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~ll 10 „ <§, & Amok 

$V No. 27,600 Monday July 3 iy/o ** lop Timber, Building Maieridls, He-ating and 

J J e Plumbing Equipment for the Construction 

“ - J and Allied Trades. Northampton 52333 

. S ELLIWC PRICES: AUST RIA Sdi.tS; BELGIUM Fr.2J; DENMARK Kr.3.S.- FRANCE FrJ.O; GERMANY PM2.0: ITALY U.SflO; NETHERLANDS Fl.2.0; NORWAY KrJ.5; PORTUGAL Ejc. 20; SPAIN Ptai.40: SWEDEN Kr.J.M: SWITZERLAND Fr.2.0: EIRE 15p 


\ K\VS SI M M a ry 


JENERAL 


BUSINESS 


* * \ ^ 
2 


Terror 
attack 
on farm 
kills 14 


Economy 
‘still 
short 
of boom’ 


Airlines sanction 
plan for more 
freedom on fares 

BY ROBERT G1BBENS, Montreal, July 2 


Proposals for greatly increased competition between the world’s airlines have 
m i c^s^uv hv* aStT* out □ uY*rem a ?n - ^ een ^ ven the go-ahead in principle by the International Air Transport 

* A nn ^ T4-_ — V jL 21 __ TlflT a. 1 A. 4- A . . ft Ivn w *3 J 


uneven and fails short of boom Association. Its special meeting in Montreal at the weekend approved a 
Fourtee n block labourers and SfndJ'^nuiw fJd lST'ft P acka £ e allowing scheduled airlines greater flexibility and innovation in fare- 
chiidren «cre shot and burned monthly business opinion survey setting, and freeing them from controls on meals, in-flight entertainment and 
t°-n caI M ? 11 a ' vh >t‘>o'vneii farm show today. other aspects of cabin service. 

black gunmen* who^euUer^taad books* may SP have' ^Improved With s0,id support Trora Bri- where rates are stable and men ts, but set up a mechanism 

w-Trnn.1 «wV„, „ . * earlier had wjw may nave improved tish ^ vs the Norlh financial returns also.'' he said, for similar agreements in smaller 

^ ?L lhOQ1 - n °J * tt the / e - shown -i can airlines and many other in- He accused tlie executive com- geographical areas. 

The victims included a mother . ^ nronnn^m irf^nmninS temational carriers, the show of mittee of trying to stamp on f Enable members to introduce 

,<* f her six children, of fiSished !““ ds vole ■*«"■» two-thirds members; voting rights. innovative fares and rales 

asod between two and ten. 0 1 , reduced somewhJt th! in tovour of a P acba 3 e of nine The principles must be worked because of market changes with- 
The massacre is the third rnf Lnou^v shnws ' recommendations put by a task out in detail in conference com- out rescinding existing fare 

aimciiy against civilians blamed o '. , , , . . force of the LATA executive com- mittees, incorporating some agreements, 

by ihe Rhodesian security forces , ul 10 J eca S“ point to Uie mittee headed by Air Canada objections and suggestions © Eliminate regulation of 

or. nationalist guerrillas within ]f 01imie 0 ;. 0u * p “ t over the next president. Mr. Claude Taylor. raised by' members, and then meals, bar service, sales on board 

a fortnight. Thirteen British :? ur nian “ is being much weaker Basically, the package says submitted to governments, some and 'in-flight entertainment, 
missionaries were hacked to ul iL , J e ™ ier m lhe ^ ear L .. that tbere should be two levels of which, especially the .U.S., Traffic conferences should review 

death near the Mozambique ■* ”e r 1 survey suggests broadly 0 j i/^ta membership, with flag- have been increasingly critical all resolutions to eleminale 

border 10 days ago. and last £ conc, u s| on s - carriers able lo charge what they of 1ATA in recent months. unnecessary regulation, 

week, guerrillas slew an eight- “ acK and Page 7 want and not forced to charge This process may last many 0 Permit third parties, 

>irong black family in central a consiiimfr nnmi Uk-iv higher fares to suit airlines with months. Government agencies for 

Rhodesia. to be Thort-Uvef whh a slow ™> direct interest in the route example, to present their 

Last night's massacre was i ou - n in de rate output growth involved. KegfOUpiIlg P °i lt, Z d t rfv lr l?T A C0 SfnnMfn S i :, 

. Vd h a iitf flrmw next year - the L . ondcm Business Two-level membership would But the end result will be *, rainme s t0 JE^jWis/ “ pre- 
hl.lL k> aHCl 3 whltP farmer. CfhnnlV* F.r»nnnmif* Huflnnk fnrp- u !(nw individual oirlinpc ffl vitru> Arnani. P D . . P ^ P __ 


regulation 


death near the Mozambique '“.T 1 sufeysugge 
border 10 days ago. and last £ ™ nc Lw S £? S ‘ -s 

week, guerrillas slew an eight- Bac ^ Paee and **6® 7 
>ironq black family in central 0 CONSUMER BOOH 
Khndcsia. — , 1 : j 


ibis process may last many 0 Permit third parties, 
onths. Government agencies for 

T-» example, to present their 

KegrOUDing position to traffic conferences. 

„ 7? r . 0 Modify LATA compliance 

But the end result will be programmes to emphasise “pre- 


10 m.iiK> ana a "; n,l P farmer, school's Economic Outlook fore- allow individual airlines to opt niore competitive rates, especi- ,..., h <> r tt. . miniii™" 

C.I11SIU mrertho weekend In other ra! „. hiflation will accelerate out of fare and eoodltiio “w at iV lovler Tna “ the lalher puimlve 

„!Cd.-. u-r the Kuerniia war. aIld the curren t account wiU setting.. while still having a say market There will be more “no- if f\ TA mmmitteps' 

Narita clashes deteriorate next year, it adds. contro1 and frills'* travel and some benefits terms * of re f erence t0 be 


Fifty protesters were arrested in 


iciuug,. wwic 3LM1 ua y 1115 R marKet mere win oe more uv A tjta traffir r-nmmiitpp*' 
in safety, traffic control and fri ]l S “ travel and some benefits te ®s of reference To be 
documentation. should be available to business rede fined. and greater rotation 

Most of the opposition to the travellers. 0 f membership 

package— designed to bring Among the main proposals Lascellcs reports from 

LATA into the realities of the approved were: . Ne w York: The main U.S. air- 


clashes wilh riot police at • MR. DENIS HEALEY is likely package— designed to bring Among" the main proposals 0 £^f sC eIlc«i reports from 

Tokyo's Ni.riia airport while to announce a voluntary and ^T^into the realities of the approveS were: New Yor^ The maTu S aT 

ihiuisands more staged demons- flexible ® u:id *l 1, l e a f °^ market place, as Mr. Taylor ©Regroup LATA activities into j ines slrona i v backed the’oro- 

Iralhms nearby. Three petrol growth of about 8 per cent in put lt-Jc#nie from Mr. Salim two categories— trade associa- J, d change's to LATA on P the 

bombs were thrown through an the 1 “ ext P a i[ ™“° d > stockbrokers galaam. speaking for Middle tion activities, with membership Lounjjg t |“ at lh _ association 

airport gate and a truck caught Phillips and Drew say. Page 4 Easl Ai r fj nes and several mandatory: and passenger and g adly needed to be adapted to 


CAfPmnnv hif > s moving the U.S. headquarters 

ueremuny ffist of itf international Gas Con- 

IV omen '« libbers disrtipted a sttUancy subsidiary from Stan- 
uTiiiiitny m gardens adjoining ford, Connecticut, to Washington, 
in.* Houm-s of Parliament to mark The move is prompted by need 
IV- fniih anniversary of equal to be nearer the cenlre of U.S. 
v.itin:! rights for women. They political activity at a time when 
!u-.v ivd and hhuuted as former politics looks like over-riding 
-miriMi-oUes met polilieians and nianv of the corporation's 
.•ri.*T leaders. marketing aspirations. 

Girl, 3, killed B “ k PlgF ^ 3 

»«’Cf.*mi'r..a entangled in a rotary Farm maclUiiV 

e’.«Uie< line in Giilinshant. Kent. 

Sh, red, >nu, Ih. line on her 53^5 f a J| 12% 


BRITISH GAS CORPORATION African _and Asian carriers 

_ k I " A r.nStA nitnik rtimrnrtOTri 


“You've gone overboard try- bership optional, 
ing to spread the lawlessness of 0 Maintain existing traffic con- 
the North Atlantic to other areas ference areas with some amend- 


^rSrn,r badly needed to be adapted to 
J ^ “eet changing circumstances, 


particularly on fares. 

Editorial comment. Page 12 


.•ri.*T leaders. 

Girl, 3, killed 

A Umv-ye.ir-rtJd girl died a Her 
i incoming entangled in a rotaiy 
c'.«ilie< Sine in tiillinghaiu. Kent. 
She rode into the line on her 
bicycle. 

MP support 


Miners prepare to attack 
CO. 11 for pay restraint 


0 AGRICULTICAL 
MENT Dealers 


BY CHRISTIAN TYLER, LABOUR EDITOR 
tHE PROMUSE by the Prime General Council towards the end 


Labour MP Simon Mahon has reports a 1*2 J per cem slump in of 


EQUIP- Minister last, week of another of the month. 
Association year of wage restraint at the end The miners’ 


resolution 


nd On Friday the executive 
voted, not surprisingly, 16 to 9 
on to oppose this change of rule. 


month, whether the economic policy comes from the but. unusually and to the plea- 


uumm nocirinia. ~ contract and its attendant wage and re-establishing its Socialist “deep concern” about the execu- 

n.|| A i. c^'klAmofo # CHRYSLER UK management controls in the last three years priorities by increasing expeadi- tire's failure to honour the rules. 

DailOL hLcticmcuc ind pnions mcet industry Depart- »s expected lo put the conference lure on pu blic services. which it says has led to dimuni- 

Tbe Italian Parliament failed me pi officials in Coventry to-day ihe NUM, which stans today The wage claim for next year tion of democracy, 
last night ul its sixth attempt l*» to approve the final draft of a at Torquay, ) firmly bemnd a Lett- js not expected to generate con- The Kent motion is the result 

tdivt a new president of the new planning agreement. Mean- win ® TS? 11 ?" ' S 5 i JS? trrnmy this week. There are of great bitterness about the 

Republic. A further ballot takes m -hile. industrial disputes ?& w *V°.hI 0 i^¥TKtrfpMnin calls for £110 and f 135 a week for executives decision to allow' 
place this evening after talks threaten to halt the company’s of “l® fl soclal contract to top . rate d coal face workers, and incentive payment schemes to be 
the «... parue, njr— mb* with.n U- ne« 4S « ^ *» » 

Flat raid claim Back Page I j S likely to be contested by t hr e e l ^cre ase^i Q P Mare h Dt basis sc ^ eiTie 00 a na '^ ona ' j 

National Front effieial M-. Ji'ho # COMMITTEE of Inquiry into unions like : the and Ker.t took the union twice 

JudRe said that five iue:i raided tht . t . nL .ineering profession js f JJl 0 Ti£r 'n^ctwfih the T^iviciVP mnvA unsuccessfully to court, first to 

Jus Sheffield flat and stole branch hcin , Hr;:cd 1>V lhc Lngmeers f? jnSlLif a s U Sie ^^economic lSlVe IDOVe stop ballot, as a breach of 

files, after threaU-mnu and and Managers Akocuiiuo , to 2>\ernment as the economic ahestcoaifi eld conference decision; and 

punching him ami his invalid ino lmk- the problem -f union c0 " l f- cL „ n , Itlinin p lp[ , tinn in t? . secondly to protest at the 


between the main parties. 

Flat raid claim 

National Front official M'. 


Back Page 

0 COMMITTEE of Inquiry into 


filteL after threjh'innc and 
punching him ami his invalid 
mile.' He was slightly injured by 
■m »r pistol shuL 


iSyTiit 1, whprpu with the £78 reached after the pithead ballot bad rejected the 
ka h,. union accepted a 10 per cent same scheme on a national 

the General and P hase ThreB tacrea se * Ma « h - basis - 

rkers whiJh want ... Kent toob the union Mcc 

TUC pact with the Divisive move Klnn l he hallof. a breach nf 


ii ,u , nri-.Kimii ,,r uninn r contract.” Yorkshire, the biggest coalfield, conference 

include tbj- iru . ~ . j with an autumn election in will try to put miners on to a secondly to 

inciiii .rshjp fur .cn or . jthe air. some union leaders salary — it is calling for £6,500 a executives i 
116 report. ia 0 c j already predict that the Congress year — but does not seem very ballot. 


£ unsuccessfully to court, first to 
stop the ballot, as a breach of 
geld, conference decision; and 

to a secondly to protest at the 
00 a executives’ decision after the 
very ballot. 

Mr. Scargiil conceded yester- 


•iu »ry.s«)4 muu it* riptu- already predict that the Congress year — but does not seem very oauoi. __ 

■yj -aWWeifcce m PUBLIC SECTOR unions are will produce a majority for this confident of success. s ^ r ; Scargiil conceded yester- 

Nixon address • ' ' \ fnr hefty moderate line. Mr. Arthur Scargiil, the area day that the rule change, which 

Thousands of Nixon supporters J nc rp:iscs in wage supplements Under the heading of "volun- president, said yesterday that the requtres.^awa. thirds majority 
n.Kjkett lu Hyden, Kentucky, to S to London Muff. Claims of vary responsible collecuve bar- purpose was to give miners the Qt&eMegrft*. would not get 

hear the cx-Pre^tUeut's first th;ill £*2o 0 for staff in Inner gaining.” it would imply consent same “security and dignity" en- tll ™ u f 'v“: rill „ Vrirtct , irA 

public hpccch Since resigning Guidon with perhaps half that to the principle of modest wage joyed by staff. Coal Board chiefs, 

four vears aco. Hu was dedi- rnr y-orkors in outer areas of rises, even though the Govern- and NUM officials like himself. will s o ahead I with its threat not 

eating % new recreation complex. . h .. Japiial w-ould be justified, ment's figure of 7 per cent for Much more divisive will be an to approve a 50 per cent taerease 

”, - Hh- ' «U.». »Ur ^ earninss^cannot be agreed far- attest b,_Derbyahire. backed » SftSSSSi. “E 


LIU 11 UJUWIWAJ iuve ujuiocu. - - — ~ , 

Much more divisive will be an approve a 50 per cent increase 


Diplomatic freeze , 

Sixteen Arab J -stale-, “froze "r. t n companies have 
diplomatic relation*, with South cni . d la ik S on a new long- 
1 emeu, whose Marxist leaders agreement, m Tehran, 

were accused of plotting the L ^ *" 
death of North Yemeni Tresi- r h 

dent Ahmed Hus.saiu Al- © uUBAl dry-dock being built by 

(ihaslnni. Back Page the Cost ain-Tay lor Wood row joint 

venture began a iour-day 
Briefly controlled flooding pro- ramme 

. bi'tore testing ihe dock cates — 


earnings cannot be agreed for- attempt by Derbyshire, backed 5U u S ^? pt i t J n 

mally with the unions. by Yorkshire, to make voting on financially-troubled 

The framework of this new the Right-wing dominated seeK^S from its 


an that the 
led. union is 
its areas. That 


Western oil companies have chapter of the social contract will National Executive Committee increase would mean Yorkshire 
reopened talks on a new long- de reviewed today at the TUC- proportional to areas' member- contributing £I.3m “ 


death of North Yemeni Presi- 
dent Ahmed Hussatu Al- 
Ghashmi. Back Page 


in Tehran. Labour Party Liaison Committee, ships. That would give the Left 
whence it will go to the TUC a majority on key issues. 


Left-wing attack, Baek Page 
Tory campaign. Page 4 


[ Briefly * ■ > controlled flooding pro- ramme 

j * . k,,fnrp lo* Li 02 IhC dncK C31BS — 

S -Prison security investigation was ^ ° ^ “ eif , hs 550 ionnes. 

I onlcri'ii m Manila after a doctor 
I complained that he went shop- FaM" *» 

| ping ami bumped into a man nnupflUirQ 
tjaileU jftt-r kidnapping him. bUHnwito 


lAhour MP .fur Ogmore and • TELEBRAZ, xnc 
lormer juirtv chairman Mr. telephone author ty. h..^ bwn 
Valter radlev u. to retire at awarded a mandate for:; 


FrazUian 


Mondale fails to alter tough 
Israeli negotiating stance 


{Walter Padley u- *u ref 1 
phe next General Election 


BY DAVID LENNON 


JERUSALEM, July 2. 


inTcrnational loan, as h:i' Korea 

Elewtrie Company for a S400m m r. WALTER MONDALE. Vice- ing peace,” he said at a State plies prior to his departure 


Police used tear g.is m disperse 10 . vt ,., r ] oan- chase Manhattan president of the United States, banquet in Jerusalem. 
fl.tKM demonstrators after a _ s -j oad mj naner m both cases, did nut appear this evening to 1 hi SDeec i, jjr. 


tomorrow. 


puenos Aires Maw* marking the pa „ e 
fourth anniversary of the death n 
iff former President Juan Pitoii. a Cl 


is ‘lead manager m both cases, did nut appear this evening to In his speech Mr . Mondale reiations^betJJeen ^e^arte? 
Page 27 have managed tc_ move the _ lr -., ed ^ dan2ers of Iettins 




U.S, eltabcr-. fell 
md two other w-i 
load alter being > 
i< sionn on Peru’s h 


a iid Ac! «*u Millions. PaS* 


„ «0tirisr returns Week in c^rvVy V^^ThSf^ht “it was fair to 3Ir * -M onabe, ru Israel’s for a Middle East peace agree- 

'Em lo Norway’s „ sl ;*^ ,134 ‘“ALTEs LmA to *W»d E'Sf.'SfilL 



Israeli Government from its 5 ^ resSed the dangers of Iettin 0 Administration and the Begin 
tnuuh stance in the Middle East ^. e opporturutj for peace government surfaced twice over 
peace negotiations, in spile of sl, P away. the weekend. The Israelis feel 

two days of talks wilh Israeli ** Time is not on our side, we t ^ ia ^ tlie . Americans are putting 

loaders here. cannot afford to delay, we must jjj «“{« Z^eTTon- 

He said after a SHVminule nieet- not minimise the urgency of the Sns in tiie peacT negotia- 
with the Cabinet this after- moment, he said, in a clear w i tb Egy p t 
noon that the Israeli position effort to push Israel to act They were particularly 
had no: changed, but the purpose qu ickJy before the mood angered by President Jimmy 
of his visit had been only to created by President Sadat when Carter's statement over the 

clarify the Israeli position , visited Jerusalem in weekend that if the direct 

rather than try to change it N : oveBlber faded. negotiations could not be 

• ■uvow, idpnt Mondale said " , „ - , successfully resumed, the search 

Vice-Presiaent __ mono Mnnabem Seem. Israel s rnr a Wiri itio Paer nasrai oirraa. 


, - , tn rtTfpnri riltilt J IICU L Urtfilil UflVC IU ue IWUUJCU 

say Israel had 1 agrcea o “ would be happy to study the in the Geneva Conference frame- 

the London conference. But Eg _ vptian peace p j an , when it was work. 

Mr. Begin said that ms uo delivered to Mr. Mondale “per- Even though Mr. Mondale de- 
ment would decide wneiaer r faaps tomorrow .*» nled that the President's remarks 

not to participate after it n^a constituted a change in American 

a chance to study tne Lgypuan T o&ical Step policy, he was unable to con- 

peace plan. ® r vines the Israelis that this was 

The Israeli Premier also dis- Earher, after toe -Cabinet ^ ^tended as a threat 
closed that there might be con- geetiag. M - Mo le d - • Israel does not want to go to 


ur’^'d Israel tu withdraw from -' lep jn tfle ettons 10 - K e Mr. Mondale leaves Israel 
“h? occupied west Bank and lic 5 1 d r | 0 ^s onda , e said he ba d p^L ? dcn1 

Gaza Strip, as il had offered tn hiSU7ed the Cabinet that Israel’s Anu a r Sadattefore^lviM m to 
withdraw in Sinai. u \\ ithout security needs would be fully Washington Iate?K the day 1 
-vi.iitiiai withdrawal on all met. There would be furtner 

fronts .. . there can be no last- discussions about US. arms sup- South Yemen move. Back Page 


Schmidt 

seeks 

African 

copper 

deal 

BY JONATHAN CARR 


BONN. July 2 

HERR HELMUT SCHMIDT, 
West German Chancellor, has 
returned from bis first visit 
to black Africa convinced that 
copper from Zambia and 
Zaire should be drawn into 
the European Community's ex- 
port earnings stabilisation 
scheme. 

The scheme, drawn up under 
the Lome convention between 
ihe EEC and a large group of 
developing countries, protides 
for compensation to the pro- 
ducers of certain raw materials 
if their earnings fall below 
pre-de term ined levels. 

Herr Schmidt said in inter- 
views that he would urge this 
step to his fellow Community 
leaders during the European 
Council meeting in Bremen 

He noted that the inclusion 
of copper would cost the Com- 
munity countries a lot. Bnt 
he felt (he stabilisation scheme 
solution to be Tar better than 
others advanced — for example 
the conclusion of a world 
copper accord to which all pro- 
ducers would belong. 

He said that the U.S. and 
the Soviet Union were among 
the main copper producers who 
would benefit from such an 
accord. He was not ready to 
pledge German taxpayers’ 
money to achieve this result. 

Herr Schmidt had talks 
during his five-day trip with 
President Kenneth Kaunda of 
Zambia— a country very largely 
dependent on its copper earn- 
ings. The Zambian trip was 
preceded by a visit to Nigeria. 


Treasury will 
resist extra 
spending plan 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


TREASURY MINISTERS this 

week will try to persuade the 
Cabinet to retain the present 
planned limits on the growth of 
public spending over the next 
few years in the face of pro- 
posals for additional expenditure 
from several departmems. 

The extra items would, if 
approved, add several hundred 
million pounds to the total from 
1979-SO onwards. 

Unless other programmes were 
cut the result would be a faster 
growth in the volume of total 
expenditure than the 2 per cent 
annual rate specified in last 
January's spending White 
Paper. 

The Treasury is determined to 
relain this Jiniit in view of the 
Government's staled " firm 
intention.’’ reiterated in the 
Budget speech, to contain the 
growth of expenditure from next 
year within the expected growth 
of the economy as a whole. 

The la lest official view is 
believed to be that the economy 
is unlikely to be able lo grow 
by more than hetween 3 and 
3! per cem on average in real 
terms in the next few years 
without undermining the cur- 
rent account, monetary and infla- 
tion objectives. 

The Cabinet this week will dis- 
cuss the Government's expendi- 
ture plans up to 1983 as part of 
the annual review. 


decisions now since they believe 
the proposals are electorally 
attractive. 

The list of suggested extra 
expenditure includes : 

0 A new maintenance grant fur » 
those in full-time education 
between 16 and IS. and more 
money lo be spent on teachers 
and schools lo cope with the 
declining number of pupils. 

• A special benefit for those 
on short-time working. 

0 An expansion of capital invest- 
ment on certain environ mental 
programmes, which vu>r» cut 
sharply in 1976. 

0 A commitment to a 3 per cent 
annual increase in real .-.pending 
on the health service, compared 
with (he nse of less than i per 
cent at present planned. 

0 An increase in the defence 
allocation, partly following the 
recent pay award. 


Limited 


Priorities 


Progress 


John Edwards Commodities 
Editor, writes : Negotiations on 
an international copper agree- 
ment between producing and 
consuming countries to stabilise 
prices have made little pro- 
gress during tlie past few 
years- 

Leading copper-consuming 
countries, notably West 
Germany, Japan and the U.$ n 
are convinced that an inter- 
national pact for copper would 
be very expensive and un- 
workable. 

However, copper is tile most 
important of the 10 “core” 
commodities under the UN 
conference on trade and 
development integrated pro- 
grammes aimed at bringing a 
new economic order for 
developing countries. 

Given tbe failure to agree 
to a world pact, it would make 
sense for the EEC, which is 
very dependent on copper im- 
ports, to try to safeguard its 
future supplies by an In- 
dividual agreement with 
exporting countries. 


The timing is. potentially, 
politically awkward, since the 
Government will clearly want to 
avoid a divisive dispute over 
spending priorities between 
ministers so soon before a prob- 
able election. 

One solution may be for the 
Cabinet to indicate the overall 
limits of planned spending and 
to leave the detailed issues until 
the autumn, after an election. 

This would, just. leave 
suflicient time for a White Paper 
to be produced eariy in tbe New 
Year. 

But the spending Ministers 
concerned are known to want 


Last January's White Taper 
specifically included a large 
contingency reserve tn allow for 
extra items. But decisions in 
increase spending in the April 
Budget, notably ihe tiprating of 
child benefits, have already 
resulted in the commitment of 
about half the £i.5bn reserve 
for 1979-SO. 

There is only limited scope 
for further reducing the reserve 
before the start of the next 
financial year. 

An additional constraint is 
applied by the usual process of 
re-estimating the cost of existing 
prog i a mines which may involve 
curs in some areas. 

A special problem now is that 
the Government has made a 
number of forward commitments 
on public sector pay — notably 
for the Armed Forces and fire- 
men — which may mean that 
the relative cost of public 
sector sen-ices is rising faster 
than prices in the economy as 
a whole. 

This unfavourable relative 
price effect means that public 
spending in cost terms is rising 
more rapidly than when stated 
on the normal volume basis. 


Barclays may vary hours 


BY NICK GARNETT. LABOUR STAFF 


BARCLAYS BANK hopes to 
start a pilot scheme of flexible 
opening hours in the autumn 
which would form the basis of 
a permanent small network of 
branches open outside conven- 
tional banking times. 

Other clearing banks will 
watch the scheme carefully. 

Barclays, which has still to 
start formal negotiations, with the 
unions on the proposal, said 
yesterday that it hoped about 20 
branches would be in the initial 
project 


The scheme would involve 
earlier morning and later after- 
noon nr evening opening. 

The unions are considering 
proposals from Ihe bank to open 
more bureaux de change. They 
recently agreed to Saturday 
opening of the bank's Brent 
Cross shopping precinct branch. 

Negotiations with the unions, 
which are suspicious of the over- 
all repercussions of conceding 
more flexible opening in some 
branches may prove awkward for 
Barclays. 


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The besr of France ro all rhe world. 

■teSNe* Bondirwt London VI P^-^r,a:on-. 01-J V5 C s Tid-c- O*. :o Poi-JV'-er “ ’ •4"'? 

UK Heod Office or id Ac?in«r,iVfo:or« O'- J J 1 1 .vo. 4 * : - ■ 3 1 *■ 





2 


Financial Times July 3 £97%. 


OVERSEAS NEWS 


WINE AND FRUIT GROWERS CHEER SPEECH 






Bar Spain from EEC says Chirac 


BY ROBERT MAUTHNER 

M. JACQUES CHIRAC, the 
French Gauilist leader, has 
▼owed to do everything in his 
power to block Spain’s entry into 
the Common Market, thus 
directly contradicting President 
Valery Giscard d'Estaing, who 
last week emphasised that 
France was in favour of Spanish 
membership. 

By stressing during his state 
visit last week to Spain that 
Spanish membership was in the 
EEC’s interest, M. Giscard 
d'Estaing appeared to have dis- 
pelled the Madrid Government's 
suspicions about French policy. 
It is now clear, however, that 
opposition in France to Spanisb 
membership will be much 
greater than the Government 
envisaged and could have a deci- 
sive influence on its attitude. 

Two major French political 


parties— 'the Gaullists and the 
Communists— have already made 
dear that they are categorically 
opposed to Spain's entry, .while 
the Socialists are still sitting on 
the fence. The Gaullists and 
Communists have the powerful 
backing of the southern wjne. 
fruit and vegetable growers, 
who have not hesitated in the 
past to organise huge and some- 
times violent demonstrations in 
support of their cause. 

m Chirac's remarks were made 
in a speech yesterday at. Castel- 
naudary, near the Spanish fron- 
tier. to some 7,000 delegates 
representing the wine and fruit 
growing regions of south-western 
France. The speech was given an 
enthusiastic reception. 

M. Chirac said that Spanish 
membership would place French 
wine growers, already badly bit 


by imports of Italian wine. In a 
dramatic situation. “ It would be 
a capital error,” he added to 'loud 
cheers. 

If Spain joined the EEC, there 
would be no technical way of 
stopping entry into France of 
Spanish wine, fruit and veget- 
ables. which were already 
threatening to flood the French 
market. "Tearing up vines and 
orchards is an absurd and in- 
human solution,” M. Chirac said. 
" We have a quality product and 
it is up to us to create the con- 
ditions under which it can be 
developed.” 

The Gauilist leader did not, 
however, confine his party's 
opposition to Spanisb member- 
ship alone. Any enlargement of 
the Community would mean the 
total paralysis of the European 
system. The entry of Britain, 


PARIS, July Z 

Denmark and Ireland had already 1 
blocked the development of the. 
Community's Common Agricul- 
tural Policy (CAP). If Spain,; 
Greece. Portugal and Turkey j 
became members, it would mean > 
" the end of all European j 
ambition,” M. Chirac said. ' 
President Giscard d'Estaing. 
for his part, does not deny that; 
many difficult obstacles have to 
be overcome before Spain j 
becomes a member of the EEC.] 
All that be did during his visit | 
to Spain was to have emphasised) 
that the French Government has 1 
no objection in principle to 
Spanish entry. In order to 
facilitate the negotiations be- 
tween Spain and the EEC, M. 
Giscard d'Estaing has proposed 
that regular meetings should be 
held between French and Spanish 
officials to identify and examine 
specific bilateral problems. 


Gaddafy and Mintoff to 
discuss supply of crude 


BY GODFREY GRIMA 

COLONEL Mu an) mar Gaddafy, 
the Libyan leader, and Mr. Dora 
Mintoff, the Maltese Prime 
Minister, will try to iron out 
some of the main problems in 
relations between Libya and 
Malta during talks beginning 
tomorrow. 

Most pressing item on the 
agenda concerns Libya's future 
oil supplies to Malta which are 
sold to Valletta at a rate con- 
siderably lower than world mar- 
ket prices. Another problem Is 
Malta's as yet unsuccessful 
attempts to drill for oil in an off- 
shore zone whose ownership is 
being disputed by Libya. The 
talks will also coyer the possi- 
bility of removing all tariff 
barriers between the two 
countries and the creation of a 
joint airline. 

Before arriving in Malta 
yesterday Colonel Gaddafy said 
that the question of military 


VALLETTA, July 2. 

bases in Malta was of great 
importance. 

Mr. Mi □toff’s administration, 
which is trying to set up a self- 
reliant economy before the 
British bases are withdrawn, has 
tended not to pass the advantages 
of tbe cheaper petrol on to the 
Maltese public. But when the oil 
accord with Libya came up for 
renewal early this month, the 
Libyans insisted that the gains 
from the preferential prices 
should be enjoyed by- tbe people 
as a whole. 

The Libyans have offered to 
build a terminal at Malta where 
Malta's oil requirements could be 
refined and marketed on the 
island at the same retail price 
obtaining in Libya. The Libyan 
Government first gave Mr. Mintoff 
three weeks and then three 
months to consider this proposal 
which will be discussed with Col. 
Gaddafy tomorrow. 


Iran opens new oil talks 
with Western consortium 


BY ANDREW WHITLEY 

NEGOTIATIONS BETWEEN 
Iran and a consortium of 
Western oil companies on a new, 
long-term agreement have re- 
opened in Tehran. In this fourth 
round of talks most of the 
central issues are likely to be 
faced. 

The four-man consortium 
team, led by B.P.'s Managing 
Director, Mr. John Sutcliffe, 
arrived here last Wednesday and 
held a preliminary meeting with 
the chairman of the National 
Iranian Oil Company, Mr. 
Honshang Ansari. Talks resumed 
in earnest yesterday, with 
NIOC's -Deputy Chairman, Mr. 
Hassan Ali Mehran, -leading the 
Iranian side. 

Following the established 
pattern of these negotiations, 
this latest round is expected to 
last about a fortnight. A local 
newspaper report today says that 
if no final agreement is reached, 
the talks will resume in late 


TEHRAN, July 2. ■ 

September. Privately, informed! 
sources do not expect a con- 
clusion until towards the end 
of the year. 

Much of the work this time is 
thought likely to centre on i 
determining a mutually accept-) 
able relationship .between a fixed j 
offtake by the consortium, its ( 
service fee — calculated as a dis-j 
count on the oil purchased from ; 
NIOC— and the Western group's [ 
operating costs in Iran. ; 

Iran's latest ' monthly export ! 
figures, released by NIOC Last j 
night and coinciding with ther 
resumption of the talks, show* 
nearly an 11 per cent drop from 
those for th$ previous month. 


At 4.91m 
exports to 
Fractionally 
year's ave 
responsible 
what has 
sorti urn’s no: 


2.9m barrelsSiday. 


Is per day, oil 
21st June were] 
low the first half 
The main factor 
the drop back to i 
ecome the con-.| 
1 offtake level of 


Desai may 
seize 
chance to 
reshuffle 

By K. K. Sturm* 

NEW' DELHI, July- 2. . 
THE CRISIS La (he ruling 
Janata Party deepe ne d to-day 
with tbe resignation from his 
post of Hr. Sabi Bay, the 
party's general secretary- Me 
remains n member of the 
national executive. Mr. Bay is 
a follower of Mr. Outran Singh 
who resigned as Home Minis- 
ter on Friday after a demand 
from Mr. Morarjl Desai, tbe 
Prime Minister, for the resig- 
nation of >@th Mr. Raj Naira In, 
the Health Minister, and Mr. 
Charan Singh. 

The Wrangles at the centre 
are having repercussions in the 
slates. Hr. Devi Lai, Chief 
Minister of Haryana, who Is 
also a supporter of Mr. Charan 
Singh, is facing a rwnpalpi 
for his resignation. 

Efforts are onder way to 
arrest the trend towards break- 
up of the Janata Party, notably 
from the powerful Jana Sangh 
group within it But for the 
moment Mr. Desai appears to 
be having things very much 
his own. way and be is anxious 
to rid the jparty of his 
opponents. He * may find this 
difficult' because of lack of co- 
operation from tiie Jana Sangh 
but the 1 indications are that be 
will seek to reshuffle his 
Cabinei-jis soon as posable. 

Mr. foCharan Singh has 
announced, meanwhile, that he 
will uh leave the Janata. 
M We dotpot want to leave the 
Janata geariy which we were 
instrunKtatal in boil ding.” 

He blamed multi-nationals 
and big&rasiiiess for his resig- 
nation, fiaiming that they had 
applied*! pressure for his 
removal? since his policy of 
promoting small industry and 
agriculture did not suit them. 

He thusrjmpfied that there was 
foreign pressure behind the 
demand lor his resignation. 
He said he would concentrate 
on taking his Ideology to ihe 
people ,ahd would expose 
vested interests. 


U.S. agency 



•v-: itr V'-iV *7* Q • " * V 

,. • • r. ,r.y» . • V - | 

on \ lit' 1 



nuclear power station 


BY DAVID LASCELLES 

THE ANTI-NUCLEAR power 
lobby won a significant victory 
on the week-end when the 
Nuclear Regulatory Commission 
(NEC) ordered a -halt, for the 
second time, to construction of 
the controversial Seabrook 
nuclear power station in the 
state of New Hampshire. 

The NRC said work must stop 
by July 21 and that no new 
permit would be issued until 
after-the Environmental Protec- 
tion Agency Inspected tbe plant's 
proposed cooling system and the 
NRC&hsrt considered other sites, 
nngh the NRC acted in 



response to petitions item 
environmental groups, it cannot 
.have ignored the fact that Se*- 
Srookhas become the focus of 
periodic and sometimes violent 
demonstrations. Only ten days 
ago several thousand peopteTieW 
a second annual rally there. 

These groups to-day praised the 
NEC's ruling, but tho pro-S*a- 
brbok lobby, which includes lead- 
ing - figures of the Now Hamp- 
shire legislature, expressed anger 
and disappointment. The States 
Governor. Mr. Meldrim Thomson, 
said : “The people of New Hamp- 
shire will not take this lying 


NEW YORK, July 2. 

down." The - state utility com- 
plained l thw every month at 
delay would add 718m to the 
B 2 £Dn projert.- - 

However, In addition to tile 
symbolism of Scab rook, leading 
opponents object on load 
environmental grounds rather 
than as a matter of principle. 

The NRCs ruling & based on 
procedural rather then substan- 
tive objections to tbe punt, but 
the fact lhat this latest -tehng 
holds open the question of Kiting 
raises serious doubts as to 
whether the project will ever be 
finished.. ... 


;mara 
bfeak-out 
attempt 
ashed 9 



Gue 
In Erl 
smasi 
merit 

of -* 
eial ca; 
Kharto 
Sudan 
People’s^ 
one of 
said 

throug— 
Ethiopian 


fighting Ethiopian rule 
said yesterday they had 
a big drive by Govern- 
ps trying to break out 
the besieged provin- 
Rcuter reports from 
A spokesman in the 
capital of the Eritrean 
iteration Front (EPLF) 
main insurgent groups, 
battle was fought 
t Saturday. A big 
force supported by 


Thirty-five die in Beirut 
weekend of violence 


BY tHSAN H1JAZ1 

HEAVY FIGHTING broke out! In 
Beirut today for the second day 
ininning between Syrian troops 
hof the Arab peace-keeping force 
and Christian militiamen. The 
city was rocked l»y- shelling, 
mortar and rocket fire. 

Right-wing sources said 
tonight that the headquarter*. In 
the heart of the city, of Lebanon's 
two biggest right-wing parties 
had been hit. * Our ^ head- 
quarters is on fire. 30 of 

, ex-President Camille Chamaun’s 
[National Liberal Party said. “ It 
fh«s been hit several times.” 


tanks, artillery and aircraft wasfRight- wingers said the head- 
defeated uear the village of AcU^quarters of the Phalangist party, 
.v" south 


Gumbo lo. 


of Asmara. 


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Officials %f another Eritrean 
group. thi| Eritrean Liberation- 
Front <BLF). and the Tlgte 
People's liberation Front (TPLF),] 
fighting along Eritrea’s southern 
border with Tigre, also claim . to 
have halted advancing Ethiofl&m 
forces. „ . 

The Eritrean liberation foreefij 
control about S3 per cent of tirt 
territory's 45.000 square miles. 
Only three major cities and two 
smaller garrisons arc in Govern- 
ment hands, the insurgenta- ^ay, 
For the past two week* -ihe 
Government radio has fnrecapt the 
imminent fall of guerrilla-held 
towns and the .renoenft® of 
Eritrea's main highways. ; 

The announcement of the 
EPLF victory near Asmgro. came 
a day after a statement ■'by tbe 
ELF that it had stopp 
Government force fro 
the southern Eritrean 
the Mareb River, nor 
Tlgrc town of Aduwa. 



Cocos pordiase 

Australia announced 
that it would boy the 
Islands in the Indian Ocean 
their British owner whose fain 
was given them by Queen Victoria! 
Reuter reports from Canberra. 
Mr. Robert Ellicott, Home' Affairs 
Minister, said Australia would 
pay Mr. John Clunics-Ross. known 
as "King of the Cocos.” AW.25m 
fot the 27 atholls making up the 
group. The sale would be com- 
pleted by September. 

Australia's move to assume full 
control of the Islands follows 
strong criticism of Mr. Clunies- 
Ross's one-man rule by a UN 
decolonisation committee. 

Cuba’s role defended 

An envoy from Dr. Fidel Castro, 
the Cuban leader, said in Kenya 
that Cuba's involvement with 
some African countries was not 
part of a grand design to spread 
Communism, or to boost Cuba's 
image in the third world, John 
Won-all reports from Nairobi Mr. 
Alipio Zorrilia. Ambassador 
extraordinary and plenipotentiary, 
who Ls touring Africa on a good- 
will mission, said Cuba’s main aim 
in Africa was to assist the 
struggles of the African people 
to defend their rights. Cuba 
would continue to do this regard- 
less of any propaganda campaign 
waged against her. The ambassa- 
dor spent the weekend in Nairobi 
to discuss preparations for the 
summit of non-aligned nations in 
Havana next year. 

Fifty airport arrests 

Fifty opponents of Tokyo's new 
international airport were arrested 
yesterday .when the movement 
staged its biggest demonstration 
since the airport was opened six 
weeks ago, Reuter reports from 
Narita. Organisers of the protest 
said about 15,000 people took part 
in a rally and march while some 
groups carried out guerrilla-style 
harassing tactics as 10,000 riot 
police ringed the airport About 
15 radicals, wearing red belmets 
and burling petrol bombs, used 
two trucks to try to burst through 
a gate at the airport 40 miles 
ea st o f Tokyo. One of the trucks, 
carrying petrol bombs and pro- 
pane gas cylinders, was gutted 
after it collided with an armoured 
police car and burst Into flames. 

Soviet manoeuvres 

The biggest Soviet military 
manoeuvres in central Europe 
since the 1975 Helsinki security 
conference start in East Germany 
today, Reuter reports from East 
Berlin. Some 30,000 Soviet soldiers 
and airmen are due to rehearse 
co-ordination between units for 
five days across a 125-raile swathe 
oE East Germany from Lieberose 
near the Polish border to Stendal 
and Magdeburg- dose . to the 
western frontier. 


the right's biggest group, had 
also been hie. Tbe party radio 
station was knocked out by 
mortar bombs. 

Earlier today three Syrians 
were reported to have been 
killed by Christian militia in 
east Beirut. 

Tbe death toll in yesterday's 
fighting between Syrian troops 
of ihe Arab Peace-Keeping Force 
and Christian militiamen rose to 
32 after a number of the woun- 
ded died overnight, according to 
hospital ' officials At least half 
of the dead are militiamen pf 
the two main Christian factions. 


r BEIRUT, July 2. 

the ' Phalange Party and the 
National Liberal Patty, informed 
squires said. The rest were 
civilians. Several Syrian soldiers 
were among the some 80 people 
injured in the clashes 
. The violence this weekend was 
not unexpected. Christian . dis- 
tnctg. were on strike on Saturday 
in mourning over tbe massacre 
of about 30 Christians in tbe 
Bekaa valley a few days before. 

. • The Right claimed that . rie- 
mfenu of Syrian troops were 
responsible, but a Syrian official 
statement charged on Friday 
night that those responsible for 
the massacre also committed the 
killings at the northern town ot 
Shden two weeks earlier. Thirty- 
four Christiana were killed In 
Ehden In an attack by the 
Phalangist raUitias and In an 
inter-Christian feud. Among thd 
dtoad was Wt. To ttf ftanjleb. the j 
eldest son of Former President V 
Suleiman FranjieZT. I * 

The former President recently 
gave the Phalanglsta in the,' 
northern part of tbe country " 
until June 30 to leave the party 
or tbe region altogether. 

Mr. Franjleh. who is a frjwuJ 
of the Syrian President, Mr 
Hafez al Assad, is expected tc 
visit Damascus, .this week foi 
talks. 



Portugal’s labour laws 
worry foreign investors 


LISBON, July 2. 


anc 


EEC budget 


Mr. Christopher Tugendhat, the 
Common Market’s Commissioner 
for Budget, will submit the pre- 
liminary draft of his Budget for 
next year to the European Parlia- 
ment when it opens in Luxem- 
bourg today Far its last five-day 
session before the summer recess, 
Reuter reports. 

Mr. Tugendhat is proposing an 
increase of 15.5 per cent, the 
smallest for several years, which 
would commit about 318bn for 
spending next year. Final figures 
will be arrived at after talks 
between the Parliament. EEC 
Ministers and the Commission. 


BY OUR OVfi/i CORRESPONDENT 

FOREIGN INVff^STORS in Portu- down generous holiday 
gal are worried about the annual- bonus payments, 
country's labour legislation, it Tbe Oporto meeting considered 
was reported during a meeting several aspects til foreign invest 
*estnw?nt held in Oporto at nient including credit, tax incen 

tfifi weekend. About 200 investors lives, and the investment ciimate- 

took part In a one-day discussion According to T>f- Alexandre 

swfc&mftl l%-; the Govern metft M s T Vaz Pinto -director of- thdT^ 
Foreign Investment Institute and Foreign Investment Institute, ar 
the Banco * Portugues do inquiry among potential foreign^ 
Atlantleo. . v investors showed 38 per cen^ ' 

The investors %ald Portuguese happy with the Government'll* 
labour 'laws created difficulties approach to investment and 2C 
and then hoped tfitse would be per cent unhappy, 
resolved hy the puwicatioo of a Those taking part in the meo 
labour coae. V ing considered Portugal's appl 

Portuguese woriwr^hare been cation to joto the EEC to be a/ 
protected since the I97B revolu- important incentive to net 
tion by legislation which- makes investment, ' . 
il almost impossible to dismiss Portugal set up the institute 
stafi^^provide^ for compeiriation: recently to act as the mah 
for dismissed workers and lays channel for outside Investraen 





Harclla Tricosa Jacqmar 

MacDougaO-of Scotland Bush Baby 



record trading year 
f|r the Group . . . 
f|r the current year . . . 
farther progress is 
arly indicated." 

LIONEL L LEIGHTON (Chairman) 

iveh fre© hand Board would have considered 
higher rate of dividend. 

Pre-tax profit of £4.226m. up by 33%. 

Turnover up 13% to £54.47 6m. T - , ' 

9 Exports at £6.41 9m. 1 4.8 % of U.K. turnover. 
New European showroom to be operational 
by September this.year. 

^•{Licensing agreement signed for marketing 
Pierre Balmain" collection. . 


r v 


A |DPY OF THE ANNUAL REPORT 1V7C HAY BE OBTAINED FROWN. 
TUB SECRETARY. 74/80 CAMDEN STREET. LONDON : NW) 0ELH, 
: - 







FM»Nri»L Tims. nuWhlwd dally excel* s«i- 
riuy* and holUaw. UA’. outocrlculon S20U 1 X 1 
Jait fretrto Sleo.ra lair main pee annum. 
Second dm ponaeo paid at New York. N.Y. 



Viking Resources IntemstJonet N.V. 

Curasao. Netherlands AntKlee 

In tha Annual GWhawi MnNIng ol fflwr#hcildar» Imm 
on 3001 Juna* WMidsh «MvWAntf of US* 0-2S per 
ordinary ahwa' wri Ttotemf payabra as from 
noth Hia ordinary shares outstanding aa 

of lOtn July. 1SW against ctallwy ot dfvMond ooupcm 
nr. B trUHi ' 

PfmM.- Hatching 4 W a f f It 

HarangracfU 2M • • • 

Amsterdam 








• 142 .* • 




vork 

on 


flnanci-al TJ-mes Monday .July 3 1978 


WORLD I RADL NLWS 


• NEWS ANALYSIS — U.S. GAS INDUSTRY 

A need for political influence 


BY RAY DAFTER, ENERGY CORRESPONDENT 


Son^u? 1 taove^the^U s° *head* BoMn ta J en - by Mr ' Grcham The result is that no Jtas com- producing a total of 250m 

quarters of its International Gm tS’ ll .fn g, ?fl r ‘ P?^ with one exception, can feet of gas a day-enou 

subsidiary 


Consultancy 
.Stamford, 


The small U.S. office 


cubic 

_ enough to 

acts obtain a Federal licence to con- meet the needs of 500,000 aver- 


us iH'jr t 
llt'lifi 


snhc rli-ii-v f, nn , ■ i , . . — — uuiam a rcuwm m-cutc iu con- 

Connecticut. in Kf U, i > J. ,irten ' n S P° st - with vert such refinery products into age residential customers. 

Washington has ’nnihinn tn £ Hi B " U ? h Gas representative SNG. The exception is Indiana The 0 i a n L w hi c h is run on a 

with a desire to be nearer the noloSsts and en^fem Gas (h ?i h F is . 1 9 0{ ^ 1Bg at th ® mixture of ethane, propane and 

market place, which is the usual the tnc bse *- in p ? ssi . blllty ®f. a butane, also provides a pointer 

motive for such moves instead from Washinetnn °^nrt IU rJ] a r in ® P possibly 3(hu to 60m cubic to an other problem facing com- 
BrUitih Gas wants to be closer SNrJSKi,! ? 3 da ¥ : 7 0Q T * th u outskirts of panies abated with SNG 

to the centre of Americas caused R °i RF 1 ? f>di*napohf It has a specia development. British Gas has 

political activity at a timTwhen S hwr Z ■ B t nl t,sb five-year bcence to use oil been improving the catalyst used 

politics looks 'like over-ridias SJ IS t apPt,in r tmCn products because it has been able in ^ process t0 Buch a decree 

manv nr tb» .■ araon S the constrnctors of such to show that it is replacing an that thp product — a nickel 

marketing^ 05 ^ 005 ™™°“ * F ” ve ^Sineering con- older Debased unit * . 2S|y? coJ® % a £»S£S 

tGr n-.it ft U u ^ . tra ctors — Lummus, Foster The U.S. Government view is ustin® much longer than 
S* • Internal iona*i n ronmt?»n^r G e SS Wheeler - Bechtel. Davy Power- that the oil products should be originallyenirisased. ° " 

vice, ihe marketing arm for ® aS a n d — ^ave r *Shts to r ese re* d the chemical in dus- Chemical companies that have 

Corporation^ technology £ «!Sh E® v Gas technol °S* ia try-. There is a feeling that com- set up jn the U.S. to make 

fields ««5i,?^K 8y 5 h the U s - processes them- Pared with a chemical plant, an catalysts for SNG processes now 

In- and selves being ia competition with SNG unit is an inefficient way find that not only is the market 

over is cuientit rR;n;Vni Urn ; sys } e ? 5 devel °P ed » Germany of converting a prime energy not growing as fast as expected. 

% curren tiy running at and Japan. source. British Gas challenges but A at tbe nace of re- 

cent o?“-hlch ea fi “JSX ' * Per At toe ginning of 1074 it was this assumption, however. It peering is slewing dora. 
dollars an d ^.rm.nri r e< l- ‘u poss,ble t0 count 44 possible reckons that petrochemicals British Gas Corporation is 

comS iron, th- til 4 o£ whlch ord ?re for new gas plants. These P lan t* achieve an energy conver- watch ins the operation at Green 
The <■-,« roni™ij . projects were In various stages si on efficiency oF 85 per cent springs closelv. This plant and 

V** Corporation ■ pro- or planning but British Gas was < that is 15 per cent of the poten- one bui i t b y Bechtel for North 
natm-il SkS 1 ) 2 substitute confident that its process, tried tmi energy is s lost in the conver- IIlinois Gas at Minooka have 
nrnH.«.»5t™..„^ G l.T! roin 01 ' based and tested in many plants in S1 9? process) while SNG units worked particularly well since 
arpni.nfbri r™’ IT r t ce P t P as *- tde U.S. and elsewhere, would achieve an efficiency rate of over tbey were commissioned. One 
J?_?“. n l* d for muc b of the U.S. be used in perhaps half the l e “ L ; j Tie . day, perhaps in the 10SOs. British 



% if 


mu 

y°‘ ;t 

s i> 

d 


-re , units. These orders would not Gas may build a similar unit in 

no!i° W cw -* lf i e V-S- market for only have boosted British Gas fu d * S 11 hard t0 dlsgu i se t ^ ]e c ^ T ^ the UK to augment production 

plant * has turned royalties, but would have pro- tb 3 ^ when i it comra to the SNG from offshore gas fields, 

distinctly sour and many of the vided IGC with a maior techno- question, it may be losing the \ n meantime research and 
reasons for this can be found logical servicing commitment to?bt ™ ore powerful petro- development teams within the 
, ai ^? ne the politicians and But the order; evanorated as chemical lobby. Gas companies Corporation are working on 

lobbyists on Capitol Hill. Conse- the depth of the S S* mu ^ , endeavl ? ur t0 mee t the alternative SNG processes: one 

quently. British Gas is moving became wiweit PoStfSoJ " aUo ° s ^ owl " E « ,er W n , eeds involving the conversion of gas 

offices, a change which coincide! the bis pe^hemical enmnanie? fro i n b ? me pr ^ duced CaS oil * ^ otber-on a totally differ- 

wuh a transfer of senior were wriedUtet SemlS? a ? d ] |? uefied , natural gas, ent principle— based on coal 

K™ L - ™*y aTSSSSS^Sa gSSSSS-SSf SSbSS a " 


*5SS!;. a di F rect0r o£ IGC and sto^^ilTased products such as SSSSSSS^inSS 

c inventor of one of the gas naphtha, ethane, propane and u r iTike Butler a British “® “'T 6 **" _ 

p!ant controlling processes, butane which are also used to Pn £ e r LS for ThSw P r ?i ect - however. British Gas 

engineer wording lor uavy beheves it could be 20 years 


on The gasification of coal Is seen 
as a long term commercial 


returns to London after five make substitute natural in .. Ior u 7-Z believes it could be 20 years 

years as British Gas represents- Se ciSrent clneraW of international s subsidiary before it ^ makin g a significant 

live in the U.S. His piaceis Sant^ seneration, of B as Davy Powergas believes that impact , an opinion supported by 

9 HIOLC Kiauu. nmrp RNfi nlanK will hp hnilt If. un n .i 


ill? !;:U> 
111 ^ C'hif? 


FRANCIS SUMNER 

(HOLDINGS) LIMITED 

Highlights from the Chairman's Statement 

■ Net profit before taxation and extraordinary items 
for the year ended 31st December 1977 £790,5o3 on 
sales to third parties £16,871,543. 

r Total dividend J8p for the year — maximum 
allowed under the present government regulations. 

■ Scrip issue of one Ordinary- share for every 10 
Ordinary shares held. 

r Surplus on disposal of Lloyds British £869,000 
included in extraordinary items of £8S0,154. 

r Stronger financial base allows greater flexibility 
in developing plans. 

r Directors look forward with confidence to a 
successful year. \ t : 

PLASTICS — ENGINEERING — TEXTILES 


more SNG plants will be built M r . Butler. “Coal gasification is 
in the U.S. only if there is still at a comparatively - early 
another gas shortage crisis. stage in its development,” be 
“The petrochemical lobby is sa jd. If a coal gasification plant 
fighting tooth and nail to was to be built today it might 
prevent the gas industry getting cost $500ra. some five times the 
their feedstock." said Mr. Butler cost of a conventional SNG plant, 
who supervised the construction So. he said, he was surprised to 
of a plant for Columbia Gas in see the U.S. Energy Department 
Green Springs, Ohio. The five- turning its back on gas plants 
vear old Dlant constructed with using oil products but promoting 
British Gas technoloev. still the more “extreme” forms Of 
remains the biegest SNG unit alternate energy production such 
in the world. It is capable of as coal gasification. 


ftfo rid E con o mi c Ind icaio rs 


RETAIL PRICES 


• 

May 78 Apr 78 Mar 78 

May 77 

% change 
over 
previous 
year 

Index 
base year 

UK 

195.7 

194,5 

1913 

181.7 

73 

1974=100 

Holland 

120.0 

1193 

119.0 

115.9 

33 

1975=100 

Itcly 

1313 

129.9 

1283 

116.9 

123 

1976=100 

France 

197 A 

1953 

193.4 

181.1 

9.0 

1970=100 

US. 

193.3 

1915 

1893 

180.6 

7.0 

1967=100 

f 

Belgium 

Apr 78 
1263 

Mar 78 
126.7 

Feb 78 
125.4 

Apr 77 
1203 

S3 

1975=100 

W. Germany 

14S.0 

1443 

1443 

1413 

2.4 

1970=100 


Bayer to 
sell Dow 
elastomers 

By Sue Cameron 

THE GERMAN Bayer group is 
taking over the European 
marketing of the UjS.-based Dow 
Chemical company's chlorinated 
polyethylene elastomers. 

Dow Chemical manufactures 
chlorinated polyethylene elas- 
tomers— used in the production 
of rubber — in the U.S. and until 
now it has carried out its own 
European marketing. But in 
future Dow’s elastomers will be 
bought by Buyer which will 

market them under its own 
name through its existing outlets 
for synthetic rubber and rubber 
chemicals. 

The marketing operation will 
cover East and West Europe. 
Bayer says it does not yet know 
wbat quantities will be involved 
— this will depend on sales per^ 
formance. 

Dow and Bayer have also 
agreed to exchange information 
on the applications of chlorinated 
polyethylene which they have 
gained in their respective 
American and European 
markets. 


China orders 
computers from 
Sperry Univac 

NEW YORK. July 2. 
CHINA has order two computer 
systems valued at more than $6m 
from the Sperry Univac division 
of Sperry Rand. 

The computers ordered are 
Sperry Univac models 1100/11 
and 1100/12 with related equip- 
ment and spare parts. 

The 1100/11 system is to be 
installed at the University of 
Science and Technology, Peking 
division, for educational and 
research activities, with emphasis 
on the university's development 
of computer science pro- 
grammes. The 1100/12 is 
intended for the Peking docu- 
ment service where it will form 
part of a central information 
system. Initially, the system 
will contain abstracts of all 
technical publications- In China. 

The orders represent Sperry’s 
first computer orders from 
China, which previously bad 
ordered data entry equipment. 
The sales are, however, subject 
to a U.S. Government review 
and approval by the Co- 
Ordinating Committee for export 
to Communist areas fCOCOM). 
In the past, the U.S. Government 
had turned down computer sales 
to China but recently it has 
begun to liberalise its policies 
on trade and. technical ties with 
Peking. 

AP-DJ 


Testing programme begins 
for Dubai dry dock 

BT MICHAEL CASSELL, BUILDING CORRESPONDENT 

ONE of the largest construction removed— and the docks them- complex will also provide repair 
projects in the Middle East, the selves. Once engineers are satis- and maintenance facilities for 
Dubai dry dock complex being fied that tb e gates perform berthing eight very large crude 
built by the Costa in-Taylor properly, water will be pumped carriers. 

Woodrow joint venture, moved a into the docks. So far. Dubai has not appoin* 

major step nearer completion Work began on the complex in ted an operator for the dry dock, 
over the weekend. 1974 and is due to finish on which is adjacent to the deep 

On Saturday, the contractors schedule early in 1979. The eon- water harbour of Porth Rashid, 
began a four-day controlled tract is valued at £l62m but is, on which llie Costa in-Taylor 
flooding programme as a prelim- by completion, expected to have Woodrow joint venture is also 
inary to testing the dock gates— cost in excess of £200m. working. 

the largest weighing S50 tonnes — When testing is finished, the The two contractors are in- 
and operating winches. contractors will be completing volvt-d in a £]?0ni programme lo 

The gate components were shoreworks and services. extend the port’s existing facili- 

fabricated in Scotland, shipped The three drydocks involved ties. Work started two years ago 
to Dubai and welded on site. The have been designed to accommo- and is now half completed. When 
flooding involves the working date supertankers with capacities the extensions are finished, the 
area between the outer cofferdam of lm tonnes, 500.000 tonnes and port will accommodate 37 ships 
— which will eventually be 350,000 tonnes respectively. Tbe in 1,150 acres of enclosed water. 


Swedes in N. Sea liner pact 


BY WILLIAM DULLFORCE 


STOCKHOLM. July 2. 


UK oil shipments 


BY OUR INDUSTRIAL STAFF 


BKOSTROEM, the Swedish ship- used hut the two Swedish front Mitsui. It now hopes that 
ping group, has resolved the shippers have agreed writh Volvo North Sea traffic will expand 
problems of its North Sea liner to operate a new joint terminal sufficiently for the second new 
trade operated under the Swedish at AelvsborgshaniDcn near ro/ro ship, due for delivery tn 
Lloyd label by a long-term co- Gothenburg. the middle of 19S0. lo join the 

operation agreement with its new The agreement with Oden gives fo,,r opiating under the agree- 
rival, Oden Line. From January grostroem the option to get in with Oden. 

I the two companies will opepte ex tra vessels, if the growth in Until ihe beginning of 1979 
jointly from laOthenburg four freight warants them. Swedish Swedish Lloyd's routes to Til- 
roll on/roll off vessels to Tilbury Lloyd currently operates two bury. Grangemouth and Ghent 
and Felixstowe and later in the vessels, which were due to be will continue to operate as at 
year to a port in the north of replaced by the two ordered present. 

England. The route will also 
cover Ghent in Belgium. 

In April Brostroem announced 
that it was postponing delivery 
of two new ro/ro vessels from 
the Japanese Mitsui Shipyards 
because of potential over-capacity 

cnmnlained^thaT Swedish slate up T0 a third of Britain's North on North Sea trades in : 19S2 is 
shipbuilding subsidies had Sea oil exports have gone to the ni“^” l n c t nt llf lu lb p ^rJent^uDo!? 
enabled a newly established com- U.S_ according to H. P. Drewry. J* r ^ » f ,n non dw^iii 

pany to order three ships for use the London shipping consultants. 

between Sweden and Britain The estimate comes in a week- ST The ri^in Ve7Z° ™ 

This company was the Oden en d re port on oil tanker move- North Sea routes would be 
Line, owned by Nordsjoefrakt meats to and from the North ar^nmnanied bv a loss of 31 ni 
and Berndtssons Aaken. which S ea oil fields. Excluding ship- of tanker demand on long- 
had obtained a five-year freight ments within the UK and Norwav b . n , routes f rom . bp Middle 
contract from Volvo, the Swedish area, a third of the tankers used E aa ’via ?he Cane to Europe Bv 
motor manufacturer. The three on North Sea export trades dis- iiL dnv^mrn would he ub 
ships to be delivered to Oden charged cargoes in the U.S.. with f ^ ? of 

from Svenska Varv, the Swedish the main destination the U,S. P r U de carrier demand 

state shipbuilding company, con- Gulf ports. A tenth of tanker verj ,ar ° eciudt carr 
stituted a serious threat to movements discharged in the The overall impact of growing 
Swedish Lloyd. - Caribbean, with the balance dis- North Sea oil production would 

Now Brostroem has announced charging on the Continent. be to prolong the tanker surplus 

an agreement, under which it The report expects tanker and 10 concentrate it within the 
will supplement Oden's three demand from North Sea oil Very Large Crude Carrier range, 
vessels with one of its own and trades to more than double from Owners and charterers of 
Swedish Lloyd's current liner 2.7m deadweight tons this year smaller ships, however, would 
routes will be extended to a to 5.6m dwt in I9S2. assuming not be immune. increased 
north of England port serving Britain continues to permit the demand for lightering operations 
northern and central England, export of only one third of UK was likely to reduce demand for 
Swedish Lloyd’s existing facilities oil production. small and medium tonnage 

in Britain will continue to he The forecast tanker demand vessels. 


PERSONAL 



ITALIAN MARBLE 
PAPERWEIGHTS 

Youremblem etched in up to 5 colours and 
mounted on white polished marble. Cork based. 
Size 2“ x 2" x £*. Excellent quality for long life. 
Total cost £1.60 each plus VAT. Min. quantity 
120. FREE sample and literature sent to 
letterhead requests only. MUST BE SEEN. 
London Paperweights Ltd., Dept. FT02P 
47a Hay's Mews, London W1X 7RT. 

Tel. 01-409 0945 


Allan Hutcheoa 

FJI.1.CS. K.l.Arb. 
announces the opening 
as from May 1978 of the 
Middle East Office of 
Allan Ilutcheon 
Associates, 
Chartered Surveyors and 
Land Economists. 

P.O. Box 225. Riyadh, 
Saudi Arabia. 

Tel: 6S414/5. Tek-v: 201114 SJ 
A.ssrti'mte (JjfKcs at 

Khartoum. Cairo. London 


COMPANY NOTICE 


KELP SAVE OUR EX^ERVICEMEN 
*«0M FUflTHER SUFFERING 

Wan right up pnul XnrtHifn Irviaud 
today mean inn! hun.ln-.ls ul inMisanas 
o* H3T VKitmS Sl'-U P\IM. fS V.T4l.V- 

3 irv. Kfd<?K ». ervluii-’. •liM'.-rau.'iJ' 
nw4 bturrc-i. jobs. Inwl. furl jh«1 n’hrr 
■ vn'iiuat* [hr annual Pupnv AryrJl 
nlimi. lmiuui; nobsihly pjv Inr. I’La.n. 
m ml dunjmms to. 

The RwaI British Lcgwn 
NahJMftM. K«n. MEM 7NX 


CONCERTS 


ST. JOHN'S. Smith Snw 
VENEZUELAN CULTURAL 
WEEK 

TV VmnMtan Embassy wwent* 
Thursday * jowy at tjo pm 
die VMCiuctan PMwla* 

JUDIT JAMES 

fit a jjiiim rcciiai '*f work* *»y 

T#ne*a Cinvm. Schama**. Cbopln 
FRIDAY 7 JULY M 7 JO 

ts dl CJDanjljrr Mbmv by [Si 1 

4hMlnaiitsti«d Vencjurlao Camwer 

ALEXIS RAGO 

w i:!» 

the dumka trio 

Roisa. VWlan JvaAPh. 
Pwtl Hamtuirger 

anJ 

■Whb Amifl dmimi, mr^D-sKPrano 

s. ' ,a 

"**•*•». FnuiU Trie. AHemaitW* 
T OLuuu Piamo SMM3, Sana* wtlfl 
™il lu Vctwiktrlan n«K 
44stu«ibn 

she VL-IWlIK'ijIl i:i!it4i>|4'i 
I Crumwmi K«5ad. SWfl 


B^LT INDUSTRIES LIMITED 
NOTICE TO HOLDERS L'F _ 
BRITISH-AMEFtlCAN TOSA.CO 
COMPANY LIMITED BEARER 
WARRANTS 

Ttie Sctiemc ol Arranpem , r - “"S?" 
Section 206 o* tl*o Comoanici «-’• l®aa. 
lnvolt.no the merger of Bfltlsn- -■•moriean 
Tobacco Companv Limited wit;- M oacco 
Securities Trust Company Limit..-.'* to torni 
iB.A.T Industries Limited beta- 
tl*C on 2Srd July. 197&. lo'lowlnq 
I approval bv the Stockholders wth 
(Companies and the unction ol the "ion 
Court ol Justice- . 

In accordance «.th the term:- OJ, *nc 
Scheme- ol Arranoement the OriHnarv 
Stock Of British- American Tob.i. to com- 
pany Limited was cancelled and lorroer 
Stockholders received 12 Ordlnar- Share* 
of ZSp each and 1 Del erred Ordinary 
Share of 25 o fully paid ol B.A ' vJSS" 
tries Limited for every £2.50 ol Ordinary 
Stock or Brltish-Amcritan^ 

Comoanr Limited lormyrly held shares 
Of B.A.T Industries mere issued rms- 
terrd and not In bearer lorm 
Holden ol B.A.T. Co. Ltd. 

Warrants WfcO have not vet. In 
mu with ihe terms ol the senomt 
surrendered tbelr Warrants topethcr with 
Talon No. 5 and Coupon Nos. =•*■**» 
HKlosiire attached, to Moroao Cuaraotr 
Trust Companv of hlew York. Lou poo 
Department 33. Lombard Street. London 
CCSP 3BH. should do so immediately 
h order that the anoraiwtatc number of 
Ordinary and Deferred Ordlnar- Shares 

(’of BLA.r Industrie* Limited war be 
; allotted to them. Fractions ai -i'lW o" 
allotment will be aggregated ann somin 
the market and the net procee: > ojsjj'l- 
huled rilcith in proportion l»- entitle. 

I ments. , , . __ 

rtic fipnt to allotment ol E.A r ind«- 
: Iries Limited shares under the .iPCtBure 
■ se: pul above will terminate •■*" 23rd 
* July. i°7S- and "'ll be rcoia - n w a 
riant *o receive 0 cash pav Jn . 
accordaiKe with the prevision! the 

Scheme o» Arranpement. Mca"* ;,,, n j*w ; 

warrants conter no further r*a h! an > 
holders and cannot be traded on tae 
Stock Eveh.inoe _ 

By Order of the Board . 

r G. BAKER. Sec 1 ctary. 
Wettmmsier House. 

7 Milfbank. _ , 

London SWIP 3JE. 

1 st Julv. 19. B. 


DIAMOND^-f OR INVESTMENT 

Diamond Sclcctl^ Limited pHor loose- 
cut and polished diamonds for Invest- 
ment The loUowirtB is a cross section 
ol prices from Uictr range as at 1st 
July. 1978. 



l Price In S 

DSL Grad? 

S ncr Carat 

SO 4. '165 

\ 17603 

100 8150 

\ 14524 

140 10 140 

\ 1371 1 

IBO'15 1 50 

V 1674 

300 20 120 

\102S2 

400?UJ 110 

\8735 

475.50 101 

UD14 

800 70 90 

JB04 

1200 140 BO 

3590 

1700 1B0.-70 

2790 

2200 '275 60 

1975 

2700 ‘800 50 

1139 


Note Diamonds In the range we 
recommend for Investment have appre- 
ciated by approximately 300 per -cent. 
Since 1st July 1969. \ 

DSL grade Is made up as follows — 
Col ouriClarltyf Carat 
e.g. 120 4 156 

Make Is always very good. 

Ail stones are graded In DSL labora- 
tories using the moss modern equip- 
ment. 

Brochure w<th procedure for buying 
and selling graded and certified dia- 
monds <s available from 
DIAMOND SELECTION LIMITED 
Petersham House. 87a Hatton Carden, 
London EC1N BJD. Td! 01-405 8045. 


CLUBS 


EVE. 159 Regent Street. 734 0S57. A la 
Carte or Aif-in Menu. Three Spectacular 
Floor Shows 10.45 12.45 and 1.45 and 
music of Johnny Hawkcsworth & Friends. 


GARGOYLE. 69 Dean Street. London. W.l. 
NEW STRIPTEASE FLOORSHOw 
THE GREAT BRITISH STRIP 
Show at Midnight and 1 a. in. 
Mon.-Fri. Closed Saturdays. 01-437 6455 


EXHIBITIONS 


SCULPTURE IN TIME at Asprey. Exh'bl 
tron of Audcmars Piguet Skeleton 
Wait lies. 4-15 July. Mon.-Fri. 9.30 am- 
5.50 Pm. Saturday 9.30 am- 1.00 pm 


MOTOR CARS 


ART GALLERIES 


. ACHIM MOELLER GALLrRY. S. Gros- 
1 vc nor Street. Off Bond Street W ' Trt. 
493 7611- Selection ol PJItmov 

bv KANDINSKY and TOTH CENTURY 
MASTERS. MctJigiani, Lrper. 8'.iaue. 
Mondrian. Ernff. Mirg. Klee. Picasj? a.0. 

tnrouch JufY- 

! CHANORe'gaLLERV. 5-6 Cork SI W.l. 
I 0 1 -734 4626. Exhibiting Paml.iiT' 6y 

l GREGORY FINK. Mon-Fn. JO-a.30. 

; Salk. J 0 - f_ 

i W. R.' HARVEY & CO. lANTlQUESi L«J. 

■ t.Y-70 Chalk Farm Rd.. N.W.IjTci 01- 

4SS I S04 EXHIBITION OF CMfPPEN- 

BALL FURNITURE- 1-1 S Jutv. Lele- 

■ ora imp BADA-5 60lh Anniversary. MOrt.- 
1 a t. 9 3 0 -S 10 ; 

! BROWSE 


ft DARBY. 19 Cork St..W 1. 


! RSTnPhillPSO'*— women OMfvrt Mon 
: FTI 10 00-S.30. S at 10.00-1 2 . 30 . — 


s.w.t. 


MALL GALLERIES. Thr Mall, 

• Specialist PrintnwAma ,5 r ? UP i.-,?“ 
i PolviechnlL. Mg«.-Frt. 10-S. 5ati. 

. urn,! Jolv 4th. Free._ 

DAL13 CARRIrt ^LIMiTED. 

Sl-rrt, SI James s S» 


AUTOSEARCH 

ASTON MARTIN VANTAGE. I97S. 
Ulna II ir cne'fi with be ice bide interior. 
Air eonditionlm:. radlo<cassetic. 7.000 
miles. 1 owner, with foH service 
his'.orj'. Superb in every aspect 

E2U06 

A.C- COBRA 7 litre. An oumandine 
anninjl ear tvilb only 12,000 mfles and 
a mil hiaoiy- 

FERRARI DINO SPYDER, 1974. D-d 
with block opbolsiurr. Service history 
Willi -3,000 miles - £9.950 

DAIMLER SOVEREIGN 3.4. 1970 ♦R'. 
niwncy red trilh black vinyl roof, snn 
roof, radio cassette, 29.000 milOS- Foil 
icrrtcc history. ........ 5 s * 995 

Contact East Horsley (04865) 
2741/2793 




1 5 Duke 
1 Sih CEN- 


Mercectes-Berc Dealers 

CLOYER LEAF CARS 


280E W 123. Choice Of twp. 
white or blue. Autn pas. Tinted 
jiass. radio. 20.000 miles £9.993 
200 1975. Choice ol two. white 
ir blue. 45.000 mile*. .£3Ji9S 

Ts’^pi'cne David Ja ^obs 

rir-fMAMiozgemgy 


Si-rft. si no \wit*G 1 BMW 5201 . S R«f . manual. 12.000 mite. 

• TURY FRENCH PAINTINGS DR. M , *Jc e iienr condition. Mist se’ 1 - 80i®9 

| AND SCULPTURE.. Until 7 Ju«T. MCm- £5.300. Niflht 467 8817. 


SHIPPING REPORT 

Interest 
centres on 
Gulf market 

By Lynton McLain 
RISING ACTIVITY in world 
markets continued last week 
amid fears that the modest slow- 
down at the end of the period 
would follow through into July. 

Medium size tonnage was well 
represented in the market and 
the major interest centred on 
the fortunes of The iareer car- 
riers from the Gulf. Brokers 
said at the weekend that the 
volume of verr larse crude 
carriers and ultra laree crude 
carriers available for Julv w a<? 
fhp lowASt for nno month for a 
Ion™ time, at 2.JRm tons. 

One maior factor in ihe 
imorrivcment in the Gulf wn« 
the hreakjn" of the monopnh 
hpjri hv tho U.S. charterers and 
Continental charterers by a Lon 
rtnn mainr who fixed a 220.000 
ton wo.sspI at tbe increased IrvpI 
of Worldscale 21 for western 

discharnp. Furore this, z 275.000 
tnn ”pc«?i which had been wail 
irtp for a r'-tr^n in tb*» Culf sine* 1 
March 4. rtbt'iined the improved 
Worldscaio 2 s for slow cDPf>d 
steaminw. and up to Worldscale 

27 f n*- 1R tnnls. 

Mediterranean and West 
African inquiries were steady 
durine the week, but with 
slightly weaker dry cargo sector, 
more combination carriers were 
seeking oil cargoes to the U.S. 
The result was that rate levels 
did not show the increases 
brokers had expected. 

U.S. charterers paid World- 
scale 40 for a 79,000-ton ship and 
Worldscale 55 for a BO.OOO-ton 
cargo. 

On the dry cargo markets 
there was little renewal of grain 
activity, but rates held up on 
miscellaneous demand. Owners 
are more optimistic that the mar- 
ket would now hold through the 
summer at current levels. Tar 
East markets however, have 
shown signs of weakness, 
especially for tween deck 
tonnage. 

Ore trades in the Far East pro- 
duced three large bulker fixtures 
at declining rates, it was also a 
thin market for ore trades in the 
Atlantic, with the rales from 
West Africa to the Continent 
down 50 cents. In Atlantic coal 
trades there was only limited 
acitvifr 

Renault in Bolivia 

Renault has been awarded 
concession to build cars In 
Bolivia for sale throughout the 
Andean common market, Reuter 
reports from La Fas. The con- 
tract with Renault, and an 
other wih. Mercedes Benz, to 
build trucks will be signed next 
month, the government said. 
Meanwhile in Caracas the Ven- 
ezuelan Government lias awarded 
Renault and General Motors ex- 
clusive rights to manufacture 
six cylinder 'engines to meet 
Venezuela’s assignment under 
the vehicle programme. 


tr.. 10-S. 



U.K. TRADE FAIRS AND EXHIBITIONS 


Dale Title 

Current— July 28. international Wool Secretariat's “Wool Interiors" 
Current—July 6 . Royal Show — National Agricultural Centre 

July 5 — 7 Motortradex '7S — Exbn. for retail motor trade 

July 10—15 British Open Golf Championship Exhibition 

July 11 — 13 Great Yorkshire Agricultural Show 

July 11 — 14 BMA Annual Pharmaceutical Exhibition, 

July 12 — 29 Royal Tournament 

July 16 — 20 Harrogate Gift Fair 

July 18 — 20 East of England Show 

July 19 — 20 British Association for Commercial and Industrial 

Education: Training Exhibition 

July 19 — 30 World Wine Fair 

July 21 — 29 Middle East Business Expo '78 

July 24 — 29 Brighton Antiques Fair 

July 25 — 27 Royal Welsh Show 

Aug. 2 Third National Sheep Demonstration 

Aug. 13 — 17 International Gifts Fair 

Aug. 22 — 24 Education and Communication Technology Exbn. 

Aug. 13 — 17 International Motor Cycle Show 


Venue 

Carlton Gardens, S.W.l 

Kenilworth 

Bristol 

St. Andrews 

Harrogate 

Cardiff 

Earls Court 

Harrogate 

Alwalton 

Imperial College, S.W.7 
Bristol 

Grosvenor House Hotel, W.l 

Corn Exchange, Brighton 

Llanelwedd 

Kenilworth 

Olympia 

Holla □<] Park School. W.S 
Earls Court 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 

Current— July 9 , Internationa] Rehabilitation of the Handicapped, Basle 
Exbn. and Congress 

July 4 — 6 Third InL Conf. and Exfan. on Marine Transport 

using Roll-on/Roil-off Methods Hamburg 

July 10 — 14 First International South African Training and 

Education Symposium and Exhibition 

July 18 — 20 Photographic and Audio Visual Exhibition 

Juyy 25 — Aug. 20. International Fair 
Aug. 30 — Sept. 3 . 16th Overseas Import Fair 

SepL 5 — 8 Third International Offshore North Sea Technology 

Conference and Exhibition 


Johannesburg 

Tukyu 

Damascus 

Berlin 


Stavanger 


BUSINESS AND MANAGEMENT CONFERENCES 


July 4 European Study Conferences: Computer Fraud — 

Protection of Computer Use from Plagiarism 
and Abuse 

July 4 Executant: The Pearson Report — Liability for 

Product Safety 

July 4 Business Perspectives: Implications of the Finance 

Bill 

July 4 — 5 Brit. Inst. MngL: Rapid and Efficient Reading 

July 4— fi Manchester Univ.: Textiles in Civil Engineering 

July 4 — 6 Anthony Skinner Mngt.: D. P. Fund. SysL Control 

July 5 Lenorfern: Print Buying Professionally 

July 5 Council of British Manufacturers of Petroleum 

Equipment: Safety Offshore (lunch address by 
Home Sec.l 

July 5 jLocal Authorities Management Services: Mini- 

computers and Housing 

July 5—6 InsL of Marketing: White Collar Trade Unions and 

Sales Management 

July 5—7 Fairleigb Dickinson University: Financial Con- 

siderations Large Projects in Arab Countries — 

Water. Telecommunications and Power 

July 6 European Study Conferences: Tax Planning for the 

Family Business 

July 6 Interface Mnsmnt. Resources: Employment Law London Hiitoa! w!l 

July 6 Inst, of Personnel Management: Productivity — 

A Conflict of Interests 

July 6 Lenorfern: Colour in Print 

July 7 Brit. Inst. Management; Interpreting Accounts to 

the Non-Financial Manager 

July 9—14 Bradford University: Management Information and 

Modelling Systems 

July 9—14 Bradford University: Effective Advertising 

Management 

July 10 P-E Manufacturing & Personnel: One week's course 

on the Art of Management 

July 10 London Chamber of Commerce: Business Forum- 

Advertising Strategy in the Middle East 

July 10—13 Govt, of Ontario: World Conference of Future 

Sources of Organic Raw Materials 

July 10—21 Financial Times: Financial Management for the 

Non-Financial Executive 

July 11 Anthony Skinner Management; The Legal Aspects 

of Buying 

July 11—12 AMR International: Successful Negotiating. 

Strategies and Performance 

July 11 AGB Conference Services: Taxation and the 

Higher Paid— a workshop on Fringe Benefits 

July It — 12 Lenorfern: Cost Effective Print in Marketing 

July 11—12 European Study Conferences; Corporate Liability 

for Defective Products (Pearson Report) 

July 11—12 Anthony Skinner Management: Improving 

Employee/Management Communications, im- 
proving Negotiating and Bargaining Skills in 
Industrial Relations Cafd Royal, W 1 


Hilton Hotel, W.l 

Hotel Russell, W.C.l 

London Tara Hotel, W.8 
Parker Street, W.C.2 
Manchester 
Cafe Royal, W.l 
Mark Lane, E.C.3 


Cafe Royal, W.l 
Sussex Place, N.W.l 
London Penta Hotel, S.W.7 


London Hilton, W.l 
London Hilton, W.l 


Reading University 
Mark Lane, E.C.3 

Parker Street, W.C.2 

Bradford 

Bradford 

Egham, Surrey 

Cannon Street, E.C.4 

Toronto 

City University, London E.C.1 

Piccadilly Hotel. W.l 

Royal Garden Hotel. W.S 

Inst of Directors, S.W.l 
Mark Lane, E.C.3 

Kensington Palace Hotel, W.l 


This week’s 
business in 
Parliament 

TODAY 

COMMONS — Debate on the threat 
to patients from disputes in the 
National Health Service. Debate 
on rural planning in Northern 
Ireland. 

Proceedings on Representation 
of the People Bill. Theft Bill 
(Lords'), remaining stages. 
LORDS — Debate on low pro- 
ductivity. Debate on independ- 
ence for Dominica. 

SELECT COMMITTEES— Expen- 
diture. Education. Arts and 
Home Office Sub-committce. 
Subject: Prison system. Wit- 
nesses: British Association oE 
Social Workers. Lord Harris. 
4.15 pm. Room 6. 

TOMORROW 

COMMONS— Debate on Opposition 
motion on employment. Debate 
on auillotine motion on ScoL- 
l*»ncl Bill. 

LORDS — Debate on approxima- 
tion of laws in the EEC Motion 
on Ihe case of Mr. D. C. 
Anderson QC. Debate on possi- 
bility of U.S. tanker aircraft at 
Fairford. 

W-r.ECT COMMITTEES— Nation- 
alised Industries. Sub-committee 
A. Subject: Rural bus seVvlccs. 
Witnesses: Mr. John Horam, 
Under-Secretary Tor Trans- 
port, anti officials. 4 pm. Room S. 

WEDNESDAY 

COMMONS — Finance Bill, report 
stage. Lords amendments to 
Slate Immunity Bill (Lords). 
LORDS — Local Government 

(Amend) Bill, report stage. 
Wales Bill, report stage. Rating 
(Disabled Persons) Bill, report 
stage. Consumer Safety Bill, 
report stage. 

SELECT COMMITTEES— National- 
ised Industries. Subcommittee 
C. Subject Independent Broad- 
casting Authority. Witnesses: 
Independent Broadcasting 
Authority, Lord Harris of 
Greenwich. 4 pm. Room S. 
Parliamentary Commissioner 
for Administration. Subject: 
Ombudsman, review oT access 
and jurisdiction. Witnesses: 
Civil Service Pensioners* Alli- 
ance. 5 pm. Room 7. 

THURSDAY 

COMMONS— Lords amendments 
to Scotland Bill. 

LORDS — Wales Bill, report stage. 
SELECT COMMITTEES — Expendi- 
ture Trade and industry sub- 
committee. Subject: Measures 
to prevent collisions of noxious 
cargo carriers. 10.S0 am. Room 
16. Race Relations and Immi- 
gration. Subject: Effect of EEC 
membership on race relations 
and immigration. Witness: UN 
High Commissioner for Refu- 
gees. 4 pm. Room 6. Science and 
Technology, General purposes 
sub-committee. Subject: Govern- 
ment observations on third and 
fourth reports of the Select 
Committee, session 1976-77. 
Witnesses: Mr. Anthony Wedg- 
wood Benn, Energy Secretary. 
Sir Hermann Bondie. Chief 
Scientist. Department of 
Energy. 4.30 pm. Room 15. 

FRIDAY 

COMMONS — Appropriation (No. 
21 I Northern Ireland) Order 
and Northern Ireland (Financial 
Provisions) Order. 

LORDS— Wales Bill, report stage. 





Financial Times Monday July 3 1978 



HOME-NEWS 


LABOUR NEWS 


Tories clear decks 

for autumn election 


BY RICHARD EYANS, LOBBY EDITOR 


Rodgers to discuss 
future of London’s 
Upper Docks today 


A NATIONAL CAMPAIGN" is 
hein 5 launched by the Conserva- 
tive Party today to recruit new 
members willing to commit them- 
selves to active work for the 
party before an October election, 
should there be one. 

It is the latest in a series 
or moves by the Tories to ensure 
the parts’ is fully prepared for 
what leaders regard as the inevit- 
able autumn campaign. 

Mrs. Thatcher. Conservative 
leader, held the latest in a series 
r>f meetings with -senior col- 
leagues at her London home at 
the week-end to debate strategv. 
Discussions centred on the need 
to emphasise the party's wish to 
avoid confrontation with the 
un'nns over industrial policy. 

The parly's manifesto is 
already in draft form although 
it has not been considered as a 
whole by the Shadow Cahinct 
and work will be completed ov 
the end of next month. 

Transport House has also been 
increasing the tempo of its elec- 
tion preparations and Labour 
P.i r ly apenus have been told to 
tighten up their organisation and 


to build up campaign funds 
fast. 

An attempt is being made by 
Left-wing members of the party's 
National Executive Committee to 
hold a joint meeting with the 
Cabinet later this month to start 
drafting the manifesto. 

But Mr. Callaghan might be 
unwilling to commit himself to 
discussinz details before Septem- 
ber. The less time tbcrc is before 
an election the less scope there 
wilj he for the NEC to press 
policies Mr. Callaghan regards as 
electorally damaging. 


Recruiting 


The novel Tory recruiting 
campaign is to persuade every 
known party supporter to join 
and to commit him or herself 
to eight hours' work before the 
campaign and a further eight 
hours during the election itself. 

In a “persona! invitation" 
from Mrs. Thatcher, supporters 
are asked to make a contribution 
to ihe party in a number of 
ways ranging from clerical help, 
distributing leaflets and display- 


Osteal cable deal 


■e l : 


BY MAX WILKIN SON 


ing posters to driving cars and 
becoming trained canvassers. 
The campaign is being run this 
month, next month and Sep- 
tember. 

On the Parliamentary front 
Conservative leaders plan to 
step up their attacks on the 
Prime Minister and Mr. Denis 
Healey, Chancellor, in the know- 
ledge that during the long 
summer recess the political 
pendulum tends to swing in the 1 
Government's favour. ! 

The first target will be thel 
Government's employment! 

record, which the Tories have] 
chosen as the subject for; 
debate in the Commons tomor-l 
row. Sir Keith Joseph, shadow | 
Industry Secretary and Mr.i 
James Prior, shadow Employ-; 
merit Secretary will be the main! 
Opposition speakers. 

There is a chance that the! 
Conservatives will keep Parlia- 
ment sitting into August because , 
of the need to give prolonged ! 
debate to lhc Scotland Bill — a 
measure Ministers feel they must 
get on to the Statute Book before 
the next election. 


Building 
societies 
reject bank 
criticism 


BY PAUL TAYLOR 

MR- WILLIAM RODGERS. 
Transport Secretary, will meet a 
delegation from the Port of 
London Authority and the dock 
unions this morning to consider 
the future of the Upper Docks. 

Mr. 'Rodgers has before him a 
joint document submined by 
management and. the eight 
unions detailing areas of agree- 
ment which have emerged from 
weeks of discussions on the 
financial plight of the docks. 

He has noL however, had time 
to study an independent audit 
prepared by accountants Price 
Waterhouse, at the request of his 
department on the accounts 
supplied by the authority to 
justify its closure plans. 

The joint document lists areas 
of agreement between the 
authority and unions, but these 
areas remain fairly limited and 
fall far short of Mr. Rodgers’ 
original request For a plan to 
ensure the financial viability of 
the docks by 1952- 
The main area of disagreement 


between Ihe two sides remains 
the question of closures. The 
authority still considers that one 
of the two dock complexes must 
be closed this year if future 
viability is to be a realistic aim. 

More weight is added to the 
argument that a final solution 
must be found for the Upper 
Docks by the customers who. 
after years of uncertainty and 
labour problems, are already ex- 
pressing interest in transferrins 
to Tilbury. 

Mr. Rodgers is expetccd to dis - 1 
cuss the joint document with the 
delegation at today's meeting, 
but it is .unlikely that he will 
publicly commit himself to a 
particular course. 

He has already made it clear 
that before discussions with 
other Ministers, probably in the 
Cabinet's economic and indus- 
trial committee, he will wish to 
sec the authority's own preferred 
scheme for the docks. 

Any comments made by Mr.. 
Rodgers at the meeting wilt be; 
discussed later today at an: 
authority board meeting. 


Mergers 

policy 

‘hinders 

industry’ 

By Kenneth Gooding. 

Industrial Correspondent 

BRITAIN'S competition policies 
sometimes stand in the way of 
attempts to make manufacturing 
industries more effective, says 
a paper to be presented at the 
National Economic Development 
Council meeting on Wednesday. 

The National Economic. 
Development Office's industrial 
strategy programme has often 
pointed to areas where industries 
need some restructuring or 
where there could be co-operation 
between competing companies, in 
overseas marketing for example, 
it adds. 

The paper, to be presented by 
Mr. Geoffrey Chandler the new. 
director-general, at his first full 
council meeting, says that the 
Monopolies and Mergers policy 
and the legislation covering car- 
tel arrangements sometimes 
stand in the way. 

There has been some dismay 
at NEDO that the recent Govern- 
men Green Paper seemed to in- 
dicate that a tougher line would 
be taken in future over proposed 
mergers. 


Committee urged 
to study ‘unions 

for senior staff ’ 

BY ALAN PIKE* LABOUR CORRESPONDENT 
uf rnMMTTTEE of inquiry cerned to represent Uiem in their,; 


Amoco Cadiz board I Cartels claim 

Iis is understod 

to consider report ELK2 1 , 

^ tVin rtvriHann 


■ ■ ■ THE LIBERIAN Government ary action against Capt. Bardari 

PriTlPlCm board of inquiry into the .Amoco because of failure by him to call 

GEG HAS mm what it ... Oh,*, , ITT* British subsidiary, Cadiz. disaster meets today for assistance earlier, 

be the firsi com in-; i live cuuiraci luce liven concern rating nn use behind Hosed doors to consider The board, f 

for an optical cable system. n, ,, fibres ror trunk leie- ! By ° ur Industrial Staff the evidence at the 21-day hear- the Liberian Commissioner lor 

It will transmit telephone calls fhL.iV mulac. where a highly i R .. )T mvr tinrnrT iirc h - VB wh,ch ended in London on JlaritjuieAff airs, has power to 
by means of light pulses down cnn>- in r.. led laser light source is i f L1LDilNG SOCIETIES ha\e: Saturday writes Paul Taylor. recommend that Capt Bardari 

a bundle of limr-thin glass fibres. u*ed. | been successful because they The hoard, chaired by Sir lose his licence. 

<1EC is In supply se\cn ilnw.-wr GEC has put a lot of pr ? h v,dc ,i he « m « pc ° ple * ant 1 Gordon Willmer. a former High In summing-up J£ 

ktlometres of such cahle m r .s.-nr..-r, o.Turi inio the use ofif 3 - the , r lha , n because of airy un-. court Admiralty judge, is Frank WiswalJ. counsel for the 
London Transport iu be installed m.-.-.-i lowered but cheaper and i SjT, Vi* Edv ^ntaae the Building . c . :ipcc ic-d to produce a three-part Liberian Govcrnnient told Uie 
alongside the District Line nu»re reliable li -ht emitting I lelles Association claims interim report in the autumn, board that Capt Bardari should 
between Earis Cuurt and Actuu diodes as ihe source GEG forel t0da * v ’ i It will cover reasons for not be made a scapegoat but be 

stations. sees Jn L .\ tensive M nrket for' Returning to the heated debate steering gear failure on March judged only on any unreason- 


The contract a-.vaid-.d w Tele- optical lure s\ steins where, 11 . h « b « en , hav ' n " vltb , he . 16 wh,ch left lhe Am° c0 Cadiz able or inexcusable errors he 
phone C:.»liles Limited tTCLi a distance- are short. clearing banks, the association , drifting toward the Breton coast: made. 

GEC subsidiary for four One of the advantages 0 f | c ? mbm ?s u rejection of the cnti-| t he dispute over alleged delay Mr. Alistair Stewart-Ri chard- 
optical fibres together with ail optical cable is that it Is immune , ? ,sm j* bo ‘ lt tbe growth of its; by Capt. Pasquale Bardari. her son. for Capt. Bardan said he 
necessary terminal equipment, from electrical inteferenee froni! brancb office system with a not- ; master, in sending an emergency should not be criticised because 


They will carry l“u simullaneous other wires in the same duct ! ,r '°- s ubtle dig at ihu Hearers call for help; and the final phase, he “behaved very sensibly.' 
speech channels by means of Optical fihres also have a much I aboul Saturda >' opening. as the Bugsier salvage tug Pacific __ Mr. Sidney Kentridge, 


Sidney Kentridge, 


pulses of light transmitted at the higher ouacitv than cooven- “ ln order t0 be successful, failed io prevent her grounding. CapL Hartmut Weinert, master 
rate r»f Sr.i per second. tional telephone conductors and societies have had to open On Saturday Sir Gordon made of the tug. said be and his crew 

GEC is proud of the fact that it require fewer reneaters to boost ! br3neh offices in places where clear that Capt. Bardari was the had done their best To criticise 

bas developed ite sLs fibre to a Sals Sons SS Hue j People will use them and keep : only member of the Amoco Cadiz him or bis owners would have 

high degree of puritv in depend- For example GEC's iine bein<^ ,hese offices open 31 hours which I crew likely to be disciplined. The serious and undesirable conse- 

entry of^ny otLr apicH fibre irstauSTor London Transpo^L i ar * lenient to the public." itj board was considering disciplin- quences on the salvage industry. 

research elsewhere in the world, does not need any repeaters sa > s - . 

It believes its cables have lower along 7kms. A comparable link] artlL '’^. ‘P ^ l u‘ ,u S Sou * l> ! 

loss than those of its competitors, using copper, would need a re .i Anaiqs. published hv theassocia- , in* , 1 1 

Most other companies, includ- peater to amplify signals every! 1101 ? today also says that the g» A(TR om CS 3 SiVIFlO" CfQ flfi £)TTIC 
ing Standard Telephone and 2-3 kilometres. polite system ° about -K- vglUllitl 11 V Illg SlailUal U5 

which the Hearers have com- 
plained. is the Inland Revenue j» j _,.L 

li.L «■ -! “ which is relieved of the neces i CODllIlUC lO CV0H Ollt 


Simplify health service „„ 

1 • • j a* aPP society investment accounts." By DA viD FREUD 

IftH-— < STilTT 0n intercsl rates. lhe ***ocU- 

Ctfl-ivrU Uiaii tion suggests the main reason • REGIONAL difference-; in living disposable income per head in 

ry nivin rHiiorHin building societies arc able Jo slanda ' rda - continued to narrow recent years, reinforcing the 

bt david churchill offer a very competitive rate to the middle of the movements in incomes before 

NATIONAL HEALTH SERVICE colleges. investors is that they operate m dccad ^ according to figures tax which have also tended to 

administration should be sub- Mr. Ennals is unwell and isi*JJ , '- v * pecialised lme of ousl i released today. favour the poorer regions, 

stantially simplified, the Royal likely to have to miss Wednes- 1 >{ , , . , . ’ Economic Trends, official pub- The two poorest regions in 

Commission reviewing the sc r- day's celebrations: he was . Tb ? article also implies that- |i ca t ion of the Central Statistical 19«4 in terms of disposable 
vice has been told in a report re-admirted to Westminster 1136 c!cann " hanks have nothing; office, says that whereas in 19<4 income. Northern Ireland and 
from a special! -com missioned Hospital. London, at the weekend wmplain about in any case. i the richest region w-as 505 per 'Vales, had increases well above 
survey of people working in the for further treatment 0 f a ibrora- because it is mainly the National cen t better-off in terms of per- the national average, 
service. bosis of the leg. and is expected Savings movement which has son a! disposable income than the The two received a relatively 

The 232-pace report recoin- to remain in hospital for about suffered as the societies built up poorest, the gap had narrowed high proportion of personal 
mends that health authorities a week. tbe ! r sharc of the short-term I to 39.1 per cent by 1976. incomes in the form of Stale 


sity lo assess, separately, the tax, 
liability of some 20m building i 


BY DAVID FREUD 


BY DAVID CHURCHILL 
NATIONAL HEALTH SERVICE colleges. 


should M remove levels of admin!- The Royal Commission, chaired savin 2s market. L, l be p £2f« al r e h d ,- W ^ S ™i^»u.o h *TiS tSu ir a «t w-rinn ih- 

stration. many of which are by Sir Alec Merrison, is due to ® June proved to be another : Fiuher regions to 'ha'e a relative The South-East region, the 
known to fail to contribute publish its report on the future bad month for the building \ decline, while the poorer ones richest, saw a relative decline 

towards efficient working.” In If health service early next societies and net receipts Prob-I d, 5 effects of received 

addition, it calls for prsafer dele- war it cninmiccinm>H itc nun ablv fell below £I40m comoared The redistributive effects of period, though it still recened 


incomes in the form of State 


week the health service cele- submissions it has received. | tn fi.7 per cent, is expected to 

b rates the 30th anniversary of its The Brunei survey, based on ; stop lhc decline, 
setting-up on July 5. J94S. The interviews of those working ini 

celebrations, however, have been the health service and depth PlPQCPV inh’ 

marred by industrial disputes case studies, found “a great deal j 'TriQ nrinoc put 
within a number of hospitals of anger and frustration at what i ltd pi III l 

recently as well as an many'regard as a seriously over- [ l C • 1 QUESTIONS ARE io 

unenthusiastic response by the elaborate system of government.! DV oaiDSDlirV S at Westminster this we 
medical profession to agreeing a administration and decision-' * - r „., r , th o- pi n .-A.- ■- 

declaration of faith in the making." j SAINSBURVS is to cut the price tba L p l« se > “ 

service. The survey’s main conclusion i of tea in supermarket? from ano«ner MOD joos ai it- 


Plessev jobs plea by MP 


been was 


The survey’s main conclusion i 1 


QUESTION'S ARE to he asked secrelary of the Labour group of | 
at Westminster this week about 16 Merseyside MPs. said yester-| 
fears that Plessev u lo axe day that he would tabic thel 
her 900 job, .. I., -to— ■ 

mum cations group neadquarters at thf! wce kend to Mr. Eric: 


This declaration had been was “of a iop-hcav.v and ; Wednesday. Its Red Label tea muni cations group headquarters a - the weekend to Mr. Eric 

sought by Mr. David Ennals. over-elaborate management sys-.will cost l»p a. quarter (down , plant in Edge Lane. Liverpool. Yarlcy. Industry Secretary, and! 

Health Secretary, but has been teni._ There arc ton many levels of ; from 19Jpi and 37p for a bail Management and unions at the Mr. Albert Booth. Employment! 
snubbed by the British Medical administration and too much dup - 1 pound (down from 3Sjp>. plant are io meet on Wednesday. Secretary, seeking clarification.! 

Association, which is likely to be Iication of functions at the : Quarter jiound Brown Label is Mr. Edward Loyden. Labour About' 4.500 people are now! 


joined 


royal different levels." 


• down to 17! p (from 18pj. 


MP for Liverpool Garston and employed at Edge Lane. 


Consumer boom likely to be short-lived 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE CONSUMER boom is likely 
to be short-lived with a slowdown 
in the rate of growth of output 
next year. But there will be an 
acceleration in inflation and a 
deterioration in the current 
account next year. 

These arc the mam con- 
clusions of the latest forecasts 
m the London Business School's 
Economic Outlook, published 
today. 

The school argues that a rise 
in consumption has already pre- 
empted Inc main benefits of 
North Sea oil. Although the 
current account is expected to 
be in a surplus by nearly £650in 
this year, this will be followed 
hy a deficit or just over £50tii 
jn 1970 and approaching JClbn in 
each oF the two following years. 

The raie of price inflation is 
expected to accelerate later this 
year, with the average increase 
m cons urn r prices rising from 
S.8 per cent in 1978 to 11.7 per 
cent next year, principally 
reflecting the recent fall in the 
exchange rate. 

The school suggests that the 
recent credit squeeze will allow 
the exebang crate to be held at 
about its current level until well 
into next year. But, unless poli- 
cies are changed, the rate will 
decline by 4 per cent a year after 
that. This reflects the current 
! tendency towards fiscal expan- 
sion which will result in faster 
monetary growth next year. 
e Public sector borrowing in 
1978-79 should be just below the 
i Government's ceiling of £5.5bn 


in the current financial year. But 
borrowing will rise to about 
£10bn next year as a result of 
the rise in public spending and 
the likelihood that public sector 
pay settlements will be higher 
than officially forecast. 

The forecasts assume that 
direct and indirect tax levels 
are adjusted each year in line 
with inflation and the continua- 
tion of existing public spending 
plans. The Economic Outlook was 
prepared before lust week's deci- 
sion to reduce the proposed rise 
in the employers' national insur- 
ance surcharge from 2i to li 
per cent. 

The monetary guidelines 
should be met in the current 
financial year with the growth 
of the money supuiy likely to be 
just below the upper limit of 12 
per cent though domestic credit 
expansion is expected slightly to 
exceed the £fibn limit. 

However, money supply is 
expected to increase by about 13 
per cent a year after that with 
higher domestic credit expansion 
as well. 

The school notes that its view 
of the economy bas changed com- 
pared with its previous analysis 
in February. 

The rapid growth in the money 
supply earlier in the year — 
responsible for a lower exchange 
rate than forecast in February — 
is boosting demand currently. But 
the effect later in (tie year wiil 
be an ucceloru’inn of inflation 
which will coincide with lhe 
monetary squeeze. This will pro- 


LONDON BUSINESS SCHOOL FORECASTS 
% annual change in real 
1978 1979 1980 

terms 

1981 

Consumer Spending 

Private fixed investment 

4.6 

2.5 

23 

1.5 

(excluding homes) 

Public spending on goods 

4.1 

1.2 

4.7 

0.8 

and services 

2.2 

23 

2-5 

1.8 

Exports 

2-9 

4.7 

6.6 

4.4 

imports 

Gross Domestic Product: 

7.6 

6.4 

6.7 

S3 

at 1970 prices 

2.4 

T.8 

23 

14 

at 1975 prices 

3.0 

2.5 

3.2 

2.0 

Consumer Prices 

8.S 

11.7 

10.2 

11.4 

Money supply (M3) 

15J5 

12^ 

14.0 

124 

Current Account (£m) 

648 

- 52 

-896 

-984 


cause, and has not caused, the 


Iis is understod that the NEDO 
paper, based on work for tbe 
Office by Mr. Alan Hughes, a 
Cambridge economist, suggests 
that the evidence the Green 
Paper relies on is not sufficient 
to justify a more aggressive 
approach. 

On “restricted agreements” or 
cartel arrangements. NEDO says 
that these can operate in tbe 
public interest. Yet companies 
are put off by the judicial 
investigation they must face 
before completing such arrange- 
ments. 

There is a strong case fori 
exempting small and medium- 
sized companies from the compe- 
tition legislation, NEDO believes. 

The Government, it says, 
should certainly produce much 
firmer guidelines about how far 
smaller companies might go; 
without running foul . of the! 
competition procedures 

Next pay 
guideline 
‘likely to 
be 8%’ 

By Michael Blanden 

MR. DENIS HEALEY, the Chan- 
cellor. is likely to announce a 
voluntary add flexible guideline 
for earnings growth of about S 
i per cent for the next incomes 
i policy phase, stockbrokers Phli-i 
; lips and Drew argue today. I 
In their latest economic fore-i 
casts, lhe brokers are reasonably! 
optimistic about the outlook for 
economic growth during the 
current year, but rather less 
hopeful about next 
They see little scope for a 
reflationary package in the next 
spring Budget and expect that 
the Government will merely 
index tax allowances to offset 
fiscal drag. There is also “danger 
of over-expansion should the 
savings ratio begin to fall.” 

The brokers forecast pay 
settlements averaging about 11- 
13 per cent in the next round, 
with inflation rising slightly 
towards the end of the year. 

Gilts auction urged 

AN AUCTION for selling gilt- 
edged stocks is proposed by 
stockbrokers Savory Milln to 
enable the Government to fund 
its borrowing requirement. 

In their latest monetary com- 
mentary. tho brokers argue that 
tbe Government cannot rely 
solely on rein traduction of cor- 
set controls over the banks to 
bring the money supply firmly 
under control. Other moves are 
necessary. including better 
handling of the gilt-edged mar- 
ket. 

The recent financial measures 
indicate “ the Government's 
determination to maintain con- 
trol of the financial situation 
through to the autumn," Dr. 
David Lomax, economic adviser 
to National Westminster Bank, 
says today. 

In his latest assessment of the 


THE COMMITTEE of inquiry 
into the engineering profession 
is being urged to include the 
complex problem of trade union 
membership for senior staff in 
its report. 

Controversy over attempts by 
the Confederation of Shipbuild- 
ing and Engineering Unions and 
the Engineering Employers 
Federation to restrict recogni- 
tion to established unions has 
been intensified by Friday’s 
High Court decision in which 
an Advisory Conciliation and 
Arbitration Service report sup- 
porting this view was declared 
void. 

The call for the committee to 
include trade union organisa- 
tion in its inquiries comes in 
evidence published yesterday by 
the Engineers and Managers 
Association, a T PC-a ffili ated, 
union fi g htin g for recognition 
on behalf of senior staff in the 
engineering, shipbuilding and 
related industries. 

In its evidence, the association 
recalls that two years ago the 
Council for Engineering Institu- 
tions recommended professional 
engineers to join appropriate 
unions which had primarily prH 
fesslonal membership. 

It was, says the association, 
relevant to (haw the committee 
of inquiry's attention to the way 
these ' recommendations were 
being “resisted and opposed in 
practice." 

Frustrated 

“The effect of present atti- 
tudes in the engineering industry 
is to confine professional and 
managerial staffs to joining 
unions in which they will neces- 
sarily be no more than frag- 
mented minorities, or else to 
ensure that they will simply be 
unrepresented. . , 

"The attempt to frustrate the 
clear desire of many of these 
staffs — we believe the. great 
majority — from supporting or 
■forming a union specifically con- 


own right is, we believe, damag-F 
lng to the prospects of they 
engineering profession and tot 
British industry-” § 

On Friday, the High Court* 
declared void on A GAS reporti; 
which failed to recommend 
recognition for the non-TUC; 
affiliated United Kingdom Asso-i 
elation of Professional Engineers 
at the Bedford works of APE-, 
Allen: 

A survey showed strong sujk 
port for the association among 1 
staffs whom it wished to repre-. 
sent, bat ACAS decided against 
making a recommendation after.-' 
taking account of the likely-' 
effect of recognition on indus- 
trial relations. 3 7 

The United Kingdom Associa-^ 
tion of Professional Engineers'- 
has about a dozen other recogni- : { - 
con references pending with4 
ACAS and the Engineers andn 
Managers Association a fortherJ 
15. - 

Many of these raise similar. . 
principles to the APE-Allen case.l; 

The ACAS council must, as > 
well as reconsidering its posi-. ; 
tion on the report declared void . 
by tbe High Court, decide how - 
it Is to proceed with these. The" 
council will also consider 
whether to appeal. > 

Leaders of the engineers' 
association will also be discus- 
sing the extent to which the : . 
High Court decision may affect 
another recognition referent to 
ACAS, this time involving 
engineers in the water Industry . 
which they lost recently. - 
The engineers’ association 
again emerged from a survey 
with substantial support in tbe 
area in which it wished to - 
organise but failed to win a 
recognition recommendation in 
the face of hostility from, the 
National and Local Government 
Officers Association. 

On a wider plane, the latest *, 
developments wilt increase dis- : 
cussion about the effectiveness 
of the Employment Protection y:' 
Act recognition procedures. • 
The federation believes that i 
they should be repealed, leaving 
ACAS to concentrate on its con- : * 
ciliation work. 


Civil servants seek 
London pay rises 


. BY NICIt GARNETT. LABOUR. STAFF 

PUBLIC SECTOR unions are ' The 
preparing - claims for big would 
increases in wage supplements ment 
to London staff '- because of the to arl 
latest cost-of-living figures. . power 
Civil Service unions said yes- Waj 
terday that an initial examina- this j 
tion of the figures indicated that agreei 
claims of slightly over £200 for not ir 
staff In inner London and about The 
£100 for workers in the outer monej 
suburbs would be justified. cover 
Teachers’ unions have already weigh 
submitted an extra weighting if a si 
claim for London staff which is is tiki 
due to go to arbitration this 
month. • ■ : t 

The National and - Local I A 
Government Officers’ Associa- , 
lion will profytbly- submit its - wj 
claim in September; once the TF J 
teachers’ settlement is known. It f n . 
already bas a claim on the table. U* 1 
but will update it in line with Bv , 

tbe new figures ip tbe Advisory 7 

Report on London Weightings. TECH 
Public sector pay is likely to Ecgm 
have repercussions on London CRN, 
pay weighting in private P er Cl 
industry. Janua 

Increases hi London weight- *ion ( 
ing have been prevented by pay' Th© 
policy since tbe middle of 1975. submi 
The Civil Service unions have collar 
said that they will seek rises on ing ur 
these -allowances, which stand the Ei 
at £465 for inner London and The 
£275 in outer areas, outside the the : 
framework of national* pay salarh 
negotiations. A very large pro- cock t 
portion of civil servants would -compa 
be affected. Sheffie 


The unions -say their members 
would be furious if the Govern- 
ment refused to take the issue 
to arbitration, which it has the 
power to . do. . 

Wage rates on which rises in 
this year’s annual Civil Service 
agreement were calculated did 
not include London weighting. 

There is therefore some 
money put aside, in effect, to 
cover increases in London 
weighting, though not enough 
if a settlement approached what 
is likel y to be' the union claim. 

Laycock staff 
win \ 2 \% 
increase 

By Our Labour Staff 
TECHNICAL STAFF at Laycock 
Engineering,'’ * a subsidiary of 
GKN, have been awarded a 121 
per cent* pay rise backdated to 
January, by the Central Arbitra- 
tion Committee. 

The claim, for 23 per cent, was 
submitted by TASS — the white- 
collar section of the engineer- 
ing union — under Schedule II of 
the Employment Protection Act. 

The union' said yesterday that 
tbe award would bring the 
salaries of its member in Lay- 
cock up to tbe general level of 
comparative staff within' the 
Sheffield area. 


BBC programmes hit 


dire effects on output and UK economic outlook. Dr. Lomax 
employment that have been pre- sees the main threat to the pack- 
dieted. while being the essential age as beins a rapid rise in 
condition for a balanced anti- U.S.. interest rates. . putting 


inflationary plan." 
ln another special article Prof. 


further pressure on UK rates. 
The small company, at present 


ducc a much slower gro^lh of 
output is the first halt of nest 
year. 

Growth this year will be higher 
than expected in February but 
expansion in 1978 and 197D 
taken together will be rather 
lower. 

In a special article ;n the 
Economic Outlook Dr. Aiun Budd 
and Mr. Terry Burnj of the 
school's centre for economic 
forecasting examine recent 
policy and point our : h.n '!v»rv 
ls now a two-year eye 1 *.* mone- 
tary stupuo. 

They maintain lhai Ihe :»:.-nyy 
siippl;- Is being expanded r.i- 
in period;, of low inflation and 
rh*-n -rjueezed saver*-;.' •• n * r. • 
inevitable inflationary oiT'-v? ;<rn 
fell. The whole process f.usu ro 
to stop and hack takes i«o yea:--- 
In the latest cycle lhc money 


supply vis over-ex ponded in the 
half the tinunciul year 
li«77-7& and tight muniy can be 
expected lo bite on rising infla- 
tion in 197&. 

Tbe article -uggosis that the 
Government is introducing a 
dangerous degree of instability 
into its policy and calls for a 
clear fiscal strategy within a con- 
sistent monetary framework. 

Tins must recognise that “an 
tMiT'iYvnionl in the inflation rate 
iir.d !h-.- current account is not 
ihe si-rui for renewed espansion 
but wi. i merely add a further 
lurch to policy. Expansion can 
a::d i.'.ke place aiiior.:3licalIy 
-■*’> ih>-* inflation rale $!t<ws down 
v.nii info-rest rates fall, and 
aTeinjji> ii, control the exchange 
rale uy in' -rv*.-nli**n cm have 
ui.i-.ju*.- dc->iu I >il i -ing isfr^clS, 
"ristai restraint need not 


Jim Ball, principal of the school, the subiect of extensive interest 
surveys the forecasting perform- bv tbe Wilson Committee and tbe i 
ancc of his own organisation, city institutions, requires further 
^. nd of the Treasury and tiie detailed statistical stnriv. Mr. 
National Institute. He maintains Prior Johnson, of Durham 
thau apart from 19i a when fore- university, writes in today's 
casters throughout the world 1 ^ of LJoyds Bank Review: 
failed to predict the extern of 
the recession, forecasting per- 

formancc has been creditable fliaffc 

and there is not much to choose v^liUniJ lUtllo 
between the separate teams. ■ 

On an annual basis. Lhe growth OU IHCrGSlSG 
of Gross Domestic Product 

(excluding 1975), bas been fore- THEFTS FROM churches have 
cast within 1 per cent on average reached unprecedented levels in 
and the growth of consumption number and cost, Mr. Allan 
has been forecast within j per Grand, chairman of the Ecclesias- 
cent. Uca] Insurance Office, says in his 

World Industrial production is statement accompanying the 
expected to grow- at below its latest report and accounts, 
trend rale both this year and The problem was a new one 
next but there will be the usual for church officials and, he 
cyclical upturn in the second half feared, a permanent one. All 
of 1979 so that 19S0 and 1981 those responsible for church 
will be years of above average property should review pre- 
growth. v cautions against theft as a 

World output is projected to matter of priority, 
grow by 3.1 per cent in real Tho company is the leading 
terms this year followed by a insurer of Anglican church build- 
3.5 per cent rise in 1979. follow-: ings and property in the UK. 
ing expansion of 4 per cent iastj Mr. Grant warned against pay- 
year. , Inc for advice from private 

Economic Outlook, nitnital sub-> security companies. At best, they 
sen pi ion £35: Cancer press, /.l could provide no more rhan the 
W'csimcad. Farnborough. Harnp-j police. At worse, they could 
shire, GL'I4 7 HU. prove an expensive luxury. 


BY OUR LABOUR STAFF . .. 

THE BBC’s television trans- 
mission of the John Player- 
League cricket match 1 between" 
Derbyshire and Glamorgan was 
disrupted yesterday -by the 
national overtime ban started at 
tbe weekend by the Post Office 
Engineering . Union. .The pro- 
gramme was carried' with , no; 
commentary. ; . ~ - 

The baDi which- has been . 
operated in Scotland for more 
than a week, prevented trans- 
mission- of. SBC .Radio fs Any. 
Questions?' oo Friddy night-"' I 

An. outside broadcast ..of the 
programme from .Aviemore was ; 
moved' to BBC studios' in Edin- 
burgh-- because .of uncertainly 
over transmission -lines. : 

Members of the Association of 
Broadcasting Staffs in Edinburgh 
in ss mpathy with- the Post Offiee 
engineers, would not co-operate 
with -the' tranemiasion'. 

The union has been in a nine- 
month dispute with management 
ovec a claim for a 35-hour week 
and. has been refusing to com- 
mission new exchanges. The dis- 
pute has worsened since manage- 
ment began, sending engineers 


home for allegedly, broadening 
sanctions, r ., 

• The Association of Cinemato- 
graph, Television and Allied 
Technicians has. begun balloting 
its members oyer proposals to 
'amalgamate. With the Association 
ofrBroa dcasting'Staffs. . r . . . 

Fleet St. pay 

offer rejected 

.THE INSTITUTE' -of Journalists 

has decided to follow tbe 
National Union Of Journalists In 
giving six moa ths' notice .'to the . 
Newspaper Publishers - - Associa- 
tion of termination of the ■ 
national agreement between the 
two bodies. 1 ' 

Meeting in London on Saturday 
the institute’s salaries and eon-' 
ditions hoard decided .- over-, 
whelmingly - to- reject the NPA 
offer of a new minimum . salary <- 
Of £4J50ja yean • . 

- The NUJ bad earlier rejected . 
the offer.-saying it did not. realis- 
tically reflect salaries paid * to 
Fleet Street journalists. 


G.W.B. (INSURANCE BROKERS) LIMITED . 

announce tiiat'-Mri 'John .TL Manning : joined the company 
as Director/ General Manager witb effect from 1st July. 
1973 and that Mr.. Michael A. Sammons also joined the 
company, as a Director as of the same 'date. 


\ 6 * \ 




SIMON BOLIV^Rf 

1783-1830 

The Liberators'll 


WEEK’S FINANCIAL DIARY 


Wwkln lOpcBd.Rd- 5(7(78 £5.1644 
Wvcomba lOpcBd.Rd. Si 7 7B £5.1 644 
Vnvs Man Isis at Anglesey lOscBd. 
5.7(78 £5.1644 

THURSDAY. JULY 6 

The following is a record of the principal business and financial engagements during the week. a£T e.c.. 12 

The Board meetings are mainly for the purpose of considering dividends and official indications are A ^ jj* ^ aidhw Hse.. Honey st.| 

not always available whether dividends concerned are interims or finals. The sub-divisions shown Birrwaiiu*. Arnold Trst.. 
below are based mainly on last year’s timetable. b!£?SW Z 44 . Giowm™ st.. 

TODAY London ind Northern 3 -4 pc PI. 2.7pc Loforgo ’FM 6.77 nim . i. b..l . — u. | 

COMPANY MEETINGS — London and Provincial Shoo Centre* Laoortc Inds. 4.059 p “W" Amelic,,,n Him, 113. Paris Lane. W-, | 

Broak Street Bureau. 100 Old Broad St. 0.331 Ip Lincoln 7>apcBds. Red. Flon,7fll PhM nAra-ai.,„*. .,* 1 *, 

Lionelll 7'uJcBoa. Red. U 0.1.79) 3»ud>c °f !c!!l2 * R ““^' 1 *' Gt ‘ Tow * r 

Manchester Ship - Cana I "DV. 1* 2 3>ipc. Martfn Vn* Newsagent 2.83Bp F c? , " , "v5 W®* T,w ChureMII. 

Do. Db. 1 ?, tl»i 2 Hit) 4 <Jn tripe Mineral* and Resaurto* Ln. boC c , V" - -■ . 

Marshall Cavendish 3.036 p Mole valley 8 b pc Bos. Red. lAUBOi 4iaPC PL 1 * A « 

Mass mutual Mots, and Realty Investors Newnam Var. Bds. Red. 02.M3.R5i _S«.. Burton upon Trent. 4 

34CU. £3.6875 

Mersey Docks and Harbour 3p Gtiice and Electronic Machines 2 . Bp 

Metioy 1 . 0 IH» 6 p Osier Printing 1-4025P 

Morgan Crucible 2.204P Peiitos 2.B40475P 

I36&P Porter Chadburn X81876p 

mmercial Banking 1.3750 Queen* Moat House* 0-2p 


Provincial Shoo 

. - jk street Bureau. ioo old Broad st.. 0.33 lip 
EC M Lyle* isj 2 p 

Eastern Produce. IDO Old Broad St.. EC Macletlan (P and W) O.Bp 
12 ‘ ' * ‘ 

Newman Inds- Drigoiura Hotel, Bristol. 

12 

MEETINGS — 


BOARD 
Final*: 

Associated Newspapers 
Bamberger* 

Caledonian Associated Cinemas 
Granada 

Hcnoerson-Kcnton 

kleen-e-Ze 

London and Midland Inds. 
Marsnalls Halifax 
Monk lA.) 
ftopner 
Interims: 

Aleaardcr* Discount 
Barr lA. G.l 
Brent noli Beard 


Giordan "tils. Canon Hall. S.W_ 12 
Guardian litr. TrsL. 11 , Wall brook. EX- 


12 


MothorCBM 1.90365a 
National and Commercial 
North (MFl C. 2 PC PI. 2.1 PC 


C. 2 PC PI. 

Northern American Trust in 
Notiingliam Manf. 2.311B7SP 
Peerage tri Birmingham 0.8673 d 
P eninsular and Oriental Steam Navigation 
□10. 3.542280 

Perry tHarold! Motor* 2.9134o 

Phoenix Assurance 5.77 p 

Prince of Wales Hotels 2.51350^^^^ 


Pyramid. Hilton Hotel. W.. 10 
U.B.M- Avon World. Wl 
Bristol. 12 
BOARD MEETINGS — 
Finals: 

Daily Mail and General Treat 


Rushmoor 7*»pcBds. Red. U0F1/79J 3 *mpc 
S abah Timber 1.1 34p 

Small ijchn Ci and Tidmas ID _ , — - — r 

South Staffordshire 8 >;pcBds. Red- <2.1-'80) General Electric 
41 p< . Greene King 

Stirling 7>«pcBdS. Red. (10.1,79) B'laPC SSSSah 6 *^ hffSKml ? 1 *-" 8 
Tamworth B'rocBds. Red- tZlI.'BOi 4lu»c Newcastle ■— 

Torba* 9t?pcBds. Red. <31 12.801 4><pc C £^ ts 


Tran*a:iantlC and General Inis. _2j2Sj> 
Wake held 74PCBI 


'dividend 3 INTEREST PAYMENTS— York *38ctt ’’ 

WaMPfit qjMpgbmut « 

5-Spc • *•: I-JSpc Wr'selcv- Hughes 3.3275P 


iBr.: 

Do. - . 

Rugby Portland Ccment^Ord. 1.809 b 


1.4644 p 

Allien Leather "inds. ~2.4337 Sd 
A malgamated Metal S.dpcPt. 2.7oe 
Anglo Scottish Inv. Trust 0.7p 
Arbuthnot Latham 6 pcP<. 2.1 p_ 

Associated Biscuit Manu- 1 . 666 a 

Austrian 7 pc (now 4'sPC» Ini. Lh. 1930 s i n S|E°? 

SUB. Bds. 1 Enlaced 1934) 3'.*pc Savoy & Th 

Wilcox 6 dcP*. 2.1 PC SDCPf. 

1 75. « oc PI, 1 4pc_ Si'l^ramn^riKa 6.0625b 


1 — Stroud Riley Drummond 

. __ ids. Red. tlCTM^fS.' J*i 6 Dc i nBl,,eerln0 Ct>nK 

Waller >CW1 3.5p 

LRd. 2 1/M 4 UPC 

Thermal Syndicate 


Rush and Tomkins 
derson Kayser 


I.91P. 


Do. 6 pc Pi. 


Savoy Theatre Db. 2pc (wtrp.i 


s,el.:v- Hughes 

York 7 i|pcBd. Rd. 1 Of 1 f 79 1*MPC 

WEDNESDAY. JULY 5 
COMPANY MEETINGS— 

Ash Spinning. Beal Lane. Shaw. 10.30 
Cater. Ryder. 1 . King Wllltom St. B.C.. 
12.30. 


-JS ,V .'? END 4 INTEREST PAYMENTS— 
BBT. l.S85Sp I 

Barr Wallace Arnold Tr*. OrtL & A 
3.76769P 

Blue Circfe inds. Ln. 3i«pc 
Border Brew*. CWrexnam) 2.54 Sp 
Bowater 5.7p 

Brit. American Film l.90G71p 


sISSSon En rt" Oro nD a^d° A **»• Wanwkl! R « d - So,,hul1 - 'omLn. 

L r n?"lBlS riian A M L,, **"* Mf«n (C.EJ. ,4120. Su Mary Axe. E.C.. gSSJdHSp, 1 

aring^Bro*. 4-^ 157 7-rocP,. BgoSlS O® O.W *5c. Ord. fFore^n ^ R _ c , Queen BSWC-'j® 6 ’ 

i Cp iif r 17 MW AH DCVSm 1.D34eH> 

- - _ • W-^-.o li FrMfmnc /i ndn CWQi 


Held' 0 . 66 p 


to Br. Issued in^ resoect of 7pcPf. _ S ** 1 
(FI. 1000) 3Spc - Do. Certs, to Br. 

Issued in rtrso<^ ol 7 pcPI. iFI.1001 SHfJt’!. 


Issued m res. 

3.52.7. Do. 6 ncW.Sub. 3oe 
United Biscuits 3»34p 
United Wire IB .. 

U noth romp Int,,- 0J333n 


William* ijohnirol Cardiff Ip _ Wadd.ngton U.« 

WUmot Breeden 1.SB157P. Do. /oePf. . Interims. 

2.45DC. Do. 20 ocPf. 7 DC 


ring 
_.6I5p 

Barlows 7.865o 

Barton Transport B«Pf. 2.8pC 
Bell 5 pcPi. 1.7&PC. Db 4 pc 
B ooker McConnell S.57BP. 6 ecPf. 2.1 PC 

Bdoscv and Hawkes 5gDCPf. 1.925pc 

Bouttcad O.Br _ 

Bowrlng ICT) 2.0S9334P 
Biilish Assets Trust O SSD 
British Home Store* 3.47290 

Brltsh Sugar I.BSp 

Brooke Band Llcbrg 0.331 875p 
Brown Scvcrl Kent Ip 
Bulom lAFI and A 0 .645P 
Burrell 0.495P .... 

Callender iGcoroe Ml 0.715P 
Cardinal Inv. Trust 5 pcPI. 1 -< 5pc. Db. 

\ I; 2 3*»PC Ln. 3PC 

Carr's M-lllng Inds. O.Sfip 
Central and 5hnerwocd 1 2-691 u 
Citilrvin 4':pc mum Socl Ln. 1B85 'Assd 
l94Bi 2 ''PC 

Coals Paton* 2 0972 d ..... - BOARD 

Combined English Store* ' ■ 1 7°, 6& “ FlialM 

Compton U' hen* and Webb 145.50 _ iCcorgrl 

Corinthian 0.5o Bri*Cal Evtftiino Post 

Courtney D4 »o ElCrtrlC lntl. 

NW. , ^ P BS--«!Sr2 £564p J^^uj^u’p” Mills 
Dcl'nt ron * 7 ' ■ prfH f 3 ; 62 Soc M.nlng Area. 


4 PC 

Ln. I pc 


Unltemr 200CM. Or^vc. ^Do. 5gi&” l K CoonauBht Rm*.. GL Queen g-mjljj^andB.-WW Db. 

uS Ny PC 7 ocPt 5 ub. '. 3 .Spc. ao. com. WOMB MEETINGS SSSSf 

Miliar \ 


BralthwaUx Eng(\ee 
leyk 


Brick home DudlC 
Duncan (Walter 1 and Goodricko 
Mansfield Brewery \ 

Routledge and Kega. Paul 


Anglo-American Secs. •Corp. 


York Trailer fl.OTIp 

TOMORROW 
COMPANY MEETINGS — > 

Canadian and Foreign Inv.. 9 Bishopsgate. 
EC 12 




Birmingham and Pallet \ 

Blackman and Conrad \ 

Habit Precision Engmeerytg 

DIVIDEND 6 INTERESTS PAYMENTS — 
5.7/79 £5.1644 


• Hertfordshire Moat 'SSEZft* 1 

*''kA$D no tfih\ *<k- Bri,,,c,^d ■ 3 


640 \ 

_ 2A<PC, T Jape 

Assoc. Paper Inds. I 21D \ 

Bankers' Inv. Trst. Db. 2 pc 1 
Basingstoke 12 'aacBd.RO. 2,7/80 6 Ji«oc 
Beaeunsficld lOpcBd.Rd. 5/7.7B 'X5.1644 


Hawker Siddeley 2.201 p 
Healh (CEI 3.377B8P 
High croft inv. TrsL lp 
JB HJOss. a.D 6 p 
Keyser Ullmann Db. 3 xPC 
Unread Db. 3 >pc 
M organ Crucible Ln. 2 iPC 
Nichols (JN) rvimto) 2.7Sp 
Pratt fF) Eng. lit. 4 PC 
Slemssen. Hunter 1Jl25Bp 
Smilh (WHI B.Ord. 0.2978p. DU. 4DC 
Tarmac Db. 31«pc 
Young Co’s. Inv. TrsL 2.Z5p 
FRIDAY, JULY 7 
„ COMPANY MEETINGS — 

B | C 11 Mjmhro Pr ®P'- *1. BIS 
Bradford (R). Mmster Hse- Arthur SL. I 

E.C.. 10 

Buckley's Brewery. Old Inn. Penhergaer. 
pwinM4. 10-45 

Minster Assets. 189. Strand. W.C.. 12 


Downs Surgical 1.6250 
Dunlop 2 65P 
Early iCharle * 1 
1 .6660 

(ibar I no. 4.5o 


and Marriott (Witney) 


Tev Abrasives 
Interims: 

bath and Portland 
Lmcroft Kllgour 


Bfrjvkk-upon-lweed lOocBd-Rd. 5.7/78 Scott & Robertson. Park Mill, Dundee. 12 
“1644 U.E.I.. Midland Hm«l. Manchester. 12 

Brentwood 10 pcBd.Rd. S-7/78 £5.1644 BOARD MEETING5 — n6n ™* r ' 
Broxtowe lOpcBd.Rd. 5/7.78 £5.1544 Finale 

Cannock Chase lOpcBd.Rd. .5/7/76 Fertfeman <B.> 

£5.1644 Hambros 

Cent. Scot. Wlr. Dev. Bd. lOpcBd.Rd. Scottish and Unlvoryal Inv. 


5 7(78 £5.1644 
Clyde bank lOpcBd.Rd. S/7/7B £5.1644 
Comm. Props. Db. ,J«pc 


t V.*;?Sm a r3.6%Sr0.7i ,WS - Oe,r0 - * l o!w5SS pSKer^Vw^c 5/7.78 £5.1644 

Fairbairn Lawson 2.646Gp Advance Laundries Ord. 1 . 55- 


Advance Laundries 

fair dough Constr. 1.8BBD Ambor_Vallev 7*««Bds. Red. 3 16 DC Fenlatid lOpcBd.Rd. 5:7/7 

Fameil t loci ron ics 4.29o Baird <Willtam' 5.3-21 9 p Flight RHuellng t.753p 

Folksume and Dlsl. Water 9pcRed Pf- Birmingham 7 'spcBdi. Red. (10|1/791 Foseco Minsep 2.6861 p 


Exchequer 8-'*pc 1983 £3.00 
Fenland lOpcBd.Rd. 5.7/7B £5.1644 


3V|-ec 

Bishopsgate Platinum 1 2 cl*. 

Bishopsgate Trust 4.I5 p ... ... 

Crtnun enuimrrvng Brocks Group of Comoanie* -.OMo- 1 Gt. Yarmouth 11 J*t*ISd.Rd. 4:7/78 5U|sPC Gave:: European Tr*t. 1.80 

General Investors and Trustee* 3.f5PcPf. Cannock Chase < ipiDcBds. Red. i1«1i/79» Gtr. Lndn. Council IQpcBd-Rd. 5/7,78 Hewden-Stuart Plant 0.B6839P 


1930 4 5 DC 
Francis Indi- 1 91 P 
Gamer Stothlarr 2.75 p 
G an on Engineering Bp 


Foster Bros. Clothing 1.B11975t> 
Gen. Scot. Trst. I.BSp 
Glassop (WJl 2.329P 


Thom Electrical Inds. 

A .?i2 ID , E 2E. i INTEREST PAYMENTS— 

AVipj ire- l.cdP 

Austl. NZ Bnkg. 5J,2 55 p 
Bnk. Ireland lOo 
Berkeley Hambro Prop. 2.22p 
Bremner 2.8p 

Buckley's Brewery ijs7Sp 
E nalon Plastics l-5p 
Feed#* Q.7Bp 
French Kler 1 e 
Gough Bros. 1.52o 


Genet Irscoftlsb Trust SpcPf. 1.75ec 
<M,n iCntretrs.) 0.751-1 8P 


Camfe 4 Morpeth 7UocBds. Red. CIW1f79> cSdtHord lOpcBd.Rd- 5,7178 £5.1644 
_3“w>c _ . . . e_ Harlow lOpcBd.Rd. 5i7/7fl £5.1644 


Glencoe rMjr ■ 
GUnwed 5.75P 


.360 


644 


1BDC 


10 PC 


644 


tms t^r i n 57p TfU “ l,D:>P _ XSSSSrriSSSl-iiS-ao.i iff 3$pc M.1BM 

Leeds and District Dvers and Finisher* Hereiort^^nd^ Worcester 7'«P(.Bds. Red. s Qj»™J 4 

teifS p fS««' *nd d wSif SSSmI^^ 

L b' ,I o!o875d krnnox Inv. Trust l.Bp. Do. Hrndb^n _ fePcBds. _3 g 0 


Jesuias 0.5p 
Lee Conner 1.65P 
London Trst. Did- SJSo 
MAG Fund of Inv. Tr*L Ut 
Midland Intfs. 0.5 Ip 
Nth. Brit. Steel Ord. a.S 6 p 
Nthn. Eng. Inds. 4p 
OK Basaars 11929) 41cti 
Osborn IS> 1.1 P 
Panto (Pi 0-77 p 

Pyramid Grp. Publishers 1.90645P 
Sinoall (Wl 4.06560 

Sfh. Afr/can Brews. Sets. Prf. 5. lets- 1 
Prf. 3>:«s 

5i7/78 Wheats bear DVsi. Trading 4p 
Whessoe l.97o 

5(7178 Wlnehmore Inv. Trst. 2^46o 

SATURDAY. JULY n | 

Warrington CT) 1.9675P „ DIVIDEND & INTEREST PAYMENTS — 

3*mpc Watford lOpcBd.Rd. 5/7-78 £5.1644 Chester Waterworks SpcPf. a PC 1 

» 4Loe Wigan lOpcBd.Rd. 5/7,78 £5.1644 Drayton ComtJd. Trst Db. 2 -'*DC 

3*i«pc Woodspring lOpcBd.Rd. 5.7/78 £5.1644 Utd. Eng. jnds. 1 .TI O 60 


tees lOpcBd.Rd. 


The career of Venezuelan-born Simon Bolivar 
-soldier, diplomat and philosopher - spanned an immense geographical area, 
stretching from the southern borders of Central America to the northern 
frontiers of Chile and Argentina, and from the Pacific over the Andes to the 
Amazonian borders of Brazil and up to the Atlantic and Caribbean coastlines, as 
he pursued his twin ideals of Latin American independence and unity. 

Several Latin American countries owe 
their national independence to his tireless efforts. x 

On Venezuela's Independence Day, his memory will be honoured 
at his statue in Belgrave Square: but it is not only as a figure of history that 
Simon Bolivar is venerated. His far-sighted vision and lifelong dream of 
Latin American unity, based upon democracy 
and justice, is now slowly moving towards fruition. 

Bolivar, who visited these shores in 1 81 0, 
knew and admired Great Britain, and he expressed the desire that the New World 
should find inspiration in the British virtues of common sense, stability and 
respect for others. He helped to promote understanding between the 
two peoples and, following his leadership, it is the earnest wish of the 
Venezuelan Government that this mutual 
respect and understanding will continue to flourish. 


v Issued by the Venezuelan. Embassy 1 Cromwell Road, London SW7 


-Financial Times 

APPOINTMENTS 


Monday July' 3 1978 


4 

Continuing action in culture, independence and democracy 

CULTlfRAL EVENTS 
3 JULY J-29 JULY 1978 

commemorating 

the 167th Ann i versa ry of Venezuela's Independence 


Ai! Exhibition, including works 
by Soto. Cruz Diei. Pol«o jnri RdvelO. 
Olhcid! opening 1630 lirs, 5 July. 

Far ond month at The Wafohouse Gallery, 
52 Earllwm Street, London, WC2 

Exhibition of Vi-ncjurian We. 
indu.diV and technology. Otficijf 
opening jst 1)l3d hi*. 3 July, .it tho 
Kv-mbi^ndt Hc-i« f TheilCo Place, 
London SW7 

Cni>f«*it?nce mi Wnejuclan s.'iencc 

oml T«:i IhioIo'.tv*- 1000 In a. -* Ju'v. o' the 
a:;::sii Council, i 1 Portland PIulv. 
London, vvt 


Wieath laying ceremony at statue 
of Simon Bolivar in Belgrave Square, 
London, SW1 . 1 000 hrs, 5 July 
(Venecu- Ian Independence Day) 

Opening of Exhibition depicting 
the Me and times of Bolivar at 
Canning House, Belgrave Square, 
London. SWT. 1 1 00 hrs 5 July. 
For two weeks 


piano i-'cifal by Judit Jaimes, 
1 930 h»s 6 July at St John's, 
Smith Square. London. SW1 


Piano recital by Alexis Rago, 
1 930 hrs, 7 July, at St John's, 
Smith Square, London, SW1 


Visit of Ambassadors 
and Staffs of Bolivarian countries to 
xhe Lewes Festival, s July 


The Sound of Venezuelan Youth'. 

A concert of Venezuelan popular and 
folk music at the Shaftesbury Theatre, 
Shaftesbury Avenue, London, WC2. 
1B30 hrs. 9 July 


Th-Veaczudan Embassy cordially invites tho genera! public to attend the above events 

ART • MUSIC • FILMS • BOOKS EXHIBITIONS 


French group plans extension in UK 


SS ensinccnnu and^on^ct' cfim’Si °* RE , C0RD ™DCWAY. 
ioc group Is extending iff " cX-il oF cralLs- 

lies in the liK. The 1 -rroun s h d t0 ? ISl ? lr ‘ Bernard 

London advisers, SUUMGEOUR S S nH S U S Urm & director 
ILAJvDLlXSTU: ANn fit L , 2 f „- ord K'dsway Tools ha.* 

ssSS s,”s 

h .-is^ boen 1 ’ t n ' * ! h e ar hy d ro T ° aj -. ndiShed hfi 

cheinicals and ferfih^ind^SS lEST* 

Too"? 1 " 2 dilKl0r ” £ “ 
process industries including + 

brei!t n g n and f ^S iC S Mr : *• N - Barmln been 

■b" “K'bore bustae^ ar^ thS SicOOTT 3 HOLDINGS 
«rronp works through its sub- Mr or %’«= k 3 " 1 

aidmrj' company, Technlo-t'.eo • «.' j 0, PJ? 0801 heen 
pra^cHc. Jbich'rccenUyTiS d,reC,0r °‘ CUve 

an asreemeut with Redpath lmestraents ' . 

LKjrrnan to create a new .. T „ . „ 

offshore en^uieerin? eo/zmany in v Mr - J - Peter Frost has now 

the UK. J become chairman of the TIIOS. 

* IV. WARD group nf companies 

„ following the retirement of Mr. 

_ " r - »• J- Thomson, a director of Douglas Walton. 

BARTON AND SONS. Dudley, the + 

Mncl tubing, steelwork and BL COMPONENTS. which 

ceneral enemoering croup, has today began operadng as an auto- 
rctired from the board, but will nomous company within the newly 
remain a vunsuhant for tivo years, decentralised BL Cars activity, 
air. r. J. Mold rum. group director has announced its Board of 
and managing director of Barton directors. Executive directors: 
Abrasives and John Lawrie and Mr. P. W. McGrath, managing 
Co. l.-VDcrdeen). becomes execu- director, BL Components; Mr. 
live chairman of the two coni- J. R. Symonds, managing director, 
pames. Mr. J. A. Moure, assistant Pressed Steel Fisher; Mr. J. M, 
managing director of Barton Neill, managing director. Unipart; 
Abrasives, become.; managing Mr. T. J. WorralL managing 
director of that company. director, SU-Butec; Mr. I>. R. R. 

it Rutherford, managing director. 

Mr. Neville Drane has been * P .^ dries * , 7 ta,cm; and J - U 
appointed regional executive director, salaried per- 

director of NATIONAL WEST- sonn . Tj ere ^ iv ree « n0 »' 
MINSTER BANK'S eastern region. ® xec . u J lv ® directors: Hr. C. J. 
based in Nottingham. “The 

assistant regional director since t - ars - Mr .- Ar McLean, 
» 75. he succeeds Mr. George r 

Gregory, who retires on July 31 CARS, and Mr. H. J. Muspuye, 
W leuirs un jury d Ipec t 0 r. manufacturing, AusUn 

Morris. 

Mr. Alex Houseman, chairman * 

°f W. E. Canning, and deputy MAYNARDS. manufacturing 
chairman of PE Consultants, has confectioner and retailer of con- 
been appointed a non-executive •■ctionery. tobacco, newspapers 


and toys, announces the following 
Board changes. The retirement of 
deputy chairman Mr. George de 
Gaileani, and the appointment to 
the Board of Mr. Rubert G. F. 
Vincent, divisional sales director 
of Maynards' manufacturing divi- 
sion, and Mr. Thomas W. While, 
divisional director of Maynards' 
confectionery, retailing division. 
+ 

Mr. A. Clive Williams has been 
appointed managing director of 
BRIAN WOODHEAD AND CO. 
Mr. A. B. Woodhead continues as 
executive chairman of the com- 
pany. 

* 

The Secretary of State for 
Employment, has appointed Mr. 
John McNab as a member of the 
National Dock Labohr Board for 
the period July 1. 197S to July 31. 
1979 and is made under the Dock 
Work Regulation Act. 1970, 
following nomination by the 
National Joint Council for the 
Port Transport Industry. Mr. 
McNab will replace Mr. J. H. 
Gabooy who has resigned on 
retirement from The Port of 
London Authority. Mr. McNab is 
executive director (manpower) 
and member of the PLA Board. 

★ 

The Delta Metal Company 
announces that Mr.* A- G. Adling- 
ton became managing director of 
its ENFIELD ROLLING MILLS 
division on July 1. 

★ 

Mr. Maurice Stork dale has 
retired as joint managing director. 
INTERNATIONAL COMMODITIES 
CLEARING HOUSE, after 25 years' 
service with the company, but 
remains on the ICCH Board as a 
non-executive director. Mr. Ian 
McGaw, who has been joint 
managing director, has been 
appointed managing director. 

★ 

Mr. R. N. Horst has been 
appointed chief executive of 
THOMSON’S OVERSEAS, based in 
tiie Isle of Man. Mr. G. VL Reid 
has resigned from the Board of 
Thomson's Equity and Life 


Brokers to- take up. a. directorship 
with Thomson's Overseas. Mr. R 
Bnchanan, managing director of 
Mannin Trustee Co. and Sir. N. C 
Eringburst, president of Claniel 
Enterprises Inc. have joined the 
Board of Thomson's Overseas. 


Mr. David Dove has joined 
ATLANTIC LEASING as managing 
director, from Itet (UK> where 
he was UK country manager. He 
is to exrand tho industrial leas- 
ing division of the Atlantic 
Leasing Group within the tech- 
nical markets of communications, 
teleprocessing and other computer 
allied industries. 

★ 

Mr. P. Alford, marine claims 
manager. Phoenix Assurance 
Group and Mr. G, H. Wright, 
adjuster of claims of the Guardian 
Royal Exchange Group, have been 
elected chairman and deputy 
chairman respectively of the 
INSTITUTE OF LONDON UNDER- 
WRITERS. 

■Str 

Mr. G. P. Styles has been made 
a director of R. K. HARRISON, 
J. L JACOBS (INSURANCE). 

■A- 

Mr. Alan L. Harman has joined 
AULT AND W1BORG GROUP as 
director of purchasing. 

Mr. C. D. Turton has been 
appointed marketing direcior. 
arnl Mr. A. A. Mason supplies 
director, of TOWN SON AND 
MERCER, a member company of 
the Plantation Holdings Group. 

it 

The UK ASSOCIATION OF 
FROZEN FOOD PRODUCERS has 
elected Mr. A. BL Coburn, manag- 
ing director of Findus, to be its 
1978-79 president He succeeds 
Mr. E. Halt 

it 

Following the death of Mr. 
W. A. V. Van Doome, Mr. BL P. 
J. H. Van Doorne has been 
appointed chairman of the super- 
visory Board of VAN DOORNE’S 
Bedrijfswwa gen fab rick DAF BV, 
Eindhoven, Holland. 


REPUBLIC OF VENEZUELA 

5 July 1978 

167th Anniversary of National independence 



VI 








• MATERIALS 


• ELECTRONICS 


EDITED BY ARTHUR BENNETT AND TED SCHQETEBS 


• MACHINE TOOLS 


New p um ps for old Growing big crystals - Spotlight 

mT USING tbe Mel bourn crystal has produced a wide ranffe of 1_ • i_ 


on 



P 


IS'i 1 


« V 

» * S2S 


Readout breaks the 


cost barrier 


COMPLETE kit to fit milling 
machines of the Bridgeport 
Series 1 type with high accuracy 
digital read-out systems has been 
brought below the £L000 level 
by Ferranti, which says that the 
increase in productivity and 
accuracy obtainable quickly pay 
for the capital cost of the equip- 
ment 

Acculin units offered have two- 
axis digital counter/display 
units, two linear measuring 
transducer units and all the 
necessary mountings to fit to the 
machine slide ways, as well as the 
electrical connectors needed. 

The digital display shows slide 
displacements relative to a pre- 


set datum along the X and 7 
axes, in 0-01 mm units preceded 
by a + or — sign to Indicate 
direction. 

Metric/inch displays can be 
provided as optional and the 
alternative then becomes a unit 
of 0.0005 ins. 

The choice of the Bridgeport 
knee-type machine was dictated 
by the fact that It is. probably 
the most widely used throughout 
Europe. 

Further details of the retrofit 
equipment from Ferranti indus- 
trial products department, 
Tbornybank Trading Estate, 
Dalkleth, Midlothian, EH22 2NG. 


Accurate work on tools 


SPARK EROSION is the only 
method of making press tools 
and dies if consistent finish and 
accuracy are demanded, accord- 
ing to Spline Gauges of Tam- 
worth, which has' just installed 
the latest Charm illes wire 
machine. 


This F40 model is controlled 
by computer-produced tape fend 
does not require electrodes. It 
is particularly suitable for intri- 
cate two-dimensional work of 
, the highest precision. 


Spline Gauges' own associate. 


Engineering Computer Services, 
prepares the driver tapes off-line 
and the company can thus keep 
the F40 virtually in continuous 
use. 

Spline Ganges says Engineering 
Computer Services could provide 
valuable assistance to companies 
who would like to use a machine 
of the advanced specification of 
the F40, but hesitate to intro- 
duce it because of the lack of 
skilled staff. 

Spline is on Tam worth 872 771; 
Charmilles on Gloucester (04922) 
4832. 


WITH THE aim of cutting the 
cost of putting electronically 
controlled blending pumps oh to 
filling station forecourts, Alan 
Pond Equipment of Harlow has 
introduced *a scheme for the 
exchange of existing Ljungman 

pump-based units with recondi- 
tioned pump bases tbat have an 
electronic control upper section. 

First contracts are with BP, 
whose dealers should save 25 per 
cent on the cost of a comparable 
new electronic pump costing 
about £2£00. 

For the past two years BP Oil 
has been gradually removing 
mechanical blenders from 770 
company-owned sites and has 
been replacing them with new 
and remodelled equipment 
About 10 per cent of these sites 
are at the moment scheduled to 
receive Alan Pond rejuvenated 
pumps. 

Main advantages offered by the 
unit which has been named Luhi 
7, are accurate metering (0.05 
per cent is claimed), the ability 
to make a price change in about 
20 seconds instead of 20 minutes 
on the mechanical models 

Lulu 7 has all its electronics 
and display panels In a simple 
cantilevered display box just 
above eye level, fixed to the side 
of a central column which sup- 
ports the fuel supply boom. The 
logic circuits are in a completely 
sealed box with which it is vir- 
tually impossible to tamper. 
Three grades can be blended and 


dispensed and operation consists 
of little more than pressing one 
of three grade buttons and the 
nozzle grip. 

Tie-programming of the pomp 
is particularly easy. To change 
the price, a key operated switch 
increments the display (at an 
adjustable speed); the display is 
brought to a halt by tbe same 
control and after pressing the 
grade button, the pump will from 
then on dispense fuel at that 
price. 

The display has the normal 
three items: transaction value, 
volume dispensed and the price 
per gallon Characters are in 
inch-high gas discharge tech- 
nology and the volume display 
has a fifth digit showing 
thousandths of a gallon. Tbe 
last transaction is always stored 
and tbe elapsed part of it can 
be retrieved In the event of a 
power failure, using battery 
back-up. 

Alan Pond Equipment hopes 
to extend business beyond its 
own sites (the group owns about 
100, with some 400 pomps) and 
those of BP. 

There are about 10,000 blend- 
ing pump units of all brands in 
use in the U.K. and the com- 
pany believes that the £600 or 
so that can be saved as an alter- 
native to acquiring neW 
electronic pumps will prove to 
be particularly attractive. 

More on Harlow 34741. 


USING the Mel bourn crystal has produced a wide MOM -of ... 

pullers designed and -manu- synthesis equipment and high niyytJSl 
factored in its own factory, pressure, crystal growth equip- DO 
Me t** Research has succeeded menL Inc l ud ed in tbe latter are « 

in growing exceptionally large the Mel bo urn rouge of crystal /*fV|TfeT|51 Til AG 
ingots of semi-conductor pullers which utilise tbe liquid vyUllf t l at M 
material. Gallium arsenide encapsulated __ Czochralski tech- 


material. uaxuum »wuoe »«**»»*« v«iuu«um K’Ararrc ns* TOnrtme an alec- 

ingots up to three, kilos, of high nique for the production of OF the Etuvpean eto> 

purity and the .desired crystal gaUium phosphate. Indium tropes Se 


H s f| Norwest 
«£i Hoist 
total capability 

01-23 S 995» J 


ft* 


nurity and the desired crystal gallium phosphate. indium IZ1 1“1* . a. -• w 

orientation ere being proceed era^. cryrtele urn elmilerl, gWJ^reU*UlBhtrf intte 

for use in microwave devices, produced. M78 nSS* identifies the 50 w 

important advance in largest groups manufacturing 

tw S. taios semiconductor technology has electronics products In Europe If JjrSllllddr 

These tatest developments enabled Metals Research to make and examines their product sales “ 

g* jg Jgy * r "" transducers 

sar s^sssk^bsk- «• Wd*™ 

and the production equipment to ,li. ,h. patties can be gauged by toelr W hi«h can take mini ulMirtrai 


> rc 


and the production equipment to tbis e^ipment over the past gSSdTrfSSonTc* 1 Kffi wbh* tak ® electrical 

make mgots.^^ _ ^ ^ ^ nths ara approaching SSJo^^ SMbn™ tS5 «¥_?? 


Arising directly from its I&) S50bn „d turn them into 

development of advanced equip- P««s with torrent estimates at stwM iani o to 1, 0 to 20 or 4 to 20 

meat for the production of high- Meals Research. 127 Horsham total worldwide electi^iopro- mA are being made and 

purity metal and semi-conductor Road^Walton on Thames, Surrey, duebon, put anywhere between marketed by Crompton 


Toxic products Inalysis 


single crystals. Metal Research Walton 40323. *100-$ 150 bn, indicating Utat the instruments. 

t companies areonnt for a ^wable ^ « Paladin- range of 

t _ ' proportion of world output. devices, is on affected by electrical 

T/wia mrtrwlurifc linOKfCIC .-This Yearbook has managed to loading or cable resistance so 

I OX1C DrOQUClS aDaiySIS Ssolate the specifically electronics that signals can be sent over 
A Jr* T * 7 activities of many of the highly several miles of unscreened tele- 

THE consul tan cv laboratories of large I*cale projects will be .diversified multi-national cor- phone cable. 

British Oxygen ' (Special Gases) carried? out, with costing on a pprations. including details Of The devices can be used 
and Stanton Redcroft have joined “ per Sample ” basis. their important subsidiaries and remotely or locally with corn- 

forces for the purposes of offer- Stanton Redcroft are specialists affiliates, which often play, a patlblo indicating instruments 
ing a new service for the in the afield of thermal analysis prominent role in the industry for monitoring, as inputs for data 
characterisation of toxic products and flammability, equipped for;*® many European countries. loggers or computers. In control 
of combustion and thermal de- the decomposition of materials ' An extensive appendix relates wor ^*, •* n ® *°r connection to 
composition- . by congmstion or beating * n i«?me 2,000 subsidiary compaoie* re £9™“*' TO .. ' 

.. A ftatoirnt tom .B0C.1W while. BOC fe their parent oreamaation*. "£*» 


loggers or computers, in control 
work, and for connection to 


tbat the joint venture is designed Analytical Services can call on. 


The range includes units for 
converting watts, volt amperes. 


GEOFFREY CHARUSH 


maed ^ considerate instrumentation S5 ”_” fe 

ntiWir- mnrprn over determine nereentaces of con- llBntiSb, seven merman voltage and power factor and 


Packs more in containers 


increased public, concern over determine percentages of coi* x pveAch ‘ mnata n iSt£rL~ 

US JT* “* SS^SJSST down “>S5 p js-S J5"3 


irk from single experiments to on 01-542 «677. sional electronics equipment 


POLLUTION 


Cuts jet test noise 


THREE UK firms lead by In- 
dustrial Acoustics Company of 
Staines, which have just been 
given tbe £Im job of building 
a silenced test facility for the 
engines of tbe Tornado, believe 
that tbe technique they have de- 
veloped will have wider applica- 
tion in civil aircraft engine 
testing and possibly in other 
static engine test applications as 
well. 


Main contractor for the NATO 
order. Industrial Acoustics Com- 
pany is responsible for the test 
bouse itself with demountable 
acoustic enclosure plus intake 
and exhaust silencers- John 
Curran of Cardiff has designed 
the overhead engine test bed 
with pre-rigged engine “wheel- 
in ” facilities and Marconi 
Avionics of Rochester is supply- 
ing tbe computerised control 
equipment 


The noise control system 
accepts the total jet efflux of 
the Turbo-Union RB199 turbofan 
in Tcfoeat condition and at- 
tenuates the noise to 65 dBA at 
200 metres. 


Apart from the very significant 
noise reduction provided, the 
system simplifies and speeds up 


the whole process of engine test- 
ing since the complete sequence 
can be programmed into the 
computer for any kind of enjpne. 

Engine data from 150 sources is 
continuously processed producing 
printed results as required and 
wanting the operator if an engine' 
is faulty, allowing him to take 
rapid action to prevent damage. 

Furthermore, testing time ' is 
reduced, saying fuel and cutting 
engine ground running .time to a 
m inim um so tbat more engine 
life is left for flight purposes. 

There are at the moment about 
150 Tornado multi-role combat 
aircraft in production and as they 
begin to come into service the 

E rny expects further orders 
a number of European air 
. Other prospects are on 
tbe 'horizon for applications in 
gas pumping in the North Sea, 
modern naval engine testing and 
oD pipeline pumping. 

But in aero engine testing and 
maintenance- TAG estimates that 
over £3 bn/ is spent annually — 
some 10 per cent of the total 
aerospace ^business — so tbat pres- 
sure for 1 more efficient and 
quieter test facilities will 
increase as time goes on. 

More on Staines 56251. 


ALTHOUGH palletisation of 
loads simplifies handling, it 
reduces the amount of cargo 
that can be put into a con- 
tainer. 

Anglia Handling Services. 
Biggleswade, Bedfordshire, has 
come up with an answer to the 
problem. It has developed a 2£ 
cwt SWL low headroom, double 
beam, underslung, hand-poshed 
crane which can be incorporated 
in the container, either when 
the container is being built or 
later. 

The main crane members 
including the beams, crab unit 
and gantry rails, are manu- 
factured from tubular steel door 
track. An adapted hand chain 
block has been built into the 
crab unit, and the gantry rails 
are designed to be fixed directly 
through the container's sides. 

A prototype has already been 


successfully installed and tested 
in a 36 ft 6 ins long ISO con- 
tainer having grp sides and an 
up and over . door. To enable 
customers to install the cranes 
with the minimum of disruption 
AHS is preparing to manu- 
facture and supply them in kit 
form. Tbe company will also 
supply purpose designed 
spreader beams and heavier ver- 
sions of tbe crane to meet 
particular customers’ specific 
requirements. 

In addition to increasing the 
number of individual loads 
which can berput into a con- 
tainer, the critae also reduces 
the driver's dependence on fork 
lift trucks ett, during loading 
and unloading. 

Anglia Handling, Bod din gt on 
Industrial Estate, Drove Road, 
Biggleswade, Beds. Biggleswade 
312125. 


wore I rum single experiment io on uiVM wu. rioaal riectTODiCS equipment. - _ r 

.consumer goods, computers and m TEX TILE S 
^ nnuuuumATiftuc 1- '■ Electronic office equipment and - 

# LUHUHuNKLA 1 1UN«9 active, passive and audio com* ^ 

Teleprinters approved macMm 

PERHAPS not unexpectedly, it the Brighton company with its 0682 41743S. „ _ , 

has been' - announced by the exports; tbe market is consider- . ONE OF the bigs 

Creed division of ITT Business able, installations in the UK - ■ meats in spinning of 

Systems that the UK designed alone having increased by 10.S • COMPONENTS was the tntroductl 

and developed model 2300 per cent to 71,586 at year enffe,^ .years ago of the it 


Teleprinters approved 


Test yarn 
machines 


electronic ^teleprinter has been ing March. The world iMrketTTV'.; 
accepted by the Post Office for For Telex equipment is estimated UJV 1 uCu!j 


accepted by the Post Office for for Telex equipment is estimated 
use on the Telex service in the by the company to be worth 
UK. £130m a year. £ r» 

It is tmatmood that, so for SE£* k «5g£*™ d . JPJH* OH tans 

as the introduction of new ? a ? systems, anywhere wAx 1(1110 

machines of this kind to the v T t . 

Telex network is concerned, the *5*2 ®*“» ***** fl WaC^ 

Sub^nfel ortera from cor- 8 0 ” 


rate in an exclusive position. The 


ONE OF the biggest develop- 
ments in spinning of textile yarns 
was the introduction about 10 
years ago of the rotor spinning 
machine which » also described 
as open-end although a number 
of other open-end systems exist 
For the manufacturer making 
this type of yam there has 
been something of a problem in 
sampling yams and In making 
small experimental lots. Now 
a small-scale rotor spinning 
machine with four positions has 


INSTRUMENTS 


• SERVICES 


Waves for most purposes Design of structures 

AN INSTRUMENT with anulica- Illuminated mish buttons allow * 


AN INSTRUMENT with applica- 
tions in many industries, the 
PSI 3151 two-phase function 
generator offers waveforms over 
an enormous range; from one 
cycle in three hours to 50,000 
cycles per second. It enables 
users to set the phase between 
functions more accurately than 
with any other similar instru- 
ment over the range 0.0005Hz to 
50kHz. 

Digitally synthesised wave- 
forms of sine, square or triangle, 
may be held at any point during 
the cycle, and then continued at 
will 


Illuminated pushbuttons allow 
easy selection of sine; square or 
trinagular outputs. Bach output 
(20V peak to peak m§£.) is fully 
controllable using coatae and fine 
attenuators. \ 


Waveforms generated are 
extremely precise. The square 
wave, for example, l^as rise and 
fall times of less th^n one micro- 
second. f 

A fully programmable version 
is available. / 

Prosser Scientific Instruments, 
Lady Lane,' Hadleigh, Suffolk, 
IP7 6DQ. 047 338 3005. 


SEAS, which is a program and remote-job entry sefoidg is 
employed to design, analyse and London united Campuwag 
certify oil and gas drilling struo Systems. * 

ET’.iLWJSSS EffiS SEAS was used recently Se 
ing areas, is available m the a major North operator^ 

.... .. _ - the design of a drilling and pro- 

Ambercrest Engineering, Hnr+Tmi rwarfnrm fnr npariv am 


drive, and hysnr Industrial ford BD7 1DP, West Yorks. TeL 
Corporation of Cadillac, 0274 33466) by Dr. Eric Dyson. 

™* uses the Czechoslovak 
i ^ BD 200 unit® and it allows a wide 
S number of variables to be 

S th? iS SS3S *PP» td - ^ take slivers from 

of the UB., Canada and Mexico. 2200 to 4000 tex and deliver a 
Kysor-Cadillac based the full package qf yarn up to 1.9 kg. 


is decision to link iqi with Dyuair The machine can produce yarn 
m on the reliability of the DynaJr at up to 65 metres per minute 
r* fan drives over bullions of miles and the rotor speeds can be 
L of fl eet opera pon. varied in steps . of 2,000 from 

W, In (he U.S. Kysor will offer a 24,000 to 40,000 rpm. The open- 
*^%250.000 miles warranty on the ing. roller, which separates toe 
product. For the first 100,000 Individual fibres, can be varied 


V ’ ■ ' 


autonomous British subsidiary milcSL or first year. Jvysor wiU in steps of 1,000 from 4.000 to^ 

*««* °* water to carry 2d.ooo tons rnwp t h P .•nninut* unit, lnhnur mnfm .nm null it ic nnocihlo In 


of Petro-Marine Engineering, of ^MratiMal load ThlTdestan co « r wutolete unit, labour 10,000 rpm and it is possible to 
M,.. n.u.nr ...hiAkHuionnH i» ot operational loan, ine nesign an d nartsr fruAthe tiaxi iso.oon tK« (mm u»ti« -ic 


New Orleans, which designed it. tocluded fatieS an «f pai ^ : fc ' rXthe vary the draft from as little as 

has introduced the system as £?alvrii ■ mSStoB sS milTO,_o^second year^Kysor will 36 up to a maximum of 225. The 
part of the consultancy service ana iv.<ris wave loaA •mO min 


part of the consultancy service offer replacement parts— a much mac hine has initially been built 

which it has provided to the UK fn» P r.frtin^P^ ^ ^ more liberal warranty than is with four beads but it cm be 

offshore oil industry since 1976. mier acuoa eic - currently Available -on any other constructed with any number 

Operating the system for LUCS at 39. Gordon Square. fa n clutch ya tbe market place. f rom only one to a maximum of 
Ambercrest as a time-sharing London. WC1H 0PD. Dynair ispn Nailsworih 2361. 10. 



CONTRACTS AND TENDERS 


INTERVENTION 


BOARD FOR — 


REPUBLIC OF THE PHILIPPINES 
NATIONAL POWER CORPORATION 
MANILA 


Arab International Bank 
Cairo, Egypt. 


SCOTTISH DEVELOPMENT 
DEPARTMENT 


AGRICULTURAL 


PRODUCE 


INVITATION FOB TENDERS 


SEALED TENDERS In triplicate, plainly marked TENDER FOR (indicate appropriate 
Lot and/or Schedule/s covered by Tender to be submitted): 


LOT n— 


LOT V— 


Schedule I: 
Schedule II: 


Schedule DI: 


Schedule IV: 
Schedule V: 
Schedule VI: 


MANUFACTURING, SUPPLY, INSTALLATION AND TESTING OF 
MECHANICAL EQUIPMENT consisting of turbines and governors, 
spherical valves, drainage and cooling system, flap gates, compressed air 
system, oil purification system, emergency generator, workshop tools and 
equipment, and water treatment system. 

MANUFACTURING. feUPPLY, INSTALLATION AND TESTING OF 
ELECTRICAL EQUIPMENT consisting of: 

Generators and 13.8 KV Generator Accessory Equipment 
13.8 KV/0.48 KV Station Service Substation in the Cavern, Lew Voltage 
A.C. Distribution System in the Cavern, D.C Equipment in the Cavern. 
4.16 KV Feeder from the Cavern to the Dam and Spillway, Unit Control 
Panels, Instrumentation and Control, Low Voltage A.C. and D.C. System 
in the Service Building, and Transformer Workshop Equipment 

Grounding System in the Cavern and Cable Shaft, Illumination in the 
Cavern, A.C. Electric Installation in the Motor Pool Building, A.C. Electric 
Installation in the Access-Shaft Building, A.C. Electric Installation in the 
Dam and Intake Zones. Communication System, Clock System, Cable Ducts 
and Cable Shaft, and Outdoor Lighting System for toe Surface Structures. 
Step-up Power Tr ansf ormer. 

138 KV Switchyard. 

138 KV Transmission Line. 


Invitation for 

Pre-qualification 

for General Contractors. 


LONDON-EDINBURGE-THURSO 


TRUNK ROAD^A9 


INVITATION TO 

\tendek 


The ALB. Center^ an 
Egyptian Pubfic Law 43 project 
created by Arab International 
Bank. The Prcgect is located near 
the ccoter of Cairo and consists of 
one 750-room hotel, one 20-stary 
ofBce brikSng and two 32^toty 

apanliiiaithrildi^ ggallrr'fe- - . 

connected by a 5-«toiy mixed use 


for the FOURTH MINDANAO POWER PROJECT (AGUS IV). MINDANAO, 
PHILIPPINES, will be received at the Office of toe National Power Corporation, 161 
Bonifacio Drive, Port Area, Manila, until 10.00 a.m. on September 14, 1978, and then 
publicly opened. 

Lot II shall be tendered as a lot For Lot V. a tenderer may tender on one or more 
schedules. Separate award of contract will be made for Lot H and for each schedule 
in Lot V. 

Tender Documents, including Confidential Statement for Determining Tenderer’s 
Responsibility form are available for Issue at the office of toe National Power Corporation. 
Prospective tenderers win be issued tender documents by Lot upon application and 
payment of Six Hundred Pesos (P600D0) per set which will not be refunded. 

For tbe information and guidance of those concerned, the National Power Corporation 
bas entered into an agreement with the Asian Development Bank for a loan in various 
currencies toward the cost of toe Fourth Mindanao Power Project It is intended that a 
portion of the proceeds of this loan will be applied to payments of foreign currency cost 
under toe contract/s far which this invitation for bids is issued. Procurement under 6ucb 
contract/ s is, however, limited to procurement In member countries of the Asian 
Development Bank and Luxembourg of goods and services In such member countries. 
Payments by the Asian Development Bank will be made only upon approval of the Asian 
Development Bank of an application presented by toe National Power Corporation in 
accordance with the terms and conditions of toe Loan Agreement and will be subject in 
all respects to the terms and conditions of that Agreement: 

Tenders must be accompanied by a proposal bond in toe form of cash or certified 
cheque or certificate of fixed deposits issued by a reputable banking institution or an 
accepted bank draft against any local bank issued by a duly licensed and authorised 
domestic bonding company in favour of the National Power Corporation or an appropriate 
guarantee by a foreign banking institution, acceptable to the National Power Corporation, 
in toe currency of the tenderer's country or in Philippine pesos, in an amount equal to 
two per cent (2%) of the Total Tender Price of each Lot or each schedule/s. 

Tenders must also be accompanied by triplicate copies of the Tenderer's Confidential 
Statement in the forms furnished, duly accomplished and complete with all supporting 
documents required. 

Tenderers are requested to be present at toe time and date above stated, when the 
tenders will be opened. 

The right is reserved, as toe interest of the Corporation may require, to reject any or 
all tenders, to waive any minor informality In toe tender received, and to accept such 
tender which is toe lowest and/or most advantageous to toe National Power Corporation. 

Additional information may be furnished upon request. 

Address all communications to “The President National Power Corporation. P.O. 

Box 2123, Anda Circle, Port Area, Manila, Philtipines.” 


praaomately 245, 000 square 
meters of reinforced concrete - 
construction. . 

Tbe co ntr acto r s who are 
quaSfiedwillbe expected tapab- 
mit a firm price tender far tbe' 
stroctnrat elements, and general 
conditions for the entire prpj At 
and submit a percentage fee fcr 
theacoeptanceofaasigniiMiffiby 
tbe owner ofsobcootractdrs^br 

the entire prqjecL Site excava- 
tion work and the installation of 
piling has commenced. Structural 
drawings and speafications^re 
complete. The remainder c| the 
construction documents be 
completed by mid 1978. 5 

Prospective general dfo- 
tractors pre- qualification tender 
must contain the following 


and are of successfully com- 
pleted projects and year 
compl ete d. 

6. Number oflngbnseboikfings 

completed worldwide to- 
. getherwitha brief descrip- 
tion of at least four major 
bandings. 

7. Number and description of 

I projected comparable sue 

succ ess f ull y com p leted and 
year completed 

8. List of cSents tor -whom pre- 
vioos projects of similar size 

• have been successfully com- 
jdeted with the name and 
title of represe nta t i ves 
who can be contacted as 
refe rence s. 

9. History of hooding relations 
on similar sized prqjectsfbr 
tbe past 5-7 years. 

10. Sources d construction 
materials and the number and 
types of equipment for tbe 
concrete structure. 

Rre-quaEfication tenders will be 
received no later than July 18, 
1978 by: 


PITLOCHRY BYPASS PHASE 1 

.s 

The Secretary of State for Scotland proposes to invite tenders 
from experienced contractors for the construction of the above 
section of trunk road, extending from a j^oint north of Tynreich 
for a distance of approximately 8km to*a point south of East 
Lodge Faskally. i 


The construction is of some 4kms of 'dual 7.3m carriageway 
and 4kms of single 7.3m carriageway in^either flexible or rigid 
pavement The scheme includes the ■excavation of approxi- 
mately 750,000 cubic metres together #th the importation of 
approximately 250.000 cubic metres of ^pterial. Also included 
is the construction of five bridges (two road over river, one 
road over rail and two road over road)&5ide road connections; 
drainage and other ancillary -works. Approximate cost of the 
works is £8.5m. X 


Tenders are .invited for the. 
urgent supply and delivery .eif 
from any EEC port of 10,000 
tonnes of durum wheat tO:be 
supplied in bulk as Uhited 
Kingdom National Food Aid 
to the Government of Tan- 
zania. Tbe wheat is to be 
loaded Into one vessel and 
delivered to the port of Dar- 
es'Sai&am as soon as possible^ 


Contractors wishing to be considered Sir 'inclusion in the list 
of firms to be invited to tender for this contract should apply 
to toe Secretary, Scottish Development Department, NCR 
Building, 2 Roseburn Gardens. Edinburg* EH 12 5NJ, not lafer 
than 28 July 1978, quoting reference BEF/S/5/L Thereafter, 
invitations to tender will be extended^) selected contractors 
and toe necessary tender documents land drawings will be 
issued by Jamieson Mackay and ^Partners, Consulting 
Engineers. 20 Royal Terrace, Glasgow «3 7NY. 


Engineers. 20 Royal Terrace. 


Tbe intention is that tendering should 
of proven capacity and experience whd 
a position to submit genuinely competifi 
who because of other commitments, ok 
do not apply to be considered for thesl 
way prejudice their eligibility for re 
similar contracts. 1 


ibe restricted to firm’s 
|kt the time will be in 
re tenders. Contractors 
;for any other reason, 
-works will not in any 
iside ration for future 


The allowance for the supply 
and transportation costs of the 
grain, will be. determined' on 
examination of the tenders. 
Delivery terms embodied in a 
notice of - invitation to tender 
together with tendering forms** 
may be obtained from Branch < 
B (Cereals), Internal Market*^ 
Division, Intervention Board ^ 
for Agricultural Produce, 2 Jr 
West Mail, Reading (Tel:<fj 
Reading 583828). • Tenders 
must be submitted by 12 noon!* 
Tuesday lith July 1978 to: 



2. Certified year-end financial 
statement and a current 
applicable balance sbe£L 

2. A synopsis of persondri of 
the assodationincludpgcur- 
riciila vitae of the top officers. 

3. Names, tides, experience in 
construction in general and 
experience in the Middle 

East of senior staff who are 
currently in your employ and 
who wiH be assigned to the 
project ; 

4. Number and titles of senior 
Staff people who wili be ob- 
tained from other sources 
and the sources thereof. 

5. Company experiences! the . 

. Middle East, if any, fwtnrfmg 
specifically the numbfer; type 


Arab International Bank 
%Mc. W B. Lnster 
50 Gomoxhia Street 
Caro, Egypt 
Phone: 935744 
Telex: 9-2079 


This scheme has also been advertised f 
the Official Journal of the European G 


□ugh- the medium of 
imunlties. 


■ ^MQME GROWN 
. ^CEREALS AUTHORITY 


unn5*A j 

SjBferau 

H^rcfau- 

r^ng 


Hamlyn House, Highgate Hill, 
7 London N19 5PR 


Drawings may bereviewed at the 
following places: 


Intervention Board for Agricultural Produce 


INVITATION TO TENDER 


CLASSIFIED, 
ADVERT is&MENT 


GeraldD. Hines Interests 
2100 Post Oak Tbwer 
Houston, Tferas 77056 
U.SJL 

Phone: 713/621-8000 
Tidex: 910/881-5468 

GJ). HINES HOU 


Tenders are invited for the immediate, supply and delivery 
cjiJ. from any EEC port of 2,350 tonnes of bagged round 
grain milled, rice destined as United ^Kingdom national food 
aid to the Government of Guinea, Bissau. Each new or good 
quality second-hand jute bag shall contain no more than 50 kg 
of nee and be marked in characters of . no less than five 
centimetres in height “ Food Aid Gif ttof Rice from the United 
Kingdom. The nee is to be loaded inione vessel and delivered 
without delay to the port of Bissau. 


RATES 


CinmerManttfMtiiiL .. ^ „„ 

ffinfmeainr 

Opponmrtrtw. QKPOMttm 
Lmh Production 

-jforsSe/Wmted 343 M.W> 

Education. Motors 
Contracts a Tendon, 

Personal, Gardening - *-3 13.00 

Howta and Travel ~ *3 10.00 

Book PuMtsten 

. Minim a wdHaH available 
{Mlalmtim aln « column cm*) 
ELS par staple eatama cm axtra) 

For farther datolls write ro; 

. .-.Classified Advertisement 
Manager, 

Financial* Times, 

10, Cannon Street EC4P 4BY. 


.. . StROi* 
Per cob ww 
Una . cm. 

£ i 


Skidmore. Owings&Menfil/ 
AENassar 

22 Hussein Rostran Street 
DoUd. Cairo, Egypt 


The allowance for toe supply and transportation costs of toe' 
grain will be . determined on examination of the Tenders. 


j. U. JOVELLANOS, Sr. Vice-President. Engineering: 


CONTRACTS AND TENDERS 
. Bate; £13.00 

per single column centimetre 
For further details contact: 
FRANCIS PHILLIP S on 01-248 8000 Ext. 456 


Delivery terms embodied in a Notice: of Invitation to Tender 
together with Tendering Forms may be obtained from 
Branch B, Internal Market Division. 'Intervention Board tor 
A^icultural Produce. 2 West Mall, Reading. (Tel: Reading 
*83626.) Tenders must be submitted by 12 noon, Tuesday, 
11th July, 1978, to: _ . 


HOME GROWN CEREALS AUTHORITY, . 
Hamlyn House, Highgate Hill, London N19 5PR_ 


vV-,, : ' i. 




) 

j 




7 


•«r .iv,. 




viyi 

™?'S 

^Uirj A 

—-W— V., \ 



Financial Times Monday July 3 1978 

^Transparent 

I Hi Paper 

" t | Limited 



fc| rii'af 

“fc'lui* 


GENERAL OUTLOOK 


(£) Statistical Material Copyright Taylor Nelson 'Group Ltd, 


’ V^' u — _ 

“ A * u.,.s 

^ y iii'w 

CliMios 


Export sales 
at record levels 

Extracts from Lord Kenyon's Statement: 

Although the Group's earnings before Tax of £1,145,419 for 
8 "* St ^ pr ^» 1978 show a decline from last year's 

record figure this cannot be regarded as an unsatisfactory 
result, bearing in mind the events of a year which brought 
more than a fair share of troubles and, in particular, manufac- 
turing difficulties during the first six months, arising from 
e ective wood pulp from a source which had hitherto proved 

consistent and reliable. 

Record levels of sales and of exports were achieved, despite a 
recession of trade and pressures on prices in many parts of the 
world, and a dull market at home since June of last year. No 
really encouraging signs are yet evident of any substantial 
improvement, although export trade is becoming more active 
in certain countries, except Western Continental Europe where 
the marketfor packaging film remains depressed. 

Continuing Capital Expansion 

The prices of our raw materials have remained more stable than 
for some time past, with the exception of a massive increase of 
29?<j in the price of North Sea Gas. This unexpected increase 
has caused the deferment of certain capital projects. Never- 
theless capital expenditure has continued at a significant level, 
no less than £1.75 million being undertaken during the year, to 
make a total of £6.5 million from the Company's own resources 
in the last five years. 

Technical Development 

The programme of modernisation and re-equipment, designed 
to broaden the base of the Company's activities, is now 
virtually completed. The emphasis of future such expenditure 
will be on technical development, and plans for a new 
Research Laboratorybiockarewelladvanced. 

At a time when we are told on all sides that the oil, from which 
plastic films are derived, will be exhausted, or at least scarce, 
well before the end of the century, it is worth remembering that 
cellulose film is manufactured from WOOD, a perpetually 
renewable natural resource, which is totally free from adverse 
influence upon our environment. 

The Company believes itself to be well placed in its market as 
well as being equipped to take advantage of any improvement 
which may arise in the present stagnant economic climate. 

Principal Activities. 

The Company manufactures and converts transparent 
cellulose and plastic film. The products are used in 
' particular as immediate wrappings by 
the confectionery . tobacco, biscuit, y’ 

bakery and snack food trades, and for / 

textiles and pharmaceuticals, together / 

with many similar uses. / 


HAM, SIMS & COGGINS LIMITED 

7 i 

Another Record Year 

Summary of Results 


Companies more cheerful 


GENERAL BUSINESS SITUATION 


4 monthly moving total 


THE DECLINE in business 
confidence over the previous 
five months ended in the latest 
period, although it is too early 
to say whether this improve- 
ment represents a genuine 
reversal of the downward trend 
or is simply due to a sampling 
fluctuation. 

The signs of optimism about 
companies* own operations were 
not carried through intu their 
feelings about the outlook for 
the UK economy. This index 
continued to fall steeply. 

The divergent trends are 
reconciled by an improvement 
in companies hopes for exports. 


Deliveries 


The greater optimism of the 
industries in June’s survey— 
non-electrical engineering: 
chemical and oil: and shipping 
and transport-connected indus- 
tries — meant the weighted index 
recovered the ground lost last 
month. 

Other hopeful signs were 


Are you more or less optimistic about Mar.- Feb.- 

your company *5 prospects than you were June May 

four months ago /o % 

• More optimistic 37 30 

Neutral 43 44 

Less optimistic 20 26 

No answer — — 

EXPORT PROSPECTS (Weighted by exports) 


June 1978 

Eng'g. Shipping 

{non- Chems. ft 

elec.) & Oils Transport 

0/ Of 0/ 

JO tO fO 


fefeuzrf'OpWDm 
I l I l I 

1973 T* '75 '76 *77 ’78 


ORDERS AND OUTPUT 

Expectations decline 


that both the engineering and 



4 monthly moving total 


June 1978 

more inclined to expect smaller 
increases in hourly wage rates 
over the next 12 ’months than 

Over the next 12 months exports will be: 

Mar.- 

june 

Of 

to 

Feb.- 

May 

% 

Jan.- 

&P r * 

/o 

Dec- 

Mar. 

% 

Eng’g. 

(non- 

elec.) 

% 

Shipping 
Chems. & 

& Oils Transport 

o* o> 

/ a /a 

they had been when previously 


Higher 

76 

69 

75 

n 

99 

100 65 

ary, and they also expected 


Same 

14 

16 

13 

9 

— 

— 30 

smaller increases in prices than 

v 

Lower 

9 

12 

9 

11 

1 

— 5 

they did then. 


Don’t know 

1 

3 

3 

3 

— 

— — 


NEW ORDERS 


4 monthly moving total 


June 1978 


The trend of new orders 
4 months is : 

in the last 

Mar.- 

June 

% 

Feb.- 

May 

% 

Jan.- 

T- 

/a 

Dec- 

Mar. 

O/ 

/o 

Eng'g. 

(non- 

elcc.) 

O' 

to 

Shipping 
Chems. & 

& Oils Transport 

o' o/ 

to to 


ALL THREE SECTORS sur- 
veyed last month were less 
hopeful over their turnover 
prospects tban they had been 
when previously surveyed. 
Order books slipped back from 
their previous high levels and 
there was a slight drop in the 
index for recent deliveries. 

The chemical and oil and 
shipping and transport sectors 
were more inclined than they 
had been last February to report 
increased orders while the 
engineering group, although 
still prone to report increased 


Order 

Books 


Bate ritytW Bans' 

i i » » I 

"1973 *7i '75 '76 *77 *78 


orders, was less encouraged to 
do so than it had been four 
months ago; The net result is 
virtually no change in the new 
orders index. 

The index for the median 
expected increase in turnover 
in the next 12 months dropped 
back from 4.9 per cent to 4.5 
per cent. There was also a 
slight deterioration in the 
balance indicator showing the 
difference between the percen- 
tage of companies expecting 
turnover in volume turns to 
increase and those expecting it 
to decrease. 


Same 

27 

32 

28 

29 

32 

28 

18 

Down 

13 

14 

11 

10 

6 

21 

17 

No answer 

16 

10 

12 

S 

6 

30 

6 


PRODUCTION/SALES TURNOVER 


4 monthly moving total 


June 1978 


Those expecting production /sales turn- 
over in the next 12 months to : 

Mar.- 

June 

% 

Feb.- 

May 

% 

Jan.- 

Apr. 

>o 

Dec- 

Mar. 

Of 

to 

E«S’g- 

(non- 

elec.) 

O/ 

/O 

Chems. 
& Oils 

O' 

to 

Shipping 

& 

Transport 

0/ 

to 

Rise over 20% 

3 

3 

5 

6 

5 

— 

— 

Rise 15-19% 

1 

1 

4 

4 

— 

— 

— 

Rise 10-14% 

Rise 5-9% 
About the same 

12 

26 

49 

9 

32 

45 

12 

23 

48 

9 

25 

48 

26 

6 

63 

26 

26 

48 

4 

78 


Fall 5-9% 
No comment 


CAPACITY AND STOCKS 

Increases not planned 


STOCKS 


4 monthly moving total 

Mar.- Feb.- Jan.- Dec- 
June May Apr. Mar. 


Year ended 31st January 

1978 

1977 

1976 


£000 

£000 

£000 

Turnover 

3,917 

3,101 

2,415 

Profit before tax 

320 / 

213 

138 

Profit after Tax 

258/ 

174 

64 

Earnings per share 

12.78k/ 

8.57p 

3J7p 

Ord. dividend per 5p share 




(gross equivalent) 

l.86p 

l.69p 

l.56p 


THE SURVEY provides evi- 
dence that the strong increase 
in the level of manufacturers’ 
stocks in recent months was 
forced rather than willed. Both 
the chemical and oil sector 
and shipping and transport- 
connected industries said their 
stock levels were too high. 

Although this feeling was 
partly offset by the reactions 
nf the engineering group, the 
index of stock levels, reflecting 
the balance of companies who 
felt their Stocks were too high 
over- those Vho felt they were 
'ton low, continued to move 
upwards. It now stands near the 
levels reached Vist September. 

capacity Working 


" n" " 1 com P an i es * despite the high 

level of unemployment Short- 
Factors ATTOGtOlg ages 0 f skilled factory staff were 
™ Production - fairly frequently mentioned in 

both the engineering and chemi- 
cal and oil sectors. 

However, this constraint was 
felt to affect output levels less 
than in previous months. And 
both executive staff and manual 
labour was mentioned less fre- 
quently as a factor affecting 
production. 

Accordingly the Index reflect- 
ing the balance between supply 
and demand as constraining 
Labour recruitment difficul- factors on production moved 
tics continued to worry some further in the demand direction. 



4 monthly moving total 


June 1973 

Eng'g. Shipping 

{non- Chems. & 
elec) & Oils Transport 


Raw materials and components over the June May Apr. M 

next 12 months will : % % % ' 

Increase 34 30 40 ‘ 

Stay about the same 45 47 42 * 

Decrease 17 19 1 6 ] 

No comments 4 4 2 

Manufactured goods over the next 12 
months will : 

Increase 31 28 30 : 

Stay about the same 40 37 38 < 

Decrease 10 10 10 1 

FACTORS CURRENTLY AFFECTING PRODUCTION 

4 monthly moving total 


Mar.- Feb.- Jan.- Dec- 
June May Apr. Mar. 

_% % % % 

8 6 8 6 85 86 

6 5 68 63 61 

2 4 28 29 3 0 

42 4 1 4 3 4 2 

14 19 17 13 

2 4 4 5 

3 4 3 5 


11 11 14 15 


— — 18 


June 1978 

Eng'g. Shipping 

( non- Chems. & 
dec) & Oils Transport 
% % % 

37 51 — 

_SS 47 44 

2 2 50 


June 1978 . 

Eng’g. Shipping 

( non- Chems. & 
elcc) & Oils Transport 


Highlights from the Statement by Mr. 7 Ale c Coggins (Chairman): 

if Group sales and pre-tax profits up 26% and 50% 
respectively. 

if Dividend maximum permitted. 

if Revaluation of buildings adds £150,000 to Group 
assets, which now total £1,149,000. 

if Manufacturing company Has made an encouraging 
start to the current year, whilst SIMLAM’s sales are 
running at same level as last year. 

Addressing the meeting the Chairman confirmed that the company 
expected to make further gains this year and added — 

It is proposed to raise additional permanent capital to 
finance future expansion and this yill be done by way of 
a I for 6 Rights Issue at 36p per share. 

MANUFACTURERS AND DISTRIBUTORS OF SPORTS FOOTWEAR 


Above target capacity 


Planned output 


Below target capacity 


No answer 


TO — 


57 67 


32 33 


Home orders 

Export orders 

Executive staff 

Skilled factory staff 

Manual Labour 

Components 

Raw materials 


Production capacity (plant) 


Finance 


Others 


Labour disputes 


No answer /no factor 


92 

100 

56 

84 

74 

69 

— 

21 

— 

49 

62 

4' 

— - 

— 

17 


— — 4 



INVESTMENT AND LABOUR 

Job prospects dull 


LABOUR REQUIREMENTS (Weighted by employment) 



THE PROSPECTS for unem- 
ployment remain pretty bleak 
as all three sectors interviewed 
this month were less inclined 
to expect an increase in their 
labour force in the next 12 
months than they had been last 
February. Consequently, the 
labour requirements indicator 
has slipped back even further 
and there is only a small net 
balance projecting a rise in the 
number of employees. The 
potential cost of redundancy 
payments seems to have become 
more important as an influence 
on the number of employees 
among companies in the engin- 


Labour 

Requirements 


BibKBfnpHld 


1973 '74 ’75 '76 '77 *78 


ecring, and chemical and oil 
sectors. 

Industry is. however, confident 
about its investment plans with 
both the chemical and oil. and 
the shipping and transport 
sectors more inclined to project 
a rise in expenditure in the last 
12 months than when previously 
surveyed. So there is a market 
rise in the overall investment 
indicator. 

All three sectors were more 
inclined than before to say 
their liquidity levels were too 
high and to expect to use bank 
overdrafts to finance their 
expenditure over the next 12 
months. 



4 monthly moving total 

June 1978 

Those expecting their labour force over 
the next 12 months to : 

Mar.- 

June 

% 

Fcb.- 

May 

o/ 

to 

Jan.- 

Apr. 

% 

Dec- 

Mar. 

O/ 

/O 

Eng’g. Shipping 

(non- Chems. & 

dec) & Oils Transport 

% % % 

Increase 

Stay about the same 
Decrease 

24 

29 

52 

19 

28 

30 

8 — — 

80 100 34 

12 — 66 

20 

15 

14 


CAPITAL INVESTMENT (Weighted by capital expenditure) 


Those expecting capital expenditure over 

the next 12 months to ; 

Increase in volume 

Increase in value 

but not in volume 

Stay about the same 

Decreas e 

No comment 


4 monthly moving total 

Eng'g. 

Mar.- Feb.- Jan.- Dec.- ( non- 
June May Apr. Mar. elec) 

o/ o/ of o/ c/ 

to /o to 76 /o 

62 54 55 53 67 


June 1978 

Shipping 
Chems. & 
ft Oils Transport 

% % 

81 56 

16 15 

3 3 

— 26 


COSTS AND PROFIT MARGINS 

Optimism about inflation 


COSTS 


IT'S FOR PEOPLE IN A HURRY- 
SO WHY WAIT? 


New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every 
Saturday. 

Advertisement rate: 

£14.00 per single column centimetre. 

Contact Simon Hicks at the 
Financial Times. Bracken House, 

10 Cannon Street. London EC4P 4BY 
Tel: 01-248 5115 


FINANCIAL TIMES 
ONSATURDAY- 
THE FIRST OF THE SUNDAYS 


INDUSTRY REMAINS rela- 
tively optimistic about inflation 
over' the next year. Both the 
engineering, and the chemical 
and oil sectors were more 


4 monthly moving total 


June 1978 



inclined to expect smaller 
increases in wage rates over 
the next 12 months than when 
last surveyed in February, so 
this indicator slipped back. All 
three sectors covered this 
month lake a more optimistic 
view of Ute likely rise in unit 


costs and there has been a 
further small drop in the level 
of projected price rises. 

A striking feature of the 
latest survey is the increase in 
the percentage of companies 
expecting an improvement in 
profit margins over the next 
year. A more positive attitude 
from both chemical and oil, and 
shipping and transport com- 
panies has only been offset 
slightly by a more negative 
outlook from the engineering 
sector. Consequently there is 
now. for the first time since last 
year, a net balance of companies 
looking far an Increase in 
margins. 

These surveys, which are car- 
ried out for the Financial Times 
by the Taylor Nelson Group, are 
based upon extensive interviews 
with top executives. 

Three sectors and some 30 
companies arc covered in turn 
every m«nth. They are drawn 
from a sample based upnr. 
the FT- Actuaries’ Index, which 
accounts for about 60 per cent 
of the turnover of all public 


Wages rise by : 


companies. The weighting is 
by market capitalisation, save 
where alternative methods of 
weighting are cited. 

The ail-industry figures are 


Volume of 
Purchases 


Unit cost rise by : 


5- 9% 
10-14 % 
15-19% 
20-24% 
No answer 

0-4% 

5-9% 

10-14% 

1W9%_ 

20-24% 
Decrease 
No answer 


Mar.- 

June 

% 

Feb- 

May 

O' 

to 

Jan.- 

Apr. 

_J£_ 

Dec- 

Mar. 

w 

to 

Eng’g. 

(non- 

elec) 

% 

Chems. 
& Oils 

Shipping 

ft 

Transport 

% 

19 

12 

9 

10 

6 

42 

— 

64 

66 

67 

64 

94 

53 

52 

9 

12 

13 

n 



5 

4 


— — 44 


PROFIT MARGINS 


1 kterfRtertfc'nritaB 

25,'-! 1 1 I I 

1974 1975 1976 1977 1978 

four-monthly moving totals 
covering some 120 companies in 
11 industrial sectors (mechani- 
cal engineering is surveyed 
every - second month). Complete 
tables can be purchased from 
Taylor Nelson and Associates. 


4 monthly moving total 


June 1978 


Those expecting profit margins over the 
next 12 months to : 

Improve 

Remain the same 

Contract 

No comment 


__ , Eng’g. Shipping 

Mar.- Feb.- Jan.- Dec- (non- Chens*. & 

June May Apr. Mar. elec.) & Oils Transport 

% % % % % % % 


45 

48 

44 

28 

10 

17 

27 

21 

21 

— 

21 

18 












InMii 






some 7.000 sq It tif storage space, j 

This Latest eonttafit briWJ0»rJtOuK12Sulal 


Wimpey in a major 
Guildford project 


Apartments 
in Dubai 
take shape 


main 35-storey Trade Centre 
Tower. Eaeh of the apartment 
blocks have identical floor plans, 
with 12 apartments per floor, in 
a mixture of one, two and three- 
bedroom units? * 

Work commenced on the apart 


This Latest contract brings jhfcr JhiltlKlOl 
vain*?! work In hand for Meg* ./ 
by Bonds to ^6.7m. ^ 

In London’s Gracechurcb 
Street,. Bovis is to extend the 


Stores and 


bank work 


by Bovis 


FihTfi g yna j <rr stare — r - -- - — — — 

an9 r t to be built by Bovis for the Tesco tbail iM sq ft of space on four hectare industrial park *nd wwo 
Sfjgft Group since the beginning of the new £“ ship at SantivaniT l« eeataal 

EiiSKed year is for a £7*M»0 twtHrtorey b _uildfa ? _and i afuU «yiron- ^ carried out by 


of Industry 

CRENDON 


prcco^-t concrete 


btreet,. isovis is to exranu un a-* • 

premises of the Australia liy | O 


New Zealand . Banking Group 

under a £800,000 award. planning AND engineering 

The work will provide an adift* work for a new 2,000 


,o take shape =^"£“3 SS»SK£SStfs5 

of new work awarded to Wimpey JfSE** elaSitm? 'Sid BERNARD SUNLEY AND SONS 500 apartments will be handed S ?£f^ e ftJ^5 e 2L«>O t ^VoE -xistife Trtmtace wUiSairey, for the Corporation de 


Improving 


in Guildford for MEPC, first new F hand over the first of the- 500 November. jSZT » tJEZr 

major shopping centre project Architect s are Sidney Kay apartments of the Dubai Inter- As well as the construction of including in-store oakery^ 

5^«S52?& 55»“SS hs-L' «&*>_■ s- “H* ss-ss^j-s., JS SSL fir-SU: £££ 


surrey, tor xnc uon»w«*»,;ue , ■» , 

Sessrrallo de Cochabamba fhp WStlPf 
fCORDECOV a development Ulv tv ulVi 


to be started Britain this y^r ^engineers Ofe Arup and £^kt toe^endSf ^ to S^onSbte toTthe^^ple^ MWg^Wjlp-P— k. areas 

Worth £10$m, the contract Partners- ^h e Ruler of Dubai. fur nishing. and cold rooms, 

covers the provision of the The £lm award to Maidstone ' The apartments are built in Architects for the project are When b uildin g has been corn- 
centre together with offices and branch of . Wimpey comprises two 15-storey blocks and one 14- John B_ Harris and Partners and pleted. the exis ting store urtll be 

a local authority residential two contracts, toe first of which storey tower on the Trade WidneU and Trollope are the refurbished to give about Z'.mKJ 

block and preliminary work on is for £558,000. covering the Centre site 250 metres from the quantity surveyors. sq ft of sales area in total with 

the development, which will fitting out of a retail grocery 


fCORDECO) , a development 
body formed by the Bolivian Gov- - .... 

'6rnment for the area. S»lJITTTl V ' J 

-w-T • i . Sited some 30 km south-west 

HAllCina nv of the City of Cochabamba, the LEMON AND BL1ZARD of 

JL JL%f UoJLU£^ Wj complex will include an auto- Southampton- have - been 

T « motive foundry and forge as well appointed by the Water Develop- 

I /wifi I Qina as a vehicle assembly plant. It la meat Department of the Govern- 

tl UBIlil JUftllifc also planned to move industries meat of Cyprus to design and 

a car contract to build 256 f™ 111 Cochabamba to the pro- supervise the construction of the 
dwelltags m a ' “gr£n Arid- ***** industrial estate. tort stage of the Nicosia water 

adjacent to Halifax Road. Roch- ... The township will, it « antid- »*pwy Khenie< 

si&sfcf bM ° awardei & ss3r y a ““° m 

, W ®S “ SMLSSK SWffSSiS Si of*pip£ 


include a 14,400 square foot store for Allied Suppliers (Pro- 
shopping complex on two levels, perties) in Gillingham. 


has begun. This will ultimately 
provide 51 shop units. 


This will provide a large unit 
the Hempstead Valley 


Rising from its roof level will 

be a M,000 square foot office shopping centre which is part of 


block and arts centre and the the Federated Homes develop- 
residential unit will contain 60 ment, where Wimpey is carrying 


its. out work valued at a total of over 

Provision of a new central bus £7m. 

?° d ®2Li jHLJP Most of the operations in this 



station and of a link to an n * +j, e operations in this 

existing IJlOO space car park wiU 

have considerable impact on the 8163 should be completed by the 


centre of the city, which is end of the current year. It is 
already one of the major shop- anticipated. 




•* >v-/ .7^ ' * 


ping centoes in Surrey with its Xhe second job is worth 
catchment area of around .... 

600,000 people. £515,000 and has been placed by 

. . _ _ Thanet District Council for the 

MEPC has already concluded . 

half +V.Q modernisation of 120 local 


arrangements for over half the 


space, though completion is still authority, dwellings at Dane 
some two years away. Valley Road, Margate. 


Sir R. McAlpine wins 
£8|m contract 


A START -is to be made in Sep- already been earmarked for 
tember on the construction of Maries and Spencer, Boots, Wool- 
an Arndale shopping centre in worths, British Home Stores 
Terminus Road, Eastbourne, and Sainsbury. Completion is 
Sussex. planned for August, 1980. 


The £8}m contract for the 


The consultant architect for 






Housing by 
Jojhn Laing 


for tin 
RochdS 
will in 
two bi 
accomj 
elderls 
in five 
be lit 
At I 


Metropolitan Borough of fcm with CONNAL SRL, w*U 55K iH 

Se, is to start soon and Undertake economic studies, pro- hraek-Drtgauretanh. The work lv 
lude 135 house, 86 > flats, pare planning and engineering t^tor^SetiSn ia l^of 
Igalows and 33 sheltered Proposals, and formulate an ^ lu 

todation flats for the: organisational and admiotstra- ■ ’ 


The flats will be built tire svstem for the proposed 
locks and the houses will-' development 


locks and the houses will 
paces. 

khouse. West Yorkshire, 


IN BRIEF 


‘jit*. 


At Btfgbouse. west YorKSture,-.«-« . • « 

Laing Ifeto build 111 bonus QpfnFIP^ 111 

the Metro oolitan Borough of.JL ttLlUliw AAA 


the Metropolitan Borough of. 

Calderthde. This contract 
worth £980,000. IVI 1 llOTl 

Anothmr housing award, worth’ iTAUlUll 
£440.000, B for 40 homes, mavnly w-r 
for the elderly, for North amp- fV PVTlftS 
ton Borotigh CounciL AVV J Aiv^ 




• Taylor Woodrow Construction 
has been awarded the contract 
to carry out alterations at the 
newly established Richmond 
College. Kensington. The 
£150.000 award is for construct- 
ing 50 self-contained bedroom 
units on three upper floors and 
remodelling ground and base- 


AWARDED A £7*23,000 contract ment floors to provide modern 


by the Milton Keynes Develop- kitchens, dining rooms, elass- 
atent Corporation, John Mowlem rooms and administrative facili- 
will construct two advance fac- ties. 


n/« ^ will construct two advance rac- ties. The alterations ar 

4- 4|H QWQrnCk lory units at Burners Lane. Kiln expected to take six months. 

& TT ttA VlvJ Farm .Emnlovment Area. Milton 




flrrt stagT has b^ awarded to this Project is Percy Gray. Other 
Sir Robert McAlpine and Sons aid 

by Town and City Properties and 9 r 

Legal and General Assurance -T.^MS2SSv«n!^itS 

(Pennons Management). 

When completed, the ^centre and Partners (consulting 
will offer 320,000 square feet of engineers), and Lowe and Rodin 
shopping facilities and space has (programme consultants). 


Precast concrete pipe supports and jacking beams for the Suflom Voe oil tirmindfe tb* Shetland* bung 
loaded on to rail wagons at Anglian Building Products works at Lenwade near Norwich. This is the second 
batch of these components which are being supplied under a contract worth nearly 4£m- 


Cute cost SSS^Si’S Blueprint 

nf fimdlllia P Undfr a £L^n contract for the lRP.Pf 

U1 llUWIUUg British Gas Cmporation the com- lU mV ' V ' 1, 

AN EPOXY rendering material pany is to lay mains and services 1 1 

which offers useful savings in the in the eastern area of Wales and \Vf 1 1 | f| 
construction of industrial build- further contracts for British Gas 
i tips by removing the necessity are being undertaken in the • 
to concrete render brick/block- north-west ana in Scotland. . 1 Tl I (7* (vSl 

woric of interior walls before a Work is alsb being carried out 

surface coating can be applied, for the Midland Electricity Board TODAY, at the Royal Show in 
is now b eing marketed by Lama- and for Imperial • Chemical Stoneleigh, Warwicks, Taylor 


PLANT & MACHINERY 
SALES 


Description 


Telephone 


A^'XAA it TT tit %AvJ Farm Employment Area, Milton ' 

„ Kevnes • A one-day seminar on the 

to XXoll design of brickwork and blocfc- 

Xa 3JLI : These are the first detached, WQrk masonry wM be held in 

- Advance units to be built by tendon on 'Wednesday Octnhpr 
CONTRACTS worth over £3ta:*he corporation and total 5,312 n. oS^sed hTlhe MortS 
baTe been won by Alexander square metres 1 5 1. 000 sq ft). Produwre* AsswMtioa to rive 
Hall and Son (Builders). The factories will be steel- advice to architects and sped- 

At BSiddleton, Bridge of Don; framed single storey units with fiers on the correct use o g 
Aberdeen, the company is to integral two storey offices. They mortars and renders. Speakers 
construct 247 homes at a cost of will incorporate cladding of steel- will describe how long-term 
£2Bm. while at Altens Industrial framed, pvc-finishcd steel with durability combined with a 
Estate. Aberdeen, it is to build bitumen polymer roofs on metal pleasing appearance can be 
an office block and factory tor decking. The contract has started achieved by using lime-based 
Richard Irvin and Sons. Value and is due for competition by mortars. Polytechnic of Central 
of the latter contract is I22&245. April. 1979. London is the vnue. 


100 TON CAPACITY COINING PRESS by 
Taylor and Chailen — virtually untued — fully 
automatic^— 160 Lpm. x 24 mm stroke. 


090242541/2/3 
Telex 336414 


IN LINE MACHINE for simultaneous surface 
milling Ex>th sides of continuous and seini- 
continuous cast non-ferrous strip up to T6” wide. 

9 DIE, 1750 FT/MIN SUP TYPE ROD .... 
DRAWING MACHINE equipped with 3 speed 
200 hp drive, 20 R horizontal draw blocks. 

22* vertical collecting block and 1000 lb 
spooler. (Max. inlet 9 mm finishing down ' 
to 1.6 mm copper and aluminium.) 

8 BLOCK (400 mm) IN UNE. NONSUP WIRE 
DRAWING MACHINE in exce lent condition 
0/2000ft/min. variable speed 10 hp per block 
{ 1968). 

24* DimMETER HORIZONTAL BULL BLOCK 
By Fanner Norton ( 1972). 

SLITTING UNE 500 mm x 3 mm x 3 ton capacity 

TWO VARIABLE SPKD FOUR HIGH ROLUNG 
MILLS Ex 6 JO" Wide razor blade strip 
production. 

MODERN USED ROLUNG MILI5, wire .*od and 
tube drawing plant — roll forming machines — 
slitting — flattening and cut-to-length lines — 
cold saws — presses — guillotines, etc 

1974 FULLY AUTOMATED COLD SAW 
by Noble & Lund with batch control. 

1970 CUT-TO-LENGTH UNE max. capacity 
1000 mm 2 mm x 7 tonne coil fully 
overhauled and in excellent condition. 

1965 TREBLE DRAFT GRAVITY WIRE DRAWING 
MACHINE by Farmer Norton 27*— 29"— 31* 
diameter drawblocks. 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
by A. R. M. Max capacity 750 mm x 3 mm. 

6 BLOCK WIRE DRAWING MACHINE equipped 
with 22" dia x 25 hp Drawblocks. 

2 15 DIE MS4 WIRE DRAWING MACHINES 
5.000ft/Min. with spoolers by Marshal Richards 

3 CWT MASSEY FORGING HAMMER 
— pneumatic single blow. 

9 ROLL FLATTENING MACHINE 

1,700 mm wide. 

7 ROLL FLATTENING MACHINE 
965 mm wide. 

COLES MOBILE YARD-CRANE 
6-ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE 10* x 8” rolls x 75 hp 
per roll stand. Complete with edging rolls, 
turks head flaking and fixed recoiler. air 
gauging, etc. Variable fine speed 0/750 ft/min. 
and 0/1500 ft/min. 

NARROW STRIP STRAIGHTENING AND 
CUT-TO-LENGTH MACHINE ( 1973) by 
Thompson and Munree. 


090242541/2/3 
Telex 336414 


090242541/2/3 
Telex 336414 


0902 42541/2/3 
Telex <36414 
090242541/2/3 
Telex 336414 


090242541/2/3 
Telex 336414 


crest of Crown Works, Cold Bath Industries. Woodrow International is unveil- 

R'oad, Harrogate. ■ ing a blueprint for what it des- 

The material can be applied f Unr cribes as a “ modular n approach 

direct to the fair-faced brickwork, V/Udllilu 1 1 flvv to the design of an international 

breeze, thermalite. and other __ ___ ^ sports stadium in which the 

building blocks to produce a very f||/\ accent could be on equestrian 

ton g h, jointless surface in a LI IC "M I'lV C \ events, but which would also 

number of colours. _ * cater for a very great variety of 

Such are the adhesive powers finiclt * • other sports, both indoors and 

of the render, says Lamacrest, 1 1 1 U NI I ■ / >' outdoor. 

that where brickwork is inter- ■ n>rn « rnTrn t»rtnH'pattv' fnr Inception of the design was in 
spaced with steelwork it will key ££ENDED answer to an inquir^ from a 

to this equally effectively so that ^ e £ or J U t g 0 M Middle Eastern country. But 

the surface coating can be made f Widdf rf ^josSre to provided the land is available, 
continuous along the whole thfSLSS of nriSie iSooY- &*re is no limitation on where 

‘Xtal.hld’Srfac, i, smooth StTffla IhSlffa'SSS *• mu be .mounted. 

and nSforoijfSd c5? duced G1 !^ Coat Externally there would be pro- 

DressiStwSi It a iS 11 can f> e to protect sur- vision for football, athletics. 

EHKttoa wide rSee of faces of concrete, brick, asbestos, hockey, tennis, golf and even- 
reautdOL to a wise range Of /wnmt Tnotnl Ptf anH r n , a. uimi. v«i tho aentorio 


Woodrow International is unveil- 
ing a blueprint for what it des- 
cribes as a “ modular n approach 
to the design of an international 
sports stadium in which the 
accent could be on equestrian 
events, but which would also 
cater for a very great variety of 
other sports, both indoors and 
outdoor. 

Inception of the design was in 
answer to an . inquiry from a 


W ■ *.ri ’ 


* s-v,- ■' ■; *s r \ r *i r - .. .> 


Y* \ ■■ ‘ /* V \ • : ' 1 

Li^Tv •* «*a L i L., VafS-A Y . v-j u*..» *—• 


resistant to a wide rane? of faces of concrete, nnck. asDestos, hockey, tennis, golf and ever— 
SenuSis is no^toric^d 2 ' Pli*tor. Awofl. metal, eta. and for the Middle East-the esoteric 
SSrSL ’oion? 0 ^* „°? its pro/er ties. _says the. maker, game of cricket.. 


such tow odour thatit c*n ho its vnfatos. says. the. maker, game of cricket.. 

applied in the presence of food, SSer^di!* severe^^condtions Woodrow naturally can- 

under controUed conditions, ^ “pt .PUt. a figure to a blueprint 


090242541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 


090242541/2/3 
Telex 336414 
090242541/2/3 
Telex 3364 14 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541 /2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 


Opencast 

mining 

oroject 


a-.tssc 4 a 


plants, • breweries, chemical ““A ‘JL 1 

worte and similar locations. that n wine would start a project 

The non-yellowing polynre- °f this nature without very 

thane coating cures to form a tr^a mriftu 

hard and easily cleaned tile-like 

jointless flinixh- 1 million pound facility. 

Further from Index Finishes The aim all the way through 
(UK), Dawkins Industrial Estate has been to make maximum use 
Poole, Dorset, BH15 4YJ (02013 of facilities in an all the year 


Willett 


Sonu 

3 ’onttu 

» 

ban 


AUTHORISATION 


granted 


78681). 


round training cum competitive 

venue. And the designers have 

for the extraction of some l*m A L n Mltnni concentrated on making the vari- 
tons of coal by opencast methods II |J I Jild.Hl ons possible units dovetail in such 
m the Togston area of Alnwick, _ a way that progression from a 

in Northumberland, will result Jiii-m ? basic unit is simple, placing no 

in a variety of civil engineering \| /H1 1 ||lf | Y strain on environmetal accept 

work since among other things. *** r. ability. 

the A1068 road will need to be WHITE, Young and Partners ^ buildings are designed so 
realigned. t have been appointed as jmvisory Qjat they can readily be extended 

No decision has been taken so consultants to the Government approaches and surroundi ng s 
far on the route it will follow but of Abu Dhabi on the construe- are also planned to include wide 
the NCB aud the local authority tion of the fSOtn Zayed.tSports grassed and wooded areas. 

have . already agreed on - the City complex in the capital, and,-- 

restoration of the site when now have overall responsibility 

extraction comes to an end in for the architecture, engineering ' 

5i years. and nroiect management 'of the 

scheme. '£- , - t ~ ~ ir ‘ 

"L The complex on which #ork is 

T,/, fn SflOTv well under way consists of a two- 

^ UU F tiered stadium, elUptiAl in 

1 shape to accommodate '55^100 

Ta IQ || seated spectators. Completion is 

r*“ u - due by March 1979. 

A SHOPPING development in The architects are H. Colfoc 
Kirkcaldy, Fife, is to be under- and Partners, of Paris, and mein 
taken for Tyneside Land and contractor is the Consolidated 
Property by Norwest Holst Contractors Company of Iiba- 
Scotland. The contract is worth non. Mechanical and electrical 
£2m. sub-contractor is Haden fater- 

The work will involve the national, and piling .Jeub- 
extension of a Littlewoods store contractor is Frankpile. { 


090242541/2/3 
Telex 336414 


0902 4254! /2/3 
Telex 336414 


5CHULER 200 TON HIGH SPEED BLANKING 
PRESS. Bed 48* x 40" 200 spn. Double roll 
feed stroke 35 mm. excellent condition 

TAYLOR ft CHALLEN No. 6 DOUBLE ACTION 
DEEP DRAWING PRESS. Condition as new. 

VICKERS 200 TON POWER PRESS. Bed 40* x 
36". Stroke 8". NEW COND. 

MACHINING CENTRE. Capacity Sft x 4ft. x 
3ft 5 Axes continuous path 51 automatic tool 
changes, 5 tons main table load. Main motor 
27 hp. Had less than one year's use and in 
almost new condition. For sale at one third 
of new price. 

WICKMAN 24 6SP AUTOMATICS 1961 and 1963. 
EXCELLENT CONDITION. 

4,000 TON HYDRAULIC PRESS. Upstroke 
between columns 92" x 52* daylight 51 *, 
stroke 30". 

ANKERWERK 400 TON INJECTION MOULDER. 

Reconditioned. 

UPSET FORGING MACHINE 
4* 750 tons upset pressure 

200 TON PRESS. Double action bed area 
132* x 84". 


01-9283131 
Telex 261771 
01-9283131 
Telex 261771 
01-928 3131 
Telex 261771 


BUILDING EXPERTISE JS WIDE AS MANS IMAGINATION 


Witteft Umitect Mifchi 


Houses 681 Mitcham Road, Croydon CRN 3AP 
: .01-68G-2266'felex NO: 9465R ' ' . 


TUs announcement appears as a ; 


1 of recoat only. . 


•V, , 


Ancient site reborn 


01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


A CITY site, once occupied by a A gross floor area of 
Royal Mail stables block, has sq ft gives 14^200 sq ft (iu 
been under development to give industrial/warehouse spa 


KoninMijke Nedllcrd Groep N.V. 


offices, industrial and residential the basement which is&lS ft I 


01-9283131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 


WAJVTED 


accommodation under a £2 Am deep and required the excavation 
contract to Wates Construction, of nearly 20,000 cubic yirds of 
The office accommodation at material, some of it Son? a 
Triton House on a near-one acre medieval rubbish tip containing 
site bounded by Bonhill Street, bones, pottery and clav pipes. 
Tabernacle Street and Ep worth The commercial contenftof the 

Street EC2, was banded over to development which is bearing 
Sohox -Investments and Guardian completion, provides 25 000 sq ft 
Royal Exchange Assurance at an of fully air conditioned Offices, 
informal ceremony held at Triton nearly 21,000 sq ft qj£ light 
House. The residential content industrial / warehouse decora- 


U.S. $ 50,001,000 

Medium Term lib an 

managed by - 

ALGEMENE BANK NEPERLAND N.V. 




PROVIDED BY 



PRE-OWNED BRIGHT ANNEALING FURNACE. 
A company engaged in the manufacture of 
stainless steel and nickel alloy cubing 
wishes to acquire a continuous operation 
Bright Annealing muffle furnace. 

The furnace would utilise a 1 cracked * 
ammonia atmosphere and will therefore 
include all atmosphere generation and 
drying equipment. While a gas-fired unit 
would be preferred, this would not exclude 
consideration of alternative heat source 
furnaces. 


of 19 flats will be handed over modatiou — including ancillary 
I to theHabinteg Housing Associa- offices— and 3,700 sq ft oFsbow- 
1 tion in August. room area. 


ALGEMENE BANK NEDERLAND N.V. 
BANK OF TOKYO (HOLLAND) NV. 



0203 29362/5 
Telex: 312226 


MODERN USED ROLUNG MILLS, wire rod 
and tube drawing plane — roll forming machines 
— slitting — flattening and cut-to-length lines — 
cold saws — presses — guillotines, etc. 


090242541/2/3 
Telex 336414 


Founded T884 

BUILDING & CIVIL ENGINEERING CONTRACTORS 

JOINERY MANUFACTURERS 
TEAM PROJECTS 
ELECTRICAL CONTRACTING 

W. E. CHIVERS & SONS LTD. 

HEAD OFFICE: DEVIZES 2121 

Branches at LONDON, READING, ROM5EY ft CHELTENHAM 











: V' 1 




FTftduCTSr Times Monday July 3 t973 




cr 


— *V 


-a 


f j* • 


! * v 


Executive’s and Office World 


LAST SATURDAY marked the 
deadline for big West German 
companies to meet the require- 
ments ol the 1976 workers’ pani- 
eipatioa- {MitbesTimmunjn Act 
under which they have now pu { 

Irtto place . .new supervisory 
boards composed of equal num- 
bers of representatives of the 

KSST-“ d of ,he 

Partly because late .Tune Is 
a favourite time for annual 
Bjnerat metings, and Partl 0llt 
of ill-concealed reluctance, a 

sood many large concerns seem development of the company 
to nave left it as late as pos- w **h the persons to whom new 
jioie tn comply with the Act. responsibilities have been 
East week saw a flurry of given." There had been con- 
announcements of newly ’con- stmetive co-operation with 
sfituted supervisory "boards wor hers' representatives in the 
from such groups as AEG-Tele- P as L said Herr Zahn. and he 
fun ken, Aral and Ruhrgas. hoped this would be possible in 
Yet despite some of {he pre- tbe future, too. 
dictions made when the Act was Sn what happens now? it 
passed, there seems to have been w ™]d probably be a mistake to 
a relatively small number uf expect dramatic changes in the 
serious attempts completely to Wa y in which German companies 
frustrate its aim of giving wor- operate. It must be remembered 
ker? a greater say in how" their that the legal duties of a German 
companies are run. One or two supervisory board are limited to 
private groups have transferred *he appointment land 
their corporate legal domicile occasionally the firing) of 
abroad. executive directors — in con- 

trast to several other countries, 
T au/cnitc- no one may be a member of both 

Aja W bUJIS boards— together with the board 

Therp h=c u M „ ^ . supervision of company poliev 

of r^reaSSatioL so?iS 5 handfUl 311 d tiie conjunction 

com - with the executive board, of 

each of which Wls MoJ^he Pr ° fit u ^° r , mally tiie supeni - 
threshhold of 2,000 empires J 1 *® 

at which the Act applies. In *16 SLns " * tn,e * ie 

known instances, lawsuits « 

brought either by trade unions ■ Tbe flesh “I*®" leSaJ bones 
nr by shareholders’ associations ls ’ of C0 . UI ? e h ' dlffere “ t in ev ^ r - v 
have put implementation of the cora P an >- Ther * are practice 
Act into the hands of Ihe many where ** super - 

courts. 

To the annoyance of the 


The new shape of worker 
participation in 



By ADRIAN DICKS in Bonn 



Composition of The Supervisory Board 


CHAIRMAN 

chosen by 2/3 majority; 
has second vote 
to break deadlock 


Employees 


1 SENIOR EXECUTIVE 

nominated by the executives, 
approved by entire wor klorce 



10 MEMBERS 

elected at AGM 


6 EMPLOYEES 

elecied b/ 
workforce 


sow; r i a obis 


"3 TRADE UNION 
NOMINEES 
approved "by workforce 


visory board exists merely as a 
rubber-stamp for the wishes nf 


The new-loak top-tier board in German companies with over 2,000 employees 
a forum for resolving chooses to adopt a 


unions and of Chancellor Helmut ikSjTjSX SS'SSJSi * n ^ « 

Schmidt's Sncial Democratic the s UDer visorv board nr thi difflcult conflicts of interests. In 0 r an aggressive policy. That in guidance. 

m a j nritj^sh areho ! dersr e p resent ** s P ri ^ of 397 J ^olks- mrn is ]Utely tu vary y with his 0thprkeyfl 


condliltory ,«T. to tun, to for ik'S&S-S 


“ W KE « -7 X Z ’£££ IfTW" til.' 

companies and employerl- asS Ihe" 1 board' IS/®'!' *ed«I ' Wurks Constitution Act pride of former executive chair- "tent, one to each supervisory governmenls nepotiaiios 

ciations. Although they e D Q necessan,y moeT - « — ^ , " — 

they are not chailengin. 
principle of worker participa 

non, they want the Federal 4uic,s “' uw,,eu deputy chairman. Five. . . 

Constitutional Court to rule on members of works councils made tycoons. sbou d 

the Act's implications for the There are many companies. 0 f the main VW plants were underestimated, 

constitutional right to private and particularly those where also on the board, which also On the employees' side, the 

property. No judgment is ex- 110 one bo * ds a l ar £ e block of included members of the three union-appointed members 

pected before the autumn. shares, where the supervisory Federal and the Lower Saxony are 


EDITED BY CHRISTOPHER. LpREMZf . 


in new plant. 

It is a fairly safe prediction 
that many of the trade union, 
appointed and exnpfnyee-cfpctod 
new members nf supeivi.xory 
boards will find themselves in 
an exceedingly difficult position 
if they are asked, in effect, to 
choose between the financial 
health nf a company and the 
p rose i'va lion or jobs. A further 
lesson this spring has been the 
crowing restlessness within 
some unions at what is per* 

second, tie-breaking vote. That West Germany's enviable cc ’ vcd as spinelessness, or over- 
in itself has been a disappoint- record of industrial peace has will,n " 1K ‘ hS l, y lop national 
merit tn the unions, who had not entirely done away wilh a ,eadcrs 10 scc Die employers’ 
long defined their goal of deep, mutual mistrust between P°’ nt view. ^ In a few ia>cs 
"parity” as meaning that employers and unions. The mass resignations ha\e hern 
neither shareholders nor attitudes towards the Mitbestim- re P nrfctl - "h'le n round i»f 
employees' representatives mung Act have been one works council elections ln*t 
would have an advantage. That s>Tnptom of management's pro- wee ^ indicated in some big 
indeed is the Mitbestimmung found wariness, for example in companies a weakening of the 
model that has been in force arguments that the members unions' crip, with not iusignili- 
for over 25 years in the coal and of the supervisory hoard caTlt £ ain * h >' dissidents ami 
steel industries, where in the directly appointed by trade extreme Left-wi users', 
event of a deadlock, a super- unions might breach the legal U is nut impossible, therefore 
visory board calls in a neutral obligation uf confidentiality, by that the unions in general, and 

referee tn decide the issue. passing back financial informa- sumc or their leader* personally. 

Not all companies, however, tion that could give union ""*1J find themselves lo>in™ 
are prepared to take the officials an unfair advantage in nearly much as they g.im 
positive view of the new wage negotiations. from the Mu host mtiinme Ad. 

supervisory hoards as places ^ Snme British union lenders. ;n 

where difficult issues can be SlOnna^PS their comments on tin* Govern- 

resolved through debate, and “r & ■ nn’ni * industrial rii-m-vr.n-y 

where decisions are reached *- >n the wage front itself, 197S "'hiu* Paper, have slmwii that 
which — as in the VW case — bas been a hard-fought year, they are Hilly aware nf iltp 
bind the union members no with long and costly stoppages dangers of adding such heavy 
less than the shareholders. In in the printing industry and in responsibilities m the power 
a recent private conversation, the important south-west they already enjoy, 
the executive chairman of a German metalworking and German supervisory board 
well-known non-ferrous metals engineering industry. Both proceeding* are, by jaw. eon- 
group referred to the freshly disputes Jed the employers to fidentud. and it may therefore 
constituted supervisory hoard use the lock-out weapon — be a year nr two before nulMricr; 
of his company as consisting of bitterly resented by the unions, will have enough doci.- ions 
two " Fraktionen " — the And both touched, as well as able in judge whether ihe 
German word that is generally wages, on the very complex presence nf the workers' re pre- 
used to denote the opposing issues involved in safeguarding scntative> is going in make any 
political groups in parliament, jobs against excessively rapid difference, li i.% perhap*. 

excessive German cam mu that 
National machinery to discuss has led tn the entire debate 
sentatives and the 10- matiers such as these has about giving employes a 
employees' delegates each along broken down since the unions greater say in dwell heavily 

two refused a year ago to attend the on the potential Ita/ard.-. and sn 
for- Concerted Ad ion conference, in little on the gams that many nf 

ponsnrs originally 



not 


the impleuieii la- 
id Ulio&li miming is gut 11? 

be interests, thus weakening the perhaps no-one wanted it that eussion will be thrust back tn to depend on much the same 

employees’ stance. It will be way. the supervisory boards, since group <>[ people who have held 

fascinating to watch whether For what is clear from the they must also be consulted responsibility for Orman 

that turns out to be so, or essentially defensive attitude when lay-offs on any significant industrial relations over several 

cted before the autumn s " ar «. wnere uie supennsorv Federal and the Lower Saxony are in many cases very whether in snrae instances with which many managements scale are threatened, just as decades. Their track record ts 

"or the SU %al!Term.n board 'is generally toW wha, to sSS ceJSSiSiu ?n" S Serieneed “5, in b«gai^ executives will see thentselves ere enter, ng the nev. era is that they must authorise Investment not at all bad. 

companies have, however unen- do by . tbe executive board, her nf “bankers and Indus- and in sitting on supervisory * n Uie ro e nf worker than 

ihusiastically. pur the Act into a PP roviQ g meekly everything trial ists. But when the boards. By comparison, some 01 D0SS- 

effect. Herr Joachim Zahn. the 11,31 3 f °rceful chief executive Board approved the plans of the employee representatives There seems no reason why. 

executive chairman of Daimler- puts in froatofit - In such cases< of the executive chairman, chosen by direct vote, or in a- case such as Volkswagen. 

Benz, articulated a widespread many observers feel, the newly Herr Toni Schmuecker, to through tortuous electoral the new act should change what 

attitude among senior manage- constituted supervisors- board assemble cars in the U.S.. it did college procedures, seem to.be is already, by any standards, a 

ment when he told the com- wil1 becon,e sti U m° re ntalleable so unanimously — albeit after relatively unprepared for the constructive, working relation- 1 

pany's annual general meeting and tbe r ^ aI P° wer m ~ ore con- years of intense argument. type of decisions for which they ship on the supervisory board, 

that its motto must now be centrated in the hands of the Much is going to depend on are now responsible— though In the last resort, moreover, the 

"readiness for consensus.” There executive directors. ihe individuals involved. On 75 per cent of all the employee 1976 Act has given the super- 

w»s now- a duty on the part of In other concerns, the super- the shareholders’ side, industrial representatives now serving are visory board's chairman iwho ; 

companies to "find a 
of interest in the 


i joint basis visory board can be an infiuen* harmony may depend to a great union members, and thus have is in virtually every case drawn 
• continued lial body in its uwn right as well extent on whether the chairman at least tbe unions’ own pro- from the shareholders’ side) a 


\ 

\ 

Sometitiies even kings had to 
rely on theresourcefulnessof merchant 
hankers to mobilize hinds. 



■ i 
Ce wjfcaiscenc t.-ctn •• -v-'V 


WithouttheingeiTuityofmerchaiit 
bankers many a ccronationmiglit not 
have taken place. 

Emerging industries and govern- 
ments also relied on these financial 
craftsmen to achieve their goals. 

BHF-BANK traces its proud his- 
tory to the mid-nineteenth century 
■when its founders were among the 
most influential merchant bankers 
of their time. Prom the outset, they 
specialized in assessing new projects, 
helping to create new industries and 
tapping available sources for the 
necessary funds. 

Traditional merchant banking ex- 
pertise is the cornerstone of BHF- 
BANK’s strong position in inter- 
national underwriting today. The 
Bank ranks among the top managers of DM issues and regu- 
larly acts as co-manager of dollar issues. 

BHF-BANK continues to concentrate on what it has always 
done best: acting as advisor to corporations, governments 
and public entities on the most suitable means of financing, 
selecting the appropriate instruments, putting together a. 
indicate, or arranging for private placements. The Bank is 
also well placed to initiate stock exchange listings in Germany. 

For the unrivalled financial expertise of a management with 
personal liability rely on a. merchant ba n ker. BHF-BANK* 


BERLINER HANDELS- UNO FRANKFURTER BANK 


Merchant Bankers by Tradition. 
Resourceful by Reputation. 


„ . hjev: EWC4: *!'0 F*SS AVSIJJE '-=U' 7552 3C3 • EKRBMBCanWKPC'iAU 

Kt-»rs ffBCE- BK-r.-: -.r •?. JCtvLMi=S5Un5. BBU tcivi HCNS KC:«a, Sto F/^lQ, SAiAfwn^ 7SvWL TOlita, 

fcfi CFAMu-flyt, LUAtLiCJii • eftrfiJwJC .<« 


Forecasting 

uncertainty 

THE ONE certainly about busi- 
ness forecasting is lhat it is ao 
extremely uncerlain exercise. 
This is the point lhat comes 
through forcibly in a new publi- 
cation by the Institute of Cost 
and Management Accountants, 
which aims to show how future 
risk and uncertainty can be 
measured in numerical form, in 
order to assess and compare 
the internal and external 
influences on a company. 

The author is Gordon Hum- 
phreys. a director of manage- 
menlconsultants Binder Hamlyn 
Fry, and the booklet is based 
on a publication produced by 
his company. As pointed out in 
the introduction, he is only 
concerned with forecasts used 
by managers to help make 
quantitative decisions. 

These, he says, fall into two 
categories: first, in choosing the 
hetter of a pair of options (such 
as which is a better investment 
project): ami second, calculat- 
ing the best course from a large 
number nf possibilities while 
taking account of conflicting 
constraints. Here, he cites the 
need to assess a capacity large 
enough to catch a market but 
6ma!I enough to avoid wasted 
investment. 

Risks 

While accountants are 
accustomed, when comparing 
protects, to allow for the 
different timing of results by 
discounting the values of cash 
flows at some future date, Mr. 
Humphreys says managers also 
need to discount forecasts by 
their relative uncertainty. 
Colloquially, he says, managers 
refer tn “calculated risks." but 
••they rarely calculate them and 
and as a result they often 
decide wrongly.” 

The book describes, with the 
aid of practical examples, the 
way in which management 
results can be improved by 
quaniifying the uncertainty of 
forecasts and #, aimmg-off” 
accordingly. 

Among a list nf “do's” and 
don'is” of 'risk calculation. Mr. 
Humphreys points out that 
most managers are brought up 
to feel that a tonne of over- 
capacity or unsatisfied demand 
arc equally sinful. But as 
failure to satisfy demand is 
often six to eight times more 
costly than over-production 
the need to calculate the 
right level of capacity rather 
than guess it is emphasised. 

Analysing Uncertainty — Aw 
Introductory Workbook for 
Dccision-Maftinp, by R. G. Hum- 
pftreys. oroilable from the Insti- 
tute of Cost ond Mctwopemenf 
AccoHwfauts, 63, Portland Place, 
London WIN 4AB. 

Nicholas Leslie 


Powell Duffiyn: 
diverse interests 
a source of strength 



1978 

1977 

■ 

£000 

£000 

Turnover 

343.630 

303.376 

Group Trading Profit 

16,194 

14,833 

Profit before Taxation 

15,006 

13,689 

Net Earnings for the year before 
Extraordinary items attributable 
to Ordinary Shareholders 

12,133 

11,081 

-per share in pence 

4t.8p 

42.1p 

Ordinary Dividends 

3,070 

2,012 

-per share in pence 

lOp 

7.881 p 

Dividend Cover 

4.0 

5.5 


times 

times 

Net Assets Employed 

106,755 

87,996 

Return on Average Net Assets 
Employed 

16.3% 

17.3% 

Ordinary Shareholders' interests 

94,227 

79,499 


li c 


Prospects for the current year: 

* At this early stage in the year, we are prudently optimistic that 
the upward progression in the Group prolits will continue." 

Sir Alec Ogilvie. Pov.-etl Dulfryn Ch3 imian 


H] Powell Duffryn 


The parent of a broadly based Group of Companies engaged in 
manufacturing, contracting and service activities principally related 
to the construction, energy and transportation industries. 

.(Copies of the Report and Accounts are available from ihe Secretary. Fowsd Duffryn Uctted. 5 Stan! tope Gale. London 'AW SLA) 


This announcement appears as a nutter of record only.. 



FINANSIERINGSINSTITUTTET 
FOR INDUSTRI & HANDVAERK A/S 

Copenhagen, Denmark 

Dfls. 36,000,000 5 year bankloan 

arranged and provided by 

AMSTERDAM-ROTTERDAM BANK N.V. 

in co-operation with 

WWVATBANKEN AKTIESELSKAB 
DEN DANSKE BANK AF 1871 AKTIESELSKAB 
COPENHAGEN HANDELSBANK 
FAELLESBANKEN FOR DANMAJRKS SPAREKASSER 

May. 1978 


v 







10 

LOMBARD 


tlnanetoFT lam&l 




A fixed interest 

in socialism 


BY ANTHONY HARRIS 

READERS OF my previous forcefully pointed put— in the 
column will already know that Bank of England. Bulletin, of all 
Rowe Rudd, the stockbrokers, places— these so-called interest 

payments Are in fact largely 
ha e uncovered a financial repa ywenta of capital. 
mystery that only deepens on . . . 7. . . . 

intn^iinn Th« oa n fT- 9 i In real terms, then, what has 
close inspection. The central h appened j 5 this. Between 1966 
figure is stark: between 1966 and and 1978 ^ losses of investors 
1978 the public sector has b ave allowed the state to acquire 
acquired a net worth of £130bn — £30bn-£65bn 'of assets, depending 
the excess of the current value on definition. The rest of the 
of its capital assets over the mar- £130bn has been provided by tax- 
ket value of its obligations — and payers and above all by 
at first sight this sum has come customers. They have had to 
out of thin air. The brokers urge finance the repayment of old and 
the total indexation of pobUc the accumulation of new capital 
debt as a cure, and the failure under the name of interest 
to do so in the past as the cause charges, as well as the excess of 
of this advance by the State current receipts over reported 
However, my own calculations 'curent spending, 
suggest that this is less than We ' ve not discussing trivial 
half the story. sums, either. The total State 

The reason is simple: if. the 'acquisition of real assets in the 
whole of the national debt had space of 12 years is getting on 
been indexed since 1976. it for a fall pear's national income; 
would only have grown at about this suggests an average burden 
half the rate of the public-sector's on the private sector of. say, 
real assets. If only gilts and 7 per cent of total income. This 
Government guaranteed long is a positively Stalinist regime 
securities had been indexed, the of State acquisition, 
increase would have covered a 

quarter of the public sector’s Hplia rliloTYlTYia 
apparent gain. What we have to X IIC. UHClllllld 

“0 customers rather than savers. 

The national accounts are inflation also have a cash flow 
suggestive, but no more. Over effect, underlined in the evidence 
the whole of this period the gross to the Wilson Committee from 
saving of the whole public sector the accepting houses. In essence 
— the excess of receipts over the “ capital repayments '* we 
current expenditure — totalled have already discussed — dls- 

about £40bn; but that bad to guised as interest charges — are 
cover depreciation as well as front-end-loaded— they are big- 
new investment, and in no year gest in real terms in the early 
was the reported saving as much years. This is why industry can 
as 5 per cent of the public sector no longer raise long-term loan 
capital stock. On a historic cost capital in the markets — and also 
basis, the public sector was run- explains the poor standard of 
ning down the whole time. private sector housing sold on 
__ mortgage. 

I he pl|jp The State, with the power to 

A uv V1U1/ tax and the power to print, has 

The due to the missing no oomparable cash Sow prob- 
billions lies elsewhere — in lems — only political discomfort; 

inflation accounting. The public so the regime of recent years 
sector is, in terms of the Hyde also explains why the State has 
guidelines, 100 per cent geared; become the sole source of out- 
the gain represents a gain on side loan capital to Industry, 
monetary liabilities. O ne final irony: a comprehen- 

Now at first sight this is a flat slve financial reform now. with 
contradiction. If the losses suf- the State guaranteeing real value 
fered by lenders account for only to savers, would actually confirm 
a quarter to a half of the huge the status quo so far as past 
balance-sheet gain to the State, impositions are concerned, 
how can the State’s gain as a whereas long rates at their 
borrower account for the whole present level might even, if in- 
of it? The answer is that the flation abates, allow some daw- 
losses suffered by investors. were back for private savers. But this 
abated by large receipts of in- would be at the expense of tax- 
terest — indeed, currently it looks payers; and given the other 
as if public debt once more advantages of orderly markets, 
promises a real return to its protection of real wealth, and 
holders. But that is in historic reduced taxes and subsidies, it is 
cost terms. In inflation accounted surely worth letting bygones be 
terms, as John Flemming has bygones. 


THE WEEK IN THE COURT8 


r WIMBLEDON stjohn umeit 


Strident critics of penal The ingredients 

reform were uninformed tournament in the 




BY JUSTINIAN 


[despite ONE of the coldest. 


SENSE 


wettest, arid most miserable 
weeks in 


AND NONSENSE vied in future play a greater role, sentence lengths: it s pelled out I week* in tiring Mag y. yV 
with each other last week over Judges should, not be . given a its belief that many sentences | ThuJamsy^totm^ Vf^h-out, 


there 


W&ntd' lie merely another have together brought a 'healthy 
jml the circuit— albeit best six-figure tewne to augment the 
' and best appointed, regular Income from ticket sales, 
ssent at Forest Hills The tact that 2600.000 was re- 
year that the grass turned this year to unsuccessful 


ass 5 **-"* gsggsg i sss & » 

pnsonment. recommending sub- That the task is performed by any useful fecial nupoe. and l^better than the record *el t*oeMd_J.y the diminished other larg^iowcqun to wcom. 

smntiaUv lower statutory maxi- the judges tolerablywell was an that nothing would be lost from in 1975. and as early as thermosphere. .• * rowng * TOy ur 

mum penalties for a wide range argument for leaving the system the point of view of deterrence second evening overnight queues. -v?The grass provides more than . _ 

of 'crimes to Indicate the as it is, warts and alL Yet the if they were to be signifi ca n tly were taming. "the . sternest test of a ptayrfs - However, although plans for 

highest penalty the courts might council could not, and did not reduced. On-jhe Wednesday— die only: reflexes athleticism concentre- inch a scheme are on the draw- 

inflict on all but a minority of shirk the duty of discussing f : day of^traditipnal" '^imblcdon ti^.and insjdration. lt c^tri- hoard. lhBre is^ um}^ 

dangerous offenders. seriously and soberly in public ]V(1 ftlTOTG weather— the lines of hopeful -bates greatly to the g a rdto pyty stendahie rel uctance to change a 

The strident, and depressmgly the thorny topic of sentencing. 1C *1U1C fans staked all the way around aflrfand usually a royal winning formula. It Is because 

predictable sensationalism of It has produced a valuable TTmt report eroked no public the grm^ and Imlfw^ to Wim-, Mriy« that) that is stlu one nf of taeu- swirclty that Ocntrc 

much Press treatment of the document that should form the furore, su Sras was emitted last bledanR.Common. so it was no ttevfuftdqmenwl charms of the Court seats are so ^ShtThore 


report — a characteristic theme basis of public debate. And it week by sections of the Press, su 
was - “the rapists* charter” — would have .been odd had It Encouraged by any pronounced flgu 
bore out the aphorism that if stopped there and- hot made its hostility to the idea of shorter time 

you talk, good, sound sense, on own proposals for the future, sentences tar the mass of offen- If 

any controversial social issue The scheme that it propounds dexs, the - council built upon publi 
there Is a Pavlovian response on will serve at' least as a useful that earlier pursuance of the pio 
the part of the rp°b who are point of departure. need tar shorter prison sen- sue 

conditioned not to listen. The council felt a more con- tences in taring new maximum foist 

For those who were prepared sistent statement of Parliament’s penalties. «•>.. 

to pause .and listen there was view of the relative seriousness The new system, moreover. au .<. 
much to digest and co&tem- of offences was needed. And a would concentrate the courts’ 

plate. In the light of the con- greater accord should be attention on the crucial distinc- * ld . 

temporary scene of crime and achieved between the scale of Cion between those nuisances 
punishment, what was the seriousness with which Parlia- for which a taste of prison was cT.. . 
Council asked to examine? The ment viewed offences (by way adequate and those menacing 

remit — * .l-.nl. n«>. tl» .r -I — p. .».« n..uv - • u.. .min.. vHinm nmatv " u “ 

present 
vide 

practice? 


when the attendance Plate. Li would be a greater parking 

38600 for the flrsr ' Strawberries and creaifr on the problem. At present those of tho 
-xdtaherlea lawn . ■ . champagne 35.000 who come by car can park 
>c« can be measured by-.*8®t» llL members enoto* within easy reach of the ground. 
mlStv ih^lPslham-' «Hmp« of the &uke There j, no extra land to alt- 

^SisetalitaemoS DdaifeoT Kent purring-Jpast cate to extra parking, and even 
iStlralr 101-vSr ®heir Rolls-Royce . . .famous some of the existing space would 
in their 1 oi-year -$6 - a smattering . dr disappear ir a new stadium was 

fashion (less now than In y ester- constructed. 

a Mg*:*-***- 

*±5gr2r2Si SST? tha< ®“" SLSu «aUM^WMrea"thS 

- a ^ Daos P her *- countries have several major 

» mrrMrnAnf^ in th£ r> ' , sites where tournament* can ho 

n vLJ5? ^Excitement staged and indoor purposc-buUt 

excitement is provided by UlS^SS^S Jf* "gg* 
Wimbledon tradi-_^;Pl«ye». dltioned comfort here in Britain 


tne judges (as snown in tne usen. iU - «« UL . i« ST nlavine wnouea conuorc acre ih nrnain 

actual sentences passed). Hence * prison service oppressed by a Don sn^hes back further tinti the worm, m gaymg everytiljnR befiiw ^ ends with 

th<. mw. i «... *w» hninne prison ooDulation (and I at any rival venue. The nresent nowadays Tor big money {inuugn, 

sovernroenial pre- 
witb sport for all. 

Thus the Council quickly dis- ™ ** oe ‘°f. “« new weieomrtad^d the"^riatiSnl n^'of gine’sgolden crown. ’ there ate numerous multiport* 

SI ■■^■ksssirJSi 

do. the 
sport is 

unlike most umiieo simpiy Decause the space 

e-sa* PS £«« JS&tsmS spne e “r-SfT! “ 

"23?“ maxima. raUonal pitaal system. And It Drury Lane. The competitors «al the ground remains free of Thus Britain has become the 

imsnment metea our. j drawi0 - the dividing line has historical precedent to bade take on the' role of actors and to toardings. However, a fortunate poor relation of the tennis world 

Given this hlrtorlcal back- wtHpIv (thus oermittinv it up. A imndred years ago the play on the sacred turf is a privi* fe* organisations have got them- in terms of facilities — a puint 
ground, it 15 hardjy ] fSn!? JSf longer^senrences U in too man? courts experimented with a lege reserved to relatively few reives onto the list of marquee forcibly made by national team 

that the peaaJDes selected by the cases , ^ council has not restriction .on the use of im- mortals anq the experience 'holders. British Petroleum, and manager Paul Hutchins recently. 

C0 . UI p. refle ?* a kind of sim P le ' unnamrallv compromised be- p rise ament From 1878, when either inspires or destroys taleoL^CZ, Barclay's Bank and He believes that unless we can 

gHWgfe^s as ssrasj^sn K ^ ^ .***#»* * .#3 a ssstt±^-&32. 

tennis centres 


unnaturally compromised be- prisoomeofe 

2SSn £JS25.(2rs.Tfi vfiSSatSTL? SSSTS ®-'w5ar»s«y: 5^ K-is««T5 

will cease or sharply decline if pnblicl about crimes that World War the prison popu- very existence is the grass. With- nnted. and the waiting list for of purpose-built 

only we pass a criminal law with JgjJjjg protection^ofThe public latJon dropped from 30, WO to j5?tbose smooth velrety lawnsC non-existent extra places is long, around the country then the pe£ 
Dons. Many of our against sej-joas harm The around iOjOQO with no discer- ^cfo one a mini arena where' These activities, together with formances of British players will 
iws were enactea in has ducked the really nible adverse affect upon the performers and public can coni- a sponsorship fee from those continue to disappoint tho fans, 

of righteous mdigna- difficult pr0 blem of defining rate of crime. ( Today it is over mun icate with a directness rare companies concerned with the as they have again at Wiuibledoo 
. -* Mnnn * In international sport. Wimble- running of the championships, this year. 


GAMBLING 


harsh sanctions. Many 
criminal laws were enacted in 
an excess 

tio ^; „ . T . „ nrln _ dangerousness — itself a datT 42.000). 

accidental ttai« 2h«. - The pmpajatcr, cf nocacnslcal 

were perceived, the igp^ to the u 

ensuing statutes were a czco- tee under ^ Jean FIoudf ^ the sensible con- 

phony of vocal opinion. One p^p^pai ofNewnham College, to elusions arrived at. Milder 

example suffices. The Garrotters po j nt the way forward in a antagonists overlooked the fact 
Act of 1863, empowering the rep0 rt early next year. that sentencing proposals cannot 

courts to order the whipping of The need for rationalising the be viewed in isolation. They 
adults, in addition to any sen- sentencing system might have must be related to the prison 
tence of penal servitude, in cases been justification enough for system. Prisons, as we know 

of robbery with violence was proposing a new scheme for Par- them and have known them, are 

described by the Home Secretary foment to consider. But the futile for any purpose other than 
of the day. Sir George Grey, as council was impelled by a secon- temporary (and humane) con- 
“ panic legislation after the consideration towards its tainment They are a scarce 
panic had subsided." plan for a new system. Only a resource for any society, let 

Little wonder, therefore, that year ago it published an interim alone one undergoing economic 
the Advisory Council concluded report advocating, tend and stringency. We need to husband WAW . . . . 

that in the process of imprison- clear, a shortening ofesentences these slender resources and ure j A* 


BY/MICHAEL THOMPSON-NOEL 


Rothschild must make 

4 

less of a lottery 


it 


ing offenders Parliament should in the lower and midcHe band of them where it matters most. 



?■ 


t Indicates programmes in 
black and white 

BBC 1 

1135 am Cricket: Third Test— 
The Cornhill Insurance Test 
Series: England v. Pakistan. 120 
pm Mr. Benn. 1.45 News. 1-55 
Wimbledon Lawn Tennis Cham 


All Regions as BBC-1 except at 
the following times: — 

Wales— 1 JO-145 pm Pili Pala. 
5.55 Wales Today. 6.15-640 
Heddiw. 6.40 Join BBC-1 (Wimble- 
don). 11.35 News and Weather 
for Wales. 

Scotland— 10.00 am Paddington. 
10.05 Jackanory. 10 JO Grange 


BBC 2 


T 


pionships. 4.18 Regional News for ™ 


J_20 5^5-6.15 Reporting Scotland. 10.55 10.45 Late News on 2 

q„m;. a M nnn t 1 1 on Mou'c n n uce .1 r 


England (except London) 

Play School (as BBC-2 11.00 am). ™ic a 
4.45 Great Grape Ape and Bailey’s Weather for Scotland. 

Comets. 5.05 Blue Peter. 5J5 Northern Ireland— L18-L20 pm 
The Wombles. Northern Ireland News. 5.554.15 

540 News Scene Around Six. flL36 “Night 

545 Nationwide (London and CJm The Battta of the Soinme 
South-East onlv) (tribute to the 36th (Ulster) Drn- 

6.15 Wimbledon Highlights sion). 11.56 News and Weather 
7JS0 Angels tar Northern Ireland- 

8.10 Panorama _ England— 5^5-6.15 P_m Look 

9.00 News 

9.25 The Monday Film: 


betting, football pools, casinos mon sense with a wish to appease 
anticipated 600 pages, nfifc and now lotteries: and the prae- the commission, 
week’s report by Lord Rof%tices and financial slrttcture of Ladbroke moved in at Aintres 
schHd's Royal Commission bnfeie various facets or the Indus- with a XI. 6m management con- 
Gambling should prove a bless- tay and their interrelationship tract that virtually saved the 
ing to _ insomniacs — a golden with the gambling conglomerates’ Grand National. It announced 
vein of dusk-to-dawn reading non-gambling interests. hie spending sponsorship 

that is the product of nearly To insiders, the true test of schemes. It injected a consldct- 
; Hpid . twoand-a-half years’ study and the radicalism or otherwise of able sum of money into Ihe Bout 

A^ v .- unea. U244S R«wn w«. distillation of several million this commission will be provided Race. And at every opportunity 

. Geor *f,5“ lU - words of written evidence sub- by its approach to the organno- it has sought to present itself as 

11.00 am Play School xS SCOTTISH mitted by nearly 200 organi- tion and taiancial struciure of a generous fairy godmother to 

2.05 pm Cricket : Third Test The Royal show. 34o comedy Break: i &2o up Junior Mauncr. luo somhera sations and interested parties, gambling m 3 ri tain, for there is British sport. 

Wimbledon Lawn Tennis “ Rl^lhart. ,, f^aturtn* Hamr Secombe. Report 12 jo pm Gardenia* Today, us Fortunately for us all. Lord a small banm of men— friend- This is nut altruism. As I say, 

iSrauSuS; Rothschild and his colleagues less as the monarchists, at Mar- Ur. Stein is a very asttiic man. 

iojo Lert. Rjtw and_ centre, mo none narrow creii Parker. 3J0 Beryre Lou. were not asked to ponder ston Moor— that believes that the In fact he can argue, with near- 

us university challenge, us Scotland whether commercial gambling best wav to control gambling total conviction, that the 

£££*! L ^2J0 ne u5' cS w E« W t 2 “ “ goo f '■ 0r whether ft is more fully, to milk its profits gambling combines are pay inn as 

Prtmec. “ bad.” Such a futile question most fairly, is considerably, to . much . to sport as they can 

10.55 Match of the Day Special: -L, «« ■«,». would have plunged the com- extend the State's involvement afford. 

Highlights of Wimbledon p 2! SOUTHERN mission into a philosoplucal in gambling. Why settle for. In P«rt, this argument found 

and Cricket rm Gardoniu Today. tu» Border m> mn Arthur. io4o Record Makers, gluepot with a tightly sealed no. premium Bonds and the poor acceptance IS months agu in (he 

1245-12.15 am Closedown (read- «, .^f 5 12 -? pm F “ Even so, they have not 0 i d Horserace • Tote, the Royal Commission’s interim 


Championships 

8.00 News on 2 with sub-titles 
8.15 The Two Ronnies 

9.00 Play of the Week 
9.55 Dear Mother 


of Today: 
Runaway.' 


■Dawn: Portrait of a Teen axe 


BORDER 


ing) 


LONDON 


Geonne, starring Ajanair sun. us Progress, un southern News. 246 ««i*shAcf liphtlv for their weiehtV _ T .„ 

GaiwaA Way. 640 Lookaround Monday. House party. Z2S Monday Matinee: “ How .Ii n nt n. ntnri XTins? Why 

Ais Diiivershy c h al l enge- tare Take the to Break up a Happy Drroree.” X50 terms or reference instructeu nationalise all casinos 
Mick— The story of a Jan Band. 1US Beryl's Lot. 5J5 Laverne and Shirley, them to launch themselves Onun hottino ehnne' 

■" XLPSL"*-*”*-*? If S a U^ investigation of an industry g SDOps ‘ 


9^0 am Ifs Life with David 
East (Norwich); Look North Bellamy. 9.55 Paint Along with 
’The (Leeds. Manchester. Newcastle): Nancy. IOJO The Undersea w ^. a ^^^^. I ^ u “nie n5 i5d a d^ 


The Sft-«eu of San Francisco. HU are a.oo Day hy Day. IA30 Talking Bike*. linvestieation 
Banter’ iJnwi Summary. na xbe Law Centre. 17 *° «l*“* - 

Kewa Extra. 

CHANNEL 

ux pm Channel Lunchtime News and 


not report, which concentrated on 
gnd the football pools as a source of 
• extra cash for sport. It rejected 

]24o southern i — v — — „ "t , — ~ “ the idea of a special lcvey on the 

smuKiai whose total turnover, fuelled by p . Pools Promoters’ Association, 

the recent, maniefligbt into lot- x Rlililll saying' its investigation “did 

TYNE TEES |teries, now tops Obn— turn- The ^ Qf Sute vprsus not disclose any evidence .of 


Anniversary* starring Bette Midlands Today (Birmingham), of Captain Ptamo. MaUnre: •• Knirtt wimout Armour." K onh East News Headlines, ujo wild mated at £96Gm approximately, private mterpnse in gambling running 0 f the business nor 

Davis Points West (Bristol): South To- 10J0 Little House on the Prairie, us umrereity oiaikmg U6;Qumd counny. »4S The Record Makers, ms i n the course of their studies. 1S 3 P^ul one to grasp, so let nwSS? ■ 

10.55 Tonight day (Southampton); Spotlight JL20 21st Century. 1L45 Felix News. «*“ M «? Lord Rothschild — th3 * nrnfi uuw * 


1US Weather.'Reglonal News South West (Plymouth). 


F.T, CROSSWORD PUZZLE No. 3,708 



ACROSS 

I Can you find work in 


that 


headgear? (3-3) 

4 Is full of praise but goes to 
pieces (6, 2) 

9 Looked for an expression of 
disgust in a drunkard (6) 

10 This ship stops short of actual 
disaster (Si 

12 The girl to enchant a Scot (S) 

13 Civilised source of evil to the 
city (6) 

15 Dish made up in a panic (4) 

16 She had a meal amid the 


DOWN 

1 Match box as legal precedent 
(4, 4) 

2 Prize periods for our 
feathered friends (8) 

3 Familiar with reception 
(2. 4) 

5 Infrequent union of two regi- 
ments (4) 

6 Preserve a sign for the 
Atlantic Isles (8) 

7 Craft current in the sick- 
quarters (6) 

8 Written in confinement (6) 


festivity and came to life (7) 11 Dad joins tennis champion in 


SO Instructed In advance with a 
cheese meal (7) 

21 So the monster is returning 
< 4) 

£5 State newspaper for the 
transvestite (2, 4) 

^6 Degenerate period in proper 
surroundings (S) 

£8 Penniless sensational litera- 
ture (8) 

|9 The way up for the cele- 
brities about one (6) 
to Exclusive rights about one of 
the invalids (Sj 


talk <7> 

14 Officialdom becoming 
narrower in the end (7) 

17 The stuff to make a news- 
paper come to an end (S) 

18 Well produced from East 
Iran (8) 

19 Locks Hebrew lawgiver with 
tbe right one Inside (8) 

22 Finish the business- Got it? 
You must be nervous (4, 2) 

23 Notice the opening festival 
(6) 

24 Was Heath misemployed? (6) 


1 A lovely fellow has trouble 27 H Can storied urn or animated 
with bad back (6) — “ (Gray) (4) 

The solution of last Saturday’s prize puzzle will be published 
kith names of winners next Saturday. 


their studies, 1S 3 u» grasp, so iei. SU gg est that profits were 

the Cat 12 00 Paoernlav 1210 News, lfljz Code ' R.’ ‘ tm» Late Nlsht ihe~wiii L20 Nonli East News and Lora nornsctuid and- his col- nrrL exceptionally high.” though the 

SSSm across” (and^ ?{£ chill, ^ern ii whether com- 

^ that hrfn venerate Thcy (the PPA) regard their 


GRAMPIAN 


lecsc. naruicni ure. roucc r T r 1 . lj, 1 j nnnt-riK 

Cafl. 10J0 Lifestyle, urn Danser in an industry whose habits and contno 

Pkradtee. izoo EpUogw. growth have not been adequately jo the ^orts that help generate p ayment of c^, a vear , 0 the 

1TTC ___ charted since the, last Royal its profi^hideed. to sport of aU footbSi League Snd 5e Joo* 

ULSTER Commission on Gambling in sorts— for it vis a sad fact that b al l iS^ciSSl anTihVffiOO (So 

JAJB ui Tb* Utat Uludfc 1U5 Rraird ^ much Ot ^riW, i. QPOTUng 

ment Trust as their voluntary 


Quiet Ways of Wales. 2.00' After 

Noon. 12-25 Monday Matinee: ^ M tww» ib m 
The Lady Vanishes starring aw wanderers. i#4s ' Record §5ikere. 

Margaret Lockwood. 420 Clapper- U45 FoUouins the Fish, ax pm 
board. 4.45 Hie Famous Five, B<mv Nursing. U0 GrampUik News 

5.13 Batman. W, EFZvFL?"?* SSSuoS^Mm I industry is now making on the ^ndere^t of means. 


rivimf contribution to sport" the com- 

jajs ansLifi missi ° n sa,d - » tte “pt 

hSirt a fpSdpr^f d n b TS.m extract further money Trom the 
-pools promoters, the PPA main- 
g, whose gambling in- tained. would create a splf- ■ 


>W run U. nu, rc than 900 


a self- 
to wards 


f "If ^ e!WS . maUenge.'” 640 Grampian Todag. u 6jfl Monday^ iiatmee: "nie League ot Gentle- large, though not necessarily Are 

600 Thames at O Top Club. U JO . Reflections. uOS The men." starring Jack Hawkins, Richard orr-essive. Profits out of the most glomeral 

6.40 Help* Monday Film: “ Vanlahmg :/P<jtaL- Anenborotwh and Bryan Forbes. «JS enpkatw In un Innb 

6 45 The Kenny Everett Video 1125 Grampian Lam Night H ten i nc a. ulster News HeadHses. 515 Uidverslty liberalised gambling society 111 US look 

chL y rett vlQeo challenge. 6.00 ulster Teieviston News, the world — an industry, more- Group, 

7.30 Coronation Street GRANADA 'f t&'&ffSES, !Sl!* 

8Swo U rWi2 n Acttau“ STWiC6 53 »pK??p£ Be “ mfc recent. years to pick its path terests 

9-00 Strangers uS?" ^ ^ U &ii ' WESTWARD o* iegisiauon inn.u so cbwuk social mo ningo ciBDS, a ciuicn and a smaller tax haul for tbe 

10.00 News - Those wondered tv Times. 6.00 pranaxu mao am skippy. U40 Record Makers, and obscure that even senior of greyfibund tracks, a cashcade Government. 

mo KS- offi “ re My “ Mot “ f '°„ t X eS iSJfta^tnSK , «■ l« ii. In which 

.SSSCS; “ “&OW rudicci will the Kithc SSSShtt hgS** M bee” d si,.S 

12.io am Close: A poem by W1I- “ Rniaht wtzhont Armour," starring child report be? One of the most its miskihto hotels holidays and n I!r 

Cwle read by James rera n w P«mS areas of investigation pro W s o tS ySr ta JPff SSff^STlSffb 

All 1BA Regions as London r^ i£S^ S* 9 •Tanuar^. ^.the group’s total expected to call for a majSrover- 


carefully through a hotch-potch betting Ashops, 12 casinos. 76 rtduced ^tufndrcr^ smaller nrizeT 
of legislation that is so chaotic social and bingo clabs, a clutch and u smaMer^tax ‘Snl fnrthe 


1BA Regions as 
except at the following 


Wnre* nd011 SSTVn*™? 1 o»ra !? DC0,,a Sr«? l r Rt - 1,0 contribution made by gambling profit 

^ . west BeMlbra US RewutwSre%d^ S ^ towards tile Support of Sport, £24.28 

ANHfTA ^re-FslS^liT « ,«, 

ANGLIA Day.” star. inc chanes Lsuchtnn t sjis that Is not Uie limit of the com- very astate man. Even' m the probably call for a complete 

H" e£ - v ^ ^ days before the Rothschild Com- rationalisation of “ - Britain’s 

« chain of" the" workL lias" Friends ai I h peer and missiongwas set up, Cynl Stein mushrooming lottery - craze. It 

Man .11* I P« Hmr m i suy AttSfVa 1 22? i? t l^SLSS?°52S3I had en W ed ttat Ladbroke was may even venture Into the com- 


bed 58 per c ent, to haul of gambling legislation. It 
a turnover of £387 m. will probably demand greater 
broke chairman is a hand-outs for sport. It will 


,i.„ i M Btekt and Centre." starring Ian Car- 1 

Day.” star, log Charles Laugh ion. 3 5J5 vnoFcnmc 

^ ^ _ Uidrerelty ChalieiJac. 6.00 Report >est- lUKKSHIRE 

1DJ0 am Friends of Man. U40 Record 642 Report Wales. HUS The Monday UJS are Power Wlibout Glory. 1LU| 

Mixers. 1 1 W Followlni? ilio Plata. Film ; 11 Ualcr Itac Yam Yum Cbalra 

S^'S-SS 1 s|^p^vS nt orsi3Jss SS^Jssss- 

Onree raUy O iallengc. >W A bout Anglia. Newyddion Y Dydd. JUMJO Ranaden. University ChMteige. 6JW Calendar I g^ble; ' rifi th^ S conris^ntt^— or jo n ^ r b I if >r } 0 8p 9r t ’. particularly controversy Of State VS- private 


1&30 Speedway. 
1240 Reflection. 


11.00 The Law Centre. 6.00442 Y Dydd. UMJIO Yr WJ&ims. f Emley Moor amt Belmont editions). UJO 
HTV Wasc—Aa HTV General Service Ufcstrle. 1140 Tbe Law CeOre. 


RACING 


BY DOMINIC WIGAN^ 


RADIO 1 . 247m n»r» fSi. MO Mews. MS Mornlpft Con- News. 345 Afternoon Theatre (Si. 4J5 . „ ilWKW « u. S uuuji 

Mfzsn* WSEv Bh-Sf 5 w^ R ^n^ stl aect0ra ' “ 0tably °* € »“» P™o“t®Vand marketing win^ 

sjjo «„ J H lSaio m i'Te Dare Lee ***-’ B^hd^^tSv^ mS N^ ^ 

TWh, » fttui ~ D * (S)- U4S Crlcketf Third Monday Play (S). 0J5 Robert Adam- 

bSSt tactadltut 12J0 NmtaS ?&• En * l “ d T - ,*2 kto i? n The P rophet or Elegance. 9JO KaleMo- 

240^ Tony kS j™2n 1JS pm New *- . 1 -* Vonr 'Letters scope. 0J0 Weather. 1040 The World 

Urelwllii®^ SM N^dKatf 1 S srara Lonchrtae Scoredoard. Tonight. UJO origins. 11.00 A Book at 

DealT^lM R*to » U.« Joha Fed ¥* !STE .“l FamI *- r 7M) fiOMdal World 

-wsasTd: ™ ■- - 

SrtVBSfe^JSlWSE bbc Kadio 

. _ 540 are As Radio S. 6 JO Rush Hour. 

SOOkHs. ldMKHz). 445 John Dmm <S>. " J“T 

740 With Radio =. 1040 With Radio L itaiTraf JS" 

IZ0.M.02 are With Radio 2. 

RADIO 2 1.500m VHP LnndbUme Concert 

va^^wim mo S Sri?sio^s, , iS ^ Ne ^SSta a “" ^th^o^s^d 0 Saturday’s race has the be Reflecting _ 

“ London Broadcasting »«nt "SS “ d o£ a ^ ^.^SSSMSSS!^ 

RADIO 4 SJM Monitmr 2S? a fl 9 I5 VHF Former Whi S h *2 , «eW seems likely to in-, at Newmarket, when the English 

12J0 Pete Murray's Odm“h5w W ^ 434m. 330m, 285m and VHF «w° wts^^tatomSo?' trareL** 1 *^” often produced elude Gunner B, Taxiarchos. nnd Irish Derby winner, Shirley 

^ ora «.oo am News Brians. u^Parmhw “-WBrian Hayes show. i4o^m*LBc rior-h con ^' ont;ltl o ns Silver Lad, Radetzky and Heights, scraped home by only a 

S w SrtSdJ*b3S5 r .S"tK tl ■ ■ ■ ,b °- n bMi ,nm nc de B ? urhon ' 


George VI overshadows Eclipse 


SSedTroS^S TaSTaS d5S “x*"- ^ '^SSn^JSi 




isaKzrs sp&ssKtM k e «^ffl’Eis-rj!rBi--as- a 

sms- C apttal 

, to °°r :ot, i for the 

RADIO 3 464m, Stereo &VHF H? T?f Wo ^ w , Archers. Mother Wouldn't Like it ts>. ii40 Tony Diamond Stakes. missed the form of that afler- 

7 m k.m ,Kf> If 5 wonum's Hour including 240042 Myati's Late snow (JSk 2.M am Mike However, one feature which uoon^ King Edward vn Stakes 
645 are Weather. 740 Notre. 745 Over- News. 24S Listen vrtlh Mother. M0 Smith'. Night Flight (Si. Will encourage the sponsors. ^ “la JlonJ" 2ld of tittfe 


rest comfortably 


WINDSOR 

6.15— Niagara Rhythm 
6,45 — Etolle des lades 
7JL6— Calatena* 

7^5— Bonandra*** 

8.05— Effect** 

8J5— King Alfred 

9.05— Tamanaco 


t- 





V 


■I 





■■ 




»e| 

or! 


S' . ■ « 

I'X ** 


Financial Times Monday July 3 1978 

Spoleto Festival in Charleston 


Greenwich 


by ANDREW PORTER 


Hindle Wakes 


by MICHAEL COVENEY 


punched his Festival 
of rwo Worlds m the Tuscan hill 
io»n of Spoleto in 1958. Last 
y°*r- a , New World branch of the 
SnuK 11 £ egan in Charleston. 
J?" 1 ** . Carolina. Charleston, 
founded in 1670. is an attractive 
place. In the words of the lfill 
arttonnteo. which slill hold true, 
tne streets are shaded with the 
,1V ® 0a * and the linden, and are 
ornamented with the palmetto; 

. , e quaint specimens of 
l 01 on ia! architecture, numerous 
,^'' ar ^ d L porticoes, spacious 
ver j n ^?^ 3, an d flower gardens 
made* beautiful with magnolias, 
paimettftcs. azaleas. jessamines, 
camellias and roses give the citv 
a peculiarly picturesque charac- 
ter. It lies on a low peninsula 
a i i he confluence of the Ashley 
an.] Cooper rivers. Upstream, 
there are lS-century planta- 
« Pal, a«*ian Drayton 
Jiuu: Middleton Place with its 
vnsi formal gardens in the grand 
manner, recreated in the rich 
vegetation of the South— to be 
visited. 

Charleston once vied with New 
Orleans and Boston as a glitter- 
ing colonial capital. The first 
opera given in North America 
was done here, in 1735. Kean 
and Macready played regular 
seasons. Thackeray wrote appre- 
ciatively of the place. Today it 
has two principal theatres, 
neither of them old, although 
th«* Dock Street Theatre, holding 
450. is an attractive reconstruc- 
tion of a Georgian playhouse. 
The Municipal Auditorium is an 
ucly modem building holding 
?.7nn, which would be considered 
large in Europe but is about 
standard Tor an American opera- 
huu«e. Other events take place 
in the city's numerous churches, 
and out-of-doors. 

“Spoleto Festival U.S.A.". as 
it is called — which is hard on 
Charleston — seems to be the 
first American festival on the 
common European pattern; 







V S'- 


’ 

=|1 ; : 


• 4»/ ,r'l '.,vh 


ytm 

M 


trashy piece.) uni 

I enjoyed my slay in the city, 
tts I heard some chamber music on 

•’s numerous churches" Pt “-' a decent if seldom on a really CoVdlt Garden 

-doors. Henry Price and Johanna Meier in ’Vanessa’ distinguished, level. But Cbarles- 

apuiem Festival USA’* as , , , . . , . . . ton cannot yet be mentioned in T 

it is called— which is hard' on I 0 ™* 1 ' as the Spoleto ones are. largely student recruitment. a bre3th ^ Spoleto itself, with T Ti /T -1 11 /-*-** 

Chirlr'-tnn - rrrn . .. h . . but less adventurous (in Spoleto, obviously found their heavy Aldeburgh (if Richter or Rnstro- I I 1 l\/ 1 1 i j r F t TViT A V t a n ti IT T) t 

m TSSSSST&a^i on tH Je3sye ,J r urden of opera aDd coacerts a povfch ^ Sirito pVay inChSS ^ Ul&a 1V1111C/1 by MAX LOPPERT 

common European pattern - 131 an ' Christoph E.chenbach strain, ton, jt would probably be In the 

ri/»nsplv nocked dav? nf £ arae . t0 „ international attention Im travmta, a recreation at 2.700-sea ter), or with any of the rt Is wonderful to have Luisa the Spanish tenor throws himself Gwynne Howell (returned to diction. (If only she made more 

drama and dance n'f"»*tithiKnnn ^°r ®. rs * ttnae; m Charleston, second-hand, by Gianfranco Ven- small-town festivals that through Miller at Covent Garden, doubly into all his roles with a health after missing the first of the words, what an artist she 

lectures pa n eants and nanfe*-’ ' be tnumclans £ r * v '. n f ™ ra ^«ra, of a production Menotti did imaginative planning and so whe a simple, tactful staeine Passionate sincerity, and since be night of the run), though his would be!). All the elements of 
of sunshine w rpiAhmtinn a pool of admirable but familiar for the Femce three years ago. imaginative commissions come serves Verdi's oner* with voices the music so winningly. singing was always ample and a deeply moving performance 
shared hv inhabitants snH tWr } ’ oung -** ew P 1 ?y* rs, I after- was not festival faro. Lucia na t0 international attention. From rtf „ nnCC , 1T _? ® one warms to him as much as cleanly focused. Let there be were preseni: but it needed a 

visitors- 'amt nf chn'r/ cHnwfrl 1100,1 " intermezzos in one of Serra. once of the Tehran Opera. a musical point of view, the festi- r 1 ™ 1 , unassu ™ 1 “S fidelity we ever He wears jjjg own ^afr. another bouquet of praise for more “vocal,” more yielding. 

Msilv "hnme h nr ii no tL„ ; c *^ e vburches: long outdoor big- is not exactly a negligible singer val was a wash-out so far as visi- ^ ave teamed not to expect from amidst a gathering of fully Ivatia Ricciarelli in the title less superfiically brilliant cem- 

_i ' nTV t ^ an d ^ azz sessl(>ns ’ a . D0 ' °P T era - “~^" e voice is even and secure; tors were concerned. That first most of today’s opera producers, wigged men. with peculiar effect role: her fine-grained soprano ductor than Lorin Maazel lo 

Tup ni-sro ; c n « We ^ rama - an ^ dance at night. Last the notes are real, not fluttery — opera ever done in America was A feature of all Filippo Sanjust's on the costume. shooe on the stage like a bene- compound them, 

me place is not hpoleto. it nas V ear two r.m*rus were done. The but she was an unni ovine, cinw, j- - v-i ... J r-. 


Ciesinski. Miss Ciesinski was a Horn im an season— and 

festival discovery. But oh! what Ewan Hooper’s interestingly 
a pointless and tiresome piece of eclectic reign at this address— 
synthetic flummery the opera is. j s closed with a carefully affec* 

A cut-down version of Doni- tionate revival by Robert Kidd 
zetti s II funoso allisola di San . c . 

Domingo — abridged and instru- ® an ley Houghton s 191- 
mentaliy reduced — was squeezed Lancashire comedy. The play 
into the Dock Street Theatre. If was a major success of the new 
/arioso, which followed L’elinr repertory movement at the Man- 
in Donizetti's catalogue, com- Chester Gaiety, but its transfer 
tunes its fresh, graceful inwn- to London, with Sybil Thorndike 
tlons with elements of his high aa the religious fiancee, virtually 
dramatic manner to form an killed off the flourishing outpost 
engaging, unusual and interest- The Bank Holiday wakes are 
ing opera semiseria. But its disrupted with the revelation 
merits were obscure to the that Fanny Hawthorn has been 
Charleston production— as they off on a dirty week-end in 
had been in the similar Spoleto Llandudno with the mill-owner's 
production that I reviewed in son while her parents believed 
these pages in 1967. The staging her -to be in Blackpool with a 
was amateurish: the singing was girl friend. That friend has 
patchy and mostly poor: and it been killed in a boating accident 
was idiotic for this unfamiliar about which Fanny knows noth- 
work to be sung to an American ing until marching briskly in on 
audience, by American singers, a domestic scene pregnant with 
in Ec-tallp-amo. inquisitive apprehension. From 

In Spoleto. Menotti kept bis this point on. the Hawthorn 
own music off the bills for 10 parents enter into cahoots with 
years. In Charleston, last year's the wealthy Jeffcotes in an effort 
Consul was succeeded, this year, to decide the fate of the young 

by a pair of Menotti “church couple. Laima tut 

parables.” The Egg and Martin's The respective fathers are old Arthur Lovegrove, Tom Chadbon and Mark Dignam 

Lie The Epo is coy and mawkish; friends separated ^ socia , rank 

know, te aMeut 'an efficient tttUe £?an of pw?' V«“iJSoJn“ in S i StS ? n r, Alan do j n r B ^ "I 1 ? 1 wp0 J , i f tat Beatrice, who has family are well played hy Mark 
tear-jerker (it reaches its climax 7 0nJ ' tT b y Fanny and forfeiting his urged Alan to marry Fanny by Dignam. Tom Chadbon and Clare 

as a red-hot poker is brought ^ ^ iaberitance. way of a magnificent sacrifice. Kelly, while John Gill and Anne 

closer and closer to dear brave arT es .f t toe palatial breakfast g ut elders reckon without will, after all, receive him once Dyson are ideally cast as the 
little orphan boy's eves) but it is roo . m , P us “ b,s daughters the two girls, both of whom more. Fanny's refusal is Hawthorns. Frances Vtner. a 

a distasteful work. '(Shortly c *“1 » a fi 4 0deil3 y desirable manage to reject Alan's suit as rousingly explained in her con- fine Beattie Bryant at the Shaw 

before the festivaL another “P 3 ' 0 ' 1 - £ ev ersing the usual fic- he shuffles weakly between them fession that the Llandudno recently, contributes another 

Menotti one-arier a kiddies' t30na3 scheme of wealthy young to have his idea of promiscuity escapade was. as it was for Alan, strong study in burgeonin ’ indo- 

Diece called Thr 'Trial of the raan to °. mucb ‘ n l°ve to heed as a strictly male prerogative a mere lark and nothing to do pendence. There is a coitifuri- 

Gr/vsii had its premiere In New toe social requirements of starus. rudely shattered. The play has with love. able setting hy Geoffrey Scott 

York* 'this also struck me as a Houghton inve.sts old Jeffcote a feminine ending in more ways The piece may have dated, but and appropriate lighting by Nick 

trasbv niece ) with, a strong moral line that to- than one, as Mrs. Jeffcote weakly not irrevocably. The superior Cbelton. 


by MAX LOPPERT 


corresponding to that* Piazza del gE, pWuSn. b‘v FHi'ppo a dun IScic of an ASedo. toCoUev CibbeT^S **** <°^rtaken by the pro- lUaccpc in Tilly Art* Centre 111 

Du S m j° i° n wh i ch Rtands , ,h e Sanjust. remounted in English) David Holloway, an admirable j 0 hn Hippislev Perhaps that’s ducer_desi R ner himself)— this is, xtaliazi baritone of ’ verv JViaboCS 111 JU-ly /\1LS Cemre 111 
cathedral, a theatre, palac-s. an d The Consul, and both were young New York City Opera something the Dock Street unfortunately, something that acceptable quality, but without r* r\ 1 

a " d ... the rather well performed The baritone, was miscast as the Theatre should consider for next can be expected to decay swiftly the gift, especially in the great 3t St. PSUl S OlknCV 

°° A Pavi,,on ' festival was a success. This year, heavy father. Samuel Barbers year; it held the stage in London in future revivals. On Saturday, third-act duet, of drawing from „ J 

rump Kootu or Assembly lt expanded from 12 days to IS Vanessa received a better per- through much of the ISth cen- with a new tenor and baritone the music the full range of tone Notable settings of the Mass An arts centre housing a col- 

Kooms. But it is a good festival and included four operatic bills, fortnance. with Johanna Meier tury. And what about the sym- in the cast, almost everything on colours it so richly rewards. wiU be heard to St. Paul's lection of 20th centurv paintings 

Citv: small ennueh to around tlmPB „ rimn in nurfnrm. in tVi.-. _l r-n. ^ , .V _ . . . _ _ , T . _ ‘ , _ ... in T,,l„ : ‘ 


chamber concerts — in- and the Festival Orchestra of American mezzos, Katherine saal 


Wigmore Hall 


Guildhall School of Music 


Peter Katin 


Shell/LSO finalists 


by DAVID MURRAY , ' ___ rTT _ T , ^ ^ „ stance, the drift of facial expres^ 

J bv ARTHUR lAfORS S,0D ' are 3,1 familiar. But since 

Mr.- Katin's recital Saturday hy his account <,f the A-fial r J ^ ^ w o o 

nigh!, on behair of the Uampiitgn Polonaise, and in the F minor "I cannoh think of a nicer mariaed as: technical skill on 

fur Homosexual Equality, was Fantasy he -harpciied the an niversaij pVsenL" said Andre the instrument, grio on the ENTERTAINMENT 

devoted to Chop n. AH major dramatic .vmtr.isr* mward a Previn referring tu his current audience. innat« musicalitv and 

Chopin, in the sense of being ringingly defiant' climax. H ; s celebration of tdu > ears with the potential for development Even GUEDE 

original and unimprovable even virtuosity in / the second London Symphony Orchestra, those four criteria, it seems to 

if brief — and the pianist under- Impromptu was almost apolo- "than to be so assured of the me, are unweighted and inerelv cc— tueum accept cerwhi cram 

look it all wilh due seriousiic«cs. getie. firmly dunstmned in the future nf symphonic and solo shuffled at random, and I could e * r0i w telephone or at oo» t,if««* 

Mr. Katin is nm notable Tor his jnu-resl u( .a shapely overall playing." He waA announcing not declare myself imppv with «««- « 

imng native abandon, but his reading. “ the adjudication of theyShell/LSO the result. * OPERA & BALLET 

""Ssirr™ Sr Katin reI ^ s - ,J intr ^ de him - M , u ?i c Scholarship artfer ■ all six With a section of the LSO COL,SEU ^„ ons o?-VS 0 iia, 5 “ 8 ' 

exercised upon this substantial Sl ,jf n to .Chopin s music: pene- of the young finalists bkd played ri h T h r arr .„ ia rf; c c , in NU J5 E I EW c , , c 

procranimp (for whi.-h Ills own , r3linK JnlL-llluenn.- is whul he durins a three-hour \ session Georg.odui 

notes offered a useful guide to hr inas to it. marking the musical before an invited audience on 03 cn “ naI -Si .performed pan of ^ulet. ,Jg w| gy “ nt ! 1 - s *f; h S qu? i -'S 


their music with lambent, velvety “Quando le sere"). He tended orchestra. 1S situated on a pier beside the 

tone and natural ardour of feel- to stroll across the stage incon- On Sunday. July 16, the 150th harbour and the collection, 
tog. That ardour, in the playing sequentially to the first act and anniversary of the death of which includes sculptures by 
as to the singing, is generalised, to lapse into blankness of Schubert will be marked by hw Barbara Hepworih and paintings 
There is no noticeable difference demeanour in the last — Miller second Mass in G. Mozarts . R Ni.-Yinicnn p-twjj .,n,4 
between Mr. Carreras* Rodolfo is a more tragic figure than he Missa Brevis in D (K194) will J* . 0 • “ 

here, and his Don Carlos, allows. be given on July 9 and his Coro- Patrick Heron, has been donated 

Alfredo, or Oronte on other Similarly, the scheming Count nation Mass on July 30. to Orkney by Margaret Gardiner, 

occasions: hand movements. Walter does not sit entirely On July 23 there will be a rare who lives in London an dalso 

stance, the drift of facial expres- comfortably on the reserved, opportunity to hear Haydn's part of the year in Rousay, 
sion, are all familiar. But since gentlemanly stage persona of Nelson Mass sung liturgfcally. Orkney. 


THEATRES 


THEATRES 


THEATRES 


CHICHESTER. 02J5 S131Z. NATIONAL THEATRE. 92B 2252. TALK OF THE TOWN. CC. 7S4 StJSt. 

Tonight. July 7 1 I it 7.00 July G OLIVIER <opcn stagsi- Ton'! & Tomor. G.OO. Dining. Dinnng (Bars open 7.1 5). 
at 2.00 7 JO MACBETH. _ .. 9.30 Suoer R*»u<! 

A WOMAN OF NO IMPORTANCE LYTTELTON orascenlum Stage!: Ton t RAZZLE DAZZLE 

Julv 4. 5. b at 7.00. July 8 al 2.00 7 <5 BEDROOM FARCE by Alan )n d al 11 pm 

THE INCONSTANT COUPLE AvC\bourn. Tomor. 7.45 Plunder. LOS REALES DEL PARAGUAY 

COTTE5LOE ismjll auditorium); Ton'l S 

Tomor. 8 AMERICAN BUFFALO bv 

COMEDY. 01-930 257B. D.'.vid Mamet. THEATRE UPSTAIRS. 730 2554 


01-930 257B. 


9.30 Suocr Revue 
RAZZLE DAZZLE 
and at 1 1 pm 

LOS REALES DEL PARAGUAY 


THEATRE UPSTAIRS. 


For a limited engagement until Julv 1G Mon, cvceUent cheap seat; an 3 theatres Prevs. from Tnurs. at 7.30 n.m. 

ALEC McCOWEN S 3, 0l perl Car Pirk. RMtaurant 92B IRISH EYES A ENGLISH TEARS 


ST. MARK'S GOSPEL 1033. C 

"An unparalleled tour de torce. ' S. Tiroes 

Tues. to SaL at B-D. Sun. at 4 30 No 
peris Mon. Seau £1.25. £2 25 £2 SO. OLD VIC. 
£3.00. Latecomers not admitted PR 


2033. Credit card bkgs. 928 3052. 


Bv Nigel Baldwin 


his intentions), lt made nn nodes -with delicate precision. Saturday evening. . * prescribed concerto (Mozart national 1v ballet, ’seats' 1 * amiable criterion. 930 3215 . cc. ass 1071-3 

evening of solid rewards. .lust., occasionally, the result Last year the scholarship was or n > w S ll £ ,^VSLS ’° - ~ WSSSSS*"" 1 da "“ f^clWV&R 3 * 0 - 

Katin s unassertive virtues sounds thin-blopiled. though his awarded for wind instruments: a p, . e “ w , v*. P ]an “ tor unaccom- Leslie pm'Llu* 

were roost persuasive in the touch is sturdy and assured, the winner, the oboist Julia Gird- P*" 1 *?* 01 or ° er own , choice, covent omml cc 240 iogg half-a-dozen laughs a minute 
earliest piece here, the D-flat Sci-upulous about articulating wood, has since appeared as J***' * . ?Ptendidly .Gar^nchange c^it^wrds^ae G903> second tnuauau^ year 

Nocturne Op. 27 No. 2. held in /he harmony, he husbands the soloist with the LSO itself. This K ?£ K3SK V.Wi.iB'teuff 

ecslaiic suspension, and in the pedal severelv : In the towering year, again with preliminary oiamenova. a i»- Thur . at 7.00: Nonna, m. « 7.39 : drury lane: di-bsg aioo. ev«y 

first movement of the B minor waves of the Barcarolle, he rounds held to provindal centres, cur- Y L L « svi nlflh ‘ 8 D0 - a chorus^une 1 3 00, 

Sonata, big-boned and fautly seemed to be continually pruning the competition was for strings "“rf . .. „ secona year 01 Pira^iors. Birtrway wmw. ss awibim: -a rare, revasuumi. iovdw. aiwmsinnB 

organised. The Scherzo was fleet back the sound. And like many and had attracted over 200 5“g. at ^ Guil^l School cf /«?'*!?: al1 ^ 10 » unnw - Sunday Tlmc " 

and extra-lucid, the Largo full an English pianist, he allows entries. Four violinists, a cellist *}? . .J’ a * ~ — — — — — — duchess, bsb 0243 . mm. to Thun. 


DRURY LANE. 01-B3G 8108. 


PROSPECT AT THE OLD VIC . 

June.-S^pt. Seaso 1 ' 

THE LADY'S NOT FOR BURNING 
by Chrlslsptier Frv. First nlaht tonlQhl I 
7 Dm. Wed. 7.30. SaL 2.30 A 7.30. 
Eileen Atkins as 
SAINT JOAN 

A great Derlormance ' The Times. 
Thurs.. Frl. 7.J0 
TWELFTH NIGHT 

Gala performance in the gracious 
presence oi Her Maiesty Queen Elizabeth 
Mie Queen Mother. Tues 8 pm 

OPEN AIR. Regent's Park. Tct. 486 2431. 
A MIDSUMMER NIGHT'S DREAM 
Evgs. 7.45. Mats. Wed.. Thur. & Sat. 2.30 


9ZB 761 G VAUDEVILLE. 956 9983. CC. Evs. B.DO. 


Mat. Tues. Z.45. Sal 5 and 5. 
Dinah SHERIDAN. Dulcle GRAY 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
by AGATHA CHRISTIE 
“ Re-enter Agatha with anotner who- 
dunnit hit. Agatha Christie s ttalking the 
West End yet again with anathei ct her 
fiendishly ingenious murder mysteries.'* 
Fell* Barker. Evening News 
AIR-CONDTIONED THEATRE 

VICTORIA PALACE. 

Book Now. 828 4715-6. 134 1317. 

STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 


Katin’s view nf it includes pf Rtirinq-low plod in the pulse on the jury, as well as Mr. Previn t nd 

i strongly rhythmical . . . of the F-sharp minor polonaise, and principal players from the d 9J* . u « b j S !L st >oz73 812 * 11 ». 


returns only. Bo* 

Lewes. E. Sussex DUKE OF YORK’S. 


trirnSm a^Vreud^/and i 2 ^ ** ^ ZI I 1 , .SlS? 

r.iumi ii excessively mild. But Sonata. Given all thai Katjn Whether or not the shortage who'^edto T67^ TR T E Bmo n r^ e w bo EZ ,,,J °&5 lfSe^"' 5 - l T a&gh wS5 d 'l thought " Y would momMiu 

•• tremendous dignity and pur- knows about the music, he could of good young string-players for jn Italian composer who died in J u| t ^koSl'is 7 dance “thw'tre 30 A NATIONAL H THMTRE PRODUCTION HAVE DIED" Sunday 'jlmcs. ” SHEER ™?*rSeIy L | 

pn-n " was an epithet well earned come out to more stnkmu effect recruitment into British baTa: in 150a - Tomo"' jnSi? a sSf. ml Temoies. ,5“ “7 fiSKS continuous iSughter AS? 

■ orchestras is really about to be What made me unhappy was ^.^d ,ro r^^° ra 5fnU^ ^ laugh t er, r.m.s . 

„ _ ... _ overcome, there was certainly a that no prize went to 21-year-old Triple Duet from Group, stv*. Triad. To *» w |c « vr do. Piccadilly. 437 4S06. Credii card bkgs. Whitehall. 

St. John’s, Smith Square fine display of talent here. But Pauline Lowhury, who in m. Jury 3i « a™. 26 marcel marceau. ——— JXS? m. OS' K 

how ts a choice to be made opinion played her Mozart violin sat. 5.00 and b.do. so* 

t A. £ -C^a. T' — l* « ' rre between putentia) and achieve- concerto with far more strength THEATBE5 Munoi jgiow ^ mu,smarple in TI ^ G Peter ftwlais C 

Orchestra OI St Jonns • ment between a lo-year-old siill of feeling (and undoubtedly aoelph, theatre, cc. oi-bsb nn. Wl “w!« 1 

Vr I. vlivOll. kA V_/i. KJ L • vrL 2 L a ^ at school and a 21-year-old at the bigger tone) than Miss Ere*. 7 . 30 . ■KS 1 ** 3 ' 0- *?««!?■ Thim Great nr be^ comedy of the year sup 

end of conservatory training? Stamenova and then performed 1 c the best musical garkick theatre, cc. 01 sss 4601 . fully "air-condItioned 31 ^ paui 

h\* PON A r n f R I f H T O N Disagreeing with last year's Ysaye's unaccompanied Ballade IRENC 01 ,976, irIne*" 1 1978 irene 1 "t,2,'gTH M v t, wKf s gbmma s io°n« 30 eowaho. cc.‘«Formeri y cump< ' ™e 

nv K U A L U I\ I Ii t W Choice of winner, 1 complained not merely with admirable tech- " londonts bestnight ou^ NE TIMOTH mich! S e T l kTIch^ jones SV3*t«*KSr s EHS* * *5?- VS " ,• 

_ , j Vm'in -i in Vmnni.r - nf i the mock-t'uncrel io L>1 ese columns that no criteria nical resource and an apprecia- already seen by over one 'the a homewm1ng s h, ti™ e « " wn,w,bl ». 


with RULA LENSKA. IAN TALBOT. E.. nlno . , , n u,,, wph cat ’ 

ELIZABETH E5TENSEN. DAVID WESTON Evenln °* 7 ' 30 ' M4,s ' Wcd ' * od Sat ' - 6j ' 

Shaw's MAN OF DESTINY 

Lunchtime Today. Tomorrow & Frt. 1.15 WAREHOUSE, Donmar Theatre. Corent 
KEMP’S JIG with Chris Hams. Sun. al Garden. 836 6B0B. Royal Shakespeare 

B DO. Company. Ton'l. 8.DD premiere Pcier 

Flannery's SAVAGE AMUSEMENT. All 

PHOENIX. 01-636 2294. Evenings B.1S. seaa EI .80. Ad». Bkgs. Aldwvch. Student 

Friday and Saturday 6.00 and 8 40. s, - anaPv - 1 ’ 


Limited Season must end August 26. 
JOHN GIELGUD 
In Julian Mitchell's 
HALF-LIFE 


A NATIONAL THEATRE PRODUCTION HAVE DIED" Sunday Times. 


GARDEN make us laugh. - D. Mail il» WESTMINSTER. 01-BM 0283. 

THE UNVARNISHED TRUTH SENTENCED TO LIFE 

The Hit Comedy Ov ROYCE RYTON. ■■ MUGGErtIDGE'S trenchant humour. 
“LAUGH. WHY 1 THOUGHT I WOULD THORNHILL '5 dramallc art." Dir. Tel. 


St. John’s, Smith Square 


HAVE DIED ' Sunday Time*. SHEER “Intensely human, caring drama." V. P:si. 
DELIGHT. E. Standard. GLORIOUS "Tremendous Impaci." NovV. "I was 
CONTINUOUS LAUGHTER." Times. sharply mowed." J. C- Trewin. 

— — _EwSl. 7 . 4 5 . Mats. Wed. 3 . 0 . SatS 4 . 30 . 

PICCADILLY. 437 4S06. Credit .card bkgs. WHITEHALL. 01-930 F6B2^7765. 

Ewgs. B. 30 . Fri. and Sat. 6 JS and 9 . 0 D. 


83b 1971-3 8. ad a.ro.-c 30 P.m. 


FORTUNE. 826 2238. EW. 8.00. Thur*. 3. E*gi. 7.3D. Sal 4.3J ano B. Vied mat* 3. p aU | Rj v mond praentc the Senuticmai 


Orchestra of St. Johns 

by RONALD CRICHTON 

The Ion -day Festival in honour mezzo and the mock-1- ui 


THEATRES 

AOELPHI THEATRE. CC. 01-B3G 7611.' 
Erg*- 7.30. Mats. Thur*. 3.0. SaL 4.0. , 

IRENE IRENE IRENE 

THE BEST MUSICAL 


5aL 5.00 and B.DO. 

Muriel Pairtow a* M13S M APPLE In 
AGATHA CHRISTIE’S 
MURDER AT THE VICARAGE 
Third Great Year 

Garrick theatre, cc. oi.B3G 46 oi. 
In. 8.0. Mat. Wed. 3.00. Sar. 5.30 8.30 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
In HAROLD PINTER'S 
THE HOMECOMING 

” BRILLIANT — A TAUT AND EXCEL- 


Rpyal Shakespeare Company In 
THE UUTRAGEuUS ADO LI COMEDY 

by Peter NKiiol* 

PRIVATES ON PARADE 
*' Riproaring triumph." S. taoress. 
BEST COMEDY OF THE YEAR 
Ex. std. Award and SWET Award. 

FULLY AIR-CONDITIONED 

PRINCE EDVVAKD. CC. IFormerly Casino' 
01-437 6877. Mgneav-fnaay ewgs. 

o.uu. Mat, Thur. 3.Uu. aat. 5.30 and s.aO 
EVITA 

by Tim Rice ana Anorew Lloyd Webber. 


Sex Revue o( the Century 
PEEP THROAT 

WINDMILL THEATRE. CC. 01-437 6312. 
Twice Nightly 8.00 and 10.00. 
Sundays 6.00 and 3.00. 

PAUL RAYMOND oresenls 
RIP OFF 

- THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

" Takes to unereredented limits what Ii 
permissible on our stage " w»g News. 
3rd GREAT YEAR 


831! 387S. Credit card bkgs. “ MOT IT 

■S from 8.30 a.m. Party Rates 

5" JS 11 _ F d- „ 7 _ d5 P- m - GLOBE THEATRE. 


Thur*. and Sat. 4 30 and 8.0. ■■ A 

THOUSAND TIMES WELCOME" IS 
LIONEL BART'S 
OLIVER! 

-- MIRACULOUS MUSICAL." Fin. Time*, 
with ROT HUDD and JOAN TURNER. 
" CONSIDER YOUR5ELF LUCKY TO BE 
ABLE TO SEE IT AGAIN “ Dty. Mirror. 


AU, roy C a H l shakIipSam'^pmpany 32, ™“T R L 


orchestra. The programme eeie- „ rov idcd the chorus. " 3 benjamin whitrc 

brated the season we aren't 1 ThP bomie bou dic of the even- entena which ay e • iiK’ «fY U ^gD M 3^ c toiN F, Tu?NER ALAN A ^n 

having with a complete airing inR cam « a < the end wrth a _ _ _ " coN5?peR “you«elf %cky u to be m^klr Tn l Lon'don I-Tje D ha ?S , ‘ 

of Mendelssohn's A Midsummer dc li 2 hlfiil performance by Sesto Inrar, TI7/>rY+4-r 1 able to see IT again di*. mi™. ^"eniSyib.e «eniSi. " st 

‘ n nf c th e not iovS ?, r, ± antin j- “sirs' *£ JNewport jazz Jr estival ■ alowych^ MO i. 336 ^ cr ^ 1C h raEATRL 

Ihe OverTure and tne loveij jia^rtro dj cappella. in uus — Jr royal shakespeare company bSiSS- zao MiT R « z 

numbers familiar in the concert shorl picce . an understable , AfiiAA] DnU rA1 y rrU Sj? 

hT^rred to tSe favourite with .^° S3 comes to MiaaiesDrougn ~ — 

flourish he -inbertea in uie aa ageing singer de\ rousiy Tlme « with: coriolanus mext ha ym arret 930 9832 bo: 

dialngu*. Four young players trics t0 shift the blame 0ne of th e most ambitious As well as the American stars, E A ?h E e ?h^r": fSS'SST i4. w i!feot 

recited the relevant parts of the for his own shorten raings ; aj2 festivals ever staged xn the festival will also feature in pwer nichou- 

comedy. on to the players in the archestra; Britain takes p i ace 0 h July 21, many of Britain's leading jazz- p B ow PARADE ' ha^V andr“ 

. V t.P'.L _ ..If ! l..l n nM» norilirmPr . AA -A k mAA ipiAl*t^?nre Plhi-ir. DarUap Cl FAkino 1 


LENTLY ACTED* PRODUCT I ON." KtSI ££f d V a\ 0 C ;”" 

"AN INEXHAUSTIBLY RICH WORK " Please note Irom July 22 541. Pert* will J,® 7 Vi *c,T Vi°e 

Gdn. “NOT TO BE MISSED." Time*. be at 5.U A B.4Q. T "“«- ■•.. ENORMOUSLY S 'mCH fl 8 ' 3 °' 

PRINCE OF WALES. CC. 01-930 8681. VERY FL'NNY." Evenlno New?. 

. JLOBE THEATRE. 01-437 1592. Eyg*. 8.0. Saturday 5.30 and 8.4S. Mary 0'“» , l- v '3 sm»*h h>t fom-fly 

" £«g*. 8.15. Wed. 3.0. SaL 6.0. 8.30. HILARIOUS ONCE A CATHOLIC 

IS PAUL EDDINGTON. JULIA McKENZIE BROAOhhJ Lutatdr MUSICAL "Supreme cr-Mv O" ie* snd nellBion." 

BENJAMIN WHITROW In MY WIFE Daily Teleonph. 

„„ ALAN AYCKBOURN'S New Comedy CREDI i ' l £?- h, 'o£. H naan "MAKES YOU SHAKE WITH 

n r*. TEN TIMES TABLE _ LWEPi l iAhP BuUKIhb 930 0846. LiUCHTFS." AuarHian 


'RINCE OF WALES. CC. 01-930 8681. VERY FL'NNY." Evenlno New*. 

Evg*- 8-0. Saturday 5.30 and 8.4S. Mary O'KiM-y't *ir*sh h>t rom-dv 
HILARIOUS ONCE A CATHOLIC 

BROADW*. < LutacU r MUSICAL ■■ Supreme o" ie* and religion." 

I LOVE MY WIFE Dail* THcar.iBh. 

CREDI ? ,> ^,K B D R H£liK I Nh K g3L H 0846 “ MAKES YOU SHAKE WITH 

— .. .JJ ^- hp BUUK INU 930 0 846. LAUGHTER." Guardian. 

"This must-be Itw haPDlest laughter- Lu-cN S m EAT RE. CC OT-734 1166. vnuiar 7 «Vr Q,o "its? 

maker In London," D. Tel. "An Iresls- j Eyg*. 8.00. Wed. 3.00. Sat. 5.00. 8.30 im.™', Bartholomew pair 

tlbl, enloyable evening.” Sund« Time*. ] b« A oO T k HO, M .C h a1l YLE ALDR. DGE ”-£• 7.4 5 mJ,* 

DKJJUJ MICHAEL ALUBIUUE at , " a rlproarino pro“»ct>on " S. 


and RACHEL KEMPSON 
■n Alan Bennett's . 


riita Tiu Evenings: 7.30. Mat. Sat. 2.30. "SUnlev _ THE OLD COUNTRY 

sasr«»"isrssc' sss»r° L * ■Mn"iav L iTYH« , a«‘-" 


THE DANCE OF DEATH w«*ta a 

" Emerge* •* i wonderful piece of work." 

The Times, with: CORIOLANUS Mtel HAYMARKCT. 


Directed by CLIFF ORD WILLI AMS 

T. 930 9832. Bdh Office Now REVUEBAR. CC 01-734 1593 

. Tues. A Wed. at 8.0. Opens At 7 P pJy L s MP*" Shru.i 

A"o •TSbf' 00 - Wed ' HtOTICA 

harry “SSBSB. «*^NgB®aS3n?EAR 


485 6224 Lunchtime* 
Bob Wilson. Tun.-Sal. 
3.00 and 5.00 pm. No 


difficuti to cat 


PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL in 
A FAMILY 

A new. Ptav by RONALD HARWOOD 
Directed bv CASPER W»EDE 


ROYAL COURT. 730 1745. Air-cond. 

Evs. 8. Sat. S A a. 30. 

FLYING BLIND 
■■ . v. Morrison. 


Times Youna Vic Festival until July 23. 
Phnnp Bov Ofhce fur leaDet 


CINEMAS 

ABC 1 & 3 SHAFTESBURY AVE 536 8861 
Sep. Peri*. ALL SEATS BKBLE. 

I: 2001: A SPACE ODYSSEY iU) 70mm 
film. Wk. & Sun. 2-25. 7.55. 

2 : BILITI5 IX I. Wk. and Sun. 2.00. 5.35. 

8.35. 

CAMDEN PLAZA <0PP. Camden Town 
Tube). 4BS 2443. Tavlam'S ALLON- 
SANFAN lAA). iBv tne Director or Padre 


A "^Irec^ C«PER^VRED R E roOD Z±*22l»*-" M y M far ce " Tm«. ??drS?e" 'SS&\ 4°4 5.' S.BB? MMLISi 

R 2T^h. TY Jt Cred'l Cards. 01-405 B004. CLASSIC 1. 2. 3. 4. Ovlord Street mpo. 

urs uAittrvc rr n, 5 M ««'!.. E, ! nln,s S ' D0 ' F £' d »T ToRCKham Court Rd. Tubcj. 636 0310. 

S M.M CC iiiAa 01 / 9 ??. S , fi SS' 31 00 a " d . 8 00 1. Bran Lee GAME OF DEATH iXI. 

Evenings 8.00. Mil*. Wed. A Sat. 3.00> London s critic* vote BILLY DANIELS in Pgs. 2.00. 4 15. 6.30. a.JS. 


MT-IUn OI me plat I »lir tt'.IICIl nr.» . UISKL-.H HUM.™ ™ wn mu will ud - 1 p OIIU3II jou. 

Mendi‘!ssuhii cnnA-iv.-ri Uu-ia. in i5;l*m* i.-fa.-hi-ronM) rc'Uiiaiu nArth . easl of England for the fi j, ure ^ comperet one of whom 
thi* w siiii'r fr.ie:n.:nts .uiU thr v.iinis were ck i ■ mn firgi lJm£ , Ella Fitzgerald, will be George Melly. 

nnthim*. The longer stt-tio:i>. LuidiMck and in*: nrcnesii-* P r »- o scar Peterson and Buddy Rich Tickets will be priced from £1 


however nncludi im the inter- vidiul worthy ituopit 1 - 


One of LuildouV luvulinB «»««»{: ” , 

{lower filled and air-ei indninncd. A aiuaciire anu - 

Mifi piano nnisik;ai. UickRTniind for >-our 
luncheon and dinneL Open Monday i«S»iu«uj— 
liimth 13.00 m.un pm. dinner <i^» «»» l -°° 

JJinc «iilli)iii hunj ins after die ihoirc 


THE ARUNATON R^TAjJ^ANT 

Arl!ft«nn H««iuc. Arlington Fircvt, Piccidilly, London S»T 
, (b ehind the Hotel) Table reservations o«-^39°‘» 


Saturday 5 and 8 TRAV ^'iE. G JJ'H 3 

PATRICK CABELL jml TONY ANHOLT D,r«:Sj lh pv D |u e RT G S 

Tie WwIdJamous Thriller LACT 3 WE£XS - END 

DV ANTHONY SHAFFER 

".SS? ln S« " l? B Mct .* n KING'S ROAD THEATRE. 


BRULE FORSYTH 
In LESLIE BftlcUSSE and 
ANTHONY NEWLEY'S 
TRAVELLING MUSIC SHOW 
with Derek Grtihths 
Directed Bv BURT SHEVELOVE 
LAST 3 WEEK5. ENDS July 22nd. 


BUBBLING BROWN SUGAR 
Best Musical Ot 1977 


*tcwled. Malcr credit cards. 6.00. 8.25 


2. Richard Burton. Lee Remltk THE 
MEDUSA TOUCH (A.l. PrO0S. 1 10. 3.35. 


Special reduced rates (or matinees Ifor 

limn ed period only). 

SAVOY THEATRE. of-eSG 8886. 


3. Alan Bates. John Hurl THE 5HOUT 
lAA) Progs. 2.30 4.35. 6.40. 8.45. 

4. Last 3 days' THE GODFATHER PART 


TOM CONTI .n 1 ’ 036 SBfl0 ' Vis!’ - PnSS ’ 3-0 °' S ' 50 ' ,W, " re 5=5 ' 


arc just three of toe major ro £7, v .ith a season ticket of £25 «S?'5Sd wul rw-^pU siat ,J «ic", 

names signed. to be offered for all five concerts £ 2.00 io M-ao Dimer ana Too-pnce ; 

Others include Lionel during the weeke-H. Travel 1 

Hampton. Dizzy Gillesoie. Maiy operators will be offering tours m?b nun. loo ^v a.oo'mu Sioo' 

Lou Williams. Jonah Jones. Bo to Cleveland from Scandinavia .. Bl . s | ““ E | d 

Diddlev. J. J. Johnson, Illinois and northern Europe, and the -is superb ■■ now. s 

Jacquet. Bob Haggart. Bud Free- council is arranging tor camping think of England 0 

man Marian McPartland, Lee and caravan sites to he available ■■wcfcg diy tunny- tim e*. 

Kouitz and Bill Evaros. for "budget" travellers. arts theatre. grass 213=. 


WHOSE LIFE IS IT ANYWAY? 


JUG'S ROAD 1TIEATRE. 352 7488. ... JANE ASHER CURZON Curaon Street. W1. 499 3737. 

Mon tq Thurs. 9 .0. Frl.. SaL 7.30. 9.30. A MOMENTOUS PLAY. I URGE YOU (Fully Air Conditioned Comlortl DERFU 


THE ROCKY HORROR SHOW 
NOW IN^lTS 5th ROCKING YEAR 


THE GREAf ROCK 'N' ROLL MUSICAL SHAFTESBURY. 


E»gi. at 8.0. Fri. E Iin} T sat. C 5.45 and 8.45 


UZALA fUi In 70 mm [EngIKti sub- 
titles! A him bv AKIRA KUROSAWA. 
"MASTERPIECE " The Tim«. "MASTEB- 


eI Vni v«r lond O k PALLADIUM, CC. 01-437 7373. 

•• KlriMei R’tSSS S^ nd N' d ' NOW UNTIL AUGUST IB 

etiUT youb rvre »un Mon.. I ue*.. Thur*. and Frl. at B. 

YHtluI n? ™ri s .un° Wed and Sat*, at 6 10 and 8.50. 

, THE TWO RONNIES 

W cke dly tunny Tim e*. Jn a Spectacular Comedy Revue. 

EATRE. 01-836 2132. _ Two ejrtra pertormance* 

TOM VTOPOARD'S S 0 "? 0 " J ul T ,B al 5- D0 & 8-00. 

DIRTY UNEN Booh now an hat-ling 437 2065. 


ShaltSburvAie Wr) C ,ui. h WORK “ The Observer. "SPECTACUi.AP 

« £ WC2. «HIJh HolDOrn. end) ADVFNTLIRF." t.inHav "VERV 


ARTS THEATRE. 01 836 2132. 

TOM STOPPARD'S 
DIRTY UNEN 


Eres. at 8.0. JOHN REARDON In 

" This mueiear ha* evervtning." S. Mir. 

Ma *ii NOW TU£S a ^AT 3.0 
All seats at £3. £2. ti. 
laSt C»h i B ook Inn* 836 6597 
LAST WEEK. MUST END SAT 


ADVENTURE." Sunday Timm. -VERY 
BEAUTIFUL.' Th* Guardian. "HAUNT- 
ING ADVENTURE." Sunday Exorinc. 
-MASTERPIECE." Evening News. Film 
dairy at 2.00 mat Sun. i. 5.00 and 8.0Q, 


heart-thumPlPfl.'' Observer. Seats £2 00- 


**80- Ri ,N » h .?X, ta !2« ®fPW b«R avail- MAY FAIR. 629 3036 Eves. 8. Sat S.30 ’i ?J WPertht've. 

able wa «-m. MoA-Thurs. ana Frl. and 8.30. Wed. Mat at 3 Low p ric e*, e 


Arts Council to increase value "**£&%&&*** 

f _ ■ ASTORIA THEATRE. Charing X Road. ^ F«f. , Ji:!f^^5 ,a cii 1 — 

of literary pnzes Ki 73 ^ 4 VJ □ 'XrV'Z? , a Bu ^- & S , “SS4o z^Srell. 

Because of toe serious erosion The Trustees of any prize SentVtr 'easur’e.- 6 ' d. mP?- may 

through inflation or the value "^^ UND,ED 

of some of the smaller literary ^ lem to mcre^se the Iff X9^J9. W JT 8 - 5 30 

prizes administered by toe pnze t0 £L000 an d also to help B S?st°”mipical of the year w£lsh d^aS n A l om4*s tre ca 

Society of Authors, the Royal cover their judging an dadmtois- Lun£ E ^^ |N ^eM^ AI M°n^?ri A i w A R ° m under milkwood 

Soriety of Literature and other traiaon costs. Small prizes below ■ N ot M uch nww Zo m Firer .-" M «^ A|l E'von?^B Via * ^Vg urBnt 246 
hodfles the Arts Council has £500 will be eligible for grants to Cambridge, bm mss. Mon. to rw*. every good boy ’ 

M& to ma^ funT available bring them uplo £500. ^ M0 ' FAV ° UR 

from its Literature aiiocatinn to The Council has confirmed its 5'th e,t re?^ D M Mf. 

increase the value of these policy of not itself offering 

prizes. literary prizes. omna- ■««» «►«■*» ca .75 inc. 


“ Packed with rar'etY." D. Mirror. 
SfJt E2.0Q-ES SO. 

THIftO GREAT YEAR 
Dinner h"P We-Wiee ml ca .75 Inc. 


SHAFTECBURY. CC. 

Sfjjwjburv Avo.. WC2 


"Hilarious ■ . . 54* II." Sunday Time*. LYRIC THEATRE. 01-437 3686. Evs H Q frem Julv 14 For a SDK 

Mmd V»«l^ T V } h T7’oD > ^ 5 r i5 V ana MaL T'r 

rarjirES%T7S ni bejsawu-. « s.»yp ^Jir 

^no^ T 7 B fb. Mat, 

ELVIS EVENT TO TR EASURE." D. Mir, "MAY I'M TALKING AwJft SS - '- 2 » 


597 LEICESTER «J. THEATRE >930 5252) 

»T 1 COMING HOME <X) 

B,rsMn I Sm > »re« Mpn.-Wpd. 1.S0 4.45 6.10. 
ui-ojd opiiu. i 5 ea ^ maw (y, buoifPd In advance (or 

HgiDorn „ , n Tll „. n._. 


wSTp 8H?ia. Summer 8 ^ Da ^- 

aeavon A New Production oi ODEON H4YMARKET '930 2738 2771) 


Jane Fenda. Vang* r -a Re^oravc 
In a Fre-* ■'Innen'ann him 
r JULIA IA) 

Son- Drags. Dly. 2-30. 5 45. 8.45. 

Feature Dlv 7.4 5, 5.00 a.DO. 

A*l t*iN bkh'e at theatre. 


I'M TALKING A POUT IE nu SAL EM A't nroN bLh»e at theatre. 

.j, ARNOLD Wesker odeqn ifi^ester sou a re >930 eim 

Its W*! 1 " i* undimmithed ■■ S Time*. CLOSE ru-nuNT'lli OF THE ' 


6 pm owl. Wily. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
Lunchtime Theatre Mqn.-Fri, 1.15 


WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


EVERY GOOD BOY 
DE5ERVES FAVOUR 



WPeNM'vrresT.'' Punch. 

L°w p ric e*. Eaw parking 

l 68D Eren-ng* 8.00. 
Mat. TbPra^S^sat^^and B.3D. 

™ E L A^P^? ftl ^”' lT£ST 

GOO^T^^g^oo, 


THIRD KIND iA1 

z*?. DI*. Dnor* ootn 1 05 4.ts, 

7 45. Laro Chow Frl a Sat Doers open 
11.15 Dm. All 6i»»»s hkble 

OD*?» M4PRLE A Br H «773 2011.21 
CLOSE ENC01«« m, *S OF THE THIRD 
• . kind »ai 

“ Yff-fc “S2« Fr ikbhr^ wj: 


00. ”0 AH *ni* hktue HI afiiaere. 

S MaJm5£ 1 7w K-B” 1843 Evi BOO PRINCE CHARLES- JiXf 

Matinee Titre 2 45 . SMunt^v s and B. um *** BiBl. 


tmee tojj , 2 ! 45 WuH-" 5 and 8. 
A r.?J M * CHRfETIE'S 
THE M 01*F4TRflP 
WORLD’S ■r*“GJ'Y.=vER RUN 
26lh YEAR 


Mel BronVn ’ 

Sen Pnrf. H, S. H *yX!ETY >A) 

?«?-> Pe rS. ft °:Y *r 4S "•«. 

B,b.e L,'cd BaV. ^ *"*■ 11 ’«' 


9 



12 


FINANOALIIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Tdecnw; Flnxntimo, London PS4. Trier 886341/2, 883897 
Telephone: 0*248 8W0 

Monday July 3 1978 

Competition 
in the air 

THE AGREEMENT reached at Despite some opposition from 
the Montreal meeting of the airlines in the Middle East 
International Air Transport and Africa the committee's pro* 
Association over the weekend posais were approved at the 
will be widely regarded as a Montreal meeting by a substan- 
victory for the consumer over tial majority. The big question 
an old-fashioned cartel. More now is how far and how quickly 
accurately, it marks the the move towards greater price 
recognition by the leading competition will go. It will take 
international airlines that the some time for the detailed 
traditional approach to fixing implications of the agreement 
faxes is inappropriate in the to be worked out and there is 
new era of mass air travel in still uncertainty about how 
which non-scheduled carriers, relationships between the air- 






Financial Tipjes Itfopday July 3 1378 


a 


■ .. • 
Vs- •'.» 


BY CHRISTOPHER SHERWELL 


r'.>: 




eaten Sy^thc youngs ISpnggess ing conditions, and the 
nymphsV^jfcr hoppers! ' with p&mg numbers are c 
Dieldrmffinsccti^de as they still farther by a dlmL 
march Htf^asds J on-the ground, fqml supply, particularly 
or to spmey the adult migrating & recede. 
swarms-Siffr Dieidrin or Feni- The locusts migrate 


tg conditions, and the t&m- Insects "are . eating the acacia lay thei r eg gs. Fighting i 
Eying numbers are crotigaLbusb Ethiopia the locusts Harar province could unde 
iflfurtber by a dlmini^^^haye'ialinost certainly attacked mine efforts to contain ih 
hb! suDDly. narticularly u^w^tlid, crops, grown by settled locusts. ... 

recede. - ic tc in the Infested If It falls to rain, tho locus' 

innnu. tf,. highlands. Locust will move on to a place whet 

The locusts migrate t In the is affected by It does- In that event the nm 


Association over the weekend posais were approved at the Wlth operations against string togethe r and , uncon- .. for days instead of of Kenya, in. a convenient are 

will be widely regarded as a Montreal meeting by a substan- tb€ b ^ nzen ^ trtged, perhaps spreading into 0VenJ jght ami' wreak with accessible airstrips «n 

victory for the consumer over tial majority. The big question / rW hexachloiide p oison -bait) and a jgagne if the conaraons are cnonaous damage. away from the highlands. . 

an old-fashioned cartel. More now is how far and how quickly _g g - T . with a reliable system of moni- rifiit.- The locust cycle lasts packer south, Somalia U campaign there would begin 

accurately, it marks the the move towards greater price g IvilgTatOry JLoCUSt toring . (si nce s ate ll i te surveil- abqht tlmee months before rg%, r ft TH . ft rnf >d about inroads' that little later, in late October, 

recognition by the leading competition will go. It will take / lance can as yet be of only py itself, the eggs taking ^ made | nt0 the banana In 1954 the search for rai 

international airlines that the some time for the detailed * modest help), two or three twqfcjveeks to develop and to© 17 plantations which provide the took the locusts beyond Keny 

traditional approach to fixing implications of the agreement generathms of locusts have hopger s acquiring wings after main cash crop, to the heart of Tanttnla, 

faxes is inappropriate in the to be worked out and there is rp HE WAR against huge and Gulf of Aden area last been allowed to breed in the se^fal jnoultings over five to . Ken ya, which has activated Its southerly point not sine 

new era of mass air travel in still uncertainty about how I desert locust swarms October and November pro- Red S«* and Gulf of Aden area six-weeks. * locust emergency committee, reached. If the locusts ag&i 

which non-scheduled carriers, relationships between the air- JL which have built np vided exceptional conditions for whic h, at 100-200 eggs a locust. Before chemical control came ^ Uganda, whose president, go so far — and migration* t 

encouraged by governments, lines, the new-style IATA and j n the area around the Red the breeding of locusts which at has produced probably L000 intpgfashion, the locusts "^L fleneral Amin, last week de- 3,000 miles between fieneratior 

have led the drive for sharply governments will settle down. Sea and the Gulf of Aden has that time had returned in large times more locust s than if effeo- warded off with noise and fire, sanded Imme diate UN action, are nut unknown — the dama 

lower fares. It may have been The influence of the U.S., in entered a critical phase after numbers — again thanks to the tive control . measures could Some? control was po ssible, m both worried about the they will leave in their wa 

Laker Airways which lit the particular, will be crucial. Under seven months. The chances of weather — from Chad and the have been taken- The increas- either, by exposing the locusts* threat to crops grown in the will be enormous, 

fuse, but some sort of explosion, its present chairman, Mr. Alfred fending off what is potentially Sudan in the Sahel and from ing numbers . hare in turn eggs^to air — they need water fertile East African highlands 

sweeping away many of Kahn, the Civil Aeronautics one of eastern Africa’s biggest- the eastern end of the Arabian stretched the system to its in tins soil to develop, hen$e . because of the danger to 

the restrictive practices which Board has put great stress on ever crop disasters ere diminish- peninsula. -■ limi t- - J the locusts’ search for rain-— or exports as well es food supplies. T^riHch 

Tin VO ohflrjtfterised the airline rio-reenlariTur the rinmectie air- ino rtniW War and oolitieal instability According to estimates bv trannine the march in? hOU- The tea that Kenva STOWS there DliliMl 


HE WAR against huge and 


Becaaalkgjhcse efibrts have theiprevailing winds during the - 
not be ^ad e qn atcly reinforced settling in the ev e n ln fc 
with gn^md operations against staying together and, uncou- 
th® h o j^ i m (using benzene treated, perhaps spreading into 
hexachloiide poison-bait) and a jpague if the conditions are 
with a reliable system of moni- n&t. . The locust cycle lasts 
toring . satellite surveil- about three months before re^, 

lance can as yet be of only pes&og Itself, the eggs taking, 
modest help), two or three twqgjreeks to develop and ti**- 
generations of locusts have bowers acquiring wings after 


•b**” - r^ . - 7 flight activity is iffeetea by it does- in tnat event me mot 

tS. temittoitore. so in _ the, cooler likely battleground— and tb 


s ^ au ^ r “: ' which also happen one for which preparations «r 

S*»l^vered. they tend ateo being umde-isin the next 


have characterised the airline de-regulating the domestic air- ing daily. War and political instability A ccord ing to estimates by trapping the marching bop- The tea that Kenya grows there L>1 111 All 

industry for so long, had become lines. Mr. Kahn has argued To the south of the Red Sea hare since hampered control emerging from the UN Food per bands in trenches and bunt- is the country's number-two holt* 

inevitable. that price competition is in the the attempt to confine the and could still prove the big- and Agriculture Organisation ing them there. export crop. And the area's IlCl|l 

— . industry’s best interests, not swarms to north-eastern gest obstacle to the prevention (FAOL which is helping the Statistics documenting the mate export, coffee, which Is Althuuch Britain has atrw 

Charier airlines least because it will force the Ethiopia. Djibouti and north- of a plague. Ethiopia and DLCOEA co-ordinate the battle locust^. voraciousness indicate grown , in the Rift Valley, is *, lha DLCOEA with 

The change of attitude among airlines to pay closer attention western Somalia seems to have Somalia fought eadh' other early agains^fiie locusts, a plague what impressive dent tiw^also threatened. The locusts - Rovers equipped r 
the scheduled carriers was to costs. He wants to encourage failed. A new campaign farther this year in the very area and could pwt SI5bn-$20biM*rorth of could make in a developing do not like it, but when thejrrJ 1 lnR CeiKtvt of ^ich J 

apparent at the IATA meeting new entrants to the industry south in the Ogaden to stop at the ve ry time when measures crops Jjt ride. Against this economy. Individual locusts settle, , the trees break under v.. t0 ^ handed over bv tl 

in Madrid last November. The and abandon the CAR’s patera- them spreading still more, is would normally be taken, reckoning must be set the fact need to eat their own weigh* the heavy weight of the swarm. end ‘ of This month) ^ J 

director-general, Mr. Knut Ham- alistic role, leaving pricing already being planned, and a ^ ore trouble reported from ' . • promised two more aircraft ai 

marskjold, warned that the decisions to the discretion of third, even farther south in ®?? e **** b( «f Ia ^ weeK t il - .14. V w { pakistak”^ 1 although other help is beh 

regulatory system was on the management. Kenya, is thought likely to be “d tlus i^ 1 ^ wlU *? y 1 1 \ \ K, ■> Lt S I sought ( the FAO has asked f 


■ — vi bUMiu ui a uBitwiwi* uw.uvi uac it, uvi ■■ cnravlnc fpnmt Of Whtl'h ■ 

crops jrt risk. Against this economy. Individual locusts setfft. the trees break under k<, handed over hv 

rock or^ must be set the fact need to eat their own weigh* the heavy weight of the swarm. end T kis month) and h 
^ * • oromised two more aircraft at 


regulatory system was on the management. Kenya, is thought likely to be uus -J? eeK wm n 1 ®*® 

verge of collapse. ‘The forces Some scheduled airlines out- necessary. • further effort to combat the 

of stability and order on the side the U.S., evea those which Swarms in the Arabian , re , we ^‘ n ^ } ^imp os- 

one hand, and of laissez-faire on supported the IATA reforms, peninsula to the north of the stole, simply because of difscul- 
the other, have been confront- are apprehensive about the Red Sea have moved eastwards. access * 

ing each other,” he said. “The application of this philosophy Those sighted as fax’ east as 

scheduled operators are caught in an undiluted form to inter- western India, in Pakistan, the . 

in the middle.” Mr. Hammar- national markets- There are Arabian Sea and all along the OlH6SC61lt 

skjold pointed out that pressure fears that U.S. opposition to the peninsula coast are all thought ^ - 

from governments and from control of capacity, for example, to have the same origins. Fean flGCSflfi 

consumerist movements appears could lead to fierce price-cutting also growing that locusts .%> 

to be favouring the non-IATA and undermine airline profit- will move west into the Sudan, The Eritrean conflict, which 

airlines at the expense of IATA ability. It is also pointed out Chad, the Central African has also hampered control in 
members and that charter air- that state-owned airlines are Empire and beyond, as far as recent years' though to a lesser 
lines were being given prefer- subject to social and political Morocco and Guinea. degree, -similarly compli- 

ence over scheduled operators, pressures which do not apply Though the locust activity is cates the problem. And to the 

These comments reflected a to the private-enterprise carriers ^ officially described as a north of the Red Sea control 

general dissatisfaction which within the U.S. .. seri(Mls ” experts now w 11 2150 ** “ore difficult as a 

led to the creation of a five-man believe that with some 60 resuIt of last month's assassina- 

committee charged with the Kegrenaoie countries threatened the whole tion of North Yemen's leader 

task of working out a new it would be regrettable if 0 _j northern Africa and much “ d ^ subsequent coup in 
approach. this clash of philosophies were 0 f western Asia— a fifth of the South Yemen. Elsewhere the 

The committee, which com- t0 i e ad to a new round of inter- wor i d » s ljmd sur face containing “ Ctod Spanish 

5^“! squabbles about air a - tenth o£ itg P o P alation-is Sahara could pose.iurtber prol> 
called for a re-definition of mem- fares, undermining the progress nT1M , 9PJ11 - n nn vprp - nf - lems if the locusts-spread west- 
bership of the Association; the W Mich has been achieved at Sarnie” -Sat '^rds in great numbers, 

adoption of a more open and Montreal. No one is suggesting, is US ed when manv ' 0= top of tins,! decade of 

accessible s^tem of fare&fixmg; even 'in the U.S., that the world “ e infested Quiescence has Awed local 

cuts m the number of rules airline industry can be com- ^ ^ ™ ground control mKinety m 

regulating in-flightserr.ee: and pietely .de-regulnted: for all S.T to that £ many parts of the Horn to grow 




promised two more aircraft, ai 
although other help is beli 
sought (the FAO has asked f 
$4m from international sourc 
to fight the locusts), the mo 
recent pronouncements fro 
DLCOEA are pessimistic. 

Mr. Adelfris Bellehu 1 
DLCOEA, recently estinate 
that 50 lorries, 60 Land Rover 
100 sets of camping cquipmen 
ground-to-air radio cquipmen 
and 100.000 litres of addition 
Insecticide were needed. Eariii 
Mr. John Malecela, tl 
DLCOEA chairman as 
Tanzanian Minister or Agricu 
ture, appealed for intemation 
aid. 

As the battle to head off tl 
locust threat to the south gm 
on, countries east of the Hoi 
are gearing up for their m 
defence. In India the Locu 
Control Organisation has begi 
action ih the Bangasaniha di 
trict of Gujarat state, an 
neighbouring states,, especial! 
Rajasthan, have been alerte- 
P&kittan is preparing Itself fc 
lowing . raporta^- of ^sbwinT. 
onfflis ms the Indlai? border i 


w aLontreai. wo one IS suggesang, term is U sed when man y - un top ot tins,® decade of “ i y^^i.vr \ jr . ■> - ■■ — — - - 1 Ra 4 goth an. have been alerte. 

accessible pstem of fare^flxing; even 'in the U.S., that the world countries infested Quiescence has allowed local S -» I ^52*^15 DreLrStilTfc 

cuts m the number of rules airline industry can be com- n( ^ is dSSbed « ground control mShineiy in ^ ^ f* ! f ^ 7 

"SJlSf Pletely .de-regulated; for all Sffite tSTto" prmS S many parts of the Horn to grow ? . 

SJS ofkmovatire S^TWo JS? SfflT^in* 0V |SSS2 1949 before * e Iast ^ or S?!' *** respon S that the locusts would not eat of fresh food each day vfe-S Recent developments indicate thdS^th^ast and of othcra 01 

categories of IATA membershin pytpnslvS^i^ P 1 ^®* which endured 13 years ^ 11117 has , effectively passed all tiie crops in the areas grams), and a swarm 1 sq km tiiat all these fears may be more In the Arabian, sea which shij 

were proposed* mi™ wouldjm 1111111 1963 “ d Mused much - loc *t orgenisatioia to- threatened. More realistic in size contains anything from justified than ever. In the jndg- haw had to sail through. Lore: 

voive P 3ei»Z io d Z Sa-TJ? hardship. «" » °!!2S ***L\!g* -*«•»«* who have been movements all along th. coa- 


opaonM. woS Involve panic' Stt Tri^WoVS eTgi, gnU./Sndan,. Djihoofi »S desert ioeu« now threatening them put a, no .ess thre 400 Horn is virtuT.iy J3uWwS ^ ftere U no **u 

pkn in the -wSJTS M Plafiuesftis centum The. firs, « 2S *£*LZ&£'5Z “ S-JSw 11 


interests of the consumer. 


l«uuu IU me uexuuauan OI TO reguiauon UD to aate in tne *aic *aa.oi nnortPPC in AriHie AV,oK-i an<t *«„ ,T... _ ,, • . - , . — _ . , , •- • it m- SHWiviitcu ail 

fares and rates. Interests of the consumer recorded threats go back at S rfSAhMate St ^SL! )nes »“7 ep a _ t0taI *** Guardafui area mean that the every chance that it will'd*. 

least 4,500 years, making the SSgf* “S." 1 ^ W fi5J ,olpc !ff^ pre ; "* ***: Rec « lt re - sv ™ s have J >roken out “4 locate and disrupt both fledgiiu 

A ' -- locust probably the most studied ££E?TaJ”£, if ? “f 7 * ^ “?*£?* of ^ ** southwards by and developing economies I 

A vmc1 insect of aU-hence the ability haS lts "" ^ SW ^ DS ,n “*«« at 50 * the prevailing winds. - the case of the Horn, the locust 

Arms COilllO I h,iS been buUt up t0 ^ hAm * Of^ie DLCOEA’s seven air- duco “ tb « generously Atthis time of year, with the have already brought hardshi 

X MM. I1I)J VvIIil Vr JL strategies and campaigns, often tnw.S’SLS'S 8 -? 1 ! migratory behaviour, for inaccurate estimates, this dry north-easterly winds moving upon hardship. The irony ther 

, , , ssssF* 8 — ST-sLVSS sS^s^ 

edges ahead jss « =■ s= ESS SSS rs™S gsyarasw 

THE ™ ST Unifed Nations and the super-powers wtl. he £5KiSS SSSg? &’SES£ SJ-ft K ISFS ^ 

special session on disarmament unable to dictate the order of ^ ainfall in the Red Sea either to spray the ygetatton habit provides suitable breed- from pasture to pasture, the there locusts descend to Somali ^oraads. ratllB ° f tb ' 


Arms control 
edges ahead 


special session on disarmament unable to dictate the order of 
has turned out to be a more business as they have tended tn 


worthwhile 


was do in the past. 


generally expected when it The Committee on Disarma- 1173 ©s ffU Ml IU I 

opened amid much cynidLsm ment, as it will now be known, IVIbilv flll| 
more than five weeks ago. is to have a full-time Executive 

As at all United Nations Secretary personally responsible CdpitsliStS OT 
gatherings, there has been a to the UN Secretary General. 

strong propaganda element. But Under these conditions, France tnC WOrlu U 11116 
the outcome has not been nearly bas let it be known that it is _ . . . . 


MEN AND MATTERS 


and had raised £500.000 for an .one country. In the HB’s case the UN Secretary General, Kurt 
anti-nationalisation campaign in this, predictably, is Italy. Baden Waldheim, saying that if “agri- 
_ . . r, ■ „ claims they . have similar business” is represented in tile 


With the IeadershipVof .three interests. 


UN the unions should also be. - 


end have been permitting them- the time being. * Freedom and Enterprise. Today, elections. Ivens told jne that about to announce a Vl5m flvS have ^ledM^a 

selves some modest self-con- A further encouraging sign has “P 8 “ presenting its 1978 Aims woidd be tough on year loan for Finmeccanica, the slightly revamped Indnstrv riv 

gratulation. been the decision by the UR. free entoprisea wads ” to ,Sr Margaret Thayer if |he,fried Italian State engineering Indus- operative ProWT^e^ 

_ - the Soviet Union and the UK to Marcus Sieff of Marks and to follow Heath-like p^icies. try. This will be its first Italian housed fn the U^P-^But when 

Conventional Clarify still further their inten- Spacer, to journalist Paul In law British companies credit as lead manager, while this was pSu : l£ eoS 

The West, of course, did not tions over .. tbe u ? e of nucIear * 15 /teo arranging a syndics- ing coiincfi, it was thrown ^oS. 

have it all its own way: The weapons. Although France and presentations come after Jnbutions, hut Ivens told toe a tion for Spanish interests. - Various Scandinavian ' and 

28-pzge final docent approved CUM »»SJin lagging b e hind ^ *■ <: ™ t “ ue developing countries would 


answered 
labout 
fyour 



the need for nuclear disarma- m commmeo inemseives ™ ^ 

menti That is a laudable aim. to use their nuclear arsenals 



conference, tiiat this would not he a draw- 


But Governments like the a 8 aiflSt non-nuclear powers— !t j“ 5 against delegates had to pass a hotel hack. He is also an ahle fencer Hot CUDS * 

British and American would Provided, that is, the non- nationalisation on the home display, of ^underwear made of —though he assured me that ■ 

have preferred to see equiva- nuclear powers do not launch front. But the 95 delegates who Union Jacks. I asked- Ivens he does not expect to be AJways In the yah of tech no- 

lent attention paid to the an attac ^ in alliance with a *7® weekeid tallroig at whether, trap p a tri ot^shoal d using that skill in the board- logical change, .our exporters 


Agro for agri 


lent attention paid to the an attac ^ in alliance with a fP*®* ^® weekend talking at whether _ trae patriot^ should using that skill in the board- logical change, .our exporters 

need to limit conventional naclear weapon state. More ^Washington Hotel in Cunon not rondemn such copperoal room. have come up with a: new prp- 

”1? t!S2 “ generally. Western governments Street .Mayfair, were interested e^Uoitetion _ of the^g;- he = • - duct; heating elements tor 

tional arms trade and prevent feel that the session has had a m declaring war. on a wider .replied xntidly that fflwould V" . samovars. They are those con- 

tbe further proliferation of useful edurational effect to sc ^ e - ’ ‘ ?n a^?tV^^t^M S ^ y; Aero for S&rl ' • ' ^f= which ensurejhat.when- 

nuclear weapons. bnngmg out the complexities 0_ne of those present- was the . to fireet . “a ™ tors - K >... .nBiy ^w dgri ever you visit an office to the 

The session's main achieve- ®f disarmament issues. Soviet dissident writer, Vladi- An nnlik^ty ■ IntB TBati on^ waif .Middle, or- Central East you 

ment was undoubtedly the jw mir Maximov. I asked him why. S.' ; . is what the grand otd uncle of ' v111 be kept pHed with cups of 

agreement to restructure the iyo oreuKinrougn he was at a conference see kin g Mp r3Di'6FS . . agribasiness, the Industry Co- Swnovars^ are .simple 

Geneva negotiating machinery There have been no break- l ? improve the ’workings of r ‘ H operative. Programme, has just wiro a heat source at 

so as to allow France to take its throughs in specific negotiating capitalism: “.There is .a strange people would xMm' that become. - For years this little- .water in the 

place at the table and open the areas! The session could not, of alliance developing between the Italian IMernatioSri Bank' knpwn body has.bpen represent- “.“a 1 ® w*uch can be drawn 
way for China to do so at a course, do more than express capitalism and communism and far .been suaSfeful ing the interests of world-wide Wlt “ a . . P* an open top 

later date. the hope that a new strategic here to explain 'this is a nn»*. its-heW.- mii'nag^ -n ^Sir tzr-tnr, companies such as ICL Massey which uie teapot stands 

It has long been clear that arms limitation agreement hu £ e mistake.” ■ Detente and j 0 hn Baden, is not im>Qg the Ferguson and Booker McConnell rt0 f ee f.'f a ^ L . 

the previous arrangements were between Washington and Mos- Peaceful ^co-existen® were, -to f ew . But he told me ftife: lie ha'd inside the Food and Agriculture ro tne ^oviet^ Union there 
unsatisfactory. In the first place, cow would be concluded as soon judge from the speeches and left . • post as - dafccter of ! Organisation of the UN.- But last tales of wood being stripped 

the composition of the 31- as possible. On the other band, documents of the conference, a Samuel Montagu on®kturday' year it was. unceremoniously trams rolling to 

nation conference was too some real optimism now appears P art of the Great Red Con- because he. believes ti^ the HB served, notice, by : the (fixector ^ 1Deria sp^that deaerate travel- 

. heavily, weighted in favour of to be in order over the tri- sphracy. **is oh its way back aiS can be general' of the FAO, Edouard ".f 1 ? can p e . ^ lve I 1 their hourly 

industrialised countries to the lateral Geneva negotiations There was a. handful of led onwards.”- - 1 • - Saouma. And last ..week its “ 1 ‘ it seems, 

evident distaste of the non- between the UB., the Soviet retired generals and admirals Like some other consortium - hopes of staying under a UN the Caspian 

aligned nations. In the second. Union and the UK for a compre- around, amid a '-good -crop banks, the HR has ha# its share- roof by moving, from Rome to tiae^oecome ■potentially 

the arrangement under which henslve ban on nuclear testing: of British and foreign of problems But Bad essays this. Geneva came to naught when ininfi’ i ^ttTkJhh J G J *- a usl ?S 

Moscow and Washington shared In Vienna, the East-West force industrialists. Michael Ivens, is because of “bad lending!”- in the governing council of the. _ L ai ‘L t rf*L “S “r 1 ®* e * 

the chairmanship between reduction talks (MBFR) at last director of Aims, told me they particular on proper#, rather’ UN- Development Programme w rrr’ -‘■“wa 11 ,. “ 

them smacked of super-power appear to be reaching the were planning for action. Taylpr than because of anything- in-' failed .‘ter .agree on the. idea, . ’■ ad 

domination. serious stage. If the special Woodrow’s Sir. Frank Taylor herentiy wrong in &&&xinClpte Behind this rebuff,' lie months 

Following last week's agree- session has made little specific had exhorted industrialists “to of consortium banking. • ‘ - . Pf lobbying, in .particular . by : T:“~° „ir v 1, 

ment the conference is to be contribution to these negotia- put their, money where their: For him,; the fact haying Dan .Galltn, general, .secretary tiie 

renamed and expanded to tions, it is at least some- achieve- beliefs are,” -so I asked - Ivens. four banks as the’ IIB’ s - , share- of' the feterijatiraial Union of ^w*, e !Sxf otS ’ ■ aD 

include more neutral and non- ment that all the UN’s members whether ; industry. mainly holders. ensures, a brAder .base ; Food and Allied -W orkers. Asso- a year 

aligned participants. The chair- have been able to agree on a financed .Aims', amrafcl budget'. -for . business ; , he -armies that: dations^ This . Gehevabased . • D P“- . 

manship will henceforth rotate single text on such a sensitive of £300.000. Yes. he told me, there is an addittonal-^trength office brought its campaign to iflTlSP mvjw j 

among all the 40 or so members, issue. . .. saying Aims had 3,500 -members; when. all -the banks,’ come^fram a head' in-May when. it- wrote tb fsJWS&n iXT: 


«t0x Or wgauisaoon. or me un^rsututst ~ 7 — D -”'*•***=« 

Saturday year it was. unceremoniously c^, P - aSseD ff r *^ ains rollln ® to 
: the HB served, notice, by : the director Siberia ^ that desperate travel- 
l can be general of the FAO, Edouard the ^ r honr,y 

- Saouma. And last . week its seems. 


Observer 


JQ: In these days it is hard to estimate what I • 
-gr may have to leave when the time -comes, 
fr I want to be fair to dose relatives; but I also 
want t obenefit a cause dose to my heart. 
How can I best ensure both? 

Most of us have a similar, problem, with 
- . inflation. The sensible course is probably to 
?j leave fixed proportions of. your estate to the 
^ individuals you wish to remember — say 20% 

. to one, 15% to another and so on — and' then. 

* the residue to the cause you wish to help. . 

. 'Q: I wish to remember old people, since they 
v seem certain to ’ be in continued need; 
but their needs may change. How can I 
antidpate wbat they may be? - 
: .A: Help the Aged has a justified reputation for 
• keeping well abreast of ther needs of old 
people; and has pioneered a great deal of 
much-needed work for lonely, sick, hungry 
and despairing old people. Their trustees 
are especially careful to - make maximum use 
of volunteers in daily touch with the elderly, 
thereby ensuring themost practical response 
to need and obtaining, the utmost value for 
each bequest. . / \ 

They publish .two useful guides for those 
- considering, their wills; And I often commend 
’ these to clients to study in advance of consulting 
me. Copies may be obtained free on request by 
? writing to: Hon. Treasurer, The Rt. Hon. Lord 
Maybray-King; Help. Hie Aged, Room FT5L, 
FREEPORT 30, London W1E 7SZ. (No stamp 
-needed:) . . . 








Financial Times Monday July 3 1978 


FINANCIAL TIMES SURVEY 

Monday My 3 1978 


Institutional money is having more influence on the property market than 
ever before, and there is a growing risk of creating an artificial prime quality 
market based on investment considerations rather than functional worth. 


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to 




JLWComputon 

for the valuation, management, 
acquisition and disposal of Real Estate. 

The service is designed to provide a 
speedy and highly efficient aid for the 
management and valuation of property 
-particularly for institutional and 1 
private investors. 

A brochure outlining all JLW computon 
services is available from 103 Mount Street, 

London VV1.Y GAS. Ref. RCF. 



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International Real Estate Consj 

, r'O'OOO;' OOO.^ -'00,.O0"' ; :: ... O'O: ^ - 0 ^ 7 7 

Based on an extract from The Little Oxford Dictionary': lay kind perrhission of Oxford If hiversity-PressdtftgTyltep; 

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14 


Financial itmes: Monday July 3 1978 


PROPERTY II 


The institutions 
play Monopoly 



EVENTS OF the past year have activities — as a store of capital last seen during the three day There has always been a two- 
confirmed a radical shift of value rather than an income week in 1974, and all the tier property investment 

influence within the property flow— the simple supply-demand indicators of Industrial produc- market, with premium values 

world. The major financial equation might be good enough, tion have hovered around u no for properties that fall within 

institutions have always under- As it is, however, the past year change,” prices for industrial the buying parameters set by 
pinned the investment market has shown plenty of examples of property have been forced well the funds. But any further move 
But these funds have now commercial property values be- above the heady rates of the last towards an artificially supported 
emerged as market leaders and, ing dictated more by the funds' property boom. “ prime quality " market would 

for better of worse, fund investment requirements than take commercial property away 

managers have inherited the by any realistic view of a build- TrilSt S from its functional role as 

mant^ of the corporate mg’s worth as an income produc- * ° industrial, shop or office accom- 

property developers of the ing asset And the property It so happens that most modation, towards some abstract 

early 1970s. and of the indi- market is faced with the danger industrial units fall within the investment media, in effect a 

v>dual property entrepreneurs that the unjustified optimism of popular £Jm to £lm price range form of Penny Black stamp or 

of the 1950s and 1960s. the pre-crash developers will be of the growth conscious property Durer painting writ large. ■ ' . . , ... .. M wn n nm 4 shows how sham tlw mm. 

Having been left to shore adopted by today's fund trusts and of the local authority where value is deoendent uoon JUNE; An active month in the of agrK&ltural land, reporting plans for a 145,000 sq ft HQ Court : Shows n wsnarptne com- 

Up the ruins of the property Jee rs - pension funds now gambling to g. J mvesraent market Capital end that Ph*on funds and insur- fading in Bishopsgate. The petiti on ha s beromn for ia;*a 

S ££ The imperfections ofthe com- SSi S K a^iotTS 

ance P companies -faced a, the ™ VSSUTP^SSS ffiS.'SSTS.'SrSj! — ***** “ ^ SZ7SA ISZ £& SlS’S . SSSWE 

General’s report oft- -'the Crown Agents’ taent market, questioning the office development in Lower 
residential properties for £15m, losses slows that property Tent assumptions behind prime Thames Street, EC3. Viking 


Warehouses. near Heathrow recently completed by John Outruth. 

\ . 

A dilry of the year 

i active month in the of agri&ltund land, reporting plans for a 145.000 sq ft HQ Co 
pension funds now scrambling to fanvfn* 'mMm'SSmr' investment market Capital and that photon funds and insure "building in Bishopsgate. The pel 
... ratch “pArith tte™p Xos to to eSTa !£^ te County aOls its Knigfatsbridge ance conbanies own less thani£20ftm Property Unit Trusts Cit 

liteMm of held by their esUte g[^hP^oierm 3 per ^tof. farmland, MLR-Gro n p adds to a 

bier brothers in the uensions pension fi&d for $4Sm. Bernard jumps ^7 per cent . nations comments on over, wil 




.. „„ institutional investment com- 
traditionaliy passive role as mittee 

long-term = *■ — 


rents is excellent And it is value, 
unquestionably true that good 


tokens 


If the investment market can shopping^eentre in 



and Norwich. Union signs to accounted for £I21m " of’ the Office yields of 5 per cent. Properties and BritisbRail plan 
finance gj* £24m Qoeensgate Agents’ Skal deficit of £l95m..i. APBXL;- Chanoedlor Healey a £5ao Liveapool St cen tre d q re- 
■ntre in Peter- Bryan Dories MP introduces t’^eeds the upward move in top******- ®°U, ** Gowaneot 
The Governments private lumber’s Bill to regu* uugwmm Lending Rate with a blocks Soviet Embassy plans for 
“ J , mne F Ute estA & agency and the ttpoint rise to 7* per cent incor- « fortress-like diplomatic 
published, and there Iaunc h of the Inner Urban -{g^ed - m && Budget, which enclave in Kensington, 


distinctly optimistic view 
future rental growth. 

Scramble 


natuarlly susceptible ?& ***££&** "*& SllSfU?. ^ to extend of build- Ministry o^ArtaIb»j|Rni> 

__ of farmland has 

that unlike aiwifl»r income pro- ** a lorcea site values une answer is mat it would agoray w^. wy yy aiwws « support for urban renewal to*-£™“ 6 a dfHcionai'aH awssxts reached £1,117 an acre, and Do£ 

jeetiens for his other main wel1 beyond the seemingly crazy matter for tenants, who would m the amount of vacant factory £g50m. Trafalgar House nego^^Tt.^ , ^ cultural build- figures show that in 1977 pension 
torms of investment in property P rice * P“ d i“ early 1970s, be asked to play this abstract and warehouse spa« for the tlates for the sale of three City" Bank of funds invested £S35a in 
even the most experienced and hes nothing to do with the investment game by accepting first tim e . sin ce W74. But 0 f London properties: a direrf*i^ , K ~^ ' ^ property compared to a £410m 

— ----- — fltted the Property stares slide on ^ tQ Pnid eBtial Assurance nf invStmew by lifc office,. Mm 


Heron jumps to 83 and then to 9 per 


responsible valuer can do no weight of institutional money, rent reviews that _ — 

. more than conjure with future As long as the funds are investment values of their appointment over Laud Seciiri- Billiter Building for £20.5m, the - . 

One reaction to this scramble imponderables. There are no happy to believe that they will properties rafter than market ties ’. , cautious revaluation. £xo.fim sale of its interest In J 1 ® property inuustiy. t 

of institutional buying is to guaranteed income flows to dis- see the levels of compound rental levels. The tenants carried out on an equated yield Leadenhan House to Norwich Corporation and union Agur- JUNB: Greycoat Estates and 
view property as a market like for today’s rent* may rental growth implied by recent would, of course, object, and of £.66 per cent. - - Union, and the forward sales of “f 5 f c P* 1 * 15 the publicly quoted Chaddwler 

any other, where price is a disappear into a letting void, buying yields, aU well and good institutional property owners - ft i LLY: ^ Non fi^ Umon p^s- its wine Office Court develop- redevelopment scheme for the j nvestments tems tor i 

simple factor of supply and an( f tomorrow's reversion may If those levels prove to be too would either* have to revise «0m for UK Provident's ment near Fleet Street !■ tor renner Figaro newspaper sj re me er and the three-yeir-loug 

demand. Open market theorists be swallowed up in necessary demanding, open market their post-purchase investment 110.000 sq ft office development atoun d £20 m. on the Champs Elysscs. Stock tQ r {^stales and General 

argue that the funds’ cash will refurbishment costs, or killed theorists would expect values to values or accept significant jn Queen Victoria Street, Conversion's former Tolmers ^vestments results in agreed 

simply push up prices until the by changed locational or build- drop, new developments to voids. If they eventually London, and Bernard Sunley JANUARY: John Laing drops Square development site in toe terms for a merger with the 

available supply of property is ing requirements. cease, and an eventual property inherited a near monopoly «f J oins w1 ?^ London' -Mercantile out Qf jh e £25m Eastbourne Londoco borough of Camden County and Suburban 


-•V.WU ijraa imwa m. oo a aabivi wt — ~ \ n . llTl 311 CIOS OflunSr i- 

hold its value as long as the this~year\ theTnatltutiona * have But now that the institutions costs. Whatever the result the Combined Petroleum Pension ~ , A« urance t0 

institutions stayed in the market permitted their investment have the lead in the market, it Institutional lead in the market. finances x £jhn second ^ develMment aes 

as buyers, and as long as the requirements to influence their is possible that funds’ con 


over out of a superstore plan 


10 of March values group proper- 

but- 


t institutional Irad m the market. f£ na “«“« s * 1 “ the development again? Euro- Haringey after political opposi- ties at just under £lbn 

f essential during the past few P«* pean Ferries plans a £20m tion locally, but goes ahead as cautious talk of a subsequent 


supply of properties was not buying judgment .But there tinuing buying power, their years of property company P*ng centre in Redditrt. — ; 300000 sq ft office seben 
significantly increased by have been some pretty strong difficulty in finding alternative degearing and general property “S*i res “ ow a w ^ Lambeth and stodeb 
another surge of development indications that in the heat of homes for cash, and their policy investment markets- recovery, werease in new private indie- Sandelson launch* 

activity. the ’market judgments have or generally locking away pro- -could prove to be a inherently toal building orders in the 

This is a persuasively simple become a little blurred. perties for all time, would destabilising influer, 

argument And if bricks and Blurred judgment is one pos- support an artificial market long run. As this 


mortar had any intrinsic value sible explanation for 'the vaiiie for institutional quality looks irreversible, market 'JJ d g e ^ : menr ^ SjJW * 1 sq^ff "?he52S» pc» 


in the MayJuly quarter. A revaluation abortive takeover bid for 
“ Z « the Bank of EnKl^W.t™ of the London P.; 


in the store group In Legal and slide In values leaves the share 
r General, and British Rail’s £l3m market limp. Hambro Life 
n store and freight complex deve- Property Fund buys 20 proper- 
lopmem plan ih Neasden, North ties from Town and Oily's 
London. Chevron Oil Service County and District portfolio 


» a STrodo^ of tie pas. iroper^. a -ETSit'SS Urtn. W tan . io H# It 

a “ n . J o h?Brennan fgJS “vestiT.te^mSSffie la^ulT'tle^meau^ Londop. WO. on a 

Ptnperty CorTfspondonl ^ - fin.nring break up of William Stem’s i^.n stronsly_ reversionary initial 

■ « 0 " . a . f WT ..I nt U nt- ST HZ mi.i. .atV ■>! nil n 


beyond their, worth 
of rental income, or 
tutions viewed -the sector 
extension of their art buying refused to creep above levels does today. 


per cent, 
fund pays £N.2m 1 or the 
190 sq ft St. Catherine's 


Let us take the weigi 








i 


i- 


& 


Hfltier Barker’s professional teams locate suitable sites and buildings, , 
assess rebuilding praspects,arFunge funding, select die holding team, 
manage projects , let surplus space~in fact, take aU the weight and die 
responsibility, i 

If you are dunking of investing funds, oriteed more space, anextension 
or a renewal- consult:- r 


MlHilliep Parker 

■ . " ' May & Bowden 


77 GROSVENOR STREETi LONDON W2A2pT 01-629 7666. 

and City of London- Edinburglir'-Paijs-Amsterclam- Sydney- MeR 700 /ne-Br 7 sbaiiw . 


4 




folio into a separate subsidiary, gional Properties 
Wimpey Property Holdings., The mortgage money. 
Government launches its first MARCH: Town 


and 


#K'-:v 


deal ^OOm property empire. MLR Prvvnortu - yield of 5.7 per cent, while 

AUGUST: Minimum Lending cut to H per cent. ' ™s’ EleCtn ? ty T l ,,pply „ Nom '? C ? 

Rate is cut bv *■ noint t o 71 and FEBRUARY:* Standard Life P°S 10 -" passes its .Lutyens House block 

subsequently -falls to 7 per cent Askance ih> conjonction- with L° Nation&r Water Council's 

Capital and County’s accounts Gngccoat ■Estates/ reveals plans t for . 1 ' lcra5n ’ 

shows that the Knightsbridge fof-A £30m-pli^ 790.000 sq pr OW«*os UiUt Trust acquires 

sale, and the £ll^m sale of a office.' complex^’ .the Cutier -T ate ttTld threesquartor 

75 per cent stake ih the Victoria Street: 'warefaDUs'es -on the City raterest in the 102,000 sq ft 

shopping centre in Nottingham fringe near Liverpool Street proi^rty- roresfement. sugar Quay offices m the Citv 

to ICrs pension fund, formed Station.*: Negotiations to move .'Jf . ° a a 6d per 

part of a degearing process the. Baltic Efcctyinge to the ™ nt & Mraramra landing Rate yield. MEPCarransed medium, 
cutting debts by £240m in schgtHe contihne. . U.S. bankers * hc Proper^ mvegtment market- term bank finance for its 
eighteen months. Another de- Mdrgan Guaranty Trust give the ^ actrife; Pearl Assurance pays, temaining major UK develop- 
gearer, MEPC, agrees to sell its City^ol London- its most spec- slM)W a ,v • nwarts L but . Hhmuutfson con- 

Canadian subsidiary to Pension- tscular letting in years when over 8 'per cent, for the first firms that it is unlikely to carry 

fund Properties for £27.3m, and they take the whole 225.000 sq phase' of Wimpey s Wingate out new . developments in 

British Land’s shares are sus- ft Angie Court office develop- Centre office scheme in the Britain in the near future, 

pended pending a refinancing ment behind the Stock Exchange City’s east end. and National The Government relaxes re- 
deaL Contractor George Wimpey Tower for around £16.50 a sq ft. Westminster Bank’s pension strictions on land acquisitions 
decants its £i50m property port- Friends Provident backs Re- fund pays the Duke of Norfolk’s under the Community Land Act 
folio into a senarale subsidiary, gional Properties with £8m of estate -film for a 125-year and confirms a £l00m loan allo- 

grouhd' -lease on the Arundel cation for land purchase in the 
City Great .Court offices in London’s next two years^. The Greater 
sponsored Industrial" Improve^ negotiates deferred payment for Strand,- achieving an initial London Council talks of a 300- 
ment Area in Newcastle-upcm- £94m of its short-term debt in a yield of around 5 per cent acre free trade zone in Dock- 
Tyne. refinancing deal that saves an Peachey negotiated the sale of .lands, and unveils an £855m 

SEPTEMBER: Peachey Pro* immediate £3.6m a year. Baring its 520-flat Park West apart- road, and industrial incentives 
perty Corporation rejects a ^Brothers, with . £15za finance ment ^Jock in . the West End for programme for Central London, 
surprise £ll .8m takeover bid from : -'Electricity ' ’ .Supply over 'JfDni. A letting tfender for : MLR at 10 per cent 
from Allied London Properties Nominees, :goes ' ahead with the #,000 sq ft St Mary's JOHN BRENNAN 

as MPs call for an investigation 
into the late Sir Eric Miller’s ' 
gifts to politicians. British Land 
reveals a complex, £50m-plus 
refinancing package and its 
shares are reqaoted. Account- 
ants dash with the property V 

industry over calls for deprecia- 
tion of property portfolios under -• 
new accounting standards-. MLR 
falls to 6 per cent 

OCTOBER: Town and -City ' - r • 

Properties and Prudential THE VIEW of the bulls in all taking account of investment nearly 50 per cent le/t in short* 
Assurance sell Berkeley Square markets is that there is a vast income less benefits paid and term money market assets. How- 
House for £3 7. 5m to the British weight of monlsfc from investors, administrative costs. Tjtffe^betrt ever, in .1975, there was a 
Rail and the Airways Joint normally institution^ -waiting to estimates suggest the ca&i flow decline in holdings of short- 
pension funds. Barclays Bank pej comiMtted^whieh^muat push 0 f -Qjfese funds, has risen by teym assets and purchases of 
sells the financially disastrous - U P pric&s . before This, aboi^&hree times- to £6$bn since equities ' and - gilt-edged stock 

Astro office tower in Brussels bas been held with greater the ’fet of the decade both accounted for over B0- per cent 
for just over half its £35m cosU 0li - lesser . conviction, by many as ajresult 0 f inflation and a; °f cash flow, 
and British Land nego'tiates the pedple in the- property world rise «f the real level of savings The percentages going intc 
£12m sale of its-Setaata Centre f® r much' of the last decade, as aftproportiop of disposable property have, tended to flue 

in Dublin to the Coal Board’s Events have, however, shown income. • • tnate less sharply than thi.* 

pension fund. The Government that there is rather more to in- Th£ proportion of this money f*® mentioned above) because 

announces a £150m aid pro- vestment decisions and prices going.- into property, has, how-i °f the -somewhat lumpy , charac 
gramme foir inner city renewal than just the weight of poten- ever,” -fluctuated. During the ^ er Property -itself. .Thus * 
between 1979 and 1982 and talks tiai money -available. current decade the percentage sizeable amount of j nsti tutiona. 

of waiving Industrial Develop- At one level, it is of course bas varied between just over Purchases of property in anj 
ment Certificate contiols in .*£ ffiSS *5 £STS ^ « » « under 24 ^deSopme^phi^ore^ 
inner city areas. Accountants growing amount of institutional P« «ut wxth an average of “^eveippmep^hMed over * 

back down on the qnestiou.of moil ey in the hands of life roughly 18 per cent The flue* nimioer oryears or commit 

imr eetatim.. ™ J" e n,Sn n hm hntK th* ments on investments agreed 11 

The 
does no 

to new.repqrtftg stan^^.aigT SSSi-Ttesa&lTthrt thb becanseofttoeia^in aWAg' ' ^T'gilt 
launching an mvatigathm.intp money ‘ is alsoTavaflabte and: tiie:. greater attractions ^ ™ pp y 01 ^ 


The investment 




available ■ for. "investment: in 


edged stock.. 

When, these proportions of 1 


property -accounting' systems.- i n vn« t 'm en* .in- other Investment, media, such as 

srjrsr.s?-^-^ ss &^. sssjs : 

tne rate. to o per cent. . m ... setuel speacbix 

fluctuations becom* 


NOVEMBER: Barclays Bank ^SStSSar^&. S!S?SS2“ The^ explanation is that while 
arranges the £20m sale of the m 6 instituticnw may have a' long: ^ ^ 

Grasshopper Property Unit’ The- growth in personal- sav- jterm- strategy about how much r ** ieT . s ® al ~^\ iiaus 40184 P** 1 
Trusts portfolio to .. General - tags flowing Into life and pen- of their total assets should he ciie ® e ^ ^ iart r’ P” > P er ti r aw 
Accident, and in anothey port- aions -foods -has- certainly been committed .to equities, gilts, and ground rents by «fe assunanc 
folio', sale Sun Alliance pays remarkable... ^. According to property, the short-terni "’jgro: .oompaades and penaon fund 
£28m for 11 of Rank Chjganisa-Centrar. Statistical' Office, esti- portion, of ..cash flow ^gotdg to .,b*ye, varied between £749n 
tion’s properties imduding the' mares on tbe " : use of -personal varfcus' Investments' |s'iBiely:to £71 OmV £90&m and £905m in ft 
200,000 sq ft Bairdaycard- Centre sector . funds, . inflows to these vary sharply depending on hmt four years. according to tfa 
In Northampton.- The Gas': institutions. from £2.93bn maraet .conditions: jTfcus the Goverafibent’s statistics. . 
Board’s pension fund pays £l7m in I972 li to £6.52bn.in l977. perrentag’e Of . totpl ' cash ' flow ' 'There has only been an ii 

for 76 vacant shops from" But this-. gives nothing ipce goim .into ■ equities and gi# : tHoect correlation between thes 
Meekers. The Country 1 Land* a- full indication -pf the increase etfgjd stock totalled no more, figures and . fte loved of yieW 
owners Association dismisses. In - the remount .: available for thadr 15- pet cent In 1974; with ■ lot : prime COtiunertifii pn 
fraraof an institutionaT-takeoyer' investmeat.by th^e funds after V ' 1 v : coKtlNUED : ^>N NEiCT PAGE 

-I 







" ’- rs 


Financial Times Monday July 3 1973 



PROPERTY HI 


iiSS* 

s^n 


Stock market shows 
its confidence 


BY LATE JANUARY of this tween prime and secondary 
year property share prices on investments became increas- 
a\crave, had regained nearly ingly pronounced as the year 
SS pop cent of the ground lost progressed with the good con- 
during the November 1973 to tinning to improve whereas 
November 1974 collapse of the secondary propositions regis- 
«»ny 1970’s property boom. tered only marginal year on 
In the space of just over a year value appreciation. The 
year the property share index major investing institutions 
plumxnctted from an all-time firmly resisted the temptation 
peak of 357.40 to 79.19. After of the higher initial yields 
a false start in 1975 when the offered by the secondary market 
property share index climbed and continued to concentrate 
hack to 241.22 inspired by fall- their investment programmes 
in» interest rates and the end on prime situations which in- 
of business rent controls, the creasingly were in short supply, 
index dropped back to 95.95 in 
hue October 1976 as confidence TTa VOllTSlhlv 
evaporated when the min imum aTUUl 
lending rale (MLR) was rapidly With investment funda- 
in creased from 111 per cent to mentals combining so favour- 
15 per cent. However, the in- ably in 1977 and with the 
vestment scenario for property underlying bull market factors 
share was almost entirely appearing to gain in strength 
favourable during 1977 with in- as the year progressed, the 
terest rates and prime property rising trend of property share 
yields falling sharply and rental prices continued into the early 
growth increasing. part of 1978. Bearish considera- 

These conditions prevailed tions such as the threat of 
until the end of the year though rising Interest rates and the 
the late November rise in MLR low level of direct property 
from 5 per cent to 7 per cent investment yields were pushed 
represented a potentially dark aside by the expectation of a 
cloud on the horizon. Investors, continuing and intensifying 
heed such warnings having seen shortage of prime property in 
Hie bull market of 1977 produce both the letting and investment 
ait average appreciation in markets. The bulls argued that 
property share prices of 751 excess demand would be more 
per cent, compared with the than adequate to sustain the 
near 43 per cent rise in the prevailing property investment 
All-Share Index. Additionally, yield structure. In any event 
I ini? attention was paid to the the argument continued, rental 
growing institutional resistance growth would be sufficient to 
to further reductions in prime take care of any foreseeable 
property yields which during rise in property yields and, 
1977 had fallen from 61 percent consequently, the latter factor 
to 5 per cent in the case of would not impact adversely on 
offices, from 6 per cent to 4} capital values. At worst, 
per cent for shops and from property investments might 
SJ per cent to 61 per cent for merely go ex-growth tempo- 
imhisl rials. Yield shifts of this r3iily while the property yield 
magnitude produced capital structure adjusted to a slightly 
appreciations for absolutely higher level, 
prim*.* property of between 27 While the scarcity aspect of 
per cent and 33 per cent before the bullish case could not be 
taking into account the further easily refuted in the short term, 
pains generated by rental there seemed to be a number 
value growth. of blind spots in the argument. 

Factoring in rental growth Too much reliance appeared to 
indicates that prime property be placed on the implied belief 
investments probably achieved that time and inflation would 
an overall capital appreciation take care of everything — a view 
•if around 50 per cent in 1977. last prevalent during the terroi- 
However, the distinction be* nal phase of the.. 1972/73 


property boom. 

The defects of the bull pro* 
position for property and pro- 
perty share during 1978 might 
be summarised as follows. First, 
the widely-held expectation that 
pressure of institutional funds 
competing for a properly outlet 
would continue to intensify 
ignored the implications and 
potential consequences of the 
authorities taking action to rein 
in and to regain control of the 
money supply. The rise in in- 
interest rates caused by a con- 
strained money supply would 
increase the relative attractions 
of gilts vis-a-vis property and 
consequently lead to a weaken- 
ing of property investment 
yields. Secondly, a tightening 
of the money supply would 
moderate the growth of institu- 
tional new money available for 
investment, while qualitative 
controls on bank lending would 
restrain advances for property 
investment and development 
Thirdly, although the strength 
of the recovery currently occur- 
ring in the economy has prob- 
ably been under-estimated it 
seems likely that expansionary 
forces will moderate as 1979 
progresses. Therefore it should 
not be assumed that the 
recently attained levels of rental 
growth can be sustained for 
very much longer. 

On best expectations prime 
rental values could rise by 
between 8-10 per cent a year 
over the longer term. Combin- 
ing this rental growth forecast 
•with current long-dated, high 
coupon gilt yields of 13 per cent 
suggests that prime commercial 
property yields might be ex- 
pected to rise back into the 
5M> per cent range. However, 
given the prospect that interest 
rates might start to edge down- 
wards before very long, it is 
thought that the upward adjust- 
ment in property yields will be 
restricted to around half a per- 
centage point this year. A yield 
shift of this magnitude would 
probably be sufficient to cancel 
out the benefits of 1978 rental 
growth and consequently prime 
property capital values would 
show little year on year change. 


Since mid-April of this year 
MLR has been raised sharply 
from 6} per cent, to 10 per cent 
having earlier moved up from 
its October 1977 low of 5 per 
cent, and the yield of 2} -per 
cent Consols has advanced 
from under 101 per cent 
through 111 per cent at the 
end of last March to 12.3 per 
cent currently. In addition the 
“corset” on bank lending has 
been re-introduced and property 
yields have edged upwards 
though the adjustment to-date 
has been compartively modest. 
These factors baited the 15- 
month rise in property share 
prices dating from October 
1976 towards the end of last 
January and resulted in sharp 
reaction in the property share 
index of nearly 18 per cent 
from its 1978 high of 255.29 
to 210.03 in less than three 
months. Share prices subse- 
quently staged a partial re- 
covery and the sector index 
now stands at around the mid- 
point of its 1978 range. The 
volume of stock traded has been 
light and share prices have not 
really been tested. Investment 
interest has tended to move 
away from the leaders to 
secondary issues motivated by 


bid speculation and recovery 
considerations. 


Risen 


The recent preliminary state- 
ment from Land Securities 
confirms that property invest- 
ment yields have risen slightly 
in recent months. A profes- 
sional revaluation of a repre- 
sentative 25 per cent sample of 
its completed investment port- 
folio as at end March 1978 
produced an uplift of 21 per 
cent in value when related 
to the corresponding 1977 
values. However, the group 
notes that subsequent to the 
valuation date yields have eased 
and it seems likely that the 
value gain has been cut back 
to around 15-15! per cent 
Applying this adjusted uplift 
across the group’s entire invest- 
ment portfolio indicates a fully 
diluted net asset value of about 
275p, so that at 205p the shares 
stand at a reasonable 25 per 
cent discount to net worth. 

In many respects Land 
Securities typifies the recovery 
that many property companies 
have achieved over the past 
three to four years. Borrowings 
have been substantially reduced 


as a result of a major property 
sales programme and exposure 
to variable rate debt is minimal. 
The development programme 
has been cut to manageable 
proportions and financing re- 
quirements are comfortably 
within the group's capability. 
Further, as with Hammerson, 
the group is moving into a 
period of enhanced rental 
growth due to impending rent 
reviews and reversions. Accord- 
ingly. the outlook for profits 
growth is good and should 
compare favourably with the 
performance of industrial pro- 
fits. Also the quality of earn- 
ings has improved materially 
over the past two years assisted 
by debt reductions, lower in- 
terest rates and lower levels 
of development expenditure. 

On balance it seems reason- 
able to conclude that while the 
favourable factors that laid the 
foundation for a strong bull 
market in 1977 have now lost 
most of their potency the 
medium term outlook for the 
property market is by no means 
discouraging. It would be 
prudent to expect a period of 
consolidation in share prices 
following the events of last 
year and the sector is unlikely 
to perform significantly differ- 


ently from the equity market 
during the second half of 1978. 
The sector looks fairly valued 
at the present time but its 
investment rating could well 
improve in 1979 as the benefits 
of reversionary lead profits 
growth emerge. The balance 
sheets of the leaders show 
renewed financial strength that 
has been notably absent fur 
many years and while property 
shares may not be the best 
news for investors they should 
prove to be a worthwhile 
ingredient of their staple diet 
in the years ahead. 

Over the past six years the 
property market has swung 

wildly between the extremes ot 

unbridled euphoria and un- 
remitting gloom. Investors 
have had to grapple with 
rapidly changing fundamentals 
and at times the pace of events 
has been bewildering. But the 
property market has slowly but 
surely puts its house in order 
though the cost (if earlier 
mistakes borne out of excessive 
optimism has been considerable 
and investment confidence has 
been badly bruised. However, 
the lessons concerning the sub- 
stantial risks of over-expansion 
and excessive gearing appear to 
have been unravelled and acted 
upon. The major property com- 
panies are now better placed to 
withstand a deterioration in the 
economy and although must 
pundits take a relatively pessi- 
mistic medium term view of the 
prospects for interest rates and 
the gilt-edged market, economic 
trends should not prove a major 
threat to the property market. 
Share prices will remain sensi- 
tive to interest rates and to the 
pace of inflation and improved 
buying opportunities are likely 
to occur as the year progresses. 

Colin Monday 

Hoare, Govett Lid . 


Potential 


CONTINUED FROM PREVIOUS PAGE 


pertfies. Thus yields rose sharply 
in 1974 when both the propor- 
tion and absolute amount of 
institutional cash flow going into 
property reached a then record 
level. 

Moreover, yieMs were falling 
during 1975 when purchases of 
property fell • and returns 
changed little on average in 
1976 when investment rose 
sharply. The comparisons will 
have been affected by the time 
lags between agreeing a deal — 
at a certain yield level and the 
purchase money being paid 
over. But even after adjusting 
for this, the relationship be- 
tween either the total “ weight 


of money” available or that 
committed to property, and in- 
vestment yields is uneven. 

There is a better co-relation 
between changes in property 
investment yields and gilt- 
edged returns. The yields on 
both rose during 1973-74 and 
then declined during 1975 and 
1977. 

This does not mean that there 
is a fixed relationship between 
the two but rather than there 
are broadly parallel changes in 
direction as investors require 
a higher return on property to 
match the higher gilt-edged 
yield. There is less correlation 
with short-term interest rates, 
such as Minimum Lending Rate, 
though sharp rises or falls In 


MLR are normally reflected iff 
smaller movements in property 
yields. 

Apart from these short-term 
considerations the level of 
property yields is also affected 
by changes in expectations 
about the rate of growth of 
rents. For example, the gap 
between yields on long-dated 
gilt-edged stocks and on pro- 
perty investments widened as 
purchasers became more 
bullish about the prospective 
growth in rents on top-quality 
properties, as is fully discussed 
in an accompanying article. 

But even though it is not 
possible to establish any exact 
co-operation between property 


values and the total weight of 
money available, it is likely that 
a growth in institutional cash 
flow will at least sustain, if not 
necessarily boost, property 
values. 


Prospects 


All the surveys done on the 
prospects for institutional cash 
flow point to a steady rise from 
now onwards. The most bullish 
analysis, from brokers Wood 
Mackenzie, suggested that the 
amount available for investment 
would double by 19S2 to £13bn 
and rise to £20bn by 1985. This 
is based on a several highly 
tentative assumptions — for 


example, that nominal Gross 
Domestic Product and earnings 
will rise at 13 per cent, a year 
with 10 per cent price inflation 
and that most contributions mil 
rise in line with investment 
income being rather mure 
buuyant. This projection is in 
practice open to a wide margin 
uf error, but if the estimate is 
only half-way correct then the 
implication is that financial 
surplus of the personal sector 
as a whole will rise sharply by. 
roughly the same amounts. 

The question then is what will 
happen in tito other sectors of 
the economy. Even the most 
optimistic commentators do not 
believe that the uverseas sector 
will have a deficit of more than 
a few bjJJjon pounds in the next 
few years: a deficit in the over- 
seas sector corresponds to a 
surplus on the current account 
rof the balance of payment in 
view of the direction of finan* 
cial claims. 

It is, of course, possible that 
the public sector deficit will rise 
to match the personal sector 
surplus, as it did in the early 
lit mid 1970s. But the current 
adherence to strict monetary 
targets and to restraint on the 
growth of public spending 
seems likely to limit the poten- 
tial rise in the public sector 
deficit. Another possibility' is 
rhat there will be a larger com- 
pany sector deficit if mure 
investment is financed 
externally. 

The overall picture, as sum- 
marised by Wood Mackenzie, is 
that a substantial amount of the 
personal sector surplus should 
be available to finance invest- 
ment in industry, the public sec- 
tor deficit as well as the pro- 
perty sector and investment 
overseas. But this begs the ques- 
tion uf which sector will pro- 
vide the most attractive returns. 

This remains a relative mat- 
ter as. for example, earlier this 
year when the virtual comple- 
tion of the sales programmes of 
the hard-pressed companies pro- 
duced a shortage of suitable 
fully-let investments. This re- 
duced prime investment yields 
down to near 1973 levels which 
produced concern among many 
funds who were reluctant to pay 
peak prices or to lower their 
standards by buying more peri- 
pheral properties. In these 
circumstances there is no rea- 
son why institutions have to 
buy and they can always leave 
their money on short-term de- 
posit or look at longer-term 
development projects. But this 
abstinence has seldom proved 
to he long-lasting, at least as far 
as the best properties are con- 
cerned. 

Peter Riddell 



y 







International 

Commercial 

Real Estate 


□ ACQUISITIONS 

□ AUCTIONS 

□ BUILDING SURVEYS 

□ DEVELOPMENT CO-ORDINATION 

□ INVESTMENT FINANCE & 
PORTFOLIO MANAGEMENT 

□ LETTINGS 

□ MANAGEMENT 

□ SALES 

□ TOWN PLANNING 


□ VALUATIONS 



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We started our preperty service in 1 962. 


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industry and embraces detailed studies of 
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We also act as a corporate adviser to a number 
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Char.ered Surveyors 


Financial Times Monday July 3 ,1978 


PROPERTY IV 


Arguments for relocation 


otmsfiCTtari^sm keens a disturb- +>,= buy out the freehold. are only to wlUing to sell, and have his shoes mended, and • wo ■ 

nr fciSJffh/SS? J JL*. There are tremendously which steadily lose their value, equally shouldn't assume that problems. 


Lngty large section of British beyond the turn of the decade 
ftndustxy in factory and ware, rent reviews on leases drawn in 
bouse slums, and countless the 1960's— with the then 


market rates. By that time it sitting back comfortably on a soul whosrggests that a ctange bigger store groups maintain as 3 eme nt of lost client Gators arc already haggling, 

is generally too late to organise rent struck when property of scenery might do the firm efficient property teams as any SSSSlii forget it. 

a move without severe business developers accepted a few some good. property* company or financial • balance sheet • much floor vouia 

distocataon, and so the inertia shillings a square foot for institution as good locations are ® ons of a move be needed in an ideal building, 

advocates cany the day. and the schemes should start taking a [wiogp as critical to their businesses as _ manairements suffer from what form would It take* 

for close look at current market MJBdgC good stock buyers. Some of the ^27^ 5SZ This allows boardroom doodlers 

inefficient accommodation. rents * and it may be in for an Five years ago the image of garage groups make more money - “ th “„ onee dur ing plenty of scope to play out 

It is a salutary thought for unpleasant surprise. the riUainous asset stripper trading in filling station sites ^ Q \ their their Frank Lloyd Wright fan. 

anv management that has not A leaseholder facing a could be conjured up to shake than they do selling petrol. And will nn nnn with in-housa tasies. 


firm pays a modern rent for ciose iook sl curi 
inefficieiut accommodation. rents, and it may t 
It is a salutary thought for unpleasant surprise, 
any management that has not A leaseholder 


institution as good locations are * and cons of a move he needed in an ideal building, 

as critical to their businesses as > « * “JJJJ ^ ^ fonn vould lt take" 

good stock buyers. Some of the S^\.robIem thatTaffew flra This allows boardroom doodlers 


facing 


the villainous asset stripper trading in filling station sites ^ jri L® f , heir sraff their Frank Lloyd Wright fan- 

a could be conjured up to shake than they do selling petrol. And ^ ^ n0 one with Chouse tasies. 


Developers 


up the options 


i a/z-73 eveiyanng appearea n . 
favour the developer, money V21110S 
was readily available at com. 


ing. It, was ju 
ness climate 


just the sort of busi- a secular boom in a dog- just ahead of the credit restric- nine at about 9 per cent This from ,he 
te which could be gaah ecanomy If ttere is no tions imposed by the Govern- \ s ^ od ne w a compared with the 11 is 


A overs. 


expected eventually to result In relaxation, fii controls and ment on June 8. 


easy to make up. 


across the stories of firms mov- 


5S5m“?^Sr*« 


a ■ dramatic 
properties. 


ove^ppU, of MEPC bu not. giwMrtl. the middle of.1975. hut it MI 8* »«" 


as zx ss"? 


At that time punitive taxation Problem would remain. If we 
id nihf bit th* property Set someAetaxatioos there will 


on these term loans but the feet rising dramatically. 


fL... _,_=TI wu wwt IVJ m 1WH -v—v- , - - - 

there will tIiat ^ gj^p poH^ out of a The phoney period of 1978-77, * or * 11,070 first: ' r ' 


Taking the possible reasons «• 

rhifinKT' the lousy working conditions and 


industry; the Community Land be a choice of achieving a- rea- side-by-side funding when builders were prepared 

Act and its associated Develop- enable- equrabrium as> the arrangement with a State to undertake jobs at a loss in 
ment Land Tax were still utarket performs its funcMton._ . pe^oo ^ o^er order to keep their skilled 

un thought of. Nor had the con- But where pJ anmng P^nns- to fal4 eouitv in the nro- workforce intact, is over. Con- 

sion already exists, thus 


wider career opportunities of the 
old urban environment Equally, 


kept of refurbishing old build- 


arrangement with a State to undertake jobs at a loss in review on the horizon? initial enthusiasm to move often 

industry pension fund in order or °^f r . tQ , lcee P ^ eir skilled C Does the property tie up cools after the 30th abortive 


Ings . dawned on • many ^ .**»« scheme outsidd the 
developers; land, even inner provisioiis of the ConumimtSy 


to buy in order to provide new ^ arrange ptetattings atirems J^ e ^ funding wff! placed- 


to retain fnH equity in the pro- wor ^ orce intact, is over. Con- capital : that could be better search for a suitable building or 

ject suggests that the teans are tractors *** now looking for employed elsewhere? ^ • 

favourable. ?v5??* r level of profi ? “d O Is the business in an unneces- Qn the other side of the equa- 

—w. - ? „ . there Is never any question of sanly expensive area, looking at tinn ralnmtinn advisory ran 

city larid, was still cheap enough land Act,_aod where flevebpecs ^^rnby no *. 5J 4 - P ri «a contract being both nst and. rates? provide case studies uf countless 


buildings. which luffly reflect qorrent 

Conditions were such that it buil d i n g costs and where the 


_ _r „ j . _ ml vumuuvm 

«ur-arm£r g5 * by <»*» ■;*' need to protection p'ropLtlL.^d wSSld“ eS s^^over^S'TeleaseS 

haiiJrfi.ntP rawafji and whpm thg> Strength of the company follow- arrainst PS Palatini* pnnstTnr+fnn nutro affihianew In n ean f.u li.nJ ^ . F ^ ^ 6386 


left alone supply and demand development company ' has 


S OTTXEE S7SSZ u^ ^ uuderutiiUed caplW. peraittcd 


would have had their effect But sufSment finaudad strength to nut T 1 ? 1 ®’ “4 even fewer • Are the buildings really suit- ^^r^Mribiwd “‘buaTie&MB- 

being human and fallible the <*>tak ZnaixK, devdopa^nt is de £ 0 ™iM- P jSSS* S 040 - be able ^ business today, or has SjcTrive^ finance 1 

developers built too many build- once again possible. . o^^ces A^be^SeS ^ exceptl °K n the business merely grown used Slbito mST SL 

ings which in the event led to MEPC, the second larg^t UK ^ mon 2 s t0 *ttLa« -Into existing space? the coSSJSe uStL *S' 

over-supply, a levelling off. of P^perty group, has just com- JdWthestated^U^^ C Are the space needs of the ^which^riSs^tatantad 


impressive expansions of pre-. 


development until demand deveLopmenis totalling awra a manner as to brine ereafer I'' ~T“ — ; 

caught _ up again. However, with term loans from gmks. rewards than were forthcoming .£Sem«! S not 

before, his over^upply hit the The Projects are a £2om%hvp-. from the properties in CanadZ of thesl leltiSe « 

isajfn 5 

“ ntro1 - ^ 

re " ts ‘ ^ k rtJf 0 , b0 h P 56 ! Company; at March 28 last it burnt fingers as a result of 

HrrST ^ ? h * ve / ° f had and Short-tem deposit these Sutious projects. ‘ 

[ basic failing in not understand- cost wall be prodded by hanks £ 14 . 6m , In h is annual state-' Part of the philosophy 

I r0 , le of ?F°P ert y ? n «Sht-yearg»nn ment chairman Keith Wallis behind these speculative indui- 

j ‘f me main credit bases of the Loms. >; . said: ■ •• With a sluggish UK trial schemes was that because 

j ,-ountry. Even since the lesson In his .annual statement' $wnr- economy and a dearth of attrac- the weight of institutional 
. if 1974, when some of the man Sir Geraid (Joe) Ttoriey tive alternative opportunities cash seeking property, quick, 

. argest institutions were totter- said: “During the pas£. for institutional funds, the sales would follow the letting of! 

a nz 00 tbe brink of disaster, years MEPC has ." retained .-jh property market is currently a the projects. . But . while the 

; : ; . ,* .very competitive place; good apparently insatiable demand 

_ *• I rifnnp rlu ivivoetnnaM«- n j t • nf +Vi o I— ‘ s^>. 


Oxford Street In both 


Governments seems to have a around half of the devel 


warehouses in West London, ing, and if so, is there too much, nntM i 
has brought about a number of o .• too little space on hand? 

smprailafivp Kchpmpc Rut nnt m a ... c ; 


Are • there 


financial 


areas of expansion. ' - 

Joba Brennan 


is your 



oroperty investments, develop- of the institutions is still with 
meats and refurbishment pro- us tenants are in rather short 
jects are hard to come by on supply, 
acceptable terins. Nevertheless, Speculative development is 
we are continuing to look for generally out of the question 
and are finding new business an ^ unless the vital ingredients 
which will yield a worthwhile o£ h fgb rents, pre-lettings and 
return." adequate finance at reasonable 

The MEPC funding deals are rates of interest are there no 
of such significance that some development can be viable, 
property experts are suggesting O i? 


Site butno tenant? Site bnrnofimds? 

Purchaser but no suitable scheme? 

All thc above butno construction manager? 

Good sdieme but builcSng cost too high? 

Bovis Construction Limited make a habit of sol rip 
all theseproblems inremmfora modest building 
contract. Send the coupon today. 



Middx, HA2 0EE.TH: 01-422 34S8.Telac 922810; 


Address 


2MS Queen StreeL.KC.1 
Tioobeaaiiful Georgian houses 
s' rcfurbixftsdby Wawlmew Entities. 
ejiQO eq.[Uoi elegant office n pace to let. 


, v ' r b>4-. 


.Vu..' 


• .. ^01493 8Sa-Tricxil| 


mliw— 


- ‘- ‘j . so. iiu. , 




that pension funds will have to 
watch the situation very care- 
fully because it could mean 
that they will soon find partner- 
ship schemes with developers 
very hard to arrange. . 

Faced with a shrinking supply 
of prime investment properties 
in which to invest, the pension 
funds have been forced to take 
part in direct partnerships 
with property companies and 
local authorities In order ■ fo. 
place cash in the property 
sector. In many cases these 
partnership schemes have been 
very rewarding; the- cash hungry 
property companies have given 
away large chunks of equity 
in the developments in order 
to get the cash with which to 
begin a scheme. 

If developers. -find that they 
can once again .fund schemes 
on. term loans they will become 
reluctant to give away large 
chunks of equity to pension 
funds and the funds’ seeond 
line of .defence of taJdug. equity 
participation will have been 
smashed. 

' The new. criteria for develop- 


Bovis 


Roy Ferguson j nftyyeara of profcocional bvQdinm : /ftrihj yrg | 


OXFORD STREET 

LONDON W1 

ADJACENT TO BRITISH HOME STORES 

SHOP 1USE MR SA1E 


SOLE AGENTS 


A.J.HINES.tCO 


54 BROOK STREET 
LONDON WtittHB 


01-493 3847 




S' 

% 


THERE IS an aweful lot of leases that there are more rent may. if he gives himself time to reality. Now. many in- have got to do something with advantages Jaowmiut or rcntinc 
talk anaWtous Ettle action renews due in the next five to think, consider relocation, dua ria l companies put ash their money tew* fitting tt* bjerood the ex»t.ng 

i»- a nri Than at »n V tima in the But one alternative and cur- needed for capital expen- TV screens with horses and arrankemenisr ...... . 


when it comes to office and years than at any time in the But one alternative and cur- needed for capital expra- TV screens with horses ttd artjngemeflTsr - 

factory. relocation. Corporate in- history of the property industry rentiy popular way of over- ditura m the «» aj^Bot.the average bt»foe«- 


rsr: rodent inSSS. coining this problem is to simplr propenhm M- their tandiorcb M vjBK ,o ,o a tailor mBdstin* butldln* -tw^ 

onnsfiTwainqm keens a disturb- t» +>,» no-rina ♦#, buy out the freehold. are only to willing to sell, and have his shoes mended, and • Do staff have transport 

thousands of office workers in fashionable 21-year review to buy their own bnildmgs. At Throughout the country there or move *ro ■ y_ phraseology of the 

conditions thet they wwrid not patterns— in the late 1960s— ca a ^ une of h| * b are examples of nonnally women's 8 magMlnesT if your 

tolerate for a moment in their 14-year reviews— and In the porate P r °2ts and, because of rational and apparently success- .^ u ? ines ® J score is high. It's time to think 

own homes. early 1970’s on 7, and more re- the uncertain commercial fal businessmen who have m a SSSSJfJSSMt St dlvSSng your builffing 

The classic argument for not cently 5-year reviews, are all climate, a tow level of ^est- succunfoed to the appeal of com- SlSSme^here ar^mmS To find the Ideal property part- 

moving is that it is impossible bunched togethher in a mass of ment incentive, what better me rcia! property ownership. In [*** * b ®” r ®J® n er. and to see whether you 

to justify the expense, orthe reversions that bring tears of way of utilising cash resources many ewes the engineer may soundj-easons «n*fforda SvorcTyou bn 

potential business dishwation. joy to the eyes of property than to buy out afreehold? well prove to be a competent S try out the other Check luts 

The classic counter-argument negotiators, property lawyers. The noard of directors can pro perty man, in most cases he m be^ » ste if a move would help, 

also centres on cost. And far »o and their accountants. bury,teh«d » the sa^ wiU ^ And In aU cases this Jjg ^ In analysing possible sSlu- 

often a firm faces the decision By 1985 it is estimated that i 3 ? 076 ,!?® riianneDing of resources Into ® tions to existing property loca- 

of wheUher to move or not only over 80 per cent of the country’s dnve leas^ldneightoura to real estate cuts resources avail- neeotiatinc and nos- tion problems the key variants 

when it has to negotiate a rent leasehold commercial property make ff" JSfEl abie for tte mainstream buriness, Wremi^^gotiating ana ^ down ^ lhe se: 

review bringing an hnstoricaHy will be rented on 5-yeariy Jh«r ' ^*5^- and increases corporate mobility. rommunicatioS • How much time is there for 

low-cost lease up to current reviews. And any firm now hat fi™ J y 1 There, are exceptions. The alfo^nce for an a decision? If the rent nego- 

market noioc Rv ♦ha.f timn it sittinE hack comfortably on 3 soul who suggests that a change bigger store groups maintain as .. . . . . tintnrs are already haealinc. 


recently considered its building dramatic rise in rent costs these sleepy boards back the buildiqg societies and banks vaowTedve of the problems of • Where can tb ® 8rm m0TC 

r^.rsSS£S 

1 rv *-\ 0 1 rTA ' SSrSni^TcaTu^n toe NdUtto*. and viewing locations 

I I llTlP Tx Whe advice of the Location of in terms ofbuslness nrodi 9 (not 

L/CVClUpuo Si dv fJ“o? sTriy'iX 

OKpert in handling such moves, travelling time, rather than 
■ta • ^Both the LoB and the major jSS * ir ■ 

"I 1 Y\ P rVt^tl Atl C ^ existi^ staff, in boto 

Up IIIC OpilOlliS h i n ^ ™r:zt 

X. X .''firms to move 150.000 staff from attract or repel key workers ? 

the capital, and, since the expan- • Would capital released by a 

sion of its brief last year, the move be absorbed by that 

WITH THE recent improvement politicians do not appear to number of major sites, m excel- ments are the pre-letting or Bureau is charged to provide move, and what can the firm 

in the property market have grasped the important role lent positions, which could not schemes or at least a substaih hel tQ Qffice users realistically afford to pay for 

developers have been sizing up of the property market in the be developed because of the tial part jf them. In the cue.-^ and QUt o£ ^ ih e accommodation 7 

the posdbdlities of carrying out economy generally. lack of two vital ingredients — of MEPC’s Guildford project ma j w dties as it serves both Even if the balance sheet 

fresh development but most In a recent talk at the annual a demand for the finished space the two major stores have been ^ development areas pro- weighs in favour of slaying put, 

have found that although funds Jones Lang Wootton property at rentals which can support preset and the principal “mag- granime and the Government's the relocation exercise can he a 

are available and there is conference Stock Exchange building costs and a willingness net” traders have leased space Qew j nner c jty renewal pro- fresh and valuable Inofc at a 

increasing demand at the end chairman Nicholas Goodison by institutional sources to fund wi t& t ^ es ® t0 ensure the sue- gnunme. The Department of firm’s properly expenditure, 
of the day the rents likely to said: “So much depends on development schemes.” Jj®f s “ ie . shopping centre, industry provides free advice 

be obtained will not justify the Government attitudes and These reQuirements have now wf. nnw wait before to industrialists moving to 

construction costs. There Is one Government actions. Thus if boft bM^^^iEPC let f ing Si’S" s | ,ops ' , w Development Areas, and the V-dSUIlg 

exception; most have found it there is no relaxation of con- abl _ ^ 111 addition to pre-lettings. New Town Corporations and The costing exercise can be 

possible to build speculative trols, if Development Land Tax terms which wiil aikw i* to a ?l devel °P m ® nt lf lt ** most local authorities have staff carried out roughly by a com* 
factories and warehouses in is not reduced or abolished, if rSSn T,able J“ USt located to an trained— to a greater or lesser parison of national rent and rate 

deared locations in the Greater the Community Land Act ThfriSIT where strong demand has extent— to help corporate charges set against known cur* 

London area. remains in force and if interest JS iJLSKf? ^ It le lf? “overs. The major surveying rea t accommodation costs, and 

, , . . * £ , , . rates remain high there will be project has been funded by certamly true of Guildford, attd firms claim to be able to move the charts of industrial and 

At thehmghtof thebwMnin SaetiSSy SoXeSS ^ London merdmnt bank and a in Oxford Street shop ren^ anyone anywhere, and in the office ^ ^own here give a 
speculative development during Proeucany no ueveiopnjent. bank, around £l5m isbeang have been rising spectacularly competitive agency market the roifufthiirnb guide. 

1972-73 everything appeared to \r | ' advanced for seven years ^firms that survive tend to be Actual moving costs obviously 

favour toe developer, money V HjU6S *£ -secured on the development In Tn{]nf{ nri *Qie ones that fulfil such claims. vary depending 8 upon the com- 

was readily available at com- u t the case of the Oxford Street lUIIallUU the initial stage most of UZ*™ He mnw^Anrf 

S^stione SXd^fiSd nrire as devetopm^ the group him done strong upward movement in ’STf Profession^ P e ^nderables ' thar SSld 

was strong demand, fixed price as Tm uexore, bot me CTen better with a loan of eight rents is essential to counter advice boils down to a check j Ar „ ,ha miwt ardwit pelnt-ation 
building contracts were financial sector waU be biased year from a London clearing ^ effecte^f esrelatinfe S list of options and questions *2L“? most#rdent rel0tati0fl 

negotiable and rents were soar- causing an tome mystenwm bank. The deal was approved ta , costs, inflation is now run- that shoffid filter the stayers ad S? manaJ v er has come 
inu Tt™«c incf curt nt b wav a secular boom in a rime- 4««. ‘ . rmm . avery manager nas come 










Financial Times Monday July 3 1978 


PROPERTY V 


presence 


T^J r^NAGBJG director of the development, either in the such as AIP, but in those dav S 
in h iar gest property form of a straight funding situa- fund managers were more 

a^Ku^t pul tion or a slice of the equity, cautious m their attitude 

;,! h ‘° c n ® s t0 how raan - v ^ups More recently, funds have been towards property investment. 
th« A . , own * ere stl11 in Prepared to take increased risks Funds like the ICI Pension 
hnu. 0pment business— or for larger shares of the equity Fund took a very hard line on 
nvpr tv!f ny * e J e ,kely t0 ** until they have virtually become property after the collapse and 

vr me next few years. developers in Their own rights, were at great pains to ensure 

The answer, unfortunately, is Perhaps one of the best the fund had few doubtful 
not many. In fact, there is only examples of this is the dec- investments in its portfolio, 
a handful of major public tricity supply industry’s pension Since then it has been making 
property companies still in the fund ESN, -which increasingly efforts to get back into the pro- 
reai development game. Many has taken on the developer’s perty investment market with 
are still reeling under the blows role until one almost thinks of purchases along the lines of its 
of the 1974 collapse and the the fund as a developer rather acquisition of a substantial stake 
poor economic conditions of the than a financier. in Capital and Counties Victoria 

past few years. The fund was instrumental in Centre shopping scheme in 

But this year has seen the developing the massive 175.000 Nottingham, 
turn-around in the fortunes of ft - An S eI Court oext door t0 But loda y the™ is a noticeable 
property companies Lower in the Stock Exchan e e - Critics shortage of those prime invest- 
terest rates an ' improving mi{?ht ar S ue » however, that the ments so attractive to the funds, 
economy and the end of vast risk dement involved -was Investment jargon such as “ less 
sales programmes have all com- a,mos t negligible considering than prime ” has been creeping 
bined to paint a prettier picture the location of the block. But into market reports over the 
Even so there has been a notice! then iaTrt that wha ! pr ° peny past . f ? w , mo P ths ; indicating 
able reticence amone deveionF-r* development is all about? institutional involvement in 
.nd thei^dnancienf ,o ?„der- Arguably la ESN’, secondary- proper^. There 

take the ail too common large schcrae 10 ■« nartc " up 1W growing fears that the 

schemes of the early 197 ns dilly Circus around the area second property boom was on Us 
„ • • " bounded by Coventry Street way. 

Uammerson Property and and Shaftesbury Avenue. A The Institutions were quick to 
Investment Trust’s Mr. Sydney smalJ sect j on D f the scheme has dispel any rumours that they 
Mason went on record a few already been completed and let were the cause of any mass 
weeks ago as saying that he under the guise of a showbiz ex- incursion into the secondary 
and his group were not even travasanza, -the London Ex- property market. But despite 
contemplating any UK develop- per ience. such assurances yields con- 

ment at all for the foreseeable ( tinued to drop as the ever- 

future. To be fair, he did add KYnpriPUCG dwindling stock "was being 

that Hammerson might consider - a “' A J r v ’ chased by more and more 

one or two modest- shops and But even ESN*s development money. 

offices schemes — but nothing experience pales into insignifi- Some funds felt forced to 
of Brent Cross proportions. cance compared with that of come out with statements to 
Even the much slimmed Norwich Union. This insurance the effect that they were no 
down Capital and Counties company has been involved in longer buying property at 
group is now beginning to test active development since the yields below 5 per cent How- 
Ihe temperature of the water war: and Mr. John Darby, who ever, at a recent auction of pro- 
hut it is highly unlikely Mr. heads NU’s property- division, vincial shop Investments a noted 
Dennis Marler is keen to get could be called Britain's big- firm of estate agents said the 
his knees wet. gest developer. institutions were back at public 

What has become evident What is interesting about auctions prepared to accept 

over the past six months in the NU’s attitude towards property yields of around 1 per cent, 

property market is the development is that it says IT by the sheer weight of their 
tremendous weight of institu- there is no reason why any cash flow — the Post Office Pen- 
tinnal money, especially from reasonably sized institution sion Fund is reckoned to have 
the funds of nationalised indus- should not build up its own a daily cash flow of £lm — the 
tries like the Post Office and development department funds are being forced into the 

Coal Board. These, along with Why not • indeed? It would property market then there has 
private pension funds, insur- certainly put in their place to be an outlet 
ance companies and property those entrepreneurs of the late As the market itself steadies 
unit trusts, have done more to sixties and early seventies who and rental growth forecasts con- 
change the shape of the game reckoned a developer had U> tinue to be optimistic, more and 
in recent times than all the have a certain flair to put more of the bigger funds are 
entrepreneurs in the first few schemes together. Other insti- finding themselves faced with 
year of this decade. tutions have slowly wnken up the prospect of having to go in 

In the past, fund managers to NU's philosophy, albeit in a for direct development The 
and their trustees were content more cautious way.. returns are higher but so are 

to sit nn the sidelines and The last nine months have the risks. Following their usual 

watch developers take the risks seen a general hotting up of the cautious line, fund managers 
in putting up a commercial nr catch -as -catch -can attitude are m most cases going in for 
industrial block, wait for it to towards prime investments, pre-let development situation, 
be fully let, then buy either the Following the collapse of the Risk is eliminated as far as 
whole of the completed scheme property market it .was. -.vela- possible so that there are no 
nr a share of it. . tively easy for an institution to nasty shocks when the scheme 

The next move was to become acquire prime properties from’ is completed. But funds cannot 
artual'y involved in financing failed development?’ companies always be cushioned against 


every risk and it is believed 
that there are a large number 
of shopping schemes around the 
country which are costing 
Institutions dear. 

The search is on among funds 
to find viable schemes which 
they can finance or develop 
themselves. One of the most 
notable speculative develop- 
ments which has recently been 
given the go ahead is the 
Standard Life/Greycoat Estates 
790,900 sq ft office block in- 
Cutler Street. 

But possibly one of the 
cleverest schemes for minimis- 
ing risk is to be seen in Fleming 
Property Unit Trust's 161,000 
sq ft industrial deveiupment at 
Thornton Road, Croydon. It is 
actually being developed by 


Godfrey Bradman's London 
Mercantile, which is guarantee- 
ing a rental income of £324,000 
pa gross. Once the scheme is 
fully let and income producing 
Fleming takes over the estate, 
which is then retained in the 
portfolio as a profitable long- 
term investment. 

There is no doubt funds are 
prepared — in some cases over- 
eager — to provide development 
finance but for many property 
companies the price is too high. 
Besides losing overall control 
of the development, property 
companies find they are losing 
substantial stakes in the equity. 

For some companies the stake 
is too high and they are not 
prepared to lake a management 
seat in the development. 


MEPC's recent funding of its 
schemes at Guildford and in 
Oxford Street is a prime 
example of a developer resist- 
ing the overtures from the insti- 
tutions and acquiring finance 
elsewhere. 

If this is a sign of greater 
confidence in the development 
market then it is clear funds 
and institutions are going to 
have to compete with traditional 
property companies to find sites 
and put together profitable 
long-term investment situations. 
But this can only be done if 
the institutions themselves are 
prepared to lake greater risks 
in future developments. 

Baron Phillips 

Estates Times 


Local authority 
conflicts 


LOCAL AUTHORITIES have 
long been the butt of the pro- 
perty world. Developers, 
builders and architects complain 
of delays in the processing of 
planning applications, of exces- 
sive interest in matters of rela- 
tively minor detail, and of fussy 
attempts to impose subjective 
aesthetic standards of design. 

It is all very well, they say. 
for Ministers and local councils 
to say that overall the figures 
show that the majority of appli- 
cations are handled with reason- 
able despatch. Statistics are 
distorted by the great mass of 
minor schemes. It is the big 
developments that suffer the 
longer delays. Too many 
planners, it is said, do not 
recognise that time costs money 
and that the pursuit of the best 
is the enemy of the good. 

Another and increasingly 
common cause for complaint is 
the local authorities’ contribu- 
tion to the shortage of land 
suitable for development which 
Is now widely feared. Their’s 
may not be the sole responfibi- 
lity. The biggest villain is the 
Development Land Tax. The 
Government may have put off 


for another year the imposition 
of the full 80 per cent but the 
present 6t>2/3 per cent charge 
is a sufficient deterrent to land 
sales or even to the grant of 
options to purchase subject to 
planning permission. 

But even without such a tax 
land could be hard to obtain in 
sufficient quantities, the critics 
say, because of the way the 
planning system is operating 
and— above all — because of the 
community land scheme. Too 
many major projects are re- 
jected, it is said, on the grounds 
that they are premature because 
the structure plan or the local 
plan (or more probably both) 
have not been completed and to 
grant planning permission 
might be prejudicial. 

As for the community land 
scheme, it is claimed that most 
local councils have neither the 
financial resource, the adminis- 
trative capability nor the 
entrepreneurial skill to make it 
work. The Government may 
have allocated an extra £ 100 m 
for land acquisition over the 
next two years, two' to three 
times as much as was available 
during the first two years of the 


scheme. It may have relieved 
iocal councils of the need to 
secure Whitehall approval for 
each deal, it may have decided 
to let them keep a bigger share 
of their land-dealing profits. 
But these changes will not 
unlock the administrative log- 
jam or inject the desired com- 
mercial nous. 

The land tax and the com- 
munity land scheme are of 
course recent and still highelv 
politically contentious innova- 
tions which could well dis- 
appear after the election if the 
Conservatives were to win. The 
planning system is another 
matter altogether. It has been 
with us in more or less its pre- 
sent form for just over thirty 
years and the principles upon 
which it is based are not in 
political dispute. 

• The system has been modified 
and adapted in response to 
criticism and changing circum- 
stances since 1947. Other 
changes have been made or 
promised in response to the 
criticisms contained in the 
Dobry report in 1975 and the 
report last year from the House 
of Commons Expenditure Com- 


mittee. Perhaps the most 
im portant in the long run is 
the idea, which the Govern- 
ment has been actively discus- 
sing with the local authority 
associations, of establishing 
some kind of forum in which 
the operation and effectiveness 
of the system can be kept under 
permanent review and pro- 
posals for change be con- 
sidered. 

It is important because the 
burden of both the Dohry report 
(only some of whose recom- 
mendations were accepted) and 
the Estimates Committee's find- 
ings was that deficiencies of 
the planning system lie not only 
in whichever way il is operated 
but are also inherent in the 
system itself. 

Development control, to work 
properly, has to be soundly 
based upon an up-to-date and 
cohesive hierarchy of regional 
structure and local plans. But 
ten years after the Town and 
Country Planning Act of 196S 
structure plans had been 
approved or subniilted to the 
Government for areas contain- 
ing only about half the popula- 
tion of England and Wales, and 
work had started cm only about 
4 n per cent of local plans. 

Teething problems were per- 
haps to be expected but will 
the rhythm be any better when 
it somes to keeping these plans 
up to date? Moreover, the 
interface between different 
disciplines is becoming more 
and more complex as planners 
seek a closer integration of 
social, economic, environmental 
and resource planning. At the 
same lime planners are 
expected to reconcile this more 
and more multi-disciplinary 
approach with the trend 
towards greater public partici- 
pation in decision making. 

It is hard enough now trying 
to satisfy rival interests. 
Developers say the process 
takes loo long; amenity 
societies and residents’ organ- 
isations say the opportunities 
for consultation are too short. 
People used to be in favour 
of growth provided it took 
place away from their own 
door-step: a growing minority 1 
now seem to he against any 
growth at all. 

Planning is meant tn be a 
Iocal matter, at least according 
tn the rules laid down by Par- 
liament. Yet the trend towards 
a multi-disciplinary approach is 
leading ' increasingly and 
inexorably to greater central or 
regional involvement. Local 
planning authorities differ very 
widely indeed in their approach, 
their methods, and above all 
perhaps in their efficiency. Yet 
successive governments have 
insisted on keeping back from 
interfering in the way in which 
the planning process is operated 


at local level, confining them- 
yclwji simply in churn i n:: nut 
advice which l«»ca! planning de- 
partment* arc free to accept 
or ignore. 

The reorganisation of local 
government in 1 h" 4 did not 
help, tn say the least. At a 
stroke the number or planning 
authorities in England and 
Wales tand outside Greater Lon- 
don) was increased from 141 
in no fewer than 421. and the 
shared responsibilities for de- 
velopment control of county and 
district council in the new two- 
tier structure were left mo 
blurred that there are hardly 
two counties that have adopted 
a similar approach. 

Changes may be un their way. 
Mr. Shore, ihc Environment 
Secretary, has committed him- 
self to reducing county council 
functions in the area of develop- 
ment control. Statutory referral 
of planning applications to 
counly level would be limited 
to those relating to mineral 
workings and those that straddle 
the boundaries of national 
parks, leaving the question nf 
referring others — including 

those that may affect cuirnty 
s mi cl ore plans — to the dis- 
trict's discretion. 


Charges 


Changes have been proposed 
to the general development 
order so as to remove many 
minor schemes from the scope 
of deveiupment control and 
reduce the annual flow of plan- 
ning applications by between, 
it has been hoped, a tenth ami a 
fiflh. The Government has 
asked fur priority i»> be given 
to industrial development 
schemes i thereby implicitly 
recognising that there is a 
problem of delay i. Measures 
have been taken m try and 
speed up the operatioii of the 
appeals system. A promise has 
been made to introduce, as soon 
as economic circumstances 
allow, an improved quarterly 
census of planning applications 
and decisions. 

AH this may seem like tinker- 
ing but tinkering is the most 
that we can probably expect, so 
Ions as the operation of the 
planning system is regarded as 
essentially a matter fur local 
decision, so long as radical 
change is precluded by the 
desire to achieve consent, and 
above all so long as planning 
remains — as it assuredly will — 
essentially a matter nf trying to 
reconcile commercial and non- 
commercial considerations. The 
operation of the system can 
obviously be improved, but it 
would be an illusion to expect 
the difficulties inherent in the 
system itself ever to disappear. 

Colin Jones 


n ^ 


here 







fyrvj Weatherall 

232 Green & Smith 


22 Chancery Lane. London WC2.Tel : 01-405 6944. 
CHARTERED SURVEYORS & ESTATE AGENTS ; : 

London Leeds Wakefield Paris Marseilles 
Nice Frankfurt and Munich 




IS 


Financial Times Monday July 3 1978 


CENTRAL LONDON 
OFFICES E.fi.2 



PRESTIGE 
AIR CONDITIONED 

OFFICES 


Leases to be 
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9 th Floor 3600 sq. ft 

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WhiteSey 
& Ferris 


& Chinnocks 

CiarUTcJ-Suncj-oo 


Bancroft Uottc 
Paternoster Square 

30.14 RopcmaKer SLrect London EC2Y SAT London bQ-4P4±.T 
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Telex 883749 


CHELMSFORD 

THE DUKES PARK INDUSTRIAL. ESTATE 

60 ACRE SITE 
IMEW FACTORIES 
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ADJACEMTA12 TRU/VK ROAD - 
FAST ACCE SS TO HARWICH FELIXSTOWE 
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6,000 to 150,000 sq ft units 

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1 Snsw t-fili London EC1A 2DL- 

. Tel: 01-236 3000 


PROPERTY VI 


PSA comes und 




ruttatn’q RirrpqT landlord Ministrv and in 1 BB 2 it was modate the civil servants the PSA in 1976-77 are expected , so per cent is farmed out to then Ministry of Public Work*. 

SL d , Hffi-SSWLSSi STS' A SST, 2? A ££ &St TgfSSESSi « StJErL .SVZ’S 

ssiMSJNSss syssMSss: st rsnS gssyifasg S 

Environment and successor to the Armed Services. This left with a number of unfilled many of which had long review perty market. As v . ell as allow- account unable to_pMsnadc his 

the old Ministry of Public amalgam was swallowed up by properties cm Its hands. One period* agreed In the early fal* aeni0 - r coUc ** ues - folk>w - ult 

Works, the PSA provides 10m the DoE in 1970, and the site is now a Crown building. 19oOs and 1960s. “S* p ? As f* 1 * 1 ® 1 “ tb i2j!2„ 

square feet of Government office Property Services Agency was another office was filled from Meanwhile the debate for officials calculate tn 
accommodation in the UK. spent bom in 1972. another civil service depart- more openness is not confined Snrand 4m sq ft of London 

£94m on rent last year and As specifically a property ment and only the offices ear- to outside commentators. Some office space is likely wiau 

employs a total of almost 50.000 agency the PSA's job is to pm- marked for wealth tax adminis- people within the Agency do fee] Wnt in the new ten y 
staff. In 1976*77 in spent more vide buildings and other instal- tration in Stockton are still rent levels should be declared incmenraixy. 

than £3 00m on supplies and lations for all Government empty. but the official and more 


In other parts of ihe country. 

Mr; Chapman’s achievements 
are certainly not disputed by 
today's PSA bosses. But there 
the sympathy ends. Acknowledg- 
ing that he did un excellent job 
in his own region, the Agency’s 


transport while overall its departments, the armed services Altogether ll per cent of all strongly supported line is that tocahon— rthe A*'«' nc 7 * officials point out that other 

spending easily exceeds £lbn a and various other public clients, office accommodation within the private operators are trying to quarters and smw sia pos p„ rls 0 f (ho organisation carried 

year. Its task is enormous, en- Most important of these “other pSA's UK Civil Estate is vacant smoke-out what could be con- *** “tag transferred i w out their own cost cutting 

compassing services both at clients ” is the Post Office whose — not much as a fraction but a sidered commercially confiden- “de. although civil servanre are 

home and abroad. Its clients are entire individual estate '* nTTi - »•«*■ *»«nnhei* nf «in«* metres tial information. Later this year known to he opposeu io tne 

numerous, intruding all Govern- prises no less than 


au mviaious roie wiin xne 
Government— its many headed Tjpojnrri 
tenant on the one hand and its 


schemes. The PSA’s direct 
labour force. Tor example,, was 
cut by a third In under 10 years 
while maintenance saving? on 
the defence estate amounted to 
25 per cent of total spending 
in four other regions. There is 
understandable frustration in 
the PSA that atteutiun lias 
centred on events which, so the 
argument runs, have little bear- 


com- fair number of square metres tial information. Later this year 
14.000 given the 10.3m total. The the PSA is planning to publish P»&- 
mem departments ana me rasi separate holdings. Hie PSA’s figure does, however, include a its first- ever annual report — "^7 
Office. And its structure which tentacles also extend overseas, number of small floors in other- there wfil not. however, be any vpnrph 
at best is highly complex Is at a special directorate being wise fully occupied buildings, in dividual rent disclosures. 

worst, as some of its critics responsible for buying, build- About two-thirds of this office As well ■ as landlord and Ironically, in view of its con- 
have not been slow to point out, tog and maintaining all British property is leasehold but tenant, the PSA plays the not slant search for new offices and 
positively labyrinthine. embassies and other diplomatic officials maintain there is no insignificant role of largest accommodation on behalf of its 

The PSA will always “enjoy" and consular buildings. preference- for leasing. “ Our public sector builder xn the UK. Government master, one of the 

an invidious role with the _ policy is to maintain the free- in this capacity it claims the PSA’s biggest headaches is _ ... . 

hold part of the estate and heritage— arguably via some- actually the disposal of property Ing on the situation today. There 
given the way rents are likely what doubtful genealogical -and Und. The problem is most is also considerable annoyance 

all too unpredictable boss on The Agency's services include to go. even increase it. Such channels — of such important pressing in its UK Defence that the media has tended in 

the other. This anomalous posi- much design, construction, considerations will be judged hy English architects as Wren and Bttate. which comprised 283.900 emphasise the n « w well P»b“- 

tion has not helped it ward off adaptation and fur nishing work, commercial factors," said a Inigo Jones. In 1976/77 PSA hectares at the last count. The cised Blunder ox PSA s chief 

attacks on alleged waste, over- while it also has responsibility spokesman. PSA rents are expenditure on all new works Ministry of Defence, in which executive Sir Kobert Cox. Sir 

manning and inefficiency, for providing a vast range of never revealed, but the Agency totalled £417m and no less than all • this estate’s property Is Robert told MPs of the Public 
Indeed, one of the most damn- stores and ancillary equipment, denies paying “above the odds ” 14,556 contracts were let to the vested and where all decisions 
ing criticisms of the Agency has Unlike a public company or and d ismisse s suggestions that value of £394. lm. with regard to its use arc made, 

received wide publicity only business, which should know its in some private property circles A major slice of business in i* constantly trying to reduce 

recently. It is ironic and per- requirements at least with some it is considered “an easy this area comes from building Holdings as opportunities arise, 

haps unfortunate that the efforts degree of predictability, the touch.” Properties are. in fact, involved in the huge civil last year, for instance, the 
to control spending described in PSA labours under the ever said to have been acquired for service dispersal programme MOD disposed of property 


Account* Committee in 1975 
(wrongly as it turned out) that 
the Southern Region has been 
at !e to make substantial savings 
because of a large redeployment 
of troops, especially from Alder* 


the book Your Disobedient shifting sands of political on- less than “the market rate.” due to take place in the next Worth £20m. though this is only shot, ro the north. 

Servant by former PSA South of certainty. Its- Government Mr. Kenneth Marks, Under f ew years. By the mid 19SOs a fraction of the total. Much 

England Regional Director Mr. master often needs new accom- Secretary of State for the En- about 31.000 civil servants wilt of the Defence estate is let on 
Leslie Chapman did not receive modation, perhaps hurriedly vironment and the Agents' be moved from London to pro- a commercial basts for farming 
more attention earlier. and with little regard for cost, direct parliamentary master, vincial cities like Glasgow and but much is nonetheless vacant. 

The Property Services Agency on the other band politicians, revealed last December that the Liverpool. Estimates of the due In part to defence cuts and 
of today traces its roots to the ]jj- e the Civil and Public PSA pays on average just total dispersal programme costs constantly changing defence 
reign of Richard n when respon- Accounts committee, are always £3-I5p a square foot for London range from about £300tn reauiremenls. 
sibility for Royal building was jjable to interfere with de- offices (about 80 per cent of according to official statistics to Finally, a word about Mr. 



administration had become ness-like. but qnite clearly It The Agency's professed policy give a boost to building activi- certainly* stirred up a hornets 
known as the Office of Works, a cannot always succeed. Take, of freehold acquisition and new ties at the PSA. although public nest in the Civil Service, if 

name which survived until the f 0r example, the Government’s building, however, is un- sector spending cuts will tend not sent a shudder ihrouoh the 

Second World War. Between wealth tax proposals. Offices 1 doubtedly wise given the sort of to restrict the budget. Design corridors of Whitehall. Briefly 
the end of the 18th century and were located in several provin- rent increases likely in the next work for most construction is Mr. Chapman pruned the cost 

the middle of the last century, ^ towns ready to accom- 10 years. Rents of £94m paid by done “ in house ” but some 20- of running his region of the 

however, it passed out of the 
Royal Household and became a 
Government department — a 
period which saw the building 
of Somerset House and -the 
Houses of Parliament In 1940 
the Office of Works became a 


Whatever you make of this 
row, it lias at least highlighted 
the central dilemma of the Pro- 
perty Services Agent;-. A va>t 
and because or its diversity a 
fascinating organisation, it will 
always he dogged by adminis- 
trators on the one hand and 
politicians 
than 
dispose 

of eaeh year, however, its 
watchdogs (both internal and 
external) should not L<e 
ashamed of their vigilance. 

Tim Dickson 


BASINGSTOKE 

ALENCONLINK 


One of the finest major 
developments in the South-East 

157,750 sq. ft. 

MAGNIFICENT AIR-CONDITIONED 

OFFICE BUILDING 

TO BE LET 

WITH IMMEDIATE OCCUPATION 


Apply Sole Agents 



May & Rowden 


77 Grosvenor Street London W1 A 2BT 
Telephone: 01* 629 7666 

and City of London, EdihbQrgh.Paris, Amsterdam, Australia 



Son & Stanley 


PUTNEY SW15 

Self-contained modern 
office building to let 
(will divide) 

13,500 sqft 

and 18 parking spaces 

REF: J.K. 









Scrutiny of new towns 

\ \ 

BRITAIN'S mew town /develop- findings to the House of spaces, can be transferred, to to* thr extent which provides a' But whichever way the 
merit corporations have recently Commons last April Mr. Peter the relevant local authorities, population of 150,000 by the Government’s radical change of 
emerged from an uneasy period Shore, Secretary for the *pjj e q Ues tjon of whether a mid-1980s, which with natural direction was presented, there 
uncertainty in which their 25* J!5L«25 local authority should eventually growth should rise to 180.000 has been nu lh " 


future role came under long SSIiSth! be able to commercial by the latnUSUs and to 200.000 w* i 

.. 7 * . , him and his advisers during the dindustrial nronertv from at a later date The orieinai Several new town ramps, tor 

and searching Ministerial decision-making process. P .? I 5^ r .. S - originaI while most will be • * 


scrutiny. The Government's 


Wt i «« lhai taken tbe Commission is also under target was 2&3.000 

My reappraisal has taken Ar Mr cv,r.n> \ 

rethink on what constitutes the particular account of the sub- Jr? 1 111 Northampton the projected 

correct balance between the stanlial changes in national and , iLi. EL™? Th i° „ population tot^l for 1990 has 

« a balance between the need to K PPn } n -k«„* ionium 


development of new towns and regional population trends, of 


able to press 

consideration As Mr Shore t ' « \ . L , * head with P lans alr i’acl.v last! 

consideration. As Mr. bhore T n MnrtT, n ™ t on lhe projected down, their wings have clearly 

. r 109 ^ has been clipped and all their 
been reduced to about 180,000 projections will need to he 


The attitude among the new 


the revival of Inner cities threw changes in'onr economic and fJS!, Sdn^? r aiSte lar * et of modified to take account of the 

their programmes and aspira- economic and industrial posi- “T",,"! 1 ”. r “ 230 > 000 * *n Peterborough new approach, 

tions back into the melting pot tion, of changed conditions in the Population by the mid-1980s 

while the Government pondered our major cities and of changed tn should be about 160.000 against. 

over planning policy. attitudes of the conurbation ”^of the Io^ commun^y to an original projection of Attltllde 

At the end of the day there authorities towards population Us own development. 18 o,000. Similar reductions have 

was disaDoointment for ; some movement and of the new Before pronouncing on .the been implemented for towns • . 

si s Mars ~ 'ss^ssjs^rjs? 

“ a 

STS K 55 Sri STTAffiSSK 

helped stimulate industrial * aggressive marketing approach. 

His Mr ’. Sh °5 »id they had in the although it remains t 0 be seen 
past proved themselves to be how they fare in the wake 

— „ . . . . adaptable in responding to of the Government's renewed 

By the middle of last year it new towns, most of which have gj 1 *^ requirements and he betief in the inner city concepr. 

was clear that the new town now laraelv and successfullv tion of new towns the Minister felt thev would " resoond nosi- F 


an 

strategy did not suffer the body ment outside. 1 
blow which many people had 
been forecasting while the AnnnilTIf'Pfl 
rethink was going on within the 
Department of the Ejfviron- The Minister 
ment the end of several of the earlier 


foreshadowed f°^ th J® 

decision is still awaited. 


440, 

Telepl 


Road. S.W.10 
01-351 2383 


concept was not going to be fulfilled tiie purposes for which said that while he did not wish tively to the new situation.” 
sacrificed on the altar of the they were esUblished. Although to take any actiou which would 
latest ideological idol — - inner so m ® of the msuch as Bracknell, reduce their ability to thrive, it 
urban reaewaL There had been Redditch and Stevenage had was dear that there would have 
fears that the recent aw akening been potential candidates for lo be a substantial reduction in 
on the part of politicians of all further expansion, Mr. Shore the target figures for their 
shades that the decline in ^d it had been decided that growth set ten years ago. 

Britain's towns and cities should future growth of the first At the same time, he argued, 
be baited and reversed would generation of new towns would the new towns woold have to 
do away with many of the t>e a _ matter for the local do more to help the inner 
bodies established to spread the authorities concerned to deal areas by taking a higher pro- 
gospel of regional developinent with under other legislation. portion of disadvantaged people 
High on the list of organisa- Tb e Minister announced that by meeting the growing 
tions which suddenly found of tiie earliest new town demand for owner occupation, 
itself facing both ways at once coni orations— Corby, Stevenage, ^ 

was the Location of Offices Harlow, Runcorn, Bracknell, Projected 
Bureau, originally given the Redditch, Washington and 

task of encouraging businesses Basildon — would therefore be The trimming back in popula- 
and people away from the wound up over a five-year tion growths affected all the 
South-East but then subse- period. The dates he set will new town areas and in total 
quently asked to help sing the be used only as targets for represented a reduction of some 
praises of life, both- social and completion of the Corporation’s 380,000 in the programmes of 
economic, in and around business, however, and are not the third generation of develop- 
Lbndon.' The embarrassment to i mm utable if problems arise. ment. In Milton Keynes, for 
the LOB, eventually overcome On the date hi question the example, one of the best current 
with the - provision of a wider property of the respective exam Pl es of tbe new town con- 
remit to include the attraction corporations will vest in the ce PL growth should be induced 
of foreign companies to London Commission for New Towns and 
and the regions, highlighted the the corporations themselves will 
fundamental- ‘policy changes cease to act except for limited 
taking place and underlined purposes provided under the 
the potential problems faring New Towns Act 1965. The dis- 
development corporations solution of the corporations will 
around the country. normally follow within three 

months of the target dates. 

Future Following the transfer to 

local authorities of rented 
In pursuing their considers- housing, the Commission will 
tions about the future for the no longer have a housing role, 
new towns, Ministers took into It will, however, have a major 
account not only an economic part to play in seen ring the 
situation which insisted on orderly winding-up of the 
reductions in public expen di- development corporations and 
tore but also substantial in the management of the 

changes in projected population substantial commercial and 

growth up to the end of this industrial assets which have 
century. Both factors seemed been created in the new towns 
to justify some reduction ln the by Exchequer funding, 
commitment to the new. ■ town Ministers are well aware 

overtaken 7 ^ ttey however, that the natural’ 

overtaken by the Government’s aspirations of local authorities 

for the own and manage public 

reritolisation of inner city sector property provided under 

areas ’ the New Towns Act in their 

The examination of new town areas must be taken into 
ilicy was the first major account. As a result the Gov- 

appraisal to take place since eminent is to consider what 
e middle of the 1960s. When community-related property. 

> announced his preliminary such as parkland and open 


Michael Cassell 


GROSVENOR SQUARE 

SUPERB PREMISES 
TO LET IZ 

suitable 

BAHKIHG HALL/ SHOWROOM 

A » 

^AmjEsrcoD 

• |n* 

eptjone: 


Keith Caidale^ 
Grbves&Ca 

ChwtwHl Sanqwn 


43. North Audley Street. W.I. 
Telephone: 01 *629 4604 


COATBRIDGE 

SCOTLAND 

FOUR ACRES 
INDUSTRIAL LAND 

FOR 


APPLY SOLE AGIENT5 


A. J HINES* GO 


54 BROOK STREET 
LONDON WIY2HD 


01-4933847 











Financial - Times Monday July 3 1978 


PROPERTY VII 


Election run-up 
causes confusion 



THE COMMERCIAL ' aspects of 
property— letting, de aling and 
investment— are all going 
through a period of relative 
stability at present. But the 
.‘'ame cannot be said for the 
Political arena. 

Vvith each of the parties 
showing definite signs of 
beginning the ron-up to an 
'-■lection ancient hobby horses 
arc being dusted down and pet 
Programmes invested with new 
vigour. The net effect has been 
in the past few weeks to throw 
the property industry back into 
a state of considerable 
confusion. 

The key element in all this 
i ; . of course, the Community 
Land Act which the Conserva- 
tive Party is still pledged to 
repeal and to which the Labour 
Government has recently given 
fresh incentive. 

A fortnight ago Mr, Reg 
Freeson, Minister for Housing 
and Construction, announced 
that the Government has 
allocated £l00m to be used by 
local authorities for land 
acquisition over the next two 
years — between two and three 
times the resources available in 
the first two years. 

Local authorities will also be 
able to spend more of their 
allocation without having to 
consult the Department and 
will. Mr. Freeson said in the 
House, keep a larger share of 
any surplus arising from land 
sales i at present the first 70 per 
cisu is shared by the Exchequer 
and a common fund). 

Earlier the rules under which 
the local authorities have been 
permitted to buy land were 
cased. Local authorities will 
imw he able to borrow money 
»'• buy land where the “net 
annual cash flow line shows a 
pi-sitive figure within a reason- 
able period of time.” Initially, 
there had been a limit of two to 
three years. 


Profit 


The Government has also told 
i'ical authorities that it may 
l""k favourably on certain deals 
where break even may be long 
term or even unlikely so long 
a*, other purchases are showing 
.1 profit. 

Coupled with the new £100m 
allocation and advice to local 
..inhnntics (by way or a recent 
t.nular) on how to ensure an 
.*• [equate supply of land through 
Hie system, this amounts to a 
M.f]«r reinforcement of the 

Art 

The nows was instantly met 
v nh .strung opposition from the 
lioial Instil ulion of Chartered 


Surveyors, which wants to see 
the Act repealed and replaced 
by extensions to current Com- 
pulsory Purchase Powers per- 
mitting local authorities to buy 
lafid for longer term needs. 

Mr. Clifford Dann, chairman 
of the RICS's public affairs 
committee, said that Mr. Free- 
son was “putting his bead in 
the sand" if he thought the 
Community Land Act was work- 
ing efficiently. 

He denied Mr. Freeson's 
claim that there was no “land 
famine ” as a result of the Act 
The evidence showed a strong 
imbalance between supply and 
demand in areas where there 
was demand. There was no 
point in aggregating total land 
supply throughout the country 
and claiming that it represented 
a surplus over demand if the 
main supply was in areas where 
people did not want to work 
or live. 

He also claimed that not only 
were private landowners reluc- 
tant to sell their land under 
the Act-— because of the penal 
rate of taxation on any gains 
— but that local authorities too, 
lacked incentive because 70 per 
cent of any potential surplus 
accrued not to them but to 
the Treasury and the common 
fund. 

These were the reasons why 
the Community Land Act had 
been pitifully unsuccessful in its 
first two years of operation, not, 
as Mr. Freeson claimed, because 
of general economic problems or 
restrictions on public spending. 

The RICS wants the Act 
repealed and a system of 
voluntary supply of laud 
re-established. In the meantime 
it is also patting for a reduction 
in the rate of development land 
tax, a corollary of the 
Act, to bereducedto 60 per cent 

The past few weeks have also 
see n-tibe Tories makin ga deter- 
mined attack on Development 
Land Tax. the rate for which 
was due to rise to' SO per cent 
next March. 

Last week the Tories man- 
aged to peg the level at its 
current rate for a further year 
and it will not now rise from 
66§ per cent until March 1980. . 

The Tories had been attempt- 
ing to get a three-y*kr stay in 
the rate rise t brought an amend- 
ment in the current Finance 
Bill, but in the .event a com- 
promise was reached whereby 
the Finance Bifl this year will 
not include any change in the 
rale, which will now be deferred 
to nexi yew's Bill. 

The second major Govern- 


ment issue for the past year 
has been the plight of the de- 
cayed hearts of our old cities. 
A degree of support has already 
been provided for the rehabili- 
tation of industry in these areas 
by the Government But last 

week Sir Geoffrey Howe, the 
Shadow Chancellor, proposed 
much more extensive incen- 
tives. 

Claiming that his ideas were 
entirely personal he proposed 
the establishment of special 
“ enterprise zones ” in which 
planning control would virtually 
vanish apart from minimum 
height, health and anti-poUu- 
tion restrictions. Public authori- 
ties would be required to sell 
land in these areas to private 
enterprise. Landlords would 
be free of rent control and 
DLT. Tenants would be guaran- 
teed consistency in tax laws 
affecting their investments 
though no special grants or sub- 
sidies would be payable to any 
enterprise within the areas. 
Price control would not apply. 


Opinion 


Sir Geoffrey envisages four 
such areas of free trade — in 
East London, Clydeside, Mersey- 
side and the West Midlands. 

The RICS has already 
expressed an opinion that the 
greatest benefit would accrue to 
these areas if an " Old Town ” 
Corporation could be set up In 
each of them along the lines of 
the new town administration — 
with the same rights and incen- 
tives applying. Sir Geoffrey's 
proposals are still too recent to 
have been taken into account 

On other fronts recent 
Government activity has 
embraced such diverse matters 
as the role and status of estate 
agents, rent control and rates. 

Most disappointing has been 
the refusal of the Government 
to change the basis of the next 
rates revaluation to incorporate 
recommendations from the 
Layfield Report Layfield recom- 
mended that the basis of valua- 
tion for rates, particularly for 
domestic property, should be 
changed from a rental value to 
a capital value. Announcing 
the date of the next rating 
revaluation — April 1982 — the 
Government' said that it had 
deferred plans, to change the 
basis to capital'- value and did 
not give an indication as to 
when that basis might be intro- 
duced. 

One other negative move by 
Government has, on the other 
hand, met with -• general 
approval. Mr. Peter Shore 


announced recently that Govern- 
ment has “no plans" to seek 
powers which would permit local 
authorities to act as estate 
agents. This statement seems to 
have sounded the death knell for 
the half-formed plans of 
Labour’s Left to create a 
nationalised estate agency along 
the lines of the German system. 

No action has yet been seen 
from Government over the Ren: 
Acts but it is widely believed 
that Mr. Shore is under pressurt 
from both the Left and the 
Right to undertake an early 
review of the regulations. 

For the Conservatives, apart 
from the promise to repeal the 
CLA, the most recent proposals 
have involved a “think piece” 
on radical changes to planning 
methods. A review from the 
Conservative “Political Centre'' 
proposes a three-point plan 
which will speed planning 
applications. 

First there should be an end 
to ambiguous distinctions 
between the respective roles of 
the different tiers of local 
authorities. (In feet the 
Government also has made a 
move along these lines by 
recommending that district 
councils be given more power 
over certain major applications 
at the expense of the counties. 
The move is firmly supported 
by the British Property 
Federation). 

Secondly, the Tories say, the 
number of official bodies with 
powers affecting planning 
should be reduced. And thirdly, 
local government should co- 
operate more closely with its 
officials in an attempt to avoid 
what the review calls “dis- 
ordely public inquiries.” 

On the other side of the fence 
the RICS is embarked on two 
studies with political implica- 
tions. By the end of the year it 
should have completed its study 
of the second year of operation 
of the Community Land Act; a 
follow up of the highly critical 
study of the first year which has 
formed the basis for the institu- 
tion’s opposition to the Act 

The institution is also under- 
taking an initial inquiry into the 
need for a new codification of 
the regulations regarding 
infrastructures in development 
It is not yet clear whether the 
RICS will restrict itself to study- 
ing the need for clarification as 
to who should provide basic 
services strictly relating to site 
development or whether the 
study will extend to essential 
local services such as schools 
and roads. 

Christine Moir 









TWO NEW DISTRIBUTION DEPOTS 
INDIVIDUALLY DESIGNED TO THE HIGHEST STANDARD 


25,000 SQ.FT. 

26 FT. CLEAR HEADROOM 
500,000 CUBIC FT. OF 
STORAGE 

SURFACE & DOCK LOADING 
3 FLOORS 
OF OFFICES 

HEATING THROUGHOUT 
VERY LARGE LOADING/ 
PARKING AREA 
RENTAL £39, 000 P.A. 


11,000 SQ.FT. 

18 FT. CLEAR HEADROOM 
160,000 CUBIC FT. OF 
STORAGE 
TWO LARGE 
LOADING DOORS 
TWO STOREY OFFICES 
HEATING THROUGHOUT 
LARGE PARKING/ 
LOADING AREA 
RENTAL £17, 500 P.A. 


FOR FURTHER INFORMATION PLEASE CONTACT:- 
THE ASHVILLE GROUP 
SPUR HOUSE, MORDEN ROAD, WIMBLEDON 
LONDON SW193BJ. 

TEL: 01-540 0421 


an 


^>3 


Government help 
for development 

FOR THE amount of building grammes have been brought will subsequently be going on panies currently occupy EIEC 
work it undertakes, one could forward because of the reces- inside it. factories in the area, 

be forgiven Tor assuming that sion in the building industry. Essentially, the basic prin- ]\j ort h west (Mersey- 

ifii? country is in the middle of And in the last Budget, the ciple has been to build modules ^ and Greater Manchester) 
a building boom. Almost 3m Government brought in further on a steel frame to a unit con- wherc ^ ErEC has its 
sti ft either under construction measures to encourage industry struenon. They are normally of largest concentration of activity. 
.»r cm the planning board is no to expand-arTangementsha^ ™ be 61 have been accom- 

s.nali beer, even for the larger been made for industrial build- extended to wrt modated in Government 

building companies. ing aMowances to be made avafi- men ts^ At least four ^Uons factories and they employ 

_ ... ... able to more companies, par-, of advanced factories are avail- o® oofl nennie in tntai 

In this case, the builder is the u - cil j ar j y , hose moving into the able, with a typical unit having ’v! 0 

English Industrial Estates Cort Govern ^ e n t -s advance factories, an area of around 15,000 sq. ft. J d f JSth ? 290 000 so ft 
iteration. developers, letting and . In adition, the EIEC has built a r recT . lcn sq ft 

managing agents for the Depart- The al owances mean .that the :Tlumber <J f nursery ^ eUs of is ready for imnediate occupa- 

ment of Industry’s portfolio of capital c . ost Sr between 2,500 and 5,000 sq. ft., ° on ' . A J .additional '-0,000 

estates in the English counties, be offset against corporation tax d ed dalI ' for H ^ sq ft is being made available, 
™ . . . , Qcn — 40 per cent ,n lhe hrst y small tenant -- a concent which “eluding 22 factories currently 

The L1LL. created in I960 to anii four pcr cent * year over ?“ becomin „ increasingly under construction and a 

continue the policy started I m ^ next 15 years . However, the ^ » eci £ un ^ further 40 in the planning 

the 1930s of using government j apply on ] y t0 companies S p stage. 

money to encourage industrial ^ Khold interest longer *™»« “ ““ c,ne!L Elsewhere in the counts the 

'k'wlopnwnt, grew from a than 50 rears As the buildings are con- ” 1 - 1 ". uie counl] 7. tne 

number of regional companies. ‘ strutted for factory use rather ™ s activiDes are concen- 

inrludinj? Team Valley Indus- A _ than, say. warehousing, the „ e 5* .*? i orkshire and 

trial Estates in Gateshead, the InCeiltl\ CS interior height is limited to 

West Cuniberland^velopmem NeverthelesSi these measures about Ml unit K w£le 

-Sit S— ~ ~ zsvrix srs 

responsible 3 for almost 3^5m *T2LS5 “mu* jJ 0 ® U to^.Oob^S^^fTactore 

sq ft of property. J he ^ e ™ These incentives, if they attract '“■* arrange vnth MU space bum to 900f000 

ntent has similar schemes else* coni p an j es W1 n give some relief electricity Doara to swiicn on resion while the 

where in the UK. administered c £ roa5c unemployment, it is the power before mov-iiig m the 
through the Welsh and Scottish “ d _ However, the reality machinery. Factors such as J 

Dfvrlopmrnt Agencies, but the 5e less comforting. The passenger and freight transport t0tals “ oUler 

FI EC remains the country's ^enunent’s policy of offering, and road and rail links, are sq ft 

bt-rgesi industrial landlord. advanced factories has already F 011 ® d ® r ^ before construction -p p n a. c 

Its brief has been to had the effect of cutting back on is started. XVCIIIA 

oiicouragemdustr)' to settle and commercial competition in the The average ren^ for a rents £ „ Govern . 

expand in areas where new iob development areas. Jhese gpieal unit is around ment factories are set over a 

opponunities are needed. To budget changes could add to per j-mt. Last year, the EIEC s 24 _ year period< review-able every 

dale, ibe KlEC’s score is 530 this compeUtive edge. five years, and based on a dis- 

couipames emploving around But litis argument is unlikdy the EIEC has built IiQ estates valuation. 

* «- nf the tn detract such bodies as the and sites, occupying an area of . 

114,000 people in P a *^ . EIEC Its strategy is to build. 3, 560 acres. ■ The current build* Government factories can 
H-hn? W Jt ere U "fhn P ° natiorud ftetories ahead of^ demand and, ing programme includes 90 f^o be bought on a 99-year 
tJ,c . n -_ the h V doin" so possibly encourage factories or 180 lettable units J^se, with ground rent again 

for example, in the D)fl ^“tha’t might not other- on l^m sq ft, with another 200 based on local valuation and 

^ SS exist. The EIEC argues factories in the planning stage subject ^ revision every 10 

mn«? imlry shlshes J u r«nuS thaf factories should be im- amounting to a further 1.6m years. 

is mediated “iiibte to take aq ft. 6 Tie total cost can be amort- 

the imilSl 01 ? r0und ,* mninved advantage of any industrial The EIEC’s activities are tised at current interest rates 
™ ,? u P SeC eU‘n. . . -P «■> 15 years,... However, 


fainwil. . » - nnceihle within certain oronu rn II IS currently unuer con- creaiea JUSUty 1L 

rtm*ni« M regional is, possib • factories struction .or in the planning . .ivy , a 

TV p^ m t? t Objertivcs. "£. 0 wV what activity atagej More than 400 com- Arnold Kransdorff 
RcceBUj-; however, building pro- without know in» 


just walk through t his door 










Connnerdal 

OfEces<9Shops®lOTestments»FactQiies & WarehousessRent Reviews 
® Development Roance & Planning* Overseas Property Management® 
BuildingStuveying*PaqectManagement*AichitectuialServices. 


Ch 


r. I 

r * TaSt n 



Chartered Surveyors 

city Office:9 wood Street, Cheapside,LondonEClV7AR.0I-606 3055.TdsxS812798 
and inMayfaii; Kensington, HydePark, LitUe Venice, Chelsea. 

IbraUyourpropertyneeds 


9 






Financial Times Monday July 3 1978 


PROPERTY Vni 


European Industrial market improves 


construction had lifted slightly 


FULLER PEISER offer 
a complete property 
service to industry and 
commerce throughout 
the United Kingdom 
and Western Europe 


upturn in the economy, and year agi* prices rarely touched area, 
therefore demand, a question iion oofi an acre. 1« ^ 

mark must hang over its future. Smtl|jr , y in , he Leed5 aj!l , * 

With a continuing shortage of Sheffield area land prices are ~ F : 
land and rising construction Sii(J lo have doubled in The pa^t “JIl* 
costs the asking rents for vear lo a present average of '"‘.LA 
choice industrial properties can * abulll £60.000 an acre and in the '* a ' 
be confidently expected to con- Eas , c Midlands land prices in 
linue lo ri*o but whether, in The Leicester are now running at r ; " 
absence of expanding pruduc- about £50 .000 an acre. These 


MlHi Ull.'V llnlll 13 U" •■Ml » .. ... _|| 

fleet the real shortage uf modern ^ u f*»er>' units and ^ 


describe* 
;urc as a 
it “ in the 
Bourns a 
increases 


national 


in available floor space 


tion. the overall cost savings 


associated with modem indus- 


reflect a 
shortage 


continuing ^ 03 these '•i-her rents was erit ‘ rc!y a *-'cnunted Tor by sar ,| v reflect a drop in demand. West Midlands and North bait 

_ uf prime the warehouse sector and was and . d d d „,„]<! ,- 0 it«vt an regime all recorded increases 

trial property will be a suffi- devel „ pinent space in a m P ark « X.;*- £*^1 "t ^ >--onrined almost in total to the invreafce ^ upW A with a growth of mer lulf a million square 

cient incentive to maintain SWoIIen by pruperlv-hunc.-y pe rt- L " :ulu " and « un,e C ° U T‘? in building volume. ««‘l- Warehouse .ievlopmrnis 

demand remain, to be seen. in<sirutional investment fa-’d . p , where demand has run ahead nr . claim (he lion * %lure of Hus 

King and Co., the leading imestmen. fu..d , ne:1:: , i!5 . .no printing , Available space has W is also true ha the ;is rlu>JP have done for 

industriHl property agents. nljna <=- ers - :ndu< r.?, appear ,0 have been ra[ ^. n fruni ahuut i 6 .7in square shortage or sites has enioiir.iu.il ^ u . n >t . ai . s , n ,y T7 wht .„ lolM 

believes the rate of increase of c "'*. e ' In ,kar eh'*i;>e fo?l in nud-De.cembcr to J2.4m the demolition and icden. 1 tt ., re j, ousl . increased b» 

rents may slow soon unless a aCtOFY ma — ■ ^*«ount _ warenouw* re Feet in mM- April. F.lsc- mont of older favtorj- complex s ?? t . yn| t . 4jmpaiVl | ar 


space has 



3-4 Holborn Circus 
London EC1N 2HL 
Tel: 01 -353 6851 
Telex: 25916 


industrr-d properly agents, 1 ; ; K - , Fallen frur 

believes the rate of increase of T7 rt mue: a --** e - ln warehouse fc , ?l lft mi 

rents may slow soon unless x aClOFy mar.-' . discount warenouses square f ee 

there is a significant pick-up in The enthusiasm shown by the where in 1 

the economy and industrial funds for faclljry and ware- fc’ ^P 11001 

confidence. However. Mr. h e investments has *hnwn n. . . ‘ is?. 7 . UK West area, 

Tames Morrell director of the hljUse Has sho.vn au nsan.r .naustry, appear 10 have , hlp warc 

.lames j»orreii. turecior or rnc s s of eas i nff> Recent surveys r3 k,.- ,. n ^ 0 me n‘ -he eja.-t aWe w,a , 

Henley Centre for forecasting. s[ that in 197S pension ^ ^ a °4 a ‘ n .^ B f ^ bc increased 

suggests that severe competi- f * d , ld h Jlnrlin» i « “l- u ■ centage oi 

tion and the need to survive tn «-=:* ?„ “mi tS ?‘ n . 0,n * 10 * how tnrou * n m vear. old 

constitutes a major incentive for “ P t th * lnduatnal rents is construction cost. J pt ril5 . e , 

industrial building investment pr , P markeL . Dunag the depth; at the races- ni , d . Dl . cf .n 

in coming years because “ fairlv 'Mule higher site prices must s.on contractors squeezed profit April 
predictable and substantial cost obviously increase the rents of margins to the l!m:t in order to 


I savin ,, .s a rp attainable " new industrial properties, win -.ontracts and keep their 

1 what are bevond doubt, are ‘"creasing renLs are one of the basic workforce together. This 
the hard facts 'of the market's rea s f . ,n! ’ for ^ P rese °t ^shlon has now become less necessary-. 


Reflected 


letting, or sale. This :s a trend patterns lowarns moimway 
which can be expected to cun- linked depots. Overall King and 
tiixiic. Company >ay the industrial 

New-found confidence In property market ie> at present 


Milners tvid .Hsjems oj Industriid and C omnicnial 
Property. Rating Stirtvyurs. Plant Ik \ladunery lit liters. 
Project \hmagxn. Inivstincnt. Finance and Deivlopnient 
Consultants. Fire Loss Assessors. Property Xhtn tigers. 


snared. There has been 


Overheard a 


rose by 540 per cent, more than w "J^ mcreaie wtaP available’ 'factory “pace Public authority building has Ihe lU * ar fl,nm ‘- 

double the increase in shop : n , :V. 7 rHi rlf ^ actually increasing by - percent, however nut de.-roa^d. says , It i> Mill widely predicted 

rents and well in line with ‘ , . j‘.‘ r -,, rv „r. The survey also records that the King and Company, but simply l !lal lenants will hr paying 

office rents. -v.mnije d hv Ki ’ n I pcrccniaue or available factory remained relatively stable. rental, an per . ent higher than 

Faced with these figures some L. p . - anQ SDa ,. e a .. r d UY it 10 vears has . , , .. , _ , those «■! January ny th.* end of 

nf the traditional prejudices : aaw *5 ^om mid- ^ ^ SOpcrccnimmid- The total amoi.m o ..idunnal „ u . hllt lhert . lluV hp a 

against induslrial propertv have 19 “, tn m,d ' Apn ffJSmterw 74% «ni m mid- propc / ,y l l ' mh ' r ™cl.on m ^ ht - hl , CIip In ;ht . ralc llf 

paled. Industrial rents' have . , lte j o;al . amount of r \ P mitl-Apnl for oiviipanon w.th.n incrMV |hisi Vl , u . ulUwa 

weathered the recession, and av . a,,a ^ indusinalpn.perty for -^r* 1 - 

continued to rise more than l ' r ,e ? topped ny 6 per cent. The acute shortage of prime feet, excluding uxtensions or lhe st;tU . of [hc economy. 

Shnn or office rents hecauso th.v Tnw cnniintied decrease followed industrial space is best illus- premises companies were hav- L r Itima tcly industry* ability 


Public authority building has 


the near future. 


It i> still widely predicted 







se 



shnp or office rents because- they _ 


abihry 


They do in Clev eland. £f0fh 
They H give you ih« answers 
to question, vmi may not evrn 
know \_qu slumld ask 'bull be 
surprised how tliey can 
smooth out ihe red laj*? and 
gel down to action. Fast. 

These could be snille of tin-' 
reasons why over is being 

inve<ie.i and 1" c«»mpuiiies have set up 
in ihe c« unity in the j >d>t year. a 

II you are thinking of 
relocating orexpaiuling, 
siart by talking to John \ ^ 

(iiliisoroni* or his u** ( 1C J) 

industrial development — yt 

specialists. T 


They have the experience 
aud they understand your need., 
and yuur language. 
Tlicvll tell you all abi »uc 
Government grants, available 
land and factories, the county's 
pool of labour and its ginnl 

? record ol industrial relations. 
All you need to kimw. in 
" fact. Not forgetting 
Cleveland's beautiful 
. countryside and coastline. 

\ Telephone, tele x, or fill in 

w J 'lhe coupon ibr a businesslike 
/ response. 


Send me the basic 
facts about Cleveland 


Post to John Gillis, Gumey House, Gumey Street, 
Middlesbrough, Cleveland TS1 1QT 
Telephone 0642 248155. Telex 58439 {Ref. Plan) 


County of Cleveland 


This upward trend has acc-der- T VCMl ni,u M : 1,1 must uepenti upon an upturn in 

a Led during the past year 'vilh l i\* when tnere was ’ a mass,ve ]Ab ? s< * uare , fect ' , A £ a ' pst feel for foi,r the economy and specifically an 

some of the latest surveys nr- 122 P* r c<?n ^ increase. these figures the total ,0.9m survey between August lit, o and increase m levels of production. 

» " The survey ,how> that in mid- square feet of industrial space December 1077 when the actual „ ' . 

vent *in industrial reni- Tn Aprd l^* s - ear fhcfp was a toial available in mid-April rep re- tola! amount of space under Pail! 18V lor 

South East and a countrywide 
average increase of lu per cent _ 

between September last year A I B ■ ■ 

s k City supply and demand 

last summer when greater con- » JL -I L » 

tide nee in the pound manifested 
itself In greater demand. 

Kenlais of £1 a square foot -d -d - 

coupled with a stepped increase III i 

towards the first review dis- T I ^ T |^\ I f~\ / | 

appeared and rents in West and I . \ l > I I I \ I I f \ I /^| I I l ,1 v l I 

North London in particular V/ T VllJLj ViXtilX V V Vi 

showed a rapid recovery. 
especially for units over 30.000 

stripped f *uDnlv 5 demaQd ° Ut ' ACCORDING TO the latest ting out. For that reason agents generally have come to 95.300 square feet will now all 


evenly balanced 


lisure has now been hreached ■ j ” , , ■ ? u 1 wnen usiianis were arouna iiu a loot ana sold on 10 

an d is ^de?r a cc e Dtabie Dartr- indep€ndenl sureeys of supply square feet of new develop- encouraged to believe that all an institution. 

ana is wiaei. accepiaoie parti and rate uf ui^up 1S now ments each year will only mop lettings were being done at the Th* n-v, ,. rt „ n i 0 

cuiarlv around Londons air- pointing t0 a balance hetween up around ha|f [he demand th £ r ” a 1 00 t !evels w-hmh in fa^ <h I?» 1 , 

ports Elsewhere in towns like supplv and demand until 1931 exists for such space, based on pmained onK ro small suHes ^ 5 .i ^ f0 / JJ 

Swiudon, Bristol and Oxford with the exception of the the take-up rate for this type of Tn the Lloyd's villa"?) L P , " lh ° 

rents are now reaching £L50 a specialist demand from users of property over the past four 13 ’ spurt undergoing reTuibish- 

square foot. The increase in 100 .000 sq fi or more. They years. In fact a shortage of r t As ° n f P r °P er kv man put 


of available space, but for the banking and insurance villages 


100.000 sq fi or more. They years. In fact a shortage of f T M i;| r »T- r ment. A« ont. properu man put 

[will certainly find a distinct lack prime modern space in the U nllKCIV it ast week you soon. won t be 

of available space, but for the banking and insurance villages , ... . t0 raovo for shoots and 

remainder nf the market there in the City will occur by next i m0St Wl11 adm,t skips. A very high proportion 

will be an adequate flow of year, as will a shortage of pro- hat tbe ev ^ s ar - un bkely to of the City 5 relatively modern 
space until the new develop- perlies offering over 100,000 ™ ove "P w yds For some time, buildings are all coming up 10 

ment programmes reach sq ft of space. Liven tbe fact that supply has the time when they will need 

completion in 19S1. This is likely to lead to the f.™^ 0 ■" '™'" prott >' f te " si " refurbishment 

ja- W oSTjs ssr,ri?rjsri 5 rS = ~ 


The 

demand 


everUy balanced Ts^ono which prime'or la^e boildin^fetch". . Considerable at.ention has 

has been erawins in nnniilaritv ins substantial Dremiums at ... . . b pen focused recently on the 


OFFICES 


ANGLESEA CENTRE, Gravesend, Kent. 

5.000 sq. ft.-13,000 sq. ft. 

MALVERN HOUSE, LIpper Thames Street, London EC4. 

5.000 sq. ft. -25,000 sq. ft. 

Ma\LLINSON HOUSE, Southgate, London N14. 20,000 sq. ft. 


has been growing in popularity ing substantial premiums at . city's total stock one mi««ht , n £ocused recently on tne 
for some time but last month it letting over the average rental L ^ De cted the warnin-s^of bunchl " s of ™ v,e * s ,n Clty 
received a virtual seal of for good modern premises. Such X'*. 5 of P r °P ertles » hlch „ w, » ™* n 

approval when it formed the a tiered system could in fact I IL I!!!!!. „* hcfty numbcrs o£ reversions 

central pivot of Richard Ellis’s be a real advantage far the City . l ®®* .CT ® r over the neJrt tliree > ears - What 

latest review of the City market, in that it could once again make -n^° n Ine oner - has only been mentioned in 


Briefly. Richard Ellis points out it worth-while for developers ,n S 50.000 square feet of space passin a is that the bulk of these 
that existing space available — to seek out sites for new pro- , " 10U ®y . a '*1 al J Ti aica ‘ or reviews are for 14- and 21-year 


INDUSTRIAL TO LET/FOR SALE 


TOTTON. Southampton. Warehouse. 
WINCHESTER, Hampshire. Factory. 
WESTBURY, Wiltshire. Factory. 


68.000 sq. ft. 

43.000 sq. ft. 

32.000 sq. ft. 


DEPARTMENT STORE FOR SALE 

BOND STREET, Hull. Approx. 42,000 sq. ft. 


n- iiftma 


that existing space available — to seek out sites for new pro- , , ** 'tPV “ . reviews are ror 14- and 21-year 

around 2.6m sq ft in May — plus jects in the knowledge that new ' a , ai ? a 111 1J,b nas also periods, a long time for a build- 
the small but steady flow of new buildings would meet their costs £ :, ved ; ^ ni Bre hI ar( e . on . in S 10 receive only cursory main- 

developments coming on stream through appropriately higher . ^ of vuf 56 t,, ° cks available tenance. 

between now and 1981 (lm rents. today. These factors would Unless these properties are 

sq ft per year) will be adequate To some degree a system of . ‘ e had some agents predict- brought up to standard again 

to meet what is emerging as a tiers has always existed within l £S dire shortage last year. Now ihere could indeed be a short- 

steady take-up rate of between the City. Small suites in that l [\ e - v are content to claim agc 0 f adequate space in the 
2Jm and 3m sq ft a year. Lloyd's area have always com- ade quate supply for three City; In any case tenants will 
. manded rents well out of line T ears or s0 - not be prepared lo pay a full 

Yapafiricy with those in the rest of the At that point a number or rack rent for premises which 

T Square Mile. Today, for major new developments will have not had an overhaul for 

In addition, each move by a instance, they are changing be coming on stream. Fore- 15 years or more, 
substantial space user frees fur- hands at around £22 a font com- ninst among these will be the This will put pressure on 
ther space on to the market, pared with the £14 or so which joint venture between Standard investment companies and inxii- 

For instance, by moving to Angel is typical of good air-conditioned LiFe and Greycoat Estates in tuliuns alike. On ihe one hand 

Court Morgan Guaranty will be stock generally. Culler Street which will nffer they will want to maximise 

vacating some 50.000 square fect Even the figure of £14 a fout 7 °0.000 square feet, and Whit- rentals but on the other they 

nf offices it presently necupies. is of course achievable only by bread's 520.000 square foot pro- will he chary nf ihe hiccup to 
NatWest Bank’s eventual trans- a small proportion of the City's jeet on its Chiswel] Street revenue which will occur first 
fer to its tower will free as much buildings. It was achieved by brewery site. during a void period while 

as 100.000 square feet in build- Hampton and Sons, for instance. Perhaps more significantly, refurbishment is carried out 
ings which it is currently rent- in letting 14.000 sq ft of the current climate is alsu en- and secondly as the costs of the 
ing. Those buildings, while not Trafalgar House’s '* scaffolding ” cou raging a number of other refurbishment cat into gross 
brand new prime stuff any mure, block in Cannon Street. It was property owners to dust off rental income, 
are modern and adequate for alse achieved by Richard EHis their development programmes sfu dies of the effects of 

most users' needs. acting for Legal and General and bring Forward buiidiu n xv,de ' scale refurbishment on 

City space analysis have. It and the Post Office on their dates. Among them is Boring revenue projections have 
seems, at last wakened up to the 85.000 sq ft Sl Mary's Court. Brothers, which together with k een undertaken so far — 
existence of a significant element The figure is a pointer to Electricity Supply Nominees . the fi Sures may well he 

on the “supply'’ side of the minimum rents likely to be paid f which will take a 60 per cent ^PO^sible to quantify — but 
equation which they have pre- for the new space coming on the equity slice) is going ahead a *re®dy some siockbroking 
vi.msiy ignored. In the U.S. the market this year, but the with its 145,000 square foot re- apatysts are making a slab at 
space vacated as tenants shift average rent paid for adequate development at 8 Bishopsgate. 

amtmd the cities is known as but not brand new space is more The £l£»m const ruction contract trom the point of view of 
"carry over” space and it is likely to he well below this. has recently been awarded to i* 0511 ” 8, however, the next 18 
recognised tn go back into swell- For tenants a more accurate Wales. months or so should see a fairly 

ing supply. indicator might be £9 to £10 a Wimpey too. through its Win- ? . e P a . ll ^ rn ‘>f rents, followed 

It. is true that this space is square foot. This would buy gate Properties subsidiary, is in a SHU 1 « i 2i*2 1D * p r ic ? s 
not usually classifiable as prime, space more than adequate for slcam ahead with Phase 2 of ,7° as , . _°™ 5 . seeK lf ,n 

If i.s usually mu ahsnluiely new nil but the most prestigious the Wingate Cenlrc in the , Cl , of UlCir re fur- 

and may be in need of fairly headquarters. Minuries, Instead of being )lshment wt ~| s ' . . . . 

elaborate redeeoration 2 nd fit- It js a curious fact that estate spread over two stages, the Christine Moir 





ij*'?, ‘Vi'.v--,- 


-V 





es 


i; 


itSOs 



Financial Times Monday July 3 1978 


21 


PROPERTY IX 






THE CONCEPT of property 
refurbishment is no doubt close 
to the hearts of many conserva- 
tionists. particularly in London, 
but it is equally interesting to 
businessmen. Though the rela- 
tive cost of refurbishing a 
property rather than knocking 
it -down and starting from 
scratch can vary enormously, 
refurbishing does work out 
cheaper in most cases and the 
results are well worthwhile. 

Certainly some building com- 
panies have seen themselves 
through a few very lean years 
for the building industry as a 
whole by relying on renovating 
old properties, and the healthy 
slate of their balance sheets 
bears witness to the underlying 
strengths of this end of the 
market. Haslemere Estates, the 
country’s leading company in 
the renovation field, is a case 
in point. 

The conservation argument is 
obviously important for the 
community as a whole, but the 
selling point for the tenant is 
that he can have an office with 
a distinct character. Often 
tenants are professional firms or 
thfe head offices of companies 
which have decentralised their 
staff. ' 

Tower 

For both tenant and 
developer the cost factor is a 
major factor. Refurbishment 
costs are very much lower than 
complete redevelopment. There 
are no hard and fast figures 
because the overall cost varies 
with how far the renovation is 
taken. As a guide in London 
refurbishing costs can be any- 
thing from £12 to £35 per square 
fool. A complete redevelopment 
could cost as much as £70 per 
square foot. So refurbishing 
can represent a considerable 
saving, perhaps as much as 
halving the expediture, though 
perhaps a saving of a third is 
more typical. 

But regardless of the cost it 
is the end-product that attracts 
a lot of businessmen. What they 
are getting is a quality building 
with all the luxury which came 
with a different era in building. 
Plenty of wood panelling, wide 
staircases and ornamental ceil- 
ings make up the general decor, 
but behind the scenes is a com- 
plete range of modern services, 
including ** a loo out of the 
1980s.” 

One big problem for the 
refurbishers is that before they 
stari it is very difficult to cost 


the overall job. If the costing 
is wrong the whale development 
can prove a failure. When 
Haslemere prices a job it will 
top up its estimate for an 
element of unforeseen con- 
tingencies. The latter can be 
anything from dry rot through- 
out the structure to the 
need to rebuild the complete 
foundations. 

The problem for a company 
such as Haslemere if it wants to 
operate outside the capital is 
that resistance to rent levels 
comes at a much lower figure. 
Mr. David Pickford. managing 
director, puts that figure at 
around £6 per sq. ft At that 
level it would be inappropriate 
for Haslemere to contemplate 
“ the full treatment.” However, 
inside London uid in sqme 
parts of the South East there is 
plenty of scope. 

As shown by the accompany- 
ing graphs, reproduced from a 
recent Richard’ EUis review, 
most of the refurbishing 
activity in the City is of smaller 
units. Since the beginning of 
1974 a total of some 54m sq ft 
of office space has been 
developed in the City- Around 
two-thirds of this related to 
refurbishing rather than 
redevelopment 

The smaller units attract 
refurbishing because it becomes 
economically more viable than 
a complete rebuild. In addition 
it is the smaller buildings which 
have tended ' to remain 
unchanged, thus providing an 
ideal opportunity for 


renovation. 

Most of the larger schemes, 
providing space of over 30,000 
sq ft, were redevelopments. A 
jot of this redevelopment was 
initiated during the period of 
undersupply in the early 
'seventies. 

The majority of the re- 
development schemes have been 
at the eastern part of the City, 
while smaller refurbishment 
developments have been spread 
throughout the City centre 
where opportunities for major 
redevelopments have already 
been used. However, there was 
some major refurbishing work 
around the Cannon Street area. 

Most companies tend to con- 
centrate on redevelopment 
rather than renovation though 
the institutions, such as insur- 
ance companies and pension 
funds, tend to be more active 
in instigating refurbishing of 
their existing property holdings. 

Outside of central London 
opportunities for full refurbish- 
ing are more limited because 
the ultimate rental would not 
justify the cost. However, there 
are exceptions. Haslemere 
quotes the case where the 
freehold was given to the com- 
pany by Hounslow local autho- 
rity for a small Georgian 
property. Haslemere took on 
the full cost of renovating this 
fairly small site — about 3.000 
sq ft — which would have been 
uneconomical for the local 
authority. 

Opportunities like this are 


admittedly rare. However, it is, 
not unheard of for the company 
to be approached by local 
authorities who have listed 
buildings under their control 
with permission for office use. 
A local authority may not have 
the capital or the specialised 
workforce to undertake renova- 
tion but a partnership with one 
of the firms who concentrate 
on this work can obviously pay 

dividends. 

However, while an older 
building which has been com- 
pletely renovated may be 
appealing to the eye, it is 
usually uneconomical by 
modern standards. The net 
office area against the gross 
footage is usually much 
smaller, and office dimensions 
may be all wrong for current 
working conditions. An office 


with an area capable of being 
used by a statistical 2J persons 
obviously means that only two 
people can use it. The rest is 
wasted space. Modern office 
blocks are based on getting as 
many people packed in to as 
small a space as feasible. 

So renovation is mainly 
aimed at the prestige market, 
something for professional 
firms and head offices. In 
London older premises which 
have been “done up” are 
often popular for selling offices 
of UK companies whose fac- 
tories are in the provinces, or 
as UK branches of overseas 
companies or financial institu- 
tions. 

Industrial refurbishing is far 
more rare than in the office 
world, though it has been 
proved a viable proposition. 


Obviously with some older fac- 
tories renovation is out of the 
question, though many post-war 
sites can be extended and 
modernised. 

The usual type of candidate 
for industrial renovation is the 
one-storey building which can 
basically be used for anything. 
The roof can be lifted and 
though it is obviously a mam- 
moth job the rental value can 
be doubled. This sort of de- 
velopment is generally only 
viable where factory space is 
at a premium. As with office 
space renovation is really only 
feasible where the location is 
in demand. Hence the reason 
that so much work is done in 
the capital compared with the 
provinces. 

Terry Garrett 


80 


UNITS BUILT 


™3P«@®EBT^ 


60j=d 


40:-— i 


20r--J 


0__J 
o- 

10.000 

^rvrt^mr 



lOOOI- 

30.000 


30 . 001 - 

50.000 


Shop rents still rising 



Princes House and Princes A rcade, Piccadilly, part 
of the Hambro Property Fund. 


THERE CAN be little doubt 
that shop rents will continue to 
rise ahead of the sector average 
over the next 12 months. The 
gradual relaxation in income 
controls over the past year— : 
which has seen average earnings 
rise twice as fast as the infla- 
tion rate — is now being felt in 
the retail market, with con- 
sumer spending up sharply 
following last year's depressed 
levels. 

In the three months to end 
April sales were about 1.5 per 
cent up on the November- 
January period and were nearly 
4 per cent up on February- 
April last year, according to 
Department of Trade statistics. 

This rise in consumer spend- 
ing, in addition to a shortage 
of prime retail sites, has meant 
that shop rentals are rising 
rapidly. But even during the 
recession shop rentals never 
fell from favour, confirming 
traditional investment rating as 
non-cyclical counter - inflation 
holdings. 

This strength of the shop 
property market even during 
the recent recession was based 
on two main factors. First, it 
took some time for consumer 
spending power to be signifi- 
cantly affected by incomes 
policy, which meant that spend- 
ing was able to keep pace with 
inflation. This enabled many 
retailers to maintain their turn- 
over in terms of value if not 


volume. 

Secondly, the lack of new 
shopping centre developments, 
coupled with the acceleration of 
the trend towards shorter prime 
shopping pitches, placed a 
premium on the supply uf prime 
shops. Investors became aware 
to the prospects of rental 
growth against a climate of 
economic slump. 


Classic 


Shop rents levels are one of 
the classic examples of the 
interaction of supply and 
demand. The rent for a shop 
in Oxford Street is more than 10 
times the level of a shop of 
similar size in a small town. The 
difference is due to competition 
for a prime location. Supply, 
however, is more easily judged. 
The stock of shop premises 
alters only as new developments 
are opened. 

Growth in retail sales volume 
is mainly the product of popula- 
tion increase and greater 
personal wealth. In recent years 
both population and personal 
wealth have shown signs of 
decline, so the long-term effect 
on retail sales would be 
expected to be adverse. 
However, such factors as the 
increased number of tourists 
coming tu the UK has helped 
mitigate this. The rate of retail 
sales growth past the current 
year cannot be forecast with 


absolute certainty, but it seems 
likely to be at least at the 1 per 
cent per year level maintained 
during the 1960s. It seems 
likely therefore that retail sales 
will at worst hold steady over 
the next five years and at best 
show significant real growth. 

Another factor which has an 
influence on shop rents is the 
shortening of the rent review 
period. Even, though rent 
reviews are for a mixture of 21, 
14. seven and five-year periods, 
the tenant on average will have 
his rent trebled on review as a 
result of inflation. The question 
is whether the increasing 
number of shop tenants being 
faced with swingeing ‘rent in- 
creases in each year will have 
ar. effect on the market level of 
rents. Normally the shortening 
review period would have the 
effect of reducing the gap 
between historic and market 
rents, but the rise in inflation 
has prevented this from 
happening. 

Market rent for shops must 
reflect to a certain extent the 
balance of supply and demand, 
and demand must ultimately 
depend on the appetite of the 
retail trade for space. Broadly, 
it would be expected that real 
sales growth would encourage 
a rise in rents. But there are 
several trends in retailing which 
are often felt to work against 
rental growth. 

The first is the increase in 


efficiency which occurs on exist- 
ing floorspace. Using modern 
techniques a shop can accom- 
modate extra sales without ex- 
panding its floorspace. Secondly, 
there has been a growth in large 
stores, often ground leased, at 
the expense of rack-rented 
shops. Thirdly, there has been 
a movement away from town 
centres, particularly to new’ 
large supermarkets. 

While rising 1 retail sales 
would tend to lead to rents 
increasing, new shopping de- 
velopments might tend to de- 
press them. It is difficult, how- 
ever, to establish the level of 
increases in fiourspace. 

One factor especially relevant 
is the growth of the hyper- 
market and superstore. At 
present there are around 130 
superstores/hypemiarkets trad- 
ing In the UK, w44h a. further 
50 outlets having planning per- 
mission. 


Estimated 


Overall, it is estimated that 
there is nearly 6m sq ft gross 
of floorspace under construc- 
tion. The total includes the 
giant developments at Man- 
chester and Milton Keynes 
wheb at around lm sq ft each 
will be two of the biggest com- 
prehensive shopping schemes 
in the country. . ■ ■ ■ 

Following the_, noticeable re- 


laxation in local and central 
government opposition to the 
large store developments, the 
leading hypermarket operators 
have been pressing ahead with 
schemes. One recent opening 
was also Carrefour's largest. 
This was sited at Walmiey Ash 
Road in Minworth. north of 
Birmingham. It covers 14S.OOO 
sq ft. 70,000 sq ft at which is 
a single selling area. The 
building is surrounded by 
space for 1.300 cars. 

The involvement of the 
major institutions in shupping 
centre development has been 
less marked since the introduc- 
tion of the Community Land 
Act. There was. for example, 
the highly publicised case of 
the Post Office Staff Super- 
annuation fund’s pulling out of 
phase two of the Washington 
Town centre because of the 
liability to Development Land 
Tax following the leaseback. 
But that inhibition has been 
cleared away with the amend- 
ment to clause 45 of the Act. 

So far, however, there has 
not been a spate of institutions 
flowing back into shopping 
centre development, though this 
is mainly because of the uncer- 
tain economic climate. The 
improved outlook should see. a 
substantial return of interest— 
which will undoubtedly help 
push up shop rentals even 
further. 

David Churchill 





i a nc 


Two Developments by the Post Office Staff Superairiuation Fund 


:A 


y.i.. 














'.'WW 

3 




i 


■■ 




yj 




m. 










■iy* 




& 








Excellent new Warehouse/Factory units now under 
construction *A range of units will be available from 
5 500 - 40 , OOOsq ft ina total development of ■ 
360,000 sq ft. 








BASMGSIOkE 

West Ham Industrial Estate 

A prestige new Industrial and Warehouse development 
of 30 acres which has proved highly successful with over 
210,000 sq ft let to major companies including; Johnson 
& Johnson, The Boots Company Ltd and Sketchleys. 

Present phase of 28, OOOsq ft nearing completion with 
only one Warehouse unit of 5, OOOsq ft To Let. 

Sites up to 12 acres for purpose built units to be constructed 
to tenant’s requirements. 

Thornycroft Industrial Estate 

An established estate, part of which is being developed to 
provide 50, OOOsq ftof Industrial accommodation in 
units from 5,000 sq ft. Available summer 1978. 


c .?: . „ ' - 


S, P A R T N LT -R S 


1 Buckingham Palace Road, London SW1 Tel 01-834 6830 









Vi 


*. i 


?, - 


22 


Finan cial Times Monday July 3 1978 


INDUSTRIAL 


Wembley 

1,200/15,000 *q. ft 

Leyton E10 

38,000 sq. ft 


Newly refurbished 
units With Offices, 
heranc ml parfchig. 
aw tuba. 

Suifle storey 
WvdnM. 

Good beadrawn. 
Freehold for ads. 


Mitcham 

2,200/20,000 sq. ft. 

Shepherds Bush, 

W12 6,000 sq. ft. 

OFFICES 

Victoria SW1 

5,250 sq. ft. 

Colliers Wood, 

SW19 30,000 sq. ft 

City EC1 

20,000 sq. ft. 


Modernised units. 
Sprinklers, parking, 
heating. 


Mainly tmnd Roar 
Factory /Ware boose 
Building. 

Central beating. 

Close tube. Freehold. 


Period Office build big 
with Director's 
Maisonette. 

Lift, hearing. To let 
or long lease for sale. 


Freehold development 
site opposite tube 
station. For sole or 
scheme available for 
presetting. 


Freehold Office site. 
Ouse Barbican. 

For sale or scheme 
available for 
pre-letting. 


EDWARDSYMMONS 01*8348454 

56,- 62 Wilton Rodil, London SW1V1 DH 


Expanding? 



GMC 

offers a helping hand 

with information on property and land avail- ' 
ability, with help in claiming government grants 
and other assistance, with advice on various 
regulations,planning matters, sources of funds 
and many other problems. 


Have a talk with: The Industrial Development Group, 

Greater Manchester Council 

County HalF, Manchester M60 3HP 
Telephone 061-2473311 


BERMONDSEY TRADING ESTATE 
ROTHERHITHE NEW ROAD 
LONDON, S.E.16 

TO LET 

Warehouse or Industrial Units 
TOTAL AREA 145,000 sq,ft. 

Units of 4,037 sq. ft. — 5,969 sq. ft. 
or multiples thereof 
Now Ready for Occupation 
APPLY TO: 

FRANTH0RNE INVESTMENTS LIMITED 

OSBORN HOUSE. OSBORN TERRACE, LEE ROAD 
LONDON, SE3 9DP 

Telephone : 01-852 7407/8/9 Telex : 896544 


FOLKESTONE 

Modern offices up to 7,200 sq. metres 

Ideal access E.E.G. by sea and air 
A1 office staff and environment 

Contact : — 

Robin Kirkby. Promotional Consultant, Shepway District Council, 
Civic Centre, Castle Hill Avenue, Folkestone, Kent. 
Telephone 0303 57388 


PROPERTY X 



vigour in 




THE RESURGENCE in propery dramatic building currently on built advance factories and these successes are restricted to linked to the general fortunes bualnew back town, 

activity^ has brourfrt a offer is thTffiSoOolq ft mill Government encouragement and a few areas, and that over a of industry than is the case Meanwhile * nearby Heysham 

renewed vigour to ?he North formerly oSStod Ty oon.otin.de finonoo for tool wido^eop of the North Woot elsewhere in the country, a Menchest* .g«H « et wwk 

West, an area which has always Courtaulds at Skelmersdale, for efforts is spread widely through- industry is still suffering very The continuing decline on «ying toseaa -wacro site 

suffered heavily because of its which £S.75m is out the North West. In Waning- badly and property development Merseyside, which leaves the twenty vacated by Shew and 

image as a graveyard of derelict The North West Industrial ton, the development corpora- can only rely on Government area with that most destructive 1CL 

textile factories. The image was Development Association has tion has so. far built about 2.5m encouragement. Some sources 0 f combinations — a port bleed Both the local authority and 

never true but images are bard recorded 114- new developments square feet of new Industrial complain that even when with falling revenues at a time private property sector have 

to kill. There are -pg"? now in the region, with several development The town is private industry does follow the wheil it i s desperately in need the same problem: how to find 

that with Government assist- major developments attracting ideally situated, with Greater Government lead. capital of rebuilding and modernisation property buyers in an area from 
ance. the image is being financial support A typical Manchester and Merseyside spracHng on property is ^ a particular source of which industry has been pull- 

destroyed once and for all, and development is that of Thames dose to hand. It also has that curtaffed by a nervous South of concen,. on the face of.it the h* out during the postwar 

a new one in the making. Board Mills, which is to receive pearl among industrial assets— boardroom. port areas offer the greatest period. 

A recent survey of die region some £S0m towards the £100m it is at the hub of a motorway ^ North opportunities to property It is bard to see how the 

disclosed that nearly a quarter cost of extending its plant at network. The list of major con- Development Association points developers. But in the general property sector in the north 

of the property which was on Workington. cerns due to move Into Warring- to both good news and not so Background of gloom it is hard-west can continue to expand 

of tne property wmen was on * . ton airway sounds like a role good In. its regular surveys of . any immediate unless the industrial problems 


the market a year ago has been The building of Government 
successfully let As in many advance factories has been a call of industry and commerce, 
other industrial areas, there is feature of industrial develop- But there are plans to build a 


the region. At January last, 
reported the Association, 

some disquiet with the evidence ment Such factories have been further nine factories this year, letrmgs both industnal^nd 
that it is space for warehousing set up throughout the region, SimUar plans have long been increasing. This was highlighted 

-than manufacturing that and recent lettings include un der-way at the new town by the success in letting some 

is in demand. But all sources premises on the Knowsley ar ound Preston and Chorfey. 
would agree that anything Is Industrial Estate and the Rock some 60 factories have already 

hetter than a return to the grim Ferry Industrial Estate, both been built and development is 

days nf 1973-74 when Industrial on Merseyside, as well as at about to enter the second phase. 


building ground to a halt and Cleaton More 
any number of projects stood Furness, 
idle in the pipeline with no 

buyers in sight Ad VCFSC 

Government recognition of 
the regions' special problems Merseyside, which 


opportunities. of the region are solved. 

Perhaps the dearest example opportunities for tourist de» 

of this compulsive link between vdopment. are . Jirairwl — im- 
properly development and in- though some brave attempts 

dustrial prospects has come in have been made on the sea 

13m so ft of industrial property Lawyer, * P rnud w ^ i . ch coast. And, it is unlikely that 

on Mereeyside in theisf months ran " 41110 trouble in the sixties private housing can expand very 

to OcS llstl when jobs suddenly disappeared Ur if the industrial base does 

But with so much depending' ** *** m “I do so first 

on the recovery in industry, the a new shape in an attempt to The current recovery i n 

in the older min towns, where region’s property developers «traot "w business to Lan- property values will be viewed 

the old multi-storey buildings will be the first to he hit should caster. Enterprise Lancaster with some uncertainty until 
are unlikely to find takers. The the upturn throughout the UK *** created. The city contains developers are convinced that 

danger here is that these older s fcow signs of slowing down. It two development estates, one private Industry can sustain a 

buildings, while hardly suitable is f 0 r these reasons that privately and one pubtidy growth pattern. 


and Barrow in But the deeper problems lie 


has had 


have been an important factor more than its share of adverse } or modern' business, will stifle property men7n theNorth West mart, and the chief executive 
in getting the market moving publicity in the past couple of new building. «nd themselves more closely set about the task of bringing 

again. Liverpool, Manchester years, is now attracting interest 
and Salford are included in from Continental estate agents 


Terry Byland 


North East Lancashire alone 

Government partnerships for seeking industrial properties for believed to have some L3m 
the rebuilding and stimulation their clients. The Rock Ferry 
of activity in city centres. Estate, set up in 1976, in which 
The areas of the WirraL the Government undertook its eve ? 


identified as having the special gramme on record, has suc- 
inner city problems worthy of ceeded in letting about three- 
support by way of central funds, quarters of its 16 units: 
with particular attention to the Similar success on the indus- 


sq ft of unused mill space 
“ available.” Suggestions have 
been put forward for 

Bolton and Oldham have been largest advance factory pro- ^oSg^Vwp^floom o^ 

difficult and dangerous opera- 
tion. Moreover, it is hard to 
see how such a policy alone 

possibility of building nursery trial property front is reported 

factories* and in Manchester from adjacent areas, such as essentiaUy is what to do with 
there have been fresh attempts Bromborough and Bebington. 
to disentangle the problems The attraction for European 
involving the 23-acre Central industrialists seems to be com- 
Station site, which has been muni cations available in the 
vacant for ten years and on North West-— which is readily 
which the City would like to accessible by air and sea from 
build a major conference and the Continent and as well as 
exhibition centre. 


old outworn buildings. 

But the stimulation provided 
by the Government’s advance 

factories has contributed to the FROM A commercial viewport 
undoubted recovery m Wales has an unhealthy image, 
industrial rents in the past year. The relentless rundown of the 
It is suggested that they are country's traditional industries 


Wales looks for 
more investment 


perty market in South Wales 9.000 to just over 6,000 in three 
and North Wales ticking over, years and threatens to decline 
the central part of the country through a further 3,000 
is being supported by the redundancies. 


Reports from the Manchester 


from other areas of the UK— now rising strongly enough to has created an air of depression Development Board for Rural The weakness economy 
ter the prestige which still sur- enable builders to take a chance that is very real indeed. Labour Wales. This Board was set up of ^ princ j paUry has j eft its 
area confirm that there is now a rounds Europe’s oldest Indus- on .._,^ be continued rise in shedding in coal field and steel- in 1976 _ with the aim of mjirk on 0 gj ce mar keL In 
ready demand for industrial trial counties, and the oppor- building costs, which some put works continues at a high rate, co-ordinating building develop- ma i n CBIltre for 

property and, more heartening, tunity to employ a skilled work- at 30 cent during the and despite the considerable ment in the" area. As well as m ’ ^.i nr0 nertv the mart 

that this demand centres on the force. average construction period, efforts of both local and central carrying out its own factory “; l 1 * * hlndm-li 

larger properties in the 45,000 Perhaps less comprehensible Certainly there are signs that government to create fresh job building programme, the Board virtually smenant wirilT In 

sq ft range. In the centre of to critics of the North West is developers are able to add about opportunities, unemployment in has the power to expand into Ad New^rt * nf)1 

the city there is a good flow the “quality of life” to which 33 per cent on to the rentals the industrialised regions residential markets as well as ‘ 

of inquiry for office property. European businessmen refers- of buildings originally planned remains way above the average help with social and community are ueacriueu as very 

« I. nf . « . turn vo arc sort r ttv ...u.U " ■: Hmiantc SIOW. 


Factory properties lie mostly apparently in all seriousness. two yews ago. 
outside Manchester. The most The pattern of Government- But the problem remains that 


« «• 

Uneconomical rents 
in the North 


for the UK as a whole. 

As a result business concBd- 


., . _ . . Cardiff estate agent Powell 

The Board s initial develop- an< j p 0W ell points out that over 


ence in the principality stands ment programme envisages the 05^““ Sa nTannins 

,t . predictably low .bb yd Mfeg.qytiu. of more, too H. M 


on 

into 


new One of the major problems 


the that is now being encountered 


investment climate is just about 
the reverse of ideal for the 
property market. At the turn 
of the year prices and activity 
in the residential sector were 
moving up sharply in line with 
the recent mini-boom in 
housing, but for the most part 
the industrial and commercial 
sectors have stayed depressed. 

Ironically the major industrial 
regions of South Wales, where 
something like three-fifths of 
the population of the country is 
clustered, boast a healthy 
enough infrastructure. They 


“number of major 
centres” which will accommo- 
date factory units of 10,000 
square feetvor more. Elsewhere, 
unit sizes \rill be limited to 
around 5.000i square feet. The 
Board is offering low rents and 
rent, free periods as part of its 
policy of attracting industry. 
Together with the WDA it is 
also prepared to put up a 


erowth has P revented any fireat surplus 
s of space at any particular time. 
Current construction includes a 
98,000 sq. ft. development of 
South Gate House. Today’s 
rental band is between £3 and 
£4.25 per sq. ft, of office, the 
agents estimate. 

The attractions of nearby 
centres like Cardiff. Bristol and 
Bath have tended to over* 


jnnrerea ^ wor k ers , the sites, the Pponfr, 
parking, harbours, the airoorts and the vXl ollLo 


LIKE MOST of the other fairly dependent 
regional centres rental levels companies coming 

for office space in Yorkshire area. in Leeds is that of car panong. harboure the airports and the 

and the North East, with the Moreover, there was a notice- Many companies have expressed m0 t 0 rway and rail connections 
exception of Leeds, have been able drop in demand from their concern over the lack of t0 prosper. All that is lacking 
and In some cases are still Government departments and car parking space. Leeds has ^ ^ right level of investment 
being depressed by the over- agencies due to the cutback in become heavily pedestrianised. 


certain amount of initial finance, shadow the office market in 

Newport The dty has to a cer- 
tain extent missed out on urban 
relocation trends: what property 
strengths it has have always 
favoured the industrial market. 
Despite a population com pan 


The most dramatic example 
of state grants in order to 

ucuig ucpicaacu uj tue uvei- agencies one to tne cutback in oecume neavuy peuesmamseo, To their credit however the. es P and '^us^ in Wales w. of - - - r 

supply of accommodation that public spending, so it was really and it has been apparent that Welsh authorities are tackline ^ ou ^f e » *b e ° r s ° being , . .® r c 

has been apparent since the Jmy £e ^puter mdustrj the authorities have beS limit- 2*JSS®S SJTtK hinded out ^following commerdal market in Swansea 

P,F2J?5 rt ?> boom of the early along with insurance companies “g the number of parking welsh Authority, which 

1970s. Rental levels are still that were seeking prime office spaces being provided in new administers the Community 

uneconomical for new develop- space. office developments. This has laud Act in Wales, has an 


spare capacity 
being absorbed. 


ments, and this is giving much ^ while lagt dose( j on put a growing demand on con- 
cause of concern now that a veiy enthusiastic note, with tract parking, but these facilities 
is gradually iqO.OOO sq ft being taken tend to be away from the city 
up and several large pre-lets centre. The Leeds Chamber of 
Leeds, is now the most being arranged the medium to Commerce has already ex- 

expensive provincial office long term trends are far from pressed its concern over the r 

centre. Rents for prime office certain. Indeed agents Hepper niatter. They feel that unless gramme of factory building, 
space last year reached a level Watson and Sons recently ex- one parking space per 250 sq - 

Of just over £5 “ " ' ‘ “*"■ 

according to a 
Debenham Tewson and Chin 


per sq ft pressed some concern over the nietres is provided with new ___ 

survey by state of the Leeds office market °^ ce d e vel op m e nts r against the acquired over 400 acres of land 
this year. ' 


the motor company’s decision to b®s always been largely sub- 
go ahead with a £lbn. four year sidiary to that in surrounding 
investment programme in the centres. 

UK. Ford is to build a major Shops are a brighter spot In 
engine: plant just outside line with retailing activity 
Bridgend in mid-Glamorgan, across the country shop develnp- 
The plant will eventually ment continues in all the major 
employ some 2.500 and should cities of South Wales. Cardiff 
come on stream some time in is the major shopping area and 
1980. _ . here the new central develop- 

_ . _ . . .. Mr. John Morris, Secretary of ment coupled with the "pedes- 

., In ^ar of operation state for Wales, described trianisation ” of Queens Street 

the Welsh Land Authority p or fi* s investment decision as a are in the vanguard of the 

great^day for Wales.” And the trend towards brighter and 


aggressive programme of 
acquisitions on hand. Similarly, 
the Welsh Development Agency 
backed by some £160m of 
Government money has 
launched an impressive pro- 


t 


3E&W! 25 5SS t 

Jt'cliC to Lvf idl.tited - °m« developmmt «nd th»t thii 


)] 


•A 


^ J 


nocks. Leeds was not left with 
any massive overcapacity l _ 2 
following the property boom UldlUI 
and the development pro- 


urrent ficure of one ner 7 ' ■ great «ay ior waxes. Ana me ueuu lowaras ongnier 

.000 sq SSres. the plam^d JS ^tetiltiS WDA was quick to point out busier retailing in the city, 

expansion of oSce develop- Lm tbe WLA underUne how that one of the main reasons ^ In Swansea, a new De 


ments will not materialise. 

The problems around the 


active 
been: at 


“ h ” Why Ford had chosen Wales for hams 


Deben- 

store ranging up to 
sq ft gross looks like 
proving the largest 



strong trend in rents. 

However, the level of rents 
being achieved in Leeds should 
be put into perspective. For a 
start the figure was based on 
one major letting last year. 
IBM took some 42,500 sq ft in 
the Bond Street centre, and 
this really has been the only 


against the £4.75 originally 
sought. Moreover, they claim 
that demand for office space 
since the new year has been 
extremely thin. 

But it Is unlikely that rents 
wiD start to slide since capacity 
still seems to be in short supply- 
It is estimated that there is 
some 250,000 sq ft of new 


2£ r Leeds ^ ^mi^tion on tte bwks 


example, demand for office space 
seems to be recovering and the 
spare capacity Is fast being 
absorbed, but rents are still at 
very depressed levels. 

Despite efforts to push rents 
higher the current figure is in 
the region of £2— £2.2 5per sq 
ft Since 1973 just under 
400,000 sq ft of offices have been 


The urosramme of new Ford .emphasised the areas rail Quadrant centre, 

factory buOdins launched by link sand recently opened motor- development, which should 
Sf^D^ppipeot AgenS way ^tension to within 2J to dow » the public 
is the most advanced yet seen nujes of^the proposed site, 
in Wales. Overall, the WDA 


This 
open 
in the 

autumn, will, include some 40 
However, the' unemployment or 80 sh °P s - indoor market 


aims to" provide some 3.5m relief afforded South Wales as 580 cars * 

-__i -1 * ncibnithB ir.™H inwActotAnt mere is to oe a 


square feet of modern factory a result of the Ford investment 
space throughout the country, has to be. seen in perspective. 
A recent tally shows that 50 To begin with, the closure of 
factories with a total area in the East Moors steelworks in 


some two years. 


MtoTirn mr 19 hiiiiHinoc nr^hic d sloped, of which around excess of 600,000 square feet Cardiftwill probably outweigh 

Since most local firms have tSlnfce available mnre ttSn tfcreeouarters have been let or have been formally, or provi- the he* jobs being created by 
* . total space avauaoie more man n fFp- c> nn «iivr A 


Industrial & 

Commercial 

Property 

Plant and 
Machinery 

Valuations 


are under offer. Sufficient 
capacity is therefore becoming 

rem ^ periods - Leeds iS ~ to vie asj: ^ 

aHm7 “ the average Leeds 


been reluctant to move from half is' made up by three build- 
prenuses where there are long ings which have floor space in 

rent remew nannri. T a.A. . . ? _ . 


UK and Overseas 


Henry Butcher &Co 

incorporating 

Leopold Farmer & Sons 

London Office: 59/62 HlghHoibom, 
London WCIV6EG Tek 01-405 8411 

Northern Office: 27 St Paul's Street 
Leeds LSI 2JG Tel: 0532 457356 

Midlands Office: 79/83 Cblmore Row, 
Birmingham B3 2AP Tet 021-236 5736 



above 
inquiry. 

Moreover, while it is pointed 
out that there is some 1m sq ft 
in the pipeline where p lanning 
permission has already been 
granted, major developments 
over the next two years or so 
are going to be few and far 
between. 

Hepper Watson estimates 


likely to be excited about the 
prospects in HulL There are 
no new office developments 
presently being carried out and 
the prospects medium term look 
just as bleak. 

There are, however, a number 
of sites which are available for 
office development if interest 
returns to HulL Blundells 
Corner is a prime site and there 


that there will be about is possibly up to 460,000 sq ft 
135,600 sq ft coming on to the of space av ailable here. Mean- 
market this year, of which while the city- council Is pre- 
n early 89,000 will be totally sently looking at the possible 
new. By 1979 the figure is ex- development of Ferensway, 
pected to be in the region of which will involve over 200,000 
94,000 sq ft of which 65,000 sq ft of office space, 
will be totally new, but this is But these developments apart 
probably substantially pre-let. there seems little to look for- 
A similar development pro- ward to in Hull, and for the 
gramme is expected for 1980, moment interest seems to be 
while by 1981 the major parts centred aropnd refurbish me ms, 
of the GPO “ inns of court ” but this will not solve the long- 
sites should be completed pro- term problems, 
viding about 155,000 sq ft of Further North the story 
space, the bulk of which will be seems to be more or less the 
totally new. same. In Newcastle there is 

CONTINUED ON NEXT PAGE 


sionally, allocated. Ford at Bridgend. Moreover. 

While the WDA is doing its steel oworks employment In 
best to keep the industrial pro- Ebbw Vale has dropped from 


link with the 

local bust station. 

Two additional shopping 
centres, are planned for the 
north western and easter areas 
of Swansea. Each will contain 
up to 50,000 sq ft of retailing 
space. ^ 

Jeffrey Brown 


Falcon House Dudley 



* New, fully 
air-conditioned 
offices. 

* Rent from 
£1.75 per sq.ft. 

* Suites from 
5,100 sq.ft. 


Full details of this 93,000 sq. ft. development from the joint letting agents. 

Gooch iF 


VttAalmi 

Wagstatffo?looT7S7 



KCtlwtliw 

BMWranBaam 

021-2368477 


acttbSMi 

LcntonWIXUU 

01-4300531 

-MW38407 


% 


A -. 





V 









Financial Times Monday July 3 1978 




!,Tr 'tofe 


fo 


PROPERTY XI 


70/74 Cannon St London EC4 


■T ■ — f 


Recovery in 
he Midlands 


ft I / 0r , space i a tte Centre >« during the 1977 racoveiy, 1977 leveltt-going to some of 
durlne ? “"“T 1 „ so tins would uteatc. that the new covered shopping 

uo n 8 *“ clearly other properties, offered at there is stUi some way to go centres developed in' Wellington 

thp * ** **■ ^ ? rice hi s her P fices . have f °uud it before aesw developments can and Kettering 

the region; paid for its role as more difficult to attract takers, take up toe running T _ T , s __ in _ > .-_ . h _ 

the industry heartland of the But in Solihull, a favourite in * . . 1x1 Birmingham, the recovery 

UK- Viewed from this angle, recent years, most of the new Embers w toe Midlands in consumer spending was 
it is only justice that there developments which fauns fire tte Picture is somewhat patchy slower to get off the ground, 
should now be signs of a for so long during the black with - for exam P le . access to the and this lack of retail demand 
recovery in the property sector, years have now been taken up. ” ew mol °rways often distorting proved a depressing factor for 
with the brightest indications Indeed in this area developers to® P a rt em - shop rents., However, now that, 

appearing in the major city are turning their attentions to _ housewives purses are heavier, 

centres which were once the the refurbishment of older pro- Vaficfa pfnrv 15 ^kely that Birmingham 

Pride of Victorian England but perties for which demand is also j shop rents will begin to catch 

which were so transformed diir- recovering. Demand for office space up 011 “ e rest of the market 

ing the sixties. Of course, there are still some seems to be concentrated on Leicester enjoys happier for- 

Over the region as a whole problems. Birmingham city the letting with less than 5,000 tunes with its shop property, 
a fair demand for industrial cen tre is alarmed at the indica- sq ft. Below this figure let- Investment demand is high and 
properties has become evident 11008 of i* 111 ®* city blight which tings have been fairly satisfac- yields have been held down to 
with the accent falling on v/are- b® ve troubled other major cities tory even In Leicester, where the 5 per cent to 6 per cent 
housing rather than factory to the UK and elsewhere. the over-supply position remains range. The centre of North amp- 
properties But the office ®he todustrial property extremely serious. Rents for ton has proved a magnet for 

building sector too is seeing a £ronlt lUEis 4188 “H® 1 * that de- office space in Leicester city investment funds, but demand 
significant upturn The centre vel «pers are findrlng that plans centre remain around f L50 a for shop property elsewhere in 
of Birmingham has always been f0T -shifting factory sectors into square foot, and quickly fall the town has been limited, 
smaller geographically than that P urel y warehousing projects no back even further outside the In v^ of toe impact which 

of manv other business towns tonger meet with approval. The prime areas. It seems unlikely the motorway network has had 

but office property in this area authorities «dtief fear is that there can be any short-term Midlands property activity, 

remains at the top of the mar- warehouses will mean fewer solution to Leicester's problems, there was a keen reception for 
ket’s list of prime sites. jobs in the city areas where job and most observere are recon- toe Government’s plans for a 

_ sjhnmka.™* ii« afl-readv a ciied to the probability that it 43-mile trunk road to link Bit- 

Consequently there was win take the rest of the present with the M40 at Centre City, Birmingham, developed by the London 

distinct satisfaction in the pro- JLj-u- some * odd- decade to shift the overhang, P^ ord - A ,t a tune when road Life Association in partnership with the Equitable 

perty world earlier this year cat [ ons Vw uneasiness over the whi<:l1 stands at around building plans are no longer Life Assurance Society, provides 170,000 sq ft of 

™Jor insurance'lnstitutioi^had Pr^or fct^— ‘YUh. spot ta a . ^ ^ «““*• “* *»*■ 

Fraser's* RackSs ^epaTtSent ^^hwestme^plans. trial property market has been SSJ3EJ tliTth^road JSay Mt Experience in the housing duce London’s housing problem 

store in the centre of the city. The °toer factor at present the Luton / uimstaoie area buiJt tQ motorway standards, ®“rket in , the Midlands hiS 5y offering houses as well as 



Self-contained air-conditioned 
office building 
Approx. 2,700sq.ft. 

Close to the Bankof England 
Lease to be assigned 

JOMT SOLE AGENTS 

Richard Main & Co. /^H 

< 3i»rtimd Sunwvon ■ealev*Mak*p 

£ja£>fc/ML/ ISZOin London 

„ . . -118 OW Broad Street. London EC2N1AR 

123-1-7 Oannmi Mrrrl Umdoti F.04N5.-W Telephone: 01-6284361 


store in the centre of the city. The °toer factor at present ine i. uton / uimsiaoie area 

bolddng the recovery in check „ T iefly , becau ? e o£ ? cces ,?£? the The significance of the new ^ue to the form of the rest of jobs. But Northampton has also 

is -the high level of. construe Lion “ II - A oumper of well-known road| which will draw traffic the country — a strong recovery benefitted from its easy access to 

Demand cost, continues tc leave developers, r-f from West London on to a new which ma y or ma y not have the motorways, which heightens 

rent increases some rtiafanma be- - ,? JlT Life, nave route t0 Midlands, has yet been dam P e d down by the Gov- the town's attraction as a con- 

This Improvement in property hind it. This has tended to dis- ® 8 . Lis&ed industrial estates in t0 a p prec i ated ^ the eniment’s intervention to limit venient base for salesmen and 

trends has not been confined to courage new building, especi- this area. property world. But there is mortgage advances. industrial executives. Prices are 

the centre of Birmingham, ^ny in view of ithe backlog of A , op . rents are soil no doubt that the road will , One or the strongest spots in still extremely agreeable by 

There are reports of a ready oroper.uy untet from the pre-1 973 , n ® tbe *o mato its mark on property toe Midlands housing scone has London standards, with a good 

demand for office space in the ‘ pfcr i 0 d eonseaueotily while ? eneral ® c °j 10 j nic cohd*^ 0118 values as well as on the country- been Northampton, which has deal of property in the f 12,000 

slightly less favoured inner ring tocai ownSrHretoto a rery b , C e , x P®f ted £rom a sector 80 side. seen the welcome return of t0 £20,000 range finding ready 

road and Edgbaston sectors of S„M?vkw at close ^ dependent on consumer 0ther longer term projects speculative builders as buyere buyers. 

of the city. Some sources sug- prosMCb it is probabletbat IS”?!!}*’ e ^ n l . h 5J e ? Br ® which ^ considered likely to of- potential building land— a The local authority has laid 

gest that the rejuvenation of D L>ve to be too far *5 JSf" a new pace far Prop^ ph e° omen o n that many feared plans to slow dow nconst ruction 

British Ley land and its dose ™ awaJted revival in domestic development are the construe- would never reappear after the 0 f councU houses from around 

association with the Midlands ® onsum ®r spending has begun ti on of fl new air terminal at carnage in the housing industry 500 units a year at present to 

has provided a boost to confi- over the next 1- months. to help the property sector. Elmdon Airport in Binning- during the earlier part of the between 200 and 300. This poliev 

donee. Certainly there have l he latest estimates of office But shop developments have ham, and the future progress seventies. is likelv to °ive further stimulus 

been inquiries for property by space ayailatnlmy an Burning- proved to be highly concen- of the National Exhibition This is partly because the De- to private house building 

some well-known international ham indicate that there may be trated geographically, with the Centre. Government approval velopment Corporation is en- The Secretary of State for the 
names. Sperry Univac has paid as much as lm sq ft as yet prises— in the form of rents up for the new air terminal is gaged in achieving its purpose Environment has recently eiven 

an admittedly modest £2.25 a unlet About 500,000 sq ft were by as much as 20 per cent on expected shortly. of offering opportunities to re- his approval for the structure 

plans for Staffordshire, Stoke 


Self-contained office 
building urgently required 
by Public Company 
15/18,000 sq. ft. 

together with parking for 50 cars 

Apply retained surveyors ref DJA 

(il&JLEVYl 


Estate House 

1 30 Jermyn Street, London SW1 Y 4UL 


Consolidation in Scotland 


on Trent and Burton upon 
Trent This major proposal 
makes provision for a popula- 
tion growth of more than I JL/C VGLURJCXi 
200.000 by 1991. Housing plans! o -Hr - 

have yet to be fully detailed but [ 'fig? 
the approved plan for the city 
of Stoke allows for some 28.-100 

new dwellings -during the! Site but no tenant? Site bur no funds? 


r problem here? 


HAVING OUTSTRIPPED the the present levefs of activity three years speed up their at what some call the "down- went by Tower Hill Properly. pe [* od - 
rrsi ut Britain lor the past live over the next 18 months sug- demands. * stream" impact a C. T. Bowring subsidiary) '' jto UK industry looking All the above but no construction manager? 

years ur more, the Scottish gesls a relative balance Since May however a couple They.argue, with examples to underlines the strength of happier th&n for some time. Good scheme but building cost too highs* 

economy is now turning sluggish between supply and demaud in of intangible (but undoubtedly back them up. that the all-party modern office lettings in Glas- pros P ei \ ts for .property in the Bovis Construction Limited make a habit of solving 

and inusl analysts are expecting most of the major office areas — influential) (factors have been commitment to devolution, while gow. In turn this reflects the Midlands continue to improve, alithescproblcmsinrenirnioramodcstbuilding 

pretty well ml growth for the Glasgow, Dundee, decentralised thrown into the mix which are 3t raa y not involve any short change since 1974 when Glas- 1 ff h P h 0b . m K m ^f t reoiain tout contract. Send the coupon soday. 

short term. Even if the outturn Edinburgh. Stirling — which beginning to suggest that the tenn expansion in Government gow looked hopelessly over- of y} e heavy ^backlog of property 

matches the most pessimistic of should consolidate rents at status quo may not be the basis office needs, has finally awakened developed following a spate of a ' va| Wig takers. But assuming 

the forecasts, of course, for the about current levels without on which to project even an toe private sector to the reality building rashly encouraged by , t this backlog will be 
property market it is still a long fuelling any upturn. 18-month view. of a separate Scotland. an over-optimistic local auth- cjeared within the next couple 

way from catastrophe. After all. The exceptions might be The first of these is political Certainly the number of Eng- 0Tit ^ h n rn w t p ♦ c 6 fh ^ n nr L f 


Purchaser but no suitable scheme? 


With UK industry looking All the above but no construction manager? 



change since 1974 when Glas- ^" ae pr °blem must remain that contract. Send the coupon today. . 

gow looked hopelessly over- °f toe heavy backlog of property r- — 

developed following a spate of awaj ting takers. But assuming | BovisConstrucrionLimited.BovisHousc.N'onholLRo.idjHamiwi 
buildinc rashlv nnrniira^pd hv toat this bacxiog will be • 3ii(ids,ILA2CiEH.Tcl: 01-1-2 3-ISS.Tciti: 922310. 


yiuJK urd me details efyeur ursiup 
Name: 


it would simply mean ScoLland penfraj Edinburgh, where pres- With the possibility of a lisb (and some U.S.) banks Government Departments and 


born pockets, then prospects for | Company . 


.. uuiuuuiyi, f r tui Luc puisiumij ur « i«u \«uu auuiB u.o . I UcUlJvi uuicul A/cpai UMCUL3 diiu a return to a ermvth TVllh ilhfit 

reverting lo the pattern of the t j ge space is always under General Election in October which have been looking for agencies have been the main on a more r estra ; n pri :‘ n i }np 
rest of the country where. pr essure and where the £5 per looking more realistic each offices in the North has been on sponges for Glasgow’s office ^,,5 j n t h e 0 ‘ L are hi^hpp now 
apHrt from the. sharp slump square foot mark has been week, the vexed question of the increase. One example is supply since that time, but or seve ~.i years ° 
in J975-7B. both investment and ^ruuched. and Aberdeen, if the Scottish devolution must Standard Chartered Bank which today's lettings are showing a * " 

(citing markets have been international oil companies become a hotter issue once has taken the bottom three healthier mix of commercial and lenrySyland 

healthy enough for reasonable believed to be looking for again. Property men in Scotland floors of Consort House in West industrial businesses in the " 

business. around 150.000-200,000 square are beginning to predict that George Street in Glasgow, leav- private sector. As a result, j&S SPg &WF 

Projecting a continuance of feet of space within the next politicians will soon be trekking ing a further six floors to let. mixed schemes like Arrowcroft's 

north with gifts to woo the R _ ve _.:_ a . th „ - , Daly’s Store redevelopment on 

^ + Celts. And these could well Sauchieball Street, which will 

T include stimuli for boto in- _ pessim g^ givK rT^i provide 12,000 square feet of 

I X.I n dustry an ? co “ merc v e - Vlth ** deme^?aii£ office s over shops, should find 

1M U! Ill “ b c t r us for the property ?£?&!£?■ S“SSJ5f »-» 

_ ' . . . ... .. runs that to-day's pessimistic Central Edinburgh has the 

rnNTiNUED FROM PREVIOUS PAGE sec ® nd in I tan J J „ e . forecasts only amount to a re- continuing, stimulus of shortage 

CONTINUED FROM PREVIOUS page whlch ^ evaiuatmg w the Mti on against the over-bidlish to keep its rentals buoyant and J 

. r . ____ -itnc +>n*- %Z° sve ? t - °A_ in = dl ^^ f : ones of a few years back. On toe rare new schemes on the 


Address: 


North 


CONTINUED FROM PREVIOUS PAGE 


Terry Byiandi Lff”” Fifly years of p rofcssianal 6 utJdings lysS-l gjB j 







l " — -JT-- : L„ flnur nf ' entering its “mature” Dha«p corner MI ^riiiisiu.-u^ii uaiueus 

ably absorb about 300.000 sq ft theck bj the regular flow of Together then, the political P and Chester Street which is 

«»f prime office -space. But here renovated properties. courting and the prospects of being marketed by Junes Lang 

again rents are too low to Overall the immediate pros- i ess 0 f a bonanza from oil look JvCSlSOIl Wowton. 

encourage the developer. But peels in the North look fa^Iy li]ie ^ good and bad parts of ' Mnrp of _ t(1 - t wiII be th e 

the posit mil does not seem so bleak pending a significant jjjg CU rate’s egg. This view has a lot to recom- achieved in Scottish 

ai-uic as that in Hull. Rents are upturn in rents, which there are A few Scolsmenf however. ^ c !f ta ? ttat when 5f^s eSt Orchard Brae 

now creeping over the £3 per few signs of at the moment ^ t0 w jj a t is the good the banks are more Hou6e The building offers 

sq ft mark and at this level True there are the few isolated pm ^ what ^ bad Some J£ #Iy ^ gw oil as their reason square feet of air condi- 

therc should be mure interest office property deals like toat ^ ^ politicians have g , “ t0 Scotland f= oned mace which the ioint 

shown by developers. in Leeds and on a smaller S “rd 3 ageu" K^eTlyTa Td 

Havinc said this while some scale m Sheffield recentiy, that over devolution, with the both is probably just „ =_ divisible into units 

developers are now expressing suggest the solution is in sight. ^ “ f V °mS CivU Service the SUTface ^‘ Sm feet to 

stone interest in the Newcastle But overall there does mi se™ jobs. And toat the bulk of this There is further evidence to 107 S00 square feet. On site 1 

area there would still he econo- to be any sustained trend v>tu cn - a ^rgady und er way or may not support this view from the main parking for 204 cars should be 

mic problems while rents are is what is really needed- . heIp new officB development in oil centre itself, Aberdeen, an attraction, as should the 
under £3 50 per sq ft The pen- David Wright toe way Government lettings Recent lettings and inquiries for view, but £5 a foot may prove 

sitm funds are always cm toe havp iQ ^ pasL office space there have, elusive. 

f These i pessimists point to the from Nonetheless Scottish Life 

JU| -,1,- , fA | 1«C MAlif rartnrv £aut that ^ Government, ™ 0,1 ct i"1 llslry : but toere is should still have reason to be 

IW3 K fi VQIir n“W Ifltu/iy through the DOE. has already tram pleased w i t h its development as 

* T ✓ mm ♦ * 990 ' 000 square f est of genercUommercial firms which standard Life is, apparently, 

Cmr DUO. new space . in Edinburgh. f u r 5 : _ fin _ d ! n e„ bus i Q ess_ flowing with its offices in Livingston 

.ail EUlVi W1IC+ Glasgow, Dundee and Aberdeen toeir way along the pipelines. N ew Town and a second office 

I . since If you add in the The trouble with both these block underway in Dundee. 

Estates Property Investment company are nationalised industries and toe elements which need to be The Scottish Life Offices have 

industrial/warehoiise accommodation Property Sere ices Agency, the stirred into the economic stew never invested in Scotland out 

evciopmg ^ -if it * In cations Government already occupies SO which feeds the property of patriotism, preferring to 

in Ine loiiowing i per cent of Glasgow’s Sm square industry is that they are not maintain a canny spread to their 

Sittin gpqnme. Kent fee of office stock. really digestible in their present portfolios. But whore they have 

Rirkenhead Where Government is still form - 11 ma y take 18 months been buying new. prime 

Cnuth Manchester making provision for decentrali- ’7 t0 change metaphors— -before properties, toe yields have been 

~ tj 1 c w ] — ‘ ation, these pessimists point they evolve into concrete facts, fully in line. 

LlandoW, J. waies out, it appears to be under- In toe meantime the status Aberdeen has been leading 

rKnn filers Ford , Hants. taking its own development. A quo amounts to a steady level toe field as far as yields are 

rr ' _ P/irk Manchester case in point is the new office of business. It is now some concerned, with rumours Df 

iron • block just .starting in East months since Debenham Tewson P^ces representing yields bdow 

Kilbride for toe Ministry for and Chinnocks confirmed what five per rent. Elsewhere there 
jr Overseas Development. It will most have guessed — -that, taking is pl ent 7 of_ concrete evidence 

f j house 600 staff, mostly recruited rents and rates together Edin- ^ pe r rent or sn. particu- 

i g\ J locally, in 115,600 square feet at burgh is the most expensive f° r s^sjler blocks. 

V S a cost (for construction alone of office centre after London. Altogether there is a healthy 

X 13.6m). But it .will not be More unexpected in the report of activity but one that is 

in developed by the private sector, was the fact that Glasgow came likely t0 stay fiat given toe 

Gets to the heart of your industrial tso* W ho nse the ™ w th« twra. gnomic indi«to« ^ .he 

a/v-nminodation problem. Government is already ton well The recent letting for £4 per 

a S.owor- established to trigger off any foot of 32.000 sq ft of tte Sectoral g.fts for 

inmincm CeApimy _ new office letting/dcveloping 37.500 sq ft I? Hxrme House on tte n „ , 

v x Eauics y fanw. Tel: Eosom24942- boom, however, do brighten up West George Street (a develop- Christine Moil* 


This view has a lot to recom- 


comer of Drunshcugh Gardens 
and Chester Street which is 
being marketed by Junes Lang 
Wool ton. 

More of. a test will be toe 
rents achieved in Scottish 
Life's elegant Orchard Brae 


Northampton Is on the Ml, halfway between London and Birmingham and 
is directly served from junctions 15 and 16. 50% of the UK industrial output 
is within 100 miles radius, h has toe following outstanding selection of 
offices, factories and sites. 


Office Buildings 

lmire»ilaD^7 fevaiMJe 
in tram centre 


area there would still he econo- to be any sustained trend whici 
mic problems while rents are is what is really needed. 

David Wrighi 

Make your new factory 
an Epic one* — — 

Estates Property Investment Company are 
developing new industrial/warehouse accommoda on 
in the following locations:- 
Sittin g bonme. Kent 
Riifcenhead 
Smith Manchester 
Llandow, S. Vales 
rhnnrllers Ford, Hants. 

Traffprd Park. Manchester 


Office Sttes 

Imihcr j Jaiely asallsHe 
in hy.yn centre, liisu-iet 
ftfjUv andoanmis 

tocstii-ns 


cemmmial 

Greyfriars House 

200 000 sq ft of offices above the new bus station 
Be I grave House 

73 000 sq ft forming pan of Grosvenor Centre 

Anglia House 

27 000 sq ft in prime position 

Northampton House 
18 800 sq ft on two floors 

Other properties from 500 sq ft to 10 000 sq ft 
Town centre site of 3.5 acres 

For up to 300 000 sq ft (or can be sub-divided to a minimum of 
100 000 Sq ft) 

Town centre sites 
Two for 30000 sq ft 

District centre sites 

For up to 100 000 sq ft at Weston Faveil Centre 
Campus sites 

60 acres available at Moulton Park 

industrial 


Gets to the heart of your industrial 
accommodation problem. 

For d#oiU ^ « ,,c Sun ^7 

. .. ^«!VopiSlnv«iincn^omgmyL^, 24942 _ 

rrey,Td ' I ~ p50m — 


economic indicators unless the 
Government really can find 
some unusual electoral gifts for 


Christine Moxr 


"Dint factories Remaining Units now available on Phase 3 

atBraclanlllS -3000 sq ft 5000sqft 12500sqft 

xUI Wish COT Reservations now being taken for Phase 4 

gaS-flltd Comprising 8 units of 10 750 sq ft each which can be let 
WBPm air ' n various combinations 

and an njfijns ScrviKS Phase 5 to be developed shortly 
5000 sq ft 12500 sq ft 

TtK^I I S Li'IsJ. Sites Choose from the wide range available 

on four employment areas 

Ebr* further irijSff’mation write cb? phone 

LAu^^roweBScJ^^ j, 

13Qrthainptm Dev^meni Jm 

2-3 MariEst Square, MartiiairsJt^ 

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FtendSl /Stines Monday July 3 1973 


r -1 

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BY IAN HARGREAVES, Shipping Correspondent 


MR. HAAKON NYGAARD, 
executive general manager of 
the Norwegian Guarantee Insti- 
tute for Ships and Drilling Rigs, 
has a favourite metaphor to 
describe the institute's role in 
pulling Norway’s shipping 
industry through, the present 
World crisis. 

"We had to build a bridge 
to take the industry over the 
slump. It is not surprising that 
half way across the chasm — 
whose breadth we could not 
measure when we began build- 
ing — some people should start 
to look down and feel dizzy. 
Instead of keeping a clear bead 
snd remembering why we took 
a decision to build the bridge 
in the first place, they panic. 

“As we go along, we have 
to make new estimates of the 
building materials needed to 
complete the- bridge. Half a 
bridge is. not much good.” 

This was how Mr. Nygaard 
described 'both the institute's 
likely future- and lie pressures 
under which ■ it is working in 
a recent interview with the 
Financial Times. That was 
before the latest bout of dizzi- 
ness broke out over negotiations 
between Hambros Bank and the 
institute concerning debts on the 
Reksten tanker fleet Mr. 
Nygaard at that point was 
maintaining absolutely that 
there is no chance of “ an iron 
curtain " descending as the 
institute’s loans come up for 
renegotiation. “This is a com- 
plete misunderstanding," he 
said. 

So, what is behind the latest 
bout of fuss, which has again 
set the volatile Norwegian Press 
alight with speculations of 
widespread shipping industry 
collapses and the Norwegian 
Shipowners Association scurry- 
ing for reassurance to the 
offices of Government Ministers? 

Because details of the nego- 
tiations between the institute 
and Hambros are being kept 
fairly secret, it is not possible 


at this stage to be certain what 
is involved and what the poten- 
tial consequences are. But there 
are a number of points which 
should be borne in mind before 
leaping to the conclusion that 
the Norwegian Labour Govern- 
ment is about to do what its 
shipowners have visualised in 
nightmares for the last year; 
that is to re-expose shipowners 
to the full horrors of the 
market which would ensure 
that perhaps a quarter of them 
would never trade again. 

The latest negotiations cap- 
ture the eye because they con- 


sten*s fleet Other shares belong 
to the Reksten family, the 
Government and private share- 
holders. A NKr 700m (valued 
today at £60 ra) loan was guaran- 
teed by the institute to cover 
interest charges and the costs 
of either laying up the fleet or 
operating it at depressed rates 
up to late 1979. One reason for 
the speed and tidiness of the 
solution, compared for example 
to the drawn-out wheeling and 
dealing which - followed the 
collapse of Maritime Fruit 
Carriers, way the fact that 
Hambros was in effect the com- 


TANKER MARKET VALUES 


Type 

Size 

Bunt 

1973 

Year-end prices in U5. $m 
1974 1975 1976 

1977 

Turbine 

350,000 

1975 

_ 

45 

27 

32 

23 

Turbine 

280,000 

1974 




20 

25 

11 

Turbine 

220,000 

1772. 

523 

25 

12 

15 

7 

Motor 

135400. 

1975 

— 



16 

12 

Motor 

100.000 

1967 

275 

11 

4J5 

635 

45 

Motor. 

85.000 

1975 



_ 


125 

8 - 

Motor 

85,000. 

1967 

225 

9.25 

45 

6 

35 

Motor 

75,000 ■ 

1965 

20 

85 

425 

5 

2JS 

Motor 

< 0,000 

1965 

13 

75 

3.75 

455 

2 




Source: | 

*. S. Pto tot) A/S: The Ptatoa Report 1977 


cera the debt problems of the 
first and still the .largest owner 
the institute has chosen to 
rescue — Hilmar Reksten. Rek- 
sten was Norway’s-, biggest 
supertanker concern, with 7 per 
cent of the country’s tonnage, 
when the spot markets collapsed 
with a previously unknown 
severity after the 1973 oil crisis. 
The company was up to its eyes 
in debt on new .buildings, but 
the ships were good and the 
institute was formed with the 
intention of preventing the 
forced sale of these vessels to 
foreign interests at knockdown 
prices. 

The company was carved up 
during 1976 into two sections, 
resulting in 10 per cent stakes 
in one half of the outfit for 
Hambros and the Aker Ship- 
building company, which was in 
the process of completing Rek- 


pany’s only banker. MFC was 
involved with a consortium of 
about 40 banks, each of which 
was concerned not to be without 
a chair when the music stopped. 

The institute has now told 
Hambros it wants to re-examine 
the ride profile on the Reksten 
case, as its letter of contract 
on the deal and articles of 
association permit it to ' da 
This is not abnormal. The 
institute’s 1977 annual _ report 
disclosed that four such re- 
negotiations were necessary last 
year. In one of the four 
cases— that involving a bulk 
carrier— creditors would not 
agree to an extension and the 
institute had to terminate the 
agreement, with a Joss to itself 
and in effect the Norwegian 
Government of £1.2m. > 

If the same thing were to 


happen with the whole Reksten 
package, the consequences 
would be more serious simply 
because of the larger figures 
involved, but the effect of a 
collapse spread between 
Hambros, the Norwegian Gov- 
ernment. the Norwegian stock 
market, the Reksten f prafly and 
Aker would not be disastrous. 
But such a development would 
lead to a weakening of confi- 
dence in the institute by the 
foreign bankers on -whom 
Norwegian shipowners love 
traditionally depended for 80 
per cent of their funding. 

- This is one very big reason 
why the Government cannot 
xDow the institute to go too far 
in pressing Hambros to take a 
further slice of risk on Reksten 
and it constitutes the bank’s 
strongest negotiating point in 
the current talks. From fee 
Hambros point of view, a 
collapse would be sustainable 
within ..its - own balance- 
sheet — where write-offs of 
over £8m have already been 
taken — but if it did lead to a 
big Norwegian shipping catas- 
trophe, Hambros would have 
helped to destroy an area of 
its activity where it has the 
reparation of being the leader. 

So all rides, bank, institute, 
owner and - Government, have 
much to gain by not rocking 
the boat too much. This is not 
to say, however, feat the Nor- 
wegian Government is not now 
facing some veiy tough deri- 
sions about fee future of its 
Shipping policy and the role of 
the Guarantee Institute. 

Since its formation in 1976. 
the institute has committed 
about Nkr 2.5bn f£250m) of its 
Nkr 4bn of permitted funds. 
These guarantees were issued 
on what at the time were re- 
garded as ultra-conservative 
terms, but which have proved 
to be badly exposed because the 
recession has been longer and 
deeper than anyone was predict- 


ing in 1976, with the result .that 
the value of some of the ships 
Involved has been halved and 
halved again in the period in- 
volved. 

The institute assessed the 
Government’s risk of loss at the 
end of 1977 as around £35m. 
This is much lower than the 
actual funds committed because 
part of the committed sum- has 
not yet been drawn upon and 
because second-hand values of 
drilling vessels, which account 
for just over one third of com- 
mitments, have held up rela- 
tively- well. The big problem 
is which way to steer in the 
future and here opinions differ 
sharply. 

There is a body of banking 
opinion which takes the view 
that the sooner the institute is 
wound up the .better. This 
envisages a scenario of multiple 
company bankruptcies, . first in 
Scandinavia, and then else- 
where, . resulting in a massive 
increase in sales to scrap yards 
as- creditors salvage what they 
can, resulting in a more rapid 
return to balance of supply and 
demand in tanker and bulk 
carrier markets. About 30 per 
rent of tankers are now surplus 
to capacity and on present 
trends the problem could persist 
until the mid-1980s. 

A slightly less tough line is 
that the institute should selec- 
tively re-examine its guarantees 
on the assumption not only that 
fee crisis will last until 19S5 — 
this is already the official 
Norwegian Government assump- 
tion — but that by that time 
many of the ships guaranteed 
will, after almost a decade of 
idleness, be unfit to trade and 
that it is better to take the 
decision now and at least 
advance the re-balancing of the 
markets. 

This is the mid-bridge posi- 
tion described by Mr. NygaaTd 
and the one sections of the 
Norwegian Press believe has 


now been arrived at One item 
marshalled in support of this 
view was the news last year 
that one of Norway’s most 
successful owners, Sig Bergesen, 
had ordered a pair of new 
390,000 dwt taskers from Japan 
in preference to buying up idle 
tonnage from Norwegian fjords. 

Mr. Nygaard’s view is that 
the institute must sit the crisis 
out, making savings and 
drawing additional commitments 


the Institute would be able to 
act. as Mr. Nygaard has put it, 
as a marriage broker to reduce 
the number of Norwegian ship- 
ping companies from the present 
number of 250, which everyone 
agrees is too high for efficiency. 

For Norway's Labour Govern- 
ment, the problem has many 
sides. In the first place, no 
administration can lightly place 
at risk an industry which even 
in a depressed 1977 turned in 


THE GUARANTEE INSTITUTE’S 
LIABILITY AT 
DECEMBER 31 y 1977 

(in Nkr m) 


Total guarantee commitments 
(of whidi not yet issued) 

Guarantees issued — 
loans not drawn down 

Liability for guarantees issued 
Guarantees obtained from other 
institutions 

Net liability under Government 
guarantee 


from bankers and others 
where possible. 

;The Norwegian Shipowners’ 
Association wants the Govern- 
ment to implement speedily an 
extension of the guarantee 
system recommended earlier 
this year by the Skanland Com- 
mittee on Shipping. This would 
allow the .institute to assist 
transfer of vessels from 
distressed owners to stronger 
companies by guaranteeing 
loans up to the market value of 
ships to the strong company 
without expecting the new 
owner to take any share of the 
vessel's previous debt, which 
may already be tbe subject of a 
separate guarantee. In this way. 


Ships 

1,709 

478 

Drilling 

vessels 

1588 

76 

Totals 

2.797 

■554 

153T 

1,012 

2,243 

438 . 

49 

. • 487 

793 . 

963 

1,756 

265 

113 

378 

528 

850 

1,378 


Source: Guarantee fnjt/xute 


NKr 17.5bn in freight receipts, 
amounting to 23 per cent of the 
country’s total exports of goods 
and services. But the Govern- 
ment ‘has recently, as part of its 
increasingly tight general 
economic policy, bitten on a 
bullet of special hardness to 
Labour politicians and legislated 
in effect to reduce sharply the 
size of its shipbuilding industry 
by pulling away subsidy and tax 
incentive props. 

Mr. Hallvard Bakke, the 
young and by reputation Left- 
wing Minister with responsi- 
bility for shipping, recently re- 
affirmed to the Financial Times, 
however, that the maintenance 
of a strong, viable Norwegian 


Letters to the Editor 


The give-away 
tax treaty 

From Mr. J. Neuman 

Sir,— It is true that U.S. in- 
corporated and resident com- 
panies disposing of interests in 
the North Sea licences may claim 
the benefit of the present 
Article XIV of the UK-U.S. tax 
treaty aDd thus do not usually 
pay UK corporation tax on 
chargeable gains on disposals of 
North Sea oil interests. The 
Inland Revenue and the UK 
Government have a simple 
remedy to this omission under 
Article XXII by which the terri- 
tory of the UK could he extended 
to include the Continental Shelf 
unilaterally. This, of course, 
should have been done back in 
the middle 1960s when it first 
became apparent that North Sea 
oil was going to be a valuable 
asset. 

With regard to the unitary tax 
system, your article (June 29) 
pinpoints one of the problems 
with dealing with the U.S. 
Treasury authorities. This is 
their rampant fiscal and 
economic imperialism. In the 
fiscal field they have consistently 
disregarded the draft Organisa- 
tion for Economic Co-operation 
and Development double tax 
agreements as agreed by OECD 
members, and preferred their 
own version. It is my view that 
the other members of the OECD 
should refuse to negotiate 
treaties on anything but the 
basis of the OECD draft so that 
the unitary principle can be 
killed before it is properly born. 

I would like to refer back to 
my letter of February 23 where 
I first highlighted the “give- 
away" nature of the tax treaty. 
The imputation system is fiscally 
neutral: by this I mean that if 
a company pays a dividend no 
further or less tax in total is 
payable by tbe company and 
thus there is no pressure on a 
company either to retain or 
distribute funds for taxation 
reasons. By allowing U.S. 
investors, both corporate and 
individual, a repayment of 
advance corporation tax under 
the new treaty the company tax 
structure is distorted. Because 
the tax rate sinks down to the 
41! per cent region on maximum 
distribution there would be. if 
the treaty were passed, a con- 
siderable incentive for UK com- 
panies to distribute funds to 
their U.S. parents. This incen- 
tive has been highlighted by the 
international accounting firms in 

presentations. Press releases, and 

seminars given in the U.S. It is 
..my view therefore that the 
1 Inland Revenue and JfA 
Treasury statistics on the liwo 
repayment claims are consider- 
ably under-estimated. 

I understand the estimates are 
based on the dividends payable 
hi years before 1973 updated for 
inflation. This is the wrong 
basis. V^at should be the basis 
is the taxable profits of the UK 
Subsidiaries concerned since by 
distributing this amount the 
maximum benefit, or J8fe?j[ 
reduction in UK tax payable, is 
obtained. As a conservative 
estimate I believe that taxable 
profits amount to 4-5 times tho 
dividend flows. This means in 
my mind that the tax cost will 
be in the region of $300ni’T>cr 
annum ia addition to the puck 
tax cost of the repayment to 
of some 6400m. How can me 
UK Government justify this re- 
payment to U.S. invest ore at the 
Present time, particularly when 
the U -S. taxes UK business at a 
Tate between 50 per cent and 
60 per cent ? , 

1 do sot wish to sound xeno- 

mobfe. AH I am trying to do 
say That tho new treaty 
much away. Whal the 
v&rGovbnsmea r should neco- 
, a reduction i in : ™ T J- 

rates on dividends 
from fee Vi. to zero and the 


abolition of the unitary prin- 
ciple. It might be thought that 
the U.S. will drag their feet over 
renegotiation but this can be 
dealt wife by serving notice of 
termination on the U.S. Govern- 
ment so that fee treaties lapse. 

I am sure that notice of ter- 
mination would give both sets of 
negotiating parties a sense of 
immediacy which would stimu- 
late an acceptable agreement. 

J. A. Newman. 

21, Mincing Lane. EC3. 


Dividend 
control / 


From Air. C. Gamer. 

Sir, — The Press has recently 
become filled wife speculation re-: 
garding the demise of dividend 
control. The consensus of opinion 
appears to be feat fee only 
reason for retention of dividend 
control is the (hostile) response 
expected from the unions, if 
dividends, in some cases, are 
raised by 200 per cent, 300 per. 
cent, or even more, at a time 
when unions are being asked to 
restrict wage claims to 10 per 
cent or less. 

In recent weeks, however, and 
apparently without protest, the 
rate of return to investors on 
bank deposit accounts has risen 
by 100 per cent (i.e. from 3| per 
cent to 7 per cent) and the return 
to investors on building society 
accounts has risen by 20 per 
ceat (i.e. from 8.33 per cent to 
10 per cent). The average 
employee appears to be doing 
even better; if in year one he 
receives a gross salary of £100 
per week, an increase in year two 
of 10 per cent, and an increase 
in year three of 10 per cent, then, 
in accordance wife fee formula 
which is applied to dividends, the 
employee's rate of return on his 
investment capital (Le. his own 
labour) is rising at fee rate of 
over 100 per cent per annum (caF 
dilating fee increase in year 
three as a percentage of the In- 
crease in year two) and not at 
fee rate of 11 per cent per annum 
which is achieved if you calculate 
fee increase in income as a per- 
centage of fee gross salary at the 
end of fee previous year. 

On the other band, iT divi- 
dend increases were calculated 
in accordance with the formula 
currently applied to wages, then 
even the biggest projected divi- 
dend increases would be seen as 
minor in relation to wage in- 
creases. inflation, and other 
(safe) investment returns. Can 
someone please explain why tbe 
discussion is not taking place on 
the basis of comparing like with 
like? 

Charles B. Garner. 
c/o Close and Son. 

Knoll Rood. Camberley, Surrey. 


Accountants in England and 
Wales, the Chartered Institute of 
Public Finance and Accountancy 
and fee Institute of Cost and 
Management Accountants to 
enter into full partnership with 
fee IAS in the belief tint an 
established and reputable body 
was a sensible foundation on 
which to base co-operation. The 
terms for co-operation were fully 
open to discussion, without pre- 
condition. 

It was a great disappointment 
to my council that fee offer was. 
not taken up. Nevertheless, we 
remain convinced feat unification 
at technician level is both 
desirable and inevitable and will 
continue to work towards this 
goal. Our offer to the ofeer senior 
accountancy bodies to avoid 
wasteful duplication of organisa- 
tional and educational resources 
at the technician level remains 
open. 

Brian Howe. 

23, Bedford Square, WClj 


The price of 
petrol 

From Mr. J. Strafford 

Sir, — For several months the 
independently owned garage I 
normally use has been selling 
petrol lp per gallon cheaper than 
the- garage on the ofeer side of 
fee road. Last week fee owner 
received a visit. from a man who 
said he was a representative of 
British Petroleum— fee supplier 
. of his competitor across the 
road. He was told feat unless 
fee increased the price be 
charged for petrol then British 
Petroleum would • reduce its 
.pries to such an extent that he 
would be put out of b us iness. 
As my. garage is owned by a 
small businessman it has* had to 
increase its price by lp per 
gallon as it could not afford to 
take on BP. 

Is this a case for (a) the Prices 
and Incomes Board, or (b) fee 
Monopolies Commission? Does 
fee Government as a majority 
shareholder approve of fee 
(apparently) big brother tactics 
of British Petroleum? 

Is this an isolated case ‘or is 
fee practice common in fee 
petrol business? 

John E. Strafford. 

“ Peraroa” 

Fulmer Road, 

Gerrards Cross, BuckSt 


share of listening: Radio 1. 35 
per cent : Radio 2. 28 per cent, 
independent local radio IS per 
cent. Daily patronage- Radio 1, 
9.15, Radio 2 7.6 and U-R 3-75. 

I am sure feat commercial 
radio, like BBC Radio, would not 
wish to claim credence for only 
tbe good news.’ 

Aubrey Singer. 

Broadcasting House, WI. 


Eurobank in { 
London 

From Mr. M. Montague. 

Sir. — As one who has been 
campaigning for fee European 
Investment- Bank to open an 
office in Great Britain, £ am 
delighted to learn (June 28) 
that it has taken such a deci- 
sion. Any disappointment arises 
from the indication feat this 
office is to be opened in London. 

The role and opportunities via 
fee ETB are not appreciated by 
British Industry and would be 
better achieved if- an office were 
opened in, say, Liverpool or 
Birmingham, where a major 
need for . the resuscitation of 
industrial activity arises. 

Michael Montague 
Rioerside House, Comey Rood. 
Chincvck, VrL ■ 


GENERAL 

TUC -Labour Party Liaison Com- 
mittee meets. 

Announcement expected of 
unilateral measures to protect fish 
resources inside Britain's 206-mile 
limit. 

New session of European Parlia- 
ment opens, Luxembourg (until- 
July 7). 

Prime Minister opens " A Right 
to Vote" exhibition, celebrating 
oOfe anniversary of equal voting 
rights for women. Westminster 
Hall. S.W.1. 

National Union of Mineworkers’ 
conference opens, Torquay (until 
July 7). 

Talks between UR. and South 
African -Government open in Pre- 
toria, aimed at persuading South 


Today’s Events 


Africa to sign Nuclear Non-Proli- 
feration Treaty. 

Eight major international banks 
expected to meet in Zurich on 
Turkey’s $2.5bn debt to foreign 
banks. 

Nominations close in Penistone 
and Moss Side, Manchester by- 
elections (both polling on July 
13). 

London Chamber of Commerce 
conference on Understanding tbe 
Arab World opens at 69. Cannon 
Street. E.C.4 (until July 7). 
PARLIAMENTARY BUSINESS 

House of Commons: Debates on 
NHS disputes; and on rural plan- 
ning in Northern Ireland. Repre- 


sentation of the People Bill, report 
stage. Theft Bill, remaining 
stages. 

House of Lords: Debates on low 
productivity; and on Dominican 
independence. 

OFFICIAL STATISTICS 
Retail sales (May, final). Hire 
purchase and other instalment 
credit business (May). 

COMPANY RESULT 
Associated Newspapers (full 
year i. 

COMPANY MEETINGS 
See Weeks Financial Diary on 
page 28. 

OPERA 

Royal Opera production of 


fleet was a Government priority. 
The Prime Minister, Air. Odvar 
Nordii, has also promised a 
response to Skanland by the 
end of the summer. 

One thing upon which every- 
one is agreed is that in future 
the Norwegian fleet will be 
smaller and will probably slide 
from its fifth place in world 
ranking. In the first four 
months of this year, in spite of 
the Guarantee institute, 2m 
gross tons of ships were sold, 
compared with 2.7m in the 
whole of last year. The fleet 
lias now started to slinnk and 
there could be a net reduction 
(new tonnage minus ships sold) 
of as much as 2.5m gross tons 
this year. 

In the background is the 

increasing problem of high crew' 
costs (the wages index rose 66 
per cent between 1971 and 1976 
and ’* social costs" associated 
with crews were up 91 per 

cent). Tbe owners want more 
freedom to register under 
foreign flags and are talking to 
tbe unions about cutting man- 
power on some vessel types by 
as much as 25 per cent. 

In fee -longer term. Mr. 

Nygaard backs the industry’s 
view nf itself, that it will 

survive because of its expertise 
and comprehensive maritime 
service capability. “These arc 
fee intangible assets feat yon 
cannot mortgage, but in present 
circumstances, bankers have to 
back people and ideas because 
fee old securities do not exist,” 
he says. 

Norway knows That its deci- 
sion to hail out the shipowners 
— a decision which is slowly- 
having to be faced in other 
countries, including Britain — 
involves big risks. But with 
its oil reserves. the country has 
the means to back its ship- 
owners through the crisis and, 
in spite of the bufferings, it 
would be surprising if it were 
to lose the will. 


Pel leas et Mfrlisande, Covent 
Garden. V/.C2, 7.30 p.m. 

MUSIC 

Scottish National Orchestra, 
conductor Sir Alexander Gibson, 
soloists Peter Frank] (piano), 
Robert Tear (tenor) and Frank 
Lloyd (horn), perform Berlioz 
(Overture. Le Corsaire); Beet- 
hoven (Piano Concerto No. 3>; 
Britten (Serenade for Tenor, Horn 
and Strings); and Neilsen (Sym- 
phony No. 4), Royal Festival Hall, 
S.E.1. S p.m. 

SPORT 

Cricket: Third Test. England v< 
Pakistan. Headingley: Somerset v. 
New Zealand. Taunton; RICC 
v. Scotland. Lord’s. Tennis; Wim- 
bledon championships (noon). 



• Tiie Sumitomo Bank's general meeting of stockholders was held June 29, 1978. 

The bank saw increases in major areas of its operations 
despite the severe conditions of the business environment locally and around the world. 


Accountancy 

institutes 

From the Secretary. , 

Institute of Accounting staff 
Sir, — Michael Lafferty's asser- 
tion (June 27) feat this Institute 
and its parent body, the Associa- 
tion of Certified Accountants, are 
not going to join tbe new second- 
tier accountancy body, neeos 
elaborating. Indeed, tbe IAS ana 
fee ACA have been and remain 
keen advocates of a angle tech- 
nician institute serving fee whole 
accountancy profession. 

Established m 19*4. the IAS 
already has some 11.000 members 
and students and conducts 
examinations at 30 centres 
British Isles and in- -6 countries 
overseas. It is 

excellent position to serve fee 
sound *- 

So 5 


Radio listening 
research 

From The Managing Director 
BBC Radio 

Sir. — With reference to fee 
piece “ILR Moves Ahead” June 
29. fee BBC has been measuring 
the audience for BBC radio and 
commercial radio not Just for a 
period of a few weeks each year, 
but on every day since the first 
commercial station opened. In- 
deed, we have been measuring 
radio audiences for fee last 40 
'years. 

Our research confirms that 
commercial radio has increased 
its share of listening over the 
UK as a whole from H per. cent 
in the first quarter of 1977 to 16 
per cent in fee .first quarter of 
1978. Over this. period we find 
feat its daily audience has in- 
creased’ by 300,000. These 'find- 
ings are quite consonant with 
JlCRAR's (the Joint Industry 
Committe for Radio Advertising 
Research). Your readers, 
especially those with advertising 
interests- might like to know feat 
oar research also shows feat 
throughout fee UK Radio 1 and 
.Radio 2 remain ahead of com- 
mercial radio both in terms trf 
daily patronage and share of 
listening. Our May figures are: 


Economics of 
i mm olation 

From Mr. W. Purdie 

Sir, — As a consumer 3 have to; 
pay an excessively high price for : 
sugar which has resulted in over-- 
production. This price bears no 
relation to fee market price and 
my EEC masters deprive me of 
a cheaper substitute by imposing 
a levy designed to help fee 
export of fee artificially achieved 
surplus of sugar. 

Normally, on a free market I 
would pay less for my sugar, but 
it seems X have to pay a double 
penalty to over-produce it and 
undoubtedly it -will ultimately be 
sold at an uneconomic price to 
a non-EEC country. 1 haven’t 
forgotten- fee French entre- 
preneur who bought fee high 
peaks of a butter mountain and 
sold it to Russia more cheaply 
than it was sold to us. 

One is bound to regard this 
kind of activity as the economics 
Of immolation. 

Tbe presence of a number of 
ofeer mountains which, phoenix- 
like, seem continually to emerge, 
suggests that the 1 original pur- 
poses attributed to EEC have 
been dost in bureaucratic chaos. 
So, unfortunately it seems, has 
basic economic theory. 

If both a shortage and a sur- 
plus of sugar demands a high 
price from the consumer the 
laws of supply and demand, as 
a consequence of fee market, no 
longer exist. 

Since cheaper alternatives are 
frustrated by penalties there 
exists a state of pure monopoly 
and no free competition to 
benefit the consumer, whom, we 
were led to believe, the EEC 
was afl about. 

Yet a subsidy to help our ailing 
shipyards at no cost to fee EEC 
is immediately subject to ques- 
tions which are not. it- seems, 
similarly directed towards help 
for inefficient and 'uncos troUabie 
European farmers. 

We should have heeded Demos* 
thenes, who said: “ There is one 
safeguard known generally to fee 
wise, which is an advantage and 
security to all, but especially to 
democracies against despots — 
suspicion-." 

W. K jbirdie. . 

Bryn Dense n. 

West. Street. 

Mariaa, Bucks. 


■ Stockholders* equity 

Consolidated stockholders' equity rose 
to ¥331,070 million (51,489 million) 
during fiscal 1977, 3.3% higher than the 
fiscal 1976 dosing. Fiscal 1977 year-end 
stockholders’ equity indudes ¥89,100 
million (5401 million) in capital. ¥2,325 
million (S10 million) in capital surplus 
and ¥239,645 million (S 1,078 million) in 
retained earnings. 

_ Business increases 

Consolidated deposits for fiscal 1977 
were a- record .¥8,442,271 million 
(S37.968 million), 12.0%. over the 
¥7,538,592 million (S33.904 million) fi- 
gure the year before. Loans rose to 


¥o.820,006 million (550,672 million). 
¥480,641 million (52,162 million) or 
l.b c o over the ¥6,339,365 million 
(528,511 million) 'of fiscal 1976. Consoli- 
dated securities rose to ¥1,502,006 mil- 
lion (86,755.. million), an increase of 
16.5% over the fiscal 1976 figure of 
¥1,289,500 million <55,799 million). 

International banking activities 

The successful bid of Sumitomo Bank 
of California for 19 branches offered up 
by the Bank of California increased the 
number of branch offices of the Sumi- 
tomo Bank of California to 45 and raised 
total assets to over SI. 2 billion. During 
fiscal year 1977, our New York Agency 
and Seattle Representative Office were 


elevated to full-service branch offices, and 
a representative office was opened in 
Houston. 

Outlook for fiscal 1978 

A stable growth pattern of the Japanese 
economy is expected to continue in fiscal 
1978. Throughout the fiscal year as in the 
past, the Sumitomo Bank will stress maxi- 
mum efficiency in the use of funds. 

Profitability showed an upward trend 
in the second half of fiscal 1977 and 
management expects thus trend to con- 
tinue through fiscal 1978. Further, man- 
agement expresses confidence that Sumir 
tomo Bank will continue to use resources 
and experience to serve its stockholders 
and customers. 


The Sumitomo Bank Limited Consolidated Balance Sheet 

(As of March 31, 1978) 

Assets 

In thousands In thousands 

a of Yen of U.S. Dollars 

Cash and Due from Banks 1,262,141.635 5.676,373 

Call Loans 79.224,772 356,307 

Securities 1.502,005.986 6.755.143 

Loans and Bills Discounted 6,820,006,024 30,672.391 

Foreign Exchanges 474,734.672 2,135,078 

Bank Premises and Real Estate 133,546.967 600,616 

Other Assets 250.513.S04 1,126.664 

- Customer’ Liabilities for Acceptances and Guarantees 1,149,84^.499 5.171.349 

Total i 1.672.023.359 52,493.921 


Liabilities • 

In thousands 
of Yen 

Deposits S.442,270,505 

Cal) Money and Bills Sold - 866.583.798 

Borrowed Money 178.961,088 

Foreign Exchanges 98,698.980 

Other Liabilities 438,445.640 

Reserve for Possible Loan Losses 90.330,772 

Reserve for Retirement Allowances 49.863,205 

Other Reserves 20,507.S98 

Minority Interests in Net Assets of Consolidated Subsidiaries 5,44 1 .75 1 

Acceptances and Guarantees 1,149,849,499 

Capital (Paid-up) ... I..’ 89,100,000 

Capital Surplus :. 2.325,023 

Retained Earnings - 239.645.200 

•Total 11.672,023.359 


In thousands 
of U.S. Dollars 

37.968.386 

3.897.386 

S04.362 

443,890 

1.971.871 

406.255 

224.255 
92,233 
24,474 

5.171,349 

400,720 

10,456 

1.077,784 

52.493,921 


U.S.S1 =¥222.35 as of March 31 f 1978 


Suniitomo Bank 


London, Dusseldorf; Brussels,' Vienna 

New York,. Chicago, Los Angeles, San- Francisco, Seattle.- Houston. Mexico City, SSo Paulo. Hong Kong, 
Singapore, Jakarta, Sydney, Beirut, Tehran. Cairo 



\ -■ 


- V 






„ Hi 


26 


NEWS 


Powell Duffiryn to spend oyer £20m 


Jiily S 19?S 

B & G not without ^ increase ^ 

confidence v seen by 



THE CAPITAL investment plans 
of Powell Doffryn, the manufac- 
turing, contracting and services 
group principally concerned with 
construction, energy and trans- 
port, anticipate further expendi- 
ture in excess of £20tn in the 
current year. Sir Alec OgUvie, 
chairman, says in his annual 
statement 

Over the two years 1977-79 the 
capital investment programme, 
which is well supported by the 
group's equity base, includes 
£10ra in engineering, £13m in con- 
tinuing modernisation of its fleet 
and in-port services and £7ra in 
oil and chemical storage expan- 
sion, mainly overseas, he states. 

The directors, he says, are con- 
fident that this programme is 
laying the foundations for still 
higher profits when the world 
economic climate recovers. 

As regards the current year he 
confirms that the directors ere 
“prudently optimistic” at this 
early stage that group profits wiH 
continue to progress. 

There are signs, he says, that 
the construction industry is 
slowly emerging from the reces- 
sion of recent years, which should 
have a beneficial effect on some 
group activities, such as building 
services, con exacting, timber, 
quarries and parts of the 
engineering division. On the other 
hand the shipping division faces 
another difficult 12 months 

As already known, pre-tax 
profits for -tiie March 31. 1978 
year rose from £13. 69m to £15.01 m 
and the dividend is increased 
from 7J5Sp to lOp bet per share. 
On a CCA basis pre-tax figure is 
reduced to £7^2m after adjust- 
ments for depreciation, £4. 53m.. 
cost of sales £4. 55m and the gear- 
ing factor £1.42m. 

Accounts also show a £30.000 
ex-era t la payment to a former 
director, which is net of insur- 
ance claim proceeds. 

Net cash resources decreased 
by £0.27m during the year, com- 
pared with £2.48m last time. 

Shareholders funds were 
strengthened by last August’s 
£6 ,6m rights issue, and by the 


£23. 2m release to reserves on 
adoption of EDlfl. The addition 
of £8.8m from the year’s profit 
brings the totel of . -shareholders 
interest to £96.03m (£81.3m). 

New Court 
Property 
at 125p 

THE LATEST offer of units from 
New Court Property Fund is avail- 
able until July 15, at a price of 
125p per unit Based on current 
rental income, the yield is esti- 
mated at 4.8 per cent 
This fund, which is sponsored 
by N. M. Rothschild Asset Manage- 
ment enables tax exempt pension 
funds and charities to participate 
in direct property investment, 
with expert management, without 
losing their favourable tax status. 
The fund now stands at £25m, 
with units held by about 100 pen- 
sion funds and charities. 

Since the previous issue of 
units in March, the managers have 
agreed terms for the purchase of 
HAn of further prime invest- 
ments, including offices and a 
warehouse In the South East. 
Several further acquisitions are in 
an advanced stage of negotiation 
and when completed' will result 
in the fund being fully invested 
in accordance with its targets. 

At present, the property port- 
folio is spread between shops 
(38 per cent), offices (39 per cent), 
industrials (29 per cent) and 
agricultural (9 per cent). During 
the past 12 months, the price of 
units has Increased by 13.1 per 
cent, while a distribution of 5 per 
cent has been made (based on the 
price 12 months ago). 

MIDLAND BANK 
STATISTICS 

Statistics compiled by the 
MIDLAND BANK show that the 


amount of “new money” raised 
in the UK by the issue of market- 
able securities to June was £121m, 
an increase of £41 -2m on the total 
for May. Companies and public 
bodies raised almost identical 
amounts. In the first six months 
of this year £420.Sm has been 
raised compared with £755 -6m in 
the same period of 1977. 

Total company issues, at 
£60. 5m was £ll-2m higher than 
the amount raised in May. and 
the second largest this year. 
Altogther, 15 rights Issues raised 
a total of £S5.1zn in the month. 

The public bodies’ share of the 
total was also £6Q.5m- 

Polymark 
to continue 
progress 

Continuous progress in the 
next few years is forecast for 
Polytnark International by Mr. P. 
Meyer, chairman, in his annual 
report. 

The expectation is based on the 
group’s solid foundations, the last 
few years' rapid but controlled 
expansion, the strengthened 
balance sheet, the specialised 
products being marketed and a 
willingness to Innovate, the chair- 
man savs. 

In 1977. pre-tax profits rose from 
£740.641 to £849,178 on turnover of 
JTt2.46m against £9.9m. The divi- 
dend is 2.7225P <2.475p). 

The improvement noted in the 
previous year’s accounts was 
maintained to 19/ 1 , Mr. Meyer 
says. Bank overdrafts in par- 
ticular have been reduced from 
£l.fim. to £850.000. 

'Die year under review saw the 
launching on the British and 
Australian markets of a new Ger- 
man continuous washing machine, 
now manufactured under licence 
by Polymark (Susses). 

Transtat continued to expand 
both into new territories and 
industries. New applications are 


DunhilPs financial strength 


THE GROWING liquid resources 
at Alfred Dun hill mean that the 
group is well placed to finance the 
projected expansion by internal 
growth and acquisition. Mr. 
Richard Dunhill, the chairman, 
tells shareholders. 

At the 1977-78 year-end, liquid 
funds and short term Investments 
increased by a further £2.4m to 
stand at £142m. The rise of £4.9m 
to £7.9m to short and medium 
term bank borrowings reflects the 
cost of financing operations out- 
side the UK, the chairman says. 

For the year ended March 31, 
1978, the group reported pre-tax 
profits up from £9 -2m to £9.6m 
from turnover of £52 ,56m against 
£37.83 m. The dividend is 8.7I851p 
17.S86S6P). 

A cost of sales adjustment of 
21.39m, depreciation adjustment, 
£295.000 and gearing, £73,000 re- 
duces pre-tax profit to £S.13m. 

External and internal factors 
contributed to the relatively small 
increase in profits compared to 
sales, the chairman states. Ex- 
ternally, the group suffered 


throughout the year from reduced 
demand for luxury merchandise 
in the major European markets 
and Japan, due to the poor 
economic situation in almost all 
countries and additionally to 
political uncertainty to some of 
them. Business In the UK was also 
depressed throughout the year. 

In the UK, U-S., Hong Kong and 
France, where the domestic 
currency was consistently weak 
against the Swiss franc and the 
Deutsche mark, profits were 
squeezed by the rising cost of 
Imported goods and high rates of 
Internal inflation. 

New products and new 
businesses mean substantial initial 
costs associated with the develop- 
ment effort and the launch period, 
all of which have to be charged 
to profit before the projected 
benefits begin to materialise. 
During 1977-78 costs of this 
nature exceeded £lm. 

The chairman is confident that 
expansion across the field of 
luxury goods for men offers excel- 
lent opportunities, and that the 
efforts of the last year will be 


followed by a satisfactory growth 
of profits in the future. 

Lighters are still the largest 
product group, though its Impor- 
tance has been reduced by 
growth in other areas. 

The toiletries business has 
formed an association with a 
specialist who has had many years’ 
experience in the UjS. toiletries 
and cosmetics market. Substantial 
costs were incurred during the 
year on the development of an 
entirely new DunhDl line to com- 
plement the restyled Classic line. 
These new products wjH be 
launched later to 1978. 

Initial costs to establishing the 
new line in menswear have been 
considerable but an improvement 
to margins has already 
materialised. Mr. Dunbrll says. 

The market value of freehold 
and leasehold premises exceeds 
book value of £2_29m by some 
£2m. The majority of this excess 
is attributable to the head office 
in Duke Street. 

DunhJH is controlled by Roth- 
mans International. Meeting, Cafe 
Royal. W„ July 2G at noon. 


being investigated all the time 
and the sports clothing and shoe 
industries are now major parts 
of the group's market. 

During the year Polymark Cor- 
poration took over direct control 
of sales to North America. 

London & 
Northern 
to pick up 

MR. J. H. M. MACKENZIE, chair- 
man of London and Northern 
Group says the company has now 
come through a very difficult 
period and management figures 
for the first four months of 1978 
confirm the expectation of a 
resumption of growth in the 
current year. . 

As reported on May 25. pre- 
tax profits for 1977 fell from 
£9.58m to £6 -37m on turnover of 
£163 -9m (£2272m). 

The chairman points out that 
to recent years the cover for the 
ordinary dividend 1 has been, 
eroded and Artie has 1 been put 
to reserve to improve the asset 
base in a period of rapid inflation. 
Tn order to restore and there- 
after maintain a more, satisfactory 
level of retentions the directors 
decided to reduce the rate of 
dividend. The payment Is cut from 
3.23tj to 2d net 

The 2.6 times cover for this 
dividend is considered to he appro- 
priate at the present time in the 
fields to which the company 
operates, says Mr. Mackenzie. 

The balance sheet shows that 
net tangible assets attributable to 
holders have increased to £22J15m 
and with minority interests now 
total £27«97no. They would be' 
materially higher if fuD advantage 
of ED19 was taken. Net borrowings 
including those attributable to 
minorities amounted to £21.15m. 

An offer has recently been 
announced by Cement-Roadstone 
Holdings for the associated com- 
pany J. & W. Henderson (Hold- 
ings) -which the directors have 
undertaken to accept If the offer 
is successful the group will 
receive a cash' consideration of 
£L95m. In addition to the impact 
on borrowings cash flow will be 
improved by interest savings 
which will exceed tbe dividends 
on the shares being sold. 

New financial 
controller for 
Staflex 

Changes in the- financial 
management of SCaflex Inter- 
national, the troubled iron-on 
interlining specialist; xhave been 
announced. Mr. G. Sj’Moyse, the 
financial director, has resigned 
and Mr. Peter Mobsb&has been 
appointed financial ^controller 
though, so far. without** seat on 
the Board. . . 

The company has .told share- 
holders they must jbrace them- 
selves for "very severe trading 
Tosses" In the 1977 figures. It has 
recently agreed to a package of 
sales and- closures designed to 
reduce borrowings following news 
that the company was in breach 
of its borrowings powers. 


ALTHOUGH AT this stage, reduced bnDe carriers and the floating AFURTHER respectable increase ' 

pre-tax profits are indicated for supply base, were disappointing in/proflts and nmiover lor ine MEETINGS 

the current year at Brftfeh and and collectively contributed -a current year fc> axpeeren or • 

SLmmweaJth^ipptog Company, JS.5mlofi*. The eupply shiPM- .-tadwtrt* and there i * ™ ffl n gS^ c *ggu£S SV8HI 

Str Nicholas Cayzer. the chairman, malned idle throughout the jrear considerable confidence m «« swn ne«ua*i _ are lutuffly 


eentsniBy. — - _ _ __ 

He tells m^rii h^ ry in his pnnn»l substantial indirect interests members. diviunn* atom below are tostd mainly 

statement that be is in fact, nor through Its investments in OCb -.‘ Internal growth and a pmi^ of on taut row** twgMr- 

without confidence regarding the and Safmarine, ft has a much re- wfceUntial Investment, m mwUm-SOmJSn mstam. a. g. 

future, but adds that dearly this duced direct investment in ship? apoatioas are continuing and the a-rr BrranM u Beard- 

must have reference to the UK pmg. represented by its Indian and ^airman's forecast Is based on Kmwawrv, Bam- 

and other countries’ economic East African trades, refrigerated the expectation of a. steady (wravr*. 

climates. - cargo vessels, bulk camera, a hJcreaae from this source, ^SSS^JiuSSSnSSmtSoii 

Sir Nicholas feels confident that supply ship and two pro du cts NoW the Salter Group Ins been Mnak Hwr. 

nkars due for delivery In 1970. - snccessfnttv absorbed, directors - suture Daths 


the group can rely on increased tankers due for delivery in 1979. - successfully absorbed, directors 
contributions from many of its The . Bristow Helicopter Group actively investigating other imrim- 

trading subsidiaries and a con- improved Its performance and pro- opportunities for expansion. «... 

siderable Improvement in its share vided the largest stogie contri- refits before tax for the 18 Kn-'taw >a < _ Job it 

of profits from associates. button, to operating profits, while * 0 April 1, 1978 were urrumik iiwM&iwnt Trust .... am . I 

th*> aviatlAn oMnon cervices sector ‘ u _ annualised Rank onaniaaOtm Juiri? 


Bath si id Fontawt ... to 4 

Central Cno*oUdated Invest. Tw. July It 


How ever, be says it is likely that the aviation support services sector or xifl Oim 

these “pulses" win be more than showed a useful increase arising; with £6.75m to 1976— san«5nmu«* 

offset by tbe effect on the group’s largely in tbe area of manufacture i^ e Salter Group, turn- Anriunm 

reduced stopping interests of the of gtound support equipments from £193 83m to EOfon c™. PuvrftwHutt 


present downturn to the industry . lathe leisure sector, the group.. £jgag9m (£121. 99m annualised). "' 

and such other factors as increased is now left with two hotels to dividend is I3,5086p x«£SSm 

interest charges payable against Ca“ry .Islands and the Mrnmt _*™. if act is reduced a wSw™ and southwna 

— .—»» take time n Nelson, m Cape Town. The tatter anq n -** — -■* -~ J — " 


assets which will 
produce a return. 


continued profitability m 1977. but ^n? Un L» IL n i\ prt r 

As reported on June 16. pre-tax although progress was made to the Tjji— S is P remOved, C a W|,Unt *" 

profits fbr W77 rose from ^757m Canaries, the hotels there are ,s remw * a ’ * — — 


B 

July (4 
July • 
July it 
Jubri 
July m 

Sw awT hiiirfi - -• J*hr 1* 

UnitMl C.»" IwJu^irte* - July it 

Ruxinvcruw July • 


Diversification 
at Alida 
Packaging 


but prudent progression 
future dividends is anticipated, 


to £292tm,-on turnover at some .Way short of profit, 

£23S.13m (£2l8ani). Nichifias points oul TWrv savs - 

The contribution from shipping He sees progression conttoutofif^*««riy ray*. --duced to 
showed a marked reduction, partly in the office equipment division; diustlnc tor de- 
explained by tbe group’s increased and the industry, generally- adjurims 

participation in OCL and the offering an area of expansion. SfSfe* g? aftn. 

resulting-- decrease in Its direct Caledonia Investments largely 

shipping'a&iYity. some ® per cent of the equity. . 

Sir NKholas states the trading Meeting, Baltic Future activltif* of AHdi 

perfonnaces of the group’s six Chambers. EC, July 26. at noon. reS pitojtog. iSite betog^S 

ti fiih T. expenditure on product de- dominantly thoso ot plastic packag 
n /% A - 1 1 j - Vetopment increased and control im* - manufacturing, will embrace 

fcZflm hOOM Idf Pn - to woridnB capital maintained. peripherar activlttea broadly in- 

(VArfUIlI Oillvij Uvl/Jl iJVWII ^ -The steady and steep reduction volvcd with plastics or packaghui 

- •iTin- financial gearing over the last or both, Mr. Rex Stone, the chalr- 
seven years has bern deflberaie man, tells members in his annual 
— -hud over later years has been statement - 

■ aimed at givins room for The directors, be says, intend 
TWO ACQUISITIONS in tbe last It would have been possible to significant -.n»«s;hwm and that this broadening of the 
three could be expected make such a payment und. on a^toquisition. *n»e room has been operational and product base will 

to boost group sales of Lesney realistic tax charge, si-iil have ltie_-*cr*ated and the group can pursue be achieved by acting up green 
Products and Co. by at least £20m threefold cover for the payment for growth and expansion, field ventures themselves, or by 

a year, said Mr. P. B1 Tapscott. which the directors consider to be ays the chairman. acquiring existing companies 


by Lesney chief 


chairman at Che AGM of the com- desirable. 

Pan>’. - Aberdeen Construction Group- 

Group sales in the financial Mr W. Tiach said that it was none: 
year to January 29. 1978, were considered Kkely that, almost 
n r w . 4 „ , wholly 3s a rosuk of adversi 
_ I f? ney ootoJPf Metm weather conditions experienced -fe- 

^ the first quarter of 1978, profit for 


FT Share 
Information 

it announced that It was buying XI ‘ZX, The following security mu es 8].71W despite ft swnu naff fan 

AMT Corporation of TrS. l^to- ? e been added to the Share Inform*- from £391.401 to £384.880. *n« 

AnuwnM.nnw. t» Sir** appoaring In the di vided ia slepptd.ro 

(5 6689D) wllb ft 4.1206O final. 
(Section: Meeting. Heanor. Derbyshire 


has 


which are capable of profitable 
es{ianslon and which fit into the 
group’s defined acquisitions! and 
diversification policies. 

As reported on June 2 pre-tax 
profits for the March St, 1978 year 
finished at £722,086 against 
£661,703 despite ft second half fan 


___ „ . , L i, her. would be lower than chat for vi n -a Timl- « - 

It was .povr a mi n i mum and ^ corresponding period. ’ F,nanc,al TImc - s - 


early objective to get £I.om pro- _ . . 

tax profits from these companies, regard to the remrindw Ovgrspaj 

and the directors would not be of w » rk k > ads ^ 

content until they did even better almost all group companies were 
than that, members were told. greater than had been 
The following are extracts from experienced for several ^months, 
chairman’s statements of other Tendering opportunities had also 
AG Ms. Increased and' this improvement 

More O’Ferrall — Mr. E. R. More appeared likely to endure ' for 
OTerrall said: s 0 ™ time - 

All the company’s enterprises, 
with the exception of one very 
small one in Ireland, were having 
a very good year currently and 
the directors anticipated with 
confidence that results for this 
year would show a satisfactory 
increase. 

SeUneourt— Further progress in 
tbe current year is dearly 
indicated, Mr. L. L. Leighton 
reported. 

He also said that without divi- 
dend restraint, the company 
would probably have recom- 
mepded a dividend total of &5p 
gross (against the actual 185p). 


Brambles Industries . 

Australia). July 21 at noon. 


SIMCO MONEY FI NDS 
Saliirn Investment 
Mjnjjjemont Co. I.(«. 

20 CANNON STREET EC-1%! o\D 
Itlcplmnc: 0 1-236 1-12? 


Rates paid for W/E 304-7B 


Mon. 

Tues. 

Wed. 

Thurs. 

Frr./Sm. 


Call 

% p-a 

9.561 

9.569 

9.554 

9.539 

*9.544 


7 day 3 tqpnch 
?i p-a. 

10.331 
10.154 
10.123 
10.082 
9.9(8 




This Advertisement appears as a matter of record only 
These Notes have been placed outside the United States of America 


- <» 


PRIVATE PLACEMENT 


1st July, 1978 


U.S. $22,000,000 


Den Norske Industribank A/S 


8f per cent. Guaranteed Notes 1985 


unconditionally guaranteed fay ' 


The Kingdom of Norway 


Issue Price 100 per cent. 


■ These Notes were underwritten and placed by 


Union Bank of Switzerland (Securities) limited 
Den norske Creditbank Andresens Bank A/S 


LOCAL AUTHORITY BOND TABLE 


Annual 


Authority 

(telephone number ut 
parentheses) 

Barking (01-592 4500) 

Barking (01-592 4500) 

Banfsley Metro. (0226 203232) 

Knows! ey (051 5486555) 

Poole (02013 5151) 

Poole (02013 5151) 

Redbridge (01-478 3020) 

Sefton Met. BC (051 922 4040) 

Thurrock (0375 5122) 

Thurrock (0375 5122) 


cross Interest Minimum Life of 
interest payable sum bond 

% 


£ 

Year 

101 

1-year 

1,000 

4-6 

HI 

1-year 

5,000 

4-6 

H 

1-year 

250 

5-7 

U* 

f-year 

1,000 

5-7 

101 

J-year 

500 

5 

Hi 

1-year 

500 

6-7 

11 

i-year 

200 

5-7 

111 

• f-year 

2.000 . 

5-7 

Hi 

i-year 

300 

4 

Hi 

i-year' 

300 

5-8 


FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposits of £1,000- £25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. . Kates for deposits 
received not later than 21.7.78. 

Terms (years) 3 4 5 6 7 8 9 10 

Interest % 10? 11 lit Hi U| 12 12* 121 

Kates for larger amounts -n request. Deposits to and further 
information from The Chief Cashier. Finance for Industry 
Limited, 91 Waterloo Road. London SEl 8XP (01-928 7822. 
Ext. 177). Cheques payable to “ Bank, of England, a/c FFL" 
FF1 is the holding company for 1CFC and FCL 


# HMD BROTHERS 


u wi 


LIMITED 


Manufacturers of worsted cloth 


The S6:k Annual General Merlin? was heU on 30lh June, 
IV7H. Mr. Arthur George Park, Chairman and 

Alaihieinr flin-cror, presiding. The following are points from 
his ciixutuiid statement; 

Q Profits recovered to £650,000, from £68,000 in 
1976-77. 


0 Record turnover of £10.7m, up 20%, reflects 
. improved margins as well as higher costs- 

■* 

• Short term borrowings were reduced to 
£416,000, from £1.3m. 

% Exports increased in value by 24% over those of 
1976-77, and accounted for 67% of the group's 
total output. 

H New season's fabrics and designs arc being well 
received and current order books will provide a 
satisfactory level of activity for several months. 


FINANCIAL SUMMARY 

f - 1978 

3977 


£ 

£ 

Saks 

10,713,000 

'8,902,000 

Profit before tax 

650,000 

68,000 

Profit after tax 

"314,000 

27,000 

DIVIDENDS 

125,562 

125,562 

Direct exports 

67% 

65% 

Ordinary dividend per stock unit 

0.745p 

0.745p 

Share capital and reserves 

£3,215.000 

£3,027,000 

Earnings per Ordinary stock unit 

1.982p 

0.095p 


Copies of the Report and Accounts for the year ended 2nd 
■ April, 1978, containing the Chairman's Staiehient in full, can 
be had on request from; 

THE SECRETARY, HIELD BROTHERS LIMITED, 
BRIGGELLA MILLS, BRADFORD BD5 0QA. 


* fa " 




Norcros Limited 


Results ibrthe financial yearto 31st March 1978 

is exports 

fromthe UK..” 



x. 




J.V. Sheffield Chairman 


— Ax 


-V 


Group sales up 13% 

(Including share. of associate 
. companies' sales) 

1978 

£ 000 : 

196,543 

1977 

£'000 

173,978 

United Kingdom sales up 6.0% 

126.290 

119.156 

Exports from the UK up 67.7% 

27,631 

16.475 

Overseas companies sales up 23.7% 

25,790 

20.849 


£'000 

£'000 

Pre-tax surplus up 20% 

14,512 

12,085 


Per Share - 

Per Share 

Earnings per Ordinary shareholder 

14.70p 

1.3.93 p 

Shareholders Ordinary dividend • 

4.42p • 

3.96p 


The Annua! General 
Meeting will be held on 
24th July 1978. 

Copies of the Report and 
Accounts are available from 
The Company Secretary. 
Norcros Limited, 

Reading Bridge House, • 
Reading. Berks RG1 8PP. ■ 







Vv v . 


iere a 


FJrmnctal Thaw Monday Jtdy 3 1978 

Si Pending dividends 


INTERNATIONAL COMPANY NEWS 


MINING NOTEBOOK 


5 Meet 


timetable 


som © the more Important company dividend 
fflllowmijfcihip* t^fr^ CP K trted m llle nejct few weaks 8X6 given in the 
exceDt D whS? e V& t ww 0WTI - are tbose of last Year's announcements. 
K»vA^Kort Cr « f(>rt ^ co ? ul 8 board meetings (indicated thus*) 
!i l V i pubbsb ® d - It should he emphasised that the 
raies^r ^ !1 not necessarily be at the amounts Or 

” ' .. pe JL5£^J, *k &Wn 1J i ^ coll,m n beaded “Announcement last 
announcements 113 ^ PW>fit figures usuaUy accompany final dividend 


Telebraz seeking $ 180 m 
in Euromarket venture 


Artoc in 
$llm deal 
for stake 


Gold mines’ recruiting 
drive pays off 


BY LODESTAR 


BY MARY CAMPBELL 


_ Announce 

Date mcnt lut 

AAH July M Final*? 

*'-*?'* , - Auk. 3 Final l.Blfl 

•Airfix lads July » Final 1,7352 

•Alexanders 

Dlsramn..July 3 TnL 45 

All nalt LondDu 

, nrop...jm v 52 Final 4.3795 

•srifiln. American 

eorpu. Grp. .July SB Dtvs. due 
■AWto-Amencan 

Secs... July 5 InL 1 

■ASSOC. 

Newspapers... July S Final 3A18 
AUll and 

WiborR..Aua. 16 int. Q.g» 
Barclays Bank ..July 36 int. 5.5 
•Basselt uieo.j .. July 4 Final 4. om 
•Baib and 

Portland. .July 4 Ini. 2.5 


Blbhv iJ.» Ann. 10 Int- 2.5 

Btmiul 

Qua least.... July 19 1st. 1.39 
Cimustan 

Vlyclla...Aus. 10 Int. 0.59895 
Commercial 

Union ..Auk. 9 int. 2.564 


•Crown Bouse ..July 10 Final 2.S3S 

11 •ilhin p«wn July M Final 1.TS73 

| • s ■ « •Daily Mail 

tCrfn. Tsi...Juiy 6 Final 7.512 
•■Uti niiK Int.- .Tlilc 5B trinil k b 


lining 


•Daily Mail 

& Gen. T si. ..July 6 Final 7.512 

Davy HR. ■ July 36 Final kb 

•DIMIIIcn July 13 Final 4.49389 

Dixons Photo. Auk. 3 Final 1.34 

•iwwty Grp July ta Final 

FOCh Lo*rU July 27 Final 2.518 

Gen. Acddeni . Aua. ID Int. 3.7S 
•general 

Electric July 6 Final 1.B02 

Gi-nctncr July 13 lot. li>25 

•tilUellu 

Bros. Disc. . .tub' 28 Int. 6.H 

Gintwcd AUli. 10 int. 2.45 

•Granada - July 3 int- 1.0648 

Gniutlan . ...July 27 lot. 0.5 
uL Unlifvrsai 

Stores July 21 Final 4.155 


Announce' 
Bate meal last 
- rear 

Hunbres Tat. ..July !1 Fmni 1.19 
•Rambroe . ..„...July 7 Final 3.675 

niinswtmh* 

Morris.. Jnl* 28 Final 0.47 
•imperial Grp. ..July 13 Inu 255 

•incheape July 27 Final 5.45 

Johnson-Richards 

Tiles . July 19 Final 3529 
Letrawt int. ...Auc. 2 Final 2.011 

•Lloyds Bank July 21 Int. 3.715 

LRC tnO July 20 Fmal 2.179 

•Masnet and 

Southerns.. July 19 Final 3 
Mercury sees. ..July 21 Final 3J8M 
•Merer 

'Mont. L.)., July 27 Final 2.B35 
Midland Bank ..July 22 Int 5.75 
•Nat West Bank ..July 25 InL 5.165 

Neepscnd July 25 Final 2.0937 

PreAdKe July 28 InL 1.75 

Prop. Security 

lnV..._AUK- 9 Final 1.4205 

■Rank Org. July 17 InL 2.115 

•Rcdland July 37 Final 2.042 

Rothmans 

International.. July 7 Final 1J8I3 
Rothschild inv. July IB Final 8.37 
•Scot, and Nwcstl. 

Brcw_. July 6 Final 145225 
•Svul and Untv. 

lnv...JaW 1 Final 247 

Smith and 

Nephew.. A. up. 0 lot. 0.W1 

“St onto use July 29 InL 1.B5 

Sift. Conversion 

and IIW....AUK. 2 Final 8.99 
Taylor Wdrw. ..July M InL 1.9S 

Thom Sec July 7 5cc. int. 4J5S 

Umgate July 71 Final 14672 

•Union Discount. July 1> 1»L 8.5 
Vaux Brews. .. June M Sec- inL 6.03 


MANDATES WERE awarded at 
the ead of last week for two 
major new internationa] loans, 
one for the Braziilan telephone 
authority, Telebraz, and the 
other for Korea Electric Com- 
pany. In both cases, Chase Man* 
hattan will be lead manager. 

The Telebraz loan will be 
SISOm in two equal tranches. One 
ten year tranche will offer par- 
ticipating banks a margin over 

intpr-bank rates of 11 per cent 
and the other for 12 years a mar- 
gin of 12 per cent. The margins 
are respectively 4 and J of a 
point lower than those on the 
last comparable deal for the 
Brazilian Highways Authority, 


DNER. The latter loan, managed 
by Chemical Bask, has recently 
been closed at $225m, which is 
S2om more than originally 
scheduled. 

The Telebraz loan, which is 
guaranteed by Brazil, marks the 
first occasion that Telebraz has 
raised a syndicated loan in its 
own name— hitherto its role in 
Brazil’s Euromarket borrowing 
has been to provide guarantees 
for loans raised by state tele- 
phone authorities. 

The Korean loan, reported by 
Reuter from Seoul, is 5400m for 
Korea Electric for two nuclear 
power plants. According to the 


report, the ten year loan would 
offer participating banks a 
margin over inter-bank rates of 
1 percentage point 

Other weekend Eurocredit 
news includes the conclusion of 
the largest ever internationally 
syndicated loan to be denomi- 
nated in Kuwaiti dinars — 
KD 14m for 4 years for Al- 
Babtain Company, the Nissan- 
Datsun distributors in Kuwait 
The loan, which pays 12 per 
cent above KD Inter-bank rates, 
was arranged by National Bank 
of Kuwait and Chase Manhattan. 

The size of Tunisia's current 
loan has been raised from $100m 
to 3150m. 


in Lee Nat. 


UDC places Stanbic shares 


BY RICHARD ROLFE 


JOHANNESBURG. July 2. 


• Board meetings intimated, t Rishts 
Issue, since made, t Tax free, t Scrip 
Issue since nude from reserves. 


UDC HOLDINGS, the Soutb 
African arm of UDT which 
recently sold it banking com- 
pany, UDC Bank, to Standard 
Bank Investment Corporation 
(Stanbic), has placed the bulk 
of the Stanbic shares issued to 
it in exchange for UDC Bank 
with South Africa's largest 
investment institution, the Old 
MutuaL 


Public Works Loan Board rates 


Effective from June 24 





Han-qintn tanas A 

• repaid 

Y«m 


tarEIPt 

At 

in urn-ttys 

by ElPt 

AX 

at 

nuliif-tarS 

Up to 5 .... 


111 

111 

lit 

12* 

12* 

121 

Over 5, up 

to 10 

ni 

12 

121 

124 

I2f 

13* 

Over tb, up 

to 15 

m 

m 

121 

12i 

131 

13* 

Over 15, up 

lo 25 


12 i 

13 

is* 

131 

13* 

Oier 25 .... 


m 

13 

13 

13} 

13* 

13* 


UDC Holdings acquired 3.5m 
shares in Stanbic as a considera- 
tion worth Approximately 
R12m (314.2m) for UDC Bank. 
Of these .shares, 540,000 had to 
be retained in UDC Holdings for 
allocation to its outside share- 
holders. The Old Mutual has 
bought the balance of 2.96m for 


R9.Sm, equivalent to 330 cents 
per Stanbic share. This is ex the 
final dividend of 2S.5 cents and 

S ires with the current 
ic price of 395 cents, though 
the shares have recently been as 
high as 410 cents before retreat- 
ing. 

UDC Holdings said in a state- 
ment to-day that it was not its 
policy to retain a long term 
holding in Stanbic, and this, 
taken with the need to finance 
the remaining debtors book of 
its Ryan Nigel subsidiary, led to 
the decision to place the shares. 
Ryan Nigel has been forced to 
provide for bad debts of more 
than RIOm on its R40m debtors 
book. 

Old Mutual is the largest 
shareholder in Nedbank. the 


fourth largest banking group in 
the Republic (with Stanbic the 


the Republic (with Stanbic the 
second) and appears to have 
'taken up the Stanbic shares as 
an investment rather than for 
strategic considerations. Stanbic 
paid a 2S cents dividend last 
year, so Old Mutual has bought 
the shares on an historic yield 
of 8J5 per cent, but analysts 
expect a Stanbic dividend 
increase in the current financial 
period. 

This is Old Matual’s second 
large recorded share deal in 
recent times. A week ago it was 
recorded that it had bought 0.5m 
shares in Gold fields of South 
Africa from Consolidated Gold 
Fields for a sum approaching 
RIOm. It now holds 5.5 per cent 
of Gold Fields of Soutb Africa. 


ARTOC America Ltd., part of the 
expanding Artoc Group, is now 
concluding a major transaction 
in the U.S., report Agencies. 

Clients of Artoc Bank and 
Trust Ltd., the banking arm of 
Artoc Group, own over 23 per 
cent of the UK quoted Talbex 
group. 

The latest transaction is the 
acquisition of a 40 per cent 
equity interest in Lee National: 
Corporation of New York,, 
together with certain continuing 
loan arrangements totalling 
approximately Slim. 

At tiie moment, Lee National 
is a publicly quoted real estate 
company with property interests 
throughout the U.S. Existing 
management owns 60 per cent 
of lihe equity. 

Outside shareholders bave now 
voted in favour of accepting 
$3.25 per share, some 50 per 
cent more than the share price 
being traded on the American 
Stock Exchange before the 
announcement of the merger. The 
offer price of $3.25 per share was 
computed by ao independent 
firm of in-vestment bankers. 


Zenith watch deal 


Casino plan in the Transkei 


♦Non-quota loans B are 1 per cent higher in each case than non- 
quota loans A. f Equal instalments of principal. } Repayment by half- 
yearly annuity (fixed equal half-yearly payments to include principal 
and interest). S With half-yearly payments of interest only. 


BY OUR OWN CORRESPONDENT 


JOHANNESBURG, July 2. 


ZENITH Radio Corporation has 
agreed to sell its watch opera- 
tions to a new corporation being 
established by interests in 
Switzerland reports AP-DJ from 
Chicago. 

Zenith said the new corpora- 
tion, to be formed in Switzer- 
land, will acquire the assets of 
Zenith Time S-A. le Locle, 
Switzerland, Including its Euro- 
pean sales subsidiaries and the 
assets of Zenith Movado Time 
Corporation its U.S. distributor. 

Terms of the agreement were 
not disclosed but Zenith said the 
sale will not have “a material 
impact" on its 1978 profits. 


HESS 


RECENT ISSUES 


EQUITIES 


1978 




High ! I.nr 


[oi 
=> . 

1 


\ Sb 
169 -M2 
Jo : JJ 

ttnmvMUC.U.) 

Kuniihemi 

Thuner Pivwon>l 

86 

-.159 
-.1 34 

+ 1 
-3 


■-iUI*l¥ 


THE DIVERSIFIED South 
African group, Rennies Consoli- 
dated, in which Jardine Mathe- 
son holds 51 per cent of the 
shares, has announced plans to 
build on R25m (S28m) casino 
complex in the Transkei, the 
first of the South African home- 
lands to attain independence. 
Scheduled for completion In 
19S0. this is the first major in- 
vestment in the Transkei by a. 
foreign concern, though a har- 
bour project by various French 
interests has also been mooted. 

The plans envisage a 350 bed- 


room, 5-star hotel at Port 
Edward, just inside the Transkei 
and strategically placed at 120 
miles from Durban to catch the 
Soutb African holiday trade. A 
property company, in which the 
Transkei Government will hold 
51 per cent, will own the land and 
buildings, and the initial phase 
calls for R7m investment to 
build up to 150 beds. Tbe operat- 
ing company, in which Holiday 
Inns, a Rennies subsidiary, will 
hold TO per cent, will expend 
another R3m. 

. The second phase of develop- 


ment, according to Rennies vice- 
chairman Mr. E. Steyn, will 
entail building another 200 bed- 
rooms at a cost of R15m, to be 
tackled on a "modular" basis. 

There are no casinos in Soutb 
Africa as such, but they have 
been developed in Swaziland. 
Lesotho and Botswana, primarily 
by Holiday Inns and the local 
group Southern Sun, a subsi- 
diary of SA Breweries. More 
recently, a casino complex has 
been developed in tbe other in- 
dependent homeland, Bophuthat- 
swana, near Pretoria. 


Bui ova write-off 


BULOVA WATCH has taken a 
writedown of S13ra in the fourth 
fiscal quarter ended March 31 as 
it finalised a three year restruc- 
turing programme and reported 
a resulting loss of S15.5m on net 
sales of 3203m. for the fiscal year, 
reports AP-DJ from New York. 
The management is forecasting 
a profit for the current year. In 
1977 Bulova reported a loss of 
$6.9m 


FIXED INTEREST STOCKS 


CURRENCY, MOJSJEY and GOLD MARKETS 


- 1 i* j 


i HirIi 1 Low 


ft + -“ 


j?0a .no ‘ 

1 • Nl. 

1001* I — I 
I'lhltt - 
UL 7.S*. F.l* 

• C25 

99 £50 


90p i A Writ LwUier 8* Fret 90p j ..... 

■•jiianiM Ui* 30i«|+*i 


Expansion of the snake 


GOLD 


JunroO June 29 


1109 | F.l\ 
99V - 

awu i' to 
;S9 ciu 
cao 


I*si*ni Br.w;i.reiwn tnar. rnu. mo— ao.-.— «jm»iT« 
104n ; lJUpiBeclerinrtW In«.OlBcelO%'Hed2nilComrr8qipUiH 

1004b I 99HSlW ,ll ^ | Otb (Ciiyul) l«. K*te WNJ A 

WI»; 97i| «i Witter «i K*L t*r«. UM v?.; SB a[ 

&J«: 24i a iF«trview B*ts I 55! ; t — ** 

49i E ' 4Si 2 .nreen»irh{Loi».T)o«>.<«01IJg Ke'l. IM8...I 

Sri. I B7|. •J B Hunting!- lOlfc Prel — I 9J4lj— ’8 

lttt|i. lMp.MiUer iFjllS fref I 104 !' 

lDHju KNp Him II* FrM. ■£•••"—••[ 

100. WiiiiWmi ()!«. B«wi|di 18K 99'gl •••••• 

flu ifi*: M<uilMNi.i^io-6cn Lst K«*l. I ! 

JOj*. 9 Smilb. rynemle Lut By*, i**-* i 

(Ola 1 nvivur* fail I--'-'- '• l* 1 ’ 1 * -j* + 4 

2<>s!wpat Kenl Witter 12% Pel-. ljSo_ 1 '« 


BY CDUN MILLHAM 


“RIGHTS” OFFERS 


’l-MI*- J 

Pnwi 

r: ; 

| 

li ! 

L«U-*V 

Ui-inillc. 

Unit' 

4a t 

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28 7j 

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Nil 1 

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20|-ii') — 1 

. 19 |.in; — 1 


If the European currency snake 
was created as a step in the direc- 
tion of European monetary union 
it cannot be regarded as a con- 
spicuous success so far. Many 
European countries have been 
members of the snake (otherwise 
known as the joint float agree- 
ment) at some time, but only a 
few have managed to remain in 
over a long period. 

A country does not have to be 
a member of ihe European 
Economic Community to join the 
snake, since Norway is still in the 
agreement, and Sweden has par- 
ticipated in the fairly recent past, 
while three of the largest members 


CURRENCY MOVEMENTS 


Bank of Morgan 
England Guarwuy 
Index Changes •„ 


"" Rpimnctanon due it « 

'r; sOTSSSTSfr* 

or SS-SK SSmm^rn TBS 

*V 11 VXtilr. 1 n OffcwK* tMtterfrti trig™ nnlwtnAmA. 59 Ert 

IV HdV nl cajiiiallMtfon. 1‘ Minlonnn IMidcr prt. •* . IMM1 - . is-.kM 


Sieriini! - 

U.S, dollar . 

Canadian dollar 
Austrian s.'hllUno .. 

Belgian franc ... 

DMUah krone 

Detxtsche Mark 

Svriss franc — 

Guilder - 


Ije.87 +10.7 
U9J6 +U.S 


114.50 

M0.52 

MJJd 

12D.21 


"vTnTr. nOffcrrtLio hoMMs o»f 5 Y B 2inrr«S. 51 Iwurd 
■y **« CM"! J' ’^ ak ^ ”u InirotliuAWHt. -*ls-u^ 

n n iw >provl5,Qn 
,r wnly-naid alimmrni leners. ★ With warraniB. — 


French franc - M.S1 — 3M 

Ura SSJB -«6J 

Yen MS-4a +CJ 

; Baaed on trade weighted changes from 
Washington acreanc-m December. 1871 
'Bank of Enslaod lodes. =VWi. 


of tbe EEC have not been ho the 
snake for some time. 

The establishment of closer 
monetary ties between Common 
Market countries is obviously to be 
hoped for if the EEC is to fulfill 
its potential as an economic and 
political force within the Western 
World, but the different inflation 
rates of various countries has been 
a major obstacle in attaining this 
goal. 

At present the joint float asree- 
menr tends to revolve around the 
West German D-mark, while the 
German's enjoy a much lower 
inflation rate than most of their 
major partners in the EEC such as 
Britain, France and Italy. 

The lira is an obvious example 
of a currency which would find 
great problems in rejoining the 
snake, with the present political 
instability in Italy and an inflation 
rate of about 12 per cent, but there 
may be room to include the lira 
at some time if the terms of the 
agreement are made slightly more 
liberal to encourage other 
members to join. 

Recent rumours have tended to 
centre around the French franc 
however, with suggestions that the 
next European Council meeting 
will look at ways of bringing the 
French currency into the floaL 

President Giscard d'Estaing 


tended to reinforce this when he 
said on Friday, that the franc 
would not rejoin the snake in its 
present form. 

The franc finished rather weaker 
on Friday after the President's 
statement, but had touched Its 
highest level for over two years 
against the dollar in earlier 
trading. 

Sterling also benefited towards 
the end of last week in the wake 
of these rumours, since it was 
argued that if the franc was to 
become part of a new plan for 
monetary cooperation, sterling 
could also become part of a new 
agreement. This helped to push 
the pound to its highest level 
since April 13 against the dollar 
last Thursday. 


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Oow?.. SlSH85i 

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Mnminc fiiinc 181 SJ0 

liL'SMtt. 

Afiem.v>n lixlnu.... SI. 3.05 
14198 .49 Ji 

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Kmj>.;lTMn.1 jSI-0* l Zj 


6184-1841 

!S1B4*-1SW 

ISIM.fiO 

i(£95.&62. 

S1S4J0 

(£93.2251 


Knu.^-i-ran.1 51-0* l Zj 

rCUZyiiifj 

N«?w sortrpluiia — .. S34j’ JJ 
.£2*4-51141 

OM Sfivrreicns £:>5j-?5} 

i £29-501 


GoM C-i'n- 

in<«>iiMliuiiali.v i 

Knim-miU'l SlBSJieo, 

<rii.U-it.Z4 

Ne* !*->r*n?iLni» S&2J-5+J 

i£*tl -Zai) 

urn Sfivereiyny l 8s5i-t&i 

iMi-iO- 

920 Ka^tvr i« 781-1.79) 

Sly S145-14B 

Lit S3Bl-ir54 


191916-1934 

;.£l02.-ID5i! 

>346-bbi 
(£29j. AOt i 
I8541-8IU 
.i£29J 50il 


T HEAR from Johannesburg that 
the South African gold mines’ 
black labour shortage which has 
been hitting production from 
time to time over the past two 
years is well and truly over. 

Moreover, just over half a total 
force of 421,000 is now provided 
from within the country, follow- 
ing a sustained rewriting drive 
that has more than doubled the 
numbers over the last 31 years. 
In present economic conditions it 
is considered that the home 
labour force could be boosted 
still further. 

But it is not thought wise to 
push this loo far. For one thing 
migrants from other countries 
tend to be more experienced, 
many having worked on the mines 
previously, whereas many local 
men are newcomers to the 
industry. There is naturally _ a 
tendency to select those with 
previous experience when 
recruiting in outside areas. 

South Africa pulls out of its 
economic recession, leading, say. 
to an expansion in the building 
industry, many local workers 
would be only too eager to for- 
sake tbe tougher conditions of 
underground mining. 

So the gold mines are content 
to diversify their labour and stick 
by their traditional sources of 
workers, among which Lesotho 
tops the list, with some 23 per 
cent of the overall total. Next 
comes Mozambique with S per 
cent, followed by Botswana, 
Malawi, now back on the labour 
supply list, and Rhodesia. Smaller 
numbers come from Swaziland 
and Namibia plus a few from 
Angola. 

Chamber of Mines president, 
Mr. L. W. P. van den Bosch, 
pointed out last week that the 
industry is endeavouring to 
encourage the migratory worker 
to return regularly to the job for 
which he has been trained and so 
adopt mining as his full-time 
employment. Some success has 
already been achieved, leading to 
a greater degree or stability in 
the labour force. 

Of course, as Mr. van den 
Bosch stressed, static or declining 
productivity in recent years has 
been one of the industry’s bug- 
bears in trying to contain soaring 
costs, a problem that has been 
aggravated by the 11 -shift fort- 
night and would be more so if 
the five-dsy week came along. 
There is also the continuing 
white opposition to the advance- 
ment of black workers In the 
mines. 

Fullest use of the total man- 
power potential is something the 
industry must primarily aim for, 
and must in due course achieve 
if continued cost escalation is not 
to whittle away the benefits of 
a climbing gold price. 

What has happened to the mid- 
year. dividends of Vaal Reefs and 
Western Deop, I am asked. Under 
a new timing policy for the Anglo 
American group declarations they 
wall be coming along on July 20, 
together with the group's June 
quarterly reports. 

The Western Deep interim 
couM be 20 cents higher than a 
year ago at a minimum 55 cents 
(34p>. Last December’s 1977 final 
was 47.5 cents. What Vaal Reefs 
may pay is very much a matter of 
guesswork in a situation com- 
plicated by continued heavy 
capital expenditure. Estimates 
thus range from 70 to 90 cents 
(43.3p ro 55.6p). Lasrt year the 
interim was 55 cents followed by 
a final of 60 cents. 

1 would not be loo optimistic 


about ihe July payment. Vast 
Reefs is still a share about which 


Reefs is still a share about which 
the long view should bo taken for 
the translation of its undoubted 
gold-uranium ear tun.; power into 
the full dividend potential. 


Pan continental 


July is with us, and as every 
day passes the remaining dry 
season in Australia’s Northern 
Territory gels shorter and . 
shorter. Yet llie country's 
potential uranium producers still . 
await a Government go-ahead to 1 
take their mines to production. 
Meanwhile, Pancontinental has 
run into another broadside from 
the down-under environmental 
brigade which has not done the 
market in the shares any uood. 
They have come back to £12} from 
their recent high of £14; and 
from £I3t since the message here 
that a switch from Randfonlcii: 
could be better timed at the buy- 
ing end. The vexed question of 
Aboriginal royalties has also yet 
to be settled. 

Even the share market glow’ 
cast by London brokers James 
Capei: who have become very 
enthusiastic about Fanconr mental 
recently, has been dimmed. But 
they are not entirely dismayed. 
Here is their current verdict. 

“At the risk of ending up with 
ycllowcake all over our faces we 
still predict that the current diffi- 
culties will be resolved by the 
end or this year and ihat share- 
holders who have disputed both 
courage and patience will be re- 
warded. it is hard to say so but 
we think clients should use the '. 
current weakness to average.” 

No doubt Panconi mental's i 
chairman Mr. Tony Grey will be . 
disseminating his usual glow of . 
optimism when he arrives here 1 
for the annual Uranium Institute 1 
symposium next week. 


Diamond seekers 


One of the diamond seekers in 
Australia is that suniver from 
the nickel boom days Bamboo 
Creek Gold the shares of which 
are now quoted in our list of 
Australian prices. It is one or the 
participants in the search that has 
recently started in the NuWagino 
area of Western Australia's 
Pilbara district, where Selection 
Trust is also at work, as reported 
here on April 10. 

Bamboo Creek is now proposing 
a three for two non-renounceable 
rights issue of 50 cent sbares at 
25 cents to raise SI -37m (£0.S5m). 
The issue price compares with 
Friday's close in Sydney of only 
22 cents. So the offer hardly 
looks attractive at the moment. 

It is hoped that it will become 
rather more so after the necessary 
extra-ordinary meeting this 
month, when it is hoped that the 
company will be able to pull 
something out of the bag to 


encourage shareholders to put up 
the new funds for what is des- 
cribed as a "vigorous re-activa- 
tion" of its exploration pro- 
gramme. 

If it takes the form of favour- 
able news about the Nullagine 
diamond prospects then it will be 
of interest to a wider circle of 
investors — Including tbose in 
Selection Trust. 

* * 4 

Poor old Silver Valley! Yet 
again a life-saving deal has fallen 
through. The Bridge Oil offer to 
the receiver for the shares re- 
ported here last Monday has been 
withdrawn. No reason has been 
given. 


;F 189*- 1914 
>£iaiM[i2,-> 

-sssi-5i: 
;(S2E4-ZS4.< 
Ls&Si-56i 
iCZBi-ZS*' 
s:77i-Zt0i 
'S 140- 14b 
S 38-105 


INSURANCE 


THE DOLLAR-SPOT 


Canad'n S 
Guilder 
B.-lgian Fr 
Danish Kr 
D-Mark 
Pon. Es 
Ura 

Xm gn. Kr 
French Fr 
5itvdlsh Kr 
Yen 

Austria Sch 
Swiss Fr 


TEL AVIV STOCK EXCHANGE 

.. . Prices 


THE POUND SPOT 


FORWARD AGAINST £ 


FORWARD AGAINST £ 

Days 












82. 87-89.00 
2.30JJJ345 

88 95-88.98 
2-2330-2.2M5 

One month 

P-a- 

Three months 

PA 

32. 65-32.745 

32.13-12,745 

052 -054c pm 

0.36 

a_07 -0.09c pm 

035 

5.6373&M45 

5.6395-5.6415 

0-K1-0.76C pm 

3.93 

2 - 20 - 2.1 be pm 

3.9- 

2.0745-2.0770 

Z-0760-22T770 

8.5-7. 5c pm 

2.70 

2523c pen 

2.91 

a— 

45.58J&.6B 

— 


— 


854.eass.08 

I59.4S-854.65 

0.42-0 ,87pf pm 

4.70 

2.76-2. 71pf pm 

SJ5 

5.4008&4080 

5.4060-5.4083 

— 


— 


4.482544030 

45050-45100 

2J5-2-55Ilredis 

-3J* 

6.90-7.650 rodlt 

-534 

4-5738-43765 

45730-45750 

— 


— 


2CM45JB5-05 

204.65-20455 

0.75-0. 90c dis 

— L15 

155155c dl» 

-0.95 



14.94-14.945 

— 


— 


1J5545-L8595 

1 B570-15S8S 

I5J-0.93y pm 

5.06 

2.90-2. TSy pm 

530 

cents per Canadian S. 

US-LSSc pm 

6.61 

355351C pm 

656 


But whose agent 
is the broker? 


BY OUR INSURANCE CORRESPONDENT 


Ooiupaiir 


■anLtno. Insurance and 
Finance 

L'i.uvd Mizrahi Bank ... 
Inr .ra-li lnsureiu.1' Kr. .. 

al Mort. Hank Br. 
• T.-fabm “ Israel Mori- 
Wank Kr. . .. 

Land Development 
Wnca tarart Invest. IrtO 
Krarf Lain! Develop. Ur. 
3 rop>.-rif and Build me ... 
»uMk Utility 

si.«i-J EliH.irh: Coni 

litvMimeflt Compute* 


Pnceft Change 
July 2 on tlie 
197K week 


Company 


Prices Changi 
July 2 bn Die 


-39 - ? 

714 -s; 

4 US - 6 


:n -a 

390 - S 


U8 -=4 


Bank Lcumi Investment «3 ” J 

-■ clal ” Israel Invesonnt. — h 

Commercial a _ m 

Alliance Tire and Rubber » 

Eleo Br. ... __ 

Amin an Textile Br- ■ • 7 

“K” TealHe-B” 333 - 7 

Amor. -Israeli Paper Mills „ si 

400 -11 

Elite ™ -36 

Fuel and Oil ^ 

D 2ro: Bank Letml ' * Israel B.M- 



BnnU 


% 

L’Jj.5 

7 1.1 

L umdinn & 

8ia Z- 


UuUder 
BeUrwn Fr. 
I Is nil. h Kr. 
LMlu* 
Port. &■■. 
-l*u. Pea. 
Ura 

Xrwcn- Kr. 
Freorb Fr. 
DWMIshKr. 
Ten 

Vustria St-h 

*wi««Fr. . 


4 4.14-4.17 

Si g 60.70-50.90 
9 10.46*. 10. B1 

3 3-844 3.074 

13 M.6D-8 6. 26 

0 146.40-I46.BG 

Ills 1JW&- 1,591 
7 10.03-10.064 


91s 8JW.4I _ 


7 B.474-BJZJ 

3ie 375-385 
40 b 27.70-28 J5 
1 6.45-3.464 


1.8685- 1.B60S 
Z-09KEZ.0910 
4.144-4.154 
60.7D-E0.8I) 
10.483-10.463 
3.65-3.86 
84. 65-86. 15 
140.00-146.60 
1.688- 1.068 
10.05-10.06 
8.384-8.571 
8-504-5.514 
378-380 
27.75-Z7.86 
5.454-3.444 


One month 


Three month* 

% P-*- 

0.550.4 

3.22 

(I.5S- 1 5 Be. pm 

Z5S 

fl.B6-0.75i -.pm 

458 

l155-1.7SL-.mil 

4.44 

3 2 .|.m 

75i 

[/Je 6Ja C-i'ni 

859 

SO-SO . . piu 

4.54 

S-fl'f 0 c. pm 

650 

3* 4i.^prfln 

-J./2 

|7-9 ureiti- 

— 3.IB 

3-2 |.i i>m 

7.74 


751 

35-155.. .lie 

- 12.01|li5-475 c. dfc 

-14.13 

par IDO c. du 

— 4.08 


-3.07 

par ! lire riis 

-0.75 

]l-4 lire du 


li.n-pm-'U.li* 

—0-60 

hp -34 one 'll* 

— 0-83 

li-i . fin 

1.08 

Si-2i e. jnn 

151 

ti"iv [Tn-idls 

0.70 

|3j-l) ore pm 

LOB 

Z-B5-r.70v.iiDi 

8.94 

£.765.26 ri.cn 

B.44 

17-7 :ini pm 

5. IS 

|4e-32-ix.pm 

6.52 

li-Zk cpm 

353 

jB£-7j c.pm 

S.74 


OTHER MARKETS 


£ 

Nine. Hate 


BASE LENDING RATES 

lk 10% ■HambrosBank J » 

1 R.inks Ltii. 10 "Hill Samuel v^lO -n 


I Belgian rate is lor convertible francs. 
[ Financial francs G1.MU1J0. 


Sts-montb forward dollar 2.7&--6QC pin. 
12-month S.20-5.1DC pm. 


AuicniiiiH l*t~> — .. 
Australia Hollar.... 

yinianit Malika—. 
HrartI Cnwin.— , 
Greece Drachma. 
Horn: Kcmc Dollar, 

Iran Hurt 

Kim mt DmariKD] 
Luarmhonn: Frant 1 
Mala Vela Uoilnr— . 
.New /ealan. I Dollar 
twin. i' Aral'ia K.val 
rides pore Dollar... 
South African Hand 


1,466 1.470 788 17 790.3 » 

1.613 B 1.6299 O.B67747.a7&3i 
7.B7 7.B8tg 4.2495^.251S 


3 2^0 -id. 90 17^70-18.22 

67.67B-69.360 36.40-37.28 
8-63i 4 -8.6614 4.6460-4. fc4B0 
126-132 67.74-70.97. 

. 0.5020.512 0.270O-O.27S3 
60.70-60.80 32.60-32.62 


1.3960-4.4100 2.365 U-2. 3 660 
1.7976-1.8136 0.9660-0.9746 
6.33-6.43 3.40-3.46 

1.3100-4.3230 2.3190-2.3200 
1.6089- 1.6258 0.865043.8740 


VUM | Ul, ...... 

I‘plunim 

hnnairli-...,, 

h'mn.v. 

Germany 

nai\ ......... 

.Niilieriantl 

Srirway 

Eon up* I 
.-.|*iiii 

Svritrertan.1... . 
Unitcl Slalw... 
t'nsorlaTt>_ 


28 29 
60-6114 
Z0.3aiD.45 
8.35-6.50 
3.80-3JM) 
156a 1590 
380-390 
4.05-4.15 
9.85-10.00 
80-84 
1.43-1-46 
3.40-3.50 
1.84-1.86 
34-36 


Rale given for Argentina Is free rate. 


A.B.N. Bank 10 1 

Allied Irish Banks Lid. JO % ■ 
Atnencan Express iu a, 

Amro Bank JJ 

A p Bank Ltd JO J 

Henry Ansbachcr 10 i< 

Banco de Bilbao 10 * 

Bank of Credit i Crncc. 10 5 

Bank of Cyprus 10 n 

Bank of N.S.W 10 % 

Banque Pk»lce Ltd 10 o 

Ranquc du Rhone 

Barclays Bank JO ■ 

Barnett Christie Ltd.... J] 0 1 
BrcmaT Holdings Ltd. 11 
Brit. Bank of Mid. East 10 % 

■ Brown Shipley -■■■■■•■ £ 

Canada PcroTl. Trust 10 n 
Capitol C & C Fin. Lid. 10 ,, 

Cay zer Ltd Jg « 

Cedar Holdings 

B Charterhouse Japhcl— 10 _o 

Chou lar tons jo _p 

C. £. Coates ; ;* « 

Can.HoUdsled Credits.., 10 <* 
Cooperative Bank a 

CorjiiaiiktiSeeuriiies... 10 % 
Credit Lyonnais . * 

The Cyprus Popular Bk. 10 » 

.. Duncan Ldwrie 10 J 

Eiigil Trust JO J* , 

English Traoiicuni. ... II «» 
First Nat Fin. Corpn. J2 * - 
First Nat. Secs. Ltd. ... l- «• 

■ Antony flthhs ]0 » 

Greyhound Guarsutiy... 10 v» 
Crtndluys Bank i 10 1* ; 

* Sumness Mahon JO *5 « 


Hill Samuel --siu •? 

C. Hoare & Co + JO 

Julian S. Hodge 11 n 

Hongkong & Shanghai 10 % 
Industnal Bk. of Scot. 10 
Keyser Ullmann ......... 10 ^ 

Knowslcy & Co. Ltd.... 1- % 

London Mercantile ... 10 % 
Edward Manson & Co. 

Midland Bank JO ^ 

Samuel Montagu JO ^ 

Morgan Grenfell . JO % 
National Westminster 10 % 
Norwich General Trust 10 
P. S. Refson & Co. ... JO o 
RossnJinster Ltd. ^ 

Royal Bk. Canada Trust JO % 
Schlesingcr Limited — 

E. S. Schwab ■--•-■• }}=2 
Security Trust Co. Ltd. JJ * 

Shenley Trust • JJ « 

Standard Chartered ... JO J 
Trade Dev. Bank ..... JO n 
Trustee Savings Bank 10 -n 
Twentieth Century Bk- j 
United Bank or Kuwait 10 J 
W hi tea way Laidlaw ... JO,^ 

Williams & Glyn s JO « 

i£EZ* of urn MX 

SET'S— -■ w— 

anil o»i-r 123.008 
Call dtfpu*>i* «»r r*,®*™ 

Dcitiaiitl 7i **- 


exchange 


CROSS-RATES 

l'uuml Stwlinri U.S. Dollar IDtuirchf-Mark Japaoew Ten I Frew-b Fninc | S* Franc | Dutch Guilrfe 


ItAiian Lira. ] Cumin Dollar] Belgian Fnnc 


Pouml Sierllnc 
U-S. Dollar 


Dmisehf Mark 
IftfiuuMC Y«J I AT 



frftncb Franc 10 
Franc 


Dutch li r 
Italian Lira LOO- 1 


Janaitum Dollar 
ftri'.Ean Fninr 100 


MONEY RATES 

NEW YORK 


LONDON MONEY RATES 


Frtmc Rate — 

Fed Funds 

Treasury Bills /13-week i. 
Treasury Bills (26-weok'.. 


GERMANY 


Dlsconm Rate 

Overalsht 

One month 

Three months ... 
Sl< ir nmlhg ...... 


FRANCE 


Joim>30 

ISflf 

; Meritih- 
; Cetificate 

1 ot de|o-ns 

| InteHapk 

1 

i Local 
| Aulhuntj | 
i depopiih | 

Local Anth. 
IllSP’IW'.-f 
( Wmdl 

Fioanon 
Uourts 
Dope* It 11 

Cnmt*nv 
Dejri-iT- ; 

Diftconnt ' 
marker 1 
.lepn-a 

rnM-’orr 
Bnl> 4> 

Blixlhfo 

Hank 

Bllu* 

PinoTm.1i 

UctruuiU 

‘ - 

j 9i«-Uie 

i — ! 

— 

— 

10i B 

0ia -10 

— ] 

— 

— 

K uiV- not he.. 

— 

- 

1 05.1-978 

— 

— 

— 

— 


— 

— 





| - 

— 

— 

10U 

— 

— r 

— 

— 

7 •!*)■■ n-diee.. 

— 

| Oi a 10 

1 9*4 - ID 


- 10 

— 

9sg 9s* 

— 

— 


Dae month .._ 


| 97b 10 >8 , 

978-10 i 

i lOJp-IO 

IOI 4 

lOU 

Ml? -968 

9|%-9l4 

9S 4 -9tt 

Ida 

T*o month-... 

! ias- r : 

i 9r„-iQ h . 

— 1 


lhSa 

— 

91i 

ai« 


10i s 

liiroe Dioatb-. 

; lti>e-9ii 

! JDlOi* 

972-10 | 


ILie 

lQtz 

1 9Js-9ia 

9Ar9» 


103e 

t>tx uicidtll 

: 1U38-1 f t 

! 104*013 

10-104 

BIb-BI* 

lQta 

— 

— 

— 

10 

104) 

fimv inonrli*.* 

j l£hvlD, ! .: 

• iUag-IObj 


lu-yss 

J2 6fl 

— 

— 

— 

— ■ 

--a. 

One CM. ... 

1 «V«-io f * 

1 IO^.IOSb 

1 10U-10'a j 

lOta-W 

106* 

— 

— 

— 


— 

Two VMt* 


I — 

! IDS 4 .II 1 

1 

“■ 

— 

— 



— 


Discount Rate — .. .„ 

OsentlKht mm. 

One month - 

Three months —•■■■■■ 

Six months ............... 


JAPAN 


Discount Rale 

Call fUncomllMoMli — 

Bills Discount Rate 


Local atnborUy and finance houses seven days* notice, tnhers serpn days' fixed. Longer-tann local anrborlty mortgags rate 
nominouy three sears llMK uer ccnr. four years 12-15* oer cent; five years per cent. ■ fr Bank hill rates a able are 

bn yin; rate for Dnme paper. Bnymc rales for rour-momh bank trills 97 per cent: (onr-monlh trade blJIg j.04 per cenL 
Approximate seHniR rates ror one-monih Treasory bills 9 ih>M per cent; two-month p* per rarr, and time-month 9ii6-B7js 
per cent, approximate selling rate for nae-momn bank bills 9 1-9 n is per cent: and two-montit 0Uu per cent; and three-mnntb 
$: per cenL One-motth Trade- bUl3 102 per cent: two-month 1M per conr. and also time months tifl per cent 

Finance House Base lutes /published by ihe Finance Houses Association! 10 per cent from July L I97B. Clearing Bonk 
Deposit Rotes (far smalt sums at seven days' notice. M-7 per cent. Clearing Bank Base Rates for leading 10 p «r conL 
Treasury BIUs: Average tender rates of discount 9.2726 par cent. 


SUPPOSE AS a motorist you 
have been insured with a par- 
ticular company for a number 
of years and that all the time 
you have arranged this insur- 
ance through one firm of insur- 
ance brokers. The time comes 
when you decide to get a new 
car, a s lightly sporty model in 
contrast to you rather staid small 
family saloon. 

You phone your broker, give 
him details and ask for the cover 
of your policy, which has no 
driving restrictions, to be trans- 
ferred to your new car. The 
brokers says. “That wili be all 
right — we will see to that," and 
so you ring off satisfied. 

Later that week, your son has 
an accident with your new car 
and the day afterwards, before 
you can notify the accident, you 
get a letter from your broker 
saying that insurers will provide 
cover in respect of the new car 
for yourself only and not for any 
other driver. Are yon and your 
son covered, or was your son 
driving uninsured ? 

The question you may think 
suitable for an examination 
paper in motor insurance, and 
likelv to sort out the candidates. 
In fact just such a question bad 
to be considered by the Court 
of Appeal recently and the 
judicial answer was provided oo 
June 21 in the case of Stockton 
v Mason. 

Mason Senior had insured his 
Ford Anglia for some while with 
Vehicle and General through 
brokers, Arthur Edwards (Insur- 
ance). On April 8, 196S, Mrs. 
Mason phone the brokers and 
asked for the substitution of an 
MG Midget, getting an assurance 
from the brokers in the words I 
have quoted. 

On April 17 the brokers wrote 
to Mason Senior restricting the 
driving of tbe MG to bimself but 
before that letter was received 
on Aorii IS, Mason Junior while 
driving the MG had had an 
accident in which his passenger. 
Stockton, sustained severe per- 
sonal injury. 

Stockton sued Mason Junior 
and in due course V and G (by 
(hen in liquidation), and the 
brokers were Joined as third 
parties to the action. 

The judge, Arnold J, awarded 
damages of £46,000 against Mason 
Junior and held that the Brokers 
were responsible for meeting the 
bilL 

This was because the state- 


ment made to Mrs. Mason 
amounted to nothing more than 
an undertaking that they would 
negotiate with insurers on the 
Masons' bebaif. not that they 
were as agents of insurers 
accepting responsibility for them 
for continuation of cover on pre- 
existing terms. 


Extracts 


Before the judge and again 
in the Court of Appeal tbe issue 
was whether or not the conversa- 
tion and the particular words 
constituted an interim or tem- 
porary contract of insurance for 
the MG on the same terms as 
had applied to the Anglia. 

The Brokers held insurers’ 
cover note books and had 
authority as insurers’ agents to 
enter into temporary contracts, 
binding Insurers for periods nf 
50 days at a time. 

It was this aspect that 
weighed most heavily with all 
three judges in the Court of 
Appeal. I have only extracts 
from Lord Diplock’s judgment so 
far and he is reported to have 
said: “There must be thousands 
of cases every day where persons 
wishing to be insured or to trans- 
fer an insurance ring up brokers 
and ask for cover or fresh cover 
or transfer of cover. 

“ In every case, they rely upon 
the Broker’s statement that they 
will be covered as constituting 
a contract and they spc*k to the 
Broker as the agent of insurers, 
not as tbe agent of the persons 
wishing to have insurance.” 

The problem is always how to 
resolve what might be called the 
demarcation line between two 
cardinal conflicting principles: 
first, that in tbe placing of insur- 
ance the broker is taken to be 
the agent of the proposer or 
policyholder (SO that for example 
tbe proposer is prejudiced by the 
broker's non-disclosure on his 
behalf); 

Second, that in the provision 
Of cover, where the broker has 
positive authority from insurers, 
and a cover note book, he is 
taken to he the agent of insurers. 

Presumably, insurers and 
brokers must expect that the 
Department of Trade and others 
are now on the way to proposing 
chances In tbe hone of clarifying 
the broker's position, from the 
customer’s point of view. 





BIDS AND DEALS 


These, securities having beat phtCedpriraiitiy oufsMr The Netherlands, 
{his anno mam e n t appears ex a matter of record only. 



Customagic seeks Panel ruling 
on ‘special treatment’ 


THE BOARD of Customagic. and While Unigate continues Its in- and gas/ hydraulic industries. . . .. flcaot s’drhtton To 'the BrnSn x 

its advisers Grindlay Brandts, are wstigation into Worldcourt the Reynolds* profits for the year This extendi*, he wWxto the acnuWtion of a 1161 per c 
seeking a nrito - imm the Take- offer, for its 3X1 per cent stake ended June 30. 1077 wore £173,006 groups eyprrti>e in dmtopmh J^uify’SinrriSpanon in engm. 
over Panel as to whether the offer remains open until July 7. and in excess of £300.000 is tore- new products and sociefd < lndusarieUe dcs E-lnh 

for the company by Moo toys cbm for 1S77-7S. b 2L£^ ch ThJrtT* to j xeinent* Voycr SA. »f Toi 

STlSSe ^ 8 ^ affaSZ HENSHALLSTILL WARn tfrms ESP TSSJ^ *"***: ■ 

Ihat^&^dSs'SS SSted SUPPORTS PETFORD . . the group or the nert to keep Ruo 

equally. Borbotoae. one of the two ohl lLtD abreast <>F technoIoRical change. wC. July -A at noon. 

■ , n1fl _ f tfc _ rnm pflnto. bidding for W* Hen- Thomas W. Wart has now; be says, and Ihe appropnatc sun- 
*Pie WB weekMd ° in a shall art Sons (Addlestone). is reached agreement with British porting investment is budgeted g„, 

powerful document**' con tain tog seeWng^to consoltote the control Steel Osirporalioii on ““P** 1 ** t£« U s ?raS " RTZ S £15lll 

the reasons why Sir Cecil Burney, *t already has (a08 per cent of turn terms for Um sale of jUie related to inib strategy. 

the chairman, and the indepen- the shares). It has called an Grantham and Nethcrton Sejt As reported on J nw id pre-tax Cnanicll rlpol 
dent directors, are rejecting eUian Jtnry meeting of Henahall stockholding activities. of John Lae, profltti for the March 31 18T8 year OUmXUNU Utflt 
Mooloya's offer with the aim of ensuring the Bov- and Son (Grantham). ! rose /nun XiXiwm to a record * m ..... 

ci_ =h a «.hnlHers b °urne'B representatives consti- Total consideration for proper- £n. 5 j ra on turnover ahead From Rio TOnjA* 1* .,***, 

tutc a majority on the board. ties and shares, after deducting n73.B8m to £ IDS. 34m. And the approximately Wh 

thp 1 J^SfrP^ne Det & **“ fact that the Take- dividends paid to Thos. W. Ward dividend is increased to 4.43p to increase its stake in • Jlo T 

Mn ni kil+h!£*\nfar- ovcr ^*“*<1 has now firmly ruled and net debtors collected by'JohiB ’fS&Sp) per share. Mlncra J' 

Maoioya to ulsciosfi furtner inter- «u a i um^ii rannot rfihite Bov- ta* #»f rnonfhnm nmr>nnttn4i ^ Patino) Its order to fiiciiiiaU) 

mation of material contracts it boa ttoSiSa 11 board &4m ^ca^has b wn mS ^ ‘J*** 1 Shcffic l f d s P* ttL%h WP* 1 ^ t-onprr i\\ 

bad entered mto with . certehi is; stittlSdS* out WMethe S,4m “ C h W p “ , .v.: has again been one *henlhe Production is to he ral 

Customagicfaectora. under which hisher m b yP«ttort is still out- THORN FT .FCTRICAfr by 20.000 i»»s in almnt.rfMmo l 


-Fmancfal Times Monctar July 3 1978 

Norcros keeping up f 
With changes | 

THE FUTURE strategy si Noreroa Bulk Carriers, of Can.i 
Includes a great deal nf thought enjoyed a dramatic iinprovron - 
and effort being concenirated on of. fortune, he .says, by WMn | 
widening the proprietary iiaiuir «» best sales and profit ficu ■ 

of ite products, MrJohn Sheffield gjte 1«J Mr 'JJJW. and ■ f 
\ the chairman, says in Jus annual ItoprovrmeM continues, 
statement. Mr. Sheffield Mute* that a vie a 


and in excess of 

cast for 1877-75. 


Dfls 75,000,000 

NEWZEALAND 

6 3 A% bearer Not^ 1978 
due July 1,1984. 


nCixaUALLCUlLL WARD TFRMg Mter awareness throughout 

Bd SUPPORTS PETFORD ttU group or the nerfi to keep Meeting Connaught 

Bovborae. ^ooe of the tw-o SETTLED abreast *»F technologies! change. VC. July 24 at noon, 

fie companies bidding ter w! Hen- Thomas IV. Wart has now; be says, and the appropriate sup- 

a shaliand Sons (Addlestone). is reached agreement with British porting investment is budgeted n-| r 

...iiim i. it.. Slivl Cnmanillon nn eflUMBsa. and an V acquisUiOUS Will be II I /. C t P 


RTZ's £15m 
Spanish deal 

Rio Tlnto-Zlne Is m suhsci 


Amsterdam-Rottordam Bank N.Y. 
Alg emene Bazik Nederland N-Y. 
BwkMees & Hope NY 
Pierson, Hddring & Pierson N.Y. 

July 3,1978. 


S. G. Warburg & Co. Ltd. 


is stm hoMing out. While the 
fwSKiS 2i,m h « h e p ttA by Petfort is still out- 

Mandtaft the board is continuing 
for CustD to support that one and urges 


made is successful 


„ T |l e implication is that Sir boItTre^llreir praxv^otes^at^the acquired a 73* per cent holding Jal virtually #|i iiuei« plant. 

SSJ=f 52E? ESi «t~«i*5»nr Meeting on Sc«^Fcrnffient« -e Pre* EZ2&**±** ffZSAi Vnhin . Ex, 


«ui xii «-'- v . ^ again been one wuen uw „| nn Production i«* to be ral 

-runpw t:t prTRirr^ majority of companies Unproved bv 2 0.000 tons to about 3MW t 
_ HUK _^ their performance, without ex- n | t . op „ cr , n coiu-eutriiu-s 

ACQUISITION ception the printing companies ail additional cnnci-ntrait-n will 

Thom Electrical Industries has met their largely he aays. amt ^melteel awl refined at the ft 


contracts amount to special trwt- August 22. sao. manufacturer ot engineers' icaiure oi mc.w™, V''kJ‘ which holds 73 per rent .»r R 

ment of selected shareholders. cutting tools with a factory to tion, is the commitment by RTX that F 

They are also rejecting the offer nilNTDP RTIYC iiao P^ulo. the companies to increasing «- ?ho ui!i bathe d rtoi e viSicfc 

on the grounds that Mooteya is LJUNLOP BUYS The company will be renamed ports anti, in relative terms, the S di-lS'niiSnfdMto^rmm 

attempting to buy a company six Drajon H o hHngs has agreed to cte^n SA Ferramentas de Khievemcnls of Radiant sujwrjct Lu jn^S? P in Spa?n. To 

tunes its size at a price (20p), acqukaTfee capital of Singkhurst PretSaS The cost of the aetjuist and Windlcy Brothers arc out- SSSJTSifiLlvC ^transferred 

SLfS ‘STH.’i* ” SS SS H °! Jto ^ °f SheatKl. forSM.OOq *1th ,n asreeSp? .landing. IS KSinTiira 


August 22. 


sao. manufacturer of engineer^} feature of the success, in construc- 


Exphmlvis Itlo It 


DUNLOP BUYS 


pared to pay in. the market last to be satisfi ed by the allotment of gramme of expansion will result 

Jannaxy (24*p) but also 37 per 773.334 ordinary shares. in an investment of S2.4m- . 

cent under net asset value. This acquisition will strengthen 

The effect of merging with Dunlop to the growing field of WTMPEY PROPERTY 
Mooloya, says Sir Cecil, would be manufacture and supply of IT 

a company with net tangible h^raotteusemblies and equip- off er by Wmpey Pnwg 

assets of £882,000. compared with me nL Holdings Ltd. to acquire Soutii 

£L7m for Customagic at present. Coast Land Society has been 

and with borrowings amounting d a verve accepted by the holders of 1XS18 

to 218 per cent of net tangible tiAlrlixt shares, representing 9H.2 percent 


tion together with an agreed pro- atanorng. assets at Rlotintn to KTU 

gramme of expansion will result i n engineering. Adamson additional equity in that rnmp, 
in an investment of S2.4m. . Buuorlcy and Lion Foundry have 

WIMPEY PROPERTY: SJggSSw* MfsKfidt NSS NEWSAGENT 

The offer by Wlmpey Property despite the depressed state of xewxagent has .icviu 

Holdings Ltd- to acquire SmtCb their traditional markets. the record distributor. Wynd 

Coast Land Society has been overseas the group made much Records of Manchester, which 
accepted by the holders of 1X818 progress both with tho perfor- nnmi.il Mies running at £4m. f 
shares, representing 98.2 per cent manc0 0 'r existing companies and supplying records, tape*, ami 


in an investment of 82.4m. . Buuorlcy and Lion Foundry have 
ixmrarv DonDCDTV maintained a satisfactory level of 

WIMPEY PROPERTY profitability. Mr. Sheffield adds. 
The- offer by WImpey Property despite the depressed slate of 
Holdings Ltd. to acquire South their traditional markets. 

Coast Land Society has been overseas the croud made much 


This advertisement is issued in compliance with the requirements of the Council 
of The Stock Exchange. It does not constitute an invitation to the public to subscribe 
for or purchase any shares of the Company , 

ESTATES AND GENERAL INVESTMENTS 

LIMITED 


Introduction of 17,61 0,048 Ordinary Stock Units of 20p each 
and 355,0004.9 per cent. Cumulative Preference Stock Units 
of 50p each of the Company. 

Following the approval at the Extraordinary Genera! Meeting of the 
Company held on 29th June of the merger with County & Suburban 
Holdings Limited ('C & S')/ the Council of The Stock Exchange has 
granted permission for the above securities of the Company, which 
constitute its issued share capital, to be admitted to the Official List. 
9,724,500 of the Company's Ordinary Stock Units and all the 
Cumulative Preference Stock Units were in issue and listed prior to their 
suspension on 1 3th June, 1978 pending the approval of the merger; the 
remaining 7,835,548 Ordinary Stock Units were issued in part consider- 
ation for C & S. 

Particulars of the Company have been circulated in the Extel statistical 
service. Copies of the particulars may be obtained during usual business 
hours on any weekday, except Saturday, up to and including 17th July, 
1978, from: 

SIMON & COATES, 1, London Wall Buildings, London EC2M 5PT. 


assets, whereas Customs gic’s bor- Bayfine, the investment holding of the capital. The offer has been in establishing nvw companies. «cttCH to over 8(H) retail out 
rowings are only 52 per cent company vritich controls Higfcgate declared unconditional. Crittali Ho|w Nigeria achieved countrywide. . - 

Sir Cecil also points out that Optical and Industrial Company • record sales ;md profits and con- As h subsidiary of NSS. \y 

Mooloya has not paid an Ordinary through its Dutch subsidiary- WARD WHITE - - - itnues io be a significant ran* l'p is expected m mn tribute 
dividend for the past five years Content Beebeer BV. has pur- • Ward White Group has pur- trtbuior to the Nigerian Five t.t* profits of I130.U0U in the . 


Mooloya Jias not paid an Ordinary through its Dutch subsidiary. WARD WHITE • - - itnues io be a significant ran* Vp is -exported fn craiti ibiite 
dividend for the past five years Content Beebeer BV. has pur- • ward White Group has pur- trtbuior to the Nigerian Five t.ix profits of I130.U0U in the . 
and that its profits in the past chased toe capital of H. R. P- chased the reversions to the free- Han for it> construction industry, full year, 
three years have been insufficient Reynolds Holdings for around holds of 20 shop premises. lA of In the Far East. Norcros has OnsUU 


three years have been insufficient Reynolds Holdings for around holds of 20 shop premises. Ifr of In the Far East. Norcros has Consideration for IVynd Ut 

.cover its preference dividend £inj, payable in cash and share.s. which are leased to a subsidiary, brought CrilUll (Singapore) ami fsofl.OOtl made, up of 2U0 

obligations. H. R. P. Reynolds is involved The consideration of £!t)i>,(Nffi was Norvalo into operation, the chair- ordinary chares and '-rai.lK® fi 

wi.rL 1 * r*!£l? re dear that the in aluminium pressure die cast- satisfied by the bwue oF 278,124 man says, and the group is cur- rent cumulative l*»rmre diu 

ability of Mooloya to meet the ^ so chiefly to the ordinary shares which have >an rently nccotuimg for further \ri : mill at March .UJ, I07S. w 

Sock amJun^^to noanon 1 ”" appliance, carburettor placed on behalf of the vendors, expansion w this region. 

annum, would depend on the 

income of your company, partieu- : 

larly the £131^50 per annum rent -. nn ■ - - 

from the ..lease of Customagic ; This announcement complies with the requirements of the Council of The Stock Exchange in Lonxfon 

House to G alia hers, the docu- \ •' 

ment states. i 

The directors also claim that j 

Mooloya's loan stock has a market . ' 

value or only £85 per cent on an j PM ™n 

independent valuation, compared j ■ ■ 

with the par value suggested by ; » Ambk 

Mooloya’s advisers. Schaverien ! 

and Co. Customagic notes that j 

Phillips, respectively a partner E I C* fk ID 

Jre also n s^toficant^ 1 shareholder^ ■ «L« I M Gft wUg P%|9 

in Mooloya: 

On Customagic’s valuation of • • _ 

the loan stock the offer price far I I C 'CQA nnO 

Customagic’s shares drops to 17p Ui9i lOCUiUUUiUUU 

on the basis of a 69p per share a 

value for Mooloya's shares. 

carding group 9i PER CEItfj£ BONDS DUE 1988 

cent ni ff tf tbe°SnS|g "(froup 1 S ISSUE PRI^ IOO PER CENT 

owned by Worldcdqrt, has gone J. 

unconditional now that Unigate . .. 

centrf° he C noivWortd f roS(shares! T ^ e ^°^ 0W,n 9 ^ ave agreed to subscribe for the Bonds : 

c£dTxS e noT “Sls b o? n uJ!Sate Chase Manhattan Limited - Copenhagen Handelsbank 

warramSs of^oridccmit’s^nan. Banque Bruxelles Lambert SJL Banque Mationale de Paris 

cial affairs are accurate and on 

SfnT from ** 0ffice of Fair Bayerische Vereinsbank Deutsche Bank Aktiengesellschaft 


IBBI TUNNEL 
inni HOLDINGS 

■■■■ I IK mrer* 


LMTED 


“Progressive development of broader 
base continues in a difficult year” 

reports Tunnel Holdings Chairman J. D . Birkin on the year ended 26th March 197S 


F.L. SMIDTH & CO. A/S 
u.s. $ 20 , 000,000 

9i PER CENT. BONDS DUE 1988 

ISSUE PRI^ *100 PER CENT 

The following have agreed to subscribe for the Bonds: 

Chase Manhattan Limited Copenhagen Handelsbank 

Banque Bruxelles Lambert SJL Banque Nationale de Paris 

Bayerische Vereinsbank Deutsche Bank Aktiengesellschaft 

First Boston (Europe) Limited Nordic Bank Limited 

Sumitomo Finance International Swiss Bank Corporation (Overseas) Limited 

S. G. Warburg & Co. Ltd. 

The 20,000 Bonds of 81,000* each constituting the above issue have been admitted to the Official List of 
The Stock Exchange in London- and dealing in the Bonds is lor seven day settlement. 

Particulars of the Company and the Bonds will be available from Extel Statistical Sendees Limited. Copies of the 
Listing Memorandum may be obtained during normal business hours up to and including 31st July, 1978 from: 


Chase Manhattan Limited 
40 Basinghail Street 
London EC2P2LB 


Cazenove & Co. 

1 2 Tokenhouse Yard 
London EC2R 7 AN 


3rd July, 1978 


NEW ISSUE 


These securities have hero nficrn-J an-1 srld oi:'?idelM Unit-id Snin pf /Vnciiti ana Australia. 
This-annaun-tme.n cppcus as a mailer Cu (euoid orii /. 


Salient points from the Report & Accounts: 

■ Cement operations showed ail improvement in a 
year of continued difficulty. Conversion to coal 
tiring at Pitstone being actively pursued following 
very costly gas price increases. Large grinding mill 
to be installed at Padeswood to meet expected- 
increase in demand in North Wales. 

■ Real progress here and abroad in development of 
Stables organisation including the establishment 
of a joint operation in the U.S-A. with R.T.Z. 
Overseas Holdings Ltd. 

■ Stable* Ltd.'s Thurrock Waste Management plant 
now operational and to be officially opened by 
H.R.H.The Prince ofWale6 ori 7th July. 

■ Crossford Pollution Services Ltd., which owns the 
rights to royalties from the operations of the 
Sealosafe process in the U.K., was acquired in 
April 1978 at a net cost of £720,000. 

■ Liquidity at high level with an increase of £6~- 
million, to almost £16 million. The reserves 
available will help to service the requirements of 
the cement operation, to support further Stablex 
developments, and to fund any reasonably sized 
and sensibly related project. 

■ Maximum permitted dividend recommended. 3 .3 
times covered, totalling 10.9723p per unit for the 
year 1 , leaving £4.989 milli on retained. 


Earnings per share— excluding extraordinary items 




Shareholders Funds — Capital base unchanged in this period 



Group Turnover £59,122,000 

Profit before taxation £6,516,000 

Profit after taxation £4,384,000 

Earnings per share 

•(before extraordinary items) ■ 36.7p 

Earnings per share 

(af ter extraordinary items) ~53.Sp 

Dividend per share lfl.9723p 

Profit retained £4,989,000 


1977 

£52,991,000 

£6,479,000 

£3.384.000 


30.8p 

9-S589p 

£2,-171,000 


T '1978/79 looks to be the year when the UK 
Construction Industry decline over recent years is 
finally halted. However, a combination of 
continued uncertainties in the political arena, ' 
together with the gas price situation and 
consequential coal firing changeover, although 
only affecting one of our works, make cement 
prospects in the current year somewhat difficult 
to forecast. 

All other major sections should continue to 
progress , although it is unlikely 1978/79 wi 11 - 
receive any direct benefit from the Stablex 
operations. Nevertheless, we are confident that 
their activities in the U.K.,U.Sj\,, and other parts 
of the world will in due course become a material 
contributor to the successof the Group. Therefore, 
looking beyond the current year a combination. of 
a rationalised and efficient cement activity 
operating in an improving trading environment 
linked to the spread and development of growth, 
activities, both as to type and geography, should 


Australian $12,000,000 

1 1 £ per cent.. Guaranteed Notes due 1 983 
Issue Price 10$ per cent 


RANK OVERSEAS HOLDINGS LIMITED 


Unconditionally and irrevocably guaranteed as to payment of principal and interest by; ■ 

THE RANK ORGANISATION LIMITED 

The issue was fully underwritten by the following ; 

N. M. Rothschild & Sons Limited 

Algemene Bank Nederland N.V. Banque Bruxelles Lambert S. A. Banque Natignaiede Paris 
Merrill Lynch International & Co. Salomon Brothers International Limited 


Bayerische Vereinsbank 


Orion Bank Limited 


retained £4,989,000 £2,471,000 ^ e ^ 0y consistent 

The 67th Annual General Meeting of the Company will be held in London on2Ttb July 1978. 

Copies of the 1978 Report & Accounts ma y be ob tained-iram The Secretary, Tunnel Holdings Ltd., IS Old Queen Street, London SW1H 9HT. 


3rd July, 1978. 




1 ** I 



pifto 


Financial Times Mondav Ji 


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Bracken House,10 Cannon Street, London EC4P4BY 


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FTnawteff Times' Jenifer Wy-fc 1WB 


Thb document contains particulars giv» to eomptoira w*h tt* Regulations of the Council of Th« Stock E n cf inga for th* fXJfpow of giving I ribrnattan t 
described Mow have besneomptatad. Tho Directors of ore Company coll octivafy and imfividuaEly accept futi responsibility foe the accuracy of the tflfocnurem 

A copy of this Offar for Sale, having attached thereto Ore documents spocrfrtd below, hai been dafiwsd to ths Ragistrar of CompSitisC for EBginratksi. 


Human Psoohaai Sanrtare Umfisd frha Company). Save where othtmto appeared*!* prettothre haw two prey*. ” ?!?!,?? r ™BWf 




1 




| Hunting Petroleum 

- Services Limited 

Offer for Sale 

by 

Robert Fleming &Co. Limited 

of 2,700,000 Ordinary Shares of 25p each at 85p per si 

payable in full on application 

The Ordinary Shares now offered for sale rank in full for all dividends ; 

) hereafter declared or paid on the Ordinary Shares of the Company. 

The Application List for the Ordinary Shares now offered for sale wilf open at 10.00 am on Thursday 6th July 1978 and will dose at such later time on 

the same day as Robert Fleming & Co. Limited may determine. 




Directors and other parties 

Directors 

Lindsay Clive Hunting, MA (Chairman) 

Fugelmere Grange, Fulmer, Buckinghamshire 
Geoffrey PercivalDbl!|m6r«t,CBE . - - 

Popinjays, 1 8 Box Lane, Bbxmoor, Hertfordshire 

Richard Haigh Hunting, 

Westby Lodge; 90 Old Woking Road, West Byfleet 

Weybridge, Surrey 

Kenneth William Miller. FCA 

Doonleigh, 32 Oekf iold Road, Ashtead, Surrey ' 

Roy Ernest Treacher, FCA 

23 Hartley Oid Road, Purley, Surrey V 

Secretary and Registered Office ’ 

Dennis Leslie Clark, FCCA 
Avenfield House, 11 8-1 27 Park Lane, f 
London W1Y4HN 

Bankers 

Lloyds Bank Limited ' ' 

39 Piccadilly, London W1V0AA _ t 

Receiving Bankers 

Lloyds Bank Limited ^ 

Registrar's Department, issue Section, 

111 Old Broad Street, London EC2N 1 AU 

Brokers 

deZoete&Bevan 

25 Finsbury Circus. London EC2M7EE 
and The Stock Exchange * 

Auditors and Reporting Accountants 
Price Waterhouse & Co, Chartered Accountants 
Southwark Towers, 32 London Bridge Street, 
London SE19SY 

Reporting Petroleum Consultants 

DeGolyerand MacNaughton 

One Energy Square, Dallas, Texas 75206, USA 

Solicitors to the Company 
McKenna & Co 

inveresk House. 1 Aldwych, London WC2R OHG 

Solicitors to the Offer 
Linklaters & Paines 

Barrington House, 59-67 Gresham Street, 

London EC2V7JA 

Registrars and Transfer Office 

Lloyds Bank Limited 

Registrar's Department, Goring-by-Sea, 

Worthing, West Sussex B N 1 2 6D A 


Background to the issue 

The Company was incorporated on 1 st June 1 978 to acquire and act as the From Gibson: 
holding company for various oil and gas related interests of two listed companies, Gihsnn Pf 

Hunting Associated Industries Limited ('HAIL') and Hunting. Gibson Limited r . *h«»arth 
('Gibson'), and of a private company. Hunting Holdings Limited ('HH'). ' 

Since their formation HAIL, Gibson and HH have been closely connected pfoelfn^™ 1 ^ 6 * 111 ^ 
through common control and administration, each of them being controlled by Terminals 
members of the Hunting family and their associated interests. Trucking • 


Gibson Petroleum Company Limited ('Gibson Petroleum*} of Alberta, 
Canada, the activities of which comprise the following : 


Apart from the various oil and gas related interests, the activities of the two 
listed companies are aviation support engineering and resource surveys in the 
case of HAIL and shipowning, shipbroking and industrial painting in the case of 
Gibson. HH is an investment holding company. 

One business area common to HAIL, Gibson and HH has been an involve- 
ment in various activities within the oil industry. These activities have reached a 
stage in their development where there is considerable advantage in bringing 
them under common ownership, thereby providing a more appropriate base from 
which to expand the present operations and to take better advantage of invest- 
ment opportunities within the industry. To this end the Company has conditionally 
agreed to acquire the relevant subsidiaries of HAIL, Gibson and HH in consider- 
ation of the issue of a total of 7,875,000 Ordinary Shares and 1 ,250,000 Deferred 
Shares in the Company, credited as fully paid. Brief details of the principal 
trading companies being acquired are as follows : 

From HAIL: 

Hunting Oilfield Sen/ices Limited ('HOSL*) which, with its subsidiaries and 
an associated company, has provided a service to the offshore oil and gas 
industry for the past 1 0 years. These companies currently operate from Aberdeen, 
Great Yarmouth, Holland, the Netherlands Antilles and Abu Dhabi and their 
services comprise the following : 

Turbodrilling 
Directional drilling 

Oilfield equipment manufacture and repair 
Diving equipment 

Fabrication (mainly helicopter refuelling systems) 

Engineering. 


Alene Oil Company ('AleneO which owns oil and gas properties in the USA; 

Fretoil Societe Nouvelie Pdjfrole et Affrdtements 5. A. ('Fretoi!') which is based in 
France and is principally engaged in international oil broking ; and 

Fuel- Fast Limited (Tuel-Fast*) which acts as a distributor of heating oil in the 
Midlands and south of England. 

FromHH: \ 

Brazos Young Corporatidh ('BycoO which is involved-in exploration for and 
development of oil and gas reserves in the USA. 

Of the 2,700,000 Ordinary Shares now being offered for sale, 1 ,000,000 are 
being sold by Gibson and 1,700,000 are new shares. Immediately following the 
Offer for Sale the interests in the share capital of the Company will be as follows : 

Number of shares of 25p each 



Ordinary 

Deferred 

Total Percent 

HAIL 

2,625tf00 

. — i 

2,625,000 

24.3 

Gibson 

2,500,000 

750,000 

3,250,000 

30.0 

HH 

1,750,000 

500,000 

2 ,250,000 

20.3 

Others 

.2,700,000 

— 

2,700,000 

• 24.9 


9,575,000 

1,250,000 

10,825,000 

100.0 


HAIL, Gibson and HH regard their holdings in the share capital of the 
Company as set out above as long term investments and in any event will not be 
disposing of any part of such holdings within 12 months. 


Share capital and indebtedness 

Share capital 

Authorised Issued and now being 

issued, fully paia 

£ £ . . 
3,000,000 in 12,000.000 Ordinary Shares of 25peBch 2,393,760 

312,500; . . in 1,250,000 Deferred Shares of 25p each 312,500 

3,312,500 2,706,350 

The Ordinary Shares and the Deferred Shares rank pari passu in all respects, 
save that the Deferred Shares do nsn entitle the holders thereof to participate in 
any dividend or other distribute declared, made or paid in respect of any 
financial period of the Company commencing priorto 1st January 1 983. 

Application has been made to the Council of The Stock Exchange for the 
whole of thetsued Ordinary Share capital of the Company to be admitted to the 
Official List. , 

'Indebtedness 

At 19th May 1978. the companies which are now subsidiaries of the 
Company, had outstanding bank indebtedness of £2,969,041, of which 
£2,695,273 was secured^ other secured loans of £311,018, other secured 
indebtedness of £750,000; other unsecured borrowings of £1 10,680 and hire 
purchase commitments amounting to £305,061. Guarantees given by such 
companies and outstanding at 19th May 1978 (other than guarantees which 
will be released upon the issupd Ordinary Share capital of the Company being 
admitted to the Official Ust) amounted to £737,069 and the Company has 
agreed (upon such issued Ordinary Share capital being so admitted) to assume 
liability in respect of guarantees totalling £1 ,019,926 at 19th May1978, given on 
behalf of subsidiaries by a subsidiary of HAIL and by Gibson, of which £358,359 
is included above under other secured indebtedness. Amounts in foreign 
currencies have been translated into sterling at the rates of exchange ruling at 
19th May 1978. 

Save for the foregoing and for intra-group transactions, neitherthe Company 
nor any of its subsidiaries had outstanding at 19th May 1978 any borrowings or 
indebtedness in the nattire of borrowing, including bank overdrafts, liabilities 
under acceptances (other than normal trade biHs) or acceptance credits,* 
mortgages, charges, hire purchase commitments, or guarantees or other material 
contingentliabilities. 


Chairman's letter 

The following is a copy of a letter to Robert Fleming & Co. Limited from 
MrL C. Hunting, the Chairman of the Company; 


The Directors Avenfield House 

Robert Fleming & Co. Limited 1 1 8-1 27 Park Lane 

London W1Y4HN 
30th June 1978 

Gentlemen, 

in connection with the Offer for Sale of Ordinary Shares in Hunting 
Petroleum Services Limited ('the Company*), 1 have pleasure in providing you 
with the following information in relation to the Company and its subsidiaries 
('the Group'). 

H istory and business 

The Group's business is asfollows : 

1. Drilling and other oilfield services in the United Kingdom and elsewhere, 

2. Crude oil marketing, storage and distribution in Canada, 

3. Oil and gas exploration and development in North America, 

4. Oil broking and other activities in France, and 

5. Heating oil distribution in the.United Kingdom. 

Each of these activities is described below. 

1 Drilling and other oilfield services 

Hunting Oilfield Services Limited ('HOSL') commenced trading in 1967 
when the principal business was the provision of machine shop and fabrication 
services to oil companies operating from the United Kingdom in the southern area 
of the North Sea. As the volume of business grew, HOSL acquired larger 
premises in Great Yarmouth and set up sales and workshop facilities in Aberdeen. 
The proportion of business handled in Aberdeen increased with the shift in the 
focus of exploration activity to the northern area of the North Sea. In 1976 HOSL 
transferred its headquarters to Aberdeen where management and design and 
development support are now concentrated. It is planned that the workshop 
facilities there and the manufacturing capacity at Great Yarmouth will be 
extended. HOSL also expanded overseas and established an associated company 
in Abu Dhabi in 1 972 arid Subsidiary companies in Holland in 1974 and in the 
Netherlands Antilles in 1 975. 

HOSL now offers a comprehensive drilling support and service capability, 
mainly to oil companies drilling offshore. Its present operations are divided into 
the following main areas. 

Turbodrilling 

A turbodrill is a hydraulic powered drill used for drilling through certain 
strata formations. 

For a number of years HOSL has been licensed to let on hire in the United 
Kingdom and Dutch sectors of the North Sea turbodrills manufactured by 
AIsthom-Atlantique, a leading designer and manufacturer of turbodrills, based in 
France. HOSL is responsible for the maintenance and overhaul of the equipment 
and provides trained turbodrilling engineers. At the end of 1977, this licence was 
renegotiated for a 1 0 year term for the United Kingdom sector, with an extension 
of territory to include the Irish and Norwegian sectors. The licence for the Dutch 
sector was extended for a five year term at the beginning of 1 976. 

Directional drilling 

Directional drilling is a sophisticated system which enables the operator to 
drill to specific subterranean targets in areas not immediately under the drilling 
platform. - 


Following discussions held with Drilling Control incorporated ('DC!'), a 
Panama based company with experience of directional drilling off the western 
coast of South America, agreement was reached to set up a jointly owned 
company to provide directional drilling services outside the Americas. As a 
result Hunting Directional Drilling Services N.V. {'HDDSO was incorporated- in 
the Netherlands Antilles in August 1975 with HOSL owning 51 per cent and 
DCI 49 per cent. Drill-Tech Limited ('Drilltech') was acquired by HOSL in April 
1 977 in order to expand the North Sea directional drilling capability. HDDS hires 
additional driHers to Drilltech 'for North Sea drilling as well as carrying on 
directional drilling in the Middle East • 

The ability to obtain new work and the continuation of current contracts 
depend significantly on the reputation of the individual drillers. These men are 
highly paid specialists and therefore trading results will depend on the degree to 
which their time is utilised. Drilltech and HDDS are working primarily on con- 
tracts expected to spread over a number of years, supplemented by short duration 
work to maximise use of drillers. Currently, directional drilling contracts in the 
North Sea include work intheThistle, Buchan and Ninian Fields. 

Oilfield equipmenfmanufacture and repair 

Extensive repair and service facilities are offered at Aberdeen and Great 
Yarmouth for a wide range of oilfield equipment and the provision of such 
facilities has formed an important base for HOSL's business since it commenced 
trading. The division also manufactures items on a one-off basis to meet 
customers' specifications. 

Diving equipment 

To form the basis of a diving equipment division^ HOSL acquired in March 
1973 a small company which had built up a business in Great Yarmouth in the 
manufacture, repair and supply of diving equipment. The division manufactures 
low and high pressure compressors, decompression chambers and special order 
items to customers' requirements. A limited, a mount of testing and refurbishing of 
pressure vessels, cylinders and valves is also carried out 

Fabrication ' 

The fabrication division ‘is Jaased in Aberdeen and, apart from general 
welding, the major proportion of the division's work currently involves the 
manufacture and maintenance of helicopter refuelling systems which are 
supplied to numerous rigs and platforms in the North Sea. 

Engineering^ 

This division provides design support to other divisions. Specific develop- 
ment vyork is also undertaken in close conjunction with customers and a number 
of projects have led to an extension of HOSL's product range, principally in 
large diameter tubular joints which are used in drilling work. One such product is 
the Talon joint a device for joining well casing together, which was designed and 
proved by HOSL in 1977. A major production order for the Talon joint has already 
been received and it is thought that this product is likely to play a significant part 
in the expa nsion of HOSL 

Dutch operations 

Hunting Oilfield Services B.V. commenced operations in Den Helder in 
April 1974, to enable HOSL to provide drilling companies in the Dutch sector of 
the North Sea with turbodrillirig, repair and other oilfield services similar to those 
provided in the United Kingdom sector. 

Abu Dhabi operations 

; _ HOSL has a 24.5 per -cant interest in Abu Dhabi Oilfield Services W.L.L., 
a joint venture company set up in 1 972, which provides oilfield service and repair 
facilities and acts as a sales agent for a considerable number of manufacturers of 
oilfield equipment 


2 Crude oil marketing, storage and distribution 

. The principal .trading subsidiary in Canada is Gibson Petroleum Company 
Limited ('Gibson Petroleum') in which the Group has a 54.9 per cent interest,- 
The other major interest in Gibson Petroleum is owned by Western Crude Oil Inc., ‘ ' 
a subsidiary of Reserve-Oil & Gas Company. The business is concerned with the 
purchase, transportation, and sale of crude oil in Alberta and Saskatchewan. • 
These services are of particular importance to oil companies whose production 
volume does not warrant the maintenance of their own marketing or transport- 
ation departments. The operations are divided into the following four main areas. 

Crude oil marketing ... 

The buying and se-f-.g -rf crude oil was the original activity of Gibson 
Petroleum when its • usir.kss was established in 1950. Crude oil is purchased, 
principally at the wellhead, for resale to customers, in Canada and therefore the 
marketing activity is closely linked with the truoking operations described below.* . 
Gibson Petroleum is one of the few approved purchasers of crude oil in Alberta : 
not controlled by a major oil producer or refiner. Since 1975, the Alberta 
Petroleum Marketing Commission has been the sole marketing authority for most 
crude oil production irrthe Province by being interposed between the producer 
and the marketer but to date this has not affected the trading results of Gibson 
Petroleum. T 

Pipelines 

Gibson Petroleum owns and operates three gathering pipeline systems in 
l , !^?, an “ . j? s a on ®*thifd interest in the Wascana pipeline which runs between 
the US A and Canada. v a. 

The most active ofthe gathering systems is the Bellshili Lake pipeline which 
comprises some 25 miles of main pipeline and 1 5 miles of gathering pipeline and 
ends at the Hardisty terminal owned by Gibson Petroleum. The other systems 
owned by Gibson Petroleum are the St. Albert and Normandville pipelines. 

Gibson Petroleum, Western Crude Oil Inc. and Murphy Oil Company 
Limned each owns one-third of the shares in both Wascana Pipe Line Limited, a 
Canadian company, and Wascana Pipe Line Inc., a US company (together called 
the YVascana Companies’). The Wascana Companies were formed to construct 
and operate a crude oil pipeline 165 miles long from Regina, Saskatchewan, 
Canada to Poplar, Montana, USA and commenced operations in 1 973.; 

The Wascana Companies operated profitably for two years until the 
Canadian Government adopted a policy of phasing out exports of crude oil to the 
USA, with the resultthatby 1 976 there were minimal quantities of oil available to 
be transported through this pipeline. Since early 1977, however, the flow has 
been reyereed and crude oil is now being transported from Montana, USA in bond ' 
through the Wascana. and Interprovincial pipelines to Wisconsin, USA for 
refining, in 1978, as a result of swap arrangements between the US and ■ ■ 
Canadian Governments, the Wascana pipeline is handling additional US crude 
oil which is being refined at Regina and this increased activity is expected to 
return the Wascana Companies to profitability for the current year.- 

Termina/s 

Gibson Petroleum owns and operates two storage arid injection terminals 

which are situated at Edmonton and Hardisty, Alberts, adjacent to the trans- 
continental pipeline, and a number of other smaller tank installations. 

T Jf E dm pnton terminal, which is connected to the interprovincial and 
Trans- Mountain pipelines, includes seven storage tanks, built mainly in tha 
period 1961 to 1963, with a total capacity of 113,000 barrels. Since 1973 the 
terminal has had facilities for storing and loading liquefied petroleum gas and-a 
new loading rack is under construction. j 

Hardisty terminal includes eight storage tanks with a total capacity of . 
472,000 barrels, and a further two tanks with a combined capacity of 450,000 , V 




r 








*ft*V ^ . 

- •» H 


Part 


•»S 

ie§ 


• • y^ancial Times Monday July 3 1978 


it Hunting Petroleum Services Limited 



continued 


i ... 

;r 


10,1 




■"'•’ft 

•..:r 5y 


■ Sr:,- 

Hi.-* 

l-.J ■ r 




■OU! 

*n 


Hi- 




period ofl^ yM« e *n!e and leased to Pacific Petroleums Limited for a 

on?^' nal ' sattha end . of the Bellshill Lake pipeline and of 
between Edmonton anrf r ^ °? 1er companies and ts also an injection point 

oeiween camonton and Regina into the Interprovincial pipeline. 

Trucking 

of al ?T ar ® u£e , d asbfses for the trucking operations 

ation of oil in AS^^" d ^ w ^ 0,, y° wned subsidiary, involving the transport- 
refineries These truririifrl^ Sa5 tatchewan from the wellhead to terminals and 
SfJEft ° peratl0 " s P rovide a •«*» to producers of crude oil 
s^ttem ! The l±l ewan * h ° do not have *** access to a pipeline 
months and In nrrw * Sas s ® rviced tend to accessible only In the winter 

engaged inasnha fhI. t L C ( ? mp J ementthls seasonal activ to Gibson Petroleum is 
engaged in asphalt hauling and spraying during the summer months. 

3 OU and gas exploration and development 
USA 

Duro(^o?exI?QrinnS 3rP ? rat i? n ('Zv™'') was incorporated in 1938 for the 
nrooerties in thMiQA S' if nd 9as reserves and acquiring producing oil and gas 
ESSSSf S the . us ^ Jt h as no direct employees but has operated since its 

mSiawl 977 I hp!!? i0n Wlt h . McAIest0 r Fuel Company ('McAlester'), which 
^nffTanfTijIt^ 7 be ^? m ™ a subsid 'ary of Alaska Interstate Company (‘Alaska'), a 
iteexD?orarim?fnra!lHH ' ® W | YoricSt °ck Exchange. McAlester's main business is 
SSSSSSESSS? and , dev el°pment of oil and gas reserves for which it employs a 
staff of geologists, engineers and other specialists. 

a r»m.Ii h S,fI3f n ? er Ii® n u S between Bycor and McAlester are governed by an 
h» G L W 5f h spe f lfies the maximum sum which Bycor will commit to 
a fL b ^ 9 w fo * ex P- orat,on commencing in the ensuing year, such sum to 
P ayab 4?to McAlester of 15 per cent of the amount expended on 
® 22!! LSfSS ? l, ? n ' These . arrangements also specify the ratio in which interests 
acquireaare to oe apportioned and income and expenses shared; in 1975, 1976 
an °/J 7 1,9110 w as 1 ; 3, Bycor to McAlester, while for 1 978 the ratio is 1 ; 4. 

Nevtner McAlester nor Bycor participates in any exploration activity independ- 
ent or tne other except in relation to interests owned by Alaska at the time it 
acquired McAlester. 

Bycor has working interests, i.e. interests requiring a proportionate con- 
tribution to costs, in 270 producing oil and gas wells, with the major interests 
being situated in Louisiana, Texas and Montana. Bycor's share of production 
fo?!P Jhese interests at the end of 1 977 was averaging 330 barrels of crude oil and 
550 thousand cubic feet ('mcf) of natural gas per day. 

The table below sets out the quantities and average se Wing price of oil and 
gas derived from its working interests and sold by Bycor over the five year period 
to 31 st December 1977. 




Barrels of 

Average crude 

mcf of Average gas 

ice 

i. 


crude oil 
sold 

oil selling price 
per barrel 
$ 

gas 

sold 

selling price 
per mcf 
$ 


1973 

135,672 

3.54 

7,243 

0.64 

— — 

1974 

1 69,628 

6.81 

9,882 

0.95 


1975 

201,388 

7.82 

11,543 

1.38 

IS 

1976 

184,543 

7.58 

32,567 

1.26 

1977 

132,216 

7.57 

137,930 

1.56 


The fall in oil sales in 1976 and 1977 was the result of the normal decline in 
production over the life of existing wells, occurring mainly in Montana. No 
important new oil discoveries were made in these years and it is therefore 
expected that the quantity of crude oil sold will continue to decline until further 
reserves are discovered. Gas sales have contributed an increasing proportion of 
Bycor's total income and this trend is likely to continue in 1978 owing to the 
discoveiy in 1 976 in Louisiana of four new gas wells, two of which commenced 
production in May 1 977 and the other two in December 1 977. 

in addition to its working interests Bycor has a number of royalty interests, i.e. 
interests not requiring a contribution to costs, its share of production from which 
in 1 977 totalled 1 3,000 barrels, of oil and 1 1 5,000 mcf of gas. Bycor has not 
acquired any significant additional royalty interests during the last five years and 
does not envisage doing so intheforeseeablefuture. 

The price of crude oil is strictly controlled by the Federal Energy Regulatory 
Commission, as is the price of gas sold to out-of-State users, but there is still a 
free market for gas sold within the State in which it is produced. 

Bycor's exploration budget for 1 977 was not fully utilised, principally owing 
to a shortage of drilling rigs. Bycor participated in 1 6 exploratory wells during the 
year, three of which are commercially productive*:" McAlester is expanding its 
exploration activities and has recently opened offices in Denver; Colorado and 
Lafayette, Louisiana in which areas the main exploration effort in 1978 is being 
concentrated. Whilst the shortage of rigs has again proved to be a limiting factor 
in the early part of the 1978 programme, Bycor expects to contribute approxi- 
mately $1 million towards exploration during this year, an increase of some 
$200,000 over 1977. 

AJene Oil Company ('Alene') was formed in 1974 to acquire working 
interests in proven oil and gas reserves in the USA. These interests are situated in 
Texas, Wyoming and Louisiana and are supervised by McAlester under the terms 
of an annual management contract. Alene, like Bycor, has no direct employees. 

• DeGolyer and MacNaughton, independent petroleum consultants, have 
reviewed the crude oil and gas reserves of both Bycor and Alene as at -31st 
December 1977 and copies of their report and supplemental report accompany 
this letter. Their estimate of reserves for Bycor is 61 8,967 barrels of crude oil and 
3,173,200 mcf of gas and for Alene, 1 1 0,595 barrels of crude oil and 628,573 mcf 
■of gas. 

Canada . . . 

1 For the past two years Gibson Petroleum has participated, as a minority 
partner, in a limited oil and gas exploration and acquisition programme in Alberta. 
At 31st December 1 977 it had spent Can $356,000 on this venture and proposes 
to spend a further Can $200,000 during 1 978. 

4 Oil broking and other activities 

The Company owns 99.93 per cent of the issued share capita! of the French 
company FrStoii SocistG Nouvelle Petrole et Affretements SA. ('Fretoil') whose 
principal activity is oil broking, which is conducted from its offices in Pans. In 
addition Fretoil operates as a tanker broker in the French market and also owns 
41 rail tank cars from which it receives rental income. 

Fretoil through subsidiaries has held. a 25.7 per cent interest in Society 
Europ6enne de Stockage S.A. ('SES') since that company's incorporation. in 
September 1975. SES completed construction of a storage facility for oil 
products at Strasbourg in June 1977. 

5 Heating oil distribution . 

Fuel- Fast Limited, which was acquired by Hunting Gibson Limited 
'('Gibson') in 1975, is involved in the United Kingdom in the distribution and 
marketing of heating oil, mainly for commercial, agncuhural and domestic 
purposes. It operates from seven depots and is an authorised di^ibutorfor ulf 
OiUGreat Britain) Limited in the Midlands, for Amoco (UJC.) ^J^ed inthe 
South East and for Conoco Limited in the Bristol area. A subsidiary isengagedin 
bulk road tank haulage of liquids such as oil products, cooking oils, wine and 

latex. 

Ma Tte G™p^ a to d be^!nised on a divisional basis under HOSL and two 

with local management continuing to operate with a 

Industries 

SHF % ^ "and 1 HuSS'eS.P ® ('HG-)f the parent company of 

Hurtttag Holdings Limited ('HH'), and their respective subsidianes. 

ifesgsgpssr: 

1S52and isa Director of HAJLandChaimancifHO^^^ ^ Group rf 

R. H. Hunting, aged 50* and ^ a Director of Gibson and HG. He 

ChaTman of ^holding company for the subsidiaries being acquired 

from Gibson. „ Q . lned the Hunting Group of Companies in 1961. 

He feV ttSmS HOSL and will be the Managing Director of the two other 

holding companies. infned the Hunting Group of Companies in 

.iw&SiSSSi 


Senior management 

V S 
• is President of FretoiL 


R. W. A. Laidlaw, aged 49, joined the Hunting Group of Companies in 1 960 
and is President of Gibson Petroleum. 

' D. T. S. Mitchell, aged 38, joined the Hunting Group of Companies in 1 967 
and is Managing Director of H OSL. 

Employees 

The Group employs 382 people of whom 255 are employed In the United 
Kingdom, 70 in Canada, 18 in Holland and 14 in France. Labour relations are 
excellent 

Hie Group has not contracted out of the earnings related state pension 
scheme in the United Kingdom. However, it offers to employees pension benefits 
in addition to those provided underthestate scheme. . 

In France, employees belong to the state pension scheme and in Canada 
employees are entitled to join a pension scheme operated by Gibson Petroleum. 

Proceeds of issue and working capital 

Of the 2,700,000 Ordinary Shares now being offered for sale 1,700,000 are 
new Ordinary Shares, which will raise approximately £1 .2 million of additional 
finance for the Group, after deducting the expenses of the Offer for Sale to be 
borne by the Company estimated at £225,000. These funds will be used 
principally to finance expansion in the United Kingdom in the areas of drilling and 
other oilfield services and heating oil distribution. Having regard to available bank 
facilities, the Directors are of the opinion thatthe Group will have adequate funds 
to meet its present requirements for working capitaL 

Profits, prospects and dividends 

Set out in the Accountants' Report are details of the profits of the Group for 
the five years ended 31st December 1977. The following table summarises the 
salient features of turnover and trading profit: 


Turnover 

1973 

£'000 

60,061 

1974 

£'000 

94,639 

1975 

£'000 

109,712 

1976 

£'000 

121^21 

1977 

£'000 

724,642 

Crude oil marketing, 
storage and distribution 

58,146 

91,215 

104,878 

111,499 

110,323 

Drilling and other 
oilfield services 

587 

1,239 

1,686 

3,454 

6,069 

Oil and gas exploration 
and development 

253 

626 

1,109 

1,292 

1,006 

Oil broking and other 
activities 

1,075 

1,559 

1,257 

1,098 

919 

Heating oil distribution 

— 

— 

782 

3,978 

6,325 


Trading profit before 

interest and share of profits 

and losses of associated 

companies 1,655 2,679 


1,648 


1,261 2,080 



Profit before taxation 

Profit after taxation and 

1,726 

2,928 

1,689 

951 

1,737 

minority interests 

632 

962 ■ 

643 

331 

789 


Profit record and prospects 

Crude oil marketing, storage and distribution 

The results for crude oil marketing, storage and distribution are dependent 
upon the level of activity in the Canadian petroleum industry. Following the 
increase in world crude oil prices, the Canadian Government allowed the 
Canadian price to increase substantially in 1974 resulting in a significant 
increase in the value of crude oil held by Gibson Petroleum. The price of 
Canadian crude oil has continued to increase and by the end of 1 978 is expected 
to be close to current world prices, in 1975 and 1976, the Canadian petroleum 
industry suffered a marked decline in activity as a result of restrictive legislation 
from both the Federal and Provincial Governments and the Federal policy of 
phasing out exports of crude oil to the USA This had an adverse effect on the 
Group's profitability and required an exceptional provision to be made against 
Gibson Petroleum's interest in the Wascana Companies. More recently however a 
more encouraging policy toward the industry by the Federal and Provincial 
Governments has resulted in improved trading conditions. In 1977 major new 
discoveries of crude oil were made in the Pembina area of Alberta and the Group, 
because of the location of the services it provides, should benefit from the 
increased activity to which these discoveries are likely to lead. - 

Drilling and other oilfield services 

Drilling and other oilfield services have shown satisfactory growth over the 
period, with the exception of 1 975 when a lull in North Sea exploration coincided 
with the costs of setting up a new workshop facility in Holland. Continued 
growth of the activities of the directional drilling subsidiaries and the extension of 
HOSL's product range should ensure that the 1978 results show a substantial 
improvement over the 1 977 ieveL 

Oil and gas exploration and development - 

The profrts from oil and gas exploration and development depend on the 
success of the exploration programme in which the Group participates, in the 
period to 1976 new reserves were discovered and higher production and selling 
prices for both oil and gas resulted in increased profits. However, no important 
new discoveries were made in 1977, thus resulting in an increased depletion 
charge which, combined with the normal decline in production from existing 
wells, resulted in reduced profits in 1977 and is expected to result in a further 
reduction in 1978. 

Oil broking and other activities 

The contribution from oil broking should stabilise in 1 978 after a downward 
trend following the exceptional profits earned in late 1973 and 1974 due to 
increased activity resulting from the substantial rise in the world price of oil. The 
1 976 results included a loss of £1 43,000 on the sale of Fretoil's 40 per cent 
interest in the first of two small bulk carriers ; in 1 977 a provision of £248,000 was 
created to reduce the book value of Fretoil's interest in the second bulk carrier to 
estimated realisable value, at which it has been subsequently sold, subject to the 
approval of the relevant French marine authority. The investment in the storage 
facility at Strasbourg is not expected to contribute to profits until 1979. 

Heating oil distribution 

This division has shown continued expansion since its acquisition in 1975 
and this trend should continue in 1978. 

Profit forecast 

The Directors forecast that in the absence of unforeseen circumstances and 
on the bases and assumptions set out below, the consolidated profit of the 
Company before taxation and minority interests for the year ending 31st 
December 1978 will be approximately £2.4 million. Included in this forecast is an 
amount of £130,000 resulting from anticipated profits on sales of fixed assets. 

The Directors also forecast thatthe tax charge, based on the above forecast 
profit before taxation and assuming that there will be no changes in taxation fates 
or policies in the countries in which the Group operates, will be approximately 
£1.04 million. This reflects the effective rates of taxation applicable to certain 
overseas subsidiaries. 

Dividends and appropriation of profits 

On the basis of the foregoing forecast of profit, it is the Directors' intention 
to declare an interim dividend on the Ordinary Share capital of the Company for 
the year ending 31 st December 1 978 of 1 Ap per share, payable in January 1 979, 
and to recommend a final dividend for that year of 325p per share, payable in or 
about July 1 979, making a total for the year of 4.65p per share. These dividends, 
with the related tax credits at the current rate of 34 per cent; would be equivalent 
to a gross distribution of 7.045p per share, in accordance with their terms of 
issue no dividend will be payable on the Deferred Shares until 1 983. 


The following table shows how a profit before taxation of £2.4 ntiJilon 
would be appropriated assuming the forecast tax charge of £1.04 million end 
dividends at the forecast level of 4,65p per share on 9,575,000 issued Onainar* 


Shares. 

£’C00 

Profit before taxation 2,400 

Less; taxation 1,040 

1,360 

Less : interest of minority shareholders 300 

Profit attributable to shareholders 1 ,0-50 


Less:dividendstotaiitng4.65ppershareonOrdinaryShares 445 


Profit retained 


675 


On the above basis the dividend on the Ordinary Shares wouid be ccvj: 
238 times by the profit after taxation and minority interests and wouid, logetha: 
with the related tax credits at the current rate, represent a gross equivalent divi- 
dend yield of 8.29 per cent on the offer price of the Ordinary Shores. A: tine 
based on the total issued Ordinary and Deferred Share capital, the 0:z -per/ 
Shares would stand on a fully diluted prospective price earnings multiple c: c.32.’ 

Yours faithfully, 

Clive Hunting 

Chairman 

Petroleum consultants' reports 

To : Brazos Young Corporation 

and Alene Oil Company DeGolyer and '"iscKzvrr'.zr. 

P.O. Box 907 One E.vsro*/ Si 

McAlester Dallas, Texas T5CC 5 

Oklahoma USA 

Gentlemen, 

Pursuant to your request we have made an appraisai of Decor.:>er 2 .. 
1977 of the extent and value of the petroleum properties owned by bc-'.h 
Young Corporation, hereinafter referred to as 'Bycor' and by Aiens Oil Ccmv-i-y. 
hereinafter referred to as 'Alene'. 

Bases of Valuations 

Data used in the preparation of this report was obtained from f.‘cAi?s::r 
Fuel Company, Magnolia, Arkansas, which operates or perticipa tes in o;r.i:o;.r 
some of the properties and also maintains all of the production and - 
records; from records filed with the regulatory agencies in the severs! stai-is : s ,* c, 
from our library and files. Alt data required was made available for our in?ps c 
and use. Visits previously have been made by members of our staff to Ivic- 3 ‘esi-r 
Fuel Company's offices in Magnolia, Arkansas, and in McAlester, OMahoriic. A 
field inspection of the properties appraised was not considered necessary ;cr :.:e 
purposes of this report. 

All reserves in this report are considered as proved because cf successful 
testing or actual production and essentially all are developed by existing v. r !;s. 
Recovery above that obtainable as a result of energy inherent in the ress: . 
and which results from some form of fluid injection is considered proved only 
those reservoirs where such methods are now in normal operation cr wh-ch "r. v e 
been proved economic by pilot operations or by adequate data preliminary to 
such recoveryoperations. 

Estimates of reserves were prepared by the use of standard geoior icc* 
engineering methods generally accepted by the petroleum industry. The r.ier.'ca 
or combination of methods used in the study of each reservoir was tempered cy 
experience in the area, consideration of the stage of development of the reserveir.- 
and the quality and completeness of data. 

For properties in stages of new production or those from which production 
rates have remained more or less constant, reserves were estimated primer!! / by 
by the volumetric method. In some cases, structural and isopachous maps ve. e 
prepared for use in estimating reservoir volumes. All pertinent reservoir date, 
including logs of formation properties, core analyses, drill-stem tests, production: 
tests, reservoir fluid analyses, and bottom-hole pressure and temperature coto P 
were used to prepare these maps as well as to determine the volume of productive 
reservoir rock and resenroir fluid characteristics. 

Recovery from the various reservoirs and leases was estimated afisr 
consideration of the type of energy inherent in the reservoirs, the structure! 
position of the properties, and reservoir and well performance. In some instances, 
comparisons were made with the same reservoir or with similar producing 
reservoirs in the area on which more complete data was available. 

The reserves of depletion-type reservoirs or other reservoirs whose per- 
formances disclosed a reliable decline in producing-rate trends or c.har c : 5g- 
nostic characteristics were estimated by analysis of the production histories of :.io 
reservoirs and leases. These estimates were based primarily on extrapolation or 
production-decline curves and on appropriate consideration of other p?: forma nee 
correlations involving reservoir pressures, gas-oii ratios, water production, and 
other parameters. 

In analyzing decline curves, limiting rates of economic production v.era 
calculated based on the continuance of current prices for saleable hydro se'!: or. 3 
and current lease operating costs and taxes. Reserves were estimated omy to 
these limits. 

All gas volumes are expressed at a temperature of 60 degrees Fahrenheit and 
at the standard pressure base applicable by state regulation or under existing r 
sales contracts. If gas liquids are being recovered in a plant estimates of 
include both wet gas and dry residue gas, depending upon the point at vvhicn the 
sale is made as well as upon contract provisions affecting the sale. 

Current prices for sales of oil and gas liquids were used to forecast future 
gross revenue from the properties appraised. Allowance was made, hcv.ev er, for 
price regulation by the Federal Energy Regulatory Commission to its proposed 
expiration in May 1979, after which the level reached was assumed to co.-.tfous 
over the remaining life of the properties. Free market prices were used for stripper 
rates of production when reached and where appropriate. A stripper vveiJ is a 
producing less than 10 barrels, per day. Contract prices or the equivalent were 
used to forecast future revenue from gas sales, including provisions for escalation 
where suitable. 

Bycor 

Bycor owns leasehold interests in oil- and gas-producing properties lr 22 
fields in Arkansas, Louisiana, Mississippi, Montana, Texas, and Wyoming, and 
royalty interests in several properties in Arkansas, Louisiana, Montana, and Texas. 
Bycor also owns interests in undeveloped acreage in the aforementioned states as 
well as in Colorado, 1 Nebraska, New Mexico, and South Dakota, properties in vour 
of the producing fields are unitized to facilitate fluid-injection programs new in 
progress. An active drilling program is being conducted in the Cold Turks y field in 
North Dakota for which proved undeveloped reserves have beer, estimated. 
Properties In the remaining fields essentially are considered to be developed 
completely by the present wells, although fluid-injection projects present*/ being 
conducted in some of the reservoirs could require additional drilling to improve 
the efficiency of a project. 

We estimate the gross proved reserves of the properties appraised, as cf 
December 31, 1977, to be 86,535,812 barrels of oil ana ges liquids arc 

87.038.773.000 cubic feet of gas ; of these, 61 8,967 barrels and 3,1 73,200.003 
cubic feet are net to Bycor’s interests after including net royaitv production. Cf ins 
total net oil and gas liquids reserves, 23,703 barrels, or 4 per cent, are considered 
to be proved but undeveloped. 

The future gross revenue; including net royalty income, is estimated to be 
$10,720,992 after deducting severance taxes. Deduction of $1,1 60. -324 for 
operating costs, development and other capital costs, and ad valorem taxes • 
leaves a future net revenue of $9,560,368. 

Bycor owns 20,342 net acres in 161,737 gross acres which are net con- 
sidered at this time to be proved for production of oil or gas. Much cf this 
acreage is located near or adjacent to other acreage or units on which wells 
currently are producing, although dry holes in some areas limit its potential value. 

It is our opinion that this undeveloped acreage has relatively minor additions* 
value beyond that estimated for the developed properties. 

Alena 

Alene owns leasehold interests in oil- and gas-producing properties ir. five 
fields in Louisiana, Texas and Wyoming. Properties in three of the producing 
fields are unitized to facilitate fluid-injection programs now in progress, i he 
producing properties are considered to be developed completely by the present 
wells, although fluid- injection projects sometimes can require additional 
drilling to improve the efficiency. 

We estimate the -gross proved reserves of the properties appraised, ss cf 
December 31, 1977 to be 1,201,484 barrels of oil and gas licuitis and 

4.917.288.000 cubic feet of gas; of these 110,595 barrels and 623,573,000 
cubic feet are net to Alene's interests. 

Assuming continuance of present or contract prices for oil and cas.. Alens’s 
future gross revenue is estimated to be $1,965,536 after deducting severance 
taxes. Deduction of operating costs, capital costs, and ad valorem taxes, which are 
estimated to total $258,31 8, leaves a future net revenue of $1 ,707,21 3. 




financial Times Monday , jtdy 3 1978 


#9 


Hunting Petroleum Services Limited — continued 


The following tables are summary projections of 1 annual production .and 
revenue from petroleum properties of Bycor (working interests and royalties) and 
Alene (working interests) as of December 31 # 1 977. 


Alone 


Year 

Net Production 

Future Net Revenue 

Beginning 

OH 

Gas 

Annual 

Cumulative 

January 1 

(Barrels) 

(mef) 

$ 

$ 

. 1978 

127,637 

502,510 

1,613,102 

1.613;i02 

1979 

1 02,882 

441,189 

1,356,973 

2,970,075 

1980 

86,057 

400,026 

1,252,782 

4,222,857 

1981 

69,176 

358,459 

1,099,883 

5,322,740 

1982 

53,636 

313,985 

930,508 

6,253,248 

1983 

42,151 

296,572 

815,867 

7,069,115 

1984 

31,442 . 

260,309 

658,338 

7,727.453 

1985 

25,280 

180,080 

481,592 

8,209,045 

1986 

18,951 

102,007 

299,545 

8,508,590 

1987 

12^595 

54,962 

200,149 

8,708,739 

1988 

10.684 

28,779 

122,900 

8,831,639 

-^1989 

9,693 

58,186 

177,053 

9,008,692 

1990 

7,268 

60,531 

1 63,923 

9,172,615 

1991 

5,758 

52,857 

140,189 

9,312,804 

1992 

4,663 

32,939 

97,484 

9,410,288 

Subtotal 

607,873 

3,143,391 

9.410,288 

9,410288 

Remaining 

11,094 

29,809 

150,080 

9J60.368 

Total 

618.967 

3,173200 

$ 9.560,368 

$9^60268 


Year 

Net Production 

Future Net Revenue 

Beginning 

Oil 

Gas 

* Annual 

Cumulative 

January 1 

C Barrels ) 

• (mef) 

$ 

$ 

1978 

21,743 

154,346 

- 352,095 

352X95 

1979 

- 19,523 

136,738 

320,133 

672^28 

1980 

18,609 

128,017 

313,900 

986,128 

1981 

15,642 

96,083 

258,606 

1 ,244,734 

1982 

10,301 

55,532 

171.612 

1,416346 

1983 

7,673 

34,872 

117,733 

1,534,079 

1984 

5,649 

18.805 

74,987 

1,609.066 

1985 

4,070 

4,180 

38^383 

1,648,049 

1986 

3,066 

— 

24,327 

1,672^76 

1987 

2^83 

— 

19,084 

1,691,460 

1988 

1,853 

_ 

15,057 

1,706,517 

1989 

83 

— 

701 

1,707,218 

1990 


— 

— 

1,707,218 

1991 


— 

— 

— 

1992 

■ — 

— 

— 

. — 

Total 

110295 

628273 

$1.707218 

$1.707218 


In our opinion, the fair market value of the properties as of December 31, 
1 977 is $5,1 00,000 in the case of Bycor and $1 ,000,000 for Alena. 

Fair market value is that amount for which the properties under consider- 
ation could probably be sold by one who desires to sell, but is under no urgent 


necessity to sell, to a buyer who desires to buy; but ts under no urgent necessity to 
buy. in an arm’s-tength transaction with bom parties having reasonable 
knowledge of the ftcts? 'C 

Submitted • 

DaGolyer and IHacNaughton 

March 20, 19781 


Supplemental Report . 

To : Brazos Young Corporation 

and Alene Oil Company 

P.O.Box 907 

McAlester 

Oklahoma 


DeGolyer and MacNaughton 
One Energy Square 
Dalfas/Texas 75206 
USA 


Gendemen, 

_ We refer to our report dated March 20,1978 on the oil and gas reserves of 
Bycor and Aleheas of Debember 31, 1 977. 

We have reviewed with McAlester Fuel Company developments which have 
occurred betwaen tTecember 31, 1977 and May 1, 1978 which might affect 
Bycor and Atene's properties and we concur with McAlester Fuel Company's 
opinion that no significant change has occurred other than production during 
this intervening period. 

Submitted 

DeGolyer and MacNaughton . 

June 15,1 978. 


Accountants' report 

The following is a copy of a report to the Directors of the Company and or Robart Fleming & Co. Limited by rriep 
Waterhouse & Co., Chartered Accountants, the Auditors of iha Company and Reporting Accountants: 

Southwark Towers 
32 London Bridge Street 
LondonS El 9SY 
30 June 1978 ■ 

The Directors 

Hunting Petroleum Services Limited 
Robert Fleming & Co. Limited 

Hunting Petroleum Services Limited ("the company*) was incorporated on 1 June 1978 and did not trade prior to 
6 June 1 978. when it conditionally acquired the subsidiaries fisted below in exchange for 7,875.000 of its ordinary 
shares and 1,250.000 of Its deferred shares. 

Frfloil Social Nou voile PArolaetAffrfttementsSA (99.93 per cent] 

Fuel-Fast Limited 

Gibson Crude Oil Purchasing Co. Limited (90 per cent) 

Hunting Gibson (America) Limited 

Hunting Gibson (Overseas) Limited 

Hunting Oilfield Services Limited 

Hunting Oil Terminals Limited 

Mayflower Trading and Investment Company Limited 

All these companies are wholly owned, except as indicated above, and together with their subsidnrrea, in 
some of which there are significant minorities, and the company are referred to herein as ‘the group*. 

Wa have examined the books and accounts of the companies now forming the group Tor the period relevant to 
this report. In our opinion the statements of turnover and profits* source end application of funds and net assets 
set out below, which are based on audited accounts after making such adjustments as we consider appropriate and 
which have been prepared under the historical cost convention, give under that convention a true and fair view of 
the profits and source and application of funds of the group for the five years ended 31 December 1977 end of its 
net assets at 31 December in each of the years 1972 to 1977. 

No accounts of the company have been prepared for submission to members since its incorporation and no 
accounts o( subsidiaries have been so prepared for any period subsequent to 31 December 1977. No dividends 
have been declared or paid by the company. 

Accounting policies 

Accounting for subsidiaries 

The merger basis of accounting has been used to present the combined financial information oF the companies 
now farming the group. Accordingly the shares in the company are recorded as being issued at par and die net assets 
of the companies concerned have been combined and carried forward at their book amounts. 

Goodwill on acquisitions by the subsidiaries, representing the excess cost of shares in companies acquired over 
their net tangible assets at acquisition, is earned forward. 

Fixed assets and depreciation 

The costs of exploring, acquiring and developing oil and gas properties arc capitalised, including non-productive 
exploration and drilling costs, provided that the book amount of such costs, after providing (or depletion, depreciation 
and amortisation, does not exceed the estimated value of proven recoverable reserves. Depletion, depreciation and 
amortisation is provided using the unit of production method based on the estimated total proven recoverable oil and 
gas reserves of each subsidiary. 

Other fixed assets are stated at cost and depreciation is provided in equal annual instalments over their estimated 
useful lives. 

Associated companies 

Associated companies are defined as those companies, not being subsidiaries. In which group companies have 
sn interest oF not less than 20 per cent and in whose commercial and policy decisions they participate. The combined 
profits include the group’s share of the results of associated companies for years ended 31 December, based on 
audited accounts or, in the case of two associated companies with 30 June year ends, on unaudited management 
accounts. 

Foreign currencies 

Assets and liabilities and the results of overseas subsidiaries and a s so cia ted companies have been expressed 
Tn sterling at the market rates ruling at 31 December in each year; the differences arising from the movement in 
exchange rates have been dealt with through reserves. 

Deferred taxation 

The amount set aside for deferred taxation represents tax at the rates applicable for the year on the excess of 
capital allowances in respect of fixed assets over the corresponding provisions for depreciation and on other timing 
difference including suck appreciation relief. 

Slocks and work in progress 

Sucks and work in progress are stared at the lower of cost and estimated net realisable value. The cost of work 
in progress includes, together with direct labour and material costs, production overheads and a proportion of 
administrative overheads. 

Turnover and profits ^ 

The turnover and profits of the group for the five years ended 31 December 1 977 based on audited accounts 
and after making such adjustments as we consider appropriate,' were as follows: 


So area and application of funds 



Note 

1973 

1974 

197S 

1976 

1977 



COOO 

rooo 

rooo 

rooo 

rooo 

Turnover 

1 

60.081 

94.633 

109,712 

121.321 

124.642 

Cost of sales andexpenses 


58.406 

91,960 

108.064 

120,060 

122^62 

Trading profit 

2 

1,655 

2,679 

1,648 

1.261 

2.08 0 

Interest payable 


(7) 

(26) 

(181) 

(291) 

(354) 

Interest tecnivabla 


7* 

212 

138 

150 

i 99 

Share of profits and losses of 







associated companies 


4 

63 

84 

(169) 

(88) 

Profit before taxation 


1.726 

Z928 

1,689 

951- 

1,737 

Taxation 

S 

802 

1,590 

829 

752 

646 

Profit after taxation 

s 

844 

1,338 

860 

199 

1.091 

Minority interests 


(212) 

(376) 

(*17) 

132 

(302) 

ProRtefter taxation and minority interests ■ 

632 

962 

643. 

331 

789 


Turnover 

Turnover represents the total amounts receivable Tn the ordinary course of business for services provided 
and for products sold. 

An analysis of turnover by significant activity and geographical location is as follows; 



1973 

1974 

1975 

1376 

1977 


rooo 

rooo 

rooo 

rooo 

rooo 

Activities: 

Crude oil marketing, storage and 

distribution 

58,146 

91,215 

104.87B 

111,499 

110,323 

Drilling and other oilfield services 

587 

1,239 

1,686 

3,454 

6,069 

Oil and gas explore cion and development 

253 

626 

1,109 

1.292 

1,00® 

Oil broking and other activities 

1,075 

1.559 

1,257 

1.098 

919 

Heating oil distribution 

— 

— 

782 

' 3^78 

6,325 


60,061 

94,639 

109,712 

.121.321 

124,642 

| By company location: 

| Canada 

58,146 

91,215 

104.878 

111.499 

110,323 

USA 

253 

626 

1,109 

1,292 

1.006 

1 United Kingdom 

587 

1.170 

2J249 

6.513 

11,108 

Franca 

1,075 

1,559 

1,257 

1.098 

9T9 

Other 

— 

69 

213 

919 

1.286 


60.061 

94.639 

109,712 

121.321 

124.642 







2 Trading profit 

Trading profit fs arrived at after charging/(crediting) : 

1973 

1974 

1975 

1976 

1977 


rooo 

rooo 

rooo 

rooo 

rooo 

Depletion, depreciation and amortisation 

2 36 

396 

773 

1,035 

1,269 

1 Hire of plant and equipment 

37 

12B 

138 

- 303 

863 

Provision against Wascana pipeline 

• Operations 



_ 

585 

(96) 

! Low on sale of vessel 




143 

1 Additional depreciation to reduce book 

amount of vessel to estimated realisable 

value 

— 

— 

— 

— - 

248 


In accordance with the accounting policy of the group, the following exchange gains/(losses} have been 
deal f with through reserves : 

Fixed assets, less long term debt AO 5 481 517 (448) 

Other net assets 50 27 (38) 20 (25) 


40 

5 

481 

517 

(448) 

60 

27 

(38) 

• 20 

(25) 

90 

32- 

443 • 

537 

J* 73) 


The contribution to trading profit of the significant activities and geographical locations is as follows: 

1973 1974 1975 1976 1977 

rooo rooo cooo ■ rooo rooo 

Activities: 

Crude oil marketing, storage and 

distribution 795 1,315 692 233 1.267 

Drilling and otheroilfield services 45 178 49 338 380 

Oil and gas explored on end development 74 234 355 480 . 382 


Oil broking and other activities 

740 

952 

525 

179 

(11) 

Heating oil distribution 

— • 

— 

27 

31 

82 


1,655 

2,679 

1,648 

1.261 

2480 

By company location : 

Canada 

795 

1.317 

692 

237 

. 1.284 

USA 

84 

244 

369 

497 

396 

United Kingdom 

36 

151 

64 

117 

266 

Franca 

740 

952 

525 

179 

(11) 

Other 

— 

15 

tt) 

231 

145 


1.655 

2.679 

1.848 

1.261 

1L080 

Taxation 

Tha taxation charge, which bt based on tiie profit for the year, comprises: 




1973 

1974 

1975 

1976 

1977 


rooo 

rooo 

rooo 

rooo 

rooo 

UK corporation tax 

25 

111 

48 

(47) 

(168) 

Overseas taxation 

799 

1,257 

522 

484 

519 

Deferred taxation 

58 

205 

258 

332 

295 

Associated companies 

— 

17 

1 

07) 

— 


- 882 

1.590 

829 

752 

646 


aunts and after making such adjustments tswe consider appropriate, were as follow* : 

1973 1974 1975 

1976 

7977 

- 

rooo 

rooo 

rooo 

rooo 

rooo 

Source of funds 

Operations: 

Profit before taxation 

1,72 S 

2928 

1,689 

SSI 

1.737 

Adjustment for hems not fnvohnogtb* . 
movement of funds : 

Depreciation 

236 

336 

773 

1.03S 

1.269 

Associated companies 

(4) 

(63) 

(84) 

169 

88 

Exceptional fosses and additional 
depreciation in respect of fixed assets 




143 

248 


1,958 

2281 

2378 

2298 

3,342 


Oiher sources: 


Loans 


1.732 

598 

989 

288 

Sale of fixed assets 

75 

22 

238 

589 

353 

Exchange differences 

Balances with other Hunting 

90 

32 

443 

537 

(473) 

companies' , 

Increase in crude oil proceeds 

(8) 

202 

(318) 

38 

826 

repayable 

— 

180 

370 

480 

(38) 

Issue of shares 

— 

— 

214 

95 



157 

2168 

1,545 

2728 

956 


2115 

5.429 

3.923 

5,026 

4,298 

Application of funds 

Fixed assets 

595 

2579 

2975 

4^07 

2371 

Taxation paid 

395 

1.025 

1,106 

344 

539 

Loans repaid 

15 

16 

410 

782 

2B1 

Associated companies 

(26) 

05) 

68 

284 

192 

Investments 

39 

(8) 

(9) 

29 

99 

Goodwill on acquisition 

— 


23 

— 

140 

Minority interests 

31 

71 

(13) 

095) 

265 

Dividends paid 

131 

328 

366 

250 

599 

- 

1.1 SO 

3,996 

4J92S 

5.70T 

4.486 


935 

1.433 

0.003) 

(875) 

(188) 

Increase [(decrease") in working capita! 

Blocks and work in progress 

974 

1.034 

(«04) 

87S 

(285) 

Debtors 

1,373 

3.303 

1,953 

1362 

486 

Creditors and provisions '• ' 

0.173) 

(2637) 

(2273) 

- (3.335) 

615 

Netbankfinance 

(239) 

(267) 

(279) 

422 

0^04) 

V 

935 

1.433 

0.003) 

(675) 

088) 


Nat assets ■ 

The net assets of the group at 31 December hi each of the years 1972101977, based on audited accounts and 
after making such adjustments as we consider appropriate, were as follows : 


Fixed assets 
interest tn 

associated companies 

Investments 

Goodwill 

Cumntassets 

Stocks and work in progress 

Debtors 

Short term notas and deposits 
Cash at bank and in hand 


Current liabilities 

Bank's verdrafts (secured) 
Creditors and provision* 
Taxation 


Net current assets 
Net balances with other 
Hunting companies 


Crude oil proceeds repayable 
Minority interests 
Deferred taxation 
Loans 


Non 

1972 

1973 

1974 

1975 

T976 

1977 


'rooo 

rooo 

rooo 

rooo 

rood 

rooo 

1 

11292 

1,576 

3.737 

5,701 

8,141 

8.642 

2 

123 

101 

149 

301 

416 

520 

3 

319 

358 

350 

341 

370 

469 


— • 

— 

— 

23 

23 

153 


365 

2726 

1339 

4.099 

2373 

7.402 

1.969 

9,355 

2845 

10,717 

2560 

11,203 


382 

614 

627- 

453 

719 

321 


183 

81 

284 

251 

541 

148 


3,656 

6,133 

10.686 

12023 

14,822 

14232 


j* 

369 

852 

92* 

1,058 

1271 

4 

2404; 

2577 

6214 

8,487 

11,822 

11,207 


89 

515 

858 

27* 

283 

168 


2493 

4.461 

7.92* 

9,685 

13.163 

12646 


1.163, 

1.672 

2762 

2343 

1.659 

1.586 

5 

(499) 

(492) 

(694) 

(376) 

(414) 

02«) 


2398' 

3215 

6.304 

8,333 

10.195 

10,140 

6 





080) 

(550) 

(1.030) 

(992) 


(651) 

(832) 

0.137) 

(1.367) 

0.430) 

(1A67) 

7 

(63) 

(129) 

(351) 

(058) 

0.057) 

0279) 

8 

(145) 

Q30) 

0.846) 

(2034) 

(2241) 

(2248) 


(B65) 

0.091} 

(3,51 4) 

(4.509) 

(5.758) 

(5,986) 

9 

1.533 

212* 

2790 

3.72* 

4*37 

4,15* 


Based on the net assets at 31 December 1 977 asset out above, after adjusting for the subsequent capitalisation 
of certain balances with other Hunting companies and on die issue of 9.125.000 ordinary end deferred shares of 
the company in exchange forthose of its subsidiaries the net assets would have been represented by Issued share 
capital and reserves as follows : 

Nei assets at 31 December 1977 as sat out above 4,154 

Increase in respect of balances with other Hunting companies which have been capitalised 

since 31 December) 977 842. 

^986 

Represented by: ■ ■■ 

Share capital of the company (excluding 1, 700,000 naw ordinary shares forming part of the 
offer forsala) 2281 

Reserves 2.715 


Fixed assets 

7972 

1973 

1974 

1975 

1976 

1977 


rooo 

rooo 

rooo 

rooo. 

rooo 

rooo 

Cost: 

F reehold land and buikTmgs 

101 

97 

368 

422 

y 629 

599 

Leasehold land and buildings 

30 

33 

' 3* 

39 

42 

91 

Vessels 

mwae 


473 

1203 

■ 706 

662 

Oil and gas leasee ■ 
and enuipmunt, including 

exploration 

and development costs 

74* . 

920 

2073 

2981 

4*423 

4,623 

Oil pipelines, tanks 
end equipment 

1.41 

1,617 

1,6*1 

2065 

2828 

3276 

Plant equipment 
and rail tank cars 

358 . 

. 433 

907 

1.422 

1J41 

3413 

Motor vehicles 

102 

131 

261 

682 

1,015 

1.310 


2749 ” . 

.. 3231 

5.757 

8^1* 

12584 

13^7* 

Depredation: 

Freehold land and buildings 

30 

' 34 

37 

45 

60 

55 

Leasehold land and buildings 

9 

11 

11 

13 

14 

14 

Vessels 


— p 

30 

142 

135 

458 

Oil and gas leases 

and equipment including 

exploration 

and development costs 

316- 

396 

516 

908 

1,495 

1.646 

Oil pipelines, tanks 
and equipment 

996 

1/344 

1,116 

1,306 

1,677 

1^06 

Plant equipment 
arid rail tankcare 

62 

11* 

210 

399 

672 

1,178 

Motor vettidas 

44 

56 

100 

300 

390 

47S 


1AS7 

1,655 

2020 

3,113 

4,443 

5932 

Net book amount 

1292 

1.576 

3,737 

5,701 

21*1 

8,642 


1972 

rooo 

1973 

rooo 

1574 

rooo 

1575 

rooo 

1979 • 

coop 

45 

45 

.4 5 

jfL. 128 

* 3 1 

5 

P) 

25 

59 

(183) * 

50 

42 

70 

185 

so 

73 

59 

79 

ITS 

386 

123 

101 

1*9 

301 

416 


Interest in essodatedcompanks 


Sham at cost leas 
amounts written off 
Group share of retain ad 
profits/ ( lasses) of i • 

associated compariM 


Net balances owing, - 
less amounts written off 


3 investments 

Investments an sand at cost leas amounts written off and at 31 December 19 77 comprised: 

Cost Market 
value 

rooo rooo 

Listed investments' 325 544 

Unlisted investments — £ 1 

. (Dnectora* valuation £144.000) *44 


4 Creditors 

At 31 DccembertSTT, trade creditors of a subsidiaiy InefiKhd £688,000 secured Mctmin assets of that 
subsidiary and by ■ guarantee by Hunting Gibson Limited. This guarantee will bo assumed by dm company 
upon the issued ordinary shares of the company being admitted to the Official Lite. 

5 Net bahncaswiUt other Hunting companies 

Balances wftft other H unting companies represent net amounts owing to Hunting Gibson limited, Hun ti n g 
Associated Indostnes Limited C'HAIL'). Hunting Group Limited and their auteudurta a . S in ce 3l December 
1 977 these, balances have been capitaiisod or repaid, with the exception of outstanding div i d e n ds ami 
group nAaf payments totalling £62.000 Aid a loan of £72000 from an overseas t ub a ktoy of HAH. 
repayable 8 December 1978. y 


Crude off proceeds repayable 
The liabBfty to repay dude oil proceeds arose iollovvh 
by the Federal Energy Authority m the US A, in the i 
oil during the three years ended 31 December 1970 
satisfied in part by the supply of crude oil over a pent 
balancafopayabtailntwhinl981- / 


g4 retrospective adjustment, resulting From a decision •' 
feo charged to o«» customer for the fttrolytdtnsfe 
.Thisbebikty beats Interest M 8 pw cent tncl wffi fibs- 
dofihfeeyeare commencing January 1978, Wtthtfie 


Deferred taxation 

15*2 

/ 1973 

1974 

1975 

1976 

.1577 


rooo 

/COOO 

COOO 

rooo 

rooo 

rooo 

Capital afiovwnces 

69 ■ 

* 129 

2B0 

609 

' 950 

1,112 

Stock appreciation relief 

-/ 

« - 

77 . 

. . 78 

....... 170.. 

■ 314 

Unuritoad texlosses and 
other altowehcta 

. hXV V . 


— 

(8) 

(27) 

(63) 

047) 



129 

351 

658 

V»7 

1^79 


No benefit has baatfttfcan for further unutilised tax losses carried forward at 31 December 1 977 emanating 
to £637.000 and avftrtlaio offset future taxable income of certain subsidiaries, of which £232000 Is only 
available until 1980. Contingent labilities to taxation exist in the event Of further distributions tty way of 
dividends being made by overseas cu hsidiaries and associated companies to U K eg nipames. 

Loam ■ '■■••••' "St COOO 

Loans at 31 December 1 977 composed; \ 

Secured bat* loans-, \ ' V 

RepaysMe in full in 1979, interest at recover London Inter Bank Offered I 

Rate (USS1 ,500.000) \ / 782 

Repayable m annual instalments to-1 Sfsf, intixuatlt 1 Vj ovttf Muftatntiie - 

Bank of Canada prime rate (Can 42,128^000) . 1.014 


Other secured loans : 

Repayable in equal annual instalments 101980, interest at 1 .95* over 
Bank of France base rate (F.Fr ^220,000) 

Repayable from revenues arising from oil and gas properties Interest at 1% 
over Royal Bankof Canada prijtorate (Can 8103,000) 

Repayable in equal insralraontito 1 979, Interest at 1 7S 
Repayable in equal insulmant&o 1 979, interest ail 55o (US$476,000) 


Other unsecured loans: 


to 1982 

st at 8% (Can $218,000) 


Less amounts due within one year inducted in creditors and provisions 


\ 





2248 






*"■■■ 11,1 

Reconciliation of net asset movements 




. ' 



. 1973 

1974 

1975 

1976 

1977 

Opening net assets 

COOO 

rooo 

r ooo 

COOO 

rooo 

1.533 

2124 

2790 

3.724 

4*37 

Prof itaftar taxation 

and minority interests 

Exchange differences: 

632 

962 

643 

331 

789 

Fixed assets, less long teat] debt 

40 

5 ' 

481 

617 

(448) 

Other net assets . 

50 

27 

OB) - 

20 

(25) 

(899) 

Dividends paid 

Issue of shares s 

(131) 

, PM) 

(366) - 
21* 

(250) 

- _95 

dosing not assets \ 

212* 

2790 

3.72* 

. 4,437 :• 

4,15* 


The tax charge was substantially in excess of 52 per centin 1 976, pnntipafly due to the provision against 
Wascana pipeline operations not bong allows Wa aa a deduction from taxable profits. The tax charge was 
substantially less than 52 per cent in 1977, due to a number of factors none of which was individually 
significant. 


Th« following annua! rates of depletion, depredation end amortisation 
are used bythe group: 

Freehold buildings 
Leasehold land and buHdings 
Vessels 

Odl and gas leases and equip merit; including exploration end 

development costs 

Oil pipelines, tanks and equipment 

Plant, equipment and rah tank cars 
Motor vehicles: 

Trailers 

Tractors 

Motorcars 


% 

7JS - 10 

life of lease 

12.5 

unit of production 
method 
6 ' - 10 

6-7 - 33.3 

6.7 - 20 

• 20 
25 


At 31 December 1 977 the group was c o mmitt ed to capital expenditure not provided in the accounts of 
£543,000 and the boards of subsidiary co m panies had authorised but not contracted capital expenditure 
uraounting to apprajanMidy £123,000. 


10 CondngentJabdhies 

Subsidiary companies have guaranteed part of the bank indebtedness of certain associated companies 
which at 31 December 1977 amounted to £746.000. 

At 31 December 1977 Hunting Oilfield Services Limited (*H0SL*) had guaranteed the bank overdraft 
of a fallow subsidiary of HAIL which amounted to £516400 at that date, and had, together with certain 
fellow subsidiaries of HAIL, agreed under a letter of set-off that the bankers might at any time without 
notice combine all or any or their bank accounts. HDSL villi be r steered from thesaarrangemems upon the 
issued ordinary shares of the company being admitted to the OtfldaJ Uat Similarly the UK subsidiaries 
being acquired by the company from Hunting Gibson Limited have guaranteed the bank overdr a ft s - of 
Hunting Gibson Limited and certain, of its subsidiaries; which at 31 December 1977 amounted to 
£1 A41.000.and will be released from these guarantees on listing of the company's'rasued ordinary shares. 

11 Fventa since 31 December1977 

Under the terms or agreements entered Into prior to 31 December 1 977 there was a "commitment at that 
date u purchase a further 460,000 common shares in Gibson Holdings Limited for Can *3,350000; at that 
date an initial payment of Can 0300,000 had baen made. Since 31 December 1 077 the egraatne n re haw 
been varied with the result thar Carr S2950.000 was paid on 3 April 197B In full cattlemen t-of this com- 
mitment. Also on that dare 344.353 of these 460.000 shares ware disposed of for Can *241 0.865 in cash. 
The interest of the group in Gibson Holdings Limited increased by 6J36 par cant aa a resuftof these trans- 
actions to make a holding of 5430 per cent. 

Yours faithfully 

Price Watariious* &. Co. 

Chartered A cca ttnUrnts. 

Profit forecast assumptions and letters - . . 

Bases and assumptions 

The consolidated profit forecast of tha Company for the year ending 31 st December 1978 as stated In the Chair- 
man s letter above » based on the results of the subsidiary companies as shown by the management accounts (or 
the three months ended 31 st March 1 978 (which have not been audited) and on the.followlng assumption: 

i) there will be no major International event affecting the oil add gas industries m the countries in which tire 
Group operates 

li) there will be no material disruption of the Group’s business by reason of industrial disputes involving 
enher the Group or any or its suppliers or customers, political or civil disturbances, fire oc explosion or 
natural disasters 

iH) there win be no material changes in interest rates or In international exchange rates 

iv) the Groups business will riot be materially affected by abnormal vueathw conditions ~ ' 

V) j ^ aotranifnattta 1 action in tha countries in which tha Group operates will not materially, affect tbaGwup^ 

w)raw s of infla tion in tha countries in which the Group operates will not difforsignfficaa'fy fiomraorantlwete. 
Forihe purposesoi this paragraph *tho Group' means tha Company, la subsidiaries and cPtePHitea. 

Letters 

b ” n r “ ei ''“ 1 So«d "I- 

Southwark Towers 

32 tondon Bridge Street 

London SE19SY 
30th June 1878 
Dear Sirs 

We hove reviewed the accounting bases and calculations fojr the profit forecast of Hunting Petroleum 
sennees umned and its subsidiary and associated companies foe the year, ending 31st December' 197 b. far 
which the Directors are solely responsible, set out in the Chairman's tetter included In the document dated 
29*i u ™ l 97 ? connection with tha offer foreafoof 2,700,000 ordtoMy shores oF25p each of Hunting 

I'etKNeum Services Limited. The forecast includes results shown by unaudited management accounts for too 
three months ended 31st March 1 978. ' 

!? opinion the forecast so far as the accounting bases and calculations are concerned, has taco 

p roperl y romprind on the footing of the assumptions made by the Directors, set out m ft* document and b 
*’“« eowuiom with tha accounting practices normally adopted byiha companies concerned. ■ 

r ours faithfully 

Prica Waftevtumw & C«w 

Chartered Accountants 





S 3 



tfe. 


Financial 'Hines Monday July 3 1978 

5 Hunting Petroleum Servie: 

SCiesbySqam 
London EC3A8AN 
• 30th Jung 1978 

Dear Sirs 

hauled in the document d^rtKlS P 1 Wa V M7?S? 0 ?- st Dec “"^ 1978 sw out fa the Chairman's latter 

Wa have also considered the fetter ^ 00 whfeh *** Ptofit *w«*t wnsrmade. 

Co. regarding tin accounting SdaSahS^S?.ij? l "^ a 10 Y ° ureelv <re *»n Price Waterhouse & 

On tha basis of the ahdvtTvS “"""B * «* *■» forecast, 

been mode with due cateandmen^f^ ^ ** P" 8 ® forecast ( f « which you are solely responsible) has 
Youtsfarilhfully 

Robert Hot lng& Co. Litn hud 

director 


remises 

The principal propeniac of the Group comprise the following: 

Location and Total etna 

«--. a applicable Floor ana 

° ecu f Her (aenu) fa. metres) 


t • ..- 

t .:■ 

•I’ : ;■ . • 


description 
United Kingdom 
Abeidaon t woritshops 
and offices 


Aberdeen : warehouse 
and offices 

Great Yarmouth: 
workshop and offices 


Great Yarmouth: 
workshop and offices 

Great Yarmouth: 
warehouse and offices 


HOSL 


Dritl-Tech Limited 
HOSL 


HOSL 


Drill-Tech Limited 


Dreitwich: heating oil Fuel-Fast 
distributiondepot 


— 3.500 


465 


— 1.236 


936 


— 737 


0.82 


Fuel-Fast 


057 


Tamm ( unexpirod hum an d rent) 


Leasehold : Commenced 22nd 
March 1976 for a term of 35 years 
expiring on 21 st March 201 1 at a 
rental ol £ 56,000 p.a. (subject to 
five-yearly rent review) 

Leasehold : fixed term to August 
1 978 with three- monthly options 
thereafter at a rental of £1 3,500 p.a. 
Leasehold : Commenced 23rd 
November 1 972 for a term of 1 1 
years expiring on 22nd November 
1 983 at a rents! of £10.600 p.a. 
(subject to review in November 
1980) 

Leasehold : Commenced 1 sr August 
1 974 tor a term of 7 years expiring on 
31 st July 1981 at a rental of 
£10.500 p.a. 

Leasehold : Commenced 1 st 
November 1 977 lor a term of one 
year expiring on 31 st October 1 978 
at a rental of 08,400 
Leasehold : Commenced 7 Bth April 
1 977 tor a term of 9 9 yearS expiring 
on 1 7lh April 2076 at a rental of 
£2.500 p.a. (subject to seven-yearly 
rent review) 

Freehold 


lye: heating oU 
distribution depot 

yearn «re d nSro F f l &SSt°Sc» , S5 TSjSfEt* * dBp01B under ,eases * batWM " S and 20 

Holland * 

Den Haider: workshop Hunting Oilfield 


-and offices 


Canada 

Calgary: offices 


Edmonton tofffen; 

pump house and 
storage tanks 
Hard) sty: offices, 
pump house and 
storage tanks 


Services B.V. 


Gibson Petroleum 


Gibson Potroleuni 
Gibson Petroleum 


88.29 


147.31 


— 1*788 Leasehold: Commenced 1st January 

1 978 for a term of 3 yeans expiring on 
31 st December 1 980 at a rental of 
D.fl 96393 p.a. increasing in each 

year by 5 percent 

•— 3,887 Leasehold -.Commenced 1st March 

1S71 for a icyytt of 10 years « pining 
on28ih February 1981 atarentalof 
Can £25.800 p.a. 

— Freehold 


— Freehold 


r..; . 

*K. , 


ti- 


ff? - 

" 

*.* V • 


Statutory and general information 

^ Share capital 

The Company wss Incorporated on 1st June 1978 with an authorised shore capital of £100 divided (mo 400 
Ordinary Shares of 25p each, of which 7 Ordinary Shares ware issued and were fully paid up. By or pursuant to 
resolutions passed at an Extraordinary General Meeting of the Company on 30th June 1378 the authorised 
mare capital of the Company was increased to £3.312,500 by the creation of an additional 11,999,000 Ordinary 
Shares of 25p each end 1.250.000 Deferred Shares of 25p each and the Company became a public company and 
altered Its Articles ol Association. 

Acquisition Agr e ements 

On 6th June 1 978 the Company entered Into two Agreements to acquire the oil end gas related Interests of 
HAIL Gibson end KH. 

Under the first of these Agreements, the parties to which ware (1) Hunting Gibson OH & Gas Limited ('H GOG*) 
-• (a wriioUy owned subsidiary of Gibson) (2) Gibson end (3) the Company, HGOG agreed to sell to the Company its 
holding of 99.93 per cent of the Issued share capital of Fretoii and the whole of the issued share capital of Fuel- Fast 
in consideration of the issue of 1,375.000 Ordinary Shores of 2Bp each and 375.000 Deferred Shares of 25p each 
in the Company, credited as fully paid, conditionally upon (a) the Council of The Stock Exchange admitting to the 
Official List the whole of the Issued Ordinary Share capital of the Company not iater than 28th July 1978 and lb) 
approval being obtained not later than 28th Juty 1978 from the shareholders of Gibson to both Agreements and 
from the shareholders of HAIL to the second ol the Agreements. Condition (a) Is expected to be satisfied on 5th July 
1978 end condition (b) was satisfied on 30th June 1978. 

Under the second Agreement, the parties to which warn. Inter *00,(1) Hunting Engineerina Management Limited 
CHEML’J (a wholly owned subsidiary of HAIL), HGOG and HH, (2) HAIL Gibson and HH, and (3j the Company, 
it was agreed subject to the same conditions as those eat out above that : 

0 HEML should sell to the Company the whole of the issued share caprraf of HOSL in consideration of the 
issue of 2JS25.000 Ordinary Shares of 25p each in the Company, credited as fully paid: 

E) HGOG should sell to the Company its holding of 90 per cent of die issued share capital of Gibson Crude 
Oil Purchasing Co, Limited ("GCOP*), the holding company of Gibson Petroleum and the whole of the 
respective Issued shore capitals of Hunting Gibson (America) Limited. ("HGA’). the holding company of 
Alone, and of Hunting Gibson (Overseas) Limited (‘HGO’) and Hunting Oil Terminals Limilad (both of 
which are currently inactive} ; in consideration oi the Issue ol a total of 2.1 25.000 Ordinary Shares ol 25p 
each end 375,000 Deferred Shares of 25p each in the Company, credited as fully paid ; and 
W) HH should sefl to the Company the whole of the issued share capital of Mayflower Trading and Investment 
Company Limited ('Mayflower") the holding company of Bycar. in consideration of the issue of 1,750.000 
Ordinary Shares of 25p each end 500 ,000 Deferred Shares of 25p each iri the Company, credited as fully 
paid. ■ ’ 

Warranties and indemnities have been given by HAIL Gibson and HH under the Agreements in respect of the 
) Wetness ol. and taxation matters relating to, die companies being sold ' 

Offer for Sale Agreement 

Under an Agreement dated 6th June 1978 made between, inter alts, the Company and Robert Fleming Si Co. 
Limited ("Robert Fleming"). Robert Fleming agreed conditionally upon (a) the passing at an Extraordinary General 
Mooting of the Company to be hefd on 30th June 1978 or at any adjournment thereof not laser than 28ih July 1 978 
ol the resolutions referred to under "Shore capita r above (b) the passing at Extraordinary General Meetings or HAIL 
«nd Gibson to be held on 30th June 7378 oral any adjournment thereof not later than 28th July 1 378 of resolutions 

- approving the sale ol their respective oil and gas related in r wests to the Compan y pursuant to the Acq uisi tion Agree- 
ments rolened to above (c) the Council of The Stock. Exchange admitting to the Official List the whole ol the issued 

■ Ordinary Share capital oftheCampany not later than 2Bth July 1 978 a nd (d) the Acq uhtition Agreements mentioned 
above being completed in accordance with their terms : 

i) to subscribe in cash at 63dJ375p per share forl.700.000 Ordinary Shares of 25p each; and 

ii) to purchan 1,000,000 Ordinary Shares of 25p each from HGOG at a price oI83.8375r par share 
Old to offer the said shares for sale to tire public at a price of 85p per share. 

The Agreement provides {inter alia) that the Company will pay the costs and expanses of and Incidental to the 
application to the Council of The Stock Exchange, all legal and accountancy fees and other expenses in connection 
with the preparation, publication, advertising and circulation of this Offer for Sale, capital duty in respect of the 

- issue of the said 1 ,700.000 Orcfiniry Shares, the expenses of the receiving bankers and registrars, ell printing charges, 
a foe of £10.000 to the brokers and a fee of £30,000 to Robot Renting. The total expenses payable by the Company 

. am nstinwlod to amount to £225,000 (excluding value added tax). Robert Renting will pay its own legal expenses 
ond, pursuant to underwriting agreements to which the Company is not a party, a commission of 1& par coni (plus 
value added tax) of tha offer price In raspoctOf the Ordinary Shores now offered for sale. 

Article* of Association 

The rights attached to tho Deferred Shares by the Articles of Association of the Company are summonsed 
under the heading 'Share capital and indebtedness" above. The Articles of Association also contain provisions {inter 
‘ to the tallowing effect: 

Votes of Members . , 

Subject to any special rights or restrictions as to voting attached to any Ena res by or in accordance with 
tha Articles, on a show of hands every member, who being an individual is present In person or being a corpora- 
tion is present by a representative, shall have one vote and on a poll every member who is present in person or 
*" by proxyshtil have one vote lor every share ol 25p of which he is the holder. 

No member shall be entitled to vote or exercise any right conferred by membership in relation to meetings 
of the Company if he or any person appearing to be interested in shares registered in his name is in delauh in 
supplying to the Company within 21 days the information required by a valid notice served under section 27 
of the Companies Act 1 976. 

Variation of rights . , . , 

The rights and privileges for the time being attached to any class of sharesformmg part of the issued capital 
for tho time being of the Company may be varied or taken away with the consent fn writing of the holders of 
three-fourths in number of tho issued shares of that dess or with the sanction of an Extraordinary Resolution 
posted at a separate meeting of the holders ol tho shares of that class. To every such separate meeting the pro- 
visions of tha Company's Articles of Association as to General Meetings shall mutotis mutandis apply but so 
Hint the necessity quorum shall be two persons nt least holding Of representing by proxy one-third ol the 
issued shares of the dass in question, that any holder of shares of the class present In person or by proxy may 
demand a poll, that the holders of shares of the dass shall on a poll have one vote lor each share of the class 
held by thorn respectively and that if at any adjourned meeting of such holders a quorum as above defined is 
- nor present in person or by proxy, those of such holders who ere present shall be a quorum. 

Directors 

f) Save as provided below, a Director shall not vote in respect of any contract or arrangement or any 
other proposal whatsoever in which ho has any material interest otherwise than by virtue ol his iniwesu in 
■haras or debentures or other securities of or otherwise In or through tho Company. A Director shall not be 
counted in tho quorum at a meeting in relation to any resolution on which he is debarred from voting. 

U) A Director shod (in the absence of some other matenal interest then is indicated below) be entitled 
to vote (and be counted in the quorum) in respect of any resolution concerning any ol the fallowing matters, 

St giving of any security or Indemnity to Wm in respect of money lent or obligations incurred by him at 

the request of or for die benefit of the Company or any of its subsidianw: 

Jr) the (riving of any security ot Indemnity to a third party in respect of a debt or obligation of the Company 
orany Of its subsidiaries for which he himself has assumed responsibility in whole or in pan under a guarantee 

e ) SnynwSl Sflor rtafems or debentures or other securities of or by the Company or any 

} SftesSi»ms tor subscriptions purchase ill which offer he b or e to be interested as a participant in 

d) which he fe interested. directiy or indirectly, andwholher 

} ^arobofderer otherwise howsoever, but is not the holder of or beneficially interested .n 

££ JJS5 £ more ol the issued shares ol any class of such company or of toy third company through 

e) 'adStion. modification or operation of a OTperanmiation fund or retirement 
} SSSmo underwhich he may benefit and which has been W»«"dby or ts subject to and con- 

ummwwwS bY the Board of Inland Revenue lor taxation purple. 

are under consideration concerning the appointment (including fixrng orvary.ng 
u) \yh«eptjposatsaicu __ w otKces w employments with the Company or any ccm- 

M'JCr^h^rComDany iTinwSd, such proposals mav be divided and considered in relation to each 
aXfXq£reachOf «w Oiroctcrs concerned (H not debarred from voting under paragrapn 

®" 'rrS SSS SS’li mr mwi"S » “ *» ° f ? i"'™* »' « » •"» 

eortcerfted hatfa notbpc ri fairiydgetosed- rommcratioil (if mv) for tf> dr services as the Company in 

_ Y) j* rcrcraahan be «fl ethajwiw determined such remuneration shall be divided between 

Directors may unanimously determine or. in default of such 

^ any 

him In attending and returning front 

niuv-rrmnr Gnnnnil h 


or in connection 


mee ting s ot tna ' 

Xf^Sbfeh and mamtom any pension, insurance, or supenmnuation funds and shall 

£?? title Shall not imply that the person so titled is a Director of the Company 
OVCrthfl09 * of seventy may be appointed a Director of the 

Company. 

for the time bonft rem»«^guivita:r^gedo __ -^[^n ol an Ordinary Resolution ot the Company tacood 
borrowings) ihati not dt upweredrted ac paid up on the isared share capital of the Company 

three tones tiw agsmsaw^ SoIiSitS cop-Ml and 'avenue rasaves of the G.ouo (including 
and ti»«mot»i»»»wnd'nB a™ 1 and >oss .account) aD as shown by the lawxt 

Grow For these purposes "the Group means the Company and ns 

luh Tit ti frits. 


— continued 


Directors' and other iittarssts 

No Director ot the Company has an interest in the share capital of tha Company. The interests; of the BIrsetnra 
end then families in the share capitals of HAIL. Gibson and Kisitfog Group Limite d ("HGO (of which HH isae u bft d iaty) 
as they appear in tha registers maintained by those companies under the provisions of the Companies Act 1967 ore 
as follows: 

Ort&wy Shams of 25o each . 

HAIL 


- 



Fv By paid 

lpptid 

L C. Homing 

Beneficial 


183.004 

— 


AsTrustem 


424,893 

— 

C. P. Doilimore 

Beneficial 


600 

14.400 

R. H. Hunting 

Bsfteficiel 


175£O0 

— 


AsTmstee 


413,887 • 

— 

R. E-Treacher 

Beneficial 


760 

7,200 


As Trustee 


1,303,175 


K.W. filler 

Beneficial 

s 

— 

3£M> 




2.501,119 

25,200 

Less interests duplicated (see Note) 


83&590 

— 




1.662^29 

25.200 


The Ip paid Ordinary Shams have been issued mute the HAIL Executive Share Purc h ase Scheme, 
Gibson Ordinary Shares of £1 each Preference Sharat 


L C. Hunting 

Beneficial 

Fully Paid 

20,774 

3ppaid 

of a each 

As Trustee 

68.375 

vaam 

— 

R. H. Hunting 

Beneficial 

7R074 

•— 

w 

R.E. Treacher 

As Trustee 

Beneficial 

11.111 

3.800 


K.W. Miller 

AsTrustee 
' Beneficial 

204,000 

1,800 

22.7EO 

Less interests duplicated (see Note) 

382^334 

07,388 

5,600 

22,750 



294946 

to 

5,600 

22.750 


The 3p paid Ordinary Shares have been issued under tho Gibson Executive Share Purchase Scheme. 
HG 


L C. Hunting 
R.H. Hunting 
R.E.Treacher 


Beneficial 
Ai Trustee 
Beneficial 
As Trustee 
As Trustee 


Ordinary Sharia 
td Speech 
Fully Paid 
31.179 
100,221 
31.010 
100.065 
362.142 


Less interests duplicated (see Note) 


624,617 

165,582 

459.035 


Note: Where more than one Director Is a trustee, the shareholding of tbatfrust Esfoefticferf EntfiS total interest of each 
Director who is a trustee. 

Mr. G. P. Doilimore holds an option under the HAIL Share Option Scheme to subscribe for 3,214 Ordinary Shares 
of 25 peach in the share capital of HAIL end Mr. K.W. MRIer holds an option under tha Gibaon Shore Option Scheme 
to subscribe for 2^00 Ordinary Shares of Cl each in the share capital of Gibson. 

Save os disclosed herein, fi) no Director of the Company has any entarest in any assets wffich within two years 
before tha data hereof have been, or which are proposed to be, acquired or disposed of by, or leased to, the Company 
or any of its subsidiaries, and no contract or arrangement subsists in which a Director of the Company b materially 
interested and whieh is significant in relation to the business of tha Company and its subsidiaries (The Group') taken 
as a whole : and (ii) the Directors are not aware ot any shareholdings which will immediately after completion of this 
Offer for Sale represent five per cent or more of the Issued Onfinvy Share. capital of the Company, 

Ataterial contracts 

The following contracts (not being contracts in the onfmary course of business) have been entered into 
within two years before the dare hereof and ere or may be material : 

i) An Agreement dated 14th April 1977 between Gannat Offshore Production Services Limited 
fGannaf) and HOSL whereby HOSL acquired from Gannet the whole of the issued share capital of Drill-Tech 
Limited ('Drilhech') together with £499,430 Unsecured Loan Stock 1978 and £49.013 Debenture Stock 1977 
of Dnlhech (or the sum of £312.000 (subject to the adjustments therein mentioned). 

ii) An Agreement dated 15th August 1977 between Gibson Petroleum and Pacific Petroleums Limited 
(•Pacific") whereby Gibson Petroleum leased two storage tank units to Pacific lor a period of 15 yews for the sum 
of Can 537,500 per month (subject to the adjustments therein mentioned) payable for the fust 10 years of such 
period. 

ii!) Agreements dated 11th November 1976 and 28th October 1977 between McAhster Fuel Company 
f McAlester") and Bycor whereby in conjunction with McAlastar, Bycor agreed to spend in connection with 
exploration for oil and ga9 producing prospects (a) a sum not exceeding $1,1 50,000 in the calendar year 1977 
lb) a sum not exceeding $1 million in the calendar year 1978 (each of such sums to include a fee payable to 
McAlestor of 15 per cent of the amount so spent) and the parties further agreed to participate in prospects 
' acquired in the course of such exploration (a) In 1877 in the ratio of 3:1 and (b) In 1978 in the ratio of 4 ri in 
both cases in favour of MeAlaster. 

rv) An Agreement dated 1st November 1977 between Alsthom-Atiantiqueand HOSL whereby HOSL 
fer the fee and royalty therein described, was granted a licence to let on hire, maintain and repair turbodrills 
(manufactured by Alstiiom-Atiantique) in United Kingdom, Irish and Norwegian watess for a period of 1 0 years. 

v ) An Agreement dated 23rd December 1977 between Gibson and Western Crude Oil Inc. ("Western 
Crude") whereby Gibson agreed to cause Its nominee. Gibson Crude Investments Limited ('Gibson Crude"), to 
sell to Western Crude 321 .376 Common Shares of no par value fn the capital stock of Gibson Holdings Limited 
('Gibson Holdings"), a subsidiary of GCOP. for Can $2i250.00flL 

vi) An Assignment dated 14th February 1978 between Gibson and Gibson Crude whereby Gibson 
assigned to Gibson Crude in cons id era bon of the payment of Can $10 Gibson's rights and interests under an 
Agreement dated 5th May 1977 made between E A. Gibson & Co. Limited (*EAG*).a subsidiary of Gibson, 
GCOP, Dule Sm bridge Limited (‘Duke") and Gibaon (as amended by an Agreement between the same parties 
dared 1 3th February 1 978) whereby Gibson had agreed to purchase from Duke 46CL00O Common Shares of 
no par value in the capital of Gibson Holdings for Can 03,250,000. 

i/ii) An oral Agreement between Gibson Crude and Mr W. H. Green whereby on 3rd April 197B Gibson 
Crude sold to Mr Gieen 22JST7 Common Shares of no par value in the capital of Gibson Holdings for Can 
$160,265. 

wit) Two Agreements dated 6th June 1978, the fist being between (1) HGOG (2) Gibson and (3) tha 
Company and tha second being between (1) HEML HGOG and HH (2) HAIL Gibson and HH (3) Hunting 
Engineering Limited (a wholly owned subsidiary of HAIL) and (4) the Company, together being the Acquisition 
Agreements referred to above. 

is) An Agreement doted 6th June 1978 between (1) the Company (2) HGOG (3) HAIL Gibson and HH 
(4) the Directors ol the Company and (5) Robert Fleming, being the Offer for Sale Agreamtot referred to above. 


Subsidiary and associated companies 



The Company's subsidiary and associated companies (all of which are private) are shown below: 

Percentage of 
issued shares 

Name of 

Year 8 country 

Issued share 

owned directly 

Company 

Subsidiaries 

of Incorpomtion 

capital 

or indirectly 

Ale.-** Oil Company 

Articulated Road Tents 

1974 USA 

8600 

98-33 

Compariy Limited 

1975 England 

£2 

100 

Brazos "Young Corporation 

1938 USA 

8100,000 

100 

Drill-Tech Limited 

Fretoil S ociAre Nouvella 

1964 Scotland 

£11,100 

100 

P£trofe ct AlfrHemenia S A. 

1963 France 

F.Fr 1,000.000 

99-93 

Fuel-Fast Limited 

Gibson Cm da Investments 

1970 England 

£400,100 

100 

Limited 

Gibson Crude 0i[ Purchasing 

1977 Canada 

100 Common 
shares ol no 
per value 

SO 

Co. Limited 

1954 Canada 

Can 8405,000 

SO 

Gibson Holdings Limited 

Gibson Petroleum Company 

1968 Canada 

1.518,400 

Common shares 
of no par value 

54-9 

Limited 

Hunting Directional Drilling 

1970 Canada 

400,000 shares 
ol no par value 

54-9 

Services N.V*. 

1975 Netherland 



Hunting Gibson (America) 

Antilles 

82.000 

51 

Limited 

Hunting Gibson (Overseas) 

1974 England 

£208,500 

100 

Limited 

1973 England 

£100 

100 

Hunting Oilfield Services B.V. 
Hunting Oiltield Services 

1974 Holland 

Drill 00,000 

100 

Limited 

1967 England 

£250.000 

100 

Hunting Oilfield Services A/S 

1976 Norway 

N-Kr 50.000 

100 

Hunting Oil Terminals Limited 

1973 England 

a 00 

100 

tnieraontinenral Chimie S-A. 
Intercom mental 

1989 France 

F.Fr 7,200,000 

98-83 

Siockcges S.A. 

Mayflower Trading and 

Investment Company 

1975 France 

FA 150,000 

98-85 

Limited 

South East 03 Deliveries 

1938 England 

£28,000 

100 

Limited 

1970 England 

£100 

loo 

Woolscy Transport Limited 

Associates 

Abu Dhabi Oilfield Services 

1964 Canada 

100 Common 
shares a! no 
par value 

64*9 

W.LL 

Socieie European no de 

1972 Abu Dhabi 

Dirhams 175,000 

24-5 

Stockage S.A. 

Wascana Pipe Una 

1975 France 

FJ^T 10.000.000 

25-68 

Limned 

Wescana Pipe Lina 

1972 Canada 

Can $10,020 

18-3 

Inc. 

1971 USA 

1 8255,000 * 

18-3 


General 

r) There are no service agreements between any of the Directors and any company bt the Group which 
nre not determinable bv the employing company within one year without payment of compensation (other than 
statutory compensation) and at present none is proposed. 

ri) The estimated aggregate emoluments of the Directors for tha current financial period under the 
Erranpements in force at tho date of this Offer for Sale are £73,550. * 

Hr) Save as disclosed herein and save for tha issue (by way of rights for cash at par or capitalisation of 
reserves) to HGOG and its nominees of 250,000 Ordinary Shares of £1 each in Fuel-Fast on 27th April 1978, 
ol 1 .000 Ordinary Shares ot 1 0p each in Fuel-Fast on 5th June 1 978 and of 208/400 Ordinary Shares of £1 each 
in HGA on ISth May 1 378 and to HH and its nominees oM.OOO Ordinary Shares of £1 each in Mayflower on 
16th May 1978 

(aj no snare or lean capital of the Company or (save for ‘nitre-group transactions) any of its subsidiaries has been 
issued within foe two years immediately preceding the publication of this Offer for Sate or ts now proposed to 
be issued ehher for cash or olherwae and 

(b) no commissions, discounts, brokerages or other special terms have been granted by any company in the 
Group in connection with the issue or sole ot any part ot its share or loan caphaL No material issue of shares of 
the Company i save as mentioned herein Of other than to shareholdere/vo rate to existing holdings) will be made 
within one year of the publication her eel without the prior approval of the Company in General Meeting. No issue 
will be made which would effectively alter the control of the Company or tits nature of its business without tho 
prior approval of the Company in General Meeting. 

iv) Within the two years preceding the date of this document! Gibson sold to HGOG the whole of the 
respective issued share capitals of HGO, HGA and Fuel-Fast for an aggregate consideration of £173£21 ; EAG 
sold to HGOG 9.992 shares of FJr. 100 each in Fressil for b consideration of £336.108 and HGOG sold such 
shares to HGO and then repurchased them for the same Sum: HGO sold to HGOG 364,500 Class *A" voting 
shares o! Can 51 each in GCOP for a consideration of £106,435: HH purchased the whole of the issued share 
capital of Mayflower from HG far £24*20,000; and H05L purchased the whale of the issued share capital of 
Dniltech pursuant to material contract i) above. 

v) By an Agreement dated 21st May 1969 made between EAG and Mr W. H. Green. EAG agreed to use 
hs bast endeovoura. upon request by Mr Green, to purchase or procue purchasers for Ms holding ot shares from 
time to time in GCOP at a price to be determined hi accordance with the terms therein contained. By e further 
Agreement of the same date made between GCOP and Mr Greerv GCOP agreed to purchase, upon request by 
Mr Green, his holding of shares from time to time in Gibson Holdings at a price to be determ i ned in accordance 
with *ha tems therein contained. 

vi) Sara as disclosed herein, no share or loan capital of any company in the Group is under option or 
agreed conditionally or unconditionally to be put under option- 

vir) On the basis that HAIL and Gibson retain then- holdings of 24525,000 and 3.2SQ.CKX) shares In the 
Company and assuming that HAIL and Gibson remain non-close companies, the Company win not ba a closer 
comply under the orovisiofts of The Income tod Corporation Taxes Act 1970. ) 

via) The Directors hove been advised that no apportionment of income under Schedule 15, finance Act 
1972 is Ur <My to be made in respect of any relev ant company in the Group. 

rv) Tha Directors have been advised that no material liability lor estate duty or capital transfer fox will bo 
Ekcty to foil upon any company in the Group arising from the transactions described or referred to herein, 
x) The preliminary expenses of the Company are £500 and era payable by die Company. 

*») No company in the Group is engaged ui or has any litigation or eteim of material importance pending 
or threatened against it 

xn) Price Water house fi Co. have given and have not withdrawn their written consent to the issue of this 
Oiler for Sale with toe inclusion herein ol their Report and their letter on the profit forecast and the references 
thereto in the form and context m which they are included. 

x£J> Robert Fleming hes given and has not withdrawn its written con&sn to the issue of this Offer for Sofo 


with tire Inclusion herein of Its letter cm the profit forecast and the references tho rata Ln tire form and context 
in which they ate included. 

xrv) DeGo/yer and MocNaughfon have given end have not withdrawn their written consent to (ha bsu® 
of this Offer for Sale with the inclusion herein of their Ropons and tha references thereto in the hum and context 
In which they are included. 

xv) McAloster Fuel Company has given and has not withdrawn its written concent to tire issue of this 
Offer for Sale whh the inclusion herein of the references to if in (ho form and context in which (hey are included. 

xv i) The minimum sum which in the opinion of the Directors must be raised by the issue ol the new 
Ordinary Shares in order to provide for tho purposes specified in paragraph 4 of Part 1 of tho Fourth Schedule 
to the Companies Act 1 948 is £40,500 which will be used to pay preliminary expenses and commissions. No 
other amounts are required to be provided for such purposes. 

xvh) The Company was incorporated in England under the Companies Acts 1 948 to 1975 on 1st Juris 
1978. amid is registered with No. 1371688. Robert Floming is registered in England with No. 262511 and its 
registered office is at 8 Crosby Square. London EC3 A 6AN. 

xviii) The registered office of HEML is situated at Reddings Wood. Ampthill, Bedfordshire. that Of HGOG 
« Remington House; 87-65 Hoiborn Viaduct London EC1 Pi HP and that ol HH at Avenfic U House. 1 18-127 
Park Lana. London W1Y4HN. 

xix) The documents attached to the copy ol tins Offer (or Sole delivered to the Registrar of Companies for 
registration were : — 

e) a written statement signed by Price Watertiouse & Co. setting out the adjustments mode in arriving 
it tile profits and net assets shown in their Report and giving' their reasons therefor; 

b) copies ot the material contracts refenad to abo ve (or in the case of matenal contract vh), a memoran- 
dum giving full particulars thereof) ; and . 

c) the written consents referred to above. 

xx) Copies of the following documents may be inspected at the offices of de Zoete & Sevan, 25 Finsbury 
Circus London EC2M 7Ec, during usual business hours on any weekday (Saturdays and public holiday* 
excepted) for a period of14 days from the date of publication of this Oiler for Sale : 

a) the Memorandum and Articles ol Association of the Company: 

b\ the material contracts referred to above (or. as the cesg may be. a memorandum thereof) l 

c) the Accountants’ Report and statement of adjustments referred to above; 

tf) the Petroleum Consultants' Reports referred u above; 

e) the written consents referred to above ; 

t) the audited consolidated account of each of HOSL G COP and Fuel-Fast and the audited accounts of 
the other companies in the Group (other than uie Company) tor each of the two financial years ended 31st 
December 1 976 and 1 977 ; 

g) the HAIL end Gibson Executive Share Purchase Schemes referred to above; 

A) the HAIL and Gibson Shore Option Schemes referred to above; and 
r) the Agreements referred to in v) above. 

Dated 50th June 1978. 

Procedure for application 

Applications (which must be for a minimum of ZOO shares and fn mufti'pfes of TOO shares up to 2.000 
shares, in multiples of 500 shares between 2.000 end 5.000 shares, in multiples of 1 .000 shares between 
5,000 and 25,000 shares and thereafter in multiples of 5,000 shores) must be made on the accompanying 
Application Form and forwarded to Lloyds Bank Limited. Registrar's Department. Issue Section. 
Til Old Broad Street, London EC2N1AU to arrive not later than 10 am on Thursday, Bth July 1978. 

Each Application Form must be accompanied by a separate cheque (which must bo drawn on a bank in 
and ba payable in England, Scotland or Wales) in respect of the full amount payable on application, 
made payable to Lloyds Bank Limited and crossed 'Not Negotiable". No application will ba considered 
unless the above conditions are fulfilled. Robert Fleming reserves the right to present all cheques for 
payment on receipt, to retain Letters of Acceptance and surplus application moneys pending the 
clearance of all cheques and to reject or scale down applications and. in particular, multiple and 
suspected multiple applications. Due completion and delivery of a Form of Application accompanied 
by a cheque will constitute a representation that the cheque will be honoured on first presentation: 
attention is drawn io the declaration in the Form of Application to that effect. 

Preferential consideration wifi be given in respect of a maximum of 270.000 sharei ro applications made by employees 
of the Group and by shareholders of Gibson and HAILcn ihe special forms provided tor the purpose. Such applicauona 
must be for a minimum of 100 shares and in multiples ol 100 shares. 

Acceptance of applications will be conditional upon the whole ol the issued Ordinary Share capital of the Company 
being admitted to the Official List of The Slock Exchange not laior than 28ih July 1978. Moneys paid in respect 
of applications will be returned it such admission to the Official List has noi been granted by that date and, in tho 
meantime, will be retained by Lloyds Bank Limited in a separate account. 

ff any application is not accepted, the amount paid on application will be returned in full and. if any application is 
accepted lor (ewer shares than applied for. ihe balance of the amount paid on application will be returned by cheque 
through the post, in either cose at the applicant's tick. 

Letters of Acceptance will be renounceable up to 24th August 1978. The shjiec now being offered for sale will 
be registered bee ol stamp duty ancf registration fees in the names ot the purchasers or porsona in whose favour 
Letters of Acceptance havo been renounced, provided that, m the case of renunciation. Letters of Acceptance duly 
completed in accordance with the instructions contained therein arc lodged for registration on or before 24th 
August 1978. Share certificates will be despatched on 21 st September 1S7E. 


THE APPLICATION LIST WILL OPEN AT 10 am ON THURSDAY. 6th JULY 1978 AND WILL CLOSE AT 
SUCH LATER TIMEON THE SAME DAY AS ROBERT FLEMING & CO. LIMITED MAY DETERMINE. 

This Form should ba filled in and forwarded to Lloyds Bank Limited. Registrar's Department. Issuo 
Section. Ill Did Broad Street, London EC2N 1AU with a cheque for the full amount payable on 
application, so as to arrive not later than 10 am on Thursday, 6th July 1978. Cheques, whieh must ba 
drawn on a bank in and ba payable In England. Scotland or Wales, must be made payable to 'Lloyds Bank 
Limited' and be crossed 'Not Negotiable" and are liable to be presented for payment on recoipt. A 
separata cheque must accompany each application. 

Applicants are advised to use first class post and to allow two days for delivery. 

FORM! OF APPLICATION 

Robert Fleming & Co. Limited 

Offer for Sale 

2,700,000 Ordinary Shares of 25p each at 
85p per share (payable in full on application) of 


Hunting 



To: ROBERT FLEMING & CO. LIMITED 
Gentlemen 


Number of shares lot which application is made*- 

Amount of cheque enclosed 

• 

£ 


^Applications must be far a minimum of 200 shares: applications for up to 2,000 shares must be in 
multiples of 100 shares, between 2,000 and 5,000 sharos in multiples of 500 shares, between 5,000 and 
25,000 shares in multiples of 1,000 shares, and above 25,000 shares in multiples of 5,000 shares. 

I/We enclose a cheque payable Id Lloyds Bank Umiied for the above-mentioned sum. being the amount payable 
in lull on application for the stated number of the above Ordinary Shares ol 25p each at S5p per snare and l/we offer 
to purchase that number of shares and l/we agree to accept the same or any smaller number in r as pec: of which 
this application may be eccepied upon ihe terms of your Crier for Sale dated 30th June 1978 and subject m 
the Memorandum and Articles ol Association of the Company. I/We request that )ou send to me/us a fully paid 
renounceable Lenar of Acceptance in respect of such Ordinary Shares, together with a cheque for any amount 
ovwpaid, by post at my/our risk to my/our address first given below. 


An applicant who Is unable to make the following Declaration should delete it and consult an Author* 
feed Depositary* (or an Approved Agent in the Republic of Ireland?) through whom lodgement should 
be effected. 


I/We declare that I am/we are not resident outside the Scheduled Territories^: and am/aro not acquiring the Ordinary 
Shares as the nominee(s) of any paison(s) resident outside those Territories. 

I/Wa understand that the completion and delivery of this Application Form accompanied by a cheque 
will constitute a representation that the cheque will be honoured on first presentation. I/We acknow- 
ledge that Letters of Acceptance and 1 cheques for excess application moneys are liable to be held 
pending clearance of applicants' cheques. 

PLEASE USE BLOCK LETTERS 

Dale . Signature 1 - - 


^ Forename (s) (In Tull) 
Surname and designation 

4 (Mr.Mre.Miss. Msortitle) 


< Address (in full) 


PLEASE USE BLOCK LETTERS 


-oreiuma(s) 


Surname and designation 





Forenamefs) 


Surname end designation 





Forename (s) 


Surname and designation 

Address (in full) - 


ALL JOINT APPLICANTS MUST SIGN. A corporation should sign under the hand Of a duly authorised Official 
Who should mate his representative capacity. 

No receipt will be issued for the payment on application but an acknowledgement will be forwarded in due course 
through the post by folly. paid renounceable Letter of Acceptance and/or return of application moneys or any excess 
thereof. 

EXCHANGE CONTROL ACT 1947 

* Authorised Depositaries are listed in the current issue of the Sank of England's Notice E.C.1 . ar.d include most bank* 
and stockbrokers in. end solicitors practising in. the United Kingdom, the Channel Islands or ihe Isle of Man, 
t An Approved Agent in the Republic of Ireland is defined in the curronnssue of the Bank of England's Nntiee E.C.1 0. 
4:The Scheduled Territones at present comprise : the United Kingdom, the Channel Islands, the Isle of Man, tha 
Republic of Ireland and Gibraltar. 


Number of 
Shares 

Amount 

Payable 

200 

£ 

170 

300 

255 

400 

340 

500 

425 

GOO 

510 

700 

595 

800 

680 

900 

765 

1,000 

850 

5,000 

4250 

10.000 

8.500 

20.000 

17.000 

50,000 

42,500 

100.000 

85,000 


Copies of this Offer for Sale with Application Forms can be obtained from the 
following: 

HUNTING PETROLEUM SERVICES LIMITED 
Avenfield House, 1 1 8-1 27 Park Lane, London W1 Y 4HN 

ROBERT FLEMING & CO. LIMITED 
8 Crosby Square, London EC3A 6AN 

QE ZOETE & SEVAN 

25 Finsbury Circus, London EC2M 7EEandThe Stock Exchange 

HUNTING OILFIELD SERVICES LIMITED 
Black Ness Road, Aliens, Aberdeen AB1 4LT 

LLOYDS BANK LIMITED 

Registrar's Department. Issua Section, 111 Old Broad Street London EC2N1AU 


and the following branches of Lloyds Bank Limited : 
5 High Street Swindon SN1 3EN 
Cox's & King's Bianch, 6 Pali Mali. London SW1 Y5NH 
PO Box 356, 53 King Street, Manchester M602ES 
P0 Box 108. India Buildings, Water Street, 

Liverpool L69 26T 

PO Box 44,125 Calmora Raw, Birmingham B33AD 

131 George Street Edinburgh EH24LQ 


PO Bsr 1 53, 35 Com Street Bristol BS99 7LE 
PO Box 10, 19-21 High Sawn. Southampton S097AN 
P0 Bo* 56, 6-7 Park Row, Leeds LS1 1 NX 

P0 Bo*1RH, 9-1 7 Cotlingvraod Street, 

Newcastle upon Tyne NE§9 1RH 

PO Bo» B1, 27 High Street Cardiff C FI 2RT 
19 HaU Quay, Great Yarmouth, Norfolk NR 3QHH 





34 


Financial Times MOnfoyJuIy 3 1378 


OVERSEAS MARKETS 


EUROBONDS 


Doubts overhang recovery trail 


THE TWO major sectors of tbe government took office in Ouebec fraditionally payable 
Eurobond market both picked up 
last week, but the strength of 


over of Libor itself on an FRN issue. While floating rate -note Issues 
Eurobond market both nicked up early last year. inter-bank rates. even for a top-quaiity name like of 6-10 years were a hie step 

ro P The major areas of excitement This suggests demand at least Chase, would mean a general forward, the a bjhty to build up 

. . t , last week were convertible for good quality non-banking narrowing of margins to the a capital base of 12-15 year aoat- 

the recovery, in the dohar sector ig Sues by Japanese companies names in this market, despite extent of cutting demand for ing rate dollars would go far 

at least, was being widely ques- an d the floating rate notes the fact that banks themselves — FRNs. to solving tnu problem-— and 

Honed, in the D-mark sector, (FRN). large investors in FRNs— could Hie other major development doubtless to enable banks to lend 

the recovery emerged at the end 1 With the Tokyo Dow Jones charge the same borrowers more was the sell-out reported on for longer maturities on a larger 

of the week after moves by the index hitting further new 1978 by making them a medium-term Midland Bank’s 15-year bullet scale e vea than they are doing 

Bundesbank to Inject liquidity records and the yen also con- loan. issue. This, following on the at present, 

into the German financial system tinuing to soar against the It also suggests that the success of the National West- 

in a context which some dealers dollar, Japanese convertible margins payable over interbank minster Bank’s 12-year FRN a 

interpreted to mean that it did issues were in heavy rules will vary more in the few weeks ago. opens the way 

not want D-mark interest rates last week. The coupon on the future to banks funding themselves for CnHlO f my m mme nt 

to rise. Sanyo D-mark issue was cut to Many in the market did, how- long maturities at floating rates ^ „ 

In the dollar sector, the 3 $ per cent, but the issue still ever, question the advisability, of interest. This development, if STANDARD OFL (Ohio) said 

recovery was mostly technical— moved up to a premium on if not the possibility, of an FRN sustained, could be viewed as one Alaska's recently passed Bill to 


short-covering by dealers — and it Friday. For the time being the issue with the interest rate set of the most important for the increase income taxes on oil com- 
remains to be seen whether last indicated coupon on the next at Libor itself. The doubts were international banking system in panses may raise Soniostaxes .in 

Friday's U.S. prime rate rises D-mark convertible, for Izumiya, expressed 4n tbe context of wide- years, since for the first time Alaska by 550m to S60m this 

have been fully discounted or remains at 3}. spread rumours that Chase it might make it possible to year, reports Reuter from Cleve- 

not. In the floating rate note Manhattan might be content- eliminate the chief remaining land. Net cost to Sohio share- 

The European Investment sec tor. developments last week plating such an issue on a large risks in the syndicated lending holders would be about 35 to J 

Bank's issue received a poor j nc i u ded at least two key scale. It would arguably be more business. 40 cents a share on the split 

response. About half the sub- pointers to the future. One akin to a certificate of deposit The widespread use of floating shares this year, 
underwriters invited to partiei- major development was the (CD) than an FRN — and CDs rates of interest on project loans Mr. Alton W. Whitebouse. 

rate declined their invitations — g0 od response to the Offshore yield slightly under deposit in recent years enabled banks Sohio’s Board chairman, said 

not a frequent occurence In tbe Mining issue, despite the absence rates. to match the rate they pay for de: erm ination of the precise cost 

Eurobond market. The response 0 f minimum rate and the shaving But it was argued in the their funds with the rate they of the new Income Tax Bill could 

is important because it suggests Q f a sixteenth off the . margin markets last week that a rate charge their customers: that is. not be made until final regnla* 


Medium term — 

marker Lons mm — 


that the argument that dollar 
interest rates are close to their 
peak and this is the moment 
to lock in long-term high-coupon 
issues has not yet convinced a 
large proportion of 
participants. 

Quebec Hydro's newly-filed 
Yankee offering will attract 
attention as the first public issue 
by a Quebec institution on the surodear 
U.S. market since separatist gmm ... 


BQHDTRAOe INDEX AMD YIELD 


Jmm.30 

ve.w an 

4BL52 1.79 


June ZS 
UB 

92.77 8.75 


High 
99J4 (19/4) 
9MT 09/4) 


1918 


EUROBOND TURNOVER 
(nominal value In Sm) 
US. dollar holds 
last week previous week 

L178S W3M 

JT1A JVtS 


Other bonds 

Inst week previses week 
185.7 32 Sj8 

ITUS UU 


to eliminate the risk of loss lions implementing the tax law 
from mismatched Interest rates, are put into, effect 
However, hankers, have been •* The overall State tax burden 
, left with sleepless nights over on tbe Prudhoe Bay and Trans- 

9um (29/s) the extent to which they were Alaska pipeline project has in- 
92X2 ( 29 /fc) borrowing short and lending creased Sw per cent since 1968," 
long and, in the case of UJS. he said. 

banks, tbe extent to which they Company will continue to 
were borrowing short! and lend- develop its portion of the 
ing lopg in a currency where prudhoe Bay field and meet its 
they have no natural deposit obligations in operating tbe 
base. Trans-Alaska Pipeline. 


Borrawcn. 

Amount 

. _Rk . Maturity 

"iv. life 
year* 

Coupon 

Frtor. 

. Lehl ntaMcer 

Offer . 
yitid 

UJS. DOLLARS 
{tLjubfJanika Banka 

tttNorwajr 

30 ' 
100 

1985 

1983 

W 

5 

81 

100b 
99, « 

SbdMr GMrat* 
MtWW 

% ' 

7.90(1 

W5 

Jt Off shore Min. Co» • 
(I'teed NX) 

100 

1985 

7.6 

— 

loo ; 

. . S. G, Warbttri 

— 

tCrWlt Nat. 

fg*tetd. France) 
tBJJLO. 
t*+f. L Smidth 
tArab Irrc. Bank 
| Banco d< la Cation 
tlndo-Suez 
§Bootx 
f Midland 

75 1 
20 
20 
25 
30 
30 
30 
100 

1988 . 

7 1983 

.1983 
1983 
- 1985 
. 1993 
1993 

9 

5 

653 

5 

5 

7 

15 

54” 

ill 

III 

s\.l 

loo : 

100 

100 

9 

100 1 

100 

* 

100 

BNP 

efakarMantattanltd. 

- inAF.Ub.Ar. For. Bank 

BC 

Indt+Sutz 

Schroder Watf 

EBQ CSWW, Montatu 
F. Boston* Batiro, Mavriil 

SJ21 

' MT{| 
9.73 

ft 

' 8.1 6iJ 

5381. 

* 

S3fi! 

ft Hydro Quebec 

100 

50 

2008 

1988 

nA 

10 

m 

9.15 

100 

Lynch 

MorfMt Stanley hit. 

• 

9.1s 

OMARK5 

JgSanyo 150 

Kobe (jfteed Japan) 7W 

•+ Austria 100 

t**OBAG (ftearf Austria) 20 

t**Bir. Resettlement Fd* 20 

?**SA.StiH&Harb. 2S 

Sbmha 50 

1988 
1985 
• 1988 

1985 

1985 

: mi: 

1986 

8 

8 

7 

8 
IUU 

3* 

Si 

51 

51 

61 

8 

31 

100 

991 

100 

100 

100 

9?i 

m 

Deutsche, Nomura Bit. 

' Deutsche Bank -- 
DG-Bank 

WestLB 

BHFBank 

Deutsche Bank 

Bay. Ycrtimbank 

3335 

L» 

5JS 

S3 

625 

8.13 

* 

**EMshowo Paper 
(*te«d IBJ) 

20 

- - 1983 

5 

51 

991 

Drcsdner Bank 

ft 

GUILDERS 

JECSC 

100- 

1993 

103 

7} 

99 

AmRo, ABN 

736 

SWISS FRANCS 
••World Bank 

BB 

300 

100 

- 198S 

1*93 

nj. 

lu. 

41 

45 

100 

IOO 

UBS 

Credit Subs* 

4.125 

625 

YEN 

{Brazil 

30bn 

. 1988 

9 

61 

♦9.45 

Nomura Securities 

669 

LUXEMBOURG FRANCS 
B'vSiiuit 500 

. «! ■ . . 

8 

71 

100 

Sue Gen. Atsae. B. 

JJ5 

**lnd. Fund of Fin. 

(g'teed Finland) 
*^BAT Int. Fin. 

250 

250 

. - , 1988 
::i*88 

73 

10 

8 

8 

■ 

9* 

Banq. Gen. du Lux. 
KrnfietbMik Lux. 

• 

8.15 

BBGiAN FRANCS 
JECSC 

2bn 

' - : 1986 

735 

*1 

991 

Soc. Gen. de Bscmpm 

839 

BAHRAINI DINARS 
Sonatrach 

0 

1983/88 

' — 

81 

* 

Gulf (nt Bank - 

- * 


\ 


4l 


H 


UNITS OF ACCOUNT 
^A u to ro u te Basque 
(g’teed France) 


14 


1*93 11-47 


99 J Kredictbmk lux. 


7.0925 


Net /at pricri. t 

ft Rcfbtmd 


_ •* FtaCOlMflC. t Floating I* 1 * «*** 
. Ui Seceriths « d tataeg. C wgtin™ 
-* Notes Yields ir* cakuJarcd on AIB*> 


U Mktbran. | Cnen/e rtfth . 


Ce ew Hl m e n . T UbmuBibiuI. 


T? 


Indices 


V.T.8.A AT.T. COMMON 


BUS 

JuneS June 28 


NEW YORK-dov jore 8 



Jimp 

30 

J"ne , Jane j June 
29 | £8 j 27 

June 

as 

ImiustTiiii... 

BIS-W 

1 

82I.64jB18.St; 817.51 

/ 

812J& 

H’me Ua’dw* 

B7.34, 

07.601 87^ 87.46 

87^2 

Tran* port — 

21682 

219.i2! 2.1S.69- 217.52 

218.40 

Utilirin— 

104.94 

U4J0! 104.63! 104.50 

104.13 

Trailins voL 
000'it 

18.380 

1 

21.6SD. ZS.M0. 29,280 

1 * 

2B-2BO 


June 

23 


IBB {SmeeeoKpflmTri 


Hleh 


87.bs ao.ag 
(4/1) 

218.81 UL*6 
1 (W6) 

104.6? 110.98 
C3/b 


■Mari* oJ Index -hanged in-m AukuU. W 


Low 

Utah 

742.12 

— 

lOfil.n 

(2- -vi 

(12/1/73/ 

87JS4 

... 

(30 ft 


li.wl 

Z7B.8B 

(9/1) 

■7/2/69) 

182.84 

18SjS2 

(2272) 


— 

— 


June 

30 

Jnne 

29 



| 1978 

' 22 

27 A 

Hiah 

i Low 

65.66j 

| 63.69j 55.68j 

| B3.66j 

! 6fcJ» 
C33) 

l (6rf) 


Loir 


41.22 


MM 
Cb/7rf2) 
10 .68 1 
(28/4/42) 



r U»d 

New Hlgbs 

Hew Low»_„„.„ 


kohtreax 




1 


173 


30 

29 j 

28 

27 r 

Hiah j 

Low 

Industrial 

Combined 

180.57 

183.48 

, IS 1.00 
; 188.82) 

180.88 
< 18254 

180.58; 

189^ 

18648 (lh^ 
HMJHIfcjq 

lia^Odb.Sl 
178.62 130 11 

TORONTO Com penile 

UZE.ZIIZBJS | 

1,1224 

inuLfij 

lMU(ih« 

«a-2 ftSC.li 

JOHANNESBURG 

1 Goid 

5U 22U 

1 225.4 

2214 I 

2244(21/6) 

185.01204) 

industrial 

256J; 257.3 

[ 2384 

2384 ! 

242J ( 20 /fi) 

194^ (L5i3) 



! June 25 1 

- - 1 

Jane 16 > 

June B 1 

| Tear aen (approx.) 


6.68 

5.68 [ 

5.43 

1 4.63 



June 

Pro- 1 

1 1978 | 

1378 


30 

viooe | 

Hum ! 

Low 

Australian) 

4s1.ro 1 

4S2A7 

b01A4 1 

±4 1.1b 


STANDARD AND POORS 







June 

23 

R 

m — 

Since Ct 

imp' nr* 


30 j £9' 

1 

28 

| 27 

26 

Hivb 1 

Liiw 

Hi -.b 

L/iw 

Jliidratru-t 

iObmpoatte 

105-65 105.67! 
95.65j S6A7j 

106.44 

96.40 

1 

104.32! 

04J8j 

1 

104.48 

04.00 

IOS. +3 

3fiA6 

llu.'i 

C6ri) 

100.52 

(Bril 

itt.u 

OW) 

.6.3(1 

(6/3) 

lo4.c.4 

I2S.*5 

1 1DL/75) 

oJ>2 

■ 50/6/52) 
4.40 
(1(6/32) 



Jane 29 | 

June 22 

June 14 | 

Ymruto fapprnx. 

Snfi. fltv. vlelrt % 

5.11 j 

5.07 

4.90 

4.57 

ln.i. P.h IDtio 

9.04 j 

9.11 

9.44 

10.22 

Luu^tii>vt. Bunn vie«i 

: 8.57 j 

8.52 

6.44 ; 

7.57 


Belgium il)| 

Denmrk C*li 


France mi) 68.2 

l 

OermanyttDi T91 A 


! (L5/6 ) ! |W) 
84.77 ‘ 84.86 | UU> SOM 
I (Ofi) , 

85.11 | SAJS3 1 S8.ll! «*.QQ 
I »1) ! 


Holland UM 


Japan 


67.4 


83 A 



Jane 

30 

Pre- 

vious 

1978 1 197.' 
Hlfth j Cow 

Spam W 1DL86 

10LG9 

ilO.fr i fc7.-_- 

1 


(9o/ 1 (17/3) 

Sweden >er 576.86 

375 Jl 

W7jfc [ KAJe. 

1 ' 


(5,h) ■ W,I. 

BwilcerTdui 2triJB 

Z94A 

556J99 ! :79X 

1 

. 

<28 6 j (264' 


791.8 [ilk. 

1 (. 

83 JH | c7, 

(toil , 

Bong Kona 656 J8 ■ 548.58 ! o 62 Jl 1 StSM *? 

fi«)j : (U/b/ ' (10,1) 20 

Italy HU 62JJ7 1 61JI 1 ~*.a | bo.nb 
l j i»*i ; (luib 
(rt! 417X7 ) 41&M 1 4I&Z4 . 3MJ04 
(29/6) j 


Singapore 1 348.16 j 34037 j 3£JL15 ' a&ja 
- 1 j { (30/6, i OA 


m 


indices and base deles US base value* 
MO except NYSE AS Comm oa - fir 
Standards and Poors — M and Toromr 
300-1.004. tbe last named baaed on 1972) 
r Excluding bonds- 2 400 Industrials 
S 400 Ends.. 40 HUB oca. 40 Finance and 
Transport. m Sydney All Ord 
ill» Belgian SE 31/12/CL ^,4—1 Copeftfuwr- 
SE 1/1/73. rtt) Pais 7 Bourse 1901 
ixt) Commerzbank Dee~ HO. (Hi Amster 
dam. Industrial 1SOT. '(fit Rang Sen* 
Bank 3V7/64. (VI) Milan lfl/73. la) Tokyo 
New SE 4/1/08. (01 Strati Times 1MB 
(O Closed. (dl Madrid ?SE 30/12/77 
<e) Stockholm Industrial 1/858. (liSmt 
Bank Corp. (n) Unavailable. 


GERMANY ♦ 


June 30 


Price . + or: Div. (Tld. 

Itau -l||S 


AJiC 77^ —0.6 - I 

Mlsanz VenM... 487 —2 ; &IJX. 

BJiw 246 b - r i 'zaar 

B.ISF 12CLSB-1.2 18.76! 

Bayer X33tf — 0.6|X8JS 

Barer- Hrpo 267 +S 12B.T2} 

Barer -Verefubb. 1 318 +2 i IB I 

Cl bain tJCed. wits 1&5 J — | 

L\nr. merrbank^. „ 230 ,+ 1.3| 17 { 

CMMiwgmL_. 74X-U3 — [ 

Daimler Bexa- i 30O^sr— 0.8 28.12 

Dfg'JM 255 -8.8; 17 ; 

Dev*K 1868-081 14| 

UeuiBcbe Bank...- 30480 +0.9 28.12 
Drcsdner Benk.... 240 4-0.8 28.121 

DftkeriKSZtsnt.- 1850—7 ; 9881 

Giitehoffmug ; 2048— 2.2 > 12 } 

Uawi Uosxl*..-, 120 >+l 114.1 


Bnrpener. 

Hoe tm * 

Hdescb. | 

Horten . — ■ 

Kml uni Salz— ..' 

Harsta,(t_ [ 

Kauliiol. J 

K.ocktwr DM WO. 1 

IvHD 17720 

krupp — ...... 



Uitrpnhraa 100.. 


31 AN 1 

Wtflll M imil ■■ - 

3Ietaiigea_. / 

U am' better Kuci; 

\wkert rMm . .. 1 

PreusMtff DM 100 
Bbein West. BlecJ 

Si*fcprln p J — 

MCinens 

taud Zucker 

Tbyaaen A.G —... 
Varta. 


VBBA_ ! 

Vtrrelna A WestBk. 

Volkswagen...— „• 219.3+ 18 


297.5+2.0*16 
127.5-0.111876) 

46.1 J 4j 

129 -2 *9. id 
1058 + 1.2,1484 
322 + 2 *23.44 

£240-2 U8.7a 
90.5+0.5 — j 

18.761 
968 +2.3 ! • ( 

255.8 +1-8 ; 25 I 
1.415 -10 i 25 

1070.. ; 9.46) 

203 + 2 ; 12 | 
1608 + 18 *17.16 
215 -3.1 : 10 i 

643 j 18 j 

1348 +1.1 1 — , 
1X48-0.51 — 

189.5 ■ 251 

2510.- .26.12 

2928 +0.4 16 J 
247 +2 ;2686i 
117.8 +0.1: 17. 15 

1700 : 14 | 

12L2 +0.1 [ 12 . 
292 '-I 18 1 


3.2 
58 

7.3 

7.2 
48 
2.6 

7 A 

X.1 

38 

48 

48 

58 

28 

28 

5.8 

BA 

7.3 

4.4 

3.6 
58 

3.7 
48 

68 

4.9 
88 
48 

2.9 

5.4 
28 

1.7 


58 

5.4 
2.7 

6.4 
7.3 
4,1 

5.0 

3.1 

68 



IOHANNBBURG 

MINES 

June M Band 

ft conm. ■ 6 SO 


Charter CamdUated — 
East Drlefontaln 

Eiaburs 

Harmony c. 

Kinross — 

faoor 


349 
12 TO 
1.16 
era 

6.15 

9.09 

184 

914.10 

5.35 


+0P“ 


-OJft 

-Ml 


— O^iArntol Kxplncalhvi 


Rnfipnbnnr Plathtnm 

.Sr Ralena 

Sornb VaaJ 

arid Fields BA tZ> M 

Union Corporation 4 50 

ne Beorv tMerrad 672 

Rlyvofln d t ikh T 5 59 

East Rand Pty. — 4.70 


-MS 

-MB. 

m 


NEW YORK 


Rigb 


36U 

24bs 

4ra« 

30i a 

29ia 

48 

eoia 

20 J* 
445ft 

256s 

347g 

385, 

331, 

13*1 

BIS, 

62S, 

43 

3 15« 
355, 
241, 
39 
321, 
275, 
61, 
455, 
475, 
3j 
635, 
3SJ« 
205, 
34l« 
175, 
30U 

25 >z 
3 1)* 
921, , 
14^! 

201 , 
ill, 
5a I, ; 
33:, . 
10/, , 
271, 
561, i 
26ls i 
26i, : 
39:, : 
291, ; 
46 

25 -ft I 
407, ; 

5o‘* j 

2 5 1, 

21 i 

53 >B 
3014 ! 
311* | 
33 | 

15 I 
1514 
3Bla 1 

165s 

34Jft 

167, 

21ift 

71, 

4m 

795, 

354ft 

17i s 

12 

297, 

13 

207a 

59 
561, 
431- 
164, 
24i z 
37 T, 
334, 

44 >, 
271, 
351, 
98 
154, 

412 

30>a 

261, 

541* 

17 

441, 

224ft 

13 

287, 

2H- 

191a 

43 U 
20i 3 
28?a 

2ij 

44 
12a, 
50 
25Ss 
251, 

26 
444, 
251ft 
33 T, 
311, 
166, 
355, 

60 


Block 


Abbott Lab*.. | 

Aiiilreua'.vrapb ... 
Aetna I JleiCaa- 

Air Prmlm-ta 

AlcanAiiunituiiin 

Alcoa 

AUeg. Ludlum _ 
Allegheny Powen 
| Allitrf Chemical., 

jAIUert tiuirps 

Allis Chalmers ... 

AJLAX 

Amerada Hen...., 


Low 


25 
137, 
3U, 
22l S 
22 
381, 
1 17U 
17), 
34M 
184* 
221, 
31U 

227, 


91, lAmer. Alriinea..] 
391, iVnier. Btanris..,.) 
345, Amur. Bnuu least. | 

343, Amer. Can. I 

231, Amer. Cyanannrtl 
234ft Anwr. Dtst. Tel.. 
215, Amer. Bleu. Potv 
315, Amer. Bxprem.... 
261ft .Vmer.Home Pnirt 
16s, Amer. Xletliuil.... 
3s, Amer. JJututv..... 
39>ft Amec. Nat. Gav. 
324, !Am«r. 5tan>(an1.. 

881, tAmer. bioreo 

571, .VOwr. Tel. £ Tri.i 
277, <Anietek 


16Ji 

241, 

ia 

V55, 

771 a 

26 

19J, 


■U1F >1 

AMP I 

A rapes: I 

Anchor Hock ing. i 
AnbeuKr biu«h_: 

Amiiv Steel I 

AJS.A... 


Blj ,-Vsanjeni UU j 

135, Amro ; 

271, AaLiliual 1 if I 

431, All. KtriiAeld I 

256, Aulo Data Pm..,. 

8r, A VC 

Avon 

44.1, ..\\un VrvaUuA 
245, -Hall Can Elm .... 
201, iBank Ajurrliu.. ,.l 
34 'Banker, Tr. ,\.VJ 

255, .UarUr Oil | 

33 'Baxter Travpno..' 
22 Ueam-e Pi »■(_...! 
314, jUmmiDU.-kefboiil 

14 !Ut>l(£ Hi mail i 

33 Uenilix^ ' 

21, ,Uenxi»rtl-<in,-lJ , | 
201, ■Beililelieni sieel.l 
14U jHlacai Decker. .J 

251, I Hoeing I 

224, 'Bolje Casearle I 

274* (Border) : 

251, |Boru Hamer | 

9 BrantB lm 

127, Urawan'A' 

28>, i Bristol Alyet-a....,! 

13T, ,Bnt. Peu ADR...) 
254* UrocknayOia»..l 

151, iBrunvua-k ,j 

166, iBueynti bnc i 

5 |Bolo» a Walt-h — 
36*4 lUurllngtuuNiIm.l 

581* Bnmiughs : 

31>, Cam | i wl I Sou] i... I 
147, Canailiao PaeiRuj 

10>, C+nai Kaxuloipli.. 

241ft .Carualioii | 

114, | tamer A General 1 
15<, k'anei Hawiei ...; 
454* jCateii'iilar'i rads: 

45s, |i..||j» I 

36 IcelKiie-e Corim...' 
la iteninu ft. a.H 

185, l CetiHiuiee<i 

291, ICnerra Airerau... 
276, iChnne Mnnluillaii 
371, tCiiernksI Bk. XV 
204, |(.'bevHilgti Ptuiil. 
291a iChemie Myvtein.. 
42 ll/blungD Briripe... 

105, iClityalcr | 

14ft (Cinerama. 

181* |Ciiie. 4Hlaertic...| 

191, Clllcoip 

451* cCUies aeevioe — ! 
114, Icily Inveulng... 

361* iL'oea Cula ' 

194g j Ci ilgate I ‘aim.... 
101a jColltos Alkman.. 


261, ColiniiHla Gas 

134* 'Cnlumiibi Met ) 

147, |Cnm.l nalii.fiiAml 
311t CoiiiKiiHtlim Kn C -! 
13 J* |i>.iui.u*ilon E<|...' 
267, 'I'ni-a’lli IvlimniJ 
2 la ■Cni’w’lbOll KH.| 
29 ■« 'C.nniil. iraieliUe.) 

81, ft. oinjailcrSi-ieni-ei 

3H* Aolin Uls Iih..... 

187, 

217, l‘un.Ii>ilMei X.Y.v 

231, 'Cohm'I KiaoU ! 

541, (Consul Nat- Uns. 

21** jCnimiiner Pou-erl 
391* 'Cnntlneiital lir^J 
254ft .Continental Oil..; 
145, Continenuil Teift 

234s C.mrrol IMtn I 

404, Icooper Imius — 1 


lfii, 
334ft 
131, 
19 
«»■ 
377, 
721, 
331* 
lb4, 
luia 
271- 
117, 
171, 
55tg 
32i: 
404, 
l«-ia 
201 , 
06 
3U5, 
39 
241, 
294ft 
331* 
104* 
41a 
291, 
234g 
491 S 
ini* . 
414* 
207, 
117, 

374ft 
197, 
IB'* 
397, 
i6i, 
9/ 
ms 
39i 2 
1U7, 
do 
207, 
221 , 
254, 
584* 
227, 
295, 
264, 
IBS, 
321, 
551ft 


611* 

521, 

334, 

281, 

34S, 

434 

211, 

287, 
464* i 
34 

26 T, 
134* 

234 

164, 

29 
164 
524, 
444, 
471 a 
275, 
33 
467, 

1214 

311a 

254 

124* 

58 
401, 

375, f 
174, 
354, 
381, 
264 
385* 
34, 

27 . 
384, 
234, 
491, 
374, 
405, 
16 

30 
234ft 
277, 
327, 

394, 

261, 

514 

221 , 

395, 
1U4 
244* 
325, 
121 , 

141, 

445* 

104 

304* 

177, 

79 

544, 

324, 

32 

664 

207, 

32 

31 
275, 

81, 

284 

172 

297, 
227, 
177, 
304 
284 
9'3 
3 la, 

144 

264 

635, 

674 

384* 

177, 

614 

391, 

294ft | 

837, 

194 

394 

59 
133, 
344* 
274* 
121 , 
174, 

264 

42 Sg 
634 
413, 
164 

2734 

fe64 

394 

431, 

25 

187, 

441* 

37 

144* 

32a, 

14, 

384* 

124 

334* 


451, Coming Glaus.... | 
424 GPU Infn'rlooal 

243* Crane 

221, Ctneken Nat_... 
298, CTOurnZeltertwJj 
334 jCuramina Engine 
168, jCurtin W right... 


194 
34 
83 
228* 
61, 
164 
154 
23 
118, 
388, 
316, 
38 
220 
25 
36 1, 
976ft 
124 
164 
6 

414 

33 


Dana. 

Dart Industries- 1 

Deere 

Del Monte. 

Deltona 

Dentaply lnter H . 
Detroit Ed 
DlamontlShainrk 

Dictaphone 

DigiLa Equip 

Disney (Wall; ; 

Dover Corpn j 

Dow Chemical-., 

Dravo 

O newer 

Dnpml 

Dymo Industrie* 

Hagie Pidier. 

Bast Airlines , 

Eastman Krdsk.. 
Eaton........ 


K.G.4G 

IEI Paso Nat. Uas 

Eltra 

'Eniemon Elect rid 
KmeryAWr'igbt 

Em hart 

B.M.I 

Engel ban! 

Ksmarlc 

Ethyl 

Nuon 

PalrebilU Cameral 
Fed. Ue]it. Blum! 

Plrstono TSie ' 

F-t. XhI. Ikoton 

;Klexl Van 

Flint Lote 

287, |Fl«rt»1a Power ..... 

3U4, |Pluur. j 


165* 
145, 
255, 
295, 
184 
275, 
84 
216, 
25 4 
IB 
434 
83 
34 
13 
24 
16 
184, 


204 

406, 

17 

27S, 

76, 

181, 

944 

84, 


JF.U.C. | 

Pont Motor 

Foremost lick .'...I 

Fdxbnro I 

Pmnklin Mint....) 
Freepost II I Derail 

Fmeliaul I 

Faque InUa -.1 


104 |G.a.F. 

344*. KiuiMiu. 

67, Clen. .Amer. Inc.. 

224 ,a-k.T-A 

114 jUeo- Cable 

374, (Gen. Djtiamic* J 
441, Gen. Electrics.... 

266, Gen. Fwla 

264* General .Mills. 

B7S, General Motors., 
181, Gen. Pub. Util... 

24 IGeu. 540*1 ... 

283, (Gen. Tel. EleuU. 

996, |Gen. Tyre. J 

37, Kienewo— 

234 (Georgni Pacific. 
1424 |Geu> OIL | 

231, lOillette ■ 

19 (Uvt>li1i-li U. F....| 
137, iGutslycaj Tlie.... 

247, Guukl I 

257, iGincc W. IL | 

7 'CJi. Allan PhcTeaj 
224 IMrL. Xii*lh inin.l 

124 'Oreylnnm ! 

11 jOnU A Wealcrn.1 

23 Gulf Oil- I 

54 Tb .HaJlhunim 

32 .Hanna Mining-. 
145, iHamiachieger—j 

(Harris Uorno ( 

(Helru H. J.-.. 


394 

34 

24 

617, 

144 

304 

434 

111 , 

224, 

931, 

104 

104ft 

205ft 

544 

507, 

35., 

124 


564 

496, 

284ft 

207, 

318* 

367, 

168, 

27T, 

423, 

314 

264 

114 

224 

164 

264 

148, 

466, 
40 
4*4 
846, 

864, 

444 

112 

304 

25 

125, 

634 

364 

848* 

H4 

304, 

347, 

236, 

374 

85, 

216, 

307, 

214 

44 

304 

37 

14 

287, 

197, 

864 

304 

064 

244 

467, 
204 
afe4* 

9 

244 

294 

104* 

136, 

424 

1U 

28 

176, 

766, 

504 

al6« 

30- 

594, 

lb4 

316, 

286, 

264 

64 

267, 

1424 

285, 
2k 4, 
IU7, 
294, 
27 
bS, 
Bo 4 
158, 
134 
Ha 4 
641, 
A2 
164, 
541* 
394 


IHeubleln 27 


Heivle Packard.—] 
Holiday luna-.... 

Homeaiake 1 

Honeywell.... —| 

Huwver— 

Honp4.’n«v. Amer 
Hnualon Nat. Gas 
Hiint(Ph.A)Cluni 

Hinton tK.F.) 

I.C. industnea, .. 

IN A 

litter bun ltnn.i... 

Inland Sieti 

Inalkv 


2354 I IB41 [ 

20s, Ilnti/Klawau i 

26ta linn. Hari-oicr... 
374 (Inti. Mini. Cheur, 
20 1 * -Inti. MuiLIIdjiI...; 

131, Inca | 

356 , 'Iiiii. Paper. -I 

264 life. I 

.65, lint. Keen tier. ] 

37 Ini. Td. A Tel... 

1 Invent 

B7I, Iona Seel— J 

107, IL* liitenMUonaij 

274 Him Waller..... 


81 

18 

348, 

558, 

ll»a 

324 

247, 

104 

154 

264 

*21, 

554, 

364 

lb 

268 
2a8g 
asu 
alia 
21 
164, 
39*B 
S3 7, 
104ft 
304 
1 

35 

114 

294, 


34 

834 

334 

364 

281, 

344 

6 

274 

144 

28 

50 

343* 

50 

244 

494 

34T, 

364 

371, 

287, 

345* 

484 

233* 

264 

215, 

201 , 

247, 

484 

154 

77, 

13 

434 

39 

38 
484 
I 64 
284 

267, 

554 
314 
344 
244 
48i* 
624 
207, 
s94 
404 
674 I 

674 ; 

6634 ! 

504 

504 

41S, 

2o7, 

39 
194 

254 

167, 

Sal* 

454 

58 

32 

234 

504 

155ft 

111 , 

194 

975* 

4i4 

2B1, 
314 I 
277, 1 

211, 1 

264 j 

564 
194 1 

167, ( 

28 | 

33 | 

25 4 
2*5* 
911, 
22 

74 

284 

264 

234 

424 

305* 

13 

371, 

324 

95 T, 

544 

348* 

27 

194 

714 

367, 

404 

£47, 

244 

184 

401, 

15s« 

305* 

87>* 

£37, 

S3M 

J 7, b 

26 
124 

497, 

301* 

265* 


284 
66 
245* 

295* 

234 
28 
1*4 
214 
55* 

194 

401, !Ken McGee-.... 
27a, jkidile Walter. 
565* Kimberly Clerk J 

Kuppom f 

J Kraft.-....-— 
[Kroner Go.... 
Leeaeway Irani- 
Levi aLrsuao....— 
Libby Ow. Food... 


JobnaMaaville-.J 
Jnhnsan JrAmson! 
Jubnsaa Utwtrri.i 

Com?? 
Kalaei AlumlnTm 
Kaiaer Ipiluatned 
•Katsei Steel — 

Kenneeon. 


194 

42 

254 

274 

214 

253* 

264 

367, 

144 

13 

174 

185, 

204 

335, 

15 

54 

95* 

354 

294 

31 

40 

UJft 

191, 


Group— | 

UUyCElyi _.i 

Utton Indnat.— 
Lockheed AircrTt 
Lone Star Indus. 
Ibng Iiiaod Ltd. 
Louisiana Land— { 

Lulirisoi ....- 

Lucky Stoma..... 
L*ke Y’angst'wn. 

MacMillan 

Jlacy H. H — 

Mtta. Hanover.... 

Mapco - 

llaratfaun Oil.... 
Uaiine Midland J 
Maraball Field . J 


207, May Dept. stores 

324 MCA - 

215* McDermott 

225* McDonnell Uoup 

I64 1/rGnkv.Bli 

26 liunmtx ! 

484 Mere* — ■ 

1S6, Merrill L>-iuHi..... 
324 Mesa PetroieuuiJ 

281* MOIL- 

434 Mum Ming AMid 

58s, Mobil CtirpL 

445, Monsanto 

39s, MorjtauJ.P ' 

347, MnturuiR I 

33 Murphy uu — 

234 Xablacu. 

£34 Naiou Chemical .. 
14 iNsEiuul Can 


204 

124 

294 

335* 

374 

13 

214 

33 

13Tg 

94 

155ft 

£44 

34a* 

24 

204 

214 

164 

20 

374 

174 

137, 


Nat. Distillers. 1 

iXa* demce Indj 

LNathnai Steel — I 

iNaunuaa 

NCR— 

Neptune Imp...' 

'New England El. 

New England Td 
Niajptm Albhawk 
Niagara bbaiv— . 
NJ- Induecries.... 

NurtolltfttWiwternl 
North Nat. Gas... 
(Nvhn.,iM« Pvij 
Nihtrest Airlines! 
|Nthwesl Bancortt 

Norton Million 

UacnlentBi Petrull 
|t>ril*> Mather— 
,Uow Bdiurn — 
(Otin — — ... 


204 yuverseas Slilpa 

27 4 juvetu Curtnng ,.| 

lSsg lUnena Hliimr 

93 1* Ipandll. C 


1BI( 

2U1* 

4 

20 

201 , 

204 

334 

27 

7 

324 

244 

174 

324 

264 

174 

17 

56 

271, 

334 

184 

Sul, 

164 


Pacitli' Light mi>- 

Pnn Ptrr.i Ltd.. 
t'aiiAiuWum Air 

Parker HanmHn. 

Healiody Int.i. 

Pen. Pw. A L — 

Penny J. C - 

Peunzoii ...... 

Peupiea Drug — | 
Peoples Gas .... 
Pepsicu— ....... 

Peritin Elmer.. —t 

pw 

p«*w ! 

Pbelp* U'xlde.-.l 

PfalUrleliihla Hie. 

PUHlp llonrlH 

Pliilllpa Pctna’m.r 

Hiishury • 

PUne.v Bouen....; 

Pi 1 1 don 

Plesaej- Lul ADUI 


234 [PrdarcHd [ 

144 j Potomac blec. ..J 
£34 rPPG I ndufli rles. j 
73 •( I Procter Gatnole .1 
214 (Pyi) dorve EJectJ 

24 j Pullman 

161, (Pucex 4 

204 iqoakcrUata. -1 

St, I Eta pul American.! 

S* !5K^::-d 

22 (KepUhlioSteeL— 


305* 
814 
2 b 4 

33 
244 
521, 

kl, 

944 

124 

234 

43 

336, 

447, 

22 

474 

034 
'32 

itift 

264 

33 
464 
hi . 
214 
195* 
187, 
224 
384 

I04 

74 

114 

414 

345* 

325ft 

434 

1*4 

93 

945, 

495, 

2t>4 

034 
BS4 
46 
634 
173, 
334 
a 65* 
65 
615, 

514 

444 

45 

38 

2 4 

294 

J8 

214 

lb 

305* 

414 

625* 

184 

215* 

33 
137, 
104 
187, 
£5 

394 

204 

267, 

247, 

I 84 

225, 

364 

185, 

141ft 

251, 

304 

4.14 

23. B 

197, 

214 

**, 

244 

944 

21 

364 

284 

IU 4 

345, 

295* 

233. 

62 

034 

HOI, 

174 

664 

o2i, 

3S* 

c alo 

23 

*63, 

364 
lOl, 
i 67, 
86 
*•5, 

334 

17 

945* 

101 * 

465, 

267, 

234 


50 

344 

62 

274 

347, 

364 I 

604 

174 

134 

245, 

424 

315* 

307, 

394 

74 

165, 

851* 

205, 

187, 

235ft 

85, 

354 

26 

164 

275, 
39 
35 
42 
47 
384 
145, 
337, 
817, 

35*. 

355ft* 
267, I 
176, 

38 
344 
607, 

295, 

284 

204 

44J* 

364 

974 

444 

624 

7UI, 

455* 

16 

699, 

435* 

494 

315, 

136, 

*33, 

117 

6$, 

334 

12 

274 

22 

47 

844 

334 

22 

'483ft 

306, 
531, 

39 
165, 
215ft 

374 

294 

217, 

40 

205ft 

403* ( 
393a 

307, 
274 
235, 
416, 
564 
26 
425* 

85, 

521, 

501, 

84 

94 

35 

276, 
283* 
32s, 
463, 
223* 
IBS, 
2SSa 
*5 

317, i 
947a ! 
297a 
37sa | 
29>« 
171* 
233, j 

285, | 
266, 
245ft 

247, 

204 

31 


! Revlon— I 

Reynolds Mewtsj 

Reynolds If. J l 

Rich'non MerrolU 
Ito-kwell Imer.J 
Rohm A Haa s .... 4 

Dutch— 4 

B ? 

Ko§~ Logs. 

Ryder -ydem.-, 
(Safeway blare*-, 

Mt. Joe Minerals 
bL Reglf Paper.-' 

Twntarelndf. ! 

baui Invest { 

'Mxoa 

dcfaiiCE Brewing.. 
Schlumberger | 835, 


38 
264 
621* 

20 

287, 

284 

64ia 

121 , 

114 
131, 

354 
224 
266, 

334 
33* 

44 
30 
645, 

161, 

124 
195* 

61, 

197, 

201 , 

IB* 

224 
294 
284 
37 
28 
307, 

10*4 
18 
465, 

14 
18 
23G, 

164 

285, . [dthn.Nat Res 


484 

285, 

S»7i, 

255, 

317, 

327, 

683* 

144 

12a, 

221, 

405, 

245, 

275, 

*47, 

6 

b4 

134 


HIM. 

Wtt Paper .’ 

pcnvil Mrg I 

sne Dnodcr | 

Idea Container. ...< 

peagmu 1 

pearl etG.D.j 

Roebuck— ■ 

SEDCO — .i 

abeli Ol>...— 

Shell Tmnsixal — 

Signal- 

Signode Curt*— 
Simplicity Pal — 
atoger 

Smith Kline— 

Solitrra — 

noutbdow n ....... 

aouutheraL'aJAil 
dour hem I n ] 


31 

445* 

224 

233ft 

151, 

387, 

215, 

294 

246, 

44 

685, 

344 

197, 

437, 

336, 

315, 


■rife] 

ilway* 


Southern Parifi c 
Southern Kail 

[Southland .. 
a'w’t Bern I tares..! 
.Sperry Hutch — I 
i perry Rand— .J 

Squib ' 

stamlanl Bmndr., 
Std.OilCalilaraia 
std. Oil I mi 
Std.Oil Ohio.....; 
Suuiff Cheunatlr.l 
Sterling Drug— 

Studehaker ... 

sun Cl*. 

Ibundstraml 


574 

25* 

281, 

„ 7S » 

24 

17X* 

375, 

6I4 

291, 

195, 

345a 

224 

414 

311, 

134 

173ft 

324 

211 * 

y&A 

264 


184 pyntex I 


lenhincolor— — 1 
rekiromx— 

Ceiedyne. 

Tele* 

fen ecu 

iTesoeo Pelroleujn 1 

Texaco— I 

iTexnsgtdf ...J 

lexas Eastern 
lew Insi'm— - 
Texas Oil Sc Das.. 
Teua L'tiitues— 
runeo Ins...— . 
Times Mirror. 

Timken 

Trent.- V.Z. J 

TnouumiL.. 

I'nuiKO - 

r»m> I'iiImu— 
Inm-nat imr'p.' 
trnu* tVurii* Ah.J 
! rntveicn* 


181, ll'rl CoullnenLai- 
275* TT.B.W 


201, 

191, 

I8S4 

19 

355t 

504 

194 

376, 

64 

456, 

41 


2Qtb Century Fox 
b.AJ— ... 

UAHCO 

UGI 

Uutievm 

Unilever NV — 
Union Bancorp... 
Union Cnrbule— .' 
Union Cnraruerce] 

Union On Calif. _i 

Union Facifla 


74 

67, 

257 B 

2H, 

215, 

26), 

324 

161, 

134 

161, 

294 

25ie 

174 

244 


1/nirpyeJ — ... 

U liited Bmmta— 

US beixoni— > 
US Gyprum— . 

L'SShoe 

US arcei 

US Teel 1 1 11 1 h^t ti 

U VI udilat nea— 

v irslnla hi***— 

Walgreen 

Wamer+.V.mnili..! 
tVamer- Diiiiert., 
"V le- Man’ nmt 
. H'eilvFiuei,..-.. 
29s, jU'aftnn Uhii.-uti 
204 jWc-teni N. Ani<*r 
155* Waunii Union... 

113* [Wertinghttf Hiev, 


£27, 

205*. 

201, 

204 

164 

21S, 


Wesvacr. 

Weyer Uneuier ....' 

Willi IpnnT — .J 

Whit* fan. Ind..-! 
wuijfini Co. 
Wlecunsln bluet.] 


Ibl, 

163* 

20 

8 

28 

934 

141, 

934 

365a 

.-24 

404 

40 

374 

135, 

205, 

817, 

-ifB 

28>, 

wa, 

itt, 

375, 

315, 

484 

981, 
96»* 
161, 
4 16, 
345* 
975, 
397, 

484 

tl4 

401, 

itJ* 

ol 

415, 

■ 443* 

301, 
1 16, 
414 
977, 
04 
306, 

I04. 

24 

185, 

407, 

79 4 

hi 

204 

41 
287, 
497, 
346, 
145, 
lei, 

.354 
£64 
19 7, 

30 

. 19 . 

375, 
39 
£94 
i*334 
195, 
384 
04 J, 
241, 
38 
VS a 
477, 
446, 

S 7B 

2*4 
241, 
£41, 
£ 03 a 
425, 
lu 4 
145, 
.=45, 
41 

£64 

a2?B 

lebbg 

3C5a 

u76g 

163a 

214 

£56, 

245* 

41(5* 

231, 

184 

275* 


201, . 
04 ■ 
064 1 
191, , 
161* j 
•945* 1 
825, 
7^0ii 


175, (Woolworth 19 

4 Wyly ! 37, 

41 .'Xerox 1 025, 

145* : Zapata— : 104 

115, Zenith Radio • 14 

93^ .Cj3.1rea.«*m »94l, 

791, L-aTmw44SfM6: 

6.07^Cj 3. 80 day billaj 


7797b 

TOO? 


CANADA 


134 

65, 

344 

22 

447, 

224 

923* 

73, 

585, 

31 

176, I 
185* 
6.0 
384 
174 
114 
145* 
294 
2U4 
194 
211, 
61 
5.12 
116, 

213* 

294 

30 

194 

81* 

135* 

• 9 

78 

89 

bS4 

264 

103* 

16 

26 

81 

306, 

14 

32 

as, 

36 

475, 

164 

224 

477, 

194 

36 

214 

20ia 

134 

111, 

154 

164 

94 

4.55 
204 
105 , 
25S, 
38 

4 

284 
18 V, 

325ft 

364 

64 

2.30 

44 

374 

17 

4.85 

1.63 

247g 

17 

17 

1.55 
374 
104 
334 
335s 
194 

104 

287 , 

175* 
6.50 
so 
54 
263* 
£-95 ; 
4£4 
204 
16 ! 
Iu4 
tl4 ■ 
IbiS 
84 
337, 
115, 1 
184 I 


104 Ahitlbl Paper 1 

430 Agnicn Eagie— I 
244 AlcrniAiumioinm, 

141, .Algoma steel 

344 A-ber+<» ..I 

174 Bank rrf Montreal] 
I84 UankXora -coda' 
4.20 Baste ResotBces.^ 
OJt 'ben Telephone-., 
204 .Bow Valley Ind... | 

134 (BP Canada 

144 Bratcan...— 

2.06 Brin co 

34 .Caioary Pewer — 
114 ;Ca inflow ID nea... 

85, i Canada Cement. J 
9", (Canada KW IwjJ 
224 Can.lmp8k.C0m! 
IB .Canada Irnlnst —.1 

164 Can. Pad&c ! 

154 (Can Pad Re InvJ 

51 (Can. Super OU-J 

3.06 :Carl1ng O'Keefe. 
81, iCasantr Asbestos. 

17$, [Chtatahi I 

234 varamco-, _l 

211, (Cuoa. BaUjuret... 
154 Consumer Caa....[ 
54 jCft>-eka Resource^ 

74 I Contain ; -| 

67, ;Dana Devel... [ 

52 (Demaon Mines... | 

701* (Dora Utiles 

531* (Dome Petroleum, 
21$, iDomnnon Bralfiej 
145, Domun.-.-. j 

Dupont— ; 

Falcon ‘)se Nickel. 


12 

163, 

694 


127, 

5.62 

*04 

904 

t4S 

£25, 

206 , 

4^3 

S64 

295* 

151, 

157, 

74.2U 

086, 

143* 

11 

114 

284 

T20 

IBS, 

191, 

68 

5'» 

ios, 

19 

275, 

274 

175, 

04 

13 

87, 

724 

664 

694 

£44 

175, 

14T, 

*24 


[Ford Kotor Can | 1<44 


6 

29 

37 

153, 

161 , 

404 

17 

275t 

185 , 


255, Genstar — 

105, Uiant YeTwknlie 
26 (Dull Oil Canada- 
Hawker SkLCan- 
Hoi linem — ... .... 

Home Oil 'A'— 
Mudcon Bay Mojcl 

Hudson Bay J 

HudsonOil & GaJ 

1-k.C. - J 

Imaaeo — .... 


mperlal Oil 


154 Unco 


84 
. 9 4 
134 

13 
67, 

3.25 
155, 

« 9T * 

204 
285* 

1-SQ 
£1 
145« 
loi, 

14 

3.55 

1.55 (PaclLie Copper K 


lodal 

Inland Nat. Gaa. 

lot'p. v Pipe Line 

Kaiser Kcaiuirtt 

Laurt Fin. Corp- 

LpUbw Com. *B'. 
U-miu'n Bloedt. 
Mawcy Peatuwn 
IL'Intyre... 

Moore Curpn I 

KuuucunSnaleUaj 
Nonunlii Mines-. 
Non-en Lwny 
A 1 bn. TeiCi.'um ... 

jhuiuw Oil A Da»| 

:Otu.wunl Petri 1 




334 

514 

141, 

3.80 

0.80 

»4 

97, 

101 , 

1.03 

254 

B 

245, 

fi* 4 

2 ^ 

lsa, 

4-3j 

286, 

4.4J 

£2*8 

UQ 

54 

165a 

155, 

84 

10 

10 

7 

28 $g 

104 

134 


Rtdfie Petrpleuml 
Fan. Can. Pei’m 

Patino — 

People* Ueftl S... 
HuueCuA Oil— 
PlseerDerelopm! 
Pnwdt Corpomfn 
Price-.—...-. 
Quebec atnreeoa 

KanverOtL — 

jKeed Shaw— 

(itlriAlp nm 

Koyai Bk.ot Can. 
iRoyai Trust—. 


Sceptre K'khitw* 
'mgnuu...-., 

Jbel- Cana> la 

ibemttD. )lwe 
irben O. 

•yimpsoa 

tew 01 Caua-M.. 

jit«e|iKi.adk irutu. 
Il'exacu LAn*'la.. 

1 urouto lAni.Bk.j 

I ran- CXnPipeLil 

[nil 1- Uuunt U|> 

Lr>*er— ... ' 

t Union. Gar-. 4 

’CM- ->iMXie >1 met 
[Walker Hrnim— 
l^eatCoa.lTratii-. 

iH'MenGen— ~. 


293, 

1£4 

265* 

a 

06 

414 

174 

211 , 

434 

194 

334 

184 

» 4 

16 

15 

ran, 

4.10 

186* 

117, 

234- 

575* 
3.70 
266* 
1*4 
314 
35 4 

4.2* 

2.00 

366, 

52 

tlM* 

4.B6 

0.94 

216ft 

166, 

144 

tl-32 

324 

101 , 

324 

326, 

186, 

8 

261 * 
134 
b.6z 
284 
■ 4 
264 
n.faa 

396, 

194 

i=4 

hi, 

14 

114 

74 

32 

111 , 

17 


tBid. i Ashed. -1 Traded. -5 New Stock. 


PYw Srste GsdaU W® 

PmldHU Brand 1330 

Pi whim! Stem til. 50 

srilfimreln 53# 

welkom — 4.TO 

irm Drlpftmteln . t37 56 

Western Deep tiS3Q 

INDUSTRIALS 

*eci *■« 

\rado-Amrr. IndnstrUl ... 1986 

Rarlntf Rand &M 

rrtA Investments — .... tw. 

Ourrte Finance — — 0-7JJ. 

ne Been Industrial . . . .103# 

Edears ConsriMaied Tnv. It SB 

Ed«ar« Smrvs «U5 

PedPMlc VriWielemtinfl* . H ® 

Greaiermam Sores LK 

Guard Ian Assarance rSA) 190 

Holms - tJB 

LTA 1® 

MeCarttor Rodway ......... -OR . 

NetTRank - tit .PV+OJ B 

ok Bamra — — ... — . 

Premier MUIins — StB ^ 

Pretorie Cement 3*5 

Protea Rridinin 1® 

Rand Kina Prnoerttes tM 

Revnhrandr Groan - 3.TO 

Retro 1— 

C. G Smith Smear ......... 5-BO -A 

SA Rreweriea . — 1® -HL0I 

Securities Rand U^SO.72 
(Discount of 37.39%) • 
AMSTERDAM 


“4.18 

-•JB 

•HUD 


-#® 

+018 

+0® 

-Mfl 

+0.® 


+#.*5 

+6.85 


AUSTRALIA 


June jO 


ACSJILBacenn ]0.68 

A crow A list mile — . TO-HP 

Ailtfil Mu*. Tnlj;. Iiala.81; 12.18 


Acnpol Petrnlvuni 

Aaroe. Minemh... 1 

Aasoa. Pulp H*i+r SI 

Aaaoc. Cm. Industries 

A*nt,Fri>niiatkm Invest—.; 

Andimeo. ' 

Aun. Oil A Gas— 

Creek Gobi— 

Blue Metal Iml..-- — - 
Baunaintitlo Oin **— > — ' 

Bcaznhles (ndinonr* 

Brokon Httl Proiiriftary.... i 

BH south 

Uarttcn L'niied Urowiwr — [ 
U. J. Cow- 

usk «n : 

Cock burn Cement ............ 1 

Com. GoM fields Ausr.— . 

Container (81) 

Lonainc Klutlatn 

Curtain Australia. 

Dunlop Robber til) - 

BSCOR - — 

ttWwomUh 

K2. Isdnatrlm 

Gen. Property Tniat... 

Hanuin ley— 

Hooker... — 

IL'I AiuuwUx. 

InterGopmr- 

J tnntap . tnfirirm ., 

June, (David) 

Lenoanl OU 

Uetala Nxphvati 
MIU 8uMiii£S". 

Myer KnifHirtour- 

asliWlcbohift imrjhatii'nal 

b U»«H«‘din|!» (80r»| 


.+ •* 

Aust.tf ■ — 


+0.04 

-vua 

’-ioi 

+0X1 

i+ab2 

l-SS 

■ tJLO) 

bi;H 


11.29 

tOJb2 

tl.ln 

ti.se 

tl.62 

»uo 

tV57 

ta4fi 

10.46 

1022 

t».« 

tT.BB 

tl.72 

rfl.83 

71.20 

tl.77 

12.05 

72.98 


+0.01 

Hfllirl 

1+4UU 

+BJQ1 

-4LM 

MU1 

hCm 


PARIS 


June 30 


Reuiv^ 

\tnuueit.ieeUVe| 

.lir Uouui — 

Aquitaine...—... 

UIC... 

Knuyeuva-... 

B. S.A. Gerehu.i.. 

Carrel nut. - 

C. tl.B. 

iU.I. Akwtri.— ;1JX10 — 5S 

CieHrmire— ( 4X3 i+B 

Club MrdUcr. — } 400 ! + X) !| 
Cr»lit Cmn Fr'cv 119.8+0.2] 


Price' •’ + cw. Dn.iYf 
Pri. — . rn.] % 


•6+— 2.0 1 44 U 

.51-K.^aUal 5. ' 


347A + 0 A 


73.10 

TI.SB , 

YU.43 .'VO-rt 


June 30 


; Priro 
Fla 


Ahold (FI.2CQ.-..I 

Akzo (Fl^Ol— | 

Mgcm BnkiPUOK 

AMKV (Pl.10) 

Amrobaak (FuSO) 

Bijenknrf 

BotoWert’miFlO) 
Uurirm Terterodel 
R-ener V (Pi.20). 
h'nnlaN.V.Bearerf 
Buro ComTrttFUO 
Gi«tBroeail&(Fffl) 
Hebeken (F>.26)..l 
Hnokovens (F1X0). 
Hunter D.lFl. 103). 
IC.LU. (FI. 100).... 
Ini. Moi)ertl20)— 

Xaarden <Fl_10f) T 

Nat-\'edlna.{Plia! 

NedCred BluFlJfflJ 

NedUIABkiFLKM 

OcolPCffl) ^ 

Van Ommeron 

Pakhoed IFL20). 
Philips fFL 10).... 
RjnSchVeriFI.KHjj 
Uobeca (FUiOl..— 
Rolinco (FI. 60)— 
BnreaieiFLi 50j..., 
HeyalDutch(P)^ 

dtavenburg 

duvtnUrp (FL20) 
TokyftiPac.Hhts.Sl 
Unilever (Flj^O;.; 
VllringRes. Idr£lt 
Wesilan'du.^ank 


■for 


% 


104.5j-0.fi I *21 
+0.9 


29.« 

364 jOt. 
KXAdi— o.l 
7iA-0^ 
91 (+1 
120.01 + 1.3 
7aLtt-JL2 
280 +1 
130 1—4 
69.01 + 1.6 

34.7 +as 

102.51 + 2.4 
33.21+1.0 

• 24.6| 

143.5| + 5.0 


3a. 

102.01-0.9 
53.31-0.2 
193.0|—0.9 
1540, — 0.3 
141 i-l 

40^- 

26.2 

83.0 + 1.8 
17 1.0i +0.3 
lJU+0.5 
12S.q+0.2 
130.9+0.5 
246 f-1 
130 +1 
IBS +1 
12D.a+0.5 
41.2+0.2 
595.6—1.3 


V 

*&* 

80 

26 

27.fi! 

373 

23* 

14 

12 

8 

19 

12JSj 

48 

21 

22 

36 

18 

77 

A 266 
14 

55.78! 

19 
275 I 
30 

42 Jl 

20 

33 


3.4 

7^8 

6.2 

9.9 

6.8 

8.7 

7.1 

2.0 

6.8 

5.0 

6.5 
3.4 

43) 

6.6 

7.9 

3.6 

4.6 
7.8 

6.7 

4.7 
5.6 

&5 

7^9 

5.8 

8.3 

7.8 

4.2 

0.6 

7.1 

L£ 

4.1 


COPENHAGEN * 


Jane 30 


1 Pries 

1 Kroner 


Andeisbankea — < 

Merm’serW .j 

DuuksAok ! 

KsatAklsCi Cu j 

Finensfaankea 

For. BypRrrler... 

For. Papir ... 

Hamlieotnak — ...' 
GJith'o H.iKifl(rl 
Kofftl KabcH — 
Uliefahrtk — ....... 

Pnvatbank .| 

Provutsbank 

hoph. Berenahei. 
superior I 


134 

415 

1221a 

16&it 

129 

363 

781, 

1231, 

262 

1921, 

76 

l£81a 

13a 

404 

1783* 


+ or 


ty 

+ >a 

+ 2 “" 

+ £It 

t? 

+ 1B 

+5* 

+ 4 

+ «s 


Div. 

% 


Yld. 


8.2 

3.6 

9.3 
7A 
10.0 

3.3 

&9 

4.1 

6.5 

8?5 

8.0 

3.0 

6.7 


Pkmesr 
Iteoiln. A 
H, C. die: 
hocthlam 
bitttRoa to 

Tooth iSl 
W altons.., 
Venns Min 
Woriwortb*. 




|*Prlee.:+ , «|W;mi. 


T« ; - 


STOCKHOLM 


June 30 


AGA Ab(KrJM... 

Aim Laval Bt KrtOj 

A6BA rKri/JI-... 

A t laa Co pen (K r25l 

Biilenxl- 

Uriors 

Laitlo— — ......... 

C«IIuI>d« . — .! , 

UI«i7ua'B*(KrtiO> 

lirK»un 'X' Ihrt&t 
Karelte •*8’*.... 
Fauei Bta. — | 

Grxnaes (free)— .. 

danrilcstsuiken...| 
Maratmu | 

Mu Udi U*im-UV 

aanilvlk 

a'.K.P. 'h' Kre.... 

jluuiil BuskUita... 

raurlMIk B' KrfiO} 

UiiiMtaolm 

Volvo (Kr. 60) | 


Price 

Krone 


208 

14& 

80 

125 , 
67J5| 
118 
199 
Ba7 

139 

138 
£BJ 
W4 
04 
338 
IOO 
63 
2c9 
62 
152 
70 
58 , 
66.04 


+nr 


-0.3 
+ 1 
+0.5 


-H & 


1-1 
+ 1 

+1 

+2 

+10 

+1 

+4 

+1 

+ B 
+ 1.5 
— 1 

+2"' 


HivT 

Kr. 


6.6 

5 

5 

. 6 

4 


i-76, 

10 

6.3 

6 

8 

4 

16 

8 

3.76 

4.6 

8 

6 


YuT. 

% 


2.6 

3.6 

6^ 

4.6 

6.9 

3.4 

2.9 
4.3 
4.6 

4.6 
d.S 
4.3 

4.7 

8.0 

2^£ 

7.5 

0.3 

7.1 

fl7l 


BRUSSELS/UIXEMBOURG 


Jane 30 


Price 

Pro. 


Arbeit 2.385 

Hq. Bnc Umh— 1.560 

Bekert. “B" 1.980 

OJi.lt. Cement— 1,136 

C-ockerill 468 

KUto 2.C.65 

Elect rohei 6.470 

Fabrniuc Sal. |2,e60 

a. B. In no- Bm 12.190 

Gavaert...— i LiUO 

Hubokea- rS.UBa 

iDLeruom ——11.720 

KremetLenh 6.720 


Iji U>i\e e Ueiee. 

Pan Hoidliu— 

Cef rutin* 


,3.53d 

4.710 

tf.700 


Uen 


nenni 

Beld< 


ilofina 

■Snlvny - 

Traction Hleii...,J 

l CM ...... 

Uu Min.fDW)- 


q lid 1.9 50 


5.105 

2.375 

2,530 

aaa 

720 


Vteilto Mon taeng 1.488 


+ K 

to: 

Pro. 

N* 

YW. 

Of 

JO 

+ 16 



+ 20 

72 

4.6 

+20 

lib 

5.9 

-14 

100 

8.7 

+ 12 

— . 

' 

+ 10 

177 

7.8 

+40 

430 

b.7 

+ 55 

170 

6.4 

+ 20 

Zbti 

6.8 


6b 

6.a 


17U 

7.5 

-5 

142 

8.3 

(—60 

<380 

4.a 

— £J 

*3 2b 

3.9 

+ 2 ) 

32.2b 

3.0 

+ IO 

174 

4.7 

— 1 

AJa 

7.0 

+ 10 

140 

7.3 

+ Si 

31b 

6 h 

+ 10 

4210 

8.9 

-3d 

170 

6.7 

-14 



+ 5 

50 

6.9 

1—28 

— 

— 


Axahl Gtaas -! *45 

Canon J 480 

Cmdn _• i 674 |— 

ChlnoTOA....— ... i 368 +1 
Dal Nippon Prim 643 - ■ 

F41PSST. 947 

HitartJl- ! 249 

Honda Mot nr* r 573 

HoumPoMU L260 

C. lioh-^.- 238 

ItivYoltadd U.430 

Jnccm- ..J 695 

J AJ* >2.640 

Kanwl BfectPw 1,160 

Koniauu-^ — 1 349 

Kubota..-^ : 881 

KyotouCednnlc —;4.0S0 
Siatauahitfclnd.J, 734 
MUsubtshUSankJ 278 
MirsubishiHMVTl 123 
Mitni&tahfCwpJ 431 

Mitsui £-&>. ! 324 

MtcsnkoibC 995 

Nippon. Denso 11.480 

Nippon Shlnpan..; 703 
Nlaaui Motor, — ! 608 
t ‘lunger.. -——11.810 
Sanyo Electric— . 267 
Bekisui Profab— | 882 

Shisekb--. (1.180 

: 1.730 

ralBboJUBrine j 230 

I'skeda Cheroicmli 399 

TDK— a — 12.201) 

Teijin.: I 117 

rukio Marine. ( 478 
Tukk> Wert Pow’r! 1,050 
roliyxrSsnjTi ......) 387 

Tokyo tihlhauro.J 140 

T «iy..L. N — I 143 

Tuynta Motor..—! 926 


Itt 

10 

+5 


i+1 

i +1 

1+6O 
+ 11 
+ 30 

lu 

1-10 
1 + 1 
+ 2 
—20 
+9 

t 

+7 

+ 4 
-3 
i+20 
-7 
+3 
—40 
— 4 
!— 8 
+ 20 
-30 

iifoj 

lar 

l + b 
! — 1 
!—2 


44 

12 

25 

20 

18 

15 

12 

18 

35 

12 

50 

13 

10 

18 j 

15 

35 

20 

10 

12 

13 

14 

20 

15 


2.1 

1J) 

1.9 
2.7 
X.7 
W 

2.4 

l.fa 

1.4 

2.5 
1.0 
0.9 

4 A 

3.6 

8.7 
0.4 
1.4 
U 

4.9 
L6 
2J2 

1.7 

0.5 


12 I 0.9 
16 * “ 
48 
12 
30 
80 
40 
11 
16 


30 I 0.7 


4.3 

1.2 

3.8 

3-8 

5.6 

3.5 

1.1 


Sauna Nikko Securities, Tokyo 

SWITZERLAND ® 


June 39 


Aluminium — . 1.290 

UBCfA 1 — 1.640 

CU* GrtaytFrOOO 1.115 
Do. Phrt. Cart. 845 
Do. Ha...- — 592 

Cm lit Suisse..— 2,185 

Kkectrowart 1,760 

Fischer (Stpqifi. 690 
HoOmuiPt Certa. 73.500 
Do. (hnmin— ..7,350 

Inierfood 9- 3,926 

JelmoiUFr. 100). 1.440 
Nestle <Fr. IOOi.... 3.486 

Do. Beg 2.£2a 

UerilluSE. [F.JS&2.570 

Pirelli 6U*(F WO) £90 

ditminz (Fr^OO)— 3,9uij 
Dn. Rrt UerU- 490 
edunrtierClFIOO 300 
■u.wr CtiFr. 1U0) dOO 
wiaerir iPJ4»n... b30 
niwfink. F.lUU. 376 
• w Isa. (ItelFrtSO... 4.750 
C nion Uuk^.— ...13.089 
luridi Ink -110.900 


Price 

JFro. 


+ or 


-15 
1—1 
+ 6 


DivJ 


+ 5 | 8 
10 
22 
22 
22 
16 
10 
6 

(—500)550 

8 

21 
21 
ndfi.6 
IaU.7 
15 
15 
26 
£8 
l£ 
14 

. 10 

L *2 

40 

20 

44 


1—25 -S 

T - 100 2 

EtT-s 


15 

I— 10 

! — 10 
+2 

-2" 

ti s 
+ 26 
+ 5 


Tid. 

% 


3.1 

3.0 
1.9 
2.6 
3.7 
3.6 
2Ji 

3.6 
0-7 

0. 7 

2.7 

1. b 

2.5 

5-b 

1.4 

5.1 

1.7 

2.7 
4.0 

4.0 

4.2 

2 . t> 

B.l 

3.3 

2.1 



CroiMnt Loire-.... 

Damee;.. --... ...I 

Pr. Petn>tc«„ I 

Uen. QryMeertaJel 

— ..1 

Jsequea boffi—i 

UTiuxe-...— 1 

L'Orroi — > 

sSlw»Ptreoijt..| 

MlriMHn “B” LM7 

MuetRannaftieyJ 499 . 
Mnulisu ...s.—i 149.51 

Farit**. 1-161 

FlK hUwy 88 

Perm'll kk»i4.— | 958 
PmwoLUiroeti.., -379 

Flictsln I 

Baulin T«-hn)i]iis.i 

koUiaie. j 

Rhone Pimiam .. { 
sc. Uohain,..-. — } 

?k» RoftNituH— ! 



letouaecaaiqi**—., 

tbututem Bninlt. 

Lunar— ..... 



74.8.+ 1.0^ — 

759 f +23-|SfelSf*j 
144.5+ LSH*T 
191.0 + 3,5 ( 




91.21+0.3 


+4.li|ftJ(iaC 
+ 10 3.7 


VIENNA 


J nue JO 


Kme +or 

r* l- i* ‘ 


(ImtitenMiKl 
PemkMM.. ! 

MHl •tl.SIMlISUtl J 

Stmqient ; 

Hteyr Daimler ..-J 
V rtt Ma nneHt 

BRAZIL 


548 

BAB 

600 

85 

190 

238 


+fc 

."i* 

: + I 
+ 1 


2.9- 

3.4 

6.0 

4J - 
6A, 


June 30 


I 'Price 
i Cru* 


' + wj Oir.JTli 

| — lUHnjV 


....{ a97 L+Atkt* IHLV 
I... 1 9.01 i-a.B33.17 ' 


AroalU OP..... 

Baiwodu Bckui.. 

Banco I t«ti -..I 1.40 ,+tuiJr ld.37 *194 

BetflinMiiwiraOPi 2.11 a j>7jj.0B (S.Tt 
Loja* Anwir.Ot’.-l 3.15 ->WI«|J.Mb flJt 
Frtrofiro- PP...-> 5,14 j-O.OafJ.lS £i< 

Pireni.- ‘ 1^0 S+OJimbWil- 

sciu-aCnwOP.... 9.68 i 0J)4)J.!M 3-7t : 

Un»p HR 0.10 ■-a.02’*.86fi.9t 

Vj*ie Rm Dow Pl*l IJI l+ u.01,3,16 jMJ 
Tnraover: QTWJm. Vriume 57 JIB.'. 
Source: Bio de Janeiro SE. 


C5LO 


June 30 


1 Price ; 4-o* r .’Ihv.|TK 
Kroner ( — ~ 


l % 


n«w» Bank. — 

Bwreteaanl 

Creditbank.— -..., 
Koniw* 


92.0 -1.5 1 9 

65.00?.. ...! 

106.0:— 0.3 ) 11 
980 SO 


Nnrak Hydrnkr Jv 178.85; +093! 1» 
dtorebroai — .....I 


Ereililkittein ■ 103.50j-0.7S: 11 

>B.85; + 0JS' 

aa.5i.---i 7 

SPAIN * 

June 30 
Aalend 
Banco Bilbao 
Banco Athmllco (1,000) 

Banco Central ...... 

Banco IntL Cat- (1.0001 
B. bid. MeOltvrraneo — 

Banco Poonlar — . 

Banco Sanmndcr (131) 

Banco UrairijO (1.0001- 
Banco vtzeura 
Banco Zaragozano .—. 

BanSonlon 
Dramdtni 
Inmobanlf 

E r Arasonesas 

Espanolar Zinc 

Ewl. Rio Ttaio 

Fecaa Ol.OOOt 

Fenosa (l.MO) ... — 

Gal. Preclftdos 

Cru no Vriakaoez (4000 

Htdrria - — 

Iberduero ...: 

OUrra — — 

Papricras ReunMas — 

Petro liber — 

PWrotaw .......... 

Sarrio Pamlera 
Snlace 

SogeSaa — 

Telefonica 

Toma Hostench 

Tnbacex — — 

Union Elec. — 


% 


i* .... 

9. J - 

.9,- -- 

rw.’*,. 
6.‘ ' 
HU 


Percent 


m 

— 

297 


2 » 

■ — 

383 

+ y t 

in 

— * j - :■ 

2 M 

— ■ * j 

230 

+ 6 * ^ 

409 

- 5 , - 

260 


226 

— > 

252 

— • 

151 

+ 1 7 

276 

— 

7* 

— <■_ , 

55 

+ 0J» . 

102 

— 

n 

-BS -> 

TUB 

+ 0.73 

73.75 


76 

— 

US 

— 

8230 

- Q-H : •. 

87 

+ 1 . ' •: 

uua 

16V 

71 

“ 1 

122 


194 

— 

57 AO 


- 55 





V- - 


HONS KONG 


Hour KuDR $ 


June 30; June 21 


MILAN 


Jane 30 


AN 1C.. 


Bastogi ......... 

PUt m%u\tUft«u>«mtl 

Do. PHv. 

Pinetder — 

I bu cement —.....I 

Imifddev- — — 

Medloniiice— 
MunUdlani 
Olivetti Priv , 

Pirelli A Co. .. 

Pirelli 3j»— ... 

■sol* Vhm* .—.I 


"KSe" 

Lire 


96.76; 
434 
1,79 2 wl 

I. 4Sflxri 
102.23 

II, 7001 

2XB.0I 

33.230) 

1 4« 

- 9940) 
1,848 

965 

724 


+ UT 


+3 
+ 5 
+9 , 
-0.26 
+ 160] 

,+ 8 , 
— BlOj 
-0.5 
+ 9 
— 4S 
+ 4 
+6 


Div. ;vu. 

Lire % 



UmT. Ix»n IMS ( — I 

Amalgamated Kubl>er...-.| S.975 1 

Bnwatcr* — -i — — 

China Ll*:hl l.l|miM ..... , 26.10 ] 23.70 

City Hold* — j — 

l '-iwnhtju.Htnn Propcnl*".. 1 . tl.83 | tl.88» 

Criten Harlmur Tumid 1 11.60 I 11.80 

K. Atl* NftVhxaUnti 4.50 

Hong Kong Airerait l — 

Hiat£ Kiflip Klcytru.'. ..... ..J 6.00 

.HimgKtwgKim liniiWimrf 22.70 
Hmur Kihik Land Intro.. 1 10.00 
HdiigKrtoghhanglialBank 19.10 
HimjcKnOg BhaLuplad Hotlol 15.60 
lIiiiWufliiQ Wluinire.n .. 
threr. Pftdtlo. riemri tic*. 

Jan rise MaUioteiii— 

Jantlna Secs.—..—., 

Rubber— i. 

aim® Darby. — « 

tfouthn. Pro, Prop. 

Bnuttare Textlte- 

dwiro Partfiv A 
Textile Alliance.... ... 

TextileCorprtr Htuig Kougj 
Wlww1i*-k Maiden....— .— | 5.35 

Wheohiek Maritime ( 3.60 

Wlntetr Indi wt i i al — -j 3.05 

W ynmr— - 1 ■ - - 

id l£x^livirtend Hnver. t Seller, 

suao. Suroemicd. 


8.20 

1530 

7.90 

4.20 

t5.60 

wup. 

alo 


2.70 


4.60 

eToo 

22.70 

9.46 

18.00 

5.15 

15.80 

1M 

4.00 

*4^)5 

•uei*. 

aTis 


3.125 

3.50 

3.00 


M0TB5: Overseas prtcee ox etude s pramtum. -Bekuaa divrienda are alter 
withhnUma ta*. " ' . 

# DM60 denom. unless oiherwU* atated. V PtniBW denorn. milessr mhrruisa 
stated. Jit Kr.100 denorn. ualovx ribmfnft staled. 4> KrvSSQ denom. unto* 
otherwise staird. a Yen 30. denonu unless otherwise stated.' 5 Price at nine of 
suencnaloii. a Pterins, b Schinia&s. c Dents, d Ulvkhma aBer pvndinic riubts 
and/or scrip Issue. «rPer ahara. . I Francs, o Grass div. G>. hAwnnied dividend 
after scrip and/or rights Issue, fc Alter (oral cues, ws nx free, -e France, 
including (fflilac div. pMom. q Share spHL a Dtv. and yield exclude mectal 
payment, t indicated div. u Unofficial trad ant. p Minority holders only, v Merser 
ppiKilnK. * Asked, t Bid. J Traded, t teller . e Anumed. zrBx nghm. xd Ex 
dividend. - *c Mx serin issue. uExalL * interim «aco increased. 




c 



























0f ■*’• 

W W.„ S 


^ t- ft. .J 
Ir? 

*' Wj 

AWv, v 
*: ; 
H ‘ ' 

*“.**,» ... . 

4fc 

fi 

•rti*. 

*»• fj~. 


* * * > . c. 

rr *f. .. . 

tel"* ! 


b* ■■■- : . 


HO**- 


Financial Times Monday July 3 1978 

insurance, property, 

BONDS 


AUTHORISED UNIT TRUSTS 


RjuilyFuF»d jfa f 

EquKyAre. •— . JQQ 

JYoptrt) Fd — M7J 

Prop+fV' Ace 1534 

Sal Belter Fund „ 57 5 

CanscrtihlP Kuan . ua B 
*llowy Fund.... rat? 

ivtu. Property—, 172.9 

fnu. Sriecihu m 

Frns. Sjx-urltj . 1U3 

Pen*. Managed....^. itjj 
IV h*. Sanity .... „ 1535 
WwpTwl Ser 4_. iri 1 
VMin. Fd.Scr.4. .. 199 
jBwtvFd Ser 4. J3.3 
, BfMv. FH her 4„ in 7 
Ser*... IM.% 


si.6 ...;■ __ 

155.2 z Z 

0615 _ 

.92.2 _ 

137.7 .... _ 

lW.fa ... — 

U21 ~ 

87.2 " Z 

W35 : Z 

M13 - 

1614 __ 

me ..._. __ 

1S6.B _ 

117 6 1. _ 

115 0 _ 


154 7] -141 _ 
linn August 1 


JWWrW Ser 4...|1002 115 S "'"1 Z l«<n»RBkSci teJ 

iww at June ti. Valuation normally Tileaday. G * & SuPW F4 —I 

AlhMT Life Assurance Co. Ltd. ®° anB ™ Rayal 

^Old^nrUnpona.w.L tbOlUft 


' fEauitr Fd. Arc 
. OFUedlut. Acc. 

TlKd.MoncyFd.Ac. 

TInH Man Fd Arm 
*Pi»p.Fd Arc. 

Inv. Act ... 

, TtenJVi Acc 
Fixed I JVn. Acc . ., 

GtdJSan PpilAcc. 

• lntlMn PnFdAcc. 

Frop.Fen.Acc.._... 

ITpic IbvJVduAcc 

. AMEV life Auranmce Ud.f 

Al®* H»e.. Aim* Jtd„ Rngile. Rjalntr 40101 

AMKV Managed [1310** 

AMEV Med -1?ZZ U03 17b s Is j “ 

A}£V Money Fd,_ BR«f U05 ,. SJ Z 

•flBSSSMt^ f? ; z 

AMEV'uEd.Fen.'B’ 97.4 102.4 _o7 _ 

fluapUii MB Tn?n 



hBtoUa n«ui i , ■ WMUfTi 48. Grtcechureh St, EC3P3HIJ. 01-8234200 

>J=I = "“»rS„£Ur 

G L. Cub Fund M6 10UI | ^U*nd House, Swrthead SSI SIS 070202855 Fttnd * 

Gi.EqutoFUnd„p3.6 M9ti ZZ Z Kiwi Key Inr. Plan. IMZS 146 9t .....J _ 

c.L cut FUnd 1109.3 U5.ll ._ — Small Co'xFd B8J 912 +0J _ Fund. 

giS&.^.Tzrte 3 z JSSttSXt z: S5 Si at z aSJjftffTfi 

Growth A Sec. Life Abu. iL. Ud V &SStff=: Si H JSS Z 

Weir Bank. Bny-on-Tbame*, Berks 0829-34284 Cill Edged Fd. 183.4 IC8JI — Hflinnro Ace. Fd. 

Flexible Finance..] rjinaa 1 1 _ Con. Deposit Fd — pNiA 1016] — Income Fands 

^dbSkf?Tto;hlfi4 0 11 9 J — ' | Z Norwich Union I a »u ranee Group 
G.* S. Super Fd.—.] £7.954 ' J IZ.'J - TOBw4. Norwich .VH13NG. 0803223)0 

Guardian Karol Exchange + HI — 

Royal Esciuumt.jE.ca Q1J837107 ProperyFund'ZZ 1ZS2 +ol Z 

P»P«U Bonds [176.9 M42J*2.3} _ FWd InL F-Bad._ 150A I5si+l3 _ 


Abbey Unit Tst„ Hgrs. Ltd. (ai Gartmore Fond managers V faKg) 
T tW. Gatehouse Rd., Aylesbury. 02985441 2 . sl itary Ate. ECX\ 8RP. 01-1B3.1 

Abbey Capitol 3J1 34^1 +8.4} J|5 mAmcncanTH. — IZS 7 3a.Wl4i.« 0 

Abbey Income.....-- Sf.5 «.ffl +0.4( 5« BrtrtsbTst.iACc.1... 546 587 4.0.3 3 

Abbey lnw Trt. Fd. 3B.4 37.7] +0 4J3 Cwnaw<bty Share.. 159.7 1717d tU 2 

AbberGen.Tst . — 1443 47J| +0 Jj 4J6 Extra Income Ttt.... — 3.0 .... 9. 


Perpetual Unit Trust Mngmt.V <a) 

Ol 'SG.TSni 48 Hart St. Henley on Thames 04SI26888I 

40.« 010 PpetualGpGlII. 139.9 42.SJ | 3 41 1 

4-O.S 336 _ .... .. 


OFFSHORE ANSI 
OVERSEAS FUNDS 


~ ™ .... ,, T , . „ , , Arbulhnot Securities fCX) limited «. ..w.,™. 

2.U Plecadilly Lmt T. Mgn. Lld.v laHbl Rn mixatsi Heller. Jersey . 053472177 JChanncLmst Ft H>*]i«-r.Jcr:i 

n„ Wardgtc HM-, Siia Lcmdoa Wall EC2 0380801 t'sp.Tfl-'Jeraw 1116 D 120 Of | 417 Valley Hie. a Finer Part >'-m 

fri Extra Income 128.7 30 71 ♦O.T] 990 Nm dealing dale Julr A lThemasStreei Pnutfli>. I 031 

?■£ Small Co s Fd 37.1 .39.8, 530 Eaal<dntl.Tst.iCj> .016.0 LJ3.M ..... 3.05 Gill Fund iJep).-‘" 1931 « 


King £ Shaxson Mgrs. 

1 Channel.' rr-si Ft Hi'lier.Jww!' 


Allied Hambro GroupV (agg> 
Hambro H:e„ Button. Brentwood. £sk<, 
01-588 2B51 or Brentwood 1 02771 213450 


iz) Far EaaL Truer 36 b 
High Income Tet • • 57 0 

nunim) n:«.i aunm. srumiog. uk<. Income Fund — Tit n 4 -*u <| uo r.nir.l cs... |>n 

“““ a«savE2;g? s gassj-*'- «] 

Balanced Fonda ftilmLTat.tAce.i_. ISO 3sil +03| 1 7? S221" fim 

Bri tflnds Fund:::: »! 0 1.74 Gibbs (Anumy) Unit Tst. Mgs. lid. Technolow Fundi' 540 

firth, tine 36 0 39.6a -Oi 5.44 23, Blonrfleld Sr_, EC2V 7M_ 01-S8S41U 5S 5 

Elect, tt Ind. Dot 325 34.7 +03 540 ia ij4.c Income'. . M1B 4401 1 858 An,er ' CIU5 — P" 

WSJ Sf W ::::: ^ c 


62.: +03 8.56 

77 0 +0.7 bJSb 
14.61 -0.12 345 

91? +0.6 6.07 
353 +03 U3 


Hambro Life Assunuee limited V 

7 Old Park Lane, London, W1 01-4*0031 


Arrow life Auunutce 

30. Uxbridge Rood, W.12. . n< 

SelJUk.raCpUat.HC.9 «771 '1 

.SeIJ4k.FaSi.UnC MB.l m3 ~ 

IWi.MinL Fd Ea Bln 4S?3 1 — 

Pen.H*cLFd.-?j.. [ulo j _ 

Barclays Life Asanr; Co. Ltd. 


— Flardlnt In-p 11233 

— Property. wo 

— Managed Cap 137.7 

“ Managed Acc ^178,1 

— Oversea* .. 138 J 

— cilt Edged 1212 

“ * ■AmerteauAcc.— . M 95J 

— Pen.FlDep.Cap...> JZ7.7 
PenJlDep.aec.... 1494 

„ Pro. Prop. Cau 202.9 

0102 Pen. Prop. Ac?! 2624 

_ Pen.Majo.Cap. 2016 

_ Pm. Man. Acc. 2S9.7 

~ Pen. Gilt Edg. Cap.. 1214 

— Pen. Gilt Bdg. ACC.. 1275 


Gilt Edged Fd. icaS .....i _ Hambro Ace. Fd._lll&.j 

Con, DeposttFd (?66 101b] | — Income Fands 

Norwich Union laBurmncc Group High Jntome >!Zz[u « 

TOBn 4. Norwich NR13NG. 08032SS00 AAEq lne -138.0 

Managed f\md — 1208.7 21961 + LB — laleraattoul Fnad* 

Equity Fund XRw6 3511 +18 — lntematumal 26.4 

Property Fund 12*2 134.9 +04 — PaellicFuad 544 

Fixed InL Fund — 150.6 158 5 +13 — Secs Of America..- 537 575d +0.11 Z.W oifirealumSt ECEP*>ns m iwm tt. n n-.trnTn nr nr.- tUMj.ifl.u.il"*“5 uc “““« 

Dc peril Fund 185.7 1114 - U&A. Exempt? — 9S.9 UU| ...3 f * ° t «»! P8rtfoLo »“<"■ taHbXCl :RarI)ela Krgence B 1000 I 

Kor. Lnii Jiitje IS*. „.... - spwialbtt Ftndf 1 afle Htdborn Ban.BCIN'aNH W-«5*=l RmtaFund LF. . I1B84 1.94 

w *“ Phoenix Assunoce Co. Lid. SmjJlerCo'aFd _[346 37W1-06| 499 wnigH YdJuneffl 

4-5,EingWmiaaSL, EC4P4HR 0I4&8S878 ISSS ttl 27 3 +D.4 645 

WcBlLh As*., pM3_ lliri I — Mm.Min.&C-dtr..- 430 *03 53S , Ace um. Until ,. .. 

g»r.Ph.Aas. T 77.7 l I — Overseas Earnings. 55.9 59 8* +03 468 G roc h*ir. June 30 

Eb'r. FhEqJL f761 BOB) 4 — E2tpt-Sjnlr.Co , s._*(zlA.6 ZZ8.0| +0.4| 546 utongn. Unlai 

Ftop. Eqirily ft life Am. Ce.v Anderson Unit Tniet Managers lid, £&nmu'nJts"!_. ;^2 '7^ ZV.j 434 Reliance Unit Man. UiV BaretaS Unlwm Int (F'fl 

^ S «^*^l 0rd D ^ TC< ^ , 0J ^f 80857 JSSPenebuinhSt.ECTMaAA «a»«l Guardian Boy al El Unit Mgrs. IML Jtcltancc Bw . Tunbndge Wells. KX 08B22Zm jThomasSuIV.uxt.s.I o3L ' 

HB&tfid -d Z AnderfOTU - T --l ,,J ^ Rnyal Exchange. EC3P3DN. 0HEBN.11 Fd^ ^.4 £« • 546 15 

FlwSSlfe^d | -M8.7 1..Z1 - Ansbacher Unit Mgmi. Co. Ltd. lag.iGuardbiUT«n..|876 98.71+101 447 SBSKSifiS^lSI C+i to.il 576 & &7 

Property Growth Ansar Co Ltd.V l Noble S».BC2V7JA. 01-8238378. Henderson Administration^ faHcMgt Man a ffe i w "* T _ f< * Doiintl. Income.'... 372 to 

t .nnTi.^. ZZZ ™ toc - Monthly Fund . P6S0 175.q 4 8.90 Premier LT Admin.. 5 Rayleigh Rood. Hutton, „ ZZZ. Do. I. of Man Txi — 45.7 49. 

Leon House, Croydon, CR9 U.U 01-8800806 Bren wood. Essex. oy^.*i«f+w 38-40. Kennedy Sr. Mmtghwter 0812388521 Do, Manx MutuaJ _ 254 27. 


Gibbs (Antony) Unit Tst. Mgs. tUL 


3071 +0.1 
39.8 +0 7 
44 7a] .. .. 
<77 ,9m +0 6 
Jb.g +0.4 
61« +06 
57. K +0.4 


990 

540 Earifclntl 


i->«: • 'J-'-; 
.(C25"^M 


Next' dealing date Julr 4. lThvnusSiri’ei nmi(|i>.l05i lUCLl'+CC-d 

.Tat.iL’]> .(116.0 123.01 1 3.05 Gill Fund Ucim.-v l9l!2 - 1 1225 

Next ;i*ih. July 8. UiItTruM <1 o St 1 ]1027 10*^'! | 12 


4« Australian Selection Fund NT 
3.60 Market i.ipportuiutie<, c.u Inch Voung tt 
9 60 Ouihmiie. 127, Kent Si . Sydnev. 

120 USS1 Share# ..] SUS152 I.-...1 — 


23, Blonrileld Sl. EC2M7NL. (U-S8S-41U ^“ r ®f° l 5 +l!5 | ......1 SUSI52 [•—■■1 — 

iaiA.fi. Income'. . kuo 44 M .....J 850 A,ne^ic,u, Fund — l^ 5 25 I 1M \« Aa*« t Blue June 20 Kleinwort E 

!»:^p-£™S*J!“ E? } Practical Invest. C*. Ud.V tyKc) Bank of America International S_\. ao.F.n.hur.h: 

ta*A.G.lwgiM . IS7 am 4 130 4fcBIoomsbiii}Sq.WCIA2RA 0HJ2388S3 35 Rouh-wrd Royal, Luxembourg G.D. Euri west. Lux 

„ ” “■ Practical June 28_ [1483 15771 | 446 WJdinveat Inronw 112661 •• I 55 s '■uem'cey !nr . 

Govett fjohn) 1 ? Acciun. L'diis C99.7 223 ol 446 JDeoa at June 21 Neal sub. day June 28. Do. Act-urn. 


*82 77.1+indonWpJl.ECJL . _ . , , . „ . - w ^ 

7.14 S'hldr.June30 — ..11380 ML5J-20) 193 Provincial Life Inv. Co. Ltd.* 

Do. Aflcu& Untt.... 165.9 174.* -2.31 193 222.Bishopfiintc.EC2. 012 


44. Blooms bUD Sq. t 
Practical June 28 _ [ 
Ac cam. L'mu I 


157 7| 

zan ...... 


2<a Next doallng day July 14. 

z.07 Grleveson Management Co. Ltd. 


193 222. Bisfaopi gate. EC2. 

ProIUlc Units 182.4 

High Income |l06.B 


.mi 5TS Mau4i!T xSt 


Bnk. of Lndn. & S. America lad. 
40O6.Qu«fn t’ietorlBSL.EC-L OI-P302 


■Fund Jll'ShU - ! 4 — 

Net astel value June 28. 


oy Gilt Fnd. fiucrn^-«ls S? 946] 

... - 1. ind- fiovi Bee*. T*: 

Jung * nm Sterling ....1X6 41 13-1T-' 

I _ First Inti |l55.b7 MS 2.’. 

“ Kleinwort Benson Limited 

inal S JL aO.F.-iuhur.hJU 
G-D- Eurinv«it. Lux. F. | 1060 J 

.. . | 643 liuern+eylnr . M2 nS D, 

1 June 28. rxi.Arrum ... . 79 3 339' 

, ,. H KB Far East Fd. SU.411SS ! 

■ UIL KBJhtl Fund SS/M139 1 

OI-P3Q2313 KB Japan Fund . SI KM 07 ; 

J _ K It l .S liiuk Fd 51 SIX Vt | 

1 Signet Bermuda SI'.s4 77 •* 


PrndL P ” rtf0li0 SJ'b™-.!. 

I ajl Holborn B*ra.EClN2NH 01-4059222 RmUrFund LF. - I1BB4 1.942] +3| 


2|| Holborn Bam.EC|N2NH W-WS* 222 HmurFund LF. .. I1BB4 1.942] +3| 7.75 Uoydfi Bk. IC.I.I U/T Mgrs. 

JM ftwimtiai P»0 J»JI+iD| «5 Barclays Unicorn I nt tCh. J«.» Ltd. 

lig Qullter Management Co. UA.V 1. Charing Cm**, sl Hdicr. Jny. 0M473741 u >,UT jc^dnim/daie Jul"v ;7. ' j l “ 

158 The Stt Exchange. BCBN 1HP. 01-8004171 Ovmeaa Inconw . (48 3 50« +0.8] 1145 

293 Quadrant Gen. Fd,.[107 3 1107) j 460 UnldollarTru*:. — raBD llM L 4.25- iJayda International MctnaL 5..V 


1943] +02 
1573+0.5 


2734 -5.9 
1275) —0 7 


gen - BA Cap 12U, 130. 

Pen. B.S. Ace. 1414 148. 1 

Fmi. DAT. Cap. 1020 

Pen. Dla. F, Ace — 1033 


134 J -06 
1307] +0.6 


l n if ends 1PM1 [18.70 U.7CI-J lii 

■KB aet as London puy>nt> ngenU 


_ Property Growth Assar. Co. Ltd.? 
— Leon House, Croydon, £H9 HU 01-880081 


Property ftuxd 

Property Fund lAi. 
Agricultural Fuad 


-u.< — 1 ju*a i+u.i] — Abbey Net. Fund. 

-UJ - Hearts of Oak Benefit Society 

15-17. Tavistock place. WC1H 8SM 01-3875030 InvMSratFd^A? 

01-740 91 U Heart* of OU .[36 4 383( >...4 — Equhyf^nd _. 

1 _ Hill Samuel Life Asa nr. Ltd.? Equity Fund iA) 

— -I — NLATirr., AddisCombeRiL, Croy. 01-0904395 Si? 


Inc. Monthly Fund . [143.0 175. Oj 4 890 Premier IT Admin., i h 

Arbnthnot Securities Lid. (#Kc) 

37. Queen St. London EC4R IB V 01-238 5281 rap. Crovrthlnc ...|4L8 
Extra Income Fd.—|704 6 1113/ —0.1] 11.47 Cap. Growth Acc..... 142.4 

High Inc. FUnd (40.7 CB+o3 918 Income* Asset* |32J. 

MAccum. Ualui_.._|54.7 5*5) +0.1] 9.18 High income Fonda 

(8^6 Wdr-LL'taW4.7 58.4 +0.B 9 IS High Income 1592 

Preference Fu n d ..IS 4 27.ll I 1234 Cabot Sxtra Inc [55 J. 


The Stt Exchange. EJ72N-1HP. 014004177 Oveneai Income . WB 3 50« +0.81 1125 

Quadrant Gen. Fd.. (107.3 110.71 4 460 CntdoUarTros: — };3»u I 4 ■»; lJoyds Intematloonl .vagninl. S..V 

&ntInc flffl6 _.h27J nu| -...1 7.91 

Reliance Vmit Man. HAf Barclays L'oicom fnt (I. O. Mm) Ltd. u^dbiaUnXme liiFWM S5s§ 6-y 

Reliance Hae Tunt^idgeWelJj Kt. OOdZ^T- 1 Thomas St- Dxuglai. I oil 08=4 VOS „ „ 

'2SBStal V .^rrK'T flfl2ia4 Unicorn Amt. ExL . 518 5571 LM M & G Group 

Bt matn'3 fix D°. An*. Mm. 32.2 34 74 170 Three Quart. Taxer Hill Et'2R dnC- H-CS: 

Scarorde T. Ice H»-6 434J+0.Q 5.76 Uo.Grtr.Paclfle 62.7 67.4 . — — Aitamlr June"? Ki •3JS --rj, 1 _ 

Ridgefield Management Ltd. SS-WfilSK”" 2? 2S2 - — 5S Aust e* JunrSH " 11 s» rd ".{ - 

/vn+MK+i Do. Io< Man Tev «.7 492 8.90 Gold Ex. June 28. . Hs9» U1 l .. 1 - 

Jb.MimMutuil^ S3 273 158 Mand 123 8 13! s! -0.< T3J7 

GftSSSH&SJU'BR. 0 MfS “H iSS BiBhopsgaie Commodity Ser. Ltd. lAceumfaiisi. ... 17S.2 lW4!-cjh3*7 


252 Romford Rd., E7. 

Barclay ben di' .1122.0 

ilULl 


Managed 
Money—, 
NbmJvns accusl 
D o. initial 

gfsssr":.".'- 

Monet- Pen*. Acc 
Do. Initial 


::::j _ 

rropenyseneiA 
A Miouffrd Uni(j..„ 

01-5945544 

S|+oi| = S5ES& 

luS +0.2 _ nxodUrt.Ser.A_ 

J5!3 -Vi- — Pna- Managed Cap.. 

113-1] +@3 — Pns. Managed Acc 

— Pn»-GTe«LC«p__ 


162.6 +20 — 
107.4 +L 1 — 
169.7 +03 — 
1002 +0J __ 

*7.7 +0J — 
126.1 — 


Actuarial Fund 
GUI-edged Fund 
Gilt- Sged Fd. (Al 
ORetine Annuity 
♦Lamed. Ann'ty. 


Prop. Growth Peudnna tt Awnnldaa Ltd. 
All wther Ac. Ula.[12BL9 135.61 I 


B ill z SfeEhS'W— ?2S - 'fwJffra:^.zz::®:i 93*sa 

SI zz “ K.A— .AJAWfU 

^23 z as.lg» Ss*- Bt ■ ^ - Archway Uult Tit. Mgs. Lb 

—21 _ StoZfSiSpTut mis z::: z 3I7. High Hoi born, wcivtnl 

“S'? — Prop «ntra.. — 145.8 — Archway Fund ..._J796 B2Cd[ 

-0-1 — PropPatix.Cap.Ut*. 1329 — - Prices at June 20. Next sub. da 

+8-S - i»i z:j z Barelayi Unicorn Ltd. (aiiz. 

anada ■ _ ... Unicom Ho. 2S2 Romford ltd. E7. 

-n*K “® TU,ctaI Aamrance Co. Ltd. Vatam America... ra.4 35.9j 
222,Biafaop*gats.EC2 01-3476533 Do. Aiul Acc— __ 732 7911 

Pror. Munaxed Fd..|llil 219.B -0JJ — Do. Aurt. Inc.., .576 &?2rti 

PtW. oSfaFd. 104.9 110^ +0.4 _ Do. capital--- W.b HI 

Gilt Fund 20. UA.5 120.61+0.4 — Do. Exempt T*L — 105.7 Uf.ll 

Fund 95.9 lm_H +0.5 — Do. Eartra Income - Z72 29-41 

11- .'8 -Pi: — Do. Financial 583 SWWf 

99 jj -LI — Do. 300, 716 7741 

„ Do. General 336 33.3 

Id. Prudential Pensions Limited^ Do. Growth Ac? 39.6 423 

0!4M^ ^bflmBmx.KlN^ 01^058222 g^ 7 jgfl 

3S-2SI — ^ Prices at June 30. Next sub. da! 

— Fxd. InL June Zl._ (08.72 Uffl — J — Do. Recovetv 4L6 45 0T 

— Prop. F. June 21 }H5Ja 2bin| 5 — Do TniMor Fand - 100.8 1517.63 

— — ~ ~ in.ii .. . j . . 1 DoWldwIde Hit. _ 49-5 535] 

— — Kef lance Mutual BtaUn-Kdinc— .. M-2 6x3 ■ 

Tunbridge Walla Kent 068222271 Do.Accum.__ __ 70JI 72.9) ■ 


All Wtfaer Ac. Uta. 
VAll Weather Cap. . 

WitY.Fd.UU 

Penal on Fd. UU. 

Con v. Pena. Fd. - 


99.W-0.3 — 
300^+0 J — 
301 3 +-0.7] — 


Cov. Pna Cap. fit 

Man. Pen*. Fit 

Man. Pens. Cap. Ut 
Prop Pen* Fd. — 
PropJ9rBX.Cap.Ut*. 
Bdgg. Eoc. Pen. UL 
Bidg.Sac.Cap. Ut— 


SH 

. — — Pena. Biurty Cap 

. ::::: = SSSS&Yp' 

105.7 — Ptta.Fx d.In t *c e - 

JW.UUUU. — -I+^.a 1026} — Pens. Prop. Cap 

■Current unit value July 3L Pros. Prop. Acc. 

Beehive Life Amur. Co. lid* imperial lift Asn. Ce. of Canada 

7L Lombard Sc. RC3. 01-8231288 Imperial House. GufldfortL 7125S 

Bit Horae Jane 30. | 12767 -1-1091 _ Grth.FdJime30 170 J! 76JJ +0JJ _ 

rMU ,„ , .. ■" I +syi Fena-FtL Juno23„. jb5.0 70^+0.^ — 

Canada Life Aflenranee Co. - unit linked Ptetfoiio 

Sy H cth.wjSS£r . pau i ™ ^S5 8 £ 1 LFrt d zzp iSol loll) z 

.SS£9S^Sl I Si |:zjz |ga ^- p SiiH z fflSS 

Canmn Asmuanoe L£tL9 Irish life Assurance Co. Ltd. Prudential 

HASWNE , 03,^028878 LU^nsbmy Square, EC2. 01-4288233 HdbomBars. 

- 1-0-tS; — B1 m Che. Juno 22-1717. 755] I 4.40 Ea Lilt. Pd. Jam 


Eactra Income Fd 7046 

High Inc. FUnd 40.7 

AiArcum. Ualui 54.7 

iBVh WdrwLUtaJ 54.7 
Prefomice Fund — S 4 

CAccum. UnlUi 37.7 

Capital Fond 18.9 

ConucodlQr Fund t 1 * J 

lAccum Uniui 88.1 

LlO*fc Wdrsrl.L'.i 53.6 

Fin.fcProp.Fd. 16.6 

Giants Fund 39.1 

VAccum. Units) 45JL 

Growth Fund. 34.0 

CAccum. t'nilai 40.1 

Smaller Co's Fd- — 26.6 
Eastern fc IntL Fd. . 264 

igVVrdrwL.OU.1 29.7 

Foreign Fd B7.1 

K. Anxer. & InL Fdj3L6 


EJ* Cabot Extra Inc. — [55 J. 

1234 sector nnh 

- — — _ Financial & ITU ]23 8 

| S Oil & Nbl Res |Z7.1 

■ — lotematlonal 

' — Cabot (87.0 

in* 7K7 Interna tional . .£34 
tnli 267 Wrld. Wide Ju ne3S- 1714 
tgj 266 Onncas Funds 

+25 2M Australian YSS2 

eOJ 453 European— 393 

Ini 1JR Fkr East 755 


fiyri.fi'f+wt 38-40. Kennedy Sr. Manchester 0813388621 Do! Manx MutualZ |253 273} | [ 

4451+031 359 Sd^SldKrlwio 0 wfl ZT.j iln Bishops? ate Commodity Ser. UJL 

Sil d Im R ® thschiu Asset Ma n agement (g) AWMC^imrsf'.jiraMO RUj I - 

^ ^ 7280, Gatehouse Rd..Ayl cabin 1 )'- OS885W1 CAVKHO'Jiiue 5 Jo.155 13M ...... - 

S£ col 3S£‘® 

*” jmawssM? :d| rs ***** nrprr* ^ , 

?■£ N.C. Ina Fd. (JVcc «0 9 967 +b2 274 P O- Box 908. Grand Lajuinn. Cayman I*. 

195 N.C. Smllr Coys Fd|i51.6 163jj +D« 463 Vbashi June 2 | Y15JM i J - 


67.4.—. - Attonllr June27. -.lit f37S 

229 Allrt Ex June 28 51 919 

JJ-fl S-S Gold Ex. June =8. . irs9#9 

27JI . M ... 150 Mand... ...1238 
r Jw-r. Ltd. 1 Acciun I.'nlui- ... 175.2 


0Ba j t ‘ =S1 ' 1 Samuel Montagu Ldn. 

_ U-Ltlld Broad Sl. F.<" 2 1 

"Z‘ L97 Apollo Fd. June 21 1jFC7 » Slid . 


Archway Unit Tst Mgs. Ltd.9 (aKc) 

«^ay j4| 4S iSfiapte- 

Barclays Unicorn Ltd. CaXgfflc) IlimuBdlfTn 


*.fl z -« 

1L79 -0.1 
14.M ... 
96 13.R .... 


1176] - 


MS z 

10271—0 J — 


Equity Units. _ 

Property Unit* 

Equity Bo ad! Exec.. 
Prop. Mmd.’Sxee ... 
Bal. Bd./Excc.T'nJt 
Deposit Bond . 1 

Equity Accujn. 
Property Accum. 
-Maid. Ac nun. 

2mf Equity.. 

2nd Property 
3od Managed 
2ndD?i-ofit_ 

%MlGUt 

and Eq. Pezm/Acc. 




2nd Mud. Pens; ... 

2nd Den-Pma/Ace. 

2nd GUiPetuiAcc. 

LfcESJ.F 

Capital life AwumnceV &ne?iS+;i 1 

Conlsun House. Chapel AabWTon 0BQZ285U SLSKr^ 

XaylinresLFd .. ..I 10L2L I I _ Plied bSSaTiZZ 

Pacemaker lav. Fd. M203 ' -J..ZJ _ Do. Accum. 


37U+DJ) 
4L7I +06 


fS Nlcllna Fd. tAccKo? 9tg +o2 i; 
195 N.C. Smllr Coys Fd|i51.6 UUj +D^ 41 

271 Rothschild & Lowndes Mgmt. (al 
SL Sul tb ins Lane, Ldo-EC-L 01-88843 

“ New C'L Exempt— 10250 132.01 ) 3i 

price on June 15 Next dealing July 17. 

5.04 Rowan Unit Trast Mngt. LtdAftal 


Mri +Dfl 1* “MS*- Sterling Denatnlu 

«ffl+0^ L35 City Cate Hae.. Fiubury Sq^ EC2. 01-8081088 Growth Invest 


463 N'bashl June 2 | ^15J3B | J — 

CJ».CL Box 500. Hone Kong _ , jnuJTay. jonnwonc t 

• KIpponFdJuocSa #sua 1LM I 0.68 l83.Hope Sl.,Gln*gDu. CT 

4338 El-Stock Split .U-..W.W c.i I <i« 

354 Britannia TsL Mngmi. (CD lad. 
l7 ‘ 30 Bath St- SL Hrlier. Jersey. 0534 73114 

* Sterling Denemlnated Fds. 


U-Ltild Broad SL. F.i.‘ 2 dl-SSSOIM 

Apollo Fd. June 21 I3FC7W SJJC! . „i 313 

Japlr*l June 15 . Kxrco UU i 1« 

1 17 firp June 23 - iH -C3 H li.Vl-0 Cl i. 1 ^ 
117 Jersey June 14 .115 IS 5e5 . [ C ?■' 

117 Jr«OsJune31.!l 1226 liScf-C-Vl — 

AVurray. Johnstone (Inv. .hlriseri 
183.HopeS(. > GlDBguu I C3 0-U-~i 

■HupeSL Fd— | 5L'S33 SC I | — 

"Murray Fund— -I 5L.S1117 1 ! — 

■AAV June 13. 


InsJ vk North Amer . L»3 42 (H -rOj V™ «ty bate use., ruuoury aq, ui-ewiuro browuinvei 


+051 LOO CabotAmer Jam. Co. (585 535 1 +D.4] 

4 ■ rawei HU! Samuel Unit Tst. Mgrs.t (a) 


U5 Securities Jiuic27. 1610 
High Yld. June 8B_ 517 
(Accum. Units) 73LO 


I7ia Z 435 Jersey Energy TsL.hafl 2 351^+70 150 na\ juncsi 1 JOMi'.J ; ; - 

54.3 7 95 UnKsLSTsLStg..... E214 2 25] +00 3] LflO . 

767] Z_: 7 :« High lot. Stlg.TsL— |l 0 97 U»| .....3 1200 Neglt LUL 

BO oj 4.17 itr. Dollar Dr ami ailed Fda. Bank of Bermuda Bldgs., Kami^nr.. irt-j. 

975| 437 UntvaL STst .! __ ISIS* 10 S37W 0 04I — NAVJune2J |£5.-» — | _ 

M wj lnLHigh lltL Tst ... .pl>947 L0l| ...ZJ M „ . 

“T Value June 30 Next dealing July 3. Phoenix Internal tonal 

71.71 -LM 363 Brown Shipley TsL Co. (Jersey) Ltd. ™ Bo ‘ tt. si Peter fort, uw-ure-. . 

M-H 7» P.O.Box 383. S Heller. Jersey. 063474TTT. latePDoU.rFiir.d. (J230 2«, J - 

eallng July 14. Sterling Bond Fd. ..(£9.70 lOJDl i 1225 

Butterfield Management Co. Ltd. Q““t Fund MngmnL (jersey' Lit. 
EC3P3EP P.O. Box 105. H ami Lion, Bermuda. PO.Box w.St Helier. Jerro>. _ 

EH2 4NX Buttress Equity 244 .( 194 Quest SUg Fxd InL £a I . ... j - 

091-280 7381 Buttress income ... |L97 Sofl — J 5B SS"! I"!? S?*~ ‘I 5(,S ! • •• ~ 

ii„ IM M Prices at May 12 Next sub. day July 10. Qu«u IntL Bd .1 SUhl I ■ I — 

tics UA* InimatlmMl &A. ■« ■>“- ^ s «* ^ - 

n Ihd +051 3.08 37 rue Noire- Da me. Luxembourg. Richmond Life As8. fJUL 

26.S _ZJ 421 Capital InL Fund— | SUS1728 ] J — -SB, Athol Street. Dougina, LCLM. ?72i C:: 1 * 

7L6( +06] 201 rharterhouse Japhet ramie Sliver Trust 1107 5 12301 -2:. - 

55 M +0-41 756 LPaterourternow.ff^ 01248 *” S£hS»™"5S ! - 1»9 1275 I? 3”' 

».bt+U.9| 750 Adiropi MOh MM.--. S5« Do. Gold Bd 1046 l» 1 -I I - 

MM+M 5ffi?!z=zSS5 gf t0 : M RS 

44.^ +04 923 Fdndi. gran 5J * Rothschild Asset Manacem? a: IC.l 

ac-w+a« ro Emp eror Fund- — tt-^91 ^ zn paBoxSB.SL Julian. CL Guernsr.- WGIC-Ii 

4L2| +05| 493 , . OCEq.Fr May 30 .. 552 53.71 71 

Clive Investments (Jersey) Ltd. oc.lucFd June l- 147.1 iSsvai r r 

POL Bax m St Heller. Jeiaay. 053437381. O.C.IntLFUr - (13 135 12 

■SaS S aisSSaSiVISS saa-jgs SS:S£2a!g!r.S)J pjr. b 

« Zri. . /J. ..._1 iiuo O.C. Dir Comdty.t- 52611 27.^1 . 0: 

n e +061 ain CornhlU Ins- (Guernsey) Lid. 'Price on June 14. Non dealing Juno i'j 

740] +Ori L7B P.a Box 157, St Peter Pott. Guernsey IPtlces on June 21. Next UeaLtu Julf‘ 7- 

rLia+oU L13 I^rt.llan.Fd. (1640 1705] J - ^ Tnirt (Cl) Fd. Mgt Ltf. 

27091 +351 224 ZTZ - P-CL Boa 104. Royal Tst Hac-Jer-ey. uti-1 274 

55:3+03 760 P-O. Box W12. Nassau. Bahamas. RT.lnfLFtL |11MJ5 ?7«j ' i: 

_ ~ ^ Dettalnv June 20 —|5L7B L79| J — RT.Infl.tJqr iFd.-.to r+j * j- 

“ Deotscher Investment-Trust Prices at June J5. Next denims July K 


y July U. (gl Dollar Trust , 

+».. (hi Capital Trust 
ro\cj (bi Financial Trust. 
01-33(5544 t bllncomn Trust .. 

1% StfiKDlGb 

S InteLV (sHg) 

657 IS, Chriatopber Street. E.C2. 
860 Intel, lav. Fund..-.- [86.0 


01-8288011 Mertln Jud« 28 
+1 B( 552 tAccum. Unltoi 

Royal Tst. Can. Fd. Hgrs. Ltd. 

493 54, Jenoyn Street, S.W.L 01-820 8252 

4 96 Capital Pd 167 4 7L71 -L8 3 63 

7 83 Income F<L -pO.7 746| -L2i 755 

+05 559 Prices at June 30. Next dealing July 14. 


Neglt S-L 

1 m I0a Bouleiard Ro>a1, Lu\esit>.- 
iso NAVJIUJC23 I SUS1C.73 J .. 

1260 Neglt Ltd. 

Bank of Bermuda Bldgs., K.im:U<'r.. 
— NAY June Z! |(5.46 — | .. 


ajsl. Key Fund Managers Ltd. (sHg) 


54.1} +0.6I 5J9 Prices at June 30. Next dealing July 
90.64 .—4 *» Save * Proa per Group 

4. Great Sr. Helens, London EC3P 3EP 
0, r r?ra ° 88-73 Queen SL. Edinburgh EH2 4NX 
930] +10] 650 rvllnp to: 01-554 8880 or 091-228 7331 


Save A Prosper Securities Ltd.? 


.... — Fxd. InL June 21 — f£l 
.... — Prop. F. Juno 21 \S2 

Z! — Reliance Motnal 


-S-S 5a«l — 1 Prlceu at June 30- Next sub. ds 

Exempt. Man. Fd-.-llflU 2M« ZZI — Pmo.iriaEmS' lusJTa 2h S ...J _ I S?- 

Prop. Mod. June L_ 

Prop.Mod.Gth. 

King Sc ShaxBOn Ltd. Tunbridge Wolla, Sent 088222971 Do. Accum. _____ (700 72.9] 

52.CnmhULBCR ^ 01-8235433 «*J-Pros»-Bdi.- — l 198.9 l'+O.B] — goring Srotbers A Cn. Ltd-V (aKx) 

BoiriFd.raMptJlBLBlWLW-^.i )I ( - Rothschild Aa^ Management 88.iAadenludiSL.ECB. oi-388Z830 

Govt Sec Wfl T Tufai ix j m . i SLSwithinaLane.Ia>ndou,EC4 01-8384356 Stratton TsL _____ [169.4 176.61 

Luigham life ABgmnce Co. IKL ".c Proven. 30. HM3 ^ ~ 1 " 1 ^ J “ KSrsBttr aR 
Laogham Ha Holm brook Dr, NW4. 01-203 52U Rf»ya! Inanrance Group - , __ 


624 25, Milk St- EC2V 8JH 0M087O70. interoatinaal Funds 

*37 Key Energy In. Fd... 75 4 80JM +0.1! 360 Capital 137 2 40 0^+051 

622 Hey Equity *G«J-. 66.7 79.9 +0.5 498 M?uZZZ. Bi.7 2tS „ZJ 

523 AKiraxemirt Pd. _ aiO 362.7 (03 Univ.Grow-Ji ^6 6 7L5 +0ifl 

3L Key Income Fund... 76 7 W-Sa +05 3 CL , ,,, , . 

5-79 Key Fixed InL Fd... 63.8 630 ._. 1227 tamaring Inreme Foa 

5^ Key Small Co's Fd .. |94 8 lOOfl +ld| 627 High-Yield __ — 1510 

w|+o| 4« Kletnwwt Benson Unit ManagenV “wi 

72.9] +0.7| 495 20. Fenchurch St_ ECO 01-8230000 G?5 

- EB. Unit Fd. Inc. _ |B49 9231 | 5.09 -ZZI 

Ltd-V (»M*) AEB. UnitFtLAc. — liD6.o nl3 509 

01-5882830 EB. M. Inv. Tats. _ H2 5961 J 447 UK Equity 1421 


Phoenix lntensalioea! 


Quest Fund MngmnL (jersey i Lit. 
PO. Box 184, Si Heller. Jerw>. i 

Quest StJg Fxd InL I Cl I....! — 

OurM IntL Sees I Sl’Tl I . .. I _ 

Quest IntL Bd _ .1 SUS1 j .. . I _ 

Prices at Junr 2 k. Next dealing Juj; j 


*533 48a JO InocMtng Inc — lb Fund 
lDMI +£o| bSO High-Yield _ — — -[510 
t Managers* Ptat % A . 

S’ K£^zzzlEJ 

925 5 M tlX. Funda 

M3Z:j 447 UK Equity [421 


L & C Unit Trust Management lid* r ™ t «^ 

The Stock Eefaange. EC2N IMP. 01-888 2800 Japan 

LfcClnc-Fd. 11340 139»-26i 7.75 U0 


New Hall Place, UrorpooL 
Horn! Shield Fd. _ [1323 


Z Luffeam ‘A* Has.-MJ g.lj — J - New Hall Place. LlrorpooL CB1 2274422 

Legal ft General (Unit Assur.) Ltd. Sa^ * Prosper GroupV ^SSTjISSSf 9 

Klugswood Houae. Elagswood. Tad worth < GLSLHelen‘», Lndn^ BC3P SEP 01-»4 8890 (^fcuxxLi^jixDfl 27 _ 

^MS on ^_l H 0 B S5E| H !^^ iS^-%.-— ® ffl!3 = *•«**.< 

rTtaT-zrlwj iSa :::::! _ cutFSIz, g&s + 0.3 _ Bridge Fund 1 


„ „ LAC Inc. Fd 11340 U90]-26| 7.7S D0 [752 

*1X1+422 Blflhepsgate Progresaive Mgmt. Cap LfcC Inti fc Gen Fd. [969 990| -2fl 222 sector Fad 

339.91 Z—J — 0. Biabopsgaie. E.C2 O1-S0BB28O Lawson Secs. LtdL (fiaHc) S^ d “ y [SI 

m . SSW^SSSSrSERS ^avi :zd k* SL-randm,Ef4H 1HY-, 01-06 SMI fESfif^Z^S 


Charterhouse Bfagua Gp¥ %££££ 

16 Chequers 5q- Uxbridge UBS IN E £»31 Managed In 
Chxth— Energy - 36.6 3661 .._. — -PeAe^. 

Chrthu-. Money-— ro 4 3lc _ Jropcrtyin 

Chrctue.Maaaged.j376' 390 — Do-Accum. 

Chrthse. Bjuliy — 342 364 - Jfgal 6 G« 

Magna Bid. Soc 1366 — Exempt Cm 

Magna Managed-.. 150.6 _...J — Do.Accmn. 

City of Westminster Amr. Co. Ltd. DoAmnn. 


285J1 al Accum. 1267 7261 

— Fixed Initial 1751 12U 

— Do. Accum. 1172 133, ■ 

IntLIaKlal 972 MZJ 

Do. Accum 970 M2! 

52131 Managed Initial U5.8 121! 

- Do. Accum - 1X70 1241 

_ Property initial 991 1M' 

_ Do. Accum. H09 1062 

_ Legal * General oWwoMmu) 

— Exempt Caxfa InlL 

_ Do. Accum. 

, Exfiopt Xity. InlL-lDELf IBM 


Bmxh Heath SMOd Bal- Inv. Fd. pMJ 133.7 

18671 | — Property Fd.*.___llS27 3616 

3015 ZZ — Gilt Fd. [1105 123 8 

i»a +L3] _ Deposit Fdt IW? 329.7 

3250 +l3 — Comp. Pens.Fd.t_.a993 2090 

1212 +53 - EqofePenaFicL— 079.4 JMJ 

IBS -;S 5 _ Prop.Praii.Fd-* I71B-3 23D.5 

302J +l3 - Gilt Pent. FtL (Sr 97.3 

MZ5 +LH — DeposPawJd.t_.l9BJ . 303.1 

1211 +0.7) — ‘Prices on Jane ». 

1230 +0.7i — tWeeUy dealings. 


133.7 +03 _ 

3616 — 

1238 +65 — 

129.7 _ 

2090 — 

3894 +21 _ 


Ringxtead House, a Whitehorse Road. 


Croydon CRO 27 A. 

West Prop. Fund— _ 1405 
Managed Fund {271.7 
Fculty Fund ..... __(560 
Fnrouand Fund.-.,. |73 9 

uutp^Sd^ Z tfST Moiw33hneZ7_;_ 

PULA Fluid "T1Z97 3730 +1.5] 3LQneenVlciisriaSL,BCiN4TP 01-2480678 Aspatylnsril.-. 

ra^lKcarC:®?.! S! iia Z LftGFtixM. Jane 5 195.9 lM.7| Jin 4 - ^^ainneCT. 

TUna.Mngd.Arr .. (PIT . 2263 +L0 _ Next auh day July I. - - 

KS5 mSSSaK-SI £0 +§3 Z Awr. Co. of PeumQivuU SSSSSmSfil: 

«enl BouS CaSrEo 557 +04- SM2 New Bend SL.W170HQ. 01-W383B5 MnPnA^HJnpeCT- 

jvSsIS!? £335:71 _ lacopv^ — tm '1036] 1 — ^^ c £j 5 k B - 

T* c d Ai w 'rar* 0 *- Ltoyds Bk. Unit Trt. Jlngn. Ltd. S^K^rZ 
Wrtm VOIU.. »| 2SI0 1-3-^ - 71. Lombard SL, DCS. 01-0831388 Prop. Ftn. Act. B„| 

City of Westminster Assur. Soc. IftL Exempt Wl U»2| | 7jf gyyg«-^p g -: 

Telephone 01-8G4 9884 Uoyds Iff* Assannce • . Overseas 4 ■"• 

iro?eVwumiaZ::R 6 1 57'3 +qJ Z "^Sh^sfs “S^l^es _ SenttUh Widow 

fommereW Uaha Group optSProp Jon+M; 1219 1315 ZZ — -POBmOOtrainbui 

St Helen's. I. Undrrsbaft. EJC3. n-3IW75p0 ffir 1S0 ' Z iS'^£^2,V“ 

SMSL 1, ■■! 82 \~° 15 \ ~ SyiifijSSs »I SSi zz - &:5ihjS?zC 

Du. Annuity Lu.,.,_[ 1704 I I — OpL5 DepUune2B- 2216 128.01 ...Z] — ExULAcc June21— 

Coufederatiou Ufe Insurance Co. London Indemnity &GnL Ins. Co. Ltd. 

M. Chancery Lane, WC2A1HE. 01-2420=82 1630. Tbe Forbiny. Reading 5833 11. _ . . 

yBqnUyFUad 11526 16021 +L0| _ Moow Manager..— [327 35 Jj J — Solar life Aon 

SSWS“~RI - Sii^S L :"ls slid = 


Exempt Fixed Inf t 


01-8849084 Do-Acman. 


Exempt Ma 

Do. Accum. 

Bcnnpt Prop. InlL 
Do. Accum.—— 


ZZ70 *0£ 
67J 

mi +1.5 


- Legal ft General Prop. Fi Mgrs. Ltd 


Schroder life Group? . 

Enterprise House, Portamonth. 

Equity June 27 225.9 

Equity 2 June 27 _ 2154 226 

Equi& 2 June 27 1165 

Fixed InL June 27 _ 1341 
FlxedlnL3June27. M40 
InL UL Jam- 27__ 135 9 
XfcS Gilt Jane 27- MU 

K * St JuneSff, 119.2 

Zfiagd. Fix. June 27. 1294 
MnageUiuirZl 3422 


Next sob. day 'July 1L ■••July 4 
Bridge Fund ManagerspiaKc) 

King William SL.BC4K OAR 010254051 

American 6 Gen4_[M0 gJj - — J-® 

Income*^——— 363 511 674 

Capital IntT 348 37 J 151 

Dn Actf 335 410 3J1 

Exemptf 1328 1413 568 

InterntL tatt IfiJ 174 349 

Em. Acc.f __17 9 19 J ..Z| 149 

Dealing Tuns. fWcd. iThuz*. Price* June 
27- 28/29. 


S?3 1 2H *Haw. Materials— 38.6 421] -0.8] 617 

5^3 — 1 3M IrtAccinn. Units) 03 472 -14 617 

«sLri ■Growth Fuad 52.9 570 178 

L July 4 *(Accum Unittl 533 635 3.78 

tWaUol ftGiltandWnrranL J63 39 7 195 

iftMC) tAmerican Fd. Z35 - 25 7 650 

. 010284051 CAccum Units) 244 267 650 

262 105 -High Yield 445 515 1692 

535] 674 **tAecum Units) _ 62.4 722 10.92 

373 . 131 DeaL *Mou. -Tues. fritted. JThura. -FrL 

mM — 568 LtS* 1 ft General Tyndall Fnndp 

U.3 I— 349 18, Canytige Rard. Bristol. 027232241 


S3 III 617 Hlgb-MiBlmBm Fund. 

II ^ § tBfiSfcjy 9 

SI — iS ScotbUo Securtttea Ud.9 


• ra Scnthlta — 

ZZ 1692 genjyteid 

....j 10.92 Scotahare* 

ra. “FM. ScotEx-Gthf 

undV Scot, Ex. Yld. *♦ — ._ 

T Prices at June 2> 


55.6] +64) 

696/ +02 
44.4( +04 


4521+051 493 1 


Richmond Life Ass. Ltd 

J — 48, Athol Street. Douglus, LC15'- 

ixlTfa« Silver Trust D07 5 123 0] --it, — 

_____ Richmond Bond 97 1724 Mis -0 r, sc '2 

01-2+8 3PM Do. Platinum Bd. _ 120 9 127J -I el _ 

-■-■J S5« Do. Gold Bd 1046 1131 -IV, - 

ft!8 5-M Do. Em. 07, IB Bd... 165 b 1775 +0 7] 1L>; 


awta-iol 568 Rothschild Asset Managemca: IC.L) 
gS 2N PO-BoxM.Sl Julians ULGuernsr'.- 048 12LX'. - . 

i'l'A OC Eq. Fr May 30 .. 552 50.7] 7 77 

ley) Ltd. O C.lBC.FU June 1- 147.1 155.9al .. .. 7 51 

>. 053427381. OC.lntl.Fdt - - *128 1.55 13 

10651 .....I 31.00 O.C.SmCoFdKb-31- 1463 155 U 35 

iflS j n m O.C. Commodity* 1346 1-S7.fr] .... U 

\w+ j’ — 1 ttC. Dir Comdty.t- 52611 27.rf| . 9 72 


270.91 +351 

55.4 +M| 


O.C.SmCoFiiBty31_ 1463 155 U } 35 

O.C. Commodity-. .. 134 6 147.W .... ( 453 

O. C. Dir Comdty.t.. |S26 11 27.77] . ] 0 72 

■Pries on Junr 14. Nert draltnK Juno L'i. 
fPrlccs on June 21. Next JeaLry Jul>‘ 7. 

Royal Tract (Cl) Fd. Mgt. UA. 

P. CL Boa 104 Royal Tst Hsc, Jerroy. uti-l 27441 

AT. Int'L FtL I&159JS 97G ! iCJ 

RT. Int'l. (Jay 1 Fd.-. B4 rj] .. . .* 321 

Prices at June 15. Next dealing July 14 


7J6 PMtfaebafl85Biebentaaie610«N»FronMurt. Save ft Prosper laterndicaaJ 


12369 245. M I 221 

..JU67 16634 — -I 7 M 
26 Next sutx. day July 12 


Concentra IDH19 70 ZLM I — 

InLHenienfonds.-.lDlIHM 711l|-0ji)| — 

Dreyfus Intercootinental Inv. Fd. 
P.a Box N3712 Nassau. Bahamas. 


526 140. South StroeLDoridbg. 

Am. raempt I2L5 

Aul Growth 


Do.Acc.f -J179 ^ 19JU...1 649 DU. June 14 1570 612 .._..! 525 SCWealnger Tr 

Dealing lust. TWcd. iThms. Pncea June (Accum. Units.' 724 750J Z_j 506 140. South Street D 

27 28/20. Next sub. day July 12 Aa.Ehem 

— I — [Britannia Trait Management (a) (g) Adndnistiution Ltd. vStStSuia, va 

3 loud oo Wall BuUdinga. London m f, DutoSL.ljmdouTOMan?. OMBBHWI BSSptMttLdra. 

London EC2U SQL 01-838 M7&D478 S S 511 Extralne.T«L 

laao Tt 71 +1151 ■« IeoAeCUm— — —.1380 85D +0-3] 4.65 locomeDist 

cSSJi JteeZZZ 509 540 +00 409 Lloyds Bfc Unit TsL Mngn. Ltd.^ (a) i™. io%wdrot: . 

S»f-=H ss $ 25 wafts? 

GoidsrGmK.i ».4 SJ, ::::: 


IS, Sehleainger Trust Mngn. Ltd. (a) (z) nav June 27 Jltswa rh| ..„..| 


Dealing to: 

37 Broad SL. SL Helier, Jersey 
1'0 DaUar-draomlnsled Funds; 

Dir. FYd. InL" |9 17 S 7T.-f] 

luleraeL Cr.*J |7 01 70d 

RXr 09 M P\ tr.l 


— Aaaets._ ________ 

— Capital Ace: 

— Commie Ind 

_ Commodity . . — .- 


Domestic 368 

Exempt — ■■■—.— 313.7 
Extra lnconie.__.. 38.7 

FhrEant ZLO 

Financial Secs.. — 6LZ 
Gold ft General — M.4 


39. M +OJ 
ii«7] +0.4] 


Fbwi currently closed to new juresrinent 
Jtertorm Inltj.. ..ZJ 2B18 | -181- 


Tciephoee 01-004 0884 

First Units -11236 129.71+10 — 

I-roperty Units (54J 574|+0^ — 

rommerelal Hahn Group 
St Helen's. 1, L'ndcrshait EC3L 01-288 75P0 
VrAnArt.fl July 1.. t 53 » (-D.75I — 

Do. Annuity Ux...._| 1704 | ....ZJ — 

Confederation Ufe Insurance Co. 

M Chenrory Lane, WC2A 1HEL 01-2420=82 

VBqoltyFViad 11526 1660 +101 _ 

OHaj^gedFliad ._.hg7.7 553+00 — 


“a ZZI z 

99. 


Money Pen. Acc. B. 
Oreraeas4„-..- — 


Cold ft General — S4« 

Growth 77.4 

Inc. ft Growth 700 

Inri Growth _____ 63 J 
Invest Tst Sharex „ 417 

Minerals — 360 

NaL High Inc 790 

Newiasue 342 

North American — 29.1 

Frotestioiia] 4980 

Property Share* _ 22S 

Shield 44* 

Status Change — — 30 A 
U nlv Energy |3L7 . 


65 7rt +0J 
95 In -L« 
833U +11 
762 +0J 
6G.1 +0J 


415 uo.i0£ciwu_ — .i»b» 4+e.g 4 o-H UJC.Grth.DiaL 

yu Fourth (EElnc.*—.. 570 fain J 832 I » — «■ — - 

2J1 Do.lAccum.i |65J 700 4 832 J. Henry Schroder Wagg ft Co. Ltd.* TOderiM Hae_ Don SL.SL Helier. Jersey. 


(0308)88441 Entten ft Dudley TstJHgLJnryXtd. N^Amorican-t .LS.72 

201 P.a Box 73. St. Helier, Jerxey. 053420581 Sepro-S |13.97 

J-« EXU.C.T {1170 125.4| ..._J 300 SMritiw-^e^emedFun 

|g F. & C. MgmL Ltd. Inv. Adviser. gjSSSi SESISz 

,9.78 3^2 Laurence Pountney Hill, EC4ROBA. Commod.*** 121 1 

01023 4880 SL Fixed— Jlli4 

CentFd June 21 — | 5US534 | — 4— Prices on 'June 28. 

434 Fidelity MgmL ft Res. (Bda.) Ltd. **■ 

*** P.O. Box 870, Hamilton. Bermuda. Schleslnger I eternal 

1Z60 Rd«l}fyAm.Aa*._{ Sua+Jfa 1 ..._J — 4i. La Matte SL. Sc. Hcilcr, 
m Fidelity InL Fund. I SUS2L48 1+023] *—0*11 70 

5rS Fidelity Pac. Fd__l 6US47J3 — cVm roite 

5IS Fidelity Wrid Fd-..) SUS1447 hO.17) _ gffi FdTZZZZTZ H2 

5J* Fidelity Mgmt. Research Uerxey) Ltd. InU- FU Jerxey M2 

*A m Wil»l«Kw DmiA » HrUrr.JmM. iS. ail jE <L ?^? nb r*-~ Si 0 - 52 


Prices on 'June 23. "June 23. —June 2>. 
tWeekly Dealings. 

Schleslnger Internationa] BSn£t Ltd. 

•U, La JUotte St_ 5 >l Heifer, Jersey. CS34T3.4SS. 
SAU (79 E-fj | Bs3 

mcz = ds ? w- a 


-09 368 Lloyd?!) Life Unit Tst BSngn. Ltd. 120.Cbeapaide.EC 
iSp 22 7X80, Gatehouae JW., Aylesbury. 02885041 CaplLBlJun«07 

to! 3:76 Equity Aceum „.|iS2J 1*M --I «■ KgSlSSS 
+6J iss M ft G Group? (yXcNs) income June*. 

+S.fa 4^ Three Quays, Tower HJI, B33B 6BQ. 0MU 4588 General 1«W 


J2 See alao ! 
5 u Aw rrt c«n---_ 
2J5 l Accum. tinted 


1, The FTorbary. Beading >K5 1 1. 

sar^B |i-d = 

x) Interest 133.« 35.71 +0.1] — 


. _ StatusChange 55* 33d] +o3 5 06 Si I 

■_ SenttUh Widows’ Grasp Unly&ergy |S.7 . 340 +00 259 S? 5 

The British life Office Ltd.* (al MggK.j ffq — 5 

570* 2S3 ZZ z HaJlanceHse.. Tunbridge Wells.®. 088222271 SSlSt&tKZZpi IT 

tav. Cash June 2aZ 970 1030 . — — BLBritllh LUe Ml 5L« +0.6) 5.74 Compeuad Growth. M42 U 

ErULAce June 21 1564 3423 — BL Balanced* - |«5 460 5.67 Converalcn QrowtW629 6 

EeUtlne Jane21 1330 1367 — BL Dividend* _KL4 4431 1 903 Conversion Inc. — M27 6 

Mgd-Iten. June 26_ 2570 2S7J -3.71 — 'Price* June 28. Nert dealing July 5. Dividena ........ pl3.B 122 


(Aecum Unite) 
ina EuropeJUneS 
1 44 tAccum. Unite), 
try •FeaftCharFdlnSO 
TJJ7 * Spec. Bt. June 7. 
441 *Rccoveiy June 7 


fll-Ain uw 0534 27581 

HUM “ ..J 2J0 Series Aflntal.i.__| 0.78 j+O0S| - 

M 238 Series BiPnciflci- 0.3 J — 

1SU ZZ 704 S*"** D lAmAa*.l| £17J2d | 4 — 

m» 704 First viking Commodity Trust* 

’g] ig Ksanaftssrtatfiofa-i 

uj 229 53. PaU Mall. London SW175JH. 01-8307857 

17X1 AM Fst Vik. Cm. T*L — 1375 39.5J . — [ 220 

258.6 373 Frt.Vk.DbLOp.T«_|74.B 790«4 ( 100 

in i*62J™-4 497 Fleming Japan Fond SA 
' . „ -, Mmm XI. rue Notre- Dame, Luxembourg 


Z The London ft Manchester Asa. Gp-f Mar 

— The Leas. Folkestone, Kent (HOT 37333 ^. r nV^ 


Salar Life Aaaurance limited Brawn Shipley ft Co. Ud.9 

1(VJ2 Ely Race London E.CJN 8TT. 0L3C2B05 Mngrs; Founder* Ct_ BC2 01-8 

Solar Iteuaoed S 1125.7 1320+001 — BS Units June 77.. ..£07.4 23W — 4 

.6 1X73 - Do.CAcc.i Juae27~p64 Z77.S _.J 


(ten. Growth Fund.. 
+Fj ex. Exempt Fd. . 
•Exempt Prop. Fd. 
ftBtpL Inv. T«L m 
Flexible Ftend 


-28 - Solar Cash S 

-i-| — Solar IntLS- 

i ~ Solar Managed P 

CornhlU Insurance Oo. lid. „ £& |-p = l3££S5S?_ r 

K, CornhlU. CC0 01-8280418 j„. Treat Fund--. 3340 -22 — SoUtfKlKlP 

Cap Feb June U... (125 5 - | — PTOpertyFund- — 820 I -0-U — SoIarCaahP 

-f-— San Affiance Ftand hfcngmt. Ltd. 

Credit ft Commerce I nanr ance Pen. Pennon***. — 12250 — . .1+0.7] — - cn.*in»i,MR«ii» siwiun iwmss 

mibjn! K.. London W1R 5FE 01-438 70B1 Coov. Eteportr 

CftCMoglLFd.— . ..|1220 1S2« I - 

Crown life Assurance Co. Ud.f Family si-as* 


■■-j' 


+UI — 
+671 — 


m = 


+u — 

+D0 — 


BS Units June 27. ...fiB7.4 
Do. IAcc.i June 27„ [2564 
Oceanic Trusts la) (g) 

Financial 

General — 580 

Growth Accum _ — 4444 
Growth Income M3 

High Income . Q69 

LTSJ pa. 

Index - ta-7 

Overseas [790 

performnnee B7.8 

Recovery — [39 

Exropt. June 12 157.9 


, u _ t Accnm. Unite) JSSJS 

LKLT Europe in W.8 

bSSSwS^® 
H=d i« WSB 5 Sfi=:W 

_ 1 Accum. Ueltel — _ 654 

350 +02 43 Fuad ot Inv. Tsts — H.5 

190+00 3.94 1 Accum. Unltai 740 

47J +03 405 General 1624 

37.4+02 405 |Aceua.Uute> 2527 

31.4 _. .. 9.74 High Inccme — 97.6 

500 393 t Aecum. Unite) 1642 

250J* -0.1 AJB Japan Income 158 3 

20.6a 307 (Accum. Units)— 1. S59.7 

fali +03 4 06 Magnum 233.9 

222S +0-2 5.94 lAecura. Units)-, 2543 

66^ ...... 409 Midland 1653 


223rf —03 
232.7] -L0 


17in 444 FstVii.Cm.Tst_.g73 39.H . 

258.3 373 F*.Vk.DbLOp.Tst_|74.e 79 .M - 

is “ s- 4 - 

3T7. rue Noire- Dame. Ltuejcboun? 

15} Scottish Equitable FmL Hgrs. Ltd.9 Hmc.Junr2i [ SUE52.42 | . 

g63 28 SL Andrew* Sq_ Edinburgh 021-6888101 YTtXt World Fund Ltd. 

^JiJnlte ®0 31 j 15 Butlerflald Bldg.. Hamilton, Bermuda. 

8J2 Accum. « n SiiSi SrWednSi3y. - J ** NAV May M— !L| SUS179.25 | — 4 - 

aJ? Sehag Unit TsL Managers Ltd* (a) G-T. Management Ltd. 

H? ™: 0^8 < m V TLx78»n00 1 ' 


"Far East Fund 195 , UK 

h0JH | _ -Next sub. day July | 

j ~ Schroder life Grettp 

Enterprise Boose. Portsmouth. , 
Interaattoaal Funds 

_ TM CEqully 1 1173 125.1 

U^SS3tSmi=«l ^ 

■ — f2 S Fixed I merest U40 liLs 

--I 3-80 £ Managed 129.0 1372 

3 Mana ged |ll52 1224 


iSdnl"™" 7 Z Son Alllsnee Honat. Horsham. 040364141 -- t»js* Uteeiaa. rdltei M Md 

„L$ - toJdJnUuneH.IOSOJB »B08( ......( - Cauda Life Unit TsL Hbgrs. L4d.V fcwerr....-- 760 ey 

_ _ SnCBn-JoueSn 1 £33.94 I —4 — M High St, Fonera Her, Herts F. Bar 51122 {Ac cu m ^VruW 780 S* 


790 +00 
1760a -0.3 
1749 -0.4 
103.9c! -0.9 

Sb 2 ;£i 

1761 +LZ 
2162 +03 
2721 +0.6 
177.7 +03 


837 pOBox 51L Beklbry. Hae.,£C.4 01-3385000 

Scbai Capital Fd...K3 340j +03/ 3.70 

5e&“S Income Fd—fSi 3L21 +0.l| 644 

409 Security Selection Ltd. 


18 Finsbury Circus, London BC3. J »P*n Fd. June 29 _ J5USS H 


J. Henry Schrader Wagg & Co. lid. 
120, Cbeapslde. E.C0. 01-MS WJ 

Cheap 5 J une SB .... SUEILSa I-CJM] 253 

Trafalgar May 31 .... 5USU9.CI I J - 

Asian Fd. June 23... H'SUP) l?J!l 1 2 r -3 

Darling FUd. J.U.C3 t+i 500 

JapanFd. Jum28_ ICSS» 1ni4 .. _i 0-54 


Tel: 01-828 8131. TLX: 808100 
London Agent* for- 
Anchor •BTJnlts.. 

Anchor Gill Edge 
Anchor InL Fd.... 


502 iSKErJmnt 


■ S UnvIGlh Tut Acc ~[240 
mm UnvlGthTrtlne — (SLl 


Si £A :::::] IS | SjffiS 


Stewart Unit Tat. Manager* Ltd. (a) 
3,93 4B. Charlotte Sq- Edinburgh. 031-2283271 

2-W TStowart American Fund 
££ Standard Unite. .:__]64J 6671 J L40 


lanc'd Fund Acc. ,KD 4 104 
Mang-dFd Incm-v «S9 U4. 

Mans d FtLiniL — 98 4 

Equitj ra Acc WJl 

Egwlt} Fd Incm.— *7.1 

Fruity Fd Init 97 1 

Property Fd. Acc .. 156 
Property Fd locm. *5.6 

W r K l |: 

ln» Tat Fd Ircm. .. JS 4 
Inv Til Fd lull _ 950 
Fti+d In: Fd Acc. 950 
Fxd Int Fd I new- . 158 

Inter 1. Fd act 135.9 

Inter’] Fd Icon. — 195.0 

lionrvni Acc 9S.9 

HoncrFd. Ibcbl — 959 
Six Fd. Inna. - . . . *70 
Crown Bn. Ini ’A ... Z59.6 

Crusader luorucc Co. Ltd. 
Vmrul* House. Tuwer PL, ECa 01 408 80 

GUt Prop JwwO-.. 1780 7931 ..... I — 

£ag|c Star luaur/MhQand- Asa. 


- Ex Vteid Fd Bd 

5*B0 Kceorecyra M 

American Fd Bd. 

z JapanFd 3d.'_ 

Prices on ‘June 


__ im Can-GeuDlst ___W.7 
Do Gen. Accum — G0 

040384141 Do.Inc.DiaL 328 

....J — Do. Inc. Accum J428 




sa+d| 409 LAccum Units) 1 

+ojJ 707 (-3ccum.Unitai_._fc 
fecial land Fond* 

Sffl- V Trustee ... \\ 


27491 +00 
170 J +0.4 


iL.0 "£2 Z SBR Afflaace UaW life Ins. Ltd. ^"^zKj 315 ggf} M 

MJJ .... - Son AlUnnco Honor. SArahaa 040364141 Do. Inc. DU l K 8 +o3 7.87 S2Ss.uite» Sil Zk3 

10.5 +0.3 — Bquihr Fund 115.4 1ZL5T .....4 — Do. Inc. Accum (428 45Jf +0J( 7.B7 ZZZTZ, kZZ" 

g? z::: = 3 r* Si? ZZ z Capel (James) Mngt LfcL? KSi 103 ig-T] 

U ZZ z I»5 SiS ZZ Z ^ m §3 ■-] J-S feWnie 2?Z«19 m Vl 

—6 s * «t*r« aImibcT* **■ cmZ (Uplift 'TBnrssV U MSKfiSfazU Si 

MeuJia nt In v ewars Assuran ^ ___ 224.Cock«purSL,SWiY5BH 01-3309400 Carliel Unit Fd. Mgra. Lti* (aMc> ManuUfe Management Ltd. 

l^,H igh Street. Croyoon. Maple Li Orth.— _( IWL8 |-13j’— Mil burn House, Newcastle- upon-T^no 21165 SL George's Way, Skevenage. 

SB ggjJjr -- Ml _ BtaploIiManud— m2 - CarUol K&.9 66R __J 420 Growth Untta |561 5271 

^SS^-^ZZZ sfi ■*g| - ml -261 z DO- Aecum Uriu-lHU — J 403 Mayflower Management Co. 

Equity Pena. 1* 1 ? T Da. High Yi el d. WL2 43.71 _ j 821 jtflgGrnfan St, BC2V TAO. 

wwjitefd }2*.J +g5 — Target life Aaaurance Co. Ltd. no-Aecnm. Units aja TDeon:eJune36Z_|in7.7 LU.4I 


Jg dmnaU^lta^ZZ IS J M.ej '-’-i Gartmnre Invest. Ltd. Ldn. Agts. Commodity Trust M |9I28 57.14 

*! vuJ** - WSwSimS^hm ,S mmi SaTlnw,t ‘ Jen,ev ' ^ <=! 

IS Sandard ___im; 3AJ| —J 6* So?3^hlS2 aEfwflaSt Hd. pjSraa Eft*™ 9 

a?7 jtecvB- Unite .__flIL2 1645| .._.J 448 HE ft Par. U.Tst-_.IJK3JB 105) . .L 2» American Ind.T«L_tti801_ Sjm*-03U — 
ATI Dealing Tfri- *WcdT H Japaera - - - . -BWHT5 bSiUS 80S Copper TruM Eoi5 333^-t:.a4 _ 

" a» mi— f™. «.«. Ud. d 5 aia=K si 3 & - 

6 g Son Alliance Hae_ Horsham. 090384141 'mrrtnirrir lra!rr Ttri TSB Unit Trust Managers 

irS Emi.Eq.TrtJune M^UJ W--J 434 ro. Box 32 Douelaa Jolt 062422811 Bagatelle Rd.. S l Sarionr. Jersey 

_(93.8 99.7] — 308 Gartmore InlL Inc.. |]TL5 227] ... .4 10.90 Jersey Fund ... 1460 ■*? i 

l nan IMS uuri Gartmore Inti GrthJU3 67 6] -L7J 400 Guernsey Fund — _J460 4ii 

^«dlnSS»858ii Hombra Pacific Fund MgmL Ltd. Klcw oa Jimc ^ * Nes! stb 1 
3S^« +001 385 2U6 Connaught Centre. Hong Song . Tokyo Pacific Holdings K. 


i 4 Berry JtecStrie 

a VJiV §m\ G-T. Asia Fd — 

* Ltd. (a) G T. Asia Sterling. 
031-2283371 G T. Bond Fund 
G.T. Dollar Fd.. 

, G.TJaciflcFd 



Sentry Aaaurance Intercetcoscl Jj. c. 

169 P.O. Box 328. Hamilton 5. Bermuda 
12M Managed Fund — [U'ETriO Lt^\ J _ 

277 Singer ft Fried lander Sdn. Acrcis 
20.CanitoaSL.KC4. 0i-D^B^G 

IS Dekafonds |PMH5f 36WJ I 601 

236 Tokyo TsL June 2... | JUSS5.00 ) | ITT 

on Stronghold Management Lhctited 
110 P.O. Box 319. SL Heifer. Jersey. (KC4-7MS3 

8. Commodity Trust _ |9228 97.14] | _ 


a” 1 ?";™ SH JtSSS 

3 — j 5-S Chrrtfd. Jane 27 _ 1419 144B 7 86 VmrKamuy 

i vsssslilsafc-ffif imI :z: 7 dt T®?** Tl ! 


J. Threadnoedlp SL. DCS. 01-K8 in 

regie Md ,1'B.ta .(90.7 5261+0 7] 6.Z 

Equity ft Ljv Life Aaa. Soc. LULV 
Amenham Road. High Wycombe 04043837 
TtouiWfd- • -11169 JJ42* 13 “ 

Propartyfad.. . (1364 U14 . — 

Fixed Imareai F - [UJ 1 1127 +3-1 — 

Ctd-DcpoafiKd (99.0 3043 .... — 

WmSpST- 13*4 \7J5T] +0.91 - 


Tm , i 105, High Street, Croydon. 

-■ “ SSSSgiwr^: Si 
" Bsn- igj 
= 1= BS8E%r: ffi2 

= H ^1 = ■ S 

— ' ” SV 1340 

L latL&piio'... 1060 

014Q88031 1OUM4W0W 1 

] _ NEL Penal tma Ltd. 

M UIUmCtNirl.Dorkiai.Samy. 

NelwEq Cap [711 


PentEx.Junsia — 1132£ 139. 9] . 

MannU fe Management lid. 


PBranLPn.Fi I 1962 I -2 j6| 

Target life Aaaurance Co. Ltd. 


043858101 Target Financial.. 

I 405 Target Kqulty 

Vi2, Targets* June 28 

Eta. AOo. Acc. U nit*— 

91-000 BOM Target Gill Fond 


Target TiL Mngrf. Ltd.9 (aMg) 
SL Greahaai SL, BC2 
Target CommodUy. 


+LH A2S FMr East Juno SL — (1222 1289) .._.[ — 
+EU| 607 Japan Fund (IU5777 faJl|+0J7| — 




01-SE8 1H2 Nriix b 3: AcciimZ 109 X 124* tO 
" | :: 

NelexCthlneCap- £0 “■? — 

NetoxGtnimrAK.. g* Sjl ... 

Nrl Hxd. Fd. Capu. *U» “ j - 

N«1 Mxd FtL Acc — 1466 5X1 — 

Neal Suh, day July 35. 
per New Cam* Fr+ yerty 

BethaehiU Aaaec Managemeni 


5261+0 7] 6.20 Nelex Money Cap. .. »-■ 
- , j H Nelea Mon. Acc. W.6 
l. SOC. XitLT NelexCthlneCap- g.6 
be 040433377 NeUwGthlneAec.. g.e 

,un+M - si 


— ' . Man. Fend Inc 

— Iflan. Fond Ace U5.7 

— Prop. Fd. Inc. _ — 1070 

— S^P-ES-A^ 3 

Prop. Fd. Inv. _ — UB 
Fixed Int- Fd. Inc. g.7 
3B11 Dep. Fd.Acc. Ine-_ B.1 

— Ret Plan Ac. Pen.- 740 

— Ret PlanCap-Pen— bL2_ 

— ReLrtanMamAcc- 1249 

— Rct.PlanMan.Cap.- 1149 

Gilt Pen. Act 0« 

— -GlUPen.Cap. [X7L7 


USA -70 — 

2064 >51 — 
862 +L9 — 
665 +16 — 


ReLFlanCap-Pen— 6X2 663 +161 — CJ.lnlereatl- 

ReLflanUunjAct- 1249 1322 +£5] — Accum. Units _ 

Ret.Plan3lan.Cap.- 1149 1ZL6 +L1| — CJ. Income 

Gilt PtaActZZ- 1288 1360 +0 — CJ.Euro.Fln_ 

GUI Pan. Cap. |22L7 1265] I — A ecnm -Umla- 

Tnuuinternatioiiai life Ins. Co. Ltd. Accum. unite- 


77 London Wall. EC2N 1DB. 01-6881811 

Income June 20 — 1332 4 — { — I 6.7E 

Accnm. JmeSK) BS31 — | _ 

OUniHith. Only available to Reg. Chari tie*. 

CharterhonBO Japhety 
L Palernoster Row, EXM. 01-3483M 

C J. lntereafl J23.0 2461 192 

Accum. Units ■■_— 270 29 0] L92 

CJ. Income 326 34.S 80S 

CJ. Btro. Fin 862 24® 191 

Aecum- Unite 30.4 324/ 391 

C J. FtL Inv. Tit P7.4 29.3. 300 


2 Bream Bldgs. EC41NV. 
TtxUplttwasL Fd — - 139-7 

( 3 ^ p M£!z 5 Si 

llfen. tten. Fd. Cap.. UJS 
I Man. Fen. Fd. Acc. . [1250 


01-4054497 Price June 26 Next dealing July 6 gidwic 

U7 o! '-'J Z Chieftain Trust Managers LULVfaKg) ^pi^- 

izrfl ““i _ II N ew SLEC2S4 4TP. 01-2832832 

1Z3.1 - American hzSOl 248+941 L« KTSSu 


1 801 J4/18Gre»hm 8t_ BCZV 7AU. 01-00680M Target Gilt Fond 

“I 801 income June 20.__(U7. 7 U3.4I 1 8.B Target Growth 

* General June 2O_|690 73J| ._Z| 5JO Trnwt Inti . 

*♦ BSerccry Fond Managers Ltd. t&El" 

01-088 1815 30, c re* ham St-BCJSPZKB. 01-0004885 T&Fr. 

6 - 7B Merc. Gen June 8-1180.9 MZ4 476 TgLtec. 

Chari tic*. S£t55t J jTO»SiZ^M^ . aSte! ZZ zS T& Special Sits. 

tM ZZ 1“ Target TaL Mgra. (Scotland) <aXh) 

01-2483880 Accum. UuTApr07. fSi’5 266J| 442 I* Athol Creecent, Bdln. 1 031-2298821/ 

2.92 Midland Bank Group Target Amer.EagleKT.o 29 9*4 +041 LX 

— ia UnK Trust Managers ltd.* (a) 

ZZ IS SEESftSi 3fS>.’ W Tel: owa 79842 Trades Uniou Unit TsL Managers? 

300 Cemmodi^-fcGen..|M4 74 U +101 504 10a Wood StteeL E.CZ 01428801 

152 IS TOUT June 1 (58.1 53.4] 5X 

. . Do. Accum Z— — W.7 ^ +o3 3J7 Transatlantic and Gen. Sec*. C®.* 


25471 'Z i Lao Hambros (Guernsey) Ltd./ 

329.4 3.00 Hambro Fund-JMgrs. (CL) Ltd. 


P.O. Box 88. Guernsey M 

ta* CJ. Fund -J140.0 149 

3*5 tend. Bond 1US J0506 10831 — 
aaa lnLKqulty SUSIOAZ 10 95 __ 
jZi Int. Svr*. -A’ STJSL02- 105 

Jot. Svg*. 'B' JUS L07 110] .... 

m Prices on June 2». Next dealing J 


TSB Unit Trust Managers (C.:.) Lid. 

082922811 Bagatelle Rd.. Sl Sarionr, Jersey OfXMT-COd 

...J 10.90 Jersey Fuad 1460 4?6| 1 

-L7I 400 Guernsey- Fund „J46.2, 4SW ! 

Price* on June 28 Next sub. dey July -- 

ig . Tokyo Pacific Soldi ngs K.V. 

■— [ — latlmis Management Co. N.V., Curacso. 

— NAV per share June 28 5U£fefrL 

Tokyo Pacific Bldgs. fS»!xcriii X.V, 
nmi lnUmls Management Co. N.V , Curacao. 

J 370 J* AV per shore June 28 Sl'HLtt. 


- Tyndall Grasp 

“ gsa p.a Box xa* HwnUtoa 5, Berrmdc. S-ST>7 
250 Ouereeas June 3S— (ll'SLU jja I 0 iff 


McroBxi May 25— L 
O1-SCS3N0 Accum. UtTApr07.|! 


id riT 

mi.wi.mwb PO.BoxN4723. Nassau, Bahamas TOFSLJuneSi 

JUii, 7* JapanFd. JSl'SMa afif. J , (Accum. Shares > 

«+a5l in Fncos on Jane 28. Next dealing date July 5. American June 29 
3 *<ul uS HiH-Samuel ft Co. (Guernsey) Ltd. 
lanaaerst* 8 LeFtebvre Sl. Peter Pott Guernsey. CJ. iTCon-J. Ace Uta i. 

ni5S*llt Guernsey Tit pA50 156.0] +10] 164 Gilt FtindJ line 28 


Jersey Fd. June 26 
fNon-J. Acc. Uta ' 


01-0288011 !»■“ — 

53.4] .—4 5 jo HUi Samuel Overseas Fund SLA. 

f M 37, Roe Notre- Dame. Luxembourg 

flUSMi# 1139+0. 06] — 


156.01+10] 3,64 GJl Fund June 28 
__.j c > lAccum. Smaresi- 


Victory Houae, Donjria*. 
Managed June 22.. _ [129. 


& W-.:l = 

M -• 1255 - 

2.33 

— 

121J ... 7.M 

224 S .... _ 

MT.Bri ... 1123 

lao3 ■ — 

. tele n! Ksn. CS24S0U1. 
<A 136 4 .. ..■ — 


FINANCIAL TIMES STOCK INDICES 


Man. Pea. Fi Acc.. [1250 1315] — -I - Hl^ite«niie_^M 

Trident life Assurance Col 1*LV eLic rS». TrtlpS^ 1 a.si +o^ e 39 H^hvWdZZZI 
Kendx de House, Glaa cqter _ <HW3«4l FuwIb MgL Ltd.¥ (8) %ffi£iS*Z 

SS?!Kf «x - a+io1 _ 50 Chancery Lane, VPCEAlHE 01-aCft282 Do Aecum.* 

P^I^ yZZT 1572 _....] ~ Growth Fund 140.9 43J| +66| 460 -Price. Sljune 

ikt i Mfdz Casmopolitan Fond Bfanagtrt- 


Income 

Du. Accum. . 


ESESraSV ““"SraW laterartlomU^mc Inv. MngL Ltd. «*£«■ «— f “L 


S-fS laternatinual- 


Uuieniiui-Ki i-e, 1 * os.DC 

I'lMnl Jilfcn-ht 71.4S] 

liMinn/a- Or.'.t.wY..... lS,,0 - B : 

tiiiiif ihiiN,. . Ib8.fi. 

i'*'i. I'u. 1 ic ; ii 

bamuiji+.Y' .i-kini'i "> IT*) 6 

PrK IlHVti- -IH-ln"*' ‘ 

Ilrmllti-P :ne> Lv.l - ^-31w- 

t*|Tjil *- ninun t«r A':n .. - 


'June ! Junr 


68.32! 60.35* 69.01! 


71.45] 71.24: 71.16' 
4b0.fl: 457.3' 455.3' 
lbS.fl! 162.4 lb0.6; 
S.76' 5.00 0-83 

17 4h 17.59 17.08: 
7 61, 7 56; 7.5a 

4.314 4.348! 4.0 IB 
56.2b to6.B5' 


June JiW. June (Ajem 1 
■J7 l L6 : 2i ; «r 

69^5] 6 B.BB' 6b'. 21| 67.78 
71,23! 71.07J 71.62'j 68.31 
456.3! 453.0: 456.5 451.2 
157.6* 15B.1 161-5] 110.8 
B.Sli 5.04' 6.79] 5.19 

17.63! 16.881 16.74; 15.6B 
7.54| 7.94: a.01: 929 

4,470; 4.3S14 1 4.4361 4.529 
*7.37 61.07. 91.941 54.42 


U JSL BqolSy F 
HlCh YHtltt—, 

Gilt Edred 

Honey—. 

DderoatfonaJ 

Plscxl 

Growth Cap- 

Growth ACC—. 


.2530 +L9 — 
1570 — 

-s.4 — 
UU +L4 — 
• 195-2 +10 - 
2270 +17 _ 

jS * +00 - 

1317 +12 — 
I29.ll +1.0 — 

133i +10 _ 


■Prieem at Jua* 30. Ned dealing Ju 
Minster JFhnd Managers lid. 


3a Pont Street, London SWISSEJ, 01-2338525. Arthur K_EC+F»bh. 

Cannopoln-GthFiL (17.4 167] [ 4.90 Minster June 28 Q5.« 37 « . 


Pens. Bttegd. Cap. UL9 __ 

rani. SSSiAce.- 1166 133 - 

FfiBMJW DsmCap. . 1023 106t — ... — 

Peua-GtdJtenAcc.. 1060 1129 . — — 

gmg^c&Z- ua; . -- - 

Pent. Fry. Ace 117 7 1247 ...... — 

TWL Bond B3 373 — 

■Trdt, GJ. Bond (96-9 — ■ -J — 

•Cash value ter £100 premium. 

TyndRU Aosanace/FexisionsV 
U, Caaynga Road. BriatoL . 0272335 

S-WayJnneSS 1230 - 

Equity June 20 1621 — 

Bond June 30 ~ 

Properly June 20. _ 1MJ — 

Deposit June 20 _ ig.| - 

3-wayPen.JimeE. J** — — — 

O*oeaa Inv. June 3p- - 

Mu-Fn-3-WJUBe 1- 1MJ ~ 

Do-EqultyJonc 1 — »W — - ~ 

Do.BtmaJunal.M_. ufZ — 

Do. Prop. June 3- — ».4 — 

Vanbrugh Life Assurance 

41-43 Maddox St, Ldn- W1RBLA. 014W« 

Managed Fd. ... [1*4-3 3519 +10 — - 

SmSSwZZZ— 2250 237-7 +P — 

& FuSZZZ__ MLl I860 +66 — 

Fixed latent Fd — 164.1 OT0 +69 - 

22 ¥SSzzzzffll ®l = 


Kijnurtai-eet... - 1 : 1S.O0O 13 *06 W.K 

■ - jpemW-L lijnjwr, S.wn W’.l. 

pm JM 1 ■* um ■**!■*■ 

Latest Index 0l-2«6 

• Ki-iH nn ."C i»r rvtu cnm'-rali**" W9 

ltd -set.. i5 »/»- ^ la “ *"■ 

JCIjB’i i 3. SJ-‘ Activity July-Dee. 1!H». 


b6.B5. 57.37 61-07. 91.941 
13.506 13.165 13.705' 16.6991 13.9B2 
i v.-ron 4U» 1. 1 Pm 4rt0-l. 

5 pm -id" 


t Sill® 7. 43. 

ind. Onl. 1.T.3S. 


HIGHS AND LOWS 

i i,c siuco C:impilat« , f j 

~ h . . . |,,u Htj:h l la'w i 


S.E. ACTIVITY 


FUid lal...., 81 27 

• .» It 

ln>L Did 497.3 

. »* !5 
(;.<fai Rim*.' 163.6 


68.79 1 137-4 j 49.18 (TtK-ISgel -. I 128.8 }JJ.| 
t ,* <■* 1 i | ladurtnro...-; 148-f 2 

W'JJB.iSSS !&"■:: B ko 

433.4 | 549 2 49.4 | MSS5B }«.3 Jg-J 

i 1 fl4.-a:77jj td'.u'-O' - I n, luit trials.. -j 143.8 144-5 


42^2 ; 42.7 
98.1 i BB.6 


6.58 (Accum. UatteJ 
7 IX 

111' Bucbn. 

854 (Accum Units) 

83* Colemo June30__. 
596 (Aecum. Gnltii-. 

5 96 Cnmbld. June 38 — 
■3L (Accum. Units i _ 
Glen. June Z7___— 

(Accum. Unite) 

Marlboro June Z7— 

LAccum. Units i 

5.98 Van-Gwth. June 27 . 

604 (Accum. Units) 

Van'Hv June 27 — 
Vang. Toe June 28. 


aa = 


100.7 .... 

129.J -00 600 PO Box 1M. Royal Trt. Hue . JerseyOS34 27441 1A Roe Aldrtnger. Lnxembxjre. 

"° J HE l«ey&rtn»l-Tn_.J163.0 173 tf. ... I ~ U.£.TbL inv, Fad,.. .| USSWJfa 

It* "■■■• Is Aa at May SL Next sob. day June 30. het asset Jure 23. 

561 5.12 Javdine Flaming ft Ca. Ltd. & G> Warburg ft Co. Lid. 

ZH W*, 30. Gresham Street. EC2. 

ffi ZZ H 5$ CwBdJuneSO | SUCT57 

■ — 2m JardlneFlemJnL 

2 — Inti Pacific Sees..-, 

£ :;z: 6n NAV ^jSeM* tSri-te: Invest. KagL Jr 


671 PO Box HOT, 5B, Pin St, Sydney. AusL 
507 Javelin Equity Til.. |SA2B5 2lM-0®2| — 
696 J-K.T. Managers (Jersey) Ltd. 


14. Ml: lens ter street, Sl Heller. Jcracy. 
UJ.B.Faad |5l’S5?A WUS| — 1 ZZ[> 

United States TsL IntL Adv. Co. 


Camopoln.GBLF6 (17.4 I80[ 1 690 Minster June 28 B5.« 37* [ 5.98 VanCwtiL June 27 . 

Crescent Unit Tst. Mg re. lid. Mg) SSK-S v/SjwarZZ 

4MelrtIleCres-rainbu«hi 032-228 «OI M®* 4 !*!“ Van£Vee June 28. 

aX+oTZu OIdqwe n are«,S^H9JG. 01400^ 

394 H aa ’S Mat *“ I VaN Trn * t »hMge«V 1'XS 1 feDLjS?W 

2? 15.CopthallATO.,EC2R7BU. 01-6054803 Do. Accum. 

C res. Tokyo PAJ. ASJH +U£) LB w+nats^:. Pins _ BB-5 S4JS +001 a 05 7,-„r, .<r.T-. IMM 

DiMrtttenary Unit Fond Muagere || +0 | ^ 

- |22.BlDfflDeld&-EX2Be7Al. 014D84W fiSSISibWtBI 59 7] +0i} 1*7 


Net asset June 23. 

S. G. Warburg ft Co. 141 

30. C res ham street. Ed 


Warburg Invest. KagL Jrsy. Ltd. 

1. Charing Crow. St. Helier. Jar. Cj iKW 73741 


Disc Income P680 ULS] . — | ■ nj,n w Zal and Ceenmerclnl (Accum. Unltai. 

E. F. Winchester Fond Mngt. Ltd. 31. &. Andrew Square, Edinburgh 031-3508151 


ExcmptJoneSB 
6 12 ilMHin Unite) 


rasarJii n« ?rar ai-l H =| IS *wisB?i 

-H - GtWnch'cr 2L3 .J 430 f^^fcZ^f 3ij Z-j In 

Buna ft Dudley TaL MngmnL Ltd. Notional Provident Inv. Biagn. ULV Prof. Junc28_.. 
20, Artlngtoa SL.&W.L 0MBB7551 4B.Grac«hareh8t_SX3PSllH 01«B42D0 S^SfcrxniScI 

fiasco Dudley Tst- |675 721] 4 300 N P.LGlb.Uu.Tst_(438 4664 ( 4.« SS£a“ P 

Btpriteu5 Secs. Ltd. (a) (g) igl ZZJ zm ^ ' MCw 

Progresji«e 1656 690] +D5| 4J2 .prico oo June 26 Next dealing July 27. g°: A“ ua ^."; T , 

Equity ft lnw Un. Tr. M.V (aKbHci National Westminster^! a) 


M 8 fi==JK SSI: 

Vanbrugh Pensions Limited 


ntJB«aw» lAccum. Unite) 

01 i Scta/tCapJnaeSB. 

j jS (Accum. Unitel 

ZZ - Equitas Sees. Ltd. («) (g) iTOc&M/fiwZHzw l3j| ZZI 2io 

::::: z waJif'S 1 SSl^i ■ 

— PwSte"*** 1* 5 -* w - 2 ' * Di l 412 .prico on June 26 Next dealing July 27. g°- . 

Equity ft lnw Un. Tr. M.V (aKbKci National Wmtmlnster^ia) 

_. _mw Amerahaa Sd- High Wycombe. 043433ST7 161, Cbeupbde, £C2V 8EU. 01-806 6006 __ nnaneial PrTty 

ar= 427 acra^fc 

+ %f — - Framlington Unit MgL Ltd. fa) Financial . __ H4J 37.4 +0.4 5Jt lateroatimal 
Z 6-7, Ireland Yard. EC4B 5DH. 0KH88Vn Growthla*. £0 g-3 +J0 501 Special Site. - 

- ■ - i»it=ZZ^70 M - I In SSfi.-ii55d» tSsS ^ - \m TSB Unit Trusts (y) 

— Capita] TK., UI7-0 lZjg _...J |.W Mj* _Sflh 663+65 222 *>l.ChaBb+WBC. Andorer ) 



M7 — tn WfhrtnegMfc. 

464 ::z: 673 

620 . — 5.42 _ . , . . Lfinanoguron. at. tieuer. jsr. lj uxhtjt 

730 .. .. 5.42 Keyaeiei Mngt, Jersey Ltd- c5sFLtd.Mn*25_.Bi'Si2 ite ... : — 

67 6 +0j 670 POBox OC. SL Helier. Jersey ..(Eug. 1)1-6087070) CMTLld. Marts i£J0iv li*?* .... 1 — 

77.4 +0 j| 6TB Fonaeiex lfVU.41 U«l 090 UmsIiTk iueol6kn.l7 \ - 

I BondwJex FriDiW E5SC — TMT June 8 U;SUS7 DC .. . — 

r Kcyaelex Inti £662 7.43 — TJCT Ltd. June B._..El068 MW I - 

027232341 Keyadex Europe- £3.91 4.41 ...... 3.74 , . _ . 

J 652 Japan Gth. Fund- .. SV2LM 317 ... — World Wide Growth Macacexo^if* 

■] “ 10a. Boulerard Ro>ei. Lwembcura 

.....J 4.45 CenL Assets Lap.-.. £134.06 »0.flg WnriawirV r.ih FWI 5('<349? UBC7I __ 


World Wide Growth KsesceMaSo 

10 a. Boulerard Ro>s!. Luxembcurg 
Worldwide Gth FU| $UM4«3 |-DC:j - 




£a NOTES 

71 * Prices do not Include S premium, except where indicated *. and nre in pence unices otherwise 
7« Indira ted. Yields % (shown in last column) allow ter ail buying upends, c Offered pnrea 
9J " include all expenses, b To-dav's prices, e Yield bated on otter price d Estimnu-d ; T.vdoy'3 
7m opeoingpriee.il Distribution li+fr of U K. taxeap Periodic premium insuranrcpiccs i Sinr.io 
premium Insurance, a Offered price includes all expenses except a£rn1’s co—rei crier-. 


«i>ing price, h Distribution li+e of U K- taxes p Periodic premium iosuranrcplccs i SiacJ-s 
, ...Barium Insurance, x Offered price includes all expenses except .agent's eo—rci crier-, 
y Offered price Includes all etpeuaes if bought through managers = m-r:.-.u« it/' pn:--. 
f Net of tax on realised capital gain* unless Indicated by 6 9 Guernrey gross, a Suspended. 
4 Yield before Jeree.r tax. t Ex-subdimnon. 


Guernsey cross, a suepended. 
vision. 


+61 508 

toi Tm 

400 209 
+04 505 


I.G. Index Limited] 01-351 3466. Jan./Murch Rubber 5P.(*oD.7 
29 Lamont Road, London SW10 OHS. 

L Tax-free trading on vommodity futurp.s. 

2. The commodity fulurn market for the smaller investor. 


I income TaL- 

InL Growth Fd- 


___ _ 112 faj I 

I C-CMaSoxSt-Ldn. W1R0LA O140B 4823 Jtte- Accum.—— — BB90 U6.» 1 ! 

- Erienda’ Erardt Unit Tr. Mgre.¥ 


Z!l 746 Urn veraal Fdj.d)._ 


202 SL Chantey Way, Andover. Hama. 


1st M pc .. 
F-C to!).' -:icf 


FT— ACTUARIES INDICE S 

sr-iftaT: | J, | f\ l T 

r. aio'-0 1S35 MftM 204.46, 181.50 

■ "” —V OB •”>.57- 228.61 12ZB.27- 23S.25. 88s.51 ; 208.17 

:::::rtS‘Vtei. ^ ^ *.« 

y q-i 7 78 7 60 7 70 7,Tb 

' 210 t»7 20S.50 808.95; 208. JS. SOYA 7 20P.S5 18B.32 


Mal= gag aeSf s 

cTu±* Ubl *‘ G.T. Unit Manager* UAa } 
WeLare lumrance CO. LW-y ifif.nsbury Circus EC2M7DD 

The teas, Folkestone. Kent- 57333 GTCapS 180.9 86. 

Moneymaker Fd. . I “J'SLjIL i Do. Arc .971 IBS, 

For otter tnni». pl«« roftr to The London ft gt tec. Fd Un 169 6 170 

Manchester Group. CT l.S & Gen 1440 353. 

Windsor Life Assur. Co. Lid. ^ 

1 High Street, Windsor Wtadsor08144 tr.iarl Fand. _i2230 131 

Utelov. Fisas- M J 72-9 — G.T. Four Yd*w -JStX 57. 

FntureAnd-Gtbibi. 4600 — G- ft A. Trust (a)(g) 

RctA*»d.PciM.— f05.O4 — — s. Rayleigh Hd. Brentwood 

Flex. Inv. Growth— U60 21L5 ~~4 — r r + * j si c gj, 


Fudmm End. Dorking. 03063093 

IYlendfPrer.Uts_|«L4 -0-SJ 

Do. Accum p65 57-^ +0.7] 43S 

G.T. Unit Manager* IDLQ 

16 JR nabury Circus EC2JJ7DD 01-8280131' 


2.44 NEL Tnurt Managen Ltd.f («(g) „ Dealing* ro 

2M MUf on Court. Dos^tag. Skurrey. 3B11 — IS 

1 Netetar 1596 6E71+M1 

__ Nclstar High Inc.._(*9 0 SUi +6,1) 806 *gj fS^nS^ZIB*' 

Far New Court Fond Managers lid. TSBSconlsh }XL 

435 act RgthachUd Asset Wgiugeaeat ibiDo-Accaa. — — py. 1 

Norwich Union lanmace Groap (b> luster Bank^ (a) 
P.O, Bo* A Norwich. NR1 3NC 060323200 Waring Street. Belfast. 


Dealings to 0984 634363 

ibJTKB General W4.1 47 JB +061 389 

iblDo.AcetiBL — -,.155.9 59J +00 689 

fb> TS3 Jnccme — KJS 610B +00 7Ji 

lb) Da Aecum- 159* 618+00 7.56 

TSB Scottish BZ-I g.4 +0j 206 

(b! Do. Accm. — -B7.9 966 +00 206 


CLIVE INVESTMENTS LlMITELi 


1 Royal 


Croup TSL Fd. {337.1 355.41+20} 500 <b)UJrter Growth-.. [360 390] +O0| 5.41 

iso Pearl Trust Managers Ltd. (aHgHs) uujt Tnut Account ft Mg twt. Lid, 

^ 52^W®-,SflS iSiiiEii.nMi oiJl&si 

jss ^uiSu^zil I.?? aas»S5 I .w-B«* «a-H ;s 


^0-2 ’HI ?S2 Pearl Growth Fd.— 

J52 Ac rum Units — . 

33S^ 5s Pearl me 


FUturaAsKiGthibi. C;M 
Ret Aasd. Feat. - ... 405.04 
flex. Inv. Growth— 10&9 3LL5 


J3LJ *1-?, L90 MarU'n:t T«. ! |982 36 Bfl) +05] 503 sro.Ae*u«-— 

S 7 -*) ■» ija f Accum Unite K42 4T0| +0.7] 503 . Wleler Growth Fund 

Pelican Unite A d frln . Ltd. (gH*) Kingu r >UiamSLEC4R0AR 

f0STD2£S3M 81FnundiinSL,ltaiicbe8ter 061^08 MSS laranK- Unite 1291 

3&5I+0.4I A96 Pelican Unite |8U DJS, +<14j 507 Accum. Units [330 


Sl+O 5 07 FWaraHac Fund- 

M M II ^js^L- 


34201 J 4 011 

i| d JS 


014234051 

I 409 

-Z1 09 


oyal Exchange Ave.. London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as al 20th June. 197S (Base 100 ai 14.1.77) 

Clive Fixed Interest CupUal IL’S.DI 

Clive Fixed imprest Income 

CORAL INDEX: Close 458-46:1 

INSURANCE BASE RATES 

t Property Growth fij 

t Vanbrush Guaranteed 9-37', 1 ;, 

T AddreRE slKiurn under Iawanct and I*ropi-r:y Bind TjmL-. 


EDITORIAL OFFICES 

Amsterdam: P.O. Box 1286, Amferdam-C 
Telex 12171 Tel: 240 555 
Birmingham: George House, George Road. 

Telex 338630 TeC 021-454 0$22 
Bonn: Picnham 111104 Heusssllee 2-10. 

Telex 680B542 Tel: 210030 
Brussels: 38 Rue Du rale. 

TClex 23283 Tel: 512-8037 
Cairo: P.O. Box 2040. 

Tel: 888510 

Dublin: B FltzwOUam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-225 4120 
Frankfurt lm Snchse nlager 13. 

Telex: 416263 Teh 355730 
Johannesburg: P.O. Bex 2128 
Telex 88257 Tel: 838-7545 
Lisboa: Praca da Alegrla 58- ID, LUbea 2. 

Telex 12533 TeL 382 508 
Madrid; Esc ro needs 32. Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 

Birmingham: George House. George Bead. 

Telex 33865 0 Tel: 081-45* 0022 
Edinburgh: 37 George Street. . 

.Telex 72484 Tel: 031-228 4130 
Frankfurt: lm Sachsen lager li 
Telex 10283 Tel: 554667 
'Leeds: Permanent House, The Headrow. 
TeL 0532 454860 


Manchester: Queen's House, Queen Street. 

Telex 666813 Tel: 061-834 8881 
Mew York: 75 Rockefeller Plaza. N.Y. 10018 
Telex 423025 TeL £212} 488 8300 
Faria: 38 Bne du Scatter, 75002. 

Telex 220044 Tel: 2S6La8L01 
"Tokyo: Easahara Boil ding. 1-6-10 TJcMkanda. 
Chijuda-ku. Telex J 27104 Tel: 285 4050 


Conies obtainable hma newsagent* andbo^stslls Wihrtde or on regular sabscriftioa tram. 

Suhiriptlon DepaztmeaL.Flnaucial Times, Ta ndem 




























































































































































































■ V 

KfM'i-z > t . 




[■®*| 

f — n 


rfesnWal Time* Mondnjr Jaly 

^USmALS— Continued I 

fcSr 


3 1978 


ANii * 


BAi.*- 


pec, JUne%yS^Tj 5 j 
Sufi. Jan.KwS3£l“ 
June Tvov. Hepworth Crmc. 
Dor June 

Is jSBS!K: 
{E-EBSE^ 

Feb. Sept, HailisBros..- 

p: ttKSfr* 

jj“p r7* |? to »nSp 

S' I s s 

Sy SStete' 

Decent Ler HUfiWtHrapHKri 
J% T HwanTOsp" 1 

4^Wttfts5F 

g*- te^M-atyaSpl. 

Mar. Dec-JajnwrjQhnT 
June Jim, 1 - 


Z flESSS 1 ® 

O^-Apr.l&cS* 

SI*- Aug. Jot! won Sftfcjr.L 
June Jordan (T.iW 
May Dec. Kalamazoo loX_ 
June JaiLheUertKij.^" 
Ajw- Dec- Kennedy 5m. tOp 
Wor. Apnl Kenilia«riA.i5p„ 
JBB. Aub- Klttn-E-Ze Hides, 
Aug. LCP,Hldf_Zl 
Aug.LK.!rHj'|.n,rs_ 
Apr. Jan. LH.CIm.lOji. 
May. Jane Lawtex 


& 


July' Nov.lLttdWs. 

Jnn. Aug. LeadeotaJl 

Oct May LeBasiEtiU 

Key* Mar. Leboff Fobel lOp 
April Lrtms Harm.- 
Jan. July Leigh inu.5p_ 
-J“- Aug. Leisure Car. liip 
Mar. Oct Let) Group 
£*“■ JoJJ paney Prod*! 5p 
Feb. Sept Lrtraiet JOp. 


Nov.hnd^vis 

Jiar.JLi prfuanw 


May 

Oct. 

July Feb.iiiHi.jEMlin.Ciw 
Jan. June Hinbij.i&p. 
Apr. Oct LongtooTraiK. 
Aug. Apr. LonsdaJeDnhni- 

Dec. June Low t Sonar 50 d 
J une Dec. B.V. Dart. iflpT 
Jan. July MaeanieLdn.Tap 

SVBSSfi: 

Aug. Mar. MacphroonfDJ 
.May Sfpt Magnolia c™, 
Jane Jan. HnginLARjLl 
Oct Apr. Uan.SbroCanU 

jEffiSMQ 

Jan. July Marshall's Lins, 

Dec. May Martin-Black 

— ' Mathes<ms74:pc_ 

June Nov. Maynards g>n 

Apr. Dec. Meammrterldp , 
Oct Feb. MectooreSnJl 

J«L June fatal Rot rf. 
Nov. June Metal CtosnreL_ 
Dec. Jane Mean* . _ 

Apr. Nor.MUn.ferstrc.50p. 

^IKSigS: 

jw - wfBS3&- 

Oct Apr. MorrcUtAbelu 
•Jan. June®os3(K(»Mjlllp 
— KoviteilOp... 
Jan. June Hyson Gp. lop 
Mar. Sept NarbllFjSecs. 
Dec. June Nathan 
Mar. Aug. Nat Ctb'nsg lOp 
May Nov.N.C.R.4«!433f99_ 1 
October KeereBi&ZlBbraJ 
Aw. Aug. NnlASp'ircerlOp 
.Oct Apr. NerEqttip.]^>i. 
Jan. AuftKorem 


Oct Apr. NuittMenEnc. 

Jan. Sept Kwiouiwn WpJ 
May Oct Nome Secs. I0p“* 

Oct April Ne-Swiit5p 

May Nov. 0 m Finance Cv, 
Jan. Juno Office fr!Sea_ 
Oct MeyOfrexSOp 


Jan. June Deenstone 12ftc 
— P.MAffloMiHfisl 
April Oct. Parker KnoD'A'Il Ii . 
■Feb. Aug. Pauls & 1 Whites— 1 113d 

Dee. July Pceraec 10p_ 

June Sept Pewla'nd Hip 

Dec. July PentosK>p_— , . 
Juno Dec. ftLiRftla.«tO 
Jan. JuaeFetroconUftp-. 

PtaJIips Patents 


JgSSteMfc; 

Feb. Aug. Klkincumw.il 
June Dec. gta’yBwcesLtt. 

Sf&SRKgffifc 

Apr. Nov. Polpnarkl0p__ 

& sSJiMiSIaS. 

Jnn. Aug. Press (WbU5p_ 
Aug. April Prestige Group - 
Jan. June Pritchard Sts. 5p 
Sept Nov, fVov.Lunfs.3p. 
Apr. Oct Pullman RAJ. Sp 
■Feb. Sept. R-PnGreupIDp 
Dec. JulyRTDGroo . . 
Jan. July Rahul JtlL IT-pJ 
Jan. June Randall* 

'Nov. Apr. RnnkOrua 

.Jan. July R«kurCoL50p_ 
July Feb. Redftarn Glass- 
Jan. June Reed Euc.5p.~ 
Jan. Aug.Rwdltfl.Cl — 
.Oct June IMronPEWS. - 
March RemwuiatYSl. 
Feb., Oct Renwwk Group- 

Mar. Sept- H-staor 

- Ja_ApJ\a. Retswre.. 

SS &ESS? 1 *" 

Nov. May Hoc wore-.,— 
Dec. Aug RopnerflMgl 

Dec. Aue. Do. -A'. 

Jan. July Rotaprint 28p 

llay Nov. Rowan & Boden. 

Nov. May Royal Wore* 

Jan. SepLRussdliAjIO?- 
— RronixiSp — 

Apr Nov. Saga Hptuayj — 
July St-tJotamFrc.100- 

Dec. June Sale Tilncy 

.Jan. Apr. fcaiflnrsf Waiter 
Jan. Sept. Sangm Grp. — 

J an. Aug. Scapa Group 

y.OJa.A. ScWnnhe^r J1 

Feb. July Scotcros. — 

Dec. June Scot Heritable _ 
Mar. Oct. S«t. & t>i. Ini*.. 
Dec.-July Sears U Wes. — 
Auk. Mar. SecuniurGp.„ 
Aug. Mar.f Dtv’VN-V^ — 


3«n. 

tt 

S 

Nvr. 

May 

Apr. 


Mar. 

Aug. Mar. SewitySerrkes- 

Aug. Mar Do'A'N.V 

Apr. Oct Shama Ware Sp 
Apr. Sept 5*beGoriwn_ 
Dec. June snentniEht I0p_ 
Jan. June SilhotcUe'A'Cap. 
Jan. July SUt'PlwrticlBp- 
July Jan. Simpson iS.1 'A - 
Dec. July SWcWw_ 

Oct Mas Snilh&Netih.lOp 
•June Dec. Smiths Indj 50p. 
Oct. May Sobe Lw.aBp . ~ 

Aug. Feb. Srauf 

Sept Feb SrthcbvP.B. — 
May Nov. SniTtrv.u W CSp 
Jin. Aug. Spear uLW ’• — 
May -Dec Soils Potts. _ _ 
June Dec. IXv<Wi CavAn. 

Jan. Aug. SUflrtlnl 

Oct . May Stas purnllure— 

Nov. Apr. Sicelkv.- - 

— Slr!nx Jlsnt UKJl 
Apr- Aug. 5i«tmslods3riiJ 
■Apr- nccSte^ke.-..? 

Apr- Aug. SionehillHIuES.. 
June Noi 1 Sumner iF.ilOp.. 
Oct MaySoriiAISHv.wp- 
Fcb. Aug. StfrimcSpie^-i 
May SuduhMfi(fhK3' 
November Swire Pacilic 60c 
Mar. Sept SjRow— 

■ Januury Ttihex5p 

_ Tebbin IDp 

■Mar. Aug, rhctaal»nd-.- 
Jan. . July Th. Times \o-5p. 
June Jan. Tfcird Mile lav.-. 
Nov. way TlllinfT sw— 
Jan. Aug- ToolhlilRA^-. 

Jobe Tore. 

June Feb. Trafalgar il aw. 
’MrJBJSD TTantlft l T SSL 
Nov, MaylnnsportlVt, 
Feb. July Trtaawrtup 5p 
July Jan. Torecrh Nw.il... 
Feb. Sept Turner Curt a?| 
Feb. Aug. I'KDlotl . .... 
D«. May l , cirtia!r.4uts_ 
Feb. Aug. 1'niflnJ‘Jp — 
Dec. May Fuieivr 
Dw. May L'bVN.VFI. 12. 
Ju. June Uld. earner* tflp 

Jan. Sept UutedGaslnds.. 
M*«b LGniwniwip- 
Jib. July L'nochrow- 

Jug y«ior—~- 
Jan. Vlnmipp.--- 
Aug. VwlenGtp.20B-i 
Dec. IF Ribbons l£p 
MsyVUe Potts. I«u 
May Titter Hnr.5ji- 
Nov WeteriorfSu— 
Oft Tatuum's..- 
Jeb. Aug. SiUMR-K-lOp^ -J 

July Dec Wedgwood.-.^ 
Mar. Sept Vesg.Boatif lOp 
— Vshiuil&CTsP 
May - Nov Wloct M H KJL 
May Oct ffkaiaiinR 
Ort. Apr. mogdft a 
Feb. Auc. Wttt«rnfl50p-, 
Die. JutettUySSSW , 
Ort, May Wilkes tJ; — 
Dev, Juno Wilkii \Sitrfafll 
Apr. tVn ffitkuid'tchil- 
Juw Dea £» ldpei'x... ■ 
'JuW Fob Williams >J! — 
Way Nov. Wills iGw'pr’— • 
June TVc. ailwnWaintslflp.. 
Jan. Jane Wi minds iSp... 
Apr. Oct. Wti:rr‘Dh'»a* . 
Ma>- Nw tcsAi k brtos ^0 . 

. Wav VetriiAifiuirJ-P 

Pen-atber WmrtHali 

viovember srttttsap, 


Price 

U 

130 

83U 

loi- 

21 

35 
104 

P 

137 

307 

92 

157 

29 

200 

1U 

110 

41 

£21 

294 

372 

241; 

72* 

Hat 

441? 

13 

Z79 

24 

11 

85 

430ri 

39 

301; 

91 
33 

£ 101 ; 

72 

89 

38 

36 
60 

144 

113d 

41 

47 

46 

146m 

130 
237 

79 

142 

28 

49», 

133 

Jh 

61 

B7d 

168 

57 

21 

92 

70 
133 

141; 

59 

100 

71 
223 

22 

4P; 

156 

54 , 
£1061^ 

131 
24 
141a 

sir 


s 

58 

*3 

36 

£78 

79 

103 

16 

89 

108 


£96 

24 


64 

J 

540 al 
£70 


48 


130 

83 

270 

42 

•fc 

lP 

41 

41 

42 
25 

126 


143 

US 

22 

82 

97 

£68^4 

68 

46 
108 

6Si 2 

120*r 

116r 

llftr 

118s- 

117 

if 

48 
18 

44 , 
IM 

168 

50 

30 

292 

98 

2054 

140 

£280 

8 

106 

190 

47 
25d 

11 

¥ 

Mijd 

£Ul« 

143 

130 

17ia 

10 

114 

9 

19 
120 

38 

65 

122 

£29 

68 

4*i 

173 

12 
142 
98 
38 
520 
£261* 
84 

49 
22 

1 2h 

42b 

20 

Ht 

24 

13 

49 
220 

65 

219 

70 

15»l 

59i, 

237 

sod 

202 

32 

57 

50 
158 
£88 

45 
54d 
64 
43 
S3 
53 

46 
90 
60 


1173 

1710 

126 

17.4 

25 

14 

31 

155 

272 


Dir 

N(t 


3.00 

T4.95 

♦33 

16.89 

.1.03 


INSURANCE' 


37 


f.26 

1.8 

b3.3 

t4.03 


161 
12Ai 
272 
155 
25 
1212 
12i 
17.4 
155 
25 
282 
305 
28A 
34| 

ail 

27.2Ht12.47 1 


7.00 

14.82 

M5M 

5.17 

tl.71 

2.95 

2J5 

020c 

0.9 

QS152 

T7.42 

9.81 

§U8 

T4.U 

0.6 


dl.O 


3.89 
13.62 

2.89 

11.95 

323 

#1.58 


as 

25 4 
272 
1175 

3.4 
ai 

17.4 

17.4 
12b 
13 a 

. 272 15.9 
11212 3.62 
2811 44.79 
305 d260 
132 ti23 

n m 

HJP 

an i.76 
U.2 327 
26 i 1436 
1212 4.48 

is] d2L90 

375 b539 
25 3.00 
112 9.0 
305 2.0 
25 El-58 
19.9 f d3.46 
Ni 14.63 
17.4 10.89 
25 1214 

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133 2.00 
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— | June Dec.Bmul’hWn-. J 


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Arcider.i .. 


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May Guariian Roial.. 
Pec. HambroLife _ 

July HeilhiC.E-Mp. 
Mar. Kokc Robinson _ 
Apr. Uovtden'A >lflp_ 
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10.4 Jan. 

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— Dec. 

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6.8 Nov. May Loil & Mar 5p * 

Oct Apr. Land tin I'ni'rfl .T»p 

12.7 NOV. July MaiUiewW'r 20p 

— Nor. June Mlnet Hides. 2 flp 

4.9 Mar. Aug. Moras irinsiZOp. 

8.4 Oct June Pearl 5p_ 

7.4 Dec. June Phuenij.. _ 

9.8 Dec. May Prorident-'A 1 
62 Dec. May Do.“B". 

53 Nov. May Prudential 5p__ 

! * Nov. MayRefueeSp 

15.6 Jan. MayR * 

102 Feb. Oct 5 

— Oct Apr. Stenh&Uie 

5.4 Jan. July Sira JU]iADce-i_ 

June Dec. San lift 5p 

2 April raishoMflr.EPR 

8.7 Nov. May Trade Indemnl:? 

43 MaJaSeDe Traveler! 52.50X 
92 Dec. JunefTiUli Faber 

[flUi 

|^| MOTORS, AIRCRAFT TRADES 

6.4 
42 
5.9, 

|1 MrJe^D. [Gen 

5-4 [Jan. JulyJLotnsCarlOp 

Angutf |RefiBuiMtr.ap_ 


I nice 

99 

34 

158 
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139 
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146 

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310 

255 

179 

159 
150 
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164 

160 
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95 

917 

170 

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PROPERTY— Continued ' 

Lawtl - Div | IFMl 
a I Net I Oriel's | 


INV. TRUSTS— Continued 


Stock 


245 
128 
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7.65 
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7.5 Apr. SepL Inierenrapeai 10p 

— August lenrntilnv«t._ 

— July Oct. Laud invest 

— Jan. July Lad Secs. sop-. 

— Mar. Sept. iKj.iWCnr, ?3-l 

— [.Mar. Sept t» 6>*Vflnr.H».| 
— ; Mar. Sept. Do.HftConv.’95 

’July Nov. Liw Und20p._ 
Oct Mar. Lend Lease *V 
Dec. June Lon Proi Shp 10p 
Apr. Dec. L 011 . Shop Prop „ 
Apr. Sept. LnHoriHd?i.a)p 

Dec. JuneMEPC 

Mirl?rEiUtes_ 

Mrlnemey 10p... 

Mar, Oct. MiEsySw;,aip. 
Apr. Nru Midnur<ffil(h)_ 

April Au 2 . Muuntvie* ;« 

Jan. July Uueklowi.AiJj 
Apr. Ort N 0 K 00 - 

May Nov. Ptarbey 

Jan. July Prop Jlldt tTw. 


|BX50p 

.Mis. Foils... 


QjDJsppt. Majutolls-Ro?Te Mirs~ 
May [Volvo Erf0_ 


43|193 
123 
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Motors awri Cycles 


23 

242 

45 

10 ^ 

92 

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Commercial Vehicles 


93 IFeb. Auc.t£JLF.(HldBK.i__ 


August 


FodenrisOpi. 


3 . 7 1 June Feb.peak Invests.! Op 
* Jan|PlEitons_ 


L 

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t7j«July Jan.Aswc.Enjfg._l 

S^tetnba- Automotive 

Aug. War. Bluemei Bros. 
■ 5J Oct June Brown Bros. lOp. 
jj War. Sept Dana Corp, 


® ” Apr. Sejit DowtySOp 

2-i Jan. July Dunlop 5op_. 

I-3-3 Dec June Flight RrfaeDu(- 
Jsxl JuneiHnnn3miiii top. 




Dec.tt.acsK Ms £1. 


f July Supra Group lOp. 
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an. July WilaotBreeden. 

eb. Aug. VoodbeadfJ.i. 

May Zenilh‘A'50p ' 


1X6 
5.0 
8-0. 

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9.6 |Nov. May Apnleyard Grp._ 
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128 (Jan. -July BSCInLlOp 

7.7 Ang. War. Braid Group A)- 
BriLCarAucTlOp 


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Garages and IHstribntors 


5X Hay Nov 

4 War. July C.G.RB. lOp 

— Jan. July Cafiyns50p_ 
26(6751 Jan. Sept Cateorelms. 

63 8.9 Jan. July Cowieff.i5p.. 

10.6 5J2 Jan. • Aug. DafisGodirey_ 

5.7 — Jan. JuneDorada ; 

15.2 — Jan. July Dutton Fursbow. 

63 7.7 Angiut GateilF.G.i 

29 71 March GUnfleld Lawr_ 
93 63 Way HengerlnvalOp. 
73) 4 (Jan. June Harrison (T.Cj_ 

an. July Hartwells 

Apr. Henbi SSp 

April Heron Mtr Grp.. 
Nov DaltarCnv.—. 
June Hunt (Chirlesu 
5.5) 7.4 (Jan.. • July Jessups ll 

4^ 92 Apr. Oct Earning Ittr. 

14j| 2.0 Oct 'May LexSerrieeGrp.. 
223 Oct April Lookers 

4.7 — Nelson David &. 

43 Septendter Pennine Mtr. l(fp 
52 Dec. June PenyflDMtrs.- 
- May Oct QoieiiE&JJIOp- 
-" Mar. Oct Reynolds WJ.5p 
».0 lRixi0lira-i5p 


8.4 5.7 
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7.7 June Nov. WmfliamStr.lOp. 
9.9 Dec. JulyfWestero Mtr. , 


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Feb. Aug, 
Mar. Nov.| 
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126 


6.6 

4.6 

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3.4 

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55 

2X4 

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NEWSPAFSJRS, PUBLISHERS 


75 

6.4 


... Jan. AugJAf a*. News 

di NOV. May Ass. Book P.20p. 
63 Mar DecjBPM HW^s. A — 
9.4 Feb. Sept BennBroibws- 
5.9 July Oct. Black (A. fcCj— 

i> Feb. Sept Bristol Post 

6.61 Oct Kay Collins William- 

5.9 Oct May Do. “A" , 

2J Feb. Aug. DaihMafl'A'StoJ 
Jan. Juft 2 rfid. Allied 
Ocl Gordon ftGolclu 
May Home Counties- 
Feb-llndcpeodenti— 


,1 oS" 

iSSEt 

7.9 Nov. 


Apr, 


7.71250 


, . 

. IL' poo) D. Post 5flp-| 135 
JulyjMarshail CarJOp 

ov. JunejNewslot 

... Nov. JulylPeKKuLoogmaiJ 187 
* Jan. JulyiTynnidlOn l . 41 
O Mar. ScpURouiledge 4 KP- 
5.0 May OctlShiirpefWNl — : 

4.6 Dec. Juneghomam 

_ Nov. June|l)td. Newspapers 
3.9 Oct FebJWebstersPun. 5p 
5.4 April Sept|Wilion Bros. 2»p. 

|| PAPER, PRINTING 


167 

235 

50 

69 
102 
-122 
140. 
135 
305 

89 

73 

70 


185 

190 

265 

344 

44 

40 


2BJ1 t523 
25 4.02 
34 257 
772 72.13 
17.4 d4.90 
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6.9 


78 


5.6 

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6.0 


ADVERTISING 


TrJiiTa A Pf- J n ft Aw*. Papa 1 - 
7 5 IT 19 Jan. July Do ifcpcCoiiT.- 
I-a 79 Dec. June Aab &Wlbnrg— 
i 2 Dec. May Bcmrosc ■■■— 

* June Jan. BnL Pnntmg — 
hjH * Jan. July BnnuuMbni — 

0 S 3 I 7 Jan - Jul >' D».MntW 8 - 

5MH * Nov. June Bud FVlp 103 

fq Dec. June Capseal$5p 

Jj ■'V— 


CaustontSirJ.l— 
.m 8 jan. Aug. Qapijan Ba?-%- 
75 Sept May naviRKhardj 
73 June Nov. Collett DronlOp 
if _ Cixlterbunrd— 

71 April DeJvnWp 

* 4 Nov. July PBG 

q ? Sept Apr. East Lancs. Pjff_ 
ia Juft Nuv. Eucnimns.— — 
77 Apr. Nor. Ferrc Pick I0p__ 
£7 Apr. Ocl. FinlasHoldmau 
4 g Jau. June Geers'-irosslPp..; 

* Dee. May Hamwn toons. 
f 7 Mar. Sept. IPG 10 its---. 

j-j SS: ssa 
“SEBSSSSKiSS 


521 
9.71 
7 7 
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feKsssasfflfci 

gftt assasit 

amt PKOPERTY 

]All'd London lOp 
ADnait London - 
MBjJsiwirdSiBtts 

Apex. Frops. lOp. 

A4Uts.S«.s Sp^. 

AscBoeMow 

Bank £ Cota lOp. 

Bcanmonl PKW-, 

BeazrrtC H-jlBp-l 
gellwai Hldgs — [ 

F-erfcelev UyabrO-j 
Billon 1 Perry>_. 

RradfordProp _ 

Rrtl Anuni5p._ 

'British Land— — 

Do ilrcrw.KKJ 
Bruton Estate— 
Cap.fcCyunijes- 
Do.Famnts_ 
,|(iriinj;Groqp5pJ 


1X0 


? 4 J ^J.S^"lDgihy*M-SX^, 
“A c.nt * IPlires P. Mfll20p 


Sept Apr — 

Tl, jan. June Oxley PrmtGm 

rl Jan. July sufrtJiSarfU] 
H Feb. Ocl Smith tDridlJOp. 
SS Jan. Jnly Smurfltflefimi. 
, 5 Jan. July Transparent Ppc. 


305)1289 


2.5) 9.70 


, r- July Dec. 
3.9|(6.<) jan. Sept| 

f l Apr. 

6.6 Mar 


. 7-51 63 

1 195 


63 


Oct| 
Ort, 

— August 
8.2 — 

5.6 sept Mar. 

Ml r* • Ian - A P r i 

7 1} 9.8 p«, June| 
Dec 

Juiy| 

l3A» Dec. AUS 


10.1 

9.1 


85 

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3.6 

4.9 

3.9 

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July}' 


64 Jan. 

6.6 Feb- AuR-l , . 

9.0 jan. Scptpmngtwtw 


75 

Ar- 

6.4 [Dee, Juuel 


Jan. 


lijan tc- wK 


3.6)10.6 

17.4puly Apr. 
12S|Apr. Oct, 
62 February 
9.6 Mar. Sept 


2X9 1 June Dec 


55 [May Sept 
♦ [Apnl Ort 
July 
8.0 Nov. June 
- Apr. Nov. 
7.4 jan- Aug 

5B ApP _ DeC 
® Apr. Dec. 
7.4 Feb. Sept 
5.5J3IK -Ml r 
125 jan. Juft- 
92 June 
O Nmeraber 
6.7 Feh. July 
10.9 Sept Mar. 


Kriitnmiieini2^> 

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ICbuithb'tyEst— 
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Control Secs. 10p 
XoniEsclanjKll& 

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[Cnty&Dist 3 . 
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iflares Estates !%»] 
bornngtanlOR- 


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fit Pfrilud 50 Pm 
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305| hLB5 


14.11 <13.86 

212 35 
133 0.68 
266 X63 
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Oct. Prp.mi trkilJ 
Auc. Prop.Parl'slup-' 
Juft Prop ft Rev. 'A' 
Oct Prop. Set lnv50pJ 
Raf.UnPrc 1 p. 3 p. 

, Regal ian ... 

13.0) April Oct Regional ftw— 
7. April Oct Do. 'A' 


Jan. June Bari t Tompkins I 

December Samuel Props 

Aug. Jan. Scat Krirop 20p 
Mar. Ocl. Second City 10p_ 

Ocl. May 5inu*hEiIs 

June Dec. Do.id%Com-'90 
Apr. Au g. Slock Coniersn _ 
ApriL Oct Snaky (Ei Inr, 

— Svnv Fropcrtiei 

December Town Centre 

Apr. Oct Town 6 City H>P - 

Apr. Nov. Trafioni Park 

— ILK. Property — 

Nov. April rid- Real Prop _ 
Mar. Sept Warner Ertaie_ 
Apr Oct ffxnJord hr 2(tp. 
Apnl Sept WebbiJosiSp. .. 

— Wnu aster P 31p. 

July OctlWmamEsts — 



. _ Dividends 
Ffef Paid 

1W3 [Ort Apr. 


— >Dec. JunejBnmncrlnr 
Jun. Pec 
June Pec, 

Dec. Aug. 

.Feb. Octl 


Jon. Dec. 
May 


.1165ji)ec. June 


Apr. Nov 

Sept .Mar. 
Aug. Apr, 
June Dec, 
May 

Aug. Afar 


May Dec; 
Nor. June) 
Mar. Sept 

Jan. May| 

Aug. 

Feb. Aug, 
Dec. June 

Mar. Aug. 
January 
Feb. Aug 

Aug. Mar. 
Aug. Feb. 

Dec. July| 
Apr. Ocl, 
Mhy Dec. 
Apr. Aug. 
Apr. Aug, 
Nov. Apr. 


SHIPBUILDERS, REPAIRERS 


June Dec.IHnwthornL.50p. 
Dec. June Swan Hnnieru. 

June Dec. Vesper 

Jan. May V arrow 50p 


68 

137 

160 

265 


11751 — 
126 6.86 
3- 4.65 
15 i 74.61 


SHIPPING 


Dec. Ang.IBriitCom.50p. 
May Dec. Cannon Bnu. 3ip.. 

Oct. May FuhertJi 

Dec. May Furness Withy £1 
Jan. July BnnttogGibui E!_| 
May Oct Jacobs (J.J.l2Dp. 

July Lnn.O'Seas. Fitr_) 
Jan. July LyleShippine.— 
June Oct Man Linen 3p . 
- Mersey Dk. Unite 

Juft IQ Hard Docks £1. 

Sw. May Ocean Transport 
Mar. SeptP.tO.Derd.fl- 
Apr. Oct. Reardon Sm.30p 

Apr. Oct Do.'A'SOp 

'Jan. JoJy/Runctfaao (W.) _ 


ZBOxd 

115 

156 

231 

126 

33 

25 

no 

220 

22 j 2 

70 

Ul 

90 

72 

W‘ 


266) 


2-5)551 


17.4 

305 

1710 

3.4 

677 

305 

155 

305 

155 

155 

277 


926 


153 

8.17 

5.09 
dX85 

4.90 

5.10 

268 

825 

6.54 

J164 


2T7I |Lb4 

3A5JI16 


q3.7| 


l.Bt 82] 


105 

3J. 

85 


5.0] 

77) list 91 
4.y 5.4 
62 

12 85142 

05 78 45 
23 


U 


3.5062 
_ 15 

A 


A 

« 

ii 


SHOES AND LEATHER 


Feb. AUebone lOpt— 

Booth flntnli 

Footwear lint— 
Garner Scoiblair 


Sex»t MayWard White, 


Sept .Feb 
April Dec, 

Oct June 
December 

June DecJS Shoes... i— 

Apr. 

Apr. , 

Ort AprillOlhefiGrA' 

MariPiUard Grp. 
[SteadtSbn-.V.. 
SnmetFfaher.. 
IShlaShtes 


February JWeanalOp 


1B>2 

159 

10 


IT], 

54 

126 

4.39 


tr3P| 

57 

27 2 

td3^5 

Rlh 

im\ 

94 

2* 

Cl* 

4.1 

7.3 

46 

30'S 

1X7 

KXj 

3.9 

89 

17.4 

490 

Rl' 

83 

64 

'*].!> 

t227 

ETm 

5.4 

39 

34 

217 


173 

50 

27.2 

h ' ■ 

3.0 

85 

46 

13 > 

187 

27 

62 

52 

34 

777 


Bl 

38 

I6J 

2.13 

« 

8.8 

56 

58l 2 

gfl 

» 



30ft 

mr 

hi 16 

K f j 

5.8 

74 

Kin 

M3 96 

■ 1 1 

21 

24ft 

3J 

X31 

Ej 

8J 


SOUTH AFRICANS 


Apr. Sept 
Sept War. 
Fee. Aug. 


May NoviEdworks 10c— _ 


September 
Juft Dec. 
Feb. Aug 


March Sept 


Dec. 

May 

May 


July 

Nov. 

Nov 


AhercomM30_ 
Anglo Am. In. R1 
AnglYsImLaOc 


Gold Fids. P.32C 
i&2mns‘A'50c_ 
Iflulett'sCpn.RX 


Dec. MayKlS Bazaars 50c _ 


PrimronlOcts.- 
Ro Tntfonn 'Aik 
SA.Brews.20c— 

Tiger Oats R1 

IPnlsec 


102 

777 




565 

34 


24 

6.7 

120* 

766 

Q?0c 

* 

mo 

80 

13’ 

+Q4c 

+J 

34 

75 

73i 


14 

130 

305 


0.6 


98* 

7h6 

Cpflp 

* 

17.1 

430 

15.6 

Q58c 

X9 

8.1 

73 

I?? 


06 

i 

155 

— 

Cpfo 

4.0 

10 i 

81 

155 


19 

Rl 

580 

13, j 


5.4 

68 

14 


X2 

94 


TEXTILES 


SepL Mar. [Allied Textile 
Jan. Aug A t kins Bros.. _ 
Dec. Juft Beales U.i2Dp — . 
May Nov. Beckman A lOp. 
'June Dec. Blackwood Mon. 
Apr. Sept Bond St Fab. I8p) 
Dec. July Bright 1 John' — 
BnerwGrojp 
May Brit.Enkaion — 

Apr. Sept BriLMohatr. 
Feb. Aug. BoJnerfHib.aDp- 
Jan. July Caird (Don dee). 
Pec. May Carpets InLaOn. 
May Nov. Curtin Vivella_ 

October Cawdawlnd 

Dec. June Coats Fatons — 
Oct MayCnrah 


Vo [Mar. Sept. Coarfenlds 

7-4 Mar. SepL Da 7% Deb 82)7 
Jniv CnwthertJj—. 
Feb. Sept DawsonintJ.^ 

w Feb. Sept. Do. A 1 

qa [Feb. OcLDkaai tDivid) 

- [Nov. JulyEariritlfca.lOpl 
|Jan. July Foster John! — 
Apr. Nov. HaeasiJ.HOp— 
[Apr. Nov. HlmtfFsL . 

I Juft Hield Bros.6p„ 

[Jan. Aug. Hichams 

[Mar. Ocl Hollas Grp ap 

Aug Feb. Bomfray 

Oct Mar. Dl'girorthlL20p 

Oct Mar. Do.*A'20p 

Jan. Aug Ingram iH.HOp.- 
Nov. May Jerome iHldgsi- 
Jan. Juft tods Dyers- — 
November Leigh UiBs 


Juft Lries(S.)20p — 
Dec. UacteyHngh — 
Oct HaciiimonSeot* 
July Marfin(Aj3)p — 
[Nov. June Hiller lF.)10p__ 

jept Apr. MonUon 

Juft Dec. Notts. Manfg. 
jMar. Sept Nora Jersey20p. 
(Jan. June Parkland '.V — 
July Hcklts (W.) A Co. 
Jan.- July Do/A'NVIOp. 
Apr. Sopt RXT.1&&- . — _ 
83 Apr. Juft- RadleyFadrions 
_ _ i Aug Dec. Reed (Wm.t 
Mar. Oct Bdtonre Knit 20p_j 
) ( 6 . 0 ) May Nov. Richards Itlp 
’ -T Mar. OctS£R2.20p_ 
July Dec. Scott RobertstHL. 
Sept Jan. Sekerelatlto — 
Feb. Aug Shaw Carpets 10p J 
June Dec. ShUobSpinners- 
Mar. Sept SldtowIndsJOp, 

Jan. May Sirdar 

July Dec. SmaL iT)dnias_ 
Apr. Aug. &LVisctoaLO>_! 
Apr. Aug Do. Priv L!200„ 
Feb. OcL Spencer tGeo.)_ 
Apr. Nov. Stoddard v l’ — 
Jan. July Stroud Riley to 1 !,' 
[Jan. May Ttrn-Consnlate_ 
ar. SepL rexTtdJisy.lOp. 

February Tomkiwoiik 

[Feb. Juft Toctal. 

TorayYaO. 

Anrfl Oct r. 

Jan. Juft TriwriDeMIp- 
Mar. Sept ¥fta-Tex20p — 
[Mar. Oct Ynis. Fine W.2Bp 
[OcL May[Yau£tod 


toemJp- 
DecJUsler 


# 

30. 

61 

42 

43ri 

33 


B2 d6.49 
126 357 
305 288 
14 84.90 
4 77 T0.82 
126 26 
126 242 
874 • — 
J76 - 
3 4 272 
305 321 
675 - 
1411 1.65 

m 210 

25.7 2.42 
305 326 
133 LBS 
305 756 
132 Q7% 
126 dtf.65 
32 3J2 
31 3.72 

HSF 

% ^ 
212 72 
305 0.75 
126 3.01 
301 t4J9 
305 d3.12 
1212 134 
1212 134 
3J dZBl 

17.4 h278 
305 h!51 
310 dX05 
174 - 
1212 02 
305 45 

3.4 d33 

301 185 
155 3.70 
25X45 
X4 3.49 
155 324 
31 103 
126 d3.1B 
25 0.69 
25 0.69 

126 +449, 
272 1d3.94 
126 4.42 
27 2 289 
155 tX03 

302 tdX6fl 
305 274 
266 X51 
1276 JD58 

25 X64 
126 6.02 
34fd28? 
305 20 
177 — . 
177 — 
■34 246 
112 tL32 
162 tLOl 
.25 L65 

AH 

_H5 272 

law 

155 tL83 
112 125 
265 Ujp 
19.9 2057 


62 


45 

5.0 

5.9 

li 

Ii 

105 

6.9 
3.8 
72 


3.4 
62 

ft 

9.4 


2X2 

23 

ft 


351 Ml 65 


241X1 
65 53 
X9105 

sJb! 

126 


fi 

26 

3.1 

1.4 

13 

202 

m 

1102 

26 

21 

200 

tb 

3.0 

16 

0.9 

32 

32 

15 

3.6 

53 

28 


» 

iii 

12? 

6.9 

83 

n 

29 

4.4 

4.4 

521 

U5I 

11 . 8 I 

1X91 

103] 

93 

1X0 




7.4 

[120 

a4 

36 

83 


10.9 

7.7 

120 

7-9 

10.4 

95 

42 

9.2 

72 

8.? 


XSlD.ffl 


63 

10.4 


8.7! 

73 

45 

66 

“jj 

20^ 

110.4 

mf 

6.4 

9.4 


32 

7.7 

Ii 


4.6 

4.4 

(ill 

t3.9) 

4 

S3 

(1801 


3.4 

3.4 
1X1 

62 

73 

£3 

5.4 
(7Ji 


111 
1X414.9 


93 


X810.0 
65 
7.4 


32 

8 

56 

42 

^3 

6.4 

3.4 
aoj 

4 

135 

10.4 

42 

8.9 


8.7 
53 

3.7 
43 

H.7 
112 
U 
52 3 
8.0 
5.0 
63 


TOBACCOS 


Apr. SepUBATlnds, 


Do. Deft— 

Jan. JuneftonhllHAllEp. 

I II jlmpenal 

Jan. Segl.jRtfhnsnslSto- 
Jan. 


312 

7711 • 

1X2 

ta.m 

T3.4 

M 

4/U 

345* 

ai 

8.72 

f 

33 

76 

135 

5.66 

20 

1X3 

51 

1 232 

C2M 

9.4 

6.0 

59 

25, 

279 

* 

7 2 


TRUSTS, FINANCE, LAND 

Investment Trusts 


Dec. June 
Dec. June 
Jan. Sept 


Dec. 

Oct” 

Aug Mar. 
SepL Apr. 

June D«. 
Aug Feb 

Dee. June] 
Aug Mar. 
January 
November] 
Dee. June] 
October 
Nov. Juft 
December 



Tan. Aug 
Apr. Sept. 1 
Ap JyOJar 


May 

Feb. 


Ant 
Dec. June 


Aberdeen lavt -. 
Aberdeen Trust- 
Ail-a biv._, 


July .Alliance lav 

Alliance Trust— . 
AHiftmd lnc.50p. 
Da Capitol 50p. [ 
Ambrose Inv. Ik. _| 

Do. Cap 

AraericanTiust- 
AmencanTri-'B' 
Anglo Am. 5eci- 
Angltt-lat Div.— 
Do. Asset Shs— 

Anglo-Seotlor.- 
Archimedes Inc- 
Do.CagSOp — 

® III RAH— 

wralnv 

Atlanta Balt Up. 
Alianiic Assets- 
Alias EI«l 
A*i>!. i HJ.i5Gpi. 

RluKt.'y'lni ' 

ij.nyinist 

ligate Prep. J 
'BuhcpsgateTst 
<BerderlSiha. Ito. 
BraiilTandCrSl! 
Bnuillnv. Cr51_ 
BreoBrlit— — 

6ridfe*Mrt 

Brit Am. L Gea_ 
Briii«h Aneh_ 


Nov.lBrir Eap Sso 5p 


BriLlnc &Gcc~ 
BnL Invest— , 





Jan. July 1 
April 
Apr. Nov- 


Dee. June] 
October 
May Nov. 
Sept. Apr. 
Nov. Apr. 
Jan. Juft- 
May Not. 


Oct. 

Nov. 

Aug. Apr. 


Ort. Apr 
Dec. Junei 
Jan. Sept 


Stock 

BrMdrifincCOp) 


List 
Prire fi 


Dir 

Net 


BrrrourtaOp^-. 

CJJLPJnv.. 

Caledonia tors— 
CaiedOnUnTit^. 

Do.'B"-_ 

Cambnan andOm, 
CaiBcili.i Ik: lOp J 
Can. & Foreign— 
Capital 6 X el _ 
IM.-B”..--.- 
Cardinal D;d_— 

Carlin! in r r . 

Cedar In v 

Chan 1ft Inc. £1. 

Do. Cap 

Charter Truri._ 
Mar. Sept Cityi Com be.. 

Da. Cap. ill j 

CitjiForln-. 

City & In tern 

CityoiOriord 

Claiwhirase50p. 
Clifura Jnrc lOp— 
Clydesdale bv— 

Do.■ , B■ , 

May Luisnifll Set*. Did.. 
Contmentl t bd 
Conti mml Union 4 
Cresm Japan SOpJ 

Crossfriarc 7 

Cumnlmlnv 

Danae ilnr.)!50p) 
Dn.fCapilOp— 
Debenture Cm. 
Derby Trt. lne.il 1 

Do. up. 90p 

dominion t Gen. 
brajton Cornel- 

Do. Cons. 

Do Far Eastern 
Do. Premier— 
.Dnah-eslliK.SOp 
Do Capital £1— . 
Dundee t Lon.., 


EduburchAm.7iL[ 126 


Ed;n Inv.Df El 


Jan. July Electro Tin. Tst 

Febi And. Elwt.fcGen 

Nor. July Eng & InternatL 
Oct. April Fne iN Y Trail— | 
SepL Mar Ehe & Scot Inv, 
Jut. Sept Equity '.'oiuttl. 

Sept. Do L*crd 50p 

May Dec. Equity (nr. Sip— 


EitaieDnliei 

F.tC.EunnnuL 
Family bv.Tsi— 

First SroL Am 

Foreign 6 Col— . 
F.l - G (.T..RII 2 S 1 , 
FuDdimesUnc. 

, Do. Cap 

Mar. h3 T. Japan 

Apr.rGen. & Comra'cL 
[Geo.Conroldtd. 


Sept MarJGeneral Funds— 
Do.Conr. lOp. 


Gen.Inr«slors_, 

Gen. Scottish 

Oea SChldrs lSjp 


Mar. Aug.paaswvSfhldr*— j 


Glenderon bv_ 
Do.-B". 


Apr. Nov, 


June Feb.hjlenmurraylnv. 
Do.-B'OrL 


(Globe luv- 


Juft 


tlBp 


July -Jan. _ 

Juft GoveUEurepe- 

Mar. Sept Grange Trail 

Sept Mar. Gt-North nlnv— 
March Greenfnzrlnv,__ 

Jan. June Gresham 1m 

Mar. SepL Groan Investors. , 
Dec. Juft Gunibn Inv. Tst-j 

Juft Dec. Uambros.— 

Jan. June Harems inv. 10p 

July Dec. FQ1I (Philip) 

Apr. Oct Rome HMs. “A"- 
— DO.-B"..., 

June leoCundiSi- 

June Do. [£i 

Dec. June Industrial t Gen. 

SepL Mar. blentaHinr 

SepL Apr. Inv. in Success— 

June Nov. Incetton'Can 

Dec. Juft lirestmLTsLCip . 

May Jardint Japan _ 
Mar. SepL tontine Sec. HES5. 

— JentyEzlFLlp 

Nov. June Jer«TGen.£I_, 
May Oct Jm Holdings—. 
May Nov. iorelnv.lne.JOp 
— Do.Cap.2p— _ 

July Feb. Krisontlnv.50p_ 
Nov. Jim. Lake View Inv.— 
March Lane, t Lon. Inv_ 
Apr. OcLLawDebentore. 

- bardSUgBeilp 
Aug Feb. Lfdalnv.IncJOp 

— Do.Cap.5p — 

January LeVallonetlnv.. . 
Max. SepL LonA Abdn FfdSpI 
Dec. July Lon. Alfauttc-— 
Mar. Sept LonAusUnviAI 
October Uw.&Gait50p> 
Nov. Juft Ljuia. ABoiyiTwL) 
June Jan, Lon. fc Lean or— 
Feb. Oct Lon.6'Liv. lOp — 

Apr. Oct Lou. 4 Lomond _ 

5 hlBtar. Nov. Lon-iMontrose 

Nov.' June Lon. AProv. 

Dec. July Lon. Prudential- 
May Dec. Lon. t S'dvde— 
June Dec, Lon.TstMd. — 

June Dec Lcwtondbv 

Sept Mar. IAGPmIIdc. lto 
Do.Cap.l0p.. 
Jan. Do 2nd. DmJ lot 
Do.Cup.4p, 

Jau. June Han. Swa50p- 

Mar. Sep.BeUnnnlav 

Apr. Sep. Mercantile bv- 
Sept. May Merchants Tst— 
Fen. Juft Monks Invest — 
May Mont Boston lOp 

- Do.Wrrts.Q_ 
— - tfffmlwppt- - 

Jan. Sep. Uoorgateluv— 
Aug Mar. Uooiside Trust 
March XegtSASUSl. 

Apr Jly.OcL New Throe. Ine_ 
— Do. Cap. tl . 

— Do.New Wrrts_ 

April N.Y.6Gutn»re. 
Aug Dec. 1928 Invest 
May Dec. Nth. Atlantic See 
June Dec. NEfaL American- 
Dec. July Northern Secs— 
Jan. Aug Oil ArAssoc. Inv. 
June Nov. Ontwichlnv. 

Apr. Aug Pcntiandlnr — _ 
Dec. Aug Prog. So. lav. sod 
Mar. Sept. Provincial Cities 
Aug Feb. Raeburn— 
Feb. Sept Reahrooklnc. _ 
Apr. Oct Rights* Isa. Cap 
Ort. Mar. RherMHere. — 
SepL Mar. Over Pilate Det- 
Apr. Nov. Bobeca(BrjT950 
Apr. Nov. Da Suva's F15 
RoltacoNVFKO 
Do6ah.a'jF15_ 
Aug Mar. Romney Trust _ 
Apr. Nov. Rosedinrondlnc. 

— Do. Cap 

Sep. Dec.BntbidHdIn.50pJ 
Dec. June Safeguard Ind_. 
Oct April St AudrewTjt.-, 
Juft Mar. Soil An Inv. 50pJ 
December Scot t Cool. Ins - 
Mar. Dec. Scot Ctties'A^ 
Apr. Oct Scot East Inv— 
Dec. July Scot European- 

July Jau. Scottish Inv 

June Dec. Scot M 01 L* Tst. 
June Dec. Scot National— 
May Dec Scot. Northern— 
July Dee. Scot Ontario __ 

Ang liar, Scot. Old. Inv. 

Apr. Aug Scot Westeu 
— Setf. Vesta'S— „ 

Apr. Ort. Set Alliance Tst | 

Jan.- Sept Sec. Great NUu.. 

- Do."B- 

Dec. JuneSecnritKsT.se-. 

June SdrtBhklnr.SUS 
Apr. Sept. Shires Inv.50p— 

November SheweH lOp 

Dec. June Sphere Inv 

Dec. June ShjtiecJIJel- 
. SPLIT Cap. lOpI 
Jau. Aug. Stanhope Gen — 

Aug Apr. SUaVmTA , 

June Jan. SaekWklealBv. J 

September Sktaoiogy. 

Mar. Oct ItapleBar. 

April HOK nmGK’vf' .. 

- DaOip.£l 
Mar. AngThroamirto __ 
May Nov. DaSj%Loan_ 
Mar. Oct Tnr.Imestlnc— 


Feb 

rntewe invest-, 
Oct Apr- rWeveiUBt.»ii^ 
Capital U- 

Dec. June Trust ITnroo 

Feb. Aug Treslees Corp— 

Apr. Oct. bnesidelnv 

April Updown Inv _____ 
Feb. Aug UffBrtt. Secs... 
May Nov. Uid. Capitals 
Apr. Aug. USDrti.Coro — . 
Mar. July ri&GeaeralTsL 
June USTrwtFtmdSL, 
July Vitesg Bemurres- 
Marcb t.Cttfi Texas Iflp. 
June Dec WemysslDv.il— 
Aug Jdar. Kmertwaom 
Feb. July Stem Inv, 

— Do."B", 

Apr. SepL Yeoman hre._ 
juft Dec. fersai Lancs— 
— YortgreenlOp- 
Dee. JanelTBBnsCa'&IavXL 


147 

93d 

71 

63 

236ri 
79ft 
75J \ 
82 
295 
107 
113 
115 
103 
110 
62 
136 
540 

"S 

100 

S' 2 

97 

66ft 

80ft 

7 , 2 

jr 

240 

189 

109 

180 

76 

25 

44 

V* 

60ft 

220 


1!.. 

124 
140 
41 
187 
63ft 
212 
6 lad 


221 

1081, 

71d 

85 

75 

70 

105 

124 

203 

89 

94 

161 

49d 

It 2 

138 

144 

80 

153 

113 

99 

87 

Ul 

99 

92ft 

8M2 

70ft 

68ft 

yf 

97 id 

it 

h 


158 
141 
3ffl z 
100 
113 
1A7 
100 
138ft 
77 ft 
96 
92ft 
188 

ffft 

83 

184 

440 

132 

72 

109 
156 

55ft 

105 

¥ 

88ft 

22ft 

100 

68ftnl 

£107 

77 

101 

166 

73 
63 

132 

101 

127ft 

110 
58 

126 - 
20 

94ft n! 
184ri 
830 
90 
75 
300 
196 
85ft 
82ft 
164 
30 
15ft 
79 


I?3| 


— . 5.15 
26 b| t355 

ii! 

8.43 


2bh 
1212 

305 
2B3 
305 
132 

272 
113 3 85 
155 +26 
153 Qi5.0 
3’6fl* 


266 


133)1.82 


m 


U-5 


26.6 

212 

155 

132 

272 


t1.M 

3l 

20 

3.60 

4.0 

3* 


t?15 


■+4.07 

36 


134 3.8 

674 


+X67 


332 8.1 
3J 6.40 


35 


133) +332 
2BJ1 

m 


D.8 

+267 


b240 

13.43 


7.75 
4.5 
4.7 
0.9 
67 
155 454 

a.6 t2j 
27 2 U 
33.3 6.75 
126 5.0 
2m 155 
38J 3.8 

zn 26 

272 2 45 
3J 677 
85 5.61 
5 b9.90 
25 hXB2 
3.10 0 8a 
133 3.85 
735 285 
212 3.77 
266 2p 

155 +246 

30.1 tl.01 
174 5.82 
272 3.75 
133 4.7 

17~ti 4 0 
155 335 
9J 1.7 

132 2.4 
14JU] +L66 

17.4| 17 

2hh 500 
385 XS 
301 t21 

265 13.87 
301 1.45 
161 cl. 02 
301 tl.71 
155 270 

266 3.75 
266 0.85 
30J 7.9 
272) f3.71 

Q20c 
Q9.49 
305 1.75 

133 2.62 
B3 290 
155 +X65 
305 46.7 

3.4 0.85 
22 tQ47c 
474 
155 013.0 
133 th205 

17.4 350 

30 j] 6.0 
155 240 
272 X8 
133 45 
27 
301 277 

25 ffL5 



135 

9B 

0.12 


154 


377 0.40 
155 875 
17.4 27 
305 285 
265 3.45 
1212 tl98 
305 X53 
126 4.05 
126 280 
301 ~ 

26i 
161 
3t 
Z72 213 
272 625 
293tB56« 
293«256% 
1075 
1875 . 

272 265 
133 4JB 

12811 558 
25 3.6 
272 4.15 
26.6 1260 
[17 1C L2 
133 8.0 
13J 4.05 
305 15 
126 +256 
25 330 
305 t3.45 
25 336 
155 410 

132 hL&B 
126)220 

1321 +567 
14J1) TX79 

155)610 
226 Q25c 
712 8.46 
310 15 
305 33 
155 +919 

31 +278 
Si +53 
305 1235 
25J 228 

133 h4.75 
272 L88 


% 


i-A 

272| +4.w 
■.91^0.49 
133 5.0 
hX3 
17.4 «39 

305 3.4 
31 +4.06 
305 3.85 
301 0.25 
33 h«.03 
25 0.94 
266 lp 
265 +5.94 
126 QlOc 
155 11 
172 0.75 
155 1061 
301 4.6 
505 23 

305 am 

272 759 

10*75! - 
355 


ICtT 

10] 

xi! 

1.0 

h 

ill 

« 

1.2 

1.0 

XO 

XI 

1.1 
1.41 

1?1, 

XO 


ru 

Grs FIS 


55 

5.9 

5.2 

4.b 

5.4 
27 

6 5; 
10, 

lii 

5.7; 
5.3 1 
to 1L 
U.0) 

To 

9.5 


6.4; 


FINANCE, LAND— Continued 


28.9 

23i 

225 

267 

1 * 

45.6 


22 0 — 


25.5 

295 

255 

255 


233 

157 


220 


75^195 


21.0 

438 

25.7 

28.6 

3805 

1221 

[3X9 

145 


1.W 


. 7 -4 
Ll 3.7 

ill 26 
6.6 


1.0 

1 

1 , 
L2 
LOl 

2. 

XII 

1 

1 

X2 

1.0 

XO 

XI 

13 

X0 

L 

XI 

u 

12 

2 I 

V 

l.l 

4> 

1J , 

13 


3LJ] 


X4 

L0 , 

XO] 

XO 

XI 

0.9 

To 

208 

12 

ii 

13 

1.0 

xi 

XI 

11 

11 

L0 

1.0 

xq 

i.S 


15 

bll 

Xi 

XO 

XO 

L0 

M 


6.0227, 


92 

6.3 

55 

331 

1U| 


2 
25 4 
[40.6 
26.0 
4 

5.7)24.8 


il 

7.0; 

34 

6.3 

53 

53| 

10.2 


- 7 U 


4.6 

35] 

6.4 

10.0 

Tl 

6.1 

7.1 

A3 

Ti 


5.5)25.6 

1.K112.9; 


3.7] 


2.7|44.8 

L7M21 


190 


823 

3X2 

20.1 

it. 

281 

28.6 


338 
463 
225 
3XE 
42.6 
12.0 
15 J) 

669 

23.4 

203 

32.2 

2X2 


36.8 


24.4 


43[3X4 


228 

147.0 

162 

37.4 

26.8 

23.7 

2? 6 
15.9 


263 

24.0 

,45.7 

44.4 

375 


0.9)148.9 


4.0 

u 

1X9 

To 

h 

6.6 

lla 

75 

22 

4.7 

0.7 1296 
4.9 30.9 


24.0, 

165: 

a? 

19.6 

134.7 

221 

2X5 

124 


203 

21.0 



6.7 • 
6.4 229 
5.0 24.7 
55 27.0 


56 256 
7.7 192 
0.7 1522! 
113.2) ♦ 


Apr. SeptjLmmvail. 


1 114.9 
24.0 
3X6 
328 

Mtw KovJBIaufyren 
Fen. OctlHuo Estates 

228 
173 
292 
3X4 


73 19.0 
7.0 19.9 
5J19J 

5.0 X9 


7.o); 


Dirideads 

Paid 

Stock • 

Prire 

IT 

Div 

Net 

Ctr 

Fid 

Ws 

PiE 

_ 

Grimsh.iwe2Hp- 

?5 

IffTJ 

__ 


__ 


Feb. Aug 

Hamfiro Trust — 

29 

JtU 

+L64 

45 

8.6 

42 


Kaai3ionT»r3p. 
Kawrar S 51 

ID 

49 

itin 


I 

I 

— 



177 


04(1 

7? 

?’ 

:*?3 

Feh. Sept 

InrosimcntCa 

Kakiulk5>. 

17 

7a. 1 

4094 

31 

tt! 

54 


115 

301 

h«nir 

3C 

n 

61 


kjfcri n-TarliflOp 

77 


in 

19 C 

7 l 

31 

Seplemher 

Kxaku lf<p 

71 

]DD 

165 

13 

ii': 

99 


LiaciHii* IPp* 

17-Vnf 

ris 

03 

* 

76 

O 

Jan. Mai 

Inn Earo Gro. - 

30 

ii> 

Da 

47 

6 

114 



R6 

17 r. 

+1 ?5 

4? 

:■< 

12 5 

June Jan 

M. A G. Hldf‘ 5p 

170 

J’6 

}46 

37 

4J 

87 

No*, ember 

Mi-cdiflci- iift.. 

68 

HI! 

0.68 

24 

1.5 

394 

Apr. vet. 
Mr Jn.S.D. 

Martin iR P 5p. 

47 

<■ 

:-.i3 

1.1 

bl 

7.1 


ni* 

!T3 

VS! 16 


_ 

October 

NUrimc !2ftp 

17 

21i 

1J 

0.7 

11.6 

132 


>ipmaF«J Sto.Bli 

360 

_ 








Piran te -Op’ . 

13 

Mi 





May Dec. 

Park Place tor 

32 

m 

no 

3.6 

47 

71 

June Nov. 

reariOtiF-iSua- 

715 

75 

681 

35 

4f 

9.1 

May 

Proub3-S.Fn30- 

£63 

U5 

D9A 6 i 



47 



Nov. July 

tWorfeiu?-, 

11 

?; 

048 

1C 

66 

m 

July Dec 

Scot £ Mere. \V_ 

101 

?8.X 

3.02 

X7 

4b 

19.6 

Nov. May 

S.E £¥.rc Ana- 

£50 

n.; 

V4.26 



8.5 



March Ocl 

Smith Bros _ 

67 

272 

14.91 

21 

13.1 

6.0 


Slhn.PatHK50c 

iMa# 








41 

June 

SuerFiD.NTIM. 

£46ft 

30j 

C22i- 



61 



April 

Traci MkL.Ts.lp_i 
HTstn-Select at 

ELOft 

94 

W3.(fe 

u 

* 

A 

Apr. Ang. 

25 

13? 

? 1 

1? 

!?7 

103 

Mar. Oct 

West of England. 

SAh 

lii 

tl.38 

3 7 

3* 

10 6 

Apr. Aug. 

YuieCauolOp— . 

75 


L39 

3.8 

23 

9.7 


( 

|Alt«ka)p 

)HS 

90 

71 7] 






Mav Dec. 

BriLBcrncolDp. 

Hrii.PetrorB.tl 

154 

15 b 

6.74 

15 

66 

148 

Nov. May 

K44I 

i‘- 

2210 

47 

4f 

9.1 

Jan. July 

Do 8+s Pf.fl 

70* 

?6h 


51M 

121 


EurTCdhLl 

62 

IU74 







Feb. Aug. 

P0 3-IJI.9I9S- 

W 

3.6 

£4 



eli.] 



wCfP.Vth Sea£l_ 

_ 










renter; 10p 

63 

1?6 

2.63 

31 

65 

61 


L hirierhafl 5p — 

21 

367 





540 

July 

licFr Pec-ole* 3.. 

U4t 7 

S.7 

gi4_n- 

X9 

7.2 

10 7 



MCluHOilfl ... 

400 










_ 

t+Clyde Petrol £1 

120 



1.00 

8.6 

11 

U.4 


Endeavour 20c— 

22ft 












«c\ 

28 

joj: 

tOJ 


05 



LASMO . _. 

142 






Feb. Aug. 

LAswn; : s iaa!^ 

ElOZft 

ibj 

Q14"» 


e!4» 





LlSUL'-iftC jjp. 
Kisaet Metal* lie 

320 





— 






22 



— 

— 





May 

L'llExpl Iflp ... 

230 

17.4 

211 

3.0 

X4 

32.6 



Preixer Cons. 5p 

17 








* 



fftager in] 

£23«- 












Remolds &:» lc. 

1ft 





— 





OcL Apr 

RvL DaichFLM. 

£48 

155 

Q53.75°c 

2.4 

5.5 

B.O 


Sceplre Res. — 
shell Trans. Ret 

555 

_ 

— 

— 

— 



Not. Mav 

652 

34 

157 

41 

4^ 

5.7 


Do.T’.PUl. . 
+lS<ebtn<il' K.i£l 

61* 

26.6 

3p 

11B2 

12.4 




342 

_ 


— 




Apr. Oct. 

Texaco 4V«Cnv. 

£66ft 

174 

155 

UMi*o 



fB to 



Dec. July 

TncenlrrJ 

172 

3 J2 

5.B 

12 

157 


lltramar. 

246m 

Il'hS 







S2 

Jan. July 

[w.TpcCnv £l 

144 

JJ 

79b 

245 

7.0 




Seeks Nat. lOrts. 

175 




— 

— 



_ 

Do. PhL ML I0r 

176 

— 




51 



— 

Voodsidc A50c. _ 

69 

- 


— 

— 

— 


OVERSEAS TRADERS 


May 

June 

Apr. 

Jnn. 

Jan. 


African Lakes— 
AosLAgnc.SOc- 
Ort. BeawnliS 4F' 
July Bantor4ki7ho».iSp 
July EousiMfl ilOpi. . 
Nor. Jane FiaiayJas >?0p- 

n Dec Gill & Doff ns 

ime GLNihgfia 

Aug Der. H ri? ns.Croj.£l. 

Apr. Sept.HoflnangiSi 

Sep. Apr. InrhrtpeLl 

January Jzckswm. 

— Jamaica Sugar — 

Ort. Apr. Loorto — 

May Jan. Mitchell Cotty 

Apr. Nov.KigenanElec.fi 
Dec. July Ocean Wlsns.20p, 
Apr. Dec. M'RTO.Zucn lflpj 
Apr. Dec. Do. WNfV 10p_ 
Jan. SepL Sanger lop. 

— Sena Snyar SOp. 

May Nor. 4Sime Darhj- liipi 

Jan. July SI eel Bros. 

Jan. June razerRenu.aJp. 
Apr. Oct Do BpcCnv.Bl. 
Dec. Apr. 0. City Merc. 10p 
Mar. Sept DalOpcln.1^) 


265 

107 

232 

45 

46 
377 
129k 
£63 
487M 

B5 
410 
28 
14 
61 
41ft 
245 
84 ml 
175 
175 

m 

7 

105 

206 

54 

£94 

66 

66 


h3.52 
Q3.5c 

h\ ul 

1.50 
05.0 
h4.36 
Q12% 
♦21.78 
1 426 
05.0 
Z0.66 

6.55 

3.4 
132 
2.88 

» 
+4.43 
B— 
bX75 

6.5 

320 „ 
3,4|+h®: 


133 
17.4 
132 
305 
155 
126 
25 
30 5 
26.6 
132 
U? 
1212 
776 

132 

17.4 

133 
26.6 

3.4 
34 
BJ 

674 

17.4 
25 
25 
133 


Z7J 


0.4 


;19.D| 

si 

« 

« 

32 
24 
22 
23 

52 

63 

23 

1.7 

« 

d> 

75 

7.5 

13 

33 
4.4 
27 

18.0 

u -° 

312 


2« 26| 

a 


21.0 
44 
6 0 
52 
1.9 
6.S 
7b 
55 


5.2 

6.7 

6.7 

J 

26 

4.B 

8.7 
fB 7 

L7 

£27 


45 5 
9. 


l62) 

4 


221 

9.4 

7. 

10.1 

45 


16.3R3.1) 

lzSf 

8.4 


t5J) 

4 


3.0 
5.4 

75. 

7.1 

£521 

8.1 


RURBERS AND SISALS 


Dividends 

Paid 


Stock 


August lAngtolndones’n— 
Sept BertamCons.li^i— 
— Bird (Africa)—— T 

June Bradwall 10p 

Apr. Nov. Castlefieid Kh> 

Nov. June Chersonese lOp 

May Dec. Cons-Plants life-.- 
Jag Aug Grand Central 10p_ 

Apr. July Guthrie £1 , 

April Hansws %Esl Up J 
Nov. Way BiEhiandsMSOeT. 
Apr. Nov. KinlaKepongMSl. 

Jan July i+KnlimfiBOe. 

October Ldn. Sumatra lilp _ 
Dec. June KaiakoffSOLZ- 

November Uuar River lOp, 

Ma^^v.[PlaaiatiOTffldff. IPp 



Last 

Div 

Price 

a 

Net 

96 

25.1 

2.75 

100 

228 

3.5 

17 

764 


53 

25 

L7 

265* 

26.6 

s28 

49 

3.4 

hX38 

40 

3.4 

hO3.0 

10 

318 

■s 

i 

109 

13J 

4t4.0 

122 

3.4 

020 A: 

1 80 

272 

eizftc 

* 59 

1312 

QIXfic 

163* 

266 

440 

83s 

155 

bQ15c 

49 

310 

hfi.43 

78 

70 

3.10 

Bl 

S“ 


jSangciKrianlOp- 

TEAS 

India and Baoglades!i 


1 ™ 

CfflGrti 

. 9. , 

15 5.3 

XO 45 
1.0 X6 
1.2 4. 

i.au.' 

M 7.1 

5.6 

3.7 
3.4 
43 

a 

13 
42 
32 


December 
March 
September 
Mar. SepL 
November 
January 
November 
Hay Nov 
Jan. Jnne| 
Apr. July] 
September 


Assam Droara El— 
.Aaam rnmt)er£L 

Assam inv s £1 

(Empire Pttms lOp.. 

LongbiwrnefxlZI 
UlcLeod Russel £1_ 

fttoran £1 — 

(SingloHldgSLlOp- 

[Warren Plants. 

WtiUamwuEl 


235 

305 

171 

28 

350 

360 

228 

375 

26 

24 2d 
171 


3UC 4951 
132U6.23 
228 73 
1710 4X98 
14U 2p | 

31.10 4lOiO 

17.10 U35 
25 15.08 

2U1 4F172 
26.6 14.67 
228 9.0 


6.1 

8.1 

8.8 

10.7 

52 

4.2; 

9.0 

6.1 
10.4 
92 
8.0 


4.4 3151 
1X7 13.0| 

46 275 
7818.7 
55 272; 
4.4 342 
24 463 
7.7 17.8 
4.4 M.r 

5.9 226 

3.9 352 

4.4 34.9, 
36 38.4 
51 29.6 

4.5 324 
31482 
35 46.4] 

45 322 
32 445 

55 291 
35 
9.7 152 
3.2 388 

4.6 305j 

9.7 185' 


4.0 26.7 
43 302; 
3.9 45j6| 

3.7 39.9] 
, 81 173 
127)127] 

M 15.6 
£8.1 , 
9.9126 
0J 
4.6 3X4 
27 422 
106 14.4 

Ll 27 . 9 : 

4.8 298; 

5.3 261 

3.3 30.7 
4.0 3X7 
7.1221 
56 262 

4.9 27.4 
0.7 
18 67.6 
15685, 
55 25.0 
364X6 
41)358 

78)20.9 
ija.9. 


Finance, land, etc. 


Feb. July] 
jjan. Aug, 


23.8 (Oct Mar, 
7X0)Mar. Aug 

[26.11JW 

Apr. Oct, 


Auguat 
October 

JDec. July 

[232 Oct .tub Ex Lands lOp.- 
(323 { October r 
,158 Dec. July 

25.9 July 

342 1 — iFtiawfavesU- 


p^wnlfttip 

[DalgelyQ— . 

[DMre«f Day- 


220 

155 

20.0 

93 

13.8 

9ft 

1771 




_ 44 

17*75 




. 16ft 

475 



_ 

38# 

4-&; 




341 

77? 

V12ftc 

3C 

5.0 

61* 

76* 

+3.3?i 

14 

8.3 

£12 ft 

25.3 

Q?56 

11 

U 

274 

15 a 

til. 76 

2C 

65 

44 

27 

iA 

txo 

3./ 

iA 

14 

671 







56 

m 

d0,99 

6 & 

2.7 

39 

14ft 

2311 

m 

1./2 

1.12 

21 

67 

11.7 

. 25 

213 

rtO.49 

63 

3.0 

ns 

303 

4.94 

12 


17* 

2hb 

lp 

Li 

119 

16 

574 





223 


6.7 

1X4 

A 

Bfli 

86 

181 

86 

10.7 

£i 

192 

83 


Sri Lanka 

1 ISO J 133! 55 ) X5[ 4.6 

Africa 


610 

185 


17.4)50.0 

Z72|l38 


\u™ 


106 


MINES 

CENTRAL RAND 


— W+>mDeepRl__ 
Aug Feb. East Hand ftp. Rl, 
Aug Feb. Randiont'n EsL R2 
Aog Feb. West Rand RI .. . 


213 

278 

£3H.d 

XUhd 



EASTERN RAND 


May Nnv.terachenSOc 

February East Dam Rl— 


Aug 

May 

Oct 

Aug. 


ELRG.O. ROJO 

Feb. Grootvlei30c_ 

Nov. Simws Rl — — 

May Leslie B5c 

Feb Msne rale R0SJ 

S. African Ld. 35c. 

Ang Feb. Vtokfontein Rl 

May Nov.+TinkelhaakHO 

ffiL Nigel 25c 


75 

28ft 

376 

lOlsd 

366 

45 

73ftw 

¥ 

715 

53 


3.4) 

3J 

26i 

3.4 

14 

674 

ft 

874 


Q25c 

N86c 


|19.9 

T.l 

1X2 

55 


12J 4.0 


37.4 

2X7 


FAR WEST RAND 


Feb. AuglBIyrewJa, 
Feb. Aug BuBeU.. 


Deelknal R03J 

Feb. Aug Doornfonroin Rl _ 

Aug Feb. East Drie Rl 

— 0MdsrindQd.3>£..| 

Feb. Aug EtoborgBl 

Feb. Aug. HarttbeestRl , 
Feb. Aug. Hoof Gold Rl. 

Feb. Aug-XibanonRl 

February Soutirra»150c_ 

Ang Feb. Stilfunlein 60c 

Aue. Feb. Vaal Reefs 50c * 

Feb. Aug VentmgOEtRl 

Feb. Aug W. Drie Bl... 

Feb. Aug. Western Areas RI - 
Feb. Aug Western Deep R2 
Feb. Aug ZanipinRl 


319xd 

981xd 

90 

290* 

728* 

217 

102* 

£L2$of 

519* 

531* 

486 

266* 

£14ft 

Mini 

s as 

797 

213* 


xn 72 


[124 

10.2 



OJJS. 


SepL Feb. 
Jun. Dec. 

May Oct 


[Free State Dec. 50c 
FS.GedqldHkr __ 
FS.Santpla2sai. 

HannoErMJc 

LoraineRl — _ 

Dec. Pres. Brand 50c— . 
Dec. Pres Store 50c 


Jun. 

Jun. 


Dec, 


Jun. 

Jun. 

May' Nov.lSi Helena Rl. 
U nisei ... 


WelkomSOc 


Dec. [WJi aiding 1 50c. 


80 

£16ft 

86 

368 

95 

9M 

687 

879 

186 

278 

£19 


Ollc 

W«0c 


975) - 
3.4) Q55c 
^ 06c 
«130c 
KlZOc 
10115c 

We 

iqaoc, 


1.41 8.2 


Serving the world 
' with 

financial expertise. 

SANWA 

BANK 

Tokyo, Japan 


Dividends 

Paid 

Nor. May 
May 


MINES— Continued 
CENTRAL AFRICAN 


Dec. 

Jan. 

Nov. 


July 

July 

Maj 


Stork 


Nov. Apr 


Oct May 
September 
Dec. Apr. 


June Nov 
June Nov. 


Apr. Oct| 
OcL May] 


Nov. 

Apr. 

Apr. 

Jan. 

Feb. 


Apr 

Ort. 

Ort 

July 

UcL 


June Dec. 
May Nov, 


Jan. July 
April 

Mar. Scpt| 
June. Jan. 
Mar. Ort. 
Februarj- 
Jan. Juiy 
Jnne 


May 


Vmal Nigeria 

AyerHiUmSMl.— 

BeraltTin 

Eci]nnuiS541 

Greinr 

Gold & Base 12>-p„ 
itnpenjConi. 

Hongkonc- 
tdria lOp 


pi mar I- 1 ; p 
KamuntmcSMOjO. 
KiliinchalT. _ 
{Malay [irrdeui! SHI .] 

ijPihJflt,' 

PcRskalenlDp 

PetalinsSMi 

Saint Piran - 

SouthCrofir top 
South fvinia SMuiO 
JanJSthnJtotovanSMl.. 
Sun pm besiSMl — 

, Supreme Corp- SMI 
Not. Tanjonel5p._. .. 
Sept. Mar. Toackah Hrbr.SMt 
Apr. OcLiTronohSUl 


Price 


Falron Rh aOc 180 54{Q50c 

Rhod'aCorp. lCjp. 16ft 17 4) 056 

RoanConf K4 70 J274, 

TaniwnrikaDOp 149 12tiQ10.0 

Do.fVeI.80n 90 12« 09* 

hankie Col. Rh.!— 35 174Wftc 

[Zam'pr5BD0r4_ 14 U7i 

AUSTRALIAN 

^rmex^c 14 . 

LnucaiaulIe.iDTDfa US | 14 J 

]ftH South 50 c . ■ 116 | 974) 

‘enirai Parifrr .. 530 . 

1 Minnc RiaimlojiV. 230 14 3] 

[il hi. cuilnnorlie SI. 52 e'o7 ; 

H ampin Area» jp „ 134 25 7 

Metal? E; ale 30ft - . 

MJ.MHIdF.v50c- 19B 13 jj 

Mourn L>c ll 2 k 30 

V-wmrUl lur 4ft, . 

North P-. HilFiOe 126 | 15^1 

Nth Katourli 13U | - , 

[1'iakbndseSAl 166 | 74] 

P.n-ilirci'ppcr.—. 46 

ranrosl'l air . ._ £12ft 

Pr.rioejMiE>5p_ 39ft, 

Prlo-Kailrend.-fr. 492 ) 19+] 

-Southern Pacili.*— 195 

HeMn Minin ■-■50c. Z51 { 3.4; 

Whim Creek a)c 50 


Lni 

a 


Dir 

Net 


Tld 
Gfa 

237 
5 1 

6 J 
16 3j 8.D 
X4I18J 


Crti 

X3| 

7.1 

12 


Q8c 


QlOc 

X« 

We 

QSc 

tQUc 


Q15e 

+Q6c 


TINS 


25 

365 

53 

295 

132 

9ft 

295 

165 

40 

10 

7b 

510 

410 

69 

61 

225 

49 

58 

220 

315 

220* 

75 

92 

% 

220 


HS 

» 


974 

174 

1212 

133 


t231 

3 75 

rt)118c 

hJil 


15.0 


16.1 
1074 
1741 
11-67, 

174) 12.0 
4b?{ 

8 -“’5Sc 
25 
95c 
75c 
5 


toeoc 

&? 

itQTT.Sr 

lQL31x[ 


2b«tjb5c 


lOcj 


ZQ1< 

65 

NOttSi*. 

ZQ88c 


X4| 


X7I 


16] 

0.9 

4| 

O 

3.4 

M 

1~6 

0i7 

ts 

1.6 

46 

t* 

1.1 

« 

0.3 

16 

X6 


4.2 


27 
X6 

28 

Ta 


x» 


15.2 

ui 

5.5 
7.B 

:X3 

7* 

26.2 

s |. 

16.1 

8.2 

6.2 

113 

7.6 
40 
63 
29 

10.7 


f 


COPPER 

June Dec.l)lessinaR0i50. | 87 [I2.12|+Q30r| X9| t 

MISCELLANEOUS 


Aug. Feb. 
November 
Jan. Junel 


Nov. Juft 
October 


Barvmia . 

. 55 




_ 

Burma Mines 17ftp. 

• 14 

575 



Coiu.Hurth 10c _. 

265 

3J±03Qc 

26 

NorthcateCSl 

420 

30.! 



R.T2. 

215 

25 

9i> 

2B 

Sabma lads CSl 

62 



Tara Lipin. 51 

Tehidv Minerals lOp .. 

VukoiiC<ms-C$!_ 

£lOft 


. 



43 

169 

25 

15.9 

133 

Q7c 

& 


6.7 

t 

4.7* 

20 


notes 


VnleM Mkcndw indiuled, prices and net dividndi are La 
pence and denanilnallosB are 2Sp. ErthniN price tear nln its 
ratios nut covers are based on latest aimiol reports and accounts 
sad, whore paailhla. are mdaiad on bdl^wrb Bpgw. PfEa are 
cel enisled oa the basis of net ifittrilmtLm: bracketed njmres 
Indicate it per cent or mere difference If eaiemlMcd on -n|T* 
dlatrltraUoa. Cavers are baaed on -must wan" dtsirtonttan. 
VteWa are baaed n> adddle prices, are nroaa. adhated <• ACT of 
M per cent, sad alhrer for value at declared dtatrlbntlsM ap* 
rights. Securi ti es with denamlaatlooi other than aim 

euotad iBctnatve of the in vestment dollar pswadnm. 

sicrilnc denominated securities which Includd tawntmenB 
dollar premium. 

■Tbp" Stock. 

Highs and Urea marked thus bars been adjusted t® allow 
for rights issues for rash. ’ 

Interim since increased or resumed. 

Interim since reduced, passed or deferred, 
tt Tax-tree to non-residents oa ap p li c ati on . 

S> Figures or report awaited. 

Tt Unlisted seeuntr. 

* Price at time of suspension. 

Indicated dividend after pending scrip and/or rights issues. 
cover relates to previous dividend or forecast. . 

** Free or Scamp Duty. J 

♦ Merger bid or reorganisation in pro g ress. j 

9 Not comparable. 1 

Same interim: reduced final and/or redncod earnings 
Indicated. 

Forecast dividend; cover on earnings updated br latest 
interim statement. 

Cover allows for conversion of shares not now Tanking far 
dividends or ranking only for restricted dividend. 

Cover does not allow far shares which may also rank fori 
dividend at a future date. No PTC ratio usually provided. 
Excluding a final dividend declaration. 

Regional price. * ! 

No par value. • 

a Tax free, b Figures based an prospectus or other official 
estimate, c Cents., d Dividend rate paid or payable on park 
of capital; cover based on dividend on full capital, 
e Redemption yield, f Flat yield, g Assumed dividend anil 
yield, b Assumed dividend and yield after scrip Issue. 

1 Payment from capital sources, k Kenya, a Interim higher 
than previous total, n Rights issue pending q Earnings 
based on preliminary figures. 9 Dividend and yield exclude a, 
special payment t Indlcaied dividend: cover relates to 
previous dividend, P.'E ratio based on latest annual 
earnings, a Forccasidlvidond- cover based on previous year's 
earnings. « Tax tree ap to 30p In the t w Yield allows lor 
currency clause, y Dividend and yield based on merger terms.' 
1 Dividend and yield include a special payment: Cover does 
not apply to special payment. A Net dividend and yield. 
B Preference dividend passed or deferred C Canadian. 
E Issue price. F Dividend and yield based on prospectusor 
other official estimates for 1040. C .Assumed dividend ami 
yield after pend ing scrip and for rights Issue, a Dividend and 
yield baaed on prospectus or other official estimates for, 
IF7B-79. K Figures based on prospectus or other official 
estimates for 1978. M Dividend and rltld based on prospectus 
hr other official estimates lor I8T&, N Dividend and yield 
based on prospectus or other official estimates for 
1979. p Figures based on prospectus or other official 
estimates for 1978-79. Q Cross. T Figure* 

assumed. Z Dividend total to dale. M Yield based on 
assumption Treasury Sill Rain stays unchanged until maturity 
of stock. 

Abbreviations: * tx dividend: sex scrip Issue; rex righto; a ex 
all; * oa capital distribution. 


“ Recent Issues ” and “ Rights ” Page 27 


This service is available to rreir Company dealt in oa 
Stock Exchanges throughout the United Kingdom far ■ 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following ic a selection of London quotations of share* 
previously listed only in regional markets. Prices of Imb 
1 rawes, most of which are not officially luted in London, 
are as quoted on the Irish exchange. . , 

... , __ | „ , , Shetr. Rrirshuit.l 52 ! 

Altany.Inv-.aJpl 23 j | SindallCWnuJ 102 


FINANCE 


Apr. Sept Aug. Abl Coal 50c_ 
Jaa. June Anglo Aner. )0c— 
Mar. Aug.Aoe..4n.Gold!U_ 
Feb. Aue. Ang-Vaal50t. 

Jan. July ChartEf Cite. 

May Dee, CteH.CoM Fields- 
(July May East Rand Cots. 18p 

Oct May GciLilinincR2 

Mar. Sept GcidFidd*SA.25c J 

Feb. OcL JoTrarf Cons R2 

Aug. Feb. Middle Wit J5c 

— Hincorplibn 

Mar. Oct MinonmSBt ‘ 
Mar. SepL NewWttSflc. 


|P*liimNVFk5_— 
November [Raid Loudon 15c_ 

Jan. JulyJSelertionTfiut, 

Aog. Feb.)Seiitrust 10c. 

May OctlSlhenninei&jp— 
July Jon.fTradl.ComliLS] . 

Mer. SepL D.C Inrest Bl 

May NOT.Ilirim Corps. 625c. 
SepL Mar.lYosdsSjc- 


585 

324* 

£Uft* 

770* 

237 
175 

aS 

0312 

£13ft 

177* 

34 

190 

119 

£Hft 

41B 

213* 

45 

£14V 

238 
280 

62 


27 2 MOc 
ai®6* 

26i i0165e 
266 Qil5t 
126 83 

17.4 19.05 
25X05 

3.4 0225c 
132 QIIOc 

V 2 

,13-2 015e 
U75QC50e 
17 M i QlDc 
25 14.0 
266 Q30c 
3.4 25 
155 TQ95e 
732 Q30e 
34 4 38c 
132 Q 713 C 


3.4) 6.1 

6.7 
6.0 
8.9 
9^ 

7.8 


■*,-w 

ii 

13 

21 

1J 

22 

?9 

1.4 

0.61 

& 

& 

n 


9.1 

7.7 

4.9 

7.6 
24 

5.6 

3.6 
75 

2.6 
113 

55 

8.4 

8.4 

3.8 

7.5 

8.1 
72 


DIAMOND AND PLATINUM 


Not. May 
Apr. Sept 
May Nov. 
Jan. Aug. 
Nor. Mot 
[N or. J4ay| 


Anslo-Amltr. 50t. 
Bisbi^iaplent 10 =_ 

DeB«r*Df.5c 

Do.4Aprp; BS.._ 
Lidenhurs lift: _ 
Sus.Plal.IOc_— 


£40V 

84 

396 

£ 11 * 

61 


61 l 47?)t<Kftt 


0600c. 

IK37.3P 

Q525e 

tph 


17 101 JQ 2 . ?c 


Hi 8.B 


3.0 

33 

mb 

1.8 

X4 


5.0 
7.9 
10 9 


Ash Spinning _ ] 45 

267 
Z6 
445 
37 
61 
171 2 
50 
21ft 
140 
75 
ISO 
263 
57 
165 
2D 
45 


Bernra 

BdgVtr.Est.S0p, 

Clover Croft | 

Craig Ac Rose £1 
Dj-BoniR. A.i A. 
Flint McHdy_[ 

Evcred 

File Forge 1 

Finlay Pkc.Sp., 
■IraicShip. £1. 
HnFonf. Brew- 
UVM.Slro.il..., 
H(*ll iJoii.)25p, J 
STbn. Goldsmith’ 
Pearce if. H »_. 

Peel Mill* 

SheUield Brick 


+2 


IRISH 


Cow. 0 ®i ' 80 / 82 . 

Alliance Gas I 

Amott 

Carroll iPJ.l | 

Clondalkin 

Concrete Prods.. 
Helton iHldgs.) 

Ins Corp 

Irish Ropes 

Jacob 


-Sunbeam 

T.M.iJ 

UnitUro ^ 


£90ft 

+ft 

73 


337 


95 


9* 


130 

f 

40 

-4 

148 


13® 


64 

-l 

30- 


175 

+5 

90 



OPTIONS 
3-month Call Bates 


lndtu trill* 



"Imps" .J 

i.c.lT. 1 

luveroslti.. 
KCA. 


Ladbroke.. 
lLecal&Gen.> 
tex Service _ 
Lloyd* Bank— 

-Lofs" 

London Brick-] 

Lonrho 

Lucas Inds 

Lyons (J. 
"Mams" . 

Mr'ns. 4 Saner 
Midland Bank 
NE.l 


Xil Whi. Bank 
Do. Warranto 
?4 O Did. 

Plesscy._ 

R.HA1 

Rank On;. 'A'- 
Reed total. 

Spillers..._ 

Tesco 

Thorn. 

[Trust Houses.. 


Tube Invest— 30 
untie ver.— 35 
Ucd. Drapery _ 7ft 

Vjekers, 3? 

Woolworths— 5 


Properly 

Brit. Land. — 
C«p. Counties, 

Intreuropeaq 

Land Secs. : 

ATE PC. 

, Peachey 

ISamtfcl Props-., 
1 own 4 City— 1 

Oils 

Brit Pctrolcun- 
Burmah Oil—. 
Otfltterhali — 

^Hell —J 

Ltilramar— 


Mine* 

Charter Cons..) 12 
1 “in Gold.—. 14 
RioT.Ziac— J 16 





38 


Foord 

machinery valuers 


FINANCIALTIMES 

Monday July 3 197S 


Bain Dawes 


A'worldwide insurance 
broking service 

Held Otfiira: K'flciiurdi St, I.niHton RC3M 3DR 
Telephone : 0l-J>3 4M I. Telex: SS 4143 

- i-. i " ■> iiu:utn: ref the Ins. hupclj cim p — - - ■ 


Economic upsurge 
restrained 



BY PETER RIDDELL. ECONOMICS CORRESPONDENT 


Chrysler draws 
up agreement as 
disputes loom 


BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 


THE IMPROVEMENT in UK that ibe recent weakening in the “If so, cash How and in conse-j 
economic activity and output four-month forecast of manufac- quence industrial confidence will ; 

remains uneven and falls short turing production may be continue to remain at a Jow ebb.: Management and unions of 

of bnom conditions, according to because companies chose to meet This would quickiv servo to wor-| Chrysler li.K. are to meet 

two major surveys of industrial demand at least in part bv sen tbe outlook for output, in- j Department of Industry 

opinion published this morning, reducing stocks of goods from vestment and emplovment.'' i officials in Coventry today to 

The Confederation of British levels judged too high. Reports from the CEI'sj 

Industry monthly trends inquiry The FT survey shows a rising regional offices, based on anec- 
shows that since the early spring proportion of companies saying dotal evidence and impressions, 

there may have been a slight their stocks are too high. Gov- indicate that the level of busi-l 

improvement in total order eminent figures __ last week ness confidence is far from high, i 


hooks, a more marked recovery revealed a very sharp rise in Thp FT cno „_- tc 

i. K„r.L-,- ! i nrfucr ,■ v* = cti-.nL:c in thn fircr * De rl surve* S>U- Ic .eSI 5 mat 


the firir wmen was central i 

war which whlle companies are cautiously; Labour Party election 


in export order bnoks and some industry'.? stocks in 
reduction in the proportion of three months of this year, which 
companies with high stocks of may have since been reversed, 
finished goods. The CBI notes the sharp rise 

The inquiry, which covers I " n manufacturing output in 
2-37 manufacturing companies. A P n *- *? ut s *>' s further move- 

reports that the Forecast for merits in the same direction. berause of Dav anri un _ 

volume of output in the next combined with more encourag- ^Snlies P y ° poUUcal un 
four months is much weaker than ln .S trends in our own surveys, 
earlier in the year. will be needed before we can 

Broadly similar conclusions ^e, reasonably confident that a 


approve the final draft of a 
new planning agreement. 

Chrysler is the only com- 
pany to have entered such a 
formal agreement — an issue 
which was central to the 


confident about their own pros-i 
pects they have become much 
less optimistic In recent months' 
about the outlook for the! 
economy as a whole, principally; 


Overall, the CBI suggests that 
the growth of output should con 


cam- 
paign nearly four years ago. 

Today's gathering could 
hardly have come at a more 
embarrassing lime for the 
company. Industrial disputes 
threaten to bring all car 
assembly to a standstill with- 
in the next 48 hours, and 
serious questions have been 
raised about the long-term 
future of the troubled Llhwood 
plant in Scotland. 

There is concern both in 
Whitehall and within tbe U.S. 
parent company about the 
Scottish operation’s poor pro- 


tsroadiy sim liar conclusions Sctur tinue in the rest of 1B7S. giving 

are suggested by the Financial yormwmie rise in manuiactur- an incp _ a _ p nf 
Times nionthlv business nnininn mg outour has begun and will ? n increase 01 J per cent or more 
umes montniy ousi ness opinion 0 in real terms through the year, 

survey, also published this morn- - . . . , , The Lonrinn Rusinesc s*hnnl 

ing. This confirms the more T * he improvement m the real 8 “™. on Its I a rest 

Dotimisiic view of eroorr nrns- profitability of industry, exclud- J“ Kes 3 s H“ ,,ar \ iew ,n latest 
peels, but shows little change in iDS ^ or, h Sea operations, last maj . or analysis pur> 

the trend of new orders. ’ Fear has heen baited and is likely *' IivIdTnnsuSferVeffrevfvS ■ op^muons poor pro- 

These results might appear to be reversed in therestofthe slowed ducUvity, but the company 

surprising m view of the year, according to the CBI. nriw th and a dir, nr.?H n- ! “°ved quickly last night to 

evidence of a quite sharp rise in t _ ehh current account next year 

consumer demand, in particular, LUW eDD „„„ 

for household durable sends. “Unless there is a very marked 

But a significant part nf this rise fall in the rate of pay inflation, benefit of No rth P SM oU t d 
may have been met from we see little chance of real pro- tne 1,eoeBts of rvorth Sea 0,K 
imports. Stability even returning to last FT survey details. Page 7 

Moreover, the CBI suggests years level by 1979. Consumer boom. Page 4 

Arab League freezes its 
links with South Yemen 


BY ROGER MATTHEWS 


CAIRO, July 2. 


MOST ARAB countries decided murder of President Al-Gbasrai, for monitoring the oprformance 
today to freeze relations and cut who was killed by a bomb con- of individual members 
all economic links with South cealed in an attache case. The five hardline or re- 

Yemen. the clearest indication They were said to be further jeetionist states which did not 
yet of the deep concern by the alarmed by the subsequent fight- attend the meeting because of 
more conservative Arab states ing in Aden which led to the their opposition to the Middle 
over growing Soviet influence in overthrow and execution of the East peace initiative by Presi- 
de region. South Yemeni president Mr. dent Anwar Sadat of Egypt 

Atter a two-day emergency Salem Rubai AJi. who is said to could choose to ignore it 
session of the 23-country-strong have been toppled by strongly 0 ne senior Arab dinlomat' 

Arab League, the 16 pa rtici- pro-Moscow elements. commented" "ThSe are Two ! 

paring members issued a strong Saudi Arabia's attitude is clear messages from our meet”! 
statement condemning last week- believed to have been crucial and t0 ? av nil [IT XL cXSet I 
endj 1 murder of the President of Prince Saud, the Foreign Union which w? do not wan 
Ahmed togM strongly for Sering^n & affafrsVo’uT 

rannrt vVl?, n t0 he taken a * d,nsl SouUl region. The other is to South 

f - r ° m L he . Xorth Yemeni de!eg 3 - “This is the first time that the thTdooi^on ' °the 0t people 0 there 
lion which is said to have shown Arab League has agreed to lake ££ the behaviour of the reMme 
involvement by the Aden sanctions against a member state EJI blen intolerable ’• * 

Government. aod we are proud of the deci- ° KfUth 

As a result all political and sion." said Mr. Abdullah El- “iLJKSiSL 

diplomatic relations will he Assnag. tbe North Yemeni , e2,ien s immediate economic 
frozen with South Yemen and foreign minister. future would be any decision by 

economic, cultural 3nd technical “We are fully capable of meet- ^ au r. 1 Arabia and Kuwait to stop 
links suspended. This decision in? any threats or attempts to pending oil to be refined at the 
will be reconsidered when South subvert our internal stability,'' former » p plant in Aden. 

Yemen again respected the pro- he added. • Almost 6.000 people were 

visions of the Arab League It may not be clear for some killed or wounded by Cuban- 
charter, the statement said. weeks how effective the freeze piloted air attacks and Soviet 
Arab League members 
reported 
angered' 

alleged participation in the although there is no machinery claimed in Sanaa. 


North Yemen. Mr. 
Husain al-Ghashmi. 

They had received a 


deny snecuiation that it was 
considering the disposal of 
the plant to a Japanese 
company. 

Chrysler has partnership 
arrangements with Mitsubishi 
Motor Corporation in some of 
the important world car mar- 
ket-? outside Europe. 

Mr. Eugene Cafiero. deputy 
managing director of Chrysler, 
in Detroit, has issued a clear 
warning that “a consistent 
achievement of programme 
levels and production is vital 
to the viability of Chrvsler 
UK.” 

Output at Linwood is at a 
standstill because of a strike 
by 550 paint-shop workers 
over manning arrangements. 
About 5,000 workers have been 
laid oiT and three days' pro- 
duction of Avenger and Sun- 
beam models bas been lost. 

Tbe planning agreement is 
thought to be silent about 
plans for Linwood beyond 
1980. However, Linwood 
stewards have been told 
unofficially that Linwood will 
get production of the next new 
car only If they demonstrate a 
sufficiently good production 
record to justify the invest 
raenL 


At Coventry, an unofficial 
strike by 350 toolmakers over 
differentials could cause wide- 
spread lay-offs today at the 
engine factory at Stoke, and 
the assembly plant at Ryton. 

Hopes for a settlement rest 
ou a meeting today, when 
toolmakers’ leaders will be 
told that they will haic the 
chance to put their claims to 
Mr. George Lacey. Chrysler 
UK's managing director, and 
Mr. Terry Duffy, president- 
elect of the Amalgamated 
Union of Engineering Workers, 
al a national conference. 

The latest unrest seems 
likely to thrust Chrysler back 
into the red. after a successful 
first quarter when the UK 
operation returned profits for 
the first time since the Govern- 
ment rescue negotiated in 1975. 

Last night, there was ob\ iou* 
con cent among senior Chrysler 
executives that the immediate 
problems should not cloud the 
progress made with trade 
unions in discussing longer- 
term objectives through the 
planning agreement. 

The dratt planning agree- 
ment will be forwarded to Mr. 
Eric Varley, Industry Secre- 
tary. who is expected to sign 
ii within the next few weeks. 

In Detroit. Chrysler UK's 
parent said it planned to invest 
up to 41$Hm (£9Smi oier the 
next three years to expand, 
modernise and retool its 
Syracuse, N.Y„ new process 
gear plant. 

The programme involves re- 
design of the entire line of 
new process gear products for 
trucks, four-wheel vehicles and 
the smaller, front-wheel-drive 
passenger cars, the company- 
said. 

• Efforts by BL Cars to gain 
a bigger share of the expand- 
ing UK market are threatened 
hy yet another dispute. The 
company said last night that 
lay-offs were likely with in tbe 
week because of a strike by 
640 press shop operators at 
Swindon. 

The Swindon plant supplies 
panels to the Longhridsc, 
Cowiev and Abingdon plants. 
Models ihreatened are the 
Mini. Allegro, Marina, Maxi. 
Princess, and MG. 


Tractor slump casts 
gloom on farm show 


.iic Mdicwiciu Mia. weeics now enecuve tne freeze phouju air aitacKs ana soviet 
League members were will be. The Arab League deci- naval shelling during the over- 
to have been “deeply sion is binding on those mem- throw of South Yemen’s Presi- 
by . . So “ th Yemen's bers who voted for it today, dent Salem Rubai Ali, it is being 


Left-wing Labour MPs plan 
campaign against Boyle rises 

BY RICHARD EYANS. LOBBY EDITOR 

LEFT-WING Labour MPs are wingers regard as grotesquely in line with current pay policy, 
planning a campaign against high and politically inept at a and to phase in the remainder 
CabineL plans 10 implement by time Ministers are seeking over three years, he is said to 
stages the substantial salary further pay restraint from the be determined to press ahead, 
increases of up to £20.000 a year unions. M r Callachan will Pmnha«i<s»» 

T,,ere " e known to be con- to the P IP that the reSm- 
revjcw^body chaired^ by Lord tinuin 8 wixieties within the mended increases, although 
Rnvle D ° ay chaired Lord Cabinet over implementation large, do not make up for the 

The first staee will he to f° llow i n S fierce opposition to fall in values since 1974, and the 

.gain" MichMl F00t - '«™ ■ »J*- 

the increases at the special meet- L ° 1 I d . 1 ^ eS “ e “ 1 ' „ „ ES “v d ® St am0UDt in take_ 

ing of the Parliamentary Labour Deta . u s of the rearguard party home pay. 

Party to be addressed by the Wl ji ^ discussed by Any fine-tuning by the Cabinet 

Prime Minister tomorrow’. 010 .bune Group at its weekly on jj ie recommendations will 

The meeting has been called meettng at the Commons tonight depend on reactions from the 

primarily to defuse a party row Although not on tne formal trade unions and the party, but 

before the Government formally agenda the matter is ^so likely ^ 0Q j y possible change seems 
announces its decision on the 10 he over toe three-vear time 

recommendations of the Boyle tb o TUC Labour Party liaison sca j e over w^cjj the ’ increases 
report later in the week. committee which ^ Pn me , ^trodu^ 1Qcreases 

After the meeting attempts Minister wiU attend. 0 ““ , e „ , 

will be made to muster opinion Although Mr. Callaghan is ^ 

among senior Ministers and in prepared for party criticism of ““8ht be delayed 

ihe trade union movement his intention to allow the top °*-cause or tne need to avoid a 

against the rises, which Left- public servants 10 per cent now, cpnuict with the unions during 

talks on the Future of pay policy. 


British Gas moves office 
to lobby in Washington 

BY RAY DAFTER, ENERGY CORRESPONDENT 


Mr. Callaghan has already 
called for greater restraint next 
year, expected to mean increases 
averaging no more than 7 per 
cent, to combat inflation. 

In addition, there is the 
psychological damage to the 
union talks that would follow the 
abandonment of formal dividend 
controls at the end of the month. 

THE British Gas Corporation, of the hold-up in development Ministers now acknowledge 
whose international consultancy British Gas expansion plans in there is little hope of getting 
service in the U.S. has been hit the U.S. have been hindered. fresh legislation through the 
by American energy policies, is Consequently, International Commons this session. Instead 
closing its Connecticut office and Gas Consultancy, part of the they are likely to rely on volun- 
moving to Washington In a bid International Consultancy Ser- tary restraint coupled with warn- 
to become more involved in vice, is opening an office in i°SS of remliatory action should 
political considerations. Washington where, according to excessive dividends be paid. 

The corporation, through its the gas industry, the petro- The outcry at the Boyle re- 
Intematinnai Consultancy Ser- chemicals industry has been commendations started at the 
vice, receives about £Sra a year particularly successful tn lobby- weekend, with Mr. Frank Allaun. 
from the sale of gas technology, ing for security of feedstock. a leading Left-winger and vice- 
Abmit half of this revenue is The move coincides with a chairman of the Labour Party, 
generated in the U.S.. much of it transfer of senior personnel. Mr. claiming that it would be “ polrti- 
from licences 00 substitute George Percival, a director of ca i suicide " for the Government 
natural gas processes. International Gas and co-inventor l0 implement the rises just 

For the last Tour years, how- of one of the gas controlling before a probable general elec- 
cvcr. the U.S. energy udministra- processes, is returning to London ti 0n . 

tion has pul a brake on the con- tnday after five years as the Mr. Arthur Latham, MP for 
struction of .substitute natural corporation's U.S. representative. Paddington and a former chair- 
gas plants, which ujp oil pro- Mr. Percival, who was based man of the Tribune Group, 
ducts as feedstock. in Stamford. Connecticut, is argued that it would be obscene 

It is argued that the products being succeeded by Mr. Graham 10 "give top people rises that were 
should be reserved for the Bolton, an engineer. greater than iiianv people even 

chemicals industry. As a result News Analysis, Page 3 earned. 


BY CHRISTOPHER PARKES 

NEW FIGURES on the state of entire tractor workforce would 
Britain’s farm machinery market be laid off for one week before 
provided a gloomy note yester- the annual three-week holiday, 
day for the start of the Royal The company has already 
Show at Stoneleigb, Warwick- announced more than 1.000 
shire, the fanning industry's redundancies from its 8.000 
main showcase oF the year which workforce. Almost all this loss 
opens this morning. of jobs later this month will hit 

Home sales of tractors and staff at the Coventry works, 
machinery over the past 12 Massey said world-wide demand 
months were 12* per cent down f° r tractors had slipped 15-20 
on a year before, said the Agri- P er cent and it could not foresee 
cultural Equipment Dealers’ improvement. _ f 

Association, and there was little Four-fifths of tne company s 
prospect of any substantial production was exported— ’mostly 
increase in the rest of this year. developing world where 

» • tbe fall in sales had been 

Dealers are now offering severest _ 

fanners new tractors with price The agricultural engineers say 
cuts ranging from 16 to over 20 trade has “virtually ceased” 

per cent. with Turkey which only two 

At the same time, the Agricul- years ago was the UK’s biggest 

tnral Engineers' Association market. 

reported a 15 per cent surge in At the Ford tractor plant in 
the value of tractor imports in Basildon, Essex, the customary 
the first five months of the year three-week annual holiday is ex- 
compared with the same period pected to be extended to six 
of 19< / , coupled with a 3 per weeks this year, 
cent dip in exports. However, Mr. John Colraan. 

Imports of other farm mach- president of the agricultural 
inery jumped 23 per cent over engineers, forecast “ a marked 
the live months and the value of change” next year as British 
imported tractor engines rose 37 manufacturers switched their 
per cent. attention away from home sales 

Tractors, which account for to export markets for machinery. 
80 per cent of farm machinery, . “There is no doubt that this 
have been badlv hit on home and industry is in a period of adjust- 
foreign markets. meat We must recall that we 

Officials from Massey-Ferguson, have just passed through a boom 
Britain's biggest tractor manu- period and comparison with this 
facturer. said next week its can be misleading,” he said. 


THE LEX COLUMN 


Weather 


- • V 


U.K. TODAY S.W.. N.W. England, Wales. 

SHOWERS, bright later. isc'Sf?®™* 5 ’ ShDWerS ' Max ' 

Uwdon. S.E., . CenL ^ . Cent., Lakes. i s i c 0 r Man, N.E. England, 

N. England, E. Anglia, Midlands. f» orflprs c i v - Srntlamf N 
Bright periods, showers. Max. 8orders « Ireland. ’ 

16C 16 IFJ. Cloudy, showers. Max. 14C 

Channel Islands 157F). 

Cloudy with rain. Max. 16C Cent. Highlands. N.E., N.W 
(61F). Scotland. 

Cloudy, outbreaks of rain. Max. 

13C (55Fj. 

Orkney, Shetland. 

Cloudy, rain. Max. 12C (54F). 
Outlook; Showers, sunny intei^ 
vals. 


BUSINESS CENTRES 




Y'day 


Y'day 


mid-day 


mid-day 



•C 

•F 



■c 

*F 

Amstdm. 

B 

is 

59 

Lux crab's 

R 

14 

57 

Athens 

S 

2S 

82 

Madrid 

F 

25 

77 

| Bahrain 

S 

33 

91 

Uanchesir 

R 

14 

57 

Barcelona 

S 

21 

70 

Melbourne 

R 

11 

52 

Beirut 

5 

27 

m 

Mexico C. 

C 

21 

70 

Belfast 

C 

IS 

«i i 

Milan 

S 

22 


Belgrade 

F 

29 

32 1 

Montreal 

S 

19 

67 

Berlin 

F 

21 

70 

Moscow 

F 

21 

70 

Blmuuctun 

C 

17 

S3 

Munich 

K 

IK 

84 

Bristol 

C 

IS 

59 

Newcastle 

S 

17 

63 

Brussels 

R 

16 

fll 

New York 

s 

23 

74 

Budapest 

C 

21 

70, 

Oslo 

c 

14 

37 

B. Aires 

s 

111 

61 

Pans 

«; 

19 

66 

Cairo 

5 

34 

93 

Perth 

i? 

IS 

61 

Cardiff 

R 

14 

37 

Prague 

F 

20 

bS 

Chicago 

i' 

■in 

72 

Reykjavik 

F 

9 

49 

Cologne 

R 

17 

£! 

Rio du J'o 

C 

25 

77 

Copenniui 

K 

17 

S3 

Rome 

s 

24 

73 

Dublin 

C 

I j 

39 

Singapore 

s 

3U 

St' 

Edinburgh 

C 

H 

a" 

Stockholm 

c 

19 

r,r. 

Krauimin 

F 

21 

7D 

Srrashi-B 

c 

20 

68 

Geneva 

S 

21 

TU 

Sydney 

R 

n 

55 

Glasgow 

C 

n 

55 | 

Tehran 

S 

.•R 

B2 

Helsinki 

Th 

17 

03 1 

Tufcvu 

S 

27 

91 

H. Kong 

S 

30 

»7 1 

Toronto 

S 

2D 

H3 

J'biirK 

s 

IB 

fli ! 

Vienna 

c 

19 

un 

Lisbon 

s 

29 

84 

ft'unntv 

R 

14 

sr 

London 

c 

la 

64 | 

Zurich 

V 

20 

53 


HOLIDAY RESORTS 


Innsbrucfe O 
lnrcmi>ss K 
t. or Mao C 
Istanbul S 


Y'flay 
mtd-djyj 

TZ F s 

Ta Las Pirns F 
Wj Locarno F 
55j Luxor 
SB Majorca 
S3 Malaga 
TT* Malta 
Nairobi 
Stl Naples 
'I'i Nlov 
771 Nicosia 
W Rhodes 
Sabfturs 

Tanclcr 

Ttnenfe 
Tunis 

s.j Valencia 
Venice 


Yday 
mid-day 
“C "K 
m a; 


ii n 
tr. TV 
10 6H 

5— Sunny. R— Haiti. F— Fair. C — Clauds. 
Tb — Thunderstorm. Fs— F or. 


23 73 
37 W 

26 79 
a 73 
21 ,a 
21 69 

75 

21 7(1 

31 &* 
30 9S 
IS M 

27 SI 


A seven-year itch 
in Town Halls 


The money market is full of 
talk that the biggest ever local 
authority floating rate stock 
issue is imminent. A £50m alter 
by one of the best local 
authority names on the list is 
believed tu be in the offing, and 
could be announced as soon as 
inis morning. Apart from the 
size or the tranche, a crucial 
point is that the stock will 
stretch out beyond the five-year 
term to which previous floating 
rate issues have been limited: it 
is likely to be of a maturity of 
a little "over seven years. All in 
all. the issue will amount to an 
attempt to open right up this 
market in LIBOR-related float- 
ing rate stocks. 

Since the first such issue a 
little less than a year ago the 
market has operated in fits and 
starts. There was a long fallow 
period in the spring when bank- 
ing margins became so narrow 
that the local authorities turned 
in droves to the syndicated 
bank loan market where 
margins on seven-year money at 
one stage eased to under 1 per 
cent over sLv month interbank 
rates. 

Several new issues have been 
launched recently, however — 
including a £25m five-year stock 
fnr Edinburgh — and the im- 
position of the "coreef" is now 
making the banking alternative 
less attractive. Margins have 
stretched out to li per cent on , 
bank loans, making stock issues 
(despite their higher costs) com- 
petitive once again at around J 
of a percentage point over six- 
month LIBOR for five years, and 
perhaps | per cent for seven 
years. 

It is estimated that local 
authorities have raised between 
£100m and £200ni in synidcated 
bank loans in the past six 
months, biting deeply intn a 
potential demand fnr medium- 
term variable rate debt of some 
£500m. A really big issue oF 
stock at this stage, however, 
could allow something of a 
breakthrough. Fnr there arp 
hopes that it would transform 
the liquidity of the market in 
stocks and allow larges inves- 
tors. like company treasurers, 
to deal freely in very hig lines 
of. say. flm — in a single 
stock. At present, they tend to 
have to pick up dribs and drabs 
wherever they can find them. 

The extending of the maturity 
beyond five years, moreover, 
would increase the appeal of 
this form of financing to local 
authorities keen to extend the 
length of their debt. And it 
would be possible to build in 
greater flexibility by including 
in the formula an option to 
redeem the stock at some 


12 r 


INCLUDING NORTH SEA OIL 

V 



4 : 


[mm TRADING PROFITS! 


[Jet cl Stock Apprecutioo. As j _] 
/ ol Gross Domestic Product 


n 


1 1 

| 

-IMRI6I- 


i i 


FOREUSr 

1972 '74 76 78 '80 J 


earlier date. But stacks with 
a life over five yearn come 
up againsr an important tech- 
nical problem in ihe stock 
market, in that the negotiable 
commissions applying to short 
dated securities are placed by 
fixed rate scales when the life 
of the slock is more than five 
years. 

So far the Stock Exchange 
has proved inflexible over com- 
mission rates, and the quest inn 
is whether the ; t .;»ial appear- 
ance of a seven-year stock will 
force a change of approach. For 
if tile at til tule of Ihe Stock 
Exchange remains riirid the 
market in such securities ts 
bound tn develop elsewhere. 
One suggestion is that by clas- 
sifying these floating rale 
stocks as effectively six mnnfh 
securities being mllcri over 
rather than ;«•- medium term 
stocks the Stock Gxcnansv 
Council might find a way out 
of the dilemma. 

Two cash distribution schemes 
by listed companies, and an un- 
publicised letter sent in mid- 
June by the deputy chairman of 
the Board of inland Revenue to 
the accountancy bodies, suggest 
that the Revenue is taking a 
more flexible attitude to tax 
anti-avoidance rules. These 
make it difficult for companies 
to return surplus cash to share- 
holders without them incurring 
prohibitive taxation. 

The first public manifestation 
of this came in May, when the 
Bradford-based greetings card 
business W. N. Sharpe an- 
nounced that it was returning 
£5m to shareholders by way of a 
scheme of arrangement under 
Section 206 of the Companies 
Act 194S. The scheme got the 
all-clear from Somerset House, 
by all accounts slightly to the 
surprise of those involved. It 
meant that Sharpe shareholders 
will at the very most be sub- 
ject only to 30 per cent capital 
gains tax. The interesting fea- 
ture of the case was the weight 


laid by Sharpe's advisers on thf 
takeover thrnar which the \ur 
plus cavl> po-cd to the eompan; 
and its employees. 

The second development canit 
when the Inland Revenue Icttei 

tu the accountancy brwlies nfferei 
a new facility when scheme* 
apparently similar tu Sharpe', 
are turned down under thi i 
athaiice clearance procedures o- 
Sectian -ttVi of the Income am 
Corporation Taxes .VI 1970 
Beginning with Section 4KU. thi 
is part of ihe toughcsi anti 
avoidance legislation in thi 
book. The Revenue stalemcu 
revealed, however, that it hat 
been reviewing the working 0 
the elearuuce procedure since i 
seemed that "some genuine mi; 
understanding exists about th< 
senpe of Section 4fi0 in rclatioi 
to transactions with :t commet 
rial clement ...” 

It went on to point out tha 
schemes are not caught, pro 
r filed they arc “earned ou 
either fur bona fide cunum-rcia 
reasons or in the ordmar; 
course of making or managim 
investments, and that none 0 
them has as iheir main object 
or one nf their mam objects., ti 
enable tax advantages to b< 
obtained . . . “ Whereas in tht 
past the Inland Keienue ha? 
given no reasons for refusin; 
advance clearance to a .scheme 
it will now do so Tor a tria 
period of 12 months. 

Repaying capital 

Then hwl week enme news ol 
anoflier cash repayment scheme 
which had been cleared by die 
Revenue. Th J .> time the com- 
pany was the |taekP3inR 
material manufacturer David S. 
Smith, and the amount to he 
returned to shareholders was 
£l.8m. Unlike Sharpe, the 
device ciu-scn by Smith was the 
less costly members' voluntary 
liquidation mechanism. But 
again the takeover threat was 
emphasised 111 Use emnpanj* 
application. 

So dues this mean that all 
companies with Mjrplus cash 
can now get Revenue clearance 
to make a capital repayment, 
securing dividend freedom in 
the process'.’ The answer i* that 
only those companies whu-h 
satisfy particular rest net i\c 
criteria appear tu be tn the gap 
On I he evidence of Sharpe :nu 
Suiilh. it wuuld seem that t« 
qualify a company, apart fr.ui 
being listed, must be n famil; 
business with a genuine surphi 
of cash. It should have paid ou 
the maximum dividend ii 
recent years, must intend to pa; 
as much as possible in th 
future and should, if possible 
have received a bid approach. 


Pitman earns record 
profit again 

Rnnfsfkvn the Report ofthcHon. If JeBLuw son JohnsU v iGiainmn . 

• Record pre-tax profit of £1.5 million in 1977/78 
was 28% higher than last year. 

• Every division made a profit. 

• Net assets now exceed £10 million. 

• These results mark four years of continuously 
improved profit.' 

• We are considering several possibilities for 
expansion and further development. 


Turnover 
Trading profit 
Profit before taxation 
Retained profit 


1977/78 

£000 

23,733 

2,108 

1,571 

1.099 


1976/77 

£000 

21.980 

1,839 

1,221 

685 



Pitman 


For copies of the Annual Report 1977 78 please write 
f oThe Company Secretary, Pitman Limited, 39 Parker Street, London WC^ 


Sf s 3SL er S? fll ,l f°.JE v, * r Pnn»«l W- Sf. Clement'* Pres* fnr and wiMI'hrd 

dj me j^nanoal Times Lid., Bracken House. Cannon Stn-ui. t.nndmi. EC4I* 4UV. 

(£) The Financial TUnoi Lid., U>7:>