 1 

102H .._.J — BL Balanced* 45 8 49.CI ...Tl ! 

jne ontisn uie utnee ua.9 ta, iXceuni^ UoiuiZZ. 53 0 

Reliance Hsa. Tunbridge WoUs, KL 0882 22271 Commodity — . 755 

BLBriUsh ure_... [49.9 5281 +021 5.65 lAccuin I'nilai <81 4 

BL Balanced* „4S8 49.fl ...Tl 5.63 Compound Growth. 1053 

BLDividead- KEJ 45jJ .. '...| 9.40 Converficn Growth ^.4 

•Prices May 3L Neat dealing June 7. ion version loc. — olb 

KJC Flexible . .BOS . 30.4] ~03 — 

Fixed latereet P43 36.ffAB.lJ - . 

The XenidoD & Manchester Ass. Gp.* 

Tke Leas. Folteatooe. Kent. 030357233 

Cop. Growth Plisd- 1 2205 ■ I . — .) — 

•Prop. Exempt FtfJ Z3U . { I .— 

Solar Life Assurance Limited 

Brown Shipley & Co. Ltd.* 

Mngrs; Founders Ct_ EC2 

*pftSct-d in. pol| } ...4 •- *£1 ■ ;:z: z. 

Comhill Insurance Co. LUL Fd: ??no ” 

saewnw^acA . ^ owwjiwzo K^z,: S3 ZZ - ' 

SRSSMSSaHsLB 1 z J --j z ********** — .«« - 

Mn.^^J r dSay20_p6&0 ' 377Xlj Z^l — W St G GZOUp* 

Credit Sc Commerce Insurance ; • . Thro. Qum. Tta-er mn EQB «bq .dibm 4588 
120. BegcntSL, London WliiWE. 01-8387081 
C&CMnplFd ,[127.0 3304 I;— . 

Grown Ufe -AssKnuiee .Co. Ltd.* 

GCBI 3XW 0C8B35033 

.CJNffXT. PL2422805 1 BSVnitS May 30 1213.7 

+04 — | Do. (Acc.) May 30 — [266.4 

+831 — 
+83j - 

+o.y — 
+oil — 

+0J — 

+0 .li - 


Sun Alliance Fond Mangmt, Ltd. _ 

Sun Alliance House. Hocaham. 0403 84141 Canada Life Unit Tst. Mngrs. LUL* lAccum. taiisi.., 

ExpJFdJtt. May 10. [04896 156501 | — 2B High SL.Polbcra Bar. Herts. P. Bar 51 122 

InL Bn. May 30 1 1358 | i _. Can. Gen Dial....... 1383 4831 +0JJ 433 BSSffcra —7.' 

Son Alliance Linked Life Ins. Ltd. SS.^cD&Z zBl 7.71 ffiSKf 

Oceanic Trusts is, ui 

Financial 345 

era! 183 

Growth Accum. [45.6 

Growth Income 1363 

High Income- [293 

I.TJl 1 20 Jl 

Index |24-fl 

Overseas — [193 

Performance B4+ 

Recovery BL8 

EoppL April 10 ..-_|58.4 

Dividend 1175 225 

lAccum. Vnitst 22Z6 23 

SSfft-aa-= Si ! 

-■-) .512 £uira ’jjeld MJ 5 

I S--* 4 - fAccum- UmU) 1127 12 

Far Eastern. — ..... 53.9 5 

...'... 437 lAccum. l'n:tal 592 

3 91 Fund ot lav. Tsts — 59.9 

4 E2 'Accum. f mlai 732 

4.B2 General 168.1 

.. ■. . 9.69 lAccum l T niUi-^-_ 256 7 

3.90 High Income 183J 

>134 lAccum. fmlSI— 1675 

• Accum. Haiti.. 1£25 1063 .... 352 

its as n 

fArnavsemm ^r. a 

2yS J-S 'Rccoven- Kny 101S3 6 18921 ... 534 

875) -01 4 06 'For lax ovempi funds only 

1X331 +0i 3 61 Scottish Equitable Fnd. Mgrs. Ltd,* 

ISj r D “ >U 38 Sl Andrews Sq. Edinburgh 031-5569101 

S3J4 - 9 753 income UnlK |g.3 g.DJ I 520 

23731+!. 6 7.83 Acenm. taifc.... — I5u9 6851 | 5.10 

52<H +0.4 335 Denlinir day Wednesday. 

g-3 ^3 -g-i| Sebig Unit Tst. Mcnagers Ltd.* ta) • 

12201+9 6 8.36 POBoxSIl.Bckibr?. Hsc.EC.A 01-2365000 

57.3-0 2 216 ScbagCnpilalFd-.lnZ 54 8+031 332 

6291 -OJ 216 Scbag Lncpmv F2. j-i) 2 2Z.7| +flj| 8.25 

^rs.w 4.54 Security Selection Ltd. 

md+1.0 5.72 15-10, Uncoln's Inn Fields, VVC2. 01-831 6B36-8 

inf-3 nS L'n.IGDiTvt Acc- 1242 25.71 .. .. | 250 

I?'® L'nvIGthTsiInc.. -p3-0 22JW) .. .| 250' 

Concern _l!>!ni29 20W+O3O| _ 

InLRrntcnfonda— u>Mtt20 714dj | — 

Dreyfns Intercontiaeatal lov. Fd. 
P.O. Box 13711 Nuuu, Bahamas. 

NAV May 25 UIS1U3 153Kf .... | — 

Emsoa & Dudley TsLMgUrsy.Ud. 

P. O. Box 73, SL Heller, Jersey. 033428891 

EDXC.T. \JJ72 124.61 | MO 

F- & C. KgmL Ltd. Inv. Advisers 
1 -3. Laurence Pountuey Hill. EC4H OB A. * 

01-4ES3 46P0 

CenL TOMay24.._| 3DS522 | . . I — 

Fidelity Mgmt. A Res. fEda.) LUL 

PC'. Boy 070. Hamilton. Bermuda. 

Fidelity Am Asa- . | SUS2S32 | I - 

Fidelity InL Fund..] 5lio20.ES .. ..i — 
Fidelity Ptc. TO — SHS44.02 I .. | - 

Fidelity WrldFd—J SUS14.18 [+0331 - 
Fidelity Mgmt. Research UerseyiLtd. 
Waterloo Kse.. Dan Su St Helier. Jersey. 

U34 27581 

SenesAlIntrJ D.W | 1 — 

SEriesB'Pactfici-J f7.« [..^[ — 

Series D 'AmAtt H 0736 |— 0331 — 

First Viking Commodity- Trusts 

FsLVjk.Cm.Ttt._B78 39 0 +0.7| 223 

F«t,VtDbLOp.Tst_[79.0 ' 84.IK | 1-20 

Fieming Japan Fund S-A. 

27. rue Notre- Dame, Luxcmh-Airfi 

nmS.Jueel 1 5US4&.46 l+Uff — 

Free World Fund Ltd. 

BirtterQcld BhSiL. Hamilton. Bermuda. 

NAV April 28 — —1 5US1T339 I ) — 

G.T. Management Ltd. 

Pork Hoe- 18 Finsbury Circus. London EC2. 
Tel: 01-623 8131. TLE: 888100 
London Agents for __ 

Anchor-sa'iilra—pCSWi; Si? .. .1 1.84 

t u, up,, rvov.u 1 fi_ xi9r., Jcr^r* . UvHMo.n*» t 

RT.Inl'l. F J. .. _W.'S921 93^. .[ 350 

RT. Inti -Jrv.'Fd. J91 «s5| . 1 3.23 

n-lro-s at May 15 Next deal I ac June 15. 

Save Si Prosper International 
Dealing tc; 

37 Broad &L. SL Helicr. Jersey 0534-20.731 
t'ji Bolier-dcnoolnated Funds 
DirFxdInfT.lEjr21.B53 l»2g ... 6.95 

IntomaL '.7r.*s [672 727 .. — 

KarEaMern-L _. .0751 4056 .... — 

North Aracncan't.E. 71 4.82 . . — 

Sepro’-T. {JUS1152 MJg .... — 

SttcUns-dctwrciested TOads 
•rhas37!-2«plLL'.e.. 12313 24351 +151 L64 

Channeilslandre.. 146 9 ' 154.T -rflff 5.02 

CommocL Hay 25_ 1242 120 a j — 

Si. Fixed Hay 25.... 110 4 116£[ -02| 1290 

Prices bn "May 30. "May 31. *”Jutur L 
fWoekly Dealings. 

Scalesisger International Kngt. Ltd. 

41. La UcrteSt..St. Hollar. Jersey. 05347358S. 

b'-VlJ [81 3E4 8.43 

S.A 'I I 0 3« onff .. .. 5.06 

G'lt Fc.. — 222 -. 22*rf-0J 1228 

lc.C.Fd. Jeraey !55 llff . 334 

XntrtLFJLimbrtt.... 51057 U.d-0.01 - . 

•Far East Fund 'll W . ...J 303 

•Next sub. day June 7. 

Schroder Life Group 

Enterpriai K c-usc. Portmaouih. <770327733 

interesrionEi Pud* 

tEaulo 1341 1235 .. — 

SlijraO'^ 021-3 -129 0 — 

CFImrilatorraL..... L-SO 1A3.7 .. — 

SFwed interest. .. 10A9 1XL5 ... — 

€ Managed _ 123.0 1K.3 — 

aMnnagcd .... . . 1328 123-ff . . — 

J. (CeBIT Schroder IVagg & Co. Ltd.. 

I20.chenpsld*. E.C.2. 01 13S-W0O 

iN.a +0.1 

178.7| +J.i 

- +0.9 — 

ore — 

57.0 +03 — 

LO.S — 

51.0-0 4 — 

8«.S — 

66.0 — 

551 — 

_ 1. —Mar »- 

— Merchant Investors Assurance 

ho 3 53 8 ' 123. High Street. Croydon. 01-8858! 

jl.z SSS?p5=rz:| -03 — 

.<TL4| +03 — 

324| +03j — 

— • Rjultj Pimm 

Money Market __ 

_ ' Monop MkL Fens, ~ 

8.75 Deposit™. 

a. 42 DepoaitPlena 

— Maimed — 

HawiaM Vmwim 

“«* Sun Life of Canada (V.K.) Ltd. 

W-®* 59 ! 71 23.4-CockapurSL.SWlYSBH 01-8305 

— Maple 12 Crth. }. 1916 j j - 

■ - — Maple LL Monad... 1325 | [ - 

■■ ; 2 TOrwU-PtiFd.. 1 199.4 J —J - 

ZZ — Target Life Assurance Co. Ltd. 

_ Tweet Bouse, Gatehouse Rd.. Aylesbury. 

Can. Gen Dial — . — 13 83 4031 +031 433 s+vondG«u 

DO. Geu Accum ...J&§ .431+03 433 “aSSSS! iSltSZZ 

I Do. Inc. Dim. [333 3S2sa [ 7.71 Soorial 

Do Inc. Accum 1433 463| +031 7.71 i£j CU in.'l. ; niiaiZ 

Capel (James) Mhgt Ltd.* SpectaUscd Funds 

lOOOldBroodSuE^NlBQ 01-5688010 ^mVnk«;.Z 

BJ'S - " 7S Chart bond May 30 _ 

Income — OT.B WJJ | 73s r'h*'nfd ■‘tflv3o 

Prices on May J7. Next dealing June 7. rferum." L‘nitiV"I! M 

Capel (James) Mhgt Ltd.* Specialised Funds 

IWOldBroodSUE^NlBQ 01-5688010 M^ VniwZZelJ 

354 Japaa luc-isM — ..1455 1557m -03 Slctrart Unit Tsl. Managers LUL (a) 

Hi *uSS, t: ?-™ZZ 2013 Si +L9 hs ■«. Charlotte Sq. Edinbuqth. 031-2233271 

4.40 lAccam l-nitsi 250.7 259.3 +23 3.86 Aroeneon Fund 

Midland.. lob.8 277.4uj +0.6 6.S0 Standard t'nils |K.6 tS.9| *0.3] 241 

fL* lAccunt LalUl Z76 2 244.1 +20 6.B# Acrura T.'n!W ...-.W.l 74 +03] — 

Rccocerv... — B0.7 85.9 +02 4.68 Withdrawal fails.. 1526 55J| +0.3] — 

is 'iSXSiT± ~Bf» si? 

M raff.™*— Ki Ij itl Ij? « 

7.71 lAccum. L-niui 2024 214^ +0.5 427 De-Jinj iFn. wm. 

Specialised Funds San Alliacce Fncd Mug!. Ltd. 

Mitn Trustee. B«5.4 153. a) +1 01 6.40 Sun Alliance H sc . Horsham 040364141 

flZ, lAccum-tnilsi .b733 255.h+l.ff 640 fcxp.TO.T*t. Mac lu.jGM.l 21S.M | 4.« 

Sjs Giiartbord llay 30_r 1091 J .... . 1“« rrfiZFamily Fd.. _ \v>2 1023] +0.71 353 

435 (Accum fmtsi 146.8 

5 55 Magnum 2021 

4.40 (Aeeam l-nsts» 250.7 

Midland.. _. 166.0 

d.* lAccum. Lnlui Z762 

Rcc->+en... — 80 7 

i Jr lAccum. L-mlai E26 

Second Gca 17U.5 

lAccum. fr.lls- 2548 

I Q Sporial - 160 8 

'- 71 lAccum- L nital 2024 

Specialised Funds 

Crusader Insurance Co. Ltd. imL KquUy 

Vincula Hotixb. Toowr It. ECS. 01403 B031 lalLMioeBed — 

Gtb-Prop. Stay 23_ (67.4 765| — J — - 

Eagle Star Insnr/MnJland Ass. 

2 ThreodnecdleSt, EC2. " ■ 01-588 1212 

EagSe!UiO. GnKs _ J5C3 593J+04 5.75 

Eqai^r &L»s Life Afi& Soc. Lt d.* 

AnM3tt»m Eo«d. HiRh Wycomb*, 048438377 

Carliol Unit Fd..Mg«. Ltd.* (aMc) 

01-8305400 muburn House, NcwvoaUe-upon-TFne 21185 

I - Carliol IW.0 TtJJirf .....J 422 

I Do. Accum. f nils ...|8L5 84ff ...'...1 422 

?34 ”8 ^^iy'TO^i^Z 2 102| iOjj 353 

*• «’4ccum." I’nitsi 1794 181.« ...... 733 Target Tst. Mngrs. Lt«L* laHg) 

C) TOn* E» v «nyap™.|lW2 140^ S-* 2 2i. Gresham 5t_ECr DetUines:02Sl0S9ei 

Man uL»e Management Ltd. TarietCoramwiiiy. 35.1 37.: 

S(. Georsc - ' Way. Stevenage. 0438 501 01 Target Financial- 591 M- 

4S Growl h l r.Hs., |52B 54.5| . '. | 3.73 2969 2i<". 

Mayflower Management Co. Ltd. *dS a« u=?ti: . Z ^.9 291.: 

b! 42 14(18 GrtShnm St, BC2V7A1 1 . 01-608BWS Torcei Gilt Fund- 115 0 12CJ 

income M» 23.. 0053 UC5[ ... | B2B ^tTelGnr+th a.9 ?2 

General M.w 23 We 735| . . ..| 533 .7" Si d?-, 


■:“!» :.j'i j 

"it? ’ | 
^ ‘ tstjl j 
“ • “ " ■ «4v | 



S 524J .... J 

J islzj 

May 25 

For New Court Property roe under 
iMiip+lH xa+ t Moiwgw n cu * 

„ ’■ Mon. Fund Inc 1^020 106.9) — 

lion. Fund Acc llfB 1225 — 

Prop. Fd. Inc. ,.W 1125 — 

Prop Fd. Acc- 136J1 — 

Prop. TO In* 107.0 -.*.. — .. — 

3011 Fixed InL Fd. Inc. 1062 1 122 +20 — 

_ * DejvTOAcc.lnc— 985 11».( .... — 

_ ReL Plan Ac. Pen. - 728 73.0 +0.1 — 

Ratl’lsnCnpAn— 59.<l 64.6 +02 — . 

Rtt-FLuiMnnAcc., 125.4 132.7 -0.6 — 

— Bc.r_PlimMan.Cap- 115.7 122.4 -0.7 — 

“ Gilt Pen. Acc 1300 1375 — 

Z GUt Pen-Cnp. 1123.2 1382 ....4 — 

— Trans international Life Ins. Co. Ltd. 

2 Bream Bldgs- EC-UNV. tU-4038497 

Tulip incest Fd 040.7 3482] . — — 

Tulip Maned. Fd—.hlia 1182 .... — 

Man. Band Fd [715.6 ISA . — • — 

- Man. Pen. Fd. Cap .I11B.9 1252 — 

■■ Mon. Pen. TO Ace. .[125.9 . 1325| — 

I I Z Do. Accum. V nils ...18L5 84ff ...'., 

199.4 J “Zj — Do High Yield (412 43 M 

j . j ■ Do. Accum. Units -|522 5371... 

ance Co. Ltd. .‘Veil dealing date June 14. 

ue TO. Aylesbury. ^ Charities Official Invest. Fd* 
Aylesbury «££Sl59tl 77 L/mdon H ull. EC2N LDB. 01- 

V “9-3 -J — in nau 9 _ 1 

+021 438 
...... 5 69 

Income May 19 — 11352 — [ 660 

Accum. May 18 {+565 — ] — 

eUnonih. Only available to Beg. Charities, 

Charterhouse Japhet* 

1. PUlernaatur Row. ECA 

CJ. IntornaCI 1235 

Accum. tlhlis 27.8 

CJ. Income 340 

CJ.Euro.Ftn 262 

Accuul Units 30 4 

CJ.Fd.Ini-.Tst_.... 268 
Accum. Uhl, s 33.B 

oTsai J 815 Merenry Fniid" Managers' Ltd'. ' ' zlSi 

| 650 30.Grcshnm St.. EC2PJEB. 01 -9)0 4555 Tnr*cl Pr. May' 31-1565 

Si+4 — Merc. Gen K*v 33 _ [M2 2 193.* | 4 61 Tf Inc. .. ]292 

Chornies, Acc. CIS- May 31. |23&.7 ZH.fl 4.61 J 4L Pref. 13.7 

Mere.TT>LMJ '3l-_ i3 4 67.4].. 1 233 C OT nc uroflrih Fd. ..119.1 

Z023 +0.: 
33 iS +0.: 

322 +0: 

264.T . .. 

J2 4) -mj 

Accra Ut- Mav31_[682 71* .. 

01-248 3B fa »lerc2Stt_ r .:a> =5 _.B14.3 Ol I 

, . .1 2.05 AccublL- 1». Apr27. 12555 2662] J 

2.00 Midland Bank Group 
-I 7.74 1;^ Trust Managers Ltd.* (a) 

4 Z 2 Target Tst. Mgrs. (Scot land! (aub) 

4.42 18 .MbolCrcscenL Cdin.3. KJl 22»8Et(2 
Target .Aracr.Ea3le[272 2931 ... I 130 
Tarjrt Thlsllc. . ...[43.B 43 93 +l)5 5.62 

Ettra Income Fd._.|59.7 64-21 +D.l| 1020 

a» Court woed House. Silver Suwl Hind _ , , . .. _ . _ — 

HiH ZZ sc Shctflela. Sl 3RD. TcL 0742 73042 Trades Union Visit Tst. Managers* 


iK 9 % BHiU Samuei & 9 % 

i Banks Ltd. 9 % C. Hoare & Co , 9 * 

Express Bk. 9 % S. Hodge : 10 % 

: _ g Qi Hongkong & Shanghai 9 % 

Ltri 9 % Industrial Bk- of Scot. 9 % 

bacher -Z « % Keyser Ullmann ...... 9 J 

Blibau ...... 9 % fcnowsley «t Co. Ltd. ... Ii 2 * 

idit& Cmce. 9% Uoyds Bank 9 . » 

Tjrus- 9 %- London Mercanule ... 9 % 

sw a % Edward Manson & Co. 10;-% 

AJ.N.- Bank 9 % 

Allien Irish Banks Ltd. 9 % 
American' JExpress Bk. 9 % 

Amro Bank 9. % 

A P Bank Ltd 9 % 

Henry Ansbacher 9 % 

Banco do B!ibau ....... 9 % 

Bank of Credit Sc Cmce. 9 % 

B&nk of Cyprus- 9 % 

Bank of.N.S.W. 9 % 

Bantjue Beige Ltd....... 9 % 

Banque du Rhone 

Barclays Bank 9 % 

Barnett Christie Ltd ... 9i% 
Breraar Holdings Ltd. X0 % 
Brit. Bank of Mid. East S % 

■ Brown Shipley ......... 9 % 

Canada P.erm’t. Trust 9 % 
Capitol C & C Fin. Ltd. 9 % 

Cayzer Ltd 9 % 

Cedar Holdings' .91% 

■ Charterhouse Japhet ... .9 % 

Cbdulartons 9 % 

C. E. Coates - 10 % 

Consolidated Credits... 9 % 
Co-operative Bank ......* 9 % 

Corinthian Securities... 9 % 

Credit Lyonnais- 9. % 

The Cyprus Popular Bk. 9 % 
Duncan Lawrie -9 % 

EagU Trust 9 % 

English Transcont ... 10 % 

First London Secs. 9 % 

First ■ Nat • Fin. Corpn. 11 % 
First Nat. Secs- Ltd. ... 11 % 

■ Antony Gibbs 9% 

Grevhound Guaranty... 9 % 

12ftff .. . j — 

10751 +0ff — 
132.41 _...! - 

12V.7, _...J - 

9 % Midland Bank 9 v 

9j[% a Samuel Montagu 9 u 

9 % ■ Morgan Grenfell 9 % 

91% National Westminster 9 % 

0 % Norwich General Trust 9 % 

S % - P. S. Refson & Co. ... 9 % 

9 % Rossminster Accept « 9 -n 

9 % - Royal Bk. Canada Trust 0 % 

9% Schlesinger Limited ... 9 u 

9 % E. S. Schwab I0i% 

9^% Security Trust Co, Ltd. 10 % 

9 % Shenley Trust 11 % 

9 % Standard Chartered ... 9 % 

0 % Trade Dev. Bank 9 % 

9 % Trustee Savings Bank 9 % 

9 % Twentieth Century Bk. 10 % 
9 % United Bank of Kuwait 9 % 

9. % Whiteaway Laidlaw ... 9t o 

9 % Williams & Glyn’s 9 % 

9 % Yorkshire Bank 9 % 

9 % » Mi-mbcrs of tin; Accepting HouSfS 

0 % Committee. 

9 % * 7-day deposit; C'y, 1-raonlli duposiis 

1 % «‘i- 

1 Cl ^ TJl.ty depodts on ‘ sums nf £10.WW 
o » and under S'r. up to 123,000 di'L 

? 29 and over 125.000 H-~u- 

“ A * : caU dcpoblts over 11,000 CT-. 

QW.lfed___ MS4 154.0 — 

Property 1482 156.8 ..... — . 

Eq-trity/Ainori COD _ B5 C ' 90.1 +0.6 — 

U>:. Ecful ty Fund.. 106.9 1132 +0.3 _ 

High Yield. 1375 M55 — 

UUtEUtod 120.1 • 127.1 — 

Mop^ZZ. 122.4 128.9 .. „ — 

International 1(05 1075 +0 4 — 

FfrCil 125.0 132. ( _... — 

Growth Cap— — 1245 331/ — 

Growth Arc. 127.7 1352 ...... — 

Pens. Mn^d. Cap.— H30 119.7 — 

Pens. Mi, c d. Acc.- 117/ 1243 — 

PWra-GtuLDs-p-COp.. 1019 • 107.! ...... — 

PqraGULDppACC.. 1055 .3322 ..... — 

PmtPpty.cSp. U2.9 • 1195 — 

Pens. PtyTAcc— 1173 124J — 

TidlBcmd +-M2 372 - 

*7WtGJ.Bond_.Rra -1. — 

-Cash value lor £100 premium. ■ 

Tyndall Assonsee/Peiisuos? 

IfcCmiyngC Road, Bristol. 027232341 

3-WnyJniwl 122.7 . .. - 

Equity June 1 — 1643 - +02 — 

Bend Jane 1 .1632 -02 _ 

Property Jimel — imj ...... - 

Deposit June 1 1275 +0.1 — 

S-way Pen. M*jr 1R-. 1462 ..... — 

0'mws Inv. June].., 74.7 +®.3 — 

MaPuS-WJunel-. ' JW5 +3.0 _ 

““nil* 1 *! l *L“ 

Do.Prm.May2 B5.4 ..... — 

69.D4 .. .. 552 

796 .. 5.62 

39.6rt 3 « 

42.5 3 44 

29.4 3 43 

31? 345 

55 0 . . 631 

62.6 . 631 

5L4u -0J 25C 

547 . 249 

652 ... 826 

692 ... 836 

1093 .. . 5.49 

, . u . ... _ _ _ . . Accum. Units Ra r 3251 3B2 'roramodii- fcGWL.1642 69.1x4] .... 552 

Trans international Ufe Ins. Co. Ltd. Jui aT Nett deataag Jwe 7. r*o Accum. mo 79 1 5.K 

2BreamBMta.EC4JNV. U 1-4056 497 Growih. — ib.*} 39-brt 3 

Tuh^rest-^d [1407 148.3 — _ Chieftain Trust Managers Ltd.*(ai(g:) So Accuia _ 39 6 415 3« 

Tulip Maned. Fd — RK2 1M2 .... - tl NwSL EL'3M4TP. 01-233=532 S P i?cuf --ZZZ 29 6 S? J J5 

= BKfc=w; P 

Maa. Pen. TO Ace. .1125.9 . 13Z51 ..-4 — u, ie mall anal Ttt.... ji«.4 2U .. J 3.g internam-nat 475 51.4 u -0J 2.5C 

Trident Life Assurance Co. Ltd.* b»ic tsl|265 2851 -ai\ 429 »>. Accum. »( 

Rendada House. Gloucester 043236541 Confederation Finds MgL Ltd.* la) gJfsroSm. Z Bo w 836 

Majuged Bg.1 129^ — SO Chancers 1 Lone. WC2A 1HE 01-S420282 Equity Exempt* — 10S6 1093 .. . 5.49 

SSrzizz:^ . — z. i^' «■« « «. » nB If 

lSi toil z Cosmopolitan Fund Managers. BCnrter Fund Managers Ltd. 

HijrtiYlcld. 1375 M55 — 3a Pont Street, London SW1X9EJ. 01^3585=5. nin»ie.- H»- ■ Arthur Sl.EC.4. 01-623 1050 

GlUEfltod 1M.1 • 127.1 ....'.. — Coamopolfl.CtteFd.pJ.9 19.0| J 451 Minster Mai' M (35.7 37 7j . ... | 547 

itt^ttSSSZZZ m5 iotJ io'i _ Crescent Unit Tst.' Mgrs. Lid. (aMg) m A^Ucit^Trart Mkemnt' 7 ui' 543 

a-osezzp as - z 

Growth Art-Z- 127.7 1352 050 MLA Urals 1392 4L3| . | 436 

1174 1242 — CrS High- DittTZ®3 4fcS uD.l SB9 Mutual Unit Trnsi Managers? laHg) 

S(n . TflK _ C res. Reserves MBA 433+02 4.31 'IS rnnlnall Ave..EC2R7BL'. 01-macsia 

552 too. Wool Street. EC.i 01-6=38011 

|-£§ TUUTJunel . -150.1 53.41+1.21 520 

3M Transatlantic and Gen. Secs. Co.* 

|5| Si-H)Ne<v London Rd Chelmsford 0245 5 16&1 

SSiSSE“‘ z::p6 M Mi 

S?J 5 SK?r=ftt i 8 ?l 13 ? Sw 2 ::r: il 

•Prices ai April 24 Next dealing May 31. JjKS u Shi§J l «n 

BO aster Fund Managers Ltd. i ^cum Uaiw ™Z 63 -i 

MlDJie.- Hm- ■ Arthur SL. E.C.4. 01-623 1050 Marlboro .Hay 30_.. 50 6 

BSSfiSSndB « K II 

MLA Unit Trust Mgemnt. Ltd. %vSS?S'i3rffi“ 7. 713 

Old Queer Street, SW1HUC. 01-8307333. V'ang.Tet- May 31... 44.4 

MLA Urals 1392 413) . | 436 U 7 

Mutual Unit Trust Managers* lays) i iZm.Z 'iri 

Discretionary Unit Fond Managers ^ 

22. Blomflel d SL. EC2M TAX. 01-638 4485 Mutual Bln-: ChijpZ 42 9 

8 89 Mutual Unit Trust Managers* laHg) iXvuun. uSwZZEi W 

4l31 '15.CoplrtaII Ave.,EC2R7BU. 01-6MC803 nick Dl. May 2fi — H.8 W 

>m> Mutual Sts. Flus.v, |512 54.9J +0J| 6 31 Do.Arcum. ]743 7' 

’mss 'BSSiRte'JchroZKo fcskftl Ik T>udail Managers Ltd* 

8L5 +14 5*2 

122-8 +2 2 5 42 

Sa«ri . . 423 

Sl 4d —03 457 

103.21 -0 4 4.57 

mo .... 5 63 

1605 5 68 

545a 7.C3 

59.7 7.0? 

563a 538 

72J SJB 

' 52.7 251 

60.1 2.51 

51.5 .... 353 

• 656 353 

75 1 857 

■170 654 

47.8 654 

642 +0.4 534 

— I Disc lacoirse F162-9 lT3.3ri| .] 5.2l Mutual HlecVli 

E. F. Winchester Fond Mngt. Ltd. 

National and Commercial 

16. L'anynjtc Rnad. Bn viol. 
Income May 31. _ n . [100.6 
lAccum. Vims'- pEOJ 

3- Way Juno 1 122.7 . .. - 

Equity June l._ — 1642 . +0X — 

Bond Jane 1 - .163.1 -0.1 - 

Property JUKI.— 1M-3 ...... - 

Deposit June 1 127.0 +0.1 — 

3-treyPttn.Mavlft.- M6JI ..... — 

0'3«s Inv. June].., 74.7 +0,3 — 

MmPtL^WJunel-. ' JM5 +5.0 — 

SSBH^ ““nil* 1 *! l *L“ 

Do.Prop.Mar2 B5.4 ..... — 

Vanbrugh Life Assurance ' 

41-43 Aladdua St. Ldh. WlRBLA. 0I4SS4S23 

Managed TO ..'{W B 15351 +0.41 — 

Equitytu 2315 2467 +15 _ 

imotTOnd 1003 us.4 +oj — 

Fired ImerstFB— iM3 l+Lj -01 — 

Property Fd. 139.7 ’ 147.1 — 

CttoFwtd uan - 

Vanbrugh Pensions Limited 

41-4! Moddot ScUdn-WlRSLA 01^834823 

B 38 ±±rrffla 3 M*S| - 

=|B mM ~ 

Guaranteed ik ‘Ins. Base Kates' table. 

Welfare Insferance Co. Ltd.* 


Great Winchester. 
Gt-Winci'cr O'ovJ 

| 8 06 

£.+, 01^062187 3L St. Andrew Squero. Edinburgh 031-556 MSI Capital May3i.„ ...1250 

iZinr IU4 2011 I IM 1ee«M MJ».3l g22 1578 6M lAKum'Jraisi 1744 

“"jfcJiSJ f?a ' ■ Sa (Accum Unitai™.. 2082 216.0 6.00 . Exempt April 31 .... J075 

rO*v*sp.9.7 215] . ...| 456 c^pt. MLov3l 123.8 128 4 3 47 lAccum I'nitti— .152.0 

t nuillflv Td Mncrmnt (Accum. 1’nitM-.. -|1512 15631... S- 47 C»nyngoMay3l. . . 98 8 

Anchor ‘ B' U nils SCS&K in .. . 1.84 

Anchor GUt Edfic _. E9.J0 9.7M 1301 

Anchor InL Fd SUS487 4jfl - T-B6 

Anchor In. Jay. Ttt. 245 Z£>i^ ... 2.95 

BWTyPacFd...— . SUS41.99 3+05J 095 

BariyPstcJStrig.— 246.00 257.93+4.16 Lit 

G.T. .rata Fd ■ £1+0 3 1.73 

G.T. .6siaStertu«- £1269 1361J+016 1.46 

G.T. Bond Fund — SUS12.42 [+012 5 07 

G.T Dollar Pd. SD57.02 .. 071 

GTJnclOcFd. SU512.77 1+0 301 131 

Cartel ore Invest. Ltd. Ldo. Agts. 

2 SL Mary Axe. London. EC3. 014*33531 

Gartmorr Food Hast (Far EnsU LuL 
1503 Hutchison Hat. 10 Harcoort Rd. H.Konu 
HK i Pnc. U. TsLZ toaaKt lia ... . I 2 bO 

Japan Fd. PS2H5 DK« - 1 0.7K) 

N. American Tst — SUStS.93 3573 ... .1 1590 

UdL Bond Fund [S039.92I J3J75J .. { 5 SO 

GartBMKV Investment Mott. Md. 

P.O. Box 32. DouRlns. loM. 06M23911 

Lnuuuationaj Luc... [210 2Z4d| .. HJ2e 

Do. Growth 1628 65 Sl . I 4.M 

Hsnbn Pacific Fund Mgzcl. Ltd. 
2110. Co nnau g ht Centre. Kcmc EonR 
For Knit May 31 — BTOLff, UW . j — 

Japan Fund [n;Si» :J7j . .J — 

Hambros I.Gueraneyi Lid.! 

Uambro Ftind Mgrs. (C.E.i Ltd. 

P.O. fioi as. Guernsey i>W(-2652l 

C.r. Fund . (1424 1S17MI .. . 3 90 

Intnl Sand SI’S 154.64 107 -tff . .. 9.40 

InL Equity SUS 1069 TLC3 . ... 250 

InL Svgu 'A' SUS LD2 LTO . .... 350 

InL Svss. '3' StI?|LIS5 lill 250 

Prices oo Hay 3L Nett deoltnt; June 

Henderson Baring Fund Sfigrs. Ltd. 
PC. Box N4723, Nassau. Bahamas 

Japan Fd. fSPS17I7 - 

Prices Du May 31. Next dealicC dale ~urc 7. 

Hifl'Saxxmet & Co. (Guernsey! Ltd. 

8 leFebvre SL, Pel or Fort GLoronoy. CJ 

CuwnoeyTrt. |M95 160J4* +6.7| 332 

Hill Samuel Oversees Fund S.A. 

37, Rue Notre- Dame. Luxem boars 

ffcsnn F3U+0J3I - 

International Pacific Inv. Meg!. Ltd. 

PC Eos R237. 36. Pitt St. Sidney. .Wt 
JavellnEquityTSL.IS2.09 ZlV . .1 — 
J.E.T. Managers (Jersey l Ltd. 

PC Box IM, Roj-aJ Tst. Hie.. JcrwytSK 27-H1 
Jersey EttmLTet^ 1160.0 17C 0 1 — 

As at April 28. Next sub day H«y-3I. 
Janline Fleming & Co. Ltd. 

4Sth Floor, Connaught Centro, none Kone 

JardineEsta.Tst._l SHX248.99 .... I 3 00 

Jardino J'pn.Fd*_ SHK31666 .. J 0 90 

Jnrduie Sta [ . I 230 

Jaralne Fiem.lnL-[ 3HX9.46 ■ • -I — 

NAV May 2a •'Equivalent St ; H3 10 
Next sib. May 31 
Keyselcr M ng t ., Jersey Ltd. 
POBo*98.Sl Heller. J«rBey..(Enp 0:-M67070i 

Fotuelex... I'-VilJT. LKD .■■ 7-9° 

Bondrelex MIS . — 

Eeyselex Int'l 16.40 716 .. .. — 

Keyxlex Europe — £359 4 37 -CM 378 

JapaaGth. FtuuL— USttlST 25 j£ +-0.SS — 

Kcyoclcx Japan {38.78 11.73 . — 

Cent Assets Cnp,_ £23122 +0(C[ 

89 437-CM 378 

ai57 aa+asa - 
170 U.7a . j - 
£23122 l+Oiej 

Seciri’ Assurance loternationol Ltd. 

P.O. Box 325. Hamilton % Bermuda 
Matuwed Fund . .. 11 jS 16M ISBl I — 

Singer & FTiedfe n der Ldn. Agents 

20, Cnanoa SL.EC4 01 -243 SWH0 

Cekaiundfi 1052483 26JZI| .1 65. 

Tohj'oTaL Apr.23._| Sl'S3550 | | 1.77 

f trongbold Management limited 
P.O.Fox315.SL Heller. Jersey. 0S3-V7140Q 

Com m-i-dity Trust— 192. 56 97 35t+2.iO| — 

Snrin'.’est (Jersey) Lid. 'al 

Queens Hoe. Don. Rd. SL Helter. Jsy. 0534 2734a 
American lad.TsL..U8J3 . . I — 

CopuerTfusi Kf 91 IZIW ....) — 

Jap. index TsL t3J-25 -11481 ... I — 

TSB Unit Trust Managers (C-I.) Ltd. 
Bagatelle n<l. SL Saviour. Jersey. 0534 73404 

JcireyFUtiS K6.4 4331 .. .1 «.92 

Cuerrisey Fund M6 4 483| ... 1 4 92 

Pricus on Jtny 3L Nett sub. dey Jure 7. 

Totyo Pacific Holdings N.V. 

Intimt5 SiauaRcmccl O) N.V. CUracan. 

NAV per slinre May 29. 5US48.02 

Totjo Pacific EJldgs- (Seaboard, N.V. ; 
Intimi^ Manacement Co. N.V.. Curacao. 

NAV per stare May 23. SUS35 72. 

Tyndall Groan 

P.O. Bos L8SS Karaiilcn 5. Bermuda. 3-2780 
■'Jverseaa lis> 3t -.piSUS . 1211 ^.1 600 

lAccum. Units 1 [iLSLTS '-Tfe -OOl — 

3-Way InL Key 16.... ^.'5258 171) 1 — 

2 Neva SL.SL Belter. Jmey AS34 TTSt'.'S 

IOF SL Jicw 1 K7.40 7.95(-r0 05, 6JM 

. Accum. Shares 1 . _ £13.45 123C) +0 1 » - 

Acuricar Juoo 1 . .. BV5 ST.CH -05[ Z.C3 

'Accum shares 1 815 67. Oj -0-51 — 

Jerw.yFd.’iii'.U... 194.6 2P6 c[ +3 Df 7.00 

t?:oc-J. AccTUIs 2736 2T0i| *A2\ - 

Gill Fund Mjj 31 1105.4 107 4r9 -0 3 1L17 

■ Accum Snores' 1362 LJ8.3] — 0 A — 

%'icu^' House. IwurJns. Isle of Kao. 0324241 1; 
Mnnsged May IE— 129.0 1355] . ..J — 

l : ;d. fntaL Mngmrif. (C.I.) Ltd. ' 

K. Mulcmncr SlreeL SL Metier. Jersey 
U.IP.Ftnd 0USWS . ( Bit 

United Slates Tsl. Inti. Adv. Co. 
rmc .Mdnucer. Ui*.«nb>>un; 

UJLTH. Inv. Fnd... | SL'S+059 j J 0.W 

*i« a.-!sel May 24. 

S. G. Warburg & Co. lAd. 

2(J. Grtaham >ltccL BGIL 01-6004535 

Cnv.Bd Fd. May 31 1 SUS9W 1+4J3 — 
Eucrrn >nL 51n> 31 I SVS17 0p I+0J8] — 
CrJ>L3Fd.Apral... I Sl'S7.09 J+Q+H — 
Mr£ur. May 31 (:035 10.«?I .. . I - 

Warburg invest. Mngt. Jrsy. Ltd. 
l.CharinsCrow.Sl.Helicr.Jsj’.CI 0534 73741! 12KI ... I — 

CUT Ltd l*ny2S_{af|fi JEW — 

M+lalvTsL Moy J8 pi® I2J7[ .. J - 

TliTUayi! feaniS 12JW1 .. .. ] — 

7 ITT Ud. May 11- [U3J7 1C64[ I — 

World Wide Growth SlanagemenMi 
ICn. Boulevard Hojal. Luxembourg. 
Worldwide Glh Fd| SUS1S59 1+0.061 — 

ftmuifl JE. n.»Aloe TU Mwgwiw t I JR lAccum. L n, lM— -I+4++ iro^] ... 1 J.ra L Bnyitgp M3.V 41. . . 988 

iSS NBtiongl 1 P^de«lBV.r,- J I^.LtdJ* st 

^ = w7 > 1 

+0L3 _ Equities Secs. Ltd. (81 Ig) (2) lArcum Units ’... 549 .58.5] .1 4 00 lAecum Un.ti' 16o4 

+5.0 _ 41 Bishojvflgnle.ECS U14BB28S1 - iTv“ “ lwl Hfi I ' 2M Scol.Uk Kay 31.... lfcLO 

Sol U L“ .+[66.1 M.M ■ -i «&8 ^ SSri 'Za W& dKgJ.vL J- Sh% 5 

3 = mee*u> Ufl. Tr. KV MM »• 

. _ _ ssf’tr'M IK’S 

:Si) Z fTzmBogUm Unit MgL UtL (a) Jg;| Jg 

+0J — S-7. Ireland tod,trtB SDH. 01-M88fl7l Gmvrth!n>' ^5.8 96 5 4.99 Intemoiipnal..., 

-01 — American [48.2 50AT LOO. Income. . .-.»2 38.8 .. . 6.48 bpec:ul hik. > ... 

..— — Capital Tsi, 116.6 123H . . 3.92 Portfolio In' Ud.„. M 9 73.6ffl -L4 5 40 TSB Unit Tl 

- Income T«. 105.6 UOid . ... 5.95 Unuerr.nFiM’- 158.6 63Jd| .. 23a 

i IS-SK5? ^ -not 11763 — NEL Trust Managers Ltd-* (atlg) +l.cnanu> Way 


Pricsfi do dm include S premium ewpl where indicoted -i-. and arc in pence cn!e*sM>.e | 'vljie 

indicated. Yields % (shown in lasl culumn.' allow <or buyme 

Include all expenses, b Ttvdni'v prices c ^ ield based on offer price, d ^trailed. 8 

imenmfl imn> h iL... r,- ti k u Pcriodii or»-nuuiti nittuiiijce plane e Single 

Do. Accum . 1 110 .6 117 J 

3C.2 +0 6j 581 
98 2 +0 7 - 
4C7 vfl 5 10.09 
46.B +05 - . 
17.4 +0.1 4.B6 

> Offecwi pricR include* all espensm if b^ushl inrough mana<.>-. * Proijou* PH£J- 
9 Net of lay on realised enpital rains unless u>Jl»tcd by * 9 uuertwy gross, f Suspended 
♦ Yielu More Jew u**- f Ev-suMiwaion. 

MiHon Court. Dorkiag, Surrey. 

Friends’ Provdt. Unit Tr. Mgn.* N«isinr . . |6L2 «.a| +0.41 

Piiham End. Dorklnc. 0308 5055 Nel3-ir lre....[SLl _ __ 53.7[ +0J| 

70 7 7 67 Do. Accum - 19 8 2L2J +0 1 „ 

3*4 . 5 in Uighlne. Prior if. \t3A 6SJ| -tOSI 104 

96 5 4.99 International — JLI 33.4) +D.1 224 

38.8 .. . 6.48 Special Sik. _ ...... ..(33.6 32.7| +0.l| 4.9B 

Ian? " L4 TSB Unit Trusts ty> 

liAB/nuui 21. Chantry Way. Andover. Hants. 028162188 

o^a.v tan DcaliPfij to 03M 69432.3 

Pixbam End. DoriiiOK. 
Friend, Prov. Ulo.,.1425 
Do. Accum. 54.8 

45.4ri| +0 Jl 
58 6| +fljj 

For New Court Fund Manegera Ltd. 
see SolbschUd Asset Management 

SSI) I O'TSB General '452 

4.8! ib: Do Accum..—.. |57 3 

7.E2 i(ji THE Income ,601 

ibi rwj. Accum — 1526 

1 . TSB Scottish . 81.6 

* . , (biDo. ACcura. 87.6 

! The leas. Folltesrime, Kent. 

G.T. Unit Managers Ltd.* 

IB, Finrbury Ci tc uc EC2M 7DD 

030357333 G.T. Cop. toe |J 

Norwich Union InsurantB Group (b) 

014288131 KJiiS r * ,<i iBj* !K M89+?flS WunnsSlieeL Belfast, 
1 3 40 Group T+I. TO.. 3MS1 +1 41 4.B9 (bll „ s . er Cn»th.. |37g 

SKnwnankw Fd. — ] 182S i — Do. Ace. 978 

For other funds, please refer to The London & G.T. Inc Fd. I'm 159.7 169.8 7.88 55c Hiuh Kolh 

Manchester Croup. G.T. U.S. t Gen ...... M2.6 15J.7 3.10 PMr | Grr.niii 

Windsor Ufe Assur. Co. Lfd. ^{SS^tolZ ™ ml 4.80 

Hri&WtJfr fflir ri « 5 -«K 3 | 

FStaSASd^Sb.: :::::: = g. & a. Trust (aHgHai **«e 

Ret Aad. Pena I3M1 ...... — 6.Hsylel8),Bd.Breiihri»t1 i027X, 227300 m Fountains 

«**. Inv. Growth -104J) 109.5) — G.4A. - [32.4 34.M | 4.79 rdicanlnlU 

[ * llW ^N&MhMter^iroup. 

Gricdlays Bunk t S % 5 Demand deposits Wfi. 

Guinness Mahon 9 % s Ran' also applies to Siwiins Jnd. 

Hambros Bank 9 % saarioh. 

SW Pearl Trjst Managers Ltd. (axgKzi 

48.4 +0J] 356 
613 +0.4 356 
easu +0,4 7.04 , 

66.7 +0.4 7 04 

40.(4 | 522 

252 Hieh KolSorn. WC1V7EB OHM 

Pearl Crr.n in Fd [23.1 24 91 +0 1 

Accum Units . W.5 29.61 +0J 

Puarlliic.- 3JZ Sc.S+OJ 

Pearl Linii T>! „..[»5 M.2.'q +0J 

(Accum. UnitA 1 — ~-{45.9 49.4} +0 2 

Pelican Units Admin. Ltd. igux) 

-+MB441 Vnii Trast & Mgmt. Lfd. 

24 41+0 1 4 90 William SL tf-JROAR 
29 ft) tOJ 4.SC Friars Hu-. Fund.... [1490 
iC.S +0J 6 70 WielerGrth. Frd... 29 3 

38.2.’q +0 j 5E3 rjp. Accum [3-4.0 

^ 5-03 " r * e i er Growth Fund 

UtL IgMX) Eim Wllllin 51.EC4RSAE 

01 -8234951 

157.0| | 4.32 

30.ff 4J6 

35J 4 36 

89.61+0.4} 5.07 Accum. Umia 



01 -CT 4351 
... | . 4.36 

i.G. Index Limited Ht-oSl :->48G. Satpleisher LuSTee 1T14-1T2S 
29 Lauiont Road, Loimun bV» 1ft OJIS 

1 . Tax-free trading en commodity fu tmes. 

2. The commodiiy ’fuiures market for the smaller investor. 

1 Royal Exchange Ave.. London EC3V 3LU. Tel.: 0i-2S3 1101. 
Index Guide as at 23rd May. 1PT8 (Base 100 at 14.1.77) 

Clive Fixed Interest Capital 127.67 

Clive Fixed Inlereg i Ineoniv 113.51 

CORAL FNZtZiX: i lithe 477-JS2 

INSUSAl^CE sase bates 

7 Property Crowth ... 0‘ '7. 

t Van brush Oujr.mferfl S 'Ci 

• Adrtrw •Ouv- ii un-ivr insiirsn:'- .’ad Properly Braid TaM« . 


Amsterdam: P.O. Box 1396. Amsterdam-C. 

Telex 13171 Tel: 340 555 
Birmingham: George House. George Road. 

Telex 338650 Tel: 021-454 0822 
Bona: Presshaus 111104 Heussallee 2-10. 

Telex 8068542 Tel: 210038 
Brussels: 39 Rue Ducale. 

Telex Tel: 5124W37 

Cairo: P.O. Box 204a 
Tel: 838510 

Dublin: 8 Fitzwilliain Square. 

Telex 5414 Tel: 783321 

Edinburgh: 37 Georee Street 

Telex: 72*84 Tel: 031-226 4130 
Frankfurt: lm Sachseolager 13. 

Telex: 416263 Tel: 555730 
Johannesburg: P.O. Box 2138 
Telex 84257 Tel: 838-7545 
Lisbon: F raca da Alegrta 58-1 D. Lisbon 2. 

Telex 12S33 TeL 382 SOBj^gdrfd; Espronceda 32, 
Madrid 3. 

Tel: 441 6773 

advertisement offices 

Birmingham: George House. George Road. 

Tel?? 338650 TeL 021-454 0822 
Edinburgh: 37 George Street 
Telex 73484 Tel: 031-228 4139 
Frankfort: lm Sachsenlager 13. 

Telex 16263 Tel: 554067 
Leeds: Permanent House, The Headrow. 
TeL- 0932 45496B 

Manchester: Queens House. Queens Street. 

Teles 668813 Tel: 061-834 9381 
New -York: TO Rockefeller PtaNX 10019 
Telex 423025 Tel: 0121 480 8500 
Parts: 36 Rue du Sentier. 75002. 

Telex 220044 TeL 2308001 
Tokyo: Kasahara Building. 1-6-10 UchUmnda, 
Cfaiyoda-ko. Telex J 27104 Tel: 295 4090 


Cornea obtainable from newsagents and bookstalls worldwide or on regular subscription from 
Subscription Department, Financial Tunes. London 

JaI! 1 


~ 3 \VJ*W 
r\SM \\ 
;; {fei ? 

"..Lli i - 


:l •.«#;; 

1 ‘ris;'! 3 , 

—• i"-24 •; 


r* iSfjJi' 

i-I iiiS i 

I .J-h | 

i* 1 ' ,25,1 

,* ifissi! 

*! — I tljgj 


-(■ ”!Kir 

; HIS 
: k ; :5§ 

I I ff? 

L !•• '091 

® i .. .ij«i 

7 "■■■ ;:3 

• Cl ;’-H 

1 3 iff; 

ULS (Mi s 

a m 

V, i-!i? 

6Sa'-‘ '-t 

l ;■■ in 

it i i 

J1 M : 
2XU t" 

l*8i3 : -b v 

1« -3 ]ti 
731;. — : i * 
2M M !y 
172 . .* 

. 4b : 

203K -: :; 
92 : .;• 

i M ;-l : 

*53 1-5 : : 
I* ! . 

. r ■:■ 

51 ! 


- « .-3 : 


: 3-numth Call Rates 


A. Brew.. - 

AJ>. Cement.. 



Barclays Bank. 


Boots Drug--. 
Bowaters . — 

B.A.T — 

British Cttigen 

Brown :J.i 

Burton 'A' - 

Cadbure... — 

Courts u] ns 






Gen. Accident 
Gen. Electric • 


Grand Met. 

G.GS A-. 


G 1C N.. 
HawSccr Sida.- 
House of Prase: 


Sf ®C!j=. 

9 Inveresk— 

11 KCA — 

25 Ladbroke 

35 Legal &Gen.- 

15 Lex Service— 

16 Lloyds Bank- 

24 “Lofs" 

6 London Brick. 

20 Lour ho — 

12 Lucas lads. — 

5 Lyons Uj 

10 •‘Mams" 

8 Mrte. & Spncr 
15 Midland Bank 

7 N.EJ. 

11 Nat. West. Sank _ 
14 Do. Warrants 

17 P&ODfd 

IB Plessey 

40 R.HJB. 

9 RanfcOrg.'A*.. 
20 RcedlntnL — 

18 SpUlcrs 

22 Tesco.~ 

20 Thorn 

12 Trust Houses.. 

20 Tube Invest-... 30 

6 Unilever. 35 

20 Utd. Drapery.. 7ij 
8 Vickers- la 

3 Wool worths- 5 

17 _ 

14 Property 

L. Brit. Land — J 1 ! 
r- Cap. Counties. 4ij 

5 ELP 5 

2 Intreuropean 4 ■ 
f- Land Secs. — 16 

** MEPC. 12 

“ Peachey — 8 

(_ Samuel Props.. 9 
™ Town & City 1 U 

M 038 

10 Brit Petroleum. 45 
8 Burmah Oil—. 5 
g Charterhali ... 3 
5 Shell 28 

18 Ultramar. 20 

P Kims 

4 CharterCons.. 12 

?2 Cons. Cold 14 

15 HioT. Zinc 16 

A selection of Options traded is given on the. 
London Stock Exchange Report page 


' approach 
to Trust 


MORE THAN £13m was added 
to the market value of Invest- 
ment Trust Corporation yester- 
day after an announcement late 
in the afternoon that it had 
received an approach from an 
unnamed bidder. 

"From an ex-dividend price of 
203p, the shares rose to 245p, 
putting a value on the trust of 
£77 d 7. This is £9m short of the 
net asset value of £Stim l274p 
per share) declared by the 
managers only last week in 
figures for the year to May 1. 

If the offer goes through, the 
corporation wiJJ bp the third 
large investment trust to be 
taken over in the past year. Both 
the others were acquired by 
pension funds of nationalised 
industries and the market is 
expecting the bidder to emerge 
from the same stable this time. 

Black Diamonds Pensions, a 
subsidiary of the National Coal 
Board, first paid £100m for 
British Investment Trust. It was 
followed rapidly by the British 
Rail Pensions Funds, which paid 
£S0m for Edinburgh and Dundee, 
having lost out to the Prudential 
in the bidding for Standard Trust 
at the beginning of the year. 

On the basis of the formula 
thrashed out during these twb 
bids, the market believes that 
any offer is likely to be close 
to the net asset value. 

Investment Trust Corporation, 
which is one of the largest of 
the 15 trusts managed by the 
Robert Fleming group, has total 
assets of £93m. This ranks it 
about 15th in a sector which 
controls assets of more than 

A little more than 43 per cent 
of its investments are in the 
U.S., while a further 8 oer cent 
are in the Far Ea«t. The UK 
accounts for the balance. 

Ford may receive 
ElOOm State aid 


FORD UK may receive almost 
£100m of Government aid 
towards the £180m capital invest- 
ment involved in its plan to 
establish an engine plant at 
Bridgend, South Wales. 

This is indicated in new 
Government figures on selective 
assistance grants which show 
that the U-S.-owned company has 
been offered £75m to assist job 
creation and job preservation 
mainly in Wales and the north- 
west region. 

The Bridgend plant is expected 
to take by far the largest propor- 
tion of this sum, although Ford 
is not commenting in detail on 
the figures. In addition, the new 
factory should be eligible for a 
further £36m worth of Govern- 
ment assistance under the 
regional grants scheme, which 
gives 20 per cent on eligible 
capital expenditure. 

According to the Government, 
the other main recipient of the 
selective assistance finance, 
awarded under section 7 of the 
1972 Industry Act, will he Ford’s 
plant at Hale wood, Liverpool 

The company said yesterday 
that this is to receive an injec- 
tion of £200m over the next four 
years as part of the recently 
announced £Ibn investment pro- 
gramme for the group. 

Much of this money is expected 
to be related to the socalled 
Erica project, which is designed 
to develop a new, small car and 
which wifi embrace the Bridgend 
engine manufacturing project 
and new production facilities at 

The assembly, body and paint 
plants at Haiewood, one of the 
sites earmarked for making the 
new car, will receive £10Om. and 
another £4Gm will go into the 
transmissions plant to create an 
extension and enable increased, 
production for other Ford fac- 

The Erica programme, the most 
important Ford has launched in 
Europe since the development of 
the Fiesta, is believed to account 
for about half of the £lbn the 
company is expecting to spend 
up to the end of 1981. 

All of the £75m selective 
assistance made available to the 

company is connected with this 
project and some of the money 
is expected to spill over into 
other Ford UK plants at 
Swansea and Belfast which will 
be making parts linked with the 
new car. 

Other Government assistance 
will be available to Ford from 
training fund schemes and sec- 
toral assistance given under 
section 8 of the Industry Act — 
money related to "productivity and 
efficiency rather than fobs as in 
section 7. 

Mr. Terry Beckett, Ford UK’s 
chairman estimated that the con- 
tribution from tile Government 
towards the whole of the £l-bn 
investment Plan would be in the 
region of £13 ten during the four 

The formula by which the. 
Government has arrived at the 
£75ra it is offering Ford has not 
been publisher. But the general 
formula is related to the total 
cost of a project including 
working capital. For Bridgend, 
this is reckoned to be in the 
region of £25 Om, including £70m 
of working capital.. 

Staff cuts plan outlined 
to British Steel unions 

By Christian Tyler, Labour Editor 
A DEPARTMENT of Employ- 
ment assessment of work-sharing 
as a way of reducing unemploy- 
ment has been attacked by the 
Trades union research unit at 
Ruskin College. Oxford, as 
*!■ inadequate and misleading." 

The unit also accuses the 
Department of falsely claiming 
that half the cut in the normal 
working week for manual 
workers between 1964 and 1966 
— from 44 hours to 40— was taken 
up in extra overtime hours. 

The Ruskin paper, which has 
been sent to the larger trade 
unions, is a reply to an article 
in the April Department of 
Employment Gazette on 
measures to tackle unemploy- 

The Gazette article concluded 
that the special Government 
measures were a better recipe 
than cutting the basic working 
week or extending holidays, it 
also said that cutting overtime 
was ** more promising.” 

British unions, led by the 
Transport and General Workers, 
are beginning to join a Euro- 
pean campaign for a reduction 
in the normal working week to 
35 hours'. 

The Ruskin team, which con- 
sults the Department's statisti- 
cians. is providing much of the 
unions' statistical ammunition. 

Union crusade, Page 22 


poration has presented unions 
with plans for cuts in white-collar 
staff and closure of the cor- 
poration's Gower Street offices in 
central London where 400 people 
are employed. 

British Steel's losses last year 
totalled £440m and losses of 
about £400nt are forecast for this 
year. More than 10,000 shopfloor 
steelmaking jobs have already 
been abolished in a bid to cut 
losses- Redundancy payments of 
up to £17.000 per man have been 
made in exceptional cases. 

The corporation intends now 
to achieve even bigger manning 
cuts on a percentage basis among 
white-collar staff in London and 
provincial steelmaking centres. 

Closure of the l5-«torey Gower 
Street offices will mean some 
redundancies and a redistribution 
of the remaining staff between 
the Grosvenor Place headquarters 

and other BSC offices in 

The net job loss will be about 
ISO and the cuts will bite deepest 
at senior level. More than 10 
senior management jobs with 
salaries above £10,000 a year are 
to be abolished as part of the 
streamlining of the London man- 
agement structure. 


Redundancy payments are 
expected to average £4,000 for a 
45-year-old office worker with 20 
years’ service. In addition, 
British Steel guarantess to make 
up pay for a limited period if 
the redundant worker obtains 
new employment at a lower 

Moving some of the displaced 
Gower Street staff to Grosvenor 
PUiace will increase staff at the 
head office from 550 to 750. On 
nationalisation in 1967, British 

Steel inherited a London office 
force of 1.650 in 12 separate 
offices. After the proposed cuts 
the London staff wil be reduced 
to 950 with further cuts to 

The Gower Street building 
consists of 90,000 ft of modern 
office acommodation. Built in 
2962. it was originally rented as 
the London offices of the South 
Wales steel company Richards 
Thomas and Baldwins. 

British Steel expects to save 
£lm. a year in establishment 
costs by the closure and a 
further £lm a year in wages. 
The building will he put on the 
market soon and the corporation 
is confident of making a good 
profit by sub-letting. 

In a further cut in overheads, 
British Steel is ceasing publica- 
tion of its prestige magazine, 
British Steel, which has appeared 
quarterly since nationalisation. 

Political storm likely in Spain 
over banking irregularities 


SPANISH authorities’ efforts to 
improve banking practice 
threaten to cause a political 
storm and expose serious irre- 
gularities in the system in- 
herited from the Franco era. 

A series of cases of alleged 
illegal export of capital and 
alleged fraudulent bank manage- 
ment have come to light recently. 

Three people, including a 
former senior board member of 
a leading family bank, Banca 
Coca, have been charged with 
alleged breach of exchange con- 
trol regulations involving Pta 
651m (£*L4m). 

Meanwhile, the former chief 

executive and major shareholder 
in Banco Cantabrico. one of 
three small banks to collapse 
this year, has ben made the 
subject of a criminal action for 
alleged fraud, by the Bank of 
Spain and the 108 other Spanish 
banks who are shareholders in 
the corporation formed two 
months ago to rescue the bank. 

The Ministry of Finance is 
known to be investigating pro- 
perty deals in Malaga carried out 
by companies alleged to be in- 
volved with Banca Coca, which 
is at present finalising a merger 
with Banesto, currently Spain's 
second largest banking group. 

Apparently acting on a tip-off, 

MADRID, Jane 1. 

members of the fraud squad 
arrested three men on May 11 In 
Madrid; Sr Enrique Minarro 
Montoya, a former senior board 
member of Banca Coca, Sr Diego 
Ferrer Gomez, a customs official, 
and Sr Antonio Fabregas 
Moinpeo. a businessman. 

At the time of arrest, a 
quantity of peseta notes were 
discovered and further substarh 
tiai quantities were later located'. 
The men — who have now been 
released on bail — were charged 
with seeking to evade foreign 
exchange regulations and with 
the illegal transfer of pesetas 

Bankers divided. Page 3 

out terms to Tories 


MR. DAVID STEEL, the Liberal 
leader, yesterday publicly spelt 
out what his party would 
demand for backing a minority- 
conservative Government should 
Mrs. Margaret Thatcher fail to 
score an outright win in the 
General Election. 

The tone of Mr. Steel’s speech 
last night, which listed four areas 
where Liberal influence on Tory 
policy would be crucial, shows 
that he would be much less com- 
fortable In an alliance with the 
Conservatives than in a new ver- 
sion of the Lib-Lab pact which is 
soon to expire. 

But it underlines a key element 
in the strategy his party will 
employ to fight the election: that 
if the Liberals hold the balance 
of power, they would be ready to 
negotiate with either major 
party and attempt to remove 
extremist aspects of its policies: 
The four "conditions’’ he set out 
for the first time to constituents 
in Roxburghshire are: 

1 — An end to the “confrontation 
x mentality" pressed by 
“extremists surrounding Mrs. 
Thatcher” over relations with 
trades unions. Liberals would 
support the moderate Line of Mr. 
Janies Prior, the Shadow Em- 
ployment Secretary. 

*7 — The National Enterprise 
■*“ Board and the Scottish and 
Welsh Development Boards 
would not be abolished, nor 
would their roles be diminished, 
-i — The installation or devolved 
J assemblies in Scotland and 
Wales, subject to popular 
approval at referenda. Mr, Steel 
attacked the disgraceful Tory 

retreat from their promises of the 
last election manifesto. 

4 — Protection for Immigrants 
From the throats of ‘‘racialist 
inspired nonsense which comes 
From the uncaring lips of some 
Conservatives" and whicb caused 
grave anxieties. 


Senior ministers meanwhile 
were drawing immense en- 
couragement from the result of 
the Hamilton by-election where 
Labour nearly doubled its 
majority over the Scottish 
Nationalists from 3.332 to 6.492. 
The result was hailed by Mr. Ron 
Hayward the party’s general 
secretary, as “magnificent" and 
the forerunner of a " substantial 
Labour victory " at the General 

Particularly heartening were 
the findings of a special ORC 
opinion poll nt Hamilton, suggest- 
ing that Labour’s impressive 
performance was due both to 
Britain's improved economic 
circumstances and to the high 
public standing of Mr . Callaghan 

While Mrs. Thatcher was con- 
sidered a successful leader of the 
Opposition by 61 per cent of Toiy 
voters and 14 per cent of Labour 
supporters, the Prime Minister 
had the approval not only of 90 
per cent of his own followers, but 
42 per cent of Tory voters. 

While clamour for an October 
poll is growing — reinforced by 
the latest predictions From the 
National Institute of Economic 
and Social Research of harder 
times ahead— Mr. Callaghan still 
has the opportunity of using the 

outstanding by-elections nt 
Penistone and Manchester, Moss 
Side, as a barometer of Labour’s 
electoral recovery in England. 

The broad choice before the 
Prime Minister is to hold the 
two polls in July (a date at the 
end of this month would not 
allow the local Labour parties 
time to organise their cam- 
paigns) or hold them over until 
the autumn and a likely General 

No decision has yet been 
taken, but Transport House is 
pushing ahead with its prepara- 
tions to allow Mr. Callaghan the 
option of July. While Penistone 
is virtually impregnable. Moss 
Side, in the key Lancashire 
region, would fall to the Tories 
on a swing of 6.4 per cent — 
roughly in line with their most 
recent by-election victories. 


'-But a failure there by the 
Conservatives would be a severe 
blow to party morale already 
rapped by Labour’s strong come- 
back in the opinion polls and by 
a series of damaging internal 

However, the retreat of the 
nationalists in Scotland' — albeit 
to Labour’s advantage in Hamil- 
ton — is deeply pleasing to Tory 
planners. Mr. Angus Maude, a 
close advisor of Mrs. Thatcher, 
forecast yesterday that the Con- 
servatives would regain six seats 
from the SNTP at a general elec- 
tion, to crown its revival north 
of the border after the low point 
of October 197-L 

Ray Pel-man writes: The Scot- 
tish National Party is likely to 
barden its tactics for the General 
Election campaign to concentrate 
much more on independence and 
less on its support for devolution. 

The party urgently needs to 
learn from Its recent setbacks in 
the Garscadden by-election, the 
regional council elections, and 
the Hamilton contest, since, if 
the swing against it cannot be 
reversed,at least six of the eleven 
SNP MPs will lose their seats at 
the general election. 

In particular, the SNP will 
have to escape from the 
“separatist" tag pinned on it 
by Labour daring the Hamilton 
campaign. One way of doing 
this would be to explain more 
carefully the party's policy or 
independence within the Com- 
monwealth and under the Crown. 

Mr. Stephen Maxwell, vice- 
chairman of the party,_ said: 
“Whatever we would like _ to 
fight the next General Election 
on. our opponents are obviously 
going to fight on separatism, so 
we have got to go out to meet 
the challenge by explaining what 
independence means — and. after 
all, that is what the party was 
set up ta do.” 


G. Robertson (Lab} 184®® 

M. Macdonald (SNP) U-388 

A. Scrymgeour (C) 4,81® 

F. McDrarmid (L) ^ 

Labour majority 6^91 

Poll 72.1 per cent. 

Swing to labour 45 per cent. 

for dollar 
at high 

By John Wyles 

NEW YORK, June 2. 
authorities to support the dol- 
lar continued at near-record 
levels in the three months 
February to April. 

Foreign currency sales by 
the UJS. Treasury and the 
Federal Reserve totalled 
$156bn during the period, 
according to quart ely figures 
published by the Federal Re- 
serve Bank of New York 
This was not far short of 
the record $L5bn spent in the 
preceding quarter, when the 
U.S. authorities adopted a more 
forceful policy aimed at curb- 
ing the “disorderly market" 
for the dollar. 

Major swap tines established 
with the West German Bundes- 
bank in early January have 
been the backbone of the inter- 
re otion policy. Total US. debt 
to the Bundesbank rose from 
S1.658bn at the start of Feb- 
ruary to #2.619bn at the end 
of April. 

During the quarter the 
Federal Reserve and the Trea- 
sury sold the equivalent of 
$1.2 10 bn in Deutsche Marks 
and $50m in Swiss francs, 
drawn on a separate swap line 
with the Swiss National Bank. 


Officials at the Federal Re- 
serve Bank of New York feel 
that stabilisation efforts have 
bad some success, although 
they acknowledge that foreign 
exchange dealers are still very 
nervous about the future. 

Although the Carter Admini- 
stration’s more vigorous stance 
against domestic inflation and 
the Federal Reserve Board's 
credit tightening moves 
restored some confidence in 
the markets, the $2.9bn trade 
deficit in April coupled with 
that month’s big rise In con- 
sumer prices could put the 
dollar under fresh pressure. 

Overall gross Intervention by 
major central hanks totalled 
$31bn between February and 
the end of April, compared 
with $29bn in the preceding 
quarter, with activity tapering 
off as the foreign exchange 
markets settled down daring 


The dollar was again weak 
In early European foreign 
exchange market dealings, 
after slipping farther over- 
night in Tokyo. But in quiet 
markets it picked up daring 
the day to end in London at 
levels close to the previous 
day's rates. 

After touching Y220.75 
against the Japanese currency, 
the dollar recovered to Y221.45 
compared to VZ2L40 on Wed- 

The Bank or England was 
thought to have supported the 
pound to hold its trade- 
weighted index steady at 61,4. 
In late dealings sterling 
slipped against the dollar to 
end with a loss of 65 points at 
SI -8265. 

U.S. economic index up. Page 4 
Yen strong. Page 5 

Continued from Page 1 

U.S. protests 

than leaving each of the partici- 
pants to take individual measures. 

France. Germany, Italy, 
Canada, Japan, the U.S. and UK 
will attend the summit.. 

Details of the American contri- 
bution are still being worked out 
in Washington. Mr. Callaghan 
told Mr. Blumenthal, however, 
that be considered that steps by 
President Carter to implement an 
energy programme would be an 
essential ingredient of the sum- 
mit's success. 

Progress on energy could 
come either through Con- 
gressional approval of President 
Carter's existing energy pro- 
posals or through independent, 
presidential action. The UK 
would also like to see US action 
to promote growth and curb, 
inflation. { 

Meanwhile, British officials 
were at pains to play down 
suggestions that remarks made 
by Mr. Callaghan at a Press con-, 
ference here yesterday had been 
intended as an attack on US 
policy on Africa. 

Mr. Callaghan spoke of “new 
Christopher Columbuses setting 
out from the U.S. to discover 
Africa for the’ first time." 

Today, it was stressed, that 
Mr. Callaghan’s message that the 
West should not react over- 
hastily to Soviet and Cuban 
intervention in Africa had been 
well received, both by President 
Carter and other beads of 
Government attending - this 
week’s NATO summit here. 

Officials here say it is now 
increasingly likely that France 
will make detailed proposals Tor 
an African peace-keeping force 
to -police Zaire's Sbaba Province 
at Monday's five-nation meeting 
in Paris on aid to Zaire. 

After first reacting to the Idea 
with a distinct luck of 
enthusiasm, the UK is now ready 
to consider requests for back-up 
support for such a force, as is 
the U.S. 




. -• -J& 


Buried. beneath BP°s account- 
ing systems axe some oil com- 
pany results waiting. to get ouL. 
The oil analysts -spent a' hot 
afternoon trying to derive dear 
meaning from the group’s re- 
ported net income figure of 
£S0.Gm for the first quarter, but 
by and large they failed. The 
main complaint was that BP has 
given no . indication of the 
corporation tax which is no 
longer charged under its new 
ED 19 reporting method. Since* 
last year, -the uncharged tax 
varied on a quarterly basis from 
£54.3 m at one. extreme to £3.6m 
at the other it is hard to be 
sure what is,. happening on an 
underlying level, and it could 
be that the failure of BP to 
reach the £9flm or iso generally 
hoped for simply reflected tax 
fluctuations. •; At any rate, 
despite a znaricdown on the 
news, the shares finished 2p 
higher on the- day at 878p. 

Comparison with the first 
quarter last year, when net 
income was an adjusted 
£144.Sm,. is unrewarding given 
the large stock profits then 
included (while Jan u ary-March 
this year suffered small stock: 
losses). The latest figures 
appear tn mark a recovery from 
the rock bottom £4&9lb of 
OctobcriDecember last' - year, 
but here again great care is 
needed for most of the advance 
reflects exchange movements 
which, thanks to the weakness 
of sterling in March, swung 
from strongly negative to 
modestly favourable- for the 
latest quarter. On trading 
itself, the clues are:only that 
European ail operations im- 
proved in most countries, but 
worsened in France, while 
Forties income fen back 
because there was no repeat of 
the stock rundown o£fta pre- 
vious quarter: in the U.S., 
Sohio (still for the time being 
unconsolidated) was somewhat 
disappointing, but there was a 
first time positive contribution 
from the Trans Alaska pipeline. 

The question - now is . how 
strongly the U.S. interests will 
show up in the later quarters. 
Net income estimates • for the 
full year range widely from 
£450 m, to £600m. on the ED 19 
basis (say 150p a 
share). For the moment, how- 
ever, Wall Street is a more 
important influence on the 

The investment, trust sector 
has been going through a lull 
since the success of the bids 
for Edinburgh and Dundee and 

11877 [1978, _l r ^ 


MOSTLY dry with isolated 

London, E. Anglia. SJE. Cent. SJS., 
Cent. N-, NX. England, Midlands, 

Channel Islands, Borders. 
Dry, sunny. Max. 24C (75F). 

S.W., N.W. England, Wales, 

Dry, sunny. Max. 22C (72F). 
Isle of Man, S.W., N.W. Scotland, 

N. Ireland. 

Cloudy, occasional rain. Max. 
17C (63F). 

Cent Highlands, N.E. Scotland. 
Dry, rain later. Max. X7C to 
2QC (63F to 68F). 

Orkney, Shetland. 

Dry. sunny. Max. 15C (59F). 
Outlook; Sunny, some thundery 


Amo dm. 

B. Aires 






G la BROW 
H. Kook 
JO tHirg 

•C ®F 
S 27 HI 
C 23 73 
C 34 93 
F 21 70 
F 23 73 
S 23 73 
S 26 77i 
S 28 82 
C 24 73 
S 24 -73 
'S ST 91 1 
F 29 77 
S It 52 1 
S 30 86 
S 20 63 
S 27 81 
S 27 SI 
S 27 81 
S 38 84 
S 11 H 
S 27 81 
S n 78 
S 23 73 
5 2S 73 
C 28 82 
S 26 78 
S 23 72 
Tb 24 75 










Now Tort 




Prague. . 


Bid dftj’o 





Sydney . 


Tot Aviv 




| Warsaw. 


mid -day 
“C *F 
S 24 75 
F 23 73 
S 28 82 
C H S 
S 24 73 
S 18 64 
F 18 M 
S 22 72 
S 23 73 
S 24 73 
S 23 77 
K 24 75 
C 20 68 
S 24 75 
C S 46 
C 20 SO 
S 22 72 
S 30 87 
S 28 7tt 
S 25 77 
It 15 59 

S 2C 7S 
C 24 73 
a 27 St 
c 13 SB 
S 24 
S 24 
S 21 « 





Black pool 




Cape Town 









Isle of Mao 


"C °F 

a 21 70 

C 20-68 
F 28 70 
S 23 73 
F 24 7S 
S 19 04 
S 2d 68 
C 19 80 
S 24 75 
S 23 73 
S 24 75 
F St 73 
S 21 70 
5 Iff 86 
8 3 77 

S 20 88 
S 18 88 
S IB 81 















T urn* 



mid -day 
■C -F 
S 22 72 
F 22 73- 
S 24 7E 
S 21 70 
S 24 75 
S 24 75 
S 23 72 
F 22 72 
P 23 73 
S 24 75 

a 23 77 
S 35 W 
S 50 68 
V 23 77 
F 23 73 
S 25 77 

S— Suonv. P— Fair. C— cloodr. 

Tta— Thunderstorm. K— Ram. 

mmwm L 2 times and retained earaiq^tfj 

Index fell 0.6. to 478.2 Bad weather, and laTkw|]| , 

. ^ . troubles depressed profits ' 
say. fofim, but even’ sol the '■ il l 
f """ **""!> traditional builders’ merchant y! ‘ 

80 j ] I T 1 1-1 business, which accounts- 

79 — fF.T. Government around -two-thirds of . greupvf 

_L_—L Securities — . profits,- Showed only a marshal -' 

UT T-nfto-v underlying improvement 

77 — | vfc — — -- bad not been tor a 

— Jf reductionin the interest charge^ 

I 1. rl the outcome would have beea ^ 

T 5 1 Wnf | ” even lower. . <' 

74* ■ ^ 1 - Fortunately, ’DBM’s: expansion^*'' 

_ _ I— overseas, (principally in Dubai^- 

I. . • - . and in the uTp motor trade js^'f' 

-32 - W. " paying - 'off ’handa>meiy ‘ 

ri- - "group Vlong term ob j ectivg 

to" have two-thirds i>f_ its profit . 

- 70 ~ coining from its nonbuffdiuEfr; 

> ■■■■ « ■« - ever, it is tied very 

- the UK building, and mah^nva 
British Investment Trust ■ late r : ahce i^ycle - and here there - - 

last year. But it was only a at last signs of an uptnn!. i3a^g > 
matter of time before some- the: vol^me of hnMuess ._ 

one else tried a similar move, through its builders’: merchants? • 

T Us time the selected target is outlets is ^ per cent dowh^l 
the Investment Trust Corpora- the peak -of four -years .ago:3&y ^ 
tion—oet asset value £86hL— ■ tmlnrae g row th ^should* "shotF^ 
from the Robert Fleming stable ihreragh -^^uickly mIa. \VBWs.l’ - 
which has received an approach. Profits. will , alsor puf-^ • 

The predator is striking right at P res8Ure Ill ®“ v* 6 - 

the heart of the investment J ng capitor^*nc^I^t -y^w? . 

trust community. But there are. call on ECL At rap .the Shan^J-. 
no further details at this stage. ylcM 8-8 Ppr. cent . . . 

The last two big takeovers -fjilfcS- 
have more or less set the terms- :^v-- 

for further bids in the sector. - . The shadows overhanging the j 
The average discount for all ^t-edg^ marto^: show. . 
investment trusts, according to of ^sappearing.' Yesltex^^s". 
Laing and Cruickkhank, is now P^cas both short and ionfifo. -- - 
about 28i per cent Prehid ITC.- up td - 

was at a 27 per cent ^ discount W? l™ •' 

leaving room for takeover tenas-gee^es mdesjtif a a arfj f f . . • 
to look attractive io shared ■ 4 ^^ - 
holders. The offer ought not ^ 

to-be far off ITC’s 279p a share ^ "V 

escorted net ‘ 

The enteri^o far for such morale/ la the short ■tehr^mate^fc^ 
bids have been that, tee trust dvei,-- there is increasing unease? 1 " ” 
should be/big — -ITC.. is one of abbuttee.'tele^iD 'tee hiMitet-fltfe'- - 
the top 2t) — and not protected: the builtjiiig societies "and to 
by any-' substantial" cross. hold? 1 Te^r’-exteot^e ‘savings- baidsc^r'. 
togs. ITC appears. to fulfil both £2 10?? they-.tovested a>n<*fc“‘ 
requirements. So toe second £L2bn together to grtt-edgar"-.' 
open . season --.far : investment (more than tbe.pehsion faadsjj^. - 
trust teds'seems about to begin, ns tfieii deposits rese. tapidiyC^; \ : 

U01VJ £.'■ r '' :r: ~ : 

UBM maf the jewel bhtiding rodeties aie beconfing^ l ' ' 
to the crown of Equity Capital Significant net seHersT'Coirp&wdl 7 
for todustry but :a Sft-per cent with last October, whfenvtee^. . 
increase to pretax.' profits, is buildtog^societies- were aftiarif : _ . 
hartily a glittering performance, tog dose io. JfiOOjn" pemy^h, : .'- 
Pre-tax profits of £3.6m are' still the;, inflow ’ has dropped' Ta? 
less than half the level of 1974. ’ around? SlpQtn- and With ; 
although turnover has riseo by- vances tunniiffil.'at £7 BOOT a: 
over 50 per cent to the. inter- month the building soddxes,lt^, 
vening period. -. For - the .first least,- are - running down 
time in four years -the dividend ' liquidity ami this, includes 
has been -increased — by 2 per : ing sqme of the £3bn of gitito : ' A.-; 
cent— but cover has slipped to their .’portfolios • 


(up to 98% 

on “unearned” income) 

Let it help children in great need 

Instead of sending so much of your interest^ 
straight to the taxman lend some of your . .- -v 
capital to Action in Distress. The interest^- - •.?'• 

' impoverished countries a chance In lifei-tiy 7 ^ 
teaching them a useful skin, and by providing J 
^supplementary food and clothing white they/ , 
are learning. Your capital can be withdrawn ; 
at any time with one month. *s notice after the;'.-- 
first six months. Neither you h dr the xiiarity ^ 
pay any tax oh such a loan..' ' ■- _ . - s - V ' • £ 

v Guarantee of Security : : . ' Your capital M 
will be held and administered by the Naticpaf 
Westminster Bank as Trustees. 
terms YOU can lend from £100 to 

m.inultiples ofi£100.' = 

Invest in Children’s WeH-bemg : ^ 

. Send your cheque. payable to Actionin ' f ^ 
Distress, or ask for furtoer.deteil^or T 
yourself of your finahciidL'advisers. ! XV/iS- 

Please write to irie: ^e Rt Hon. Clir^ 
Chataway, Hon.Treasilrer. 

Dept. FTL01, P.0. Btix 69;; : ? 

59 Islington; P^k^eet,;2il : -