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Beatlv Discerning Drinkers •- 

HIGH 



Really Dry Gin 





No. 27,576 


Monday June 5 1978 


*15p 


BEST. 

1973 


Bovis Construcrioii Limircd 

The busymaifs builder 
'Kle^KmerGi-4223488 


CONTINENTAL SELLING PRICES: AUSTRIA Sch.75: BELGIUM Fr.JSj DENMARK KrJJS; FRANCE FrJJl GERMANY DM2.0: ITALY L-500; NETHERLANDS FIJ.B; NORWAY KrJJ; PORTUGAL BcJOi SPAIN Pte».«0? 5Wg?EN KiQJSi SWirZBUNP FrJ4; EIRE T5p 



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GENERAL 


BUSINESS 



® SKILLED staff are becoming 
hard to recruit, according to the 
latest Financial Times survey oF 
Labour could win as many as business opininn. Industrial coni- 
six of the eight European par- panics reported staffing shorty 
Jiamenlary scats in .Scotland a 3*f From m ana cement and 
when direct elections are Held “™ r r “ rjdes d "" n 10 mjlluaJ 
next year. The survey shows that while 

The Boundary Commission's consumer demand is continuing 
■proposals for Scottish constitu- to improve, the slow recovery 
encies were published yesterday, does not hold out much hope 
Four European constituencies °f ear *L reduction « n 'i" 0171 
in the central industrial belt of ploynient. Back and Page -S 


Scotland, where more than half Q 
of the electorate lives, are almost w 


certainly safe 
Back Page 


Labour seals. 


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MID-MAY hanking figures 
published tomotrow will give th& 
City sunie indication of how 
successful the monetary policy 
laid down by the Chancellor has 
been in the first month of the 
new financial year. Back Page 

© NATIONAL Economic Devel 
opment Council, which meets on 
The rival Democratic Unity Party Wednesday, is expected to dis- 
has alleged rigging and soys it cus« overseas investment by 


Gen. Zaa. wans 

General Zia Rahman won an 
overwhelming victory in the 
Bangladesh genera! ' election. 


British companies, which, a 
jVEDO study shows, does cot 
compete with UK investment or 
damage employment prospects. 
Back “Page 



>ress for 25% 



hours 


BY ALAN PIKE, LABOUR CORRESPONDENT 

The Government was given an important pointer to possible pay problems 
in the next round when Ford shop stewards decided yesterday to press for 
minimum increases of £20 per week, equivalent to rises of 25 per cent. 

At the same time, two senior The actual Ford claim is London. __ 

TUC leaders demanded urgent drawn up by the trade union NTJPE's suggested £60 coin- 
action on low pay by setting a side o! the company's national pares with the present minimum 
minimum wage and moves joint negotiating committee, of £42.40 for local authority 
towards a shorter working week. However, the demands of the manual workers. 

The Ford pay targets, which shop stewards are a central and A number of influential union 
emerged from yesterday's meet- frequently decisive, factor and leaders are increasingly urging 
mg io Coventry of 200 shop this year shop floor representa- policies to combat low. pay and 
stewards representing 57,000 tion on the committee is being reduce the working week as 
hourly-paid employees. are increased. priorities for the trade union 

much more ambitious than the . movenirat. 

“socially responsible” 15 per PrOTllS Mr. David Basnett, chairman 

cent wane claim the unions pre- 1 of the TUC and general secretary 

seated to Ford last year Shop stewards at yesterdays of the General and Municipal 

A £20 increase would repre- meeting argued that £20 Workers Union, echoed Mr. 
sent a ris* of about 25 per cent increases were necessary to Fisher's call yesterday. 

For the main gTade of produc- restore lost purchasing power However. Mr. Basnett, speak- 
tiun worker. In addition the and improve living standards. ing on the eve of his union's 

shop stewards want other costly They also drew attention to conference i n Scarborough, 

improvements, includin' 1 a five- the greatly improved financial stressed that a full return to 
hour cut in the working week performance of the company— voluntary collective bargaining 
improved holidav and sick pay profits this year rose from was both necessary and possible, 

and better lay-off arrangements. £121.6in in 1976 to £246.1m pre- “We want to see an end to 

Ford pay * negotiations are tax. direct Government Interference 

always important politicallv In another development Mr. and the threat of sanctions. The 
because of their pace-setting Alan Fisher, general secretary Government should concentrate, 
position at the beginning of the of the National Union of Public in consultation with the trade 
wage round. Employees, yesterday demanded union movement, on creating a 

Last year, when Ford settled that the Labour Party commit favourable economic climate 
for 12 per cent, the Government itself to a £60 per week minimum within u, hicn sensible negotia- 
was faced with the first really wage with a shorter working tions can take place, 
crucial test of how rigidly it was week. This threw the responsibility 

going to implement its 10 per NUPE would, he said, fight for for setting bargaining objectives 
cent guidelines and sanctions a clear commitment to these an v priorities back to the trade 
policy. priorities in the Labour Party's union movement and he believed 

This year the negotiations, election manifesto. “We have 1 L C should accept that 

which are normally concluded set ourselves a target figure . „ 

in October, could be taking which we believe to be justified Renault _ strikes challenge 
place during an election cam- and right.” he told the union's French incomes policy. Back 
puign. 50th anniversary festival in Page 


will not accept the result Page 2 

West Bank debate 

Israel yesterday celebrated the 
11th anniversary of its capture 

of East Jerusalem from Jordan, © WORKER-DIRECTOR^ pro- 
while the Government debated posals contained In the Govern- 
the future of the occupied West mem's White Paper on indus- 
Bank territories. In London, Mr. trial democracy paid scant 
Ron Hayward. Labour Party attention to junior and middle 
general secretary, warned tha’t management, the di rector-general 
Israel will not live in peace by of the British Institute of Man- 
invading neighbouring ter- agement lias said. Pago 6 
ritories. 

Express warning Tough line 

Mr. Victor Matthews says he 1 t|V 
can afford to close the Daily **J AvCMwlIil 
Express "and might well do so” © RENAULT motor company 
wa ^ an >' ™ a J° r dispute taken swift action against 
with the print unions. Page * strikes and sit-ins staged by 

workers at some of the coni- 
Bengaii pEea pany's factories in France. The 

4 . . . . . .. company has broken off nego- 

Flats in London may be set aside tiations on working conditions 
exclusively for Bengali iiuoii- and caroeJS structure, uI^eA ihv 
grants. The Greater London Kilns factory where 400 press 

bJ U i?o BmSall sh L° p men , are ° n s ^ e ’ , and THE FINANCIAL system in judicious Government interven- banks, 

housed toother Thevsavthev tU ^ n , ° ut ?• co , urt ' nj . UD " Uon Britain proved equal to the tion had played a very important nier.t 

■ ■ - ? - ‘ > J S -’ ■ a ? a,nsl a s-H-m by workers at challenge of financing North Sea partin furthering UK partieipa- panics 

"“l oil. It solved some daunting tlon in the development of not 



ncial system ‘ equal 
to oil funds challei 



BY NICHOLAS COLCHESTER 


. , , 7 ■ ~ - it I WUlfCIi at 

would feel safer from attack. us p | an t near Rouen. Back Page 


Thorpe interview 


0 TWO bulk shipping cartels— 
one for oil tankers and one Tor 
Investigation of the alleged plot dry bulk trades— will be dis- 
to kill ex-male model Mr. cussed by world ship owners at 
Norman Scott is believed to be the Posidonia shipping exhibition 
nearly over. Mr. Thomas Hether- in Pirueos thsweek. The schemes 
ingtoo. Director of Public Prose- have the support of Scandinavian 
cutLons. is to studv the result c<f and Japanese lines, but so far 
a police interview with Mr. the Greek shipping groups have 
Jeremy Thorpe, former Liberal n °t given their backing. Page “ 

,eader - 6 CLYDEDOCK ENGINEERING, 

Hmo- the ship repairing company 

uru B teat formed last year with the back 

A drug test on the Scotland ins of the Scottish Development 
World Cup winger Willie John- Agency, may buy the Greek 
ston has proved positive. If a Nenrion Shipyard oo Syros. 
■second test today proves positive Page 4 
be will be banned from the rest 
of Scotland's games. i j £ 

Real allmeet f » r 


* New York city 


A Bristol barmaid rimy be 
Britain’s first victim of a new 
ailment — Real Ale Shoulder. © PAY DEAL between the 
Her doctor said she was suffering Mayor of New York and union 
from chronic strain of the leader.? of 225.900 municipal 

pub workers is expected to be agreed 
before tomorrow’s Senate hear- 
ing on a new federal aid pro- 
gramme Tor the city. The pay 
deal will give 8 per cent pay 


have rises and cost the city Sl.lbn. 
fivc Page 2 


shoulder fibres since her 
bad gone over to real ale. 

17 killed 

Rhodesian security forces 
killed 12 guerrillas and 
“ collaborators " for the loss of 
one white policeman, according © REGIONAL development 
to a defence communique grant* for mining must he 
released in Salisbury last night restored if the Cornish mining 

industry rs in survive, the 
BriefEy ■ ■ ■ Cornish Chamber nf Mines has 

warned. The warning follows 
the closure of the Mount Wel- 
lington tin mine and the placing 
on a care-and-mainlenance basis 
of the Wheal Jane mine. Page 4 


Lotus curs finished first and 
second in the Spanish Grand 
Prix. Mario Andretti was the 
winner, closely followed by 
Ronnie Peterson. Jacques Laffite 
in a Ligier was third. 


0 ALCAN ALUMINIUM (UK) 


Weekly £50.000 Premium Bond shares will be quoted for the 
prize went to Essex holder of 5™* time lI,e British Stock 
SYS 0360S7. Exchange toua;. . following the 

, . . . . , conversion by UK holders of 

Captain Krystyna Chojnowska- nu^t (t f 9 p er ccn t con- 
Liskiewjcs. the first woman to vertiblc luan stock. UK share- 
sail around the .* Drl d singjle holders now own 16 per cent of 
handed, arrived in Plymouth Alcan Aluminium (UK) equilv. 
yesterday. Back Pagc 

China has slashed economic 
aid to Vietnam in retaliation for COMPANIES 

SUgr inTeSr C nese Q U ,R,SH LIFE ASSURANCE 
5 . . achieved record new business 

An earthquake regislenng a.5 sales in 1977. with new annual 
on the Richter scale hit Van- premiums up 17 per cent to 
couver Wand yesterday. There I10.6m and single premium sales 
were no reports of damage. doubling to £20m. Page 26 


CONTENTS OF TODAY’S ISSUE 

Arts page 15 

Leader page 16 

UK companies 26 

International companies 2y 

Foreign Exchanges 36 

Mining Notebook 26 


Overseas news 

*1 

World trade news 


Home news — general ... 

4,6 

— labour ... 

7 

Technical page 

10 

Management page 

]'J 


FEATURES 


Govt, and the Commons 
clash over the official 

audit 

Trade anions merger: ... 


16 

25 


Week in the courts 

FT SURVEYS 
Internationa] property 
Word processing 


14 


17-24 

31-35 


Appointments . t 

Bulldhi? Notes ; 12 

Businessman s Diary 8 

Contracts & Tenders 3 

Crossword 19 

Entertainment Game 19 

Financial QI^Y •— * 

insurance - ZT 

Letters - 25 

Lex 


Lombard 

Men and Matters . 
Parliament Diary . 
Share Information 

Sport 

Today's Events ... 
TV and Radis .... 

Unit Trims 

Weather 

World Econ. Ind. 


in 

16 

a 

38-34 

u 

25 

14 

J7 

no 

3 


Base Lending Rates 27 

ANNUAL STATEMENTS 
Bulmer and Lurnb ■ 28 

Esnu 23 

Lee Refrigeration ... 24 

SKF Sweden 24 

PROSPECTUS 
Alcan (UK) 21 


For latest Share Index ’phone 01 - 246 SO'Jo 


problems, sometimes with Ihe 
assistance of Government, and 
left no signs that shortage of 
finance had held up develop- 
ment. This is the conclusion of 
a working party of the Wilson British 
committee, set up to study the participate, was a 
performance of the financial lyst." 
institutions in this field. 

Led by Professor A. D. Bain, 
of the University of Strathclyde, 
this working party has produced 
a report— published today 

which describes the magnitude 
and Daturc of the problems 


It 


pner, si.lij js eajmgnoure The present two-tier nianag> 
rJeciric or Krafr.verk Union. But ment structure, instituted by th 
Parliament rnignt find_ ibis Government in 1974, has prove 
approach to a basically T.:,s. re- unsatisfactory. The electricit 


merchant hanks, in vest- 
trusts, insurance com 
and stockbrokers— “ did 
wait upon events but 
North Sea oil. In particular, it .onsdously set out to acquire 
says that the offshore supplies she expertise necessary to 
office of the Department of become involved themselves.” 
Energy, with its requirement for Without the decisive moves of 
“full and fair opportunity” for certain clearing banks to build 
p.ritich companies wishing to up oil departments, British pre- 
major cat a- sence on the Continental shelf 
would have been much smaller. 
On the financing side there working party found. It 
was “little need (hr direct observes that the North Sea has 
Government financial involve- helped UK banks acquire a 
ment." The Government did. international and sop.tis- 

however. facilitate the supply Seated outlook which is already 
de of finance from private sources, generating invisible earnings.” 
of In advance of legislation, it gave ^ banks are in a position to 
financing the development of banks the assurances that were deploy their oil skills elsewhere 

North Sea oil resources. With needed for loan package? to he aQ d in this respect “they seem 

ihe aid «f case studies, it shows put together. It also guaranteed he some distance ahead of 
how “the financial institutions one major loan — the develop- their European and Japanese 
showed considerable ingenuitv ment money borrowed by Tri- competitors.'' 
and innovation in making funds centrol. ' The working party also corn- 

available to j?ome of the The report notes that in face Pj'ed statistics which put the 

borrowers and in seeking out of the considerable expertise in N'orth Sea oil-financing require- 

npport uni ties for involvement in oil matters of the American ment into perspective, 
oil-related activities." banks and oil companies, some Continued on Back Page 

The working party found that British institutions — clearing Editorial Comment, Page 25 

UK may build hybrid reactor 

BY DAVID FISHLOCK, SCIENCE EDITOR 

BRITAIN s first pressurised of the hybrid approach is that has been having discussions in 
water reactor could be a hybrid, the industry might have to sacri- Britain and overseas in the 
put together from key_ com- fice the wholehearted support of search for a new way of 

a major overseas reactor sup- managing reactor construction 
pner, suen as »cilin;hou r e The present two-tier manage- 

by the 
proved 

. electricity 

aejor concept easier to stomach, supply industry has expressed 
The electricity industty has dissatisfaction with the wav GEC 
already ^commissioned Nuclear —chosen by the Government as 
Power Company to draw up a supervisory manager— has exer- 
r eat tor shopping list of the features re- cised this role, and wants the 
quired in a Eritish reactor and role abolished. 

it would be argued that the ;n try u> match them against the The way in which the industrv 
hi brld was a British reactor, specifications of existing designs U reshaped will determine the 
designed to British specifications for pressure vessel, steam gener- extent to which it will be pre- 
fur performance and safety, but atnr. fuel and containment. pared to delegate project mao 

drawing on some of the most Hoiv it might undertake the agement for its new nuclear 
advanced nuclear engineering of construction of a pressurised stations. 

the U.S. and Europe. water reactor station is still an Given a sufficiently strong 

The Government has already integral part nf discussions about organisation, the industry miaht 
endorsed a decision of the elec- the future of the nuclear design he" willing to place virtually 
tricity supply industry to pre- and construction industry. “ turnkey " contracts for the new 

pare for an order for Britain s Lord Aldington, chairman of stations, and tu restrict the large 
pressurised water reactor early the National Nuclear Corpora- engineering team at Bamwood to 
in the 19S0s. tion — of which Nuclear Power the role of ensuring that it is 

The most obvious disadvantage Company ;s the operating arm — “an informed buyer.” 

Dispute oyer BTR £25m bid 

BY MARGARET REID 

A DISPUTE blew up last night Mr. Owen Green, managing dircc- McCray, the president, and other 
jbout a S45ni i£25w) bid tur of BTR. he had been told it directors of the U.S. company, 
approach from BTR. the British would not be possible to post- : 4 i r . Eric Norris and his 
engineering and transport group, pone a time limit for acceptance brothers are all vice-presidents 
to Worcester Controls Corpora- sot at 3.30 pm. today. of the American group. 

Unit, the L?.S. concern which Mr. Norris, who is finance Worcester Controls in the U.K. 
owns Ibo UK valve maker, >Vor- di rocs nr of Worcester Controls, claims tu he the largest manu- 
cesler Controls. stated: “ In the opinion of the facturcr of ball valves and 

Mr. Eric Norris, who with his British management, sufficient quarter-turn actuators in the 
brothers Kenneth and Lewis runs time has not been allowed for U.K. and Western Europe. It 
Worcester Controls and owns 13 the offer to be appraised or alter- employs about 1,000 jn British 
per cent of the shares in the u.i. native* considered/’ He believed Factories. 

group, said the approach other companies, not necessarily Sales o' the company in 
envisaged a price of S30 a snare. American, would be willing to Britain and Europe m the vear 
conditional on acceptance by pay a higher price. to August. 1977. totalled S27m. 

larger holders with 30 per cent Last night Mr. Green said: accounting fnr more than half 

of the shares. “I have no comment in the the Worcester Controls Corpora- 

Mr. Norris said he and his circumstance*.'' Hon group'* total turnover of 

brothers were disturbed about Worcester v,on!ro!s Corpora- $5int. 

Ihe position. The first they had tion shares are quoted on the ’ The Norris brothers designed 
known about the attempted taka- American Sloes exchange at both the Bluebird buat and car 
over was by telephone from the ?!9. There are just over i-m in which the- late Donald Camp- 
u.S. lare on Friday afternoon. shares in :*5ue. yr.d the larger bell broke world speed records 
At a talk on Saturday with shareholders include Mr. R. c. on several occasions 


pnnL-nts designed in difierent 
countries. 

The electricity supply indus- 
try believes that in inis way it 
might most easily meet the 
requirements of the Govern- 
ment's safety inspectors and — 
perhaps mure significantly — 
political objections to the pur- 
chase of a foreign 
design. 


Cuckney 
to head 
Thomas 
Cook 

BY MARGARET REID 


Sir John Cuckney, knighted 
in Saturday’s Honours List, is 
expected to become chairman 
or Thomas Cook Gronp, tbe 
travel business wholly owned 
by Midland Bank. 

Sir John, chairman of the 
Crown Agents as well as of 
tbe Port of London Authority, 
was chosen as a director of 
the Midland Bank at a Board 
meeting on Frida}', although 
this has not been announced. 

A hanker and industrialist, 
he has guided the Crown 
Agents since October, 1974, 
towards recovery aTler losses 
of more than £200m on 
secondary banking and pro- 
perty, from which the agents 
are disengaging. He Is to 
. give up this role, after four 
years, in October. 

Sir John, 53, has been chair- 
man of tbe Port of London 
Authority since last year, in 
which capacity he gave a warn- 
ing that tbe port could be 
beading for bankruptcy unless 
adequate remedial action was 
taken. 

His grappling with the prob- 
lems of the Port or London 
has further entrenched his 
reputation as a trouble- 
shooter which first developed 
when he was called in, from 
1970 to 1972. to handle the 
difficulties of the problem- 
vexed Mersey Docks and 
Harbour Board. 

At Thomas Cook, Sir John 
will succeed Shr Alan Walker, 
the former chairman of Bass 
Charrington who died suddenly 
in January and was a director 
of Slid land Bank. 


Difficulties 


Thomas Cook went through 
a difficult time In the competi- 
tive travel industry when It 
incurred a loss of £Llm in 
3976. In 1977 it had recovered 
to show an after-tax profit of 
£2.6m. 

Midland Bank bought out 
the minority interests of Trust 
Houses Forte and the Automo- 
bile Association In Thomas 
Cook in March. 1977. to obtain 
full ownership of the travel 
concern. 

Because Sir John’s chair- 
manship at the Port of London 
Authority is part-time, be win 
clearly have time available to 
nlav an active role In the Mid- 
land Bank group, although 
not holding a full-time execu- 
tive position there. la due 
course, this could extend to 
other dntics which might 
include some part In the 
development of the business 
of the hank abroad, where his 
experience of the Crown 
Agents’ large overseas busi- 
ness would be relevant. 

Sir John is bound to be 
thought of in the City as a 
possible successor to Lord 
Armstrong, the Midland Bank's 
chairman. 


France takes 
firm line on 
Africa policy 


BY ROBERT MAUTHNER 


PARIS, June 4, 


FIVE Western nations will, meet tioned in countries ranging from 
here tomorrow to discuss co- Senegal, the Ivory Coast and 
ordination of their African Gabon in the west to Djibouti in 
policies in the light of growing .the Horn of Africa. 

fn T tS SnnS 1 a ^T enti ° n * J* 3180 involved in 

S? JwSrsssar iMs^rs as sss 

from the U.S^ the UK, France, heavy fighting has taken place 

sasarsas 4 fsrsjs 


NATO ministerial meeting in 


There are clear indications 


Washington, where- the tense ?£ T I £ race 7 110 i°2f)!L^ waDts to e 
situation in Zaire was discussed “J" 1 “ e of gendarme of 
at length Africa " by itself, both for 

This was also one of the main economic and political reasons, 
items in talks between President P* French have been the driving 
Jimmy Carter and President foree behmd the proposal to set 
Giscard d’Estaing of France a °P- * pan-African peace-keeping 
few days before the NATO *ree, which was discussed at 
council meeting. the recent Franco-Africah s lim- 

it seems the participating mit io Faris. 
countries are not agreed on the The French hope other 
agenda of tomorrow’s talks. The Western countries will join in 
U.S. and Britain want most of providing financial aid, technical 
the emphasis put on joint efforts expertise and milrUry equipment 
to provide economic aid -to for such s fore e- _ 

Africa and particularly to Zaire, " Our foreign staff add s: M r. 
whose economy has taken'a hard Huang Hua, China’s Foreign 
knock following the. fighting in Minister now on a visit to Zaire, 
the mining town of Kolwezr and himself Sew to Lnbumbashi, the 
tbe evacuation of foreign engin- Shaba capital, to meet President 
eer? and technicians. Mobutu as American aircraft 

Mr. Cyrus Vance, the U.S. started carrying about - 1,500 
Secretary of State, said at the Moroccan troops to -Sbaba 
end of last week that tomorrow's province, 
discussions should be Been Mr. Huang pledged Chinese 
mainly as a preparation for support foe Zaire and criticised 
a meeting in Brussels between alleged Soviet and Cuban involve- 
Zaire and its creditors on June ment in- last month's invasion 
13 and 14, when the economic attempt. .... 

stabilisation plan drawn up by It emerged that President 
President Mobutu's government Mobutu’s handling of the prob- 
will be examined. lem had helped precipitate the 

Mr, Hodding Carter, the U.S. resignation of Mr. Makosso 
State Department spokesman, Mbeka, Zaire’s: Ambassador to 
went further than thin when he Iran, soon after the rescue opera- 
admitted that ” the stability and tion by- French and Belgian para- 
security of Africa” would also troopers started. ... 

be one of the main items on the Mri Mbeka Is a leading political 
agenda. figure in Zaire affairs. Before 

It is clear , that France, which' going to Tehran nearly two years 
sent a force of paratroopers to. ago be served as Ambassador iu 
rescue the European population Washington, Paris and Bonn. He 
of Kolwezi, wil not allow the is a former Industry and Finance 
discussions to be^ restricted to Minister, Officially he resigned 
economic problems. for personal reasons. 

France is the Western • The Moroccan troops being air- 
country with the greatest mill- .lifted.- to Shaba will .replace 
tary commitment to Africa. It French troops who will be flown 
has- about 12,000 troops sta- back to bases in France. . 

German liberal setback 


BY JONATHAN CARR 


BONN, June A. 


THE WEST German liberal the Upper House of Parliament 
Free Democrats (FDPj -suffered grouping representatives of the 
a sharp reverse in provincial Federal States. — still more 
elections to-day. failing below the strongly in favour of the opposi- 
5 per cent margin of voters* sup- tion Christian Democrats (CDU). 

It ai* raises a» question 
representation. whether ihe FDP will remain in 

The liberal failure in the city- . existence in tbe medium-term as 
State of Hamburg and in the a parliamentary force available 
neighbouring State of Lower f o r coaUtism with either of the 
Saxony seems bound 'to have two big parties, 
repercussions at federal : level, , nn m 

where toe FDP is in coalition 
with Chancellor Helmut ^ 

S|tagidf S Social Denwcras ^ g 

'■ or '■ . Lower Saxony. Previously they 

Not only will the reversp shift had gained 10J8 per cent and 7 
the balance of the Bundfertt-^— per cent respectively. 


7 






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• t.-.'ir — ' 







OVERSEAS NEWS 


Portuguese 

financial 


delegation 
goes to U.S. 


By Jimmy Bums 

LISBON, June 4. 

A PORTUGUESE delegation led 
by Dr. Vi tor Constancio, the 
Minister of Finance, and leading 
representatives from the Bank 
of Portugal. left to-day for the 
U.S. In spite of continuing re- 
iuctanre by the Portuguese 
authorities to reveal publicy any 
details on the trip. Dr. Con- 
stanrio confirmed on Friday 
night that the ultimate purpose 
nT' the mission was to raise loans 
nn the Euromarket with the aim 


of restructuring Pnrtugnl - 
short-term debt and of stiraulat 
ing investment. 

Dr. Constancio was hoping 
that the loan will eventually be 
around S500m. less than the 
S700m which had been optimi- 
stically forecast by some 
unofficial sources here. 

Dr. Constancy's delegation 
will first spend a few days in 
Washington awaiting formal 
approval of the Portuguese 
Letter of Intent by the execu- 
tive council of the International 
Monetary Fund. It will then 
leave fnr New York to join lead- 
ing representatives of major 
Portuguese banks. inctudinE the 
Banco Pcirtugues do Atlantico, 
Banco Esoiritn Santo, and Banco 
Pinto e Sottomajor. who will be 
negotiating with leading U.S. 
commercial banks. 

The Portuguese authorities are 
hoping that borrowing from the 
Euromarket will ease pressure 
on reserves. The Bank of 
Portugal on Friday denied news- 
paper speculation here that it 
had been selling gold in recent 
weeks in settlement of short- 
term credits during last month. 

0 Normalisation of diplomatic 
relations between Portugal and 
Angola, interrupted two years 
ago. appears to have been placed 
on a firm basis with the arrival 
here yesterday of the first 
Angolan Ambassador to Portu- 
gal. Sr Adriano Joao Sebasriao. 

On hie arrival at Lisbon air- 
port Sr Sebastiao said that there 
could soon be a meeting between 
President Ramalho Eanes, of 
Portugal, and President Ago- 
stinho Ne to. of Angola, in a 
“Portuguese speaking country." 

Meanwhile, Sr Basilio Horta, 
tbe Portuguese Minister of 
Trade, confirmed on Friday that 
he would lead a delegation to 
Luanda next month aimed at 
Increasing commercial links 
between Portugal and Angola. 

Relations between Portugal 
and her former African colony 
were marred in 1976 when a 
representative office in Oporto 
of Angola's MPLA party was 
burnt down. 



Carter prepares to dispel 
foreign policy confusion 


BY DAVID BELL 


WASHINGTON, -tune 4. 


MR. CARTER is to make a major 
speech on Wednesday in a fresh 
effort to dispel the confusion 
that now surrounds bis Adminis- 
tration's attitude towards the 
Soviet Union. 

Officials said this weekend that 
the President's speech will be 
among the most Important he 
has made. For some weeks, but 
particularly in the last 10 days, 
senior officials have been send- 
ing conflicting signals about 
U.S.-Soviet . relations, a process 
which culminated on Friday with 
a newspaper report that the 
Administration had effectively 
frozen further talks on strategic 
arms {imitations for the time 
being. 

After the President’s unusually 
vehement denial of this report, 
it has emerged here that a week 
ago Mr. Andrei Gromyko, the 
Soviet Foreign Minister, caught 
the Administration off guard 
with a proposal that both the 
U.S. and the Soviet Union should 
ban all new land-based inter- 
continental missiles. If accepted. 


according to Administration off- 

rials, this would mean no further 
work on the U.S. M-X mobile 
missile, a new weapon whose 
mobility makes It much less 
vulnerable to a Soviet surprise 
attack than existing fixed-site 
missiles. 

Officials insist that it is this 
proposal, and not Administration 
concern about Soviet and Cuban 
activities in Africa, that has led 
the U.S- to adopt a take-it or 
leave-it attitude in the current 
SALT negotiations. U.S. abandon- 
ment nr the M-X would be 
extremely unpopular In Congress 
and would probably make it im- 
possible for any new SALT 
treaty to get through the Senate. 

It is not clear why the Rus- 
sians chase to make a proposal 
of this kind so late in the day, 
but there is speculation that it 
may be a last-minute attempt to 
test the Administration's nego- 
tiating nerve. 

The President's speech is 
doubly important because for 
some time he has seemed unable 


to decide between the view of 
Dr. Zbigniew Brzezinski, his 
national security adviser, that 
the Russians are taking advan- 
tage of U.S. weakness in Africa 
and elsewhere, and the views of 
Mr. Cyrus Vance, the Secretary 
of State, and others. 

The latter argue that irrespec- 
tive of Soviet activities io Africa 
and elsewhere the process of 
detente is 'too important to risk 
destroying it, at least as long 
as there is still a possibility of 
a significant agreement on 
strategic arms. 

According to reports this week 
end, SALT talks were very close 
to a successful conclusion before 
Mr. Gromyko’s unexpected pro- 
posal. A key remaining obstacle, 
the Soviet Backfire bomber, has 
yet to Be surmounted, but it is 
thought that Mr. Carter and 
President. Leonid Brezhnev 

could overcame it in a personal 
meeting. When, or wbether. such 
a meeting will be held remains 
an open question. 

Editorial Comment, Page 16 


Resignation may 
follow Schleyer 
search report 


By Jonathan Carr 

BONN. June 4. 

HERR WERNER MAIHOFER, 
the West German Interior 
Minister, seems bound to come 
under increasing pressure to 
resign after the release at the 
weekend of an official report on 
the hunt last year for tbe indus- 
trialist. Dr. Hans Martin 
Schleyer. and his terrorist kid- 
nappers. 

The report finds that lack of 
co-ordination between political 
and police organisations meant 
that a “hot tip " received during 
the bunt was not followed up 
promptly. 

The report prepared by a 
former Minister, does not 
criticise by name either Herr 
Maihofer or Herr Burkhard 
Hirsrh. the Interior Minister of 
North Rhine-West phatia. tbe 
state in which Dr. Schleyer was 
captured. 

But the nature of the recom- 
mendations and the exposure of 
errors during the hunt are 
widely seen as criticism of both 1 
men. Bolh are members of the 
Free Democrat Party which is in 
coalition with tbe Social Demo* 
crats in Bonn. 

Herr Maihofer Is already 
under fire — not only from the 
Opposition but from some mem- 
bers of the SPD over another 
case involving the federal hord**r 
authorities, which come within 
bis portfolio. 


Andreotti asks banks to 
help chemical industry 


BY PAUL BETTS 


ROUE, June 4. 


ITALY’S Government asked the 
country's banking system this 
weekend to extend new credits 
to the chemical industry, to 
avoid the threat of closures and 
widespread lay-offs in tbe 
depressed south. 

The appeal was made after 
the meeting of an inter- 
ministerial committee for econo- 
mic planning, presided over by 
Sig. Giulio Andreotti. the Prime 
Minister. Earlier the financi- 
ally troubled Societa Italians 
Resine (SIR) chemicals group 
announced tbe progressive 
closure of a number of its plants 
in Sardinia. If carried through, 
the closures could have serious 
ronereuwons in the island, 
where 100,000 people are out of 
work already. 

There are fears that other 
large chemical groups, facing 
their worst crisis since the war. 


could also announce closures 
which would hit the south 
particularly. 

The crisis has been precipi- 
tated by the decision of the 
banks to stop advancing fresh 
funds to chemical groups, whose 
losses have uow reached extrava- 
gent proportions. ' Montedison. 
Italy's largest chemical con- 
glomerate, last year lost L500bn 
(more than £300m) and its 
accumulated debts amounted to 
about L3,400bn (£2.4bnl. 

The political consequences of 
mass lay-offs has forced the 
Government to intervene 

The Christian Democrat 
minority Government, which is 
to hold talks this week with tbe 
other main parties on tbe crisis, 
says the much overdue recon- 
struction programme for the 
industry will be published later 
this month. 


Desai to visit Europe and U.S. 


MR. MORARJT DESAI. the Indian 
Prime Minister, begins a visit to 
Europe and the United States 
tomorrow. 

The 82-year-old premier flies to 
Belgium via Tehran, where he 
will stop for an hour's talks with 
the Shah. In Brussels he will, 
have talks with the European 


NEW DELHI June 4. 
Commission, representing India's 
major trading partners, before 
dying on to London 24 hours 
later for a two-day visit. 

During an eight-day stay in the 
U.S. Mr. Desai will address the 
UN Special Session on Disarms* 
raenr, and bave V talks with 
President Carter. - .-*r Reuter 


Amro Bank 
now in Dubai 











. w ’ j* ■! 



The Amsterdam-Rotterdam Bank N.V. (Amro 
Bank), the leading commercial bank in 
Holland, now has a branch in Dubai, United 
Arab Emirates, with Mr. Alex Gillies as 
General Manager and Mr. Hans ten Cate as 
Assistant General Manager. 

Amro of course has been providing its 
commercial and investment services for 
quite some time in the Gulf Region. But 
with trade and investment increasing — in 
an area where personal contacts are of 
crucial importance Amro now intends to 
extend its services through a local branch. 

The Dubai Branch is well placed to assist 
business and industry in the Gulf Region 


with services like foreign exchange, trade 
finance, money market transactions, 
interbank lending, eurocurrency credits, 
syndicated loans, guarantees, bid and 
performance bonds, documentary credits, 
collections, mail and telegraphic transfers 
and trade promotion. 

To discuss these services in detail, please 
contact 


Amro Bank (Dubai Branch) 

Chamber of Commerce Bui Wing .Third Floor, 
RO. Box 2941, Dubai, United Arab Emirates. 
Telephone: 222283/4/5 
Telex: 6778 amro em. 

6777 amrox em (Foreign Exchange) 


amro bank Bs 


amsterdam-rotterdam bank nv 

Head Offices: 595 Herengracht, Amsterdam, Telex 11006 
119 Coolsinget, Rotterdam, Telex 2221 1 
London Branch: 29-30 King Street, London EC2V 8EQ, Telex 837139 

Branches, subsidiaries or representative offices In Antwerp, Curacao, 
Dutoi, Jakarta, London, Tofcyo and affiliates in 21 countries. 



Sweeping 
victory for 
Bangladesh 
ruler 


By Simon Henderson 

DACCA, June 4. 
Major General Zia-nr Ra hm a n , 
the military ruler and Presi- 
dent of Bangladesh, won an 
overwhelming victory in the 
Presidential election yesterday 
gaining about 80 per cent of 
the votes cast Bnt his main 
opponent, retired General 
U. A. G. Osmani, has alleged 
that large-scale rigging took 
place and a spokesman for his 
Democratic Unity Front has 
said it will not accept the 
result. , 

By early evening with over 
95 per cent of the results 
announced. General Zla was 
leading with 15,041^140 votes as 
against 4036,289 for General 
Osmani, his former superior 
and ex-head of the pre- 
independence liberation forces. 

Of tbe other candidates the 
highest number of votes gained 
was by Hakim Manlana 
Khabirnddin Ahmed, with just 
over 72,000. 

Tbe turnout for the poll, 
seen by observers as an 
attempt by General Zla to 
further legitimise his rule, was 
only about 52 per cent from a 
potential electorate of 38m. 

Both General Zla and 
General Osmani were leading 
six-party coalitions Including 
Left and Right groups, and the 
month-long campaign focused 
on the issue of whether the 
presidential system of govern- 
ment should be retained or 
whether a parliamentary sys- 
tem should he revived. To 
this end General Osmani had 
been planning to resign almost 
immediately if he had won. 

The rigging allegation Inclu- 
ded claims that Osmani sup- 
porters had been threatened 
with guns and ballot boxes had 
been staffed with fictitious 
votes. General O^mani’s 
Democratic Unity Front has 
filed a complaint with t he 
Election Commission but today 
the Chief Election Commis- 
sioner, Mr. Justice A. K. M. 
Nural Islam said it was base- 
less. 

General Osmani is expec- 
ted to address a Press con- 
ference tomorrow after meet- 
ing with the party leaders of 
his coalition. General Zia will 
hold a Press conference tomor- 
row evening. 

The polling yesterriav in 
Dacca and the surrounding 
districts appeared to take 
place calmly, though- some 
correspondents reported that 
later in the day they had met 
scenes of near chaos In two 
polling station. 

Final results from outlying 
areas are not expected until 
Wednesday or Thursday. The 
turn-out for- the poll Is sub- 
stantially less than the 88 per 
cent who voted in last year’s 
referendum when people 
were asked to show their sup- 
port for General Zfa’s rule and 
gave a 98 per cent endorse- 
ment 


Lebanese 


BY LOUIS FARES 


MORE’ THAN 3,000 Lebanese 
regulars . will' enter southern 
Lebanon in tbe second half of 
June if Israeli forces withdraw 
to the geographic . borders no 
June 13 as scheduled -by the 
Israeli Government. .-•* >■ 
The Government daily, Al- 
Thaoura quoting “observers la 
the Lebanese capital,”'' said; 
“Although no date has. been 
fixed so far for the entrance' Of 
Lebanese troops . into- south 
Lebanon — as decided by. 'Presi- 
dents Hafez Assad Of Syria and 
Elias Sarkis of Lebanon during 
their 24-hour meeting In Lattakla 
earlier this week— rthese troops 
have been into a status of alert 
since in order to imove south.** 
The Syrian leaders, however, 
are expressing publicly. their, 
fears that “Israelis stalling for 
time." and may not withdraw 
completely from the area. If 
this Is the ease, the joint Syrian- 


Lebanese plan' “to assure legiti- 
mate authority of the Lebanese 
legal government in tbe. whole 
south * will be jeopardised,. 

Syria baa received assurances 
from the leadership of the 
Palestine Liberation Organisa- 
tion (PLO) that the Palestinians 
bave agreed “to cooperate with 
the new decisions,” The head of 
the PLO's military department 
was quoted in the same paper: 

The PLO can assure control 
over 90 per cent of the guerrillas, 
and It is not acceptable that the 
TIN troops stationed to south 
Lebanon be harassed.” : 

L Daniel reports from Tel 
Aviv: The Israeli authorities 
may have to reassess their view 
of a Syrian military presence 
much closer to the Israeli border 
following the Assad-Sarkis agree- 
ment. In the past, ■ Israel has 
objected to Syrian -troops being 


•;l Mg 

is& 

tani river; 7 -: .r* 


close — 

Litani river. 1 . . .... 

Euan HflazTadib fnto,feiW 
Palestinian guerrilla leaders a* 
currently engaged to itopJ^: 1 
contacts- aimed; at Teorgatuajw “ 
the entire military •: *. 

tbe movement and the tel^?- '- ' 

ship of the eight 
mando. groups. - .. - • . r - i 
.Mr. Yassir Arafat dBurmabV 0 
the Palestine. Liberation Ores*? - - 
sation. told a rally here w£T" 
flay ..the proposed . rwwrgah&at&j B ' 
wilt take -into conaidraSoirt£' • 
experience .acquired .&"£&&& ' ' 
the Israeli army. When it • 

southern Lebanon in' Jtanih 
did- not give details. ’ r- 

The main gudnaDDa ^ernm, * 
FJttah,- which Js. : al«rheafi l g , 
Mr: Arafat, ir gaid^to ha^^J.. -: . 
posed, that thT ' 

Lebanon be 1 brought inti? 

" People’s Arniy^. Jandfer^- ’ ' 
central .military cbiamahi^ ; '--7' ■ 


NYC (pay deal expected 
before Senate deadline 


BY JOHN WYl£S : 


‘NEW YORK, June 4." 


MR. EDWARD KOCH, mayor of 
New York arid union leaders 
representing 225,000 municipal 
employees arel. confidently pre- 
dicting today; that they ‘ will 
reach agreement on a new pay 
deal before Tuesday’s crucial 
Senate bearings on a new 
federal aid programme for the 
city. 'i 

After parting in deadlock on 
Thursday, the’" two sides are 
meeting this evening to put the 
finishing touches to a two-year 
contract giving'-8 per cent pay 
rises and costing the city a total 
of Sl.lbn. 


It appears Siat Thursday's 
collapse” of tbe pay talks was 
a piece of theatxp by the mitf or 
who was anxiousEto preserve the 
hard-line, tight-parsed reputation 
with which he was elected last 
November. i . . 


Tbe mayor has 2iad to make a 
number of concessions to secure 
possible agreement. He bas 
almost certainly conceded more 
in pay rises than he would bave 
wished and be lias failed , to 
obtain tbe BlOOn^ a year in 
special payments which he 
wanted the unions renounce. 

The mayor conld-^rgue before 
the Senate banking . committee 
on Tuesday that tfce municipal 


pay. contract is within the city’s 
extremely limited financial 
means. - It remains to be seen 
whether Senator William. Prox- 
mire, tbe committee's chairman, 
who opposes any more financial 
help for New York City, and "his 
colleagues can be be"' convinced 
that tbe pay negotiations, have 
been an exercise in fiscal 
“responsibility. 

Without a pay deal there 
would be very little prospect of 
congressional approval for a new 
federal aid programme' -before 
the existing aid package expires 
on June 30. In contrast to this 
programme which has. provided 
the city with $2.5bn of seasonal 
loans repayable at market- rates 
of interest within 12 months, the 
hew federal proposals would pro- 
vide only guarantees for up to 
$2bn over a 15-year period., 

The city’s capital requirement 
for the next four years is $4.5bn, 
52 tm of which ft hopes to secure 
from state and union pension 
funds with the help of the 
Federal Government, guarantees. 

. In addition New York XSty 
banks and savings Institutions 
have promised to buy a further 
Slbn of bands issued by .the 
Municipal Assistance Corpora- 
tion, without any federal guaran- 
tee. " - . . . ■ - 


Muted weicoine 
faces envoys .. 
to Rhodesia • 


' . By Tony Hjrwkwr r iv -r 
SALIS BURY, .-Jlzrfo "a - l .. - 
SOL JOHN <?RAHAM, r th^ti fl h ; v 
envoy • involved - renEfaS" - 
Rhodesian - settiemmrt ^S ^ 
will find: Uttie'"ehthSr^rir-S ' ' 
mw. aBwty 

Rhodesia = when, be^arrlves ' 
tomorrow. ; ;; . : r. 
..^fr-'Grahain, htewnpanied ! hv 
Stephen 

Ambassador- :to 3atribiar".»ill^ - 
to convince the'Rhodestaritrand- ; = 
tional Government that ii is In - 
its interests to. agree Jo_new ■" ’ 
talks with th e 'Soviet :imd Citbao- 
barked Patriot! c ,; FE0nt goerrfUaL- 
. The "Rev. Ndabarixhgi' Sfthote* X 
the current chairman qf » 

man ' Rhodesian- * .rrqrifeififl aa i- 

Execntive Cormca. -said hatkfl 
week that altbough-.the. Council * ■ 
was willing to listen to the view; ’* 
of the- Anglo-American envoys.--' 
its. positron ou r an aftpatty «&-'■ 

fereace -on “ Rhodesia . had not 7 -*-' 
changed. • \r 

Mr.- ' Sitiroie .-said : .that, the j 


iU 


Executive Council wished : to\tt^ 


‘Bbuttoyn exile 5 proposal 


BY ANDREW WHffLEY 


TEHRAN, June 4. 


PAKISTAN'S military inileis are. 

Mfc Zulfikar 


prepared to allow 
Alt Bbutto, the former Erijne 
Minister to go into exile*, on cer- 
tain. conditions, according!. tOj, a 
report in an Iranian, newspaper. 
Mr. Bhutto is at present appeal- 
ing against the death sentence" 
passed on him more than two 
months ago. 

Emissaries from Pakistan .are 
said to have been sounding out 
foreign Heads of State, to secure 
a guarantee that, if Mir. Bhutto 
is exiled, he will stay out of 


politics for 10 years; 

In a report from New Delhi, 
Kayhan International v * -'says 
General #ia ul-Har.‘ has -tetvit 
be known ^ "tliaf tiro guarantee/ of 
two Heads of State will be nece»4 
sary .to prevent- the death sen-{ 
tence being- carried out- 

Diplomatic >. sources here . say 
the tnose obvious candidates for 
this roTe are the Shah of Iran 
and King Khalid of Saudi 
Arabia;- though it is not known 
if they- would be willing to 
become involved V 


affirm its determination to fn£': 
plempnt . the. “ infernal sett] tv 
ment" signed oh March'S, rather*.- 
than participate in new taJKr!: 
with .the guerrillas. Mr. Sifhble . ; 
alsu.emphasfjsed^that the Anglo-.-j 
American visit was taking piSee - 
on tbe ; understanding -that 
?tantive discussions” would take r 
place between the envoys : and - 
tbe transitional government - .} 
Tbe official 'Statement said, it > 
was anticipated that the envoys 
would spend up to two Weeks la 'T 
Rhodesta. - The fact that there. - 
is.’ reriiarkafilv little- Interest in> 
the visit reflects Salisbury's con*. 
tinning- .belief - that . the. only 
chance^ of a remotely^ peaceful! 
trabd-bver to majority - rare Les' 
with the internal settlement; 

' A '" Defence* ^“headquarters 
bulletin- tonight saW Rhodesaa 
security forces bad killed. 13 
guerrillas and five “coUabon- 
tore” for the loss of one white, 
policeman. . 


t--- 


NHwcui. Ttweh. pntalbbed dally ucck So-. 
en mxf Miami. :VS. KrfwatpHoB .KOILIB 
(au l — 


Ui- _ .. 

frcfrttj S360.00 0»fr. mam per amoa, . 
Seawa daw peataaa Mhl at Now York. n.y. . 







Shareholders’ Equity and LiabiHties 
Authorised and issued share capital-* 
10,000,000 shares of KD 1 each: 
Government of Kuwait 
Private 


Balance Sheet 
December 31, 1977 

KD* Assets 


5.100.000 

4.900.000 


Cash and cunentaccoittits with banks 

\. • - - 

Money at call andshortnorice - 


JED* 

£544653 


r:-, -W - 


Less: Shares not allocated 

10,000,000 
65,049 

Issued and fully paid share capiial 
Statutory reserve 

Voluntary reserve 

Unappropriated profit 

9,934,951 
70,423 
. - 567,170 
. . 66,634 

Total Shareholders’ Equity 

Current deposit and odier accounts • 
including con ringendes 

' 10^639,178 

151,113,704 

Total Shareholders’ Equity and 

Liabilities 

161,752^82 

Liabilities on confirmed credits 
guarantees, and acceptances 
(as per contra) 

. ; 14,265,075 

Total Balance Sheet 

* 176^17,957 


Quoted invesoneiits at the lower of 
cost or market 


Deporits mtit' banks and other financial 


1,G60£G0 


Advances toenstomer^ hilh disconnied 
■ - arid otheraccounts - . r ' 


Tfiiquomd investinents at cost; 




lotal Assets 

■ Customer liabilities on ccmSrined ; 
- credits, gnaran 
(as per contra) 


.161,752^2 



Metis' 






*At the end of December 197^HCD eqo^loi $3 J6. 

Burgan Bank is Kuwait’s newest ; - managing ^ ^ 

commercial bank, inaugurated onthe • • currency loansi caedits andlxaid : 

27th of April 1977. " 7 Cfothe domestic sbene,^ yoiim^it 

You can see from the figures .above . : think it wprthj^^^ 

that we did pretty well in our first eight ‘ *«- ~ x— -i^ — — ^ ** • 

months of operation. 



What you don’t see in the bald figures and the bther^ 49% is owned^y 314^7^: 
is our activity on the international scene: — - A ^ 

For example between April and 
December last yeai; we participated in 10 
international bond issues to the tune of 
$37 million and in two international 
guarantee syndications. 



we have managed 
to providing a full range of 
international banking services; - 

including foreign exchange dealing, 
'deposit trading and financing 
transactions directly connected with 
Kuwait's foreign trade. Plus, of course, 



. Abdulla AT SalemSt 
PO Box 5389 r 
SafinKuwal . _ 


•Ki? 

M 

*rv.f- 








;i TU:4I7Wd0?Bae^ . ] 

Genoal:3309 • 




; -dt 


■> 















DA *X - 

issr 



»ance deal will 



BY KSMNETK GobbtNG, WDOSTWAL^RWES^^ 

Sf'jN ft ' - •' . •■••. V : ' .. v-.-. •••; ^ V- ' " ; >- - . : '•;•■ : / • - ' 

^as ^ITAiaP.s^ioficraA^n^T^ ^ insisf on payment in oil. land Oil over the purchase of 
ifisir {> , V'neeririg. Judnrt^ .wiU ;. collect . IWs s^inyolverffiES finding an the F-16 fighter. 

■^n&%^ fL : ^rdere w6i^-jKwiafi. £400m over oil . company twilling; to buy Site work on- the complex 
°Ul a^kifov the. : ;ne3rt -" ye3r;i r ^>r pjaht and-quaottties of Iraniair'ou over and began as long ago as 1975 its it 


old a next - _ war; : 4op .plant vi vu «.» — *v» WU6 »«« «. «« ^ 

pror, n ft Jaachipeiy • .. fdr.^ilte-,, above its ‘hflftmd J ,«flnirements. Is normal practice in Iran for 

r \S, nrdimnce.- Iran. .The ----- ----- ■- - — — 


V .ixa uwii i ff * uu/ iuai |uawiaii^ iu 

„ funds Iran pb tains from the such work to- start before con- 

Be '‘a 0 c °Qsi^'^ : -Sonie-.'iild^&y— sources sue- sale would thenl. ^e pnt into a tracts have been finalised. How- 

li the -x, complete will separate -acconat to:?8y the eon- ever, more than a year ago some 

iTc®}' whiVr; require.'’' at. nofim of tractors.' r -:'« L = . of the -companies involved found 

>'^t° at ’Qn ;5» : inaolrine tools alone Jrom the 'A precedent ior this arrange- that progress payments were no 
w ■ de W a ^~l)Kf V ' _ ' ment was set b^the. deal worked longer being made. It was at 

Ef 1 ? ' v- - -Diseussona ^abant ' the -deal by_ Iran-. General that stage that Iran introduced 

at ? - ^ au?^ frav® been, going on for about I*yn antics of the -UiS.and Ash- the idea of payment in oil. 

J; is said? W thxeO years ,£ut 'the way. was : - V/-- : - 


Renault may double 
capacity in 



BY TERRY DODSWORTH 



f SCXBbaxik Technical Services, the » v A.u» ■ui-*wn>ijir ctafj: 

. ^contractual &nn,-jOf .the Ministry BY- OUR>(Pt^tlAt- S™" 

teri vt> , start placing con- farm' MACHOfiSKY worth pany and involv.es the supply of 

u WpL tractspossibly withm weeks and nearly £3nv Is - being - sup plied 26 Coventry-made MF185 trac- 

Hj «?rtamly. lir only a few months' : to AfghanUtfln^y s 3faMey-Fergu- tors and 13 MF520 Super n com- 
Ati*,*. - ‘ son, mainly Trefoils UK plants, bines' made at the Kilmarnock, 

• Tbei-cMBplex wall turn out- a under two Wntr&ts- which the Scotland, plant, together with a 

<i wide . range of . ammunition as group says * were -won •“ in the quantity of implements and 

|rw* well as' spare -parts < such as gun face of imeasd-antroaaeonal com- other machines. ) 

, u iC «i3 baireisj . ..Jrap's Chieftain petition from *vtrtially all other The worth over £700,000 
Ma *kim tanks- ^Informed estimates of. the major, manufacturers?' and funded by the Asian Develop 

^Llsm-.- 1 oort put .it at around £770m. - The first ordiSrvfor-'traetors -R m v- uin nmid. omiln 

<i cp.Wi '••• . Completion twill probably take and 'implements wort] 


s 

thodi 


r first order, traetors ment^ Bank, will provide equlp- 
implements worth nearly men t f or f 0 ur farms which the 
bd]S 

i '* ia' .. .ine .un. win aiso oeneat irom world Ba 
2t*r«l ^eai* Tfiie civil engineering contracts to velopment 

‘ u t flWV. 1 f ha nl.aari - «b tVl a aim. th. A 


SRawW.* ^ . '-oiupicuuo Tnn prooaoiy rase and implemenor worth nearly ment for four faj-mg which the 

th SI? t ?^ re ?,? 11 ? 8 half Wm,. has been . financed by the seeds company operates in the 

ia The UK' will alert ltpnAfi.+ fmm Wa.m ainVc-- ThlArnational Tie- »_• ... 


whe 


. ea wig 

l baoi ( 


iree.iu uiiee ana a nair years. ■ fias ueen . nnancea ay cue 

The ;UK vrill also benefit from World Bank’s Inter natl on al De- Kandai,^ area, 
le avil finMneerin? rAhtraftc tn vAinnmont Amhcv aird IS'frOM 

Apicultural Apart from one other 
* tetSndes 400 MF135 machine supplied lost year, these 

the Kon's share "of thaT business" tractors Tuade at the Coventry ?f®^^?d^n° 9 b wstern ^ount^’ 
One of the major reasons for plant and matched sets of Im- hmes “ a J e * n a . 
ie delay in the project— if it had plements to be supplied from the to be sold to Afghanistan for at 

ine ahead as originally planned UK and three other. complies. ^ast ten years. 

coincided with ihe .The equipment- wij- be offered On both contracts M-F wm 


RENAULT, THE French motor various barter and financing 
group, is considering plans to deals to overcome Turkeys 
expand production at its foreign currency shortages, 
associate company in Turkey to By contrast. Fiat, its major 
more than double its present competitor, which has a joint 
capacity of between >10,000 and company with the Koc Group, 
50,000 units a year- has cut output from 160 units 

The Turkish concern, Gyak- a day to about 90. This reduction 
Renault, in which the French has come partly because Fiat 
company has a 44 per cent stake, which has also arranged barter 
would like lo develop on the deals, has decided to put its 


base of its present RI2 produc- 
tion into manufacturing the new 
R18 in two to three years time. 

A detailed programme has 
been worked out with a view to 
putting this to the Turkish Gov- 
ernment, which controls the 
industry through licensing 

agreements, towards the end of 

this year. 

But before taking this step, 


main effort into maintaining out- 
put in its truck operations in 
the country. 

There is no doubt that the 
Turkish Government would like 
to expand output in the country 
if it can find some way of bear- 
ing the strain on its balance of 

payments. 

These difficulties have caused 

a number of companies to cut 


Chinese mission shows 
interest in British industry 


BY COUNA MACDOUGALL 


Renault will almost certainly off supplies of engineering pro- 
press for Turkish commitments ducts recently, among them 
on remittance of royalties and Massey-Ferguson tractors of 
relaxation of price controls. Britain, but the nope is that 
The problem facing hoth the exporvs can be built up to corn- 
company and the Government at pensate for the outward drain 


iraiuiug iu 

me Sovi t Tt ;.njow seems, almost certain ..The other ..order.: has been ment, operation and maintenance 

triotic Fr n ^1 that Irair will not pay cash but placed by Afghan Seeds. Cora- of the equipment. 


the moment is that Turkey is 
in a balance of payments crisis. 
This makes the future for invest- 
ments in the country uncertain, 
while putting a damper on any 
plans for development likely to 
suck in more imports. 

On both counts the Renault 
project will cause difficulties. 
Renault has to have some 
assurance that it will be paid 
for its services and parts ex- 
ports. while any development is 
bound to demand the import of 
more foreign machinery. 

So far, however. Oyak-Renault 
has managed to overcome the 
crisis hv keeping its plants work- 
ing at ‘almost full capacity Df 
about ISO cars a day. It has 
managed to do this by arranging 


odea^n 

Council ^ . 

w 0 J; s,ei1 to v 
^.o-Amencsf. 

AAoaesia 


Canadian rail 
cars contract 


'TORONTO, June 4. - 
Hawker Siddeley Canada has 
received a C926m order. for.7fi0 
covered . hopper rail cars,.. 500 
Gounrit ■ ot which are being built for 
detpr^ Wls ^i: Canadian, General Transit, - a 
hp leasing company which is 55 per 

cent owned fay. Hawker Siddeley 
*®/’ a Marti!;, and 45 per cent by General 
i-'J, * , -n a 50 American Transportation.. The 
uwn.ias. Sr v other 200 are for North American 
^sed thati-j,- Car Canada, .' Delivery is 
'••ii sia- . scheduled later this year. ; 

Meanwhile the Tdrohio office 
lius: ions v of George Wimpey Canada- has 
eeri the ep^: , been awarded fourr contracts 
totalling more than ' £4m. . ■ The 
biggest, worth £3m is from the 
Ontario Ministry of-. 'Transports 
tion and Communications, for 
building a four-jane seven-mile 
extension of the Don Valley park- 
way north of Toronto. ,. v - ■ 


;a! 

a'ed that 
'.in hif.jC 
The fact fe. 
■ ,: v !:*?V i go- 
Sal’HbOT; 
I!*?'" that iH-' 
a rea'ote!r pc 
«* maic-r'rtr » 
interna: 


SHIPPING REPORT 

Firilier rates maintained 


on funds. 

The motor industry will 
clearly be asked to help in this 
area, and will be required to 
export five per cent of produc- 
tion as output builds up. To 
this end, Oyak-Renault has been 
looking at a number of over- 
seas markets recently, and sees 
opportunities for developing 
overseas sales mainly in the 
Arab states of North Africa. 


FOLLOWING THE success of the 
British steel industry in gaining 
invitations from the recent 
Chinese steel mission to visit 
China there is considerable 
interest in the outcome of 
Peking's other industrial delega* 
tion led by Ku Ming, Vice- 
Minister of the State Capital 
Construction Commission which 
also” spent over two weeks in 
Britain last month. 

Ku Ming had an extremely 
successful meeting with Dr. 
David Owen. Foreign Secretary, 
and also held discussions with 
the Secretaries for Trade, Energy, 
Transport and Agricultiirc. His 
delegation toured British coal 
mines, ports, power stations, rail- 
ways, petrochemical plants and 
oil installations, specifically to 
examine advanced technology. 

To cover the widest passible 
ground, the mission split up into 
three parties for two weeks of 
the tour. However, the whole 
mission took part in the trip to 
the advanced gas cooled reactor 
at Hinkley Point “ B ” power 
station which fhe Chinese bad 
particularly requested. They 
were also interested in the 
organisation and management of 
the electricity supply industry, 
the handling of the fluctuations 


O Creusot-Loire company Wean- 
Damiron won a contract worth 
over FFr 100m from the Soviet 
Metallurgimport for the supply 
of metal sheet production lines 
which should be in service by 
19S0. 


In demand and the comparative 
costs of oil. coal and nuclear 
power generation. Since the 
present Peking leadership came 
to power in 1976 its official Press 
has ' frequently pointed out the 
inadequacy of its own power 
industry. 

■ Vice-Minister Ku’s group 
visited the National Coal Board's 
research and development estab- 
lishment at Stanhope Bretby. 
where they were particularly 
interested in the use of com- 
puters and remote control, 
especially the automatically 
regulated decanting of coal onto 
conveyor belts for delivery direct 
to nearby power stations. China 
has already bought large quanti- 
ties of British mining equipment, 
and Peking's Foreign Trade Mini- 
ster said on his visit here last 
autumn that it intended to do 
so again. 

Mr. Ku’s tour also included 
IMI Titanium at Birmingham 
where he visited the production 
plant and held a question and 
answer session with members of 
the main IMI Board. The Chinese 
are thought to be particularly 
interested in titanium processing 
because of its use in aero 
engines, particularly in the Rolls- 


Royce engines in the Trident 
aircraft they have bought. 

The Chinese have no titanium 
industry of their own though 
the country has ore deposits of 
the metal. Their interest 
clearly stems from their recog- 
nition of its resistance to 
corrosion in. for example, the 
chemical or coastal power 
industry, and its high strength- 
to-weight ratio which makes it 
valuable to the aircraft industry. 

This visit was followed by one 
to the ICT petrochemicals plant 
on Teesside. the largest of its 
kind in Europe and useful to the 
Chinese as an example of inte- 
grated development They 
showed keen interest in manage- 
ment, safety and environmental 
problems as well as in all the 
technology'. 

Part of the delegation also 
visited the port of Hull and 

Immingham where they were 
impressed by the modernisation 
grafted onto old construction. 
This experience is particularly 
relevant to China's needs, as its 
much expanded programme of 
foreign trade cannot be carried 
out successfully until loading 
and transport work in Chinese 
docks is speeded up. 


Pressure for bulk 



BY IAN HARGREAVES 


UUbrld>Ecqnomic Indicators 


RETAIL PRICES 


% Change Index 
over earlier base 


Contracts 


, BYiy»TONMcLAflSI 

A r SMALL - reduction • ip the days 20 vessels had been pro- 
amount of available: tonnage out posed by owners anxious about 
of the TSiddle “BasT last week future trading from other 
heloed maintain the' firmer rates sectors. 

whitk have become the .main There was no evidence of new 
feature of tanker" operations VLCC business last week, but 
since "AbriL' brokers hoped that resolution of 

Vwv large eroife^chrrier fixing the proposed Japanese storage 
was confined to i period employ- scheme would come by the 
ment in contrast to the previous middle of June. Up to 10 
week Oae U-S.tftjil- company VLCCs would he taken off the 
called for large tankers for one. market for use as forage and 
two and-three* yeax/time charter a further five could join them 
with early deUvefir tTp to five in September. This shoitid aid 
ships may^have beat i concluded, market conditions towards the 
The • ram* stThOOTe- varied last quarter of the year, 
between -'V^rIdscal#-24- for 12 Elsewhere the American coast 
months to 2ft for three years. proved to be a difficult area. 

The order 'wa6 proved at the Brokers advised owners to fix 
end of the wfeVions wpfc~Witiiin business with speed when it does 

' ^95* : pick up to avoid redundancy and 

more lay-ups. 

Tanker lay-up figures at June i 
showed that 53Bm dwt are 


U.K. 

Holland 

half 

Belgium 

W. Germany 

France 

US. 


Aor.78 Mar. 78 Feb. 78 Apr. '77 

year 

year 

194.6 

191^ 

190.6 

1803 

7.9 

1974 = 100 

119.8 

119A 

118.0 

115.6 

3.6 

1975=100 

129.9 

123.5 

125.9 

114.4 

12.6 

1976=100 

126.8 

126.7 

125.38 

1203 

5a 

1975=100 

145.0 

1445 

144a 

1413 

2.4 

1970=100 

195^ 

193.4 

1917 

177.1 

9.0 

1970 = 100 

191.5 

189^ 

188.4 

1873 

0.9 

1967 = 100 


1 PRESSURE FOR farming two 
separate cartels in the bulk 
shipping markets will be the 
main item for behind-the-scenes 
discussion among ship owners at 
this week’s Posidoaia Shipping 
Exhibition here. 

Of the two, the oil tanker 
scheme, known as International 
Tanker Services, is the cioser to 
fruition and relies fur its pro- 
gress on support from key Greek 
owners. 

It originated in Scandinavia, 
where owners took the first shock 
wave of the tanker market 
collapse in 1974-75 and some of 

(U. nurnisrc: will hp 


among those attempting to tie up 
an agreement here this week. 

The scheme's originators 
believe that 40m deadweight 
tonnes of tanker shipping is 
required to make the scheme 
work. 

Scandinavians have already 
guaranteed half that figure and 
letters of intent are understood 
to have been signed by the 
biggest Japanese owners, Sanko 
and Japan Line. 

This leaves only one critical 
gap — the Greeks, whose reaction 
remains unknown. 

A second cartel scheme for 
drv bulk, trades known as Iinter 


cargo, originated in Pireaus 
under Mr. Antony Chandris, 
president of the Union of Greek 
Ship Owners. 

His plans involves, like Intei^ 
national Tanker Service, agreed 
lay-up of surplus tonnage in 
order to push freight rates 
beyond their present loss-making 
levels. 

It is at a much earlier stage 
of development than the tanker 
pool, and is not generally given 
much chance of success, although 
Terminal Operators, a London 
consultancy company, has been 
commissioned to write a report 
on its prospects. 


■>?» « . m . m j A ■ , i j .... 7" showed that 53^m awx arc 

- iR ‘ Kus •:. a .L*-J5?5L .TtninMA n«partmenti4i*s placed carriers and 85 dry bulk earners 

intract / whetje the market for dry cargoes 


had c!e 
r.d five 
l? ir»!i: GfOE: 


: ah ^smUe 7 oil pijprtinb m j&aiid* - Drainage 
Arabia W the, end of ^riext year; the main. 


t.-: j-:J a* x 
Vi ^s-rat 


w a ■ - j /g-r ; — - t -- 7- - ofj. nnn . ... f> •- j.> - j- •• ■ ie sl&wing the rate of increase 

capable _of. ca crying^ 300,000 ^ Fer^ti nas- an jfrder worth 0 f 

barrels, of oil over^S' from thy Dutch com- Egg* Forrester, brokers, fore- 

P , I ? P i el 2S£ cast oh Friday that the ira 
to the ea^.. ipe coniracu wicu j—, ^ oil/’ pipeline tele- ■ v- 1a ^M>hAtween t 


i.7 :i i :: n* 


ie 

m 


to'the east.^e bSnce\emeen thTPacffic and 

P Si? ^S systeirL^t P w m consist rates have 

of^hn-Argus-based computer co^ c£ jbriderably since April, 

minerals centre and a telemetry ^ not j, e sus tained for long, 
general Peteoleimand minerais^^ System applications soft- Rates ma y, level out, particularly 
organisation Petrqiaina.. i . 4i ^r e will be supplied by the ^ j- mal lAr. tonnage. 1 

■ --iLj?' fV.s "■^..^riRdtterdam company, Logica. . The recent spate of chartering 

last ?# JDecca has Won a contract lor activity in the dry cargo tirades 
H&S'ihe" supply and installation of has been largely 
i .TK navigation systems for the new. Brokers reported on F riday tnat 
tuced -Hewanorra international airport during May this activity nad 
first -at SL Lucia, Windward Island*, strained loading facilities in 
Si ‘.The contract was negotiated by many grain, ports. At Buenos 
the Crown. Agents acting for the Aires, grain ships waited up to 
— , -- SSnistay of - Communications- of so days for off-loading, the mam 

^ Se Government of St. Lucia.. The problem being a shortage of rail 

AytiuU^.yd t^ ^^ M^m ^ eq^pment sh0U ld be operational trucks and lifters, 
tries beiag;Jhe .purchasers. ^ ^ auturan . This port congestion, at disr 


• . 

manufacturing 
; week passed . . 
mark for production, of 
model. . The TO --first ri»t 

in 1960;tecla|ii»ed'<o-:bel 

British irarictd'.htrbihlfi 

large mincers. . Half - 'Stf ^ b dtp u t 
has beeh-^jcportejS,.Tmfii Portugal, 


0 




S3W e 




Stetsal^^:tor ; imhip S ‘wan. -a- ^ 

and - anefflary; equipment for a two which l wtiT be thb problems are resolved 

expect “ dide 


He already has the biggest convention tat 
in BnjsseIs.Why !s he building more? 





I6W» 





alEaro' 
ssues- 
mi# 
ersbiP 
ft are, 

fluff 311 

cTf- 



im: 2193400. 



■Irn 




:imb 

' tioa"^ m Bnw*MhBOjQoHpte^-.. 

He (aaeasiJy handle 2tol200^ople 

'jgssss wStizs'- 

'^^ih^youBlwTOto.moye^ 




ofbig, qm'et , 

a huge garage down below so tbat th& _ j 
cajsdon’teyeatiayeto be paikedontaae. ■ 
Therinost convsalto space ifltownis 
still not enou^dbr Mr. G Htfs 
standing in 600 sq. metres oifiirmer 
space we’re buMng for him on. the^ 
30 th floor. Beaify Inflie Autamrt . But 
don*t wait untUthentogive bimacalL 




People make hotels. 


Amragco £ will teliyou it’s the easlestwsy togetinto Hollywood. 

wcx 3 d;well eetyou in the mood with a AnexclusiveFirst Class DiningEooi^ 

choice of two great movies. Andfei Am s people to see to itthatyoure 

Plus eight stereo channels to choose pampered aU the way. 
from. (A small charge has to be made 
for these to conply with international 
regulations.) 

Superb food. 


Next time you fly to L. A.you can 
really arrive in style. 

On a PanAm74JSP. Its teen speci- 
ally built for non-stop long-distance 
flying. And it has more first class-seats 
than the original 747. ‘ 

If youre thinking of visiting Holly- 


IUU6U J- 

Right PA121* leaves Heathrow at 
14.00. And arrives in L.A. at 17.05. 

■\Vho better to get- you to Hollywood 
than the world s most experienced airline? 


< s -®’ 





PanAnfePeo 






(>l £vi^ - 
- uJ-r 


- 3I0> 


^issels-SheriUbn Hotel 



•ry^tt PAtildtecWC Iwm June 16K 


X 


tv- ■. 


4 -". 


n- 


/% 


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*■ *. » < 








4 


State aid 
‘vital 

for saving 
tin mines’ 

By Paul Cheeseright 


HOME NEWS 



rows 


REGIONAL DEVELOPMENT 
grants for mining must be re- 
stored by the Government if the 
UK industry is to survive, 
according to the Cornish 
Chamber of Mines. 

Mr. K. A. Gilbert, the chair- 
man. told the chamber's annual 
meeting in Camborne that 
Government aid was necessary J year 
not only for exploration but also 
for surface treatment plants. 

His remarks follow the re- 
cent closure or the Mount 
Wellington tin mine, owned by 
Cornwall Tin and Mining, and 
by the placing on a care-and- 
maintenance basis of Wheal 
Jane, the Consolidated Gold 
Fields operation. 

Regional development grants 
were withdrawn from April last 
;. ear and since then it has been 
necessary for rhe min 
panies ro seek finance 
where. Costs have been increas- 
ing. however. 


Tyne link 
by National 
Bus 

offshoots 

By Paul Taylor, Industrial Staff 

at improving the flagging per- facturer once the contract has facturc of SysYein x! 'it' will I TWO Nitmnal Bus Coinoanv sub- 
forma ncc of . the UK telecom- been awarded. Cable and broken up between GEC. P^'^ sidiarieS nSn to jite Time and 
municationj. industry on world Aeradlo feci that if Brilcl look and Standard Telephone* and nrt cxecu- 




BY JOHN U.OYD 


THE formation of Eritel. a joint Project management entails Cable and Aeradio have ex-j 
British consultancy group aimed working closely with a manu- pressed concern over the nunu- 


bus and 


to 
metro 


services. 


markets, i, delayed because of on this role, it would be seen by manufactured in a number or nve in a partSsh?p to run 

divisions among participants on clients to be simply a marketing locations. iftSJhL'? parlQersmp 10 run 

the role and scope of the front for System X. While the uianufaeuinns 1 * 

organisation. . , jt-t j companies remain distinct enti- 

Discussions on Bntel have Ljpgrsdcd ties, it is felt that the system 

been go ms on for more than a They have built up their busi- might have to be priced at an 

year between the National ness j n t.he world market on the uncompetitivelv high level, 

j’ hasis c,f recommending and especially since it will be voin- 

f.r i - * ° , CabI ®. an< * installing the systems they peting with foreign systems 

a ire Ifn S antI International judge to be best suited for the which have been in production 

Aeramo* contract. Since the UK does for some years. 

,,I T n .i.,r S? w^,mrtnH U! K , rm5 <i not otTtfr 3 ful, Y electronic There is further disquiet over 
;Vf '£.' r „ "vmond B«*n system, the companies increas- the future Tole of Standard 

’V 3 * JP’Jit C « nSU i a ? Cy ingly have tended to choose Telephones, a subsidiary of ITT. 

riJJ'n^hhh IniL h^ s - vstem5, offered by foreign manu- which manufactures an elec- 
w u. h ff t 2£2£S™% ^ act ««rs. tronic system, the Mctaconta. in 

c«"em X ^the computer v. In additioa - Cab,e recently Europe. Metaeon la and System X . 

contnHled " telephone exchange has u P? raded lt s Pfoject manage- will be in direct competition, j 

™ PV:! 1 * division and is moving into It « thought that a inerser ■ atj 


Safeguards on prices 
‘badly constructed’ 

BY ELINOR GOODMAN. CONSUMER-AFFAIRS CORRESPONDENT 

• THE PRICE Co mmissi on is reduce its" net profit margin on safeguard entitlements uqIbs* 
I believed to have told the Depart- turnover to less than 3 per cent they keep a separate set or 

□lent of Prices that the safe- The commission is believed to accounts particularly for that 

• guards written into price con- have told Mr. Hattersley that this purpose. 

‘ trols are badly constructed and clause means it is a waste of This is because some of the 
arbitrary in application. time investigating many ineffi- safeguard provisions relate to 

The implication behind the cient companies which are mak- the units used for profit margin 
comments is that the safeguards, log less than 3 per cent to begin control. 

which protect a company’s profits with. Mr. Hattersley always has been 

, during and after one of the com- Although the commission is not opposed to numeric safeguards 

Under the scheme, outlined in ! mission's three-month investiga- thought to have named names, oa principle but agreed to in. 
a joint policy statement by Tyne I tions. should be rewritten. it is believed to feel that this dude them in the controls, 

and Wear Countv Council. Mr. Roy Hattersley. Prices clause is particularly inhibiting introduced last summer, after an 
Northern General ‘ Transport ! Secretary, has said that he is in relation to the nationalised outcry from the Confederation 
United Automobile Services and reviewing -the -safeguard -provi- industries. ... . of British Industry, 

the executive services will be 1 vision which have been critcised It also has criticised those The commission has taken the 
run on a corporate basis but! by some Labour MPs on the safeguards which relate to a view that it is not its job in 
individual operators will retain [ grounds that they make a company’s past profit perform- decide whether or not safe- 
control of their own assets. - i mockery of the controls. ance. It is understood to have guards are a good thing per se 

Agreement in principle has The Minister has not made a argued that such a comparison --although some members uo- 
been reached in anticipation of ! decision on whether to change becomes increasingly meaning- doabtedly would prefer a more 
the planned openine of the first : lhem but time is running short le *L as times goes on. discretionary system of sale- 

stage of the metro in the because the obvious time to do The commission has pointed guards. 

summer of 1979. Previous cci-i f bis would be when margin con- out that, with the end of margin The dear message to Mr 
ordination plans have had ,n bo .™]s «Piro « t»e end of July «»"»> ‘XX22S SKffiSS m J* .‘US’™™ 


F'/»I 


li ims uevn ] system iracuiug me mui stages areas— such a-? the orovisinn nf hast of abandoned because nf opposition i and certain other conseauential not . hav JLi P 5^/ S ic? S are c,uu, s.v to 

ining com- of its development hy the Post ? , * from National Bus and the ! Ranges will havrf.io be made to Um for calculating their administer. 

ance else- j Office and its three major manu- ”^ un a 'JJ u jn ho S tetS iwih ^S sio iF .wrk' be I to a pooling of assets. I ^ existing orders. 

en in crease I facturers. jEC. Plessev and Aeradio is strong. effective marketing 'overseas. ! However, it is hoped that the! He has indicated that he would 

Besides fears that tbpir areas However, moves i 
of operations will he eroded, have not teen 


facturers. GEC. Plessey 
| Standard Telephones. 

The constltuen* members cf 
•SllCSrn j the Britel project agree on the 

-"■Vhe day is gone when far a I need for a common marketing 
fairly modest investment, a min-i organisation for System X. The 
ing "company could expeet tn 1 problem arises over the degree 
make a reasonable profit," said I to which Cable and Wireless and 
Mr. Gilbert. [Aeradio will be required to sink 

His particular concern was the j their inditidual identities into 
need for the industry to come to [the new project, 
terms with the mining of low I While h"th in effect are State- 


s in li- i- direction (executive committee will be able [make his decision partly on the 

annuiiri-cd. , 0 integrate , bus and metro : basis of advice from the com mSs- 

i services without. initially at ■ sion which has the job of 

— ! least. NOOline these assets. ! .idminiRfprinrr ,>nnfrnlc 


Far Eastern funds lead 


BY ERIC SHORT 


Yarley attacks Tory 
State industry plan 


grade and complex ores. Morel owned — Cable and Wireless was FAR EASTERN. Japanese and cent and its Australasian fund 

effort should be put into metal- nationalised in 1947. and Australian funds are the best is eleventh with a gain of 1*3.4' 

lureical research. j Ae radio's majority shareholder performers this year among the per cent. Gartmore Far Eastern,! Travel coi*v»rii 

Grants were essential For sur-j is British Airways— they are unit trusts according to the latest in second place, showed a rise a vilc 

fare treatment plants which strongly independent and in- tables issued by Planned of 38.8 per cent I British Airways. British 

“will need to he more com pi i- [creasing!;, compete with each Savings. These show that up to The UK equity market has laud the British 

catcd and costly." .other. **- * 


least, pooling these assets. ! administering controls^ 

Joint negotiating committees' 

are planned under which the ; "IVastfi of tifflP* . _ 

executive committee will talk I A FRESH atta ck on plans out- The existence of the 

direcilv with unions on pay and! The commission apparently lined in a Tory report to hive off report, prepared by a a „mv 
conditions and consider related (has confined, itself largely to profitable sections of nation- g^p chaired by i ffht 
bon»s or warily pay ments for the I technical -CnUcisms of the safe- ahsed industries was laimchecl Sr_ * ™' n " cr 

! bus companies' staffs. 


Tory 

study 


CV •mil. 41 uiuuauia ui LIIC hjic- atiacu muusu*^ -n- j» • 

uards. The comments may not yesterday by Mr. Eric Varley, Ridley, MP for 

be strong enough to give Mr. Industry’ Secretary. Cirencester and Tewkesbury, was 

Hattersley evidence he would He told delegates representing confirmed last week, 
need to push through Parliament 123.000 Post Office workers that Mr. Varley added- '‘Th*. 
any major tightening up of the State industry employees would punishment being nlannpd ml 


-Jli P ro l vis l |? ris 1 : T° do this he would be regarded as easy meat for a these workers includes wrecking 
Tourist probably have preferred explicit fighL industries and seUing off coil 

Mr. Gilbert said Thai ihe priw-: Tim Past Office ami NEW’ positions were occupied by funds year, the f‘t"‘ Actuaries All- i joint marketing operation with ' skon'^work had^en impeded th^o’pefdng^ession ofOe^mual ^The ToVleadershio w- r, 
nf un was below emnomn- levels are keen that Cable and Aeradio based on Ihcse markets. Share Index, wiih income 1 the opening of the British J by rhe safeguards. ' conferee of ih" Post Office -and onW 

for Mine of the local t-rod. me rs.jp r...l _ cxp^lw .tn^ a substantial ...The top spot is held by M and reinvested, rising b;. only 2 .i per Travel Centre in Frank full. The) The most fundamental Engineering Union at Blackpool! clei up ihedfsunily d 

made by the com mis- ° 1 3f ' 

concerns the clause which 

... Nit« ir restneting a com- 

sevcnih with a ri 3 o nf 20 3 per index. I there. ' pany's prices if doing sc would 


a;-' e ; *■-> iiviu ij.» .*i anu rein i emeu, rising only _ n per i ravel unnn. m tiuiimuii. i lie i lie IT?i 

The chain oer s annual re per; ; extent and that Britel takes un G's Far Eastern Fund with a rise cent. Nevertheless 250 nut ufi prospective tourist ran obtain criticism ma 

stales Ids! a floor pnn? ufjlhi" fii.nctmns both of a con- nf 41.b per cent so far this year, the 355 funds in the tahlc shuwvd not only advice on where to so si r, n concern 

ne tween iRJiPO and £6.390 ajsultant und of project manage- r l he group's Japan Fund is a better performance than this 'bill can buv the tickets for ( prevents ir 

ronne is neenArj - ■ — L • • ■ 1 ’ ... 


i meni. 



Water charge payment 
by instalments urged 


BY LYNTON McLAIN 

LEGISLATION TO force Britain's 
water authorities to accept pay- 
ment by instalment to ease the 
burden of charges, should be In- 
troduced as soon as possible, the 
Association nf Metropolitan 
Authorities said yesterday. 

The association also wants an 
investigation into a rebate 
scheme linked with the rebates 
given against local authority rate 
payments. 

Councillor Jack Smart, chair- 


man of the association, said: 
" We want to see legislation that 
will oblige the water authorities 
to adopt schemes similar to those 
lor the payment of JocaJ autho- 
rity rales." 

The chairmen of the water 
authorities have already given an 
undertaking to government to 
accept payments by instalments 
whenever that may be required, 
but so far the Government has 
not requested such a move. 


IN BRIEF 


ClydeDock Engineering 
may buy Greek yard 


Weve 




s the boot. 


The Honda Accord 3-Door hatchback. Rated as 
one of the ten best cars in the world by Road and Track. 

One hundred points ahead of other Japanese 
cars in the European / Car of the Year 7 Award - and 
voted top by Autocar and the Observer. 

Winner of its class in the 77Total Economy run. 

A great car Now we've given it a boot, 15-97 cubic feet 
of it. And four doors. And even more refinements to 
the incredibly long list of extras built-in as standard. 

The clock, for example, is digital. The Radio is 
FMand AM. The heating and ventilation system is also 
ducted to the front doors for side-window de-misting, 
and to the rear seat area tor extra passenger comfort. 

The boot can be unlocked from the driver's 
position. 

And so on. 

Any other car would be called a Ghia, a De-Luxe 
or a GLS with the Honda Accord's list of built-in 
extras. But we believe in quality and so 'de-luxe' is the 
standard. 

We also believe in precision engineering (the 


engine specification and high degree of finish will make 
you wonder how we do it for the price ) . 

The Honda Accord. 

It's not j ust a car with an amazing specification. It's an 
amazing car to drive . Try it. 

You'll see what all the fuss is about. 


' 


I H; 


f: 



ClydeDock Engineering, the ship- 
repairing company formed last 
year, is interested in buying 
the Neorion Shipyards on the 
island of Syros. 

Mr. Rankin Durnin, the com- 
pany's financial director, lias 
visited the yards, which closed 
down in March, hut negotiations 
are still at a very early stage. 

ClydeDock Engineering, which 
was founded by Mr. R. E. Butler 
with Elm capital- has the hack- 
ing of a group of Scottish busi 
nessmen and the Scottish 
Development Agency, which 
announced a £100,000 investment 
in the company in April last year. 
The company operates from the 
former yard of Alexander 
Stephen fShiprepairers) at 
Govan. 

The Neorion Shipyards were 
operated by the N. J. Gouiandris 
group, which closed the yards 
and laid off about 1,200 workers 
after a scries of strikes com- 
pounded financial difficulties 
caused by over-capacity in the 
industry. 

According to the Greek niasa- 
zine NaftiJiaki International, the 
yard represented an investment 
of £llm-£13.7rn. (?20m-25m) 

when it closed but bad credits 
of £9.9m fSISni) from the 
National Bank of Greece and 
1 5 Bm (S10.5nn from the 
Development Bank of Greece. 

Flow of wine 

Clearances of all types of 
imported wine in March in- 
creased 711.00U gallons or 12.7 
per cent to 6.3m gallons com- 
pared with March last year. This 
took ^ the first-quarter total to 
13.6nt gallons, a rise of 2.68m 
gallons or 24.5 per cent oa the 
same period of last year. 

Scottish affairs 

Scotish economic performance 
and political developments will 
be assessed at a conference in 
Edinburgh on June 26 and 27 
whlch-has been organised by the 


Financial Times. The speakers 
will include Mr. Gregor Mac- 
Kenzie. Minister of State for 
Scotland, and Mr. Edward 
Taylor, Shadow Scottish Secre- 
tary. 



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WE, THE 
LIMBLESS, 

LOOK TO YOU 
FOR HELP 

We come from hqth'vyrirrd wars. _ • ' 
Wc come from Kenya, Djlalaya," . 

Aden. Cyprus. , . and 

than fromw we^^^Iessipqfcxd' 

yon for help. , 

And you can hefp.'fcv fitfjmig/f ;'>'&* ! 
our A&iodalion.- 
British Lim bless Es-Servitc 



I 


Dons fonts and informatioD : 
AlajorTbe Earl of Ancaster, 

KC VO. TO- Midland Bank 
Limited, 60 West Snrilhfidd 
XodJotECIA 9D V. 

British Limbless 
Ex-Service 
Men’s Association 

■SITE 10 IHOSE WHO CAVE— riEASET 


It belpSj with advice and- . 
encouragement; taovercdmeific. .-V' ? 
shock oflosing atms,ocIegSQraz^.J- • 
eye. It sees i hat red-tape does not- 
' stand in the way of the right *7 
en titieraem topenskroiAtrd. 
severely handicapped and the' •'•££*• ’ 
elderly, i; provides Reskfehtlat 
Homes where they can Kvc in. - '• 

peace an ddignhv. • ; r : - 

Help BLESMA,pfeast-We w : 7. ‘i- 
need money desperately. And,«» ■ 
promise > ou, notapenny ofitwiB 
fatwdSlciL 














d U.s e , " 

r&iv 




never any question . . 

[ anywhere else m Britain, 

Ithad to be Scotland.” 

Adam Thomson , Chairman, The Caledonian Airways Group. 


mm. 




orv 

V 

m 

t* 

,,rt = hr » 

* and Te v .W' 

!a * week * 

1 fceinp n i? 

^3g?«. 

1^. 
,L ' ahu^in 

nient 

ged 


10 >** 

«» •o:er, ; :'. 
4=51^ 

=•*"». .-.f r ,s. . 


"i:er. r.-,. 
■-' 2 - r, : - n 

• ■■' vV.T-^- 

item. 

i . j ’ Me ■_- 

\M f '»:vry 
L-d i-cb j a ”ii| 


leering 

ard 


I 5 t 

.. Mr - 

-.,1 ' v- £-: 
c \'- S:?Vi2j. 




“We chose Prestwickfor our new Aircraft Engine Overhaul 
and Test Plant because it provides all the facilities needed for 
cost effective operation. With the area’s history of aviation work, 
there’s a ready pool of labour capable of tackling such 

specialist engineering. . . ... 

S.D A involvement enabled us to embark on this exciting 

development and afforded The Caledonian Airways Group, 
parent company of B. Cal., the opportunity to help support the 

The Caledonian Airways Group and the Scottish Development Agency have got off to a 
flying start at Prestwick. The opening of this new aero-engine plant wdl create up to 
new jobs by the mid~80’s. It’s just one illustration of how the S.D A can provide 
financial assistance to aid the expansion of industry where growth potential exists. 

The Scottish Development Agency has been formed to promote industrial and 
economic growth throughout Scotland With a budget of up to £300 million, we can provide 
a variety of financial incentives and factory accommodation 
to h^? companies expand and spread their wings. 

To find out more, contact James Gorie, our Director Ir^l 


of Information, at the address below. 


o£3UUm 

M 




•• Sr.- | ft : r^ 4 - 


■ :‘S 
•. V-. • 

'■ ■ y: ‘ ' -fe' . 


Scottish Development Agency 

120 Bothwell Street, Glasgow G2 7JR 
, Tel: 041-248 2700 Telex: 777600 

THE SIGN OF SCOTLAND^ INDUSTRIAL GROWTH. 



Jr * '■ 












HOME NEWS 


COMPANY NOTICES 


Oil! ENTS LAFARGE 
7\% 1972/1987 FF 100,000.000 


Notice jc hereby given to bondholders of the above-mentioned 
!u*n that lhe amount redeemable on July l. 1978, i.e. 
l-'F tf.nno.OQO was bought in the market. 

Amount outstanding: FF S5.000.000 


In the RICH COURT nfr JUSTICE 
Chano-ry Division Companies Court. In 
the Matters or 

■Mo. U01072 nt IB7S 
A. S. P. iF.l'iillNfiERS' LIMITED 
Nn. MISTS of LOTS 
KALE CVRD UMITED 
No. 001674 OT 197* 

JEKNAR LIMITED 
NO. 001677 Of 197* 

VULLEON LIMITED 


Worker-director proposals 
‘ignore middle managers’ 


Luxembourg, June 5, 1978. 


THE TRUSTEE. 
F1NTMTRUST S.A. 


v u lleon lim tTED BY LYNTON McLAIN 

and in the Matier of Tho Companies THE BRJTISH TnstU|i[e of Man . cuss lhe manager's role in parti- pnsals affecting the woiworce 

notice is herehy given tiiai agemeni has called for a meet- cipalioa agreements. So far, the with workers represeotaures 

Potuions n.r inc Wjndimi-Up of in- in" with the Prime Minister to voice of these managers had been before decisions were mad e , the 

discuss “totally unacceptable - ignored in the Government pro- White ^ 

ism, presented id ihu sni<i court by aspects of Government proposals posate, Mr. Close said. posals would include investment, 

TJS For employee participation in Trade unions would have an mergers., takeovers, expansion or 

tenders FOR greater LONDON bills kalgoorlie swTHERj, t golo MINES AND excise^* k-uw ^ management, Mr. Roy Close, the effective veto on allowing of and 

1. Th, Greater London count.' nemby R < !alrt ^ES ,, o8K5 , l,J n Fei.^SLrko- «? ««* wpi««iom ^ jBjMied institute's director-general, said managers mto the proposed joint organisational cnanges. 

•ji.c no: ico that Tensers mu be received RcB jsi whS Sim? Su k '* 10 bo heart before ihe umn * l, 5 I , ’^I n j} , in Glasgow at the week-end. representation committees. This Employees in companies with 

&S. ffifl ™ t iSfSi He said th, iasututa was "tX unacceptable to the more than 2,000 people vmhd 

resi^ 0 L£S a n 2 !hiii u t?'i^ t iMue3°?5 „ N °™r E J EBEBV given that an jane ism. and am- creditor or comribu- . WO rried that little attention had institute. have the right to representation 

SmSSSwHS£S 3 nisstyysrssjrs »«" ^ “ ir°d\ d »p“£ „ . . ^ 

s. ooo.ooo. l“i colims sireS” MeitwS?^ 'loofl^on Ortcr on any or the said Petition* may managers in the White Paper npricinnc proposalswereaccepTett. 

oa Er5'o'oo t5o' , ooo "eiooTdoo S^ J unc - 7J? 7 ? al 1? ’ h *' wm °f bejnni.- m Pt-rson on industrial democracy, pub- uectMUiia Where a voluntary agreement 

tKrV a*Si , iS.tt , tf.o T «rtS; £ -h°^ ! nS, r n^i Wrnish"3 Jished on May 23. The two main proposals from for employee directors, to join 

dale M.ttioui a*« o' grace. asoiui on ortlJMiry p ^ w| „ |toiT by iho undorsisned m an« L-rcdiior or The proposal* on employee the Government were lo give the existing Board could not be 

itan -C E2s“o , o^nd°mSrt*^ ,, iw Tha I^ c h ^S!2S an, I haa “ 1,10 50 ocr L-oniribuioiT oi any of urn n»d companies participation ' had no adequate employees a voice in company agreed, employees, the White 

SES SM SKST ° r ^ l*tn^^S*S£ r£S *«A«*** pl£n& a seat ™ the Paper said, should have the right 


l. Thn Greater London Count.* Hereby 
ijipc notice that Tenders will be recoivod 
fll i he Chief Accountant's Office 'Bank 
Hmllinm) Bank of England. London EC2R 
3ELI an Monday 12lh June, at 12 noon 
far Greater London B>"i to be issued in 
conformity with the Greater London Council 
•Genera! Power** Act. 1967 to Uio amount 
of £25.000.000. 


“* *W* ** ol”Wa"i 12 appear at 

t’so ooo £ ‘ri,°Tv.f:, 50 ^ 0 ditey O Ti;2SSay I Baft'S or h ii 

i5*n June 1978 and w.H be due 91 days J. Lf"?. 1 '.?"'. ^ “awing me fol towing ordinary 3 cooy of 


alter Hale without davs of grace. 

3. East Tender mini be lor an amount 
no! ins than £25-000 and must specify 
the net amount per ccnl. (being a multiple 
of one new balfpcnnyl which will bo given 
lor lhe amount applied for. 


a Tenders must he made tfinjutjti a 1 n . IM j JL, noih Haw 

London Banker. Discount House or Hroker. D ' iled ‘t 1 ? nrrfV’iT n* r .'J 978 


5. The Bills will be issued and pud at Ihe 
Bank of England. 

6. Notification will he sent br post, on 
ihe same day as Tenders are received, 
rn |hc oeisens whose Tenders arc accepted 
in wnale or in oart and payment In lull 

the amounts due >n respect ol such 
accented Tenders must be made to the 
Bant el England, fry means ol cash or bv 
H.alt or cticduc drawn on I he Bank of 
England net Lifer than 1.30 p.m. on 
Thursday '5th June. 1978 
7 Tenders must be made on the prlnied 
lorm r which may he obtained either Irom 


Bv Order ol Ihe Beard. 

J- C. STACY. Secretary. 


COMPANY 

ANNOUNCEMENTS 


IT. F. CLOAK. 

KJ lies' Beam House, 

3H-4J Mark Laoc. 
l.nnrirm EC3R THE. 

Solicirar for the Pnltloncre. 



of managers. Trade unions, on Beard through a representative, to appoint one-third of the dfrec- being criUcaJ of the unwilling- ' 

the other hand, would have In companies employing more tors to the top Board of a new ne ss of British companies to Tr „ nu4 We: 

rights backed by law. than 500 people, employers two-tier structure, or to the ^0^ more about their -opera- #hI -™ gj: ***„ «£ ot% : 

The meeting called for with should be under a legal obliga- existing Board where this was ^ QS to ^ ir baakcrs _ J? ““n* mm? t0 ' b ^ flo,le 


iE2?»'rte tartmr'rt? id® Callaghan would be to dis- Uon to discuss all major pro- acceptable to Ui? company. 


THE COMMERCIAL BANK OF 
AUSTRALIA LTD. GROUP 


MR. D. W STRIDE. 


I ‘.aid P.'iiflons mum serve on, or rond 
by post id ibe aboiv-namcd. nccirc in 
uriiliiK of his mionuon so to do. The 
nnik-c must siaic ihe name and address 
cl ibi- pL-rsgn. or. if a firm. Ji>' nam>' 
and address of ihf' firm, and nuisi ho 
Aliened liy i I k- person or 6mi. or bis or 


• he Bank d Engl snd or Irom lhe Council s I Manaq.no D. rector, mil continue as a cni, P „ n - ilf ,nt. and miisi h.- 

Od.crs a! The County Hall. ! Dir«lor Ol Ido CBA Group ol Compan.es , ^ _J n, ' f n Z mW , , 

s. Th P Greater London Council reserve i following Ms retirement front the Bank ® r - ,r P*5iea. niusi be sent by 


the light Ol rejecting any Tenders. ' 

M. f. STONEFROST. 
Comolrslfer of Financial Services. 
Thr Co'.ntv Hall. 

London 5EI 7PB. 

5!h June. 197B 


ol June 30lh. 


LONDON AND MANCHESTER 
ASSURANCE COMPANY LIMITED 


OVERSEAS 

PROPERTY 


pur in sufflcjnei iliiu.- In roat-h :hc ahoro- 
namnJ not later than fnur o'clock in Ihe 
afternoon of the 23rd day of June IliH. 


NOTICE IS HEREBY GIVEN that Ihe' 
ShTC Transfer Eooki 0» the Company- 
Will tj. closed from 12 to 26 June T978. ' 
fnj -, < da’es inClusi-C. 

Tr.msirrs '.ho.iid be lodged with the 
i-.-,noiii- s Fnij.strjrs Spam Brothers ft 
Company at 10 Bani Street Tonbridge. ' 
Kent b» J 00 o m. on 9 June 1978. J 
Bv Ord-r ol tnn Board , 

J. M D. COOPER. Secretary. ' 
S June 1976. 


ILS. PROPERTY 
liYVESTIUBTS 


| No. OfllBSS nf ifti? 

In ih- HIGH cniiRT nF JUSTICE 
1 Chancery Divuluu Companies Court. In 
Ihe Mailer *r EUROTONE LIMITED 
:inil in the Man.-r uf The Comrani.-s 

Art. IRIS 

.NOTICE IS HKIJFRY rtiv'KN lhai a 
FN-'tilion fnr ihi- w nidtne-iin of Ih" ahniv- 


Squeeze 
‘will slow 
economic 
growth’ 


Industrial relations 
charter recommended 


_ than financial-” • - 

Mr. B. W. Mitchell., of Bank At hp V ' ;•••>- • 

of America, said that a cost-of- W* • 

sales breakdown, details of trade 25JI r supp °S r fcfw? conc ^C« . ■ 
debtors, and more facts on the “J 
breakdown and turnover of 
stocks were ex^nples of the ^ 

information that U-S^ corpora-- aSi 

tions were willing-to provide into ^ ade union 3s. • 
their affairs, winch British com- . • 

pauies were not .. Realkri^ - ' ' . 

The U.S. bankers thought that ■ Jlo,U8irc . ■ 

progress by British industry to- Civil servahia. In. iiaPSodiit 
wards more disclosure was gained from them. In that **m- 
“pretty marginal’’ and / that .advice that"_they give ■ 


BY RHYS DAVID. NORTHERN CORRESPONDENT 
A CHARTER for industrial re I a- The report points to the need 


By Michael Blandcn 


QUEBEC CENTRAL RAILWAY COMPANY 


CAPITAL STOCK , 

In i*.-ei*.ual’C>n lot Che payment ol the I 
HaM-veyr]. dividend due 15th July. IS75. 
on ihe *h?ve Slot*, the Tranilnr books 
■v,i( L>-» af 3 30 P m on 23rd June I 

and will be rc-cbencd on 27ln June. 1978. [ 


W. E. REEVE. 
AJsislant Secretary. 

SO F.niHiny Soua'r 
Lanjen EC2A 1DD. 

SUl June. 1973. 


5.000 ACRES. TIMBER. — 
VIRGINIA S300 per acre. 
ATLANTIC CITY 
(adjacent to) 

900 acres land $1100 per acre 
■•THE HAMPTONS” 
Long Island 2,000 ft. prime 
ucean frontage. 
Shopping centres. Florida 
ranches. NY City properties 
FL. MARC ANTONIO 
440 EAST 79st 
NYC NY10021. 

21--ti28 5668/London — 

B lakes Hotel 01-370 6701. 


Hami d Cumnariy hy ,hn riiuh coun oi I A RENEWED. seriou>» soucezc reputation 
Jihuvc nas. on ih. ; -joh iiai 1 of May I on comoanv finances nest year invpKtnrc 


A CHARTER for industrial -re la- The report points to the need pretty marginai - and / that. advice that .they give - t*. 

tions which would commit far greater co-ordination ot re- forthcoming, companies were 'Ministers is-, a- ‘-little mortr ' 
Merseyside management and sources and initiatives needed “very much the exceptions.”. realistic, js a/bifc pclpser 4o wig' -. 

unions to improving the area's to regenerate the local economy, They explained that the more happens in . industry* : than;^ ‘ 
reputation with potential and calls for a strengthening, of rigorous disclosure rules in the otherwise would be.” vy - .' 


say today. year to suggest solutions to Tt sees the development public.” argues that the cash mflowoft^* 

- The problem the brokers »dd Merseyside’s chronic unemploy- authorities as reversing the con- maj or investing institutions wffli 

and any .-n-ri!rur n't' n .onteibu- their latest economic foie- ment concludes that the area turning fail in employment— A nni-naMgoc ' - not grow much faster- thtm grofc 

i? Mid company desirous Jo casts, is unlikely to reach the can be regenerated, but that the down between I96S and 1975 by ApprOaClieS domestic product between 

0PPUL- Hu- makins or an same proporUons as in 3974 effort will have to come mostly 11.6 per cent to 488,000. .. The U S bankers, however, mad 1 985. ■ 

Nevertheless, they indicate in a ^om within • . in manufacturing, the decline back-pedailed on the main ‘ ^ evidence deals with. 4 • 

fur that purpo^>: and a cony special analysis that, leaving . it urges the area to isolate was -6.f per cent to a total of festufe of 


J io be hc.ird hefur« Hi.* «'mirr sHtinc at 
ihe Royal Couris of Jmiiw. Sirand. 
j London WC2A I’LL, an (he 2*iih day or 
j June 107s. anil any en-dimr or rnninbii- 
I lory nr ihe sold Comnanv desirous io 
jnuppun or oppose die makine or an 
|rtrder on rhe said F.?t;non nuy iiwir 
ai lhe lime nf hoanns in ncr-sm or hr 


Ws counsel fur that purpD<*>: and a copy special analysis that, leaving!, ’i urges me area to isolate was io.i per cent to a total °F feature of their written growth in the financial power 

"J, ’If Pc, ! ,Jon H ' ,,, ^ funHshrd by ihe aside North Sea oil production, individual products and com- 156.000. a much Steeper percent- evidence This simeested that the institutions- and with ffit' 

iindors.sneij io any crwluor or eurunbu- TL „ _ J ‘ „^;„i oanies that 1U rfit dn well, then aee fall than n.-rtirreif -in-fhe UK ^ l THS su^gesieu Uiat vu.c «*«» wain 


DIAMONDS FOR INVESTMENT ! AE?T GALLERIES 


inry of the >aid Company n-iiuimu: such 
i-opy nn paymeni of ihe resalaicd charpe 
Tor too some. 

C. F. ULOAJ\. 

Kind's £-am Holism, 

■19-41. Mark Laite. 

London ECIR THE. 

Solicitor for the Peluionert. 


□i^mono Selection Limited oiler ktosc- 
•:e: .in.i nalisne-J diamonds for Invest- 
mom. The following is a cross section 
ol oriec; irom iftcir range as at 1st 
Adi i I 1973. 


BLOND FINE ART. 33. Sackvltlc St., w.l. [ appear on the heanne of lhe said Petition 
01-347 1230. MAXWELL BLOND — must sorvn 00 or ftend hr owl la Ihv 

Paintings and Watercolours Until 3 June. Ztp SamL, ifS 

Mon.-Fri 10-6. Sats. 10-t j aDoin-nam. d nonce lit wnnnc of his 


iomdon BciR THE. largest figure since ! he £4ibn. ex t eQ a e d as generously as to nf 28.500 in total employment wfJ™* 

T ° r „ recorded in 1974. The impact, manufacturing industry. and of 10.100 in manufacturing. « 

hSofThe sn'd ^fiMon account of inflation. A Liberal proposal for crea- The report predicts only a «“ 

uc, enr-.-n nn nr k w~ iA .K-. WOUld be much less serious Finn nf a frnn nnrt ic ihnnaht cliohr imnrnvaniprit in tha n 6vf ThlS dlStmC 


iquidation- value of a bor- direcnon of investmens* •-•■•--’1- nli^C 
; the latter emphasising the The society rejects both-^ratjtt lu 


Snd^'rTo 100 in^annfiJSJfne borrower’s ability .to repay as a adds its voice to the caDirfor* ... 
and or 10.100 m manufacturing. „„„„„„ • removal of the fiscal tdlan hate / 


But it does seem consistent 


DSL Grade 
30 J.-16S 
1 00'8 T SO 
1-1Q>1L'lA0 

1 S< 1 IS.- 1 30 
300' 20' 1 20 

400.-20.no 

-I-5ISIM01 
300.70 30 
1200.” 1 40.'30 
170Ci>ia0.'TO 

2 200' 273 '50 
27CC.800fSD 


Pr.-n te L 
dci- Carat 
IB003 
13204 
1 24«5 
1061 3 
9320 
79.11 
7256 
43GS 
3264 
2537 
I “95 
toss 


■m S^' brokers conclude, “ with our fiC ant benefits and the creation 


a Jbioerai proposal ror crea- ine report predicts only a ° -------- _ ^ . . r • 

s serious lion of a free port is nought slight improvenierit in the next Thl ? distinction was salwe- L -m2!S?*&*«SJSnS ; ■■ ’ 
onsistent.” unlikely to produce any slgoi- three years. quently disputed hy British gJSEX £ nm *' - . W0a r“:^. ’ 

•* ii>«IK nun c*. a i_ .Ca_ ■ li a* n'l — h J«a_ ai _s .... Han Ire inrl in thafn am I niririanna 1x1511 LUtlOIZSi • j • 


The report rejects the view banks and m their oral cndeace ,««• in ^ 4'- : 

at shortages of skilled labour, to? American bankers were at ' "J'g “ J f” 2Sj 
nd or aid represent significant P ai “s to stress that they had not 
•stacles to Liverpool's economic ^tended to convey “that other 


S.30. Tfiurs. until 7. 


roach the above-named tim later than I bv 


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present Government 


Jlon.-Frl. 10 00-3. 3 o'.' Sat' Wrd day of June 1976. 


Note Diamondi in tfi» rangn w; 
rt .immoao l.ir investment have aDorc- 
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sir"' tet Jul* 1969. 

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politTi of inducing a large rise 
in disposable real incomes this 
year.’* 

Their ceneral economic fore- 
casts indicate that during 1979 
retail prices will rise hy 11-13 
per cent, nearly as fast as 
earnings. This will leave scope 
for a rise of only li-“ per cent 


UIUUUOU 1U vuu f VJ 1 I HI L v LIAr L ' M . , n(k M 

banks use approaches that are--*?* 81 ® - a **** £&3ba : 

dramatically different or demon- sMiety produces some latog ; 


Farn boro ugh air show 
attracts 420 companies 


strati ly ~ less sound " than the ^f nta f? ve reasoning whjf -tWl;' " . 
US method growtti rate- need not persist 

7„ - _r : -o.hb.a • It believes that this cash m.- ’ 

In the course of a detailed 


will now grow with GDP im 


BY MICHAEL DONNE. AEROSPACE CORRESPONDENT- 


discussion of the -American, way ' 

the U.S. banks , agreed that a ^v. n « n f if ik* - 

margin of i per cent over the ^ mlnal is 10 - ~ 

wholesale interest rate for cen ^ . 


sterling was needed for .an 


in personal disposahlc real ABOUT 420 companies from the luring companies, airlines and American bank, to ’mate a profit* / ... V..V- 

incomes, after an increase of 6-1 u.K. and overseas aerospace regulatory and consumer bodibs pn a ” first class and almost risK; JLlKCnVe- ; - - j j.-- ' • 


per cent this year. industries will take part in the in world aviation will express less ..loan- .. : w -societv ' concedes -"Sir 

The growth of real gross Farnbdrough flying display and their thoughts on fhe future Lord RoW. ■ the chairman \of^ ^'institiMdnar^mfiiance 

domestic product is expected to exhibition to be held at Farn- trends. .Warburgs, appeared before toe geSLnes market ftiU'ContftafiS 

I 0 2 r,? r cent l ?,i:‘ lleadar borough airfield, Hampshire, Speakers from the UK will committee as one intimately in- increase. - - - - 

1979. from -i per cent this year, from September 3 to 10. . include Mr. Edmund Dell, Secre- volved in 'the financial aspects of - it cites one estimate ihatlai§£ 

S .r; , The Society of British Aero- tary for Trade; Mr.. Gerald l\auf- Neddy and ^he . ” indu^rial tutioniLCOuJd hold. 70 petc^^ 

fall in the growth of consumers spaC p companies, which is org- man. Minister of State for strategy.".. . ■■'■X. - 1 all equities by '1986, 

tn leS"^ thSn nw wnt ^mSSu anting toe display said over the lndustiy; and Lord Beswick, “Ic response to^uestjons Lord wi& 50 per rent^at pr^e^So 

facturine investment also ?s w . e ?, kend ^ “J*®"* 250 - fl P° chairman of British Aerospace. Roll said that be did not believe it attempts ta counter the iai^' 

t a during investment also «s visitors were expected during the .Among the West European that maricet forces -alone could sion that this increasing daate- 



expected to slow down. 


Don’t the people who 
eate the nation’s wealth 


ciated products and technologies Bernard Lathiere, president of Li follow ’ diverse . . investuft^t 2 

yer staged in the UK. Airbus Industrie; and Mr. Roy sS^tTgies. and^ that this divSSr 

There will be a strong U.S. Gibson, the tlire:.oi -general of deduce from this -that instRUf | s 5^0^ to ensore that tSfr 

representation, with exhibitors the European Space Agency. ^ nal Funds should be curected ftmcOone- effectively;-. R. fc 

from 4S companies, including The U.S. speakers will include or channelled into the right claims that “there to an^ln-.!* 

virtually all the leading airframe Mr. E. H. BouHinun, president of snri of investment. _V creasingly healthy relatipntiup. ; 

and aero-engine manufacturers. Boeing Commercial Airplane . He hoped that Neddy and toe developing - between eorpifiito 

Before the Franborough show. Company; Mr. Roy Anderson, industrial strategy would ', im : managers and their institutional 

the Financial Times will he chairman of Lockheed Corpora- prove British industry's perform- shareholders. ** 7 ' 

holding its latest World Aero- tion; Mr. James E. Worsham, ance. If and when this improve- • The two sides are talking tnMfc 


space Conference, at the Royal vice-president of the airline pro- * neTlt came about, the financial because' “ more and more cofflr 

Lancaster Hotel. London, on grammes division of General institutions would automatically panics welcome the opportunity 

Aucust 30 and 31. Electric of the U.S.; and Mr. respond and provide the needed . to discuss their plans and asjfi» 

With the theme nf Where Do Charles W. EUis, vice-president funds. tions in an environment W»’ 

Wc Go From Here?, the leaders of helicopter development, “It Is no good Just acting on formal than the annual general 
of the major aircraft manufac- Boeing Vertol. the side of supply. It is essen- meeting. “ 


themselves? 


some 


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Salary needed to en jo y the 
same standard of living 

Salary before tax | Salary before tax 

January 197 i ' January 1978 



2.500 
5.000 

7.500 
10,000 
15.000 


o,500 

14.500 

23.500 

43.500 

59.500 


Based on a married man with V-vo children. 



COOOs 6 K) .14. 13 22 26 30 

GROSS INCOME 

Spjrcf. U.K.Taa Savings lor the Higher Paid. Puh. E.l.U. Ud. 


A comparison of net earned income aftertax in five major 
industrial nations. ( Example: a married man with two children.) 


seven years ago needs over £40,000 to enjoy the 
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J^£>' 














labour news 


JlTnOsTu! 


Civil Service unions may 
form closed shop alliance 


BY PHILIP BASSETT, LABOUR STAFF 


not T^ B i„ 


i Vi 

■Wed 5,?» 


: .iiftnir GorrospohdenC": = •» 

AQTLpN Oyer thtirhuilding Indus* 
n^Ti-dzUnxl-jiay settlement will 
begto^MLJune 25, the Transport 
awft General . ' - Woricers' - Union 

saidwesterxiay, v - - ; ■ V v 

■jSSw? action ■'.wili.be..' arranged 
on .1: »' - reghraaL. . basis. Local 


10 ^5 

f sr^ 

mg C0 J*. 

\ arouft 

Jp®;- 


s > in rj- 
e "J in^ 

? little . 
•U clo^r a' 
ldustn, J* 
Id be.- 

J ' de o« sfc. 
d su ?e 
ttees inqjgt. 

estaemX 

3 instiunii. 
faster iC 

urt 


e deals ^ 

financial pn* 
15 and 
tat this B 
oe comrtfe 
some fta 
vestment. 

rejecu bok 
‘0 the calls V 
? fiscal disttt 
urages the £ 
ust bis kb* 


-‘ars in wifc 
i the twnaoi 
.‘is has riscj 
to £6.5ho uj 
oduees sensei* 
isomaj: ’*1 r. 
ie?fi not paj 
that this ca: 
•v witr: GDPr 
::.sh iriSowt!' 
th :f a none 
r i!3.5bfl if 
r.b rate a B 


affected-'.-: 

i;The dispute is over the value 
ofTthe 1 - national pay offer to more 
thafiL 750,000 building and civil 
engineering, workers. Employers 
say , it : is ..worth almost 10 per 
cent /but r some' union" officiate 
jsayi'.tfiat' it will - have '- a- much 
lbWec^vaiue for many men. 

“Mr. George Henderson, the" ; 
union's _ national secretary ■ for ' 
the industry, said yesterday: that 
employers organisations had 
made it perfectly clear that they 
were standing absolutely firm on 
the offer. - 

,The present agreement expired 
on -/June 25 and, with the post- 
ponement -• and . cancellation of 
proposed., meetings between the 
parties, had to give notice 
that*- 'tbe- union .would begin 
Industrial 'action after that date. 

: The position, is . Complicated by 
the fact \that- the. executive, of 
the biggest building union, the 
Union", off Construction. Allied 
TfcadeS and "Technicians, has 
Accepted, the pffer and is telling 
itsiro embers to ignore the trans- 
port union action. 

"This porition may be criticised 
by some delegates at the con- 
struction " union’s "conference 
wtudfr; opens ■‘to-day in Dunoon. 

Bootle strike 
: deadlock move 

FRESH -EFFORTS will be made 
■this weekto resolve an unofficial 
strike " by 400 ' construction 
workers over a severance' pay: 
agreement which is halting the 


INDUSTRIAL, and white-collar 
■civil servants seeking- a better 
dosed -• shop offer thin the 
Government's- current , proposals 
may join .' forces ■ to .press their 
case through a consortium. 

The ■ 57,000 industrial civil 
servants in- the Transport and 
General Workers' Union, the 
biggest ‘-union, representing the 
industrial grades of - staff, will 
be asked if they Want backing 
for local -closed sbops- 
The three, non-industrial Civil 
Service unions pressing for a 
dosed shop. tVs Civil and Public 
Sorvices Association,- the Civil 
Service Union and the Inland 
■Revenue Staff Federation, have 
asked unions representing the 
172,000 industrial civil servants 
for joint talks oh the Govern- 
ment's proposals.' -- 
If- a consortium of lower-grade 
civil servants Is formed from the 
meetings, the Government could 
face . a demand ■ for. improved 


proposals " for the introduction 
of a dosed shop in tbe service 
from 522.000 workers in an 
alliance cutting across tradi- 
tional Civil Service white- and 
blue-collar boundaries. 


Exemption 


The consortium would then 
take over the direct approach on 
the closed shop to the Prime 
Minister now being considered 
by the three non-industrial 
unions. 

-The Government has offered 
both industrial and non- 
industrial civil servants a 
similar closed-shop offer. It has 
wide exemption provisions 
reminiscent of the Conservatives' 
agency shop proposals in the 
1971 industrial Relations Act. 

Tbe offer made to the non- 
industrial staff calls for a ballot 
on the issue of ail 400,000 basic 
grade civil servants, including 


Clyde managers win 
5 per cent, pay rise 


BY. OUR LABOUR CORRESPONDENT 


THE ENGINEERS and Managers 
Association has won a 5 per -cent 
j fair wages award . backdated to 
January for managers working 
at Yarrow Shipbuilders on the 
Clyde. 

This is on top. of .a. 10 per 
cent rise for alt 'staff employees 
negotiated by. TASS, the whjtc- 
collar section Lof "the Amalga- 
mated Union of Engineering 
Workers. 

The engineers ^association, 
which is engaged : in a fight 


with TASS over recognition in 
the industry, says that in ite 
award the Central Arbitration 
Committee commented that 
TASS's submission had provided | 
"no real evidence on behalf of 
managers among whom they' 
have few members.” 

The association’s leaders will 
regard the award as another 
moral victory in their attempt 
to win national recognition for 
their Shipbuilding and Allied 
Industries Management Associa- 
tion. 


rty .'jr.Kifes 
jo:n.r.«flce e 
r’r.ri vnlicwfc 


firiftl stages orwdrk on the multi- 1 
storey ' -inland -Revenue office : 
blofck at Bootle, -Merseyside... ■ 
Although no further meetings 
have been arranged between the 
contractors' McAlpine's and the 
unions, discussions. are^ekpected- 
between management representa- 
tives and the Government's. 
Property Service* Agency- '■ 

. The dispute . came . to -• n bead 
last week: when talks/on dhe pro- 
posed redundancy of 11 men 
broke down. Thebu.ildingiis now 
seven years Behind scbe^le^nfl 
its cost has risen 
Q5m. :-■/». ir -'i" „ 


Express could be closed 
Matthews warns unions 


MR. -VICTOR MATTHEWS says 
he can" afford to close-down tbe 
DSily Express and “flight well 
do" so” if there was any major 

dispute with the print. imiftns. 

He added "that if be -had toe 
power to hire and fire^and did 
not have toe : unions "to. contend 
with^-he would dismiss ^p to 40 
per cent of his workforce.' 

His' common ts^ were ;BSme in 
an interview for'AngbafPelevi- 
Sion on toe problems ofcjleet 
Street The. programme Enter- 
prise will be- shown on ThfflsdayJ 
He said that wh ile - ay lot : of 

jTZZil 


people in Fleet Street could per- 
haps not afford to express those 
sort of views, his Trafalgar 
group, with interests from 
property to shipping, could. 

Fleet Street bad to change and 
it could not go on with union 
leaders saying one thing and toe 
shop flonr saying another. 

“ You do one deal with ■ tor 
unions and then start a round 
of in-house deals.” 

He intended to go ahead with 
plans for- new pewspapers bir 
not until- he had agreement: with 
toe. unions. 


50,000 non-unionised stall. A 
ballot of non-union members, 
would be likely to be rejected 
outright by the white-collar 
unions. 

The offer made to the indus- 
trial workers, though, docs not 
include any longer provision^ 
fur a ballot. 

Mr. Mick Martin, public ser- 
vices' national officer tor tin- 
transport workers, said the union 
was likely to agree to toe request 
from the throe wbiie-collar 
unions for a joint approach to 
Mr. Callaghan although he was 
not optimistic about its success. 

He said that after two years 
of negotiations tbe industrial 
civil servants bad ended up with 
a worse offer than they had 
started with, and had rejected 

it oulrlghl. , . 

The union would be pres^m*, 
for a full post-entry closed shop 
after putting the issue to mem- 
bers in local areas. 

TV unions 
to ballot 
on merger 

By Our Labour Correspondent 

A BALLOT on a merger between 
the Association of Cinemato- 
graph. Television and Ailed 
Technicians and the Association 
of Broadcasting Staffs will open 

° t The 1 baUol comes after lengthy 
amalgamation discussions ^ 
tween the unions. If members 
favour a merger, the organisu- 
tions will become the Amai 
gam a ted Film and Broadcasting 
Union. 

^Tlie Association of Scientific, 
Technical and Managerial btafo 
said yesterday that the Pearl 
Federation section of the insur- 
ance workers’ union, which 
covers field staff managers in 
Pearl Assurance, had decided 
to merge -with it The associa- 
tion added that everyone except 
the most senior Pearl executives 
would be covered by its nego- 
‘ tiaiions. 



Chrysler talks 

V MEETING to-day of 1.500 
^.hrvslef car assembly men in 
Coventry will decide whether to 
accept a peace fo ^ niul ^. wor t e ^ 
out in weekend talks- They had 
walked out on Friday w a «ho- 
1oe&-what row concerning repair 
work on faulty, car seats. 


t. 


Averagelssue 
leadership - - 

byindustry / 

tbnshuctipn > t : ,. ' 

.Metal . 1 ?-/ 1 * ^ e- 

: "fedites V- 
’ Bantfng : -.' - - . 

• Fmarice/lnsurance v:.: 

Transport - 

Oil/Chemicals , ' 

Other Manufactured 
Retail/Wholesale 
Trading 

Other J.;:, - .. . 

byjobfunction . 

Chief Executive . 
Export : •- ViJ - 

Finance 
Production , 

Home Sales 

Marketing 

Legal- 

Purchasing . 
Personnel/Training 
Investment 
Corporate Services 
Personal Services V. . • 
Data Processing 
Premises ' ■ ■ 


: • / 

, 

Kijantial. InterratiOTal 
-r'Cme^-Hendd^ 



4,280 
-■ 5 ^ 86 : 
"1-91-2. 
.1,985 
2,036 
1,604 
.. 2,958 
12,813 
1,447 
T,514 


10,354 
: 4,509 
9,301 


4,341 ■ 
4,798 
2,103 
2,594 
1,978 
1,400 
632 
1,019 
1,257 
697 


.267 
826 
82 
1,076 
- 419 
379 
522 
. 1,177 
136 
338 
. 405 


■ 2,251 

503 

1,093 

.'180 

269 

,530 

■ '364 
1 165 

261 

415 

86 

163 

101 

232 


businessman 
really read? 


CostEffectiveAnalysis 

Spacesize’ 2«x»9rx 

Rate , £1,568 a® 

Coverage . 19-0% 

•ComHtedtraraffatancwliangeratsofRS50il.00 (Apri'^l 


The facts speak for themselves 
The 1978 European Businessman Readership 
Survey proves that'the Financial Times is 
Europe’s real business newspaper. 

Content analysis also shows that it carries 
32%* more international political, economic 
and commercial .inf ormation than any other 
English-language newspaper printed in Europe. 

Information which is gather ed by a tram of 
over 200 permanent editonal staff - 28 ot 
thembased abroad-backed by 80 associated 
correspondents strategically stationed 

around the world. . . . 

Whichever way you look at it, the Financial 

Times: remains the business newspaper 
you've got to turn to first. 

F1NAMC1ALTIMES 

EUROPE^/BUSINESS NEWSPAPER 

-Content analysis of five newspaper Researdi Service Intanatioiial, Augustl976. 

Head Office: Bracken House. 10 Cannon Street, London EC4P 4BY. 
Telephone: 01-248 8000. 

Tehran, Tel Pm, Tokyo. ... — - — ' 


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a » Q-ere M 


Financial Times MooSsy Cftme 3 18?S 



Dfls. 60,000.000. — 

61% Bearer Notes 1973 due 1977/1980 
of 

N.V. NEOERLANDSCHE 
SCHEEPVAART UNIE 
(now named KONINKLIJKE 
NEDLLOYD GROEP N.V.) 

Rotterdam 


annual redemption instalment 
i Redemption Croup Slo. / fell due on 
July IS. 1 977) 

A* prodded in ihe Terms and Conditions 
Redemption Group No. 3. amounting to 
DfK 15.000.000. — . has been drawn for 
redemption on July 15. 1978 and 
consequently the Note which bears number 3 
and ail Notes bearing a number which is 4. or a 
multiple of 4. plus 3. arc payable as from 

July 15. 1978 

at 

Algernons Bank Nederland N.V. 

< Central Paying Agent) 

Bank Discs & Hope NV 
Amsterdam- Rotterdam Bank N.V. 
Pierson, Held ring & Pierson N.V. 
in Amsterdam: 

Krcdictiiank S.A. Luxembourgeoise 

in Luxembourg: 

Algcraenc Bank Nederland (Geneve) S.A. 

in Geneva: 

AJgcaiunc Bunk Nederland in der Schweiz AG 
in Zurich. 

May 29, 1-J7S 


Scfccoi of Oriental and African Studies 

(University of London) 

Extramural Division 
announce a one-day seminar on 

JAPAN: INTERNAL TRADE AND DISTRIBUTION 
■it the School on Monday, 19 June 1978 
The seminar will cover the Japanese Market, the Distribution 
and Retail System. Trade Credit in Japan and the Use of 
Advertising and Media. The fee for the seminar is £30. 
Application and enquiries to: Miss Bryony Conway. Assistant 
Organizer of Extramural Studies. ‘School of Oriental and 
African Studies. Malet Street. London WCIE 7HP. Tel. 
01-637 2333 ext. 336. 


erne 


l 3 ALi 


FOIRE 

1NATIONALE 


APPOINTMENTS 


Halma Group chairmanships 



Mr. Peler Wells has been 
appointed chairman of Powerform 
Engineering and. Fu»cr Display 
Equipment, both part of the 
HALMA GROUP. Mr. Wells is 
also managing director of the 
Power Equipment Company and 
a director of Castell Locks, a 
Commissorls of Dutch company. 
Castell Locks b.v.. and a director 
of Uie parent company, Hal m3. 

* 

Admiral Sir Raymond Lygo. has 
joined the Board of the Dynamics 
Group of BRITISH AEROSPACE. 
He is appointed managing director 
of the Hatfleld/Lostock division 
and will also become a member 
of the Board of the Bristol ■' 
Stevenage division. Admiral Lygo 
left the Royal Navy in January 
where his last position was as 
Vice-Chief of the Naval Staff. 

★ 

Mr. G. Kraijenhoff. who recently 
retired as chairman of Akzo N.V., 


CONTRACTS 


has been appointed a director of 
S. G. WARBURG AND CO. 

★ 

Sir John Trelawny, formerly of 
Plumbley/Eodicott and Associates, 
and 3lr. Thrtothy R. H- \eante, 
formerly of Barclays Unicorn 
Group have joined KORN/FERRY 
DICKINSON, executive search 
consultants. 

* 

Mr. C. J. Bullock has been 
made an executive director, 
ROYAL WORCESTER . SPODE. 
Sir. Bullock will continue as 
marketing director of the 
company. 

Mr. M. 1. Forsyth Grant has 
resigned as a director of RAUAL 
ELECTRONICS. 

★ 

Mr. J. D. Leggett has resigned 
from the Board of BRAITHM AITE 
AND CO. ENGINEERS. 

Mr. Peter Momsc has relin- 


quished the post of managing 
director of P. 5. MOSSE AND 
PARTNERS and Mr. Alan CoUins 
has assumed that position. Mr. 
Mosse continues as chairman. Mr. 
Christopher Jenkin and Hr. John 
Shepherd have been appointed 
assistant directors. 

★ 

Mr. D. C. Guy. previously deputy 
manager, has been appointed man- 
ager. public relations department 
Of the BURMAH-CASTROL COM- 
PANY. He succeeds Mr. Laurence 
Siutan, who has retired after 43 
years' sorviec. 

Mr. Marlin Evans, divisional 
manager of Wellcome Industrial 
( Pesticides), has been elected 
president of the BRITISH PEST 
CONTROL ASSOCIATION. While 
in office. Mr. Evans _wil! also 
assume the responsibilities of a 
director of the European Con- 
federation of Pest Control Asso- 
ciations. 


Businessman’s Diary 


U.K. TRADE FAIRS AND EXHIBITIONS 


Dale. 

Current to June 7 

June 5—o 

J'thc 5 — 8 

June 5 — 9 

June 6—8 v. 

June 6— 5 

Ji 3 S— 10 

June S— 1J 

June 9 — 17 ' 

June II — 15 


June 13—15 
June 14— 18 
June 20 — 23 
June 22 


June 25—29 
June 26—28 
June 27 — 28 
June 27 — 29 
June 28—29 
June 28—29 


Title ‘ • i' .--. . ... . 

Lighting and Electrical Installation Exhibition 
British Hospitals Exhibition 
Decorative produces trade exhibition (Walpades) 
Ihd. Process Con L. -Instrumentation and" Systems 
Print Fair *78 

International Word Processing Exbn. and. Conf. 
Royal Cornwall Show. 

South of England Show 
The Pine Art and Antiques Fair 
Shopfitting, contract furnishing, kitchen and bath- 
room equipment.' joint exhibition''-* 

Three Counties Show 

International Fisheries and Marine Equip. Exbn. 
Royal Highland Show 

International Body Repair Industry Exbn. plus 
international Conf. on Crash Repair 
First International Frozen Foods Conf- and Exbn. 
Temperature Measurement and Control Ex. 8s Conf. 
EIA Engineering Exhibition 
Leeds Electronics Exhibition 
Solid Waste Management Conf. and Exbn. 

Royal Norfolk Agricultural Show 


Venue 

Wembley Conf. Centre 
Olympia ' 

NaL Exbn. Centre, B’bata 
U S. Trade Center, W.L 
New Hort. Hall, S.WJ 
Wembley Conf. Centre 
Wadebrldge 
Ardingly, Sussex 
Olympia 

Nat. Exbn. Centre, B'bam- 

Malvern 

Aberdeen 

Edinburgh 

Heathrow Hotel 
Olympia 

"Wembley Conf. Centre 
Metropole Centre, Brighton 
Leeds University 
Dome, Sheep cote VUy, Brgton. 
New Costessey 


in 


capital 

mpany 
•■-tend, 
4 and 
tirrent 
:irtce 
we is 
cent. 


£10.2m orders awarded by NCB 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Contracts with a total value of 
£10.2m have been let by the 
National Coal Board. Corrugated 
steel sheets, for the period June 1, 
1978. to May 31. 1979. valued at 
£6.3 m. will be supplied by BSC. 
Wm. Green i Steel). J. R. Steels. 
Danks Steels. A. Thomas and Co 
(Mfrs I, Geo. Wolfe and Sons, and 
European Steel Sheets. Rolled 
steel lagging boards, for the same 
period, to a value of £2.3iu, will 
be supplied by J. R. Steels. Ayr- 
shire Me la I Products. Darlington 
and Simpson Rolling- Mills. A. 
Thomas and Co ( Mfrs) . Lye 
Spencer Steel Services. Hollybank 
Engineering Company, and Geo. 
Wolfe and Sons. Telephone, light- 
ing and signalling cables, also for 
the same period, valued at 11.5m. 
will be supplied by AE1 Cables. 
BICC. Delta Enfield Cables and 
Ward and Gnldstone. 

The City of Bradford Metropolitan 


Council has awarded a JEl.l m con- 
tract to HONEYWELL INFORMA- 
TION SYSTEMS for the supply of 
a dual computer to handle appli- 
cations covering a wide range ot 
financial services as well as engi- 
neering and design departments, 
schools, museum and library faci- 
lities, and rents and rates. The 
system will have extensive com- 
munications features controlling a 
large number of terminals located 
in many different establishments 
throughout the city. 

* 

The £730.000 contract for the new 
animal feed mill for Bibbys at 
Carmarthen has been won by 
CHRISTY AND NORRIS. Work 
has started on this greenfield site 
and the plant will be on stream 
later this year. 

★ 


Herbert Ferrymans, 


South- 


ampton-based pharmaceutical 
wholesalers, has placed an order 
with DATASAAB for three Dio 
small business systems worth 
about £130,000. Datasa'ab’s 
pharmaceutical wholesaler pack- 
age contains a range of programs 
for sales order processing, 
invoicing, delivery. documentation, 
stock ' control, sales ledger and 
automatic purchase ordering. 
Mining and Chemical — a group of 
five different companies in import- 
ing and refining precious roetats, 
selling semiconductors and 
supplying pharmaceuticals to 
wholesalers — has ordered a 
Datasaab D15 . minicomputer 

system. The computer will be 
used for sales, purchase and 
nominal ledger, payroll, on-line 
order processing, invoicing and 
stock control by all the companies 
hi the group. 


June S — 1L lut. Fair for Packaging Materials and Confectionery 

Machines (Interpack) 

June 11—20 ....... International Technical Goods Fair i.- 

June 12 — 16 World Congress on Automatic Control . 

June 13 — 16 Knitwear and Hosiery Exhibition 

June 13—21 InL Rubber and Plastics Conference and Exbn. 

June 15 — 18 Solar Energy Exbn. and Congress 

June 20 — 24 international Wire Exhibition 

Tune 24 — 30 International Dairy Equipment Exbn. and Conf. 

June 27—30 Public Transport Systems in Urban Areas, Exbn. 

and Conf. 

June 27 — 30 Offshqrc Brazil' Exhibition 

July 2 — 9 International Rehabilitation of the Handicapped, 

Exbn. and Congress 

July 4 — 6 : Third Int. Conf. and Exbn. on Marine Transport 

using Roll-on /Roll-off Methods 

July 10 — 14 First .International South African Training and 

Education Symposium and Exhibition 


Dusseldorf 
Poznan 
Helsinki 
Milan : : 

Paris ' ■ 

Genoa 
Basle 
Paris 

Guteborg 
Rio de -Janeiro 


Hamburg; ■ 
Johannesburg 


BUSINESS AND MANAGEMENT CONFERENCES 


WEEK’S FINANCIAL DIARY 


June 6 .. 

June 6 .. 

June 6 t8 


[June 6—8 


The following is a record of tbc principal business and financial engagements during the week. 
The Board meetings are mainly ror the purpose of considering dividends and official indications are 
not available whether dividends concerned are interims or finals. The sub-divisions below are based 
mainly on last years timetable. 

TODAY. JUNE 5 BOARD MEETINGS— Harrison 'T. C.l. 53 67. London Road 

COMPANY MtETINGh— finals: bhefh*Sd. 2 

Curry*. 46 50. Uxbridge Road. Ealing. All in; Bros. 'Hosiery l **'* Partnership. 4 Old Caecn- 


W.. 12.30 earless Card and Leonard 

G'bbons I Stanley). Strand Palac« Hotel. Charter Consolidated 
Strand, W.C. 11 , _ Dc La Rue 

Huntieign. Howard Hotel. Temple F'ace. fmut • James 1 

Strand. W.L 12 Henderson 'J. and W.) 

BOARD MEETINGS — Jcrmyn Int. 

Finals: Land Securities Inv. Trust 

Anglo American Corp. Parkland Textile 

Craig jno Rose Scot eras 

Metal b o» Sumrte Clothes 

if-) 'W tliami Wedgwood 

View Forth In*. Trust lEteSSs: 

motpout Id*, trust Archimedes I nr. Trust 

Interims: Comet Radiorhion 

Martin the Newsagen. Elson and Robbins 

St. John D el Mev Mining Dividend a INTEREST 


Harrison iT. C.l. 53 67. London Road 
Sheffield. 2 

Lems (John) Partnership. 4 Old Caroc- 
. dish Si.. 12.30 

Minders. Mander House. Wolverhampton. 

NaTnan IB. A 1.1. Great Eastern Hold, 
oishopsgate. E.C.. 12 

Neill (James). Handsworth Road. Sheffield. 

Peninsular & Oriental Steam Navigation. 

P & O Building. Leadcnnall St. E C. 12 
Richardsons. Westgartti. St. Ermlns Hotel. : 
Caxton 51.. S.W.. 1 2 

Rotco. Compleat Angler Hotel. Marlow. 

Bucklngnamshire. 1 1 .30 
Smith St. Aubvn. White Lion Court. E.C.. 
12.30 


June S 


June S 

June S— 9 .. 


DIVIDEND & INTEREST PAYMENTS — Automotive Prods Deb. 10 ace 


van and Robbins Ward White. Huron Hotel. Park Lane. 12 

DIVIDEND A INTEREST PAYMENTS — P^'SSinh 1 Hote1, 111 

itemotive Prods Deb. 10 ate ^0_._ Edinburgh. 11 


Alcan Aluminium S5ttt 
Cedar Inv Trust Ip 

Common Bros 2p , 

Conuugrie Financier* de Sue* Frs.25 5 
Currys 4 602T39p_ _ 

Klnta KellaS Tin Dredg'ng Ord. 1250 
Mitchell Com 0.656 2 5p 
Mount Charlotte Iras. 0.4949b 
North Bnhxn ^anadian Inv. 1.7p 
Reluon P.B.Wi. 2.S9S4P 
Rexnord ln«. 22 tts 
Richards & Wellington IndS. 3.0299b 
S.me Darby London Cnv. Ord. 1.4o 
Sparrow tG W.) 1.29 b 
T amevde Var. Rate Bds. Red. 10'ji 
84-85 £2-2791 
Volvo A. A 8 Kr b 

TOMORROW. JUNE 6 
COMPANY MEETINGS— 

Camro, Seabum Hotel. Sunderland 12 


Avon Ri nber Oeb. 3 Hoc 
Cadbury Schweopes Ln. 4 ^oc 
Evened & Co 0.2p 
Fisher 'James:. 0.77o 
Ford Inti Cap. Ln. 3hipc 
Freemans 'London SW9t 3.5232a 
Gibbons 'Stanlevl J.flp 
GivnwM Deb. 3 J »oc 
L.K Ind. mvs. Nen. ui. £2.4936 
Ladbroke Ln. 4pc iwith warnintsi 
M a lllnson- Denny 1.54230 
Melal Closures 2.5136P 
uewhomc-Ve.iias D-o. 4-', pc 
Pa Um Par„ Plantations 0 61417b 
SGB Deb. 4 


BOARD MEETINGS— 

Finals; 

Anderson's Rubber 
Eva Inds. 

Harrisons and CroStiCld 
Oceana Development Inv. Trust 
Westbnck Prods. 

loterfaas: 

Hanson Trust 
McCorouodaie 
Sterling Tiust 
United Soring and Steel 

DIVIDEND & INTEREST PAYMENTS — 
Amber Valiev 9J<Pc Bds. Red. 7'6>7B 
£5 03S3 

Angus 8-ape Bds. Red. 13>12.’7B 4>«pc 
Basildon 3‘iPC Eds Red. 13'12'79 4 Hoc 
Berkshire var. Rate Bds. Red. 2.'12;B1 
£4.3215 


Volvo A. * B. Kr fi Tv*ack iW. A1 0 353d Angus 8-BC Bds. Red. Ii'12'78 4 >«pc 

TOMORROW. JUNE 6 Watnev Mann and Truman Deb 3';oe Basil dan a*ipc Bds Red. 13‘12'71 4'«pe 

COMPANY MEETINGS — WEDNESDAY. JUNE 7 Berkshire Var. Rate BdS. Red. 2.12181 

Camres. Seabum Hotel. Sunderland 12 COMPANY MEETINGS — £4-S3l3 

Everard. 7 5. Harborno Road. Birmingham. Dreamland Electrical Apahanccs. Great Birmingham SUpe BdS. Red. 15f12.*7S 
12 Eastern Hotel Liverpool's*.. E.C 12 r - d sDC , . 

Meitov. Winchester House. 1O0. Old Guardian Povtl Exchange .Assurance. 20. Central ADI strict Proiy^Deb.lJiOg 

Broad Street. E.C.. 12 Aldermanbury. E.C. 12 Ch II tern ^ Var. Rate Bds. Red. 2i12i81 

Yorkshire Fine Woollen Soinners. George Haden Carrier. 7'12. Tavlstoc'*. Souare. _*-4-33 1 J 

Haiti. Huddersfield. 11.30 H C.. 2.30 CoMianj S‘,DC Bds. Red 7 8-7B £5.0353 

- - — -- ■ rim 0 t London BHpc Bds. Red. 13i12 7b 

4 I, DC 

Crewe & Nantwich 8 udc Bds. Red. 
13'12i78 4i»oc 

Cumbernajdd^A^Kihyth 9LDC 8d5. Red. 

East KdbTide^rar. Rate Bds. Red. 2/1 2 B1 
€4.3312. Do. IllaPC Bds. Red. 2M2:B1 

• Eas* U tntfsev 9‘*oc Bds. Red 7iS/7B 


June S— 9 

June 9 — 11 

June 12 - 

June 13 — 15 ... 

June 13—16 ... 

June 14 

June 14—15 ... 

June 15 

June 15 


June 16 

June IS— 23 
June 19 

June 19-r-20 


Canada-UK‘ Trade Outlook — 

InsL of Purchasing and Supply: The Purchase 
Analyst as a Profit Generator 
Oyez: Ass. of Insurance and Risk Managers in 
Industry and - Commerce — International 
Insurance Conference 

The Clothing Institute: Management course — 
Introduction to the Clothing Industry 
Anthony Skinner Management: Added Value Shar- 
ing — Measuring and Rewarding Productivity 
lnbucon Group: National Policy and Pay 
Re-Structuring 

Good Industrial Relations: Corporate Strategies for 
Employment in the 1980's ■ 

Oyez: International Loan . Documentation .and 
Syndication' -r 

Benn: Your company marketing and EEC Law- 
Road Haulage Assoc.: The EEC — Friend or Foe of 
the Agristock Haulier? 

Meat and Livestock Commission:. Meat Demand 
Seminar , 

First International Symposium and Exbn. Com- 
*: • puters in Banking 

Business Equipment Trade Association: Microforum 
. Europe VS 

Inst, of Purchasing and Supply: The. Buyer; the. 
Seller and the Law 

European Society for Opinion and Marketing 
- Research: The Business of Advertising 
Oyez: For Senior Management— Internal Audit 
Charterhouse Japbet Financial Services: The 
.Impact of Financial Information on Shopfloor 
. Employees 

Oyez: Property Development—' Warehouse/Indus- 
trial Case Study , 

School of Production Studies: Stress, at Work . . 
European . Study Conferences: Employee Cbm- 
miinications 

ORC .(UKji. Paying People Abroad . .\i . 


Pall Man, SW1 
1 •' • • 

Gt. Russell Street, .WCL 

t 

Hotel Intercontinental W1 

Albert Road, NW4 

r Caffi Royal; W1 

Dorchester Hotel, W1 

' Moorgate Place, EC2_ . 

. InL Press Centre, EC4 
^ Gloucester Hotel, SW7 ‘ 

’ Droitwich . ; ' . 

„ Int; Press Ccmtre, ~EC* 

Zurich 

.Wembley Conf. Centre- .. ;V 
Grosvenor House, W1 

► 

Barcelona 
Portman Hotel, W1 


Royal Garden HoteU WS 

Hotel ihter-ContInental. W1 
Granfieli Inst, of Tech. : 

Jtoyal Garden Hotel, W8. 
StekespeaTe HtL, Strat-VAyon 


This week in Parliament 




£5.0355 

Fernand 10'>oc Bds Red. 3 12 80 5 ? »be 
Haroorouqh SUpc Bds Red. 1 3> 12'7S 41-oc 
Havant 9',0C Bds. Re* 7 E 78 £5.0355 
Hosk'ns 4 Horton Ord. 3.6SBO 
Invertlvdc 9-.BC Bds. Red. 7;6 7B £5.0353 
Lambeth B I.PC Bds Red. 13112 76 4i,pc 
Lancashire B'aoc Bas. R«. 13-12/78 4 I.k 
L *'S 03S3 ** 9J ‘ " Bd *‘ RM r -6‘7B 

LOCliabcr 9'apc Bds. Red. 7-678 £5 0353 
London 8 '.pc Bd*. Red. 13 12178 4 Hoc 
Motherwell *i,« Bctt. Red. 13-12 79 4>^x 
Neath 11 '.oc Bds Red 2-IZ’Bt S.'«pc 
, DIVIDEND A INTEREST PAYMENTS — 
•forth a mot on shire B-'apc Bds. Red. 7'6’78 

Oldham 9-.OC Bds. Red. 7-6 73 £5 0353 
Do 6.DC Rds. Red 13-1 2 78 4'w>c 
Plymouth g-.oc Bds. Red. 7-6178 £5 0353 
Roctilord 10 -pc Eds. Red- 3'12'SO 5»^.pc ! 
sale T'lnev 5 3375p 

Salisbury r jDC B(Js Re „ 7.5/78 £5.0353 I 
South Bedfordshir* 5'aPC BdS. Red. 
13 12-78 .c 


s 9tf(!.i a|,elan B 9 ' J P e 8d*. Red 7.'6 78 
£5 035 S 

South Oxfordshire tOhnc Bds. Red. 

_3 1 ,'SQ 5-irJic 

Syathclvde g-,oc Bos. Red. 7 6-78 

Swansea 8Uoc Bds Red. 1 s.12'73 Jijpc 
Three R-.crs B'-ipc Bds. Red. 13-1278 

_4'a-e 

rwecddaic «i.pc Bds. Red. 13 >2178 4i.pr 
Vale Roval il%pc Bds. Red- 1H2 82 
S-'i.nr 

w /V n fi i JT < l r1 '' Bds. Red. 7i6TE 

£5.0353 

THURSDAY. JUNE 8 
_ COMPANY MEe TINGS — 

Bpwihoroo Gatwick Road. Crawlev. West 
Snh«> 12 

Sr-Lsh v-nd-nu Inds.. Pylorook Place 
Garih Rd-. Morden. Svrrw 10.30 
8i4gin . a f 1. Bvpass Road. Barking. 
Esssa. I 

6“J» a LoldlHil Barrington Huusc. Wood 

Feb l«tl . Albany HouSO Swmtbn Hall Rd. 
.MatiCheslei 10.30 

w-cyes jrown s Hotel Dover St. W. 12 
Gunned Headland House Sheldon Bir- 
mmohjm 3 

Ho»?ringham Hovci -ngham. Nottingham. 

LK Ino levs . Empire House, 123. Ken- , 
n-rglo-i Rd SE 12 
Lesi>.. a Godwin Great Eavern Hotel , 
Liverpool V EC. '2 
London 1 Provincial Poster. Mayla-r 
Hotel B^rUcley St w 12 
VVirnoo -Georgnj Roval Garden Hotel 
Kensington High SI W.. IJ 
BOARD MEETINGS — 

Finals. 

A r-ig» Streamlines 

or-mtage Shanks 
8anV;rs Iny. Trust 
Buev ■;» s &rr--ry 
Cullen’s Stores 

Dundsnijn 

Fo-'leun dud Mason 
Guthrie 

HHkson and Welch 
Leigh Interests 
>00 Group 


tqiaac Bds. 


Sept au 6 Oct 78 


Un rtile determinant dans 
les echanges commerciaux 


Foire Generate 
k. d’echantillons 


OFFICE NATIONAL DES FOIRES ET EXPOSITIONS 

B-P- 656- ALGER-GARE - Telephone: 76-31-00 a 04 


Telex 52328 onafex Alger 
Algerie 


76-39-70 a 74 


Burco Dean 
Grand Meiroaol-tan 

DIVIDEND a INTEREST PAYMENTS — 
A 8. Electronic Prods 2p 
Calrd -A.- 3.41 S4p 
Clarice lOement) U2So 
Ell's 3 Goldstein 1 024328P 
Fes Inll. Ord. 1.IR 
Linrcad IP 
Lowland Inv. 0.9P 
Marders 2oc 
I -ill ijjmef). 3 642 b 
N orm Devon 1 1 i»pc Bds. Red. 6 6-79 

_O-i..0C 

President S'evn Mining 30 cts 
Read Inti 5 d>: Prt 1.7SPC Do. 7pe Prf 
2 aSp: Do. Lns. 2 'a. S', pc 
Smith St- Aubvn 3.012 b 
S uffolk 13 pc Bd*- Red 2 6 82 Si-dc 
leianbnagr l J ->pc Bds Red 6 6 79 5 -i^c 
Thurrock I3 d< Bds. Red. 2 6 32 B'rDC 
Vcsoer 2 J433d . 

Vatmougns 2 95560 
Wei I CO 0.175 b 
W estern Ha'd-nns I9GCIS 
* ghr Construction 4 7Sp 
wimpe, iGeorq-J a. 59035b 
a--rr,i var. Rate HUpc Bds Red. 6 6 79 
5“i,»e 

FRIDAY. JUNE 9 
COMPANY MEETINGS — 

Coates B-os.. 51JU<>n*r's Hall Court. 

Lud;a:r H-" E.C. 2.30 
*|ar.rie>l t Ind. Securities Brewer S Hall 
Aldermant-ur, Souare. EC 12 
Hmgs & Hill. Waldorf Hotel. Aldwren 
W C 1213 

-cvland Paint 4 Wallpaper. Norm gate. 
Le-'vnd 2 JO 

Northern Enoincrino tnd. Poval SU-tJor 
Hotel. Neville St.. Newcastle upon Tvne 

t; 

ia-derjan k atser. Newhail Road Sheffield 
12 

BOAC-D MEETINGS 

Finals: 

Bisnoti s S'.ores 
Ctc-. Gross 
Latt-er fThomas> 

DIVIDEND & INTEREST PAYMENTS 

AM7 Inc. nets 
Allen m P 0 Bo 

Rrit'-h Inds. & General Jnv. i rust 1.50 
RrooVs Wa-sen I.5Bp 
Camre* 2.3 2p 
Dan Inds d&ets 
louitv Inc. Trust 3 69P 
H ops & Hill I 4667b 
H'ovsn Bre-erv 0 4 d 
lennv-m- CW F i 7ets 
Krii'inyfon C Chelsea Var Rale Red. 
1982 £4 SZ04 _ 

Veman B— t 'S' • £2 9 with C-' wn 
ICC -ISi’i Do. -ounaers £295.78 

*1917' 

Petrccon 5.3601b 
Photos iLOrdO". 1 S2b 
Pro' L-*e Assoc, o* London *. 4 B Ore " 
4 463o 

.•u-oljt-r In-; J 1 :■! 

SICF AU-'-hhlaoe* B 4 5SKR 
T*t.ico sOets 
r h-j/no'.ijn O'h 1.0 Sd33p 
T siu* S A diets _ 

United Carr.c's 1 6252e 

SATURDAY JUNE 10 
DIVIDEND A INTEREST PAYMENTS — 

General Motors co*p. Com iSOcts 
Unites TecMiolcgics SOeis 


TOMORROW 

COMMONS — Nuclear Safe- 
guards and Electricity (Finance) 
Bill, remaining stages. Employ, 
ment (Continental Shelf) Bill, 
second reading. • Theft Bill 
(Lords), second reading. 

LORDS— Films Bill, report 
stage. Wales Bill, committee 
stage. Internationally Protected 
Persons BilL 

WEDNESDAY 

COMMONS — Foreign Affairs 
debate. . 

LORDS— Scotland Bill, report 
stage. Theatres Trust Bill, 
second reading. 

SELECT COMMITTEES — 
Nationalised Industries Sub- 


committee -.B. : Subject: The 
future ot the electrical supply 
industry. Witnesses: British 
Electrical and Allied .Manufac- 
turers Association - <10.45. a.ra.).' 

Expenditure Committee, Trade 
and Imiustfr . .Sab-committees. 
Subject: Measures* to - prevent 
collisions of noxious • cargo 
carriers. Witnesses: Royal Insti- 
tute of Navigation and Hydro- 
grapher of the Navy. . 

THURSDAY. 

COMMONS— Foreign Affairs 
debate. 

LORDS— Scotland Bill; report 
stage. 

Cooperative - . Development 

Agency Bill, committee stage. 


■ FRIDAY 

■ COMMONS — Remaining stages 
of Suppression bf Terrorism Bill 
(Lords). Remaining stage? of 
Judicature (Northern Ireland) 
Bill (Lords). 

Motion on SEC dorajnentsr on 
liner conferences^ ..Motion on 
Church of England (Miscel- 
laneous Provisions} 1 Measure. 

LORDS — Home . Purchase 
Assistance and Housing Corpora- 
tion Guarantee .BilL second 
reading. 

Transport BHL second reading. 

Domestic Proceedings and 
Magistrates Courts Bill. 



usesom 

4 t O 

W Ifyc 

r your b 







To: Inv'estraent Department. Welsh Development 
Agency.Treforest Industrial Estate^Pontypridd, 

Mid Glamorgan GF37 5UT. 

My business is e^qjanding. Please give me the facts 
about the WDA. 

Name .. ■ 

Position • - 

Company 

Addre>> 


9 If you're thinking of moving 
r your business to Wales, well be 
happy to answer any questions 
youmayhave. 

The Welsh X)eve lop ment 

1 Agency can offer advice on 
everything from the full range 

I of government incentives 
available to housing and 

I recreational facilities. 

Complete the coupon and 

I we'll tell you what we can do 
for you. And well tell you what 
Wales has to offer, too. 

Welsh Development Agency 
Treforest Industrial Estate, 
Pontypridd, Mid Glamorgan. 

. CF37 5UT. iel^hone: Treforest 
(044 385) 2666,’Ielex: 497516. 

Welsh 

I Development 





ieJ^'oA 3 














S. 


I?#*;.*"' * : 


VT* 

s*. ■•.. ■.«+ - M 


•3»it*sh Steel C* doj aiion 




■%vv 


The Steel Committee of the TUC. 

And finally, the full weight of the British 
Steel Corporation itself. 

What you could get out of it 

1 ahour A skilled workforce, specially 
trained in advance for your company. 

Sites and premises. A choice of fully- 
serviced industrial sites, many of them 
greenfield, in England, Scotland and Wales. 
Plus advance and custom-built factories. 

Financial incentives 

One. We’ll help you squeeze every last 
penny from Central Government, Regional 
Development funds, and the funds of the 
European Coal and Steel Community. 

We’ll take you by the hand and make 
sure you don’t trip over any red tape. 

Two. In addition to these funds, we 
have our own. We can use these to tailor 
incentives to your particular needs. Our 
brief is to be very flexible, as Song as good, 
solid, long-term jobs are being created. 


; / Our loss 

The re-organisation and streamlining 

of the British Steel Corporation is leaving 
many thousands of workers without jobs. 

Your gain 

An unparalleled opportunity for com- 
panies that are expanding or re-locating 
to benefit from the most comprehensive 

Industrial package ever assembled, 

including an established workforce with 

a balance of skills. 

Our credentials 

We are BSC (Industry) Ltd., adynamic 
little company whose sole purpose is to 
attract new industry into steel closure areas, 
There’s a powerful mixture of people 
willing us on: 

the UK Central Government. 

The various regional authorities, and 
development agencies. 

The European Coal and Steel 

Community. 




PO Box 403, 33 Grosvenor Place, London SW I X 7JG 


Address 


Position 




















'Hnanei^tii^ 


EDITED BY ARTHUR BENNETT AND TED SCHOEI0B 


• DATA PROCESSING 


* INSTRUMENTS 


Counts and categorises vehicles Aerial goes 


Storage oscilloscope 


A PROBLEM with existing The Mk4 vehicle classifier The unit's output can 
vehicle census systems Is that uses inputs from three sensors in printed out on a teletypewriter 


COMMUNICATIONS 

strength galvanised steel. and all 
the radiators, catenaries and 
guys are made from Aluxnowela, 
a wire composed of steel core 
with a conductive, corrosion 
resistant welded aluminium coat 


sup quickly 


SSSTET ‘eWmeaT *11 ead, T™7o coun.Tn? A “il .WS'JL'SS 25 


- . - . ... . netic tape for future replay and GIB medium wave aerial from alumina. 

count passing vehicles accurately, vehicles by measuring I6W • analysis, perhaps via a main- Technology for Communications -More on 01-037 2796. 

OFFERED by Gould Advance is expanding the display horizon t- manual methods have to be used number of axles and wheelbase f raxne computer. International 


the OS410Q, a general purpose ally, even after storage has taken 
two -channel digital storage place, 

oscilloscope and waveform More on 61-500 1000. 

digitiser with several new facili- 
ties including an X-Y display 
(one input channel displayed 
against the other) and a sensi- 
tivity of 100 microvolt>/cm. 

It is based nn an S-blt 
anaiogue/digital convertor opera- 

}*“* at “ L M 5 Z S““P lin « rate PUT ON the market by Hewlett 
— %ni 3 Pai-kard is tiie 84801 thermistor 

3dB bandwidth up to 600kHz. sensor which can be used with 


(TCt) can be 


Fibre power 


if vehicle categorisation is dimensions. Size of the classifier is 1S4 i erected (by four men ;'in . three 

needed. Using the TRRL vehicle class 255 x 485 mm, weight is 14 kg hours. 

Recently however the Trans- listing, which is compatible with and the power consumption is This transmitting -aerial 
port and Road Research Labora- EEC Regulation R1108/70. the less than iw from a vehicle omnidirectional, vertically '-polar- 


u Speeds up 


/ 


IS 


0V Norwest 
Holst 



total capability 


'0T-23 5 99S1 


, v ^ . . . mi; [iniar- — m r* 

tory awarded a contract to the unit can accurately classify 25 battery orthemains.^ Withonly teed, ^ and. cove re the ^frequency #lnoi CFT1 OT 


Golden River Company Ltd, separate vehicle types, ranging minor software modifications, it range 525 to 1605 kHz. 

Bicester for the development of from mopeds to eight-axle can be connected to a telephone In addition. It is particularly ^ , 

a microprocessor-based vehicle vehicles. In addition, vehicle system for remote retrieval of suitable for tactical, emergency hnorflC 
classifier which is now com- speed, lane and gap from pre- roadside data. an d o w ertempora ry app 1 1 ca lions Jill/ <3 X Uu 

mercially available. ceding vehicle is also measured. More on 08692 44551. 


Tiny disc crams data Developing 


since for transportation purposes 
jtalned on 


In addition to facilities for the company s model 432 power introduced into the UK by enhanced editing and formatting, m 

KS ° PUCal g-canse d Te.egr,ph Gregg da- appllCatlOIlS 

fni- 6 ^ system making use of a 133 mm cess or computing systems. 


merit has a comprehensive range 
of signal 
trigger 
“ trigger 

trigger occurs whenever the with 


SaS= ssaat i--a for micros 

_ 3 S := * j» m s£? ms 

£& .^“bSSS'ui 10™ luSSte ft»«L <S*W di« and MU. tog, conte nd, o f a,, 1 di .c. based. on . microprocessors; a -S sections made from high Iwers. The comply claim* that 294161. ... ... 


145,000 for - a cassette, with a A single command retrieves a special laboratory has been 

much shorter access time than specific file. equipped with microprocessor 

d igita 1 ‘storage* sy s tem'Vs' a 'si gn al wirtTY fibre* as ‘V^nini. The the latter (about one second as blend processor software is development systems from Data 

delay switch, which inserts a device can also be used to re- opposed to one minute). The stored in resident memory so General, Zllog and Intel. 


trigger level. 

An important 


feature of the 


( + 10 dBm). 
Apart ‘from 


its normal use 


quarter scan length delay into 
the digital signal path, so that 


calibrate other optical measur- price, however, isonly 
in 9 devices such as radiometers Known as the Extel 950 Micro- needed. 


• ELECTRONICS 

°i ,er Main aim will be to develop Mechanical 


HANDLING 


events happening prior to the 3nd photometers and to perform disc, ^the^ unit _uses Shugart facility ^obviates pre-formating ul ^qqj^ f or microprocessors. To 


_ , r AUU Will UC LU UCVCltiM 

s ore.formS5r.it of «PPlj«Uons r.ther than so/tware 


Tips the drums 


trigger event may be viewed on relative measurements on com- flexible disc drive 
the screen. 


and an in- the disc. 


An 18-position rotary switch 
varies the speed rate over the 
range 100 microseconds/cm to 
50s/cm. while an X-expand 
control offers the facility of 


© ENVIRONMENT 

Conditions the air in 
industrial plants 


v mac. that end the oreanisation. called nnonrAivi SAID TO he virtually mainte- Mucon valve and discharge chute. 

ponents such as connectors, ternal microprocessor control to Measuring only 133 x 254 x Scicon Micro Systems, is looking Afl&vrdiS nance free, are two models added Two clamps fix bn to the cone’s 

couplers and attenuators. reduce the external controls to _9S ram and weighing 6.35 kg. the j or M p,p an j^ which seek to £ ■ - to the range of Spirotipper drum ti»os activating the unit 

More from King Street Lane, an absolute minimum. Fast 950 will be well suited to smal ra l existing electro-mechani- GOULD Instruments of Hainatilt, tinners from MJP Machinery, drum then swings through a 
Wmnersh, Wokingham. Berk- access file storage and retrieval business or industrial control ca n”i^by micros, wwWch Essex, is offering? S nS indusihl S de ««e which completes 

Shire RG11 5AR (Wokingham are included for random entry systems A more powerful ver- t0 develop microprocessor- research and manufacturing £ M ‘? n „ the operation even on the 

7S4774). applications and universally sion with extra search and edit h d P vice for -the solution of mechani- Burnley Road. AJtbam, Accnng- znanual/hydraulic versions, in 

coded batch operations allow facilities will be introduced later ® a "? systems. cal eiiKineeriue ^hlemf ton, I*™*- ( 02M 33004 >- under two minutes. . Discharge 

mass data collection. in the year. Scicon is prepared to either Each of the models can he sup- can be direct into a* process 

Likely uses will be in data More from 73. Scrutton Street, develop the products, or to enter . The company has already been pUed Jn manual/hydrautic or hopper or an MJP Spiroflow 
terminal enhancement giving London EC2A 4PB (01-739 2041). into joint ventures with co m- ™ ^ u s J?*s s , ° ^ electro / hydraulically powered spiral conveyor can be plugged 

reduced transmission times and becomes president pa rues who have their own ideas flowmeters and digital weighing versions and, save the maker, in to the discharge chute. 

. # for using micros. * operation is simple, fast and safe. This combination, says the 

nc ninn nrAlDOr One of two areas where Scicon “ nnrtinn rr f nVwrf.inn The drum is loaded or rolled on company, is particularly ideal 

AjraS UllJv prOlcLI has already been particularly to the Spirotipper’s platform, the fOT. handling toxic materials or 

_ L r r ^ r * . . ■ , h(l active is in the development of mec „ eo&^oenng. Ud reBloved and rep i a ced with a where dust-free .transfer is 

DATA capture and processing look for physical faults : in tne SPAR(i a microprocessor-based . Basically medumleal firms ^ cone incorporating an integral required. 

equipment is to be supphed by steel reUnT^ devIce which enables computer have bera reluctant to Investi- 

•- t/r: Pntnrham 3.000 miles o 4 tugn pressure lines. . . cate electronic solutions for two 


SPECIALLY 1 DESIGNED to meet panels to give rigidity, good ther- MicrQ Consultants of Caterham data to be transmitted over high- fiate electronic solutonsfor two 

the specific environmental re- inal and sound absorbent pro- fn , a mginc trflC ninp i„, nM tion freauenev radio links— an aDoli- reasons: the initial investment in 


quiretnenis of the textile, paper perties. sajs the company. ' for . a mains gas pipe inspecLon Gas Is un willing to indicate what a??il- thf necessary 

and tubaccn industries, is a range The units are buill in two projeit in progress at tb e On methods will be used, they could a bj e before equipment can r — ___ ... . . 

of air conditioners from Hall mam flanged sections, one inror- Line Inspection Centre of British be magnetic, ultrasonic or X-ray. ‘ , sive, and the outcome can be A MACHINE which can meter action 


components and Material metered exactly 

be very expen- . ... . .. . 


very expen- 

ame can be A MACHINE which can meter action which conditions the 

and Kay Engineering. porating the heater batteries. Gas Corporation. There is also no indication of The other is in a range of uncer taln unless the company dry, semi-dry. powdered and material, ensuring^ homogenous 

Called the Climon 2000 series, return air filters, pneumatically Data from special sensors whether the data will be stored peripheral devices like visual has experience in the technology, granular materials to an accuracy density, am*, therefore, a steady, 

they are said to provide close controlled fresh-air inlet louvres carried on board pigs-essen- m the pig or transmitted to an display terminals and line ^ *" ” 


control of temperature precise and pyramid air filtration bank; Hally cylindrical vehicles pro- external point. printers which use micro- l 9 ? 8 - I mi n us one per ce n^ The feedeT ^ available ^ 

control of humfdltv and airfil- the o'ther section houses the pelled down the pipe by the gas Micro Consultants, however, processors to hold the necessary f Whl f d J° be comparable alternative feed screw/diroharge 

nnmKiniri wirtT “minitnai mntnr aviai-flnw fan and atn. nressure— will be captured and wU! design a data acquisition software to enable bi-Iingual into ailing Prefuct*. -a manufac- to that of gravimetric or similar tube assemblies ranging from 6 


smooth feed to the screw. 


{ration, combined " with "minimal motor.' "aria {-flow fan' and ato- pressure— will be captured and wU! design a "data acquisition software to enable bi-Iingual t0 l ? at 01 Sravunerric or similar tube assemblies ranging ^ „ 

cost and ease of installation. miser unit, complete with water processed before assembly in a package" and manufacture a Arabic and English text to be ■ mt0 equipment, coroes from Simon- to 50mm inside diameter, and 


The series is of modular coo- pump and associated equipment, mass data store. number of production units under handled, 

struction. employing infilled More on 061 330 6621. Object of the inspection is to a contract worth £jm. More on 01-580 5599. 


market leaders.' 

More on 01-500 1056. 


ARAB REPUBLIC 
OF EGYPT 


MINISTRY OF PETROLEUM 
EGYPTIAN GENERAL PETROLEUM 
ORGANIZATION (EGPC) 
PETROLEUM HOUSE 

EVALUATION OF EXECUTION CONTRACTORS 


The Egyptian General Petroleum Organization (EGPC) announces a 
public tender locally and internationally for the execution of the 
projected Petroleum House located at Galaa Bridge Square, Giza. 
Egypt. 


Companies desirous of taking part in this adjudication are required 
to apply to the Egyptian General Petroleum Organization (EGPC) 
at its Head Offices, Othman Abdul Hafeez Street, Nasi* City, Cairo, 
beginning from Saturday, June 11, 1978 and until 12.00 noon, 
Thursday. June 29, 1978 for having their names registered and for 
procuring the booklet giving a brief description of the nature and 
volume of the works involved against payment of the amount of 
L.E. 10 to EGPC’s treasury. 


Companies confident that they are of a level qualifying them to take 
part in this tender are required to file a detailed account of their 
previous works and major undertakings carried out or presently 
under execution within the period from the registration of their names 
and until 12.00 noon, Thursday, July 13, 1978. 


The Egyptian General Petroleum Organization (EGPC) will then 
determine which companies are to be invited to take part in the 
adjudication and EGPC reserves the right to make on the spot 
inspection of some of the works undertaken by each company to study 
its actual possibilities, capabilities and standard of execution and 
finishing touches. The contracting company should arrange for and 
facilitate the necessary proedure for carrying out this inspection with 
no liability whatsoever to EGPC in the event a company is not chosen 
to take part in the adjudication and with no need for giving any 
reasons. 


Companies finally chosen to take part in the tender will be duly 
notified by EGPC to procure the lender's conditions and drawings 
against payment of L.E. 500 to EGPC's treasury. 


Workers’ Council of the Communal Organization of Associated Labour for Water Suftply and 
■ Sewer System “ VODOVOD ”, 32000 — CACAK, Vojvode Steps Str. No. 8 is announcings . 


THE INTERNATIONAL COMPETITIVE BIDDING FOR SUPPLY 
OF MATERIAL AND CONSTRUCTION OF STORM WATlER 
MAIN SEWER IN CACAK 


Soltic of Gloucester (a Simon the company says it is possible 
Engineering company). . to fine-tune the machine and re- 

I Suggested for use with the . rate it economically at any time, 
chemical, food, pharmaceutical. Feed rate can be set at. a pre- 
paint, plastic, cement, and allied selected screw speed or varied 
| industries, ■ the machine, called over & 20:1 range, either 

the Mark II Volumetric Metering manually at the feeder or from 
j Feeder, offers high level accuracy a remote control panel. 

1 because of its improved vibratory More on 0452 36511. 


MATERIALS 


Designed to thwart fire 


WORK TO BE TENDERED: 

Storm Water Main Sewer, at a lenctii of l.SDD 
m. of reinforced. CQfterete pipe* dla. 1.600 co 
2,200 jmi. beginning from the ** Morava ” 
Hotel dawn to outlet point into the Morava 
River. 


RIGHT TO PARTICIPATE 
IN TENDERING: 


The right to participate in tendering procedure 
shell go only u the companies from the conn- 
cries which are members of the International 
Sank for Reconstruction and Development 


LOCATION: 

Cacak.. from Slobodsn Perwzic Street to the 
Zapadoa Morava River. 


(l.B.R.D.) and from Switzerland. 
The i 


world which are the subject matter of the 
naive 


present international competitive bidding shall 
be co-financed by <he International Bank for 
Reconstruction and Development. 


COST OF WORKS: 
22.000,000.00 Dinara. 


DECISION TO BE MADE: 

The decision on (election of the tenderer ahall 
be made within IS (fifteen) days from the 
closing dace for receipt of Tenders. 


• SECURITY 

Cash is 
sale from 
fire 


TIME OF COMPLETION: 


DESIGN DOCUMENTS: 


ISO days from the date of receipt or order to 
commence the works. 


CLOSING DATE FOR RECEIPT 
OF TENDERS: 


45 days from the date of publishing the Call 
Submission of tenders in the newspaper. 


for 


The facilities and works called for in the Con- 
tract Documents have been designed by 
ENBRGOPROjEKT. Hydrotachnkal Consulting 
and Engineering Division. Beograd, The detigns 
can be inspected and the tenderer* can inform 
themselves of the location of the works and of 
ether details required at the offices of the 
Employer on each working day from £.00 a.m. 
tiff 2.00 pjn., except Saturdays, telephone 
-- — c «vnnnvnn<< r^.i, 


number 032-43-095, “ VODOVOD " Cacak. 


CONDITIONS FOR ASSIGNMENT 
OF CONTRACT: 


TENDER DOCUMENTS: 


Fcr assignment of Contract shill be coniidored 
only the tenders: 


(i) submitted as called for in tha Tender Documents 
issued by the Employer. 


(2) prepared fully in comp Mince with the require- 
men a set forth in the Tender Documents. 


The tenders shall be submitted exclusively on 
d» forma provided In the Tender Documents. 
Two copies of Tender Documents can be 
obtained: 

— against the charge of 4.000.00 Dinars, 
payable to the current account of 
"VODOVOD". Cacak No. <1300-601- 
1076, held with the Government Auditing 
Office, for the local tenderers 


DESIGNED TO meet new fire vacuum chamber. The inner 
protection regulations ■ are bulk layers of film become molten 
■\ liquid storage tanks using . and on cooling fuse together to 
aluminium panels and butyl : make anvaiitigiit seal, i -. 
rubber linings which - are now- ■ More on 01-921 6577. 
being used for processed water 
storage end coqling water in in- 
dustries ranging from brewing 
to farming. \ 

Made from N8 grade marine 
quality aluminium', panels and 
fitted with open** top butyl 
membrane liners fabricated 
from 0.75 mm thick butyl 
rubber of hot vulcanised con- 
struction, the tanks are called 
Sunbridge storage systems and 

come from Fran £y° Hodge ALTHOUGH VALUABLES may 
Industries (a subsidiary of be securely stored in burglar- 
Matthew Hall). > proof safes, if the latter are not 

►a. 711 * 0 v Utyl use .^. m entirely fire-proof they wfli not 

the tanks satisfactorily resists a necessarily, be ■ wtisfactory 
wide range of chemicals and receptacles for cash. - 

!ji ven n t LSiripaS? 5f H 5y !23i2 Offering a safe within a safe, 
u !h. v C h! l » Kardex. Systems has introduced 
h f its 675. model whlch will cover 
proved ideal -for export. A both risks. 

5!£« of fni h th» CO t?K? y H n o re »^ 1 o The external casing insulates 
° r ? e 2,5* th £ X nnu*n£ J2S the whole contents from fire and, 

“ys the company, combats not 
rISSIS'm 1 ' by *' ^ atar aDd ^ ^ ust the effects of heat but also 
uanamas. prevents ingress of moisture as 

mS Worts. "zSStlw! ISdeuLe 1 "' 1 *' 4 ' “ 0Ut ‘ 

I Herefordshire or on 01407 One third of the interior of 


and 


(31 accompanied with the evidence on registration 
licence and references of the company and with 
the certifies tt< on succuifully completed con- 
tracts and financial an era of the company for 
die year 1977. 


SUCCESSFUL TENDERER: 

The tenderer shall be considered successful; 


agalnic the charge of US S 200.00, payable 
to the current account of " Enarvopraiekt " 
No. 60811-620-58-25730-421-10-9-1074, 
held with Yugoslav Bank For Foreign Trade. 
Belgrade and at the offices of ENERGOPRO- 
JEKT. Bureau for Communal and Industrial 
Sanitary Engineering, Zcloni Venae Str. No. 
IS. IV Roar, trie phone number 011-627- 
522/433, for the foreign tendered. 


PACKAGING 


( I ) if he offers the fired price. 


SUBMISSION OF TENDERS: 


Brings home 
the bacon 
securely 


(2j if he proposes the shorter but real time (or 
completion ai thr works called lor in the 
Tender Documents. 


The Tenders ahall be submitted to the following 
address: 


13) if he gives the evidence of the technical 
capability of his company, available construc- 
tional plant and qualified personnel. 


“ VODOVOD ” 

Vojvode Stepe Str. No 8 
32000 — CACAK 
Yugoslavia 


GOVERNMENT OF MAURITIUS 
MINISTRY OF AGRICULTURE AND NATURAL RESOURCES 
AND THE ENVIRONMENT 
BULK SUGAR TERMINAL — PORT LOUIS 
ELECTRICAL SERVICES 
CONTRACT No. 17E 


Tenders closing at 1.30 p.m. on Wednesday, 16th August, 1978, are 
invited for the tollowin-g works for the Bulk. Sugar Terminal at Port 
Louis. Mauritius, in accordance with the Drawings. Specifications and 
General Conditions of Contract (or Contract No. 17E. 

The Contract is for the installation and commissioning of 22KV 
switchgear, two 1 2 I 1000 KVA. 22KV/400 Voir power transformers, 
L.V. switchgear and motor control cenrres. together with -upply 
and installation and commissioning of light fittings, cables, distribu- 
tion boards, communications equipment and all other equipment 
necessary for the complete operation of a large sugar terminal with 
approximately 180 electric motors ranging from iKW to 185KW 
rating. 

Drawings. Specification and General Conditions of Contract may be 
examined ar the offices of the Consulting Engineers. Macdonald 
Wagner & Priddle Pty. Ltd., at Port Louis, Mauritius and at North 
Sydney. N.S.W.. Australia, and also at the Mauritius High Com- 
mission. 32/33 Elvaston Place. London. S.W.7, England, and the 
Mauritius Embassy. 68 Boulevard de Courcelles. 75017. Paris. France. 
Sets of Drawings, Specification and General Conditions of Contract 
for companies registered m Mauritius may be obtained from 
Macdonald Wagner & Priddle Pty. Ltd., Rogers Automotive Building, 
Cnr. Edith Caveil & Mere Barthelemy Streets. Port Louis, and for 
companies registered in all other countries they may be obtained 
only from Macdonald Wagner & Priddle Pty. Ltd.. 100 Miller Street, 
North Sydney. N.S.W., 2060. Australia — Telex No. 20836. The 
non-refundable charge for each set of documents obtained in 
Mauritius is 720 Mauritian Rupees and 100 Australian Dollars in 
Australia. 

Envelopes endorsed ” Tender for Contracr No. I7E. Electrical 
Services. Bulk Sugar Terminal— Port Louis" and containing a Tender 
accompanied by a Tender deposit are to be addressed to the 
Chairman. Tender Board. Ministry of Finance. Port Louis. Mauritius 
and lodged in the Tender &ox. at the Chief Cashier's Office, 
Accountant Generals Division. Treasury Building. Chausiee. Port 
Louis. Mauritius or posted from overseas co reach che Chairman, 
Tender Board, Ministry of Finance, Pore Louis, Mauritius on or 
before the closing time and dace. 

The Tender Board does not bind itself ro accept the lowest or any 
tender and wiJJ not assign any reason for the rejection of a tender. 

Ministry of Agriculture & 

Natural Resources & The Environment 


GOVERNMENT OF MAURITfUS 
MINISTRY OF AGRICULTURE AND NATURAL RESOURCES 
AND THE ENVIRONMENT 
BULK SUGAR TERMINAL — PORT LOUIS 
400V ELECTRICAL SWITCHBOARDS 


CONTRACT No 3TB 

Tenders closing at 1.30 p.m. on Wednesday, !6th August, 1978, are 
invited for the following works for the Bulk Sugar Terminal at Port 
Louis, Mauritius, in accordance with the Drawings. Specification* and 
General Conditions of Contract for Contract No. I7B. 

This Contract is For the design, manufacture, testing, packing and 
delivery into store at Port Louis, and insurance and warranty of two 
(2) main 400 Volt switchboards each fed by a 1D00 KVA 22KV/400 
Volt transformer and three (3) motor control centres, each con- 
trolling approximately sixty motors ranging from IKW to 185KW 
rating. 

Drawings. Specification and General Conditions of Contract may be 
examined at the offices of the Consulting Engineers. Macdonald 
Wagner & Priddle Pty. Ltd., at Port Louis. Mauritius and at North 
Sydney. N.S.W.. Australia, and also at the Mauritius High Com- 
mission. 32/33 Elvaston Place. London. S.W.7, England, and the 
Mauritius Embassy. 68 Boulevard de Courcelles, 75017, Paris. France. 
Sets of Drawings. Specification and General Conditions of Contract 
for companies registered m Mauritius may be obtained from 
Macdonald Wagner & Priddle Pty. Ltd., Roger Automotive Building. 
Cnr. Edith Caveil & Mere Barthelemy Streets. Port Louis, and for 
companies registered in all other countries they may be obtained 
only from Macdonald Wagner & Priddle Pty. Ltd.. 100 Miiler Street. 
North Sydney. N.S.W.'. 2060. Australia— Telex No, 20836. ..The 
non-refundable charge for each set of documents obtained in 
Mauritius is 580 Mauritian Rupees and 80 Australian Dollars in 
Australia. 

Envelopes endorsed “Tender for Contract No. 17B. 400V Electrical 
Switchboard, Bulk Sugar Terminal — Port Louis" and containing a 
Tender accompanied by a Tender deposit are to be addressed to 
the Chairman. Tender Board. Ministry of Finance. Port Louis. 
Mauritius and lodged in the Tender Box, at the Chief Cashiers 
Office. Accountant General's Division. Treasury Building, Chaussee. 
Port Louis. Mauritius or posted from overseas to reach the Chairman. 
Tender Board. Ministry of Finance. Port Louis. Mauritius on or before 
the closing time and date. 

The Tender Board does not bind itself to aeeept the lowest or any 
tender and will not assign any reason for the rejection of a tender. 

Ministry of Agriculture £ 

Natural Resources Si The Environment 


NOTICE INVITING TENDERS 


WHEN CERTAIN pork products 
have been found to have, defec- 
tive packs on the production line, 
the packs have had to be ripped 
apart, the contents re-sealed and 
packed with extra materials, all 
of which has been casting J. 
Sainsbary loss of time and 
money.- •• 

The company has now 


the safe is occupied by a conven- 
tional security unit to store cash 
and valuables. Company docu- 
ments, files, accounts records, 
etc., can be accommodated on 
adjustable shelves in the lower 
part. A high security lock is 
fitted to the inner safe while the 
outer door has a separate lock 
and key. 

The size of the overall cabinet 
it 525 by 590 by 124Sinm. 

More on 01-836 2205. 


PROCESSING 


Sorts the 

alu mini um 


FOR MOBILE CLINICS 


Sealed Tenders on prescribed forms are Invited, from reputed 
U.K. firms of established financial standing, up to 3 p.m. on 
7th August, 1978, for supply of 318 mobile clinics fully fitted with 
medical accoutrements. All supplies should be of British origin 
only. 


f • packaging system a HIGH proportion of shredded 

f 3 n tVh * n ®' w 5 fLh 1 aluminium scrap is exported 
s hoped cut The numberof from East Anglian Metal . 
ieakjng paeks by 80 pei - cent The Merchants, at Barking, to Ihe 
subsequent saving of £Jm anmi- German Khur district and to 'be 
ally, gays- the supermarket chain, sure " 
will now benefit the 


1 b 


the equipment can save 79 per 
cent in .time and 49. per cent in 
- cost compared with manual 
techniques. ... 

The system incorporates a 
21-ln refreshed graphics terminal 
With on-line plotting, greatly 
circuit reducing the . overall board 


nStehlnf S! Mne intend circaits jmd a MOfter bear d is^tong designed. 

dsrst ss stuS 

SftSWSS up SMS? 


R 


..jli-- 


Tender forms are available from the undermentioned office on any 
working day on payment of £5 (non-refundable) against a crossed 
bank draft/Postal Order payable to High Commission of India, 
London. 


Director General 
Supply Wing 

High Commission of India 
Aldwych. London W.C.2 
Telephone: 01-836 8484/329 & 332 


that the material . meets 
, . ... , company the quality demanded hi 

j and enstomer alike. In addition foreign buyers, ihe company has 
(to the/reduction of ' packagmg installed. a . 36 1n- diameter: 
costs, the customer will also have electro / permanent magnetic 
a tougher pack that will not leak drum ajparator JmmeiSately- 
if nicked by a fingernail or after Its shredder from. Erie*.. 

| caught on the sharp edge of a Magnetics UK. .1 ' ” j7 

I s ^oppinB basket, etc The scrap, drum is said to ’v 

The 'possibility of using a remove most of the ferfous eon- 
shrink: lunnel m the process, tamina ms in the processed -.-, 

'later abandoned as Impractical, material without any Interrupt '.': 1 
was considered before the com- lion to flow rates - 
pany'B packaging laboratory More from Eri’ez at - Wilson 1 
came up. with the new method Industrial Estate. Caerphilly. 
which involves heating! packag- mid-GlamorRan, Wales CF8 3ED- • - 
mg film to 110 deg C in a (0222 868501). - > : 



COMPONENTS 


CONTRACTS 
AND TENDERS 


Rate £13.00 per 
single column 
centimetre 


For further details contact: 

FRANCIS PHILLIPS 
on 01-248 8000 EsL 458 


SYRIAN ARAB REPUBLIC 

GENERAL organization 
OF TOE EUPHRATES DAM 
No. 74B4F79 

Extension of Call No. 3906 tar 
Supply of Wireless Apparatuses 

J£ < L C ' : .!l ,ra L? ,n,nl=,tlon ?' ike Euphrates 

J*r ,Hte purpose of glvlm oppor- 
numbe r or tenderers 

to submit ehelr oltor. anwrancM the (rttriv. 

Jlon ol _Oe*dUne. or Can j>lo. 3 BOB dated 


Saves rainwater 


DURING THE drought of 1976 
more people than ever before 
began to collect rain water , which 
flowed‘'fro“ the roof via gutters 
^ I and dpwnpipefi for use in the 

1 garden - and general domestic 

purposes. The practice wat 
adopted, widely as the Jong dry 
summer went on but posed 
problems Of controlling the over- 
flow when rainwater receptacles 

hiri illfari.UIL. 


Otters shall be secretly opened at Af. 
Thawra, Financial and Supoly Department 
on Saturday July B. 1978. 

Those interested ahall call at the 

OrajnuatJon offlt , a , A t .nuwra. or o« 
ot the Centres in -Damascus — A! Malta I) 

. ADt ^ r-I i, 10 ** acquainted 

will! the terms, specifications and rcou*M 
quantities and to submit Iftcir oBcrs Include 

and cauk>flu«s > . ni1 ”* *"* * chnle *' 

nESISi® as** Wl# » w No. 

110308 SV tar any further iniormatlon. 
Al-Thar**: 24 May. 1978. 

Director General. 

Colonel M. Kan'an. 


had filled -UP-. 

ift,. called .the Osina Bain- 


A trmt v^iw uiu u&ma nain- 
Trappcr_ from r'WavIn - Plastics, 
has - BOW; been ■ introduced and 

nt-nmioacr fCl PlTPU^n I fiL-OMohill 


uv* 1 .: “ “teULcu uni, 

I promises 1 r prevent overspill. 

The device, while allowing Tree 


flow'of waiter Into rbutt or tank . 
Incorporates an overflow rogiri 3 * r 
-tor which is said to ■ obviate. r 
overspD! by directing excess .> 
waier back Into the boose rain- .. '■*. 
wafer system when the butt Iff, • 
fall. . - .: \ - ... ; - 

.The maker says it is easy. TO • 
connect 'to any circular 2} inch. 

new or existing PVC^ rainwater ^ 

pipe and can serve butts made of. '• ■ 
a variety of materials. ShohId ,;, \ 
the butt be- removed, raimfetsf,' -.V 
can be diverted .into the house'. . __ .. 
rainwater system by simply- 
eealing the outlet tube 
of a special sealing cap. ' ; 

More oa 02-573 7793. X\*\ 




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The Financial Times 


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piio you want your Rover? 


! foco 
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With the new Rover 2300 coming into foil production, you now have a choice of three outstanding Rovere. 
you choose weroffer a summary guide to the new Rover range.The three new Rovers share the e egan ,aer yn y 

made famous try the award-winning Rover 3500.But each Rover has characteristics and features that are all its own, 

" -vlr distinguishing them from each other and the Rover range from the rest... 




of 

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Rover 2600 


Rover 3500 


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ed setw/ite 
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says it is pjj 
ie machine it 

GiCally at 

n he set aiV 

* speed a « 

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the feeder*] 
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51* 36511. ' 





fire 


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•P JJ 6577. ■ 


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u " — r o 

4-speed manualwifbStli speedandj^omatic options. 

Roversafety ••.■-.■■■•. • 

the sure stopping; 
power ofdixal-drpjit 
servo-assisted brakes 
Rover safety* S 
ih" case of accident, 
fuel supply auto- ; = •; 
matically shuts off. 

Comprehensive 
weather and grit 
protection: the cars 
paintwork is electro-, 

phoretically primed andth^pfoplastfcally finished. 

There's fufl uriderbocM^fbte^don, zinc silk 
and stainless steel bumpers|F ^ . . 

More safety; 
/Mgh intensity rear 
Stamps, twin 

/ ..-^irsing lights, 

:^ptrd lights and 
door-open 
^^ng reflectors. 
j^Ke, an energy- , 
a^^bing fascia and 
"ad^&ble, telescopic 
column. 
v An Jprall Rover 

models, a Triplex Ten Twent^^ 

the safest ptoduction winds^en in tfie world. \ 

The 230Q doesirt:feppn comfort: reclining 
front se'ats:'liaVe:beadT^^nts # 't^ s cut pile A 
carpeting and an easy-t^leafi rubber boot.airtac^ 
a piish-buttburaio, ci^r ligjiter, twin glove lockeri 
and a drivbr s door frii^ adjustable from i^ide* 

^ ^ comfort goes high 

performance: a speecl of 11 4 mph and Q-^50 

accelerationjp^f 5 seconds! 


The six-cylinder engine is modified to deliver 
136 bhp and, like the 2300 engine, features the Design 
Council Award-winning Air Temperature Control unit. 
Together with a belt-driven camshaft, it contributes 
to efficient fuel consumption and quiet running. 

The 2600 introduces a self-levelling suspension 
system that ensures 


'MM 


ml 


correct height above 

the 4 beam halogen 
headlamps correctly 
aligned. 

In addition to 

the 2300 specification you'll find map and glove locker 
lights, a carpeted boot, colour keyed fascia, more 
comprehensive instrumentation, extra comfort with 
box pleated seats, and extra refinement like front 

door-open warning lights. 

The gearbox is 5-speed manual with an 
automatic option: the car reaches 60 mph from 
standing start in 1 0.7 seconds and has a top speed 
of 119mphT . 


The magnificent Rover 3500 obviously has 
everything the 2300 and 2600 offer. And more. 

The famous Rover VS, 155 bhp engine is fitted 
with electronic ignition, which assists fuel economy, 
reliability and performance.The car goes from 0-60 in 
8.9 seconds and has a 

top speed of 1 2 2 . 3mpht 

are electrically ' ty. - 

operated. All five - 

doors can be secured , _ 




from a central * 

locking device in " 

the driver's door. 

With luxury features like the quad speaker push 
button radio and stereo cassette player, the 3500 is 
unmistakeably the range leader. 

The award-winning Rover 3500 will cost you or 
your company £7 1 74.44* (A price which now has 
considerable business car tax advantages). 



6-ifi 


.. - ■ > 




In spite of its addition; 
Rover 2600 costs just £599 







Before you decide, you'll want to know a lot more 
about the Rover range than we have space to tell. 


A visit to your Rover showroom will provide 
all the details and the opportunity of a test drive, 
which is usually the decisive experience. 


jljjjit; ftaSE 1 

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Laiiig busy in Middle East 


THE CENTRAL Military Com- A special synthetic grass iooscty arranged In an elongated CL 1 UdU 111 been announced by Tarmac piles to support the homes, ce .. 

mand In Dubai has awarded a playing surface will cover the "U" layout which will' include international structing sewers. providing (Southern) has been awarded a 

£4m contract to John Lain- to full-size footbalL pitch, bordered terraces and purdah walls. The BZ iiTTrqif Tarmac's remit covers founda- 100.000 cubic metres oE fill, and contract for £940.890 for the re- 
build a sports stadium seating TtfSSBFSi SSSO ffSA *" M WSlt Wild P «d “sSJJ ^ 

about 1.000 spectators in Dubai, field events on the west side of The ' Department of Public ™ E w - s - ATKINS GROUP, of SrSTaSMiate^wSi the poorer 

United Arab Emirate^ Due for the track .opposite ! the ^adiuni works of the Emirate of Abu »*“?£ ho^ ^o included S a T mfr 


Upgrading 
a road in 
Kuwait 


£10m job for T armac Maintaining 

AWARD OF a £10m sub-contract Worit has just started on the historic 
for all the building and civil two-year job which will be to 1" 

engineering work involved in provide the ground work for 

the second phase of construction more than 750 new homes. The PI IglBLllil 
of the power station at Sharjah company is desisting and install- Vir - 

in the Unite 



In the United Arab Emirates has ing more than 3.000 foundation THE GUILDFORD based con- 
been announced by Tarmac piles to support the homes, con- s traction company, Y. J. Lovell 




development of: the- Wadham*"' .-"i" r .'. - . *' 


United Arab Emirates. Due for the track, opposite the stadium works of the Emirate of Abu Epsom, Surrey bas been awarded ANn ineliidMl are a T * i._ 

completion at the beginning of building, witii overall floodlight- Dhabi bas designed, this project g| l ta yE. ?" pumphousef desalination plant JLOOK1H2 lDlO 

next year, rhe stadium building ing arranged on four 16-metre- and jjjg consulting engineer will T? e Ministry of Public Wo.k® P . p .74— Ba ijon reservoir. O - 


and Middle Street, Brighton for ate reason, tte aKi' £ 
' Grosvenoc Estate Commercial deliberately “ mixed." 


next year, rhe stadium building mg arraagea on iour 10-metre- an d t], e consulting engineer will ? y “ e 
will be of reinforced concrete high columns. be Conser of A1 Ain. u ? Kuwait 

frame construction on two levels. At Zakher Village, A1 Ain, Abu vise the u_ _ . ieiiru hkumkk 

The ground floor will accorn- Dhabi, a pilot project worth T carriageway Fahaheel road to {“ imnL n tc ilTEster o SPA of ^ UU i/liaUI 

modatc changing areas, staff £l.lm is to be undertaken by In Iraq expressway standards. _ Elm Ainsstero S.PA or _ . 

rooms and a lounge for 60 com- A1 Naboodah Lamg. This con- M . This work will involve 3. Milan - A Sip investigation contact 

pc- ti tors. At first- Ho or level there tract, for the construction of Ingeco Laing International kilc metres of the existing three- CoMuIting en^neers are valu*£ at about £600.000,. for a 

will be a Visitors' lounge for 120 40 single-storey houses, has been SA. member company of the lane dual-camage way which runs Kennedy and Donkin with sir new harbour and, oil nfinenr m 

people together with associated awarded to the company by the Altech Group, has been awarded southwards from the suburbs of . H ®*|row ana t-arenere Abu Dhabi. Gulf, has been 

rooms a.socid«.u Qf lbe Diwan of the a contract worth about USSlOm Kuwait City through areas of as associated civil engineering avirar ded by the Abu Dhabi 

Stand seating will consist of Eastern Province of Abu Dhabi, by Oil Refineries Administration increasing urbanisation to and consultants. National Oil. Company: to Soil 

smooth-finish pre-cast concrete and is to be completed by May covering the supply on a turnkey beyond the Port of Shuarba The Mechanics Gulf Company, a sub- 
units surmounted by GRP tip-up next year. basis, with the exclusion of civil project also includes upgrading ^ • a a a sidiary of the Bicknell-based 

scats, supported on loadbearing These houses will be of tradi- works only, of a plant at three kilometres of the Sixth | llhllTC ml)C Soil Mechanics, 
brickwork walls. External walls tional construction, the walls in Qaiyarah. Iraq, for the produc- .Ring Road westward from its Work has already started at 

will have coloured Tyrolean concrete and block work, with all tion of asphalt from locally pro- junction with the Fahaheel _ ^ ' . Rnwais on the Gulf coast about 

spatterdash finishes and the external walls clad in locally duced crude oil. Estimated Expressway. 4-^llvTI Ot 125 miles west of AJro Dhabi 

floors in the stadium public areas made sand-lime facing bricks, capacity of the plant will be The upgrading operation will town, arid Includes detailed on 


“J iuuiiBLij Ui ruuuc - j - • 7 oaiinn reservoir 

Abu Dhabi 


Developments. _ The rbof line -includes gabled ' ’f‘. 

Comprising 26 shops. 10 xnau- roofs, hipped 1 , roofs witirfiozmer- • • 

sonettes, three flats and 930 windows- -and fiat -roofs. 7" Add }- a ' -v* . 
square metres of new and re: tional: variety is- achieved by r "v 
furbished offices, the scheme wiu . uslng lS>th. grey and. 6Ibe slater/ - v ' 
be known as Dukes Lane. • and mock chimneys: Elevations ' ; 

: The company says an outstand- are finished In plain brick, ■stucco ' ' 1 •*'" 
tag" feature of the development is or flint' and Dikes ' L ahe : itself ' : 


„ s Kennedy and Donkin with Sir new harbour and oU refinery in mg feature or me aeveiopmemris or nun- ana inures Laae : itseU— r&- 
°f WHliam Halcrow and Partners “ e b u SSw Gulf beS thaf * has be ? n designed as am which, is- to .be .open^for pede- . 

of as associated civil engineering awarded by the Abu Dhabi ®^ ensio j? .. of . .-^f ; g fe b otlIy 7 — js . ' .■ • la ’ ' brick- ' ! -v 

nd consultants. National Oil Company: to Soil “Danes" which Ue immediatelyf .paviouw, .1; 

he Mechanics Gulf Company, a sub- 111 DDIFE 1 *’’• ' 

ng g—\ i • a a a sidiary of the Bicknell-based JESICifcl". 


Cubitts tops 


floors in the stadium public areas made sand-lime facing bricks, capacity of the plant will be 


will be paved with terrazzo. Each will consist of six rooms 120.000 tonnes per year. 


The upgrading operation will 
involve the construction of 16 


National Oil Company: to Soil - — •- .•JsVf.'IJ \ 

Mechanics Gulf Company, a sub-- 111 DBICE 1 ^ 

sidiary of the Bicknell-based l.W' ESICltl" 

Soil Mechanics. • 

Work has already 'started at • A contract valued at over a contract worth around £430^)00. ^ 
Rnwais on the Gulf coast about £324,000 has been awarded td the § Mellowes .Metfah, .member 
125 miles west of AJro Dhabi Broxburn branch of Alexander .the RTZ. Industries Gironp. haf 
town, and includes detailed- on Hail -and Son, ' a member 'of been.* -awarded a'/ eoBQact>- ; f dr - 
and off-shore site investigation Aberdeen Construction Group, PoUtbur- Engrineeriag. ' • through •• 


Improving Gatwick helicopter centre 


NORWEST HOLST Southern suite and ministerial offices. is presi ressed concrete bridges. f Br advance civif engineering supervise the operations' related four ’blocks of eeridfcftfc'efr: for turers ' Associating y are- -Atcos£ - 
has been awaided a £2§m con- The site, which is over a jn addition. Atkins will be W nrt in an> n s Pact nf the new tn the refinery and 'ADNOC will medical staff and students hit the Bell and Webster . fStrhetnr*cv; 


has been awaraed a £2jm con- The site, which is over a j n addition. Atkins will be W ork in Area 8 East of the new to the refinery and ADNOC will medical staff and students at the Bell and Webster (Structures!; 

tract to redevelop British Air- quarter of a mile long, win con : designing traffic signals. Unhung riverside town, the company has direct the works for the harbour. Royal Free Hospital, Hampstead. Creadon" Concrete^ ^ ‘Company ’, . 7 - ■' 

CONTRACTS WORTH nearly ways helicopter headquarters at tain all the administrative accorn- an d bilingual direction signing now won more Tban £53^ cun- The whole programme is expected for the North East Thames Marley Buildings. : and- Ci' 1 

£2m for house modernisation Gatwick Airport. modation and services necessary for the complete route. tracts at Thames mead. to take three months. Regional Health Authority, under Concrete. : -•• - 

have been won by D. T. Bullock The contract covers redevelop- for a modem centre of govern- Total cost of the project will - . -. .tc': ■; . : '= ; 't 


Regional Health Authority, under Concrete. / _ 


and Co., a member or Lhe meut of Hie office and engineer- meat and will include residential be about £40m and it is expected 
Whittaker Ellis Bullock Group, log blocks as well as external quarters as well as shaded that tenders will be Invited this 
One contract starting later this works and including the con- arcades, formal gardens, orna- autumn, 
month, worth £I.5m, is for struction of a 50 metres x 50 mental pools and fountains. 

modernisation of 324 married metres x 10 metres high hanger White. Young says it is __ m m 

quarters at RAF Tern Hill, with single span roof. expected that work will com- 'CH71T1C? 

Shropshire, for the Property Ser- Project manager is the civil nience within the next 12 months Y Jjj TV JLIlij 

\icos Asency. engineering branch of the with a contract period of two _ 

The other contracts for similar Property Department of British years. International tenders are QUrovnC 

work are b^ine carried out for Airways assisted by architects to be invited. The complex will d il W ill UiJ 


Tamworth Borough Council at Norman Royce. Hurley and cost about £6m. 
Role Hall. Tamworth. and for the Stewart structural engineers 
Guinness Trust at South Bank. Ronald Taylor and Associates. 


Middlesbrough. 


House for 
today 


the right shutter. J 
at th9 right price. J 
at the right time. | 


IL™ SimitSer 

Sows Lintited 


Wharf Road Industrial Estate, 
Pinxton, Notts NG16 6LE. 
Tel: Ripley 811081 
fc. Telex No. 377370 A 


Stewart structural engineers THREE MAJOR contracts total- i 

Ronald Taylor and Associates. ling over £2m have been awarded 

civil engineers Edwards and TT t0 Engineering of 

Blackie who are also the build- XitllJSS TOl Westhury. Wiltshire. 

.ing services engineers and The j^oest is for an under- 

quantitv surveyors John Cobb j -m ground car park surmounted by 

and Partners. fAn n y a store and warehouse for Asso- 

Work which has started is due «-UU<l J ciated Dairies at Lower Earley, 

for completion in March, 19S0. * mw™. r ... _ near Reading The building is 

A PROTOTYPE of an instant to form the nucleus of a 
house" was displayed last week shopping centre for the new 
at the opening of BTR Permali town of Lower Earlev which will 
§ ’ mtAnl RP's new factory in Gloucester, be developed over the next ten 

vJO V Vl OIfivLll 1116 called GRP 1200, vears. The contract, worth 

was conceived and marketed by £i.5m., includes eight lock-up 

Reinforced Plastic shops, offices, canteen and 

vvllll t 111 Corporation, hoping to offer an toilets. 1 

answer to growing demand for Platt Saco Lowell has awarded • 

A L,, T\lvs-alikJ quickly erected buildings at a £»m contract to the company to 

AVOU JLSlldUl minimum co*?t. build a new smelter for a textile . 

, , A major outlet for the system machinery plant at Bolton, f 

THE DESIGN contract for a is anticipated In rapidly develop- Lancashire. This work requires * 
parliamentary complex in Abu- ing countries, principally in the the demolition of old furnaces 
Dhabi in the United Arab Middle East and the modular Diling. reinforced concrete 
Emirates, has been awarded to design can be adapted for other foundations and a structural 
consulting engineers White, applications such as hospitals, steel framework Tor the smelter’s 
Young and Partners working in schools, barracks, offices, hotels, control building and electricity 
collaboration with architects and leisure complexes. sub-station. 

John Brunton and Partners. GRP was chosen because of its At Wedfbury the company is 

The project calls for an high strength to weight ratio — carrying out a ground woffcs At 
assembly ball with seating accorn- comparable with mild steel— and contract valued at £350.000 for a * 
modation for over 500 and its suitability for volume produc- new extension to Tesco’s regional or 
includes a ceremonial reception tion. storage depot SU 


Government 
centre in 
Abu Dhabi 



oiumvii uuu raiuiure. unr was cnosen oecause ot its Ar wefirnury me corapanv is r . i- --;-. . -. v./ v - ..-..v : ; . 

ion for over 500 and its suitabiUly for volume produc- new extension to Tesco’s regional of the Yortehire Bank being con- Doncaster. The ■ building has a clad ■ in. granite j -and hard Yorlt /;; 
— . . structed under £700,000 contract by reinforced concrete . frame .and .the* sandston.e. ^ > ''; r ^ ' - - 

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IQGO-toti capacity Umry^i 
mounted crane. .,v;0 
Manufacturer: .-.^r : 4 T - 
Leo Guttzvold, • - c - V: - 
Dusseldorf: /v- .- =• U 



» r 




mil 







Sparrows can handle all your 
lifting problems. Which is why this 
Gottwaid 1000 ton capacity crane, 
largest truck mounted crane in the 
world, capable of lifting over 1000 
tons with maxiiift, joins our fleet 
in 1979. 


SOME VITAL STATISTICS 


1000 tons can be lifted on a 16 metre (52 '5") main 
boom, (diagram a) 

500 tons can be lifted to a height of 58 metres 
(19 O' 5") on a heavy duty fixed fly. (diagram b) 

120 tons can be lifted on a 114 v . 

metre (5 73 '2") main boom. 

16.5 tons can be lifted to a 1 

height of 200 metres » 

(656') on tower and 1 \ 

luffing boom. 8 \ | \ 

(diagramc) a - 1 \ b.i V 


Tlie 1000 ton Sparrow will be unique and 
we’ll ship it anywhere in the world you want it 

Wherever you are, Sparrows specialist 
service is at hand. Our 17 U.K. depots cover the 
country and our bases in the Middle East and 
, the U.SA are a result of our constantly 

\ expanding overseas markets. Our heavy lifting 

In. consultancy is unrivalled and includes 
|\\ project management teams, heavy lift and 
! V \ design engineers, erectors, riggers and of 
course, operators. We can take complete 
responsibility from first analysis 
through to final execution. 



Start planning your projects now 
with the 1000 ton Sparrow in mind 
and remember that the world's 
largest telescopic crane, the 200 ton 
capacity Gottwaid, has just joined 
our fleet and is available for 
immediate hire anywhere in the 
world. 





<J.w. Sparrow and Sons JLttL; \ 

Lower Bristol Road. Bath. BA29ET England. 
:V Telephone 0225-21201 Telex: 449246. 


U.S.A. UNIVERSAL EQUIPMENTRENTAL 
CO. Suite 260 , 260 NOTtii.Beft East; Houston, 




- CO. Suite 260. 260 Nortii.Beft East, Hou 
Texas: 770607. Telephone: 713-445-9525. 
Teton 9108814590. 

. MIDDLE EAST: AT Khobar nr, Damraah 


cfTiT 1 tttti 


Telex: 670066. 


To: Marketing Department, G.W. Sparrow .& Sons Ltd, 
Lower Bristol Road, BAXKLBA2 9ET^ Avon. 

Please send me information about: -piOdO-tori capacity crane. 
□ 200-ton capacity crane. □HeayyJifting consultancy., ■ 


CALL US NOW 


tefa-'-Tr 
















BY DR. DAVID CARRICK 




.Pclode, ‘ 

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' medical 
s&hr Qt. the 
nuinOT<j 5 eiMf-- s^; a 'person, and 
regai^'.^iafeVas' r T oi>t3iXag more 
tbas a isaH&e’.-wfiJfeb -has no 
soul- nos anyT^aturai powers of 
recovery;' Over -zeal ousoess on 
the part 'of' a growing- band 
of sckntifletHy. orientated 
mdivhittals who /appea r , to have 
no concfiptHm aad' certainly no 
faith in the .remarkable powers •' 

^li’bearii^-.of the human 
when hoth" . somatic 
• - psychological . factors 
* re . oncouraged ,to combine 
™* 2 i 0 , » | y f is responsible for 
methods of treatment which^ in '•* 

year l, to **“•» «ay well ; be: 
regarded -aa -" b eing-v asj unfor-L . =. 
tun are as the - less ' 1 dangerous 
errors of Avicenna, the 10th 
century philosopher 1 and - 
physician, whe never, forgot that V 

nt was an individual, not 
simply and callously a.** case.” 

. America, : where- even ; 

childbirth seemi to bis regarded , 
es an abnormal occircrencfi, is 
of many undesirable ..ri 
ul 5 J 1 5 a i ,ons and their 'prod acts: ' 
and from there originated the 
Jdca and inception of. the 
volunto - compulsory, annual 
medical examination for execu- ' 
tives. involving as little human 

practice* 1 !? 1 '-?* p ° ssibl . e -. ^precaution' against - seizures, 
EJJntS a nH apreadlp e ra - th» perhaps, this may be taken to 

SHSt a !tiV no 1 on S er •«to--,Se.g»te:fltfb r ..V: 

Y «»» T' * e 

Happily - the BrocesT Wrirf : $ BCect - 1 on when his 
reached— nor, rS' wUl ? : ' CBlio ^ ly . benefleient jaanage- 
ever reach— sJaUffr services en- 
tion& *• ■ 0 ^ C * nCer pwpor- xirely *£ tKi«:'’asji«nse'. -Now the 

individual;; h^. vi seemingly 
For example, there fs at least simple atiemat&e. Be_can rc- 
one. ■ veritable medical. - hyper- fuse. He c^it~aCS£pt. H he takes 
market, so, I am told, which -iff the forineri Ihoe; sooner rather 
devoted to “ processing “ execu- than ; later will ..begin to 
tives^ ,The building has toady worry '^abotit -'the : reactions of 
floors and the examinee is ills emplpyers. - Why has he re- 


whisked. to the fop where ;be filly 2 hsed?^s"he afraid that some 
.in forms which are -then fedydire disuse-may W discovered? 
into a -computer: ; The machine .-Maybef 'indeed, fib : is.' himself 
then tells him 16 descend a fiodr/subco»»douslr fearful ? -Suffice 
where he is . X-rgyedi ;. run it to- sdy. that a 4 ^ 1 'tby atmos- 
through an electrocardiograph -phere'' for - proiwtibiial pros- 
and other machinery. .; - Then peels is not treated. .. : 
down-' a floor where ’-gowned v - 
and masked ' figures .; e 3 rtract -r~i = ~ ' 'i- : ' - !''■ :• ■ 

various fluids fromy his, body; ' ;Jp OjTtllltOflSr’. 
a so on through "Ifie. floors , - 

until he- .reaches ihe rbexaiDmc Supptafing he agreg&atfd goes 
floor iwhere he : i s^ preseHted -; thipugh^^e' bat^S-Kbf tests 
with a sealed envelope. -This . and; ^the^/auite ^orluitously , 
does not eoutajnT'the ;"^ 6 htiffc 4 oring ; tbj^succefpflgrmonths, 
findings;, only the. bill. 1 As a, he faibs ^^Jimb ladder in 


benefits 
medicals 



CVS 


regarding him as a machine . . * 


the way he had expected— or 
even drops a rung or two. 

He may well formulate fears 
that some dire medical dis- 
order has been discovered and 
revealed to his superiors. How- 
ever much he may be assured 
that the doctors in charge 
would never inform anyone 
other than lhejr own colleagues 
of some dreadful disease, and 
then only when necessary, it 
is no easy task for an employee 
to put from his mind that 
those who sponsored the exer- 
cise would uncharacteristically 
squander money from an alien 
sense of innocent altruism. 

Now it is quite true that the 
machines and tests may reveal 
certain tendencies based on 
current notions, but only many 
years of experience will reveal 
the validity or otherwise of 
such surmises. On the other 
hand, it is common experience 
that most maladies of a truly 
serious nature do. not remain 
silent for long. They show 
themselves as vividly as the 
feathers of a cockbird in 


spring. These will certainly be 
revealed again by the battery 
of scientific tests; but, alas, this 
does not for one moment mean 
that they can be as easily cured. 
On the contrary, they may lead 
to a state of hypoebondriasis. 

I must make it clear at this 
point that I am referring to 
“ full-body, foial tests " and not 
to matters more specific. For 
example. regular cervical 
smears should be taken from 
women, as early diagnosis here 
may well lead to a happy out- 
come. But here one is dealing 
with disease that may have 
arisen as the result of treating 
health rather than illness. 

A recent issue of the Journal 
of the Royal College of Physi- 
cians of London, reveals that, 
statistically, there is very little 
difference in life-expectancy 
etc. between groups who have 
had annual medicals over many 
years and control groups who 
have not participated in the 
exercise. 

There is also mention of one 
complication that I had over- 
looked. In some candidates w-ho 
are found to have, say, a higher 
bloocf-pressure than is con- 
sidered normal, there is a ten- 
dency to begin to take time off 
from work because of that 
abnormality which, hitherto, 
had not exercised their imagina- 
tion. 

I must make it plain that I 
am not against annual medical 
examinations, whether per- 
formed by humans or machines, 
so long as individuals desire 
them at their own free will and 
expense, or, indeed, for any pri- 
vate medical treatment. It is 
their ‘ right and may promote 
happiness. And it is in no wise 
different from expending large 
suras on bigger, better televi- 
sions 'or outiandishly lavish 
weddings — practices nor known 
among the ranks o£ those sup- 
posedly underprivileged. 

For those who can afford none 
of these “luxuries.” then that 
excessively expensive. In- 
credibly inefficient. wildly 
wobbling juggernaut, the NHS, 
should be able to supply all 
their needs as the accoucheur 
of the enterprise, the Jate 
Aneurin Bevan, honestly and 
faithfully believed that it would, 
so do. 


*. . i j -- •• ‘ -. 






MA1STLJFACTURING industry 
last: week chalked up, a, .new 
British id top-quahfj£de ? 
sign— but the victor/was a Ger- 
man. ’’ • ! ■; 

FrtrmtoTrtissiteZb'sm 

of Industrial Artists and De- 
signers awarded -its. annual pe-: 
sign Medal to a- designer who is 
a full-time employee' . of a 
manufacturing company-^Dieter, 
Rams, -the brains behind..' the 
top-class design image of Bratin; 





^designer wins 
tish medal 


the West Jarman domestic ap- gon A abroad. The award is gen- 
pliance iqaker. / ‘ erallA given to non-British de- 

.. .Tite Society argues that it is signers every second year, and 
httle n^e than coincidence that 1978 wb; the tarn of a. foreigner.' 

jfl a 'designer •. . The 'Vact remains that no 
iv. Manufacturing— ; British designer in -manufacture 
g; “to hoot— has' ing has yet seemed, an obvious 


•V- 



yet 

must" for the medal. 

Rather \ than blaming the 
quality of British designers for 
tbis failing, which epitomises 
the poor design reputation of 
many TJJK. industrial products — 
and their poor export perform- 
ance^-it is just as , likely that 
the fault lies with - the indi- 
vidual designer’s lack of 
influence in the companies for 
which he works. For this, it Is 
.only the top management which 
can fairly be blamed. ■ - 

. So if you want your company 
to-be as successful in the market 
as Braun, take a leaf from its 


book, and make your top 
designer directly responsible to 
the chairman himself, on a par 
with all your other directors— 
in essence if not in name (Rams 
is not actually on the board). 

This would mean a major 
change for almost every British 
manufacturing company, whose 
top design executive — if it has 
one — will at best be responsible 
to the board as a whole, (and 
therefore junior to . all 'the 
directors): or answerable to 
production or marketing, and 
therefore even more 
subservient. 

To Rams, the three yardsticks 
of good industrial design are: 
functional quality: aesthetic 
quality; and "manufactur- 
ability." It is the successful, 
and cost-effective combination 
of oil these three which have 
sustained Braun’s success in the 
marketplace ever since Rams 
instigated its ‘‘design revolu- 
tion" over 20 years ago. 

CL. 


Why employers are 
patently disturbed 
the new law 




By a special correspondent 


AS FROM last Thursday, when 
the provisions of the Patents 
Act 1977 concerning employees' 
inventions came into force, 
relations between British 
employ ers anc * their employee- 
inventors have been on a new, 
.very different and decidedly 
problematic footing. 

Up to now. Parliament has 
not interfered in this field. Any 
question about the ownership 
of an invention made by an 
employee was left to be decided 
by the terms of that employee's 
contract of service or. in the 
absence of express terms, by the 
rules of common law. 

Under these rules, difficult 
questions about ownership could 
arise if there was room for 
doubt on whether the 
employee's invention has been 
made in the course of his 
duties. So. in practice, most 
large employers required their 
employees to apree that any 
inventions made by them at any 

EMPLOYERS and employees 
cannot effectively contract out 
of the new provisions. Section 
42 of the Act, following in this 
respect the recommendations of 
the Banks Committee on the 
British Patent System (July 
1970). provides that any term in 
a contract between an employer 
and an employee which 
diminishes the latter's rights 
in inventions made by him after 
the date of the contract (and 
after June 1. 1978) shall be un* 
enforceable " to the extent that 
it diminishes his rights." 

For compensation to em- 
ployees, different provisions 
apply, depending on whether 
the invention belongs to the 
employer or to the employee. By 
section 40(1) of the Act an 
employee who has made an in- 
vention belonging to his em- 
ployer for which a patent has 
been granted, and who claims 
that the patent is of outstand- 
ing benefit to his employer— and 
that it is just that he should be 
awarded compensation to be 
paid by the employer — may 
apply for compensation to the 
Comptroller -of. Patents or the 


time during their employment 
should be the property of the 
employer. 

Under the 1977 Act, which 
applies to inventions made by 
employees after June 1 1978. 
the question whether an inven- 
tion made by an employee be- 
longs to him or his employer 
Is no longer left to contract or 
the common law. It is 
governed by section 39 of the. 
Act, which narrowly circum- 
scribes the right of an em- 
ployer to claim ownership of 
an invention. 

Broadly speaking, the section 
provides that an employee's in- 
vention shall be taken to 
belong to his employer if made 
in the course of the employee's 
duties; and in circumstances 
where either an invention 
might reasonably be expected 
to result from the carrying out 
of those duties, or the em- 
ployee had a special obligation 
to further the interests of the 


employer’s undertaking. In all 
other cases, the invention will 
belong to the employee. 

The Act. also for the first 
time in British patent law, 
enables employees to claim 
compensation for inventions 
they have made. 

The goad intentions of those 
who Framed the new provisions 
are not in doubt. But many 
employers and their advisers 
have serious misgivings as to 
how things will .work out in 
practice. Since ’it will no 
longer be feasible for an em- 
ployer 40. agree with his em- 
ployees that any inveartion the 
latter may make during em- 
ployment shall belong to him. 
some employers fear there wall 
be interminable conflicts as to 
the ownership of inventions. 

They also fear that when such 
conflicts occur it may in some 
cases be impossible to reach 
agreement that the invention 
should be exploited pending the 


And how employees 
stand to gain 


court, within “the prescribed 
period." 

In the case of an invention 
made by an employee, he may 
also apply for compensation to 
the Comptroller or the court 
within the presented period, 
providing certain conditions 
apply: a patent has been granted 
and the employee's rights in 
the patent have been assigned 
to his employer; the benefit de- 
rived by the employee on the 
assignment is inadequate in re- 
lation to the benefit derived by 
the employer: it is just that the 
employee should be awarded 
compensation to be paid by the 
employer, in addition to the 
benefit derived from the con- 
tract of assignment. 

The prescribed period is a 
period which begins when the 
relevant patent is granted, and 
expires one year after it has 
ceased to bare effect. The term 


of a patent under the 1977 Act 
is 20 years. Employers must 
therefore now prepare them- 
selves to receive applications 
for compensation up to 21 years 
after an employee's invention 
was made. 

The amount of compensation 
for both kinds of invention is 
stated in section 41 of the Act 
to be "such as will secure for 
the employee a fair share (hav- 
ing regard to all the circum- 
stances) of the benefit which 
the employer had derived, or 
may reasonably be expected to 
derive, from the patent. . 
And the section contains elabor- 
ate additional provisions as to 
wbat is to be taken into account 
by the court or Comptroller in 
determining the fair share. 

So, in determining the fair 
share in respect of a patent 
which has always belonged to 
the employer, the ' court ■ nr 


resolution of the dispute, when 
it may be wo iate to put it to 
practical use. 

They believe that the new 
provisions may give rise -to an 
unwillingness on the part of em- 
ployees to reveal new inventions 
and ideas end to easiness and 
rivalry between follow em- 
ployees working in the same 
field. 

As for the compensation pro- 
visions, how is an employer, 
particularly a small employer, 
to allow for the possibility of 
a large claim for compensation 
arising perhaps 20 years after 
the invention was made? 

The pessimistic view was well 
put by Lord Eccles during the\ 
Second Reading debate in the? 
House of Lords, when he ' 
remarked that the provisions 
apeared to do nothing more 
than provide a feast for lawyers 
and would very likely imperil 
the relations between employee 
and employer. Even if one 
does not so all the way with 
Lord Eccles, one is left with 
the feeling that the new pro- 
provisions are likely to do more 
harm than good. 

Comptroller must take into 
account, among other things, the 
nature of the employee's duties; 
his remuneration; the other . 
advantages he derives or has 
derived from his employment or 
in relation to the invention 
under the Act: the effort and 
skill he has devoted. to making 
the invention: rhe effort and 
skill which any other person, 
has devoted to making the 
invention; and the contribution! 
made hy the employer to the' 
invention by the provision of 
advice and facilities and mana-. 
gerial and commercial skill. 

In determining the fair share 
of the benefit to be secured to- 
an employee in respect of a' 
patent for an invention which 
originally belonged to him. the- 
court or Comptroller must take' 
into account, among other^ 
things, any conditions in a-’ 
licence or licences granted in. 
respect or the patent, the extent 
to which the invention was made-' 
jointly bv the cmnlovee with any 
other person and the contribu- 
tion made bv the employer to 
the invention. 

The author ?.•: n PC 


■\ 


, v-'ty: 


? Issue % 
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14 

LOMBARD 


(THE WEEK IN THE COURTS 


Computerised 

seaweed 


BY ANTHONY HARRIS 


Shades of opinion 

BY JUSTINIAN 

. AN ITEM in the Press last week by the involved and politically pleas to the heart are more evi-. 
prompted the immediate reaction committed public as not just the dentiy is play* There vs tittle 
that the Kfe okf a lawyer is client’s mouthpiece bat also his doubt that: a. lack of objectivity 
becoming more than a little active. sympathiser In his cause, in the advoeate tends to. 


WORL D QUI* - jlY ANDREW CLAIRE • -f ^ Q 


It came 


on 


men 


BY ANDREW CLAIRE 


. vBtJENQS A2B&S; .June 4. 


BERNARD CORNFELD, the exchange rate is actnally likely cecognisahly a greater identifi- 
well-known investment unit to be. There iv apart from any- cation of the lawyer with ms 

promoter, has left us with one hl S ro CaI 'phn « clieat ' allies beyond the mere forci 

memorable phrase, if little else rhSce rate^ meant ^5 tte * presentation . of their cases 

in EesaionaUy disturbing and in the court. 


U1 aSKinK 10 oe reutcacawsu. ujr rmiLUU. Jn.ua L iu ure vuitj-jouiM .. - — - a- • _ . — »: r_, a .Li urith ■ 

in lawyer* who are known sym pa- over the first weekend ' were longer vish to see del- spiel mft .the. Tele* 
thisers to their causes, and not marred by fouls and/or inept “SMSS 


, . rate. Add tne. ract that no-one June movement naa oeen spot — ■» r marcial law or hold themselves nnnuanm took on.snaaes oi uniform looks of North day shathte eahle for at Glasgow 

hook title: Do you sincerely is sure how to define or measure m the foot on his way to CourL role What is .sought * J ^ ™ 5 ttSKSEf or ^daest farce for- the 4,000 media American eagerness to please 

• w ant to be neb?” competitiveness and you are in This event was not unique in the .jJggJP ° r JJ™* enterpriM ^ r speciality which men into gathenng at fee, that broke your .heart. You the-oflBe-oS* Dundee oW&big.' - 

I have sometimes thought that deep trouble. If you take further country where , confines*!!? tlm SXJrtroom is not widely amiable among great g°bal events, explained how you needed a bus . Tickets.- A -week mac^ad 

if I wanted sincerely to be rich account, of the fact that .the struggle manfully against violent co °»nes or^tne b “ u ^ Dom ^hair- the general ran of practitioners .Every Press centre., is a new to get jo the rowi ng .centre. waited, unable cleave’ for- pro- 

l would concoct a best seller It P ubUca e Gon o/ aRParenUy authon- and anarchistic movements. of t£ IS- ml? the con- • But they offer their expertise Planet- . .. They undertook to fix it in .five .vladal- centres -imtiL -they, had 

Lu d be Sd - Zen and the Wt'SSL S nJSfv nS The West German legal profes- cept of represeSattek as a joint to-. aU comers, irrespective of i n Britain in 1968 the Press **conte, left - and never ever multi-coloured slips of 'paper 

wou d be called Zen and the are m fact based partly on guess- siotja i jjas been seeking comfort enterprise*^ might “possibly claims to professional or per- desks were manned 6v members came back * getting them ftito-the UBUhck 

• !, ? l ra °° etar,st ^recasting, workmayits^f “^encewages. ^ moraJ support from its necessitate a greater identifies- sonal sympathy. of the tower echelbn of the ' ' theyhad cpmeacJ^ttewotW 

and be sold at. some enormous pnees and the exchange rate organisations abroad in tion bv the lawyer with his It is fundamental that a client establishment blue hlaaered. GlOSS - tosee: No one/at the enJ of the 

price. Forecasting is a growth . dhJSB™ S he its.fight tt maintain its rigorous client than kind In a tnore atonW toe the lawyer of. Ua picked because their were - heed Montreal was also the place 

ham f'ka AAmniitncB Unull n 't(ln\r ® 


I UlClydSUUt U a giuvriu ■ . Jj-..-*!.- ■ u.lrs'l.i- Vfv U&U.I. WJ 

industry, and the monetarist ?hnueM the better part of lore- independence. traditional practice.’’ choice. N 

approach, which simply derives IS? P u none o £ toe . uglier occur- - . • - ' 

one set of numbers from another c ences on Continent has bad Resistance What the 

sft ic wnntiprfuiiv lahniir-sivinp The inOatioa-cum-exchange !ts counterpart in Britain, ■ there profession 

set. is wonderfully aoaur saving. rate f oreC ast has, however, at j s uttle room for complacency. ■ Why is the lawyer resistant to Individual 

All Will nnon vc cdmathin re _ . ■ : i. di i • ^ _ . . ^ . _ _ « « _ tn ___ _ . i . 


choice. No one would want tol^ deling with men."” 


SSS to deling with men.” . Vhere the computers finally : took vmtHi--, 

wtS? Sp ilSSrs of the dld ^ ^ eH enough over. Ask at the right .'desk in e^^tly what. they wanted. - - : 

ahnnt t* • th^i Perilled fte-y were not ; con- the boxing stadium ' and a One coiresppndentjvas asked 
to ESSE2 "SJSte b macluiie would chatter opt who. t» Bp' 


vnrlartnnifanoa - i lx ifjf .wiogueig .tMUMUg LLIlH-LLLUC wuuiU uafluer OUL WUU re* - * r • -Z7- : 

hpnpvpr tifp piipiit ! iike damtnned gigolos with open -was leading with, five-laps to go thathe .b&d.rerelved anehyelc 


r ' .. a Al j. t tr ,. rp ir in a way much more shocking, tection. the legal profession has been to deflected from bis essential role J — — Drue 0 «, ■ « c jr - v i 

nccupat ion for the do-it-j ourself Here the insutute's own Only recently the Court of admit that the solicitor is bound if such influences prevail. ^ f 2 r 

enthusiast. formulae have simply broken Appeal t Criminal Division! sat to hold his client's hand through This concern is not so much * In Merico in 1970 the centres « y0 £' ' 

wv , - . down. Both imports and exports unprecedently at the Old Bailey the thickets of the legal process, a reflection of the apotheosis were staffed by gorgeous girls ™«* and orange^ pmps^ who Eventually it was sorted out. 

PSTIf^PrJinlf 11 have been growing faster than to bear an appeal by IRA ter- and - inevitably to become his con- of professionalism but Is handpicked from the better Three ladies with , -about 17 

'L^9|JCL.iaUlC the Institute can complain. In- rorists because the security fidant while leaving the prompted by the ardent desire famines who hatf acquired an< *- a nijllion { smiles 

The econometric approach, by vestment is still worse: it has arrangements at the Law Courts intricacies of representation in to ensure that all representation languages in finishing school run ff between them, four stern looking 

contrast which i* based on the r» se n sharply when the Insti- in the Strand were considered court 'to the barrister who cfan should be the' best available. by nuns throughout Europe: ' AH members of .me ruling cla®,- and 

attMTOt to ^^oecifv and mea^ ^te-s own relationship shows inadequate. - detacliedly condurt his pro- The leaders ia - the legal wore shocking pink, an entirely and iMpmparably more apUe ! of 'banknotes three m^es 

l . e * pi . . s P® c,ty * , a *“ re that it should have fallen Lawyers engaged in cases may fessional exercise without the profession in England are not inappropriate colour, for wlhen “S.™. 1, . .. . . u ^ pipchased tpe use of a 

a host of significant relationships s jj ar n| v \ have escaped anything worse distraction of personal associa- unnaturally worried that a fusion you broke the news that you ®? ,r task, it soon telephone m the stadium, tor 

in the economy, and thus ‘ than snecia! searches of their tion or svmoathv with the clients of . the two sides of the nrofesainn wp™ not 'mterpjuM in an nntim* became clear, was to cast a gto^s g ether worked the miracle. .••.••• 


enthusiast. 


Respectable 


attemot to soeeifv and measure tute ‘ s 0WT1 relationship shows inadequate. 

attempt to specify ana measure ^ j iL should have faUen Lawyers i 
a host of significant relationships sharply. have escar 

in the economy, and thus ‘ ’ than sped; 

embodies a statement about how 1IT1 ■ persons ai 

the economy works, is nothing if Oil II l there is a 

not hard work. It may not work For these purposes, then — and 


vulnerable 


frightfully well— after all. fore- they are absolutely central to ( ex -K«Stfi*' 


persons and neiongings. jjui Barristers do -their job best by will serve only to increase the to a Mayan comb but meritfy « Bat scarp lwll never, be -healed 

there is a fear that they too leaving their personal views out- identification of barrister with wanted to know wbat bed fi„ C ? i 8 °h« ^ fo ^ the. Greek wnter who stood 

may be vulnerable to the side the courtroom. The most his client happened to the cable you had SSSSI* outsld ® / or hours 

successful- advocates, have been The trend in- present practice sent to Manchester or Munich for off r unable i jo use any of 

either insensitive to the causes is the most nowerfnl factor in : goes up and down five floors; fthd the offioal langaasfe ' Bnd so ufi- 


u S°es up and down fi.ve”floo'rs, and the official Janguagfes urid so 
bright sa for at least 20 hours, a day -.able to di^tover. tSat ”hfei 


The doubt confessed in the last 


understand In the real world that some barristers are chary of effective advocacy. 

Sf d th? mi'menr. in JSiih verv appearing in cases , involving the Courts are more receptive to 


s t atuaci uois morTthan the Y \ we we F e 11101 oy armies worker ants. ' - • . . ' ' a stadium.^ . ,-'^ 

country’s economy can bear. ^L Sta f a ^L gr ^?^ h L5. 0l ? d Transport was a. great snarl- Tncredibly/^wl^ -the --foirtSaii 
It is a trend which is likely SrfJSl* ' up ‘ 1116 shutt]e service To. far began tie found. ^Argentinian 

to colour the recommendations f®? ei l?L£ ad ^ey chosen field parts of Argentina promised ftn: -claim titat it' would be all oh 

of the Royal Commission on S 011 ^ ?SL°f ® lo 5 tang years did ndt exist. Nor did The^ '.ddai : absoTntely justiffeit^ 
legal services wSh^liU be In at or Fra l ni ? rt the system .of concession fares, tdephonea :&ojh , River -Plate 

reporting early next year. were whipped up against a wall. Nor did the .arrangements that stadium batf-yriters of dhe'Tvorid 

shot by a Polaroid camera ana scurrying writers. get priority on almost sobbing rvidti . ioy-^ytra 

; — ; — encapsulated, m a plastic identity planes over Baireans nipping up dialled your office in London qply 

-m -m -m which came whuzmg across to^'see mxun in Mendoza. - - t»oce- -'and- " thereafter:.- merely 

Cl" Hi OTflQTl/1 . ® reception desk together with Gammnnications: . looked, anypritssed an extra- button: an'ch- a 
9i 1 Htllllninl tickets iot every game you had area oi disquiet.'. Some of us Computer got -your call for you. 

requested plus not-to^be refused will never forget the look' op Magic r <■ . • ^.-. 1 • 


CRICKET. SPONSORSHIP BY TREVOR BAitEY 


earnest a nd hard-woiking body, ?ut Its economic content ™ “ or > ury ™ wnere racionc ana reporaD * Wljr next yw * shot by a Polareid' camera and *^ g wMterel^ priority on. S5; SS tSFmlSb** 

but an uncommonly honest one. ** equivalent to equipping the identification with a certain : — : — : encapsulated, m a plastic identity planes over Baireans nipping up dialled your^ office ia London only 

It docs not just offer forecasts; Meteorological Office wim a piece dagg of accused, it is feared, m a i ■■ c 2 rd which came whizzing across to =see' mum in Mendoza. ooce- ; .^ -.'aiid.' tiiereafter;.- merely 

it comesscs its own doubts and 01 com P“«nseci seaweed. might attract retribution from I IriVP fn ri/I/lGr H 1 tTfl I Q 11 1\ the reception desk together with Gammnnications: . looked. ,an ; -prt?ssed an extra- button: and- a 

difficulties in producing the The fact that what one writer disparate sources outside the JL#JLJLv C l VI UUUol m. 1 IfclHwilU, tickets Iot every game you bad area oi disquiet:') Some of us. .domputer got your call -ter. :youL 

numbers it does offer, as well as has called the awful cussedness courtroom. Most, if not all of # requested plus not-tiroe refused wiff never forget the look' op Magic-."' f ; /.j 

frank post-mortems on its past of things in general is reducing this anxiety is associated with nv*irif nAQm ■ — — ^ ; r -i— .. 

performance. That is why the even serious and earnest fore- the terrorist cases and not HJUXlS'l UUdlll Tv w xirm .u ■ n 'V \ ■ ■’ 

Bulletin is always w'orth readiog. casters to mumbo-jumbo does ordinary, non-political crime or . „... . . _ OTTir . ali . . I lArhir n Anri CRICKET. SPONSORSHIP BY TREVOR BAltBf 

even if you disagree violently tell us something about the real civil litigation. THE SCOTTISH Highlands and visitors into rooms, jby adjwmg J^CrOy HUDc "' ' ■ ■ - ' ' ^' '*. • r. I'- ' 

with iU analysis. world. When financial flows are There is little sign of the Islands area tourist organisation and involving themselves in •/ .. XT . . ..*«•! -*. . . ... •- -■?' r - - - : 

This month it has some very highly abnormal, and confidence Mafia-hired lawyer in Britain, -launches a drive, this week to promotion, marketing and T !• ..‘.‘.-i./J ... 

startling confessions to make, is manic-depressive, the normal although the police, prompted make Itself more self-sufficient development •III HO % • ' • .!if ■ i- 

It recognises, for example, that rules are suspended. Un- by some utterings of Sir Robert by increasing the number of However, the organisations a. . /|f*||l|| 1 1-. ffeQCJ f- 

the exchange rate is centrally fortunately this very atmosphere Mark, the former Commissioner trade members— hotels, guest could not play their full role in ._ ^ VIA llilll M ' JlJldi3 : “"FlIKIH 

important in its forecast and increases the general hunger for of Metropolitan Police, are fond bouses and shopkeepers— who Highland tourism .without a (%/H f| riflrif* IF* •' • 

even assumes that it knows the forecasts, which confer a of pointing the finger at some now provide. -0 per cent of its strong .trade membership. By XY.fl.HA IXld JX* : ■ --r/iV 

Gnvcrnment’s policy about the spurious air of predictability on firms of solicitors lor aiding and income. joining the tourist organisation v. A *| . V; 

rate and. still more hazardously, things. It is. perhaps time for abetting professional gangsters Dr. David Pattison. head of the trade not only supported it -d-w-Sawa .*1 ♦ •■Wi'l '" ' 

that the Government will succeed honest forecasters to shut up for in their escapades in the courts, the board's tourism division, said .financially but; could become I If If ill If I -CB.-, dU 111 'Hid I' C>ifl Igl '' ' 

in executing that policy. But a time, and leave the field to The worry stems from the at the week-end that tourist involved In determining the Jr -/•. ■ , ': oLv-- -• 

even with ail these assumptions, those who sincerely want to-be simple fact that a client’s lawyer organisations provided a unique future policy of its local organi- THIS YEAR.; for the first time-' vW.s; -C /.t- 


Derby hope 
Julio 

Mariner in 
top trim 


Cornhill has bought 


it has very little idea of what the rich. 


is seen more and more nowadays service, not confined to booking sations. 



in ray memory, bookmakers IF ONE ignores the. Rest of tbe peifdrijaing": ■ miirveUousty ' with 
really do seem prepared to admit World senes '.touch was' swftlyi bat" and’ ball .'for/ Su&ex. It unde* 
that events have fallen into jusej-ted info the nfoeramme to lines adverse effect the 

piace rather satisfactorily. They ^ '^cker circus .is., already having 

could hardly do otherwise. compensate fpr thp .loss of the on international cricket 
Ante-nnst harkpre haup harm South Atricarr -visiC: the oresent - 


ODf 1 South-East only). Account 11.55 News and Weather l 

* 6J0 Nationwide. for Scotland. 1 

t indifitpv nrnpniniinp in fi -30 World Cup Report. Northern Ireland— 0534^5 pm 

black aSd Si 7J! « Angels. Northern Ireland News. 5.55 

macK ana wnue. g .jo Panorama. Scene Around Six. 6.M-6.50 Land l 

fi.-HI-7.55 am Open University. 9.00 News. V Larder. 12.00 News and 

fl-te For Schools. Colleges. 10.45 9.25 The Monday Film: “ Play Weather for Northern Ireland. 

You And RIe. II 22 For Schools, Dirty," starring Michael England — 5-55-&20 pm Look 

Culleces. 11.42 Cricket — First Caine. East (Norwich): Look North „ 

Test: The Cornhill Insurance 11 JO Tonight. (Leeds. Manchester, Newcastle): 

Test Series— England v Pakistan. 12.00 Weather/Regional News. Midlands Today (Birmingham); 

1^0 pm Camberwick Green. 1.45 All Regions as BBC-1 except at Points West (Bristol): South i 

New*. 2.01 For Schools. Colleges, the following times: — Today (Southampton): Spotlight ® r 

:'..0W Cricket— First Test: England Wales— VJMV-L45 pm Pili Pala. South West (Plymouth) 5.” 


BBC 1 

f Indicates programme in 
black and white. 

fi .40-7.55 -am Open University. 
0-"X For Schools. Colleges. 10.45 
You And RIe. 11.22 For Schools, 
Colleges. 11.42 Cricket — First 
Test: The Cornhill Insurance 
Test Series — England v Pakistan. 
ImU pm Camberwick Green. 1.45 


v Pakistan. 3.53 Regional News 2.18-2 .38 For Schools. 5^5-6 20 
for England texcept London). Wales Today. 11.20 Wales Down 
3.55 Play School (as BBC-2 11.00 Under: The 1978 Welsh Rugby 
a.m.) 4.20 The Oddball Couple. Onion Team v New South Wales 

4.40 Clieggers Plays Pop. 5.05 (highlights). 12.00 News and 
Blue Peter. 5315 Roobarb. Weather for Wales. 

5.40 News. Scotland— 5.55-6.2 0 pm Report- 

5.55 Nationwide f London and ing Scotland. 11320 Public 

F.T. CROSSWORD PUZZLE No. 3,684 


• ‘ ■ ., •. • cotrid hardly do otherwise. compensate fqr tfip .loss of the oa mteroatiqbal.’crickel ‘ 

Ante-post backers bave been Sontii Atiteair-vi^t^ tjie nr««it ' Enoland -am) XifrireKa mav 
reeling ever since early spring, game .at Xkfcsb.aston . the first 
■■ ■■ ■ ■ First there was Red Rum and sponsored Test raateb iiL ®is • 

VccounL 1155 News and Weather I0i)0 News. Report waie* Headlines, lw Laadscape. ti?e continued heavy support for country. -.. Packer camp by -rewarding -their 

or Scotian d 18,30 1? e SRl 8 ; " rr 1 ? B *" SL mSaIS S2L °Mk5 Cricket is . not 4 - stranger to best play ers highly, but this type 

Northern Ireland— ^53-3^5 pm Em Hi^h, starring Clint enwtord. lus university challenge, sponsorship. Indeed; it wfcuW be ;6f money Is not aviilable in the. 

(orthern Ireland News. 5Js» Eastwood. i4* Report West, wn Report waieG. Ginger McCain finally announced n0 exagg er ati on to sav that'tira 'Wefit 'Indiex. Pakistan and India • 

Icene Around Six. 6J0-6 JSO Land 12^0 am Close: A painting by htv cmrwm-t^A., htv Cen, ral that the battle had been lost _ Srof^WU^e cnSd rSfexS T ^ \ 

vXZAr* ssasai ^ ^ isrsjs ESSs?S ™ 

Leeds. Manchester, Newcastle): pl al “® r °iiowuig times. UnM sjwao Report West, and ^.000 Guineas respectively. an7, y commercial concerns. .--;- and join their five colteagues. 

lidlands Today (Birmingham); ANGLIA <JT , nTTI^H Since then the rut has Dro- '^ ,e reason why Tests' have ;hlready committed, which,. unless 

Say (SSiamSSf ^ ^doS off ' S?25?«m x.« gressed with a succession^ of n®f been sponsored before fr that^ Jf . reached, must 

,ouih West (Plvmouihi p Mrslcnr »™c McMtiiao^ wdwufe. tu Canjcning Tod»y. Monday Fum favourites for the Derby, includ- lh e >' were already, making suffl- a nonsense 

,ouui west inymouin) c* noon Time, jus uniypniur cuanenae Maun^: --The uri Mos usejy To- j Leonard da Vinci a too- c lent money from gate receipts “ e rewened Tests against 

BBC 2 tM A '”“ 1 AWJU - “* “ iuoted M ch»nc. HUle and television to pScee sut- I-dia next winter, 

fi an am f)ru»n iTnivorsiiw ATV , J 06 ^, ** Cri™dcsk. than three weeks ago.- stantial profit, and it will be Cornhill is sponsoring Test 

1100 Pbv School ^“£.^215! am Now the dubious honour of appreciated that spdrting cricket in England for the next 

2.05 pm and 4.30 Cricket— First tom lumiw ‘ jmhSmm and SOUTHERN being market leader has fallen administrators turn to sponsors ~. V rt 

Test: England v Pakistan. "™ ,n ^eUcs. 5 js university Challenge, un pn> sonthern News, uo Farm -hopefully for the last time — ITOt * rom choice, . but from *4®, index-linked, or £200,000 a 
6.35 Open University. SSu-e iZS? th p f! 1 ” Ha “ WB, 2- to Inkerman, quoted at 5-1. But necessity. year for the right 

7.00 News on 2 Headlines with Em fiipU" 6 iarr£* aiSt EaMwood wa* amfi lw W "sjS for the fa ® 1 that thL s Vaguely . ... . . About half this sum will go 


sub- titles. 

7.05 Taking Shape. 

7.30 Newsday. 

8.15 The Two Ronnies. 

9.00 Play Of The Week. 

9-50 Tales of India. 

10.30 Sea Tales. 

H.00 Late News On 2. 

11.10 Cricket: First Test thigh 
lights). 

1 1.40-1 L50 Music at Night 


■Era High" SI a mu* dint Eastwood aod Jamus Mason 3J0 BenFTs Lot. JUS for the fact that this Vaguely ... About half this SUm will go 

iwr siovcns. Rapo , DaySi Dw t, y Day. i 2 jo m Noble colt is trained by Vincent Snrror navf direct to the players in prize 

BORDER sou thorn News Extra. O'Brien and ridden by Lester money, to the umpires, and on 

tizso pm Bonier News. ij» Gardening TYNE TEES Piggott it is doubtful if he would Until last summer the cricket P a y men t of salaries for overseas 

JfflSl t&J.-TEB'- “.““S « -MTajwTW. fisure araois the first set ,o the ^Sue, haHL lh'S. 

Gareock Way. u» Look around Monday. LooSVotmf 0 uo , about capitalising on jnteniar -. supporting back-up for 

ni30 * m LOK 01 ^5e' wul.' 2J5%o?w»h^ii The Casbel colts best effort tion al games, but without any successful sporting promo-" 
uoraer *cws aiunmary. C i ory 3J0 CenersUoo Scorw . fjjsto date was the six-lengths urgency or outcome tion usually finishes up nearly 

channel . EiSZJS^^EZJS; "• , “ t of “**• i »», im* d«.bt wm «**,- 


Incvr Slovens. 

BORDER 

tl2J0 pm Border News. 1.00 Gardening 
Today. 24)0 Bouse party. 2-2S MaUneo: 


US University ChalicnRc. 
Border News Summary. 


CHANNEL 


Ughts). 13* pm Channel Conch Lime News' and Police Calk JZ30 am EjillogiK-. 

I1.40-1L5O Music at NiehL T ,tats ° D J 1 ™- tJLZS The Monday w«sw.. 

BBC-2 Wales only-7.05-7^0 pm L’riSy cSflenS”*^' £ T*w ULSTER 

Heddiw. 11.40 Taking Shape. UQ n>.- Amazu» Chan and ihe Chan 115,1 pm lamchUnw. U0 Survival. 2.00 
T mvnniM Cl “- 10 18 Channel La re News. 10.J2 See You Monday. 230 .Monday Matinee: 

LUNDUN Survival. 1U0 The Savage West: “Haag " Th « J 0 *^" . slar ??« , ,grtc 

A toil c-i I r» 'Era HiHh." U0 am News and weather Morccambc and Ernie wise. 43* Ulster 

930 am Schools Programmes, in French followed by Channel Gazette. Ufwf HuotUiDev. 5-15 University 

1.00 Jamie and the Magic Torch. ChailenBu. ua Ulster Television News. 

U0 pm Stepping Stones. 12 JS 0 GRAMPIAN Panmrs. U0 Reports. 1230 am 

ews. Plus FT index. 1X55 Hein! .. , - ZJ Fir st Thing. 1230 pm Grampian 


defeat of seeond-rate stable ^ t hMe HHJe d()ubt same as the imtial outlay.. 

the time is fast approaching ConmIll_ has estimated this 

• when soccer will follow crickets ™L I . C0St A ab -? u1 L ^ pcr 

_ - lead and a number of its com- J?? 1 hospitality to 

RACING petitions will come on to the imponderable. 

sponsorship market -to produce £*,.521 “ 

BY DOMINIC WIGAN extra cash and stop mass emagra- be C closer to ^ £200000 W I,ke y W 

tion of our best footballers. .7? 5 ° f200 ’ tHW - 

soue^expensive. it^s not so when 

mate EucyCepedic at the BSS^sSSEL &SS2 . 


12.00 Jamie and the Magic Torch- rn . . .. Chanraw. us Ulster Television News. tion of our best footbaUers. "■ Br 10 MW ' UW ' 

12.10 pm Stepping Stones. 12 J 0 GRAMPIAN bSiSc PaxtMrs - '■- 30 Rvporu. 1230 am — ThB Tpsic mrinct 3 r B Although the operation may 

News, plus FT index. 12.55 Help! *n!i a rt l iSlJ ,,, ^. I2 5 , i!f. , 5 G SS2!f n ^ a 'j ains * are sound expensive, it is not so when 

L00 The Rolf Harris Show. UO %£* Sb UJ. te S>y WESTWARD mate Encyclopedic at the i£2J^JSLI h %S!22SS!iL- IllSllr *5S mea sored against what would 

About Britain. 2.Q0 After Noon. Marlnre: "CaJI Her Mom" stamna 1237 pm Cus Honey bun ’s^ Birthdays. I Curr a ch rerentlvf with the only ^*§7®.- : been achieved with a 

2.2a Monday Matinee: “To Hell conmo stevcns : iis unJverviiy Chanense. i2J» Westward News Headlines, uo ““ „r r™i,iSi, direct- outcome of Kerry Packer £250,000 advertising campaign 

and Back.” starring Audie £'“«!«“ Today ub nw Ehctric m Space tia The Monday Matinee: contender of note. Icelandic, signing up a high proportion t>f iSt in VS Rress S 

Vurnhv 420 flannprhnarrf ij« Theatre Show. 1230 am Reflections. . "The Pa radlne Case" siarrmg Gregory Sickening With a VITUS, and trail- .l. ° , « ■ ,- e « 1 , 1 ” rES ~ . Q 

Mr 5 “ aa-s; n ^ ^ . IS l S5!fyAmj*S2! aifsSaJ’S: 3S 

‘°Lf, N’ew,. SffE^“uS"A“S.t5;55£ if theIrirtcoh?f whLo^lKn 

6.00 Thames At fi Monday uaunee: ,, Thi? caiitomu ^**s Em nigh," loo am Faith For said 11 Hg'II run in tbo Derby, tune la. rests. the sponsorship most represent^ . 

625 Help! ch aiien np 50 Knnl ^nLira Te, l!m LUe ' 1 su PP ose - because I've nothing Recognising the threat the genuine barg^n, especially for 

6.40 Whodunnit? nns isVour RighL^o^ ReK^s’poUuw. YORKSHIRE eIse for the race ” can complete Packer circus, posed to inter- a t com P ai JJ f which. dems so much;. 

720 Coronation StreeL 11.00 nw savage we»: "ciini Eastwood 1Z50 pm caiendar News, uo How To a Derby hat-trick for Piggott national cricket, on which - the through brokers. . • ■.: 

8.00 You're Only young Twice. ,n " Hans ' Ein stay j\iivc. 22 s Love story. 320 Bar. it will be intriguing to see whole structure of the game. - • -.?■ ■ 


The Tomorrow People. 5.15 Mr. 

and Mrs. GRANA 

5.45 News. U» pm Dodo. 1JM B 

6.00 Thames At 6. ^.. M ?« ay D u f. ljD ? e: 

e-ie Uaini Rid. 330 Beryl's Lol 

c in -«to Ch alienee. 4J10 Granad 

6.40 Wnoaunnil? This Is Your Right. 10 Jt 

720 Coronation StreeL U-OO The Savage West: 

8.00 You're Only Young Tw ice. In " Hans ' Em HJeh ” 

820 Worid In Action. HTV 

9.00 Strangers. mo R ««rt west 


who is backed to beat Inkerman. depended so much, possibly too Prestige 
andBehnom ediuoui. I expect heavy backing on the much, the Test and County.- ® ■ 


fe fTTTTl 

ACROSS 

1 Sounds a cool place to work 
in (fi) 

4 It is needed by a street artist 
in difficulty (6) 

5 What we'll be with more fre- 
quent get-togethers (7) 

9 Mike for a spokesman (7) 

11 Hostilities confront the 
Church in Wilts (10) 

12 “Take man's censure, 

but reserve thy judgment'' 
(Hamlcti (4) 

13 A chap expresses gratitude 
fur a blanket (5) 

14 Charm one over fifty in the 
sea down under (8) 

]G Something left out? Then it 
must be put in (S) 

18 infection isn't commonly 
started by team leader (5) 

20 IrrationaL, but to a sailor it 
is ridiculous (4i 


■Ban# hgg tan IHR OLr ‘ , "K er5 - 1230 pm Report west Headlines. 123S and Belmont editions). I expect heavy backing on the much, the Test and County.- P 7 : 

™ Sal HB day for Julio Mariner. His Cricket Board acted with unusual It is a"' prestige sponsorship#' 

Hfl“ — “■ gw ^ trainer, Clive Brittain, has high and ,, commendable . speed - vby; tailor-made'' tor an' iriStoniBee- 

fl| ■■ RADIO 1 247m ■£“ fcin * ^ from Manchester (S«. pm Reports, sm Down the Carden hopes for this son of Blalcehey. accepting Cornhill ’s offer to adt comoanv or a hutldin« sooietyi 1 . 

9 1 m (5) 1 MM. hramtort He described Captain Marcos as sponsor, conveniently and Cornhill was InitiSlT’^le^^ 

26 Call to the Faithful in Rome Tr™s.* B Vflo S sunan Biws' 12 p»a JS YDOr i*«ers Answered: «si. 7a» News. 7j»“The Archers. Tjp l®" 10 ? 5 **? 011 n Pt Vcr . found by - a cricket come riding in on- a white bone 

to call to the faithful in Rome aurnp,, ududiK 12.30 in ?: w i-undmine scoreboard. 6.40 LlfeUacs: 'She Stoops To Coimtiei-: Comedy with been better, and reiterated that enthusiast. As a resolLthe poten- tn : TfKMie. 1?npUch-- Wi-iekwf ■ frtutfr' 

^ e ‘ s-ur aSrife^aTS BR-u^rsfe. ^ u c zscr . waj? &ebz he wouId be worried by the 0al ea « ia ® SKnSS- 


1 The last order for the rising pJayCre haVC ^nutied inride 

e rising iSi _ reel Ms uslk by John MicGnson. sso Con- TonWii. M3a Proflu.-, iu# a Book At it may be come Wednesday. a year. • 'hill inhniimi tA nMilire cnhslde£ : 


generation (5) 


2 T. her ® an °P!S iQ 8 here for jJSf I^co^TlS 


ten. pan 2: Elgar 


9^45 Plano Bedtime. 


the final word (7) 


1030 Plawsong and me Rise Tonlsbt. 1130 News. 


Financial World I 


3 Neat employee gives singular 1 wuh Radio 2 


ifljn in wnth a R a .rf^ 1 " SSSstf":: 01 Enr °Pean Music iS». 1125 News. 

HadJ0 L ln * mo-ms Tonight's Schubert Song (S). 


may be come Wednesday. a year.. . "hill is bound to aeguire consider" 

™. 7 hli£ ft means they can earn >s -able: 7 feSttataT :in the . natiottaT- 



evidence o£ innocence (5,4) 

5 Fish is right for a drinker (5) 


BBC Radio London 

206 m and 


D i njn -i LSQOm and VRV . .rc r ~* **" 0 ' wn university, too iwouiaiiu v 

KAD1U L i^uunn ana VHr with mav. 112 s Midday Concert, part l SA mi As Radio 2. 6-30 Rl 
530 a.m. News Summary. 532 Ray 'Si. 12.05 pm In Short. UJfl Mhlday 9. 80 London live. 1233 pm Call 


6 Stirs up a short reply about I Moore wim TIw Early snow IS) inclodUiB Concert, pan 2 IS*. UO News. US 200 Showcase. 433 Home Run. SJL0 Look.1,.„„ 
Herpward (7) 1 6 - ! S Pause fdr ThaughL 732 Terry BBC Lunchtime Concert «5i. 230 Organ Slop. Listen. 730 Black Londoners. 030 1 Sail op 


He reward (7) 

Ditch worker Is cutting (9) 


b.is Pause ror TnongnL 732 Terry bbc Luncnitme Concert «5i. 2M Organ tasten. 730 Black Londoner*. 030 ^iuicjvnua ub . ^,1 dugru/V.prp 

Wogan IS* Inclodlns 5L27 Raring Bnllruo Recital 1 S 1 . £45 Matinee Musicals <S>. Brealithrongli. UL03 Late Night London, finished ten lengths clear Of * 

Sg..y* Jhwg Bach : st, sraies for Cciio tsi. 12J10— Close: as Radio 2 . stable, mates Rlbellaro. Royal 


10 Condition intended, we hear, [Young rs*. 1235 pm Waggoners* Walk, New Records <Si. 535 Bandstand >S*. 


sessed with thirst (6,3) 


London Broadcasting Tiger," Cavo Rico and Caven Boy D ang er 

261m and 972 VHF aftpr being rousted hv Hide 0 - 

53i *m Homing Music. M« am: nan- Brittain, who was for a long The ' Cora] 


15 The letter and possibly- the gldudjwJ.-Cand 3.45 swrts Desk. 430 
c n .i n art nf if fg Vi ftaggpwn Walk. la Sports Desk. 

. _ “ n “ part Of It ito.J) 430 John Dunn ISI IncludinK 5.45 Snorts 


- ■which. are .regularly shown -by; 
the. cameras 'during what coulqt 
exceed . ISO hours of television;'-. 

. including peak viewing times oft. 
sponsorship, *be rtews.- . - 
ve oceiurred " Put It ail .against what it caste.*; 


13 A chap expresses gratitude as a formal account (9) opm hou« rs. s .45 open university. 7^0 wHh 1 irth L-onaon Broadcasting 1 tger uavo mco ana uaven eoy U anger Lj* "w is 

for a blanket (5) 13 Tvw nF sherr v f nr oni nnc c » d “* <npws «f _ 261m and 972 VHF aftpr being rousted hv Hide. including peak viewing times O*. 

14 Charm one over fifty in the sessed with thirst (62) P a»rt^ e D^t. M 230 T Dav?d C HMnu^i Vs? RADIO 4 sm sm Morning Music, tot am: non- Brittain, who was for a long The Cornhill sponsorship, mws.- - . - 

sea down under <S) 15 The letter and^ossibly- the £ cJudl!W 3 « «io 434m^ 336m, 283 m gnd VHF rime J* ith Brrt 2j n '? P® 31 .* w j«pb wmdd hot. have ocelured Put It ail .against what it coSte - 

1G Somethin-- 1 left out? Then it final nart of it (6 3) . 4 *®, s * l0 f“ . De *- (■) «p«nr»i hro»dca« . LBC Repon*. jj» Ceome Gale's war trainer. Noe] Murless. -at totbout Kerry- Packer, has-rto advertise_DTr commercial tele^ ■ 

must be put in (S) 17 Puts up with objects round ^ ^ sj* u p “o *h«V iHST^L rxi ? ln ^ 1 0cfc Sm a&t L E C u f M CP 2m. “rS ' loathe 1 ’' RnvS *** the woMowhip mus^, 

15 infection isn't commonly the river (7) bbc Northern Radio ordhestra «s«. 730 Today. 735 up to the Bom- [continued^, cf^iii VbTmiS i u , ™ anner . of England losing the services of be cheap, -very cheap-. ; 

started by team leader (5 » 19 Make a mark with self-con- d?S?2 b^S' Days. Modiyn. ' uo am Night Extra «*iUi Adrian Pajare class— ahead of St. Paddy two ^riling young cricketecs,; ‘ a gniali test,^ undertaken afteri' 

20 IrrationaL but to a sailor it tossed connection with Fleet sound iSi. we Humphrey Lyttelton with *-« J°hn emou with ut e bbc sound j* 011, hp« hBitfwt ever had t,,WaS * a,to^ h and Davtd Gow^. th B " original invotvenieot showed* 5 

;s ridiculous <4i Street (7) Jh e n«si of j«*» on records ,S.. 035 Archive*. 033 Mews, ojs Stan the week Capital Radio best horse we ever had. yet Packer has, -by signing The marked increase in paNlc , 

21 S^^p a Si^ all nrinr a Vte? This Charlotte fe sweet (5) & siTso^ f»S ‘ 194m and 952 VHF FOLKESTONE ' ftf JES^ , Sf?LTS22 JwSSS df th^Sruhill « 

,-f, StTar ]u e der ? i 5rmt r 22 A display of temper can be Matthew introduces Bound Midnight, in- Morning Story, mo NewsTlUS The MB sm Graham Dene's Breakfast Show 125 — Sharptaiker the 53 SOj^f al “ ea “ dt bf^ import- - 4 /^r five years It ‘COUld WBU 

Z.t After this period Clothes JU*l part of an act (5) cludJna liOO News. 2 . 00-232 am News of Dandies. 1130 Announcements. <Si. 9.80 Michael Aspel tSt. 1230 Davo I ee rtinRr-lri anceOftlre present Test. 1 become a household word amOD^^ 

bring deportment (7) Summary. lillll News. 12J12 pm- Yon and Yours. Cash iSi. 3J0 pm Roger Scon tSl. 720 rt dMo-n n)- '••oailv : S. S,, ar + 1lfedv“ 

24 Comparatively harsh to re- The «iintinn nr tat) (tatHTrionv RADIO ** 464 izl Stereo & VHF * 2 * 2T ® raln ot Britain ikh. 123 s London Today <s>. 730 set Book Repeat 2^ — Gtmra It does not .really m^e. sense the. very -people who are i ttWL ■ 

vnrw lvfriK- 17 * arsn 10 re ^ 1 if- S 1 t ■ .k";!! 8 ? 0 4 Weather: programme news. U0 The is i: "Julius Caesar." 0J» Maggie 225— Belle Reef** for the tourists to be struggling to want insurance. Ip that c»<fc; 

I- S L . , . P“? e poazle Will be published t ^ a m ,^. ftrcj n t ^ r v w n«™ 7j» worm at one. 130 ti« Archer*. 1.4S Norton's ojwu tine fst. mo Nieto BATH against -England while -Zaheer this spbososshlb anst-be wtafl*:. 

2* They agree with everything with names of winners a«t WL N :, ws> MSMomimi Womans Hour including 2 . 00 - 2 . w Newt, Horaf, vuur Mother wouldn't Like It « ^ a-,™*** ^ TiPimrTrfnhhb ' ? 

(H-g) Saturdav Concert <Si. 9J0 News. 9J5 This 2^5 Listen with Mother. SM News. 3MST l.M. 1UH Tony Myall's Late Show rs». 2JH) — Aragua . , - • W3S rhlltaag -,dO Ubie?-- CCntOTy ^COdSid^aKY:- «Ore; ^Ut»- IT . “ 1 

weeks Composer: Schumann is». 9-SS Afternoon Theatre. 43S Story Time- 5J« 230 M Peter Young's Nlehi Flight ts.i. 3.00 — Snow Baron* for 'GteuceSteTShiro ana Imran-ffristitig^ — •• — 


Story Time. 5JM 230 M Peter Young'S Night Flight tS.i.l 


FOLKESTONE 
125 — Sharptaiker 
1.55— -Canfield 
225 — GImra 
225— Belle Reef** 
BATH 

2JH) — Aragua •,**.. .. 
3^)0 — Snow Baron* 


the Original Inyotoeraant.ahoweSu - 

y e * . ^ c ^ r _ bas. by signing -he a njarked -increase in pobJId, . . e 

awareness of tbe Cornhill name?,: - . '. . 
to * LSWJr imp ' After five, years' It could, watt, \ 

.auce of jure present Test. ' beepme a household word amon^ _ • 

It does -not; rtaily make, sense tite. very -people who are UfcraT- 
for the tourists to bo- struggling jo want insurance.. Ip that cm«; .j 
against -England while -Zaheer tMs iipbnsoMhlp muat be won»:. ; - 
- was : J iitting -? a. ^doubie^ ccntmy ^eortsidaraSayx ateref^ - y 

for Gioucestorshire ^and Imran^costihg. — “ v ’-' " . -. 













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Aid^cti: 


<%ie ; 5^L978 r ' 


^ ^ -CDriolanus 


The Bath Festival 

by RONALD CRICHTON 


Coliseum 


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•Y TREVOR ^ 


JUgtll 


A mood, of ixitransi^eht excite- 
went breath lout -the/zRorneQ't the 
i« lit and it-’flever Teiases 
for. the ■Whole rof the magi cat 
eve^jg. Downstage; the citizens. 
-SfT'i °5 by Baxrie Ratter’3 
JJjjJJ*! Fint ^ seem ready to 
.down over the- front of 
2?ti« r*Sl «?*' set ahout the 
^ ♦ t ¥‘ r pikes. ■• Luck? 

«£_??, that Graham Crowden's 

‘ SlT 1 ^ is so. emollient 
mir JSf 5y n ° in Sly loog-drawih 
CbS Mthe telly and tte 

; evening is long; tie play 
L* 8 ?? -* bou t three hours and ' a 

SllScaiM et f« ***• teilsIon “ever 
mSSKZ?°*j- ,a "Stant.- .The 
Ejected by Terry 
«a^J»;is m what mlght-be 4es- 
Ia«. year’s Stratford 
with a minimum of 
^e&ery. lively crowd -scenes 

inElvT^ (rather astonish- 
SK m a play that depends so 
SSSL\°“ J*L e temper of- the 
3525? ^ a baudful *. of 
■E2& eve °ta following : one 
.jjSnE..** fast * Physically 

..P 1 ® outstanding performances 
S^^turaHy those of Alan 
Howard ■ as Coriolanus and 
vr2?^ a * , Audley as his mother 
Volumnia. Miss Audley Is as war- 
hKe as her son, yet unremittingly 
Papuan in the dignity with 
.wbrnh she trumpets forth her 
taotn m the dictatorship of the 
eute or goes through the motions 
» ,j >r ? yi P g her so" to be a two-' 
fold traitor. Jill Baker’s quiet 
VirgiJia must have found life 
ta - that household pure agony 
when her husband was. as usual, 
away at the wars. ; 

-• About Mr. Howard I have some 
strong reservations. There is no 
doubt that with paeans of sonnd 
from his emery-edged voice “he 
can raise up a martial music 


B. A. YOUNG 


-YOUNG Ba th last week had royal and Chabrier’s Souvenirs de 

.. .. weather almost as spectacular as Munich. This set of quadrilles 

that sends -them in : the- fcaUerv u (°^, the 1977 Festival during of themes from Tristan U only 
Tbisvls known *s splitting the Ilf J 1 ? b ! Iee da ^- Once again, apparently irreverent— a true 
ears of the groundlings My , H gh there was an unfortunate satyr-play. the only way 
case is like DesdemdnaV “I S!? 1 sb between the opening of Chabrler's individuaUty could 
understand a fury in your words wyndeboume and the first per- release the musical tensions 
but not the words * The SP? Me ^ b F John Alldis set up by exposure to Wagner’s 
emotions sound as they should, SHEL H 5!ISf ay,s « 1 HB TJ Tl ior masterpiece, at once so potently 
but it is a rare thing if Mr VOKeSt ® lr William Glock s pro- attractive to him yet so opposed 
Howard inflects the' lines in has shown his great in many respects to his own 

accordance with' ' their natural Ir ,r ch01ccs and juxtaposi- musical nature. 

meaaiS or indeed with anv ^ ons lhat tum out s ° stimulating On Wednesday at the early 
meaning. He ^ nSSt aTwell^S £ Performance even when they evening concert, the Lindsay 
singing- fSm k SS look ordina ^ on Quartet gave the first perform- 

score^Idon-t deny~tbe nhvsfcal P aper - The first week was notable ance of Hugh Wood’s Quartet 
SeSure i set from learin/Sm- for a number of chamher coo- No. 3. a single-movement work 
KBS ffiBftMS f e t rti! °* £ a ^ reeable variety and assembled from short sections. 


Requiem 

by CLEMENT CRISP 


add .tn-dwt Interest. me score signposted wun un- 

The wordt ^ actual sense of At machtftme in the Guildhall attributed literary quotations 
Then* miwW <, nn A 00 Tuesday, the gifted Arditti {from Donne, Herbert and 

se^MlSS^frt^tSI SJS‘ Quartet introduced to this others, I gather). Though these 
acten countr y a work by the Viennese indicate a basic programme of 

and-Oli^n^viSbrf^Z ~“POser Kurt Schwertsik. the wmtewprmg, darkness-lighL 
Tribunp^in 0 irf 2 t^ n ^ e Skizzen and Enheurfe was a com- grief-serenity kind, the differing 
imartrnf rMiSS missio ° from an art gallery— the moods in the music are not so 

TJJSs^UiSKrSJiSWShSJ Hamburg Kunsthalle. no less- much developed as set against 

f or their bicentenary show of the one another. P There are big 
Rome painter Caspar David Friedrich, gestures and big sonorities with 

Jeffery^ Dn?5 MCmntafiS^ ' ^ Schwcrtsik ^ a slightly surreal generous use of arpeggios and 
T"hp vrdSi«-r < 2.« n, onft®ne.. sense ot humour which leads widely - spaced accompaniment 
Jid J gL3?*£ inevitably to comparisons with figures. The result, in a render- 

<tatue»5eAufiSxi^bal?a head Satie, aQ affinity neither to be ing clearly devotedy prepared. 

c.fj- exaeserated nor dismissed. His was impressive but also, in the 
iSSLSOS S Aii score is prefaced with an instruc- warm and beavily-rcsonant 
the t Sme whM hi^^ hff'hand tion borrowed from C. D. Fried- Assembly Rooms, oppressive. 

hi. nimJ; rich: “ • - • these pictures are to Further chances of hearing the 
flSn be looked at to tbe aceompani- work will surely come soon to 
? i a iTTc ment of music.” son things out. 

S rescued Intons. Four picc€S respectively litlwl There was a single perrorra- 
fflSiddfne it The “ Hoquetus.” - Lied." ” Naeht- ance on Tuesday evening by Rye 
Se hiockG stuck ” and “ Ostinato-Bordun " String Opera of a double-bill — 
.'2? F alternate with " Fragments " of Pergolesi’s La servo padrona and 

JrtUnlS tens,h ««■ <!««■ <rf Mozart's Drr Sd.a^t^ir^.ar 

on P their «S??oenclose small cora P le tion. the last of them a The company was presumably 
are»5 or tfSimira? Sv wTus recent addition, not ending but selected on account of tbe 
fiM welWntn the Aldwvch The brM kiDg off, a musical equivalent Dushkin Chamber Ensemble 
fwiim? bvTert^HSS&m^lf more or ^ss of painter's sketches conducted by Michael Howard- 

£ *?fS 'wrSStotWlStwSE- ?. f v Cl0Uds ' fo,ia 5 e * drapery or Playing rough in detail but 
is of ten particulaTly i ter^t ^ limbs, in spile of the visual vigorous and full-blooded In 

onl^rn S T^ere a fal afnn ‘ li es this is musician’s music, general effect, producing in the 
^ftfn/ ^nmenr wblb Cor£ Schwertsik »S an experienced Theatre Royal sonorities 
fanus^standine apart behhHi the °rehestral player: everything unattainable for example in the 
iSwd cS S ° menacing “sits” precisely and effectively, low-roofed auditonum at Glynd^ 
chadnviic nn the hack' walL some obscure and muddy drone bourne. Both pieces were given 

shadows on the back wojl effecfjf }f] “ Ostinato-Bordun ’* with English recitative 

■= sound as exactly calculated as {Pergolcsi) or dialogue {Mozart) 

anything else. with arias and ensembles in tbe 

Schwertsik was preceded on original languages. Unfortun- 
this Decision by Webern’s Fh'e ately tbe productions were arch 
mot'evrents np. 5 and followed in intention and cute in execu- 
by Ligeti’s String Quartet No. 2. tion. Of the singers the two 
These engrossing performances men. Martyn Hill and Stephen 
and the even more striking read- Varcoe emerged with the most 
ing by the Canino-Ballista piano credit but that they were doing 
duo on the previous afternoon of in this gal&re. goodness knows. 
Ligeti’s Monument. Selbstportrdt No such reservations were 
and Beicetning, suggested the needed for Thursday’s big 
possibility that we may be enter- Mozart evening by the Monte- 
ing a Hellenistic age of music verdi Choir and Orchestra under 
with Webern as part-precursor — John Eliot Gardiner in Wells 
a time of small-scale sophis- Cathedral, pairing two great 
tication, subtle conceits and and dissimilarly incomplete 
stylistic ambivalence. The Ligeti works — the Mass in C minor and 
tvro-piano pieces were especially the Requiem. Strong perform- 
taklng. most of all the one with anccs. well-judged for speed: 
great dungings and misplaced Wells is good for sound as 
accents, like church bell* heard cathedrals go. but not foolproof. 
through an unevenly revolving Hearing the two works one after 
door. the other, the Requiem seems 

The Canino-Ballista recital also much the more consistent. Ihe 
included Schubert’s four-hand difference between the sublime 
Divertissement & la Hongroise, and the merely grandly impos- 
of which, even with such good ing parts of the Mass suggesting 
players, only the third move- that Mozart did not complete 
ment fully deserves public as the score because he was con- 
opposed to private performance, scious of the inequalities. 





Faure’s Requiem. written 
following the death of his 
father, may seem a gentle work 
when compared with the emo- 
tionalism of certain other set- 
tings, but its response to the text, 
to the religious matter of the 
mass for the dead, is no less 
serious- What MacMillan has 
done in his realisation of the 
score is to match at every point 
Faure’s refinement and subtlety 
of means: without bombast, or 
hysteria, or penitential wallow- 
ing, be finds images and streams 
of movement that treat with 
deepest sincerity of the hopes 
and fears we know in the face 
of death. 

I reported fully on the work 
at its Stuttgan premiere IS 
months ago. Now tbe Stuttgart 
Ballet has brought it to London, 
and it was seen in a triple bill 
on Friday night— or rather, 
partially seen, since Yolanda 
Sonnabend’s settings were 
mauled, and the lighting was 
horrid. Despite rhis, the piece 
was given a magnificent inter- 
pretation by its original cast, and 
stood revealed as a major work 
of art. MacMillan has avoided 
anything that is conventionally 
or commercially pietistic — I have 
long treasured the memory' of a 
staging of the Nun’s chorus 
from Casanova in which a group 
of chorus girls dressed as nuns 
collapsed, white bouquets held 
on their backs, to make a cruci- 
form pattern of black draperies 
and white blossoms, which is the 
sort of tosh to still an audience 
with the beauty of religious 
feeling. 

MacMillan’s procedure is 
totally other. Requiem opens 
with 50 dancers shuffling on 
stage at the Introitus, their 
mouths agape, fists beatinc 
heavenwards in a prayer for 
eternal rest: in the Offertorium 
Richard Cragun — gloriously ex- 
pressive — cries Tor liberation 
from the deep pit and the lion's 
mouth, bis body soaring in 
supplication and then curled in 
a knot supported on the ground 
by his hands. The most beauti- 
ful single moment in this 
beautiful ballet is that when 
Marcia Haydee is borne on and 
curves down to Cra gun’s body, 
touching him briefly on the 
shoal der in a fleeting cesture 
replete with hope. Haj'dee 
throughout incarnates the hone 
of heaven. To the inverted body 
of Birgit Keil in the .4(jnifci Dei 
she appears vet again as the 
promise of peace: in the Pie Jesu 
she has a solo of child-like 
innocence and trust: in the clos- 
ing In paradisum a blaze of light 
shines on the assembled dancers, 
and they leave the stage, walking 
t’n angelic couples, or home out 
in high lifts, with Haydee bliss- 
fully sailing in the arms of Reid 
Anderson and Cragun. 

Throughout, we can sense the 
freshness and potency of 



Reid Anderson and Egon Madsen in 4 Requiem * 


itfac.Millian's dance - language, 
which has found some of its 
inspiration in the drawings of 
William Blake. Poses like those 
of the three boys at the words 
O Domine in the Offertorium will 
be recognised by anyone who 
visits the Tate Gallery's Blake 
show. 

Requiem is a ballet that needs 
almost to stand by itself in a 
programme, so deep are the feel- 
ings it engenders, so powerful 
the performances its inspires 
from its admirable cast- Music- 
ally the score went well under 
Stewart Kershaw on Friday: the 
Ambrosian Singers were in fine 
voice, though 1 disliked both 
soloists- Biit when it comes to 
London again — or when Covent 
Garden summons up its courage 


and acquires Requiem for the 
Royal Ballet — Yolanda Senna- 
bend’s luminous setting must be 
seen in full: on Friday we were 
shown only three of the six 
translucent pillars that make up 
the design: and the ballet must 
be decently lit. 

The rest of the programme 
brought our first view of choreo- 
graphy by one .of Stuttgart’s new 
talents. William Forsythe’s Flore 
is a young man's ballet, full of 
Balanchinesque fervour, lo 
Handel concert] grossi. It is 
right that Forsythe should show 
that he can deploy dancers in 
plotless dances, and he also pro- 
vides excellent design for the 
piece. The pas de deux work 
is often over-complex, and the 
ballet is far too long, but 


Forsythe is a fluent step-maker, 
which is a good thing, and his 
dancers— notably his quartet of 
soloists: Annie Mayet and Lucia 
Montagmm. Barry Ingham and 
Kurt Speker — do him proud. 

About John Neumeier's Der 
Fall Hamlet {The Hamlet Case), 
also in the programme, 1 can 
record that Haydee. Craguo, 
Madsen, Anderson and Lucia 
Montagnon are all involved; that 
it boasts a score by Aaron Cop- 
land having all the dulcet charm 
of a berserk steam-hammer: and 
that it merits the attention of 
the Royal Society for the Preven- 
tion of Cruelty io Audiences. The 
dance style is harsh: psyches 
rampage; characters are garotted 
between other character's" thighs; 
maybe we are seeing Elsinore's 
team for It's a Knockout 


Glyndebourne 


Don Giovanni 


The revival of Don Giovanni 
in Peter Hall’s now celebrated 
production {rehearsed by 
Stewart Trotter i brings another 
chance to admire the intelligence 
and perception of the handling 
and. with the aid of John Btiry's 
adaptable sets, the admirably 
continuous flow of the action. 
Also, and rather more strongly 
than before, the grim determina- 
tion of producer and designer to 
rid this opera of conventional 
Latin-country glamour. 

There is a new Giovanni, the 
American baritone Brent Ellis, 
beard last year as Ford in 
Falsrajf. Mr. Ellis is an excellent 
singer with a compact, well- 
fnrnted voice and a gift for 
absolutely clear, rhythmically 
secure, rapid declamation {in- 
valuable for Giovanni’s repartee 
and for the drinking song). There 
is so far not much range of 
colour: the singing never dis- 
appoints. but it produces no 
surprises. 

In appearance Mr. Brent abets 


tbe Northemisation of the set- 
ting. a snub-nosed Lieutenant 
more likely, one feels, to be lead- 
ing a commando raid than plot- 
ting seductions in Seville. A 
potentially dangerous customer, 
but not obviously marked down 
for Hell. Stafford Dean is back 
as Leporellu. tbe mainspring 
(though Mr. Dean is anything 
but a selfish performer) of this 
cast with bis command of the 
stage, burnished voice and razor- 
sharp timing. There is a new 
Com men da to re. Leonard Mroz 
from Poland, who would seem 
better sfiii if one could forget 
Pierre Thau. But the most 
interesting of the newcomers is 
the Anna. Nonna Sharp, an 
American soprano noticed last 
year at Bayreuth, shows achieve- 
ment as well as promise in this 
assault-course of a role. And she 
brought the quality of surprise — 
one was not prepared for the 
sudden melting of her tone in 
the sextet. 

Kenneth Montgomery conducts 
(Nicholas Braithwaite takes over 
later. With the aid of the 


London Philharmonic. Mr. .Mont- 
gomery supplies some of the 
Southern languours missing on 
stage. They are worth it, even 
at the expense of sonic- taut ness 
in ensemble. Others who return 
from one or other of the 197T 
casts are Rosario Andrade 
(Elvira j. Philip Langridge 
(Ottavio i . Elizabeth Gale (Zer- 
lina) and John Rawnsley 
(Masetto). One development 
that is not an improvement is 
the back-lighting for the Act 2 
scene with Elvira. Giovanni and 
the disguised Leporello — last 
year one could see Leporello' s 
features, now they are lost. But 
the liehtinu of the sextet, though 
it is a little fussy, helps the 
action while maintaining the 
fiction of darkness On Friday 
the first-act quartet “Non ti 
fidar” came as near the ideal 
fusion of word, movement and 
music as one is likely to sec — a 
long way nearer than efforts 
dignified with the dread term 
“ music theatre.” 

RONALD CRICHTON 


tv JKI7.] 

:)/ !ta- 
du-:-: oS-;C! 

a.'rcsd? 2 ? 
r.al iriCrT. 
;vi Aa-lnJj: 
-:d ‘A -7^32 
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d.< 

.v.vi X iiJ 
dJ " live OJL’fci 

ill WhiiSi.- 

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• ; • -.!■>: : 


Covent Garden 

•s 

\ Pavarotti 

by\ ELIZABETH FORBES 

{ 

t 

To judge ; by the applause, ecstasy usually reserved for pop 
Luciano Pavarotti's numerous singers, while less spectacular 
admirers, who filled Covent itch's of his programme, which 

Garden to tan*. iTnTtf j£5T«S 

Italian, tenors reiltal last ni D ht. , nen( j ous ovations, 
would obviously have preferred xn the group of classical 
-their idol to sing nothing but Italian songs with which the 
operatic music by Verdi or Doni- rec Ital opened. Gluck’s 44 Che 
zeiti. The excerpts from La senza Euridice? ” was sung 

trariata and Lucia <ti Lammer- t 00 wide a vibrato, but in 

moor that he included were re- •* fl Pro costume.*' a splen- 
: '• Alan Howard 'ceived with the raplure and djdjy ironic piece on the destruc- 

• ' r . ' tjveness of Cupid, from 

'• • .. * Legrcozi’s opera Eteocfe e 

Towngate, Basiiqon PoUnicc. (1675), the tenor's elo- 

. r O'---. . . qnent diction was admirably 

• - . • v • " employed, while a genuine trill 

• • .1 I irl (~\\J Q H I set the seal on his interpretation. 

I J I 18 1 \JIu V CilllJJL Similarly, in the 19th-century 

' ; -- songs that followed, Beethoven’s 

Operas, iauaznB 

SrSS’« aeasAasiss « r-s-T-* 

Iso JBS5TI -iT 1 B 

fStrSbSSiS obene^rSe SMtaom. vocally light-weight but Zerlina. but her singing sounds surprise item .or the programme. 
Town sate Theatre. Basildohl with enough strength or purpose fresh and spontaneous.. Martin Their vers wide range caused no| 
Though .It is ° wroS . to pretend to uphold hts defiance or the Nelson’s Masetto is a believable difficulty to this singer, while a 
th^r imthnsfasm can afwai’S coni- a veh sing 'statue when retribution character with a mind of his certain element of theatricality 
S DrSsional overtakes him own, and no stupid country introduced by the composer wasi 

Penmate fpr UicTtoT professional ovenaKes niro- anna homnkir.. John Rushbv-Smith well suited to Mr. Pavarotti's 


Towngate* Basildon 


entertainment 

GUIDE 

CC — Thes* theatres accent pertain credll 
Cards br teleohone or at toe bo* office. 

OPERA & BALLET 

COLISEUM. Credit cares 01-2*0 5258. 
R-rservations 01 -836 Slnl Until Sal. 
Eves. 7.30 Mats. Wens. .irOJ Sa(s. at 3 
STUTTGART BALLET T , 

Ton t.. Tomor. and Wed. mat- ilnnere i 
Not. Near Macmillan Eailct. Sons c l tno 
Earth Weo eve Inncre Not. New :Mac- 
rnllllan Ballet. Reouiem. Thur. Fri.* anO ! 
Sac. Ehh Tide. Carmen. 96 oalconv : 

aiwavs available Irani io a m. Oi* ol I 
oertormjnce. June ta to 2J LONDON 
FESTIVAL BALLET. 13 re 16' Ups 
Svfphidei. Greening fnew or oany. 

Sch eheraaj dc ^ 

COVENT GARDEN. CC. 240 1086' 
(GardencnAr^E credit cards Bj& 690s.il 
THE ROTAL OPERA 

Tomor. A Fri. at 7.30: P.ismiecto. Wed_ , 
at 6.00: Tristan ond Isolde. Thur. at 
7.30: Falttafl. Sat at 7.30: Madama i 
Eutierflv. 65 Amoni 1 seats avail, for all 
Berts, tram TO a.m. on dav Ol peri 
THE ROYAL BALLET 
CHANGE OF PROGRAMME JULY 1978 
The Roy* I Opera House rearers that oro- 
oramme cr-anoM have had to op made 
to accommodate recent plans tor the 
television companies involved in the | 
transmission to the Unrted Stares of the ■ 
Drogrammo on July 22nd. 

The prcviokislv annoaficcd ecrformances 
hive had to De altered ind tne rev«soc 
programme *of the ►'•Jvk at July J 7 «s i 
follow*: 

MONPAY 17 July: FOUR SCHUMANN 
PIECES' THE ArEEIRD THE CONCERT 
TUESDAY 18 JULY: NORMA 
WED.vSvAY 19 JULY: ANAS I A5I A 
THURSDAY 20 JULY: ANASTASIA 
FRIDAY 31 JULY: NORMA 
SATURDAY 22 JULY: TV PertOrrnance 

SHEET 

MENISELI-iE SYNCOPATIONS. 
Uniartunateiv these chaoses have caused 
a delav in the return or postil appli- 
cations aim PERSONAL < TELEPHONE 
BOOKINGS FOR JULY BALLET PER- 
FORMANCES WILL NOT NOW OPEN 
UNTIL JULY 1. Priority allocation ror 
the above performances will oe, Gwen to 
postal applications already received. The 
Royal Opera House areally regrets these 
change, an d , any inconvenience cause d. 

CLYNDEBOURNE FESTIVAL OPERA. I 
Until Aug. 7 with tne London Phn- ! 
harmonic Orchestra. Today. Wed.. _ Fri, I 
* Sun at 5J0. O-e Zauhertlow 1 
Tomorrow. Thur. and Sat at S.3D: Don 
Giovanni. Possible returns only Bo* 
office Glvndebournc. L«MS. E Sussex 
(0273 aljUl.i I 

Sadler s wells theatre. Rosubcrv 1 
Are.. EC I. 837 1 672. Until 17 June , 
GONG &AWAN I 

Mui.c and dance* trom Bali 
Evei. 7.30. Sat. Mil 2.30 


' . I-'-' 


r.jT. C ' 

J.ii ! -• 


. , v -'-' s 






:, .K : 'r3r;V. 


e-:- c 






Gtoiw^' at Glyndebourne the kept in suWujativn throughouti Burrell, has the vigorous, ifewh- and content were most equally 
nr^oms -niaht 1 was neverLhe- he phrases “ DalJa sua pace” imeal beat necessary to keep the matched The sentiments of 
^ "Sorted ^ is. sung- in Geoffrey performance moving and tbe “ Ajinte- and - Ideate.- sympa- 

TvovJnrw.an«N* ‘ Dunn’s English translation) ensemble together without ibeticafly phrased by a voice of 

° P iamec^ Gre\ J s solid 4ookin- w th K'rical ardour, but loses un'due hustiing of the singers, such calibre, and accompanied 
James E. Gre> a ^ solid Jookm^ wt« . » a ro>f .. Mi t radi ’’ is The small orchestra plays with the discretion tbaL John 

permanent-*^ .solves tn^^oo- • which seems a shame, devotedly for him, and if string Wustnian brought to the piano 
lem-of cwitmulftf. wWJe.sMmmq pjlaine Padraore sings the lone occasionally sounds under- parts, can provide a genuine if 
n? -whrrr^thr 6 Com rest of Donna Elvira’s music so nourished, it is through lack of transient thrill In “ Marechiare " 

2Wg n0t 0f a “ Wff ™ rt over- 
RcSack Hom’s produ ction ^o monomania: seldom have _ r -. - _ ELIZABETH FORBES ^^ence^njtremolo.^^ ^ 

■ • ~ ” 111 — -i rfl^ M *-^‘wwm|'| tecnth-century opera it was 

neither Alfredo’s “De’ miei 
bollcnti spiriti" from La 

This announcement appears as a matter of record only. traniatit. which was sung with- 

out much involvement nor 

\. Edgardo's “Tombe degU avi 

miei” from Lucia, fully com- 
__ n rtr ._, .rrwMT mined, but unnecessarily foud, 

■ "RAlfTPT? TMTERNATIONAL COKxURATION that deserved the most applause: 

. juuuai\uiEM more subtly phrased, interpre- 

: ted with deeper Insight and 

nnex " better disciplined in volume of 

U.s. $20/000,000 tone, Nemorino's “Una furtiva 

• lagrima" from L'elisir d’amore, 

: - sung as an encore, rightly won 

Eurodollar Revolving Credit Facility I | musical content vocal style and! 

. ■ interpretative insight were 

. balanced in proper proportions, 

and immediately a feat of show- 

- Henry Schroder Waggt Co. Limited » rehHc 

Algemene Bank Nederland N.V. Swiss Bank Corporation (International) Limited Sodety 

Morgan Grenfeil & Co. Limited S.G. Warburg & Co. Ltd. appointment 

.. .. Simon Rattle hqs been 

• ■ -. appointed principal conductor of 

" Manager the London Choral Society from 

_ T :r«;torl September 1979. Mr. Rattle, who 

T Hprirv Schroder Wagg & Lamiiea } S 24, is assistant conductor of 

j.xwujr 00 ^ BBC Scottish Symphony 

Orchestra and associate con- 
ductor of the Royal Liverpool 

^ phiUjarmonic Orchestra. 


BAKER INTERNATIONAL CORPORATION 
U.S. $20,000,000 

Eurodollar Revolving Credit Fadlity 


j. Henry Schroder Wagg & Co. Limited ... 

Algeinene Bank Nederland N.V. Swiss Bank Corporation (International) Limited 


Morgan Grenfell & Co. Limited 


S-G. Warburg & Co. Ltd. 


Manager 

J. Henry Schroder Wagg & Co. Limited 


THEATRES 

-DELPHI THEATRE. CC. 01-838 7b IV 
Evas. 7 ZO Mats. Thbrs. S 0 Sacs. 4.0. 
IRENE 

THE BEST MUSICAL 
OF 1976. 1977 and 1978 
IRENE 

- LONDON'S BEST NIGHT OUT.'* 
Sunday PeoBle. 

already seen by OVER_ one 
MILLION HAPPY THEATREGOERS 
CREDIT CARD BOOKINGS 836 761 1_ 
AL0ERY. 836 3578. Parry Rates. Credit 
card hkos- 836 1971-3 from 8.30 a.m.- 
Bjo p.«"- Mon.. Tires.. Wed. and Fri. 
7.45 D.m- Tnurs. and Sa:. 4. SO and B-OIL 

- A THOUSAND TIMES WELCOME IS 

* LIONEL BART S 

MIRACULOUS MUSICAL.*’ Fin. Times. 

OLIVER I 

with ROY HUDD and JOAN TURNER , I 
-CONSIDER YOURSELF LUCKY TO BE' 
ABLE TO SE£ IT AGAIN." Dally Mirror. 
ALDWYCH. 836 6404. Info. 836 S332. 
/FULLY AIJI-CONDITIONID 
ROYAL SHAKESPEARE COMPANY in 
mcrtoire. TonRiht 7 JO CORIOLANUS. 

- The Kronpest. clearest and most con- 
ilstent Shakmpeare I have wen anv- 
where lor years." S. Times. With irom 
June 13- Strindbergs THE DANCE QF 
death. R5C *l»o at THE WAREHOUSE 

under W> and at tne Piccadilly 
w tre m Peter Nichols' PRIVATES ON 
PARADE. 

AMBASSADORS. 01-836 1711 

Nipniir at B.OO. Mil Wed. 2.4S. 
PATRICK CARGILL and TONY AN HOLT 
in SLEUTH 

Tne Worid'lamous Thriller 
by ANTHONY SHAFFER 
seeing tne play again is m tact 3 n 
utter and tout, toy." Punch. Seat Prices: 
«.i oo t° ZA.AO. Dinrtr and Toa-Price 

So u L7.S0. 

APOLLO- O’-AS? 2663. Evenlnos 8 . 00 . 
Mats. Tnu-s. 3.00. Sat. 5.00 and B.OO. 
DONALD SINDEN 
Actor el the Year. Ev. Standard. 

■ 'HyfERB,-* N4.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
" Wi ckedly tunny." Times. 

ARTS THEATRE. ■ 01-836 2132. 

TOM STOPPARD'S 
DIRTY UNEN 

•• Hilar', out ■ - - set it.'* SurtdJy Times. 
Monday io inuriday SJO. Friday and 
Saturday at 7.0 and 9.1S. 

ASTORIA TH 6 MTIE. Charing X Rd. 'with 
fully license! Restaurant). 01-734 4291. 
Nearest tune Tottenham Court Rd. Mon.- 
Thi/n. 8.00 djb. Fri, 4 Sal. 6.00 A 8AS. 
Instant credit card docking. 

** Infectious, mealing, tuet-sttwnwng and 
heart thu mo mg." otsenrer. 

Sea* pr J c S n i^9,* ES SD - Dlnner-too-wke 
seat £5-50 HBM-hour before ihorr ear 
available tou-ortee Mlceu £2.50 Mon- 

EVENING standard award 


THEATRES 

CAMBRIDGE. 836 6056. Mon. ta Thun 
8.00. Friday. Saturday 5.45 and 8J0. 
(PI TOMBI 

Evening Black Airican Musical 
•• The girls are oeaunfui. bare and 
bounring," S. Mirror. 

THIRD GREAT YEAR 
Dinner and ;oo.&r'Ce seat £8.75 md 

CHICHESTER. " -0243 81312. 

Tonight. June 7. S a: 7 00. June 10 
at 2 . 00 . 

A WOMAN OF NO IMPORTANCE 
June 6 mo it 7.00 June B at 2.00. 
THE I NCO NSTANT COUPLE 

COMEDY 01-930 2S7B. 

£<go. 0.00. Thur. 3.00. Sat. S 30. a.30. 

MOIRA LISTER. TONV BRITTON 
Margaret COURTENAY. Dermct WALSH 
The Hit Comedy mr.ller 
MURDER AMONG FRIENDS 
" 8<j.:s mail, armed robber/, double bluft 
and murder." T mes. ** A good deal ol 
bn. 1 ' ev ening News. 

iCRITERlON. Creiir Cares. 930 3216. 
\ Evenings 5.0. So: 5 30. 0 30. Tnurs. 3.0 
\ NOW IN ITS SECOND YEAR 
\ LESLIE PHILLIPS 

\ in SIX OF ONE 

•. VERY FUNNY." Sun. Tel. 

1. SECOND HILARIOUS YEAR 

ORUHY LANE. 01-9 36 8 1 09. Ereni 
r.ight E DO Matinee W?o. jrio Sat. 3 00. 
A CHORUS LINE 

'* A tore devastating. ia>ous. astonish. ng 
V s tunner ‘ Sunday Tim es. 

DUCHEis. biO 9243 Mon. LO Thurs 
E.cnings 8 Ou. Ft,.. Sal 6.15 arut 9 90. 
OH' CALCUTTA! 

" The Nudnv is ktunmna " Daily Tel 

Bin S«ns j-..onai Year. 

DUKE OF YORK'S. 01-836 SI22. 

Evening^ 3 00. MJL. Wed.. Sat. 3.00. 
JOHN GIELGUD 
>n jjhjn M,:.- noil's 
HALF-LI Pk 

A NATIONAL THEATRE PRODUCTION 
*■ Brili.anttv witty . . no one shDuio i 

miss it." Harold Heoson (Drama) instant 
credit card reservations. Dinner and , 
top - price s eat L7.00 . 

FORTUNE. 836 2238. Evgs. 8.00 Thur. 3. 
Sat. 5.00 and 8 00 

Mur, el Pavlov, as MISS MaRPLES in 
AGATHA CHRISTIE S 
MURDER AT THE VICARAGE 
Third Gr eat Year. 

GARRICK THEATRE. CC. 01-526 4604. 
Ev 9S. 8 0 Mat. Wed. 3 0. Sat S 30. 6.30 
TIMOTHY VsEaT. GEM MA JONES 
MICHAEL klTCHEN 
■ n HAROLD PlNTbPS 
THE HOMECOMING 
" BRILLIANT A TAUT AND EXCEL- 

LENTLY ACTED PRODUCTION ** D. Tel. 
"AN INEXHAUSTIBLY RiCH VlGRK.* 
Gan " NOT TO BE MISSEO. ' Times 

I GLOBE THEATRE. 01-437 1592. 

■ Ev.is 8 13 Wed. 3.0. Sat 6 0 9 40. 

I PAUL EDDINGTON. JULIA McKENZIE 

BENJAMIN V/HITROW m 
I ALAN At CK BOURN'S New Comep, 

| TEN TIMES TABLE 

■ ' This must Be the haepicsi laughter- ' 
maker in London " D. Tel. ' An irresisi- . 
iblv cnjovaric evening " Sunday Times. . 

GREENWICH THEATRE. 85 B 7755. 

Evertinss '.JO. Mars. Sari. 2.30 
THE ACHURCH LETTERS 
A play bv Don Taylor. 

" Sura Kesteiman is superb as Acnurth 
.. . Julian Curry 'S a Splendid S n aw, " FT. 

HALF UOON THEATRE. 430 6465-438 

* WE CAN’T PAY ! WE WON’T PAY ! 

23 May-1 7 June at B P . m. _ 

HAY MARKET. 01-930 9832. Evgs. B.OO. 
Mats. Weds. 2.30. Sal. 4.30 and 8.00. 
INGRID BERGMAN 
WENDY HILLER , , 
OERER DORIS FRANCES 

GODFREY HARE CUKA 

In 

WATERS OF THE MOON 
" Congratulations on complete capacity 
and record making show. Must unfor- 
tunately tinish on July Is; owing to 
commitments of MI55 Bergman and Dame 
We ndv Hiller." 

HER MAJESTY’S. CC 01.930 UH. 
Evenmgs 8.00 Mats Wed. & Sal. 3 00. 
BRUCE FORSYTH 
in LESLIE BRICUSSI and 
ANTHONY NEWLCY'S 
TRAVELLING MU5IC SHOW 
with D«res Griffiths 
Directed by BURT SHEVELOVE 
■* || is packed to bursting point with 
the personality and sheer energy Ol Bruce 
Forsyth." 5un. Express. " The audience 
cheerea." S unday Telegraph - 

KING’S ROAD THEATRE. 552 7488. 
Mon. :a Thurs. 9.0. Fri.. Sat. 7-jQ. 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEAR 
THE GREAT ROCK 'N' ROLL MUS ICAL 

LONDON PALLADIUM.CC. 01-437 7373. 
Mon.. Tucs., ThurS. jnfl Fri. at 8. Wed. 
and Sars. at 6.10 ano 8.50 
THE TWO RONNIES 
In a Spectacular Comedy Revue 
ALSO SPECIAL SUNDAY PERFS. 
Sundays June 75 and July 16 at S & 8. 
Special Booking Hotline 01-437 20S5 

LYRIC THEATRE. CC. 01-437 3686 
Ev. B.O Ma:. Thurs. 3.0. &al. 6-0 8. 8J0. 
JOAN PLOWRIGHT 
COLIN BLAKELY 

FI LUMENA 

MERMAID^ 248 7656 Restaurant 24B 
2B3S. Wed. 10 Edl. UO. Mats. Wed.. 
Fri. and Sat- at 5.45. Last week. 
TOM CONTI. JANE ASHER 
WHOSE LIFE IS IT ANYWAY? 

Mgn. ana Tue$. at 8.15 p.m. 

Alec McCowen's 
ST. MARK'S GOSPEL 
{Suns, at 7.30 p.m. an seats sold) 

Prov. June 13. Opens June 14. 

Subs. 7.30 and 9. IS 
EVERY GOOD BOY DESERVES FAVOUR 
A Piece tor Actors and Orchestra, 
by TOM STOPPARD A ANDRE PREVIN 
Seats £4. £3. £2. 


THEATRES 

NATIONAL THEATRE. „ 92B 2252. 

OLIVIER looen Staoel: Ton t. 7.10 {red. 
pr. prey.) Tomor. 7 fooenl MACBETH. 
LYTTELTON 1 proscenium stagel: Ton't. 
A Tomor. 7.45 PLUNDER Bv Ben 
Tracers 

COTTESLOE (small auditorium i Ton t. 
& Tomor. 8 LOST WORLDS 0, Wilson 1 

i onn Hairc. 

laiw excellent cheap seats all 3 
theatres day ol perl. Car pan. Restaurant 
928 2033. Credit card bk 9 s 923 3052. 
Air conditioning. 

OLO VIC. KS 7616. 

Mav 25-June 2 
INTKRI4AI IONAL SEASON 
The International Turkish PUve-s in 
The Turulsh Clogs bv Neca-.i Cumaii. A 1 
musical c-medv in English bistd on a 
Turlisn Assit, Today at 2 30 S 7.30 
PROSPECT AT THE OLD VIC. ! 

a Weex ol Sundays June 11-17. I 

l s' a Biair Julian Clever. n*iM1 Inn?- 1 
•.ant. Derek Jacobi. John Rev/e Pruneil? . 
Scales. Timothy Wes:. Timotn, West as 
S.Oney Smith in Smith of Smiths. 

The Grand Tour I 

Derefc Jacobi as Bvron in 

The Lunatic. The Lover & the Peel. | 

OPEN AIR. Regent's Park. Tel.- 496 2431 | 
A MID5UMMER NIGHTS DREAM 
Evgs. 7.4 S. Man. Wed.. Thur & Sat. 

2 30 with RULA LENSKA, IAN TALEOT. 
ELIZABETH ESTENSEN. DAVID WESTON 
HELEN WEIR. ANTHONY SH ARP. 

PHOENIX. 01-836 2294. Evenings & IS. 
Friday and Saturday 6 00 a id 8 40. , 
"TIM BROOKE TAYLOR GRAEME. 
GARDEN make us laugn " D Mail in 
THE UNVARNISHED TRUTH 
Tttc- Hi! Comedy by BOYCE PYTOM 
" LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED." Sunday Times. " SHEER 
DELiGHT" E. Standard. GLORIOUS 
CONTINUOUS LAUGHTER.' Times 

PICCADILLY. 437 4506. Credit care dVqs 
B 36 1971-3. B.3D a.m.-BJO p.m. 

Evgs 7 30. Sat 4.30 & B. Wed mats 3 0. 

Roval Shaktsneare Company In 

THE OUTRAGEOUS ADULT COMEDY 
ov Peter Nichols 
PRIVATES ON PARADE 
*■' Riproaring triumph." S. Express. 

_ BJE5T COMEDY OF THE YEAR 
Ew. Scd. Award and S.W.E T. Award. 
FULLY AIR-CONDITIONED 

PRINCE EDWARD CC. 01-437 6877. 

Rea. price prott.. June 7 2 13 ana 20 at 
5 0. June 17 S 30 and 6 30. Oaens 
June 21. 

EVtTA 

PRINCE OF WALES. CC. 0T-93& 9691 
Monday to Friday at 6 o m. iaiu'daw 
« 5 30 and B.«t 
LONDON AND BROADWAY'S 
COMEDY MUSICAL HIT' 

I LOVE MY WIFE 
narrina ROBIN ASF WITH 
■■ ALL JUST GOOD CLEAN FUN 

Daily Express „„ 

CPEDlT CARD BOOKINGS 930 0847 

i QUEEN’S THEATRE.' C'C~ Tw 34 >166.' 
E«qs. 8.00 Wed. 3.00 Sal SOS 8.30. 

I ANTHONY OUAYLE 

FAITH BROOK MICHAEL ALDRIDGE 
| and RACHEL KEMPSON 

I W & a 

BEST PLAY OF THE YEAR 
Plays and Players London Cnncs Award 
Directed ov CLIF FORD WIL LIAMS 

RAYMOND RBVUGBAR. CC. 01-734 1 593 
At 7 p.m.. 9 p.m.. 11 o.m. iocen Sunoav) 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

Fully Arr-CondKtioned. You may drink 
and smoke in the auditorium. 

RECENT THEATRE.. G37 986 i. 

Eves. 0.30. Fri.: and Sat. 7.0 and 9.0. 
"Elegant. Bood humoured engaging." Gdn 
THE CLUB 
. A new musical 
Caustis and Cornu: Times 
** Show scores in songs." D. Tet. 

■* Unna Thorsen a revelation " Times. 
** WE LCOM E TO THE CLUB " E-N. 

ROYALTY. Credit Cares. 01-405 8004 
M-noay-Tnursdav evening 8.00. Friday 
5.30 and 8.48. Saturdays 3.00 ana Q.OO- 
London trliics rate 
BILlY DANIELS In 
BUBBLING BROWN SUGAR 
Best Musical ol 1977. 

Bookings acceoted Maio r reran taros 
Soeclal reduced rate for matinees *or a 
limned period only. 

ROYAL COURT. 730 1745. Air cond. 
Toni, at : 7.45. Tomor. a: 8 
Lucmda Childs, Ratwrt Wilson m 
_ I WAS SITTING ON MY PATIO 
THIS GUY APPEARED I THOUGHT 
I WAS H ALLUCIN ATING 

SAVOY THEATRE. 01-836 B82B. 

Opening June 13. TOM CONTI m 
WHOSE LIFE IS IT ANYWAY » 
with JANE ASHER 

*■ A MOMENTOUS PLAY; I URGE YOU 

Evgs. « 8.0. Fri, and Sat, ^5, 45 J*a B.45. 

SHAFTESBURY. CC. 83S 6596. 
Sttaltesburv A*e WC2 ,H, B n Helborn rndi 
Evgs. at B.OO. Mats. Tu^ and pat 3 uu 
JOHN REARDON^ and JOAN DIENSR In 

* A SMASH HIT. 1 1 JHIS MUSICAL HAS 

a. m =T p ESS M !8K,fe i rT S- ui7. 

SHAW THEATRE. 01-388 1394. 

Prevs. Fri. & Sat. 7.30. ALL SEATS £1. 
Opens June 12 at 7.00. Sub*- Evas 7 30 
I'M TALKING ABOUT JERUSALEM 
by ARNOL D WESKE R _ 

STRAND. 01*836 2660. Evenings 3.00. 
Mat. Thurs. 3.00. Saturdays 5.30 A B.30. 
NO SEX PLEASE— 

TH E WORLD’S R G REATEST 
LAUGHTER MAKER 
GOOD SEATS £4.0D-£1 -50- 


THEATRES 

ST. MARTIN'S. CC. 836 > 443. Evg*. 8.00. 
Mai,n " dnd "■ 

WORLD'S^LONGEST RUN 
26th YEAR 

TALK OF THE TOWN. CC. 734 5051 . 
8.00. Dining. Dancing lEars open 7.15). 
9 30. Super Revue. 

RAZ2LE DAZZLE 
end at 11 P-m. 

LOS REALES DEL PARAGUAY 

THEATRE UPSIAIR5. 730 25S4. 

Evenings 7 30 n.m 
1378 YOUNG WRITERS FESTIVAL 


VAUDEVILLE. 836 9988 CC. Evgs 8.00. 
Mat. Tues. 2.4 5. Sat. S and 8 
D/nan SHEPIDAN DulClc GRAY 
E leaner ■ U MM ER FIELD James GROUT 
A MURDER IS ANNOUNCED 
THE NEWEST WHODUNNIT 
Bv AGATHA CHRISTIE 
•' Re-enter Agatha with another who- 
dunnit nit. Agatha Christie is stalking the 
West End vet again with another ot her 
hendlsl-.lv Ingenious murder mysteries. 
Feu* Barker Eveninu Nears. 
AIR-CONDITIONED THEATRE. 

VICTORIA PALACE. . 

Book Now. 01-828 4735-6 01-634 1 317. 
STRATFORD JOHNS 
5HEILA HANCOCK 
ANNIE 

Evgs. 7 30. Mats. Wed. and Sat. 2.45. 

WAREHOUSE. Donmar Theatre. Covenr 
Garden. 636 6608. Roval Shakespeare 
Company. TONIGHT 7 30 David Rudl In s 
THE SONS OF . LIGHT. " Sheer POeUC 
energy," Guardian All seau £1.80. 

Adv. bkg*. Aldwych. Student Standby £1. 

WESTMINSTER. 01-334 0283. 

SENTENCED TO LIFE 
bv MUGGERIDGE and THORNHILL 
•• TRENCHANT HUMOUR." D. Telegraph. 
SHARPLY TOPICAL." Financial Times. 

- Tremendous Impact." NoW. 

. Evgs. 7.45 Mat Weds. 3. 30. SaL 4.30. 

WHITEHALL. 01-930 6592-7765. 

Evgs. S.30- Fri. and Sat. 6.45 and 9.00. 
Paul Raymond presents the Sensational 
Sex Revue ol the Century 
DEEP THROAT 

Due to overwhelming nubile demand 
Season extended. 

WINDMILL THEATRE. CC. 01-437 6312. 
T*lcc Nightly 6.00 and tO.OO 
Open Sundays 6.00 and 6 00. 

PAUL RAYMOND Presenu 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

■■ Takes t> unprecedented limits *hat Is 
permissible on our stage." Eveng News. 
You mav drmi and smoke >n the 

Auditorium. 

i WYNDH AM'S. 01-^36 502S_ Creoit Card 
Buns. 936 TG71-2 irom 8.30 J m to 
5.30 pm. Mon -Thu s. S. Fr,. and Sat. 
5.JS S..J.0 
ENORMOUSLY RICH 
VERY FUNNY.' E.enmg Ne«s 
Marv 3 Mailer s smash ,,,• comedy 
ONCE A CATHOLIC 
— Supreme Cunn-J, on re, and religion. 
D.-,iv Telcaraa- 

- MAKES YOU SHAKE WITH 

LAUGHTER.' Guardian 

YOUNG VIC tnear pla Vlci. 928 6363. 
Prcvl. Horn June 15. Eves i.*5. Ben 
Jonsons BARTHOLOMEW FAIR. 


CINEMAS 

ABC 16 2, Shanes burv Ave. B36 8861. 
Ap. PerK. ALL SEATS BKBLE. 

1: GRAY LADY DOWN lAl. Wk. and 

Sun.: 2.00. 5 20,. B.20- 

2: THE GOODBYE GIRL tA). Wk. and 

fan.: 2 . 00 . 5.10. B. 10 . 

CAMDEN PLAZA. -Opo Camden Town 
Tuhel, 485 2e45. Brigitte Ftasev In 
La Cntanu du Placard <AA) 3.05. 5.00. 
7.00. 9.0 5. 11. 00. _ 

CLASSIC 1. 2, 3, 4. Oxford Street. JOnn. 
Tottenham Court Rd. lube). 636 0310. 
1: Alan Bates. Susannah York. the 
SHOUT IAA1. Press- 2 . jO. 4.3S. 6 40. 

2 1* Char lion Heston GRAY LADY DOWN 
■A'. PtOQS. 1-10. 3.36. 6.05, 8-30. 

3: LAST 3 DAYS' Walt Disney i JUNGLE 
BOOK fU). WAHOO BOBCAT (UJ. Progs. 
l"o 3 45. 6.00. BJO. 

4: Bertotacel's 1900 Part 2 (X). Progs. 

2.30. S.20. 8. IS. 

CURZON. Curion Street. W.l. 499 3737. 
PARDON MON AFFAIRE {XJ. 'English 
subtitles ) Progs, at 1 .SO mot Sun.), 
3 SS 6.10 and 8.30. Held over for 
5th Great Month. 

LEICESTER SQUARE THEATRE (930 5252) 
COMING HOME (X).SCP P«9F- ■ Mo«-- 
Sat. 1.30. 4.45. 8 10. Sun. 3 30-7.45. 
Scats mav be booked in advance nr 
8.10 prog. Mon. -Fri. and all prog*- Sat. 
and Sun, 

DDEQN. Hivmarkcl f930 2730 2771.) 
jane Fonda. Vanet-M Redgrave in a Fred 
Zinnemann him JULIA (A). Sop Progs. 
Dlv. 2-30. 5.45. 845 Feature Div. 
2.45. 6.00. 9.00. AH teats hkblc at 
Theatre. 

ODEON, Leicester Sduarc. (330 6111 J 
CLOSE ENCOUNTERS OF THE THIRD 
KIND fA'. Sep. progs. Dlv Doors open 
1 OS. 4.15. 7 45. Late Show Fri. and 
Sat. Doors ouen 11. IS p.m. All seats 
mav be booked. 

ODEON. Marine Arch. (723 2Qll«2.i 
THE BETSY <X). Sep. progs. Mon. -Sat. 

1.30. 4.4S. 8.1 s. All seats bkhie except 
1.30 pert. Man.-Sat. 

PRINCE CHARLES. Lew. So, 437 31 8 J, 
MEL BROOKS HIGH ANXIETY iA). Sep. 
Peris. Dlv. line. Sun t 12.15. 2.45. 6.15. 
9 DO. Late Show Nightly 11 . 45 . Seats 
Bookable. Licensed Bar. 



l 


V 


J.VJ 

financial times | Whitehall v. 


Financial* Times Mon^yi ;^tte ■ i^;1$7BLL T .'•<• | 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4B7 
Telegrams: Finantimo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Monday June 5 1978 


SALT in the 
balance 




over monitoring public money 


BY DAVID FREUD 


THE PAST few days have sera 
a distinct toughening in Ameri- 
can attitudes towards the Soviet 
Union. After a period of some 
confusion last week, U.S. air- 
craft arc now in operation to 
hel-p protect Zaire from a new 
invasion and Washington is 
taking an increasingly firm line 
in the strategic arms limitation 
talks with Moscow. The new 
mood in Washington is partly 
the result of real concern at the 
spread of Russian influence in 
Africa. It also, however, reflects 
a broader wave of anti-Soviet 
feeding hi the U.S., 

Limited war 

At the same time. President 
Carter has reacted to the grow- 
ing Soviet military build-up- by 
clearly reaffirming the U.S. com- 
mitment to defend Western 
Europe against an attack by 
the Warsaw PacL His pledge 
to use. if necessary, the full 
force of American military 
power, including strategic 
nuclear weapons, at last week’s 
NATO summit, conies at an 
appropriate moment. There is 
growing and justifiable concern 
in the alliance, particularly in 
Bonn, at the steadily increasing 
power of medium-range Soviet 
nuclear weapons targeted on 
Western Europe not so far 
covered by the SALT negotia- 
tions. It is obviously of the 
■ utmost importance that Moscow 
should not be allowed to gain 
the impression that a limited 
war. whether conventional or 
nuclear, could conceivably be 
fought in Europe without the 
nsk of triggering the main ele- 
ment of the allied deterrent — 
the American strategic arsenal. 

The strengthening of conven- 
tional forces under the 
alliance’s long-term defence 
programme is no less important. 
In the first place, it raises the 
nuclear threshold by prolonging 
the time in which the West 
cuuld hope to contain a Warsaw 
Pact attack by conventional 
means. In the seeund. it 
strengthens the Western posi- 
tion in negotiations with the 
East. It is no good expecting 
the Soviet Union to agree to 
the Western aim of force reduc- 
tions in Central Europe out of 
sympathy for NATO’s defi- 
ciencies. The Washington sum- 
mit confirmed that the alliance's 
overall pnliry must be to 
approach arms limitation agree- 
ments from a posit! un of 
strength. 


In SALT. Washington has now 
apparently rejected a new Rus- 
sian proposal that would have 
prevented the development of 
the new American MX missile, 
ami has publicly warned Mos- 
cow not to expect any further 
U.S. concessions. The tough 
American response has 
prompted reports that the U.S. 
aim is now to delay the con- 
clusion of the negotiations until 
after November’s mid-term 
elections. President Carter has 
gone to unusual lengths to 
deny these reports, but there is 
little doubt that the case for 
just such a delay has been put 
to him by some of his advisers. 
Their argument is that any new 
SALT agreement is bound to 
come in for a massive dose of 
public criticism, to the detri- 
ment of the. Democrats’, electorad 
chances. 

Some would take the argu- 
ment further and question 1 
whether there is any point irr 
negotiating a SALT II agree- 
ment that is unlikely to be 
ratified by Congress i Q i* s pre- 
sent mood. Failure to secure 
ratification would be a major 
blow both to President Carter’s 
prestige and .to East-West rela- 
tions in general. But there is 
stilt a strong case for pressing 
ahead. Each month that passes 
without an agreement gives 
Moscow more time to modernise 
and strengthen its strategic 
systems. The indications are 
that President Brezhnev still 
wants a SALT II agreement and 
would be unlikely to be respon- 
sive to further arms control 
negotiations if the whole pro- 
cess were called off. 

Arms race 

Failure to reach an agree- 
ment would trigger a new arms 
race that could only mean a 
massive waste of valuable 
resources on both sides. There 
is no reason why the U.S. should 
not win such a race, provided 
Congress made the necessary 
Funds available. 

If it did not. resources would 
have to be diverted to improving 
tile American strategic deter- 
rent at the expense of the con- 
ventional build-up endorsed m 
Washington last week. But there 
is no avoiding the fact that the 
Soviet Union's current policies, 
whether in Africa or on human 
rights, are playing into the 
hands of the strong body or 
opinion in Washington that 
opposes a new SALT agreement 
on the lines now being 
negotiated. 


Government and 
the City 


B ackbench mps have 

launched a - determined 
campaign to obtain greater 
control over public expenditure. 
Their efforts are likely to bring 
them into sharp conflict both 
with' Ministers and Whitehall. 

The campaign is led by the 
Expenditure Committee, one of 
the most powerful of the 
Commons Select Committees. 
The specific target is the official 
audit. 

The committee wants the 
official responsible for auditing 
central government expenditure 
— the Comptroller and Auditor 
General — brought more directly 
under the Commons’ control 
and his powers extended. It 
would also like him to go 
beyond the purely financial and 
regulatory auditing, on which 
he concentrates at present, and 
to take a more positive role in 
monitoring managerial efficiency 
in the government bureaucracy. 

These changes, if imple- 
mented. would clearly give the 
Commons far greater insight 
into and control over the Civil 
Service than it enjoys at 
present. But the committee 
claims that its efforts have been 
hampered by deliberate obstruc- 
tions placed in ‘its path by 
Whitehall, and especially the 
Treasury. 

Mr. Michael English. IIP 
Labour chairman of the general 
sub-coauuiitee of the Expendi- 
ture Committee, claims that the 
bureaucracy's tactics have in- 
cluded unnecessary delays and 
misrepresentation. 


The taxpayers’ 
interest 

The committee is now plan- 
ning to siep up the pressure 
with a debate on its proposals 
on the floor of the Commons — 
probably next month. And Mr. 
English is confident of wide- 
spread support among MPs. 
“The case for monitoring 
public money is usually re- 
garded as fairly strong by the 
average taxpayer," be points 

OUL 

The Expenditure Committee's 
case for strengthening the rnle 
of the Comptroller was heavily 
influenced by a visit to the U.S. 
to see how the Geueral Account- 
ing Office operated. The U.S. 
office has responsibility for 
auditing all federal funds 
except those used by certain 
federal agencies engaged in 
hank supervision and in intelli- 
gence services. It can chase 
public money wherever it goes, 
whether in grauts to individual 
States or subsidies to private 
companies. 

Its audits concentrate heavily 
on non-financial aspects, with 
some SO per cent of resources 
devoted to management audit 
and cost benefit analysis. Its 
staff includes specialists— 
economists. engineers and 
statisticians — equipped to 
handle this approach. 

By contrast the lllh Report 
of the Expenditure Committee 


published last September said: 
“ Our system of public audit is 
out of date!” 

The Comptroller, at present 
Sir Douglas Henley, a former 
senior Treasury official in 
charge of public spending, has 
responsibility for auditing the 
expenditure of central govern- 
ment departments. He also 
deals with some, quasi-govem- 
mental bodies by private agree- 
ment or practice, but has no 
responsibility for the nation- 
alised industries or local 
authorities. 

The committee’s report said 
that the Exchequer and Audit 
Departments Acts of 1866 and 
1921 should be amended to bring 
the UK position into line with 
that of the U.S. The Acts 
“should state as a principle that 
the Exchequer and Audit 
Department may audit any 
accounts into which public 
money goes even, if such public 
money is not the bulk of 
receipts into such accounts. 
Where public money is the bulk 
of receipts into an account, the 
E & AD should always audit 
them, subject only to such 
specific exceptions as are made 
in the amended Act.’’ 

The report went on to recom- 
mend — again following the 
U.S. model — that the UK 
deparlment be empowered to 
conduct audits of management 
efficiency and the effectiveness 
of all those it audited financially. 
While the department has made 
some limited movement in this 
direction in recent years, this 
would be a radical change in 
the nature of its work. 

The main problem of such a 
development — as the commit- 
tee itself painted out — would 
be the burden on the current 
staff, which is simply not 
equipped to handle the com- 
plexities of efficiency ’ audits. 
Staff members do not possess the 
wide specialisations seen in the 
U.S. office, and it is only since 
1975 that recruits have been 
required to be graduates. Until 
then many were school-leavers. 

To solve this difficulty the 
committee said: " in our opinion 
the E & AD should change its 
recruitment policy still further, 
to provide staff capable of con- 
ducting extended audits of the 
kind we mention above." 

These were the main recom- 
mendations for enabling the 
department to monitor the effi- 
ciency of the bureaucracy. They 
were all turned down in the 
Government's White Paper in 
March replying to the com- 
mittee. Similarly, die While 
Paper rejected proposals for 
making Sir Douglas and his 
department part of the staff of 
Parliament. 

It is over this area that the 
main rriction has developed. 
The department and the 
Commons' Public Accounts Com- 
mittee were both set up in the 
I86Us and there has tradition- 
ally been a close relationship 
between them. 

The Comptroller normally 
reports to the PAC and he pays 
a great deal of attention to what 
that committee says. It is a 




Mr. Michael English, MP, chairman of the general sub-committee of the Expenditure 
Committee (left) and Sir Douglas Henley- the Comptroller and Auditor General 


GAO’s work, they say, and it 
seems to have abandoned finan- 
cial auditing almost en&rdy. 

. Whitehall, also believes that 
no department waa ever made 
effiedeast titupugh external prods 
and . pressure. Efficiency, it 
azgnqs, is huaJt tip internally, a 
process wibdeh. both ihe Treasury 
and Civil Service : Department 
have a ride to encouraging. 

The prime requirement is to 
have a body capable of doing” a 
proper job of regulatory audit- 
ing, say officials. They would 
prefer to see . a separate body- 
set up, starting from scratch, 
if it were decided to- follow the 
-U.S. model. 1 Theybelieve this 
would be easier than converting 
and E & -AD -into something ■ ’ 
like the. GAO. ' - v- '- : 

The committee's proposals to - 
expand “• the • -■ Comptroller’s 
powers over a larger' area of 
public spending: were also 
opposed in the White Papier. In 
particular the GOyermnent re- - 
jected the- i^5fnmendati6u that ' 
Sir: Douglas. . should -.take over 


ultimate ' , responsibility, v/fbr 

relationship that has led many source — the Treasoiy-i-tself. And in April. Mr. English said- them auditing' the ’local autlromtes:‘ ' 
to consider him a “Servant of a close examination of the 1921 “Our point is that he is not ; At present this! s- done bythe 
the House." However, this provision suggests that with the independent now, in that he can 591 . staff of- the District Audit 
relationship is not formalised Treasury’s: ; authority he? can be stopped from auditing by. the. under ’ 'the " 

in the legislation, 'except in the examine any account, public or Treasury." To which Sir Environment -.".However^- the ! 
ultimate sense that, like a private, in the country. Anthony Rawlinson, Second Government’s local authority ■■ 



judge, he can only be dismissed The clause reads: “ The Permanent Secretary of the japgr 0 f jLy 

by Parliament The Commons Comptroller and Auditor Treasury, replied: “I accept 1977, -proposed ;to ’transfer tfie 
neither appoints him, nor can it General shall examine, if so re- that as a hypothetical analysis responsibility for the staff So 
direct him - to initiate an quired by the Treasury and in of the present legislation,, but an institi^nmad&upof lotai ■’ 
inquiry. accordance with any regulations it does not-have that effect tar authority representatives and 

The Expenditure Committee’s made by the .Treasury in that practice.” . Environment MinisfersancFcivil- 

re port proposed to establish the behalf, the accounts of all The White Paper is at its servants. -' .'- ' 
relationship is not formalised principal accountants and any most equivocal when it deals "1 v;'. 

It said: “We regard the Comp- other accounts, whether relating with the committee’s proposals ■«. «- " 

t roller and the E & AD as directly to the receipt or ex- to expand the - practice of 31 SfOL UOSUTSC 1 
properly part of the staff of penditure of public funds Or efficiency auditing. It. said: “The. ' 0 

Parliament, although the rele- not, which the Treasury may, Government welcomes the in ten- '. aTfiAnilT ]V/fpc ■ 
vant Acts do not. Any amend- by minute laid before Parlia- tion ' of the Comptroller 10 aulvllgj i-TlA 9 
ing Act should place them ment. direct." develop further his operations The committee., argued tbit’ 

under the House of Commons The discovery of this in- in the : fields of efficiency and- neither under ‘the present -'nor 
Commission so that it will accuracy over the key question value for money, while recog- proposed arrangements were tbE 
become clear that they should 0 f control raised doubts in the^ nising that this should not take district auditors truly indepen- 
iniliate inniiirips if reauested fnmmittp.p's minds nhnnt thf» ),im MncifluMUrtni ' 1 n 


The legislation for the Com- good six months to be published ^ * a caveat that Sir - executive because their duties 

mission is currently going — nght up to the normal dead-. Dougla g himseLf undermines in- are laid directly on them by Act 

through the House, and is hue for such documents— --and “~L .-»thar "«««, nf Parliament 

finqi , nn tr A i i a separate and - rather -more oz Parliament. ... • ... 


intended to take final control then it .had been less than 
of Parliamentary staff from the helpful. 


a separate ■ and - rather -more oi Parliament. . . : . 

welcoming reply to the. com- . Mr. English points .onti “Both 
mittee’s proposals. He points factory and . school inspectors 


SLrJM Officially, . or couree. ,ny do tfoT^ysel? 1.S KVe tbe£ iu&TmM *Sut * 

2552 T* «"*> a modern ecoqomy with Act of ParUament That d«s£_. 


, ... . ... . - ... , . . uiat, in a uiuuer u.cniuuuiy w.ui u* nuuimisuk 

moment of Ministers rather thaitof civil a wide-ranging public sector, a make them independent If the 

servants. Treasury Ministers dear distinction can always be Department of Environment has 

Tjip oh airman* were - in , Ve ? drawn between matters of the power to sack the district 

LIIv Uiauwdii. mg up this reply and naturally an( j ma t^ers of adminis- auditor, he cannot truly he ilk 

*I> woe o Ho 5 would have taken the advice ' dependent.” .■ ' ' ' . ,t 

ll WHS H 116 their departments officials. . ' 0t , t The committee’s immediate 

The White Paper gave short am^n* .SToluSS 

•Shrift .0 this proposal, sayine S^rThe mply /htho fart «cy auditing seems to stem the White Paper. foilAwed by tite 
that the Government considered °fte ^mfS^prm *«« tw, mail, corses. WI^, .«&■ 

that 0 the Compiler XidTo’ ^‘ n of MP, rtl of ^ 

duties laid on him to imderiake L ‘ onsult wilh the chairman of is the ExpenditureCdmmjttee, commeil dations,-—. which were, 
•in 1 eiTcctive° audit and scrutiny lhe PAC before appointing while there is a preference tor unaniinoiaiy hy 

the ot ai tutan Comptrollers. “They managenai efficiency \o be ^ members . 

executive * don ' t mind limiting the Prime introduced from within father whether or not the proposals 

’This repiv. as the committee Minis * er ’? P , of •PP®* 01 ” ”**>*<* by an ^ eventually adopted, this- 

discovered arter lengthy and *V eat \ .J- English says,, ‘bur body. •• \ ' initiative— comiug at a time of.-, 

painstaking research, was based they don t want to have anyone Officials in Whitehall belike mer g er talks between tiie two 
on a mistaken interpretation of look,n 6 at their own .-efficiency.- that the UJ3. office, which with powerful -Public -'Accounts and 
the law. Mr. English Is blunter. The general sub-corn mi rise's staff is 10 tiroes as big as Expenditure Committees— re- 

“It was a lie." he said. Under suspicions contributed to some |^ e UK -department, has spread presents a major upsurge in tie 
the 1921 Act. Sir Douglas is sharp exchanges about the snde- itself too. thinly. There have, determination of backbench MPS ' . 
indeed required to submit to pendence of the Comptroller at been .a number of sharp criti-- to vwrest the monitoring of pnh* . 
external direction from one a public hearing .of evidence cisms about the quality of tie lie spending from : Whitehall.' 


THE WILSON Committee has 
two achievements to its credit. 
It has prompted the financial 
establishment to produce a 
valuable self-portrait of the way 
the financial institutions work, 
and it has revealed a consensus 
of opinion that this establish- 
ment is not a bottle-neck 
restricting Britain's industrial 
growth. 

This second achievement has 
grown wearisome to the ear 
through constant repetition. A 
more benign ideological climate 
has robbed it of impact Yet 
it is worth remembering that 
when the Wilson Committee 
was conceived, two years ago, 
the City was still a potential 
scapegoat and discussion of our 
financial system's apparent 
short-comings found a receptive 
audience. 

North Sea oil 

A report by a Wilson Com- 
mittee working party on the 
financing of North Sea Oil, out 
today, is an excellent example 
of the Committee's two achieve- 
ments. First it is a clear 
account of a complex subject. 
It sheds light on the financing 
of North Sea Oil, yet leaves no 
doubt as to the magnitude of 
the problem. In a matter of 
years the financial establish- 
ment had to gear itself up to 
finance the equivalent of one 
quarter of the UK’s annual rate 
of industrial investment — all 
concentrated in one strange and 
risky business. 

The Committee regarded this 
as a test case for the financial 
institutions “since in this area 
the demand for funds was 
undoubted and any deficiencies 
in the supply mechanism would 
be likely to be revealed." Yet 
the working party found that 
the financial system had been 
equal to the challenge. The 
system was not risk-averse, for 
it produced equity finance for 
situations where the risk of a 
total loss was very high. It was 
not interested only in quick 
return, for it produced finance 
in the certain knowledge that 
the period between investment 
and reward wuuld prove a long 


one. Nor was the establishment 
deterred by the scale of the 
required financing. 

The inference is clear: if 
demands for finance are made 
of our financial institutions, 
they respond. How can the 
demand for finance for less 
glamorous forms of investment 
in British industry be 
stimulated'? Is the answer a 
function only of the tax system, , 
the world’s economic outlook 
and the political climate? Or 
must the “ pump be primed," i 
as trade union leaders suggest, 
and must industry’s appetite for 
funds be whetted with forced 
infusions of pension fund 
money? 

The question whether 
Britain’s institutional funds 
should be “ directed " into 
British industry has been the 
key issue underlying the first 
stage of the Wilson Committee’s 
inquiry. In the latest transcript 
of the Committee’s hearings 
Lord Roll, the chairman of 
Warburgs and the chairman of 
the Commfttee of Finance for 
Investment, is pushed quite 
hard on this question by 
Committee members. 

New demands 

The banker's answer is not 
pure capitalism. He feels that 
the “ Industrial Strategy *’ and 
the activities oF the Sector 
Working Parties can help Bri- 
tain’s industrial performance, 
if only by keeping civil ser- 
vants. bankers and trades 
unionists in touch with indus- 
trial reality. But he also argues 
that as soon as the indus- 
trial improvement occurs the 
financial establishment will 
react, without prompting, to the 
new demands made of It. 

It is a case of official involve- 
ment in industry, but hands off 
the financial sector. Interest- 
ingly. this mixed attitude is 
home out by the report of the 
Wilson Committee’s working 
party on North Sea Oil. While 
it commends the performance 
nf the financial establishment, it 
certainly does not present the 
mi cess till exploitation of the 
North Sea as a triumph for un- 
fettered free enterprise. 


Novel gift 

for LSE research 

Tbc major international com- 
panies have had their roles 
scrutinised by the UN and their 
activities frequently questioned 
in the Press. So when a major 
university accepts £2m from two 
such companies the inevitable 
question is whether this will 
affect the direction of the uni- 
versity’s research. When I 
asked professors at the London 
School of Economics they said 
they too had been worried about 
this, but were certain that they 
had a no-strings gdft in the 
money they have just, been 
given by the Japanese car manu- 
facturer, Toyota and Japanese 
whisky manufacturer. Suntory. 

It was French champagne 
rather than Suntnry’s products 
which was being drunk. 

As for Professor R. Dahren- 
dorf. Director of the LSE, he 
was careful to stress that 
“ Research goes its own ways. 
Its results cannot be predicted, 
because it is an exploration of 
the unknown." 

Discussion of the gift with 
the Japanese companies was 
initiated last year by Professor 
Michio Morishima. a Japanese 
mathematical economist who 
has been with the LSE since 
1970. Students told me that he 
used to have a reputation for 
being on the left. 

Morishiraa is now working 
with Professors Alan Day and 
Basil Yamey on establishing and 
preparing the research centre 
which is to use the income from 
the gift Would the gift not 
discourage research into ques- 
tions which might cast a shadow 
on large companies such as 
Toyota? I asked Day. But he 
insisted: “ If the steering com- 
mittee at the Centre took the 
view that there were serious 
questions to be tested in a 
critical way. then this would go 
ahead." He thought that re- 
search in this field had so far 
been " rather bad.” 

For him it was “ as liberal a 
trust deed ” as you could expect 


M-KRBq- 


■4EETC4 



and Sir Huw insisted that the 
only exclusions were ** high 
living” and studies outside' the 
very broad categories set out 
in the deed. 

The students told me: “We 
will be watching matters 
closely." But their leaders were 
far less outspoken than the 
slogans on their walls — perhaps 
because it is examination time 
and, they say. they have become 
used .to what they see as 
symptoms of the school revert- 
ing back to neo-classical 
economics. 


Rule by decree 

After 12 years of military rule 
Nigeria has now found a novel 
way of ensuring stability. Its 
Constituent Assembly announ- 
ced this at the end of last week 
when it decreed that from now 
onwards there should be no 
more inilitsry coups. 

The Assembly which is work- 
ing out a now constitution in 
preparation for civil rule next 
year tor sometime or . . .) has 
announced that this constitution 
will rt*icn supreme. An amend- 
ment to a section of chapter 
one says: "Nigeria shall not be 
governed nor shall any person 
take control thereof except in 


accordance with the provisions 
of this constitution." 

Nigeria has had four military 
coups since it became indepen- 
dent in I960. Still it is good to 
spe people learning from 
history, though there may be 
■some grumbles from officers 
who believed that " saving their 
country ’’ was a fundamental 
human right 

Football tie 

However many Argentinians 
may have been worrying about 
whether their country could 
afford the S700m which it has 
spent on busting the World Clip, 
the coin rv's cab drivers had 
long looked forward to some 
bumper weeks. But it seems 
that many of these are now 
ruing the day that football 
fever came their way. The Lon- 
don magazine. Taxi informs me 
that the city authorities in 
Buenos Aires are so keen that 
they should make a fine impres- 
sion on their visitors that the 
city’s cabs have been spruced 
up too. 

Best described as “ highly 
individualistic” the cabs now 
carry illuminated plastic roof 
signs on their roofs — many of 
which work — and registration 
numbers on their doors. But. 
worse for the drivers has been 
that, despite the heat, they have 
been obliged to wear grey or 
blue sbirts and matching ties. 

The police, not famed for 
diplomacy, are said to be en- 
forcing the rules vigorously. 
Taxi, in brotherly sympathy, 
says the drivers are just waiting 
for the crowds to go so they can 
burn their ties. 

Rural rides 

More in our scries on services . 
the Stale does not want us to 
know about. The Post Office 
has replaced its regular mail 
vans in various rural areas with 
mini-buses, meaning that when 
the postmen go to collect mail , 
they can also pick up passen- 
gers. These can then he 
returned to their homes when 


the next collection is made. 
One local head postmaster was 
recently waxing enthusiastic on 
this and on the services She 
rural postman gives — - such as 
carrying stamps for sale. 

The Post Office Users Asso- 
ciation in tiie area was duly 
impressed -and suggested -these 
unexpected services be adver- 
tised. But “ Oh, *p.” was the 
answer, “We do not want too 
many people . knowing about 
them.” Impressed by the ser- 
vices. if not the Post Office’s 
attitude, I tried to buy a stamp 
from a postman outside London. 
“ We stopped r carrying them 
years ago," he told are.’ • 


Matter of pride 

Tough as a Turk, . the saying 
goes, and the visitor to Turkey 
soon finds that it. is a male- 
dominated. - country. • Male 
tourists without moustaches 
attract disapproving clucks irom 
rural women and sympathy for 
their wives that their husband 
is “ not really a man." So all 
the more embarrassing for 200 
graduates of the Moda Commer- 
cial School for Girls in Istanbul. 
The 200 were in fact boys, but 
had to be sent to the girls’ 
school as the local boys’ school 
was full. 

The boys had few complaints 
while studying. But. when they 
graduated, their diplomas made 
them the target of ridicule from 
potential employers. Now this 
year’s crop of male students 
have been out boycotting their 
lessons and protesting that the 
all-female staff of the school are 
not understanding to them. But 
they have one consolation, the 
support of the girl students — 
800 of them.' 

Go away closer 

Sign at the entrance to a plot of 
land in a Sussex village: 
“Private. Church property. 
Trespassers will be forgiven.” 



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The swinging mass which 
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Financial Times Mortify Jmre 5 1978 • - *i 






insiiiu- problems 


prevent any. mass 
of funds from 
country. And 
is an increasingly 

enthusjaslu- advocates ^ f ~ over- manoeuvres as lease-back deals the portfolios of established international flow of property 
seas investment. London with established owner-occu- property investment companies, finance, as individual market re- 
thron"s wiih U.S. "advisers” piers, as well as forward lease- many of which now have links views in this survey show, the 
keen to sell a slice of the action backs to expanding retail with institutions giving their overflow of funds away from 
in a Florida retirement centre groups — or less often, factory, fund partners an informal home markets remains relatively 
or a Chicago office scheme to warehouse or office users — favoured buyer status. Recent insignificant In comparison to 
pension fund managers. And have become highly fashionable talks between English Property domestic investments. 

‘ Corporation and a continental Cross . border investment may 

devel- institution illustrate a mow help to relieve some of the buy 

route to established „„ K „- 

property companies' assets. 


MONEY IS one of the few Five years on it is once again as even the must asset-hungry Where then are the .. 

truly international languages hard to view any of the estob- institutions cannot totally ignore turns to find the SKi 0 

and as improved communiea- lished property markets in the the prospects of eventually «»- properties for investment? One country to 

tions have made it progressively world without running across ing theirnew , schemes. such •Inadybeavdy tapped alithou^^ere u 

easier to talk simultaneously in 
dollars, yen. roubles, or marks, 
the investment markets of the 
developed nations have tended 
to shed their national 
characteristics. But property 
is an exception in this drift 
to uniformity. 

While a money broker is .. 

equally at home in a City of back into the U.S. and Spain, opments arc not in themselves 

London dealing room as in its and French francs vie with sufficiently common or suffi- 

mirror image in Singapore or tlieir heavicrweight Swiss enun- eiently sizeable to resolve the 

New York, the property investor teeparts for Canadian proper- supply problem. And that leaves 


as Dutch cash flows into Ger- again, 
many, German marks move Institutionally backed 


remains as dependent on local 
advice as a Victorian tourist 
setting out on a grand tour. 

In the early 1970s there were 
plenty of unprepared travellers 
in the property world. They 


The remaining alternative 
ties, it is quite like old" times fund managers with the further source ^ of prime quaiity 
again. 


ing pressure generated by the 
increased weight of investibie 
funds. But we are unlikely to 
see a repetition of the rash over- 
seas buying programmes of the 


option to lower their sights and properties lies outside of the eajly 19705. Quite apart from 
to accept secondary quality mstitution s home market. But ^ les g Dn of earlier 


salutary 

properties. burnt fingers, the European 

Definitions of *• prime” and tradition of direct equity par- 


iii me iJi»pciLv nunu. i»cv Tlie crash has, however, left „ wci,,, ‘ u ”"f, mvriad of problems. The incorn- 

included the British developers scarred memories, and for the ^ patibUity of international ^JL P ^ U ° n 

who set out to repeat their time being property investment *“>■ out “ msmaoers u '* property valuing standards, 
successes in a tightly controlled away from home markets is SJ -nIt nhJ.mi.iiI differing tax laws, the difficulties - . . 

British market in other but less tempered by a fair degree of turn from the most obv'.sly J H selection and man- «*“*“*£ ™ mmon throughout 

amenable markets: 0,. U.S. caution. This caution is » cement a. a disS-plus .ho £ 


markets residential 
is becoming in- 


Ail of them eventually pro- quality property investments, 
vided plenty of work for the The imlunonary growth of 
receivers and liquidators. inve. ■stable funds in the hands 

The crash of 1973-74 resulted 0 f pension funds, and to a 
in endless screeds of critical i^ser extent thc insurance 
analysis. Banks rediscovered companies and their eqiuva- 
the age-old tradition that lend- [puls, forces fund managers into 
ing short to invest long is a k L . e n competition for good 
sure route to bankruptcy. quality property. There has 
Longer-term investing institu- been insufficient new develop- 
lions agreed that it helped to nient Df prune space since I he 
look beyond the seemingly high crash In iced the institutions’ 
capital returns on overseas de- increased appetite for these 
velopments to the imarrppfahly investments, 
high risks involved in markets 
they did not understand. 


Safety 


THERE IS a growing oversupply to poor demand for most sectors road giving priority to public 
in the Dutch domestic property' of the commercial market. . The transport, cyclists and pedes- 
market as investors are iocreas- latest economic forecasts give trians are seen as a. further 
ing their activity abroad. The little hope of an immediate threat to. the accessibility of the 
limited size of the Dutch improvement. 

market and the restricted The important Dutch export Office rents have shown little 
number of prime properties sector will Increase foreign sales ffowpXiSf! 

have brought steady- downward by S per cent by volume this 

pressure on yields in most year after a decline of 2 per J, nr j p ^f U n «„ p m :^ e , h f 0 - 
sectors over the past year. Yet cent in 1977, according to Cen- d „ ^“^insterdSn Rotter' 
whereas the Dutch have become tral Planning Bureau figures, *““• The H^ue ’ u£echt 
more aggressive operators out- But if world trade grows at the ^ Provinc f a , 
side their own borders there are expected rate of 5 per cent, this are arfJlina ^ lgQ Sav ^ ]fi for £ 
also signs that foreign investors, will represent a further loss. of L ^ sU a riso to p| ^ in ^ next 
notably the British and West foreign markets. Lin employment few mnnltK wltil the build- 
Germaos, are. taking an interest will remain above 200,000 this £ n g S w {,jch come ..on to the 
in Holland. year and there axe growing market of a lower, but still 

Demand for owner-occupied fears t bait Government measures highly acceptable standard corn- 
property in the private housing to create new jobs will not be pared with the boom of 1972-73. 
sector shows little sign of abat- adequate. Private consumption Rentals for modem industrial 
ing despite sharp price rises and continues to grow at a very or warehouse space in the 
central bank curbs on credit, slow rate — 3 per cent this year “ Randstad '' are s_tead;_arQpnd 
and commercial demand Is against 4 per cent in 1977 and FI 60-80. Smaller units con- 
restrained by low levels . of investment by companies is iinue to attract a good deal of 
economic activity. Bankruptcies, expected to -increase only 3 per interest when offered for sale 
mergers and a general reluct- cent compared with 16 per cent or lease. . ~- 

ance to invest haye contributed last year. The annual- • survey of. the 

Some successes have been Dutch property magazine Vost- 
achieved, however, in the areas Qoedviarket published earlier 
T (rf inflation and wages.' The this year showed more than 

consumer price index . is . ex- ^-3in • sq - Metres °f space in 
pected to rise only between 4 medium-sized to large commer- 
. ' per cent and 41 per cent this fa “ ,, ^ Dg * on 

year (it was 6-i per cent in 1977) “'f® moDt h s before, 

and moderate wage rises seam pj 1 ? ? 

Hkeb pjwlI. l b. the ««. .12 

moMbs. Despite recent uncer- ^ „ f office- space for arte 
■■■■-. twntjT oo the foreign exebonse w diT ec, ly availeble or 
markets largely centred on the undcr eonstruction in buildings 

Fund managers who cannot • - dollar, the guil^r has n f a tjeast 500 sq metres, had 

.satisfv ilieir property invest- renmned firm and sufficiently r i S e n to 930.000 sq jnetres from 

nient requirements in their MOST OESERVERS agree that seems ‘Teal and imminent” to sels at no more than 400,000 notable exception to this trend w Une with the other major goo.OflO. The decline in the 

hump markets are faced with a t,ie ^harp rise in the overall quote from a speech made at a square metres. This is the basic is found in Antwerp where the European float currencies fen amount of .office space in 1976. 

number m[ choices. They can in take-up of office space in Brus- recent seminar presented in assumption upon which Jones move towards rentals has been central bank intervention to be. which was due to a number of 

i henry cut tlio property Hc-neni sels last year was due partly to Paris by Jones Lang and Woot- Lang base their arguments for accelerated by the avaiiabihtv held to a minimum. Dutch very' large sales transactions, 

of Hi yir rn vestment onrtfuJios. special factor? and that as a re- ton. The international estate a speedy return to supply and for the first time of good, air- interest rates have been falling was. as expected, nut continued 


anti ippcp covenant? ru ooten- agemeut at a distance — plus 

banks who pnured cheap finance threatened by a problem com- morc troiI bIesome fringe added complexities of rperatin^ ^ 

the Continental funds drawn to ^ --..hh properties, and it is improbable in different currencies-comb.ne anofher 


and mun to most of the major 

financial markets of the world. properTies - and ,l l!> Im 

back leisure schemes 
Spain's Mediterranean coast, chasin 


™ l( Z rrZ.Toftnn mnr-h a.h that the supply crisis will be to keep the overseas elements 

Ii:. P r bI r —iv* by a sustained slide of most funds relatively low. funds - 

down the property quality Even in the current search for 


creased local competition for 
investment creates 
another barrier to incoming 


grades. 


good investment property these 


John Brennan 

Property Correspondent] 


THE NETHERLANDS 




returning 


} 

r 


The surviving property com- 
panies either Mamed the lo«.aJ 

advice they had earlier ignored But that wmld go auamst Ihe suit new leasing is unlikely to agents back up their claim by demand equilibrium- conditioned buildings. -This 

or had not bothered to consult, established a-s.su mpri-m that grow at quae the same rate in pointing to the growing number The commercial market in tyP e of building tends to sell 

the vagaries of exchange rales property holdings are a basic I9rs. But any check to the of foreign investors, notably Brussels is perhaps the last re- readily as an investment, 

they had not invest igat-.d in element, of any in. titmiunal underlying flow of favourable Dutch, now returning to the niaining major centre in Europe On the industrial front cost 

sufficient detail, or acts of God. portfolio, an assumption that statistics should not prove too commercial market m Brussels. t Q shake off the constraints of and value have also moved out 
The latter seem, in retrospect, justifies an element of price much oF a burden for the wave According to Jones Lang some property crisis of 1973 of line but to a lesser extent 


as valid a reason a< any for 
some of the exfraordinnrv 
schemes that were cobbled to- 
gether in the happy dpy« of 
unreason in the early 1970?. 

Remarkably few overseas pro- 
perly investors were locked up What 
— either for 
or the peace 
shareholders, 
depositors 


steadily for the past few mi>nths in 1977. The amount of office 

and fears that central bank space sold or rented Fast year 

curbs on credit volume would fell tb 310.000 sq metres from 

push them up again have not 380.000 in 1976. according to 

been realised. Vast poedm at hat's survey. For 

. . .. „ — r ._ r ... rf — — - The legislative background the fir, t time, in a long while 

insensitivity in the Innu-terrti of optimism now spreading 2aO.OOO square metres of office ( W fi e0 the take-up of office There is still plenty of space continues to hold many uncer- the business sector, and not the 

demand lor the best quality through the property market m space was taken up in Brussels spacB approached a peak available in the Brussels- tainties for business in general Government, was the most 

properties. Be.gium. last year compared to 150.000 425,000 square metres as UK Antwerp regions. Around Ant- and the property market in par- active operator, taking up 60 

Annihvf way around the Th is >s not to say that the square metres in 1976. No offi- developers piled in to Brussels werp a number of light indus- ticular, though. Potentially the per cen t of the market. The 

supply problem is to finart.-e the Brussels market is no longer cial statistics are available, but and compounded the problems trial buildings have recently most far-reachiug but because spact? taken up in Amsterdam 

isvvrior.mL-nt -»f now ouildmgs. suffering from the over-supply the agents reckon their pro- of high demand from EEC and been sold for occupation, and of this with perhaps a very and Rotterdam fell sharply. The 

development activity is position built up during ^the jection s are in line with those NATO-linked users). But the lettings apparently continue limited chance of implements- Ha ?«e was stable, while other 



the recommendations made in sonie Fmal.'er, units. Elsewhere 
market the 350-page Hnfstra Report !jl n f s w “ re . swieraHy around 

-c — — - Jones Partly became inflation is ^ * cp ording to V'asf- 

time to take deci- Belgium stress that this now less than Jhalf U.u LO per 

?ions in the hope that m a few remains as erratic as ever since cent level prevailing when the TTle amount.rtf. Industrial and 
years time they will prove to *s still dominated by small report was commissioned in wa rehouse space on offer, in 
have been made at historically individual traders. 1U75 the Govemraettt's reaction °n1ts of at least 750 sq metres, 

fov. values. ~ - has been lukewarm. It. is also rfl?e - To 2.1m sq metres 

The recent Jones Lang tVOillflOD' questionable .whether : any gov- J-f*". Srrnie complexes 

seminar underlined this poinL 4 r . , u „ eminent could afford • the wn»ch had been standing empty 

Under normal Belgian practice A feature of tt 1 ® overall pro- unpopularity which '• some f0T a wng time were taken but 
a lease will be for nine years perty market is the degree of aspects of the proposals would rt > r n?anF failures, among other 
with muiuaJ options on behalf state contro1 *** has he & in arouse. Holland's lmeest reasons, brought about an in- 
of both the landlord and the lo creep into the system over mortgage bank. Westland- grease in. offerings while new 
tenant to break the lease at the tti* past year or so. This should Utrecht, says it is not unduly Projects wero started; Amster- 
third and sixth vears Snmp Jead a mor e .orderly evolu- worried that the plans will ever dam in particular '.has. a lot 

tion of a property market that be implemented, at least in their generally of high quality space 
hitherto has been a classic present form. The. fate of olher f ' n , n ffer. Modern industrial 

radical reform measures in warehouse space in the 
recent years does not indicate " Randstad " bears rentals «f 
inflation accounting will. a f n, md FIs 70 per sq metre, 
speedily reach thc statute book. r5l "' n£ l to around FI Pfl when 


UK investors have managed to 

“ ,P " d '!«“ &,““?» 12 example cllrJ 

to IS years, but the Belgium m. ■ * - t 


practice of nine remains heavily 
ingrained into the character of 
the Belgium market 
So any change in property 


The major measures to date 
have centred on the indexation 
of rents and there are now 
plans to introduce more compre- 
hensive legislation. This will 


. “ j, •. nensivc rctjLsiauuu. auis win n n«Ml -of *hp nrpvinn« r«nln> •«->«. onup 

^.“ es llke, y t0 rapidly per- eventually replace the ' various ^GoveSLent-fnr 5 space - ,lf 2od «« metres or more 

n»« • rh . pr0_ measures which up to now have Drofit sharin'*— is undt>r-*-ino un oner v; a 5 unchanged around 

pert i i-s as either of the parties D i ace ri somewhat ad hoc con- profll sft ®^. ng TT^ ls ^“dergoinq 3 

to a contract utilises his break gSTi,™ uS inS.I ^ Index.- r^^om^Sd ” 

option in order to adjust the t j 0 n nf rents nntablv the Centre- a 

rental being paid to market con- tightening of the system to com- * 


ditiuns. This potential for a 
rapid build-up of property 
values, once the present log 
jam of over-supply is finally 


300.000 sq metres. Top rentals 
of .FI 1.000 (5J44fn ner sq metre 
and more are now being sought 

iuuiciiiiik ui we s^Mcin u» n.iii- waller units in main pro- 
bat the ravages of inflation. vincial 'veil as m 

- - *- -* - - -- on the foreign lo* esiors % tew of piime shopping streets in the 

Holland over the past two to bj , t H pwris- 

tbree years although its actual 


Over the past two years the 
ceiling on rental increases have 
been held artificiallv below the 


broken, is why investors have growth in the Belgian cost of 
begun tu reappear m Brussels, living index. 

Investors working from a Over the past year the Brns- 
strong currency base like thc sels market in real estate ccr- 
Dutch will have taken into tificates has remained at a rcia- 
acTuuni the possibility that a tively low pitch. Direct invest* 
complete revision in income ment in property has always 
stream need be no mare than been problematical and in 
three years away. Timing is all order to widen the investor base 
important and no one can he a number of financial institu- 
tolally sure nf full commitment, tions created this market just 


impact is difficult to quantify in 
view of the other factors which 
have also deterred foreign 
investment. The new Govern- 
ment seems ready to give 
industry a more generous return 
on capita! before creaming rff 
"excess" profits. The percen- 
tages, to be paid have also been 
reduced and. even more signific- 
ant, any. transfers to the 
excess” profit fund can be set 


more than 40 issues have been 
made enabling projects worth 
BFrs 6.5hn, or around £LlOm. 
to he undertaken. Almost three- 
quarters of thc issues have rela- 
ted to the. financing of distribu- 
tion companies while thc bal- 
ance have underpinned thc 
leasing of office buildings and 


How does, the market look 
from pavement level? In its 
spring survey of the commercial 
property market in Holland, thc 
Amsterdam office of Sa villi 


But more and more develop- over ten years ago. Since then against corporation tax. 

ment funds are beginning to *' — ,n 1 K v — 

hedge their bets. 

Reflection 

The funds now nibbling 
away at the Brussels market 
are widely spread internation- 
ally. Out of a total market 
share in Brussels last year of shopping centres. 

138,000 square metres, Jones 
Lang Wootton Belgium sold 
some 70,000 square metres of 
office building in just nine 
transactions. Of these five 
were Tor Belgian organisations 
ranging from semi-state bodies 
to an insurance company with 
the rest spread between a Swiss 
insurer, an American Insurer, 
one Dutch property invest- 

ment company and a UK unit concerned with leasing opera- 
trusL tions of this type. Since that 


Tire strong demand for first- 
rla/U rented property from 
investor? has led in such price 
rises, in Holland .that yields hare 
conic* under strong pressure and 
ar<? now among the I,. west in 
Europe. Initial yields #*n office 
‘pace are b per cent in. Holland 
trim pared with 61 per cent in 
West Germany. S per cent in 
France. 7: per cent in Belgium 
and 7 per cent in the U.S. Yields 
for industrial space are S per 
cent in Holland compared with 
rates of betwerjn and 10 per 
cent in these other countries. 

The housing market,- where 
yielilf are restricted by a rent 
regulation which compensates 


The leasing certificates relate 
to items nf property which in 
most cases carry a long lease 
with an option to purchase in 
favour of the lessee at the end 
of the operation. This usually 
relates in property built nn 
specific sites for a specific- 
lessee. 

Before 1973 issues of real 
estate certificates were primarily 


reports much discussion of, and t h r«™ for inPntion ^hTtoe 

{?S« , 1^5.rSK a!s ° 


economic tide 


hpfnr, ^ investors. The favour- 

efore coming ifc C(1U ntri*.?s have been Belgium. 


back into:' the market. On the ’ C^manv,- Fram-e, Swi^erlrnid- 
supply, side, developers have e„,,„ tie 

d«me a lot. of preliminary work ^ r i, , *;<. t uV?*‘ ^ 8 v t , ‘ 
on schemes, in anticipafinn inf ™ ^ 

ssTw’iEdSssss eom c 
“Si 

that hare taken place have 
bi‘e.n in the private sector. ‘ 
Seme commercial protii-rty. 


A reflection of the Brussels / “^Vome^on In' toe ^ df - units on the 
■operty revival is the rise in ° ^ ™ ^ shopnlug streets of Anis! 


property 
rents in areas where supply is 
now beginning to become 
The 

movement in this respect still 
tends tu be in the prime busi- 
ness area, the quarticr Leopold 
where Belgian and interna- 
tional companies readily appre- 
ciate the attractions which this 
location has over other areas 
the City. 

Elsewhere in Belgium the 


market These are not covered 
by long lease contracts. They 
relate to real estate let or tu 


what they need on the market, 
have started development pro- 
jects of their own. 

The simp market has been 
particularly active with toe 
main 

shopping streets of Amsterdam 
now having spread to many 
provincial towns. However, a 


formerly in the/ hands of British 
companies and . consisting 
mainly w£ office and- industrial 
building have been put on the 
markeL Dutch cum parties, such 

•j. j Th.-, ninct nnt.hla nsUUWS 1U ICil I CSlillC JCl Vi IU ■ ' :7. _ , -- — Blau WtlOS<I. ttlC property 

be let to one or more tenants finestion mark ^rais^ by the division of the transport. 

storage and property holding 
company. PaKiocd. also reduced 
their purtfuiins. The anmunt of 
properly coining onto the 

. — — . . . . .. e .. . , market in 1977 from tnese 

negotiable with prices published art| cl«, when it failed to find snu.ves lias boon -?u: i* 1 

of fortnightly in Belgium's finan- y marker m Hoi Iwnl. n is one F ,.. ? 

cial Press. The certificates are l * 1B retailers :n 

v not listed on the Brussels Amsterdam s prime bhuppm- 

purpose-built office rental mar- Boijrse buf the ma j or b _ nk J street, the KaJverstraat. Thc 

ket is still at the embryo stage cerr i ra ii, e ^eir supp iv and situation', in Amsterdam 15 nf 

with many occupiers preferring create a ina ^ t . growing concern to many bust- 


Kenerally nn the basis of a tradi- an< ^ 

tional lease of nine years with the Dutch publisher Elsevier to 
review options every three pul1 out of their joint retailing 
yea rs. venture,- Stins. which sells 

The certificates are freely honks, stationery and leisure 


purchase floors or apart 
meats for use as offices- One 


i n /r.. ' u _ n rss m en.-'- '?iana -In surrimnd 

JCttrey Brown the -Cimtre. fath an -inner 


ring 


ibn t3440-B0l»m t. Funds 
we.-c pisr.tJfuJ with «n»,-ie tnort - 
anti commcrciai hull® 
"diing to provide up to tu? 
per cent ^financiiig. , . 

CSiarfe 

A ins l eixtiun ; Corf& 











5 197S 


INTERNATIONAL PROPERTY IH 




•• -•-, ■.'■■ t 

V • • r ; •• .-• 


conditions 


■ : '>r-s. 

■ <»* 

4 ^ . h 

rc-i- M1 < 6j. 

fci'e -.:,. 
?£?> 

'“IQ, s“- 

nc-.a: , W 
.‘i* V J ''- 
? =*??*■ 

C; 

r^i*!* 

'" J ntv 

... f*« i:. 

J l kp ■ *1*. ■ 
; : ■ L ^ f 
■ J ?n-i.i , • • 

■"i'-T:/ ^ 
’•---3 


, ^ «■■ 

'■ I; ' J nin^ t 
Cy . ri? Stt.” 

"o tl ^ 

. fc 

1" ••’* UK*,, 
-;• £ im« r„. 
“'■5’Jatfc' 

’*" T? in QU|^ 

' --: me:^; 
(: ; n T-fjJjiy 

. ' a 
•* ■.■'elf I3> 

', : - ••• lanfr, 
• : ' :r ’- ^Fc 


" ••• ' • •- • •' 

NOW' ?»T:i;tt^lectioas : are 
' IfetOi^^a ln'bre favour- 

able 

Prance 

tnayJaB^-be^abie :‘to : :look for* 
warff^ stabi- 

wSfttfewit-- is .debatable 


oil T*e}3^pert^TTiarket as some 
'-clai^^K&^S.^bOs, which nor- - 

m^^pa^-tib^prbperty, pr 0 b- 

ably JMf^fei^aiisrnatiyes but to 
confe^^io^stibg in France 
7and mdMdu^s' may - well have 
Jcj^^x^^WtfPerty as good a 
•pface^as,.^ny. fo.iovest- 
-’ -*;Stf - Jtlay; have suf- 
in the run- 
up t<T,tfTef elections, but letting 
‘ was in^VMJtie.straits. There was 
a:<jl ear^dbwntu ro In the letting 
-market W&lch- was, accompanied 
^r^btwti. in the amount 
;of .coraplet,ed properties coming 
into^&einaifcet. 1 
V r ; HoWeyer if poll tically Fra nee 
"I'Sjht^ Juphihg. on a firmer f oot- 
."ijfeVt&e . French economy has 
b'e?ir'slQvtf\t6 recover. Industrial 
prddQJCfittti^ improved in 1976 
■ after. r the^fadi in 19 75 and last 
year saw'. a. very unimpressive 
' performance.' 

. / Yet the aoalysts still talk nf a 
continuing v recovery. Foreign 
trade' iis picked -up and unem- 
ployment' haa declined, while 
the: rate .of -inflation, is not ex- 
pected ;to ' be- much above the 
9. per -Aqrt Vjof 1977. So ihc 
ecbnoBfie'vbackground is not 
gioettayi:. -/ ■■■ -■■ - • ■ 

Explosion 

-/Meanwhile . the property 
market is finally showing signs 
of having pulled itself out of 
the - problems caused by the 
ovier. - enthusiastic development 
programmes of the ea-rly 1970s. 
. This property explosion, which 
was largely British led. was 
caused bya' number. of overseas 
developers 'becoming hooked on 
the French market’s potential. 
This resulted in a substantial 
stock 1 of properties and not 
surprisingly when .' the 1974 
recession came along a number 
of developers caught quite .a 
cold, - . 

However., by . and large, this 
stock of properties- - has, 1. ‘no w 
been taken up. It is understood 
that the .'take-up of office .space 
in the Paris area last year was 
around 700.000 squaro metres 
which- was;. well iaTtead of the 
figures recorded, for. 1076- of 
590.000 . sq uarfe metres^Some 
agents are iibw saying ,that 


there is. a shortage of suitable 
investment properties; 

The -most 'commonly quoted 
figure for the amount of office 
space available around Paris is 
1 m sq m, and this represents 
to a significant extent properties 
in the. new towns where the 
excess supply may take a few 
years : to . disappear - And, of 
course, the Paris ; -area is hy 
far the most important for the 
property market -'• 

• A concentration - of..imesl- 
raent in a country’s capital is 
fairly common worldwide, but 
i n France: . ’ the'. ..- centralised 
nature, of business, activities is 
far greater than in any other 

European country. 

The population pr the Paris 
region is almost - a fifth that 
of the entire country, so- not 
surprisingly most of the com- 
mercial development io - recent 
years has '* been concentrated 
around Paris. 1 

This is hot to say that other 
areas, such a's the provincial 
cities and the : ports, do not 
offer opportunities for invest- 
ment. But basically the Govern- 
ment’s pressures to decentralise 
have not created a significant 
movement away from the Paris 
area. Occupiers are reluctant 
to move out to the provinces 
and new towns, so obviously the 
investors will not go put of the 
centre unless’ they are con- 
vinced that. the 'demand is there. 
. Apart from- -the centralised 
nature of the French property 
market there -are also a number 
of other fundamental differ- 
ences which distinguish it from 
say the VK' property market. 

Insurance companies are the 
most important single force in 
France. Yet oddly enough the 
pension funds do. hot play a 
major part in --the .property 
market as they do in most other 
European countries, - particularly 
the UK 

One of the most fundamental 
characteristics of , the French 
market is the role: played by 
the banks. -These control the 
two leading property .investment 
companies.; ..and .also .have 
influence over. some, .develop- 
ment.. companies rap'd' .estate 
agents. 

- Robert Lipscpmbe.V partner 
in- Jones' J^ang Wobtfon in 
France, recently cited^. . case to 

illustrate this point. . JLW 
acquired a scheme for,, a UK 
investor from' a. Freud? agent 
-acting on behalf of a'.dgfctfoper 
belonging To' r t|ie . same bkoking 
group, part ofthe scheme being 


subsequently resold to an 
investment subsidiary of the 
same banking group." 

As for French property law’ 
this can be summed up very 
broadly by saying that land 
tenure is equivalent to freehold 
basis. Parts of a property 
which are owned in a type of 
co-ownership can be equated to 
a form of flying freehold, 
according to agents Richard 
Ellis. 

Leaseholds are structured on 
a nine-year term and there arc 
break clauses for the tenant 
every three years. These break 
clauses coincide with rent 
reviews which take place every 
one or three years. Whether 
annually or every three years, 
rent reviews are based upon a 
published construction index, 
which showed a total rise of 
under 8 per cent in 19«/ com- 
pared with 14 per cent in 1976. 

In France, rent increases for 
residential, premises are subject 
to government control. This 
year increases will be limited to 
6J per cent for revisions due 
before the beginning of next 
month and to S5 per cent of the 
construction index for those 
falling due in the second half 
of the year. 

Investment demand has been 
reasonably good over the past 
year— Dutch pension funds were 
evidently active in the latter 
half of 1977. Most of the 
interest is centred around com- 
mercial and industrial property 
where the prime yields are con- 
siderably higher than oil resi- 
dential developments. 


networks influence these sites. 

The improvement in the ware- 
house investment market has 
not been marked. Though 
stocks of unlet properties are 
gradually being taken up there 
is still sufficient unlet space to 
deter most potential investors. 
There has not been much move- 
ment in rental levels over the 
past year and broadly speaking 
yields are in the region of 10 
to 12 per cent. 

Historically shop rents have 
been protected and ownership 
of freeholds do not change 
much. So there has nut been 
a lot of interest for investors ;n 
shopping areas apart front a few 


W. GERMANY 


decentralised chopping area 
developments vihieh can be 
likened to Brent Cross in the 
UK. Certain of the develop- 
ments have been sold invest- 
ments but procures from 
traders in the central area have 
curtailed the growth of this area 
of the market. 

How does die overseas inves- 
tor fit in ? This is obviously 
difficult to judge blit it has been 
estimated That foreign invest- 
ment accounts lor about 10 per 
cent of the property market. 
However, the French exercise 
strict exchange controls nhich 
mean that foreign companies or 
individuals cannot u>» French 


local funds. Local financing is 
only allowed where there is 
joint ownership and tins is 
related to the relative stake Of 
the French partners. 

It was to a certain extent to 
protect the market From any 
adverse effects of cutting out 
souie overseas investment that 
the Government came up with 
the “ Plan Barre " in 1976. This 
earmarked Government funds 
for use in aiding house eonsiruc- 
tiun. industrial properties and 
public seetur construction. This 
policy is still important for the 
properly market. 

Terrj' Garrett 


Slow return of 
confidence 


Yields 


As we have seen, take-up of 
office space has been increasing 
m the Paris area, and probably 
most investors will agree that 
the market now offers very few 
bargain buys. Office yields in 
Paris in the central area arc 
mainly around S per cent while 
some of the top properties are 
nearer 7 per cent. Suburban 
offices offer a little better with 
prime yields of around 9 to 10 
per cent. However, with the 
possibility of a shortage of office 
space in the central areas, rental 
levels could harden, unless there 
are any significant increases in 
supply. 

Turning to industrial proper- 
ties the main areas around Paris 
are in the north between the 
capital and Roissy airport and 
in the south around Orly., air- 
port, Obviously communication 


CONFIDENCE IS returning to 
the property market in West 
Germany but it is a slow process. 
The key influence is clearly 
economic activity which remains 
sluggish along with the world 
trend and at this stage few 
observers are prepared to 
predict the actual timing of the 
next upsurge in the property 
cycle. 

Where they can be pin- 
pointed, overall patterns suggest 
that the mood among investors, 
developers and estate agents is 
one of cautious optimism. The 
market has been stable for some 
months and there is a growing 
concensus that the bottom has 
been reached. At the same 
time, the West German 
economy, although flat, remains 
one of the strongest in the 
world. 

Like so many property 
markets in Europe, that in 
Germany is plagued by a lack of 
official statistics or any reliable 
guide to market momentum. 
Difficulties in appraisal also 
arise from the fragmented 
nature on the market with 
activity spread among no less 
than six major cities— Hamburg, 


Dussciaorf. Cul»gno. Munich. 
Stuttgart and lYankfun — all uf 
which differ in <;naraclcr and in 
patterns uf demand. TM.-, 
absence or an energetic central 
market of ihv found in 
Paris. Brussels ur Lundun com- 
pounds the prublr-Hi. 

However, for ih-.- record the 
residential market continues in 
suffer from over-supply; indus- 
trial building is heavily over- 
shadowed by the slackness of 
the economy: office development 
is spasmodic with a certain 
firmness showing through in 
Frankfurt: the shop market con- 
tinues to buck the general 
property depression and prosper 
comfortably. 


Location 


Given its geographic location 
at the centre uf Germany, its 
status as the country's banking 
capital and ii.% major airport. 
Frankfurt K perhaps the prune 
area for office development. One 
of the band of UK developers 
active in Germany. Slough 
Estates, reckons its modest. 
12.000 'sq ft development in the 
city could soon .be largely let. 


having stood empty since its 
completion at the end of last 
jear. 

According to Slough, whose 
fixed assets m Europe now 
amount to about an eighth of 
the group total, the market in 
industrial property in Germany 
has been holding level for some 
six to nine months. The com- 
pany recently acquired an addi- 
tional six acres of land adjacent 
to its Cologne sue on which it 
will build a complex of some 
65.000 sq ft before the end of 
1978 (65 per cent of the pro- 
perty is pre-let). 

One of the attractions of 
Germany to a group like Slough 
is the favourable cost of money. 
Rates of interest may have 
hardened marginally in recent 
weeks — partly due to the onset 
of the summer tax paying sea- 
son— but the economies of bor- 
rowing in Germany arc probably 
the most favourable in the 
world. Switzerland apart. Dur- 
ing the first quarter of 1978 
mortgage lending by the savings 
institutions was running almost 
40 per cent up on 19 m : ami the 
major commercial banks, which 
were hit especially hard by bad 
debts following the property 


crisis nf 1973 and 1974. have 
recently been edging up llieir 
facilities tn mortgages of 
between 6U per cent ami 70 
per cent. 

In the eyes of the major 
estate agent* the property mar- 
ket in Germany has already 
begun tu recover. Weatherall 
Green and Smith < :te the activc- 
ness of UK institutions 3S well 
as a strong retail market, while 
Jones Lang and Wootton reckon 
to have noticed a steady return 
of confidence over the past 12 
months. 

Weatherall puims out although 
UK institutional activity is rela- 
tively modest in terms of the 
overall market in Germany, a 
growing number of transactions 
i are being carried out inoslly 
.with UK developers and the 
“trend is continuing." The 

: agents sec the Dutch, who 
i appear to be switching their 
conecmralinn o! funds away 
from the Dusscldorf conurba- 
tion and other cities tn the Ruhr 
a> among the most active 
foreign institution*. 

Commenting on the office 
market in Frankfurt. Weather- 
all says that the over-supply 

position is mostly concentrated 
outside the centre of the city. 
The bulk of the 400.000 or so 
square metres nf office accom- 
modation thought to be over- 
hanging the market is mostly 
found in the new offices areas 
like Niederrad and Each born 
and in certain large tower 
blocks on the periphery oi the 
city. "It is a completely dif- 
ferent situation in the main 
banking centre, especially in the 
Jnnenstadt where there has been 
a constant demand for new 
lettings" 

A good illustration of this 
can be seen in the MG tower 
where the agents were involved 
in letting some 1 2.01 '0 square 
metres of accommodation some 
months before the block was 
completed. In sucit prime, air- 
conditioned space rents have in 
certain instances moved up in 
DM 27 per square metre, and 
have been even higher for small 
areas. 

The agents see the industrial 
market as remaining quiet. They 
point out that attractive interest 
rates have meant ihat the pre- 
ponderance of German industry 
wishiug to invest in new 
premises will these days tend 
to build its own accommodation 
rather than lease. As a result 
very few speculative industrial 
schemes are being carried «»ut. 
Conversely the retail market 
has " remained firm." Despite 
the prevailing »luggishin-ss of 
the official retail sales statistics 
in Germany, the country's 
retailers show none of the 
caution of their industrial 


brothers. Shop expansion is 
widespread. 

Jones Lang and V.’iicot m make 
the point that growing difficul- 
ties in obtaining p'annins con- 
sents for certain types of retail 
property have helped in some 
ways io enliven thi- market. 
This is especially relevant in 
areas like hypermarkets whrre 
the rapid development of the 
past decade is now slowing tn 
u trickle. Institutions arc now 
beginning tu invest tn this 
sector wnereav previously the 
market was dominated by the 
private investor. 

Without any doubt, however, 
the most suught after types of 
investment are pure office 
mvestmenis and shops, or 
mixed shops and offices, pro- 
vided the lueation is good. 

Speculative 

Invest or interest is by no 
means limited tu what might 
be regarded as Aral -cl ass 
locations. Both properly funds 
and insurance companies are 
prepared to purchase property 
in relatively secondary areas 
provided yield values are 
favourable. 

Stimulated hy the interest 
rule structure in Germany 
which is now at its lowest fur 
suinerhing like 20 years, the 
demand for good investment 
propositions is considerably in 
excess uf supply. For Uns 
reason, the agents suggest, 
institutions are beginning to 
turn to more speculative situa- 
tions such as the purchase of 
empty buidings. forward com- 
mitment purchases und in some 
cases, development. It is clear, 
however, that not all German 
institutions are this daring. 

The major investors in the 
commercial property market in 
Germany are the insurance com- 
panies and the cl used and open- 
ended real estate funds. Both 
invest mi a national basis. Pen- 
sion funds also invest in 
property but their activities are ’ 
limited by size since the private 
pension fund industry in 
Germany is relatively small. For 
obvious reasons the private 
individual will tend to concen- 
trate on the smaller end of the 
market. 

The open-ended property 
funds to emerge intact from 
the recession are once more be- 
ginning to fle; v - their buying 
muscles. In the past both the 
closed and open-ended funds 
have tended not lo differcntiaie 
between investment in residen- 
tial and commercial properly; 
they now show a marked prefer- 
ence for the commercial end 
of the market where there is no 
rental control. 

Jeffrey Brown 


V*: 

A 







rm 





' — HA in 




To Let 

Cn«aetP»rt»Otfie* 


Paris™*, 

Elysees Rond Point, 
324W0sq.ft. (3 0,106m') of 
prestige office accommodation 
on six levels. 2 levels of de luxe 
shopping, restaurants and 
underground carparking. 


UnRaVII ENGLAND -■ 

Southadfi,Vicrtoria,SVVl. • 
Newoffice buildinffsuites available 
from T3.5Q0sq.ft fl t 250rrr) to. 
106,500 sq.ft (9,850m*) 
fL I -it FuHy air-conditioned 
JO L61 and carpeted 

BmtonStn*! Offica Y; 


Brussels 

Tour Leopold. 

Fully air-conditioned office accom- 
modation Of187,150sq.ft (17,395m 2 ) 




Amsterdam HOLLAND 

Aurora Building. 

22.000sq.ft. (2,000m 3 ) office 
accommodation and^ 

10.760sq.ft- (1,000m showroom 
accommodation 


■ •• 1 


SWITZERLAND 


29,380 sq.ft. (2.729m 3 ) 
office property investment 


To Let 


Car parking. Fitted carpets. 


Contact BniwtsOffiea 


lb Let 


Contact Anwlaorfam Offfc* 



Sydney 


AUSTRALIA 


^S% Buefios Aires 

•> r V ARGENTINA 



84.400 sq.ft (7,840m 2 ) 

remaining office 
accommodation 
available in Australia s 
largest office building 


1 EdificioHoulder 
25 De Mayo 499. 


Enr Qnlr 

■■ 'SvS.'B \ ; V nn OWC equivalent 


• lira wuiv equivalent 

' ' ML Jjt ’*-1^ : j#.i» « freehold office building as a 

vF/S r 'SSl , J- : whole orwill divide 70, 770sq.ft 

;&:*'*?** £ (6,575m s ) centre main 

‘ * 'R j- £•'■ '■*.* • huelnocearsa Irlaal hafikinn/ 


To Let 


viib nY ’ ; business area. Ideal banking/ 
insurance. 4 million US$ 

: ContactBiulonStmtOffTw 


Richard Ellis. Chartered Surveyors 


6/jO baiton Sireei, Londcri.vV.I X SOU ■ 
Teiecbcne. 01 -^99 7151; Te'.e.x: 262^93 

Avenue de&-A'1s39 -■ • • 

.iitebi v -- 3 : 3 -1 040£ r, -»ss:-i Belgium 
-vTelepnqne- 513. Telex-25091 '• : 7- 


17 Rue de fa Baurne, 75008 Paris, Prance 
Telephone.: 225 27 80: Telsx: '290370 

■ Backerslragen-ST..,; ; / 

-.1052 GTAmpierdam, Hcfend . ' - 
: Tjeiepiipn^44d7l9;TeljBjc:TW!M; ' 


Rs riorne. ptylTtc-ii 2 : .- : ; T. 

34 Hu'nte!,3^eet Sydn.ey, T; E • 

• ssey/Sotith VVai6$:2O0,d 'AvsiraVa • . 


. - ) n g 477 H 2^ ' ' - 

' nn- 

Hohg n >r 

T9lephcine:"5 : 241 055 R ' y.vv 





Richard Ellis 

International Property Consultants 













20 


nnanc^CTaer 



HILTON 
& CO. 


Investment Property 


We started our property service in 1962. 

We have provided the service to institutional 
investors day by day, week by week, 
in good times and bad. it is a continuing and 
comprehensive commentary on the property 
industry and embraces detailed studies of 
more than forty fisted companies. 

We also act as a corporate adviser to a number 
of listed and unlisted property companies. 

If you would like to know more about 
investing in listed property shares or about 
how we can help your company, whether it is 
listed or unlisted, please write to us 
or telephone. 


MEMBERS Of THE STOCK EXCHANGE 

Quilter Hilton Goodison & Go. 
Garrard House 
31-35 Gresham Street 
LONDON EG2V 7LH 
Telephone: 01-600 4177 



AND U.S.A. 
INCOME PROPERTIES 

Frime. new 100 °^ let shopping centres, office buildings and warehoutes in 
Canada and U.S.A. (Texas). Good yields on equity. Outright sale or salc- 
leiMbick, Re ore ten crave in London June 15 th. 

EARLE PULLAN REAL ESTATE LTD, 

141 Adelaide Sc, W. Toronto, Canada (416) 366-5277 


IRELAND 


INTERNATIONAL 



Active interest 

in Dublin 

ANY REVIEW of the property able, neither is it accepted by half as high again as the Moore Street, including a 
situation in the Republic uf the authorities. The demand average footage occupied over covered mall plus car park and 
Ireland begins and virtually is now for much smaller the last 15 years. 200,000 square foot, of shopping 

ends in the Dublin area — but blocks, no more than 50,000 Dublin and Its surrounding space. The project is estimated 

not quite. The country can be sq ft with smaller parking area is also the centre of Indus- to cast in the region of £15m to 
divided into three parts— Dub- facilities and the authorities trial development in the Rents of £30 per square 

lin, the south and the rest, are imposing certain obliga- Republic. The Government is foot are now obtainable in 
Activity is picking up in the tions for residential develop- pledged both to get inflation Henry Street 
south of the country, but the ment in planning permissions, down weH Into single figures In the south. Cork is now 
rest remains virtually un- One objective is to avoid the and to reduce the level of un- occupying a lot of attention: 
changed. It is in the Dublin area blight seen in other countries employment On the first count The entry in the EEC has meant 
where it is ail happening and 0 f massive office development jj looks likely to keep inflation prosperity for Ireland's farming 
there is much that is going on. in town centres with decay in 7 pg r cen ^ but the second community and- the benefits 

the residential areas that once pledge is more difficult to ful- have come through most to the perty in 

occupied the sites. ' fil. 


DUBLIN'S OFFICE MARKET : gj} d f ' ^Pply 



Activity in properly is always 
very much tied in with the state 
of the country’s economy. The 
Irish economy has turned round 
from the depressed situation 
and there is an air of increased 
confidence. This has resulted in 
the demand for office accommo- 
dation stepping up considerably, 
much coming from Government 


Cork itself. A new promise of this ires Jias hot 

— , — ua. The Industrial Authority, farmers in the South. TSie.area office block built for Friends been comiri€4elyfplnlledi It was. 

This means that many de- a Government agency, is buying has become prosperous on tins Provident Life was .recently expected that this Would be very.-' 
velopers are seeking new plan- land to encourage foreign com- account alone. . topped out in Cork, providing much --av gergo development 

ning permission based on the panies j nt0 Ireland. But the But now is added the pros- 16.000 square feet of office space. arearTbese^pecmaon' received 

current style- Once this has activity is intense from the pri- pects of oil being discovered on Finally, the remainder of the ® 

been obtained then develop- vate institutions for industrial this part of the coast and the country sees very Uttle (*ange. dut of 

meD , T ^ 80 ah ® ad development speculators have started to move the - main activity being centred 

nteet this growing demand. xhe city has always been into the area in anticipation of in Limerick around the Shan- -doefr-.not 



been taken up and the demand "i“'"ed to °haf? a ” 'large office 
has resulted in rents exceeding block on the site with parking 
£4 per square foot, a level long s Now ^ h been 

“ ^ ng w f e m u JBH’ changed to a series of smaller 
limit for rents. Mr. Michael blocks— about 40,000 sq ft with 
Lucey. the property investment smal]er ^ accommoda- 
manager of Irish Life, the larg- tion * 6 

est financial institution in the t_: c u t 

Republic reports the, oil space re ^ ^eiopmeot peat ,o 
in the Irish Life Centre has * J 

now been let. much of it at 
rents above £4. He confirms that 
there is very little space coming 
onto the market — and only 
50.000 square feet of new space 
in the pipeline. 


EAST EUROPE 


Emphasis on industrial 


Adelaide Road and this site does 
include some residential 
development The company has 
never turned down investment 
in residential property, unlike 
most UK financial institutions 
which eschew such investments. 

But it is held in the main life 
fund of the company, not in any 
specialist property or mixed 

funds. ... .... 

PROPERTY development within of economic growth. in the coun- One possibly significant id which Western, and 'spedfl. ' 

the Comecon bloc is unlikely to try has of necessity thrown the development for the future caliy UK co-dperation would be 

supply and demand has re- steeply. Yields have now fallen 2? ™ ■ the cluwet erisUc. of bulk of investment into the has been East Germany's, si^weiamed. A! major epportuiUty 

-=-'^ balance to the 6 to 64 per cent range , West m “ e foreseeable industrial sector. But there are cess in attracting a loan of., may be the building of a new. 

roe re-’ but at the moment that vield is : uts * e - Property developments indications that this bias has $22m from an Arab syndicate. Budapest airport But plans for 

IcC 1C 411-1 J ,n tills Pfimmnnict nniinlriae uni J *u.„ .... 1.. r - r_ Ir .-L. j’ 1 , , 


Massive 


Modern office development be- 
gan on a massive scale in Dub- 
lin during the early 1960s. Since 
then nearly 5m square feet has naturally caused values of exist- 
been built But until recently, ing office properties to rise 
supply and demand 
mained more or less in 



until the recent upsurge 


suited in demand far outstrip- purely nominal since there are J S Tv? I past nf Ia ff ^ ^ ■ ?****'*: -P”*** ' *• 

ping supply. The main reason very few office properties up for dir “ U> . -TjL ^ years - Th,s has meaBt furtier loan is thought to be the pilot .Tisza region, and also agricuJ- 

for this arises from a change io sale. This is likely to continue * e * end «dusWalisa- concentration on agricultural project for much larger loans.' tural development elsewhere in 

attitude towards the type of until the new developments ™ or tour, sm- As such they land, which contributes about In view of the evident deshy .the. country will .also play a pro- 
development that is acceptable, come on stream from about J£ e . m ? r ? * rautioiMly Planned m one third of the Gross National for further industrial expansion minent.part in developments in 
including a new outlook from 1980. But it needs to i )e mLt3a l , sla ees. than would Product Current plans are for in East Germany, the Arab loan the immediate .future, 
the authorities. emphasised that demand will he “ e case . m th .® Wes J where an increase of 20 per cent In will raise hopes oF fuitiier. It -may safely be said then 

for the next decade. !r e pr °P ert y Slde su p“ agricultural production, with an lucrative contracts over the next that there are still jnany oppor- 


Much of the planning per- strong 


mission already granted was Jones Lang Wootton in its be increase of some 400,000 few years. , tunitfes for development in 

for the old style monster crea- latest survey on Dublin Office i *», f “;7 n y * n hectares in irrigated farmland. ’ The prospect of economic re- East Eunope^despite the general 

tions of 100.000 sq ft or more Property estimates that a J* jV™* Developments in the tourist forms in Hungary has- opened recession. . : The liveliest pros- 

with massive car parking facili- growth of 4,000 to 5.000 office J5L till iJf- „ ? ? sector * however > wiU de «ly up valuable opportunities-- for J*Qts for -the Immediate future 

ties incorporated in the de- jobs each year would generate ""‘.“Iff 11 ®! T “* £”2 P 1 *? . a m »J or role in Property the West in terms of property will probably remain in the 

velopment. This type of an annual demand for about J22S2 activity. The State Committee devclppments, especially as -industrial field. .But the success 

- - - rarrvine^ th» m th«,nah t0 f()r Tourism ^ layin g these. 


carrying them through 


property is no longer market- 400,000 square feet of space — fn|j{j 0n 

The outlook for tourist prop- period on developments iii^tbe IndusSal sectiir^ 
erty development, now of such Black Sea areas, where.it sees ; : , v' , 




ALM00SA EST. 

Construction Contractors and General Trading 


STOCKING, MARKETING AND 
DISTRIBUTING PRODUCTS OF CONSTRUCTION 
EQUIPMENT AND MATERIALS 


Representing 25 world wide manufacturers — 
Interested in representing manufacturers, 
sponsoring or joint venture with construction 
companies in the state of Bahrain, Saudi Arabia 

and The Gulf 


P.O. Box 1058, Manama, Bahrain 

Telex: 8387 Amoosa GJ Telephone: Office 54650 Residence: 67318 


_. u .opportunities ..will- -cover -oFJWestern hotel -and utourist . 

stress in the coming five-year a wider rang6 -than the purdy Srpops. in helping tn’ develop 


tourist . oportunities - suggests 


significance in many East a growing : demand' 

European countries, is difficult Scandinavia and West European 
to assess. countries based upon the attrac- 

Much of the success of tions of the climate.' 
tourist development must rest On the coast tfieiie .are plans 
upon relative cost, which at to extend the existing material 
root is the major attraction or facilities and tourist infra 
repellant Cor the package tourist structure. Biit ' perhaps the 
on whom such developments most interesting developments 
rely- will come in the hinterland. 

At present East Europe has m * 

tiie reputation in the West uf Tnt61lfinn 
offering great opportunities for AU 
the development of reasonably The intention is to build 
priced tourist opportunities, substantial number of " balneo 
but this may not be as true as logical centres n which will con 
generally believed. Much will tain not only the traditional 
depend on the experience of accommodation but also a wide 
Western visitors to the Olympic range of therapeutic and 
Games in Moscow in 1980. An recuperative facilities. For the 
expensive experience here immediate future — until 1980 — 
could cool off prospects for a this will mean the extension 
number of tourist developments an ^ modernisation of existing 
elsewhere in Eastern Europe, buildings and towns. But if 
In Russia the impetus *he bid to attract what are now 
supplied by the Games has been £ t lJ bb e d “ medical tourists ” 
all the greater because of the P rovea successful, then there 
relative scarcity of the more P“tp s 10 mcrease substan- 
basic elements in property tiaiiy tiie rate of building and 
superstructure, such, as hotels, devel °Pment in these 

residential complexes for visit- 5f?2fL®f?,,,i areas ' the 

ing athletes and even road w ®f rant further 

systems on the scale needed to ™ D an? pIans 

accommodate the Games Lwl!!! ,°l oun J? 113 resorts 
While there have not been f T?^j ??* C0M - 

any firm public estimates of the ° f Germany 

number of visitors expected to 3.^,. t nn m s ?^? ,s h l v ? 

of SSMSE-tSSSS 


are at present building a new 


Western groups have been international trade centre in the 
involved in the contracts for middle of East Berlin and seem 
massive improvements to likely to obtain the contract for 
Moscow's catering and com- a chemical plant at Schwedt on 
muni cation fatalities. Some the Oder. The plant will cost 
sources indicate that hotel some 5450m and has been 
accommodation in the Russian eagerly fought over by several 
capital will be quadrupled by Western countries, 
the opening of the 1980 season. East Germany is known to 
Moreover, the cost of extensions have several other development 
to the Moscow road system and plans in the pipeline, and it is 
other improvements witMn the likely that the coming year will 
city has been assessed at around bring another bout of com- 
the equivalent of £240m. petition. But such contracts 

are expected to be restricted to 
heavy industrial plant where 
lnuuol property involvement takes 

Nor has the boost to Russian back seat to the provision of 
tourism from the Games been machinery and buildings, 
restricted to Moscow. Property Thus another substantial In- 
developments in the form of Austria! contract to build -the 
camp sites or motels are Pl_ an t fo r making motor trans- 
planned in other major cities na * ss i < m systems, although it 
such as Leningrad, Yalta, w,u be one of ^ largest indas- 
Erevan and Sochi. trial contracts negotiated in the 

Seaside resorts on the Black ^ E f t ,. l 5® rin f J 

Sea are confidently expecting to ™ r rt - “ ?- e ' y *° 

double theLr number of visitors 

and there have been many pro- 1 , e .. 

«r V L“r. - 2 . , * the plant places it among the 

jects to d «velop new resorts. In mogt lucrative on the world 
a nation still regarded as a m j, rk|?t . 

newcomer to world tourism. ‘ T hore are also hints of 
there can be no doubt that the mother fertiliser plant develoo- 
Games have opened up neiit ^head in the Rostock area, 
significant opportum Lies within Bur the exclusively industrial 
the property and construction nature of these contract*: seems 
industries. to make them orime targets for 

Tourist developments are Webern industry and cpm- 

likely to continue to be a major petition is alwavs strong. The 
feature of the property sector Rostock contract, if is Thought 
In Bulgaria. During the past may go to rirensnt Loirs .at an 
two decades the powerful rate estimated DM 300m. 


7 V ’ htemBtfonal people . 77 X 

■ ; • . are^Kcreetly ;ctooslng . . 7 '^ri 



A-.- •* 


Hn 60 acres of fragrant pine 
‘ ' on the sea's edge fuwm. . a 

- over the Bav of Cannes . 

. : <• the property.indudes 2 club houses, " 

2 swimming pools, several beaches, 
a 180 -berth private harbour, 

Fishing, sailing, water5Skung, dMng ; * v 
v ' and many other sporteareavaitable^ - ' 
; And wjth many other services fn’t-T ' 7 
aGarefreeandleistireiy life. : 






A first class Investment 77 
30 minuter by 




Nice liiferiicsfionolAiifstt 


e '; . . Houses in clusters witft3c6^obms i 


tJOHN 

m 







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7 7 - 7: 

On site:Thedule (Alpes-Maritimes) 

•’ • T§L (93) 90^48 ,7; v 



I 




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Rina 0 1 -493 6787 ’for f urth«r ‘mform^ion wiVlr 1 ^'- 
1 WMTYPOOL. SOUTH WALES, LSOAM ,H|J.fe..S/S-taUiitrl»l' 
frmtftoW liu. FOR SALE, ar T<>: LETT 
.EAST-MOLCSEV, SURREY. 24.500 - -ft ; wri 

JuSSTOH . . ’ WEST MIDLANDS. 155.000 . its&airiSt .'ttoS'l „ 

. 4. but T O- -LE T. Long tft aie. . ; ■ . . . -V -> 

SHOT INVESTMENT — TOTTERS PAR, JflDDLSEX. 1 

L*t on UnrLMW. Producing £20,0^5 p.*^ rttlRi xn. EEL 

EOR- SAU. Fr.efcold. . . ^ W 

HSART-OF CHY — LONDON WALL, LONDON 
floor Mlf^oimined ex-baokinig pfflw --»B»rWjr 
-TOTCET.'. - • • - . ■-■-5 i » \ ^ r 

MRCHAWr.su RHEY. S/5 war«fonjs I0.4eflrsg4^» 

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Hilig 04T-834 1814 for farther.airormiAioiff OR; 'r Spc? 


-,-ffo.sd^ 

--ncaMi/rrm motoronv nvewark, . r - ^ 

BRADFORD, YOHKSHJRE. Modem pgi c r/I«fabfxtofy/ wt relwuM pnOOicti _ 
-»,^50_«I.Jt._FOR_SALE__ ■_ : ! 





S-Sil 







"A. 




■r-.-T v-TTqr 





itim® 5 ' 


Weatherali 
k Green & Smith 

• v 22 Chancery Lane London WC2A 1LT 

01-405 6944 


nation 0 t ,** 


..,1* 

■5 •****,&. 

*. 

- ' tf 


Chartered Surveyors and. International Property Consultants 


. -SIS*' 


Offices also in Leeds Wakefield Paris Nice Marseilles Frankfurt and Munich 


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INTERNATIONAL PROPERTY V 


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orrespoai 


THE PROPERTY- market in entire property Industry. But i 
Italy J£fcj TrcpSfflfet ; ^adSr. the SGI,' wftfi “ill Its difficulties, was i 
shadow -cast. by tHe^pi&wisectors aIsb:-T5qfopeY largest /^property i 
ot the natfbhVecoramyi'. The- an^ construction grbiipand its « 
ptrsisiertt: ujjgroi ;#ii: ‘ panu- survwat^k of centraCimport- 1 
fsctdxing: iadttst^.- ) bas ,7 {stifldd r ancft - tb tJjc ladiis'tzy/ 1 ” • : 

dpmand 'for offices- or fadories. -Indeed >the past-fortunes of < 
AmT ^ with its" tourist:- indtistty'SGI prdvide an all. too accurate i 
already well dreelQpeff Shot ifc mirror iff 1 tfie fortunes of- tile 1 
past century itagy- has nbtbeeB Itallaa propertyAC industry. ; 
able to-rrely on - .the tytom-'in During. theyearly.^TQ* Italian ; 
hqtel building which _has r help«d Investors fled i&tf- 'inflation (a ; 
maintain the mo^emtiiso-k l&e lento.!# -Sfrt cp&fcT -rather i 
Property, industry elsewhexe ih earlier -than it was, elsewhere) - 
the ■ Mediterranean dr - T^brtlr and Tiwm-a coltepsiBg currency 
African countries; ... _ ... •_ » .-.phMUiqoraen- which 

C--^ h- some ways , ~in fact/ the' appeared' In . Italy before it : 
rapid = development of the Arab 'hecame ' a tb reat Jir other ' Euro- 
worid, ■ which • has often . . pro* pcan ^countries). t and; followed . 
vided .a safety not''ior':-dth^ path;- both 
sections" of European -i ndostryi ■ "peasant and sophisticated’ i^ian- 
jias’ worked to the . detriment "cier by purolu^zig-^eal ■ assets;” - 
o£- the- Italian property sector. - Notiring of coinse:4s.so solid 
.Httle. .indication of - a as a -piece bf tead-i But -on. the 
liemval .in commercal property other hand ^hot^pg - is so im ‘ 
development at home. Italian movable- as- a piece of. land 
construction- companies bave when" the bonom has , dropped 
-concentrated on opportunities out of ihe market and' the asset 
overseas, and have .tended to hiving .become tod expensive to 
draw after them such resources develop, proves also, to ."be too 
of skill and finance as unwanted to ‘find ' a buyer at 
. might perhaps have been made any price. - 1 V: 

available inside. Italy. -Thus The mew SGI intends, while 
property development : inside- maintaining its expansion into 
Italy has continued to languish overseas ventures*-* t present 
while the major Italian . cun- ranging "from T4orth Africa .to 
tractors have ranged abroad, South America— to base, its 
to Algeria, Libya and elsewhere recovery on the. domestic popu- 
in the Mediterranean basin; - lar .construction market With 
On the surface the picture the Government-jig well as 39 
is not too ;bad. The 21- credit hanks - keenly -^interested In 
institutions providing ..finance. surti a re«rrery^ : any progress 
for property development lent at SGI will be good * 'or tbc 
a to tar of Li.S52bn last year, an rest of the .;pw>pe rt F market 
increase of 13 per cent over the Some of more cautious 
previous twelve-month ' period, critics “of the - industry have 
and total loans to the ^ propkty pointed to - ^ bae: possible danger 
sector probably clear LIS.WSba in ‘ the^ ^ ^oficeotration;,on o^ 
at present .......... ^eas OHjprtuhities which has 

; But after allowing -for infla- become- .Si*' major feature of 
tion; these details confirm the the industry. There is a pos- 
sluggishness of new ; business elbility./ that the agS^ssive 
during the period. ThelGoventt pricing-' ; policies foDowed . m 
ment hopes to stimulate con- overseas markets, where Italian 
struction activity hut this policy entrepreneurs can still bnder- 
must take its place in the queue ciit the' •competitio nyC.o ulti lean 
oF other pressing industrial to the traditional error -.of- over- 
problems. Until- soldi measures, loading the order bbpk>ith un- 
take effect it is hard, to' see hbw profitable^contracts. i-mowever, 

the. property- sector-’ Can be res- there have been op/? 1 ? 11 ? 0,1 

cued from its preset malaise,' sudi Vroblems yeL " 1 

But there are signs ihat the Tourism, all)hougbgQ# always 
outlook Is brightening'. Of con- file mainstay,. of the; property 
siderable sighificimce : has' .been industry, has - prgvid«t_ some 
the rescue of Societa Generate extraordinary exanyites ol 
ImmobiH'are-rSbgehe- (SGI) -By entrepreneurial succe^>-r or 
39 Italian lraiiks..The; past four profiteering, depeodir^: upon 

vears had Veen the problems of the point. of view. 

the group, whose debts' ' have /The most recent ^ upsurge has 
been estimated - it -L5i«j,000m; been ";. tn\ Sardinia, ; ^ere 
loom threafeniiigly ■ over ' ;fhe' property values; even by 5H mo, 


recent inflation-inspired stan- 
dards has rocketed. Well after 
the end of the, war a site large 
enough to accommodate a 
holiday chalet could have been 
acquired on the now celebrated 
Costa Smeralda for a mere 3p 
equivalent per square metre. 
The same site would now sell 
for at least £30 per square 
metre, and so on all the way up 
the scale. The scale is of 
course as extensive as might be 
expected in an area designed as 
a playground for the very rich, 
with the Aga Khan consortium 
playing a major role. 

- A few years ago it might 
have been feared that the 
period for such ultra-expensive 
property development was over 
— at least for the present. But 
work is in hand now fur a mas- 
sive. further investment on the 
Costa Smeralda, with some 
£3m equivalent total commit- 
ment. 

Elsewhere, however, property 
development is still lagging, a 
victim perhaps of the reputa- 
tion Italy has for being a rich 
man's paradise and tnerefure 
not over-attractive to the cut- 
price operators who provide the 
stimulus beneath the expansion 
in the Iberian peninsula or in 
Greece or North Africa. 

The inability of the South of 
Italy to share in this world 
tourism phenomena has been 
one of the mnst disappointing 
features of the past decade. 
Properly speculation in the 
South, and there was plenty of 
that in the sixties, concentrated 
on optimistic commercial pros- 
pects in the major towns. Such 
developments have been largely 
halted by the general recession 
in the economy. Outside Naples 
or the Surrento peninsula there 
is still a lack of impetus for 
tourist development which 
could do much to revive 
property development. 

An underlying problem for 
the property sector remains that 
of persuading Italians, who are 
among the world's greatest 
savers, to take a direct interest 
in properly investment. Per- 
sonal, savings continue to follow 
the. traditional path into bank 
deposits — more than 50 per 
cent of personal savings of 
L64,063bn went that way in 
1975. With share ownership 
playing an almost non-existent 
role in personal savings, this 
has left the banks on their ; own 


in providing finance for pro- 
perty — as they do largely for 
industry. 

This factor may have serious 
implications for the latest hopes 
of reviving the construction — 
and thus the property ■— in- 
dustry. There are believed to 
be firm proposals to extend the 
official conirol of insurance 
company investment in order to 
direct a major share of such 
investment towards popular 
housing. 

At present Insurance company 
investment is directed towards 
permitted investments including 

Government bonds and pro- 
perty. But property investment 
has. become less attractive since 
rent restriction has curbed the 
rale of return. There are now. 


it is understood, proposals in 
the offing by which minimum 
and maximum lending limits for 
each investment category may 
be imposed. 

These restrictions would also 
be imposed on the life assur- 
ance companies, although these 
in fact play a subdued role in 
Italy— attracting .mly 2 per cent 
of household sann^s. The snag, 
from the point «if view of the 
insurance industry. i«> that the 
lire companies have aitracted 
loo much attention frmn those 
political - circles anxious to 
discover a source of finance 
for the desperately depressed 
domestic holism? industry. With 
premiums of around £2.3bn last 
year, the life companies might 
indeed prove tu be the source 


uf strength fur the property 
market in Italy they have 
been in other Western societies. 
But for the present this remains 
conjecture. 

Many banking sources in fact 
take a relatively optimistic 
view of the property sector. 
They point out that the Govern- 
ment’s stiff dose of economic 
medicine has begun to re-estab- 
lish the nation's self-confidence 
and that, with the financial 
institutions standing up well 
against the general recession, 
it could be that the domestic 
property market, via the hous- 
ing sector, which will have first 

priority in political initiatives 
to rebuild the economy. 


Terry By land 


SOUTH AFRICA 


Still waiting 
for recovery 


WHAT WOULD in heller days 
have been a momentous occa- 
sion in the South African 
property market has come and 
gone with hardly a ripple. In 
April the Government at last 
announced the beginning of the 
dismantling of the country's 30- 
yea r-old rent control apparatus. 
The property industry had 
lobbied hard for this, thumping 
away at the standard arguments 
about how control distorts the 
market and how its abolition 
would lead to more confidence 
on the part of residential 
developers and consequently to 
more residential building. 

The decision to do away with 
rent conirol was loudly hailed, 
hut has had litlle real effect in 
the market place — no marked 
upturn in residential building, 
no stampede to buy up old rent- 
controlled blocks of flats. 

In part that may be because 
of the phased nature of the 
de-control measures (over five 


years with rent increases limited 
to 10 per cent a year for 
two years lor de-con trolled 
premises!, hut there is another 
and more fundamental reason 
for the sioiv reaction. Jt is 
simply that the property market 
is in its wors-t shape since the 
depression of the thirties. 

The residential market is one 
of the worst hit sectors. Except 
in civil servant-packed Pretoria, 
there are vacant fiats all over 
the country. In .J oh lines burg a 
10 per cent vacancy factor for 
a good modern uncontrolled flat 
block is not unusual. Even rent- 
controlled flats, for which you 
once had to pay a premium in 
the form of " key money " just 
to get in, are freely available. 

House prices refuse to budge 
from the recession levels they 
stuck at in 1974. Indeed the 
top end of the house market 
(R40.000 and upwards) is a 
disaster area. Houses that com- 
manded R50.000, a mere five 
years ago are selling at under 


R4U.OOO today — and Invariably 
the seller has to leave some 
money tied up in the form of 
a second mortgage bond granted 
to the buyer. Agents reckon 
about 2.000 new homes are 
standing unsold on the Wit- 
watersrand complex surround- 
ing Johannesburg. 

In the last few- weeks agents 
hai-e been talking about faint 
hints of a spurt in the housing 
market. The March budget did 
away with a transfer tax on 
the sale of vacant residential 
plots sold for RS.000 and less 
and houses sold for R20.000 and 
Jess. This gave a mild fillip. 
Then last month the Govern- 
ment announced that it would 
release the building societies 
from the requirement that they 
channel 624 per cent of their 
total lending to loans of R1S.000 
or less. So larger loans — closer 
to the average R2S.000 price of 
a house for South African 
Whites — will be easier to obtain. 
Many house agents agree that 


though prices are not moving, s 
the number of sales is creeping s 
up. - 1 

The most depressed sector of c 
the property market U without £ 
doubt the office letting busi- c 
ness. In Johannesburg ihe r 
i amount of vacant office space i 
Hops 300,000 sq metres, and the 1 
! take-up rate in the CBD is esli- > 
mated by Dunlop Ileywoort, a j 
broking and valuing firm, to be ; 
only around 70,000 sq metres I 
a year. In Cape Town there is l 
more than 100.000 sq metres of I 
'surplus office space; in Durban J 
] it is closer to 200,000 sq ■ 
I metres. 1 

The results are not surprising 
— first, no new building; 1 

; second, a rent price war. It is | 
ia tenants’ market and fancy 1 
asking rents arc only for the ] 
glossy' brochures. New high- ■ 
; grade vacant office space can 
’ now be hart in central Johun- 
; nesburg at R3.2Q per sq metre 
; per month and upwards. 

1 Even Carlton Centre, a 
I highly desirable location, now 
> battles to attain its asking 
rents of R6.46 a srj metre for 
small areas and R5.02 a sq 
metre for large areas when- 
ever vacated space .comes on 
the market. 

Anglo-American, one of SA’s 
biggest landlords, obtained 
R3.23 a sq metre for new air- 
conditioned office space in 
Johannesburg in 1072 and is 
now getting only R4.5Q for 
similar space, an increase of 
39 per cent. This sounds 
reasonable during a recession. 
But in the same period the 
consumer price index has 
climbed by more than 70 per 
cent. 

Shop leases have not fared 
belter. Three and five-year 
v shop leases now expiring - are 
g being renewed at discounts of 
r up to 30 per cent, says Dunlop 
^ Heywoud. High Street shop 
n turnovers are nor rising. . In 
e the shopping centres now pnp- 
t _ ping up all over South Africa 
j. turnovers are bettor and land- 
lords have the additional nd- 
s vantage of cheap sround cost 
J" t and lower taxes. But the mar- 
a ket now feels that the country 
^ is already overbuilt with 
n suburban shopping centres. Six 
j] hypermarkets have been built 
;s and another six. or seven are 
d on the drawing hoards. Later 
ry this year South Africa's first 
really big U.S.-style centre 
t j opens on the eastern edge of 
>t; Johannesburg. Called Eastgate. 
[ v it will have over 100.000 sq 
j‘ r metres of floor space (lm sq 
10 ft >. 

»r The office Jetting troubles are 
if naturally reflected in the market 
n prices for investment properties, 
ii. Very few change hands nowa- 
at days but occasionally a must- 


sell situation does arise. One 
such was the recent sale of the 
13-storey headquarters of the 
collapsed Glen Anil property 
group. Located just off the city 
centre this a well-built 
modern building with a rental 
income after expenses but 
before interest of R200.000 a 
year. But that came from only 
7S per cent of the space. With 
22 per cent unlet there was 
potential for rental growth.__It 
fetched at auction only Rl.apm 
(municipal valuation is R2.5m, 
replacement cost about R4m), 
giving a yield of around 13 per 
cent. 

For even heller quality 
properties in the very best loca- 
tions, buyers want 10 per cent 
yields. Sellers seldom contem- 
plate accepting more than 
S| per. cent. 


Savings 


Things are unlikely tn uet 
better ail that soon. In the 
first place money for property 
investment is not easy to come 
by and may not be for months 
still. The banks' fingers are 
still smarting and in any case 
long-term deposits and private 
savings are swinging away from 
Ihe mortgage granting houses 
to the numerous Got eminent 
savings schemes, some of them 
with tax-free benefits. The only 
real sources of money are the 
institutions wtih their con- 
tractual cash fiems. 

With a massive iunld-up rf 
ca«h resulting from the last 
three years of relative in- 
activity tin their part they are 
now buying auuin — selectively 
and at yields t licit like (12 per 
cent and up when they twist 
arms lung en<iugln. They pre- 
fer tuo the industrial properly 
market where they get long 
fully-repairing leases with blue 
chip tenants. 

The second and mo-u im- 
nurtant reason v hv the property 
market is nut likely t«» recover 
soon is because it lacks that 
essentia! and elusive element of 
all blooming property markets 
— long-term confidence. Angola. 
Biko, the bannings, the Soweto 
troubles — all have their effect 
on the property market. 

Lack of confidence telescopes 
the investment time span. The 
people who deploy capital want 
it returned sooner. You cannot 
buy. or erect, buildings in that 
frame of nund. Bu f they were 
saving similar things after 
Sharpeville. yet look at the 
boom Uiat followed that. Will 
the recovery happen again this 
time round? That is the ques- 
tion every South African inves- 
tor, Urge or small, must answer 
for himself. 

Nic Stathakis 





22 


Financial 


SURVEYORS 

CORSnUNCY SERVICES 


(Incorporating Property Executives) 

Bank Buildings 

20 Kingswav. London WC2B 6LH 
Tel: 01-405 0732 01-405 5841 

DIRECTOR: IAN L. BROWN MBIM 
CHIEF EXECUTIVE: KATHLEEN M. SANDERS BA 

SERVICES PROVIDED 

Advice and a.ssistance to surveyors and members of 
all branches of the property profession in matters 
relating to: 

(a) Appointments (at all levels) U.K., Europe, 
U.SA., Middle East, Australia, etc. 

(b) Partnerships/directorships'. Private practice and 
commerce. 

All enquiries and correspondence treated in strict 
confidence. Interviews by appointment. 

N.B. U.S.A. Real Estate! ’ New opportunity for real 
estate executive with at least three years’ experience. 
Applicants must be U.S. citizens or have required 


immigration status to work in U.S. A. 



ST. AUGUSTINE, FLORIDA 


362 acre zoned “ Manufacturing place mapped with 80 foac^- 
acceis streets: “ high and dry bordered on East by railroad, on 
North by 5t-ice Highway 207: lj miles from rown /ocean /air trans- 
port/ Interstate Highway i: advantageous tax situation. $6,000 
(USC) acre: 29° w down payment. 10% interest on balance — 
negotiable, amount of cash up front governs terms. 


NEVADA 


380.000 acre cattle/dry crop ranch: I -16.000 acres deeded; 
balance — Federal and railroad leases. Ample adjudicated water, 
exceptional modern house, pool, air strip, work buildings layout — 
$41 (USC. i per deeded acre. 20% down. 9% (merest on balance. 
Write Box T.4887, Financial Times, 10, Cannon Street. EC4P 4BY. 


ATTRACTIVE INVESTMENT OPPORTUNITY 


INTERNATIONAL TAX HAVEN CO. 

(Wide powers, registered Panama) 

Offers MODERN ANDALUCIAN VILLA 300 sq. m. built around 
central patio with marble fountain, all on one level. Extensive 
living room, four/ five bedrooms bathrooms en suite, kitchen 
etc., marble floors, cavity walls, telephone, solar heaced domestic 
water supply. 10 m. x 4 m. tiled swimming pool, auto- file ration. 
Standing on c. 2 ha. with citrus, olives, vines, etc., abundant 
irrigation water POTENTIAL Country Club. Rescaurant. luxury 
villa sites. Panoramic views Mediterranean and Africa, altitude 
500 m.. Malaga Airport 20 km. Near skiing, sailing, riding, tennis, 
golf and Casino. Sale by cransfer of Bearer Shares, nominal costs, 
absolute discretion. Swiss Bank A/c included. No liabilities. 

Price DM700.000 or equivalent, negotiable. 

Banker's reference essential with initial enquiry. 

No Agents. Available now. 

Reply bet T.*8fi<. Financial Timei. 10. Carmen Street. London EC4P 4RY 


THE U.S. 


INTERNATIONAL 


Better but not booming 



BEYOND A shadow of a doubt 
the U.S. real estate market is 
pulling strongly out of the re- 
cession which reached its nadir 
at the end of 1974. On the 
other hand the climate is not 
all set fair pointing towards a 
boom. 

In fact the present state of 
play is a hotch-potch of conflict- 
ing indicators. For instance, 
over the past two years over- 
seas investors have been flock- 
ing to put money into American 
real estate. One recent estimate 
puts the value of money 
invested over this period by 
foreigners at $lbn, spearheaded 
by Canadian commitments, 
closely followed by German 
investment and then Dutch, 
Mexican, British and Japanese 
(the latter particularly on the 
West Coast >. 

Now, one of the main attrac- 
tions for overseas investors has 
been the relatively high level 
of yields on prime properties, in 
comparison with the European 
Continent, for instance. In 
recent months, however, that 
attraction has begun to be 
eroded. Free and clear yields 
on prime properties (over and 
above debt financing! have 
come down to between 6 and 7 
per cent., compared with well 
over 8 per cent two years ago. 

One of the factors in this 
movement has been the increas- 
ing — and still relatively new — 
competition for investment 
properties from the native 
institutions. Until a couple of 
years ago these institutions did 
not invest much m real estate. 
Sometimes their articles of 
association actually barred them 
from this investment medium, 
but more generally they pre- 
ferred to build up more liquid 
assets. By about 1974 there 
was widespread evidence that 
the funds were seriously con- 
sidering changing their views. 
They had begun to react favour- 
ably to property's attractions as 
a hedge against inflation. 

At about this time, however, 
the banks' more traditional 
involvement in property , by way 
of mortgage financing through 
Real Estate Investment Trusts 


further property commitments 
by way of ownership of invest- 
ment properties. 

The institutions are still not 
large enough to dominate the 
market, and in many cases their 
investment is still not much 
more than tentative. The pen- 
sion funds, for instance, have 
only recently been permitted 
by law to add properties to 
their investment portfolios and 
so. by comparison with the UK 
or Holland, for instance, their 
property assets are still minor. 
The largest managed com- 
mingled fund, for instance, is 
claimed to be that run by the 
Trust Department of First 
National Bank of Chicago. At 
the tod of last year its portfolio 
consisted of 40 properties worth 
$L30m. 


Trend 


The natural momentum indi- 
cated by the new trend towards 
institutional investment, how- 
ever, would soon see such 
figures quadrupled even if the 
funds chose to put only a minor 
percentage of their new money 
into property. But it is possible 
that there will be a check to 
tliis momentum in the next few 
months as the residual problems 
of the REITs raise their heads 


again. 

At the beginning of last 
month the Chase Manhattan 
Mortgage and Realty Trust 
announced that it could not find 
the cash to repay $36.7ru of 
borrowings. Although this had 
been one uf the heaviest hit 
REITs during the 1974 collapse, 
it had always been regarded as 


secured by its relationship with 
Chase Manhattan Bank. In fact, 
it appears that the bank has no 
liabilities as far as the REIT is 
concerned and is only one of a 
couple of dozen banks who are 
owed $150ra by the REIT. 

Last month's announcement is 
likely to revive fears about 
initial financing of new develop- 
ments. Most of the REITs who 
collapsed in 1974 were involved 
with short-term construction and 
development lending rather 
than long-term equity financing. 
That cuuld, in turn, lead to a 
hiccup in the supply of such 
finance at a time when new 
building is just beginning to 
start up again. 

Since the turn of the year 
there have been the .first signs 
that developers are satisfied 
that the significant overhang of 
space on the market since the 
boom building period of the 
early 1970s is now sufficiently 
absorbed to warrant new 
schemes. 

One indication of this new 
revival of interest in develop- 
ment — and involving an over- 
seas company at that, and one 
known for its caution — is the 
office scheme in Chicago in 
which the British firm Slough 
Estates is to take a 25 per cent 
stake. The plan is for 300,000 
square feet of offices in the 
heart of the financial sector of 
Chicago, which will cost £32m. 
This deal is already financed, 
through a 32-year fixed interest 
mortgage from the New York 
Life Insurance group. Slough's 
own equity commitment will 
only be a quarter -of the 
development partners' $12ra 


equity. The other major partner 
is the U.S. firm Draper , and 
Kramer, and some 15 per cent 
of the spare is already pre let 
at around $13 a foot. 

The funding arrangement for 
the scheme is in the true, tradi- 
tion of U.S. 'real estate mort- 
gages. But there are signs that 
cracks are appearing in this 
tradition.' In recent 'months a 
□umber of deals have been 
signed up in which the funding 
bank or institution has inserted 
a revision clause somewhere 
about the middle of the mort- 
gage (normally between 20 and 
30 years duration) permitting 
them - to. increase the mortgage 
rate at least once during the 
term of the mortgage: 

Behind this .trend lies, the 
recent volatility ' of- interest 
rates in the U.S/ On May 26 
prime rates ' reached a- three- 
year high of 8fr per cent, the 
second increase in a month and 
a 40 per cent increase from the 
low of 6 per cent, at the end of 
1976. At the end' of last year, 
mortagage money was available 
for property developments- at : 
around 9£-9i per .pent. On that* 
basis typical - cash-on-cash 
returns were around 7 per cent 

Although rents' in the major, 
centres have been improving . 
over the past year the growth 
docs not appear to have, been; 
such as to allow developers 
easily to- absorb this probable 
full point increase in finance 
costs. ■ 

This partial inbibition to new 
developments comes at a time 
when the popularity charts for 
types of property- are, in any 
case, changing, and local 


developers are feeling their, 
way into new types of .schemes. 
There is. for instance, a. marked 
move " away from - residential 
development which was tradi- 
tionally the most popular type, 
of building- Both condominiums 
and residential estates are being 
affected by this change. - - 
The prime area for. resi den.-, 
tial estates has . been the 
sabarhan fringes of urban areas. 
Over the past couple of years 
both the newly awakened 
energy consciousness of U:S, 
citizens and authorities. - and 
some, degree of evidence for tKe 
adaption of rent control- regula- 
tions : by the authorities, has 
made new estates on these lines 
Jook less, of a secure long-term 
investment than formerly. 


Condominia - 


' As - far as condominia are 
concerned the simple problem' 
is a marker related one; there 
is s tilt an oversupply of such 
space. - According to a recent 
report from estate -agents, 
Richard Ellis, some of the 
.slack has been, taken up' by- a 
resurgence of shopping centre 
construction. The firm points 
our, however, that the emphasis 
has been oo neighbourhood and 
community centres, “as most 
areds have reached a saturation 
point for regional shopping.”. - 
-■ One other factor which- may 
-be a reason for this tTenil 
towards ceittres with a pedes-;' 
trian orientation' rather than 
the traditional car-centred 
schemes, cuuld also . be energy 
consciousness; although it : is 




Conflict of economics 


dehateabie whether this Is a 
genuine reason or just a selling 
point,' . : 7 _ 77 ./ - 

-Richard Ellis also, notes that 
by contrast* there ’ is i lower 
rate of growth . in warehouse 
and light industrial sectors. 
Apparently; - supply of such 
premises is. more than. adequate 
in most centres td ; meet exist- 
ing moderate ' demand/' 

As far as offices are concerned ' 
there is general agreement That 
supply is being steadily 
absorbed, and: pre-lettings, are ; 
becoming familiar" again after 
several years’- absence.* --Even 
in mid-town Manhattan, /accord- 
ing to Jones' Lang .Woottoo, hew 
development a bemg .'pijumedl 
The firm published a : report 
early this year' Which suggested 

that some- 4m- square f^t. of 
space in she new schemes -are- 
on -point of starting^' ' - r ' : 

JLW links 'this new develop- 
ment activity .firmly to the 
improvement 4 b Tents. -.After 
four years ; of stagnation^ it* 
claims that mid-town rents have 
risen to as much as $16520 per - 
foot for key- prestige bondings., 
though Downtown, even with an . 
active market, rsis til I oaiyjetc& ■ 
4ng little different _■ from 

the ievels.^of or 2576.V-;.;-, 
The southern “ boom "_tavras~ 
of- the -early - 1970s,-- Such as-r- 
Houston^ still seem to be show*, 
ing. - ..gfdvrth proapctfsiT v and 
. rentals. T.-areF. cmreSpondhi' g ty . 
buoyant: V Denver, -fShieagb'aa^r 
San Francisco; arei -also gener- 
ally: being pinpointed'ajs^areas "of 
a: degree nf : shortage iTp’tTOpawrii 
In 9hort>the U.S.-’reaTr'gSfertis 
.market jias , apparently-found Vjt§ 
feet again; but it is n'of- bbturdr' 
iug ahead except - in -isolated ; 
areas, ami the generaL imprw* ' 
sion is .of an- industry looking, 
over its shoulder at arrange oi 
niggling pursuers: from the.,, 
economic' indicators, including’ 
the weak, dollar : to changes in. 
investment- popularity, and re- 
strictions- to same>bf the tradi4 r 
tional property : favourites. 

Christine Moir 




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can advise 


you 


sales — acquisitions — lettings — investments 
planning - development - rating - valuation 


GL Hearn 

& PARTNERS 


Delta House, 44-48 Borough High Street 
London Bridge, London SE1 1XP 
Telephone 01-407 5321 


CI»i3onOai-rJS40O7 


gmt> rim 


haiuncli;faOJa6U--..I 


Sooth wnpion (wO?- 1 1 361 


Sundtrlopd 113783] 


and population 


MEXICO HAS emerged oft a To the new half million or. so 
sea of newly discovered oil and compesimw (rural people with- 
mineral wealth. Last month's out Jaad). who arrive each year, 
international property and plan- Mexico City offers the illusion 
ning conference in Mexico City of opportunities for a fresh 
highlighted some of the prob- start to life and easy employ- 
lems facing a country where menu The capital is also seen 
new found economic power is as a good location for firms 
being harnessed to update needing access to the Federal 
commercial and residential Government, a large labour pool 
property markets that are to draw from and a good com- 
currently unable to keep pace mtinications network, with prox- 
with the explosive population imity to the largest markets. At 
growth. present, all roads lead to the 

Reasons for the decline and. capital. On the northern borders, 
fall of the ancient Maya civilisa- Mexicans find it expedient to 
tion in Middle America, before cross into the U.S. to gain cast- 
the arrival of the Spanish con- west access, and then re-enter 
quMlac/ore.s- are still obscure, but their borders, 
there is strong evidence to sug- 
gest that infertile soils, with An||fp 
decreasing yields, and the agri- xa-LUIC 

of moving from The continued investment nf 

. . >, 5! ld - „ were pr . l “? people and eapital into Mexicn 
cause,. Mndern Mexicn. witli its cit j bound to increase the 
many potentially r.ch resources a , rcad a , ute prob , e „ ls for b0|h 

.s unlihely to suffer a simtlar metropolitan and rural econo- 

,’ he ™ lmU ’ s mies. and in turn, limit econo- 
plosne population growth over mic erowth in othl . r re(!i „„ a 

the last o0 years, roping with a Aireadv half uf the national 

L P «afn a roal =roh'ilm 0pme " t budget is spent on the Mexico 
is again a real problem. cilv aroa Bui | t 0 „ a , akc b ed. 

Mexico's current population of subsidence in the capital is a 
65m is expected to double by serious problem. The urban area 
the year 2000. Mexico has the has sunk some 7.5 metres, 
second largest growth rate in during this century, increasing 
the world and in Latin America, costs while reducing the pnssi- 
only Brazil can boast of a lar- bility of building upwards, 
ger papulation. The strain of There are also serious infrac- 
population growth is most acute structure problems, the main 
in the drift to ihe towns. Over part being some 12 metres be 
60 per cent; of the people five iow the surface of the basin, 
in urban areas, while agricul- Consequently, sewage has to he 
ture supports some 40 per cent, pumped up, before being dis- 
A round 2a ra people live in charged. It has become incroas- 
94.000 small, scattered communi- ingJv expensive to supply the 
ties, of not more than 2,500 capital with new water sources 
people. I barely adequate for the current 

In contrast, 13m peuple live population). In an effort to 
in Mexico City. By the close of augment the supply to the city 
this century* it is expected to be and reduce the withdrawal rale 
the largest city in the world: a of the aquifer immediately be- 
capital of 30m people. Mexico low tbe city, groundwater in 
City already dominates the adjacent agricultural areas, par- 
urban pattern of the whole ticularly in the states of Mexico 
country, concentrating a mas- and Hidalgo, are being tapped 
sive proportion of people and and the yields pumped back to 
wealth. tbe 'metropolitan area. 


Not least of the problems - is 
the city's inadequate traffic and 
parking system, used by over a 
million vehicles, which are re- 
sponsible for some 60 per cent 
of the capital’s high level of 
atmospheric pollution. A study 
carried out by the United 
Nations in 1973 shows that 
toxicity in the Federal District 
of Mexico City is 100 times 
above the admissible level. 

Demographic and economic 
trends imply further urbanis- 
ation in Mexico City. But most 
of the additional 10m to 15in 
people expected are unlikely to 
be accommodated in the existing 
physical space of the capital, 
and will need to be provided for 
in planned communities outside 
the present built-up area in the 
valleys of Cuernavaca, Puebla, 
Tlaxcala and Toluca. 

Mexico remains a country 


with large, as yet untapped re- 
sources, not far. short of those 
of the U.S. - The’ country Is not 
only rich, in oil reserves (esti 
mated by the Government toThe 
over 60 md. barrels), - but also in 
uranium, phosphates, ' capper 
and silver (once the lai^est pro- 
ducer-in the world). . .. ... 

in the next 25 years Mexico 
is expected to' develop’^ her 
natural -. and * manpower^ re- 
sources, to become a major 
power in the Americas; Mean- 
while, Lie Josd Lopez Portillo’s 
main task as ^President includes 
the restoration of confidence in 
the economy as a result of de- 
valuing and floating the' peso,* 
by carrying out a programme’ 
of economic stabilisation. 

Mexico has to industrlalisgJn 
order, to .create employment 
opportunities and at the same 
time maximise agricultural oi&- 


CONTINUED ON NEXT PAGE 


VIRGINIA 


U.S. A. 


MOUNTAIN LAND ' 
FARMS— TIMBER LAND 


Excellent in*eitnienc In S.Vri' VA. 
250 at) lex S.W. dF Wajhinjcon, D.C 


dpnf"SLOfifl-4crt-Er»x»;".S200 an’acw 
awL -UP. .Greene, tfinhwr and ..land 
Vais* merwue* miXe excellent ikvem- 
mwit pluj acrenjtbeiiint of dw dollir. 

Vtn.L Anale Ml — . 

. Roam** t»4 -*c AnctMn Company . 

'I W. mtenr Avton* 

- Roanoka. VA 2401 J UJJU. |. 

Ttl, Hn. 703-345-4704 . 


■v-r 


- BBT-LANDl value near -. 

. NEW TORK CITY ': ': : 

S.Q0Q icfW in noni»ern. +tr*f jeri *7. . 
)ess'-:iJnn ' on* Jmuc'fTBn) N«w York 
Oty on., nerr inrennatt. ■ 

AvailaW* in-siza froffl, 100 » 2,0®). 
acre*.- Priced - at low at -S2.500 -pir ■ 
xri. Bcokorv protected. .- • 

Morton SaBdnd, 1 World Tradt Center, 
Suite 8859. New Yortr, NY 1W4I-. 




.; . Sf..- 

■U ^"2 ... 


VtRGtNIA FARMS: &7E5TATS 
Roy Wheeier Realty Company 


The Ldoder In morfiettnf Virginia 
Fernt* an4 Estotai ana -%92 7. 


resume offertufl 
tstandimi. 
and Period 


For b mch ti reo and 
the finest, utactlan nt 
Virginia Farms. Estates 

. Homes, olease .write • 

TjoY ' WHBEVERr 'nlrMTY ,.'C0MPANy7 
Zoart Sqonn. CkaHonesutlle. ¥1, IH* 
: UHM* 3S&4T7T- ~ .. 




• 


OUTSTANDING INTERNATIONAL PROPERTIES 

FOR SALE 


SPAIN— MARBELLA 


Superb country house sec on the edge of 18 hole golf cqune.' 5 bedrooms |, 3 bathrpams, 
2.400 sq.m, of land. -well maintained gardens; swimming” pool; garage and oUtstaudfdS 7yfews. 
Immaculate condition throughout. Well' equipped kitchens. Price; £83.000. . . : 


SOUTH OF FRANCE— V1LLEFRANCHE. LES RESTAN QUES 


This highly exclusive apartment building is sec within peace f ah terraced gardens on a hRtside 
overlooking the Bay of Villefranche-sur-Mer. Each principal apartment has outstandJqg-.-views 
of Mediterranean. Built to the hlghesc specifications complete . with security system and 
superb swimming pool. Les Resranques is designed to afford each apparunent; ideal 'privacy. 
Price: from 350,000 French francs. .... . 


SOUTH OF FRANCE-^PORT ORfMAUD 


IniermtionaUy known throughout the world this “City on the water *’ if offering for. sale 
“Fishermen style" houses, scudiot and apartments. Each property- the *withih the'** sea lovers 
paradise" have their own private berth and attractive gardens. Architect Francois Spoerry 
who created this "lake village’' has skilfully maintained tfie Mediterranean mood in rile new- 
Phase of the Development. Price: 5rudios (2 rooms, .plus, kitchen and bathroom) . 350.000 
French francs; Individual houses frdm 635,000 French francs^ 


FOR FURTHER DETAILS r 1 


9 Milner Street, 
London SW3 
Tel: 0 1 5 84 4S0I 
Telex: 9K087 


MONTPEUEft iNTERMATlONJU. PROPERTIES. / "V : 

(Q A venae dc lx EJberacjon,' Muollo .Ribera 4... 

06600 Antibes. ‘ Pu e rto Jose. Bantu, ; . 

France. MarboRn (Mala**),' 

Tel: CV3» 33 60 33 . . - . . Sjwhl^VT — ■ 

Telex: 970926 - - Tel: (52) Bll 722 - 

.. . . . . . . l .- _ (S2> 8U.125=: _v : 





. . t 




• *-• 


* 

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"?• 9 


HANOVER, 
your central 

base in 
Northern 
Germany 


^Rotterdam:-?': >n 


adjoining tha main lines of communic at ion between Sc andinavia 
and Switzerland, and between Easlern Europe and the Netherlands. 



HANOVER, 


They include '-F"2 motorways Hamburg - Ba's-le and Berlin - Rotterdam, the rail links Conenhaqen - 
. !r :cr , n 5n " War sd>v -Paris, and lor air travel I he large airport at Hanover -Lanqennaaer?., 

01 hi-': li i'cin:ihv;».il A-.-rr.is; E • ni!.>i(i.-»ii 


Langennagen.home 



LISTER TOR TOWER 






wtiere indust/y meets every year al the Hanover 
Fair and at many specialised exhibitions. 

Home and manufacturing base for companies 
such as Continental Tyres, Volkswagen, Massey- 
Ferguson/Hanomag. 

Generous provision forfulure growth of Iratfic. 

A city whose intelligent [own planning has turned 
it into North Germany's metropolis. 

Beautiful surroundings ideal for leisure activities. 


Your base In Hanover for International 
business. In a brand new business . 
development area. 


Next to main railway station and City Air 
Terminal. Underground station, urban 
motorway and extensive parking facilities. 


Both its location and its design meet every 
need of managements active on aninter- 
na tional level: 


The 24-storey buiWing with a totafarea of 
23.000 sq.m. of office space.offere:p --J.: r 
. fully a ir-condtfioned office floors 
between 1 t OOO and 1^50 sqjiu J “ 7--7- *’-’ 

i.AddtUona I facilities: ’'.' v ; ;1 v.T‘. ^7 

. oh the lower floors ~ spaco fbrshcips,caterins ■ 
esfablishmenls arxf leisure actiwfies. .. 

On the upperffocfs -brfetothree-roomfltitc. . 
eOOcarparWrig ^pa'jes within thebuildmg. .. 


Further ffifcjrmaiionfrbm Ihelelting agents: 



CI!yka^pk^GTOLWKamburac3 , Ailee4.C>3000 
Hartover. PfiSiTtcii lO^Gwniif ly Ter : iCSIl) 3l60rf. -| 







"f,U -V. 

■S^.r V 


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; : ; ; V :?7?^. 








19?, 


i 


* 


Fiducial .Times Monday June 5 1978 


23 


MIDDLE EAST 


INTERNATIONAL PROPERTY VII 


her 

to • 

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ft 





tisfi 




'Snip's. 

a,„£ 

to aJS 

em and. ^ 

♦ms ,?* 

at-^' 



weoce7 4 


»hatia»' ^ 


<5*3^ 

'shod’ ^ 
whi *h 
sqnarp «?• 
rw v-hJ • 
rtin 5 ^ 
13 new j.. 

*"Xf 7 

D fOTiU. 
S!a 3riai^ 


-town 


r^Is; 


n « Sl^ 

S? 1 * Mfc 
An - even 

- *Wl onivj 

•o aiSereiu 

•* a or i 5 c t 

s " boom " ,. 
ist, k ^ 

: “ e in io b? 2 

Profits’ " 

^ ‘-■'Jrrespttag. 

* CnicM-. 
a « also v 

n 

-triage «f ^ 

1 V.S. rei| „ 
oarently fo,’ 
5 >t >i n U ; bj. 

ip L* 
? general ^ 

• ndu-'tiv 
*ter at a r«a 
-uers. frnjj 
!«Vuiors my; 

:ar in i-hsr.ji. 

•■■Djiarpy w 
l:'-.*' l: iiv - 
y favvjp;; £ 

hristine \i 


SINIA 

.S.A. 

AIN LAND 
riMBER LAND 



apart ,fr6m oil the com- :' g?aeragqfrffg 

■■- - ■ - - ;. 5 -“ >-5V. >*r ■ 


“ — ■ ’ " ««A| UK LULU' “ — 

modiiy that the Middle East is 
riot short of ds entrepreneurs. 

Tfeey abound and the kind -of . 
stalls which British developers 
have used with such remark- 
able effect elsewhere in the- 
world are in every-day use in./ 
the Middle East .r . - 

-. Hie skills which are in great 
demand throughout the Arab 
world are those of the . pro* ' 
fessions closely connected with’ " 
the construction industry, such . 
as civil engineers, architects 
and quantity surveyors. Because 
generally the British profes- 
sions provide a wider and ' 
better service than their Euro- 
pean and. Japanese competitors 
it had been assumed that they 
would get the lion’s share . of 
profitable work in the Middle 
East. 

But . many appear to have 
been missing out recently on 
the concept of consultancy work 
which is gaining favour with 
Middle East clients, where a - 
consultant defines the para- 
meters of a project and leaves 
the .design work to a contractor 
who quotes on a turnkey basis. 

Nevertheless, invisible earnings 
by UK engineering consultants 
in the Middle East amounted to 
around £130m in 1977. 

Hie giant UK construction, 
groups, which are large even 
by .North American standards, 
are carrying out vast schemes - 
throughout the Middle East, 
work which they get in fierce 
competition with other con- 
tractors from places as far 
afield as South Korea, Japan 
and India,' but they cannot be 
considered to be' In the premier 
league, The structure of the UK 
construction Industry; appears to 
be against ihem.whrin in com- 
petition with . operators from 
other countries.. 

In Bahrain, Taylor "Woodrow 
International is building a 350- 
bedroom hote} for the Sheraton 

fl?“ p ’ £ ° Ctaenttttai 01 some opposition, there till! be 300.000 s q ft of space includip 

national, KS «— ViffTSSS * 2!^*“-^ 

the Trafalgar House subsidiary more hote s ’ 


The Bank of Credit and Commerce International building in Abu Dhabi, built 
by Bernard Sunley to a design by architects Fiteroy Robinson 


•r.3 ;■ 


s' 

in 

; & Aucr.w «a 
&"enur 

2 * 3:1 oj.l 

• T45.6?J< 


3 VALUE tif 
YOR*i C.VI 

. M- - 

V ira'sVf' 


lerk h: •** 



.■•"ft 


ANQli® 


A joint team of Laing and 
■Wiraney is building the new 

. ... mnrt , noT0IS weeK-enu The Kuwaiti guv-eminent will S39m airport extension at Anna 

the Trafalgar House subsidiary ^ “ore ^ an d suufl invite preliminary propo- and Costain Ioternatmna] is 

has -a. .$2T.m ..contract -,for k ,(ioii-. ™dX bKA in- il “ for a’ 670 acre residential constructin'; a container ter- 

crate piles- ^ tfae Guif - Hetel gjgjj # b0 ^ cSKl be on development between Kuwait minal worth some S20.6m at 

scheme and Higg^ arid Hill has smimAon . Doom , .. City ^ Al-Ahmadi. The pro- Juldah. 

two contracts, one of 36m for 'amount of Anstruf- ject. lobe known as the Fmtas Wiihin the United Arab 

an 18-storey office building, uni e hl ove _ > t }, e past centre iJsill house an eventual Emirates, UK contractors are 
the other of S6.5m .for a low- population ..f 87,000 and will verj- active with Wimpey a 

rise complex wiih Ahops, - hotel BrinVIstate agents to set up fnclude 1,920 tomes, a 200-ru.«m member of a consortium carry 

and offices. .. ’vlbenhZri Tewson and hotel and evhibitiun centre plus ing out the development o a 

But those _most closely con- was ‘ first with some 150.000 sq ft of com- *500m alumiiuum smelting 

aS££S5*£$XX+££ S3SS mu miw« fig?, i’ll. "o'Lr. “ 

Showpiece gSTSSSJ ImZ. '«S1SS£ 

Arabia caiBTOay. " i 15^1p “°“ a ,J^‘ gi ™ebeiSiam ^"the Kuwait International Airport areTEngi hotel 

four^ expressway connect*. j ert j ng ^ management agent is the shoMyiece of Middle East . worth $S8.4m at Dubai, 
ing Island _wa.th ^mainland otm 18-storey office building airports and- it is hard to believe c0 ^ p ^ x . partnership with 

a senes of embankments- and instructed by Higgs .and Hill, that it is less Chur™ of Dubai are develop 

br ^ es * -•••• ■- •.-•' - • -* : ' known as the Bahrain Tower ago that Kuwait s control to . $68.8m shopping and 

^ cos L of ^ and coritaining some 95.000 sq with ground-to^ir radio m * com piex at Dubai 

has been estimated at #800m. but ^ gpace. housed ,n a tent * was erected re*ioe \ eain are a i s0 

with rapidly ..rising; constiucbon scheme is the mixed Clearly the new complex with and tne sl]0pping and res i-- 

costs it could .total 9900m ? and shops its 300.000 sq ft terminal lbuHd- worth ¥615m 

9950m by the time it is started. o^> ae Manama in gs will attract a great deal of 00 

If it is carried out, -and while ^ offices appear to peripheral development along rontrarts 

' “ . Tbe tenants the approach roads to the air- Bernard Sunley has contracts 

be letting well and tenants me ■ppm**. a value o£ £isom currently 

such as Gu\l Ail, .KLM. ■ ^ Saudi Arabia was once under construction in the Gulf 

rix’ wusa sa «r. sar-; 

TS, development js te’thVjoint scheme The bSdtog^ situated on the 

«Sfto Bt b ' , s ssrai rt aj? 

St°e P loS^r the^ construction tested. - 

of tbe Merrdien Hotel and cajTying out the larg ^ |he Deira side of the Dubai 
Salhai Commercial Centre. The ° d sewera ge Creek: the architects for both 

SSm operations. bui.di„ g s are Fitzrey Reinnson 


and Partners. 

Many of the development 
carried out by Britan Lonst ruc- 
tion groups arc .n partner .-hip 
with either another UK builder 
or a local company. The reason 
for this apparent r>.*iu dance to 
take on the massive projects on 
their own is the r«?fiu;ri.-menl 
of a performance bond. At 10 
per cent of contract value 
British contractor* luxe pre- 
ferred to spread i he : r risks 
rather than tie up vast *-um* m 
one single contract. 

It is clear that Erm.-h con- 
tractors are facing i;on-*i d>.- ruble 
competition from other inter 
national groups a:ni that the 
competition is likely m become 
fiercer in the future, there mr.y 
also be a reiucian* amony 
Arabs to employ them because 
it is claimed iiiat ihej fail to 
send top men ;o super, - ise 
contracts. 

Conditions 

Arab authorities also ilnd that, 
the British pla.-*- f:,r more 
Importance on the cntravi con- 
ditions than otniT-. such as the 
French. But because the 
French construeium industry i> 
owned largely by »he hanks who 
are in turn state nwned, French 
contractors probably believe 
that any problem- can be sorted 
out at the end of the contract 
at znvemment k-ve!. 

There is a!.-o competition 
which all oth*>r cnntraetnrs arc 
facing from South Korea. The 
South Korea n< keep ensis down 
by shipping huge amounts of 
low cost labour to cope with 
even the largest contracts. This 
problem is one which is difficult 
to overcome. Ir i« estimated 
that the South Koreans have 
current contract; worth at least 
S2bn in the Middle East Most 
international contractors hope 
that the improved South Korean 
construction industry will in- 
crease its opoorrunities both at 
home and abroad and that it 
will then no hmcer be able to 
count on low labour costs for 
its competitiveness. 



EUROPEAN 



r 


_ VILER PEEERoffer 

a complete property service 
to industry and commerce 
throi ighoutthe 
United Kingdom 
and Western Europe 


FULLER 

PEISER 


3-4 Holbom Circus 
London EC1N 2KL 
Tel: 01 '353 6851 


Chartered Surveyors. I (doers, Agerits and Managers 
of Industrial and Commercial Property. Rating and 
Comperisation Surveyors. Plant & Machinery? 1 diners. 
Investment, Finance and Development Consultants. 



A COMPREHENSIVE INTERNATIONAL 
PROPERTY SERVICE 

COVERING ALL ASPECTS, 
SALES/LETTING/ACQUISITIONS 
OF COMMERCIAL AND RESIDENTIAL 
PROPERTIES 

440 KINGS RD., CHELSEA, 
LONDON SWIO OLH 
TELEPHONE 01-351 2383 


the Saudis have, a firm. •comm it- 
raent to the scheme, there is De 


FRANCE 


! |f you are dreaming .of a. house 
in France. or> 'the Cote d’Azur. 
Sin Provence, the Languedoc- 
XRoussillon area or in Corsira, 
y. read 

5 “ MED rTER RANEE 

5 IMMOBIUERE” 

j^You will find in this magazine 
SEthe house, flat’ or plot. of land^ 
5 that you have been looking ^ or> g 
5for your holidays or as a safe 
^investment. 

Jprder now the special "1978 
[Summer Edition ” of Madlter- 
\ranie ImmobiMre, . which will 
l be sent on receipt of an fnterno- 
ional money order equlvd/ent 
^to £1. addressed toi . 

MEDfTERRANEE 
immobiliere 

B, roe de Richelieu 7S001— 
Paris (France) 


MEXICO CONTINUED FROM PREVIOUS PAGE 


feed an increasing popu- environmental impact of project Because Consiiretioo 

Stion. The British Industrial reqmreme . autonomous it is likely that in 

Exhibition in Mexico City in j n the north-west, a large Ujne mQSt ^ ^ planner s now 
November will be aimed at pro- portion of capital investment is trajned at the new 

Noting in Mexico badly needed ^ed to P^vide commeraai Ministry will be fully utilised by 

capital equipment (such as steel farming in the states of So . the gUtes w iu C h i aC k this 

plaits, petrochemical piants and Sinaloa and Guanajuato. The capabilityj t0 deve iop their 
textile machines), agricultural Government, under the slogan _] ans f 0r submission later to the 
Equipment (such as fertiliser ,. lhe amig0 country is also £ . * 



GoBflty Galway 

J r -EIRE 

IMPORTANT HAJORTOWN 

LAND .DEVELOPMENT 

I Action »mi. ioned **£»»+* 
iknlopffient. - Six ho*»6| PJf 


j 


eaumment inuuii ^ : . luc » 

plants), as well as financial and committed to a major pro- 


Federal Government. 

find and develop new This is a momenlons task andj 



F»l 

iES. T^. r -*i V'“«- 
: if T V-» 



FLORIDA 

^ de ^ g l^H,e reS ™e r/vicSS. 



resident Miami. 

G. R- Collinson, F.C-A,M.J 5 -a-» 

. 58 Brompton Square, 

- Knlghtsbridge, London 5W3- 


rionsultancy services. „ gnunme to fina ana aeveiun «« *•“- iTT “V"” a 0 ^ tstrv Qf 

Undouhtedly, the Mexican oil twrist re sorts. At present, the one wh cJ«iD.nonT« Mr Pedro 

industry (Pemex) will play * u.S. provides some 90 per cent Human Settlements, 

sss-^ssa-’S 

tion from the o {he sn the State ot f^err P & relatively new phenomenon. 

Tabasco m the easu . . one of the poorest 

border with the U.S. .The World Meldm . There are many contrasting 

J&ak is also assisting in tne m 1lll | lfMI Aumr/iTtmental orobl0ms> 

future fievelopment^of . s on the econoroic> social ana en ™“‘ concentration of people 

mental problems ^ ^ch rapid in Mexico City, 

development, the President has ^ ^ _ n <he needs of 
created the Secretariate w rowns su C h as Tijuana, on the 
Human Settlements as an exten- border with the u .S„ and Villa- 

sion of the Public Worn hermossa j n the oil rich State of 
Ministry. This essentially new rj. a j jasc0 and j n .the development 
Ministry’s tasks also include Qf town5 suc h as MazatlSn in the 
the. assessment of environmental a£ricu j lura i state of Sinaloa, as 
impact of Mexico's massive gg traditionally rich 
development commitment. cities, such as the charming 
Under the new 1976 law, the Guanajuato, with its deep his- 
Government requires all states toric and architectural signifi* 
to prepare their own plans for.cance. 

three levels of development, jim Antoniou 

state, city and ^conurbation. Jim Anipnum 


•WOOD GREEN is one of Londons strategic •SUNLEYHOUSE A new air-conditioned 
commercial centres. office building available in units from 4,000 

to 88 . 600 sa.ft. approx. 

ssssssss*-""* 

_ . are less than half those for comparable 

©WOOD GRtEWI 5 minutes from Oxford buildings in Central London. 

Circus (Piccadilly Line) which providesa 
direct link with Heathrow Airport. 


OWOOD GREEN The large surrounding 
residential catchment area provides good 
staff recruitment. 


^SUNLEY HOUSE Immediate occupation, 
telephones and switchboard already 
installed. 



^^^p^®xlciinfiettihgagents ' 

Mpjssm 

ISlWOOD Henry Davis & Co 

^tort'eredSunfeyors \ Chartered, ^ryeyora.^.'\#^^‘ 

JptaceLonc^rlWIY 6LL ■ 10T New BondStvLbhddnV rt^^-A^^ -1 ?^ 


For colour brochure with floor plans, dip the coupon and send to the 

Joint Agents, Sunley House, 101 New Bond SL, London Wi BUS Company. 


Name. 


.Address. 









Financial Times Monday 3 iine- 5 ; 1978 





INTERNATIONAL 


Properties 

COMMERCIAL 

UNION PROPERTIES LTD. 


ASSOCIATED WITH 
PROPERTIES OF QUALITY 
THE WORLD OVER 


1 Uiidershaft, London, EC3P 3DQ 
Tele 01 623 4541. 


Company for sale 

incorporated and Bonded Licensee 

Large estates of residential land 
Con Id be sold separately 

W. & 0. FRENCH (BAHAMAS) LTD 

50 Epping New Road 
Buckhurst Hill, Essex, England 
TEL: 01-504 4444 TELEX 25679 


- *'-r> 


In Germany 



« * «■ 


'v ' ' ■-* : '-r-r' 

In the U K. 



Chronic surfeit of space 

THE AUSTRALIAN property deferred became of oversupply, Since then, however, no other the build ins and .property vision for real estate losses Is' gathered steam. Many -Jut* 
market suffers from a chronic and because rents available have than the Sydney City Council group. Mainline Corporation, now AS58m. . now substantially cartaaed thdir 

surfeit of space, a legacy of the not risen to keep pace with the itself has released a survey collapsed to be followed almost Of LAC’s A$347m remaining Austratiaa operations* or quit 
boom and bust days of the early rapid escalation in recent years which comes up with a much immediately by properly devel- in real estate loans, as much as the: scene, da some- oases watt 
1970s. Opinion varies markedly of construction costs. The total higher figure than BOMA. The oper-cum -financier, Cambridge A$83m are still on a notn burnt fevers. The most apes. 
about the severity of the situa- net surplus office space between Council estimates the amount of Credit Corporation. During the accrual basis for interest pay- tacolar example is <tfce Abbey 
tion, but even the most opti- now and the early 1980s in vacant office space in the Sydney boom, financiers were prepared ments. But. the group’s Ca®4tai Group* the prements^oi 
mistic of the surveys from Sydney was therefore about CBD in 1976 at 746.619 square to advance almost 100 per cent involvement in real estate is shoot of the troubled Crown 
interested groups suggests that 478,839 sq metres (5.15m sq ft), metres, which on the annual of ventures brought to them by now down to 30 per cent of total Agents. 'Abbey ^ ran. -on loan* 
it will be 1983-84 at the earliest This is being steadily absorbed consumption rate would take a entrepreneurs. As the boom receivables compared with a of- A$70m in . 1978 
before the market stabilises, at the rate of about 70,000 decade to absorb. However, the gathered steam the value of peak of 48 per cent in 1975. emtoai * on a ■IQjwmv 
S upply nn. ^ considerably m Equare met™, a year which Council's estimate tahes in space this land rose and the finan- ThTwriteJn^s are however. 
toe major metropolitan cities, suggests that at the present rate which BOMA would not have ciers would make further now enabling IAC to move some dasoosinE ^ its 

Oversupply is greatest in the 0 f consumption the market considered lettable, including advances on th e -basis of the of jirprobiem property invest- 

largest city, Sydney, flowed by should stabilise around 1983*4. some buildings constructed last increased land value. Se gromte expect- 

Australian* capital o“ PertlTtoe Actual . total leasing of office century. Just over 44 per cent -The result of this boom t ^ ^ 

in 4MhS sP ace 1U Sydne y ls close t0 of the Councils estimate of mentality was that when the 197s propmsy .oas keen 

Squefitd nlroral -as ert J^ 0 ’ 000 ,, or ^ vacant space, 330,000 square crashes came, the financiers CAGA bas ymti^ ^ mofe Ly 

based on the Offshore glTdis- ? an do ” bIe ^ consumption metres, was in buildings erec- found themselves locked intotbanA*35m on propeTtyrin-the 
on thf : htorth w-£ figure - The reason is switching ted since 1970. In 1971 only 13 loans which in many e^sa. “ *t SSUmm. ■ “ ■ ■ 


tenants 


Coastal Shelf is resultinc in an J ««■»»• »“«» ,IC "* n l ore Per cent of vacancies occurred exceeded the value of the land 

influx of professional groups m ° de ™ a^mmodation. often m buildings Less than ten years put up as security and with the T Mnc 

hoping to participate, and boost- w j, th *?* adde d inducement of old. The Council said that in developers unable to meet LORDS 

. . . ^ atf raPflVA CVli^Vl 9< rPnN I D7C I O **■%«■ /usnt nr mrtro tVie rt — ..a rrr i 


many cases past two years. 


in- thp demand for office accom- atlractive specials, such as rent- 1976 18 per cent, or more than their repayment schedule. The „ r ,„,x ar „™ . _ . . . 

modation! A recent survey fre ® space for up to 13 months, 929,000 square metres of the finance companies were forced in ^Snfrt? I^s L? riSfo^ 
suggested at least one major outfitting costs at landlords qbd lay vacant compared with to carry these loans on bids 'butOTotSty '■2£L^ P U£jS? ll '- Co ? 1 ^* 

office building should be started expense, deferred rent reviews on Iy 5 per cent in 1971. a non-interest - accrual basis « a - 

in Perth this year if shortages and payment of transfer ^^‘ Vacant floor space rose by rather than force wholesale **.1— has been reduced from a on 

of space were to be avoided by ®? me “ ew p f? sti ^ e 350 per cent during the five collapses and risk undermining of =n percent in mld-1975 proper * y * ^ mahy 

1981-82- *«Wn«» have been able to ^ period. wJh UTe increase the confidence of public invef- t b 30 ^n7at D«Mber reasons yv. stasis* -eee^a 

The sun-ey suggested that of dose t0 700 - 000 s 9- t “ rs on whom they relied for 197 f° P ^ 

Perth needed between 100 000 F 1 ® s ? ace va ^t®d becomc5 hard me ^ res approximating 86 per the main source of their funds ' _ . wbdcb ^harantenised the- 1960s 

and 2MWW sq ft crf D spacea re-lease. BOMA believes that “®Yof the total incase In Sie for lending. Other finance co^anleshave wd fea^iwos,- btitT .wbaH 

year for the four y^ to SL PreSe “J ®°,“ floor arel ^ Twenty-three ^per The U.S. banking giant. CiU- » ad “¥«!*■. Wfckfl tte arriyaj: of 

ences, relative to their size, in' the many - offsbore- 


Almost A$90m of the A$223m 


perty groups ao-partdc?»ate' iii 
tiie boom,' and the often lncSs- 
criminate purchases, brought on 
mudi of.tbe- : eswesses/ 7.-.' 
' The investment manager .of 


avom shortages. Until recently to ^ ne ^ ore prestigious 
there had been a surplus of buadings slow down in the 

about Ira sq ft. next ^ or years The 

In Sydney, the position is Association also feels that, since 


mill 1 gX l Cu. 1 TVvlILJ L 1 UCC Uvl — . • > — — ~ . — — — • 

cent of the city’s office space corp, for example, had"to pump a?e ’ o^^ra property" 

was vacant during the time of A$150m into 'its Australian p ^ per ^ d r devaopera 4here was not esfcss 

the survey. The Council finance offshoot, IAC : (Hold- °F* er areas of business aich as creation of rerrtaJ space dn tWa 

described the big increase as ings) iate in 1974 to prevent its : 

mtimco vb* The me offices— Australia s « 


±u oyuney, uic yusiuon 15 Aisuciauon aiso ieeis mat, since , ni ) on!lanc<> Thp m-niin ic nn » Ane Uie omccs— Australia s « r v>al«<»a - 

much more severe. The most the detailed planning and cou- ,-J?S at Tt S !S^t?Tn vTtatinr recoverinE but CRi corn in thl ™aj°r investors— are' also ex- that Sre^w^e 

optimistic outlook was put out struction time of a building g ;. Il , S SSri? ™ itaSd? irn nl Pecting property investment to . 

recently by the Building Owners takes from four to six years, - ' If a 5?_J thp r-mfnnU eauitv stake from 4n npr rr>lt P lay a declining role Tn their ' 

rultr^"’ whkh^we? n tai Suiv M, 2So^» ? nuSS' the vacam to 50 per ceet, and then^a 1977 «“ investment portfolios. *. 

the amount of *£?££* abty 


vacant office space was ‘‘ very onwards, 
substantially less than some of 
the figures which have been ErrOf 
bandied around over recent 
months." The BOMA sun-ey “Previous 


forecasters 


exceed demand for years to 
come and would lead to prema- 
ture obsolescence of older 
buildings in the CBD. 

The fingers most badly burnt 


rs to The financiers originally the AMP Society, invested that & as tegtim ate as 

rema- hoped the property market A?598m in 1977 compared with demand -in aby ofcher gector. 

older would eventually recover and A$510m in 1976. But the amount » Tlhe very nature of life offic* 

they could avoid- facing heavy going into property dipped from ^ jpe^on : fund business ' 

burnt writedowns. A3131m to A$lliin. _■ malrpi feted 

perty H °wever, early in 1977 the The life offices are ataO'M- let for fui ids and the sooner 


came up with a figure of 359,147 vacant office space have fallen in the collapse of the property w r J thf mv to natural resources devefoo- let for ^ un& and *he sooner 

sq metres, or more than 3.8m Into the error of assuming that boom were those of major financiers finally, .bit, on the mg to natural r^ourc^d^c4t^- ^ ^ is fuMy acfcnowftafeed 

sq ft. of vacant lettable office every project with council ap- finance companies, backed by ^llet and announced heavy the better The changing ^notua 


au U, > dLdlll ItLLdUltr UUKLc null Uiuntu «a*#- iiuaui.c wavivtu uj . . , . j , na , ,, , rt . .,.. 1 .., ‘tin, Affywf «U4W» 

space as at October 1977. BOMA proval and those not even to local or overseas banks. Several osse ) s accompanied by investment opportunities over ^ eanploonmert wlfc someti^ag 

asserts that a pool of vacant that stage will proceed. There of the largest financiers jumped accelerated programmes to dis- the next few yea rs. appax>a<±ing 70, per <*ot of tfae 

office space or “stock on the has been no due allowance made into property during the beady po f* 2* , r property interests. Local finance oompames aM feitUiry sector 

shelf” is necessary to promote in these surveys for delays, years, bankrolling ambitious IAC for example, in March property developers w«« not flicks (flat there - wiM. : )be' 
a stable leasing market and that which is a crucial factor in an entrepreneurs and in some reported a group loss of the only casualties p* the pro- ^ comsheaxaal accom- 

this is a factor which is usually intelligent assessment of the cases entering directly into A$51.5m for 1977 after prond- perty boom .and bust;..DK mosiation'neefte^ aH kiuda.”. ./ 


overlooked in surveys of the oversupply problem,” asserted property development -The rag A$45.8ra for possible real property companies were quick 
surplus office space position. The BOMA. bubble burst late in 1974 when estate losses. The total pro- to move in as the -boom 

Association said this v acan cy 1 • 

factor fluctuated in a range from - • 

2 to 7 per cent with 5 per cent 

regarded as a norm. It is only .. _ 

when the supply moves outside UAAIO |/AUP 
either end of this spectrum, that ||(|N|l R 11 llll 
the situation could be described 

as one of shortage or surplus. • ; 

The current vacancy factor is 

Construction record 

privately-owned office space in ■ 

the Sydney central business , 

district at 1.99m sq metres 

(21.4m sq ft) of which the 5 per ttttt START of construction on 1 

cent stock on toe shelf would ^ g^orey HopeweU Centre, I " [ft J £ Cfl [<•] ^ [(HMt «f LF J [. B ”J piULA |'J .J .] 

?*o P 7m S S! ft ^ for m i etres i° r biUed “ the tallest building in 

Jr 0 "if? f i. , u* C 1^. J urpl us South-East Asia, is a powerful | _ MilBon Sq. a H AVERAGE RENTS I 

,,1.7* sj-mbol of the strength of Hong ■ • (Cflnfml ArJ) I 


James Forth 


Construction 


^Kong’s property mlrket Con- 

there was also a furthe?°30 W2 P oured concrete for the 

stage of the cylindrical 


MBISon Sq. Ft 


sq metres (2.5m sq ft) of office 
space under construction all of 






tower at the end of May and 


which should be compieted by the f 5 *«“ «°°! 

1980. The survey did not take ™“ e3 ^?f d 
into account sites where develop- urcftr^ etwe f« 

ment approvals had been n^^aOOm and HK8600iu on 

obtained but work had not yet c ^P^Uoa of toe buUdmg next 

started. In practice many such ye ££ „ . .. . _ 

development projects have been Tbe 2 : . s 9 °™ ce 

accommodation completed m 


• . SC J 

. 

i.-'K 

•'^ 3 . X i *»V jRj’f! 






One ef our most important services 
is telling you what not to lease. 

Some of our most valuable advise is concerned with what our clients 
shouldn't do. 

What factory premises not to rent or buy. Which location not to select for your office. 
What properly not to invest in. Why it wouldn't be a very profitable idea to choose that 
particular c-jte for development. 

In most cases, this advice involves professionalskillsandexperiencethatourclients 
osn' t possibly expect to possess themselves. 

Which is why they come to firms like ours in the first place. 

For nearly- 150vears. St. Quintin, Son 8- Stanley have been providing surveying, 
value lion and es la re agency services to companies in every field of 

Today, we can o f fer a coun i ry-wide service in the U . K . 

(from offices in London and Leeds), as well as all the help 
you need in Europe (through our Brussels-based company). 

I f your plans in any of these areas involve property, 
the snags you can’t foresee now could be the best reason ' ? 

of ail for getting e\penenced professional advice. l 


1977 was a new record, topping •: VZZaJGfrciZ?- Sm? 

the 2.7m sq ft completed in J-y;. • 

1975. But large schemes are 1 ^ rS -f> 

still going ahead and the fore- 
cast by the Covernment’s 

Rating and Valuation Depart- ;O v «4.V iXi&lji 

ment is that yet another record ^ l 

—over 3m sq ft — could be set O 1972 ’73 ’74 

The abundant supply has kept M ( ] -2 )W(4'8 p f9’0ll 

; SLrs: 

trend for companies to save 

money by ignoring toe prestige ment itself describes as 


ming pool on toe other side of 

toe water for the same moMy. . 
Sjrmptomatic-of toe trend is 'the- 

I avedaac dckiyc estabUshmeat by Jones Lang > 

. Xr K v . ? Woottou of a residential depart- 

ivetitral Ar ea) ment- in its Kowloon office six ' . 
S*a FiyMonffi - months ago, to take account of 
a general awakening to the facT 
that high-rise blocks are not the. 
only accommodation - available - v 
in toe Colony.' 

■ Rent and purdiases pnea. , 

.*■ rises have been fuelled by -a 
strong speculative element, >. ~ 
which a number of developers 1 
are trying to cbinbat-by use of a 
ballot system. Other less scrupu-: 
lous devek^ers are causing : •- 
headaches with dishonest or in- \ 
accurate descriptions of planned. 

' developments, and pressure to ■■ 
been building up Tor legislation : 
to proitect buyers. 

• The boom has been fueRed by 
the banks,.which have, been.&n*- ■ , 
ing over themselves to prorid® •. 

J population and the increasojn....' ^ 
^ marriages .(in.stinwst 50. per 

7 rent incri^ in the annual minp^ '' a, 

a were approved; 950,000 sq ft tectionism that existed in many ber of weddings from toe 27^58 > 






Vacancy 

Ratio 


to be gained by a central staggering 13m sq ft,” with a of lettable space on the industrialised nations, a gradual in 1972) ensures a .steady - d®- , > 

district site. Central rents are continuing large supply Admiralty site (again pulling slowdown of our manufacturing maud, with toe continuing rise i 

being- sustained and the area expected in 1980. development eastwards away activities in 1978 seems in- -in construction costs- as V 

will continue to dominate toe This is hoping to counter- from Central) and an entire evitable. Coupled with the result of toe extraordiiaifly ; 

upper end of toe market as balance toe years of excess township on a 25 acre site over coming on stream of an all-time large number of major construe- v • 

there is a rump of companies demand from 1972 to 1976. Sun the main depot at Kowloon Bay. high of 12m sq.ft of flatted tion projects currently under- 1. 

which will always want to be Hun” Kai Securities’ April 1978 Average rents in the last factory space in 1978. excess way, and high land prices, a suw- _ ... 

there. But Causeway Bay and property industry study shows quarter of last year were below supply in certain floor-sizes and down in residential building ? ^ , 

Wanchai, the latter once famous that HonK Kon" Island had the that for th * whoie year - so lhe locations should be expected more likely to occur than 

as the Su2ie Wong district in i owest vacancv^suuDly ratio at peak raay bave been P assed - and this over-supply condition in ductions in rents and purebaw , 

the days of rest and recreation end of 1976 in toe Thls susgests lhat rents wi>l te lively to persist fur. a few years prices. ... 


for American servicemen, — wew lemiones. wan a oo per .. .. - ■ .. , n xi* . - 

"eMnd^arefShr^siSct «« ^la'ccSn'tSJ far only 30 inSS ofae^ppr^diiTi^r^'to tovm 


Nw' TerritoricL n-rth a 36 per ^ strong P^re W. year to coma - 
cant share of total supply in " 


fiatfcr- 




mn*r*ftinf«h 3r wras described 85 enthusiastic, runningat about Sob a ao oegiaro piay an mcreasiugiy un- end uf toe market-^ becoo*;--,.- 

stp The vacancy-supply ratio was ft and f ac t 0 rv sellinc d rices at pnrtaat : fa ? tor - Th.® ^“^inff smaller. Of toe 16^50 small : 

wtsm « mmrnmmmm- 

uang toe P^eot situatiwi to wrreatly ,f° r , experienced developers, ing yet— though a couple 0*435^ f.ftSngeT*-, . “ i. 

Bad new locations which offer a sLrui: J or . . with plenty of cash in hand from large companies are known to huSlias market place » 

more efficient use of space than profits made in recent years, the bave briefed real estate agents m uch a rn^erve of Rk»I 

their existing premises. Alan problem may be temporary, to omit the New Territories' M JflJbecanse there' 

11:11 T T UfsoMoo U ■■n/mrtnAir Than nun of TrtWI fn Malo.i.k ...I os»<’Mo ila • WU 1 JWWW. JSUUJ. «Muao w.. 


mm 






t 


z~ — y r- iw wuu>. rnnmanies nartlv. because Were 

Hill of Jones Lang Wootton X^rCQUGIlCV Tbey ean afford t0 replenish when -looking for possible fBC-.s.. lofatl ej ne rtNft 

believes that in the ear*y 1980s . L . . their land holdings even at toryiites. ■ . nartlv because \a considerable 

there will be a complete The railway is beginning to present high prices, and to wait Record prices have also been of eaDiral is availaWe 

reshuffle of office users into enter the industry's prognosti- for demand and supply to paid recently tor non-indusferiar ^ 

more efficient buildings, many cations with increasing fre- approach equilibrium, which at land, but there bave been differ- reoiiireti 

of which are now under con- fluency, both by its indirect present rates of up-take could ing forecasts for^ The residential opmenSin 

struction. There is a particular transport effects (which, for be in about two years. A con- sector. Demand for expatriate Wlmff A ivrtJn xmOttnt 

demand for offices oBering a ra^ a nee, will accentuate the siderable amount of upward accommodation is still very is" 

!«».«.« sb, I‘ ? f •««» <»«• Wooohoi) movement in quality is taking strong, challenged only by in- giSg'S* JTSSJSw ' 


Users have a choice at the 


and also 


moment: they can stay out of W h“ ? ?f legis \^ on t0 work- pany managements to L 

toe market in toe Sief that *** deal of resentment about mg conditions. But some new- toe rent spir^to continue. Two 


rents will become more com- 


ucoi ui nacuuucui ouituL mg uuuuiuuiu. dul some new- roe rent spinu lu cuauaue. mu j, 

the participation of a Govern- comers to the. game who are years ago SHK 5,000 ’ a month - 

menl^ontrolied bodv in the rievelnnerc nT huildinn with in- u»e mnsid^rpfl a ■ maunaMfi i^T- - a »“Bapore, . ._.r ■ 




i? 6 1 f-’uj.f ev 


Chartered Surveyors 

Vimry House, Queen Street Pljce, 

LondoiiECJR icS. 

Telephone: 01-2364040. Teie-::S812b19 

a: id at la Park Place. Leeds 1 . Telephone: 0532450235 


St Quintin 


Rue Joseph 1136-38 

1010 Brussels. Telephone; 0103222193283 
Telex: 61 182 


- rnent-controlled body in the developers of buildings with in- was considered a ■ reasonable - 

de*j with a nJt pro P er Ty industry when these adequate specifications may find level Now* rent double q T ■. 

P |jns were “"«««•. but tho themselves in difficulties. raises few eyebrows. » lol: ” ° • 

pored new building and sit back Mass Transport Corporation has In an export-led economy like But a disenchantment .with , ugjW -r 

and wait tor it to be ready. on regardless . and ^ Ho ng Kong’s, the entire pro- some uf toe traditional areas Wi' 

also the capital received From perty market reflects overall Hong, Kong Island, partly be- 

achieved in flatted factories last property development will make economic conditions, but the cause oF deteriorating traffic ' SI-"- 1 - 

year with aimoa 9m sq ft, 1.3m a “ substantial contribution " to industrial sector is particularly conditions, is shifting attention -., , in^; 

Sq ft above the previous hiJSh, rnsts. finmp nf thpsp Krhemps spnsitivp. Fnr that mnenn tho to Vnurfnnn and tho Wow Tiwi-l- ,n ™ 6 OaSXVi, . L - - 


sq ft above the previous high, costs. Some of these schemes sensitive. For that reason, the to Kowloon and the New TktJ- *n one + ™*^ Be h£- '■ '■ .' 

and, again, tor 1979 the Rating are massive: a 24-storey block Sun Hung Kai report painted a tories- , U an old 2,500 «q' Aflat if ■>" - 

and Vakiation Department’s on the old general post office cautious picture: “In view of the In Pokfluam costs $HK 6^00 it . wiasi QI m 'Q . 

forecast is tor another r^ord of estate in Central. 50 per cent gloomy outlook on the world is worth considering n. ftree^ . y -i T ' 

completions, what the Depart- pre-sold even before the plans economy and the growing pro- hedrowned house with a swim- " : Dsilfly % 











TREND TOWARDS UNIONS MERGERS • BY ALAN PIKE 

9 


IS11 



MR. DAVID ^BASNiriT, .ftj$'.tk'an usuitilypositive edge to enemy”) in the shape of huge amalgamation talks largely for e*«ciuiye *£f decisLn rn^ek 
year's ^chairman of . the TUG, some of the diseusswiis taking technological changes, and the this reason. While the full-time explaining * 

agreed . etrtfaisrasricaiiy v^n /a. plac^. Technological change io strong personal belief of the Boilermakers’ executive, who am^m • 

recent te3evision. ;WenrteFw that industry and inflation have com- print union leaders in the ne»-U might be thought ^ have the power decision- 

big ds beautiful.^-::v,./- bintt to make smaller unions to . create one union for the most to lose in terms of indepen- be ibrought to hear on decision 

The question ~.vm7 - .provoked uncert^n : aj>out ^ future^The industry, hold out some hope. ^^conStion^f rife merger regjffi and National level on 
not by.Mt: Basmetft’s own com- ^ S D ^SLnt^y ear /° has Matlers become more coinpli- f £ s lhe crafl jealousies of industrial planning in a way 
5!; ^ mn!4H^;)^aca|!r : A^re.but-by {“*' ^ :^ T JLher of cated when * raLher t,lan two or delegates proved too strong— never before possible. 

dIy cu^lthe size of -his Genend and incr ^®^ lhree iilJ S ie industry unions vivi || v summed up in one it would be possible, said the 

aloof from 
and continue 
on the 
intelligence 
is table, but to 
me when other 

n mfluehce-are opened ,».£»« tJon _ 

word and two or three large ^toTaiT" amalgamation with exploiting the new oppomini- 
unions can sometimes be com- AUEW, and the engineer- ties” would not ho the b? e t way 
b ia* L* -- v.- .. *■ pcling to woo a particularly j ' union renewed Us to serve the membership. 

■' ' nubile P artner * approaches only days after llie The question of what happens 

> P6 J? ^Ihe^SLther less ^ddsIve'G^Wl! iT^idlUPllS ^ , The Boilermakers is such an conference decision. This does after an .amal^ 

example. It would be difficult to not. however, appeal to the very much upon 

STS^SiW HM.SSUS5 SHtfiSp- - _ r .. , r „, ure 

^! ,;>Ipnqtheless. the subject of as Amalgamated Union of En S in- state of the existing AUEW name and adoption of . 3 i com nu tied 

ie ui<W L hma^amation is very much in ^ dltl0 r 
h by Sc . . and jninds of 'the ,^ at - , 

to union; movement at' the o T a-«stabusneu ■ ; ■ union, which they had long seen 

1 d ike moment. - Recent developments me -S e r an “ *"??• v •- •--■»«« natural aiiv was taiidne 

\ itmfc: .'talks - between ^ ea63]y accomplished: , 




£i«lenhikeri T a { tfie ; "EUC Congress, 
did not : relish the 


?>rfi 

Ws'ttez&i 

Wd 

Terry Eirk 

Mr. Hugh Scanlon of the AUEW (left), and the Municipal Workers* leader Mr. David Basnett: 
rival unions for a merger with the Boilermakers 

the earlv ISTOs brought about was not the first time that these be a tremendous force through- 
tbe ■VUEV.' The unions which two unions h 2 d looked at the out Labour politics. 

fr . r — it r,i nee rins. idea of partnership though tne The. potential implications of 



year and the sharply divided politics form of oraanisation: the Boiler- ^mnn' ruje booh 2 nd < 
craft of the union. makers and GHM wore think- >atJon i|f!er the mi - ia , a 


The executive also believes ing of a completely new union 
- Bree as a natural ally, was talking that it is unhealthy for with some clear departures from 
A„ree tn Mr Baanett 3t GMWU. democracy in the trade union existing GMwU organisation. 


achieving a are plentiful. The AUEW is TASS and bis colleagues are. 

r.d organi- organised geographically and t0 puI j t mildly, nf a different 

tnal^a- the EPTU industrially. the .political persuasion to Mr. 

car ion Thu has proved beyond Former union is devoted to the ch app ie. To make the EPTU 

their capabilities. Years of periodic re-election of officials. , ner g tfr feasible the AUEW has 

J " * In overcome its existing amal- 




forwanj 

__ wouK^.-Jf .successful i ■ make a 
e said- .impact 
‘ structure- of 


shaij 


>€■ level .r _ . _. mffprpnt'Trades -of employee in of the Boilermakers to another ;he GMWU amal 

Sensed & . 1S - Sfiner ^ ly - " sinele' industry discuss the general workers union would pos.il in a ballot 1 

• 5 *- r shaner for evtr thr- ide.1 .f »e»be»hip 


t mehL 


fered a serious blow when the binations.” a tendency’ which Unions wnicn nave gone into 
largely unskilled Transport and an amalgamation with the the Transport and ^enera. \\ or- 
tho r.r.iiHn -,1 The lo^ic of ' amalgamations General Workers Union beat it AUEW would encourage. It is kers Union wnt, to become 
itvi S is rerhaps/moil usny under- ,o a mer-er with the Nat, anal therefore possible that the quickly ataorted imo ; that slant 
stood when unions' Vf presenting Union of Vehicle Builders. Loss Boilermakers' leaders will test union s structure and 


common rule 
of selecting 
1 ?:. e of policy 
become in- 


discussion on 
book, methods 
officials and the 1 
t.-nnl'c re rices i::= 
fi-vtcd by deepening political 
differences. 

With the esistiuy amaisama- 
t»on in this nrecanou? state the 


both have quite different 
decision-making conferences and 
thy EPTU has a ban on Com- 
munist nflicial? while the 
AUliWs TASS section is led 
hv one. 

Gradually. thnugh. the 
obstacles are lioina overcome 

il,., i-'inni-M t if 


are still too a single industry discuss 
-BritSn the advantages of coming togettar snatter 


■tnhl J nions. ill Dm Jin my ^ r-** ^ be h'md the one engineering union. 

offdJT ^ trend towards mergers is not — w? .tninjung... oeui»« 

. nsQOf e v. I,.' «-arrerit talks tO.cn 


reate a single 


pos.i! 

ideal of membership before 
the idea. 

and hi< Whatmakcs an 


"ere was ^ 
rem ^l spare: L 




size — or smaller— are the — 

unviable. but it lisb Commercial Motormen. the 

Lighter men. Tus- 


Md ia t unusual in orie‘ 'union hiving putes for 
t will be 3 ^ .tentative ’ amalgamation talks notorious, 
ins ViiLh fle^witii another arid equally there outcome 
* ts as legcjj- jS'hbthing' unusual in such talks tion attempts^ 
3 Dy other »- ccniitrg to;, nothing At the a successfui con 
>’ nature of k moment’,-'-. however, there ’ are other hand a; 

aa f:isrt v. ®merai- : f actors givhig ' a* -ran're (some - xegara 


the four .sections »o publicly on 
disp'ay. the •.-xvretse v;ou!d 
prove v. o;-;!i the .05 1 of the counterbalance 1 
postage. In fact '.he AUEW has 
ijc-L-n rewarded v.-iiii what 
poien’.iaily the most important growing, 
amalgamation development 


ganiation difficulties and the 
absorption nf TASS and its 
elected officials is at the centre 
of these. Xo one is going to 
give ground easily. 

At its recent conference 
i access ite TASS accepted the use or the 
Trade Union Amalgama- 
Act to try to overcome 
of the barriers to a corn- 
merger with the engineer- 
section, but — worried about 
possible future constitutional 


■ _ . , , * , pu>-aiui»: inline 

su«.*h an amalgamation wnulcl ty a'-uomniodaie the 

important m producing a — insisted thar The law 


fund '5 several - factors giving a 
estate as igj 
ids aad 
fully ada&t 
Tlte chsassi; 
lent with aSv... 1 : 

5 TO per«ci ! 

.3 the tctiE:. ' 

commercal r the EEC 

eeds of ailfc Frmu3fid iael Skdio^MP - 



EPTU- 

roust never again be used to 
alter union rules. It looks 
increasingly likely that the com- 
plicated problems of the 


1 he power of 
iho TGWU. whlcn has more 
than iin members and is still 

Mr. Duffy. Mr ^ 

of Chappie and Mr. .L'hn Boyd — aUEW's unconsummaied mar- 
riage will end up before the 
law but at this stage the parties 
arc- uncertain whether they are 
on their way to the registry 
office ur the divorce court. 


1 general 

1 Department of Industry i»ub- 
i lishes investment intentions c.. 

1 manufacturing, distributive ami 
! service industries il978 and 

• - « tn ?sses the revolution in consumer durables.! United Nations special • session 

These are the annual yield per posajs^ an d_ ri 0 hUi s es.^es ^ Richard Coo ley-Smith, Ion disarmament continues. New 


Letters to the Editor 


i odav’s Events 


Mr. Merl.vr. 
tarv. opens 


rteeu. Home Secre- Mayor 
lntern.it icmaj Pro- .sheriffs 


of London, 
attend foriiu 


and his 

up<?ning 


Secnrilj 


in ^ ijeed. for :.n .trtygrl for th, g{J*-rd| 


. Branch endowment 
m'aturins'this year: • 


James f ^SlrV^ aareeJwith your lead- - Young man 


inf ■'artiefe's: 'strictures ■ on . the 
Council of Ministers’ negative 
attitude towards the. Community. 
Budget (Mey 26) but I would 
not wish your readers to gam 


'. at entry ?$ gtetury. 
lOvrs 5.44- 10 yrs 4:85 

15 yrs 6.42 15 yrS/ 5^64 

35 yrs 5^6 .-25yrs7 8^0 

Tt may 


^ntracts research stages, in 

provide for the rapidly approach- 

MirWle'aeed- man i«S time when our North Sea oil 
Middle agea man a ^ d wealth runs out. 


It is regrettable therefore that 
the article refers only to 
scientists, but never to engm- 


Don’t blame 
multinationals 


these ' K" 

coming budget proMdur«*re 5 At?- .LL tbs dfatK-tisk realities. Whi 


Mr. F. 


York. 


fessional 

‘.Vembley Cor.fert-r.ee Centre. 
Post Office Engineering Union 


Mr. Malcolm Fraser. Australian con [ elf >r\ei, BLckpooI. 

Prime Minister, in U.S. for trade 

W Ste Bruce MiHan. Scoriish Secre- 

tarv visits Lerwick to discuss with wear- .. . . 

loral officials a proposed Govern- General and. Municipal 
ment amendment 10 the Scotland \\ or kers Union con.eience. 
Bill which would enable him lo bcarborougn. 

•Vindicate in any dispute between Bukers, Foods .<rn. 
SffflM and Orkney Islands Workers' conference. Bridlin 
and a Scottish Assembly. ,rtn 

Services ^Secretary " 8 S ‘addres^es trade mis* ion continues tour 


conference, or Seysions at Cenir.il 
Court. E.C.4. 10.30 am. 

industrial Process 
Instrumentation and Systems 
... Exhibition opens. U.S. Trade 

CBi Northern Regional Council Ccrill . r> 4> L:.ngham Place. W.l 
\\ oahmgron. T>;.e and j unul June 9). 

British Hospitals Exhibition 
opens. Olympia tunli! June SU 
Decorative Products trade 
.,, lorf exhibition opens. National Exhi 
.AiiieQ usilnn fninirp ham iunLi 


bition Centre. Birmingham tuniil 
June Si. 

sociel “union Chn.ntaT.of Co<r.n»«o C0 ^ NV A S“® corpor.u.on ' Enalond r PnhMnn. Ed,- 

South Africa (full year), baston. uolf : Amateur cliam- 


COMPANY MEETINGS 
See Week's Financial Diary on 
Page S. 

EXHIBITIONS 

The G2 Group (textile artists) 
Criminal summer exhibition. Common- 
wealth Institute. High Street. 
Control Kensington. W.S (until June IS). 

Anjlo-Jeuish silver. Victoria 
and Albert Museum. South 
Kensington. SAW 7 (until July 9). 

Royal Academy summer exhi- 
bition. Burlington House, Picca- 
dilly. W.l (until August 13). 

Josiuii Wedgwood exhibition. 
Science .Museum. South Kensing- 
ton. SAW 7 (until September 24). 
SPORT 

Cricket: First Test (fourth 


RoyaT'college of "Nursing con- maior Spanish industrial centres, of 


ference, Harrogate. 


Peter 


nneck. Lord Metal Box (full year). 


pionship. Troon. 


ilthou n h its important vu«- ance as a ,<uu». *•«* 

sultative role will continue.. The- particularly : _wbon tW inuexi-^ ' Mlutton' '"Squire* the collabora- 

determinatir.n of • : the < 1979 bihty aspeff is includefl. * 


?jf. ““'ffrs'SSsSsSfSs 2 : 

Budget is now in the . hands qf -A <ynic might say^ that these and scientists of many h i , rowth of ^oge 

the two budgetary authbntieft sorT 0 f yields are the reason why disciplines, and with this type In 1 fjg. |Je « teen 

,„ p v -.--tHe European ^ » r I iain en t- an d pejjple so ra , r ® ! y : of- process it. the .chemical "bv— anv more than 

l " 1 ' rthe rCpuncil. fenilcr 8 Ih Sfe ‘ en # neei ? in P arl,culBr who play it fl ? s Responsible' for - the 

t hpiiAvp that & key role. r “chronic surpluses'* of others. 

-J motivated by .Many chartered engineers buuby chronic .(and now 

“rift r° thei than will -make -important — indeed rec l ru descent) deficits of the 

essential — contributions, to Hiis Americans themselves, which 
development programme, ine have done 5Q muc h to build uo 
engineering profession 15 subject the Eurodollar market, on which 
to much current debate ana a neaediy feed, to its present 
there is justified anxiety at its siZ g 

Tack of appeal to our aniesi The : rou hies of the Third 
young people. No opportunity world would be incomparably 
should be missed to show the worse jf that market, and its 
value of engineering to society numerous 0 ther (including now 
an'd how it' can provide reward- petrodollar) varieties, had not 


;\‘ Wished next month... describes the tbe . simple thrift, • rather 

; ■- ' .i Ma t respeWfve roles'-"!!! practice of- i U vMtiLient roncepu 

is ix ■** •' .-/h— i.-n*onf.-in,i. thp Couneil.r-n:- m - Wm* 1 


SE6. 


me careers. 

J. M. Solbett. 


cn. UU Indipd.i,I .wotT&'rsay. 'that . Chartered 

•''j'-' „..r-r,a:5? the' CcninclF r-nr&xl?4s-' ^in. its. ‘ 

C' irratioDal.-pieceriiea); riats partty' Hiroptfirc 
b — -vbecause -it has tmmerio rely-on : UUCUUI3 

>S H!-!i!aue .'the . Parliament; Tram .Vg Clifford Jackson 

uanit^r “^.adoptinp a _atji .. ^ Practise as an engi- Georce F.. Davis Building. 

c ,r.bs:tf;tude : - neer or- an'accountant you need 165-171, Railway Terrace, Rugby. 

be chaptered-’ and as u inarket- 
o or personnel manager to 
have a diploma.. To become 
is. — c- ..7 v . - tms chartered' you need to satisfy a 

-••• •'i’-; V* 8 *"^? b „ 5 iS^ , C, board of exammors that 

«r.u ar.d. r ^mr^tf prow^t* to » to Have sulH.ciem professional 

.*:« "SS& ^d^an^nst'antent .ledge, ,.o?ough , 



Micro 

revolution 


&■ o^. policy- 


done ■ so much to help the 
developing countries and others] 
in their present hour of need. 

Nor. of course, do the multi" 
nations “ get their raw materials I 
cheaper” If those countries— | 
whether “ as an IMF condition 
for further aid ” or, more nroh- 
sblv. for other reasons — are j 
u forced 10 devalue their curren- 
cies.” seeing that most raw 


you 
know- 

1CT&6i experience to 

apply that knowleilge beneficially _ „ r ffichaTt i copley-Smith material prices are expressed m 
and are -a: suitable person to Sir ^_ lr ; his C3 u f or more the multinationals own. 
practise/ 1 ;-. 


s • t • . they are) u are of far less mpor- normi ly of t he ** microprocessor ' 

T**« .....j tanceto-the success of a rompany rcvo)l ,tion ” (May 24). 

Capital value . —and hence orBntjsh jndustry But when an academic scion- 


alS^J 


■r. ;c G 

* (*"• . .-U. . 

-'r?3 '■ T 


Wta, • — -JUU , 1 . , _ j DUX, WU-- 

—than the quality of ibe boaru |jst ca , )s for potlcy reviews. 

^ " • j-”: • • which" decides its policies, in or 11 - there not a danse r that the rest 


. tors. theik execution and oversees Qf ^ may bc j Jjjed into feeling 
tcu-’-'*" ■; - f? < .- r W Z : ' J "these specialists. that cba ‘ oge . however, fuuda- 

- ■ : T F 7 ? n - SSSi’s corn- Why,- is it that directorships mental- is S st in a comfortable 
^C^-SnSSe to capital left wide open to .onsj-oJ distancc ia tbe future? 

if5!®SttS--BS“S Wdped P my htt«. «tirdd . «g»» It I, pot. African. Gprntpn. 


The PAYE 
puzzle 


\ 


iSB» 

- F|3?f*- 


.value rating 
notice': as 


From D. B. Lagdim. 

Sir. — Could any of your| 

readers help me with ab 

lE’bad not e 5 capcu-*“J . tra j n ing u « noi. .-•u.e. »«,. ■••• apparent anomaly. 

Briaii - Hill -suggests others, who have l’ ttle J^ a ni c French. Italian. Japanese— and where an agent arranges work. 
-^ a " **-"»■ -«nenen« of economic British— products .alreadv for exanip ie for a draughtsman. 



Sm^ba ^non-operative untfl. “ the trends e “Sj“JS ,,ction and "he feature microprocessors. Not just he must aPP iy PA YE to the 
.Mimate is more oppor- cost e ? ect, ' e i , J 1 ? d )f Ct r .nn'<;uttation io remote scientific, medical or remuneration he handles on 
political climate is - modern^praettee .of lecbnological applications. Nor behalf of his cUen t. 

just -ephemera like hobby com- where the agent has barristers 
puters, smart door chimes or Tv ^ b j S clients, the system is con- 
garaesi But in ordinary, every- V enientlv stood on its head so 
for r: c' (tie- White Paper “ disregard. u»j day consuraer durables such as that the barristers can enjoy the 

rMta Ui« in rolte'5* iiiianunoiis need for cprnUty in our i J ,r a e fJ or ff weriiine machines. sewing benefits of Schedule D assess- 
.. « - If W e -want prosperity ana 1 m3Chinea _ vacuum cleaners hair ment whUc the agent, working 

I |H2 j professional andj 0 ^'^. we -wanl fu ll employment, our djy ^ power tools, ovens, lawn- without a master and servant 

||l :£cs business ^ii.terPTjjesmu^b^l-d mp ^ t ca „ and relationship or a uy security pf 

controls. Almost any proou'-*- emplovnienL, roust subject his 
which runs on electricity, or has ex p en diture to scrutiny under 
a motor could probably be im- the more rigorous Schedule E 

proved with a microprocessor. rules 
The new products arc coming After trying for fwo years to 
sir^r'd-ai ^j ; pon«m(ffl|B 7 ocra#ij ; '"(raTa- proposes a raeu, « u . tf ‘ .r^T no on^ ‘stream now. Nowhere was get to the bottom of this with 

•! doubt if: domestic ratm, f or directors w-hu-b takc. , apparent than at the the Inland Revenue, t was 

r- 60 - ^.- 3 ^’ survive- as 5 Ion" account of their ability American Design Engineering eventually told from within that 

remains irorefoiTOea for- as job «- . _ . ended in Chicago. The department that they could not 

file. Wherr is.. the msttlutc or th^ Showj ^ a "hand-on understand it either, -but iheir 

1 -iL: ; C W tudos-- tt W»S_ S,u,«. nuMthniditinR wtar about o>d«n came from a higher 

Member of the Greater London. ifrin o qu^ljy eV cilv- microprocessors for product aulim 

K’VCoimcfl fwj'? 1 * 1 * 5 '- ■ ■ ■' •«■«»» Sn5m£ This, was oversoh- My 

.it. ? 2 ->W -..Members’. LoWw; — .- inc a mean* nf 1 '" s opr iate scribed many times by U.S. high 

r A A r: County Holl,,SEl- - ■. * and'- awarding an *pp 

J , *f . . s . Unlade? 

- ■ . r.uffnrd Jackson. lVJ . 


WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 



25, Old Burlington Street. 


:asinyestmr~ 

' F ram . m: D. if: King 

’Cumuuun 

■ life -mm* XFfJZ - Ffflin *» President 

- ’ ..^-J-r.V^Parvln OO.VhSf 30 .. institution of Li 


*■»"» / a,,. 

agree* broaoot 


lead in main, feature was a _ 
r eci Hire- non-inlimidating seminar 

• - - for product auhnntv. 

attention was drawn to the j 

SS.STJ*! ff JpafWJ 

tW^ new technology. Tickets gested this might well be unre- 
were as hard to come by as Cup lated hut was reminded of the 
Final tickets in Ipswich. timely switch made by MPs en 

fn December this year, the bloc from self employed to 
seminar is l>ems repeated at the employed status when it suited 
hesi-ro Enaineerine Conference, them. .... . 

National Exhibitiim Centre. Bir- My cynical In^nd Revenue 
rninehani for the benefit of informant _ suggested that MPs 
BtwSfdesian engineers, where losing their seats in the next 

Singer, is bringing 25 'micro- reirundaucy^pavments. 


jse & V ; The lacnifa; however, 

1 . 1 - Z that Ion, 


lies in 

term Engineers 


1 / Chemical 

Editor 


' Chitafia seminar leafier. Andrew election might well be claiming 
-Sincer is bringine 25 micro- redundancy pavments. 

Sitters t" enable British In view of their hysteria over 
• dcSzi engineers to run their tax avoidance schemes. T cannot 
is tarimetits, . .re- 1 . v ; Imwine th. : th ?; 


the . suggestion, that . ^ ^ “'gY r ,— Your Science Etmor - 0 W ^' Q ^ ves "are “l n the exhibit such ruthless self interest 
^ contract^ roprese* it -Ih^ best co n S ratitiated on hSlf British design and pro- « -he ^ suggests. 

... s- e v alneV"Tbey rraa> oe l L mnien ^ 31 v tta*y . ern . ri uet i 0n engineers. Miercmro- D. B. Logdon. 

. ' n ^ ,y • available to them Meredith Whittome Logdon and 

• ‘ SivHtinent -ment plans for , p roc 'essing now. Government R and D 

f? ■ ' d?ous dead . development of ^ i^fomialive backing, however welcome, could 

• »e; ^ *** pr °- already be ** ,ale IOr the 


tv-* 


,-e 


option. 


article 


no. 

Ptink House, King Street, 
Tring, Herts . 


Our nett' operation in Dublin and Cork shows Standard Chartered active in 
yet another Common Market country, and ready to help you with the increasing 
volume of business between Ireland and the rest of the world. 

,Like all our 1500 Group branches and offices, StanCharr Bank Ireland 
Limited deals direct with the appropriate Standard Chartered branch in any of 60 
countries, this straight-through service sax es you money and a lot of headaches too. 
JCeidi Skinner will tell you more advantages on 01-625 7500. 


Standard Chart 

Bank Limited 

helps you throughout the •world 




Head Office 10 Clcm-.'nu Lane, Luniion LC-JIS 7AJJ 


AiH-is im. ■.■t-J iT/.uuuuiliva 


■ 






:T 


Turriff expects to maintain performance 


A RATE of proGt growth to match JLaStS 

that achieved In 1D77 is hoped for DAapn MFETINfiS . °* the compass 

hi the current year at Turriff nltt I INuS properties now would realise 

Corporation. The overall picture The (oil curing companies have notified Finale — Anglo American Connradan of surplus 0& Cost. 

for 1978 is satisfactory, and a ^ J^aJ^c. The ^directors believe that the 


Exchange. Soch meetings are usually William Reed, View Forth Investment pngt n* a feu —Winnal valoa- 
gimylng proportion of profits is mxrpoae of considering «Hvt TrnH, Westpool Investment Trust. . - P™‘ es ®J®" _, ar ic 

corning from overseas, and flenas , Offldat indications are not avail- future dates “°? flJiT 0 ?* 111 * 5 every ^ „„ 

margins arc improving, Mr. W. G. aM* whether dividends concerned are future dates not justified when there is no 

Turriff, the chairman, says. interims or flnata md tne sutwli visions Shanks ... June s present Intention of selling them. 

Pre-tax profits last year rose shoum Ww h *“ baaed mainly on last /uwociauxJ British Foods — — June IS but as the portfolio is significant 

from £ 0.81m to a record £1.06m ™ rB ' SPi* pon, J“i,f l 5 ate * — - i™ 1 ! relation to the company's size. 

? n *£?£** do ^ n fr ?m 06.61m ivUirima ^ M%r ^ oa ^ Nevwaa , st SflllmS? ^.Z'.'.ZZZZ jSE 12 having a full 


from £ 0.81m to a record £1.06m 1 ‘ 

on turnover down from £36.6lm . . . 

to £33.S7m. The dividend is j obn D - e j ae y Attain# 
increased from 2.0797 p to 2 .3 547 p ^ 
net per 25p share — as reported 
May 12. . - . 

The group entered the current A vTvvnUiwA 
year with a reasonable order book /Ay J| a ll 1 1 C 
but UK activities were adversely •“V 
affected by bad weather in the Hff-i.' 1 ^ ^ „ 

first quarter. PrU I CPAS 

Looking beyond 1978 the chair- J.TXV1.411 kjWkj 
man says it is difficult to be very 

optimistic about prospects in the rOPAVAl*V 
UK. He says that apart from the J. Ct-V T vl J 

difficult business climate, the _ .. 

weight of legislation is becoming E* s j?i 
stifling. suits of the seam 


Interims — Marlin the Newsagent. St sm Samuel .. .... JumU atton ftS. 711... \ n next 

ihn D el Rey Attain*. Northern Securities Trust ... June 21 valuation for inclusion in nexl 


year’s accounts. 


Ayrshire Ef d oiH r H£ f£, o h S Confidence 

-_ — - a- -m to shareholders at 34 5p per share. . 

[\/| nro | caac The shares not taken up have n f m/l/v|*A 

lTlvlfll ijCViJ been sold at a net premium over ftl JLv 1 vlJl C 

the issue price of approximately _ 

recovery sawa O Ferrall 

^ . entitled shareholders. No pay- V1 1 

Despite the disappointing ro- ment will be made for any amount THE PRESENT outlook for More 


suits of the second half of 1977, of jess thr» n £1. 


However, Turriff continues to 
strengthen its base For future M« *** . ^”**1 Iff it’ 

expansion. A broad geographical that ^! e 
coverage has been built up. and current year 
a good base of specialisation and l? r outcome 
experience. Its marketing effort time when taxable earnings 
generally has been strengthened reached £408,000- 
anrf nrnun is identifvinc an For the whole of _ 1977 profit 


and the group is identifying an tor 

increasing number of opportuni- was down fro 03 £7M^90 to 


£671.275 


,J^nmni^ an hmrid° n h P d ^ n hS^fo The“nir“ divided' *fc U ?smp ings*~of"Ei5iifeh" National'' Invest- through*^ 1977 has'~remamed 
the company should be able to ment Co™ Mr. D. L Hunter, the strong in the current year and the 

lha? r wfl^nable°the hC '¥oup uPat ^The reasons for the fall were chairman, says income is unlikely hMiefit of plant investment and 
St rnainmmfts^smoT t0 31 threefold. Firstly an £88,900 in- ro continue to rise « sharply in «££** room _ .1 now 


of less than £1. (FFerrall in Great Britain ■ and 

Ireland for the rest of 1978 gives 
Dn/»n mn «r rlnm the directors cause to be con- 
Face may Slow ue« that the year’s results win 
_ show continuing improvement on 

at knplish ^ £0 - 94m BQen ^ time. 

“J ^ u b AI3U In his annual statement Mr. 

I^Cltim'lCll More OTerrall, the chalr- 

1 * tUH/liai man. says that the return of con- 

Fol lowing a rise from £117,638 Sdence which boosted demand for 
to £137,290 in 1977-78 pre-tax earn- the company’s “ supersites ’’ 


leas! m ‘lint-tin its nnsition threefold. riTSUy an lts.UW m- lo cuiiuiiuc lu iwc •» auoipij- <>■ *» --- 

Mr S mm «£b busi- crease in group bad debts, a the forthcoming year, although In t he UK therefore. the 

nesc win continue to £ difficult 145,000 loss in Scandinavia, and the directors win continue their ™™P* ny , ^ enjoying a much 

io^Lcuro but! with the croS?s considerable maintenance and investment policy of increasing higher rate of sale than m former 

ahili^ h should obtain «s e share site improvements carried out at investment income wherever years. 

n!fnf c wlrp "p!™!! 7ri 1™"* which will continue during possible. The directors believe that their 

Good profits were earned m . g -g jjj s annual statement the marketing strategies will not only 

f ° : n f 1 1! 1! iVl , . w Working capital at year end chairman says that after substan- allow them to achieve the maxi- 



FraUfe Uontfeld 


Sir Arthur Norman, chairman of De La Rue Company, which 
is expected tomorrow to announce, its 1977/78 results. 


: , ■ tVOlMIln tauiuii OI /SBA tuu uiauuuui w dUUtiVV INC aua^i- 

Kn C f was UP £217,707 (£22,9301 with tial dividend increases in the past mum return from plant in the 

work continuing to oe the primary n .. D rr1mrtc lAWPr at nMMg turn vpam Ha fppk it Ar>nrf>nriate current hunvant rinnHitmno hut 


rork continuing to oe the primary bflnk overc j ra fts lower at £183,239 two years, he feels it appropriate current buoyant conditions, but 
."nnmnhi?*! Mveraie h« been f£3ie,193')- Capital spending con- to sound a note of caution as it also give them a firmer base even 


V. ■ . U*. k.._ I IU.IihI f ■ UOMIUII vwii lv JVUIIU a uvio muuwh w ^ a 111 111 Cl udoc cvcu 

r r Ph i vfl n rip)? fn on/w ^ h p tracts amounted to £I1L500 is unlikely that percentage if the general demand for outdoor 
further extended to enable the lWfMm increases in earnings, and there- space should slacken. 


Tootal hopes to improve 
after dull start 


‘ mr (£75,000). increases in earnings, and there- space should slacken. n-4-**** 

rn.«r^tl«r,fnS d rapidly, s ]es and profi t were split as fore dividends, will be maintained They are continuing to expand 2lTGr ffUll SI2T 

nhr,ln.ri to: UK £12.65m (£958m) and in the current year. However, the investment in Fnrncef nd Beljum •**■+*'* UUU JltU 
in A ih“^n *me«bic Snd oiTCline £709 ' 8S9 FranM directors are hoping for a further and are finding a very encourag- The current year at Tootal. the 

division Si S of mMionalS and J?^ 55 L ( JSft il3) mcrease over 1977 ' ,s - “ff response from the advertising textile manufaeturing group, has at 

bid leather ^and JctiSS In the Imtl loss £38>S94 (profit £17 . 1V * At the year end. uninvested market The company’s new opened in the same duU condi- 

nf] mil 4s areas ronUnued to Ai l factories were operating at assets stood at £113.147 (£42.558) ammgement with France Rail tions seen towards the end of 


Meeting, Manchester,' June 28, 
noon. 


n ii 'll, iroav mntinnorl to All iaciuiit» wcic o«. assets 5U>oa ai BuuufituiBui wiui France nau tions seen towards the eno oi 

nrow " continued to hjgh ]eTel of ^vity -through and members are told that Publicity will provide significant rsS/TST but improvement is 

SiuW-ish business climate most of tJ ? 0 year though the St. although the directors will growth u> the Paris region in hoped for in the second-half, 
coupled with substantial pre- Hriens stowe^ drop in the continue to make selective pur- 1978. the chairman states. says sir George Kenyon, the 

lininarv expenditure incurred In se*™* 1 ^ a ® a I £? sul f °i ■*““ ^ases as opportunities arise, it Conditions in France now chairman, in his annual review. 

Saudi Arabia in anticipation of back 111 lts tre dlt >°" al marhets. ^ felt appropriate to keep a appear to be returning to normal in the loneer term the group 

Kture ^ work ™ ^ & jgpsjsr*' ot ^ S£s£x ftsr an i^ e ^ dfiSWS 

materialise, resulted in mech- "SrSL *“?? }3 l ms : , . .. . . . P rofi * “ ready for the improvement in 


First quarter 
increase at 
Third Mfle 


anical sen'ices not achieving the Helens, and at the sam e ti me jj r _ Hunter explains that during this market. In Belgium the international trade P which must First quarter 1978 results of 
nrofit able trading basis the group |? r ¥ lg a ge ^ eraJ stream- year investor confidence number of sites is being increased ramp eventually and the greater Third Mile Investment Company 

' i i r„_ lining Of itS operations. Innvacpd »c interect tntfvc fall With resulting rmnrnvement in come eventually, ana ine greater . » --a.-ft, turnover 


r nKr • hning of its operations. &eiSd u iMM rates feli with resulting improvement in o^ded bv the reSmW show a smaU increase d turnover 

Overall, profits overseas were At Irvine, capacity was at full sharply and there was widespread revenue and profit JSSRlKd Multi^Fibre aSS and P ro 8 fit - 871 d £• ?■. v - 

below expectations. In addition stretch throughout the year with optimism In the balance of pay- Group taxable profit in 1977 SSt well he san TOe *** chairmaiu says^fai hw annual 

to the Saudi Arabian setback, a the exception of partitions. The men ts as oti began to flow from soared to £940,791 (£370.091) and S-mm Ls well olaced to take s 13161116111 tnat - ^e- hopefully 

protect in Iran incurred a neew forming Une at Metol Trim, the North Sea. The company’s the net dividend is stepped up to of the oDDortunities anticipates another good. year, 

considerable loss, as well as Daventry, is fuHy _ operational u.d U qu idity level was substantially 3J997p (3.0438p). Further pro- SJaSJw? opportumoes ^ howevisr; that for ■» 

setting-up difficulties in now making a significant ernatn- reduced to participate in the gross in both turnover and profit current year results will better estimation of. the full year’s 
Venezuela. bution, but Metal Trim Scan- market rise, but pubsequentiy was made by the subsidiaries debend to a large extent upon results, be says it win be neces- 

In spite of these disappoint- dinam had a difficult year as a increased somewhat as a reaction operating in France and Belgium. „ f __^ n _ ion J J^T ld ggry t0 wa jt until the firet-half 

ments the group continued to be result of . problems associated t0 the ktrong upward movement and the 50 per cent, owned Adshel a “wove?? In Son- rSJlte are known Jwben the 

active in many overseas markets "7 th . obtaining necessary tedi- see med likely. bus stop shelter advertising con- T^riinfT in thJ UK1 effect of the usually slacker 

on a range of different projects, meal approval of the product and The chairman states that cem lifted profit to £318.000 stl “ er spe “2P® 'if,* J ^ artum summer months stationery sales. 

During the year the group downturn of activity pnwrty investment must be (£144.000). a &“’ S ™ « ied ;,coSS 

undertook a thorough review of m ^ 1S looked at in tie longer term and Liquidity was up £76.000 (down P r out advanced f ^ be assesse< j 

the way it undertakes and the directors still feel that it £8.000) at year end with bank Si*™,. *? 'JJ As reported on May lj. net ‘profit 

rievulops its overseas activities and nVTTD OCO/ ATfirPT would not be in hte best m ter ests overdrafts standing lower at „ f lD -2f?Yom rrwS aqmt for 1977 was £72,253 corapared 

it was decided to combine the UVfcK 95% Attfcrl „f shareholders to sel] the com- £87.421 (£116.433) hank balances ?„ Hi with od Sw w of 

group’s total skills and experience ROWNTRFF RIGHTS P a ? y ’ s Property portfoUo. particu- and cash higher at £74.270 tL^SIldSilTfrteDned ud to ^783-936 against £181,389 
into a single international orgam- £''-'7711 1 ACC JVlUfiia iarly as rent reviews are due on (£31,589) and short-term loans 2*1° ,“ e U P t0 • „„ 

-.at ion. As a result Turriff Rowntree Mackintosh announces the majority of properties in the and deposits up from £80.011 to 2 ^ Sp l2.4639p) net JJlITi 


RECORD new hustneffl sales w»e 
-achieved in all branches of frlsh 
life Assurance Company to 1977- 
New annual pronlflnu ,m. 
ordinary branim marea«p. by 1/ 
per cent to £10.6m 
premium sales doubled jto £20m-- 

this latter growth 

from high Income bond sales at 
the- beginning of the; year and an 
upsurge in unit-linked bona 
investment towards the end of the 
year. Industrial branch business 
remained buoyant with new 
annualised premiums 14 per. cent : 
higher at 1.4m. 

Annual premium income in the 
ordinary branch . during the year 
jumped by 22 per. cent to £43m 
and single premiums mo re th an 
doubled to £20m, while investment 
income increased by 48 per cent 
to £20m. Claims and expenses 
were over £5ra higher at nearly 
£30m so that there was a ,£54m 
«nr«v»cg of income over outgoings. 

Assets relating to unit-linked 
business showed a £20m capital 
appreciation resulting in a £74m- 
Increase in life funds, to £277m. 
The industrial branch ' fund in 
1977 rose by £4m to £4Sm, while 
the expense ratio was reduced" 
slightly to 52.1 per cent of 
premium income. 

Last . year’s valuation', of 
ordinary business disclosed a. sur- 
plus of £2.7Sm- of which' £54.000 
was transferred to profit and loss 
and £2J.5m. allocated to. policy- 
holders The reversionary bonus_ 
rates for 1977 are £4.775 ‘per -cent 
of the' sum assured oh first 
series policies and £5:75 -per. cent 
on the second series, with addi- 
tional rates for policies that have 
been In force for long periods. 

The terminal bonus- rates, pay- 
able on death or : maturity., is 
fixed at 25 per cent of attaching 
bonuses. On the industrial- 
branch valua tion a . siirphur of 
£785.000 was disclosed, of which 
£25.000 was transferred . to profit 
and loss and £648:000 paid, to 
policyholders in the form of 
bonuses. 

The directors say of the com-' 
pany’s withdrawal frohi 1 member- 
shin of the Life Office Assqcfa: 
tion in respect of its UK business, : 
that they had come to. the con- 
clusion -that ft was .aduitni*. 
strartvely cumbersome to operaro 
two commission scales, and.: there-, 
fore two sets of premium rates' -. 
— one for Ireland and the -other 
for the UK. Srnces the scale for 
Ireland was still related to the' 
sum assured, ft had been decided:, 
to revert to this system '-in .the 
UK rather than continue with a 
premium-related basis. This -'move 
meant resigning from the associa- 
tion — a decision which the era-, 
pan-v took with reluctance..- . - 

Planning is now Far .advanced.' 
for the company to set. up-" a/ 
building society operation iff; the 
Republic. This development which 
Is not likely to be . troll received . 
by the five major .ertabUftiecT 
societies has been taken .tri- order 
to exnand the company's services 
to investors — providing -i short- 


term - savings through • the r pro. . : V". i 
posed building , society - as well ax ’ 
medium- and long-term contract* v. ‘‘.- 
torough the^ existing- life assus r.-f- 
anoe operations. j.- 




New personal 
pension contract 1 


. CJcrical Medical: and General 
Life Assurance Society ‘ is; today 


launching a regular premiirin~Per. 
sonal Pension Contract to axpfdis ' 
ment -its highly - successful single 
.premium plan. -These two con- 
tracts now. offer the selfjC.mployed 
arm . others . In' zioii-peiisionable 
employment tito choice- unmaking 
pension - provision, either- by regu- 
lar payments, or. through a series 
df single- premium payments, tfina 
providing investors wife^ complete 
flexibility as to payment of- contri- 
butions. •- :-7.. 


' 'Hie planr 2is_- on .the: deposit '■ 
admimstratkm basis. L . with - -g - 
guaranteed ‘ rate of accriiid each ; 
month plus: bonus: ip terefit'hcing • 
added. The regular savings-, {flan J 
win have- a distinctive brims rate 
from the single premium contract j* 
■to - reflect -the different guarantees 1 

incorporatedJn . the- two pfeKtinie " 
-initial -bonus - rate, is 033 per-cent ’ 
per month, ebmpared with A25 ( 
per cent on. the sipeie preriinrii 
contract. (6^67 * - per' .- cent: -was v 
declared; at the r last. trieim[irifi3 f : V 
- "The contract offers considerable 
flexibility . - regarding 1 paymant - of - 
premitttna t They can be pafiL, 
annually, half-yearly, qirirteiiyror -■» 
monthly and can be reduced and ? 
later, increased:.' again, ‘ .wttliin -' 
certain -' tlitnlts^^': on- . guaranteed 7 " 
terms; The Benefits are- to the '■ 
-usual flexible form .iBcluding' a* 
option:, to - commute part -of; the 7 *' 
pension er a copmletoly-toy.Trpe : 
lUmp-Sum^- - -y-;-j 


John sen & : " * ; 
jorgenseri 


jbhnseri and Jorgenseri (Hifld. 
tegs>_ apno 0" &s -the. f oitoatwa/ei-/^*^ 
a. new emnpany to, manufacture - 
its range of the Secnrftalrier-^oti< 

. which J.. and: J. . (Plastics)- is : . die' ml if 
sole supplier m the' mCThe.com> W, 
pany is . formed in collaborabon. 
with an. associate; West Pharma- -ii > 
nd>ber.- .-a: 'leader^ in ‘.-^ap edUb t - 
moulded rubber closures and cem- --!^ . 
- pon enter . for' -the pharmaceutic^ 
azKf medical fieldi * -' •*. 0*;'. 

'-'Mr: Robert’ Johnsen; riiahmatt .-;*-. - 
bf j. nnd X said that: the tom- C- - * 

. priny' hM been" Under" great pr«E 
sure. to ’ , provide - -ddditaonaT ‘ 7 '. - 
manufacturing facilities for 
Securi tain err. The;inltial inveaf- 'v '. 
ment. will. ■ be . in-'-: excess :<tf 25- : 
£500.000- which shows the groups - : 
determination to.-, solve .-flie .W" 
Securttainer supply situation for ;sz. -■ 
the- future. Production is plmu^L 
to short early in 1979. ... .: 


As reported on May net profit] 


International was established. 


acceptances 


been near future. 


£130.481. 


2.723SP 1 2. 4 6 39 p) net Third Mile recently purchased 

The continued improvement in a debt from National Westminster 
UK results in the second-half was Bank and another fiom Slater 


particularly satisfying, the chair- Walker, owing to each of them by 


man points out 


Sempah (Holdings), amounting to 


These securities having been sold, this announcement appears as a matter of record only. 


Overseas, a declining profit £186,007 and £873,658 respectively, 
trend was arrested. In Australia, TotaLpurchMe consideration was 



8IIISS 


&Lumb 


Limit* 


achieved, £43,500 


completion 


NEW ISSUE 


MAY, 1978 



while other overseas operations f^*®*®* 1 by a , ca f£ 
showed little change overall in 

terms of local currencv Further discussions with Sempah 

^XJSLr^h. are now taking place; Mr. Rice 
However, the relative strength ^yg Third Mile currently has a 

he L P°“H d a ? aJnst , u -^- 7.39 per cent stake in Sempah. 


THE WOOL AND SlWHEnC 
TEXTILE GRO0F 


Finnish Export Credit Ltd. 

(Suomen Vientiluotto Oy-Finlands Exportkredit Ab) 


dollar had the effect of reducing 
the ster/ing equivalent of profits 
of the North American companies 
— profits from a number of other 
overseas operations and from 
exports were similarly affected. 

Exports accounted for £55.24m 
(£45.07m) of UK sales, while 
exchange rates reduced the 
sterling equivalent of overseas 
profits by £719,000. 

Expenditure on fixed assets 


Salient . poults from the statement by the. Chairman, 
Mr. J. H. Nunnerley:- v : 


SIMCOMONEVFUNDS 

jSatii rri 1 a vestment .-. • ' \-4 ■ 
: : ;5ianiii’eixi'i*nt.Co'.Ltd. , : - 
: 2iV \Q N.S ntEET.I.C4M 6X!> 
Tbltplione: 01-2361425.' 


Rate* paid for W/E 4.6.78 


Kuwaiti Dinars 7,000,000 
1\ per cent. Guaranteed Notes due 1983 


aid of professional advice. 



Call 

7 day 

3 month 


% p.a. 

% p.a. 

% p.a. 

Mon. 

7.980 

8.190 

— 

Tuei. 

8.099 

8215 

— 

Wed. 

8.008 

8.208 

8.500 

Thur?. 

8.083 

8.204 

— 

Fri./5un. 

7.942 

8.274 

— 


jfc Pre-tax profits in creased from £1,43&(M)D.v 
to £2,187,000. . •• • " *.•; 

★ Maximum permitted dividend recommended. 

★ Balance sheet is strong and there is 

- adequate finance for future development ‘ * 

★ Policy of continued capital investment has 
ensured increased efficiency and the group 
is well placed to benefit from any further 
Improvement in trade. - 


Unconditionally and irrevocably guaranteed by the 


Republic of Finland 


★ Profits in current year expected-to be not' 
less than figures now reported. 


This advertisement is issued in compliance with the requirements of the 
Council of The Stock Exchange It is not an invitation to subscribe for or 
purchase any securities. 


Issue Price 100 per cent. 


Kuwait Investment Company (S.A.K.) 
Kansallis-Osake-Pankki Union Bank of Finland Ltd. 

Bank of Helsinki Ltd. 


'ALCAN 

Alcan Aluminium (U.K.) 
Limited. 


Roistered in England No. Ji5ol6. 


Abu Dhabi Investment Company 
Aiahli Bank of Kuwait (K.S.C.) 

Algemene Bank Nederland N.V. (Bahrain Branch) 

American Express Middle East Development Company 
S.A.L. 

Arab African Bank - Cairo 
Arab Finance Corporation S-A.L. 

Arab Financial Consultants Company S. A.K. 

Arab Investments for Asia (Kuwait) Jc.s.c. 
Arab-Malaysian Development Bank berhad 
Arab Trust Company K.S.C. 

B.A.I.L (Middle East) Inc. 

Bahrain Investment Company B.S.C. 

Bank of Bahrain and Kuwait B.S.C. - Kuwait Branch. 
Bayerische Vezeiosbank International 
Societe Anonyme 

Burgan Bank S. A JC -Kuwait 
Citicorp International Group - Bahrain. 

Dillon, Read Overseas Corporation 
European Banking Company Limited 
Euroseas Banking Company (Qatar) Limited 
Financial Group of Kuwait K.S.C. 

First Boston AG 
The Gulf Bank ts.c. 


The Industrial Bank of Kuwait K.S.C. 
Kxedietbank N.V. 

Kredietbank N.V. - O.B.U. (Bahrain) 
Kuwait Financial Centre SAJC 

Kuwait Foreign Trading Contracting & 
Investment Co. (S.A.K.) 


SHARE CAPITAL 


Authorised 


Issued and 
fully paid 
£ 


50,000,000 Ordinary shares 42,464,134 
of £L each. 


50,000,000 


42,464,134 


Kuwait International Finance Company S A JC, 
’KIFCO’ 


Kuwait International Investment Co. s.a.k. 
Manufacturers Hanover Limited 
Merrill Lynch International &Co. 

National Bank of Abe Dhabi 
National Bank of Bahrain, B ahrain 
The National Commercial Bank, Saudi Arabia 
The National Bank of Kuwait S.AJC 
Nederiandse Credietbank N.V. 

AJ Saudi Banque 
Societe Centrale de Banque 

Union de Banques Arabes et Europeennes - UB. A.E. 

Union de Banques Arabes et Frangaises - U.B. A.F. 
Bahrain Branch 

WardJey Middle East Limited 
Wood Gundy Limited 


Following conversion of £8,285,213 nominal of the 
9 per cent Convertible Unsecured Loan Stock 1989/94 
(“the Convertible Stock"), all the share capital of Alcan 
Alumi'nium (U.K.) Limited (“the Company), issued and to 
be issued following full conversion of the Convertible 
Stock, has been admitted by the Council of The Stock 
Exchange to the Official List The outstanding £1,801,089 
nominal of the Convertible Stock remains listed on 
The Stock Exchange until converted. 

Particulars relating to the Company are available 
in the Extel Statistical Services and copies of these 
particulars may be obtained during usual business hours 
(Saturdays excepted) between 5th June and 16th June, 
1978, both dates inclusive, from: 


Morgan Grenfell & Co. Limited, 
23 Great Winchester Street, 
London EC2P 2AX. 


Cazenove & Co., 

12 Tokenhouse Yard, 
London EC2R7AN. 


HoareGovett Limited, 
Atlas House, 1 King Street; 
London EC2V8DU. 


Kitcat&Aitken, 

9 Bishopsgate, 
London EC2N3AD. 














■- vv^t&^t gHnij^M^day 5 1978- 




2L 


■■•V , ; l ■jM»**pifeapS'.t^3 
; A - , . 


• l .V:.-*y- J i, 



bA, • 

S&*V 


ilS 4 jv 

swn&of the more-imt 


^8ms*sasSES«MS' 


cft-nsst 


dividend 
_ . ed is the 

iffeetit-, r rf — vr- s—"’ apaoun cements, 

^^eoming. fcart meetings (indicated thus*) 

h . S 5S2ffl#3wSS5» pB ¥ s 4 ,4v ^ ^^d heemp^adsed that the 

P&IW MW®’SSiS?r , fl |i flrt amounts or 

: Jj«:Coramn j togaded“ Announcement last 

y w ' ' Agar e& usaatfy • accompany flhal : dividend 

. / ••'•>."••. - Aiuoracc- 

. ; . ■ j ... ~ ' . Dale. . u m«at' IftX. 

. ' ;. - '■ . •■•-’ 'yijar 

’■ff anaoi f Trter ... Jane 7 "Iw. 3L-7B 

| - J|T1^ ^~f~ 1 

•- ■,. Cro*fts«.Jinw 7 ; Ptml M.45 
.'HMnaai'Wfdcb . . jtbdq s ire. uy 
*HJU .SAnasal .-„Jinwii .pinal 2.7853 
TC ,Gi?~.u."_._. Jma Wc rfeal £<7937 
B HgitHjfc -.OjBgp- July 'If. InL : £JS 

- cmmM&i^iL.Jttae a iaxfioac 
“Jctattoi 3 J -' 

... ^N^ttWnJaacU UjB?I749S8 
.-•Uatf„^^..^, ll jiHM! fr WpaiMM 

•tia di atrieg -JnarSl- fkal3Me 

" W!S*^.-i JttM X .Ftnal X32D76 
Lyoo» V.'yi„_^Jmie2St rPtnal 1.J35 ■ 

.-.■ ver&& Swa, ... jHt^'mncjnsM 
nfeua -Bex Jw»>Si^ra5»r7-« . 


^dJcai 

h c ^ v 
5hls 
an. 

■ffe r 
*Q 
the 


tot is'-- 
im. L 75 


. Annaoiicn- 
BienLJktt 

Diyfl nnr ■ laly f U 
AlUttt BwTKtl 
jAqgjfrAnprtcto , v '•• 

> v -Corpo. crB da* - 

‘U» AngtoAiMrtaii - > 

- - - s«8. July k 4hl.;i.' ,J 
‘ AnaSo Xmovne : ^ -'?■ . 

emiua^a: ■* -. * * Final! suns • :-. 

: tn - Mift- « •§ a ^ r ^***ft» ~Jnnc 23 -' Psaii g-l ^p 
0 Paym ^ * ; 28 rmii-ifljB*,..: 

1 ; 4 . 5 - tot- us •• 

Si - '■S/aattWjj jusais -tor .^ IS - ■'. 

■ , Smam. . ... 

?-' *1 June tt - ; ■ tot lm . 

j- ".-or JBW « 1 Sec. tor. JAM : 

S ••;-.-~-4^lS : Sec.~int.~X* 


?0 


} is 
ton 


. - ..... — . — .- . ■■Final"44S45 

jgrown . aoh ^i '.JtmelM ■ Sec. lnr: 3 3 s. 

Jane ' t Final LTi 


-Qoftg^ndAted.-Joae 

0 WW£ ...i-yB*' 


Flu] 44ST4S 
Sec. , lot. X4 
Final r.tSSS ■ 


■'ll Ihn Ir 1 Vi JSS“.r?!Bi - laae *a rmai r.i 

vfl 9 k- «n&: --^Jiie u lra. xj- 

i.u 1 P» f • 0 ***»“’ 4olT M - Final U 

1 uR Mdl «* ■ ;7^- . - 

■**act ■ ' BaMstm int. ......Ji 

rc ‘Sardin‘ *Dd Ur Rile 

Thp-^ .-.Burners ji 

half-VMri ®> !:/ SEytJW- 


Final 8 .V rest. 
Final 4.49388 
Jnt. 0 JQ 3 . 


F 9 r.« .Final 7412 

**•* “Kwsh. '•• fliWta'IlK. jnne SO Pinal 1F92S 
.... *"- J T — "•'- ,:_. Jni« ’8 ” 

...July. K 

'SearivTI-V. see,' ' •-' 14 • 

can b<. ••'•■ Gen: toy;... jnue a eioal us'" 

rtased . ^ Ja«*n»mc ••■•.. 

s»». fl pimu 

nS- °? p efiis *cii«ys M jiouMs;;im. ura . : 

lw c form ff «'.'-Ffouy »Ja 5 .> ..Jon«„-a Sec. im. i.u 
commuiB^ *Gnki Fields « • 

5r 3 comni^ • • j.- ^l y .CWIJme g . Phre. dUe 

V-!. ■ Electric.. ....July s -Final 1 .801 

Geu- Mln. Gro... 4 one t Diva. tUw 
Geaetner - ... ...Jnly 13 Int. l.BZS 

nenrv 0 Graaada .Jone30 7«. i.QSis 

UjCU nr "Granu Mpl .... June 8 1m. US 
” "Gt. Portland 

Tanr,^ JWtatea.,J’une‘13'- Final 7 JMS 7 

ivUS^n *<toinaM» (A.) ..JunclB toL 2 J 8 M 
^ •Guthrie Corpn. ..June 8 - Final 9 

n Md JQr»k. Uambros June n: Tioal 54.7S 

WuncMt«?^ > ■ ■. • .-,' 

cmnanr te £■ »••• -:• 

! of the w-- ...- . ~ rrr. . ■ 

Md J. o^- • 


i-sjK fflerertd .u. JnaeS^i^thal 248 

• ; Swrafasla ..JUmt- tt : 'ifpt: <i cento 
v Wew» into -.-..June af^Jat,,-*.- 

■‘ ' ftnli infl . ' ... .•'■> . 

■' . ' VU4» trJv>^ .Plhil 7-414 
*«aler - 

-- - - -Maiwraiey.^Jnoe xa .- Final AS3I 
•pffldaiton.' .•: j ■—j.r ,. . 

- ■ J5rnj..„;.JtmrIJ- Sec- 1«. doe 

new'.-. 0.48707 

-I'WwOl 'BtiffPjw ^clSCM. 

• Pnopc.-mds. aiHS - ~ r ~ - 7 ~- : 

inv. Th,_ Jdc*.!8»2Flind3.J 1 08 

■ j ■•>.'■:■ ■'• 

. -. . ever ironic . Mae a.*; Final vim 

• ja-dWosioT}' •; u .,-juncrJt'P%m-44is 

.'■.HoaBnans r 

.. Iniunuiional .JMy T Ekal I. ISIS 
Ten Craon — ^ June t. final 2 
Sent and'lFvcafZ. - * - . 1 7 - 

■ Brt^^-JUbf lS - Flnal U83J2S 

. Scot. and umv. . '.l.' 

' Inv... July 14. .Flflat 2.87 
. SGB ... :.. u . JAne ZU OK.JS 

ShMnbrldse ■* : *■ ■■ •'•— 

SnsL.Jtone23-' Final 2 . 1 m 

S'yfiet. Int. Xo 20 Final 1^1 

Standard ■ .• . . • 

- UitflMttUJtone » Final 10JS5 
Srewpley. lnda. ..Jlay B im. 4.4 . 

- ■ T*ta> . '...'....iLJUi 22 ' Final D.8367 
Tlwia Klee. _^:J«f. 8 Sec. toU*J»2 
..•Trlrtw Jtodra.^ June Iff PlnaJ 2,288 
■* Tni4a Bonste 

“ Forte: J rer 5 • 1 if. u» 

•UKO' In». Final' SJJ 

■ -Van Frews. ..JunrM 3o£ tot. #J» 

. WWtl IT. W.V.. JimfrjU . tot- 1,21873 

W^itirwiHvi J-jUM ■* . Fin*] 8.7 

••' Woodbaad - ’• ; 

(Jomai.-Jtoiet? Final 4.8305 


.* Boa*d raced mk.tottowted. t Rights 
issue > Voce ,nuuS 7 >< Tax 'ree. 1 Scrip 
Isaac f kb made from reserves. 


| Shipyard 5% pa^ rise 

t-ib NEARLY 200 . senioc mas aggers Another' award W com- 

for -:h? p^‘ at Yarrow (Shipbuilders)- <m the miitee announced yiesterday was 
«ai *>Mi ‘Ubwt Ctde were awarded 5 per for more . thaa 1JOOO - clerical 

« tt f iSSffiJS? 

^ u " te 1 .. .* The increase — given under the "East- Kilbride, factories of. Rolls- 
•c .1,^ '’fair wages rules- aod hadt-dated Royce in Scotland. They receive 
‘7^: J- to January 1 — -comes oh top cd a between , £L20 and, i£3 a week 
;*vt 0 recent 10 per>eent award by the back-dated to last -Deramber. 

committee.' for all. Yarrow staff Rolls-Royce's - 3,50ft vi'uanual 
which c^r.^aad a. further 10 per cent^ 'Phase ."workers In’ Scotland : ^e making 
n ji.cn *9 > Three riSe. It brings to. 25 per a similar f air-ivages jgwm, which 
im?- > rT"cent the- total* pay rises Won by" will be heard, by the? committee 
ire. Prodcnc* &e managers this year. • oh June 14, . 

Tiriy :r. fs; ' ■ • '• ' ’ T. r - : ' ■ •••-•■.• V‘ 


>*3'- 


ner 
irnb 
dings) 
ited 

THETIC 
IP 

•nr i>* .'** Cte 


RECENTISSUES 


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Price 

Pt 

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ill 

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.>78 - 

High 

Low 

ZOO 

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■142 


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FIXED INTEREST^STOCKS 


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idritbun »■% tv.iv: uuu. IU^. «.uc Fr»i. .. 
m^.Wstar T% Red. -ProL 1SU ..... 


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loop 
1014 

26- , - . 

48«jOrtenwich (Lon... 

■jfihrtj. * c*. 9^* nr. 

-hSJi'j-VLciirioay.l UUui. Prei 

"B 7 Jc>Faun<> 4 Z; v.'ura. Frt — — 

99 viaWt IB. fe JO 10» Erf......... ... 

. 96 r .start toUGnv. bn*. Ln-WUi 

U Tvnn fc Wwr 1% Bert. IJC6 -. 

: 101 p| W*4d Patterin' 10% Pral 


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■ - - -Rim^ off Udi a»t. MX*. 


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it 


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10 2p 

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36 I 

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091* ..._. 
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9Bpl .^. 
09 ' 

96 

. Si*! 

(101 


.(-i 


insurance 


Definitive study recommends 
making progress slowly 


INSURANCE Institute of 
London held a special meeting 
last week to introduce a report 
prepared by one of its advanced 
study groups — composed of in- 
surance men and women who 
meet in their own time to 
research aspects of Insurance 
practice . and law. and present 
reports, sometimes making 

recommendations. 

week's report by group 
number 208 (which shows how 
long the study group system has 
been working), is on construc- 
tion and erection insurance and 
has been produced in a 210-page 
book which can be bought by 
Institute members for £5 (non- 
members £6). 

. It is not cheap but as there 
is no similar up-to-date wid& 
ranging definitive work avail- 
able. the book Is a very neces- 
sary purchase for ail concerned 
j® obtaining or providing cover 
in this very specialised sector o[ 
the insurance market. 

It Is significant perhaps that 
the group’s leader was a broker 
and that out of 31 members of 
uie group. 10 came from the 
broking sector. This fact has 
epsured that there can be no 
criticism that the report is a 
vehicle for restrictive under- 
writing views. 

There are. four main chapters, 
dealing . with the principal 
.5 atl i r £ s of wh at the report calls 
the Construction Policy. ” with 
the assessment of risk, with risk 
factors in specific projects, and 
with premium rating matters: 
there is a deal of solid meat in 
this, the first two thirds of the 
report. 

The last third is given over (0 
extracts from the text of the 11 
construction contracts which the 
group reckons to be in most 
common use. and while it is con- 
venient to have these all in one 
place, inevitably users of the 
repon will have to make certain 
that they keep this section 
up-to-date. 

For example, there is a root- 
note to the Contractors’ Plant 
Association conditions saying 
that a new edition of these con- 
ditions is expecred tb/s year. 

Of course nothing in the con- 


struction industry stands stii! 
and what in now currcut market 
practice may be tomorrow's 
history. This report is in Tact 
the third which has been pro- 
duced on construction risks by 
ihe London Institute study 
groups— the first was published 

‘JI years ago. and the second 
seven years ago The new re- 
port is completely self-contained 
and does not demand frequent 
reference to the preceding ones. 

Ac its simplest, the construc- 
tion Policy covers loss of or 
damage to immobile property 
under construction: hut tho 
Policy may be expanded to in- 
clude cover on plant to be in- 
stalled. and may cover a single 
contractors or a team of 
specialist contractors. 

At its widest, the policy may 
cover a number of parties dome, 
several different kinds of work 
against not only material damage 
and. losses, but also urtious ami 
contractual liabilities and tran- 
sit risks, with the connecting 
factor of the site and purpose of 
the project. 

The detail that the report pro- 
vides ought to ensure that no 
one. whether he is risk manager, 
broker or underwriter, goes into 
the construction insurance junelc 
without appreciaiing the risks 
involved In any particular pro- 
ject. be it the construction of a 
road or bridge, factory or office 
block off-shore platform or pipe- 
line. 

While the report is a mine of 
information, it cannot and does 
not begin to price the many 
risks it discusses. This aspect 
must remain for the cherts, the 
risk placers and the under- 
writers. who bargain daily on 
these matters. However, the 
group does have something to 
say on profitability. 

In the' preface the comment is 
made “the world of insurance 
markets are at different stages of 
development.” A change in prac- 
tice on a particular matter may 
be welcomed in one market and 
resisted in another. 

Nevertheless, in all markets 
there has been a growing trend 
to include in one policy more of 
the collaborating parties, more 


kinds of work .vrd more risks. 
Some insurers conMder that this 
process is becoming detrimental 
to their- ability to nuke a profit 
out of this dasi yf insurance. 

IT is the pace of innovation 
that poses The greatest problems. 
In this corner of the insurance 
market, as in so many others, the 
prospects of nruSt depend uis a 
reasonable degree of stability In 
the lobf? term and are 
jeopardised by the rapidity nr 
change. By us detailed itemtjja- 
tion of so many risks the report 
implicitly, rather than expressly, 
emphasises the necessity for 
making haste slowly. 

Cumbria rejects 
Pennine plan 

Financial Times Reporter 

THE Countryside Commission 

proposal that 50ft square miles 

of the North Pennine? be dosi? 
ruled an area >*f outstanding 
natural, beamy was rejected 
yesterday by Cambria Couniy 
Council's economic development 
and planning commit tc-e. 

Although Northumberland and 
Durham are in favour of the 
proposal, the Cumbria committee 
accepted by a largo majority a 
recommendation that the pro- 
posal should not be supported 
■■ on accounj of its effect on the 
people living Within the area and 
the evidence of their opposi- 
tion." 

Councillors felt that any pos- 
sible financial benefit would be 
outweighed by more control of 
planning, and that the- preserva- 
tion of natural beauty was better 
left in the hand; of local people. 

Councillor Trevor Farcer said: 
“I do not feel the Countryside 
Commission are the right people 
to stimulate economic improve- 
ment. With 40 per cent of the 
country . in the hands of such 
bodies as areas of natural beauty 
and areas of special scientific 
interest, the concept of desig- 
nation is being debased. I Think 
the question of economic stimu- 
lation should be left ro local 
author! ties.** 


MONEY MARKET 


Trading remains nervous 


BY COLIN M1LLHAM 

Discount houses received an 
Improved yield on their Treasury 
Is at Friday's tender, but are 
still acutely nervous about hold- 
ing auy investments with a longer 
maturity date than about one 
month, and may therefore take 
any opportunity this week to 
push their longer-dated hills back 
to the Bank of England. 

The termination of the link be- 
tween Minimum Lending Rate and 
tiie weekly Treasury bill tender 
was expected to lead to » doser 


certificate of deposit, but this 
did not happen immediately be- 
cause, the bouses were obviously 
under some pressure to exercise 
restraint 

Before the announcement on 
May 25, rates for everything 
except Treasury bills were dis- 
counting a Minimum Lending 
Rate of 10 per cent 

Therefore it came as something 
of- a surprise, when the Treasury 
bill rate remained under 8i per 
cent on the Friday . before last 
but the situation did become 
rather more clear during the 


course of last week. 

Bids for the 13 00m bills offered 
on May 26 were only £711m. and 
02 per cent went at the minimum 
accepted level. Quite clearly Trea- 
sury bills were still not regarded 
as an attractive enough invest- 
ment to tempt outside bids, and 
the onus fell on the discount 
bouses once more to take up the 
bills. The houses probably took 
up almost -all the bills again last 
Friday, but on rather better 
terms. 

They would obviously prefer a 
higher yield, but are probably not 
too worried providing there is 
every prospect of selling these 
bills fairly quickly. Market nerves 
are at present finely balanced -by 
the desire of the authorities to see 
orderly conditions, which at least 
give an outward impression of 
calm, and help to prevent market 
rates moving too far away from 
the set level of MLR. 

In order to comply with this, 
cover themselves, and move the 
Treasury bill rate up only slowly, 
the houses chose to take-up 
almost all their bills on Tuesday, 
the first working day of last week. 
This caused a fairly severe short- 


age of day-to-day money in the 
market which the authorities 
relieved by buying au extremely 
large number of Treasury bills 
from the houses. 

Fears of higher interest rates 
have aside the houses reluctant 
to boid anything but very short- 
term investments. With money 
generally in good supply tost week 
there was not too much oppor- 
tunity to sell long-date! bills 
except on Tuesday. 

On Wednesday -the bouses 
bought bills from the Bank of 
England, but these were fairly 
.short-dated maturities, which 
suited the market 

Thursday was most peculiar, 
with a very substantial surplus 
of money left in the banking 
system at the end of the, day. 
This was much to the annoytorce 
of some houses, who bad obviously 
hoped to buy more short-da'ted 
bills from the authorities. If the 
money had been absorbed in this 
way the supply of money would, 
have been more difficult oii\ 
Friday, possibly giving rise to the 
chance of selling longer bills to 
the Bank of England. 


June 2 

lYfl* - 


acted tc 
fted. 

JRIEF 

«ks 10 

rl978 

87.521 

49.521 
12-1SP 
10807? 

as? 69 


bend 


“RIGHTS” OFFERS 


Iauu 

Price 




dop 

3AS- top 
mm. 

C*,l?3*6 
' So 

jcrtlfiS 
> ZOp 


p: 


nil. 

■*Ab»‘ 

KU 

SU; 

jm 

P.F. 

NIT- 

F.P. 

» 


J*ke»i. . 

tows 


13/6 

-2*S» 

•'9* 


26/5 

■3X15. 

; 16;bj 

1616 

*6f 


7/7, 


Zi/6 

23* 

9/0 

13/6 

17/7 


mtr 


Bigfa.t-loy. 


28pm 

Up 

IOC 

in 

■& 4 
tonal 


48 . 


i]Brcut Chemical* 

Brown toovnH Keu 


B3piW 

17pra| 

IDpinj 

96 


483* 

i63 : 
3ipm 


Swefc 


1 jjiadtao Imperial Bale— . 
Central Manu fact uring — — . 

I>ob«on Pari Lndj 

IrtHnAin nMt Gold lllntop^— 
Harffir 

Hori Mi - ltw/i and- _ — . — ... 
Bowden (AJeaauderj 

ttewraim.ata.-alnu.'ib 
6opi»^ 

Tomer A Newell 

WeUgo — r 


Cluing 

ft-irf 

f*t . 


+ « 


t66pml — t . 

59 j 

44pm +1 
33pml— is 
a8jjml ...... 

20pm[ 

13pmt 

96 J — 2 
12 uw —2 

410 i+a 

54 
179 
4*«|»n* 


~S 

-kt. 


HedWtatioa rtate -mm&. '^*iZ'Js22 SSJLTTwSS, 


hr-ttmnection'-wkh »cawrtsati<ra ■ merger or takMVer IW toinrfnc 
^0 taS^Prefcraiw holders. « Allotment letters (or ruily-sald). 
or pujtly-psM allotjnent- lems*. .’*-With warrants. . 



,-^:c 


BASE t£NOING RATES 

Hill Samuel S ? 



I ^ -A-3JTr Bank ■ 9 % 

l - AlMed^nsft Baaks Ltd- fl % 

' American Express Bk. 9 % 

AntroBaak . r 9 % 

. A -P Bahk Ltd.' :..i — 9% 

: Heiii7 Ansbaeher — .. 9 % 

- Bailed de Bilbao . ‘ 9 % 

.' Baa k- of Credit & Cm ce. 9 % 

: Bank- of Cyprus. . 

- Rank'd N.S.W. 

- Banque, Beige Ltd. 

cBanque i!u Bioae 
Barclays Bank 

.Barnett Christie Ltd.--- . 

Bremar:- Holdings Lt<L 1ft ™ 

. Brit. Bank of Mid. East 3 % 
■ Brown" Shipley 
Canada Perm’L Trust. 
Capitol C & C Fin. Ltd. 

Cayzer Ltd. 

Cedar Holdings- 
■rCharterKouse Japhet ... 

■-Cho ularions 

C. E:'* Coates 

. ..Consolidated Credits... - 
.vCo-operativeBank.— .■ » 
Corinthian Securities, . . q 
Credit Lybxinais ----- 
The Cyprus Popular. Bfe 
XHincan Lawnfc 
Eaj;ll Trust 


9 % 
9 % 
9% 
9J% 
9 % 

m 


9 % 

:■*'% 

■9 % 

d $ 

9 % 

9 % 

10 % 
9 


9 
9 

__ 9 

s 

9 % 


■Engtish -.Tran^onL 10 g 

First jpondon'SeM....,.- » 

First Nat Fin. Corpn. IX % 

First Nat Secs.- Ltd. .-.11 % 

.:- Ahtony Gfbbs 2. ™ 

L . Greyhound Guaranty... a % 

-^'■GrindJays Bank 4 ’ jo f demand depots _ 

« jSuinness^ Mafibn^.:. - ? % g r «b atea m* *** * 8tedlog 
-■ Hambros. Bank 9 % s«aaith3. ^ 


■ niu oa>uM« - t ^ 

. c. Hoare * Co. t 9 % 

Julian. S. Hodge 10 % 

’ Hongkong & Shanghai 9 % 
Industrial Bk- of Scot. 9 % 
Keyaer TJUmann ...... 9 %. 

Knowsley & Co. Ltd — 11 

Lloyds Bank : 9% 

London Mercantile ... » % 
Edward Mansnn & Co. 10*% 
Midland Bank ......— 

■ Samuel Montagu 

■ Morgan Grenfell — -•■ 
National Westminster 
Norwich General Trust 
p.'S. Refson & Co. ... 
Kossmlnster Accept es 
Royal Bk. Canada Trust 
Schlestnger Limited ... 

■R. S. Schwab ... .. 
Security Trust Co. Ltd. XO % 
Shenley Trust «■ *> 

Standard Chartered ... 9 

. Trade Dev. Bank ...... | % 

Trustee Saving Baut J % 
Twentieth Century Bk. 10 % 

.- united Bank of Kuwait 9 % 

Wbiteaway Laidlaw,... ■>*£ 

Williams.&Glyns J ™ 

Yorkshire Bank — 3 ™ 

■ Members of U» Acwatb* mouses 

Committee. 

- 7-day deposits 8*. W* <leB0sl “ 

.] 7-daj depoato 

and wider S». «»P » as * WB M 
... mil • oyer fSSiflW 61*. 
ran deposit* over ELOW 




Marke 

Hates 

;'.Juoe2 

. * ■ 7 

lie to 

.» 

Ifay'. 

spread 

flow 

NewY.rtHj^ 
il anneal .... 
Amutienfaiii 
Unwd'i.... 

Ucpenha i(uii 
PraakiortM. 

Unbolt 

7 

81* 

4 

6J» 

3 

8 

IB 

6 

I.B20Q-1.E275 
2-i 525- .<390 
4.'.E>,-4Jnta 
5>.4(?-5S.£6 

10.23i- luJSj 

a.7B b.BIA 
BZ.GS-i3.60 
146 00 T‘G.15 

1.8226-U2M 
2.t57D-SJi80 
4.064.87 
S9.4S-6S.55 
IUJ4* 16.254 
5.79-3.80 
t2.B0-J.30 
146.85- I4S.S5 

Mika......... 

in* 

7 

? IJ 

l,aJH-l.'i764 
«.•!*■ -Mi 
B.Mt-c.58 
0.41 .451 

l.o72i 1.5JS4 
8.821-1:. 851 
U.564- .381 
8.413- .423 
4D2A4L4A 

tfarU- 

'’Cdkboiiii.... 

Vienna....... 

<i art-1 f.: 

5" 

27.50-27.45 

5.42-J.4& 

27-30- 7.40 
S.4Z4-4.4 Si 


9 V 
9 % 

9 %■ 
9 % 

9 

9 % 
.9 % 

9 % 

S 5, 

10i% 


3 dmy* notx-c. . 

1 (i»y» or | 
7 cfays n«iee-.| 
One month-.— 
Two monUis 
Three monrii*. 
3U monUir.— 
Nine raomb*.', 
.One yeei ...... . 

I n yurv 


Sterling 
Certificate 
or deia»tu 


87s 

iSS'-iR, 

IOSb- 101« 


Intortoink 


4-8 U 


avg-014 
91 4 -0La 
9r%-9W 
lou-iose 
103e- 108 b 
106a - io 7 B 


Ilmen I A util 
Autliiirity | necolinblu 
depnnlta' { I >onda 


8141-810 

8*0-830 

8Sb-8T 8 

0-0/8 

9U4IS* 

0*4-1030 

1050-11 


050-9 
910-834 
910-8^4 
9lj-9 
10 1 r. S ia 
10l4-9»4 


Fiiutni-e 

bi.u-ie 

Derx^fra 


834-9 

918-91* 

9A-954 

858-07, 

101,-lOls 

1034 

11 


LVirrifjeoy 

Liepn-ic- 


834-B58 


83. 

93a 


lii»niini 

mnrkL-i I'rwauiy 
Bill- <|> 


6-71? 


7la -714 
ij-en 
ess-an 
Bst-a^ 


tiurinie 

LnllS. 

Blllk-I* 


8»i-8A 

a»4-8ii 


i - 

i* 

8« 

9i.SU 

9ii-978 


KinfTradi 

Bills* 


930 

ts B 

«>4 

10 


Local antborfri^s and finance booses seven days' notice, others seven days' Breed. Lons-u-nn local authority mortaase rate 
nnatiually ibree years Ill-Ill per cent: fonr years is-12i oer cent: rive years 127^-12* per t-i-m. o Bank bill rales in isoie are 
bUrins rales for prime paper. Buying rates for tour-month Dan bill 87| b 4i pet cent;- rour-irtotuh iTade bills per km. 

. Approxlmaie sellins rales for one-month Treasury bills 8|-8'i« pt r coat; rwo-monrh s<»ifi-S: pt-r uvdi; and iht^L-munin 
oifr dull. AppraomBle Beilins rate tor om-oioni b bank bills k| per cetn: and twn-n?onfb ?«»« »{ Per wm; and ibree nmniii 
Ml IS DOT cent. One- month irade bills « oer cent: rwo-nranih 9* per cent: and also rtir-.-momb 91 per wni. 

Flnaace Houses Base Rotes (published by the Finance House* Association! SJ per cedi from June 1, 1979. Clearing Bank 
Depasl; Rains ifor small sums at seven days' noitcet a per cent. Clearing Bank Base Rates for k-ndina 9 per C>.nt. Treasury 
Sfflr: Averase tender rates of dtscoom B.77H per cent. 


FOREIGN EXCHANGES 


GOLD MARKET 

I Jll!IL- 2 I .1 IIJIU 1 


CURRENCY RATES 


Frankfurt close June 1—3 .814-8.82*. 
Zurich close-^.-Wl^.iM. 

I Rates given for convertible franca. 
Financial francs 59.5WS.7S. 


EXCHANGE CROSS-RATES 



Special 

Drawing 

Righxs 

European 
• Unn or 
Account 


June 2 

June 2 

SterilUK 

0.670660 

0.675077 

Oj? do) Mr.. .... 

3.K2479 

1.23311 

tarnulMii 


1.37482 

AatiriA bcIi ... 

10.3536 

18.465S 

Uflefan Irani 1 

39.9833 

4U.2548 

Oh uis b Kcuiu.- 

b.88316 

6.93339 

UmtM.-Uciu’il> 

2.&5491 

2.66938 

Dutch Kinder 

2.73434 

2.73290 

French iraou. 

6.61995 

5.65352 

lialwn lira_.. 

1067.10 

1064.00 

•Japauem ven. 

071.903 

272.526 

Snnvny krone 

6.59978 

6.64436 

ttpeio teaeri).. 

90.0530 

98.6155 

sneitf *h krone 

6.65449 

5.69214 

Svlu franc.,. 

2-31240 

2.32546 


H i.!.i Bail \ 

<a fine *«u»jcej| 

tw S 185-18534 

Ui^ninu S'184- lE4ij 

Morning i!:.'(iiS184.5 | i 

C101 079. 
Aliern'n na'sIS 184.7a . 

|i£101.3Q5.- 

G.J.jC.-ifi 1 

•liilllis.TM'1.1-. 

KiOi:i , m.ii!.. | S190192 

^1044* 

S'wspi "an-.- SM , 4 -5 , 4 
i4-3ul4 

Old bov > 'r r r ’i!.;ltB6l2 -6812 
I<131-a2, 


S 183 -ISSSi 

'sias.': -1*412 

i.s 183.25 
■It: 100.0 lb, 

15183.0 ' 
.11:100.109 1 


9188 190 
..tl03-lU4i 
'S'5Zl? b4t-j 
!i £29-30 1 
iS56is-f8t= 
iltbl-32, 


ia‘2S-4u| . 
isaeis-f-si? 
!lfbl 32. 
5277fa-280-’2 


Juue ^ 


l'i*sUuit|3« w I'liii Farm . Uni.wi!- J bullion j Vni-t'.l r.i /uru.-n 


- fttnaboaooi 
OTW09 


1/Biiiiiiun 
Simt Xuii 

2I0J-2ZO3 
Brussel^'., lb-66 fi3 it«-89 

tunflfoD.. . 4.79 0 1.: 225-3:. 

Amiblain.. 107.146^136 2.2312-S7 
..Bu32fi2-46T |.ggQ-8Sg 


aft, 40- 50 
21/iMl 

!4.sa£ft»«5| - 


I b.38 J9 ri.-oo 06 *1.9036-351 10 
i.te7j-to2&lJ1226&23EJ 4-.7US2 ‘ 2&W) 
ll4.02SWj66;i.s6' 5 57W 2C5.11 61 ' 242.9-40.4 

7.1013 | - W.W-67 | Hj60*i 1 IVJ9J5 

?.55fr36J I 69.46 65 - 1 «J»Q7 iiA2i<3# 

4J-.6lL.-66b I 6.f'4&7o| 4.6745- 05 ! - |ilB.5to-436 

‘O.tWn -020j5.75£b -76E4) 3.431^65 W.ll fii 2£ g. 


tj.S. E in Torouin=lU3ti-94 Canadian i-cdI*. 

Oi H'i'T S In A’ew i-wfc — f9 JO 32 i-euLr. U.3. 3 In ^ilsn SS1.90-C63.20. 
' Sieriiug In Milan 1599 


EURO-CURRENCY INTEREST RATES 


. June 2 

Stornug 

tort 

Dollar 

U.s. Dnllat 


bni'»- - 
Irtin- 



10 >4 10S« 

. 7 8 

/Jfl 4bfi 

4T a 51 a 

i m- 


7rt&v*. oobw 

10M 10^i 

7 0 

738 S« 

4J a 5'a 

lift ljfl 



Ida ii-ia 

8sj h/b 


470 5<r 

1.;. 1,;. 

33fl .10 


lllliB 

8|'„.c^ 


4V fl SU 

114 l i» 

3!fl .Ij 


use 

tij tij 


61, elz 


3 l i -S 76 

tin* Vem 

42 1210 

t ia Bit 

0I3-6JJ 

aJj 

m iig 

3 


HnM C<-:n« ! : 

(luremnf "1 •. , 

Knucrmu-i ..'8 100-192 iS188-190 

i-Kl- 411 5ii (£1 m 5-U41 
Scwfii'Vi cu-iMfiS* -04I4 '-Sbilc -54 

.<£89-30 

UU1 Si'v'i2ii!’ | S56l8-J8l2 
li£31-;8. 

520 ..'S2 r /8-if82 

“ OTHERTtARKETi 

.Vno Kate- 
ArBWilm"*- 1.42J l.<27 inn 1500- 1400 

Au‘ili - Hl.rf.. i l-fi605 I.Si Sii\ur(ri« • lU.2:i 

Hiwul il.B3-3i.E3 jiv-i^imn ...i "i-'t 61 

Fiit.au >... ?- OF.'Ua.Bn^i. .... > t7-J2 

Uierce... 1*7.418 tS.OMiCanwU 2.0o-2.ta 

Hi me Kuna; •■'•W-Oli 'Uemiinrblj I0.25-46 

Iran '‘S U>t iFramt* B.5i>-k.4: 

Kiihhii 0.49B-0.50B f'.Jcminny 3-75i.Sl 

LnSrnil.'n- 53.3frH.K li mt e ; bb-72 

MaiuV'Ia.. 4.i5 10-4x7 l&'iulv 1I550 I6H 

X. iJefliaiiii.l-J'SCfl l. MBJJspan -HO 4la 

3bu li .Vn>i t.i S-6.S3 'Neiiivn'ii'i 4.llh-4.2C 
Jiimai.m- .:3.?4204.Sg0Q:XnrwMl- . . 3.t5-iD.I£> 
5. Air«u .. l.972l-M&7S, l fttrxu&pi..., 77.36 
!:.> [ ifAIn ■ I4gl 1461 

faunin .... • tiwiu' lend' a.-i'O *^5 

C51 „ .L’j» .c2 l.fifn 

li.s. is-iit-. fs.45.V,48 IVum:- <ii >n. &4-67 
' Rale sfvL-n for Argentina is a Ires rale. 

FORWARD rat£s 

One Unutli pi lipce nuiniil» 


Euro-French dep/<sll raier: rwo^iay J9-!« par neat; sovcitaay 9b-9i /nr oat:: 
onMMriib B5l6-99ft per centl ihrce-monih 99u-9U|« per cere; slx-inooih lB-iBi per 
cent*, one-year 1DI-1M per cent. 

■ Law-term Eurndullar depn^ns: two years 8 ,1 ib- 8 i:, i* per renfi three years Si-O 
per coat: four years S>-'ih 3 ‘ib per cent; Bve years 9-Bi per eem. 

The foQowitus nominal raie; were oumed for London dollar ceruflcaios of dupnsit: 

one-muub 7 .59-7. TO per cent three-month 7JS-7JO per cent; sbe-month 6.20-8.30 per 

cent; one-year S.40SJC per ceol. 

Shorn era rates' are' call Tor sterling, U£. dollars and Canadian dollars; two 
days'-aoikt for ^guilders and Swiss franca. 


\e»v l\.i J-4 7-0J7 -.pm ,2 3^1 .26 c.r.n 

UdiitivH .■ j 40 ..JQ.;.|piii ,1.33 1.23i.-.|-u< 
Amis|'* 1 n 1 m' 2 , 4-4?4 .|nn '-&lj 1; 4.11I 

JJm-'t-i-.. 3' Z-* .fun I8p.. 5 vpra 
f^ip'itii”ii- 3<t-ol4 un* .1 >p jSi>lll;< uti-di- 
fianhUii' i>6 15a Vf pm .va-uig ;.i i-iii 

4a»looi-.,| W Ui-jiih 

Maiiii'i. .. i>H3i-.iiw I£0z3. c. tils 

.MUiui i- 4 iirediit | 7 - • J. irenu. 

04ln 2 4oreni< .45 -rc-.lis 

21tri» 1 .pm ■ pur 121* 1*4 f.n, 

’cVlImiii' I -rep'll- 11 yrc>ii '3 l ; I'a nre pin 
Viennn. .. i^ Oinu imi i -ue »ti> pm 
Kurt tJi ..- <i *4-2 *b v-2jn_ ’S5 b- 7^>) pm 
'Sls-mnnih forward dnilar'*2.70.2.iiuc pral 
li month S-TtLSc pm. 


MINING NOTEBOOK 


words 
from Mr Mensaros 



BY LODESTAR 

•THE INDl'STHY has come 
increasingly under aiuck from 
environment! lobbyists, from ihe 
Commonwealth Government itself 
and from a -segment of public 
□pinion whit-h believes lhai 
mining companies which moke 
a profit should be seal 10 gaoL I 
urge 3'ou to meet these arracks 
head on and if you are under 
attack fight back.” 

Spoken by an incensed mining 
industry leader? No, this sound 
advice came from none other than 
Western Australia’s Mines 
Minister Mr. Andrew Mensaros in 

on address to the State's Chamber 
of Mines. . . 

He was also critical of the 
proposed Australian natural 
resources tax which loom' so large 
as one of the many unknown 
factors in the profitability of the 
country's potential uranium 
producers. 

Mr. Mensaros s-*;d thai “reduced 
incentive will kill the motive 
which miners currently have to 
invest large amounts of risk 
capital in exploration and margi- 
nally economic development.!' 

It" is certainly a refreshing 
ch;tn?e to hear a Government 
Minister putting forward such 
views. It should give fresh heart 
to the -down-under miners particu- 
larly those in this particular 
Australian state. 

Meanwhile, the uranium miners 
at Inst seem 10 be nearing the 
long-awaited '‘oiT’' signal. A 
week of good news was rounded 
off on Friday by the statement 
in Sydney by the chairman of the 
UK Atomic Energy Commission 
Unit Britain is in the market for 
1.300 short tons of uranium oxide 
annually for 13 years starting in 
!US2 and that finalising the 
necessary nuclear safeguards 
agreement should be only a 
“ week or two ” away. 

The potential producers particu- 
larly welcomed the decision by 
Australia’s deputy Prime -Minister 
Mr. Douglas Anthony that they 
would be able to go ahead in 
obtaining contracts with overseas 
customers without waiting for the 
protracted formation of the 
Govemmet’s Marketing Authority. 
Any contracts would, of course, 
need his own approval. 

What the companies have been 
fearing is the said Authority's 
proposed imposition of minimum 
prices for uranium exports. What 
such restrictions did to the 
country's beach sands mineral 
industry is still fresh in their 
minds. 

The point has been col ourf fitly 
put by the ebullient Mr. Lang 
Hancock who describes any such 
minimum price requirement as a 
•‘harmful, mischievous impedi- 


ment," adding ihai “ there are 
4bn people in thij world whose 
wishes will decide the Price of 
uranium, not a group of paper- 
jugglers in Canberra." 

Meanwhile, a reader has con- 
gratulated this column on its 
" quite brilliant " advice of a 
couple of years back to switch 
from Pancentinental Into Rand- 
fontein. Might not the reverse 
procedure now be appropriate? he 
asks. Take the profit on Rand- 
fontein hut wait for a setback 
before completing the switch is 
my advice. Pancontlnenal still 
has some obstacles to 'surmount. 

North Kalgurii , ' 

Candidates for the long-rua- 
ning “whatever happened to" 

senes are coming up . thick and 
fast from reader? following they 
revival m ihe Australian mining 

market. Unfortunately it is not 

always possible to provide ihe 
answers. In fact, some of the 
companies seem to have been 
sunk without trace. 

This does not apply, however, 
to' former Kalsooriie gold-miner 
North Kalgurii although this 
concern has suffered a decided 
setback from the decision by 
Selection TYust's Spargovifie 
nickel mine to discontinue send- 
ing its ore for treatment at the 
Croesus plant which was con- 
verted from gold to nickel opera- 
tions in 1075. 

So what does North Kalgurii do 
now, switch the plant back from 
nickel to gold? It may do just 
tbar with finance provided by the 
Western Australian Government 
which has offered the company a 
SAO.orn ff 0.3m j loan for the pur- 
pose. Government, with employ- 
ment always in mind of course, 
apparently considers it not a bad 
idea to have a private enterprise 
custom mill in the area for gold 
ore Treatment. 

What could encourage North 
Kalgurii to take up the challenge 
is the hope that one of these days, 
if the bullion prices goes high 
enough, its own Fimiston mine 
could be re-activated. It closed 
down in 1975. Development work 
at the time had indicated a 
sufficiency of ore to warrant a 
re-opening in the right economic 
climate for gold-mining. . The 
shares are I5p against Sjp earlier 
this year. 

Irish uranium 

It was in November that atten- 
tion was drawn here to Sabina's 
participation in a Northern Ire- 
land uranium search over a 300- 
square-mHe area of County 
TjTone. Iris now beginning with 
a £30.000 stream-sampling pro- 


gramme. The EEC is putting up 
hall Uie money. 

Sabina has a 15 per rent interest 
in the venture which its chairman 
Mr. “ Bill " Cummins regards as a 
well worih*while exercise. The 
main partner with 50 per cent is 
Calgary-based E and B Explora- 
tions backed by the German Sedi- 
mex organisation. 

Meanwhile, August 23 is the 
crunch date as to whether South 
Africa’s Messina wants to press on 
with its joint venture with 
Sabina in exploring for lead and 
rinc In ground near the big Tara 
mine in Ireland. Some 2m tonnes 
of 7 per cent combined metal con- 
tent have so far been located. 

On the other side of the 
Atlantic U.S. Steel is still drilling 
Sabina's zinc prospect at Bathurst 
in New Brunswick. End-1978 is 
the crucial date for this venture. 
Sabina also has an interest In a 
high grade lead-rinc-silver mine In 

British Columbia which Mr. 

Cummins hopes will provide a 
sufficient cash flow to cover the 
company's overheads. 

But it is .stii) the Bed Lakp gold 
property in Ontario that brings 
a gleam to the Cummins eye. It 
remains on ice. But he would like 
to see Sabina go it alone on this 
one without the major rann-in 
partners which it has been so 
adept in finding for other 
prospects. 

At 3Gp the shares are pear the 
bottom end of their range in 
recent years. The management 
continues to deserve full marks 
for trying even if no sure-fire 
winner has yet been produced 
from the hat. 


Northern Line 
radio link plan 

LONDON TRANSPORT is plan- 
ning a £2.2m radio system to keep 
tube drivers on the Northern Line 
in constant touch with bead- 
quarters. 

A similar system has been 
operating 00 the Bakerloo Line 
for several years. 

The Northern Line plan is part 
of an overall £10m scheme to put 
tube drivers on all lines in radio 
contact. 

The plan will be considered by 
the Greater London Council's 
transport committee next week. 
London Transport says it would 
mean shorter delays when inci- 
dents occur and better informa- 
tion for passengers. 



ARAB BANK LIMITED 


THE BANK YOU CAN TBUST 


IN MILLION JD 



1975 

1976 

1977 

CAPITAL St RESERV’ES 

20 

30 

38.25 

DEPOSITS* 

472 

682 

861.5 

TOTAL ASSETS 

853.5 

1371 

1522 


1J0= US5 3.17 (APPROX.) 

ESTABLISHED 1930 IN JERUSALEM 
GENERAL MANAGEMENT: AMMAN, JORDAN 

BRANCHES IS’: . . . 

ABU DHABI, AJMAN, BAHRAIN, DUBAI, EGYPT, GAZA, JORDAN, 

SAUDI ARABIA, SHARJAH, UMM ALQAIWA1N, FUJAIRAH, TUNISIA, 

LEBANON, OMAN, QATAR, RAS ALKHAIMAH, 

YEMEN ARAB REPUBLIC, GT. BRITAIN 

Sister Institutions: 

ARAB BANK (OVERSEAS) LIMITED UNION DE BANQUES ARABES 


Zurich, ceneva, 

ARAB BANK MAROC 

CA5AELAXC4. KARAT 


ET EUROPEENNES (U.BA.E.) 

LUXEMBOURG, FRANKFURT 

ARAB BANK (NIGERLA) LIMITED 

LAGOS. UNO. AFAPA. EOLO 


This announcement appears as a matter of record only. 



Nordiska Investeringsbanken 

(Nordic investment Bank) 

Private Placing 

U.S. $10,000,000 
8f per cent. Notes Due 1988 


Daiwa Europe N.V. IBJ International Fuji International Finance 

Lizmteti, Limited 


Sumitomo Finance International ■ 


S. G. Warburg & Co. Ltd. 



•11 



























1 - 1 « ■ ■/■• . ^v^.-'. '••:• vv ^-’ 5 ?- '■& *&&<*> 
.~. V ~c. 1 • •;': ri -■ • f^Tiyv^ ; ^ 


STATISTICAL MATERIAL <g> TArt-Ofi NELSON GROUP 


GENERAL OUTLOOK 

Optimism on the wane 


GENERAL BUSINESS SITUATION 


4 monthly moving total 


May 1978. 


OPTIMISM about both the 
general business situation and 
tbe outlook for the UK economy 
has been waning visibly since 
the beginning of the year, and 
last month's survey showed that 
the trend has not halted. 

As one might expect at this 
stage of the recovery, with con- 
sumer demand leading the way, 
the level of confidence in the 
two consumer orientated sectors 
covered last month — stores and 
consumer services, and cars and 
consumer durables — is signifi- 
cantly higher than in the third 
sector, electrical engineering. 
But, even in the first two 
sectors, the level of optimism 
was lower than in January. 



At a more tangible level, the 
electrical- engineering and cars/ 


consumer durables sectors were 
less Inclined than they bad 
been when they were last sur- 
veyed Four months ago to expect 
their export volume to be 
greater over the next 12 months. 

An increasing number of 
companies throughout industry 
are also now citing the level of 
export orders as one of the con- 
straints on their output. 

All in all, the outlook is 
dominated by the slow rate of 
recovery in the UK and abroad, 
plus some concern over the 
next. phase of wages policy and 
the uncertainties generated by 
the coming election. 


Are you more or less optimistic about 
your company's prospects than you were 
four months ago 


Feb.- 


]ut- 

Apr. 


Dec.- 

Mar. 

% 


Nov.- Elect. Consumer 
Feb. Eng’g. Durables 
% 


Stores 

% 


Ho re optimistic 


30 


37 


38 


41 


~28 


70 


60 


Neutral 


44 38 


38 


39 


72 


12 


40 


Less optimistic 


26 


25 


22 


18 


— 18 — 


No answer 


— — 2 




EXPORT PROSPECTS (Weighted by exports) 

4 monthly moving total 


May 1978 


Over-the next 12 months exports will be: 


Feb*- Jan.- Deo- 

May Apr. Mar. 

% % % 


Nov*- Elect. Consumer- v 
Feb. Eng^g. Durables' Stores 
%%%■-% 


Higher 


69 


75 


77 


75 


50 


63 


68 


Same 


16 


13 


8 


49 


6 


31 


Lower 


12 


11 


14 


31 


Don’t know 




ORDERS AND OUTPUT 


NEW ORDERS 


O nly a 


4 monthly moving total 


May 1978 



recovery 


The trend of new orders in the last 
4 months is : 


Felx- 

hw 


Jan.- 

Apr. 

% 


Dec- 

Mar. 

% 


Nov- 

Feb. 

% 


Elect. Consumer - 
Erie’s- Durables. Stores - 
% :% 


CONSUMER demand continues 
to rise but the upturn is a slow 
one and it has yet to filter 
through to the non-consumer 
goods sectors of industry. 

This is shown by the contrast- 
ing reports for orders and 
deliveries last month. In the 
stores and consumer services 
sector i he rising trend con- 
tinued but both the electrical 
engineering and cars/ consumer 
durables sectors were less 
inclined to report an improve- 
ment than they had been in 
January. The not result was a 
decline in the overall balance 
of “ ups ” over *' downs " for 
orders. 



The electrical engineering 
and stores/consumer services 


sectors were also more Inclined 
to say that their level of pur- 
chases over the next Four 
months would remain the same 
rather than increase. 

Looking further ahead, the 
stores/ consumer services sector 
had become slightly more 
bullish about sates volume over 
the next 12 months, whereas 
the other two sectors had 
become less so. 

AJ1 in all. with an election in 
the offing and other industrial 
countries reflating relatively 
slowly, the outlook was said to 
be tinged with a good deal of 
uncertainty. 


Up 


44 


49 


53 


48 


50 


51 


73 


Same 


32 


28 


29 


28 


31 


37 


27 


Down 


14 


11 


10 


12 


19 


12 — 


No answer 


10 


12 


12 — — — 


PRODUCTION/SALES TURNOVER 


4 monthly moving total 


May 1978 


Those expecting production /sales turn- 
over in the next 12 months to : 


Feb— 

May 


Jan- 

Apr. 


Dec- 

Mar. 

% 


Nov- 

Feb. 


Beet. Consumer 

I’g. Durables- Stores 

% % 


Rise over 20% 


•-3 


Rise 15-19% 


4 — - — 


Rise 10-14% 


12 


11 


24 


13 


Rise 5-9% 


32 


23 


25 


27 


51 


70 


About the same 


45 


48 


48 


45 


37 


18 


14 


Fall 5-9% 




No comment 


3 — 


50 — 


CAPACITY AND STOCKS 

Labour shortages 


STOCKS 


4 monthly moving total 


May 1978 


Raw materials and components over the 
next 12 months will : 


Feb- Jan— 
May Apr. 
% % 


Dec- 

Mar. 

% 


Nov.- Elect. Consumer 
Feb. Eng’s. Durables Stores 
% % % % 


THE PREVALENCE of labour 
recruitment difficulties at sc 
early a sta^c of the upturn — 
and one which, moreover, is still 
largely confined to the con- 
sumer goods sectors — is both 
remarkable and worrying. 

Tbe difficulties have been 
cited for some months and 
apply to all three categories of 
manpower listed in the table — 
executive staff, skilled factory 
personnel, and manual labour. 

In electrical engineering, the 
tomplaints ranged from senior 
personnel to engineers and 
scientist:-. inspectors, and 
unskilled staff. In ears, high 


40: 


20 : 


20 : 

J<£ 


80 


Factors Affecting 
- & Production - 

k 


rrr 

mS-iwwgSflrt - 
(VStoiKTIgP- 

-"I' 1 

— i — i — 

— i — i — 


' 1973 '74 ’75 ’76 77 ‘78 


were cited. In stores and con- 
sumer services, it was good 
quality store managers,- and 
hotel and catering staff. 


Increase 


30 


40 


45 


44 


27 


17, 


Stay about the same 


47 


42 


40 


47 


50 


70 


36 

30 


Decrease 


19 


16 


13 


23 


13 


14 


grade litters, marketing staff, 
mechanics and repair personnel 


Taxes and pay policy were 
widely blamed. Differentials 
had been compressed and it was 
difficult to persuade people to 
work overtime. Pay restrictions 
were also given as one of the 
reasons for the frequency with 
which labour disputes are being 
cited as a constraint upon 
production. 

The biggest constraint, how- 
ever. continues to be order 
levels including, for an increas- 
ing proportion of companies, 
export orders. 


" No comments 
Manufactured goods over the next 12 
months will : 


— — 20 


Increase 


28 


30 


32 


35 


32 


45 


50 


Stay about the same 


37 


38 


41 


42 


18 


30 


Decrease 


10 


10 


10 


3 — 


37 * '• — 


No comments 


25 


22 


17 


20 


50 


12 


20 


FACTORS CURRENTLY AFFECTING PRODUCTION 

4 monthly moving total 


May 1978 


Feb- Jan- Dec- Nov- Elect. Consumer 
May Apr. Mar. Feb. Ene’g. Durables Stores 

% % % %%.%%. 


Home orders 


86 


85 


86 


85 


64 


68 


83 


Export orders 


68 


63 


61 


60 


41 


86 


60 


Executive staff 


28 


29 


30 


34 


27 


43. 


33 


CAPACITY Y/0J2KJSSS 


Skilled factory staff 


41 


43 


42 


46 


59 


64 


20 


4 monthly moving total 


May 1978 


Manual Labour 


19 


17 


13 


11 


23 


37 


13 



Feb- 

May 

% 

Jan.- 

Apr. 

°/ 

/D 

Dec- 

Mar. 

% 

Nav.- 

Feb. 

% 

Elect. Consumer 
Eng’g. Durables 

«v of 

fO / o 

Stores 

% 

Above target capacity 

10 

9 

10 

9 

4 

25 

17 

Planned output 

54 

56 

57 

60 

73 

57 

67 

Below target capacity 

35 

34 

32 

31 

23 

18 

16 

No answer 

7 

1 

1 

— 


— 



Components 


24 — 


Raw materials 


27 — 


Production capacity (plant) 


11 


14 


15 


11 


13 


Finance 


6 — 


Others 


10 


12 — 


12 — 


Labour disputes 


30 


30 


37 


38 


41 


18 


33 


No answer/no factor 




INVESTMENT AND LABOUR 

.eluctant to recruit 


LABOUR REQUIREMENTS (Weighted by employment) 


THE PROSPECT of reducing 
the number of unemployed has 
waned, with more firms now 
expecting to make do with the 
same or a smaller labour force 
and fewer firms expecting an 
increase. This month it was the 
electrical engineering sector in 
particular which has scaled 
down its forward requirements. 

The main factor by far was 
the lack of demand, actual and 
foreseable. This reason was 
mentioned by 66 per cent 
(weighted i of respondents in 
the last four months as against 
only per cent in the Novem- 
ber-Fcbruary period. 



demand, the other 
given have been, in 


descending order, the potential 
cost of redundancy payments, 
plans to raise productivity, diffi- 
culty in recruiting staff with 
suitable skills, other aspects of 
employment legislation (besides 
the cost of redundancy pay- 
ments), high wage and other 
labour costs, and uncertainty 
about the future. 

Companies often made the 
point that, because of recent 
employment legislation, they 
now had to be much more 
certain of an upturn before they 
took on more labour. 

.Mean while, the prospects for 
increased investment spending 
remain reasonably good. 


Those expecting their labour force over 
the nexc 12 months to : 


Increase 


4 mont h ly mo vin g tot al 

Feb- Jan- Dee- Nov- 

May Aor. Mar. Feb. 

% % %_ 

30 


May 1978 


29 


28 


_% 

27 


Elect. Consumer 
Ene’g. Durables Stores 
% % % 


35 


48 


Stay about the same 

52 

57 

56 

62 

63" 

65 

28 

Decrease 

19 

15 

14 

11 

31 

— 

24 

CAPITAL INVESTMENT (Weighted by capital expenditure) 


4 monthly moving total 


May 1978 



Feb.- 

Jan.- 

Dec*- 

Nov.- 

Elect. Consumer 


Those expecting capital expenditure over 

May 

Ap r- 

Mar. 

Feb. 

Ene’g. 

Durables 

Stores 

rha nexc 12 months co : 

% 

% 

% 

% 

% 

% 

% 

Increase in volume 

54 

55 

53 

51 

59 

77 

38 

Increase in value 








but not In volume 

5 

6 

6 

12 

4 

— 

— 

Stay about the same 

11 

15 

18 

17 

— 

23 

4 

Decrease 

28 

24 

23 

18 

37 

— 

34 

No comment 

2 

— 

— 

2 

— 

— 7 

24 


COSTS AND PROFIT MARGINS 

Inflation rate steadies 


COSTS 


4 monthly moving total 


May 1978 


20tJ 


Total Unit Costs 



fc&OBBUStBfafetf 


1973 ’74 ’75 ’76 ’77 ’78 


INFLATION expectations have 
remained very steady in recent 
months, with the median fore- 
cast Increase in wage costs over 
the coming 12 months ranging 
around 12 per cent, for total 
unit costs about 10-1I per cent, 
and output prices 10 per cent 
There is no sign so far of com- 
panies expecting a deterioration 
next autumn and winter. 

One interesting point to 
emerge this month is the 
number of companies which 


contract to the government 
which are taking the Govern- 
ment’s “ black list " seriously. 
Elsewhere, there appears to be 
a greater readiness to take a 
more flexible attitude to the 
official guidelines. 

The outlook for profitability 
has brightened a little. For 
profit margins, the “ ups ** now 
almost equal the “ downs,” 
while for earnings on capital 
employed the balance of ” ups ” 
has become a little larger. 

The stores/consumer services 
and the cars/durables sectors 
have both raised their earnings 
expectations, while the electrical 
engineering sector has become 
more buHis-h about margins. 

Those surveys, which are car- 
ried out for the Financial Times 
by the Taylor Nelson Group, are 
based upon extensive Interviews 
with top executives. 

Three sectors and some 30 
companies are covered in turn 
every month. They are drawn 
from a sample based upon the 
FT-Actuaries’ Index, which 
accounts tor about 60 per cent 



Wages rise by : 


Feb- 

May 

% 


Jan— 

Aor. 

% 


Dec- 

Mar. 

% 


Nov- 

Fcb. 

% 


Elect. Consumer 
Erte'g. Durables Stores 
% % % 


5-9% 


12 


10 


28 — 


13 


10-14% 


66 


67 


64 


74 


45 


TOO 


87 


15-19% 


12 


13 


n 


10 


4 — — 


70-24% 




No answer 


13 


11 


23 — — 


Unit cost rise by : 



of the turnover of all public 
companies. The weighting is by 
market capitalisation. save 
where alternative methods of 
weighting are cited. 

The all-industry figures are 
four-monthly moving totals 
covering some 120 companies in 

11 industrial sectors (mechan- 
ical engineering is surveyed 
every second month). Complete 
tables can be purchased from. 
Taylor Nelson and Associates. 


0-4% 

— 

1 

1 

3 

— 

— 

— 

5-9% 

34 

38 

36 

24 

50 

68 

14 

15-14% 

52 

49 

48 

60 

23 

26 

80 

15-19% 

4 

5 

7 

6 

— 

— 

3 

20-24% 

3 

4 

3 

— 

— 

— 

— 

Same 

— 

— 

— 

1 

— 

— 

— - 

Decrease 

1 

— 

— 

1 

4 

— 

— 

No answer 

6 

3 

5 

5 

23 

6 

3 

PROFIT MARGINS 









4 monthly moving total 


May 1978 


Those expecting profit margins over the 
next 12 months to : 

Feb.- 
May 
■ % 

_ 

Dec.- 

Pv. 

1 % 

Nov.- 

P r b. 

% 

Elect. Consumer 
Er^'g. Durables 
% % 

Stares . 
% 

Improve 

32 

23 

26 

24 

73 

40 

50 

Remain the same 

30 

41 

41 

43 

23 

17 

23 

Contract 

35 

33 

29 

29 

4 

43 

14 

No comment 

i 

. 3 

4 

4 

— 

— 

13 









' (Established at The B 2 «ne) ' ? : _ 

The Management Board; announces that on- the_2nd June 297S 
the General. Meeting of shareholders approved- .the ’■ annual 
accounts for 1977 and the profit appropriation^ contained therein 
as confirmed by the Supervisory Board.' ; The dividend. for the 
financial year 1977 has been fixed at Ms- 7,50 per. Dfls. 20,- 
Ordinary share, of wbich an interim dividend of Ms. 2,75 has 
already bee n paid in October 1977. -Instead of the final dividend 
of Das.. 4.75 per Dfls. 20,-. Ordinary share in cash, shareholders 
may elect to receive Dfls. 0,75 in -cash and 3$ % is Ordinary.- 
shares from the Share Premium .Account: For shareholders and 
holders of Ordinary share certificates who wish -to receive the 
dividend in cash,- coupons numbered 24 and 25 respectively 
of -their securities will be payable at” the head offices -of the 
following banks with effect from- 13th June 1978: • 

.Amsterdam-JRotterdam Bank N-V.'.J . 
Algemene Bank Nederland flLV. . ’ r 

Nederlandsdae MIddeiktandsbank N.V. -*■ 

Pierson, -Heldting* &.Plersori N.V.'- ‘-.C- ■'■■■ 

Bank Mees & Hope N.V. ' 
Nederfandse CredJetbankhLV.."-;. -v.. ■ 

N.V. Slavenbiirgfc 'Bank. ='• 

Vander Hoop, Offers Sr Eoon N.V. ' 

„ at Amsterdam*, Rotterdam and The Hague 1 

For each Dfls.. 20,- Ordinary share or Ordinary share certificate 
Dfls. 0,75 will be payable 1 on coupon TUtnnbm- 24 -an d Dfls. 4- 
on coupon number 25. ..this being the . final dividend. Dividend 
tax is to be deducted -at the rate of -25%. Shareholders and 
holders of Ordinary share certificates who wish to jecexve the 
dividend in Ordinary shares or Ordinary sirare certificates on 
coupons number .25 of- their securities will receive . one new 
Ordinary share or Ordinary share certificate of Dfls. 20- 
, nominal value-.against.deUvery of -every 30 coupons numbered 
25 of Ordmaiy shares or Ordinaxy sbare roertificates 
including. Slit October, 1978.: The new shires ' and share iertffi 1 * 1 1 
catesr will participate fi^ly in the profits declared jE or.: l078Sad ia - 
subsequent years, ‘■■it ' ;'■= v-'- ■- V 

In order obtain rnevr^ecuri ties ~ 

Ordinary shares with coupons nmnber -26; . ahd>euece 

numbers attached, the requisite number . of coUpons num 

25 of Ordinary shares^ must be deposited at the 1 Head 1 offices, of ' 
above-named banks not later Than SlSt^OCfbber^lffTS^.-TBe 
. coupons must be accompanied by a statement 'giving full name, 
including forenames. and addresses;, etc*... - .' -i-'.-v.--;. - ’ 

In order to obtain Dew/eertificates of l. S or fitl Otdipary shares 
with, coupons number 26 and succeeding .numbers .'attached the 
requisite number of. coupons numbered. 25 'of . 'sharia cer tifies te g 
and/or Ordinary shares -must be deposited at N.V.‘ Admlnistra- 
tiekatitoor Christiaan Huygens, Kebersgracht; 558,.Aiiisterdam, 

-not later than 31st October .2978.' Coupons numbered 25 must 
be deposited, with the nam&'pf. the deliverer endorsed - on the 
back and accompanied by an advice, in' dupl icate. - If 'desired, 
the new certificates VriH also- be available by way pf Bearer 
Depositary Receipts .fRDRs); eacb _xepresenting a fully-paid 
Ordinary share; . Enina 1 mil -pay T&. x:tistouiary - commissfon to 
the members of-1he Vmenfgbig'-‘vbOT 1 de EfEetrienhandel in 
order that the convetsfon of coupons hdmber'25 may-, be made 
free of commission ;to the hokftsrif ^'Holders ^pf BDRs will 
receive their dividend In dash or. in. Ordinary share certificates 
through the intermediary of the. institutions whete the coupon 
sheets of their share certificates '■ were deposited bn the 2nd ' 
June, 1978 at the office’s dosing time..-.. . 

After the' 31st October 1978 the' final L divfdend. wilTbe" payable^ 
only in cash. ■: _ • •; 

In order to obtain new coupon -sheets with coupon no; 26 and - 
succeeding numbers attached, the talons; of^.the K-certifi rates 
must be deposited at N.V.- Administratiekantoor- Christiaan 



€ 

' 




j-j.-.- 


Huygens, Keizersgracht 558, Amsterdam, with the name of the 
deliverer endorsed on the back.' ' 1 


In order that the members of the; VerCnigirig voor dd.Effecten- 
handel may execute the conversion, f ree of commissiQn to their 
clients, a payment of Dfls. 0^5 4- VAT. will be made for each 
new coupon sheet - . 

Tbe Hague, ,5th June, 1978 ! ' ‘ 'ixastei^am, 5th June, 1978 .- 
Churchillplein' l- : * ' -. Keizersgracht 558 .- 

E14NIA N.V. f. • N.V. Adminlstratiekantoor - 

Management Board , .- Christiaan Huygens. 






Vft- 


[jECAni 


n \ 


im 


I’l \M & \! \C I1INKR\ 

: s\i is 


Description ... ^ 


AUTOMATED FOUNDRY. Ready for production, 
box size >850 x900 x 700/300. Suitable for ; 
large tractor or similar castings.' ' ' '•/ 

9 DIE, 1750 FT/M1N SUP TYPE ROD - < 

DRAWING MACHINE equipped with: 3' speed -- 
700 -bp dnve,207 horizontal draw blocks-/ 

22" venial collecting-block and 10 00-lbr ,. 

■ .spooler. (Max. inlet 9 mm finishing down 
- to 1^ mm copper and aluminium). 

8 BLOCK (400 mm) IN UNE. NONSUP WIRE .'. . 
DRAWING MACHINE ici excellent condition 
0/20Q0ft./mm. variable speed 10 hp pe^-bTock . 

...(1968). . • -... ~ i 

24" DIAMETER HORIZONTAL BULL BLOCK • ; . 

• By Farmer Norton (1972); -. *;'■■ 

SLITTING UNE SIX) mm x3 ram x 3 zoo. capacity. .' 
TWO VARIABLE SPEED FOUR HIGH ROLUNG 
MILLS Ex. 6 JO" wide razor blade, scrip. ..." 
production. 

MODERN USED ROLLING MHiS, wire rod . 

and cube drawing plant — «d! forming machines— i] 
' slitting — flattening. and cut-to-Iength fin 
cold saws — presses — guiltorines, etc ; < ; 

1974 FULLY AUTOMATED COLD SAW' - 
- by Noble & Lund with batch control. - - 
1970 CUT-TO-LENGTH UNE mix capacity 
1000 mm 2 mm x 7 tonne cor) hd!y. 
overhauled and in excellent condition.’ 

1965 TREBLE DRAFT GRAVITY. WIRE DRAWING 
machine by Farmer -Norton 27" —29" — 31" • • 
diameter drawblocks. i \ . 

STRIP FLATTEN AND CUT-TO-LENGTH UNE 
' by A. R. M. Max capacity 750 mm x 3 mm, . 

6 BLOCK WIRE DRAWING MACHINE -equipped 
with 22" ‘dia. x 25 hp Drawblodis. 

2 15 DIE MS4 WIRE DRAWING MACHINES . ~ 
5.000ft/Min. with spoolers by Marshal Richards 

3 CWT MASSEY FORGING HAMMER . 
—pneumatic single blow. - . 

9 ROLL FLATTENING MACHINE 
1.700 mm wide. 

7 ROLL FLATTENING MACHINE : * 

965 mm wide. 

COLES MOBILE YARD-CRANE 
6-ton capacity lattice jib. 

RWF TWO STAND WIRE FLATTENING AND 
STRIP ROLUNG UNE 10" x 8" roHv x 75 HP - 
per roll stand. Complete with edging rolls,.- 
tucks head flaking and fixed recoiler, air 
gauging, etc. Variable fine speed 0/750ft./min. 
and 0/1500' ft./ min. . 

NARROW STRIP STRAIGHTENING AND . 

CUT-TO-LENGTH MACHINE f 1973) by 
-. Thompson and Munroe. v - 


Telepbane 


08893 3841 
or Q8893 4638 


0902 42541/2/3 
Tehoi 3364 H 


0902 42541/2/3 
' -Tdex 336414 
0902 4254H/2/3 
• Telex 336414 


0902-42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
- Telex 336414 


BAR PEELER— 4" CENTRELESS. Reconditioned 
BENDING 4lOLLS8'3c ^.Excellent 


CONOM ATTC 6 SPINDLE -AUTOMATIC. Fully,, 
.reconditioned, -will turn, and index to maker’s- ■_ 

limits- : v . - 

SCHULER 200 TON HIGH SPEED BUNKING 
PRESS. Bed 48" x 40" 200 spn. Double roll . . . 
Teed stroke 35 mm excellent condition. 
TAYLOR & CH ALLEN No. (DOUBLE ACTION 
DEEP DRAWING PRESS. Condition' as new.-- 
VICKERS 200 TON POWER PRESS. Bed“40" x ' 
36" Stroke 8 " ' NEW COND. ‘ 
MACHINING CENTRE. Capxdty Sft x 4Fr.x 1 
-3ft. 5 Axes eontlnubus.oxtft SI automatic tool - 
changes. '5 tons main table feud. Main motor ~ 
.27 he. Had less than one year's use and -in '• 
almost new condition. For ale at one third- - 
of new price. ’■ 

WICKMAN 2) 6SP AUTOMATICS 1961 and 1963: 

EXCELLENT CONOrriON. ' 

4JJ00 TON HYDRAULIC ‘PRESS. Upstroke:. 

- between columns 92" x 52" daylight SI", •• 
stroke 30^- ” > ’ ' 

COLD HEADERS BY NATIONAL, - 
r and r DSSD EXCELLEKT 
ANKER WERK 400 TON INJECTION MOULDER. 
Reconditioned. -■ . . 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
- Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42S41/2--3 
Telex 3364 W 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
TeJex 336414 
■0902' 4254 1 /2/J 
, Telex 336414 


0902 42541/2/3 
. Telex 336414 


0902 42541/2/3 
.Telex 336414 


01-928 313) 
Telex. 261771 
.Oj-928 3!?I 
Tefeic 261771 


:01-928 313I 
■Telex 26*771 


. 01-928 3131 
Telex 261771. 
-• 01-928 3131 
Telex 261771 

; OT-928 3171 
Tefex 761771 


01-928 313! 
Telex 261771 
- 01-928 3131 
Telex 261771 


VOr-928 313 
Triei 261771 
01-928 -3 13 L 
Tefex-261771 
01-92T3I3 
Telex 261771 


WANTED 


MODERN USED ROLLING MILLS, wire rod : 
and tube drawing plants— rpl! forming macMoes 
—sHrrin^— 1 flatfeningand'CUt-to-lengtblincs — ' 
-cold saws — press»-- 2 aillo^nes; «c,:' _^ 


0902 42541/23 
Telex -3364? 




W' 






V). ■ 
J> . 



•r- '*’ 1 fcc- 


■» * ; 


k.. :. yi 

"li- ■ 


mV... "<• , 






IS 


I. *■ 


■JEs 


















29 


T._,. . 'K*- 

- •* '-'-i rarest \ 

; 'Vi, •:• 


«**y Vime 5 1978 • • 




Lee Refrigeration H international FINANCIAL AND COMPANY NEWS 


Accotmis avd Statementty 
S ^ Choiriiidife Mr.<L If. Pwiey. .; .,. 

jfc : ,T^niover iip by 20.3% to a new record of 
^ . £26.7 million, exports ' dp tb £7.7 MU lori 
, :• ^^om^^milUok V ;: ^-.V- v : V . ; 

★ Pre-tax. profit , of • £1,344,^ X3976- 
£1,769,155) satisfactory in a difficult tiad : 

• ing year. VT otal dividend fo/year 3.93j36p, 

" maximiunpennitted, \ * 

★ Sales -for first : quarter of l^?8 slicw an 
-/ ■ increase of 13%, hopeful : of ahptliefc suc- 


SHRJPWEY WORKS, EJOGIVOR REGIS 
WEST SUSSEX 


Western 

Australia 

JAPANESE POWER COMPANIES 

Exchange gains boost 

performance 

Chisso 1 

stock to be j 

borrowing 

BY YOKO SHIBATA 

TOKYO. June 4. 

de -listed 1 



i'Ptfn no. 2j s 
h u K-certifci 
! t 00r Oinfe 
'he aum «'> 

■‘Mor a-.- Zfy 
^mission w|C 
e made 

3th June, Vfc 

I'uO 

•?:*^Mefcantaa 

iyoi?n«. 


Thlr. magnificent 1924 Brewster Salamanca is one^of two . mint 
Silver Ghosts entered; also I92S Supercharged Mercedes, two 
vintage Bentleys. Type 44 Bugarti. Alvijesi fLagondas. Astons, 
Austins, Sunbeams.- etc. . . . •-■ 

Further entries Invited. Catalogues’. £1 SO. • " 

MIKE CARTER SALES LTD; 

-14, BROADWAY, S.W.Tr Enquiries 01434 922S i - ‘ . ‘ 


Notice of Redenqption 


targets 

By Michael Blanden 

WESTERN AUSTRALIA 
«pects to borrow up to 
A$100m (USS112m) a year, 
rising to perhaps A$500m by 
about 1990, to support the 
development of its rich mineral 

resources. 

‘ This was stated in London by 
Sir Charles Court, premier of 
Western Australia, as part of 
his European visit lo interest 
bankers in the State's prospec- 
tive growth. 

The move follows the 
changes which, for the first 
time, have enabled the indivi- 
dual stales of Australia to 
enter the International markets 
for funds, rather than relying 

on the Commonwealth lo pro* 

vide finance. 

Sir Chales underlined the 
potential of Western 
Australia’s resources. Including 
coal, iron ore, offshore gas and 
possibly oil, aluminium nod 
uranium. He emphasised that 
any international borrowing, 
while with a Slate guarantee, 
would be linked to specific pro- 
jects and justified on their own 
profitability. 

He described a number of 
infrastructure projects planned 
by the State, including a 
AS4Q0 gas pipeline. 


Ennia margins 
improve again 

By Charles Batchelor 

AMSTERDAM, June 4. 
ENNIA, the Dutch insurance 
group, said gross receipts rose 
by nearly 14 per cent in the 
first three months of 1978 while 
expenses rose by only 6 per 
cent 

The board maintains Its 
earlier view that profits per 
share will rise somewhat this 
year despite an increase in 
share capital. 

Net profit rose 20 per cent 
in 1977 to FI 42.9m ($l9m) on 
gross receipts 2] per cent 
higher at FI L85bn ($820m). 
Expenses rose by 9 per cent 


SLATER, WALKER INTERNATIONAL 
FINANCE LIMITED 

, 7 l% Guaranteed Sterling/Deatsche A&jrk Bonds Due 1987 

NOTICE lS HEREB Y GrVEN to bearers ef the sSt*e Bonds that ppsuani to the pro- 
visions of - paragraph 6' (A) of the verms and conditions applicable to and printed on the reverse 
of sudiBoi^. Sljter, Walker International Finance Lirarjctihas elected to exercise its option 
to redeem, on 30th June^ 1978, jail such. Bonds outstanding^,- the redemption price of 102 1 %" 

■ of the principal amount thereof Tnanaely £511 ^5 co0fo election as provided below, . 
PM^^5Q in rested* aregret of interest accrued in respect 

■ - Payments vnji be.inhde ti die main offices ofcihe Paying l^nts in S rerhng or, if the bearer 
shall so dect- as-provided below, in Deutsche‘Marks (at&e fixed rate <*DM 840 tOi-£i), 

. upon presentation and surrishder of Bonds together with afi Coupons in resp^t theeof mawr- 
ihg after joth Jane, 'Z97S- The iaee value missing lmroarered Coupons yill be deducted 
from the sum dhe for payment. - - / '« 

* Bearers should note that the Prind^'Paying Agcm and the other Paying Agents are now 
those mentioned below, and that some -d£ these differ from those mentioned on the reverse of 
theBonas. -■ '■ . J . ‘ 

STERLING PAYMENTS will Be made in Sterling in London or, at the option of the 
.bearer, by rrapsfcrtoa Seeding account or. by Sterling draft drawn on.the. Sterling account 
mamrainedbythe PayihgAgentfrcmi'whom payment is required. 

DEUTSCHE.AIA^ PAYSjENTS mil be znade in Deutsche Marks in Frankfurt-am-Main 
oirj arffieoprion of tiieijearerTby transfer to a'Deutsche Marie account -or by Deutsche Mark 
draft drawn on the X>eutsche Mark account maintained by the Paying Agent from whom 
payment is required." 

TO OBTAIN PAYMENT IN DEUTSCHE MARKS BEARERS MUSTDEPOSIT 
THEIR BpNDS.AN]> COUPONS, TOGETHER WITH 
FOR PAYMEbJT JNs DEUTSCHE MAR KS (AVAILABLE ^FROM 
AGENTS) DULY COMPLETED, WITH THE PAYING AGENT FROM WHOM 
PAYALEOT IS REQUIRED NOT LATER THAN JHE Q-OSEOF BUSD^SS ON 
16TH JUNE, 19^8, FAILING WHICH- PAYMENT WILL BE MADETN STERLENG 
AND BEARERS WILL LOSE THE CONSIDERABLE ADVANTAGE OF THE FIXED 
RATE OF DM 8.46 TO £1. 

' After 30th J une, 1978 interest will ceaseto accrue on the Bonds. 

PRINCEPAL PAYING AGENT - 
. - - The First National Bank of Chicago v -mam 

•' Fnmkfurt-am-Main .London Brussels 

‘ Fails Milan 

- • ■ ‘ V ■; OTHER PAYING AGENTS 

v • . Deutsche Bank Aktiengesfdlsclxaft 

, • - Frankfurt-am-Main 

. Kredietbank SA tuxembourgeoise . 

. Luxembourg _ .. 

First Chtgay nlnternationai Ba nking Corporarion 
y.‘. New York City 

30th May ,- 1978 - : , - Slater, Walker International Finance Limited 


Notice to Shareholders of 

MAGNUM FUND LIfflTED 

- OF A 

■L ; 7../‘ CASH OFFER 

' V . ■ by 

COPTHALL (TILBURG) B.V. 

To Purchase all the Common Shares of Magnum Fond Limited 

Coptbi^i (Tilburg) B. v.i.o^to purc^ £ 

. all.-of vthe -common stoj- ° f f ^^^^^ercoinmcm share on June 26, 1978. 
^common share equal to SC Lo of ffienet aswi auditors of Magnum and Price 

js&sszt »"“ •“ £omuia set f,rti - 

on July fi, 1978. both (0 or bearer awre w ^ duJy e ‘o mp )et ed Acwpianco 

evldeu« o£ autboriv lo «V wilh either of the 

feitowing:. . NATIONAL TRUST COMPANY. U»HTE0_ 

65^ ^ ea ^ eleplloae: w491 3791) 

‘ . vi- of Maanum as aforesaid with a bank or other 

A shareholder may also ^^' TOinDan listed above is notified of tbe deposit 

financial restitution provided 0 ° e T ° lv % l97 g^ n( i ^ch bank or financial institution bolds 
before 43® pm- (ioal am) on July 5, W7S aaa insIrecli(jni [eceived ltm ^ 

and deals. with such shares w. accorciance vim . 

- company so notified. • 

/TiThHwrl BV is subject to additional terms and provisions' 
The Offer of Copthall (TiJburgl ^ Takeover Bid Circular with respect thereto 

specified therein. Copies vttbe OBe > . t , hare certificates and bearer .share 

andof the. Acceptance Letter which i nurt ac^mpans ed at either 0{ ^ above 

warrants deposited , pursuant to the user, may 

addresses,' -• ■ J .. COPTHALL fTILBURGl BV. 


June" 5, 1978 . 


COPTHALL (TILBURG) BV. 
Per: 

Joseph Schuldenfrci 

. General Manager 


DESPITE a slump in power con- 
sumption reflecting sluggish 
industrial activity. Japan's nine 
major electric utilities put up 
favourable earnings perform- 
ances in the half year to March. 

Exchange gains due to yen 
appreciation, totalled Y72.24bn 
(8325m). Four companies in 
particular, Tokyo. Tohoku. 
Cbugoku and Hokkaido, pored 
record current profits. Eight of 
the companies (Hokkaido being 
tbe odd man out) retained 
V44.8bn out of exchange gains 
in special reserve funds. 

For tbe current year ending 
March, 1979, the nine power 
companies expect combined ex- 
change gains ul Y200bn. against 
the record 9l.4bn of fiscal 1977. 
In particular. Tokyo Electric 
expects exchange pains for fiscal 
1978 of Y801>n (Y39hn in fiscal 
1977). Kansai Eleclrfc Y40bri 
(Y22.7bn) ond Chubu Electric 
at Y33brt (YISbn). The exchange 
gains are big enough to cover 


Rockwell 
in talks 

ROCKWELL INTERNATIONAL 
CORP. said it entered into 
preliminary discussions for the 
possible sale of its aviation 
division to American Jet 
Industries. Reuter reports from 
Pittsburg. 

Rockwell said the discussions 
related to the Bethany. Okla.. 
operation of the division which 
makes and sells the Turbo 
Commander 690B, Commander 
700, Commander I12TC, 
Commander 114 and tbe Shrike 
Commander 500 aircraft. 
American Jet said if it acquires 
the Rockwell division, it will 
continue to support all of its 
present programmes. 

Tbe model 500 Hustler aircraft 
programme would be moved to 
the Bethany facility for final 
development and production. 
American Jet said. 

The companies said they have 
not yet reached any agreement. 
No other (Wails were given. 


large capital investments by the 
nine and, of course, to maintain 
a higb level of profit perform- 
ance for fiscal 19 1 8. Eight uf the 
companies (awin excluding Hok- 
kaido) will forego raising elec- 
tricity charges for the ne.vr two 
years. 

During the half-year under 


review, household consumption 
of electricity rose by 5.1 per cent, 
over the previous year, while 
supplies to major industrial con- 
sumers such as steel and textiles 
declined by 1.7 per cenu leaving 
overall national electricity con- 
sumption just 2.7 per cent, 
higher. 


Combined current profits forj 
the six months rose by 14 per; 
cent to Y251.1bn of which com- 1 
breed exchange gains accounted] 
For 29 per cent. Kansai aod 
Hokuriku Electric suffered set- 
backs in current profits due to 
a dry spell which increased their 
fuel cost burden. 


HALF-YEAR TO END-MARCH, 1978 



Operating 

revenue 

lYbn) 

rise 

% 

Current 

profits 

(Ybn) 

rise 

% 

Net 

profits 

(Ybn) 

rise 

% 

Exchange 

gains 

(Ybn) 

Hokkaido 

T07.4 

10.0 

93 

13.6 

5 A 

19-6 

nil 

Tohoku 

271.6 

4.0 

242 

25-5 

122 

27 2 

4 3 

Tokyo 

S89.9 

53 

78 3 

14J 

39.9 

34.7 

302) 

Chubu 

439.0 

4.5 

49.8 

18.4 

23.7 

40.7 

14.0 

Hokuriku 

101.6 

23 

8.4 

(-7.4) . 

63 

39.4 

2.4 

Kansai 

531.9 

33 

37.7 

(-0.9) 

122 

24.7 

17.2 

” Chugaku 

212.4 

1.9 

77.1 

1L5 

11.1 

433 

1.2 

Shikoku 

109.9 

4.0 

ll.T 

6.4 

5 2 

12.6 

os 

Kyushu 

265.1 

83 

23.7 

385 

123 

51.0 

23 


* Accounting to be changed to annual basis from March 1979 term. 


CANADIAN NEWS 


TOKYO, June 3. 
CHISSO CORP. shares will be 
delisted from Japan's seven stock 
exchanges front next September 
or October. It failed to comply 
with the new stock exchange 
listing standards effective from 
March 31. the Tokyo Stock 
Exchange said. 

The standards call for a 
company to be delisted if its 
debts are in excess of equity in 
the last ihree-yeur period and iT 
no dividend is paid for five years, 
it said. 

On Friday, the chemical 
company reported an after-tax 
deficit of YS.S4bn ($ 39 . 9 jii) for 
the year ended March 31, this 
year, compared with a deficit 
of Y4.7Sbn in the preceding year. 

Hit by the recession and 
burdened with compensation to 
residents in Southern Kyushu 
suffering from mercury poison- 
ing. Cb isso's cumulative deficits 
rose to V33.9bn in tbe year ended 
March 31 from Y27,6bn in the 
preceding year with its debts 
Y27.6bn in excess of equity 
compared with YlS.Sbn in the 
preceding year. Chisso said. 
Reuter 


Profits improve at the banks Ads switch 


BY ROBERT GIBBENS 

Canadian Imperial Bonk of Com- 
merce. which competes with the 
Royal Bank for top position in 
size, has reported earnings of 
C$39.2m (USS35m» for its second 
fiscal quarter against $24.9m. on 
revenues of STOSm against $5S2m. 

In the first hair ended April 30 
earnings were SSl.tim against 
$5S.8m on revenues of S1.38bn 
against $I.18bn. Figures are after 
tax but before loss appropriation. 
Assets at April 30 were $34.9bn 
against $2$.9bn a jear earlier. 

The bank said that earnings 
from domestic operations 
improved sharply from depressed 
levels a year earlier. The 
improvement also resulted from 
higher assets and interest mar- 


gins. Earnings from international 
operations also increased despite 
lower demand for commercial 
loans and narrowing interest 
margins. 

However a comparable rate of 
improvement should not be 
expected in the rest of tbe year. 


MONTREAL, June 1. 


closed that it plans a rights offer 
of two new shares at C$14.25 a 
share for every nine shares 
already held. The offer expires 
July 12. and is designed to bring 
capital into better balance. 


BANQUE CANADIENNE 
Nationale earned C$6.7m 

(L T S$6.3m) in second quarter, 
against C$5.Stu a year earlier, 
on revenues of CSI6I111 

t C$140ni ). First-h3lf earnings 
were CS12.9m against CS11.4m 
on revenues of C$3 18m 

(C$2$4m). Assets on April SO 
were C$7.4 bn against CS6.1Shn. 

Bavjue Canadienne also dis- 


THE WESTERN telephone 
utility, British Columbia Tele- 
phone. is making a rights issue 
on the basis of one new share at 
C$14.30 for every five shares held 
of record June 9. The rights 
expire on July 6. General Tele- 
phone of the U.S., which owns 51 
per cent, will subscribe fuily for 
its rights. The issue will bring 
in nearly S54m of new money to 
meet the utility’s capital spend- 
ing programme. 


1 JOS. SCHLITZ Brewing Com- 
pany said it named two new 
advertising agencies to handle 
two of us major brands, AP-DJ 
1 reporis from Milwaukee. 

J. Waller Thompson Company 
was named as the agency for 
Schlitz beer and Benton and 
Bowles for Schlitz malt liquor. 
Leo Burnett Company had been 
| the agency for both brands. 

' Cunningham and U'atsh con- 
itinues as the agency for two 
I other Sehlilr products, Schlitz 
I tight beer and Old Milwaukee. 

Our Financial Staff adds: lust 
Wednesday. Schliu announced 
| that it would start laving off 
1 workers at its eight breweries 
over the next rwo or three weeks. 

1 Marketing, observers noted then, 
[had been one of the ‘group's 
■ major problems. 



Annual General Meeting 

The annual general meeting of A/B SKF 
was held in Goteborg, Sweden, on May 3L 
The annual report to shareholders on the year's 
results showed that while the steel sector 
continued to make losses largely due to high 
production costs in Sweden, the rolling bearing 
business maintained its profit levels compared 
to the previous year. \ 

Increases in productivity to meet inflationary 
costs had been greater than increases in market 
demand and stocks had continued to grow, 
reaching nearly 5,300 millionkronor at the end 
of 1977. 

The Group’s income statement as previously 
published and the consolidated balance sheet 
were adopted. An unchanged dividend of 4-50 
kronor per share was approved. 


430 

457* 

527 

133* 

757 

671 

318 

108 


Extracts from the year’s results 1977 1976 

(’000.000 Swedish kronor) 

Net sales ^ 8,004 6,981 

Operating income after 

depreciation 430 457* 

Income before provisions 

and taxes 527 133* 

Capital expenditure 757 671 

Research and development 118 108 

* Restated in accordance with the new 
Group accounting principles adopted in 
1977 to conform with new Swedish 
company law and international practice. 


Product areas 

Operationally, the Group is now restructured 
into two bearing divisions, a steel division, 
cutting tool division, Lidkoping machine tools, 
and SKF Industries (USA). 

Broad product areas are classified as rolling 
bearings and associated products, special steel, 
cutting tools, and “other products” 

The European Bearing Division comprises 
the main manufacturing/marketing companies 
in W. Germany, Italy, France, Sweden and the 

W f - 1 ,1* 7 • M 1 . 


strip, springs and saw blades made in West 
Germany under the Eberie brand. Sales in 1977 
rose 9.6% to 1*250 million kronor. 

Cutting Tool Division operations mainly 
involve high-speed-steel tools from the 
subsidiary SKF,Tools and Dormer Tools groups. 
Twist drills of both brands account for the 
major share of division turnover which 
includes, taps, dies and milling cutters. Sales 
rose 18.9% to 365 million kronor in 19 7 7. 

Other products, many of which have been a 
spin-off from bearing operations, have more 
than doubled in turnover during the past four 
years and accounted for 820 million kronor in 
1977. 

Textile machinery components, machine 
tools, fastening systems (e.g. circlips), sealing 
products, ball and roller screws as well as 
airframe and automotive components are 
major product groups contributing to turnover 
in this area. 


Share of Group saIes-1977 Mkr % 

Rolling bearings 6,265 72.2 

Special steel 1,230 14.2 

Cutting tools 365 4.2 

Other products 820 9.4 

Figures include internal sales between 
product areas 


1978 activities 

Group sales rose some 17% to 2,239 million 
kronor (1,915 in 1977) in the first three months 
of 1978. 


products in other European countries and to 
Comecon. . 

The Overseas Bearing Division is made up 
of SKF sales and manufacturing companies 
outside Europe and USA, and includes 
operations with associated bearing companies. 

The Steel Division (SKF Steel) has been 
restructured with a number of product sub- 
divisions which apart from special steel 
manufacture like strip, wire, ring, and tube, also 
include finished products such as pressurized 
oil couplings. . 

Sales outside the Group account for more 
than half division turnover which includes 


other products 15.5%. 

Operating income before depreciation was 
208 million feonor (207). Income before 
exchange differences, extraordinary items and 
taxes dropped to 14 million (40) largely due to 
increased financial expenses. Signs of 
improvement were noted in the steel sector 
although losses were made in the first months 
of the year. 

Group capital expenditure during the first 
quarter-year was 80 million kronor (148). 

Speaking at the annual general meeting. 
Group Chief Executive Lennart Johansson 
confirmed the annual report forecast of 
improved results in 1978, but added that the 
profit increase may not be as great as orginally 
assumed. Despite the subdued result of the first 
three months, the increases being shown in 
sales indicated a profit upturn later in the year. 


SKF Group Headquarters 
S-415 50 Goteborg, Sweden 







The Financial Times 

The 1979 Financial Times diary shows 
a number of improvements over the 1978 Financial 
Times diary. 

Firstly, design. 

We commissioned James Shurmei; 
who has produced work for the National Gallery, to 
completely revise the interior styling. 

He provided us with a nicely understated 
thin-line treatment of the main diaiy, together with 
a matching design for the information sections. 

Secondly, it 

occurred to us that there 
were insufficient months 
in the year. 

Hence the 1979 FT 
diary starts on November 
27th, 1978, and finishes 
on February 3rd, 1980. 

So you can 

slip into 1979 whenever 
it suits you. 

We’ve also 

extended the business 
information section. 

It gives a comprehensive 
list of useful information 
sources in thirty 
countries of the world. 

You can trace 
anything from a Belgian 
consumers’ association 
to a Polish translation 
agency. 

On the subject of translation, the diary also- 
contains a French and German business 
vocabulary covering everything from ‘cash’ to 
‘collateral’. 

It could help make letters from abroad a lot 
easier to understand 

Next, we thought we’d put an end to writer's 
cramp. 

To save you having to copy out hundreds of 
addresses and telephone numbers at the end of 
each year, we’ve incorporated a detachable address 
booklet 

Now, on the assumption that you do a fair 
bit of travelling, we’ve listed the passport, visa 
and vaccination requirements of all major countries, 
along with world time-zones and 
air-travel distances. There is also a superb 48-page 
colour atlas. 

Statistics, we thought, were vital. 

In the 1979 FT diary you’ll find an 18 
page section containing analysis charts, monthly 
expense sheets, weights and measures, 
metric conversion tables, both metric and imperial 
graphs, and international clothing sizes. 


Finally, we decided that no-one wants 
a marker-ribbon that falls to bits, so we’ve attached 
a non-fraying marker ribbon. 

In addition to the desk diary, there’s a 
slim pocket diary and wallet, in black leather, with 
strengthened comers and real gold lettering. 

It contains a colour map of the City 
of London, tube and inter-city maps, a list of recom- 
mended hotels and restaurants, information on 
road, rail and air travel in Europe, calendars, world 


time zones and metric conversion tables. 

We’ve also designed an attractive match 
address book. 


either your initials or company name and logo; ^ 

So you can give either yourself, your staff^ . 
your best clients a personalised gift. .. 

Which will add a very nice perspective^) 
desk top. if. 


To: Geoffrey Phillips, The Diary Manages 
Business Publishing Division, Financial Times Limit* 
Minster House, Arthur St, London EC4R 9AX.Tel: 014 

Please send me your brochure and order form. ... 

NAME 


POSITION 


COMPANY 


ADDRESS 



TELEPHONE 

■ DATE • V . ^ 


FINANCIAL T 







M : mrn 




gSSgf® 

aSMS6 




;•'•• •: 


if ; <, 


l^.yr&.yrn »<••-■ 










Although the technical development of word processing equipment is well ahead of demand at the 
mom«it, some manufacturers foresee 40 per cent growth in the UK alone this year. Projections of 
- growing demand in Europe and the U.S. suggest that it will become essential office equipment. 

■’■'■■■■■ ••■-■ ■ _ „ .... _ . s_ i>a>inheri it wnnlH hu uprM 


RELATIVE, sluggishness 

. v.-Lg&gCb£ : market for word process; . 

makes an extra-’ 
s h' --. Wdin axy . contrast With . the 
- Sapidity . with which . the pro- 
i^.Jocts”: themselves are. develop^ 

1 ’^j : T‘Almo^t’ every month one 
V: $£ ithe 30 or more companies. 
- Which are currently marketing 
r ! •" ^'wjbrd " processing . equipment 
inn ounces a .new product or 
■ iy?tem. . ' ■ ‘ • •. ”. ■ c ’ 

'. ’•-'■rA : complete new vocabulary' 
.’ -ias. grown up to describe the. 
technology of automatic typing 
and . . computer-aided text 
editing, which- is - still far in 
advance of what still happens 
to most offices. 

: While the experts are 1 dis- 
cussing the - competing merits, 
.of daisy ' wheel" .'and ink jet 
■ printers , or video display units 
(VDUs) ■ versus “thin window 
plasma display; it is sobering to : 
remember that almost half . the 
typewriters in use in the UK 
today have not yet been con- 
verted from manual to electric' 
and that only about 2 per cent- 
of typewriters sold have -any 
Sort of electronic -membry; . - 


Challenge 


The general slowness to auto- 
mate the production; of . letters 
and documents does, however.. 
represent a challenge and., an 
opportunity for manufacturers/ 
as the large sums spent - on 
research. .. . and ■'. development 
clearly show. - ... . 

It now appears that after a 
sustained .campaign .; . for • : the 
‘ wider - acceptance - of word pro- 
cessing, manufacturers'' .are 
^gasbeginning to see their efforts 
rewarded. • "... 


:. Olivetti, for exvnple, is pre- 
dicting a growth of Sd per. cent 
' to 40 per cenf In the.UK market 
this year, admfttedly from a 
fair!? small baseT Vote, cautious 
estimates, however;. pof current 
growth at 15 per cent -to 20 per 
cent.. Althonghmaritetestim a te s 
vary, U js genaraBjTV^reed that 
about 7,000 wqTd process sys- 
tems are now -installed in the 
UK ind that sates; this year, will 

■ -be between.. _2,(®0 ' and 3,000 
units. However.ihecause of the 
very rapid advancV" of equip- 
ment it is now somewhat diffi- 
cult to define what word proces- 
sors, essentially -are. 

The ''general -- definition 
-adopted for this. Survey follows 
the precedent" of JBM. in 1964 

when the phrase coined to 

■ describe all automatic equip- 
ment used to bijlp the prepara- 

: tion: of : documents from 
-conception; through the_ dicta- 
tion stage to- the printing of 
■the .final draff. , 

• From, the/ offi ce manager’s 
■^point of view - this definition is 
-helpful becafuse.it focuses atten- 
tion oh/tfie competing claims 
for investment fiosS; different 
types "Of; equipment^ aimed to 
increase office efficiency.. " For 
example,; ' . in some- - offices 
sophisticated di craved . o^u ip- 
meat may: he a.better^J.uy than 
automatic typewritersitir it may 

be evident that both ire needed. 

The . use uf ; the te^/'word 
processing” is; howey^,' gener- 
ally beccuning/namweAsp that 
it refers , only-to; compeer like 
- equipment which handlejugtores 
and. prints out t£Xt- Tb^fe^oore 
: sophisticated products.^/ in 
fact,, have a different ged|g||ogy 
from the sltnple. aiitomat^rpe- 


writers developed from 
machines first marketed in 19 14. 

These earliest machines were 
typewriters driven by punched 
tape rather in the manner of Lhe 
pianola, to produce standard 
letters. Tills principle was 
developed in the mid 1960s so 
that typewriters could be driven 
from text stored on magnetic 


piece of silicon and reduced to 
the size of a postage stamp), 
dense semiconductor memories 
and other products of the micro- 
electronics revolution. 

Tins process of the refine- 
ment and adaption of computer- 
like equipment for a mass office 
market is still in full swing. 
The most sophisticated typing 


to he used for storing or editing 
documents which originated in 
a different office altogether, or 
on an ordinary typewriter. 

The more complicated sys- 
tems, are, however, relatively 
expensive, ranging from fti.OUO 
to more than L l ci.ouii. 11 is 
likely therefore that the word 
processing market will split in 


movement in this direction; 
then, as microprocessors and 
solid state memories continue 
to fail in price, the addition of 
memory - capacity will become 
relatively standard among the 
better class of typewriter. It is 
entirely possible that mass pro- 
duction will enable the price 
of automatic typewriters to bo 


Tomorrow’s equipment 


Bv Max Wilkinson 


tape. The main advantage of 
such machines is that n first 
draft of a document can be 
captured and stored on tape and 
corrected so that there is no 
need to typu out the complete 
document a second or third 
lime for a fair copy. 

The improvement of auto- 
matic typewriters converged, 
however, with developments in 
a very different field, the mani- 
pulation of figures in computers. 
It was quickly realised that the 
techniques used fur data pro- 
cessing could be applied to 
automatic typing to produce 
“word processing.” 

The full application of com- 
puter techniques to the secre- 
tarial task became possible 
only recently with the develop- 
ment of the microprocessor la 
computer etched on a simple 


equipment is already beginning 
to look very like a computer 
terminal, with telcvision-like 
screen, fully electronic key- 
board, sometimes separated 
from the screen, magnetic disc 
units, and a separate printer. 
often in a different part of the 
office. 

Such systems not only look 
like computer terminals, they 
are beginning to behave tike 
them as they are given extra 
capabilities to interrogate cent- 
ral computer files or to commu- 
nicate directly with other word 
processors in the manner of a 
teleprinter. Word processors 
are also being developed by. for 
example Philips, which have 
ability to read text prepared 
on another machine. This 
“ optical character recognition ” 

. (OCR) allows a word processor 


the next few years into two 
distinct sections v.hich roughly 
correspond to the historic divi- 
sion already mentioned. The 
more expensive computer-like 
range of products including 
systems in which several work 
stations are wired up to a 
shared processor and printer, 
will be aimed at the larger 
offices and typing pools with a 
high volume of work. 

The other section of the 
market is likely to be the 
development of fairly simple 
automatic typewriters with a 
limited memory for mass use. 
The first step will be to replace 
roost of the moving parts of 
electric typewriters by elec- 
tronic circuits. The golf ball 
type of machine which has a 
single print head instead of a 
basket of "type levers is the first 


lowered so far that they can be 
sold to the domestic consumer. 

In the next few years, how- 
ever. much of the manufac- 
turers' efforts will be spent on 
persuading businesses and 
government departments of the 
substantial economies which 
can be achieved through the use 
of word processing. 

Mackintosh Consultants esti- 
mate that in Europe as a whole 
the total market for automatic 
typewriters will increase from 
about $60m in 1976 to about 
S131m by 19S1. However, by 
the mid-1980s most people in 
the industry believe the market 
cnuld increase very rapidly in- 
deed. Comparison with the 
plain paper copier market, 
which has grown in little more 
than a decade to a worldwide 
figure of some S7bn, shows that 
once a take off point has been 


reached, it would be very diffi- with a mixture of short non- 
cult to predict any limit to the standard letters, lengthy docu- 
n rowth that would be possible, ments and pro formas, it seems 

Within Europe, the main mar- that the improvement could be 
kets are France. Germany and between 100 and I 150 per cent, 
the UK of which Germany is The improved efficiency will 
the tartest, probably because clearly depend partly on the 
the high wages paid to secre- extent tn which the equipment 
taries make word processing « liked by the secretaries, and 
equipment a mure obviously w this area, the industry is still 
economic proposition there. * n the testing and proving stage 

“7EL3S2" °LZJ 5^*5?SSpS^» 

Fs"°estimated at armmd 1W.000 ^„, P 1 r h ° e ™'““ f r 

SoT 40MOo"inits P in the M crror lomction 

U.S. where the word processor mucn easier, 
population is expected to double 

If the market in Europe is to However, some of the newer 
follow the American pattern, configurations with telerwfon- 
two conditions will have to be type displays have met with 
fulfilled. First managers will resistance as they can produce 
have to be convinced of the cost eye strain. One of the problems 
benefits and the increases of is that keyboards attached to 
efficiency possible in their par- display units often do not allow 
ticular offices. But equally, adjustments to be made In 
secretaries themselves will have accommodate operators with 
to have a positive attitude different preferences or 
towards the new machines. This different physical characteris- 
will be particularly important tics. These problems are now 
in Europe where unions, and being tackled by most oF the 
particularly public sector unions major manufacturers, but it 
are more powerful than in the seems likely that a settling 
U g down period will be required 

On the question of efficiency before the ' best configuration 
a large number of separate becomes generally agreed in 
theoretical and practical studies the industry, 
have been undertaken, but it is Generally, however. the 
difficult to generalise the reactions Df those who have 
results, because the gains in installed word processing equip- 
different applications vary so ment appear to be favourable, 
widely. and since toe iflDa has inany ° r 

For applications like mail the merits of that other labour- 
order. where large numbers of saving device, the plain paper 
repetitive standard letters are copier, there seems little reason 
produced, improvements in why word processors should not 
efficiency of perhaps four or five soon be accepted in a similar 
times have been claimed. How- way as an essential part of 
ever, for a more general office most modern offices. 

















We make 
teach , 
yourself 
Word 






:%w y -i nr yr. w . .>; 


The last word in word processing 

Branches in London , Northvrood, 
Uxbridge. Hanosaie. Fui'br. Manchester. 


i-liuri] 



"T*b. 


A Philip? r'-or^ process 

vc-^fs $£•$■*■ svxtcm r» *ic Mjrmxl tor speed 


Ki-< 


;.vv» 


.mcicttn:i 

.. »' i. .«ut our .ill n.-c 

rink* iv.r.tin •; m iri<*» rh if •_*>■* 
s>^ ••' if) i n .»» In i» •n.»l . -Mn c nu thi - I*. 

Tlii*. • !•• ••»!*? ttv.Mii rh.it 
.1 Philip*- ’'V'.tcm r» 



Piniip- v. :!1 rn i <rJ %. on nn any > it to * l ;avo notct<ikcib 
or J«'d;-rop di cur inn machine*., a p> uv.iWe dictation 
niaclnik. i.-ra l'liiiip>rcniorci - onn’olli*i.l dictation ;vsrem. 

Yi.mr words ;nv then accurately sturcdvm.i Pliilips 
Mmi-ca.ocrrc. 

N i\v li.ind tin Mjni-i. j>scrrc loan audio-typist. 

Usui-i a Philips transcription machine, she can then 
suu-w i lcIi in -j; T\’. 


rhr V;J.en Display Unit of the Philips WP5001 Word 
P:'-*» .*•*• r 

!J • v. r chin-: the screen, the typisr can be correcting 
v. in; * cvir ip .4 and laying out. just by pressing a 

burr. *;;-K ir.i.'v munirmcnr topper. 

Y- ;r ;y pi • i -ji _>c s-n’c need a ciei; re c 1 n electronics to 

The Phil' p*, WP5001 is simple to use and requires 
Miiiy a. s! 1 . rt ri.iiiunp time. 

hi taut, any competent typist will feel immediately 
at home. 

l'iinips !•, ivc a business y. stem to suit ever) - size and 
p, p. ? ...f.-ifhce- 

An J rhev have the cxivrt ■ ro help vou choose the 
ri; 4 i-.:--n;. 

The '.'ii* th.st’ll help you move your words taster 
and more efficiently. 

'for more derails on your s\ stem, till in and send the 
coupon ro: Philips Electrical Limited, Department SEl. 


W liilu she's transcribing your worJk they appear on KO. iso:: j, Horiev. Surrey. 

Simply years ahead 








«end details eh 

The tell range of Philips business equipment, 
‘hihps dicr.irion and notcu king equipment, 
diiivi \ T . P5i«.»l Word Proctssor. 


WORD BBOCESSING II 


m 



IT you have to produce reports, 
specifications, manuals, contracts or 
znaiL ngs you'd find word processing a 
great help. IF you choose the right syst e m . 

The problem many people find with 
Word Processing systems is that the 
operator rejects the system. Especially if 
they're used to automatic typewriters. 
Wang have put that ri ght. 

Unique “Talk-Back” screes guides 
operators 

W e ’ve made our machines 
self-instructing. With a screen that talks 
bad: to the operator. Asks questions and 
gives instructions that help the operator. 

As you can see tom the pictures, if 
you want ter 3 place a word ox phrase, 
delete something, re-spell something or 
search something out, the Wang Word 
Processor maizes sure it's clear what it 
has to do. 

Which tabes a load oft the operator's 
shoulders and makes the job simpler and 
easier to do. 

No other system offers all our fail-safe 
facilities. 

Large legible display screen 

Nor should you overlook the lull 
24-line display. Even in documents 
running to 4,000 pages, every word can 
be checked. 

Expands as your business expands 

A Wang installation could meet ail 
your present needs. 

With the added benefit that you could 
expand the installation to keep pace with 
your own growth. And bear in mind that 
four Wang stations could do the work of 10 
automatic or 40 ordinary typewriters. 

Eut don't just take our word for it 
Compare us with the rest Just contact us. 

Wang Electronics Limited 
Offict? Systems Division, Chichester House 
073 Hiqh Hoibom. London WC1 V TEE 
Telephone 01-405 0823 01-491 4241 
Telex 523498 


Systems and their 

basic elements 


AFTER A period in which the linked to allow standard pre- paragraph, like amount of initial keying-in of material 
most bewildering variety of recorded paragraphs or passages money, date, or name. The However, if a large amount of ■ 
equipment has been offered on to be printed out automatically operator then merely has to pre-recorded paragraphs jj- 
the market under the label of into a document whieh also in- press a keystroke to indicate being used, or if the typist is 
word processing, manufac- eludes new matter,, possibly the standard paragraph, and making many drafts of lengthy.'' 

turers now appear to have dictated by a principal. The final then type in the particular documents, a higher print speed 

reached some sort of consensus document, which is an amalgam detail. The computer automatic- is obviously an advantage. . 
about the basic requirements of pre-recorded and new ally inserts the extra details in The recently developed, 
for a system. material, is then stored on the the correct places and types out “daisy wheel” printer matched 

These ingredients were des- “g ®* 1 *** I* 1 ”*** a letter neatly ' this.needwitha Print speed * . ■ 

cribed by one of the leading jjjf r ® J"j J JjVjjJf cbecked As “smarter" processors are *& out 55 characters per second. - 

companies as the “three Ds”: possibly amended. added to powerful memory tt uses a flexible print head . 

display units, disc drives and The disadvantage of cassette stores, a need is created for w «ich looks like a spoked", 
daisy wheel printers. Not decks is that an operator may the operator to have some form wheel the size of a jam jar lid 
everyone would agree that all need -to spend some time search- of “window” into the elec- without a rim. Each spoke 
this equipment is essential for i n 2 through a tape to find a tronic storage, so that 'she can carries an embossed character . 
a medium-powered word proces- particular passage. Even where sec what is being written or or ■ characters. -The wheel re 
sing system. However, it does system incorporates a recalled from the memory with- volves to place the keyed.'" 
appear from the 30 or more method of rapid indexing, the out frequent recourse to a print- character uppermost so that ii 
systems now available that rewind speed of the tape limits out. The most common wajp of be^ hammered onto the . 
these items should be at the amount of searching which achieving this is a visual dis- paper. One disadvantage of th« 
least a minimum talking point is practicable. Cassettes are play unit, which is a modified wheel printer is that ths .- 

for potential customers. therefore most suitable for black and white television print heads -have only a. limited 

Only about three years ago relatively straightforward appli- screen. A full page display will life and are relatively expensive : 
each of these peripheral units cations where lengthy docu- hold about 6,000 characters, to replace, 
would have been considered ments.wiil be typed without And although costs have been More recently; IBM hai_ : 
rather advanced and expensive Pause. falling, such displays are still announced an ink jet - print ei . 

for inclusion in word proces- likely to cost between £1,200 which has very few. moving-"' 

sing systems, but it now seems and £3.000 depending on the .. Psrts because a thin jet of ittii' 

that mass production and the size of screen, and the facilities ^ directed, onto the paper bj ' 

demands of the market will Diskette units or “floppy offered - . rfec&WMgnetlc. forces, to. fbiq ' 

make them increasingly com- discs" seem likely to replace Various methods are used to the characters at oyer 90 pet ' 
mon even in medium-sized cassettes partly because of their a ^ ow t * ie document to be second. As yet, this system i» - 
offices. ' superior storage capadty-^iow trolled from right to left or not reported to'gtae.as good jv 

In a sense they are all closely m0 re than 100 pages but from top to bottom to allow the quality as the best impaci • 

linked for the advance in one mainly because of the fact that operator to read vork of any printers, and it is incapable.oi ; 
technology, like storage, for ex- ihe recording and playback head ] ength or size. Such a screen producing carbon copies. How- ■ 
arupie. created demands for i m- can search and find any portion has great, advantage that a ever, tbfe lack of copies may not - 
provements in other areas. It 0 f the text in a small fraction typist can make xh immediate be a great disadvantage in a 
is convenient, however, to start 0 f a second. This capability, of correction to a word or para- office with word processors awf 
by considering memory, since retrieving any portion of text ST fl P h ur change the layout copiers. Before long it : as . 
this is the essence of any wqrd almost instantaneously allows a whi[e t,ie wor,c is still iii -the expected that the ink jrt . 
processing system. word-processing system to have completely “fluid" electronic printer will be developed hi. - 

After the pioneering develop- computer-like capabilities for a slate - a& good a quality ay Ha 

roents of punched paper and V erv low cost. Twin units are A chea P er ar *d neater, bur rivals, 
later magnetic tape memories, normally supplied, so that one ,ess fiexil >Ie alternative., to _a 
the most widespread system dj fiC can be used for a file ful1 di *P la y J s the thin window UDYftUtJS 
was the magnetic card pro- while the second disc is used to "P^m a" display/ which n soon hecame -obvious that ‘ 
duced first by International record the document currently shows one or more lmes ot type ^gb-speed printers and urn--' 
Business Machines (IBM). being prepared. m a form similar to that .of a. ^ ce^ors, linked ^ possibly tTa " 

Each card, about the size of a until recently, disc drives calculator window The main coraputer data storage, coiOd : . 

large postcard can conveniently were considerably more expen- developments to be expected more fliail . 0 J " 

hold a page of test It is slve than tape decks, but the in ^ years are con- several so-called' shared logic''' 

“posted into a reader which difference in manufacturing turned reductions in costs. with ^ have been developed ' ' 
stands hy the typists desk and costs. has been rapidly narrow- a parallel improvement in the fi0n)e by pnrH p anipB nk P ’Wori*’ 
is linked to an IBM golf ball j ng andi f or bulk purchases at Jj uallt - V °/-i i,s ,?. I 1 a S rw plex which specialise in to 

typewriter. As the tJTist least, it is soon likely to dis- displays au*e still very expensive part of the marJcet gitth - 


[ operates her machine, each key- appear, 
stroke is recorded electronically Disc unite are therefore being 


compared with a black and . 

white television set which »*s 


on the card as well as on the provided with most of the better only about £60 and- is made up } together and cue 
paper. Errors can be rapidly machines, and it is likely that '-SnS^-mSSar wOkt- 

corrected by overtjpmg and they will become accepted as indeed, the Post Office s View- „ , » nrinter 

the card can be used to play scan dard before long. The data -system has shown that a S S sy5te ^ t ®^ lso b .;. 
back directly into the type- superior capabilities of discs m odified domestic television set j^,^} t0 a f ramc com- 

' writer producing a new copy need l0 be matched by a pr^ jSt Xgy"' .'-L 

^ ces ^ n r P° wer w . h ! ch T ever ^T3hv required by tomers'. credit ratings and 

c - ,• ; Kr SSSfc file TJ,T r W* * X he calied up . 

Simplicity «. fi |«i“df a a ^ 

This system still has the printing; and edit or rc-orgamse d ®"L a ",etelv Sai siTee ProbaWy'one of the main bd/ 
merit of simplicity and con- a document if an tnserUon or te ™ Sd cmlals'wiH prob- certainties about the word pro- . 

venience since each card can deletion is made after the first Sble b it U te ««in S market is the extentto . . 

be attached to a first draFt for draft. In some applications a Zm which the high cost of tet 

filing or playback of passages nnm-computer is used for this “ a ^ the market place printers and other “peripherals” 

which do not need to be purpose. . but increasingly the g? -t lSt SwTneS fwf war*, will dictate a' move toivarts . 
amended. It is probably still micro-computer etched on a for at least tne nexi iew ye s 5 j, ared . ]Qgic sy5teins> .gm* 

the most widely used and in single chip of silicon is taking p eople ^gye ^ ^ creation/ " 

lome applications even has ad- over. Disc based systems arc Sn£g(l of more typing pools would be- 

.-antages over more sophisti- capable, in addition to normal r x .. '. undesirable and that the fnture . • 

icated rivals. text processing, of being used Improvements to displays, 1hmB f ne Iies H itli stand-alone/ 

The next stage was to increase flexibly to synthesise letters processors and memory unite possiblv linked through 

the memory capacity by attach- from a large number of stan- have in turn created a demand thg og^-g internal telephone . 
ing cassette tape recorders to dard pre-recorded paragraphs, for faster and better printers, gystm. Companies may wish to ' : ' 
typewriters or printers. The One large maU order house. The IBM golfball typewriter, concentrate on the creation of a ' ■ 
great advantage was that the for example, has a system by still widely used in word, pro- piea^t working environment • 
cassette recorder mechanism has which customers’ letters are put cessing systems, produces a f 0 r clerical staff pvpn at the es ; ' 
already been highly developed together by a clerk who simply high quality of print, and is pense 0 f some possible "ainsin 
for audio and hi-fi equipment writes down a series of figures capable of about 15 characters e « 5 c i encv Thev mav either s« 
and cassette tapes are widely each of which refers to a stan- per second. Since this is twice w r(J nroeesgora a way of 
available at low prices. Cassette dard pre-recorded paragraph in the speed of most typists this r p ri „ P i nc , sfaff OP pas « 

recorders allow the typists to the disc file. After each figure machine is quite adequate for of cjmufv making life easier for 
store quite lengthy documents the clerk writes any particular word processors used mainly Tor j(, en ^T • . . 

on a single tape, and in some information which should be letters and reports where the , ... 

systems, two cassette decks are inserted into that particular most time is laken up with the JVltfX WlIklllS.Qfl 


J 

The battle to keep 


down costs 


FT W2 j 


LABOUR COSTS and how to 
avoid them, naturally set much 
of the context within which the 
future of word processing sys- 
tems must be viewed. These 
labour costs arc not confined to 
office staff: it is increasingly the 
case that the costs of the labour- 
intensive mail service are pro- 
viding a spur for electronic 
office - to - office communicalion, 
which in turn depends on at 
least a rudimentary processing 
system al each end. 

The other two major para- 
meters which will exercise in- 
creasing influence on develop- 
ments arc the pressure towards 
increased efficiency within the 
offices — a pressure dictated 
cither by competition or by 
bureaucratic decree; and the 
technological developments in 
the products themselves, which 
will tend to manifest themselves 
In increased flexibility and rela- 
tively— or even absolutely — de- 
creasing costs. 

Labour cost considerations, 
however, appear to take pride 
of place in the minds of the 
manufacturers of word process- 
ing equipment; it is a safe pre- 
sumption that they are similarly 
important to their" clients. The 
manufacturers quote the Gov- 
ernment forecasts lhal office 
workers in the UK increase ar 


the rate of 100.000 every three 
years, of whom one third will 
be typists. At the same time, 
typists' wages — partly because of 
their scarcity value — are increas- 
ing bath relatively and abso- 
lutely. Employers of office 
labour have thus a built-in, and 
rapidly increasing incentive for 
capital expenditure aimed at re- 
ducing labour costs. 

These are tbe obvious costs. 
Less obviously, the rising costs 
of mail, especially when related 
to the costs of telecommunica- 
tions. arc beginning 10 give the 
manufacturers further sales 
lines for their clients. Mall 
costs in this country have been 
held down, more or less, since 
1975: but the two big increases 
of that year were sufficient to 
encourage the larger mail users 
to either (a) put pressure on 
the Post Office to keep prices 
down or (b) investigate other 
media. It is obvious to every- 
one that the costs of the mail 
will rise again, possibly sharply: 
it also seems likely that, while 
the UK service remains one nf 
the best in the world, it will 
tend to deteriorate, if for no 
other reason than lhat it 
becomes increasingly difficult to 
persuade workers to work un- 
social hours, unless they are 
paid substantial amounts of 


overtime — which, in turn, 
increases costs once more. - 

Office efficiency is more diffi- 
cult to define. Between private 
companies, the competitive 
pressure classically tends 
towards better work- practices 
(thougfifrin real life that is not 
always the easel, in Govern- 
ment offices, or in those of local 
government or state industries, 
the pressures are classically 
meant to be in the- opposite 
direction — towards a larger 
bureacracy. However, there 


are countervailing in fluent®* 
which have, in recent yea**-' 
made such institutions n )?& • 
-aware of technological develop’ 
meats — while at the same tiri® ; 
still being less willing to_prfler 
. large-scale redundancies : 011 
cost having grounds; 

The . lerfmoIogicaJ - develop 
nients. in the industry are tb* 
third decisive . factor. : . In/ . 
mon with most electronic - coin’ • 
modi ties, the. price and , 
of ward processors, will t^nd / 
to fall, while at the same 


CONTINUED ON NEXT PAGE 




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33 






^ ^ afonda^. 3teie 5 -1978 

- iS' - . -w.* • 


WORD PROCESSING III 


ir 


A secretarial 



THE OFFICE workers whose 
lives are most dntimately . 

affected by the 'introduction o£ '.■.■■ v 
word processors are invariably ! j Vy. ; 
secretaries andty.pisis. J^7:' . 

Managers arid- professional 
people may well find tfrat word 
l vio Q( processing- roattaUies- enable 
a lar-5 ? Vthem -to. .improve their 
p^i^'efflprency Jaw! output l 
«>r -f .j^-tbas there is.no basic 


their own :V” V L -r-v: ^...' 2'.V r -"' :r j 
itbulbeyond -V .;V!\ 
sic. change in ,-. 


-1 prjjjj ^ lives are revolutionised by their ; 
*b a -'company’s decision to buy auto- 
iracte^ ^'matSe typewriiers. And as with 
flexible ,* all revolution not everyone will 
•5 jib* ,ri * see the new order as a change 
lie .)[ \ for the better. : . . 

p 1 * U,.- ■ For a start, some secretaries 

j 3ibo>;* 5 ^ .and typists may find that tbeir 
* * . The * jobs have virtually disappeared 
.with. the introduction of woed 
PDcrm.?q a processors. Automatic type- 
f l V , ‘ 1 Wfd t writers can perform so many of 
’ Q,S4 <ivi n ^ the routine tasks formerly done 
- .Printer s . by ; a typist , or secretary that 
; ^ av e onir .’. individuals may be left sitting 
■ "elatireiy^ -kite for hours on end. This is 
especially .true or those organ- 
econiiy. ^ isations .which have always been 
£n jp.- generous with secretarial staff- 
'• ei 7 [et:. ing: complements. 

I ^ r' . Idleness leads to boredom and 

■neM^r *' ***** jn turn is likely to .produce 
r, r . r l ' r ^ 1 a sharp drop an morale — in the 



«.-L 


The XM Series 4,000 word prucessimj system. 


v ,. past few years survey after sur- 


Euf now a growing number of 
v.n:niii. pariuular!:- ikum' •• ,, n 
tvai anility, art rev: igr.i sing tne 
I'ruiilMsnoss of becoming an 
■■..Rice wife." This is reflected 
ut the current shortage "f secre- 
lanes — particularly in London. 
Trmv 'a I n* do lake secretarial 

iraimiiK are increasingly de- 
mand uia a real career path ant* 
ihe opportunity to o« promoted 
{,. an executive position. 

Companies will either have to 
give adiui n i s'- r alive secretaries a 
genuine chance lu climb tne 
career ladder or else employ 
..I dor vi.»men who are not luck- 
ing f»r advancement -<*r f»r any 
ereat responsibility Such women 
are likely io become more and 
mure difficult ic lind and m the 
Jong term the hrsi up; ion will 
become 'he only realistic one 
fur many nryaniiaPons. 

The advent .if word processors 
ce riamly provides ihe ideal 
opportunity for g.v:ng re' ■ 
a ries gromer rchpnn.-.bili!?’ and 
enlarging lnc:r r-de. The must 
able ones can be lari'. I> fr?ed 
l rmn ihe ruuTtne ,i >b> of tyaing 
ami fii.nc — either j: a result of 
an nrg:i!ii:sationa! division 
lab<<ur i.r ht'i'au-v r S' ■! g-ri has 
her own word prove* -or. And 
a*' prices fail, which They are 
hound I" do .n ihe next few 
v,..i|-s i ne lalt'.T will net cun 
mor.- of an cconomii. n.i vcibilny 
than :i is at pre-em 

Se*- re i arses w; '! men be at 
personal fer it if the 2Ti* .’ro e Resent [;h,.|iy to iind-rafce mure re 


How many directories do you use? 
Probably not enough; 



Those who have wall tell you of the headaches 
involved- -constant proofing and checking, 
misplaced corrections. bad paste-up. last minute 
alteralions-all to be repeated at the next 
publication date. 

However good news. 

the revolution in typesetting sequential data 
has arrived. The Information Services division 
of Brown Knight & Truscott has installed 
what we believe is the most comprehensive 
and sophisticated computer aided 
photocomposition system operated by any 
commercial printer in the U.K. 

Our customers in the directory' publishing business 

welcome the revolution and the security of the 
system is enormously' beneficial tor our customers 
with sensitk e financial work. Even ir you do not 
lit into any ol these categories you may still have 
experienced the problems oT updating information 
prior to printing and ir this is the case you 
should contact- SimonTennent 


to do. «* ■" * L: 1 :™ 'V*, cvlonffT.'"*; but 'ihfy »iuM",,.'r;.,r at l«a<I 

s contplaims of secretarial it is estimated that personal vacuum. is^ ‘Jml tk'ir .'-aret-^ pmsp.-- tc hui»ek^ inciinpv-u man not ,,. M hr abb m ^ 

that they do not have secretaries, using conventional f ° n l *'« j ,t ‘ r lia [ ,ri - 1| ” S JJ**? j ^ -!ti.iin!in v.m L - mav^i. i-Miu-y have a secrv: ..i all. Th:< i. in ,j ..f v;|.yr:e:Kv '.hat w-.!l rli 

enough, to do. If this dissatas- equipment, spend only about of met ham sal i.'M".- P.' 1 * _ : . lu ,' , lt u' one reason ■*!.: o* many om- ;) v .-ni Tit p:-MnnU!nn M msnai:e- 

•-s.ooa i-.ju j s sufficJeriUy strong it 25 per cent'nf their time typing, system can offer increas.cil J**> ' n I Sll i„ u IllilV i hv- 1 1 - vcniional si-.-r.-:.-!.-. om .plain j, 1)5 k. Thn- resuli 

i. ■>'. ti‘ 5 . s . c&n gajjjy permeate- through to The rest of the working day sansfacimn in nihcr ways. . s i; l ^ 1 » rri h ha, du.wn ihai far that they d«» >'.•>: ::.■••• • ■ ,-,i,r!cl ..no daj ;.vc back 

a ‘ " dav ^ other office staff. What is more, is spent on admiriistTative duties in any traduii.nal lypm-g pu... |J|anv |, u5 .. t ^_ M . s uaily nml- n» du: min,‘ivnv. ;::e -.amiy js^.-eunal v-rk fr.e anpeal ihai 
Avon fairly low powered secre- — film?,/ copying, diary main- ihere i#. ilie vhance lo turm ‘ j Sl ..,. re iaric- 5 — of some small ;-..i .. •wi.ui'vc it ,, tfV !denilj la-.:--., ai presvu. 

- -■*»- *'"'1 n:, hanging «r o ^ 



Information Services division 


Brown Knight &Truscott Ltd 

Dow gate >.V<: rfcs. Douglas Fi-r-ad. 

Tonpridci*. Ker.l TN9 2T3 . 

Tel: Ticibndge i07:'2) 3512l6Telev 95573 


a ' l ^ ava =aj other office, staff. What is more, is spent on admiriistTative duties 

Aven fairly low powered secre- — filing, : copying, diary main- iu««; *« *■«<= » — *; 

tq taries may find that what little tenance, telephone caUs and friendships witJi the ulhei 

: n£ ’ ’chance they had to use their travel arrangement. There is people wi.rkinx there and lo 

1 ••• ^ initiative has been taken awav therefore a strong argument for Ie el pari »f an all-important 

’ < 3 by the word processors. Where dividing all secretarial staff into team. 

a secretary might once have tv *[ 0 Spups thos . " In additmii in tliis it has been fm 

Oils letters°— ^“'^urely^spon^bte for [^^*1 nTa^rEwS 

i rr.r/h 7 . rng an invitation, astang ,fof a n administrative secretary . . . in lhe in . 

CbkM ru-BON anformat'on, working for pwpl* »d tlx 

•i’\s i'.n: iway some minor imshsp. rat hor than for just one boss. Ere . [er auurarv that wonl pro- 

® O-.custpmer all .he or ihe now incentive . careful SUIT selection designed 

:-'{i =■ has to do is press a buttp-n ana T ^ s sv stem -.can beTfand is to ensure tiiat currespondence 
•mi:.3¥-«: ;• peniaps insert a few iQdiviauai — operated by : . companies, that seen.' tar its have an aptitude for 
details . simh as dates 3^“ ^ no t have word processors, tlmroumhness and appiication 
r.-rg- amounts, of money. . . .. But the introduction of.- .pjoto- but are nm perhaps particularly 

.ru . a company facing the' prbb-. matte . typewriters provide^ a ext r overt pcrsonaiitics can 

.•.n:-c lcm - of disgruntled -employees. strong incentive for rcorgtois- further enhance opportunities 
•- always- has -the alternadiTS-voLmg in . just this fashion. Far, f 0r j 0 |) satisfaction. . ... 

:ot: rsi cutting down secretarial 'staffing having spent' a cwisiderable a isn: possible for com, 

levels. But this has its draw-, of money on purchasing >ort pan j es t0 sel up s-mall groups oft 
: .:V.T- •.•: backs. The best way to do it is processors, compani^ w df ant t . orr p 5 p un{ j ence secretaries and 
r.i ' ” clearly through natural wastage to ensure that their is ^ p i are t ^ em near u ie people 
v ;w'hich can take time — unless an maximised^ * lhey are working f 0r . This has 

reorganisation is extremely lucky • The danger is thjl.ftose ho the advantage of making The 

• and in the meantime, the salary become correspondence sec e- JypijJts xcel mure ‘in touch with 

, ^ ...’- L-biU remains steady' and the de- taries— even if they nave omj tfleir an d a al«n dues 

' , -■ T: cree of discontent rises. Re- been members of a typing pwh away w , tll lhe stigma that has 

‘ "r.dundancy is the other option before— are hkely lu find that becom( . al tached tu the phrase 

• but this too can prove expensive what was once comparative^ -typing pool.’’ At the same 

' ' in terms of both money and varied work is now hale more time it can offer greater chances 

• ^ good wiJl. There are few human than concentrated drudgen’- a f promotion because more 
r .^-beings who do not feel deeply. -The increased use of telephone superv i s0 ry postswill be needed. 

' : 7 ‘ ..."’resentful at finding that they >llnfcs for dictating purposes and Administrative secretaries 
1 ; can be replaced by roacbines. : the reliance on coded replies for wor kj n a f or a group nf people 

■ '■ • Investment in word processors many routine matters may also instead of a single boss may 

: : ' is likely to cause considerable make typists feel cut off from face many of the same problems 

• ? ^" iinheaval even in "those com- the mainstream of company life; as correspondence secretaries. 

: : ' : Mnies 'Where there is no ques- opportunities for personal con- They too may find they have 

: :• ttz With the neoDle who die- less personal contact with the 


1 y 




Mas 





CONTINUED WOM PREVIOUS PAGE 


lo the 
Mackin- 


th«ir sophistication and range ning to show more interest: and only become a problem when 

P ?f a cmttefwUlfncrease. ThSs-tt^ the larger companies- there is extensive cmmumca. 

their’^ttnTcUon . to’ -wider sec- according to Olivetti - which uoi, from one l,u S .ne SS to 
tiODS of the market continues may present a considerable another. 

in crow growth market in the future. Mackintosh Consultants, in a 

The manufacturers tend to This forecast is based on the recent report on the word pro- 
a^rce that the market has, over estimation that some 80 per cent cessing market, see* fuither 
the past 12-18 months, begun of mail in large companies is developments There will be a 
IS take off. -Most were inter-company; memos and other tendency. Mackintosh believes', 
disappointed by initial response information passed from office for data processing and word 
when they began to offer their to office. For such needs, the processing to be increasingly 
machines in 1974r75: they blame word processor can be ideal— integrated into a si ngl^informa- 
Xtive lack of interest on the because it can communicate tm.n processing unit This pro- 
roSori arid on the generally With its -fellows." cess, - it is thought, will .be 

conservative niture of British This machine-to-machme com- arrived at by an “ evo utionary 
• office management Now. how- munication— known genericalJy rather than a revolutionary 
ever, management seems to have as electronic mail— will pus- process. 

- 'cot "the message. sibly be the area of larg. • 

The. major . manufacturers growth in the immediate futur . ]y[lj0|5ton0 

i ". . competing for their business Electronic mail is presently 

... .:' ir : are (in a generally accepted being developed by the Post poking forward 

- order ofimportance) IBM, Rank officei an d is the subject for “ 0 ffi ce 0 f the future 

" ' Xerox and Olivetti, with KaUe high-level discussion between t0S h says ’’The development of 

-■ : ; - infotcch coming in’- strongly at the corporation's postal busi- a n . integrated office processing 
"... - the lower end of the market. nKS and t he teiecommumca- sys tera represents an imporiam 

7 L [RM probably dominates; though tions business. In its simplest milestone in the development of 
•' ' - ' e Rank claims to be near equals, , onn> electronic mail is the the .concept of the al|-elccironic • 

* ability for a machine in nne office, This is by no means the . 

* ? C,i^qcC ' " office to receive a - copy of a end. of the road, however, and 

. OULvCchS letter stored in the memory of further- extensions of existing 

' f Rank says that the market- another machine in another developments can be amici- 
'ike Ancient. Gaul— can be transmitted along a tele- pat ed. For example, it will not ■ 

'divided into., three parts: the faone 1]oe . once this form of b e Jong before many of the steel . 

professional- ttie service Indus- J ^nicaiion is generally filing cabinets found m most - 

fcies ; and jnaflufacturmg mdUfr JLjyble, then it is obvious that offices : are replaced by disc files 

# iries' -Init^l]y r Rank has foupd_ . d>vs ^ business mail are a nd ail office information is 

arffeeatest success in. the first: nuro bercd. stored electronically in the 

rfCl/tf^BrincipaUy because, it Jays, the of ’ the WO rd- processors— computer. Such a system will 

[TO* Sead of a professional company ^ mJ& system 6, tne provide both very rapid access 

** -for example,, a laW firm—is s50 an d the Olivetti aOI to the informatiun and 

Liy intimately involved. in the office n commun icale in this way. improved accessibility from 

W .work, and can readily grasp the nJ lhinks that if the gruwih remote locations.’' 

\ livings a word processor can wjterwoffice communication* A£ter lhal electronic speech 

#'7-V : " bring. Again, professional 0CCU r, it wiii rule out com- recognition (the transcription 

£■' ' 4 ;r»mpanies often require a great tib jnty problems, or at least of speech). will be the order or 
f' ; iiany pro forma letters, tne g hem t0 a minimum, for d av. But wo have a Ion 
\ irea in which the word proce - f 0W years. Businesses way l0 ,g 0 before that. 

'A— inm its own. 1 .7. • *.=. : m-aci in one type r _ I. 





• It’s cas)' when you know liow'jaiid our know-how with the 
new Xerox 8 jo vimi.iI display tvputg sysrems could add ro and 
improve- your existing word processing capability. 

AUenwtivdy. if you are tirst riuie in the market let u> 
demonstrate how Rank Xerox would improve the 
protUictivin r and cosr cflicLncy of your Company ^ typing 
and secretarial services. 

Five good reasons for cnoosmg the Xerox 850: 

I. With 10 configuration options, we market the largest LiK. 
range of visual display typing systems (add the Xerox Soo 
rant»c and voii have .1 choice ot ifi options). 

-s: Our equipment is compatible with home competitive 
models, therefore, you can add to your existing capability.^ 

■3. We will reduce the risk ol obsolescence through a firm 
commitment to research and development. 

4. We ’offer you thc wide>t choice til' pricing options or out- 
- rightpurchasc, whichever is your preference. 

5. There is a nationwide service and support system which is 
second ro none. 


u 

rev 

ace 


The Xerox 8 so vimwI display rypmvf stems Mem |rom : ba>iv 

tits. A 24 character thin wimlow d"i-.piay .md, kn extcn.tivt 

•ision purpose-, a 70 line page display. \ irnullv insram.meons 

vss to 2. So average pages of rex r is possible ^ both systems 

use magnetic discs lor data storage. 

*»■ 

Xerox know-how and commitment to vonr tuturc ensure 
thar lor vmi word processing will become childs pl.iv. 

It vou would hie to tun her consider the Xerox S-,o vi-it 
our stand at the international Word Processing Exhibition. 
Wembley Conference Centro, fith/Srh June, or call Frectone 
2279. Alternatively post the coupon 


Name 

Position. 

Company. 
Address 


I 

_r.T.ii. I 



Much more than a copier company. 


* 

Prut completed coupon to: 1 

Rank Xerox (U.K.) Ltd. P.O. Box 3, Worley, Surrey. 1 

—j 

Xerox an.1 P.auk Xhtov arv rcci.‘'t' r - lJ rTj ‘‘- 


! /Aar comes into its own. ,,, ^aturaJiy invest in one type 

* "However, service- ^nd n * ‘ sv&tera: compa lability 

& gflyacluring industries are begin- of s.stera 


John Lloyd L 


34 



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Financial Times Monday June 5 1978 


INFOTECH TRAINING 






MESSHG 

s 



14-16 November 1978 


This course examines: 

— Current developments in word 
processing applications 

— Currently available hardware 

— Future hardware developments 

Call Lisa Bentall on 0628 35031 
for further information. 


WORD PROCESSING IV 


Smaller companies 


make their mark 


Infotech International Nicholson House 
Maidenhead Berkshire England SL61LD 
Telex 847319 


Hi 



CONSIDERING THAT word 
processors are a relatively 
sophisticated product in a small 
market dominated by Inter- 
national Business Machines 
with its SIShn turnover. it is 
remarkable that so many small 
companies are in" the field. 

More than 3U companies are 
currently offering their systems 
on the market, and they range 
from the very large multi- 
nationals like [BUI and Philips 
to very small assemblers of 
systems. The eniry of so many 
smaller companies is no doubl 
a consequence of the fact 
that word processors are an 
immature product which have 
grown out of fast-changing 
computer and component 
technologies. 

The development of mini- 
computers and their associated 
systems companies has shown 
that small organisations often 
have the flexibility to introduce 
new ideas faster titan their 
more powerful rivals. The 
small company can buy in 
highly developed components 
and peripherals like printers 
and display units and therefore 
ride on the very crest of 
technological developments. 

Larger companies tend to be 
inherently slower, partly be- 
cause of the complexities of 
their own structure, partly 
because they like to do much 


of the development work on 
components themselves and 
partly because they do not wish 
to make their own products 
obsolete too quickly. 


However, there arc now' signs 
that the technology is beginning 
to stabilise and two basically 
separate groups of product 
are emerging: the cheaper 
“powered typewriter" with a 
limited memory, and the more 
expensive word processing 
systems using display units, 
printers and magnetic disc or 
tape storage, probably with 
communication and other 
facilities. 

Although product develop- 
ment will still be important for 
some years, the emphasis is 
likely to change towards 
marketing, price competition 
and service networks, all aspects 
in which large companies have 
a natural advantage. 

Pressure on the smaller com- 
panies will also be increased by 
the decision of several multi- 
nationals to move into word 
processing to challenge IBM. 
The most notable of these 
challengers are Philips and 
Xerox (Rank Xerox in the UK) 
with Olivetti and Adler making 
strong bids for the market from 
their secure positions as type- 
writer and small office computer 
suppliers. 


Since many of the products 
are not all that different, the 
larger companies will base 
their marketing strategies on 
reassuring customers about 
three main points. 

Tbe first is upward compati- 
bility. by which they mean that 
each product is part of a family 
which has as many common 
features as possible- Thus 
customers will be told that even 
if technology changes, files 
stored on one magnetic medium 
will be able to be transferred 
to a new system or used on a 
later generation of machines. 

The second emphasis will be 
on service support, particularly 
by companies which already 
have an established network for 
servicing office products. Rank 
Xerox, for example, with its 
dominance of the office copier 
market hopes to capitalise on 
its reputation for service. 


Predictions 


The third main selling point 
for the larger companies will be 
the argument of security. As 
one multinational put it: “If 
somebody buys from us he can 
be pretty sure that we will be 
around in ten years’ time. You 
can't say that of some of our 
competitors." 

On tbe other hand, pre- 
dictions that the industry will 


see a shake-out have been made 
repeatedly for several years, 
but far from contracting, the 
number of companies entering 
the word processing market 
appears to increase every year. 
Indeed, some relatively' small 
companies like the UK-owned 
Dataplex appear to have been 
quite successful in carving out 
a niche on the market for them- 
selves. 

Because of the undeveloped 
state of the UK market, it is 
hard to be sure of market 
shares beyond the fact that IBM 
is the leader by a long way with 
an estimated half share of the 
installed base. • Claims for 
second place have been made 
this year on behalf of Rank 
Xerox, Halle Infotec and 
Olivetti. The picture looks 
somewhat different depending 
on which sections of the market 
are included and whether 
installed base or new place- 
ments are considered more 
important. 

One reason for the wide- 
spread interest by office equip- 
ment and electronic companies 
in word processing is that 
growth in the early-1980s is 
generally expected to be fast, 
perhaps even spectacular. 

Even up to 1979, Mackintosh 
Consultants is predicting an 
annual growth in the UK of 
22 per cent in the installed base 


in value terms. In Europe as 
a whole, brokers Scott Goff 
-Hancock and Co. suggest annual 
revenues from word processing 
could reach £250xn by 1980, of 
which they believe Rank Xerox 
should be able to secure a 
share of about 20 per cent. 


One of tlie difficulties facing 
a potential buyer is that 
although tbe companies selling 
word processors are very 
diverse, the products often bear 
a marked similarity to each 
other. 

Until recently, for example, 
the majority of systems were 
based on an IBM selectric type- 
writer. Though now there is a 
general move towards daisy- 
wheel printers for the more 
up-market systems, these are 
mostly obtained either from 
Quine or Diabolo. Furthermore, 
ao increasing emphasis on 
upward compatibility with com- 
puter systems has led manufac- 
turers to design systems which 
can hook up with an IBM 
processor. 

In spile of these similarities 
of the different makes of 
machines, there has so far been 
little evidence of intensive price 
competition. Most manufac-' 
turers have been content to fail 
in behind IBM and accept that 
relatively high margins are 
needed in the initial phase. 


The pace of dictation 


This fact probably accounts for 
the continued presence of so 
many companies in the. field. 

However, as component costs 
continue to fall and a mass 
market begins to develop, a 
general sharpening of competi- 
tion can be expected. Tbe 
Butler Cox Foundation predicts 
a reduction of 50 per cent to 
GO per cent of the real costs of 
word, processors in the next five 
years, though it says: “ In 
practice such a large drop will 
.probably not be apparent 
because the capacity of the 
device will be simultaneously 
enhanced." 

- It is possible, however, that 
increasing price competition, 
perhaps emanating from 
Japanese companies like Ricoh, 
could put severe pressure on 
some of the smaller companies 
in. the field. - - 

Butler Cox says: “We expect 
IBM to dominate the market 
and to influence its develop- 
ment as it has in data, process- 
ing and indeed in automatic 
typewriters-. 

“ The market is likely to 
stabilise within about five years, 
with a drop in the number of 
suppliers. Users will be particu- 
larly concerned to acquire 
equipment from viable suppliers 
and they will be. determined to 
ensure that it is cost effective. 
Their caution will act- as a brake 
on market expansion, though 
the main determinant will be 
the availability of funds for 
investment. This will favour 
rented or leased equipment. 

M.W. 


MOST EXECUTIVES would un- 
doubtedly agree that a good sec- 
retary is worth her weight in 
gold. Whatever the stale of the 
economy Britain's 3m secre- 
taries and typists remain very 
much in demand, according to 
successive office surveys. Yet 
many companies have been slow 
to regard secretaries as an im- 
portant pan of the management 
team and make the fullest use 
of her capabilities. For the 
expenditure of only a fraction 
of a secretary's salary and over- 
heads, the addition of sophisti- 
cated office equipment can sub- 
stantially improve office produc- 
tivity. 

One of the main pieces of 
equipment that can be used in 
this way is dictation machines. 
These can ensure that the ful- 
lest use is made or a secretary's 
time: surveys show that using 


a dictating machine can pro- 
duce letters several limes as fast 
as by conventional dictating 
techniques. 

Yet given such benefits, the 
dictation equipment market has 
been one of the last to come 
out of i he slump in the overall 
office equipment sector. Now 
the majnr manufacturers of dic- 
tation equipment arc looking to 
substantial sales growth to make 
up for lost time. 

Dictation systems fall into 
three categories, depending on 
where it is done and how much 
is required. These categories 
are: outside the office, heavy in- 
office dictation, and moderate to 
light in-house dictation. 

Portable units are well-suited 
for dictation performed away 
from the office. D e s k - 1 o p 
machines are honor for execu- 
tives who do a substantial 








No T-ne has yet im- 
i proved on the human 
voice a.i a means of 
communication. 

For years 
Dictaphone has led 
the v/d y in developing 
systems for gathering 
and storing the human 


vo tee in the most 


efficient way possible. 
In ;5 sense, it's 
v.ti :', ■ v;e -. e been d ring since v-e m vented the wax 
cylinder dictating machine over “ j years ago. 

Tr.ri's why today v/e’ie -he voice of word 
r : : cessing. 

Dictaphone's electronic recording techniques 
at = so advanced we new bring you ihe world's 
smallest zulL-i-satured standard cassette portable 
- the T ravei Master. 

We ve developed the 'world's most advanced 
dt si* top d.vuti.og system, loo - the Thought 
• hicer, 'With a combination of features 
tine: desktop unit can offer. 

In central systems, Dictaphone has Ihe new 
Though; Centre System the most versatile 
nmitsi.le cassette recorder ever made. 

And for automated dictation. 


These systems - -p.d it. : : e - h«ve :n.-. ie 
Dictaphone ihe voice c: word processing 

Because when it comes handling, ssoring 
and retrieving the human vc.ce, r.oboay knows 
more about it than Dictaphone. 

As you will see by sending r the details 
on the coupon beic-w Bu: be warned. You li find 
it easy to talk yourself :r.to the most -advanced 
dictating system in the '.vs rid. 

C aLI Sally Monroe on C I -SC - 2 1477 . 

Or fill nr Lhe coupe f. below today. 




r 

■ To! U:-# 01 1 - 577 . 7 -sUx 

.ra? "'c : u .' : using 1 

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tadhone 

t people talking 


amount of dictation at their developments, was a by-product work to link several executives 
desks. Centralised systems are of the U.S. space programme, to a recorder. The 6:5 can also 
designed for offices in which This special strip of paper provide, over a company’s m- 
tliere are a number of people runs on both sides of the ternal telephone system, teTe- 
who use the equipment infre- cassette along the top edge. The Phone dictation facilities for an 
queatly and has a group of pap er exhibits the characteristic unlimited number of people, 
typists, usually in a word of changing colour from green 'The heart of IBM’s system is 
processing centre, to transcribe t0 black when touched with a a cartridge containing 2J hours 

the tapes. magnet If the magnet is small recording time on 25 magnetic 

Centralised dictation systems enough, say a stylus, then the discs. Each disc-can record up 
are not recommended for high- change of colour appears as a to six minutes of dictation. Two 
use by one person because such black dot cartridges— 50 discs— can be 

volume ties up the machine for loaded into the. recorder to- 

a longer length of time than a TncfrilpHniK ' gelher to provide up to five 

normal work processing cycle UL11UI15 hours of recording time. These 

would allow and still maintain The POP strip is graduated five hours are divided into six 
an efficient turnaround time for to coincide with the 15 minutes minute segments which can be 
all of the principal users in- of recording time on each side removed individually or in 
votietl. centralised systems can of ^ cassette . It is alsQ ^5^ batches for transcription. The 
also be used from locations out- intQ an upper 5^^ for record . system is thus convenient for 
side the office. Executives can ^ aQ end of ]etter mark or both the author dictating a 

JLSh! dot - T™ 5 clearly shows where long report, whose first page 

enmnanv « intS tSnhnt the end of letter is and accnrd ' T 'T ^ h * **£* 

company s internal telephone to the number of df>ts aI the second, and for the author 

* slem ' its surface, also gives an im- stating a short memo. A disc 

Most office dictation, however, me diate visual reference of how an urgent memo can be 

is performed on stationary desk- manv i etters ^ nn rhat side nf put into a separate cartridge 

tup machines. For the manager cassette leng th of these { J? immediate transcription. 

who produces a substantial Ietters The pQ P strip aIso has The cartridges are supplied m 


amount of correspondence, the a lower section for indicating five . differe . nt colours, for 


desk-top dictation units ioid where special instructions, if M 

nowadays offer a wide variety of aDD : ar on the taoe These pnonty or confidential work, 
input features. These allow JJJ “ Sack dots bit 0ne of * e feat “«* 

users virtually unlimited review = the bovver section * * dictating equipment is the ease 

and instruction control over 1 u,e * with’ which you can make cor- 

tlieir dictation. A further significant advan- rections or change your mind 

The Business Equipment Divi- tage is . that ^ pop indexing while you are dictating. Tins 
sion of the Dutch multinational str ‘ p ’ b ' ?cause 11 ;s mtesraI means that no matter. how many 
Philips Industries has iust with each cassette - can no longer false starts, you may have, or 
launched in the UK a new range be lnsL h ? w man y times you change a 

of desk -top dictation machines Philips new system is called phrase, typists receive error- 
designed to use its newly the 300 Series. The 302 is a free dictation, 
developed "mark and find” general purpose dictatinn/tran- To help executives make the 
mini-cassettes. One of the basic scription machine. The 303 is a best use of - their dictating 
problems of dictation systems is de-luxe automatic machine and machines, IBM -also publishes a 
that of knowing what is on the the 304, a new departure for short booklet which gives a 
tape before the secretary starts Philips, is a transcription practical guide to the technique 
10 transcribe it. But with tbe machine especially for tbe °( dictating/. For example. It 
new Philips system, secretaries secretary, suggests that an - executive 

will be able to find any special IBM's main dictation system assembles his thoughts before 
instructions and identify the being marketed in the UK is the starlin S t0 dictate and to make 
beginning and end of letters. 6:5 cartridge dictation system, sor ® .^at appropriate ^informa- 
Pliilips claim the system is which can be used in a number ^ iand * **The re* 

technically far in advance of of ways in the office according ^ ^ ess . time wasted 

any other system on the marker, to specific needs. The system 011 , correction 

The system is based on a can be built up from the basic and t ^ e ^ ape ■ wlH 
special material called Particle of one recorder and transcriber yoar VPist to work, from, it 
Orientated Paper (POP) which, used for one person only, to sa5 ' s " - ... 

like so many other technological systems using a microphone net- . Llavid vJuiFCDill 


NEW SBS * 
ANALYSIS REPORTS 


• ANALYSIS OF MATRIX 
PRINTERS 

To assist the product planner, 
SBS has published this 
in-depth product analysis, 
reviewing matrix printer tech- 
nology, comparing selected 
models against an agreed 
standard arid analysing their 
use in various' products. 

£487 

• EQUIPMENT 
DEALERSHIPS 

This valuable report describes 
the opportunities, applicat- 
ions, marjeetand forces which 
must be understood to 
effectively sell data and word 
processing- systems . and 
services. £365 

• GERMAN SMALL 
8USINESS COMPUTER 
& WORD PROCESSING 
MARKET 

This report reviews the 
German marketplace for 
small business computers and 
word processing systems; 
significant products; dealers 
interested, in new tines and 
suppliers interested in export- 
ing their products. Invaluable 
material for 7 suppliers and 
distributors alike. £365 

• IBM OS/6 -USER 
REPORT 

The analysis of the results of 
a recent survey of companies 
employing word, processing 
systems has been published 
.in report form for .users and 
vendors of these systems. 
This report .. emphasises: 
product configurations, user 
applications, ' .product 
problems, hardware & soft- 
ware limitations, service & 
support,- compatibility with 
mag card .equipment ; and- 
learning curves with regard to 
operator training. £241' 


-«Sf WOB*V C>. 


!E 


E YUEN I 


HTHHH ft SON; LTD. Swam, Home. 
H*m» '(Un. Lsadtn fllft ILK. 
TtCNo. B1-3BJ5T7! . TunSSBI 


XETDfcN ft SDN GaM. Mmanans 22, 
-4440- Bfarii O hwaw, • tem 
TeLMK(Q»7l)S$111 T*»K1 


Your secretary can type 540 words per minute, 
while she's opening your maiL 


And that means she can attend to a variety of 
more crucial duties, saving her time and you 
money. How can this be possible? With the new 
AES Plus. The AES Plus is the vanguard of a 
revolutionary development in business 
communications. 

The AES Plus retires the concept of re-typing 
while offering speed and flexibility. 

The AES Plus may be revolutionary yet in 
practice it boasts these simple procedures. Just 


type up a previously printed document from a 
magnetic disc that is inserted into the electronic 
type- writer and the insertions and deletions can 
be made. Even whole paragraphs carwbe moved 
around. Without committing anything to paper. 

When the document is correct a push of a 
button activates the speed printer which types an 
original onto paper, letter-perfect at 540 words- 
per-minute.' 

The AES Plus. It's amazing. - 


f- 


I 


I 


I 



*1 


I The Office of Tomorrow — Today. 


I yvould like to know more about the many 
things the AES electronic typing system can do 
to save us time and money. 


I 



Name 


Job Title 
Company 
Address _ 


•• -rr:?™”?:' W 

t 


Telephone 
City 


Postal Code 


Automatic Electronic System (London) Ltd. 

31 Mansell Street. • 

London E.l. 

Telephone 01-481 2328 






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ALERSHIPS 

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T A Lfe r iyu „ - ABOUT - for many achieved -partly through a 
7ea%grobably since the birth “ clever ** terminal by Digi-Log 
traiismlssiori, elec- and partly through an array of 
.t*®nwTnwl ,$rst crossed the . central .processing.- equipment 
threshold. /between. a possibility including Unlvac and Inter data 
: 'an<L a practical solution to- an machines. .* . 

^^^ysttiaff'jprpfilem some ten . Userg gain access to the Tict- 
yr^rsl^ago ; when a director, of work by dialling a charge-free 
^ ar S^t public rela- number. New users are re- 
^oi^.and; advertising agency in quired to. set up z data base of 
r t&e invented “ instant re- standard message and address 
fifing." ■•*. ••-. lists which are stored centrally. 

/ ■’ ; Something of. k computer These are identified . by- " fivc- 
-geniiis ixJ his “oivn right, he figure codes so that all the user 
.evolved h . method of encoding has to do to set up- quite, com- 
.the account executive's assess- pics texts is to provide the cor- 
-ment of a client's needs so that reel sequence of codes, 'cutting 
iai report could be . produced preparaii on time , cnon»ously 
- quickly and accurately at a ter- and, similarly reducing message 
[rhinal, , checked for content — transmission time. - . 

:andL" spelling — by a central Snch messages would be pre- 
computer in the latjer’s spare pared and checked on the termi- 
-time, and then distributed to nai display followed by trails* 
branches : all over- America. A mission to the switching centre, 
■•.great--.; deal of ’ interest was once the latter has checked the 
:axpused,'both in the Burroughs useris -right to- be-on-tbe line. 

’ equipment iiSed.by the company The message, is verified and an 
and the. text-handling procedure, accept or reject signal sent to 
Since then, with the advent the originator. If- accepted a 
of the w clever v word processor, log number is assigned, the 
; tbe -speeding-up of facsimile message is switched .aver the 
" capabiUties to a. few seconds for Western Union land and salel- 
an>A4 page'tby Mulrhead, and lite network to the - post office 
1 intensive efforts ■ by European at the receiving .end .ready lor 
add TJiS.^manufactiirers, includ- morning delivers^ 
in? IBM, to bring down the cost . 
of '•-■facsimile terminal to a AlOjQQL ' 
few’.tehs;of dollars, true elec- 

trpiuc naU systems have been This is'a service backed by a 
brought very much closer. large common carrier, organisa- 
' - Already. . services are being tion. Some big companies have 
, offered in the U.S. which come started or are starting their own 
very cJose tO the present defini- internal services and, iuterest- 
tion of this, inetbod of inform- ingly. Combustion . Engineering 
ation transfer; Competing with did it without a preliminary 
the liS^ost Office — which study. Late in 1977 it set up a 
-has freqhently b een warned by pilot project under the acronym 
Congressional Committees' to ” Atom ", for. Automatic' ITraiis- 
! rpmgrejs^or go- under — Western mission of Mail. Not every 
■TTni on'"- Electronic Mail has been company, could afford to . go this 
•"'ijetf' 'tq^'sis a -wholly owned sub- way since' the CE project is 
!-sidiary of." Western Union Tele- based on sn IBM. 168 Computer 
"graph Corporation. Its objec- costing several mUl(on’. dollars 
.'tiveis'to provide a guaranteed-— but "It. does -’giver CE_ ; offices 
.•24-hour mail delivery service. . with appropriate ternnnaJs the 
'./e'The “ Mailgram " network ability, to. .-create mail .virtually 
: presupposes installation' .of. anywhere in tfff .worldj? ; dac read, 
.1^09 terminals at user sites to scan; and forward (wit$ ; nota- 
speed preparation of messages, tions). mail sent. by others; hi the 
^Cutting the cost of traditidnal network, which -give^^ach 
mail preparation- and- speeding participant a secure elearonic 
up its transmission enormously mailbox. . " ^ - - 

compared .with whit U.S. uspre - The pilot - scheme is prt^es- 
,'nicfc ; Accustomed to. /,^Hrisiiis>s!ng well and includes jibe 


ability for executives who are 
travelling to use portable ter- 
minals and remain in constant . 
day. to day touch. 

All this is, however, very 
small heor in face of the all- 
embracing plans of Satellite 
Business Systems. This organi- 
sation, which first saw the light 
ut day as “ CML Satellite Corp - ' 
in 1971. will in 1981 have the 

first synchronous satellite in 
orbit dedicated entirely to busi- 
ness communications— computer 

data, audio, video, conferencing 
and . - . document transmission. 

The key to the vigour with 
which SBS is likely to pursue 
its goals lies in the Tact that 
in 1974, IBM bought out two nF 
the three original shareholders 
(Lockheed and MCI Communi- 
cations). True, the Federal 
Communications Commission 
then demanded of IBM and 
Comsat that they take a third 
partner. Aetna Life, hut the 
major impetus is coming from 
the giant computer company 
with an eye on estimates that 
U.S. business communications 
will grow to $61 hn in I960 and 
to $ll)0hn in 19S5. 

Launch of the first satellite 
is expected for late 19BQ. with 
a full commercial service 
beginning in 1981. Two satel- 
lites will be active with one in 
reserve on the ground. Capacity 
oE the system will be 43m bits 
(binary digits) or data per 
second or the equivalent of 
14,000 voice circuits. 

The initial target is to sell 
the idea to over 400 companies 
in the U.S.. following a series 
of studies of the five services 
mentioned above, including elec- 
tronic mail, and of a number of 
undisclosed applications. 

The electronic mail study 
showed that over the companies 
examined, some 50 to 80 per 
cent of documents generated 
could be captured electronically 
and 20 to 50 per cent could be 
facsimiled. 

At the same time 50 per cent 
of company mail was internal 
to the total organisation while 
40 per cent was aimed at other 
organisations. Of this last share, 
almost nine-tenths could be 
handled: by satellite. 


With several lengthy battles 
behind it in the U.S., both with 
the* regulatory body (the FCC) 
and with opponents of any move 
to dilute line traffic, SBS is 
extremely guarded in its pro- 
nouncements about passible 
traffic to Europe. 

But it seems very plain that 
the question is nut "whether 
but “ when "V Firstly, many uf 
the companies taking the ser- 
vice in l ho U.S. will have major 
affiliates in Europe — some doing 
more business in the EEC than 


at home. In the meantime, IBM 
and Comsat last year carried out 
a significant experiment to link 
up two computers 4,000 miles 
apart, at La Gaudc in France 
and Gaithersburg in Maryland, 
using Franco - German 

Syraphonie satellite system. 

‘ information was moved at 
1.5ni bytes or in format ion a 

second, a rate roughly 300 [imes 
as much as can be provided by 
the ordinary telephone line. An 
error rate of one digit in 100m 
was achieved. 


The experiments are to con- 
tinue with a third earth station 
brought in to add complexity to 
the transmission problems, pro- 
vided the FCC gives permission. 

It is significant that part of 
the original testing was 
>imulalcd facsimile transmission 
and that the IBM research and 
development target in this area 
uf equipment is understood to 
be a unit that can scan a docu- 
ment at half a second per page. 

In Britain, Logica is carrying 
nut a £lm study of the tele- 
communications scene fur the 
whole of the EEC area and will 
take some 1*2 months to present 
its conclusions. This company 
: has been involved in various 
• aspects of communications and 
1 networking for years and won 
’ a number of significant data pro- 
1 cessing contracts on the basis of 
1 it. 

t The company’s Tarifica report 
i on telecommunications costs in 
r 23 European countries will pro- 
r vide part of the study basis. And 
i not surprisingly, electronic mait 
i will be one of the main chapter 
headings. Logica has already 


developed a word processin 
concept which will allow com- 
panies to progress towards a 
generalised electronic mail 
system as exicrnal services 
expand. Unilever and BP arc 
users. 

Now that a first European 
experimental communications 
satellite has finally been puL 
into orbit, it may be that the 
European PTTs will overcome 
their aversion to rapid progress 
and begin to move towards a 
point where they can meet any 
SBS competition and provide 
counter-competition. After all, 
Canada has longer experience of 
satellite communication for 
business uses than even the U.S. 

From the first European 
business communication satellite 
operating in 1985 or thereabouts 
to a universal business com- 
munications system where key 
company staff would each have 
a pocket pager capable of print- 
ing or displaying a message 
from any origin and in complete 
security, as envisaged by Multi- 
tone, is only a short step. 

Ted Schoeters 


Necessary growth of 
computers 


IN A RECENT interview. Dr. 
Carl Hammer, who is a pioneer 
of data processing and director 
of computer science ar Univac, 
asserted that, even now. 
civilisation as we know it would 
collapse were it not for the use 
of computers. 

But men were going to have 
to depend more and more on 
these machines to run 3n in- 
creasingly complex society and 
the machines themselves would 
have to be altered to suit the 
problems to which they are 
going to he applied. 

To underline his assertions. 
Dr. Hammer pointed mil that 
Government agencies in tech- 
nically advanced countries are 
collecting information about 
each individual in those coun- 
tries at a rate now estimated at 
around Ini bytes per capita and 
per year, while in the U.S., 
total information of this type is 
expanding at a speed of Ini 
bytes per second. 

Meanwhile, he said, the com- 
puters in America’s Federal 


and State agencies were doing 
work which would otherwise 
demand the manual efforts of 
400bn clerical workers. 

He described the coming prob- 
lems as belonging to the realm 
of giganlics.” a realm in 
which computers are the only 
solution. While it is hard to 
escape the feeftng that com- 
puter begets computer to the 
nth degree, Dr. Hammer is un- 
doubtedly right in pointing out 
the vast span uf new possibili- 
ties computers have opened up. 
And, looking at word processing 
and text editing in particular 
he saw these as areas for an 
especially rapid development in 
technology, which by the turn 
of the century could make ex- 
isting secretarial functions re- 
dundant— -in l he U.S. at present 
some 10m people are doing 
work of this type. 

The human element would be 
eliminated through develop- 
ment of high quality text-to- 
voiee and voice recognition 
equipment^already existing in 


a comparatively primitive form. 
It would mean that a letter 
could he produced by a machine 
as fast as its user could speak it 
Whether Dr. Hammer is right 
or not in his turn of the century 
tuning will be verified by many 
reading this tcxL What is cer- 
tain is the speed a: which word 
processing is expanding, par - 
ricularly of computer-based 
equipment which, according to 
Olivetti is moving to users at a 
rate which this year will show 
a growth which could be as 
much as 40 per cent 


Emphasis 


The company is moving up 
quickly to the Number 2 posi- 
tion and believes that, as time 
goes by, customers will place 
greater emphasis on the ability 
of the unit tu communicate so 
that it can function as an elec- 
tronic mail terminal. In other 
words its processor will have to 
become more powerful. 

More power is also needed 


to meet the requirements of a 
large sector in the middle of (be 
market where information re- 
trieval is becoming most im- 
portant. The company is launch- 
ing a software package to 
interface word processing and 
information retrieval. It has also 
developed WP machine-tn- 
machine and machine-lD-com- 
puter communications facilities 
for its TE5 501, a uni* which is 
helping to solve the EEC’s worst 
headache — its six language 
translation problems which will 
not be helped by the addition of 
communications in Greek. Por- 
tuguese and Spanish. 

Olivetti marketing experts 
see a considerable growth 
potential for electronic type- 
writers with simple magnetic 
storage at the low end of the 
WP market. In this they are at 
variance with a recent study of 
the word processing arena tar- 
ried out by the Butler Cox 
Foundation, until now. restric- 
ted to membership. 

In the study, intended to help 


office managers to make a 
choice. Butler Cox points out 
that there are 30 suppliers of 
such devices in Britain with only 
7.000 machines installed, or 
under - per cent of the total 
typewriter population and that 
tile same applies in Europe as 
a whole. However, it sees display 
word processor 1 ! as quickly be- 
coming generally justifiable in 
intensive use areas regardless of 
work mix, and even when the 
work load is not heavy, they 
will bo used for their ability to 
communicate. 

Butler Cox sees the stand- 
alone versus shared logic debate 
disappearing because of a 
merging of the areas over the 
next two or three years, partly 
because of the rapid growth in 
the power of the electronic 
elements used— higher perform- 
ance microcomputers with 
solid-state memories uf greater 
capacity, used either in hard- 
wired or software-operated 
form; mini-computers with capa- 
bilities virtually indistinguish- 
able from those of large general 
purpose machines: and main- 
frames which manufacturers arc 
having to improve to beat off 
the above competition. Work 
stations themselves will become 
multi-functional to cover data 
entry, information retrieval and 
problem solving a? well as word 
processing. 

Conclusions 

In its conclusions, the report 
says that in 5 years, today’s 
equipment will cost 60 per cent 
of today’s prices which suggests 
that many businesses would be 
well advised to move into 
limited use of display word pro- 
cessors now. 

This is, uf course, music in 
the ears of organisations such 

1 as Wang. Rank Xerox and 

2 Logica. all of whom have con- 

I centra ted on video typing 
L . systems supported by computers, 
j. Logica has recently expanded 
0 tne power of its Unicom WP 
j equipment, giving it ability tu 
Q support 16 input screens and 
“ keyboards, up to 20 Megabytes 

of disc storage on-line to the 
r computer and with more power- 
* ful discs to come. 
t Logica claims a cost per 
e station of £6^00 to £3,000 

II which is less than many stand- 
|f alone WP systems, it asserts, 
r _ yet gives users a 50 to 100 per 

cent greater productivity in- 
s crease over conventional office 
£ equipment than is possible with 
g. stand-alone units. Logica bases 
^ this claim on the fact that the 
^ shared central machine has in- 
! herently superior storage and 
- management ability. 

The debate will undoubtedly 
" end when builders of stand- 
( 7 alones offer connectability as a 
L ' matter of course. 


Ted Schoeters 


Work out the cost of your secretary over the life of a typewriter 
—say seven years-and you!re looking at a very hefty figure indeed. 

Salaries alone will cost you somewhere in the region of £30,000: 
and that’s only at today’s rates. 

Typing isn't cheap. And it's false economics to assume that a more 
expensive typewriter is more expensive. 

Watch your secretary at work next time you give her a letter 
to type. Notice how she gets slower and slower as she nears the end. That’s 
because she’s wary of making a mistake and having to start again. 

See how long she takes to correct a simple error. Watch her 
retrace what she’s already done to underline something. And if it’s an old 
typewriter she’s using, watch her stop to rub her poor aching neck muscles 
after an hour or two. 

When we developed our range of electric machines, we watched 
typists at work day upon day, month upon month, year upon year. Noticed 
what slowed them down, what irked them. And. then spent ages over the 
keyboard ourselves, eliminating the stumbling blocks. 

The results of all this application can be seen in our range of 
electric typewriters. In our wide range of word processing equipment- _ 
including dictation machines, communicating typewriters and photocopiers, 
and typesetting typewriters that allow you to print like a professional without 
employing a specialist 

But before we proudly bring them ovei; we'd like to spend an hour 
or two with- you, listening and watching Just as we listened and watched 
in the past. 

So we can be sure of recommending just as much typewriter as 
you need from our very comprehensive range. 

Call us and invite us round. Or ask your secretary to fill in and clip 
out this coupon. 

She'll probably put more enthusiasm into that small task than 
anything else she's done this year. 

r Please show me how you can help improve my cilice 

I efficiency I am interested in learning more about: _ 

Electric Typewriters □ Typesetting Typewriters 0 
Communicating Typewriters □ Memory Typewriter □ 

I Word Processing □ nictation Equipment Q Photocopiers □ 
Office Systems □ 


Company 


OP Sales Information, 

( IBM United Kingdom Limited. 

28 The Quadrant, Richmond, Surrey, 
TW9 1DW. Tel: 01-940 9532. 

I 








36 


OVERSEAS MARKETS 


INTERNATIONAL BONDS 


BY FRANCIS GH1LES 


Falling dollar depresses market activity 


AS TF the continuing rise in 
interest rates was not enough 
(Citibank joined other leading 
U S. banks Iasi week in raising 
its prime rale) the bond market 
had to face a fail in Lbe value 
of the dollar against the stronger 
currencies last week. 

There is now only one straight 
bond on offer in the market, the 
S50m private placement for the 
European Steel and Coal Com- 
munity. 

In the floating rate sector only 
the S30rn for Arab International 
Bank remains on offer. This 
sector of the market did, how- 
ever, put on a better performance 
than the straight bond sector. 

The two floaters priced last 
week were increased, the $25 m 
fur Banrjue Worms by $5m and 
the $125m one for National 
Westminster by 825m thus 
making it the largest floater ever 
launched in this market. Float- 
ing rate notes arc usually placed 
with other banks but in the case 
of National Westminster good 
institutional demand was 
reported by some dealers. Both 
issues held up well in the 
secondary market. Banque 
Worms was trading at. 98 £-99 on 
Friday afternoon and' National 
Westminster at 9S*-99|. 

The straight sector was weak 
though a technical rally occurred 
on Thursday and went on 
through Friday thanks to a better 


than expected performance of 
the National Westminster 
straight bond. On Friday it was 
being traded at 98i-99i. a price 
slightly above the limit of the 
selling group discount 

The only other issue priced 
during the week was the con- 
vertible for Tyco Laboratories, 
which was increased by $5m to 
$25m. U.S. convertibles are rare 
animals; but despite this one 
having its coupon set at the 
tighter end of the spectrum (the 
conversion price was set at 821 
for a premium, of 6.33 per cent 
over the 519} closing share price 
on May 3D, It held up well In 
the secondary market. On Friday 
Tyco was being traded at 99-993. 

None of tbe straight Issues 
priced the week before was doing 
well in the secondary market; 
Canadair was quoted at 97-974, 
AGA at 97J-98J, while the per- 
formance of 'Dominion Bridge 
was particularly lack-lustre: it 
bad sunk lo 96*-96J by the end 
of the week. The weakness of 
the straight sector also caused 
the StiOm for Mexico's Comision 


Federal dc Electricidad to be 
held over for the second week 
running. 

Fuji Bank will offer S20m of 
three-year floating rate certifi- 
cates of deposit. The issue will 
be managed by Fuji Interna- 
tional Finance and the interest 
rate will be set at one quarter 
point above the London inter- 
bank rate. 

. The Yankee bond market was 
also weaker last week: tbe pre- 
ference displayed by many inves- 
tors for shorter term paper was 
illustrated by the shortening of 
the maturity of the SlOOm bond 
for Finland, from . seven years 
to five. This enabled the mana- 
ger to improve the terms 
offered to the borrower. In 
the secondary’ market. French 
issues 3re holding up better than 
those of some other recent Euro- 
pean borrowers, a reflection no 
doubt of the more optimistic per- 
ception of the financial and poli- 
tical outlook in France. The 
terms of the Caisse Centrale de 
Cooperation Economiaue are 
expected to be announced lo- 


Hedlirm term ... 
Lana term 


Eurodear 

Cede! 


EUROBOND TURNOVER 
(nominal value In 5m) 

U.S. dollar bonds 
last week previous weak 
... 1418.9 1*6345 

... 618.9 497.1 


Other bonds 

last week previous week 
2924 385J 

2845 Z13-B 


morrow. 

The dollar's. weakness had the 
usual result of pushing up prices 
in the Swiss Franc and Deutsche 
Mark sectors of the market. 
Turnover in the latter improved 
last week with prices moving 
up by anything from one half 
to a full point. Better condi- 
tions in the domestic bond mar- 
ket in Germany also helped. 

Japanese convertibles did par- 
ticularly well, helped by a ris* 


Federal Fund 

(Right-Hand Scale) 


ing Yen and even mare impor- 
tant. bv the strong performance 
of the Tokyo stock exchange. 

The Sankyo convertible was 
trading at 100-1054 at the end 
of the week while Seiyu Stores 
was quoted at 100-1014- 

A decision on whether to 
reopen the primary market is 
expected this week when the 
Sub-Committee on Capital Mar- 
kets meets in Frankfurt. While 
most bankers were ruling ont a 


Races 

it 




BONDTRADE INDEX AND YIELD 
Jane 2 Mur 26 High Low 

*4.19 8.04 44 jH 7.46 9954 (19/4) 49J5 (16/2) 

9299 3-69 93.46 8.61 9457 <39/4} 9299 (1/6) 


Ji Deutsche 
/Mark Against 
• The Dollar 

(Left-Hand Scale) 


l MARCH APRIL MAY J 

Note: Federal Funds rates, the key short term U.S. money market 
rates, are those at which banks in the U.S. will lend to each other 
spare balances they have wirh the Federal Reserve above the 
minimum reserve requirement. 


reopening a week ago, some are 
now more optimistic. 

The liquidity in .Kuwaiti 
Dinars is leading to an increase 
in the number of bonds denomi- 
nated in this currency and an 
improvement in the - terms 


offered to borrowers. Twelve- 
vear maturities are becoming 
more frequent -as witnessed by 
the two latest bonds, for Banco 
Mac ion at de Credito Rural and 
B&nque Nationale d’AIgerie. The 
latter was increased by KD 1m 


and priced at par. The next bond 
will also be -for an Algeria^ 
borrower, Compagnie National 
AJgerienne de Navigation: the 
amount is expected to 
KD 10m - and the- maturity 
twelve yeans. ' 


CURRENT INTERNATIONAL BOND ISSUES 


Borrowers 


Amount 

ra. 


Maturity Av.tife Coupon 
years % 


Lead manager 


US. DOLLARS ' "\ 

ttJSto-Yolcado 50 3993 — s . '* Goldman Sachs ... 

ttlto-Yokado 20 19*3 ' 5 * - . • GoMman Sad* ; 

ttCCCE (g*te«d France) 75 , 199* 13 ? : • DBfon Read . 

ttfHnbmd 10» 1983. - 5 -*i 99.4 Salomon Bras. 

tfTyco Laboratories - 25 . 1988 —l ..100 KkMer- Peabody - 

.60 1984 f 8i 991; fetBaiL.S. Paolo l; 

JNatWert 75 1986 • - ■ f „ 100 County CSWW. Ori 

tfNatWest .150 1990 12 .. S4H . 100 , .County, CSWW.Ori 

ifBanque Worms . 30 - .1985. 7 . 5j|f' 100 ; CSWW; Fifft Chica| 

tArab Int. Bank 30 1983 5 .' m •' - ■ UBAF 

**ECSC 50 ~ 1987 9 Sj 99j Banca Comm. Italian 

YEN 

tAPB 15bn 1993 1L3 63 99j Nlkko Sec. 

KUWAITI DINARS 

tBNA 8 1985-90 — 8j ; 100 .. KIC - 

SWISS FRANCS - r ‘ 

Oy Nolda 20 1990 nA- V * Banque Sqgidmaw c 

SAUDI RYALS 

BNCE(g’teed Morocco) 200 1983 5 8j TOO ; UBAF , - ; . 

* Not ret priced. £ Final terns. ** Hactawne. t Htwtiiir eat* not*, R Mtolraem.'. 5 Coomiari*. 
ft Rvabtmd with US. Suatrttks and D Ktef e CMwnltriwi. f N id w t had. 

Note: YhMi atm akataM oa AMD triad*.. - 


1985-90 — 


Goldman Sachs ... 
Goldman Sachs 
DBfon Read' . 

Salomon Bros; 

Kidder- Peabody .- 
(if Ra w S. Raolo 
County CSWW, Orion 
Comity, CSWW, Orion 
CSWW; First Chicago 
UBAF, 

Banc* Comm. Italians . . 
Nlkko Sec. 


Bangui Sc and mave en Sube ♦' 


Indices 


ff.Y.S.E. ALL COSXOfl 


Rues and Fall* 

I J me 2 1 June 1' May £1 


GERMANY ♦ 


NEW YORK-dow JOKES 



| 1 




1978 

2 1 

i l0 

31 


Hteb 

j Uiw 

55. as' 
1 

&4_59| 64.62/ 

M.so! B6.68 

1 II7/&I 



Issue* trailed 1.889 

ttises - 930 

Fall. 538 

I'rKluuixeri 421 

Nr<v — 

Nevtain. — ■ 


1.893 1,891 
711 928 

7311 546 

4511 417 

56 67 

5* 44 



185.0 (20(41 
194.* dSt6) 


"Uatisol luitex i-linn/eil Injiu August ‘iA 


I n>t. dir. j feM % 


Pre- i (97a 
vioua | High 


Year ago (approv.) 


Australia^) *97. 71 . 496JJ2 501.05' 441.19 Spain 
I (3U/b) | (1/i) 

Belgium ill' 96.78 | 96.70 101.16 95.43 8wedi 


STAND ABO AND FOODS 


June 1 June 31a v 
! 2 I l | 31 


Mar May j May !- 
30 26 26 


wince OnnpUaf'n 


itlunipokUe j 88.1*' 97.SsJ 97.24! 86.86! 86.61 


Inal. -lir. yield % 
led. Knliu 
Ia>H” Cl .art. Bernl vh;M 


3 107.05 00.31 
r 17.-5, 
□a, 96.80 99.60 
! (17/5) 


Denmark (**j 96.23 96.36 
France mil 69.2 71.1 
OermanyUt); 79S.9 1 783.B 
HoUand (*»n 85.1 | B6J 


601.05 ■ 441.19 Spain ifl 105.38 106.56 110.7b [ «7.* 

130/5) I (1/3) (HO, (17r3i 

101.16 ; 85.45 8wedeu (« 369.41 568^4 397.95 325.7a 

(8/5) (23/5) | (a>5) CA-1, 

96.13! 9*JW S witter I'd (f| 288 A 288.7 323.7 279.0 

(9/1) ib/2) | 1 14/2) (25/4i 


71.2 (7A 
(30/6) (3/2) 
812.1 769.4 
! (10/4) (17/5) 

J 05 5 7b.O 


Todlces and base dates (a8 base values 
100 -.xcept NYSE AD Common - 50 
Standards and Poors — 10 and Toronto 
SOtH.OOO, tbe Ian named based oa IKS). 


i I .I, R ; ! SwH.OOO. tbe Ian named based on 1873). 

, « -HK*. ntmir Rnrur 1 as 477.M ‘ arqffi 7 E*dud)na bonds. t«0 Industrials 

(lli\nS)\Ai6iZ2> HOUR Kon*, 478.^ . 477^5 , 4^5 swo | nds ., 40 UHllHea, 40 Finance and 

■MI.A-1 r..,- Till' 62.66 62.92 |S IS' Transport. «B> Svdney AH On.. 


(17/6,| (6 IS) ](11/1/75,| (1/6/32) I*»^ 
May 10 I YeeraRn lappros.) j ftDa] 


1 ; 1 t||> Belgian SB 31/12/SL I**' Copenhagen 

, oi 1 M ^ 1,im - ‘«> Parts Bonne 1961. 

Japan (ai.«n.l9 | 40Ml | 4 b jl |3M.U4 Commerzbank Dec„ 1K3. (S3) Am«er 

' siTMltiRiwialp si jwsn • Janl - Industrial 1970. 1 00 > Bans S^ng 
““W 01 ® ' ol7 - b4 31B - 28 Bank 31/7/64. > ||||) Milan 2/1A3. 101 Tokyo 

1 * 1 {U6 > New SE 4^/88. (51 Straits Times 19M 

let Closed. (d) Madrid SE 30/12'77 
10 Stockholm Industrial 1/1/5S. Ui Swiss 
Bank Corp «n) Unavailable. 


• ! »Hi*i «4(01) 

Singapore 1 317.64 1 318.28 [ 312.28 262.0 
(5« I ' (1/6, (D«) 



OVERSEAS SHARE INFORMATION 

NEW YORK 


Inv. S Prem. S2.6U to £—105}% (105%) 
Effective rale ($14030) 44% (44%) 


527s 25 Abbott lain 626s 

24le 1373 AiUiiWT-raf® ... 257g 

4XJi 3 He ;\euni Ui/U'wf 403s 

29»a 221a I.Air HwhIiii-M 891" 

50 32J« A/nv. 5U 

29 la 22 MuanAliiramlum 2BU 

4B 38iji Xlwm 47 

20 is 17-3 Vile/. IjiJium... lHl, 

20 Iq 17>2 jAllegfaeuy Power IB's 

441* 34 1« i.Allieil Cbemical.. 4u3e 

25-js 18J« AlKcii blnreti 237a 

33 ig 22ia t-VHlii Cbalrneni... 31->« 

3B)e 31 '4 .AMAX 341* 

53 Ig 22~s , 1 nierada Ues* ...j 3 l.5 4 
13is : 9ig Auer. Airline*.. .: 12^ 
50 >4 ; 39 1; jAmer. Hrsn-l 1 ....' 50 
511« I 546s , Vow. (Jrvmloi.l. 496 a 

41'g | 34 j» . Amur, t'au h U 

29<a ' 23 Ig | A mer. Uvmiamiit! 29U 
24ii 21ij i \nier. Klee. How; 284 
38ie ' 3 lie jAuicr. Kxpr?H...i 38>« 

5 1 Ja 1 26ij I \mer.UfnnePn«l| 3l5g 
26'» I lbSfi 1 A rner. Mclicai... 2A'-n 

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45 m i 38U ! Vmer. .\al. Oa*..- 43 
46>s ! 32 J9 .Anier. siunitnrd.I 46 Jg 

34 I 2fllg V nier. 51 ore* 3 5 “a 

63*8 1 57lg Amer. Tel.l Tei.i 611- 

35ig ' S7)j I Vnieceb 351(1 

19/8 ; 15-9 'AMF [ lBJa 

3373 - 241- line • 3238 

17 38 ! 10 Aiiii^a : 17 

30'i ; 25js ; Auehor Hivl/ins ' 28J4 
25's . 17ia ,A>ibevuer Uu-eb. 25i» 

3Ii4 1 26 Arnnuoceel ’ 3D3g 

22'.4 19 J9 20 

13 13 . 8i; A-amen VI11 * 133g 

20 ig la-jg .Asaii.-o I6J4 

31 1 j ! 27ij 1 Viidanii i.m 2bi- 

52^3 43ig -Ui. L’h-luieHl 1 51?g 

52 - 23bg '.\UM L)ala l*ni....; 31i4 

IO) 3 . 8. a AH' 91? 

S7't : 15la A 2b ig 

S6I4 ) 4414 - Wi’U Pn-lib-ls...) 5334 
Q6la ' 245a 6m C;a> Kie-'t.... 2oig 
25 >3 20 (a illank Ainenca 24 is 

** Unnkem Ir. X.Y.' 56 


25&a .lUrhcritil 287g 

33 KhxLerTmteuot.. 43 
22 • (Jenin ■* 251g 

313g : Me.-t«mUi ■kenwiy 37rg 

14 ,L<eii A IWeii.....; 191- 

33 (Jeniiix 39>a 

213 'deiiguei ti.iiA -U' 4i s 
20>4 ‘drtluelieni Meei.i 25 
14 1« .Hidi-k X Ueu-ker..; 193 a 

25 13 (k»eiiiii 50 Iq 

221g Uoiie Cau-ule^...; 29ig 

273^ !rit.-r>lcii ■ 

25's iV.iru Warner 50^4 

9 : liinnill (<iu 15Ss 

12 ~a '■ driven -V 1 14 ig 

28>a ilniUM Mvere I 361- 

13; 5 ;Jni. I*ei. AUH...I 153* 
25i| ! ilnvS wa.v b «»J 345g 

13lg llimn-wi.-k 1 161# 

165b [Ojr.vru- Krie. 191s 

5 (duinva Wkieli — , 61g 

36*4 ; Buiiiii^tiin Nrhii; 39 *a 

58^3 dum-uubi 75*g 

51lg kaiapbeli buupL.. 341s 
14 7 g iCnuiuilan Pol-UIl' 16)( 
10*g |i.iuia< ICw/itoi pti.. Ill- 

24*4 um runt lull 2B 

Ills li^irner 4. Ueuera . 12 

157® Inner Ua«ie% — j 19U 
45i» |i^iervtii«r Trai^j- 56)>8 

43 ig 54 

36 lUemneM! Voiiik ..! 42U 

15 wcnlnu i S.7V_..' 16 Ig 

189s N'ertaioleeii 1 23 

291a k.e--iia Air.-wii...i bldg 


44 1 37*(. ^liemi.-ni bh.XYl 407 a 

26 2019 vbesebiplilVnM..; 25'a 

367a - 29*a %.li»SMieft.v-teni... 32*4 

S5*a ( 42 wIiimii Bnilue.. 5B*a 

20<4 1 14 *s ClinuiniHiv | lB-'a 

15 >» IO j^UiiMer ; llig 

4ia I t’t vimmiii* 1 43* 

303g I 18 '« On..-. Mum-run...; 2870 

26> 4 I 19*9 IUli.Tir;i 1 241* 

54*4 45<a .une- Nimw J 61 

lSVj 113a 'vii> 1 11 vw 1 1 i|s„„ 1 147g 

44 ig 35*i IumIM I 43 Jg 

22-v 193s wlpite I'aini..., 211; 

1268 10** Vvlllu» A Ik m ah.. | lElg 

28)i 26 !s ■ .-jlunibia liu 27 14 

193) 15*4 ./.nlunlbu Pld... 193* 

10 *4 14 .g .<mi.1n»L7ij3(,Vni 1H1; 

41*2 31*4 :.,..Hi.rnimlciQ Kiln. 40 3g 

20*2 153, .<.iiilajilii4i 8q„. 163a 

2 BT a [ 2679 '."ni'n'tli b/li-on 28*4 
21- I 2*s Vuim'm'Ui Oil Itei B*2 
44 j 29*4 ..nnin.Milwim.. ‘ 4l7j 
12 | B'g J.nii|iuLer3eieijur' Ills 

507s i 31*i ' •.■no. Liu? In-... 1 oaig 

25$b I 18'5 .•"imi: , 2a 

2S*g J 21 .j -mi. i£lin<n N.l . 223a 

aS I 25'rt V»1WS five .1 24 

44 ig 541-, l.’un^ii VHt.fi 5B7j 

23^4 ! 21 -'4 ..•m^smvr l\m i/r 21 tg 
537; J 26*4 . -mlinwiiei 30 
31',i ■ 25-\ — ■■■(■uciiirI UK... 1 
16s,, I4»j '■■'.•■iriila.i Teti*.! 161* 

3234 . 23:; I..1I-T, UrIh : J3 'g 

55 c 1 40. j (i.u .per In. I ui ( 54 *a 


15*4 lO'i 
4 la I 1*1 
30*9 I IB *4 
26*s 1 19*9 
54 *« I 45 'a 


27»a ■.■liaseMaiilnmmil ilsg 


68 46*g lAiniintc Uian. M . 66% 

SI 42U CPU Int'o'tiomil 49** 

51 84*4 Crane. 301a 

28 22 Ig C meter Nat 26Sg 

34Sg 29 Sg Crown ZeUertwcbj 347 8 

35t* Cummins Knjflnej 391* 

2Ug 167, Curtlae WngbL..] 17V* 

28*4 195 4 Uaoo , 28*g 

44 34 Dart. Indurtrtes.J 45la 

307b 23 Deere H07g 

267 b 2234 Ue/ Monte 253a 

1334 Sig Ueliuna 127a 

23*4 16 >4 Ueoiaply Inter... 23*4. 

163« 151a Uctmlt Brilanii...| lblg 

29 23 IDlamunritiliainrk 261* 

163a 113s 'Dictaphone....... lol* 

4973 384s pin 11* Kginp......! 49*4 

41Sg 31Sg ill*nryiVV«in.^..i 4H4 

4714 58 ' Uuver Corpn 46 

2738 823e iDuw Chemical....! 2D*c 

33 25 llimiu • 287g 

45*4 36>b iDreawjJ 1 1 44 

1181* 973* ;iJu Pwii 116*4 

3U* 121* I Dywu In-lunrieii 30*4 

24 16la 'Kaijie Picker * 221* 

10Sg 6 jKari Airline* I 10ig 

567* 41*4 'bjimniHU KnlaK..! 561* 

40 33 iKaiun _.| 40 

267g » 163, K.U.4U • 27 

173* I 1459 KJ Paso Nat. Gas 17 

35 25Sa Klim 35 

37 1* 29Sg fcimenofi Kleciric 3b*» 

467g 37 *g traeryAirKr'Iniill 23"a 

38 28*t Km bun 1 a77g 

33s 3Sg K.M.I I gig 

27 22os Kogelhard 1 233* 

30*s 1 25*a fomark ■ 30 (g 

211* I 18 Klliyi .1 aiij 

49*s 45i* Kxxnn — .: j 463* 

37fig 23 Falnmilil Camera 33*4 

405a 34 . Kdl. Uept. slnresl 373* 

16 15 Flreaume Tire....! 13Bg 

30 24 Fat. \au bost.ajJ 29 

2534 16 riwa Van • sS*4 

263* 183a Pituikwe ; fecig 

32 ig 28 1 g Flunila Power... .1 29*4 

393g 30&e r'lu.n 1 a 7 'a 

253g I 201- iF.M.C : 24^4 

fill* 40og 'Fool llylnr ! 49 Ig 

22 17 :Fi.remiB4 Mvk j BL'As 

377g 27&a jPoibin) I 37 ?b 

10 'a 739 iPrankiln Mini....' 10*1, 

23*- lBig iFneepcri llinemij <3 

31*8 24U .Fraebauf I 3lL* 

12 [ 8*s IFaqua Ind- -1 111* 

i4ia ; 10*4 jGuVJ-*..- 1 i33g 

44 34*4 jUanneit— j 4B:g 

1034 S7g i./eo. Aincr. Int... 10 

303 t 223, U.A.T>A- 4 

17*4 11** Hen. Cable— j 17 

61*4 37&g (i«n. Uynuncs... 6IV4 

541g 441a (tan. K lent Him OBSg 

32*4 26Ae kJenerai Fixsla.... 32 

51*4 26*4 jbenemi Mills 30 *g 

66** 57*e ICienemi Motora... 6Hg 

20ig 18*s iCeu. Pub. Ltil-..S IDS] 

30 U 24 !*ieu. blgnai 29 U 

31 2838 lOen.Te*. Kle-t... 29*3 

27** 223s teen. Tyre. 27*a 

Big 37 B Hi-eoes/xi 1 67g 

28 14 23*4 Ceutpla Pkcirtc...! 25*4 . 

172 150 | .jetty On [ 168 

29 23*8 iCrilleite. - 28*4 

227s 19 luoortnuh B. F.... 2ISg 

17Tg 167 8 iGnxlyear Tire. ... 171, 

297 8 247g ItJuuM 29 1 1 

283, 23 7g ;if race IV. K. - ; 271* 

9*8 7Jg (ItI. Allan tV-Tea| 8 

3 15 8 2 81* .bn. iNurth Iron..! 23 

I4I4 12*2 ./ireybouiul. I 15*4 

26*g 11 ['jiiII k Wekleni. I 141, 

655g . 23*4 !Culi Ui 23 7g 

64 5 s I 64ig |(Iallbur«iii I 64 

38*4 , 321* jUanua Minin-.... 34 ig 

17»« 14 ig iHunwIiKietr.... 1 la>» 

68*g 39/>4 iHarrlv L'orpn s6Sa 

39 /g 34 IHeiu* H. J ab/, 

29*4 ] 94 /HcuL'lcin ! ggj, 

811- 61 la (Hewlett HackaM. - 78 n 

IB*, 14*« [ Hulk lav Inn- 17 j, 

39*s 30>s j Homer lake ; *4 1, 

58 1 a 43*4 Hiwyseii • 57U 

13*8 li*a IHowvcr 1 12 

S?? 8 !H» mCurp,.\,iHsi' cats 

27*4 2310 Hoiinun Nal.f.,n ! M7 

iS,' 8 JS! a Hum 1 Ph. A iCbm 10*s 

12** i 0i « Hutton IB.F.) lBSg 

26 Tg 20*4 I.L. I Diliii>trt» ... 24*4 

42 l B 34*4 IXA. - 41 

625q 5CPa LngeroJl Kbjb« 1. ' Glia 

41 ^ 3J7* IriiRDd ^»Lee*.. 1 39?a 

13 l 2 12*4 ln fc uco— I &£> 3 a 


19TB 

FU|fh I Low 


JOHANNESBURG 

MINES 

June 2 Stand - 

Anglo American Corpn. 5.15 

Owner Consolidated sja 

Bast DriefODteln ..... 12.83 

Etsbnrs 1*J 

Harmony — - 5 J2t 

Kloof SJO 

Rusrentnu-g Plarinum 1^3 

SL Helena 13.80 

Sontlrvaa] ?M 

Gold FleMa SA 02.23 

Union Corporation — — ... 4.47 
De Beers Deferred — 6.92 
Bast Hand Pty. — — 6.0 

Free State Gednld 7211.50 

President Brand 15J9 . 

President Stern tlU/0 

Stfllonteln 4.03 

West Drlefonteln — 37J5 

Western Holdings .— — — 30.0 

Western Deep 13-OS 

INDUSTRIALS 

ABO 3.63 

Anglo-Amer. Industrial — 9.40 

3 a Barlow Rand ■ 3.65 

44 CNA Investments 1.70 

_ Currie Finance 0.66 

• 1 De Beers Indnatrial 10J 

_ Edgars Consolidated Inv. 78.0 

Edgars Stores — 2SJ) 

BverHeady SA — . H.B 

Federal e Volksbelefigings 1J5 

.Grealermana Stares 12-15 

Guardian Assurance (SA) ISO 

, LTA . 11-83 ■ 

McCarthy Rodway . 0.80 

Kedbank 4. 43 

OK Bazaars &60 

Premier Milling 5.40 

Preioria Cement .SJB ~ 

Protea Holdings L25 . 

Rand Mines Properties ... L83- 

Hembrandt Croup — — JLSS 

Retro — — 6.34 

Sage Holdings . — 140 

SAPPI — ISO 

C. G. Smith Sugar 15.75 • 

SA Breweries 

Unlsec - l.M ■ 

Securites Rand US$0.73 i 
(Disco ont of 36.30%) 

AMSTERDAM 


34 28*4 Uohna Manvtiie...j 305g 

80 66 SJubnsoa Johnaonf 80 

33** 24*4 

36*4 29*4 

28*8 25*8 

28 
1*4 
21*4 
51, 

195s 

401s Kerr McGee. 

27*e *i*dde Waiter 

60 | 38*4 Kim bar iv C-tans 

24 L, 19*8 Hoppers 

49 1 8 1 « 

34 7g 25 Ig I't'Wft Co. 

35 Ig 27*g Le»M*w«y Tmub 

37 ig 2Ug Leri SintuBi.. 

28*8 25*4 Ubby O wj-oorl 

54*, 26lg UuKetUroup **>g 

47 36 7g Uil.v (Eli) 45Ig 

20 Ig 141, Utlvn (nduot.... 20 

261s 13 L.<rktt*«iiAm-r'ii c4*g 

2078 171s liOae SLar Iruih 20 Ag 

20 ig lBSg Laki UiuiiI Lb>. iBTg 

24ig 20>4 Louisiana Lan>l.. 23tg 

407g 33*4 Lubriaoi .......... 401, 

165g 13 Lucky Stores lo*e 

7*4 5ia L'lie Y'uAcrt'wn 7*9 

13 I 9*4 Mat-Milian 12 Ig 

43*e 3S*e Macy H. H 41 14 

5873 29 Ig Mtro. Hiulc-rer... 37*» 

38 31 Mjpco_ 3614 

48tg 40 .Marathun till..,. 46>s 

16 14 11*4 Marine Midland.; 13*, 

28*z 19 ig MzrahaJl FHekl ...| 20*, 

26 Tg 1 207g 1 May Dept, stores *51* 

B24 1 52*g MCA ; 525s 

31 ig ! 21*4 lUeUemniti 31 Ig 

345s 22*4 I.UcUunnonDouuJ 34 

2312 16*8 jll.-Uraw Bill | «sai B 

48 t 26 ‘Ueuioivx , 47** 

o9*b • 4658 |Uen.-k 1 D9*g 

20*, 13Sp 1 Merrill Lyneii 20 

39*8 38*g ; Mesa Petroleum. J a4*, 

37ig 2Si, MG.U I 54 

55*s 43', ;MimiMini>jLMi4>! 937s 

674 1 58Sfi |11 i4kI Cc>r|j. ■ 66 1 j 

56*, 1 44 ia .lluaMnui . sl5g 

49*4 1 39*6 iMr-rgan J.P. | 4yjg 

49*2 I 34 7 g iLunitua. ; 477g 

41*, | 33 Uurpb.Vdi j 4Q5g 

61*8 1 46>- 'SiW^oi [ 24*4 

33 1 25*s jAalu-Cbemk-ai.. j Z.B 

184 [ 14 lAaliomi Can..._.[ 18* g 

234 < 20U [N*. 4 Lh stiller,-. ■ 2Zsg 
I6J3 J 134 -'Nat- Servaw Ind. 16*a 

33 '4 j 294 [Aabonai ateel. I slag 

46ag , 35^4 LVttums | 44 

86*4 374 <XCHL..- I 64*4 

22 { 15 A'epuuie Imp. ....1 18. g 

254 | 21*e l>e« Hugland hi. 21*, 
35*g 35lg tSew hngiaml lel 541, 


484 38 

34*4 25 

62 | 62 
274 } 20 


38 jUeviou...^.^...... 

254 iKernoliis AlmiltJ 

624 


Wooinr/mb., 
w 


iAniWi>ri>iAlr. 
n»ei Hannlhni 
Ujo.iv lni_,..J 
». Pw. A. U ....' 


8H2 614 

18*, 141, 

394 304 

584 434 

13*8 H>3 

33 ig 22ag 

27*4 254 

12'g 104 

175, 10*4 

25T S 20*4 
42 ig 344 
62*8 SOig 
41*g 33 Jg 

194 12*, 

8*, , 7 


I HU 1 269 87 


20*8 mu. FTa. v nun | cdSfl 

28*s lntl. Harvester.. j 55 
37*, InU. Mm A Chnni 4U4 
204 I nil. M u 1 1 iti-M 1 b, J a2ij 

134 inon ! I84 

BSoh IntL Paper > 42 

261, I Hi i *44 

6** lui. Ilwnlier | 1373 

37 ! 1 hi. 1 01. ATH....I aO.a 

1 {Intern ' 14 

074 '(■«»« uee< afl?; 

11 lt ; InicrmiiKiMi.. 114 
27 4 |Juii Waller I 31 


15*4 l07g | h lairs n. Muhaukl 14 
11 9*s Niaimra Share. ...1 lulg 

194 1 16*4 |N. L In.luMner J IB*, 

87*4 | 25 *g 1 Nonoik-kW estern 26 

414 1 34*, 'North Xau lia-...! 404 

88 ig 84 j.Mbn s bales Pwrj «.6*g 

294 1 204 'Nihwtoi Airlines h9l>> 

277g 1 BI4 jNthuesi Ban«>ri. 26*4 

21 Ig I 164 pwtCiiiSIrniiu.... 194 

§«!* 1 .‘Aa.-i'iama. Penoi H4ig 

624 , 374 |D(-ilrj- Mil ber ... 51*, 

19is 17l» iCJjto Bluon 18 

16”a . 13)g tUMn 16 

28 I 20*, Oversea, ah 1 pa.. | B7 
33 27i, ;'t«cn» Corning J aOi, 

2o*g > 19ii Oueiij llllnma 1 Hl*a 

24ig . 25', 'i'miiI (ris J 24*8 

21'g | 18*4 LtgLUtiK.| 194 

21*9 I JSU 4 [l‘a . Pwi. A Ll.,.1 auftg 

7*0 j 4 iPaJiAmlVurbiAirj 7 

284 20 Parhei Hannlhni 2alg 

25 (g ; 30)g Pealio.lv I m J M/j 

254 , 214 Pen. Pw. i. Ll ....' 21>= 

42 4 551, Fenny J. C- ; 08', 

all** ] 27 Penoznll ' HU>2 

104 7 Peopia, Dm* .... 10 

374 , 52*8 ! Peoples Oaa 5SSg 

324 | 24kg jPepsk-u...—.. j 31 

23*g 17i, 'Perfcln KJmer ..[ 24), 

43*b 324 |PM i27g 

33*8 8SSb jPlirei — * o3*b 

27 17*8 'Pbeips LMUjec 264 

194 17*e i Philadelphia hie. I7fig 

69*4 56 Pb»i|. Morris 69 

*57, I 27 Ig {PhllllpsPctro)'m. 9*1, 

594 I 334 .‘Pllolally *1 

24 Jg 1 18*8 .Pitney l*nn-es.,.,.| 2*S, 

24*g I 20*, [Piltstnn j 22 

181c J 16*g 'Piessev Lbi AUU| l/*g 

394 1 23lg 'I'uunin 1 :B1a 

lfl*, I 14*g ‘Putvnuu: Kiev 15 

3D*, I 234 PH* 1ml ur trier.. 294 
87 I 73 ■ -Pruclei Uamhie.. h7 
234 ] 21 Sg jl’ub -erre hiect.. 22*4 

31*4 24 IPiuii.ibii -,...| *1 

17:® , 15 Ig .Cures | 17*8 

2614 204 ]Juak« (hits ' tB 

124 , 5lg jltapi.l Ainerican 1 12lg 

47*a ■ 291 3 (Catihemi | 47 


864 1 22 


■KCA 284 

jKepchuc BUei....| E3ig 


60 4 544 Keys/ Dutch...—, b6*e 

174 12 ig icrk 17 

12*4 11 >4 UussLjk, 154 

SlSg 13 ig Kyiler dyslom.... 42 

42*4 35ia Safeway Hiores... 406a 

31*4 254 Joe Minerals- 274 

30Tg 25 *b 3t- Keffil Paper... 29*e 

594 334 ■won Fe lnds_.. 36 

7'g 3*4 ■sewi Invest... 6 

6*g 44 *1100 ln>1s 54 

16*4 10 xblil/ tttewmil.. 14*8 

774 64*b si’hHinitk.TLOr 80 4 

19*8 164 iSCM 19*8 

16*8 124 ’call hier._ Ib5g 

23*, 19*, wni Jlrg 8I4 

85g 64 doe Dumier 4 8Sg 

36lg [ 197g r Se« Com a mere....' 314 

26 ■ 204 h&iuerani_ : an 4 

16lg ; llSg i9anw(i.l/.i..„„.i 15lg 

27*9 2214 IStau- K-ftsv-k i 244 

39 I 394 4BI/CU : 364 

44*s 1 284 "Shell OH { 334 

42 . 37 |dliei' I'rau-pur, — 4 l 4 

447g 1 28 isignai 457g 

37 4 307g IstKnr-iecVjrp. ! 34<g 

14 if I 10*4 | dim pi tel iv Flat.... | 134 

23 ■' 18 idmuer 1 22*4 

74 46*, jSmiihKiine..— 74 

3*4 | 1*4 Suliln/H • 8lB 

354 ■ 12 .aniHUdinr 11 354 

261, '. 23*9 S"'iliniiUi. bi 1 e5*f 

17s» l 154 ;Ouutb*rn Co. I 16*e 

37*g | 285a .Slim. Nat. Kg „..| 5&7g 
34 U 1 31 :e»iuthem 1‘ai-ifi .1 324 
6070 , 44*4 IStHirherDKiHwayi 49Jf 

284 I 22 4 Suuluian.i 281s 

284 • 264 »■«•! Ban -Imre- . ifi*, 

204 [ 16 1 g 4|ienv Hindi.... Ik '4 

437g J 3Z1g S|eny l.'nn. i 034 

31*s 1 21>g ,5.11Mb 31*g 

271; | 224 .slsuilaitl Uraihl-. a 7I a 
444 • 24*g I'M.OiiLaiili.iifiia 02*4 
534 { 44 , ski. l.i|| liotiann.. 507g 

704 1 58*8 ,7ld. OlH.Utlu. I 63 

45*4 I 34 4 , -laiit) Client lun . 421f 

16 ! 12 -g ; ;iernuu Unq..,, 15*, 

69 ■ 43 4 , -luiidniier 60 

454 33*8 ’sun j 40*, 

48*9 j 3150 'sun*t'traii.i..„....| o4i, 

287g j 184 |s.\nte; 207 B 

13ig [ 8; s 1 l'n.'ur»ii;.nnr „. 114 

44 1 32 Dg ileAironix..._ 41^4 

107 J, j 67 14 |leie<it ne...._ 106*4 

fi'ja ) Z*4 '.I’em 6*9 

334 I 28 1 g il'eoeco A3lg 

12 7*i 'TeMTo Peimleuni ill, 

274 24) s ll'euiu H4*a 

217s 17*4 TexasEUli Kli, 

8I4 614 Cexa, 1 11ri.n1 . 811g 

33lg 29 4 LeuuiUlULIna.. *H< 

22 19*g fesw Utilities:.. 2, 4 

48*t 34*8 I'ltne Inc. .......... 444 

301, 224 rimes Mirror..-.. 29Sg 

52 4 4Hg riiukeu nO/g 

39 31&g I'rnne 574 

16*8 13 ig IVuiameria. ... 16 <g 

21*4 17*4 Cratucj lHU 

374 3210 I'num Cnfcin 56*4 

26*, 214 i'ran-nnv Intr'n 264 

2l7s 9*8 I'raJis W.irirf An 2l *, 

40 264 travellers 364 

20*4 184 L'n Cniinenralu. 198g 

004 r 27*4 il-M-W 39 

34 204 I axil Cent II ty Fux 334 

284 19*9 ib.AJ* i.9 

274 18*4 UAKOU 244 

23*8 20 iL-lil 2o 

21 144 .COP 21 

41Sg 35*4 ;unnever...„ 374 

5b>, 507g Itlnuevri M 007 3 

lB'i 12ia J1.t110n11a111.srp...! 144 

42*i 37*0 uniui Cartaiu_.. 59Sg 

84 64 Unlrfi I'.inimerts Is, 

624 45&a N-iiion C'li tail).. 504 

50*9 ■ 41 lUmuii Fm-ific 4U 

Big 74 lOmroysl 77 0 , 

94 67 a tinlted Unuirir.... Bag i 

35 257g [do banc. tp. 32 

27*8 214 wa(!i|wni,.„.., 26 

28*, 214 ■ » sh ie. 28 

52sg 26lg *- s siee 287g 

46*8 324 u. I’eetinnsi^iis -»4la 

22*, 18lg -V lihiusines.... 2is a 

18Sg 13kg • irumls hiecl.-. liVfl 

254 I64 IVs-i-nren 254 

43 294 >Vsrnct- Crtnmn. 43 

30 7g 25«a iVitmei-LniLiiTii. 3 7g 

MS, 174 I'li-leUsi/mri'i 3Stg 

894 344 At-s-Fu*.. 267 8 

374 294 iv-wem ban. is p 3a4 

29i 4 ! 20*4 I Western N.Aniei! 284 

171* ; 15*, JtVeoieni Luiutu. 1 *7 

22 j ll*, i *V suniliH hi'iss | Kl*4 

28*4 22"e !'Ve»v»iii | 28*, 

B6fig 20*4 '*Vpjcrtmeiiwj f ....1 24*, 

24*, 204 ;rtl.n py..i { 234 

247 3 204 : While t;.u. I ml.. 217* 

204 16*4 fW , *i* 1 !.'• i lBlg I 



CANADA 


104 lAbitlbi Paper-. -J 13 

4.30 lAznico Higle. 6.12 

244 .^KsmAiuminiuin 314 
144 .Miroma (steel...... 21*4 

344 Aabeuua 39*a 

174 Bank ot Monties 215a 
I84 Hank Kota Shrill 21 
51, Hash: Hest'iurec*.. 0I4 
52 I Ben Telephone.... 58 
204 |ttnr I61I lev Id-1... 29 

13*4 8F Caiuuln... • 134 

144 Hrnican lb* 4 

2.06 Hrinco..— *4.6 

54 CniKaiy Power-. J a7“g 
114 Ci raBnw Mines... j 145g 
84 Canada C'emeni..] Lij 
97 B Caumli tiVT tin.. 104 
224 CgnlmpBokCom V8*f 




_8.05 I id Auetrilii 


TOKYO If 


Atalii Glnw.-_ 
C«non- 


' Prices =J-or 

,3Con ' — : 


843 1+1 

469 j+J. 


3b.L'l— 1.0 I — I - 


HooKoven-(Fl^O) 3b.u| — 1.0 

tlunlerD.I^i.ilXn 26.5]-> .6 
K.L.M. iFI.IOO)... 174.71—6.8 
Ini. Muller (LiO/.. 45 5. 0.5 
\sameu (FI. 10)... 34.21— J.8 

Nat.Nen In-..(FilL lil.a+£L2 
Ne.lCre.1 Uk(FiJB 57. bit! +4.0 
Neil Mid Bk (Ft JO 187-61-1.5 

Dee (FI. £01 154.2m.— J.8 56 

Van Ummeren.... 148 J + 5 18 

Pakhoed (Fi. HO). 42.7V-0.3 : — 
Philips (FI. LO) — 26.hj— 0.4 17 

KjutichVerlFXlOO 89 

Kobe™ (Fi no, ltjS.q— iji 

Kiilnco 1 Pi. DU)-. 128.5) — - 


ss -a-.-s 


Castor 693 —7 

Chinon '336 - +1 

Dal Nippon Print 830 . —3 
F«jl Photo -.MSB ■ -Z 

Hitachi 249 -1 

Honda' MotoraL— 573 — * 


-■ dmeo rto liraali- J . 

* 11 -Lojae Amerx-OP^J; 

iTIT’ ~Z~a Pbirpiwpe PP..tl;1:- 

^•§2afessd-:ia8 

16- ££ YbL CrS7.7m. ~ 
ir- *4: : ; 


i?a‘3”S*S ma. ^ ltofc ~™_-t 221- -I.., 

4 55-^-®'2 ?? ito-Yokado.., 11^20 ... 

34. a— J.8 id.: 3.7 r 653 - 

111.3+02 4.3 ? “'Ja.03O - 

5 i875 + t'5 ih so ««HIfle^.tNr1tl60 + 

J.e7J5| 1.5 32 5.9 tvonwiau....„i.^.l 347 — 

i4.2m-j.8 56 4.7 iCvbon / 281 + 

,48 J+5 18 6.6 <*yM0-tteraiBJc.j3,81O + 

42.71—0.3 - xf ft U ushiCa. Jnrt^. 1 713 — 

26.6[—0.4 17 8.4 UltsuhMfamanhJ 278 ._ 

89 - - AUiaabiati) Hmvfl .188 + 

bfl.Oj— j 2 A260 7.6 vliUoWah) U*rp.J 421,'... 


4,7 iCvbon 

6.6 lifMiHlennBJ 


6 1 vliteabtaht Uurp.. 


sb’iski.'iS affisai: 


128.61 __.„.! —.1-1 MJlnd A Col_J„.| 


6J8 1 lUtinhabi,... 


164 Can heirs. 1 . ( 18*4 

I64 Cun. PldSc Inv..! 2D*, 

51 Unn.6u|wr Uii....j 55i£ 
5.05 CirHnnO' Keefe.. 4.40 

8lg |Ueaaair Abestoa...[ let* 

I (17*4 (Chleiuin ...J 1 77a 

I 23 if Common 28*, 

I 21 ig Loo, Haibunu... 28*8 
1514 Cuosnnicr Qm... I8*g 
5 >4 'juoeha ICeeouioer 5.57 
7>g Contain Klcfa floig 
6ia Dann Dor imi..... B 

52 Denison Slides... 70 '4 

70 14 Uom Mines b7tg 

53)4 Dome Petroleum 61*4 
21%g LSmiinloD bridar 24*, 

I 14*8 Dom L*r lulg 

12 Dupont 1S>8 

16*e Paicon'ee Mckie. 26', 

J 69 >4 r'onl Motor Can.. 791, 

25*a [iiQn*t*r 28 1 g 

10*8 Miiuii Yei'tvkiUie 125s 
26 Lull Oil Canaria. 2b ig 
5 | Ha finer Bin. Cu. Big 

29 Hwitnuer— 133 


878 ■ L~ 

128 r+u 


-1 12 .‘ K4 • - i-tV 

— i • ih K- 1.6 OSLO ^ - 

—ID .66' lv6 
18 2,r 

i 50: U . 

“an 4* -1-0 dexven BnUt.-.iiJ '9«J)!?-049 

^l»gSC3b£; : '“ 

—2 ( 18 2.6 Xomo- a 

+2 -1 16 2 (i Krertrtta-aen ...... 104i.5i+D.e 

+1901 55 0.6 MOTfeHTricatu-ic! 290.' 

—2 I 20 1.4 

:+“ S i? spain * ^ 

15 Lo June s' Pj 


UpniDutcfalFIJCO laC.lnl —0.5 5d.7b 8.5 Dennc_Jl.350 J— 10 

iiaveuburB. - 2662s)+0.5 19 7.5 Jitppon (thinpeti.. 716 1 + 15 

itevui GrplFcEO) 126.BST.. ....... 27* +.4 .’iiinut AtororpJJ: 794 ■ +9 


itevui Grp(Fu£0) 126.BW.. ...... . 

ronyoPac. Uk 1 b.& 106 m io 0.7 Pioneer .'L820 

Unilever (FI. W). 113.0m 142^ 7.6 ntijm Biectrte.— I 246 

Vlrin ff Kes.Int5L, 40.7 +uJI I 20 1.1 aaMdri Preuh 870 

fVflaUan’du.llinli 408.0j.^....^ 33 3.9 L.070 


COPENHAGEN * 

Price 4- or Ulv. I'M 

JuneS Kroner — 4 % 

Awirisumkeu .... 135 —1 11 8.1 

bumr'ser W +60 +1D- lb a.l 

Uublu- Uaub 122 ig id u.c 

Ha-t Aidati Co. ... 169 ,t +2*, 12 7.1 

Putin, ban Leu 124*«&r+*4 13 lu.4 

For. ISyKKoner— 5b I —1 12 a.« 


»Hv 1.750 

mi»ho Marine^J 235 
takeda Chemical. j 385 
cDK... ,2.040 


750 -20 
235 -2 
385 +2 
040 +20 
122 1+1 


+6 - I 20 1-8 Banco Bilbao ■ 

—10 15 0.7 Banco AttaDtk», tl^(WV 

+16 12 ll) Banco. Coaral ■ -1 — . 

+ 9 16 1.3 Banco EsleriOf- 

« JJ !SS.ISS£'iS55: :» 

+11“ An Banco Htspano-r « »• +»’ 

20 u!w g aw oJM. Cat:aittl 

-y s » 

la ri 'Banco Snniftnder^rswr 

tin a OrcndJo nJHB) i 

+20 «-» u.7 aanco .Vtoaya; 

+1 1 10. ;'<i; Baitdv iZMaemaro i,-- 
11 l.l Hanknnkm .'.i m — 


40 «: 
IX 83 
16 US 


leipa 122 [+1 1 10. ,4.i; Bancn’iZaruueitRo: 

lohio Uinae...... 490 11 l.l Hunfennion 

lotnob'iect Potr’i 1.040 |— 10 ’8 4 JO Bamm Andatucla ■ '.u, 

uiL.vo umn_. 316 Ul 12 *J» Bobcodc WiJcor 

LdilToShtl«Uni a i. 143 iwr gfC ■ 

■ mar- 148 J+3‘ I 1- .3.4 

Mr-inr. 974 !+4 - 3 L2 _ i-.-rrr'+r: 


For. Piplr. 74: 

Hi ml I embank 12ol 

O.N'[ii , nB.(Kri)t | i 270 

Modi Kahe< 24 4: 

Ulief*hnk..„ 78 

PnvMtMli.: 129 

Pruvins/unt ... Idol 

soph. Berenriwgn. 388 
aupeitos — 1831 


37 liuBM Oil ‘A’ 38 7g 'uperto" 

15*8 riuiieOB Haji SI or 18's 1 

16 >a Hi+ioon bay 29*, - 

l? U ilia STOCKHOLM 

27*, 1 mas. -o 83*e ' 

18 >0 (niperhi ciil 19 I nn. !! 

JBU ln.,1 — .... 20*4 — 


743, -lj D 

lisois 12 

270 +2 12 

24 4a) —ig 12 

78 — l a 12 

129 — 

Idols 11 

388 +1 11 

1831s +21* 12 


Source Nlkko Securities. . Tokyo 


SWITZERLAND ® 


Priiro I + or | 

Pi's- I — I 


34 20 

28i S 19. 
27U 18 

25Sg 20 
21 14 

41Sg 35, 
5bi, 50 


Big tn>ia> 13 

9*8 'inaioi Kai.Gaa.. UiTg 

13 ig int'p.vPi|«Llne. 16 
15 naiaer Uesouroes. lusg 

&/| uiurlPlo (.Tirp,... 8*, 

3.26 Loots w Concb'.. 4.20 
16*4 iL-'imii'QUloert,. 18/g 
9tg Uaosey Frrauson *31, 

201, tlvlnlyre... cbi, 

28*4 4i« cnirun^.^. d7)g 

1.90 MuuntaludlaieRa 3.70 
21>B fKH 1 * SIiihsi... b79g 
14*, 'iuroat bnenty— 15i, 
15*8 Vihu. leieeom... 30 

14 .Humac dll ± Gat a2J a 
5.60 JalkHrocst Uw'ib. d.6U 
1.55 (.^scitti: Copper JU. 1.31) 

33lj (Hct&cPWrcxeum 34*g 
51t, i*aii. Can. Pel'm. 31&, 

14 la riilloo 16 

5-8(J •'rallies DepIJS... t4.35 
O-HO •’laf-e Can a Oil.. U .S6 
1BU I'louerDevelPiitni 241a 
97g Power Corpmil ‘n 16 
lOig Price 14 


AHA AtAKr.oUl... UOSa) 

AiMUwl u(Kr3U 135 

VdK.V |Kr.60).— - 83.6 a) +0.5 
Aiisa CopcoiKrlff 122m —1 

ml lent. 1 83 — 

Hof or, 115m 

Canto. 186sc +2 

uehuiuna... 226x0+1 

Kieef’lux *b - fKBC 152a) +2 
Cncasan'b’tKrSS ld8 +2 


r- ‘ 

hmne — «c.. ; KJectJtrw/tK,.^-.. 1^55J. 

iHwm An Tc PtKJier (Geonjri. 660) 

208* 6-0 8.6 HdBmaii FrCert-J 75.26! 

13.6 m +a6 6 6 !o 


CIC •' ' 

3 4' Dragsdos — w^aii — • 
12 Inmobanlf 

— H. - 1. - -', AraKnB&laa 1 ■ 22*.'; 
EspawrtH. Ztoc -v.+iV.L^: 

- Exnt Rfo Tirrta" 

r '-. F«sa"fL«D> 

GU. .Efteiadm 

n-i; ■CmotriVelanraes r 

* ’HKlrola ’•* — LmI ' 

— Ibettfuere,- 

-v. •Q1atn > . .^i'..'w: : 

£.3 finpdenw Reniddas 








bl-eiie -B" 

r's^ersM 

Liran„ea nree)— 
tland 1 erbaaken.. . 

Uuglwu.. 

Uu Ucb LX)m-iu„ 
Soudrik A.o„„... 
dJK.F. -B* Kr>— . 
d kauri Koehikia... 
CaudvUlc '8' Kiah 
liridrfaolm u ->.. 
Viitvo iKr. 60) 


S3 - 4 4JB 

lism V4 i.o 

186xc +2 1J 5.4 

226x0+1 1J 4.4 

132a) +2 0.4 4.8 

108 +2 0 4.6 

267 -t 8 4.0 

92M +2 4 4.3 

47.0 +L5 - - 

342« +2 lb 4.7 

lbOa— 6 «t 8.0 

64+1 — - 

244 +4 6./0 a.4 

63m 4.0 6.6 

158 o 3.6 

75 +1 o 6.7 

61 -1 - 

70Mi~3 6 8 A 


1B 6 - B A-anuorum. 1.Z7S [+10 : o .4^ RKamlt&a 

: BBC-A’ -L 1.665. +1D lu 3.0 

CWmGe(ay(Fr.OQl.llSM -16 .82 UZ 

Do- Faru Cert.. OiaarL..^ 2S*\ ,c6 gf™' ^ y.-r.T 

^ ~ SSTfc *«. 3L 

HolTmaa FtCereJ 75.^^260)004. OJ uSSrS le Cf , ? ¥F gS £ 

B 6 0 pi+ i™. *?A-**, ”“7^ 

6 ,n Incerttwri a. ^AOO |— 20 ZU i.o 

4 ,0 Jelaoli (Fr. LUO) Jl/KU L.l.- 81 1M 

ia N«leiFr. WOi— 4^7 'ML.^LklLd 4.6 

s'. Do. Hot 4,170m;— 5 Ut6.7 4.0 1 

tj ai UerilkoflJLIP'iMAjB.S Z5. +45 16 Juoj 

+4 48 P1iWttHIP.a-.10Cj 272 f+1 16 b3|.-- — — -n— 

X 2'b danrtnr (Fr. jsiWlI 3.775 . L+oo E6 131 OoyL.Io^ lUjW—--,- 


6 6 0 ^ (HmaiJ) — 7,6^5 +.™.. 65 . 0.7 

6 ,n lacerttwri a. W^OO j— 2d 2.9 

4 ,0 Jsbmrii (Fr. LUO, Jl/KLi L.l.- 91 

^ NaaletFr. WO)— 4^7 'mL.^Lli’lLd 4.6 

53 «4 Do. Hot 1 4,T70M— 3 K16.7 4.0 

tj 44 UemkoatUPJM^tt.StB +46 . 16 4.0 

t4 48 P1iWttHIP.O-.i0q 272 +1 16 93 

5 4S daorto*: (Pr. fiO»Jj.775 . +86 -26 L* 

_ _ Do. Vutta CwtJ -nSjai+S : . 28 2.7 

8 4.0 a ■ftiniUwCtaFWej 273 -20 12 4.4 

* «-3 dnizer Cla'(F JOQ)} * 342«[+B 14’ 4.1 

~ — dtriaaair (FrJ4bU)l 8SoM,+3 ' .U) 4v2 

l 5 5-2 Hwi« BanftfF.UK} 370 rtj .! iu K.7 

«» 8.0 Swfaa(H* FJi60lu4.700 [+9 40 2.1 

““ Loiqo }ka(( M . MM J3,OlOfl +6 ■ » 30 3.5 


^■3 dairer CU‘(F, 
— diriaasir (Pr. 


6. re | ; 4 UuWto. 


28 2.7 Amal^nnsted 7 Mirtiber—_.j 
12 4.4 ttniwataw— '■ ■ ~ . y .• ... j 
14' 4.1 China light* Power— 1 

io 4 js f .|iin n rr;[i I 

40 2.1 Cross ttod/om-T^iAd.'..— j 


]3.010«+6 20 3.3 * N+* 

IK). 126 tF— ISO 44 2.1] gu* Kong 
1 • f’ | ■ \ Hong ptttx cwTOT. 


MILAN 


BRUSSELS/LUXEMBOURG 


(SI r 


1.03 Juehec Huigenn 

37>, | B5* 4 lianrar Oil....!.... 
lUia | Big rfeed a tan 


Div. 

+ or Fr*. Int 
— Nei 6 


rtOTijr v 

HoegKongKOwHKWT^rij 

•Wffff Hone JuKCKt* lOTBItwl 

Hoag ^ful i 

Jiiniim UrthMi — . U 


JarrUae Mit he M n, 
JaidiBe Hear — _ 
RuMwc. 


24*4 ittnAlMim 32 

2514 Ikoj-sJ bk.oi Cun. ill, 
15 Jthjgnii Traa, J 18 fg 

7*8 Nsepar H'souren Big 

22ig se*grsm>-...„ sjbig 

13*4 3Uen Uuiai,.— 138g 
4.3u sberriu U.Mmet 6*g 

82*9 MebensO. L il7 

4.40 ’irojJ»oii» ol, 

22*e rtee, ot Canaria — 251a 

2.30 leep Hock. Iron . 2.90 
34 lexsco Canaris ... 37 

16*9 lot onto Dom.Bh. lulg 
13*4 tiunaCanPipe Du lc*g 

8*4 InuM Unuul U(r 91, 
10 Cruee....— 12l a 
10 lUuiuu Gas 11 

7 jliirt. -MBCOeUlh* 8 
28*8 j'Vaiaer Hlrini... do ig 
111, I VVesI Unapt Ttn«. IU» 
13>a (1t^)iM Ha-. 261? 


Aibed ... 2.326 -90 

Uq. Unc. Lamb— . 1.600 +1J 

tfeken “B" 1J,6 j — IO 

C.H.K. Cereeur.— l.lBanL-JS 

Co.-fcerii 425' -15 

BBUo 2. 2 KvUdL ...... 

ri io trobei 6.35 ■ —4 1 
Pshnqiie Nat-.— 4,660 — .... 


h 1 J 711 W 
-10 lib BJB 
-26 luu a .5 
-15 — - 

- 177 8.0 


lANKU— — 96 — I — — JentiaeHear 

Uiwtcav— . 462 J--4. — — Bubbec— . 
Ptsl— 1.820*c(— 7 . Ifiu.BJS -dlnteiJarby.. 

Do. Fnr l,617»i-'— B . 160 9J» Huutbiu i&C. 

rtnJri**— ___■ 94: Ml— " w- — dotuhaem'Xtac 




Flnadgr— ' 9m: 78J„..... 

Uslcemeot^ — zn.liij+Sl 

tM^idcK— 274v50(— 4^ 

' Mediobanca — jo. IDO, — SOJ 
MoatwUoan. - 149J28P-2 , 




liriMrt.— l.*l -m +1 . ts5 a.: 

H<*u*eti 4.235 —20 Il7u 7.6 

initw>om — il.755 +10 |l4H S.l 

KianeltmiU ...— A67 j +20 1*69 3.7 

Lm Hoy ale baiye.. 3.52 J sffflE 5-B 

rim HoMinir— 2,^6J \&LMi 

Fetruliu^ 3 JiiO —1174 4.8 

-KX' Ucn Usnaue^ 4.b9Q +5 *4 63 

we tisti Uemtqur *is2J — ..J14u 7.3 

urlna. d.lBJ ...319 6.9 

v ray 3.460 -24 k*10 8.6 

l faction K'ecf— - 3.i49 + 20 I7D 6.1 

UCH >46 + 20 — — 

UD Min. (l.-IU) 766 —44 50 6.6 


33.100,- 
14«^6p 
Ui64 t 

-■Jooh 

970 j- 
702.0W- 


aap-a, - — — 

l -{+14.-L — - ■*.' 

3 . l—o. :»0 -6t3 
i :.*AjU3 


dottriweirtweille:— . 

-1.7 swlreftctlto.A 

— .-teaineAtl ia ac e ...^ .„ ^ — 

IVtuWiP-k Mnririiyw j 

42 IVlTOor Industrial’. 


21>a iMUctamn tTecc.' 27is | 1 Eld. JAflked. S Traded. S New sn»* I Mguta ti ue. l l.blO 


—— *•* + DUSS tteiiom- ante« Othenrise stwetl. - ^rPtw3»4<BWi- 

TiT - " i‘2 sratsd. oenom; - untooa ottewtee xrafed-- . -WJfwJ 
1 5 i4u 7^ otbenriao mated. IVai.Bi toM). uoleagr efterwag »c«ted> . \ 

I ’“iti? l a suapeoMon. o Pterins. b SrhlWn c y eCeua. ,'dDWKl«M «1 

f 5-2 and/or. scrip tsftua. - «Per Miara .-.- 1 Prancs.' - pGnaj dh-. Ti- 
Tii ,£[ D !■? after-acrip aadrer rtgws isaae. fe Alter load ' taxeg.' 411 * %- 
+20 170 6.1 mciodtax-tJanfic dtv. ^BNom. . aS&ire. jmBC-.raDte/: fend 4 i 
’’’z® ri 7 "„ partnepL c BnUcated dfv. sllmffldti trodloE. ‘ o Minority .hs 
-44 SO 6.6 oemflnK. “Aatof. tsrd. § Touted, tsatar., tAaSnineifc- 

~ ~ dlvidwtc: »SES gens Ham. xaEk alL’ -alnteihDrMber: 







T . .Vvdt. . >. . . ■>’ . ■..! 


































AUTHORISED UNIT TRUSTS 




~V Life Assurance Ltd.? ■ 

Hgft-» Alan .Rctcate 40i0l. 5™- 

r i finA gwj . FmuPtod, A ce. 












HaTTOprq 

Bri: it j tf 


jiffn 

B|TT 1 


f 





vil rf Pftfi 




Cy 1 

1 . 60.' 

I :pj 

i . 77.' 


D« pod t May 3a 






rSS^'iM 







~ 






in i / ' i 'V. ii nr . _) ifpv 



Mm 


FINANCIAL TIMES -STOCK INDICES 











m^ruCrn 



f Tjj 

1 



^o-arfaiGroo jv.~J 2«*»‘ “Ml®? 209S . 7 j f 

*0 Shares,.: aW 25611.233.43; 2W.O0- 83351; 235.04 207.40 

: ihv. Vivirt pe-.,'..:.... -5.40, 3. 5 6[ • 5.40 . • ^ .6-4* . UfL 5.43 

m itetw (nrtj 7 a.i*| 8 .ia' aasl 8.06 a.u eoo| 9 .is 

. Ali S1I8W ......f 21 B.ilv 21 ?. 24 :. 2 «. 74 ; JffiMfi * 2 fJ« 


SBCS: 


Abbey Unit Tst., Mgrs. Ltd. <al Gartmore JOinO man 
72«l.i^tefamwRiI..AyR'»buiy. (CM ton a. si uw .Ur EdVMhi' 

" AbbcvCoollul— -.132.6 J4.71-0M 4 05 ■siAmoriuanTsl— •- * 

mSS^SSSSSt :.m si a -a a ss Bnu>hTt«*»i - g. n , 

AWMj'Jov.Ttt.W.fef 37 3 *0f 4.17 flf WfO-JWJ 

. Abbey tten.Toi W-3 4881-0.(4 JW 'siftrKartTJuai- 

“ Htfh income TW-~ 

Allied Hambro broupv WHgi ! nEa ?££a^' 3Ji 

I IjUBbro I fra . I Iiitwn. Brcnlwnmf. /i»t. i F^+rnPtFdrTT ft 3 

01-5*8 2051 or BpratoWKl <0571. SIMM T?.I«|Tt£%”« -PM 

3 n»uwd mad* Gibbs fAnttmyi U"* 1 

SK£*siJBf £343 IS 
BftNTU-aiSI 53=8 IS ffiJSSSferSf 


Gartmore Fund Mlanasers V taif j;> Perpetual L-nit Trust Mngmt.V tai 

a. St. itxry Aw- BO'®*' « i as rt r j i munsu Henley ur* Thames. c»« i - eaa , 

iSiAmericanTst--- Ola fpctuairipritn _ IM£ 42.71— ! 35jj 

S'WwmXoJ*^*' I??'* *6 ? cJ -) ii j 2 Piccadilly l' nil T. Mgrs. Ltd.V lavbl 
<si Kir East TYUtf- JM-CJ 2* Wanin' teH»..Wn London Wall R2 K>*Wp1 

la, %2£ Mr ~ *1 &V-V HS F-Kralsuxmw IJ1.9 ... | 4 

wFund.-. - Q-g. 6 14 S nw |j,.... s FA —MLO 43^-031 « 

!***£% a — gj 1 «S"-c“ ?ii 'Mlalfiur*..-. >66 #«-8.4 J 

n.l ? tS rnS-Krns * am«iJ 20 5o?,-0rf 2 

\ „ **•« 138 l-nvare Fund .. (373 40 a -0? 3 


Allied Capital., -..m2 __ 76.3 -0.1 

HajnbroFond ...».~(iol 4 111 2 a — CJ 


&SKSM5i''|& uffl :?S 12 Piccadilly Unit 

3 93 <s. K»r East Tjuat- 2-7 2 P Wardcte H»..Sh l 

HU* lnwneTW- » * ** Exai law.. . 

Income Fund {15- - ■ 2| -C . 6 14 s m . 1 ii|...- N f.%t ... 

JSu fflSSwrr S| 2fa l 

If, I«I.T»»4« >*a! lai^^ 

Gibbs fAntnny? 1m 1 *si. >1^, Aecuadir tuo<t — 

IS a.iw.«ida.Era><~ ■- 

IS SSSSSSmitBI «V'.: IS 


Hombro Are. Fd [UBJ2 

Inretnr Fnoda 

Rich Yield Pd...u....U9.1 

Hlfli Income _....... - |M 6 

0 .vH.Kq.loe 1389 

lnuntaUnd Fundi 

international pS-i 

See* of Aiwric3_..n3i 
racifteFUnd .. .....1391 
i^wflalM Fundi 
Smaller l'o.'n Pd. ...1353 
Hod Smlr. Cos Vd. ..[<33 

• RorwenrSlta. JM.7 

’ MoL Min. &; Otty -HO 7 
UveTMii Earn orj.Cn 5 
Espt smlr. Co's . -WlU 


74 tf .... I SOS 
693 -0.S 6-bl 
,«.6|-0J| 6.97 

3721-01/ 551 
57.l3-0.q 241 
4i.q-aq zjo 


548 iai.v0.1neoiM'— Bjo «2 - IS 

500 tatAC..«ro«hrr. @91 *2 ft ■ — i S 00 

4 35 in .A U FarfiMf-feS ... OJO 

5 12 Dealinfi "Tucs. tTWe-i 

455 Govelt 

T? loiwljnVN'aU.RCC 01-388 VSsC 

fP* Shier June? WJ 2 ^?s|“J3 f® 

?'S Do.Accuia Unit- -llM-0 170 81 -J.7| 2« 

Sett dealinii day Jua le. 


36 1 ... 
43 4 -0 3 
49W -0.4 
w3r, -0 ^ 

40 0, -o 3 
66S -0 J 

61 #3 —0 ] 

29W-oa 
267M .. .. 


Arbuthnoi Securities ic.l.i Limited 

P 0 Bon OH. SL H«s f ier. J ers<->- 721 77 

Cnp Tst iJersej-i 11150 119 did ,1 420 

Nfrt detuinij ili'f June 7 


Sent denlinij Cl’ 
EnsiAtr.ll.Ta.LT, 1U40 

.Vest fiub, Ju 


lii 01 „_.4 3-U 

e 8 


151 Grietwson ifipnagemeai to. Ltd. 

201 op Gresham St. HCSPSW ui-dot 

138 Harrirt'nwi 3W 3* ‘ 212 9) .... 

lAcoum l allsi~._-- {^—7 ^l 4 

At* H ta B .H.VdJmc l ■ g» | 2“ J ■ 


4tJ ^oi >M iAvcum.l.'JuW> — - ?SS| 
»bS -07 5 9b Kndaav May®.-, lg-1 
430 -0 j 53? tAccnm LTlW-.- **>/ 
M b 0.6 4 .W <.mciatr.Ju»e3 . - £3 

226.1 *02 5 30 ‘ 


DimiwMaEamnBiSa M.« -0.2 4.47 ‘.meiistr.JuacB • Si in? I QuadraitfGen fd. .00*6 !««...[ 4^ 

EsotSmlrcSs-^laiA# 226.ll *02| 5 30 3JSy31T.pt Si; *3 uaJn * nl,womr - 22® ft I 785 

Anderson Unit Trust Managers Ltd. tAceum-Uiutu 357 . 1 4.12 ReUance Unit Mgrs. UiL¥ 

«ctr«rfnwrhSLEC3M6AA tKJuiOl Guardian && E* ^ntt Mgrs. Lid. Rciwnce Hie .TUnbntfae Ke(is_ Ki. obk^ti 


212 9) .... 
2319 .. . 

284 sj . , 

212 3 . 

1S7 2 . 
19J 9j 
ws -pa, 

75 ? . ■ 


VXJ <- TechiwInr.vF'und -g7 i ' « M -0 ll 406 

(lf.5A)4i ( , FarKaeil fy ...171 29^-0^ 100 

•• -| |M .umnean Fund. -. 1251 SA7id( ... . ] S.9o 

V"i ojo Practical Invest. Co. Ltd.V tyjtci 

-H.BluucubsrySa-^lATK.V Qt-M38aa3 

Frarlical Huy 34.. -.1147 0 15621 . „ I 421 

UI-388 5C20 Aevmn.t.UU .1207.9 220.B, j “,2J 

-'2j i% Provincial Life Inv. Co. LtcLV 

C ■*' ® SfclRishopSKate.E''— IU.2476S33 

, . . Prolific Cnila- JS18 B76j-Q6( 519 

Ud. lU06 lia^r» -0«| 739 

ul " fio6 f^ Prudi. Porllolio Mngrs. LuL¥ lartbHci 

HolhoruBare.EClNSNK UI-4U592S 

>85 Fruttcntiiil B250 1325/ -CJJ 44S 

177 Qulltcr Management Co. Ltd.V 

177 The Silt Eerhin£e.RC2N' !HP. UI-OttMlTT 

-pa 2 76 DuirinnlCfn )U niHl 108 U ... I 423 


, 10C Kenchurch SL EC3M SAA KSaiOl Uuaroian uSfl 1 sn 

Anderson U.T HU0 52201 -I *fi* t 9*51 '*U*T£ SBSSSRKeTIpa -0^ IS 

Unit wnnf C’n IjR laa^uardhium iWJ 9251-061 <-35 so lefordeT. lac. — RlS 43 -0.4[ 5« 

Ansbacber Unit XgmU Co. Ltd. Henderson AftaUmstranonV (aMcHgi ma 

i-N«JlUiSL,EC2V7JA 01-SS36370 rwiBi *-rT Admin.. tRuyle.fili Road Huuon R,d ** beW Management Ltd. 

Inc. Monthly Fund. |U2.0 - 17201 J B.60 jtroaivrood. Esses. <077 217538 ?OB<w4MI»-W. Kennedy Sl, Mar.ch*c 

Artnthnot Securities Ltd. laKcl &£ r[^hinc-[42J JSl'-on 3J3 S J ^ ,e yi M l ' T KS l 223 ’ "I 

37, Quron St. London R>.'4RIBV hiJaaMSi iapGrmmhAM -K.l Jsi-Sj! 353 RideefieW Income. W 0 I 

Extra Inromc Fd—UOSB U3WI ... {1125 lnrome * A*seu— 1313 34 4 [-oj| 623 Bathsehlld Asset Management 1 

Ulcb Inc. F\(nt) . 

Siacturi UniU). 

■8ij% VdrwlUb 

T’ndcircnce fund. 

iAtcusl Udluj 
Capital Fund .. 

Commodity bund 

■ Amin Unliti. 


Anstralian Selecrinn Fund XV 
Market UpportuniUfel. 10 Irish Voiinc <* 
Oufhuattf. f-T*. Rent St. Sf4t!tr* 

L’SJlSham I SU’Slii j-oml — 

Bank of America International S-A. 

38 Uoc/lnnni Ana/. luvembAci-i; g.P 
WldinveatTncoaw.IttSlWiS 1112U-0.7M 6JS1 
Prices ic June 1. Next sub day June 7. 

Bak, of Lndn. & S, America Ltd. 

40-aiS. Queen Victoria Sv. Et'4. 1)1 Q30 3513 

.UeunderFund ...tSL'56.91 - [ I — . 

Net n&ict value June 1 

Baaque Bruxelles Lambert 

2. Rue De 1 b ftceer.ee B ltiOP BruxmU 
Renta Fund LF — ILM5 1.9o2[ -4{ 7.B7 

Barclays Unicorn Int. (Ch. is.) Ltd. 

l.fharmg Cross, St Hclier. Jrr>. 063473741 

Ovtnesl Incune . WB5 51 0) -OJl 11-01 
rrJdo'. Ur Trust.. .pfi.'SUK llt3 . .Tl <25* 
L'siband Trust .p'.JU»B7 ubjj) . . .. J 8.00 

'Subject In lee and HUhtioldiDB lues 

Barclays Unicorn InL /!, O. Man) Ltd- 

T Thomas St, tuvuglas. Lo.U. 08244896 


King & Sbazson Mgrs. 

I chart ns Cross. St Ketigr. J «««!?■. <Q53f 1 7 SWl_ 
Valiev Hs«. St. Peter pot:. «rasv. <048!' 2470S 
1 Thomas Street, Uivicras I w.M (CSMl «5S 
CtltFuRd(J«rarsri-!9J* 9-3S4 • - J2'S 
Gill Trust fioJL. 'LJ3.7 3CS-iS . . ? 1^ ® 

uilt FjisL Giwmievi£9 71 9.721 i — W 

lull Gfri. Sm. T«l 

FiraSterltnc.- - Bait 1£2W .1 — 

First J.ll! (123.63 35* l5| | — 


Kleinwort Benson Limited 

2U, Kenchurch SL, EC3 0I-CS3S300 


113 8b ... 
Mi .. 

60.1 

601 ... 
27.4 . 

406 . .. 

195 

b09it ..... 
B78a ... 
S3 3a .... 
JS6 . ... 
432 -0.: 
49.9 -o; 


i- Sector rwati 

HnnaelalJilTL— J»9 

7.- Oil* Koines P 7 - 2 


7o Oll&KoiRes Vl 2 

5^2 I a^nuitlonal 

| Jjj inU-nuiMUMl Z~— ® < 

WrldWideJun«2_..|752 

Z82 Ovctw*»» Fuad# 


3 4d -0 is 

Z9.fl “O il 


iI0A.Wdnel.Ul 

FinAPropJ'd. 

Glams Fund 
iAKvn.Umtai 
Growth Fund . 
lAecuzD. Unlbfi 
Kirn] ler Co's Fd 
Eastern & InU. Fd 
i8% Wdrvel.Uts) 

Form an Fd. .... 

N. Amer. Jelni. Vd. 

Archway Unit Tst. Mgs. Ltd.V faMcl 

317. High Hoi born, WC1V7NL 01-8316533 ^“V'l^ST B7 4 

ArrhweyFund . --182.6 87.9n| . . 1 5 88 intiotlarTrurt [779 

Price* nl June 1 Next sub. day June a tbiCaniUlTrusI ..-B9 3 


Barclays lihicorn Ltd. laHglVIcl 

Unicom Ho 232 Romford Rd E7 01-53 
Pnirnm America ..133.6 Jbld .... 

I Do. AUrt. Aw .._ . 705 76J -1.0 167 

DO.AUOt.lnr 55.9 60.4 -0.B 1.67 

Do. Capital >S . 9 • 7L2 -07 

Do. Exempt Tut. 1092 1137m -0 5 

Da Extra Income .27 9 30.2 . .. 

Do. Financial ..59 3 64 In -05 

Da 900,. -._ 725 78.4 -0 1 

Do. General — 315 33 6 -01 

lu. Growth Ace. 00 B 44.1 -03 

Do. income Tst .. B4 4 912 -05 

■Do fTf.A ai.Tfl... 1372 lMfl 


r — IKfl y y, hvj l 

SSL- fS-sSss-il 32 :SS 311 SSttBiSSfiS *813 : "I SS 

... {1125 lniDme * Assou— 1323 34 «[-oj| *23 Rothschild Asset Management Ig) 

Irn Hfffin^Sr PW, B9 5 63 hie) -o 'I ac7 72«.Q»teh« 1 acIW. 1 AjIwbuI4 CWSKHI 

- 12 il^<c ,a! R^ rU '”'"^ ^ ?U \u'iniLl?d F SSc.iKa 6 l5 9?2^;l iSi 

5 12 011 * Not 25 ®I « 1 94 _v c. inti. Fd i Aw <B9 0 94.3 -021 1 J8 

!“ l-*™*'— S8 BeS -Q ? r 2 33 N. C .MU!rCoy,Fdil53S 16l3 -0 irf 4i3 

jSg intemBiiona] 31 < 37 4 -0j> j.63 Koibschild & Lowndw Mgmt. fai 

Wrid WidoJimd 30«!-oy 457 £1. 5*lUuni Lone, Ldn.. EC4. o:«043M 

^ver*e».FB ,, 4i New Cl E»wnpl .-102=0 M9BI....I 361 

|g ^S ESi? 1 “TT »2 JO? -oTj S 17 FT1 «> 00 JaM 25 

4 41 Far East - ■ gj ? M Rowan Unit Trust Magi. Lui.Viai 

M2 v°S.Ijr5S£» : i»T.So5 125SdIo4 255 CmnJMH»e .Finsbury Sq.ECS. W14MIIHS 

53 ii - d i uS flSffisigri'Kft, M "“I SS 

100 Hill Samuel Unit Tst. M S rs.T i a< H^cn'v^dj£i?i .. ks 57 S{ I. .. 758 

,u«, IMimhSi ECZPSUC m j yfl a-ii i lAceum. Units' 76 8 80 9; 753 

aMC ’ (us 7 iso iul_ i' sn Merlin May *J1 ... 77 8 617 .... 4 01 

:«w- JSJSrnSmE^-'.E* ** =ni *£ »»« ««i ■ -1 «■“ 

1" B5=Si **** TfiL Can : ™- Ltd. 

Jh.F?MnclalT?u«-B9-S m 70 **■ Jenny □»««.*».! ui«S8SS= 


36 2 -03 2.95 Australian.. — — 

42.7 —03 295 European 

295a -0.3 4 41 Far East 

26 J 1.49 NofUiAflW ---- 

-20 6 .... 149 N Aa.GRuJdaySo.- 

911 .._ . 1J» C abotAmerjiia w>- 


40 7l -a 2 

«i -o i 
125 id -0 4l 
531-0 1 


Unicom Aust Ext.. 1532 5731 ... 160 

Do.AuxL3tln &3.1 35 tel _ U0 

Do Grtr. Pacific. -...»61Jl 65 -fli — 

Do. InU. tncoaie...- I»i cijl Boo 

Do.I.tf MMTA-..H6* MJ -13 670 

Do Manx Mutual— |25b 27 6| . - 1.40 

Bishopsgate Commodity. Ser. Ltd. 

P O. Box42. DouslH. LoJK. 0624-23(111 

ARJ*.AC*M*y3— .BUSBa 29 « ... ..I — 

CAVRRO"Mfl>'r. tei oos j.oSj ... J ~ 
C017KT"Mny2_ -U2337 2.479) ....J ZU 

Oncinaiiy Issued a: -Sio and '*£1.00. 

Bridge Management Ltd. 

ro. Box SC8. Grand 'Toyman. Cnvnan la. 

VbMbiJune2 ( B53* | -4| - 

CPO Bo* 530. Hoac Konc 

Nippon FtL M*1- 3J WpSISTI !**•) J 0.76 

Ex-Stock SpUL 

Britannia Tst. Mngmt. iCK» Ltd- 
30 Both Si. Si Helier. Jersey. 0534 73114 


KB Japan F\ind...., S'-’ lot? 19 1 CEO 

K.B.U.S Cu-th.r'd. SLSU43X! | J C79 

SlKB«t>enTuiiJii .. 3US437 ; | 164 

■uniloadx iDWi. ..12 3 1929| . .. 1 95 

*13 act u Lonqon ranne agena only. 

Lloyds 3k. (C.I.I VJ7 Kgn. 

FO-Box rn Si Helier. Jeney . OSC-i 27551 

Lloyds Tst (J’seii |55 5 50.4/ . ... | Z.2D 

Next deal i nr; date June 15. 

Lloyds Inter cational Kjonnt. S-A. 

7 Rue du Rh.’r e. Pl». Bn* 179. !21l Ge.-tev= 11 
Uopilf Ini Growth ii=!IlM .?5DCj...) 160 
F3CC.50 RFK35J 3HS3| 6.40 

MiG Group 

Three Quays, Tower HiU D.3R 6WJ 01-82S C.’B 

Atlantic May 20 SC >277 33,.. ..J ~ 

Aust Ex. May 31 — JTO29 Lf3 . [ — ■ 

JkildEx May 31 ... . 5US9 SS 2937 . . ■ - 

Island 126 4 LJ45 j 93 at 

lAcvura UnlU> 1717 19021 -e0.il 9331 

Samuel Montagu Ldn. Ag&s. 

1 14. Did Broad Si ul 5SSf*l 
Apollo Fd May 31.. 5=4783 SlCSi-Ltol 3bl 

JaprefitMay3i :;KU2t aS*013 115 

117 Crp M4J-3'. - . P.saJ5 117^-021 i01 

117 Jersey May 17.. £532 5.*=] . ... 0.75 

inJisyO’s Slay 24 112.13 liSQ — 


‘Junes. ib i Capital Truxt-- 29| 

^■i i ih'FinanclalTrusi 90 S 

“ ,c ' IbiinCMIK'TruK^. 271 
01-SS4SH4 ihiSecurityTYuxt- C-? 

.. I 1.11 ‘biHifih YleldTK- *29 1 

: i-a i't? Inlel - ¥ UHg> 

-071 440 *s. Chrittopher Street. Et t 
-05) 612 Inlet lnv. Fund. - .{88 7 


33 4i -O’. 
3191-111 


29 3n5 -0 4 756 i-Oi til Fd._ [635 7231 f 3 61 

SS»f-04 511 Income FU i?29 76.9( . { 7J2 

312wi-oi, 


5 11 Income Fd J729 76.9| . ( 7J2 

3 06 Prices at Stay 31. Next deatiag June lb. 


“i-3 MZ lutel.V laRg) Save £t Prosper Group 

-0 7 4 40 W. CJirioWUher Street. E-f 2 P? 247 7243 -L Gceoc Si Helen*. Landoo FC3P SEP 

-05 612 Intel lnv. Fund.. -|88 7 95.5| < 620 68-73 Queen St.. Edinburgh EK2 4NX 

• , Key Fund Managers Ltd. laiigi Deaimps to oi-u* amo or aoi-am t=si 

-01 5i6 Sb.Mdksi,EC2V8jE oi * a Tiro. Save & Prosper Securities Ltd.V 

-Ol 6 0S Key Energy In.Kd— |TC5 8J5 -11 3 17 IntereatlmuJ Fonda 

-03 47fl Ke> Equity A <ten-. bfl o 731-0 2 4 75 Capital -067, 38 8j-03j 

-0J 606 71*-. Exempt Id... W 1 ’^41 643 J.T L -. 247 265 -Of J 

5 02 Key Income Fund-- 7?*> 33 M -0 J 825 Growi-. |65.7 70bl-o<j 

1 June 30 Kcv Fixed Int Fd. .UO 4 WJI 11.97 im_ m i.« tsmi 

1“ l”\. . SSaSS'^g? 5721-0.51 

Kleinwort Benson lm; MaaagersV H lRh income Fund* 

-oil 481 30. FURrtUirfc Si. OI-«ca«30U Hied Return. .-165 9 70S -0 41 


oi js a 7070. Save & Prosper Securities Ltd.V 

83 5 -1 1 3 37 International Fonda 

731 -0 2 4 75 Capital - 1362 388! -03J 301 

54 J 6 43 J.T L 24 7 265 -Ofj 3 94 

itxx -0J 825 l*niv. Growth. -.:... 165.7 70fa{-D«j 2 05 

mu n -> lncrrMlnx Income Fund 

"9 9) -0 a 6 31 ji.gh.Yietd . . 1532 572J -0.5[ 


».FlfRrt«lirfc* 1 E.‘.-7 OI-<CJ«»<J HiebRefurn [654 

iB Unit FU. Inc - 1M9 ji . j S06 Income. piS 

•K-B VnMVlAc-. ltoC iln 2 5.06 K Fluld . 

IB Fd Inv.T*tx.- |52J 57j| { 4*8 


70 81-0 41 SIS 
40 « -Oij 8.74 

463| -0J| 4 £1 


133 6 

92.6 

74 7 


B 2atePr.**Moy23 9 197 M .... 

Aw. ua. -May ts~ to# 2 2343 

B'ntelnlUaySl- U73.7 DHJB 

tAecum.) May 31. — .(191-6 203.9i 

Next sub. day 'June 13, —June 

Bridge Fund ManagersVIaKc} 

Rlbje Will lorn St, EC4RSAR OI- 

Americnn & Cent -.124.4 26J8 +0. 

Income’- — .{*7-4 543b* .. . 

Capital lnc.1, ~[353 37 j6I .... 

DaAce.f... — ba.9 4L4I 


80 2[ -0 £ 4.08 

733) -0.7 131 

75 l5( -0 7 331 


-Do. Prf.A'u. Tst... (1372 1442J .| 5 02 Key Income Fund- )7E 6 33bad-0J 825 L'ni-.. Growth. ...... I65. 7 70fa|-0«j 205 

- 171cm at May 30 Next tub dnv June 30 Kcr Fixed Int W .g0 4 642/ 1 11.97 mnd 

DaReoww^.. ..W25 45 9 -01 5.56 Key Small Cox Fd ,|9S 9 "9 51 -0 2) 6 31 ,BCW 

Da Trustee ^und ..1112.7 1218 -O.E S 09 RVinwort Benson Uni; >5aa-*cers¥ rf, S h ' ,e, ‘ l - - - l 53 * 572. -0.5| 7.27 

Do. Wldwide TruxU49 0 510 -0 2 1 59 AlMnWOn WM*n ini. .naa»JfJS9 BL*h Income Fund* 

BT*an.FW.fnc._rT62.8 65.4-03 481 2C.Ferrt;urt:fcSf .E1..7 Of-dCdttJOU Hie is Return. .-(65 4 70S1-C4I SIB 

Do.Accum. ...1719 7491 -0.5 4G1 K.B UnllFil.lM - M9 .«31. j 506 Income. [E.S 4a « -031 8.74 

Baring Brothers & Co. Ltd.v laKxi bSnftliGu ‘ctj! I SIS S'^’ E !'!^ 1 [ei i 4631 oji tr 

aRi^dwabaiiSc.Ec^ “''ff? L & C Unit Trust M=r.a s ement Ltd-V 4631 ° J| ,8 ' 

ESI 217'3 I 4 20 The Stock Ectamte- El32. ’.Hb r.l SBa 2300 Europe B36 -IS 339 

. Dfc — w.i«v*s?8 •• 1 assteftaw* 6 - 5 'ss :ga s«S ^ 

Bishopsgate Progressive Mgmt. Co.v Lawson Secs. Ltd. Vianci cZO^JiS* D46 hi 21-051 

fl. Blxhopxaa to. E .C2. 01-588 SfflO 0 Si. EdiBbomh EH2 31'.. <J2’-2M 391 1 Eaw!-. •}*« 73A -0.7 in 

B’2alcPr.--May23 -IlM 9 W M J.90 %FLivl jiatertalu-.-paO U21J -11 637 Financial Sec5- - k>9 9 751^ -0 7 331 

viZJiinC&ZSx'Kni ula it? ^Aceum Unuxi - CS J-5-12 537 KUb-SUnlmum Funds 

tAc?LmL) tb^SK-llsib 303.*:::"! 124 §99 ST" ' 249 SeJ«ilntenmt.„. [2481 263« -l.W 2-M 

Next sub. day 'Juno 13, —June tIGilt ned 5b 4 34 5 L90 select Income ..... |53.4 56Jj -03| 7 48 

MiieF.dnww.Ki iSSSS,:;; 5i Si :»"i SIS 5“^ s ” arit J,“ 

Ring Will lam St, EC4R OAR OI-0234BM “High Yield 472 519 1060 gcoUiUx-. «3l221 *2 

African 6 Ce at . 1244 263+0.1 144 ^ Eb! MJrtl^O^ 4« 

Income’- B.4 HJu ... 659 Deal. *Mca *TU«. Tt*ed. tTburo "Fn. f cou ** p, »' . Vz. 

gSSVT.-— Si a; ■ 1* LcgU a CBKfU T.^1 r„»av taftlrllV-SK la 

FY CTifg ) . ” 136 145-0 ... 552 IB.CauynBeRoatLBaTSWl 027232241 Prices at May 3t Next sub. day June 14. 

Jrtnrmj^ibcr .156 •. j Jab SJ3 ...;f Schiesinger Trust Mngrs. Ltd. laxri 

Deollnc *Tues. rWed. TThurs- Prices May 30/31 Next run. day June li tlncarporaeiiiE Trident Trusts) 

Juno la Leonine Administration Ltd. Dcrta i03Wia«4i 

Britannia Trust Management (at eg l 3.DubeSi.Landbnwii!G(p oi-4asss9t 

3 London Wall Buildings, London Wall. UuDud. W-f W.« -ft* SD8 Exempt meh ’Ad 

London EC2M9QL 01-838 047B/047B LuoAecum — {n.4 SS 7] -031 *.b2 Exempl Mkl Ldrs. 

Sil Si! UoydB Ts# - «»*«• ua-* ia> 

1 Si -07 4 38 Reitinrar's Dopt. Gonius-bj-Sea. Inc. 10*4 Wdrwl 

7 E25ix 3)6 5OT Worthw*. WeatSusrcx. 01423 1288 IntxU. Growth 

3 407b —0.4 4*1 FltxtlBataqdJ 

114 2b +13 738 po.rArcunj.)- 

•03 -0.2 934 Second iCap.l 

230 -03 344 DatAaaim.1. 

gK =SJ }g ffiaSSS^BU. UUI-1JI ii7 s»»i*rL». 

U sc -0 9 409 Fourth (Exlnc^. 

7B6« -03 7!otl D 0.tAccuta.1~. 


!, m a u 71 Son Htrt-SUulmani Fundi 

JW:;- ^2 ST - • ?S Select Internal.... 12481 26181 -l.M 235 

Ed^MLftS 3?5. : L* 563! -oJJ 7.48 

can w..-. g: zs.i -02 o.w scotbits Securities LuLV 

y.eJd^r: 47'i 539 10 60 ScotbUs S| ailloil 6% 

WbteEf^?lL SSSSSKs===B2 t§ 

& General T>udul FundV |gt£SlLV.“BK " J fS 

meeRood-Rnstol 027232241 Prices at May 33 Newt sub. day June 16 

"uStST—KI 7b.| :.::f In Schiesinger Trust Mngrs. Ltd. lagri 

Next sub. day June li Oncorporaanc Trident Truxtai 


London ECSM9QL 


Extra 

Far East _ 
Financial Secs. 
Gold* Gotten! 
Growth-—. 
laa A Growth 
Int'l Growth... 
IrnwtmsharH 

Minerals.- 

Not- High Inc 

Newlasue— 

North American 

Profe s sional 

Property Share* 
Shield. — — 
Status Chance- 
Uafv Energy 


55.11 —051 486 
60.41-0.7 438 

3-5«d-0A| 509 


62.94 -03 

73U-C.4 


_ Inc. 10*6 Wdrwl 
01 -823 1288 lucid. Growth. 
-0B1 4.45 Inv. Tst. Units 
-30 4.45 Mo/tat Leaders 
-0.5 320 -Nil Yield 1 .... - 

-03 3.20 Prof. fcGIU Trust-. 

-30 617 Property Shares. 
-13 617 Special Sll Txt- 
-03 7.95 l'J3 Grth. Ac 
—0.4 7.95 LUC Grth. DIsl 


23.0) .... 208 

29.B 373 

273 d . . 833 

»53 -03 430 

M . .. 9.60 

. ... 9.65 
+ 0.1 — 
- 0.1 239 

+ 0.4 433 

SIM -03 4.61 

53 " list 

53-02 230 

293 .... 238 

22.43 532 

2033 + 03 ] 532 


|-g Lloyd's Life Unit Tss. Mngrs. Ltd. 


J, Henry Schroder Wagg A Co. I4d-V 


The British Life-Office Ltd-V (a) oSSSav. 
RrtlnnceQse..Tunbridgo Wells. Rl 0802 22271 < Accmn. U P1 U,... . 303 
BL British Life ,.(49.6 5231 -031 568 603* 

— Hi Sl-d §5522 JM®, 

'Price* MW ail^wct doling 1 June 7. ^JSSSuriS.'': *7 

European- ..... 

1 Acrom, Units' 


3jB 72-W. Gatehouse ttd.-Ay lesbnry. O2M3041 120.Cheapsule.eCi. 

624 Equity AccuaL ..^(1K1 1664) .....J 4.03 Capllal May 30..., .[1M 7 1043 

M 5c G GroupV (jltcxsl income teiySr.II|S.7 193 

432 Three Qusjys. Toww EH. EC3R 6 BQ. 0BB8 4588 (Accubl Ifnftsi gTO-7 ' 7* 

262 Sec also Stock Exchange Dealing*. General May 31 .--SM K 

4.43 American. —500 5331-03 365 jAccum . .Units) fiBLO lot 

4 JU (AceuBLUroai 530 543-0.1 165 amopeJunel 006 311 

234 Aostroloslan 539 553-03 385 g? A. ,£ 

, (Aceurn. Units*-.... 52-9 56 -03 385 *P»8^arFdAp25^.0 173 

i) Commodity 753 8071-03 ^.09 ‘SpccJQi Ky lO. .JS62 ■ VO 


01JS4034M 
.. . I 231 


Starling Denominated Fdo. 

Growth Inreai [332 35 91+031 4.00 

lntnLFd..- foo 7a 9 -o.d 1.00 

Jersey Ener»Tci.Ua2 149= -4_S 350 
UniviLsTsiSt. ..K2Z3 335 ....7] LOO 

High IncSUfi Tot* I — 1J»| 1 1300 

t& Dollar Denominated Fda. 

I'nlvoLSTu. ,Bl!«S2a 5MI.0JJS ~ 

tut. High Ini TSL ' -f - SI SUM) ....I 900 
Value June 2 Next dealine June 5. 
‘Initial oiler closed May HI. Next oeaUag dote 
June 13 

Brown Shipley Tst. Co. Uevseyi Ltd. 

P.O. Bos 58S. Si Helier. Jeney. 0534 74777. 

Sterling Bead Fd . |£9 9b 9 99> [ 12.00 

Butterfield Management Co. Ltd. 

PC Box 100. Hamilton. Bermuda 
Buttress Equity - .1331 2651 I 376 

Buttress Income p 03 195| . ...J 738 

Prices at May 8 Next sub. day June 12. 
Capital International S.A. 

37 rue Notro- Dame. Luxembourg. 

Capital lat. Fund... i 5US16JJ4 | 4 — 

Charterhouse Japhet 

1. Paternoster Row. EC4 0 1-248 3W90 

Adtropa DM39JS 124B .3 566 

Adi verba nU49C0 5lbC|-r0 20 523 

Fuadalc D 10153 Jilt +020 602 

FontLis DU2110 23W .. .. 568 

Emperor Fund — SI'S 91 3tn — 

EumuiO.— _ISUS8336 Ci( ... 314 

Clive Investments (Jersey 1 Ltd. 

PO. Bos330. Si. Helier. Jersey 053437381. 

Clive Gill Fd.iC3 1.(9 90 4911 ( U.00 

Clive Gill Fd (Jsy-'> 1987 9.87) .. ,.| 1300 

Cornhil! Ins. (Guernsey! Ltd. 

P O. Bok 157. SI Peter Part. Guernsey 

Intnl. Min. Fd |1680 2C3 0| 4 — 

Delta Group 

PO. Box 3012, Nauau. Bahama.', 
DeUalnv.MaySO. (5175 184( J — 

Dentscher Investment-Trust 
Postlaeb VBS Bieberjuss* fr 10 0000 Frankfurt 

Cooceam |dmi»Jo 2Q30]+-oJ.tA — 

lOlRenlenXucds.-.tDKb'Ua 73M|-0.10| — . 

Dreyfus Intercontinental inv. Fd. 

PO. Box N371Z Nassau. Bniuuaas.. 

NAVJunei pCSJUJ U2l| 1 - 

Emson & Dudley Tst-Mgt-jrsyXUL' 
P.O. Box 73. St Holler. Jersey 0SM20SOL 

E. D3C.T. [117-2 124.6[ | 3.00 

F. & C. Mgmt. Ltd. Inv. Advisers 
1-2. Laurence PUuntney Hill, EC4R OB A. 

01-89 4880 

Cent. Fd. May 34 .... | SUSS 22 | — 

Fidelia Mgmt. & Res. f5da.l Ltd. 

P.O. Box 070. Ramil Ion. Bermuda. 

Fidelity Am. Asa,... I -SUS2532 | . . . — ' 

Fidelity Ini Fund ..( SUS2328 +0.43 — 

Fidelity Pac. Fd — - 5US44CC ) — 

Fidelity Wrld Fd | SUS3421 |+ati3j — 

Fidelity MgmL Research (Jersey) Ltd. 
Waterloo Hoe.. Don SL, Si Holler, Jeney. 

0534 27561 


Murray, Johnstone tins'. Adviserl 
163. Hope hi. Glasgow. <.7! itit.ssifim 

•Hope Si Fd I Sl'Se-225 { .. .. I — 

'Murray Fund.. . SUSiaES | ...... — 

■NaV Ma> 3L 

Negil S..L 

10a Boulevard RovaL Luxrmbouit; 

NAV Maj OS / SUS1D 2a / ? — 

Negit Ltd. 

Rank of Bermuda Bides- . Ham. lies, Bncdx 
NAV May 10 (£4 71 — (...{ — 

Phoenix International 

PO Box 77. St. Peter Port. Guernsey. 

Inter-Dollar FuoJ .iS2J3 ?£1!-0 32| — 

Properly Growth Overseas Ltd. 

36 Irish Toun, UiliraUiir .CiO'BlCB 

D a. Dollar Fuad I SUSSS69 | I — 

Sterling Fund.. .! £'-27 77 — . 

Richmond Life Ass. Lu!. 

48. Athol Street. Douglas. ;.GM. 0524 2291-1 

ixlTbe Sill erTrusl 1230 1164] -Ci| — 

Richmond Bond LT. 1331 -TK7 .. J iDDT 
Do PJolroumBd U2.6 3T5JJ -21! — 

Do Cold Bd. .- ..10*. 4 112.6 -Obi - 

Do. Em. 97/02 Cd.. L64 3 173 q -111 U 71 

Rothschild .Asset MUmagement iC.i.5 

P.ODOX 58, Sl Julians Ct. *3 J «=sc> . 0431 2337-1 
OCEd FT HavKO.. E52 53.73... 277 

□ CdncFd.Junel. i473 155.?TS .. . 761 ‘ 

acL-te.FU t . ... si.27 331 

O C.ScaCcvFdJ.Iy31 . 1463 15Sd .. 325. 

OC.ComJMdlO" _ 172.2 140.S .. .. 231 

O. C. Dir Cora-lty.T 135 S3 27 4c| . . . — 

■Price on .May 3 Net: deulic*; June 16 
I Price on May 22. Next dealiuj; Juno 7. 

Royal Trust tCl) Fd. Kst- Ltd. 

P. O. Box IK. Roycd Ts. Hae . Jersey. OE-i 27145 

R.T. Inti. Fd. UUnSfl 9i9rt I SCO 

R.T Infl.iJrv.iFd pi S?3 .. . I 321 

Price* =t May )t. Nest deal ins June 15. 

Save & Prosper -stersstioual 
Deallue to: 

37 Broad Sv, Si Helier. Jersey 0S34OB31 

UJL DoUar-decamlrutecf Funds 
DlrFxdlnt”Mertl.!953 loiri I 69S 

. Internal Or.-* 1672 7JDI .... I — 


“Sir I i* 

Far Eastern's . ...137.51 USilJ 1 - 

North American‘7 .(3.71 CM .1 — ' 

Sepro**; |5CsBE K7s( .....| — * 

SSerli&SHleiKBniRAlcd Fujsdc 

CbaDDci Cop:lail^.b3L0 2-15*2] —03} 1W 

Channel Isitu)d.‘^...p46 4 154.3 -05| 5.54 . 

Commod June 1 [12-V2 120m .. — 

Si Fixed June 1 . |UP.4 11 ... I 1390 

Prices on ‘Uny 30. "May 31, — Jusvi 3 . 

; Weekly Denlin^s. 

Schiesinger InCematiosal RSagt. Lti., 

41. La IfoUe St. Si F.olier. Jersey, 0534 73563.* 

9 AJJ BO 8b ... . B43 

B.A.OJ+ — aoa 069 .. S.Oa 

OUiFd 22.1 22.3a: -0J 1333 

IntLFd. Jeney. — 10S 1M .... 334 

lnmLFALxmbrg _ Si0^3 3U4 +Q.01 - 

•Far East Fund _.J93 94 103 

■Next sub. day June 


. . I 1390 
Jutvs i_ . 


Brown. Shipley A Co. Ltd-V Si 

MncRKPhondarsCt-ECa OT-0008S20 Extra Yieli ,. J ~ . Q*.4 

BS UniU May 30 — 0133 ZULU I 332 (Accurn. VnUai- .. U2.9 

Do. (ACdJ Stay 30—^64 284.1J -..J 5J2 Far Eastern 536 

n-jmlr Tmu IM tACCUSL Unttai- ... 58.0 

Financial A.4 363-0.1 4.17 n'l 

Ceuernl 1SJ8 IM -03 3.90 U ccu m Vnusi--.. 733 

Growth Accunx «5 483 -CJ 4BZ Ceaerai 1684 

Growth Income *2 3B.9 -03 4J52 tf.fS g-.ggL 1 *' SJ 

High Income 29 J 33? 969 tSa 

1 TH . . 20-4 n f> +04 in lAMUin. Unjt si-.. . M J 

Index 04.6 263 —02 415 Japan Income 145.4 

Ovsrueaa W.« 206 334 JAccusw L'nlui- _. ^46.7 

Performance 57.4 62B» -U4 439 jSn 

Rooovory 237 23.0* -02 565 Mammi Umts) »0-9 

Exmri-.A^no-^ wsgTzi 4.40 S^fessrr-OTi 
Canada Hale Unit Tst Mngrs. Ud-V gJSJJfcs;.”— gi 
ao High St. Potters Bur. Berta P. Bar si 12= U32 

ClfliGnlM. — . — paj 403 -0.31 434 (Aecura. Vails > — . 2S3.9 

Do.Gen. Accum — (463 48.71 -Ort 434 Special.... 1608 

Do. lac. Dist — - — 1333 35.0>J A 7.75 (XSunt Ueuisi . . .[2032 

Do. Inc. Accum K33 456| -0J| 7.75 whilui 


645m +0J 
783 +0J 
132.7> +0- 
279.0) +0 ! 
UOH +0.< 


.i mp General May 31 ... ^ 823 865 352 

-03 365 (Accum- Umts). — ..102.0 1062 3.K 

-0.1 365 Europe June 1—... 30-6 325n 221 

-03 385 /Accum. Units»-._. 35 • 355 221 

-DJ 335 *PeatCharFdAp25 1M0 1733 424 

-06 4 09 ‘SpetEx-KavlO.... Z362 • 2«5 3.71 

^06 469 'Recovery May I0p836 UU|-.-» 534 

,1X3 360 'Fur tax exempt funds only 

+of B63 Scottish Equitable Fnd. Mgrs. Lld-V 

+02 7.70 28 Si Andrews Sq.Edlnbonh CSX^MOIOI 

+0 5 7.70 Income Units W?3 NJ.« .. ( 510 

335 Accum. Units... p6.9- 606{ .f 5-10 

335 Dealing day Wednesday. 

+02 027 Sebag Unit Tct. Manager* Ltd-V Mi 

“, L ? HJ PO Bos 611 . Bcklbiy. Hae.. EC A 01-2389000 

"H Sebag Capital Fd. ..M l 34.71 -031 3^ 

5t2 Setog Income Fd..&J3 337l ...1 825 


>76 1783 
76 29S 


W.mc.«c<™ .r^J -KM* -W-* e.m Kundl 

Cartel (JamCsi HngL Ltd-V Trustee 746.0 Z546f +0.M AJS Son Alliance ] 

100 Old Brood St, EC2N 1BQ 01-3888010 SgStoidBap*** ' 109 t... . 10M |“ n ^ U, 5“ C T^1 

8 SS±=fll JP-d ™ m~\ ffifcJKWfc- 

s Prices on May 17. Next dealing June 7. Pena. Ex. May 30.. . 1332 1405 582 Thrget Tst. Mb 

Carliol Unit Fd. Mgrs. Ud-V (aHc) ManoLife Management Lid. 2L Gresham st_ac 

MUburn House, Newcastle-upon-Tyne zu85 Si George's Way. Stevenage.. 043858101 Target Commodity 

Carliol 1630 70_5>d — J 422 Growth Units. 152.4 55.4| -tO-5 368 ifefS eSSST** 1 

Do. Accmn Unitu 8M 1 422 Mayflower Management Co. Ltd. E?^Sy"3i 

Do. High Yield. m.1 436rt ....J BA2 U/18 O+shlua S'... B3V 7AU. 01806BQW jPo. Acg U^Uj 

Do.Att-uiitUni«.JS32 M....J W Income Moy 23 (I05J Ilflw I 828 4 %** S m 

^ General May 36 — (598 7s3 4 S.V ?S*2gTS wth 

Charities Official Invest. Fd4> Mercury Fand Managers Ltd. d£ 1£ nv. Units 


Sebag Capital Fd. -j^.l ’ 34.R -OJi 3 Jf 

5U Sebag Income Fd. .&13 337l ...A 825 

563 Security Selection Ltd. 

• 40 13 ie. Lincoln's Inn Fields. WC2. 01-831(036-0 
«;» UnvlGthTst .Acc_.g43 25.7] . J 260 

xS UnvlGthTKlnc {ZL0 222*1 ....] 2.50 

3^ Stewart Unit Tst. Managers Ltd. (a) 

379 45. ChnrlotteSq-. Edinburgh. 031-23(13271 

f -5 tstewun Amerlenn Fuad 

5-2 Standard Units. — 164.6 685 J 341 

Accum. Units K96 74 j) 1 _ 

2 Withdrawal Unite -(516 553| — l - 

514 ■Stewon BrMah CapUal Fund 

437 Standard fbs.O 1445) J 430 

437 Accum. Units [1524 165.0) .| 430 

Dealing tFTi. "Wad. 


Series A (Intnl.) — 073 |+0JlN — 

Series R (Pacific i_l . £7.41 .. . "J — 

Series D iAm.Aas-4 QT26 . | ...} — 
First Viking Commodity Trusts 
8, Si George's Si. Douglas. LoM. 

0024 4882. Ldn. Agta. Dunbar 6 Co . Ud. 

51 Pall Mail London SVlTSJlL 01-030 7IB7 

FsiVik Cm. Tst — 137.8 39* .1 230 

FsiVk.Dbl.Op TSt _ [79.0 84.04 1 320 

Fleming Japan Fuad SA 

37. rue Notre- Dame. Luxembourg 

F*lmg. June 1 1 SUS06.46 I | — 

Free World Fund Ltd. 

Butterfield Bldg™ Hamilton. Bermuda. 

NaV April 2B 1 SUS273J89 | .. ..) — 

G.T. Management Ltd- 

Park Hie . 18 Finsbury Circus, London EC2. 

Tel: 01-828 8131. TLX: 888100 


Schroder life Group 
Enterprise Rouse, Portsmouth. 
Internationa! Funds 

CEflulty :...__lp&3 1Z 


CTO52773S. 


London Agents for: 

Anchor 'B' Unlu. ..BUSSM CJ9 IM 

Anchor GDI Edge. ..E9 68 9.71-0.05 1308 
Anchor InLFd. — gCS4,W «... 186 
Anchor In. Jsy.Tot Q58 26.7 +06 292 

Berry Pac Fd. r5US4399 -. . 0.95 

Beny Foe Strig. — {MMIO 257.92 L» 

iGT. Asia Fd. — _|SHE822 &6S 373 

G.T. Asia Sterling.- (U269 13.81 .. . 34a 

G.T. Bond Fund — [SUS1245 +0 03 5.07 

G.T DoUarFd.— | SUS7J0 +a« 0 70 

G.TJfecillcFd I SUS32.72 -00^ 3ZI 

Gartmore Invest Ltd. ldn. Agu. 

2, Si Mary Axe. London. EC3. 01-2833531 
Gonxnaro Fuad HagL (Far Baati Lid. 

1503 Hutchison Use, 10 Harcourt Rd. H.KtrO 
HE & P*ic. U. TXl .... ISHEN3) SIM-MUHSI 28 

Japan Fd._ -pUSEi® istem . . ] 07M 

N. American Tat. ..SffiagW ROT I 1300 

Inti. Bond Fund rttES.923 1SC5{ .. 4 580 

Gunam Uneotmenl Magi Ud.- 
P.O. Bon 32 Douglas loti. 082423911 

International Inc.-B30 224 at .. I 1189 
Do Growth. |»:i 693] +3 S| 4.0 

Hambro Pacific Fund MgmL Lid. 
2110. CoAncucbc Centre, Rung Kong 
Far East Hay 31 — ffiKOW Hill .. J — 
Japan Fund. PVS6.H-. 75] | — 

Hambros iGaemseyi Ltd./ 

Hambro Fond Mgrs. <CX> Ltd. 

PO. Box 8S. Guernsey. 013 1-2652 1 

C.I.Pand D434 . 1537«J . . 3.90 

In ml Bond JUS 1M64 307 JW ... 8 40 

Im.EqUlDi JUS 10 69 33H21 .. .. 260 

Ini Svrs. -A' JUS 302 1.H .... 860 

lnl Svgs. -E' JUS) 1CB .UjJ . . 260 

Price* on Hay 31. Next dealing June 7. 
Henderson Raring Fund Mgrs. Ud- 
P O. Box N4723. NaoMU, Bahamas 

Japan Fd. . . — IRISD37 UH .. J — 

Prices on May 31. Sect decline date June 7. 
Hill-Samuel & Co. (Guenuwy) Ud- 
8 LeFebvre SL. Peter Port Guernsey. C.I 

Guernsey T jl [3087 159ll»d -32J 360 

Hill Samael Overseas Fund SA. 

37, Rue Notre-Dame. Luxembourg 

ISVSU77 195Z)+0.0l] — 

lnternatioiiai Pacific Inv. Mngt. Ltd. 
PO Box R23T. 5e. Pitt St. Sydney . Ausi 
Javelin Equity Tht [52.09 . 239| ,| — 

J .E.T, Managers (Jersey) Ltd. 
m Box MX. Royal Tst Use.. JerseyUOl 274-11 
Jeney EjotuI. Tst.. [3600 Utufl . . i — 

As at April 2a Next sub: -day May 3L 
Jar dine Fleming & Co. Ltd. 

4ffih Floor. ‘Ctmiuuieht Centre, Hong Kong 

J or dine E*tn. Tst. 1 8HK240.99 J 1 3 00 

JardlrjeJ-pn-Fd-vJ SHKU666.I OWL 

JardiaoS.RA. 1 SHKI3.40 1 ... I 230 

JardlneFfenUm-.l S5UC9.48 I . | - 
NAV -Hoy 28. ‘Equivalent SUSBS.10 
Next sub. May 31 

Keyselex Mngt, Jersey Ltd. 

PO Baa 98. Si Helier. Jeney. . (Eng. 0! ■606 707V1 

Ftonsdea ffrUJTI . UN . . . 

Bondseiea — FtLUUS Dud — 

Keyvlealnt'L — £6.40 tjm - 

Keyselex Europe... E3S9 437]... 378 

Japan Crit Fuad-- P.IS2357 a» — 

Keycalex Japan £1112 13221 +0^ — 

CenL Assets Cap £13335 +003 


JO 21 
SUS4399 
ZS7i 


G.T DoUarFd. 
C.TJfecUlcFd.. 


638 Son Alliance Fond Mngt. Ltd. 

iSm Sim Alliance Hse, Horsham. 040304141 

II a^3bl is 


Do.AommVaiU...m2 SS. 7f ....J 842 Income May =5—. (I05J llflw f 838 

General 6SW 23 -...(598 7s3 4 5.13 ?S™2SS wth 

,S WSt * Mercury Fund Manager Ltd S ftiSShs** 

JsasKsa*- 1 T s BSsati3ff 

IKith. Only available to Rag. Chkribeo. ^^^31.' |§4 “7.4 "Z" 2» 

Charterhoose Japhety jSSSoSSs?. 1 .' & &x IZ. Jc Target Tst M 

LPntereoatarBow.KA. 01-248 MH8 ASSSS&Aprjn.tSM SglU 462 

S±iS63S=^ P IS M^«nd 8a^G«np- 

CJ. Income H.O 30 J T.T4 Unit Trust MaEagftfS IMLtf (at Target Thistle. - 

CJ.Euru.Frn th2 28J 4 38 amrtwood House. SUv-er Street, Heed. Extra luromo Fd. 

Acc^-Uatta™- .. »,4 334 — ■ ? “ SheHleld,Sl3F.D. 

CJ. Fd lav.T0t+^. 2bJ 21ft 3-32 Cammoriiiv & iM?a 

Accum, Units a^-BM 3J2 dFaSSS? Tl 1^3 

Price Hay 2l. Next daaUng June 7. " . “ _J386 


S3 — -I 2-S Sbefileld, SI 3RD. 

C J. Fd. lav.Tst - — rj[3 ^tbj ....-.] 3^ Commodity & 'Jon . 638 

Accunv Units iroyw PP*B J 3JB nn accuhl . *_ 7JS • 

Price May 3i. Next darting June 7. I.. .-38b 

Chieftain Trust Managers Ltd Vi a Kg 1 Q&STz — ' »? 

1 J Now Si SC2K 4TP. 01-2832032 Dot AccumJ! - - 2J.| 

American KUB.4 25 JI .... I 169 lawme g-Z . 

Hlgblncoma „.]40.7 4X3 -Ojl 945 Do. Aucum. g|8 

latarnattanrt Tst — kz)Z42 26.W -ad J24 International «78 

Jftrfc Pearce T^5 » ^ «» R?ghYteld.:..“ .! §5 

Confederation Funds MgL Ltd-V (a) Do. Accum. — .. 

50 Chancery Lane. WC2A1HE - 01-2420282 - ^ 3 | 

Growth Fund _)4U 43.4] -J 439 -Tncem at iiHy 3 Neat 


582 Target Tst Mngrs. Ltd-V laHgt 

21 Gresham St_ EC2. Dcnlingc COBB 5941 
37.8 +0.1 3=3 

? 63JS —0.4 440 

39S -0 6 5.77 

21«.4a 5.91 

29LH 5.91 
1203 ..... 3.00 

3tt* -02 469 

mii 164 

33 « .. . 164 

32.<M +0 6 364 
1M7I ... ■ 431 
lU] -06 864 

lfTS +0J 1160 

29.8 AM 

5 S Target Tst. Mgrs. (Scotland) (agb» 

IB, Athol Crescent Edin. 1 031-328 883! (3 

Target Ainer£agle]272 39 JU —0-1] 160 

Target Thiatie. „T«J 4333 -06| 5.72 

Extra Income Fd.. WJ 64J* -0JU 1023 


T^Pret.;"-.-:- 

2jJ CoyneGrowthfU 


uMlS?rt 'TS h Trsdes Union Unit Tst Managers* 
791 Zs 5« m wood street E.C9 014088011 

396 -OJ 3.46 TUUTJunel _..{S0J 5S.41 +L2| 530 

'Mb +DJ 3 S Transatlantic and Gen. Secs. Co.V 

3X' +DJ 343 fll-90 New London Rd. Cbelmrford 034551851 

WE -0J 5-33 Barbican June l .-[769 BL51 1 542 

“2i l Accum Units I. — 1160 122a . 5.C 

SM» -Jf BorbFripijiay 3L...& J Kid j 463 

592l -061 252 Riinknv l M 83.4ti) I 457 


Do.Pron.May2 

Vanbmgh Life Assurance 

41-43 Moddo* St, Ldn. WUtptA- 01-4S8482S 



ftBPeftr^.- 

Guaranteed see lag. Baoo Rues' table. 

Welfare Jnsurance Co. LtdV 

The Loai, Fbilmrtow, Laot : 030337333 

rater iotLs tendon it 
. M»nrhr>gr.r Group.- - - 

Windsor Life Assur. Co. Ltd. 

lHighstreoLWladsor, Windaor8ei44 

life Inv.Kxn&_16e8 _ TLfl - - . 

FttturaAfl&GtttM- 28 33 - - — 

FuniraAad.GtMbJ- 410. ..... — 

Ret- And Pena £2461 — — 

Flex- Inv. Growth _ 104.0 .imj| .„] — 


lowuattonrtT*ClE«92 26.M -53 3 24 International g-0 5Mrt -06 252 BubiiM-M*: 

Basic R^re T*£p63 2*3 -33 4.4* Dp.Areum. »-g SC^ -05 232 Buckm. Junel. 

Blgh Yield. w| A5J1 .. .. &56 /Rccnm. Units) 

Confederation Funds MgL Ltd.v (*) Do. Accum. *5-1 &-3j +1 Uj ColcmoJuneZ. 

?^£fL LW,e '^ L1KIE ' lost Iwl ri 5« gaTJS'S?. 

Growth Fund [416 43.4) .J 469 -przot* at May 3 Next dealing June 30. f Accum. I/nfai 

Cosmopolitan Fund Managen- Minster Fund Managers Ud. (AreumT IjSiL 

3jLR>QtStr**«. London SW1X0EJ. 01-S3G8S2S. Minster Ese.. Arthur SL.B.C4. 01C231050 Marlboro May 30_ 

CoonwpolnGlhJd. JXf.9 H6( — J 451 tUnstw May gg-> f7 71 .1 5.47 (Accmn UnitSK-. 

. ... Exempt May U-. -- [997 94.71 { 5-48 VnnjCwth. MeySO 

Crescent Unit Tat. Mgrs. Ltd. («Xg) Unit MgeamL Ltd. 

2a Old QnwnStreeL SWIHMC. " 01-8307333. 31 

SSfiSLSSPt ~Sa Urilart nrt MLA UnJU P95 416) i 466 f Accum. Units.1 

4£®2-o| ag Mutual Unit Trust HanagersV (a«g) JaSmIuSuT 

Crt*. Rcscrvos- — <5J I “ c -°i *- 35 is,C0plhallAyc.,EC2R7BU. 01 41064803 Wick Di. Jo 

Pisc rethmar y y-lPf 1 Manicrn Mutual Sec. Plus.— H-8 S4f( -0-3( 6.41 Do. Accum 

22. Blomfidd St, ECSSM7A1. 014B8448S mSS B toeOiSp.'-®-’ . iSs 6^ TyndaU Managers Ltd-V 

Disc Income 1162.9 1738x4 4 621 Mutual Bish V)d_. [5SS ■ 9361 -o3J 874 18. Conynge Road. Bristol. 

E. F. Winchester Fuad Mngt LuL Natfeual and C ° m ^^ al u(rji ijcito , Ki ^ 

OIdJt.xry.EC2 01-W&167 31. St- Sdvior^&UmkwBb oai-ttS« S1S1 c*pnrt May 31 

GrauWlnchMier t»88 2 aai i sab Income May31 K7JB .. ...I 6W tAecum. Unltpi 

GtWbKh'er ffadl 2 j3 1 ^ S^SkvSi V -Si J *" 

Emson & Dudley- Tst. MngmnL Ltd. tAcenmUnliu . .. .J1SL3 1668| ...| 547 cauyneoUay31 

ISSSswn &.S.S. 0H897M1 National Provident Inv. Mngrs. LULV JAegmi ^xit». 

Boboq Dudley Trt..|M2 M.7J 380 48.Gt«echi«n:hSL.B3PSHH «l-«3420B rAceU ni.ra&>. _ 

' ■. . . . N-PJ.Cih.Un.Tst .«0 47.M 4 00 Sctf.CapMBy3L_.U398 346, 

Equities Sees. Ltd. <a) (g) (AmimUniis** ... m3 mo iMXUIB tmiui — K m m 

41 BishopoXUc, OC£ W > mmi SS Sol "! |fg ScoLlnc.3lay3L-|lttO 370, 

,Prosr«sive |66J W.M-4J.41 AM 88 

|Equity * Uw Un. Tr. M.V (am>Hc) -Pnca or .stay v .»«* taemins May3L P 

AHtertharcRti.. High Wycombe. OW4333T7 National gcra Inc Growth... P7.7. '4 ft 

:i ^.n-o.71 411 ESMfizfiti r«jj»o. 

Fnunlingtoii Unit MgL -Ltd. la) Brwjuc.-.--.. - ^ 3 fiffifasr* 

67, Ireland Yard. EC4B5DH. OWttflBTl gHBS.T- — "l«a . -3 3 504 Inwma cional . .. 

American .506) .. ... 1.00 income.-.-'- P 5 ’ 38.6 -0^ 661 Special Site. l*i» » 

gSSBtr— »« JSltu IE SSSiSiH.S JSi gK I* Tsgyji._Tn.aiiT) 

£SS!i;:: SJ SS ;!3 iil t™* «*e ow z, - a ™"S^S£ l St 

«_■ J*., *asL MM— „ Milton court. CwrkinE.Scircr. S8U fljrrSBGenend 1448 «8. 

Friends’ ProvdL Unit TT. Mgrs.V - Netster...- hi-! . 64 N -O.M aoa ibiUo. Accum...—. S68 to. 

PixhamEmLDarldng. 63M0055 SetetarUichlm.-. ..Pl8 53.6) -OJj 788 (blTSBInecree — 59.6 636: 

Friends Prov.Uu.-|C2n 4494-0^ 4^ For Nw.Cqu.nfand Monagcra ltd. Si g- 

DO. Accum bas 583-0*1 am see Bothwifihl. As*t Khmgemeot rfl S- 


75.1 

47.1 

471 .,. 
642 .... 

76.2 .... 
69 -5a +0' 

79.6 +0.' 


463 

467 

.... 467 

SM 

. ... 5.W 

703 

710 

. .. 528 

52B 

261 

.... 261 

363 

363 

._.. 867 

664 

. 661 

534 

564 
+04 8.44 


Ora 32241 
- 606 

8.06 

433 

433 

... . 7.99 
... 799 

580 

. ... 580 

5.18 

5.18 

... 514 

534 

.. .. 680 


-0-2 582 

! -0J — 
-0.2 10.14 
- 0.1 - 
+0.1 483 

-0£ 7.98 

-(U 227 

. ... 4.98 


Prices do nil 
indicated. Yl 


EFixodlntererf.—.. 1351 14 7.7j J — 

S Fixed lnfcresu 104.9 lilla J — • 

SManmted 12S.3 IMS J — 

Sltanased___— ..... 1128 120.0) ) — . 

J. Beiuy Schroder Wagg & Cc. Ltd. 
12ft. CheoFsidrv EC— oi-SeaWO 

CheapS June 1 SIS1143 *0.01 2« 

TrafaJeor April 30.. SU&114.C6 — 

AaUnF^Maylh— t’SUTi S23 

norliacFnd. 1A1E* 197 .....) 5^ 

Japan Fd. Jane I Rl'&hC .. ..[ 0-15 

Sentry Assurance International Ltd. ' 
P O. Box 323. Hamilton £. Stroud* 

Managed Fund gt’SUia 1X26J1 | — 

Singer & FriedI under Ldn. -‘gents 
20. Cannon Si. JBC4. 0I-C48CS<8- 

D+kafondj |li!»B a2ti 1 6.® 

Tokyo Tsi Apr. 28-. I it'SSEDO f | 177 • 

Stronghold Management Licuted 

P.O. Box 315. SL Helier. Jer«rr 05W-714OT 

Commodity Ttj«- [92% 97es| | — 

Surinvesi (Jersey* Ltd. (si 
QueemHsc Don-Rd Si Heller. Joy. C534 27340 
American lndTrt...l£B23 IWI-'llBI — 

Copper Trial 322.03 iasaj+P^’ — 

Jap. Index To: {CU.14 1137|-OJ3j — - 

TSB Unit Trust r.Lansgers tC.!.» Lid. • 
HagsielSe Sd . Si Saviobr. Jersty PS3473-3M 

Jersey Fund Wt 4 40.9 1 4.« ' 

Guernrey Fund ISL4 4SSj I --.92 

Pncna on May 31 Next aub. dny June 7. 

Tokyo Pacilic Holdings N.V. 
l n timu . Management ux S.V., Curacio. , 
NAV per share Mi y 20. SUBOCS 

Tokyo Pacific Eflcgs. (Secboardi ti.V. 

Intimis Management Co. N.V., Curacao. 

NAV per share May =?. 5US35.72. 

Tyndall Greap 

P.O. Box Z2M Kamillsa 5. Bersndi. 2-2760 

OverfeeyMa'3l.._m'£U5 121? 6t» 

i Aecum. Units' BVM.7S 12l| ... — 

3-Way lnl May ]8 . JJl'KLD 171J — 

2 New Si. Si Keller. Jersey , 6534372=1”. 

TOFSLJuiwJ. „K7C0 7®J 6.W 

(Accum Snares- — DUS 12-17! — 

American Jane I _. S15 87.01 2.W 

(Accum shares i . .. 515 37 Cj -— 

Jersey Fd May 31- *WS 2tj.a| 7M 

iTJon-J. Arc. Uls.i .. 2736 j — 

Gilt Fund May 3 1 -. 10£ 4 1674.4 - U-17 

lAccuta. Sbares-i _.{13i2 13C8| . .. — , 

Vsetoc House. Douclas, [rtuofKan. 6924 24111 
Slanaeed Mjy 13-.. B29.0 135 :[ [ — ' 

l 'Id. Intnl. THngmrct. iC.l.i Ltd. 

14. MuLcanor fttvei, St Keller, Jersey. 

UJB. Fund [lira ft 1UXJ4 -.1 816. 

United Slates TsL Inti. Adv. Co. 

J4. Hue .Udrtucer, Luiejni-ourf:. 

V.S Tsllci.Fnd. 1 JUS10 65 | [ D.«K 

Net UKl Juno 1. 

S. G. Warburg & Co. Lid. 

3ft Graham Sired EC2. ouno45S5 

Cnv.Bd.Fd. June 2-1 IWtt 1*0 W - 
ZnCTCr let June! .[ SUS1691 |-0W — 

Gr.SlSFd Apr.Sl _ 1 SUS7.99 - - 

ilr^Eur May 31. _. [1935 10-47| I — 

Warburg InvesL TcIngL Jrsy. Ltd- 
1, Charing CTks. Si Helier. Jry. Cl US34 7374 1, 
CMFUd.Mny25-.-KCSI23t ■ • - 

CMT Ud. ltny'25. iS^S K-?S •• — 

Metals To. M% 18.. SLSS 12 W •• - 

KSffif Jal:.:. - 

World Wide Grasrib Kanageznent?' 

IOo. Boulevard Royal. Li ixcmtiours 
Worldwide Glli Fd[ SUS1489 |— Dltfl — 


G.T. Unit Managers Ltd.y 


set BothschUd Asset Management S5 £a& 3Z|R 
Norwich Union insurance Group ih) K<mirV /ji 
■ gAii..i pcn™...n. mrisnk iwktmia uiwer ttfiJu&v \a» 


lover, Hulls- (06482188 
lo 0204 6M22-3 
148 4881 -8.4 582 

%8 688 -06 382 

»A W.5S -06 729 

&2 668 -0.S 7.29 

C-3 »J -0.4 171 

173 917 -06| 271 


Iftf^ta^mE^TOD 0l«8W3l Waring Street, Belfast 


G.T. Cap. Inc 

UO.g+Lll 7 m ic'mun Holbora.WClVTEB 01 -tWBMl Vml ITU8t ACC ™> 1 * 
.T. UiS. SiGen — - 143 .4 ISj +jl 3.10 «Mrir+«i«thFd -1229 • 24.71 —0 494 KittBWtUiaciSLEC<lPl9.%R 

_.T. Japan 4Gen.„ 2728 2®Lw +24 1-40 vSi?fS.|, K 127.2 29 .11 — 494 Friars Hae. Fund 11490 

‘S-SffeB 1 "- S3 SHiii 5-S pSmn^c P - . SaiS l :S MrcSKigs 

gt i^irvSFd - " B 3 2 sS3 ^ mo PmSumiTa 587 Da Accum.— P«,0 

O.T.FourYdrtd P" SftWt -l iacciub. Un«) W5S 49.^ -04j 5.W Wider Gnmlb Fund 

G. St A- Trust (#KgXzJ PeUcan Units Admin. Ud. (g»t*) ktoe William stEC4R»AR 

5. Raylaich RtL, Brentwood . (03771227300 81 Fountain Si. M a nrbrete 061^965886 Income Units ' 

G-iA 1323. 39.641-04 482 Pelican Cm it, i «8 . 894-081 588 .\ccmn. Unite —^1348 


Do tauoSfttW I*** - *L5}-Z0| 498 

3M Pearl Trust Managers Ltd. (aKgXfl 


0233 35231 
4081 —031 5» 


Unit TruBt Account St Mgmt Ltd. 

494 KingWllliataSLEC4R9.\R 01-8234091 

-OjJ 4.94 FTiara Has. Fund— 1149.0 1570} j 4 32 

-Oil 6.82 wielcr Grth. Fjid... 09.3 30.W ...... 4» 

-Oil 587 Da Accum. — P«,0 SLR i «36 


014234051 

3D.W 1 4 36 

358) j 636 


Include all oxpenses. b Today's prices, c Yield ba.-ed an mler prire d Estiuiawja. B 1 * 

opening price, b Diatritratioalree of tULiaximF Period hr prenu-jm irj-irccc^ pinnK a siogio 
premium insurance x Offered price includes all expenses cvcep. we nt s waaniMim. 
y Offered price includes all expenses J bought threuch raanaserf- * p ”'' OLS . P^;- 
9 Net of taa on reMUed capital coin; unless Indicated by ft. 9 ouernoey grc«s. > SitjpendetL 
■ * view before Jersey tax. t Es-suhdivte'.on 


I.G. !nd«x Limited 01-351 3466. September I'olTi'f IKalMMu 
29 Lamont Road, Londou SWIIl OHS. 

1. Tax-free iradlnjr ud commodity futures. 

2 . The commodity f mu res market for Ibv sm/Ulpr Imestor 


C UVE IMVESTfliENTS LlftilTED 
1 Ro>al Exchange Ave.. Lordon Ei’?V 3LU. Tcl.t 1101, 
index Guide as at 23rd May. I37S (Base !«*> at 3^.L"«> 

Clivv Fixed Interest Capi’.al 

Ciiv.* Fixed Interest income li:>.51 


C0R.AL LVDEX: Close 472-477 


INSURANCE BASE SPATES 

t Property Growth 

f Vaniiruyli Guaranteed 9 % 

'Address shown mnji»r Insurance and Property pr<nd Tat'lc. 







































































































































































1 m 


39 -V 


m 
m 


“■“SSKsath* 




3& 



m 

ffilABp. 

MWarA --„ 
v ateara*r_^_ ~ 

il 

ijj- -?^-. jufeffonitoigAtto^ _ 230 * 

.jpnuoiAlOp.^, _ 

' " “ SffiL 

t&flesP’ 

%-Jom j«jhattfltt; 

Nor.JBne ifcL 
farigu ft: 

jfc : ^OeC-':$pr; WmswoK^ 

fjE'S&M 
lasasS: 

h Apr: Dec. Kffiflety^’iijp 
‘ :'\l*OT:.Apnl KWshawOOUp , 

- 'J8iL ••'Aiig. Mm*3ctm&.. 

3a^' AqfcUCJbHWfc....... 

Bee.. Mig. MUailliKf.- 
Apr, 

twine- 



S&.S 

Jn&.Noar. 



. .. .. •. Ls«n«fti»j 

Jan. Ang. 

$Sx. -$H Ldnfii 
j^S* EttSH 

l] f . ■_; Jani ; 

kf»y. ^otfUBtorfcWma.- 
9) -:- J oS,‘.: MuJUodiiffines ■ 
f i.Jbfy 4 'FrttJUm.ijinui.Cro- 
J ’- ■terc-* JunfHLtoiS Rmb h\ I On 
B --VAjtt •■.OctuSSoB^ia„ 

*-Jtag; Apr.SttBdi* 

-' Dwv.Jniie __ 

fFhoa jPecjKY. (hat 
'.Jan;' JuMMseameLdii. 

May 

M*V 137e 

ffi2£:E$2£i>.,. 

Aw 1 . IWoeTiB-ds^. 

■Mi? SepL UagnoQa Group, 

.Jane . -Jan. Mnemt. AtMjito 
- Oct. ; Apr. Han-SidpSir 
,^2.q i *<*- Oct JtoimglwUftp 




Jan. 

IdL^'-Dec. 


Wfl 


JiUyfafanM^a^ri 154 
«ayWaitih«atk_J 54 


I'ilia 


K*tbe*ms7\pc_| £102 

Suae Nov^M£.;,QarfaSp 132 

i( .'Apt . Dec. Ifeduriueieriop. — 

* • .' Oct Feb. VentnxnvSp. 

i- Jan. June Metal Brae £1 

i 'Not. June Metal a»iwa_ 

« -Dec. June ifettoy 

*. ■■ - Ape..; Not. IDlnJdistrg.SOp, 197 

Apr-. Dee.MiLCWtt.IfjpT_ 80 
Mac. . Oct M’snnLoSpcSM- ^ iT j 
. . Bfosiiiwew lpp— B 

Jan. July Morgan Crocifale KM 

r. , Ort. Apr. MwraJHAbeD-. " 

*•- - Jan. Jon® Mom (BubU 10p_ 

... •* MorttexlOp ,; 

,r /■■. Ian. June MysonGp-lOji_ 

V -Mar. Sept KashQ.FjSecz, 

It : Dec. June Nathan IB. fcl)_ 

,. Mac. Aug. NaLCtt'MfclOp 

l May Nor. N.Clt« 

■-October N«wni& 

Apr- Aug. I-iSiBp-i 

.Oct Apr. Sew Equip, lOpiwj 


- Sept Mar. NewjQ-rwpEL 
Jan. Aug fwnrtw- 
Oct Apr. Northern 
Jan. Sept Norton i Wrt. 

May.' Oct NorvieSm. 

Oct, April Nn-Smft5p; ** 

May. Nov. 0«FhBHH»Cr..( £Wj 
Jan'. . JunciOfftce AHect— _ 1 103 


« piria , 

i Nat 

34 i-vitjjlc 

51 ; ^(£|4:.',X)ct.-..MayJO£i«2fti. 

>o£ ; 1 ;.aJ* .**•. . Janl. June toenst one 13jc 
•«£ siWffiS.* . — . PJtAtlWcBiieH 



! -■■! ill!:' 


Dec. - Jolyj] 

June Dec.|Ha1»Ci;.lo.] 


■m 


iPWlbpsBaleflte,] 


36 Jttne PtottxCLonX^L 

% i pm JSt ssssssSe 

I" June Dec. Itopowslat. 


: 2 J _ . June Dec. HiaV Bowes Liu 
r: tfl •-. Sept April Rank Oust lOp 
hs - fvj-.vp., .Oet April PfuBsitiMaJp 


033 

71 

33 


]-$!&■: JS Sep35SDiiH.50p:ji7B 

,t. Jan; Ang. PTe8s(ffiii}a> r : l *’‘" 




its' l -?cs;i 

■? _ 1 -J • 

« .V-lM 



An^Apnl 
! -vT; j JjmT Jnn-d 
' :";Vr V I Sept Novi 

•'" Jffi: 

_ ~Dec. Jnly BTOCraro 

^ -i - Jan. . July RadfsalKl: 

Jan. '. June HandaDa _ 

Nor. Apr- BantOaaa 
Jan, i Jnly Reckm CoLSOju 482 
July Feb. RedfeaniGljBa, 248 
Jan. Jane Reed Exec. 5p„ ~ 

Jam An8.BMdIntt.£l~_ 

Oct Juacte^cJBffS^,, 
Much feaown lnc.T30-l 230 
Feb. OcLteenwiekGniaR. 



•jj 3saJ '-om.- m tEwSC 






July stflotalal 

.Dec. JrawsSafeTOw; 

Jan. Age, SwaantHaj*#., 
Jan. Sept &-n£mGrjC_-l 
Jan.' i AW ScaraGnjop_ 


W 


Jy.OJaJt SdihnnbergerSl [ £5?*a 
Feb. July Sjwtaoa. ■■ - - ■■ 

Dec. . June ScotB«rimblo^ ] 

■ Mar. Oct ScotADn. tars_J 111 

July. SewsHKljs. 

ADg. Mac Secoriwrto — 

•Ang. Mar. 

. Ang. Mar. SetSflySemtei 
Aug. Mar. . Do.*A'N-V_^. 

. Apr, . OctStamaWtert!Op[’|21 
- Apr- Sept Sld»Gonna4'_-| 192 
iDec. Jnne SUestnjgliir 
Jan.'- June Sflanetta'A' 

, Jan. : • July Silv’rfmrrie: 

, July ’ ' Jan. Stepson <SJ ‘A 
... .;B«. -July 


June Doc JSimlh* . 

Oet MaypoHe.iawai) 


2 * .-—■_! *> wv ■ • <nu 

<, i'JW .Ang. Feb s 

J3.\ "tibf . Sent. Feb. SotfaebyPB.. 

®TKwS|(LSJ 
J-.': Jnnl ' An*. 

fJ- May Dec. 

r'-sTf,-: - June- Deft 
"■V'..: Jan. Aug. I 

Oct: -May Stag! 

Nbr. Apr. Stoeti 

%?*-' ' •■—--• Sfidm ftmt HKS3 
’ . Apr.’ Ang. SteritngtodtJJjp. 

Apr- Dee. StocWal*: 

' , Apr, Ang. StooehillB 
June Now, SujnnerffJl 
- - Oct , May SnnKAta 

lk — . - Fd>: Aug. ! . , 

- -'Mai' .- . "HSweCsS JOtob ! 





:ia_ 

r-j 


yi-l. 


If . ‘-.re- 




Novtober Swire PscifTcBDcj 109>a 
MdrLSeptSrltoM. 

. January ' rndberS 


star. "Afiff ntawfilipd— 118 

: Zl : : *V ; :£- Jen. July Tit. Times vu. &p- - 9 
:J.i\ Nov. May TUlin?T.%>— 118 

: '■'■J . .Mj- - Jan- Aug. Tootfciintw — . . X 
- ' “"-o • •'.•:*. ■ Jime Toft vr 

T pUi pJ.C^)._TT «>, 1K| 


31 


Jo? 


l s 

e3 

O 


Jane Feb. TnadearRSBp. 

... . J4rJuSJ5. rrantun-USSL- 

-' No». May TMMptatr 
-U ■: - Feb. July Tnawcodl . 

- i: 'C July Jan; rtaueANW.J 
: :'.-W. '..Feb- Sept firmer Con. 

Feb. AiS US®ML. ' 

■■••' ’ ‘ •• Dee. , Mas Uueml 

■Feb. Anfr UniSs* 10p— _ 

Dee, M«r OnifcVer— 

Dee: May Dn'SK-FiUI— £24 
■ Jan. ..June Ptd. Carriers lfti 
■ Janl S«pt DstodGaslDds, 

; ; ^5 - March ' F.6uarantBe5p. 

Jan- jttls DiiocfeK®;,-..- 
■>JS ‘ . Jan." July Valor... ' . ' . - - 
■Vi - July Jas. ViumlOp-1— - 
Feb. Aag. WnteflfiiP afe- 
July Dee. 'IF-Mhbonfll&p- 
Jan. Mas WsdaPottLinp-. 

May Wnawanr-^r _ 
-- May No». ffatefori^P— | ^ 
Apr. Oct ff a htem fi . - 
Feb. Ang Watson Bi W- 
.'• Jaly Decf»BhPwod. 


5? *Zti 

% 

;s 


Mar. Sept WestH-BowdlBo 

. . W’sUmn.ACtS’il 

May Nor. WloctM 

May WOkasJJ 


i -.; May 

-Oct 
: Feb. 
;■{ Dec: 
:i-Oct 


raiBQniMitdieil. 


-• it; 


Apr. Oct WOk’snJrW^.- 
: . Jme Dee. Ddiopswr.— 

:• ' ; -July. Feb. WilUanu Lf.i-— 47 . 

■' May JSoe. WilU(Georgel-u 

Jen. June 

:■• c- v'fApr. •• Oet TfilierilboiaM)- %■ 
■:'S- .- ‘ May Nov. Wood* Sons 5 p- 
s- lttay WocdL^rthortSp 
December WoodHifl^ ’ 
r-,:: November [Zebe« St- — I 


3.00 
M95' 
♦3 3 

IMS 
?J{tdL0? 

-■ b33 
loj «C3 
m 7.oo ■ 
VI 14J2 

1UM5M 

25 5T7 

12.22 ti n 

wo 2.95 ■ 
17.4 2,35 ., 
W Q2Dc • 

2B2QD53 

3i Ji.93 , 
H ft-ft 
31 Mil 
mi of , 

V2 M*47 

%3K 

i^*“3 

3 .4 3F9 
W2 712JS; 
17.4 2.B9 
DA *1.95 
12.12 3.23 
li2-fL58 
»2 15.9 
3.82 
2fill «36 
30a d2.60 
132 12^5 
3< 291 

. 737 

1421 4.09 
50-5 132 

SB? 

31 til 
155 290 
1« b539 
375 _ 

25 3.00 

Si n 

MSSb 

m 4.63 
17.4 10,89 
2S.t2l4 
3i Lea 

27.2 J.W 
17.4 3.B4 
D4 bL46 
34 0.ZS 
27 2 2M 
X3J9 
BA d2.70 
»j t5Al 
81 15.M 
KU2 dh0.92 
25 d249 
3110 7.02 
■25 4.00 , 

aW 

13.d T182 


C'»rJft'*jpsE 

H SB.7S 1 
3.1 2S.%OJi 
7.4} 48 


l 

fa 

♦ 

$ 


e»i £2 D®* June LwdACcfl.5p" 
*°l 2« Sept- June Les.&4taL lap 


* , 
B.7| 

5.4 

II 

i 


3.8 

4.9 


JSSURASCE 


□bidfitdc 

Prig 


PROPERTY— Coritinned 


WV. TRYSTS— Continued 


FINANCE. LAND— Continued 


Stock 

Nw. JunefBoWiiwfC.T,'-. 
K-h. July emoLm I9p. 
May Sept Ewannii^p,.... 
KM.4LD. 

Nin . May foram, I'uicm 
„ jil2J Jus. July lideStar^ 

— -• &£a4*a.(r.:cip. 

1=9 Sut Juno Dec EnatS?#Cc-....' 
74]' 53 be^embec Eourtyllawap. 
’■« S B Jan. JulyjGen .Vfklem.,. 
S*sur. ? an - Mayriuonhan iktfiii . 
7,KiU July Dl*c Hafl±raLifc_„ 
8 9j 9.B Jan. July Healb<CE»S)p. 
4.71 $ pet. Mar. HogcBchiuum .. 
8.81— Ort Apr ljwSnn,\.i!flp. 


J-Jd -Vot. May Loti 4 Man 5p _ 
7.9J11J <JO. • Apr, UcdHD Usrtw ;-p! 
43| — ■ Nov. July' llattlwtttfr.5>p 

1 ,0l 48Spv. June jq«lHWfii2^ 
15A Star, ,Uig. «n.vCSni!3h>.. 

7.4 Oct JuneiFparl jp 

MS Dec. Juneinweau^ 

M Dec. May pmMenr'A 1 
5A Dec. . M«S Do.“T .. 

A^.ISKSrr 

43} 6.9vJeil July SmAIliawe£l_ 


271113 4i(Juae Dec-teratBeSp. 

9,5 8.8 ' Apnr TSBfeSfcr.EHR 
5.4 3.7 Xof. May Trade IndeoKrtS 
7.3 92 M»JBMk tartemSL50_ 
?4i32iDttc. SW*V\Uk Faber 
82[ 8J 


LB) 

20 
22i 

22 t&! 
3.0 9.4 
24 6.7 
4g 771 
3J 7.1 
4.4 5SJ 
A7 


jLWl IHC. J ITTdl 
fw f *3 f Nor lOTjCffclp/B 

132 


105 
40 
lb8 
£24« 
147 
135d 
23 
£123 
164 
214 
22D 
333 
Sb7 a 
182 
157 tr 
157 
101 
13Snj 
176c 
170 d 
189 
59 

24c d 
250 
128 
128 


151 

142 

357 

395 

98- 

522 

101 

863 

170 

£281 2 

262 


3.4 
25 
34 
30X 

B5 

17.4 
15 « 
17.3 
17 4| 
5031 
ue 

133 

34 

303 

£ 


30i 

1 55 
25 
25 
17.4 
133 
i4 

a 

*8 

S3 

33 

25 

23 


295 

1.28 

918 

6.13 


669 

810 

1017 

20 Q 

4 Cl 

15.6 

t7U 

5.77 

tJ4.47 

16.46 

h377 

919 

J13 

362 

12 59 
10.35 
8J7 
217 
665 

8.1 

16.45 

9^9 

4.05 

20.15 

13 42 . 

W1 

«li“ 


M 


43 6 B: 
4 ffl 93 
83 
3m 


I] 

(7.3! 

6 , 

57 
7.« 

9 i 

2.7^ 

4.g 

si 

67111.1 


71 


<6 

10.7 

8 


3106 

8.0 

:1L6 

6S 


[Apr. 

May 

lan. 

rJalj- 

Jan. 

Jun. 

Apr. 


If 

93 
79 
6.3 
47 
9.7 
6.7, 

?.a 

3.1 

Si 

S3 
0.6 
7S, 

33 ..... 

5.2 11 Spline 
Apr 


,12.7 

7S 


MOTORS, AIRCRAFT TRADES 
:titun and Cycles ■ 


MrJfci.D. 



YorkTraflcrlOp. 

Components 


M 20 63 

* 53 
2,4 Lit 69 
— ~ ZL Feb. AugiKJBF.OTam^- 
6 10.8 6 AugUfitTFodenEt50ph^. . 
Z0 9.9 72 Sane Feb {Pert Imcs&JOp 

* 12.7 * «*y JanlPteWM 

5J AS 3 3 July OctT 

3.7 £9 3.4 
23 - 8.0 63 

1-S I! \\ >ter, St^JtfAbbeyPneb-. 
11 iIhiwj, Feb - Jn'> furitowSrtaffl- 

T", fi r - ;. Dcl. June'arcwn Brov Wp. 
t 7 2-2 “ Mar, Sept DmaCorp. 

H Jan - J 1 ®® HnanSiwhlW. 

5 ? frf May .D4c.lamJnds.a-~ 
3 -^,7 1 5 0 Oct July 5njW&*WpMlp. 

- July. Fto PamerMfr. 

23} 17.81 — " July WHamrEBwdeo. 


24 

237 

49 

Z0S 2 

95 * 

02 


M 


M 


Q34c 


a- 


M5J6 


30 5) 03236] 

Commercial Vehicles 


108 

58 

8 

73a 

66 


1U 62.17 
25.7 4335 
577 i05 
305 Th3.9 
155 d214 


1.7| 


6.41 


ai! 


Uprit Oet 
April out 
(Jan. JuwJ 
December 
Jan 
Alar, (.tct 
h*cl. Mar 
l*ci 

A UK 
April. Oct 

December 
Apr. UCI 
lApr. 'Nov. 


193 
82 92 
5,9 28.8 


72l»w. APriU 
|Mar. Sept 

Vpr. (W, 


April ScptWVUb(Jos\5p — 
J - Wmnsirrp 2Qp. 
Duly OcL|Wlnswn£jti 


49 


5.4 
(23] 
55 {7i 


2Z22 0.92 
2831 tl33l! 

17.4 431 
155 ZX2 , 

3.4 *#5.68 

155 538 
133 2.42 
1212 £2.06 
2174 - 
25 LOO 
JM 5.15 
25 ‘ 3.3 
02132 
25 04 
22B 3 JO 
133 2M 
333 0.98 
476 . 

3J 4.02 
25 6.00 
3J td3.8 
3.4 23 
133 157 

DA h3D2 

H-¥. 
u % 4 

asa 

a 3«is®]s 


_5.6l Wlpeh. 

I klw. ^ Mleikh' 4 • (An 


1^9.' 



Si 1SS1 

33 FISJS^ 
25 275 
1411 1830, 

MS* 

VIS — 
301 7434 

, 3.4 538 

jSfg 

i4[659 
ill 7284 
17*1 - 

_ tfi.75 
677f ‘ 

14(2034 
, B^W.K 
M5J0 
iH2k5:44 

Isawsuo 

Itm^94| 
3051X35 ' 
14.92 
258 

rj - 

271 
273 Z0 
273 2.00 
17.4 d2.40 

155 337 
155 d!2 
J5J 351, 
2811 t4-26 
14 d243 
17.4 7735. 
3.‘ 356 
11212 236 
31 b835 
DA 215 
2811 gL88 
T33 t355 , 

aw 1 

D.4 ' 4.8 
213 651 




2i %75 
U2 7352 
12127d2J5 
12812 tfcro 
301td355 
974 — 
271.tfl.15c 
15 4.1 

, 1X2 d 5-5. 

11212 gl32 
677 — 
3ft 3.75 
31 T«-l 
31 t*J7. 
3Qi Qlt^ 

155 12.75 
1710 1.55 
2ttl!'t3j23 
2J 280 
' 314 
25(0.66 
17.4! O.W 

»L16 


May 


4.0 

15115 471 
♦ K7J * J 
32 63 6.7 

Z.9 69 77 

5.4 5fl is Sept^ ^AyriflAdanBawwn-, 

48 4.4 75 .— ' . AknDdersSfi-. 

2.4 6.4 97 Kw. Ha} ApntejardGrp- 
19B( f43 — Feh. Aug ArfiflgWn Motor. 

146uan. July BS'jlm. 10 p- 
2^ 75 7ljA^-- Mar . ■ 

3 « 75 52 May -Nov. WLOcAw. . 
IT. 92] 55 Mar. July CLGSLR Wp~ ~ 
Jan, Jnly CaSym^jp— 
O.S 23 OTAJait SepL Cdtnwelnrs. 

24 65 82 Ism. July OowieCDJp — 
2.7 1Q.0 * Ian. - Aug. DariaGocfiqr 

. 0.2 42 475 Jan. June Ptga t»> .. — 
%|1L9 C.l ^ Jan. ■ July MtonTmahaw 
1 26 6.0 Al August G«es(F.G.; — . 
63 26 75 Min* ffiw&eMLwr_ 
2.711231 4.6 .May Hager Iore. 1 % 

Jan. J une HarnsoQ (T.CA 

25 M 65 Jan. July 
31 81 6.0 Aug. Apr, Henlys»p _. 
25 32 164 Oct AnriHteDoWtGrp,^ 
0.9 16.7 0161 Mar Nov DaBteOB r.^ 
13 95 1X9 Dec. Jnne itestiOmics)- 

8 (Ha ^ Jan. Juls/ letsepsl- 
61 63 Apr. Oet Easing - 
4J 91 Oct MayteSgvtteGqu 
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,Apr, Sept Bond St Fab. lOp 
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Apr. Sept Brit Nohair 
Feb. Aug. 

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.Dec. May|Carp«sInt _ ~ 
May Nov.lCarT’f&Viyrila- 
October 
Dec. June C\>atePaloas__ 
Oct May Corah 
Mar. Sept Courtaalds. 

Mar. Sept Do. 7% Deb 827 
July Crowriieri'J-i— 
Feb. Sept DawsonlnH — 
Feb. Sept Dft'.V — — 

Feb. Oct DtxouiDavun . 

.Nov. July Esurly 1 C -1 ft H. 10p( 
[Jan. Ju>S Faats-UohiD — 

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(Mar. Oct Hollas &p5p 

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7 -9 Aug. Dec. Becdiwm.) 

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Dan. May rensConadate.. 
(Mar. Sept TaJ’rdJrsy. lOp. 
February TomhinaHa — - 
Feb. July Tootal 


# 
23 
10.6 
63 
* 

* , 
5.1 
45 


PROPERTY 


Z-a — "fTorwYSL 

I'll u April Oct Trafford Carpets 
6.9) b.bjj 3 n. July Tneovllle mp — 
Mar. Sept VUa-Tex2qn.— 
(Mar. Oct finis Fine w. 20p 
'Oct MayfFougha) 


m 


*•3 

3.3 

is) 

M 

iff 

3 n 

26 


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2 ^17 3 July A 

5.01123 Apr. Oct ruby he*; 
4.«*6.4 F?bwary 

4 I>!i&l 2 June Pec Doningteiiop- 
2a 6.4 Jan. Moy WM# 
13 62 May Sept, .Dofljpctm— 
lft3 5.0 April Oet 
^ __ July Sas-tAgency- 
9.6} 53 Nov. Jpw Esti&GeapI 1 - 
0.3 — Apr- Nw-ErisJ^opl' 1 ' — 
73 8.1 Jan. Aug. BaBsMedf-.xr 
00.9 . Apr. Dec. Fankrt&t* 

JJ Y Apr, - Dec. SSd&«-- 
72 7.9 Feb. Sept aF«1^»P- 
9 7 55 Jan. Apr. Grecnin.) W~- 
lihfl'l 111 Jan. -July GreenwriSP * 

U 


56* 

200 

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2^4 

87 

5»- 

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106 

163 

223: 

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135 r 
101 
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70-. 
68 
303 
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237 
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173 
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88 

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£89 
46 
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91 
100 
115 
7 

270 

302 

40h 

242 

134 




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112 M3 51 
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303 <2,87 
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17J0 6.18 
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34 Q12% 
3JC 191 
■2833 L7 

ai wsf 

m 207 
974 - 


17.4X96 
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3.1 10.79 
132 12.% 
153 050 
14.D t2.81 


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153 10 

3A 73.68 
1173 

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2813 3-% , 
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155 5.46 
19.9 056 
1212 1297 
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1.8(65.2 

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4.9205 

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4.8 102 
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28 
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305 2.88 

3.4 j(A9 
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1411 242 
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3'7t - 

14 272 
305 3.13 

111 

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305 736 , 
D2 07% 
577 0.6" 
31 T3, 

31 73 
161 t2 
305 19 
153 2 

02 M37 
27 2 t6.4B 
305 0.75 
1212 179 
301 74-19 
305 d3J2 
,1212 134 
1222 134 

31 d2-81 

17.4 h278 
305 hl31 

3 It dlQ5 
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1212 0.1 
305 43 

3.4 d33 
301 165 
155 3.70 
23 1.45 

34 3.49 
153 3.24 
31 10.5 , 

1212 td2-88| 
25 269 
25 039 
133 64.69 
02 td3.94 

155 7103 
30.1 tdL65 
Wi 274 
2811 tU2 
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23 164 
301 6-02 
3.4 td282, 
303 20 
in — ' 

177 ~ 

3.4 246 
132 tl32 
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1212 3.75 
25 2.72 
20.12 <M0%[ 
02 T206 
155+183 
132 325 
19.9 LB2 
19.9 245 



19 10.8 

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29115 

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22 

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4.0 

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6.9 
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5.9 
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[1X6 

10.4 

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53 

32 

4.8 
257 
104 
, 7.0 
493 
73 
5.4 

5.8 


TOBACCOS 


Apr. Sept' 

S an. June) 
tor. Mat, 


7.0 - 
46 * 
59 

A2 9.4| 


iBATluds 

DaDflid. - 

DnuhilllAJl^L. 
Imperial 


Si«attenHii.l5p.-| 


340 

290 

350 

mi 

5flz 

6D 


132} 13.01 

1212 8.72 
111 5.66 
1212 gH.04 
25 279 


J3AJ 53 5.9 
r 5.0 

3.8 6 
10.8 07 
5.4 30 
7.0 4 


TRUSTS, FINANCE, LAND 
Investment Trusts 


Dec. June Aberdeen levs,-. 49 
19,0) — Dec. June Aberdeen Trus. 138 
2.9) ♦ Jan. Sept AUsalnv.__— _ 107 

5.0| # Dee. July Alliance Inr 92 

, Oct. May AfltonreTrusU. 222 
2.7 18.fi Nov. July AftUimd Inc. 50p. 117 
3i)iD.»|SlOT. July Do. Capital nop. 173 
Dec. July Antmwiin.lna- 59 

Do. Cap 58 

(Oct Kay American Trua . 43^ 
- ias£^icmlTst , B , ^*2 
Aug. - Mar. AagjoAa Secs. 97 
Sept Apr. Anglo- Im_Div.__ 43 
— rm Asset ShE-_ 127 
June Dec. AimlfrSgotinr... 421a 
Aug. -Feb-Aremmeitelat. 68 
^ - Do.G3p.50p.™ . 35 

[Dec. June ArgoIm'.iS All _ 138 
lAuc. Mar. AshdoKUInv,^., 123 
January Atlanta BalL lOp. 68 
November All an dc Assets „ W-z 

Doc. June Atlas Elect 5ffz 

October AU5t&!oU50p). 95 
Ifl36| — Nov. July Bankers' Inv.— 56 

14 55.8 December Beny Trust 59 

7.6 6 — BIshopsgstE Prop- 734 

3.4| 17 25.Z Nov, June ashopsgateTst- 162 
24^ 13 363 May Dec. BorieriSihn S0p 276 
24) 7.0 1 &J 1 June BrarilPbadCrji S9^ 

Ian. July tedllnv.Crtl- S121 

15 4.S19.B — BreasarTfit 25 

18 2.0 40.8 Ian. Ang. BridgmulW lOp. 7# 
2,4 5 J 105 Apr. Sopl feH-AnttGert.. SB 1 ; 
— — — Ap JyOJan BrilishAssrts--* 757? 
17 14 618 May Nov. BritEmSeo.5p. UPz 
17 42 1 MI 1 Feb. Aufi.Byk.lud. A Gen_ 100 
22? 1.9 (3.7 1 Dec. June Brtt.lnvea.__ 163 
3.41 4 Oct. Apr.pboarisloft: (£%j 150 


15 5 235 
25 #56)5 
3.1 T4.12 
28.11 249 
14 7.10 
155 830 
155 0.42 
1411 43 

14 135 

H2 Jl 
272 3.2 

155 tUl 
31 5.15 

310 qn%) 

3ftl 4.04 
2811 0.5 
310 0.41 
155 190 
135 12.7 

17.4 2J3 
1411 tO £7 
3Llfi - 

15.5 M25 
25 t75 

676 Q»44[ 
1512QS521 
28J1 105 
41 032 
272 165 
J55 2.C0 
25 +06 
1411 3.4 
155 4.85 
133 535 


5.5 A 
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", 4.8 301 
10.8 6 
0.4 ~ 
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xwiimi 


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4.9 19.0 

5.0 30.6 
LI 763 
0.7 506 
4.9 285 
43336 
63 
22 


55 255 
4.1 32.8 
4.5 3.7 
43 229 

3.0 33.9 

6.920.1 
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4.0 32.9j^ft 

8.7 15.1 Pet 
25.9 
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pepiLil !i 123 
I I bi "B” .. . 1 115 

Sept Star ;lrrdirj3ll , fd— J 205 

, \iK. .M>r^rlc^ jllj 

June Dec. Frtfei .luv;. . ...... 64. 

May in: Li.; 134 

_ M4', -•■! 520 

'lug. 3Ltr ilam.vT-'i.-J • 1 54’ : 

Mar. Scpi.Oiyitenilr..'.. 29- 
^ lu 1 .ip >C. • . ! 106 
__ TiiyAFo: In'- . | 79 

Mav Dec. ..'inrS, InU'"' : ! . 9? 

-Ciiv. J'.racit.iri of | 

Mar. Sept flavcrlHH.- up 
_ Clilhnlm-l'Q-. 

Jaa. M4S fl'tMale sir. 

D0.-ET . . - 

\un Mas CdlsriLI.^ l--i 
Feb. Aug. t’enunee: I k ini 
Litt June t’cnliKf.n l r-oti 
_ Cres'r.tJarr. 

Mar. Aug.Cros5ir.3V-. .. 

Jnnuat}' CnBHilL:!i;«. ... 

Feb. Aug DnBtrtlnc.i'iJip 
„ Do idp-i lup ... 

Aug. Mar. PetefiwreC.^ . 

Auc Feb Dwbt'Td Inc il 
— I»Cap.5np .. 

txf Julv Dommi'W i. 'i-n 
Apr Oft prayiunCumcl- 

Mav Dec. C^Coik 

Apr. Aug. Do.F^F.i-.’rr. 

Apr. Aug. DeFMiiir 
ov Apr. Oualvesilnc fura 
_ H Do Capital il.;. 

Jan July Dundee- & Lor. . 

Apnl Edsnburji .\rrLT-! 

! 4pr. Not Edjaln'.M £J . 

Jan Julv Seemin'. Tm 
F eb. AUC. Etal tOn 
Nov. July Eng-4' intemotl 
• ict. APnil Er.; La »' Ta 
Seal. Mar. Eng.6Mnt.lr.- ,. 
lan. SepiEnuLiyCijr.'.-ttl 
Sept Do IM-IVir. .. 

Mav Dee- Sjmiy Inr ; «,p 
Dec. June Eoic s.! 

uetober F.fc*'.wiwn.tt 
M.»v .Vuv. FmnJpfn'. 7- r - 
Sent Apr FiriSwi An 
Nov. Apr. Foment’...! 

Jan. July F.C.GJ.T.p.03. 

May Nov. himdin'-v-tlp.v 

_ Da Cap 

Oet Mar CT.Jap.ir. 

\r,v. Apr. B*n.4tComn»'' ! . 

Aliy. Apr. I>tt CraL'll-Jf-X. 

Sept. Mar. General r ar»li . 

_ DftCwiv iep 

Oet. Apr. Gealme.si.ir-. .. 
lf>OC. June GeaSkottisl - 
Jan. Sept deaJVMdr - 

Mar. Aug- utecowaS'bi.l’i j 991-1 l?ri 2 4 
Apr. Nov, tilendeiciclr'., ( 94 |lsil|tL66 
— Do. "6 - . 

June Feb. Gteunurra- lr,-. . 

— Do 'B'ittI . 

Aug. Sept Globe lir. 

Julv Const Europe... 

Mar. Sept I'^aagvTrtii .. 

Sept Mar GtNoiThnlr'. , 

[ March Greenlriar inv . . 

Jan. June Graham (n-. 

Mar. Sept Group l.n«tw. 

Dec. J uly Grardian In'. 7 a 

Julv Dec. Haratar** 

Jan. June Harurcs lr.'. lop I 
July Dec. RiU/PMi[i< . . I 
Anr. OcL RumcBlnv ".V. 1 
Ito -B’ ...! 

June Icolund;- 

June Co ■£■ . . 

Dec. June JodusinaJi'JfT: 

Sept. Mar. Irtm.n l Irv 
Oct Mar.liillr.i T.-r.L.i; 

Sept. Apr. Inv. in Succv- s . 

June Not. Investors tap .. 

Dec. July Invertin'. Lu:? 

May JardiwJjpsr, 

Mar. Sept lardmeyc. j-sss, 

— Jersej Esi.11 Ip 
Nov. June Jersey.*!: il . 

May Oct Jos Holding . 

May Nov. Jmefm Ir.r.lOp 

— Do.t!ap 2p 

July Feb. Erjvtocvlc- top. 

Apr. OcL Kmpfurelr.-. _ 

Not. Jun. Lake View lu , 

March Lane £ Loa Im 
Apr. Oct LatfDehemure.. 

— Laardfcl: K«lp, 

Aofi. Feb. Udalsv.lnc20p 
— DaCbpop... 

January LeValtoneflm , 

Mar. Sept Lout Abdn Wasp 
Dec. July Lm. Atlantic _ . 

Mar. Sept LoaAurt lr.'.S.\l 
October Lrav St C-itt Sup 
Nor. July Lcda.4H(>i;7f«3 
[June Jan. Lon.fcLrr.nui- 
Feb. OctRmfcLn.lOp— 

* ‘.(LoaiLjinond- 
Lon.fcM'Ritrci» 

ftfer 

Um-lcS'clvde. 

'Lon Tst !«<!... 

Lowland In -- _ . 
ill fcG Dual Inc. lOo 

Da2n4IWalltitTop 

Do.Gmlp 

[Jan. June Min.4Lon.50p 
.Mar. Sep Mel drum lm__ 

Apr. Sep. Sfercaatiteliw- 
Sept May Merchants T«_ 


C\t>l.i\iREj 

1.0 

5 8135 9 

1.0 

5.4J22 2 1 

L2 

4 b]2b 7 

12 

m 

4.«25.aJ 
2 8145 1] 

LI 

rAfa 

❖ 

l.?l 0 


5 1 *) O 

1.0 

4 9 307 


Piiidrr.di 

Paid 


(Feb. Aaj 


21 35 4 

12 5.21 
1.1 4.5 3 
LI 4,9 2 


2.7 


1 :.* L7 I i.ffl 3.8 41.2 


U4.1 
18 
. 21 
367 
1.45 
el 82 
1L71 
2.70 
3.75 , 
^58! 

1 13.71 


Q20c 

b r 
162 
040 
2.90 
1165 
6.7 
065 
tQ47c 

QUO 
thZ.05 
3.50 

60 
42.25 
240 
272 1.8 
135 4.5 
- 17 

301 277 


Apr. Oct! 
Mar. Nov. 
Not. Junq 
Dec. July 
May Dec, 
[June Dec. 
June Dec, 
Sept Mar, 

| Jnly Jan 


Feb. JulyiNonte Invert — ' 


May 


[Jan. Sep. 
Aug. Mar. 
March 
AprJiy.Oct 


Apnl 
Aug. Dec. 
May Dec 
June Dec. 
[Dec. July 
[Jan. Aug. 
June Nov.i 
Apr. Aug. 
Dec. Aug. 
Mar. Sept 
Aug. Feb. 
Feb 


Sept 
Oct[ 
Mar. 
Sept Mar. 
Apr. Nov 
Apr. Nov 


Apr. 

OcL 


[Aug. 

Apr. 


Mar 

Nov 


Sep. Dec. 
Dec. Jun*?] 
Oct April 
July Mar. 
December 
Mar. Pec. 
Apr. Oct 
Dec. Julj 
July Jan. 
June Dec 
June Dec, 
May Doc. 
July Dec. 
Aug. Mar. 
Apr. Aug. 


(Apr. OcL 
8.7 (Jan. Sept 


(Dec. June 
June 
Apr. Sept 
November 
Dec. June 
Dec. June 


Jan. 

Aug. 


Aug. 
Apr 
June Jun. 
September 
[Mar. Oct] 
April Nov 


M 

W9( 

351 

27^ 

m 


dL5 

233 

3.0 


SP 

3.60 

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Us 5 


305 285 
1153 


16U 


345.06 U I 891 


Mar. 

May 


AUg. 
Nov. 
Mar. OcL 
October 

m. 


Oct Apr. 

.Dec. June] 
{Feb. Au- 
Apr. OcL| 
i April 
|Feb. Aug 
Nov. 
Auc 
July 
June 
July 
March 
June Dec 
Aug. Mar. 
Feb. Jul} 


Moot Boston lOp 
Da Writs, fl- 

Moaloyatfli 

Moorgmelnv — 

|MoorsiiJeTruS- 
MedtSASUSl- 
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1938 Invest 

Mh-AttmiacSM 
Ntha American. 
.NortbernSecs.- 
kiilfcAssottlnv- 

I'jubridilov 

Pend and Inv, — 
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iProvindal Cities 
iRaeburn- 
Reabrooklnr. -.. 
ttiglH5&hs.Cap 

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FtolincoNVPISi) 

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Scot Mort fcTsl . 
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Siol Ontario 

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Set Great NUm.. 

, tia-B”. 

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Shires lav. HJp„ 
Suewell 10p_-. 
Sphere Iav.___ 
sf'Lmae.IOp-.. 
SPUT Cap, u57„ 
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Serving the world 
with 

financial expertise. 

SANWA 


Tokyo, Japan 


Julie Nuv I":j: r 
May C'Vjl 
N ov. JalyKi.i>r.*-.:ip_ 

•l uly Ticc j^-.! Mere. A . 
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June S-i::’.n.N7190. 
April iTicr'.lrkS.Tft :<•- 
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May Dec. 

ErtL BoireolPp 

154 13J 

6 74 

15 

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Feb. Aug. 

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Feb. Aug 

USIifKMKSC 

•103 In: 

Q14S 

— 

ell 9 



__a 

LA£<0-W.-"-it?- 

358 - 


-_aa 



, 


23 - 


a— 

— 



May 

i;J SipL lOp— 

244 174 

211 

3.0 

12 

346 

— 

hreoier' was. up 

17: : - 


— 

re- 





Rjnceri.nl 

£231; - 



— 



_ 

rtSiwAfaKi - . !•: 

114 - 



— 



-re 

OcL Apr. 

Pjl Dutch FL20- 

£W4 155 

Q3T:V 

24 

fa 0 

74 

— 

.-repireBes. — 

610 - 

— 

— 

— 




SIirflTtass Ztz 

560 31 

1^7 

41 

4.2 

5.7 

Feb. Aug. 

r«i ■p'cp: £t_ 

61 31 

4.9*1 

1102 

12.4 





n5-»frv l'Xi-J 

380 - 



— 





Apr. OcL 

TeraconVaCnv. 

£59 17.4 

0i\% 



17 4 


Dec. Ju]> 

Tisrer.lroi . .. 

180 155 

L32 

5.8 

LI 

16 4 



L7cahar_ .. 

274 2T65 



— 



91 

■Ian. Jul-ODo Cavil _ 

155 31 

7 a « 

245 

b.: 

— 


Hecks Njl ltol< 

160 - 






.. 

■to PliLTi !lV 

160 - 

Q15-4C 


5.7 



— 

.WlrivtoA5Q.\. 

70 - 



— 

— 


0\ 7 ERSEAS TRADERS 


Nov 

July 


.UriranLaLes _ 

! »uit AjriC bXv 
"IrensinriJiS kV i.] 
tuifhmck 7bra.*5Dp 
Bc^sesd.IOpi... 

'FirJaytfas <5u?. 

(Gill&DGiiua.— 
i>jL Nlhn. ilG . _ 
jfru'as. Cro.'-. Cl. 
iHcfinuc-iiS 1 

L-Kbrapefi 

Jack:! 'Am 

{Jamaica Sucar— 

L.; r -*ai‘i- 

MrtcMlU'Mtv— 
'MjirianElftc 
Ticcai:1Kls<a.20p 
Pa: j«.Joc*l !•■?.. 
'Lto A NT 10p_ 
ian^enJILilOp. 
,.=*uSo:ar50p.. 
’Si me Cartij- (Ori 

IfieelBrosa 


Junefrme'irfaE.a.lj 
Do SpeCm-BI 
, . If. Oil Merc. 1ft 

1 - [Mar. Seat Do. 1 Jpc La. 18 


260 u: 
89 
IK 
53(d 
36 
346 
270 
L61si 
450 
87 
425 
28*2 
lWj 

64 

42 

250 

103 

177 

175 

32 

6 

78a: 

415 

57 

£91 

67 

66 


13J h362 
, 174Q3.5c 
. 132 U4.13 
305 62 
155 L50 
3U0 l' 6.54 
25 8.71 
305 CjlTi 
3U0H2L8E 
132 4.26 
L\2 <15 0 
1212 Z0.66 
71b - 

152 6.55 
174 3.4 
135 135 
2011 h25 
3.4 9 /. 7 
34 $7.7 
aa $4.43 
674 B- 
17.4 hL75 
25 U.O 
25 3.10 
135 (92 
3.4 th0.75! 
272 0.4 


19.0, 

a 

Hi 

j* 

I 

a 

b ! 

6 

351 
7.5! 
7 5 
13| 

H 

i> 

10.d 
XL 01 
312: 


20,' 26 


24 

17.8 
65 
2 9 
4.S 
20 

7.4 
7 

5.4 


m 

6 £J 
6.7| 


37.9 
4.5 

i7j 

« 

6.4 

<6 

21.4 
10 0 

7.9 
103 

46 

•32 
5 81 
4- 

86 

30 

30 

57 

iFs 

7.0 

* 

Fz 


RUBBERS AND SISALS 


Paid ( Stock . 

August [Angfo-indcoes'n.. 
Sept iBenamfons 10p._ 

— (Bird t.Mricai 

June BradwalllOp 

Apr. N 0 v. kafllefield Ito — 
Nov. JimejCho.'soBesewp,— 
May L>ec .Icons, PI aiUsiOp — 
Jan. AumCrand Central IDp. 

Apr. JuIjIOnthneO , 

April KamsmMb.Efc.10p- 

Nov. MaylffigWandiMSOc— 
Apr. Nov. Kuala Keponfi MS] . 

Jan JulylrtKuUmMJDc 

October lain. Sumatra IPp.. 

Dec. JunelMalahofi MSI 

November Muai-Pji-eriQp — 
MOT.|Pbouuoo Hides. Wp 
arch |SungeiSnaniBp- 


l Last! 
Price I id j 


Div 

Net 


90 

rs: 

254 

?4 

90 

:•?* 

3J> 

15 

16 

7'W 



50f 2 

or 

17 

1.8 

• 235 

02 

s2.8 

L0 

42*c 

3 A 

KL38 

2? 

361; 

3.4 

hD3.0 

1.7 

10 

1717 

055 

* 

320 

iJ 

tioa 6 

18 

90 

13.: 

4f4.0 


101 

3 4 

020. Be 

_ 

65 

712 

012iy 

L5 

51 

^ 1? 


O 

■•148 

&l 

♦14.0 

L6 

91 

155 

Q20c 

<6 

49 

3J| 

60.43 

3.1 

711? 

yiH 

$U 8 

20 

72 

133 

hL5 

19 


I (rid 

|CvT|Gr's 

4 1 

5.9 

' Fi 

1.8 
5.0 

125 

8.3 

4.8 

6.7 

4.4 

42 

4.9 

4.5 

4.7 
L3 

4.6 
3 2 


TEAS 

India and Bangladesh 


Assam Dooarstl _ 

Assam Frontier 11. 

Assam Ini 5 . a 

Empire Plants lOp. 

brtaiU._ 

Lonebtmrnell- _ 
McLeod Rwselll- 
«oran£l 


December 
March 
September 
Mar. SepL 
November 
January' 

November] 

May Nov. 

Jan- JuneBingloHlcIfis I0p_ 
Apr. July)ffancnPtnits..^_ 


September 


tv illianra mfl . 


208 

305 

118 

27 

305 

325 

233 

385 

2<» 2 

218 

169 


3110 *9.51 
13J hl6.25 
228 7.0 
17J£ *1.98 , , 

1411 flZKH 3 J 
3L10 flO.Oflf 
17.18 03.5 
25 15J38 
28J1 6F1721 
132 P13.0 
22i 9.0 


5.91 6.9 

IS?- 1 

3.71 9.0 
IfllU 
.: to 

6.8 4.7 
17 &8 

4.9 5.9. 
32 111 

3.6 9.0 

4.7 8.1 


Sri Lanka 


1120 

Si 

11.1 

28.4 


Apr. Sept|Lium’.a£L 


ISO 1 1331 53 J U1 43 


MINES— Continued 
CENTRAL AFRICAN 

1 Last) Dir 


.Start 

Falcon HhSCe — 
fihcdnt'orp itt’jp 
RubiCopa. M. — 

raocanniufOp 

rm.Fiel.iflm 

WankieCoi.Hbl - 
EasiCpriEIflJJt-. 


nice 

185 

16 

80 

165 

90 

36 


| Vt 


rw 

Tit Gt's 


34] 

vhi 

n in 

lid 

17.4 

U74| 


Q50c 

0.56 

3300 


AUSTRALLVN 


Nov- Apr. 

act nlaj 

September 
Dec. Apr. 

Juno Nov 
June Nov. 


Apr. 

•3ci. 


NOT. 

Apr. 

Apr. 

J.in. 

Feb. 


CM. 

May 


Apr. 

Uct 

OcL 

July 


Acmer.SS:.. 

&*i 2 jir.\il!fijOT«a 
BH South jOc .... 
•\iflmu , SwhKtotor 
ijALKalJoiriwS! 
Hamptn Areas 5p . 
Metals E\ 5ft.- . .. 
M1.M Iflda* SW 
U«Ptttje«25c 
ScwmeLd 10c .. 
NonhB.HiHM>i — 

Nth.Kalsurii 

5 'iaKhnrtfeSAl 

Psi-iJir'.Unper 

Paiwm'l^:.- „ 
PanauMfcKx.jp . 
Peto-tti/hristS-V 
Wcsro Minmutoc- 
Wnimfreekiic — 


15 
127 
94 
2 30 
53 
132 
34l 2 
203 
36 

119 

15 

159 

47 

£1312 

35 

505 

124 

60 


143 

9741 

2$ 

DAI 

3.71 


$ 


Q8c 

QlOc 

145 

Q9c 

QSc 

IflUc 


Q15c 

5Q6c 


13) 

71 

to 

'13 


1J 


23.1 

5.3 

b.0 

80 

17.3 


3.9 

27 

L7 

27 


43 


IS 


June Dec 
May Nov. 


Jan. July 
April 

MarTsepf! 
June. J.in 
Mar. Oct| 
Februan- 
Jan. July 
June Jan. 


May 
Sept 
Apr. Ocl| 


TINS 


.tonal. Niceria .. . 

. 2b 

133 

t: 51 

16 

AverHilamSMl — 

350 

13.3 

=«41fc7c 

04 

BerahTtn 

55 

S.i 

3.75 

44 

RerjuwaiSMI 
Geevor 

280 

137 

JJ 

lril 

CQllOc 

h4il 

1, 

tioid££&«l£*p.. 

10 . 

1(17.1 



itopetic Cents. . . 

290 

17.! 

15.0 

0.9 

Honekmg 

165 

116/ 




IdnslOp 

88 

171 

110 

1.6 

lanar l??p 

11 

4-67 






68 


HB3.Sc 

0.7 

KlIliDdull 

480 

12X5 

0125 

4> 

MbyDnoficclUl 

. 390 

1^1 

lM5r 

0.8 

iftfiana 

PeiHbaleo tup - .. 
PrtSiMSM] 

Saint P.rac . 

70 

475 

1<S.75c 

0-5 

62 

vill 

o.5 

U 

210 

54 

Sf 

sw 

16 

46 

SomhCrtnty lto.^_ 

56 

33 

b4.13 

X5 

South ivin«S>W 50 

200 

3J 

tffl Sc 

2.4 

Sthn Malayan SMt. 

300 

1ft 

tQ13L3c 

XI 

SunsdEeaSMl.. . 

206 




Supreme tiorp.SMl 

75 

•Hi 

ZQlOc 



Taiuune I5p ... 

Tcnatara Hrbr SMl 

92 

% 

174 

rw 

65 

litoE". 

08 

1.6 

TronchSUL 

210 

133 

2Q88c 

1.6 


14.6 
20.1 

50 

79 

27a 

F 9 
26.0' 
1 -‘-l 

ib! 

3.7 

56 

112 

84 

9.4 

29' 

10.7. 

12.7 
9.0 


COPPER 


June DetJMcsMraBOSO.. 


98 |3:U|$Q30e| 1.9| 


MISCELLANEOUS 


— Burma Mine? lTijp 
Aug. Feb. ito ns. Murrii IiX'— 

November Nonh^eCSt 

Jan. June R.T2-. 

— Sabina IndiCSI.. 

— TamEspauSl 

Not*. July Tehub Junerais IGp . 
October Yukon Cons. CSl 


25 

235 

415 

228 

36 

£12 

43 

167 



23133 
15.91 Q7 C 


76 

Fi 


4.7 

20 


NOTES 


Unless olherwlv (adiesiett. prices aatf net diiviileiirfs ir In' 
peace sad demminattans are Sp. FsttmateJ price teaming* 
nUoc and ceren are based an blest animal reports and sccoums' 
sa4. where possible, are updated nn halt .yearly ngnr cs. PfBs am 
calcolated m the toils ia net diszribollcm: Inckeled 'figures 
lcdlcals ID per ccnL er mtev diSerenee U Cal ml Med oa> “nil" 
dlmibnUoiu Coven* arc based « "Bnxtanon' dutrfbntSan. . 
Yields are based on middle prices, sin gross, adjasud t» ACT erf. 
34 per cenL in) allow fer nine of derlared dtstrOmllaDS and 
rights. Securities with denominations other than ctcrUng are 
quoted inclusive of the Investment dollar premium. 


Africa 


Nor. BJajjrire£J._; 
Oct Rup Estates- 


540 

175 


37.4)50.0 

27iD.O 


IM.O 

113 


17.0 

293, 

323] 

188 

206 

1X1 


MINES 

CENTRAL RAND 


— Durban PeepRl „ 
Aufi. Feb. Sa3RanttPrp.Rl . 
Aug Feb. Paadfait'n EsL R2 . 
Aug. Feb. West Rand R1 


244 

675 



. 

__ 

283 

m 

tQ5c 

164 

t 

£34 

mz 


25 

ii 

- 118 

iJl 

QlJc 

6.7 

6.6 


Mar Not 
F ebruary 



EASTERN RAND 


Bracken R] 

66 

34 


X51 

EastDageaRl 

25 

3.1 

njJUc 

12 

ER.ua 11030 

. 354 

-re. 

\25e 



Gn»cvlel30c— __ 

104 

3.1 

UlVc 


Kinross Rl 

346 


tCJMc 

111 

Leslie65c 

40 

3.4 

lV3c 

12 

Ma.-ieraleRfl.50 

941; 

3J 

Q46c 

Xfl 

S. African L<i35c_ 

49 

67* 



\lakfoWanRl 

Wuikelhaak RO 

(M 

34 

U25c 

1fl86c 

0.4 

17 

WiL Nisei 25c 

■ 46 





FAR WEST RAND 


1.0| 5.0(28.9 Feb. Au-- 
Feb. Aug. 
4> Feb. Aug. 
37.8 Feb. Aug.] 
4.6 303 February 
1.0J 9.^182 Aug. Feb 
Aug. Feb. 
4.rt26.7 Feb. Aug. 
4.8(302 Feb. Aug. 
Feb. Aufi. 
Feb. Aug. 
Feb. Ang 


16- 


jFeb. A tig. | 
(Feb. Aug, 

>. AUg.] 
5 . Feb. 


3.9 458 
"39.9 
18.4 
12712.7 

9.6 157 
xao 

9.7 127 [ 

312 
36.7 
l.tf 10.8 14.0 


NjrwrS 

Builds Rl 

Itoelkraal Rfx20 . 

323 

■915 

74 

if 


23 

14 

17.4 

" 

Doomfooifiin Rl .. 

299 

5.1 

1015c 

5.1 

EasiDrieRl.^.... 

748 

3J 

W8c 

L7 

ElaDdsrandGId.aic- 
ElsburgRl 

lS9tr 

no 

1232 

08.45c 

LM 

HaitebeeatRl — 
KltwffialdRJ 

£12^g 

512 

ji 

3Ji 

m 

L5 

23 

LibanonR! 

555 

3J 

1045c 

3.2 

Sombvaal 5Cc 

453 

3J 

iJZlc 

IX 

StiIfoutein50c.^ 

232 

•31 

Q2pc 

23 

oal Reels 50s 

.£125e 

3J 

«L [ lc 

33 

tenferspostRJ 

W.DrieRl 

224 

£211; 

3.1 

1C5c 

73 

16 

Western Areas R I.. 

169 

17. V! 


2.7 

Western Deep ffit.. 

778 

31 

^g2Jc 

24 

ZandpanRl 

205 

3.5 

1022c 

XO 


4.2 


43 


a d 


6.3 

3.5 
4.8 
28 
5.7 

5.4 
13, 
7.81 

4.6 
63 

6.4 


O.F.S. 


Sept Feb 
Jun. Dec. 

(May Ottj 

(Jun. Dec. 
yun. Dec. 
(May Nov. 

rw. 

Dec.] 


iFrw State Per. 50c 

F&GeduldoOc 

Saaiplaas Rl ... 

H3nnoiiy_50c 

lloraineRl 

Pres Brand J0p._. 
Pres. Steyn 50c — 
[at Helena Rl. 

il'nisel 

'AeJi-om 50C- 

V.JkJdings toe._.. 


£15 

82 

299 

,86J 2 

876 

701 

807 

159 

256 

£1712 


132QIlc 1 

9*75 — 

34 Q55c 
975 «c 

25%ae 

3.4 twil5c 

251C35e 

25|li3»e 


L* 82 
ZJj 93 


11.0 

4.2 

A 

X? 

43 

1.2 
93 


FINANCE 



Finance. Land, etc. 


Feb. July 


(OcL Mar. 
(Mar. Aug. 
September 
uly Nov. 
Apr. Oct 


August 
October 
July 
July 
, October 

'Dec. July 
July 


AbnydSmithers 
.AnaourTst Jdp. 
‘.iilfcontylnv S.*p . 
^niam^Arrow. 

ConunonMkt ip! 
Dalgetya^,., 

DawnayDay 

ttDoIwreuh.^.. 
Ed:n. ladl Djp. 
riCTJJliBaKlOp- 
Erstane Boose— 

b Lands Ito 

Fi(j|ijrauonro..ip. 

ra-lnacJiGoLSp- 

FuuKfcilaLlip. 


, 1E5 2Q.D 

1274 - 

1275 — 
475 - 
«7 _ , 

m 

txo 


d0.99 

172 

112 

0.49 

4.94 

XO 


4.711331 


3.7' 


h 


Apr. Sept.Ung Am CoalsOc- 
[ J an. June Anglo Amer. lft: .. 
Slar. ■ Aug. Ang .ton. Hold Rl 

Feb. Auc. AnR-Vaal50c 

July Charter Cans. — 
Dec. Cons. UoW Fields- 

May East Band Con. ]Qp 
— May 5en.MimnsR2 — 
Mar. Sept Gold Fields SA.St- 
Feb. Oct JoTmrgOons. R2._. 
Aug, Feb.MkMloWit2ac_.-_ 

Mar.“ OcL aiSssfa'^ 

Mar. Sept New WiiaOe 

— Patino M FI5.9.-... 
N'uvember Rand London lac... 

(Jatt. July iekttwnTrusJ 

Aug. Feb. SentnisL 10c. . _ . 
May Oet Sihrertmnes^-n 
[July Jan.riaal.ComX£Rl.. 
Mar. Sept I'.C.Irr.esiRl — 
May Not. L'nionCorptfi25e 
SepL Mar, logfcli'Js,' 


525 

293 

£165r 

750 

136 

178 

17^1 

£16 

02^ 

C13h 

183 

29ij 

182 

106 

£ H 7 * 

410 
209 
■ 58 
£134, 
214 
25S 
58 


27 2 
121 2 
U2 Qlbk 
310105c 
mi 17.5 

17.4 t9.05 
25 X05 

5.4 Q225e 
132 QllOc 
3.1 Q170c 

1% 
272 Q12c 
U2 Ql5c 
1175 QC50cJ 
1710 lOIOe* 
23 14.0 

Sip? 

3.4 OM c 
Bijonjc 


14 6.i 
6.6 
6D 


85 


23 ® 
13 
2.1 
12 
22 

il 

Oil 

$ 


7.7 
9.0 

8.4 
52 

7.7 
73 

6.4 

3.7 

8.5 

3.01113 


DIAMOND AND PLATINUM 


8J 


Nov. May 
,Apr. Scpti 
May Nov. 
Jan. Aug.] 
Nov. May 
(Nov. llaj 


.toJRlo-AmJnriOc-. 
3is.wptisfertt.Jflr- 
De Beers H. Sr. — 
Do.40pcPf.RS_ 
LjdenbuTBlSjC--, 
RniPlaLlOc 


£36% 

M 

QfcOOc 

31 

84af 

JUS 

1071c 

If! 

346 

£1^2 

J.4 

31 


33 

390.6 

64 

85 

1/1U 

477 

m 

1.0 

14 


Sterling denominated securities which include is 
dollar premium. 

"Tap" Stock. 

BiBhfl and Lows marked thus have been rtfuated hutfo* 
for rights issues (or cash. 

. -Interim since increased or resumed. 

S Interim since reduced, passed or dwfetRd. 

Tax-free to non-residents on application. 

♦ Ktjtures or report awaited. 

Tt Unlisted security. 

* Price at time of suspension. 

Indicated dividend after pen dins scrip andior rights issue: 
rover relates to previous dividend or forecast 

*• Free of Stamp Duty 

Merger hid or rcorcanlsatian in progress. 

Not comparable. 

Same iniertm: reduced final andmr reduced earning* 
indicated. 

Forecast dividend: cover 00 earnings updated by latest 
interim state mem. 

Corcr allows for conversion of shares not now ranking for 
dividends or ranking only for restricted dividend. 

Cover does not allow for shares which may also rank for 
dividend at a future dice. No P/E ratio usually provided. 
Excluding a final dividend declaration. 

Re penal price. 

No par value. 

a Tax iree. b Figures hased 00 prospectus or other official 
estimate, c Cents, d Dividend rate paid or payable on part* 
of capital; cover based on dividend on full capital.. 
e Redemption yield. I Flat yield. K Assumed dividend and 
yield h Assumed dividend and yield alter scrip issue, 
j Payment from capital sources, k Kenya, m Interim higher 
Chan previouc total, n Rights Issue pending 4 Bantings 
based on prehttinaty figures, r .Australian currency. . 
s Dividend and yield exclude a special payment t Indicated 
dividend: cover relates to previous dividend. PfE ratio hased 
on latest annual earnings, n Forecast dividend-, cover based 
on precious year's earnings, v Tax free up to 30p In the L 
w Yield allows for currency cLiasc y Dividend and yield 
based on merger terms, x Dividend and yield include a 
special payment: Cover does not apply la special payment--. 
A Net dividend and yield. B Preference dividend passed or 
deferred. C Canadian. D Cover and P/E ratio exclude profits 
of U.K. aerospace subsidiaries. E Issue price. F Dividend 
and yield based on prospectus or other official estimates for 
IFTT-Tfi. C Assumed dividend and yield after pending scrip 
and/or rights Issue. H Dividend and yield based on 
prospectus or other official e Ritual es for 1876-77. S Figures ' 
based on prospectus or other official estimates for 1878. 
M Div idend and yield hased on prospectus or other official 
estimates Tor UTIB. N Dividend and yield based on prospectus 
or o:her official estimates lor 1879. P Dividend and yield 
hosed on prospectus or other official estimates for 1877. 

Q Cross. T Figures assumed. U No sig n i fic ant Corporation 
Tax payable. Z Dividend total to dale, tt Yield baaed on- 
assumption Treasury Sill Rate stays un cha n g e d until maturity 
of stock. 

Abbreviation?: wf ex dividend: Rex scrip issue: * tnt rights; « ex 
ail: rf ex capital distribution. 


“ Recent Issues ” and ** Bights M Page 27 


This service is available to every Company dealt la on 
Stock Exchanges throughout the United K ingdo m for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following is a selection of London quotations 01 share* 
previously listed only In regional markets. Price's of tnsh 
iswies, most of which arc not officially listed in London, 
are as quoted on the Irish exchange. 


Albxiiy lOT 3>p 
Ash Spinning .. 

Bert am. 

Bde’iitr. EsL 50p 
Closer Croft . .. . 
Craig & Ease £J 
Dyson IB- A • A 
Elliafc-MvHdy 

Eians rriltlflp. 

Eve red 

Fj/eForse....... 

FinliiyPKfi. op 
Craig Ship- £1- 
Hicsoits 3reu- 
t.f, M. Stm. £l„ 

HoltiJos-'asp 
N'thn.GoCdsmiuii 
Pearce iC H 1 

Peel Mills. .... 
Shellield Bnck 


23 
45 
22 

270 

22 

420 

37 

62 

57$ 

161; 

50 

24 
150 

82 

150 

265 

54 

158 

20 

464 



Sheff.Relrehmt. 

52 



SindaU iWm.1 

85 



IB1SH 

• 


Conv. 9^-80.82. 

£M>2 



.Alliance Gas.. .. 

73 



.‘Vmort .... 

346 

+6 



90 



Cfondalltin 

98 




133 


*■5 

Heitor (Hldgs.) 

41 




!ni.Corp 

MS 



Irish Ropes 

130 



Jacob... 

68 

- ... 


Sunbeam.... .. 

34 

% - 

*■3 

TM.G.. 

173 

-2 


Urndare..., 

90 



OPTIONS 

3-month Call Rates 


Industrial* 

A. Er<?«'.. 

.A P. Cement. 

B. S.K- — 

Babcock .... . 

Barclays Bank 
Eeeckam 
p-ouLs Drug - 
Eowaterj — 

BA.t... 

pntish'ra;. - scr 
Brown 1 J ;. — 
BuT.un \V 

C. idburj's 

CoiitViuld'- .. 
Ufbenh-nui.. 

Distillers — 

Dunlop - - 
Eagle Star... . 
E.KJ. •; ■■ • 
■.ton- Accitlen 
lien. Elecinc. 
CJavo. • •• 
tirunrt Met 

xus-v... 


... .. K.N ...... 

10,4 Hn«vliThidd 
% HuiMUiirusor. 



I.C.I — 

igr:~r 

. 11 

KCA 

75 

Ladbroko — 

35 

Lepal &Gen. - 

, 15 

Lex Service... 

. 16 

Lloyds Bank- 

. 24 

"Lois"-—.. 

6 

London Brick. 

?*l 

Lonrtao 

, 12 

Lucas Inds.. .. 

5 

Lyons ,J.l. ........ 

. 10 

“Mama" — 

8 

Mrfo.. & Sprier 

IS 

Midland Bank 

7 

N£.l - 

. 11 

NaLWesLEonk. 

14 

Do. Warrants 

17 

iF&OOrd 

18 

Plessey - .. 

40 

R.H.M 

9 

RankOrs.'A .. 

20 

Reedlnual — 

IS 

Spillers ... 

22 

Twco 

2d 

Thorn.. - 

12 

Trust Houses.. 


Tube Invert... 
Unilever ....... 

Utd.Drapeiy-.] 

Vickers , 

WOGllKHtfH-.. 

Property 

BrlLLand — 

Ca^. Cumnies. 

tncreuropean 
Land Secs....- 

MEPC 1 

Peachey 

SflinuelProps;.. 
Tcnvn&City..J 

Otis 

Brit Petroleum . 

EturmahOil 1 

Chorterhall 

Shell 

Ultramar 

Mines 

Charter Cons..] .12 ' 
Cons. Gold j 14 i 

RioT.Zlhc U| 




40 


of Business Opinion 


Renault strikes 


Shortages of skills are 
growing, says industry 


challenge French 
incomes policy 



MANY INDUSTRIAL com- vey in the past four months investment also remains en- 
panies are now experiencing expect to -make do with the couraging, with over half the 


BY DAY1D CURRY 


PARIS, June 4. 


difficulties in recruiting staff, same or a smaller labour force latest all-industry sample expect- 1 strikes AND sit-ins by workers while the strike continued. 


The complaints range from over the nest 12 months. ing to spend more in voi 
management and senior execu- Ap3Tt from Jeve , Qf during the next 12 months 


An organisation- .with the title in the process of putting, for- of total new: -issues 
Equity Capital for- Industry ward radical tax •measures only 16 - j^ ce^Was-accoiej 
ought to be a littlemorepre- designed to expand the role of fpr ' by- tocreaSfeS: 


tive grades to manual labour 
and are particularly prevalent 
in the case of skilled factory 
hands. 


espeLL- STRIKES AND sit-ins by workers while itbe strike continued. cise in Its remarks about eonity the shareholder in capital. iVSfl 

volume at two of the Renault motor Until they find out to what n “ uyJ T*, »* : ::-i T-Siy-Cfes 1 

hs. company’s plants are threatening extent the grievances of the men j* °a nce' For wh t h» emeig ai industry. ■ . . But it js not g&ktgto h&SF 


Over half of the companies requirements are said to be 2C °£ omy - a counter-onensi e tomorrow any case and 

interviewed for the Financial plans to raise productivity and mSSrity ^f thTworiTforce^t union is testing the tempera- 

Times business survey last the cost of redundancy payments m E? th T eIectnca * engineer- fact orv e ture at other plants about 

month reported difficulties in together with the effect of other cars and consumer durables, *7- current *y“P a toy action. 

reqiji site ^sMU^and* w^eri en .ce** en JJ )loy ™ ent legislation - vices— ie hoping 0 forTfurther JJJ™ 4 of negotiations with fo^mlr^um launched on iT discount of 25 family's" first two children ^ 

™*" d !*!* “«' ° n ^1$ last point, it is said recovery in profitability. But monthly salary, a 40-hour week per cent or -more, In contrast. -■ -v . 

Coming atthis st« 0 e of toe that one now has to be much the rest of industry is much less about 400 Wlth 35 faours *°r People on the ECI may be prepared to take ruTW j '| | "I iV 

recovery in the economy, these more certain of an upturn sanguine about profits; and most shOD more exacting jobs, a fifth week’s up a line of shares at a dis- " L “ — w*+w*r*~ .... .. 

f^ 0rts ? re W , 0 L, ri ? mS ‘ The before teKng on more labour, sectors are less optimistic about are on strike for the first three aDnuftl P^?* 1 fjoUday and retire- count of under 10 per .cent 
sfa ows that consumer There is no sign as yet of a maintaining the recent growth days of the week. ? ent 601 , Th er a + are further little as 6 per cent in: the 

demand is continuing to belief that inflation will start in export volume. The closure— described by toe relating to- the con- blazing case of . UBM last 

toe upture^is accelerating again in the All in all. the outlook I. coSSny «t of ^ “ « cil J “L „ year). . . • 



companies may have to be FFr 500 a yearforeach of : 


less -totter ■ 


n . oenet mat inflation will start ui export volume. The closure— described by the I-VrL - ,T , * trail mazing case of . UBM last 

“ri aCL ' eleratiji e again in the All in all, the outlook is mSStS^TSSSSS^li as the year). - 

throu-h to other industrief aUl T n f “ d The dominated by the slow recovery work and by the unions as a we ^tbe^ck of industrial rela- -But some careful toihkmg is 

rnrou^n to otner industries. median forecast increases for of both the UK and other lock-out— will affect lb. 000 pro- Uons ^ Franre with a mi iitant needed about just what bTcheap 

Th.1 I'lciU* pnf A f lain no f»T P f Mini * 4. AA. n4 - J a 1 nllPITfin nt Thil flMAPIPC ■ _ . ■ . » 


The slow rate of recovery wage costs, total unit costs, and industrial economies, plus grow- duction workers at the factories, tradition among the workforce. or dear in these circumstances, 
does not hold out much promise output prices remain fairly ing uncertainty about the Dext to Jtie west of Parts. The Government has no choice and to whom. T3»e fW noint 


does not hold out much promise output prices remain fairly ing uncertainty about the nest lo Jf B wcsl 01 rar15 ' , . The Government has no choice I and to whom.' The first noint 

of an early reduction^ in_the steady in the 10-12 per cent phase of pay policy and the __ but t0 , off ® r battle if it wishes] j s fj, at slze 0 £ the discount in 


number of unemployed. Most range. 

firms interviewed for the sur- The outlook for industrial 


approach of a general election. a C0U J l injunction ordering to make its wages policy— to _: eht _ 

Details, Page 28 evacuation of strikers at toe per mit the bulk of wage-earners ?_ r! l bts “suejf JMit a factor 


evacuauuD ox smKers ai me permit the bulk of wage-e3raers 1 7 ~'5T~ 
engme and gearbox factory at t0 j^ep abreast of the rise lnl” 1 ,. 111 ® cost ftom the share- 


FINANCIAL renOT^ 
ADJUSTED TO ‘ .SI 
EXCLUDE NORTH SEA 
a OVERSEAS ■ 
OPERATIONS * 


r: 

■an^iarj®po^.f ? ' y** 


EARRINGS OH CAPITAL 


A monthly moving total 


Those expecting earnings during current 
year to : 


Improve 


Remain the same 


Contract 


No comment 


il May 1978 


Nov.- Elect. Consumer 
Feb. Eng*g. Durables Stores 
% % % % 


32 73 82 87 


Cleon, near Rouen, for alleged 0 f living— stick. holder’s point of view, so long • 

interference, with the right to The next few months will be as existing shareholders take ■ 
work. About 300 workers are a critical period for the Govern- up their rights. . That is why * - • x 

occupying the plant which men t's attempt to win acceptance there has always been an argu- '“'^ 1 q 7 i *75 ”*78 ^ 

employs 8,000. of its economic strategy. Its ment, too rarely 'accepted. Tor 

The attitude of the regular policy of increasing public sector really deep discounted rights 

trade union leadership is tariffs to reduce state subsidies ic sues W hich avoid the need FFr 1G0Q a year fat 

equivocal. The Communist-led and the restoration to two com- j,.™ Children VT 

CGT, traditionally the most mili- panies of industrial price free- for ^“^rwriticg. But any dis- chilaren. - . t 

tant union at Renault, has called dom will result in sharp in- count, however small, given P ™ 

on the management to resume creases in the monthly cost of awa Y to outsiders through a pames to ^Create pf< 

4-_£S • ° _ 1 t. ... 4.1 _ i:_: nfenivin MvM.Af.Av.4n • - 1 chorPC TSAT> tft PT1 


are •a-. triffe^niioyed -^t' tl . .h- 
-’Betfdslr 


negotiations immediately, but the living Index. 

company said it would not do so Turkish plans. Page 3 


Labour rebels demand veto 
on EEC decisions 


Banking figures test 
for new targets 


BY RUPERT CORNWELL, LOBBY STAFF 


BY MICHAEL BLANDEN 


placing represents a real cost shares. Then, to encqtiragg ^,p, oft>1 y vws*-;,. 

to existing shareholders unless companies to . raise- new r-iifrufc ifi 1&74 whid^ 

they are unwilling. to put up dividends relating to new^haj^. ft^. ^ c«nihected;%Vv i- 

the same aggregate sum through wQ! be deductible from"a -coin- ihyestor^-hiinds with the 
a rights issue (at any price), pany’s own- corporation ,.hpav m«rir fr - Tha'^ 

So long as ECi ; -^ confines -its .lability p^iod hf sc^on ^ureSpijinSahiiCilly, zre-K.iL ^--> 1 / 

attentions to situations where °‘ ^^^^ P-V a^us^j-yersipn^ of-.^^ Qr ' 

conventional rights issues are P 6110 ^ “ ve years. - -ia ot-.to w .official yTorth 

difficult, there wfli he ho coo- preference shares the Tdedt^on ^ 0 ^^^ 3ms elinrihatr 
flicts of interest. Cdniroiljaag pe ^° t L rims ^ -M - make 

families may not he able to put ^ At T>? e ti ? ie, :^ 0 ! ve ? e ^ nmnber^hibre jrhtewnt to 
up new money for instance^ Bat French Govmi^nt is tak- r^nrofl l^comp^^ectof. - . - 

it would be unfortunate if ECI sudi>hi;?i : ' 


fr'-ht-S: I-- 
ion la?" • - 


LABOUR'S powerful anti-EEC 
faction is stepping up pres- 
sure to make snre that the 
parly’s next election manifesto 
contains a commitment to en- 
sure a Commons right to veto 
Brussels decisions affecting the 
UK. 


This threat of yet more 
wrangling over Europe inside 
Labour ranks became clear at 
the weekend a»er a series of 
meetings culminating in that 
of the Safeguard Britain Cam- 
paign-highlighted by an 
appeal from Mr. Enoch Powell 
to voters to support only those 
candidates explicity opposed to 
Community membership, what- 
ever their party. 

Mr. Powell’s speech, in 
which he accused Labour of 
" cynicism and immorality ” in 
dropping ils anti-AIarket line 
in Government, was not 
thought likely by most MPs to 
be particularly significant in 
electoral terms. 

Labour demands for a 


manifesto pledge could he 
awkward, however, since they 
stem from Mr. Callaghan's 
peaee-maklng letter last 
autumn to the National Execu- 
tive Committee, in which he 
promised a “ neo-Gaul list ” 
approach to the Community 
and eschewed federalism. 

To put this into practice, 
the anti-marketeers are seek- 
ing the assurance of changes 
in the 1972 European Commu- 
nities Act that would involve 
a fundamental weakening of 
Brussels’ authority over West- 
minster, although they stop 
short of withdrawal. 

The Prime Minister will 
resist these demands, but even 
if he succeeds they are likely 
to crop up again when Labour 
tackles its separate manifesto 
for the first direct elections to 
the European Assembly. 

Speculation about the forth- 
coming general election will 
overshadow the final phase of 


the session of Parliament 
which opens tomorrow — almost 
certainly the last before Mr. 
Callaghan goes to the country. 

Rumours that the Prime 
Minister might hold a snap poll 
at the end of this month were 
heavily discounted yesterday 
by MPs. They are convinced 


THE first test of the Govern- Indicators of the general health “reaper alternative when 1 the ^ vpsl . orK - a r» tnyideff-ath^^^ : ls ? 5r ' . 
menfs monetary policy under of the economy include the final conventional rights issue. route J™* “SEir (L aboot- r 
the new targets set for the cur- April figures for retail sales to is open to a company — I*rffe as^helSPf -Oefidt 


uie new larger s?i iui me cur- npiu lur xeuui saies win a cumpaiiy — ■hi. j j ' rloaTfnrr forms' * m§s» ** me uouui j- 

rent financial yeir will come be published tomorrow. So far especially as. to an ever iacreas- relation to money gros«t.doma 


JCUI UUOUUJI jc ai wui LUJiir (.uu.iouiu luwuiiuir. ml IU HU ever .... - - - . ■ .j igwi^uu w 

tomorrow Witt publication of the this year they have been showing ing extent ECTs own share- Q „™SJ ^ c: P i ^ dnct ' ^ ,w ^ th a refe5 8 T f:' ! i : 

- - — — . , — - — 7 mid-May banking figures. signs of a significant improve- holders are Hkelv to h _ incidental source ot a persons impUcarions for Ci^lt deman?^ 6 

^?S^ 1 ff ht , h h 0 ,d «i S ?; PP011 The gilt-edged market has ment rmmfmnt ^aretoWers Si the » 

* ^ re remained unsettied since pub- The forecasts of industry’s in- sbarenoiuett m wm; be taxed on gains as part 

hf sffi: iSSSJ ««««« ot the April money vestment intentions for the comp*"* of their incomes the' .seintpre- ' 

by Mft. They are conyjuced sup piy figures. They showed current year and next year, due _ , ■ fp«irinnals wf !7 be tsxpd at the ^ 

SS n re^li? 0 h’ to* 1 over toe year to mid-April today, could, however, be less French shares fiaT rat^of^) p^ CMt whUe 

!?LI?«iA„^ d riu° Uy b . — th e relevant period for the encouraging. These pointers have hJ ‘^ i relativ^ t erms £Ws.is p^& : __- 

JJ5 1 ' L P ur Pdses of monetary policy— been revised downwards from For years toe British private -SJS.*-'-- £ 

be ° n , tbe Jt^ growth of the sterling money the optimistic views expressed investor has been running down ^bi ect to a ^ 0D ^ y ; _It does, it is^true. becomff£ Lt - - • 


SaLIZ . - 
32 • 

Hil: ■ 


would “ go to the limit,” must 
first be safely ou the statute 
book before a probable 
October poll. 


The Scotland and Wales Bills 
are now being considered by 
the Lords. Amendments made 
by the Upper House will be 


For the new financial year the 


David Freud writes: An at- dividends, and substantial tax -^ are/bearish- abbut eouities.it, 

tempt by back-bench MPs to win incentives directing savers reshape me country's tmuiuxmj- present* because^ vthey .aie. JpcS? 

f ha Tnadric n F anatrom" na nnhlio j a_ j v * nSuSHTP SuPftT tdlA' T&Ufi- " - - * — . • - ; . 1 r 


examined by the Commons target has been slightly reduced jempr oy Daca-Dencn mrs to win incentives directing savers ^ ^ vresenh: oec&us^ey 

" ' ” * 'to a range of M2 per cent. tbe means oE overseeing public towards the institutions. But balance sneet, vwuere me- ratio ing for iurtoerTises ih inte 


next month, probably under a to a range ot s-j£ per cent. ‘“ c ***?*** ‘ n “ n “ xowaros me msuiuuous. r.ui - 7 TZ2 . ” — ~ JT”. tt~ ms ,w luiraeir.naeg. ib hikiuil. , 

new guillotine procedure. Mr Healey, the Chancellor, e£ pooditure is likely to come to the political climate need "not °f_debt to equity capita ls nowf.nites. ■ But toe_ cdinpan^s?t^®^OnSf?l 

In the meantime the Prime warned » n Budget speech that ■ 5?rSn!lS2« hSSL “ 3 f ' “ ' always be like this. Even now, thought to be seriously out, of deficit, tm toeto ? , readkg, fe-poi^ t- . 

Minister has the opportunity of money supply might ^Iffs want to stien p the n the in Franc e. toe Government is lane. In l077, for example, put a cause for lnHnefllate^niM^’fe. .. 

tw> further by-elections at ° e rin r . e ‘ aUvel> Dl3b m ** ear,y role of the Comptroller and 


* 7 if. Ala months * u,e Dl “v uomperouer ana 

Penlstone and Manchester “Tom ' w’s bankln- figures Auditor General so that he be- 
Mms Side, to gauge public , , B „ — ... “ comes resDonsible for ensurine 


opinion. 


for the first month of the new c ° m es responsible for ensuring 
year will therefore be examined “ ie efficiency of most state^run 
with close Merest in the City, organisations. At the same time, 
with concern that the difficulties waD ^ him to become a mem- 


Weather 


Europe seats plan for Scotland | asSSSrr ( n:te2?^ 

money supply growth figure. Page 16 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


THE LABOUR PARTY could safe for Labour. 1974 General Election results the 

win a 5 many as six of the eight They are Glasgow, where the Nationalists would comfortably 
European parliamentary seats in party holds 11 of the 13 West- take the remaining two seats: 
Scotland when direct elections minster seats. East and West North of Scotland, which in- 
are held next year. Strathclyde, and the Lothians, eludes most of the Highland area 

The Boundary Commission’s which includes Edinburgh. and the islands, and North-East 
proposals for the new European In addition. Labour has a good Scotland. 

constituencies were published chance of beating off the cbal- But the recent slump in SNP 
yesterday. Those for England lenge of the Scottish National fortunes gives hope to the Tories 
and Wales were announced two Party in Mid-Scotland and Fife, here. 

weeks ago. and or taking South Scotland — Mr. George Reid. SNP MP for 


NEDC will discuss 
overseas investment 


BY KENNETH GOODING, INDUSTRIAL CORRESPONDENT 


London. S. England, E. Anglia, 
Midlands, S. Wales, Channel 
Sunny intervals,' scattered 
showers. Max. 19C (66F). 

E, Cent. N. England, Borders 
Fog inland, clearing. Bright 
intervals with showers. Max. 16- 
18C (6I-64F). 

N. Wales. N.W. England, Lakes, 
1. of Man, S.W. Scotland, 

N. Ireland 

Cloudy, showers. Max. 17C 
(63F). 

Edinburgh, Dundee, Glasgow, 
Cent. Highlands, Argyll, N.W. 
Scotland 


Four European constituencies although that could produce a Clackmannan and East Stirling- OVERSEAS investment by UK ployment prospects, or bit thimHm 

in the central industrial belt of close contest between Labour, shire said yesterday that Scot- companies is to b e raised once exports— indeed exports can ..ri:, 

Scotland, where more than half the Conservatives and the SNP. land deserved more than eight more when Ministers, trade actually be stimulated bv some sio Sj„„ inJth nf 

the electorate lives, are virtually On the basis of toe October European seats. Among EEC unionists and managers meet at overseas investment projects. 

members with smaller popula- the National Economic Develop- The NEDO study throws little 

r\ j r r, 1 tions, Denmark bad 16 seats, ment Council on Wednesday. light on the question of why so „? ry L.t.i eC v^ 1I /l« 5 Fv 0Uay WltD 

Continued from Page 1 Ireland 15 and Luxembourg six. The subject is of interest to many UK concerns invest over- ^ n«v , n nm 

Mr. Rnssell Johnston, Liberal some trade unionists and NEDO seas compared with their com- . S “ owcrs and sunny 

/» 1 fl 11 f °r Inverness, a prospective has been studying the possible petitors in Japan and West ,Dterva,s - 

1 51 9 TBlTSflVh ObB candidate for the European effects on domestic investment Germany. 

UU 1UUU3 UIOULU^L elections, said the proposals sup- and employment Much of Wednesday’s meeting y day Y ’to- 

... ^ • lEEi I" fcSJ assertion that During the latest stage, the will be taken up with a discus- mwa** nuddav 

estimates that by the end of 19<7 sterling lending and about a Scotland should be one coostitu- various tripartite sector working s ion on UK energy policy. Mr. - * c . " c ’F 

exploration finance, on which the third of the foreign currency emv returning eight members by parties involved in their indus- Bernard Asher, at his last meet- I « 2 5 S 2 

chance of reward is now down to lending. proportional representation. trial strategy programme have in „ h e r ore mov inE back to Bai^Sn s si u Maod usa saw 

about 10 per cent, will have The report also notes the The Liberals hold three West- been asked to give their views. J? ' . . Barcelona s 22 72 Meibonma f is. «i 

totalled fl.7bn sunk Into some "heavy front-end loading which minster seats in Scotland, but As with previous studies, the P nvale maustry an«T a penoa Beirut P 82 72 Milan S w si' 

600 holes in the bed of toe UK is a feature of oil development are unlikely to win any Euro- latest exercise has apparently acting director general of | U ™ f « ra 

sector of the North Sea. UK financing — a lot of money has to P ean seats there. The average shown that overseas investment NEDO. will present a paper on Berth? c =5 77 Manteh saw 


BUSINESS CENTRES 



Bahrain S 32 91 Mancbestr. S 25 77 

Barcelona S 22 72 Melbourne F IS. Si 

Beirut P 22 72 Milan S 27 SI 

Belfast S 21 70 Montreal C 17 63 

Belgrade S 36 T9 Moscow F If 63 

Berlin C 25 77 Munich S 25 . 77 


companies are thought to have be spent before any income size of each Scottish European! does not necessarily compete Industrial Implications of the I Brmciwn. s u 75 I Newcastle s m bs 


Alcan quoted in London today 


BY JAMES BARTHOLOMEW 


put up 37 per cent of this total, somes from the investment. It constituency is 473,000 voters. 1 with UK investment, damage em- Energy Policy. 

Most of this money has come says that in a typical North — — — — 

from the internal resources of Sea oil development the pay- b. Aires 

big companies, but the working back period from the outset will * -m 9 — Cairo 

srfflhjwjsf'js; ttjgissfM&sss. Alcan Quoted m London today 3= 

purpose was to fund oil explora- ment funds will be at risk is » Caunhag 

lion io the North Sea. about three years. 

In the development of oil It is in coping with these three BY JAMES BARTHOLOMEW 
fields, the funds required are characteristics — the scale, the Geneva 

much larger, and the risk risk and the duration 5 of North TODAY is the first day that British aluminium industry had been “grateful to be able rS 
smaller, than during the explora- Sea financing— that the report shares of Alcan Aluminium (UK) available to the public. to go ahead with such a big H. Konn 

S SkncS' jS'T ment ° f Vill be quottd on th. LoUo Mr. Donald Main, aesletant Prefect." Th. ™™Son 

onolnde roe, tSTZZJSSL&SS JS 

2 most of 'be 9 Per cent con- pi'^d with ai respo^e finance Uic stock market sub- 

5SSi"Sffl b?nS Ce provided *Ug "T' ^ scribed atthat time 

will bo required for otbGr receive sodig rernnneration for Tbo conversion lsst month stock. H6 regarded it 35 in P 2 T 6 t cozn psny , Alcan 

probable developments. their exposure to SHuff. i£- me “ s ^iat 16 per cent of toe eepression of confidence in the toe ToaJ JU “ dD 

The working party was not The working part? finds that flinty of Alcan. Aiuminium (UK) company." rtocfc T^e British SE5& 

able to establish which part of there has been no shortage of ^iS,?„ ntish _ ba 5 ds - ^h® Stock The new shareholders will had diffiStit ^ “bS iS3?w 


grateful to be able I H^ffnkT 


Bristol R 17 63 New Yoilt S 2tf SS 

Brussels S 26 79 Oslo ■ S S3 77 

Budapest F 26 73 Paris C 29 72 

B. Alre s SUM Perm - FUN 
Cairo - S 30 SS Prague S 26 79 
CardlB C 17 93 ReTkJmik C 0 43 

Chicago C 23 74 Rio de To C 25 77 

Cotoguc S 27 81 Rome S 24 75 

CaonhaEO. S 24 75 Sincaporo S 23 77 

DubUO R 14 57 sroddtotm S 22 72 

Edinburgh S 17 03 Scrasbcfi. F 26 13 

Frankfurt F 26 79 Sydney F 16 O 

Geneva 3 23 73 Tetiruu fS. 21 78 


F 16 a 
;s 21 78 


S 23 73 TeJ Aviv . F 25 77 


F 26 51 Tokyo 
s 29 84 Toronto 
S 25 77 Vienna 
F 19 80 Warsaw 
C 25 77 Zurich 


Rim 
C IS 65 
S 25 77 
S » O 
S 23 73 


, " considered buying in toe loan xiider* 

, l.h.« stock. The British subsidiary Biami* 

new shareholders will haa h ad difficult times but bu<*po. 


midday 
•C ' 

S 24 75 Istanbul 
F 23 73 Jersey 


Vdar 

mlitifcry 

•C "F 
S 20 68 
F 15 59 


Q: In -these' days it is hard to estimate what 1 
may have to leave when the time domes? 
I want to be fair to dose relatives; but I also 
want to benefit a cause close to/my heart 
How can I bestehsure both? •• . . . f ^ 

At Most of us have a .similar ^rdhlem, with 
, inflation. The sensible course is probably to 
leave fixed proportions^uf your estate to to 
individualsyon jvish.to xemember— ^ 7 ^ 0 % 
to one, 15% to another and: so on — ana theto 
the residue to the cause you Wish -to -help.; *c 

Q: I wish to remember old people, ^5nee'they 
seem certain to be in. Continued need; but 
their needs may change How cahJ-’antim- - 
pate what they may her - • * . ' 

4^ Help the Aged has a /justified reputation for 
keeping weH dbreast of the heeds-' pf; hid 


and despairing pld^ people. Their trustees 
are especially careful to make maximum use- 
of volunteers in daily touch witii the elderly. 




P 24 TS LasFIms. S 22 721 


but I Blackpool S 25 7? Locarno 
I Bordeaux C 21 70 Majorca. 


F 23 73 
S 24 73 
S 21 70 
S 23 73 
S 23 73 
F 23 73 

F 20 68 
S 22 72 


Norm Sea development loans to Jt says that lending institu- than 159p each, toe closing price might be forced to convert “for before and a loss of £55m in 2“ b ' ornDc J U ” S^rto f so b 

the equivatent of fl.65bn. of tions have not shown them- of the unconverted loan stock on their own interest,” Mr. Main 197? Sm^d has caugh? u? E&ar f S S f ! 3 

^FnrT ; °" e th * n J??* r cen i. was se,vca to b c e l “ okiDg on , Iy for a Fnday - said - with capacity in tS SdStiy. ? » a tS? cits 

!?«™ f n^ «.- U J7 e « C,es ’ Ther . e 2 uick pre* 1 ^ ut clearly have This would value the company The convertible slock was The Alcan (UK) operation L i! S f S i? 


«* e /nr nF diti °til? 4m C ^ [t : S wn K r -^f y t0 “ earn their profit at £671 m" and toe British ^JTtJ issued in im lo tete to fiuanre goS 6 from “ \ 5 ^2, # t '§| L,M P— ' ' ' ==#= 

nients oF another £700m. Bntish by building up a strong enter- interest at £10.7m. It will be a new aluminium smelter. aluminium aemi.rnhrieaiinn mH s is at v^ii™ s rr sn I bcc^otJ -at _*b_Pok Oflfc«.. .ftfiitfld te it 'Ctecoo»:^ .I*«5£, Aw, 


menre nt , nn <1u, rvnft.v. K.. u„;i J! * — — s— “ »M IU neip vu uwute gues iruiu uie smeiier 70 lnrcra-ss S » SB Valiw 

banks arcount/d «7V55 g »v P i a stro ? s enter- interest at £I0.7ui. It will be a new aJuminium smelter. aluminium semi-fahrication and rsicofManS is eelvento 

banks accounted for half of the prise over the longer term - toe largest direct stake in the Mr. Main said toe company finished products. c-owd* f-fu«. k-rh 


S tt 04 
S 27 Sll 


to need and obtaining the utmost value for 
each bequest- ^ - 

They publish two osefal guides for those con- - 
sidering their wills; and X often commend these 
to.dients to study in advance of^fcOi^ittingjiie. 
Copies may be -(ditalnQd free- ritguest -by, . 
wnting. to; HmL T^easurer; Hid i \ : 

Maybray-Klrig, Help -the -.Age*!, ;:®oon» dfWEr'j’ 
FREEPOST SO,- Soandon' 

Deeded).. 


,31t a «lt—*iM. waawlal niues -LtsL. Sadcm- 2on«t ca^n Sfrwt: £uaa6n£KXP <«- 

C— doudjj F— Floe. K — Kaia. S— SnoUV^xy . ' ' r . • - • •et’-Tlw WwiwMI Ttmm