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COWIE FLEET 

wars, vans. Trucks, 

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F i nanc e : Nationwide 

COWIE FLEET DIVISION 

Head Office; 

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SUNOERLAN0SR47BA ” 0AD 

m. SUWDai^^EUXCTBa; 



FINANCIAL TIMES 



No. 27,601. 


Tuesday July 4 1978 




15p 


ssr 


LAI NO 

MANAGEMENT 

IN 

CONSTRUCTION 




pMVi. 


i, .- 

•. ■ 


:c 



^CONTINENTAL SELLING PRICES, AUSTRIA Scft.15; BELGIUM Fp. 25; DENMARK Kf.3.5; FRANCE FrJ.0; GERMANY DM2.0; ITALY 1/500: NETHERLANDS FW-Di NORWAY KrJ.5; PORTUGAL Ek. 20; SPAIN Peas.dOt SWEDEN Kr.3.25; SWITZERLAND Fr.2.0; EIRE 15p 


NEWS SUMMARY 


ENERAL 


Setback 
for fish 
ndustry 
lopes 


•itish Fishing Federation 
■pes of tighter conservation 
casixres received a setback 
sterday when Agriculture 
mister Mr. John Silk in said 
at the Government was only 
nsidering imposing a “ one 
■t rule " to prevent illegally 
gb catches. The federation 
.d hoped for a. definite plan 
. r the rule. 

Two other expected measures 
»rc included in Mr. Silkin’s 
c kage, announced id a Parlia- 
entary written reply. 

These were a herring fishing 
n off Scotland’s west coast and 
c extension of the .eastern 
undary of the Norway pout 
x — an area of. Scotland's east 
ast within which, industrial 
hing is prohibited.. Back Page, 

■ lUorial Comment, Page 18 

iraden raided 

' Mevisioo and radio personality 
?rnard Braden was knocked 
i conscious and his wife, actress 
.; trbara. Kelly, tied up, when 
ree gunmen raided their 
smpstead, London, flat and 
ole jewellery, a colour lele- 
sion and £6,000 cash. 

Jwen's boycott 

0 reign Secretary Dr. David 
wen has refused to appear 
-•fore the Lords select commit- 
■v dealing with legislation to 
lunteract the Arab boycott. As 

result, there will he no 

1 I nesses at todays examination 
f the Foreign Boycotts BiU. 
ack Page 


BUSINESS 

Equities 
fall 2.7; 

£ rises 
75 points 

• EQUITIES drifted- lower on 
doubts over the economy and 
the next pay phase. FT 30-Share 
Index fell 2.7 to 458.1. Official 
markings, at 3,817, dipped below 
the 4,000 mark for- the first time 
since December 29. Gold Mines 
Index was 0.5 off at 158.4. 

• GILTS consolidated recovery 
in longs, with shorts loss cer- 
tain. Government Securities 
Index was 0.02 down at 69.50. 

• GOLD rose 51 to 5183*. 

• STERLING rose 75 points to 
$1.8675. Trade weighted index 
was unchanged at 61.5. Dollar's 
weighted depredation was 7.5 
(7-2) per cent. JAPANESE yen 
reached a new high of Y202 
to the dollar before closing at 
Y202J30 (Y203.55). 

• WALL STREET closed 6.06 
down at S12.S9. 

• WORLD SUGAR values fell 
to new lifc-of-con tract lows on 
the London and New York 
terminal markets. London daily 


§ 0 


Sun attack 

farmer leader of the Basque 
•parutist group ETA Juan Jose 
tchavc Orogcngoa, 40, ‘was 
■lUcally injured and his wife 
.Med in a machine gun attack 
i their car in SL Jean de Luz, 
ranee. Page ,*? 

Sally hall blast 

bomb thrown into an empty 
ail rented for a pre-Palestinian 
illy in Paris caused hcarj 
miiiw- A jjrnup called “Talion 
aw” claimed responsibility- and 
ml the attack was in retaliation 
»r .i bomb attack on a Jerusalem 
.arket last week. 

lurse strangled 

tmdon nurse Guvanan 
uminatra Shiwmm, 21, whose 
aked body was found in an 
,ssc\ hospital drain on Sunday, 
’ as strangled, a post mortem has 
•vealed. A man was last night 
clping police witli their 
iq tunc*. 

thutto daughter 

he daughter of Pakistan's con- 
mined ex-Premier Zulfikar Ali 
hullo was heckled as a 
murderer's daughter " and 
aued when she went shopping in 
jruchi. Miss Bhutto. 24, was 
■ccnlly freed from house arrest. 

r iremenjaccused 

uthorities in Memphis, 
ennessce. accused striking fire- 
icn or trying to burn down the 
tv. Throe hundred fires have 
eon reported in the last two days 
nd two firemen have been 
r rested on arson charges. 




Economic 
at Bonn summit 
still in balance 

BY JONATHAN CARR: BONN, July 3 

The emergence of a package deal at the Western economic summit in Bonn 
this month remains very much in the balance despite West Germany’s 
continued readiness in principle to promise steps to speed its economic 
growth. 

Government officials make term measures. He feels that a Bremen Summit to be “a 
clear that a contribution from tax reform at the start of next significant advance " toward 
Bona still depends on action by year is almost impossible to economic and monetary union, 
its partners, not least the U.S„ arrange, and would have pre- “1 think the seed is set." he 
on energy-saving, and from EEC ferred to do no thin g damesti- told farmers at the opening of 
States on trade protectionism. cally at this stage bad it not the Royal Show at Stoncleigh. 

It is hoped that the EEC been for the Summit ** package." Warwickshire. "I believe the 
Summit in Bremen on Thursday He still hopes for progress in harvest will be abundant/’ 
and Friday will bring sufficient Bremen on his plan for a wider “ I have detected a greater will 
progress on protectionism to 2one currency stability in to advance in this field among 
make For a success in Bonn ten Europe, but the British attitude pretty well all the Heads of 


days later. 


remains in doubt 


Government. including the 


it is felt likelv that President v Criticism in West Germany of strongest, than I have known for 
immy Carter of the Iks! will plan has ' been re,atlvely * long time." he told a Press 


Jimmy 

not come here for the Summit 
with empty hands ’’ on the 
energy issue. But neither is 
certain. 

The officials are clearly 


Editorial Comment, Page 18 
Jenkins* speech, Page 37 


conference after the formal 
opening of the show. 

Mr. Jenkins said that when he 
re-launcbed the drive toward 
economic and monetary union in 
Florence last October, be did not 


'unvinus tn counter the . . . „ riDrence last uciooer, ne am noi 

I s|on, OU raised C0 ^ lt intense 'public SB'S iSZhE E0Z? *“* SUCh ” pW 

that Tare? West “German * I ? ie Chancellor has kept this card P B ^ t officials c!o5e t0 him were 

EL Tuts are vi?tualjy a fSne clos Z t0 cbesU a °S le ^l 1° anxious about the British 
Seclusion * a loregone avoid a premature public debate att itude to closer currency links 

The Liberal Free Democrat on „ ,he issue ‘ „ , with the Common Market. 

Party bu be e „ ?rt e .Snt thi. wC „ Wit ^ om “S*.. T port f „ rom 

issue in the wake of provincial knnw nf the scheme warn- ? Fr ' James Callaghan, whose 
electoral setbacks. Theircoali- nf increased freedon l ‘s limited by the 

tion Dartners the Social in “. ot , L ncr ?. as , prooiems tor p ro xmnty of an election Cam- 
Democrats, are more reticent on control of national money supply. paign and the feaP of caus i ng 
both size and timing of cuts. • Christopher Parks writes: Mr. rifts in his own ranks, the new- 

Chancellor Helmut Schmidt Roy Jenkins, President of the found initiative may fade 
has all along been against short- EEC Commission, expects the through lack of momentum. 


Bid for 
Labour- 
TUC pact 
on pay 


Spillers’ £68m loan deal 
subject to strict controls 


price for raw sugar was cut by 
£1 to £93 u tonne, its lowest 
level since November. On the 
futures market, the October 
position lost over £1.70 to nearly 
£94.00 a tonne. Page 37 

• RETAIL TRADE final index 
fnr May has been revised down- 
wards from 109 to 10S.4 
i ti'70 — 100 seasonally adjusted) 
but is still well above previous 
levels. Hire purchase sales show 
a sustained rise. 

Page 9 

• MANY larger airlines remain 
uncertain about the immediate 
future of LATA and its fares- 
flxing policy after the Montreal 
meeting at which they voted by 
a two-thirds majority for changes 
in the association's activities. 
Back Page 

Chrysler car 
assembly halted 

• ALL CHRYSLER UK car 
assembly was halted by industrial 
disputes. At Ryton. Coventry, the 
company laid off 1.400 workers. 
More are expected to be made 
idle to-day. 

Page 11 

• LEADERS OF 1S3.000 
industrial civil servants, one of 
the biggest groups still to settle 
under Phase Three. again 
rejected a ten per cent pay offer. 
Page 11 


• REKSTEN, the shipping 
company at the centre of a tussle 
between Hambros Bank and the 
Norwegian authorities, has con- 
firmed that without continuing 
support, it will be unable to 
meet the interest on its borrow- 

ings. let alone repay the capital, 

rmeess Caroline of Monaco and until well into the 19S0s. 

" - Back Page 


Surprise visit 

cess Caroline of Mo.*™ — — 
, r French . husband Philippe 
unot arrived on Papeete. Tahiti 
>r their honeymoon, taking 

»eal residents by surprise. There 
■as a news blackout on their 
oncvmocm plans after their 
-ed ding last week 

briefly. »- 

car trained for wrestling with 
umans mauled its trainer’s girl- 
riend to death in Toronto. 
.i>fi-wlng ctirrillsa v * jh Turin 
touted three firebombs in a 
ovi-rnment building but tlie 
..mbs did n«l 

light suspected Breton nation- 
lists were held in Paris on 
barges relating to last weeks 
oiiib attack on the palace of 
'ersallles. 

tuhirian and foreign 
■lacked Hie Brenner autobahn 
nio Italy in proleri at a new 
LU.slrian tas on hauhers. 

;hief price changes 

; Prices in pence unless otherwise 
indicated) 


• BANK OF ITALY is repaying 
ahead of schedule the remaining 
Slbn of a S2bn bilateral gold- 
backed West German Bundes- 
bank facility granted in 1974. 
Back Page 

COMPANIES 

• DISPUTE has broken out at 
Rediflfusion. bto quoted TV rental 
group, over the directors plan 
to appoint new’ auditors. 

Back Page 

• GRANADA GROUP'S pre-tax 
profit rose to £16-2m (£ 11.6m) 
on turnover of £l27.7m (£108.7m) 
Tor the 2S weeks to April 15. 
Tagc 28 

• associated NEWSPAPERS 
pre-tax profits rose to ^\5-5m 
<£12m) fo rthe year ended March 
31. 

Page 30 


YESTERDAY 


RISES 

lumri Radiovision . 
jmiris ( I'Yaslirs.) 

iucalyptus Pulp •— 


• errant i 
Ip uiier 'tin-Ko n* o n 

IK Land 

Mine Secs 
.InfvlialK (Hiilifas). 

ipooncr Inds 

snveley Intis. 

Stewart Plastics 


1.12 
111 
70 
470 
90 
190 
.J4iH 
lOt 
K6 
273 
146 


6 

5 

5 

40 

S 

13 

3A 

4" 

5 

5 

6 


Wace Group 58 + 6 

Webster® Publications a0 -r e 

Central Pacific 600 + 7° 

Conzinc RiotintO ... §5+15 

+ 1 

518 + 26 


E 7. Industries 
Pancont mental 
Peko-Wallsend 


f-ORO-waiiMHio XAJ . 25- 

Southern Pacific 220 + “ 


Hambros 


FALLS 


1(53 - 


Johnson-Rchrds. Tiles 94 

Sime Darby toi 

Guthrie 31^ 

Dc Beers* Dfd.. J9 1 

Tara Exploration ••• auu 


5 

5 
4 

6 
n 

175 


BY ANDREW TAYLOR 

STRICT flnaucial controls Have 
been imposed on Spillers by a 
consortium of banks rn return 
for a £68m short term loan faci- 
lity following the group’s 
decision to end its bread making 
operations after six years of 
heavy losses. 

The group has agreed to con- 
sult its bankers on future divi- 
dend payments and capital 
expenditure. The deal also 
restricts Spillers from raising 
further finance and from making 
new acquisitions. In addition the 
group must consult the banks 
before selling any of its other 
businesses. 

The terms J of the facility — 
which the group plans to 
renegotiate by September 30. 
1978 — were announced in a docu- 
ment sent to Spillers’ share- 
holders yesterday. This revealed 
the details of the group’s recent 
moves to free itself of the bread- 
znaking operations. 

An earlier draft of the facility 
agreement-dated a fortnight 
ago — bad demanded _ that the 
group make no dividend pay- 
ments above a level permitted 
by the banks and called ror a 
“ programme of realisations " 


to allow repayment of the 
facility. 

"Mr. Michael Vernon, Spillers’ 
chairman and chief executive, 
said yesterday that the facility 
was to ensure that the group 
had sufficient cash resources to 
meet bakery closure costs. 

The group has closed 23 of its 
36 bakeries— selling the other 
13 for £15 !m to Ranks Hovis Mc- 

Hard road to viability. Page 18 
Results, Page 29 
Lex, Back Page 

Dougal) and Associated British 
Foods— at a net cost of £29Bm 
of which Spillers’ share after 
deductions for minority in- 
terests. is £22.1 m. Almost 8.000 
workers have been made redun- 
dant in the process. 

The strict conditions attached 
to the loan facility reflect the 
deep troubles the group faced 
when it first proposed its clo- 
sures package — not least the 
possibility of a serious trade 
union reaction. 

The group first reached agree- 
ment with its bankers on April 7 
this year but the terms attached 
to the facility, although still 


■ & 

strict, hav« been softened by sub- 
sequent negotiations. The group 
is now hoping for a further 
renegotiation of the package, in- 
cluding short and medium term 
facilities, by the end of Septem- 
ber. 

The current facility is due to 
expire on April 30, 1979. 

The document sent to share- 
holders yesterday reveals current 
bank borrowings of £58m, but ihe 
group said that it had already 
met its closure costs in full and 
had total borrowing facilities 
well in excess of the recently 
negotiated £88m. 

In the past six years losses 
from Spinors' bread-making 
operations have totalled £28ra. 
But its problems intensified over 
the past 18 months, with losses 
last year of £9.7m and a £34 m 
loss in the first quarter of the 
current year. 

Mr. Vernon said that the High 
Street price war, prompted last 
year hy Tesco’s Checkout cam- 
paign. and Government inter- 
vention on bread prices and 
discounts had not helped the 
situation — particularly at a time 
of over-capacity in the industry 
and when bread sales were 
falling. 


By Alan Pike, 

Labour Correspondent 

ACCEPTANCE OF the need for 
a continuing “broad understand- 
ing” on pay each year between 
the Government and trade union 
movement is contained in a new 
draft policy statement con- 
sidered by the TUC-Labour Party 
liaison committee yesterday. 

It rejects Ihe notion of new 
institutions such as parliamen- 
tary select committees or 
national Boards lo determine pay 
questions but acknowledges that 
there “must be each year a 
thorough discussion with the 
trade union movement so that 
there is broad understanding in 
this as in the other areas of our 
national economic life." 

The Confederation of British 
Industry has been suggesting 
some form of select-committee 
mechanism to look at pay and 
will be discussing that again 
with Mr. Denis Healey, the Chan- 
cellor, tonight 

The liaison committee docu- 
ment Into the 80s: An Agree- 
ment. is the latest expression of 
the committee's priorities and 
aspirations on a wide range of 
economic, industrial and social 
issues. A final draft will be con- 
sidered by the committee on 
July 24. but it will be a much 
amended version after many de- 
tailed objections at yesterday's 
meeting. 

It will then go to meetings of 
the TUC General Council and 
the Labour Party National 
Executive Committee two days 
later, and will form a central 
part of any TUC report to Con- 
gress on negotiating priorities 
in the coming wage round. 

There was apparently little 
direct discussion on the future 
of pay policy at yesterday’s 
meeting. 

The draft document, however, 
recognises that pay policy has 
always been one of the most 
difficult fields oF economic life. 
It emphasises the importance of 
balancing the different needs of 
the public and private sectors 
and ensuring that there is no 
discrimination against either. 

There must it argues, be some 
strategic objectives about low 
incomes and the need to provide 
adequate rewards for skill, effort 
and responsibility. But overseas 
comparisons of pay for top 
managers could not he taken 
without applying the same prin- 
ciple to other levels of employ, 
meat, and that was not possible 
at a time when gross national 
product a head was lower in 
Britain than in many overseas 
countries. 

Gocmley attacks Tory report on 
Mines, Back Page 


Sadat agrees 
to new talks 
with Israel 


£ in New York 


Spot 
1 month 
Smooth p 
IP month* 


July 5 


PneiRiut 


S1.8M&-S67& 

0.43-0.44 (UR 

IJM .31 <li« 
6.15-6.C6 dis 


ei.8&a-e&«o 

0 .600.44 .lift 
1.37-1.3! di- 
5.20-6.00 rfi. 


BY ROGER MATTHEWS 

PRESIDENT ANWAR SADAT 
of Egypt announced his agree- 
ment to a resumption of direct 
negotiations with Israel follow, 
ing a 90-minulo talk here with 
Vice-President Waiter Mondale 
of the U.S. 

At a Press conference here 
following their discussions Presi- 
dent Sadat said that he was 
willing in principle to send Mr. 
Mohammed Ibrahim Kamel, the 
Egyptian Foreign Minister, for 
talks in London later this month 
with Mr. Moshe Dayan, the 
Israel Foreign Minister. Israel 
has yet to commit- itself. 

Mr. Sadat, who handed to the 
U.S. delegation Egypt’s latest 
proposals stressed that from 
what he bad heard from Mr. 
Mondale there was "no sign of 
movement” in Israel's altitudes. 
Nevertheless, be was accepting 
the invitation to the talks 
because it bad been issued per- 
sonally by President Carter. 

Mr. Mondale expressed confi- 
dence that Mr. Menaheni Begin, 
the Israeli Prime Minister, would 
be prepared to send Mr. Dayan 
for a meeting in London with 
Mr. Kamel. Egypt's proposals 
were sent immediately to 
Jerusalem this afternoon after 
the 90-minutc meeting between 
Mr. Sadat and the U.S. Vice- 
President 

However, even if they have 
been modified, the Egyptian pro- 
posals transmitted to Israel arc 
believed to be based substantially 
an the formula adhered to 
hitherto. This demands that the 
occupied West Bank should be 
returned to Jordan and the Gaza 
Strip to Egypt in return for full 
security guarantees for Israel 
pending negotiation of a com- 
prehensive settlement. 

• The 'Israel Government has 
consistently rejected such a 
formula out of hand but. as a 
result of U.S. pressure, is 
believed to have agreed lo study 
the Egyptian proposals. Before 
Mr. Mondale's departure from 
Jerusalem earlier today. Mr, 
Begin said that he would be 
willing to let Mr. Dayan meet 
Mr. Kamel in London provided 
Egypt's proposals were not “ out- 
rageous.” 

Austrian trip 

During the two hour.4 of talks 
with Mr. Mondale the Egyptian 
leader suggested that the venue 
fnr the Foreign Ministers' meet- 
ing should be El Arish. Ihe main 
town of Sinai. But eventually 
he agreed to London instead. 
No precise date for the talks 
has yet been set but the gel- 
together is apparently envisaged 
for the middle of July. 

Mr. Sadat also revealed that 
he would be travelling to Austria 
this week-end and refused to 
rule out the possibility that he 
would meet prominent Israeli 
leaders. It is believed here that 
be haB In mind Mr. Shimon 


ALEXANDRIA. July 3. 

Peres, leader of the Labour 
Opposition. 

Among those Mr. Sadat will 
definitely meet are Dr. Bruno 
Kreisky the Austrian Chancellor, 
and Herr Willy Brandi, former 
West German Chancellor who 
now heads the SocmliM. Inter- 
national. The Egyptian leader 
virtual }y ruled mu the possibility 
of a meeting with .Mr. Carter who 
arrives in Bonn, nn July 25 for 
the Western economic summit. 

He also refused (u speculate on 
possible Israeli reaction to the 
new Egyptian peace prune- al. 

’’ Let us wait and see. but l think 
we have clone our very host to 
promote the peace process.” , 

A substantial part of today's 
talks with Mr. Mondatc were said 
by President Sadat to have > 
centred on the possibility of 1 
achieving a just solution to the 
Palestinian issue. “The visit in 
Mr. Mondalo will give the peace 
process a new momentum. I am | 
always optimist ic.” President j 
Sadat said. 


Last effort 


There was rather less 
optimism however away from 
the Press conference. The feel- 
ing is growing among Egyptian 
officials that unless the Israeli 
Government can produce some 
new flexibility in Ihe next fort- 
night. the peace initiative 
launched by President Sadat last 
November will finally grind to a 
halt 

“This is effectively the very 
last effort and it will be 
extremely difficult for us to 
return to the conference table if 
the London talks are seen to 
fail," said one diplomat. 

The key element in the present 
spate of activity is undoubtedly 
the U.S- a point which Mr. Sadat 
made very clear today. ” 1 shall 
never fail Ihe confidence of the 
American people who have been 
very generous and gallant in 
their support.” he said. 

Mj. Mondatc. referring to the 
London talks as a “very signifi- 
cant development” said that he 
was very grateful to Mr. Sadat 
for being willing to take this 
step. 

Certainly for Mr. Sadat it was 
a brave decision as in two recent 
speeches he has emphasised that 
he would not undertake any 
further bilateral rontacts with 
Israel until there was a positive 
sign of a change in altitude. 

Now. while admitting that he; 
saw no sign of increased Israeli 
flexibility, he has nonetheless 
agreed to resume direct talks. 

Our Foreign SlafT writes: . 
Arrangements for a meeting 1 
between the Egyptian and Israeli 
Foreign Ministers will be the 
responsibility of the U.S. Govern- 
ment. American diplomats in 
London said that they had not 
yet been informed when it was 
proposed for the talks to start 
niondale in Israel, Page 4 


Alfred Herbert to sack 700 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


IaLFEED HERBERT, the State- 
owned machine-tool company, is 
to make a further 700 workers 
redundant, most of them at 
Coventry. The company last 
night blamed lack of orders and 
the need to move from tradi- 
tional to more sophisticated 
technologically - advanced pro- 
ducts. 

Rationalisation of Herbert’s 
activities has been expected for 
some time, but the size of cut 
caused some surprie in the in- 
dustry. 

The main casualty is the 
Edgwick plant Coventry, long 
a problem area for Herbert, 
where the 1.500 work force will 
he cut to 900. Nearly 500 jobs 
have gone at the plant in eight 
months in a programme of 
voluntary redundancies and 
natural wastage. 

The latest dismissals will 
make employment at Herbert 


worldwide about 5,000, against 
11.000 in the early 1970s. 

Herbert is the most notable 
victim of weak demand for 
machine-tools. Much of the 
industry works at about 75 per 
cent capacity. Though there are 
some signs of a limited upturn 
in demand, orders remain at a 
low leveL 

Expan markets are particu- 
larly difficult because of the pro- 
longed international recession 
and emergence of new competi- 
tion from third-world countries 
such as India and Taiwan. 

Herbert is suffering from the 
decision to build for stock 
throughout 1977 in anticipation 
of an increase in demand which 
never came. 

The company fully used a £5m 
credit facility from the National 
Enterprise Board to stockpile 
machinery. Executives have 
achieved some success in reduc- 


ing stocks in recent weeks by 
offering the more common types 
of machine tools cheaper. 

Edgwick produces a range of 
turning machines from simple 
lathes to numerically-controlled 
equipment. Marketing studies 
suggest demand for existing pro- 
ducts is unlikely to improve for 
at leasr two years. 

Mr. Walter Lees, the managing 
director, said last night that the 
aim at Edgwick was to phase out 
production of the more common- 
place machine-tools and intro- 
dnee technologically-advanced 
ones. 

Herbert was rescued by the 
Government from collapse in 
2975 by a £25m injection of 
equity to replace fixed-interest 
debt and losses. Last year the 
company had a pre-tax loss of 
£236.000. compared with £6854100 
profit the previous year. 


CONTENTS OF TODAY’S ISSUE 


European news M 

American news 4 

Overseas news 4 

World trade news 6 

Home news — general 8-9 

— labour H 

—•Parliament ... 12 


Technical page 14 

Management page 15 

Arts page 17 

Leader page - IS 

UK Companies ............ 28-32 

Mining 32 


Inti. Companies 33-34 

Euromarkets 33-34 

Money and Exchanges 35 

World markets 36 

Fanning, raw materials ... 37 

UK stock market 38 


Spiders* hard road to 

renewed viability 18 

Britain’s aerospace jigsaw 27 
Wine: Finding the best of 

Australia 16 

A political gamble for 
Kreisky 2 


FEATURES 

Uruguay political scene: 
Army on the defensive ... 1 

Malaysia: Hussein's first 
electoral test 4 

Japan; Fuknda fights to 
stay in power 4 


i Way f oi 
to Co-oi 


cessions to Co-ops 15 

Austrian road hauliers face 
lorry tax costs 6 

FT SURVEY 

Northern Ireland 19-26 


.AmkatnaKs 32 

Appointments Advu. 1HJI 

'Business Opptt. ..... 32 

Crossword U 

Entertainment Guide M 

Ed co-options ... ...... 3S 

FT-Actwrics Indices 38 

Jobs Cnhunn ........ U> 

Letters . 27 

U* 02 

Lombard U 


Men and Matters 38 

Pat lay 3b 

Saleroom — 8 

Share information ... mat 

Tennis II 

TodA/f Events 27 

TV and Radio U 

Unit Trusts 3 9 

Weather 4Z 

Wine 14 

World Valne ot £ ... 35 


OFFER FOR SALE 
Bhfntostaam Cnn- .. 29 

(Comment Pago 28) 

INTERIM STATEMENT 
AJexSutdm Discount 2V 
ANNUAL STATEMENTS 
Brook Street Mayfair 39 
Central & Sherwood 33 
Lee Cooper 35 

For latest Shari? Index ’phone 01-246 8026 


Com. & indl. Trust 
J- Lvons and Co. ... 

Ua R uinate 

Monks investment .. 

Newman lads. 

Ocean Wilsons 

SHcev fridge Eng. ... 
Spiuors Ltd. ... 

Son* Crofts 

T«en store* 

Basg Lending Rates 


3d 

28 

3 

31 

30 

31 
30 
28 
28 
29 
34 



The business refresher 

course to Bahrain. 

Concorde’s regular Wednesday and Friday 
flights to Bahrain take just 4 hours, non-stop. Other 
Concorde flights whisk you to Washington in 3 hours 
50 minutes, and New York in 3 4 . T> ,»i« | 

Less time in the air means much 13011811 
less stress for you. And isn’t that the 31 TWA 

best business refrecher ’rrnirc^ of oil? U ’ XA ” ^ 








Fmancial Times Tnesc&v My 4 19TS 


Kl ROPI AN NEWS 


German industry chief to • ■ 

. , . 111 Visa 

stay despite court ruling pact with 


AUSTRIAN NUCLEAR PLEBISCITE 3 


BY JONATHAN CARR 

DR. NIKOLAUS FASOLT. presi- 
dent of the Federation of German 
industry, has rejected any sus- 
sesliun that he should resign 
alter a decision by a Bonn court 
to line him for tax evasion. 

In an interview published 
today. Dr. Fasolt said it was far 
from proved that he had unlaw- 
fully avoided tax and noted that 
he had appealed against the 
courts decision. The case has 
arisen at an embarrassing time 
for the federation and for those 
enterprises and political parties 
which urge tax cuts to help 
improve company investment. 

Dr. Fasolt is a Bonn indus- 
trialist who took over the leader- 
ship of the federation in March 
in succession to Dr. Hanos- 
Martin Schleyer, who was mur- 
dered by terrorists last year. 
Late last month he was fined 
DM 58,500 on grounds that 
between 1971 and 1975 he 
claimed tax relief on sums 
which, the authorities have now 
decided, did not qualify for it. 


The sums were to pay for 
advisory reports, described by a 
Bonn court spokesman as worth- 
less, ordered by Dr. Fasolt from 
a consulting company in Lichten- 
stein. Most of the money went to 
support the activities of the 
Christian Democratic Union, the 
mam West German opposition 
party. 

In his interview. Dr. Fasolt 
said he felt he had done no 
wrong and stressed that the sup- 
port of political parties was abso- 
I uttey legitimate and sensible. 
He noted that all parties, not 
only the CDU, obtained some of 
their funds by similar means. Dr. 
Fasolt here underlined a prob- 
lem which has been widely dis- 
cussed and which has recently 
brought a joint parliamentary 
initiative to reform party financ- 
ing. 

So far an individual can 
directly set against his tax only 
a maximum of DM 600 a year 
as a payment to support a politi- 


BONN. July 3. 

cal party. Many indirect means 
of gaining relief for higher 
sums have, therefore, been con- 
ceived and the legality of some 
is questionable. Tax authorities 
say they are investigating more 
than 100 enterprises in connec- 
tion with such devices. 

Under the planned reform, a 
much higher direct payment to a 
party would qualify for tax 
relief. It is also proposed that 
there be an amnesty for those 
being followed up for apparent 
tax misdeeds in connection with 
party financing. 

It is not clear when this reform 
will emerge. Meanwhile revela- 
tions about tax and party financ- 
ing make an unfortunate back- 
ground to tbe pleas of enter- 
prises that their heavy tax bur- 
den curtails their investment 
possibilities. These pleas have 
long been supported by tbe CDU 
and have recently received 
Increased support From the Free 
Democrats, the junior partner in 
the coalition Government. 


Journalists ask Moscow 
judge to dismiss charge 


BY OUR OWN CORRESPONDENT 


TWO U.S. journalists accused of 
slander today announced their 
withdrawal from further hear- 
ings of the proceedings against 
them and asked the judge to dis- 
miss tbe charge. 

Mr. Craig Whitney, of the New 
York Times, and Mr. Harold 
Piper, of the Baltimore Sun. 
told Mr. Lev Almazov, president 
of the Moscow City Court, that 
to continue in active litigation 
might eventually lead to a court 
demand that they reveal sources, 
which would violate their jour- 
nalistic ethics. 

The two men have been 
charged with slander in con- 
nection with articles each wrote 
last month quoting unnamed dis- 
sidents in Soviet Georgia as 
doubting the authenticity of a 


television confession of anti- 
Soviet propaganda by Mr. Zviad 
Gainsa Khurdia, a Georgian 
human rights activist 

Mr. Almazov, whose manner 
was described by Mr. Piper as 
cordial, postponed the hearing 
dale lo July 18, when be will 
have completed bis vacation. 
But ihe reporters said after the 
closed session with the judge 
that they would not attend 
anyway. 

Under Soviet civil law in cases 
of this kind, the judge must 
dismiss the case if the defen- 
dants do not appear at the 
hearina. The matter can proceed 
only if the plaintiff insists.' A 
court-ordered retraction and 
passible fioes of up to 300 
roubles are the legal remedies. 


Man in flames rushed at police 


A CRIMEAN Tartar tipped 
petrol over himself and charged 
in flames at police who called at 
bis home, near Simferopol, a 
member of a Moscow dissident 
group said today. She said the 
Tarar, Musa Makhmud, aged 46, 
was taken to hospital after the 
incident on June 33, but died five 
days later. 

Details were telephoned to 
Western correspondents by Miss 
Tatyana Osipova, a member of 


MOSCOW. July 3. 

the Helsinki monitoring group 
which has often drawn attention 
to the alleged plight of Tartars 
seeking to re-settle in tbe Crimea. 

The Tartar population of the 
Crimea was deported to Central 
Asia in 1944 after being accused 
of collaborating with the Nazis. 
The Tartars were formally 
exonerated in 1967 but have not 
received the automatic right to 
re-settle in their traditional 
homeland. 

Reuter 


Swedish Left 
retreats on 
worker shares 

By William Dullforcc 

STOCKHOLM, July 3. 
SWEDEN’S Social Democrat 
Party has beaten a tactical 
retreat over the proposal to 
introduce employees' share- 
owning funds financed from 
company profits. The party i 
executive decided on Friday to 
postpone a decision until the 
1981 party conference. 

Instead the Social Democrats — 
now in opposition to a non- 
Socialist government— will press 
for more worker directors on 
company boards and for the 
introduction of "structural 
funds” to finance industrial 
re-organisation. 

The party executive's decision 
is being interpreted as intended 
to eliminate the controversial 
fund issue from next year's 
general election, at which the 
Social Democrats hope to regain 
the power they lost in 1976 after 
44 years in government Recent 
opinion polls indicated that aj 
majority of Swedes were against 
tbe funds. 

The Labour Union Federation 
fLO i launched the employee 
fund scheme, known as the 
Meldner proposal after Its 
originator Rudolf Meidoer, in 
1975. It probably contributed to 
the Social Democrat defeat in 
the 1976 general election. 

Mr. Gunnar Nilsson, the LO 
chairman, said on Friday that his 
federation had agreed to the 
postponement. 


m visa 
pact with 
Austria 

By Our Own Correspondent 
VIENNA, July 3. 
HUNGARIAN FOREIGN 
minister Frigyes Puja arrived 
here today to sign an agree- 
ment on the mutual abolition 
of visas, the first to be con- 
cluded between a Warsaw Pact 
state and a non-Co mm on 1st 
direct neighbour. Though 
Hungarian citizens will con- 
tinue to need an exit permit 
to leave Hungary, tbe agree- 
ment is seen here as an im- 
portant step towards more 
freedom of movement between 
east and west. 

According to Hungarian 
statistics, a quarter of a million 
Austrians visited Hungary last 
year while some 80,000 
Hungarians travelled to 
Austria. Hungary recently 
abolished tbe requirement of 
an obligatory exchange of ten 
dollars per day by foreign 
tourists, a provision still in 
force in Romania and Czecho- 
slovakia. Visas were abolished 
between Austria on the one 
hand and Romania and 
Bulgaria on the other some 
time ago but neither of these 
countries are Austria's neigh- 
bours. By contrast, neighbour- 
ing Czechoslovakia is still un- 
willing to drop the entry visa 
requirement. 

Freedom of movement in 
both directions is one of tbe 
key provisions of the 1975 
Helsinki Final Act on Security 
and Co-operation in Europe. 
Austrian government circles 
are impressed by the speed at 
which the visa agreement has 
been completed. The issue was 
raised officially in May. 1977, 
when the Austrian Tederal 
president visited Hungary. 
Since then Hungarian Prime 
Minister Jyorgy Lazad paid 
an informal visit to Austria 
last autumn and Austrian 
Chancellor Dr. Bruno Kreisky 
is going on a working visit to 
Hungary next September. 
The Minister’s visit is being 
overshadowed by a conflict 
concerning a Scb 4 .5 bn (about 
H70m) credit line opened by 
Austria for financing Infra- 
structure investments and tbe 
building of hotels and cater- 
ing establishments in Hungary. 
The Austrian tourist industry 
protested against what ft 
called subsidies for its 
Hungarian competitors, par- 
ticularly against tbe plan for 
Austrian social insurance to 
organise and finance the stay 
of Austrian patients at 
Hungarian spas. Tbe Austrian 
trade minister Dr. Josef 
St a riba cher today refuted 
charges of .jgibfl£d]es for 
Hungary- It wap simply an 
export credit for the domestic 
construction industry. 


A calculated political 
gamble for Kreisky 


FOR THE first time since World 
War Two, 5m Austrians are to 
take part on November 5 in a 
referendum, which will decide 
whether or not Austria's first- 
nuclear plant at Zwentendorf, 
some 40 miles north of Vienna 
in Lower Austria, should go into 
operation. The plant has been 
completed but not commissioned. 

Tbe latest heated public con- 
troversy and the last-minute 
swing in favour of a plebiscite 
demonstrate that nuclear power 
has become an important 
political Issue. 

The Federal Chancellor and 
Socialist party leader. Dr. Bruno 
Kreisky, who happens to be in 
London, has taken a calcu- 
lated risk both in his party 
and in the country at large, by 
publicly changing his mind 
about the issue of the plebiscite. 
As recently as last January, he 
repeatedly said that such an 
emotionally charged issue as 
nuclear power was not suited 
for a referendum. Yet a few 
weeks ago he came out in favour 
of the ballot-box followed, as 
usual, by bis party and what is 
even mote surprising, by the two 
opposition parties in Parliament 

To understand the political 
implications one has to look at 
the tortuous history of .the 
Zwentendorf plant The operat- 
ing company was set up in 
February, 1970, by the Verbund- 
gesellschaft a joint venture of 
the state electricity corporation 
and seven regional utility com- 
panies. The decision to build a 
nuclear plant with 700 MW 
capacity was taken one year 
later. Construction began in 
1972 and the plant should have 
gone into ODeration in the 
autumn of 1976. 

In the meantime, however, the 
world-wide debate about the 
advantages and risks of nuclear 
power, as usual with considerable 
delay, has reached Austria. The 
original energy programme of 
tbe Socialist Government pub- 
lished in September 1976 pro- 
vided for the construction of 
three nuclear power plants with 
an installed capacity of 3.300 MW 
by 1990. The controversy 
between the advocates of nuclear 
power and those who point to 
the hazards of the disposal of 
fuel waste, possible radiation 
leaks and pollution of the 
environment has not only held 
up the completion of the 
Zwentendorf plant but also 
induced the government to 
shelve further nuclear power 
projects. 

But what should be done with 1 
the German-designed Zwenten- 
dorf plant which has so far cost 
the taxpayers some Sch.8bn 


BY PAUL LENDVAI IN VIENNA 

(about £2S0m>? The delay in 
putting the plant into operation 
costs another Sch.3m. to Sch.5m 
daily. After all the plant should 
produce 4.2bn kWh of power or 
one-sixth of tbe aggregate 
Austrian power consumption 
last year. Austria In 1977 
imported 2.4bn kWh of elec- 
trical energy. 

It was due to the conjunction 
of several unusual factors, such 
as falling industrial demand in 
the wake of a recession, and the 
operation of all thermal and 
hydro-power plants at full 
capacity that the widening gap 
between rising domestic demand 
for -energy and dwindling 
reserves has been bridged. But 
in the long-term the dwindling 
reserves of domestic crude, 
natural gas, coal and hydro- 
electric potential will lead to a 

While the latest opinion 
polls show that the 
majority of Austrian 
people favour nuclear 
energy the number __ of 
those who are against 
this form of power could 
threaten the Socialist 
party majority. 

growing dependence on imported 
fuel.. By the 1980s, imports are 
expected to account for 80 per 
cent of the domestic demand, 
against 64 per cent at present. 

The growing strain on . the 
balance of payments Is another 
important consideration. - Be- 
tween 1970 and 1976 the fuel 
Import bill jumped by 230 per 
cent and reached about 12 per 
cent of aggregate visible trade 
deficit. Regardless of the revised 
projections of tbe annual growth 
rate in energy consumption 
(down from 7 per cent to 5.7 
per cent for 197883) most eco- 
nomic experts agree that nuclear 
power is vital for Austria. The 
representatives of industry and 
labour have spoken out in favour 
of bringing Zwentendorf on 
power as soon as possible. 

Last but not least savings in 
fuel costs compared with a coal 
or oil fired thermal plant are 
pat at Sch lbn per annum. On 
the assumption of a 20-year 
period of operation, bused on 
current prices, the Government 
report on nuclear energy reckons 
on total savings of Sch 22bn 
compared with the provision of 
tiie same volume of energy from 
imparted solid fuels. The report, 
'incidentally, claims that Zwen- 
tendorf Is one of the safest 
nuclear plants in the world. 
Another rarely mentioned fart 


Is that in the relative vicinity 
of the Austrian border (40 to 
50 miles) in Czechoslovakia, five 
nuclear power plants with 17 
reactors will be operational by 
1990 and one at Jaslovske 
Bohunice, 36 miles of the - 
Austro-Czech border has been 
in operation since tbe end of 
1972. Nuclear plants, are also 
going up in Hungary, northern 
Yugoslavia, and Switzerland. Bruno Kreisky J " 

Nevertheless, Dr. Kreisky, who 

lived in Sweden for 12 years is on B Jaw already passed £ 
haunted by tbe memory of the Parliament, so there was no ti*[ 
political earthquake which put t0 be lost in getting the thor. 
an end to the premiership of^ issues out of the way. ^ 

hl T’h? e i 1 « ! d wSi a fh^ a SS’-.ii<!t«s ChauceHor Kreisky was acciuy 

This is why the Socialists, des- non-Socialist Press 

pite their absolute majority m *.‘j rrp JL m sihiliiv " But 1 
Parliament, are unwilling to take on _ e l> ' ^ dj SP | S vi 

on alone the ultimate respond- rv f 2£ 

bility of nuclear power m general admired Yn a 

gj Th 

that the majority of the Austrian ^th^rifiht^evr 

people are in favour of unclear f * 

energy but the opponents did , 

amount to 16-19 per cent of those changing conditions. Second, 
who gave an answer to the poll- equally candid in stati- 
sters. Even allowing for the fact that he wanLed to get rid of > 
that only 6 per cent of the nuclear issue before the n»‘ 
Socialist voters are among tbe election. # 

firm opponents, against 29 per in a n unexpected devcIopme e 
cent of People's Party supporters the People's Party came to :r 
and 50 per cent of the voters of rescue. Its chairman. Dr. J& 
the small Freedom Party, the Tans, a brilliant hanker but s * 
consequences could be fatal for fa r a luckless politic) 5- 
the Socialist majority. announced that his party wo<e 

A swing of I or 2 percentage urge a "no” vote at «t 
points would put ah end to Dr. plebiscite. The party is ;o- 
Kreisky's absolute majority. If favour of nuclear energy andp 
one takes 15 per cent of the the institutions of direct dei-y 
' eligible electorate- - to be cracy such as referendums, r 
opponents of nuclear power, this j) r Taus argued that one can.n 
would mean 750,000 voters. Even the people whether they ; y - 
reducing the “hard core” of anti- ^ or or against one particu»p 
atom groups to 5 to 6 per cent, nuc i ear power plant. T[ 0 

J2. 01 f ld v^ 1 il l n rep, i eseilt some announcement, however. v* 
250.0W) to 300.000 voters. criticised by powerful Peop^ 

Under these ctmimstances Dr. Party politicians who had J 
Kreisky tried hart lo reach an jjggu consulted. While criticise 
accord with the People s . Party the Government, these politick 
f nc * t0 P as ? point y the relwant were - m f avour Q f leaving. J st 
legislation in Parliament Need- nt to discretion of 8t 
less to say. the People’s Party “S. of i* 

sought to make difficulties for do w* 5 

the Government and seized. upon “° D *’ chMuse ■ 

the lack of any clear provisions ' 

for final radioactive waste dis- 2h222S m KrriiEl and & 
posal as a reason to refuse a H Ta 's 

compromise. After hectic last- 1!? 

minute attempts to reach an t0 . ne * l J? ey k"-. 

agreement the Socialists pushed lost precious points in the for., 
through the law on Zwentendorf coming propaganda battle, 
and all three parties agreed to It is expected that only sni,- 
hold a plebiscite. 60 to 70 per cent of the electors 

With general elections due in will go to the polls.' Regardk" 
October, 1979 at the latest, and of the exact percentages, ho 
a number of Important regional ever, the indications are . t - 
polls taking place this autumn Chancellor Bruno Kreisky, w 
in Vienna and in Styria, tbe three times in succession w 1." 
Socialists wanted to exclude the general elections and twice t! 
politically risky subject from the absolute majority (uriprecedentr 
election campaign:- According to in modern European history 
the Austrian constitution, a will again emerge the- supreu 
referendum may take place only tactician. 





factory incen " 

Grant covers up to 

50% of cost 
in Northern Ireland 

There is a new lease of economic life in Northern Ireland. 

In productivity, output and industrial 
relations the record is impressive.The Government sponsored 
programme of grants and incentives is second to none. 

Are you ready to take advantage of the 
investment opportunities available ONLY in Northern Ireland? 


INDEX OF MANUFACTURING 
PRODUCTIVITY (1963=100) 


Industrial Excellence 

Productivity and output have 
both increased dramatically since 
J969, productivity by 37V 
manufacturing output by 14V 

Industrial Relations 

Northern Ireland has one of 
the best records in Western 
Europe. International companies 
are happy to rely on Northern 
Ireland to maintain supplies of 
key components. 

Grants in Aid 

For new building the grant 
can be as much as 50% of cost. 
And there can be a 5-year, rent- 
free period for firms preferring 
to lease ready-built factories. For 
new plant, the Government 
contribution can be a discounted 
93%, including grant and tax 


NORTHERN 

IRELAND 

it will pay 
you to take a 
longer look 


190 1 NORTHERN IRELAND f 
UK. ; 


120 ! ! 



as 70 71 72 


concessions. For R & D it can be 
as high as £250.000 on any project. 

More Incentives 

Interest relief is available . 
n\ er seven years on money raised 
from non-Government sources. 
Assistance is provided with start- 
up anti running costs of new 
projects. Payment of the selective 
employment premium is being 


.maintained in Northern Ireland— 
£2 lV.r each adult. £1.50 for each 
worker under Ik. 

You won t find an v area 
within ihe EEC, let alone anv 
other region in the UK. offering 
such a wide and generous range 
of industrial benefits together 
\\ ith ihe en\ ironment and 
infrastructure to get the most out- 
of them. 

More than 300 projects have 
been established in Nonhem 
1 reland in the last thirty years. 
Read what some of their "managers 
have lo say in "Ask any 
businessman who's already here. 

an anthology of views h orn 
the bi 'urdrouiiL " 

Then ask yourself whether 
you can afford not to take a longer 
look at Northern Ireland. 
Complete the coupon and start 
doing it soon. 




*%JS 













Tnrlndustrial Development Organization forNonhcrn Ireland, 

Ulster Office, 1 1 Berkeley Street. London W LX. 6BL : i 
Telephone: M3 0601. Telex: 2I8J9 1 

PIe;i« send me a copy of "Ask any businessman who’s already here? 

Also send me further details on the opportunities for industrial expansion in Northern Ireland. 


Company l. 
Address: 


NatWest, one.of the biggest ; v ■ '.^Ihe office Opens 6th 
banking groups in the world. : • R^iresentativeV' 

have already established an import fl^Ghratbp^^ 
tant relationship with Australian^ :■ -^i&dressi.iythTSc^ 5 - ;■ 

commerce and industry. . . Melbbume, Yictorkt3(X)b. : ■ K F- ' ■■ 


Anew 


i i 

1 • FT ■*'" 1 


vast amount of corporate services 
they specialise in will now be 
even more readily known. 


. 3 


•• ’'vJ.J 


: -JHL 


,j i>« 




World uranium reserves 
'sufficient for 20 years’ 


f ROBERT MAUTHNER 


. |OWN WORLD, uranium re- year could be produced, if there 
represent about 20 years is sufficient economic incentive 


^^?n*-arci requirements on the and stability to provide the con- 
i’.; is presently con- ditions for orderly growth. 

red to be toe likely growth But bevnnd loss increasing 
jfe%- §ri C Importance must be placed on 

'■u^irr' fiF Cl ?hft ,n n TD ^ ie K . ann ^ a production in countries which 
g&l Xml Organisation for have not] until now . pt0vided 

rab!ttnUal * f™”*™: 

neu i-y. Because of a .variety or 

^--TfuS^ci Jj,.» .. . . ... , factors, including the rise of 

'*^**4 J led «*"f> iinrtinn^r ?h l energy costs and the Slowing 
' ■■■•••: * dowtJ of economic growth rates. 

'' iin-N - r flr™ n ^hLh aSSU J ed nuclear power growth and 
“ t n . fr0Tn . vroduc- uranium demand estimates have 

iii!m H U oo2«?^i v per ^ ks of be,fn revised downwards in the 
,,u ™ , 1S i 2E? 1 * 1 !* draW71 ; current report. . 
lium 15 1 Qt Yfhenas in the previous 

„ . . , report, published two years ago, 
?. r economic, technical and it was estimated that nuclear 
» C r«Ll easoos ’ bow .®J e f- of power capacity installed, by 1985 
t0 be would ajSmtnt to 479 to 530 

be ne"?ess^rt m m r e e e? r SI gWE (**•«*■** electric), toe 
Is of it%s period.* 0 iat^t estimates are for only 277 

t a higher cost, uranium in 

siderabiv ' lar-e? recent >’*3*5 about the adequacy 

; that St costs To? un P to of uranium enrichment supplies, 
» per L S uranium a rec *nt OECD Nuclear Energy 
tollable resources currently **«“» «udy indicates that 
1 2.2m tonnes and estimated sufficient capacity is now planned 
itional resources in the same cover demand at Jeast until 
range amount to a further ^O. Though enrichment pro- 
i tonnes. ject delays or stringent contract 

■'bile uranium production terms could again tighten the 
lied nearly 30.000 tonnes in supply situation, the present 
7. the estimates of uranium delays in nuclear reactor con- 
iurces show that, by 1985, struct! on would counter-balance 
re than 90,000 tonnes per this trend. 


PARIS. July. 3 

The report points out that only 
a modest amount of nuclear fuel 
is likely to be recycled to light 
water reactors in the short-term. 
But, in spite of the U.S. plans 
to provide for long-term storage 
of spent fuels, reprocessing 
remains the chosen option of 
several other countries with 
major nuclear programmes., 
mainly to provide plutonium for' 
fast breeder reactors scheduled 
for introduction in tiie 1990s. 

Annual world potential repro- 
cessing requirements, which 
amounted to. only about 2,000 
tonnes of uranium in 1977. will 
increase to about 6,000 tonnes In 
1985 and 11.000 to 14.000 tonnes 
in 1990. The cumulative figures 
will rise to between 76,000 and 
88,000 tonnes urani um content 
by 1990. 1 

Whatever decision is reached 
concerning the future of repro-l 
cessing, there is an urgent need I 
to resolve the mounting spent . 
fuel storage problem, the report 
stresses. ' i 

“There will evidently need to 
be a combination of construction 
of long-term storage facilities , 
for those countries that, choose 
to forgo the reprocessing option! 
and also the construction of | 
additional reprocessing capacity 
to meet the demand from those 
desiring to retain the recycling 
and breeder strategies.” 


iwiss output Gaddafy promises military 

tavs at assistance for Malta 

31216 l6V6l BY GODFREY GRIMA 


\olumc nf Swiss industrial 
luclinn. excluding operations 
■ov.er stations, gasworks and 
?r\mrks. was at the same level 
he first quarter of this year as 
the corresponding period of 
. reports John Wicks from 
eh. Figures issued by the 
?rnmeni in Berne show a 
ked recovery, by 11 per cent 
an annual basis, jn chemical 
I notion, while paper industry 
mi rose by S per cent and that 
he quarrying sector by 5 per 
. out the year. Other product 
ips Merc little above or even 
•v 1H77 levels, production of 
key machine-building sector 
.unu a 4 per cent decline. 


irfcey debt talks 

• s look place at the offices of 
Union Bank of Switzerland 
;St in Zurich yesterday on the 
nicturing of Turkey's $2.-5bn 
1 10 foreign banks, John Wicks 
c*i from Zurich. Eight major 
rnafionaJ banks, including 
i and Swiss Bank Corporation, 1 
involved in tho discussions! 
_j Turkish spokesmen. 


BY GODFREY GRIMA 

LIBYA' HAS promised Malta full 
political, military and economic 
■ support to ensure that the island 
will never again have a foreign 
military base on its soil after 
Britain's military withdrawal in 
March next year. 

This was stated in a joint com- 
munique issued at the end of a 
two-day State visit to Malta by 
Colonel Muammar Gadd&fy, the 
Libyan leader, during which, in 
talks with Mr. Dom Mintoff, 
Malta's Prime Minister, attempts 
were made to define basic 
political issues and resolve 
economic ones. 

Uppermost on the agenda was 
the future of oil supplies which 
Malta has been receiving from 
Libya at rates considerably, lower 
than charged on the open market. 
Although at a news conference 
this morning Colonel Gaddafy 
said that a reference to how far 
the talks on this usbject had pro- 
gressed would be made in the 
final joint communique, no men- 
tion of this was in fact made 
when the communique was 
issued. According to authoritive 



LA REDOUTE 

i irs traditional May letter to shareholders. Mr. Henri Poliet^ Chair- 
ian and Managing Director of LA REDOUTE. presented the results 
?77-l < »78 i 1st March-28ch February). 

nrnover of LA REDOUTE S.A.. including tax. amounted to 
14 2.719 million, showing an increase of 13% compared with 1976/ 
=77 

riding profits reached Frs. 106.1 million against Frs. 102.1 million 
st year ( -i- 3.9%). 

let profits, taking account of the real incidence of staff participation, 
niched Frs. 44.7 million against Frs. 43.2 million 14-3.4%), repre- 
c ruing Frs. 48.30 per share against Frs. 4676 in 1976/1977. 
nrnover of the French subsidiary SOCIETE NOUVELLE 
.''EXPANSION REDOUTE, including tax shows an increase of 43.2% 
eaching Frs. 154 j 6Q million and sales points increased to 16. 

.csults show a loss of Frs. 793.085. 

he subsidiaries PREMAMAN and FINAREF. on the other hand, 
.ivc shown a profit. 

tbroad. turnover of Belgian subsidiary SARTHA, including tax, 
mounted to B.Frs. 392J9 million (4-24 S%) and net profits, in spite 
•f a cashflow increase of 11.3%. amounted to B.Frs. 4.83 million in 
977/1978 against B.Frs. 5-22 million in 1976/1977. 
he Italian subsidiary VESTRO affected by bad economic conditions, 
hows a loss of Lit. 1.7 billion against a loss of Lit. 263 million last 
car. 

'he measures taken to rectify this situation have begun to show an 
ncouraging trend. Turnover for the first three months of 1978/1979 

howed an increase of 23%. 

'he consolidated turnover, including tax. of the REDOUTE GROUP, 
mounted to Frs. 3.290 million, an increase of ll-B?i compared with 
976. and net consolidated profit reached Frs. 41 million against 
•rs. 44.3 million in 1976/1977 ( —7.6% ) mainly due to VESTRO s Joss, 
business lor the first three months of 1978/1979 has progressed 
jtisfactorily. showing an increase of approximately. 13% for LA 
lEDOUTE S.A. and approximately 16% for the GROUP. 

■Uirinr the next meeting the Board will propose the distribution of 
• net dividend per share of Frs. 20. which wirh a credit-tax of 
rs. 10. makes an overall. dividend of Frs. 30 against Frs. 27 last year. 


accelerate to 

Saturdays 
motoring page 



ti i 


ITS FOR PEOPLE IN A HURRY- 
SO W HY WAIT? 

New cars, road tests, 
maintenance checks, 
by Stuart Marshal! - 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 

ON SATURDAY- ^ 

THE HRSTOF THE SUNDAYS 


1 sources the Libyans are still 
c pressing Mr. MtntofTs Govem- 
i ment to retail petroleum products, 
n in Malta to reflect toe preference 
r rates offered by Libya. Instead 
a Mr. MintofFs Government is 
retailing petrol, diesel, paraffin 
i- and lubricant oils at a premium, 
i to finance urgently needed 
y Government schemes and to sub- 1 
c sidise essential commodities, 
n Col. Gaddafy’s main considers- : 

tion during his visit is understood 
s to have been the acquisition of 
z cast-iron assurances from the 
i Maltese that the island would 
assume a completely neutral 
s stance after 1979. 

^ At this morning’s news confer- 
. ence he again underlined bow 
_ important it was for Malta to 
close d.twn foreign military 
l bases, and the point was driven 
; home in the final communique. 
r Reuter adds from Paris: 

. France and Italy today reacted 
». coo’y to . a statement by Mr. 

iMivi.off that he would look 
, exclusively to the Arab world for 
i economic help when British 
» buses on the island dose. He 
accused France and Italy of 
bickering over aid to Malta. A 
French government official com- 
mented today that it was not the 
first time Mr. M into IT bad said 

that. 

Tugendhat 
warns on 
EEC budget 

By- Philip Rawstome 

LUXEMBOURG, July 3. 
THE EUROPEAN Community 
would have to find additional 
budget revenue by 1981, Mr. 
Christopher Tugendhat EEC 
Commissioner for Budget and 
Financial Control, said today. 

Mr. Tugendhat told the Euro- 
pean Parliament that he would 
be presenting proposals later 
this year for enlarging the Com- 
munity’s own -resources. 

Within three years, Com- 
munity expenditure would reach 
the present limit on revenue of 
a. 1 per cent rate of value added 
tax. 

Development of the Com- 
munity's social and regional 
policies during this period 
atoe&dy depended on greater 
restraint in agricultural spend- 
ing. 

Mr. Tugendhat said toe Com- 
- mission rejected any suggestion 
that the 1 per cent VAT rate 
should impose an absolute limit 
on Community expenditure. 

“We are examining various 
possibilities for financing the 
budget when that ceiling is 
reached.” 

Introducing the preliminary 
draft budget for 1970 of £9.2bn 
in commitments and fS.Tbn in 
appropriations for payments— 
increases of 15.5 per cent and 
12J. per cent respectively on last 
year’s totals — Mr. Tugendhat said 
that the Commission bad been 
less ambtious than it would have 
liked because of the general 
economic situation in member 
states. 

But expenditure in the social 
field, particularly on youth 
employment, had been given a 
central place in the budget. 

Dutch tourism 
receipts slide 

By Charles Batchelor 

AMSTERDAM, July 3. 
THE COMPETITIVE position of 
Holland’s tourist industry is in 
danger, according to toe National 
Tourist Board. Holland attracted 
slightly more foreign visitors in 
1977; although total receipts fell 
for toe first time In more than 
six years. Allowing for inflation, 
spending by foreigners was back 
to 1971 levels, the Board said in 
its annual report. 

Dutch holidaymakers are 
increasingly taking their holi- 
days abroad — 56 per cent last 
year com oared with 46 per cent 
in 1971. The increase in second 
bolidays has meant that pre- 
viously the total number of holi- 
days taken * in Holland has 
remained stable. But in 1977 it 
fell for toe first time. 

Fivvktal Turn pobJMfcfd daUr cmcpi Stm- 
Jays and hoDdi>v HibtErtptinB S200.no 

■air might! sJcU.no loir mull per arm urn. 
Seutad-cbm t a-Hd.ig c paid at New Vdrk.* N.Y. 


Portuguese 
opposition 
party chief 
re-elected 

By Our Own Correspondent 

LISBON, July 3. . 
THE RE-ELECTION of Lisbon | 
lawyer Dr. Francisco 5a Carneiro ; 
to his post as president of I 
Portugal’s major opposition | 
party, the Social Democrats, has; 
confirmed the new Right-wing 1 
slant of the party. ; 

Dr. Sa Carneiro was over- 
whelmingly supported as the only 
candidate for the post he vacated 
in a fit of pique eight months 
ago. Of the 545 delegates present 
this week-end during an extra- 
ordinary party congress, 502 
voted for him. 

The Social Democrats, with 73 
deputies in a 263-seat Parliament 
firmly controlled by toe ruling! 
Socialist-Conservative alliance, 
have pledged to bring down toe 
Government by constitutional 
means. 

At its congress a new bard, 
line image emerged, clearing up 
the ambiguities which have 
plagued the Social Democrats for 
more than a year. The party 
accused tbe present Government 
of increasingly flagrant incompet- 
ence and blamed toe “ passivity " 
of the popularly elected 
president. Gen. Eanes, for 
lowered national living standards. 
“ erosion of democracy and 
reinforcement of totalitarian 
positions." 

The PSD alternative to the 
ruling alliance is what it calls a 
government of national salvation 
consisting of a coalition of all 
democratic parties excluding toe 
Communists. This, it says should 
take office before the atoeduled 
1980 general elections. 

The party wants the “Marxist 
elements" of the 1976 constitu- 
tion expunged, reduced State 
participation in the economy and 
the abolition of tbe military 
watchdog body, toe Council of 
tbe Revolution. Under the con- 
stitution this group is due to 
disappear anyway in 1980. 

The party also supports 
vigorous implementation ofj 
regional autonomy on the; 
Portuguese Atlantic island 
possessions of the Azores and 
Madeira. I 


Anglo-Spanish moves on Gibraltar dispute 


BY JOSEPH GARCIA 

AN ANNOUNCEMENT Is 
immin ent on the establishment 
of joint Anglo-Spanish working 
parties to explore posable 
areas of co-operation in the 
Gibraltar dispute. The working 
parties are a British idea 
agreed to at talks held In Paris 
in March between Dr. David 
Owen, the Foreign Secretary, 
and Sr. Marcetino Oreja, the 
Spanish Foreign Minister. 
Gibraltar was represented by 
Chief Minister Sir Joshua 
H assail and leader of the 
opposition Mr. Maurice 
Xjberras. It is seen here as the 
most significant progress since 
the current difficulties began 
14 years ago. 

Virtual agreement on the 


composition and terms of refer- 
ence of the working parties has 
now been reached, it is under- 
stood. The British side is 
likely to he led by Mr. Ewen 
Fergus son, an Assistant Under 
Secretary at the Foreign and 
Commonweal ib Office, and will 
include senior Gibraltar 
officials. The Spanish side wiu 
be headed by Sr. Antonio Etia>. 
Director General for European 
Affairs at toe Spanish Foreign 
Ministry, aided by senior 
officials from Madrid and the 
Spanish Embassy in London. 

The meetings, which are due 
to take place in London and 
Madrid, will consider telephone 
and telegraph links, maritime 
communications and toe pay- 


ment of social security benefits 
to former Spanish workers in 
Gibraltar. 

Although Spain has allowed 
telephone communications to 
remain in force after the tradi- 
tional Christmas period, tele- 
graph links between Spain and 
Gibraltar remain uncut. It is 
thought here that the question 
of social security benefits will 
require much study, and there 
Is hope that speedy progress 
can be made on tbe resumption 
of a ferry service between 
Gibraita and tbe Spanish 
mainland, although it is not too 
certain what son of service the 
Spaniards would have in mind, 
even if agreement In principle 
is possible. 


basque troubles 


Shootings highlight ETA rifts 


BY DAVID GARDNER 

SR. JUAN JOSE ETXAVE. a 
former leader and founder mem- 
ber of toe Basque nationalist 
organisation ETA. was shot and 
critically wounded early today in 
toe town of San Juan de Luz. 
His wife was killed instantly by 
the as yet unidentified attackers. 

Sr. Etxave nad some time ago 
ceased to play an active part in 
ETA but he ran a bar in San 
Juan de Luz which was well 
known as a meeting place for 
Basque activists. .Although no- 
body has claimed responsibility 
for toe attack, it seems at first 
sight to be an attempt to revenge 
toe murder of a Basque jour- 
nalish Sr. Jose Maria Portell last 
week. 

The murder of Sr. Portell — an 
acknowledged expert on ETA — 
has highlighted certain tensions 
within the Basque organisation. 
The military wing of ETA— ETA 
railitar— has claimed responsi- 
bility for the murder but tbe 
motives for toe attack are some- 
what clouded. 

Sr. Portell was the editor of 
toe Bilbao Press Association's 
weekly, toe “Hoja de Lunes," 
and was respected as a thorough 
and independent journalist. His 
first book on ETA was banned 


in 1974. In the last years of 
toe Franco regime.. Sr. Portell 
became close to ETA in an 
attempt to investigate its aims 
and account for its existence. 

ft was among tbe leaders of 
earlier forms of ETA that Sr. 
Portell moved most easily. Many 
of these leaders are now to be 
found at the head of radical 
working class and nationalist 
organisations, after recurring 
clashes between toe orthodox 
left-wing faction in ETA and a 
hard core terrorist minority, re- 
presented by ETA-militar. 

In the past. Sr. PorteU's unique 
position made him an ideal go- 
between for toe Government in 
its negotiations with ETA. He 
served as an intermediary last 
spring, when toe Government 
was trying to peg toe release 
of Basque prisoners to a pre- 
election ceasefire. 

On that occasion, dissident 
ETA commando units (Bercziaki 
broke with tbe leadership of 
ETA’s political -military wing 
(ETA P-M). and greeted toe 
June election with 34 bomb 
attacks. Following toe kidnap- 
ping and murder of the Basque 
industrialist, Sr. Xavier Ybarra, 
toe Bereziak. led by Sr. Miguel 


BARCELONA. July 3. 

Angel Apalategui (Apalal. 
joined forces with ETA-militar. 

One theory given wvV 
currency last week was ihcrcfurc 
that Sr. Purleil had again been 
acting as an intermediary, and 
fell victim to dissidents opposed 
to negotiations. In its, com- 
munique claiming responsibility 
for the assassination. ETA- 
militar describes Sr. Portell as a 
** Government agent." whose 
mission was to “ use his prestige 
to discredit, slander and attack 
ETA." 

But this outburst or murderous 
hostility towards the Press — 
other newspapers were 
threatened in toe communique 
— is more than just gratuitous 
violence. There are strong 
indications that Sr. Portell was 
getting close (o uncomfortable 
details about the organisation in 
his research for a bonk he was 
writing on the case of the ETA 
P-M leader Sr. Eduardo 
Moreno Berguretxe, known as 
“ Pertur.’’ 

Pertur" disappeared in 
France while on his way to a 
key political meeting near the 
French-Span ish border in 
September 1976. and has not 
been heard of since. 


GIBRALTAR, July 3. 

In London today. Gibraltar’s 
Chief Minister Sir Joshua 
Hasan was hating a second 
meeting with foreign office 
minister Mr. Frank Judd after 
a first meeting on Friday. In 
Gibraltar, opposition leader 
Mr. Xihcrras is thought to 
announce the formation of a 
new political party -The Demo- 
cratic Party or British 
Gibraltar.” 

Meanwhile in the Spanish 
border town of La Linea. which 
has been going through an 
economic crisis since the 
border closure in 1969. the 
Mayor Sr. Juan Blasco Quintana 
has been suspended follow ing 
growing uurc.st and mounting 
demands for his resignation. 

West Berlin 
justice chief 
resigns 

By Leslie Colitt 

BERLIN. July 3 
THE HEAD of West Berlins 
[Justice Depart ment has resigned 
i as a result of lax security 
| measures at ih<_* city’s mam pri- 
[son. where the suspected West 
German terrorist Till Mcjvr 
j broke out last month. Meyer 
was freed by two women usinv; 
forged lawyers documents who 
entered the prison virtually un- 
controlled. He was recaptured 
only by accident lute last month 
at a Bulgarian Black Sea resort. 

The city government official 
who has stepped down. Herr 
Jurgen Baumann, belongs to llie 
Free Demncrat Party in West 
Berlin which, as in Bonn, is the 
smaller coalition partner of the 
Social Democrats. His resigna- 
tion comes after Herr Werner 
Muihofer, the West German In- 
terior Minister, also of the FDP. 
was forced out or office lust 
month following revelations 
about a lack of eu-urdinalion be- 
tween Federal and state criminal 
police during the search last 
autumn for the terrorist kid- 
nappers of the late Herr Hunns- 
Martin Scbleyer. 



To Cologne/Bonn; Every day departs 
10.40, 19.30 - 

To London: Every day departs 08.20, 12.25 


To Hanover: Every day departs 10.20 
To London; Every day departs 12.10 


To Munich: Everyday departs 11.30, 18.30 ' 
To London; Every day departs 09.25, 18.05 



IT 


4 




TO 









To Nuremberg: Every day departs 1 9.30 
To London: Everyday departs 07.00 


To Diisseldorf : Every day departs 09.50, 14.25 
To London: Every day departs 07.40, 16.30 


ToStuttgart: Every day departs 09.45, 
Weekdays 14.1 5 

To London; Every day departs 07.25, 
Weekdays 11. 50 


© Lufthansa 


GermanAii1Sp.es 





MIDDLE EAST PEACE EFFORTS 


■MALAYSIA 



make 



SY DAVID LENNON 


JERUSALEM. Ju'y 3. 



Poll may 
strengthen 
Hussein’s 
position 


ISRAEL'S SECURITY needs was a good basis for fie a re while chance for peace." President Anwar Sudar. 

regarding flae West Bank can be insisting also that Israeli with- If negotiations were resumed Reuter repons from Ales- 
guaranteed by arrangements drawal would expose the Jewish the mood would change from one anriria: Mr. Alondalc arrived here 
Other than pfaysicaUv occupvin? State to mortal danger. of frustration and in some quar- from Jerusalem to try to 

Che territory air. Waiter Despite repeated assurances of ters despair to one of hopeful persuade Presides! Sadat : n 
Mondale the l : S Vice- America's “ unshakeable commit- pros - cm. Air. Mondale s»aid. restart the peace talks despite 

President, told a news conference m ent '• to Israel's security. Mr for a raeeung of the Israel - S continued hardline 

here this morning before his Mnndale seemed to make little Israeli and Egyptian Foreign attitude, 
departure w Egypt P*. r f B ^'_ n X'"’*-!?! 5 .. V).,,h°?.? 0 .£ J" 1 ” s »“ n !5 Egyptian officials said 

■■Territory 
not alway. 

Mondays 
established 
plained that 
sible for Israel 
in return 

cither arrangements such as Before his .departure for Minister, told a Jewish con- 

demilitarised zones and elec- Alexandria Mr. Mondale repeated ference. that Israel would not go amp - 

tronlc warning devices. hi- oelier in the urgent need to to London if the Egyptian*, set In Vienna officials said Mr. 

His Qnal talks with Mr. renew direct negotiations betwee any preconditions for the Sadat was expected to have talks 

Menahem Begin, the Israeli renew direct negotiations meeting. with Dr. Bruno KreUky. me 

Prime Minister, are believed to between Israel and Egypt. "We Israeli officials said prospects Austrian Chancellor, soon but ^ ia 

have centred on ibis issue. Mr. fear that if an impasse" develops for advancing' the peace process they and U.S. diplomats knew of Organisation (UMNO) has [on 

Begin continued to argue that hi*! and continues for a protracted now depended very much on no plans for a meeting between . dominated the ruling Ill-party 

plan u« grant the West Bank and perk'd ... it may be very difficult what emerged from the meeting the Egyptian President and Mr. ' National From coalition which 

the Gaza Strip limited autonomy it not impossible to regain the between Mr. Honda le and Carter. by embracing the main Chinese 

: and Incian parties, helps to p; 

serve the delicate racial balance 
the country. While the Malay 
and other Indigenous groups w hu 
make up 57 per cent uf tb 
population continue to hold 
sway in the political field, th 
baJance i.- unlikely to lie ups 
elect ora Sly, particularly as enn 
Stitucncics are also drawn 
give rural Malay areas tfispro 
parrlonatE vatiJig strengfh 
against Chinese-dominated urban 
constituencies. 

The 56-year-old Hussein, ha 
never been in a stronger position 
than bow. His record has been 
established by the way 


earner 
vat 

r By Wong ScJong in Kuala Lumpur 

MORE THAN 5m Malaysian 
voters go 1 *j the noils on July 
for the fifth time since the 
country became independent 
1957. For Datufc Hussein Onn 
the Prime Minister, it is the first 
doctoral test be has faced since 
he succeeded the late Tun Raw 
30 months ago. and he is not 
expected to lose. 

Kis United Malays' National 


SOI3! 


yrians and Christians clash as | 

rase in Lebanon 


BY 1HSAN HIJAZI 


BEIRUT. July 3 


SYRIAN TROOPS and Lebanese of shells hitting targets kept people were injured. The death 
Christian right-wingers were people hiding in their homes and loll in last night's dashes v-v.s 
today on an" all-out collision raised fears about the possible put at 60, most of whom were 
! course as heavy fighting raged recurrence of civil war. which in the Christian areas. 

’ here for the third consecutive 30.000 Syrian troops »-ame here T *h-mnns run Ridn-vire 
day. inflicting a heavy casualty to end in November. 1976. The a ' 


By Michael Holman 

LUSAKA, July 3. 

THE BRITISH and United Slates 
Governments are attempting ta 

arrange a preliminary meeting I toll and extensive material troops form the bulk of the .-vrara h „«. ....... «>h . _ 

of senior officials from all parties] damage. League Peace-Keeping Force, e? 7 ,V?- ; f r»i in * - . of ihe autocratic Tun 

to the Rhodesian dispute, who I Artillery. multiple rocket whose mandate will expire at the ••CnoH d r " against smuDG M u ^ a ??a in Sabah and wiUisto.jd 

would then advise their leaders J launchers and tanks were again end of October. - R^rui" residents’ ind 

about the merits of lhe proposed in action after two ceaseSres. c . „ , ! , hn ‘tIm In.'*?. 

round-table constitutional con- arranged last night, collapsed at Syrian positions today _en 0 a a cd M 1 ® *°r! d P 0 . W ®T* 


Arab !?, ad * r fonn? u r Pretidem Camille ended lhe ' p0 t i:iC3 | career 

-riau rif.mnnn hnc n-fiuon T*\P e ' . »r _ 


to nationalist! da« n to-day. A - lull for" a few' 


in an artillery duel with Right- and the United Slate* in 


nst sfO.UOb ir omendous pressure to ensure 
anc ) a PJ > n?i? ! | l Da ink Hanin fdris. the 

ru ill Chief Minister of Selangor, was 

late* in ?**r- . . . - 

of June. Mr.) lions’ by "'“pwaUtenT'* Hafezat ? f lb ? capL . ta ! and ^ ll ,e dlv,d ' for the first time charged 

the Foreign ( AsJid'i of Syria to his troops here . \*. nes hetseen Moslem on. phalange party and Mr. 

ephen Low, 'to discontinue hostilities. He LhnsUan ncighbournoods. Goanuujn'x Naliucal Liber-*, s 


! hour? overnight Followed instruc- 


wiag militias in various sections li-.o’ar. for heV>. 


ference, accordin 
sources here. 

At the beginning 
John Graham fiuiii 

Office, and Mr. Stephen . 

U.S. Ambassador to Zambia, 1 issued the orders after talking The fighting, which originally Puny by name with 

began efforts to convene an all-; on the telephone with President started last Saiurday, has so far f"r Hit* new violence, and acvuec i 

party conference. They have | Elia*. Sarkis. claimed the lives of SO people, ;h.-*m or seeking in doir.ir.aic 

visited Zambia. Mozambique. ; The roar of guns and the thud mostly civilians. About 300 Lena non “by blood. 

South Africa. Rhodesia 
Malawi. 

According to the sources, a 
preliminary meeting would, 
discuss transition arrangements, 
a new Rhodesian constitution and! 
cease-fire terms lor the guerrilla • 



nartv leaders at feast a^repii in ! »r- Nole Vva * Uanded 10 lhe detai,s vvcre rei ‘ ca,f - rl (, - v I1 ' n "' 0 that Moscow was \r !!fj io 

in ^ i Vietnamese «,.overnment today on June 1», when it puhlisln-rl drive :i wed ?e between ( htr.a and 

Rhodesian settlement ™ 01 3 ! an 3?‘ ,nc,n 3 I h e ? nd of the aid. two Chinese Notes and an- Snu:h-Easl Asian count r':os ;;; 


»7..r '"^AA "J n- ■.»« ' Chinese officials said recently pounced that these 73 projects 
CoJro I pekin ^ bad **voo Hanoi about comprised almost ail the coni- 
Sh , F t 0 ,^1w uf I $I0bn in aid in the past 20 plete plant being supplied bi- 

years. The formal break leaves China to Vietnam, 
almost no links between Lhe two r~. 

countries apart from distinctly „ ,°. hn j?° ffn,a 1 n Mn, C s rr 9 ra 10 1 bma. of many "pevsocu 
cold diplomatic relations. China has no mien lion rc-i.K-nts of Chines origin. 

The asenev rtuoicd ^ Govern- ^kfn^ oier Soutn-Ea^i. A.-^ian 
at ihe start of a fact-finding tour! Il(eni * Not e sent to Hanoi aecus- countries with an army enlisted 
PM in* Rbodf.iia !: sue. 1 ir> - the Vietnamese .if dp«trnv from tbc 'ntilions of overseas „ ... 

Mr- Davie-s told reporters at ins minimum conditions 1 f.'.r i^neae, .the _ofiiciai newspaper SJ|J Pek,rii 


tary. arrived in Lusaka to-day 
from London to meet the Zam- 
bian President, Dr. Kenneth 
Kaiindn. and lhe Rhodesian 
nationalist leader Joshua Xknmo. 


tried and jailed for cominlinn 
and forger;.'. 

A former soldier ana lawy 
v.huse calibre is now umtnut'ic 
by either Chinese or Malay 
Hussein has pledged to eradicate 
the cotmtri s three evils — Com 
munisim. cnmniunjlism and 
corruption He has banned public 
rallies ;n the current election 
.campaign oui of concern about 
:.ne Gomniunisi ihrear. and 
‘thuuih the JOrii anniversary 
i : he Communist war of libera 
: iot 2 ' passed on June in 

me un'.'.Cc Sa.- an increase 
msiirger'. activities i.> still pu 

-iMc. 

This nvintii alone, seven mem 
hers of the socuruj force- and 
■me communis*, guerrilla hav 
*»een killed :n various clasitc 
The police nave nmbtliaed 32.000 
nen frr eluvium duties, while 
.ie arn y and air force have been 
firr.Uar'y alerted. Y*n. security 
It repeated aliegM nn5 that apart, the ban on public rjllie 
the Soviet Union vu behind -also works to the Govern incnt". 
Vietnam's anti-Chmesi- campaign, electoral advantage, and the 
which has resulted in the flight opposition parties have accused 
from to China, of many “persecuted'' ! the RUihorities of trying to 

muzzle them. For them public 
rallio-' are in»por'.an» m order 
par: ico 


Clarifying 
overseas 


China .i stand on {0 Dub'itcisc the ir vsews. par: in 
Chinese, me newspaper ]arjv hg the _ v - iV0 fund 

ng was strongly against tw» p--iw ■« i-i'ina 


the airport he still «uppr.r»d the japing , ht . Chinese exports l!a ‘ Peo ? le5 
"internal «ettlement' as me nr.lv = -.vorking on aid orojecis a wrongly w 

ho ? e nr wtting an orderly tron-iRetiter ' The newspaper 

si. inn i of power to nU.cs inajontj , rollna Mapnoueall adds: attack o D 
rule, m Rnodesta But he indtc;.-, Todays announcement by the Union that 
md the CnnservatHo Party was; 
scrutinising us Rhodesia policy j 
for the future. 


Desai refuses 
resignation 


By K. K. Sharma 

NEW DELHI, July 3. 
MR. MQRARJI DESAI, tbe 
Indian Prime Minister, today 




BY JOHN HOFFMAN 


PEKING,. July 3. 

THE BANK OF CHINA ■ has Vice Premier Li Hsien-nien. that sovereignty and 

been directed to involve itself China would adopt conven- indopendence." 
in international financing. Its tional international borrowing China would 
new role was outlined in Peking practices. " economic and 

The guarantee was made to a exchange with 
party of visiting British ? nd “ flexibly 


in a major statement on the 
national economy by Vice 


paper. 

cisnt '' or. the lun. pointing ou 

I that though the threat t«» public 
order was present during pre 
. vious elections, raltiei were 
i permitted. 

Though operating under severe 
handicaps, including a ban on 
economic . discussinr. of racially sensiliv 
i issues, the apposition is expected 
wnrW- for 1 lo F»t up a strong challenge in 
work tor. especially in the 


tfirhoolnziral i areas, esp 

oth e r C oS: ?Ue S . where ; b e electorate has 

remsra m pennit rne roreiga j Premier Yu Chiu-li Ul . ’‘““‘"o r - •: «PPly common; T^new voters ’ In ffi cl974elec- 

Mimsiur, Mr. ALU Behari VVj-i f^ Yu sp^akm" vesterday af parl iamentamn3 during discus- intern aLona practices to ihi XarionJl Front walked 

tr. Ihui • >e»ieruay at s ions about China s devplonmonr Lhina achieve modern sal on • t,on ». Aduonal rront waihea 


payee, to resign from the 
Government. Mr. Vajpayee said 
he warned io devote hi nisei f to 
strengthening the ruing Janata 
Party. 

.Mr. Vajpayee, who belongs M ] development 
i lie poweriul Jana Sangh faction, i 
i> known to be unhappy about i 
recent development* in the 
.Uiiuit.t I'ariy. particularly the 


a national conference on finance 
and trade, said the hank would 
play a greater and more 
important pari jo China’s 
future large-scale economic 


sions about China's development China achieve modernisation . , ,_ , , . 

plans and its need to import rapidly and correctly.*’ _awaj with .« uncontestcd s^ats 

costly technology etiuipment and i n spite of iis drastlcallvi SiV'i!?.?:/ !S un0pp0wd ,n * 
materials. Mr Li made It clear revised attitude to trade and »hi* ; thew are 19 opposition panic 
that in dealing with foreign international money market. . in x ^. fra .. but ih- onlv two 
! e i , l m ^. ,I ? stitut, V ns C . h,n3 . ' A “ uld China is showing characteristic. «ro n5 Callenders' to' the 


expansion in 


. , . , foreign tnoditios. Some enterprises which j the Front, the wuon.w.i 

ri , . n i*"^In. j' 11 *' Sla,c,,,cn .t comes trade which he said would be needed special equipment would reversed because PAS and DAP 

rial responsi' j within days of a commitment oy encouraged “provided it does be allowed to import it, paying Sow cowtiuui a pincec attack 
* annilicr senior Glimese loader, not infringe on China's with tbe manufactured oroducts.Inn rh. Frnm 


POLITICAL ACTIVITY in 
Japan, dormant for the past IS 
months, is vapidly con. ins to 
life acatn with the approach of 
an o lection ihis winter for lhe 
presidency of the ruling Libera! 
Democratic Parly (LDP). 

The LDP presidency, whose 
holder automatically becomes 
Prime Minister because of the 
parly's overall majority in the 
Diet, is held for two years 
under ihe party constitution 
and hai in the pasL been filled 
b\ a vote confined to Diet 
members and a small circle of 
party officials. This year a 
“primary election" is to be 
staged iii which some 1.5m LDP 
party members will be allowed 
to cast their voles. The two 
front-runner* in lhe primary 


JAPAN’S LEADERSHIP BATTLE 


manufactured products, j on Lhe Front. 

j UMNu wants to deal a coup 



campaign to he held, it would 
appear trial Mr. Fufcuda would 
have to convene the Diet extra- 
ordinary session aloiost immedi- 
ately after the summer holidays 
(that is: by around mid- 
Scpteniberi and announce a 
dissolution in early October. 
This means that \e nsioo within 
the LDP on the question -of the 
Diet session anti the dissolution/ 
general election may build up 
to change things between now though not according to the fair J>' swiftly during the next few 
and November, when primary letter of the constitution! at a ^ C u- j ™*tion will be mainly 
voting starts. Mr. Fukuda, how- time when it is not actually in 0e “ ,n ?‘ be ««"«- however, with 
over, appears to be planning a session. no public argument between Mr. 

dissolution of the Diet and a Tl , „„„. 1t) -q tukuda and his colleagues on the 

regular 19<S session of elect inn issue Mr r.nri 


. |de grace to PAS. ns arch enemy 

d "primary" voting for the, which is fighting for survival 
LDP presidency is due to start 'after a disastrous defeat on its 
in Noifinber, and as time has to I home ground in the Kelantan 
be allowed for a general election ! State elections in March. Both 


BY CHARLES SMITH, FAR EAST EDITOR, IN TOKYO 


Datute Hussein, and bis deputy 
Dr. Mahathir Mohammed, face 
PAS challengers, having won 
their seats uncontested last 
tune. Dr. Mahathir will have to 
campaign bard as PAS has vowed 
to get him for bis role in the 
Kelantan election defeat. 

The DAP expects to emerge as 
tbe strongest opposition party and 
is anxious to win more Malay 
seats to escape its image as a 
Chinese party. Its main Chinese 
rival is the Malaysian Chinese 
Association, MCA. senior Chinese 
partner in the National Front 
coalition Government. The DAP 
is tapping a rich vein of Chinese 



and put up an all-Chinese team 
to ward off an MCA aueropt to 
win Penang Stale. 

In the East Malaysian states 
of Sabah and Sarawak, a last- 
minute agreement on the alloca- 
tion of seats among the Front's 
partners should ensure a sweep 
by the FronL In Sarawak the 
battle among its three squabbling 
partners is suspended because 
state elections there are delayed 
until nest year. 

Foreign affairs have not 


by ex-Prime Minister Mr. Takeo mainly because the parly has mentary budgets which have summer jn the form of an agree- 
Miki. and Mr. Vasuhiro Naka- been chalking up a series of been needed to bolster Japan's ment on the text of a treaty of, 
sone, an outsider with a re la- steady wins in prefectural and sagging economy. Mr. Fukuda, peace and friendship hetween 
tivcly large factional following local elections since the begin- though normally an optimist on Japan and China. The factional 
of bis own. In practice the real ning of the year. But it is far Japan's economic recovery pros- Line-up with the LDP^ however, 
fight is likely to be between Mr. from certain that Mr. Fukuda peels, seems to he moving to the seems to be firm tv tilted against | 

Fukuda. who will be seeking a will actually lie able to dissolve view that the economy will, in the Prime Minister with the fol-i 
second term after his initial iwo the Diet and call an election, fact, need another stimulus this lowers of two former Prime 
years as party leader, and the The dissolution order would need autumn. His opponents — notably Ministers. Mr. Takeo Mikt and* 

Increasingly popular Mr. Ofaira. to be signed by the whole Mr. Oliira and the group of Mr. Kakuei Tanaka, determined J emerged 1 * a <? "a^iainoai"^ N*?ue 
Straw polks taken within Hie Cabinet — some r,f whose mem- advisers surrounding him — have fn see him turned out of office. . mri Fr.reion 'tiolirv i* 

LDP during the past few months bers have already declared that shifted to a ** hopeful" view of This leaves the Fukuda faction J lin ij h ~ *nL prnm 

together with a • line-up of tbc-y will not approve dissolution the economy, hinting in their fueif as the Prime Minister's i o 1 o d -eti to rontinuL' with free 

factional allegiances suggest Mr. unless they are “convinced" an public statements Ih3t the only assured source of support. j "j” u * ""V’ fnreiBrl 

Ohira would be likely to defeat election is in lhe' national economy may be doing well with ihe possibility that 

Mr. Fukuda comfurtably if there interest A rurrher poinl Is that enough for a supplementary Nakasone faction might vote fur V* n ”, h 5 a L nnnn'r 

was a straight fight between the the Diet cannot b L > dissolved budgot and special Diet seesion Mr. Fukuda at ihe “run-off" 

twn men and if nothing happens (according to customary praclice. not to be needed, stage of tbe election. j f, Q Sn„iH be \tepped up" 

i i > \ 


Financial Times Tuesday July 4 197$ 



Wall Street confused 
Fed discount rate rise 



BY STEWART FLEMING 

! THE Federal Reserve Board'.* 
decision tn raise ihe discount 
rate io only 7j per rent on 
Friday, and the vole hy the 
hoard chairman. Mr William 
Miller, against the increase, have 
lefi Wall Street confused about 
tbet Fed's stance on monetary 
! policy. 

Tiie Fed n noun cod the 
discount rate increase on 
Friday and disclosed that, of ihe 
.file board Governor? voting, twn, 
including Mr. Mislcr. opposed ihe 
rise. The assumption is that 
Mr. Miller voted ugaiiiat the 
increase because he did not want 
I the rise at all. and cot because 
iic *a anted the discount rate tn 
go to per cent, as many 
| expected "it would. 

The fact that the chairman nf 
1 the l-’ed was outvoted publicly on 
I such an i*sue (apparently fnr the 
first lime since before the 
Second World Wari is being 
interpreted as a setback for 
Mr. Miller Moreover, the vote 
, came at lhe end of what had 
been a difficult week for the 
! normally sure-footed chairman. 

On Thursday. Mr Miilcr lost 
hi? composure in an evchangc 
with Mr. Henry Reus-', chairman 
of the House Banking Committee, 
during a discussion about 
whether the Fed has lhe right to 
pay in teres i on reserves nf 
member banks. Mr. Miller als«» 
promised postponing For Him 
years the planned increase in the 


minimum wage — a proposal 
which nas scant political 
»u;»pcr(. 

i>,» S'.ir .is- II*'* balance of 
voting power on rhe Fed hoard 
i» concerned, reports su lhe 
Watt Street Journal riiat the 
Carter .nte.iiujslraiiort wsN 
in.'iuinate Mr* Nancy Teeters io 
lhe bi.ard hav.' in i».*r| Tided 

as helpful to Mr Miller Mr-- 
Teeters would h>* the iii^t 
woman I « be -» Fed ■.■.uverri'T 
and. ■' libera: ecivaoinist. 

mighl »e expect oil to supper L 
Mr? .Milter «»:i s»m:c< over winch 
there ir a clear division between 
liberal and con-ervalne vieus. 
Mrs. Tee wr » is -I?, an ucvnmmisi 
who works j'nr liie House Budget 
UomimUee and was a **eii>»r 
fellow :il lie 1 Brookinj:-: 
insiituiiun between 197u ami 
I97;t. 

Or mere immediate concern 
to Wall Street, is the cli -count 
rate decision and the quest inns 
about Fed monetary policy 
raised by j: The modest rise 
seems lu suggest that the fed 
is taking a wry caul ions 
approach to iigliU'inRg credit 
ai a I nue o: growing unxiely 
amertg W.ili S truer economists. 
Main of them are becoming 
increasing !;• alarnu-d by tin* 
rapid grow til of tile iiKmi-y 
supply ut vis v. ell v.bu\e_ the 
Fed's" large I vruwl:i rates. Thus, 
over tho l'::?'. ;.e:ir. lhe n irnuc 
Ml niea.-uiv of monetary growth 
has been riMtic at i'er cent. 


m;VV Vi'iJK 

co in pared wuii I- j 
Sr'iuivn 4 and *i| r-»-:- «..i; 

Mr. .Mm lamer. :.-:.u,r -. 
pn-?uient a* Bab :.■••• 4 Tru*.: 
Sii.i: Ihis r. te :ncre * ..■ • . i- 
• ■imruue: :r.!}.irii*n.i-r- .'u.- 

i:oil.-..*' ■■?peci:*!l> >.. iiii-l .1 b 
gr.nui.l i'f ?»u c.u«g 
credit il e i ■ 1 a * 1 . 1 - 

1'ii. Fed :? r..-- r-.e -i.-.- 
I.« » -ii- m..*v:r*.- i-..'.*. 

ughli-u civeij. am! r*-.--.---; • 
i*i ?ln*ri.teri:i i: ie: - i-si : • 

ii.it c the en-:*::'.*! 1 

pruilr. r.i!e tv !' ner f 
h per ceul at lhe • n- . 1 m- ;■« 
Mae hate ':••.* -:i i:> 1 

alliibiited in. ::;••• 

; resell iv of ib 1 ■ 1 ii :i*l .or ?u 

raihvr than to r»* i>. 

iriiu es to fight-. n « 1 
niodo'.l Jiurea-i- i.* ’ue 1 i : - • 
rate i.i .1 l.-vi-: i !i.i! •- -:-i ; i>. 
*ki , .**rl-*»-nu no usari-tr • 
line K**il : l.Ti’.ri i*r :.-,j 
Hind, is *•» !■■■ 7. 

cent 1 M il: -a a: r; 11 g 

mcc.-iois A'h*. •* . 11 ; 

Fed .uli'i'i a *-:i!. ie:' n: -n-; 
slaiice 

; *J ***■>'■. Ve * >•.* »* 1:1 II*. . ,-f 

i! :i ! 1 •>: ir. - > -ar G lai, -a- 
correct. i*i:*': !i.* •- ,;:;i 

re Ml 11 -e vf I'li- 1 • * > J r,-. 

nj.im tr.r/ .; r • :! 

i.f Ii.iVi' ii'-cn :a-:.ii.’.i, . -, 
uiii Io- ar.:::'d ' a -i.-i.- 

! none! a ry P"lic> v.« n -; j ; 

the cc"tiu:i-;, 1 

: rcvs.-iur.. 


Economic indicators ini 


BY DAVID BUCHAN 

SIGNS THAT ihe spring surge 
in the U.S. economy has now 
■slowed were given today when 
the Comiucrro Department 
announced a 0.1 per cent fail 
in 1 he index of leading economic 
indicators fnr Mj\. 

This preliminary estimate, 
designed to foreeasl future 
actirity. eumpi res with the 
reilscd 1 per • ent ini-rea>e in 
the same index fur April. 

The Administration had 
earlier predicted Hut growth in 
the April-.! une quarter would 
reach S per cent al an annual 
rale, hut that ihi- wnulj not he 
sustained 111 ihe second half nf 
1U7S. when g* - mvth would slip 
to less than half that rale. 

Tilt* Cuiuiiieriv Dcpartn.icnl 
said that M) of the ]’J uorapORcuts 
were aiailuM.* for lhe latest 
index estimate, am! that the 


w ’.siii.N'.; n»N. .i»!j ; 

Slight decline was a v ■ vurii.’d f.'r r:i: J; of riir- .•.’.Wi-.i.u-. e..a 
by a drop III :'*-lii of l ■. oui- e\0'.-;'1*-.l io .*;!r: .1 u ■' 
poov-ui-— ihe ;*-::gi!i of the aver- !*i Ja.u!j:>. !.;•• -.ilex -.-a 
age u aeck. monev •.applj . 1.0 ;u->- o-r.’ . I... - , *!e .•*: 1 
new orde. - and resideim.ll build- oi a luf! willl.- III.; -I r, r r.,, 
in- and by a rise in -ab-ciuertil;. :.ar|irl ;i : 

lav-off.- .-.-ru 1 -• Froir. Ala*. '•> hi',- 1 

Last i-'r.l.:’ . the gov.-runieiit vi*:ir. tin ’::.ic. :.-i ; ‘..t if: 

annuun. c.i i-i.*! Maj !iad ai-" .■ii:i»i , culic** m- ru :>••'. u. n-h'ii 
seen :: .-ul.-l iuls.il mcresisi* m .*m ih .< miiil'b thih ’.'-ug.h 
lhe f on -u*:ier pn.e index **i O'* i.i'.e *«f »*» ■ « ;» -. •< *. 1 1 >;,iv 
m-r . or.; . (• lt*> on an .u'.nu. l oi. r ta. bi*i . 1 


tor M.:’ . 


iro 


r 1 : 

:i:t! 

!a!l-t 

•if ill lln 

im . j-,el. !r'-- .1 . 


'-.•d 

11 - 

null* 

' ill*'.- • • : i - : 1 > 

■■J 


*1 !i * 

i'.rl ll 

•*r fi 

;ii:*'*> I.- 

*l.ii lie. « 

--H 


1»»* 

1 eu- 

I 1 '. -Mli 

*»*i.i f, r. 


1- 

M.i 

1‘vr 

il'I'l 

■in; 11 

:• if- 




1 I.’ll.l 

'll! I'.Cf 

■ ( ,. 

iin 

Hi. 1 

111- 

ten :• 

' if 1 . r: I.* v. •••; 

I'i.- > 

• tn! 

I* Hi 

i ! 1 1 1 - 

ii'< i> ti.-i;;- 

.- . i- !; .- n- •' 1 

' .1.1* 

be i 

1 .ell 


,’ul.*\ V 

-.* ! *r .»:!**»li 

r 


cmil II! !••■■■ l>‘ Iiloie 1:1 e be dire* 


Sonic 


:i : ! 


Hon. or u.iwti. ? :>r i'.iee f-*»l ;* ■jr- n i-. , « •« r !'i.* • 

cons-.*- ni.ve 111 . . 1 : 111 ?. liien i!-e end :•*' .hi- je.ir. m i:.- - 


Canada crude 


price up' West cnast doc! 
strike averted 


VITAWA. .lull 


BY VICTOR MACKiE 

THE PRICE of a barrel «’f am! Alberta Go* ern>jic "s icg.ird 
Ganmlian crude oil at the well- mg j new notm.il pneu:: 
head hns been increased bv St. agreement, 
back-dated to Saiurdai. bringing f h; no oil !"ne '.tirrea-.* 
ihe luut* of un average ban el 1 >iile>;ii' srd ii naikt.! 
to #12.75 — - ,1 3.2fi less 1 him a barrel further Me'- i •>■■■■':: :"L ii-i.'i 
nf mipur.ed erude »ui uf ihe i::me ratum.-il ince Idols lor mi*.. • 
qua) ifi landed at Montreal. which i< 01 : es-ontu) .»i*'nn-ni uf 
The inireasc, the third nf four Government nn'icy m reaching. 

-eiiedulott dor.iesUc crude ml end-gj s.*!t-reli:n<-o " 

price incivases. wa? ;innoun.xd ....... . .... •bi.i* , < ilercun 

hv Mr Alastair Giliespic. the AMERICAN l (UH A\1 NEWS . .»r» ih,* i-.eke 

* or »- chi™«a btm*.. r «u.,.-> r..™ •• ■» — 


.1 


S \ N !Ti.i\'. Ki * 

THK INTERN M't"N Yi !..* 
Mr. '.-Iiuii in. ei'. a;, i 1 :.* 

" . 1 . I'll i.ui .•:;•! the r'.i •*: ili.m 

\-.-i" 1 .1 • 1 . -f j i'.i- . • g : 1 -. 1 1 in; 

ihiee \e.ir r..i ! . .» • * i-i-.- 
:;m-..ie*’e't s;*ii.i- by U.S»n> \« 

• .vi 4 uoe!. u.irk'-rv. ... 

I 'i. :;;-:on -i.t**i:i, mV. 


I 


fill 


I. 


nassed on to the <on>uim*r as ..7. . . . , ih.* r ■ 1 . • *. .m. ■n:ii--.j. 

higher urodud prices until tho **. r; ,,L ' ,| olui:i| in m.u u itn , um ,-, n « , i; .k at>.i liu- 
end of August. FlrM Texas: N».r to 11 Mnu» :i bid j (h«* . etil-i.ie/it m tn- 


Discussions arc meanwhile blocked: General 
continuing between Ihe Canadian terms — Page £1. 


I>> naniics ■ iveek.s. 

'Renter 


• r\ • 

I'I 

■ '.*• I 

.'ic: 


URUGUAYAN POLITICS 



BY SUE BRANFORD. RECENTLY IN MONTEVIDEO 

MONTEVIDEO, capital of the at 2.500. The guerrilla? were together . ivilv.m. jm* -.uiIim. 
smallest South American emi n l. i. wiped out four years ago. but nffieors. "I !i:„j ii. turn iuu: *]•■:»: 
has a sleepy, old-fashioned alum- sporadic wave? of arrest still con- The idea js nre;>MiieiV';i-. i'.*r iii 
sphere. Veteran care, that would tinue. direaed. at times aaauM two iradtiiouai' name-, are ie 
be confined to museums else- meiuliers of Uruguay s formerly- deeply routed in ihe pupul iiion. 
where, are driven proudly around strong Communist Party, at he enumieiUe-l. 
the streets. Model-T Fords. Bra.i- limes against smaller Left-wing The generals have also heel 
fords. Cords and Standard groups. Prison sentences are pulling oui feelers inward- the -* 
Vanguards rattle by hesiffir even tougher than in neighbour- parties, the Coiuradus aii«1 lb* 
old-style Lt-yiand single-deckcre mg Argentina, acurdmg to law- Blancos. Sr. Adolfo Tejcr.i. . 
and trolley-buses. Victorian -style yors. Acts of minor collaboration leading Blanco politician am 
grocers' shops and dimly-ln with a banned cr«:up will bring Minister uf the in tenor in ih* 
pharmacies, with marble counters eight years' detention. A man mid-HOs. wruin a letter ear he 


•and rows of glass bottles, are 
found on many street comers. 

It is hard to believe that. JO 
_ ears agn, the first and perhaps 
the most idealistic group of urban 
uemliax in Latin America 
arried out 3 series of spectacular 
propaganda actions in this quid, 
easy-going city. Io the name nf 
.-'ociaiist revolution, thu Tuiij- 
maros robbed hanks, distributed 
food and clothing to the poor, and 
carried out audacious prison 
attacks, at one stage freeing ail 
their members under detention. 

Even before the Tupamarus 
hufst on to the political scene. 

Uruguay's democratic institutions 
were wobbling. The Qght against 
the guerrillas greatly accelerated 
the decay, in marked contract 1 n 
the majority of the Latin 
American republics, before iP7:; 

Uruguay h;ul only experienced 

two dictatorships, in 1930-34 anil ... r ..„ 



this year to the iirmj. explainin'. 
Ills refusal to collaborate. Aft.- 
denouncing ihe removal uf rh> 
political rights of over I.ULM 
citizens m ihe last Mvn \rjr>. !i. 
stated that no aRivvinvnt cuul> 
he worked uut unli! the Giuviu 
mem guaranteed siiflicieui fiv-/ 
tlnm fur the parlies l» tie able k 
fun.-riuu pruperly. 

At the cci'iionuc Icid. liu. 
situation is u little le.« glmmi; 
inflation, which reaetn-d l>7 
ccni in 1973 has been brtmghi 
down 1*1 around 42 per cent. Th- 
domestic product has been gnu*.- 
mu by arnund :: per ecus h»r Hie 
l.ist four year?. Thanks 1 - 
gene rolls invvnli\«-t. 

have doubled in ih.* i.,-i live 

years, reaching Sti07m 1:1 1977 

But iinnnns have neen n uu 
more quick Jv. Willi n.i - 1 I 

mills and no n»n|..r 

Uruguay ha*. Iiimiv inii'nri ei 



nffpn!!'wn^n C jhI? , hn , n^ °rtf t r V r>~ Q rous self-ccn.siuship and carry 

A f ( J nc 1 Government propaganda. lh:iC average wage !o>l iw.«- 

Gre 0 urio AKare... who today is vv'ith the new interest in fifths of its purchasing power m 
^ " ^ n, i- V .* aT ? d human rights in Latin America, the hut seven years. Govern un-nt 
*io4 tr ?i! S ^ an ' J . n initiated by the Carter Admims- health sen ices have 
2 l h» y °F e , n . lv (ration, the Uruguayan Govern- sharply cut. Nurses from a Um.!- 

took over the running of the ni( . n f feels on Hit* defensive. childrens hiv-pitoJ are .*-eil- 
country. with a veiled military After the recent do. isi on to allow ms raIHe tickeis in Montevidi-.i i 
coup, completed two years later Amnesty Internalional into OAS streets as a desperate .iHcmpl 
" ll “, .'“6 sacKiog Of the civilian niecltngs as an observer Sr. Ale- to keep Ihe institution ninniii : 
president, Juan Maria Borda- jandrn Rovira. Minister of as normal. 

oerry. Foreign Affairs, reacted angrily. Political and economic juv-- 

A reign of terror began tn saving that ■■Amnesty has acted sures have combined to semi 
*R® °“5 th 1 ? guerrillas. against thij. fountryl exercising many Uruquat.-ms ahroad. Jl is 

About 10.000 people were neither objeelivUv nor imnar- osumated that 300.000 people. .»c 
e r rested between April and f ia lity." " 1- per cent nf the jmpuloUun. 

73 ‘ 1 '' a P uar .-' There are signs that the armv have emigratod since IfliW. 

Amnebly international estimated is li\*»inning tn feci trapped On the other hand, the anm-it 
that there were h.UGfl political by its power. A former civilian forces ate larger -ind betlcr- 
Ur V.:! ,av ftl’nister III the nuJiiarv govern- equipped than ever before in 
r,rbnna» i «L alin ment eonfidcd that he had their history. A hunt half of 

KSTSa.Knff* WCird ' Vl,e p, * r recentl >' L,eon approached by Government spending each year 
Reliable smirre*! m,» rhn „„ *'■ ^ wr ? ] ■ x,v ? rra! 2 bM,,t lh( -' P Q »- K«cs to them. V mnfc-and-filc 

htr fnnli!T n frL? nu,,1 ‘ slb,? formation of a now. tech- soldier now earns more lhao a 
oer uf poll I tea! prisoners now nucrutic politico] party, bnnstng school Learhcr. 





! :\ 





*■ 


' s < 


■ - *• 


"5>..£r • 

•;S#- 


,<£ : 

v 


>-*■»• 1 




: 

' , ’I 


.•■'•/ c- ■ 

- : 

■ JkGc3fiL * 
*^2?5&Svv ' 


,v *c 


Treat a man like an animal, and ' 
sooner or later he’ll behave like one. . 

Degrade, humiliate him, and ; 
maybe for a little while he’ll suffer in. - 
silence. 

Then two things will happen. His 
productivity will drop. And he 11 - 
probably up the price of his labour. ; 

And go on upping it.Because how 

do you set a price on human dignity? 

And, sooner or later, either you 
won’t be able to meet his demands. 
Or government policy won’t let you. 
And then there’ll be conflict. 

Of course, with modern en- 
lightened management and well- ■ 
organised unions, the sweat shops of 
the nineteenth century are mere 
history. Employers don’t any longer 
ask their workforce to tolerate con- 
ditions that break their pride. 

- Or do they?. — . 


THE UNACCEPTABLE FACE OF CAPITALISM? 


Sometimes it’s apparently small 
. things that make working conditions 
uncomfortable, uncivilised, and 
downright intolerable. 

Like inefficient ventilation. 

Research in America and the 
UK proves that a man works best. at 
a temperature of around 65°F. 

But in a badly ventilated factory, 
with machines giving off heat and 
•fumes, temperatures could rise as 
high as 85°F. Or on a pleasantly hot. 
• summer’s day with the sun beating 
down on the windows in the roof, to 
a punishing 92*F - from every 15£ 
sq. ft. of glass, the sun produces as 
jnuch heat as a 1 kW electric fire,. 


At a temperature of 85 °F, your 
workforce will be 20% less prod- 
uctive. At 90 °F that figure goes up 
■to over 25%. 

At 90 °F too, the chances of some- 
one having an accidentare50%higher. 

And, of course, extreme heat 
makes people acutely uncomfort- 
able. So, if your workforce becomes. . 
aggressive and disruptive, who can. 
blame them? 

Colt have solved over 50,000 . 
ventilation emergencies in. the. last 
45 years. 

Installing the Colt system of ven- 
tilation doesn’t involve a massive 
financial investment, and the venti-. 


lators can also be operated to pro- 
vide protection against the spread of 
fire. 

And we’ll gladly survey your 
premises free. 

So, tomorrow, why not spend 
. . half an hour, walking round your 
. factory floor. And if you find your- 
-self getting sweaty, and hot under 
the collar, phone or write to Colt 
.. straightaway. • 

Because the unacceptable face of 
capitalism isn’t necessarily the prop- 
erty shark, or the sharp financier, i 

It could be the face of a decent, 
enlightened management. With a 
badly ventilated factory. 

Colt International Ltd., (Health 
and Safety at Work), Havant, Hants, 
P09 2LY. Havant- (0705) 451IIL 
Telex 86219. 

People work better in Colt conditions. 










/.Financial *K|n|^ Tuesday July 4 197S 


WORLD TRADE NEWS 



t/ ..... . fc . 


Imports of 
electric 
motors to 
be blocked 

By Max Wilkinson 

A FRENCH anti-dumping ease 
against East European electric 
motor imports to the Common 
Market is to be supported by 
British manufacturers. 

The British case is being sub- 
mitted by the British Electrical 
and Allied Manufacturers' Associ- 
ation and is being co-ordinated 
by the . National Economic 
Development Office. Details are 
expected to be considered by the 
European Commission later this 
month. 

Although Eastern Bloc motors 
have not secured any significant 
penetration of the UK market, 
both the leading British manu- 
facturers, Hawker Siddeley and 
General Electric, are worried 
about the effect of Eastern 
imports on the European market 
as a whole. 

One of the difficulties has been 
that large quantities of East 
German motors are imported into 
West Germany by West German 
companies who resell them 
under their own brand names. 
By this means. East German 
motors have captured some 30 
per cent of the West German 
market. 

Imports from Communist coun- 
tries have taken 90 per cent of 
the Dutch market, and between 
25 per cent and 30 per cent of 
the markets in France and Italy. 
Apart from East Germany, these 
imports come from Czechoslo- 
vakia, Hungary and Poland. 

The Eastern motors have been 
priced down to 30 per cent 
less than their Western competi- 
tors. However, attempts to get 
together an anti-dumping case 
have been unsuccessful in the 
past mainly because of West 
German opposition. 

Now, it appears that the West 
German manufacturers are pre- 
pared to support a move against 
the East European imports which 
started from the leading French 
company Leroy Somar. 


U.S. order for 
Shorts 330’s 

SUBURBAN AIRLINES the U.S. 
commuter airline has placed an 
order for two Shorts 330 
Commuter! iners, one for delivery 
at the end of 197$ and the 
second In mld-1979. The sale, 
which is the second to an airline 
within the Allegheny Group 
raises total orders for the 
Short 330 to 2S which includes 
24 firm sales plus four options 
to existing operators. It brings 
the number of new orders 
announced so far this year to 
14, worth nearly £l5m with 
spare parts. 



BY DAVID EGU 

DEVELOPING countries have 
launched a concerted attack 
against the leading industrialised 
countries in the Tokyo Sound of 
Multilateral Trade Negotiations. 
They claimed they were being 
kept out of the real negotiations 
on key issues, were consulted 
only when special and differential 
treatment for them was being 
considered, and now .feared that 
they could come- out of the nego- 
tiations “with a negative balance 
sheet/* 

A joint statement of the deve- 
loping countries, presented by 
Dr. Petar Tomle of Yugoslavia 
to a special session of the steer- 
ing trade negotiations com- 
mittee, called, for a new rule 
under which a negotiating docu- 
ment would only be adopted if 
" a large majority” of partici- 
pants eaid they favoured it 

The statement also questioned 
the advantage of a July 15 dead- 
line for completion of the main 
outline of the agreement. Quality, 
it said, was more important than 
the time element and it would 
not be appropriate to force the 
timetable on important issues 
whose implications would extend 
over many years. The call was 
made for a timetable which would 
involve all participants on the. 


basis of realistic possibilities, and 
It was clearly the view of the 
developing countries that .this 
would involve intensive negotia- 
tions “ in the coming months." 

In different ways, both the 
main protagonists In the negotia- 
tions— all industrialised countries 
— and the GATT Secretariat 
attempted to counter the deve- 
loping country complaints and 
get on with the business of 
negotiation. Mr. Alonzo 
McDonald, the chief U.S. nego- 
tiator, claimed that an “exciting, 
superb package ” was now within 
grasp, and said that If the effort 
was successful the developing 
countries would be the major 
beneficiaries. " because of most- 
favoured-nation treatment and 
few demands on them.” 

He hoped that thes& countries 
would be willing to commit them- 
selves as others were doing and 
went oti bluntly to warn against 
tinkering with the timetable. 
The essentials were to be agreed, 
by the middle of the month, he 
said, and it was improbable that 
the U.S. would, make any major 
additional offers afterwards and 
would certainly resist any efforts 
to unravel what had been ac- 
complished. 

Responding to certain requests 
from the developing countries, 
the EEC announced jmprove- 


•r - GENEVA July 3. ■„ 

meats in certain tariff offers as 
well as gome extension of- its 
application -of the generalised 
system; erf preferences- 

Mr. ABvier Long. the Director- 
General of GATT, delivered a 
factual opening statement sum- 
ming up progress so far.. 

The developing' countries gave 
vent to , specific complaints both 
with regard te the tariff negotia- 
tions and. those concerning non- 
tariff barriers.. They made it 
clear that -they expected addi- 
tional and substantial offers, com- 
pensation for.tiie erosion of pre- 
ferences that -they enjoyed, -and 
underlined ., a whole range of 
issues on which they felt they 
were being* short changed. They 
called : fbr-SBbstantial additional 
political commitment to seek 
mutually satisfactory solutions. 

Although the one-day meeting 
ended' indecisively, it was clear 
that- the ck&ej^ing countries, 
acting mdtVtiiiiaUy and as a 
group, infolded' to use the rest 
of the year .to. push for a better 

bargain J6r, 'tiiemselves. On the 
side of the- industrialised coun- 
tries there tt&heen rising frus- 
tration -over- complaints that the 
LDCs are not fully integrated 
in the negotiating process. 

This is up# -further exacerba- 
ted by the' public call for im- 
proved terms: ■ . 


New demand for Swedish pulp 


BY WILL! AM DULLFORCE 

THE Swedish pulp and paper 
Industry experienced an “appre- 
ciable upswing” during the first 
five months of the year. 

The operating rate at the mills 
is still lower than in the Con- 
tinental and British mills bat 
after the summer shutdowns 
stocks held by both sellers and 
buyers should be below normal, 
whieh should “strengthen atti- 
tudes In the market" In Septem- 
ber. 

This assessment appears in the 
latest report from the Swedish 
Pulp and Paper Association. It 
records a 12 per cent increase in 
Swedish paper and board pro- 
duction during the five months 
compared with the corresponding 
period of last year. 

The industry had been 
operating at a higher degree of 
capacity utilisation but financial, 
returns continued to be “most 
unsatisfactory.” 

The pressure on the Vfest 
European market of low-price 
kraft- liner and pulp from North 
America has eased and European 
paper consumption has increased. 
Swedish paper exports during 


January-May totalled 1.68m 
tonnes, an 18 per cent growth 
divided more or less equally be- 
tween Europe and overseas mar- 
kets. 

Paper and board stocks held by 
the mills have decreased but 
the most spectacular fall has 
occurred in market pulp stocks. 
Production restraint and 
vigorous demand from- non- 
European countries have reduced 
stocks to a normal level. - 

Exports of chemical pnlp to 
Western Europe rose by almost 
12 per cent while total Swedish 
deliveries between January and 
May rose by 22 per cent to 
1.67m tonnes. The Swedish mills 
have been recovering market 
shares alter the setbacks of 1875 
and 1976. ' 

S In the association’s opinion the 
international pulp market has 
reached a state of balance pav- 
ing the way for higher prices. 
The mills (as reported earlier in 
the Financial Times) have 
already announced higher prices 
of S340 a tonne for bleached sul- 
phate pulp, $325 a tonne for 
bleached sulphite and $320 for 


STOCKHOLM, July 3. 

birchwood pulp for delivery dur- 
ing the third quarter. 

The 1 stabilisation of pulp prices 
would help the wood-free writing 
and printing paper manufac- 
turers to move away from the 
present excessively low price 
levels.' The association forecasts 
rising . "prices . -and reasonable 
profitability for competitive com- 
panies; 'in these -grades in the 
autumn^ - 

Wood-containing writing and 
printing papers have been sell- 
ing better for some time and the 
increase* in Swedish newsprint 
capacity has been “channelled 
ont to the market without dis- 
turbances. 4 * Here again though 
the associates -notes a need for 
price Improvements. 

Competition ^continues to be 
very tough on the West European 
liner, - Anting -and kraft paper 
market, but -xtaft liner prices 
have been stabilised at a slightly 
higher, "albeifgstill insufficient' 
level by the HEC Commission's 


LORRY TAX 


-<;-i 


deli 

spli! 


pe l 

shit 


ha Aistria 

ittut Laid* ir- - * ;. * 

ogi SATURDAY, a controverriaT 
road transit tax was introduced 
feeze for both foreign and Aus- 
trian road hauliers. Neighbour- 
ing Hungary is already 
retaliating .against . Austrian; 
freighters. 

lie legislation - for the 
tax ' .was passed list 
... Bat as & result-o£ t he, 
vocal protests organised oyj 
fdnefgn and domestic freighter* 
like original rates, were reduced 
'the expected revenue halved 

chZSbrn (about T 80 m) in- a 

fttH year. It is reckoned that 
about two-thirds of the new. tax 
wfR. have to be . -borne by the 
Anpestic. road haulage industry: 
-JKoreigu lorries over' five tonfr 

be Subjected to the new levy 

UtfGroEchen 25-«Lflp) per tin* 
kilometre, .a quarter of the 
originally projected sum. Fur-}^ 
iHfefmore foreign lorries may. not 
c arr y more than 30- litres of pet- 
fdt.lt is stressed, however, that 

tae- tax burden -on foreign road 

hauliers should in no circum* 

suffices exceed that carried by 

domestic enterprises, 
ffiie maximu m which .Austrian 
lorries between five and eight ! 
tons wSl have to pay is SchlOO-a 
t&a and for those over 

efeirt tODs the maximum will be 


decision to 
prices. The cu 
6eems to " 
prices., the 





uce minimum 
t market trend 
ards 

tioh repo 


Industrial excellence in Northern Ireland 


- ^ . - 

Where superior 




contribution. 


Since 1969 the industrial performance of 
Northern Ireland has been significantly better 
than the rest of the U.K. 

Productivity up by 37 per cent output by 
14 per cent, these are figures on which any 
enterprising company can profitably build* 

In other ways too Northern Ireland is an 
attractive proposition for the expanding 
industrialist. 

The general enthusiasm for growth. 

A consistently better record of industrial 
relations? 

The most generous portfolio of Government 
grants and incentives to be found anywhere in 
the EEC. 


Above all a total commitment to the highest 
standards of industrial excellence. 

And we still haven’t mentioned Northern. 
Ireland s diverse industrial base, the varied skills 
of its people and the availability of what has been 
described as “the most sophisticated Government 
training machine in Europe? 

There's such a lot going for companies 
prepared to expand into Northern Ireland. 

It snot surprising that so many new projects - 
have started here. " 

Read what some of their managers have to 
say in “Ask any. businessman who's already here” 
... an anthology of views from the boardrot^i. 

Then ask yourself whether you can afford 
not to take a longer look at Northern Ireland 


* Based od figures op to and including 1976. 


NORTHERN 

IRELAND 

it will pay 
you to take a 
longer look 


To: Industrial Development Organization for Northern Ireland, 

Ulster Office. 11 Berkeley Street, London W1X 6BU. 

Telephone: 01-493 0601. Telex:2l839. ' 

Please send me a copy of “Ask any businessman who's already here? *’ 
Also send me further detaus on the opportunities for industrial expansion hi 
Northern Ireland. 


1 


Name:. 


-Title: 


Company_=_ 


Address: 




I 


¥>■ 
& >- 


mm l 


Nortii-south . traffic . via the 
BaspbCff Pass with 700,000 lorries 
going through a year accounts 
fog. over 70 per cent of Austria’s 
transit freight traffic. Daring the 
high season, customs . guards 
have to deal with one lorry 
every- fifty seconds. 

At the same time a quick 
counter-move announced by 
I neighbouring Hungary seems to 
ilend weight to critics’ : warnings 
that even the latest softened 
version of the tax may provoke 
,tion. As of Saturday 
has imposed a special 
of GrosChen 25 per ton 
a kilometre on . Austrian 
Freighters. ' As Austrian enter- 
prises \ alone -undertake 1.500 
journeys a year between West 
Germany and Hungary, they will 
be .placed at a competitive dis- 
advantage vis-a-vis other foreign 
road. hauliers on the same rentes. 

Operating from a land-locked 
central European country, some 
184)00 lorries of 700 domestic 
road hauliers have to use inter- 
national routes for two-thirds of 
their traffic. Advocates of the 
lorry tax point out that road 
traffic by foreign lorries has been 
doubting every fonr or five years 
and that the intake from the 
transit tax would accelerate the. 
badly needed shift from road tcr-j 
rail andi cover part of the infract 
structure investments. / 

The -triages In -the originally 
projected legislation and the 
latest measures taken by 
Hungary have combined to 
strengthen . doubts about the 
wisdom of the tax. A retaliation 
by neighbouring or other Euro- 
pean countries would harm the 
domestic industry more than the-i 
Austrian tax would the foreign 
freight forwarding agents. 

It remains to be seen whether 
last minute talks with Hungary 
may produce a suspension of 
the retaliatory measures. But 
similar moves are also expected 
to be undertaken by the Yugo- 
slav and Czechoslovak authori- 
ties. 

On the one hand the controvert 
rial lorry tax Is bound to affect 
adversely 1 the- competitive 
position of the. domestic road 
hauling industry. ' On the other, 
however, it is. questionable 
whether the softened version of 
the law will have any appreciable 
impact on the infrastructure and 
the domestic transport ritaatTon. 
So it is possible that Austria may 
in a sense get the worst pf both 
worlds and in the final* analysis 
the present form of the transit 
tax may well have to be recon- 
sidered. . . .... ’ 

Austrian and foreign .ibrries 
blocked the Brenner autobahn 
crossing .into Italy and other', 
border point# yesterday in' 
■protest against the. new tax. 
Police said, lorry drivers had 
parked across both the Austrian 
and Italian approaches bringing 
traffic to a' standstills 


nai 


Ihell signs new gas 

ict with Kuwait 

BYfAAY DAlTHi, ENatGY CORRESPONDENT 

»• IS to sapp& .’Sfe’ffiioyal B2bn cubic metres, equivalent to 
hell Group with eUd twosome 43.4m tonnes of liquefied 

troleum gas uudfefcia* 1& natural gas rf^GVto reme 65bn 
n tract worm, sotmi Sffifiv'cribic metres (45Am tonnes), 
i) a year. . - * The Algerian aotborites have 

contract covers -afcysaW -*nj£ouficed fewti- approval or a 
»o tonnes a year Sff- gas, contract for delivery of 4bn cubic 
deliveries begtoifixfeiiiext -ftreres of natural gas annually 
According tb-^-Sheti'-tQ .West Genmray for 20 years 
5 will be rougldy-Cqually hqgtanins in lttSt, reports AF-DJ 
between propane^ and ..from Paris, 
e, gases that can efther The official:' Algerian' news 
as fuels or as-a ba?e fee- agency said .the contract was 
unicals. v . - approved because of the delay in 

liquefied gas' ; will be the U.S. Government approval of 
to Japan in tankers pro- agreements, with the El Paso and 
-by Kuwaiti authorities. Tenneco Corporations for ship- 
Kuwaiti Oil Ministry - said . meat of some 20bn cubic metres 
-day that other xwtdxacts of natural gas annually to the 
expected to be.sigs#rf|^K>a. tJJS. for a 20-yea* period. - 
« sale of Uie emmtBKMtzU . The Algerian petroleum group 
.ction - of liquefifedr.-gasf _ Sana trach is about to conclude 
I. to reach an amfSaPcaTC 'other- contracts fur delivery of 
tonnes next 5bn cubic, melje# annually to 

that Prance. SRm -cubi^ -metres each 

possible cfotrSbfc&wttiuio Sweden -xnd Austria, lfibn 
20 foreign compaffSSL' cubic mgtres tajTumsia and 
©11 is a major i in. 2 to 3bn euboc. incites to 

il gas. In the part ffipffeara slavia. all for^20-year periods 
es have iucreart»f^Boih ' beginning in lfltf*.- ' 


t®- 

iaudis irilgreek venture 


our OWN 

1 ARABIA has 
Union and 
list of countries, 
tabtishing an at 


let 


[Greece. 

Stavros Dimas, 

ler secretary of 

a - delegation f: 
La is expected to 
* soon. He 
la is Interested 
itiag In the 
alAdremg the plant's 



ATHENS. July 3. 

the" tion. Mid there -j.was renewed 
otL interest from tiM Soviet Govem- 
M nent for co-operation in the 
development or an’hJumlna plant. 
‘“'.He said that as. ft basis for such 
' ■co-operation the Greek govern- 
ment had suggested that the 
Russians should . supply the 
_dl‘- plant's equipment and accept 
tito- payment of its value through the 
--.dr alumina to her produced in due 
lh course by the plant and/or 
and through the qxport of various 
Greek farm prodflets to the 


Tha Bauxites Parnoss^ffhiing Soviet Union. 

. .. "V a * K _ niaJa Ma n'll 


Cofi^wny, which 
bauxite deposits, and^ 
controlled Hellenic: 
and Mining Investm 

plan to establish 

to produce 60 
alupolna a year, 
interest is und 
this project 
Last month. 
Mftsotakis, Min: 



vast An undertaking qn the part of 
state- the Soviet Union - to continue 
trial absorbing the egtigg Alumina out- 
pany put of the pbmu eyen after its 
plant value was paid off; was also con- 
ions of sidered important by the Greek 
Saudi side, ti has also been suggested, 
be in following a visit to Sofia by Mr. 
'George Panayotopotaus late last 

month, that the- Bulgarians may 

O&bfdina- absorb part of the plant's output 


; Tunisia m ^ 
arms ta&sj 

fly Our Foreign Staff 

MR. FEED MULMIY 
Secretary of Std|e 

yesterday ended a 

to Tunisia. On his 

MnJJey said that the 

closer exchanges b 
two countries were p 

is known that laltes wi 

Nouira; thf^Trime Mini: 

Mr* _ v Abdallah r jFarhajr 
Defence Minister ' centred 
further co-operation /-and «, 
purchase pf defence, ^vupme 
,Mr. Mulley’s. visit 
invitation of Mr. FariTat and was 
ill retain for ouejpaid by Mr. 
Farhat to Britait/last October. 



Canada dmttplng move 

By Victor Madue : 

OTTAWA, July 3. 
AS OF July *1. all Canadian 
importers of'.wide- fianged steel 
beams have again come under the 
anti-dumping rule, according to 
Mr. Joseph Guay, the Canadian 
Minister Of National Revenue. 

Normally this is based on 
prices/ prevailing in the 
exporters' domestic market But 
Fin '^ik caae. because of limited 
information from 'Hie foreign 
«xpone^-.. x the Minister has 
pxercised hfeauthority under the 
Canadian Anil-Dumping Act to 
, ( establish a vpnie based on the 
at thedbelr^ Inftxrmatlon ^vallable. The 
pmeatfure IS being applied against 
UK. 'Prance, Luxembourg, Japan 
-and South Africa. • 


Brazil ties 
up barter 
deals with 
EastEuro 

fly Dbna Smith 

RIO BE JANtERO. Jv 
BRAZILIAN TRADE c 
are visiting East Ge: 
Poland and Bulgaria this 
to conclude negotiations 
ought to Increase trade 
these countries. 

East European countrie 
whole are anxious to ret 
trade Imbalance weighted 1 
In Brazil’s favour: in th 
quarter of 1978 Brazil 
3127 An of goods to East I 
as a whole and bought 
$57.3 m worth. 

The Brazilian-East G 
arrangement will involve 
between the Brazilian s n 
trading company Xnterbn 
East Germany's NEAKB « 
Import company, in 
Brazilian soya meal will 
changed for oil. 

There will also be a mor 
plex package, involving a 
credit line offered to Bn 
East Germany, will cover 
range of goods. 

Brazil will sell cotton or 
threads and textiles, coffei 
oil, concentrated fruit 
Industrial hardware and 
parts, and buy sulphur. • 
instruments, cranes and 
port equipment, printing p 
food preparation and pac 
machines, and mining or eh 
product machines. 

Trade with Poland hint 
purchases of Polish coal (Ir 
Brazil bough 3132.000 wort 
year it bought 876m wo 
Polish coal). The plan 
increase - this quantity 
stantlaUy from I960 omvai 
return, Brazil will sell 
maize, soya meal, vegetab 
and manufactured or 
manufactured goods — oper 
$250m credit line for Poh 
the Bank of Brazil. 

Finally, in Bulgaria, assi 
deals now in the pipetin 
finalised, Brazil will have il 
East European outlet 
Brazilian-made motorcars 
$13m barter deal with Bu 
would involve sales of 
wagens in exchange for 
plate and soda ash. 

Bulgaria, furthermore, i: 
templating building a soy: 
cessing plant, for which 
hopes to supply equipmen 
know-how as well os. event 
the soya to be processed 
• The Teksid (steel) di 
of Fiat and Brazil’s Minas ( 
State ' Government 
inaugurated a 3170m joint 
ture — the FMB iron 

aluminium foundries in l 
near Beta Horizonte, capit 
Minas Gerais. 

The foundry, equipped to 
out 57.000 tonnes of parts i 
five production lines, is 
largest of its kind in 
America. It will supply not 
Fiat's car plant tn BeUmc 
heavy parts, and will also 
a wide range of clients it 
electronic, railway, shippin* 
motor industries. _ 
FMB expect to receive S2! 
export orders alone in the 
year of operation. 


IF YOU WANT TO ENLARGE YOUR BUSINESS 
POSSIBimiES IN TAIWAN, TRY EATO 

The Euro-Asia Trade Organization (SATO) is a non-profit organisation 
set up in 1975 to .promote trade between Taiwan and European 
countries; ; We presently have some 80 members who are leaders of 
industry and business in. iron and -steel, machinery, cement, plastics, 
textiles, canned footfc electronics, electrical appliances, plywood, 
glasses, rubber product^ etc. . 

EATO is. wiping to' help you 
to explore business possibility in Taiwan 
to get ittrbontact with trade partners';; ' 
to gathe^trade ioforniatioii : 
to arran^bnsiness visits to Taiwan ; - 
to resolv$ trade problems . '? 

: All these . ^ridees are provided free. 



EURO-ASIA TRADE ORGANIZATION 

4ih.fi, I. Hsu Chow Road, Taipei, Taiwan. 
Cable: EATO TAIPEI. Tel: 383-J2115. 


These securities having been placed privately outride The Netherlands , 
this announcement appears as -a matter of record only. ' • • 



FEDERATIVE REPUBLIC OF BRAZIL 

Dfls 75,000,000 
Bearer Notes 1978 due 1983 

Ajgemeoe Bank Nederland N.V. 

Deutsche Bank AktiengeseRschaft 

MerriD Lynch Enfeniatfoaal & Co- 

Amsterdam- Rotterdam Bank N.V. ‘ 

Bank Mees & Mope NV 

Pierson, HeWring & fierson N.V. Tidy 4, 1978 



& 




\ 


i _ 
















We’re Britain’s biggest producer of public transport vehicles. And buses like the new Leyland Titan double- 
decker are helping -us maintain that lead. They’ve also helped us earn a world-wide reputation for building the 

very bestconun^ ^ Built over 30,000 trucks, buses and tractors. And we exported over half of them. 

You probably know us better as Leyland Tmck & Bus. But now we’re called Leyland Vehicles. 

We’re investing over £130 m in new research, development and manufacturing facilities. We’re planning a 

completely new range of trucks and doubling heavy 

truck production capacity. 

And we’re expanding and My computeris- 

ing our truck parts back" up. 

So, our service network will not only be the 

biggest but also the most efficient in Britain. 

We’re doing what we’ve always done best. 

But were doing it better than- ever ® Leyland Vehicles. Nothing can stop us now. 






fascial; Tiroes Tiie^day^July ,4. 197S 


Burton Group cuts 
73 more shops 
but plans expansion 

BY ELINOR GOODMAN, CONSUMER AFFAIRS CORRESPONDENT 


One of Upper London 
docks may be shut 


ANOTHER 78 Burton menswear 
shops axe to be closed, making 
200 employees redundant The 
closures are the second — the 
company says it hopes final- 
stage of the programme begun 
last year when the new manage- 
ment took over. 

The company said yesterday 
that the emphasis would be on 
Improving the 301 shops still 
trading. 

A total of £12m will be spent 
over the next two years on 
refurbishing the shops. The 
company has told the Union of 
Shop. Distributive and Allied 
"Woikers that this investment 
programme will create at least 
as many shops as are being 
dosed. 

Because of this assurance, the 
union, which was prepared last 
year to fight further closures, 
is recommending its members to 
accept the redundancy terms. 

The terms, which could mean 
that a man with 20 years’ ser- 
vice would receive more than 
£3,000, were described by the 
union as the best being offered 
by any High Street employer. 


Soon after Mr. Cyril Spencer 
took over as chief executive of 
the group last year, 57 Burton 
shops were closed. This was part 
of a cut In the group’s activities, 
which has meant the loss of 
about 3,000 jobs. 

Four factories in the North 
have closed as well as the Jack- 
son the Tailor operation. 

In the halfyear to February, 
the group recovered from a 
£1.4m loss to a £5.01m pre-tax 
profit, hut the company said yes- 
terday that it could not make a 
profit from the shops now to be 
closed. Most were too small to 
generate the necessary sales, - 

Last month, the management 
met Lord Allen, general secre- 
tary of USDAW, to discuss the 
redundancy terms and the com- 
pany's a l a ns . 

The proposals envisage the 
development of a new chain for 
younger men. Top Man, together 
with an overhaul of the remain- 
ing shops. 

The union accepted that the 
programme would result in an 
increase in employment over the 
next few years. 


BY PAUL TAYLOR, INDUSTRIAL STAFF 

THE PROPOSALS of the Port 
of London Authority for 
securing the future of the 
near-bankrupt Upper London 
docks will go to Mr* William 
Rodgers, Secretary for Trans- 
port, within the next two 
weeks. 

Mr. Rodgers met a delega- 
tion from the authority and the 
eight docks . anions yesterday 
to discuss the future of the 
threatened docks. 

He had before him a docu- 
ment jointly ■ prepared by 
management and unions listing 
the areas of agreement which 
have emerged from a series of 
meetings over the past few 
weeks- 

After listening to the union’s 
case that - any dock closure 
would have unacceptable social 
and environmental effects, Mr. 

Rodgers told the delegation he 
would consider these views 
along with the authority’s plan jvir 

to ensure the viability of the 
docks. 

The authority is understood closure 
to be close to formulating its Gove nm 
final proposals based on the SSQm. 


ICI plans two more Heafhro 
c|emicals plants may ban 

oi Burn Hall site on-spot 




The terms, which could mean with an overhaul of the remain- along with the authority’s plan )Hr , WtlH,m Rodgers 

that a man with 20 years’ ser- ing shops. to ensure the viability @S the 

vice would receive more than The union accepted that the docks. . 

£3,000, were described by the programme would result in an The authority is understood closure of one dock and a 
union as the best being offered Increase in employment over the to be close to formatting its Government cash injection of 
by any High Street employer. next few years. final proposals based on the SOau Even this plan would 

Syndicate Companies ‘spend TV export 

warned f iAA M „ success 

of cash £400m a year by Thames 

demand on air pollution 

By John Moore Robin's Nest is making them 

MERKETT DIXEY SYNTH- BY SUE CAMERON laugh; and in Hungary the 

CATES, the Lloyd's of London • __ . . . _ ... . Sweeney is popular. Throughout 

underwriting agent, has given a INDUSTRY may be spending as The inspectorate says mat m wor jfl Thames Television pro- 
warning to the 109 members of much as HOOm a year on fighting 19*6, the year covered by the ^ mTn p exports produced about 

the troubled syndicate headed air pollution, says a repor tby report particularly marked and g 7 j n ^ -year to end-June, a 

by Mr. Frederick Sasse that a the Alkali and Clean Air Ihspec- welcome reductions were made per ren r-Hcp an the previous 
further substantial cash payment torate today. in emissions from bath lead and year 

tt * m by The report shows that com- ™ 1 _ chlon ' de _.TTI, the mis sides snbsi- 


demkt for success on a sub- 
stantial increase in conven- 
tional cargo business at the 
one remaining dock complex. 

The proposals were discussed 
by the authority’s Board yester- 
day, and may be the subject 
of a special Board meeting 
soon. 

The authority Is reluctant 
to disclose details, or the 
tinting of its representations to 
Mr. Badgers, because of the 
fear of a pre-emptive dock 
strike. 

It sees a strike, IB-timed and 
Htdfaected as a real threat, 
and, argues that the unions 
should amit the outcome of 
th» -Gover nm ent's deliberations 
ovex the docks. 

Once the authority submits 
its proposals to Mr. Rodgers be 
Is ' expected to take them to 
Cabinet committee who will 
take 1 the final decision whether 
tojhslst that snch docks that 
sxtertve must be self -support- 
ing dr provide some form of 
longterm subsidy to ensure 
continued operation of at least 
one complex. 


SUE CAMERON . ^ ... - 

Fg&L CHEMICAL Indus- 
iXplanoing a big expansion 
chemicals complex at Borq 
fti Fleetwood, Lancashire, 
mposes to build two plants 
^production of MDI raethy- 
fpara-phenylene isocyanate 
in is used as an interandi-. 
the making of rigid 
i thane foam. 

understood that one of 
jw plants will have- an 
polymeric MDI capsrity 
00 tonnes. The otherjwUl 
e pure MDI and have a 
y of HMXK) tonnes aysfear. 
Iready produces polymeric 
t the Burn Hall stSEgjtot 
planned expansidtfggpes 
h it would be aMg^io 
its existing produ&lp, - 
ies not produce purtfgflH 
ain at present. although it 
lufactored at ICTs Rttren- 
rarks in The Netherfifinas. 

plan to build the!£jfWo 
plants will be conkfqnied 
Ts main board e*t$^ in 


The proposal marks a mow by 
ICR Organics Division away from 
die production of TD1 — toluene 
di-isocyanate— which Iv used In 
the making of flexible poly- 
urethane. 

The company believes that 
MDI markets will become muc h 
stronger than those for TDI. 
reflecting a faster growth in 
rigid polyurethanes than in 
flexible ones. 

it is planning to "Close its 
154100-tonne TDI plant at Burn 
Hall by tbe end of this year. 
ICI estimates that world demand 
for rigid polyurethanes will 
reach 500,000 tonnes by about 
1880. In 1976, world demand 
was only 300,000 tonnes. I 

Rigid polyurethane foam is 
used primarily for insulation 
purposes and in building panels. 
Flexible foam Is used Jn- 
cushions and seating. ICI itself 
does not produce polyurethane i 
foam of any sort— only tne 
chemicals that sure used In its i 
man ufacture. 


Companies ‘spend 
£400m a year’ 
on air pollution 






BY SUE CAMERON 


-will be required from them by 
the end of next month. 


The report shows that com- 


Yinyl chloride works- 


written a standard share of the coke ovens, “for long one of that Australia remains the prime 

premium of £40,000. the new the inspectorate’s more difficult market fwitsproducte, Siting 

amount required might be about Problems." “ Sore thto ^ wortiTofprS 

£30,000. The report congratulates SammSSi UntaSbi 

The strain oh the Sasse syndi- 631118510115 fTOm tbeir works managements on making intije' year, about 7,000 hours 

cate has been caused by its “crones. “ a rea j attempt" to keep members „f progr amming was sold abroad, ' 

long-running dispute with the It is estimated that un- of the local public informed ^ Thames hopes to increase : 

Brazilian reinsurance group, registered companies spend about their manufacturing opera- gjjg j n th e coming year. A tJl8‘ | * M.V 

Instituto de Resseguros do Brasil about the same. tions. ' emissions and any ma j 0r development has* been » fijMf gM 

. .. . . The report points out that the harardous incidents the increasing demand for 

— v costs of reducing pollution are But too many planning applies- British comedy- in foreign 

settling claims on 1,300 fire and normally passed on to the con- tions were being granted which languages. 

damage risks to properties in sumer, and says the total cost to allowed pollution-causing in das- At the same time, some British PI PI 

A“ e "“; bu i the community is therefore prob- trial developments to be sited formats (the programmes scripts, 

refused to settle under the terms ab j y "significant! ymore” than.’near houses, shops, schools or but not the video-tape itself) 

^tSSSSSST •„ »00m. ,• hospitals. have been sold fifthe U &. III— HW 

Litigation is in progress and . * - _ 

Saase hopes that a trial date will ■ — V — - ■■ ■ ■ — ft Tarv *"* 

be set for early next year. m • . _ - , Sr Mr. James Ca l lag han (above) 

Meanwhile. Merrett Dixey, at ff ^|/\4-H«/vr4 4*/\ m C. ^zf If)/ listens impassively to a speech 

the Instgation of the Committee % ■ > lllT|lfr~S Tfl 1*11X1 I ‘wl I /i\ IlliVP *>7 Mrs. Margaret Thatcher 

of Lloyd's, has taken on the Vt-. after he opened the exhibition 

management of ’ the Sasse ? A to Vote, which eele- 

iKSlmP BY -ria CONSUMER AFFAIRS CORRESPONDENT -! -\ . 

The Sasse syndicate, has RETAILERS SAID yesterday and knitwear from 15 to 20 per quotas on producing restively Lendoij, 


ke-i 


Clothes to cost 15-30% mi 


BY Ml' CONSUMER AFFAIRS CORRESPONDENT 


Consult 
to salva 


its in Hd 


may ban 
on-spot ! 
Stand-B;’ 
sales 

By Michael Donna, 

Aerospace Corrwpondent 

THE British' Airports Anth 
plans to get tough soon 
airlines which continue to 
cheap Stand-By tickets 
Heathrow airport despti 
request that, in order to i 
congestion, such sales .sh 
be made only at ticket a 
in central London, 
offenders may be ordere 
comply. 

Tbe request was made some 
ago because the auth- 
feared that in the 
summer months consider 
extra congestion would 
caused at Heathrow’s air 
crowded long-haul Tern 
Three by people anxious t« 
the cheap tickets. 

Some airlines have accede 
the request. British Ain 
for example, only sells t 
tickets at its Victoria term 

Camped out 

But last week-end. with 
summer traffic at its j 
Terminal Three was deset 
by one airline executive 
“a three-ringed circus," 
several hundreds of woul 
cheap-fare travellers cam/ 
in the terminal overnight; 

The Authority said yeste: 
that the terminal “was 
not designed for this sor 
thing. 

“The problems we expected! 
now started with the i 
summer traffic. We hope 
airlines will now agree 
cease selling Stand-By tic 
at Heathrow." 

The airports authority did 
speeify what action it wi 
take if they did not, but ■ 
likely that it will lmpos 
Arm ban on such sales. 

If the offending airlines do 
obey, the authority ct 
apply the ultimate sanctlot 
banning them from the 
port It is unlikely that 
would be done. - 

Site row 
‘not our 
business 9 
says Shore 


received one “call" for a cash that the prices of some clothes cent- • inexpensive children's garments. in reply, the Prime Minister / 4=7 ° ODnom-fion to a omimSv dewl. 

payment amounting to £10,000 would rise by up to 30 per cent , The consortium, which repre- It agreed that the . mnlti-fibre paid generous compliment to nv iqhn llOYQ / ’ £ SteSS? S 

for a standard, underwriting as a result of tbe import quotas sects most British retailers, also agreement, which is to run for his political rival. “She has ^ ' for the Enrironment iS, Ssi 

share of the premium of £40,000. in the new multi-fibre agreement predicted that children's clothing four years, might provide some broken new and hallowed CONSULTANTS have begun a continuing to produce- the that olans/or “redevel 
These seems tittle prospect that A delegation from the Retail would become increasingly opportunities for British manu- ground by becoming Leader of study of tbe Singer operation in electric motors which ‘.Singer ment" nr the rity centre 

fha nauniDTit ranil rail will rnnmMum taM tha t. h,b. .J. Ii a— iM._n L. mi* ... j ? i „ a .... .A . . *- u ^ u ‘ l,,c WV ** uut 


fly John Brennan* 

Property Correspondent . <7 
IN AN UNUSUALLY . opA» 
recognition, of local put 
opposition to a property devei>. . 
meat, Mr. Peter Shore, Secret! 
for the Environment, said yesl 


hers: We have tried to amve at nse by' 25 per cent early next imposed by the multi-fibre agree- prices as costs in the UK were i 
our best estimates but we are year, anbraks by 25-30 per cent ment, would be loath to use their so high. *.«. 

necessarily seeking further ; ; ' “ 

information as to the anticipated 

S»eS P SS Foundries can claim £12m aid/ . 

year end.” v -., / J; 

To prevent hardship on Indivi- BY OilR INDUSTRIAL EDITOR : N - ■ - ' £ , 

dual members, Merrett/Dixey v £ AB( 

has arranged with l’"? National THE .GOVERNMENT has funds A further 60 applications in- The sdaeme is desi^neu to en- he* 
Westminster Bank for the Sasse totalling nearly £12m to allocate volving £6m assistance are now courage the industi^^b invest and 


Westminster rsanxror me aasse mcauing neany xism to allocate voivrng fem assistance are now courage the industry *0 invest ana Roaoorougn commons, ' \Z7a~- “ No one can convince me that Minister and in a eouncillo 

syndicate to be able to draw on to companies in the non-ferrous under consideration, and more and so improve .i&fefflciency bought by the Nature Co nse r- ^ rom ^ oIjday In the derisory £8m investment call for’ an extraordinary an- 

cash resources quickly without foundry industry, under a selc- applications for aid are expected through modernlsatiofe Appiica- vancy Council, was named by raree weexs. Singer is willing to put Into the of the District Counedl's accoun 


BY OUR INDUSTRIAL EDITOR 


were But he made no reference to the need for some or all of the yeserday proposed the establish- Mr. Shore’s statement coo 

her future career prospects in ^SOO redundancies which the ment of an oil development fucud three days before a sub-cc 

politics. company wants to make over the which could “ensure that Singer mittee of St- Albans Disti 

next four years. products will still be manufao- Council discusses the coot 

The Singer unions have asked ture ^ Clydebank years from versial plans submitted 
/ _ _ three consultants— PA Consult- no ^- Samuel Properties for 

/ rpc^rvp ants, PE Management Con- Henderson, SNP £l3m-plus, 266,000 sq ft 

f lldlluc XC5>CrVc statante and Urwick Orr ex P« r t 011 employment, said that development of the city centr 
ABOUT 789 acres of Surrey Consul tants-to make proposals *-"£* fSK Fi f* rC f oPP^ition to the pi 

to en- hSSand on ThSslS, o£ey » ^em. A choice between the SS!? 10 *** dQwn &e plant ^suited m direct repregen 

SLSnSSS. 2faE2SS-wll L?e made when the ^ convince me that SSL**^ 


cash resources quickly without foundry industry, under a selc- applications for aid are expected through modernisati 

having to sell fixed assets such as -tiv eaid scheme which expires after discosions tbe Department tions for aid have 

property. at the end of this month.- has been having with 43 com- iivered to the Det 

Commenting on the progress Yesterday the Department of panies. July 31. 

of the litigation against the Industry, said that, of £20m allo- 
Brazilian group, Merrett Dixey cated to -the non-ferrous foundry 
explains that claims against the scheme in January last year, only 'W'WT 1 til ww t . ^ -■ 

group run at 585m, but points 103 applications involving £8.1m IA/aiiIt- wriTil | 111*fTAfl 

out that there may be more of assistance have so far been . If ill IV ft 1 1.1 1 WJ % B ■ ^ j ill ” 1 II 

claims against the Brasilians., approved, . . . . C? 


Board makes payments 
on Capital Annuities 


«Y SUE CAMERON. 


he de- tbe Council yesterday > as Mr. John Barry, regional factory represents a long-term But in a confirmation of t 

ent by Ttoursley ■ National Nature manager of PE Consultants, said desire to stay. About £2m of that Department’s policy on hw 

Reserve. yesterday that the Singer will. ■ disappear ' in redundancy planning matters, the Depa 

management had proved “very payments for a start.” ment said yesterday that thou 

helpful and friendly " during an The Oil Development Fund its officials were ready to gi 
J exploratory meeting. The would match the Singer invest- advice, or any help they cou 
■ ■ wi I company had obviously been ment. ih return for a promise on procedural matters, “this 

V/J. ’Juv* 111 very thorough in its planning. frput ..the company that its next a matter entirely for t 

O "However, there' may be new product would be manufac- council.” 

opportunities of, for example, tured in Clydebank, •. 


naVTnDTlfc 1 A < ^ ALL for Organisataou of In their -book, the ^ghe Pres- political instability which would 

Petroleum Exporting Countries sures of Oil: A Strategy for not be in the interests of either Ij 1 -*-- 
^ and the Organisation for Econo- Economic Revival, th^say that the OECD nations or the oil- JL 11x01103X1 Sill 311 CO fill 

• . mic Co-operation and Develop- the money , should bemused to exporting countries themselves. J 

muities sir j? n ss ws wsasrasMss tte “ w mtass ha ion«ahaW 

sl ^r Bm 01 t £r* r Sss SSSS 11111011 to oe launched 

A waning is given that further £££*£? “ 1 -. b °“ k P “ bL?hed /gSa^” k B g, “g‘ - BY 00,1 WDUSHUAL EDiTOR ; 

ieh (irlll'.hp ramiirari nlthnucrh Pmfassnr Patar. (Idatl. ■ aitvispr tinnshln 'between thani in im- ... . mental common interest, t».y * tt/'ttd » r -r _ , _ 


BY ERIC SHORT 

THE Policyholders Protection 


~ . Biggest sewage 

European small compames plant in Europe 

imiAii M La Innnnluul Opened iij ShOfi 


BY OUR INDUSTRIAL EDITOR 


! THE BIGGEST sewage t tea tine 
works In Europe was open 
yesterday by Mr. PeteT Sboi 
Environment Secretary. It is 


Board paid out almost £500,000 cast i ttUr.be required, although . Prof^spr Peter Odell, adviser tionshlp between them is un- ae eontem^raiyConflictbi AN INAUGURAL congress of a political parties of the centre BeStomin theEast End 
iuthe year to the end of March tiie Board has sufficient overdraft to the Department of Enm*^ and easy at present The ma& reason ^wip7 c^ be lnter- «ew European organisation and: moderate right concerned iSSSE’ “ 

to policyholder^ in .Capital facilities to ensure that.no levy bead of. the Economic and -Social for this is that the old estate D v e t et i covering political parties with -with ffctoall and indeDeudent busL f™ 

Annuities, the life company need be called until a reliable Geography Institute at Erasmus lished OECD nations resent £5“* J^diSKSSSLwJR Serial In tSeste in mdU - com- SSSe S' S SnSi S fi SSnS! 

■which has been in provisionaA estimate of financial require- University, Rotterdam, and Dr. the way in which OPEC has been flowing tte revolution 83 ^ panies is to be held in November, ^^artisaiScraftsmS^'d the mite 

liquidation since April 30. 1976. ments can be made. Luis VaUenilla, a Venezuelan able to challenge their tradi- whi^the SS-r^un ^ Sably to BrusselsT SSmoIoiSd" 

The payments were made pend- The intention is to give life businessman, say that members tionai political and economic JL way ont f 0 niS}S denen 1 P The organisation is the Euro- S Tfi^political parties involved wsS 8 Jw 

ft rtci-iainr, an tiif* nf enmnanies as much Tintir.P. ss nf flFfiP. and OKCD sbrntirt u4v« sun^msw in 115 way OM OI onefiaecl Oepen- . niv0lv ® a 226,11 extensions that made 


the company. The Board has possible regarding the amount the a 
been paying at a level of 70 per and purpose of any future levy. $16bn 

cent of the contractual level, 

consisting mainly of annuity 

pa TT , „ HOME CONTRACTS 

The Board was set up under 

the Policyholders Protection Act, iTiJ. J X? d 

1975. to administer the provisions ^^TQXTflC lAl* ■ 
of that Act, whicb guarantees k-X EtUAU-iS X VFX " 
that policyholders in failed insur- 


ffffm^Pnnris'nP SI «Rhn nl In' npwr d®“cy into a mutually inter- Meffium and Small Business include Christian Democrats in largest in Europe. 

5fl?oT. 0f £8 * 6bn 01 dependent status." Union, whose Bnthih affiliate is Austria, Belgium, Germany and Mr. Shore- congratulated G 

“ ^ W ° U,d alm0St 16,4 10 . Boft organisations. W ere also StSSTSSS. ™ 2*\ 


Stands for Glasgow Rangers 


dependent on the Third World Gtecardian and Lecanuet predecessors on . foresight i 

nations which were now looking recentiy after a groups in France. . planning ahead, and faith i 

for' massive improvements in ~T&o>otg«UBatiwi s president is starting on suctea large project 

their standards of living. - These it ^ Den Boeynants, Vice: .** I can "recall ho contrast : 

less- developed countries' had- 8 t£P1f iaI ^“IL* 21 the 2 f Belgium.-and fts main great' as tbe River Thames in th 

bSn mSh-^coSedty the 2EttJ5*£S!& ** *** d ^ at f is Bfavid the River Rhine wher 

success of OPEC year's direct elections. . MltdieH..MP for Basingstoke, it runs through .the Germa 

M r+ - , . : says .Vi? at J t re P re- wbo.-Csheads the Conservative capital city of. Bonn,” he sail 

P^^cai or sents “groups within European SmJB Business Bureau.. . “The Rhine stinks/ 1 


success of .OPEC. 


?” c ® C <?n mp “; e * A contract worth more than £4m ordered the smaller 2904/50. moulded meter boxes from the the^ tSiS^sSSJBfflS thl “ Wlthi “ Eur °P ean .Si#B Business Bureau. 

2r L, P 4L ltrl? en S^ ^ ^ f Qake CI W W Rangers' Derby's machine, valued m at moulding division of BRITISH WesterT sStem t^^e thSe • : - r- 

under insurance contracts. This u,cox Park one of Europe® top £370,000 and due to be installed INDUSTRIAL PLASTICS <a bones dashS— as well rWjSlh? ' — .. w 

is financed by levies on insurance football grounds has been awarded in September, has 12 terminals Turner and Newall company), if OPPPanH rv '■ P’lA AAA Jp* ' ' ' ' ■ ’ X' H 1 

companies. to TAYLOR WOODROW Construe- connected to the central computer Moulded from gES SSSnSi Sf .SnSEFS.S f, ?£ X ? coyt,nue 4* ill I II II I AQlf| f/\|* r AVO I hA<wl 

The Board's annual rennrt. tio n ,. (S ^ totl , ) ; L ; ] ^/ h ^,, of “ d , applications include house polyester, the box S^ulttSto the ^ 111 c ^ H,perate ... 1 JVaUUw - UdlU .JUMT fC# V <11 HC<IQ. 

iust issued, pointed out that construction- taking 18 months, rents, bousing management, bufld- wall of a domestic dwelling and WJ “ ea ch other. 7 JT Tr 'J - 

aartf aW^Sn^vaB^ exciteme . nts h i&st 

Armuities as a .closed fund had ^ seats and on completion of trict CouncO’s computer will compartment BIP sav^h^been good econontic reasons-^-mosr we * k * , saieroo ™ s retorned to £8^09 for a pair of 
felled, and there was no altema- th e contract .the greimd will seat enable the council to develop on- SSlyiS fife Se G™ Stably Sat irf thecSS g 01 ®** yesterday. Even so, crinoline figures mode 

3S. I ^ md ^tv L w1 ^ 1 standing. -line applications handling rates. Council’s requirements tf*'**- last expansion of the markets -needed ^ 0 ^ e ^-^. s m an aged^ some high Randier while an early 

From May 1978 the Board bad * rents, housing advances and finan- summer. newmntr^LWoS to absnrh th»T P™ e . s . m 30 antiquities and gold Chinese tankard zu 

brought payments under this ^ ^ „ * . . cial information systems. Further atort£«icW0^iSd ^ iSy L SLhJSST g^tive art sale which totalled ' 

interim scheme up to 90 per cent HA^J YOUNG has been growth , in ^financial^ and non- BDOtrc two ’ wu SS'fc £262.005. The top price, and well 


Ajaouiti es* 3 a 5 s a closS a fund P tod 7 '®s!^?f ,r0py f VaS?y dS S^Sui^efu^^Serpr^rt reawnT^d^part^for P equaUy Seroomt^toraed 1& to S 2 ^^ 31118 .Antiques paid dealer, paying the day’s top prio 

compartment «ys it b^been good . economic reason^mj S aI SEw , *S2 d £2,400 for .a mottled spinact 


%***■ “dtherewas no altema- erSble ^eSScD toT d^vriop » the bog^of S Gas SSmTSTS STSSSS ffWL. yesterday i Even cShne' fi^rS“mSdelted b? jS'deri^la?^ SUES 

to l iquidation. 42,000, with 5,000 standing. -line applications handl i ng rates. Council’s requirements last expansion of the markets -needed ®°ti ie by|s ma n aged some high Randier while an early Meissen from the mid-18th century. 

*2 2™ SIS * 1 “ASSH: S — cSSySWS tPSSS 0 ^* SgSSTwf S8^ a ^i“2BS5% Jrt SQld CbiMSa cover ^elLTdeS^who^as ai 

brought payments under this WAfnu „ . _ cial information systems. Further about £400.000 started an Jute 3. nf primitive art sale which totalled 1 active nimhaspr throughout thi 

interim scheme up to 90 per cent HAO0I YOUNG has been growth in financial and non- ^ _■ ?he JKS£S Sfi^SEi “6 2,005. The top price, and well SnSdfSocl to? a mottK 

and would top up back payments ^ WPlwations is envisaged. The team of HONEYWELL and £e ?f5d a6 ?J e . foreea^ w 5s the £30,000 grl%£ relSS?°a^d pale brow! 

£5«)!oOO. made a a COSt ° f services in Leyland's newBns and Re^nirfacliis a four mile leneth 2m?Scv survive ■ I nact* Rnval rnrijL ‘ haaif^ SALEROOM ^de In cense_ burner with dome* 


£500,000. J" BfmtodnB* four mile length SHORE) has a contract. :beU*vad ^ . paste Royal male head which 

In addition, the Board expects S??als?^Ss a £450000 contract - 2 f ln_ N°tttog-. * 0 he worth about £500,000, for The setting up of a joint was brought into Sotheby’s with 

“"ft.*", aiS^oa misas nt 33 5S5SfL/Sn Us* ISES3, “ ,^ r .<2 ;_S2 » f 


SALEROOM 

BY ANTONY THORNCROFT 


sale, paid £1^00 tor a mottici 
greyish celadon and pale browi 
jade incense burner with dome* 
cover, and Weisbrod and Dy, th< 
London dealer, paid £1.400 to 
a dark celadon and brown jad< 
tripod incense burner witi 


? h ; Noi^ch Uition as mSiasSi ™ parted and wffl take about four keeping. (MQ to be Sporting countries would not haring no idea of ib l an S..^ n 

S Fidelity Life jU ^ offlre“Sf ■ St^jST^ oSSLi m JUd ^ Western ^A printed book s^made : — SAJST 

life company being run off as a John Laing Construction, Mtil Hill, bSS d caS5°°out ^y WTMFEY soSSsd.^' uSS ntauDtee JFthfwLffi ^ es 5 price o£ f 1,500 sold for £8.000. An early Meissen £ a Phillips’ sale of prinb 

fi ° W 15 Lood ° n * * ANHALT between junction^ at a tBKSi P £SnoSy f the book ^eckelpokaLfetched £1,000 Md which realised £19,023 iS pci 

guaranteed by the Board. - * Feliey and junction 28 at Ptoxton. range of functions front-fire fight- claims y ’ °° K Winifred- Wlliiams gave £5,500 cent unsold) an anonymous 

. Orders foe two of ICL’s newest Allsit lanes wifi be re-surfaced, tog. and onergency evaatafifon-to - ' p f in for a v tecennes cream jug and London dealer paid £3200 for a 

levies from insurance companies computers worth a total of IWtog the operation contra-fl<iw personnel aceommodat&m, will 9*L-J& SSHSlbA.- ? over - o£ . ^°. und 17 -50j All. tots set of four aquatints by Jcjhfi 

were made in the year under £530000, have come from Derby- traffic movement arrangements use the ASK system to - maintain gtrutopxj -for Ecowmtc JteDmil. sronal flow er wei^t of St. Louis carry a 20 per cent . buyer’s “Harris of “Scenes on the Road’ 
review, the financing coming SSe. Derby City Council his wUl be in force. its position -without idropp tog * Odel fans manufacture sold for £7,500. premium. ■ ; ^ - - -. or“ATrin to « 

from, the Board's own funds left ordered a medium range 29S0 * anchors. It .can. also- use -the- ' Wis -an Important H A sale -cd' Chinese, lade,’ and after 

over from a previous levy and computer end the nearby Amber The Gas Couneti has ordered a system .to track suamerafldes SS^^toek street, london WC auction pf .Continental porcelain snuff., bottles- -at ClStie's'made oriolnaliv 1 nSasnS? 1 h? a 
bonowed money, Vafley^Dlstrict Council has further year’s supply o£ plastics during pipeline surveys. 2E7PN;.£S?5. ■ \ . at .Christie’s which-^gd iteff lST W ^ * 




; -. n ■•**' 





May j, Councils 

Stand. cefl tral 
ialc s control 

, H .... BY DAVID CHURCHILL. 

•- . J,,rs ' OCAL AUTHORITY associa- 
■ ' ; :?■ If, ns are completing a list of 
\ . »*rific objections they have to 
rowing Whitehall intervention 
n local government. 

.. . The objections ‘will be given 
‘ • ■> Mr. Peter Shore, Environment 

:■ Pcrctary. and other ministers 
1 1 a meeting this month: Min is. 
■»• ■ - rs hope the meeting will take 

• • ome heat out of the feeling by 

•cal authorities, that their tra- 

• ltional independence is being 
lined. 

. Tbe associations, all Conserva- 
ive-controlled. as a result of 
,- he recent local' elections, are 
'reparing f Dr the row to become 
n election issue. 

1 Mrs. Margaret Thatcher. Con- 

'•*•••• er\'ative leader, has given a 

irm promise "to review as a 
:■ natter of urgency every White- 
ial| circular and rule governing 
ocal authority activities. 

■ • " U is time-wasting and pound- 

, .. ; casting for central government 

• ■ n spend so much time looking 
, . *ver local authority shoulders,” 

Dti* -he said: 

instructions 

The Community Land Act, for 
*. -xample. had produced 111 offi- 
’ • '.ial instructions to local authori- 
„ . : ies on how the Act should work. 

• ' . The Government hopes to find 

• .••/»ul which controls most annoy 

7 -..ocal authorities and to relax 

;ome of them. 

Authorities are particularly 

• -roncerned over Whitehall 

attempts to control council 
. expenditure on housing, educa- 
tion and the social services. They 
tay that the extent of such 
expenditure ran be properly 
.. .. determined only at local level. 

A recent report from the Cen- 
. Iral Policy Review Staff, the 
. Government ‘Think Tank,” con- 
sidered that relationships 
between central and - local 
government could be helped by 
establishing a "friend at court." 

A specific Minister or Depart- 
' ment should be given the job of 
■ensuring that. there was “ a more 
informal, continuous two-way 
flow nf communication between 
central and local government 
-outside the existing channels re- 
j q lal6d t0 particular service," 

tu iiiir Forty years on 

1/ t e * If I WORK began yesterday on a new 
11m by-pass at Little Houghton. 
It .,„ . ' Northamptonshire, nearly 40 

I^lf tC years after the route was first 
pegged out. The village includes 
« . l/I, . many listed buildings.. . , . J 

VS Nio 


HOME NEWS 


May retail spending 1.5% 
up on April after revision 


. BY DAVID FREUD 

OFFICIAL FIGURES for spend- 
ing in the shops in May have 
been revised downwards, 
although it remained well above 
previous levels. 

The steady growth in consumer 
spending was reinforced by a 
sustained rise in. sales on hire 
purchase. 

The Department of Trade said 
yesterday that the final index of 
tbe volume of retail trade in May 
was 108.4 (1970=100. seasonally 
adjusted). That was rather 
lower tban the provisional 
estimate of 109, although 1.5 per 
cent higher than in ApriL 

The figures support retailers' 
expectations of buoyant con- 
sumer expenditure building up 
this year. In March-May retail 
sales were 0.9 per cent above the 
level of the . previous three 
months and 3.6 per cent above 
the average lor last year. 

Mr. Richard Weir of the 
Retail Consortium, which repre- 
sents about nine tenths of UK 
retail outlets, said the figures 
were In line with earlier projec- 
tions of a 5 per cent increase in 
sales this year over the previous 
year. 

The only retail sector to show 
a decline was durable goods, 
which were 2 per. cent, down in 
March-May on' the previous 
three months. However, the 


HIRE PURCHASE CREDIT AND RETAIL SALES 

(Seasonally adjusted) 


New credit extended by 
Finance 

Houses Retailers 


Total debt 
outstanding 
(unadjusted) 


Retail volume 
(revised) 

Durable 

goods 

Total . shops 



£m 

Cm 

£m 

(1970 = 

100) 

1976 1st 

340 

493 

2349 

105.9 

117 

2nd 

382 

496 

2.424 

106.9 

122 

3rd 

392 

521 

2316 

1073 

125 

4th 

42T 

547 

2.716 

105.9 

124 

1977 1st 

457 

550 

2.792 

103.3 

116 

2nd 

486 

56) 

2330 

1023 

178 

3rd 

544 

605 

3,108 

1043 

121 

4th 

585 

604 

3341 

104.4 

121 

1978 1st 

626 

634 ' 

3307 

1063 

125 

January 

213 

2T6 

3378 

104.9 

129 

February 

20T 

217 

3.429 

1063 

130 

March 

2T2 

201 

3,507 

107.0 

117 

April 

231 

232 

3394 

106.7 

132 

May 

243 

228 

3,689 

108.4 

126 


sector had seen tbe strongest 
growth earlier in tbe year, so 
the decline was from a high 
level. 

Retailers believe there is 
much repressed demand for 
durable goods after twrj years 
of restraint Since demand in 
that area is highly price-sensitive 


Source: Deportment of Trade 

there might be a further surge 
in spending in the summer sales. 

New instalment ' credit ad- 
vanced by finance houses and 
retailers was £4 17m. in May after 
allowing for seasonal factors.In 
March-May advances were 7 per 
cent, higher tban in the previous 
three months.. 


Lager made stronger Sugar price 
as competition rises f 01 ? 811 ?., 

BY KENNETH GOODING "7 ^ -KllO 


BY KENNETH GOODING 

COURAGE HAS increased the 
gravity of Hofmeistqr, the lager 
it launched a year ago, from 
1.032 to 1.036 degrees with no 
compensating price increase. 
The' .move prorides another 
illustration of how competition 
is increasing in the lager market 

The change will cost Courage 
about lp a pint because duty is 
paid according to a beer's 
gravity. A higher gravity is 
usually reflected in a higher 
alcohol content in the finished 
beer. 

The alteration has been hinted 
at in a circular about the 
Imperial Group, ' . Courage's 
parent organisation, by Mr. Colin 
Mitchell of stockbrokers Buck- 
master and Moore. He says 
Allied Breweries followed a 
similar policy with Skol some 
years ago "with reasonable 
success." 

Courage does not believe, as 
do some City observers, that the 
change • will pul pressure bn 


other brewers to increase the 
gravity of their lagers. Among 
the top-selling lagers, for 
example, Heineken and Harp 
Pilsner are LQ32 degree, and 
Carlsberg Pilsner and Tuborg 
Pilsner are 1.030 degrees. 

However, if retail prices start 
to reflect the lower duty paid by. 
the lower-gravity lagers, margins 
Of profit must suffer. - I 

Lager has increased its share 
Of the total beer market, in 
Britain from less than 10 per 
cent to about 25 per cent since 
1970 and in the past two years 
there has been a rush to put new 
brands on sale. 

The brewers have also invested 
heavily in new lager plant and 
there are suggestions that it will 
result in over-capacity in two or 
three years. 

The theory' is that profit 
margins will suffer again during 
over-capacity because some 
brewers would probably discount 
their prices to keep up volume. 


Financial Timer Reporter 

SUGAR PRICES may rise in 
some independent grocery shops 
this week as a result of decisions 
taken in Brussels this year. 

A 2 per cent rise as part of the 
EEC’s annual farm price review 
and a 7| per cent devaluation of 
the green pound, sterling's 
agricultural exchange rate, will 
add about 2p to tbe retail price 
of a kilo of sugar. 

Tbe changes took effect on 
Saturday. Prices in some small 
shops wil] rise almost 
immediately but most multiple 
stores will be able to bold prices 
down for two weeks or more 

A gradual rise in retail prices 
for butter is also expected to 
begin working through in the 
next fortnight Large stocks 
have protected the market from 
the £32-a-tonne cut in the EEC 
subsidy on British butter sales 
implemented in mid-May, but 
they are running out. 


Decline in papermaking continues 


a m 
ii! ! u r " : 
j In >li ; 


BY MAX WILKINSON 

PRODUCTION of paper and 
hoard in Britain continues to 
*hnw a decline in spite of a 
General improvement in market 
• onditions in Europe as a 
whole. 

Latest figures from the British 
Paper and Board Industry 
Federation show that production 
in the first four months of the 
>e.ir was 4.6 per cent down on 
last year. 

The worst falls were in the 
production of kraft wrappings 
(down 12.4 per cent), boards for 
indu-dcial and special purposes 
(down 10.5 per cent) and other 
hoards (down 14.4 per cent). The 
smallest decline was in tbe 
production of printing and 
writing pa par and boards, the 
output of which was less than 
1 per cent lower than in the 
equivalent period last year. 

The disappointing figures have 
in be seen against the fact that 
(he beginning of last year was 
marked by a mini-boom in pro- 
duction. ’whirh petered out 
towards, the middle of the year- 
The present rather depressed 
levels of production- do not, 
therefore, appear to be very 
much out of line with figures for 
last year taken as a whole. 


On the other hand. Scandin- 
avian producers, .which have 
suffered badly from the 
depressed trading conditions, are 
reporting a steady, it unspectacu- 
lar. improvement in the Euro- 
pean market 

Mr. Bo Wcrgens. managing 
director of the Swedish Pulp 
and Paper Association, said in 
London last week that he 
expected mills would be working 
nearer to full capacity in the 
second half of the year. 

Swedish exports 

An association bulletin says 
that the Swedish paper and 
paperboard's production in 
January to May this year 
reached 2.36m tonnes, an increase 
of 12 per cent over production 
in the same period last year. 

Even more significantly from 
the British manufacturers’ point 
of view. Swedish exports In 
January to May 1978, increased 
by is per cent to a total of 
1.68m tonnes. 

The improvement in exports 
was divided . about equally 
between shipments to Europe 
and deliveries.to other countries- 

Underlying the improvement 
of the European paper market is 
a hardening of pulp prices and a 


decrease of pulp stocks to what 
are described as-." normal levels." 

Scandinavian producers have 
been helped by the improvement 
of tbe U.S. market which is 
absorbing most of the North 
American mills' capacity. The 
pressure of American exports of 
cheap pulp and liner papers to 
Europe therefore, has tended to 
ease. 

Deliveries of Swedish chemical 
pulp between January and May 
totalled 1.67m tonnes, an increase 
of 22 per cent over the same 
period last year. This increase 
represents a successful effort by 
Swedisb manufacturers to 
recover some of the market share 
in Europe which they -lost to the 
North Americans in 1975 and 
1976. 

Market share 

The Swedish share nf the 
.European Market is now about 36 
per cent, compared with a peak 
of 42 per cent Finnish producers 
have about 15 per cent of the 
European pulp market. 

Pulp stocks in Sweden have 
been reduced to about 570,000 
tonnes compared with the peak 
of Urn to 1.4m tonnes during 
the worst period of the market. 
In anticipation of price increases. 


paper manufacturers have been 
increasing their stocks. 

As a result of the more favour- 
able market, Scandinavian pro- 
ducers have been able to increase 
the price of pulp by SI0 to S20 
a tonne. Prices now being 
quoted arc 8340 for long-fibred 
bleached sulphate pulp, $325 for 
bleached sulphite pulp and $320 
for birchwaod pulp. 

The prices apply only to 
deliveries during the third 
quarter of 1978. 

After that, there is a general 
hope among producers that they 
will be able to raise prices again. 

The present price level is still 
considered inadequate by Scan- 
dinavian pulp producers, who say 
they would need to sell at $360 to 
_S37D (for long-fibre pulp) to 
break even. 

The general upward trend of 
pulp prices will be unwelcome 
to British paper manufacturers 
who depend overwhelmingly on 
imported pulp, particularly for 
the manufacture of fine papers. 

British producers are once 
again facing the familiar squeeze 
between increasing pulp prices 
and a downward pressure on the 
price of finished papers from 
Continental and Scandinavian 
competitors. 


UEnEZUEU) 

Continuing action in culture, independence and democracy 

CULTURAL EVENTS 
3 JULY— 29 JULY 1978 

commemorating 

the 167th Anniversary of Venezuela's Independence 


Art Exhibition, including works 
by Soto. C»uz Dier. Poleo and Ravelo. 
Official opening 1630 hrs, 5 July. 

For one month at The Warehouse Gallery, 
52 Eariham Street, London, WCZ 

Exhibition of Venezuelan life, 

industry and technology- Official 
opening at 1 930 hrs. 3 July, at the 
Rembrandt Hotel, Thurioe Place, 
London SW7 

.Conference on Venezuelan Science 
and. Technology. 1 000 hrs. 4 July, at the 
British Courted. 71 Portland Place, 
London, W1 


Wreath laying ceremony at statue 
of Simon Bolivar 7n -Belgrave Square, 
London, SW1.1000 hrs, 5 July 
(Venezuelan Independence Day) 


Opening of Exhibition depicting 
the life and times of Bolivar ar 
Canning House, Belgrave Sauare, 
London, SWi- 1100 hrs 5 July- 
For two weeks 


Piano recital by Judit Jaimes, 
1 930 hrs 6 July at St John’s, 
Smith Square, London, SW1 


Piano recital by Alexis Rago, 
1930 hrs. 7 July, at St John's, 
Smith Square, London, SW1 


Visit of Ambassadors 
end Staffs o< Bolivarian countriestp 
the Lewes Festival, 8 July 


The Sound of Venezuelan Youth'. 

A concert of Venezuelan popular and 
folk music at the Shaftesbury Theatre, 
Shaftesbury Avenue, London, WC2. 

1 830 hrs, 9 July 


UEnEZUEU) 


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. 

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 1 810, 
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. 


The- ne-ueisn Embassy cordially invites the- general public to attend the above events 

ART • MUSIC • FILMS • BOOKS EXHIBITIONS 


issued by the Venezuelan Embassy 1 Cromwell Road, London SW7 


i 










10 


THE JOBS COLUMN : 

Banking best bet in ~ 



BY MICHAEL DIXON 

TODAY THE Jobs Column 
brings yon the “First Division 
league table " of salaried jobs 
in central London. It comes by 
courtesy of Lloyd Incomes 
Research, and suggests that 
ambitious youngsters around 
the capital could hardly be con- 
sidered daft for preferring to 
join City-type institutions than 
general industrial and commer- 
cial concerns. 

The table has been extracted 
from Lloyd’s report on a surrey 
of 149 companies in the City 
and central London postal areas, 
conducted in March and early 
April. -Of these organisations’ 
207,499 employees, 4.S36 fitted 
one of the 72 detailed specifica- 
tions of middling to senior jobs 
which research manager Josette 
O'Brien and her team were in- 
vestigating. 

Any concern wanting the 
precise results, and which did 
not take part in the survey, 
will have to pay a cool £75 for 
the full report — New Earnings 
in the City ’78, available from 
Mrs. O'Brien at 72-74. Brewer 
Street, London W1R 4DA; tele- 
phone 01-437 2427. 

But for the benefit of Jobs 
Column readers, I have been 
allowed to publish a ranking of 
all the jobs shown by the survey 
to have salary prospects of 
£10,000 a year or more. (If 
you imagine the people in each 
category ranked from highest 
to lowest paid, the upper 
quartile represents the salary of 
the person a quarter of the way 
down, the median that of the 
one in the middle, and the 
lower quartile the pay of who- 
ever is threequarters down.) 


This suggests that, if a five- 
figure pay check is the aim, 
banking is by far the best bet. 
For the record, about 42 per- 
cent of the 41 jobs in the table 
are in the banking sector, in- 
cluding the six with the highest 

znaximums. Insurance comes 
second with 34 per cent, general 
industry and commerce third 
with 17 per cent- 

professional accountancy 
firms in the survey, which, 
covered 937 of their staff, were 
found to include only three 
types of salaried jobs with five- 
figure prospects. The reason is 
probably the big accountants' 
habit of picking the few staff 
they want to keep at an early 
age and leaving the rest to be 
gobbled up by external em- 
ployers". 

Now to the question of perks. 
The “ bonuses ” indicated in the 
table's penultimate column 
cover incentive schemes of all 
kinds, hut do not include over- 
time pay. The latter is pro- 
vided. incidentally, by 78 per 
cent of the accountancy firms 
mostly at time-and-a-half: by 
71 per cent of the insurance 
companies and by 59 per cent 
of the banks. 

By contrast, only 40 per cent 
of the industrial and commer- 
cial companies studied paid 
overtime to their managerial 
and associated staff. 

Indeed, with the exceptions of 
subsidised canteens and loans 
for season tickets For travel to 
and from work, the fringe bene- 
fits offered by general business 
organisations seemed also to be 
uncompetitive with the perks 
generally available elsewhere. , 





hi..:- 


- ■- - t _ 

BANKING, INSURANCE, ACCOUNTANCY, AND GENERAL INDUSTRY AND COMMERCE IN CENTRAL LONDON AND THE' CITY, 


Animal salary in £ 


Percentage of category wSh; 


Sector 

Job-title 

Minimum 

Lower 

quartHe 

Median 

Upper 

quartBc Maximum 

f- over 10% 

qf**tvy 

Company 

’ 

Bkg. 

Credit manager 

4700 

9.000 

lljOOO 

1430© 

254XX) 

-i 4 

64 

Bkg. 

Foreign exchange chief dealer 

7,00 0 

10,551 

12744 

75,000 

22JOOO 

f 13 

$. 18 

34 

Bkg. 

Money manager 

2700 

11.000 

1SJOOO 

174)00 

ai3Z7 

35' 

Bkg. 

Corporate finance executive 

SfiOO 

8,000 

9/300 

13300 

214)00 


47 

Bkg. 

Investment manager 

4,000 

7,000 

SfiOO 

104)00 

204»0 

$ 

32 

Bkg. . 

Accountant 

2.760 

6,250 

8,000 

9,500 

20.000 

I 9 

28 

Iiu. 

Underwriting manager 

5,500 

8.000 

8.100 

104)00 

18300 

% 3 

20 

Ind. 

Chief- accountant 

5,950 

7,500 

9J0OO 

104)00 

18J66 

| 4 

3? 

Ind. 

General sales manager 

7,000 

7.500 

SfiOO 

9JOOO 

18.000 

I 8 

51 

Bkg. 

Operations manager (admin.) . 

5,840 

9JOOO 

lajooo 

124)00 

16300 

f 12 

■ 52 • . 

Ind. 

Board director — finance 

5.000 

10JMQ 

12,000 

13JQ00 

16,000 

— 

90 

Ins. 

Senior underwriter 

4,500 

6,000 

6300 

7300 

14*000 

2 

14 

Bkg. 

Loans officer 

4,000 

6,500 

8,000 

10,500 

15377 

6 

30 

Ins. 

Underwriter 

3,100 

4.400 

5,000 

64)00 

15,600 

— 

- * 11 

Bkg. 

Personnel manager 

3,700 

6,500 

9,000 

114X)0 

15,190 

15 

30 

Ace. 

Salaried partner 

6,500 

7,500 

9,000 

10,000 

75,000 

13 

47 

Bkg. 

Sterling dealer 

3,000 

5,300 

7,000 

8,500 

154XM) 

3 

. 15 . 

Bkg. 

Loans administrator 

3JOOO 

4,000 

6*000 

6300 

14361 

16 

' 3 

In* 

Estate/tax planner 

5,000 

5.000 

8350 

12300 

14300 

; 

7&V 

Ins. 

Non-marine manager 

5,500 

7750 

7,500 

104)00 

14*430 

— 

4fb 

Ind. 

Board director— marketing 

. 3,000 

11,000 

12JDQO 

I34X)0 

14,000 . 

3 

BO* 

Bkg. 

Credit analyst 

3,250 

5.100 

6JMO 

7,000 

13300 1 

18 


Ins. 

Motor manager 

3,000 

5.500 

6J300 

8300 

13,176 j 

— 

76 r> 

Ins. 

Agency manager 

4,400 

8,026 

94X10 

10350 

134)00 

15 

tt-w- 

Ind. 

Personnel maAager 

5,000 

6,000 

6^00 

74)00 

134)00 I 

3 

6if : . 

Bkg. 

Securities clerk 

2JXU 

Z834 

4,000 

5,050 

134XM) 

1 

4 ". 

Ins. 

Life manager 

3,100 

6700 

SfiOO 

T04WO 

T2300 

32 

. He* 

Ins. 

Data-p recessing manager 

4,500 

7,000 

7,550 

9350 

12300 

14 

21 

Bkg. 

Corporate finance assistant 

4,000 

5,000 

6.500 

7300 

12300 

— 

13 r 

Ins. 

Pensions planner 

4,730 

4,730 

4J30 

7383 

12300 

4 

12 , 

Bkg. 

Data processing manager 

5,200 

5,500 

7J8QO 

9,500 

124XX) 

11 

21 “ 

Bkg. 

Instructions derk 

2,120 

3,100 

3,600 

4300 

11,910 

2 

9 ■ 

Ace. 

Group manager 

6,000 

$300 

94100 

9300 

11,000 

11,000 

— 

. . 

ins. 

Personnel manager 

4,000 

6,000 

SfiOO 

9300 

6 

35. \ 

Ind. 

Company secretary 

5,000 

6,600 

SfiOO 

8300 

11,000 

11,000 

— 

35 / • 

Ind. 

Management accountant 

5,550 

8,000 

SfiOO 

8352 

IS 

35/ 

Bkg. 

Investment analyst 

.2,762 

5.000 

SfiOO 

9.000 

10300 

_ 


Ins. 

Reinsurance accountant 

_ 3,500 

5700 

6.000 

7350 

10300 

— - 

4 • 

Ace. 

Manager 

4,000 

6,000 

7,000 

7300 

104X20 £ 

7 

l < 

Ins- 

Account servicer 

3,000 

3300 

54)00 

5.930 

1 0,000 1 

— 

7 /• 

Ins. 

Life consultant 

3,750 

4.500 .. 

4300 

5,750 

10,0002 

14 

7f 

Bkgj — Banking Ins.— insurance 

hxL— General industry and commerce 

Acc. — Accountancy 

f 




Jonathan Wren • Banking Appointments 

The personnel consultancy dealing exclusively with the banking profession 


m 


MERCHANT BANKING 
INVESTMENT DIVISION 

Our client, a well-established City merchant bank, is continuing a 
programme of planned expansion and currently has three openings 
within the Investment Division. 

Two of the openings are in the UnitTrusts Section and the Pension Funds 
Section respectively; duties will involve maintenance of dealing records, 
and assistance in the preparation of statistical reports'. The positions will 
suit young men or women with bookkeeping and Stock Exchange 
experience. Salaries are negotiable. 

The third vacancy, in the Property Section, callsfor a young person with 
bookkeeping/accpunts experience and preferably some knowledge of 
insurance related to the industrial and commercial property. The Job will - 
involve maintaining the records of insurance cover, administration of' 
rents and rates, liaising whfrsolicitors, etc. ■ Salary negotiable. 

The successful candidates will enjoy a full range of fringe benefits, 
pleasant working conditions, and good prospects for advancement. ■ 

Contact: Rlchaid Meredith 

MONEY BROKING 

We have 1 6 Sterling Money Broking positions available for.experiehced 
Interbank, Commercial and Local Authority Dealers, and Invite appli- 
cations from suitable candidates. Salaries negotiable. 

Contact.' Mike Pope 


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


THE BANK OF TOKYO, LTD. 

LONDON OFFICE 

As one of the leading international banks we are pleased to 
announce that, following continued expansion in business, we 
are now looking for an Assistant in our International Finance 
Centre in London. We consider that this post is ideal for a young 
graduate (male or female) with experience of up to two years in 
the general banking field. It will involve assisting our Loan 
Officers in all the aspects of medium and long-term lending and 
is, therefore, considered suitable only for those with ambition 
and initiative. An attractive salary will be paid and there are 
excellent fringe benefits. 

Please write and enclose a detailed curriculum vitae to: 

Mr. B. R. Dawson, 

THE BANK OF TOKYO LTD., 

20/24 Moorgate, London EC2R 6DH. 


FINANCIAL ANALYST 


CITY 


ATTRACTIVE SALARY + BONDS 


Bland Payne Limited, a leading firm of international Lloyd's insurance brokers, has W 
opening for someone who has knowledge and skills in financial or investment analysis 
and would like to build on this experience in the City. Working as parr of an enthusiastic 
team under the Financial Director, interpreting and making recommendations on a variey 
of financial matters, the successful applicant will require the ability to communicate, 
successfully at a senior level and to accept increasing responsibility. We offer 'an * 
attractive starting salary. 

Please phone -or write with fuQ details to: Miss E..M. Edgerlon, Personnel Manager, 

Bland Payne Limited 

Sackvflle House. 143/152 Fenchurch Street, 

London EC3M 6BN. 

01-623 SOSO. 



ASSOCIATED MEMBER 
CAWOOD MANN A SM1THIE. 
SCARBOROUGH AND 
HARROGATE. 

Members of the Stock Exchange. 

A VACANCY EXISTS IN OUR SCAR- 

BOROUGH OFFICE FOB AN ASSO- 
CIATED MEMBER WITH ESTABLISHED 
CLIENTELE. • 

Write: W. H. Mapn, 

96 Westborough, Scarborough. 


S. LONDON 


Internal 

Auditor 


The CONSTRUCTION INDUSTRY TRAINING BOARD has 
a vacancy for an Internal Auditor based at its Head Office 
in Norbury, South London. This is a responsible and 
interesting position involving the audic of ail aspects of the 
Board's activities and the preparation- of reports appraising 
the strength of controls and making recommendations, 
where appropriate, to improve controls and eliminate 
weaknesses. 

The successful applicant will be required to visit offices 
and training centres throughout the country and must be 
prepared to live away from home for varying periods 
totalling approximately 8 weeks per year. . 

He/she should hold an appropriate professional qualification 
and have ‘had several years' experience of internal audit 
work. 

The salary will be in the range £4.320 to £5,479 p.a. exclusive 
of the salary settlement for 1st January, 1978 currently under 
negotiation. 

Application forms and further details ore available from: 
Personnel Department, C.I.T.B^ -Radnor House, 

London Road, Norbury, London SWH 4EL 
quoting IA and enclosing an unstamped/self-add ressed 
envelope. 



The Construction Industry Training Board 



STOCKBROKERS 

require 

AUTHORISED 

CLERK/ 

Experienced person required 
with good general knowledge 
in the London Market Appli- 
cations in writing J stating 
age, experience ana. salary 
required of Box >A.6399 t 
Financial Times, lO.iCannon 
Street, EC4P 4BY. Hf: 

£ 


SALES l 
MANAGER 

TOOL AND HIGH ' 
SPEED STEELS 

required by U.K. subsidiary of leading 
international manufacturer of special 
steels. 

The successful male /female applicant 
will be based in the Midlands area, aged 
35-40 years and have an intimate know- 
ledge of the U.K. market with respect to 
tool steel and high speed steels. 

Applicants should be self -motivated and 
capable of organising and controlling 
national sales staff. 

Salary is by negotiation and the success- 
ful applicant will have the use of com- 
pany car and will enjoy the appropriate 
benefit associated with the responsible 
position. Write Box A6400, Financial 
Times, 10, Cannon Street, EC4P 4BY- 


Telford 

^ Ym ir flnnnrti init\f 


Your Opportunity 

TELFORD DEVELOPMENT 
CORPORATION 

ASSISTANT GENERAL MANAGER 

The Telford Development Corporation is seeking an Assistant 
General Manager to prepare and direct a promotion -marketing and 
investment strategy capable of achieving difficult but feasible 
employment growth targets to the mid-1 980's. 

No specific professional qualifications are prescribed. but experience 
and a proven record at a senior level in either property develop- 
ment, financial investment or merchant banking, industry or 
commerce will be essential. The ideal age range is between 35 
and 50. 

Applicants must be strong In leadership qualities, imagination, good 
communicators and above all, thoroughly commercial in oudook. 
The job will attract people prepared to travel (including overseas) 
and looking for a salary rising above £12300 per annum with a 
range of additional benefits. 

'Further details of the New Town and of the Job - Description, 
Conditions of Service, etc., may be obtained from the Corporation 
.Secretary, Priorslee Hall. Telford. Salop. Telephone (0952) 613131 
Ext. 0. Closing date for applications, to be addressed to The 
General Manager, Is 25th July, ]978. 


SPRAGUE 


THE U.K. SUBSIDIARY OF A U3. MULTINATIONAL 
GROUP OF COMPANIES. BASED IN THE BORDERS 
OF SCOTLAND. REQUIRES A 

FINANCIAL CONTROLLER 

TO ASSUME OVERALL RESPONSIBILITY FOR THE 
ACCOUNTING FUNCTIONS OF THE COMPANY, 

t 

The successful candidate will: 

(a) have a professional accounting qualification 

(b) be familiar with U3. and U.K. accounting require- 
ments 

(c) have had wide experience in accounting activities such . 
as manufacturing, cost systems, operational analysis, 
forecasts, budgets, cash flow and other Management 
accounting functions. 

The ultimate salary, which is negotiable, will reflect the 
experience, qualifications and abilities of the candidate 
chosen. Relocation assistance will be provided If 
necessary. 

Complete confidence is assured of ail candidates. 

Send resume to; 

. Alan G Cooper 
Managing Director 

■ Sprague Electric CUK) Ltd 
• 159 High Street Yiewjley 
West Drayton Middlesex 


fffaapcigl .Timfs Tuesday Jtdy 4 197S 








£4,000 p^a. plus. 

Would you liketo switch from actuarial 
studies to investment work? 

We offer an unusual opportunity in the 
small and highly professional investment 
team of this old-established mutual life 
office. The post is based in London, 

-where interviews will be held. 

The Person 
Age: around 22-25. 

Qualifications and Abilities 
Degree or good A levels in Maths. Some 
Actuarial examinations, including ' 
compound interest. Ability to work 
meticulously, formulate and express views 
accurately. 

Salary: 

£4000 p.a. plus. 

TheJob 

Regular contact with brokers and the 
maintenance of up-to-date records of 
gilts, capital gains, income,' etc., on the 
portfolio. 

There are opportunitiesto help the 
Assistant I nvestment Manager with other 
duties. 

The Future 

Mathematical background will help our 
chosen candidate's understanding of the 
theory underlying the more interesting 
aspects of the market. Over a period, he or 
she could progress towards becoming a 
gilts dealer. 

We offer a good salary and fringe benefits. 
Please write or telephone for an application 
form quoting reference No. rec/9 

Miss J. E. Berry, 

Personnel & Training Manager, 

\ UK Provident, 

‘ Dolphin House. New Street, 
Salisbury, SP1 2QQ. 

Tel: Salisbury (0722) 6242. 


U 





Voluntsr; SsrviGE Ou^rsaas 


FINANCIAL CONTROLLER 


a' ' 



VSO Is an international charity deploying L0Q0 qualified engint 
technicians, teachers, agriculturists and others in a. low-cost ethos, 
mainly in Africa and Asia. They work in training capacities designed 
to strengthen self-reliance in host countries, and to mmhnha long-term 
dependence on external aid.' 

A new post of Financial Controller « now being created, entailing 
responsibility to the Director for all aspects of finance except 
fund-raising, and fora wide range of other administrative duties. 

At the t*Vet o? Assistant Director, it ineorperatts che roles, separate 
until now, of Company Secretary and Chief Accountant. 

Applications art invited from qualified and experienced accountants 
■**: company secretarie*. or others of fully comparable background. 
Overseas experience w|U be an advantage. 


£6.250-£730D p.a. Further details: 

David Colle&Director V.S.O., 

9. Bel grave S^are. London SW1X 8PW 
Telephone: 01-35 5347 

\ 

^ 



OPPORTUNITY IN 
CONSULTING 

Language: English and German or French 
If you have several years of supervisory experience 
you are probably qualified for a position' on our staff. 
We shall train you to become an expert in improving 
business operations. 

Our' assignments include Manufacturing, Adminis- 
trative, Marketing Sales functions and Management 
and Skills Training. You will learn the most modern 
techniques of planning and co-ordinating work flows. 

During training the salaiy will be automatically 
increased. For the most dynamic candidates there is 
opportunity for rapid promotion and high earnings. 
There is no requirement for successful applicants to 
change residence. 

Please send c.v. of education, experience and 
nings in confidence to Box F.1035, Financial 
ies, 10, Cannon Street, EC4P 4BY. 


FINANCIAL ADVISER 


A leading City law firm seeks a full-time financial adviser. His 
wiM involve advice in formulating the financial policy and 
pfenning of the firm (including fee . scales, salary structures 
apd capitalisation) and the financial Information and projections 
ottnlable to the partners. 

Ap initial salary will be negotiable from £10,000 with pension 
and 1 life assurance schemes In addition. 

Brief but comprehensive details of your career and salary to 
4tf», which will be treated in the strictest confidence, should 
bo sent to: Detohte Hastkin* & Sells (re. 15/p), P.O. Box 207, 
128 Queen Victoria Street, London, EC4P 4JX. 


V. 


BLUE 

BUTTONS 

A large firm of jobbers requires: 
experienced Blue Buttons- 

The prospect of a dealing career 
exists for suitable candidates 
together with 

excellent salary, bonus, etc. 

Write Box A6401 

Financial Times : 

.10 Cannon Street, EC4P 4BY ; 


it*. 













'IMSiJ. . 





Financial Times Tuesday July 4 1978 


| u<ll l \ , ‘Hj| |LEGAL APPOINTMENTS 

a - Pius 


i. ; , i s 

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'{.'I '•« '' 

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... 


•ITi* <■. 


V; ; •«., 
‘ '« 


Li ; 




Solicitor or 
Barrister 
for Middle East 

CITY OF LONDON solicitors require a young 
c-olicitor or barrister tor ineir Gulf offices..- 
Length of service will be negotiable and 
pi seeded by a period spent in the City office 
to acquiie knowledge of clients and practice. 

Preference will be given to applicants with 
experience -in banking and/or other inter- 
national company and commercial work. It 
would be an advantage to have lived abroad. 
Salary and terms (tax free in the Gulf) will be 
competitive and commensurate with position 
and experience. 

Please apply with full curriculum vitae, 
quoting Reference 1492:— 

Charles Barker-Coulthard 

30 Farringdon Street; London LC4A4EA. 
Telephone 01-236 053b ' 


: 1 1 ! , 
I.T . 


»'■ : : 

Nil-! • 
Sftrr 

$■ I i., 
it'll!. 

SP’ 
•41 rv ; 


•:OG 



LEGAL EXECUTIVE 

A n expanding international Merchant Bank, 
London based, requires a Legal Executive to 
head its Legal Department. 

The successful candidate should have wide 
commercial law experience and a positive 
attitude to problem-solving. He or she will be 
expected to become involved in the Group’s 
business and the appointment will therefore 
suit someone who, while content to be primarily 
engaged on legal work, is looking for a career 
in commerce rather than within the legal 
profession. . 

The salary will be commensurate with experi- 
ence and a comprehensive range of benefits is 
offered. Please reply to Box A. 6405, Financial 
Times, 10, Cannon Street, EC4P 4BY. . : 


utrolil 


COMPANY NOTICES 


DRAWING 

At drawings mado In Jans 1978, in the practice of a Notary Public in 
Stockholm, Deposit Certificates in respect of Bonds of 

THE GERMAN REICH 4% (FORMERLY 6%) EXTERNAL LOAN OF 
1930 (the “Match Loan") 

totalling USS61 5.100 were drawn for redemption as at the 17dl July « 978. 

Lises of certificates drawn can be obtained at Lasard Brothers A Co.. 
Limited, -21. Moorflelds. London, K2P 2HT. 

The. certificates are payable on the condition given in the -certificates as 
from the i7th July I *78 at any of die offices of Skandinawika Ensfcilda Ban icon 
and Go ca banked as well as at die offices of the other Paying Agents 

No Interest will be paid as from 15th July 1978 on certificates drawn. 
Certificates presented tor redemption shall be accompanied by all the interest 
coupons which are not yet due lor payment as well as br the talon. Otherwise, 
an amount equivalent to the missing coupons will be withheld. 

The holder of a certificate which has been drawn will receive on la 
redemption a voucher in respect of the right attaching id the certificate to 
receive " Funding Bonds ” when issued. . 

Any of the drawn certificates held on behalf of residents in the United 
Kingdom should be lodged between the hours of II a.m. and 2 p.m. (Saturdays 
eicrpced) for payment through an Authorised Depositary m London * th 
Lizard Brothers A Co.. Limited. 21. Moorftefth. London EC2P 2HT, from whom 
listing forms may be obtained. Certificates cannot be accepted through the posr. 


I V IN 
ING 


n.ii. 


BEECHAM GROUP LIMITED 

Notice to holders of 51% Guaranteed Convertible 
Debentures and 6i% Guaranteed Non-convertible Debentures 
or Beecbam International Holdings SA 
In accordance with the Conditions of Issue of the above- 
mentioned Debentures, notice is hereby given to Debenture 
holders that the Beecharo Group Annual Report for the year 
ended 31st March, 1878, was posted to share and loan slock 
holders on 3rd July. 1978. 

Debenture holders can obtain copies of the Annual Report 
on application to the offices of the Paying Agents. 

By Order of the Board. 

1. M. F. BALFOUR. 

Secretary. 


:r 


GOLD FIELDS GROUP _ 

DECLARATION OF DIVIDENDS — UNITED KINGDOM CURRENCY 
EQUIVALENTS 

In accordance with the Standard Conditions retiring to the payment or 
the dividend! declared by each of the undermentioned companies on 13 June 
1978. payments from the office of the United Kingdom Registrar will be made 
in United Kingdom currency at the rate of Rl.fi 1 6773 South African 
to C I United Kingdom currency, this being the first available, rme of exchange 
lor remittances between din Republic of South Africa and the United Kingdom 
on 3 July 1978 as advised by the companies' South African bankers. 

The United Kingdom currency equivalents of the dividends are therefore 
ii Follows'.— — — 


Name of Company 
(Each incorporated In the 
Republic of South Afr ica) 

interim Dividend 

East Driefonteia Gold Mining Company 
Limited 

Final Dividends 

DoonMontein Gold Mining Company 
Limited ..... 

Kloof Gold Mining Company Limited 

LI ban on Gold Mining Company Limited 

Vcnterspost Geld Mining Company 
Limited 

West Driefonteia Gold Mining Company 
Limited 


Dividend 

No. 


Amount 
per share 


TO 

43 

17 

55 

7* 

51 


24.740fi4p 

18.S5S48P 
15.46290P 
37. 11096 p 

1 2 370 32 P 

154.fi29t»p 


London Office: 

49 Koorgate. 

London. LC2R 6 BO- 
United Kingdom Registrar; 
Cloic Registrars Limited 

803 High Roid. 

Leyton. 

London EIO 7AA. 

3 July. 1978. 


By Order of the Boards. 


C. E. WENNER, 

London Secretary 



COMPAGNII FRANCHISE DtS 

PETROL LS 

PAYMENT OF OIVIOENDS 
NOTICE TO tH£ WARE HOLDERS 
The Annual General Mcct'"9 “' Snare- 
noidets held on J«-*» 1 9 , 7 „ B 

scl ihc 1977 dividend at F. 9.40 wr- 
tfblr jS from Julv 6IH . 

Residents ol the 

will receive m iff Coupon 

No. 55 an emouni o' F 7.t4 and M 

s? 1 5u» , ar^a>5 

RF 4 GB accord) no to the lonta ■* 
the OouBle Tax Convention Between 
France and Great Britain. . 

However. « eoicci-ni ^cur 1 ' 1 ® 
deposited in banns established ' n 
France or in the *!npd®™j 

Wis Form can be OWM.fed at ■"* 
time up to December 51« of the year 
I ol low i no couoefjon ol Coupons. 

The Coupons should be lodged with 
Binoue de Paris ft o « 

Moor Howe. 119 London Wail. Lon- 
don CC2Y SDR. where VSIopr'ate- 
claim forms and further Information 
can De obtained. ■■ 

Pavmew in respect of Coudob* 
oe submci to aeaucuon of U.K. 

U« unless claim* are accompanied 
ov an amount. The exchange rare 
used WI« be. ttMt eliective on the dare 
ol each oifmopl 


BEECHAM GROUP LIMITED 

ANNUAL REPORT 1978 
NOTICE IS. HEREBY GIVEN tnjl the 
Annual Reoott tor in* year ended s*™ 
March. 1878. wa» posted to shareholders 
and .loan stock hoftfert on 3rd Julv. 

The Annual General Meeting •» *e “p 
held at, T2 noon m 26ih Julv. 1978. 
at Royal Garden Hotel. Kent Aston Mian 
Sitroef. Loudon, w.i. 

C * Order of the board. 

. M. F. BALFOUR. Secretary. 


RHYTHM WATCH CO. LTD. 


(Rhythm Tokei Kowo Kabushim Kanha; 

NOTICE TO HOLDERS OF EUROPEAN 
° DEPOSITARY RECEIPTS fW > 
Notice is hereov Jjivcn » hpidcrs ol 
£DRi that Rhvthm Watch Co. Ltd- MW 
3 dividend of T4.50 uroS* Per Share on 
30th June 1978 to sharehoiocrs on the 
Company’s reqisicr at the close ti bw eg 
on 31st March 1978. Th.t dwwend has 
been converted to U.5. 
amounts to USS21.94 proas Per E° R 
Accord! naly. Kle-nwort. Bcncon Limitg 
as Depositary informs holders ol tow 
that they should claim their divide nets 
bv oresenfinfl Coupon Wo. 2 on or a«or 
I2tb julv 197B ai (a) the OiliCe Ol 
Depositary. Klcinwort. Henson LlnijfM. M 
Fenchurch. street. London EC3P W® J 
(bl the office of the Apent. Ranauc inter 
natlonalu 4 Luvemoourp SA.. 2 Boule- 
vard Roval. Lmrcmbourp. 

Coupons must be I®** three tilw 
business days for «amlpaUon. and may 
be presented on any ***«h«y tSaturdavs 
and public hoiidav* executed) durlnp 
normal business hours. 

jaoannc WithnoJdlnp tax at fne rate 
of 20 per cent, will be deducted from 
the gross value oi all d ivide nds 
unless ti» EOR rwl ? cr an 

form acceptable to the 

yss",; 

be applied. 

jsajsrs^ 

asu; sagtjss.5 fe-ja 

aJl/d»vi« e of D no«?rS!d8nee - the un«cd 
K '" 9d0,,, KtEINWORT. BENSON d LFMI«B 
London. 

4tn July 1978. 


CONTRACTS & TENDERS 


Arab International Bank 
Cairo, Egypt. 


Invitation for 

Pre-qualification 

for General Contractors. 


The A. LB. Center is an 
Egyptian Public Law 43 Project 
created by Arab International 
Bank. The Project is locatki near 
the center of Cairo and consists of 
one 750-room hold, one 20-story 
office bulking and two 32-story 
apartment bmkfings all inter- 
connected bya 5-story mixed use 
buflding. The gross area is ap- 
proximately 245.000 square 
meters of reinforced concrete 

construction. 

The contractors who are 
qualified will be expected to snb- 
mit a firm price tender for the 
structuralelements. and general 
conditions for the entire project- 
arid submit a percentage fee for 
the acceptance of assignment by 
the owner ofsubcomrac tors for 
the entire project- Site excava- 
tion work and the installation of 
piling has commenced. Structural 
drawings and specifications are 
complete. The remainder of the 
construction documents will be 
completed by mid 1978. 

Prospeoive general con- 
tractors pre-quafification twwlgr 
must contain the folio wing: 

L Certified year-end financial 
statement and a current 
appficable bafacce sheet 

2. A synopsis of personnel of 
the association indudmgeur- 
Tiada vitae of die top officers. 

3. Names, titles, experience in 
construction in general and 
experience in the Middle 
Bast of senior staff who are 
cunentiy in your employ and 
who wffl be assigned to the 
project. 

4. Number and titles of senior 
staff people who will be ob- 
tainedfroiit other sources 
and die sources thereof. 

5. Company experience in the 
Middle East if any, including- 
specifically the number, type 


and size of successfully com- 
pleted projects and year 
completed. 

6. Number of high rise buildings 
completed worldwide to- 
gether with a brief descrip- 
tion of at least four major 

buildings. 

7. Number and description of 
projects of comparable size 
successfully completed and 
year completed. 

8. Ustofc&entsfbrwbompre- 
vious projects of similar size 
have been successfully com- 
pleted with the name and 
title of representatives 
who can be contacted as 
references. 

9. History of bonding relations 
on similar sized projects foe 
the past 5-7 years. 

10. Sources of coos traction 
materials and tlie number and 
types of equipment fur the 
concrete structure. 

Pre -qualification tenders will be 
received no later than July 18, 
1978 by. 

Arab International Bank 
%Me.Y 1B. Luster 
50 Gomorhia Street 
Cairo, Egypt 
Phcoe: 935744 
Telex: 9-2079 

Drawings may be reviewed at the 
following places: 

Gerald D. Hines Interests 
2100 Post Oak Tower 
Houston, Texas 77056 
U.S.A. 

Phone: 713/621-8000 
Telex: 910/881-5468 
G.D. HINES HOU 

Skidmore, Owings & Merrill/ 
AUNassar 

22 Hussein Rostom Street 
Doldd, Cairo, Egypt 


HOME-GROWN CEREALS 
AUTHORITY 

Sale of Barley Ex Intervention Stocks 


The Home-Grown Cereals Authority on behalf of the 
Intervention Board for Agricultural Produce has 
been instructed to sell by Tender barley from the 
Board’s Intervention Stocks. 

S&es will be ex-store and details of the stores, and 
other arrangements are embodied in a Notice of 
Invitation to Tender together with tendering forms 
which are available from: 

Home-Grown Cereals Authority, 

Hainlyn House. HIghgate Hill, 

London NID 5PR. 

Tel. No. 01-263 3391 

Stocks for sale are approximately as follows: 

Store 

Ely, Gambs. 

Diss, Norfolk 
Hadleigh, Suffolk. 

Hartlebury, Worcestershire. 

Manby, Louth, Lines. 

Old Dalby, Melton Mowbray, 

Leicestershire. 

Polmont, Falkirk, Scotland. 

CLOSING DATE FOR TENDERS WILL BE 

14TH JULY, 1978. 


Stock 


3,331 Tonnes 

1,550 

f! 

2,121 


1,718 

n 

S.076 


4,302 

tt 

129 

99 


CONTRACTS AND 
TENDERS 


SYRIAN ARAS REPUBLIC 
Ministry el Petroleum 
and Mineral Resource* 

Tho General Establlshmcm oi 
Geolosv and Mineral Resources 
No. Z484 
Dated: 14-6*1978. 

CALL FOR TENDER 

Tho General Estaolahmcnt lor 
and Mineral Resources declare that doeu- 
merits are aval laole in tfl« torm.ol tenner 
imitations to establish . two Plants 
producing gyosam o I alter and Blocks. 
Sftea of the two gliiw are In Jalroua 
and Lactakia. Informations a ra: 

1. Delivery time and erection are 
preferable to bo as short as possible. 

2. Bid bond 5% Wive per cent) from the 
total a mount ol the ofier By local 
Commercial „ Bank at Damascus. 
Branch No. 6. 

1. Final guarantee Is 10 % itcn per 
cent] tram the total amount of t he 
Offer confirmed by local Commercial 
Syrian Bank at Damascus. Branch 

4, Penalty: 0.1 “a trom the total amount 
for every, dar deiared.thetoLti 
oenaHv will not eweed 20". 'twenty 
per cent) tn total amount of the 
contract. 

5. Validity; 90 davs from due date. 

B, Tenders will be suontitted to the 
esuQiisnincni oaring daily working 
hours I8.Q0-14J0) until dosing oar 
which if 15 August 1978 

7. Method 0* submitting renders: 

Envelope A— Otn tains the documents 
clarified at article 2 2—1 — C In the 
tender documents witn detailed. 
Qualifications and field experience ol 

ErfvehjDe^B— ■ Contains the technical 

Envelope C— Contains the financial 
tender. 

Envelope D — Contains above three 
envelopes lA. B. Cj and muCI M 
marked to "'The General EatapWsi 
merit of Geology and Mineral 
Resources." ” oacr lor gypsum n'an 
at Jalroad ana Latrakfa.” without 
mentioning the title o* the comoatlr 

hTB^it^r'S^sred not to mention 

- tho titin ot Bi* company on this 
envelope. 

8 TemJcrs are f«ne««> raiolioar the 

law ot contracts No. 19811 974 and 
documents ol the call lor tender and 
Sis advertisement. Any deviation In 
the tiicrMll tati thoeatabi.shment 
to not consider the oner 

9. Tmoarer will otfor on turn key basis 

excluding civil engineering -tj; 

complete machinery, eoulnment lor 
both two factories and their 
mechanical, electrical oreCUon at 
their cites, and ne ouaraotee of 
production. 

10 prices are final, invarlaoia and not 
able lor cnanges- 

Tanners are to no suomitteo oy nano 


11 


Tanners are to oe sutwniitea oy nano 
or by registered post to- The Cwtwl 
Esublisment ol _Geologv^a. .Mjreraj 
Resources. R-O. Bmt 7S45— -ja®** El 
Knaub — Adawv. Damascus. Syria 
12. Documents are available » 
commercial section in the Establish- 
ment lor 3QO L.S. to be ftaM to wo 
Commercial Bank oi Syria Branch 
No. 7. In Damascus Into the 
Geological Surveys ana Mineral 
Resources account no. 1 71 31200. 

Dr. H. IBRAHIM. 

General Director. 


CLUBS 


Eve. 1 88. Regent Street. 734 05S7. A la 
Carte or AJI-in Menu. Three Soectaailar 
Floor Shows 10.45. 12.45 and 1.45 and 
music ol Johnny HawkeswwiUi & Friends. 


GARGOYLE. 69 Doan Street. London. VYl . 

NEW STRIPTEASE FLOORS HOW 

THE GREAT BRITISH STRIP 
Show at Midnight and 1 a.m. 
Mon.-Fri. Closed Saturdays. 01-457 6455 


EXHIBITIONS 


SCULPTURE in time at Aspfcy. Exhibi- 
tion of Audemars Pfimet Skeleton 
watches. 4-15 July. Mon^Frl. 9.30 a.m^ 
5 JO p.m. Sacnrdav SJO ajn.-ij» p.m. 


RINGS AND RATTLESNAKES, exhibition 
of rings and rattlesnakes. New U5. 
lewels. Goldsmith Hall. Foster Lane. 
London. EC2. 5-28th July. Mon.-Frl. 
10-5. Adm. Fra*. 


CLASSIFIED 

ADVERTISEMENT 

RATES 

Sinole 
Per column 
Inc ini. 

£ £ 

Commercial b Industrial 
Property 4.50 H08 

Resnteaual Property 2-flB S.00 

AimaimjRCDta HDD 

Business t Investment 
Opponaniiles. Corporaaon 
Loans. PToductlan 
Capaciiy. Businesses 
For Salc/W anted 523 16- DO 

Education, Umus 
O cuLfacu & Tesdcn. 

Personal. Gardening 4J5 13.00 

Hotels and Travel 2.75 10.00 

Boot Publishers — 7.00 

Premium postthnu available 
(Minimum aim 40 coi n ma ems) 

FI .50 per single column cm extra) 

For further detenu trtlp to? 

Classified Advertisement 

Manager, 

Financial Times, 

10, Cannon Street, EC4P 4BY. 


LABOUR NEWS 


Unions push harder 
for 35-hour week 


BY PAUUNE CLARK, LABOUR STAFF 


TWO OF Britain's biggest indus- 
trial unions are increasing pres- 
sure for a shorter working week. 

The General and Municipal 
Workers’ -Union said yesterday 
that a demand for a 35-hour week 
in Piikington Brothers Glass 
Group marked the launch of an 
intensive campaign on the issue 
among Britain’s biggest em- 
ployers. The demand is being 
pressed in pay talks for 10,000 
manual workers. 

Like the GMWU. the Transport 
and General Workers’ Unton has 
decided to pursue its similar 
35 -hour-week claim after a pay 
settlemetit has been reached for 
45.000 process workers in IC1. 

Joint -talks between manage- 
ment and unions on the 35-hour 
week in ICI are planned for 
July 31, when the union nego- 
tiators hope to find their posi- 
tion strengthened by the expiry 
of Phase Three of the Govern- 
ment’s pay policy. 

Unions hope that from that 
date, the working week can be 
cut without penalty in wage 
settlements. 

Mr. David Basnelt. general 
secretary of the GMWU and 
chairman of the TUC, has called 


for a drive for a cut in the 
working week without loss of 
pay. lie has accorded that top 
priority in negotiations in the 
year from July. 

At the union’s annual confer- 
ence last month he made clear 
that the Government’s agreement 
to that and other social priorities 
was essential if unions were in- 
formally to accept a further 
period of pay restraint. 

Mr. David Warburton, national 
industrial officer for the union's 
chemical rubber and glass sec- 
tions. said yesterday a “com- 
prehensive case” for a 35-hour 
week had been presented to 
Piikington. Similar initiatives 
were likely to follow in the 
chemical and rubber industries. 

He observed that unemploy- 
ment was exceptionally high in 
the Nortb-west but said the cam- 
paign was not related to that 
alone. “ It is a fundamental 
aim, irrespective of current job 
difficulties." 

He added that while employers 
were likely to argue as before 
that it was never the right time 
to reduce the working week, of 
immediate concern was the “un- 
acceptable level of overtime 


working at a time when 
thousands of our skilled, semi- 
skilled and general members are 
op the dole queue." 

Piikington soys it will reply in 
detail to the claim. It declined I 
yesterday to give estimates of 
the cost of a reduced working 
week to a continuous process 
industry such as glass-making, 
pending tho conclusion of the 

Phase Three deal. 

A pay settlement for manual 
workers in IC1 within the 10 per 
cent guideline is expected shortly 
in spile of a demand by shift 
workers for full consolidation of 
the past two years’ pay supple- 
ments. 

The TGWU said in its monthly 
journal, TGWU Record, yester- 
day that it believed urgent action 
was needed on .unemployment. 

It accused employers’ launch- 
ing a campaign against the 35- 
hour week to scare the country 
into doing nothing about 
unemployment. Cutting hours 
would create 750.000 new jobs, 
unions believed, and a return to 
free collective bargaining would 
be “vitally important” in bring- 
ing it about. 


Coventry and Linwood disputes 
halt Chrysler car assembly 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 


INDUSTRIAL disputes brought 
all Chrysler U.K. car assembly 
to a halt last night 

The company lad off 1,400 
workers at the Rytoa assembly 
plant, Coventry, after a decision 
by leaders of 350 striking tool- 
makers to ignore a retum-to- 
work appeal. 

Tbe toolmakers walked out on 
Friday in support of a demand 
for improved differentials. Their 
action had already caused 350 
lay-offs at the Stoke engine 
factory, Coventry. More workers 
are expected to be made idle 
today. 

At the Linwood plant, in Scot- 
land. there is no sign of a break 
in the strike by 550 painters 
which brought production to a 
standstill last Thursday. About 
5,000 production workers have 
been put out of work. 

The Advisory Conciliation and 
Arbitration Service is trying to 
find common ground in the dis- 
pute, which is about painters’ 
rest breaks. 

However, talks yesterday 
between the Linwood manage- 
ment and the ACAS Scottish 
office ended in deadlock. 

The Coventry toolmakers are 
taking an obstinate stand, in 


spite of the fact that some 6.000 
manual workers at Chrysler’s 
Coventry plant voted at mass 
meetings on Friday to accept a 
10 per cent, pay deal. 

— Efforts by union officials and 
management to persuade the 
toolmakers that preferential 
treatment for them would place 
tbe company in breach of the 
Government’s pay guidelines 
have failed. 

The toolmakers* leaders were 
urged by their union, the 
Amalgamated Union of Engineer- 
ing Workers, yesterday to call 
off their action pending the 
outcome of a specially convened 
conference at national level. 

They refused, but will attend 
tbe meeting, in Coventry 
tomorrow. Mr. Terry Duffy, 
president-elect of the union, is 
expected to attend. 

Productivity at Linwood is 
causing concern both in White- 
hall and in the U.S. parent 
company. Mr. Eugene Cafiero. 
deputy managing director of 
Chrysler in Detroit, has said that 
consistent achievement of pro- 
gramme levels and production is 
“vital to the viability of 
Chrysler UK.” 


Production has fallen 
dramatically to less than 70 per 
cent of larger, compared with the 
encouraging levels of about 90 
per cent earlier this year. 

Performance at Linwood is the 
key to whether the UK operation 
can be made profitable. The 
company has told Lid wood shop 
stewards that they must achieve 
satisfactory output levels for any 
investment in a new model at 
the plant to be justified in the 
early 19S0s. 

Against a background of 
mounting industrial relations 
problems Chrysler unioos and 
management met Department of 
Industry officials in Coventry 
yesterday to approve the final 
draft of a planning agreement. 

The agreement, has been 
forwarded to Mr. Eric Varley, 
the Industry Secretary, who is 
expected to sign it in the next 
few weeks. 

Chrysler remains the only 
company to have entered into a 
planning agreement, despite the 
fact that the present Government 
made such arrangements a 
central feature of its industrial 
policy in the 1974 election 
campaign. 


Journalists 
step tip action 

A WORK-TO-RULE hy members 
of the National Union of Journa- 
lists chapel (office branch) of 
the Press Association. Britain's 
national news agency, was inten- 
sified yesterday. 

The action, in support of a pay 
claim, includes taking meal 
breaks at specified times. 

Management has offered a 10 
per cent increase, consideration 
of a possible productivity deal, 
and an examination of tbe staff 
grading structure. 

A meeting of chapel fathers 
(ebairmeo) from most Fleet 
Street newspapers endorsed an 
instruction issued by tbe union’s 
National Newspaper's Industrial 
Council supporting tbe PA chapel 
and telling members not to 
originate or process any news or 
pictures normally supplied by 
PA. 


Higher pay urged 
for home workers 


BY PHILIP BASSETT, LABOUR STAFF 


THE National Union of Public 
Employees yesterday launched 
a major campaign against low 
pay as the Low Pay Unit pres- 
sure group issued details of the 
“universally low” pay of home 
workers and called for action 
from trade unions and the 
Government. 

This month tbe 25,000 stewards 
and branch officers of NUPE 
will plan tbe campaign, backed 
by posters, stickers, films 3nd 
tapes. In September tbe 700.000- 
strong anion will hold public 
rallies in Londoo and other 
cities. 

Tbe campaign will press for 


negotiations in the next wage 
round to take special note of 
low-paid workers: for a commit- 
ment from the Labour party on 
anti-low pay measures, which 
should be included in tbe party’s 
election manifesto; and for tbe 
TUC target of a minimum wage. 
The union has a £60 a week 
minimum wage target for 197S. 

Mr. Alan Fisher, general 
secretary of NUPE, said many 
groups of workers were paid 
“scandalously low ” wages, parti- 
cularly in agriculture, the hotel, 
catering and retailing indus- 
tries, and tbe civil sen-ice. 


P-i 

m 

Industrial 
civil 
servants 
reject 
10% rise 

By Philip Bassett, Labour Staff 


LEADERS uf 1 S3 .000 industrial 
civil servants, one of the iargest 
groups of workers still to settle 
under Stage Three of the Govern- 
ment's pay policy, again rejected 
yesterday a 10 per cent pay offer. 

No dale has been set for talks 
to resume with the Government 
on the deal. Industrial action has 
already taken place over the 
claim, and Mr. Mick Martin, pub- 
lic services’ national secretary of 
the Transport and General Wor- 
kers Union, warned yesterday 
that it could now intensify. 

The Government’s first pay 
offer, which the unions involved 
rejected as "tlerisury," empha- 
sised t hi- restoration of cruft 
differentials, giving greater in- 
creases in higher-paid workers. 

Yesterday the unions rejected 
a second offer, which would have 
provided an overall net increase 
of £1.111, givinu a new basic rate 
of £36.60. which with supple- 
ments from stages one and two 
would take thu rale to £45 60. 
Consolidation of the supplements, 
which was included in the first 
offer, was not offered > eslerduy. 

The Government also offered 
introduction of a pay research 
system lu provide coni par isons 
with private industry, similar to 
that being reintroduced for the 
non-indiisirial civil servants. The 
findings uf liny pay research 
would be subject to any pay 
policy then in force. 

Assurances 

The offer, though, did not 
introduce the commitments the 
unions wanted on comparisons 
with manufacturing industry or 
on the introduction uf four 
weeks' holiday a year. 

Mr. Martin said yesterday that 
the unions would want the sort 
of assurances on pay made tn 
the police, firemen, teachers and 
armed forces. 

Industrial action on the pay 
claim took place yesterday as 
the offer was made. Nine 
hundred workers at an Enfield 
small arms factorv came out in 
a one-day stoppage, and 1.000 
workers at the Farnborough 
Royal aircraft establishment also 
came out. 

Portsmouth Dockyard lias 
already had a one-day stoppage 
by 6,000 workers on the claim, 
and an overtime ban. The Clyde 
nuclear submarine base has had 
a 24-bour strike, and 4.000 
workers walked out at Chatham 
on Friday. 


Westminster 
catering talks 

ANXIOUS MPs heard yesterday 
that some progress had been 
made towards settling the 
pensions dispute which has 
caused lightning closures of 
Westminster catering facilities. 

The Leader of the Commons. 
Mr. Michael Foot, said talks had 
taken place with union repre- 
sentatives on Friday. He hoped 
that further discussions would 
achieve a successful solution and 
remove the sense of grievance 
felt over the lack of a pension 
scheme. 

Mr. Foot regretted the incon- 
venience caused by the two one- 
day strikes by catering staff last 
week. 


Vintage performance by Nastase 


PLAY AT WIMBLEDON again 
started two hours earlier than 
usual, at noon, In an attempt to 
reduce the backlog of some 90 
matches, but again it was a 
rainswept day. At the end of it 
both singles were down to the 
quarter-final' stage, but many 
doubles matches w ere UQ ’ 

completed. 

Turning back the clock to 1972, 
the year be tost magnificently to 
Stan Smith (U.S.) in tbe finaL 
tbe gifted 31-year-old Romanian 
Ilie Nastase, . seeded No. 9, con- 
jured his way into the quarter- 
finals for the third time on the 
Centre Court yesterday, with a 
3—6. 6 — *, 6—2, 6—3 win over 
the No. 6 seed, Roscoe Tanner 
(U.S.). 

It was n vintage performance 
from one of the game’s most 
popular artists who, outgunned 
at first, contained the laft-handed 


TENNIS 

BY IOHN BARRETT 


American’s power with a mixture 
of deft cross-court passes, teasing 
lobs and tiashing drives. 

The match ended on a disputed 
call when Tanner's second 
service on Nastase’s fourth 
match-point was called a fault 
despite the puff of chalk. 
Ironically. Nastase agreed that 
the serve had been good — but 
the referee,. Fred Hoyles, called 
to the court ’ hy umpire Peter 
Arnot at Tanner* request, upheld 
the linesman’s decision. 

The Romanian, who bad 
behaved well throughout the 
match, later learned that be bad 
been reported for bad language 
during his. first-day match against 
South Africa’s John Yulll. The 
referee has recommended a fine 
of $250. 

Let us hope -that this reproof 


will not divert the Romanian 
to-day from his current high 
form when be plays Tom Okker 
of Holland, the only unseeded 
survivor, who. yesterday beat tbe 
the 29-year-old American Tom 
Leonard 6—1, 9 — 8, 6—1. 

The British singles challenge 
at Wimbledon was reduced to one 
yesterday — the familiar figure of 
the defending women’s champion, 
Virginia Wade. Facing the 
she had to work hard for her 
7 — 5, 6—4 victory. 

She sprinted into a 4—0 lead in 
the first set only to be halted 
dramatically in her tracks as the 
blonde American, younger sister 
of the No. 3 men’s seed, Vitas 
Geruiaitis, reeled off the next 
five games at a cost of only eight 
points. 

But Miss Wade (who was 
yesterday elected an under- 
writing member of Lloyds’) 

struck back boldly for three 
successive games and the set 

She maintained her momentum, 
breaking tbe American at the 
start of tbe second set. and that 
was just enough to see her home. 

Miss Wade's hopes of retain- 
ing her title received a boost 
when she learned that her quar- 
ler-final opponent will be Mima 
Jausovec and not tbe seventh 
seed, Wendy Turnbull, as ex- 
pected. The little Yugoslav 
pulled off a fine 8 — 6, 4— 6, 6—3 
win over Miss Turnbull, who 
had beaten Miss Wade at East- 
bourne two weeks ago and 
knocked her out oE the U.S. Open 
last September. 

The other British hope. Sue 
Barker, was beaten straight- 
forwardly on the Centre Court 
by Billie-Jean King, 6 — 2, 6 — 2. 
in 65 minutes. From 2— all Miss 
Barker could salvage nothing 
more in the first set. and, afier 
winning tbe first game of the 
second set she lost the next five. 

Mrs. King's quarter-final adver- 
sary will be the top seed, Chris 
Evert, who extended her career 
record against Kerry Reid to 16 
wins, compared with one defeat. 



\ . 

■ _ j v.. # 

Virginia Wade on her way to beating Ruta Geruiaitis. 


with a competent 6—3. 6—4 vic- 
tory achieved in 70 minutes. 

The second-seeded Martina 
Navratilova had an unexpectedly 
easy time against 15-year-old 
Tracy Austin, who had beaten 
her when they last met. in a 
Virginia SJims tournament in 
Dallas three months ago. 

In the men's singles Jimmy 
Connors continued to crufce 
impressively towards what would 
be his fourth final in five years. 
Australia's John Alexander was 
his lalest victim — 6 — 2, 6 — 2, 
b— 4, 

Since coming to England to 
play on grass Connors has 
developed the habit of not 
sitting down at the change of 
ends. “ it keeps my concentration 


and momentum rolling,” is his 
explanation. 

If Connors was happy, the 
defending champion. Bjorn Borg, 
was not, even though he crushed 
another Australian, Geoff 
Masters, in straight sets by 6 — 2. 
6—4. 6—6. It was typical of 
Borg's performance that, in the 
final game, he served two aces 
and two double-faults. 

Borg's quarter-final opponent 
will be the speedy and dangerous 
American Sandy Mayer, who was 
taken the full distance by Wojtek 
Fibak, of Poland, before winning 
6—4. 6—2. 6— S, 1—6, 7—5. 

Connors will face the Mexican 
Raul Ramirez, who ended John 
NewcOmbe’s distinguished singles 
career at Wimbledon, 








12 


Financial limes Tuesday July. 4 197S 



PARLIAMENT AND POLITICS 



Boyle 

salaries 

proposals 

‘overdue’ 

BY RUPERT CORNWELL, 

A SENIOR Tory spokesman last 
mgbt used the row over the “long 
overdue*' large salary increases 
proposed for top nationalised 
industry executives to launch a 
vigorous attack on the merits 
of any form of rigid pay 
restraint. 

Mr. Norman Lamont, MP for 
Kingston and a Shadow Industry 
Minister, was setting out for the 
first time the Opposition's view 
on the Boyle recommendations 
and the furore that has accom- 
panied them. 

Although the timing of the 
Increases was inconvenient he 
said, the issue had to be faced 
if Britain was to improve its in- 
dustrial performance. 

Some critics had claimed that 
their implementation would 
destroy the chances of union 
support for a further round of 
wage restraint. “But if incomes 
policies can only be achieved 
on terms that do enormous long- 
term damage to the economy, 
then it is a question of whether 
formal pay restraint does more 
good than harm," Mr. Lament 
insisted. 

His speech in his constituency 
came on the eve of what 
promises to be a tumultuous 
meeting of Labour MPs at 
which the Prime Minister is 
expected to give the first public 
inkling of the Government’s 
reaction to the Boyle report 
Mr. Callaghan is said to be 
determined to see that the 
recommendations are carried 
out even if over a period of 
years. The split in the Cabinet 
and on the back benches is 
shaping up largely on Left-Right 
lines, with the former violently 
opposed, hut the Centre-Right 
equally convinced that the nettle 
must be firmly and promptly 
grasped. 


Rules to protect patients 
during NHS disputes urged 


BY JOHN HUNT, PARUAMENTARY CORRESPONDENT 


A “GENEVA CONVENTION" 
for the National Health Service 
to ensure that patients do not 
suffer from industrial action by 
ancillary workers was proposed 
in the Commons yesterday by 
Hr. Patrick Jenkin, the Conser- 
vative spokesman on Social 
Services. 

Opening an Opposition debate 
on the threat to patients by in- 
dustrial action he said that such 
a convention would lay down 
that “come what may” patients 
would be the first concern. 

“There is a fundamental and 
intrinsic moral restraint whereby 
patients should not suffer from 
Industrial action,” said Mr. 
Jenkin. 

In some recent cases industrial 
action had clearly been aimed 
at the patients, he argued. It 
was not the case that patients 
were just the unintended victims 
of circumstances. 

A recent Parliamentary reply 
had shown that in 36 hospitals 
the admission of patients had 
been limited by Industrial 
action. 

“ What this means in terms of 
human misery prolonged abso- 
lutely defies description. 


** Why is it that when men and 
women threaten to do these 
things collectively they can some- 
how Justify it? What is it about 
trade union collective bargaining 
that seems to blunt individual 
consciences?" 

It was not the patients that 
seemed to matter to the trade 
unionists concerned in these 
cases but their own pay and con- 
ditions. 

Outlining wbat should be done 
to improve the situation Mr. 
Jenkin maintained that the first 
priority was to get better man- 
agement . The inquiry into the 
dispute at Dulwich Hospital had 
disclosed many weaknesses. 

“There must be a recognition 
of the ultimate responsibility of 
doctors, nurses and clinical staff 
for their patients. 

“We axe taking for absolutely 
principle. Nothing is more dam- 
aging than unqualified people 
deciding which patients need 
immediate treatment" 

With this should go better 
leadership and greater personal 
responsibility for ail workers 
involved in the service. Another 
need was for better consultation 
procedures. Many of the recent 


disputes had arisen because 
procedures were unbelievably 
slow and bureaucratic. 

One suggestion had been for 
the setting up of patients “safety 
committees" to ensure that criti- 
cally ill people could be identi- 
fied so that they would not suffer 
in a dispute. Certainly that was 
an idea that should be looked aL 
be thought. 

He said that Mr. Alan Fisher, 
general secretary of the 
National Union of Public Em- 
ployees. had recently declared 
that although his union was con- 
cerned about the safety of 
patients it was not their pre- 
dominant interest Their main 
job was to safeguard the -terms 
and conditions of their mem- 
bers. 

Mr. Jenkins said: . “We are 
entitled to expect that those who 
take employment in the NHS 
should be prepared to say that 
they regard the interests of 
patients as paramount.” 

Mr. Jenkin’s speech came in 
for criticism by Mr. Laurie 
Favitt (Lab. Brent South) who 
belongs to the National Union 
of Public Employees but is not 
a union sponsored MP. 


Borrowing policy under review 


BY OUR PARUAMENTARY STAFF 


THE TREASURY are keeping 
under constant review the possi- 
bility of further changes in the 
method of financing the 
Government's borrowing require- 
ment, Mr. Denis Healey, 
Chancellor of the Exchequer 
told the Commons last night 
In a Commons written reply, 
Mr. Healey said that a number 
of changes affecting the way 
financial markets operated and 
the way Government debt was 
said, bad been made during the 
last 18 months. 


“ For example, the first issues 
of variable rate gilt edged 
stocks have been made; certain 
new issues have been offered 
with the total amount of the sub- 
scriptions staged over a period 
of several weeks; and the Bank 
of England's minimum lending 
rate is now set directly by the 
authorities instead of depending 
upon the Treasury Bill discount 
rate at each Friday’s tender. 

“My officials, in consultation 
with the Bank of England, keep 
constantly under review the 


possibility of farther changes to 
improve the functioning of 
financial markets and to facili- 
tate the economical funding of 
Government borrowing needs- 

“In view of the continuing 
need to respond to chang es in 
financial markets and in the 
economy more generally I see 
this work as an on-going process 
rather than as one which will 
reach a firal conclusion at a 
particular time.” 

Mr. Healey said he would give 
the Commons full details of any 
future changes. 



to incentives available in the 



Below is a brief guide to the investment incentives Before you do anything, it could payyou to get 

available inthe Areas. They apply to companies movinginto, in touch first with your nearest Industrial Expansion Team, 

or already in, the Areas for Expansion. . 0 17 tick the box(es) beiowforthe information you want 

Are you planningyour company's future now? and send in the complete coupon. 

Greater benefits are available in Northern Ireland. 




Capital grants 




Attractive finance 




Rent-free offices 



I Rent-free factories 

I 
I 
I 
I 
I 
I 
I 
I 
l 
I 

u 


Manufacturers can obtain capital 
grants of 20% or 22% for new buildings; 
also for new.plant and machinery in 
many Areas. 



Tick hare 


Interest-reliefgrants, or 
favourable-term loans. 
Fixed-interest loans from European 
Community funds. 


U p to 2 years rent-free (exceptionally, 
5 years). 

Options to purchase on long lease. 
Wide range of new factories available. 



Number 
in Civil 
Service 


He accused the Opposition 
spokesmen of “ onion bashing” 
and said no uztton had done 
more than his own in order to 
raise morale and standards of 
work in the health service. 

He accused Mr. Jenkin of 
raking on the role Qf public 
prosecutor and presenting selec- 
tive instances of industrial 
action in a way that, did no good 
to the public or to the health 
service. 

Mr. Pavitt said that lm people 
were now employed by the 
Health Service yet only 14.931 
days had been lost by industrial 
disputes in the service during 
1976. 

“In the NHS there is less 
industrial unrest, less non- 
co-operation, fewer overtime 
bans or strikes than there 
are in any other industry, 
nationalised or otherwise.” 

One of the reasons for dis- 
satisfaction in the Health Service 
was that staff bad fallen behind 
other workers under successive 
pay policies of Tory and Labour 
governments. 

An ancillary worker in the 
Health Service earned £59 a 
week in April. 1977, while a 
comparable employee in a 
nationalised industry received 
£76 and in private industry £74. 
A top grade staff nurse in a 
mental hospital received £3,424 
a year. . 

“ It is the fault of successive 
governments that this now 
arises. We treat the immediate 
symptom without diagnosing the 
basic problem.” 

A restructuring of the health, 
service organisation was needed. 
At the moment there was no 
regional or area level machinery 
to settle disputes. It all had to be 
done at a departmental level and 
this took a very long time. 

Mr. Pavitt said that the 
“appalling" reorganisation car- 
ried out by Sir Keith Joseph 
under the last Tory Government 
had exacerbated work relations 
in the hospital service and was 
a “colossal mistake.” 


12,000 


G rants for office rents for up to 7 years. 
G rants for new jobs created within 
5years. 

Grants for staff moved. 


London td: 01-211 6486 

24-bourarc.wep-servioe for booklet 
enquiries only: 01-834 2026 


Scotland. 

Glasgow, 
td: 041-248 2855 

Wales. 

Tel: Cardiff 62131 
(STD code 0222) 
Northern Region. 
Tel; Newcastle 
upon Tyne 24722 
(STD code 0632) 
North West. 
Manchester, 
tql: 061-236 2171 
Liverpool, 
te1:0S1-236S7S6 

Yorkshire & 
Humberside. 

Te»: Leeds 4431 71 
(STD code 0532) 

East Midlands. 

Td: Nottingham 
56181 (STD code 06021 


WestMMUaiub. 
Birmingham, 
tel: 021-632 4111 
SouthWcst. 

Tel: Plymouth 
21 391 (STD code 
0752) or 
Bristol 291071 
(STD code 0272) 
London & South 
East. 

London, 
tel: 01-603 2060 
Ext 221 

Eastern Region. 
London, 
tel: M-603 2070 
Ext. 359/360 
Northern Ireland- 
Tel: Belfast 34488 
(STD code 0232) 
or London 
01-4930601 



* ToiThe Industrial Expansion Team, Department of Industry, 
MillbankTower, London SW1P4QU. 

Please send me full detnik of the bene fits available 
in the Areas far Expansion's l have Indicated above. 


POSmON INCOMBW- 


A 


COMPANY- 


ADDRESS. 


FT 3/7 J 


Incentive ' 7 ' 



“ Areas for Expansion 

* E&JED BY THE DEPAKmENT OF INDUSTRY in isotiatjcn wWilbcSccUtf* ■ towrt and IheVyteh Office. VI 


THE NUMBER of civil 
servants has fallen by nearly 
12,000 since April 197$, Hr. 
Charles' Morris. Minister of 
State for the Civil Service, told 
the Cote mens yesterday. 

“This; represents a saving ef 
some 4$5 i n. which has been 
achieved despite increasing 
work toads in some depart- 
ments Icansed by changes hi 
taxation and unemployment 
levels.”: 

His riatra that these figures 
showed the success attained by 
the Government in containing 
the slag and cost of the Civil 
Service was disputed by Tory 
MPs jrho pointed to fads 
admission that on April 1 there 
were 3S.0OT more civil servants 
in posr than on March 1, 1974. 

Hr. | Robert Adley l Con 
Christchurch and Lymlngton) 
it the 38JMM) increase 
that the Gov er ament 
leltered Its own em- 
rrom the hardships 
led with unemployment 
bad been felt by the 
the community. 

Minister agreed with Mr. 
Wrigglesworth fLab* 
iby> that the size of the 
ilce was determined 
extent of the tasks 
imposed upon it by the 
Commons. 

Mr.-lan Gow (C. Eastbourne) 
warned that the introduction of 
a closed shop agreement in the 
Civil Service wonld be “deeply 
offensive” to the British 
people. 

He called on the Minister to 
confirm that the Government 
was opposed in principle to 
the imposition of a dosed shop 
in the Civil Service. 

Mr. Morris said discussions 
were taking place with both 
the industrial and non-indus- 
trial unions who had asked for 
a union membership agree- 
ment 

Proposals had been pot on 
behalf of Ministers, but In 
order not to prejudice the ont> 
come of the discussions he de- 
clined to give details. 

He assured Mr. Gow: *T am 
well aware of the strength of 
feeling not only In the House 
bat In the country generally 
on this question of union Mem- 
bership agreements.” 

Replying to Mr. 

Skinner (Lab. Balsover) - 
Morris admitted that select* 
for entrance to the admtnistra< 
tlve grades of the Civil Service 
reflected an apparent statisti- 
cal bias in favour of Oxbridge 
candidates. 

Air. Skinner said that al- 
though between 1971 and 1975 
tiie number of candidates from 
Oxford and Cambridge 
amounted to only 2& per cent 
of the total applicants more 
than 50 per cent were accep- 
ted. 

“Is this not bound to be the 
case when we find that there is 
a majority of full time civil 
servants on this selection 
panel?” 

After acknowledging the 
apparent statistical bias. Mr. 
Morris stressed that while not 
all the most able people went 
to Oxford and Cambridge 
recently published figures de- 
monstrated that these two uni- 
versities still attracted more 
than their fair share oF the 
most able school leavers as 
measured by A level grades. 

The Minister stressed that he 
was satisfied that the Civil 
Service commissioners acted In 
a wholly impartial manner in 
the selection process. 

Mr. Morris attacked Mrs. 
Margaret Thatcher, the Conser- 
tive Leader, for her recent 
speech indicating that she 
favours a more restrictive pay 
policy for the public sector 
than the private sector. 

He described it as “a monu- 
mental gaffe” involving double 
standards and discrimination 
against 6m workers In the pub- 
lic see tor. 


Pay deals 


LESS THAN 2 per cent of pay 
settlements since July 31 last 
year have been outside the 
Government's guidelines, Mr. 
Harold Walker, Employment 
Minister, said in a Commons 
written reply yesterday. 


Retain sector 
working parties 
— Watkinson 

BY IVOR OWEN, PARLIAMENTARY STAFF 

IF THE coming General Election only practical way la higher re 
results in a Conservative Gov- earnings and higher ctnplu 
eminent the sector 'working par- ment” ^ 
ties, set up as part of Labour’s For the C.ovrrniwm. Lm 
industrial strategy, should be re- Peart said: At no time »n m 
tained Lord Watkinson, the history bus tin* need fur unrreast 
former President of the C31. productivity Inmn greater 
ursed in the House of Lords lsst Jfc « ”™= ] 

Joining with other peers la and there wen* no <li.. (i 
pressing for improved produc- Government > indu stria, strati', 
tivitv In industry he also called had improved Britain : 
for the retention of the National providing greater stability ai 

Economic Development Council 

j __ j ,hsi pAArt fni> -n. Our ability to cl e m mi cm 

nay restraint sinner products for world wir 
other year of pay restraint. u|eg t „ haw decline 

Lord Watkinson, still a mem- particularly compared u» 

ber of the Council of the CBI F ran ce Japan and Italy. TIi 
stressed that 1,000 businessmen situation needs to l»o reversed * 
and trade unionists were involved The prowess made by Bnii: 
in the sector working parties. agriculture was “a Mmiderf 
While they had made slow success story,” .said l.»rd Plm 
progress since being established a former Minister of .V;rirutim 
he doubted whether anyone ** British agriculture h 
would say that they bad made no developed a formidable eninpc 
progress. tive strength. We want lu 

Lord Watkinson maintained this in other areas nf ladtidt 
that the reports of the sector and I believe this can be done 
working parties if properly Lord Carr of lladlrv it’i. 
handled would enable the new farmer Employment SomMar 
Government to frame a policy spoke of the “disajstm 
which would help rather than deicrinralion" in Brim in's uu 
hinder industry. ai! productivity during the pa 

Everyone knew, he said, that tvl 7L*' ear * . , 

Britain required a ’’very great ?‘? r !>aJ sets » 

leap forward” in productivity, a vicious iwto of wifi mm 
Hu warned that without a major *J, Ml a f * 

improvement in economic ^ LV’V” 

performance Britain would V M n * 

become the “sick man of Europe" deplorable record s* we e. 
occupying a position below Italy e 111 

and in the end finding the other a v,r!unUa one. 
members of the EEC tired of the C 

lack of an adequate British !jL Br 2*JJL P 
contribution, " to the club.” imesltnent in industry 

Lord Watkinson argued that if facile and false argument. Tf 
conquering inflation was to f irst t hlng to do is to make bell, 
remain the first priority some u , t . n£ thc capiU , w alrear 
form of pay restraint for another h;ive.” 

was “evitable. . .. The reduction in working hmi 

There was no reason why the an[ j j n shift working which j< 
Government with its major role ij t . en banded about as a liar-ui 
as an employer, should not very inf! point for the next wai 
fir 5" y £*f? lo * e .” : B hand. round would ho "disastrous.” 

Carefully tailored productivity "Our mutiu should be work m 
deals could play an important machines for lunger hours «r 
part in improving pay for skill 0 nr people for shorter hours" 1 
and craftsmanship. said 

■Hie debate on productivity and ‘ L iird Rochester, for rt 
job opportunities was opened liberals, said it better i 
by Lord Amory. a former Con- Th(? Ion run tll ^f^ant ti 
servative Chancellor of the jllbs of the majority throne 
Mcnequer. improved productivity than iat« 

He slid: he can improve our to j os<1 jnhs of all bccau: 
current standards dramatically of ove ivm:innim:. 
a f nd . y 8 ,? *° higher hhuned two decp-seaic 

standards of living. causes for low productivity: (V, 

But thc traditional attitudes of of unemployment and resislam 
unions to over-manning were to change, 
often a serious handicap, and “If wo really want to suU 
management had to carry its fair this problem of low prmluctivti 
share of the blame. in the next phase of pay poiit 

Thc biggest handicaps to higher there ought ideally tu ho r 
productivity were the present increases in wage* and sajarit 
penal level of direct taxation and at ail other than those nerde 
the lack of zest towards the to correct the must blatar 
adoption of new attitudes. anomalies and to restore in pa« 

“The lesson we have to learn the erosion in differentials fi 
U that higher pioducituly is the responsibility and skill.'' 

Engineers ‘must 
be better trained’ 

BY RICHARD EVANS, LOBBY EDITOR 

A FIVE-YEAR training pro-. The committee which included 
gramme for engineers and a two- leadmq industrialists, oduca- 
tier professional structure are Uonalists and trade unionists 
among the recommendations of a under the chairmanship ai 
Conservative Political Centre Professor John Thornton. Dean 
study published today into the of Engineering at Newcastle 
relationship between education University, condemned the low 
and industry. calibre of entrants into engineer 

In launching the report Dr. ing courses. 

Keith Hampson, MP for Ripon, Although there was some 
and vice-chairman of the Tory evidence of improvement 
Education Committee, churned enginereing students tended to 
that Britain’s engineers were in have lower A level scores 
danger of being the worst trained They found that poor persona! 
in the world, and the study motivation and little professional 
sougbt-.to improve the quality of commitment was also evident 
enterants into the engineering and by admitting so many poor 
profession. candidates the universities had 

“This investigation shows that helped to devalue the challenge 
not only have standards to be of engineering as a profession 
raised but that the whole nature in the eyes of other sixth form 
of the training should change, pupils. 

We have simply got to attract The report recommends that 
ino engineering more first-rate the engineering professions 
sixth-formers,” he said. should consist of a two-tier 

Britain’s standard of living structure with Chartered Engi- 
would be the lowest of any neer (C-Eng.) and Technician 
industrial nation unless the Engineer (T.Eng.) as the levels 
country's educational system put of qualification with a route 
a greater emphasis on tech- from the lower to higher levels, 
nology. Failure to do so would In addition, the study group 
pose a direct threat to the argues that the narrow minded 
re-generation of Britain’s manu- attitudes of employers did not 
factixring industries. help. Too frequently they did 

“Any blueprint for action has not offer appropriate challenges 
got to embrace our schools, and during the first two or three 
that means our current slap- years of a career, 
happy approach to careers The Engineering Profession — 
education has to change," Dr. A National Investment; Conner- 
Hampson, added. votive Political Centre, £1.50. 


Pro-devolution Scottish Tories 
form reform group branch 


BY JOHN LLOYD 

SCOTTISH Conservatives on 
the pro-devolution wing of the 
party are to establish a Scottish 
branch of the Tory Reform 
Group, the association which 
claims to represent the “ one 
nation” trend la Conservatism. 

The group will be supported 
by Mr. Alick Buchanan -Smith 
and Mr. Malcolm Rlfkind both 
of whom resigned as front- 
benefa spokesmen on Scotland in 
December, 1BT6 when the Shadow 
Cabinet imposed a three-line 
whip on a vote against the 
Devolution Bill. 

Mr. Buchanan-Smlth first pro- 
posed the Idea of the group at 
a meeting of the Scottish Con- 
servative Party conference in 
May, attended by about 80 
people. 

It has since been taken up by 
a number of leading Scottish 
Conservatives who are both pro- 
devolution t— - in spite of the 
party's opposition to It — and 
more liberal in their social 
views than Mr. Teddy Taylor, 
Tory spokesman on devolution. 


In .a speech to a conference 
organised by the reform group 
in Cambridge last week Mr. 
Buchanan-Smith argued impli- 
citly for support for the Govern- 
ment's Scotland and Wales Bills. 

“To do nothing could be fatal 
— we are lurching towards In- 
stability anyway and the price 
of Inaction could be the break up 
of the UK and the disintegration 
of democracy in this country.” 

Mr. Buchannn-Smitb said 
yesterday that the group should 
not become involved with per- 
sonalities and that was in nn 
sense meant to be an “ anti- 
Taylor.” 

Mr. Taylor himself welcomed 
it and pointed out tbat he had 
twice been asked to speak by 
the reform group. 

However, Mr- Rifkind said that 
“one can't ignore the fact that 
the Shadow Scottish Secretary is 
on .the Right-wing of the party 
and gives vent to strong populist 
views Frore time to time. I think 
there is a feeling that the other 


side of the argument Is not 
being put." 

Mrs. Helen Millar, the co- 
ordinator of thc Scottish group, 
said that besides Mr. Buchanan- 
Sinith and Mr. Rifkind she anti- 
cipated the support of Mr. 
George Younger, MP for Ayr, 
and Lord James Douglas 
Hamilton. MP for Edinburgh 
West on some issues. 

" There isn’t enough argument 
in the Scottish Conservative 
Party at the moment — we have 
tended to -arrept policy as taeing 
bandit down from on high. 

“We will certainly differ from 
Mr. Taylor on a number of 
Issues not just devolution but 
on law and order for example. 
A lot of us are against the hang 
’em and Hog Vm line be Lakes.” 

Mrs. Miller said that she 
thought the first meeting of the 
group would take place later in 
the year but would be postponed 
in the event of an election in 
October. “There is no way we 
want to rock the boat before 
an election," 


ft 















The Financial Times 



90 years on 

In 1888 we introduced lamp oil, Britain’s first 
available cheap source of light 

Then, we invented the first kerbside pump. 

We invented Britain’s first automatic pump. 

We supplied oil to Britain’s first oil fuelled 
dreadnought 

We built Britain’s biggest refinery. 

We revolutionised refining. We developed 
synthetic rubber 

We produced the 100 octane aviation spirit 
used by the Spitfire. 

We invented the world’s first multigrade 
motor oiL ! 

We supply the only approved oil for Concorde’s 
generators. 

We have invested £1,000 million in the 
search for North Sea OiL 

We have been involved in just about every 
social change in Britain since 1888. 

This year is our ninetieth birthday. 

Ninety years of service to Britain. 

And we want to wishyow 
MANY HAPPY RETURNS . . .TO ESSO. 

The workfls leading oil company 






Fmandal Times Tuesday July 4 197S 



EDITED BY ARTHUR BENNETT AND TED SCHOETERS 

$ RESEARCH 

Light emission from 
unexpected sources 

SCIENTISTS at IBM's San Jose vertical lines on the opposite 
Research Laboratory have dis- When voltage is applied to a 
covered that microscopically pair of intersecting electrodes, 
small sources of light in elec- the intersected area of film will 
troluminescent thin films can emit light. Each such area « 
become mobile under certain encompasses some tens of y 

conditions. thousands of individual light- i. 

When a voltage oscillating at emitting filaments. It is these 
a high enough frequency is indivtdusd filaments that can 
applied across one of these thin become mobile, 
films, tiny Light -emitting fila- A . s . , the .frequency of the 
ments-each about one micron 

(1/25.000 inch) in diameter— ? l ? 18hb ?,5£2S t f, of 1 P' 0W i, be ^h 
appear to pour out from Isolated *&•..„ of filament 
points in the material and to mahdi^ is aclueved. Looking at 

swarm randomly about in It. ..JW'SESL » 

M „rkin*., ~r through a microscope, one can 

possibility of finding see ^j e s pots of light moving 

that 1 the *“ smaU ' discrete Steps from one 
suggested bv the fact that the location in the material to 

*W® a * W cvihv another. On dose examination, 
electrical analogy to the cylin- ^ appears that the illumination 
drical domains of , magnetism— - ^ being transferred from one sfie 
known as magnetic bubbles t0 another throngh a process in" 
used for data storage. which the emission from a 

Magnetic bubbles, which _ are filament is extinguished at ■ -- .< 
about the same sire as the light- approximately the same as ■£. : »• *• 

emitting filaments, are also emission from another begins. Mirror-like effects of the new FSOdngtoa solar control glass are dearly visible, 

formed in thin films and exhibit Raising the frequency of the 
mohiijtv. A number of ways have applied voltage still further^® MATERIALS 
he n n Found to control the about 50,000 hertz-causes the ” 

motion oF magnetic bubbles, and mobility of the light bubbles to \7~ _ _ . iL ~ ____ J „ A _ _ "fi 

this has led to their application increase as they wander over H PAHC CflTl 117III PF f'ftllT |*A I 

in devices for storing computer relatively broad areas of the film. Ul.B.V' tJlfil UIIULi V^VvJJI IX 

data at very high densities. When one bubble approaches " 

Discovery of the mobile fila- another, they repulse each other. FIRST monolithic solar control thermal stressing and it means To form the coating, a gas is 
raents occurred during expert- isolated regions in which the glass with a highly reflective that, if desired, the glass could directed on to the surface of 

meets aimed at understanding mobile bubbles are generated can coating to be brought ont by be used to glaze the whole facade the glass formulated so as to de- 

the Paht-emittine properties of be clearly seen in microscopic Pilkington, Reflectafloat 33/52 of a building^ including cladding posit on the surface layer the 
manganesed-doned zinc sulphide views of the material, and at (Silver) can be single or double- panels. :*■* chemicals which will provide 

films Non-mobile light proper- high frequencies, hundreds of the glazed and completes the com- Solar beat gain Is reduced by the suver finish and the light 

tics of these films are being moving points oE light appear to pany’s series of environmental a factor of 48 per cent and light control properties desired, 

ini-estivated hv a number of pour out of these sources like control glasses. transmittance by 67 per cent. Used in conjunction with a 

laboratories that are interested water from a bubbling spring. Coated on-Lne during the float alleviating problems due to over- i ow Mgh t transmittance glass 
in information display tech- The locations of the sources of Slass process, the new glazing heating by direct, brilliant sun- [i^ e Antisun float grey and 
nolo gy. mobile. filaments are thought to materia! is silver in reflection light — which can occur even appropriate illumination, the 

Tn the IBM pxneriments. an ac be associated with microscopic on® bronze in transmission. Light daring the winter months — and new material provides excellent 

voltage is applied to the film via defects in the polycrystalline reflectance is as much as 43 per cutting out sky and reflected one-way mirror effects for 

sets of crossed metallic lines structure of the zinc sulphide cent » mokes it one of the glare. ' security work, 

about 1 mm wide, the horizontal films. ?ost highly reflective solar con- Incorporated into double glaz- aEtM . 

lines being deposited on one IBM, 10L Wigmore Street, trol g** so fer . available It ing units, the material will pro- 1 

surface of the material and the London W1H OAB. 01-935 6600. m suitable for use in al climates vide heat insolation as well as ® “g* 

and couples low solar heat light transmittance of 29 per maximum size of 2000 mm x 

• UAUni IMA absorption with its high refle- cent and totaLwolar heat traits- 2500 m. If required, the glass can 

IIAnULINta tlvity. mittance of 44 per cent V value be supplied laminated. 

T) * _] ro i-« ___ This is a particularly important with a 12 mm air space is 3 Pilkington Brothers. Prescot 

nnCKS cJISlcr m TflltJVG point since it reduces the danger watts per square metre per Road. SL Helens, Merseyside 

jljtm liv-na.k? vujivt l ' v UIV T v of the glass shattering through degree. =?'•, ■ WA10 3TT. 0744 28882. 


& SECURITY 

es anti-skid brake 


Fiam 

Industrial 

Filtration &■ Separation 



■Skills* 


ction move 


AL INDUSTRY^ 

wgR tfd^ATiosr 


FRAM INDUSTRIAL 

Lmtrieuint. Ponqc'un. 
MWGtameKcwoaj 22300 a 


tu ; the 





braking equipment' principal reasons why cars go 

nler-Benz ‘ has out of control in critical sit ua- 
conjunctioo - wiih^ tioa ®^ as for exampie when a 
novice driver panics and applies 

into production ^ too harshly on a wet], 

Daimler-Benz „ j—, gorface. The wheels lose 
the pioneers In ti» adhesion with the surface and a SECURITY 
ms of preventing the braking distance can actually 
_ from locking up. .be longer than if the brakes were w- * 

hraking and demob- released and re-applied more I <011(1 IIOISP 
m in 19T0.VA gently. _ ‘ 1JVUU UVlt3C 

Dunlop Maxarot Three- sensors - constantly • - ~a 

installed on a num- measure the speed of wheel GTfVGSk 2l^H*lTI 
cars around that- revolutions and send signals to 

• .'an "electronic control unit. The being DRIVEN by compressc 

. called ABS (an unit checks whether the wheels an r j arni dcvico from Pnn 

U of the German are still turning while braking mc thods of Cumbria is panic; 
name £«r the system) is or are already tending to lock larly suitable for hazardui 
regarded a significant step and then applies the cor- environments since nn eleeiric 
forward ®n automobile tech- rect braking force to the wheels ^tacts arc 00101111011 . 

Is electronically con- by means o£ a hydra ulic u nit. cylindrical ’ unit in on 

prevent the wheels. The result is that the dnver can 4S mm in diameter and abm 
is braking, ensuring -both brake and steer at the same J00 mm Ianp bllt is ^,,0 , 
's steering qualities: time. . m con generate a note with a fund 

^ Mercedes-Benz is on OX mental frequency of abui 

qrereomes one or the 2151. 2000 Hz at levels which ca 

1 UF /irrirr reach 110 dBa at 20 met res whv 

9 IN Jilt UrMI/L air is supplied at a prc.v>ure 1 

TTroiilrc • mi v " , SS£ p *f, l Ti^i“ r s»S5r "> «»»«<»«« 

r ranKS mix prois ”■ ass 

' Q gs* of rep "“ ivc wars 

S7S7S srs sSdrpfes'pSnir,; 

.fast handling of wet . ^anan and Dasa tions, gas nr chemical huiM u 

Tot ^ieloV siS reyitE on ev^ and temperatures, 

t of envelope sizes ™ w oroduced. It has The company is at the ninmet 
announced by Roaeo 2J^t eed P 5 f SSo systems in the investigating use of the dcvlc 


sorated a 


version 
system 
ber of J 
time. . . 

The d 
abbrevia 
name £u 
regarded ^bs 1 
forward 
oology, 
trolled 
locking 
.that the 
are mains 
This cjyereo: 


f ran kin 


suited 


or dry 


Vickers. 


Aimes 
that has& mixed 


or ai 


ines can be equipped 


the machinescan Road 

with an^utomatic feed and will Suffolk CBS 7UU. 0440 SCI. 
handle mall to a thickness of _ rAM nnMFMTC 
10 mm find envelope sizes up to • LUWlrUWCIv a 9 
266 x 263 mm. tt j 

They are available with three l-IOOT Till TV) T1 
or four, meters which are light AXVcfil 
in weight to ease the task of 1 


9 HANDLING 

Bricks easier to move 

AN AUTOMATIC system for ing Krupp plant to make bricks 
shrink wrapping concrete bricks twice the normal size. 


265 x 263 mm. TT 1 

They are available with three |— I A £8 1" T1111T1T1 
or four, meters which are light AXVtl-l 
in weight to ease the task of 1 

re-charging at the Post Officer TVQf'k C|(JP 

For automatic parcel labelling V* 

the operator simply presses- a wet MARKETING has started in this 
or dry selector button and j the country bv Heat Frig, of Esher, 
label roll 36 metres) is '.fed Surrey, of the Westingbouse 


from a pressurised Iwttle whic 
could be re-charged. 

Pneumerhods operates frn 1 
POB3. Worbincron, r timbn; 
CAM 2BD. Tel.: 0900 5303. 

• FINISHING 

Polishes at 
high speed 


shrink wrapping concrete bncks twice tne normal size. are wrapped first and the stack where the limestone comes from a mMDIITTDC 

in a way tot creates the latter s The £250,000 Juui plant splits rotated through a right-angle to while cement 'comes from only “ wwinrVI I tKa 

own pallet is bem 8 ®°® a- the packs at the rate of 4,000 wrap the two other sides before five miles away. The integrated 

missioned at Feakstone bricks, ^cfes an hour. Plans for a going through the oven where system marks a more intensive T> • If 

Tots m the new name for a second to keep pace with brick- the sthrinking occurs. On coming effort by Staveley in the concrete |\ 

division of Staveley Lime Pro- making capacity and to cater for out the stacks are mechanically brick market which has been 


the eduninataon of wooden point on the conveyor they are blade for' extra stability, but two Partly due to price- competi- _ •’ 

pallets, at a probable cost of £3 taken to a stacking machine are said to be adequate for build- tiveness with traditional clay SR IT AIM HAS scored another 

each, besides enabling bricks to which places them in packs of ing site work on level ground. bricks, concrete bricks are on first in world aviation history 

be safely stored in the severest 400. These are then separated The splitting process creates a the way to doubling their vrth a continuous radar record- 
weather. into four stacks and four bricks, rough or rustic surfaced facing penetration, from 4.8 per cent h° ik« r 

The Danish system, from Hans two each in line are placed on brick. The ends of every 37 In a In 1971 to 5.6 percent in 1976 ««« *1 *nJSZ 

Juui of Engelsborgvej, has been top of either side of the stack 100 pack are also roughened to and to an estimated-current 7-8 . amc t - OTltro1 Lentre (LATCC) 

installed at Peakstone Bricks’ to form the gap for the fork provide the same surface on per cent. Ccncretef bricks are lQ ” esl Drayton. Under the 

.Vinlnc nlfirtt in nar^rreViirn .it a_ - c* • « r 4 t.. 


Doveholes plant in Derbyshire, truck blades. corner work. also attractive in tei 

Allied to it is a brick-splitting Each stack is taken on to a Only concrete bricks are made, economics, 
process that enables the adjourn- wrapping station where two sides The plant is at a big quarry PETER C/ 


All of these Bonds having been sold, this announcement appears as a matter of record only. 


New Issue 


27th June 1978 


¥ 10 , 000 , 000,000 - 
CITY OF STOCKHOLM 

6.4% Japanese Yen Bonds of (1978] due 1990 

. First Series 


Yamaichi Securities Company , Limited 


of energy direction of the National Air 
Traffic Services (a joint Ministry 
WRIGHT of Defence and Civil Aviatiofe 
[Authority organisation) the 

LATCC has installed the system, 

which is now capable of provid- 
ing a continuous recording of 
digitised primary and secondary 
rada data. .These data are fed to 
178 the system via modems and Post 
Office land lines from remote 
radar sit* ' situated throughout 
the UK 

At the heart of the system are 
three British designed and manu- 
factured portable analogue tape 
recorders— SE Labs’ SE7000 
series. These are high precision 
HUG standard instruments that 
are automatically sequenced in 
such a way that one is always in 
the record mode, another is on 
record standby, while the third 
is used for replay or as a back 
up to the other two. 

The whole system Is super- 
• vised bv an automatic control 
and monitoring unit developed 
by SE Labs at its Wells, Somer- 
'*• seL plant where it also manufac- 

tures the tape recorders. Using 
any of the three recorders in the 
- “playback” mode, it is possible 
to generate a dynamic display of 
aircraft movements on a radar 
screen for subsequent analysts. 
X Printouts of individual aircraft 

• tracks can also be obtained 

using suitable computer pro- 
grams in the CAA radar pro- 
- . cessors. 

In bidding for the contract, SE 
Labs was able to demonstrate a 
measured bit error of oQly one 
bit in 10m — 10 times as good as 
that required by the NATS 
> system specification. The record- 

ing system itself has a guaran- 
teed life of 10 years (nearly 
30 000 hours fnr each recorder). 

SE Labs (EMI), Data Record- 
ing Division, Spur Road, Feltbam 
Middlesex. 01-S90 1477. 


directly into the machine. O'. - “ Tempi ifler ’’ heat pump pack- nrsifiMtq to «wi in 
Roneo Vickers. Mailroom Diyi- age amt allows heat that would Sr reflnrihln? trod? boit 
sion, Roneo House. Lansdbwhe otherwise go to waste from Srt™ taffiton and IS 
Road, Croydon CR9 2HA. 01-686 various indust rial/comraercial waking industries and said 11 
433S - :_c.-\ exhaust gases and liquids » be be ideally suited to metal 

"recovered. - glassflbre, plastics, wood and al 

Basis of operation Is the well- painted surfaces, is a polish*. 
\_yOuICS lll ffllc: known principle— only recently capable of maintaining a hlgl 
Jr* - : gaining attention — of taking low- operating speed even unde; 

v grade heat and. in effect, ampli- great pressure. 
irOITl TlnV-"’ ; It ^ What amounts to a called the Super Stork NL .3 

v refrigerator operating in reverse, it has a powerful 1 bp doubk 

_ Output is heat at a higher tem- insulated motor offering. « 

OriPBll/IIS perature which can then be used operating speed of l.KGU.xpm 

I b 114W1K7 -;' 1 for. say, process fluids or hot Weighing only 3J3 kg it is, sayi 

A MICROFICHE enlarger-prihter water for factory or office the maker, of robust construe! 
called the 1S30 MicropubUsher, services. tion with an impact resi stair 

which yields A4 plain^per The Templifler (short for body in tough Durathane BKT 
copies from a variety of fficbe “temperature amplifier") is glass-filled resin material, 
formats, has just been lammhed factory assembled and shipped More from Marron Machines 
by Addressograph MultiMph, ready to operate when connected 37. Queensbury Station Parade 
PO Box 17 Mavlands Attpufc to power and water on site. Edgwan*. Middlesex HAS 5NN 
Hemel Hempsteid. Herts HS% More an Esher 62121. tQ 1-952 5642). 


formats, has just been IaraShed factory assembled and shipped More from Marron Machines 
by Addressograph Muitiaftph, ready to operate when connected 37. Queensbury Station Parade 
PO Box 17 Mavlands Arapufc to power and water on site. Edgware. Middlesex HAS 5NN 
Hemel Hempstead, Herts More an Esher 62121. 1 01-952 5642). 

The machine is free standing * When a careless 30 nunufies 
148 mm negative image silver, ; could mean a costly 12 months 

diazo or vesicular microfiche. Its olortririfvhill vnil noAfl 

paper feed tray takes 2.000 plain • . CICvl^lUlJ UUI r JUU UCCU 

Ferranti Maximum Demand Monitor. 

in collated stacks. Ifyouareona maximum demand briftandyotiexceedyourtargelbya 

rffi, SS’ JLr v-!. unS 5,1131 1 amount » you could be cWged for this excess throughout the next 


in collated stacks. * Ifyouareona maximut 

rnmn*™ ' ' nfl* LtJpc 5,11311 am0Unt » Y 00 COUld bet 

company, is in excess or 15 copies i ? mnnthc 

a minute or 900 an hour, and it 


t, deemed to fulfil demands in Tte ^ n “ M ( a ^ Um ^ nd “^^^ SU '“ tl ‘ at , M 

the region of 20 000 a month. you can avoid this but helps you rr^ke the best use of the energy available 

each ! a hour. Automatic loadcontrAfacilitiescanateobeprovided forsmtabla 
rp 1 1 . applications. \ 

I AlpY I 5114^ Maximum Demand Monitors c^n cut the demand charge on your 

^ electricity bill by up to20’i. If your maximum demand is in theorder of 

• a p 1 IWW.’MVA you should recover your investment within 12 months. 

I Cl P 53 Tor Ferrantikeepahawkeyeonelectricitycals.Send 

w w v fiir more details to Fenanti Limited, Instrupient 

A Department, Moston, Manchester M 10 0BE. 

America Td:061-6812071Telec 667857 -CSSl 


BRITISH DESIGN has gone into 
a device that enables an ordinary 
electric typewriter to produce 
telex tape. It is to be manu- 
factured under licence in the U.S. 

The Sag<ri com 420 Telexer, 


FERRANTI 

Maxtnram Demand Monitor 


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Nidiotas Ridley (Tory) and Richard Wainwright (Liberal) flank the Meriden motorcyde works. They are 
two of the MPs who want financial concessions for co-operatives. 


concessions to co-ops 

T1TERE Is now a dear possibility concession- would apply both The Government may wish to mined groups. Yet in the long 
that significant tax concessions when a new workers' coop was strengthen and/or supplement run it must be in this way — 
favouring workers' co-operatives being started from scratch and the safeguards against abuse by encouraging the creation of 
ana similarly structured enter- when a conventional enterprise which the clauses already con- new permanent jobs — that the 
prises will be discussed, and decided to convert itself into a tain. These are at present of proposed concession would per- 
may even be approved, when the coop. three kinds. baps be chiefly justified. 

Finance Bill comes back to the The conversion of existing First, the proposed tax con- On the other hand the con- 
floor of the House of Commons enterprises . would also he cessions would not apply to version of existing enterprises 
for its report stage this week, encouraged as it were from the enterprises in the financial, i nt0 workers' co-ops might well 
Clauses embodying the pro- °^ ier end. -For, under another insurance or related sectors: become attractive fairly quickly, 
posed concessions were tabled Proposal- in the new clauses, this would guard against their ^ proposed tax concessions 


•Hit: g 


IT 'V v - 
S2l v i 


: •' r - v Vi 


posed concessions were tabled proposal- in the new clauses, this would guard against their ^ proposed tax concessions 

for the committee stage of the existin 2 owners would become use for tax avoidance purposes- were enacted in two main 

bill but were not called. But rf, 6 ib!e for .capital gains or by fast moving operators in the sj tuaiions To begin with there 

their supporters r e m a i n ca Pj tal transfer tax relief if they City and elsewhere. Second is the AtMlum of the small or 

cautiously optimistic about what s ® 1< ^ ° r £’Y e their business to they would only apply to bona medium ^ ed famiiy firm in 

may happen at the report stage. tho *e working in them in. such fide co-operatives or common which> foUowing the retirement 

Their optimism rests in part — ^ ^ of the current owner manager, 
on the spread of signatories— there is no available member of 

from all three main parties — the next generation to take over 

who endorsed the clauses which \X/ v fVl rTnCQ-IY^rtv Clirvnr^rt otlfl the business. Of course, in such 

were tabled. It rests partly too V¥ 1111 F aA L J SUppUlL aiiU a situatJon it roay always be 

on an indication from JneJ - £ 1 . . possible to sell to outside 

Barnett that the Government’s the more tavourable political Capitalist interests. 

”° l Unmmpt ““ is - But there is alreMy jubstan- 

tngly negative. . 1 , 4.:., * .us. 


Rationale 


More generally It has been 
reinForced by a feeling, much 
strengthened over the last few 
months by the easy passage 
through Parliament of the Co- 
operative Development Agency 


With cross-party support and 
the more favourable political 
climate, workers’ co-operatives 
may soon be given a major boost. 

Robert Oakeshott reports. 


of the current owner manager, 
there is no available member of 
the next generation to take over 
the business. Of course, in such 
a situation it may always be 
possible to sell to outside 
Capitalist interests. 

But there is already substan- 
tial anecdotal evidence from this 
country or elsewhere that for 
sentimental or other reasons, 
that course may not seem 
attractive to the owners in this 
family. Other things being equal 
they might well prefer to sell 1 
the business to those with whom 
they have been working rather j 
than to some anonymous out- 


ieei 


Act, which received Royal a way that a bona fide workers’ ownership companies, as defined siders. It seems reasonable to 
Assent last Friday, that the co . op was the end result. . somewhat unhelpfully in last imagine that if tax advantages 
political climate is no longer a set of detailed clauses, year’s Industrial Common could be secured by doing so, 

hostile nr simply indifferent-— embodying these concessions. Ownership Act. or if accepted more families in such a situa- 

to co-operative enterprise, as it together with appropriate safe- as *uch by the Registrar of tion would be attracted to that 

has been for so many years . guards, was tabled at the cam- Industrial and Provident solution. 

The centra] points in the inittee stage of the Finance Bill Societies. Thirdly, the amount 

rationale behind the proposed by Robert Cant, chair man-bf the or tax relief which any indi- . 

new clauses ate two, The first ^Parliamentary Labour, Party's vidual could claim against; his Reaction 
is that the tax system should. Finance Group. Mr. Cant was or her job purchase in any one .*. 

encourage a switch to those supported from bis own -side by year would be limited to £2,000. 0f conrse not on j y ^ pros _l 
types of enterprise which seek Ian Wrigglesworth. the Labour However, it is equally pective Mlj€rs u, e familv ' 
to eliminate the structured con- and -Co-operative MP. From the possible that officials are advis- owners but also ’the orosoective 

j -^P r r „_. inn the Cnvarnmont nrnixuui UYTUC13, UUl *U3U UK y[USjra.UVe 


SOME OF .the women who now 
hold top management posts in 
the UJS. say that when they were 
younger, and on the first rung 
of the career ladder, they never 
said no to the men with whom 
they worked. 

Several of the 25 successful 
women managers studied by 
Margaret Hennig and Anne 
Jardim seem to have adopted 
this line of action as a cardinal 
rule where sex and work were 
concerned. Of course, they never 
said yes either. Always “Maybe.'’ 

The study of the 25 — carried 
out by Hennig. as part of her 
doctoral thesis — has been used 
as the basis of a hook entitled 
The Managerial Woman. Its 
aim is to show how so many 
women become stuck at lower 
middle management levels des- 
pite their apparent ability. 

Having . made a spirited 
attempt to' show where women 
managers go wrong, and why, 
the- authors put forward some 
■practical suggestions for women 
who are setting out on the 
climb to the ton. This last 
section Includes advice on how 
to handle the nastier breed of 
company wolf. 

One of the book's basic argu- 
ments is that women do not eive 
enough thought to the future. 
Where their careers are con- 
cerned they tend to be different: 
they concentrate on becoming 
super-competent at a particDlar 
job rather than nn getting 
ahead and working ont where 
they want to be in two pro- 
motions’ time. By excelling in a 
’junior post they gain a feeling 
of legitimacy in a man’s world — 
and the authors stress that man- 
agement is still a man’s world 
despite equality legislation on 
both sides of the Atlantic. 

Yet this determination to gain 
acceptance by being perfec- 
tionists means that most women 
develop an extremely narrow 
management style : “it is not a 
style which breeds initiative nor 
does it lend itself to delegating 
responsibility.” They become 
“scrupulous checkers” dotters 
of Is and crossers of Ts. 

They may become invaluable 
to their companies but they are 
not seen as having higher man- 
agement potential, and they are 
not put on promotion lists. They 
themselves frequently fail even 
to notice the promotion oppor- 
tunities that do come their way. 

The book tells of one woman 
who had been given a specific 
project to do For her company 
and who was eventually called 
in to give a progress report on 
it by a senior manager. He was 
impressed by the work she had 
done and a«kcd for 3 dra c t 
report by the end of the week. 
He wanted to show it to tn« 
president of the corporation and 
so obtaip full top backing for 
what she was doing. 


/ 

The cardinal rule 
on work, sex and 
getting to the top 





Hennig and Jardim say a man 
would instantly have seen the 
prestige and the career oppor- 
tunities implied in the senior 
manager's request. But the lady 
in question said she could not 
possibly write a report by the 
end of the week because she 
had a presentation to make and 
she would need the next few 
days to prepare for that. 

The book argues that women 
tend to compartmentalise their 
personal and working lives in 
a way men do not. At the same 
time they put a great deal of 
personal commitment into their 
jobs, and they tend to react to 
colleagues — or to criticism — 
in a highly personal way. 

Hennig and Jardim say this 
Is because women are never 
taught how to be part of a team. 
They argue that boys realise 


importance of team games, 
especially football, during child- 
hood. 

He twig and Jardim say girls 
do not learn how to handle star- 
dom within 8 team : they do not 
learn to rely on others who are 
better placed to perform 
certain tasks ; they do not learn 
that succps* depends on living in 
harmony with all the other team 
members, including the less like- 
able ones and the ones who have 
no ball sense ; they do not loam 
that their entire reputations will 
not be destroyed because of one 
bad shot 

Much of this seems to be 
highly debatable. although 
perhaps it is a reflection of the 
book’s American bias. Certainly 
there are successful, right think- 
ing men In the UK who hated 
games while they were at school 





BY SUE CAMERON 


from an early age that they will 
have to work for the rest of 
their lives and in preparation 
for this they are encouraged to 
be active and aggressive and 
join in group activities. The 
future painted for little girls, 
on the other hand, invariably 
include^ a husband somewhere 
along the line. Girls are there- 
fore uncertain as to whether 
they should be aiming at a life- 
long career. What is dinned into 
them is that successful husband- 
hunting is a sophisticated busi- 
ness; only if they are individu- 
ally desirable will they be 
chosen as marriage partners. 

Many of the 25 successful 
women who were studied by the 
authors “mortgaged” their per- 1 
snnal lives until their middle 
30s. A number of them then 
had their hair restyled, bought 
new clothes, stopped working 
quite so hard and went off to 
find husbands who would sup- 
port them in their race to the 
top. 

The explanation of why 
women so often fail to reach 
the higher echelons of manage- 
ment is by far the weakest sec- 
tion of the book, even though 
much of it is plausible and 
obvious enough. What is par- 
ticularly unconvincing is the 
stress the authors put upon the 


and who are still bored by foot- 
ball in general and the World 
Cup in particular. By the same 
token there are plenty of 
hockey-playing schoolgirls 
around, and the FA has even 
been told that it cannot ban 
under-12 mixed football teams. 

Hennig and Jardim are not 
content to leave their explana- 
tions -here. They give us a 
longish section on Freudian 
theories of penis-envy which 
provides a decidedly boring 
chapter in an otherwise 
eminently readable book. 

For one thing, such delvings 
into the early subconscious can 
have little relevance to women 
managers who want to know 
how to avoid being left at the 
bottom of the career ladder. 

Moreover, while Freud may 
have been the father of modem 
psychiatry it is arguable that 
future generations will regard 
some of his hypotheses in much* 
the same light as we look on 
those mediaeval chemists who 
were pre-occupied with seeking 
a philosopher’s stone that would 
transmute lead into gold. 

The exciting parts of the book 
are those that deal with what 
women do wrongly in the 
management stakes, and with 
what they can do to ensure they 
reach the top. Here are some nf 


* Yes, our in-house management 
games have changed considerably 
over the past few years!* 

the tips from Hennig and 
Jardim: 

• Do not allow yourself to 
become bogged down in a first 
line management job — treat 
it as a step on the road. 

• Always ask yourself what’s 
in it for you. This goes for ail 
management posts, for in- 
dividual tasks and for human 
relationships. 

• Learn to delegate. 

• If male colleagues try to 
treat you as a woman rather 
than a manager by asking you 
to make the tea. take the 
minutes, do the copying, say 
you will happily do these Things 
— and you will also be happy 
to draw up a rota for next time. 

• Analyse the situations 
where you tend to react 
emotionally. This will help you 
to see them coming and you 
will therefore cope better 
because you are prepared. 

• If you want to cry do so — 
but do it in private. 

• If the Romeo of the man- 
agement team approaches, say 
“Maybe . . and arrange to 
be permanently busy. If that 
does not work ask him about 
the way he is exceeding his 
departmental budget. If he is 
your boss and you feel your 
promotion will depend on an 
evening spent at his place then 
keep an exact record of every- 
thing he says. Tell your office 
friends and if he persists tell 
a senior manager. As Hennig 
and Jardin point out; "Most 
companies are run by decent 
people and those that aren’t, 
aren’t worth working for." 

The Managerial Woman; by 
Margaret Hennig and Anne Jar- 
dim; Marion Boyars. IS. Bracer 
Street. London W1R 4AS: £4.95. 


gi A- flict between capital and labnur, radical end of the Tory Party ing the Government to proceed b ^ WI>ricf(H £e have to 

C .hopfloor and management The the new'clausea were ngned by with caution, not to a low ffStoidtoS.TSilS 


second is 
enterprises 


within such Nicholas Ridley and Nigel radical tax changes of the type £1 dSraWe There teno 
tax ‘/.■stem Lawson. For the Liberals, they proposed to be rushed through s 



ship of homes and pensions— or v in securing the successful range of bureaucratic vetting “ ut there again the proposed 
if anvtbing. more so. passage of the Co-operative procedures. ^ concessions would be a sub- 

Subject to various limits and Development Agency Act. It may well be advice of this stantaal extra inducement, 

conditions designed to prevent II is possible that the pro- -kind which prevails and deier- Secondly there are a number 
abuse, the key proposal is that posed clauses, if called at the mines the fate of the proposed of unwanted or peripheral sub- 
payments made to purchase jobs Finance Bill's report stage, clauses in the short term. On sidiaries in conglomerate cora- 
in bona fide workers’ co-opera- might attract enough votes to the other hand, given the panies where conversion into 
lives or similar enterprise? be passed into law whatever spread of political support workers’ co-ops would become 
should be tax deductible. This the Government's attitude. which Mr. Cam has already attractive if the proposed tax 
: mustered, proposals of a similar concessions were enacted. Even 

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impact. the proposed tax concessions 

could well have important 
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I? OrmiCtaDie workers’ co-ops: for the Meriden 

At , T * short aod SSS^SEgSf* £ 

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16 

LOMBARD 


-Rnandai ^mes Tuesday -Jiriy 4 197 S 


Need for living 
with inflation 


BY SAMUEL BRITTAN 


THE MAIN value of a well there is at least a 50 per cent, 
reasoned and sophisticated chance that neither of these 
. economic forecast is not as a things will happen and that the 
sure guide to the future, but as a London Business School forecasts 
stimulus to thought. One of the will be uncomfortably near the 
most striking aspects of the. mark- 

London Business School June Indeed in one respect they 
Economic Outlook is the view are relatively optimistic. For the 
taken of inflation. After falling greatest harm done by inflation 
to 8.8 per cent this year, the rise is when the rate is unprsdict- 
iri consumer prices is expected, to able, accelerating or widely fluc- 
a ccele fate again to T1 7 per cent tuating. An inflation rate remain- 
in 1979 and stay in the 10 to in & within the 10 to 11* per cent. 
Ilf per cent range in 19S0 and range up to 1981 would be none 
1981. of these things. What I am of 

The important point is not how course leading up tols the need 
accurate these forecasts are inflation-proof and index our 
likely to be for particular years, practices, laws and in- 

but whether they give a broadly sUtutions so that we can adapt 
plausible picSu-e. It 6 would be 
pleasant to say that the London minimum dislocation 
Business School have erred on 


the side of pessimism, hut can Arguments 


we really be confident that this 
is so? With'-a 10 - per cenL rate of 

In .the whole of the 1970s, the ' inflation money loses half its 
inflation rate was below 7 per value in less thah seven- years, 
cent in one year only and that To go on in these circumstances 
was 1970 itself. From 1971 to pretending 'that a pound is a 

1973 it wavered between 7 and pound is a pound is the height 
9* per cent. In the four years of foliy. A 1967 pound is not? 

1974 to 1977 it was the 16 to 24 worth about 3lp and will be 

per cent range; and the drop to worth 22p in 1981 if the Loo- 
8 or 9’ per cent this year has don Business School is'anywhere 
every appearance of being near right, 
temporary. There' are two arguments 

. against introducing general ra- 
il armnerc delation. One is that doing' this 

- L/ai will weaken the resolve to tackle 

One has only to look at the inflation itself, TOiis might have 
estimated rise in earnings in had. 6otne plausibility some 15 
1978 — some 13 per cent— to see years ago; but has it any to-day 
that the London Business School when we see how the pound has 
picture is all too plausible. Taken ® een debauched without mfla- 
in conjunction with productivity “on? The is a more speci- 
growth of 2 per cent, at best, this A? argument, that indexed wages 
is sufficient to provide double ,^ e f nommai 


figure inflation. 


terms) than unindexed ones. 


If the pound bad been allowed ^"hfc can be true in a specific 
to rise much earlier in 1977 than > ear w ^ en ^ere is ® sudden ad- 
ih October — or even if monetary verse change and the indexation 
and fiscal policy last winter had g™? 18 * £ optimistjc as the 
been designed to maintain the were ' 

improvement in sterling as part bu l’J fp il 
of a coherent long-term strategy, _®ut “ we_ plan for a_.run of 
then both the movement of wages ^f? rs T7 an( * “ abou ? me we 
and expectations about inflation t0 sa y ^ at non-indexaboo 
might have been different But "**“ down is to say that 
t hin advice was indignantly British trade unionists and their 
spurned by the estabhshment — leaders can be fooled Indefinitely 
and life made very nncomfort- inflation and never learn 
able for - Treasury economists . om experience. Above all 
who toyed with an upward float- indexation does not mean the 
ing pound— and we are now guarantee of any particular real 
where we are and not somewhere value of wages, tax threshold or 
else. anything else. It simply means 

There are some who hope that that they are measured by a 
Mr. Callaghan will be able to sell numeraire of constant value; and 
to the onions a wage norm of adverse adjustments have to be 
5 per cent and effective earnings made openly rather than by 
increase of 8 per cent— in the stealth. 

fourth year of a pay policy and Wouldn't it be much better to 
in a period of rising economic get rid of inflation altogether? 
activity. There are those who Of course. But wouldn’t it be 
hope Mrs. Thatcber will impose much worse to blunder into 
much tighter monetary and fiscal another decade of double digit 
limits as part of a credible inflation without taking any 
medium-term strategy*. Maybe action to minimise its distortions, 
one or either of these approaches tensions and wealth-destroying 
can succeed. But in my view effects? . , 


Finding the best jof Australia 


si 


kr m 


WEEN asked where and which eXMUent wiz^s,, and^ 1^ was other wineries fo ro jof from thj 


Cab 


are the best Australian wines, particularly .lucky with PenfOld's, unassuming farm b uilding s, cor- the 
my short answer would have to who own 1 the fine Grange rugated-iron roofed. Then there both, 
be that it all depends where Hermitage vineyard on the ° ut_ is Lake's FoCy, created by a more si 
one is at any particular moment, skirts of Adelaide, and with celebrated Sydney surgeon. Max elsewh 
For while their wine-makers are Cramp's of Orlando. Lake, who not only m a kes good The 

the most open-minded of pro- The best known of the distinc- wine, notably Cabemet-Sauvig. the Sou' 
ducers when discussing their xive districts is certainly the non. bat has written valuable the 
own wines, the flame of local Hunter Valley partly because books, on the Hooter Valley and north 
patriotism burns very fiercely some of the earliest vineyards other wine sabiwns. On the other in U 
in most Australian breasts. were planted there and partly hand, the ciimate in the Hunter tants. 

To give a definitive answer because of its relative nearness is nestable and subject to excee- charm 
would in any case be very dlffi- — ioo miles to the north — to 

cut, because, unlike in the age- Sydney, The country is very : 

long wine districts of Europe, agreeable, with vines growing 


■ out company estate, dfi&y&at& Australis; the Margaret Riv 
By a doric-columned mausoleum.- Mount Barker and Frank la 
reserved for male members of near Albany. A doctor plani 


Australian viticulture and wine- 0 u the sLog es of -the treMopped 


making- is «tUl advancing. Vine- Brokenbai*Range of low month 


yard areas are being developed minx The mostfiunous estate is 
or re-developed, new vineyards Uoimt Pleasant founded in 1921 
planted. For example. Angle b y the late Maurice O’Shea, and 


WINE 

EDMUND PENNING- 


as_‘V6Uas 

et, and a blend 

Th^winos tend to mac ... ... r 

end last loo ger^gaSn: jthe Seppelt family,, which might the first Margaret River vi 
••’■.iX?- 'nem to carry sex segregation yard in l967, and thcre arc oi 
mown. howev«r,vof rather far. ‘ SO estates today, several 

ustadto^ dfctttotijs -riBurther north is the run by doctors, with oi 

, Valley, ffl tt|£s ^strict, the state’s most north- acres between them; a 
lalde, and eolonfcM -^j v . «,,} particularly known fa Mount Barker there are oi 
y German Pittas- a*re Riesling, which 20 growers. In rolling coup 

rfneyards H«h mT RieKnsT but so at a latitude ot about 35" sou 

Ofa* a variety that only re- this might turn out to prodi 

• • -v. jnntin it look 8' JTofltpcUtr prO" th* best dry table wines 
W^' -fessor of ampelography to idea- Australia, and It Is slgulflei 
■ • rv-ils: . tifly. It as the Crouchon. a grape that ! 


mo re or less died .out fa Ca^o^ srow 


JELL 


Vale, very near Adelaide, was owned since 1933 by McWilliams s ive j*eat and torrential rain— remt 

y>2*1!Sl ot Sy S“ ey - TyP* 1 * 1 of many this year just before tike vintage. Downs,; 
decade, and . it .must be some Australian estates is the range the district ii more 'of a obe oar 
before its — **~* — -* ■ - 


profit- 

elsewhere *“l 

leading districts until wiped out Hunter red), Cabernet-Sauvig- f^decd^n^or ‘two Mtates hare 5U 
by the phylloxera a cea Tuiy ago, non, plnot Noir, Trammer, Ries- o 0 netenkrupt but the bulk of the Sd 
has now begma again, and two ling, Sfemlllon, Montils and grove^renuda unmoved in their the 0 r 
years ago a hitherto unknown Trebbiano. Mast of the wines ^oagdence in their wines. The are al 
vineyard, Anakie won a gjfid are blends, and sface my return whit( £ generaHy thought the valley, 
medal for its Cabernet- borne I hare drunk an admirable notabhr the Hunter Valley feg th 
Sauvignon at the esteemed Mount Pleasant Pinot/Hermitage ^ 111 

Adelaide show. Then there: axe 1963. too. long overlooked in my ggg” SttTWmlflcm SSt 

interesting new areas ra the wiae ^ Avery’s of Bristol are wS^e^erSl^rt^a great ^ 

°Z? aU doll Sine 

promise offered, but inhibiting TTfld'JlWA ef^Bordeanx. ^ I.fwi 

over-much generalisation. U113UHI1C Probably the most widely hesk: _ 

Here I want 16 write mostly Elsewhere It would not , be accepted top class area is Coone- dsmka 
about some of the smaller estates, difficult to find the Chardonhay warn, lying in the' remote south came 
but it would be wrong to infer and Sauvignon Blanc also in such of Smith Australia. The vine- valley, 
from this that the big' firms neces- well-known estates as Tyrrell’s, yards are planted on a curious the 1 
sarily made© Inferior wines. All of Tulloch’s (owned by Gilbeys), strip of term two, nine .by one acid, 
them, such' as Lindeman’s, Wyndbam and Rothbiiry — a miles in area, with limestone sub- ester 
Penfold's, Seppelfs. McWilliams' modern architectural pile of soiL It ' produces excellent are 
Cramp's, and Hardy’s produce distinction in an area where most u eland," though perhaps made Seppe 


* ~ w 'ce with the phylloxera, decldod that tills was the b 
Miwever the wine . Is sound, if area and has planted a 200-a< 

not exciting, but some excellent vineyard. One of the nj 

Rhine Riesling is made here, attractive young Caberr 
by a hew wfeery hopsed Sauvignons that I drank an : 

i’s old brewery. The pro- trip was Dr, BUI Psurne 

POST's name of Entiaprae may Mosswood *75. 


«f the 
-no -doubt; 
esHed 

it is the 

snsidered so impa 

World War _ 

to Mount Kitchener wo* at, the Ad> 
reverted Other Clare estates 

lal-in 1974. Today 


Competitive 



SOO growers. In 
biggest eon 
liserstuhl Go- _ 
ips. who Both 
fers* grapes. ■ 
basically wtai 
1 though red too is 
Cramp’s Riesling 
Auslese wines 
, The best wines 
the adjoining 
Tor it is loftier s 
y are crisper and 
jong other well-fat 
where fortified vE 
i made, are Yalumba^ 
Id, a beautifully^ 



shows. Here, as elsewhere 

^ ex- Australia, and particula 

cellent wine include tj««ttaler, among the .smaller estai 
Stauley ( now owned hy Hrinx!) “cell ardour” sales are incre 
r^and Taylbrs. ingly Important. Urban famil 

South ojf Adelaide are about establish contact with 1 
30 estates, .grouped,' In $>* wineries which they visit, ta 
• Southern Vales, hotebbSMcLaren and chat with the wimnnak 
-Vale Special claims are made often the owner, and reti 
for the reds as rather strong home with several cases in t 
‘ and “ gutsy” and I found the car boot Thus the grew 
Kay Brothers’ Shirsa/Caberuet by-passes the increasingly cc 
blends particularly Entity and petitiv© trade, makes rati 
£ well-balanced. • more for his wine, while 1 

7 Perhaps because T : vndfca visitors, unlikely to have p; 
Western Australia last, T found for an excellent wine more tl 
a%eir table wines especially the equivalent of £2 a bottle 
fr Attractive, nearly all from- the a country without any duty 
L znw area right down on domestic wines, may rem; 
k the south-west “ 1 


corner- “" of customers for life. 


Holiday industry’s 
profits fluctuate 


<T -■ 


BY ARTHUR SANDLES 


BRITAIN’S BIGGER tour com- and Horizon Midlands 4 B per 
panies and travel agents are cent 
operating in an industry of True comparisons were difficult 
wildly fluctuating fortunes, from because of different year ends 
year to year and from company and differing accounting systems, 
to company, according to a new For ^ the market for 

examination of the travel package tours was likely to con 
business. tinue growing. " 

The report by Jordans Data- Thc comparative listings pu t 
quest include exhaustive exami- the mogt pr<At ^ ^ 

nations of the accounts of 50 panies in relation to sales as: 
companies and less thorough x Thomas Cook (19B7); 2 Martin 
reviews of 202 more. Rook (12.27);. and 3 Swiss Travel 

It says : “ A comparison of the Service (KX01). 
recent financial operations of The ratings for turnover are: 
some of the main operators 1' Thomson Travel; 2 Cosmos 
shows that there can be a wide Air Holidays; 3 Britannia Air- 
variation in profitability amongst ways (part of the Thomson 
the tour operators, and that this Organisation); 4 Silver Wing 
can vary dramatically from, year Surface Arrangements (British 
year for any individual Airways). 

concern.” The listings for pre-interest 

The- variations in profit mar- profits on tangible capital em- 
gins. on sales ranged from, for ployed are: 1 Hunting Lambert; 
example, Thomas Cook at 19.1 2 Wings; 3 Pontinental (Holiday 
per cent, to Cosmos with less Services), 
than 1 per cent, although Cosmos British Travel 
had twice the sales value. The Tout Operators, 

Travel Club managed 6.9 per House. 47 B 
cent. Frames Touts 7.6 per cent don Nl 6EE. 



Agents and 
Jordan 
Place, Lon ■ 


RACING 


*Y DOMINIC WIGAN 


FOR A RACE with only £1.000 
in added prize money, this after- 
noon’s Westenhanger Nursery at 
Folkestone has made np into a 
surprisingly competitive affair. 

The five-runner field consists 
of four two-year-olds who won 
last time out and the Brian Swift- 
trained Tinted Green, a certain 
future winner judged on her 
second to Contented Sole at 
Epsom. 

My idea of the winner is the 
most experienced member of the 
quintet, the. Newmarket-trained 
Abdu. - 

Bill O’ Gorman’s bay Validar 
colt has won two of his six races, 
bat his best effort probably came 
in defeat at Epsom, where he 
was not beaten far in the Great 
Surrey Stakes by such speedy 
animus as Kannitz and General 
Atty. 


FOLKESTONE 
L4S — Abdu*** 

2.15 — Tarenz* 

2A5 — Rally* 

3.15 — Training 
3.45— Kris** 

4.15 — United 




TV Radio 


ENTERTAINMENT GLIDE 


tetepnone or at (tu> 


iM. 


cards 

"iOPERA & BALLET 

Credit cam- 01-2*0 . 
— -v a (tons Qt-OM 1 HIV 
, NUREVEV FESTIVAL - 
E«bv T.A 0 ■ MIL Tornor. «• nojl 
wltn L 6 r*OOK FESTIVAL BALLCffy 
Sat. snipw Baaiitv. July 10"~ 
Kith UtllCM NATIONAL flALLET. 

•vaitabkgjalv 10 to is only. 


THEATRES 


so-. 


will 


at mrv performance. 



Mae maj 
E vonlim 


BJtUCE 
In LESI 





352 7MB. 
I. 7 SO. 9.30 


CO VENT GARDEN CC 240 1066. 
chats* crodR cards US < 

THE ROYAL. OPERA . . 

ToNsbt-st 7 Jth Ldtsa NIHUT. Wuw ' *-I 
Mon. next at 7-OOi Norm*. Frt. it 7 Jtf. 1 
ROYAL BALLET SCHOOL PER«J, FoMt , 
and S cott i sh Danuog. Las SYWrta**- 
Dhrcrsuam. Birthday OaerHW. SlL if7JO 
Polinas at MBH&ane. 65 AmpM*' Man 
avail, for »n pens, from 1 0 aJR. oa oav 
of oerf. 


GLYNDIaOURNC FESTIVAL- ;PPERA. 
Until Auoust 7 with me London Pmmar- 
moalc Orcnestra. TonighL Thah;’ Sat. X 


Mon. next at 6.15: La Mm, Tomor. 
at 930; Die ZanberBote. &tm. at SJO; 
Cost tan tune. Possible ret ur n s . 

OB.ce Glyndtboomc LeWWL E. 

(0273 812411). 


Sussex 


SADLER'S WELLS TMEATI 
Ave., IC 1 CB37 1S72). I 

Eves. 730. Mats. 5*1~ Z3D. 
NIKOLAIS DANCE TMIATRE 
Ton'u. Tours. & 5a L mat.' Temples, 
(wlgnol, Triad. Tomor. A Frl.: THW 
D»ei from Grotto. GaOerv, Styx. Sat. 
eve. Triple Duct from Grotto, Styx. 
Figures. Suite tram S anet enu July Jt. 
AuO. 26 MARCEL MARCEAU 


THEATRES 

ADCLFNI : THEATRE. CC. 01-8; 
Evps. 7.50. Mats. Thus. 5.0. 
IRENE IRENE „ 

THE BES1 MUSICAL 
or 197B. 1977 end 1 
IRENE IRENE 

"LONDON'S BEST NlGHI 
Sunday Poop Is. 
ALREADY SEEN BY I 
MILLION HAPPY THE. 
CREDIT CARD BOOKINGS 


ALBEKY. 836 3878. Credit 
836 19713 from 3.30 aJO. . - 
Mon. Tuts.. Wed. and W. 7. 

Thurs. and SaL 4.30 and 8.1 
THOUSAND TIMES WELCOME 
LIONEL BART'S 
OLIVER! 

“MIRACULOUS MUSICAL.” Fin. TRnes. 
with ROY HUpp_ and JOAN. TUJW^L 



KINGS ROAD THEATRE, 


LONDON PALLADIUM. Cl 
NOW UNTIL AU. 
Mon.. Tue* Thors.. and 


•437 7571 
, r 19 
r|. at 8 . 


THEATRES 


SHAFTESBURY. CC.. 01-836 18 
toatteenury , awu vfcz iHitf. Hotn 
endj. From July 14 For a Special Svmt 
Season. A New Produetton o> 

GOOSPELL 

Bes. available: seaH at £2.50 >i 6 
before, aw from the Box Offtee. 


SHAW THEATRE. 01-384 13 

Evenings 7.30. Mat Wed. 2.30. Lilt w 
I'M TALKING ABOUT JIRUSAWf 
„ . .bv ARNOLD WESKER^^ 
IU ouatJtY IS uwraliusiiefl." S. Tin 
, A suncrlative cast." Punch. 
Low Prices. Easy Parking. 


Wed. and .Jan.. jd_|.i£ |r ana 4.30. 


In 


THE TWO RONNIES 

romedv Revue. 


i Spectacular Co .... 

Two extra performances 
Sunday July 16 at S.QO_A B-gO. 


Book now on hot-line 437 209 


186. tvs. 8.0 
0 *M 8.30 


LYRIC THEATRE. 01-437 3 

Th ^ 0 L, 5 N°Bl5fiEL' ._ 
by 

EVENT TO TREASURE " a Mir. ■ MAY 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS ’* Sunaay Times. 


MAY FAIR. 629 3036 E-« B. S*L 5.30 

aim 6 Jj IVl j iw.-.i. at i 

WELSH D V^Viio T M^ TRlC0 

Mila WOOD 


MERMAID. 248 76b6. Restaurant 2na 


2B3S. 6veniR9k 7.30 ana y.is 

— ?Ert" 


EVERY GOOD BOY 
DESERVES FAVOUR 

sVpVaR°0 

the-engT, 5 „ ^u N ioTSao L0 ^i 
HIGHEST COMIC-ART CAN POSSIBLY 
Minx THIS PLAY." T. Tim**. r> '* a " ,WT 


NATIONAL THEATRE. 


aii8£l! tSu *7?30 
MACBETH. Tomor. 7-30 The “ 


Orchard. 


LTTIELTON C proscenium 
7.4S 


PLUNDER* 1 bv '8*fl 


Cherry 
■I , Ton't. 


"CONSIDER YOURSELF LUCKY SO 
ABLE TO SEE IT AGAIN ~ Olv. Mb 


ALPWYCH. 836 64Q4. Info. 838 
E COMP, 


t indicates programme In 
black and white. 

BBC 1 

10.53 am Cricket: Third Test — 
The Cornhill Insurance Test 
Series: England v. Pakistan. 
1J0 pro Bod. 145 News. L55 
Wimbledon Lawn Tennis Cham- 

S iionships. 4.18 Regional News 
or England (except London). 
4.20 Plaj- School (as BBC 2 
11.00 am). 4.43 We Are The 
Champions 197S. 5.10 Wildtrack. 
5J15 Worn hies. 


F.T. CROSSWORD PUZZLE No. 3,709 



5.40 News. 

555 Nationwide (London and the following times: — 

South-East only). Wales— 5^5 pm Wales Today. 

6.15 Wimbledon. 6.15-6.40 Heddiw. 6M Join BBC 1 

7i0 The Feather and Father (Wimbledon). 12.05 am News and 

Gang. Weather for Wales. 

8J0 The Standard. Scotland — 9.55 am Paddington. 

9.00 News. I0JK) Jackanory. 10.15 Help! It’s 

9^5 ChOdren of the Revolu- the Hair Bear Bunch. 10.35-10.55 
tipn. Threes Company. 5.55-6.15 pm 

10.15 Cabaret Showtime. Reporting Scotiandl2D5 am News 

11.00 TonighL and Weather for Scotland. 

11.40 Flay Golf. Northern Ireland— L18-4.20 pm 

12.05 Weather /Regional Northern Ireland News. 5.55-615 

• Scene Around Six 1245 am News 
and ' - Weather for Northern 
Ireland. 

England— 5.55-6J5 pm Look East 
(Norwich); Look North (Leeds, 
Manchester, Newcastle); Midlands 


All Regions as BBC 1 except at Breakers. ‘ 4.45 Extraordinary, wild, wua vtiru of Antmai*. li^s Flower 


Stories. USyPra Hepon West Headlines. I 
U5 Report Wales Headlines. 300 House- 1 
party. 505 Popere. 5^0 crossroad*. 
Report West U5 Beport Wales. UO The 
Quiet Ways, of Wales. J.W The ChaJlcnae 
at the Sexes. 

HTV Cypru/Wala*— As HTV Generali 
Service exdepi : U6U5 pm Pemtwdaol 


ROYAL SHAKESPEARE _ 

la repertoire. FulN air contMtiO^d. To- 
Dlpht 7.30- Tomor. -2.0 lL-7.30 
StrliKib*ra , s 7 
THE . DANCE -OF DLA+H 
“Emeraci as a wondertuJ ole* crt work. 
The limes, wllk, coiu MANUS innt 
n«rf. Thurs.}. RSC also apTHE WARE- 
HOUSE (see Under W>- and ■* the 
Piccadilly Theatte In ^Prter Nichols* 
PRIVATES ON PARADE 


ALMOST FREE. 485 6224. Lunchtimes 
“One Oh ■* by Bob Wilson. Tuas-Sat. 
1.15 em-SunE. 34)0 and 5.00 om. no 

. mowi Mon. 

Newddltm'y Dydd. 420 Mhi Mawr. C30-J almost free. 485 6224. Evenings Kurt 
E-rw Wlb. UMJS Y Dydd. 10 JO I Vormegnit’s .** Player Piano “ hy James 


Sauntfers. ftNS-Sat. 
Mbnv ~ 


841 a.m. No shows 


5.15 The Brady Bunch. 

5.45 News. . -. 

6.60 Thames at 6. 

6.35 Crossroads. 

7.00 Survival. 

7- 30 Charlie's Angels. 

8- 30 Life Begins at Forty. 

9.09 Wfll Shakespeare. 

Bywpn. 1U5 World to Acdon. UA5-1230 

10-30 Palestine. : am Ot hrity Squares. 

}*« wmiarns Show- .HTV HTV Geoenl strict hSS5^5°Bro. Vis: 

1225 am Close: A poem by UMJO pm Reporr west Head-1 • 5_a*L«Lfi„ _ 

WRUam Blake read by ^ tA '* 3g Re port W csU 
■ James Coyle. SCOTTISH 

All IBA Regions as London UL20 am Morning Mrttery Movie - 
except at the following times: — Meatman and wife, us pm News and 

iMrrn . Soad Report. 5J5 Cartoon. 521 Cross-, 

AJNOLlA. MO Scotland Tiday. 8jo Wbat’s I apolloT ... 

MJB am Feature FOm : “Man In The Problem? IM Oh No. It's Sehvyn M«ts. Tiiuri 3.00. Si 
/ni™i„„i,™i. fil l.. . Vir . Moon," starrina Kenneth Moore. U5 pm Frowto. 7 JO Hello. Good Eventn*. Wei- -Actor of 82 N| viar 
72 {P ,n ” in 8hain) p Pomts West Anglia News. 2jbb HousepartyffSJS Ham “=»■ «J» The Cocfcoo w«Ux. azoo ute 1 
(Bristol); South Today (South- m oor Bibod. Mi Ahoot AngBa. 12 m wk- c* 11 - - - 

ampton); Spotlight South West ““ “ Yesterday, m s am qhr concern. cat i-I'Ulp v 

(Plymouth). >ti/ e - • oUUlxlIlKfN 

nnr AXV . ilAa# am ’Tm »B right Jade," starring 

DDL Z, ■ tliUs am Morning Cioprna : "Three Carmldwel Uo pm Soothem News, 

it nn n, 4 _ H * te for UA" starring Joe Brown. U-55 2 88 Ho awpany. 505 BlMud Junior. S30 

iS? u, 8 ? Sc 5,°° I - . Adveninres of Parsley. UO pm atv News- Crowreads. M 0 Day hr Day. U8 Snr- 

11.55 Wimbledon Tennis. desk. Z35 The Royal Show. £15 La verne rivaL 7410 Father, Dear Father. 1748 

2.05 pm Cricket Third Test — ShkWy- «j» ATV TMLar.'ELOO Same- 5«*hern News Extra. 

England V. Pakistan. tWaB Durere ^^ T> ^^ : 

7.40 The Third World War: ■ BORDERS’ " ms » rue cood 

interview with Genera! Sir.^- fflSffifSSK &SfifeSj2E 


R Tomor. 

Travers 

COTTL5LOI (small audiuriuml. Ton't. 

Tomor a American buffalo 

David Mamet 

Many excellent cticaa aun all 3 titeatrM 
at carl. Car Nrl, Restaurant 828 


day of oerf. Car wnt. Resti . 
$2.33. DMit OM bkes. 928 30S2. 
TOURS OF^JTHE BUILDING 


.Tours ofxJHe building d*uy unci 

■ib^Lmo.oeirnLi .23. let. 633 0080. 

T -Vi 


- . W AT 

THt LAnY^NOT .. 
by QirhuaMr Fry. Weo 
„ and 7 JO, 

- SReen Atkm* _ 

••A BPMt 


^"c 7616 


RNING 
S«. 2.30 


g ^iEnssst '"sF* w»g? u * ' 

. j*Rf . Majuty Oueen Eitetbi 
»ean Mother, conistit »i 6.00 s. 


OPEN All 


PATRICK c2^L r and^ONY ANHOLT 

"SeetOB tbrof 
~otai 


again is in fact, an 
. Punch. Seat prices 
Dinner and Top-pnce 
seat £7 JO. 


2663. Evenings 8.00. 

^-^5 ind a o °- 

Standard. 


lUT YOUR EYES AN 


SHUT. YOUR EYES AND 
' TMlNK OF ENGLAND 

"WfcKedly funny.'* Him 


►arts THEATRE. 

Dl 


"Hilarious 
Monday to Tn 
Saturdays 




01-836 2132. 


. . „ . It“ Sunday. Times, 
to Thursday 8 JO Frt 


.riday and 

at 7.00 and 9.13. 


TYNE TEES 


.01-734. 429.1- Mon.-_TKurs. 


6.00 and 8^5. 

■vallablO. 


Frl. 


--infectious, appeal. 


asan 


John Hackett 


n_2B pm Border V* ““.T 1 * : the GreaLM starring I 

8.05 News on 2 headlines. sjf nT«!£3 tv SSS mo *£* ,"*?**■ North E^t News 

8.10 Americans by Desmond J-ootearoond Tuesday. i 2 j» Border News 535 Trti^«? n wi» aS |i2 ie K5SJ!?— 

Wilcox. ' .' Summary. ■ ; . .. Sta.^ 

9.00 Sing Country. The Tenth CHANNEL: TTT 

International Festival of .H* pni Channel Lunchtime' New* and _ ULblJbK 

Country Music. iSS* 1 ** 00 SJS Those ’ Wonderful . „ tlft28 am Mondna: Marie : "The Lamp 

9A0 Our Mutual Friend.’ Ttnie « HeporT *t‘ Six.: 7 J 0 StflJ Bana/* starring Rosamond John 

10 i»ta ^ ^ RAlTeny. loja Channel ute News. £24B and Stewart Granger. L28 pm LundWhae. 

l^te News onjj. Whar About the Workers. 1225am Visages Ml Glster News Headlines. 5J5 Friends 

10.45 Match of the Day Special: France. of Man. M8 Ulster Tderlslon News. MS 

Highlights of Wimbledon GRAMPTaNT ^ossroads. mo Reports. M5 Taking 

and Cricket (Third Test). am First Thing. 1 m2! Cash and 1835 

12J»0 am Closedown (reading), company. 11.05 a Diary or crriBsattons. Becamt 

^W 0 «“TV Ne ^“gTc^ 1538 y ^TWA RP C^EDY, 

S.20 am A Present from the aSr.’ISeo - nSdaefiaa. -An - - 

*St 9^5 Plain Sailing. 10.20 plan Ute Night HeadU^ HLSS’ ESSfiL FSk Tm.TslWfA'S,/^ No 

- 0t r GRANADA WoaderfcJ T V Timea.^Saw^trt ’"'IsSFlJSSmik Mt ViwtwwL- 50 ' 

Captain Nemo. 10-~5 The- Plains- UA mm Tuesday Matinee: "The UL2i westward Late ciuteri on 930 J2i 5 . cc. B35 1077-3 

roan, starring Don Murray. IKK) Briles of St. Trtnian's." u_e Kathy's ^ Wwfcgg - 12 - 3S E »#». ec^nd ? r 1 - 8 ^ *- 00 ’ 


ot-st*mplnp and 

httirtrthumplno." Observer, Scats. S2.0Q- 
£6.00. H*a-boin-_ before show, best avail- 


able seats £3,00. Mon.-ThurL and Frl. 

6 P %^ f M^^AL OF THE YEAR 
EVENING STANDARD AWARD 
Lunchtime Tbexwe Mon. -Frl. 1.15 ■ 
"Not Much Cbanoe from a Fiver." 


wafc *- 


836 _ _ 

Satui^aj^^iS and 8.30. 

Extttlna Black African Musical. 
"Packed with vxrtetr "D. Mirror 

Dinner and top-pdea seat £8.75 'no 


CHICHESTER. 


0243 81312. 


Ton’t^^jfl y 5 A 6 at 7.00 July 8 at 2.00 


. _ INSTANT COUPLE. July 8 at 

2.00 July 7 & 8 at 7.00 A WOMAN 
OF NO IMPORTANCE. 


, Jf&sawa SiM d 




I MAN of, DESTINY 

iIP5Sr<JSSf r K£ frl - '- ,s - 



Karris. Sun 


STRAND 01-836 2660. lyqnlnM~B^ 

n *2h IS, 5S*i.L M ”* k 

NO SEX PLEASE— 

WE'RE BRITISH 
THI WORLD'S GRFATEST 
LAUGHTER MAKER 
GOOD SCATS S4.00-C1.00. 


IT. MARTIN'S, CC. 836 1443. In Sr 
Matts*- Jvtt. L*l. Satuitun- 8 and 
AGATHA CHRISTIE'S 
JHI MOUSETRAP 
WOP'.O'S LONOC5T-EVIR RUN - 
4 6th YEAR 


TALK OP TN* TOWN. CC. 73* SOJ 


SOO. DlfripQ. O^nchifl jBari OMn 7.1 


930 super Revue 
ItAZZU DAZZLE 
ana al 11 pm 

LOS R BALKS OgV PARAGUAY 


.-HEATR3 UPSTAIRS. 730 28 

.fir? tCSri Thuni at 7.30 n.m. 
IRISH EYES A INGUSH TEAR! 

By Nipef Baldwin 


VAUDE.V1U. 836 9968. CC, E»l, B.C 
Mai Tum. 2*5. Sat S and 6. 

Wi^^aK'Jn^' 

, D tSwt 1 

1 Re-enter Aoatha with another wb 
dunmt nit. Aoatha Chnrtle It itaiklno t 
Watt End vet again with another al h 


fiendishly inflemoas murder myUeriM 
Fell- Barker. Evening He*n. 

AIR-CONPlTlONEO THEATRE 


VICTORIA PALACE. 

Book NOW. 828 4733-6 .1134 131 


%T!WFO«0 JOHNS 


SHEILA HANCOCf 
. ANNIE 

SXVSSL'J?- M*t»- W« Btf Slt. 2.4?' 
WAREHOUSE. Don mar Theatre, cove, 
'den 836 6808 Royal Shakeyoea, 


Gate 

Flaw 


■eat 

Stand 


nnany. Ton't a 00 premie-e Pere 
nn^v * SAVAGE AMtSiMlIOT. A * 
it^Si BO. Adv. Bk«. Aldwvch. Studlu • * 


WESTMINSTER. 


trenchant h 

THORNHILL'S dramatic art." 


01-834 028: 
D TO LIFE 
trenchant 


Q humou 

' ■Intensely hiunan'.'ranna drama." Y.PoJ 
Tmnmooo* impact." NoW. "I w 


inarnly moved .“j. c^Tfeartn! ** 
s. 7 .43 Maty. Wed. 3.0. Sat*. 4.3 


WHITEHALL. 01-930 8692-77G 

to 

MSP THR^AT nt ' ,rV 


WaplDMILL THEATRE. CC. 01-437*157 

Nlontiv a.oo and 1 0.00. 


Twice . 

Sunom 6.00 and 8.00 
PAUL RAYMOND nnnrata 


PHO e% IX * 0, 'I M 2234, .. 
WjB» and Saturday ^.Oo 
..TIM BROOKE TAYLDJ 


Evening* t.15 
amTa.dO, 


SiBiffM TAYLOR. GRAEME 

OARDfN^ m«k« lie laugh, * D. Mali hi 
UNVAUNtSMtO TRUTH 


aSMtM&i t’nSSS't ryton - 


‘.un'a.y ” 1 ”s?,V L « 

^ousVASsa-v,^™" 1 ^ 


PICCAULLV. 437 4S06. Credit Wd* bkps 
I ASTI -3 8.30 Aro.-8.30 p.m. 

T.30. Sat- 4.30 ano 8. Wen: mad 
eompanyin 


mat*. 3, 


OUTRAG EOUS - ADULT COMEDY 

' * P n I^’ N|rn“l* 

PRIVATES ON PARADE 
Rlpr-anna mu>»un. 5. ..^rns, 
-BEST COMEDY & THE YEAH ' 
Ev. Sea. Award ana SWET Award. 

. FULLY AIR-CONDiriONEO 


0. DO, Mat. Thor. 3 00.^^3^10 BAD 
wi«T r! ^S , 5*ri. n Ji Lloyd Webber. 

Ensues 

gwrjirsjasr 22 ^ wi " 


PRI 

Eves, 


NCtlOF WALES. CC. 01-030 B5B1. 
BS. SB. Saturday S.30 . and 8.45. 

THE HILARIOUS 

BROADWAYCOMEDY MUSICAL 
I LOVE MY WIFE 
Starring ROBIN ASKWTTH 


CREDIT** 1 CA^D BOOKING " 930 0846. 


QUEEN'S THEATRE, CC. 01-734 1166. 


CVSS. 8410. .Wed..3.p^ i jSai.^.OO. 8.30. 


FAITH 


ANTHONY Q 

BROOK. MICHAEL ALDRIDGE 
.. and RACHEL KEMPSON 
• In Alan Beanett-*- 

_ ' -• THE OLD COUNTRY 
Play and Ft* yen London Critics Award 
.BEST PLAY 'OF THE YEAR 
Directed by CLIFFORD WILLIAMS 


Past 




. 257 B. 
Jblr IE 


"An iroparflB^'mnr_de_ force.” SuJimea 


Court. 24N) After 'Noon. : 2J2S Red Music. 


time. 4.10 Cartoon Time. 430 


ACROSS 

1 Boil -for two moQths..(6) . (8j . - n __ . 

4 ?-n V ?£i 6etS danip 30iDS rOUOd 7 ? D ^ IeSS i", 3 no^easterly I tSSJJ^S.* % 
bill (8) direction (5) 

9 0|d man could be a nut (Si 8 Pedal and mix trade with the 
10 Charge for keeping cattle or . French (7) 

money before time (8) II To all intents and purposes 
1Z Ring back twice to deride doctor goes to meeting (7) 

(4-4) 14 Unusually late end for one 

13 Threaten one politician with . with- no teeth (7) 

‘finish (6) 17 Analyse a stoppage (5-1) 

15 Fastener that’s always to 18 

band (4) 

16 Fellow 'in bible story could 19 More distant parent is about Jigs km as RaftoT 

be excused (JO) . right (7) 


Isst Noho. *12a0 pm Pi nlrinc <W». 138 pin JRls Is Your Right. SJfl F>lth tor XAfe. 

What's yew. 5 JS Crossroads. 6J* Granada YORKSHIRE 


12^0 Parents Dav 1 (IQ Npws. wnars *»■ crossroads. SJ» Granada 
FT into? Latin. iSrUKE Bf^dcd. 124.WW Ahotu 


IN ITS SECOND 
LESLIE Qfl L LIPS 
Id SIX OF.ONl 
HALF-A-DOZEN LA LI 


A MINUTE 


6 Decoration or title on book I i-’T2. wl ? S^wrtSf.'njB^'m^A’ ljS tsxiu y, wi'umia^ciory. ujp| 


Choirs of the World. US Friends of Mas.1 


„ _ H AY - derfol TV Times. 'too Caleod' 

UL20 am . Cash and Company.? JUS Moor and Belmont editions;. 




“A rare, devastating, lovous. astenisblfio 
tunnf.** Sondvy Tlrnw; 


RADIO, 1 247m concm^sv. MB News. fM This TfeeVs House or Commons. 3JS A La Carta. 

. tSI Stereopiumlc broadest £SJ p ®* 1 r - • f * ‘- .PM^flphin News. 4AS Gardeners' Question Ttat 

«VHF) Very High Frequency *2 ** ***"*. M 0 

TMedlam Wave . *■ S*roidlBCy. S5S Weather ; program e news. 

5.08 ajB . As Radio 2. 7JJ2 Dave Lee j J tr ° r ?5? de : “ 

Travis. 9J» Siinon Bates. ILA Paul 

Burnett, including 1Z30 pm NeWabeat T g5 lB S' , TJ> 

2J» Trmv TMaetahnni PXl \r\n p * rt 1 ,s '- *JS PeOSR and .'TS 


duchess. 836.8243. Mon, to Thurs. 
Evenings 8.00. Frl,. Sat. 6.15 and 9.00. 
_ OH! CALCUTTA! _ . 

The nudity n stunning. Dally Tel. 
8th sensational year. 


JM News. UO Many B SUp. 7J0 News! 
7.BS The Archers. 738 Time for Verse 
s. fU). 7 Jo CSBO Proms (Si (As Radio 3i. , 
MS Kaledidoscwe. Weather. 3»J»' 
,m>. The World Tonight. 1SJ0 The News Qtdz, 
‘ A IS*. UL80 A Booh at Bedtime. H-K The 
the Financial World TonighL XJD Today in 


DUKE OF 
Evenings 
Limited 


Avoiding soldier getting up StecMnna. Kid Jensen, ™ «ii -i 

With HO call C8J mdndingSjB NewhesL-TJtt Spot ^ ^ HohetT- 

wiiD w wii i-oj _ f Joins Radio 2 ». 18 J2 John Peer (Si. 12J»- raso. Proms, part 2 <K 

More distant parent is about zas am As Radio s ■ ^ in the Night. conndie^L__ — — 

. right (7) VHF Radio, i and 2-5.00 am Wth Radio 12J0 News. 

19 Young bird to throw round 21 Sarcastic play upon words put l 55 / 1 " cood Usieoins. 2 je canrr Md cn*rieB t 

sheir aoi M to , chap (7) 5T™?’ wu. “3S. 1 Hadj0 L opd on 

20 Border with soft fibre (4) 22 Contention one way is -man »s>. uo Wagionew- wfur uuS - suo am Ac Radj^? ^ 

An r. .< nnnH In nrnn anr fRl ?MkU, USARpI T.hn n, n . TOP la -jj. ... .. mcc _ - “ . _ . ac ‘!' -■ *-* 


YORK'S, 
loo. Mac 
Scuon mu 
j3hn Si 
I n . Julian l 


• 01-836 5122, 

W*d_ Sat. 3.00. 
egd Auoust 26. 

iMieira 


A NATIONAL THEATRE PRODUCTION 
Brilliantly witty. ... no one should 
miss, it." Harold Hobson (Drama). Instant 
credit card reservations. . Dinner and 
Tod price Seats £7-00. 


FORTUNE. 838 2238- Evs. 8 . 00 . Thurs. 3. 


SOLUTION TO PUZZLE 
. No. 3.70& 


23 Cut of meat that's good In prevalent _ (6) 

France and should bave a 24 A joint title (5) 
medal (6) 26 Fool left in bed (4) 

25 Fish caught and eaten (8) 

27 Vicar I’d put in holy sur- 
roundings in a ghastly way 
(S) 

28 Share out about one penny 
for aerial (6) 

29 Vagabond has to organise a 
crowd (Si 

30 Tenner sent in return for 
curdlec (6) 

DOWN 

1 Poker-faced absolutely on 
vessel (4-3) 

2 Write about it being made of 
distinct parts (9> 

3 Overhead cover for article in 
duplicate (6) 

5 Instrument with nothing in 
order (4) 


206m and 944 VHF 


OEQ! 2aKlH HH&JHQHEJB 

anas 

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Bnaasaas nEsane 


SOOkHr. l«ahHz). 4A5 John Dunn (S.. _ 

7 " w, “ * sai ° 1 tr ™ “ *■ ss' 

Vaughan fSi with The Early Show, in- ££ &mnl»nii!« from the Norm (&). Al4 *s ? .wmanons. - 

eluding US Pause for Thought- TJ2 -WkCeatury Music at the V and A IS1. . 

Terry Wogaa iSi fncludtag BJI RachK CTf . Jaa Today (S). 5A5 Hlndewimi. T^mritvn 

Bulletin and US Pause for Though! Debussy .gad Bartok. violin and • piano LOHC10H A>rO&uC35un£f 
nun jinw_Yoww «S). l2ASppi_ Waggoners' reclIai ' S) - with MW. Zfflm and 97.3 VHF 

- - - SLO > am Morning Blnslc. 6JH AM s woo- 

Stop pews. Information, travel, sport. 

Sports Desk. 2R2 Wimbledon Lawn Teams 434m, 330m, 285 q) am* VHF W- 00 _ Brian Bayes Show. LB 


Third Great Year 


par Call In. 2JB | GARRICK THEATRE. CC. 01.B36 asoi 
1 Evs, 8-0. Mat. Wed. 3.00. Sat. 5 JO. 8.30 
JONES 


BRILL, EXCEL. 
LENTLY ACTED PRODUCTION." d! to 1 
> »**XH AUSnBCY RICH . WORK." 
■NOT TO 8E MISSED." Times 


RAYMOND REVUEBAR CC 01-734 1S9S. 
At 7. p.m„ 9 p.m- 11 pjn. open SuiuO 

,K^Si;jK.“S? E TSfVE. 


21 rt 


Fully alr-condltfonori 
SENSATIONAL YEAR 


ROYAL COURT. _ 730 1 7*5- Air COWL 


"**»»*■ 


._ . a , by Bln Morrison. 

“A bnrntsbad alipfay at ran*." Times. 


royalty, credit Cares, oi-aos a oo*. 
Montfay-Thuradsy Evenings a. DO. Friday 
s.30 and R*J*. Saturdays 3.00 wnd 8.00- 
London’s critics vote BILLY DANIELS In 
. BUBBLING BROWN SUGAR 
Bast Musical of 1977 


BodklMS accepted. Malar critdlt cards. 
Special reduced rates, for matinees ffor 


Hunted period only!. 


SAVOY THEATRE. _ 01-836 8886. 

_v . TOM CONTI In 
.WHOSE UR IS IT ANYWAY? . 

■ with JANE ASHER 
•■A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT." Gdn. 

Evs*. at 84). Fri. and Sat. 5.45 and BAS. 


SHAFTESBURY. CC. 836 6596 

Shaftesbury Ave WC2 ftilgh Holborn eod> 
Ergs, at 8.0. JOHN REARDON In 

” This musical flat everything," S. Mir. 
Mata. NOW TUES fr SAT. 3.0. 

' All seats at. £3. u, £i 
Credit Cart Bo«drm* 836 6597. 

I AB. WrsiK MUST »NB XAT 


THE EROTIC EXERIENCE OF THE 

MODERN ERA 

.19 unprecedented (umta what 
Ne w 



VERY FUNNY." Evenmo News 
Mlr Y O Malloy a smash hit comedy 
ONCE A CATHOUC 
Supreme comedy on mx and redgion. 
, Dully Telcgraoh. 

Flu? E WITH 
LAUGHTER. 1 GuanJun, 


YOUNG VIC 920*651 

5?" BARTHOLOMEW FAIR ih 

Tt >9JYi Evga. 7.45. Mat. Tomor. 
v«5L A r ' Dr ^ r, n» PfWfuetwn" S. Tm 
p2S B JUr > iif J ra, '* a . 1 “ nttl July 2S. Pbor 
Boa Office for leaflet. 


CINEMAS 
ABC 1 ? 3. SHAFTESBURY AV- C3B BB6 
ALL SEATS BK8LE. 

2; A SPACE OOY3SEY (U» 70mi 

film. Wk. and Sun.- 2.25, 72SS. 

(X». Wk. and S»m. 2.0t 

8.35.' 


. pt AZA“ Coop. Camden Tow 
Ii‘21-.. 4 " 5 . . Taw inl's ALLON 

JRJJFAN (AA). (By the Director of Padr 
PardcmeJ. 2^0. 4.45, 6JQ. 9 ^ 0 . 11.1* 


OASSIC 1.2, 3. 4. Oxford Street iopi 
T ott enham Court Rd. TuOrj. 635 031 ( 
1. Brace Lee GAME OF DEATH <X 


Pgs. 2,00, 4.1S. 6.30. 6.45. 

3- R'giard Bo.rton.^ Lee Rejnlck th 


6*00 U 8J5 T ® UCM * A3 ' PT °S'- ^- 1 " a ' J ' 3! 
?t *I*ii Berea. John Hurt THE SHOU 
<AA) Pr°ai. 2-30 4.3S. 6-40. a. 45. 
fs id f* L d *Yl.,THE GODFATHER par 
y ot). Progs. 3.00. 630. Feature 3.2E 


CWOON. Curare, Street. W7. 499 3737 
fKI t l r - A,r .3 :ond,t,c,nad Comfort). OERSi 
U 7X L A ill) Ip. -70 aim (English iub 


Times." "VERY 
SuWdtiB. ' HAUNT 
At 1 ?. TUR E , Sttadiv Cxpren 


d^Sl c S. :l5SSS.oT5d iss 


LELCE3TER SQUARB THEATRE. 930 525: 

HOMB.IXI. Sep. nrogs. Toda 


COMING 

* T^w;. 1.30. 4.45. 8.10. seats mav b> 
bookre In advance for 6.10 prog. Lai 
two Days. 


OOEON HAY MARKET- (930 2738-2771) 
Jane Fonda. Vanena Redorave 
in a Fred* Ztnnemann film 
_ - JULIA (A) 

S4P- progs. Mv, Z3D. 5.45. 8.45 
Feature Dly. ,2.45. 6.00. 9.00. 

. All seats bktrto at theatre. 


OOEON LEICESTER SQUARE (930 6111) 
CLOSE ENCOUNTERS OF THE 
THIRD KINO (At 

?5e "I 0 ?*' D,v - §*£*1 ouen 1 .05. 4.1 5 
7i 4 ?fc Late show Frf. 4 Sar. Doors oner 
11.15 Am. All seats bookable. 


<72S son.: 

CLOSE ENCOUNTERS OF THE THIRD x 

D *°® s .; M on.*Frl. Door* open 2.15. 
7.3Q. All teats bookable In advance. 


1 war that never ends 


PRINCE CHARLES. LeiC. So. 437 8181. 
. Mil Brook* 

, _ _ HIGH ANXIETY 1AJ 
5% O 1 *' line. -Sun.l 2.45. B.15. 

9.00. Late, show Frl. and Sat. 11.45. 
Snwl»«lil«< I li-ewiert War 


GLOBE THEATRE. 01-437 1592. 

EvjTL 8.1S. Wed.. 3.0. Sat. 6.0. 8.40. 


PAUL ^EDDINGTON. JULIA' MCKENZIE'. 

WHITROW In 


BENJAMIN 

•N AYCKBOURN'S New Comedy 


ChamplOMhiM Inrfudlag 245, 345 Sports 440 am Hews Briefing, tin Yannhm To- ^ BW0ri*-_y» Geor» e Cate's 3 o'clock 
J v JS“S? ers Wa,fc ,as VHF '- da F- *-» Today, lacuSwraoMd MO C 5? L 840 


ALAN 

TEN TIMES TABLE 
Thla must be the happiest lauahtar- 
maker In London." D. Tef. "An Irrnslv- 
tlbly enlombla evening.'’ sumMv Time*. 


JS,J, S ^?.2 b . Sv S^! 15 £?„_*** 14* Vesierday u, Parliament. 1.00 


'Third Beat _iSJ. JJJB Gilbert and SnlUvan News. 945 Tuesday C an in fuTNews. 1043 r n »M«l' 

2 £f mSw.” Capital Radio 


GREENYriCM THEATRE, 

" Sat. 


(Si. 9-S5 Sports Desk. 1042 Three In a viral 1845 Morn mi rJniunmtwHZY 

Row. UL30 The Slejxoe Saga. 1142 Bilan 12JB TWr^iilaSto SW ^ ( .,Sf 0 N SS — «... *«.«»■ an 

2200 News. 2.0CWJ2 News Snm- Yoon. 1338 Desert Island Dto. 17.55 Cash fS). 34i pm Eager Scott ts». 74f 

, n E“S? Be I*" 1 ' UIO Th WwW London Today ■ (SI. TJO Adrian Lore's 

RADIO 3 464m, stereo* VHF £-9"* US Kbwn'i Orwn Una (S). 940 Nicky Horae's Yonr 

Jlathpr 7 no TIN WMT’miSS^ora*^ Ncw ®- 2-® **l"« a « her Ll*» U fS). UJi Tony 

Ormin^Si MOi . New *- 3 - w Q oosbrns Mystt's Late show (S). 2J» pan. Mike 
UYertnio isi. *« News. 8.05 Mormmj 10 the Prim© Minister "live’' Dum the SnUttfj; wight flight (S), 


.vefunrc 7 Ml " Mat.^aL 2 "5uin?« 
auphnn^ matfarmece" Times KINDLE 
AKES "A real Itno.** GmrOlun. 


194m and IU VHF I H ^ YM| ft*** 1 -- 950 msz. box qmce now 
too *m peter Young's Breakfast Show* - rss ’ — 0om% 

1 IM Dwe 


Tbur. 7.00. sun. aygi B'OO. Mats. Wco. 
2.ZO. Sau. 4 ZO and B OO, 

PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

BRON PEACOCK 

and IRENE HANDL la 
A FAMILY 

new Pia r by RONALD HARWOOD 
Directed by CASPER WREDE. ! 





Wc British arc a peaccfal people. When a war is 
#35 owweldoB to consign it to thehistory books -and 
' *■ . forget jt. 

J for some the wars live on. The disabled from 

both Worid Wars audfiromiessercanjpfligns, now all 
V-; y too easily forgotten; the widows, the orphans and tins 
’ 1 ■: chfldnrQ— for them their war lives on, every day and 
••.I all day. 

• In many cases, of course, there is help fixnn a 

pensioa. But there is a limit to what any Government 
! Department can do. 

I This is where Army Benevolence steps in. With 
onderstandingi WttfrftBeBseof mgency . . . and with 
practical, financial help. 

To us it is a privilege to help these bravo mcn-and 
women, too. Please wfilyou help us to do more? Wo 
must hot let our soldiers down. 


S, 


The Army Benevolent Fund 

Jor soldiers, ex-soldiers and faeurfamib‘(s m distress 
Dept. FT, Duke Of YorkfsHQ, ^London SW3 4SP - 






1 J )> . » . / n 






FinarraM' ITtaes^ 2^7^ 


Strauss in Zurich 


I Washington D.C. 


by RONALD CRICHTON 


Aspects of Twentieth Century Art 


SHiR'l 


What was possibly the last 
wrformatiee of his Elektra 
attended by Strauss took place in 
A* Zurich Opera House in 1948. 
» year before his death. The 
mnductor was Knappertsbusch. 
The two men. at that stage, were 
• ' , tot on cordial terras. Knapperts- 
- -Jusch, who knew Strauss was in 
, he town, warned the manage- 
ment that if the “old man” 
tppeared in the theatre he would 
promptly lay down the baton. So 
-.Strauss crept into a box at the 
aack of the stalls after the 
, airtain had risen and crept out 
|l\ h *S*in just before it fell. 

‘ H Ever since 1907, when the still 
luilundish Salome was produced 
n this stolidly rather than pro- 
- jrcssivcly musical city only two 

• .-ears after the Dresden premiere. 
Zurich has maintained a good 
record for Strauss. The com- 
poser. who like other dis- 
Anguished musicians (though for 
less pressing reasons) found the 

. city a tranquil refuge from Nazi 
Germany, often conducted there. 
Most of his operas reached Zurich 
soon after their German or 
. Austrian premieres. After the 
war Switzerland produced a 
notable Strauss interpreter of 
. her own in Lisa della Casa, a 
much-admired Arabella and 
Countess Madeleine. 

For this year's Festival, there 
a new Arabella, with Anna 
jTooiowa-Sintow, the Elsa of the 
^^recent Co vent Garden Lohengrin, 
“"yin the title-role. She has sung 
•j^it elsewhere, and is already well 
.,v3n command of the music, floating 
'-xout tone not large but lustrous. 
Es poised and even, matching a 
creamy top to a wider range of 
: colours lower down, mistress too 

• of verbal inflection, able to 
avoid the blandness which can 

, make this never entirely sym- 
pathetic character seem too good 
to be true. Miss Tomowa-Sintow 
has a noble profile and she wears 
her dresses regally. She is mov- 
. ing surely and not slowly Into 

• the front rank of today's lyric 
sopranos. 

Nothing else in the evening 
‘ reaches this level. The produc- 
tion of Imo Moszkowicz and 
. designs of Max RBthlisberger. 

. both flirting indecisively with the 
> world of operetta, are without 
distinction. The handling of the 
secondary roles is uncertain, with 
a stiff and staring Count Waldner 
from the normally resourceful 
Zalt&n Kelemen and an Adelaide 
‘ wildly over-played by Charlotte 
Bcrthold. The Mandryka of 
■ Roland Herrmann Is so far a dis- 
appointment— the right physique 
and a strong and fruity baritone 
voice but the wrong approach, 

' with a kind of lumbering 
petulance in the place of 
mercurial charm and feudal 
races. 

As Zdenka the Austrian 
soprano Gabriele Fuchs “gave" 

. to the point of overstrenuous- 

Covent Garden 


ness. Miss Fuchs has tempera- 
ment and talent, but though she 
responded to the Arabella’s lead 
in the duet for the two sisters the 
tone elsewhere sometimes 
roughly spun. Arabella's suitors 
were taken by young singers 
from the International Opera 
Studio attached to the theatre. 
They included, as LamoraJ, a 
promising baritone called Jona- 
than Prescott In spite of the 


celebrated and now popping up 
all over festival Europe— they 
are coming to Edinburgh later 
in the summer. Uitsse was first 
given in Zilrich last winter and 
is therefore well played in. There 
is something after all to- be said 
for the cusnim of basing festivals 
round existing repertory produc- 
tions with (occasionally) grander 
casts. 

For the third time Ponnelle 



Anna Tomowa-Sintow 


presence as conductor of the 
greatly experienced Ferdinand 
Leitner. by the second perfor- 
mance the Zilrich orchestra had 
not fully settled down. The 
genuine Straussian .glow only 
came fitfully. 

On the whole, this Arabella 
suggested that it Is unwise to 
undertake a new production of 
a large-scale opera for a festival 
which comes in June at the end 
of a long repertory season. A 
better idea of the Zilrich com- 
pany's considerable abilities was 
given by II ritomo (TUlisse, 
third of the so-called “Monte- 
verdi cycle” staged by Jean- 
Pierre Ponnelle and conducted 
by Nikolaus Harnoncourt— a 
trio of productions already 


uses bis basic Monteverdi set if 
“ basic ” is 'the word for this 
elaborate architectural fantasy 
with statues, stairs, balustrades, 
and a tall central arch allowing 
vistas — in the case of Uli&se 
usually waves rolling at angry 
Neptune's behest Even with a 
predominance of black and- white 
Ponnelle contrives an effect of 
visual over-richness. Too much 
of everything (and the dramatic 
points are not lightly made 
either), yet the flow of the action 
is powerfully maintained and 
much of the detail both enter- 
taining and illuminating. 

Harnoncourt uses a large band 
with 11 baroque violins, double 
continue and so on — enough in 
this medium-sized opera house 


to sound like “a thousand 
twangling instruments.” As be- 
fore, the musicians wear black 
velvet uniform; stage and raised 
orchestra pit mingle. Sackbuts 
on the stairs for Neptune are 
all very well, but some effects, 
for example when the lamenting 
glutton Irus (Arley Reece) 
totters into the orchestra, weeps 
on the conductor's shoulder and 
is handed a dagger with which 
to end his days, are embarrass- 
ingly coy. The first utterances 
of Jove (Jozsef Dene) were made 
from the gallery and the singer 
—no wonder — lost pitch, a pity 
io an evening otherwise remark- 
ably free from the intonation 
problems that usually follow io 
the wake of authenticity. 

The Penelope of Orrun Wenkel 
is so worn out with waiting and 
lovelessness that she has gone 
dry, nervy, spinsterish — halfway 
to Miss Havisham. Miss Wenkel, 
whom we know from English 
Bach Festivals as a fine oratorio 
singer, skilfully marks the stages 
of Penelope's slow recognition of 
TJlysses, showing more relief than 
joy, leaving one questioning 
whether the marriage can really 
work again. Werner Hollweg's 
commanding Ulysses, clearly not 
mnch the worse physically for bis 
long Journey, too oFten falls into 
a nasal quality at Odds with his 
burly appearance. 

One of the strengths of this 
production (and of the “cycle” 
as a whole) lies in the number 
of good singers in the smaller 
parts. The episode of the suitors' 
attempts to string Ulysses’s bow 
was excellently done by Simon 
Estes, Peter Straka. Paul Ess- 
wood and Peter Keller. Janet 
Perry and Francisco Araiza as 
the young couple Mela nctfto and 
Telemachus were both delightful. 1 
Maria Minetto was a vigorous old 
nurse, the interfering immortals 
Included Hans Franzen as a| 
comic Neptune, Renate Lenharti 
as Juno and. as Minerva, a 
talented young soprano, Helruo 
Gardow. 

The festival is not. of course, 
all opera by the local company. 
The first event this year was a, 
concert by the BBC Symphony; 
Orchestra under Boulez. The 
Monterverdi “cycle’ - was pre- 
ceded by a Britten one 
(Lucretia. the Screw, and the 
Dream) given as a multiple Gast- 
spiel by' Scottish Opera. There 
is drama in the rebuilt Scbau- 
spielhous and elsewhere. Art 
exhibitions include Liotard (on 
loan from Geneva). Lalique 
(glass and jewellery), Christo and 
Warhol. And for the British visi- 
tor. franc-less though he will 
probably be. there remains the 
sensation, amazing in these days, 
of the Swiss tourist industry’s 
efficiency, desire to please and 
pride In making things work 
weUL 


by WILLIAM PACKER 


Hippolyte et Aricic 


RONALD CRICHTON 


Sunday's single performance 
nT Rameau's “trag£die-lyrique" 
Hippobite et Aricie . the first 
Macing of the work in London, 
was ah epilogue, and a remark- 
able one. to this year's English 
Bach Festival. Meanwhile the 
production has been seen in 
other places, such as the Royal 
Theatre at Versailles (as re- 
ported here by Nicholas Kenyon) 
and. without costume, in the 
Sheldonian at Oxford. Before 
anything else, Lina Lalandi and 
her colleagues deserve several 
fanfares on baroque trumpets (In 
lunc if humanly passible) for 
their courage in. conceiving and 
carrying through such an enter- 
prise. 

In style the production was 
an extension nf last years 
FriiiueJUtt! de Navarre divertisse- 
ment. applied this time to a full- 
length. major work. The pro- 
ducers were Dene Barnett (a 
specialist in Baroque acting and 
gesture) and Michael Holmes. 
Belinda Quirey and Michael 
Holmes were responsible for the 
choreography, in the Baroque 
■■ danse noble" style. Jean- 
riainle MaJqorie brought some 
4.r his Grande Ecurie players 
from France to join the EBF 
Baroque Orchestra and Chorus. 
Authentic instruments, tuned a 
semitone lower than modern 
pitch, were used. 

One improvement this year 
was the raising of the orchestra 
pit so that the handful of instru- 
ments. though they still did not 
make enough sound for Covent 
Garden, could at least be clearly 
heard. Another was the improved 
lighting, less unflattering than 
before to costumes painstakingly 
(and in many cases sumptu- 
ously) recreated from the 
designs of Borquet at the Bibllo- 
ih&quc Nalfonale in Paris— tbeir 
materials and colours were 
intended for a very different 
kind of illumination. One set 
(from B/illo in mnschera) was 
used throughout. It did not look 
bad. but it could only serve as 


a static token for the mobile 
elaboration of the . Baroque 
sceneri and machines of 
Rameau's day. 

The chorus moved little: move- 
ment was left for -the most part 
to the principals and to the 
dancers. The gestures, gener- 
ally familiar to anyone who has 
browsed in books ou stage 
design or looked at old prints 
and paintings look occasionally 
affected and (at moments of high 
drama, for instance when 
Theseus surprises Hippolytua 
with Phaedra) comic, but by 
the end of the evening one was 
beginning to accept them. Per- 
haps Mr. Barnett’s main and not 
unimportant achievement was to 
make a company oF opera 
singers move and hold them- 
selves better than usual. 

A group of 12 dancers under- 
took the divertissements which 
are an integral part of this kind 
of spectacle. The movements 
were pretty, flowering, mildly 
expressive: Rameau's dancers 
surely had stronger personalities 
— and were nearer the spectators. 
Daintiness more than once crept 
in, and sometimes, for example 
in the G minor “Air " in act one, 
the choreography was pallid com- 
pared with the suggestive music. 
The .pleasure of seeing the 
plumes, toi melet skirts and 
fantastic gear of the period in 
motion is not to be despised 
even if the result is less than 
overwhelmingly convincing. Miss 
Quirey's prickly note in the 
programme-hook will no doubt 
draw replies from those qualified 
to make Them. 

Some tight was thrown on some 
of the problems of staging 
Baroque opera. Whether the 
evening did so much for the 
cause of Rameau in general and 
Hipvolyte in particular Is another 
matter. Hippolyte is a great 
work by a great composer; full 
of . varied music — enchanting, 
colourful and brawny (the word 
is girdlestone's) music. Even the 
stretches of French declamation 


which newcomers to Rameau find 
rebarbaiive come to life !f you 
take trouble to follow the text 
(had there been librettos avail- 
able it would have been possible 
to read them, '-since the house 
tights were only, dimmed, and 
quite right too). In particular, 
the recitatives of Theseus, 
striding up and down the bari- 
tone register, are very striking. 
There is the solo music (for 
Phaedra and Theseus especially), 
big choruses like tbe festal “Que 
ce rivage rentisse ” In act 3 and 
a treasure-trove of the dances in 
which Rameau’s invention, as 
ever, overflowed. 

The ringing, all difficulties 
considered, was worthy of the 
occasion. Rameau's operas and 
opera-ballets abound in small 
parts not always directly con- 
cerned with the plot but 
furnished with rewarding (and 
taxing) airs or ariettes ; bn 
Sunday there were one or- two 
failures and one mystery— why 
engage the excellent Eiddwen 
Harrby and only give her one 
role, the High Priestess, to sing? 
— but there were also successes, 
including Anne-Marie Rodde and 
Anthea van den Driesen. Tn the 
title-roles Ian Caley and Marilyn 
Hill Smith succeeded through 
good musicianship in animating 
characters fated as a rule to pale 
beside the more interesting 
Phaedra and Theseus. 

Carolyn Watkinson. clad in 
blood-red, made Phaedra seem a 
not-so-di riant forerunner to 
Mozart's Electra. Miss Watkinson 
was especially strong in 
.Phaedra's last recitative, with 
which she greets the news of the 
supposed death of Hippolytus. 
Phaedra is well served by 
Rameau, but Theseus has the 
finest music of all, so musically 
and stylishly sung by Ian Caddy 


that one barely noticed that bis 
tone is not ideally full for such 
a large auditorium— It was a pity, 
when one or two purely decora- 
tive airs could have gone and too 
many dances did (a later version 1 
of the act-three divertissement 
was used, to no great advantage) 
to lose Theseus' last scene. 
Beatrice Cramoix made imme- 
diate sense of the movements, 
of the odious Oenone. Johrii 
Tomlinson's burly bass was wel- 
come in a score dominated by 
high voices, but he tends to ; 
boom. 

Jean-Claude Malgoire hurls ] 
himself at the music like a 
Baroque Bernstein. But no 
amount of physical energy at 
the conductor’s desk will make 
six Baroque violins sound like 
more, even with the Covent 
Garden pit raised. For the 
Monteverdi productions at 
Zurich Harnoncourt had 11 
violins in a smaller theatre, and 
their tone was sweeter — by 
comparison Sunday’s players 
sounded like shrill soubrettes 
beard after an Elisabeth 
Schumann. 

Tbe Bach-like accompaniments 
in tbe central acts of Hippolyte, 
to say nothing of the more lightly 
scored ones, came over so 
meagrely that one fears listeners 
who have uot heard this opera 
done with modern Instruments 
may have gathered only a hazy 
notion of the real strength of the 
music. Mr Malgoire had some 
difficulty in keeping stage and 
pit together: the fact that for 
some of the time tbe male cboms 
were in the pit. a long way from 
the ladies on the stage, may nnt 
have belped. And yet— doubts, 
inconsistencies, inequalities and 
all — the enterprise was well 
worth the doing, and no-one else 
in London would have done it 


The inauguration of Mr. 
Pei’s splendid extension to the 
National Gallery of Art in 
Washington was certainly more 
than excuse enough for celebra- 
tion: and celebrations there were 
in the days leading up to Presi- 
dent Carter’s symbolic first foot- 
ing— for Americans are as keen 
on a party as the rest of us. 
The fact that in that time The 
interests of society reporters 
were put before those of us who 
had come some way to look long 
and hard at the Art. served only 
to point a fundamental truth or 
twn about human nature. 

But it was by the Art on the 
walls, that the real celebration 
was made, the obvious, indeed 
the only way to put the building 
through its paces: and if on 
reflection some of the shows 
seemed lust a little thin, not 
quite living up to the expecta- 
tions raised in advance, and 
reinforced hy a series of 
generous and hefty catalogues, 
there were nevertheless enoueh 
beautiful and important things 
brought out or borrowed for the 
occasion, and shown off sinely 
or with tbeir immediate neigh- 
bours to the very best advantage, 
to make anv visit a most memor- 
able experience. 

When a show is put on, how- 
ever. the ♦erms that govern the 
particular exercise must he taken 
into account. There ’s always a 
distinction to he made between 
the spirit that informs a large, 
mutable, heterogeneous collec- 
tion. however well it may be 
displayed, and that of a closely 
organised and chosen exhibition, 
no matter that the one may be 
taken from the other. To 
announce as a special treat 
something to be called “Aspects 
of Twentieth Century Art." there 
fore, as indeed the National 
Gallery in Washington has done 
in this case, and supply merely 
the generalised run through the 
work that is the commonplace 
of the Tate or the Museum of 
Modern Art or of any half- 
decent museum that concerns 
itself with the matter, is to invite 
a certain degree of disappoint- 
ment. 

The parts do not cohere: but 
having said that. 1 must also say 
that many of those parts are 
remarkable enougb to arroeate 
to themselves all our attention. 
Irrespective of any imagined 
didactic- thread. Tbe compensa- 
tions are numerous and notable: 
good groups of sculptures by 
Brancusi and Giacometti, a large 
late carving by Henry Moore 
isnlendidly isolated; a major 
Beckmann triptych. The Argo- 
nauts; an early Miro Spanish 
landscape: eood Mondrians: and, 
i at one end of the display a 
spectacular room full of fauves, 
Marquet. Derain and Braque 
especially, and a lovely Collioure 
window by Matisse. 

As satellites to “Aspects." 
physically separate, are two 
further displays, one given to the 
huge deforative papiers colics 
that Matisse made in bis last 
years, along with his Jazz screen- 
prints of the early forties; the 
other to “Picasso and Cubism.” 
vet again a title that proves 
more able to promise than 
deliver. The earliest Picasso in 
the group is from 1901, the latest 
from 1923, and between them 
we cover at high speed the 


several phases in Picasso's early 
maturity, from his early symbo- 
lism , the blue period and the 
rose, through cubism itself and 
into synthetic cubism, the col- 
lages, and SO to the simplified, 
statuesque figures of the 
twenties. 

But the crucial period after 
1905, the time of the 
Desmoiselles, the portrait of 


each to a small one-man exposi- 
tion on a single theme. 

The trouble with a scheme 
of this kind is that tbe few 
must stand for the many, 
the absentees uncomfortably 
present in spirit: where is 
Oscar, where is Bosie — or 
rather— where is Stuart Davis, 
where Hans Hoffman, Clyfford 


of tbe cul de sac by turning 
round and painting bis way back, 
a great painter unable to accept 
that really he was painting land- 
scape. 

It has been a great weakness 
in American criticism since the 
War, infecting the attitudes of 
American artists to their own 
work and their place in the 
World, to overstate the singu- 



Picasto’s ' Family of Saltimbanques ' (1905) 


Gertrude Stein, the overt con- 
cern with primitive art. Is side- 
stepped altogether, making a 
nonsense of any claim to seri- 
ousness in this study of the 
subject. Instead we are whisked 
forward to 1910. to high Analy- 
tical Cubism: -we are shown a 
few of the works of contem- 
poraries affected by cubism, one 
or two apiece, and a tittle of 
the aftermath — and that is all. 

Tbe Picassos admittedly are 
very fine, the early ones, tbe 
Family of Saltimbanques in par- 
ticular. a great joy to see: and 
the high cubist still-life by 
Braque, too. is splendid, the very 
best analytical work here. Alto- 
gether they make a very pretty 
little show that gives us nothing 
new but tbe chance to see these 
great paintings again. 

The other show to deal with 
tbe Art of our own century is 
devoted, quite reasonably in 
the circumstances, to American 
work, the second in a con- 
tinuing series under the general 
beading. “ American Art at 
Mid-Century.” "The Subjects of 
the Artist” is the specific title, 
taking up a phrase of Barnett 
Newman’s indicating that 
abstract painting, too, has its 
subject-matter; and it provides 
the chance to show seven of the 
luminaries of tbe New York 
School, one a sculptor, treating 


Still, William Baziotes? More 
unfortunately, those actually 
chosen do not bear up equally 
under the strain, either over- 
stretched in such company, or 
represented by flawed, weak or 
inappropriate work. There can 
be no quarrel over the Jackson 
Pollocks, a handful of large 
dripped and poured paintings 
made in 1950, impressively 
powerful, subtle and beautiful 
things, nor over de Kooning's 
Women of the early fifties: and 
David Smith's Voltri sculptures, 
made in a few weeks for the 
Spoleto Festival of 1963, are the 
happiest display of all. set out 
again as they were in a small 
amphitheatre, a formal yet inti- 
mate situation. And Gorky's Plow 
And Song sequence of the mid- 
forties. surrealist, symbolic, 
lyrical abstraction, is as strong 
as it is untypically American. 

' But the doubts creep in. 
Motherwell's long-running Elegy 
to tbe Spanish Republic seems 
increasingly melodramatic, full 
of empty, opportunistic rhetoric: 
Newman, the radical, idealist 
theoretician, postures bis way 
through the Stations of tbe Cross, 
destroying a field with a florid 
signature: and. saddest of all. we 
see Mark Rothko in his last 
period, just before his suicide in 
1970. unable to get himself out 


larity, and the suddenness of the 
American contribution. Mr. 
Carmean, writing of de Kooning 
in his catalogue essay, says: 
“Woman 1 is an almost legendary 
work because of the time it took 
to paint the picture — over two 
years." If your breath is that 
bated, you are likely to say any- 
thing: but the point is serious. 
The further we move away, tbe 
truer the perspective; and today 
we can see bow close these 
artists are to the central 
Western tradition. They were 
not the only American artists; 
they were not truly isolated; they 
were not the revolutionaries they 
thought they were: and they 
were sometimes trapped, even 
destroyed, by unreasonable 
reputation: which is to deny 
neither tbeir influence nor their 
importance. 

Three other exhibitions con- 
tinue through the summer, quite 
apart from the Dresden Show 
that I reviewed some days ago: 
a Piranesi show, somewhat 
smaller in scope than the one 
recently at the Hayward, dealing 
with The early architectural 
fantasies: Small French Paintings 
from the Aisa Mellon Bruce 
Bequest: and Master Drawings 
from the Collection itself, and 
from promised Gifts. All deserve 
mnre space than I can give them 
today. 












St. John’s, Smith Square 






Opena 

Charity ChequeAccount 
here. 


Lucrezia Borgia 




. . , > £ 
U'i -• 


It makes giving to any charitysurprisingly 
simple but far more efficient. Fill in the 
coupon now for details. 


. : •(!’’ 


ahe^ rh^’ Chart** 

■ Foundation and their Charity Credits Cheque Account. ■ 

I Name . - “ ' ~|| 

Address— 

i — — B 

■Company Tide (if any) — — TT 71 ... “ 

Z Send this coupon to: Room ™ I 


Lucrezia Borgia. in common 
with a number of other tragic 
operas by Donizetti, remains on 
the fringe of the repertory today 
because the title role provides 
marvellous opportunities for a 
star soprano. Prim a donnas from 
Grisi and Tietjens to Sutherland 
and Caballd have found Lucrezia 
both dramatically rewarding and 
vocally a most effective part to 
sing. Helen Lawrence, the 
Lucrezia in Sunday night’s con- 
cert performance given by Abbey 
Opera at Sl John's, Smith 
Square, certainly discovered a 
wide range of emotions in the 
music, even though she was 
denied the extra dimension of a 
staged performance. 

The character drawn by Doni- 
zetti and his librettist, Felice 
Romani, following tn the foot- 
steps of Victor Hugo, is by no 
means wholly unsympathetic. 
Lucrezla’s affection for her son 
Gennaro— who remains unaware 
of the relationship until a few 
seconds before his death — Is 
wholly disinterested and benevo- 
lent Her entrance aria, “Corn’d 
hello," reflects this side of her 


personality, just as the duet with 
Alfonso d*Este, in which she 
reminds him that he is her 
fourth husband, reveals a more 
sinister aspect of her complex 
character. In the superb aria 
finale “Era desso U figlio mio." 
the two apparently opposing 
strands unite to form a convinc- 
ing. three-dimensional portrait. 

Helen Lawrence . phrased 
“ Com’fe hello ” with much ten- 
derness and expressed the threat 
to Alfonso as venomously as 
could be desired. In the ensuing 
trio her fear For Gennaro's safety 
was equally powerfully conveyed. 
Tbe final scene found her in 
agile voice, an edge to the tone 
quite appropriate and in charac- 
ter. Graham Clark, who sang 
Gennaro, did not allow 
sufficiently for the very resonant 
acoustic of SL John's and was 
apt to press unnecessarily bard 
on his keenly focussed voice. But 
m the aria “Anchlo provai" 
(added by Donizetti for the 
tenor Mario) be strode exactly 
tbe right lyrical tone, while his 
death scene was movingly com- 
municated. ELIZABETH FORBES 


Within a decade, the states fringing 
the eastern coast of the Arabian 
Peninsula have become a new world. 
Rich in themselves, rich in opportunity. 
Fast developing into international 
trading and financial centres. Breeding 
new industries. 

Gulf Air is a part of that new worid. 
An international airline flying the most 
modem equipment including 
Lockheed TriStars and the advanced 
Boeing 737-200. A regional airline 
serving more destinations throughout 
the Gulf than any other airline. An 
airline unique in its offer of Golden 
Falcon Service. 

The Gulf is a new world. When you 
fly Gulf Air, you‘re a part of it yourself. 



gulf air 

Port of a new world. 



WuOifti fmaaq AmfenJaa Bahrain Beiut Bombay Cairo Utahan Doha Dubs Karachi Kuwait Lameca Union Muscat Parts RaaAlWiataab Stf&teh Stajjab 


i 





IS 


FINANCIALTEVLES 

BRACKEN HOUSE. CANNON STREET. LONDON ECtP' ffiT 
Telegrams: Fixuntimo, London PS4. Telex: 886341/2. -883807 
Telephone: 61-348 8060 


Tuesday July 4 1978 


The case for 
co-ordination 

THE RUMOURS and counter- movements In exchange rates 
rumours which have been and interest fates; a more 
circulating in the last few days stable relation with our prin- 
abcmt a possible German growth cipal markets, and a structure 
conurJtment, the terms on which of interest rates related to the 
an enlarged EEC currency less volatile rates ruling in 
snake might be workable, and Europe, could offer consider- 
whether the French might able domestic advantages, 
rejoin, leave an unmistakable opposed sacrifice in 

impression that while bargain- sovereignty in a doser co- 
ipg positions are sedulously otdinatioa monetary ’ and 

being kept open, the talk of poBdeS is an illusion on 
moves toward European xveril rust, ^ 

monetary union is serious. Government hardly hope 

German interest has been openly conv ince its most ardent sup- 
declared since the Chequers norters it has ^ 

meeting: the British response, sovereign controf o^eveots 
while almost entirely muted, has under present arrangements. 
be ^ D Tbe c ° mn ^? sl0 “ Secondly, policy co-ordination 

“ has nw-5 been getting 

““I? wtSS steadily closer for some years, 
naturally have the Keenest uinou,. 


interest in a wider arrangement 

Least serious 


Finally, the argument cuts both 
ways; if Nr. Callaghan and Mr. 
Healey could come back from 
. „ * onAaTyM m v„*i, Bremen with a meaningful 
There isa tendency on both Q ermaTl growth commitment of 
political extremes to brush such IT. 

talk aside as fatuous. The “ nd ^ £S 

firmest believers in market jS??®’,. 
forces, including some influen- 
tial voices in the City, regard 50 i^v* 8 * 

any arrangement to stabilise °*uy the principle bad to 
exchange rates as unworkable be agreed, indeed, the most con- 
as long as inflation rates differ tentious issue at Bremen might 
widely. The hardened anti- be whether any snake should 
Europeans of the Left suspect a purely European arrange^ 
that some unacceptable sacrifice men t, limiting parity move- 
o£ sovereignty is /being pre- men ts against some common 
pared. These are the least .European standard — probably 
serious of the difficulties in the the Uni * 4 c ^ ount °r 
pate of agreement. whether it should be part of 

One reason for British s 0 ®?.. wider plan for 
interest in the scheme is the stabilisation. The practical 

realisation that in an open “f! s ' a . . e state °* 

economy — and nowhere so open official U.S. opinion, arnue for 
as on its European frontier — a Purely European approach, 
parity changes have only the n n/i U rv 
most restricted and transient K&3100Q* policy 
effect on trade, but may have The real difficulties are likely 
a large and permanent effect -to be on specifically European 
on the price level. Smaller issues. Britain has always 
economies, such as Ireland and argued for a regional policy 
Holland, have long realised that which would pay regard to 
their fortunes are irrevocably ot her declining industries 
tied to those of the British and besides agriculture, and it has 
German economies respectively, been very difficult to . achieve 
and that they must learn to aB y meaningful progress. Some 


bankers!" The~question that has ABF’s baking assets rose by £12Am from its shareholders P***» 
to be answered is how far these ®wn® 90. per peat, RHJTs rose “to take advantage of oppor- ttom 
grave social finanriai by only 3 per cent and SpiUers* tnuities for developing the NOi 

burdens are the - result of fe ^ by 10 per. cent groups bu si ne s s both at home tion 

inevitable circumstances, and This bad a dramatic and overseas.” The money ** P«*ng 

how much of the blame lies with impact effidency ***** *** 8“* b ^' J 

management. of the businesses. In 1976. over heW ** a ^ wdaII y tonaed snb- 

SpUlers itself has no doubts four-fifths of ABF’s .bakeries ® 1113X7 Gaernsey. 

about the answer. Bread con- had a rated capacity of 19 or api 

sumption has fallen by nearly more sacks of flo ur an hour. . 1976 

2 per cent a year since the For HHM the figure was just APRIL: Working party com- 
1950s, a period of almost con- under a half, and for Spillers P lete * (nnpnbDshed) report ^nouM 
tinuous Government interven- it was under twoflfths. Concludes that price controls «ov*' 

kion in bread prices. Spillers n _ „ ■ a n ^, h ■ ' , damaging even the most efficient 

was number three in an industry companies, and that rationalise- tan 

which has virtually no brand 2- P f!l n 2!5 ^T 8 ?? ^ tion is necessary. Hesitant about floats 

loyalty and has been increas- 1? SpJJers ' taking firm action pending the 1 

ingly squeezed by the buying Monopolies Commission report. R™- 

power of a few large super- *° a of roughly 50m 28 oz . 

market groups. Unlike Its two t b*we iP* ail added up. 1377 

big rivals. Associated British ??_«.■*«*» otjast jaNPA R Y: Rm noval of statu- JANU 

toiy Ttuiriimnn fliwnn Btn on Mr. 


live with the monetary conse- 
quences, though these can be 
unpleasant. 

The idea that Britain is now 
becoming a small economy in 
the European context is. how 


reform of the CAP. coupled with 
a rationalisation of the present 
“ grefen currency ” arrange- 
ments. must ’ be ‘part of any 
sensible plan for closer union. 


ever, only part of the case for Tbe . techn )cal details of floating 
a more orderly arrangement within wider bands adjusting 
We are also financially ex . where it » essential for relative 
posed; and the experience of inflation, and for mutual sup- 
recent years suggests that ex- Port, are all contentious, and are 
change rate movements in the unlikely to be settled at 
floating market tend to be ex- Bremen des P lte heav y P re - 
cessive and destabilising in the paratory work of tlie summer, 
short run. even if irr the long The nart^it may be realistic to 
run internal, and external expect > . ls .a fairly detailed 
prices tend to a competitive declaration of intent on both 
balance. Industry’s financial growth r^ct-- co-ordination; but 
and market planning is dis- this limited progress would be 
rupted by large and frequent a great deal better than nothing. 

Saving British 
fish stocks > 

l.rv ’ 

UNILATERAL ACTION by the issue caf^be solved in Brussels 
UK to conserve tisii stocks or Luxembourg before a British 
had been widely expected fol- general election. If, however, 
lowing the latest failure to the UK’s Community partners 
reach agreement on a new EEC think that they have only to 
fisheries policy in Luxembourg wait until after the elections for 
two weeks ago. Now that the significant concessions from a 
measures have been formally new British Government 
announced, they are u nlike ly to whether Conservative or Labour, 
be particularly controversial in they are likely to be mistaken. 
British political terms. The Britain’s aggressive handling 
Conservatives are increasingly of the fisheries, issue has left 
throwing their weight behind much to be desired, as has its 
the pugnacious stand on handling of many other EEC 
fisheries that Mr. John Silkin, problems. The other countries, 
the Minister of Agriculture, however, have contributed to 
has been taking in dealings with the present impasse by con- 
the other EEC Governments, sistently under-estimating the 
Even the European Commission strength of British feeling on 
is unlikely to challenge most of fishing and its potential 
yesterday’s measures, which the explosiveness as a political 
Government has a good case for issue. 

introducing under already Tlhe UK is entailed to take 
agreed Community procedures, reasonable measures to conserve 

fish stocks in its national waters 
Necessary in the absence of an overall 

EEC fisheries agreement. Fish 
has ttwBtionaUy been one of 

the country’s few major natural 
n on-discriminatory untaK 



Financial Times Tuesday July 4 197S 


BY RICHARD LAMBERT, 


OCUMENTS published by business wjjfctfe-fee result that in. 


cial Editwy. 


D - Spillers today disclose the past Iff - 
me cost of its. withdrawal £8Qau oti the: 


from the bread baking business, with a 
announced in April. Nearly for the cu 
8,000 'full- 1 and part-time 



ft has s pent 
side alone, 
committed 

year. SPRING: -Big three* bakers go meets 

v ^ By contrast, SpiHere spent to the Bank ef England to, dis- Mr.^ri 

Siw KEt under £5m hi mSernising, cuss structural weaknesses of pottlb 

“XS ratio oalirtag and iMquippiag the Ind^y. WerH^^rtjr stt gnto 

for the. time bi^at any iSe! lts baXenes *uda* the four up unde r afinis^ ” r 

the group is being managed in 764X3 to J«mo^ 1976. In the Agrtajne. 

close consultation with its eaTiy 1970s - *e book value of AUTUMN: SpOlers 


COUNTDOWI 

1975- ACG1 



Federation 'that 
Is a consensus amongst 


TO 

Baker^ Fedi 
of Agri 

to .dbcnaB_ . 

an indnstiy ^ should be pnrmied fnrtto. p» ^ious brenrtes'of cSvemne 
bakexp* problems, r haps yon would let me know. ta touc j, events and eai 
: : National bakecs^FEBRUARY 14: Meeting of ot h er . And above all. it wei 


“ But it wa* aWe to provic 
discreet guidance to Splhe 
during the anxious period in ti 
m second half of March befoi 
final agreement was reache 
with other bakers. It acted 


tyonr -members that thb street ^ horrest broker by keepij 


raises 


SpOlers 
;a *19jm UB. 



Bakers* 
to Mr. SQktn 
linn price 
icthm of 
i Is, statutory 
on the Hues of 
‘to milk, and 
A. B. Foods 
of the 
left to market 
Various m 
lustzy and 

idea tint Its 
be balled out 


^ With a 

Foods (ABF), and Ranks Hovis ovcr one-fifth, ABF lust around 

McDougall <RHM), it had P* 0 - 011 faking fet the year to . . -, r(1 r R 

virtually no retail outlets for ApriL SpeSeis, Xitii about 16 tii® B 

bread within its own organise- Per cent of tfie market, lost a |L ® cos ^ s f __ 

m-ipuHm? -f9- 7m in the v«ir Tn for eOJttTOl purposes. Ior * 

January. y JULY : Monopolies Commission tion 


Ittlnbtry officials with the out of ^ay to ensure th 
Bakers’ Federatiottte explore guy woriable industrial arrang 
-the ^possibilities. The re m ight men t was not fouled up by i 
.be a case for an Industry Act un co-ordinated approach to ti 
scheme, but real problems for financial problems. TheSpiUer 
the Ministry if only two of the affair marks the first time th 
trig three concur. the Bank has been seen public 

MABQg 21: Spillers chairman, playing this kind of role. 
Michael Vernon, calls on the Thanks to this steady it 
Governor of the Bank of influence, today’s documents dl 
England. The bread sMt of dose that Spillers has come - 
Spillers has serious problems, a new arrangement with 1 
but no agreement with the other bankers which gives tt substa 
'two bakers on how to cope. tial short term facilities pen 
March 22: All three bakers lng new terms. These a: 

on the Bank, with news of expected to be completed 
their agreement Government the autumn and should put t! 
Informed, and a meeting held group’s funding on a mos 
that afternoon with officials permanent . footing. Under tt 
from the Ministry of Agrlcul- temporary agreement, SplUe 

^ture. Department of fK hl *** * ^ 0 

TwSsuiy and the Bank. - bankers about dividend pa 



_ . ' „ mehts. or any capital spendlr 

^ tire same of; agreed levels. Bu 


tion. 


1978 

17: Prices 

Hattersley, 

Federation and tfae to SpUIerJ oanxere «»«n iD any way arduous to the cm 
Says there is no scope* than to stand firm. pany." since it does not requii 

price rules: APRIL 7: SpiUers announces lt ro do anting that it wb«J 

on is for (fie decision to poll out of baking, no t already want to do unfit 

„ .. _ finally reports after 31 years. Ministry* of Agriculture. - making almost 8,000 workers the circumstances. 

*t !n financial terms, ,he Kw, 

three major producers in the . on bread have given the balam 

1970s, and during this time the V?Y . sheet a distinctly stretch* 

profits on bread alone have diversification into the meat SpiUers outside its baking v gn& would run the risk of losing appearance. Shareholders’ foot 
“The profile of our business never been attractive enough to business in 1969— slaughtering milling activities rose by fob- substantial economies of scale amount to fs&n. a ngure whk 

made us the most vulnerable to warrant moch capital invest- an^ wholesale and retail distri- fifths 10 a figure well in mfoiss in milling.” ABF. on the other drops t° «2ra if »»dwur an 

pressures in the baiting menL Bui for each group the u ..^ j . . _ 1<r _ of that tied up in its trad^losal hand, took its decision- to spend ass6 ^ s -* n ■ Rhodesia 

industry,” SpiUers’ chairman, baking business has been closely DU T 1 .. . ^ „ operations. But profits Isisg- money on its bakeries “ ’ ' trinnprf 


Production 

costs 


in rcnoaesia u 
because stripped out This is supporttn 


multiple groups.” He added its flour milling business. Where ^ onn ^ l** 515 * or an 
that there had been no parti cu- its competitors benefit from a 
lar point in the group’s history degree of -vertical integration 
where a different course of (from flour to bread) Spillers 


Mr. Michael Vernon, said yester- bound up withjthe flour milling E u ![!* aset L_ B £?r 10 aI L d ^ ranc ^ nated at under £10m before.tax that is where the future of the some £58m of bank borrowinf 
day. “Our production costs side, where it has been possible 5 e ?, a “? n i & conabmanon of and interest . ■. . mills lies — in being able to sell a **d another £17m of lot 

were no higher than those of to make very high returns on r p fl 0 *? 6 *** , st ^ 6E&t J un fnidinB of -StriUeris bread.” capitaL 

RHM, but our weakness lay in capital employed. The weakness ^, wled ^ r ^ th « i J® od strategy Ieavesthe im^^on stor>- shows that with However profits are set to ri# 

our high level of trade with a of SpUlers*Vbaking side has now *“? rtl ?5j co s J that Pereas the groi^ reany * different strategy Spillers substantially now feat bakin . 

relatively smaU number of had uncertain consequences for needed, to concentrated have been able to remain iosaes are la the patt. RHM la 

M n» Lri Lpr and resources on if* existing * competitive baker, then part agreed to take 90 per cent c 
in rat business, it was either <52- of the blame must be borne by the extra flour which it require 

0 pounding problems for Itself by Its shareholders. It has been for 1» baking interests fro* 

Late in 1975— some months acquiring a larger share offthe clear for some years that a SpiUers for the next 10 yean 
management action might have must now sell most of its flour after the major bakers had „, ar fc et or investing in tfreas crisis was developing In And there is a similar deal wil 

saved the baiting business. output outside, and has had to started talking to the Bank of that could do little to heldfoith SpOlers’ bread side yet at no ABF. which' will take 75 pe 

time did its institutional share- cent of its extra requirement 
holders attempt to assess what from spillers this year, and 5 
was happening, or nave any per cent for the fotiwring fou 
impact at all on the group’s years. AS a result, the millinj 
affairs - side is now said to be on j 

About the only institution secure footing, and profits fn 
that can take a measure of Hie group as a whole (exclud 
credit Mr the nutconw i§ the ^ y car 'jj residual baJvin*- 
nk orEiigland. The fate of hisses) could be running at an 


Other groups take a less dose down s 0 ™ opacity as a England about the fundamental j ts underlying malaise, 
fatalistic line. Mr. Garry Weston. resuJt - » • we3loiess at the baking industry 

ABF’s chairman, argues that “in While ABF was- cutting its - — Spillers raised over £12m 
a price war. the fellow with the baking costs by ^investing in from its shareholders “to take 
lowest costs will be the modern baking eUplant the advantage of opportunities for 
survivor.” In the late 1960s, emphasis of Spillefo investment developing the group's business 
ABF was the weakest of the big lay outside its exisfe interests, both at home and overseas.” 
three in terms of age and condi- It attempted to broaden its This money was invested in 
tion of its baking side after this share ’of the brtfcd 'fnarket short-dated 'gilt-edged stock 


Aggresslvi 

inroads 


-1* 


Maybe, history: played a pa 

uuu ui IIS uaAiug Siae aiier inis a »‘“ 1 c u io «u ujoxnci — — ,h„ c t n rv Cniltorc IiIta SUM 

had been bled to provide capital by acquisition and it widened until the beginning of this 2 a l r V; H ^ uS in”’ nlilipr^ «nd 
for the group’s expansion 

retaUing and overseas. ably during this' decade. into the U-S. tor the arst time ■ n dQ St “'i n " rhe 7q 50s ' to ZZZZ ments—Priccs. A 

“We decided to conwmt.onr- In 1972,Spilier 
selves to the baking side 

?!Sl l 2^ Sa3 ^c IS! UTOve"hi<Teased- its shareof the * is has ex . pe “ sivc biftment to bread” than 7 ABF," a possible moment. A?, 

bread ^k® 1 from around 11 to diversification for shareholders, bakin <. business ujliich only background of different . 

predicated to takeoyere and jy per cent but. in the words of ) vho suoscribed to the rights decided to enter the flour mill- interests: just about eve 

"" "** " one critic, “it was like tyto weak teue at^8p per share, com- ing.mdusirj£5nyl961 in order seems' to have- a good wo: 

men Waning on each other and current price of to pro tect its sodrees of supply say fur the k. which 

... expecting to hecorae strong.” unfier against thenfay when the UK sympathetic ear to the- 

[han&”' . The business brought a “ ^ * ’ - ’ 

Accordingly ABF started to number of rather ancient - uur ajversrn canon nas sus- 


in ite range of products consider- year. ?n“Sd ^ ^ “ 

ably during this decade. into the US. for the first time . mfents-Prices. Agriculture, or . 

nwmt:our- 1" 1972,. Spillers took aver the the acquirition for $19Sm jtj out^ts against the aggressive Employment— and t^re was no So ^ptHers, Is now a. smaUci 

tide” Mr ^baking business of. m^iufacturer °f _. fla ^ r ‘ inroads being made b*' ABF. unanimity within thk baking 

the CcKip and J. Lyon% The v^f*^. foo l ingredients. So .ar perhaps jt had less ot?a com- industry Itself until The last ® wt although its bu,ost problen 
ime when nx 0 ve Increased- its share of the -!£ 18 has Proved an expensive to hrMii than arf. a possible moment. Aqaiftst this has been resolved, its remain 


. According to Mr. Vernon, entered th^omnion Market. worried in 1975 and played A: 
1 Our diversification has sus- tk® t ho increasingly active role in 


r this has been resolved, its remain 
ested “fi businesses are in highly 
ne eompetilive areas of. the foot 
to products and grocery markets- 
a mining. 1 canning, meat d-istribu 
bakers’ tifm. pet foods— where the pres 
sures may if anything bccutm 
reater over the year. The 


the> 



ing. Its cash flow was concera^^ Outside its traditional 
traced in .the molting Wd baking acti^, Spillersfo^ard 


rof consistent. Between 1973 and approach was that N< if it did not the_J treditional 'jole of to l*ke the promise of futu 
ijor 1976, : the capital employed ;by . have its baking business it dep^tineatiS of - GoVernmcnt' pyrffipnance on trust. 


Provided the Government can 
prove that its measures are 
genuinely 
(that is, they apply to British 
as well as other EEC fishermen), 
that they are intended to con- 
serve stocks, and that they are 


are by fax the biggest single 
component of the new Com- 
munity “pond” in the era of 
200-nrile limits. It is not in the 


urgent and necessary, it should ££££ ^it£ r or 

continental fishermen tint these 
in resources should be wasted by 
of Justice. The UK is, in any - irTespona n>ie over-fishing, 
case, only committed to seek- y ^ ^ 

ing the Commission’s approval Negotiating 
for unilateral measures, not Tberfc m reason, however, 
necessarily to waiting for it to wb ^ itsiMuld ^ ^ possible to 

Je « 1 5 L ^ a compromise calmly, 

from the British fishing indus- ^ negotiA ^ table. The 

try is likely to be that the commission and the other eight 
Government has uot gone mem b exs states have come a 
further. The expected banning Ioisg . w rowards lecognisfng 
of nets of more than one mesh ^ strength of Britain's argu- 


size is only referred to as a 
future possibility in Mr. Silkin’s 
statement. 

With an election approaching, 
the present bi-partisan line 
towards EEC fisheries policy in 
Britain is unlikely to come 
seriously unstuck. Neither party 
will want the other to be able to 
claim that its line is tougher in 


meats, and Ur. Finn Gundetech, 
the Agriculture and Fisheries 
Ccensolssdoner, has not ruled 
out further modifications in the 
Commission's position. Britain's 
feelings are strong, but so are 
those of many of the UK’s Com- 
munity partners. If Britain had 
not acted so abrasively in the 
Community ever the past few 

defence of British fishermen’s years, there might be more 
and the country’s interests. It is. sympathy when for once it has 
therefore, most unlikely that the a re asonab ly good rase. 


MEN AND MATTERS 


Reti flares^at 
Boots and Coots 

John Wayne telephoned the 
oilweU blow-out expert. Red 
Adair, at the weekend. What 
had gone wrong, the film star 
wanted’ to know, between Adair 
and his former henchman. Boots 
Hansen and Coots Matthews? 

Wayne had met the three ten 
years ago. when he made the 
film “The Hell Fighters” — in 
which he had starred depicting 
Adair. Why, he asked, had 
Boots and Coots gone into com- 
petition with Adair, claiming 
he had fired them when they 
asked for a piece of the action? 

When Wayne put the tele- 
phone down, Adair telephoned 
me. I had written in May about 
the complaints of Boots and 
Coots and Adair told me that 



and closed triaL A. Wed. German average tax rate of 50 per cent, 
spokesman yesterday talked of The average tax on higher 
such violations of human rights incomes is 30 per cent— appar- 
woraening the atmosphere entl y slightly lower than in 
between the two countries. 1976 - Perhaps Whitehall might 
. The poet Wolf Biermann, ***» . to a similar list 

-expelled in 1975, has also con- showing Britain’s top incomes 
demned -the decision. As for (before and after tax, of 
Bahro himself, he had long been course >- 
a leading party economist, which — - 
is why one top East German 

official, commenting on the case Old friendships 
' of Biermann and Bahro mutters: A . , 

“We are a strange people, . aU the and 

" exiling our Mayakovsky and f^ cursi0 ns— horrors— near 
imprisoning our Marx.” *L 11 5 . own borders. President 

• • Hastings Banda \ of Malawi 

pursues his.own course. Nobody 
Rising Chung would call him a liberal demo- 


“By ‘Votes for Women’ I 
don’t mean votes for Mrs. 
Thatcher!” 


crat, but this week be is cele- 
South Korea in 1978 is emulat brating the 20th anniversary of 
ing Britain in the Victorian bis return to his African home- 
period — at least as far as the land. Once he had been a doctor 
creation of family fortunes is in London, and this week he 
concerned. A century ago. has missed no chance- to praise 
Britain’s industrialists were Britain. His particular hero *s 
garnering wealth from the four the late Ian Macleod, who 
comers of the world. But there released him from detention in 
must be few figures today who Rhodesia. " I am sad he is not 
bristled 5 00ts who had capped wld can watch the £9.5m pre-tax in this world any more.” So 


it had “kind a hurt my pride to “ “ ~ ’ ^ 

be talked about like that” and fo 68 m Kuwait and Sumatra. . 

that people had been “phoning ® u £ fo considers gskfodg 

from all over.” ent the implication thajL^t was must be few figures_ today who Rhodesia. 

Adair’s comments 


. kt - 7 _ — wutxu nuj uiuic. oi 

with fruity Texan expletives— Bravo well on Norway a^kofisk income which Chung Ju-Yung Hr. Banda has invited Macleod’< 

which I feel constrained to year - f cs l^ oVt ' r achieved in 19 Chung, who widow to the celebrations' 

leave out. “ Where arould Boots. 1 om Texas and ca^ed .it heads the Hyundai con- * Although she is on crutches 

and Coots be without me? i myself, Adair told ma|l“H£>w glomerate, - is. one Of five after an accident, she insists on 

took them on 20 years ago when *> wsis to mje^ Why brothers who have made their coming,” he says happily, 

they were nothing. Since then couldn’t they behave likri,gdntle- fortunes in- post-war South 
they were paid damn good, men? I want the whole-” world Korea. His income is more 


Before they left they were earn- know how I feel: I fe&Jdnda than twice that earned by Cho <• , . 

ing $150,000 a year, with all sick.” You could imagine John Chung-Hoon, chairman of the ”111113111 HIOUlflTllI 
expenses paid and a new Wayne using those very words Hanjin group: Cho is second in The revolutionarv 

Cadillac every two years, plus m Red Adair wide-screen the list published by Korea’s reaches rieht dmra tn 

15 per cent of the profits” sequel. . ; ,. s . National Tax Aterihistration. breakfast tfble te JSba. ’Se 

. * “1* May “ -r— But ^ * e te “?> on the list chamber of commerce in Havana 

that they had not enough money ' ; ... earned above film, and the has announced that a facto^ 

to bum a wet mule (whatever U^rHor |ina ; S V . 100th more than £250,000. win be starting nrnrt^rtin^F 

-•Mil «u«d Adair to Harder line -f - ; That tree-ap ending Korean Santot^ .^n ! S SS 

splutter: “ Coots has a whole A 500pege tome on wfot has financier. Tong Sun Park, whose honour of the martvrs of th* 

stable of racehorses.” He also gone wrong with communism name causes tremors in Wash- popular uprising- m the eitv** 

told me that he paid Boots’s i n Eastern Germany is j many ington. does not appear among | n 1957. The factory will turn 

d 2£ a » d ^ Coots on the people’s bedside fading, the top 100. presumably out A7 tori of remHak^s dim? 

Payroll for two years when he Neither would many neoole con- through being resident abroad. com es 

had hurt his neck in a hunting a re^pg ^ years' 5? or apparently ‘does the 

accident and later broken his 1— -_T?l Revi 


KI.-V1UVXIL «IH mier oroKen ms imnrisomnivrt Hni in<S Reverena sun ftiyung MO on. | __j. . 

leg: “For years we were like another South Korean who hTs Crust 

“ t b ... 43year oW East Germm, .whose Moon, who Although Spillers quit the 

fine witeour^i? SSffi? ta SouSfKorea^g h«d tt^reSSeS 

tee Unification Church in int^ts. W rak6 - bak - 

Coots were sacked by him in The top Korean Income is 

January, had just capped a well The sentence was given out equivalent to 2,000 times the 
in Iran and was busy with oil at -the weekend after a secret GNP per head; Chung pays an 


Memory Lane. 


cake-baking 
trading name 


Observer 



moving up 

theMI 

Actually we told Mr Blogcs he didn’t need to bring the 
office with him. Since 1 970 1 million sq ft of office development 
has been added to the 1 .25 million sq ft previously occupied in 
Northempton’s town centre, and'a-further Tfl million sq ft Is still 
being developed. Campus sites are also available on the major 
industrial development at Moulton Park. 

- As well as Northampton’s central location, affording ease 
of access and distribution to all parts' of tee country, there are 
substantial savings to be made. Office concerns relocating from 
Central London can save up to 70% of their expenditure on rent 
and rates alone. 

• Northampton has tremendous advantages to offer firms 
wishing to relocate their offices. The expansion of this historic 
county town means excellent homes for your staff to rant or buy, 
new shops, new schools and new opportunities for growth and 
success. Its. labour relations record is amongst the best in the 
country. 

For further details phone 0604 34734 or write to: 

L. Austin-Crowe, Chief Estate Surveyor, ■ 

Northampton Development Corporation. 

2-3 Market Square, Northampton NN1 2EN. 


'V 


V.U 










If'*: 


Finanaal Tiines Tuesday July 4‘ 197S 


£9 


FINANCIAL TIMES SURVEY 

Tuesday July 4 1978 


,.i. 


' *• v..."- 

•• , '"• l 


>»** . 


V t ; . i 

j 

;r5- - 

V:,- } 


W r B 
I !. I 


Northern Ireland 

More money is being pumped into N. Ireland by Whitehall to bolster its economy. 
Pointers so far are encouraging but the question remains whether financial aids 
and incentives are enough to resolve the Province’s basic political problems. 


V, : 
.i\ 

Itii (• r 

•ill- U 
.... 

130 -.! 

ifii .. 
n •• 


5'; ., 

••••i 


•••> ' fWO YEARS ago Northern 
/■lie] and appeared to be 

■ accelerating towards economic 
-oil apse. Ihe shortfall between 
its dwindling revenues and its 

■ public spending was doubling 
' every year, and internal 
. -government estimates showed 

that it was fast approaching an 
; annual bill of fibn lor the 

■ British taxpayer. 

; The Province's engineering 
' 'output index had dropped back 

• dose to its lata base of TOO, 
- - aud crucial industrial operations 

• such as Belfast’s Harland and 
-“Wolff shipyard faced serious 
1 ..threats of closure. The shipyard 

1 o. sub-contracts out to hundreds 
of smaller companies, so the 
.. ripple effect could have been 
disastrous. As it was. following 
i ..UK defence cuts that hit the 
..‘Province hard and a wave of 
.... primings at companies ranging 
from Standard Telephones and 
. Cables to Rolls-Royce, un- 
employment was getting out of 
.. hand. Local politicians, on 
both sides of the sectarian 
divide, forecast that it could 
reach IS per cent by the autumn 
. of 1976. 

Unemployment 

Yet Northern Ireland today 
has regained much of its lost 
self-confidence. In terms of its 
economic outlook It has gone 
from sinking to swimming 
- quite strongly. This is partly 
because the tides of inter- 
national investment and demand 
have turned, but mainly be- 
cause it is kicking out strongly. 
. Most of the Province's root 
problems remain unsolved of 
i nurse. The level of unemploy- 


ment has been “ contained ” at 
around 12 per cent, the highest 
for almost 40 years and twice 
the UK average. The subven- 
tion that tops up the Northern 
Ireland Exchequer is well past 
the £lbn a year mark, although 
Whitehall is understandably 
reticent over publishing con- 
solidated accounts. To the 
extent that it is possible to 
leave these two vital and dis- 
heartening indicators aside, 
though, things are looking up. 

It would be idle to pretend 
that the Province is not still 
balanced on the knife edge of 
political dissatisfaction and 
simmering violence. A return to 
the civil chaos and paramilitary 
strife of 1969-76 could well punc- 
ture hopes of industrial 
recovery, for it is no accident 
that the stirrings of economic 
improvement have coincided 
with the comparative peaceful- 
ness of 1977 and the first half of 
1978. Whatever reassuring 
statistics the Northern Ireland 
Office and the NI Department of 
Commerce may put out — notably 
that the murder rate is almost 
three times higher in, say, 
De(roit-~tbe fact remains that 
incipient civil war is a formid- 
able disincentive to industry. 

Currently the hope is that in 
five or 10 years time March 
1978 will stand out as a turning 
point in N. Ireland’s fortunes. 
For it was then that Mr. Roy 
Mason, the Northern Ireland 
Secretary, was able to announce 
the first new U.S. project in the 
Province since the troubles and 
the world-wide economic reces- 
sion began to take a grip. The 
£10m plant being set up by 
AVX Corporation of Great 


Neck, New York, to manufac- 
ture capacitors near Coleraine 
is modest enough, but it marks 
the difference between totally 
fresh investment and the in- 
creases in capacity that have 
been the rule in recent years. 


UlSTer is two-thirds ranre 
export-orientated than Britain 
and twice as much as the Irish 
Republic. 

The real significanre of the 
AVX decision. however, is that 
it should give a fillip to the 


ment incentives. Much to 
Ireland's surprise, the schemes 
that - have been so vigorously 
promoted by the Republic's 
Industrial Development 

Authority did not sweep the 
board. N. Ireland, according to 


higher than in Britain was 
widely regarded as being as 
much a minus point as the 
tt-oubies themselves. 

By earmarking a fun her 
£700m for industrial develop- 
ment aid up to the end of 1983, 


Possible turning point 


By Giles Merritt 


During the 1970s foreign invest- 
ment in Northern Ireland has 
been limited to the enlargement 
of existing investments by such 
companies as Autolite, Ford, 
DuPont, Berkshire International 
and Hughes Tool. 

The AVX plant is expected to 
serve as the base for a European 
marketing drive in the data pro- 
cessing, aerospace and telecom- 
munications fields, and that 
would undoubtedly help 
strengthen the Province’s argu- 
ment that it is an ideal 
location for exporting industries. 
Northern Ireland exports have 
in fact increased by over 100 
per cent since the troubles 
began nine years ago. and stand 
at around £1.000 per head of 
population. By that yardstick 


NI authorities' efforts to sell 
the Province as an investment 
location that is fully competitive 
with the Irish Republic. 

AVX. it is reliably understood, 
had originally looked hard at the 
Dublin area. And while the 
Republic’s lead over the North 
is indisputable — it currently has 
about £ibn worth of foreign 
investment in the pipeline, as 
against N. Ireland's mere half- 
dozen or so projects — the gap 
on investment incentives has 
been closing rapidly. 

Early last year a Brussels- 
based consultancy called Plant 
Location International, which 
claims to have advised. on 400 
investment projects worth more 
than $4bn. raised eyebrows in 
Dublin with a survey of invest- 


the survey, had the best overall 
range of incentives because it 
had the broadest appeal to large 
and small projects alike. 

That survey, which selected 
Ireland, N. Ireland and Italy as 
sharing top honours, was in fact 
published before the NI lncen^ 
lives were further strengthened. 
At the beginning of August last 
year Mr. Mason unveiled a £lbn 
package designed to beef nip the 
Province’s appeal overseas: One 
third of the funds went towards 
funding the Northern Ireland 
electricity service's debt, with 
the intention being that of 
reducing its power charges so 
that they are comparable with 
those on the British mainland. 
That NTs energy charges had 
been on average 30 per cent 


Mr. Mason has put together an 
attractive incentive programme. 
Grants made directly to new 
investors in unemployment 
hlackspots has gone from 40 per 
cent of capital costs to half. At 
the same time, new tax reliefs 
complement an array of 
secondary grants for construc- 
tion, training, research and 
development and rates abate- 
ment. The incentives, in their 
improved form, may eventually 
turn out to make all the differ- 
ence, but it is the Northern 
Ireland workforce’s record on 
productivity and industrial 
relations that Mr. Mason and his 
salesmen are giving equal 
prominence to. 

During the period 1969-76, 
N. Ireland's productivity in- 


creased by 37 per cent. The 
official figure fur the* UK as a 
whole was 30 per cent, and even 
that will have been in Ha led by 
Northern Ireland's high per- 
formance. On manufacturing 
output the story is much the 
same. In the past eight years 
output m NI industry increased 
14 per cent, as against an over- 
all UK figure of 4 per cent. 
The Province also has a further 
selling point, and it is nne that 
must be a growing worry to 
the Irish authorities faced with 
Ulster’s new competitiveness. 
It is a labour relations record 
that leaves American industry 
in the shade and puis Britain 
and Ireland to shame. During 
the eight-year period nf 1969-76 
Northern Ireland lost a yearly 
average of 368 working days 
per 1,000 workers, while the 
national UK rate was 481. 
During 1976 only 2.5 per cent 
of all workers in Ulster were 
engaged in an industrial dis- 
pute of any description. 

It is the comparison with the 
Irish Republic, though, that is 
most important Ireland’s show- 
ing on the 1969-76 scale is poor, 
at a yearly average of 666 days 
lost per 1.000 workers, and the 
Republic is at present concerned 
at the way its industrial rela- 
tions may be frightening away 
foreign investment. The co- 
operativeness of its trade union 
leaders must he a card that 
Northern Ireland will increas- 
ingly play. 

Given that there are all these 
positive factors in the Northern 
Ireland economy, it must be 
hard for outside observers to 
understand why the Province is 
still on the brink of an indus- 


trial decline thai could prove 
irreversible. There are two 
structural reasons, and a third 
which is a question of timing. 
Structurally, N. Ireland is au 
off-shore satellite of the Brill si i 
economy, and therefore Millers 
not just from transport costs 
that ean add HKiu per cent In 
unit prices but from the fact 
that it has no broad and 
integrated industrial base. 
Despite iLs engineering tradition 
it has, fur example, no castings 
capacity. It also has a small 
active workforce that is 36 per 
cent of the 1.5tn population, as 
against 43 per cent jn Britain, *u 
per capita output is only about 
two-thirds of that on he main- 
land. 


np« • 

Timing 


The timing problem i.s 
perhaps the must eruetal of aii. 
During the coining two years 
anticipated job fosses caused by 
shrinkage in the agricultural 
sc cl or and rationalisation in 
industry will push the tula! of 
unemployed from just over 
60.000 at present to around 
85,000. To cope with these 
lengthening dole queues, which 
are themselves often pointed to 
as an important clement in 
N. Ireland's pattern of violence, 
massive new investment is 
needed. It would, furthermore, 
be required to conic un-stream 
twice as fast as is usual, for the 
time-lag between investment 
negotiations and start-up is often 
around four years. But at least 
that foreign investment is now a 
distinct possibility, whereas a 
year ago it looked an 
impossibility. 


' Whorovor 

you locate your new factory, 
you’ll have exceistioiial start-up 
costs to take into account 




The Funding of Inventory Initial Under-utilisation of Plant 
Leasing Costs Consultancy Costs 

Market Surveys The Build-up of a Workforce 


These and other areas of additional cost associated" 
with start-up in any location tend not to be recognised 
by any conventional package of state-financed 
incentives. 

Northern Ireland has the answer 

The employment grant— a unique Northern Ireland 
answer to the problems of financing the early years 
of a new project. In our experience no other country 
has anything like it.The grant is geared to growth, 
it increases in sum as the project builds up. It relieves 
many of the unexpected headaches involved in start-up, 
It can even be used to wipe out a loan raised to meet 
initial costs.The employment grant, along with grants 
towards buildings, machinery, interest charges and 
labour training, makes Northern Ireland a most 
attractive industrial location. Is it anywonder that so 


many new projects have-started up in the province? 

Read then act 

Read what some of their managers have to say in "Ask 
any businessman who's already here 7 ! . . an anthology of 
views from the boardroom.Then ask yourself whether 
you can afford not to take a longer look at Northern 
Ireland. Complete the coupon and start doing it soon. 


NORTHERN 

IRELAND 

it will pay 
you to take a 
longer look 


i i 

■ To: Tndust rial Development Organization for Northern Ireland. ■ 

I Ulster Office, II Berkeley Street. London W IX bBU.Tei: (11-443 owli.Tefex: 2IN3W. j 

J Please send me a copy of “Ask any businessman u h< -s already here". Also send - 

I me further details on the opportunities for indiw rial expansion in Northern Ireland. | 

1 l 

I Name 

I Ration 

I Company 

[ Address _ 

| ■ .Telephone. 

L.— 










Financial Times Tuesday July 4 197S 


NORTHERN IRELAND II 


Mr. 




MR. ROY MASON. the Secre- 
tary of State for Northern Ire- 
land. is in effect the Viceroy. 
He himself dislikes that term 
on the understandable grounds 
that it smacks of colonialism 
and prefers to compare his role 
to that of a Prime Minister of a 
fairly small country. He has his 
own Cabinet — which meets 
every .Monday — in the shape of 
his junior Minister?, and of 
course there is the question of 
the remit from Westminster. 
But the remit is broad — much 
broader, one suspects, than that 
given to his predecessor. Mr. 
Meiiyn Rees, under the Wilson 
premiership. ?.Ir. James Callag- 
han does not much interfere, 
though he watches closely. And. 
perhaps above all, Mr. Mason 
has money. The Treasury has 
recently been generous to Nor- 
thern Ireland in a way that it 
rarely was in the past, and never 
was to Mr. Mason when he was 




■ Secretary of State for Defence. 
AM told, one cannot escape the 
impression that whether des- 
cribed as Viceroy, “Prime 
Minister'' or merely Secretary 
of State. Mr. Mason has a geat 
deal of power — as well as re- 
sponsibility. 

Qualifications 

His qualifications for the job 
were in many ways excellent, 
both personally and profession- 
ally. Mr. Mason is a small, con- 
fident but rarely over-confident 
man with whom it must be quite 
hard not to get along. If one 
applied one single adjective to 
him, it would be that he is 
“ fair." In his Parliamentary 
career he had been Minister of 
State at the Board of Ti’ade. 
Minister of Defence (Equip- 
ment!. Postmaster-General. Min- 
ister of Power, President of the 
Board of Trade, and then De- 


fence Secretary. The experience 
of nearly all those offices is 
reflected in his approach 10 
Northern Ireland. 

Defence sticks out most. The 
problems of Northern Ireland 
are not only those of security, 
but on the other hand without 
greater security it is difficult to 
see how other problems— econ- 
omic, social or political — can be 
solved. Mr. Mason brought with 
him the experience of having 
dealt with the armed forces and 
with tiie civilian defence estab- 
lishment. He knew that there 
were grievances — about pay. 
conditions of service separation 
from wives and the depletion, 
by transfer to Ulster, of the 
British Army of the Rhine. But 
he also knew which military 
arguments were nonsense and 
he proved a very good inrer- 
locuteur between the civil and 
military sides. 

From the start Mr. Mason 


divided the proMv:.i< beginning: first do what can be approach was to divide the uf re-lurm** w«»ra!e nn.I 

Northern Ireland in:* :..rce no: d.nc- about security, try to help problem into pans. First of all. confide nee. 

necessarily inseparable part.-: the economy, end then move on Northern Ireland had to be And vet tin- fact remains that 
security, economic and •>. . '.i-.a!. the politics. Mr. Mason tikes persuaded that there was no security, the economy and even 

More recently, as the chance? avoid tnc u?a of the word danger of ecunmnic withdrawal: sport and the social dstnciiMim 

uf success on the po: : front " success " and prefers to .-peak then the conditions had to be apan, 1*11 the politic;* I iron! 

nave remained elusive, r.c r.:»- mcro!y of “pr*gre.>s." Even then created for new investment: and there has in-vn very little pru- 

aoded a fourth, or d.rc.en- ea a *.L« us — perhaps more finally the investment had to be gross. Mr. Mason Micks to the 

M-oi. Much n f ;- : .5 r. m . • ' nnw than :r, ir.c period Ia.-t souvht. We are nmv at stage principle that this can rom,** 

Ministers time n a day; .^xi'Jrr.n w:iy:i :t looked fur a three. Mr. Masun has introduced only un the ha.- is of parlner- 

spent ;n trying ;n bring ih-: ai :: IRA activity was a scries or inducements that ship. Any atii-mpl ar a pwluio.il 

social practices of .W-rfi-. rr. d-wn T ;1 e security again reflect his experience at settlement Kwd on majority 

Ireland more ini:; l.r:v v: r -:a::M:cs .as: year were the other Ministries: for example, rule, he insist?, would pul the 

those of the LK. The ref or m "<??: i:nee the latest troubles tin* cut in electricity tariffs to clock back l.-n >e«*r> with 

nr the divorce lav.; i- «.:v- r -=^ r y firir - J,ve industry. He has also managed explosive results. So what dues 

example: another is the srac-i. was* of 19. S are oetter than lo retain incentives, such as the he want to do" There is an 
elimination nf the eleven Mr ;nc craiiarabltf period of seteetiv- ..mni.icnii.nt nrnmmm i... .- n . 




r'-tfSk 






argumenL? of the 
Ulster, and what ca 
with that? 

Yet the gene: 
remains much as it 




mmmmm 



lap. _ 

Spllteigl 

ii m$m- ■ 






Mr. /tii.7 


•■---< :bat -her- -s a lev**! whu h . , ri,,au ' e *- v “iv naps among the ••Id Miirmuiil { ; ia , whuei. r i*. i:i . Inr 

iYVi»=JsiWta-e below | ba T bul ,he "t xl " layc M 10 P° ,itklan - \el experiemv hjxeie -.how t!,:.i!:. c..ie 
- aiso'theci-c. however. Hu: SOek l0 allracl the Japanese. succests (hat p-M>le like in have bull. .Mart hern Iri-.fi 

he sppearj satisfied with the ® ! ? a '" wi'ludim: ait elective >;:*■ inw. iihafe*. er ntay he .1 

r urce> 3 t his disposal. Ho r> “ m governing themselves, > 1 , 1 ,. tniu* >i»u il*> 

dies not believ- that he is being £ aCllltieS D,n ** ct n,I r v ‘ p “, : ,l niamicnai.,;.* .4 «Ureet 

■b:i 2 ed to fijht with one hand an ®nnnialy. Huw long can it becomes muiv .•.i-cpiji 


tied behind ids back. It is rather Curiously 


way the s “. on? . 


(nun .vonueru iri-n 

a say— im ! ud mg an eli-ctiu* «y tn-\ whatever may he .nd ..m 
—in governing themselves. >l)u j., ,; ;J , , !;1 

Direct rule i?. to put it mildly, maintenance ox direct ud« 
an anomaly. How long can it becomes imm- . epUi.i.* .1 


a matter of relying on the Treasury has helped extends ^ r - m:, - v n,, l {,c ihere fimmi. 

new technique.-* — especially in beyond grants tu new industries w & en ^e answer l.js in be Would he like t" ;.u l.;ni-i*:i 
ecvert surveillance — being or even infrastructure. One of found. Then* 1 - unlikely to In* jf i.aiu.ur wins.* f l-,r au-vi.-i- 1 
developed by the army and the Mr. Mason's less-noticed acts. an - v political progress in n.invimoitial. Ii :i j 
zrearer partnership between the and one which seems in have Northern Ireland until after the ,,f m:; him-ctf p. | n |:.*v 

army and the Rl'C. given him great pleasure, was British cenor.il election. The (h a : the election wdl n-i ; a k- 

\y In the meantime, ir is neces- ru dish out £4(in.0i»0 to eleven e I?ctiun at mo -sphere is already p| JiV u ,i: <J spnn.’. ift?". ii h 
% sarv to get on with the oeunvniy Northern Ireland Toutball teams more apparent there than it is alhuve.l >nm.-elf 1 ,. Muni; s.'mj : 
p.-.d it is here perhaps that Mr. (u spruce up their grounds and here - ;in ‘l it 1 .- plain that there i* nomine in Ocluher lie- \,-. lT 
Mason thinks ne has made hU improve their facilities. It was wi!I he c.msnler.tbie pressures Ue uui»h\ relax, .m.l that i-.nib 
greatest mark. Again hts all part of the process, he says, for action once there is a new be dangcr.ius. tin.* -u-i>eci« 

British Government. Many m huueier. that if Labour .J,k» 
I— a— .-d ^ • « - these pressures will be external: win. lie might be neede, 

11-%^ ■ for ln,!n D ublm and cL-ewhcre. 

I JIC D O 1 1 11 CR I ST 1 3I.™ ‘Sf™ Malcolm R.ilhcrfort 


lea -1 uni: l junviniiv.. lu-r^r : 


The political 


Malcolm Kutherforc 


vacuum 




Some 0 / the 20 buses burnt out last- month when 10 b ombs went off at the Smithfield depot in Belief’s 
centre near the Army’s Grand Central Hotel base . 



Map 



^meu insnoanks ■ 

Irelands bitfi>est buukin lit ihiju * ; 


NOHTH6RN IRELAND AREA OFFICE: 2. P.°val Ai/enup [Vfesl BTT 1E3P 

BRANCHES W BRTIMN:B*kenhud Bminfibam BnsJflt C^VEnoy, da^ow, Lecd^ Ltfldon, ^tartf^^NoiIlngjBnt ShCidOfl Watfcud rad Wolverliampian; ' 


A resigned air Govern- direet rule, 
orncials and party leaders Local government reform in 
;n Northern Ireland now accept Northern Ireland in the 1960s 
that the political vacuum which amalgamated the smaller dis- 
ha; existed for the past several rra-t councils and abolished 
years in the Province is going county councils, transferring 
to la.tt for some time yet. their functions to the Stormont 
If 1.5 not so much that any Parliament, which was then 
new intransigence has developed itself disbanded during the 
on the part of the two main troubles. The result has been 
groupings — the assortment of to leave in the hands of the 
H>j Unionist parties on the one direct rule Civil Servants or 
hand and the mainly Roman agencies under them many 

Catholic Social Democratic and funcuons more suitable per- 

Labour Party on the other— formed by local government, 
since the collapse of the and in an area which in any 
abortive talks on possible case contains only 1.5m citizens, 
administrative devolution for The Thatcher proposals would 
the province initiated earlier ostensibly deal with this pavb- 
this year by Mr. Roy Mason, the lem by creating one, or possibly 
Northern Ireland Secretary, more, new regional upper tiers 
The new element that has ruled or local government in Northern 
out any resumption of the Ireland, 
search for a formula aimed at 
restoring a deirree of local con- Tlpfa j| 
troi. at least for some time, is 

the imminence of a UK general Much of the detail remains to 
election, and the interesting be fitted in, though some of the 
prospect? which a Conservative objections which the minoritv 
victory would open up for the community will raise are 
representatives of the majority obvious. First, it would place 
community. them even more firmly than 

With the parties currently before within the UK under a 
neck and neck, there seem? a f° ca ^ government system uHi- 
chance that the next Govern- mately answerable to Whitehall, 
meat, whether Conservative or Again, although Mrs. Thatcher 
Labour, will again have to look did say in BeLfast that there 
for support from other group- would be scope for all political 
ings. And although the link parties to participate, it seems 
between the Tory Party and the unlikely this would be on a 
Ulster Unionists has been l° ca ^ government system ulti- 
broken since the abolition of mate political control of each of I 
the Stormont Parliament, there tile bodies seems certain to be I 
have been marked signs of a » n the hands of the majority I 
rapprochement lately. community. ‘ I 

Earlier this year Mr. Alrey Nevertheless, it is an attrac- 
Neave. the Conservative spokes- tive proposition for the! 

“ a ° . Northern Ireland, Unionists, and so long as there 
tmnoS h 'f f ° hn^h 011 / the C ° n ’ remains toe Prospect that such 
JhJiTn- feasl . b t lty ° f t , P° Wer - a scheme could be introduced 
sha.m 0 — a statement that was after an election, the Mason 

rhe ear f 0f ^ nionLslfi * initiative is likely to remain 
•fctpnfK-' 6 ! ma ( Dta ;f ied a ron ' dead, even though somewhat 
£ °f bri( : ^ a,nst ironically the present Govern- 

Koraan Catholic participauon in ments suggested form of 

vUit ei ThiS t u- a wi?? nth ' Jn * administrative devolution does 
visit which was widely seen as follow in some areas a proposal - 

putting out feelers for a possible put forward originally from 
alliance, the Tory leader, Mrs. within the Unionist party. 
Margaret Thatcher, was given The idea due for discussion ai | 
a warm weicome by the officiai the talks earlier this yeaj 
a “deed by many i QV0 |ved the creation of a pro- 
noliS ‘ Northern Ireland portionately elected 78-seat non- 
a !Jv P ® E t h* 0n t' lron,< V le S is, ative assembly, from which 

f..:-* u ‘ lia ' e rJle chance of would be drawn a series of com - 1 
datP?a/th C ° ns .‘: rTatlve candi * mittees reflecting the balance of 
dates at the eleven. power in Ole assembly, and 

TEiinl-ln/T designed to match the various 

JLillLlKiflg Northern Ireland civil service 

. . ._ _ . departments. This would put in 

The visit by Mrs. Thatcher the hands of elected repre- 
a , s ° enabl ^d her to provide a sentatives of the coramunitv 

further indication of the way control over the day-to-dav 

Conservative thinking on administration in the Province! 
Northern Ireland is developing, of housing, commerce, industrv- | 
And although the broad con- transport, education and the like 
sensus between the parties on —but not security or the budget 
the issues of Northern Ireland The system would essentially | 
remains including, in particu- be temporary, but if after ner-l 
lar. the. pledge that_ it will haps four years it could he! 
remain part of the UK so long shown to have worked the 

Z *tr^ a ,V n V WlSh , thc assembJ y roisl d be given powers 
Ufi f the P°P ulau ? n “ 10 testate, though with Britain 
nnth d f ercn T ^ r ? m 1 Lab .°. u . r stii! holding reserve powers. The | 
on the form which local politi- initiative, which was intended! 
cal institutions should take have to try to ensure that Northern 

“"IfSv'rt.- ■ Ireland was not left loo far 

What the Tones are now behind Scotland and Wales in 
apparently offering— and what the devolution of power within 
J;., L h n,omst f K ha y e d « lded the UK. eventually foundered 
T'fLr/ WOr ^ w f iUDg for — after the Unionists had objected 
\ a reform of local government to off-stage remarks bv Mr. Jack! 

fa,, f ng far sl ? ort of Lynch, the Irish Prime Minister 
the preferred Unionist solution, on Irish unity. ‘I 

tho re-creation of the old Whether the present Govern-IB 
majority rule Mormon t Par ha- mem would want to re-introduTe B 
merit would nevertheless have such a measure if returned at II 
V h -rthPrn V 3 T nt ? SV ri 0f bl . nd ’ ns lhe n «ct election is not dear fl 

m^e i.K re , an 7 0re ?-° Sely but recent *. v in Londontlern | 
to the LK throunh continued Mr. Mason outlined five points % 

CONTINUED ON NEXT PAGE U ^ 








The 1.5 million consumers in Northern Ireland 
are served by their own National evening News- 
paper, the Belfast Telegraph. No other news- 
paper, English or Irish, can equal its power and 
influence in the Province. 

The importance of Northern Ireland as a market 
place is reflected in expenditures on food, 
clothing, consumer durables and transport and 
vehicles which are significantly higher than the 
National average. With the Province’s total con- 
sumer expenditure now forecast to reach 2.57 
billions* this year. Nonhem Ireland is an essen- 
tial market area for manufacturers in the U.K. 
To find out more about the BelTast Telegraph 
and its half-million daily readers, contact: 

In London: 

T. E. C. Owen, 

London Sales Manager. 

Tel.: 01 387 2800, Ext. 370. 

■Or for Financial Advertising: 

Robert Holloway. 

Financial Advertisement Manager. 

Tel. 01 387 2800, ExL 411. 

In Belfast: 

M. G. McCann. 

Display Advertisement Manager. 

Tel. 0232 21538/26231. 


Thomson Regional Newspapers Limited 

•Source: 'Planning Consumer Markets.' May J97S 
Henlev Centre for forecasting. 


mi 

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Financial' Times Tuesday July 4 1978" 


M 


NORTHERN IRELAND IH 



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Closer 


jN ONE occasion a group of 
:i)reign observers were being 
jkcn on a tour of the -southern 
/ide of the Irish border by 
,'jfficiaU of the Republic anxious 
/a show them how.good was the 
-lltHJperation between the 
^curity services north and 
’tijbulh. They- could hardly be- 
v^eve their luck .when they came 
cross a -‘‘real” operation: a 
aspect bomb had been found 
n the northern side, and Irish 
roops were ensuring that there 
-ere no snipers on their side 
-hile the British prepared to 
low up the device. 

The observers took consider- 
ble persuading that the whole 
hing was not a stunt for their 
■enefiL It was real enough, but 
i. transpired that the British 
ad agreed to delay the detona- 
ion for half-an-hour to give 
. he Irish time to get the 
bservers to the scene. 

The story is. indeed, an ex- 
mple of the close relations 
- riiich both governments claim 
xist between the security 
orces but which, in the nature 
•f things, it can be difficult to 
■erify. Results in this ad- 
nitedly narrow but important 
. ield do speak for themselves 
hough, and the set-piece 
tattles which used to occur 
.cross the border between 
Jritish troops and the IRA are 
. ;i tow a distant memory. 

1 Such co-operation is likely to 
tested to the full over the 
iext few months. Security 
orces believe the IRA has made 
substantial change in tactics 
n response to the unpre- 
edented successes — of the RUC 
n particular— during the past 
ear. 

The central change seems to 
nvolve breaking the Provi- 
lunals into much smaller, mure 
elf-contained units and away 
' rum the traditional military 
.... iructure of companies and 
mgades. The Provisionals hope 
his will stem the flow of 
n formation lo the authorities 
. rthich led to so many of- their 
men being caught and ■ caw* 
.Tcted. 

Evidence of the change is 
ilready apparent in the increase 


in IRA violence this year and a 
slackening in the rate uf 
attrition by the police. Among 
the authorities' responses is an 
effort lo improve still further 
the flow uf intelligence between 
the RUC and the Garda. The 
view in Dublin is that the move 
by the IRA to smaller discreet 
units will require more meet- 
ings. more day-to-day contact 
and mure exchange of informa- 
tion if the intelligence jigsaw 
is to be put together from what 
are likely to be smaller pieces. 

In general though, if the 
definition of “ stability ” is a 
tendency to return to a position 
of equilibrium when disturbed, 
it would have to be said tjiat 
Anglo-Irish relations appear in- 
herently unstable. Normally un- 
troubled. they show a tendency, 
once disturbed, to wobble more 
and more off the track until 
definite corrective action is 
taken to put them back on 
course. 


Crisis 


The last crisis, caused by re- 
marks from the Northern 
Ireland Secretary, Mr. Mason, 
to the effect that IRA men 
found the Republic a handy 
place for rest and recuperation, 
as well as training, required 
face-to-face meetings between 
Mr. Callaghan and Mr. Lynch, 
as well as between Mr. Mason 
and the Irish Foreign Minister. 
Mr. Michael O'Kennedy, before 
it subsided. 

True, Mr. Mason’s remarks 
came at a bad time. Earlier, 
Mr. Lynch had disturbed the 
British and whipped the Irish 
media — always keen on an 
Anglo-Irish row— into quite a 
lather with his remarks on the 
evil effects of the British "steel 
wall” guarantee to the Unionists 
on their constitutional position. 

Mr. Mason and Mr. O'Kennedy 
emerged from their meeting last 
month apparently seeing eye-to- 
eye on all significant matters 
and without a breatlr of 
criticism for .each other. ' It 
appears to have been a tough 
meeting in private, however, 
with the two men at one stage 


not sn much eye-to-cye as 

eyehall-lo-cyeball. 

Mr. Mason's Yorkshire 
hlunlless is nf course well- 
known hut Mr. O’Kcnnedy, 
although he is known to 
irreverent Dublin journalists as 
the “altar boy” has a vein of 
steel behind his mild manner. 
But the visit, and perhaps even 
the hit of blunt speaking, 
appears to have cleared the air 
and restored relations between 
the two Governments to their 
normal non-conLroversial state. 

They are expected to remain 
that way at least until after the 
British general election. Irish 
Ministers accept. with a 
resigned air. that the British are 
not going to chance any Irish 
adventures until after that 
hurdle is cleared and everyone 
can see how the Parliamentary, 
land lies. 

Mr. Lynch has not given up 
his hopes that the British will 
produce a new initiative on 
Northern Ireland — if nor the 
one his party favours, which is 
a declaration of Britain's 
interest in an eventual united 
Ireland, then something which 
will at least get northern 
politics moving again . 

The Irish Government also 
has a keen eye for the problems 
of the Social and Democratic 
Labour Party (SDLP). which 
represents the majority uf 
Catholics in Northern Ireland. 
Dublin would like to see that 
representation continue on the 
grounds i£at it- gives the 
northern minority maximum 
political effectiveness while 
providing a democratic outlet 
which might otherwise go to the 
Provisionals. 

The problem is how long the 
SDLP can maintain its remark- 
able 'Access if constitutional 
polities continue to get it 
nowhere. The SDLP, like more 
Irish political parties, is at heer! 
a coalition and there is a danger 
that if could break up into its 
constituent parts— Socialist. 
Nationalist. Republican— unless 
progress is evident 

So it can be expected that the 
next British Government will 
soon find itself under pressure 
from Dublin to reveal its inten- 
tions, if Any, in Northern Ire- 


land. In seeking to exert that 
pressure Lhe Irish are likely to 
make use of what is seen as a 
growing foreign interest in Nor- 
thern Ireland and a desire, after 
a decade of violence, lo restore 
stability. 

The Irish have already en- 
deavoured. with mixed success, 
to play the American card. This 
has been largely the work of 
John Hume, deputy leader of the 
SDLP. who used his time in the 
U.S. during the past few years 
to lobby intensively powerFul 
Irish-American politicians like 
Senator Edward Kennedy. 
Speaker of the House Tim 
O'Neill. Daniel Moynihan and 
New York Governor Hugh 
Carey. 

The high point of this cam- 
paign was probably the state- 
ment by President Carter that, 
in the event of a settlement in 


Northern Ireland, the U.S. 
would provide investment funds 
to help restore the battered 
economy of the Province. Since 
then, though, Mr. Carter has 
shown reluctance to risk getting 
his fingers burned on the Irish 
issue. Hopes of a meeting be- 
tween him and Mr. Lynch dur- 
ing the latter's visit to the UN 
disarmament conference earlier 
this month were stifled, partly, it 
seems, because of British pres- 
sure against such a meeting. 

Nor did Mr. Carter’s veiled 
promise of aid have as much 
effect on Unionist opinion as 
Mr. Hume might have hoped. It 
may be increasingly difficult in 
future to apply Washington 
pressure to London, although 
Mr. Carter's offer presumably 
still stands and could be a 
factor in the event of radical 
solutions, such as independence, 


being seriously discussed. 

Dublin claims to detect grow- 
ing anxiety in the EEC about 
the seemingly endless Northern 
Ireland conflict. If, as seems 
likely, a situation develops 
towards the end of the year 
where Dublin is pressing for 
action and London is as unsure 
as ever about lhe benefits of 
action. Irish officials are likely 
to suggest to Brussels that 
British inertia is prolonging the 
problem. 

Much may depend on which 
party -is returned to power at 
Westminster and the stale of its 
majority. Labour seems to have 
run out oF policies but, rmm 
an Irish point of view, its heart 
is regarded as being in the right 
place. Mrs. Thatcher on the 
other hand seems to have very 
definite policies which are not 
at all to Dublin's taste. Should 
she come to power and imple- 
ment those pol-icies, particularly 
the “ super county council ” 
idea to restore some measure 
of autonomy to Northern Ire- 
land. Anglo-Irish relations seem 
certain to descend to a frosty 
hostility ik>l seen for several 
years. 

Re-latioms between Irish 
Governments and Northern 
Unionists have of course been 
in that state for years. There 
was some evidence of a slight 
thaw during Mr. Cosgrove's 
term of office when his manifest 


toughness against the IRA and 
the personality of Dr. Garrett 
Fitzgerald, his Foreign Affairs 
Minister, made private informal 
contacts possible and even on 
occasion fruitful. 

The return of Fianna Fail to 
office sent the Unionists scurry- 
ing back inside their protective 
shells, but in fairness lo Mr. 
Lynch's Administration, it has 
shown signs of wanting to per- 
suade them out. Mr. O’Kennedy 
recently visited Northern 
Ireland and although he got a 
cold reception from Unionists, 
Irish officials are philosophical 
about it. They accept that 

Fianna Fail’s policy is open to 
both misunderstanding and mis- 
interpretation and it will be a 
slow job to explain it to sus- 
picious Unionists. 

Uncertain 

If the political situation is 
uncertain, there is at least pro- 
gress to report on economic co- 
operation. This received a boost 
from last September's meeting 
between Mr. Callaghan and Mr. 
Lynch when the importance uf 
such co-operation was agreed. 
Fur Mr. Lynch this was a substi- 
tute for tlie lack nf political pro- 
gress: an opportunity to show 
Unionists lhat there could be 
advantages in working with 
Dublin: and a genuine attempt 
to alleviate the problems or the 
border areas, which arc among 


the most economically deprived 
in the EEC. 

Judging from Hie recently 
published report there seems to 
be a willingness to got things 
done. The study of the Derry/ 
Donegal area has been com- 
pleted and a committee of 
officials has been formed to im- 
plement some of the proposals 
as quickly as possible, with EEC 
aid whore appropriate. The Fer- 
managh and Ncwry/Dundalk 
areas are to he the subject nf 
simitar studies. 

On the Anglo-Irish field 
generally, Irish officials are 
studying a draft agreement on 
road haulace between Bn lam 
and the Republic .submitted by 
the UK Department of Trans- 
port. On energy there is con- 
siderable interest north and 
smith in the possibility of an 
interconnect or with the UK grid 
which could significantly alter 
buth Generating Board** 
dependence on foreign fuel an-I 
there have been diseiissimis on 
the possibility nf joint promo- 
tions of " Irish '* guods abroad. 

Dublin is pleased with pro- 
gress in this area and although 
it is early days yet it could be 
lhat removal of the practical 
obstacles created by the border 
will in the end have mure effect 
than ' the uneasy diplomacy 
which has traditionally charac- 
terised Anglo-Irish rela lions. 

By a Correspondent 


Vacuum 


CONTINUED FROM PREVIOUS PAGE 


which he said must form the 
basis for discussion if the 
Province is to catch the devolu- 
tion tide. First, as an interim 
measure there would have to be 
a single assembly elected by 
proportional representatitfn. The 
assembly should exercise 
responsibility over a wide range 
of functions, and have a con- 
sultative role in relation to legis- 
lation. The arrangements would 
envisage progress in due course 
towards some form of legislative 
devolution: the assembly must 
be acceptable and durable, safe- 
guarding the interests of the 
minority, and it must make good 
administrative sense. 

There is little doubt that to 
most people in Northern Ireland 
these basic principles are both 
sensible and reasonable. Indeed 
a poll earlier this year suggested 
that 63 per cent of the popula- 
tion and half even of all 
Unionists would like to see 
power-sharing. The problem, 
however, remains the public's 
reluctance at elections to vote 
along these lines — as is indi- 
cated by the fortunes of the 


moderate Alliance Party, which 
is seeking to achieve a new 
centre grouping. 

In Northern Ireland poliUcs 
Alliance has done well to sur- 
vive, and at local government 
level has had some notable 
successes, including in Belfast 
It has still never been able to 
command widespread support at 
the more important elections, 
when the electorate prefers the 
security of voting along tradi- 
tional lines. As a result, despite 
the professed moderation of 
many people, the representatives 
they choose are usually hard- 
liners.- 

It is perhaps partly because 
of this that there remains among 
the public a large measure of 
acceptance of direct rule, which 
albeit at a high cost has now 
succeeded in bringing a degree 
of stability -in the security field 
and the prospect once again of 
further economic advance.' 

Though there continues to be 
violent upsurges, as during the 
past month, the graph of vio- 
lence generally has been show- 
ing a steady down wards trend. 


reflecting a degree of war- 
weariness in both communities 
and a switch in security 
methods. Government policy 
has been to restore the primacy 
of the police, and although there 
remain- areas of Belfast where 
the Royal Ulster Constabulary 
can only operate with military 
protection, the police presence 
in areas fringing the Republican 
strongholds has become more 
noticeable. 


Patrols 


Army patrols and searches 
have at the same lime been 
scaled down, with the military 
now concentrating to a much 
greater extent on covert tactics. 
The destructive potential of the 
Provisional ERA remains, as the 
damage inflicted by fire bombs 
on property recently has demon- 
strated. but there is a belief at 
Government level that popular 
support for the movement is 
now at a low leveL 
On the Protestant side the 
militant UVF (Ulster Volunteer 


Force) which was responsible 
for some of the worst sectarian 
murders, is thought lo have 
been largely broken lip. though 
the Ulster Defence Association 
still commands strong support 
in some of the Protestant heart- 
lands. In both communities the 
problem is at least partly 
criminal violence as opposed to 
political violence, with the hard 
men of both sides finding ter- 
rorism can bring its own 
rewards in terms of money, 
power and influence. There 
remains the danger of a rise at 
any time in violence or com- 
munity tension, but the belief 
now is that the periods between 
upsurges will continue to 
lengthen. 

The improvement has enabled 
the Province to begin bidding 
again for new industry, and 
with some success over recent 
months. In recognition that 
past policy may have consisted 
of putting the poJilicahcart be- 
fore the economic and social 
horse, large-scale resources are 
also being committed to im- 


proving housing, transport, and 
the environment in general in. 
Belfast — moves lhat have wily 
become possible now lhat Hie 
level of violence has decreased. 

Nevertheless, the idea nf a 
benevolent Britain ruling the 
Province directly and holding 
the ring between the two con- 
flicting ideals — the British link 
and Irish unity— is obvious un- 
tenable in the longer term. 
Ultimately it will be for the 
community tu decide on ils own 
development objectives by de- 
mocratic processes, and it is 
for this reason lhat talks will 
have to get under way again 
on the creation of a new 
forum in which these decisions 
can be taken. 

Even further ahead, it will 
only be through the experience 
of working together that lhe 
two sides will ever be 3blc to 
begin considering how to make 
the best of Ulster's lot as a 
small province which has been 
left, by history- looking two 
ways. 


Rhys David 


22 


financial Times. Tuesday July 4 .1978’ 


NORTHERN IRELAND IV 




The view of an 



1 




AS MR. STAN CRAIGS, the 
head of Courtauids in Northern. 
Ireland, remembers it, when his 
then boss Sir Frank Kearton 
offered him the job his reac- 
tion was “you must be joking.” 
A year later be felt that nothing 
could make him move away. Mr. 
Craigs took to the Province 
right away. He has now been 
there eight years and has de- 
clined several offers to move 
on. He admits he is an excep- 
tion but undoubtedly from his 
company’s point of view he is a 
fortunate exception, since in 
him they have had some kind 
of continuity during the pro- 


vince's most troubled times. ! 

The company’s initial involve- 
ment came just after World 
War n when it found itself 
relatively liquid after selling off 
some interests in the U.SL There 
was a traditional linen industry, 
in N. Ireland, so there was some 
basis for setting up a textiles 
factory. ■ The. plant at Carrick- 
fergus started off with cellnlosic 
fibres, a wet spinning process 
and so needed to be hear water. 
The company did receive help 
in supplies of building 
materials, then relatively 
scarce. It was also offered some 
financial assistance by.the Stor- 


mont Government, but accord- 
ing to Mr. Craigs the company 
refused it because “it was not 
the done thing at that tune." 
He adds with a chuckle * but 
of course it is now." 

Courtaulds in Northern 
Ireland has grown over the 
years to the extent that, leaving 
aside the cost of acquiring the 
Moygashel company, new 
investment in the past 10 years 
at today’s prices has probably 
been of the order of £100zn. The 
sheet and workwear factory at 
Campsie alone has cost some 
£40m with, some 8.00Q 
employees Courtauids is 
probably the second largest 


Give me one good reason 
why I should buy 
a Generating Set 
manufactured in 
Northern Ireland ? ? ? 


Here are ten . . . 

L Wilson Engineering is a single 
product Company — our sole activity is 
the manufacture and supply of Electrical 
Generating Sets and : Switchgear. 

2. Our annual sales are approaching 

100.000 Kw and our machines are working 
in nearly every country in the World. 

3. Our two associated companies, Wilson 
Engineering and Kelvin Electrical Manu- 
facturing Co.. Bangor, Co. Down, with a 
combined manufacturing area of 120,000 
square feet, enable us to offer Electrical 
Generating Sets, Control and Distribution 
from one source — ensuring a better 
product. 

4. We offer the widest range of 
packaged generating sets — from 3 Kw to 

1.000 Kw — and power station sets up to 
2.500 Kw. 

5. Because of our large stockboldinftfo ■* 
new engines and components we are sable - 

Weed any more? 


to offer machines in quantity for very 
prompt delivery: 

6. We are not tied to a single engine 
or alternator supplier and include' in our 
programme a wide choice of engines and 
compbnents from the most reputable 
European and American manufacturers. 
T. We guarantee spares and services for 
everything we sell. From our Staines 
(London Heathrow) Works, we despatch 
spares all over the world daily. 

8. Our Jong list of .completed electrical 
supply installations includes Hospitals, 
Chemical Works, Airport Standby, and a 
12,500 Kw power station on a complete 
turnkey contract in Abu Dhabi. 

9. Our engineers are available to design 
a scheme to suit your exact requirements. 

10. Our prices are very competitive — 
let us havfr your next enquiry and we'll 
prove it. 

Then write for brochure to : — 



F. G. WILSON (Engineering) LIMITED 

FIRST STREET, BELFAST, BT13 2DQ, Northern Ireland. 
Telephone: Belfast 44013 (10 lines) 

Telex: 747448 & 747008 (Answerback, Genset G.) 

London Office: 24 Central Trading Estate, Staines, Middlesex. 
Telephone: Staines 50288 & 59764 
Telex: 933164 (Answerback, Genset G.)- 


employer In the Province after 
Harland and Wolff. 

While the proximity of water 
and good communications may 
have originally been the prime 
attractions for textiles 
companies, with the develop- 
ment of mere sophisticated 
fibres these have become less 
important. 

As Mr. Craigs puts it: “ For 
Courtauids and for most 
companies the overwhelming 
attractions are ' the huge 
financial incentives. They are 
unparalleled anywhere else in 
the UK.” HA estimates that 
taking the whole range of 
grants, loans and tax deferment 
opportunities the actual new 
money cost of setting up a new 
plant can be as little as 10 per 
cent of tbe totaL - 

“ Down south in the Republic 
they also have tax holidays on 
exports but I think they are 
going to run into- trouble with 
tbe Common Market on that one 
soon. The Common Market does 
not like normal trade interfered 
with,” Mr- Craigs, says. He also 
reckons that wage levels in the 
Republic kre lower, “but they 
are coming up fast” 

The level of wages in 
Northern Ireland has never 
been considered am attraction to 
industrialists, since they are not 
especially low. .“Here the 
workers are tied in with the 
British trade unions, and the 
structures are just as binding. 
Wage rates here are comparable 
in most areas with the other 
side (meaning the UK).” 

Attraction 

He goes on: “What is an 
attraction is tile availability of 
efficient labour. The unemploy- 
ment rate here is 12 .per cent. A 
particularly important point is 
that the workers are amenable 
to be trained or re-trained. Of 
course we do benefit from 
training grants from the 
Government.” 

Industrial unrest is much less 
than in the UK, )&. Craigs says. 
He can think of only two major 
strikes in the pa# 18 months. 
One was at his aqwn factory 
where craftsmen^caused an 
expensive six-w eeklst o p page at 
the end of last yefr. 

This ' strike, he/4ays, was a 
fair and square dispute about 
money, which in the end was 
settled by a compromise. An 
eigbt-week strike at another . 
company was, he felt, “rather 
more silly, and was something 
we should all be ashamed of 
here.” : It concerned, the 
dismissal of a man for ineffi- 
ciency who also happened to be 
a shop steward. Both sides got 
locked into intransigent 
positions and the strike dragged 
on. 

This kind of occurrence, 
however, is rare. Mr. Craigs 
said that the number of. man 
days lost through industrial 


unrest is far far less than in 
the UK generally. Asked why 
this Is so. he replies after some- 
reflection, “ We axe a small 
community here, much tighter 
and more closely linked. We 
can usually sort things out 
between ourselves. There is not 
the vast impersonal aspect you 
get in some, companies on the 
other side.” 

On the question of security 
Mr. Craigs seemed to be fairly 
bland about the dangers. He 
says that in retrospect there 
probably has been an element 
of danger for industrialists like 
himself who might have been 
kidnapped or shot, but he has 
not been particularly conscious 
of it. As for sectarian violence 
generally, he says “ neither side 
has ever really gene in for 
concerted Industrial sabotage or 
disruption.** 

He does add, however, that 
there was one notable exception. 
On May 1, 197% 10 bombs went 
off in his own factory. “One 
poor chap was killed,” he said, 
“ and another six were 
wounded.” He feels the bomb- 
ings arose oat of the fact that 
at that time there was a lot of 
building going on around the 
site. TOtere were over 1,000 men 


working for contractors. “The- smoothly .economically. He 
contactors tend to attract -the ^belongs to Ulster Enterprise, is 
wilder elements of society hothS* governor of Belfast Poly- 
republlcah-and loyalist,” and hetechnic and a governor of the 
feels they Used the factory as a airport He seeks involvement 
battleground to get at one in spheres of the economy where 
another. ^ 1 _ he can find it. 

While Mr. Craigs resolutely He does admit however that 
refuses & show any sign qf dose identification with 
r either Protestants Northern Ireland is rooted in a 
cs, ‘ he does say the personal happiness. “ We were 

time in his eight very lucky when we started out. 

In 1974 when the masstWe got our home right We 
aniyed by the Ulste£; bought a plot of land and built 
until brought dowpT a house we wanted on it This 
n executive. was before the big inflation of 

he says. “I really recent years so it is worth quite 
we were on the brinks a bit now. But anyway it Is nice 
ruin through wodsuto wake up and look out over the 
general disruptiOHjr ,sea and to have green alt 
understand tira around. Tbe village is beautiful 
and fears which le* and the people are lovely. And 
to undertake thgt.it only takes me ten minutes to 
t feels that ruining . drive to work.” 

y is not the rUte he an d his wife he 

go about achiev$n|E describes as outdoor people, 
lutions. -They are particularly keen on 

golf and he says “ you are never 
Avnnnt if* 1 : very far from a golf course 
CUlClll -anywhere j n Northern Ireland.” 

a san dy-hairefi • The schools in Northern Ireland 

avunculSr man in his fifties, ha&are good, he says, and both his 
few judgments of any kind to? sons have been well and happily 
offer tip the politics- of Ae-. educated at one of them, 
region. zHe considers it his He does admit that he Is 

to try and help things run moz& : probably exceptional in fitting 


support 
or Gath 
most wo: 
years w; 
strike o: 
Workers 
the coali 

“The 
did thi 
of econ< 
Lost am 
He says 
fmstra 
to loy 
strike, 
the eco! 
way 
politii 

Inv 

Mr. 


into N, Ireland so well. He says 
he has sot use to the constant 
security checks and general 
sense of stress that seems to 
pervade the Province. Others 
find it harder he says; managers 
on the way up in the organisa- 
tion arc reluctant to go to 
N. Ireland. "They come,” ho 
says, “because a move usually 
means a promotion, although 
there are no special hardship 
payments or anything like that 
It is treated like any other 
post.’* 

But usually people do thefr 
stint and move on— although ha 
has noticed that in the past 
couple of years managers hare 
Shown a growing reluctance tc 
leave.- They find, like othia 
visitors, the situation sound? 
worse than it actually is. 

Mr. Craigs says that U 
Courtauids came to him anc 
said they needed a man to gt 
to Burundi or somewhere anc 
he was the only possible man f« 
the job then he would havo tc 
give it .serious consideration 
But he laughs and says: “ I car 
hardly believe that in ar 
organisation that size, I am tta 
only man for Burundi. I ajr 
happy to stay here.” 


Stuart Dalbj 



I 


A turntable production line m operation at Stratheam 
Audio’s Belfast factory. . 


t * 

h 





Considering 
Northern 
Ireland as 
an industrial 
base? 

There are many advantages— including the 
financial help available from Ulster Bank 
Group. Our wide experience in formulating 
financial packages, for industrial projects is 
at your disposal. So, too, are the commercial 
and merchant banking facilities which we 
provide throughout-the whole of Ireland. 

We combine the strength of being a local 
clearing bank with membership of a major 
international banking group. 

■ For hnthar information contact: 

Dtfnnis J. Martin 
Ulster Invest m ent Bank 
Bulloch House 

2 LinanhaN St, Bettsst BT2SBA 
Tel: 28222 Telex: 747709 

Ulster Bank 
Ulster Investment 
Banked 

Monben of the National Westminster Bank Group 







investment 

THIS FEAR has been Northern rise to 600 over a three-yea 
Ireland’s best year for invest- period. Mr. Marshall D. Butler 
ment by foreign companies since president, -explained that thi 
the heady days of the 1960s plant will enable AVX to suppl; 
when for a time the Province the data processing, telecom 
foundfjtself the fastest-growing mixnications, defence, bomi 
industrial area in Europe. entertainment and other elec 
’ Inward investment all but Muslries whirl 

dried up during the peak period T of m 

of m civil unrest in the early te g rated circuit technology-. 

1970s and has proved a very j 

difficult process to- restart .The l^apUlr£Cl 

ance available in. the United *?£ .1? ' 

Kingdom were sanctioned by SjLff bi I, S J ,c N ' r 
tbe British Government to 5£? , L“ 'Jf?' * 

TirimA.’ nil mn _ j f uEd CBptUrCd fO. 

some years, when two mon 
deaJs were concluded. The Good 
year Tyre and Rubber Companj 
decided to establish a £3m re 
“ seartii and development centn 

m ^ Ce J*. BelfaS F Wlth * at its plant at Craigavon 3f 

netwoA of Government miIes from Belfast. The centn 
agencies. will be part of the company': 

Representation abroad . by world-wide R and D organise 
staff-men has been strengthened tlon. That waa a particular!) 
to talk to companies in Europe, gratifying development for th< 
Arnica and the Far East about Northern Ireland authorities ir 
the possibilities of Northern their drive to encourage higt 
Ireland when they are making quality enterprises into the 
thetc investment plans. And the Province. 

Government ministers respons- At the same moment that the 
iWe tor Northern Ireland have Goodyear, deal was being con- 
been acting as super-salesmen eluded the Northern Ireland 
with *' stream of visits found Development Agency acted as 
the wjoxid. - midwife for a deal under 

But it looked an uphill and which a fast growing elec- 
at times near-hopeless struggle trical appliance maker in the 
during . 1968 and 1977. Tbe Privince — - Glen Electric — took 
world recession had reduced over * company which had been 
the - amount of “footloose” wholly owned by. NIDA. As 
industry available internation- .Glen Electric was itself 
ally: Sporadic violence ia encourage ■ into its present 
Northern Ireland did nothing ^ize end shape (it took over the 
to help the sales pitch. English company Dunplcx) by 

The real breakthrough has NIDA the new deal represented 
come onlv in the nast few 6X1 interestin g example of how 
momhs i a succession ^ 3 

2££r£e NoSem Irela^l Iodist^. 

S attior Then came the biggest fish 
devesppjpents. landed so- far in 1978 hv 

AVX Corporation, tiie world's Northern i. Ireland, General 
argest manufacturer of multi- Motors decided to take over the 
layer capacitors for the elec- ex-RoUs-Royce factory at Dun- 
trofiJcs industry, decided to set donald, Belfast, for a £16ra seat 
up Jt^ ney European manufac. -bej t manufacturing plant to 
turing facility in Coleraine. In- employ 600 people by 1980. The 
itially it will employ 300 people Dundonald plant wlU be GM s 
and tiie number Is expected to. first venture, in Northern Ire- 
CONTINUEQ ON NEXT PAGE 












iV 




Financial Times Tuesday July 4 1978' 


23 



NORTHERN IRELAND V 


Aviation industry 
a bright spot 


\2"t j -■■■ ■i&.&a 


•id 


Ni! 



ME OF THE most encouraging 
■■• peels of the Northern Ireland 
lualinn in recent years has 
,;en the way in which the acro- 
•aee sector, io the shape of 
->-?iort Brothers and Harland. of 
?lfast, has been able not >>nly 
■■ : keep going, but to expand 
■- s business and its reputation 
. world aviation markets. 

... Although the recent annual 
•port showed a pre-tax loss of 

• i.3m . for the year to August 
.. 1. 1977, and there have recently 

zen some industrial difficulties 
.rer pay, the long-term outlook 
»r the company, according to 
• __ ie chairman. Sir George Leitch, 

. .*mains optimistic, especially in 
■ ivil aircraft and miss.le sales 
'uring the last financial year, 

, .imover of over £36m was divi- 
‘ ed as to £11.5m in home 
: larkets, and £25m from export 
, . ales. Of the total, missile sales 
nd servicing accounted for 
' 16.1m. aircraft sales and 
ervicing for £7.6m. and engine 
,iri [odding and aircraft components 
or £ 12.9m. 

To say that this has been 
thieved by hard work and care- 

• u! management policy would be 
^rue, but it has also been due 

'^-n a determination on the part 
SF the workforce itself in recent 
vears to try to keep the political 
ind civil disturbances away 
‘rom the factory shop floor, and 
mi to allow: production to be 
disrupted. 


H <W PoIicy 

- The Problems remain, especi- 

those stemming from pay 
f^i^^issues. but the success of this 
•^^Viudustnal policy is showing 
f v V Itself increasingly in other ways 
if than figures in the balance 
i sheet. Shorts has now estab- 
fished itself an enviable reputa- 
uvition world-wide for high quality 
^ jacrcinautji-al engineering across 
Wide sped mm of aircraft, 
Jssilc and related programmes. 
Heading the list must be the 
successful development and pro- 
jjduction of the SD-3-30, a 30- 
Ipasscnger " Commuter" airliner 
Aj_a small . widebodied aircraft 
which is already proving popular 
in North American markets, and 
(elsewhere, with the likelihood 
jof a long period of steady sales 
q through the 1980s. In addition, 



the company continues to work 
on its Skyvan light freighter, of 
which over 100 have been sold. 

The company has also won 
substantial contracts not only 
for the “ podding" — that is, 
building the nacelles and asso- 
ciated equipment — for the 
Rolls-Royce RB-211 engine for 
the U.S. Lockheed TriStar air- 
liner, but is also likely to under- 
take comparable work for the 
Avco Lycoming ALF-502 engines 
for the HS-146 feeder-liner if 
that programme is resuscitated 
soon. Shorts, in fact, is now vir- 
tually Western Europe's main 
engine “ podding ” specialist, 
and may well win further con- 
tracts in this expanding field. 

The company's diversification, 
however, goes well, beyond this. 
Contrary to the attitude of some 
other aerospace companies 
world-wide. Shorts has taken the 
view that there is no disgrace 
in taking in other people’s wash- 
ing. if there is money and work 
to be had out of it, and accord- 
ingly the company now has 
developed a wide range of aero- 
space . sub-contract . activities 
These include contracts for Tn- 
Star- airframe components, 
while the company is building 
th»* wings for the Dutch-West 
German F-28 Fokker Fellowship 
twin-engined short-haul jet air- 
liner, and is also working on 
airframe components for the 
Boeing 747 Jumbo jet 
In the missile field, Shorts has 
carved a niche for itself in the 
“ specialist ” missile category, 
with its Seacat shipborne 
guided weapons system and its 
land-based variant, the Tiger- 
cat, and more recently with its 
shoulder-launched _ infantry 
guided weapon. Blowpipe. The 
engineering expertise that backs 
up theses varied activities has 
also given rise to a vide range 
of other ideas, and the company 
has been exploring the possi- 
bilities ‘ of a new ‘ type of 

unmanned remotely-controlled 
aerial observation craft called 
Skyspy, which is capable of 
flving over the battlefield,' relay- 
ing information -back td thh 
commanders behind the - lines. 
The potential of this device does 
not ena there, however, for it 
could be used in other roles. 


such as traffic monitoring, or 
crowd surveillance. 

The company believes strongly 
that in all these varied fields — 
small aircraft, specialist mis- 
siles and aero structures — it has 
developed an expertise that is 
unique, and in them it sees con- 
tinuing good aerospace business 
for many years to come, especi- 
ally now that the doldrums of 
the early 1970s appear to be 
over, and world air passenger 
traffic is expanding again 
rapidly. Shorts does not see 
itself as geared to participate 
in the highest end of the areo- 
space market — it has no ambi- 
tions to design and build bigger 
aircraft than the SD-3-30, for 
example— and it prefers to stay 
in the lower-cost and sub- 
contracting areas. The com- 
pany’s philosophy is based on 
the belief that non-aircraft 
products can rarely carry the 
overheads of the high techno- 
logy required for the aerospace 
industry, but that in the lower- 
cost end of the aerospace busi- 


be found. Thus, it is not likely 
that the company will diversify 
outside the aerospace Industry 
unless prospects emerge for pro- 
ducts of a high technological 
content 

The company’s ownership, 
which for a long time was 
divided between the Govern- 
ment (69i per cent), Harland 
and Wolff (15i per cent) and 
the old Rolls-Royce company 
(latterly -the Receiver), also 
15i per cent, has recently been 
cleaned up, and the Govern- 
ment, through the Northern 
Ireland Government, now owns 
all the share capital. So far. 
Shorts remains outside the 
framework of the nationalised 
British Aerospace organisation 
itself, and outride the National 
Enterprise Board, in which 
other Government-owned invest- 
ments are lodged. At present, 
there appears to be no intention 
of changing ri&t situation. 



Here^s what Shorts 

are doing 

Northern Ireland 



;n 


en 


IVil 


Investment 

CONTINUED FROM PREVIOUS PAGE 

land Meanwhile Du Pont had international companies til ere is 
decided to invest £3Um on its always the prospect of m igotia 
Londonderry plant. me » special deal to meet 

With those certain deve lop- specific needs, buch aeais are 
minus ne gated in just six arranged by the Department, of 
months tiie Department of Commerce with Treasury a ppro- 
Commerce is feeling that the val. Details are rarely published 
Umg haul to secure new jobs But they are generous and take 
m Northern Ireland is now into account the specific needs 
proving Its worth. of the company for premises. 

There may be another big cash, training assistance, ancil- 
developroenr before the end of lary services, etc. ' njecompg 
ihe summer. An cx-General looking for such a spec al deal 
Motors executive is exploring must be of international stand- 
ilu- possibility of setting down ins and must have something 
a i 000-man plant at Dunmurry. positive to offer Northern ire- 
wi >m Belfast, to build a sports ] a nd (over and above jods 
car for the U.S. market. creation) such as a big brand 

Even without the possible car name, management skills ana n 
plant Northern Ireland has an( j d backing, 
sei -i i red new investment to pro- more usual aid package 

vulc the province with nearly avai j al ,j e includes factory build- 
4.001) extra jobs in direct - nc ts of 40.50 pe r cent, 
employment so far in 1. »o- factories available at low ren- 
Indirect employment resulting j s a machinery and equip- 
will bo probably more than me ^ t gram of 40.50 per cent, 
[nice that figure again. . , ax allowances, grants to trans- 

There were tunes when in- machiner y from other plants, 
ward investment promotion ro. dMatSng of industrial premises, 
Northern Ireland appeared to start _ up -.^ts for new employ 
bo at a serious disadvantage mem Government loans which 
because of the “ tax holiday j n t ere5 t-free for a period, 

deals that could be offered by imerest relief grants, the weekly 
the Republic’s Government subsidy, training grants, 

across the border. But times am j development 

have changed. .The south m nts of up t0 50 per cent, and 

Ireland had had some industrial for lhe lra nsfer of key 

disappointments and this year worliers t0 th e Province, 
lost the AVX plam to the north. Northern Ire- 

The reasons for the new interest secretary, has had indus- 
heing shovvn b^ern = l £ad as Ws top 

business in Northern 1 priority since he arrived in the 

are complex. But it is ^ province in September, 3976. 

>av that - the P n “* aud has had his first discussions 

influencing investment decisJo industria l leaders. He is 

are the ready availability n following a strong tradition by 
Northern Ireland of ^ leaders of the Province in 

quality lafo»ur in a wsj post-war years. . 

an engineering tradition. ^ • xhe late Lord Faulkner, when 
vigorous support offered new he Nras Brian Faulkner, Minister 
projects by Government, and Comrnerce the 1960s, was 
the high level of aid avaiiame ^ of a period of 

ui various forms. n _. industrial expansion winch with- 

The Northern Ireland Depan ^ * fw Northern 

meat of Commerce is now unu the Wggest man-made 

ins «« the , ncw , f?: an fibres production centre m 
incentive package arts Europe. There is a feetrng now 

- arousal factor «jwn [ that the trick can be repeated 

business. It is generous , Q other industrial sectors, gfiven 

to make companies - ^ ^ j ow j^vei of violence as a 

Northeni Ireland tu ** ^ q[ securiQ’, and 

themselves. From that pom\ the availability ^ 

w.rXr^ues aro disc^ed; adaptabikt,- of .theL^er work- 
only to re-emerge near we ew . investments b y Good : 

conclusion of ne .5?r 3 o5 foreign year and General Motors aJM.ed 

to study . the potential - rtustry ^ Northern 

development in Northern I J 01 ” 6 we u become 

land coraparod with 15 m th Ireland m . newest cor 
whole of last year. Certainly fashionable as the newes^ 
there seems to be something m componenU raanufaciu™ 
lhe “arousal factor** theory- centre m Europe o\er t 
The package now on offer to f c , vv years, 
help foreign industrialists h^s 
never been better. For lhe JI » 



SHORTS 330 



COMPONENTS 



seacat/tigercat 


Producing the world's first wide-body commuter airliner— the 
Shorts 330, already in service in the USA, Canada and Europe. 

Building the world's largest light aircraft- the Skyvan STOL 
transport, now flying with over 40 operators in 24 countries. 

Producing high technology jet engine pods for Rolls Royce 
RB 21 1 turbofans on Boeing 747's and Lockheed TriStars. 

Making the wings for the Fokker F28 Fellowship jetliner. 

Manufacturing the main landing-gear doors for all 747 Jumbo jets 
produced at Boeing's Everett plant. 

Making a whole range of flight and structural components 
for the TriStar. 

Manufacturing the United Kingdom's most successful range of 
surface-to-air guided weapons, including the new Blowpipe 
man-portable missile — operational with UK and Canadian forces 
—and Seacat, the world's most widely used guided weapon, 
in service with 1 6 navies. 

Training 300 apprentices in the advanced technologies 
of aerospace. 

Contributing significantly to the United Kingdom's balance of 
payments by exporting 70% of total output. 


The Company opened its first Northern Ireland factory just over 
40 years ago . Today it is the second largest engineering 
employer in the Province, with a 6,300 strong, highly skilled 
workforce, and its design and production complex in Belfast 
is one of the finest of its kind in the aerospace industry. 

Shorts are proud to be part of the Northern Ireland community. 





Aircraft and Missiles 

WINNERS OF NINE QUEEN'S AWARDS TO INDUSTRY 

Short Brothtre limited PO Box 241 Airport Road Belfast BT39DZ Northern Ireland Telephone 0232 5B444 Telex 746B8 Telegrams Aircraft Bellas! 


Roy Hodson 







to 


r 


in a 


u 


troubled environment 


* 


WE SPEAK 
FOR OURSELVES 


After ten years of civil strife. 
Northern Ireland is showing 
signs, of learning to live with 
the troubles. Compared with 
four to five years ago there is 
now a perceptibly more relaxed 
atmosphere in keeping with the 
substantial reduction in violence 
over most of the Province. 


the complete ban on parkins in harbour -for -traffic coming, from 
much of the city centre — pn pain the south and west and will thus 
of having one's car blown open h 0 jp industry in those areas, 
by explosive experts — coromcr- efforts are also being 

2S.S -5 Bns JSSJ? made to minimise the effect im 
« Pa ^ t ” existing communities, with one 
where possible, for customers. 


Aft l 


SCOT LANS 


The reduction, in violence. 


ground where it passes the 


Lord Annan said some nice things about 
us, and we’re grateful. We take our re- 
sponsibilities seriously — communicating 
with 433,000 households in Northern 
Ireland. Our editorial policy is our 
own — we speak for ourselves. We’re 
• the first to realise that we've other re- 
sponsibilities, like being the most effec- 
tive sales medium in Northern Ireland. 
The 1,504,322 people in Northern Ireland 
ARE DIFFERENT. They spend MORE 
(Average Household Expenditure) on 
things like food, clothing and footwear 
than people anywhere else in Britain-. 
So if you want to seil more of your 
products telephone M. R. Hutcheson of 
Ulster Television Ltd. at 01 -486 521.1. 


BUT WE SELL FOR YOU 


HI 


Ulster 

Television 


19 Marylebone Road, London N.W.1 —01 486 521 1. 


The first sight on arrival at 
Aldgrove airport is no longer 
that of troops, find visitors can 
again be met in the terminal 
building. la- Belfast city centre 
the policy of reducing the 
visible presence of the Army 
means that the Whine of the 
armoured personnel carrier is 
no longer such a familiar noise, 
and cars are not stopped and 
searched with the same 
monotonous regularity. 

It is still a brave man who 
patronises city centre bars at 
night, and most of the city’s 
cinemas bear the marks of 
devastation, but it is perhaps a 
sign of returning normality that 
Belfast's two small theatres 
have recently been playing the 
Norman Conquest and Equus. 
Even at Stormont the front 
entrance leading up to Carson's 
statue is now open again, and 
the place no longer looks as if 
it is awaiting an assault. 

Outside Belfast, too, the lines 
of oil drums which used to pre- 
vent car parking near shops and 
other buildings in small towns 
and villages throughout the Pro- 
vince have been Removed, as 
the incidence of car bombing 
has decreased, and even in 
Londonderry the restrictions on 
access to the heart of the city 
have been eased. 

But while security is now 
markedly less obtrusive,, what 
remains has taken ' on a 
character of permanence. Many 
shops and - other commercial 
premises now have, entry- 
phones, bells or buzzers which 
the caller must ring to gain 
access^ and alongside -the 
checkpoints which control entry 
into the heart of the Belfast 
shopping area there are now 
tall concrete pill boxes. Inside 
the shopping area, visitors are 
searched on entry to . each 
individual store, though even 
this is now patiently accepted. 

More streets have been sealed- 
off to traffic, and to . overcome 


while enabling a .semblance of Donulated Divi . s and 

normality to be restored, is also shanknill*^*^ Equally imiK'r- 

?n~^ t S^ P0 ?h nt « ! ^Lde tanTXls^nthe Itoc ” the 
on people s lives for it has made . ... _ „ =_ 

it possible to embark on major will release tor lt*ht in- 
new efforts aimed at improving amenity and other 

the poor physical environment hh n h^Tnr 
in which many people in Belfast 0f J 

live— itself dearly a factor m Dy ““certainty, 
social unrest. ■_ The Government is also giv- 

To the casual: observer the ing the . go-ahead to a scheme 
many rows of- mean streets which will provide a cross-river 
throughout Belfast, their link between the city's two mam 
windows filled with breeze rail lines from Dublin and 
blocks, look like the victims oF Londonderry. Improvements to 
bombing attack. Unless they the rail system have already 
also show the .scars of burning been undertaken, including the 
it is more likely, however, that resisting of one of the main 
they are the casualties of one or stations, Tifty new buses are 
oth£r of the forms of blight buses are being added to the 
visited on the city. Meet in Belfast, which has suf- 

• lered most Trom the destruction 

RllPnfPn around 600 buses in Northern 

AJugim,u Ireland since the start of the 

In mixed areas houses have troubles. The fleet at present is 
been abondoned in the mass a motley collection of aid and 
movement -of --population that new vehicles, and includes-a fair 
has Taken place over the' past number of ex-Red Arrow buses, 
10 years— Roman Catholics into prematurely retired by their, 
more solidly Catholic areas such previous owner, London Trans- 
as the Lower Falls and port. Altogether these improve- 
Andersontowa, Protestants to ments to the city's transport 
the wholly Protestant estates infrastructure are expected 
which ring Belfast, and to towns to cost more than £lG0m and are 
such as Bangor, Antrim and being accompanied by other 
Ballymena sojne miles away, measures elsewhere in the 
Other areas have been blighted province. 

iifcluding^a grandiose sebeme^o * * 

drive a UnkHhraagh the middle P??_ jmpmvements has been 


IlSIyoutl* 


.Coleraine 


LONDON! 


TJV-' - ^ 

**7* Limavady 

! — ' \\ 

t 01 DOXOllfff *1 


M u m i 



» 

fT‘Y R 1 n 

L • Gookstown* 




tfergus 


Dungannon 


m 


Nawtownard 


Lisburn, 


irtadowm 


‘Armagh 


i* ri k i h 


MG«0N ,^WU * bO^WI^,, 

^Banbridga 

f <s v 

i 8 Mf / 4 k- 

fNewry _ 


Newcastle 


Iris! 


R t F V B 11,1 ol I R E L » H B 


of BelfasLte^oin-'tbe eity’a two »“■> ***"~ **'" 
under-used motorways which ‘ni indwlrHn the border are, 
ith™. uf ‘'wry a cress to better duck 


strike out westwards on either £ 1 ™ k * 

isde of .Lough Neagh towards "L“ £ 


Londondeny^Now^ Iastl sonie ,° r 

nftoi. enmn,r,hln B<?lfaSL A total Of £1.0m IS OlSO 


years after other comparable -Zr -» 

cities in the British Isles. 


c itios in the British Isles. 

Belfast is about -to tackle the <» *J**»Z*** ■ 


problems of .inner- area new nver crossing has also had include 2.000 houses atifaile- are termed the Belfast Areas is sume opposition mainly | 
dereliction. , * so-ahead. The EEC has glass on the outskirts of J^fast of Need (BAN). Here another the Prulestanl Shankill 


BOMBS, BRUTALITY AND 
BULLETS— THE POPULAR 
PICTURE OF NORTHERN 
IRELAND ! BUT THAT IS ONLY 
ONE SIDE OF THE STORY— 
THERE IS ANOTHER SIDE! FOR 
EXAMPLE, DID YOU KNOW 
THAT 



In transport, fogfewing the re- a stjf0l ^ s I ? ter . est 111 cross_ for Roman Catholic fami® re- special team has been set up, clearance of what are seen i 
port of a publf^inquiry last border projects m this area and settled from the most dejpyed again under a Minister, to co- viable communities and sma 

year, the Government has 15 expected to provide sub- areas of west Belfast— a ordinate action aimed tat dealing businesses, the pattern for th 

decided on a more modes! dual stanlIal financial assistance. ver-siaf move which has befjLwith live problems identified as future in the inner city wi- 

carri ageway link between the In housing, large sums are opposed by Ptotestant grturKposing particular problems for almost certainly be much low* 

two motorways, together with also to be spent, mainly in on the grounds that it will lcaSjfchc city. 'In addilion to poor density housing, with ligh 

other major through road im- Belfast, to help remove what to the creation of new ghettoeAltousi^,. .these were uncmploy- industry also, it is hopec 

provements. The, link will give now ranks as among the worst The- decision to go ahead with %nt, educational disadvan- managing to take coot 

improved access to - Belfast problems of social deprivation the scheme is no inore (ban tages* $ high concentration of . _ 

r*”“in the UK. A study by the recognition, however, thar in the elderly and personal handi- If is ' vort ‘ 1 noting too ths 

Northern Ireland Housing present Belfast condition/ both caps. To give just onAesample, changes already in tram hav 

Executive^ the agency respon- communities have the vfftht to the report which IcdN to the begun to affect the demographi 

sible for housing, showed that expect re-housing in/modern setting up of the team recorded balance wirhin the city. Th 

30.000 out of 123,000 houses in estates which they consider safe, a juvenile male uncmploimient troubles have led to Protestant 

tiic city were unfit, though ■ x n other parts' of the pro- rate of 48.5 per cent, anTi an moving out of. inner Belfas 

25.000 qf these were in gramme, announced last month, adult rate of 28.2 per cenK in and to Catholics returning s 

clearance, areas. Almost 45.000 several housing action areas Ballymurphy and WhiteroW? that, in some parts, once staunc 

lacked one of the five basic where extensive improvements areas of Belfast. \ Protestant areas have bee 

amenities— water closet, bath nr couM take place to existing Though money is being spent' 1 , settled by Roman Cathult 

■ ) . iTorhorlnd gf^ have^been identified. t0 im °^ V e health, educational >mi lies. 

i one district 94 oer cent came and "crealional faeiUUes under ’ The separation nf the popul, 


noYtwm 


tourist board 


m one district 94 per cent came recently published proposals Tor Z* sep ? Ii raUon 0£ t - inc popu,J 

into this category. improvements to the Divis flats £T £ E2L.?- 2=. STSS S 


-/r Since our troubles began in 1969.2.4 million 
peuplc have travelled between Britain and 
Northern Ireland each year, and that some 
600.QOO of these journeys were made by bona fide 
visitors who stayed with us for more than 
24 hours! We have also welcomed a further 
150,000 staying visitors each year from the 
Irish Republic. 


occupancy, which give comprehensive and 
up-to-date statistics on travel and tourism. 


^r During the six months season last year, average..; 
room occupancy in hotels was 35%, and in guest 
houses was 39%. 


Tourist sector sees 


if We are so well connected with Britain? No . 
less than sixteen different air routes -link our 
airport at Aldergrove (16 miles from Belfast! 
with major cities in the British Isles. Next 
tn London Heathrow, more domestic scheduled 
air services fly into Aldergrove/Belfast than into 
any other airport in the UK! And we have three 
modern sea ferry links: Larne/Caimryan, 
Lame/Stranraer and Belfast/Liverpool. Last 
year, these ferries carried 1.3 million passengers, 
and 193,000 passenger-accompanied cars! 


ic Northern Ireland would welcome- investment in 
leisure facilities aad new accommodation of . • 
all types. The following figures provide an 
indication of how we can help private investors Z 
(the rates of grant given are approximate — sotfe. 
are under review): — 


a glimmer of light 


HOTELS 


GUEST HOUSES 


if Motoring holidays are still a pleasure in Northern 
Ireland! There can be few other areas in 
Europe today where you can drive for utiles 
and miles-aiong excellent and scenic roads, 
without worrying about a press of other vehicles! 
And camping and caravanning facilities in our 
superb forest parks and along our 
beautiful coastline arc really first class! 


SELF-CATERING 

UNITS 

FARMHOUSES 


HIRE CRUISERS 


SEA ANGLING BOATS 


up to 50% per bedroom - . 
unit 

up to 50% per bedroom ^ ■ 
unit ‘ . '- 7 y 

up to 50% per 4-bed. ? 

unit - ;- 4 » 

up to 33$% for 
alterations and 
improvements 
up to 331% for boats 'l-V 

and bases; 

up to 40% for boats 3V 

and bases 


ic Each year wo are welcoming increasing 
numbers of Swiss, Germans. Belgians and Dutch, 
most of whom claim that they come to us because 
of the peace and beauty of our countryside 
and waterways, and the lack of pollution and 
congestion! . . 


NTTB may also give discretionary grams on ^ 
other private enterprise projects which 
contribute to the overall tourist attractions of ^ 
the province. .fk 


if We are welcoming increasing numbers nf the 
coarse fishermen of Britain, as 'a result of the 
widespread news of great competition, successes 
like the annual Benson & Hedges Fishing Festival, 
and the continuing evidence th&t we have 
perhaps the best coarse fishing waters in Western 
Europe! And we have very good game and 
sea fishing too! 


AS VIOLENCE DIES DOWN, .- 
TOURISM WILL RECOVER; -THE 
POTENTIAL FOR GROWTH IN THE- * 
TOURIST INDUSTRY IN NORTHERN 
IRELAND IS EXCELLENT. ■: - 


For many years we have operated a statutory 
scheme for the annual registration- and 
inspection of all accommodation ‘and catering 
establishments, and a grading system is also in 
force. Precise information is therefore instantly 
available to answer enquiries, and to provide 
.a' basis for accurate planning and quality control. 
_ We operate continuous surveys of passenger 
" movements, domestic tourism and hotel 


For information about investment grants 
for tourist projects tn Northern Ireland 
write to: — 


CHIEF EXECUTIVE . 

NORTHERN IRELAND TOURIST-BOARD 
RIVER HOUSE 
48 HIGH STREET 
BELFAST BT1 2DS 



THERE IS a story — and friends and relatives) "others" 
perhaps it is apocryphal since 6.000, and. only .8,000 actual 
no one can seem to reproduce holidaymakers. To this should 
the actual advertisements — that perhaps be added another 12,000 
10 years ago there were ads in who went on holiday in the 
British newspapers saying: South and made visits across the 
"Come to Northern Ireland for border of more than one. day. 
a shooting holiday." . . This figure is tentative, how- 
With the passage of time, ever, since neither' tourist board, 
members of the Northehi north south, keeps a check on 
Ireland Tourist Board can now these visitor at the moment 
retail this anecdote with a fine .The- old preTroubles tourist 
sense of irony rather than bad trade' was- based on Scots, on 
taste, but the reality pas not people from the North of 
been quite so funny. Apart from England and to a lesser extent 
whatever else they have done, from the Midlands and the 
the bombings, shootings and South .of England. Elderly .Scots 
other horrors which go under, in particular used to visit the 
the general rubric of. the seaside towns of Bangor and 
“ troubles " have in the past Jp°rt Rush and Port Stewart nn 
decade virtually wiped out the Jhe north coast in . much the 
Northern Irish tourist industry, same wayithal elderly Londoners 
In 1968 the Province received Bournemouth or Broad- 
just on I'm visitors and earned st airs. 

£28 m from them. In L977 there \r _ • » j 

were 457,000 visitors who V 2UUSfl£Cl 
brought in £32.1m. In other 

words it has taken 10 years just Because the violence has 
to'draw even in monetary terms ^ ee n given maximum coverage 
(in 1972, at the height of the on British television and in 
troubles, visitors were down to newspapers, the trade from 
200,000). If inflation were taken Britain has virtually 
into account' the £2Sm of 1968 evaporated. What the Tourist 
would probably translate nowa- Board hopes is that as the 
days into something like £l00m. violence lessens these vanished 
meaning that in real terms S* 10 ! 5 ,, an 1 d English might 
tourism earns a third of whai it sraduaily be replaced by visi- 
did before the troubles started. tors ft" 0111 Continental Europe 
Moreover, the overall figures an< * U.S., since these 

are a little misleading since they J 0lj n tries have been less exposed 
are compiled in the sense of all t0 tl3e media, 
visitors being tourists. The Even without the troubles 
Tourist Board estimates that of though. Northern Ireland was 
the 457.000 in 1977, 8S.000 were never going to be a mass tourist 
businessmen, 203,000 were what market. Put simply, there are 
they refer to as VFR (visiting not the attractions for this kind 

-i ^ 


to 


The building programme will multiple deprivation in what parts of Belfast. Though ther 


To help deal with this, a HTSTJ*? W S 2 J h 

chaired t?? WntaShL'fcSS SdW u wS^pl revS^empto^enJ back ^ ound tfl , - of continue^- 

set up. The Housing Executive tion programme for the Bally- environmental improvement th,.v 

is to spend £100m on a major murphy estate is also planned. m tbe provinces two communities will be able t 

building programme, and a The housing action is itself ® P * construction live separately at peace if na 

further £30m will be spent, only a part — though by far the n ' ,u ?“yr • together in harmony. • < 

much' of it in rehabilitation by biggest— of a wider effort aimed The'progrararae is also going 

voluntary housing associations, at countering the. problems of to change slowly the face of Knys Davit 


Of trsfde. Belfast at the best (The Tourist Board. . like its 
of titoes ie a drab industrial counterpart in the Republic, 
city, and after 10 years of bas its own system of rating 
violence such charms as it has consisting of A-star, A, B-star, 
are t^at much reduced. The B and C.) Even though -the 
bombings have meant that with average occupancy rate for 
the exception of those in the hotels in the Province is 35 
Europa. Hotel, the city’s main per cent, few hotels could man- 
hotel,. there are no good age coachloads of package 
restaurants in the centre of tourists. Many hotels keep 
town./-- ’ going because the Northern 

There are few cinemas, two Ir *sh themselves travel inter* 
small. and not very successful aallr and there is also the bar 
theatres end an opera house, trade. But it would require 
which., is dosed. Even in the some rationalisation into co- 
most innocuous looking public operatives and associations if a 
house, an English, accent can be mass market were to be 
a passport to' violent encounters, developed. 

SUn tLr/ e ^!! . Th * hope > to attract new 
common and there are victor* to come ior specialised 
security r hecks al steel barriers holidays or . what the Tourist 
at key bus stops. There are Board rail* “art-iuJ 

SJF3R 

courtyard every time one enters. D eo nil d 

It is all undoubtedly necessary ?, p * . 
but It does, not make for a 

relaxed holiday. - ? , s and thc tTaffic density 

Unrlnn^n, Ic iS ab ° Ut 3 ° f W,W t lt « in 

The city of Londonderry is fh e rii? aa a W hdlp 
of historic interest but again, The drive along the coast 
despite the recent easing of ,«j ae . jy-v- T. arr , p s m tHa „ 

saaru.- jsil'sbs SrSw 
A Justuy a “ P 3ust ^ ss 

If the attractions ate limited A major draw, however, are 
so tQ q. are the amenities. There the expanses of both fresh 
are 150 hotels registered with water and sea water loughs 
the Tourist Board, but only which break up the Province, 
four Of them are A-star rated, an area according to the Tourist 
CONTINUED ON NEXT PAGE 






df-i 


iV\.[ 


- FinandM' Hines Tuesday July 4' 1973" 


25 


NORTHERN IRELAND VH 


Network of agencies 
to support business 


, JPPORT FOR industry has welders of high - standards to nurseries- They set up small together over a period of years, the wall ill NTDA’s HQ. It is a 

developed within Northern meet tte needs of new eom- *"^**£— ^ went looker a new 

Iphisticated 111 levelf^SucceKdva Emp.oyers are: now ^en iheCov: fuT ^ ^ rtSaS-S? «55 TS 

1 ministrati ons have con- sufficiently impressed with Gov- has . a concern (usually m nunimu . NIDA executives identified the 

srcntly given priority to - the ernment trainees to accept them e ng»neenng> a busmesOTan « On a bigger s«le is At British bicycle business as 
..■cation of jobs and a sound as two-year trained apprentices sought to take over the project Northern Ire land Development making a recovery after many 
^dustrial base. That has been after one year In a Government Several thriving businesses Agency (NIDA) wmcn nas oeen -fc years. NIDA bought an 
iartly' to maintain the vigour school. have begun life as Government- created out or the former ^ Brit j S h bicycle trade name — 

? the Province during periods Another Government agency, backed work force uni ^ in smaU Northern Ireland Finance yikin ^_ aad set up product ion 
* hen it has been under threat industrial Science Division country towns m Ulster. Corporation. muA is cnargea >< 


alU, 


V 


v ----- - — . — — -- toe tnaustnai aueuw: uiviwuu -- - 

!i>nir.-„ aliiicaJly, and partly to absorb j S providing an unusually brisk The objective of LEDU is to 


with a merchant banking role 


is 




1' 


ie surplus labour leaving the 


IUC v* -ua-a/w Jd iw . . , is r»f\t h _ expected to reach £l.5m on sales 

„ f ... , _ _ - and wide-ranging service to act as chaperone and adviser to ™ c jL^ Cl SSwSy t* * ° £ Wl00 ° bicyt:les - And 100 

*nd. Luckily for Northern i ndustry oil technical matters small businesses which are deoartment. u nder 3<> bs **»»« beeQ saved ia ^ Clty 

- ' eland A 6 av l rase fannworker either free or at very low cost already in being but which con- G°v^meot deparm^ unae by ^ invest- 

j as proved to be easily retrain- - - — J — - r 80 maenenaenc coairmau buu 


one if that 'agency's" mo7t ^ Tneed “ inicc-tion, of » 


J 

LFASTV 


S and labour Md changes *£*5“ 

in premises during the eariy “ d “ ^ 


(a 
trades 


business- ment. 

SSSS s° far h has cost £1 - 4m - 


*bur«-, 


VON 


'H.:: 


ble in industry. , . , . . - 

...The core of Northern Ireland ' nfTworld^lS in' premises during the eariy But the agency is coogdent that 

.hdustry is the area of engineer- 1>ee ” t0 invent a years. The agency concentrates N^-As 30b is to take nsKs Viking company will soon 

k *ig acUvity spreading out frota tenorlit «dS u P° n businesses employing Northern be self-financing and that it will 

ssass 

Vipbuilders, and Shorts making JrAjM Roy Hodson 




es 


h 


i 


ences in the early 1970s. 

Since the worst terrorist 

rt) ircraft, aero-components, arid P® r * od Northern ^ re l*^ d K J 1 .^ 8 
J jiissiles, ' but the backbone is been deaned up 
■ Bjnfcr.fi r -\e great number of small “* programme » way 11 
^nvineerinp SmS? Belfast- But one problem con 

P ' cerning the authorities was hov 

fl Frppnnm to remove the work of thi 

' * iWa 1 . u y v aerosol graffiti artists which 

Pj . ■ A network of agencies has despoiled M walls anc 

thrown up with Government huildings The slogans of the 
I upport specifically to help caQ uUsa were favoured by the 
ommerce and industry. They warriM factions to press home 
re mostly Government-funded arguments, 
nt operate with considerable Tfae ^dustxial Science Divi- 
reedom and add up to a most d set ^ WDrk invent a 
.owerfui force for industrial ^g tl rem over. They had to 
rowth. Their impact has been | nd a f ormu la which would 
■erhaps most marked in the erad ica te aerosol paint marked 
■savely engineering sector:, help- without harming conventional 
ng small firms to grow, assist- ^ nta varnishes. Chiei 

^ng with technical services, j ohn McCullins ex- 

eachi'ng the necessary skills, plained: *‘We first found a 

jid providing the sort of back- so ivent Then we added a 

ip which is readily available in thiekener so that the solution 
.ay, Birmingham, ' but is un- W0ll i d stick to walls long 
isual to find in an area such as enoU gh to work- Finally, after 
Northern Ireland. more refinements, we added a 

The Department of Manpower detergent so that it could be 
Services is able to train more washed ofE with water." 
han 6,000 adults and school- # . 

cavers each year now in 14 T r ni|||ng 
Government training centres. It x 1 

s also helping to finance the Northern Ireland enterprise 
raining of a further 7,500 was quick to recognise the com 

icople in industry. The mercial possIbUilies of the 

esmirces of the department to graffiti remover. A local firm, 
irovide specialised training and Kilco Chemicals, is now selling 
u provide “ on the job ” train- it to many countries which also 
ng is proving a major factor in have their problems with the 
he settlement of the new com- aerosol can artist 
janies that have concluded Two other agencies called the 
teals to establish Northern Local Enterprise Development | 
ilants. Unit (LEDU) and the Inte- 

For example, welders were In grated Work Force Training 
short supply in the Province. Units (IWFUs) have been 
The Department has been able specialising in helping small, 
0 undertake a crash training industries to prosper and grow, 
irogramme to provide sufficient The IWFUs are basic industrial 



White Rocks at Portrush ' 



If Jonathan Swift came . 

Kilroot would he think it was 



Tourist sector 


ZONTtNLHED FROM PREVIOUS PAGE 


When Jonathan Swift became vicar of Kilroot 
in 1695, ‘ ‘Gullivers Travels” was only a 
twinkle in his eye. But if Swift returned to 
Kilroot today, he would discover a giant with a 
difference — the most sophisticated power 
station in Northern Ireland. 

Kilroot’ s new power station is designed to 
supply the giants of industry. 

With an abundance of power at economic 
prices. Making Northern Ireland a prime 
location for new industry. 


— s* 


3oard which is five times 
•su:e of the Norfolk Broads. 


In fact our industrial electricity tariffs are 
among the lowest in Europe. And our 
record for reliability of supply is among 
the best. 


il 


_ Snjjjjfcji’wSui.v 

the one-third of the capital cost of 1 
building a new hotel or provide 

The Province can quite justi- substantial / or 

=,hiv be called an anglers improvements. It can also give, 

‘use coarse fishing is par- from its own budget, up to one 
Ocularly popular SfSel&ne third of the corto £a fl^mg 
where good faculties in terms boat Grants of this tond have 
Df hotels tackle shops and helped develop the sea fishing 
availabUity of boats ha?e been business in Port Stewart, 
developed. In 1977 a Mr. Ian in the past 18 months, how- 
Huaps broke the World Open ever, with the situation in 
Five-Hour Match Fishing Northern Ireland appearing to 

Record during the Benson and stabilise, the Board has geared 
Hedges Fishing Festival in No. D p its marketing division. An 
Ireland's lakeland with a 186 lb effort is being made to attract 
citch The publicity this match more Germans to go on cruising 
generated has attracted groups holidays. For the first time this 
of anglers from the UK to take year a concern w London 
holidays in Northern Ireland. ^Hermans, is ottering 
Strancford Lough is a sea specialised holidays 
water lake and. here again is Northern Ireland, “ 

an abundance of fish including still too early to gauge 
pollock, tope, skate, dogfish and response. 

wrasse Two boat operators Another drive is being made 
work out of Purtaferry for ^ u^. with the current 

anglers. There are also some faS hion there for seeking out 
300 miles of largely unpoUuted rootS| Northern Ireland is hop- 
coastline, and in Port Stewart ing t0 ^ 0 n the fact that 
there are three boats devoted 10 U.S. presidents descended 
to amateur anglers. w from Northern Ireland fwiuUes 

A second type of holiday — or so the Board claims. A com- 
which has grown in popularity pan y called Bestways m New 
cruising. It is possible to Yo rk is offering holiday scalled 
cct a seven-berth cruiser on the American Heritage Trail. 

Louch Erne for a week for some* a drawback to pullmg m 
Ihinc like £150, which the v j S j tor s from Europe and the 

authorities reckon is a third u, S . is that the femes onlygo to 
cheaper than cruising, say, on the England, Scotland and Wal«, 

Shannon m the .outh. Loush and there are no WjM 
Erne is ideal for cruising. The stopovers at Aldegrove, 

'nn'umcrablc'isl'ands'to it is hoped to dc , som£ 

Els <yr 

facilities like shops an ? diate fuTure is Sp 

restaurants have been developed lessening of the violence, toe 

Ma ffi 5SW!M 

10 siaifs^sr-^ 

The Tourist Board, having Ireland as a whole 
decided that while the troubles i S some spillover- 
were at their height promotion As Lord O’Neill, djnJ^ 
wls a worthless exorcise, Northern Ireland Tmirnt 
dnvnted a lot of i« £500.000^ B03 rd, pnu 
year budget to improving message is that ^er eignt y 

facilities. . of shecr ^fTiust a glimmer 

The Board, for example, is beginning to see just a S 1 — 

SSSSlrf cSSS?£SS ot IighU " stuart Dalbyj Danfort . 120 Malone Road - Belfast . BIO SET _ TeU Belfast (0232) 661100 . Telex: 747114 
fur hotels which can amount to 


Which is not surprising, since it is our 
policy to keep pace with today’ s. 
developing technology and to supply the 
demands of industry — from the largest 
multi-national to the smallest 
entrepreneur. 

For full details 

of how we can be of service to you 
contact our Commercial Director, 

Rex Thompson. , 

You’ll find there’s nothing 
Lilliputian about our ideas on 
industrial electricity. 



Northern 

Ireland 

Electricity 

Service 






26 



In Northern Ireland, Bank of Ireland 
works. 

Works to provide industry with the 
money it needs. Works to offer industry the 
advice it requires. Works to help industry 
build vital new jobs. 

In.'Northern Ireland, Bank of Ireland 
works. 

Try us. And see. 

Bank (f Ireland. 

General Manager— Northern Ireland, 
'• P.O. Box 1 3, 54-, Donega.il Place. Belfast, BT1 5BX. 

Telephone: 44901 Telex: 74327, 


| Financial Times Tuesday July -4 1978 

NORTHERN ilRELAND Vin 






will be a lengthy task 

'4 

PROGRESS TOWARDS dealing Against a background of wide- dashboards and Walker Ten- from 212,000 in 3959 to 173,000 possible. Future Inwestmantf 
with Northern Ireland’s major spread closures ux the mid-1970s neco. manufacturing silencers: last year. Largely because or fibres is DiOre^lJKeiy w redm 

problem of unemployment is many of them the result of Also in the past month Harlad& structural changes in industry than create jobs and ttua cou] 

like the defeat, of terrorism — UK public expenditure cuts — a and Wolff, the Belfast ship? and the patterns of trade. Total be the pattern in some otnt 

something which few people report drawn up by a team builder, fas reached agreement; employment m manufacturing sectors too. . ■ 

would be prepared to predict under the chairmanship of Dr. with MAR of West Germany 4b among women— many of whom Nevertheless the rest of ft 

with any confidence, but over George Quigley, the permanent manufac^tre diesel engidSfc used to work in the Province’s textiles and *1™°* 

the Last few weeks some steps secretary at the N.L Department securing ^employment for 400 >: |ii' once-substantial linoo ana shirt appears to bare fared margu 
in the right direetiod have been of Commerce, painted a grim the company's engine works* -V. /Industries— is down over the ally better than in other u 
made. picture of job needs in the pro- t - . i- same period from 78,000 to regions over the past deewb 

Two big U.S. corporations, vjoce. To bring down unemploy- Affo&lr -§51.000. , , with a smaller proportional 

Goodyear and General Motors, ment, currently around II per ^ Ufl vh' Employment in service Indus- decline in employment. Tfc 

have both announced substantial cent, to even a still very high 7 The a^ack on unemploynw^Tries is up almost 50 per cent Provinces linen industry mi 
investment plans in the region P er cent by 1980 would require is also -being mounted 'front over the same period from now have reached an econom; 
and a number of other major berween 3S.OOO and 44,000 jobs, an other direction through '•'a^^Ol, 629 to 298.454, but the level after substantial contra 
schemes are already under way. while -to -bring it down to 5 per search ffer products that can Province has also seen a sharp tion aod some major new textL 
And in what may be a pointer cent would mean finding made lqf Northern Ireland. 'ajjrdedine in agriculture, and has projects, such as Courtaulf 
to future trends, guests at the another 54,000 to 61,000 jobs. W eil ak^for suitable projects to cope with a bigger rate of integrated household textil 
Europa Hotel in Belfast the To have any chance of attain- that can*;be persuaded to settfa population increase than any plant, have been attracted. 

other week had the unusual ex- ing this objective, the report there. This product search Ts other part of IV est Europe • - 

perience— in Northern Ireland decided, two main conditions one of tfe main functions of fha except the Republic of Ireland. PrOSD6CtS 
anyway — of seeing, at break- would have to be fulfilled. One Northern Ireland Development -Employment on the land,- still . V. ~ . , . 

fast time the first major party was a need to strengthen the Agency^set up two years ag& ibree times as high proper* in the Provinces other rnai 
from Japan for several years economic planning machinery to w jth a budget of £50m atxo^a tiouately as in Britain, is also manufacturing sector — food pr 
to come to cast eyes over invest- enable planning to go ahead on remit to act as a high Tb* t0 decline. cessing, drink and tobacco^ 

meat opportunities in the Pro- a sustained rather than an ad merchant bank. The agency ha& In sP ite of th,s t ^ ierc w a employment over the past * 
vince. hoc basis, A key feature of the successftdly established gi belief that in industry at least years has remained relative! 

The increased interest in the new system,.it suggested, should bicycle .manufacturing operate shaken which has taken stable at around 2HOOO w 
Province, is in part a reflection ^ * re-formed Economic tion> viking, in Londonderry^* 1 ®** ov r cr . rcccnf 3**” ™ result of the continued devek* 





flare-ups. Though it may re- !”“ re I ^i < £ arties 10 the pIan ' Strabane. It also has a stake. in; £|S rc m e i neenmr Clearly the prospects for a 
appear from time to time. Xor- S? ie P ^S^' and morP Glen which it inherited from Its ?n?dpfpnc^ these sectors depend to a ver 

wnrid pv*»rw t0 improve the conditions for C «j tK . r hnui „.. th. tlal broadening of the Northern recovery from recession and- 

industrial growth within the Unl ^ k ® N ,?^’ 5f p Ireland industrial base, which because many Df ^ e , C(>,np p an . l *_^- 

malists are as a result more Province to encourage exoan- a * en, 3 r been abIe “ *f liev ®. is no longer so heavily in NX are subsidiaries of 

prepared -to accept invitations s j on by existing industry as well ltsel£ of lhe responsibility of d epen< j enl on shipbuilding and concerns— on Britain’s ability t 

ProvmceSre SE* “ as to attract o^tside^estoent. taSS and therefore vSlw* maintain or increase its shar 

Industry’s complaint over elec- has Pa®“ d 153015 If able to their problem. Together ot world trade. 

Incuroc tnefry charges— which had these two sectors accounted For So far as recovery is cor. 

closures risen as much as 30 per cent projects which are going to take one . third of all manufacturing cemed it has to be said ther - 

. Businessmen-who are in a abo *« those in Britain-was | “ft? ® mploy “- ent in 1960 but tlw ** ia mUe of lt *' “ yM , fe . 

sellers’ market when it comes backed, and action has now been L", SJ Portion is now down, to one- most N. Ireland compare 

to locating new plants— would taken - Th 6 - Northern Ireland sixth - Harland and Wolff has Industrial production in th 

still be reluctant nevertheless to Electricity Service debt of plagued with halved its labour force to 9.000 Province-which like other U1 

invest in the Province if the £227m was wiped out and £I00m tecnnicai irouoies. . and has diversified away from development areas usually feel 

advantages of do ing. so were not has been made available over 5 The agency is on the lopfcout bulk carriers to ferry ships, off- the benefits of an upturn afta 

pretty immense. The boost that years t0 heI P kee P TOSts down » for jolnt venlurcs> . Uce *^ n , g shore oil equipment and even t he more prosperous South Eas 

Northern Ireland'*- Industrial b * * ich time !t I s h °P ed ^ arrangements or other gals motor cycle parts. of England— is sti 11 only aroum 

base is currently "receiving is service can again be seif- with successful companies hr it i n aerospace. another 1875 levels and below the peal 

also a response, therefore, to the supporting. is also prepared to go mtoSMJ- important sector, N. Ireland’s flim of 1073 

«<-»• tf* iMen - JS^SSiS^JSSLSi rf.*!!S 

nves package one 
potential investors aid 

three years i currently manufactured from tion with a number of groups years. ‘ TTie company ts pingQr recovery, ana the 

* oiL In a report from the British into the possibility of setting well-established as a sub- Province does now believe twe 

Gas Corporation two possible “P a mini-mill to produce steel contract supplier to\the U.S. ol 1116 important conditions foi 
approaches have been outlined from scrap in Northern Ireland, aviation giants and alphas two growth have been achieved. Ii 
—a pipeline link from Scotland Another idea currently .being other important activities— The first place the package o. 
which would give the Province looked at is a joint development missiles and the manufacture of measures is probably as Stroni 
access to natural gas, at a cost with the Northern Ireland j[ S nwn short-haul com&uter as it could be made and at al 
including conversion of around Tourist Board, aimed at creating aircraft. \ levels there is a professiona 

£70m. or a run-down of the amenities for the many fisher- i n textiles the position\is dedication to securing invest 
system and reliance instead on men who holiday around the likely to remain difficiht menL Secondly, there has beet 

electricity. The arguments are Province's loughs. because of the continued; a significant restructuring 6 

now being evaluated by the The attraction of new jobs pressures on European manu-: Northern Ireland’s existlnj 
Department of Commerce, is only one side of the employ- factuxers from low-cost imports. Industrial base, 

which also has to take into ment coin, however; the other The massive over-capacity in Even so. there can be cer 

account the effect on the is the ability of existing fibres in Europe has clouded tainly no illusions but that tin 
economics of the electricity industry to retain .or even prospects for expansion of out- task of finding new industry anc 
s T stein _ competition from Increase its numbers. For put or employment by any of employment for Northen 
cheap British gas. although more than 70.000 new the six major producers repre- Ireland is one that Is eoin~ tc 

The already generous package jobs have been created since the sented in N. Ireland— ICI, atre tch forward for at leacMiu 

of investment incentives was war ki industry, total employ- Courtaulds, Du Pont, Monsanto, ^ 
a?sn ftmvmvori «H»h tv„, Hiffo*. mpn t in manufacturing in British Enkalon and Hoechst — UUJ ‘ 


±r 


also Improved, with the differ- ment in 
ential in relation to the UK in Northern Ireland has still fallen and some further cutbacks seem 
some cases being widened. The 
Quigley report recommendation . 


R.D. 


Merchant Bankers 

i 

provides a wide range of 
Merchant Banking Services 
for both private and company clients 
whether resident in 
Northern Ireland 
or elsewhere 


t 




UNICO FINANCE LIMITED 

32 Howard Street, Belfast. BTX 6PF 
Telephone: 0232-26264/26312 
Telegrams: UNIBANK, BELFAST 

Directors: H. A. Mcllroy (Chairman & Managing) ; P. Shea, CB, OBE; 
Sir Patrick Crofton, Bart; D. O’Brien, FCA; W. Mcllroy; 

J. Y. Malley, DSO, DFC. Secretary: R. J. Brown, LLB, FCIS. 

A member of the Unico Group of Companies. 


of fiscal incentives to incoming 
Industry was rejected, because 
it would have introduced 
system radically different from 
the rest of the UK and would 
also have met with EEC dis- 
approval. Nevertheless the 
improved grants now available 
mean that virtually the entire 
| cost of new enterprises in some 
i areas is now met 

Maintained 

In training, the same prin 
ciple of “ parity plus " with the 
UK — services equal to and in 
many cases better than those 
available m Britain — is main- 
tained. The Department of Man- 
power Services is the main pro- 
vider of first-year apprentice- 
ships to young people in the 
Province, and through its 14 
centres also undertakes ex- 
tensive retraining of aduits. A 
j variety of schemes is available 
1 to make sure incoming concerns 
are not handicapped by lack of 
| skilled manpower. 

The effect of these measures 
has been to make it possible for 
the Province to go on the offen- 
sive in the search for new 
industry, at a time when some 
limited economic expansion was 
beginning to take place again 
worldwide, and over the last few 
weeks these efforts have gelled. 

A new scheme for assisting 
towards the cost of research and 
development was responsible 
for the Goodyear decision to 
locate its European rubber pro- 
ducts laboratories in Craigavon. 
Glen Electric, the successfully 
Nl-based radiator manufacturer, 
is taking over a further part of 
the Dimplex operation from 
the Receiver, and will thus be 
strengthening its position as one 
of Britain’s biggest makers of 
I beating appliances. General 
Motors will be employing 600 
people at its new £16m seat belt 
plant in Belfast, consolidating 
Northern Ireland's position as 
a major supplier of components 
to the European motor Industry. 
Ford is already represented in 
the Province and has recently 
expanded its carburetter plank 
Other important groups 

include Michelin, the tyre 
group, Kent Plastics, making 


} 


APOLLO 


EH>ted by Denys Sutton 


The world’s leading 
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Apollo Magazine, Bracken House, 10, Cannon Street, London EG4P 4BYi Tel. 01-248 8000 / 


7 


V- 


m 








Srii.i', 


Financial 1111168 Tuesday My 4 1978 



y 


T'l 


•Spoils 


•;•«! - . 
-.--I-.; 

j . • . 


't ■ 

w ■ . 



s aerospace ji 




LONG search by the UK 
jrnment for solutions to the 
lems of what to do with the 
side of the aerospace lo- 
ry may now be drawing to 
>se, and some decisions could 
n nounced before the end of 
month. One of the final 
es in this complex jigsaw 
be fitted into place this 
K when Mr. Callaghan (who 
taken this aerospace prob- 
very much to heart in 
■nt weeks) meets the West 
man Chancellor Helmut 
.uidt and the French Presi- 
t Giscard d’Estaing at the 
l summit in Bremen. 

t this stage, there are still 
■ clues as to which way the 
Government will move on 
main issue outstanding — 
«ther to link with Western 
• -ope or the U.S. in the 
el op men t of a new genera- 
t of short-to-medium range 
iners for the 19S0s. But after 
the detailed discussions of 
ent months between Mini- 
rs, Whitehall officials and 
ospace industry leaders, and 
ir counterparts in Western 
rope and tbc U.S., the British 
>inet subcommittee which 
been considering the issue 
ler the chairmanship of Mr. 
lag'nan, is now as well in- 
mod as it is ever likely to 
on all the political, technical 
1 economic issues involved. 
? only missing link appears 
be the attitudes of the West 
'rman and French leaders on 
atever line the UK proposes 
take, and it is thought likely 
it this is what Mr. Callaghan 
d his team will be trying to 
icover this week, 
rhe decisions faring the UK 
vernment are complex, and 
j outcome will determine the 
lure of the civil side of the UK 
rospace industry for the rest 
this century — both for British 
rrospace and Rolls-Royce, 
ich of the complexity- 
’ms from the wide-ranging 


By MJCHAEL DONNE, Aerospace Correspondent 


nature of the problems involved, 
but some of it fat least in the 
view of many in the industry) 
steins from the Government's 
own handling of the situation, 
in lumping all the varied prob- 
lems into one package instead 
of isolating them and dealing 
with each independently—which 
many claim would be a more 
feasible approach. 

Four problems 

The overall package which the 
XJK Government has to settle 
includes four main problems : 

British Airways’ desire to buy 
19 Boeing 737 short-range jets 
for service by 1980. instead of 
British-built One-Elevens, to 
replace existing ageing Tridents, 
One-Elevens and Boeing 707s. 
This deal would cost upwards 
of £140m, including spares. . 

A request from British Aero- 
space to start full-scale develop- 
ment of the H Sr 148 short-haul, 
feeder-liner jet, which has been 
“on ice " since development 
was halted in 1974. This would 
cost close to £200m. over a 
period of five years or so, but 
it would ease the emerging 
unemployment in the in- 
dustry', especially at Hatfield 
and Filton (Bristol) where 
current civil work-loads are run- 
ning down rapidly. 

Granting formal approval for 
full-scale development of the 
new 33.000 pounds thrust Dash 
535 version of the Rolls-Royce 
RB-211 engine, in addition to 
continued development of the 
existing Dash 22 and Dash 524 
versions of the engine. This 
would cost upwards of £200m, 
but Rolls-Royce believes that 
there will be a big market for 
the engine in the new generation 
of short-to-medium range jets. 
especially the proposed Boeing 
757. 

Deciding whether or not to 
link with the U.S. or Western 
Europe in developing one or 


more aircraft to meet the grow- 
ing demand for new short-to- 
medium range jets for the 1980s 
and beyond. This decision, which 
might- cost the UK some £30Qm 
or more, is the most complex of 
them all. for it involves choosing 
one or more of five available 
options: 

ft Rejoining the Airbus Industrie 
consortium in Europe on a for- 
mal Goverument basis, to help 
develop tie proposed smaller 
version of tbc A-3Q0 Airbus, the 
217-seater B-10. 

• Joining a new "Joint Euro- 
pean Transport" (JET.) venture, 
perhaps under the aegis of a 
reorganised Airbus Industrie, to 
develop one or more of a series 
of short-to-medium range air- 
liners that would seat between 
136 and 188 passengers, 
ft Linking with Boeing of the 
U.S. to help develop the pro- 
posed 757 186-seater short-to- 
medium range jet which could 
bring up to 40 per cent of the 
airframe work to British Aero- 
space Con wings, fuselage exten- 
sion. landing gear and engine 
nacelles) . and perhaps even 
more if the Rolls-Royce RB-211- 
535 engine is also made part of 
the aircraft 

ft Joining McDonnell Douglas 
on developing new versions of 
Advanced Technology Medium 
Range (ATMR) transport, 
as part of a package that 
could also include collabo- 
ration on military aircraft 
guided weapons, the market- 
ing of other aircraft, such 
as the HS-146, and possible 
joint development of a second 
generation supersonic airliner, 
ft Joining Lockheed of the U.S. 
on developing new versions of 
the TriStar airliner, such as the 
proposed Dash 600 twin-engined 
TwinStar for short-to-medium 
ranges. 

Each of these options has 
its own problems, giving rise 
to sharp divisions of opinion, 
inside and outside the aerospace 


industry- For example, the 
British Airways desire to bay 
Boeing 737s has been attacked 
by trades unions in the indus- 
try, who believe that many jobs 
will be threatened if the One- 
Eleven production line is 
allowed to run down. British 
Aerospace itself has bitterly 
countered the BA argument 
that the 737 is a better and 
more profitable aircraft to buy 
and fly than the One-Eleven. 

There are also some 
marked differences of view both 
inside British Aerospace itself 
and in Whitehall on the market 
potential for the HS-146. Some 
argue that it could win orders 
for as many as 300 aircraft over 
the next few years, but others 
claim that this is wishful think- 
ing and that the aircraft is little 
more than an attempt to meet 
the problems of a declining 
work-load on the civil side of 
the industry. 

For Rolls-Royce the full-scale 
launch of the Dash 535 version 
of the RB-211 is vital to 
its long-term future in world 
aero-engine markets, especi- 
ally in the short-to-medium 
range airliner field. It is 
regarded as essential if 
the UK is to have any share of 
the Boeing 757 project, for 
example (Rolls-Royce believes 
the Dash 535 could become the 
*' lead engine ” in that pro- 
gramme). Rolls-Royce is thus 
pressing hard for a decision in 
favour of British Aerospace 
joining with Boeing in the 
development of the 757. Rolls 
argues that it sees no future 
for itself in the current 
Western European proposals 
for either the B-10 version of 
the Airbus (which would use 
the existing General Electric 
CF-6-50 series of big-thrust 
engines) or the JET pro- 
gramme. which is built round 
the Freneh-U.S. (Snecma- 
General Electric) CFM-56 
engine. Rolls-Royce also wants 


to see British Airways joining 
:With Eastern Air Lines of the 
U.S. as “launching” airlines 
for the 757 with the 535 engine. 

Added to these complex issues 
are uncertainties over which 
way the world's airlines them- 
selves intend to move. Boeing, 
for example, is anxiously woo- 
ing the biggest airline in the 
Western world, United of the 
U.S., in the ' hope that it will 
become the main "launching cus- 
tomer” for the twin-engined 767, 
a 200-sealer which is the main 
aircraft In Boeings future 
development programme, but 
which is a direct competitor to 
the European B-10 version of 
the Airbus. * But United is also 
closely studying the B-10, and 
has made it clear that it will 
choose the aircraft that not 
only can perform best on its 
route network, but which can 
offer the most favourable finan- 
cing terms- The battle is likely 
to be dose, and few in the air- 
line industries on either side 
of the Atlantic dare to predict 
which way it will eventually go. 
But if the B-10 Airbus were to 
be bought by United, the Air- 
bus Industrie consortium would 
be immensely strengthened, as 
would the case for the UK re- 
joining it on a formal govern- 
ment basis. At the same time, 
Boeing’s plans for a new family 
of jets would be dealt a severe 
blow, and that company might 
be all the more anxious to seek 
a partnership with the UK on 
the smaller 757 in order to get 
at least something new rolling 
while- it looked round for other 
launching airlines for the 
bigger 767. 

One package 

It is because all these 
decisions are so complex that 
many in the UK aerospace in- 
dustry are surprised the UK 
Government should appear to 
be trying to settle them col- 


lectively in one package. The 
view is widespread that it would 
be simpler to split the problem 
into its component parts, and 
solve Che various issues 
separately. 

For example. It is argued that 
British Airways’ desire to buy 
737s instead of One-Elevens has 
no real bearing on the longer- 
term question of whether or not 
British Aerospace joins with 
Boeing in developing the bigger 
757 airliner. The 737 is needed 
now, whereas the 757 will not be 
needed by anyone much before 
1983. It would be comparatively 
simple to settle the BA case now 
by a compromise decision that 
would permit the airline to buy, 
say. ten 737 s to meet immediate 
replacement needs, while work- 
ing out with British Aerospace 
a longer-term programme for 
development of an improved 
One-Eleven that would meet the 
more stringent noise and fuel- 
efficiency requirements of the 
mid-1980s. 

Similarly, there is said to he 
no reason why the Government 
cannot settle now the future 
of the HS-146 feeder-liner. This, 
it is argued, involves no ques- 
tions of international consulta- 
tion or collaboration whatsoever 
(where foreign components are 
involved, sucb as engines, they 
are to be bought off-the-shelf 
where they can be found most 
cheaply). A decision in favour — 
provided the Government is 
convinced of the British Aero- 
space marketing claims for it — 
could do much to boost Sagging 
morale in the industry, and en- 
sure that British Aerospace did 
not miss the market. TTie peak 
of spending would not be likely 
to occur until the early 1980s 
as production expanded, so that 
there would still be time to re- 
view the continuance of the 
programme in the light of mar- 
ket demand before spending got 
too high. 

Also, many in the industry 



Ch/n Crtrii t 

Final assembly line for the A-300 airbus at Toulouse. 


see no reason why the Govern- 
ment cannot formally authorise 
now a go-ahead for full-scale 
work on the Dash 535 engine. 

It is argued that a decision 
in favour of -the 535 engine now 
could do much to help develop 
a climate of confidence in it for 
the long -term future. Boeing 
would be able to offer the 757 
airframe backed by a firm 
engine development programme, 
while Rolls-Royce could press 
on secure in the knowledge that 
even if the Government eventu- 
ally decided to adopt a Euro- 
pean solution for its airframe 
problems, the development of 
the engine was guaranteed. 

Neither the HS-146, the 
BA 737 proposal, nor the 
Dash 535 engine, involves 
any significant international 
political considerations, and 
by clearing them out of the 
way the Government eou&d dear 
the decks for the major long- 


term strategic decision — 
whether to join -the U.S. or 
Wesieni Europe on the nexs 
generation of airliners. 

On she Government's side, 
however, it is equally forcefully 
argued that all these decisions 
require the commitment of sub- 
stantial cash resources, perhaps 
adding up to as much as £lbn 
over the next few years. Any 
derision taken too hasLily might 
prove ,to be wrong in a year or 
so's time, so uncertain is the 
state of .the world market, with 
consequent waste of money and 
bitter criticism of Government 
actions. Ministers prefer at this 
stage to tread cautiously, and 
to discount much of the pres- 
sures from the industry. But 
it seems increasingly likely that 
by mid to late July they will 
be ready to announce their pro- 
posals for the industry's long- 
term future. 


r 

r*. 


;■ » 

• : »’ 

) l.i ; 

i’v> 

■j 

i* ' ■ ■ 


Letters to the Editor 


Changing 
patterns 


-mu the Managing Director 
sco Stores t Holdings ) 

Sir. — It has taken Britain two 
.•ntuiies to come to terms with 
e Industrial Revolution— and 
any problems still remain un- 
solved. The question implicit 
David l’reud’s active on the 
Kinging patterns in British 
uployment (June 28) is not so 
neb whether we are now enter- 
• the post-4 ndustria I aee; more 
bother we have the economic 
it to adapt to sucb a change 
A m two centuries but in two 
•cades. 

F resent 1y there is little indi- 
itii.'n that we have. For 30 years 
«ere has been a consistent shift 
vay from manufacturing (-0.7 
•r com i towards service i +303 
•r cent) employment — a fact 
tat both Government and 
pposition all too often ehoose 
ignore. For 30 year* the trend 
is' been tor manufacturing lo 
inirihute loss (-7.3 per cent) 
id services to contribute more 
M2 per cent) to the GDP — yet 
ill uur. decision takers pretend 
iat the evidence does not exist, 
jssibly in the hope that it will 
i away. It will not. 

This is not to deny the crucial 
lportancc uF the manufacturing 
■ctnr. On the contrary, it could 
argued that Britain’s continu- 
ia Failure to “read” post-war 
ends and. thus, to relate nianu- 
-•i ei u Hu 5 to service Investment 
one or the causes of our 
res<-itt economic weakness, far 
hile a prejudice against the 
utcr m favour of the former 
er.tials. ir is doubtful whether 
balanced investment strategy 
an ever be achieved. 

The examples of such prejudice 
re manifold, though one will 
urn re. Tl was in 1946 that the 
;,>vernmcnt introduced the 
lrlu-trial huiidmg allowance, a 
vkome incenuve to industrial 
•■generation in the immediate 
o-f-war years, in 197S, the 
tlowance (providing deprccia- 
i< iii nn industrial developments) 
■. Mill available — to )bt* manu- 
ar luring. not the service, sector. 
In my own industry, which 


now employs some 2.5m men 
and women and handles an 
annual turnover of £28ba on food 
and clothiDg alone, such dis- 
crimination has widespread 
consequences — not least on the 
price of food. In the past year 
British retailers have played a 
considerable part in meeting the 
Government’s own staled 
objectives of containing price in- 
flation — with a resultant 
squeeze on margins throughout 
the industry. 

If the Government expects 
retailers to continue playing a 
significant role in combating in- 
flation “over the connler’’ then 
it must recognise the problems 
of the industry Itself — among 
them the escalating costs of 
providing modern and cost- 
efficient shopping. The alter- 
temative is straight forward : 
the industry will be able to play 
a diminishing role in holding 
down retail prices and the 
Gm ernmenr will be penalising 
the general public for the sake 
of its historic prejudices. 

It is now more than 12 months 
since the Government accepted 
that the present operation of the 
JBA is inequitable. Surely that 
is time enough to correct the 
situation and. in the process, go 
some way towards recognising 
the transformation that is taking 
place in the structure of our 
economic life — or will it take 
Westminster and Whitehall two 
cpnturies to came to terms with 
the inevitable? If so. our pros- 
pects for survival are depressing 
indeed. 

Ian C. MacLaurin. 

Taco House. PO Box IS, 
Delmtmre Rond. Cheshunt; 
•Vvuldmm Cross, Herts . 


a body blow at the British sugar 
refining industry. For hundreds 
of years cane sugar came to the 
UK to be refined. At that time 
the cane industry could not 
readily make the qualities 
demanded. Now most of that is 
changed. 

Then there is the question of 
freight. Beet sugar is grown 
at the point of consumption. 
Cane sugar may be transported 
thousands of miles. With many 
of the UK refineries closed, 
causing considerable unemploy- 
ment. it is not difficult to assess 
tbc views of the refiners. ' ' 

Tate aDd Lyle need not 
apologise for its record.! Diversifi- 
cation may well restore its 
fortunes- If all British industry 
had been conducted as efficiently 
as “T and L ” our situation today 
might be different. 

R. G. W. Famell. 

■Idleiflh Court. .Veophnm, Kent. 


Delays in 
the mail 


Beet or 
cane 


From Mr. E. Famell 

Sir. — Your review er of '* Sugar 
and all that” (.Tunc 29 1 states 
“it is a lengthy sometimes 
endearing history of Tate and 
Lyle.” Of course. It says so oq 
the cover. 

The rise of beet sugar and the 
overproduction in Europe (prin- 
cipally France) has at last dealt 


New industrial revolution 


■rum -Mr. U. Lindsley 

Siiv — T he announcement of the 
vEB's plan to leapfrog Britain 
nio the forefront of the inicro- 
■[eetrbnics race has raised com- 
uents in many quarters, most 
■ecently from Sir Keith Joseph. 
\t the same time the unions are 
(uintijig to the great changes 
uli ich are about to overtake us 
ill now that the microprocessors 
i.i\ c arrived. All of Ibis com- 
nenl and action represents a 
iny portion of the debate which 
s about to cascade over us. 

1 am not the first to point out 
that (with rhe advent of the 
microprocessors) the new Indus- 
trial revolution is here. Like the 
3rst one its effects are going Lo 
bo far-reaching and Irrevocable 
but in two major respects the 
new revolution is totally different 
from its predecessor: first it will 
occur over a much-reduced time- 
scale and. second, this one will 
not be led by- Britain. 

Our place in the revolution 
has been taken by the 
Whether we like it or ncA that 
country dominates the computer 
field: one has only to travel 
through the industrial estates on 
the outskirts of Paris or virtually 
any other capita) city 10 sce th,s 
— the names which are seen arc 
almost without exception those 
of American companies. 1 do 
not intend to denigrate uur own 
excellent computer organisations 
or to belittle the high interna- 
tional standing of our software 
experts, but we must recognise 
the facts and do what w t can 
1 to protect our interests. 


One of the facts is that success 
depends on a mixture of credi- 
bility and experience. No matter 
how ingenious one's technology, 
the end user is going to select 
from those with a proven track 
record, and nobody can create 
an “instant track record.” even 
by putting down £50m. 

'The point is that the organisa- 
tions with the experience and 
credibility are a: ."-a ily here— they 
are American and they are so 
MTlI-on trenched that we will 
never be able to displace them. 
What we should do is t? *°™ 
powerful partnerships with me 
best of these manufacturers and 
to use our acknowledged 
strengths in software and applica- 
tions engineering to take those 
basic components and use them 
effectively in systems- At me 
same time we should use our 
considerable skills in funda- 
mental research — and allied to 
the knowledge, experience ana 
investment which exists with our 
new partners — to carry out 
fundamental research into lm 
real next generation of electronic 

devices. - , 

Government investment ^wr- 
ing these two areas would achieve 
the most in helping us to export 
products of our ingenuity. This 
55? not refer only to our 
engineering industry but to a 
the other areas into which micn> 
processors will have such a 
pronounced effect. 

D. ji. Linds ley- 
15. Glamorgan Row*. 

Hampton Wick - 

Kmgston-upon-Thomes, Surrey. 


From the Senior Vice-President 
Kurt Salmon Associates. 

Sir, — No doubt most Of your 
readers have noted the appalling 
deterioration In the mail service 
in the past few weeks. Thirty 
per cent of" my first class mail 
is taking two days or more, even 
across London, and four days in 
a recent case to Leeds : but even 
worse are the new regular 
delays o-C 10 days or more for 
Continental and U.S. mail. 

Only as a result of writing to 
my MP have I received a call 
from the South East Regional 
management, admitting that they 
have a staff shortage in the sort- 
ing office dealing with incoming 
overseas mail which is causing 
these delays. 

The Post Office Is perpetually 
breaking its contract with the 
public for first class delivery 
within 24 hours. The 9p charge 
i& a confidence trick. But the 
ideptness that can permit an in- 
crease of over one week in tbe 
delivery cycle for overseas mail 
due to a staff 'shortage when we 
have 1.5m people unemployed 
is, to say the least, unbelievable 
and unacceptable. 

Is it not time that tbe user was 
properly considered by the Post 
Office, and that a thorough in- 
vestigation by independent pro- 
fessionals was carried out? Com- 
plaints to the Post Office Users 
National Council bring forth 
only statements that pressure is 
brought to bear, which over the 
■last three years has had no 
effect. 

Is the only answer for the 
politicians to break the Post 
Office monopoly and allow 
private enterprise a chance to 
compete? 

Stuart D. Hollander. 

119-120 Hiflh Sired, Eton, 
Windsor, Berks. 

Big postage 
stamp 

From Mr. L. Greene 

Sir, — The comment George 
Szpiro (June 24) is obviously 
inviting is that the time Is fast 
approaching when an adhesive- 
backed £1 note may be affixed 
in the top right hand corner of 
an envelope as postage (second 
class presumably). 

Leonard M. Greene. 

Mark Green Management. 

27-31 Bryanston Street, WL 


special pleading -for British 
farming. His critique of our 
recently published paper 
“British food and agricultural 
policy to 1985” seems to have 
been based on a complete mis- 
understanding of the paper. 

We took as our starting point 
Britain’s continuing membership 
of the EEC — a cornerstone of 
which is the common agricul- 
tural policy. Like it or not we 
are bound by the CAP and in 
seeking to make changes to the 
policy one must recognise that 
Britain has only one voice in 
the Community’s councils. That 
there need to be changes to the 
CAP we would not deny — indeed 
in our paper we pat forward a 
list of desirable changes to. the 
CAP too lengthy to catalogue 
here. 

Far from asking for special 
treatment for British farmers 
the point we make is that 
through the inequities and 
iniquities of the green eurreney 
system, British farmers arc pre- 
sently being most unfairly 
treated. The CAP calls for a 
common market for agricultural 
produce with common prices; yet. 
the green currency system 
means that the Community as 
a whole ensures that German 
fanners enjoy support prices 
some one-third higher than those 
which face British fanners. We 
seek no favouritism for Britain 
— only competition with our 
European partners on fair and 
equal terms. 

John Malcolm. 

.Agriculture House. 

Knightsbridge. SW1 


tors. The district auditor says 
however, that the extent of over- 
booking of time and job sheets 
at the GLC must “give rise to 
serious concern.” Overbooking 
means that work is shown- as 
having been done when in fact 
it has not been done — thus giv- 
ing a false impression of the 
.organisation’s unit costs from 
which supposed savings are cal 
culated. Assertions of a parti- 
cular level of efficiency based 
on such figures are valueless. 

In defence of GLC accountants, 
Mr. M. F. Sionefrost (June 291 
says that they, had some time 
ago alerted the council to the 
situation described by the dis 
trict auditor. There is nu need 
to criticise council -accountants 
here. The real question raised 
by the revelations at the GLC is 
whether councils ought to be in 
volved at all in building opera 
tions which call for commercial 
acumen and flexibility of work 
inj> if they are not to waste 
public money. 

Incidentally, the alternative 
accounting procedures for DLO 
maintenance departments recom 
mended by C1PFA were those 
operated at Wandsworth. They 
at least seem, to have tbe merit 
of having established the depart 
ment*s true efficiency level 
since the council has announced 
that it is regularly losing 
£500,000 a year and is to cease 
housing maintenance work. 
Malcolm Hopp4, 

5. Plough Ploce, 

Fetter Lane. EC4. 


An untrue 
story 


Swiss loan 
cost 


From Sir Philip de Zulueta. 

Sir, —In his review (June 23) 
of a recent work about the 
Dulles family, your reviewer 
referred extensively to one story 
in the book concerning the late 
Lord Avon and the late Captain 
Liddell-Hart. 1 am in no position 
to comment on the rest of the 
book but I hope that it is more 
accurate than this story which I 
and others who were serving Sir 
Anthony Eden at the time know 

10 be untrue. 

(Sir) Philip de Zulueta, 

11 Vicarage Gardens, W8. 


Agriculture and 
the EEC 

Front tiie Deputy Director — 
Economics. 

National Farmers' Union. 

Sir.— -Your correspondent John 
Cherrington (June 28) accuses 
Asher Winegarten and myself of 


Local authority 
spending 

From the Head of Research 
AIMS 

Sir,— The controversy in your 
columns over local authority 
accounting has some special and 
immediate implications for the 
general public. 

The Government, while dis- 
counting suggestions that it 
wants to nationalise tbe building 
industry, is pledged to bring 
forward proposals to expand 
council building departments 
(known as direct labour organ- 
isations. DLOs). In -particular, 
it is proposed that DLo mainten- 
ance departments shall be more 
widely used, and even that they 
should seek work from private 
clients. The Chartered Institute 
of Public Finance and Account- 
ancy has now recommended that 
DLO maintenance departments 
should improve their accounting 
practices in order to relate their 
costs to market prices. Curiously, 
the procedures most favoured 
are those of the Greater London 
Council's maintenance depart- 
ment so recently criticised by 
the district auditor (June 21). 

Greater London Council has 
also been held up as a shining 
example to other DLO main- 
tenance departments because it 
is alleged to save no less than 
£Sm a year on work that would 
otherwise be done by contrac- 


From the Chairman, 

County and District Properties 

Sir. — In your article (June 29) 
on the loss incurred by the 
Greater. London Council, mention 
is made of some savings on tbe 
interest rate which are said to 
have reduced the total nominal 
loss by between £lm and £6ro. 

1 do not know how tbe savings 
bave been calculated, but 1 think 
it is worth emphasising one point 
which is not brought out in your 
article and which I believe W3S 
overlooked by the Boards of 
many other organisations which 
arranged foreign loans. This is 
that interest as well as capital is 
payable in the currency in ques- 
tion, and the apparent cheap rate 
therefore increases in direct 
relationship to the fall in the 
value of sterling. 

In the case in question the 
“ saving ” between the then 
sterling interest rate of 12 per 
cent and the Swiss rate of 7} per 
cent has progressively become a 
net extra cost. Due to the fall in 
sterling the effective interest 
rate in sterling terms now stands 
at no less than 15.9 per cent, and 
there will he a continuing loss 
until repayment 

1 would be very surprised If 
the earlier saving in interest was 
not considerably exceeded by the 
extra cost of the later years, so 
that far from there being a saving 
to offset against the capital loss, 
there will actually be a net extra 
interest cost 
L, W. Melville. 

46, Green Street SW1. 


A sort of 


century 

From Mr. J. "Wheeler 
Sir,— There has been corres- 
pondence recently on tbe 
employment of the phrase “ You 
Know." 

In the two recen t Test 
Matches, a former England Cap- 
tain in bis comments on play on 
TV roust have scored a century 
of ** Sort ofs. M 
John Wheeler. 

10. Courtwood Drive, 

Scvenoaks, Rent. 


GENERAL 

U.K. official reserves (June). 

Capital issues and redemptions 
during June. 

Prime Minister addresses special 
Parliamentary Labour Party 
meeting prior to Government 
announcement on Boyle Report 
recommendation of higher salaries 
for senior public sen ants. 

European Parliament in session, 
Luxembourg. 

British Steel Corporation annual 
report. 

Council of Europe parliament- 
ary hearing on sea-shore oil 
pollution. Paris. 

Greek and Turkish Foreign 
Ministers meet in Ankara lo dis- 
cuss Aegean and Cyprus disputes. 

The Queen and Duke of Edin- 


Today’s Events 

burgh visit Central Borders of 
Scotland. 

Mr. William Whilelaw, deputy 
Opposition leader, speaks at Moss 
Side by-election meeting. 

National Union of Mineworkers’ 
conference continues. Torquay. 

PARLIAMENTARY BUSINESS 
House of Commons: Debate on 
Opposition motion on employment. 
Timetable motion on Scotland 
Bill. 

House of Lords: Debate on 
approximation of laws in ELY. 
Motion on case of Mr. D. C. 
Anderson QC. Debate on possi- 
bility of U.S. tanker aircraft at 
Fairford. 


Select Committee: Nationalised 
Industries (sub-committee A). 
Subject: Rural bus services. Wit- 
nesses: Mr. John Horam, Under- 
secretary, Transport and officials 
(4 pm. Room S). 

COMPANY RESULTS 
Final dividends: Bassett 

(George) Holdings: Bristol Even- 
ing Post; Dale Electric: Downing 
iG. H.) and Co. luterim dividends: 
Bath and Portland Group: Lin- 
croft Kilcnur Group: McMullen 
and Sons: Winlorbotiom Trust 

COMPANY MEETINGS 
Canadian and Foreign Invest- 
ment, 9. Bishopsgaie. EC 12. 
Queens Moat Houses. St. Albans. 
12. Stylo, Bradford. 3. 



Top Priority means just 
that. It’s a great new 
express package service 
from British Caledonian. 

Packages up to 22 lbs 
( iokilos), delivered door- 
to-door from anywhere in 
Greater London/ 
Aberdeen to over 9,000 
towns and cities across 
America. Fast. All you 
have to do is call us. 



FOR FURTHER 
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NEWS + COMMENT 


DIVIDENDS ANNOUNCED 


v? •' * •■=£ ?< 


Granada’s £4.6m advance in first half 


A £46M profit advance to • 

£18.21 in is reported by the 
Granada Group for the 28 weeks - II 

ended April 15. 1978. T5iis is after a " 

allowing for the £1.4Sm integra- Company 

fcion costs of Spectra Rentals for — 7 ... . 

the 1977 half-year. Aleanten oisco tm 

The UK -rental operation Aasoc. Newspaper* 

Increased -Its profit from £5.72m Bambergers 
to £9ASm, after depreciation , _ 

£14_2m (£13.78m) and - interest Barr lA * **•> 

£025m (£L78m). Bwdgm Group 

Accounts of the overseas rental grentnalt Beard 

operation dose annually on *- tz — 

June 30. Turnover for the six Cropper tjanw) 
months ended December 31, 1977 Granada Group 
rose from £llJ2m to £14.4501, but , 1 „.. r f rrTrir .~'r.. 1 rn.. 
profit feu from £8-83ni to I0.64m Henderson Renton 
because of the costs involved in Holden (A.) 
developing 21 additional show- 
rooms in the period. 

The profit for the Cull year will 
exceed that of 1976-* ». *- 

At Granada Television a profit . [V/B A|*PI||*V 
of £49m, compared with £3 96m, * Ivl UJ. J 

was made- ^ • j" 

Earnings for the half year are SppllfllipG 
shown at 5.7p (4.4p), and an k/ v V UX ViJ 
interim dividend of U713p net is - /t-tf 

declared; last year the payment nATirTl -V I m 
was L064Sp and was followed by UVJ TT JLI dwAJUJ. 


INDEX TO COMPANY HIGHLIGHTS 

Company Page Col. Company ■ ■ 

Alexanders Discount 30 8 Kleen-g-Zee • 

Assoc- Newspapers - 30 3 London Midland India. 

Bamhergers ■ 28 "~5~~ Lyons (J.) 

Bair (A'G.) . 23 6 Marshalls (Halifax) 

Beechani Group 29 3 Merenry Securities 

BrentnaU Beard 28 4 Monk (A.) 

Cropper (James) 28 4 Reed gntnL 

Granada Group 28 1 Sheepbridge Eng. 

Henderson Kenton 30 6 Spiflers ___ 

Holden (A.) 28. 2 Sound Diffusion 


Pag-. CoL 


^ 1; Current v 
payment 

1. Cropper 1 - 

Granada Group inf- U7 

A I* -m a Henderson Keaton' 2.lTt 

st half &ssz~=±=&'. 

■ ■ Lends Robber OJ . 

Lsn ..... — ; 29i* 

13m Ml year-figures disclose a MiinMh (Mhx) 495 

second-half profit downturn, for M excmy Secs. — 3.73 

at the interim stage the improve- A- Monk 291 

meat was one of £103933 at RendUa Rubber 0.45 

XS13.03L ■ • Scot- Eastern tar. 2F 

T3M dividend total per 25p share Sound DHhufcm 192 

is lifted from S988p to 422p with Alexanders BbeMBt int. 49 
a final of 3A45p net Assoc i at ed N ewspap ers ... 396 

Tax for the 12 months took ®™*»er*era — - :■■■■ 

£236.095 • (£292903) and the A. G. InL 0.75 

retained bdma u-as £142,424 BrentnalT Beard int 0.57 

(£T3«7w/^T- Dividends shown pence per share J 




payment SnifrJ 1 
— *, 0.5 

OcL 2 1 1.06 
, OcL 2 *“191 





Aug. 26.^295 

— 0.7 

— 

OcL 2 *425 

— ^329 
Aug. 2r£.S24* 

— -^0.46 
Aug. 4^X25 
Sept 15s* 1.09 
July 31,?' 42 
Aug. 15,-392 
Aug. 2t,2J6 

— •?* 0.67* 
July 31 : 093 


Birmingham c 
£50m floating 


[ Birmingham District Counril is currently .roughly 

[ raising £50m In the biggest ios*«I same. Const gurntly, the xnl 
, umresi rate of ll j per cent In 


Asiuuura nmnvns ... mo auk. «, a-u a./a mi .la—nriv kmcer than anv :i niirtimuui of flCU (comp* 

Bunbergers 2.41 Aug. 2fc. 226 393 SI?- Issue with Jl.lU'u In yearling him 

A- a^rr 1 InL 0.75 — **0.67* — • and C* Ss yoied D- win. 4l l lie stock has b 

Brentnaff Beard int 0.57 July 31 : 093 — L28v ,ts to eoniii nc* i^Whl :«l a discount which nw 

Dividends shown pence per share net except-wherc otherwise stated. sink the that the rffecUv* margin -c 

-Equivalent after blowing for scrip Issue. tOn CapHfe tjfn w'th 1 Lloyds Bank tn. ^ v . mii;iJh ,. lbor ^ annum * 

increased by rights and/or acquisition issue. ' t Gross throughout £T, , ? C pal bankers ‘ for Jt1 ciCiij.um* with the stand 

§ Based on ACT of S3 p& cent. STo reduce disparity -with final offer forsaJe. j »»: .1 porcemase point 


BrentnaU 

slumps 

mid-term 


Bambergers fallslto £1.- 
now in better trend 


»iawx District Council floating 
rale stock 1983*3— will be pay- 
able' at a rate of I per. cent per 
annum above l.IBOft for six -tnonto 
sterling deposits. It wiU be nuul 


-m sierunK ospwhn iw«ri i 

yearly in arrears on January JJJ 


Tli,* rc-i! tot, however., 
mnii! in liit-’- afCoiitLiry mat 
dc-alini-.s. At lii*’ nwiaent at' 
imwiiirs ;;ri’ unlikely to 


from sales 


ahead of their recent national INCLUDING A.k«i of 18900, as UV” 111 llV 

elections, were glr^eT than had * A SECOND-HALF fall from sales t 

been foreseen, and so although nf ^ £858900 to £643,000 at Bam- from at 

profits of the French subsidiaries bergexx, timber products and ported 

were 50 per cent higher than last buSders* merchant group, foUowed against 

year, results are ISs dvan fore- to ShL ® SS to ^ interim downturn last fit 

cast. . an« the group finished the full morvemi 

-r i- r Marcn • Profit lor me ___ -,070 rf OU m » 


panel products sBpi 
nd £16.7m to 
iber prices were imre 
e group for much aft 
dal year due tb i 
of currencies, but' 
not quantified the It 
losses. The favoun 


n arrpa ” coiiiiitisMr.<n tm, ;,bso 

—it 3 Ju, y 5- . Title >S SO rtllvsictrttf VKfri 

The stock will be redeemed a r invent uiL-ntv Howe 

•3f-’ Pa? 0® October 3. 1983, together jafjjyj- money nrurkt-J opera lots 
ydth^ accrued nwerest In rospcci ., ik ^ {f> {,«• less i-nthusi^tic 

^ 1 ^ 5 t Uadmg may "«‘!l take p 

^ to October 3. 2Wa. at a rate of I out5lde lho St.»ck Exrhai 

per cent per annum above LIBOR Meanwhile Blrniiii^Iuni apm 
^ lor three-month sterling -deposits j Q itave twcuteU a Uim>- 


directors -say 


UD-rerim oavioeno 01 net w v ^ casu . March Sl_ 197R Pr ofit for the louveiciau ox currencies, bui-mk 

declared; last year the payment nAWTl T I 1TI Trading to -the first quarter of whale of the 1876-7T year was a J 8 * 1 ^J**”* 1 SL l978, dow ^ group has not quantified the rajaS: 

was L064SP and was followed by UU yVII £1111 ■ the current year, the? add, is £L0toi_^ from £L88m to £L3^n on external of stodTlosses. The favour® 

a final of 0.8805p. Pre-tax profit T ..„ r - riw . satisfiactoiy. thev are saJ^^reased to £3S.58m against movement of interest rates -foe 

last year reached £25m. o?^ G J^o & Tax ^r the year took £835.000 coSdouF^?” ^ 7 S3 ^ £3992m: much the group’s fin agg* 

A debit adjustment of £L7m ^ S afv^bure^Comp'S^ compared with £842,000 and after SSSgSwn inaSSemenL the opening months of yfa£arffa reduction in the 

has come tip because of a fall In net profit of Mercury Securities an .extraordinary credit for the and nave taken Initial steps to thdjmoent year are better, the of debt tfr ocn £4jm to £2.7inifigk 
sterling exchange rates. This will f rom £1 1.71m to £I0.77m to I ^f nod £101,000 and minorities, so. Also, Brehtnall has been ^ i rec ^ s say > *f d probability is reduce^evel of stock, 
te dealt waft in .the year^nd Marc h SI, MTS. year. be attntataWe^.balage.cgme out conweted .with., fetaiu problems. J. 


Half rear 
19TS iff 


, cast. J i£r - pSft 1 nr the the group finished the full movement of currencies, ® Se «nlrton is raising, fiance ;.t .» nm, 

rfnwri f 1 m Trad-mg to the fiwt quarter of JJgSto rf^thfuTB-^rea/ waiS J*** SL l978 ’ d0W ? & not ***** the daft m a QU ‘\ r J t ' r K of . “ P 

ilU WI1 £1111 ■ the current year, they add, is £L0tox.^ from £L88m to £l^o on external of stodTlosses. The favoured *g_ Ail m? the «Iun?5 he i u, t comparable bonk llrn 

tCLODING A reduced coutribu- «»«»,. , Mr sss5Mm ^ they are gal^decreased flU. asamst j—. £ MM ***£%& 

™ s'o^lSuiCS'compS?! ^S?b« edW^maSSinenS S^^J^WOujog a?m S SSort l«S«. “ ° Vt >“"• U “ “ 

5 as tfjsrrJBSt gKfflssfLM SS?®C ! & 1: " -tricentrol 

arch 3L 1878, year. the attnbutaWe balance came out connected with certain problems, unprdvtog. There has, been R the eertad half, helped and the interest payable * i iwl 

At half-way directors reported « a08.«)0 against £764,000. they add, tat they.'do not beUeve heatthy increase to honsmg starts the grog’s mterest charges ^tgr ^ period wiU be £5.7500 Tricon iru I aniiouucL-% Dial n 
at profits did not reach Ja« The di^dend is lifted to 395p that these will have' a serious m thepuiaie se cro r and tiiey hope g2090ft! to £279900. At 48p , $be. income tax) per £100 of (h an 07 per cent, of the 


TR8CENTROL 


that profits did not reach last ,,o- x U that tnese wm nave a serious "iTfiSn 16 ® income taxi per «uu m tr.irj Of per cent, of the 

S! ySris P lereI mainly ^ owing to toe (LSap) net per share with a impact on the.group. ^*fiL ^hSiaffp L P i^?e rf 7 - f «*d | stock. This rcprcAHits on interest secured loan slock Iufl2-'.i7 

US tower profitability of the metal ? fit a Profits alw> mcluded associates P^ pfe^jrate of 11-a per rent por annum, cniivoriud into ordma'-.v >hare: 


Sg^dreflnVsubSdi^ ifp 2TBL sh^mSoo ffl: S!Stadfflatlo?S3^ 

16-023 After minority interests Q f has only been bated on toe Stock Tax for the first half took expanding distribution facilities. 

V8H £2 Tim <£5.lm) and £225m from ®whange since November. 1977, £130,000 (£273900^-and there was Sales and pre-tax profits were 

isiS a deferred tax provision no longer *•, Treasury has confirmed Aat a minorities loss, of £35,000 against v JSN«J < J pest -P^J^ 

lUss required by subsidiaries, attrlbut- dividend restraint wiH not apply £37,000 profit ... £2497m (£27.43m) and £Q9am 

1L424 a bi e profit emerged at £10.32 m. * or the two years to March 31. Figures for the comparative (£l94m) .and bimtfing materials 

6-®ts (£g.gim). 1979. first half have been revised with £13 9 8 m ( £1 2 .0 9m) and £0.42m 

Earnings per 25p share before respect to foreign operations, the (£094m). 


Turnover tos.roo lower profitability of tne metal 

TTJdms surpitus 58.1-fs w.ra trading and refining subsidiaries. 

TV rental deoredaUon 16.02s After minority interests Of 

octet dmerciatiM ... t.w* £2 >71m (mm) and £22Sm from 

Profit lfi’W is. it- a deferred tax provision no longer 

Spectra cost* — 1.483 required by subsidiaries, attribut- 

Proflt before tax 1W» iLfia* able profit emerged at £1092m 

Tax 9.038 6.<KS /Cfifilm) 

2US 7, « ^ « Earnings per 25p share before 

The property investment and JJ* 
dealing subsidiary, B&rranqitiUa dividend is* up from 3.3894p to 
Investments, is paying an intenm , 72 <m d ne t F v 

dividend of i393l9p^o n October ’Directors gy that as weU as the 
-■ equivalent to 40.096 per cent £g_73m balance in the profit »nd 
gross against 36.4ol per cent- loss account, disclosed reserves 
Turnover for the half , year were boosted £0.62m, mainly 
came out at £756,000 (£740,000) owing to exchange adjustments, 
and -profit fell slightly _ from Capital and reserves are now 


is nearly 


covered. 


a minorities loss of £35,000 against gjto_as jo; forest products 
£37000 profit. £2497m I527.4Sm) and £09am 

Figures ’ for the comparative (£l94m) .and buEUEng materials 
first half have been revised with £ 13 9 2 m (£1 2.09m) and £0.42m 
respect to foreign operations, the (£094m). 


Progress at 

Sound 

Diffusion 


directors state. 

. Stated earnings per 1 
are down from S-4lp to 1 


The directors comment, that 
share trading conditions were difficult 
P ana and competition intensified' duf- 


the interim dividend payment is tog the second half. 


Strong 
recovery % 
J.Croppeif 


increased from 0931p to 0972p 
net— last year’s final was 0.746p. 

• comment ; 


Although sales were down by AN UPSURGE in second _ ,ha] 
nearly hm they say that, for last profits completed the recover yr-j 
year, the figure included over film pre-tax- profits of James Crojfpe 
5a ] pq from i subsidiary which was and Co, and left the figure fbrita 


; .v: Morgan Grenfell has subwTihod June 3ti. lflTi ib.i Iasi d;iu- 
for the full amount of the slocki ffoi* exurrise of t-imvcrsian rr- 1 
, . R. Nivison and On. are brokers Some £53900 v>i tiu- Mock 

to the issue. Harlow Meyer ami mams unconverted. :md it 
.Co. have acted as advisers - mlooUKl to convert this under 
j R': The Stock K*chanw ha-. provl5;ons o{ ifu- Trust tteert. 
admitted the stock to the Official net i co to (bk effect will bu pn 
• N'T. Ust. - AupUc.it ion lists for the j 0 rt’inuininy Mulders be 
stock will open at 10 am on. ju j.. 
m S* r. - Thursday and will be dosed later 
l^r oh the same day. - Dealinjts in • - - 

"“■A- the stock an* expected lo stnrt PAIRVIf-W FSTN 
“half Friday. Interest win accrue 

fra™, j u i v 3 Eairvlew Estates announces 

am.to irom ^u«y o. 1|w ri „ hts iss „,. 0 ( W s m 1 

pur cent first rnnrtu.igc deben- 


comment 


=•*.-«« Dittusion .sr-araL^ww 

w«aj?S5rfr “ sjftffysaLis ussssjs’^jxsi *£ asarjaa assr-KSM ZA*® 


At midway when an advice seven-vear floatme rate local .ScMMMwmi 

om £12.173 to £38270 was . re- authority stock issue even though cnmlcmcnt and i.uevs .ipp) 


a directors valuations o 

• comment balance sheets amounts 

With taxable profits 39 per cent told unlisted investments 


reserves of the banking companies Diffusion have shown an improve- iL genres fromBrentnall owing to the strength of sterling, from £12,173 to £38270 «rajf-.re- authority stock issue even thouch ,,pp 

and the excess of market or ment, as intoMlel^d^Sount £d lcmSeA AtartoofSm (£toi) net ported toe directors of this paper dealing commissions .ire no loncer b , r r; olt}so7 

Sdmilisted tov^SS?ts £ I d - ^ of the Canadian dollar against the an extraordinary credit of £0.49m ^ MofitotffiSp'hiSlquo^ * inclusive ^oi accrued *1* ^ the Biult-rin-uets, i 


£481.000. 


ahead at the half-way stage. See Lex £607,000 net 

Granada is well on target for a • jn° arranger] 

full-year total of more than £30 m. tax of £25 (K 

Interest charges, lovrer in the TT^I J of £1J42 0I 

second half last year, continued B-i f| I fl AiTl £481 000 

to fall as the group’s massive cash - a - J-vlUVU xb e 

flow helped further reduce . 1 0S9p to 121 

borrowings. Meanwhile Joss- CrW*kl*T All Princtoal 

making Transatlantic Records M1UI l UII group are t 

C£02m last year) and SpMtra’s stallatlon, sal 

” integration costs - are out of the f nrD n qc f tronic su 

way this tune. Nonetheless IOiCLaSl systems, fire 

Granada is doing well, with profits pagine am 

22“ *J£ SS AGAINST their forecast of not systems, etc. 

P“ c ^}LS? 7 e SSf 0 !, 2 l«s than 11.73m, the directors oL 

^ US 7Ur .Arthur Holden and Sons, varnish, TTl 

Commission is' SSS^oolSS iVlet 

«. *5s. w irsi “"“Sf ss, e ‘s u i SnUs 

piiH'iin... Earnings from televi- fcon^iared with £L61m last time ). SCCO 
sion may slip in the second ?5L ^ 1224m rise m sales to . 

half if the recent slower * 1 ?A2m. _ ' • __ 

trend In advertising revenue Profit it halfway were STS, 000 flAUT 


Holden 
short on 
forecast 


«wnu,vww. 0 f fh C nananian aouar against uie an extraordinary creaii ox zu.^yui - .,,.,^1 

But taking in an extraordinary Jound during the periodunder (£7,006), .reorienting deferred shnw ?“t^r 

£607,000 net relating to refinanc- review only partly explains the tax on stock, appreciation relief —oliftif ^ h o wmnri h |« r ^ r P™ - Exchar 

\ a S arrangements, and deducUn? ^ St dWe fa first half for two yeare, lifted the available 

tax of £25.000. zives a net nrofit a:.. »/JAn fMMAfle nrofit tin from Cfl Wm fA Fl 19m TllCy IlOW tll3t tdldlttK COH~ J . . _ 


gives a . ° et profits to £233,000. Canada, which profit up from £Q98m to £U2m. in^ffiiro 

°cL, /Sr 142 ’ 000, C0UplBd Wlti3 accounted for around 40 per cent Earnings are shown as, 62p ™" t ta “5L« 


had fi u °ted inclusive of accrued 
pro . interest. So far the S(ock 
Exchange has not decided to bend 
^on. the rules. However, this should 


rRTNKWATUR 

IV. IV.. Drink water, the £ 


m y *■ 


of aefpot jeopardise the success of this grave] and waste rl-spuvat , 


of group profits, is in fact loss f&Sp) per 25p share and 


‘rP current year show atL Improve- lS8W whlc h will appeal to non- hai bought fl. Saber nod 

ment over the correspMidtoe "»®«y market operators, at least, tfwi Dr ■i.vtnr. for . _ 

period. ■ ” Last week’s yearline bond rale vadi. 'v-lwv’s buvmc%s foil ■ : 


idso su^rtaak^ 9® Investment £SRSl Xgftollp 

stallatlon, sale and rental of elec- ^ d jt ^ not poss ib!e Directors say the group was w ' op 10 A ' ap * - 3 i mn 

toomc supervisory control ^ cut backexrenS to offset able to lower the level of stock- tjri* 

systems, fire alarm systems, radio f the profit setback, holding which led to a substantial Tunwvrr ....:.. •9ssJH"Ua«s«» 

Daeine and nublic address - Vf .iTSr.?: 1- Tradmn unlit unMr/.-nm 


The final dividend Is lp net! was l0 * ncr ccnJ and-slx-monOi v:r.v 
lifting the total payment Awn ,0Ml authority deposits are Pm: 
0.75p to l-5p. ’ 1 

iarr-78 : .imun 


simitar lim-s 

kWilii.T. 


says no increases are in the 
pipeline. Earnings from televi- 
sion may slip in the second 
half if the recent slower 
trend In advertising revenue 


persists during 


summer, hut directors said that the level 


Kleen-e-ze 
second half 
downturn 


BrentnaU is attempting to tighten reduction in borrowing from £=*«* w®«t 

up internal finaooal controls by £42m to £2.7m, wtoch iepnoents boos( m ik'St^c 

appointing a .fully qualified 28 per cent of shareholders^ funds, pretax pnfit jn .sibfr a 

accountant as group financial Some £0.5m of the sums set t« . 

controUer. Meanwiffle the Sasse aside for deferred taxation has 

affair looms large 6ve r the share now been released, they say. and gj™ 

price, near Its low^for the year at falls within the recommendations to reaezim 

32p. There to ’ nfe. mention of of ED 19. . . .— ; 

possible 1 proviso^ or nontta- A revaluation of all freehold A T}nv*«* 

gencies in the evenSof the group “d long learehold properties whs It TiHlI 

becoming embroUedftf the dispute earned out in March. 1B7R , arid «*■ 
between Sasse and IRB, and the a surplus arose of nearly £l.«m ^ 1 


Granada, however, is not as ?f growth will not be maintained FOR THE year to March 3L 1978, group’s own insurance cover for which has been added to reserves, 

vulnerable here as other TV com- m the second half and they fore- pre-tax profits of Kleen-e-ze Hold- errors and omissions only stands This ' together with the release 

parties like Trident and ATV. The cast profits of £LTam for the fog*, manufacturer of brushes at £2m. The group is capitalised deferred "taxation, plus net 
shares rose Bp to 109p where they foilyear. and d^ng devices, etc., show a at £2.4m, and the shares yield retained profit, increases the net 

stand on a prospective p/e of They now state that the short- JE63247 advance at £492,573. on 62 per cent, assuming an un- assets per share to 93p (6Sp). 

around 9, which clearly reflects lived uncertainties affecting tile turnover ahead from £591m to changed final dividend, which is 

the groups underlying strength, company's customers to France £726m. well covered by historic earmnex. -• Comment 


A. G. Barr i t 
makes goqd 
headway/ 



South Crofty, Limited 

- - . 

• \ 

Highlights far the year to 31st March, 197S 


J. LYONS 

. / , a. 

Adverse trading year 


Extracts from the Chairman's statement to shareholders 
for the year ended 31st March 1978 


changed final dividend, which Is _ _ 

well covered by historic earnings. • Comment PRIMARILY DUE to |ne return- 

— r— — [E^berEOT- poor, second hdf- SSSf 

. pre-tax profits down a third to °f A. G. Barr and Co, soft drinks 

£M3,000, compared with . tot ^ 

half foil nf i.tcf nvar a Ofi-h So £219,000 tO £485.000 in tlie SIX 


Turnover 
Profit before Tax 


half fall of just over a fifth-is “nmhV tn AnHi ^ nn ti,™ -Profit before Tax 
partly due to the group’s con- 

tinning switch from softwood and 0 auSiSnSr ^ 'are Earnings per share 

harfwood sales to panel products, f f^ D S JSu S tS 

PMri prodocb tend w be mono £, a thc ‘S,?® ll Dividends 

reliant on new housebuilding effectively Stepped up from 0.67p 

activity, going towards suchjtems to o,75p net. Last year’s equiva- - - « — 

K R fiC !S n L^ nd c2^ni < ^nn 8 «rh rC i e ICDt t0tal W8S fr0m ^ n>filS 
has not been strong enough to 0 f £Ll8m 

really b °ost demand. Although The half-year profit was struck ' soutn erofty lu 
the furniture aide was stronger, after interest of £2,000 (£50.000). - v L " 

demand for BambMgers panel Tax took £259.000 (£114,000). -- 

products, notably down, market There. was an extraordinary debit 
Plywood, was sluggish. In all of £4,000 for the period. 


£8,659.302 

£2.182.358 

8 -22p 

4«125p ’ 


an increase of 29-7 
an increase of47 C- 
an increase of 53 c 


Copies of the Annupl accounts may've obtained from the Secret 
South Crofty, Limited, Pool, Redruth. Cornwall TR15 3QH. 


The Year’s Trading 

The factors adverse to our U.K. businesses, to which we 
drew attention in our Interim Report in December, intensified 
during the last quarter of tfieyear under review. Id particular the 
effect of reduced consumer spending on food was exacerbated 
by the fierce price competition between food retailers, which * 
impacted adversely on manufacturers* margins. The poor 
summer weather militated against our ice cream and soft drinks 
businesses, and in France the price control regime and other 
difficulties contributed to increased losses in the Reybiermeat 
business and further delayed the planned recovery. Although, 
had they been foreseen, these factors would have dampened the 
mood of cautious optimism which was expressed in my 
Statement last July, they are nonetheless characteristic 
components of the ebb and flow of business fortunes and. 
together, they would notin themselves have prevented the 
Group profits showing an improvement over the previous year. 

However, a further factor had a crippling effect on the 
year’s performance; namely the serious dislocation of the U.K. 
lea, coffee and instant coffee markets, which followed 
commodity price movements without precedent in this century. 
This dislocation, aggravated by inappropriate Governmental 
intervention, significantly reduced the Group's profits — we 
estimate by nearly £5 million below what could reasonably have 
been expected in more normal, more stable conditions — this 
shortfall coming straight through to equity profits. The March • 
quarter was particularly bad as compared with the good March, 
q uarter of the previous year. 

Disappointing as the picture is this year both to 
shareholders and to the management and staff who have 
striven to redress the impact on our business of the world 
recession which started in 1973, we remain convinced, as we 
said in our Interim Report, that there has been no adverse 
fundamental change in the underlying strength of the Group's 
trading position. This conviction is supported by the fact that 
in a difficult year, and despite the sale of some businesses, the 
turnover in our world-wide trading operations increased, and 
also by the evidence of the trading performance of the Group ja 
the current year. 

We have continued to give priority to reducing the high 


gearing of the Group and, in spite of inflation continuing at a 
relatively high rate, have succeeded in reducing total debt by 
some £21 million, only a small part of which results from 
favourable exchange rate movements. 

There has been a reduction in reserves of £4.9 million, 
principally as a result of the decisions first to write off £2 million 
from good wil I fol lowing the closure of the Ioss-makingfresh 
meat operation which was part of the Reybier businesSia ' 
France and, secondly „to provide £2 million against the* 
possibility that our investment in Spillers-French migfijfciieedto 
be written down following clarification of that Company's 
position. i- . 

In considering what recommendation to make about the 
final dividend the Directors have had to take into accoitut hot 
only the poor trading results due primarily to the series-of 
exceptional adversities described above but also the reduction - 
in reserves following the decisions to discontinue loss-making 
elements of Reybier and Spillers-French. The Directors have - 
with great reluctance come to the conclusion that, 
notwithstanding the prospects of better results in the corient 
"'year, the prudent course of action is to conserve resources and 
not recommend a final dividend because this would further 
deplete reserves and i ncrease debt. However if results for the • 
current year are as present trends indicate^ it would betbe 
Directors’ intention to restore the dividend for the currency ear 
to at least the level of that paid for the year ended lstApri!1977. 

The Future ^ ■ 

The modest upturn inU.K. consumer spending & last 
appears to be resulting in some increased expenditure ^ food. 
Our U.K. business is benefiting from this as well as frofll the 
actions taken by managemenL There are currently similar signs 
of improvement overseas, notably in the U.S. A. 

Whilst it would be injudicious to forecast the outcome for 
the year, our experience so far in 1978 and indications from. the 
market-place, at present free from some of the perturbations 
which rendered the second half of last year so disappointing, 
pursuade us that the recovery which we planned and expected is 
only delayed and that this year as a whole should see a marked 
improvement in the performance of your Company. 







Tor several years Spillers’ overall growth and performance 
has been severely held back by the problems of baking. 
Our action removes this restraint and makes the Group 
much better placed for future growth and development.” 

— Mr. Michael Vernon, C hairman and Chief Executive 


SUMMARY OF RESULTS 

This Year 

Last Year 


£000 

£000 

Group turnover 

790,000 

769,000 

Profit before interest 

27,550 

37,651 

Profit before tax 

6,233 

. 9,982 

Loss before extraordinary items (1977 profit) 

—516. 

827 


The Annual General Meeting will be held at the Cumberland Hotel, Marble Arch, London, W.l. 
on Thursday 27tb July, 1978 at 10 JO am. 

Copies of the Annual Report, containing the Chairman’s Statement in full, can be obtained from the Secretary. 

J. Lyons & Company Limited, Cadby Hail, London, W14 0PA. 


From the Chairman’s Statement 

The pre-tax profit of the Group for 
the year to January 1978 amounted to 
£8.49 milUon compared with £1 6.01 
million in the previous year. 

The dominant factor was the 
performance of the baking company 
which returned a loss of £9.4 million. 

The Company took the drastic 
measure of withdrawing altogether from 
the breadbaking industry in the United 
Kingdom in April 1978. The decision 
was reached with deep regret because 
so many Jobs were lost In my view 
the terms of the divestment were as 
favourable as could reasonably be 
expected both for employees and 
shareholders. 

The Directors declared a dividend of 
0.525p per Ordinary Share payable on 
3rd July, making a total of 1.35p for tho 
year to 28th January, 1978. 

Outlook 

The Milling Gronp-continoes to trade 
satisfactorily. The Agriculture and Meat 
groups are showing some recovery from 
last year's disappointing profit levels. 

Spillers Foods, the Ingredients 
Group and -the Restaurants are to date 
improving on last year’s record results. 

The current year will for toe first time 
include profits from our new American 
subsidiary Modern Maid Food Products, 
Inc. The company is a leading manu- 
facturer of flour-based ingredients with, 
plants in New York, Louisiana, 
California and Indiana. It operates in 
markets similar to those of our existing 
food ingredients group in the UK. 


Consolidated Results 1977-78 1976-77 

£000*3 £000'* 

External sales 728,000 621,000 

Profit before tax . *,489 36,011 

Profit after tax ‘ .- 5,883 31,316 

Ordinary dividends 

for the year '1,987 4.050 

Our results for the yeartoTebruary 
3rd, 1979, will include aresidual loss of 
some £3.5 million from baking oper- 
ations up to April 1 978 but, despite this, 
we expect to achieve results well in excess 
pf those for the year to January 1978. 

Principal Activities : 

honing Silo at Rouen showing higher 
than expected profit Gbod progress 
with. packing plants at Gainsborough, 
and West London. 

Agriculture Modernisation of mills.: 
Loudon, Cardiff, Four-Cresses, also 
Birkenhead. Encouraging signs of 
increased sales after disappointing year. 
Farm seed business and Poultry and Egg 
companies suffered depressed markets 
but have made good improvement. 

Grocery Products Increased profits 
for fourth successive year /due to 
effective marketing, improved 
production efficiency and rig orous 
control of costs. Encouraging sales 

increase for most petfoods. 

Food Ingredients Volume sales 
well-maintained though profit margins 
lower due to intensified competition. 
Investment in product development 
stepped up in pursuit of new opportune 
ities. New U.S.A.snbsidia*yadds strength 


and provides scope for cross fertilization 
of ideas. 

Meat Difficult year resulting from 
inherent cyclical problems of the meat 
trade. Modernisation and construction 
of new plant well advanced. Vigorous 
pruning where profit making potential 
indoubt. 

International Major investments 
in Australia aud U.S.A. Difficult 
conditions for Canadian petfoods. 

Swiss interests did well. Greek and 
Middle-Eastern agricultural 
operations up lo the mark. Record 
results in Rhodesia. Profitable milling 
in Zambia. Modem Maid expanding 
production facilities. 

Restaurants Record Profits. Top 
management strengthened. Good 
opportunities Tor growth being 
vigorously pursued. 

Copies of the Annual Report 
containing the full Statement by the 
Chairman may be obtained from: 

The Secretary. Spi/fers Limited, 

OM Change House, 4~6 Cuiumi Street L 
London £C4M 6XB. 

. The Annual General Meeting will be 
held at 12.00 noon on Wednesday ~6th 
July at Painters’ Hall, 9 Little Trinity 
Lane, London EC4. 



cW^y>’^ 





29 




Financial Times Tuesday July 4 197s 

Growth seen 
or Spillers 


IOUGH RESULTS at Spilleis 
e current yew win include 
-m residual loss from bread* 
B ojwrations, profits well in 
3 of the 1977-7S level are 
led. Mr- Michael Vernon, 
hatrman, says in his annual 
neat 

■ Rroup has also negotiated 
t banking: agreement which 
its facilities up to £68.1 m 
September 30, 1979. The 
y includes the 52 Qm received 
quent to the January 2S, 
year end to finance the 
sition of Modem Maids 
Products of the U.S. At 
ce date aggregate bank 
were £42-27 m. 

Vernon says that the drain 
•ofits and the pressure on top 
gemenr time caused by the 
t-baking business in recent 
was enormous, and says 
with a secure profit base the 
j is now far better placed 
ate advantage of oppor- 
ies in its other markets. 

? current year will also 
de for the first time profits 
Modern Maid. This company 
mpleting an. expansion pro- 
file and w*U give Spill era a 
base from which to grow 
ortih America. 

its UK- based businesses it 
aegun the year satisfactorily 
Sts mtiUng group benefiting 
some preference of jndepen- 
bakers to purchase from a 
r who is not also a baker, 
e agriculture and meat 
ps have shown some recovery 
the disappointing profit 
s of last year and the 
dients and restaurant opera- 
are showing better profits, 
previously reported, pre-tax 
t for the January 2S. 1978 
fell from £16m to £8.49n> 
the bread operations con- 
itirg a £9.4m trading loss, 
aordinary losses, including 
7ra for die withdrawal from 
d baking, were £23. 02 m 
m>. 

- Vernon says that the flour 
■ly contracts with Associated 
sh Poods and Ranks Hovis 
oogall which followed from 
sale of 13 bakeries to the duo- 
pril, coupled with its substan- 
trade with independent 
■rs. enables the company to 
ahc?rt with confidence. 

1 the agriculture side the 
ldels of mills in London, 
Jiff and Four Crosses have pro- 
■d encouraging signs of 




Reed determined to tackle 
remaining problem? 



BOARD MEETINGS 

The foUtnrlnc companies Pave, notified 
dales of Board meetings. to lhc Stock 
Exchange. Such meetings are usually 
held for the purposes or coashleting 
dividends. OEBclal indications are not 
available whether dividends concerned 
art* in t er ims or Quote anti the cub-divisions 
shown below ora based mainly on last 
year 1 ! timetable. 

■TODAY 

Interims— Bail] anrt Portland, Linen) ft 
Kllfiour. Wmierbottom Trust. 

FlnaJs-’Ceorge Basse tl. Bristol Evening 
HJglt H- Downing, Eucalyptus Pulp 
M ill s . Frank G. C ams , Hampton Gold 
Mining Areas. Besmore, Tex Abrasives. 

FUTURE DATES 

Interims— 

Countryside Properties July j* 

Derby Trust Joiy at 

Lowe (Robert a.) jtfy a 

Finals— 

Snuah Dredging July 10 

Bnrioowood Brewery July 6 

C. H. Industrials July IS 

Celeotloo Industries Jnly e 

Christy Brothers July 7 

Colmorv Investments July 5 

Commercial Bonk of Australia .„ July 27 

Lennons jujy j 

M arlin g Industries ..." July 11 

Moorgate Investment ... July li 

Norton <ff. E.) July J2 

OU and Associated Investment TSt July IB 

Smith (David S.l July s 

Technology Investment Trust ..... July 5 

Tooihill fR. W.) July 7 

Warner Holidays .. July 7 

wukms and Mitchell July e 

H'yndham Engfoeering .. July IS 

increasing sales and improved 
profits in recent months. The egg 
joint venture has made a good 
start to the year. 

On the meat side considerable 
rationalisation of unprofitable or 
low profit activities took place last 
year and this policy will be 
pursued this year. 

With its export operations a 
rationalisation programme is 
underway and a more concentrated 
approach to exporting Is expected 
to help the group develop a larger 
and more profitable business. 

With restaurants, a vigorous 
marketing policy has been adopted 
to capitalise on the trading pattern 
established in its existing restau- 
rants, and new sites are constantly 
being researched, Mr. Vernon says. 

The accounts have been qualified 
by Deloitte Haskins and Sells, the 
auditors, following the inclusion of 
net tangible assets of £7.1m. for 
Rhodesian subsidiaries and a 
£0.6Sm profit from this source in 
the profit and loss account 

Meeting. 9 Little Trinity Lane, 
EC, July 26 at noon. 

See Lex 


MAJOR PROBLEMS remain at 
Reed international and the direc- 
tors still have a lot to do but at 
least they are dear as to how it 
should be done Mr. Alex Jarratt. 
the chairman, says in his annual 
statement 

He says that the March 31, 
1978 year was eventful and difficult 
but was also a year when many 
group companies turned in record 
results and when progress was 
made in tackling its most diffic ult 
problems. The group emerged 
operationally stronger than when 
it entered the year. 

As already reported pre-tax 

e rofit rose from £74.6xn to £81m, 
ut after extraordinary losses, tax 
and dividends a £25 .9m loss 
f£5-2na profit) was transferred to 
reserves. 

Mr. Jarratt points out that the 
company’s proportion of debt , to 
equity remains too high, as in 
consequence is Us interest charge. 
The return from a number of 
operations is still too low and 
Canada’s poor performance, fang 
a disproportionate effect on 
attributable earnings because of 
Reed's inability to offset these 
losses for tax purposes. 

But there should be no doubt 
about the board's determination 
in tackling the problems, nor in 
the determination to restrain and 
then reduce the company's debts 
while ensuring sufficient resources 
are available to maintain and 
improve the profitability of its 
mainstream activities. 

Be says much has been done 
in Canada 'since the new manage- 
ment took over a year ago. 
Central costs have been slashed, 
capital spending pruned and a 
number of loss making businesses 
sold or closed. 

The corner has now been 


turned and the rate of loss is 
declining rapidly and manage- 
ment is committed to re-establish- 
ing the profitability of the 
company’s continuing" activities. ; 

He says there has been con- 
siderable speculation ■ about 
Reed's intentions regarding its 
future operations in Canada and 
South Africa. He says it is 
enough to say that the policy 
of maintaining mainstream, 
businesses and concentrating re- 
sources in the areas where it 
has proven skills, good markets 
and an Improving track record 
will be applied rigorously in the 
two countries. 

Two other areas of difficulty 

axe waUcovexdngs and tiles. 
Vigorous action has been taken 
wife wallcoverings and fee 
benefits of reduced costs and 
improved margins are now begin- 
ning to emerge. 

Wife' tiles* few -cost imports 
from Spain and Italy have bad a 
disruptive effect A Belgian 
factory has ■ been closed and 
management as concentrating on" 
an enlarged, fewer cost and 
highly automated plant in 
Boland. 

After fee sharp downturn in 
attributable profit last year fee 
overall dividend was cut from 
13p to Sp net per £1 share, and 
this rate will continue this year 
wife a 8p interim jfimmed. 

Mr. Jarratt says feat when it 
rerrrv* to consider fee final and 
future dtridend. policy -the Board’s 
man n doubt was the speed at 
which it could expect resolution 
of Che problem areas in an 
uncertain economic climate. 

While reasonable trading is in 
prospect for the UK .this year it 
could prove short-lived if there 
is a re -emergence of inflation and 


Increase in capital 
spending at Beecham 


INTERIM STATEMENT 

Half year ended 30th June 1978 



fSIAEUXDUli 


Due to the rise in interest races trading has 
been unprofitable. The results for the six 
months ended 30th June 1978 have therefore 
been disappointing and compare unfavourably 
with the same period last year. 

An interim dividend of 4.5p per share (£218.775) 
on the £4.861.658 issued Ordinary Capital is 
declared (1977 — 4.5p — £218.392 — Capital 
£4.853.158). 

This, together with the associated tax credit, 
represents a distribution of 6-BIB2p per share 
(£331.477). 

The Dividend will be paid on 31st July, 1978 to 
those shareholders registered on 7th July. 1978. 


AUTHORISED AND committed 
capital expenditure at Beecham 
Group for the current year is up 
from £39.8m to £58 2m and among 
expansion plans is a £41m mod- 
ernisation. re-organisation and 
expansion programme for Its 
Irvine, Worthing and Crawley 
pharmaceutical plants. 

Part of this includes a chemical 
plant at its Irvine factory where 
£10m was spent last year on a 
new fermentation and side-chain 
plant, it is shown in the review 
with accounts. 

Exepnditure of • £2Sm has 
already been authorised for the 
UK pharmaceutical factories and. 
additional plans have been 
approved to increase the capacity, 
of the Singapore and U.S. phar- 
maceutical factories. 

Beecham products is also con- 
tinuing to modernise and in- 
crease the capacity of its food 
and drink production and distri- 
bution facilities in fee UK. Fol- 
lowing the acquisition of the 
Calgon consumer products busi- 
ness. manufacturing and research 
facilities in fee UjS. are also 
being expanded, 

The Calgon acquisition was 
turned-" from * loss making to? a 
profitable position in tbe year, 
and it bad the effect of trebling 
sales of "the U.S. 5 proprietaries 
division. 

As previously reported pre-tax 
profit in the March 31, 1978 year 
climbed from £126 5m to £142.Sm. 

In fee year the European phar- 
moceutical side strengthened its 
market position, while the group 
had a successful year in Japan. 
African. Caribbean and Middle 
East markets progressed. 

In fee research division the 
i initial clinical trials of davulanic 
add— which increases the thera- 
peutic range of semi-synthetic 
penicillins and some other anti- 
biotics— continued to bear out 
the company’s hopes. 

In the UJv. the antibiotics mar- 
ket was static for most of the 
year, while the UK and European 
veterinary businesses maintained 
their growth. 

U.S. sales growth of prescrip- 
tion medicines and animal health 


products continued. In Europe 
the cosmetics and proprietaries 
divisions progressed. 

At balance dare, net current 
assets were £2262m (£200 .2m) 
and fixed assets £lS4.5m 
(£147.501). 

Meeting. Royal Garden Hotel, 
W., July 26 at noon. 

Marshalls 

(Halifax) 

improves 

WITH turnover ahead from 
HS.57m to £22.59m Marshalls 
(Halifax), concrete product manu- 
facturer, quarry owner and 
specialised engineer, announces 
pre-tax profits up from £ l.B5m to 
£2J.6m for the year to March SI, 
1978. 

At midway when reporting an 
advance from lira to £L07m Mr. 
David Marshall, chairman, said he 
expected full year profits to com- 
pare advantageously with the 
previous year. 

ED 19 has been applied to the 
results and comparative figures 
have been adjusted. 

Earnings per 25p share are 
shown to hare risen from 24.47p 
to 34-51p and the dividend total 
is raised from 5.228p to 5.84*1. with 
a final payment of 4.85p net 
Dividends cost £351.000 (£300.000) 
after waivers. 

Mr. Marshall reports that some 
£2m was invested during the year. 
This pattern will be continued 
during fee current year and in 
fee years to come. 

Turnover for the current year 
is markedly higher than for the 
same period last year. On fee 
other hand there are many 
problems and eventualities which 
lie outside the company's control 
and which could affect the 
ultimate result 

However, all the companies are 
in a healthy state with an 
adequate amount of business 
available, and each company is 
well able to improve its profits 
and take advantage of those 
opportunities which are available. 


a deterioration of the balance of 

payments. 

There is tittle sign of revival 
in other major markets, or con- 
fidence in fee ability of govern- 
meats t» produce a concerted lift- 
off. 

Against fei s - background the 
timing of further divestments— 
which raised some £39m last year 
— has to be. carefully judged jo 
bring fee - maximum ohbiiftafr 1 ? 
benefit. 

“ Equally 4t would be unreason- 
able to expect Reed International's 
many profitable operations- to 
trade fee company out of the 
rest of its problems in a short 
time scale," he says. 

During . the year Just ended 
capital spending was cut £li.4sn 
to 158-lm and for the current 
year contracted and authorised 
spending is shown -at £38.7ra 
against £56m a year before. 

The group’s working capital -to 
sales ratio -declined from 24 
per cenf to 20 per rent in the year 
with stocks cut from £20Dnt to 
£266 bj. There was an overall 
decrease of £20.6m (£56. 7m 

increase) in working capital in 
the year and a £28 -2m -(£lS.7m) 
increase- in net liquid funds. 

At balance date net current 
assets were £289.8m (£291 -8m) 
and directors say feat at year end 
fee group had cash -and unused 
short term facilities in excess of 
£17 Om. 

They consider feat the value of 
land and buHdings is in excess 
of fee book value and say that 
for current co«t accounting' fee 
valuation showed a £109m surplus 
over the book value of £130m. 
The valuation was derived 70 per 
cent from independent valuations. 

A current cost statement shows 
fee pre-tax figure cut to £52m 
(£40m) by adcbmonal deprecia- 
tion of £3 am (£26m) and cost of 
sties of £tlm i£32m) offset by a 
G9m (£2oml gearing adjustment 
The retained loss came through 
at £34m (£Srn). 

At year end fee balance sheet 
total was £839ra (£91 5.9m). 

Meeting, Savoy Place, WC, 
August 3 at moon. 

See Lex 




OUR NEW TRADING 
PHILOSOPHY HAS 
PROVED TO BE AN 
UNQUALIFIED SUCCESS 


.(fat LtafePkaplKt.) Cbnrea 

It has enabled the Group fo consolidate further its 
position as leaders of the multiple grocery trade. 
Our dry grocery market share (A.G.B. figures) has 
moved from 7.9% pre 'Checkout 1 and is now running 
in excess of 12%. 

Turnover 

A turnover increase of 43% was achieved in the 38 
week period from the launch of ‘Operation Checkout’ 
to the end of the financial year. This compares with 
a 14% increase in the first fourteen weeks and a total 
increase of 36% for the ful I year. 

Store opening programme 

In the current year we plan to operi'16 new stores 
and three major extensions . This will increase new 
selling area by over 600,000 sq. ft. which includes 
the Nottingham and Walkden stores acquired from 
Debenhams. 

Beyond 1979 there are planned new stores and 
extensions in excess of 1,000,000 sq. ft. selling area. 

Future prospects 

The Board are confident thatthe newtrading strategy 
will result in a satisfactory rate of profit increase, 
which is borne out by the trading results of the first 
quarter of the current financial year. The Directors 
are satisfied that this trend will continue. 


May 1977 


May 1978 


UK DRY GROCERY MARKET SHARE 
* (A.G.B. figures) 


means realvalae for shoppers, staff and shareholders 

Copies otthe Annual Report and Accounts available from the Secretary. 
Tesco Stores ( Holdings ) Ltd., Tosco House, Del&mara Road, Cheshunt, 
Waltham Cross, Herts, EN8 9SL. 




The Council oTThc Slock Exchange has admitted to the Official List the whole oTihe 
£50,000,000 Birmingham District Council Floating Rale Slock I9S3/8S (‘'the Stock") 
now being offered for vale. 

The application lift will open at 10 a jh. on feih July, 1978 and mU be closed later on the 

■amc day. 

CITY OF BIRMINGHAM 
Offer for Sale 

by 

Morgan Grenfell & Co. Limited 

in conjunction frith XJoyds Bank Limited, 
principal bankers to tbe Council, 

of 

£50,000,000 “Bi rmingham District Council 
Floating Rate Stock 1S&3/85 at £99.40 per cent. 

payable in fall on application 

Inftrat'fiesi income tea) wDI be parable half-yearly on 3rd January and 3rd Jqly.ia 
•aeh of the year* 1979 to 1985 and oo 3rd October. 1985 in respect of die period from 3rd July, 
1985 to 3rd October; 1985. Interest am Quinine to £5.7500 (less income (ax) per £100 
Stock- in ropect of the pabod from 3rd July, 1978 to 3rd January, 1979 will be paid on 
3rd Jaaaarj, 1979. 

The Stock is an Investment falling within Part II of the first schedule to the Trustee 
Intesuhents Act 1961 and Is expected to bean inresment falling within Part II of the schedule 
to The Building Societies ( Authorised Inrestmems) tXo. 2) Order 1977 from lih July, 1978. 

THE STOCK. ~ The Slock was authorised by a Resolution of the Birmingham 
Pinner Cnanca("the CottodT) dated 4th October. J977aud was issued under the authority 
of tbe Local Government Act 1972 and the Local Authority (Stocks and Bonds) Regula- 
tions 1974 in accordance with a General Consent given by the Treasury under tbe Control 
of Bo trowing Order 1958. 

Tbe frock .was subscribed in fu|J by Morgan Grenfell A Co. Li m it e d (“Morgan 
Grenfell”; under the provision* of an A gr ee men t dated 3rd July, 1978, d e t ails of which 
are set out below. 

1. REDEMPTION. — The Stock will be redeemed at par, together with accrued 

interest, on 3rd October. 1985. , . , _ 

On g ivin g not leas than one month a written notice exp awe on any Interest Payment 
Date (as defined in paragraph 2 (a) below) on or ■Her 3rd Jut)', 1983. tho Conned way-, 
redeem tbe whole but not part or tbe Stock at par plus accrued interest. ■: 

Tbe Council is entitled at any time lo purchase the Stock in The opes market or 
otherwise at as y price. Stock so purchased will be fonhwiih cnnrrilrd and -win not be 

available for rexssue. '■ ? 

2. INTEREST (a) Interest (lest income tax) on the Slock wOl-be pat-able by half- 

yearly instahnems in arretr on 3rd January and 3rd July of each of the years 1979 to 1985 
hmlustvc (“Interest Payment Dates") at the mtc per annum c alculat ed as provided in . 
3(b) end 2(c) bdow and on 3rd October, 1985 as provided in -Id) below. 

(b) Tbe first payment of interest in respect of tbe period from 3rd July. 1978 to 3rd 
Jamuuy, 1979 wW be made on 3rd January, 1979 and will amount to £5-7500 (less income 
tax) per £100 Stock,belnsonehalf<.ro«maed upward to tbe nearest 0.0001 percent.! of tbe 
rate per annum determined by Morgan Grenfeff uninga& an expert and not as agent Tor ■ 
tbe Council or the Slockholdns) to be equal to j per cent, per annum above the average of 
the ntm per annum at which Morgan Grenfell vras advised by Lloyds Associated Banking 
Company Limited and National Westminster Bank Limited ("the Reference Banks”) that 
slating deposits of • marketable amount were offered in them for a period of sia months 
in tbe London inter-bank mar ket on or about II B-m. on 3rd July, 1978. 

(c) Tbe rate of interest payable (“Interest Rue”) on each Interest Payment Dale 
from 3rd July, 1979 to 3rd July, 1985 mcinstve in respect of tbe i mm e diat ely preceding 
period of si* months (“Interest Period”) will be tbe rue per annum determined by Morgan 
Grenfell feeling as On expert and not as agent for the Council or the Stockholders) to bo 
equal to 1 per cent, per annum above the average (rounded upward where necessity to the 

0*0001 per can.) of tbe rates per annum at which Morgan Grenfell is advised by 
the Reference Banka that sterling deposits or a marketable amount are offered to them for 
a period of six mon t hs in tbe London inter -bank market on or about 1 1 a.m. on the 
dny immediately preceding the co mm encement of such Interest Period. 

(d) Tbe rate of interest payable on 3rd October, 1985 (“Final Interest Rate”) in 

- . - > -*•—*- -* i — neriod of three months will be tbe rate per annum 


PROCEDURE FOR APPLICATION. AppticUoT* m be made on the 

Application Forms provided, must be accompanied by a cheque or Banker's draft Tor tbe 
full amount payable and must be, sent to Lloyds Bank Limned, Registrar's Department, 
Issue Section. Ill Old Broad Street, London EC2N 1AU and should arrive not later than 
TO ijr. an Thurmdey. 6th July, 1978. 

Applications most be for a minimum of £100 of Slock end must be In multiples of 
£100 at Stock up to €1,000 of Slot*, In multiples ot CSOO ot Stock up to £5,000 of Stock, 
In multiples of £1,000 of Stock up to £10,000 of Stock and there attar in multiples of 
£5,000 of Slock. 

A separate cheque made payable to "Lloyds Bank Limited** and crossed “Birmingham 
Loan" representing payment in full atthe offer price and drawn on a bank or branch thereof 
in England. Scotland or Wales, must accompany each application. No application will be 
considered unless these conditions arc fulfilled. Payments of £5,000 or more should be 
made by Bankers draft or by cheque drawn on a Town Clearing branch of a Bank in the 
City or London, la this connection, attention is drawn to the provision stated below 
regarding the return of surplus application moneys. 

Morgan Grenfell reserves tbe right to instruct Lloyds Bank Limited (1) to present aQ 
cheques lor paynumt and to retain the- definitive Stock Certificate and surplus application 
moneys pending clearance of applicants' cheques and (2) to reject any application or to 
accept any application in part only, irany application is not accepted, the amount paid on 
application will be returned by post at the applicant's risk and. if any application is accepted 
for a smaller amount of Slock than that applied for, the balance of the amount paid on 
application will be so returned. 

Morgan Grenfell also reserves the right to instruct Lloyds Bunk Limited to return 
surplus application moneys by means of a cheque drawn on a country branch of Lloyds 
Bank Limited lo any applicant whose application was nor supported by a Banker's draft 
or bv a cheque drawn on a Town Clearing branch or a Bank in the City of London. 

Each applicant to whom an allocation is made will be sent a dcfiniliw Stock Certificate. 
5t is expected that 6uch certificates will be posted on 6th July, 1978 and that dealings in the 
Siock will begin on 7th July, 197B. 

3rd July. 1978. 

Coplos of the Offer for Sale and Application Forma can be obtained tram the 

addresses set out below; — 

THE PRINCIPAL CHIEF OFHCER AND CITY TREASURER, P.O. Bor 50. Council 

House, Birmingham B3 3AB. 

MORGAN GRENFELL & CO. UMITED, New Issue Department. P.O. Box 23, 

4 Throgmorton Avenue. London ECZP JNB. 

LLOYDS BANK UMfTED. Registrar's Department. Issue Section, 1 1 1 Old Broad 

Street. London EC2N IAL>. 

R. NIVISON 4 CO„ 25 A ustin Friars. London EC2N 2JB and The Stock Exchange. 

LLOYDS BANK UNITED. P.O. Box 44. 125 Colmore Row, Birmingham 83 3 AO. 

CITY OF BIRMINGHAM 
Offer for Sale 

MORGAN GRENFELL & CO. LIMITED 

£50,000,000 BIRMINGHAM DISTRICT COUNCIL 
FLOATING RATE STOCK 1983.K5 
AT £99.40 PER CENT., PAYABLE IN FULL 
ON APPLICATION 

Application Form 

Tho completed form, together with payment In full, should be lodged with 
Uoyds Bank Limited, Registrar's Department, Issue Section, 111 Old Broad Street. 
London EC2N 1AU not later than 10 a.m. on Thursday, 6th July, 1978. Postal 
applications should be made by first class mall. 


Nominal amount ofSiock 
for which applies lion is made 


Amount enclosed at 
£99.40 per cent. 


w Chi ben cominria, 
& alia meta dellbpra” 

(VCH1 begun is half done) 

Success in international trade and money matters 
begins with enlisting the services of a financial 
insti rution which has the World-Wide experience and 
depth of resources which are essential. 

Credito Italiano is highly qualified for this role. 

It can bring to your business the special skills, die 
experience and die resources which make it one of 
Europe’s top banks, and place it high on the world 
ranking lisr. 

All Credito Iraliano’s comprehensive services are 
readily available to you, simply by calling our London 

branch. 

jpit Credito 

Italiano 

1 7 i\ loorgatc, London EG2R 
Telephone: 01-006 901 1 Teles: 5S3456/SSS075 Credit G 
Head Office: Milan 

Enn,-h«' Jr»i rc T rcrvmati v c orilca; LonJon.Ncw York, Lcs Angeles, 

Buenoe Aires, Giracas, Chicago, Frankturr, Moscow, Paris, 

Sac* TjuIo, Tokyo and Zuricli. 


respect of the immediately preceding period of three months win be tbe rate per annum 
_ , ~ _ determined by Morgan GrcnTeU (acting tut an expert and not as agent for the C onnell or 

I imiforl neo in tbe Stockholders) to be equal to } per cent, per annum above the average (rounded upward 

JUlllUlCU JL ISC 1 M if necessary to tbe nearest 0.0001 per cent.) of the rates per annum at which Morgan 

Greafefl is advised In' tbe Reference Banks that sterling deposits of a marketable amount 
j - • • j are offered to ibem for a period of three months in tbe London inter-bank market on or 

demand seen I about II » r m- on tbe business day immediately preceding (be commencement of such 


at Sheepbridge 

Lotrl AJjerconway, the chairman 
of Sheepbridge Engineering says! 
in bis annual statement .that in 
fee short term feeze should be a 
limited improvement Id demand 
as diesel engine makers complete 
the -necessary adjustments to 
their stockholders hi line wife 
thedr lower activities. 

This is wife the exception of 
fee important agricultural engine 
components side which seems 
likely to remain at a knv ebb for 
some fene, he says. In the long 
term business should grow for 
diesel engine pistons and liners. 

Elsewhere, group companies 
dealing wife other products- have 
good order books. 

As previously reported taxable 
profit m the March 31, 1978 year 
advanced from £5.28m to 15.56m. 
A current cost statement shows 
tbe profit reduced to £&39m by a 
fl-SSm cost of sales adjustment 
and additional depreciation of 
£L04m, offset by a fiUam gearing 
adjustment 

Meeting, Grosvenor- House, W., 
July 27 at 12.30 pun. 


THF spending 
£24.5m on 
improvements 

Trust House Forte* is to spend 
£24.3m on hotel improvements in 
the current year. This will include 
additional private bathrooms in 
feree-slar grade hotels and the 
improvement of «11 facilities in its 
four-star hotels. 

. Major individual schemes are 
being undertaken at a number of 
hotels both in London and in tbe 
provinces. These In chide the 
Waldorf where £L4m has been 1 
allocated to- redesigning and 
refurnishing all fee hotel's 310 
bedrooms and 16 suits and some 
of the public rooms, and the Hyde 
Park, where £900,000 is being 
spent on continuing a programme i 
of up-grading fee hotel. J 


Greafefl is advised by tbe Reference Banks that sterling deposits of a marketable amount 
ore offered to them lor i period of three months in ibe London faner-bank market on or 
about II »r m - oa ibe business day immediately preceding tbe co mmenc ement of such 

period*. 

(e) IT either of the Reference Batiks shall M on request to advise the Loudon Inter- 


bank market nles'reflsTcd to in paragraphs 2(c) and 2frfl above to Morgan Grenfell on 
the relevant day, tbe Interest Rate or ute Final Interest Rote (as ibe cose may bet shall be 
determined by reference to the London inter-bank market rate advised by tbe other Ref- 
erence tfrmk- If both or the Reference Bonks shall >o folk tbe Interest Rate or the Final 
Rate (as tbe case may be) stall be that determined as being Our and reasonable 
tty Morgan GredfiU (acting as an expert and not as agent for the Council or the 

Stockhcudersl- 

(f) The Council win use its best endeavours to ensure that there will at aQ tunes be 
two Reference Batiks. With the agreement of Morgan Grenfell, the Council may appoint 
any lading bank in the C&y of London as a substitute Reference Bonk. 


AppHcatlons must be lor a minimum ol £100 ol Stock and must be In multi pi as o( 
£100 of Stock up to £1,000 of Stock, In mufUples of £500 of Stock up to £5,000 of Stock. 
In multiples of £1,000 <rf Slock up to £10,000 of Stock and thereafter in multiples ol 
£5,000 ol Stock. The rigid Is reserved by Morgan Grenfell & Co. Untiled to Instruct 
Uoyds Bank Umlled (0 to present all cheques lor payment and In retain the definitive 
Stock Certificate and surplus application moneys pending clearance ol the respective 
applicants’ cheques and (il) to refect any application or to accept any application 
In part only. 

To Morgan Grenfell ft Co. Limited. 

Gentlemen. 

I/We enclose a cheque/Baidcer's draft Tor the above-mentioned sum, being the amount 
payable in full st £99.40 per cent, on application for the above-mentioned nominal amount 
of Birmingham District Council Floating Rate Stock 1983/85 (•■ibe Stock"). I/We offer 
to purchase that amount or Stock upon tbe lenm or your Offer for Sale dated 3rd July, 
1978 and I/we hereby undertake and agree to accept the some or any lesser amount in 
respect of which this application may be accepted. 1/We hereby authorise you to send a 
definitive Stoc* Certificate in respect thereof and/or a cheque for any moneys returnable to 
ntci'us by ordinary post at my /our risk to the address first given below and to procure 
rny/our n&mcfs) lo be placed on the Register as holdcrfei of the nominal amount of Stock 
allocated to me/us. 

1/We confirm that due completiiin and delivery of this Application Form accompanied 
by a cheque will constitute an undertaking and representation that the cheque will be 
honoured on first presentatio n. 

IMPORTANT. — To comply wHh tho provisions of tho Exchange Control Act 
1947, tho Applicant/*) mutt make tho Declaration contained In tho following 


of tho peril 
binding on 


OtiMlisK on UK UJBOCU reo amcnooinrcr-.. mrn i inaraiiBiBu i ui luu uu ot micrcsi 

n rtvr shan in respect of the period referred to in paragraph 2(b) above shall be certified 
to the Council and to Die Stock Exchange not later than 9 ajn. on the first b usin es s day 
of the relevant lnlerist Period and the Council will cause such rate to be pabiished in at 
least two Jeading-daHy ne wspaper s not later than the second buxines day Of such Interest 
Period. 

1 SECURITY. — Tbe Stock oud interest thereon will be secured upon aB the rates 
and revenues of the CoandL The present issue of stock will rank pari passu with all issues 
of p|rm : "y Kam District Council stock created or to be created and oil mortgages and 
granted or to be granted together with Birmingham Corporation stock treated and 


4. PURPOSE OF ISSUE. — The proceeds of tbe present. issue of stock -will be puld 
into the consolidated Ioann fund established under the ConooEdaKd Loans Fund (Binning- 
ham) Scheme. 1974, and applied (a) in the exercise of the statutory borrowing powers of 
the Cpntiril for capital purposes, (b) in replacing moneys borrowed temporarily pending 
tttf. faring of lo Mg term loans, and (din redeeming, repaving Of purchasing for extinct inn 
1 any authorised security or the Council. 

^ 5. PROVISION FOR REPAYMENT OF LOANS — Tbe Coonca is requited by the 
, Government Act 1972 and regulations mode thereunder, and by tbe Consolidated 
r fund (Binnnisham) Scheme, J974, lo moke annual provision towards repayment 
raked for capital expenditure and to make such returns to this connection as may 
be red aired by the Secretary of State for tbe Environment. 

(L REGISTRATION. — The Stock will be rcgislcrcd_and transferable free of charge 
ia multiples of £1 by Instrument in writing in oocordanco with the Slock Transfer Act 1963. 
Tbe Register of the Suck win be kept nt Uoyds Bank Limited, Registrar's Department, 
ha p Section, 11 1 Old Broad Street, London EC2N 1AU. 

In respect of ttamfere lodged by brad before noon, Stock Certificates in (be name or 
the QroiEfereefs) will be available for collection by 2 pxn. on the same day. Certificate* ia 
respe ct of transfix* lodged by post will be sent by ordinary past at the rak of the Stock- 
holders) to the (dm named) registered holder at his registered oddiett utiles* instfoctioto 
to the contrary arajgtvnt in writing. 

7. PAYMENTS. — Payments of principal and uUciett will be made by cheque, 
drawn op a Town Clearing branch ofa Bank in the Gbr of Loudon, which will be sent by 
pool to the Stockholder at his regis tered address and at his risk. In the case of joint holders, 
the cheque will be lent to tho first named unless instruction* to the contrary are sown in 
writing. Payments, of prin-jpat will be made against surrender of the relative Stock 
Certlfiaiefs). __ 

AGREEMENT WITH MORGAN GRENFELL 6 CO- UMITED. — On 3rd July, 197$ 
the C oywH 1 entered mto an Agreement with Morgan Grenfell under the terms or which 
Morgan Grenfell agreed inter aha lo subscribe for tbe whole of the Slock at a price of 
£98.40 per cenL and to bear the expenses of this Offer for Sale. Copies of this' Agreement 
ore available for inspection during usual business hours up to and Including 7th July, 1978 
at the offices ofMorsanGrenreU. New feme Department. 4 Throgmorton Avenue, London, 
Err and at ™CwncU House, Hirjnawham. 

BROKERS TO THE ISSUE. — R. Nivison Jt Co, members of Tbe Stock Exchange, 
an the took ere to the issue. 

FINANCIAL ADVISERS. — Harlow, Meyer A Co. advised the Council In relation to 
^ ‘statistics Relating to the city of Birmingham. — The following wor- 

mation bos been supplied to Morgan Grenfell by tbe Council; — 

Population [in June, 1977 (Registrar General's estimate) 1,950,600 

RaVraWoVahie—iM April. 1978 £155,887,009 

product ofa RteoftpmS— 1978-79 (estimated): 

excluding retoarera dement oflbc Rote Support Giant £IA84J300 

including rmoureesdcmeni of U>e Rate Support Grant £1,801.000 

Rata in the £~I978-79 : 

City Purposes 5Sp 

Wet M'dlrads County Council purposes 24p 

Net Loan Debt«3i u March. 1978: 

Chy Counea ISurafa* £760.4460100 

Transferred Sendees £76.125.000 

"£836,571,000 


IMPORTANT. — To comply wHh tho provisions of tho Exchange Control Act 
1947, tho Applicants) must make lha Declaration contained In tho following 
paragraph, or, n unable to do so, must delete such paragraph and arrange (or this 
Application to be lodged through an Authorisad Depositary* or an Approved Agent 
In the Republic of fire] end*. No application can be considered unless this condition 
Is hdffllen. 

I/We declare that live am/are not resident outside the Scheduled Territories" 
and am/are not applying (or the Stock as the nomine els) ol any petsonls) resident 
outside those Territo ri e s. 

Dated Jo|y_.. 1978 Signature (I) 

Please — 

use ^ 

First Nanttis] \infuU) " 

Surname and Designation 
(Mr, Mrs., Miss or 77f/r) 

Address [in j'uU including postal code) 


(In the case of joint applications, further applicants must sign and 
complete below) 

Signature (2) 


Please 

B LOCK 

LEXTERS 


first Namc(f)(ir. full) .... 

Surname and Designation 
(Mr., Mrs:, Miss or Title) 
Address(infull) 


Signature 

first A'amc(s) (in full I .... 

Surname and Designation 
(Mr. Mrj. Miss or Title) 
Address On full) 


cheque [«re ****** 

INSTRUCTIONS . . . 

1. In the cose of joint applicants, nil must sign and, in the cose or a corporation, 
this form must be completed under hand by a duly authorised officer who should state his 
dfi&jgnalion* 

1 The cheque should be made payable to "Lloyds Bank Limited** and crossed 
"Birmingham Loan”. 

3. Please pin the cheque to this form. Staples should not be used. 

4. A separate cheque, which must ** drawn on a bank or branch thereof in England. 
Scotland or Wales, must accompany rueh application. Payments of £5.000 or more should 
be nude by Banker's draft or by cheque drawn on a Town dealing branch of a Bank in 
the City or London. In this connection, attention is drawn to the provisions of paragraph S 
below reprding the return of surplus application moneys. . 

5. No rece i pt will be issued for the amount paid on application but an acknowledge- 
ment will be forwarded through tbe post at the risk ortho applicant (s) either by a definitive 
Stock Certificate (together with, ir applicable, a cheque for any amount overpaid) or by 
return of the application moneys. The right is rserved to return surplus application money* 
by means ore cheque drawn on a country branch of Uoyds Bank Limited to uny applicant 
whose application was not supported by ■ Banker's draft or by a cheque drawn on a Town 
Clearing branch of a Bank in the Giy of London, 

•EXCHANGE CONTROL ACT 1947 “ 1 " 

Authorised Deppsl caries are listed in tho current issue or the Bonk of EngmiHTs 
Notice EC I and include moat Banks and Stockbroker* in, and Solicitor* practising in, 
tho United Kin cdom. the Channel Is Linds or the isle of Mon, 

■ An Approved Agent in (he Republic of Ireland it defined In the current issue of Ibe 
Bank of England's Notice EC IQ. 

The Scheduled Territories at present comprise the United Kingdom, the dumpri 
Islands, the laic of Man, the Republic of Ireland and Gibraltar. 


V 



30 


Financial Times Tnesday J% 4 1975 


Newman 
Industries 
Limited 

International engniegring inarketinfl. 



T977 

1976 


£000's 

£000's 

Group turnover 

45.130 

28,708 

Pretax profit 

4i012 

1,649 

Profit available to 

* 


Ord shareholders 

2,795 

997 

Earnings per share 

27.2p 

12.7p 


Pretax profit for 1977 includes a contribution of £400,000 
which has arisen from the successful offer for the. balance of 
theequity in the Dover Engineering Group. 

Despite considerable expansion in activity, we have been 
able to reduce our indebtedness to our bankers and strengthen 
our working capital. This trend was maintained in eariy 1 97B 
by the sale of two subsidiaries reducing bank overdrafts by a 
further £2m_ 1978 represents the beginning of a new growth 
cycle. Our order postion is good and should remain so during 
this year. 

The investment in Avdel International N.V. with the option to 
acquire the remaining equity derponstrates the groups con- 
tinued nationalization, and- represents the potential integration 
of an experienced and 'highly competent management team 
which can undoubtedly exploit The considerable potential of 
Avdel, to enhance the growth prospects of our group in that 
the present management win be able to absorb new oppor- 
tunities this year without affecting in any way the achievement 
of our objectives. The prospects are therefore exciting and 
augur welL 

The only limiting factor affecting our future is the ability of 
those who determine the economic future of this country to 
respond to the professional competence -inherent in British 
industry. 

Alan Bartlett 
Chairman 


Brook Street Bureau 
of Mayfair Ltd 



1977 

1976 

Grpup turnover. 

£13,884,788 

£10,391,247 


. £903,974 

£672,819 

Earnings per share: 

522p 

378p 


In his annual review the Joint Chairman, Mr. Eric Hurst 
stated : — 

The upturn in demand for skilled labour -within the United 
Kingdom, first experienced in May, 1976, was maintained 
throughout 1977 and has accelerated during the current 
year. . . . Current trends suggest that profits for the first 
half of 1978 will exceed those of the first half of 1977 by 
more than 50%’. 



Allan employmenteervice should be. 


v 


Associated Newspapers 
improves by £3.46m 



in second half 


papers Group far the year ended: further development of the group. 
March 31, 1978, have expanded As reported on July '1 pre-tax 
fttito £I2m to' £15>l6m. Earning profits for the March 31. 1978, 
from trading were 1 3 .2 2m ahead- year advanced to £lJT7m (£l-22m) 
at £11. 16m. and dividends of this close com- 

The company, which is pany absorb '£152.000 (£131.000). 
controlled by the Daily Mall and Working capital increased by 
General Trust, owns the Daily £0.46m againa*- - pi aom 
Mall and London Evening News, 


SwS^lty « £4*Sm. against 
w £4t2&m. 

• comment 


WITH THE second bate producing several possibilities which are that as soon as future dividend FOLLOWING a downturn it todT- £SJ9m not current 

T8 l>r n, profits of Associated News- hoped to lead. In due course, to r estrain t legislation is clarified, way from. £489,000 to- XSSSuttO assets (£4.1 7m l and soaru- 

- they will re-examine their ditrt- HendendSifeaton, the retail. - ‘ " “ 

dead policy wfth a view to sab* nisfafng £raqp, recovered? 1 digT 
stanttafiy incieastog the level. second wsth taxaBJe^nn 

Certain longwrtandlng sab- of £l.l7toLcompared with £HftO>0 , 

md dividends $ spatial <***» apinat the and fin^d the March a. Thanks to a strong recovery in 

company were settled dorms the year ahedd at a record the latter months, Henderson- 

year. Adequate provision was against fibUm tor the -previous 53 bas offset the 48 per cent 

maiSe in previo u s years to meet weeks. \ V -?■_ ' 

the possible liability arising from And the result IndudedW 
these ditfna and it has now been cezrtionafi- credit of- £10 2iXfo 
posstole to bring to profit the time bStiwMt after a more 
portion of thise provisions no doubled . transfer to ~ 

Io :8di«£33£ A i* I®**™* ?S5>“ ;W,e 01 

with the company's conservative £20.07 


T P«i l 


runs a chain of provincial 
newspapers, and has a large 
stake in Southern Television and 
has interests -in North Sea 
exploration. 

Earnings for 1977-78 are shown 
at 23 -9p per 25p share, against 
ia.9p. The- final dividend is 
3.95Bp to make 5.775p net for the 
year, compared with 5.207p which 
included 0.036p following the 
reduction of tax. 


A. Monk 
profit cut 
by deficit 


Increased by over £2m 
higher at tm.m and 
with premium income 
income tjP by 3* per . c* 
£891.000. Record bonus levtii 
been declared for the three 
ending in the current 
(already reported*. 


„ . The company last week i 

profits shortfall in the first six fresh capital amounting to i 
months to turn In a marginally £3m ** 

higher result for the year. The able p Cr c fTS^., 

Awes jumped Bp to a year's lugh J* *^“5^ 
of BOp. While the increase in con- this new capital does not c. 
maimer spending has lifted. UK tho ownership. 

Turnover rose, JEWrm furniture sales by around 18 per 
£22£m. -cent during the flrst_ quarter Of 


Trad In* surplus — _ 

Associates — 

Investment income 

Proffc iNfara lax ..... 

Taxation 

Net esrntngs 

SxmmUain debiu .. 

Minorities 

Attributable 

Dividends — . — 

Retained 

t Credit. 

See Lex 


197S 

SBW 

11.163 

ism. 

2.437 
ISjUL 
7.999 
7.471 
-1.U7 
- 513 
S.I41 
1.7BS 
4^73 


^ At the interim stage the dfrec- 1978, Henderson's advance was 

tors said- that the full year's -peo- almost a third— reflecting a 
<0 he itppreeiaWy volume Rain of approximately 20 

ESS? lower for 1976-77. On .the per ccnl-and this helped boost 

PROFITS of A. Monk and Com- -* 1 „ . ffe ***** -Results they -Say ^tfcat second half margins by a point 

pany, civil engineering and biSd- ^J” P^ ^° r ^^. Cttrred after the vohime Increases expecWbcSa^Jn to 9 per cent. The big question 

ton ing contractor 'group, were cut by Th* rammnv has zuaranteed S e especially to now Is how long wifi the mini* 

™ * u *” nl 52 March-iuarter, continue Intone boom Inst? The furniture trade 

*h : JS June garter o£ the current year, ts usually considered to be at the 

a £0.7m credit, last 'time and at SS Sf? 0 " 4 ®- Jfifi, W sharp end of any industrial cycle, the DIRECTORS of Alex* 


Alexander 

Discount 

disappoint 


7M2 an exceptional debit of £L7lm in 

the March 31* 1978 year, against jngerwn subsidiary in the sum 

*25? toe finished fa tet S ia3m The <i2, S5rdraft £f r Jg? relnuch wifi depends’ toe' Mata u^imtCoraiuny state tita 

web at S2.7Sm compared with £2 28m pggJfjL 2s. jots. ,2?jK25u9m of toe ecoT1omy - company to the rise in interest • 

t«5 on turnover up £6 m to £71m. fSSSfll 197S ’ ^ SLSw-JE 5!!^ , 5J|SS®?S sftBs ^ quality end of the trading has been unprofltaW 

8 jg At the interim stage directors 1 jfigf afcwtag for the effect SSSiu^^S^^SiuSwit^ ^5 and »ys there isa disttoct that results tor the sis mow 

S reported proft of fOfftoi (£032m). jnxreS madefortoe SSd 3 to.79" ^ V* trend towards trading June 30. 1978. "hay® thw 

“ ow say that at the mt^.^anT^«SSf in the dally in ScoUand-and this_ls been dflappointing. , 


pxSS SZ, SS5*SS:S OT ‘XSVr, in are“F ' Of ^5^00 (Stem SEJe ZEwTSSSSSw* ‘w«l 

considerably higher than at the Se^opinfo^that ^0 further Canadian venture Tailed to get off same period, last year, 

same stage last year, and they are materbripro vision fe required. ground so the company Profit for the whole of 197 

confident that profits for the Auditors, while themselves remains dependent on the home £2.l4m (1046m), after pro* 

1978/79 year exceed the * unable to express an opinion on ft 

tax and exreptiwal item profit of this., bgve accepted the directors* ZSS&r Jf.K 

£4.44m, on a maintained turnover. 

Profits toclnded investment ^ym 

-income and interest £0.46m nADEDTC A TIT ADD 18 a 
(£0.55m) and were subject to tax IvtrDJuK APLAKJJ ime --- -- 

of £l.43m (£U3m). Minorities took The directors or Roberts Adlard every five ' ordinary 

Mr. Hugh de Beauchamp Lawwm £108,000 (£57,000). state that the dividend paid yes- *borea^, _ .. . 

Johnston, the chairman of Pilnum, Earnings per 25p share are terdgy has been calculated at The., preference dividend . will 
tells shareholders that he -sees no - shown as lojtp . (8-5 p) and the 2.458p per share instead of 2.7285p he paid, in .advance, the first pay- 
present reason why it should not. dividend Is lifted to &5085P as stated in tax vouchers. meat .being 5.9863 p net per £1 

continue to prosper, and indeed (S.17874p adjusted), the maximum A further warrant and tax share on September 1. 1978. 
to expand. In this connection he allowed as forecast, with a final voucher win be dispatched m a The/- group's balance sheet, at 
says that directors .are evaluating payment of 45G85p_ Directors say few days for the balance due. ' MarehSai shows fixed assets at 


account in the 


And 


Pitman 
looks for 
expansion 


market where four new shops are for rebate, tax and maki 
planned this year, bringing the transfer to contingency res 
* - - At- total to 73. The shares are on a and was tho highest in the 

®* il® *£!3SB p ^ e 7.4 (low {ax charge) while pany’s history 
p issue ^ the yield is 64 per cent The interim dividenc 

10 per cent Preferepce unchanged at 4.Sp net p- 

Share— last year's final was B 


EIO reduces 
underwriting 
deficit 


Better working capital situation at Lyons 


• comment 

Given the sharp rise to in 
rates and the depressed su 
the gilt-edged market. Alexa 
Discount’s terse interim state- 
that trading had been M un>. 
AN underwriting loss of £160.000 *!>!«" in too six months te 
Is reported bv the EcdesiasttcaJ Jun « n ? surprise. /. 
Insurance Office tor the year start of the; year MLR «oo c 

ended February 28, 1978. com- Per cent, toopped to 6J per 

pared with a loss of ffilO.000 In «“d then lurched back up 

the previous 12 months- Premium com— an increase of or 

THE WORKING capital situation to meet foreseeable price varia- auditors qualification. The good- indicate, the directors would in- income rose by 14 per cent, to ceat - Meanwnue, the 
at J. Lyons and Co. is currently tions. wHi is included ill the balance tend to restore the dividend to £7,7m while claims paid increased Government Securities 

more, comfortable than it. has These include bank overdraft sheet at £8405,000 after writing, at least the level or 1978-77. by 27 per cent to £54m. How. started the year at 7 8.09 ft 

been for some tima facili ties, credit facilities including off £2m. The auditors say they He later made it clear that the ever, commission and expenses P°* n t its MTS high) 

Mr. N. L. Salmon, chairmaa, arrangements for the acceleration are unable to satisfy themselves dividend rate “must depend on were reduced by £200.000 to £2.1m end ™ the «x months at BBj 

says that with, the sales, previously of amoimts .receivable and that the value of the goodwill of the resuits achieved, not prophe- and the provision for unearned ***“■ Compared with eqi 

announced of • the Tower Hotel arrangements relating to stock the remaining business is properly sled. We must wait for the interim premiums was only slightly higher wh >cn drifted 5 per cent 

and of the Alpha Hotel in held by and financed by mer- stated, because such a value is results before, saying more about at £542.000. over the period, tnc t r uo 

Amste/dam. the disposal of the chants. The group has entered dependent upon the success of the dividends.” Investment Income exceeded men * Securities index is boo 

company's hotel interests is vir- into forward contracts to purchase current reorganisation plans. He was now “cautionsly Urn for the first time, rising by 5? 1, an ? u er ? n “J 

tually complete and the funds such stock whan, it is required Since the' year end Industrie optimistic” about the current lfi per cent, and realised Invest- Ale*u»d«u* «« not nave a j 

realised, together with those from for processing.- Riimite del Panforte di Siena has year. Tetley was " back on track ” ment profits were £100.000 higher exposure in guts n couw 

the sale of tea estates in Malawi, On January 46. 1978 the interest negotiated the sale of the Park and J. L. Catering was making at JE3&D00.' The company In- escape.- the impact of the n 

have made a helpful contribution of the company’s subsidiary HoteL Siena, Italy. more profit than Lyons ever did creased Its charitable grants to 2? i w otner iwea rate p 

towards the reduction by £21m of Socifitd NouveDe des Etablisse- On March 23 1978 the US. with its original tea shops. £25D,M6 from £230,000 and u v "T? - .t? 11 

overall indebtedness. ments Raybier in Soci^tti Nourelle subsidiary DCA Foods Industries Baskin-Robbins. after a dull pre-tax profit was more, tharr ■ # S? 0 !Si ,,0 i ?!. *5 JSSJ? S* 

Furthermore liabilities and des EtahUssements Reynier was acquired the assets of GL Baking year, .was “goinp agreeably well" doubtadMt £407,000. °?. 

assets to each major overseas cur- reduced to 20 per cent following Company and Price- Wilholte and the other two U.S. businesses Mr. Allan Grant, in his chair- . 


rency are now much more in the disposal of a further 40,000 Company. “ " *" were to reasonably good shape. man’s statement, points out that to® scares yield just 

balance, and in total, the value shares. FoBowing the successful appeal Higher priority was being given new business increased consider- Ajf. 'fK n “g 

of overseas assets now exceeds In May a dectaon was made to by Reynier the French tax to gearing. “We plant to continue ably during the year, the general vLtotata 

foreign currency debt by some djscontmue VJMA loss-making authorities withdrew their assess- the steady improvement but it programme of dlversifiration eon- ti2l£S?d^i^5um5!I 
X8 JJ, ra - . . ... . .. nusat activity. Accordingly ment against Reynier of a tax will not be spectacular." ■ Total tinned to flourish both in volume MranlinctoeS 

Considerable variations in the the directors have written down liability of FFr 194m. borrowings were cut last year and profitability. On the church « 

purchase prices of tea and coffee the goodwill of Rpvbier to reflect As reported on June 23. pre-tax frmn £23Sm to £217m. r insurance side, the problems of 

during the year under review’ gave this decision. Tie net cost of profits for the year to March 31, The group hoped to beuable to under-insurance leading to in- 
rise to wide fluctuations in the such closures will' not adversely 1978 fell from £9 58m to £S2Sm avoid an increase m inteSst this adequate protection remained 

use of working capital. affect results for to® current year and the .final dividend payment year, despite the rise in j»tes so unsolved. Business In 


nature of profits from one ye 
another." 


The situation has now stabilised and the directors^ 
following reductions in the prices the remaining 
of these commodities and the properly reflects 1 
gt-oup continues'lo have access to this business. 

; facilities which, will be sufficient . This is the 


satisfied that was passed leaving the *totil at tor. f . . _ after five years of continuous CRANE FRUEHAt 

of goodwill 2.068p compared with 7472a net The AGM of the rompg&dyill effort, had reached the point of The Board of Crane Fnie 
potential of Mr. Salnon repeats in his" stare- he held at the Cumberland,Hbtel, producing reasonable under- is to propose the early repayi 
ment that If. the results for the w -> on J uly 27 at 10.30 ajxt. wTiting results. ' at par of the outstanding £231 

ah current year are as present trend's See Ler ? % During the year, the life fund 7, per cent debenture 1986-91, 


bject 



The Annual General Meeting of Sheepbridge 
Engineering Limited will be held -on 27th Juiy in 
London. 

The following is an extract front the statement by 
The Rt. Hon. Lord Aberconway, the Chairman, 
circulated with the report and accounts. 

Results for the Year 

The consolidated profit before tax for the year to 
31st March 1978 was £5,560,000, compared with^ 
£5,277,000 for the previous year. Even allowing for 
the fact that profits on the redemption of -deben- 
tures and on the sale of land added £167,000 to 
the figures for the earlier year and only £16,000 to 
those of the year under review,. the increase in 
profit this year over that of the' earlier year was 
less than the directors early orihad expected. ■ ■ 

A number of unexpected adverse factors 
accounted largely for this. Industrial disputes in 
customers’ factories disrupted and reduced our 
manufacturing schedules: sharply reduced 
demand in the last few months of the year for 
pistons and cylinder Jiners from customers en- 
gaged in making diesel engines .for tractors and 
other agricultural machines - accentuated this 
trend: and a labour dispute at the Chesterfield 
factory of Sheepbridge - Stokes was an added 
adverse factor. Moreover the appreciated value of 
the pound tended to make our quotations less 
competitive in world-wide markets. But for these 


A group of Rite mixer Concrete Truckmlxera of 6 cubic metre 
capacity, rva<ty for despatch ta Saudi Arabia. 



unforeseen Influences bur operating profits irourd 
have been appreciably higher. In addition, of 
course, the economic climate of Britain and the 
world remained sluggish. • 

In August last year we raised £44M. by aBighte 
Issue to finance capital expenditure over the 
ensuing two years to provide additional capacity 
in two of the subsidiary companies which Manu- 
facture components mainly! for diesel engines. 
The extra cost of servicing this new capital should, 
of course, be much more than met by the^tum 
upon it when it is fully deployed in.the busii#ss of 
the Group. But in the seven months of the -year 
when it was in bur hands it earned less, especially 
with reducing interest rates, than the cost of its 
service. Indeed during the current year the bulk of 
the new capital is.being progressively deployed in 
payments on account of capital expenditure on the 
two major schemes of expansion for which mainly 
it was raised and to the extent of that deployment 
■it Is no longer earning interest: the new projects 
will be completed during the financial year 
starting 1st April next. 

Dividend Recommendation 
In the context of the Rights Issue, the Treasury 
gave permission for dividends for the year tinder 
review to be raised to a total of 4.25p a sharb; An 
Interim dividend was paid of 2p a share ahd as 
your directors then foreshadowed, they '.now 
recommend a dividend, payable on 1st August 
1978, of 2.25p making a total for the year of 4;25p 



High pracf3fon Bar and Chucking Automatic Machine mariceiotfiy 
Hardirtgo Machine Tools, Exefer. 


compared with 3.414p for the 
previous year. The dividend for the 
year is equivalent to a gross 
amount of 6.439p and is covered 1.7 
times. In addition, the directors 
recommend that if the Finance Act 
reduces the standard rate of tax 
from 34% to a lower percentage, a 
supplementary dividend will sub- 
sequently be paid of the net amount 
required to bring the total net divi- 
dend to the equivalent of the gross 
amount of 6.439p stated above. 


A selection of automotive components made by 
Sksspbritige companies. 


Summary of Results 


1977/8 

£000 


1976/7 

£000 


Sales to external customers 

58,592 - 

51,597 

Trading profit 

5,544 

5,110 

Capital profits 

. 16 

167 

Group profit before taxation 

5,560 

■5,277 

Taxation 

2,998 

2,740 

Profit after taxation 

j 2,562 

2,537 

Dividends 

1,515 

^ 966 

Earnings per share 

7.4p 

~~8.4p* 

Dividend cover (times) 

1.7 

2.4* 


* Adjusted for Rights Issue 


Inside a typical branch of Advance Motor Supplies. 



Conclusion 

}n the long term, business should grow for diesel 
engine pistons and liners, .in the short term, as 
diesel engine makers complete the necessary 
adjustments to their stockholdings in line with 
thpir lower activities, there should be a limited 
Improvement in demand, except that the business, 
which is important to Us, in agricultural engine 
ix>mponents seems likely to remain for some 
jim^at a low ebb. Otherwise, in general. Group 
Companies dealing with other products have good 
order books. 

iAr. Neil Peech, who has been a director of the 
Company since its inception, and . indeed was 
before that for some years a director of the 
Sheepbridge Coal and Iron Company Limited, 
retires by rotation and is not seeking re-election. 
His advice and experience have been of great 
value and his wise counsel wiji be much missed. 

Odder the energetic control of our management 
team, the Group proved its underlying strength by 
improving profits In what turned out to be an 
exceptionally difficult period. We thank all em- 
ployees who, by their combined efforts, have 
contributed to the creditable results for the year 
and have readily responded to the formidable 
challenges put before them. 


SHEEPBRIDGE ENGINEERING LTD 
Chesterfield, Derbyshire, England 


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T™ es Tuesday July 4 1978 

Is AND DEALS ‘ 


31 




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Jovbourne not guilty 

if misrepresentation 


Premier 
Oil extends 
U.S. spread 


By Ray Dsfter, 

Energy Correspondent 


1 >M.,t 
itt'l !,„ 


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de\- 


’ k ators who buy shares in 
/’■'....flies where there are large 
wMings in itjated hands 
;;i /'••accept that Jhese sharehold- 
sill be influential in deter- 
1 g the future of the ootn- 
thc Takeover Panel said 


. . 4W. 

k 'Jhj! Arm confirmation or the 
V4 m ol major shareholders to 
'■fc* ‘Vjtielr shares as and when 

wv vished, wan contained in the 

lisu -5 


went from the Panel civinu 
pd reasons for rejecting an 
_____ 1 from W. HenshaU and 

JStiltSViI (Addfeslonej against a 
4 §■ * Ji\J|^out " bid from Bovbournc. 

■lill! ( 


nn. uJd fa -H our a higher bid was 

not considered justification for a 
waiver. 

»., , ? ie J >ancl did comment that 
for <r e Proposed Model Code 
. es Transactions by 
Directors of Listed Companies 
5?*? adopted by the Stock Ex- 
(as is intended), Hen- 
sbaii s directors would have been 
obliged to inform the chairman 
of their proposed sales which 
™Sbr have given the company 
time to arrange an effective de- 
ience, but this was something on 
" » . thc Panel did not feel 
called upon to comment. 


Major Webb claims that Twin- 
lock conducted its own investiga- 
tion into Shannon using its own 
accountants and had access to all 
relevant information. In addition, 
both parties had agreed that there 
would be no profit warranties in 
ejther direction. No profit fore- 
casts were contained in the offer 
documents, he said. "The pro- 
ceedings will therefore be 
vigorously defended." 


dalgety expands 

IN AMERICA 


!»«■ 


[< . 1 . 


:ommont 


jinn 


„jnmc, had not been guilty 
••• y misrepresentation in the 
; of its negotiations and in 
. ’ibsence of bad faith the 
did not believe the pur- 
.r needed to assume respon- 
■...'j for the decision of a ven- 
• ren if he was also a director 
v inwhile Petford, the other 
:e company which is making 
her bid for Hcnshal), said 
.._day that it was extending 
P. offer until July 7 with a 
. . lie further extension. Per- 
, ./. already has Hi per cent 
ic shares having received 
. Umces from 23.57 per cent 
; ..-!e total equity. Bovfaourne 
... aO_S per cent. 

. Panel refused to permit 
lan to issue sufficient new 
s to dliuie Bovboume's hold- 

- e/ow 50 per cent. The rule 
• -Dting any shore issues dur- 

bid for "such purpose was 
-■■mental to the City Code and 

- .-the fact that Henshall's issue 


Major webb 

TO DEFEND 


The former deputy chairman 
of Twiniock, Major G. L. Webb, 
announced yesterday that he 
would fight the proceedings 
Twiniock has started against him 
and his private concern. The 
Investment Company. 

Twiniock, in which the 
National Enterprise Board has a 
33J per cent stake, bought from 
The Investment Company in 1974 
a company called The Shannon. 
In March this year Twiniock com- 
menced proceedings against Major 
Webb and TIC claiming substan- 
tial damages arising from that 
acquisition. 

Yesterday Major Webb said that 
Twiniock alleges that it was 
induced to buy Shannon by 
reason of various profits forecasts 
for the year ended February 28. 
J975. 


Dalgety has acquired Santa Fe- 
Driscoll Packers Inc. of California, 
the largest independent processor 
of frozen strawberries packed and 
sold under private label in the 
U.S. 

Net assets of the Santa Fe- 
Driscoll company as at March 31, 
1978, were j-im and profits before 
tax S1.3m. Annual sales are 
approximately $20m. 

The acquisition is a further 
planned step in DaJgety's pro- 
gramme of increasing the propor- 
tion of its investment in the U.S. 
The turnover of Dalgety combined 
U.S. food interests will now 
exceed $ 10 Gm per annum. 


Premier Consolidated Oilfields, 
a British independent exploration 
group, has taken a stake in a 
Texas energy company hi a deal 
which could lead to further pur- 
chases of coal, oil and gas 
interests. 

Premco Petroleum, Premier’s 
U-S. subsidiary, has paid S280,000 
(£250.530) for more than 4 per 
cent of the capital of AmcO Petro- 
leum Corporation of Pallas, an 
exploration company active in 
Oklahoma and Texas. 

In addition Premco has acquired 
an option to buy 50 per cent of 
Amco’s interest in a Kentucky 
coal mining venture for a further 
$200,000 (£107320). A second 
option provides Premco with the 
right to purchase 25 per cent of 
the working interest in oil and gas 
holdings acquired by Amco in 
Greer, Kiowa and Beckham 
Countries, Oklahoma. 

Premier's U_S. subsidiary has 
been an American oil producer for 
five years, primarily in California. 
The group said in London that the 
latest acquisious were designed to 
extend Premco’s geographical 
spread. 


BRITISH VITA 
NIGERIA 


RIGHTWISE SCHEME 


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THE INSTITUTE OF 
ACCOUNTING STAFF 


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lunched in 1974, the Institute of Accounting Staff 
the premier body for accounting staff working in 
.. ms of practising accountants and in commerce, 
•• dustry and the public sendee. Members and 
udents already number 11.000. 

stitute members have full corporate status and the 
§ht to the designatory letters “MIAS.” For 
embership; successful completion of the member- 
ip examination is required, together with three 
ars’ approved accountancy experience, 
ie Institute holds its own membership examination 
ice-yearly, covering financial and cost accounting, 
iditing and tax, together with the background 
hjects of business law, economic organisation and 
ita processing. Courses leading to the examination 
■e' offered by over 130 further education and 
rrespondenee colleges. 

itry requirements for student registration are four 
\[{\\ [levels at grade C or above, including English 
nguage and a numerate subject such as maths, 
" atistjes or principles of accounts. Special provisions 
■•ply to applicants aged 21 or over with previous 

coimtancy or commercial experience... . . . ... 

ccessful completion of the Institute’s examination 
so provides the opportunity to register with the 
isolation of Certified Accountants and achieve full 
ofcssional status. 



>r full details write to: 

Thc Secretary (FT) 

The Institute of Accounting Staff 
23 Bedford Square 
London WClB 3HS 



OCEAN WILSONS (HOLDINGS) 11 ) 075 ) 

SALIENT POINTS FROM THE CHAIRMAN’S REVIEW 


The results for the year to 31st January. I97S show a profit 
ore tax ol £2.679.546 (1977: £2,798,119); taxation absorbs 
j 45,929 <1977: £1,214.790) leaving a profit after tax of 
533,617 <1977: iI.5S3.329). The Board recommend a final 
idend for the vear of l.S75p per share, which with the 
Brim dividend of LOOp per share already paid makes a 
al for the year af.2.S76p per share, an increase of 15 per 
il over the previous year. This dividend will absorb the 
ii of £380,455 leaving ! balance of £1,153,162 to be added to 
lerves. 

Thc results of the Brazilian subsidiaries in cruzeiros were 
slant! ally higher than those of the previous year. How- 
r. because of the strength of sterling against the US dollar 
which the cruzeiro is tied) towards the end of the account- 
period, the profits in sterling for the two years are 
proximatclythe same. - Had the cruzeiro profits ror each of 
twrt accounting years been converted into dollars, at the 
[pective rales of exchange at the end of those periods, then 
; profit for MTS would have been US$450,000, more than 
X of the previous year. 

in Brazil all the six tugs of l ,680 h.p. contracted for-con- 
iciion in Brazil have now been delivered and a further 
tract for three tugs of 2.200 h.p has been placed, which 
l be' financed locally. The Group has acquired a 25 per 
it interest in Acrow-Armasil S-A-, at a cost of 15 million 
, -imm (£528,000) and as further diversification, through a 

- r ”v>Pni venture arrangement, 35 per cent of Ocean Xnchcape do 
]sil (Cqulpamentos. Maquinas e Scrvicos) Ltda., a company 
mod to support the offshore oil Industry in Brazil. 

Income and interest from the investment portfolio at 
*.0,265 is £3,264 higher than the previous year. The market 
' uc of the quoted investment portfolio at 31st January. 197S 
. ' s £4 ,500,869 a surplus over coat of £2,415,665 A later valua* 

... .n made tifli June, 1978 disclosed a surplus of £1,882,856. 

• It is difficult to forecast at this stage what the profits for 
year to 31st January, 1979, in terms of sterling will be. 
. wever, cruzeiro profits shown by returns of our 
. -rations in respect of the first quarter to 30th April, 1978 
; . • * si-mificantly higher than those for the same period last 
. ir. Caoital registered in Brazil is now increased to *5.004.485; 
‘ u-h uravides a higher base for remittance purposes. There 
' therefore be good prospects for a further increase in 
. 'idend, in respect of the current year. 

COMPARATIVE STATEMENT 

1978 
fOOO’s 


1977 

£ 000 's 


oup Turnover 

nup Profit before taxation 

xation 

oup Profit after taxation 

vidends— interim paid 

final proposed 

nount retained 

irnings per share based on the 
profit after taxation 

■nup Net Assets 

United Kingdom— book value ...... 

, Surplus of market value of quotea 
investments over book value — 


29,236 


344290 


2,679 

L146 


Brazilian Interests— book value 


4^93 

7,013 


3.503 

5.775 


mail Street. London EC2. 


A new diversified and publicly 
Quoted plantations company with 
a net worth of about £2m will 
come to the market if merger 
plans released yesterday are 
successful. The Robinow family 
and associates are drawing 
together various plantation 
Interests in Rightwise which until 
now bas been a private company. 

Rightwise will bid for Deundi 
Holdings, Gariek Indonesia and 
Arbour Court Investments, while 
Gedek Indonesia will at the same 
time offer to buy in the 21.9 per 
cent of Sampang Java which it 
does not already own. 

Mr. Richard Robinow, a director 
of most of the companies involved, 
said yesterday • that the 
geographical and crop risks would 
be diversified, the cash-rich com- 
panies would be able to combine 
with cash-hungry ones and extra 
size would endow the company 
with greater clout and ability to 
absorb overheads. 

The Robinow family and. 
associates already controls Deundi 
fa public company) and Gsdek 
Indonesia but not Arbour Court 
Investments. 

A total of nine shareholder 
meetings wall be necessary to see 
the whole living through. The 
Robinows and other persons con 
nected with Rightwise will not 
vote at them in view of the con- 
flict of interest. 

The despatch of the formal 
scheme document, which runs to 
73 pages, is being delayed by an 
industrial dispute. 


British Vita Company has now 
completed arrangements to reduce 
its Nigerian subsidiary to associate 
status. A public issue will be 
made to Nigerian citizens at 
Kdbo 50 (par value) per ordinary 
share of 1638m new ordinary 
shares in the capital of Vitafoam 
Nigeria. As a consequence British 
Vita's interest in Vitafoam Nigeria 
will be reduced from 50 per cent 
to 20 per cent. Net proceeds of 
the issue receivable by Vitafoam 
Nigeria will be some Naira 
7,693,000. (equivalent to £6.5m). 

The .^directors of Vitafoam 
Nigeria Have approved a capital 
investment programme involving 
the expenditure of approximately 
Naira 9.1m. The funds raised by 
the issue will be utilised for the 
further development of the busi- 
ness. 


RKT TEXTILES 

Robert Kitchen Taylor's offer 
for ail the ordinary shares of RKT 
Textiles ocher than those already 
owned has gone unconditional, 
following acceptance by 85.2 per 
cent. 


LMI up 
to peak 
£1.91m 


THE DIRECTORS of London and 
Midland Industrials, engineering 
and consumer products group, 
report record taxable profits of 
£1.9 im for the March 31, 1978 
year against £l-58m last time, 
after £0-85m at halfway compared 
with £0^5m. At. the interim stage 
directors forecast a substantial 
improvement in full year's profits. 

They now say that trading in 
the current year has started well 
with the group continuing to ex- 
pand its business, and they anti- 
cipate increased profits for the 
whole of the 1978-79 year. Turn- 
over for the 2977-7S year was 
ahead from £i5-4im to £i8.49m. 

Tax on the ED 19 basis, took’ 
£0.7Sm (£Q.55ra), with the com- 
parative figure having been re- 
stated, and earnings per 25p 
share, afler this charge and pre- 
ference dividends fD 7,500), are 
shown at 15.6p (14.5p). The divi- 
dend is 4.8077P (4.S0507P) total, 
with a final payment of 2.9Q77p 
which has been provided on the 
basis of a 33 per cent ACT 
charge. 

There was an- extraordinary 
debit of £3,000 for the year com- 
pared with a £53.000 credit last 
time, reducing the attributable 
profit to £1 .12m against Zl.OSm. 
After dividend costs the retained 
amount was slightly lower at 
£0.75m l£0.77m). 


It bas been decided not to 
provide for deferred taxation in 
respect of stock relief and 
£552,342 provided at March 3L 
1977. has been added to group 
reserves. 

It has also been decided only 
to provide for deferred tax pay- 
able in respect of capital 
allowances which might become 
payable in the foreseeable future; 
no provision has therefore been 
made in this year’s accounts and 
the provision for the March 31. 
1977, year of £64282 has also 
been added to group reserves. 

*nie balance of the provision 
for deferred taxation in respect 
Df capital allowances at March 31. 
1976, of £217.313 has been carried 
Toward and, in the opinion of the 
directors, this will he adequate 
to cover any liabilities for 
deferred taxation which might 
become payable in the foreseeable 
future. 

Group balance-sheet has been 
strengthened by these transfers 
and reserves have been further 
increased by retentions of 
£750.000 for the year. 




The Monks I nvestment Trust 
. Limited 


Summary of Resofts for year to 30iit April 
TnHl Nrt MarVft 

197 8 
£39,079,814 

1977 

£56,115,548 

63*5p 

l*46p 

Ordinary Shares: 

68*2p 


1-68d 


l*60p 

l*40p 

Geographical Distribution of Investments 

0/ 

/o 

42-4 

0/ 

#9 

34’7 


33-n 

29-9 


1*7 

51 


0-9 

1-9 


1--2 

2-3 



50 


830 

78-9 


—13-0 

13-5 

Deposits and Current Assets 

40 

7-6 


Summary of Statement by the Chairman, Mr. M. Hamilton 


©Earnings have increased by 1 5 ?£ and we are 
recommending an increase in dividend from 
l*40pio l-60p. 


0Tbe asset value per share rose by 7*4? £ 
mainly reflecting a rise of !5?j ,n U.K. equities 
and a fall of 6*9% in U.S. equities, in Sterling 
terms. 


#fri the U.S. our expectations are perhaps not 
as high as they once were but shares look 
reasonably valued and the recent sharp rise in 
prices seems to recognise this. 


©During the past year there has been a 
satisfactory reduction in the UJC. rate of. 
inflation, and an improvement in Sterling. 
More recently, the old weaknesses of the 
British economy have become more visible and 
the budget has left the Government with little 
margin for error. 


•The investment currency premium has been 
high recently and we have sold currency and 
refinanced our investments through loans 
which now finance about one-third of our 
overseas portfolio. 


•Wc are conscious of the desirability of giving 
shareholders a steady increase in income and 
we expect a further rise in earnings for the 
current year. 






k ? Oopies'of the Annual Report may be obtained from 

Baillie,Giffbnl & Co. 

•: ,, : ,;->.^-Gierifihfa.s Street, Edinburgh,EH3 6YY. 


MARLER ESTATES 

’ The offer by Blade Investments 
for the 1,329.050 ordinary shares 
in Warier Estates not already 
acquired or agreed to be 
acquired - by Blade have been 
received -in respect of 193.2M ordi- 
nary shares (14.5 per cent) of the 
ordinary shares subject to the 
offer. The offer has now closed. 

. Blade purchased 248.000 ordi 
nary shares before the offer period 
and. will now complete the 
purchase of an additional 612,340 
ordinary shares, increasing its 
total present bolding (including 
the shares assented to the offer) 
to 30 per cent of the ordinary 
capital of Marler. The purchase 
of the remaining 1,322,410 ordinary 
shares (37.6 per cent) which are 
to be acquired pursuant to the 
agreement, is due for completion 
by October 24. 


AP EXPANDS 


. Automotive Products, the UK 
automotive brake and dutch 
manufacturer, is expanding In 
France with the acquisition of two 
related compaaies which will give 
it both manufacturing and distri- 
bution interests. 

The move is the first significant 
step AP has made In France 
towards its aim of developing 
local manufacturing, which Is ah 
essentia] requirement in expand 
ing sales to Continental vehicle 
manufacturers. But it will also 
give the British company national 
distribution wltbln France. 

The deal covers the acquisition 
of 75 per cent of tbe capita] of 
Societe des Usines at Morlniere, 
near Orleans, and ERSA in Paris 
for Ft 12m (£1.5m). It has already 
been cleared with the French 
authorities who have recently 
tended to show ap rickly attitude 
to foreign takeovers. 

AP, one of the larger British 
component companies, has been 
rapidly expanding its sales of 
dutches and brakes on the 
Continent in the last few years, 
selling in France to Renault 

Peugeot and Chrysler France. But 
it has lagged behind other U.K 
companies like Lucas. Associated 
Engineering and GKN in overseas 
manufacturing facilities, which 
are confined to a clutch operation 
in Italy, and some clutch repair 
businesses elsewhere. 

The company said yesterday 
that ERSA has some 2,000 
customers in France, making it 
one of the larger distribution 
organisations in the country. It 
mainly sells 6 range of braies, 
clutches and water pumps. 

Moriniere currently produces 
brake discs, drums and water 
pumps distributed through ERSA 
and it is probable that its activi- 
ties will be expanded. 


SBVGLO BORROWINGS 


Single Holdings is to ask share- 
holders to approve an increase 
in its borrowing limits from 
£l.47m (equivalent to the nominal 
share capital) to £3.2m. equal to 
one and a half times the increased 
share capital and reserves. 

A special meeting will be held 
on July 18 for shareholders to 
discuss this proposal and the issue 
of 1.13m shares for the purchase 
of Bamum’s (Carnival Novelties). 


SHARE STAKES 

Car and General Kenya— 
Kakuzi has acquired an interest 
of 12.06 per cent. 

Victoria Carpet Holdings— 
C G. F. Anton, director, has trans- 
ferred 440,000 shares to Hong- 
kong and Shanghai- Bank. 

Toye and Co.— J. B. Hayward 
and. Son (medal specialists) 
increased holding to 208,500 
ordinary shares (937 per cent). 



For seventy-eight years we’ve traded as The 
Associated Portland Cement Manufacturers 
Limited and APCM is our familiar name in 
the City. 

But for many of those years we’ve been 
identified by our famous Blue Circle symbol, 
and Blue Circle is what we’ve come to be 
called by customers and the public at home 
and overseas. 

From now on it’s the only name to know. 

On June 1st The APCM Limited became 
known as Blue Circle Industries 
Limited Under our former name we 
grew to be one of the largest cement 



manufacturing organisations in the world, 
with turnover approaching £400 million, 
and with. 12,000 employees in the UK alone. 

Over 50% of our profits come from our 
manufacturing interests and investments 
overseas, and we also have a substantial 
export business selling to over 
100 countries. 

We are considered to be world leaders 
in cement technology and, with 
our new name, we expect many 
more years of successful 
growth both in this country 
and overseas.. 


Blue Circle 
Industries Limited 



1 9 7 S 

. TH£'OU SEN'S AMAHS FOR 
EXPORT ACHIEVEMENT 


Ni -1 


i 

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£*■ 


> 




jFinanaai Times Tuesday Ju^ 4 v l 97 


BUSINESS AND INVESTMENT OPPORTUNITIES 

READERS ARE RECOMMENDED TO TAKE APPROPRIATE PRO FESSIONAL ADVICE BEFORE ENTERING INTO COMMITMENTS 


Finance 

for Growing 
Companies 

It" you are a shareholder in an established and 
growing company and you. or your company, 
require between -00,000 and -CI.00u.000 for any 
purpose, ring David Wills, Charterhouse Development. 

. Investing in medium size companies as 
minority shareholders has been our exclusive 
business for over forty years. W 'c are prepared to 
invest in both quoted and unquoted companies 
currently maki ng over -O* >,000 per annum 
VR pre tax profits. 

M CHARTERHOUSE 

Charterhouse Development, l Paternoster Row, Sl Pauls, 
London EC-tMTDH. Telephone 01*248 3W. 

75 NEW PRODUCT IDEAS FREE 

Each issue of Newsweek's “New Products and Processes ” 
Newsletter reports on 75 to 100 of the most exciting new 
products from around the world; includes complete information 
on availability for manufacturing, sales, licensing. Special 
trial subscription offer for 7 months (8 issues) is jut U.S.S50. 
And if the firt issue doesn't deliver the kind of ideas which 
can mean substantial new business opportunities for your 
company, imply write cancel on your bill and keep the issue 
with our compliments. To subscribe or get more information, 
write today on your company letterhead to: 

NEW PRODUCTS AND PROCESSES, 

Newsweek House, Dept. NC26-4, 

Wellington Street, Slough SL1 1UG, England. 


Up to £1,500,000 available 

Successful family with substantial funds 
now seek to back dynamic entrepreneurs who 
can offer business opportunities in profitable 
expanding companies. Write with details to 
Box No. G2 197, Financial Times, 

10 Cannon Street, EC4P 4BY. 


A SAUDI ARABIAN CONCERN 

invites offers for charter aircraft to transport live sheep 
from Khartoum, one trip per week, each trip from 15-20 
tons (500 sheep approximately) to Riyadh, Jeddah, Abu 
Dhabi. Dubai, Libya and Saxrna. 

All offers should be based on price per ton starting from 
the beginning of August for six months renewable for 
another one or two periods at option of Saudi Arabian 
concern. 

Last date for receiving offers will be 15th July, 197S. to 
Post Box 2910 and Telex 201092 Safzam, Riyadh. 


WELL KNOWN 

ELECTRONICS COMPANY 

Producing a full range of Amplification -and Musical 
Instrument Sound equipment. One of the world’s best known 
names. Selling to home and overseas markets. T/O £500.000 
p.a: Currently with good order book and enormous potential 
for a substantial increase in sales. Full range of equipment 
and stocks. Trained labour force and management available. 

Principals only apply Box G f 80.7. 

Financial Times, JO. Cnnncm Street, EC.4P 4RY. 


Tenders & Projects 

Wo have a fully equipped drawing office in West London for short 
term rent. This facility is a value to “ Out of Town " firms who are 
completing tenders of projects with their own staff. 

We can supply additional temporary “back-up*" technical staff as 
required, since our main business is the provision of technical staff 
on either a recruitment or sub-contract basis. 

Details from: 

F. H. W. Brightwell. Managing Director, 

Worldwide Technical Services Group Ltd., 

193/195 High Street, Acton. W3 9DD. 01-993 2217. 


IBM ELECTRIC 
TYPEWRITERS 

Factory reconditioned and guaranteed 
by IBM. Buy. lave up to 40 p.c. 
Ltaie 3 yean horn £3.70 weekly. 
Rent from £29 per month. 

Phone: 07-641 2365 


LIQUIDITY 

PROBLEMS? 

An ettablnhcd. unique and jucccmM 
(not factoring) service Is available to 
manufacturing or related companies 
experiencing severe survival, liquidity, 
or viability problems. 

J. E. Forbes-Dafe OT-948 4612 


LIMITED COMPANIES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 
30. Cicy Road. ECI 
01-628 5434/S/7361. 9936 

AGENCY WORKING WITH 

DESIGN STAFF 

HAVING OFFICES IN SEVERAL 
EUROPEAN COUNTRIES 
Seeks Merger with medium size 
agency bated in the London area to 
develop as a group, 

Principal* only reply to:— 

Bor G. 2199, Financial Times. 

IQ. Cannon Street. EC4P <BY, 


Business and Investment 
Opportunities 
Businesses For Sale/Wanted 

Every Tuesday and Thursday 

Rate: £16 persfngle column centimetre. Minimum 
3 centimetres. Forf urther information contact: 

Francis Phillips, Financial Times, 10 Cannon Street 
EC4P 4BY. Telex.- 885033. 

, 01-248 4782 & 01-248 5161 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


EXCLUSIVE REPRESENTATIVE 
FOR SEVERAL 

FOREIGN BAMS 

SEEKING QUALIFIED 

BUSINESS BORROWERS 


Brokers protected. Local representatives 
wanted. Write: Swiss-American Combine, 
P.O. Box 680 Panama 1, Panama. 


z 




ST. AUGUSTINE, FLORIDA 

362 acre zoned “Manufacturing”: platt mapped with 80 foor-r 
access streets: “ high and dry bordered on Ease by railroad, on 
North by State Highway 207: 1 j miles from town /ocean /air trans- 
port/! nrerstace Highway 1: advantageous tax situation. S6.000 
(USC) acre; 29% down payment, 10% interest on balance — 
negotiable, amount of cash up. front governs terms. 

NEVADA 

380.000 acre cattle/dry crop ranch; 146.000 acres deeded; 
balance — Federal and railroad leases. Ample adjudicated water, 
exceptional modern house, pool, air strip, work buildings layout — 
S41 (USC) per deeded acre. 20% down. 9% interest on balance. 
Write Box T.4887, Financial Times, 10, Cannon Street, EC4P 4BY. 


Britain’s Top iooo 
Private Companies 

gives you the key figures, the key 
people and the salient performance 
ratios in one book. 

Price £1 4.00 (ri-50p postage & packing) 

Jordans. Jordan House, 

Brunswick Place, London NT 6£E. . . _ 

Telephone 01 -253 3030 JOTuanSfJ 


Midlands based Engineering <^o. 

Seeks products to manufacture under licence to utilise' .the follow- 
ing facilities — Welding. Presswork, Drilling. Turning, Hilling, 
Thread-rolling etc. 

Other capabilities are gear and shafr machining and gearbox' 
manufacturing. Also the company has its own marketing and sales 

force. 

Write Box G.2202. Financial Times, 10, Cannon Street, EC4P 4BY 


SIS 


CAYITY WAUL INSULATION 
IV bodan qmi of t»«ir watt 
■nuhtjon wwn dry ffrvwkx. ** 
Aptwet Bawd certificated. «*d 
wolves no on-ticc Injjrdi or ex- 
pensive equipment. Same areas m UK 
m available m a fringJMo bun to 
iwnplet* (be network of existing 
ntKalTers. Exduwe re m tones- Mins 
and technical bteracure. operator 
rinoiq. guarantees for cadi fob. all 
equipment, aad compete package 
enables o lic u i iottaUers to proceed 
without delay. No on-going trei or 
royalties are .involved. Detailed proi- 
peem for gmite and serious 
BpeHcsnu from: 

BOOAN (UX1 LIMITS), 

12 MOaat Ep hra im Road. 

Tonbridge W«lb. Kent TNI 1EE. 


OFFERS INVITED FOR 
ITT PASX 4 ■ 

SWITCHBOARD SYSTEM 
COMPRISING.— 

600 EXTENSIONS 
54 EXCHANGES LINES 
5 AC 13 TIE LINES 
3 DC P W. LINES 
3 MANUAL CONSOLES 
M.D.F. AND BATTERIES 

Cemimonf in 1970 aid in good 
order. Cm be reco wo rking, 

P loese Telephone David J Head. 
TEXAS INSTRUMENTS LTD.. 
Bedford ildtf. ctx. JltO. 

SPARE 

CAPACITY 

A Middlesex based Engineering Com- 
pany employing the latest technmact 
of Numerical Control Machining 
wishes so supplement its existing 
Electro-Mechanical Product range w>tb 
an addition*) product. A Licencing 
agreement or outright purchase would 
be considered. 

Write See G.2203. Financial Times. 
10, Cannon Street. E C4P 4BY 


IMPROVE YOUR 
CASH FLOW 

Uamgil but *ery useful scheme to 
sell and lease back yoor existing plant 
and equipment, available to companies 
and individuals with good profit 
record. Periods of up to 5 yean on 
amooos of £20.000 to £2.000.000. 
CREDIT ADVISORY SERVICES LTD.. 
1 St. Paul's Road, Bristol S. 
Telephone (0272) 364S9/294575 


MINING NEWS 


Alberta coal venture 
for Imperial Oil 


$ 

L'i) 

# lU 


BY PAUL CHEESER1GHT 

IMPERIAL OIL. the largest 
integrated oil group in - Canada, 
which is 70 per. cent owned by 
Exxon Corporation of the U.S., 
is scehing provincial Government 
approvals for the development «F 
a coal mine near Judy Creek in 
Alberta. 

The group has formally applied 
to the Alberta Energy Resources 
Conservation Board for' a 
development permit and operat- 
ing licence. U plans to spend some 
CSSOm (£38. 5m) on the mine, 
which wilt provide fuel for an- 
oil sands recovery plant -at Cold 
Lake, 

Imperial staled that If official 
approvals arc received next year, 
development work could start In 
1982 with mi run® beginning- ip 

19S5. Bui this supposes that " the 
economics of utilising .coal 
remain attractive." 

Reserves at Judy Creek North 
arc put at 300m tons and output 
would initially be 2.5m tons of 
coal a year. 

But Imperial has other coat 
properties in Alberta, whose total 
reserves in place have been put 
at 3bn tons. It has also a 16.75. 
per cent stake in Quintette Goal, 
a consortium in which Denison 
Mines is the largest shareholder. 
Quintette is developing a metal- 
lurgical coal project in British 
Columbia on the basis of. 2Bbu 
tons of reserves. 

Its search throughout Qahada 
for non-ferrous metals involves 
joint ventures with a number of 
junior exploration companies. But 
Imperial's most recent success has 
been in uranium at Midwest Lake. 
Saskatchewan, where it is work- 


ing with Bow Valley Industries 
and Numac 0*1 and G*>. 

In May, Imperial's unit, Esso 
Mineral* Canada. rr ported 
mineralisation at 8 j out of 43 
diamond drill hole*. Tbesn 
figure* have bren updated by 
Mr. \V. S. McGregor, the Numac 
preside m. . ' , . 

Reporting to shareholder* at a 
meeting in Kdmomon, he said 
that 40 mil o( ihe 54 holes drilled 
so far had encountered minerali- 
sation. The uranium orchody had 
been esfemlt-il to a length of 
4.100 feet ullh a width ranging 
between 200 and 400 feet. 

The high grade depoxiis appear 
to average over 2 per cent with 
one hole pern-f ratine 38 ft or ore 
grading 24.3 [*er cent uranium 
per ton. 

Canadians ease 
uranium rules 

THE Canadian Government plans 
to ease slightly iis foreign ©wor- 
ship rules for new uranium mines, 
writes Robert Gibbens from 
Montreal. 

Legislation laid before Pari la- 
ment shows that in some eircum- 
stances the Government will allow 
a ceiling of 50 per cent; foreign 
ownership against the previously 
proposed 23 per cent. 

A foreign company wanting to 
get into uranium production 
would apply for a permit to the 
Foreign Investment Review 
Agency in Ottawa. To succeed 
it would have to show that 75 
per cent of irs directors are 
Canadian citizens, that non- 


resident share owners 
limited to 33 per cent a 
supply contracts with non. 
companies conform with 
men! ruWcfinM. 

But the non-resident pn 
of ownership can rise 
per cent if the balance or 
is held by Canadians. 

New Caledo 
cobalt hopes 

THE NICKEL PROJECT - 
Caledonia uuder invest iga 
Bureau dc Rerhcrches Geol _ 
ci Miulcres IHKC.MJ. the <1 

Government agency, and / 1 ,* ■ > f ^ 
the U.S. could yield 1 . 000 .*, ui» 
of cobalt a year, BRC.M .{L * 
said in Paris. 

The cobalt would be p 
as a by-product from tl 
grade latentic nickel t 
Nickel production cou 
between 25,000 and 35,009 
a year, the sources added. 

The project wilt be 
Cofremmi a French ct 
which will be DO per cent 
by the BRGM-Amax joint i 
The remaining 1U per cent 
by Patino. 

The potential productim 
must be extcremcly tentati 
BRGM-Amax agreement 
signed only last Marc 
feasibility and financing 
hove yet tn be completed 
ever. H is commonly assure 
the project will come on ' 

sometime in the mid-lBSt ' 
avoiding the current slo' 
the international nickel 


South Crofty’s mild optimisir 


U.S.A. 


Leg* U.K. based Property/ Coni true- 
Mn Compiay considering opening 
Houston. U.S.A. office with resident 
director seeks to share coin widi 
another noncompetitive company in 
return far directors ume and efforts. 

Write Bo* £.2206. Finoneiof Times, 
10, Cannon Street, EC4P 4BY 


PLANT AND 
MACHINERY 

GENERATORS^ 

Over 400 sets in nock 
lkVA-700kVA 

luy wisely from the m anu facturers 
with foil after tales service 

CLARKE GROUP 
01-986 8231 
Telex 897784 


FORK LIFT SALE Stock ol over 100 usefl , 
Fork Lilt Tracks readv lor immeflatt 
sale. Capjci ties from 2DOO lbs to 67000 
lbs. so% have new tvres. new 
batteries, new seas and painted in 
original colours. List sent on reoucst. 
Trade aad cvport enauiries welcomed. 
Large reduction on bulk purchases. Dc- 
iirencs arr a nged anywhere. Birmingham 
For* U« Truck Ltd-. Hams ffoad. 
Saltlev. Birmingham. B8 1DU. Tel: 021. 
327 594* or Q 21-328 1705. Telex 
337052. 


SOUTH CROFTV, the largest tin 
mine in the UK, is expecting a 
satisfactory year, provided the 
metal price is not unduly 
depressed by releases from the 
U.S. stockpile, Mr. P. C. Buchanan, 
the chairman, states in the annual 
report, published today. 

So far the market has been 
working in the company’s favour 
with the price remaining generally 
firm. Cash metal closed yesterday 
on the London Metal Exchange at 
£6,205 a tonne. The prospects of 
large scale releases from the U.S. 
stockpile remains cloudy. 

Mr. Buchanan added another 
condition for a satisfactory 1978*79. 
This is that wage increases should 
be restrained. The outlook here 
is uncertain. although the 
Government’s stand in favour or 
restricted increases only has been 
made clear. 

Production is expected, tn 
increase this year, although after 
the first two months it is running 
slightly behind that of Iasi y&r 
at SSfl tonnes of tin concentrates 
against 399 tonnes. Mr. Buchanan 


APPOINTMENTS 


does not hazard a projection 
a bom output fro mthc Pendarvcs 
mine, however.- 

At Pendnrves, says Mr. 
Buchanan, proven reserves have 
increased but the results from 
the new Number Six level have 
not come up to expectations. At 
South Crafty itself "proven ore 
reserves both broken and in situ 
increased." 

In the year to March, South 
Crafty, as already reported, had 
record net profits of HJrn and 
declared two dividends totalling 
4.125p. These payments were in 
line with the estimates made at 
the time Saint Piran. the owners, 
sold off •“.» per cent of the shares 
last October. 

The share price yesterday was 
5Pp. just under the high for the 
year, hut 8p below the closing 
level of Ihe first trading day on 
October 11, J977. 

ROUND-lIP 

What is being ratted “ a staking 
spree has been reported from • 


the Swift River area in the 
Lake region of .southern \ 
reports John Soganfsh 
Toronto. The attraction 
area's . tin, tungsten 
molybdenum possibilities, 
the early entries arc maje 
Am ax and Duval. 

★ ★ ★ 

Texasgulf Canada has d 
Its option on the base root* 
pm of Chance Sllnlni 
Exploration near its Kidd - 
mine at Timmins. Ontario, 
ment about what the Chanc 
might contain set off a flu. 
Canadian investment inter 
May last year. 

* * * 

RarymJn Explorations is 
ing the help of the Nova 
Government in the raisu 
C.$3m (E14m> worth of wt 
capital to start mining oper. 
at its lead property on 
Breton Island. If tina 
negotiations are successful 
duet ion could Marl in the at 
at a mining rate of 650 tons 


FINANCE FOR 
THE SMALLER 
COMPANY 

For further information contact: 
K. Dean, 

ARBUTHNOT FACTORS LTD, 
Breeds Place. Hastings, 

E. Sussex. 

Tel: 0424-430824 


LET’S GET TOGETHER 

Have U A novel or unique idea 
and lack che necessary finance 
required to develop or promote 
it then let's gee togecher. 

‘ Details in confidence to 
Box G.2201, Financial Times. 
10, Cannon Street, EC4P 4BY 


LIMITED COMPANIES 
FROM £69 

Formation in Britain and all major 
countries and off-shore areas including 
ISLE OF MAN. PANAMA, LIBERIA, 
and DELAWARE. 

Efficient personal service. Contact: 
CCM Ltd.. 3. Prospect Hill, Douglas. 
Isle of Man. Tel: Douglas (0624) 
23733. Telex: 627900 BALIOM G. 


CTN DISTRIBUTION 

Established company with good 
distribution and national sales repre- 
sentation in the CTN TRADE wishes 
to add to its product rango and would 
be interested in considering new or 
well established lines which could 
benefit from greater distribution. 
Write Box G.2191 . Financial Time* , 
10. Cannon Street. EC4P 4 BY. 


LIQUIDATED 

STOCK 

Attention LIQUIDATORS. RECEIVERS. 

COMPANIES and INDIVIDUALS 
wishing to realise immediate cash 
I torn the disposal of stock, goods, 
assets, property, etc. We will purchase 
anything from a Toy Boat to a Bottle 
Ship. Contact.-— 

MACMI LTD. NK241 25628 
TELEX: 627691 SPIVA G 


MANUFACTURING CO. 
SURREY AREA 

REQUIRES ADDITIONAL CAPACITY 
FOR EXPANSION 

At present sob-contracting £100,000 
of pre i i work per annum. Surrey- 
based firm preferred. Please send 
details of capacity available e.g. 
proxies, ere. 

Wrfte Box GJ121, Financial Tlmea. 
10. Cannon Street. EC4P 4 BY. 


£15,000 WANTED 

The amount needed to fmd proven 
business operation launched in 1976. 
Further investment possible to achieve 
rapid national expansion with profit 
potential of £100.000 per annum plus. 
Telephone Bristol 28811. 


si A WEEK ler EC2 address or phone 
messages. Combined rates + telex 
under « a week. Prestige offices near 
Stock Exchange. Message Minders inter- 
national. 01-678 0898- Telex 88 1 1725. 
OVERSEAS RESIDENTS. Sand for aur free 
brochure on expatriate services and 
supplies. Expat.. Box 3Z8. London SEZ7 
BHG. Telex 947631 EXPAT G. 

FRENCH ESTATE AGENCY seeks Middle 
East oartner wlrti a view to selling to 
Middle East clientele. Land, villas. Plats 
at constructors- prices. Write to 
AGENCE RIO. 5 Boulevard victor Hugo 
06000, NICE. FRANCE. 


BUSINESSES FOR SALE 


SALE OR MERGER 

An expanding Private Company, engaged in the Data 
Processing Services industry.' is for sale or merger preferably 
with a quoted Company. - . 

The Company, with a, go oil record, has a turnover of £2lm+ 
and will make not Joss than £300.000 pre-tax profits jd this 
financial year*, J. K ; 

A substantial pfert/ofij^ts business is derived from overseas. 
The management $gill remain as required. 

Please reply in tbeifirst instance to: 

H. J. Rose Esq- F.C-A- 

Messrs. Arram, Berlyn, Gardner 6c Co., 

Mortimer House, 

37/41 Mortimer Street, 

London WIN 7R.J. .- 
Tel. No: <0i) 636 5531.. 

\ 

BUSINESS FOR SALE 
IN WEST GERMANY 

U.S. compiny engager. in the manufacturing and distribution of office 
supply products witfiVWorld-wide brand names is interested in selling 
its German Subsidiary.. Excellent production facilities. 

Contact Box F.1032. Financial Times. 10. Cannon Street. EC4P 4BY. 

MACHINE TOOL COMPANY 

Old established Machine Tool Manufacturing Company for disposal. 
Company fully equipped, machinery, plant, skilled workforce, own 
products. Good record of profitability and with an exceptionally 
well known trading name. 

Enquiries from principals only to Box G.2195, 

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


Esso Europe president 


FOR SALE 

Building Company in the North 
West with substantial , land bank 
—all with planning and not 
subject to D.LT. ' 

Write Box G.2204. 
Financial Times , . 

10, Cannon Street, EC4P 4BY 


BZU-IMGBUVING AN ENGINEERING 
BUSINESS? consult Bentley Smith 
f nglnoefiM Sale*. Stone Cross. Unafteld. 
- Sussex. Tet: Llndheld 2900 

BUSINESSES FOR SALE 
AND WANTED 
APPEAR EVERY 
TUESDAY AND 
FRIDAY 


BUSINESSES WANTED 


BETTING AND 
LEISURE HELDS 
A large Betting Shop and 
Amusement Group is anxious to 
expand further into similar and 
allied fields. Consideration given 
to. Food. Camping. Wines and 
Spirits. Minimum nett profit 
required £60.000 per annum' 
with strong management. 

Please reply to Bor S J20S. 

Financial Times, 

10. Cannon Street, EC*P 4BY 

ESTABLISHED 
CHALET PARK 
REQUIRED - 

For Invesment 
Advertiser prepared to agree 
terms now for completion in 

autumn. 

Full details to Box G-22Q0, 
Financial Times, 

TO, Cannon Street. EC4P 4BY 


WE WISH TO 

PURCHASE A 
COMPANY 

preferably in a service industry, 
earning pre-tax profits of at 
least £250.000 a year. Replies 
please to Mount Securities 
Limited. 19. Bolton Street, 
London WIT 8HS. with 5 years 
balance sheets. Strict confid- 
ence assured. 

PRIVATE INVESTOR 
WITH LARGE 
CAPITAL FUNDS 

is interested in acquiring con- 
trolling interest in trading com- 
panies in South Wales and the 
West. Continuation of present 
management is essential. 

Apply to die Managing Director, 
Box G.2163. Financial Timet, 

10. Cannon Stmt. EC4P 4 BY. 


Mr. J. p. Dean, president and a 
director of Esso Europe Inc., has 
been elected a director and a 
senior vice-president of Exxon 
Corporation from September I. 
Mr. It. G. Reid, a director and 
executive vice-president of Esso 
Europe Inc., has been appointed to 
succeed Mr. Dean as president of 
ESSO EUROPE INC. from the same 
date. Mr. R. H. Bcrcsford, a 
director and executive vice- 
president of Esso Europe Inc., has 
been made vice ' president- 
logistics, Exxon Corporation, from 
July 15. Mr. L. G. Bawl executive 
vice-president of Exxon Company. 
U-S- has been appointed executive 
vice-president of Esso Europe 
Inc. from September 1. and is 
expected to become a director of 
Esso Europe Inc. • * * 

★ 

Mr. William G. Curran Jr. has 
heen elected chairman of the new 
Investment Banking Group which 
will be known as FIRST 
CHICAGO INVESTMENT BANK- 
ING GROUP. This Group will co- 
ordinate the investment banking 
activities worldwide of the First 
National Bank of Chicago, princip- 
ally through merchant banking 
subsidiaries and representation in 
London, Geneva, Panama, Hong 
Kong. Singapore and Saudi 
Arabia. Mr. Curran, whose head- 
quarters will be in London, 
founded First Chicago Ltd. in 
London in 1970 as the first wholly- 
owned merchant banking sub- 
sidiary of a U.S. commercial 
bank. 

* 

IND COOPE BURTON BREWERY 
is now a separate, profit-centered 
i unit of Allied Breweries beer 
division, selling major national 
beers to the regional trading com- 
panies of Ind Coope, Ind Coope 
West, Ind Coope (Scotland), 
Joshua Tetley. Tetley Walker, 
Ansells and the separate com- 
panies formed to handle take-home 
and off-trade activities. Chairman 
of the new company is Mr. John 
Dunwcli, 38, who first came to the 
Burton Brewery in 1957 as a 
trainee brewer. Mr. Dumvcll 
became a director of Allied 
Breweries (Production) in 1973. a 
director of Allied Breweries (UK> 
the following year, and a main : 
board director of Allied Breweries 
Ltd in 3975. Managing director or 
Tnd Coope Burton Brewery is Mr. 
Norman Crow, who joined the , 
Burton brewery in 3955. Mr. Crow 
was appointed Romford brewery 
director and manager in 1969. He ! 
stayed at Romford until 3976 
when he was appointed director ‘ 
and manager of the Burton 
brewery. Joining Mr. Dunwcli and . 
Mr. Crow on the new Board are ! 
production manager Mr. Harry j 
Pendleton and personnel manager ! 
Mr. Bob Robbie. . and non- J 
executive directors Mr. Edgar l 
Harbron (finance), • Mr. Michael i 
Jackaman (marketing), and Mr. f 
Jim Race (trade). ; 

* r 

^ ° r "abbury. having ) 

reached the age of 70 earlier this 1 
month, has retired from the I 

company! 0,e distillers , 

* f 

Mr. Denis S. Grcensmith has 
oeen appointed chairman of 
WILLIAM PICKLES AND CO. Mr. a 
Greeusmfih, a director of Sears li 


j Holdings and group managing 
« director of the Lcwis's/Scl fridges 
1 Group, succeeds Mr. C Harold 
1 Buckley, who has retired as 
William Pickles’ chairman but 
i continues as a director. 

3 * 

® Mr. Ian M. Clifford has heen 
* appointed director, Europe- Africa, 
s for MONSANTO INDUSTRIAL 
1 CHEMICALS, succeeding Mr, John 
; Mason, who has been elected vico- 
' chairman and a member of the 

■ Board of Directors of Aiscondel, 

1 Monsanto’s Spanish affiliated 

company. Mr. Clifford has in turn 

■ been succeeded by Mr. David A. 

! Hamraerslcy as director. Europe- 
‘ Africa, for rubber chemicals. Mr. 

; Clifford, a British citizen, joined 

Monsanto in London in 1951. He 
was. named director, rubber 
chemicaLs. Europe, in 1972. Mr. 
HammersTey. also a British 
citizen, joined Monsanto at its 
Ruabon plant in 1961, and was 
named marketing manager. 
Europe, for rubber chemicals in 
1973. 

★ 

Marshal of the Royal Air Force, 
Sir_ Denis Rpotswood, a vice- 
chairman of Rolls-Royce, has been 
elected to succeed Mr. Rob ert F . 
Hunt as president of the SOCIETY 
OF BRITISH AEROSPACE COM- 
PANIES for the coming year. Mr. 
Basil D. Blackwell, who has been 
elected vice-president of the 
Society., has been chairman of 
Westland Helicopters since 1976, 

*- 

Seven appointments have been 
made in the BIRMID QUALCAST 
(FOUNDRIES) group. At Midland 
Motoe Cylinder Co.. Smethwick, 
Mr. A. Lane is appointed to the 
management board as administra- 
tive executive. At Qualcast 
(Wolverhampton). Mr. A. W. 
Tyler, is appointed works director 
and Mr. W. E. Owen has joined 
the management board as 
commercial manager. At C. and B. 
Smith Foundries. IVedne-sficld. Mr. 
J. T. Cooper is appointed 
engineering director and Mr. C A. 
Fletcher is appointed production 
director. At Sterling Metals, 
Nuneaton, Mr. L. Hostings is 
appointed engineering director. 
At Trueast, Ryde, Isle c.f Wight, 
Mr. A; G. Farnsworth is appointed 
managing director. 

* 

Mr. G. F. Armitage has been 
appointed a non-executive director 
of LYON AND LYON. Mr. 
Armitage is chairman and joint 
managing director of George : 
Armitage and Sons. 

* 

Mr. David Harris has been 
appointed director of admimstra- i 
tion and secretary to the 1 
PLESSEY COMPANY. He will take 1 
up. h«s appointment on July 17 1 
and be based at Alillbank Tower, 
the company's London office. Mr. 
Harris, a solicitor, entered indus- ; 
try in 1964 when he joined the T 
legal department of the British 1 
Oxygen Company. In 3U8G he t 
joined the legal department of r 
Imperial Chemical Industries, and C 
is presently senior solicitor with 
that company. Mr. K. R. Hunt- 
batch and Mr. A. R. Laing con- a 
tinue as assistant secretaries. p 

* N 


Mr. James M. Schwyn has been 
appointed director of manufactur. 
Ing, Europe, for CHAMPION 


g SPARK PLUG COMPANY. 11 
■s be based at its European 
d quarters at Dicgcni, near Bn 
« and will be responsible fo 
it company’s seven manufact 
plants located in Belgium 
UK and Italy. Mr. Schwyn j 
n Champion in 1967. 

j, * 

L Mr. A. J. Barron and S' 

R Wilson have been made din 
s °r BRITISH COCOA l 
c (HULL), the UK processing 
I, sidiary of Gill and Duffus G 

a * 

n Mr. David N. Allison has 
L> appointed group company : 

,. tary of CORAL LEISURE Clt 
r. following the retirement 0 
j Nicholas St,. G. Wise, who 
B continue to act as a cons 
r to the company. Mr. L. J. Ba-. 
. having passed retirement aqc.. 
h resigned from the Boari 
_ CORAL CASINOS and n 
s from executive duties in the 
. pany’s West End casino club 

• will continue with the ha 
company as a consultant. 

*■ 

Mr. David Stott has joinei 
’ Board of J. W. CAMERON 
“ CO. Mr. Stott has been seer 
, and a technical director 
: 1976. 

r * • 

Mr. J. G. Bailey, Mr. C 

• Mitchell. Mr. B. C. Osborn 
; Mr. J. S. Sand Hands, at pn 

- associated members of B 
F MASTER AND MOORE stock' 

- ore will join the partnorshi 
July 7. Blr. E. dc Bellaigue wi 

\ leaving the partnership on 
' 7 and the firm on August 3 
! * 

, Appointed to the Boarc 
s W. S. ATKINS AND PARTN 
■ consulting engineers, are: M 
t JHappJebeck, Dr. P. A. L. N- 
> colt, Mr. B. It. Patterson, 

1 Mr. A. E. S. Pen gelly. 

I it 

Mr. Kenneth J. Morris has 
appointed company secrotar 
LINREAD. 

* 

Mr. David C. Pindcr has .. 
appointed to the Board or 
V/lmbledon-based advert 
agency, VICTOR BRAND A 
CUTES. 

* 

New managing director • 
WILD HEERBRUGG UK. supi 
of precision survey insirumt, 
i« Mr. B. C N. Spelling. Mr. 1 
Simpson, the retiring mana; 
director, remains with the c 
pany as executive director res] 
sible for administration, tins 
and personnel. 

* 

Mr. A. W. Cole has b 
annotated secretary of GAS A 
nfL ACREAGE In succession 
Mr. A. £. WelghitI, who 
retired. 

* 

RLOOR CONSTRUCTION 
announced the appointment 
Mr. J. R. Graham to the Boa 
He will he primarily responsi 
for all estimating. Mr. Graham \ 
previously chief estimator 
C Bryant and Sons. 

W 

Mr. Harry Abbott has he 
a non >n ted managing director 
ROCK ; ASFHAI.TR and t 
NATIONAL FTiOORING CO 
ti.NNY. siihririiarifMi of the WoM 

r j.j e su ccce d s t 

late Mr. Jack Keen. 


Win 





Hr- 


3 





andal times Tuesday July 4 lg78 


utiir 


rm\M kiwi 1 iw\f 1 u and company news 




I AMERICAN NEWS 

hicago Bridge reduces 
’oposed bid for Rowan 


JR FINANCIAL STAFF 

» Bridge and iron 
the stcej plate slruc- 
auficturer, has reduced 
of its proposed tender 
Rowan Companies from 
are to §24.50 a share. 
*d terms value the bid 
$250 hl ■ 

\ i Bridge said in Chicago 
' t \\ f «l»at tiie price is. being 
Ijccautfe of ibe effect of 
i*i if,, i action between Rowan 
''•!||;ico Steel Corporation 
■d on June 23. Id that 
vaii agreed to acquire 
SO per cent interest in 
• an. drilling affiliates in 
for Rowan preferred 


The Chicago Bridge offer for 
Rowan, to be effected through 
its subsidiary CBI Industries, 
was originally announced on 
June 12. CBI already holds 
cent of the outstanding 
JO.lnt Common shares of Rowan, 
and it was made clear at the 
time that the offer was condi- 
tional upon a favourable reaction 
- : »e Civil Aeronautics Board 
to the tiansfer of ownership of 
Rowan's air tax operations." 

The Rowan Board rejected the 
cash offer of S26 a share on 
June 15, on the grounds that 
the price was inadequate and 
not in the best long-term 
interests of Rowan shareholders. 


Rowan later filed suit in the 
federal court in a further 
attempt to block the bid. 

After yesterday's statement 
modifying the terms of the pro- 
posed offer, Chicago Bridge said 
that the offer would not be form- 
ally made until definitive 
documents bad been filed with 
the Securities and Exchange 
Commission. It added that the 
offer was still subject to further 
mortification or even withdrawal, 
until the documents had been 
filed. 

Rowan said later in Houston 
that it had no comment on the 
Chicago Bridge statement. 


sieficial-First Texas deal 


HEW ART FLEMING 

2LAL CORPORATION, a 
J.S. finance house with 
000 offices in the U.S.. 
Australia and the UK, 
ht ten per cent of the 
f First Texas Financial 
»erates ten savings and 
icia lions in the State. 

■ial disclosed that in 
to the 10 per cent pur- 
had agreed to buy 
stock which would take 


its stake up to 2Q per cent at a 
cost of $56.41 a share for a total 
of 317.7m. It added that it might 
also buy the rest of the equity. 

Savings and loan associations 
arc a major source of housing 
finance in the U.S., akin to build- 
ing. societies io the U.K. except 
that they generally operate as 
profit-making companies with 
private shareholders. Beneficial's 
move is a further example of the 


NEW YORK. July 3. 

diversification of the financial 
services industry which is 
intensifying competition with the 
banking sector. 

Financing house purchase, and. 
increasingly, lending against the 
security of a house, has been one 
of the most rapidly growing and 
profitable financial service 
markets, reflecting in part the 
increasing sensitivity of Ameri- 
cans to the value of house owner- 
ship as a hedge against inflation. 


^organisation at First Nat. Chicago 


O 


• UR FINANCIAL STAFF 


NATIONAL. Bank of 
vis changing its organi- 
. structure to create a 
investment banking 
n. The newly formed 
licago Investment Bank- 
nup will include both 
ional and domestic in- 
;1 banking and will be 
by Mr. William Curran, 
D London. 

;roup will concentrate on 
as of business: managing 


and underwriting international 
securities issues; loan syndica- 
tion; financial advisory services 
to companies and governments; 
personal portfolio management; 
and direct investment in the Uj>. 

The last two of these are addi- 
tions to the bank's current range 
of services and will be handled 
from an expanded Geneva office. 

The investment banking group 
will operate through First 
Chicago subsidiaries and offices 


principally in London. Geneva. 
Panama, Hong Kong. Singapore, 
Saudi Arabia and Chicago, Mr. 
Curran said yesterday. 

Mr. Curran will be reporting 
to Mr. Idilby, the London-based 
senior vice-president in charge 
of First Chicago's business in 
the Middle East and Africa. His 
position as managing director of 
First Chicago Ltd., the U.S. 
bank's London merchant bank- 
ing subsidiary. Is being taken 
by Mr. Jan Altink. 


'Ill WP 

3 I u 1 


irfon Simon 
1 blocked 

sbert Gibbers 

MONTREAL. July 3. 
oreiun investment Review 
(FiK.4) in Ottawa has 
. plans by Norton Simon 
U.S. to take over Avis 
: Ltd., Montreal, car and 
leasing and rental firm 
by Avis of the U.S. 
s :dsp rejected a proposal 
West German owned 
.M.ncrials Handling Cor- 
u of ihe U.S.. to buy cer- 
<s.-ts of Otis Elevator, 
jn. Ontario. 

•\ it. Goodyear of the U.S. 
turre IVG Rubber Canada 
located near Montreal, 
of hose products, from 
and Swiss Interests. 


General Dynamics terms 


GENERAL Dynamics Corporation 
said it has agreed with American 
Telecommunicatibns Corporation 
to modify the terms of their 
previously announced proposal 
under which General Dynamics 
intends to acquire the El Monte 
Californian Telecommunications 
equipment manufacturing firm. 

The companies said that the 
new terms call for an exchange 
oF each share of American Tele- 
communications common stock 
for S23.50 or for an 0.47 share of 
a new General Dynamics con- 
vertible preferred stock. Under 
the agreement announced last 
April, each share of American 
Telecommunications common 
stock would have been exchanged 
for S21.75 or 0.435 share of a new 


ST. LOUIS. July 3. 

General Dynamics convertible 
preferred stock. 

General Dynamics also said in 
a separate statement that a tax 
analysis in progress indicates 
tbar any dividends paid to stock- 
holders between the latter part 
of 197S until 1980 might not be 
taxable as dividends for Federal 
Income. Tax purposes but would 
represent a return of capital- 
Sucb a ruling oh dividends 
would reduce the tax basis of the 
stock of a shareholder. 

The Internal Revenue Service 
recently advised it that it will not 
issue a requested ruling on the 
matter at this time. However its 
tax analysis does not depend 
upon a - ruling, being issued, 
General Dynamics added. 

AP-DJ 


Emery Industries, Inc. 


Tiqs been acquired by 
a wholly-owned subsidiary of 


ational Distillers and Chemical Corporation 


The undersigned acted as financial advisor to Emery Industries, Inc; in this transaction. 


0 


DEAN WITTERREYNOLDSINC. 


Urquijo International, N.V. 

, US$25,000,000 

Guaranteed Floating Rate Notes due 1981 

Note holders are advised that copies ofthe 
1977 Annua! Report and Accounts of 
Urquijo International, N.V. are now available from 

BANCO URQUIJO HISPANO AMERICANO LIMITED 

S Laurence Puunlney Hill, London EC4R UBE 


THE VOLVO DEAL 

Norwegian 
Parliament 
expected 
to approve 

By William Dullforce 

STOCKHOLM. July 3. 
THE NORWEGIAN Prime 
Minister, Mr. Odvar Nordii, 
expects a solid majority within 
the Norwegian Parliament later 
this year to approve the agree- 
ment under which Norway 
will buy 40 per cent of Volvo, 
the Swedish automobile manu- 
facturer, for NKr 900m 
(S165mh He made this state- 
ment, dismissing the criticism 
ot the Volvo purchase voiced 
by Norwegian industrialists 
and Opposition politicians 
after a weekend meeting here 
with the Swedish Prime 
Premier, Mr. Thorbjoern 
FaeUdin. 

The two Prime Ministers and 
their Industry Ministers agreed 
on a timetable for working out 
the detailed agreement over 
Volvo, and a parallel agree- 
ment on Swedish purchases of 
Norwegian North Sea oil. The 
agreements wifi be submitted 
to the Parliaments in October 
or. November, with the inten- 
tion of haring them ratified 
before Christmas. 

Mr. Pehr Gylienhammar, 
Volvo’s managing director, who 
was present during part of the 
talks, told the Premiers that 
the agreement in principle 
announced In May had since 
been approved by all the 
Swedish onions represented 
among Volvo employees. 

Mr. Nordii said he was not 
pessimistic about the sale of 
Volvo shares on the Oslo stock 
market, bnt it was evident that 
the market had a limited 
capacity. The Norwegian 
Government's aim is to sell to 
private Investors at least half 
the new shares to he Issued by 
the new Volvo (Swedish- 
Norwegian) Company to cover 
the 40 per cent Norwegian 
holding. Norwegian stock- 
brokers have pointed out that 
the sum Involved would exceed 
the value of all new share 
issues on the Oslo market last 
year. 

The Norwegian Government 
Is setting np a working group. 
Including union and industrial 
representatives, to supervise 
work on the Volvo purchase. 
Mr. Nordii repeated that Volvo 
Is committed to creating 3,000 
to 5,000 new jobs in Norway 
over the next five years. Some 
Norwegian critics have been 
sceptical about this under- 
taking. 

Mr. FaeUdin said that amend- 
ments would have to he made 
to both Swedish and Norwegian 
company law, and some tax 
questions resolved before the 
new bi-national Volvo com- 
pany could be formed. 

FlidTsees 14% 
sales increase 

By Adrian Dicks 

BONN. July 3. 

THE Flick Group, West Ger- 
many's biggest privately owned 
industrial holding company, 
expects to achieve an -increase In 
sales of 14 per cent this year, on 
the basis of business during the 
first five month. Last year Flick 
saw sales rise 11.4 per cent to 
DM 6.7bn (S3-24bn) but describes 
as “ unsatisfactory " the increase 
From DM 53m to DM 58m ($2Sm) 
in net profits. 

For 1978, according to a state- 
ment published with the 1977 
annual results today, Flick is not 
expecting any great improvement 
in profits but will be content if 
it earns approximately the same 
as last year. 

Neither the statement nor the 
1977 figures throws any fresh 
light on Flick's plans for the 
investment of its remaining cash 
proceeds from the sale in early 
1975 of 29 per cent of Daimler- 
Benz. 

EUROBONDS 

Issue volume 
falls sharply 

By Maty Campbell 
THE VOLUME of Eurobond 
issues was sharply down in the 
first half of this year from the 
comparable period of last year, 
figures calculated by Credit 
Lyonnais and Kredietbank 
Luxembourgeoise show. Accord- 
ing to their analysis, a total of 
121 public Eurobond issues 
worth S6.92bn were launched 
during the period, about 15 per 
cenL down on the $8.82bn of 
the equivalent period last year. 

Despite its weakness on the 
foreign exchange market and 
rising Interest rates the dollar 
remained the leading currency 
for Eurobond issues, accounting 
for 53.13 per cent of the total, 
the analysis shows. 

There was little change in 
prices in the Eurobond market 
yesterday, except among 
Japanese convertible bonds 
which retain their strength. 

In a surprise concession to 
market conditions, the European 
Investment Bank decided at the 
last moment to cut the issue 
price of its SlQOm bond to 99 
from the 991- to which the 
managers were committed. Ini- 
tial price indications last night 
were that it was opening at 
around 97 per cent Dealers 
pointed out that this price puts 
the yield well above that on com- 
parable issues. 

The Japanese company Ricoh 
has launched two issues in the 
D-Mark sector, a DM 70m con- 
vertible and a DM 30m straight- 
issue. The convertible offers a 
3i per cent | semi-annual) coupon' 
at par on a final maturity of 
eight years with the conversion 
premium indicated at 10 per 
cent 

The straight Issue will be a 
five-year bullet. Guaranteed by 
Mitsubishi Bank, It offers a 5{ 
per cent coupon at as indicated 
price of 99. 

Commerzbank is handling the 
issues. 


Minister claims Holland’s 
interests are protected 


BY CHARLES BATCHELOR 

HOLLAND IS studying the Im- 
plications for Volvo's Dutch sub- 
sidiary. Volvo Car. of the sale 
of 40 per cent of the Swedish 
car-maker to Norway. The first 
impression given by tbe deal is 
that the Dutch interests are pro- 
tected. the Economics Minister, 
Mr. Gijis van Aardcnne. told 
parliament in a written reply! 

Tbe Minister faced a series of 
questions from MPs worried that 
Holland did not get enough in 
return far its support for Volvo 
Car, and that the Norwegian 
deal might lead to the produc- 
ton of a car in competition with 
the 343 model now being made 
in Holland. The Economics 
Ministry announced in January 
that Holland would raise its stake 


in Volvo Car to 45 per cent from 
25 per cent as part of an aid 
package worth nearly F 1200 m 
(390m). 

References by Volvo to the 
manufacture of cars in Norway 
only refer to the development of 
car bodies made of plastic and 
plastic compounds, Mr. van Aar- 
denne said. The prdouction and 
development of cars similar to 

the 343 will only take place in 
Holland. It therefore, does not 
expect the Norwegian participa- 
tion in Volvo to have much, if 
any, effect on Volvo Car. . 

There was never any chance 
that Holland could take a direct 
stake in Volvo in return for sup- 
port for its Dutch subsidiary'. 
Norway was able to Offer a share 


AMSTERDAM, July 3. 

ip the development of its Con- 
tinental Shelf and access to 
sources of energy in return for 
its holding in the parent com- 
pany. The basis for the Dutch 
negotiations was Volvo Car, a 
companv which was making 
heavy losses. 

Dutch aid has not been used to 
help Volvo pay dividends to 

shareholders. Mr. van Aardenne 

said. If Holland had given less 
aid, or no aid at all, Volvo Car 
would either have had to be shut 
down completely, or investment 
would have had to be cut back, 
with damaging effects in the 
long term. 

The agreement with Volvo Car 
allows Holland a share in any 
profits it may make up to 1989. 


Astra to sell three subsidiaries 


BY OUR NORDIC CORRESPONDENT 


ASTRA, the Swedish pharmaceu- 
ticals group, is planning to sell 
three subsidiary companies not 
directly connected with its main 
business. They are Astra-Wallco. 
which produces consumer 
hygienic products. Astra-DinoL 
whose main field is rust preven- 
tion, a ad Swjx Sport Inter- 
national, manufacturing ski 
waxes and poles. 

All three are profitable with 
WalJco and Dino] each expected 
to turn in sales of around 
SKr 150m (832.6m) this year and 
Swix about SKr 60m. Several 
inquiries have been received and 


Astra will start negotiations 
shortly. According to the com- 
pany there would he no obstacle 
to a foreign purchaser. 

Currently about three-quarters 
of Astra's SKr 2bn turnover 
derives from pharmaceuticals. 
The board recently decided in 
principle to maintain only those 
sideline operations which either 
had some synergy effect with 
pharmaceuticals or contributed 
real financial support to the 
expansion of the pharmaceutical 
business. 

Astra’s expansion has been 
particularly strong outside 
Sweden. Foreign sales have 


STOCKHOLM, July 3. 

doubled in the past three years, 
reaching 61 per cent of group 
turnover last year. Earnings 
have kept pace. The 1977 pre-tax 
profit of SKr 2 16m reflected a 
slightly lower growth rale at 13 
per cent than the IS per cent 
increase in sales, but changes in 
accounting procedure were 
responsible for the shortfall. 

The demand placed on Astra's 
financial resources by its recent 
expansion is illustrated by the 
SKr lS5m spent on research and 
development and tbe SKr 133m 
which went to property and 
machinery last year. 


Danes request probe of DCK 


BY HILARY BARNS 

THE DANISH bankruptcy court 
has requested a police investiga- 
tion of the affairs of DCK Inter- 
naional, the company in which 
Mr. Jan Bond? Nielsen, manag- 
ing director and majority share- 
holder in the Burmeister and 
Wain shipbuilding and indus- 
trial group, was a partner until 
1975. 

The court’s move follows a 
report to the court by the liqui- 
dator for DCK. lawyer Mr. C. 
Tvede-Moeller. In his report on 
tbe reasons for the liquidation. 
Mr. Tvede-Moeller concluded: 
“The failure to assure the proper 
management of the company and 
the failure to establish proper 
accounting control (as also the 
disproportionately large borrow- 
ing, which it- must have been 
clear to the group’s management 
could only be repaid from earn- 
ings under tbe most fortunate 
circumstances) may have ren- 
dered the group's management 
liable to penalties and to pay- 


ment of compensation which it 
is beyond the responsibility of 
the liquidator to decide.” 

The Central Bank has also 
asked the police to investigate 
alleged breaches of foreign 
exchange controls by the DCK 
management. 

Mr. Bonde Nielsen has not so 
far made any public comment on 
the liquidator’s report. 

The affair has damaged Mr. 
Bonde Nielsen's reputation in 
Denmark, with almost daily 
front-page coverage of the details 
during the past fortnight He 
gained control of a share 
majority in the B and W ship- 
yard in 1974. and later brought 
about a reamalgamation of B and 
W's shipbuilding and other 
interests. 

DCK International was the 
Danish holding company for a 
group of about 20 subsidiary 
companies in Europe, and' a pro- 
duction operation in Kenya 
producing flower seedlings for 


COPENHAGEN. July 3. 

sale in Europe. In 1972 the late 
Mr. Bruce Mackenzie, former 
Kenya Minister of Agriculture, 
became involved with Mr. Bonde 
Nielsen in the DCK venture. 

Mr. Bonde Nielsen ceased to 
take an active part in the com' 
pany in 1974,. but remained a 
director until 1975. The company 
went into liquidation in 1976. 

When liquidation proceedings 
were begun, tbe company was 
faced with creditors' claims 
totalling DKr 78m (about 
823.9m) including DKr 24m in 
guarantees for bank loans by 
subsidiaries. DCK had bank 
loans, most of them partially 
secured, of about DKr 60m. 

Assets at the time of liquid- 
ation were worth only about 
DKr 20,000, according to the 
liquidator’s report But when the 
liquidation was completed on 
June 28, debt to creditors was 
brought down to DKr 2.6m, 
plus a claim of DKr 11.2m from 
the Danish tax authorities. 


33 


Beghin-Say 
looks for 
improved 
results 

By David White 

PARTS. July 3 

THE biggest of tbe French sugar 
companies. Beghin-Say. is expect- 
ing an improvement in il* results 
this year after a doubling of net 
losses to FFr 127m (S2Sm) in 
1977. 

Operating results for last year 
already showed an improvement, 
moving from a FFr 33m loss to 
a FFr 7m profit. In a year when 
the beet sugar harvest returned 
to normal after two very bad 
crops, the loss stemmed mainly 
from depreciation charges car- 
ried over from the previous yea 
and povisions for a subsidiary 
Unisuc, In 1976. Beghin-Say had 
made a net loss of FFr 64m. 

M. Jean-Marc Verncs. the 
chairman, said the company 
aimed to maintain employment 
levels and hoped to return ta 
dividend payments, which have 
now been o milled for three years. 

Turnover last year increased 
by 9 per cent to FFr 435bn. 
This was split roughly 60-40 
between sugar and paper. Sales 
of paper and cardboard, includ- 
ing a fast-growing line in cellu- 
lose wadding, went up by over 
15 per cent. 

Of the lm tonnes or sugar sold 
by Beghin-Say last year, half 
was exported compared with 57 
per cent in the previous year. 
French consumption, particularly 
of lump sugar, bus been declin- 
ing, a trend attributed by 
M. Vemes to high price OF 
coffee, changing food habits and 
anti-sugar campaigns. 

FFr. 2.5bn loan 
for France 

By Our Own Correspondent 

PARIS. July 3. 

THE French Government is 
launching a FFr 2.5bn (80.56m » 
bond issue on July 12, following 
up on a FFr 3bn borrowing in 
May. 

A third tranche to help bridge 
the Government’s budget deficit 
is expected after the summer 
holidays. 

The Government is borrowing 
In portions rather than in one 
big operation, as it did with a 
FFr Sbn loan last year, in an 
effort not to rock the boat too 
much in tbe capital markets, 

Tbe new 15-year loan Is being 
issued at par with a coupon of 
9.8 per cent This compares with 
a 10 per cent coupon on the May 
issue, reflecting an easier trend 
In the conditions offered by first- 
category borrowers. 

The loan is repayable In 
annual instalments after a three- 
year grace period. It is being 
preceded on the market by a 
FFr l-2bn, 20.6 per cent loan by 
the Credit National. 

This year's budget deficit was 
originally projected at just short 
of FFr 9bn compared with 
FFr lObn in 1977. but is 
expected to turn out to be dose 
to FFr 20bn. 



Ever since its establishment in 1964> as the first 
multi-arab consortium bank, the Arab African Bank’s 
involvement in commercial and investment banking 
business has steadily extended to cover many parts 
of the wodd.Now die international status the bank 
enjoys is reflected in our newname-Aiab African 
International Bank- 

Bur chatis not all that has changed. 

As our business has grown, so have our financial 
resources, and today our total assets are in excess 


Our new name 
more truly reflects 
our status . 


ofUS $779 million. 

Our services, too, are wide rangingveovering 
international trade financing, medium term loans, 
project development and financing, money market 
operations in Arab and Euro currencies, and the 
management and underwriting of internationally 
syndicated loans and bond issues. 

For experienced banking advice and assistance- 
in the Middle East or internationally - ours is the 
name to remember 




INTERNATIONAL FINANCIAL AND COMPANY NEWS 


P f 


FCO ‘would acknowledge ? | Hong Kong | austrauan ” ATURA?; RESOUBCES 

h-notv nranmYnh'™, code of EXCeSS PTOfitS tdX plaHS 

treaty organisations practice for „ Mim , 


abaiMoB^ 


SYDNEY 


BY MARY CAMPBELL 

The FOREIGN and Common- drawn last year after they had In his new opinion, Mr, 
wealth Office has indicated that been expressed by Mr. Maurice Mendelson makes it dear that 
ft would be prepared lo acknow- Mendelson of Counsel in an he does not think that the view 
ledge the legal personality of opinion for BanK of America, of the FCO’s lawyers that treaty 
organisations established by one. of the lead managers for the organisations would have . legal 
treaties to which the UK was IJ3EC loan. Their expression personality in English courts is 


unit trusts 

-By Anthony Rowley 

HONG KONG, July 3. 


THE Australian Government has fields the producers were oil was raised f ™ m . 

abandoned thoughts of applying entitled to have an mcreaseing a barrel as °L ,k,1 *1 

a resources tax on above-normal part of their production receive announced that the GovMwmt-iii 
profits from oil and uranium import parity. For the past 12 was examining 

! ventures. la a joint statement, months, 10 per cent has received replacclhe levy with a mpum SnilSet* « 
| the Treasurer. Mr. John world price. It is due to rise soon tax. The f xpycla t ion wa> *U b- vmnpaime *• ^ 

' Howard, and the Minister for to 30 per cent, to 35 per cent the scqucntly JJ „ JJSSStlv® eaJSS*^ 

'Trade and Resources, Mr. next year and then to SO per resources tax was applied- it seiyuepuy earned ou 

'Douglas Anthony. said that the cent, with a promise that full would also ho applied to uranium 

derision had taken into account import parity for the remainder projects. *jj! th? no&siblc^dt 

the possible adverse affect of of production would bo intro- uranium developments hoping to tmi n. T! he possible ad\ 

■ , *—■* nn wnLinrinn mil • ai own DC nnjuihle. CO QIC MU) PrOdUCUOfl Within tfaf (ft SUfJl & liX 00 CXpIo 


and to slate this.” cent certainty as to the standing Mendelson has changed his view The code will be adminls- j profits, tax vras under emwioeru Broken Hill wopnetaty uom- m m ----- tad decided noH 4 U 

This statement has resulted in i n English law of the entities in is the indication in the FCO’s tered by a Committee on Unit ; ahon when bringing m the 1SJ78- pany 'and the Esso group. a 2 bib nSs ?n ihilJK but with amSurnrs tax V 
SL -S" W* letter of a generalwil^ess m Trusts drawn from the Securi- *“E5 ASTSSJf U'CSStaSte uJS Prices^Tkurtrali •' 


states that "although 100 per The main basis on wnich Mr. 
cent certainty as to the standing Mendelson has changed his view 


mar a resources, or secondary ticuiariy roe tssss oirau parurera, ** ‘j „ i " ovHmimxtnn* iL? 

The_ code will be adminls- j profits, .tax .was under consider^ Brotan Hill Proprietary ^Com- of taxi M ^favouxrt wm simiMr SSSS&Fluil 


East European institution Inter- deg^ uKl It wo*d now be ScS* « SSKta J-* memoran- !/7 ot Tn -p5T = prSg poifr>” should" remain K^S V.!* 1 > 

national Bank for Economic reasonable to discount them for of that personality as needed to “35? ** authorities do received full import parity with the producers. The exist- The joint mmt^nal staU merit inv. the amount of the j l. 

Co-operation tlBEC) to be with- all practical purposes.” satisfy a court.” no1 re4a * re 40 explanatory immediately, but for larger lag production levy on crude said that discussions had been Icv>. 0* 

~ memorandum at all, let alone _ - — — . — ■ : 

iay down Its contents In de- _ _ _ 

Chemie Linz passes dividend ‘SSHTllt Bank Hapoalim raismg capital J AustSr 

• to file documents with the tft *vtv t.iiw i 114 •‘■■Mi 31 * 

BY PAUL LENDYA1 VIENNA, July 3. Official Securities Cwnmis- BY L DANIEL TEL AVIV, July 3. mprfW 

CHEMIE LINZ, one of Austria’s pany’s Jab our force totalled period jumped by 11 per cent ♦„ the BANK HAPOALIM— Israel’s notes, registered, unlinked, for were opened recently in Chicago lilt igtl 

leading chemical concerns, is 7.510. -Or S.140 including sub- while domestic sales were down rxcdnm ex P“^ ator >' second largest bank— intends to conversion 18S4-8S. . and Boston, jndtwa arc By Our. Own Cormpt 


Bank Hapoalim raising capital 


BY PAUL LENDYA1 


VIENNA, July 3. 


BY L. DANIEL 


TEL AVIV. July 3. 


Pirelli Cab 
In Australi; 


paying no dividend for 1977 sidiaries. As for sales, the by 8 per cent ‘-hrarhnr*”! raise over liouum iwiaj buws t — 3 47 r~ ~r 

after a 5 per cent payment the steepest increase was recorded The company has been paxticu- tenons and p * no<Uc . Stock Market, increasing its form of 1.33m units, each of York and Miami. 

n i. i „ , ... i . -1 aeconnis. : imou. urhi.-b wit mnsiqf of 55 Ordi- The banks bam 


previous year. Presenting the in the pbaranaceuitdcal sector (up larly badly hit in the Comecon 
annual report Dr. Hans Buchner, 20 per cent), while fertiliser ex- area, which previously used to 


The code also requires 


i capital to I£3.3bn. 


notes, registered, unlinked, for were opened recently in Chicago IUCT^CT 

•cram. — — - - conversion 18S4-8S. . and Boston, and two more are B y Our Own Cormot 

raise over I£800m (W5m) on the The offer will be made in tbe to be opened shortly, in New r * 

form of 1.33m units, each of York and Miami. SYDNEY, 

which will consist of 55 Ordi- The hank's balance-sheet grew Pirelli Cables Australia 


chainnan vamed that 1978 is ports aiao increased. However, absorb about three-quart ere of a 1 mnst 


likely to be an even more diffi- most other sectors stagnated. overall exports- " ““J?’ * trusicc company (offered to the puhuc, 

yea f. 1B77 - „ , Dr. Buchner pointtd out Hut . 

Operating losses were put at 1977 ^ [ailed t o produce tbe trustee must generally have no 7315m 

between Sch 15m to Sch 20m. hnneri for in «»le« anrf has also P^sed its 1977 dividend ■ connection wi<h ih* « nae fv I Wll ‘ COE 7 t . in IJ . “, 


as trustee “a trustee company 


.nominal will b e offered to the bank’s Kan Snan aHvanrpq Kncssnn uames. wetail 

nominal of employees at a price of I£I^3 5Sp P j55^Sf ralinU 1 « ierK « r J**' - ®, not > ot 

l of l£2 per option. The lists will close KAO SOAP COMPANY rajspu | caSc( | but il is susyi* 

ced and on July 8. ite^consolidated net profits by merged group will hai 


(irum suouzg irom acn io would be sltahtly better than the company. ' u unlinked and bn July 8 its consouuareu uct pruuw. uy morgen group will hai 

Scb 4.5m t33QQ,000) test year. pcrtm tj K77. Bui t lSVi£i P«rW« rtld . M d«d « verlfblt V, ^u,-the UM «IW> *»{- W “ d 

Tur no verbose only fractionally warned that the company was s aid> Turnover was ™ « must include cover ihe ha«is ; into Ordinary registered I£1 13 months— is intended to. help “arch 3Lto Y-I'.on bJJW bpttir placed tu romp 


luiuvwi iwas umj lj 4UL1U1I4UJ kkiui,u vuat ui kt luiuyoiaj nm S 3 IQ TUmOV6r -y/25 up br 5 1 must include cover the basis ‘into 'Ordinary' registered I£1 13 months— is — «- f Y3_ssi m in the nreviouk ■ .u ' . . * " ' ” " u- r 

from Sch 7.4bn to Sch 7.6bn. faced with, a difficult situation per cent t0 Sch 503m but^the on which offer and redemption (shares, and l£399m nominal of tbe bank’s expansion plans at J™ wporu Reufcr from ToSo " l 

This slight increase stemmed and that reserves would have to ^ are made up by ex^ori fell P^ces are calculated, what ; 18 per cent convertible capital home and abroad. New branches 

from exports, which were up by be drawn on in order to offset from 18 per cent to 16 percent «»** are chargeable to the — 1n^ YlWbn (ttlir S' " f hl 

6 per cent to Sch 4.3bm About operating losses. Between Investments tota Bed Sch 17^m, belonging to unit- • E > Ylisitai. Warnings per iareiSn ?^ 1 *** 1 1 

S4 per cent of Chemie Linz s January and May .this year, sales after Sch 63m in 1976. No im- holders, limitations on a trust’s- XfinnviAA T/Yr 1 li nri hIqIIiC rose to Y4063 from Y3564. j h,. iv«,« ... 

exports are sent to Europe, were up by 2 per cent to provement is expected during aW”* borrow and tbe f lnaDCC lUI JVUll Mcanw\rI-. Mt l sui Real EstateLriSjrif A^Tr.l^n - ’ 

At tbe eod of 1977, the com- Sch 3.2bn. Exports during this the current business year. P^ers of the trustee to dis- ^ r . . . Dwlopraent Company l5S S « n 


powers of the triistee to dis- 
miss the management company. 


Finance for Kori plants 


Sales increased 15.3 per cent 1 3U£ j 0}ox cables, whi 
I? ($917in) from j about 75 .per cent of 

Y'162.2obn. Earnings nor share 

rose to Y4Q.63. from Y35.64. j pi PP iii hn« iv-nn :.i 


BY RON RICHARDSON 


Roche plans joint U.S. fructose venture s£rS3 

appoint a Ho. 

BY JOHN WICKS ZURICH, July 3. sente live. Thi 

A PLANT for the production of 1980 with an annual capacity of tose, a Xyrofin product already * s not . T eif11 
pure crystalline fructose is to be 10.000 tons. marketed in the U.S. by Rocbc. responsibility 

built in Savanna. Illinois, as a Crystalline fructose is a is a sugar alcohol with sweet- m *. n ^ com par 
joint venture between the Swiss speciaUty sweetener and up to ness equivalent to that of sugar omirisons, but 
Hnffmanr t a Bn-ha 70 per cent sweeter than ordinary used mainly as a non-cariogenic denis must be 

Hoffmann-La Roche concern and sugar. j t j s finding growing use sweetener for chewing gum. redeem “its 
the Helsinki-based Finnish Sugar in the food industry. parUcu- Originally Xyrofin planned to representative. 
Company. larly for low calorie products. open a 10,000 ton xylitol plant These and 


n D I kin IS rose to Y 40.0.1; from y jo- w. j PireJU has lKvn al ^ 

l J. piaillJ Meanwhile. Miisui Real Estate f Pn rcrmg ihe Australian 

HONGKONG July 3. Development company hasjf or about five years .... 
. HO*G konl ,jui> 3 announced that it stanng opposition from r ‘ ; 


ment company is incorporplfd (KECO) will use the funds from about half of this going towards ($?3ni) in the year to March 31- i nmjrtlalneci (here was 
outside Hong Kong, it must its proposed S400ro syndicated payment for equipment and Sales were Yt69^Sbn rS880m>. < cruwth in the market • 
appoint a Hong Kong repre- 'loan j n part-financing of South services from U.S. companies. The figures are the first l» bej p Xls ,j n ., manufacturers 
sentative. The representative Korea’s second and third nuclear Westinghouse, General Electric released by ihc company on Uj a |] 4 Pirelli intended to i 
is not required to take < power stations, at Kori. and the U.S. Atomic Energy consolidated basis. Iir venture with t 

responsibility for the manage- ■ interest on the loan— from a Commission are the main sup- , „ n . fl m, wylne but this le- 
nient company’s acta and ; consortium of banks led by Chase pliers for the projects. SnitlltomO dftOII mf and Wylex merged i l 

omisisons. but Hong Kong resi- {Manhattan Asia, for a ten-year Apart from the latest sjndi- Sunjjtomo Shoji Kaisha chances opera! mne with those of 
fedwm liiita fhronrt i term— wHl be one percentage nted loan <Jnds for the pro- S7 ompan J° l0 SiimUomi. j local cmnpany. Olympic 

SSnSLS!?. Uuiwgfc 511011 a ? oint above 1x11(1011 interbank lects arc coming from theU.S. Con>oralioni vilh cffPi . v from (dated Industries, to lor 
representative.. rates. Eximbank. the Private Export j u jy Router reports from : Cables. 

These and other require- j KECO is about 75 per cent Funding Corporation oE the UE, Tokyo. * Sumitomo Corporation,! Pirelli’s cable plant. 


SELECTED EURODOLLAR BOND PRICES 
MID-DAY INDICATIONS 


All these Bonds having been sold, this announcement appears as a mailer of record only. 


NEW ISSUE 


May 24 , 1973 



PROVINCE OF NEWFOUNDLAND 

(Canada) 

50,000,000 U.S. Dollars 
91/4 % Bonds due 1990 


CREDIT COMMERCIAL DE FRANCE 


A.E. AMES & CO, LIMITED 


BANQUE BRUXELLES LAMBERT SA. BURNS FRY LIMITED 

DRESDNER BANK AKTIENGESELLSCHAFT KRED1ETBANK SJL LUXEMBOURGEOISE 
MERRILL LYNCH INTERNATIONAL & CO. MORGAN STANLEY INTERNATIONAL LIMITED 
UNION BANK OF SWITZERLAND (SECURITIES) LIMITED 


ALAHLI BANK OF KUWAIT (K.S.C.) ALGEMENE BANK NEDERLAND N.V. AL SAUDI BANOUE AMEX BANK AMSTERDAM 41 OTTEnDAM BAWVC N.V. 

THE ARAB AND MORGAN OMNEELL FINANCE COMPANY BACHE HALSEY STUART INC. BANCA COMMERCIALS JTAUANA BANCA DEL GOTTARDO 

BANKERS TRUST INTERNATIONAL BANK OP AMERICA INTERNATIONAL BANK JULIUS BAER INTERNATIONAL BANK GUTZVWU.ER, KURZ BUNGENER (OVERSEAS) 

L-’ii-f-'J Liiri!« li.“* ■(«* ■ 1 * 

Bank of uokireal the bank of Tokyo (Holland) n.v. bankhaus nermann lamps banoue arabe et Internationale d-investtssement ibaj.1 i 

h*.' 1 *iTi jTi . I ' »* i I x fU>" * 

BANOUE COKTINENTALE DU LUXEMBOURG S^. BANQUE FRANCA I SE OU COMMERCE EXTERIEUR BANOUE FRANfAJSE DE CREWT INTERNATIONAL 

BANOUE GEN6RALE DU LUXEMBOURG 3 A. BANOUE DE LTNDOCHINE ET DE SUEZ BANOUE INTERNATIONALE A LUXEMBOURG 5JL '^BANOUE LOUI&OREVFUS 

BANOUE RATIONALE DE PARIS BANOUE DE NEUFUZE, SCHLUMBERGER, MALLET BANQUE De PARIS ET DES PAYS-BAS BANOUE np Paris p r nec 


BANOUE RATIONALE DE PARIS BANOUE DE NEUFUZE. SCHLUMBERGER, MALLET BANOUE DE PARIS ET DES PAYS-BAS 
BANOUE POPULAIRE SUISSE BA. LUXEMBOURG BANOUE ROTHSCHILD BANQUE DE LA SOCIETE FI NAN Cl ERE EUROPEENNE 

BANOUE WORMS BARING BROTHERS * CO n BATERI3CHE LANDES BANK GIHOZENTRALE BAY6RISCHEVEREINSBANK 

t'OllUfl 

BERGEN BANK BERLINER HANDELS- UNO FRANKFURTER BANK HLYTH EASTMAN I rail r-Atcee 


BANOUE DE PARIS ET DES PAYS-BAS 

r*"ir W! G'-CTS-Cuth- 4o 

BANOUE DE L'UNION EUROPEENNE 


7”™, n BATtroaCHE LANMSBANK GIROZENTRALE B AYERISCHE VERE INSBAN K JOH. BERENBERG, GOSSLER S CO. 

BERGEN BANK BERLINER HANDELS- UNO FRANKFURTER BANK BLYTH EASTMAN DILL ON A CO. CAISSE CENTRALE DES B4NQUES POPULAIRES 

CAISSE DES DEPOTS ET CONSIGNATIONS CAZENOVE & CO. CHASE MANHATTAN e '“^OfEMic»L BANK INTERNATIONAL CITICORP INTERNATIONAL GROUP 

t.’tUj't'I LllTIilPd 

CLARIDEN BANK COMMERZBANK COMPAGNIE HONEGASOUE DE BANOUE CONTINENTAL ILLINOIS CAuhtv n.uir 

i„,| M COUNTT BANK. 

CREDIT COMMERCIAL DE FRANCE ISUISSejSJL CREDIT INOUSTRIEL ET COMMERCIAL CREDIT LYONNAIS CREDIT DU NORD CREDIT SUISSE WHITEWELD 
CREDITANSTALT.BANKVERSN CREDITO ITAUANO DAIWA EUROPE N.V. DEN DANSKE BANK DEN NORSKE CHEDITBANK DEUTSCHC BANK 

DEUT3CHEGIROZENTnALE- DEUTSCHE KOMMUNALBANK- DEWAAY * ASSOCI6S INTERNATIONAL DC BANK ' DOMINION «CUWT|S 

DHEXEL BURNHAM LAMBERT EUROPEAN- BANKING COMPANY FINACOR FIRST BOSTON (EUROPeT^ "FIRST CHICAGQ 11 ROBERT FLEMM® A CO. 

OENOSSEK6CHAFTUCHE ZENTRALBANK AG - VIENNA ANTONY GIBBS HOLDINGS LTD. ^'cmOZENTRALE UNO BANK DER OSTERREICHISCHEa/sPARKASSEN 

GOLDMAN SACHS INTERNATIONAL CORf. GREENSHIELDS HAM BROS BANK HESSiSCHE LANDESBANK GIHOZENTRALE HILL cST E5. HUTTON ft CO. N.V. 

INTERALPHA ASU (SINGAPORE] LTD. ISTITUTo’mnMRIO SAN PAOLODI TORINO KIDDER, PEABODY INTERNATIONAL KLEINWORT BENSON KREDIETBANK N.V. 
KUHN LOEB LEHMAN BROTHERS INTERNATIONAL KUWAIT FOREIGN TRADING CONTRACTING A INVESTMENT CO. (SAX.) KUWAIT INTERNATIONAL INVESTMENT CO. SAX 
LA2AHD B l R _^. T ^ ERS * C °~ LAZARD FRERES ET CIE LLOYDS SA NK IN TERNATIONAL MANUFACTURERS HANOVER . MARINE MIDLAND 

MCLEOD, YOUNG. WEIR & COMPANY SAMUEL MONTAGU * COL ““ MORGAN GRENFELL A CO. NATIONAL BANK OF^ DHABI 

LuTliVJ Limited Lim>(M 

NEDEALAKDSCHE MIDDENSTANDSBANK N.V. NESS I IT. THOMSON THE NIKKO SECURITIES CO, (EUROPE] LTD. NOMURA EUROPE NX 

N0RDDEUT5CHE LANDESBANK GIHOZENTRALE NOHDKS BANK ORION BANK OSTERREICHISCHE LXNDERBANK PETERBROECK, VAN CAMPENHOUT, KEMPEN 5 A. 
PrEHSON, KELbRING A PIERSON N.V. ' W.C. IRTFIElD^A TO. (LONDON) PKBANKEN PRIVATBANKEN^'' ^RICHARDSON SECURITIES OP CANADA N.M. ROTHSCHILD A SONS 
SALOMON BROTHERS INTERNATIONAL SANTO SPtRFTO INVESTMENTS SCANDINAYHAf/MNK^i HENRY SCHRODER WAGG A CO. SKANDINAV1SKA ENOM BARKEN 
SMITH BARNEY.^HARRIS^UPHAM A CO. SOCIETE BANCAIRE BARCLAYS (SUISSE) SX SOCTGTc 'cENTRALE OE BANQUE SOCT£T£ aeN£RALE 

SOCIETE GENERALS ALSAdEKNE DE BANOUE SOCirrE QENERALE DE BANOUE SJL SOClETE SEQUANAISE DE BANOUE SVEN5KA HANDELSBANKEN 

SWISS BANX CORPOnKrtON (OVERSEAS) UNION DE BANOUES ARABES ET FRANCAISES - U.BAF. VER HAND SCHWEIZERISCHBR KANTONALBANKEH 

a. VONTOBEL A CO. S.G. WARBURG A CO. LTD. WESTDEUTSCHE LANDESBANK GIROZENTHALE 

WILLIAMS, GLYN A CO. DEAN WITTER REYNOLDS INTERNATIONAL WOOD GUNDY YAMAICH1 INTERNATIONAL (NEDERLAND) N.V. 

LUNtefi 


STRAIGHTS ' 

-Vlcaa .VaMralia 5-m: IS69 9d 

AMEV ^p-.- 1S57 - SI 

Auer aI: a Spc 19E RJ 

.Loci ral urn M. & S. »tj»: 'K PR; 
' Barclays Back .vjpc !392... si. 

j Eo-AJlcr SiPfl IS52 M. 

Can. X. RaiIwat s»1dc IBS* si 
' Cretin XanoRAl S! pr 19M . 9J. 

D-nsnark S'dc I5s4 ........ B7- 

ECS Sac 1SW 9Si 

Eia sine im «i 

e:b s:pc j99s — sr 

EMI S; pc .IPS* 57J 

Ericsson Slue 1SSS SSJ 

Es so 8 pc I2S6 Nov. 991 

Gt. Lakes Paper «pc 19M 9«i 

namereler 9»pc I9K 99] 

Hydro Quebec 9pc 199: M] 

n:i ape tarr 93] 

ISE Canada 9*pc UM . . 182] 
Macmillan BVoedel 9pc 199= 931 

Massey Keisnson 9)pc ’91 98 

Mlcbelm 9} PC 1 388 1M 

Midland mt. Fio. 8ipc 'SB 94 
Rational Coal B4. 8 pc 1BS7 PJJ 
National Wstmnstr. 9 pc -» 99] 

■V«D. Wstmtstr. Spc '« *B’ 99? 

Newfoundland toe 1389 .. 9Si 
Nordic Inv. Bar* SJpc 19SS 961 
X urges Kom. Bk. 8)pe 199! 95 

Xorprpe 8Jpc Wi 

Norsk Hydro Slpc 199! . . 94( 

1 Oslo 9 pc 19SS 9S> 

, Pons AutonoDies 9 pc mi 971 

PniY. Quebec 9pc 1995 931 

Prov. Saskatchsn. Stpc ’S8 971 

Reed Imeraatiooal 9pc 19S7 91} 

RHM 9pc 19R ... » 

Selection Trust SJpc 19S9... 9U 

Shell Ina Fin. 8ipc 1B90 . 91J 

Skand. EnsWlda 9pc 1991 97 

RKF Spc 19S7 91} 

Sweden iK'domT SJpc IK7 9.11 
Lulled Biscuits 9pc 19K9 ... 97 

Volvo Spc 1987 March ..... »i 
NOTES 

Australia 7‘pc 19M 93} 

Bd] Canada 7]pc 1987 95} 

Rr. Columbia Bird. Tjpc ’S5 91 J 

Can. Pac. Sipc 19M Mi 

Dow Chemical Spc 13W ... 98} 

ECS 7ipc 1982 94} 

ECS Slpc 19M ... 91} 

EEC ripe UK: ... - 95 

EEC 7Jpc 1394 94 

EnsD Cuizcit Si pc 19S4 ... 96 

Cotaverkun 7ioc IC92 ... .. 

Kuckums spc lass .. 96} 

Mi-:hel:n S^pc 19S.1 W 

Montreal Urban Slpc I >81 *8* 

New Brunswick Spc 1984 ... 

New F.rur.v Prov. 8,’pc *S3 
New Zealand Slpc 1086 
Nordic inv. Bk. 71 pc 19M j* 

Norsk Hydro 71 pc 18BS . — 

Norway Tlpo 1982 — «* 

Ontario Hydro Spc 1857. — ” 

Sinner SJpc 1*82 — 

S. of Scot. Biec. Slpc 1M *1* 
Sweden ilTdomi 7*pc 19« 94. 

Swedish State Co. 7ipc 'tt 

Tehnex 9Ioc 1094 r®J 

Termeco 7Jpc 1087 May ... J** 

Volkswagen 7?pc 1087 . — *» 

STERLING BONDS 

Affied BrewertW 1«PC ’90 87} 

Citicorp lOpc 199S Mi 

Coorunids 91 PC 19S8 884 

ECS 9)pe 1 » *+ 

EIB 9}pc ; Ml 

EIB 91PC 199S ..... v »>* 

Finance tor ind. Sipc 19S7 89} 

Finance for IDd. lOpc I960 914 

Finns IWpc 1987 9a 

Geaetocr Upc 19S8 90 

1XA lOoe 13SS 904 

RmuiRM ID] pc 1988 074 

Scars 3 01 Dc 1088 to} 

.Total 00 SlpC 1384 SS 

DM BONDS 

Aslan Dev. Bank 5! pc MSS 9K 

B7TDE SJpc 1096 97 

Canada 4]pc 1K8 *8 

Den Norsk c Id. BK. *pr ’to 99} 
Deutsche BanK 4toc 18S3 ... M 

FCS 5Ipc 1990 *4 

EIB 5) pc 1990 04 

Bit Aquitaine 5ipc 1938 .. Hi 

Enratom Slpc MS7 08 

! Finland 5Jpc 1986 «7* 

Forsmarks SJpc 1590 974 

Mexico 6pc 1903 J® 


CONVERTIBLES .* . 
American Express dipc '57 

Ashland Jpc 1988 

Babcock & Wilcox Upc V7 
Beatrice Foods 4)pe 1082... 
Bearno; Foods 4 1 pc 193" .• 

Bcecbam 6ipc 1192 

Borden 3pc 1992 .. 

Broadway Hale 4,'nv 19d7 .. 
Carnation 4pc 19S7 ... .- 

Chevron 5pc 1SS8 

Dan 4Jpc 1987 

- Easunan Kodak 41 DO 19SS 
Economic Labs. 4Jpc 19S7 

FI real one 3pc 1SSS 

Ford Spc 1988 

General Electric 41 DC 19S7 

GUIeiie 4Jpc 19S7 

Could 3p? 19S7 

Golf and Western 5pc 19SS 

Harris 5pc 1992 

Honeywell 6 pc 1930 

ICI 6«pc 1992 

1XA 6 pc 1997 

Iltchcapc 61 Pc 1992 

nr 4jpc 1937 

Jusco 6 DC 1992 

Komatsu 71 pc 1990 ^ 

J. Ray McDermott 4Jpc '87 
Marsnshita 6Jpc IBM .~ .. 

UIIMl 7|pc 1930 

J. P. MorRan 4Inc 1887 — 

Nabisco 5)pc 19W 

On ens mmols 4? pc 10ST ... 
J. C. Penney 43pc 1687 ... 

Bcvlon 4Jpe 1937 — 

Reynolds Metals 5 pc 1988- 

Sandrik tfipc 1988 

Sperry Rand 4lpc 1987 . — 

Squibb 4 1 pc 1987 

Texaco 4ipc 1088 — - — 
Toshiba 61 pc 1992 

Ty Co. Spc 1884 - 

Tv Co.' 8iPC 1988 

Union Carbide 41pc 1982.... 
Warner Lambert 4}pc I9S7 
Warner Lambert 4ipc 1888 

Xerox Spc 1988 

Source: Kidder. Peabody 


■Id /Offer 


MS} HO 
M o.i 


in- na 
S3} S7 


114} l«l 

146} UH 

150} 1321 

13*4 . 1TO 


FINAL RESULTS FOR PERIOD TO 
DECEMBER 31 1977 

★ T urno ver £45.4m 

★ Pre-tax profit £3 ,7m 

★ Dividend 
(gross) 3.75p 

★ 1 for 3 bonus 


58% j 

48% ! j! 

. IfiCNoi! 


•f 51.8%1 1 

I i 


THE CHAIRMAN, MR. HAROLD CO OPEN REPORTS: 
Despite the economic recession throughout 
Europe, to bale the cuireni year's trading 
has been most satisfactory and further 
worthwhile increases in turnover are 
expected in the current year. 




The Continental and Industrial 
Trust Limited 

and its Subsidiaries 

(Managed by J. Henry Schroder Wagg & Co. Limited) 

The Annual General Meeting will be held at 120 Cheapside, 

London, EC2V 6DS on Wednesday 26 July 1 978 at 3.00 p.m. 

Details from the Report and Accounts for the year ended 31 May 1378: 


Mfi 


telcd 


pk Banken s:pc usg 

Pro*. Quebec 6 pc 1990 
rumtanmkbi Stpc 1988 


Trondheim 9ipc 19SS ... 

TVO Power Co. 6 pc 19ss ... 


I World Bank line 1BS0 . ... 
1 FLOATING RATH NOTES 
Bank of Tokro 1894 Blue ... 

BFCE 1994 Si pc 

3 VP 1983 81(6 pc 

BQE Wonns 1085 Spc ...„ 
CHF 1985 SJpc 


Crodiunnalt 1984 5 spc 99 

DG Bank 1982 Spc 1W 

GZB 1931 Slfcpe 99J 

loU. Westminster 1954 Spc ®»1- 

Uords 1985 S 1516 PC 1084 4 

Source: White Wrid securities. 


Wi 

95 

98 

93* 

97} 

99 

?7} 

98 

06 

Wi 

904 

100} 

9S 

931 

97 

971 

9R 

Hi 

97 

871 

95 

95i 

95} 

96 

m 

97 

toi 

974 

07 

07! 

07 1 

981 

991 

100 

«I 

89] 

IMi - 

ido: 

031 

B8J 

W 

991 

to} 

»: 

90 

»4 

100 

160* 

99} 

low 

091- 

99* 

1084 

■109} ' 


Total Revenue 
Less: Expenses 
Interest 

Net Revenue before taxation 

Less: Taxation. 

Preference Dividend 

Net Revenue available for Ordinary Dividend 

Earned on Ordinary Shares 
Ordinary Dividend paid (net) ■ 

Net Assets attributable to : 

Currency Loans 
Debenture Stocks 
Preference Shares 
Ordinary Shares 

Total Net Assets 

Net asset value per 25p Ordinary Share 


1978 

£ 

2,473.720 

■137,265 

516.860 


1977 

£ 

2,221,894 

110,718 

442.944- 


1.819.595 

1,668,232 

654,270 

38,500 

644,174 

38,500 

£1,126.825 

£385.558 

6.65p 

6.40p 

5,82p 
5.75 p 

£'000 

fTOOO 

4.106 
; 4.066 

■■ 1.000 
43.948 

3.345 

3,998 

1.000 

41.734 


53.050 
259. 4p . 


50,145 

246.4p 


i u c °P’ es °f the Report and Accounts are available from the Secretaries, 

J. Henry Schroder Wagg & Co. Limited, 48 St. Mdrtiri '5 Lane, London, WC2N 4£J. 










my- --..^nclal. Times Tuesday July 4 1978 



35 


urrencv, Money and Cold Markets 

*' c. 



-AAH 


t 


as 


cs 

i.. 

v : ^ 
fL. x - 
•- : ’i ■« 




lling pressure 
wakens dollar 


. dollar continued to 
yesterday's foreign ex- 
’ket. Trading was mod- 
d of today's Indepen- 
holiday in the U.S. and 
came under some sell' 
re. The more notable 
: made by the Japan- 
nd the French franc, 
touched a record high 
one point before eas- 
y to close at Y202.30, 
'203.55 previously. The 
nc seemed to be bene- 
i speculation surrotmd- 
ssibility of some Euro- 
ency realignment and 


Smct Mops Gum: rl 



. OMDJ FMAMJJJ 


against the dollar to 
11 rom Fr4.50 on Friday, 
currencies were raoder- 
Jier against the dollar 
trade weighted average 
ion as calculated by 
Guaranty of New York, 
rates, widened to 7.5 per 
n 7.2 per cent. The Swiss 
ined to Swfr JLS320 [rom 
..S500 while the West 
mark also improved in 
■rins to DM 2.0625 against 
-0. The dollar’s decline 
d in ».pite of the recent 
J.S. interest rates, 
g opened at $1.8540-1.8550 
roved at the expense of 
r to $1.8680-1.8690. which 
best level for the day. 
ns rate of St.8670-l.86S0 
an improvement from 
[ 75 points. 

d sterling was margin- 


ally firmer with the discount for 
six-month sterling against the 
dollar narrowing to 2.63c from 
2.65c while the 12-month im- 
proved to 5.10c against 5.15c. 
Using Bank of England figures, 
the pounds trade weighted ipdex 
was unchanged at 61.5, having 
been easier during the morning at 
BUS. 

TOKYO— The UJ3. dollar con- 
tinued to weaken against the yen 
in fairly active trading, closing at 
Y2Q3825 against Y204.475 on 
Friday. After opening at Y20S.70, 
the U.S. currency fell, to a record 
low of Y2Q2.80 and the Bank of 
Japan Intervened In an attempt 
to stabilise conditions. During 
the afternoon, selling pressure 
seemed to subside a little with 
some dollar purchases being made 
ahead of today's U.S. public 
holiday. Trading in. the spot 
market was active at about S466m 
while combined forward and swap 
dealings amounted to $555m. 

BRUSSELS— Rumours surround- 
ing a possible new structure of 
European currencies seem very 
hard to dismiss, despite strenuous 
denials by various official sources. 
The Belgian franc has suffered at 
the hand of recent speculation 
and was fixed yesterday at 
BFr 15.765 against the West 
German mark, its lowest permitted 
level within the present “snake.’* 
The franc also lost ground against 
the Swiss franc and was fixed at 
BFr 17.712. On the other hand 
the dollar failed to make any 
Impression and, together with the 
French franc and sterling. lost 
ground to the Belgian currency. 

FRANKFURT— The dollar fell to 
its lowest point since April 28 in 
very nervous trading. Towards the 
close it bad eased to DM2.0635 
from DM2.0BS2 at the fixing. The 
U.S. currency was generally 
weaker, mainly on renewed fears 
about the U.S. inflation rate. The 
Bundesbank trade-weighted mark 
revaluation index rose to 245.5 
from 145.3, up S.9 per cent from 
the end of 1976 and 0.7 per cent 
from the end of 1977. 

MILAN — The lira improved 
against most major currencies and 
was fixed at LS51.45 from L854.fi 
ai the fixing in terms of the U.S. 
dollar. 


THE POUND SPOT 


Jnly 3 

Sank 

ralct 

o- 

Day's 1 
ri[ircai( | 

Close 

U.d. (j 

7l4;i.B34IM. 8690 

1.6870-1.8580 

C«ruiihan 8 


2J B55-2,Qli 65 

24970-24880 

Guilder 

4 

U3, '.-4.184 

4.16-4.16 

Belgian Fr. 

3*2 

60.55-60.85 

B0.7M0.8b 

Danish Kr. 

9 

1G.4BA-1D.bZ 

I0.50f-10.5i; 

D-Mark 

3 

B.64-S.67 

3j*-i.B6 

Port. K*-. 

18 

84.30- B5.50 

64.85-85.35 

dl*n. Pen. 

8 

145.10-143.80 

143.70-146.50 

Lira 

m 2 

1,564-1.590 

7 ,568-1 -550 

Nrwgn. Kr 

7 

lfi.D1i-10.07i 

ULO 84 - 10.07* 

French FT. 

91 ? 

8.04-8.39 

S.5fii-8.57i 

dwedishifr 

7 

B.4Bi-a.b2 


Yen 

31? 

372-3B2 

it/p-tilty, 

AimtriaSi-b 

41s 

27.70-27 M 

2T.n-V.B2 

SKIES ». 

1 

3.41^-3.44 

6.42-5.43 


FORWARD AGAINST £ 


1 

One uioiitb | 


EbreemnmtiJ| 



040-0.40. -.pm- 

2.08 il.»-1.2Be.pml 

2.86 

0.65-0.45i'.|>ui! 

2.86 

1.4D-l.S0c.piu 

.247 

S-J-lj c.pm 

6.50 

780-BZfl c-poi 

842 

5B-2B c. put 

443 

■0-BDc. pm 

648 

1i-3iore dis 

-2.8 

5£-7b oredu- 

-2.47 

3*-'*i 14 pm 
5b-1aa c. dis 

8.17 

si-7K pi pm 

8.17 

-11.85 

c. cut 

1-14.10 

jult- Kffl «. dm 

-4.09 

SO-175 rviis 

-3.07 

lure pm-1 dis 
i-Uore diH 

-ft 

2 lire pin- Id it 
lfc-34 uredia 

-0.15 

—049 

U-i pin 

1.08 

3i-2i c. pm 

1.43 

liore piD-idts 

0.70 

33- U nre pm 


5.03-2. BOr.pm 

9.19 

3-55440 ypm 

844 

17-7 kto pm 

5.16 

42-32 cropm 

MS 

3£-2i cpm 

940 

|8J-73 o.pm 



Belgian rate Is for convertible francs. I Six-month forward dollar 1JSJ.S8C pm. 
Financial francs M.65-B0.S5. 1 12 -month 5.1M.06C pm. 


THE DOLLAR-SPOT 


FORWARD AGAINST $ 


July 3 

Day's 

spread 

ante 

Ona month 

It 

PA 

Three mouths 

% 

P-a. 



xumiji 

bjo-ojhc pm 

□36 

D-07-0-05f pm 

(L35 


24254^2500 

ZJ2S4-2J264 

343-0.7SC pm 

3.93 

2262JR pm 

3.92 


3247-32.66 

S247-3248 

7 -54 4c pm 

ZJ7 

24-2£c pm 

2.79 


5.6265-5A330 

5.fi2b5-bJ>280 

— 


— 



24665-2J772D 

2.D6&6-X0675 

0.tlWiHn 

4.76 

2J0-2.75pf pm 

5_» 



«4S4L6S 



— 



aa.00-as3.70 

m MMJt 

i-TViOSHredls 

-347 

5J5-fL2Slfredls 

-3-H 


5J8W5JMS 

54U54J92S 

— 





UB40432H 

4.4B4D4A60 

0JJ5-U.95C dis 

-1.99 

X.90-230C dis 

-ua 


4J5H-4J6S0 

44SU4460S 

— 


— 


Ycr 

324040345 

20246^0240 

LU-L00y pm 

543 

3JS-195y pm 

542 


— 

14-92-14.93 

— 





Swiss Fr 

L 8350-1 -3473 

UBH5-1J060 

lJXUKc pm 

M0 

3-25-3 J0c pm 

6JD 

-U.S. 

cents per Canadian S. 






CURRENCY RATES 


Jnly 5 


Special European 
Drawing Unit of 
Rights Account 


Sterling ELM6U 0.669216 

U.S. dollar UU8S uam 

Canadian dollar — 139984 

Austrian schilling .- 183895 18-5782 

Belgian franc 404930 40.6585 

Danish krone 639M7 7.02342 

Deutsche Mark 2-56835 237941 

Guilder .... 2-T6369 2.77580 

French franc 537892 5.68086 

Lira 1057.02 1061.48 

Yen 2S2.464 252.741 

Norwegian krone ._ 6.69346 6.72041 

Pcsela 97.6327 97.9722 

Swedish krona 5.661B8 5.68650 

Swiss franc 228683 229553 


CURRENCY MOVEMENTS 


July 3 


Baltic of Morgan 
England Guaranty 
Index changes % 


Sicriing 

61-53 

-414 

U.S. doUar 

8640. 

— 7 S 

Canadian dnllar 

844(4 

-ZU 

Austrian schilling ... 

140-06 

+163 

Bebuan franc 

109.95 

+115 

Danish krone 

11438 

+ 53 

Deutsche Mark 

143.52 

+35.8 

Swiss franc - 

184 AS 

+T73 

Guilder 

UOJt 

+n.9 

French franc 

99.68 

- 33 

Ura 

56.37 

-46J 

Yen 

14623 

+445 


Based on trade weighted changes from 
Washington agreement December. 1871 
iBank of England Index =1001 


OTHER MARKETS 


786.61-788.75j. 
0.U700-G.d715j 
4.2360-4.2380! 
17.70. IB. 24 


Art ell tins LVso 1.469- 1,473 

Australia Dollar.... 1.6190-1.62901 
Finland Mm Ski,-.. 7.88 7.90 

braal frnaeim 33.03-34.03 

Greece Linajunii 

Hum Kong Dollar. I 8.64 -a. 65 lg [4.54604.6480 

Iran blal _.| 127-133 j b8.0O71.22 

Kuwait Dinar (KL 1 
Luaeail>mr>; From- 60.70-60.80 

Malayan Dollar 4.39404.4440 

New Zealand Dn|liu 1.8030-1.6130 
saudi Arabia Kiyal 6.33-6.44 
«fru>«i*iiv Dollar... 4.30904.3295 
non tli AlncanKann 1.611164-1.626010 


67.733-69.405l 36.2737.16 


□.56341.013 [0^47000.2747 
, 32.53-32.56 
2.3635-2.3650 
0.97000.9718 
3.39-3.45 
2.31702.3185 
0.8627-0.8718 


£ 

Notes Kata 


Auuna 

ivlgium 

Lien mark 

France 

llermanr 

Apt had and ..... 

Norway .......... 

Portugal 

[«>pain 

Idtrilzerhrari.... 
United Staten.. 
l'u grata via 


28 29 
60-6 U 2 
10.30-10.45 
8.35-8.50 
3.803.90 
16601590 
380390 
4.05-4.15 

e.as-io.oo 

6084 
1.43-1-46 
3.403 J5Q 
1.84-1.86 
34-36 


Rate given for Argentina la free rare. 


-CURRENCY INTEREST RATES* 


J ettfriuic 

Laiiailun 

IMInr 

U.S. Dollar 

Dutch Guilder j ftwiw Franc 

W. Uernuin 
Mark 

French Franc ! Italian Uni j A, lan S . Japanese Yen 

•11 101 - 11 

<utl«f. 101-11 

lOv 1H 5 

ulu....: lHa-llis 

714-814 

7)4-bl4 

79R-B 

H-hJe 

8 'ii- 6.8 

8*4 -9 la 

7ij« 

778-8U 

8ift-65g 

Bi'u-Pt'V 

«n.-9A; 

4^-412 

4U-412 

41.-418 

4*8-45* 

5i„.ba8 

&*n-Q7g 

2 - 2 14 

1*4-2 

198-1*4 

ivp- 

3Bb al S 
3*S-il2 
3*8-012 
35siis 
ai£-35« 

IU 2 12 

It 3g lOSg 
102 g • 10&8 
1O5U-10&S 
lO&a-lOTs 
lllg ll*a 

— - , Ho-lTa 

10 11 s-ai« j re-i* 

4 . 01 s U 1 B 84 - 8 ,,- ! 214 258 

, 1112 . i 2 A 2 « 

11 * 4 - 12*4 9,3 — 1 *j^ 

14-14 914-9% ! 4^4% 


ionowing nominal rale; were quoied for London dollar certificates of deposit: One mouth S.1M.M per. cent: three months 8J5-8.45 per cent: six month 
per iaih viu- y-JT !> 90-9.10 per ecru . 

ii'rni Eurodollar deposits- two years B7w-P<>i6 per cent; three years W-9 per cent: four years >*i6-9Ui6 per cent: five years 92-91 per cent. • Rates are 

■'Inking rates. 

i.'rui raics arc call fur turning. UA dollars and Canadian doHars: tw o days' notice for guilders and Swiss Cranes. Asian rates are closing rates In 


HiANGE CROSS-RATES 


1 3 


MAMii 




EBB 

Italian Lira 

Canada Dollar 1 Belgian Franc 

-■im: 

1 . ' 

1.868 

‘ 3.85a j 

378.5 

8.370 

3.435 

4. 155 

15B0. 

2.098 i 

60.80 


0.535 1 

1 . 

1 2.064 | 

202.7 

4.482 

1.834 

2.225 

851.1 

1.123 ] 

32.56 

Imk 

0.259 1 

0.484 

• ! 

98.18 

2.171 

0.888 

1.078 

412.3 

0.544 . 

15.77 

-U IMS'- 

2.642 J 

4.934 

| 10.18 l 

* 000 . 

22.11 

9.049 

10.98 

4199. 

5.542 I 

160.6 

,^_ ‘l.- tv 

1.195 

2.231 

i 4.606 ; 

452.2 

10 . 

4.092 

4.964 

1899. 

2.506 

72.64 

glU' 

0.292 

0.545 

j 1-126 ! 

110.5 

2.444 

l. 

1.213 

464.1 

0.612 ‘ 

17.75 

. 1 . r 

0,241 | 

0.449 

0.928 j 

91.10 

2.U14 

0.824 

1. 

382.6 



I IAO 

0.629 ; 

1.175 

[ 2.425 | 

238.1 

5.266 

2.155 

2.614 

lOuO. 




liillnr 

tin |iU 


0.477 

1.64S 


0.890 

3.072 


1.038 

6.340 


180.5 

622.5 


3.990 > 

13.77 , 


1.633 

5.633 


1.981 757.8 

6.834 i 2614. 


1. 

3.450 


28.99 

100 . 


ERNATJONAL MONEY MARKET 

ed acts on rates rise 


.S. KctluiMl Reserve made 
’ 1 three-day repurchase 
n the New York money 
yesterday, following a 
per cent in bank prime 
rales and an increase to 
•nt in the Federal Reserve 
i.scount rate on Friday. 
js seen as a further 
lo reduce the upward 
on U.S. interest rates as 
Funds traded at around 
*r cent. 

iry bill rates were 
— -y lower, however, with 
hills easing to 6.94 per 
am 6.1)9 iRtr cent late 
ami 26-week bills to 7.35 
from 7.3S per cent One- 
s were unchanged at 7.71 
' L 

.rad'onih certificates of 
fell to 7.S0 per cent bid 
52 per cent late Friday, 
-month paper rose to 7.95 
• ! ,t from 7.92 per cent, and 
*■ mth to 8.15 per cent from 
cent. 


FRANKFURT— Interbank money 
market rates were slightly easier 
for the shorter periods, with call 
money quoted at 3.55 per cent, 
compared with 3.6 per cent on 
Friday. One-month funds eased to 
3.6 per cent from 3.65 per cent 
and three-month to 3.7 per cent 
from 3.75 per cent Six-month 
money was firmer, however, rising 
to 3.95 per cent from 3.S per cent 
PARIS — Short-term money 
market rates eased, with day-to- 
day money failing to 71 per cent 
from 73 per cent on Friday. The 
one-month rate declined by & per 
cent to 7Hi6 per cent, while three- 
month was unchanged at Si per 
cent. Six-month money rose by 
j per cent to SJ-J per cent, and 
12-month was quoted at 9 t % per 
cent, compared with 9i per cent 
befo re th e weekend. 
AMSTERDAM— Call money was 
slightly firmer at 4^ per cent, 
following the rise in the official 
call money rate to 4} per cent 


from 21 per cent on Friday. The 
latest upward trend followed 
tighter market conditions 
because of tax payments and 
demand for funds for holidays. 
One-month funds were un- 
changed at 4|-4j per cent, while 
three-month were quoted at 
4fi-45 per cent, compared with 
43-4f per cent before the week- 
end, and six-month at 55-51 
cent, against 54 -5 i per cent. 
BRUSSELS — Call money eased 
slightly to 5.20 per cent from 
5.50 per cent/with one-month at 
5J-5 \ per cent; three-month 
5J-8 per cent; six-month 63-63 
per cent; and 12-month 7£-7| per 
cent. 

HONG KONG — Money market 
conditions were tight. Call and 
overnight money were dealt at 
43- per cent and 43 per cent 
respectively. 


MONEY MARKET 


nexpected shortage 


; or England Minimum 
ling Rale 10 per cent 
since June & 1978) 
adequate supply of day-tn- 
' ■dll was expected in the 
money market yesterday, 
? did not prove to be the 

nil the authorities were 
upon to give a larce 
of assistance. They 
a moderate number of 
■y bills from the discount 
and lent a small sum to 
two houses overnight at 
f England Minimum Lend- 
e of JO per ccnt- 


Repayment of almost £2*5rn of 
.special deposits to the Bank ot 
England, representing * per cent 
of the 1J per cent temporarily 
released last month, to ease tight 
conditions created by heavy de- 
mand for pilt-edged stock was a 
major factor behind the short a„e, 
plus a fairly large net take-up 
of Treasury bills and a slight 
rise in the note circulation. 

According to the authorities 
this should have been balanced 
however by surplus balances car- 
ried over the week-end by the 
banks, and a very substantial ox* 


ccss of Government disburse- 
ments over revenue payments to 
Ibe Exchequer, but even after 
the large amount of assistance, 
discount houses still had to pay 
up to 94 per cent for closing 
balances. 

Some bouses may have picked 
up small sums at around 8 per 
cent, during the day, while in 
the interbank market overnight 
loans opened at 10-10} per cent, 
and closed at 9-9} per cent. 

Rates in (he table below are 
nominal In some cases. 


JON MONEY RATES 


>n>riinc 

Ccnitintp 

rd 


lnlprtank 




- j 9-1014 



[Lew*' Aulh.j Finance 


•uw..: — 


llli... 

10 

9;-; 

9*1 

rib. .. 

10,.. 

9-8 

10 

•Ultft. 

K.,;- 

10 

101? 

<f h-.„ 

; 1C,„ 

1 •< 

1L.3B- 

■Hill'. 

: ioi e 

10*8 

10 ,:. 

>' 

lOij 

lu*e 

«*!.• 


97b 1014 


lOsg 


|K^rilrt*h,C 

Honda 


9T 8 10 

97iTlO 

97a- 10 

9V10 

10 10>B 


10 * 10 
B"a Big 
97b "*2 
flr B 9i= 
HMDs 

iasn -10 


Hiui»p 

Dfptv'i" 


lOlg-lOJa 

luU 

1, 

1 6fl 

107 8: n, V 
IC-lB-ll,’* 
1070- 11 .is 


LiimiwiT 

Dp|«'-« 


10U 

1040 

lOJe 

1012 


Discount 

lUArtiH 


6-10 


91* 

MlB-iSs 

9l» 

9i» 


Trwun 
Hill* * 


9&-9U 

Vl4 

ei-si:- 


HI liable 
Ufink 
Bill* 4> 


9fJ 

l:7g 

9T» 

10 ' 


IPinrTmili- 


lOis 

10's 

10j« 

lOJa 


°^S^bllls loa b ??r 1 *Wmonil» 101 ivr «nt: mrer 

'TnT'r? mi S> ' C . h-maps Assndativn» !0 por oat Cram July 1, 1978. aearlng Bunk 

w« Li B-w CtawiM "«« to lemUnc IB vex can. 

R«« 1 for small M * per «Dt- 

V Bill*; auvivu IbB** **** ^ disc0U “ ^ .... 


GOLD 


Little 

change 


Gold showed little movement in 
the London bullion market and 
closed Si firmer at $lS3i-184}. 
The metal opened at 91823-183} 
and improved at the morning 


July 3 June 30 


IKUii bunion (a lint | 

ouni ei 

Ui»«e. 

O pening 

Morn I m: ilxluc™., 

.UltBMoa ruan-j„, 


. StB3i-lM4 jSHUBBj 
SlUa-lhSi 
'5195.00 ,S If 5.20 


(££8.461) 

j51S3.26 

i£S8.iaa) 


HoM Coin*...... 

Homertn-ml 1 v 
XmumsiHl ;519)i-193i |SltB*-l:24 


|£98.4B2i 

SIrBJB 

(£38.495i 


Vew Srirmienii.. 

‘JM Sivereum* — .. 

iJtiltl Colin 
internal Unuliy 
Knu-ermnil 


(£ 102^-H8i) :C£ ILS^ tfi* . 


.'S55 -b 

I(£2r4 50ii 

(£«a 29(1 


*541 :*) 

k£2*^-SIiQi 

wsi 

I £23- SO i 


Saw Soreretgiu — 
Ulri Sovensbras 
»2Q JuiKlra-...™™.. 

*10 Eat Icsl — 

• Ka - 


Isis 9-t9i 
(Sttli-IMa! 
1853-63 
il*affl4r294l 
S9Sl-55j| 

15276^-2793 
16142-146 
1 5100* IMA 


S18BA-1SO0 

l£lulA'W4i 

(£x8-2UAi 

866MA* 

S 76Jri78i 

SI 45-148 
899A-TFBA 


A record year for our 
shardholders, 
in every way 


£4-7m 


PRE-TAX PROHT 



1973 1974 1975 1976 1977 


Earnings Per Share 2.43p 2.34p 

Issued Share Capital 1,493 1,493 

(£’ 000 ) 


2.23 P . 

1,565 


4.92p 

1,600 


6.32p 

1,600 


PROPOSED SCRIP ISSUES- 

FOR EVERY 20 ORDINARY SHARES - ONE PREFERENCE SHARE 
FOR EVERY ONE ORDINARY SHARE - ONE NEW ORDINARY SHARE 


In 1977 Central &. Sheenvood Ltd reached new highs 
in sales, pre-tax prolirs, earnings per share and divi- 
dends - the best in the history of the company. 

Profit before tax and extraordinary items rose by 
41 °o to £4.710m compared with £3. 344m in 1976. 
Earnings per share before extraordinary items in- 
creased by 28 w 0 to 6.32p (1976- 4.92p). 

Sales, including exports, increased by i'll m to £63.Sm 
representing a gain of 20%. 

And as the Chairman in his statement says “Central 
&. Sheenvood is well see to continue its progress and 
prosperity fpr the years ahead.” 


In addition the payment to shareholders has been 
increased bv the maximum permitted under current 
legislation-. If allowed this would have been increased 
more. However shareholders will benefit from the 
proposed scrip issues. 

The balance sheet has been strengthened with the 
increase of £2m in net assets and liquidity has been 
significantly improved. 

The Group operates predominately in the field of 
engineering and exports a significant proportion of its 
output throughout the world. 


MANUFACTURERS OF CRANES AND DRAGLINES - PLANT AND EQUIPMENT FOR 
WATER TREATMENT. PETRO CHEMICAL AND IRON AND STEEL INDUSTRIES - 
ALUMINIUM CASTINGS ANDCOMD.TNENTS-SOUDR EL.GAS ASDOIL HEATING 
APPLIANCES -METAL PRODUCTS FOR THE CONSTRUCTION INDt VTRY AND COM- 
PONENTS FOR COMMERCIALLY HICULS-CORIORATE MERGERS AND ACOUISITIONS 
INSURANCE BROKING - PRINTING AND PUBLISHING - PHOTOGR.APHIC. OPTICAL 
AND AUEW EQUIPMENT. . . 


CENTRAL & 
SHEERWOOD 


If you would like further information about the company, copies of the Annual Report and Accounts are available from the Company 
Secretarv, Central Si Sheerwood Limited, 36 Chesham Place, London SVV-IX 8HE. 


World Value of the Pound 


The table below gives the 
latest available rates of exchange 
for the pourn) against various 
currencies on July 3, 1978. In 
some cases rates are nominal. 
Market rates are the average of 
buying and selling rates except 
where they are shown to be 
otherwise. In some cases market 
rates have been calculated from 


those of foreign currencies to 
which they are tied. 

Exchange in the UK and most 
of the countries listed is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (S) member oF 


the sterling area other than 
Scheduled Territories; (k) 
Scheduled Territory; (o) official 
rate; (F) free rate; (T) tourist 
rate; (n.c.) non-commercial rate; 
(n.a.) not available; (A) approxi- 
mate rate no direct quotation 
available; (sr) selling rate; (bgl 
buying rate: (nom.) nominal; 
(exCj exchange certificate rate; 


(P) based on U.S. dollar parities 
and going sterling dollar rate; 
( Bk) bankers’ rale; (Bas) basic 
rate; (cm) commercial rate; 
(crj) convertible rale; (fn) 
financial rate. 

Sharp fluctuations have been 
seen lately in the foreign 
exchange market. Rates in the 
table below are not in all eases 
closing rales on the dates shown. 


Place and Local Unit 


Afghanistan .4 rubral 

A I Kuala Lok 

Algeria Dinar 

Andorra 

Anyuta- Kwraa- 

An:(cm> <81... K, Caribbean 8 
Argentina .... Ar. Fmu Free Ita 
An»tnlUi (61 . Auaualian S 

Au-iria '-chilling 

Atom- Poring. Horatio 

Bahamas (8) Ba. Dollar 


fixing to $183.0. The rate no 

doubt reflects d the weaker trend 
of the U.S. dollar and the after- 
noon fixing showed a further 
improvement to $183.25. 

A. further rise in gold was 
predicted by stockbrokers Buck- 
master and Moore, in their latest 
gold share guide, which main- 
tained that a continued upward 
trend in the metal seemed to be 
the most likely course. 


MONEY RATES 

NEW YORK 


Prune Rale 

Fed Funds 

Treasury Bala 1 13- wed:) 
Treasury Bills (23-week) 


GERMANY 

Discount Rare 

OvennslK 

One month ... . 
Three months 
Six months ... 


FRANCE 

Discount Rate 

Overmcbr 

One month ...... 

Three months 
Six months _ 


JAPAN 

Discount Rate 

Call (OncouditJonal) 
Bills Discount Rais 


I 

am 

6.94 

7J5 


3 

3J5 

34 

3L7 

3.45 


M 

7.425 

7X125 

BJ25 

MBS 


U 

153 

un 


Uonglwlet-hlSl Taka. 

Bahrain (dl... Dinar 
Bslearii- 1-le- dpa. Pcuu 
UartedM t$l- BtrtMKlos gft 


Belgium.--. B. Fane 

Bel ire. B s 

Benin C.F_A. Pome 

Berra oBa (S).. Bdm. 8 
Bbuttfl. indimr Snpce 

Bolivia Bel Mm Peso 

ButhwanaiS)^ Puls 

Braril„ Crneeiro jj 

HrVlrciulBlti} $ 

Brunei Brand $ 
Bulgaria... .... Lev 

Burma...- K)*st 

Burundi .... Burundi Fane 

Cajnurg'nRp U.PA. Franc 

Canada Canadian S 

Usnuy Isle... Spanish Pnoeca 


Value of 
£ Starling 


Cape Verdi I. 
Cayman l>(Sl 
Cent. Af JKp~ 

Chad 

Chile — 

China—.- 

Colombia—— 
LVimoror il-— 
CunsMffi'Hm). 
Curta Hi. a... 

Cubs 

Cyprua {Sh- 


CapeV bcodo 
Csy. 1. 8 . 
C.PJL Fane 
CJ.A. Fane 
C. Pen 
KanminW Yuan 

c. Pao 
r.EA Franc 
L'.PA Piano 
Colon 

Cuban Pen 
Cyprus £ 


CeechoakiMlc Koruna 

Denmark— Donlsti Krone 

Djibouti Fr. 

Dramdce (Si B. Caribbam $ i 
Deads. Hep- Dominican Peaoj 


BO-BD 

10.168b 

7^418 

8.59 

148.75 

njt 

5-0489 

1.471 

1.B24D 

97.77 

BS-1D 

1.6875 

27.94 (»gi 

0.718 

148.75 

3.736 


|<tm)90.8D 
1 ((u)80.7£ 
3.733 
428i a 
1.8675 

“S' 

13468 

35.53 

UG76 

4.3186 

1.6381 

12.7733 

l86JI7fi 

41B1 B 

2.0975 

143.75 


96.10 
1-65B3 
4191s 
dlBlt 
(Bln 61.98 

6.1745 
(Pi 71.12 
41Blj 
4181* 

15.080 

1.4088 

0- 7U40 

, MSOJH) 10-10 
■ (en >20-20 
( <T)17.5a 
10.51 U 
505 
E.04B9 

1- 8675 




Place and Local Unix 

£ Starling 

Ecuador mirm 

uOi 46.41 


u F) 45.04 

....— K^ptiin £ 

j (11)0.754 

Bthiitpw Ethiopian 111 it 

Bt|VI Uuioea Peseta 

im i.27 
tP) 5.8701 

148.76 

lft.lau.nrt la. £ 

1.0 



Fiji la ......... Fiji S 

KIiiIhdiI .Markka 

1.S880 

7J30 

France French From- 

SJT 

FiC'tylnAf L'.F.A. Fran,- 

4101s 

Fr.Gyliuw Ural Fram- 

8.37 

Fr. Par. !».— C.F.P. Franc 

162.18 

Gabon ........ C.F.A Franc 

418>; 

Gambia (dl... Dalasi 

4.027 


3.061= 

Gsrmanj^^ 1 

3.06*2 

G bana (d) Uedl 

2-40Uurj 

Gibraltar f K j. Gibraltar £ 

1.00 

Gilbert le. Ainu Dollar 

1.S240 

Greece Drachma 

68.660 

Greenland Daninli Kroner 

HL 6 U 4 

lirens.ii (Si... K. Cirri bean 6 

6-0469 

Guada loupe... Lx-al Franc 

8.57 

Guam l-'S S 

1.8B7S 

Guatemala.... (juciz&l 

1.9B76 

Guinea Hep., filly 

87.775 

GuineaBiaran 

85.2897 

Uuyaua.tSi ... Guyaneae 8 

4.762 

Haiti. GuonJe 

9.SS7G 

Hrimlurfc. Keb Lein|iim 

3.74 

Houph.anj 5 id) H.K. & 

B.64J* 

Hungary Forint 

(com) 72.66 
kT){tiC)66.53 

Iceland IS)— 1 Krona 

483.5 

Inilla ImL Rupee 

IBiBOtss) 

Indonesia Kupiah 

775-01 



Inn* Iraq Dinar 

a .54 62 

Irlab Hep fk).. Irinli £ 

l.'JU 

Isiae* Israel £ 

53JS016 

liaiv Lira 

1.666*9 

limy 1 'iaai ... C.F.A. Frank 

41612 

Jamaica id).. Jbumk-» i><ii*r 

2.6946 

Jmjwii Yen 

378*2 

-i.ii. inn iS) Junhin Dinar 

0-662, ai 

Kasropchea- Rie> 

2,241 

Ktiiya <di Kenya Shillmg 

14.4094 

Korea i Nib)... Wna 

1.6049(1) 

hmea.tftUi)... Wnu 

B96J6 

Kuwait (dili). Kuwait Dinar 

0^00 

IMjOB Kip Fra Fo> 

UJanou.^ Lebanese £ 

876.6 

6.3784 

Lesotho. ft- African Rand. 

1.61869 

Liberia. Llbertau 6 

1.B676 

Libya Libyan Diuae 

(P10.6629 


Plan and Local Unit 


j Value of 
; £ Sterling 


Lm-bi'nnn... divise irann 
Luxembourg . lau Franc 


Macao 

Vln>lein_ 

31u(a£Uy Kp. 
Vlulunl isl. ... 
MuiayaU ibj.. 
MaldiwU.Ci) 

Man Up..... 

Hal in (Su. _. 
Uamulque... 

Unuriiania ... 

Uauntlua (S). 

Mexicii 

U Iquekm ...... 

Monaco....^... 

UiiD(>Olla. 


Uonaemil 

Morono - 

Moambique.. 


Pktaca 
Panug'seEscudJ 
J1G Fnuu 

Kniu-iu 

Kinupil 
lln I Hu|«e 
Mali Franc 
Maltese £ 

LnraJ Prone 
Dusuiya » 

31. Hu pee 
Mexi>-an Peso 
C.P_\. Prom- 
French Franc 
Tugrik 

B. Cnrribean S 
lilriiam 
Muz. Kerudo 


1(0 


3.421s 

60.80 

9.3231 

85.19 

41B)a 

I. 5782 
4.4160 
7.639 
837 
0.7300 

5.37 
54.78 02 

II. 625 
42-49 
4 IB in 

8.37 

5.6444H) 

5.0469 

7.74(My 

62.148 


Jlaurn Zs.— . Aust. Dollar. f 

Nejml Ae^nlese ICnpce i 

.VrtherlBiuls.. Guihler I 

.Netli.Aut'ien. Antillian Guild. 1 
X„lhMk. 

N.ZexIsml (Si NJt, Dollar 

Nlmrajnm IWnrlnlw 

Niger C.P.A. Franc 

Nigeria (S) .... Nairn 
Norway Nnrg. Krone 

Oman Suhan- \ y . . n . 
ate ol 0) ‘Rial Om*n» 

Pakistan ..... Pint. Rupee 

Panama MU . u . Balboa 

Pbpu&N.G.(S> Kina 

Paraguay Guarani 

rpi i. D. up 

oi Yemen ($) S. Yemen Dinai 

Pero Sol 

Philippine*... Ph. peso 

Poland Zloty 

Portugal Pipe. Hanuto 

Thaui ,m Timor BariidS 
1 •rind pc I ale, Pfipe. Bscudo 
Puerto lUca.. V3. S 

Qatai (B> UaUrHynl 

Reunion 

lie tie la—.,. French Pnrou 

Kbodeda...., Ithudesian g 


1.6840 
22-41 
4.151s 
3. 3428 
138.27 
1.3240 
1.80B0 

13.10 
416)2 

1.193046 

10.07 

0.641 

18.326 (atO 
1.BG7S 

1.3130 

232.75 

LM 9.33773 
[eaciA)287.65 
15.71687 

1.6980 
\ (CnnSOLEO 
) (D60.20 

’ 65.10 

95.10 
85-10 
1.8675 
7.19 

6.37 

U«1 


Place and Local Unit 


Value of 
£ Sterling 


Uuniaua ....... tai r « 

Kwnmin ktvanrta Franc j 

Sc Christo- 
pher (S) K- Caribbean $ 

Bl. Helena..... M. Helena £ 

St. Lucia B. CariLheaii 8 

SL Pierre. C.F.A. Franc 

si. VlocenltS) K. Caribbean S 
Salrailur Kl... Colon 
Sana* (Am).. CjS. S 
mb Marine^.. Italian Ure 

Shl< Toiuc. Ppe. &iuiv 

Saiall Arabia. Hyal 

SeneRai C.F..V. Franc 

Ses'ehellw. S. Rupee 

sierreLe'netSi laroue 
Singapore (S). Sirica pore P 
Sulumim l»(S) Sviluiiura Ih. fi 
A’nuili Hep.... Ssmi Shilling 
Slh. AfrwwiSi Kami 
S. W. Arnran 

I'crrllm im iSi S. A. Hand 

spam Fowls 

Span. Pi ,n kin 
North Africa Peseta 
Sr> Lnnkn iri.) S>. L 

siatnii Up runlBn £ 

Surinam - ft. Utuier 

s«n/ilHiiil(ft.i Lijarineni 

Sneilen 3. Krona 

Switzerland „Sh 1w> Franc 

Syria Syr* £ 

Taiwan x'ew Taiwan 

Tanamia (S’.t. Tan. hLlllmj; 

Thailand Baht 

Togo K|i> C.F.A. Fnuic 

Toujjb, la. (S). Pa'anga 
Triniihul iS.).. Trln. A Tulnsn 

Tunlala Tunlaton Dinar 

Turkey Turkish Lin. 

Turkb & C's... UjS. 3 

Tuvalu Australian £ 

Uganda. (S.i. Up. Sinning 
Uuiiert States L'.S. Dollar 

Uruguay Uruguay Peto | 
litH^UbSmia. U_V.K, Dirham I 

U.S.s.H. Rouble ! 

Upper Volta. C.F.A. Franc I 

Vatican.—- Italian Lire 
Venezuela-... UoMw 


Vietnaiu(Ntb) Docig 

Vietnam (Sth) Pla-tre 
Virginia. L'.S. L'Ji. Dollar 
Western 

Somha (Si- Samoan Tala 

Yemen Rial 

1 ugusln vui.... New Y Dinar 
Zaire Rp ..... Zaire 
Zambia Kwacha 


(ra ii 8.49 
'n/riT22.79 
170.16 

5.0469 j 
1.0 

5.0469 ! 

4!8i 2 j 
5.0459 < 

4.6B : 

1.8B75 
1.5891a 
85.10 
5.39 , 

4181s 
16.33 
2.0 

4.3195 . 
1.6240 
(A) 11. 758 
1.61953 

1.61953 

146.75 

146.75 
29.0 1i:«) 

1 A .0.7470 
5.3428 
1.61959 
B.5Hc 
3.421- 
(.417.3299 
1 1' <70.96 
14.405 
37.64i^J 
4181- 
1.5274 
4.462 
0.766i«gj 

46.75 
1.86 73 
1.6240 

14JJ 
1.6675 
l(>>ni)11.0S 
t (ini 11.33 
7.19 
1.27 
4181s 

' 1.689 i- 
B.00 

(O' 4.4577 

imiste <y> 

3.45487 

UB75 

1.12169 

8J7i-ai 

34.9946 

1.498674 

1.530 


■ That pan °7 to Frepeh comnuwtrv m 
Africa formerly part or French west 
Africa or French Equatorial Africa, 
t Rupees PW P0«0L 


The Aigraira bu replaced the CKA 
franc. The ex chan Re was made ai a 
nle of cfa Fr 9 u ana unit of the 
new currency. 


S General rates of oil and Iron exports 
78.433. 

J| Baaed on cross rates against Russian 
rouble. 


■* Rule Is the Traasler market (con- 
trolled). 

t* Rate rs now based on 3 Barbados X 10 

riie dollar. 

Jt Now oue official ralo. 


■/*' 


--a? 3 

























































36 


HnanclafTI^ Wy ^ 197 


WORLD 




Wall St. 6 lower after very limited trade 


Indices 


t, 

*- 






.1 

*1* 


NEW YORK-nwJw» 


INVESTMENT DOLLAR 
PREMIUM 


firmerifn «23er'v3n vesterriav°ik~ **? r off *3 'a lone point— trota' picked up SI "to S28j— it has Y1.2I0. Mtfsnhlla ReikJ Y48 to p - 
jnjjjj ihr^tecf busines^m^ y in- ,l has < ? afled for a mistrial in Its obtained an extension- of its revolt- YL040. Dalsoe Construction Y-i rRITS 

m ^ ly ‘JL suit, with Meraores because of ing credit agreement that was to to Y214, Fujisawa Pharmaceutical Share prices 


foreign selling of U.S. shares. “A" also active, gained $21 to Y12Q to Y3.9S0, Sblseido Y70 to at AS1.3B. while 
International Business Machines $731. Y 1,230. HaJkonc Tozan MhnrW 

closed a net $1| down at $2562 International Systems and Con- to Y370, Nippon Redo Y50 to cents to AS! 3A. 


Paper 


3S S E ££& * B g™iS 

a week-end and to-day's U.S. In- %*., 
Industrial 


»ng 


agreement 


HKsmssm. cwn pared 
HK$1 77.45m last Friday. 

Uotut Kong Land rose GO cents 
to HKS1Q.60, while Hang Kong 
Bank and Jardtae Matheson each 


• ! 1 

n | July j July. 

! 

[ Jorta 

W» 

June 

d ‘ : 3 ' ft) 

[ 30 . 

79 

■ a 


_ remained firmor.- 

Key Y40 to YijOGO and Kaken Chemical incUned tn iijdit ttading. Brokers 
Hemorex lost $li lo Corporation rose 81 ft to $7$ and Y40 to Y 1,320. said the buying appeared to be a 

^™>nHpnn» hnMHaw Risdou Manufacturing $21 to $13 j. On the other hand, Nippon Tekv carry-over from last Friday’s HKSIGJ O^ r espectiieiy, swire 

dewndence Day holiday Cbessie System, despite report- vision Network receded W to session. A statement by French 

«TM»S hi lower second-quarter net YB^OO. Tokyo Style Y30 to YS75, President Valery Giscard and gams of SO cents apiece were 

iZSFiES KvSFin SmnnH profits, picked up } to *301. Tokyo Crown Radio Y2B to Y136 and D’Estaing In Madrid on Friday to revoked in XIMehlm, Wbampon. 

20 rente 1 t?SK3S whi“ , "T* 1 * *“■* • ™ volume Market made further progress. T" 1 *® Kcikl ™ to Y513. the effect that the franc would gKgAO, and Wheelock Marden, 

tera outoratered ££Tby TCS 4 *?. a^Sft ™ th active selective bu^ngcon- Anc * rsl |S sl not rejoin the European monetary HKKJJS. Mock . 

tol 5«£ Turnorercontracted stmrnly 1,1 * e *° lul «*«*. slipped i to *291 centrated on medium and low- Australia arrangement, or snake, in its abw“* , tnc ^Toperiy siock^ 

Som'lSFrida^^ S3rt SSlm mcl 2?*£L. a block of P^ced issues. The Nikkei-Dow News that the Federal Govern- prwent form had not sapped ^^ fi p5Sjitte*?5nS 

stare* to tSnf the lowest full « *«• , Jones Average was lifted 3&90 ment is dropping plans for a re- investor enthusiasm. market “N»fflJTOiTSS2W.2-*2£ 

days volume since October ID. inactive* Pomts^to a newjioCTwar^g^^of sour ces lax sent Minings and 0»|s ob f®™^° ot ££ 


to HKS3.75. New WwM 2.50 cents 
to HKJ2.30 and Hong Kong 
Wharf HKSl tn HKS23.7D. 


rates were in part responsible for 

the day's losses. Both the Prime g rZrjZtV and olher ^“cial institutions **rEHZ 

mnnications to *23.30 


Canada 


__ djj... *«« — *« nuucinaiD Telecom 1 

rais«i on Friday. man t cations to $23.50 a share 

Inflation is another market from S21.75. The latter eased 4 

nalveto afTHarl Thn a.-. eo4i z_ * ^ _ 


stocks, with 


Slock markets were closed yes- 
terday for Canada Day. 


problem, analysts added. The to *221 bid in over-the-counter P 
Government reported on Friday trading. 

that the price index for all urban Rowan receded 1} to *22j 

consumers rose at an adjusted Chicago "Bridge and Iron has cut 


Switzerland 

Stock prices drifted easier over 
notable losses a fairly broad front in thin trading 
In Pechelbrown, Swissair Bearer fell 111 to 


1977, when 10.58m shares changed ^? di ? 1 f'-« a inc XV di il fir 2 5,562.97, while the’ Tokyo SB index strongly forward, while! ndustnals Although most sectors were 

hands. B block of 51,600 at S52j. Black and rose 1.07 to 4IS.42. Trading were inclined to improve. higher at the close, declines 

Broker* ««id that rising intprest * to *184“ a block volume amounted to 290m shares. BHP rose 40 cents to a new predominated among Foods. 

of 107.000 shares changed hands. Broker . i nvestm „ nT Tnista 1978 high of A*726. Mechanicals. Electricals and 

General Dynamics fell. 2J to Am."* Uraniums. Phnron- M etals, wt iile Stores were mixed. 

tinental moved ahead AS1.60 to Parfims improved 32 to 
sentiment behm AS1W0. Queensland Mines 20 FFr 1642. CIT Alcatel 34 to 

helned hv an lncnosTiT Bin^u^ cents AS2.70. Peko-Wallsend M FFr 1.044. ATrique Occidentale 9.S 

Son order? ?o^Ma? and an cents to A$550, EZ Industries la to FFr 3S5D and Jaques Borel 6 to 

iSSrov^fW job Iay ratio nd ThQ ^ ^ 

SS^iGf 1 mJrkei aU S? S%lniw ^ d ^S* ,i Ul 

10J8 per cent annual rale in May. its offer '&&Ti investors had anticipated the 7 NorthS dSSto^Vo aUow^hLw toJel 

the same as in the previous share from *26. (Siojo Bridge L° r ^ n exchange market “°v e - ^^^. 35 . Consolidated Gold- ^'bines Bnfl and MartoeAVendeL dmm to allow airlines lower 

raon th. were unchanged at 853 i. menL fields. AS3^0. and Coal and Allied, p .-,.-, ^ Domestic Bonds were 

Yesterday, the Government -Frigltronlcs gained to Slai. Public Works issues strengthened A$4.10, each gained 10 cents, uenuaiiy while Foreign Bonds 

announced that its index of lead- THE AMERICAN SE Market Value in anticipation of a further Western Mining put on G cents Further gams were recorded in irregular " 
ing ecenomic indicators declined Index was just 0.01 easier at 145.54 increase in Goverximem spending, to ASl^S, Hamersley 5 cents to an ^ctKe business, the Commerz- 

0.1 per cent in May after an after reduced trading volume of while Pharmaceuticals, Foods, Real AS2.30 and Ocean Resources 2 hanfc index finishing 2 J2 higher at Amsterdam 

upward revised I per cent rise in 1.55m shares (230m), while losses Estates and some populars were in cents to 24 cents. 794M. ‘ 

ApriL The index is an important on the exchange held an edge over demand. Export-oriented shares. In the Oils sector. Beach Fetro- Commerzbank rose DM 4.40 in blocks were mixed wiin a lower 

indicator of future economic rises of 265. to 240. however, dosed raised, with Sony leum added 7 cents at 53 cents Banks, while Volkswagen- , , . , . . „ . 

activity. Husky Oil led the actives list down Y40 at Yl,690 and Nissan and Australian Oil and Gas 4 cents ahead DM 320 in Motors. ^ 

The dollar dropped sharply in and rose SJ to S33. Midland Glass Motor Y8 off at Y797 but at 50 cents. Stores had Neckermann DM 6JT0 f a * - F vr^ 25^1 

Europe against all major cur- In an active turnover, jumped SU" Matsushita Electric Y3 up at Y730. However, Stores provided a dull hicher. Schering advanced DM 4.80 3 - R bown ai r ins^. wara 

rencies. accountig for some to $21, while Resorts International Kokosai Denshin Denwa put on spot in Woolwqrths, down 3 cents in and in steels. 5 eflam . antI . "“‘“"Oie Beton 

Mauncsmann Crmed DM 2.50. I?.£. n " tra lL E J lll, J >ut -°? 


steady, 

were 


NEW YORK 

j July 1 
Stock 5 ' 


June 

30 


32 

20 »« 

39>4 

28 

27 


Ahl>4! Lein ' 

AiMrerawaph ...| 

A elm £JteJtL45..| 

Air Pmrfuct» 

AkHn-Vluniiniiuii; 

Alcn : 4112 

Alleg. Luillum .... 17U 
Allegheny Puner. 

Allied Chemical.. 1 

Allied Btures i 

Alii* rfailmera...: 

A MAX ; 

Ardernite Hess....! 

Amer. Airline*...' 

A met. Bmnila..... 

Amer. SimdcaM.' 

Amer. Can 

Amer. Crmnamlil, 

Amer. Duu Tel-i 
Amer. Blee. Puw 
Amer. Expreas^..' 
AinerJ^unie f*rori 
Amer. Meitiutl.... 

Amer. Mutor»_... 

Amer. Nil. Gix. 

Amer. btaiulnnl.. 

Amer. Sumo 

Amer. Tel. A Tel.: 

Ametek - 

ASJF - 

AMI* | 

Amfex ; 

Ani4iur Reeking. „ 

Anlieuier Hundi.-I 2373 

Armen Sieel • 29ig 

Aj-.A j 

.Cm men Uil j 


18 
36ia | 

22ii . 

345« 
33 12 ; 
277s | 
115a 
50 lg ; 
46J 4 ! 
417a 
287 fl 
33* 1 
i 

35i+ I 
281+ [ 
265+ ; 
65+ • 
41 i a i 
411+ l 
3363 ! 
595a > 
aau j 
18U : 
32l 8 1 
13 »4 l 
2MS3 i 


323g 

205+ 

40lg 

275+ 

27 
421+ 
17l« 
18 
365e 
225+ 
345s 
33 ig 

28 


St nek 


July 

2 


June 

30 


2H+ 
14 1 8 


115+ 
S03e 
46> s 
421ft 
291+ 
336ft 
225+ 
39 
28 U 
27'+ 
54* 
4IJ+ 
4 IT, 
a3l+ 
6ulg 
3213 
18U 
32i, 
14 
294+ 
24 
2913 
2UTft 
14 


Corning 

CPC Int'u'unnai: 

Crane...- ■ 

Cmcken Nu 

t'mn n Zelierfmi'li: 
Cumnimr Enairre 
Curtis* TVrigfai..., 


5 7ft 
485, 
2812 
29 7a 
315ft 
376s 
1612 


561ft 

495i 

283+ 

267ft 

313+ 

367 S 

165ft 


Arapn 

Anil tend Oil 

AtUUefaHeJd 

Auto Until Pro.... 

A VC. - 

A - 

Avon Product*... 
Unit Gas Elect ... 
Bunk Amerira.... 
Hanker* Tr. K.Y. 

Barber Oil;.- 

Kaarer Travenni. 

Beatrice Pwl 

Bertoaliurkcnauti 

Bell A Howell 

Brndix 

Benjpjet Cuds "B" 
Bethlehem Steel. 
Bla»-k 4: Uc-ker...' 

Boeinit 

Bui**? t. inutile—., 

lkmlen 

Hoi-. Warner.. ... 

BiamO Idi 

Bnt»«ir.V 

Bristol Slyer* 


14 

Mr, ; 
50 
aOie 
9 

24i 3 
63lft 
2Q3n 
22* : 
361+ • 
27ift i 
436ft 
25ij j 
364+ ; 
197 B 
375a 
3<g 
22&a 

ioi 8 
524 : 
264fl 

287ft 

287ft 

*2»ft 

14I+ 

46 


14ii 

305ft 

601ft 
3 04+ 
9 

245ft 
93ift 
2a 6g 


355ft 

271a 

425a 

25i a 
367ft 
Su 
3758 

34+ 

22&a 

185ft 

527a 

265+ 

287 g 

29 

125+ 

14 

36Ift 


Dana. 

Dart Industries-- 1 

Deere 

Del Moote. 

Deltonn ' 

Deotsply Inter..-. 
Detroit Edison.... 
Diamond Shamrk 

Dictaphone 

Dlftita Gqoi[u...' 

Dlmey (TVafti ■ 

Dover Corpn. 

Do tv Chemunl.... 

Dravo | 

Dresser— ' 

Dupeit - 1105+ 

Dymo Industries 301+ 
Eagle Piriier •....> 

Kail .Urlhies. ' 

Eut-maa Kodak.. 

Eaton 


275, 
426ft 
3l5g 
26i« 
11*8 
22 lg 
159ft 
251 2 
143ft 
461* 
393+ 
44 
241+ 
2612 
437ft 


247ft 

125ft 

529ft 

365a 


277a 

425ft 

3Uz 

261 * 

lli« 

225a 

155+ 

2612 

145ft 

465ft 

40 

441ft 

245ft 

265ft 

441+ 

112 

301* 

25 

126b 

53Sft 

365+ 


*41* I 

105ft 

305a 

345+ 


E.G.AG 

El Paso .\m. i.iav 

Kmersou Elei'iricl 

EmeryAlrFr'igIit| 23 is 

Km hart 1 371* 

K.M.I 

Engelhard 

Eatnark 

Ethyl 

Exxon 

Kalrchild Camera' 

Feil. Depu Stores 

Fi rrtiine Tire 

F*t. .Vau Uoston. 

Flexi Van 

Flintkiite 

Florida Power-.. 

Fluor 


*5+ 

22 

41 

211ft 

■537ft 

295ft 

-61ft 

14 

*9lft 

20 

tbSa 

30ift 

06 


243, 

lolj 

305ft 

347 3 

23Sg 

371+ 

n5ft 

215ft 

3U7ft 

211ft 

44 

401ft 

37 

14 

287ft 

197ft 

*67ft 

305h 

461+ 


Slock 


JiilmsMauviUe... 
Johnson Johnaonj 
Jnbnsun Cimrioli 
Joy Monulactur'gj 

K. Mar Corp , 

KaiHerAliiDiiuTin 
Kaisor Imliucrlea] 

Ktkn Steel 

Kay. , 

Kennecnrt. ' 

Ken MeOee....... 

KUfde Walter— J 
Kimberly Clerk. 
Kopperg — I 

Kraft 

Kroger Co. 

Leascw ay Trails.. 

Levi Strauss - 

LibtiyOir.f'ood... 


July 

s 


50lc 

Blift 

2612 

325+ 

241, 

317e 

2 

245a 

125ft 

23 

43 

337s 

461+ 

217ft 

471+ 

83i« 

32lft 

34 'a . 

26J+ 


June 

30 


505+ 

815+ 

2t5ft 

33 

241ft 

521b 

rig 

249e 

12ift 

23i+ 

43 

435s 

447ft 

22 

475ft 

331+ 

33 

341* 

265b 


Ligget Group [ 

Lilly iBlyi 

Littim 1 ini us t I 

Lockheed Alrvr'fll 
Isms Altar I ml us-, 
Lonir Inland Ltd.! 
IsMilglana LaiML.I 

Li l Di-inn I j 

Lucky Store* ( 

Lite V’luigvt’n-n.: 

MacMilhui - ! 

Men- K. II • 

Mtls. Hanover.... I 

Mata-o 

Marathon Oil | 

Marine Midland.; 
Marshall Field ...! 


427ft 
465ft 
21 
21 
191; 
j8tr 
i2 
377 g 
loss 
7i, 
111* 
411? I 
445+ j 
325s 
h35b I 
1 4 1; I 

k2Tg I 


33 
4b t* 
21 
21 >s 
1W+ 

l87g 
221+ 
331* 
is i; 
712 
11 *« 
411ft 
345+ 
425+ 
45>s 
141; 
63 


Stock 


July 

A 


June 

3*1 


Serbia 

KeynoM* Metals.' 
Ke>-noiil* K. J. ...- 
Rkcli'aou Merreii. 
Un-knell Inier... 
Uulim 1 Hana—J 


48 

285a 

5612 

2b 5g 

*158 

325, 


481+ 
28 3g 

57!g 

255ft 

317 9 

327ft 


Koval Dutch ' 

BTE ■ 

lint.- fags 

Ilyder -tysteut 

Safeaay Stores... I 
St. Jw Minerals, 
at. Ilvgh Paper... 
-San la Fe Inds— 

Saul luves-t.... 

tamo Imls 

Scfalllr Brett Lng.. 
Sdilumbenter 

rCM 

so_+t Pk|icr. 

Souil Mig ; 

Sc inkier Duovt-vl. 


581ft | 
145* 1 
125ft I 
225+ ! 
395+ r 

k43s : 
27 8ft . 

i35« ; 
821+ • 
175a 
17 
ieO 

. 77j l 


685+ 

141ft 

125a 

K2in 

405ft 

245a 

275a 

447 S 

6 

bl, 

13U 

835ft 

loii 

165* 

£0 

8 


Mock 


July 


June 


JittJe 


U'tmlu Ott fa ..— . , 

Wyly 

Vernt 

Xapau 

Zemll) Uaiftn 
C.S.Troa-a*WK 


19 

3 7 i 

917; 

155* 

13: S 

I4«*:* 


i;STn*e44«5/ffi t79T a 
CJS. SO day liUta.. 6.93* 


19 

3'-? 

52* 

18* 

14 

t«'.s 
700 f, 


[Electricals, however, were 
[ changed. 

Public Authority Bonds were 
I irregular, with gains extending to 
30 pfennigs and losses ranging to 
1 20 pfennigs. The Regulating 


1.0 lo F1I33.Q. Gist Brocades 1.1 
to F1.T5.8 and KLJI 1.7 to Fi 145 2. 
State Loans weakened. 


Milan 

Bourse prices tended - to lose 


Authorities sord a nominal ground in slow trading due mainly 
DM L2m or paper, compared with to ibo uncertain political situu 
sates of DM l.im on Friday. Mark tion 


CANADA 


Foreign Loans were little changed 
in minimal trading. 


.Trine 1 
54 


Ji:n*' 


Z.1 


Hong Kong 

Market continued 


Some secondary issues, however, 
showed marginal gains on techni- 
cal reasons. 


last week's 


5.62 
40lft 
20 > a 


F.M.C. j 

ftau 31uu>r...„...i 

Foremost Mi-t | 

Fushutu 

Fnuiklio Miul...I 
Freeport Mtuvral.' 

Fnuduul 

Far, ue lnds_ I 


Z41g 
46Sft 
205s 
S67ft 
9ift 
24 >8 
291g 
105+ 


*41+ 
4bTg 
201+ 
4 65+ 

9 

241+ 

29i* 

103+ 


G.A.F. | 

GnuneiL 

Gen. Amer. (irL.i 

li.A.T.A , 

Cien. Cai Je I 


Brit. Pet. AUK..' 
Hn<rknai Gla^.., 

Brun'-Tslrii I 

Biuyni* Kne I 

Hulnva IVtidi... I 
BurllcmtonMhn.j 

Uurpju^hn 

Campbell 8mi|i...i 
Cantultan Kacitk- 
C+nni Kandnipli.. 

CnmativD 

Carrier A General 
Carter Han ley.... 
Cater ptHarTnu.n>| 

CBS 

CekuieseCunai—j 
Central A S.W j 


155e 
34 
lain 
185, 
63g 
37 lg 
71i+ 

435g 
16 lg 
lOia 
275+ 
12 
171* 
5S>z 
529s 
41 
lo5g 


ISM 

335* 

l&lg 

19 

6flg 

377ft 

724 

331+ 

lD5g 

10's 

271a 

117, 

17lft 

697ft 

52l! 

405ft 

lpSft 


Gen. Ibnanms., 

- Eleetrus....! 


Certain leed._ ; 

Cessna Aircraft. „| 
Chase Mauhalian) 
CheiutealBk. XYi 
Chesebqtfa Putm.j 
Chewie svstein^j 
t UIcbj<u Bridge..., 

Chryvlcr- ; 

Cinerama 

CtiMi Mibuai -n...; 

Cilworp : 

Cities sei-v Ice, ! 

City I meal in*;... 1 

I -ora C’nla ; 

Colgate Palm | 

(.nllm* AikniaD..! 


205g 
36 I 

4U5ft I 

39 ! 

®»5g I 

301* 
441* 
107ft . 

4is ; 
29il ] 
23l« 
49i 3 , 
lain 

411+ ! 
to As 1 
117ft . 


201ft 
46 
30 Sg 
49 
44i! 
295+ 
ail* 
105* 
41ft 
29 >2 
245ft 
49 >3 
la>« 
4|5* 

20 -B 
117g 


lien 

Tien- Fiaiils I 

General Mills ! 

Genenii Mitfnn, 

Gen. Puh. Util... 

i ren. Miniat 

Gen. Tel. Eleel... 

Gen. Tyn. 

Geues.-o. 

Gtairjpa Pacific.' 

Geliy Oll_ 

Gillette 

tiuudn'di B. (\... 
GiaKiyear Tlre...J 

Gould ! 

Grace W. K 


135g 
425ft 
1 *a 
*8I S 
177 8 
734, 
6U5g 
4 1 5g 

29ift 
ovig 
lb9g 
315ft 
<565* 
29 1* 
65« 
261a 

36 


1353 

421+ 

lu 

28 

175ft 

76!* 

501; 

4 lag 
30 
a99g 
18lft 
315ft 
285a 
251* 
6lft 
267a 
1421* 


Ut. Allan PfacTeaf 

run.l 


Grt- Nurtli Iron. 
GnevUonrt.„ .' 

Gulf A Webtern.i 

Oulf Oil ) 

Raliburtou I 

Hanna Alining...! 
tL+rl l loch letter-..' 

Hama Cor pa 

Heinz H. J 

Heuhlei I 


ta»s : 
2ai* 
167ft I 
295 b ' 
27 ! 

65,. [ 
2a Tg I 
14 1+ I 
137ft 
241ft 
635* 
42<+ 
165a | 
64 7 a ; 
oBlft 
a64* | 


285ft 
245ft 
167ft 
295ft 
27 
65g 
24 Is 
14 5ft 
154, 
241, 
641ft 
42 
165ft 
64ls 
491+ 
47 


Henfe Packard...) 
Hnnitay In i»-... J 
Homeatabc ■ 

HcnQ-weli I 


Columbia Gas ... . 
Columbia Pirl. .. 
lom.liisLV.otAni 
CnnfhuiAirai Eng. 
Ctimhliallmi Ki|... 
C'ln-tt’tli Kilns Ml.' 
Vm'tt'Ui Oil ltd J 
C'unni. .Saicillie, 
fnniputerScienue 
Cnnu Life Ina.... 

Conrae 

Cnn.Kiliann X.Y. 

tnusiil F.nfa ' 

Couttvt Aat. Iirj-J 
Cunaumer P+nrer 
CuMinvnial Wiy 
Cnniincnral ml..' 
Continental Tele; 

Canurol Daia 

Cooper Indus — ,i 


£8ij ; 
19ift ; 
I6i a 1 
3«i2 ; 
,6'a ! 
27 1 8 
21= I 
395+ 
lOifl j 
46 ; 

204+ ■ 
23 | 

26i a j 
307ft 

22*, I 
29J g : 
a6 j 
ISlg 
311= 
655ft 1 


274, 
197ft 
18'* 
397ft 
iGlft 
27 
2 >s 
39ift 
107a 
46 
207ft 
227* 
255g 
485+ 
227ft 
295a 
265ft 
165ft 
321ft 
851* 


Hi.ivei ... 
Hmp-Corp. Amer 
Housinn Xat.GaBj 
Hiuit(Ph.A)Chm; 
Huiion iU.P. 1 .... 
I.C. Industrie*... 

INA 

lURCrtolt ttaud... 
Inlaisl Sieel — ., 
Invihn* 


SOtft 

*8 

45'+ 

C47, 

113+ 

424 

247ft 

Ida 
155ft 
k65g 
42 lg 
644+ 
461* 
15 


81 

iS 

445ft 

665ft 

1H+ 

a2i« 

247ft 

101* 

165, 

26>, 

421ft 

554ft 

46>* 

IS 


May Dept. Stores! 

AlC A i 

McDermott I 

McDonnell Douuj 

McGnitt Hi 

.Uemorex 

Merck 

Memii Lynch... 

Mesa Petroleum. 

MGJL - 

Minn Ming i Ml n 

MUrti Corp 

Mousnuto. 

Morgan J.P. „... 

.Untoroia 

Murphy CHr. 

Aalcn Chemical 

.National Can 


49 M I 
abia I 

341+ 

23 - 

*.41 = 
551ft 1 
175a I 
441+ 

381, 
:4i 2 l 

ollg i 

all, | 
445g | 
wS5, I 
475a ' 
25 <g 
295ft : 
177g ( 


245* 

494ft 

2b5g 

445s 

22Lg 
4o 
35 lg 
174* 
441* 
o64, 
aB 
olJ+ 
all, 
44>2 
46 
48 
2 5* 
29 lg 
18 


Sea Cimiaiuer. ...' 

.Seagram 

SuarieiG.D.)— .. 
Sears lioeMick.... 

SKDCO 

Mieh On 

Shell Transpnrt... 

Signal 

Siguudc li>rp 

Slmpi leuy Pat ... 

Smger 

■smith Kune. 

Soirt mu 

iiuithdniru 

'OUutlicniCai.Eii 

lomliuni Cm.. [ 

SUm.Nnt lie* - 

'uutheru l<acilii-.. 
snuthcrn Kailu a, ; 


28 • 
233« . 
14 i+ ' 
23 

361ft 

421* 
4d2 
46lft 
471j • 
131- 1 
2LSa ' 
8H, 
31* . 
28 

*64, . 
I- Tft ' 
c 6 <-g I 
4iift : 

48 ! 


28 

24<2 

14U 

231ft 

455g 

421+ 

4012 

43 

471* 

iisc 

20 Jq 
81. a 
25ft 
281* 
*ain 
Irlft 
475» 
315ft 
481* 


Abititil Pajer-... 

NgniLii Eagle—. 

, AlcatuMurnlulum 

I Algotna Steel 

I A-lic-v* -J43 

Baiikuf M'liitreal. 22Jr 
Bank V<n* .'••olia 
Ba-ic Knnuices- 
Ueli TcVcriHmp... 

Bow Valley Lori... 


NaL Diuillera...... 

Nut ewiviee luu. 

Nat lulls I SlCL'U... 

A at Ml Idi - 

XI K 

Neptune Imp.. ... 

New Kugurari El. 
Ne« England Tel 1 

.\ugmA Mohan k| 

.Niagara Shale.... 
N.ti Indiislrnn-...' 

X orlmkit Western' 

North Nat. Gas.. 

Xthu. Slate* P«r 

X'rhireri Airline* 
Xthtt'cet Uaucurp, 
Xoni Sun<>n ; 

■ .fax-ill entai Pet roll 

Ogliw Mather....' 

Ohio Wi'Oa 

Olln 1 | 


211 , 

151, 

4U2 

415g 

-2 

18 

2|4 4 

334® 

14 

105ft 

IBu 

64 tg 
391, 

Z5lg 

267ft 

24 Ift 
181+ 
221ft 

534+ 

165ft 

141* 


2112 

lb 

405, 

411* 

a2>« 

I8lg 

2,4, 

43 

13<g 

lUJfl 

167ft 

25 

39k! 

*sa)E 

267ft 

247ft 

IbU 

225* 

3a5, 

1856 

141+ 


Dteraeaa Ship*...! 

Otteoa Corning J 
Oweim llinoia.....j 

Kn-ln. Gaa 

Liahiitu. 
Pan Pan. Jt Lid-. 
H*U AutWiirn Air 
Parker Hannifin, 
realm! v lnl.t....| 
Pen. l*w. 1 L.... : 
Penny J. C.... 

P«ina<U ....... 

People* Drug-... 

Peu|<ie* Mas 

Pepeieu. 


25 

30la 

21 

■f35g 

19ls 

2lSft 

bog 

+41+ 

235ft 

4S5g 

&t»i« 

101 + 

*4i= 

2w>ft 


25 1* 
305ft 
all* 
237ft 
197ft 
2l5ft 

64+ 

241+ 

241+ 

*1 

361* 

28 lg 
iu3a 
'445* 
295, 


IBM 2565, 

lnii.Plnv<>ui>..'...i aol, 

inti. Harve*ler...j 

lull. MiuA: Cheml 

Inn. Mtiittt«Mi.||.— i 
Inca ; 

Inti. Pnpn- 

IPG.....V. 

InL KeetiHer 

lut. Tel. * Tei 

Invent..... ... 

Iowa Beef. i 

I LI IntenuMouall 
Jim Walter 1 


Ofilft 
47 
2U7ft 
16 ~ 
383, 
a37g 
104+ 
304* 


443+ 

Ills 

SBifl 


258 

245ft 

451+ 

47i 3 

21 

165ft. 

395ft 

447ft 

105+ 

405* 


45 

1 1 5ft 

295e 


Perkin Birnr.. i 

P« -- -f 

Phzet - i 

Phelp* lA-lge.... 

I , lilliilel|.<liia Kle.J 

Philip Aloni* ; 

Ptulli |« Petrn'm.i 

IliiAmiy I 

Pitney Uwn e* 

Pltlalno — 

Ptwwe.v Loi A Dll! 


24 I 

32 ! 

435* ' 
20'8 . 
I«5ft i 
65 1& j 
a. 'a 

491= , 

aoAft ■ 

23 j 
1658 ’ 


235+ 

02 

441= 

2DI; 

171= 

661 + 

42Tfl 

494ft 

«aij 

23 

IbSs 


l^ilarobl ' 

I*Mtmn.n- Elec. .. 

PPG lndu*trie+.J 

Pn+jler Gamule .j 

Pun Serve Elect J 

I'ullmau 

Pure* I 

Quaker l)ui J 

KapUl American. I 

Uiijrthcon | 

Ueiiu'jiicsieei....f 


465ft ■ 
ia)+ 
,61+ ' 
ce : 
221 = I 
331+ 
17 
-41+ 

I 5ft 
464+ 
263ft 
23 


3.61= 

ibig 

26 ?e 

86 
-• 5ft 

33 >a 


Southland i 

Vtt't Uan-hun,. 
> petty Uuich— ..i 
•-Merry Kauri...-..' 

-H,uib ; 

stanilard BramK 
Siii.UilCalifomiaj 
stri. On Iwliaua. 

ant. OH Oluu. : 

StaulT Chcoticab.; 
Sterling Uroe—..' 

Sturletmker 

Sun lo. — 

"MlIVl-lllUKi.. ' 

symrt 

i'ccliiucMlMr 

lefctronix 

I del vii,' 

I'dek 

Ivuto 


285* 


*6>* 

-138 

34 is 

271+ 

39 

47Ja 

30i« 

405s 

1CI= 

F0h 

40. a 

441= 

3058 

97** 

- ! 3 

305+ 


28lfi 

265, 

167® 

4153 

443, 

2758 
397 8 
481* 
fall- 
401* 
104, 
61 
413g 
443+ 
30lft 
1 1*8 
llln 

97*'g 

Ol, 

40iB 


SOaft 

4.5‘J 

S6U 

295, 


l«7ft 

5.50 
301; 
20U 
441 
22 >2 
2C* 

4.50 
a63E 
30 


with active interest 


Brussels 

Market put on a 


mixed per- 


uptrend, 

centred on Blue Chips and formance in moderate trading. 

selected Property issues. Th?rc Siro, FJeetrobcI. Hoboken, 
was good support from local Petrofina and ACEC rose, but 
investors, while some Overseas Electro fin a, Asturicnne, Union 
buying was also noted. The Han^ Minierc. Yfelle MontORne, Cock- 
Sen c index advanced 10.40 in crilL Clabccq. Halnaut Sambre 
567JJS. its highest level since and Gavaert relreatcd. 


BP Canada. 

Bra -ran - ... 

Br ian i — ; 

CllgHty Putter... 
Cauiftiff MttH*..., 
Canaila Cement-: 
Cmueia MV Ian. 
C'an.lniii Bk.Comi 
Ganaila ludiut... 

Van. l*»mlli- 

Can I*Hi'ifrc In,... 
Gan. Mi|cr OiL.. 
Carling d'Kerte. 
CftBttiar AaUntn-.j 


15 t a 
157 8 
t4.2u 
3858 
145* 
11 
HU 
2812 
<20 
184* 
197ft 
58 
ST* 
JO^s 


15>i 

1573 

X4.2*] 

385s 

15 

11 

lira 

28»= 

20!* 

163S 

191, 

66!? 

5.00 

10i* 


NOTES : 

I caclud-. 1 


OwtvKrt prift-s shown helm,- and or srrrn !«»•. P.-r nlurc. I I'T.im-s 
pn-miorr. BciUan divfdends nttn*®. >ln. I: AhftiiRicd diridemi alter 


arc alter n-irihadLT.s Ux. 


senp and. or nvh;g issik*. It . Niter lnr.il 


♦ DMjO dimnti. urlcs, othcru-isc srarrri, taxes, tu tax live, u Pram:, mcludmu 


I ye!ds bas.-3 on r.*t dividends ulus tax. 

Pi as 5i.iU d'.nom. unless oQjcrwtsc staled. 
Mi Kr.ion denom tm'.cv* mhcrvttsu srantl. 
| o Frsjci tt?nom. and Bearer sbatL-s 
i xi!ph> nffu.T'^ivj' watert, ' Von 30 denom. 
nnicss orb-rurifc; stall'd 5 Pncc at time 
lof susK.'3s:cn. nHotins. hSrhiillnus. 


Te^m) Petroleum 

Irnwcn 

leva sin ill 


K>52 
24 

lexasgiili 18 

revw Eaaiern.... 41 lg 

Tcxiia Iiui'm 78*a 

l - ex» i III A Gas.. 

Levan Utilities-....: 

I lines Ins 

lime* ilitror.... 

Timken...— 

Trane 

TnmamerUn ' 

fraiiwav 

L'rana Luton.—.—. 


fnm trov IqIt'hh 


trails Werlii Alt 

Traveler* 1 

Til Con linen I aI - 


315fl 
201, 
407ft 
281= 
49 1 2 
46!a 
145+ 
18 . 
431+ 
265g 
19a, 


IW B 

•T4 

181 ® 

40 .'a 
791 S 

4 1 
20 !« 
41 
287ft 
497* 

44ba 

145+ 

la'g 

451ft 

2612 

197ft 

36 


r.K.NV ; 

«S)th Century Pus 
6.AX. 

lakco 

CGI J 

U uiievu i 

L ni cer XV' ■ 

Colon Baurorfj.,.! 
Uomti Ceriiule— f 
Union Conuueiwl 
Lmun Oi. Ca'il...( 
Lnlou Pacific ! 


[ 1/ 


<■45+ 
101 + 
•iGig 
-6 fa 
23ift 


Inimni 1 

L ulled Brand?....) 

La Uani-orfi 

I'S Cvp.utii I 

1:8 6lme ' 

I'd .>i«* I 

L 3 Technniogiet.l 
C V l niliiss vt+fc,.,.'. 
VtigliiM El eel.—. 

«*lRieen I 

IVarnei'Cumiun.J 

Wniiirr-IiHiiiliert.l 

VVa-ie-Mau'ineni) 

NVelli.pi+rgii 

'Ve-ieni Bsn.ni^ 
"_><l*ra X . Am ci i 
Wevteru tlnum...; 
W&tlngfa-e Elec 


ltu 

19 

471 + 

371® 

39 

39 

ansa 

29 lg 

. 36® 

1:33* 

20 

193® 

.b 

;8i+ 

a4Ig 

i43s 

Mi* 

241= 

37S® 

58 

16 a 

'Sf 

4758 

477® 

4+la 

445® 

7*4 

77® 

® 

9 


UiKlltw......... ; 

...' 

Con-. Bftlliutst... 
CuOMuner Un*.:. 
■Ju-eka Ke-ouroo 

Llr-UUn 

UftOB uevel....— .■ 
Dcnuon Miner-/ 
Dr mi Mines——.. 
Dtnue Fetroiettm. 
D< minium Unrige' 

Uuiibir.. — 

Dupout, — - : 

Falcun'v 1 ^ iVieke. 
Ponl Mutur Gan ; 


19 

27i+ 
27 1= 

IV* 

ai= 
13 
BT S 
-■ 21 = 
h6l= 
o2l+ 
241? 
llat 
147 3 
,31+ 
t<4s« | 


19 

till 

27:, 

19U 

>5! 

t12*! 

Bsji 

.Ha 

66'. 

61=* 

244 

lira 

fi4l 2 


■r Crtns. .1 Dividend alP-r pcndutn nghu increased. 


I.'mljc div. i' .N'uiu. 1 1 Share said, x Dir 
and yield cxrludc special n>irnu-iit. f ln.n- 
i-jied dt\. /i L'tiulTicijl iralin^. rMirnrnv 
hnlil< rs nil,. ■/ Hckt p-'mlmg. • Wk*-d 
t B*d. » Tnidci S*'1 !it .Vnumi-il 
vr Ex ridns. vl Ex dividend xc Ex 
srnn Iwuo. xa Ks all- .i ini. rim slna‘ 


Jiua* 

•» i 


w 


High: 




Induririftl-.- fllS.M 34SJtf:«».»:ttt.N:*lMHlMl K8.»l . m.B , T051.70I 
s '• ftfi . m-A AliWM 

S*me HaMs* 87.23 17 M. *7J* 97.80; W.W IJ.tl «MS 17.23 — 

' ■ r I ! i«iij ; t.vn ' 1 

Tr*n»p«Tt._. 1 2 ra,K SlWhtW.W IW.K tU^SU.Wj Wl^' ; v**\ 


rtUimri__. TO8.S8: UM.S& M4.84 KW.tO BMJHR MKJKf l»J» 

, j i . : j »sm 

*885 Wl- . 1 1,686 2»,5«? W.TOb S|,m «.«& »2» - 


M2.U 


tn.u 1 

dM ; 

165. U ! 
t3xv«7«si-; 


' •Ron* nf (rakri i-twonod tirou AumKM 

, - Juaa M t Jmittfli ' 

Jima TO 

j Yoarof^ita 

1 6.71 1 6.88 1 

sjsa 

> 4.83 

STASDASD A2TD POOB 6 


1978 


. 3 i an - 1 » j a | » a . 

Hijrb ! r«ro ■ Huh i 


H-'otUpoaiie ' 8WB 95M S&.5T, 86. « #4.8*; 


B4.su! 

: lR4> i 


AM 

*873) 


; t3S.SK , 
IDI/73)| 


June 22 l JutwEl JuW 1* \ Yraragn tx 


Ind. dir. rleM % 


5.11 


6.07 i 4.90 


4 .91 


[nd. FyK UaUO 


( 9,11 ! 

9.44 10.2 

Loan Uovc. Rood yfeM 

j 8.67 

! 8.63 * 

8j44 7.5 

1 

[K.Y.8.K. AU COMMON 

9 


Sisea and Palls 
i'Jiity 3 'June 30 



1978 

_ liiiiueft irarird— 1,786 j 1,853 

3 i 30 ■ » ' 22 

1 High 

! Low 

Falla. 

762 ! 671 

faj.44 55.66 65.63 bU& B6.M 

i l l 

; 48.37 

{ tWl 

New High*. 

New Iftiaa.. 

26 : 18 

MONTREAL j 

j. ' 1 

July 1 

' A . 

1 . 1 1 ' 

iuja 

1 3d i 

;y . » i 

' High If 

Inriuftlnal i 

Lrai-hiiutl 1 

. ni : 
f* ' 

: 1*0.3/ 

1 183.4B 

nun, iw.ra 

1 OH 188.M; 

. 163. w 
T84.00 (PM . ITOJI* 

TORONTO Ciftti|P*Jipi 

<■-1 

i 1I3S.2 1125-5 

IMLOfLi'M 1 tWJtt 


iOHAWSESBURC 

UuSI 
I ml wi run 


215.9 

236.3 


XX Jt 221-8 
238.8 237.3 


221.4 

234.4 


274.9 (91 ft 
242.2 <20161 


1UX 


July 


l'rttt 

VfcHI# 


Htx» 


IHtS 

Uiw 


July 

3" 


1'tft- I 1939 
rtiMrt ' Hl)A 


Australia'* 

BelRiom 
Oenmrk r*' «v«l tfc.ll 


4S8.tV 491.lV MLU " ridl.iu 
tl4« f (IAi 


94.SC sM/27 


WUe: AL43 

18, fit C54 6I 
9tU5 8*AU 


bpuo 

fiwedon 


IJV 


France in* W-3 


Oermanyi::' 
Holla mi l " 


.W.d 


W.I S3.* 


lb-2) 
4I.H 
(3.2 
IMA 
t IV M 
< 6.8 
t*.*> 


: lOUb , 1103b 

! l9«t 

WJ77.47 J7fa.Sfa 1 JriTSB 

I |^j^| . 

Switwri'dir! . uti a*i.s 

' i . ;.a«f 


MONDAY'S ACTIVE SToi 


TIJi 
tW.f* 
e'12., 

1 10.41 
n7.U 

rtto, 

Hontt Kcae m'-ij* 5f*.3S sw.m 

,««• io. 7i i i ixl; 

Italy , ,i L‘iF 63 j}T ■ I 

tin Jn (kbit _ . _ , - 

japan w- iW.«J *«.« . «6.4a; Wax -««* 

<3.-7* • (4,10) D *‘ E - WrW » 


Slock® 
- traded 
RftsuKu Inju .. ...... 1 99. ram 

IVpeici) , 

Rnmum Kodak i:mmn 

McDtuwrN Dour las i.tkoo 
1=4.100 


Singapore («i 545.1o . ML 


«i 


-S&u 
> (1» 


Amer. TrL and Te!. inH.onn 

Scars Bm-huck . 1DSJUH) ±>| 
sun conuuny ... 

Indices and tune dates GUT bm rgtoes l-'quunm-ni im.ioo 461 

1W -west NYSK AB Comnxm — ag ■'■■■ — 

Poort .~ iTiTCgmwtenrbiink Dnc_ lSttl ill), 

l* 50 nMOW based to 1VT3), rtwn. Indnstnal it',) (filiani 


Excluding 
460 Ind®.. 


Indrauifthi Bank 3t*TrS4. ifllD Milan Zn/tL * 
«9 imuoet. 40 FhaiKe and New SE 471/8H im strain Tfanr 
te) Hnsi-d. id) Madrid SK » 
<ei SUK'kiiolin Imtusrrlal I'l'M. (/ 
Bank Corn, (a, UnavalUtBei 


o Trorawut. t*iSnHwr AU dm, 
ii Belnan SE 21tt3<0S. (**» Piptnign 
SB 1/1/75, («l Parte Bonrso IMl. 


GERMANY ♦ 



Pnee ;+.'T 

Div.iYM. 

Jnlv 3 

. Dm. 1 — 

% ! % 

A KM ■ 

77.5 —0.5 

— — 

Allianz Vepit* 

477 rt 

3U 3.3 

UMW.... 

246.5 c j- 1.5 28.01; 5.U 


(ienitxr 

Gwut yri'wfcniic 
Gull Oillamula- 
Hanker faid.Can. 

Hniiitisnft 

Hrmif Uil -A* — 
HiiiIm>d Uh.i Mils 
Hiii I--, ii Mar 

HlnlnonUil A Lrf.' 

I.A.I.... 



I ■ii[tt.-rnal Ml I 

I lll.il 


295g 

12J 2 

T* 

«6 

4i:= 

ltl £ 

21 m 
431? 
1V12 
55!; 
toJfl 
181a 


115, 

11 

15 

to 

»8iS 

4.10 

18i+ 

117ft 

83 i z 

475, 

3.70 

i6i, 

tori. 

511ft 

o5la 

4.2J 

2H0 


295s 

241+ 

241, 

25 <8 

42 

19ift 

i4ii 

*S 

41 Ir 

285ft 

<2ri 

cOlj. 

a97g 

275+ 

ifilft 

21U 


2tfl a 

24ia 

241ft 

265ft 

425b 

tate 

145fl 

k45ft 

41 

281a 

227ft 

205ft 

3=6ft 

276ft 

165ft 

211ft 


In-lnl ' 

llllfllnl .Am. (in- . 
fill'll, x I'm* Line, 
kalrirr lievraiM-t-. 
laiuri Fin. Coni- 
LoblHtt- ,‘miii. -B’. 
Mciiijn'ii B infill. ■ 
MA-sey femuMin 
M.-lniy re.. - 

Mo+fte Lorj'H- 

MountainStmclt 
XorauiLi Mines.. , 
Xorcen Encrjcv'...; 

■Nthn. Td6 nm ...; 

Nilinof Oil 4 Gar 
Ouhn uml Petll'lli 
Pad Mu Cower M ., 

Pacifit- Petroleiim' 

Pan. Can. L’et’m.i 

Patino- ' 

Pen|jW*. Def4 8...I 
Piai-etNO A Oil...! 

P uicer Deveto[»ini 
lAjvier Corporal'll) 

Pnr® I 

(jnehe< fatureeraij ti-t2 

iUngeirijtl— 321, 

Keen 6han 

Km Aigutu- 

Uoyvi Hk.pt Gau.! 

Uojtti Trust i 

weplroK'fCiuu-e | 

at*Knmr 

fabelf Canaria.... -I 
■ShtrnuG. Mitv> 
lielira- O. (*. — ] 

dimptttti 


BASF. 

. , Bayer.. 

545, J Bat er-Hyj»\.. . 

I Uaier-Vereim-JfU- 
29lj |l.ihilRt..\in l irn> 

Cf.mmer/tank 

Li 'll! (•null!-; 

Mwuiicr Bctii. 

Dvtr-ita- 

De-uig 

MHit-fjc Uni'*... 
J.-i-tltUT Hau». 

It; "km ndf Ze— :. 
‘•iitclii i-i.niif .. .. 

Hxieg Uf \>l 

Hnrpnivr - 

Hi.«4'.»t ' 

llva'il . ' 

ilniipn 

Kali trust .. 

Kama' it . 


liM* 

a©'* 

42 

171ft 

21 

431- 

195ft 

351* 

181+ 

185= 


LSmc-1 18.75 7.1 
292 ,s 28.114.9 
321.5 * 3.5 ' 18 * 2.8 
163 .. . - - 

234.4-4.4 17 7 3 
75.0 1-0.2 — • ~ 

302b: r JL5 28. IS 4.7 
265 +2 17 3.3 

157 t 0.5 14 ' 4.4 
306 Jtf 1-2.5 28. IZ. 4.6 


TOKYO <| 


\iilil fiu»» 

; .'ate+i 

l.HKllI 

I Inin in 

Dhi >ip|im Prim 

i'llTI 

Hita-tn ' 

Hm trie IbifftTK.. 


MniPtt.' F«s.| ..... 

S. Ilnll 

hn-\«iiHiiM 

Jo- Vi- 

l.A.L 


352 

466 

678 

400 

543 

546 

250 

574 


-■4 


-1 
+ 25 
*3 
+ 1 


14 (*l 

ia jxa 

2b » RS 


AUSTRALIA 


July ? 


w 

Atfnt. 6 : — 


VCUiUdbceiui 

Amur AuximlM 

N'nral Mine. Trie. ImKSl 


1.240 

232 


18 • 1.7 
. 15 .1.4 

;i. ; SJU 

+ 10 


3? 

t2 


11 ?r 

io-? 

14 ift 

15 
Bia 

4.u6 

18!* 

IB 

va2 Ift 

371= 

3.63 

2&5«| 

1=!* 

305ft 

35>2 

4.15 

2.00 


32 

ttoS* 

4.65 

0.94 

213+ 

1658 

1412 


5Dlg 

321+ 

32:5ft 

185ft 

8 

Sc6U 

13lft 

b.6* 

3S85+ 


>teei m Chub-ui.... 25U 


H'ttwi t 

Weyei hoeiuer ' 
Whinpuoi. 

White Con. Loil-4 
B’Hilan, i 
IVIbcoub 


(lUfJI 

Con. Loil-J 
m Co....™. 
+■>( a KIM.. 1 


26* 
24 Tg 

aria 

Slffie 

185ft 

28 


25* 

243+ 

223+ 

221g 

161+ 

275+ 


■Jteeplloek Iran.. - 
Texaco Camilla.. ' 
Lon into Driiri.tlk.) 
I rani. Can Pi |vL+ji 
Iran- Mount Uprj 

Trirae- j 

L'ciui 

tti. 'iBvtjeMiiie..i 
Walker Hiram....| 
W wl Con-1 Trnni .J 
WesUNiGeo..— ...i 


2.68 

005ft 

lfl», 

to«4 

S l8 

14 

ill* 

iU 

32 

lllg 

17 


.301= 

32 1+ 
tx&J, 
-J4.75 
0A>4 
2ll] 
lrSft 
141* 
1.35 
32 
lUlg 
32 
321ft 
lb* 
1 * 
253+ 
Isi, 
537 
265+ 

' Sift 
25 


18ox>-r 3 

205 - 0.2 12 12.9! 

123.8 + 3.8 14 .M 5.7 
2Bvt3 .. . ,»I6.72 5.4 
128.4-0.9 18.73 7.3 

4n -0,1 4 4.4 

13t -2 ‘ 9.361 3.6 

137.5 i-3.3 MM 5.1 

317nl 23.441 3.7 

Kauilnri 225.5m + 1.5 18.77 4.2 

KlivAwr DMliiJ. 9 j —0.6. — I — 

KIIU- _.... 181.6m +3.7 18.76i 5.2 

W4 '—'2.5 i 

255.5 -u‘3 25 \ 4.9 

1.42a t- 5 , 25 8.8 

1050—2 i 9.36; 4.4 

ZC6.a +3.8 r 12 ■ 2.9 

162.8 +2.5:17.18; 5.3 

2it4J» +9.9 , 10 2.3 

555 + 12 

141.5 +5.7 
115.3 vl 

. 189.3 

Sobering — '265^0+43 23.1! 5.3 

ilemens ' 293.4+0.5' 16 ' 2.7 

MWl Zuckcr 5 247 -26.66 5.4 

Tbjraen A.G -....: 117 -0.8 17. IB 7.3 

Carta- - 1 173.50 +3.5 14 , 4.1 

VEBA. 120.5.-0.7 12 5.0 

Vweln^A NVvb+JSk; 293 + 1 IB 3.1 

loUmiagen 218.5+3.2 25 : 5.7 


Krui<{i. 

tinrie- 

Lmreobtnu IA'.... 

Luitlianaa.. .'• 

MAX- J 

MoJincwmann 

Meta fig ex 

MnnuEener Hiiekj 
XeAemami— .... 
Preuassg DM 100; 
Hhein West. Elec.* 


18 ' 1.6 


25 , 6.6 


VlatMivliifa In.'.- 
MilttiHulii I bulk.. 
MltMila-lilllcn, i 
MHralnahi l 

Ultsui A 

MiiMikii'lii 


.M[>;<fHi .-;hin|»n.. 


rany.i Elect lie-.., 
iekt>iii I'rwah.... 

MiikcMm.- 

son, 

laiwliii Marino 

Inkeiia Clicimca, 

11>K 

Tcljiii 

r.*i.i Marine 


AMSTERDAM 


July 3 


Pnr-c • 4-or ; Dii. Vm, 
Fis- , — ; *. i 


Ltd.85 
f 391= 


19S, 
151ft 
9I 3 
I tin 
; 1U+ 

I 71* 

l 32U 
l 17 


t Bid. t Asked. J Traded. 
1 New stock. 


Ali»M<Fl.2UI 104.0 

Xkro iFi^Oi 29.8— --'.l 

Aigem UukiFl.lui 363.5 — O.a 

AMKV iFi.Wi 80.7 J« -0.3 

Ainr>if«iifa iFl-s.'i 79,6 

Uitenk'in yi..- T u.5 

Ik'kn Wcvc'niiFltl 120.5 i-0.5 
thirinn Tetidi"lc 
falacvier V iFiJsO-. 

Kunui X.V.U,.ttr«T 
Euro CuuirriiFi^ 
tl 1 4 BnuTi'leii K pj, 
HelnckeiiiFi.C6>^ 

Mnnan, «i» iFl.3.*.. 

Hunter D.iFl.li>J:.- 
K.L.1L 

tot. MullenlSUi... 

N Harden tPulOi....- 
.Nat.Notliuu FlIO, 

XedCred Bk(Fld5U. 


"21, 3.4 


28.5 7.8 
SO ■ bJi 
23.6. 5JB 
26 ; 5.7 
80 t 6.7 
26 7.2 
27 A 2 .u 
37.51 0.6 
94.ff 5.0 
23 
14 


I 61 
3.6 


EUROPEAN OPTIONS EXCHANGE 



Senei 

July 

V,i|. ’ Last 

VpI. 

tel. 

TftLftt 

1 Jftu. 

v «l- | Iftiftt 

Sl.ft.Ji 

AKK 

F 517. 30 



— 



4 

4.80 

KzB.BO 

AK/. 

K30 

— 


— 


5 

, 3.30 


AK3C 

F33.50 - 


1 

1.30 

30 

2.20 


Alt B 

F75 

— 


20 

3.50 



F75.80 

KK 

560 

— 


20 

3.50 

1 

3 

S53 

FNC 

S20 

— 




3 

4i a 

623J® 

F\U 

525 

- 



i 

2 

ll a 


till 

S30 

10 

96® 

— 


— 


S5Br* 

MM 

560 

10 

14 

— 1 

— 





HO 

F32.50 - 


— 


1 

4.50 

F32AI0 

IB.U 

5260 

8 

3* 

• 

— 




«£57 

IBU 

S280 

10 

U 

— ■ 

— 

4 

8 

„ t 

KLU 

F150 

- 


6 

10.50 

a 

15.50 

F 148.60 

KUL 

F 160 

42 

1.40 

* 

7 

6 

11 

■- 

KUI 

F170 

5 

0.60 


__ 



. .. 

JvLU 

FI SO 

s 

0.40 

a 

4.30 

1 

7 

1# 

S.L51 

F190 



— 


10 

a. ■ 


KLU 

F2O0 

225 

0.20 

40 

2.70 

6 - 

■4 . 

pp 

KUl 

F22Q 


— 

— 


7 

2.80 

B1 

XX 

F98.90 


— 

1 

4 

2 

6 

FSB. 40 

w 

F 108.00 ; 1 

0.30 

1 

1 

8 

2 

„ p 

x.v 

FI 18.90 

— 

— 

1 

O.BO 

11 

1.50 

•• s 

PHI 

FsTO 

18 

1.40 

15 

1.80 

. 2 

3.30 

P26.20 

PHI 

F27.SO 


1 

— 


10 . 

1-60 

„ 

pud 

540 



— 



— 

4 

fi 3 

S35J* 

TW 

rim 

— 

— 

— 



S 

ie 

1'iou.eo 

DAT 

F130 

— 

— 

s • 

1 


— 

F12U.70 




Xor. I 

Feb. 


BA 

890 


1 

2 | 

67ft | 


• 

3321= 


BASE LENDING RATES 


A.B.N. BanJc 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 % 

Amro Bank 10 % 

A P Bank Ltd. 10 % 

Henry Ansbacher 10 % 

Banco de Bilbao 10 % 

Bank of Credit & Cm ce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Lid. ... 10 % 

Banque du Rhone 101% 

Barclays Bank 10 % 

Barnett Christie Ltd.... n % 
B remar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

I Brown Shipley 10 % 

Canada Perm’t. Trust 10 % 
Capital C & C Fin. Ltd. 10 % 

Cayzer Ltd 10 «?; 

Cedar Holdings 10}% 

I Charterhouse Japhet... 10 % 

Chouiartons 10 % 

C. E. Coates H % 

Consolidated Credits... 10 % 
Co-operative Bank ...*10 % 
Corinthian Securities... 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk. 10 % 

Duncan Lawrie 10 % 

Eagil Trust 10 % 

English Transconr. ... 11 % 
First Nat. Fin. Corpn. 12 % 

First Nat. Secs. Ltd 12 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 

Grind lays Bank J10 % 

I Guinness Mahon 10 % 


■ Hambros Bank 10 % 

■ Hill Samuel 510 % 

G. Hoare & Co ....flO % 

Julian s. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullmann 10 % 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11}% 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster Ltd 10 % 

Royal Bk. Canada Trust 10 % 
SchlesingBr Limited ... 10 % 

E. S. Schwab 11}% 

Security Trust Co. Ltd. 11 % 

Shenley .Trust 11 % 

Standard Chartered ... 10 % 
Trade Dev. Bank ...... 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway La'idlaw ... 10 i% 

Williams & GIyn' s 20 % 

Yorkshire Bank 10 % 

UOIIMtJ 


.Yed MhiBktFl.aii 194JZ0 + 1.2 i 22 

| Gee i Pi. 20, : 154.B +U.8 | 36 

Van Orarnei’ea....) 140.0 — 1.0 1 18 


t 7. 


Members or Ure AcveoUns 
Com rati tee. 

May deposits 7%. 1-moaUi doposus 
*-L 

-Osu/ riaposlts an sums or XlOJKiQ 
and under s? J .^ up to £23.000 7j’» 
and o»er QS.OM ??>,. 
call depmlts orer fi.ooo 7:*. 
Demand deposits TS"... . 


Pat bo. -d i FI. 20j.‘ 

Philips in. lot... I 
KjoSetaVenFLlOO^ 

Untiero iFl.oO^....! 

Bi'IiiwhFI. rOi...| 
lit .rent. 1 1 F|. 5a)..'.| 
K'^'oiDulirbtFIJilV 

Slu.MlIiurg j 

falev iiiGrp ■ Fl.4> 

Tnkwipor. HI. 1 B.S, 1 

I'mk-iw iFl.saJM 
VikiiifiKM.itltitic 40.5 k) 
Weaifaui’riu..Kiuik! *B*.(t-4.5 


7«.U'— 0.6 
276 -2 

la3.0 +4.0 
t8.7 -0.3 
35.8 +1.1 
98- -4A3 
32.7 -0.5 I - I — 

Z4.s ; 12 I 4,g 

145.2+1.7, 8 [6.5 
48.0. -0.2 , 19 ; 7.9 
3fa.O -0.3 I 12.5! 3.6 
98.4-3.6! 48 i 4 A 
3d.5. + ujS| 21 | 7.9 

3.7 

4.7 
5 - 7 

40.0 —UJ2 I - 
26.3+0.1 17 

83 A3— [ - 

171.5+0.5 ,A266j 
132.0 +OJi | — 

123.1. +0.1 ' 14 j 5.7 
130-8—u.S 63.76, 8.0 
24a .—l ' 19 7.8 

150 274 1 4.2 

U6.5 + 1.5 1 30 < 0.b 

120-5 -.42J • 7.1 

20 1.2 

33 4.1 


t‘<>k,u .' niiivu.. .. 
Miliisim, . 

r.«iv 

I'i'Vi** Vli.ii'r... 


1.430 


■30 

1.0 

, 705 


IS 

0.» 

2,650 




.1,160 


10 

4.5 

34 3 



16 

2.6 

280 

r — l 

la 

2.7 

4.050 

-40 

55 

0.4 

730 

*3 

20 

1.4 

279 


10 

1.8 

122 


12 

4.9 

433 

-1 

13 

1.5 

324 

,+2 

14 

2.2 

602 

-6 

20 

1.1 

1.480 


la 

0.5 

716 

6 

12 

0.8 

797 

-8 

lb 

l.u 

1,790 

+ to : 

48 

1.4 

260 


12 

•2.5 

675 

-5 

50 

l.i 

1,250 

+ 70 . 

20 

0.8 

1.690 

—40 

40 

1.2 

232 

+ 1 

11 

a.ft 

411 

+ 11 

15 

1.8 

2.280 

+ 10 

50 

O.i 

118 


10 

4.2 

490 

-10 

11 

1.1 

1.090 

+ 30 

u 

a. 7 

333 


12 

1.8 

139 



10 


144 

-2 

10 

5.9 

927 

+ 2 1 

20 

1.1 


| tHi (* i +> ip ' inr « i || . 

Anijvl 1‘etn'emn 

MhirtaK.., 

Awe. Puifi t Viper SF. ; 

Vn*tv. Cihu litiiUKlitf , 

Au-l.l'.Hiit.Lnlk.ii ln,i"t. .. 
A.X.I 


\u-l. Uil A (ia- 


ll"u' Mi'iai I ii- l 

I l »ll4»lll\«:1l" l ,l|l|N't 

UrainMft* In. Ill- 1 nr- 


1. J. I nr-... 


I m-blttini , ('Hli+lt 


Sourcu Nifcka Stfainurs. Tokyo 


BHUSSEI 5 /LUXEMSOURG 


Jul, 3 


Pm c ! + <*; Km. [\M. 
Ktv. i — | »« A 


;+5 ; - 
—10 I 72 
> + 40 lllb 
6 ; ilCH) 

i — 4,2 i . — 

.—10 1177 


A it "Oil 2.390 

8 * 1 . Ur, lamli....' 1,650 

U*rhrn “ir '2.020 

L'.U.It. (.tMii,nt....H,i30 

(.'■vkvnll 436 

Kill, -i 2.1e56 

Elwtrnta -1 6.5+0 |+7U |430 

lnlsrt>i<i« X * 2,060 JlTO 

fi.lt.liiun. Udi..-. : 2,1B5. i+5 -1150 

Gavaert 1,286 —14 i 86 

Hnlmki-it. 2 . 3 lb. i+3ri [170 

1,74 J J+20 |L48 

Kre.lWrtift.nU ,6.660 1—60 |290 | 4.3 


I.IHI7IIII' lii.rtiiit,, 

L'-tcm An+nilia 

. t»i»iic*f Uuhhur i*! , 

•*.3 i Km;(»ii 

El. ter -Mint h 

KJE. itwtn-ine^ • 

ileii. ttwfrirtv ImsJL—.—.i 

HainneJcv 

H.wikrr. -j 

U'l Aii-tralia. 

, lutw^'.^Kier 

l Jenninic- Iikltvtrin..'. 

Juniw (DavlJi 

Leo rami Oil....— 

Mela la Exploration 

UlM UokliEJftH-. 

M.xer Emcnium — .j 

Nichufaw liuiaiwrirapil. 
Nnnli Broken H'rtniRft vtjO»v, 

l*akbririfl*_ - ' 

Uil a«reb i 

utter. KNidtintfaMr......;-..-) 

I*wuwwr (.W.Tt+c.- j, 

Un-kl(L3i L'nlniau— 

ILV. Slrtflix. — i 

ataiihliu.it M . rn ill; 

Ex|ilorttliun 

r. -rill (2/ 

IViltniw. ,... 

HWi>rii Min in*; (60 u-nlii'i 
Wtaslttvtt+ln. 


7.9 

b.6 

6.4 
6.8 
6.6 

7.4 
8.2 


-je.wutinu.. ..iQ.'JUU 

La Unva.c Bel",.. J3.6SU j'+ 12-;«325 0.8 

IVin H.rtitlmtL ,2.650 f— 6 1 d.U 

Kefn+iiuL [3.720 .. + 20' 174 4.7 

Star lieu Hiiiiqiie..-2^i95 ' ( ........ '200 ! 7.0 

Sue Ocn Beiei']iieil,940 

Sulina (3,120 

*»i*nv .*2,3 93 

fraction Einrt-,...'2.9l5 

i:CB j 912 

U|, Miu.d/lOj I 712 

Vieiile jlaaiMir L46G 


t0.64 

TO.60 

t2.lt> 

1 1.30 
t0.63 
tl.to 
n.24 
1 1.60 
tl.u 
ft 58 
W.40 
10.50 
Vi.22 

U.tl 
H.28 
T 1.74 
17.26 
U 21 
rl.76 

12.05 

13.00 

rl.25 

m.30 

12.25 

(2.50 

11.53 

tl.39 

10.90 

13.80 

12.80 
tL56 

12.30 
10.75 
T2.1S 
10 JT 
tl.15 
11.17 
10.22 
10.33 
12.12 
11.72 
12.25 
tO. 82 

11.32 
Tl.75 
10.12 
T0;39 
11.83 
,;2.90 

10.70 

10.32 
10.35 
11.85 
10.B7 
11.63 
tI.88 


-a AM 

+U.U 


♦0.01 

+0.01 

>1.04 

[-0.04 

-O.itt 


ftt.il I 


BRAZIL 


July A 


Priif i + rrtl Of 
fiiu 1 — l> 


Aivxr* Ol*. i 

Uam»ii,i Brain.. 

Haitfvi Han 

H+IkuM 'W ei mill' 
U^Bft Aniei. OP... 
Petruhnii 

pnviii : : 

iHnisa I nir OP....! 


+0.04 


+I1.DI 


t+u.40 

>0.81 

-0-07 


r0.« 


;+o.!o 


1*7 .- 1 

j— 0.04 

■— D.D4 
;+fl.iB 


0.99 fV.u-Si.X 
1.98 — a.afifl.i 
1.38 '-0.02 J.f 
2.14 +0.03 i.}b 
3.08 -0Ji7 j r 

3.10 - KfA.it. 
1.46 -0J»8. 
2.68+O.06J. 

8.10 i.« 

1.28_.»0.070.1f 

Tttnwver- Cr. ro stra ' V.iiurw *»' 
Sourwt Rio dr Jan+'ini 5K, 


l'nl|. • 

Vi i' liv IJNarri* 1*1' 





OSLO 


July 3 


I'm* , + or 
Kronor ' — , 


1-1.0 

+0" 


:+o.oi 


r+Q .01 


>+<■.' * 


L+%03 


.►• 1 . 5 
l+tt.Dl 
I •• 1 

i+a.oB 

;- 6 .uS 


PARIS 


Jul,- 3 


■+10 il4u I !.& 
;+io idio 

( + 16 AJ1 
1—16 |170 

i- 1 "* ~ 

-« BO | 6.9 
-16 1 — 


3 6.9 

10 8.9 
J 1 6.7 


6.4 


7.4 


SWITZERLAND ® 


July 5 


I'm® 

Fra. 


[ + or j Div.iYIri. 


— 10 


1-6 


COPENHAGEN * 


Jul.ro 


Pm.-* ;+nr 
1 Krunur 1 — 


DlvV'YM. 
• % 


Amtelft&aniini.. — ! 

Bemi'-erNl' , 

Dmric Haufa... , 

Kust-Njlatl On.— ■ 
Finensfaaul'en .! 

For. Bvggeriet.—* 

Bindl nhi ak >llir .j 
e..Vth’n H-ftCrflCi £68 '1+1 

Non! Kshei- J »«»«*«-• 

Oiieteluik - 

Fnvatbaak | 

Pnnrtnibanlk- ; 

sopfa. Bentnsdsen-; 

□pert m | 


134- ( 

420 :+s 
1081 +' + 1 + 
1623+i+lft 
1081= -i> 
364 (+1 
79 1 + *b 
I fc3i,, + i+ 


11 I 8.0 
15 SJ5 

12 I 9-B 
12 I 7.4 


13 .10.2 
12 3.3 


IB 

12 


i -10 


8 : 3.1 
lu : 3.0 
22 I 1.9 
22 1 2.c 
22 , 3.. 
16 ; 3.6 

10 . X.Y. 

6 ! 3.6 


19213,' ' 12 

77 ■+ 1 1 — 

128S*;t'* 1 — I 8.6 

137 ,-l ! 11 I 8.0 

406 +2 I 12 j 3.0 

179U +lft ; 12 I 6.7 


Aluminium ........ 1 1.2.83 

UUf.V 1 1.640 

i:ilA UftiiOTFr.ICDll.115 
II... INirt. Cert-; e40 

1>... Bea— J tiSS 

CriftiH 'lino .2,160 

FiKinntKii ' l.~i 5D 

Ki^lipi' llinftftn.l 690 

H.iifuiauFl Cm-. 1.72 250!— 1250 550 I O.B 
tu». ,-fauailti —..,7.200 I— tou-55'0.8 

liitvi r.iiftl U 3.860 

JeliiH.li >Fr. Ind). *1,-435 
XealU' iFr. 1 Hi).... |3,450 

Do. Uh;. ,2.^2* 

Oprl Hi. hi U. t K_25ti, 2,555 
I'lntJU 91 l*i V lOO.i 289 
Saihlur iKr^aOi..... 3.925 
D. 1 . INirt U«v 489 
aeUliuller Ct F10(l: 295 
-uirfr CMFr. KXJ)[ 354 
Sttlftwir iF-i50)...| tol 1 
Uok. PJoaJ, 377 
>wL« tHei Fr2W.. .4.725 

Cnnu Hank — 3.065 

Zurich Inn— ..—...j 10,600 


;-73 ; 21 l 2.7 
1-5 J 21 J 1 .- 
j— 35 \nib&\ 2.5 
i a l5.7l 3.B 

- IS , IS f 1.4 
-1 ' IS I 5.2 
26 : l.v 
26 
12 
14 
IO 
10 
40 
20 
44 


Uenlo * 4 ... ..... 

Urt'iiKiiA.i-mVi 

Air LKpiifi 

Aquitaine 

BIC 

tiuBI'WC- 

ll-:i..V. Dtfrvift..... 

L'aneTmir...., ' 

O.U.K. 

C.l.T. .NkHtei.,... 
UcfaawoJre., 

(Jlub ilriitrr ,...- 1 
Credit Com Fr'w 

Urramit Crare 

Diuus 

Fr. Petroln 
Gen. O-vtilcntalc! 

bnetAl - 

J aeifue* Biirel — - 

laht**.- 1 

L'OiwI,- • 755 

Lejrmwl .1,590 

IfaiHHn I’iifiii;..;' h 76w 
.U ifbtilu “II" : 1,267 


l'li.f 

Ft,. 


+ .a 1 Ln,.;Yiii. 
- 'Frs. i 


1 + 25 
— 1 

1+4 
1—19 ! 
1 + 1 . 
1-25 


2.7 

4.1 
3.9 

4.3 
2.6 

2.1 

3.3 

2.1 


Hurt Heniiewr.i 

Mnuiini'X 

INirltttft. ..- ; 

IV. hi™*.,-. : 

IVrimi-Ki'-ni,! 

K-iiftv+CllnwiiJ 
I't ftjaln 

lift, In. .Ttv.-liii ii |i.e., 

KmUftite 

Bil'.llt) I 1 ' h ileii, .. . 

'JUtlobalii 

rtw UvaMKnnl.... 1 

4iie**. ■ 

rrleiiH- an H[i ie. . ..| 


747.4+2.91 41= 0.6 
365.0 +9.5 [ 21.15| S.8 
+ 1:6 +2 ! 16^1 6.6 
513 ^5 i26.25 o.l 

496id 2.7 

885 —15 1 .42 1 4.7 
■ 30 +3 I40.5 1 7.6 
1.844 !— 41 ■ 75 ■ 4 9 
. 31 -5i 6.0 

1.044 { + 34 j7B.»l 7.4 
j— 2 12 j 3.6 

401 ‘ + 1 ! 11.261 2.8 

1 i?-S. + 0 - 2 l 12 !»L 0 

73.0-1.5 — | _ 
748 i— 4 33.75, 4.5 

144.8 +0.3 1 14.10' 9.7 
189.5—1.0 | 8Jbj 4.3 
62 {+1 , 5.7- 9.2 
122 +6 — 1 - 

ltrfi.B] — 1.2 -19.77 8.6 
— 3 ll6.U7j 8.1 
+ 10 36.75 2.a 
-U ! 39. S' 8.2 

,32.66 2.6 

! + t 12.6 2.6 
148.5 — 1 0 ; 3 .2.0 
16+.2| + 3.2 ,ls.s6 12.2 
84.95', -0 05, 7.6 B.B 
*62 I t 6 j 7.5 2.9 
a68 -4 -77.35 4.7 

213.8.1 + 2.B 

I ' 4 i 25 i 6.5 

640 1—3 1 27 S.u 

M5.5U1.0' 9 9.4 


Ktixeti Bwili 92,0 .. . 9 

UittTriKMnt j 64.5—0.5' — 

Cnriittauk — 106.0 - li 

Kuaim .L..J 217.5-2.5 20 

KnMiikB-*en— .. 103.50' 11 

Ai*rk HivImfcrAlU 177.25-1.00 12 
Mureii ratul ; 82.5 7 


JOHANNESBURG 

• MINES 

July 3 

Anglo Affirncon Coma. _ 
Charter Coumlidaied ....... 

Ea« Driefouteln 

GlsOarg 

Harmony 

Kinross 

Kloof - 

Rustenburg Piatinum ", 

SI. Helena 

South Vaal 

GoM Fields SA 

Union Comoratlon 
Dc Bucrs Deferred 

Blyrooruiizhriu 

Eam Rand Ply. 

Free state Geduld 
PrvSKtem Brand 

Prvsldenr Swyn 

Siilfonioln 

Welkom 

West Drlefomein .. 

Wr stern Holdings .. 
Western Iteop - 


Rand 
j.jh 
—a tl.35 

13.31 ad 

1.73 

tUO . — 

«.M ' 

.... 2.73 Xd 

..... 1J1 

...... 14^3 

— HJU 

.— 123.00. •> 

473 

B.70 

..... 5 33 ad‘*-. 

— 4.79 
.— lar^u Ji, 


15.30 

11I.S0 

4.63 

+.03 

— new xtf 

IM.Otl 

J13.W 


“cwy.. 


490 


INDUSTRIALS 

AECI — s.« 

A rut lo- Amer. Industrial ... 10 . oe 

Burlonr Rand 3 JB 

cna InvusuaentB 11 , 7 s 

Currie Finance o.Sfl 

De Beers Indnstnal flOJi# 

KdRars. CoosoUdaled InV. 3.20 
Edgars Stores T28.W 

Ever Ready SA tun 

Federate VolksbeleajriogB . i.ao • 

Groatennana Sum ^=,55 

Guardian Asanrance (SA 1 

Hale us 

lta 

McCarthy Rod way 

TcdBudC 

OK Bazaars 

Premier MfOtns — 

Pretoria Cement 

Protea Holdings 

Rand Mtnes Propenlra — 

Rembrandt Croup 

Reteo — ^ 

Sane Uoldlnss 

SAPPl 

C. n. Smith Suiar 

SA Breverigs 

T liter Oats and Nat. mi] Ik. 

Unlwc ; 



1.60 

1. ao 

2. W 
0^2 
2.70 
7JS5 
3.91 
3J5 

I. 2S 
2.29 

J. S1 
VJfi 

11 .« 
2.80 
3.00 
I J3T 
>0 10 
Lie 


136.a|- 0.5 -14.66 10.5 
1^39 +81 j 39 ! 2 .i 


CfantBriiQ Uninrir., 1 
Untune. ; 


256,5 +1.9 -26.5 lb:o 

725n j 26.5' 3.B 


^S +iW 16.15, 7.7 
_ 21.4|+0.2j_ — j 


STOCKHOLM 


July 3 


iVtto 

Krone 


MILAN 


Jiilj 1 5 


Pi'nju ' -f nr 
I.-1V I - 


VIENNA 


July -5 


fito) ■ + or ; u,i ; \ ml 


^•1 % 


irertnuDUil, .J 342 ! --.j 10 . 2.9 

FriraMiMri 266 _.l 9i 3.4 

60S |+3 j 38 1 7.9 

.•ternpem... 86 .+ 1 
■Stey r Datmler....; 193 ! + 3 
\ oi* lUmicHit. 255 .--1 


j B» ’ 4.1 
* 14 , 6.U 


liiv. i7 
Ci»«- . -t 


\xic- I nb i-o.rs! — 1 — 

Uim.«i - ] 448 —6 . i — : _ 

Fiat I -1.790.vi-'- 2 : 150 6 3 

D"- F r,u i 1.4119s-. 1 — 7 ) ibu 10 1 

FI as liter I 1 10.96- + 8.0 — _ 

lulL-euteDt i 1 1,799. T 99 1 200| 1 , 

220 |t l ! _ _ 

33.100.— 130' 1.2110; S 6 
147.3 -0.6 ! — _ 
990 1-4 1 ™ _ 

1-845 | 130 7.0 

717 t} ’ 0Oia - 3 


I Drift liter. 

Mprilri'ftiiU'H. 

:Muntodlttii 
Olivetti I’riv-.... 
Pirelli A Co. 
I'lrelHSpa...— 
SuU VincijnA 


AlrA Ab(KrJO)...: 
Alla Laval ft KrbOj 
\S2A(Kr^0l..-. 
\ila!-CoFH>(Kria>| 

Ulllerud 

llrf.ft+ 

LainA.,...— 

VI Ink™ | 


tlrcc'lu.'c'B'iKrt'iJl 
-K'lhit+li 


l - 5 “ 


Htlci+vit 

Kweltc .-H”..—..: 

PnHiiratM...-. ] 

'iratlKiri H 

HftiuUn*ftnteu...| 
Mmlftiii — ...... 

MuOefa IVinjriu.* 

Simlvlk A.H. 

S.k'.F. *B' Kra.-.-.j 
rttounrEntitiliU...] 
Tan.lallk Ml* KrtUj 

I'ilrtelinlru ! 

V..|m (Kb.hOi:...J 


206 
143 
80 
126 
65 ad, 
.116 
SOO 
238 
J40 
140 
290 
65 
a3 
340 
too 

63 
258 

64 
153 


+ 1 
1+1 

1+ l 
' + 2 


Dlv.A'M. 
Kr. * 


6.6 f 8.6 

6 , 5.6 

5 1 6.2 

6 4.8 
4 ! 5.9 


& ** 


S- l 
-1 
+ 4 


2.9 
10 { 4.2 
6.4 4.6 
6 i 4.6 
8 ' 2.B 
4 1 4.2 


!+2 
;+ 1 

L5. + 1.& 
=M.6 ! + 1.5 
67 +1 


3.7S: 2.2 
6.5 j 7.0 
8 5.3 
6 B.B 
n— ! — 

6 | 9.0 


Securities Rand U.S.30.7J 
(Discount of 37.6%) 


SPAIN « 


June 30. 

Astend ; 

Banco Bilbao 

Baueo AUantteo (1.DD0) 

Banco Central — 

Banco lmL Cut. tlJfflfiJ 
B, tad. MedltomoM ... 

Banco . Popular . 

Banco Santander raw 
Banco UraalJo H.08W - 

Banco Vlxcoya — 

Banco zarwttaoo — 
Bankmdoii «... 


Per com 
118 
zn 
239 


m - : 


DrnBndM 

Inniobanif .......... 

E 1. Aniaonesu 
Eapaoola ZJnc 

K*PI. Bto Tutto - - 

Fecsa ■ rotwi 
Femm ll.OM) 

Oal. Predadna 

Cnipo Velaxmm MW) 
Hid roll 


Iberuiitiro 

tilarra 

Pawteraa ReonWaa 

Pidralih-r - 

P^lroleea — 

Sarno Pi patera ... 

Snlace . 

SoB+fiaa 

Tulrfoalea ..... — — 
Toms Haste nefa — 
Tdbacex 
Union Elec. 


22* 

-V 

252 

*—• 

in 

+ 1 

2 is 


TO 

■M 

55 

+ • 

102 


•n 

— Ov 

7130 

+ » : 

, TITS 

— 

U 


1A5 

— 

tut 

— 0 . 

87 

+ i 

XII, ^ 

■— . 

Tl 

- 1 

122 

— 

M* 

• — 

57 J* 

— , 

ss 

— 

uo 

• — ■ 

ALSO 

rnm 

9* 

— 

IS* 


«.s 






























uncial Times Tuesday July 4 1973 


ARMING AND RAW MATERIALS 



nya crops 

eatened 

birds 

Own Correspondent 
NAIROBI, July 3. 

! OP quelea, known as 
d-billed quail. are 
{farmers in the Kenyan 
^ Uey where they are 1 
_ n heavy inroads into 
millet and sunflower 

■ i 

»mier said: “They are 1 
5 our crops faster than I 

■ Another said the birds 
sumins grain at the rate 
ounces per bird every 

i they come in millions 
imagine the damage they 
. te said. “ Unless we can 
f thew quickly our crops 
.■ompletely ruined." 

■S has been sent to the 
of Agriculture but only 
e is available for spray- 
I that is being used 
c. 

- 'bile, farmers are send- 1 
" s into the fields ringing 

- 1 shaking rattles, 
stimaled quelea popula- 
th of the Sahara is about 
The birds are believed 

come into Kenya from 
leat-growing areas of 

i. 


3W lOW 

sugar 

arket 

jr Commodies Staff 

> SUGAR values fell to 
e-of-contract lows on the 
and New York terminal 
; yesterday. The London 
‘ice for raw sugar was cut 

0 £93 a tonne, its lowest 
nee November last year. 

-^..he futures market the 
position lost £1.70 to 
t £94.60 a tonne.' 
decline was attributed 
Jy to selling inspired by 
lerally gloomy outlook in 
rket. On Friday the Xnter- 

1 Sugar Council con- 
that it was delaying until 
r 1 the start of the pro- 
p a reserve stock fund for 
contribution payments to 

^temaffonaf Sugar Agree- 

is because the US has so 
en unable to ratify the 
uent as a result of the 
iry legislation being 
d in Congress, 
ion brokers, E. D. and F. 
-.i their latest market report 
out- however, that while 
resent outlook is gloomy 
:tion cutbacks and con- 
ion increases during the 
it season should enable the 
ational Agreement's quota 
»ls to work more effectively 
.'9. 


Coffee falls as Brazil 
cuts minimum price 


Capper Pass 
tin smelter 
strike ends 


WHALING TALKS 


BY RICHARD MOONEY 

COFFEE PRICES feU sharply on 
the London terminal market yes- 
terday in response to news that 
Brazil had cut its minimum ex- 
port price and export tax. But 
traders said that the changes 
would actually make Brazilian 
coffee slightly dearer. 

The September futures price 
ended the day £93 below FridavVj 
close at £1,382.5 a tonne. 

The Brazilian Coffee Institute 
announced in Rio de Janeiro at 
the weekend that it had 
opened registrations for green 
and decaffeinated coffee export 
sales, for shipment between 
July 1 and September 30. at a 
minimum price of $1.50 a lb and 
with a contribution quota (ex- 
port tax) of *70 per 60 kilo bag. 

Previous levels for July add 
August shipment were a mini\ 
mum price of $1.60 a lb and a 
contribution quota of $83 per bag. 

The effect of these changes is 
difficult to calculate and is caus- 
ing considerable confusion in 
the market. Most Brazilian coffee 
is sold direct to roasters or 
dealers in consumer countries 
under special deals giving dis- 
counts on the basic price. These 



discounts are based on tbe differ- 
ence between the minimum 
registration price and tbe aver- 
age price and the average of the 
International Coffee Organisa- 
tion’s other milds and robustas 
indicator prices. 

The minimum registration 
price is currently higher than 
the average of the indicators so 
a reduction narrows the gap, 
thereby reducing the discount — 
in this case by ten cents a 2b. 


Since the reduction in the export 
tax works out at slightly less 
than ten cents a lb the net result 
would appear to be a slight rise 
in the effective export price. 

The Brazilian announcement 
seems, however, to have 
encouraged the “bearish” senti- 
ment already ruling in the 
market. Speculators have been 
expecting prices to fall in view 
of tbe continuing mild weather 
in Brazil, following the frost 
scare in May. and this has been 
reflected in chart indications. As 
a result many have ignored the 
underlying significance of the 
changes and sold the market 
short. 

In New York, meanwhile, 
Gordon Paton reported that the 
amount of green coffee roasted 
in the U.S. (including coffee for 
soluble production) totalled an 
estimated 7,435,000 bags between 
January 1 and June 24 this year, 
compared with 7,950,000 bags to 
that date last year. 

The trade publisher reported 
r castings in the week ended 
June 24 were about 44 per cent 
higher than in the corresponding 
week of 1977, 


World wheat output to rise 


BY OUR COMMODITIES STAFF 

WORLD WHEAT production is i 
tentatively forecast to rise this i 
year to between 400m -410m j 
| tonnes, compared with 384.5m 1 
tonnes in 1977, according to tbe ; 
latest market report issued yes- ( 
ter day by the International 
Wheat Council. 1 

However, the report predicts i 
that because of a recovery in < 
consumption to its normal long- i 
terra growth rate, carry-over \ 
stocks in the five major export- 
ing countries at the end of the j 
1978-79 season are expected to , 
remain much the same at , 
between 46m to 62m tonnes — 
against 53.7m tonnes at the end 
of 1977-78. 

Demand for wheat in develop- 
ing countries is estimated to be 
rising at a rate of 10 per cent 
a year, mostly for greater food 
use. In developed countries the 
demand increase of5 per cent 
annually is attributed mainly to 
a rise in feed use. 1 

Weather conditions, according ! 
to the report, appear generally : 
to have been favourable so far 
for wheat production in most 
major growing areas in the , 
northern hemisphere. But the ! 
situation is less favourable in . 
southern herisphere countries. 

It js emphasised that bad : 
weather in major producing i 


countries could mean a radical 
change in the estimates. But on 
a tentative basis bigger crops in 
Western Europe, and possibly 
also Australia, should offset the 
expected cutback in the U.S. 

A considerable increase of 7m 
to 11m tonnes is forecast for 
developing countries, and also 
output in centrally-planned coun- 
tries is predicted to. rise by 10m 
to 14m tonnes. 

Apart from weather condi- 
tions, the report points out that 
the other main factors affecting 
wheat production are govern- 
ment policies and tbe producers’ 


response to the market situation. 

This particularly applies in the 
US-, which on June 1 this year, 
was carrying stocks of 32m 
tonnes, 60 per cent of the total 
held by the five main exporting 
countries. 

The U.S. Agriculture Depart- 
ment said that maize (corn) ; 
planted this year totalled 7S.7m 
acres, down 5 per cent from 1977, 1 
AP-Dow-Jones reports. I 

Tbe Department said that 
soyabean acreage was estimated 
at 64.3m acres, up 9 per cent 
from last year aod 28 per cent 
above 1976. 


By John Edwards, 

Commodities Editor 

WORKERS AT the Capper 
Pass tin smelter at Hull voted 
at a mass meeting yesterday to 
return to work today and end 
the strike that has kept the 
plant closed since June 12- 

Immediately afterwards 
Capper Pass lifted its force 
majeure declaration both on 
sales of tin and purchases of 
tin concentrates, despite its 
warning when the plant closed 

that it was unlikely to resume 
regular deliveries for four 
weeks because or tbe problems 
Involved tn restarting produc- 
tion. 

On the London Metal 
Exchange prices dropped 
sharply initially but rallied 
Jaler on buying interest at the 
lowest levels. Cash tin closed 
£65 down at £6,505 a tonne. 

The.' market had largely 
anticipated a settlement of 
the Capper Pass dispute. But 
it was depressed by a fall in 
Penang over tbe weekend and 
a rise in warehouse stocks, up 
by 55 tonnes to a total or 1,925 
tonnes. 

There was another sizeable 
fall in copper stocks. The 
stocks decline of 6.775 tonnes, 
reducing total holdings to 
503,200 tonnes, was rather 
moire than anticipated. At the 
same time the market was held 
np by news that Phelps Dodge, 
the U.S. producer, had cut its 
domestic price to 63 cents 
instead of tower as had been 
feared. 

Lead and zinc values were 
also firmer following the trend 
In copper. 


Not a good year for 
the conservationists 


THE International Whaling 
Commission’s 30th annual 
session, which began in a blaze 
of publicity in London at the 
beginning of last week, ground 
to its conclusion almost un- 
noticed in tbe early hours of 
Saturday morning. A much- 
vaunted proposal for a total ten- 
year -ban on whaling was never 
even discussed, and the vital 
decision on North Pacific sperm 
whale bunting was held over for 
a special session, probably in 
Tokyo, in December. 

The liveliest moment of the 
meeting came on Friday after- 
noon when a young man with a 
megaphone stepped in front of 
the chairman's table and an- 
nounced, to cheers from the back 
of the hall, that the delegates to 
the Commission had been 
[declared “of unsound mind and 
I body.” that a ten-year mora- 
torium had been called on ail 
commercial whaling and that the 
session was closed. 

When the session really did 
close, nine hours later, tbe final 
tally was not such as to gladden 
tbe hearts of the conservationists 
who had been attending all week 
as observers. Leaving aside the 
North Pacific sperm whales, the 
commission had agreed a 4 per 
cent, cut in aggregate quotas 
from 16.700 in 1977-78 to 16.047 
in 197S-79. 

The main beneficiaries were 
the southern hemisphere sei 
whales whose quota was cut from 
771 to nil. and the main casual- 
ties the southern hemisphere 
minkes with a 9 per cent, rise 


BY RICHARD MOONEY 

from 5,690 to 6,221. 

The only other quota to rise 
was for the bowhead, which is 
hunted only by North American 
eskimos, which went up from 
14 to IS. But another species was 
added to the quota list— the gray 
with a catch limit of 178. These 
are killed by Soviet vessels and 
used as food for Siberian 
eskimos. 

Total protection has been con- 
tinued for right, blue and hump- 
back whales in alt oceans, and 
for the North Pacific scis. 

A spokesman for Friends of 
the Earth summed up the con- 
servationists’ feelings following 
their strongest-over anti-whaling 
effort: “ tt was not what you 
would call a good year for the 
whales.” 

The bitterest blow for the arti- 
whaling campaigners was. of 
course, the commission’s failure 
to consider the case for a 
moratorium. This proposal bad 
been tabled by the Panamanian 
delegation but as the session got 
under way it was announced that 
it was to be withdrawn. 

Accusations that Panama's 
ebange of heart was prompted by 
a Japanese threat to cancel a 
large sugar purchase contract 
were hotly denied from both 
sides. 

The Panamanian Commissioner 
explained that, on second 
thoughts. his Government 
believed that, far from saving 
tbe whales, a 10-year ban would 
merely give the non-Commission 
whaling nations the freedom of 
the oceans. This view may have 


been reinforced by a Japanese 
threat lo leave the Commission 
if a moratorium wore agreed. 

Argentina is believed to have 
been willing to take up the pro- 
posal but the chairman ruled 
this was out of order and 
declared the matter closed. 

From a commercial point of 

view tbe most unsatisfactory 

aspect of this year's session was 
its failure to agree a North 
Pacific sperm whale quota. 

Sperm whales are tbe main- 
stay of the whaling industry and 
without them it would probably 
roll over and die. Of last year's 
quota total of about 24.000 more 
than 13.000 were sperms, and 
they account for about SO per 
cent of the tonnage caught by 
the industry. 

Sperm whales also make by 
far the biggest contribution to 
world trade in whale products: 
their oil being used for 
margarine, cosmetics, lubrication, 
gelatin medicines and leather 
softening. The last is the tuosi 
important of these uses and 
Britain alone imports about 
850.000 tonnes (a quarter of 
world exports) for the use of the 
shoe and clothing (particularly 
gloves) industries. 

This year's situation is 
reminiscent of last year's, when 
the North Pacific quota was cut 
from 7,200 to 763 only to be 
raised to 6,444 at a subsequent 
meeting in Tokyo. This year it 
seems that this vital question is 
again to be decided on Japan's 
home ground. 


Jenkins rallies support for farm policy 


Pricing pact sought 


BY OUR OWN CORRESPONDENT 


OTTAWA, July 3. 


CANADIAN and U.S. Senators 
meeting in Winnipeg have 
agreed to establish a joint task 
force to determine a fair market 
value for wheat produced by the 
two countries. 

Senator George McGovern, of 
South Dakota, said Canadian and 
U.S. wheat should be selling for 
at least 54 a bushel in world 
markets if North American 
farmers were to cover their 
production costs. 


But at the moment, be said, 
the two countries were engaged 
in a destructive competition, 
with the result that their wheat 
was being sold at “ruinous 
levels" ranging from $2.80 to 
$3.00 a bushel. 

For this reason it was agreed 
to set up a task force both to 
determine a fair price and to 
foster Canadian-U.S. co-operation 
on wheat pricing. 


MMODITY MARKET REPORTS AND PRICES 

gr urTil C on the roorniw kerb. in ih*> afternoon (a lo kt-rb of X6.<S0. Turnover: 

JL Inc. 1 ALo (he price (railed quietly around the lute tonnes. 


EH— Firmer ou the London Metal 
Be. After opening on u steady 
1711 lortrnrd metal dipped to 
n (he or-.- market as sterling 
u-ited az.itnsc (hi- tin liar. How- 



l'.*n. f+i+ 

lK »iiUi-uit - : 

UllillHi'M' • — 

£ ; c i 

£ £ 

602-.5 +6.7S.693.5-4.5 l + B.S 

... 712.5 +6.7B| 

714.6 1+8.75 

ui 692.5 + 6.5; 

— 1 



686.5-7.5 4 5.5 

690-1 - + 7 

707-8 + 6.25 1 

7io-i !+a 


nr 687.5 -S.3| — 

i..i j ...... | _^66.5-68 

l this level short corerinR and 
[resh buying prompted by a 
substantial fall In warehouse 
caused the price to rise to wM 


on the morning kerb. In the afternoon 
the price (railed qun-tly around the lute 
moralm: levels and was finally around 
the day'* best levels at th»- clow ol the 
kerb. Turnover 13.ICS lormcs. 

Amalgamated Metal TradliiK reported 
that Jn (he (nomine cash wire bars traded 
at futrj. three months £709. ID. U. 12. 
11.3- 12. 12.3. Kerb: Wire-bars. three 
months *7li.3. 11. 13.3. 14. Afternoon: 
win-bars, cash I9W.5. Uuvc months £714.5. 
13 14.5. Cathodes, Uirer months j7il. 
Kerb: Wirobars, Ihrcc months £713, 14.5. 
U. 

TIN— Easier. After opening barely 
changed at £6.510 forward metal felt 
sharply lo £6.410 following assresdve 
Commission House bull liquidation 
following ihe weekend fall in the Penang 
price and the return fo work at Ihe Capper 
Pass smeller. The lower levels 
attracted good trade bmrlne. ftawei'n- 
which lifted the price lo a high of £6.435 
in the afternoon prior to a close on me 


tide* Limited 01-351 3466. September Coflee 1374-1391 

mont Road, London SW10 OHS 

Tax-free trading on commodity futures. 

. The commodity futures, market for die smaller investor. 


LONDON COMMODITY CHARTS J 

f High/low/Clow Cham with j 

10- and 20-day Moving Averagw . 

,icd to Friday's cIom. ADDRESS ■ 

te lend me details □ . ■ 

dose cheque £8S Cl ‘'"-. I. T . ■ 

charge for non-U.K. 5t " Cambridge. Tel. M2S1 | 


late kerb of X6.4S0. Turnover: 1.650 
tonnes. 

_ . |j.‘orj _ "i*.w. It+i-r 

TIN | Offleia. J — | Uiwlffeui I — 

High. Grad* • i - ! r ■ *" 

Cash i 6565 W-lf.5 650010-65 

6 monthuJeoSS-Sb (—27.5: 6455-65 -4KJ5 

!*WtiMn’». 6570 .—20 1 — . 

S tand ard i 1 ! 

uSTZ.. 65 60-70;- 17.5! 6500-10 !— B5 
i nionruB. 6455-60 —25 6440-5 — <2.5 

den-Hun'i. 6570 t — IS — / 

Straits B.. : 51700 j — 10 — i 

New York — I — ' — ; 

Morning: Standard, cash £6^70, three 
months n.«sa, 29. ID. 20. 30. 40. 50. 70. 00. 
Kerb: Standard, three months £6.460. 
High Grade, cash £6.570- Afternoon: 
Standard, three months £6.460. 53, 65. 60. 
GO, 60, 55. 50, 40. Kerb: Standard, cash 
n.540, three months £6,460, 70, 65, 80 . 90. 
70. 80. 

LEAD— A shade (inner, helped by the 
overall trend in copper. After opening 
around £311 on the pre-market ronvard 
metal moved up to a day's high of £314 
before easing marginally in close at 1313 
on the late kerb. Turnover: 2.750. 

i — a . ok i+~nrf i mu. •+ nr 

LHai'j Uffl-us' l — * Vat’OJi’iH — 


LBj.i 1 j Oa-M 




I x | £ ! x It 

Cadi 1 301.5-2 [+1.5 502-3.5 +2.25 

5 months..! 311.&-2 1 + 2.5 313-.5 [+3.5 

Sett'im'ni! 302 +1.5 — j 

ll.S. apotJ - ! 31-33 ! 


COFFEE 

Robustas opened sharply Tower this 
morning following news over the weekend 
lhai Brazil has lowered ihe exporter con. 
irtbuiion quota. D reset Burnham Lambert 
reported. Support was fuirad at the 
£1.400 level basis September. Bui in late 
afternoon values declined further as New 
York C contract eased. At Uw close the 
market was off the LWS no lo £93 down 

on the day. 

lYVuatluyV 

COFFEE >’ !+ jr | XT 

j£ per tonne J 

Julv ; 1515-1517—80.51 1560 1515 

September..; 1350-1385 — Bi.Oj 1420-1676 
November...: 1290-1291 -85.0- 1325-1280 
January..;... ‘ 1220-1235 — 7B.01 126O-U20 

Mureb | 1175-1185—77.0 1200-1170 

Alay- 1120-1135— 77.5 1170-1125 

Julv- 1 1100-1110 -81.0 1135 

I 

Sales: 2'M9 (2,6ft Dots or 5 tonnes. 

ARABICA5— dose; Aug. 168J0-71M. 
170.00-68.30: QcL unquoted-! Bl_ 75, nn- 
t raded: Dec. 133.00-54.00. cmiraded; Fob. 
unquoted: April unquoted: June unquoted: 
Aug. unquoted. Sales 4 fll lots of 17.250 
kilos. 

ICO Indicator prices for Jane 30 (U.S. 
cents per pound c Colombian Mild 
Arableas 186.00 (same;; mnrasbed 
Arabicas 170.00 (171.091; other mild 

Arabicas I5S.S3 (16L5$>: Robustas 138.00 
(138.30/: Daily average 148.13 (159.041. 


JAPAN, THE U.S. and other 
major trading blocs in the world 
will have to ease their controls 
of imports of agricultural pro- 
duce if they want the Common 
Market to relax its import policy, 
Mr. Roy Jenkins, President of 
the EEC Commission, warmed at 
the Royal Agricultural Show 
here today. 

Officially opening the show, 
Mr. Jenkins said: “We have the 
right to demand, and we shall 
demand, that they also make con- 
cessions in this field ” The multi- 
lateral trade negotiations in 
Geneva were now approaching 
a final and crucial siage, be said. 

“Our partners expect us to 
make a serious contribution 
towards more open markets in 
agriculture. But Europe is cer- 
tainly not unique in protecting 
its agricultural imports. 


RUBBER 

easier opening on the London 
physical market. Good covering Ibrough- 
onr ihe da>, dosing on a steadier note. 
Lewis and Peat reported a Mailman 
zodown pri<v of 22 fl iSEi cents a kilo 
nominal buyer. 


N*U \i*i'nih.\'9\ 

j Krei i.-ui- I 

Ruslneer 

IC.S.S Chut | 

| ciot+ | 

•line 




GRAINS 


IT GALLERIES 


( MOELLER G ?SS: 

Street, on Bond Street, W-i. ™. 

Bh Julv. 

i FURNITURE- »-7S Julv. Cek- 
im BABA'S 60Ut Anniversary. Mon.- 
■t B.3 0-5.10. 

-SE & QARBY. IB. Cork SL. W.l. 

nc. military and tparttng and 
meal Bruits and pilntlnm am 1 5hlD6 
Us. 

EN5TEIN; Patntina* and Draw I nos By 
NE ESMOND, y**'* 2 Va 
*a. 10-5.30 Saturdays 1P-12.30. 

*NM Irnid St reet. W-1- 

ART SOCIETY. rtt? - S'l 

01-529 5170- EASTLKN tiN 
NTERS. 19c Orientalist Painters. 


EGAL NOTICES 


NOTIFICATION 

ernattoiul Shlwbm fj®: . ‘Eft 
-Inn ton. North Carolina. U-S. 
writ dated February 6. 1978 b«UBi« 
A 62(1978 DWOTO Cllv Court. Mainst 

KODAK OVERSEAS INDUSTRIAL 

«A TRANSPORT LTD. 
known addf^ta; 67 ProaO Street. New 
• U '*- A - 

tf case concerns a 4 , *L rr ’,„ 
I3.U5.3G pursuant to ‘"’'“VSL S! 
her 2. 1977. for services, supPUedto 
defendant tjy me gUIntlR In Ke*e- 
vo MjS CAMARA. . . 

it attemM has been made In 
r the writ upon the defendant, who 
left th+ adflrm olven. The or***"* 
»* of the oeicndant I* “JjSSJSi 
■cc l* therefore now madc pursu>m 
S 181 ol the NorwMlan Court* ol 
•ro AM. 

n F«bru*ry 17. 1973 . twe Court flawed 
j m mom ior tnc deiendam '"njr 

,o«rj or MiCmnt a 

: ana summons, can be ’/qi" 

odkc ol the Court. Room No. aoi, 
ihuMt, fferoon. Norway, 
er®*" Byrett 

lay 26, 1978- un. sever. 


W*1 E A o" T -dj7 TD i , 23”' 
MoSkLv'— Paintings. Gouaches. Until 
ISth July. Weekdays 10-6 P m - Sats. 
1C- 1 P.m- - 

^ V,D la ^? m W U 1 M, ™l D Bth 5 'C^NT e URY 
rRENcTpAlNrtNGS. DRAWINGS AND 
SCULPTURE. Until 7th July- Mon.-Frl. 

I P-5. 

OMCLL GALL1RICS- Fine Brit bh and 

40. Albe marle Street, Plccadwv- 
RICHARD GREEN £ A , LLM W s5ff7° 

BRmSH MA^TIME" ART | 
Sa^fSSS ZM. 4°. ° 6 ‘ ' 


Morning: Cash £303, three months £311. 
U-3. U. 13, 12. Kerb: Three months 
£312-5. Afternoon; Three months £313, 
ELa. 13. Kerb: Three months £313. 

ZINC— Gained around. A firmer trend 
In ocher basenticcsis coupled with 
dnutlsi and fresh busing saw forward 
ms cal rise from £310 on tbe pre-market 
to dose ai the day’s best of £3i5J on the 
late kerb despite a rise In warebonso 
stocks. Turnover: 6.250 tonnes. 

j hTcc. ■+ or't p.m. |f+or 
ZINC Offli-ial \ — j UaoOk-laij — 


; £ I 'cl 

Cub I 301.5-8 1+4.281 304.5-5 j+7.9 

J momiifcJ d 11.9-2 i-t-4.57 914.5-5 | + U 

a’meni....! 302 1+4 — 

Pm. H’e»i| — j | 29.31 _ 1 

* Cents per pound. 1 0n previons 
official dose. tIM per picul 
Morning: Cash £»L5. three months OU, 
UL5. Kerb: Three months £318. After- 
noon; Three months CU4, 13.5. 14, 14.5, 
15. Kerb: Three months £324.5. 15, 15.5. 


LONDON FUTURES iGAFTAl— ' Wheat 
opened I 0 - 20 p lower with a reasonable 
trade, mainly in the nearby positions, but 
values eased to dose -W-50 lower on 
commercial selling. Barley opened lQp 
lower and despite some initial support at 
Slip down values eased 35-Wp an contmer- 
cl at selling. ACL1 reported. 


iXesterdayV + or . Yesterday ’»} + or 


«pi. 83.90 -0.45 78.60 0.35 

Kor. 80.70 ‘—0.40 81^5 — O.J5 

Jan. 89.35 -0.50 64.05 —0.35 

Mar . 92.00 : — 0.45; 8b.7U ,-0.4U 

May 9 4.6a r-O-50: 89.25 -—O.ofi 

Business done— Wheat: Sept. 64^3-83^0, 
Nav. SSJ^SS.bS. Jan. S9.SOS9.3S, March 
U.30-9U0. Mar B4.90-M.9o. Sales: 109 
lots. Barley: Scpi- T9S5-T8.60, Nov. 8LS0- 
81JS. Jan. 84 JO-84.10, March 86.ra-S6.70. 

May — ■ Sales: 113 lots. 

HGCA— Location cz-farm soot prices 
for July 3: Fad barley— £. Suffolk 60.00, 
NJJ. Scotland 83.00. 

The UK monetary coeffldcnt for tbe 
week beginning Monday July 10 Is 
expected to decrease to 1-371. 

H GCA— Regional and UK average n- 
tarm spot prices for week ending Thurs- 
day, Jmc 29: Feed wheal— 5. East B8.0O, 
S. West 9130. Eastern 93.00. E. MWlands 
%M. N, East 97.70, N. West 93.40. UK: 
90.60: change: -58: tonAate: 2,496. Food 
barley— S. East 79.70. S. West. Si. 90. 
East urn SL10. E. Midlands 30.10. W. 
Midlands 79.30. K. East 80. H. Scotland 
SIM. UK: StfJO: change: -110; tonnage; 
S.538. 

IMPORTED— Wheat: CWRS No. 1 13) 
per rent July and August 92.00, TUbtny. 
U.S. Dark Northern Spring No. 2 M per 
cent July 80.30. Anson sura. SepL 81. So. 
transhipment Easr coxcl U.S. Hard 
Whiter ordinary unquoted. Australian 
wheat unquoted. EEC Feed J one -July 
97.50. August 96.no. East and West Coast. 

M«i»: U-S./ French June. July 103fi0. 
Angus! 99-25. transhipment Bast Coast. 
South African While Sudl 7SJ». Liver, 
pool. South African Yellow Sept. RL5C, 
Liverpool. 

Barley: Unquoted. 

EEC IMPORT LEVIES: Effective for 
July 4 in order current levy pins Ann.. 
Sept, and Oct. premiums (previous -in 
brackets) in units of accunnt per tonne. 
Common wheat— SU7. rest nil (2L7. rest 
nil). Durum wheat— 1 23 .75. rest nil. 
(133.79, rest nil). Ryo— ffl.64. rest tul 
(Kg.&i. rest nil j. Bariev— 8159. rest nil 
t S3. 5fl, rest nll>. Oats— 79.40. rest all 
(81.40. rest ni)y. Maine f other than 
hybrid For seeding)— se.BS, rest nH fBOAB. 
rest mil. Buckwheat— AB nil fall nil). 
Millet— 7954, rest nil fSL94. rest nl]t. 
Grain surghum— MJ7. rest nil (R4.27, rest 
nil). Fleur levies: Wheat or mixed wheat 
and me tlenr— 139.B8 (139J6). Rye Hour — 
137.fi nstni. 


Auif. 54.tffl-54.5ri 64.90-55.00 63.75 53.50 

fievt- 64.M!-55.Sffi 56.23 55.5(1 54.50 

O.D- L)w: 57.Cfi.57.2u 57.15-57.40l 57.' 0-50.05 
J*o- Mr.. 59.10-59.T5{ 59.30-68.4IS 59^5 50.35 
Apr-Jne' M^5-c0-65| 60.95-ul.0ffi 61.00-60.10 
Jli-Sei* bS-25 52.601 b2.4D-62.5S I 52.00-6 1.99 
OLtrUei b4.l»-B4.0K 64.10-b4.20; 64.M r3.bO 
Jun-Miir, 1 5.65-65.70 lfi.70-66.7f| 65.65-95.10 
Aj.r-Jne 67 M 67.501 5/^67.251 BB. 50-66. 40 

Sales:' 469 < 533 1 kHS of jj'tonncs~and 
24 <4 • lots of 5 tonnes. 

Physical closing prices (buyers! were: 
Spot 54p >54.S>: Aug. 56p 156.35*; Sept. 
56.25p 156.5'. 

SOYABEAN MEAL 

Thu market opened sharply lower 
following USDA's report on planted soya- 
bean area of 64.3m acres, up from the 
record 59.M) in 1977. Long liquidation and 
stop-loss telling drove prices to wear 
limit down, where some support coupled 
wltii recovery In Chicago hc-lp the market 
io gain some of -Its earlier losses and 
close 50p above tbe day's lows. SNW 

Conunodnie s rep oned- 

,Vw«ent»y + or • Ku-intm 
Ciooe \ — ■ Dune 

L'pertoanel 

AUKUdt ; I16fi0-I7.il — 2.70.17.00-15.80 

LbtPber 1 18.DMB-2 — 3.85 j IBfifi- 17.79 

UdL-emher.... 116.80-17-2—5.56 17.70-18.70 

Kobnimrr 1 17fi0-18.4 — 3.901 - 

Apni..-. ! 1 18.58-20 J- 3.40 — 

June 120 JB-8S. 6-3.45 — 

AugiM I21JW-24.D -3.25 — 

Sales: 2W (731 lots' of~ 100 tonnes. 


8*9.70 '—0.40 Bl^SS — O.S5 

89.35 —0.50 84.05 ! — 0.35 

92.00 : — 0.4b; 8b.7U ,-0.4u 


SILVER 


COMPANY NOTICE 

NOTICE OF DIVIDEND 
NOTICE IS HEREBY GIVEN that In 

BSSTLU 

anti r iS9Sy>V T « ' T"* 1 "Sg? rrt 3 iS 

ti.r*a f5srs.nde*. 

NOTICE" Vs ALSO HEREBY GIVEN to 

0 i o 5,,a S: W 5gc n £d“l^ S^e 

Erii/W v wss-r is? 

Box 199. London. EC2P 2 LA. 


Silver was fixed O.Bp an ounce lower 
In the London bullion market at SSS.Ip 
OJt. cent wndvaJems of the firing levels 
wore: spot 527 fic. down Ofic: three-month 
9364c, . down Dfie: rix-month 646.4c. m- 
chansed: and 12 -momh S7L3c< down 0.3c- 
Tbe metal opened at 2S3.0-SS4.p 1525 J- 
627c) and dosed at 381J6-28L8p i52GJ- 
53c). 


61LV&U 

UullMD |4- or L.U.B. 

for 

per 

Using — (!io«e 


iicyw. 

pnons 1 



PAN HOLDING 


LUXEMBOURG 


NOTICE IS HEREBY GIVEN . that Fw 

Holding S.A.. I>« ° e S!S r PSn a i~ lV ihe" < vMr 
II CJ2.55 per share of HO W the 

SE.S 1 

“S'hSwSVa.. SHE, ggfBg 

?ro "iLmfpaSSTw ; 

gTAa^RWHiM ABIdavm _ ; 

TIME ASSURANCE SOCIETY 
NOTICE OF M EETING 

RMlttercd OHIcm 45. Queen * Boad - 
™ w Oldtvam. Lana. 

A special Gcwerot o.m 

at j?, hi t 97 B . w recede 

on Thurvuv. z ?ll ( iS ty ' 0 „ «te tricmital 

r&Srr&Z. 


dpot I 283. £|i J-O.Gl 288.151. '-2.2 

i mwithh.. [ 880.3|. 289.55p —2. 1 

'nibmlis.. 1 298.7ii D.3I — 

.Khnonilral S15.85|i ! — O.ESl _ ...... 

ME— Turnover 1 S 1 <1541 Jots oT 10.0« 
ounces. Morning; Three months 2S8& 
89.7. 89.6. SSfi. 90. 80.3. 90.4. Kelt: 
Three months 299 fi, 90.4. Afternoon: 
Three months 290.4. 90.2. SO. I, 90. 289.9. 
90. 89 f. Kwt : Three months 289.9, 90. 

COCOA 

Aggressive Commission House buying 
tn early trading held prices steady until 
profit-uidiig reduced the gains. GUI and 
Dufins reported. 

. ireGtcrtftjr’a: + or | Birancu 

COCOA I Cine j — I Uone 

NaoCuur’ti ] 

July 11854 D 55 J) +15.75! 1808.9-7840 

'ie[A jl81d.u-2U.u +1 1.51k 51.0 DB.0 

Dec _.._Jin2.a.75.0 +6.0 J 1607 -w- 1768 

Usreh ;l748,u-b0.0 + 11.0 n70.U 4IJI 

Uay__ iTrtS.^te.il +11^11(44.0- lift 

July — ._...i1t*5.D-171D ! + a.B -1720.0 
jl076.IL79. 1 i+T.O : - 

Salas; fijil i209a> lots of 10 tonnes. 

laiornatieul Cam GrpanluilBR f U S. 
cents Mr pound w. Dally price June 30: 
148.48 H4L5«i. indicator prices July 3: 
iS-day average 137.6* f i39.79t: 22-day 
average LB.ri (U3£7 l 


SUGAR 


LONDON DAILY PRICE (raw sugar) 
£91.09 1 £94.00' a tonne cif ror July-Augnst 
shipment. liTiiie sugar daily price was 
fired at nOLflO (aDS. 00 ^. 

The ntarVet was under pressure 
immediately at tbe opening when August 
fell from £94.75 lo £93.30 during the call. 
After the LDP was reduced tn £93.00. a 
new low for Ihe year, prices drifted 
slightly to light trading conditions, 

C_ czaruikaw reported. 

Tate and Lyhi ex-refinery price for 

granulated basis white sugar was £294.35 
1 £242.49 1 3 tonne for home trade and 
£153.00 <£154. 001 fo r export. 

tillfllU 

Pref. Ywterdayh Frevtoos ■ Btuinm- 

Comm. -Ctoao Close Done 

C<mn. 

£ per tit one 

Aun. ...' S2.95-43.10l «.4A»-c,4.75] 95.51-92.75 

LM.....I 94.59-94.70 c6.26-i6.4a 57.M-b4.45 

Hoc...... 97.25 9/.8 j 98.95-96.75 J 99.6B-9/.M 

llarch f llD4.25-i 4.30 lb6.8LH-5.sa)li.B.25-L4 DO 
Uav ..J 107.20 07 JS 108.B9-M.0ti 109.00 67.L0 

Aug 110.75-il.H 112.0u i2.rn 1 14.80 >U0 

j.1 -t .■■ ■■Q14.6l>- l^OPjm.OO ILOOjllB.M- 14.50 

Sales: 1 .640 1 1.6371 lots of 50 tonnes. 

imonunloaal Supar Agreement; Price 
for June 30. U.S. cents per pound fob and 
stowed Caribbean port: Dally 6.98 * 7.07i; 
li-day average 7.1)8 <7.11 1 . 

WOOL FUTURES 

LONDON — The market w as dua and 
tealurcless. Eache reponed. 

A in (ra nail )'M4Rl , )v+ on ifuslness 
(ireaay 'Void Close J — I lXmv 


In a major policy speech, Mr. 
Jenkins warned Common Market 
dairy farmers that they must 
stem the flood of milk or lace 
the prospect of having limits set 
on their output. 

“One-sixth of milk output is 
already surplus to requirements, 
while total consumption of milk 
products is declining. 

“We cannot persuade Europe’s 
taxpayers and consumers to 
support that indefinitely. There 
is no chance of markets outside 
Europe relieving us of that bur- 
den," he added. 

The Commissioner also 
warned against the “re- 
nationalisation" of the Common 
Agricultural Policy by Govern- 
ments manipulating green 
currencies and monetary com- 
pensatory amounts. 


MEAT/VEGETABLES 

MEAT COMMISSION— Averace fuisiock 
pn-.-es at representative markets for week 
ending July 1: GR Cattle 72.10 per kg. 
l.w. i-o.45i: UK Sheep 144.9 per vg. en. 
dc.w. 1 — 6.9 1 : GB Pigs 02.1 per kg. l.w. 
i+O.S'. England and Wales— Cattle num- 
bers un 7.5 per vent, average price 71.96 
1-0.52*: Sheep down l.l per emu.. 
average price 144.8 t-7.0»: Pigs down 
0.9 per cent, average pnee 62.0 f+QJ>. 
Scotland— Cal Lie numbers douu 1.3 per 
rear, average price 72.53 t—0.1h: Sheep 
up 14.9 per cent, average price 142.0 
i-S.5*: Pigs up 33fi per rani, average 
price 64.8 i-O.U. 

5MITHFIELD (pence per poimdi— 
Beef: Scutch killed sides 56.0 to 59.0. 
Ulster hindquarters 7L0 IO 74.0, lure- 
ouaners 35.9 lo 38.0. 

Lamb: English small 62.0 to 64.0, 
medium 60.0 to S4.Q. heavy 56.0 to 9L0. 
Imported, frozen: NZ PL 54.0 to 55.0, PM 
53.5 to 54.0. YLs 52fi to 53.5. 

Perk: Euglidi. under 10b lbs, 37.0 lo 
44.0: IQD-120 lbs. 36,0 lo 42.0: 120-109 lbs. 
35.0 10 41.0. , „ 

COVENT GARDEN iprlws Ut acrilng 
per packci czcepi where staled): Oranges 
— S. African: Navels 4.0(Mfi0: Brazilian: 

4.50- 4.50. Lemons— Italian: 100 '120’s new 
crop 4.00-4.90: Spama: Trays 1J3O-1.50. 
lame boxes -I.JIM.40; S. African: 4.50- 
5.50. Grapefruit— S. African; 27/72 X40- 
4.50: Jaffa: 20 kilos 4.5M.60. Apples— 
French: Golden Delicious 20-lb B4’s n.Ofl- 
3.60 . 72‘s 3220-3.60; W. Australian: Granny 
Smith S.50: Tasmanian: Sumner Pippins 
5.30-5.80, Granny Smith S.60. Croltons 
0.5d: S. African: Granny Smith 9.00-9.20. 
White Winter Peannaln 6.60. Staridng 
Delirious 8.39-9-50, Golden Delicious 8 JO- 

8.60. Yorks 8.30-SfiO: Chilean: Cranny 

Smith 7.60-8.20: New Zealand: Stunner 
Pippins 163 J>fi0. 175 S.90. Granny Smith 
9.00: tiaHan: Rome Beauty per pound 
0.15. Golden Delicious 0.19-9.27. Jonathons 
0.14. Peaches — Spanish: Trays 2.39-3.00: 
Italian; 11 trays 2JO-4JO: French: ] .GO- 
3.00; Creek: 2.20-2.60. Pears— Victorian: 
40-lb Josephines 12.00. Nectarines— 
Spanish : 2.30X20. Grapes— Israeli: 

Perlctie 4.00: Cyprus: J2-lb Perlette 7^0. 
Cardinal 7JI5. plums— Spanish: 5 Wlos 
Gaviola X86-3.40. Santa Rosa lfiO-2.40. 
Burbanks LSD-2. 20. A prfeeis— Spanish: 
5 kilos 2.60-2.80. Bananas— Jamaican: 
Per pound 0.15. Avou-utos— Kenya: Fuene 
14-'24'& 3.60-4.00: S. African: Puerte 3.60- 

4.00. Capsicums— Dutch/Frenrti: Per 
pound 0.30. Cherries — French: 0.70: 
Washington: D.90. Onions— Canary: 2.50: 
Israeli: 3.40: Spanish: 2.80-3.00 Potatoes 
—Cyprus: 5.20: Brinany: lfiX Jersey: 
55-lb 1.90-2JW. To BtalOCl— Dutch; 2.00- 
2 . 80 : Guernsey: 2.G0-L8O: Jersey: 2.60; 
French: 2.20. Carrots— French: Nets SJM: 
Names 20-10 boxes 3.00-3.10: Italian: 3.10: 
Cyprus: 2.40. Beetroot— Cyprus: 22-lb 
130. Co u r ge t te s— French: Per pound (L23. 

English produce: Potatoes— Per 56-lb 
23-2.40. Lettuce— Par 12 OfiO. Cos 0.70. 
Webbs 0.60. Rhubarb— Per pound, ant* 
dour 0.06. Cucumbers— Per may 12/24' s 
OfiO-l.M. Mush rooms— Per potmd 0.45- 
0.55. Apples— Per pound Bramley's OJO- 
0.20. Tamatocs— Per 1Mb English 2.40- 

2 . 60 . Greens— Per crate. Kent loo. 
Cabbage 1.50-l.M. Celery— Per 12 / 18 ’a 

3.50- 4.00. Strawberries — Per 1-lb 0J2&- 
0.35. Cauliflowers— -Per IS Lincoln S.60- 

3.00. Broad Beans— Per pound Q.0S-9.I0. 
Pea* — Par pound 0.13-0.14. Cherries— 
Per naand Black 0.60. White 6.20-0.25. 
Gooseberries— Per pound 0.22. 


“When national farm prices, 
in francs, lira, or pounds, are 
affected more by the so-called 
green changes than .by the com- 
mon prices, then tbe Common 
policy begins tn lose its 
coherence he said. 

Calling for more rapid pro- 
gress to monetary union in the 
EEC, Mr. Jenkins said that 
action would enable the Com- 
munity to tackle seriously the 
job of reducing BfGAs. 

**I do not mean we could 
abolish them overnight. The 
price changes involved are too 
large. But we could begin to 
move forward on a clear plan. 
We could begin to halt tbe disin- 
tegration of the agricultural 
policy." he said. 

Commenting later on tbe 
recent . farm price review, Mr. 


PRICE CHANGES 

Price* per tonne unless otherwise 
stated. 


STONELEIGH. July 3. 

Jenkins said: “I must admit it 
was not as good as it looks.” 

The modest increase in com- 
mon institutional farm prices, 
agreed by the Ministers of Agri- 
culture, have been inflated by 
devaluations of green curren- 
cies. 

In Britain, for example, the 
adjustment of the green pound 
— the notional currency into 
which EEC farm prices are 
translated from units of account 
— boosted the value of the 
prices' agreement to more than 
10 per cent. 

Price differences of 30 or 40 
per cent between Europe’s mem- 
ber states divert trade and dis- 
tort competition. They sap the 
very structure of the CAP and 
undermine the will to find solu- 
tions. Mr. Jenkins said. 



Julv 5 ■ +..r .Ill-Mil 
" 197E i — *KU 


Metals ' 

Aluminium 1X680 


COTTON 


LIVERPOOL COTTON— Spot and ship- 
ment salts amounted to 45 tonnes, W. P. 
Tatrcrsall reported. Subdued demand fol- 
lowed an Ditlmpressirc offtake, jinwr 
quantities of South American and African 
styles were wanted bat Middle Eastern 
growths were patchy - 


July. 230.MJJI — 

U.tober ...... 240.0-48J +0.26 ' — 

December... 245JH6J +2_Ot 43.0 

Much 24SJJ-4B.0 — 

Kay. 949J-48.0 ...... — 

Jniv 248.0-40 ...... ~ 

Urtnlwr..... 247.MO — 

Dvc_„. P48JW2.0 __ 

Sales: 2 null lots of tsjuo kilos. 

SYDNEY GREASY— an order buyer, 
seller . business, sales). Micron Contract: 
July 33S.5. mo. 34L543r.a, 33; Oct. ma. 
346-5, 348.9-546,0. 3d: Dec. 334.5. 365.0. 
356.3-355.0. >7: March 349.5. 3M.0. 360.9- 
359 J. 37: .May 384.0. 3«S.O, 363.0-364.0. 10: 
July 366.5, 397.0, 3B7JKJS7.0. 50: Del. .16941. 
370.0. 369 j. 368 0. 3S: Doc 373.0. 373.0. 
nmraded. Total saJea; jiq. 

Bradford — B uyers and sellers were 
cautious and business remained very 
quiet. Deliveries were moving fairly well 
bul (be tone of the market wag dull 
because of unceriatnuca affecting demand 
rather than prices or supply. 


Bid to end 
U.S.-Canada 
‘fish war’ 

WASHINGTON, July 3. 
PRESIDENT JIMMY CARTER 
has signed legislation designed 
to end the three-week-old “fishing 
war" between the UE. and 
Canada, reports AP-Dow Jones. 

The President, in a prepared 
statement, said he hoped the 
U.S. and Canada could “immedi- 
ately proceed to restore tradi- 
tional patterns of reciprocal 
fishing.” 

The legislation gives Mr. Car- 
ter legal authority to lift the 
bon on Canadian fishing in U.S. 
waters for the rest of this year If 
Canada agrees to let U.S. fisher- 
men return to its waters. 


Caiib UutUorte.. ...... >£690.5 1 + 7.0 C76L2S 

A months <Uk tin. Ur? 10.5 i+B.O £781.55 

Gold Troy n*JS185.875 + 0.5 :* 184.575 

Lrart Cub !£30Z.7» + 2.25'£313.5 

4 month* XSISJfo 1 + 5.5 ±'525.625 

Nlvk+1 ‘EH, 566 ; £2.566 

Free 3Ura«tdn(il.)S LBS 

j 1.95 ) : Z.0S 

; l 

PUl In uri troy o*.. £129.5 |— 3.5 .l'122 
Free Market....... £1x9.35 +0.5 £136.3 

Quick niKer (76 lb.) 5126(30: i»127(52 

silver tniy us....... 303. Ip —0.6 '^95.05: 

3 m.intlib ; 290.3|i -0.5 'SOS.Zi- 

Tlu ChkIi ...pEO.SOa '-65.0EO.635 

.5 nu+Hh- ;£6.44Zfi| — 42 . 6. UO,44S.3 

Wonniin 22d>4lbcii|S Id2>a& 8 laOiaS 

Xlnr rash £304.75 +7.5 £323. 5 

i months.. £al4.7o +8.0 '£335.25 

t'lWucera I$55u-b00 i Saal+cuV 

Oils I 

Laicriuui (Pliilt ( S660/> (—10.0 5660 

GrouihlDut £704 £749 

Unwed Crude ivi. C5SO '—5.0 £386 
Falm .Malayan 8632A- 1—0.5 5630 

Seeds i ' _ 

Uiqini Phillip S470i> i— 5.0 .4460 

Soybean {U.S.; — $27&t (—2.5 S305.5 

Grains I I 1 

tianey EEC........... J t 

Hume Fuiutesu... '.£81.35 1 — 0.55 £83.7 

Xaiee ' 

French SaiAui £103.5.- £105.25 

Whtat I i 

So. 1 lied spnnftj£B3p —0.25 E9B.6 

-\ri. 2 Hard Winter, ' 4 4 

fadif-lish .41illiU};.. < r C105 ' £1U2 

Cncat sh 1 (uncut ....XI. 895 1 + 6.0 ,EI.759 

Put nre s«rr>i I E 1.81o . + J1.5IC1. 660.5 

Cuffee Future 1 

V-pf — £1.882.5 —9S.O|£ 1.721.8 

L'utlon - A" Imlex... 71.0ac .+ 0.4 /0.9c 

Kunoer kilo. b4u '—0.5 ip6.25u 

BU4>ar (l(aw> £t»3 '—1.0 i£lu2.5 

M' ool tope 64* kilo... j 203 p : IdHlp 

* Nominal. t Unqnoui). b aucusl 

mjaK-Ancna. n July -Sent. pJub-Aut. 

if July. v August -Scot. rJune-July. 
x Per ion. 


INDICES 

FINANCIAL TIMES 

"j uly - 5Ti une i tijMcmch ngo j Xtnr'nw 

840.16 ! B42.27I 262.77 [743.11_ 
‘(Base:"' July 1, 1952 =1 00 1 

REUTER'S 

July 3 (ludejOT-Uninh ajjri.' freracu 

146 B '9;i471.2j 1615 .4 | 1563-9 
(Base: September 18. 1931=100) 

DOW JON ES _ __ 

July | June 1hin"i‘|TrVwii 
Jon« S | » acu I ajm 

opoi .... 55B.W360.04 J&7.36393.16 
Fulure4845.a7i34a^93B7 .74| 3S3.93 
(Average 

MOODY’S 

~~ ' July Jiimi Umiili Veai 

Xiwty’i 3 30 an* kro 

a'pte Cowinfy|aa0.fl(fli6.gl9aio.5i88n.6 
(Drawn her jj, toii=imn 


GRIMSBY FISH — Supply gai rf, demand 
uaod. Prices per stone (unprowSS'.-di at 
snip's side: Shelf cod £3.50-51.20. Codiliuw 
£2.40- £ 3 . 00 . Larue- haddock X4.BM4.so, 
medium Q30-U.N, small C-49-C 00 . 
Lsnrc plaietr tt so. medium SAMS* 7(1. 
bMi small skinned doqflsb 

(larce) S.D0. tine at unit a,®. Lemon 
M10S (Unjel jesjo, (imsdiumi HJO. 
Rockfish £2.00-52.60. Saithe U.90-G-40. 


NEW YORK. July S. 
Cocoa — July 149.55 U4*.i5i. Sopl. 145.30 
• 14'J.i+i. Dec. 140.90. March 131.13. May 
134.2a, July 131.73. Srpt. 129.40, Dec. 
127 ’1). Salts: 532 lots. 

Coffee—” C '• Coulravt: July 154jtl- 
134.52 (154.381, Sept. 142.18 I146.1S'. Dl-c. 

132.50 asked, March 12325 asked. May 
120.73 asked. July 116.30 asked. Sew. 

117.50 asked, Dec. 11U.09-115.00. Sales: 
222 lots. 

Copper— July 59.20 1 59.00 1 . Aug. 59.70 
(59.50). Sc IK. 602W. Dec. 62.00, Jan. 62.50. 
March 63.50. May 64.50. July 65.59. Scpi. 

69.50, Dee. 67.90. Jan. 99.40. Match BOM. 
May 70.40. Sales: 2.100 lots. 

Cotton— No. 2: July 56.95 <57.73 1 . Oci. 
50.43- 59 -S3 '60.50i. Dec. el.4n-6I.59. March 
62.85. May 63.9M4.flO. July 64.95-«5.2n. 
Oci. M.50-63.50, Dl-l*. 64.00-63.00. Sales: 
4250 bales. 

■Gold— 'July 183.70 1 1S2.38 ■. A us. 184.90 
1 1&3.70), Scpi. 1^6.40. Oci. 187.50. Dec. 

19A.40. Feb. 13140. Apni 196.30. June 
199.60. Aug. 202.79, Oci. 2U3.59. Dee. 
209.00, Feb. 212.20. Apni 213.49. Sales: 
3.100 lots. 

TLartf— Cftlcaca loose 23.23 isame*. NY 
prime sieam 24.75 traded isamei. 

IMalze — July 2441-244 i24?i. Sept. 2474 
■251)i. Dee. 251-2JI). March 2581-2361, 
Mar 162. July 2631-263. 

iPlatinum — July 240.20-240.50 i23S.20>. 
Oci. 244.00-244.39 < 241.50'. Jan. 247.00. 
April 25D.n025d.2O, July 235.19-253.30. Oei. 
254.40-236.60. Jan. 259.SQ.2M.00. Sales: 
253 IOI5. 

'Silver— July S25.M 1521.4U'. Auk. 529.39 

(324.901. Sepi. 533.no, Dec. 544.60, Jan. 

545.50, March 554.70. May 563.30. July 

574.10. Scot. 353.10. Dec. 596.70. Jan. M1.no. 
March 610 6a. May 1120.00. Sales: 4.5HO 
lots. Randy and Hannan spot bullion: 
323.90 ( 526.101. 

Soyabean— July 669-671 ifiKji. Auq. 65S- 
657 i 6751i. Sepi. 626-629. Nov. 405!-606). 
Jan. 61J. March 617. May B3F6S01. July 
621. 

ijSoyabean Meal— July 170>0 I174.SA<. 
AUR. 170.30-171.00 (1752J0P. Sep!. lbO.SO- 

170.50, Oct. 147.20-167.50. Dee. Ifi5.00-IB3.20. 
Jan. ISS.MM&I.W). March 167.90. May 
167. 30-1 67.S0. July 168.60-166.50. 

Soyabean Oil— July 24.50-24.73 <25.02 1 . 
AUC. 24.05-24.10 ( 24.971. Sepi. 23.32-2a.35. 
Oci. 22.63 askcl. Dee. 21 .96-21 JJ. Jan. 
21.70. March 21.B5. May 21.35. July 21.33. 

Sugar— No. 11: Sept. 6.56 (6.95i. Oct. 
6.92-6.94 (6.93 1 . Jan. 7.5A-7.54. .March 7.61- 
7.63. Mar 7.S2. July S.00, Sept. S.10S.2O, 
Oct. 53-S.32. Sak-s: 1.903 lots. 

Tin— Not available <547.00-562.00 nora.i. 
*^tfheai— July 317* f3«;i. Scpi- S204- 
320 ; (317*1. Dec. 326;-J2s:. March 3=63- 
326. May 524, Julr SIS. 

WINNIPEG, July 3. Tbr market was 
closed because of Canada's national 
holiday. 

All rams per pound nx-wa rehouse 
unless Olhoneise siaiod, • is per rroy 
ounce— 109 ounce loss. 1 Chicago loose 
Ss per ftW lbs— Depi. of ah pnccs pre- 
vious day. Prime steam (oh. NY bulk 
lank ears. 1 Ci-ms per 56 lb' bushel es- 
«■ a rehouse. 5,090 bushel lots. J Ss per 
troy ounce Tor 30 02 imns ol 96.9 per 
eeni purixy delivered NY. ’ Cents per 
iroy ounce rs-warehouse. JJ New " B 
contract in u a shore ion tor bulk lots 
ol 100 shore ions delivered r.o.b. vans 
Chicago. Toledo. St. Louis and Alton. 
••Cenifi Per G9 lb hushcl In store, 
tt Cents per 24 lb bushel. It Cents per 
4S lb bushel cr-wa rehouse. :§ Cents per 
56 lb bushel ex-warehouse. 1 .000 bushel 
lots, til SC per lonue. 


SABAH COCOA 
PROJECT 

WORK ON an SSm project lo 
develop 15,000 acres of cocoa 
hero will begin next month, 
Sabah Holdings (Cocoa) said. 

The joint Sabah-Arab company, 
recently incorporated, said the 
agreement to develop the planta- 
tion at Silibukan on Sabah's east 
coast was signed by Mohammad 
Othman, vice-president of Saudi 
j^abia's Triad Holding Corpora- 
tion and the state Government 
agency, the Korporasi Pemban- 
gunaw Desa (KPD). 

Reuter 






Financial TimeJfTuesday July -4- 1978 


A* 




EXCHANGE REPORT 


dwindles further 


Company trading statements provide isolated features 

ACCOUNT DEALING DATES Traded Options as seen in the low Kenton featured with a rise o! si antially improved first-half to 170p in response to the annual tore. 2ere 

Oolion level of contracts done -which 8 to 0Qp in response to the annual profits. results and. in sympathy. Daily while losses of wound 3 v^re 


ACCOUNT DEALING DATES Traded Options as seen in the low Kenton 
Option level ^ contracts done '.-which 8 to 90p 

‘First Declara- Last Account t® 260 compared with results a 

Dealings lions Dealings Day l ^ t / r,d ’ y - 1 Co “- 1 GoW . If 1 !?" 161 

Jun.12Jun.22 Jun.23 JuK 4 the most actively dealt with .6 holders. 
Jnn 26 Jnlv 6 Julv 7 Jnlv 18 trades. Kales were generally a- directors 

JulvlO Julv 20 Julv 21 Aug 1 shade 'easier for choice, hut tho.se about, cu 

July 1U July m July zx Aug. j. if) BP wpre lower; tbe (Funusbi 

*•« HMjf time ” d«allw may uke place JuJy 800 . dropped 11 to 37 a with IQ Iflp. 

f«m 9 JO am M dmis Uje^october SSOdoJni 8 m 31p. firmed d 

A batch of surveys generally were sir 

laefcins in enthusiasm over UK • Status D 

economic prospects were largely HZUDDrOS QOWH 2g2Ill 176p. co 
responsible for a sombre mood in Hambros. down 5 more at 163p. favourabl 
****? a tHp tS «^nnrt rt i^J of tho remained a dull and nervous mar- Press < 

ArMunf th W-ftrrJ« nd ahnm unl^n ket in Mer ehant Banks awaiting attention 
Account, \\ orries about union nou .. n r +>i#> toii-c on unmir j a .i» 


FINANCIAL TIMES STOCK INDICES 

— ‘ July • J«w ' li«» ; JwijT .\'if 

— .1 ; 30 J 89 ; » ? . IT = I. a ; a* 

Flxnl Intemt „ Tt.*T. T1.45i 71.3* 7LJS, TiA®. 7J.Q7 W 

htiiuuruil Ordinary.... «»■* **0.8 *57.1 *69.5 «*JI 45J.0 44 

(i.uil Mine* !»• 1S3.* 162.4 160.6 l57.tv W8.V 10 

Clrt.lt»r. * 78 6.76 6.S0i 6 M 6.»t 6 04 6 

fcrnmir*. V Wlitii'iji* « 

• INK Ibkim inmiV ....... 


cirt.lt»r. 0.78 876 6.00 6.M 6 *1 6 04 5 

fcmm|r‘.VWTH«<l}»*. 17.94 17.48 17.98 17.66; IT.fi. 16 88 U 

l'<K iwni'l' 7 .S 8 . 7.61 7 06 : 7.88 7 M- 7 -« 4 : 9 

Darilntf* mari.fl 3.817. 4.31* 4.016; 4.470 *.394 4 ., 

&|iiin luiDOtnliu.,. ' — . 64.06- 96.86 W W 67.97 *1-07 66 * 


about current-year trading Court Queen’s Moat Bouses 2§ better at cussions but picked up to close the ^ is£ ' 
(Furnishers) **A” put on 5 further a 1978 peak of 40p. a net 6 up at 5flp. Persistent buy- private concern Righto 1*. 


to inp. Waring and GUlow „ _ 

firmed 4 to 109P and Liberty 01211302 good 


mg lifted A. and C. Black another . - -■ 

3 to a 1978 peak of io3p. Else- Australian gains 

where. Eucalyptus Palp hardened .. ... . . iwtpa . 


Account. Worries about union „r . al r._ on TL * 

tni^h^nne 'on ' oav ^n'^lhe^nest Reksten loan. Elsewhere, Schroders 

phase ai™ imparted caution “2 Si'SriUea^elosif 0 ^ 

the result that trade suffered a ®““,he Site! tatf«Jh,^hI?S, r * I1 S 

further reduction, bein'* at less following the tunuaJ 

th an tas/ week's* pathetic* leveli results The major clearer* were 
tnan last ueeK s patnetic ie\eis. inc i ined easier on Jack of sup p 0rt _ 

In view of both the economic Apart from Alexanders. 2 lower 
and wage doubts, buyers’ attitudes at 23Sp. after the interim state- 
were not influenced by events merit, little of interest occurred 
scheduled to be announced later j n Discounts 
in the week. Institutional opera- . , . . „ . . . . _ 

tors continued the build-up of slightly ea^er trend in Insur- 
their cash resources and. althouRb an S e f-J*[L? hSh 
few large lines of stock came on ^nd General Accident. I98p, both 
offer, small sales were sufficient down — i«e fall in the half-yearly 
to lower the equity leaders one profits prompted a similar loss m 
or two pence. Brentnall Beard at 32p. 

Measuring thLs trend, the FT Breweries had an easier Was. 
Industrial ordinary share . index Scottish and Newcastle gave up 
was a point off at the first cal- a penny at 66|p in front of 
culation and 2.7 down finally at Thursday’s preliminary results. 
458.1. after a day which had seen while, in front of figures due 
official markings, at 3,817. fall shortly. H. P. Bubncr eased 2 to 
below the 4.000-mark for the first a 1978 low’ of 12Sp. 
time since December 29. Buildings . presented a .quietly 

The broad-based FT-Actuaries mixed picture in which Contract- 
All-share index confirmed the Jng and Construction issues edged 
overall movement with a 0-7 per forward. Investment demand lifted 
cent fall to 209.94. despite rises j. Mowlem 5 to 116p and Press 
having a slight, five-to-four. edge comment prompted John Laing A 
' over falls in all FT-quoted 3 higher to I72p. but Edward Jones 
industrials. The latter mirrored s hed a pennymore to lOp on the 
selective firm features usually trading loss. Elsewhere, Bam- 
. stemming from companies report- bergers eased 2 to 4Sp following 
Eng trading ■ statements and (he annual results, while the with- 
renewed speculative interest in drawal of recent support left 
situation stocks, Johnson-Richard Tiles 5 lower at 

Drawing some hope from the Wp. Continued bid speculation 
Premier’s altitude rc^jrdins added 3 more to Btovth and Jack- 
future wage demands, long-dated *° B a J, 131p and a Press mention 
Gill-edged managed to consolidate left Heywood Williams a couple 
Iasi Friday’s recovery. The shorter be ^ t ?. r , P eak °J 

end or the market, however, con- 127 p Marshall s Halifax put on 4 
rmued to be disturbed by the to lOlp in response to the 
progressive upturn in American improved annual results, 
short-term interest rates and Leading Chemicals traded 
quotations here eased before quietly, but a certain amount of 
reverting to Friday’s list levels, interest was directed towards 
The level of trade, particularly secondary issues, ICI drifted 
among the longer maturities, was marginally lower to 370p. but 
desperately small — apart from a Fisons eased 6 to 332p in late 
few routine transactions— and dealings. The diversification plans 
business in the shorts was only a prompted a gain of 6 to 92p in 
liMJe better. News of the largest Alida Packaging, while renewed 
Corporation Variable issue yet, speculative demand lifted Stewart 
£50m of Birmingham 1983 85 Plastics similarly to 146p. Blagden 
stock in be issued at £99.40, satv Noakes, 242p, and Coates Bros^ 
dealers wideming quotations For 69p, both improved a couple of 
existing floaters and Edinburgh pence. 

I9S3 lost ,; k to 99 L 

After an initial Burry when Henderson Kenton np 
rates for investment currency tnrT , B a , , 5vt , 0 


ita?; morl^Lt .B^-4 SJ *• »»«— SWSiMSS jss, , a , wssns , 5E 

176p continued to respond to Ih™ 5 . 109 * leaders was barely figures, while L »wt P Poster i moose a resources tax on 
favourable Press commenjL pose^be SSJ&m Ifiaj^VvZ p ^ an 0 d f 5?“g[ 

sirrsafsatfSiss sss? - droana ta U,,B SsaSSy-'* 

dealt in under Rule 163 (2) and and detergent* bad an unsettling Prw ~-ti~ trifled lower j n don yestcraay. 

which rose 40 to 4i0p for a too- affect on the parent Unilever rtinene** Among Uraniums. Pancwcbi- 

day gain or 50. Sound Diffusion which gave up 4 to 516p. eBtai advanced j » £I5|. Peko- 

hardened 2 to 44p on the Pilklngton Bros: drifted off to 2lS£ufcSSR&»5 8 i2!n of 1 Wallseitd 26 to jl&p and EZ 

Increased dividend and profits, close 6 cheaper at 534p, while FaV&itern firmness ,ndu?;lrfes la to 23;>p ’ 

while Elecuocomponento 457p. Boots ran back 3 to 205p. the nSJweJ'rene^edUodon^ interest The partners in the Rundle oil 

and Comet Radlovaron, I32p. put latter after the recent good rise hi-iw^ at shale project both gained RUb- 

190 d^ stantial ground following 

, _ . , . persistent US. buying: Central 

Initial, modest offering* took PaeIfic Minerals climbed 70 to 
leading Oils lower. Shell finished g^p an( j southern Pacific 
4 cheaper at 348p. while sroati petroleum 23 to 220p. 

gjgggJtlSS. 'L'i'sSi, uirs Other Australtsns Ike imurovKl 

S' SS53T 

SnMwiative ^Smters ,rend ir * *»se-mcral prices on the 
Siebcus (UJC) and 03 Explore- Lon don M etal Exchange, 
cion both passed a quieter session Conxme Rtotinto put on 6 to 
than of late: the former held a 3?P and 3/IM floldlnffs and 
modest improvement at 344p Western Mining both hardened S 
while the latter finished 6 easier « 201p and 134p respectively, 
at 2240 Hampton Areas rose 4 to equal 

v . ' . ihoir 1978 high or 138p in ftont 

Sune Darby, a firm market of of t0 d a y*s results. 

^le, turned reactionary and . 

dosed 4 cheaper at lOlp. jJJb ""Ju!tan fc Grtd?^SB 

Movements of note were few Financials passed a quiet session 
and far between in a lightly reflecting the absence of any 
traded Investment Trust section, sizeable U.S. interest in front oi 
Camellia Investments responded today's Independence Day h oliday 


OCT NOV DEC JAN - FEB BUB APR MAY JUN 


Golds drifted easier ««»**»■ a 

ttith 3 riSC Of 3 10 3 1975 p€ 3 K ZA AnMfn imn e n uu m»nl («» 

on a and 6 TespecBively. Awaiting in response to tbe compan>’*s of 300p, while the Hong Kong- bumMDri «^ « SliSxn Jlrh tha 
today’s preliminary figures, Dale- dividend intentions. Elsewhere, based JaTOIne Securities reflected Cold Sa£ a torTES 
Electric hardened 2 to I62p for Granada - A » featured with a rise local support with an improve- JJ?! 5 maex a rurUier 1X5 

a two-day advance of 10. of 8 to 109p on the better-than- meat of 51 to 145$ p. In Financials. ‘ ' 

„ expected half-yearly results, while Investment Company finished a Losses in the heavyweights 


Squill Tiiraanr tm „ • — . M.fli 96,26' 96.65 97.97 61.67- 5®’ 

K,„li, harnim . I 12.963; 18.090 13.306 13.793 1 5.709 14. 

— - — ‘ 19 im (MX n am 431.1. Noon OU '1 m 

J pm 43* S. A mn 44»a. 

Ijmi it-M 

*Hasvtl «n 38 p**r rent nin>oT#/HM w*. * NII- T C 
naito ii» r.wn. Set*. 11.162*. Elixl tut. 1B». ink uni: 1 : 3H. r 
3IUU.-U 12 a 03. SK AcnvUy July-Dee INI. 


HIGHS AND LOWS 

Wl RlJlire t’lHUpdalklL ; . 

Ill* la | !«• Pllw. 1 1*'» i 

OM. 76.56 > 56.79 ) 187.4 i 49.18 \ 


S.E. ACTIVITY 



Oort.^- W.M | 6^79 j 1874 i 49.18 i 1970 ! 18, 

. (3D , (&»» . (Him i(J l-iM 1 |urt„rtnf>». ... 189.1 ; 14i. 

PlKcal lot... 1 8L67 , .7a78 i 1BOA 1 50.53 : Sncuwun*.. 27.0 S’ 

. iMi J KWt 4flB.>MM7i ■: Tnuw Bb.9 Bt' 

toC IW.—, 497 KS l W4 i 849.8 1 494 I „g 3 : W ' 

. I*<ii I riMl i (Wfldll; (Sh«.4ei imMiirit!!... _ 13M 3 ■ 14.' 

(•did Xltnee. • 168.6 ■ 1S0JS T 44S.3 ' 43.9 »|t«ii!Miii-.. 38.5 4: 

. m-5» . iMt , iSZA/7M-2*i'lU ( 7!- , THu*™. . . 99.4. 9/ 


ACTIVE STOCKS 

No. 

Dcnamina* of Clo>inx Change 


Shell Transport.. 25p 

BATS Defd 23p 

ia 

Ladbroke IQp 

BAG. hitL lOp 

Bcecham. .......... Sap 

Burmah Oil £1 

Cakcb’d Robey A 1®P 
HK & Sh’ghal Bk. 8f» 

Lloyds Bank XI 

GEC 33p 

Grand Met. , 50p 
Imperial Group.:. £5p 


Den 

mark* 

price 1 p> 

on day 

hl:*h 

V 

11 

U 

K30 

-10 


7 1 

25p 

IQ 

5-ra 

- 4 

.188 

4 

25p 

ff 

288 

- 2 . 

2! a» 

’J* 

XI -■ 

S 

370 

~-i . 

BSW - 

3 

IQp 

7 

ISl 

+ 3 

213 

1* 

lOp 

6 

40} 

i 

43 


25p 

fi 

MU 

— 

B7S 

v • _ 

tl 

6 

111 

-■ 1 

72 


top 

a 

37 

■1- 2J 

nr 


IHKUB 5 

330 

4- D 

330 

2 

£1 

fi 

2i5 

- 3 

2!*7 

2 

33p 

3 

867 

T 1 

278 

S,.-' 

SOp 

S 

103 

"_1. _.. 



£5p 

5 

7fi 


. . SI 


Jil 

5 

RS - 

2 

US 

\ 


NEW HIGHS AND LOWS FOR 1978 

NEW HIGHS (68) £s££ !SJ. iSS, 


183p ti:r chairman's menl in defence of Press com- around i as. in Randfo«eln. J38i. 

encouraging annual statement, ment on the company's legal while lower-priced issues were 
“ Favourable week-end Press problems. rarely more than 3 or 4 cheaper. 

flwtoated ilmiuly before £ ention Prompted gains of 2 in Interes£ in Tevtifcs remained .->mo« South African Finan- 
seuSmt St 231 D*for 'a fall ofonW PI ^ ls i irara ^ ft Are " SOI V.? ,p ’ selective. Sekcre International «aK De Beers slipped 3 more to 
» on Ih- h..7 and B - and L Nathan. 49p. Other hardened II to 34n. while Shiloh 391 P. after 390p; the half-year 

y i"* ir? flrm spaU lncluded Chas - Hlu - up SpinneS 30p. and Hlcking Prate- CSO sales figure is expected in 

traded firmly at 167p up^ 2. 4 at ]08p> Carlton Industries, 3 cos! Mo nm on 7 apiece. Levex the next two weeks. 

S^ OI1 foUowins ne the 0 ' company’s Star wer * qBOI t^. ex . z he rights issue Other South African Financials 

reioi'trion nf the hid wnrih son oer ar * B,0 V n - t - < * ea r e £ a l i^ p at »iP- whne the new nil-paid ,o retreat included Union Cor- 

share from Sandvlfc; fte rise was Math^n VZ ^“thc Rood 5a5J chS a 0 ^iTprem| P u£" miUTn ^ po ™ l,on * 4 chea J" a ‘ 27Gp ; 
accompanied by hopes that an d Wheelock Harden 4 1 higher 1 Movements in London-resistered 

Redman Heenan. currently bid- a t 64 P ■ “ Rubbers turned reactionary Financials were negligible, but in 

ding 65p per share for Spooner. .. . .. , . following the recent market re Irish-Canadians Tara Exploration 

may raise its offer. London and ..L 01 ®? Distributors dased raring. Guthrie led the wiiy with dropped IT3 to 90(lp following 
.Midland Industries firmed 2!p to 5“® ‘he occasional small gam a reaction of 6 to 312p as recent adverse Press comment: selling 
SOp in response to the increased °? l “ p • V 15 fP ove ® up 2 . t0 4,p - speculators liquidated their posi- was confined to London owing to 
dividend and profits, while the u hiie simuar improvements were tions in the wake of reports of the closure of Canadian markets! 
chairman’s encouraging annual iS?' the yMA ' te tsat — ********* for Canad;l ^ I 

Statement prompted a rise of 5 motlv( . Products enffed li firmer 

to 273p in Stavelcy. Favourable at ji=in after Mn fnllm-in- OPTIONS 


After an initial Buriy when Henderson Kenton np 

2? /S', SZS Store ^ders turned a little 

b easier as recent buying interest 

. d ^ rad ed- British Home eased 3 to 
f ?inj ed • ^* p0 ' nt 1©P and Burton ended similarly 
5 l5 g¥ U “ P *«*• ITesiter. cheaper at U6p. while Gussies -A- 
^conversion factor was ^ j£ ck a few pence to 274p. 
U.b.iof. (0.6o34l. Secondary issues, however, met 

Little of interest developed in selective support Henderson- 


io m aureq. ravouraoie at sg p> af ter gap. following 

week-end Pre<s mention left French expansion news. Frank G. 
Scrck a penny dearer at 82£p and Gates closed a like amount better 


DEALING DATES 


Stocks favoured for the call 


Blrmid Qualcast a shade harder a t jsin awaitin? today's nre- ^‘ rst ^* ast ^* ast For were Premier Consolidated OIL 
at 6lp. In contrast falls of 4 liminary figures “ but Glanfield Dral- Declarer Settle- Burmah Oil. English Property, 

were marked against Cornercroft, Lawrence eased 'a penny to 29p in ^ lugs tion ment Ladbroke and Warrants, GEC. 
86p, and Delson. 30p, while reflecting the first -half trading July 4 July 17 Sep. 28 Oct. 10 Fitch LovelL UDT. Kwlk-Rt, and 

Howard Machinery met occasional deficit. HeoiLvs shed 24 to llflp July Iff July 31 Oct 12 Oct. 24 Harks and Spencer, 

selling at 26p, down 3p. and the new nil-paid shares 3J to Aug. 1 Ang. 14 Oct 26 Nov. 7 doubles were arranged in OccGaa 

Among Foods. A. G. Bare ^ip premium. p or indications see end o/ Transport, Lonrho and WlQ&im, 

hardened 2 to 85p on the sub- Associated Newspapers added 3 Share Information Service . Press. 


NEW HIGHS (68) 

The tot tow ins ncarltle* mOMd n thQ 
Share i-tamiUon Service 

arahwo ^Nt^ag^w. tor rata. 
banks «a. 

NX SUntHi Wlntrut 

MlILQINGSlS) 

Brown and Jackton Hevwoed Wltliami 
Barnett Hallimihrie Wmbiica erAtt. 

JNO STORfS 17, 

lutt t • J.I A HendeiH*!- Kmton 

Coom a wirmt end tunow 

Dew mm weir mil 

fetter ^ 

Andorran Seratnclnw Wenrick lot* 

Smith Whitworth wtnon^'MB 

*"* foods (b> 1'. 

Avon* CeirH MRUata 

8 «rt {A. 0.1 FHhcr lAJ 

HOTELS (21 

SBkute Q«IM MOM Hawet 

INDUSTRIALS not 
Aren win (A > Stefa? MnT. 

Barr «nd Wallace Sutctiflo Spufanen 
Arnold Tsc. A mho fat. 

Craned* A W Hil t rt Ntarden 

Hutch wn*nu> WMh U.J 
JLrdine MathcuHl i" 

motors rxi 

FUetit Reforlliag Hanger um. . 
Kteik-Fit . - 

NiwseAvtRs ta> 

Black I A. and C.l . Webster* BubUcabOU 
RAPCR UJ 

W * et Cr °’ 

PROPERTY (It 

^ Und 1 SHOES (II ’ 

MWUjUm kS/TH AFRICANS (II 
aom. f4 , 

HKklng RU M S SekerS Intel. 

MQoctart Shiloo SauwerB 

. trusts not 

Berry J*rdtne J*MH 


CrQMent Jetun s *tw*n c 
Drayton far EMIBrn Hew Pat _ 

CT JMU - I KM. inv. nu 

' . OILS-IJI ' 

Cie. Fr. Pavatas a £atf**wjjr 

DVIMMI TRADSRS (11 ■) 

Hunni il> j 

SuBicma Can. a ■ ,* . 

NEW LOWS (14). *1 

CORPORATION LOANS (Jh < 
Br.ycnl 7w Te-bt LCC i i»i 7/ii 

^ innm 

SoRner »t. *’^ u , u> j NCS |a , 

Jam it.) Parker Timoer 

CHEMICALS (II 

, ^ r - SO<,,,t INQKKRINC i 

Howard Mathiorrv Spenur Cfaik 
FOODS ill 
tortwowt tMSUR|k|4Cfi 

G * n ’ A<£,fl# " t MOTORS,,. 

Glantek, (| , 

Pren. Hint. *nn in*. 

SHIPPING !2I 

Ocean Transport PAD Old. 


RISES AND PAUL 
YESTERDAY- 

UsOitf, 

RrUlsti Funds .. 3 -U? - 

Corpus.. Oam. and ..... 

Fort to* Bands 12 * ; 

ladum-tek. JOS 2M. 

FtnanciBl and Prw. ... U U. 1 

Oil* 6 4 . 

PtoDtaztom .... 2 IS 

Mhtet 34 40. ■ 

Recent lasuaf 3 12. * 


A FINANCIALTIMES CONFERENCE 

AGRICULTURE 

Monday, August 21 1978 

The Financial Times proposes to publish a Survey on Agriculture. 
The provisional editorial synopsis is set out below. 

STATE OF THE INDUSTRY With the second of the EEC Commission’s 
“ austerity ” price reviews recently approved by the Council of Ministers, 
farmers are now beginning to feel the effects of the “ squeeze " between 
rising costs and relatively static prices. In the UK their circumstances 
are further straitened by the Government’s refusal to align the “ green ” 
pound with sterling proper. 1 

THE PRICE OF FARM LAND Now 50% higher than a year ago, it has 
risen 15% since the start of the year while the amount coining on to the 
market has fallen 25% below normal levels. Competition among buyers 
-^-especially for land with vacant possession — is growing keen and some 
agents expect another “ boom ” in prices during the summer. 

FUTURE MARKETS Given that the cyclical crises which regularly strike 
the British pig industry are apparently unaffected by all other palliatives, 
could a futures market help here? 

GRAINS An examination of the “formulae” used increasingly in 
Europe to push cereal yields up to the maximum. Farmers in Britain are 
beginning to show an interest prompted by commercial companies. What 
are the benefits and what are the risks Involved? 

MATERIALS HANDLING The special problems of moving, stacking, 
storing, pumping and preserving farm produce and stock with an 
especially close look at innovations. 

MUCK The storage, handling, processing and environmental problems 
of muck. Effluent from intensive livestock units, piggeries, for example, 
is highly polluting, a danger to health, a nuisance and costly to process. 

HORTICULTURE An examination of how the glasshouse industry has 
ridden out the energy crisis and the problems caused by EEC insistence 
that national fuel subsidies should be scrapped. 

THE PIG INDUSTRY Although the worst of last year’s crisis appears 
to be over, UK pig farmers are being unusually slow in regaining tbeir 
confidence- The breeding herd is expanding only fractionally and 
producers are once again being disheartened by more increases in feed 
prices. 

DAIRY FARMING The branch of the industry regarded by many as the 
one offering the best long-term prospects outside Die’ regions best suited 
to arable crops. 

CONSUMPTION The consumption of most supposedly “ staple ” foods 
is falling steadily, the decline accelerating in some sectors. Home 
production is increasing, while Common Market exporters are also 
increasing their sales here. 

FARMING’S POLITICS At one stage last year Sir Henry Plumb and 
Mr. John Silkin spoke to one another at formal meetings through 
intermediaries. The Minister on one celebrated occasion accused the 
NFU of being “ unpatriotic,” The Union, on the other hand, has been 
attempting to brighten up its public relations, taking on new senior staff 
over the past year or so. 

FISH FARMING A growing fringe industry which has now expanded 
well beyond the original idea of growing trout in. ponds. 

FARMING AND LEISURE The place and value of leisure pursuits in the 
countryside. A survey of angling and the increasing value of river fishing 
rights, shooting and overall developments in rural activities in their 
widest sense. 

For further details on advertising rates in this Survey please contact: 

Nicholas Whitehead 
Financial Times, Bracken House 
10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 Ext. 7112 

FINANCIALTIMES 

EUROPE'S BUSINESS NEWSFAPER 

The content and publication dates of Surveys in the Financial Times" 
are subject to change at the discretion of Ihc Editor. 


LONDON TRADED OPTIONS 


. Kx’imt- Cl«**4nn Lwr-lng O-Uy; fa in. tv 

' if*ia»n |«i-F offer VnL ,-ffrr V.«J. offer Vui. • 


FT-ACTUAWES SHARE INDICES f 

These indices are tW joint compilation of the Financial Times, the Institute of Actuaries,^ 

and the Faculty of Actuaries 


HI* 

HP 

BP 

BP 

Coni. T'nkjfi 
Coin. Lilian: 
Culls, l ink! 
tnnv Until 
CoiiKbuM' • 
Cuurttulifa , 
Court* u III* 
Cuurtaukk ’ 
«KC 
.a Ke- 
ane ; 

GKC I 

Grand Met. I 

Grand MaH. , 

Grand Met. I 

HI 

ICI 

ICI 

let 

Land tier*. 
Laud S^o*. 
Inifcl Sm*. 
Marini i S]i 
Marks A Sp.. 
Marks A sip. 
Sbell ' 
StiHI i 
tilirll 

Tutaln ' 


ioe 

67 12 

31 2 

17 

12 

5 

25 8 

It. 8 

18 - 
. llto 

61? 5 

, 31* - 

! 54 — 

: 37 3 

, 221, • _ 

■ 14 — 

: • - 
! Sto 43 
: 23* . • iu 

• 51 3 

.23 — 

, iito : - 
! 41* ■ - 

. SO ; — 

141* I 2 

,. *3 If 

: 29i* . - 

i 13 - 

: 51* . 7 

; 66 

I 30 -12 

11 - 


126 ’9 

SB . - 

60 

42 10 

. 16 - 

8!? - 

28 ■ - 
18 35 

21i* - 

14«2 ■ — 

fi - 
.61 * - 
46 : — 

. 33 • — 

231* ; 8 

• 141* — 

; s* ■ - 

Sh - 

■ 54 — 

; 34 ; - 

: 2oi« f — 

; i2i* • is 
M , - 

: 19 — 

i 91? - 

> 321* 5 

171, 

* — 

: 77 - 

48 9 

23 - 

‘91 


- EQUITY GROUPS 


__ . , „ Fri. Tbur. Wed. Tum 

Jtton., July 3,. 1978 J s e J 3 J* 


GROUPS & SUB-SECTIONS esi. g«« e». — 

Ewatojp • Oh WE 

HRUrec is p*rmthe.es ihow number of IJJ* ^ TSSP SS * 8 ? ’.iff 

stocks per section % Corp at 34*1 Corp. 

T«SK • TttES. 


RECENT ISSUES 

EQUITIES 


1 CAPITAL GOODSma 

2 BaUding Materials 128) 

3 Contracting. Construction l27l„ 

4 Hectri calx (15l 

5 Engineering Contractors <l4j 

6 Mechanical Engineer! OgCTZL 

8 Metals and Metal ForminglS)- 

CONSUMER GOODS 

11 (DURABLEH52)._ 

12 LL Electronics. Radio TV (15l — 

13 Household Goods 112).- 

14 Motors and Distributors i2S) — 
CONSUVER GOODS 

21 rNON-DURABLO{174l-- 

22 Breweries 1 14) : 

23 Wines and Spirits (6) — 

24 Entertainment, Catering (17) — 

25 Food Manufacturing (21) 

26 Food RetailingUS) 

32 Newspapers, Publishing (13)^. 

33 Packaging and Paper (15) 

34 Stores (39) 

35 Textiles (25) — - 

38 Tobaccos i3) — 

31 Toys and Games 16) - — 

41 OTHSS GROUPS (97) 

42 Chemicals (19) • 

43 


,5^ toniall tUJlj 85 -l ; ' i.l| B.Q 4.5 

S i 1 1 +S *■ 2.04 3jJ a.n 15.4 

» 1 Th*me> Plyivoi.l 34 : H2.0 i 2.3- 8.9' 7.4 


FIXED INTEREST STOCKS 





207.83 206J9 333 f fa 

mm mn u^i^, 

335.42 332.77 - ... 

4C76 437.93 3M : 

30785 30US 2U^ , 

187.07 16698 Ut;- - 
35179 359J3 J52, 

»L63 190.85 371 
225.03 2MJ1 Ml; ' 

172.36 17168 162 -■ 

12L68 12109 HO; 

19494 19439. U?; .... 
21899 29.69 174. - 

24734 24696 190f ’ ’ 

247.86 24439 2Hr 

lSftSD 190Ji0 172; *» 

197.77 19668 Dl, - .. 

373.78 357.37 3B V , 

130.86 . D116 HC'4 
17486 174 74 144.^'- S| 

*169^5 "170.69 ;B7„, ** r 

238.87 23847 209. >*n.. 

106.29 10474 M0.r - 

.19195 19222 179 ’ 

275.05 275 55 254 .. 

25083 
12747 
41250 
197 66 





at 

i? la 


■' Iren ’ ,2Bl 2 I | VI,leJ BS PieL J 90 P j 

K98 £50 12 . -U | Hamel tej* Ke*i. 18B7 J 50U(— fa 

* i'n ,2® .S^a, 46 jCreJinn 12^ Coav. Prfd. 1878—83 7piiii 

J 9 ®P i 16 / 8 ; 104l'|E«'leriaiifal Ins.umcelb^RelZndfujTiJ'wfllOrifi 

Whiturqn icily oTi V*r. Kate 1984 l 996s —,7. 

ttBdT^i P.R28,7 8 &ls -hwe. Water 1% lied. Pret. lUW 981 s , 

< £36 lgS -8 JHto Falrrie* K»l,. IVh. 24*'- >a 

* * t- V - ||p7 **p! 97|i [J 8 HoWinjro 10* Pref I 984« + 1 

F.P. ,21(7 l(»ip.; 10»pfMlller (FTiIi* Href - (10Cjp°+H a 

*J2® ' F r - I * 1 ' 7 toll* W9p lW,in«m 11* Prel > 109^ 

30,5 SelluorMeu Borough iilJVar. lUueUftl.lSSS 1 997 B | 

£98faL£lU iffOllO; Hi?. fcl«[ xA.lben.l-.'Ji-S** Lsi IteL Jifc7 Bit — li 

ras [Itio jgly7 , 10^J. 9 ;SqiiUi. lyofe-Riu Uq* |{pL USb SL«; — 14 

f98S*|£50 . 1/9 ; Ml,, *7fa Tvne A W 1^{, Ki«i. bW- 46 U 

£983,1135 19/9 . 3bi*| 2 * 12.11 «t Kent Water 12* Deb. WW 84J, 


“RIGHTS” OFFERS 





. 157.46 
5.71 179.77 
— j 20255 
10.51 


-48 | — 7.10 

14.56 4.85 9.84 

- 6.51 — 

-0.4 I 3.63 330 47.57 

+14 | 23.96 7.88 5.43 


328 
+0.7 17.92 

17.03 


5.70 




10323 


208-13 20635 20668 20587 
97.80 9625 ' 9638 9624 

30917 30667 303.04 30110 


21067 208.50 L 208.55 " 200 33 188 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST" 
YIELDS 

Br. Govt Av. Gross Red. 



_ . , . . Mnn. 

Bntisb Government ] July 
3 


LnderSyears — _ 10422 

3-15 yean 11330 

Over 15 years 119.46 

Irredeemables 12238 

All stocks 111.79 



xd adj xrt adj. 
To-day IP78 



8 Coupons IS .rears 
1 24 J» a yews 

583 10 1 Irredeemables 



1233 | 128 


11.78 1178 

1275 1275 

1303 3304 


1MB | U 97 | 125, 


RenunciarUBi date usaaUS lost da? for deallna free d stamp duty, b Fteu res 
bamt on prosoeenu eaimaie. a Assumed dividend and jleld. u ForecaS dkvmend- 
«.-mier based oo (wikbs year’s eamnas. r Dividend and yield based on prospectus 
or other official estimates iot UTTS u Gross ■ Figures assumed, i i;uver 
tor conversion ol stasres noi now nuduna for dividend or ranktoa only for restricted 
dividends. * Plaanu once 10 public, in Fence udets Mberwisc indicated. R issued 
by render, n Offered to bolder^ or Ordinary share? pa a “ rfchis " *• rssnM 
by way or csolralisaaon. t* Minimum render price, fi Re In (reduced. It [gsusvt 
in eopiiection wlih reorsanlsailon mercer or take-over BQ imratacthNi. issued 
ro former Preference holders. ■ Aiioimem lenen (or tuUy-saidi, • Pzbvlsional 
ot party-pud allotment letters. *■ With warrants. 


is 20-vr. Red. Deb & Loam (15) 57.16 

16 luTeetnient Trust Prefs. (15) m.oa 

17 Coml. and ladl- Prefs. (^Oj to.48 




Year 

W 

luli)ini: 

Tnes. 

June 

27 

- Mnn. 
Juno 
2 K 

Friifav 
Jimo 
; w 

TllllM. 

J lllll- 


57.85 I 57.85 | 57.54 i 57.40 57.45 j 54.9’ 
01.36 51.36 1 51.341 51.52 61.661 51.51 


70.62.1 70.68| 70.64 J 70.96 7QJ3 70.2! 








































































39 





fir-: 



y>^.na n c i al Times Tuesday July 4 1978 


Wes 


insurance, property, 

___ BONDS 



- . 

• r 


Life Afttuance Co. Lid. 

uTi Churchyard, EC4. 01-MBfllll 




Sli 

lSftl .J 

1615 

toj 

U7.7 

127* 

1 * 2.1 

*7.2 

Hft5 

uu 

Ml* ... 
1351 

136.1 

35.1 

117.6 

115.1 


fc hi 


' * ■ 
■a . 


nod- »7 

re.—.... JO.O 

'TO 1473 

■A« 1534 

sFhnd ns 

hie Fund., lio.8 

Fund 

ppem- 172.9 

lcctke S2 b 

euritjr 1363 

uaged — 1723 

ally 1533 

■il.Sw.6™. 1263 

d.Ser.4 1299 

TO.Ser 4„ 13J 
ld.Srr.4_ 111 7 
Pd. Scr. 4—00I.2 
1 Jane 27. Vaiuatioo normal lyToeadsy. 

t life Assarance Co. Ltd. 

wrlfngtoiiKL.W.1. 

TO- Ace — [177,6 
bL Act. Utj 

nwFdAt. U43 
■n-FdAcni. 104.1 

. d-Arc lfls.1 

•w.Abc_ 1 M3 
’Mi.FiLAee. 2MJ 
I’foAre 1723 

dJVjvAcc, . U9.8 
PnFdAcc_ Ufa 
nAcc. 122.1 

•vJ>njArc_p»5J 2tS*| 

1 Life Assurance jj±f 

ir, Alma Rd_ fteifistc. R«i rate 40101. 

U?4I — I 



01-437 SMS 


Oanwrcd — 032.0 

SbLW UOJ 

toney TO U 4.9 

>mitrFd_ 107.4 

Hard Int M 2 

■ren.Kd.._. 97* 
lCdS*en,Fd. M.7 
MCd-Pen/B’ 974 
- Mil 


17*3 ..._ 
UOJ .... 
UU 
953 , 

202.4 

101.4 

mz* HI. 


Life AssaruM 

idea Rood. W.12. 01-7400111 

TOCp.UnL.BX9 -87.7J 1 _ 

TO-SLU nt_ Mj 30*;i} “ 1 _ 

d. W. Eq..- [U3.8 1173 1 

d-Fd.— FJL-0XL8 -lujq .J _ 

tys Life Asmr. Co. Ltd. 

dol'd Rd_, E.7. 01-534BS44 

bond*’ 032.0 17B 

1093 U53 +6jJ — 

5= Si: 

— Jft7 XB3.9 . 

uRAccum-.-ps.* sms . 


lai 




9L9 

Peru. Acc. _ 200.4 
lal 197.4 


99.71 

iM.n 


-Current KBit value July 3. 
ve life Ansar. Co. Ltd.? 
bard St.BCl. 01-6231288 

nw June 30. | 127*7 J _...[ _ 

la Life Assurance Co. 

h SL. Potter* Bar. Berta. PJlar Sim 

to Lev,- saasa = 

r ^ra Assurance Ltd.? 

pScWy^ Wembley HASONB 01-0028878 


Unit* at 72 

hr Units 00.13 

Bond/ Exec.. 1U0 
lond/E roc_ 1333 
-/Exec/ll nil. 0331 

(Bond in 1 

Accum 172 

ty Accum... 02.73 
Accum . 1,581 

nity 9t2 

spelt* 0O4J 


. PensJAcc. ,pl 
xPma/Acc. -uQSJ 
id. PenriAcrMjr 
ep.Fenc/AccjOBJ 
Ilf I 


. Peu/AccJR.7 

IJ-F _Ks 

ILF.— S.5 


HH 


1401 

13,77 

117.7 


+0.03 
*036 
+ 0.1 
, +1 
kflJB 
+7 
963 +0J, 
llori +02 
1023*0.4 
1823 +0.1 
99J 4*2 
985 +0.7 
U4t +0.4 
204* +03 
1045 +03 
93.9 +0 J) 
+ 0.0 
283 


Current value June 30. 

nl Life Assurance? 

on House. Chapel Ash Wton 080228511 

aUbd i£S Ir:jr 

terfaonse Magna Gp.f 

.•quersSq., Uxbridge UB8VNE 82181 

wEoercy [36* 

ee. Money 29.4 

M. Managed- 175 

•o. Equity — 3A2 

1 Bid. Sec 231* 

1 Managed— .150.6 

of Westminster Assar. Co. Ltd. 



lead Honse. 8 Whltebocse Bead. 


01-6840664. 


He . 



+0.11 — 

to new inveacmeuL 
201.0 | 1 — 




*■ - 


Hi ', , -s 


onOtOZJA. 

Prep. Fond— ! 

gMFlmd. — tm.7 
7IW— — .M3 


lFand—.~ 

Mnid.Cap._- 
Miigd.Arc._ 

•Money Cap.^ 

.Money Acr. „ 

ifffig: 

in cumaxty o 
' “ ^rmUidta *| 

*v . - v t .-'-•of Westmhuder Assar. Sac. Ltd. 

i. , ■ f f tpbooa 01-8M 88M 

. V; l - i K. U Units Q135 129.71 1 — 

erty Units P47 57.4J I — 

anerdal Vain Group 

0tan1al.TMen8Bft.EC3L ■ 01L2B37500 

SSKiH’d SS = 

federation Life Insurance Co. 

taneexy Laae. WC3A 1HE. 01-3420282 

SSI 

-y 

oMn^P^Pen.” 18*1 

llHtPnn. 199.7 

^ Tension 2245 

MV Pension- IBM 

ihm Insurance Co. Ui 

KB8ULE.C3. 01-826 5UD 

P»b. Jane 19 _ 11235 
me. June 15— .K D 
..^FttJUna20_PM5 

lit A Comm er ce Insurance 

ICgent St. London W1K BFK. 01-4887081 

Mngd. TO, 1X225 132.01 1 — 

wb Life Assurance Co. Hit 

n Uto H», WoUng. OTS1 1XW 04BBI SOBS 


General Portfolio Life Ins. C. Lid.? 

** Bartholomew Ct, Waiibam Crocs. WX31871 

Portfolio Fbnd_. | 1385 I [ _ 

Portfolio Capital ...|«L9 44 oj ..HH| _ 

Gresham life Acs. Soc. Ltd. 

~ Prince of Wales Rd., ft-mouth. 0202 7S7 6 5S 
<i.L Casta Fund.__|96.6 lOUi I _ 

lid = 

CX.10U. Fund 1153 121 a _ 

•5.L Ppty. Fund [963 1I1L6| \ - 

Growth A Sec. Life Ass. Soc. Ltd.? 

Weir Bank. Bray-ou-Tbames. Berts. 0628-34284 

Flexible finance- 1 0,0*9 I ( _ 

LandbenkSeca. I Siflo J _ 

TJ5dbanitSea.Acc.piM '11931.—. _ 

G-5S. Super Fd. | £7.954 \ [ - 

Guardian Royal Hrrhangie 
R^al Erchange, ECS. 01-2887107 

Properly Bonds — P76.9 18A2J ...,.j _ 

Hambro life Assurance limited ? 
70ld Park Lane, London. W1 01-488 0031 

PUedlnLDapu 0253 13L9I 

Equity, 1731 182.4 

l -1*L2 3»J ._. 

»*u«sndCup 137.7 1*5.0 _... 

MtaogMlAn UOJ U9J 

gWrtja*, 1183 1243 

Gilt Edged 1252 129.7 

AmertcmAcc. — 953 100.1 

PwJJDep.Cap— 127.7 1M3 — . 

PcaJ.LDegAcc.^. M9J 1S7.P _. 

gm.ftop.5p. 202.9 213.6 

Pen. Prop. Aec 2*14 Z7SJ 

Pan. Man. Cap. 2013 2laj 

gen.Jtan.Acc 259J 273.4 „„ 

Pen. cut Edg. Cap.. 12X1 1273 

Pen.CUtEdg.Acc.. 1273 1343 

Pen. US. Cap 124J 130.7 

Pra.as.Acc U14 148.9 

Pett.IXAF.Cap 102.0 

Pen. DAF. Acc 1033 

Hearts of Oak Benefit Society 
15-17. Tavistock Place, WC1H9SM 01-3875030 

Hearts of Oak S3* 4 3*jj | _ 

HtH Samuel Life Assur. Ltd.? 

NtA Twr.. Addlscombe Hd, Croy. 01 
♦Property UnUa __ 0543 
Property Sertea A- MLS 

Managed Units 1*23 

Managed Series A_ 157 
Managed Series C_ 933 

Money Units 120.4 

Money Series A I7A - 

Plied Id. Scr. A 9X5 

Pns. Managed Cap- 1371 
Pns. Managed Acc, 144,9 
Pns. Steed. C»p__ 1053 
-Pns.Cnecd.Acc.— 1313 
Pens- Kqnity Cap _ 953 
Pdas- Equity Acc 9*3 

Pnj.Frd.lnt.Cap 943 

PraF*dJtntAcc_ 94.9 

P+na. Prop. Cap 95.4 

Pens. Prop. Acc (963 

Imperial Life Ass. Co. of 

Imperial House. Guildford. 71255 

Grth.FdJuoc30 D02 7*i I _ 

Pens. Fd. June 23 — HSjO 7ia J — 

Unit Linked Portfolio 
Managed Fund — 1943 99.' 

Fixed luL Fd. (95.9 100.1 

Secure Cap. TO | 

KqnKy Fund 

Irish life Assurance Co. Ltd. 

1 1, Plnabory Square. ECZ ' 01-828 R2S3 

BiacCha.Jalyl f723 7S.4+5.9 f 436 

Managed Fond 12233 2353I+12JM — 

Exempt. Man. 00X3 18*1*1 .....J — 

Prop. Mod. July 1_UHL0 1813+35 — 

Prop. Mod. GUl 097.7 20gj] +4.9) — 

King A Shaxson Ltd. 

S2.CorahiII.BXS. 01-8235433 

Bond Fd. Exempt -tUUS 16432) +013) — 
Next dealing dale July 5 

Govt Sec. Bd. 01(40 1HJW l — 

Langham Life Assurance Co. Ltd. 
XanghamHs.BoluibrookDr.NWt. 018035211 
Langham "A* Plan— K&B *7. 

9 Prop. Bond 09X3 

Wisp rSPt Man FdfSs 
Legal A General (Unit Assur.j Ltd. 
Kingsuwod a«n 4 Xlusswood. Tadworth. 
Surrey KX2O0EU. - Burgh Heath 53456 

Cash Initial. LH53 lllff? 

Do. Accnm. 973 

Equity Initial. 11*4 

Do. Accnm., — UB9 

Fined Initial 1153 

Do. Accnm. 117.4 

InlL Initial 9*3 

Do. Accnm.— 973. 

Managed Initial 115* 

Do. Accnm. 117.9 

Property Initial — 963 

Do. AccunL UM 

Legal A General (Uak Fmhesl 
Exempt Cush Inix , 19*4 

Do. Accum. 98.0 

Exempt Eqty.lniL, 1ZL4 

Do. Accnm. 123.9 

Exempt Fixed Ini 1. 1093 
Do. Accnm. — — 11X4 
Exempt Mngd. InlL 119.9 
Do. Accum. 02X3 


NPI Pensions Management Ltd. 

«8.GracechurehSt,EC3F3HH. 01-6234200 

Managed Fuad ..048.5 15471 1 — 

Prices July 1 Sen dealing August J. 

New Zealand Ins. Co. fUJQ Ltd.? 

-Maitland House, Southend SSI SJS 070283855 
Kiwi Key luv.Piin.0425 146.91, 

Small Co s F0. B83 952 , 

SS&SiSC=Bl !H;as| = 

AmeriennFd 100 _2 . ID54 -Oil — 

Far East Pd 107.0 111* +lb| — 

Gilt Ed ged Fd Z03.4 U8.fi ..... 

Con. Deposit Fd._|9*.* 101 .bj , 

Norwich Union Insurance &roup 

FCi Box 4. Norwich NKl 3NG. 1160372200 

1208.7 2X9.61 ,,.J — 

ptl 351.7 +0 jM — 

028 2 134.9 ,,J 

1503 15BJ -031 

0057 11X2 : 

20*1 


Managed Fund 

Equity Fund— 

Property Fond... 128 2 

Fixed luL Fund ' 

Deposit Fund 

Nor. Unit June 15.. 



Phoenix Assurance Co. Ltd: 

4-3, King William SL.EC4P4HR. 01-6280678 

= 

Prop. Equity & Life Ass. Co.? 

US. Cranford Street, W1H2AS. 01-488 0B57I 

R. Silk Prop. Bd. | 1803 

Dp. Equity SkL„_f 720 

Flex Money Bd l 148 7 

Property Growth Assur. Co. Ltd.V 

Loon House. Croydon, CRB 1XU 013800606] 

Properly Fund 

Property Fuodi Ai. 

AgriPoJlura] Fund. 

Agile. Fund 1 1A1 

Abbey NaL Flind- . 

Abbey NuL Fd. (A). 

Inrostment Fund .. 

Investment Fd. (A I. 

Equity FUnd 

Equity Fund (A/ 

Money Fluid 


Money Fund fAi 

Actuarial Fund. 

GUI -edged Food 

Gilt-Edged TO. I A»_ 
♦Retire Annuity— 
♦limned. Anuty 


1*13 

1793 

7577 

75X5 

1534 

1533 

67.0 
b&S 
1 * 6.6 

166.0 
140.2 

1395 

2123 

122.0 

1220 

18X7 

U33 


Prop. Growth Niulua It Annnirtn Lid. 
AUWPtber Ac. UtsJU*9 13561 


♦All Weather Cap. . 
¥lnv. Fd. Ulf 


Pena Km Fd. Cta. 

Coav. Pens. TO. 

Cnv. Pns. Cap. UL 

Man. Pen*. Fd L 

Man. Pens. Cap. Uij 

Prop. Pens. Fd. 

PropJPens.Cap.Uls. i 
Bdgg. Soc. Pea. Ulj 
Bldg. Soc. Cap. Ut„ 


[1223 128.4| 

137.0 

129.7 
M*2 

1322 
243.9 

1323 

145.8 
13X9 
1303 
UOJ 



Provincial Life Assurance Co. Ltd. 
2 S 2 . Bisbopsgate.E.03. 01-247 SS33j 

Prov. Managed Fd.. 11132 U9J9 

Prov.CashTO. 104 9 1105 

Gilt Fund 31 IMS 120 6 .... 

PK^ermFoud. 959 1010 .... 

Equity Fund 97.B 103.0 .... 

Fxd. Ini. FtLad_— |94J 993i 

Prudential Pensions Limited^ 

Hoi bore Bars. EC 1 N 2 MEL 0I-405SCZ2) 

Bq nit. FU. June 211 K2439 2539 . 

Fxd. InL June 21 „ 01*72 1*971 , 

Prop. F. June £ 1 „ 025.78 2&38| ■ 

Reliance Mutual 

Tunbridge Wells. Kent. 0882 2rm| 

KeX Prop. Bds. | 19*9 1 — 

Rothschild Asset Management 
St. Swithlns Lane. London. EC4. 014084364 
N.C. Prop July 3 0173 125JJ] +54) — 

Royal Insurance Group 

New HbU Place. Liverpool. 0512274422) 

Royal Shield Fd. —0323 139.9) ] — 

Save & Prosper Group? 

4. GtSUfelea's. Lndn, EC3P 3EP. 01-564 8880 

BaL lav. Fd. 02*8 134.2) +05) 

Property Fd.- 052.7 1615 . — 

CillFd. 01*9 125 J +0.4 

DepnntFdf 02X2 129.7 ...._ 

Comp. Pr iw.Kri .1 0993 2693 

Equity Fera.Fd 079.7 1B9.7 +03 

PropJVnsJrd.- B1B3 2303 .. 

GUtPens-Fd. te7 97.6 +03 

DepoaFmcLFd.to- 19*7 103.9) 

-Prices un June 2 * 
tWeekly deallnga. 



■sJ^ = 


'd Fuad Acc.. 993 
rd Fd. Incnv , 993 

fd FVLUdl. 94.0 

ly Fd. Acc.^_ *73 

ly Fd.Incro 973 

ty Fd.lntt-, — 1*9 
prty Fd. Ace. _ 15.6 
erty TO. Venn- *5.6 

erty Fd. InlL *53 

'gL Fd. Acc — 96J 
rtt.Fd.lncm... »6J 
JW.TO. InlL — M3 
amt.TO.AM.. *65 
- tot. Fd. Incm. . J*5 

J L Fd. Acc 260-0 

*L Fd. Incm — M63 

•y Fd. Acc. 45.9 

nrTOlncst— )4S.? 


30*91+0.91 7M 

U*1 -Oj 
102J -0J 
UX1 -03 
100 * 

180.6 .... 

200J -03 
10X1 +0-7 
20X1 +07 
100.6 +05 — 
18X5 +07 — 

SxSgl 1X37 


21X5 . _ 

11X5 +10) 
100.9 — 
M.1 


iSi3 +05) am 


*00 


*26 


■Exempt Prop. IniL. [96. 4 

Do. Accum. p*0 

Legal Bt General Prop. Fd. Mgra. Ltd 

lXQoeenVUtorUSC,EC4N4TP 0X248 907B 

UtGPrpJFd. June 5 J95.9 10L7J ( — 

Next sub. day July x 

Life Assar. Cm of Pennsylvania 

39-42 New Bond BL.WI 7 0R<X 01-4838396 

XACOP Units 1987 U36J | — 

Lloyds Bk. Unit Tst. Mhgrs. lid.' 

TX Lombard SL.EC3. ■ QWBS1288 

Exempt 19U UU) —4 739 

Lloyds life Assurance 

20, Clifton St, BC 2 A 4MX 
BtxGtli JuneO^-s- 1324W 
ODtb Prop Junto 29. 12X9 
OptS EqtyJuneSS. U6.4 
Opt By. Juno S9.__ 152.7 1*0. 

OpL5 Man. June ». 1453 
Opx5 DepUune2»-02X* 

Loudon Indemnity &GnL Ins. Cm Ltd. 
1SJ0. The FWrbuiy, Reading S8351X 

SMSfcgi ||3| = 

The London tt Manchester Ass. Gp.? 
Tb« Leas, FOlkeatooe. Kent. 030357333 

FTcrfv’o Fund 1JL2 

Inr. Trust Fund 1M3 

Property Fund 825 

M ft G. Group? 

ThrM Quays. Townr HU3 BCSR 8 BQ 01406 4388 
Pure. Pwwhm“*_^|j ^ J --- ' 

134.8 14X7 — 

= - 

105.6 11X0 . — | 

102.0 3873 . — | 

U65 143* 

Property Bd** 15*7 1*63 

^ PI -- 1 


Schroder life Group? 

Enterprise House, Portsmouth.. 

Equity June 27 

Equity 2 Jnne27_ 

Equity 3 June 27 

Fixed InL June 27.. 

FixedlnU June 27. 

InL UL June2T_~ 

X* S Gilt June Z7., 

K& Sc. Jane 27. 

Mngd. Fix. June 27. 

Managed Juue 27- 
Money June 27 

Money 3 June 27. 

Property June 27.. _ 

Property 3 J une 27 . 

BS Pn CpB-June 27 
BSPnAecB J une 27. 
MnPuCpBJuueZ7 
MnPuAMBJune27_ 
Fxd. 1n t-Pen.CjpB . 


070527733 


FxdJnLPu_Acc3X, 194.6 


Prop. Pen. Cap B_ 
Prop. Pen- Acc. 
Money Pen. Cap. B 
Money Pen. Acc. B- 
Ovorseas-l 


725.9 

J5X6 

143.0 

143.9 

12S5 

1363 — 

149.7 

1132 

1235 
163* 

16X1 
127* 

13*1 
20*8 
MBA 

993 

99.7 
10X3 
10XJ 
100 * 
ins 
10*1 


mo 

135.9 

14X1 

119-2 

129.4 

1422 

1073 

117.4 

155.4 
153 .1 
12X0 
IXL6 
19*3 
2333 
94.21 


95.9 

963 

95.4 

95.9 

953 


Scottish Widows' Group 

POBOX802. Edinburgh EHI6SBU. 031-6556000] 


JuvjPbr Aeries l_ 
lav. PW- Series 2. 

Inv.Cash July 3.. 

ExUtAcc June 21 _ 
ExUUnc June 21 
Mgd. Pen. June 30^ 


103J M3J +OJ 

973 1025 +03 

979 1B3J +0J] 

136.4 1423 — 

13X0 13*7 

268J 260J +2*| 


Solar Life Assurance Limited 
10 m By Place Loudon ErJNflTT. 013422806) 
Solar Managed S« 025* 1325 +64] 

Solar Propers S— 1IXB 

Solar Equity S 157* 

Solar Fxd. Int S_ 13*7 

Solar Cash S 100* 

Sol or Intis 9*5 

Solar Managed P_ 1255 

Solar Property P~ UL5 

Solar Equity? 157* 

Solar Fxd Jut P 134.4 

Bel ur Cash P, 99* 


SotarlntLP. 


117.7 +02 
166.2 +0* 
UOJ -03 
18*3 +03 

104.7 +OI 
1325 +0.1 
137.4 +02 
165.9 405 
1205 -03 
1063 +0.1 
104.7 +« j] 


Cbnv. Depottf . 

Equity Bond** 

TOmUy 70-80** 

Family 81-88** 

GUtBond*** — --- 
InternatuL Bond** 


BecoveryFd. Bd.* 
American FU. Bd.* 


Sun Alliance Fund Bfangmi. Ltd. 

Sun AUtonce Boose. Sortham. 040QB4141 

toqvFdJnEJuneM.|£l5630 160-001 1 - 

IblBb. June27 [ £13.94 | — J - 

Bob Al liance linked Life Ins. Ltd. 

Sun Alliance House, Bonham 040364141 

Equity Fund Q16* 

.PtenUnlenttF'd.^DU 
Property Fund 


— InteraanwudFd. —009.4 


4J7 


•?!d. Incm--—— 1J84 
m Brt. lnv."A'-0S9* 

sader Insurance Co. Ltd. 

nl« House, Tower PX.BCL 01-030*01 
Prop, July 4 — [7*9 80.41+0.91 - 

Jhe Star InsmfHidland Ass. 

reudneedl«St,SC2. 

dMId. Units — P0,7 5*6) 4 *2» 

ilty A Law Life Ass. Sue. Lt d.? 

«hm Road. High wycombe MB4833fT7 

S5fe=K* = 

dlnterwtF MX.9 Jif3 ~ 02 \ ~ 

raS = 


Merchant Investors Assurance 
las, High Street, Croydon. 01-6860171 

— 1 m 

16X2 
139.9 
180.6 
12*7 

SSSPH 

134* 
lMdO 
]MI 

Ltd. 




Deposit 


MauModPeas. 

InlL Equity 1 

InlL Managed 

NKL Pens 

Milton Court, Porting, Surrey, 

SSSfeSSsdjgz 

NtdMxd.TO.CuP— «* 

n iSiiSsisn&s^i a 



FINANCIALTIMES 

OVERSEAS SUBSCRIPTION RATES 

Tie fT can be by P«t » 

or l«k. (or any period up 10 

uno year. a j-ii,. copy are as follows: 

s ^‘Tf n rnf" m °— ^ ll00X ver almu ° 1 

CmPLE EAST (AIK MluT n5L« per annmu 

1 Fevoi Iraq. S audi Arabia, c tc.^ ~ 

j b EB> PL 1 ^ if a it \ £ 2 M.tjl per annum 


FAK EAST (AIR 

^Australia. Japan, e C- £180.54 per annum 

BEST. OF WORLD singa pnre , e,o.) _ 

worid Ak Mr-m 

ORDER FORM 

To Subscrtptlfla M artaccr. EC4P 4BT. . 

Bracken S B«din *ewHw» copies to me at the 

Please advise mweriodon C«t w 

address below: „ a dally »ae for one year commenfiiM 

Please enter m snhscrlptwO m a ***« 


I endoso my maltwncc for 

Rime — 

Posit ton — 

Address 


_ Tt . 

Pk«^ L0 ^ 00 W 

Mistered u»ec: Mo - 557590 


K 

Son Life of Canada (UJKL) Ltd. 

2.3. t OockspurSt, SW1Y 5BH 01-0305400 

Maple XL Glth | 193* , .. . 

Maple XL Mangd.„f 1323 +0. 

renoLHl gXL, .{ J.W* 

Target life Assurance Co. Ltd. 

IB .6 99.D . — I - 

Mau. FundAcc 0*7 U2.4 „.7 

Prop. Fd. Inc- 107* 134* 

Prop- TO. Acc. 13*0 

PropuTO-tor I0B 

Fixed InL FtL tnC. 99.7 M5.4 

Den. Fd. Ace. Inc— 95J 100.4 

HeLPlen Ae_F*m__ 13 3 79.6 -0.71 

ReLPIanCauOteU— 60*. _65.fl - 0 *| — 

RflLFUnMauAcc.- 124.9 
■BeXPlanMan-Cap^ 11*9 „ . ,._... 

CtttFen. ACC.Z_I 12*8 136*1 — 

Gilt Pen. Cap. 021.7 12*5) 

Tnmstntcrnatiimal Life Ins. Co. Ltd. 

BBruam Brtga. EC4UJV. 01-4096 «7, 

TuUpImeaLFd 0393 147. 

Tulip ManjM. FcL— 11X2 U7J 

J|an 1141 121 

Sa&Fca-TOCap- U7* 123. 

Hun. Pen. TO Acc.. 025* 131- 

Trident Life Assurance Co. lid.? 
BemUde House, Gtaueestar 0452*6841 

Managed 0265 127.6] 1 

GULMgd. 

Pi n i i+ H . . 048* 


-am 

putal 

MrawM 

InttnAtioful. 
FI : «X^^M 


65.91 

UN* 

^9 

122* 


aims 

IUA.4 


^wrthCap hg.9 


is* I 

157J 

88,9 

111* -03j 
1453 

127.0 

XMj—l 

13X7] 

U9J| 


5 ||- 

ftmtCULDanJlcs?, 1066 112-9 

Feus. Pply. Cap. 113.0 119.7 

JW.PfrAro_ 1177 12*7 

TrdtBond 555 375 

*TrdLGX Bond |96.9 — 

*C3sh value for £100 premium. 

Tyndall Assorance/Pensiona? 

nyngc Road. Bristol 087232241 

June 89^^. 

Bo ndSuS oaffZII 

teas.: 

Jway Pen, June as. 

0*seaslnv.Junc>29. 

JtaPlL3*W July 3_ 

Do. Prop. July 
Vudangh Life AsanamCe 

[41-43 Maddox SL,Ldn. WIR 8LA. OI-48S48SS 
rtPB. 0445 1522] +03) 


123* 


162* 


1642 



1053 

un,. 

1*7.6 



1469 



76* 


0692 

-0A 

257* 

-hi 

1770 

+7J 

86 * 

+E3 


Un i 

need Intent TOL- 164* 

enyFd m* 

Fund 11*7 


237.4 -OJ 
1065 ..zn 
1733 +03) 
349J +L6 
223.0 +AJS 


Vanbrugh Pensions lilftitft! 

<1-48 Maddox St, Ldn. Wifi 9LA 01-4B04BC3 

ftmett - W54 100 7j +OJJ — 

ftrodissisrz! 95 * ioo.« +o ^1 — 

Property — Iw* 1022) 1 — 

Guanateed sew Ins. Base Rales' table. 

Welfare Insurance Co. Ltd.? 

The i«a», Folkestone, Kent oaossms 

NwwymaimrFd.^.1 102« J | — 

For otter funds, pleeae refer to The London & 
Manchester Croup. 

Windsor Life Assur. Co. Ltd. 

1 High Street Windsor. Windsor 6SM4 

^S&iT.r 20.00 r i = 

SS2Jsr4 sal:r = 

Pies. Inv. Growth -,006* 11X5) 4 — 



575rf +0.4 4,93 
46.7 +8 i SIB 
A2 +0.4 6J2 
433 +03 531 

59 An 4.M 

2285 +S5 528 


Abbey Unit Tut, Mgra. Ltd. (a) 

72-80, CstebouxoRd, Aylesbury. 02869061 

Abbey Capltnl Kl Mil ,,,| 455 

Abbey Income (3*4 -0 J| 5.90 

Abbe j In*. Tit FtL. 055 3?J +fl3 433 

Abbey GeaTst J44.4 47 J) — 0 Jj 437 

Allied Hambro Group? (aKK) 

Rambrn Use.. H utton. Brentwood, torx 
Ol'SBS 8831 or Bi t ml w po d fjBZTI) 2U430 
Balanced Ponds 

Allied lit- —W* 

BriL inds. Fund — (M.9 

Grth. ft Inc . 

Elect ft lod. Da*. 

Allied Capital 

Rsmbro Fund 

Hambro Acc Fd— 
lacame Funds 
High Yield Fi— . 

High Income 

AH.Eq.Inc. 

lutcnsttassl Fsad 
interaatiodal— 

PseffleFond 

Secs- Of America., 

CfiA. Exempt*— 

« ^*+i»litt Funds 
Smaller Co.'s TO— 135* 

2nd Smlr. Co's Fd. - 0.6 

Recovery S2 ol K5 

Met. Min. ft trdty. _ 403 
OvmeusEaniinffi- 55.9 
ExpL Smlr. Co's^4^7J 

Anderson Unit Trust Managers Ltd. 
USFfencbcrch SL EC3H6AA 6880231 

Anderson DX )993 533J J 435 

Ansbacher Unit Blgmt Co. Ltd. 

1 Noble St, SCZV 7JA 01-6230378, 

Inc. Monthly Fond. |166* Z76*(+l*| 9*3 

Arhothnoc Securities Ltd. (aKc) 

37, Queen SL London KUR1BY 01-3309381 
Extra Income Fd_ 

Bid] Inc. Fund 

um.Untw) — 

WdrwLUts.1 

Fund — 

[Accnm. Units) 

CspltAl Fund— . 

ComDHUtrFiuid, 

[Accnm. Units) — 
iMnfcWdrwLDJ-, 

Fto.ftPropTO — 

Glams Fond - 
[Accum. Units) — 

Growth Fund 

(Accum. UnltsJ— 

Smaller CoTO TO, — 

Esstarn ftlntX TO. 

rorragn ru. - * -.. 

N. Amur, ft Int. Fd., 

Archway Unit Tit Mgs. Ltd.? (aKc) 
317. High Helbocn. WC1V 7NL. 01-8316281 

Archway Fond -P9.6 BMd .....J 6.45 

Prices at June 29. Next sub. day July 6. 

Barclays Unicorn Ltd. (aXgMKc) 

UnlramBo.2S3RomfORlRd.ET. 01-534 654* 
Unlearn America- BM 

Do.Aaft.Ace. 7SJ 

Do. Aust. Inc. S9J 

Da. Capital 645 

Do. Exempt Ttt 105* 

Do. Extra Income -[273 
Do. Financial 

Do. 500 

Do. General- 
Da. Growth Acc. 

Do. Income Ttt 

•Do. Pit A'DATst- 133,7 140.1 . 

Prtras nl June 3 .Next sub^y July 3L 

Do.WTdwIde T bL_ 495 7__ 

BtstluJkLlne 6X2 M.1 

Do. Accnm. 00* 72.* 

Baring Brother! ft Co. Ltd.? (bKx) 
8fiLeadonballSt,KC*. 01-5882830 

us su da 

Next nib. day July &. 

Blihopagate Progressive Mgmt, Co.? 
9, Bishopsgsle. ECU 013886280 

B'cataPr.**lime 20, 0M4 196A4 I 356 

ASum-June2(X.^5 2S3 .,.!j 356 

B'sxtclnt June 21 -0725 U3L6I J 2*4 

CAccumj June 27—0905 2029 . — J 

Mu • — k Am *i,t. ti ** * uly 4 


t* 


» 

856 

656 

335 

6*8 

122 - 


Gartmore Find Managers ? (aKg> 

2, St- Mary Axe. EC3A 8BP. 01-2833531 

ittAmurieanTft— 128.7 and 

Extra Incone Ttt— “ 25X 

(XI Far East. Trust— 3U .S9J -OJ 

BBBta 

a«ta= gf 

IxHutLTXLCAKl-PU 357|+aq 

Gibbs (Antany) Unit Tit. Mgs, Ltd. 

3&Bl«uaeldSL,BCZM7NI_ 01-5884111 

(■LAG. Income* — J4L4 44fi +051 £« 
(BAG.groWthrt-WT 4853.1 4.90 

Gavett (John)? 

77. London WslXK-CJ 01-5885820 

*as5SdR.fiHFi « 

GrleveMS Management C*. Ltd. 

0X6064433 


Perpetual Unit Trust MngmL? (a) 

48 Hart Su Hrnley on Thames IW12C8C8 

PpetualGp*th 04* 4 U) 1 1«1 

Piccadilly Unit T. Mgnx Ltd.? (aHb) 
WardB*te Hae, 90a London WB11EC2 6380801 

Extra income EL* U V+OJi 9.90 

Small Co s Fd 57 J 99* . — 5» 

CaplialFund. «L8 44.74 407 

M.BW ft Assets.. 449 48J* +0 J . 2.JJ 

PricuteFund JO 37C +01 4.46 

Accumltr. Fund 593 63 j +0.4 552 

Technology Fund— 54* 575 358 

Far Ea»tFd..._- Z7J 295a: +0.7 100 

American FUnd 3.4 3*4 -OJ 250 




jjljj 


4*5 

4*5 

EJ.4 

8J4 

158 

158 

2.93 

293 

434 

4J4 



50 Gresham St, ECZP ZDS. 

Barrington JuncSS. 098.6 
lAmutiUnlW-— - 345 
BtBULYdJnneSO. X73J 

^Sesv! Jtme 8 }sFZl 193J 
(Acemn. Units)— — - 1999 
Grocbstr. JuneSO.. 93.9 

ffiffiffiS-a: « 

(Accnm. Units) J7Z2 

Guardian Boyal Ex' Unit Mgra. Ltd. 

RasfMlBKh*nBe,SC3PmH. 014288011 

(sc)CaaxdliiUTft-|S75 9071 4 4*7 

Renders on A dtofadi tration? mKcKg) 
Premier UT Admin., 5 Rayleigh Road, Button, 
Brentwood, Essex. (097-817236 

UX Funds 
Cap. Growth I nc- . 

Cap. Growth Act— 

Income ft Assets— 

HJUh beams Funds 
Hieh Income — . — 159.3 
Cshot JEXin Inc.. — 05.0 
Secte Rm h 

i^nftocUl&ITC |ZU 

OUftNoLfies 1273 

In trrnaHanel _ 

Cabot E- 3 

Intornxtlooml !33.7 

WWd.Wde JuneSO. [714 
Oxnas Funds 
Australian-. 



Practical Invest. Cc. Ltd.? (yXci 

49, Bloomsbury Sq. WC1A2BA 01-6238883 

Practical June 2B-. 0483 157 7J — I 456 
Accum. Units 009.7 223.Q J 456 

Provincial life Inv. Co. Ltd.? 

222. Blataopagtte, EC J. 01-347 KQ3 

Prnd L Portfolio Mngnx Ltd.? (aHbKc) 

HU bora Bart, SC1N 2NH 01-403 0222 

Prudential .0220 1295] — I 455 

Qnllter BEanagemeut Co. Ltd.? 

Tbc Stk. Exchange. EC2N 1HP. 01-600 4377 

i^=si 

Reliance Unit Mgra. Ltd.? 

Reliance H*t, Tunbridge Wells. Kt 088222271 
OWHatunftyTO — 169.4 6&« ._,! 5.46 

Scfddrtla T. (Act) „ H16 44S- 

EektanleT.Ine — 005 43.4) _ 

Ridgefield Management Ltd. 

38-40. Kennedy St. Manchester 0612338321 

Ridgefield Int UT.IMX0 1£7*M J 25g 

Ridgefield Income. 03* 99JM -I 10-49 

Rothschild Asset Management (gl 

7280, Gate house TO. Ayloibuiy. 0296 SMI 


N.C. Equity Fond— 16U 177.4 

N.C. BjgyJEtea-TsX 110.8 117 J 

N.a Income Fund.. IMS 154* 


m 

96.71 7.“ J 179 


tali}-.. 


X74 

453 


35* 

57-9| +0 J 

395 

42*1+05 

75* 

■XU +0J 

39.4 

4^+OJ 

120.9 


5X0 

53J) +0 J 


North Amor. .... .... 

s asssssssy 

RUl Suuel Unit TM. Mgra-t Oti 
45B«ecbSt,EC2PZLK 01-8288011 


W2 

[76* 

187* 



155.71 -BJB 553 
59* -0J 523 

82J -0.1 277 

310 +05 «5 

99* +0.9 4.91 
28J +0J 7.75 

541 -OJ 5.90 
30.7 n +fij 8*3 



259 


Next sub. dmf ■July IX 

Bridge Fund ManegerriKaXc) 

Klni William St, DC4R BAR 01-4284851 

American ft Guh4l-|2<* 

Income* MBS 

Capital Inc.f ,■■■-■ H4 8 




Dealing *Tnes. fWed. mum. Prices June 

21138138. 

Britannia Trust Management fa) (g) 

3 London Wall Building^ London Wall. 


London BC3M SQL 

A«— |B» 

Capital Arc 5*9 

Commftlnd — 54.9 

Commodity 775 

DonM-srtr P6S 


01-830 0478*47* 


Exempt——— 013.9 
.Income .. t 


Extra HI 

I Far East 


U8J I 


Financial Be es — - f 
Gold ft General— HA 

Growth—— — — 77JI 

Inc. ft Growth — — ~ 715 

Iafl Growth 63* 

ImeftTsLSham- 417 

Minerals.. — — - 36.7 

Nax mga nc 7*9 


North Anwrt can — 217 

nsl 4(35 

Property Shares — U* 
Shield *49 


S3 


395 -0J 
86* +0J 
Shi a 
30 9a -0.4) 
508.9 k +2.91 
lit 
475 -0J| 
XU 

345 -0J] 


541 -OJl 
8X4 +dd 

119.1 +02) 725 
4X7 ~ 

242 +0J3 

MS 133 

832b -0JI 
767 +53 
68.7 +051 


5*1 

4*9 

477 

5*3 

439 


941 

Z9B 

4*7 

3*2 

415 

753 

229 

358 

329 

844 

476 

US 

4*6 

2.9T 

448 

X06 

ZU 


The Brltiab life Office Ltd.? (a) 

Reliance Hsa^ Tunbridge Walla. XX 060222271 

BL British Life M.7 SXS -0J] X75 

BX Balanced* (455 • — Zj 5*7 

BL Dividend* _kL4 443j ZZJ 9JS 

•Prices June 38- Next dealing July 5. 

Brawn Shipley ft Co. Ltd.? 

ItoEts-.ftsindersCt-ECS 0X400853] 

BS Units June 27 -009* 22S.7I+271 5J4 

DafAccJJuneZ7_[Sl5 2tL5(+3it 5J4 

W 


3521 


423 


Growth Accum. 1444 47J 

Growth Income 3SA STS + 93. 

High Income g* g5 +0J 

Index 2X6 25Jn -OJ 

Overseas »2 202a +02 

Pe rforman ce.. . . p72 6X8) +02 


Canada life CnU Tat Mngnx Ltd.? 

34 High SL, Potters Bar. Herts. F. Bar 51123 

CamGeaDisL 137.7 39,71 . — I 439 

Do. Gen. Accnm _ M.7 4831 J 439 

Do.toC.Dlft [32.7 344 -Dj] 7*9 

Do. Inc. Accum 142* «*-OJ| 7*9 

Cnpel (Jszsren) Mngt Ltd.? 

300 Od Broad SX, BCSN 1BQ 01-886001* 

^==P g |=1 » 

Prices on June 2L Next dealing July X 
Carilol Unit Fd. Mgra. Ltd.? <UMc) 
MDburo House. Newcastle-upon-Tyne 21185 

£?!fcusr:!S S3 «=j 8 

SS:2SSfe:Si ffl=d 8S 

Next de alin g date July tt 

Charities Official Invest. Fd4> 

77 London WMX EON 1DB. 0L5B81SU 

Accum. June 20— 05X1 — 1 

^n nwnrti Only nsildblfl to Bsfln CbiHbci 

ChgrtertMMue Jajdiet? 

X Paternoster Raw, EC4 01-398 3UB0 

CJ. Internet 1 ] 


, ) British Trust — 

Igjlntt Trust _ 

(B Dollar Trust 

it jMSMft^ 

(bi Income Trust — Q6.4 
ibi Securto Trust _ Bad 
tb) High Yield Tst_ 

Intel? (aXg) 

15, Christopher Street, EC2. 01-3477243 

Intel. Inv. Fund KM* 9X4ri| -X6| ' 6*8 

Key FUad Managen Ltd. foXg) 

aS.HUfcSt.BC3V 8JE, 01-6067070. 

Key Energy IftTO-175* N-M +04 355 
1 & GdflL— 

jFmdZ(R|.9 

Key Fixed rntTO-M B 
Key Smalt Co’s Fd_ 

Kletnwoft Benson Unit Managers? 
20.FencharchSt.ECJ. 01-8X18000 

Kfi.UnltTO Inc. —184.9 92JI J 5*9 

«CB.UnilTOAc—M60 13X2 „J 5*9 

OTTO Inv. Tits. -|55J 595) 3!1 490 

L & C Unit Tract Management Kid.? 
The Stock «*h»"g* BCSt 1HP. U-588 3800 

LftClncFd. 034* 139*1 .} 7.73 

LftC lull ft Gen TO. |96.9 99.9) — J 222 

Lawson Secs. Ltd. m»Mc) 

87, Quran's St. London EC4R1BT. 01-3365281 

+Rsw. Materials [3X6 42JI 6.17 

ftfAccum. Units) 03 472 607 

-Growth Rind 547 59.7 +2J 298 

-•(Accum. Units) — 603 65.7 +22 298 

ttGilt and Warrant- 363 39.7 X95 

»= S3 

"•High Yield 445 515 10.92 

-tASum.Unitai-.6Z4 7Z2 UL92 

DesLAMon. Toes. tfWed. JThnra — Fri. 
Legal it General Tyndall Fond? 
lfiCanynge Road. Bristol 027232341 

DU. June 14 157* 612] J 526 

(Accum- Units) 024 7ftS ] 526 

Next suh day July tt 
fsnwhw ddminiatration lid. 

Z Duke SL, London W1M8TP. 014855001 

iSSfc=|S3 2H:d SS 

Lloyds Bk. Unit Tut. Bfhgn. lid.? (a) 

22*"* 01-8281288 
Fto4(BalncdJ — —I486 5ZZ+06I 463 

Du.(AcctmO 66.9 714 +0.9 463 

Second (C^J 5X3 55-la +*i XI* 

Da (Accuau—— 646 69> +2S 3.10 

Third Onccme) 79.9 8X1 +0.7 6J9 

Do. (Accnm-) 109* 117.6 +X0 629 

Fhorth CEiIncj — . 57* 62J +0J 826 

Do. (Accnm.) 0X8 7X7) 826 

Lloyd's life Unit Tst Hngra. lid. 

93*0. GstehbuselfaL, Aylesbury. 02885001 
Equity Accum. _^_05Z3 360J| — 4 «» 

M 4 G Group? (yM cXx) 

Throe Qaxrs, Tuner RID, EC3R ffift 0BB8 4588 
See also Stock Jtxchango. ^afings. 

58M+8.9I X*C 
XU +xa 4.« 
88J +LM 448 
13Z! +0.9 3*0 

gj +0J is 

222AM +03 til 
2323 +0.7 IXtt 
■ 5X3 +82 328 
52* +02 32* 
S7J +0.3 856 

? illd S5 

& as i§ 

79.1 +DJ 467 
Z7&*a +0.6 X90 

275J +0.9 5-90 

]M2r +03 167 

mj +0.4 BAT 
ITU +32 1*5 
1712 +3J 1*5 

ZM.5 +13 %n 

^H+ij ttt 

+0.4 


Nr. imx TO (Inc.^90.9 
N.C. InlL Fd. (A 
Nr. SmOr Coys 

Rothschild & Lowndes Mgmt. fa) 

SL Swithlns Lne.Lda.BC4 01*204358 

NewCLBcampt— ~(£US* 13Z0| ..-.J X54 

Price on June ]& Next dealing July 17. 

Rawan Unit Triut Mngt. LtdL?ra) 

CUy Gale Ran, Finsbury Sq< DCS. 01-8061088 
Amaricsn June 90. 

Securities June 27^ 

High Yld. June 2S._ 

(Accum. Pal mi. 

Merlin June SB— 

(Accnm. Units] 

Royal Tst Can. Fd. Mgra. Ltd. 

WUermjTi Street. XWJ. 01-8W82SZI 

i:? Hda 

Prices at June 30. Next dealing July 14 
Save & Prosper Group 
4 Great SL Helens, Isndon BC3P SEP 
88-73 Queen SL, Edlnbnrsh ER2 
Dealings to: 0L8M 8800 or 081-228 7351 
Save & Prosper Securities lid.? 



High Return. 

Income 

DX Funds 

UK Equity 

Overseas Fundsts) 

§?==■* 


Commodity. 


Flnunctol Bees. f 


SUM I 7*0 

23321 IS 

45.1) -OJ) 494 

328 

-OJ) 129 

8X71+0.4 408 
7*2 +03 X7| 
76.4s) +0^ 3J2 


Select lntonst — IS7J 
Seloct Income 01A 

Scetblts Securities Ltd? 

Scathdts [381 

Sratyteld MSA _ 

<^nf«hftrft« _ r 59. 


W2M 

? 

48.91 -031 

S3 3 


Z2S 

7A1 


395 
7.77 

450 

ScoLTOGth** CS3.9 2®_(* 1 221 

SeoXEz.T)dL*4> .0687 168-Sd ..._J 7A8 

Prices at June 2a Next tub, day July tt 

Seblenlnger Trust Mngrs. Ltd. (a) ft) 
140. South SmeCDorldng. (0338)88441 


Exempt High Yld _ 255 
Exempt .Ldra_aU 

Extralnc. Tid. 28 4 

Income Dirt. — - 37.6 

Inc. 10% WdrwL 2X5 

T -**-l d.wa(l. 48.4 
Inv.Tft UnltS-__ 35.X 
Market Leaden—— ZB.l 

'NO Yield 1 27.4 

Pret ft GUt Trust 22* 

ftupertar Shares— M.9 

&MEcialSiL Ttt 26.7 

lift Grth. Accnm. 2X0 
DJC.Grth.DUL— 185 


226 .. . . 
293 -OJl 
26J .... 
26JU -OJl 
3A5 
40 Ac 
30Jocw 
52* +42 
27*s +03 
332 b -OJ] 


2*9 
432 

B +03 — 

—OJl 


!S 

BSl 
4 m 

9.70 

10.10 


1268 

1233 

2A2 

XJg 

5-181 


J. Henry Schrader Wagg & Co. lid.? 

U0,Cheapsida ECZ, _ 0l^»03C34 


Ameri can 49* 

(Acenm. Doits)— - SO* 

Australasian — — 541 

(Accum. Units) 55* 

Commodity— TAM 

(Accum. Units) — _ CX7 
Compound Growth. U5* 
Conversion Growth iS* 
Couraralcnlnc: — hZ7 

Dividend U40 

(Accnm. Units) 12162 

Min^ pfan 

(Accnm. Units) |4t3 


(Accum. Units) 
Far East 


(Accum. Units) 
Fund of lav. 
(Accum. Dnita) 
General 


(Accum. Units/. 

gtyli Jnwm« — 97,8 

(Accnm. Units) 169* 

Japan Income 16X2 

(Accum. Unto) M2* 

Magnum — ... PB5J 


( Accum . UniU) — £740 

(Aceum^Jnlcii — ^ 78* 
Second Gee. Jwi 

(Accum. Uni tit - 

amriaUsed TOnds 




Capital June 27— 99* 

(Accum). — ■ ■ » ■■ — 1287 

Income June Tt 1792 

(Accnm Units)- — 2562 OTi — 

General Jane 28 8X2 845 

(Accnm. Units) 1*0* 204J — 

Burope June 28 303 322 — 

(Accum. Units) 33.4 ®5 — 

ipcoftChnrFdJnTO 166.7 17X 8 __ 

•Spec Jh June 7_. 2«U 2506 

*3BravnryJune7_ 3095 . 3953 


230 

23) 

724 

7*4 

3*7 

IS 

229 

444 

ID 

497 


1687 

^9 




177.' 


Trustee 
(Accum. Units) 
Chari band J tme 27., 
Chsritd. June 77 
(Accnm Units) - 
PensExJuly 



440 


Accnm Units. 
CJ. Income. 



C J. Euro. Fin P62 

Accnm Dnita Eg* 

CJ. TOlnv.Ttt ,(27.4 

Accum-Unita -JSL4 
Price June 28. Next 

Ckieftirio Trust Managers Ltd.?(aXg) 

UNewSLECXM4TP. DL283283Z 

American |®m 244 -0JJ 1*2 

nijch i^co. 

Basie Bcsrce. 

CanfBdersttai Pends MgL lid? (a) 
SOChancayLane.WCaAlHE 8*000382 
Growth Fund [419 43J| I 440 

Coosepelitan Fund Bbsagera. 

3s TOnt Street. London SW1ZSEJ. 0X3858525. 

COMZnopotB.GthJFil.p7Jt 1BJI — J 450 

Crescent Unit Tst. Mgra. Ltd. (aXg) 
4 MeMleCrejL. Edinburgh J HUBB4D3X 
Crascacft Growth— P6* 2U — J 265 

CreftlntennCL— W5 6Z7l+Lf3 173 

Cros.High.Dtat-.gU «SJH .. . J 9.07 

Cres-BeauiiiJl— 1393 42JI —03 445 

Cre*. Tokyo, — —044 S3 + BJq X35 

DUeretionary Unit Fund Managers 
22 BlomfleklSL.EC2M7AL 014384485 
Disc Income 060* ' X73Lfl — 4 5*6 

K, F. Wiachester Fond Mngt. lid. 

(Rd Jewry. EC2 01-80821*7 

Greet Wtodwster— ttt* HA] J 6*4 

Gt Winch'd- CTseesja* ZLN . ^4 4*8 

Bbuoh & Dndley Tst. MngmnL Ltd. 

90, Arlington SL, 8. Wl. 0L4BB75G1 

Eriuen Dndley Tft.J475 72*] | 3*8 

Etnifai Secs. Ltd. (•) 00 

41 Blstwpscate. EC2 0MB838S1 

ftuges s iva 05* 692j | 412 

Equity * law Un. Tr. M.? (aXbXc) 

AnBraftatBR(f..HlghHyaMahe. 0*433377 

BjuityftLaw, 046 6U] -02] 429 

FmUngton Unit Xgt. JU4. (a) 

5-7. Ire) sod Yard, EC4B 5DH. 01-2480071 

B zz — i* 

2244 3,90 

H8M I 7J6 

ltt^ I 249 

11*0] — 1 2*4 

FMenda' Prcrtt Unit Tr. Mgn.? 

Ht[ww )M TWHiir IXKMliKWH) 

Friends Pro*. Dts_|«.4 4421 _.J 435 

Do. Accnm. — — ,pZ4 57^ -*J| 435 

G-T. Unit Managers Ltd.? 

14 Flnttmiy Qicns BC2M7DD . 01*288131 


H4L 3 
&73J .. 

® WUK+131 

Manulife Ltd. 

8L George’s Wsy.aevensge. 083858101 

’ Growth Units. — — 0OJ 5271 J 435 

Mayflower Mmignina i t Co. lid. 

14/18 Gresham St, SC2V7AD. 01*088086 

«!=!* i 

M er c er y Fluid Mmitgera LtaL 

80, Gresham SL. EC2PZEB. 0*8804555 

Mere. Gen. Jonc8_r 
Acc. Uta. June 28—1 
Mere, tot Jnn+2B^tof 
Accra Uta. June 38.08.4 
MereErtJunett — 

AecmUta. June98_l 

Bfidland Bank Gnnp 
Unit Trust Managers lid.? (i) 
Comtwood Souse, Silver Street. Head. 
Sheffield. SI 3RD. Tel: 074279842 

Commodity ft Gen. .6 
Do. Accum... -■[ 

Growth- .——.I 

Do. Accnm. ( 

Capital- E 





•For tax exempt finds only 
Scottish Evitable Fhd. Mgra. lid.? 
91 BL Andrews Sq. Edinburgh 031-R8D101| 

Income Units MB* SL* 1 W 

Accum-Unita-^ — 5a3 — 4 Ml 
Dealing day Wednesday. 

Sebag Unit Tat. Managen lid.? (a) 
PO Box SIX BcUbty. Hst, EC4 01-23850001 

isasssa® ■ Mta a 

Security Selection Ltd. 

15-19, Unaoln's Inn PleldftWCZ 01-831 8B38-0 

UnvlGthTttAcc 042 25J5 — -I 2*9 

UnvlGthTstlnc—jzLl 225^—4 U9 

Stewart Unit Tst. Managers lid. (a) 
45. CbadotteSq^ Edinburgh. 031-2263*71 

I B taw si t Amort 
Standard Units 

Accum. Units 

Withdrawal Units -0X3 54' 

•Sewait BrtUsh Cagftal IM 

DeaUratik *We57 
Sun Alliance Fond Mngt Ltd. 

Son A1U race Bse-Honfaam, 040384141! 

Target Tst Mngn. lid.? (aKg) 

3X Gresham GL.BCZ Dealings: Q3D6 SMI 

Target Commodity. 

Target Financial 

Target Equity 

Target Ex June 28 _ 

*Do. Acc. Units 

Target Cilt Fund— 

Target Growth — . 

Target InlL— — 

Do. Belov. Units 

TSS-teaz:! 

toe. 

‘gL SpeciM Stta^-093 
Target Tst Bfgra. (Scotland) (aXb) ' 
tt, Athol Crescent, Hdln.fi 0SL32B882U2j 

Target AmerAglritt.O 24M [ 135 

Trades Union Unit Tat Managers? 
100, Wood street, KU2. 01-82SB013 

TOUT June J 00J JM 1 530 

Transatlantic s»4 Gen. Sees. Co.? 
0L«D New London TO Chelmsford 03*551851] 



Da Accum.,. 
International 
Da Accum. 

High Yield. 

Da Accum. _ , 

Equity Exempt*—: 
Do. Accum. * 


Priicstt Jar* SiNexl deshngjuly BL 

Mfweter Fond Managers lid. 

Master H»,Artto St EMRflBH. 

0MH3 1050. 

ffiSJSSzrgJ aa-Ts] IS 

MIA Unit Tnut Mgenmt lid. 
OidGoeen Street, SWEHfiJG. OL8907333. 

MLAUnttf — ■ 093 4L5] 1 434 

Btatnsl Unit Inge Managen? (aXg) 
15, CopthalJ Ave,BC2B7BU. 01-8084803 

MSSfcB Mif 

Mrinil BlutChlt-IttS 4ft, 

Mutual High Yla — 05,7 5ft; 

National and Ceanmercial 
BX SL Andrew Sqnare, Edinburgh 031*5580151 
Income Jonett- 

Unltsl. 




7*1 

6*5 

8*7 


(Accum. Unlta) 1107 

giirby iMB. B| 

(Accum. Units) loj 15 

Comb Id. June 28 49.4 9 

asEsan=» \ 
VSGSOazK l 

(Accum Units) 57.7 6 

JSSTurfS!^: w * t 

ftSKElSxlK 2 

(Accum UnltaJ C4* 4 

wlcfcTrJunen ».9 6 

(Accum Units) «.9 7 

Wick DX June 30. „ M*' 6 

Do, Accum 1^9 7 

Tyndall Managers Ltd.? 

IB, Canyoge Road, Bristol 




taa 


0*7232341 


Income It 


V** 




&12 

6J2 

3.71 

1.71 


f A er m e Unllti — — 

National Provident Inv. Mngn. lid.? 

411. Claim liinrhfttiUnnrm 0X8234280 

NJ»iGth.Un.Tat_‘ 

S 

(Accum U altar” — tffl j 
•frtees on June zft Ncxt 
•Prices on Jnae 3ft Neat «t—u-g jmy 3S. 
National Westnduterffe) 

ML Chespttde HSV dEU. 01808 8000. 
Capital (Accum) — Ha* S fsmi -U{ 431 

Enrslnc W.4 6871 _T]J 7.97 

Financials. P47 

Growth lav BCrJ 



37J -0J US 
936 -OJ 5JZ 
37.7 *74 

7Ue -OJ 5*9 
654 +82 ZZL 


MftS .._.J 

1X4( 

1271 . 
3786 ..... 
1142 . — | 
16X3 . 
249.1 . 

278. ( . 


aT. Cap. Inc 
Do. Ace 


•8.4 

G.T. lac. Fd. Uu U8* 

G.T.D&ftGan — «41 

CT tort. Fund— 1233 

G.T. TOur TdsTO— (541 

(SLftA. Tract (iXD 
5,Rayl+tghTM;Brenroued 
G.ftA „ PJ3 



<02771229300 

33A l-9Ji 497 


sSsssEil 

NSL Trust M raa g m lid.? (aX£) 
MUon Court DorUng. Surrey. SOU 

sssierto^Bi ss 

Far New C*ort Hmd Hnagen Kid. 
see EethscUk Asset Bfansgeuient 
Norwich Union Insoranoe Group (b) 
F.a Box 4>'orertdLNBaaNG. ORBSttOQ 
Group Ttt. TO— Jttai 355.91 +0*1 H7 
Pearl Tract Mraagm Ltd. (aKgKz) 
232filfibHolbora.Wn.V7EB 014058441 
Pearl Growth TO- fe4 24 JI I 5*7 

ttisSF=B jHda 

Heart Unit Tst- — -gjl 3t7S -a J 5*4 

(Accnm Unlal J*41 47fl -«3 5*4 

FClican Unite AdnHw, Ltd. (tXr) 

B1 Fountain SL. Manchester ' 081-238 58S 
FeUcsnUniti — W6 87JI-8JJ 5J7 


. mA 

(Accub. Units) 175.0 

Exempt Jane 28 __ 2B&6 

(Accum Units) 12&0 

Scot ft Can June 28. 1342 
(AcramUniti)^™ 159* 

SeeL toe. Jane 38_p60.4 

Lawdro Wall Grab] 

Capital Growth »5 

Da Accnm P > 

Extra Inc. Growth™ 37.1 

DaAeetaL OJ 

FtemSitfPFrtr 148 

Do. Accum. 18* 

High Inc. Priority- W.9 
liifomHmul , S0.T 

Rectal Sits 00.9 

TSB Unit Tenets (y) 

2X Chantry Way, Andover. Hants 028482188 
DeaDngs to 02M 83429* 


rum General—. 

SW“ 



47 J „.... .3*9 

59.7 -OJ 3*9 

6Xlr -&2 758 

63.7 -0J 758 
873 +DJ 236 
917 +CJ 2*6 


(ft) DO. 

Ulster Bank? (a) 

Waring Street, Belfast 0SS23S331 

(bJUtatar Growth ™.p63 3J*| .....j 5*1 

Unit Tract Account & Mgmt. Ltd. 

King William SLEG4R BAR 014234801 

Da Accum 01* 35*| .....j 439 

Wrier Growth Food 

King wnitamSt-EMB BAR 01*234051 

Ineome Units Q9.1 3X71 J 439 

Accum Units — _plS 35*| __4 439 


OFFSHORE AND 
OVERSEAS FUNDS 


A rbnlhnot Securities (C.I.) Limited 

P.O.Box 284. SLHcIifT.Jer-vr. 063472177 

Ca p. Ttt. (Jersey) 1116.0 320.01 [ 417 

Next rtealtnc date July 4. . 

East ftlnU.Tn.iCI i..|llb* 3Z3.14 I 90S 

Next suh. July ft 
Australian Selection Fund SV 
Market OpportunltMn. c^o Irish Young ft 
Oulhwmre 127. Kent St.. Sidneiv 

USS1 Shares _. —I SUSL52 | 4 — 

Net Aiwt Value June 19 
Bank of America lnlernational SA 
35 Boulevard EtoyaL. Luxvmbourt; GD. 
mdinvcst Income. .fJl'SlttH lfl8.6d-.D3fl 730 
Prices at Juno 2P. Next sub. Jay July ft 

Bilk, of Lndn. & S. America Ltd. 
40-66. Qumd Victoria SL. ECA 0I-S3U 2313 

Alexander Fund— [SUSiM, — | —l — 

Net asset value Juno 2ft 
Banqne Bruxelle« Lambert 
3. Rue De la Regcnce B 1000 Dnistalt 

Renta Fund LF 0*79 L937] -51 7.78 

Barclays Unicorn Int. (Ch. Is.) Ltd. 
LChBringCrOGS,StHelier,Jrsy. 053413741 

1125 
4*5* 
6.00 

Subject to fen 'and u-ithholdmc taxes 
Barclays Unicorn Int. (L O. Maul Ltd. 
1 Thomas SL. Douglas. Ia*L 0BW 4856 


King & Shaxson Mgrs. 

1 LTurinnCre<a.SL Heller. Jersey. (0534)73741 
Valley Use. Sx Peter Port. Gmsy. iKQD 24TW1 
1 Thomas Street. Douglas, LO.M __ 1OSMH8W 
UilH-’undtJetMfy)..(9a) 9. 

till! Trust il o.M > ...102.7 105 < 

Gill Fnd. ilurnurtllJ! 9J 

InlL Govt. secs. TsX 

Kin-iSicrliiu:- - -11841 184*. — — 
First IntL — __|lB567 IBftttl J — 

Klein wort Bonson Limited 

S», Fi'urhurrh St , 


016238000 


Eunut+tX Xus. F. 

GucrnM-ylne M2 

Do. Accum. |79 3 

KB Far East FU..... 
KBInll Fund. ... 

KB Japan Fund .. 

K B. U fi Gwth. Fd. 
SlRDCt Bermuda.. 
-UnifondsiDJfi... 


-I 


+oiS 


3 JO 
408 
401 
X21 
2.04 
0 73 
0.75 
LOT 
8*9 


i_ •_ m ak. iixiia, . out 

Overseas Income -|483 _ 5flS| ... J I 

Un! dollar Trust l«UB llH J 

U Riband Tnut U3USJ0 Mil) .] 


Unlearn Aust. ExX 


1518- 


Da AtuL Min_, 02.Z 


Do.Crcr Pacific — _ 

Do. lull Income 1372 

Do.l.otMacTsI (45.7 

Do. Manx Mutual “ 


1*0 
1.73 

40 oj ™L'l 440 
49 3 5.90 

J25J- - 27 Jj .....| L» 

Blshopsgata Commodity Ser. Ltd. 

P.O Box 42. Doufilas. Lo.M. 0824-23911 

-June 5 {Strata fi. 

CANRHO* a J une 5-UX155 1*1... _ 

OJL'NT** JuxmpS (UJQ2 2*651 I X97 

Originally issued at *110 and "£tl 

Bridge Management Ltd. 

P.O. Box 50ft Grand Cayman, Cayman Is. 

N'bashi JuneS 1 Y15J38 | 4 — 

G P.O. Box 5B0. Hong Kong 

NlpponFdJunett^ma^.ttM —4 "*« 

Britannia TsX MngmL (CD Ltd. 

30 Bath SL. SlReUer. Jersey. 053473114 

Sterling Denaminated Fd*. 

Growth f uvesl 3X5 

Intnl.FU. — — — CO 
Jersey Energy Tst.. 140* 15LI 
UtLkrol.STU.Sie—. ttW- 2*S 

High InLStlfi.Trt.... 00.97 XO 

l’_'v Dollar Dexmnlnatad Vds. 

timvil JTsL WWJO 5371 — 

InLHiJth InL Ttt. — RU5I.97 101] | 9.0 

Value June 30. Neal dealing July 3. 

Brown Shipley Tst. Co. (Jersey) Ltd. 

PO. Box 583. SL Heller. Jcrbor. 053474777. 

Sterling Bond Fd...|L10 06 10.11|4010| 12.10 

Butterfield Management Co. lid. 

P.O. Box 195. Hamilton, Bermuda. 

Buttress Equity — BJ6 X44| — I J M 

Buttress Income.. -JL97 2.04| | 5 85 

Prices at May tt Nest sub day July 10. 

Capital International S.A. 

37 rue Notre- Dame, Luxembourg. 

Capital InL Fund — 1 SUS1726 |-(IJ)2i — 
Charterhouse Japbet 
X Paternoster Row. EC4, 01-7433999 

Adlropa- 
Adi verba 
Phndak-. 

Fondls 


X059 

68 Of 
83 9| 

5US1155 
SUS1X29 
SUS3407 
SUS1196 

, SUS4K 

1880 I9»f- 

•KB act as London payloc aentta only. 

Lloyds Bk. (CJ.) U/T Mgra. 

P.O.Box 193. sl Helier. Jersey. 0SHr»l 

Lloyds TsL O' sea s~.)5B 4 61 fl J X24 

Next deal me dole July 17. 

Lloyds lnlernational Mguut SA. 

7 Rue du Rhone. P.O. Box 179. 1*11 Geneva 1! 

Uoyds InL Growth. IsnXLM WJM . — l XU 

Uoy ita InL Income. |sF3tU0 H45o| | 440 

M & G Group 

Three Quays, Tower Tim EC3R 6BQ. 01*25 4588 , 

Atlantic June 27 Uus? 71 31 

j\usl Ex. June DR - . U'-S 2 W U 
Gold E*. June 28. .JL'fRW . ... 

Island 124 2 13*^ +0fl43tt 

(Accum Full*' 075 7 1B7.0| +0 b| *iSh 

Samuel Montagu Ldn. Acts. 

114. Old Broad BL. ECZ 015886464 


360 

X04 

X9B 

074 



ApolloKd Juuc=l .|SF4790 5210 

Japle-i June 19. _ HILKUO 1173 

1 17 Grp- June SB ....Ri™ 55 1133 

117 Jersey- June 14-1(5.15 5 65 

injrnli'sJuDC 21 .012*6 12.90 .... 

Murray. Johnstone (Inv. Adviser 1 

IG3.HopeSL.CliBgnw.CS. 04ISS1 XISl' 

-Hop*- S»L TO I SUS3631 1-7631 — 

-Murray Fund I SUS10 71 MS} — 

•NAV June 30. 

Negit &A. 

30a Boulevard Royal, Luxembourg 
NAV June 23 | SUS10.73 1 4 — 

Negit Ltd. 

Bank o( Bermuda Bldys-, Hamilton. Bnnds. 
NAV June S3 — . — 1£5 46 — | .. ..4 — 

Phoenix International 

TO Box 77. SL Peter Port. Guernsey. 

Inter Dollar Fund.. |S230 Z481 ( — 


0334 2744 

l£ jjy 8 


052423914 



Emperor Fund — BUS2.41 

Hlspano —.ISUSMT? 

Clive Investments (Jersey) Ltd. 

P.O. Bos 320 . Sl Heller, Jersey. 0334 37381. 
CllveGlItTOiCD.nOAS 10.051 — J 1X00 

nireGiltTO.Ucy.i-N-01 lo£| j 1X00 

Cornhill Ins. (Gnernsey) lid. 

P.O. Box 157. SL Peter Peru Guernsey 

Intel. Man. Fd. 064.0 178.5i i — 

Delta Group 

P.O. Box 3012. Nassau. Bahamas. 
DclUtavJuae 29—0X70 X79| — I — 

Dentscber lnvestmenl-Trnst 
PoeUach 2889 Blebercaxse 8-10 6000 Frankfort. 

Sjof Z'~'\ — 

Dreyfus Intercontinental Inv. Fd. 
P.O. Box N37tt Nassau. Bahamas. 

NAV June 27 [IUS14J5 1U6| I — 

Emson & Dndley TsAMgXJrsy.Ltd. 

P.O. Bor 73. SL Helier, Jersey. 053420991 

E.DJCT. |U7* 125.41 — ■■! 3*0 

Eurobond Holdings N.V„ - 
Kasdelskode 24. WlUemttead. Curacao. 
London Aitenta: IntoL ISChrUuwber SL.E.C*. 
Tel: 01217 7243. Telex: 881440ft 
NAV Jane 30. [KSUS — ■ 

P. St C. Mgmt Ltd. Inv. Advisers 

Xanronee Pountney HUX EC4ROBA. 

01-823 4600 

CeM-Fd- June 28—| .SUSSfil 1-0.031 — 

Fidelity Mgmt. & Res. (Bda.) Ltd. 

P.D. Bex 870. Hamilton. Bermuda. 

Fidelity Am. Abb j SUS2A96 J 

Fidelity Int. Fund J SVSZLA8 ( 

Fidelity PSC.TO — 5US47A3 | ...^ — 

Fidelity Wrld Fd SUS14.45 1-003 — 

Fidelity Mgmt Research (Jersey) Ltd. 
Waterloo Hse, Don SL, SX Belter, Jersey. 
053627S81 * 

Series A (Intel.)— 1 £3.78 I — 

Senea B (Pacific) — I 18*3 — J — 

Series D (AmAsa.il 07.12x1 | .—4 — 

First Vnring Commodity Trusts 
ft SL George's SL. Douglas. Lo J!.' 

0834 4682. Uto. Agls. Dunbar ft Co. Lid- ' 
S3LPallMalXUmdonSW17SJB. 01-330 7 Sj 7 
FsLVtk.Cm.Tot — B73 Mil _.4 Z » 
FW-VtOtJ-Op-Tlt- (74* ■ 79.M —I U» 

Fleming Japan Fond SJV. 

37. rue Notre- Dame. Luxemboure 

Fleming July 3 1 SUS53.72 |+U0| — 

Free World Fond Ltd. 

Butterfield Bldg., Hamilton. Bermuda. 

NAV May 31 1 SUS179*S l 1 — 

GJT. Management Ltd. 

Pork Hne_ 18 Finsbory Clrcua; London ECSL 
Tel: 01-828 8I3L TLX: 888100 

London Agents for . , . 

Anchor ‘B* Units IDSfl.41 0.91.— .1 1*9 

Anchor GUt Edge _ (953 9.59c -fi.2tJ 13*4 

Anchor InL Fd SU5 )Il« 4M 1 L72 

Anchor to Jsy.Trt . Z65 28J 

Berry Poe Fd. SUS4724 

Berry Par Sri c 2B9.no 30*64 

G.T. Aria Fd SHK9J5 9J5 

G.T. Asia Sterling-. £14*1 15*9 

bG.T. Bond Fund SUSJ332 +0.031 

G.T. Dollar TO SUS7.06 

G.TJPacifieFd 5USI4J4 

Gaitaore Invest. Ltd. Ldn. Agts. 
ftSLUory Axe, London, EC3. 01-2833531 
Gartmore Fund HngL (Fur East) Ltd. 

1503 Hutchison Bse. 10 Rareourt Rd. RKong 
HKfcP*c_U.T*L— gOam 3« _.J 230 

Japan TO W5HUS 15W ] IL60 

N. American Tst fSlKUH !lE5f f L5 

IntX Bond Ftrod~— PUS1XMS lUlfl A 5.70 

Gartnasrr Investment Mngt. Ltd. _ 

P.a Bos 32. Douglas. loll. _ 062423911 

Gartmore IntX lac- 2X3 22.71 I 10.90 

Gartmore Into Grth [6ft3 70.M — J 3*0 

H smh rn Pacific Fund Mgmt. Ltd. 
2110. Connaught Centre, Bong Kong 
Far East June 21 _ 02*2 JZJH1 . — | — 

Japan Fund- — BIK7J7 LIB) .._■( — 

Hambros (Guernsey) Ltd./ 

Hambro Fond Mgrs. (CJ.) Ltd. 

PJ0. Box 88. Guernsey 0481-2S321 

CX Fund isiJS-2.. M9Ji 3 70 

Inin). Bond SUglOftOft 30BJU 8JW 

InL Equity 3USQ0.62 10.99 258 

lDL Svgs. 'A' SUSITOZ XOa BftO 

InL Svgs. V IUSP-07 X10| 2.50 

Prices on June SB. Neritfealmg July ft 
Henderson Baring Psnd Mgrs, Ltd. 

P.O. Box N4723, Nassau. Bahamas 

.IS0S1MI 2LQ J — _ 

L Neat dealing date July 3. 
HUl-Samnel & Co. (Guernsey) Ltd. 

8 LeFebvre SL. Peter Port Guernsey. CX 
Guernsey TfeL PASS 15571-0.31 3.(0 

Hill Samuel Overseas Fund SA. 

37, Rue Notre-Dams, teaembotirg 

hosiasj na-anj - 
International Pacific Inv. Mngt Ltd. 
PO Box R237. 56, Pill St, Sydney. AusL 

Javelin Equity Ttt.. 0AZO5 ZZM I — 

JJSLT. Managen (Jersey) Ltd. 

PO Box IB4. Royal Tjl Hse, Jcneytl534 27441 

Jersey grind. W- 0610 173.01 — I — 

As «t Hay 3X Next rob. day June 30. 
Jardine Fleming & Co. Ltd. 

48th Floor, Connaught Centre. Hong Koog 



Quest Fund MngmnL i Jersey) Ltd. 

I»*X Dot lW.St. Heller. Jersey. 0*0427441 
(1 

SUS1 

SUM 

Neal (leafing , 

Richmond Life Aks. Ltd. 

48. Athol Street. Douglas. LO.M. 
t xlTJtc Silver Truer. 1207 « U0. 

Richmond Bond 97. 173 5 tt* 

Do. rtaunum Cd. _. 12X0 127 

Do. Gold Bd 104.7 110 

Do. Era. 97(02 Bd 069 6 17ft! 

Rothschild Asset Management (C.L) 
PO. Box 5ft SL Julians CL Guerti sej . 0481 2833 1 
O.C.Eq.Fr. June 30 .BXZ 5ft3J -3.4 2.44 

O.CJnc.Fd. July 3_ 152.6 16*31 +4 4 7*1 

O.CJnll.Fd.T SX28 1361 .. . X23 

G.C.SraCoFdJ o30 145.9 155*1-0.4 3 25 - 

C C. Commodity- „ 134 6 I4xj] +06 4*1 

O. C Dir Comdty.t- W6-11 *7.77| ., T 0.72 

‘Price ou June 30. Next dealing July 3L 
T Prices an June 2L Next dealing July 7. 

Royal Trust (CT) Fd. Mgt. Ltd. 

P. O.Box 194. Royal TsL Hse .Jcroey DE34 27441 

BT.lnn.Kd. BUSHS • 978 | 3.00 

R.T. tun. b)cy.lFd.j94 98] 1 3.21 

Prices at June 1ft Next dealing July 14 

Save dr Prosper International 

Dealing to: 

37 Brood SL. SL Helier. Jersey 0534ZIB91 

I'-S. IMlardnoeiliiataA Fund* 

Dir. Fxd. InL- 19.17 9T 

Internet Gr.*i— . 7.01 7J 

Far Eastern** 42.M 46.1, 

North Amen can’t . 5.72 4.03 

Sepro**t 03.97 15*7] 



SterHngnlenonilimed Funds 
■rhamvel Capital^-' 

Channel Idudit- 

Coram od. **■ 

Sl.Flxed*** 

Price* on "June 2ft "June 2ft 
•Weekly Dealings. 

Scblesinger Inter n ational Mngt. Ltd. 
41, U» MotteSL.SL Helier, Jerecy. 05347358ft 
BALL 


z 


79 



Intal!TO^S&g.-.^J* 

■Itar East Fund 195 

•Next sub. day July ft 

Schroder Life Grim? 

Enterprise House. Portsmouth. (770527733 
l a t e r uaUen al Funds 

EEquity 0175 125.11 

SEquity 126.0 134 0 ..._ 

EFixed InleresL— . 1355 HU 

S Fixed Interest 104* 11X4 

£NUnaged 129* 1372 

managed 1U52 1*Z5| 


2.77 
0*5 
X08 
1*2 
136 
4. 82 
0.70 
X10 


J. Henry Schroder Wagg & Co. Ltd. '. 

120.Cheapttde.E.Ctt 01-5884000' 

Cbeap5June30 5U51157 +0*3 250* 

Trafalgar May 31— 5US119.41 ...T_| _ 

.Aslan Fd. June 23- SDSUfl BUS 293 

Darling Fnd.. .. — _ SA1B4 195 +aml 5*0 ' 

Japan TO June 29-15US6J9 7.4M .-T-] 0J54 

Sentry Assurance International Ltd. 1 
P.O. Box 32ft Hamilton 5. Bermuda 
Managed Fund — P0SLWM X9H0( -...-I 

Singer & Friedfander Ldn. Agents 
' 20. Cannon SL.ED4. 01-34B88M- 

-Dakafcnds IDU25.M ZIOB+OJOI 6*9* 

Tokyo Ttt. July 3—1 3US37JM |+2*0| 1*8 

Stronghold Management L im it ed 

P.O. Bo« 315. Sl Heller. Jersey. 0534-71400: 
Commodity Trail- |MJ7 97*3|+0*9|_ — 
Snrfnvest (Jersey) Ltd. txj 
QueenaHse. Don. Rd. SL Helier. Jsy. 05342*340 . 
American Ind.Ttt— 1£8 U_ , — * 

Capper Trutt — — [00.75 XXOg+o.lM — 

Jap. Index Ttt. 1 0*46 tt72|tftu[ — 

TSB Unit Trust Managers (C.L) Ltd. 

Bagatelle tUL, SL Saviour. Jersey. 063473404 

Jersey Fund H62 . 48.61 | 4.94 

GuereoeyFund __ .J462 4ft6l ( 4.94 

Prices on June 28. Next sub. day July 4. 

.Tokyo Pacific Holdings N.V. 
iptimia ManMETnent Co. N.V.. Curacao. 

NAV per. share June 28 5USS8JM. 

Tokyo Pacific Hldga. (Seaboard) N.V.' 
Intimia UonafiemenL Co. N.V., Curacao. 

NAV per ohore June 28 $US4X4B. 

Tyndall Group 

P.a Bex 1258 Hamilton 5. Bermuda, S-S1M 

Overseas Jane 2d ISUSU6 122j 4 6*0 

CAccura. Uni tsl n ‘‘3 7S 

3-Wny InL Jone 22 _ 0US2615 

SNew Sl, SL Beller. Jersey 


TOFSUaiwSO. 

lAccum. Shares) 

American June 29.. 

(AeeumaharKi 

Jersey TO June 28- 
(NonJ.Ace.Uts.i_ 
Gill Fund June 
(Accum. Shares i — 



r J55 ftlfl 

.70 IZSfl 

i* as* 

.o as* 

.90* *0X4 .... 

' f* 2JWJ 

107 As 

* 139.0M 


1X13 


5HK2SU6 

SHK3JXJ5 

5USlft24 

L7D 


Jardine Estn. Ttt. _ 

Jardine Jton.Fd.* _ 

jirdloeSBA 

Jard ise nemJnL— 

Inti Pacific Sees. _[. . 

NAV June Ift -Kqulrslral sUsTl tfi. ' 
Next sub. June 30. 
Keysriw Mngt^ Jersey Ltd. 


2*8 

100 

Z.90 


Utd. IntnL Mngmnt (CX) Ltd. j 

34. Hulcnster StrceL Sl Heller. Jersey. 

U ZB. Fund |SDSUU1 U2N|+12B| 0*6 

United States Tst. IntL Adv. Co. 

14, Rue AJdrinser. Luxembourg. 
UXTOLlnv.FncL-l 5US10J6 |H)*1| 0.97 
Net sssei June 30. 

S. G. Warburg & Co. Ltd. 

30, Gresham Street, EC2. 

CnvBdJuneSO I SUS964 

Ency. InL June 29_l SUS17JU 
Gr.MLJFd.JUMSOJ 5US7*8 
MrFur. June 28 IfSOflM U.e| I — 

Warburg InvesL Mngt Jrsy. Ltd. 

X CharioB CVosa. SL Helier. J^v Cl 053473741* 


01-8004385 

■He 


Foiuelex 

Bondselex 

Keyrekxln('l.„ . 

Keysclex Europe— {£3.91 

Japan CUl Food 

Keyselex Japan 
CcnL Aasets Cap.-.. 


Frti« 

1558 


Fnllitf 

12516 

Mi(|1 

£6.62 

7.43 


£3.91 

4 41 


EUS26M 

03.54 

BET 

14*7 


1 034X5 | 

+0i09 


CMF Ltd. Jane 
CUT Ud. June tt . 
Metals TaL June 16 
TMT JuneS 


2*0 


~ TMT Ltd. June 8 


3 74 



S?.io(ia^ _ 


World Wide Growth Management? 

)0a, BonJrvard RoyuL Lnxembourc. 
Worldwide Gih Fdj SUS15JB |+0A1| — 


NOTES 


Pncei do not include S premium, except uhere indicated +. and are in peace unless otherwise 
indicated. Yields 94 (shown in list column! allow far all buying expenses, a Offered pncei 
include all expenses, b Today's prices, e Yield baaed on offer price, d Estimated, g To-day's 
apemnfi price, h Dritribailon free of UJx. taxes, p Prriodle premium insurance plans, a Single 
premium loourance. x Offered price includes all expenses except agent* eummlsshm. 
J ottered price incindea all expenses u boufiht tbrnugh manaeere. i Prevkws day* price. 
V Net of tax on realised capital *aras unless Indicated by*. 9 Guernsey eroso. f Sospeoded. 
* Yield before Jersey tax. t Ex subdivision. 


CUVE INVEST HENTS LIMITED 
1 Royal Exchange Ave^ London EC3V 3LU - Tel: Q1-2S3 1101 
Index Guide as at 20th June* 1978 (Base 100 at 14.1.77) 

Clive Fixed Interesi Capital 128.91 

CJive Fixed Interest Income 114.90 


CORAL INDEX: Close 457-462 


INSURANCE BASE RATES 

t Property Growth 93% 

t Vanbrugh Guaranteed 9.37% 

t Address Shtmn under l«suranc<j and Property Rond Table 





FOR YOUR COMPANY-- 

BAD DEBTS 
ELIMINATED 


Financial nffies-TaMday Jute-tlWSi. 1 


I mm m sy 


'rii im ft ;7 i'»i ,h : < »^i 



Telex 338880 Tel: 021-454 0822 
Bonn; Presahias Ilf 104 HeusceU.ee 2-10. 

Telex B969542 Tel: 210038 
Brussels; 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairn: P.O. Box 2040. 

Tel: B38310 

Dublin: 8 FltnrlUimn Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street. 

Telex: 72484 Tel: 031-228 4120 
Frankfurt: tm SachaenXaaer 13. 

Telex: 418283 Tel: 555TJ0 . 
lohiiiaubiur P.O. Box 2128 
Telex 8-0237 Tel: 838-7546 
Lisbon: Praea da Alenta 56- ID. Zlabou X 
Telex 12533 Tel: 382 508 
Madrid: Bspronceda 32. Madrid X 
Tel : 441 8772 


ADVERTISEMENT OFFICES 

Birmingham: George House, George Hoad. 

Telex 330650 Tel: 031-454 0922 
Edinburgh; 37 George Street. 

Telex 72484 Tel: 031-228 4)38 
Frankfurt: lm Sachseolager 13. 

Telex 18383 Tel: 554867 
Leeds: Permanent House, The Headrow. 
Tel: 0332 4S4B88 


SUBSCRIPTIONS 


Manchester; Queen's Souse, Queen S treet . 

Telex 680813 Tel: 081-834 9381 
New York: 75 Rockefeller Plaza. N.Y. 10019 
Telex 423023 Tel: Cl2> 489 8300 
Paris: 38 Rue du Sender. 750Q2. 

Telex 220044 Tel: 23X88.01 
Tokyo; Kasuhara Building. 1-8-10 Uehikanda, 
Chfyoda-ku. Telex J 27104 Tel: 295 4050 


Copies obtainable from newMtnu and bookstalls worldwide or on regular subscription from 
Subscription Department, Financial Times, Loudon 


4 















































































































































































41 




Tf r , , 


HOT! 


• incial Tim* Tnesday July 4 1078 
USTRIAIS— Continued ! INSURANCE 


^”**1 “ 

* iNi-nnan' lflo SO 3 DO 91 B i ^?§ 35 |B*WiiTl« 9B -1 ?**5 ti ti 

y’lwimuc 330 :::::: tS 5 fj 2-J “ gnMiunp. -a -2 ua 1% d II 

north Ohnc.. 84 + 1 , * 33 ’ 3 1 tn i 7 ?rit 7 Qti j5n!i" , Vj C ? p «■• ^ ~ 2 we — 89 _ 

Stair — 1M .. 2 ,2 go 1 1 jo S tco 7s S5 h"irijinfd Am-SX. £15b .. ... iQSlOO — 57 _ i 

•itliJ.iSjj _ 21 ■" lor lx 7 a 'it?# H5 f wntn Union 141 -i 7^5 __ tl 

asesk .is •:::.& H m -* -11 = 


FROPKIUT— Conthraefl INV. TRtCTS— Continued FINANCE, LAND— Continued 

ffiJTLwl Slack I fti* j + -“! Si |c*t|S?IhE ffl^Lwl Stock | Price M St |cri|SsIpjE ffidMjnr | Sleek | Price |"-°1 Srt |cw|lV?lnT 1 j 

?28 1280 [taByProperiy_| 305 I |hl 6 | 301 Q 811503 151 1122 |Bno*rowmpU 347 I j 5 15 j 1 or 5.3)289 yj l 17 inrinv:h 3 v l * 3 V..I 25 j I - I - I - ■ \ -- I 

39 2b latawropealOpJ 31b tOl _ 0.H — 97 79 BnrmfThw™. 93d ...... 13.55 XI 5923 B 34 25 I|bnbm1tel 29 .... 11 M 43 j S oj 42j 


tssai & ewh * " 2 . 6 '- - i 1 E l 

a*!*>aM » KJ lb I 1 Sll .S^J n?° 1*2 ~ 17.6 - 1 £ 


SSSS 5 .S M a ms 

4h>Br«\ “ 61 Tffl, 1 % M **** 


.uiui^spn igs o5 ,B “ r£az 

uAcndPnt ..[ 198 -2 s .10 _ fc 3 _ 


_... 30 03 4 0 3237 MD 394 Gialblv; !■*,. 300 »5 20 P 1 0 * 2 ? ]g Ksnfcfira,.. . 22 +1 3 65 13)14304 

.... <K5 9 ; 2.0 3.1163 110 90 . Can i K»4Wisn . 107 .. .. 3t0 12 5.1 ZSJ in-. i>j, uanrlifiL W. lWnd . ... 0 3 * 2 b 9 

fO.Bl 2.6 13 435 125 102 '.apiia! fcNJL. 118 .... 4 0 10 5 2 29 5 V Is _ 29 -1 05 47 2 b II 0 ! 

t3 00 0.8 76 'H* 120 100 fti'B’-—.- . 115 _ - - ~ 99 73 L«. Jier» luiL. 86 1L25 4.2 2 . 0 12.5 j 

..12.28 25 2.9 210 KB 87 103 ... 39 10 57 2S.5 12 ; iDi \l ‘fol-.-,.-* 120 . .. . 346 3.7 44 87 

-1 tl.7 1 9 2 2 368 114 94 Uriirilm 110 385 1.1 53255 74 33 ;*? 68 .. .063 2.4 15396 

4- — - 315 66 56 Cedar I bp- 63 +1 t25 11 b.0 23 0 7a « M,rn. ,i;1- ^p . 47 t59S 11 1 71 

vin jk in j. 7 «ri in r>v k In - 11 1 U men min • /<« r.-^. ... , n-T. i. L. - 


51 37 L»-Lairi3to__ 38 3 0 03 4 0 3237 300 ]94 Casritetoi hf.. 300 

253 172 LrodLHWiOc- 253 Q25*i 2.8 3.1165 110 90 . Can i K»«rtn . 107 

*>4 77 UflPni ShpUm 93 90.81 2.6 1 3 435 125 102 '.apiia! 1 -NjL. 118 

74 55 Lon 6 hor.pn.n_. 60 t3 00 0.8 76-89' 120 100 Dn'lT--.-. 115 

132 104 LvninnHtoSp 120 12.28 2 5 2.9 210 KB 87 OitKiwlW.^ 103 

134 305 Stoi’ -T 13* -1 tl .7 19 2236B 114 94 iwliollni 110 

. -r ....... . 7U! _ ITT , .... .. 30 14 llarlerEKttet - 25 *— — — 315 66 56 Cedar In-. 63 

iiuim- Avyiw. ^00 295 97 ?? {(I ft: ~ l 5 -^ - 5.9 - 50 36 Wlwrner KJp . 44 0.0 $ 72 & 140 124 Cfcsnl Klne.il 136 

■NteiphUjp- U3 +2 2 35 7 0 3? 69 l^n iin K5 2J 5.7 12.9 220 145 BeKi?9N«*p. 220 TW1 M3 10 366 550 455 Do.CSm.---_ 540 

IrtWwnttKL 114b +4J^ Q 20 v * 7 Q * ^2 it* rS&L ^ 1648 ~ 7 - 7 “ «'? »b M«dhur<lWh lOp . 39b - - - - 55b 46 Charter Tni ; i.. 

•MfllLiSp 41>]fi/(19 L 177 69 lla lil UL77 45 3.5 9.8 Mb 53 tlount'ieir™ 54 lo 2 * 37 f 29lj 26 City & Com 28 

lndu<lnisa_ £21ij + iC QSU 2 J 4 4^*1 V 919 il 87 75 125 103 MDCklwrA.4 J.j 111 thZZZ 1.8 3026.9 111 76 DftCip'II'. - 100 

Ltl .. 294 +745 54 38 ?9 « “i ~ 2 333 43 281L1 M, 45 NoUon, 46 20 0.4 6.6 4729 87 48b ni.A-for lnv . 7H 

$xm Ga-.Lt 374 +2 9 81 4 0 as £k ,?7 itoTMiOmia*- 59 36? J 5 93 65 83 68 ftachev 78 +1 1200 - 3.9 - 102 85 lityfc micro U._ 97 

Calilnik 10 j,_ 24b fl 88 76116 74 m ™ ESS? 218 -2 1259 - 8.7 - 347. 290 ProaUlutilm. 290 -2 6 .H 12 35 362 66 b 62 filyOtOJonl-- 66 

ili4lSmirt*s_. 72 3 . . . ft® i s a? 9 » m £5 “2 1055 - 66 - 110 77 Prp lm- iF.-nil. 110 1«.0 0.8 55(365, 83b 76% Ctofitesejjp 80: 

terAityaip 11 ^ 06 77 ai lavu TM F7mi * nl A - H5 817 ■- 97 - 130 M Prnp. Fart's.*np . Ulal 1.76 ♦ 2.4 405 12 6»j- qiUcmlnv.- lOp . t 

■etUohnL; 4®: :: M2 47 17 ll 5?m 8 ^ 7 - 9.7 - 315 285 Prop.* ton A'.. 290 ri 5.16 U 1735.2 8 tP : 5 # 2 TO 

w-UUNtakT Ss X di n r ” J 7 ? 137 Pudental 5p_ 140 6.65 - 7.2 - 156 127 Pmp.Sef IirroPp. 137 tU 8 - 11 - 77 57 Do -|T„ 

• rtJiDeM.JjSfi: 2M +32 M7c I 2 H 1 I 3 BS m! Ht “ 9.0 - ty\ ■ i RaJanPhipinp. 5> 2 ..... 245 212 

nliijne 24l> + t&j) 12 124 10 4 zfn IS ~ 2 16.45 — 71 — 15 8 BegaJiau 12 — — — — 203 160 OjoUWRI 

hnsmiBaraei. U .J.. _ Z _ ?n? 3 m SedgFWieeUSp. 405 959 33 3.613.0 87 74 formal prep- 74 el.O 15 20 (Ml 112 94 Mieertlt 

6n»inClw%„_ 87 +2 3.89 3 0 M SA 60 I v* S*"5Bg5=sr -v IS. 17 6.1 7.7 77 59 61 slO 15 25 (S 3 Si 18 W, U 6 LreanU.apn 

■hflSMNUa-a 430X0 1365 * 5| * TOB ^ 5 }£ "2 ^ - 5.9 — 121 89 Rush k IwapUits U3 ..... dZ87 2.7 13 1 U.O 1 79 67 Cnmbun 

unfcmiTUO^ 39 ^Wfhs J ~L t3 - 42 - 5.6 - 96 72 Sdmoel P»S=.. 81 M2.1 0.6 JilOU; 30 24 uinmlasl: 

ilamazoolteu 30b 7195 in 9 7 21?™ tic ?| 9 +22 Am — 05 - 118 «>7 S^>fctn?a 0 p 101 .... a94 12 2.9 45.1 W 2 381? ftmaenne 

ikeylnds-ZZ «*+i 3 2? 66 la f l iS, J™ - r - 8.47^ _ 7.6 - 43 33 SeratdOtylOp- 33 1173 19 7.9 99 4 3b no.-CajU 

■nStfe-SnilOp 33 i£L 13 £-3 5^4 gl?^ l&d gtSL StU £2^8+^ QS168 - 35-129 100 SJouiEsl*..!-. 110 -1 227 18 3.126.6 65 56‘ DWnture 

rtShawiA.15^, £10b X 159 ?0 5 4 303 297 ! mfl “ n,ber 253 -2 9.0 24 5.4115 U74 Q40 Dr.10Viw.-90 £158 010% 13.4 f 6 4 - 224 200 DwteTf4.l 

eei&aHtS: 72* z 422 1° if® 1 ' 270 216 Stock Otmwsn. 226 -2 KO Z<\ 15 472 1M ‘ 140 ft.^p.5 

CP.Hlds 89 f 4 79 a r? J IWATAUC Alft/'Dmm irninnn 228 17D Sunlo iB)lnv._ 204 3 95 — 3.0 — 193 372 Dominion I 

at 3 - ’J MOTORS, AIRCRAFT TRADES 55 ^ B.’SBK 

■ -SBrS^ ,» M : II Hn and Cycles ,fi ™- Ea*} 6 f»- & a“ «L It £, ,{?»' ,S fcBS 


J Jican s icddcr in ■“ 

inter amoral secunt.a jnef 
■ inkPStmcnJ Sonhr'C 

NOMURA 

Tha Nomura Securities Co. r ltd. 

NOMURA EUROPE N.V. LONDON OFFICE: 
Berber Suru»m HiM. Mnnkuvr'l Sijiufa. London Will. 
Lonam ECiV-j BL Pnone. iOll 606 34H. 6253 


flKlnc.il 136 Q15 0 1411.0} a £ 12 U 9M Mj-Vn'i P'Si' £13b 

-r, E drlr, _«* ” vmci.s V ij -|. 17 


t fil Id • - \0.n\ - 

U 0.7Q16 182 


- — 55b 46 CharterTni-J-. 54 u%n 12.15 3 . 1^0233360 200 ViwimPd v.„ ftp 360 — - - - 

3 7 d, 29lj 26 City i Com In--.. TO, - 1 , L82 10 97 15.4 ™ 91 . KwOx'w -! 03 ..... - - - - . 

30 26.9 111 76 DftCPP'II'. . 100 33 kb S?K«fe- 32 .... tin 36 47 71 

6.61729 87 48b nijAFnr.lnv . 71b - - - - 224 U7 tVera* 1«*. 215 6 El 35 4 8 9.1 1 

3.9- 102 B5 Ulyfctalenii t._ 97 f4.07 11 64 220 £ 70 ?, £^ 3 :. jtefjelS Vi-2£ £63 U9 a* , - 4 7 - 

35 362 661? 62 nivriOJcrt,... 661? 3.3 lO 7-5 195 n S l 0 * SLOrnrseiuc - 11 10 66 221 

55(345. 831? 761? tlavertiOosenPp 80b 3.3 ID 7.2 21.0 131 90 SoAiW.V- 101 ..... 302 1.7 4 5196 

2.4 408 12 6 b CliJion Ins.*. 10j, . 7b — — — — £51 £48 ^£.y'«pi*Aim.. £50 L}425 — 65 - 

17 35.2 801? 5$b Chtedalelii-... TO, ... 1L67 1.1 3.2 42.B 61 51 SmrthRnn 58 +1 1491 Z1 12.8 62 


35 362 661 ? 62 filyrtOJtW. 3.3 W 75 195 n u'ftftiwJii. 

55(345. 83U2 76*2 OarerbOqsenOp 80b 3.3 LD 7.2 21.0 131 90 SodiiJm. .1 

2.4 405 12 6 b CliJion Ins.*. JOp . 7b — — — — £51 £48 SJE.£4W Ann 

2.7 35.2 801? 5^2 Ll\xle!*iale!iv... TO, ... 1L67 1.1 3.2 42.8 61 51 SmrthRnn __. 


zmia 62 


156 127 Prrp.Sec ImSPp. 137 tU 8 - 2.1 - 77 57 Do.-fT 74 -1 - - - - 4 71 , Shi rv.JIKMc - - - 41 

Vk- i Ra-lanPhipiap. 5>, ..._. - - - - 245 212 inlnmalsa* Hi 240 81 12 5 1 25.7 wsb £27b Swx nr. NF1BI. £ 4&4 +1 Q2?: - 61 - 

15 8 fifSaJian.___. 12 - 203 160 ftoUiMtltlnd 189 640 * 5.2 4> £305 ?00 I.-act..V,tT«Mp. £10U TVL'.lfc U 7 4 1 ! 

87 74 RttlenaJ prep— 74 el.o 15 20 Ml’ 112 94 MieertUm. 109 .... 35 1.1 4.9 216 2g * ’*4 (MiMhi Em 25 U 1 2 12 7 103 Hirfi 

77 59 Do. ‘A’ LZ 61 slO 15 25 (S3 S> 18W? U6 tres it Japan 50p_ 180b +b - - -MJ 57. 3&b We-trtED^ar.i. 54b ...... 1130 3.7 3.8 10.6 ,, Q 


MINES— Continued 
CENTRAL AFRICAN , , 

I Sork I Price M W Hr I™ 


228 170 SunlmiBiliw- 204 3.95 — 3.0 - 193 172 Dominion t> An. 187m +1 7.75 10 63 232 son 720 BriLKtnjTmil 830 -10 22.10 4 2 CO 90 AUSTRALIAN 

71 31b Smie Properties 67 +Hj Q18>se ♦ 3.6 4 134 106 Drayton lom cl .. 123 -1 4.5 U 5.5 24.0 Tl£l 70nJ 4p 51C9 12.1 - * AUOlMJTOflif 

70 56 TonCtabm 571? ...... 0 82 12 2.2 575 146 123. rw.LVms 139 -1 47 12 5.1 252 72 " 40 &in»hil __1_ 61-1 _____ 15 \ Vi- hranSar. . - M 

17 11* roimtatylOp- 12 ...... 0.01 - - - 42b ^ Do .^Eastern 421? +lb 0.9 U 3^«J £62 ^£51 iSEtaSt «- £S5W +U £4 - rial - ^ Li 

U6 82 Tratford rart-- 110 -1 t3.65 14 5.120.9 195 155 Do Premier __ 187 ...... 6 7 11 S 4 26 0 ?n? 775 rtOTVtkfetl. 775 - - - - ” e ' “ 1 117 


rhoH Fnbel IDn 47 11 E A ci 1 ?£ si LMusvariup_i m +z _ _ 

ehusKanik—. 47 +i" 3^7 ?9 lol (AJTi ^ PU RdiamJftrnp.^ U +J, _ _ _ 20.1 

eteblus.5f> I46xa . .. A 36 11 4 'l 19*5 fWls-Rj*«HtisJ 92b +b M5.16 2.4 84 8 9 

eimreCar lOp. 130 4 48 23 53 SI 05 I 762 '^voKrSI -|£llbl 012 ^ 0 . 6 J 6.127,6 

ppuraupiop_ 237 «J Commercial Vehicles 


rad iSTEteT 1« - 3 - 7 J 7 U \\ „ ^ „ «""a™vru«i . 116 82 TraBort rart.- 110 -1 13.65 1.4 5.1 20.9 195 ‘ 155 Do Premier __ 187" : 67 11 54 260 rfr; 775 775 ^ 63 NIMD* - 

■atohaUsSSsI lUri 2 U„ 13 5 ? 30 20 . BX.50p 23 ...... — I _ _ I _. 24 18 UK.Proberty— TO? — - - - 65 bO DuelrertlncSyp 631? 402 1.0 9.815* » 4 49 ScurrrUio _ ■ 63 .... 263 3.1 63 61 820 150 IMiliJlIV.lir. 

FBas(Bd>__ 41 52 H 272 M5 G«(.AIfst'iti£s^ 240 -2 Q34c ( 1.7 Sffl 7 J 282 240 Lid. KeaJProp-. 247 5.27 12 3241.0 228 1 43 UaLaptfalib. 212 30 a rAiirtertul* .'i>_ 22+1 - - _ 565 245 1*8 

rboH Prtel ito 47 * H 5.^ 53 37 LdiisCarlOp— 47 +2 — I— —1 — 348 119 Warner Estate.— 127 t266 1.6 3 2 30.7 64 55 DuodeeilflA.. 6 U 123 3_1 5.7 24.B 051 , r 12 b tltKr £25b +1 QU2r 1.9 7 0 11.1 J? [. M kak'imriirSI 

SBSL foiol^r. & a.S SB*&- a tJ. ..rJr.rk^ H — M- « HIH W § 2 “ ,= r. r,,r„ ^ ate' 11 " 


SfcWftF ^ :::: " % 37 rg fg Commercial Vehicles 

SS 011 2^4 5.8 92 120 182 IE^F.lindffl.l__t 102 | | K2J.7 1 6.« 32] SJ 

Sir- =: >A » .it V & 3 feaatfd ll 8 fe 


«*h :::::: 300 sa i 7 to? 1 BSSCti ^ r„. iff M “TO 

«SSHV *34, +1 9.0 j * JlD. 7 ] A 183 j 57b JPUrtnns 1 80 J -1 ^3.9 331 74/ SJ 

jmclnn Trane M IVfia n^l o‘ 4 l ?«l ConipOUBIltS 


20 14 Wrt.bdosi5p— 16 hd0.4S 2ji 4.5 13 6 229 194 Edlatnv.DftL. 221 ... 

19 16 pVminaerP.Mp. TO? — — J — — Ull, 96b ElertraJiw.Tsi 108 

37b I 30 Winston Ests— 37 -b 1 127 Jl-5j5219.9 73 J 60 BaLfc fieri— . 71nl 

90 74 En^t Internal. 85 .. 

SHIPBUILDERS, REPAIRERS IS II feiiSJE- " * 

" llA O rmiHi't rn.' Ill 1 fU. .1 


m “fe w m kSfcfwiir wo :r 1.00 adidiu * no 


tM'SS-.i 


flnrtonTraiw 61 td3.46 3.7 8.7 34 

mwtatelwmL „87xd T4.63 2 5 8.1 5.7 « ^ 

Av&RouarSOp 168 10.89 25 9.8 42 ,11 f§ 

f \. Dart !0p 57 *2.14 39 57 52 2 £l 

UcanieLdn.tOp_ 21 200 0.814.4(16^,19 ,£5 

rc.rtlirPh.30p.. 91 -l 3.94 4.1 6.6 4.4 ^ ^ 

]artarlanebp._ 70 3.84 6 83 * li I? 

li-BndeRhtlbp 133 hl.63 95 1.9 3 3 ?2 

. gSKfc: §1 ->■ S I, It S #• f i— 

i,' 100 d2.70 65 4J 5.7 ^ ^ 

dngmL AcILlOp 71 +561 28 12,0 4 5 1} 

tan.a«pSi£L Z23 ..... 15.56 13 lto 103 

itaritnClBcLltte. 23 +1 dh092 22 6 0116 ii 1 ^ % 

anted LY'iK. 471? d249 97 33 ,V/ 2 ■>% 

ilushaU’s tinie, 158 +2 7.02 35 6.7 52 

Martin-Black — 54 4.00 — 1X2 — 

HalhesrauTltpc. £108 +lb Q7^% 23 f7.6 — ^2 „ 

tonart*25pT- 128 -3 T4&> 4.0 5.8 63 Tfe M 

tfedminsttrlOp. 24 tl.8Z 13113 8.7 2 ^ 

«Mtwire5p.— If? d0.92 13 103 11.6 m 87 

Neta Rpk£l. — 314 14.87 3.1 7.2 5.0 fiaratt 


I 75 I 64 IHaathomL 
'157 1125 Isk-mi Htwta 

,181 135 K-osper 

1295 260 K'amwSOp. 


7b 6 | gag i-\' _ 74 -1 26 1.0 53^27 7 n|ji)i 4 aoQ LlS»i:4*.1Sr:« £102b 

74 58 End tsmt.lnt 71 +1 ^45 1.0 5.2f29.Q (41 5 284 318 -2 

UO 91 Equity Owl£L 106 +1 b 77 4 102 4 fa 13 22 ... 


H2M 3.8 7.4 54 

+1 4.91 43 8.6 33 

-b 12.04 38 43 88 
. t4.69 35 6.3 6.4 
♦ lb hl36 8:0 24 52 

3.67 26 9.0 58 

tl06 IB 6.7138 

+h 01124c 3.7 331X6 

t4.a 3.7 3313.0 

53 2310.7 4.9 

+2 285 4.4 2911.9 

-U 0.25 10 3.6 47.7 

+11? h083 33 28 12.6 
-1 18.22 43 41 8.6 

tL58 43 4.4 15.9 

3.99 52 4.4 53 

-b 3.08 33 7.0(58) 

3.80 4 ill 

4.4 4 7.4 4 


SHIPPING 


i«» Kg 282 377 3 - 3 3 . 5 s 6 ^ 


305 252 Brit. t Com ?w_ 278xd -2 926 

200 115 CmumnBnKVq) 115 581 

158 112 FisberUi ..156 .... 1.53 

348 206 Furners Withy El 228 -3 817 

157 126 Huntinc CitsD £3- 126 5.09 

41b 33 JacohsU Li30p- 33 ...... dl 8 

39 25 Lon. O Seas Frtn.. 25 - 

145 110 LrteShippins — 110 490 

255 200 Man. liners £0p- 220 5.10 

261? 12>Z Mersey Dt Units 22J 4 *U - 
85 66 umordDocksO. 72 +2 268 

138 109 Ocean Transport 109 -2 825 


10 ' .Vmu\L>- . 

14 




b 4 HousaiD'.dU-.inT-v-^ 

119 

*1 

QBv- 

63 BllSn:lh 5 ft- . 

117 

+ 1 



600 

+70 


}A 8 1 'tiit-.m Kti.r.l" "i» 

236 

*6 

QlQe 

48 1 . M taik-iv-rlicSI 

52 




SI lLiroptn An-.Kap.. 

138 

+ 4 

145 

10 JHaltExSA.- 

32 

+ 1 >, 


125 MIM Hhlvij Sk- . 

201 

+3 

« 9 c- 

10 Miiunl L'dl ‘ 5 * 

30 



li, V-nmcf.il ini 

41, 


_ 

74 \.vt?, p llilira, 

126 


g«c 

8 '? \ 11 . K-ilvurli 

14 



117 nAl.nd;eS\l 

166 


ttih.- 

30 l’iirilicl>-i>per .. 

46 


— 

750 Itin«i«rl 3 i 

£ 13 >, 



12 P:<riii;:i V.ALv . 

40 

+ in 

.. 

310 IS-Ke-ttatta-nd 5 *>C 

518 

+26 

Ql 5 c 

50 Sniil!u-rn I'.u ill- 

220 - 

+25 

— 

84 \U-Jn Miniii-.o.-. 

154 

+ 3 

JQhv 

35 Whmii icekav- 

50 




IS :::::: 4?o odrd« 7 w s Lateft- 


88 IlScn. Interiors ioO +1 4.0 


11B 88 

140 67 

46 33b 

115 74 



88 -2 634 L 
72 tl.64 3. 


“ rr. - £64 £55 revM4aSi.« £3W? Q+r*'. - f 8.6 — 30 24 Amal Niftna . . 

21 X167.4 186 uo Tn. enmd 172 1.52 58 J.215.7 3*5 240 W+r l lit . mu SMI 

XI 9.1234 27b 182 LUnnir 244c -2 - - - 8.1 60 45 Ber.iItTin 

H 7 XSS161 120 Do. "pc CM. £1— 144 ..... 7 D i245 70 — 295 200 KeriuntailMl . 

1.0 4.7 322 iqo gj, Week«Vjt Wttl 175 — 145 111 liftt.T . 

r, r, wr. 190 e& i>j paL*mt i^. 175 Q15-V — 52 — 10 8>, iwitttLiM.-iii.-i. 

“l«mre a, n. H it Si 77 57 " til BS 8 SSr-._ 

I u i H3 7*2 0BLS-W<lra];j?p. Ill 3.7 2.0 J 8 1129 78 (.in, KM 

26 11 5 0 * 1 . “I « ja*W*anddrC 99 24 11 3.7 368 OVERSEAS TRADERS 11 10 UaaOfl. 

foil 1 22 953 2 71 Ulendeconlnr... TO? tX 66 13 2.7 44.8 vr * ^ . 7b 68 Kimwdin&Vlfli 

39 + 80 91 PS, r^ & ~" S2, +1I 4 ^ Tn 265 (224 . 1 African Lakes -| 265 I I h3 52119.01 20j 2.6 510 450 Killinrthull . 


TINS 


Meinici^- '9 6 :::::: «r £« » lo Garages and Distributors 

JMUw 63 212 5.4 5J 4.4 95 63 A4resGfl»twn_ 68 435 321 9.71 4.9 

MitiLlInFOS SOp. 296 +2 W5.68 4 8 4J 73 21 <lh Aietander 55 p_ TO? -l, _ ■ _ _ 2L4 

MiLCotU.TFrat 79 61336 2.4 6.4 96 98 72 Amdeyard Grp.__ 92 -1 M625 23 10 3 74 

WcantPSpeffi-O. £118 05^198 143 - *134 110 AifiDStMMrtar. 122 t7.75 24 9.6 7.4 

Monument 10p 71? . — — _ 12.8 43 341« BSCInLlOp 404. -b 113 3.7 7.9 3.9 

MnrgnnOiieiWe 115 5.28 ZB 7.0 7.7 44J, 351? &aidCnrap5p„ 40b 138 4J 52 6.1 


SHOES AND 


nom/iiww-.. w c.t£ 3M i.o xi +V W BrrLLar AutMto «i 2 T1.9B ZJ 

Mo»(RobU10p. 31 X04 O 10JJ * 26 19 C;<I&B.10p 1. TO? +b tl.42 22 

MimlexlOp U — — — — 131 84 CaflyusSOp 119d -X 6 40 « 

jMvHmfiaiOp _ 61 +3 1.00 0.9 25(7851 44 29b Colmore tare. __ 38 dX17 U, 

NaOilJ F.lSocs.. 127 -3 5.18 X4 6.3 83 45 35 C«rielT.15p 38i 2 1dl.7 4.6 6.7 35 

Nathan laid i__ 49 +2 3.3 27103 &4 9S 74 Dtos G odfrey— 91 +1 331 4> 5.7 * 

NaLL’WnsclOp 36 133 - 5.7 — 81 68 Dora* 80 437 23 al 62 

NL.R4SSJ98... £78 0496 1X9 f5.2 — 51 1? 39 DntlrmFOTshatr. 49 +b 281 3.4 8.7 (38* 

f.eorUliTamhra 79 330 26 63 7.7 59 50 GatesfF.C.t 53b +ib 143 43 4.1 8.0 

Ncil&Sp'nrerlOp 103 ..... 200 6.7 29 73 38 29 C3anfi«ldLawT_. 29 -1 X25 13 65153 

Nc« Equip. top*. 16 0.98 27 9.3 62 47 21 Hangertars. lOp. 47 + 1 , d0.46 17.4 13 53, 

Norcrns— 89 4.42 4> 7j 6 126 92 Ham 3 M»T.C.>„ 114 d4.12 33 55 72 


If.eprUliZimhral 


Ncil&Sp nrerlOp 103 200 6.7 29 73 38 29 C3anfi«ldLawT_. 29 -1 X25 13 65153 

Nc« Equip. top*. 16 0.98 27 9.3 62 47 21 Hangertars. lOp. 47 + 1 , d0.46 17.4 13 53, 

Norcrns— 89 4.42 * 7.8 6 126 92 Hafnson»T.a)„ 114 d4.12 33 55 72 

Northern Ens. — 108b +i? 6.00 3 1 8.4 5.8 *100 741? Uaitwlls 93xr t6.70 * 10.9 * 

NononiWnlDp 180 1*08 29 32162 *128 112 Henfrs2Dp ._ 119«oo -21? 1838 3.210.9 S.4 

J6T.K9ew.10p. 19 22 0.9 175 ill ft 148 88 Bercnttr.Grp.. 127 +323 31 3.9126 

Xu-Swift 5p 25i? .... 157 13 93121 £235 £128 Do. lQpcCnv._ £200 Q1Q°% 21 8 £5.0 - ] 

Dee Finance f\-_ £96>? +b 09*6 — £9.4 — 95 72 Hurst (6iariesj_ 73 -Z d5.96 * 12.4 p 

Office iEteeL- 112 -t 4.fl8 3.7 5 5 7.4 46 31 Jessups l<Jp 3Bb X55 5.0 6.1 55 

iwu.on,. tut 1 ic an on on tc -n «iu it co u 


22 16>2 iAHebOM lOjrf — 19t 2 +1 10 2.0 7.8 18 . 8 I 85 67 

65 54 Booth (lmn-li— . 54 439 34 123 3.6 65 s 6 

67 57 Footwear Invs. 57 ...td3 89 2410.4 62 65 48 

104 93 GarnarSeotMiir 95 +1 « 50 43 7 2 45 82 6 ^? 

47 29 eeadJaLSJnasp. 47 +1 417 7.9 S.B 3.7 93 78 

98 64 HtaonsMp 89 4.90 23 83 7.9 ,39 2 b 

73 47 K Shoes. 64 1227 5.0 54 45 267 ISO 

42 36 Lambert Hlh.3)p_ 39 3.17 25123 5.0 78 69 

501? 38 NeiholiU Burin. 50 — |80 3.0 8 5 5.9 76 68 

50 40 HiverlGt'A’ 46 187 27 62 93 Sfa S 8 b 

56 46^ PUtardGfp. 52 277 42 8.1 4.4 775 700 

40 33 Sffld45im‘A'_ 38 213* * 8.8 * 5^2 

70 56 Strana* Fisher. 57 +1 t424 241X3 5.7 TO? 6^2 

64 41 SWoStoU. 58b ---■ 172 32 45 105 1C l#, 

301? 3 TtirnerStEIOp- 30b ... . hl.16 38 5.8 6.9 t» Mb 
TO? 66 b WardWhlteJL. 753? +H? M3.96 83 7.9 3.9 Z78. 174 

32t? 24 2 WesrralOp 24iJ 131 16 83 72 146, 1® 


ImT-L 76+1? 270 LO 5.4 26.9 L 45 kjQ [mh-^w-El. 410 .. rl50 321 5 5 10 0 78 ] 55 NprrmelV*rp.$MI 

• — r -• 3.75 10 6.2 23.7 30 f 21 . Jacks tfm 27 -1 Z0.66 63 I - -43 100 85 JTnntwie 1 %. 

Inr.ltlp. 34*4 +1 085 * 33 q liamaica Susir. . 141? +b _ _T| — — 100 74 fTimpUih I It hr. SMI 


50 — 12 80 
46 187 


2 3 8 3 7.9 ,39 26 Hanrwlnr.ltlp. 34nl +1 025 * 33 * J9 q- tammraSu^r.. 141? +1? - — — — 100 74 fr.Hi F U 

5.0 5.4 4.5 167 160 MDifti/V*--,- Ig +1 7.9 10 7.5 218 78 M Lonrto,..,.^. 61 6 55 23 16 3 (33i 220 148 Trcnoh 

25123 50 78 69 Hmnelflds. a A _ 75 +1 t3.71 13 75163 49 40l« MilchellColl* _. 41 ->? 34 17 12.6 <5 7- 

30 85 59 7b 68 ,Da'B 73 - _ - - 275 220“ NicenanEU*- El 245 152 4> 8.4 p 

27 62 9.1 S?’a S»3 MundiSi SO’e Q20c - 12 — 107 ^ o^nVllsns 3)p 83ri -1 288 * 52 ♦ 100 1 70 iMe^sin 

42 8.1 4.4 775- TOD DaiEi—-— _ .. 775, «49 - H - *35 170 Paf«n Z«Th lnp. 175 47.7 75 6.7 30 1UU 1 ,u 


25 t: 51 1 6 15 2 
360 -5 0 9 : 

53 .3 75 4 4 11 2 

290 -5 :i?110i- * i 

135 +3 Ii4 51 3 4 51 

9b _ -- - 

29S 15 0 09 7 3 

160 -5 - -■ - 

85 ~S 120 16 22o 

10 _ - - 
76 07 4 4 

490 * 20 U125 <h 27 4 

405 -5 ufoi- 0 8 50 
69 .. «375i- 0 5 S 

61 65 1 3 16 1 

215 -10 tuSOi- 16 85 
49 . . cl 59 46 6 2 

59 +1 413 P 111 

210 -10 IU77S. 14 8 0 
310 -5 1015!. T i 11 91 
Z28<d +8 Q65i- P 61 
78 +3 ZyiOc -• 28 
92 b 5 08 107 

92 -4 16 f 


TronuhSU. .1 220 ( |i^ 68 c| 1 .&] 8 i 

COPPER 

|Ue<gnaR0M -( 87 | |^30c| 19| } 


38 ''.'.’..’213' * 88 * 52b 1+^ Indu.'triaJiU 
57 +1 1424 241X3 5.7 TO? 6 ^? Inlerna-I Inc _ 
58b — 172 32 45105 1C 107 nv. in Success 

30i] ... . hl.16 38 5.8 6.9 & Mb nuedore tap. 

751? +H? M3.96 8 3 7.9 3.9 Z78 174 ImesmtMtn 

241? 131 16 83 72 146, 1© ArtbieAM. 

145>2 70b JirdiiieSetHKS 
167 1© Jersey Ext W.l 


SOUTH AFRICANS 


.67 103 Jersey Ext K. Ip 157 -ll — — ~ — 

!48 228 JerMfCen.il — 238 Q130 11 5516.! 

49 41b Jos Holdings 47 th2.Q5 1.0 6.6 22.1 


Office inert™ 112 -t *.fa 3.7 55 7.4 46 31 Jessups 10p 38» a 155 5.0 6.1 SO 

Wrcx20p.. 94-2 h3.02 35 4.9 9.0 84 65 &SnE»ftr.— I 73 1435 25 85 6.6 

iheibtonct'ije. 24 Q 6 c .25143 10 B 6 i? bV 2 LesSenlcefirp . TO? 3.47 42 71} 45 

PtLXllWdraC,! . 38 - - - 225 67* 4B Lookm L. 63 +1 t2.46 55 6.0 32 

Parker Knoll' A.. 109 13.24 65 45 53 87 TO? Lot* Lyon 77 6 0 1911.8 6.0 

PwilsiWhites _ 114s! +1 4.33 3.4 5.8 6.7 *36 23 MawteterlOp. 33»? tL50 62 6.9 38 

FeeraeeWp 38 162 58 6.4 4.7 10 5J« Nelson David Si. 71? - - 16.6 


PUa> Bows I-n_ 
ItmicGMAU*- 
neosnrama5p_ 
Pfl(yn«rtIOp — 


± 8 BiiHl 

+2 E02 5 1 4. 


Powell Duff. 5Bp. 183 +2 10.0 

rre»iWau5p_ 24 084 

Presliw Croup _ 163 558 

mtchardSra.Sp 35 -b 1-49 


If 8 || || sil NEWSPAPERS, PUBLISHERS 

/a » ^ ^ s?lro 1130 — 'i n is 1 U 5 A J, 


pm Laundi&.i 
Puilmana«.5p! 
RF.D.UwmlO^ 
? RTDGratip2Dp._ 
Radiant WLia^. 

JtandaJiv— 

Rank'Tm __ 
RivkitKoi SOpu 
RpdJeam Glass- 


3.0 57 8.9 172 {130 
p 8.6 * 250 165 

4.6 5.3 63 55 46 

30 52 94 78 55 

3.4 6.4 5.7 105 70 

* b 3 * 1© 105 


+2 10.0 * 0.6 « 165 

..... 084 li 5.3 63 55 46 

558 30 5 2 9 4 78 55 

i -b 1.49 3.4 6.4 5.7 105 70 

p, 0 . 40 * 6 J * 123 105 

=aa m 

:::::: «• ” ,i I s | 

+2 145 4> 3.4 * 92 73 

-2 7 96 3 6 5 1 63 74 55 

+2 10.61 36 5.5t89i 145 115 

F15.M 5.5 8.3 35 135 122 


nnueamuiass- ffu r la.w a.a o> ^ 

ReedExec.5p._ 57 X75 Zb 73 7.9 59 46'? 

Rmilntlfl ... 129 -l 1800 q2.7 9.4 P 278 228 

Relsxm PBWS..._ 82 -1 4.10 23 7 6 8.9 197 174 

Renown Inc. 150 270 — Q20% <t> 0.5 * 46 40 

KemnrtGrOup., 42 XO i 3.7 <j> 185 153 

Bcstmor. 139 t484 56 53 5.0 20 134 

RexnUOT 581? t©.91 24103 4.6 278 155 

RilertE-JllOn . 35 b2.54 —11.0 — 362 306 

KSK_ lS ■ i3 528 « 61 4.0 50 23j? 

38 :i £3 3! U : ,7 3 * 

+i"n» SI 


50 ...„ 287 24 8.7 63 

71 +2 1233 2.9 4.5 115 

105 +3 d4.90 33 73 6.9 

122 1M 22 7.2 9.4 

140 4.68 2.9 5.1 7.6 

135 4.68 29 52 73 

308 +3 111.61 1.4 5.719.3 

90 +1 3.63 3 3 6.7 5 0 

73 ...... m264 41 55 6.6 

70 A5 28 9.7 5.6 

145 6.5 26 6.0 8.6 

133 -2 7.26 24 83 7.7 

501? +1 436 X6 13.1 7.4 

253 ...... tS.9 5.0 5.4 5.6 

186 -1 5.99 43 4.9 7.7 

_. 41 d245 23 9.1 73 

KP. 185 1X67 3.9 3 0 130 

190 td3.35 53 27 9.8 

265 L97 2.6 13 5X0 

344 13.93 33 62 6.9 

50 +6 134 3.4 4.1 8.7 

39b ~b X40 * 55 * 


116 80 
585 420 
130 83 

82b 28 
97 62 

145 95 

125 98 

450 288 
102 35 

1160 130 
! 81 58 

600 445 
69 55 


145 130 
58 48 

75 53 

73 64 

30 20 

35>? 28 
42 29 

«• a 

481? 35b 
54 41 

17 12 

55b 39b 
431? 341 ? 
33 28 

84 67 

39 291? 

131 109 
£8£Hi£72 
37 31 

135 99 

134 98 



102 *q29c 17} 14 51 44 Jowlm.tac.10p 44b 3.50 Ll 119 11.7 

lOOrd -20 §20c I 4 1X9 l 3 1C 125 IM* -l" U 101951 

OT ... Iv4c 29 3.01X5 75 Sm._ © 2.40 XI 41 34.7 1 


249 E9A £87 DatpeCnv.Tn.l £94 .. -. 08% 1B0 FB.7 - 

.TV 73 41 l' CiuW. inp 65 -1 1h0751XO 1.7 7.< 

g-j 72 41 Dai0pcLn.l8p 65 -1 13.4 3X2 CL 8 — 


73 -2 06c 

130 — «36< 
98xd — oV 
430 Q58c 


44 38 Lane, k Lon. tax. 42 

104 B7b Law Debenture.. 103 
mb a IV Lizard StaffoiJp £ 11*1 


18 Ll 

45 11 


1 R 8 

High Low 


RUBBERS AND SISALS 

m| Stack | Price | + -"| S' |l 


9 90 30 Sabina Ind.* L3l ... 62 

. £12 750 raraEsutnll.. . 900 

45 43 Tchidv MmrraL iilp 43 

180 120 Yukon Cans. LU-. 169 


900 -175 - ~ - I 
43 1.33 <6 47 


* 17 j t> Qlb £llb UnrdSlfcRreJpJ £Ilfi ,17 — — — joi 75 [Anzlo-tndoces'iL— 

19 21 6.6 42 33 Ledalnc.lnOOpj 35»? 277 1.0 118 12.4 100 65 BertamCuns. lOp 


73 X 6 +2l3 25 20 Do.fap.5p 23 - - - - 17 life Brnltfnn 

55 ' . U28c 4.0 10 § 23 31 26 LeVallonettav... 30 ._.. d!5 5 2 7.6 l 53 31 Brad wall It 

80 -1 QUc * 82 p +13 6 LulI; Abdn.Pfdap 11 233 - - - 305 165 fasUefield 

S 052c 39 54 47 ^4 55 Los. Atlantic 63 ._.. 3.0 LO 7.2 203 49 26 Chervmese 

::Z& 12 ll « 139 103 LMJteLtaviM 139 —. m* ^ 4-7 210 4 0 23J, CimPlaiUi 

* ^ q 67 53 Ujn.6Gart.5up_ 67 tflJ LO 0.7 1296 to* 81? Grand Ctal 




TEXTILES 


u ot !? 
86 61 


fcGartiOp! ^ 'tS3‘" 10j 0.7ll29A TO 4 gi,’ *arrfCfenira’l lOp 

.fcBohTnoS. Ill ...... 3.60 10 4.9 30.9 327 a2 SeEX-Ll. 

tLcnnoe- 80 -1 25 10 4.7 322 110 65 Harrisons WyEsLIOp. 

*Lii.J0p_ ^ci . ... 059 * 3.6 * 123 56J? radriendsWOc- 

6 laXDond- -1 Z4 11 5128.1 B1 41b Kuala Kepong MIL 

& Montrose. 3M -1 +515 10 4.4 33.9 59b 29 hiluiliinHuOc 

tPrac ira . ... 3.40 LO 4 B3L8 i&3^ 69 

Prudential. 73 -1 285 10 5.9 255 83 36 


UBobTtodJ 111 
.fclcunox— 80 


7.gZ03 J 49 26 OiervmeseJ 
4-712L9I 40 23J* font Plants 1 


144 ..._. d6,49 35 6.8 63 ^ 

50 367 241X3 5 6 1°6 157 Um.&Monl 

73 -2 288 66X0 31111 « VZgZL 


4 Montrose. 3M -1 15-25 
SSuE 73 -l" 235 


44 34 LoniSi 


P_ R SriTHttl PS ts&ShHV 


29 242 * 12> 

8 -b - - - 


tj 195 & KSfeig L SiKK 

45 -$ 172 3t( 9 J 45 9 | 1 ^ * 1 J 5 TEAS . 

I, W i5 li ro.ll, s' | :: :::: gf fo • India and Bangladesh 

35 +u 210 31 91 <4.0i 40 33 Mcrtanulelm__ 37?a -b 125 12 5 0 24.6 240 n 7 5 1 Assam rh>ar c El . . | 235 I U9 51 


4 33.9 59b 29 tlKulimHuOc — 

B 318 163 69 Uin. Sumatra lOp 

9 25-5 83 36 MalakuffltSI — 

.0 301 34 30J, r-Juar River IDp — | 

5 2J 78 55 Plantation HJd?s.lOp 

4 215 82 37 SungeiKnan 10p_ 


TEAS 


PAPER, PRINTING 
advertising 


iSangereCrp. — j 81 -1 1 5.80 


7 8 55 41 
* 71 55 


1 3: a ft lift § 3 ssssfc 3 t 


M-Psper— . 58 1289 4.4 75 63 

»9bpcfonv._ £107 65,%143I93 — 

16 Wlbore— 351? 195 24 83 7.7 

nnw 69 3.83 20 8.4 91 

! Priming — 48 +u 308 26 1Q.0 (45. 

inning , ->n> M - +1 32 ♦ 93 ♦ 

ResmtlV- “ +1 3.8 p 9.6 <t> 

dftllp--!! 2© 4.88 45 72 4.6 

uealsSj- 44 -1 fl,90 3.1 65 7.4 

^tonuSirJ i— 17 . - - - 42 


p ss&t n 1 :■«: a*„ ft $ ftafflRiPasp^ T iSnSW 

L dko* g f m h y 12 ! 11 ztz _ ! _V1 _ 

S SfiSS S? ! Z It : H « PROPERTY 


37»? 25 
UO 85 
99 79 

13 10b 

55 45 

64 53 

56 39 

34 27 

32 26 

40 28 nugraraiH.) JOp- 

53 42 

64 33- 

21 15 

11V 7V 

48 34 

64 55 

49 42 

45 21 

98 73 

42 29 

62 46 
128 102 

50 24 (Nona Jersey 20p 

82 58 - - - 

15b 12 

10 i? S’, 

93 56 

51 41 

91 69 

43 36 

25 19 

63 48 

47 25 

34 18 

35 20 

30 20 

79 84 

73 50 

321? 20 
70b 27b 

47 19b 

48 40 

31 26 

34 23 

58 23 

29 18 

62 46 

54 44b 

58 31b 
321? 27 
72 48 

49 41 
46- 34 


32 25 2E 1L8 4 6 20 U ta* New Write , 17 — 

107 +3 h067 200 LO 8.0 42 Sb .VX&(*a1«ore. 40 ...... 040 

99 +2 72 P 116 P 218 183 1931iMea. — 214 -1 8.75 

11 075 25103 58 ^4 78i? Nth. AtJanlic.Sec 93 .. JJ; 

49 3 01 to 93 54 79 b JAbn. Anwuan. ,96b +b 2.85 

59 +1 14.19 1.6 10.8 (75i 1© 95b ^heraSer^- 106)i +1 3.45 

39 ...... d322 0.9 1Z1 £1 51 Utlir.^y lm^ 54 tL9( 


«ee | - 1 >ei (Lxt|w» NOTES 

95 -1 275 *J 4 5 

1J® - 3 ^ 53 1 inins oibrralw lndiraird. prim and nrt dhldcnda are In 

-1 — — 7 KM* and dtpwilnaitan are Up. CUliialrd pricetrirainim 

52', -b 17 1.0 4.9 ratios and rtn-ers arr bued on laieai annual reports and wxtninla 

26thn -5 s2.8 10 1 o aad. »bere possible, arc updated on hall-yearly fi cures. P/Es are 

48 -1 hlJfl 12 4 3 calculated on (hr ha%i* of net dbfrtfautlsu; tnrfatfd fifurr* 

39b -b hQ3.0 L2 11.5 Indicate ID per ecoL Of more ditlerrnre If ralralaled On -oil" 

10', 4 - 1 , 055 * 7 9 distribution, l overs arc based an -anilhoa" distribution. 

372* -fa* 150 16 73 Yield* are based 00 middle prler*. are itraoa. adjusted to AfT of 

110 4-1 aid fl 55 M per cent, and allow lor ralnc of drclarcd dlatributlona and 

1 ,Q > oYJJh- AR rtfMa. Securities with denominations Whet than sterling are 

77 -3 Q 12 l>c 15 3 5 V10,ed lvbtht the t»***ment dollar prramuo. 

-|*2 9 Pn ?"? 2 ‘| 4 SJerling denominated securities which include investment 
“1 JAfc ,0 j, dollar premium. 

48 -1 hD.43 31 14 • jfigh* and Low* marked Hint have been adjuatad Ip allow 

77 -1 §2 18 2.0 4.3 for nehl* issues lor cash. 

70 bl.5 19] 32 1 Inienm since increased or rcsumml- 

t Inicnm since reduced, passed or deferred. 

• *4 Tas-free 10 non-resident* «m application. 

S p Kiiture, or report on ailed. 

TT UnliMud security. 

• * Price at Iinw nl suspension, 

mgiaaesn 5 Indicated dividend alter pondinc scrip and or rights issue: 

___ . _ iiner relates 10 previous dividend or forecast. 

5*2 I y,- > _ 1 C 2 * “ 1 - *• Free «l stamp riuiv. 

(UO-it-J 4.9 o.l a SJen:ir hjd or rcorpanisalion in prugrc**. 

121 7 D 3.7 St f N«*i rqmp.iratile. 

28 +L98 1.6 10.7 * Some mirrim: reduced final and. or reduced earning! 

350 ... . 2p 35 5.2 ’ n-di*- nod. 

360 .... +10.00 6 B 4? 1 Pnrwb-l dindenri: cover on earnings updated hj- latest 


228 U3 5 2.7 9 0 


inii-rim flalcmenL 


0.f '1311199 
10 bJD23.9 

1.1 4 S 31.6 210 P23 iLonuvaEX 
LO 4.5 33.0 
12 4.9 25.4 


rgworthU.2Dp.| M +J? jjj 3. 

36 7.J.. d2.81 1 
50 62.78 3 

64 bX53 5. 

18 dl05 1 

+b — - 

46 0 L - 

61 45 L 


'zi, 13 H. bl 51 'JI^.Assk 1 ^ 54 1L98 LO ^ 26-4 61 q 1390 iBIantyrefl j 

7 0 62 56 47 i'utEirfilnv___ 56 ...... 1.53 12 4.1 3LD IHuDEsfotes 1 

75 SS 121 99 Penliand lev — 119 +lb 4.M LO 5.2 29.0 

4 n r a 75 68 Free* Sts. Isn. 50f 70 280 1.1 6.1 22.B 

r2 50 261? 231? PrPvinriaKKies 26 tL35 1.1 7-917.3 Mri 

ft 7 ? TO 2 104 R^nuni_- 323rd +1? t3.70 Ll 46 293 iTUj 

5 5 Zf 41 37 Rfjhruri£lw.__ 37 1LQ6 XI 43 3L4 mt>> 


11 77 1 ?/ lyq jj.ru u-l 

la 62 41 37 ReahrtiOiilBv. 37 ...... 1L06 XI 43 3L4 

31 22 Ri 5 ht*Ma.Cap 30 0.12 — — — 

01 ~~ 172 148 Rrer*Um._l 168 8.33 1.1 7319 0 

ui.H S. ITS? HL, H 


Z? Jr Txil? 93 142 123 River Plate Def._ 134b 625 Ll 7.0 19.9 385 p< 

£3 09 lid 149 £63i?£4«,Hobe--niBr.iFl50 £63b +1, L 0 50193 416 

Sb-l"L65 5 9 72 45 635 467 D> SuLSi'sFTH 632 +f Q25b% ZO 5.0 L 9 £36>?(C 

I 1 SBfBP 1 saffi iz zzz m 


38a: L45 

62 +1 3.49 
137 324 

41 «J5 

74 tO.18 

34 0.69 

10 +1? 0.69 


6 C 4 0 £48^ E36- 1 * RplincoNV F150 £4Sb *\ s- - — - 

SlB 74 487 325 Do MlMHS. 485 +♦,►-- - - 

II 7 3 931? 73 Romney In«t,_ 91 Z65 13 4.4 315 

-U 63 59 52 Rwedimondlnc. 54 4.18 1.011713 0 

1R1O0 75 48 Do ( op 72 — .. — — — — 

6 5 31 1941? 159 RodurbWop. lffi, — 558 12 4.6 275 

74 07 71 67 5aif>;uardliri— , 70b 3.6 1.1 7318.7 

104 69 123 101 S. tndrewTsL.. 118 4X5 10 55 271 

-(-“■z 2-7 rv, _«i c_. oo_i i?ui in uua 


<?ri 1 /infra + P nto - 

on LtmKd U fi„ par VJ | IK . 

T)X lTjini.v-s (I I IRQ I 1 cc MU jl tT^lw b Plpure* haerd nn pn>«pe«U* nr oilier nlllnal 

123 lunusatl 1 1 UU l 1 1 A csuma,c e fonts, d nividcnd roil- paid or puvafile on part 

Afrira °1 capital: cover ba-a*d nn dividend un lull capital. 

** ul *' a « Redemption > irld. I Mat yield g \.,*umed dindend and 

390 iBfajtrtreEI I 610 I _„|50.0 I p 112.4 6 AMmmed dividend and yield alter scnp iwuc. 

1 AQ IRjjq F dafes ~1 l »5 I 15 n 2«ll0A 1 IrM" eapwaJ sourres. h Xenv-iL. m Interim Higher 

UU 1 H UB mat e s J I |U.U I iUllO.h , hul1 prrt10us total, n Right* issue pemllnc q Eamiiigl 

baaed on preliminary ngnres. s Divl>leml and yield exclude a 
TWTXTOC special pavmenL I Indicated dividend, caver relates to 

IrlJUvjJQlS preiiou* dividend. PH calm based nn latest annual 

earning-, a Kerevtol dividend, cm rr based on previous .» car - * 
JTTTTTVrTJVYv \ T T? \ IWTb carninia v Tns free up to 30p in the £ v» Yield nllows lor 

Lt-ilv A ItilL/ lUliv 1/ currenre clause, v Dividend and yield ha*ed on mercer lorm* 

inn rtnrt >_ rw_ m m * . i i l j i fundend and yield Include * -pocml pnvmont: Cover does nnt 

JW rtnrwil unpitl- - + J I I “ I — apply fo special payment. A Nei dividend and yield. B 

244 EaSRaMfrp.nl- Z7U -8 I — I — -J — preletenr-e divniend pasaed nr deferred CTunadian. E Issun 

£29V Haodlnol’aEsLrC. £33* 'td -U J 7035ft- j 2 5] 65 pnie. F nttldcntt and yield icired on pro»pertu« or other 

78'? West tend R1 106 td -4 |lQ13c| 6.7| 75 ollu-ial CM i mates lor I91B-t»i U Assumed dividend and yield 

atler pending srnp iiml nr nv;hls isniic n liindcnd and jicld 
■ -n a nmfvi vuT n a w-nrv based "n prospviius nr uihcr oflici.vl ertimales for 

EASlfiiRN BAND raws K Figures based nn pro-pcclu, -ir mher official 1 

esllmalr! for IR7R II I ilvtdrnd and yield based un prOspccluv 


MINES 

CENTRAL RAND 

40 1 Durban Deep R1...1 221*1+8 I — 


EASTERN RAND 


71 *€2-Z2\ 6.0 42 9B 72U ScrJ.W^ryi 96 . ^20 0 9 3 5 4 p.4 M5 m Blvircvr^ 315rt -4 t*63c p 12.6 

29 10 ltflO.4 8.9 ^ 69 12 -b ~ ~ ~~ 00^764 Eullek 983 d +2 tflVft- p 102 

69 — -T- — 1J4 161 lffi .. .. 15 67 1 0 4 6 K2 , b 771 , Deelkraal RA3H ._ 90 - - - 

431? +b — - — |9 65 Sec f^tMhn.. Wj -1 11.79 IX 3.2 44 0 332 2Jfl poiTOfumeiDRl 287id -3 Q5Dc P 10 9 

8.7 &7 ,87 W Do a-r-r- -lb - - - - 778 589 BuxDneHl 725 d -3 TQ78c 17 68 

7.1 53 154b Seni'jtesT.S^ 1B4 WO 1.0 6.0 29,1 ^ 1U ElatuivraidGId 3k . 217 ~ - 

4.B 37 460 300 Tn 1^-rTn 133 92 EIshurgRI.. 102«d ... tQ645c 1.0)50 


45 Z46 18 8.7 E7 W 

28 1132 4,0 7.1 53 J© 

32 11.01 75 4,8 37 «g 

S L65 5JJ 45-4 8 135 

23 ...... 5.0 0.9 6.6 25.7 +3 

56 175 13 10.1 1X2 

45b ...... 2.72 L9 91 6.6 165 

58 +1 QKM 6 10 L9 53.2 _« 

30 1106 LB 10,4 8 JJ lf2 

61 11.83 62 4.6 5J» 173 


fee of £400 per annum for each security 


4 8 37 460 300 ‘ ftWfcskta.SlSi 440 025 e - 36 -IS ndwcRI ' 

45 -48 135 118 ^ ll" ^ L2 31394 ^ 890 ni&.4RJ__Z 

6 6 25.7 73 58 birwlflOp 73 +1 1.5 H 51 Se 539 408 KfouffoidRl 

HWff'iS SSEkiS ::::: th 1 % Mkr 


£i3m 
516m -3 
528 td -3 


527 419 SnqthvaaiaOc 487 +1 


L9 532 ,68 Hgfa jnl P 2 hi Tfl?A7 ^ 2» 5tflfomein30<P-__ 266rf 

« IS i HBfc a«Nie h MSP® iSUffiffid SStI 


i, trrbbmftp- 


;*5p^— IS +‘2 tf- 55 3- ' „ >c 

SffldZ 114 6 l 7 11 8.9 (Ml 30 184 

:::::: S.« * 


i Times 


igEiSaf nilti. 


q Turner Cun i>T * 94 V ‘fi, hi, 

M IWWU.-T. - 548 IS 6.5 11 W S' 

18 ""E™ S H2.75 * 11.0 * 118 

Ik SR? 5 ’'.: s3. h III ffl. 


tH‘j v.liliataniwiv rs , 1(146 34 56 7 .B (H fafl 

111 , Liuiehn'inf J 3 ti’ TlT* j’ 7.5 * S 59 

32 Valtir g® +1 nil 1 72 P 320 272 

74 [££»: sf«f !? M 
5 ES88SK: 9 S & il « 1 


1M PTB 7.48 36 52 6 2 91 75 

« SsSriis TO :::::: 10335 22 73 u s m 

SSftSiS I? D 

Jt RSSfltt; ™ ^ * 'i 5 ♦ 

II lo +3" 3.75 L9 95 84 22 17 

35 Vi&ifairt^il 50 ....•• 81 7.4 m 76 

157 HWaMlrhU. 157 -1 S&lUfui - 1?7 88 

£87 UrtlOpryit _■ £38 ‘35 93 5.B b 

. 38 WlHiawij 1 . .... 25 j li" 1 Rg 6 4 J ♦ m 2 260 

1 47 KiHMiJeonH'i .. |5 k1 + 1 iff, 57 73 74 331 255 

I 61 64 93.P =/ i o qq jn 


,52 h!85 24 5.41117 

196, U3.66 2X 3.0 24.0 

208 35 16 2.6 36,9 

20 0.68 12 51 24 3 

7gd 1.63 12 3338.1 

tar “ M38i L3 7o ml 

SO ...... Td4.0 14122 8.7 

M -1 1287 - 6.4 - 
110 322 1.2 4.4 25.4 

MS* ::::: tit % ” % 

V r: : 

133 Qlttc _ f93 - 

95 1.91 17 3.0 W) 

49i?*d+i? 1.7 12 5224.1 

20 “ ±7. 77 — p 

91 . 2.07 16 3.4 123.il 

OlKMBCialJipl 60 ~ — 

zgj -Z: 4 3- * To T 

2»/ PT 463 P 14 P 

51b 172 IS 5.120.0 

g .... L% 18 4.4186 

# = liUit: 

S t)65 - 4.6 - 

nayitoLJOH jg ^ flu lb 1 ;^ 

gi3 3.09 p ID'S J 

44 -2 230 09 31-211 

£96 — Ofei/i323f6.9 - 
£89 015? 3 55 Q4.0 - 

18 L6 53.4 
12 6 918.9 


TOBACCOS 

346 {267 [Blinds — : — ISO j-2 [11361143: 

\227 Dn&rfd, 268 1—2 1 — 1 — 

380 030 LDnnhtll i.A. 1 10fJ_ [ 342ri[-3 8.72 4 


s rjiy ail ss^ g tss 1 *- — S* mist 

42sf -1 lbpl 0 3 6 « — 80 21 li 241 152 WestemAraasRl. 161al +2 

B | S^S tfic f ! ;;;■ S s UAfiia D SSSSL 31*1 

101 86 Do.up.El 99-1 — - — - . ^ 

LCCOS 73 64 Thmanoiton— 6 Sbsi 2 p L0 9715.6 _ _ _ 

lVA>VI3 £118 £L05 Du 8W*f>Lo»n_^ £lfie +1 QB1 A 20.8 18.0 — O F S 

^ 5 ^ jq 7 ! rnr Invest. Inc_ 77 *a 6 cl ibi o o t» g v.r.O. 

—1 47 3X5 95 Dt* Cm,. 101 


^ j“nj REGIONAL MARKETS 

lTOc 5 ll.B The following Is u selection of f »nrton quoiatiuns uf >liarcx 
L« ‘-6 pnrv luifoly liMcti onlv in Rt;iv>n:il nuirkefs Prices- nf Irish 
J22f 23 4.9 issuer, most of which .ire mu officially listed in London. 
U5 l 33 4.9 are us quoted on the insL e-;chumu?. . „ , . 

25c * 72 1 1 Shell. RidHhint.j 52 1. ... I 


10 8715.6 
0.8 f 8.0 — 

12 9.912.6 

- 0.8 - 95 175 


4 118 Albany I nv.20p 23 — . SindalltWraj—l 103 [+1 

£740 Arh Spilt nine- 45 

n a t o Bertain 21 

a III Biij: (dr. EM 50p 267 ...... fpfgu 

♦ H- 6 Clover Croft 26 ...... IRUfU 


DvsoniR A.iA. 37 ..., 

□Ib&McHdy. 61 .... 




TRUSTS, FINANCE, LAND 

Investment Trusts 


138 120 TrtL-lfWft»Tp.^. 1TO? «.06 11 4.8 29.B7g9 582 Prt< Stejn 3ft 

113 W D acrutolat 110 3.85 Ll 53 26 1 894 703 siflefetJjRl 

60 53 I'pdwaly 58 tL25 Ll 3.3 30.7 199 144 Vbi»I 

128 1061 ? I.'fd Bnl.Sec 5 .__ 126 h4.03 10 4.8 3L7 302 190 UrllmniOc 


81 IVutkl II, ill 
44i? ZettersSj. 


:; s? irA°4% * 


52 49 Ahenksn !ir.< .. 50 Z35 -10| 7.120.7 TO 

HI 118 Aberdeen Trust- 135b 5505 11 5.6 24.7 188 

111 951? Altai iev 108 14.12 11 5*24.6 WO 

96 77 Alliance ln» — 94id 3.00 10 4fl30i 99' 

228 293 AllaureTmti... 220 7.10 1C 49 29 9 M 

124 115 .Alulandlnr .50p 116 830 1.0 10 8 13 J 307 

187 129 I*. Capital 50a. 182 0.42 — 03 J9h 

6 ?? 53 Ambnselnv.lK.^ 531? 4 5 6 12.7 4> §? 

61b 47 Jjp.iha 58 — — — — K 

46 371? .laerinfflTnjrt 44 *b 1 35 13 4.6 33.0 170 

46 36 AmericniTd.'B' 43 — — — — 31 

304 &4 3.4H.S4Q. 98 30 U 4629.7 2U 

58 43 AhSlo-laLDiv.- 43 32 10113 33.0 79 

134 104 Dft.tertSJts.- 131 ...... - - 

44 36 AurtbSctttav.. 42 —.. 1163 3.0 5.B 257 

■77 64 Arch mates Inc.. 64rt 5.15 LO 112 114 

147 106 .VSOtav^lTZ 1§ QU-i 11 46 202 

131 106 AsMwntar — 121 14.04 12 5 J 253 242 

74 49 AUanUBaltlOp. 61 +1? 0.5 IB L2 68 S 12 


20 18 m«jWlals_ 20 ...... 0.94 1.0 7.3 SI £19^ £13', iUlddia^5(te wn { £l^ -b 

235 -101 7.1120.7 TO, 80i : ISW 7 *4ffp— 95al +b IP XO 5.6 26.4 '' 

1505 U 5. U 24.7 188 163' l 184rf 15,94 11 4.9 27.4 

14.12 115^24.6 900 600 l. >Tni+FbriS)-. 530 QlQe - 0.7- FTNANCF. 

3 00 10 4l»J 99b 74 x-ixfomn. 90 .... 11 12 13 67.6 . 

7.30 3.0 4.9J299 M SJbffA-* JwUp 75 ..-. 075 13 L5 M5 m f 4?4 l.ta« Imfnaliillc.J 585 | 

830 1.010ai35 307 Z78 »M>Abr.£l a . 303 +3 10.81 bll 5.4 253 wQ Ij46 .4nffc.Amer.IO.-_. 323d -1 


w ..... eg ur 14 8.2 BCTfesTTT 50“’ 

£23>a ...... Tv240c 2.7 8.8 FinlayPhn-Sp.. 231 ? 

87+1 — — — Untie Ship El ■■ 140 

369 -*-1 Q55r 47 8 0 1 li&-oti.. Brow.. 75 

931, -ll? 06c 0.5 3.8 LO.M »n. El. W0 

911 +2 ,*0J3V 26 J IWtt'-K tSap- 263 

6B4 -3 IffiOt- 99 3.7 NThn "diMiiih W 

870 -9 «USc 25 7 9 ^JT-'iVtu ' ’ M 

108 _2 ViK'i .»nll> 20 

277 -1 «B5r 19 76 MwUwltiBrult 45 

£18^ -b fy2»r 1^ 8.9 


Coni-. 99a 'BDiBZ. 

£90b 

.Alliance Ua^.-. 

70 

.immi — 

337 


95 

Clondalbin....... 

96 

f'oiu-ccte Pruris.- 

132 

lleitou'MIdiu 1 

40 

Ins. k’orp 

1 W 

Inch Roper . 

130 

Jacob 

M 

Sunln-ani.. 

30 

TMC 

175 

IniUare.. 

90 


830 10 10 8 135 307 278 Wem.wlhv.El.- 303 +3 10.81 bll 

042 -1 03 — J9h 171 Winl«6na«i 195 -1 4 b 10 

4 5 p 12.7 4> 89 691, W:imilnv 8&b +1 23- 1.0 


i FsSKi 4 *® Kt .tetarndac. sss qmp 3«-6i 

n I f If ai 340 246 AnJflAmer. HV 323d -1 036 21 - * 67 

n rnS-3 H7 'vQ?^ Ai* 4a«WtllU_ £161, ri tu165c 1.1 60 

.0 4 0 36.2 800 621 Anr-'.jjIStr. 770d Qll5< P 89 


OPTIONS 
3-month Call Rates 


Finance, Land, etc. 

|Akro?d Stutters I 220 20.0 [4.7 


395 1138 VDddleR'il25r_ 
35 J 22 Mmrorp 
196 126 UiDOtnjSBCiLtt 
122 95 NetrWitSOr 


37&S ll “ ‘A Beei'hJnt . 35 14 Properly 

M 1 i® f 9 Roms Drug - » U«Anfjw„ T Rnt. i«,nd .... Vt 

S?. 'T" ®-® 7.5 hriti*h irtvEM] 6 London Brick. 5 Inlwiimiwan" a 


fTstlOp. 9b 


S ~ fl 


90 11.01 34 17 24.9 

|9 dlJO P 22 P 

132* — . 1568 2.4 7X lb3> 

26| ”""836 15 4 9193 

27S a.# * 24 * 

35 ^136 24 5.9 9X 

71? ....„ ~ _ _ _ 

560 .. .. 546 1.7 15604 

24 -1 066 17 «i»r-' 

224 -2 *217 22 20 X 51 

190 +13 Q38c p Zi p { 


100 69 -Atlanta: Assets- 9U 2 040 43 07 512 44 26!? Aidb^b'Imt.ajp- 44 — ; 

60 51b AltarHert 57 -b 1.90 11 5.0 27 8 25 141? Bnupda Amur. 36 -b - 1 

101 73 Ana. 6 IflUSOp'. 96b +b 12.7 3JJ 4 2 34.1 18 14 Ch*il«Iee — lg« 4-' 

57i> 48 Banlieislw. 543? -ta 235 10 7.2 20 71145 103 OtflknttCrpSI 141 Q% 

64b 45b Hem- Tribi 641? * 1 , 10.87 15 117161 68 56 CUneraowiJp 6U «» 


it'i +» 

64b 45', 
Tl, 6 
170 1«0 
59 b lib 
sio£ S1\ 


2.1)71 6)*68 56 ChJrtwaoupefJp 


3.0 d 6.7 £15 kn 


S|d WMc P 8.4 Courtaulrlv ... 10 7 ; T n Samuel Prop*.. 9 I 

45 2.5 1.7 8.4 Dcbenhiimt-.... 8 JJria- *j hpwf Jg TowntCiUv.. 1 ' 4 

£144, K595c 34 38 WmIHw J 5 Midland Biink 25 v 

238 .... (Me 12 75 It h °' U 


Bni Purtilemn- 45 
RurmahOtl.._. 5 
L'hurtcrhull .... 3 

Shell.. 28 

L'ltramar. 20 I 


-- \* r harterChns..]12 
- H Ifons tfold -...1 14 
w?s..l IS I Rip T Zinv......| 16 

ruderi 1 * -riven on the 
anjje Report pane 












Airlines Gormley attacks 

in doubt _ * • _ 

oniATA report on mines 

BY CHRISTIAN TYLER. LABOUR EDITOR 

JL {JLm. THE Conservative Party's search to negotiate on hehalf of our one tot 

for detente with the trade members. they xnal 

1 unions before a general election « It * not a wanting; it is not a 
nrnnnc Q 1C was given an inauspicious start threat. It is just a statement of talked a 
Ul UUvtJMltJ yesterday by tbe miners union, fact’* His w 

JL M- Ooenine the National Union of _ . .. » . <— nr a 


By Michael Donne, 

Aerospace Correspondent 

MANY OF the world's larger 
airlines remain uncertain as to 
the immediate future of the 
International Air Transport Asso- 
ciation (IATA) and its ffares- 
fising policies after last week- 
end's meeting in Montreal at 
which they voted by a two-thirds 
majority for big changes in the 
association's activities. 

The changes involve greater 
freedom internationally in set- 
ting passenger fares, cargo rates 
and standards of cabin service. 
Many airlines, especially the 
medium-sized and smallet air- 
lines in the developing countries, 
still oppose the reforms, which 
they feel have been foisted upon 
them by the bigger airlines of 
the U.S. and Western Europe. 

Moreover, no IATA members 
know what the reactions of their 
governments will be. Some, such 
as the U.S. Government, have 
been increasingly hostile to 'the 
IATA in recent months and will 
probablv welcome any changes 
that give U.S. airlines greater 
freedom to compete. 

Others may feel that the 
changes ?o too far and remove 
much of the protective umbrella 
that IATA has afforded their air- 
lines. Settling the differences of 
view between airlines and 
governments will take many 
months of arguing. 

No fixed date 

Some airlines attending the 
Montreal meeting say they did 
not know in detail what was 
being proposed until they 
reached the conference chamber. 
Others are suggesting that the 
changes, proposed by a five-man 
task-force of tbe IATA executive 
committee headed by Mr. Claude 
Taylor, president of Air Canada, 
are much too far-reaching, and 
need further examination. 

No date has been fixed when 
the decisions should take effect 
At best the IATA has until 
November, when its next annual 
meeting is due in Geneva, to 
work out the details of the pro- 
posed changes and submit them 
to member airlines and their 
governments for approval. 

What is clear is that changes 
are not going to be rapid. Exist- 
ing fares, cargo rates and cabin 
service rules will remain in force 
for the rest of this summer and 
probably well into winter. 


THE Conservative Party’s search 
for detente with tbe trade 
unions before a general election 
was given an inauspicious start 
yesterday by tbe miners union. 

Opening the National Union of 
Mineworfcerc conference at 
Torquay, Mr. Joe Gormley, 
Union president seized on a 
leaked report by Mr. Nicholas 
' Ridley the Conservative MP fbr 
Cirencester. advocating de- 
i nationalisation of profitable 
coal mines as evidence of the 
Conservatives'- true intentions. 

He charged them with making 
unions out to be ogres ready to 
throw out a government at the 
slightest opportunity. It was the 
miners strike that led to the fall 
of the Heath government in 
1974. 

Mr. Gormley. opening the con- 
ference, exposed as a pre-election 
gamble the Prime Minister’s 
announcement last week that 
wage restraint will be the order 
of the day. with or without open 
trade union support 

Speaking of the frustrations 
caused by three years of ' pay 
guidelines, Mr. Gormley said; 
“We will not be frustrated in 
the next round of wage negotia- 
tions. We shall negotiate and 
oppose anybody who stands in 
the way of us having the ability 


to negotiate on hehalf of oar 
members. 

“ It is not a warning; it is not a 
threat. It is just a statement of 
fact” 

Today the conference looks 
set to back a South Wales motion 
calling for £110 a week for top- 
rated coalface workers, compared 
with £78 at present. The union’s 
executive last night decided to 
support this claim, but oppose a 
Yorkshire demand for £6,500 a 
year. 

It fell yesterday to Ur. David 
Owen, Foreign Secretary, to try 
on behalf of tbe Government to 
budge the miners from their 
clear intention, which they will 
report at the TUC Congress in 
September, to fight the principle 
of a Stage Four earnings limiL 

Dr. Owen appealed to the 
delegates to stick close to Labour 
at this critical juncture: He 

reminded them of the huge in- 
vestment in their industry, urged 
them to be mindful of workers 
without their industrial muscle, 
and asked for “ sensible restraint 
in wage bargaining." 

Mr. Gormley asked the con- 
ference to treat seriously the 
Conservative threat to break up 
the state coal industry, and 
warned that there would be “ not 


one knob of coal produced if 
they make any attempt to imple- 
ment the policies that are being 
talked about” 

Hfe warning came on the eve 
of a Commons debate in which 
the Con se rvat ive s plan to attack 
Labour’s record on employment. 

At the weekend Mrs. Thatcher 
met senior colleagues to prepare 
her party's defence against tbe 
charge that it cannot work with 
the unions. 

The Tories are vexed that the 
conciliatory official line is not 
being reflected tn union leaders* 
public statements. Their diffi- 
culty is that die unions see 
Mr. Prior as only disguising 
the hard-line policies of Mrs. 
Thatcher and Sir Keith Joseph. 

Mr. Gormley s aid of the Tories: 
“Whatever the outcome of the 
General Election, they have not 
a cat is hell's chance of break- 
ing up this nationalised coal 
industry. 

**We have these statements 
being made constantly deplor- 
ing the strength, of the trade 
unions, indicating that the trade 
unions are some great beasts 
which have been created by 
somebody, . instead of realising 
that all the unions are comprised 
of people." 


Reksten needs aid to pay 
Hambros interest 


BY FAY GJESTER IN BERGEN AND CHRISTINE MOIR IN LONDON 


REKSTEN," the shipping com- 
pany at the centre of a tussle 
between Hambros Bank and 
the Norwegian authorities, has 
confirmed in Bergen that with- 
out continuing support, it will be 
unable to meet tbe interest on 
its borrowings, let alone repay 
the capital, until well into the 
1980s. 

Shareholders were told in 
Bergen on Friday that the main 
subsidiary, Trajan, had losses of 
Nkr 233.6m (£23.5m) last year, 
exactly double those of 1976. Tbe 
other trading company. Hadrian 
lost Nkr 92.3m (T9. 4m) compared 
with Nkr 79.5m (£8m) lost in 
1976. 

Reksten has borrowings 
believed to be in excess of £50m 
from Hambros Bank, the interest 
on which is guaranteed until 1979 
at present by the Norwegian 
Guarantee Institute for Shipping. 


Tbe Institute is trying to per- 
suade Hambros to accept a 
reduction in those guarantees. 

While this negotiation con- 
tinues in Oslo Mr. Johan 
Reksten, who takes over as chief 
executive from his father, 81- 
y ear-old Mr. Hllmar Reksten. 
confirms that the company will 
need outside support well beyond 
1979. 

He anticipates low freight 
charges over the next three 
years, which will leave the com- 
pany unable to meet interest 
charges until 1981 at the earliest 
However, by 1981 rates should 
have statrted to rise again, he 
believes, and between 19S2 and 
1987 earnings should have risen 
sufficiently to permit debt re- 
payment in full. 

On the Worldscale Index 
which measures charter income 
from tankers. Reksten is 
achieving only 25 oo the ships 


it has not laid up. It needs to 
reach 68 to cover operating costs, 
interest and capital repayments. 
In 1973 the Index peaked at over 
400. 

At a rale of 170, however, 
Reksten would able to cover 
full costs, including repayment 
of debt capital, 2u one year. 

Mr. Reksten is thought in 
Loudon to be relying on this 
steep gearing benefit — and on 
the disappearance of the ton- 
nage surplus — hi making his 
post-1982 forecast. He stressed, 
at the shareholders’ meeting 
however, that the forecast was 
made at tbe request of the 
Guarantee Institute. . 

Meanwhile, the news is a 
double blow for Hambros, whose 
preliminary figures are due out 
on Friday. The Bank has a 10 
per cent stake in Trajan, which 
in turn owns 62 per cent of 
Hadrian. 


Fishing industry attacks Silkin 


BY RICHARD MOONET 

THE GOVERNMENTS measures 
to protect fish stocks, an- 
nounced yesterday, failed to 
satisfy tbe fishing industry. 

Mr. John Silkin. the Agricul- 
ture and Fisheries Minister, 
who is engaged in talks with 
the Norwegians in Oslo, came 
under fire from the British Fish- 
ing Federation tor being “a 
little too gentlemanly." 

The federation's criticisms 
stem from Mr. Silkin's state- 
ment in a written Commons 
answer, that he was only con- 
sidering imposition of a "one-net 
rule" to prevent illegally high 


catches. This would restrict 
vessels to carrying nets of a 
single mesh size within Britain’s 
200-mile coastal zone. 

The industry had expected him 
to announce a decision to impose 
such a rule. 

At present vessels may carry 
as varied a selection of nets -as 
they wish. If industrial (fish- 
meal) fishers illegally take large 
by-catches of human-consumption 
species with their small-meshed 
industrial nets, they can explain 
such catches away more easily 
when they carry a range of 
larger-mesh sizes. 


If they carried only small- 
meshed industrial nets, this 
excuse would not be possible. 

Two other expected measures 
were included in Mr. SUkin’s 
package, banning of herring fish- 
ing off the West Coast of Scot- 
land, with the exception of the 
Clyde stock, from July 6; and 
extension from October 1 to 
March 31 of the eastern 
boundary of the “Norway pout 
box" an area off tbe east coast 
of Scotland within which indus- 
trial fishing is prohibited. 

The Minister announced a 
reduction in the permitted by- 


eatcb- of protected species in 
industrial fisheries from 20 per 
cent to TO per cent from July 1L 
“ The EEC Cottfrnission's 
approval may be sdfeght for 
further measures coa&dered to 
be necessary for the conservation 
of UK fish stocks. . -* 

“In this context the Govern- 
ment is considering the need to 
strengthen existing provisions on 
the enforcement of tbe.minizmim 
mesh-size regulations, including 
carriage of nets of more than 
one mesb size and the need to 
regulate herring fishing in the 
Irish Sea." 

Editorial -comment, Page 18 


Rediffusion board proposes audit change 


BY MICHAEL LAFFERTY 

A DISPUTE has broken out at 
Rediffusion, the quoted tele- 
vision rental group in which the 
British Electric Traction Com- 
pany has a 58 per cent stake, 
over the directors’ plan to 
appoint new auditors. 

The Rediffusion move appears 
to be at least partially a response 
to pressure from BETs auditors 
-for a greater share of the group 
audit. 

The existing joint auditors. 
Binder Hamlyn and Fryer White- 
hill, have taken the unusual step 
of objecting to tbe Rediffusion 
board's proposals to appoint 
Deloitte Haskins and Sells, 
auditors of BET in their place. 

They will set out their reasons 


in a statement in the company’s 
annual report due to be posted 
to shareholders today. Essen- 
tially. this amounts to saying 
they are more independent than 
Deloitte Haskins and Sells is 
likely to be because of its res- 
ponsibility for the BUTT audit 

Both the joint auditors say 
they are taking this action as a 
matter of principle. They claim 
there is a big difference between 
a holding company’s appointing 
its own auditors to a wholly- 
owned subsidiary and tbe case 
of a company like Rediffusion 
where there is a significant 
minority group. 

Mr. Peter Lane, a partner in 
Binder Hamlyn, said the state- 


ment was being made because 
the auditors wanted all the 
Rediffusion shareholders “to be 
fully informed before approving 
the change.” “We are vailing 
to continue,” he added. 

Mr. Brian Worth, senior part- 
ner of Fryer Wbitehill, a firm 
involved in the Rediffusion audit 
for 50 years, claims there is 
no immediate advantage to . the 
company in making the andit 
change. Of Rediffusion’s £217.000 
audit fee only £32.000 goes to 
Fryer Whitehill and a further 
£40,000 to Binder Hamlyn. The 
rest relates mainly to overseas 
audita. 

Mr. Murray Chariton, a partner 
in Deloitte Haskins and Sells. 


denied any suggestion that his 
firm was not as independent as 
it ought to be in relation to 
Rediffusion’s audit “We do not 
see that there Is a case to 
answer.” 

It was -Deloitte’s policy, where 
it was an auditor of a holding 
company, to audit at least 50 
per cent of the group assets and 
profit he said. It is understood 
that at present the firm has less 
than 45 per cent of the BET 
audit work. 

A spokesman for BET said be 
did -not mind pointing out that 
tiie proposed change of auditors 
had not em in a ted from BET. It 
was a Rediffuslon hoard decision, 
he stated. 


j Owen will 
not appear 
at Lords 
committee 

By Maurice Samnbon 

l 

Dr. David Owen, the Foreign 

Secretary, has refused to appear 

before the Lords select com- 
mittee dealing with legislation 
to counteract the Arab boycott. 
Tbe committee in. turn has 
refused an offer that he be 
repres e nted Instead by a 
junior Minister. 

As a result there will be no 
witnesses at today’s meeting 
of the committee examining 
the Foreign Boycotts BUI, 
modelled on recent VS. 
legislation. 

Tbe Foreign Office explained 
last night that Dr. Owen was 
too busy to attend and that 
other Government officials had 
already given the committee, 
under Lord Reddiffe-Mand. a 
lot of evidence. It was also 
pointed out that tbe Depart- 
ment of Trade “leads" on the 
boycott question and that Mr. 
Edmond Dell, the Trade 
Secr e t ar y; had not yet been 
invited. 

After die committee bad 
rejected bis counter-offer to 
send a junior Minister— 
thought to be Mr. Frank Judd, 
Minister of State— Dr. Owen 
had then offered to reply in 
writing to questions from the 
committee. 

Dr. Qwerfs refusal is bound 
to he seen as further evidence 
of the Government’s lack of 
enthusiasm for the Bill, 
sponsored by Lord Byers, the 
Liberal peer. 

The Government made clear, 
in the Second Reading of the 
BHl, that It had no Intention of 
introducing legislation itself on 
the matter. Department of 
Trade officials also told an 
eaztier meeting of the commit- 
tee that EL3bu of UK exports 
to the Arab world wonld be at 
risk if the Bill became law. 

Next Tuesday, the committee 
win travel to Brussels to meet 
members of the European Com- 
mission. 

There will be no further 
bearings however, and the 
committee is expected to pre- 
sent its report on the advis- 
ability of legislation by the end 
of August or beginning of 
September. 


Tanzania to 
compensate 
Lonrho 

Financial Tunes Reporter 

THE Tanzanian Government has 
agreed to pay Lonrho £L054m 
for the Central Line Sisal Estates 
which ir nationalised in 1967. 
The settlement, announced by 
Lonrho yesterday, comes ' ' a 
month after Tanzania stated its 
intention of expelling Lonrho 
entirely from the country 
because of the trading company's 
activities in southern Africa. 

In its expulsion notice Tan- 
zania said that Lonrho had to 
sell its other interests in the 
country (chiefly motor distribu- 
tion and tea) to the Government 
within three months and at a 
price" acceptable to tbe Govern- 
ment 


Weather 


COOL. Showers in S. England. 
More rain elsewhere. 

London; S-E-, Cent S-, S.W. 
England, Midlands, Channel Isles 
Showers, sunny intervals. Max. 
16C (60F). 

- E- Anglia, E. England 
Rain at times, some heavy. 
Max. 15C I59F). 

Wales, N.W„ Cent N. England, 
Isle of Man, S.W. Scotland, 
^Glasgow, N. Ireland 
-Frequent showers, some heavy. 
Wind N. to N.W., strong, locally 
gale. Max. 14C (57F). 

N.E. England. Borders, Edin- 
burgh, Dundee. Aberdeen. Cent 
Highlands. Orkney, Shetland, 
Argyll, N.W. Scotland 
Frequent showers, some heavy. 
Wind N„ strong or gale. Max. 
11C (52F). 

Outlook: Little change. . 


THE LEX COLUMN 


*TiU’ 


Three troubled giant* of 
British industry publish their 
annual reports today, Heed 
International, J. Lyons and 
Sp tilers together represent 
some £385m of tangible share- 
holders* funds supporting?, a 
£750m< debt mountain. Even at 
their present meagre eqttity 
market capitalisations they 
amount to a substantial risk 
Investment by the institutions 
which are also likely, in Sue 
| course, to he asked to put srp 
substantial further new capital 
‘if the recoveries proceed at all 
smoothly. Yet the striking point, 
is that, the involvement taytae . 
institutions in the mana&nwat 
of these concerns appear* to 
have been minimal; and where 
concern has been directly 
expressed, it has, concentrated 
very much on the question 
dividends.' - V ' 

It is arguable whether, in 
present circumstances, any of 
these companies should bffnpty- 
ing dividends. In fact Reed cut 
its final, to give 8p net for the 
year against I3p, and Spinets 
followed the same path to give 
a roughly halved total- of L3Sp. 
What gained Lyons .special 
notoriety was its decision to 
pass the final altogether, lead- 
ing to a drop in the total from 
7.57p to 2.07p a share. 

What has ruffled feathers is 
that Lyons has promised a swift 
restoration of the payout if 
profits improve reasonably well 
this year (as they show signs 
of doing). Rather than see 
dividends yo-yoing, many insti- 
tutions would prefer . the 
payments cut to a level which 
could be sustained through thick 
and thin. But ordinary shares, 
the textbook says, are risk 
investments. The- contradiction 
is that unit trusts ar^ buying 
heavily into these: high-risk 
situations— the M and 
has close on 15 per cent of 
Lyons— hut are unwilling ttgtet 
managements use risk ctp&gjas 
a cushion. - - r^.. 

Here, short-term performance 
considerations are dashing with 
long-term recovery strategies. 

Auditors / 

The Rediffosion. - affair 
provides further evidence that 
the medium-sized accounting 
firms are at last waking up to 
the threat of the Big Eight 
Coming- afteT PanneU Fitz- 
patrick’s successful campaign to 
remain in- the audit seat at 
Barker and Dobson and the less 
successful stand taken at 
Howard Tenens it suggests that 
the quiet audit resignation may 
become less common in future. 
This is desirable and very much 


-i — * and the gap- does wrt apprll*^ 

Index fell- 2.7 to 43&1 

idiiic benefit from dabbli 


J. LYONS 


SHAREHOLDER 

FUNDS 


the gilt-edged market Ustijjjj* 
though not on the scale nt<y 
of ; the other merchant P 
Meanwhile pure banking , 
r .through, av very compf.. • 
period, but Warburg's fwqHiL . 
don fev earning activities *1 1 
advantage -iSk! moat areas' 
been reasonably busy ; thei 
been * flat trend, howeyi 
the Paribas associate. At 
where the. yield is 5J5 per 
the ahares are sustained E 
payout potential implied: 
cover which, tn spite d 
slight setback, u still w* 
times, -• 


1 1974 ‘ ‘PS 76 - .7!J\ tn 

in AhareboidBrs* interests. * * " 

Hovrevoc; it fc abt. 
dear what lies behind the 
Implied claim by Binder Hamlyn 
and Fryer 'WMteMIl Redif- 
fusion’s existing auditors, that 
they are likely to be more 
independent than Deloitte 
Haskins and Sells, the firm 
which audits the group's holding 
company, British Electric 
Traction- The suggestion 
appears to be that the intfiresaa 
of the ff.700 minority ordhmxy 
shareholders (and. the 27B 
preference shareholders) can be 
better served by auditors not 
having a separate contract with 
one of their number. Though 
this has a certain theoretical 
nicety, it conflicts with the 
overall needs of the^BET group 
for an effective audit. 

The existing auditors might 
have a case if there was any 
suspicion that Rediffusion’s 
minority ’ shareholders were 
being oppressed. As it is there 
does not appear to be much 
opportunity for BET to take 
unfair advantage of Rcdiffusion 
as there is said to be very little 
inter-company trading and no 
management changes. If the 
existing auditors think other- 
wise they should say sol 

Mercury Securities 

Although S. G. Warburg 
raised its contribution from 
£7.98 m to £8. 63m after tax, this 
was not chough to prevent its 
parent Mercury Securities 
registering a fall in profits 
which have cased, net of 
minorities and tax. from £8.61m 
to £8.07m. The major problem 
area has been metals, where 
Br&ndeis Golschmidt was badly 
hit by the decline in prices 
and the weakness of volume. 
Moreover the group lacked last, 
year’s contribution from the 
advertising agency, now sold. 


A rise ntf £3.5 m to £154 
the preliminary pre-tax p 
erf Assacfl&ed Newspaper* 
roughjy wn better tl ur 
Mock market expected but 
the paucity of informatiw 
videtf by the company this 
not mean very much. Tht 
bulk of the improvement. : 
from trading profits, 
associated companies and it > 
meat Income chipped ii 
eactTfc. fOJkn. However,, 
'debiting. an unexplained J 
axtriwrdioary item, ret 
profits are nearly 10 per 
lower. 

. Associated Newspapers 
never quantified the loss 
the Evening News, but 
analysts reckon that they 
welt atilt-'- he running as 
as £5m per annum althoug) - 
decline in circulation appea 
have been halted. Against 
the Daily Mail has increase; ' 
circulation by around 5 per 
and - buoyant advert 
revenues have obviously he 
here as they will have don 
the highly profitable provh 
newspapers. Tn addition, 
depreciation of the Cana 
dollar will have cushioned m 
print costs. 

Until tiie full report ’ 
accounts are published, ii 
impossible to know bow «T 
the newspaper side contriba 
hut if the losses at the JEv« 
News are running at snyfl 
like the .figures bandied a* 
there is dearly plenty of 
envery potential. The d 
mystery 3s the contriba 
from Assoc. Newspapers’ a 
in the Argyll oil field, w 
production, was virtually 
existent during the first q»fi 
of this year. At I70p, the gi 
Is capitalised at £52m. 
below its net worth, and 
.shares yield 5J2 per cent 




Egggt^rsr 


Italy to repay Bundesbank loan early 


BY DOMINICK J. COYLE 

THE BANK of Italy is repaying 
ahead of schedule the remaining 
Slbn <£543m) of a S2bn bi lateral 
gold-backed West German 
Bundesbank facility granted in 
1974. 

The original loan, for which 
the gold backing has been 
adjusted periodically in line with 


price, was renewed in Septem- 
ber. 1976. when the Italian 
authorities were struggling in 
the aftermath of an inconclusive 
general election to stabilise the 
lira- exchange rate after a sharp 
devaluation. 

The 1974 bilateral agreement 
between the Bank of Italy and 
tbe Bundesbank committed 
3.6.6m 'ounces, or roughfy one- 


fifth of tbe country’s total gold 
reserves. The loan, subject to 
six-monthly renewals over two 
years, was at the equivalent of 
the interest rate on ISO-day U.S. 
Treasury Bonds. . 

Italy made an initial $500m 
repayment in 1976 and a similar 
amount was returned to the 


year. The original schedule for 
the remaining Slbn provided for 
half of the sum to be repaid next 
September and the balance in 
March 1979. 

A -brief statement from the 
Bank of Italy this evening said 
that the Bundesbank was being 
asked to accept the premature 
repayment of the outstand- 
ing $lbn, but it made no refer- 


ence to the possibility — which 
has been discussed- unofficially 
here — that the Italian authorities 
mi ght. seek to replace the 
expiring .. facility . with a "new 
standby agreement for an equal 
sum. 

Italy’s foreign currency 
reserves, run down to a 

*._i ■ i- % £ 


an attempt to defend the lira 
exchange rate in the 1976 crisis 
before the market was tempor- 
arily shut down, have risen 
steadily over the past 12 months 
to stand at some $9bn. at the end 
of last month. 

The sharp improvement stems 
from a number of factors. 
Including a marked reduction In 
tbe crude trade deficit last year. 


ROME, July 3. 

mainly through lower imports 
because of the recession, a 
dramatic improvement in earn- 
ings on the invisibles account 
notably tourist receipts and 
emigrant remittances, and exten- 
sive recourse to foreign funding 
by commercial banks. 

• Provisional trade figures 
released today show a deficit in 
May of L299bn (£X87m). There 
was a small surplus tbe previous 
month of Lllbn, and a deficit in 
May. 1977. L473bn_ 

• Italy has made the second of 
its Tour quarterly repayments of 
FFr 574m (£68m) to- France 
under the medium-term credit 
that was granted in tbe frame- 
work of an EEC financial aid 
agreement arranged in Decem- 
ber, 1974. 




v-da 



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midday 



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HOUDAY RESORTS 



F M 71 
F M 73 
FSB 
S 24 75 
S 35 77 
S 20 68 
F S 77 
S 22 72 
S 31 SS 
S 23 73 
S 29- 84 
F SI TO 
S 28 82 
F 14 Sr 
S 27 SI 
S 25 W 
S 25 77 


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